UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM\nN-CSR

CERTIFIED\nSHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-23339

Name of Fund: BlackRock Funds V

BlackRock Floating Rate\nIncome Portfolio

Fund Address: 100 Bellevue Parkway, Wilmington, DE\n19809

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

Registrant’s telephone number, including area code: (800)\n441-7762

Date of fiscal year end: 07/31/2026

Date of reporting period: 07/31/2026

Item 1 – Reports to\nStockholders

\n(a) The Reports to Shareholders are\nattached herewith.

BlackRock Floating Rate Income Portfolio

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Institutional Shares | BFRIX

Annual Shareholder Report — July 31, 2026

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

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Class name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Shares	$71	0.70%

How did the Fund perform last year?

For the reporting period ended July 31, 2026, the Fund's Institutional Shares returned 3.67%.
For the same period, the Fund’s benchmark, the Bloomberg U.S. Universal Index returned 3.02% and Morningstar LSTA Leveraged Loan Index, returned 4.28%.

What contributed to performance?

With respect to credit tiers, BB and B rated securities were the leading contributors to the Fund’s absolute performance. At the sector level, the largest contributions came from property & casualty insurance and media & entertainment issues. The Fund used derivatives to manage its portfolio positioning, which was an additional contributor. Its cash position also added modestly to absolute returns. The Fund's cash position had no material impact on performance.

What detracted from performance?

Holdings in issues rated CCC and below detracted, as did positions in the aerospace & defense sector. The packaging and construction machinery sectors also had very small negative effects on results, as did the Fund’s modest allocation to common stocks.

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 performance

Cumulative performance: August 1, 2016 through July 31, 2026

Initial Investment of $10,000

$\"Growth$

Table Summary
	Institutional Shares	Bloomberg U.S. Universal Index	Morningstar LSTA Leveraged Loan Index
Jul 16	$10,000	$10,000	$10,000
Aug 16	$10,057	$10,011	$10,075
Sep 16	$10,123	$10,013	$10,162
Oct 16	$10,171	$9,947	$10,246
Nov 16	$10,206	$9,723	$10,273
Dec 16	$10,322	$9,752	$10,392
Jan 17	$10,368	$9,786	$10,450
Feb 17	$10,409	$9,862	$10,503
Mar 17	$10,415	$9,859	$10,511
Apr 17	$10,460	$9,940	$10,557
May 17	$10,495	$10,017	$10,595
Jun 17	$10,488	$10,009	$10,591
Jul 17	$10,576	$10,059	$10,664
Aug 17	$10,561	$10,145	$10,659
Sep 17	$10,605	$10,110	$10,701
Oct 17	$10,663	$10,122	$10,765
Nov 17	$10,658	$10,106	$10,777
Dec 17	$10,697	$10,151	$10,820
Jan 18	$10,800	$10,053	$10,924
Feb 18	$10,793	$9,958	$10,946
Mar 18	$10,812	$10,008	$10,977
Apr 18	$10,853	$9,941	$11,022
May 18	$10,864	$9,996	$11,041
Jun 18	$10,861	$9,981	$11,053
Jul 18	$10,936	$10,002	$11,135
Aug 18	$10,979	$10,051	$11,180
Sep 18	$11,043	$10,008	$11,256
Oct 18	$11,032	$9,924	$11,253
Nov 18	$10,934	$9,969	$11,151
Dec 18	$10,645	$10,125	$10,868
Jan 19	$10,915	$10,265	$11,144
Feb 19	$11,093	$10,276	$11,322
Mar 19	$11,064	$10,461	$11,302
Apr 19	$11,245	$10,476	$11,489
May 19	$11,193	$10,637	$11,464
Jun 19	$11,240	$10,787	$11,492
Jul 19	$11,334	$10,819	$11,584
Aug 19	$11,323	$11,064	$11,552
Sep 19	$11,390	$11,016	$11,606
Oct 19	$11,354	$11,052	$11,554
Nov 19	$11,429	$11,049	$11,621
Dec 19	$11,586	$11,066	$11,807
Jan 20	$11,617	$11,264	$11,873
Feb 20	$11,426	$11,433	$11,716
Mar 20	$10,238	$11,210	$10,267
Apr 20	$10,677	$11,434	$10,729
May 20	$11,021	$11,541	$11,136
Jun 20	$11,080	$11,637	$11,263
Jul 20	$11,293	$11,842	$11,483
Aug 20	$11,422	$11,774	$11,655
Sep 20	$11,491	$11,752	$11,729
Oct 20	$11,482	$11,710	$11,752
Nov 20	$11,746	$11,863	$12,014
Dec 20	$11,889	$11,904	$12,176
Jan 21	$11,985	$11,829	$12,321
Feb 21	$12,040	$11,677	$12,393
Mar 21	$12,040	$11,541	$12,393
Apr 21	$12,098	$11,638	$12,456
May 21	$12,158	$11,682	$12,529
Jun 21	$12,205	$11,767	$12,575
Jul 21	$12,178	$11,886	$12,573
Aug 21	$12,238	$11,878	$12,633
Sep 21	$12,297	$11,776	$12,714
Oct 21	$12,331	$11,767	$12,748
Nov 21	$12,288	$11,781	$12,728
Dec 21	$12,372	$11,773	$12,809
Jan 22	$12,392	$11,515	$12,856
Feb 22	$12,324	$11,358	$12,790
Mar 22	$12,337	$11,053	$12,796
Apr 22	$12,300	$10,641	$12,824
May 22	$12,026	$10,699	$12,496
Jun 22	$11,728	$10,486	$12,225
Jul 22	$12,046	$10,749	$12,486
Aug 22	$12,192	$10,470	$12,674
Sep 22	$11,931	$10,019	$12,385
Oct 22	$12,102	$9,909	$12,509
Nov 22	$12,265	$10,278	$12,658
Dec 22	$12,316	$10,243	$12,710
Jan 23	$12,630	$10,561	$13,049
Feb 23	$12,670	$10,301	$13,125
Mar 23	$12,707	$10,543	$13,121
Apr 23	$12,835	$10,608	$13,259
May 23	$12,812	$10,498	$13,234
Jun 23	$13,101	$10,481	$13,534
Jul 23	$13,251	$10,492	$13,708
Aug 23	$13,376	$10,429	$13,868
Sep 23	$13,459	$10,180	$14,002
Oct 23	$13,434	$10,027	$13,999
Nov 23	$13,632	$10,478	$14,170
Dec 23	$13,864	$10,876	$14,404
Jan 24	$13,938	$10,850	$14,501
Feb 24	$14,067	$10,719	$14,633
Mar 24	$14,199	$10,825	$14,757
Apr 24	$14,269	$10,572	$14,846
May 24	$14,383	$10,747	$14,986
Jun 24	$14,421	$10,845	$15,038
Jul 24	$14,521	$11,091	$15,140
Aug 24	$14,622	$11,255	$15,236
Sep 24	$14,705	$11,409	$15,345
Oct 24	$14,832	$11,150	$15,477
Nov 24	$14,938	$11,267	$15,605
Dec 24	$15,001	$11,097	$15,693
Jan 25	$15,103	$11,164	$15,802
Feb 25	$15,104	$11,395	$15,819
Mar 25	$15,036	$11,392	$15,769
Apr 25	$15,044	$11,433	$15,761
May 25	$15,293	$11,375	$16,005
Jun 25	$15,396	$11,552	$16,134
Jul 25	$15,519	$11,535	$16,275
Aug 25	$15,561	$11,674	$16,348
Sep 25	$15,649	$11,798	$16,420
Oct 25	$15,702	$11,875	$16,456
Nov 25	$15,749	$11,947	$16,515
Dec 25	$15,846	$11,939	$16,620
Jan 26	$15,778	$11,957	$16,569
Feb 26	$15,651	$12,139	$16,440
Mar 26	$15,748	$11,921	$16,528
Apr 26	$15,912	$11,958	$16,741
May 26	$15,995	$12,000	$16,825
Jun 26	$15,956	$12,031	$16,838
Jul 26	$16,089	$11,884	$16,972

See “Average annual total returns” for additional information on fund performance.

Average annual total returns

Table Summary
Average Annual Total Returns	1 Year	5 Years	10 Years
Institutional Shares ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.67%	5.73%	4.87%
Bloomberg U.S. Universal Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.02	0.00	1.74
Morningstar LSTA Leveraged Loan Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.28	6.18	5.43

Key Fund statistics

Table Summary
Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$2,269,858,640
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	473
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$14,374,112
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	44%

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.

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. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit blackrock.com for more recent performance information.

What did the Fund invest in?

(as of July 31, 2026)

Portfolio composition

Credit quality allocation

Table Summary
Investment Type	Percent of Total Investments^{Footnote Reference(a)}
Floating Rate Loan Interests........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	93.2%
Investment Companies........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.4
Corporate Bonds........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.5
Common Stocks........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.4
Fixed Rate Loan Interests........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.4
Preferred Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.1
Warrants........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	-
Other Interests........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	-

Table Summary
Credit Rating^{Footnote Reference(b)}	Percent of Total Investments^{Footnote Reference(a)}
A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.1%
BBB/Baa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	9.6
BB/Ba........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	29.7
B........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	51.0
CCC/Caa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.4
CC/Ca........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.0^{Footnote Reference(c)}
N/R........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	6.2

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

Additional information

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

Householding

The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports 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.

The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited, Morningstar, Inc., and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.

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BlackRock Floating Rate Income Portfolio

Institutional Shares | BFRIX

Annual Shareholder Report — July 31, 2026

BFRIX-07/26-AR

BlackRock Floating Rate Income Portfolio

$\"Image\"$

Investor A Shares | BFRAX

Annual Shareholder Report — July 31, 2026

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Class name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor A Shares	$97	0.95%

How did the Fund perform last year?

For the reporting period ended July 31, 2026, the Fund's Investor A Shares returned 3.41%.
For the same period, the Fund’s benchmark, the Bloomberg U.S. Universal Index returned 3.02% and Morningstar LSTA Leveraged Loan Index, returned 4.28%.

What contributed to performance?

What detracted from performance?

Fund performance

Cumulative performance: August 1, 2016 through July 31, 2026

Initial Investment of $10,000

$\"Growth$

Table Summary
	Investor A Shares	Bloomberg U.S. Universal Index	Morningstar LSTA Leveraged Loan Index
Jul 16	$9,750	$10,000	$10,000
Aug 16	$9,812	$10,011	$10,075
Sep 16	$9,875	$10,013	$10,162
Oct 16	$9,919	$9,947	$10,246
Nov 16	$9,951	$9,723	$10,273
Dec 16	$10,051	$9,752	$10,392
Jan 17	$10,103	$9,786	$10,450
Feb 17	$10,141	$9,862	$10,503
Mar 17	$10,144	$9,859	$10,511
Apr 17	$10,175	$9,940	$10,557
May 17	$10,217	$10,017	$10,595
Jun 17	$10,207	$10,009	$10,591
Jul 17	$10,290	$10,059	$10,664
Aug 17	$10,273	$10,145	$10,659
Sep 17	$10,304	$10,110	$10,701
Oct 17	$10,368	$10,122	$10,765
Nov 17	$10,360	$10,106	$10,777
Dec 17	$10,395	$10,151	$10,820
Jan 18	$10,482	$10,053	$10,924
Feb 18	$10,484	$9,958	$10,946
Mar 18	$10,499	$10,008	$10,977
Apr 18	$10,536	$9,941	$11,022
May 18	$10,544	$9,996	$11,041
Jun 18	$10,539	$9,981	$11,053
Jul 18	$10,609	$10,002	$11,135
Aug 18	$10,648	$10,051	$11,180
Sep 18	$10,707	$10,008	$11,256
Oct 18	$10,693	$9,924	$11,253
Nov 18	$10,597	$9,969	$11,151
Dec 18	$10,313	$10,125	$10,868
Jan 19	$10,573	$10,265	$11,144
Feb 19	$10,742	$10,276	$11,322
Mar 19	$10,712	$10,461	$11,302
Apr 19	$10,874	$10,476	$11,489
May 19	$10,832	$10,637	$11,464
Jun 19	$10,864	$10,787	$11,492
Jul 19	$10,963	$10,819	$11,584
Aug 19	$10,950	$11,064	$11,552
Sep 19	$11,012	$11,016	$11,606
Oct 19	$10,975	$11,052	$11,554
Nov 19	$11,045	$11,049	$11,621
Dec 19	$11,194	$11,066	$11,807
Jan 20	$11,222	$11,264	$11,873
Feb 20	$11,034	$11,433	$11,716
Mar 20	$9,885	$11,210	$10,267
Apr 20	$10,306	$11,434	$10,729
May 20	$10,625	$11,541	$11,136
Jun 20	$10,690	$11,637	$11,263
Jul 20	$10,894	$11,842	$11,483
Aug 20	$11,016	$11,774	$11,655
Sep 20	$11,069	$11,752	$11,729
Oct 20	$11,069	$11,710	$11,752
Nov 20	$11,321	$11,863	$12,014
Dec 20	$11,457	$11,904	$12,176
Jan 21	$11,535	$11,829	$12,321
Feb 21	$11,598	$11,677	$12,393
Mar 21	$11,595	$11,541	$12,393
Apr 21	$11,637	$11,638	$12,456
May 21	$11,705	$11,682	$12,529
Jun 21	$11,736	$11,767	$12,575
Jul 21	$11,720	$11,886	$12,573
Aug 21	$11,763	$11,878	$12,633
Sep 21	$11,830	$11,776	$12,714
Oct 21	$11,848	$11,767	$12,748
Nov 21	$11,817	$11,781	$12,728
Dec 21	$11,895	$11,773	$12,809
Jan 22	$11,911	$11,515	$12,856
Feb 22	$11,844	$11,358	$12,790
Mar 22	$11,854	$11,053	$12,796
Apr 22	$11,816	$10,641	$12,824
May 22	$11,551	$10,699	$12,496
Jun 22	$11,250	$10,486	$12,225
Jul 22	$11,565	$10,749	$12,486
Aug 22	$11,703	$10,470	$12,674
Sep 22	$11,450	$10,019	$12,385
Oct 22	$11,599	$9,909	$12,509
Nov 22	$11,765	$10,278	$12,658
Dec 22	$11,812	$10,243	$12,710
Jan 23	$12,112	$10,561	$13,049
Feb 23	$12,148	$10,301	$13,125
Mar 23	$12,181	$10,543	$13,121
Apr 23	$12,301	$10,608	$13,259
May 23	$12,263	$10,498	$13,234
Jun 23	$12,550	$10,481	$13,534
Jul 23	$12,692	$10,492	$13,708
Aug 23	$12,809	$10,429	$13,868
Sep 23	$12,872	$10,180	$14,002
Oct 23	$12,859	$10,027	$13,999
Nov 23	$13,033	$10,478	$14,170
Dec 23	$13,253	$10,876	$14,404
Jan 24	$13,334	$10,850	$14,501
Feb 24	$13,454	$10,719	$14,633
Mar 24	$13,578	$10,825	$14,757
Apr 24	$13,643	$10,572	$14,846
May 24	$13,748	$10,747	$14,986
Jun 24	$13,782	$10,845	$15,038
Jul 24	$13,875	$11,091	$15,140
Aug 24	$13,955	$11,255	$15,236
Sep 24	$14,046	$11,409	$15,345
Oct 24	$14,149	$11,150	$15,477
Nov 24	$14,263	$11,267	$15,605
Dec 24	$14,319	$11,097	$15,693
Jan 25	$14,413	$11,164	$15,802
Feb 25	$14,412	$11,395	$15,819
Mar 25	$14,328	$11,392	$15,769
Apr 25	$14,348	$11,433	$15,761
May 25	$14,567	$11,375	$16,005
Jun 25	$14,677	$11,552	$16,134
Jul 25	$14,791	$11,535	$16,275
Aug 25	$14,828	$11,674	$16,348
Sep 25	$14,908	$11,798	$16,420
Oct 25	$14,955	$11,875	$16,456
Nov 25	$14,996	$11,947	$16,515
Dec 25	$15,086	$11,939	$16,620
Jan 26	$15,019	$11,957	$16,569
Feb 26	$14,895	$12,139	$16,440
Mar 26	$14,984	$11,921	$16,528
Apr 26	$15,137	$11,958	$16,741
May 26	$15,214	$12,000	$16,825
Jun 26	$15,173	$12,031	$16,838
Jul 26	$15,296	$11,884	$16,972

See “Average annual total returns” for additional information on fund performance.

Average annual total returns

Table Summary
Average Annual Total Returns	1 Year	5 Years	10 Years
Investor A Shares ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.41%	5.47%	4.61%
Investor A Shares (with sales charge)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.83	4.94	4.34
Bloomberg U.S. Universal Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.02	0.00	1.74
Morningstar LSTA Leveraged Loan Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.28	6.18	5.43

Key Fund statistics

Table Summary
Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$2,269,858,640
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	473
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$14,374,112
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	44%

Assuming maximum sales charges. Average annual total returns with and without sales charges reflect reductions for service fees.

What did the Fund invest in?

(as of July 31, 2026)

Portfolio composition

Credit quality allocation

Table Summary
Investment Type	Percent of Total Investments^{Footnote Reference(a)}
Floating Rate Loan Interests........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	93.2%
Investment Companies........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.4
Corporate Bonds........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.5
Common Stocks........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.4
Fixed Rate Loan Interests........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.4
Preferred Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.1
Warrants........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	-
Other Interests........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	-

Table Summary
Credit Rating^{Footnote Reference(b)}	Percent of Total Investments^{Footnote Reference(a)}
A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.1%
BBB/Baa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	9.6
BB/Ba........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	29.7
B........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	51.0
CCC/Caa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.4
CC/Ca........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.0^{Footnote Reference(c)}
N/R........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	6.2

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

Additional information

Householding

$\"Image\"$

BlackRock Floating Rate Income Portfolio

Investor A Shares | BFRAX

Annual Shareholder Report — July 31, 2026

BFRAX-07/26-AR

BlackRock Floating Rate Income Portfolio

$\"Image\"$

Investor C Shares | BFRCX

Annual Shareholder Report — July 31, 2026

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Class name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor C Shares	$173	1.71%

How did the Fund perform last year?

For the reporting period ended July 31, 2026, the Fund's Investor C Shares returned 2.64%.
For the same period, the Fund’s benchmark, the Bloomberg U.S. Universal Index returned 3.02% and Morningstar LSTA Leveraged Loan Index, returned 4.28%.

What contributed to performance?

What detracted from performance?

Fund performance

Cumulative performance: August 1, 2016 through July 31, 2026

Initial Investment of $10,000

$\"Growth$

Table Summary
	Investor C Shares	Bloomberg U.S. Universal Index	Morningstar LSTA Leveraged Loan Index
Jul 16	$10,000	$10,000	$10,000
Aug 16	$10,048	$10,011	$10,075
Sep 16	$10,116	$10,013	$10,162
Oct 16	$10,155	$9,947	$10,246
Nov 16	$10,181	$9,723	$10,273
Dec 16	$10,278	$9,752	$10,392
Jan 17	$10,315	$9,786	$10,450
Feb 17	$10,358	$9,862	$10,503
Mar 17	$10,344	$9,859	$10,511
Apr 17	$10,381	$9,940	$10,557
May 17	$10,417	$10,017	$10,595
Jun 17	$10,401	$10,009	$10,591
Jul 17	$10,479	$10,059	$10,664
Aug 17	$10,444	$10,145	$10,659
Sep 17	$10,480	$10,110	$10,701
Oct 17	$10,538	$10,122	$10,765
Nov 17	$10,524	$10,106	$10,777
Dec 17	$10,543	$10,151	$10,820
Jan 18	$10,636	$10,053	$10,924
Feb 18	$10,631	$9,958	$10,946
Mar 18	$10,640	$10,008	$10,977
Apr 18	$10,671	$9,941	$11,022
May 18	$10,662	$9,996	$11,041
Jun 18	$10,651	$9,981	$11,053
Jul 18	$10,726	$10,002	$11,135
Aug 18	$10,758	$10,051	$11,180
Sep 18	$10,812	$10,008	$11,256
Oct 18	$10,791	$9,924	$11,253
Nov 18	$10,687	$9,969	$11,151
Dec 18	$10,395	$10,125	$10,868
Jan 19	$10,650	$10,265	$11,144
Feb 19	$10,815	$10,276	$11,322
Mar 19	$10,777	$10,461	$11,302
Apr 19	$10,934	$10,476	$11,489
May 19	$10,874	$10,637	$11,464
Jun 19	$10,910	$10,787	$11,492
Jul 19	$10,992	$10,819	$11,584
Aug 19	$10,983	$11,064	$11,552
Sep 19	$11,038	$11,016	$11,606
Oct 19	$10,994	$11,052	$11,554
Nov 19	$11,058	$11,049	$11,621
Dec 19	$11,200	$11,066	$11,807
Jan 20	$11,220	$11,264	$11,873
Feb 20	$11,026	$11,433	$11,716
Mar 20	$9,871	$11,210	$10,267
Apr 20	$10,274	$11,434	$10,729
May 20	$10,596	$11,541	$11,136
Jun 20	$10,655	$11,637	$11,263
Jul 20	$10,851	$11,842	$11,483
Aug 20	$10,965	$11,774	$11,655
Sep 20	$11,011	$11,752	$11,729
Oct 20	$11,004	$11,710	$11,752
Nov 20	$11,247	$11,863	$12,014
Dec 20	$11,374	$11,904	$12,176
Jan 21	$11,456	$11,829	$12,321
Feb 21	$11,500	$11,677	$12,393
Mar 21	$11,489	$11,541	$12,393
Apr 21	$11,524	$11,638	$12,456
May 21	$11,583	$11,682	$12,529
Jun 21	$11,607	$11,767	$12,575
Jul 21	$11,583	$11,886	$12,573
Aug 21	$11,630	$11,878	$12,633
Sep 21	$11,677	$11,776	$12,714
Oct 21	$11,688	$11,767	$12,748
Nov 21	$11,649	$11,781	$12,728
Dec 21	$11,718	$11,773	$12,809
Jan 22	$11,727	$11,515	$12,856
Feb 22	$11,654	$11,358	$12,790
Mar 22	$11,657	$11,053	$12,796
Apr 22	$11,611	$10,641	$12,824
May 22	$11,344	$10,699	$12,496
Jun 22	$11,041	$10,486	$12,225
Jul 22	$11,344	$10,749	$12,486
Aug 22	$11,471	$10,470	$12,674
Sep 22	$11,216	$10,019	$12,385
Oct 22	$11,367	$9,909	$12,509
Nov 22	$11,510	$10,278	$12,658
Dec 22	$11,548	$10,243	$12,710
Jan 23	$11,834	$10,561	$13,049
Feb 23	$11,862	$10,301	$13,125
Mar 23	$11,887	$10,543	$13,121
Apr 23	$11,996	$10,608	$13,259
May 23	$11,952	$10,498	$13,234
Jun 23	$12,224	$10,481	$13,534
Jul 23	$12,353	$10,492	$13,708
Aug 23	$12,460	$10,429	$13,868
Sep 23	$12,526	$10,180	$14,002
Oct 23	$12,492	$10,027	$13,999
Nov 23	$12,654	$10,478	$14,170
Dec 23	$12,858	$10,876	$14,404
Jan 24	$12,929	$10,850	$14,501
Feb 24	$13,038	$10,719	$14,633
Mar 24	$13,149	$10,825	$14,757
Apr 24	$13,203	$10,572	$14,846
May 24	$13,297	$10,747	$14,986
Jun 24	$13,322	$10,845	$15,038
Jul 24	$13,403	$11,091	$15,140
Aug 24	$13,480	$11,255	$15,236
Sep 24	$13,568	$11,409	$15,345
Oct 24	$13,668	$11,150	$15,477
Nov 24	$13,778	$11,267	$15,605
Dec 24	$13,832	$11,097	$15,693
Jan 25	$13,923	$11,164	$15,802
Feb 25	$13,922	$11,395	$15,819
Mar 25	$13,841	$11,392	$15,769
Apr 25	$13,860	$11,433	$15,761
May 25	$14,072	$11,375	$16,005
Jun 25	$14,178	$11,552	$16,134
Jul 25	$14,288	$11,535	$16,275
Aug 25	$14,323	$11,674	$16,348
Sep 25	$14,401	$11,798	$16,420
Oct 25	$14,447	$11,875	$16,456
Nov 25	$14,487	$11,947	$16,515
Dec 25	$14,573	$11,939	$16,620
Jan 26	$14,508	$11,957	$16,569
Feb 26	$14,388	$12,139	$16,440
Mar 26	$14,475	$11,921	$16,528
Apr 26	$14,622	$11,958	$16,741
May 26	$14,696	$12,000	$16,825
Jun 26	$14,657	$12,031	$16,838
Jul 26	$14,776	$11,884	$16,972

See “Average annual total returns” for additional information on fund performance.

Average annual total returns

Table Summary
Average Annual Total Returns	1 Year	5 Years	10 Years
Investor C Shares ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.64%	4.68%	3.98%
Investor C Shares (with sales charge)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.66	4.68	3.98
Bloomberg U.S. Universal Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.02	0.00	1.74
Morningstar LSTA Leveraged Loan Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.28	6.18	5.43

Key Fund statistics

Table Summary
Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$2,269,858,640
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	473
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$14,374,112
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	44%

Assuming maximum sales charges. Average annual total returns with and without sales charges reflect reductions for distribution and service fees.

What did the Fund invest in?

(as of July 31, 2026)

Portfolio composition

Credit quality allocation

Table Summary
Investment Type	Percent of Total Investments^{Footnote Reference(a)}
Floating Rate Loan Interests........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	93.2%
Investment Companies........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.4
Corporate Bonds........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.5
Common Stocks........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.4
Fixed Rate Loan Interests........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.4
Preferred Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.1
Warrants........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	-
Other Interests........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	-

Table Summary
Credit Rating^{Footnote Reference(b)}	Percent of Total Investments^{Footnote Reference(a)}
A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.1%
BBB/Baa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	9.6
BB/Ba........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	29.7
B........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	51.0
CCC/Caa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.4
CC/Ca........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.0^{Footnote Reference(c)}
N/R........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	6.2

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

Additional information

Householding

$\"Image\"$

BlackRock Floating Rate Income Portfolio

Investor C Shares | BFRCX

Annual Shareholder Report — July 31, 2026

BFRCX-07/26-AR

BlackRock Floating Rate Income Portfolio

$\"Image\"$

Class K Shares | BFRKX

Annual Shareholder Report — July 31, 2026

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary
Class name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class K Shares	$64	0.62%

How did the Fund perform last year?

For the reporting period ended July 31, 2026, the Fund's Class K Shares returned 3.64%.
For the same period, the Fund’s benchmark, the Bloomberg U.S. Universal Index returned 3.02% and Morningstar LSTA Leveraged Loan Index, returned 4.28%.

What contributed to performance?

What detracted from performance?

Fund performance

Cumulative performance: August 1, 2016 through July 31, 2026

Initial Investment of $10,000

$\"Growth$

Table Summary
	Class K Shares	Bloomberg U.S. Universal Index	Morningstar LSTA Leveraged Loan Index
Jul 16	$10,000	$10,000	$10,000
Aug 16	$10,057	$10,011	$10,075
Sep 16	$10,134	$10,013	$10,162
Oct 16	$10,182	$9,947	$10,246
Nov 16	$10,218	$9,723	$10,273
Dec 16	$10,324	$9,752	$10,392
Jan 17	$10,371	$9,786	$10,450
Feb 17	$10,423	$9,862	$10,503
Mar 17	$10,418	$9,859	$10,511
Apr 17	$10,464	$9,940	$10,557
May 17	$10,510	$10,017	$10,595
Jun 17	$10,503	$10,009	$10,591
Jul 17	$10,591	$10,059	$10,664
Aug 17	$10,565	$10,145	$10,659
Sep 17	$10,611	$10,110	$10,701
Oct 17	$10,679	$10,122	$10,765
Nov 17	$10,674	$10,106	$10,777
Dec 17	$10,702	$10,151	$10,820
Jan 18	$10,806	$10,053	$10,924
Feb 18	$10,810	$9,958	$10,946
Mar 18	$10,829	$10,008	$10,977
Apr 18	$10,869	$9,941	$11,022
May 18	$10,870	$9,996	$11,041
Jun 18	$10,868	$9,981	$11,053
Jul 18	$10,955	$10,002	$11,135
Aug 18	$10,998	$10,051	$11,180
Sep 18	$11,062	$10,008	$11,256
Oct 18	$11,051	$9,924	$11,253
Nov 18	$10,944	$9,969	$11,151
Dec 18	$10,665	$10,125	$10,868
Jan 19	$10,936	$10,265	$11,144
Feb 19	$11,114	$10,276	$11,322
Mar 19	$11,086	$10,461	$11,302
Apr 19	$11,257	$10,476	$11,489
May 19	$11,205	$10,637	$11,464
Jun 19	$11,253	$10,787	$11,492
Jul 19	$11,347	$10,819	$11,584
Aug 19	$11,348	$11,064	$11,552
Sep 19	$11,415	$11,016	$11,606
Oct 19	$11,381	$11,052	$11,554
Nov 19	$11,456	$11,049	$11,621
Dec 19	$11,614	$11,066	$11,807
Jan 20	$11,634	$11,264	$11,873
Feb 20	$11,454	$11,433	$11,716
Mar 20	$10,264	$11,210	$10,267
Apr 20	$10,692	$11,434	$10,729
May 20	$11,037	$11,541	$11,136
Jun 20	$11,109	$11,637	$11,263
Jul 20	$11,324	$11,842	$11,483
Aug 20	$11,453	$11,774	$11,655
Sep 20	$11,511	$11,752	$11,729
Oct 20	$11,514	$11,710	$11,752
Nov 20	$11,779	$11,863	$12,014
Dec 20	$11,912	$11,904	$12,176
Jan 21	$12,008	$11,829	$12,321
Feb 21	$12,077	$11,677	$12,393
Mar 21	$12,065	$11,541	$12,393
Apr 21	$12,124	$11,638	$12,456
May 21	$12,186	$11,682	$12,529
Jun 21	$12,234	$11,767	$12,575
Jul 21	$12,220	$11,886	$12,573
Aug 21	$12,268	$11,878	$12,633
Sep 21	$12,342	$11,776	$12,714
Oct 21	$12,364	$11,767	$12,748
Nov 21	$12,334	$11,781	$12,728
Dec 21	$12,419	$11,773	$12,809
Jan 22	$12,440	$11,515	$12,856
Feb 22	$12,373	$11,358	$12,790
Mar 22	$12,375	$11,053	$12,796
Apr 22	$12,350	$10,641	$12,824
May 22	$12,077	$10,699	$12,496
Jun 22	$11,765	$10,486	$12,225
Jul 22	$12,086	$10,749	$12,486
Aug 22	$12,246	$10,470	$12,674
Sep 22	$11,985	$10,019	$12,385
Oct 22	$12,144	$9,909	$12,509
Nov 22	$12,321	$10,278	$12,658
Dec 22	$12,374	$10,243	$12,710
Jan 23	$12,678	$10,561	$13,049
Feb 23	$12,731	$10,301	$13,125
Mar 23	$12,770	$10,543	$13,121
Apr 23	$12,899	$10,608	$13,259
May 23	$12,863	$10,498	$13,234
Jun 23	$13,154	$10,481	$13,534
Jul 23	$13,319	$10,492	$13,708
Aug 23	$13,447	$10,429	$13,868
Sep 23	$13,516	$10,180	$14,002
Oct 23	$13,506	$10,027	$13,999
Nov 23	$13,693	$10,478	$14,170
Dec 23	$13,927	$10,876	$14,404
Jan 24	$14,002	$10,850	$14,501
Feb 24	$14,146	$10,719	$14,633
Mar 24	$14,280	$10,825	$14,757
Apr 24	$14,352	$10,572	$14,846
May 24	$14,452	$10,747	$14,986
Jun 24	$14,507	$10,845	$15,038
Jul 24	$14,608	$11,091	$15,140
Aug 24	$14,696	$11,255	$15,236
Sep 24	$14,796	$11,409	$15,345
Oct 24	$14,909	$11,150	$15,477
Nov 24	$15,017	$11,267	$15,605
Dec 24	$15,096	$11,097	$15,693
Jan 25	$15,200	$11,164	$15,802
Feb 25	$15,187	$11,395	$15,819
Mar 25	$15,120	$11,392	$15,769
Apr 25	$15,144	$11,433	$15,761
May 25	$15,380	$11,375	$16,005
Jun 25	$15,501	$11,552	$16,134
Jul 25	$15,626	$11,535	$16,275
Aug 25	$15,653	$11,674	$16,348
Sep 25	$15,743	$11,798	$16,420
Oct 25	$15,813	$11,875	$16,456
Nov 25	$15,845	$11,947	$16,515
Dec 25	$15,960	$11,939	$16,620
Jan 26	$15,894	$11,957	$16,569
Feb 26	$15,767	$12,139	$16,440
Mar 26	$15,865	$11,921	$16,528
Apr 26	$16,031	$11,958	$16,741
May 26	$16,099	$12,000	$16,825
Jun 26	$16,078	$12,031	$16,838
Jul 26	$16,195	$11,884	$16,972

See “Average annual total returns” for additional information on fund performance.

Average annual total returns

Table Summary
Average Annual Total Returns	1 Year	5 Years	10 Years
Class K Shares ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.64%	5.79%	4.94%
Bloomberg U.S. Universal Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.02	0.00	1.74
Morningstar LSTA Leveraged Loan Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.28	6.18	5.43

Key Fund statistics

Table Summary
Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$2,269,858,640
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	473
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$14,374,112
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	44%

What did the Fund invest in?

(as of July 31, 2026)

Portfolio composition

Credit quality allocation

Table Summary
Investment Type	Percent of Total Investments^{Footnote Reference(a)}
Floating Rate Loan Interests........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	93.2%
Investment Companies........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.4
Corporate Bonds........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.5
Common Stocks........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.4
Fixed Rate Loan Interests........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.4
Preferred Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.1
Warrants........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	-
Other Interests........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	-

Table Summary
Credit Rating^{Footnote Reference(b)}	Percent of Total Investments^{Footnote Reference(a)}
A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.1%
BBB/Baa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	9.6
BB/Ba........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	29.7
B........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	51.0
CCC/Caa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.4
CC/Ca........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.0^{Footnote Reference(c)}
N/R........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	6.2

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

Additional information

Householding

$\"Image\"$

BlackRock Floating Rate Income Portfolio

Class K Shares | BFRKX

Annual Shareholder Report — July 31, 2026

BFRKX-07/26-AR

(b) Not Applicable

Item 2 – Code of Ethics – The registrant (or the\n“Fund”) has adopted a code of ethics, as of the end of the period covered by\nthis report, applicable to the registrant’s principal executive officer,\nprincipal financial officer, principal accounting officer or controller, or\npersons performing similar functions. During the period covered by this\nreport, the code of ethics was amended to update certain information and to\nmake other non-material changes. During the period covered by this report,\nthere have been no waivers granted under the code of ethics. The registrant\nundertakes to provide a copy of the code of ethics to any person upon request,\nwithout charge, who calls 1-800-441-7762.

Item 3 – Audit Committee Financial Expert – The\nregistrant’s board of trustees (the “board of trustees”), has determined that\n(i) the registrant has the following audit committee financial experts serving\non its audit committee and (ii) each audit committee financial expert is\nindependent:
\n
\n

\n Lorenzo A. Flores
\nArthur P. Steinmetz

\nUnder applicable\nsecurities laws, a person determined to be an audit committee financial expert\nwill not be deemed an “expert” for any purpose, including without limitation\nfor the purposes of Section 11 of the Securities Act of 1933, as a result of\nbeing designated or identified as an audit committee financial expert. The\ndesignation or identification of a person as an audit committee financial\nexpert does not impose on such person any duties, obligations, or liabilities\ngreater than the duties, obligations, and liabilities imposed on such person as\na member of the audit committee and board of trustees in the absence of such\ndesignation or identification. The designation or identification of a person\nas an audit committee financial expert does not affect the duties, obligations,\nor liability of any other member of the audit committee or board of trustees.

Item\n4 – Principal Accountant Fees and Services

The\nfollowing table presents fees billed by Deloitte & Touche LLP (“D&T”)\nin each of the last two fiscal years for the services rendered to the Fund:

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n \n	\n (a) Audit Fees \n	\n (b) Audit-Related Fees¹ \n	\n (c) Tax Fees² \n	\n (d) All Other Fees \n
\n Entity Name \n	\n Current Fiscal Year\n End \n	\n Previous Fiscal Year\n End \n	\n Current Fiscal Year End \n	\n Previous Fiscal Year\n End \n	\n Current Fiscal Year\n End \n	\n Previous Fiscal Year\n End \n	\n Current Fiscal Year\n End \n	\n Previous Fiscal Year\n End \n
\n BlackRock Floating Rate Income Portfolio \n	\n $83,945 \n	\n $83,538 \n	\n $0 \n	\n $0 \n	\n $19,800 \n	\n $19,800 \n	\n $416 \n	\n $0 \n

The\nfollowing table presents fees billed by D&T that were required to be\napproved by the registrant’s audit committee (the “Committee”) for services\nthat relate directly to the operations or financial reporting of the Fund and\nthat are rendered on behalf of BlackRock Advisors, LLC (the “Investment\nAdviser” or “BlackRock”) and entities controlling, controlled by, or under\ncommon control with BlackRock (not including any sub-adviser whose role is\nprimarily portfolio management and is subcontracted with or overseen by another\ninvestment adviser) that provide ongoing services to the Fund (“Affiliated\nService Providers”):

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n \n	\n Current Fiscal Year End \n	\n Previous Fiscal Year End \n
\n (b) Audit-Related Fees¹ \n	\n $0 \n	\n $0 \n
\n (c) Tax Fees² \n	\n $0 \n	\n $0 \n
\n (d) All Other Fees³ \n	\n $2,277,000 \n	\n $2,149,000 \n

¹ The nature of the services includes assurance and\nrelated services reasonably related to the performance of the audit or review of\nfinancial statements not included in Audit Fees, including accounting\nconsultations, agreed-upon procedure reports, attestation reports, comfort\nletters, out-of-pocket expenses and internal control reviews not required by\nregulators.

² The nature of the services includes tax compliance\nand/or tax preparation, including services relating to the filing or amendment\nof federal, state or local income tax returns, regulated investment company\nqualification reviews, taxable income and tax distribution calculations.

³ Non-audit fees of $2,277,000 and $2,149,000 for the\ncurrent fiscal year and previous fiscal year, respectively, were paid to the\nFund’s principal accountant in their entirety by BlackRock, in connection with\nservices provided to the Affiliated Service Providers of the Fund and of\ncertain other funds sponsored or advised by BlackRock or its affiliates for a\nservice organization review and an accounting research tool subscription. \nThese amounts represent aggregate fees paid by BlackRock and were not allocated\non a per fund basis.

(e)(1) Audit\nCommittee Pre-Approval Policies and Procedures:

The\nCommittee has adopted policies and procedures with regard to the pre-approval\nof services. Audit, audit-related and tax compliance services provided to the\nregistrant on an annual basis require specific pre-approval by the Committee. \nThe Committee also must approve other non-audit services provided to the\nregistrant and those non-audit services provided to the Investment Adviser and\nAffiliated Service Providers that relate directly to the operations and the\nfinancial reporting of the registrant. Certain of these non-audit services\nthat the Committee believes are (a) consistent with the Securities and Exchange\nCommission’s auditor independence rules and (b) routine and recurring services\nthat will not impair the independence of the independent accountants may be\napproved by the Committee without consideration on a specific case-by-case\nbasis (“general pre-approval”). The term of any general pre-approval is 12\nmonths from the date of the pre-approval, unless the Committee provides for a\ndifferent period. Tax or other non-audit services provided to the registrant\nwhich have a direct impact on the operations or financial reporting of the\nregistrant will only be deemed pre-approved provided that any individual\nproject does not exceed $10,000 attributable to the registrant or $50,000 per\nproject. For this purpose, multiple projects will be aggregated to determine\nif they exceed the previously mentioned cost levels.

Any proposed services exceeding the\npre-approved cost levels will require specific pre-approval by the Committee,\nas will any other services not subject to general pre-approval (e.g.,\nunanticipated but permissible services). The Committee is informed of each\nservice approved subject to general pre-approval at the next regularly\nscheduled in-person board meeting. At this meeting, an analysis of such\nservices is presented to the Committee for ratification. The Committee may\ndelegate to the Committee Chairman the authority to approve the provision of\nand fees for any specific engagement of permitted non-audit services, including\nservices exceeding pre-approved cost levels.

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

(f) Not Applicable

(g) The\naggregate non-audit fees, defined as the sum of the fees shown under\n“Audit-Related Fees,” “Tax Fees” and “All Other Fees,” paid to the accountant\nfor services rendered by the accountant to the registrant, the Investment\nAdviser and the Affiliated Service Providers were:

\n \n \n \n \n \n \n \n \n \n \n

\n Entity Name \n	\n Current Fiscal Year End \n	\n Previous Fiscal Year End \n
\n BlackRock Floating Rate Income Portfolio \n	\n $20,216 \n	\n $19,800 \n

Additionally, the amounts billed by\nD&T in connection with services provided to the Affiliated Service\nProviders of the Fund and of other funds sponsored or advised by BlackRock or\nits affiliates during the current and previous fiscal years for a service\norganization review and an accounting research tool subscription were:

\n \n \n \n \n \n \n \n \n

\n Current Fiscal Year End \n	\n Previous Fiscal Year End \n
\n $2,277,000 \n	\n $2,149,000 \n

These amounts represent aggregate fees\npaid by BlackRock and were not allocated on a per fund basis.

(h) The Committee has\nconsidered and determined that the provision of non-audit services that were\nrendered to the Investment Adviser and the Affiliated Service Providers that\nwere not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of\nRegulation S-X is compatible with maintaining the principal accountant’s\nindependence.

(i)\n– Not Applicable

(j) – Not Applicable

Item 5 – Audit Committee of Listed Registrant – Not\nApplicable

Item 6\n– Investments

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

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

Item 7\n– Financial Statements and Financial Highlights for Open-End Management\nInvestment Companies

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

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

July

31,

2026

Not

FDIC

Insured

May

Lose

Value

Bank

Guarantee

2026

Annual

Financial

Statements

and

Additional

Information

BlackRock

Funds

BlackRock

Floating

Rate

Income

Portfolio

Table

Contents

Page

Derivative

Financial

Instruments

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

Schedule

Investments

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

Statement

Assets

and

Liabilities

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

Statement

Operations

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

Statements

Changes

Net

Assets

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

Financial

Highlights

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

Notes

Financial

Statements

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

Report

Independent

Registered

Public

Accounting

Firm

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

Important

Tax

Information

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

Additional

Information

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

Disclosure

Investment

Advisory

Agreement

and

Sub-Advisory

Agreement

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

Glossary

Terms

Used

these

Financial

Statements

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

Derivative

Financial

Instruments

Derivative

Financial

Instruments

The

Fund

may

invest

various

derivative

financial

instruments.

These

instruments

are

used

obtain

exposure

security,

commodity,

index,

market,

and/or

other

assets

without

owning

taking

physical

custody

securities,

commodities

and/or

other

referenced

assets

manage

market,

equity,

credit,

interest

rate,

foreign

currency

exchange

rate,

commodity

and/or

other

risks.

Derivative

financial

instruments

may

give

rise

form

economic

leverage

and

involve

risks,

including

the

imperfect

correlation

between

the

value

derivative

financial

instrument

and

the

underlying

asset,

possible

default

the

counterparty

the

transaction

illiquidity

the

instrument. Pursuant

to Rule

18f-4

under

the

1940

Act,

among

other

things,

the

Fund

must

either

use

derivative

financial

instruments

with

embedded

leverage

limited

manner

comply

with

outer

limit

fund

leverage

risk

based

value-at-risk.

The

Fund’s

successful

use

derivative

financial

instrument

depends

the

investment

adviser’s

ability

predict

pertinent

market

movements

accurately,

which

cannot

assured.

The

use

these

instruments

may

result

losses

greater

than

they

had

not

been

used,

may

limit

the

amount

appreciation the

Fund

can

realize

investment

and/or

may

result

lower

distributions

paid

shareholders.

The

Fund’s

investments

these

instruments,

any,

are

discussed

detail

the

Notes

Financial

Statements.

2026

BlackRock

Annual

Financial

Statements

and

Additional

Information

Schedule

Investments

July

31,

2026

BlackRock

Floating

Rate

Income

Portfolio

(Percentages

shown

are

based

Net

Assets)

Security

Value

Common

Stocks

Construction

Engineering

—

0.1%

United

Site

Services

(a)

(b)

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

262,518

2,625,180

Financial

Services

—

0.0%

(a)

Aimbridge

Topco,

Inc.

(b)

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

18,147

695,629

Labels

Buyer

LLC

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

2,750

93,826

789,455

Food

Products

—

0.0%

H-Food

Holdings

LLC

(a)

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

39,929

682,787

Ground

Transportation

—

0.0%

SIRVA,

Inc.

(a)

(b)

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

8,136

6,777

Hotels,

Restaurants

Leisure

—

0.1%

(a)(b)

Fortrex

Holdings

LLC

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

51,119

817,904

Hurtigruten

Global

Sales

A/S

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

112,028

817,905

Household

Durables

—

0.0%

Svp

Singer

(a)

(b)

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

52,276

339,794

Services

—

0.1%

Travelport

Technology

Ltd.

(a)

(b)

...........

1,636

1,102,779

Machinery

—

0.0%

Ameriforge

Group,

Inc.

(a)

(b)

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

5,385

—

Trading

Companies

Distributors

—

0.0%

TMK

Hawk

Parent

Corp.

(a)

(b)

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

94,283

188,566

Transportation

Infrastructure

—

0.0%

Incora

Top

Holdco

LLC

(a)

(b)

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

37,442

259,847

Wireless

Telecommunication

Services

—

0.1%

Altice

France

Lux

(a)

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

66,137

1,265,099

Total

Common

Stocks

—

(Cost:

12,982,589

)

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

8,078,189

Par

(000)

Par

(000)

Corporate

Bonds

Chemicals

—

0.0%

Illuminate

Buyer

LLC,

9.00%,

07/01/28

(c)

....

USD

33,852

Electric

Utilities

—

0.0%

Texas

Competitive

Electric

Holdings

Co.

LLC,

5.03%,

12/31/49

(a)

(b)

(d)

(e)

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

8,430

Pharmaceuticals

—

0.3%

1261229

Ltd.,

10.00%,

04/15/32

(c)

.....

7,495

7,661,749

Professional

Services

—

0.1%

CoreLogic,

Inc.,

12.00%,

02/01/32

(c)

......

1,899

1,779,092

Transportation

Infrastructure

—

0.0%

Incora

Top

Holdco

LLC,

6.00%,

01/31/33

(a)

(b)

(d)

787

218,822

Wireless

Telecommunication

Services

—

0.1%

Ligado

Networks

LLC,

15.50%,

(15.50%

Cash

15.50%

PIK),

11/01/24

(a)

(c)

(d)

(f)

.........

2,087

939,193

Total

Corporate

Bonds

—

(Cost:

11,713,565

)

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

10,632,709

Security

Par

(000)

Par

(000)

Value

Fixed

Rate

Loan

Interests

Health

Care

Technology

—

0.2%

Cotiviti,

Inc.,

1st

Lien

Term

Loan

7.63

05/01/31

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

USD

4,941

4,652,598

Software

—

0.1%

Clover

Holdings

LLC,

1st

Lien

Term

Loan

7.75

12/09/31

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

3,119

2,962,751

Total

Fixed

Rate

Loan

Interests

—

(Cost:

8,059,480

)

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

7,615,349

Floating

Rate

Loan

Interests

Aerospace

Defense

—

2.7%

(e)

Atlas

Acquisition

Corp.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.75%

Floor

4.50%),

8.43

05/25/29

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

18,002

1,047,335

Atlas

Acquisition

Corp.,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.75%

Floor

1.25%),

5.18

05/25/29

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

2,634

152,074

Bleriot

Bidco,

Inc.,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.00%

Floor

2.25%),

5.98

10/31/30

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

7,004

7,009,821

Cobham

Ultra

SeniorCo

SARL,

Facility

1st

Lien

Term

Loan

(6-mo.

CME

Term

SOFR

0.50%

Floor

3.75%),

7.79

08/03/29

5,482

5,499,984

Dynasty

Acquisition

Co.,

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

2.00%),

5.73

10/31/31

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

6,981

6,996,937

Dynasty

Acquisition

Co.,

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

2.00%),

5.73

10/31/31

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

2,655

2,660,767

Kaman

Corp.,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.50%

Floor

2.00%),

5.67

02/26/32

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

3,008

3,005,121

Peraton

Corp.,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.75%

Floor

3.75%),

7.51

02/01/28

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

6,404

5,818,899

Propulsion

Finco

SARL,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.50%

Floor

2.50%),

6.23

12/01/32

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

2,244

2,252,620

Setanta

Aircraft

Leasing

DAC,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.00%

Floor

1.75%),

5.48

11/06/28

.......

2,506

2,511,923

TransDigm,

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

2.50%),

6.23

02/28/31

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

6,632

6,640,349

TransDigm,

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

2.25%),

5.98

03/22/30

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

4,846

4,846,943

TransDigm,

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

2.50%),

6.23

01/19/32

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

1,100

1,101,412

TransDigm,

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

2.50%),

6.23

08/19/32

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

6,075

6,083,681

TransDigm,

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

2.50%),

6.23

02/14/33

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

5,743

5,748,063

61,375,929

Air

Freight

Logistics

—

0.1%

Clue

Opco

LLC,

1st

Lien

Term

Loan

12/19/30

(e)

(g)

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

1,320

1,267,794

Schedule

Investments

(continued)

July

31,

2026

BlackRock

Floating

Rate

Income

Portfolio

Schedule

Investments

(Percentages

shown

are

based

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Automobile

Components

—

1.5%

(e)

Allison

Transmission,

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

1.75%),

5.43

01/03/33

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

USD

4,528

4,531,410

Clarios

Global

LP,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

2.50%),

6.23

05/06/30

..........

10,398

10,408,200

(1-mo.

CME

Term

SOFR

0.00%

Floor

2.50%),

6.23

01/28/32

..........

6,095

6,102,364

Garrett

Motion

Holdings,

Inc.,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.50%

Floor

1.75%),

5.57

01/30/32

.......

588

586,902

Gates

Corp.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.50%

Floor

1.75%),

5.48

06/04/31

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

5,140

5,130,567

Gates

Global

LLC,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.50%

Floor

1.75%),

5.48

11/16/29

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

1,613

1,611,412

RealTruck

Group,

Inc.,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

1.50%

Floor

4.75%),

8.65

01/31/31

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

428

253,095

RealTruck

Group,

Inc.,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.00%

Floor

6.00%),

9.90

01/31/31

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

1,894

1,120,777

Tenneco,

Inc.,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.50%

Floor

5.00%),

8.74

8.83

11/17/28

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

5,184

5,180,146

34,924,873

Automobiles

—

0.3%

(e)

Bombardier

Recreational

Products,

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

2.25%),

5.98

01/22/31

.......

2,740

2,742,046

Dealer

Tire

Financial

LLC,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.50%

Floor

3.00%),

6.73

07/02/31

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

5,208

5,110,365

7,852,411

Beverages

—

0.3%

(e)

Naked

Juice

LLC,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.50%

Floor

3.25%),

7.08

01/24/29

..........

1,019

683,118

(3-mo.

CME

Term

SOFR

1.00%

Floor

5.50%),

9.23

01/24/29

..........

3,364

3,415,328

(3-mo.

CME

Term

SOFR

0.50%

Floor

1.00%),

4.83

01/24/30

..........

2,299

850,604

Sazerac

Co.,

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

2.00%),

5.68

07/09/32

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

2,137

2,133,637

7,082,687

Biotechnology

—

0.6%

(e)

Biomarin

Pharmaceutical,

1st

Lien

Term

Loan

(6-mo.

CME

Term

SOFR

0.00%

Floor

1.75%),

5.43

04/27/33

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

3,732

3,726,887

PAREXEL

International

Corp.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.50%

Floor

2.50%),

6.23

12/12/31

.......

10,486

10,500,945

14,227,832

Security

Par

(000)

Par

(000)

Value

Broadline

Retail

—

0.6%

(e)

Boots

Group

Finco

LP,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.00%

Floor

3.25%),

6.92

08/30/32

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

USD

6,643

6,659,226

StubHub

Holdco

Sub

LLC,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

4.75%),

8.48

03/15/30

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

6,202

6,199,222

12,858,448

Building

Products

—

1.3%

(e)

AZZ,

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.50%

Floor

1.75%),

5.48

05/14/29

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

376

377,082

Chariot

Buyer

LLC,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

3.00%),

6.73

09/08/32

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

11,104

11,110,400

Atlas

Buyer,

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

5.25%),

8.98

07/08/30

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

1,845

1,596,767

Iris

Holdco

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

4.00%),

7.73

10/27/32

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

7,663

7,356,763

Gibraltar

Industries,

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

2.25%),

5.91

5.93

02/02/33

(b)

......

1,552

1,551,538

Wilsonart

LLC,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.00%

Floor

4.25%),

7.98

08/05/31

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

8,437

7,626,704

29,619,254

Capital

Markets

—

4.4%

(e)

Allspring

Buyer

LLC,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.50%

Floor

3.00%),

6.75

11/01/30

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

1,357

1,362,169

Ardonagh

Group

Finco

Pty.

Ltd.,

Facility

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.00%

Floor

3.00%;

6-mo.

CME

Term

SOFR

0.00%

Floor

3.00%

0.00%

Floor

3.00%),

6.73

6.83

02/18/31

.....

7,137

7,030,311

Aretec

Group,

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

3.00%),

6.73

08/09/30

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

3,960

3,966,646

Ascensus

Holdings,

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.50%

Floor

3.00%),

6.73

11/25/32

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

4,733

4,629,624

Axalta

Coating

Systems

Holdings,

Inc.,

Facility

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.50%

Floor

1.75%),

5.48

12/20/29

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

6,632

6,633,566

BCPE

Pequod

Buyer,

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

2.75%),

6.48

11/25/31

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

5,563

5,449,319

Chicago

MidCo

III

LP,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

2.50%),

6.23

10/29/32

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

6,368

6,354,274

Citadel

Securities

LP,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.00%

Floor

2.00%),

5.66

06/10/33

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

11,692

11,677,158

Focus

Financial

Partners

LLC,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

2.50%),

6.23

09/15/31

.......

12,946

12,766,016

GTCR

Everest

Borrower

LLC,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.00%

Floor

2.25%),

5.98

09/05/31

.......

2,603

2,597,726

2026

BlackRock

Annual

Financial

Statements

and

Additional

Information

Schedule

Investments

(continued)

July

31,

2026

BlackRock

Floating

Rate

Income

Portfolio

(Percentages

shown

are

based

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Capital

Markets

(continued)

Hudson

River

Trading

LLC,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

2.50%),

6.17

03/18/30

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

USD

9,499

9,479,236

Jane

Street

Group

LLC,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.00%

Floor

2.00%),

5.67

12/15/31

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

15,822

15,752,242

Jump

Financial

LLC,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.00%

Floor

3.50%),

7.23

02/26/32

(b)

...........

480

479,755

Jupiter

Borrower,

Inc.,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.00%

Floor

2.75%),

6.48

06/30/33

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

2,603

2,616,015

Neon

Maple

Debt

Mergersub,

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

2.50%),

6.23

11/17/31

...

2,090

2,034,887

Osaic

Holdings,

Inc.,

1st

Lien

Term

Loan

(12-mo.

CME

Term

SOFR

0.00%

Floor

2.75%),

6.17

07/30/32

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

7,342

7,291,751

100,120,695

Chemicals

—

4.0%

(e)

Aruba

Investments

Holdings

LLC,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.75%

Floor

4.00%),

7.77

11/24/27

.......

2,303

2,153,291

BASF

Coatings,

1st

Lien

Term

Loan

(12-mo.

CME

Term

SOFR

0.00%

Floor

0.00%),

7.24

04/06/33

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

5,345

5,366,006

Chemours

Co.

LLC,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

3.50%),

7.23

10/15/32

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

5,523

5,500,541

Derby

Buyer

LLC,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.50%

Floor

2.75%),

6.43

11/01/30

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

5,381

5,398,906

Discovery

Purchaser

Corp.,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.50%

Floor

3.75%),

7.48

10/04/29

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

6,153

6,122,392

Ecovyst

Catalyst

Technologies

LLC,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

2.00%),

5.73

06/12/31

.......

4,569

4,558,062

Element

Solutions,

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor/0.75%

Cap

1.75%),

5.48

12/18/30

3,619

3,623,030

Fortis

333,

Inc.,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.00%

Floor

3.25%),

6.98

03/29/32

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

3,755

3,747,058

Fuller

Co.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.50%

Floor

1.75%),

5.48

02/15/30

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

835

836,138

INEOS

Petrochem

LLC,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

4.25%),

7.89

10/07/31

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

945

769,564

Lonza

Group

AG,

Facility

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.75%

Floor

3.93%),

7.76

07/03/28

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

5,801

5,508,746

Minerals

Technologies,

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

2.00%),

5.73

11/26/31

(b)

...........

3,812

3,802,084

Olympus

Water

Holding

Corp.,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.00%

Floor

3.25%),

6.98

11/03/32

.......

3,473

3,471,474

Olympus

Water

Holding

Corp.,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.50%

Floor

3.00%),

6.73

06/23/31

.......

5,514

5,505,526

Security

Par

(000)

Par

(000)

Value

Chemicals

(continued)

Chemicals

International

Holding

GmbH,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.00%

Floor

4.75%),

8.60

04/08/31

(b)

USD

10,309

6,710,715

Paint

Intermediate

III

LLC,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.00%

Floor

3.00%),

6.65

10/09/31

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

3,496

3,496,379

SCIH

Salt

Holdings,

Inc.,

1st

Lien

Term

Loan

(SOFR12

0.00%

Floor

2.75%),

6.72

07/30/31

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

5,695

5,659,406

Solstice

Advanced

Materials,

Inc.,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.00%

Floor

1.75%),

5.57

10/29/32

.......

4,656

4,656,382

Sparta

HoldCo

LLC,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.75%

Floor

3.00%),

6.66

08/02/30

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

5,485

5,473,873

Stonepeak

Motion

Finco

LLC,

1st

Lien

Term

Loan

06/24/33

(g)

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

1,733

1,733,364

Grace

Holdings

LLC,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.50%

Floor

3.00%),

6.73

08/19/32

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

6,364

6,355,868

90,448,805

Commercial

Services

Supplies

—

3.6%

(e)

Action

Environmental

Group,

Inc.

(The),

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.50%

Floor

3.00%),

6.73

10/24/30

.......

4,003

3,960,945

Allied

Universal

Holdco

LLC,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

3.25%),

6.98

08/20/32

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

15,080

15,118,952

Anticimex

Global

AB,

Facility

1st

Lien

Term

Loan

11/17/31

(g)

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

1,972

1,976,311

Asplundh

Tree

Expert

LLC,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

1.75%),

5.48

05/30/33

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

5,480

5,471,499

Citrin

Cooperman

Advisors

LLC,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.00%

Floor

3.00%),

6.73

04/01/32

.......

4,310

4,221,217

Citrin

Cooperman

Advisors

LLC,

Delayed

Draw

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.00%

Floor

3.00%),

6.73

04/01/32

(b)

156

150,228

Clean

Harbors,

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

1.50%),

5.23

10/11/32

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

2,353

2,357,599

EnergySolutions

LLC,

1st

Lien

Term

Loan

07/25/33

(g)

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

2,481

2,484,101

Garda

World

Security

Corp.,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.00%

Floor

2.75%),

6.51

02/01/29

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

4,678

4,671,186

Grant

Thornton

Advisors

LLC,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

2.75%),

6.48

06/02/31

.......

7,541

7,089,690

Innio

North

America

Holding,

Inc.,

Facility

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.00%

Floor

1.75%),

5.40

11/03/31

...

6,199

6,152,319

JFL-Tiger

Acquisition

Co.,

Inc.,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.50%

Floor

3.00%),

6.64

10/17/30

(b)

......

4,211

4,210,696

Medical

Solutions

Holdings,

Inc.,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.50%

Floor

3.50%),

7.42

11/01/30

...........

2,848

327,486

(3-mo.

CME

Term

SOFR

0.00%

Floor

5.25%),

9.17

11/01/30

...........

2,627

1,767,166

Schedule

Investments

(continued)

July

31,

2026

BlackRock

Floating

Rate

Income

Portfolio

Schedule

Investments

(Percentages

shown

are

based

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Commercial

Services

Supplies

(continued)

(3-mo.

CME

Term

SOFR

2.00%

Floor

7.00%),

10.80

11/03/31

..........

USD

2,374

324,460

Holdings

US,

Inc.,

Facility

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

2.00%),

5.73

03/17/32

(b)

......

2,340

2,348,775

Novelis,

Inc.,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.00%

Floor

1.75%),

5.48

03/11/32

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

7,705

7,677,715

Prime

Security

Services

Borrower

LLC,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

2.00%),

5.66

10/15/30

1,047

1,044,176

Prime

Security

Services

Borrower

LLC,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

1.75%),

5.41

03/08/32

3,395

3,361,981

Reworld

Holding

Corp.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.50%

Floor

2.25%),

5.99

01/15/31

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

1,903

1,901,056

Reworld

Holding

Corp.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.50%

Floor

2.25%),

5.92

01/15/31

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

3,242

3,241,945

Reworld

Holding

Corp.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.50%

Floor

2.25%),

5.92

01/15/31

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

528

528,136

Summer

Holdco

SARL,

Facility

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.00%

Floor

5.00%),

8.99

02/15/29

1,921

1,588,622

81,976,261

Communications

Equipment

—

0.3%

QTS

Thunder

Managing

Issuer

LLC,

1st

Lien

Term

Loan

07/22/33

(e)

(g)

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

7,530

7,417,050

Construction

Engineering

—

1.4%

(e)

Azuria

Water

Solutions,

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

2.75%),

6.39

04/25/33

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

7,945

7,910,950

Azuria

Water

Solutions,

Inc.,

Delayed

Draw

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.00%

Floor

2.75%),

6.46

04/25/33

38,424

Brand

Industrial

Services,

Inc.,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.50%

Floor

4.50%),

8.16

08/01/30

.......

8,235

6,542,006

Construction

Partners,

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

2.00%),

5.75

11/03/31

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

4,679

4,678,695

Investment

Intermediate

Holdings

Inc.,

1st

Lien

Term

Loan

(SOFR1M

0.00%

Floor

3.00%),

6.73

07/09/32

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

2,702

2,705,016

Dycom

Industries,

Inc.,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.00%

Floor

1.75%),

5.40

01/27/33

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

2,246

2,246,696

Legence

Holdings

LLC,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.75%

Floor

2.00%),

5.73

12/16/31

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

7,725

7,697,380

31,819,167

Construction

Materials

—

1.8%

(e)

American

Builders

Contractors

Supply

Co.,

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

1.75%),

5.48

01/31/31

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

7,629

7,630,326

Knife

River

Corp.,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.00%

Floor

1.75%),

5.40

03/08/32

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

824

822,221

Security

Par

(000)

Par

(000)

Value

Construction

Materials

(continued)

MSOF

Beacon

LLC,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.00%

Floor

2.50%),

6.17

12/23/32

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

USD

1,664

1,667,158

NEW

AMI

LLC,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.50%

Floor

6.00%),

9.73

03/08/29

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

1,318

1,193,374

Quikrete

Holdings,

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

2.25%),

5.98

04/14/31

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

3,910

3,911,017

Quikrete

Holdings,

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

2.25%),

5.98

03/19/29

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

5,301

5,308,305

Quikrete

Holdings,

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

2.25%),

5.98

02/10/32

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

5,493

5,494,824

Standard

Industries,

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.50%

Floor

1.75%),

5.42

09/22/28

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

992

991,966

White

Cap

Supply

Holdings

LLC,

Facility

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

3.25%),

6.98

10/19/29

13,590

13,565,059

40,584,250

Consumer

Staples

Distribution

Retail

—

1.0%

(e)

BCPE

Empire

Holdings,

Inc.,

1st

Lien

Term

Loan

12/11/30

(g)

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

1,180

1,164,141

(1-mo.

CME

Term

SOFR

0.00%

Floor

3.50%),

7.23

12/29/32

..........

9,784

9,662,171

America

LLC,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.00%

Floor

3.25%),

6.92

02/10/31

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

9,169

9,194,765

Foods,

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

1.75%),

5.48

10/03/31

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

1,483

1,492,806

21,513,883

Containers

Packaging

—

2.5%

(e)

Charter

Generation,

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.75%

Floor

2.50%),

6.17

11/29/30

.......

8,167

8,173,927

Clydesdale

Acquisition

Holdings,

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.50%

Floor

3.18%),

6.91

04/13/29

..........

1,070

1,043,785

(1-mo.

CME

Term

SOFR

0.00%

Floor

3.25%),

6.98

04/01/32

..........

6,235

5,949,679

Colossus

Acquireco

LLC,

1st

Lien

Term

Loan

(1-day

SOFR

0.00%

Floor

1.75%),

5.37

01/31/33

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

12,204

12,145,995

Graham

Packaging

Co.,

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

2.25%),

5.98

01/26/33

.......

4,343

4,342,290

Mauser

Packaging

Solutions

Holding

Co.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

3.50%),

7.15

04/15/30

5,634

5,587,440

Multi-Color

Corp.,

Term

Loan

(3-mo.

CME

Term

SOFR

0.00%

Floor

2.38%),

8.52

(

6.02

Cash

2.50

PIK),

05/11/33

(f)

...

5,446

4,540,536

Pregis

TopCo

LLC,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

3.75%),

7.48

02/01/29

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

2,616

2,623,617

ProAmpac

Borrower

LLC,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.00%

Floor

4.00%),

7.67

7.82

03/07/33

4,468

4,365,398

2026

BlackRock

Annual

Financial

Statements

and

Additional

Information

Schedule

Investments

(continued)

July

31,

2026

BlackRock

Floating

Rate

Income

Portfolio

(Percentages

shown

are

based

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Containers

Packaging

(continued)

Ring

Container

Technologies

Group

LLC,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.50%

Floor

2.50%),

6.23

09/15/32

USD

4,088

4,092,474

Trident

TPI

Holdings,

Inc.,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.50%

Floor

3.75%),

7.48

09/15/28

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

3,676

3,443,923

56,309,064

Diversified

Consumer

Services

—

0.9%

(e)

Bright

Horizons

Family

Solutions

LLC,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.50%

Floor

1.75%),

5.48

08/23/32

3,026

3,019,960

OMNIA

Partners

LLC,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.00%

Floor

2.75%),

6.42

12/31/32

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

2,439

2,442,086

Rosen

International

SARL,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.00%

Floor

2.00%),

5.73

03/26/31

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

7,107

7,095,978

Wand

NewCo

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

2.50%),

6.23

01/30/31

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

6,643

6,657,433

19,215,457

Diversified

REITs

—

0.1%

RHP

Hotel

Properties

LP,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

1.75%),

5.48

05/18/30

(e)

...........

2,264

2,261,058

Diversified

Telecommunication

Services

—

1.4%

(e)

Coral-US

Co-Borrower

LLC,

1st

Lien

Term

Loan

10/15/29

(g)

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

1,650

1,629,111

Level

Financing,

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

2.75%),

6.48

03/29/32

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

9,689

9,716,226

Radiate

Holdco

LLC,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

1.00%

Floor

4.00%),

7.73

06/26/29

..........

194

194,050

(1-mo.

CME

Term

SOFR

0.00%

Floor

3.50%),

7.35

09/25/29

...........

7,880

6,994,491

Radiate

Holdco

LLC,

Delayed

Draw

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

1.00%

Floor

4.00%),

7.73

06/26/29

.......

194

194,050

Sunrise

Financing

Partnership,

Facility

1st

Lien

Term

Loan

(6-mo.

CME

Term

SOFR

0.00%

Floor

2.47%),

6.34

02/16/32

2,258

2,215,979

Virgin

Media

Bristol

LLC,

Facility

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

3.25%),

7.04

01/31/29

.......

3,076

2,761,421

Zayo

Group

Holdings,

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

3.00%),

6.85

03/11/30

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

8,426

8,429,072

32,134,400

Electric

Utilities

—

0.8%

(e)

Alpha

Generation

LLC,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

1.75%),

5.48

09/30/31

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

3,991

3,969,625

NRG

Energy,

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

1.75%),

5.49

04/16/31

..........

8,665

8,654,967

(1-mo.

CME

Term

SOFR

0.00%

Floor

1.75%),

5.48

04/28/33

..........

1,295

1,291,919

Pathfinder

Power

LLC,

1st

Lien

Term

Loan

06/22/33

(g)

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

3,707

3,697,733

17,614,244

Security

Par

(000)

Par

(000)

Value

Electrical

Equipment

—

0.1%

(e)(g)

Dwyer

Instruments

LLC,

1st

Lien

Term

Loan

07/25/33

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

USD

1,793

1,790,393

Dwyer

Instruments

LLC,

Delayed

Draw

1st

Lien

Term

Loan

07/18/33

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

122

122,072

1,912,465

Electronic

Equipment,

Instruments

Components

—

0.8%

(e)

Belden,

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

2.25%),

5.98

07/01/33

(b)

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

3,867

3,881,501

Celestica,

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

1.75%),

5.47

06/20/31

(b)

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

3,136

3,143,840

Coherent

Corp.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.50%

Floor

1.75%),

5.48

07/02/29

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

6,038

6,038,328

CoorsTek,

Inc.,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.00%

Floor

2.50%),

6.23

10/28/32

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

803

805,999

Sanmina

Corp.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

1.75%),

5.40

10/27/32

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

4,792

4,795,577

18,665,245

Energy

Equipment

Services

—

0.3%

(b)(e)

Covia

Holdings

LLC,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.00%

Floor

2.75%),

6.50

02/26/32

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

5,576

5,568,544

Deep

Blue

Operating

LLC,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.00%

Floor

2.25%),

5.90

10/01/32

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

2,066

2,063,240

7,631,784

Entertainment

—

3.4%

(e)

City

Football

Group

Ltd.,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.50%

Floor

3.00%),

6.93

07/22/30

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

4,346

4,329,382

Creative

Artists

Agency

LLC,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

2.50%),

6.23

10/01/31

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

8,577

8,565,000

Delta

(Lux)

SARL,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.50%

Floor

1.75%),

5.48

09/30/31

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

10,722

10,719,862

EOC

Borrower

LLC,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

2.75%),

6.48

03/24/32

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

10,897

10,913,697

Live

Nation

Entertainment,

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

2.00%),

5.67

10/21/32

.......

6,500

6,492,209

Motion

Finco

SARL,

Facility

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.00%

Floor

3.50%),

7.23

11/13/29

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

6,942

5,692,684

Oak-Eagle

AcquireCo,

Inc.,

1st

Lien

Term

Loan

03/23/33

(g)

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

16,540

16,624,850

TKO

Worldwide

Holdings

LLC,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.00%

Floor

1.75%),

5.41

11/21/31

.......

13,489

13,459,496

76,797,180

Financial

Services

—

3.2%

(e)

ABG

Intermediate

Holdings

LLC,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

2.25%),

5.98

12/21/28

.......

7,068

7,077,434

Aggreko

Holdings,

Inc.,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.50%

Floor

3.00%),

6.63

05/21/31

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

7,287

7,310,968

Schedule

Investments

(continued)

July

31,

2026

BlackRock

Floating

Rate

Income

Portfolio

Schedule

Investments

(Percentages

shown

are

based

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Financial

Services

(continued)

Apex

Group

Treasury

LLC,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.00%

Floor

3.50%),

7.15

02/27/32

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

USD

7,707

7,314,186

APi

Group

DE,

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

1.75%),

5.48

05/16/33

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

9,960

9,975,774

Avolon

TLB

Borrower

LLC,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.50%

Floor

1.75%),

5.42

06/22/30

.......

1,170

1,170,737

CPI

Holdco

LLC,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

2.00%),

5.73

05/19/31

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

8,296

8,278,786

Gryphon

Acquire

NewCo

LLC,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.00%

Floor

2.75%),

6.41

09/13/32

.......

4,549

4,554,286

ITT

Holdings

LLC,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.50%

Floor

1.98%),

5.71

10/11/30

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

2,337

2,335,945

LBM

Acquisition

LLC,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.75%

Floor

3.75%),

7.57

06/06/31

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

2,522

2,009,266

Nexus

Buyer

LLC,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

3.50%),

7.23

07/31/31

..........

719

695,702

(1-mo.

CME

Term

SOFR

0.00%

Floor

4.00%),

7.73

07/31/31

..........

3,091

3,019,528

Orion

Finco,

Inc.,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.00%

Floor

3.50%),

7.26

10/08/32

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

4,636

4,648,389

Sotera

Health

Holdings

LLC,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

2.25%),

5.98

05/30/31

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

6,894

6,908,692

Summit

Acquisition,

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

3.50%),

7.23

10/16/31

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

950

949,548

WEX,

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

1.75%),

5.48

04/03/28

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

2,955

2,950,041

WEX,

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

1.75%),

5.48

03/05/32

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

3,693

3,687,304

72,886,586

Food

Products

—

1.3%

(e)

Chobani

LLC,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

2.25%),

5.98

10/28/32

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

11,449

11,487,448

Froneri

International

Ltd.,

Facility

1st

Lien

Term

Loan

(6-mo.

CME

Term

SOFR

0.00%

Floor

2.25%),

5.88

09/30/31

.......

7,437

7,389,826

Froneri

US,

Inc.,

Facility

1st

Lien

Term

Loan

(6-mo.

CME

Term

SOFR

0.00%

Floor

2.50%),

6.13

09/30/32

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

2,793

2,776,242

Midco

Holdings

LLC,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

2.00%

Floor

6.50%),

10.23

03/29/30

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

944

949,128

Treehouse

Foods,

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

4.25%),

7.98

02/11/33

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

4,495

4,504,709

Utz

Quality

Foods

LLC,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

2.50%),

6.23

01/29/32

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

1,221

1,221,240

Security

Par

(000)

Par

(000)

Value

Food

Products

(continued)

Wellness

Pet

LLC,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.75%

Floor

3.75%),

7.74

12/31/29

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

USD

429

77,204

28,405,797

Gas

Utilities

—

0.6%

(e)

Bip

Pipeco

Holding

LLC,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.00%

Floor

2.00%),

5.73

12/05/30

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

1,015

1,013,788

EPZ

Financeco

LLC,

1st

Lien

Term

Loan

(12-mo.

CME

Term

SOFR

0.00%

Floor

2.25%),

6.06

07/14/33

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

1,543

1,541,071

ETX

Holdings

Midco

LLC,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

2.50%),

6.23

04/01/32

.......

3,843

3,855,274

NGL

Energy

Operating

LLC,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

3.50%),

7.18

03/11/33

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

2,775

2,787,200

Venture

Global

Calcasieu

Pass

LLC,

1st

Lien

Term

Loan

(6-mo.

CME

Term

SOFR

0.00%

Floor

3.25%),

6.95

04/11/33

.......

4,302

4,328,199

13,525,532

Ground

Transportation

—

0.9%

(e)

Carrix,

Inc.,

1st

Lien

Term

Loan

07/18/33

(g)

3,938

3,927,954

Carrix,

Inc.,

Delayed

Draw

1st

Lien

Term

Loan

07/18/33

(g)

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

788

785,590

Genesee

Wyoming,

Inc.,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.00%

Floor

1.75%),

5.48

04/10/31

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

9,939

9,910,395

Hertz

Corp.

(The),

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.50%

Floor

3.50%),

7.58

06/30/28

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

2,294

1,255,824

Hertz

Corp.

(The),

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.50%

Floor

3.50%),

7.58

06/30/28

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

418

228,931

Pods

LLC,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

4.50%),

8.18

05/14/31

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

2,898

2,799,584

SIRVA

Worldwide,

Inc.,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

2.00%

Floor

3.00%),

6.64

08/20/29

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

4,329

1,709,813

20,618,091

Health

Care

Equipment

Supplies

—

1.3%

(e)

Bausch

Lomb

Corp.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

3.75%),

7.48

01/15/31

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

9,131

9,153,651

Hologic,

Inc.,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.00%

Floor

2.25%),

5.99

04/07/33

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

19,082

18,758,752

QuidelOrtho

Corp.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

4.00%),

7.73

08/20/32

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

2,557

2,531,831

30,444,234

Health

Care

Providers

Services

—

2.8%

(e)

AHP

Health

Partners,

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.50%

Floor

2.25%),

5.98

09/20/32

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

896

897,215

Charlotte

Buyer,

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.50%

Floor

4.50%),

8.15

06/30/31

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

2,426

2,427,795

2026

BlackRock

Annual

Financial

Statements

and

Additional

Information

Schedule

Investments

(continued)

July

31,

2026

BlackRock

Floating

Rate

Income

Portfolio

(Percentages

shown

are

based

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Health

Care

Providers

Services

(continued)

CHG

Healthcare

Services,

Inc.,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.50%

Floor

3.00%),

6.82

09/29/31

.......

USD

5,229

5,222,249

CNT

Holdings

Corp.,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.75%

Floor

2.25%),

6.07

11/08/32

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

6,934

6,946,200

Concentra

Health

Services,

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

2.00%),

5.73

07/28/31

.......

2,586

2,582,475

DaVita,

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

1.75%),

5.48

05/09/31

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

2,300

2,297,316

Examworks

Bidco,

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.50%

Floor

2.50%),

6.23

02/07/33

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

4,644

4,657,777

EyeCare

Partners

LLC,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.00%

Floor

6.75%),

10.58

11/30/28

(a)

(d)

..........

249

40,279

LifePoint

Health,

Inc.,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.00%

Floor

3.75%),

7.50

05/19/31

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

9,258

8,818,445

McKesson

Medical-Surgical

Top

Holdings,

Inc.,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.00%

Floor

2.25%),

5.98

06/09/32

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

2,504

2,504,000

Medline

Borrower

LP,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.50%

Floor

1.50%),

5.23

05/30/33

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

9,830

9,791,048

Option

Care

Health,

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.50%

Floor

1.75%),

5.48

09/22/32

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

5,062

5,065,020

Raven

Acquisition

Holdings

LLC,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

3.00%),

6.73

11/19/31

.......

3,618

3,594,384

Surgery

Center

Holdings,

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

2.50%),

6.23

12/19/30

.......

5,918

5,906,885

Team

Health

Holdings,

Inc.,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.00%

Floor

4.00%),

7.82

06/30/28

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

2,486

2,486,898

63,237,986

Health

Care

Technology

—

1.0%

(e)

Cotiviti,

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

2.75%),

6.40

05/01/31

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

6,546

6,133,175

Gainwell

Acquisition

Corp.,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.75%

Floor

4.00%),

7.83

10/01/27

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

2,877

2,848,519

PointClickCare

Technologies,

Inc.,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.00%

Floor

2.75%),

6.57

11/03/31

.......

3,642

3,618,798

Polaris

Newco

LLC,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.50%

Floor

4.00%),

8.08

06/02/28

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

6,780

6,032,461

Waystar

Technologies,

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

2.00%),

5.64

10/22/29

(b)

...........

3,149

3,141,188

21,774,141

Security

Par

(000)

Par

(000)

Value

Hotels,

Restaurants

Leisure

—

5.7%

(e)

1011778

ULC,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

1.75%),

5.48

09/20/30

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

USD

6,972

6,964,865

Aimbridge

Acquisition

Co.,

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

1.00%

Floor

5.50%),

9.28

03/11/30

...........

1,424

1,394,477

(1-mo.

CME

Term

SOFR

1.00%

Floor

7.50%),

11.28

03/11/30

..........

1,344

1,307,297

Allwyn

Entertainment

Financing

(Us)

LLC,

1st

Lien

Term

Loan

06/02/31

(g)

.........

1,190

1,168,437

Alterra

Mountain

Co.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

2.50%),

6.23

05/31/30

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

4,980

4,975,690

Caesars

Entertainment,

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.50%

Floor

2.25%),

5.98

02/06/30

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

3,778

3,638,148

Caesars

Entertainment,

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.50%

Floor

2.25%),

5.98

02/06/31

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

6,604

6,279,002

Crown

Finance

US,

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

4.50%),

8.17

12/02/31

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

3,236

3,245,563

Crown

Holdings,

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

1.75%),

5.43

03/04/32

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

4,649

4,635,860

Entain

Holdings

(Gibraltar)

Ltd.,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.00%

Floor

2.25%),

5.98

10/31/29

.......

2,330

2,331,468

Fertitta

Entertainment

LLC,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.50%

Floor

3.25%),

6.98

01/29/29

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

6,963

6,962,882

Flutter

Financing

BV,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.50%

Floor

1.75%),

5.48

12/02/30

..........

9,508

9,412,681

(3-mo.

CME

Term

SOFR

0.50%

Floor

2.00%),

5.73

06/04/32

..........

4,825

4,794,806

Fortrex

LLC,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

1.00%

Floor

1.00%),

4.83

03/10/31

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

519

487,670

Four

Seasons

Hotels

Ltd.,

1st

Lien

Term

Loan

07/08/33

(g)

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

1,205

1,205,253

Gaia

Purchaser,

Inc.,

1st

Lien

Term

Loan

06/23/33

(g)

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

2,473

2,466,817

Great

Canadian

Gaming

Corp.,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.00%

Floor

4.75%),

8.43

11/01/29

.......

5,678

5,613,719

Herschend

Entertainment

Co.

LLC,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

2.50%),

6.23

05/27/32

.......

4,767

4,778,518

Hilton

Domestic

Operating

Co.,

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

1.75%),

5.47

11/08/30

...

5,382

5,386,771

Hilton

Grand

Vacations

Borrower

LLC,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

2.00%),

5.73

07/18/33

.......

460

455,303

IRB

Holding

Corp.,

1st

Lien

Term

Loan

(12-mo.

CME

Term

SOFR

0.50%

Floor

2.50%),

6.16

12/16/30

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

6,618

6,628,280

Light

Wonder

International,

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.50%

Floor

2.00%),

5.67

04/16/29

.......

3,120

3,119,632

Schedule

Investments

(continued)

July

31,

2026

BlackRock

Floating

Rate

Income

Portfolio

Schedule

Investments

(Percentages

shown

are

based

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Hotels,

Restaurants

Leisure

(continued)

Ontario

Gaming

GTA

LP,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.50%

Floor

4.25%),

7.98

08/01/30

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

USD

1,950

1,864,413

Penn

Entertainment,

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.50%

Floor

2.00%),

5.73

05/30/33

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

4,790

4,777,117

Pioneer

OpCo,

LLC,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

3.25%),

7.00

05/16/33

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

5,313

5,341,478

Scientific

Games

Holdings

LP,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.50%

Floor

3.00%;

3-mo.

CME

Term

SOFR

0.50%

Floor

3.00%

0.50%

Floor

3.00%),

6.75

04/04/29

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

4,181

4,059,323

SeaWorld

Parks

Entertainment,

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.50%

Floor

2.00%),

5.73

12/04/31

3,652

3,621,527

Station

Casinos

LLC,

Facility

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

2.00%),

5.73

03/14/31

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

6,427

6,431,790

TRQ

Sales

LLC,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.00%

Floor

3.25%),

6.98

12/30/32

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

4,194

4,168,272

Voyager

Parent

LLC,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.00%

Floor

4.25%),

7.98

07/01/32

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

4,636

4,639,282

Whatabrands

LLC,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.50%

Floor

2.50%),

6.23

08/03/28

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

3,562

3,561,496

Wyndham

Hotels

Resorts,

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

1.75%),

5.48

05/24/30

.......

3,396

3,399,957

129,117,794

Household

Durables

—

0.3%

(e)

Somnigroup

International,

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

2.25%),

5.89

10/24/31

.......

1,231

1,236,222

SWF

Holdings

Corp.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

4.50%),

8.14

12/19/29

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

495

490,533

SWF

Holdings

Corp.,

Delayed

Draw

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

1.00%

Floor

4.50%),

8.14

12/19/29

.......

741

733,762

Weber-Stephen

Products

LLC,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.00%

Floor

3.75%),

7.48

10/01/32

.......

5,089

5,039,167

7,499,684

Household

Products

—

0.2%

Lavender

Dutch

Borrower

Co.

BV,

Facility

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.00%

Floor

3.25%),

6.98

12/30/32

(e)

4,264

4,255,048

Independent

Power

and

Renewable

Electricity

Producers

—

0.9%

(e)

Calpine

Construction

Finance

Co.

LP,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

1.75%),

5.48

07/31/30

.......

4,226

4,224,436

Constellation

Renewables

LLC,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

1.00%

Floor

2.00%),

5.67

12/15/27

.......

4,615

4,607,772

Talen

Energy

Supply

LLC,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.00%

Floor

1.75%),

5.48

12/15/31

..........

4,286

4,267,006

Security

Par

(000)

Par

(000)

Value

Independent

Power

and

Renewable

Electricity

Producers

(continued)

(3-mo.

CME

Term

SOFR

0.00%

Floor

2.00%),

5.82

11/25/32

...........

USD

7,076

6,987,205

20,086,419

Industrial

Conglomerates

—

2.4%

(e)

ACI

Rover

Parent

LLC,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.00%

Floor

2.25%),

5.98

06/09/33

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

2,824

2,816,234

Arcwood

Environmental,

Inc.,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.00%

Floor

3.00%),

6.82

04/01/33

(b)

......

1,166

1,170,372

Beach

Acquisition

Bidco

LLC,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

2.75%),

6.48

09/13/32

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

1,886

1,891,043

Chromalloy

Corp.,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.00%

Floor

2.75%),

6.48

03/27/31

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

306

306,851

EMRLD

Borrower

LP,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.00%

Floor

2.25%),

6.07

08/04/31

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

5,074

5,072,112

EMRLD

Borrower

LP,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.00%

Floor

2.25%),

5.92

05/31/30

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

12,774

12,768,344

FCG

Acquisitions,

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

3.25%),

6.98

03/04/33

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

824

827,280

LSF12

Crown

Commercial

Bidco

LLC,

1st

Lien

Term

Loan

(SOFR1M

0.00%

Floor

2.50%),

6.24

12/02/31

...........

3,065

3,068,651

Pinnacle

Buyer

LLC,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.00%

Floor

2.50%),

6.23

10/01/32

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

4,368

4,382,852

Resideo

Funding,

Inc.,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.00%

Floor

2.00%),

5.67

08/13/32

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

4,683

4,682,615

Resilience

Parent

LLC,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.00%

Floor

2.50%),

6.23

02/28/33

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

9,070

9,051,134

SVP-Singer

Holdings,

Inc.,

2nd

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

1.50%),

5.23

10/15/29

(b)

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

763

660,336

Sword

Purchaser

LLC,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

4.00%),

7.73

04/11/33

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

6,820

6,558,180

Tulip

Holdco

LLC,

1st

Lien

Term

Loan

07/21/33

(g)

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

1,118

1,114,512

54,370,516

Insurance

—

3.9%

(e)

Acrisure

LLC,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

3.00%),

6.73

11/06/30

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

1,120

1,023,120

Alliant

Holdings

Intermediate

LLC,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

2.50%),

6.14

09/19/31

.......

14,576

14,511,613

AmWINS

Group,

Inc.,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.75%

Floor

2.00%),

5.73

01/30/32

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

9,065

8,981,908

Amynta

Agency

Borrower,

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

2.50%),

6.23

12/29/31

.......

5,983

5,944,436

CRC

Insurance

Group

LLC,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.00%

Floor

2.75%),

6.48

05/06/31

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

10,393

10,211,352

2026

BlackRock

Annual

Financial

Statements

and

Additional

Information

Schedule

Investments

(continued)

July

31,

2026

BlackRock

Floating

Rate

Income

Portfolio

(Percentages

shown

are

based

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Insurance

(continued)

HUB

International

Ltd.,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.75%

Floor

2.25%),

5.98

06/20/30

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

USD

13,273

13,277,946

Hyperion

Refinance

SARL,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.50%

Floor

2.75%),

6.48

04/18/30

..........

1,472

1,416,175

(1-mo.

CME

Term

SOFR

0.50%

Floor

2.75%),

6.48

02/17/31

..........

9,831

9,425,835

Jones

DesLauriers

Insurance

Management,

Inc.,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.00%

Floor

3.00%),

6.82

02/02/33

6,569

6,416,425

OneDigital

Borrower

LLC,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.50%

Floor

3.00%),

6.73

07/02/31

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

1,198

1,173,080

Ryan

Specialty

LLC,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

2.00%),

5.73

09/15/31

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

4,836

4,830,329

USI,

Inc.,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.00%

Floor

2.25%),

5.98

09/27/30

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

691

690,286

USI,

Inc.,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.00%

Floor

2.25%),

5.98

11/21/29

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

9,733

9,720,360

87,622,865

Interactive

Media

Services

—

0.1%

Camelot

Acquisition

LLC,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

2.75%),

6.48

01/31/31

(e)

...........

2,648

2,462,854

Services

—

3.1%

(e)

Asurion

LLC,

1st

Lien

Term

Loan

B12

(3-mo.

CME

Term

SOFR

0.00%

Floor

4.25%),

8.07

09/19/30

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

1,515

1,477,235

Asurion

LLC,

1st

Lien

Term

Loan

B13

(3-mo.

CME

Term

SOFR

0.00%

Floor

4.25%),

8.07

09/19/30

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

8,169

7,963,341

Asurion

LLC,

1st

Lien

Term

Loan

B14

(3-mo.

CME

Term

SOFR

0.00%

Floor

3.75%),

7.57

02/23/33

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

2,925

2,737,022

Central

Parent

LLC,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.00%

Floor

3.25%),

6.98

07/06/29

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

8,422

5,362,083

CoreWeave

Financing

DDTL

LLC,

Delayed

Draw

1st

Lien

Term

Loan

11/17/31

(g)

.....

3,467

3,457,986

Epicor

Software

Corp.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.75%

Floor

2.75%),

6.48

05/30/31

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

9,402

8,962,798

Galileo

Parent,

Inc.,

1st

Lien

Term

Loan

(6-mo.

CME

Term

SOFR

0.00%

Floor

4.50%),

8.12

03/03/33

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

3,273

3,285,568

Daddy

Operating

Co.

LLC,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

1.75%),

5.48

11/09/29

.......

3,962

3,904,420

ION

Platform

Finance

US,

Inc.,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.00%

Floor

3.75%),

7.48

10/07/32

.......

7,169

5,649,925

Iron

Mountain,

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

2.00%),

5.73

01/31/31

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

2,490

2,482,408

Mitchell

International,

Inc.,

1st

Lien

Term

Loan

(12-mo.

CME

Term

SOFR

0.50%

Floor

3.00%),

6.64

06/17/31

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

1,450

1,406,500

Security

Par

(000)

Par

(000)

Value

Services

(continued)

Mitchell

International,

Inc.,

2nd

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.50%

Floor

5.25%),

8.98

06/07/32

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

USD

2,153

1,958,517

Modena

Buyer

LLC,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.00%

Floor

4.25%),

8.07

07/01/31

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

2,257

2,086,643

Neptune

Bidco

US,

Inc.,

1st

Lien

Term

Loan

02/03/33

(g)

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

700

695,387

Project

Boost

Purchaser

LLC,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.00%

Floor

2.75%),

6.48

07/16/31

.......

3,779

3,694,254

Sedgwick

Claims

Management

Services,

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

2.50%),

6.23

07/31/31

10,731

10,652,573

Shift4

Payments

LLC,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.00%

Floor

2.00%),

5.73

07/06/32

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

4,539

4,530,171

70,306,831

Leisure

Products

—

0.1%

Hayward

Industries,

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

2.00%),

5.73

06/23/33

(e)

...........

2,676

2,674,003

Life

Sciences

Tools

Services

—

0.4%

(e)

ICON

Luxembourg

SARL,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.50%

Floor

2.00%),

5.73

07/03/28

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

3,121

3,123,118

PRA

Health

Sciences,

Inc.,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.50%

Floor

2.00%),

5.73

07/03/28

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

778

778,128

Star

Parent,

Inc.,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.00%

Floor

4.00%),

7.73

09/27/30

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

4,246

4,260,201

8,161,447

Machinery

—

3.2%

(e)

Aqua

Merger

Sub,

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

2.50%),

6.15

07/05/33

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

9,493

9,493,000

Columbus

McKinnon

Corp.,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.50%

Floor

3.50%),

7.23

02/03/33

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

6,255

6,265,691

CompoSecure

Holdings

LLC,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.00%

Floor

2.25%),

5.92

01/14/33

.......

3,907

3,890,825

Engineered

Machinery

Holdings,

Inc.,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.00%

Floor

2.75%),

6.49

11/26/32

.......

505

506,192

ESCO

Technologies,

Inc.,

1st

Lien

Term

Loan

06/01/33

(b)

(g)

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

1,760

1,755,600

Filtration

Group

Corp.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.50%

Floor

2.50%),

6.23

10/23/28

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

5,439

5,441,454

Indicor

LLC,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

2.50%),

6.23

11/22/29

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

2,816

2,816,844

LSF12

Helix

Parent

LLC,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

3.50%),

7.23

02/10/33

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

5,913

5,842,829

Madison

IAQ

LLC,

1st

Lien

Term

Loan

(6-mo.

CME

Term

SOFR

0.00%

Floor

1.75%),

5.47

05/06/32

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

3,250

3,245,417

Schedule

Investments

(continued)

July

31,

2026

BlackRock

Floating

Rate

Income

Portfolio

Schedule

Investments

(Percentages

shown

are

based

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Machinery

(continued)

Rexnord

LLC,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.50%

Floor

2.00%),

5.85

10/04/28

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

USD

1,929

1,944,446

Tega

Australia

Holdings

Pty.

Ltd.,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.00%

Floor

3.50%),

7.16

06/01/33

2,624

2,635,493

Elevator

Midco

GmbH,

1st

Lien

Term

Loan

(6-mo.

CME

Term

SOFR

0.50%

Floor

2.75%),

6.70

04/30/30

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

17,861

17,922,852

WEC

Holdings,

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

2.00%),

5.65

01/27/31

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

10,496

10,480,539

72,241,182

Media

—

1.9%

(e)

Altice

France

SA,

1st

Lien

Term

Loan

B14

(3-mo.

CME

Term

SOFR

0.00%

Floor

6.88%),

10.62

05/30/31

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

11,023

11,204,053

Clear

Channel

Outdoor

Holdings,

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

4.00%),

7.85

08/23/28

.......

4,021

4,023,647

CMG

Media

Corp.,

Facility

1st

Lien

Term

Loan

06/18/29

(g)

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

186

172,343

CSC

Holdings

LLC,

1st

Lien

Term

Loan

(US

Prime

Rate

0.00%

Floor

1.50%),

8.25

04/15/27

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

7,871

4,943,158

Discovery

Global

Holdings,

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

2.50%),

6.23

06/03/33

.......

6,573

6,577,257

ECL

Entertainment

LLC,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

3.00%),

6.73

08/30/30

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

3,504

3,508,492

NEP

Group,

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

4.50%),

8.23

10/17/31

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

5,861

5,475,636

Nexstar

Media,

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

2.75%),

6.48

03/18/33

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

2,740

2,735,059

Outfront

Media

Capital

LLC,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

1.75%),

5.49

09/24/32

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

3,630

3,628,475

42,268,120

Multi-Utilities

—

0.4%

GFL

Environmental

Services,

Inc.,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.00%

Floor

2.50%),

6.16

03/03/32

(e)

......

9,777

9,780,810

Oil,

Gas

Consumable

Fuels

—

1.4%

(e)

Blackfin

Pipeline

LLC,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

3.00%),

6.75

09/29/32

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

3,721

3,723,510

Buckeye

Partners

LP,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

1.75%),

5.48

11/22/32

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

2,820

2,825,950

Crescent

Midstream

Operating

LLC,

1st

Lien

Term

Loan

(SOFR12

0.00%

Floor

3.75%),

7.24

02/18/33

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

1,407

1,411,404

Freeport

LNG

Investments

LLLP,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.00%

Floor

3.25%),

6.98

02/11/33

.......

6,953

6,972,426

Hilcorp

Energy

LP,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

1.75%),

5.42

02/11/30

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

5,761

5,753,874

Security

Par

(000)

Par

(000)

Value

Oil,

Gas

Consumable

Fuels

(continued)

Meade

Pipeline

Co.

LLC,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.00%

Floor

2.00%),

5.68

09/22/32

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

USD

1,340

1,340,335

Murphy

USA,

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.50%

Floor

1.75%),

5.40

04/07/32

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

2,141

2,152,297

TransMontaigne

Operating

Co.

LP,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.50%

Floor

2.25%),

5.98

03/18/30

.......

3,496

3,498,670

WhiteWater

Matterhorn

Holdings

LLC,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.00%

Floor

1.75%),

5.50

06/16/32

3,943

3,908,984

31,587,450

Passenger

Airlines

—

1.7%

(e)

AAdvantage

Loyalty

Ltd.,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.00%

Floor

2.25%),

5.98

04/20/28

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

8,453

8,448,640

Air

Canada,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.00%

Floor

1.75%),

5.57

03/21/31

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

5,845

5,832,283

American

Airlines,

Inc.,

1st

Lien

Term

Loan

(6-mo.

CME

Term

SOFR

0.00%

Floor

2.25%),

5.94

02/15/28

..........

1,268

1,257,897

(3-mo.

CME

Term

SOFR

0.00%

Floor

2.25%),

5.91

06/04/29

..........

4,974

4,923,822

(3-mo.

CME

Term

SOFR

0.00%

Floor

3.00%),

6.67

05/30/33

..........

3,040

3,015,923

Mileage

Plan

Ltd.,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.00%

Floor

2.00%),

5.73

05/12/33

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

3,110

3,102,429

Jetblue

Airways

Corp.,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.50%

Floor

4.75%),

8.43

08/27/29

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

5,453

4,730,241

Stonepeak

Nile

Parent

LLC,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.00%

Floor

2.00%),

5.66

04/09/32

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

1,150

1,147,125

United

Airlines,

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

1.75%),

5.48

02/24/31

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

6,934

6,909,845

39,368,205

Pharmaceuticals

—

1.3%

(e)

Amneal

Pharmaceuticals

LLC,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.50%

Floor

3.00%),

6.73

08/02/32

.......

8,833

8,854,657

Elanco

Animal

Health,

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

1.75%),

5.40

10/29/32

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

3,030

3,028,143

Endo

Finance

Holdings

LP,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.50%

Floor

3.75%),

7.48

04/23/31

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

1,924

1,925,228

Grifols

International

Services

USA,

Inc.,

1st

Lien

Term

Loan

(6-mo.

CME

Term

SOFR

0.00%

Floor

2.50%),

6.19

04/14/33

5,237

5,245,621

Jazz

Financing

Lux

SARL,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.50%

Floor

2.25%),

5.98

05/05/28

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

4,447

4,456,751

OPAL

LLC,

Facility

1st

Lien

Term

Loan

04/28/32

(g)

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

3,515

3,520,026

Perrigo

Investments

LLC,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

2.00%),

5.73

04/20/29

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

3,021

3,014,777

30,045,203

2026

BlackRock

Annual

Financial

Statements

and

Additional

Information

Schedule

Investments

(continued)

July

31,

2026

BlackRock

Floating

Rate

Income

Portfolio

(Percentages

shown

are

based

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Professional

Services

—

1.9%

(e)

AlixPartners

LLP,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

2.00%),

5.73

08/12/32

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

USD

3,665

3,651,592

CoreLogic,

Inc.,

1st

Lien

Term

Loan

07/25/31

(g)

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

9,726

9,323,022

Corpay

Technologies

Operating

Co.

LLC,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

1.75%),

5.48

11/05/32

5,331

5,322,002

Element

Materials

Technology

Group

Holdings,

Inc.,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.50%

Floor

3.50%),

7.23

06/22/29

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

4,528

4,539,306

Galaxy

Opco,

Inc.,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.00%

Floor

2.00%),

5.66

07/31/30

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

4,424

4,049,665

Trans

Union

LLC,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

1.75%),

5.48

06/24/31

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

4,232

4,219,862

Trans

Union

LLC,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.50%

Floor

1.75%),

5.58

06/24/31

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

3,090

3,080,410

Zelis

Payments

Buyer,

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

3.25%),

6.98

11/26/31

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

7,133

6,994,583

Zelis

Payments

Buyer,

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

2.75%),

6.48

09/28/29

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

2,975

2,916,606

44,097,048

Real

Estate

Management

Development

—

0.0%

Cushman

Wakefield

Borrower

LLC,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

2.25%),

5.98

06/13/33

(e)

782

782,144

Semiconductors

Semiconductor

Equipment

—

0.5%

(e)

Entegris,

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

1.75%),

5.48

07/06/29

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

1,102

1,105,180

Qnity

Electronics,

Inc.,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.00%

Floor

1.75%),

5.48

11/01/32

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

10,029

10,021,103

11,126,283

Software

—

6.6%

(e)

Applied

Systems,

Inc.,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.00%

Floor

2.25%),

5.98

02/24/31

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

9,273

9,109,196

Avalara,

Inc.,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.00%

Floor

2.50%),

6.23

03/26/32

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

4,808

4,523,049

Barracuda

Networks,

Inc.,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.50%

Floor

4.50%),

8.32

08/15/29

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

2,106

1,398,829

Boxer

Parent

Co.,

Inc.,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.00%

Floor

2.75%),

6.42

07/30/31

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

11,629

10,579,990

Capstone

Borrower,

Inc.,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.00%

Floor

2.75%),

6.48

06/17/30

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

1,200

1,165,302

CCC

Intelligent

Solutions,

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.50%

Floor

2.00%),

5.64

01/23/32

.......

1,873

1,854,074

Security

Par

(000)

Par

(000)

Value

Software

(continued)

Cloud

Software

Group

LLC,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.00%

Floor

3.25%),

6.98

03/21/31

..........

USD

8,271

7,483,715

(3-mo.

CME

Term

SOFR

0.00%

Floor

3.25%),

6.98

08/16/32

..........

7,866

7,029,580

Cloudera,

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.50%

Floor

3.75%),

7.49

10/09/28

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

2,372

2,091,805

Clover

Holdings

LLC,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

3.75%),

7.43

12/09/31

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

4,211

4,116,607

CoreWeave

Financing

DDTL

LLC

Delayed

Draw

Loan

First

Lien

09/30/31

(g)

.......

4,706

4,711,882

Darktrace

Finco

LLC,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.00%

Floor

3.25%),

6.99

10/09/31

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

3,286

3,002,172

Dayforce

Bidco

LLC,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.00%

Floor

3.00%),

6.82

02/04/33

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

9,240

8,589,874

Admiral

Bidco

LLC,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.00%

Floor

4.25%),

7.98

06/26/31

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

2,432

2,311,672

Ellucian

Holdings,

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.50%

Floor

2.50%),

6.23

10/09/29

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

6,926

6,669,498

Gen

Digital,

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.50%

Floor

1.75%),

5.48

09/12/29

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

6,171

6,106,237

Genesys

Cloud

Services,

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

2.50%),

6.23

01/30/32

.......

6,939

6,678,539

Kaseya,

Inc.,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.00%

Floor

3.25%),

7.07

03/22/32

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

11,887

8,889,072

McAfee

Corp.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.50%

Floor

3.00%),

6.73

03/01/29

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

5,700

5,139,989

Sub

LLC,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.50%

Floor

4.25%),

7.98

12/31/31

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

1,824

1,626,598

MKS

Instruments,

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

1.75%),

5.42

02/04/33

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

4,393

4,387,205

Ping

Identity

Holding

Corp.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

2.75%),

6.43

11/15/32

(b)

...........

2,470

2,420,414

Proofpoint,

Inc.,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.50%

Floor

3.00%),

6.73

08/31/28

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

8,943

8,780,911

Quartz

AcquireCo

LLC,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.00%

Floor

2.25%),

5.98

06/28/30

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

2,208

1,856,593

RealPage,

Inc.,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.50%

Floor

3.00%),

6.99

04/24/28

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

6,517

6,225,901

SS&C

Technologies,

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

2.00%),

5.73

05/09/31

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

6,775

6,766,300

UKG,

Inc.,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.00%

Floor

2.25%),

6.07

02/10/31

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

10,329

9,906,732

Schedule

Investments

(continued)

July

31,

2026

BlackRock

Floating

Rate

Income

Portfolio

Schedule

Investments

(Percentages

shown

are

based

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Software

(continued)

Buyer

LLC,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.00%

Floor

2.25%),

6.07

04/14/31

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

USD

6,724

6,448,491

149,870,227

Specialty

Retail

—

2.0%

(e)

Belron

Finance

2019

LLC,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.50%

Floor

2.00%),

5.66

10/16/31

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

14,629

14,601,309

Hunter

Douglas,

Inc.,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.50%

Floor

3.00%),

6.73

01/16/32

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

7,262

7,248,875

Group

OpCo

Acquistion

LLC,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.00%

Floor

2.50%),

6.17

04/23/31

.......

5,309

5,287,054

Mavis

Tire

Express

Services

Topco

Corp.,

1st

Lien

Term

Loan

(6-mo.

CME

Term

SOFR

0.75%

Floor

3.00%),

6.67

05/04/28

8,407

8,385,737

Peer

Holding

III

BV,

Facility

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.00%

Floor

2.25%),

5.98

09/29/32

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

1,092

1,091,989

Project

Aurora

Finco,

Inc.,

Facility

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.00%

Floor

2.75%),

6.48

12/06/32

(b)

1,196

1,199,973

Pye-Barker

Fire

Safety

LLC,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.00%

Floor

2.50%),

6.23

12/16/32

.......

5,055

5,071,532

Pye-Barker

Fire

Safety

LLC,

Delayed

Draw

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.00%

Floor

2.50%),

6.23

12/16/32

119

118,919

Restoration

Hardware,

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.50%

Floor

2.50%),

6.35

10/20/28

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

3,511

3,423,622

46,429,010

Technology

Hardware,

Storage

Peripherals

—

0.3%

Finastra

USA,

Inc.,

1st

Lien

Term

Loan

(6-mo.

CME

Term

SOFR

0.00%

Floor

4.00%),

7.75

09/15/32

(e)

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

7,766

7,440,928

Trading

Companies

Distributors

—

1.6%

(e)

Core

Main

LP,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.00%

Floor

2.00%),

5.66

02/10/31

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

6,633

6,633,307

Core

Main

LP,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.00%

Floor

1.75%),

5.48

07/01/33

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

3,915

3,916,644

Gulfside

Supply,

Inc.,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.00%

Floor

3.00%),

6.73

06/17/31

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

4,805

4,168,733

Herc

Holdings,

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

1.75%),

5.43

06/02/32

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

1,602

1,601,085

Hobbs

Associates

LLC,

1st

Lien

Term

Loan

07/23/31

(g)

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

3,420

3,411,450

QXO

Building

Products,

Inc.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

2.00%),

5.73

04/30/32

..........

4,101

4,094,958

(1-mo.

CME

Term

SOFR

0.00%

Floor

2.00%),

5.73

07/01/33

..........

9,462

9,443,644

TMK

Hawk

Parent

Corp.,

1st

Lien

Term

Loan

(US

Prime

Rate

0.00%),

11.00

12/15/31

(b)

273

—

Security

Par

(000)

Par

(000)

Value

Trading

Companies

Distributors

(continued)

TMK

Hawk

Parent

Corp.,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.50%

Floor

4.00%),

7.73

06/29/29

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

USD

5,005

2,502,708

35,772,529

Transportation

Infrastructure

—

1.2%

(e)

Apple

Bidco

LLC,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

2.50%),

6.23

09/23/31

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

11,124

11,148,544

AIT

Buyer,

Inc.,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.00%

Floor

4.25%),

8.07

04/29/33

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

3,043

3,037,462

OLA

Netherlands

BV,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.75%

Floor

6.25%),

10.08

12/15/26

(b)

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

4,964

4,938,772

Rand

Parent

LLC,

1st

Lien

Term

Loan

03/18/30

(g)

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

8,062

8,070,816

27,195,594

Wireless

Telecommunication

Services

—

0.3%

(e)

Digicel

International

Finance

Ltd.,

1st

Lien

Term

Loan

(3-mo.

CME

Term

SOFR

0.00%

Floor

4.50%),

8.23

08/09/32

.......

2,692

2,705,506

Windstream

Services

LLC,

1st

Lien

Term

Loan

(1-mo.

CME

Term

SOFR

0.00%

Floor

4.00%),

7.64

10/06/32

(b)

...........

5,097

5,096,805

7,802,311

Total

Floating

Rate

Loan

Interests

—

(Cost:

2,015,396,018

)

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

1,968,887,108

Investment

Companies

Invesco

Senior

Loan

ETF

(h)

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

1,820,000

37,109,800

iShares

Broad

USD

High

Yield

Corporate

Bond

ETF

(h)

(i)

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

1,521,241

55,951,244

Janus

Henderson

AAA

CLO

ETF

.........

180,000

9,090,000

State

Street

Blackstone

Senior

Loan

ETF

(h)

335,000

13,534,000

Total

Investment

Companies

—

(Cost:

116,041,854

)

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

115,685,044

Beneficial

Interest

(000)

Other

Interests

(j)

Capital

Markets

—

0.0%

Millennium

Corp.

Claim

(b)

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

15,011

—

Total

Other

Interests

—

0.0

(Cost:

—

)

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

—

Preferred

Securities

Preferred

Stocks

—

0.1%

Financial

Services

—

0.1%

Labels

Buyer

LLC

12.00

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

1,885

1,498,575

Services

—

0.0%

(a)

Veritas

Newco

(b)

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

14,627

292,540

Veritas

Newco,

Series

G-1

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

10,105

202,100

494,640

2026

BlackRock

Annual

Financial

Statements

and

Additional

Information

Schedule

Investments

(continued)

July

31,

2026

BlackRock

Floating

Rate

Income

Portfolio

(Percentages

shown

are

based

Net

Assets)

Affiliates

Investments

issuers

considered

affiliate(s)

the

Fund

during

the year

ended

July

31,

2026

for

purposes

Section

2(a)(3)

the

Investment

Company

Act

1940,

amended,

were

follows:

Security

Value

Machinery

—

0.0%

Sirva-Bgrs

Holdings,

Inc.

15.25

(b)

.......

1,870

373,986

Total

Preferred

Securities

—

(Cost:

3,335,736

)

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

2,367,201

Warrants

Diversified

Consumer

Services

—

0.0

Service

King

Midas

International

(

Issued/

Exercisable

07/14/22

for

Warrant,

Expires

04/26/27

Strike

Price

USD

10.00

)

(a)

(b)

16,956

—

Total

Warrants

—

0.0

(Cost:

—

)

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

—

Total

Long-Term

Investments

—

93.1%

(Cost:

2,167,529,242

)

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

2,113,265,600

Security

Value

Short-Term

Securities

Money

Market

Funds

—

11.2%

(i)(k)

BlackRock

Cash

Funds:

Institutional,

Agency

3.81

(l)

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

57,436,794

57,454,025

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

3.58

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

197,129,101

Total

Short-Term

Securities

—

(Cost:

254,577,984

)

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

254,583,126

Total

Investments

—

104

(Cost:

2,422,107,226

)

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

2,367,848,726

Liabilities

Excess

Other

Assets

—

(

4.3

)

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

(

97,990,086

)

Net

Assets

—

100.0%

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

2,269,858,640

(a)\t

Non-income

producing

security.

(b)\t

Security

valued

using

significant

unobservable

inputs

and

classified

Level

the

fair

value

hierarchy.

(c)\t

Security

exempt

from

registration

pursuant

Rule

144A

under

the

Securities

Act

1933,

amended.

These

securities

may

resold

transactions

exempt

from

registration

qualified

institutional

investors.

(d)\t

Issuer

filed

for

bankruptcy

and/or

default.

(e)\t

Variable

rate

security.

Interest

rate

resets

periodically.

The

rate

shown

the

effective

interest

rate

period

end.

Security

description

also

includes

the

reference

rate

and

spread

published

and

available.

(f)\t

Payment-in-kind

security

which

may

pay

interest/dividends

additional

par/shares

and/or

cash.

Rates

shown

are

the

current

rate

and

possible

payment

rates.

(g)\t

Represents

unsettled

loan

commitment

period

end.

Certain

details

associated

with

this

purchase

are

not

known

prior

the

settlement

date,

including

coupon

rate.

(h)\t

All

portion

this

security

loan.

(i)\t

Affiliate

the

Fund.

(j)\t

Other

interests

represent

beneficial

interests

liquidation

trusts

and

other

reorganization

private

entities.

(k)\t

Annualized

7-day

yield

period

end.

(l)\t

All

portion

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliated

Issuer

Value

07/31/25

Purchases

Cost

Proceeds

from

Sales

Net

Realized

Gain

(Loss)

Change

Unrealized

Appreciation

(Depreciation)

Value

07/31/26

Held

07/31/26

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

Agency

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

64,614,273

—

(

7,170,294

)

(a)

7,307

2,739

57,454,025

57,436,794

307,865

(b)

—

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

328,860,244

—

(

131,731,143

)

(a)

—

197,129,101

10,349,425

—

iShares

0-5

Year

High

Yield

Corporate

Bond

ETF

(c)

...

2,195,557

—

(

2,195,210

)

110,033

(

110,380

)

—

25,746

—

iShares

1-5

Year

Investment

Grade

Corporate

Bond

ETF

(c)

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

—

16,180

—

iShares

Broad

USD

High

Yield

Corporate

Bond

ETF

....

11,637,301

88,747,958

(

43,511,832

)

(

557,104

)

(

365,079

)

55,951,244

1,521,241

2,518,588

—

iShares

iBoxx

High

Yield

Corporate

Bond

ETF

(c)

...

—

8,784

—

(

439,764

)

(

472,720

)

310,534,370

13,226,588

—

(a)\t

Represents

net

amount

purchased

(sold).

(b)\t

All

portion

represents

securities

lending

income

earned

from

the

reinvestment

cash

collateral

from

loaned

securities,

net

collateral

investment

fees,

and

other

payments

and

from

borrowers

securities.

(c)\t

period

end,

the

entity

longer

held.

For

purposes

this

report,

industry

and

sector

sub-classifications

may

differ

from

those

utilized

the

Fund

for

compliance

purposes.

Schedule

Investments

(continued)

July

31,

2026

BlackRock

Floating

Rate

Income

Portfolio

Schedule

Investments

Derivative

Financial

Instruments

Outstanding

Period

End

Forward

Foreign

Currency

Exchange

Contracts

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation

(Depreciation)

USD

1,291,411

EUR

1,108,000

HSBC

Bank

plc

09/16/26

11,474

Centrally

Cleared

Credit

Defa

Swaps

—

Sell

Protection

Reference

Obligation/Index

Financing

Rate

Received

the

Fund

Payment

Frequency

Termination

Date

Credit

Rating

(a)

Notional

Amount

(000)

(b)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

Markit

CDX

North

American

High

Yield

Index

Series

46.V2

...........

5.00

Quarterly

06/20/31

B+

USD

29,700

2,412,410

2,114,990

297,420

(a)\t

Using

the

rating

the

issuer

the

underlying

securities

the

index,

applicable,

provided

S&P

Global

Ratings.

(b)\t

The

maximum

potential

amount

the

Fund

may

pay

should

negative

credit

event

take

place

defined

under

the

terms

the

agreement.

OTC

Total

Return

Swaps

Paid

the

Fund

Received

the

Fund

Rate/Reference

Frequency

Rate/Reference

Frequency

Counterparty

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

1-day

SOFR

.......

Quarterly

Markit

iBoxx

USD

Liquid

Leveraged

Loans

Total

Return

Index

Termination

Barclays

Bank

plc

09/20/26

USD

18,712

71,855

(82,749)

154,604

1-day

SOFR

.......

Quarterly

Markit

iBoxx

USD

Liquid

Leveraged

Loans

Total

Return

Index

Termination

Morgan

Stanley

Co.

International

plc

09/20/26

USD

46,288

269,004

(204,694)

473,698

1-day

SOFR

.......

Quarterly

Markit

iBoxx

USD

Liquid

Leveraged

Loans

Total

Return

Index

Termination

Morgan

Stanley

Co.

International

plc

09/20/26

USD

25,000

574,984

(61,258)

636,242

915,843

(348,701)

1,264,544

The

following

reference

rates,

and

their

values

period

end,

are

used

for

security

descriptions:

Reference

Index

Reference

Rate

1-day

SOFR

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

Secured

Overnight

Financing

Rate

3.62

Balances

Reported

the

Statement

Assets

and

Liabilities

for

Centrally

Cleared

and

OTC

Swaps

Description

Swap

Premiums

Paid

Swap

Premiums

Received

Unrealized

Appreciation

Unrealized

Depreciation

Centrally

Cleared

Swaps

(a)

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

2,114,990

—

297,420

—

OTC

Swaps

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

—

(348,701)

1,264,544

—

(a)\t

Includes

cumulative

appreciation

(depreciation)

centrally

cleared

swaps,

reported

the

Schedule

Investments.

Only

current

day’s

variation

margin

reported

within

the

Statement

Assets

and

Liabilities

and

net

any

previously

paid

(received)

swap

premium

amounts.

2026

BlackRock

Annual

Financial

Statements

and

Additional

Information

Schedule

Investments

(continued)

July

31,

2026

BlackRock

Floating

Rate

Income

Portfolio

Derivative

Financial

Instruments

Categorized

Risk

Exposure

For

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

the

Notes

Financial

Statements.

Derivative

Financial

Instruments

—

Offsetting

Period

End

period

end,

the

fair

values

derivative

financial

instruments

located

the

Statement

Assets

and

Liabilities

were

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

forward

foreign

currency

exchange

contracts

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

—

11,474

—

11,474

Swaps

—

centrally

cleared

Unrealized

appreciation

centrally

cleared

swaps

(a)

—

297,420

—

297,420

Swaps

—

OTC

Unrealized

appreciation

OTC

swaps;

Swap

premiums

paid

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

—

1,264,544

—

1,264,544

—

297,420

—

11,474

1,264,544

—

1,573,438

Liabilities

—

Derivative

Financial

Instruments

Swaps

—

OTC

Unrealized

depreciation

OTC

swaps;

Swap

premiums

received

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

—

348,701

—

348,701

(a)\t

Net

cumulative

unrealized

appreciation

(depreciation)

centrally

cleared

swaps,

any,

are

reported

the

Schedule

Investments.

the

Statement

Assets

and

Liabilities,

only

current

day’s

variation

margin

reported

receivables

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

included

accumulated

earnings

(loss).

For

the

period

ended

July

31,

2026,

the

effect

derivative

financial

instruments

the

Statement

Operations

was

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

....

—

62,448

—

62,448

Swaps

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

—

4,762,209

(288,186)

—

1,069,974

—

5,543,997

—

4,762,209

(288,186)

62,448

1,069,974

—

5,606,445

Net

Change

Unrealized

Appreciation

(Depreciation)

Forward

foreign

currency

exchange

contracts

....

—

7,012

—

7,012

Swaps

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

—

(2,152,744)

—

(1,711,755)

—

(

3,864,499)

—

(2,152,744)

—

7,012

(1,711,755)

—

(3,857,487)

Average

Quarterly

Balances

Outstanding

Derivative

Financial

Instruments

Forward

foreign

currency

exchange

contracts

Average

amounts

purchased

—

USD

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

762,348

Credit

default

swaps

Average

notional

value

—

sell

protection

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

65,813,000

Total

return

swaps

Average

notional

value

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

114,050,000

The

Fund's

derivative

assets

and

liabilities

(by

type)

were

follows:

Assets

Liabilities

Derivative

Financial

Instruments

—

Forward

foreign

currency

exchange

contracts

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

11,474

—

Swaps

—

centrally

cleared

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

132,734

—

Swaps

—

OTC

(a)

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

1,264,544

348,701

Total

derivative

assets

and

liabilities

the

Statement

Assets

and

Liabilities

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

$\t

1,408,752

$\t

348,701

Derivatives

not

subject

Master

Netting

Agreement

similar

agreement

(\"MNA\")

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

(132,734)

—

Total

derivative

assets

and

liabilities

subject

MNA

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

$\t

1,276,018

$\t

348,701

Schedule

Investments

(continued)

July

31,

2026

BlackRock

Floating

Rate

Income

Portfolio

Schedule

Investments

Fair

Value

Hierarchy

of Period

End

Various

inputs

are

used

determining

the

fair

value

financial

instruments

the

measurement

date.

For

description

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

financial

instruments,

refer

the

Notes

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

the

fair

value

hierarchy.

The

breakdown

the

Fund's

financial

instruments

into

major

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