BlackRock Floating Rate Income Portfolio
Actively managed U.S. bond fund
As of its 2026 Q2 report, BlackRock Floating Rate Income Portfolio held 438 positions with $2.47B in net assets. Its ten largest holdings made up 18.7% of the fund. Its share classes cost 0.63%–1.71% a year. Over the 12 months to May 2026, it returned 4.4%, with dividends reinvested. In 2026 Q3 it added 98 new positions and exited 60.
The primary investment objective of the BlackRock Floating Rate Income Portfolio (the Floating Rate Income Portfolioor the Fund) is to seek to provide high current income,
The fund invests at least 80% of its assets in floating rate loans and debt, including senior secured loans, subordinated loans, and fixed-rate debt converted to floating rate through derivatives, to generate high current income. The portfolio may include securities of any credit quality, with a substantial portion typically in below-investment-grade leveraged loans that carry credit risks similar to junk bonds. The fund may also hold up to 20% in fixed income securities without floating rate conversion, up to 15% in illiquid investments, and up to 10% in equities, and may invest in distressed issuers or those in default or bankruptcy. Because portfolio returns depend on the credit quality and performance of the underlying borrowers, credit deterioration or defaults will reduce income and principal value.
What you own
| Company | Weight | Value | Shares |
|---|---|---|---|
TSTXXBlackRock Liquidity Funds | 5.43% | $134.18M | — |
BlackRock Funds III | 4.18% | $103.29M | — |
iShares Trust | 2.96% | $73.20M | — |
Invesco Senior Loan ETF | 1.60% | $39.51M | — |
Hologic, Inc. 5.92% floating · due 2033-04-07 | 0.81% | $19.97M | — |
Jane Street Group LLC 5.67% floating · due 2031-12-15 | 0.80% | $19.81M | — |
HUB International Ltd. 5.92% floating · due 2030-06-20 | 0.77% | $18.92M | — |
TK Elevator Midco GmbH 6.38% floating · due 2030-04-30 | 0.73% | $18.05M | — |
Allied Universal Holdco LLC 6.90% floating · due 2032-08-20 | 0.73% | $17.94M | — |
Alliant Holdings Intermediate LLC 6.15% floating · due 2031-09-19 | 0.68% | $16.88M | — |
The 200 largest of 438 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Loans | 88.35% |
| Cash & short-term | 9.59% |
| Other | 4.56% |
| Stocks | 0.49% |
| 2 smaller | 0.52% |
Derivatives are shown at market value, not notional exposure.
How it has done
C000202268 share class · total returns with dividends reinvested
Volatility over the last 12 months: 1.81%. Past returns are a record, not a forecast.
Jun 2026 and Jul 2026 have been filed since the trailing figures were struck, so they are not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
This fund changed legal form during the period shown. The history above is continuous — it spans both eras, and the change is not a gap in reporting.
Fees & fund details
BlackRock Floating Rate Income Portfolio is an actively managed U.S. bond fund.
- Asset class
- Bonds
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Credit quality
- High yield
- Rate sensitivity
- Short duration
- Expense ratio, by class
- 0.63% – 1.71%
- Portfolio turnover
- 47.00% a year · as of 2025 Q4
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
98 new· the largest 8
60 exited· the largest 8
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-04-30
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Floating rate | 99.6% |
| Fixed rate | 0.4% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 1.0% |
| 1-3y | 13.2% |
| 3-5y | 31.2% |
| 5-10y | 54.7% |
| 10y+ | 0.0% |
These three overlap — one holding can be in arrears and paying in kind at once — so they are shown separately and never summed.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
Interest-rate moves barely touch this fund — but its credit exposure is real: a 100bp widening in credit spreads costs roughly 2.5%. Duration alone would have told you none of that.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Credit spreads | 97% |
| Interest rates | 3% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| High yield | +2.25 yr |
| Investment grade | +0.13 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.00 yr | 8% |
| 1 yr | 0.01 yr | 21% |
| 5 yr | 0.04 yr | 66% |
| 10 yr | 0.00 yr | 5% |
| 30 yr | 0.00 yr | 1% |
| 3 mo | 2.20 yr | 92% |
| 1 yr | 0.00 yr | 0% |
| 5 yr | 0.18 yr | 8% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.00 | +0.13 | +2.07 | $31.3k | $512.4k |
| 1 yr | +0.01 | +0.00 | +0.00 | $0 | $2 |
| 5 yr | +0.04 | +0.00 | +0.18 | $0 | $44.3k |
| 10 yr | +0.00 | +0.00 | +0.00 | $0 | $0 |
| 30 yr | +0.00 | +0.00 | +0.00 | $0 | $0 |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Duration contribution in years, summing to the fund's 0.07 yr.
This is where the fund's rate exposure sits, not its currency risk — most international bond funds hedge the currency back to dollars, and the size of those hedges is not in the filing. Tenors are also summed across curves, so a 5-year JPY point and a 5-year USD point are added together.
A newer credit-spread reading (2026Q3) is on file. This page holds one quarter across every figure on it, so that one appears here next quarter.
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