NPORT-EX 2 1.31_BLK_Tac_Opp_Pt_F.htm 1.31 BLK TACT OPPS PT F
Schedule
of
Investments
(unaudited)
January
31,
2024
BlackRock
Tactical
Opportunities
Fund
2
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
Knollwood
CDO
Ltd.,
Series
2004-1A,
Class
C,
(3-mo.
LIBOR
USD
at
3.20%
Floor
+
3.20%),
8.79%,
01/10/39
(a)
(b)
................
USD
218
$
—
Total
Asset-Backed
Securities
—
0.0
%
(Cost:
$
214,109
)
.................................
—
Shares
Shares
Common
Stocks
Aerospace
&
Defense
—
0.3%
Airbus
SE
.........................
14,055
2,238,763
BAE
Systems
plc
....................
43,794
652,376
Dassault
Aviation
SA
.................
817
154,747
Mercury
Systems,
Inc.
(c)
...............
985
29,215
Rheinmetall
AG
.....................
671
234,965
Rolls-Royce
Holdings
plc
(c)
.............
66,769
253,485
Safran
SA
.........................
7,398
1,381,272
Spirit
AeroSystems
Holdings,
Inc.
,
Class
A
(c)
..
1,918
52,668
Thales
SA
.........................
1,589
232,398
5,229,889
Automobile
Components
—
0.0%
Cie
Generale
des
Etablissements
Michelin
SCA
10,704
355,401
Denso
Corp.
.......................
8,700
136,660
Phinia,
Inc.
........................
856
25,885
QuantumScape
Corp.
,
Class
A
(c)
..........
6,208
42,277
560,223
Automobiles
—
0.6%
Bayerische
Motoren
Werke
AG
..........
7,132
742,106
Ferrari
NV
........................
1,361
474,631
General
Motors
Co.
..................
28,857
1,119,652
Honda
Motor
Co.
Ltd.
.................
144,700
1,617,466
Nissan
Motor
Co.
Ltd.
.................
30,300
118,953
Renault
SA
........................
3,825
144,048
Stellantis
NV
.......................
39,014
859,348
Tesla,
Inc.
(c)
........................
7,470
1,399,056
Toyota
Motor
Corp.
..................
133,500
2,665,704
9,140,964
Banks
—
3.2%
ABN
AMRO
Bank
NV
,
CVA
(b)
(d)
...........
115,909
1,705,878
Banco
Bilbao
Vizcaya
Argentaria
SA
.......
115,610
1,082,045
Banco
de
Sabadell
SA
................
72,759
94,437
Banco
Santander
SA
.................
279,580
1,123,649
Bank
of
America
Corp.
................
205,423
6,986,436
Bank
of
Ireland
Group
plc
..............
11,494
105,699
Banque
Cantonale
Vaudoise
(Registered)
...
2,110
270,157
Barclays
plc
.......................
254,363
472,690
BAWAG
Group
AG
(b)
(d)
................
3,088
158,991
BNP
Paribas
SA
....................
21,210
1,424,976
BOC
Hong
Kong
Holdings
Ltd.
...........
213,000
510,517
BOK
Financial
Corp.
..................
520
43,597
CaixaBank
SA
......................
40,389
172,218
Citigroup,
Inc.
......................
54,322
3,051,267
Commerzbank
AG
...................
11,423
131,177
Credit
Agricole
SA
...................
18,929
271,155
DBS
Group
Holdings
Ltd.
..............
30,800
729,507
FinecoBank
Banca
Fineco
SpA
..........
23,610
340,418
First
Hawaiian,
Inc.
..................
2,334
50,624
Hang
Seng
Bank
Ltd.
.................
53,400
555,903
HSBC
Holdings
plc
..................
341,386
2,665,441
Huntington
Bancshares,
Inc.
............
25,416
323,546
ING
Groep
NV
......................
75,516
1,072,967
Intesa
Sanpaolo
SpA
.................
599,821
1,848,226
Security
Shares
Shares
Value
Banks
(continued)
JPMorgan
Chase
&
Co.
...............
52,486
$
9,151,459
KeyCorp
..........................
16,165
234,877
M&T
Bank
Corp.
....................
1,544
213,226
Mitsubishi
UFJ
Financial
Group,
Inc.
.......
229,100
2,145,877
Mizuho
Financial
Group,
Inc.
............
59,350
1,077,889
National
Australia
Bank
Ltd.
.............
24,813
523,316
NatWest
Group
plc
...................
127,353
359,408
NU
Holdings
Ltd.
,
Class
A
(c)
.............
43,022
370,419
Regions
Financial
Corp.
...............
13,733
256,395
Resona
Holdings,
Inc.
................
50,100
276,565
Societe
Generale
SA
.................
8,844
227,335
Standard
Chartered
plc
................
43,427
328,202
Sumitomo
Mitsui
Financial
Group,
Inc.
......
50,500
2,626,676
Sumitomo
Mitsui
Trust
Holdings,
Inc.
.......
18,800
385,274
TFS
Financial
Corp.
..................
945
12,587
Truist
Financial
Corp.
.................
22,194
822,510
UniCredit
SpA
......................
40,056
1,173,322
United
Overseas
Bank
Ltd.
.............
15,900
335,149
Wells
Fargo
&
Co.
...................
68,824
3,453,588
49,165,595
Beverages
—
0.9%
Brown-Forman
Corp.
,
Class
A
...........
898
50,620
Coca-Cola
Co.
(The)
.................
136,256
8,105,870
Coca-Cola
HBC
AG
..................
12,063
354,613
Constellation
Brands,
Inc.
,
Class
A
........
1,938
474,965
Diageo
plc
........................
34,042
1,229,524
Monster
Beverage
Corp.
(c)
..............
19,817
1,090,331
PepsiCo,
Inc.
......................
15,896
2,678,953
Pernod
Ricard
SA
...................
3,592
589,036
14,573,912
Biotechnology
—
1.7%
AbbVie,
Inc.
.......................
45,572
7,492,037
Alkermes
plc
(c)
......................
5,474
148,072
Alnylam
Pharmaceuticals,
Inc.
(c)
..........
786
135,907
Amgen,
Inc.
.......................
18,596
5,843,979
Biogen,
Inc.
(c)
......................
2,970
732,580
BioMarin
Pharmaceutical,
Inc.
(c)
..........
3,049
268,556
CSL
Ltd.
..........................
7,831
1,537,833
Exact
Sciences
Corp.
(c)
................
2,874
187,960
Exelixis,
Inc.
(c)
......................
6,208
135,086
Genmab
A/S
(c)
......................
1,856
513,225
Gilead
Sciences,
Inc.
.................
37,749
2,954,237
Halozyme
Therapeutics,
Inc.
(c)
...........
3,093
104,698
Incyte
Corp.
(c)
......................
16,262
955,718
Moderna,
Inc.
(c)
.....................
1,382
139,651
Neurocrine
Biosciences,
Inc.
(c)
...........
3,573
499,398
Regeneron
Pharmaceuticals,
Inc.
(c)
........
2,575
2,427,658
Ultragenyx
Pharmaceutical,
Inc.
(c)
.........
1,442
63,607
United
Therapeutics
Corp.
(c)
.............
2,089
448,675
Vertex
Pharmaceuticals,
Inc.
(c)
...........
4,788
2,075,023
26,663,900
Broadline
Retail
—
2.4%
Amazon.com,
Inc.
(c)
..................
199,508
30,963,642
Coupang,
Inc.
,
Class
A
(c)
...............
20,164
282,296
eBay,
Inc.
.........................
66,427
2,728,157
Etsy,
Inc.
(c)
........................
7,830
521,165
Kohl's
Corp.
.......................
2,028
52,241
MercadoLibre,
Inc.
(c)
..................
1,010
1,728,928
Nordstrom,
Inc.
.....................
2,094
38,006
Prosus
NV
........................
32,698
972,820
37,287,255
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
BlackRock
Tactical
Opportunities
Fund
3
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Building
Products
—
0.5%
A
O
Smith
Corp.
....................
7,657
$
594,260
Assa
Abloy
AB
,
Class
B
...............
6,198
169,985
Builders
FirstSource,
Inc.
(c)
.............
8,557
1,486,608
Carlisle
Cos.,
Inc.
...................
2,937
922,982
Carrier
Global
Corp.
..................
12,790
699,741
Cie
de
Saint-Gobain
SA
...............
7,830
553,632
Hayward
Holdings,
Inc.
(c)
...............
2,436
30,499
Kingspan
Group
plc
..................
1,676
136,119
Lennox
International,
Inc.
..............
2,410
1,031,865
Masco
Corp.
.......................
13,808
929,140
Owens
Corning
.....................
6,615
1,002,371
Trane
Technologies
plc
................
1,491
375,806
Trex
Co.,
Inc.
(c)
.....................
5,187
422,637
8,355,645
Capital
Markets
—
1.9%
3i
Group
plc
.......................
27,177
850,775
abrdn
plc
.........................
31,728
67,499
Amundi
SA
(b)
(d)
......................
2,815
190,400
Ares
Management
Corp.
,
Class
A
.........
3,005
365,047
Bank
of
New
York
Mellon
Corp.
(The)
......
21,624
1,199,267
Blackstone,
Inc.
,
Class
A
...............
13,122
1,633,033
Brookfield
Corp.
,
Class
A
...............
3,435
136,332
Carlyle
Group,
Inc.
(The)
...............
3,872
154,957
Charles
Schwab
Corp.
(The)
............
15,248
959,404
CME
Group,
Inc.
,
Class
A
..............
2,258
464,787
Daiwa
Securities
Group,
Inc.
............
55,700
399,194
Deutsche
Bank
AG
(Registered)
..........
45,511
587,899
Deutsche
Boerse
AG
.................
6,171
1,228,891
EQT
AB
..........................
8,205
220,322
Euronext
NV
(b)
(d)
.....................
2,891
254,284
Franklin
Resources,
Inc.
...............
10,647
283,530
Hargreaves
Lansdown
plc
..............
17,654
170,351
Hong
Kong
Exchanges
&
Clearing
Ltd.
.....
20,300
615,472
Intercontinental
Exchange,
Inc.
..........
8,181
1,041,687
Japan
Exchange
Group,
Inc.
............
18,700
413,863
KKR
&
Co.,
Inc.
.....................
5,577
482,857
London
Stock
Exchange
Group
plc
........
10,115
1,144,149
Macquarie
Group
Ltd.
.................
6,982
861,505
Moody's
Corp.
......................
11,850
4,645,674
MSCI,
Inc.
........................
5,550
3,322,341
Nasdaq,
Inc.
.......................
7,290
421,143
Nomura
Holdings,
Inc.
................
110,900
597,324
Partners
Group
Holding
AG
.............
854
1,152,195
S&P
Global,
Inc.
....................
5,919
2,653,784
SBI
Holdings,
Inc.
...................
10,000
245,657
Schroders
plc
......................
67,265
344,135
SEI
Investments
Co.
..................
2,477
156,645
St.
James's
Place
plc
.................
19,183
157,920
TPG,
Inc.
,
Class
A
...................
1,177
48,998
UBS
Group
AG
(Registered)
............
54,799
1,640,278
Virtu
Financial,
Inc.
,
Class
A
.............
1,616
27,133
XP,
Inc.
,
Class
A
....................
5,928
145,710
29,284,442
Chemicals
—
0.1%
Air
Liquide
SA
......................
6,740
1,261,279
Arkema
SA
........................
2,623
285,469
Croda
International
plc
................
3,304
199,980
Ginkgo
Bioworks
Holdings,
Inc.
,
Class
A
(c)
...
28,972
35,056
NewMarket
Corp.
....................
114
63,590
Novozymes
A/S
,
Class
B
...............
2,685
137,587
Scotts
Miracle-Gro
Co.
(The)
............
757
42,589
2,025,550
Security
Shares
Shares
Value
Commercial
Services
&
Supplies
—
0.2%
Brambles
Ltd.
......................
14,107
$
134,507
Cintas
Corp.
.......................
2,202
1,331,263
Clean
Harbors,
Inc.
(c)
.................
1,335
224,227
Driven
Brands
Holdings,
Inc.
(c)
...........
1,173
15,378
MSA
Safety,
Inc.
....................
676
111,560
RB
Global,
Inc.
.....................
3,334
213,276
Stericycle,
Inc.
(c)
....................
1,690
81,120
Vestis
Corp.
.......................
2,149
45,989
Waste
Connections,
Inc.
...............
2,044
317,351
Waste
Management,
Inc.
...............
2,762
512,710
2,987,381
Communications
Equipment
—
1.2%
Arista
Networks,
Inc.
(c)
................
19,354
5,006,493
Ciena
Corp.
(c)
......................
15,706
832,418
Cisco
Systems,
Inc.
..................
94,074
4,720,633
F5,
Inc.
(c)
.........................
7,088
1,302,066
Juniper
Networks,
Inc.
................
5,843
215,957
Lumentum
Holdings,
Inc.
(c)
.............
1,226
67,356
Motorola
Solutions,
Inc.
...............
17,298
5,526,711
Telefonaktiebolaget
LM
Ericsson
,
Class
B
...
133,703
741,180
Ubiquiti,
Inc.
.......................
79
9,934
Viasat,
Inc.
(c)
.......................
2,145
47,683
18,470,431
Construction
&
Engineering
—
0.5%
AECOM
..........................
23,244
2,049,888
Bouygues
SA
......................
5,267
192,944
Eiffage
SA
........................
3,884
406,384
EMCOR
Group,
Inc.
..................
632
144,166
Ferrovial
SE
.......................
33,625
1,282,298
Kajima
Corp.
.......................
12,900
230,224
MasTec,
Inc.
(c)
......................
5,173
339,711
MDU
Resources
Group,
Inc.
............
3,708
72,343
Obayashi
Corp.
.....................
27,400
253,629
Quanta
Services,
Inc.
.................
2,681
520,248
Shimizu
Corp.
......................
61,800
413,697
Skanska
AB
,
Class
B
.................
23,787
412,457
Taisei
Corp.
.......................
11,800
430,212
Vinci
SA
..........................
8,731
1,102,920
WillScot
Mobile
Mini
Holdings
Corp.
(c)
......
8,721
412,503
8,263,624
Construction
Materials
—
0.8%
CRH
plc
..........................
27,216
1,930,747
Heidelberg
Materials
AG
...............
12,053
1,113,028
Holcim
AG
(c)
.......................
13,490
1,030,351
James
Hardie
Industries
plc
,
CDI
(c)
........
25,308
950,833
Martin
Marietta
Materials,
Inc.
...........
7,344
3,733,836
Summit
Materials,
Inc.
,
Class
A
(c)
.........
22,675
820,382
Vulcan
Materials
Co.
.................
12,507
2,826,707
12,405,884
Consumer
Finance
—
0.1%
Capital
One
Financial
Corp.
.............
4,113
556,571
OneMain
Holdings,
Inc.
................
2,712
129,091
Synchrony
Financial
..................
9,548
371,131
1,056,793
Consumer
Staples
Distribution
&
Retail
—
1.3%
Aeon
Co.
Ltd.
......................
14,100
336,950
Albertsons
Cos.,
Inc.
,
Class
A
...........
7,646
162,248
Costco
Wholesale
Corp.
...............
12,546
8,717,964
Grocery
Outlet
Holding
Corp.
(c)
...........
1,742
43,167
Jeronimo
Martins
SGPS
SA
.............
8,386
190,726
Lawson,
Inc.
.......................
18,300
1,047,457
MatsukiyoCocokara
&
Co.
..............
7,600
138,144
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
BlackRock
Tactical
Opportunities
Fund
4
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Consumer
Staples
Distribution
&
Retail
(continued)
Sysco
Corp.
.......................
23,854
$
1,930,504
Target
Corp.
.......................
8,711
1,211,526
Walmart,
Inc.
.......................
35,629
5,887,692
Woolworths
Group
Ltd.
................
32,140
754,807
20,421,185
Containers
&
Packaging
—
0.6%
Amcor
plc
.........................
291,404
2,747,940
Ardagh
Metal
Packaging
SA
............
2,707
9,989
Ball
Corp.
.........................
5,528
306,527
International
Paper
Co.
................
64,923
2,326,191
Packaging
Corp.
of
America
............
8,354
1,385,761
Sealed
Air
Corp.
....................
12,525
432,739
Silgan
Holdings,
Inc.
..................
1,533
70,426
WestRock
Co.
......................
33,669
1,355,514
8,635,087
Distributors
—
0.0%
Pool
Corp.
........................
740
274,725
Diversified
Consumer
Services
—
0.0%
ADT,
Inc.
.........................
3,857
25,186
Grand
Canyon
Education,
Inc.
(c)
..........
546
71,302
Mister
Car
Wash,
Inc.
(c)
................
1,413
11,728
108,216
Diversified
REITs
—
0.0%
Land
Securities
Group
plc
..............
16,160
136,240
Diversified
Telecommunication
Services
—
0.3%
AT&T,
Inc.
.........................
48,811
863,467
BCE,
Inc.
.........................
17,474
705,095
Deutsche
Telekom
AG
(Registered)
.......
128,338
3,150,419
Telstra
Group
Ltd.
...................
48,316
127,425
4,846,406
Electric
Utilities
—
0.4%
Acciona
SA
........................
1,051
135,952
Avangrid,
Inc.
......................
1,304
39,615
CK
Infrastructure
Holdings
Ltd.
...........
101,000
599,823
CLP
Holdings
Ltd.
...................
43,000
341,998
EDP
-
Energias
de
Portugal
SA
..........
45,663
203,677
Endesa
SA
........................
17,405
344,827
Enel
SpA
.........................
191,664
1,307,796
Hawaiian
Electric
Industries,
Inc.
.........
2,011
26,083
Iberdrola
SA
(c)
......................
2,480
29,862
Iberdrola
SA
.......................
132,277
1,592,742
IDACORP,
Inc.
.....................
926
85,729
Kansai
Electric
Power
Co.,
Inc.
(The)
......
7,400
100,952
Origin
Energy
Ltd.
...................
28,622
159,745
Power
Assets
Holdings
Ltd.
.............
156,000
913,409
Redeia
Corp.
SA
....................
2,272
37,806
SSE
plc
..........................
29,172
621,304
Terna
-
Rete
Elettrica
Nazionale
..........
33,640
283,654
6,824,974
Electrical
Equipment
—
0.5%
ABB
Ltd.
(Registered)
.................
52,394
2,216,887
AMETEK,
Inc.
......................
4,978
806,685
ChargePoint
Holdings,
Inc.
,
Class
A
(c)
......
5,638
10,712
Fuji
Electric
Co.
Ltd.
..................
6,100
305,488
Legrand
SA
.......................
8,372
811,378
Mitsubishi
Electric
Corp.
...............
13,200
195,892
Plug
Power,
Inc.
(c)
(e)
..................
9,650
42,942
Schneider
Electric
SE
.................
13,229
2,598,839
Sunrun,
Inc.
(c)
......................
3,873
56,081
7,044,904
Security
Shares
Shares
Value
Electronic
Equipment,
Instruments
&
Components
—
0.6%
Arrow
Electronics,
Inc.
(c)
(e)
..............
2,623
$
291,547
Avnet,
Inc.
........................
3,058
138,527
Azbil
Corp.
........................
6,900
222,972
Crane
NXT
Co.
.....................
883
51,461
Flex
Ltd.
(c)
.........................
46,560
1,105,334
Hexagon
AB
,
Class
B
.................
29,742
324,592
Keyence
Corp.
.....................
600
268,439
Keysight
Technologies,
Inc.
(c)
............
5,173
792,814
Littelfuse,
Inc.
......................
444
107,404
Murata
Manufacturing
Co.
Ltd.
...........
13,200
266,536
TE
Connectivity
Ltd.
..................
43,386
6,169,055
9,738,681
Energy
Equipment
&
Services
—
0.1%
Baker
Hughes
Co.
,
Class
A
.............
8,295
236,408
Halliburton
Co.
.....................
3,299
117,609
Schlumberger
NV
...................
14,175
690,323
Tenaris
SA
........................
12,943
204,425
1,248,765
Entertainment
—
1.4%
AMC
Entertainment
Holdings,
Inc.
,
Class
A
(c)
.
3,729
15,102
Electronic
Arts,
Inc.
..................
10,174
1,399,739
Liberty
Media
Corp.-Liberty
Formula
One
,
Class
A
(c)
...........................
436
26,635
Liberty
Media
Corp.-Liberty
Formula
One
,
Class
C
(c)
...........................
14,469
973,040
Liberty
Media
Corp.-Liberty
Live
,
Class
A
(c)
...
370
13,627
Liberty
Media
Corp.-Liberty
Live
,
Class
C
(c)
..
857
31,940
Netflix,
Inc.
(c)
.......................
14,307
8,070,722
Nintendo
Co.
Ltd.
....................
26,200
1,463,818
Playtika
Holding
Corp.
(c)
...............
439
3,170
ROBLOX
Corp.
,
Class
A
(c)
..............
6,949
269,691
Sea
Ltd.
,
ADR,
Class
A
(c)
(e)
..............
4,822
183,911
Spotify
Technology
SA
(c)
...............
16,114
3,470,150
Toho
Co.
Ltd.
......................
9,400
306,203
Universal
Music
Group
NV
.............
10,032
295,721
Walt
Disney
Co.
(The)
................
43,688
4,196,232
Warner
Bros
Discovery,
Inc.
(c)
............
140,130
1,404,103
22,123,804
Financial
Services
—
3.0%
Berkshire
Hathaway,
Inc.
,
Class
B
(c)
.......
28,767
11,039,049
Block,
Inc.
,
Class
A
(c)
.................
20,494
1,332,315
Edenred
SE
.......................
5,256
313,933
EXOR
NV
.........................
4,263
412,456
Fidelity
National
Information
Services,
Inc.
...
13,849
862,239
Fiserv,
Inc.
(c)
.......................
16,769
2,379,018
Groupe
Bruxelles
Lambert
NV
...........
3,635
275,568
Industrivarden
AB
,
Class
C
.............
7,683
241,470
Jack
Henry
&
Associates,
Inc.
...........
1,554
257,700
L
E
Lundbergforetagen
AB
,
Class
B
.......
6,808
354,975
M&G
plc
..........................
76,477
216,229
Mastercard,
Inc.
,
Class
A
...............
33,534
15,064,479
Mitsubishi
HC
Capital,
Inc.
..............
37,000
262,347
NCR
Atleos
Corp.
(c)
..................
1,204
26,957
Nexi
SpA
(b)
(c)
(d)
......................
31,497
241,596
ORIX
Corp.
........................
38,200
737,614
UWM
Holdings
Corp.
,
Class
A
...........
1,752
11,738
Visa,
Inc.
,
Class
A
...................
44,932
12,278,118
46,307,801
Food
Products
—
0.7%
Archer-Daniels-Midland
Co.
.............
29,910
1,662,398
Bunge
Global
SA
....................
7,662
674,945
Chocoladefabriken
Lindt
&
Spruengli
AG
....
16
203,343
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
BlackRock
Tactical
Opportunities
Fund
5
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Food
Products
(continued)
Chocoladefabriken
Lindt
&
Spruengli
AG
(Registered)
.....................
7
$
887,313
Freshpet,
Inc.
(c)
.....................
794
68,363
Kerry
Group
plc
,
Class
A
...............
1,829
163,026
McCormick
&
Co.,
Inc.
(Non-Voting)
.......
2,273
154,928
Mondelez
International,
Inc.
,
Class
A
.......
18,405
1,385,344
Nestle
SA
(Registered)
................
42,604
4,854,752
Pilgrim's
Pride
Corp.
(c)
.................
753
20,459
Post
Holdings,
Inc.
(c)
..................
13,424
1,246,687
Seaboard
Corp.
.....................
4
14,412
WK
Kellogg
Co.
.....................
1,227
15,939
11,351,909
Gas
Utilities
—
0.0%
National
Fuel
Gas
Co.
................
1,634
77,059
Naturgy
Energy
Group
SA
..............
9,837
264,889
Snam
SpA
........................
47,547
232,217
574,165
Ground
Transportation
—
0.1%
Central
Japan
Railway
Co.
.............
24,900
622,317
Hertz
Global
Holdings,
Inc.
(c)
............
2,470
20,625
Schneider
National,
Inc.
,
Class
B
.........
989
24,250
U-Haul
Holding
Co.
(c)
.................
146
9,674
676,866
Health
Care
Equipment
&
Supplies
—
0.2%
Abbott
Laboratories
..................
1,816
205,480
Enovis
Corp.
(c)
(e)
.....................
962
56,469
EssilorLuxottica
SA
..................
6,569
1,287,347
ICU
Medical,
Inc.
(c)
...................
371
33,958
Integra
LifeSciences
Holdings
Corp.
(c)
......
1,251
50,228
Medtronic
plc
......................
16,989
1,487,217
Novocure
Ltd.
(c)
.....................
1,926
26,810
Tandem
Diabetes
Care,
Inc.
(c)
...........
1,182
26,950
3,174,459
Health
Care
Providers
&
Services
—
0.6%
agilon
health,
Inc.
(c)
..................
5,335
31,423
Amedisys,
Inc.
(c)
....................
588
55,431
Cardinal
Health,
Inc.
..................
4,115
449,317
Cigna
Group
(The)
...................
4,456
1,341,033
CVS
Health
Corp.
...................
26,336
1,958,608
DaVita,
Inc.
(c)
.......................
5,171
559,296
HCA
Healthcare,
Inc.
.................
5,538
1,688,536
McKesson
Corp.
....................
6,330
3,164,304
Premier,
Inc.
,
Class
A
.................
2,176
47,045
9,294,993
Health
Care
REITs
—
0.0%
Medical
Properties
Trust,
Inc.
............
10,894
33,771
Health
Care
Technology
—
0.0%
(c)
Certara,
Inc.
.......................
2,191
35,407
Teladoc
Health,
Inc.
..................
3,026
58,795
Veeva
Systems,
Inc.
,
Class
A
............
947
196,417
290,619
Hotel
&
Resort
REITs
—
0.0%
Park
Hotels
&
Resorts,
Inc.
.............
3,919
59,098
Hotels,
Restaurants
&
Leisure
—
0.5%
Booking
Holdings,
Inc.
(c)
...............
909
3,188,290
Caesars
Entertainment,
Inc.
(c)
...........
7,484
328,323
Carnival
Corp.
(c)
.....................
19,926
330,373
Domino's
Pizza,
Inc.
..................
254
108,260
DraftKings,
Inc.
,
Class
A
(c)
..............
12,558
490,390
Flight
Centre
Travel
Group
Ltd.
..........
7,963
110,016
Security
Shares
Shares
Value
Hotels,
Restaurants
&
Leisure
(continued)
Flutter
Entertainment
plc
(c)
..............
2,936
$
602,632
Galaxy
Entertainment
Group
Ltd.
.........
46,000
238,734
Marriott
Vacations
Worldwide
Corp.
........
659
55,284
McDonald's
Corp.
...................
2,434
712,480
MGM
Resorts
International
(c)
............
15,615
677,223
Oriental
Land
Co.
Ltd.
................
8,900
330,547
Royal
Caribbean
Cruises
Ltd.
(c)
..........
7,151
911,752
Travel
+
Leisure
Co.
..................
1,293
52,263
Yum!
Brands,
Inc.
...................
1,992
257,944
8,394,511
Household
Durables
—
0.3%
Barratt
Developments
plc
..............
63,317
431,526
Berkeley
Group
Holdings
plc
............
7,650
463,243
DR
Horton,
Inc.
.....................
13,943
1,992,594
Leggett
&
Platt,
Inc.
..................
2,431
56,424
Lennar
Corp.
,
Class
B
................
242
33,578
Persimmon
plc
.....................
7,491
137,970
PulteGroup,
Inc.
....................
9,449
987,987
Sekisui
House
Ltd.
...................
21,400
483,088
Taylor
Wimpey
plc
...................
237,023
442,520
Toll
Brothers,
Inc.
....................
1,111
110,378
5,139,308
Household
Products
—
1.8%
Clorox
Co.
(The)
....................
6,235
905,634
Colgate-Palmolive
Co.
................
45,149
3,801,546
Essity
AB
,
Class
B
...................
8,162
191,671
Henkel
AG
&
Co.
KGaA
...............
4,610
315,281
Kimberly-Clark
Corp.
.................
69,224
8,374,027
Procter
&
Gamble
Co.
(The)
............
80,053
12,579,529
Reckitt
Benckiser
Group
plc
.............
12,773
923,499
Reynolds
Consumer
Products,
Inc.
........
996
27,061
Spectrum
Brands
Holdings,
Inc.
..........
641
50,395
27,168,643
Independent
Power
and
Renewable
Electricity
Producers
—
0.3%
AES
Corp.
(The)
....................
88,034
1,468,407
Brookfield
Renewable
Corp.
............
2,445
68,264
Clearway
Energy,
Inc.
,
Class
A
...........
654
14,689
Clearway
Energy,
Inc.
,
Class
C
..........
1,503
36,433
RWE
AG
.........................
66,336
2,449,500
4,037,293
Industrial
Conglomerates
—
0.5%
CK
Hutchison
Holdings
Ltd.
.............
82,500
426,098
Hikari
Tsushin,
Inc.
...................
2,000
348,500
Hitachi
Ltd.
........................
18,700
1,468,892
Jardine
Cycle
&
Carriage
Ltd.
...........
15,600
301,018
Jardine
Matheson
Holdings
Ltd.
..........
10,900
437,680
Keppel
Ltd.
........................
140,900
748,709
Siemens
AG
(Registered)
..............
18,270
3,270,766
7,001,663
Industrial
REITs
—
0.0%
Nippon
Prologis
REIT,
Inc.
..............
14
24,909
Segro
plc
.........................
25,857
287,170
312,079
Insurance
—
3.8%
Ageas
SA
.........................
14,300
614,500
AIA
Group
Ltd.
.....................
267,800
2,100,200
Allianz
SE
(Registered)
................
8,819
2,356,225
American
International
Group,
Inc.
........
13,338
927,124
Aon
plc
,
Class
A
....................
12,195
3,639,354
Arch
Capital
Group
Ltd.
(c)
..............
8,035
662,325
Assicurazioni
Generali
SpA
.............
9,787
218,318
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
BlackRock
Tactical
Opportunities
Fund
6
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Insurance
(continued)
Assured
Guaranty
Ltd.
................
1,030
$
83,564
AXA
SA
..........................
32,526
1,091,746
Axis
Capital
Holdings
Ltd.
..............
27,289
1,624,241
Brighthouse
Financial,
Inc.
(c)
............
1,190
61,606
Cincinnati
Financial
Corp.
..............
24,221
2,683,687
CNA
Financial
Corp.
..................
477
21,021
Dai-ichi
Life
Holdings,
Inc.
..............
12,000
263,193
Globe
Life,
Inc.
.....................
16,909
2,076,763
Hannover
Rueck
SE
..................
1,390
333,206
Hanover
Insurance
Group,
Inc.
(The)
......
651
85,939
Hartford
Financial
Services
Group,
Inc.
(The)
.
23,287
2,025,038
Japan
Post
Holdings
Co.
Ltd.
............
110,300
1,055,867
Kemper
Corp.
......................
1,104
66,240
Loews
Corp.
.......................
4,071
296,613
Marsh
&
McLennan
Cos.,
Inc.
...........
47,828
9,270,980
MetLife,
Inc.
.......................
53,165
3,685,398
MS&AD
Insurance
Group
Holdings,
Inc.
....
15,400
635,939
Muenchener
Rueckversicherungs-Gesellschaft
AG
(Registered)
..................
3,839
1,634,335
NN
Group
NV
......................
56,181
2,302,760
Power
Corp.
of
Canada
...............
23,302
679,241
Principal
Financial
Group,
Inc.
...........
35,916
2,840,956
Progressive
Corp.
(The)
...............
8,784
1,565,748
Prudential
Financial,
Inc.
...............
11,732
1,231,039
Prudential
plc
......................
43,090
442,645
QBE
Insurance
Group
Ltd.
.............
88,145
907,592
Reinsurance
Group
of
America,
Inc.
.......
20,224
3,516,751
Sampo
OYJ
,
Class
A
.................
10,103
422,866
Sompo
Holdings,
Inc.
.................
5,800
300,738
Swiss
Re
AG
.......................
5,042
577,312
Tokio
Marine
Holdings,
Inc.
.............
38,600
1,017,783
Unum
Group
.......................
75,888
3,668,426
White
Mountains
Insurance
Group
Ltd.
.....
45
70,919
WR
Berkley
Corp.
...................
5,806
475,395
Zurich
Insurance
Group
AG
.............
3,762
1,911,433
59,445,026
Interactive
Media
&
Services
—
3.2%
Alphabet,
Inc.
,
Class
A
(c)
...............
132,283
18,532,848
Alphabet,
Inc.
,
Class
C
(c)
...............
102,521
14,537,478
Auto
Trader
Group
plc
(b)
(d)
..............
15,459
142,221
Meta
Platforms,
Inc.
,
Class
A
(c)
...........
43,545
16,988,646
TripAdvisor,
Inc.
(c)
....................
1,973
42,617
50,243,810
IT
Services
—
1.0%
Akamai
Technologies,
Inc.
(c)
.............
1,593
196,305
Amdocs
Ltd.
.......................
1,603
146,963
Bechtle
AG
........................
4,418
229,086
Capgemini
SE
......................
2,296
510,450
Cloudflare,
Inc.
,
Class
A
(c)
..............
5,132
405,685
Cognizant
Technology
Solutions
Corp.
,
Class
A
6,126
472,437
Fujitsu
Ltd.
........................
5,500
761,279
Gartner,
Inc.
(c)
......................
2,739
1,252,928
GoDaddy,
Inc.
,
Class
A
(c)
...............
18,434
1,966,170
NEC
Corp.
........................
5,200
339,793
Nomura
Research
Institute
Ltd.
..........
18,100
553,562
Obic
Co.
Ltd.
.......................
5,200
798,770
Otsuka
Corp.
......................
18,700
786,855
SCSK
Corp.
.......................
17,500
343,606
Snowflake,
Inc.
,
Class
A
(c)
..............
2,870
561,487
TIS,
Inc.
..........................
9,300
206,849
VeriSign,
Inc.
(c)
.....................
24,980
4,968,022
Wix.com
Ltd.
(c)
......................
3,703
469,837
14,970,084
Security
Shares
Shares
Value
Leisure
Products
—
0.0%
Peloton
Interactive,
Inc.
,
Class
A
(c)
........
6,162
$
34,261
Life
Sciences
Tools
&
Services
—
0.9%
Agilent
Technologies,
Inc.
..............
18,800
2,445,880
Azenta,
Inc.
(c)
......................
1,088
70,938
Bio-Rad
Laboratories,
Inc.
,
Class
A
(c)
.......
373
119,692
Danaher
Corp.
.....................
7,340
1,760,939
Eurofins
Scientific
SE
.................
3,330
200,522
Fortrea
Holdings,
Inc.
(c)
................
1,624
50,279
Lonza
Group
AG
(Registered)
...........
2,230
1,090,260
Maravai
LifeSciences
Holdings,
Inc.
,
Class
A
(c)
2,073
12,023
Mettler-Toledo
International,
Inc.
(c)
.........
2,355
2,819,382
QIAGEN
NV
(c)
......................
4,104
179,181
Sartorius
Stedim
Biotech
...............
989
266,473
Sotera
Health
Co.
(c)
..................
1,812
26,673
Thermo
Fisher
Scientific,
Inc.
............
7,848
4,229,915
West
Pharmaceutical
Services,
Inc.
.......
1,921
716,591
13,988,748
Machinery
—
0.3%
Alstom
SA
........................
9,354
117,958
Esab
Corp.
........................
1,035
88,999
Gates
Industrial
Corp.
plc
(c)
.............
2,051
26,417
GEA
Group
AG
.....................
4,440
177,818
Komatsu
Ltd.
......................
47,700
1,357,063
Kubota
Corp.
......................
40,700
616,095
Pentair
plc
........................
2,582
188,925
Schindler
Holding
AG
.................
2,095
521,841
Techtronic
Industries
Co.
Ltd.
............
30,500
323,944
Toyota
Industries
Corp.
................
2,500
211,448
Trelleborg
AB
,
Class
B
................
4,161
126,649
Xylem,
Inc.
........................
9,282
1,043,668
4,800,825
Media
—
0.9%
Charter
Communications,
Inc.
,
Class
A
(c)
....
5,238
1,941,779
Comcast
Corp.
,
Class
A
...............
118,738
5,526,067
Fox
Corp.
,
Class
B
...................
14,523
435,835
Informa
plc
........................
53,512
525,571
Liberty
Broadband
Corp.
,
Class
A
(c)
........
302
23,502
Liberty
Broadband
Corp.
,
Class
C
(c)
........
11,439
897,389
Liberty
Media
Corp.-Liberty
SiriusXM
(c)
.....
19,669
597,151
Liberty
Media
Corp.-Liberty
SiriusXM
,
Class
A
(c)
1,363
41,422
News
Corp.
,
Class
B
.................
2,137
54,643
Paramount
Global
,
Class
A
(e)
............
173
4,036
Paramount
Global
,
Class
B
.............
65,989
962,780
Publicis
Groupe
SA
..................
3,902
390,955
Sirius
XM
Holdings,
Inc.
(e)
..............
258,971
1,318,162
Trade
Desk,
Inc.
(The)
,
Class
A
(c)
.........
7,298
499,402
Vivendi
SE
........................
25,669
289,278
WPP
plc
..........................
13,380
129,391
13,637,363
Metals
&
Mining
—
2.1%
Anglo
American
plc
..................
25,948
618,540
Antofagasta
plc
.....................
12,120
264,159
ArcelorMittal
SA
.....................
93,446
2,573,505
Barrick
Gold
Corp.
...................
128,241
2,003,095
BHP
Group
Ltd.
.....................
108,959
3,333,495
BlueScope
Steel
Ltd.
.................
10,772
164,470
Cleveland-Cliffs,
Inc.
(c)
................
72,770
1,459,039
Commercial
Metals
Co.
................
2,856
149,140
Endeavour
Mining
plc
.................
21,627
384,180
Evolution
Mining
Ltd.
.................
134,616
281,986
Fortescue
Ltd.
......................
163,180
3,153,739
Franco-Nevada
Corp.
.................
11,257
1,217,928
Glencore
plc
.......................
246,847
1,306,057
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
BlackRock
Tactical
Opportunities
Fund
7
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Metals
&
Mining
(continued)
JFE
Holdings,
Inc.
...................
95,300
$
1,504,675
Kobe
Steel
Ltd.
.....................
29,400
405,952
MP
Materials
Corp.
,
Class
A
(c)
...........
1,909
30,181
Newmont
Corp.
.....................
102,114
3,523,954
Nippon
Steel
Corp.
...................
69,000
1,660,463
Northern
Star
Resources
Ltd.
............
106,755
915,724
Nucor
Corp.
.......................
17,308
3,235,385
Pan
American
Silver
Corp.
..............
9,256
125,300
Reliance
Steel
&
Aluminum
Co.
..........
5,304
1,513,868
Rio
Tinto
plc
.......................
14,660
1,014,757
Southern
Copper
Corp.
................
1,565
128,487
SSR
Mining,
Inc.
....................
3,733
35,202
Steel
Dynamics,
Inc.
..................
17,367
2,096,023
United
States
Steel
Corp.
..............
4,065
191,136
33,290,440
Multi-Utilities
—
0.2%
CenterPoint
Energy,
Inc.
...............
15,515
433,489
Centrica
plc
.......................
95,180
166,570
Engie
SA
.........................
34,039
543,687
National
Grid
plc
....................
76,158
1,014,356
NiSource,
Inc.
......................
21,590
560,692
Veolia
Environnement
SA
..............
22,574
735,548
3,454,342
Office
REITs
—
0.0%
Dexus
(f)
..........................
17,869
90,429
Gecina
SA
........................
1,657
182,745
Highwoods
Properties,
Inc.
.............
1,909
43,850
NET
Lease
Office
Properties
............
269
6,666
323,690
Oil,
Gas
&
Consumable
Fuels
—
1.9%
BP
plc
...........................
300,200
1,753,293
Cheniere
Energy,
Inc.
.................
4,088
670,391
Chevron
Corp.
......................
23,476
3,461,067
ConocoPhillips
.....................
4,332
484,621
Devon
Energy
Corp.
..................
14,563
611,937
Eni
SpA
..........................
56,546
901,419
EOG
Resources,
Inc.
.................
14,993
1,706,054
Equinor
ASA
.......................
19,372
554,370
Exxon
Mobil
Corp.
...................
71,982
7,400,469
Hess
Corp.
........................
7,961
1,118,759
Marathon
Petroleum
Corp.
.............
6,233
1,032,185
Matador
Resources
Co.
...............
939
51,542
Pioneer
Natural
Resources
Co.
..........
4,285
984,822
Repsol
SA
........................
16,670
246,187
Shell
plc
..........................
121,155
3,756,087
Targa
Resources
Corp.
................
4,068
345,617
TotalEnergies
SE
....................
42,288
2,743,458
Tourmaline
Oil
Corp.
..................
3,839
165,987
Valero
Energy
Corp.
..................
5,931
823,816
28,812,081
Passenger
Airlines
—
0.2%
American
Airlines
Group,
Inc.
(c)
...........
14,635
208,256
Delta
Air
Lines,
Inc.
..................
65,129
2,549,149
United
Airlines
Holdings,
Inc.
(c)
...........
13,693
566,616
3,324,021
Personal
Care
Products
—
0.5%
Estee
Lauder
Cos.,
Inc.
(The)
,
Class
A
.....
8,692
1,147,257
Haleon
plc
........................
83,811
340,421
L'Oreal
SA
........................
6,145
2,940,716
Olaplex
Holdings,
Inc.
(c)
................
2,459
5,533
Shiseido
Co.
Ltd.
....................
23,900
666,253
Security
Shares
Shares
Value
Personal
Care
Products
(continued)
Unilever
plc
........................
44,033
$
2,142,656
7,242,836
Pharmaceuticals
—
3.3%
Astellas
Pharma,
Inc.
.................
30,300
352,767
AstraZeneca
plc
....................
26,966
3,575,067
Bristol-Myers
Squibb
Co.
...............
72,813
3,558,371
Daiichi
Sankyo
Co.
Ltd.
................
5,100
152,689
Eli
Lilly
&
Co.
......................
17,352
11,202,625
GSK
plc
..........................
67,995
1,344,787
Ipsen
SA
.........................
1,672
192,780
Kyowa
Kirin
Co.
Ltd.
..................
6,500
102,388
Merck
&
Co.,
Inc.
....................
45,918
5,545,976
Novartis
AG
(Registered)
..............
33,251
3,438,612
Novo
Nordisk
A/S
,
Class
B
.............
93,668
10,706,671
Ono
Pharmaceutical
Co.
Ltd.
............
10,200
183,846
Otsuka
Holdings
Co.
Ltd.
..............
14,200
558,178
Pfizer,
Inc.
........................
137,448
3,722,092
Roche
Holding
AG
...................
748
226,590
Royalty
Pharma
plc
,
Class
A
............
6,817
193,535
Sandoz
Group
AG
(c)
..................
7,430
254,812
Sanofi
SA
.........................
21,718
2,174,960
Viatris,
Inc.
........................
68,883
810,753
Zoetis,
Inc.
,
Class
A
..................
18,061
3,392,037
51,689,536
Professional
Services
—
0.6%
Automatic
Data
Processing,
Inc.
..........
19,460
4,782,879
Bureau
Veritas
SA
...................
10,722
285,193
Experian
plc
.......................
43,644
1,816,568
Genpact
Ltd.
.......................
3,248
116,603
ManpowerGroup,
Inc.
.................
902
66,874
Paycom
Software,
Inc.
................
1,140
216,874
Paycor
HCM,
Inc.
(c)
..................
1,181
22,947
RELX
plc
.........................
24,252
1,000,979
Verisk
Analytics,
Inc.
..................
4,157
1,004,040
9,312,957
Real
Estate
Management
&
Development
—
0.1%
CK
Asset
Holdings
Ltd.
................
128,500
579,836
Henderson
Land
Development
Co.
Ltd.
.....
76,000
198,028
Hongkong
Land
Holdings
Ltd.
...........
58,900
183,857
Howard
Hughes
Holdings,
Inc.
(c)
..........
618
49,490
Sun
Hung
Kai
Properties
Ltd.
............
37,500
350,002
Swire
Pacific
Ltd.
,
Class
A
..............
33,000
255,322
Swire
Properties
Ltd.
.................
90,400
168,937
Wharf
Real
Estate
Investment
Co.
Ltd.
.....
48,000
140,632
Zillow
Group,
Inc.
,
Class
A
(c)
............
1,014
55,861
1,981,965
Semiconductors
&
Semiconductor
Equipment
—
5.5%
Advanced
Micro
Devices,
Inc.
(c)
..........
24,709
4,143,452
Applied
Materials,
Inc.
................
18,377
3,019,341
ASM
International
NV
.................
407
225,573
ASML
Holding
NV
...................
7,311
6,342,937
BE
Semiconductor
Industries
NV
.........
2,330
350,148
Broadcom,
Inc.
.....................
8,859
10,453,620
Cirrus
Logic,
Inc.
(c)
...................
1,396
107,771
Disco
Corp.
........................
1,400
377,775
First
Solar,
Inc.
(c)
....................
2,578
377,161
Infineon
Technologies
AG
..............
13,310
485,242
Intel
Corp.
........................
118,321
5,097,269
KLA
Corp.
.........................
6,154
3,655,722
Lam
Research
Corp.
.................
3,880
3,201,660
Marvell
Technology,
Inc.
...............
7,094
480,264
Micron
Technology,
Inc.
................
39,711
3,405,218
NVIDIA
Corp.
......................
50,165
30,865,020
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
BlackRock
Tactical
Opportunities
Fund
8
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Semiconductors
&
Semiconductor
Equipment
(continued)
QUALCOMM,
Inc.
...................
37,133
$
5,514,622
SCREEN
Holdings
Co.
Ltd.
.............
12,300
1,206,130
Skyworks
Solutions,
Inc.
...............
1,842
192,415
STMicroelectronics
NV
................
40,167
1,763,633
Teradyne,
Inc.
......................
7,155
691,102
Tokyo
Electron
Ltd.
..................
22,100
4,101,151
86,057,226
Software
—
8.2%
Adobe,
Inc.
(c)
.......................
14,606
9,023,295
Alteryx,
Inc.
,
Class
A
(c)
................
1,124
53,345
Atlassian
Corp.
,
Class
A
(c)
..............
5,209
1,301,052
Autodesk,
Inc.
(c)
.....................
1,446
367,009
BILL
Holdings,
Inc.
(c)
..................
1,573
122,773
Box,
Inc.
,
Class
A
(c)
..................
4,859
126,237
Cadence
Design
Systems,
Inc.
(c)
.........
10,474
3,021,330
CCC
Intelligent
Solutions
Holdings,
Inc.
(c)
....
3,692
40,575
Check
Point
Software
Technologies
Ltd.
(c)
...
2,888
458,990
Crowdstrike
Holdings,
Inc.
,
Class
A
(c)
.......
7,848
2,295,540
Dassault
Systemes
SE
................
19,548
1,013,335
Datadog,
Inc.
,
Class
A
(c)
...............
7,758
965,406
DocuSign,
Inc.
(c)
....................
3,126
190,436
Elastic
NV
(c)
.......................
2,724
318,871
Fair
Isaac
Corp.
(c)
....................
1,553
1,861,783
Fortinet,
Inc.
(c)
......................
34,832
2,246,316
HubSpot,
Inc.
(c)
.....................
1,952
1,192,672
Informatica,
Inc.
,
Class
A
(c)
.............
780
23,400
Intuit,
Inc.
.........................
4,586
2,895,279
Manhattan
Associates,
Inc.
(c)
............
4,470
1,084,243
Microsoft
Corp.
.....................
156,669
62,288,461
nCino,
Inc.
(c)
.......................
1,280
40,294
NCR
Voyix
Corp.
(c)
...................
2,368
34,810
Nemetschek
SE
.....................
1,545
142,563
Nice
Ltd.
(c)
........................
603
125,112
Nutanix,
Inc.
,
Class
A
(c)
................
13,996
786,575
Oracle
Corp.
.......................
41,085
4,589,194
Oracle
Corp.
Japan
..................
3,100
244,308
Palantir
Technologies,
Inc.
,
Class
A
(c)
.......
24,346
391,727
Palo
Alto
Networks,
Inc.
(c)
..............
11,398
3,858,337
Pegasystems,
Inc.
...................
769
37,481
RingCentral,
Inc.
,
Class
A
(c)
(e)
............
1,566
53,072
Roper
Technologies,
Inc.
...............
4,081
2,191,497
Sage
Group
plc
(The)
.................
14,841
220,952
Salesforce,
Inc.
(c)
(e)
...................
25,323
7,118,042
SAP
SE
..........................
27,887
4,831,326
ServiceNow,
Inc.
(c)
...................
5,618
4,300,017
Splunk,
Inc.
(c)
......................
13,397
2,054,698
Synopsys,
Inc.
(c)
....................
3,565
1,901,393
Temenos
AG
(Registered)
..............
3,880
394,869
Teradata
Corp.
(c)
....................
9,464
437,048
Tyler
Technologies,
Inc.
(c)
..............
640
270,560
Workday,
Inc.
,
Class
A
(c)
...............
7,331
2,133,834
Xero
Ltd.
(c)
........................
1,887
135,069
Zoom
Video
Communications,
Inc.
,
Class
A
(c)
.
2,682
173,284
Zscaler,
Inc.
(c)
......................
2,230
525,544
127,881,954
Specialized
REITs
—
0.0%
EPR
Properties
.....................
1,362
60,296
Rayonier,
Inc.
......................
2,694
81,628
141,924
Specialty
Retail
—
3.0%
Abercrombie
&
Fitch
Co.
,
Class
A
(c)
........
3,091
314,973
AutoNation,
Inc.
(c)
....................
2,272
317,308
AutoZone,
Inc.
(c)
....................
621
1,715,283
Security
Shares
Shares
Value
Specialty
Retail
(continued)
Avolta
AG
(c)
........................
7,380
$
281,952
Best
Buy
Co.,
Inc.
...................
6,333
459,079
Burlington
Stores,
Inc.
(c)
...............
5,378
1,028,005
CarMax,
Inc.
(c)
......................
10,300
733,154
Carvana
Co.
,
Class
A
(c)
................
11,919
513,232
Fast
Retailing
Co.
Ltd.
................
4,500
1,201,396
Gap,
Inc.
(The)
.....................
21,340
398,845
H
&
M
Hennes
&
Mauritz
AB
,
Class
B
......
8,007
112,969
Home
Depot,
Inc.
(The)
...............
49,288
17,396,692
Industria
de
Diseno
Textil
SA
............
6,540
279,633
Lowe's
Cos.,
Inc.
....................
20,954
4,459,849
Murphy
USA,
Inc.
...................
699
246,412
O'Reilly
Automotive,
Inc.
(c)
..............
5,196
5,315,768
Petco
Health
&
Wellness
Co.,
Inc.
(c)
.......
1,547
3,697
RH
(c)
............................
2,026
513,550
Ross
Stores,
Inc.
....................
14,469
2,029,711
TJX
Cos.,
Inc.
(The)
..................
73,198
6,947,222
Ulta
Beauty,
Inc.
(c)
...................
1,252
628,567
USS
Co.
Ltd.
.......................
12,000
226,937
Victoria's
Secret
&
Co.
(c)
...............
1,413
36,809
Wayfair,
Inc.
,
Class
A
(c)
................
15,569
782,342
Zalando
SE
(b)
(c)
(d)
....................
7,180
143,360
ZOZO,
Inc.
........................
8,900
194,879
46,281,624
Technology
Hardware,
Storage
&
Peripherals
—
3.8%
Apple,
Inc.
........................
301,992
55,687,325
Canon,
Inc.
........................
23,300
641,848
Dell
Technologies,
Inc.
,
Class
C
..........
12,245
1,014,866
FUJIFILM
Holdings
Corp.
..............
12,000
760,619
HP,
Inc.
..........................
29,385
843,643
Logitech
International
SA
(Registered)
......
5,577
467,538
NetApp,
Inc.
.......................
2,738
238,754
Western
Digital
Corp.
(c)
................
4,007
229,401
59,883,994
Textiles,
Apparel
&
Luxury
Goods
—
0.2%
Capri
Holdings
Ltd.
(c)
.................
2,074
101,087
Carter's,
Inc.
.......................
659
49,847
Hermes
International
SCA
..............
259
546,402
LVMH
Moet
Hennessy
Louis
Vuitton
SE
.....
3,104
2,582,711
Moncler
SpA
.......................
5,180
318,656
Under
Armour,
Inc.
,
Class
C
(c)
...........
3,710
27,454
3,626,157
Tobacco
—
0.1%
Altria
Group,
Inc.
....................
35,146
1,410,057
British
American
Tobacco
plc
............
12,156
358,403
Philip
Morris
International,
Inc.
...........
2,394
217,495
1,985,955
Trading
Companies
&
Distributors
—
1.4%
AerCap
Holdings
NV
(c)
................
5,231
400,485
Ashtead
Group
plc
...................
17,651
1,154,233
Beacon
Roofing
Supply,
Inc.
(c)
...........
1,283
106,348
Brenntag
SE
.......................
6,110
540,185
Bunzl
plc
.........................
4,065
165,201
Fastenal
Co.
.......................
3,009
205,304
Ferguson
plc
.......................
18,132
3,406,277
Herc
Holdings,
Inc.
...................
859
126,694
ITOCHU
Corp.
.....................
47,800
2,169,361
Marubeni
Corp.
.....................
81,600
1,391,824
Mitsubishi
Corp.
.....................
84,000
1,447,736
Mitsui
&
Co.
Ltd.
....................
74,200
3,009,348
Sumitomo
Corp.
....................
78,600
1,807,631
Toyota
Tsusho
Corp.
..................
4,200
275,232
United
Rentals,
Inc.
..................
727
454,666
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
BlackRock
Tactical
Opportunities
Fund
9
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Trading
Companies
&
Distributors
(continued)
Watsco,
Inc.
.......................
2,060
$
805,419
WESCO
International,
Inc.
..............
778
134,999
WW
Grainger,
Inc.
...................
4,615
4,133,379
21,734,322
Transportation
Infrastructure
—
0.0%
Aena
SME
SA
(b)
(d)
....................
966
170,892
Water
Utilities
—
0.2%
American
Water
Works
Co.,
Inc.
..........
12,644
1,568,109
Essential
Utilities,
Inc.
.................
15,588
558,985
Severn
Trent
plc
....................
10,850
356,651
United
Utilities
Group
plc
...............
26,318
354,471
2,838,216
Wireless
Telecommunication
Services
—
0.0%
SoftBank
Group
Corp.
................
8,800
379,902
Total
Common
Stocks
—
69
.0
%
(Cost:
$
783,450,308
)
..............................
1,078,225,804
Beneficial
Interest
(000)
Other
Interests
(g)
Capital
Markets
—
0.0%
Lehman
Brothers
Holdings,
Inc.
(c)
(h)
(i)
.......
USD
300
—
Total
Other
Interests
—
0.0
%
(Cost:
$
—
)
.....................................
—
Shares
Shares
Rights
Biotechnology
—
0.0%
Mirati
Therapeutics,
Inc.,
CVR
(c)
..........
1,004
703
Health
Care
Equipment
&
Supplies
—
0.0%
ABIOMED,
Inc.,
CVR
(c)
(i)
...............
843
2,411
Total
Rights
—
0
.0
%
(Cost:
$
1,563
)
..................................
3,114
Security
Shares
Shares
Value
Warrants
Oil,
Gas
&
Consumable
Fuels
—
0
.0
%
Occidental
Petroleum
Corp.
(Issued/Exercisable
07/06/20
,
1
Share
for
1
Warrant,
Expires
08/03/27
,
Strike
Price
USD
22.00
)
(c)
.....
1,587
$
56,624
Total
Warrants
—
0
.0
%
(Cost:
$
7,856
)
..................................
56,624
Total
Long-Term
Investments
—
69.0%
(Cost:
$
783,673,836
)
..............................
1,078,285,542
Short-Term
Securities
Money
Market
Funds
—
1.8%
(j)(k)
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
,
5.21
%
....................
23,539,649
23,539,649
SL
Liquidity
Series,
LLC,
Money
Market
Series
,
5.49
%
(l)
........................
5,055,111
5,057,133
Total
Money
Market
Funds
—
1
.8
%
(Cost:
$
28,596,687
)
...............................
28,596,782
Par
(000)
Pa
r
(
000)
U.S.
Treasury
Obligations
—
18.1%
U.S.
Treasury
Bills
(m)
5.43
%
,
02/27/24
..................
USD
57,497
57,278,073
5.44
%
,
03/05/24
..................
81,696
81,302,464
5.28
%
,
03/19/24
..................
27,000
26,814,087
5.30
%
,
04/25/24
..................
32,000
31,611,351
5.37
%
,
05/02/24
..................
86,186
85,050,955
Total
U.S.
Treasury
Obligations
—
18
.1
%
(Cost:
$
282,047,236
)
..............................
282,056,930
Total
Short-Term
Securities
—
19.9%
(Cost:
$
310,643,923
)
..............................
310,653,712
Total
Investments
—
88
.9
%
(Cost:
$
1,094,317,759
)
............................
1,388,939,254
Other
Assets
Less
Liabilities
—
11.1
%
...................
173,712,301
Net
Assets
—
100.0%
...............................
$
1,562,651,555
(a)
Variable
rate
security.
Interest
rate
resets
periodically.
The
rate
shown
is
the
effective
interest
rate
as
of
period
end.
Security
description
also
includes
the
reference
rate
and
spread
if
published
and
available.
(b)
Security
exempt
from
registration
pursuant
to
Rule
144A
under
the
Securities
Act
of
1933,
as
amended.
These
securities
may
be
resold
in
transactions
exempt
from
registration
to
qualified
institutional
investors.
(c)
Non-income
producing
security.
(d)
This
security
may
be
resold
to
qualified
foreign
investors
and
foreign
institutional
buyers
under
Regulation
S
of
the
Securities
Act
of
1933.
(e)
All
or
a
portion
of
this
security
is
on
loan.
(f)
A
security
contractually
bound
to
one
or
more
other
securities
to
form
a
single
saleable
unit
which
cannot
be
sold
separately.
(g)
Other
interests
represent
beneficial
interests
in
liquidation
trusts
and
other
reorganization
or
private
entities.
(h)
Issuer
filed
for
bankruptcy
and/or
is
in
default.
(i)
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
(j)
Affiliate
of
the
Fund.
(k)
Annualized
7-day
yield
as
of
period
end.
(l)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
(m)
Rates
are
discount
rates
or
a
range
of
discount
rates
as
of
period
end.
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
BlackRock
Tactical
Opportunities
Fund
10
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the period
ended
January
31,
2024
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
04/30/23
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
01/31/24
Shares
Held
at
01/31/24
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
.
$
102,641,987
$
—
$
(
79,102,338
)
(a)
$
—
$
—
$
23,539,649
23,539,649
$
2,375,359
$
—
SL
Liquidity
Series,
LLC,
Money
Market
Series
.........
38,627
5,018,097
(a)
—
319
90
5,057,133
5,055,111
109,251
(b)
—
$
319
$
90
$
28,596,782
$
2,484,610
$
—
—
—
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
For
Fund
compliance
purposes,
the
Fund's
industry
classifications
refer
to
one
or
more
of
the
industry
sub-classifications
used
by
one
or
more
widely
recognized
market
indexes
or
rating
group
indexes,
and/or
as
defined
by
the
investment
adviser.
These
definitions
may
not
apply
for
purposes
of
this
report,
which
may
combine
such
industry
sub-classifications
for
reporting
ease.
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
BlackRock
Tactical
Opportunities
Fund
11
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
MSCI
Singapore
Index
......................................................
76
02/28/24
$
1,566
$
(
4,331
)
Euro-Bund
..............................................................
4,203
03/07/24
617,055
3,849,184
TOPIX
Index
.............................................................
1,140
03/07/24
195,665
13,073,126
S&P/TSX
60
Index
.........................................................
53
03/14/24
10,019
18,606
DAX
Index
..............................................................
41
03/15/24
18,742
(
167,481
)
EURO
STOXX
50
Index
.....................................................
871
03/15/24
43,791
772,586
FTSE
100
Index
...........................................................
1,301
03/15/24
125,301
489,475
FTSE/MIB
Index
...........................................................
1,418
03/15/24
236,035
2,366,069
MSCI
EAFE
E-Mini
Index
.....................................................
210
03/15/24
23,447
618,409
S&P
500
E-Mini
Index
.......................................................
300
03/15/24
73,058
1,945,249
WIG20
Index
.............................................................
1,131
03/15/24
12,944
381,490
Canada
10-Year
Bond
.......................................................
167
03/19/24
15,113
172,906
U.S.
Treasury
Long
Bond
.....................................................
644
03/19/24
78,971
3,565,236
Long
Gilt
................................................................
199
03/26/24
25,212
272,461
27,352,985
Short
Contracts
CAC
40
Index
............................................................
1,272
02/16/24
105,026
(
2,273,309
)
IBEX
35
Index
............................................................
1,402
02/16/24
152,552
(
1,112,884
)
OMX
Stockholm
30
Index
....................................................
4,349
02/16/24
98,323
(
416,148
)
IFSC
NIFTY
50
Index
.......................................................
607
02/29/24
26,462
(
449,805
)
Euro-Bund
..............................................................
525
03/07/24
77,077
(
1,300,377
)
Japan
10-Year
Bond
........................................................
365
03/13/24
362,694
(
1,246,701
)
Australia
10-Year
Bond
......................................................
3,197
03/15/24
243,565
(
4,436,526
)
Mini-DAX
Index
...........................................................
6
03/15/24
549
(
2,353
)
MSCI
EAFE
E-Mini
Index
.....................................................
2,451
03/15/24
273,654
(
8,669,914
)
S&P
500
E-Mini
Index
.......................................................
1,308
03/15/24
318,531
(
9,135,941
)
U.S.
Treasury
10-Year
Note
...................................................
5,772
03/19/24
648,538
(
3,193,657
)
U.S.
Treasury
Long
Bond
.....................................................
754
03/19/24
92,459
(
4,392,670
)
U.S.
Treasury
Ultra
Bond
.....................................................
670
03/19/24
86,639
(
2,976,021
)
FTSE/JSE
Top
40
Index
.....................................................
141
03/20/24
5,135
(
18,129
)
SPI
200
Index
............................................................
555
03/21/24
68,785
(
667,470
)
SET50
Index
.............................................................
7,197
03/28/24
33,627
1,269,784
(
39,022,121
)
$
(
11,669,136
)
Forward
Foreign
Currency
Exchange
Contracts
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation  
(Depreciation)
CAD
45,633,869
USD
33,834,319
Bank
of
New
York
Mellon
03/20/24
$
128,598
CAD
101,000
USD
74,891
HSBC
Bank
plc
03/20/24
278
CAD
11,624,000
USD
8,647,127
JPMorgan
Chase
Bank
NA
03/20/24
4,012
CAD
2,663,000
USD
1,970,800
Morgan
Stanley
&
Co.
International
plc
03/20/24
11,133
CAD
2,264,000
USD
1,673,909
Toronto
Dominion
Bank
03/20/24
11,068
EUR
2,072,000
USD
2,236,337
HSBC
Bank
plc
03/20/24
7,365
INR
140,501,000
USD
1,681,875
BNP
Paribas
SA
03/20/24
5,999
KRW
336,256,000
USD
252,019
Toronto
Dominion
Bank
03/20/24
611
MXN
9,316,000
USD
530,744
Morgan
Stanley
&
Co.
International
plc
03/20/24
6,272
MXN
57,869,000
USD
3,305,952
UBS
AG
03/20/24
29,885
NOK
9,622,000
USD
904,772
Morgan
Stanley
&
Co.
International
plc
03/20/24
11,140
THB
51,244,000
USD
1,438,402
JPMorgan
Chase
Bank
NA
03/20/24
11,354
USD
777,544
AUD
1,176,000
Citibank
NA
03/20/24
4,838
USD
2,368,138
AUD
3,524,000
HSBC
Bank
plc
03/20/24
52,650
USD
4,157,952
AUD
6,301,000
JPMorgan
Chase
Bank
NA
03/20/24
17,801
USD
8,909,720
AUD
13,309,000
Toronto
Dominion
Bank
03/20/24
164,875
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
BlackRock
Tactical
Opportunities
Fund
12
Forward
Foreign
Currency
Exchange
Contracts
(continued)
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation  
(Depreciation)
USD
3,693,337
BRL
18,215,000
Bank
of
America
NA
03/20/24
$
33,012
USD
1,893,573
BRL
9,384,000
Citibank
NA
03/20/24
7,848
USD
1,321,006
CAD
1,764,000
HSBC
Bank
plc
03/20/24
8,152
USD
2,471,808
CAD
3,264,000
Nomura
International
plc
03/20/24
42,582
USD
13,054,521
CLP
11,553,899,000
Morgan
Stanley
&
Co.
International
plc
03/20/24
672,832
USD
2,671,275
EUR
2,445,000
BNP
Paribas
SA
03/20/24
23,663
USD
27,531,510
EUR
25,076,000
HSBC
Bank
plc
03/20/24
377,516
USD
1,404,121
EUR
1,280,000
Morgan
Stanley
&
Co.
International
plc
03/20/24
18,049
USD
13,041,808
EUR
11,903,000
UBS
AG
03/20/24
152,433
USD
840,576
GBP
663,000
Morgan
Stanley
&
Co.
International
plc
03/20/24
43
USD
9,446,526
GBP
7,427,000
Nomura
International
plc
03/20/24
30,783
USD
14,113,063
KRW
18,355,272,000
Bank
of
America
NA
03/20/24
322,710
USD
5,317,458
KRW
6,955,391,000
BNP
Paribas
SA
03/20/24
91,859
USD
1,538,044
PLN
6,116,000
Goldman
Sachs
International
03/20/24
11,508
USD
1,535,783
SEK
15,844,000
BNP
Paribas
SA
03/20/24
10,403
USD
652,385
SEK
6,639,000
Morgan
Stanley
&
Co.
International
plc
03/20/24
13,216
USD
1,698,103
SGD
2,253,000
Citibank
NA
03/20/24
15,095
USD
14,741,283
THB
509,842,000
HSBC
Bank
plc
03/20/24
317,218
USD
1,211,613
ZAR
22,766,000
Citibank
NA
03/20/24
462
USD
5,426,320
ZAR
99,884,000
JPMorgan
Chase
Bank
NA
03/20/24
112,492
ZAR
7,015,000
USD
371,284
Bank
of
America
NA
03/20/24
1,914
ZAR
13,862,000
USD
737,255
BNP
Paribas
SA
03/20/24
203
JPY
312,793,000
USD
2,130,731
Citibank
NA
03/21/24
10,785
JPY
297,407,000
USD
2,031,565
JPMorgan
Chase
Bank
NA
03/21/24
4,612
USD
9,099,274
JPY
1,312,973,000
BNP
Paribas
SA
03/21/24
110,095
2,857,364
AUD
52,534,662
USD
35,411,967
BNP
Paribas
SA
03/20/24
(
893,409
)
AUD
1,795,000
USD
1,207,441
Canadian
Imperial
Bank
of
Commerce
03/20/24
(
28,014
)
AUD
63,916,024
USD
42,835,832
HSBC
Bank
plc
03/20/24
(
839,006
)
AUD
36,605,000
USD
24,206,757
JPMorgan
Chase
Bank
NA
03/20/24
(
154,983
)
BRL
9,384,000
USD
1,902,733
Bank
of
America
NA
03/20/24
(
17,008
)
CHF
3,474,000
USD
4,104,898
Citibank
NA
03/20/24
(
58,487
)
CHF
2,189,000
USD
2,549,965
Morgan
Stanley
&
Co.
International
plc
03/20/24
(
284
)
CLP
14,345,169,000
USD
16,637,867
BNP
Paribas
SA
03/20/24
(
1,264,924
)
CLP
6,298,000
USD
6,830
JPMorgan
Chase
Bank
NA
03/20/24
(
81
)
EUR
2,227,000
USD
2,424,497
Bank
of
New
York
Mellon
03/20/24
(
12,950
)
EUR
12,792,000
USD
14,062,399
BNP
Paribas
SA
03/20/24
(
210,354
)
EUR
18,653,000
USD
20,369,615
Citibank
NA
03/20/24
(
170,882
)
EUR
6,760,000
USD
7,421,260
Goldman
Sachs
International
03/20/24
(
101,074
)
EUR
4,308,000
USD
4,700,593
HSBC
Bank
plc
03/20/24
(
35,599
)
EUR
780,000
USD
854,528
Morgan
Stanley
&
Co.
International
plc
03/20/24
(
9,891
)
EUR
1,518,000
USD
1,645,983
Nomura
International
plc
03/20/24
(
2,190
)
EUR
64,450,759
USD
70,502,073
Standard
Chartered
Bank
03/20/24
(
710,421
)
EUR
2,092,000
USD
2,317,372
State
Street
Bank
and
Trust
Co.
03/20/24
(
52,013
)
GBP
856,000
USD
1,088,768
Bank
of
New
York
Mellon
03/20/24
(
3,555
)
GBP
530,000
USD
672,247
BNP
Paribas
SA
03/20/24
(
328
)
GBP
3,753,000
USD
4,777,629
JPMorgan
Chase
Bank
NA
03/20/24
(
19,680
)
KRW
18,596,991,000
USD
14,225,967
Citibank
NA
03/20/24
(
254,011
)
KRW
8,058,788,000
USD
6,235,811
HSBC
Bank
plc
03/20/24
(
181,227
)
NZD
811,000
USD
503,019
HSBC
Bank
plc
03/20/24
(
7,265
)
PLN
2,247,000
USD
575,520
HSBC
Bank
plc
03/20/24
(
14,675
)
SEK
5,614,000
USD
566,831
Goldman
Sachs
International
03/20/24
(
26,344
)
SEK
7,050,000
USD
698,499
JPMorgan
Chase
Bank
NA
03/20/24
(
19,761
)
SEK
83,542,000
USD
8,102,716
Morgan
Stanley
&
Co.
International
plc
03/20/24
(
59,716
)
SGD
921,000
USD
694,090
JPMorgan
Chase
Bank
NA
03/20/24
(
6,096
)
THB
21,862,000
USD
631,295
JPMorgan
Chase
Bank
NA
03/20/24
(
12,792
)
USD
654,058
CAD
882,000
Citibank
NA
03/20/24
(
2,368
)
USD
3,063,691
CAD
4,135,000
Goldman
Sachs
International
03/20/24
(
13,775
)
USD
1,875,415
CAD
2,529,000
Toronto
Dominion
Bank
03/20/24
(
6,787
)
USD
931,624
CHF
801,000
Goldman
Sachs
International
03/20/24
(
1,357
)
USD
436,144
CHF
375,000
UBS
AG
03/20/24
(
644
)
USD
1,370,210
GBP
1,089,000
Goldman
Sachs
International
03/20/24
(
10,394
)
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
BlackRock
Tactical
Opportunities
Fund
13
Forward
Foreign
Currency
Exchange
Contracts
(continued)
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation  
(Depreciation)
USD
727,620
GBP
574,000
Morgan
Stanley
&
Co.
International
plc
03/20/24
$
(
81
)
USD
87,026
INR
7,270,000
BNP
Paribas
SA
03/20/24
(
309
)
USD
1,687,380
INR
140,501,000
JPMorgan
Chase
Bank
NA
03/20/24
(
494
)
USD
7,994,701
KRW
10,661,537,000
BNP
Paribas
SA
03/20/24
(
15,333
)
USD
2,297,266
MXN
39,940,000
Goldman
Sachs
International
03/20/24
(
5,060
)
USD
438,852
PLN
1,765,000
JPMorgan
Chase
Bank
NA
03/20/24
(
1,687
)
USD
2,891,070
SEK
30,122,000
BNP
Paribas
SA
03/20/24
(
8,924
)
USD
1,100,382
ZAR
20,877,000
HSBC
Bank
plc
03/20/24
(
10,274
)
ZAR
109,993,000
USD
5,962,226
JPMorgan
Chase
Bank
NA
03/20/24
(
110,599
)
JPY
82,746,000
USD
574,219
Citibank
NA
03/21/24
(
7,704
)
JPY
578,284,000
USD
4,006,673
Morgan
Stanley
&
Co.
International
plc
03/21/24
(
47,491
)
JPY
74,807,000
USD
528,182
Standard
Chartered
Bank
03/21/24
(
16,021
)
(
5,426,322
)
$
(
2,568,958
)
Centrally
Cleared
Credit
Defa
ul
t
Swaps
—
Sell
Protection
Reference
Obligation/Index
Financing
Rate
Received
by
the
Fund
Payment
Frequency
Termination
Date
Credit
Rating
(a)
Notional
Amount
(000)
(b)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Markit
CDX
North
American
High
Yield
Index
Series
41.V2
...........
5
.00
%
Quarterly
12/20/28
NR
USD
45,983
$
2,826,960
$
962,963
$
1,863,997
(a)
Using
the
rating
of
the
issuer
or
the
underlying
securities
of
the
index,
as
applicable,
provided
by
S&P
Global
Ratings.
(b)
The
maximum
potential
amount
the
Fund
may
pay
should
a
negative
credit
event
take
place
as
defined
under
the
terms
of
the
agreement.
Centrally
Cleared
Interest
Rate
Swap
s
Paid
by
the
Fund
Received
by
the
Fund
Rate
Frequency
Rate
Frequency
Effective
Date
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
28-day
MXIBTIIE
Monthly
8.49%
Monthly
03/20/24
(a)
03/14/29
MXN
20,000
$
(
4,770
)
$
—
$
(
4,770
)
28-day
MXIBTIIE
Monthly
8.54%
Monthly
03/20/24
(a)
03/14/29
MXN
261,000
(
34,948
)
—
(
34,948
)
28-day
MXIBTIIE
Monthly
8.55%
Monthly
03/20/24
(a)
03/14/29
MXN
393,000
(
38,917
)
—
(
38,917
)
28-day
MXIBTIIE
Monthly
8.58%
Monthly
03/20/24
(a)
03/14/29
MXN
379,000
(
11,096
)
—
(
11,096
)
28-day
MXIBTIIE
Monthly
8.59%
Monthly
03/20/24
(a)
03/14/29
MXN
806,000
(
4,858
)
—
(
4,858
)
28-day
MXIBTIIE
Monthly
8.66%
Monthly
03/20/24
(a)
03/14/29
MXN
304,000
49,410
—
49,410
28-day
MXIBTIIE
Monthly
8.68%
Monthly
03/20/24
(a)
03/14/29
MXN
316,000
60,544
—
60,544
28-day
MXIBTIIE
Monthly
8.75%
Monthly
03/20/24
(a)
03/14/29
MXN
408,000
144,572
—
144,572
28-day
MXIBTIIE
Monthly
8.76%
Monthly
03/20/24
(a)
03/14/29
MXN
1,424,000
537,691
—
537,691
3-mo.
STIBOR
Quarterly
2.56%
Annual
03/20/24
(a)
03/20/29
SEK
107,000
20,572
20,572
—
3-mo.
STIBOR
Quarterly
2.57%
Annual
03/20/24
(a)
03/20/29
SEK
484,000
174,721
(
23,647
)
198,368
3-mo.
STIBOR
Quarterly
2.60%
Annual
03/20/24
(a)
03/20/29
SEK
692,000
348,282
151,161
197,121
3-mo.
STIBOR
Quarterly
2.62%
Annual
03/20/24
(a)
03/20/29
SEK
959,000
563,692
318,604
245,088
6-mo.
PRIBOR
Semi-Annual
3.45%
Annual
03/20/24
(a)
03/20/29
CZK
158,000
(
2,416
)
—
(
2,416
)
1-day
SONIA
Annual
3.75%
Annual
03/20/24
(a)
03/20/29
GBP
8,000
75,202
48,134
27,068
6-mo.
PRIBOR
Semi-Annual
4.09%
Annual
03/20/24
(a)
03/20/29
CZK
68,000
86,756
—
86,756
6-mo.
WIBOR
Semi-Annual
4.21%
Annual
03/20/24
(a)
03/20/29
PLN
7,000
(
20,309
)
—
(
20,309
)
6-mo.
PRIBOR
Semi-Annual
4.22%
Annual
03/20/24
(a)
03/20/29
CZK
718,000
1,091,793
—
1,091,793
1-day
SOFR
Annual
4.24%
Annual
03/20/24
(a)
03/20/29
USD
12,000
365,531
4,204
361,327
1-day
SOFR
Annual
4.24%
Annual
03/20/24
(a)
03/20/29
USD
15,000
458,944
(
58,382
)
517,326
6-mo.
WIBOR
Semi-Annual
4.25%
Annual
03/20/24
(a)
03/20/29
PLN
45,000
(
108,028
)
—
(
108,028
)
1-day
SOFR
Annual
4.27%
Annual
03/20/24
(a)
03/20/29
USD
24,000
759,215
208,579
550,636
6-mo.
WIBOR
Semi-Annual
4.28%
Annual
03/20/24
(a)
03/20/29
PLN
62,000
(
128,814
)
—
(
128,814
)
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
BlackRock
Tactical
Opportunities
Fund
14
Centrally
Cleared
Interest
Rate
Swaps
(continued)
Paid
by
the
Fund
Received
by
the
Fund
Rate
Frequency
Rate
Frequency
Effective
Date
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
1-day
SOFR
Annual
4.28%
Annual
03/20/24
(a)
03/20/29
USD
39,000
$
1,256,597
$
(
195,954
)
$
1,452,551
6-mo.
WIBOR
Semi-Annual
4.31%
Annual
03/20/24
(a)
03/20/29
PLN
68,000
(
121,148
)
—
(
121,148
)
6-mo.
WIBOR
Semi-Annual
4.32%
Annual
03/20/24
(a)
03/20/29
PLN
74,000
(
127,854
)
—
(
127,854
)
1-day
SOFR
Annual
4.32%
Annual
03/20/24
(a)
03/20/29
USD
16,000
545,122
(
2,746
)
547,868
1-day
SOFR
Annual
4.33%
Annual
03/20/24
(a)
03/20/29
USD
17,000
583,027
66,994
516,033
6-mo.
PRIBOR
Semi-Annual
4.33%
Annual
03/20/24
(a)
03/20/29
CZK
361,000
631,509
—
631,509
6-mo.
WIBOR
Semi-Annual
4.33%
Annual
03/20/24
(a)
03/20/29
PLN
65,000
(
101,808
)
—
(
101,808
)
1-day
SOFR
Annual
4.34%
Annual
03/20/24
(a)
03/20/29
USD
47,000
1,643,704
76,147
1,567,557
6-mo.
WIBOR
Semi-Annual
4.37%
Annual
03/20/24
(a)
03/20/29
PLN
65,000
(
73,117
)
—
(
73,117
)
1-day
SOFR
Annual
4.39%
Annual
03/20/24
(a)
03/20/29
USD
47,000
1,751,843
389,692
1,362,151
1-day
SOFR
Annual
4.39%
Annual
03/20/24
(a)
03/20/29
USD
57,000
2,127,147
258,657
1,868,490
1-day
SOFR
Annual
4.42%
Annual
03/20/24
(a)
03/20/29
USD
19,000
734,764
(
20,581
)
755,345
6-mo.
WIBOR
Semi-Annual
4.43%
Annual
03/20/24
(a)
03/20/29
PLN
108,000
(
53,467
)
—
(
53,467
)
6-mo.
WIBOR
Semi-Annual
4.43%
Annual
03/20/24
(a)
03/20/29
PLN
77,000
(
41,022
)
—
(
41,022
)
6-mo.
WIBOR
Semi-Annual
4.44%
Annual
03/20/24
(a)
03/20/29
PLN
86,000
(
31,928
)
—
(
31,928
)
6-mo.
WIBOR
Semi-Annual
4.59%
Annual
03/20/24
(a)
03/20/29
PLN
24,300
30,351
—
30,351
6-mo.
WIBOR
Semi-Annual
4.60%
Annual
03/20/24
(a)
03/20/29
PLN
17,010
22,802
—
22,802
6-mo.
WIBOR
Semi-Annual
4.61%
Annual
03/20/24
(a)
03/20/29
PLN
39,690
57,051
—
57,051
6-mo.
WIBOR
Semi-Annual
4.64%
Annual
03/20/24
(a)
03/20/29
PLN
76,000
130,516
—
130,516
6-mo.
WIBOR
Semi-Annual
4.73%
Annual
03/20/24
(a)
03/20/29
PLN
53,000
145,224
—
145,224
6-mo.
WIBOR
Semi-Annual
4.77%
Annual
03/20/24
(a)
03/20/29
PLN
84,000
266,340
—
266,340
6-mo.
WIBOR
Semi-Annual
4.85%
Annual
03/20/24
(a)
03/20/29
PLN
138,000
548,985
—
548,985
6.15%
Semi-Annual
1-day
MIBOR
Semi-Annual
03/20/24
(a)
03/20/29
INR
926,000
10,365
—
10,365
3.47%
Semi-Annual
1-day
REPO_CORRA
Semi-Annual
03/20/24
(a)
03/20/29
CAD
27,000
(
110,532
)
(
49,129
)
(
61,403
)
3.44%
Semi-Annual
1-day
REPO_CORRA
Semi-Annual
03/20/24
(a)
03/20/29
CAD
19,000
(
39,953
)
(
39,953
)
—
1.18%
Annual
1-day
SARON
Annual
03/20/24
(a)
03/20/29
CHF
14,000
(
110,267
)
(
53,809
)
(
56,458
)
3.51%
Semi-Annual
1-day
SORA
Semi-Annual
03/20/24
(a)
03/20/29
SGD
16,000
(
413,244
)
—
(
413,244
)
2.29%
Quarterly
1-day
THOR
Quarterly
03/20/24
(a)
03/20/29
THB
1,205,000
11,838
—
11,838
2.27%
Quarterly
1-day
THOR
Quarterly
03/20/24
(a)
03/20/29
THB
1,157,500
42,428
—
42,428
2.29%
Quarterly
1-day
THOR
Quarterly
03/20/24
(a)
03/20/29
THB
1,783,000
5,556
—
5,556
2.30%
Quarterly
1-day
THOR
Quarterly
03/20/24
(a)
03/20/29
THB
209,500
—
—
—
2.31%
Quarterly
1-day
THOR
Quarterly
03/20/24
(a)
03/20/29
THB
1,157,500
(
31,332
)
—
(
31,332
)
2.30%
Quarterly
1-day
THOR
Quarterly
03/20/24
(a)
03/20/29
THB
209,500
—
—
—
2.24%
Quarterly
1-week
CNREPOFIX_
CFXS
Quarterly
03/20/24
(a)
03/20/29
CNY
175,000
(
116,202
)
—
(
116,202
)
2.26%
Quarterly
1-week
CNREPOFIX_
CFXS
Quarterly
03/20/24
(a)
03/20/29
CNY
363,000
(
290,563
)
—
(
290,563
)
2.25%
Quarterly
1-week
CNREPOFIX_
CFXS
Quarterly
03/20/24
(a)
03/20/29
CNY
198,000
(
149,484
)
—
(
149,484
)
2.55%
Quarterly
1-week
CNREPOFIX_
CFXS
Quarterly
03/20/24
(a)
03/20/29
CNY
103,000
(
274,169
)
—
(
274,169
)
2.26%
Quarterly
1-week
CNREPOFIX_
CFXS
Quarterly
03/20/24
(a)
03/20/29
CNY
224,000
(
177,845
)
—
(
177,845
)
2.50%
Quarterly
1-week
CNREPOFIX_
CFXS
Quarterly
03/20/24
(a)
03/20/29
CNY
198,000
(
469,155
)
—
(
469,155
)
2.56%
Quarterly
1-week
CNREPOFIX_
CFXS
Quarterly
03/20/24
(a)
03/20/29
CNY
221,000
(
609,085
)
—
(
609,085
)
2.55%
Quarterly
1-week
CNREPOFIX_
CFXS
Quarterly
03/20/24
(a)
03/20/29
CNY
174,000
(
460,333
)
—
(
460,333
)
3.19%
Quarterly
3-mo.
CD_KSDA
Quarterly
03/20/24
(a)
03/20/29
KRW
53,576,000
(
49,291
)
—
(
49,291
)
3.23%
Quarterly
3-mo.
CD_KSDA
Quarterly
03/20/24
(a)
03/20/29
KRW
53,627,000
(
131,417
)
—
(
131,417
)
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
BlackRock
Tactical
Opportunities
Fund
15
Centrally
Cleared
Interest
Rate
Swaps
(continued)
Paid
by
the
Fund
Received
by
the
Fund
Rate
Frequency
Rate
Frequency
Effective
Date
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
3.16%
Quarterly
3-mo.
CD_KSDA
Quarterly
03/20/24
(a)
03/20/29
KRW
68,903,938
$
15,403
$
—
$
15,403
3.37%
Quarterly
3-mo.
CD_KSDA
Quarterly
03/20/24
(a)
03/20/29
KRW
7,991,000
(
57,779
)
—
(
57,779
)
3.36%
Quarterly
3-mo.
CD_KSDA
Quarterly
03/20/24
(a)
03/20/29
KRW
50,090,000
(
342,094
)
—
(
342,094
)
3.18%
Quarterly
3-mo.
CD_KSDA
Quarterly
03/20/24
(a)
03/20/29
KRW
4,336,000
(
3,233
)
—
(
3,233
)
3.20%
Quarterly
3-mo.
CD_KSDA
Quarterly
03/20/24
(a)
03/20/29
KRW
59,369,000
(
79,459
)
—
(
79,459
)
4.51%
Quarterly
3-mo.
HIBOR
Quarterly
03/20/24
(a)
03/20/29
HKD
116,000
(
620,081
)
—
(
620,081
)
3.56%
Quarterly
3-mo.
HIBOR
Quarterly
03/20/24
(a)
03/20/29
HKD
161,000
1,442
—
1,442
4.48%
Quarterly
3-mo.
HIBOR
Quarterly
03/20/24
(a)
03/20/29
HKD
65,000
(
337,526
)
—
(
337,526
)
4.48%
Quarterly
3-mo.
HIBOR
Quarterly
03/20/24
(a)
03/20/29
HKD
14,000
(
73,015
)
—
(
73,015
)
8.53%
Quarterly
3-mo.
JIBAR
Quarterly
03/20/24
(a)
03/20/29
ZAR
212,000
(
209,494
)
—
(
209,494
)
8.46%
Quarterly
3-mo.
JIBAR
Quarterly
03/20/24
(a)
03/20/29
ZAR
362,000
(
309,976
)
—
(
309,976
)
8.21%
Quarterly
3-mo.
JIBAR
Quarterly
03/20/24
(a)
03/20/29
ZAR
1,368,000
(
420,108
)
—
(
420,108
)
8.10%
Quarterly
3-mo.
JIBAR
Quarterly
03/20/24
(a)
03/20/29
ZAR
285,670
(
19,785
)
—
(
19,785
)
8.26%
Quarterly
3-mo.
JIBAR
Quarterly
03/20/24
(a)
03/20/29
ZAR
439,000
(
181,326
)
—
(
181,326
)
8.32%
Quarterly
3-mo.
JIBAR
Quarterly
03/20/24
(a)
03/20/29
ZAR
284,000
(
151,691
)
—
(
151,691
)
8.14%
Quarterly
3-mo.
JIBAR
Quarterly
03/20/24
(a)
03/20/29
ZAR
443,000
(
68,995
)
—
(
68,995
)
8.11%
Quarterly
3-mo.
JIBAR
Quarterly
03/20/24
(a)
03/20/29
ZAR
174,900
(
14,382
)
—
(
14,382
)
8.09%
Quarterly
3-mo.
JIBAR
Quarterly
03/20/24
(a)
03/20/29
ZAR
122,430
(
5,832
)
—
(
5,832
)
8.43%
Quarterly
3-mo.
JIBAR
Quarterly
03/20/24
(a)
03/20/29
ZAR
344,000
(
268,679
)
—
(
268,679
)
8.17%
Quarterly
3-mo.
JIBAR
Quarterly
03/20/24
(a)
03/20/29
ZAR
856,000
(
188,842
)
—
(
188,842
)
8.14%
Quarterly
3-mo.
JIBAR
Quarterly
03/20/24
(a)
03/20/29
ZAR
527,000
(
76,380
)
—
(
76,380
)
8.19%
Quarterly
3-mo.
JIBAR
Quarterly
03/20/24
(a)
03/20/29
ZAR
529,000
(
133,860
)
—
(
133,860
)
8.47%
Quarterly
3-mo.
JIBAR
Quarterly
03/20/24
(a)
03/20/29
ZAR
464,000
(
403,336
)
—
(
403,336
)
8.22%
Quarterly
3-mo.
JIBAR
Quarterly
03/20/24
(a)
03/20/29
ZAR
358,000
(
116,907
)
—
(
116,907
)
8.02%
Quarterly
3-mo.
JIBAR
Quarterly
03/20/24
(a)
03/20/29
ZAR
260,000
29,777
—
29,777
8.13%
Quarterly
3-mo.
JIBAR
Quarterly
03/20/24
(a)
03/20/29
ZAR
270,000
(
36,213
)
—
(
36,213
)
8.05%
Quarterly
3-mo.
JIBAR
Quarterly
03/20/24
(a)
03/20/29
ZAR
414,000
18,769
—
18,769
8.11%
Quarterly
3-mo.
JIBAR
Quarterly
03/20/24
(a)
03/20/29
ZAR
1,016,000
(
101,121
)
—
(
101,121
)
1.33%
Quarterly
3-mo.
TWCPBA
Quarterly
03/20/24
(a)
03/20/29
TWD
517,000
87,911
—
87,911
1.42%
Quarterly
3-mo.
TWCPBA
Quarterly
03/20/24
(a)
03/20/29
TWD
764,000
24,169
—
24,169
1.32%
Quarterly
3-mo.
TWCPBA
Quarterly
03/20/24
(a)
03/20/29
TWD
319,000
60,550
—
60,550
1.38%
Quarterly
3-mo.
TWCPBA
Quarterly
03/20/24
(a)
03/20/29
TWD
416,000
35,204
—
35,204
1.36%
Quarterly
3-mo.
TWCPBA
Quarterly
03/20/24
(a)
03/20/29
TWD
316,000
39,737
—
39,737
4.10%
Semi-Annual
6-mo.
BBR
Semi-Annual
03/20/24
(a)
03/20/29
AUD
68,700
(
336,011
)
—
(
336,011
)
4.04%
Semi-Annual
6-mo.
BBR
Semi-Annual
03/20/24
(a)
03/20/29
AUD
19,600
(
63,300
)
—
(
63,300
)
4.06%
Semi-Annual
6-mo.
BBR
Semi-Annual
03/20/24
(a)
03/20/29
AUD
12,000
(
44,147
)
—
(
44,147
)
4.03%
Semi-Annual
6-mo.
BBR
Semi-Annual
03/20/24
(a)
03/20/29
AUD
8,400
(
23,950
)
—
(
23,950
)
3.89%
Semi-Annual
6-mo.
BBR
Semi-Annual
03/20/24
(a)
03/20/29
AUD
52,000
73,104
—
73,104
3.97%
Semi-Annual
6-mo.
BBR
Semi-Annual
03/20/24
(a)
03/20/29
AUD
29,000
(
28,245
)
—
(
28,245
)
3.99%
Semi-Annual
6-mo.
BBR
Semi-Annual
03/20/24
(a)
03/20/29
AUD
26,000
(
42,617
)
—
(
42,617
)
4.11%
Semi-Annual
6-mo.
BBR
Semi-Annual
03/20/24
(a)
03/20/29
AUD
26,714
(
140,134
)
—
(
140,134
)
4.12%
Semi-Annual
6-mo.
BBR
Semi-Annual
03/20/24
(a)
03/20/29
AUD
66,797
(
358,299
)
—
(
358,299
)
4.12%
Semi-Annual
6-mo.
BBR
Semi-Annual
03/20/24
(a)
03/20/29
AUD
66,789
(
366,155
)
—
(
366,155
)
4.06%
Semi-Annual
6-mo.
BBR
Semi-Annual
03/20/24
(a)
03/20/29
AUD
18,000
(
64,624
)
—
(
64,624
)
3.88%
Semi-Annual
6-mo.
BBR
Semi-Annual
03/20/24
(a)
03/20/29
AUD
34,000
51,819
—
51,819
3.38%
Annual
6-mo.
EURIBOR
Semi-Annual
03/20/24
(a)
03/20/29
EUR
18,000
(
829,768
)
(
1,597
)
(
828,171
)
3.38%
Annual
6-mo.
EURIBOR
Semi-Annual
03/20/24
(a)
03/20/29
EUR
11,000
(
508,184
)
(
22,503
)
(
485,681
)
2.59%
Annual
6-mo.
EURIBOR
Semi-Annual
03/20/24
(a)
03/20/29
EUR
3,000
(
18,694
)
(
7,844
)
(
10,850
)
3.39%
Annual
6-mo.
EURIBOR
Semi-Annual
03/20/24
(a)
03/20/29
EUR
25,000
(
1,166,246
)
(
7,868
)
(
1,158,378
)
2.62%
Annual
6-mo.
EURIBOR
Semi-Annual
03/20/24
(a)
03/20/29
EUR
13,000
(
100,563
)
11,525
(
112,088
)
$
3,071,556
$
1,070,256
$
2,001,300
(a)
Forward
swap.
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
BlackRock
Tactical
Opportunities
Fund
16
OTC
Interest
Rate
Swaps
Paid
by
the
Fund
Received
by
the
Fund
Rate
Frequency
Rate
Frequency
Counterparty
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
1-day
BZDIOVER
At
Termination
10.42%
At
Termination
HSBC
Bank
plc
01/04/27
BRL
125,000
$
321,452
$
—
$
321,452
1-day
BZDIOVER
At
Termination
10.51%
At
Termination
Morgan
Stanley
&
Co.
International
plc
01/04/27
BRL
76,000
291,154
—
291,154
1-day
BZDIOVER
At
Termination
10.61%
At
Termination
HSBC
Bank
plc
01/04/27
BRL
76,000
306,630
—
306,630
1-day
BZDIOVER
At
Termination
10.64%
At
Termination
Bank
of
America
NA
01/04/27
BRL
100,000
462,882
—
462,882
1-day
BZDIOVER
At
Termination
10.65%
At
Termination
Barclays
Bank
plc
01/04/27
BRL
36,000
169,210
—
169,210
1-day
BZDIOVER
At
Termination
10.69%
At
Termination
HSBC
Bank
plc
01/04/27
BRL
77,000
373,219
—
373,219
1-day
BZDIOVER
At
Termination
10.79%
At
Termination
Bank
of
America
NA
01/04/27
BRL
165,000
878,821
—
878,821
1-day
BZDIOVER
At
Termination
10.81%
At
Termination
BNP
Paribas
SA
01/04/27
BRL
111,000
624,219
—
624,219
1-day
BZDIOVER
At
Termination
10.86%
At
Termination
Bank
of
America
NA
01/04/27
BRL
24,000
138,558
—
138,558
1-day
BZDIOVER
At
Termination
10.86%
At
Termination
BNP
Paribas
SA
01/04/27
BRL
78,000
444,937
—
444,937
1-day
BZDIOVER
At
Termination
10.96%
At
Termination
Morgan
Stanley
&
Co.
International
plc
01/04/27
BRL
76,000
481,108
—
481,108
1-day
BZDIOVER
At
Termination
11.06%
At
Termination
JPMorgan
Chase
Bank
NA
01/04/27
BRL
70,000
493,346
—
493,346
1-day
BZDIOVER
At
Termination
11.08%
At
Termination
HSBC
Bank
plc
01/04/27
BRL
131,000
952,235
—
952,235
1-day
BZDIOVER
At
Termination
9.73%
At
Termination
Barclays
Bank
plc
01/04/27
BRL
133,000
(
25,271
)
—
(
25,271
)
1-day
BZDIOVER
At
Termination
9.79%
At
Termination
Morgan
Stanley
&
Co.
International
plc
01/04/27
BRL
160,000
43,312
—
43,312
1-day
BZDIOVER
At
Termination
9.80%
At
Termination
BNP
Paribas
SA
01/04/27
BRL
30,000
4,503
—
4,503
1-day
BZDIOVER
At
Termination
9.83%
At
Termination
Morgan
Stanley
&
Co.
International
plc
01/04/27
BRL
76,000
31,231
—
31,231
$
5,991,546
$
—
$
5,991,546
OTC
Total
Return
Swap
s
-
Future
Reference
Entity
Fixed
Amount
Paid
/
(Received)
by
the
Fund
(a)
Counterparty
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
BOVESPA
Index
Futures
February
2024
.........
BRL
24,606,731
Merrill
Lynch
International
&
Co.
02/14/24
BRL
24,607
$
(
7,753
)
$
—
$
(
7,753
)
BOVESPA
Index
Futures
February
2024
.........
BRL
49,137,859
Merrill
Lynch
International
&
Co.
02/14/24
BRL
49,138
(
361,832
)
—
(
361,832
)
BOVESPA
Index
Futures
February
2024
.........
BRL
29,716,757
Merrill
Lynch
International
&
Co.
02/14/24
BRL
29,717
(
57,718
)
—
(
57,718
)
BOVESPA
Index
Futures
February
2024
.........
BRL
41,748,135
Merrill
Lynch
International
&
Co.
02/16/24
BRL
41,748
(
6,696
)
—
(
6,696
)
Taiwan
Capitalization
Weighted
Stock
Index
Futures
February
2024
................
TWD
3,806,821,396
Merrill
Lynch
International
&
Co.
02/21/24
TWD
3,806,821
2,277,449
—
2,277,449
Taiwan
Capitalization
Weighted
Stock
Index
Futures
February
2024
................
TWD
224,552,570
Merrill
Lynch
International
&
Co.
02/23/24
TWD
224,553
(
74,511
)
—
(
74,511
)
Taiwan
Capitalization
Weighted
Stock
Index
Futures
February
2024
................
TWD
1,047,355,927
Merrill
Lynch
International
&
Co.
02/23/24
TWD
1,047,356
(
139,099
)
—
(
139,099
)
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
BlackRock
Tactical
Opportunities
Fund
17
OTC
Total
Return
Swaps
-
Future
(continued)
Reference
Entity
Fixed
Amount
Paid
/
(Received)
by
the
Fund
(a)
Counterparty
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
KOSPI
200
Index
Futures
March
2024
................
KRW
(
19,656,355,950
)
Merrill
Lynch
International
&
Co.
03/14/24
KRW
19,656,356
$
903,312
$
—
$
903,312
KOSPI
200
Index
Futures
March
2024
................
KRW
(
30,883,973,400
)
Merrill
Lynch
International
&
Co.
03/14/24
KRW
30,883,973
1,172,572
—
1,172,572
KOSPI
200
Index
Futures
March
2024
................
KRW
(
175,611,171,300
)
Merrill
Lynch
International
&
Co.
03/14/24
KRW
175,611,171
(
416,273
)
—
(
416,273
)
KOSPI
200
Index
Futures
March
2024
................
KRW
(
29,890,123,900
)
Merrill
Lynch
International
&
Co.
03/14/24
KRW
29,890,124
(
582,082
)
—
(
582,082
)
KOSPI
200
Index
Futures
March
2024
................
KRW
(
22,315,226,475
)
Merrill
Lynch
International
&
Co.
03/14/24
KRW
22,315,226
496,742
—
496,742
Mexican
Bolsa
Index
Futures
March
2024
...........
MXN
(
136,975,675
)
Merrill
Lynch
International
&
Co.
03/15/24
MXN
136,976
(
191,710
)
—
(
191,710
)
Mexican
Bolsa
Index
Futures
March
2024
...........
MXN
(
84,453,336
)
Merrill
Lynch
International
&
Co.
03/15/24
MXN
84,453
57,156
—
57,156
Mexican
Bolsa
Index
Futures
March
2024
...........
MXN
(
55,716,625
)
Merrill
Lynch
International
&
Co.
03/15/24
MXN
55,717
37,758
—
37,758
Mexican
Bolsa
Index
Futures
March
2024
...........
MXN
(
152,527,769
)
Merrill
Lynch
International
&
Co.
03/15/24
MXN
152,528
(
264,787
)
—
(
264,787
)
Swiss
Market
Index
Futures
March
2024
...........
CHF
(
2,891,632
)
HSBC
Bank
plc
03/15/24
CHF
2,892
(
50,417
)
—
(
50,417
)
KOSPI
200
Index
Futures
March
2024
................
KRW
(
44,749,932,075
)
Merrill
Lynch
International
&
Co.
03/18/24
KRW
44,749,932
9,877
—
9,877
$
2,801,988
$
—
$
2,801,988
(a)
At
termination,
the
fixed
amount
paid
(received)
will
be
exchanged
for
the
total
return
of
the
reference
entity.
OTC
Total
Return
Swaps
Paid
by
the
Fund
Received
by
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
plus
0.29%
Quarterly
Russell
1000
Value
Index
Total
Return
Quarterly
Morgan
Stanley
&
Co.
International
plc
03/11/24
USD
1,533
$
49,113
$
—
$
49,113
1-day
SOFR
plus
0.40%
Quarterly
Russell
1000
Value
Index
Total
Return
Quarterly
Morgan
Stanley
&
Co.
International
plc
03/11/24
USD
6,340
202,122
—
202,122
S&P
500
Total
Return
Index
..........
Quarterly
1-day
SOFR
plus
0.33%
Quarterly
UBS
AG
05/24/24
USD
442,212
(
24,497,470
)
—
(
24,497,470
)
MSCI
Chile
Net
Return
Index
..........
Quarterly
1-day
SOFR
minus
0.45%
Quarterly
Merrill
Lynch
International
&
Co.
09/05/24
USD
4,463
287,302
—
287,302
1-day
SOFR
plus
0.40%
Quarterly
Russell
1000
Value
Index
Total
Return
Quarterly
Morgan
Stanley
&
Co.
International
plc
10/04/24
USD
16,577
116,656
—
116,656
1-day
SOFR
plus
0.45%
Quarterly
Russell
1000
Value
Index
Total
Return
Quarterly
Merrill
Lynch
International
&
Co.
10/04/24
USD
60,143
241,070
—
241,070
$
(
23,601,207
)
$
—
$
(
23,601,207
)
The
following
reference
rates,
and
their
values
as
of
period
end,
are
used
for
security
descriptions:
Reference
Index
Reference
Rate
1-day
BZDIOVER
.....................................
Overnight
Brazil
CETIP
—
Interbank
Rate
0
.04
%
1-day
MIBOR
........................................
Mumbai
Interbank
Offered
Rate
6
.85
1-day
REPO_CORRA
...................................
Canadian
Overnight
Repo
Rate
5
.07
1-day
SARON
........................................
Swiss
Average
Rate
Overnight
1
.70
1-day
SOFR
.........................................
Secured
Overnight
Financing
Rate
5
.33
1-day
SONIA
.........................................
Sterling
Overnight
Index
Average
5
.19
1-day
SORA
.........................................
Singapore
Overnight
Rate
Average
3
.48
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
BlackRock
Tactical
Opportunities
Fund
18
Fair
Value
Hierarchy
as
of
Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
These
inputs
to
valuation
techniques
are
categorized
into
a
fair
value
hierarchy
consisting
of
three
broad
levels
for
financial
reporting
purposes
as
follows:
Level
1
—
Unadjusted
price
quotations
in
active
markets/exchanges
for
identical
assets
or
liabilities
that
the
Fund
has
the
ability
to
access;
Level
2
—
Other
observable
inputs
(including,
but
not
limited
to,
quoted
prices
for
similar
assets
or
liabilities
in
markets
that
are
active,
quoted
prices
for
identical
or
similar
assets
or
liabilities
in
markets
that
are
not
active,
inputs
other
than
quoted
prices
that
are
observable
for
the
assets
or
liabilities
(such
as
interest
rates,
yield
curves,
volatilities,
prepayment
speeds,
loss
severities,
credit
risks
and
default
rates)
or
other
market-corroborated
inputs);
and
Level
3
—
Unobservable
inputs
based
on
the
best
information
available
in
the
circumstances,
to
the
extent
observable
inputs
are
not
available
(including
the
Valuation
Committee's
assumptions
used
in
determining
the
fair
value
of
financial
instruments).
The
hierarchy
gives
the
highest
priority
to
unadjusted
quoted
prices
in
active
markets
for
identical
assets
or
liabilities
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements).
Accordingly,
the
degree
of
judgment
exercised
in
determining
fair
value
is
greatest
for
instruments
categorized
in
Level
3.
The
inputs
used
to
measure
fair
value
may
fall
into
different
levels
of
the
fair
value
hierarchy.
In
such
cases,
for
disclosure
purposes,
the
fair
value
hierarchy
classification
is
determined
based
on
the
lowest
level
input
that
is
significant
to
the
fair
value
measurement
in
its
entirety.
Investments
classified
within
Level
3
have
significant
unobservable
inputs
used
by
the
Valuation
Committee
in
determining
the
price
for
Fair
Valued
Investments.
Level
3
investments
include
equity
or
debt
issued
by
privately
held
companies
or
funds.
There
may
not
be
a
secondary
market,
and/
or
there
are
a
limited
number
of
investors.
The
categorization
of
a
value
determined
for
financial
instruments
is
based
on
the
pricing
transparency
of
the
financial
instruments
and
is
not
necessarily
an
indication
of
the
risks
associated
with
investing
in
those
securities.
For
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
its
most
recent
financial
statements.
Certain
investments
of
the
Fund
were
fair
valued
using
net
asset
value
("NAV")
as
a
practical
expedient
as
no
quoted
market
value
is
available
and
therefore
have
been
excluded
from
the
fair
value
hierarchy.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
Reference
Index
Reference
Rate
1-day
THOR
.........................................
Thailand
Overnight
Repo
Rate
ON
2
.48
%
1-week
CNREPOFIX_CFXS
..............................
China
Fixing
Repo
Rates
2
.35
28-day
MXIBTIIE
......................................
Mexico
Interbank
TIIE
28-Day
11
.50
3-mo.
CD_KSDA
......................................
Certificates
of
Deposit
by
the
Korean
Securities
Dealers
Association
3
.68
3-mo.
HIBOR
........................................
Hong
Kong
Interbank
Offered
Rate
4
.71
3-mo.
JIBAR
.........................................
Johannesburg
Interbank
Average
Rate
8
.39
3-mo.
STIBOR
.......................................
Stockholm
Interbank
Offered
Rate
4
.09
3-mo.
TWCPBA
.......................................
Taiwan
Secondary
Markets
Bills
Rate
1
.49
6-mo.
BBR
..........................................
Australian
Bank
Bill
Rate
4
.43
6-mo.
EURIBOR
......................................
Euro
Interbank
Offered
Rate
3
.84
6-mo.
PRIBOR
.......................................
Prague
Interbank
Offered
Rate
6
.15
6-mo.
WIBOR
........................................
Warsaw
Interbank
Offered
Rate
5
.75
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Asset-Backed
Securities
...................................
$
—
$
—
$
—
$
—
Common
Stocks
Aerospace
&
Defense
....................................
81,883
5,148,006
—
5,229,889
Automobile
Components
..................................
68,162
492,061
—
560,223
Automobiles
..........................................
2,518,708
6,622,256
—
9,140,964
Banks
...............................................
24,970,531
24,195,064
—
49,165,595
Beverages
...........................................
12,400,739
2,173,173
—
14,573,912
Biotechnology
.........................................
24,612,842
2,051,058
—
26,663,900
Broadline
Retail
........................................
37,287,255
—
—
37,287,255
Building
Products
.......................................
7,495,909
859,736
—
8,355,645
Capital
Markets
........................................
18,142,329
11,142,113
—
29,284,442
Chemicals
............................................
141,235
1,884,315
—
2,025,550
Commercial
Services
&
Supplies
.............................
2,852,874
134,507
—
2,987,381
Communications
Equipment
................................
17,729,251
741,180
—
18,470,431
Construction
&
Engineering
................................
3,538,859
4,724,765
—
8,263,624
Construction
Materials
....................................
7,380,925
5,024,959
—
12,405,884
Consumer
Finance
......................................
1,056,793
—
—
1,056,793
Consumer
Staples
Distribution
&
Retail
........................
17,953,101
2,468,084
—
20,421,185
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
BlackRock
Tactical
Opportunities
Fund
19
Level
1
Level
2
Level
3
Total
Containers
&
Packaging
..................................
$
8,635,087
$
—
$
—
$
8,635,087
Distributors
...........................................
274,725
—
—
274,725
Diversified
Consumer
Services
..............................
108,216
—
—
108,216
Diversified
REITs
.......................................
—
136,240
—
136,240
Diversified
Telecommunication
Services
........................
1,568,562
3,277,844
—
4,846,406
Electric
Utilities
........................................
151,427
6,673,547
—
6,824,974
Electrical
Equipment
.....................................
916,420
6,128,484
—
7,044,904
Electronic
Equipment,
Instruments
&
Components
.................
8,656,142
1,082,539
—
9,738,681
Energy
Equipment
&
Services
..............................
1,044,340
204,425
—
1,248,765
Entertainment
.........................................
20,058,062
2,065,742
—
22,123,804
Financial
Services
......................................
43,251,613
3,056,188
—
46,307,801
Food
Products
.........................................
5,243,475
6,108,434
—
11,351,909
Gas
Utilities
...........................................
77,059
497,106
—
574,165
Ground
Transportation
...................................
54,549
622,317
—
676,866
Health
Care
Equipment
&
Supplies
...........................
1,887,112
1,287,347
—
3,174,459
Health
Care
Providers
&
Services
............................
9,294,993
—
—
9,294,993
Health
Care
REITs
......................................
33,771
—
—
33,771
Health
Care
Technology
..................................
290,619
—
—
290,619
Hotel
&
Resort
REITs
....................................
59,098
—
—
59,098
Hotels,
Restaurants
&
Leisure
..............................
7,112,582
1,281,929
—
8,394,511
Household
Durables
.....................................
3,180,961
1,958,347
—
5,139,308
Household
Products
.....................................
25,738,192
1,430,451
—
27,168,643
Independent
Power
and
Renewable
Electricity
Producers
............
1,587,793
2,449,500
—
4,037,293
Industrial
Conglomerates
..................................
—
7,001,663
—
7,001,663
Industrial
REITs
........................................
—
312,079
—
312,079
Insurance
............................................
41,258,368
18,186,658
—
59,445,026
Interactive
Media
&
Services
...............................
50,101,589
142,221
—
50,243,810
IT
Services
...........................................
10,439,834
4,530,250
—
14,970,084
Leisure
Products
.......................................
34,261
—
—
34,261
Life
Sciences
Tools
&
Services
..............................
12,431,493
1,557,255
—
13,988,748
Machinery
............................................
1,348,009
3,452,816
—
4,800,825
Media
...............................................
12,302,168
1,335,195
—
13,637,363
Metals
&
Mining
........................................
15,708,738
17,581,702
—
33,290,440
Multi-Utilities
..........................................
994,181
2,460,161
—
3,454,342
Office
REITs
..........................................
50,516
273,174
—
323,690
Oil,
Gas
&
Consumable
Fuels
...............................
18,857,267
9,954,814
—
28,812,081
Passenger
Airlines
......................................
3,324,021
—
—
3,324,021
Personal
Care
Products
..................................
1,152,790
6,090,046
—
7,242,836
Pharmaceuticals
.......................................
28,425,389
23,264,147
—
51,689,536
Professional
Services
....................................
6,210,217
3,102,740
—
9,312,957
Real
Estate
Management
&
Development
.......................
105,351
1,876,614
—
1,981,965
Semiconductors
&
Semiconductor
Equipment
....................
71,204,637
14,852,589
—
86,057,226
Software
.............................................
120,774,420
7,107,534
—
127,881,954
Specialized
REITs
......................................
141,924
—
—
141,924
Specialty
Retail
........................................
43,840,498
2,441,126
—
46,281,624
Technology
Hardware,
Storage
&
Peripherals
....................
58,013,989
1,870,005
—
59,883,994
Textiles,
Apparel
&
Luxury
Goods
............................
178,388
3,447,769
—
3,626,157
Tobacco
.............................................
1,627,552
358,403
—
1,985,955
Trading
Companies
&
Distributors
............................
9,773,571
11,960,751
—
21,734,322
Transportation
Infrastructure
...............................
—
170,892
—
170,892
Water
Utilities
.........................................
2,127,094
711,122
—
2,838,216
Wireless
Telecommunication
Services
.........................
—
379,902
—
379,902
Other
Interests
..........................................
—
—
—
—
Rights
................................................
—
703
2,411
3,114
Warrants
..............................................
56,624
—
—
56,624
Short-Term
Securities
Money
Market
Funds
......................................
23,539,649
—
—
23,539,649
U.S.
Treasury
Obligations
...................................
—
282,056,930
—
282,056,930
$
851,478,732
$
532,400,978
$
2,411
$
1,383,882,121
Investments
Valued
at
NAV
(a)
......................................
5,057,133
$
1,388,939,254
Fair
Value
Hierarchy
as
of
Period
End
(continued)
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2024
BlackRock
Tactical
Opportunities
Fund
20
Level
1
Level
2
Level
3
Total
Derivative
Financial
Instruments
(b)
Assets
Credit
contracts
...........................................
$
—
$
1,863,997
$
—
$
1,863,997
Equity
contracts
...........................................
2,582,264
24,203,659
—
26,785,923
Foreign
currency
exchange
contracts
............................
—
2,857,364
—
2,857,364
Interest
rate
contracts
.......................................
7,859,787
20,495,362
—
28,355,149
Liabilities
Equity
contracts
...........................................
(
17,805,855
)
(
31,762,258
)
—
(
49,568,113
)
Foreign
currency
exchange
contracts
............................
—
(
5,426,322
)
—
(
5,426,322
)
Interest
rate
contracts
.......................................
(
17,545,952
)
(
12,502,516
)
—
(
30,048,468
)
$
(
24,909,756
)
$
(
270,714
)
$
—
$
(
25,180,470
)
(a)
Certain
investments
of
the
Fund
were
fair
valued
using
NAV
as
a
practical
expedient
as
no
quoted
market
value
is
available
and
therefore
have
been
excluded
from
the
fair
value
hierarchy.
(b)
Derivative
financial
instruments
are
swaps,
futures
contracts
and
forward
foreign
currency
exchange
contracts.
Swaps,
futures
contracts
and
forward
foreign
currency
exchange
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
Currency
Abbreviation
AUD
Australian
Dollar
BRL
Brazilian
Real
CAD
Canadian
Dollar
CHF
Swiss
Franc
CLP
Chilean
Peso
CNY
Chinese
Yuan
CZK
Czech
Koruna
EUR
Euro
GBP
British
Pound
HKD
Hong
Kong
Dollar
INR
Indian
Rupee
JPY
Japanese
Yen
KRW
South
Korean
Won
MXN
Mexican
Peso
NOK
Norwegian
Krone
NZD
New
Zealand
Dollar
PLN
Polish
Zloty
SEK
Swedish
Krona
SGD
Singapore
Dollar
THB
Thai
Baht
TWD
Taiwan
New
Dollar
USD
United
States
Dollar
ZAR
South
African
Rand
Portfolio
Abbreviation
ADR
American
Depositary
Receipts
BBR
Australian
Bank
Bill
Rate
BZDIOVER
Overnight
Brazil
CETIP
—
Interbank
Rate
CD_KSDA
Certificates
of
Deposit
by
the
Korean
Securities
Dealers
Association
CDO
Collateralized
Debt
Obligation
CDI
Crest
Depository
Interests
CNREPOFIX_CFXS
China
Fixing
Repo
Rates
CNREPOFI
Day
China
Fixing
Repo
Rates
CVA
Certification
Van
Aandelon
(Dutch
Certificate)
CVR
Contingent
Value
Rights
EURIBOR
Euro
Interbank
Offered
Rate
HIBOR
Hong
Kong
Interbank
Offered
Rate
JIBAR
Johannesburg
Interbank
Average
Rate
LIBOR
London
Interbank
Offered
Rate
MIBOR
Mumbai
Interbank
Offered
Rate
MSCI
Morgan
Stanley
Capital
International
MXIBTIIE
Mexico
Interbank
TIIE
28-Day
OMX
Stockholm
Nordic
Exchange
OTC
Over-the-counter
PRIBOR
Prague
Interbank
Offered
Rate
REIT
Real
Estate
Investment
Trust
REPO_CORRA
Canadian
Overnight
Repo
Rate
SARON
Swiss
Average
Rate
Overnight
SCA
Svenska
Cellulosa
Aktiebolaget
SONIA
Sterling
Overnight
Interbank
Average
Rate
SOFR
Secured
Overnight
Financing
Rate
SORA
Singapore
Overnight
Rate
Average
STIBOR
Stockholm
Interbank
Offered
Rate
THOR
Thailand
Overnight
Repo
Rate
ON
TWCPBA
Taiwan
Secondary
Markets
Bills
Rate
WIBOR
Warsaw
Interbank
Offered
Rate
Fair
Value
Hierarchy
as
of
Period
End
(continued)