BlackRock

Tactical

Opportunities

Fund

2

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

July

31,

2022

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

Knollwood

CDO

Ltd.,

Series

2004-1A,

Class

C,

(LIBOR

USD

3

Month

+

3.20%),

5.59%,

01/10/39

(a)(b)(c)

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

USD

191

$

—

Total

Asset-Backed

Securities

—

0.0%

(Cost:

$187,031)

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

—

Shares

Shares

Common

Stocks

Aerospace

&

Defense

—

0.2%

HEICO

Corp.

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

3,829

603,871

HEICO

Corp.,

Class

A

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

3,879

495,271

MTU

Aero

Engines

AG

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

2,386

461,246

Rheinmetall

AG

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

1,468

269,198

TransDigm

Group,

Inc.

(d)

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

2,823

1,756,866

3,586,452

Air

Freight

&

Logistics

—

0.3%

Deutsche

Post

AG

(Registered)

.........

12,734

508,594

DSV

A/S

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

2,927

493,203

FedEx

Corp.

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

4,238

987,835

United

Parcel

Service,

Inc.,

Class

B

......

17,027

3,318,392

5,308,024

Airlines

—

0.0%

Alaska

Air

Group,

Inc.

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

3,127

138,620

American

Airlines

Group,

Inc.

(d)

..........

16,088

220,567

United

Airlines

Holdings,

Inc.

(d)

..........

8,043

295,580

654,767

Auto

Components

—

0.2%

Aptiv

plc

(d)

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

12,014

1,260,148

BorgWarner,

Inc.

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

10,590

407,291

Bridgestone

Corp.

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

8,100

315,948

Cie

Generale

des

Etablissements

Michelin

SCA

18,988

531,371

Denso

Corp.

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

11,400

623,524

3,138,282

Automobiles

—

2.6%

Bayerische

Motoren

Werke

AG

.........

10,191

832,742

Ferrari

NV

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

4,774

1,013,818

Ford

Motor

Co.

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

149,966

2,203,001

General

Motors

Co.

(d)

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

62,351

2,260,847

Honda

Motor

Co.

Ltd.

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

48,300

1,237,794

Lucid

Group,

Inc.

(d)

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

48,883

892,115

Mercedes-Benz

Group

AG

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

24,468

1,442,976

Nissan

Motor

Co.

Ltd.

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

107,900

410,329

Rivian

Automotive,

Inc.,

Class

A

(d)

........

28,125

964,688

Stellantis

NV

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

40,781

585,626

Subaru

Corp.

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

41,200

716,917

Tesla,

Inc.

(d)

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

28,132

25,078,271

Toyota

Motor

Corp.

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

233,100

3,783,455

Volkswagen

AG

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

1,184

234,512

41,657,091

Banks

—

2.7%

Australia

&

New

Zealand

Banking

Group

Ltd.

63,439

1,025,254

Banco

Bilbao

Vizcaya

Argentaria

SA

......

89,931

407,538

Banco

Santander

SA

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

288,711

722,318

Bank

Leumi

Le-Israel

BM

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

27,963

271,901

Bank

of

America

Corp.

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

157,704

5,331,972

Barclays

plc

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

322,495

617,760

BNP

Paribas

SA

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

19,968

943,435

BOC

Hong

Kong

Holdings

Ltd.

..........

77,500

280,342

CaixaBank

SA

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

43,762

131,406

Security

Shares

Shares

Value

Banks

(continued)

Citigroup,

Inc.

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

37,502

$

1,946,354

Comerica,

Inc.

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

3,246

252,441

Commerzbank

AG

(d)

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

20,488

140,366

Commonwealth

Bank

of

Australia

........

35,617

2,529,426

Credit

Agricole

SA

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

20,510

188,976

Danske

Bank

A/S

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

20,222

282,791

DBS

Group

Holdings

Ltd.

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

34,900

796,360

FinecoBank

Banca

Fineco

SpA

.........

11,738

145,880

First

Republic

Bank

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

1,111

180,771

Hang

Seng

Bank

Ltd.

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

20,900

337,130

HSBC

Holdings

plc

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

442,541

2,772,059

ING

Groep

NV

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

74,973

728,275

Intesa

Sanpaolo

SpA

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

192,618

342,053

Israel

Discount

Bank

Ltd.,

Class

A

.......

23,808

135,369

Japan

Post

Bank

Co.

Ltd.

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

26,000

207,991

JPMorgan

Chase

&

Co.

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

68,159

7,862,822

KBC

Group

NV

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

3,537

185,257

M&T

Bank

Corp.

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

1,990

353,126

Mitsubishi

UFJ

Financial

Group,

Inc.

......

277,100

1,561,318

Mizuho

Financial

Group,

Inc.

...........

61,250

730,490

National

Australia

Bank

Ltd.

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

69,065

1,491,563

NatWest

Group

plc

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

197,949

601,222

Nordea

Bank

Abp

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

13,087

129,038

Oversea-Chinese

Banking

Corp.

Ltd.

.....

65,200

552,551

Societe

Generale

SA

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

9,583

214,721

Standard

Chartered

plc

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

47,053

324,322

Sumitomo

Mitsui

Financial

Group,

Inc.

.....

31,000

972,535

Truist

Financial

Corp.

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

20,242

1,021,614

UniCredit

SpA

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

33,385

330,167

United

Overseas

Bank

Ltd.

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

22,800

454,891

US

Bancorp

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

28,752

1,357,094

Wells

Fargo

&

Co.

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

77,874

3,416,332

Westpac

Banking

Corp.

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

69,627

1,054,372

Zions

Bancorp

NA

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

3,766

205,435

43,537,038

Beverages

—

1.6%

Anheuser-Busch

InBev

SA/NV

..........

24,610

1,318,304

Asahi

Group

Holdings

Ltd.

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

3,400

118,206

Brown-Forman

Corp.,

Class

B

..........

8,510

631,612

Carlsberg

A/S,

Class

B

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

3,229

417,645

Coca-Cola

Co.

(The)

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

101,181

6,492,785

Coca-Cola

HBC

AG

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

10,404

256,059

Constellation

Brands,

Inc.,

Class

A

.......

5,822

1,434,017

Davide

Campari-Milano

NV

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

11,432

126,917

Diageo

plc

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

51,394

2,434,629

Heineken

Holding

NV

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

6,793

536,775

Heineken

NV

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

6,592

649,885

Keurig

Dr

Pepper,

Inc.

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

27,360

1,059,926

Kirin

Holdings

Co.

Ltd.

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

9,000

148,035

Molson

Coors

Beverage

Co.,

Class

B

.....

4,909

293,313

Monster

Beverage

Corp.

(d)

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

9,429

939,317

PepsiCo,

Inc.

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

38,853

6,797,721

Pernod

Ricard

SA

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

7,497

1,472,744

25,127,890

Biotechnology

—

1.6%

AbbVie,

Inc.

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

52,966

7,601,151

Alnylam

Pharmaceuticals,

Inc.

(d)

.........

1,557

221,156

Amgen,

Inc.

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

17,174

4,250,050

Argenx

SE

(d)

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

1,137

415,348

Biogen,

Inc.

(d)

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

5,060

1,088,204

BioMarin

Pharmaceutical,

Inc.

(d)

.........

1,645

141,552

CSL

Ltd.

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

10,420

2,121,689

Genmab

A/S

(d)

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

1,104

392,825

Gilead

Sciences,

Inc.

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

42,186

2,520,613

BlackRock

Tactical

Opportunities

Fund

3

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

July

31,

2022

Security

Shares

Shares

Value

Biotechnology

(continued)

Horizon

Therapeutics

plc

(d)

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

6,964

$

577,803

Incyte

Corp.

(d)

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

6,247

485,267

Moderna,

Inc.

(d)

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

11,305

1,855,037

Neurocrine

Biosciences,

Inc.

(d)

..........

1,257

118,321

Regeneron

Pharmaceuticals,

Inc.

(d)

.......

3,468

2,017,301

Seagen,

Inc.

(d)

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

2,003

360,500

Vertex

Pharmaceuticals,

Inc.

(d)

..........

8,204

2,300,484

26,467,301

Building

Products

—

1.2%

Allegion

plc

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

10,362

1,095,263

AO

Smith

Corp.

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

19,357

1,224,717

Assa

Abloy

AB,

Class

B

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

40,426

955,106

Carrier

Global

Corp.

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

53,363

2,162,802

Cie

de

Saint-Gobain

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

13,377

623,768

Daikin

Industries

Ltd.

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

5,800

1,017,194

Fortune

Brands

Home

&

Security,

Inc.

.....

11,625

810,030

Geberit

AG

(Registered)

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

434

228,578

Johnson

Controls

International

plc

.......

51,944

2,800,301

Kingspan

Group

plc

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

4,923

318,657

Lennox

International,

Inc.

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

3,234

774,640

Lixil

Corp.

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

10,900

225,578

Masco

Corp.

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

31,001

1,716,835

Nibe

Industrier

AB,

Class

B

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

21,124

212,805

Owens

Corning

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

9,131

846,809

ROCKWOOL

A/S,

Class

B

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

1,745

432,410

TOTO

Ltd.

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

7,200

245,246

Trane

Technologies

plc

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

19,058

2,801,335

Xinyi

Glass

Holdings

Ltd.

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

83,000

163,704

18,655,778

Capital

Markets

—

1.6%

3i

Group

plc

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

18,731

291,038

Abrdn

plc

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

34,377

69,697

Amundi

SA

(c)(e)

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

3,050

165,599

ASX

Ltd.

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

5,334

331,534

Bank

of

New

York

Mellon

Corp.

(The)

.....

10,854

471,715

Cboe

Global

Markets,

Inc.

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

1,595

196,791

Charles

Schwab

Corp.

(The)

...........

33,275

2,297,639

CME

Group,

Inc.

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

8,946

1,784,548

Credit

Suisse

Group

AG

(Registered)

.....

34,553

200,980

Deutsche

Bank

AG

(Registered)

.........

36,135

316,071

Deutsche

Boerse

AG

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

6,622

1,155,972

Euronext

NV

(c)(e)

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

3,132

255,191

FactSet

Research

Systems,

Inc.

.........

529

227,301

Goldman

Sachs

Group,

Inc.

(The)

.......

7,634

2,545,099

Hargreaves

Lansdown

plc

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

7,413

76,745

Hong

Kong

Exchanges

&

Clearing

Ltd.

....

14,300

656,234

Intercontinental

Exchange,

Inc.

.........

13,431

1,369,828

Japan

Exchange

Group,

Inc.

...........

12,200

193,989

London

Stock

Exchange

Group

plc

.......

7,285

710,963

Macquarie

Group

Ltd.

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

9,057

1,159,146

MarketAxess

Holdings,

Inc.

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

500

135,390

Moody's

Corp.

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

3,573

1,108,523

Morgan

Stanley

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

31,030

2,615,829

MSCI,

Inc.

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

1,283

617,559

Nasdaq,

Inc.

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

1,805

326,524

Nomura

Holdings,

Inc.

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

80,400

306,767

Northern

Trust

Corp.

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

1,841

183,695

Partners

Group

Holding

AG

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

550

600,460

S&P

Global,

Inc.

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

9,737

3,670,167

Schroders

plc

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

5,183

187,996

St.

James's

Place

plc

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

10,995

165,157

State

Street

Corp.

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

5,254

373,244

T.

Rowe

Price

Group,

Inc.

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

2,194

270,893

Security

Shares

Shares

Value

Capital

Markets

(continued)

UBS

Group

AG

(Registered)

...........

51,507

$

841,641

25,879,925

Chemicals

—

1.6%

Air

Liquide

SA

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

10,439

1,435,179

Air

Products

&

Chemicals,

Inc.

..........

1,345

333,869

Akzo

Nobel

NV

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

6,889

463,634

Albemarle

Corp.

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

7,388

1,804,962

Asahi

Kasei

Corp.

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

35,000

280,784

BASF

SE

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

23,963

1,067,916

Chr

Hansen

Holding

A/S

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

3,236

211,806

Clariant

AG

(Registered)

(d)

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

6,606

123,767

Croda

International

plc

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

5,045

461,365

DuPont

de

Nemours,

Inc.

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

32,002

1,959,483

Ecolab,

Inc.

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

21,284

3,515,478

EMS-Chemie

Holding

AG

(Registered)

....

325

258,078

Evonik

Industries

AG

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

21,305

454,429

Givaudan

SA

(Registered)

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

151

527,829

International

Flavors

&

Fragrances,

Inc.

....

21,147

2,623,285

Koninklijke

DSM

NV

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

1,931

309,248

Linde

plc

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

4,420

1,334,840

Nitto

Denko

Corp.

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

5,500

354,174

Novozymes

A/S,

Class

B

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

6,492

414,711

PPG

Industries,

Inc.

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

24,917

3,221,519

RPM

International,

Inc.

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

4,950

447,480

Sherwin-Williams

Co.

(The)

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

12,206

2,953,120

Shin-Etsu

Chemical

Co.

Ltd.

...........

6,200

794,185

Sika

AG

(Registered)

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

1,183

292,304

Symrise

AG

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

6,262

730,686

26,374,131

Commercial

Services

&

Supplies

—

0.5%

Brambles

Ltd.

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

21,972

176,846

Cintas

Corp.

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

3,828

1,628,776

Copart,

Inc.

(d)

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

2,524

323,324

Dai

Nippon

Printing

Co.

Ltd.

...........

6,900

152,265

Rentokil

Initial

plc

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

35,785

236,287

Republic

Services,

Inc.

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

11,727

1,626,066

Rollins,

Inc.

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

12,188

470,091

Secom

Co.

Ltd.

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

12,100

808,160

TOPPAN,

Inc.

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

7,000

119,108

Waste

Connections,

Inc.

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

3,123

416,515

Waste

Management,

Inc.

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

15,921

2,619,960

8,577,398

Communications

Equipment

—

0.1%

Cisco

Systems,

Inc.

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

42,655

1,935,257

Nokia

OYJ

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

48,661

253,455

2,188,712

Construction

&

Engineering

—

0.4%

ACS

Actividades

de

Construccion

y

Servicios

SA

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

7,719

185,547

Bouygues

SA

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

26,253

793,622

Eiffage

SA

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

8,919

836,951

Ferrovial

SA

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

26,485

709,219

Kajima

Corp.

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

37,400

426,947

Obayashi

Corp.

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

56,200

413,320

Quanta

Services,

Inc.

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

3,674

509,694

Shimizu

Corp.

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

61,000

345,787

Taisei

Corp.

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

18,600

593,467

Vinci

SA

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

19,101

1,830,998

6,645,552

Construction

Materials

—

0.2%

CRH

plc

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

11,410

437,849

Martin

Marietta

Materials,

Inc.

..........

4,098

1,442,824

BlackRock

Tactical

Opportunities

Fund

4

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

July

31,

2022

Security

Shares

Shares

Value

Construction

Materials

(continued)

Vulcan

Materials

Co.

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

8,794

$

1,453,912

3,334,585

Consumer

Finance

—

0.2%

American

Express

Co.

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

13,211

2,034,758

Capital

One

Financial

Corp.

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

6,235

684,790

Discover

Financial

Services

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

4,139

418,039

Synchrony

Financial

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

2,378

79,616

3,217,203

Containers

&

Packaging

—

0.2%

Ball

Corp.

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

5,528

405,866

International

Paper

Co.

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

49,963

2,136,917

2,542,783

Distributors

—

0.1%

Pool

Corp.

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

2,490

890,673

Diversified

Financial

Services

—

1.0%

Berkshire

Hathaway,

Inc.,

Class

B

.......

48,334

14,529,200

Groupe

Bruxelles

Lambert

SA

..........

5,537

490,108

Investor

AB,

Class

B

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

28,448

530,889

M&G

plc

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

82,864

216,002

ORIX

Corp.

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

26,700

475,843

16,242,042

Diversified

Telecommunication

Services

—

0.3%

AT&T,

Inc.

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

120,272

2,258,708

BT

Group

plc

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

100,078

197,587

Cellnex

Telecom

SA

(c)(e)

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

8,835

395,182

Deutsche

Telekom

AG

(Registered)

......

54,496

1,035,369

Nippon

Telegraph

&

Telephone

Corp.

.....

13,900

397,058

Orange

SA

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

19,608

200,363

Singapore

Telecommunications

Ltd.

......

158,900

300,492

Telefonica

SA

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

42,219

188,453

Verizon

Communications,

Inc.

..........

12,532

578,853

5,552,065

Electric

Utilities

—

2.2%

Acciona

SA

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

2,701

555,786

CK

Infrastructure

Holdings

Ltd.

..........

154,000

965,699

Constellation

Energy

Corp.

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

22,876

1,512,104

Edison

International

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

38,986

2,642,081

Electricite

de

France

SA

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

42,130

511,637

Elia

Group

SA/NV

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

4,750

721,106

Endesa

SA

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

55,993

1,026,320

Enel

SpA

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

337,009

1,698,953

Entergy

Corp.

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

21,727

2,501,430

Eversource

Energy

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

31,435

2,773,196

Exelon

Corp.

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

78,794

3,663,133

Fortum

OYJ

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

38,459

431,676

Iberdrola

SA

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

228,276

2,437,641

NextEra

Energy,

Inc.

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

100,521

8,493,019

NRG

Energy,

Inc.

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

23,455

885,426

Orsted

A/S

(c)(e)

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

8,621

1,003,628

Red

Electrica

Corp.

SA

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

2,461

48,384

SSE

plc

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

73,650

1,590,722

Terna

-

Rete

Elettrica

Nazionale

.........

130,641

1,000,163

Verbund

AG

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

4,631

509,250

34,971,354

Electrical

Equipment

—

0.6%

ABB

Ltd.

(Registered)

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

80,050

2,433,490

Eaton

Corp.

plc

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

4,672

693,278

Fuji

Electric

Co.

Ltd.

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

5,600

252,929

Legrand

SA

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

14,603

1,195,529

Mitsubishi

Electric

Corp.

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

76,400

806,343

Nidec

Corp.

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

8,400

583,750

Security

Shares

Shares

Value

Electrical

Equipment

(continued)

Rockwell

Automation,

Inc.

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

1,986

$

506,986

Schneider

Electric

SE

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

15,679

2,168,468

Siemens

Energy

AG

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

18,766

311,844

Siemens

Gamesa

Renewable

Energy

SA

(d)

.

6,228

114,591

Vestas

Wind

Systems

A/S

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

36,159

950,394

10,017,602

Electronic

Equipment,

Instruments

&

Components

—

0.8%

Amphenol

Corp.,

Class

A

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

52,148

4,022,175

Azbil

Corp.

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

12,900

388,331

CDW

Corp.

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

5,143

933,609

Corning,

Inc.

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

34,510

1,268,588

Halma

plc

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

10,020

282,192

Hexagon

AB,

Class

B

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

16,732

197,012

Keyence

Corp.

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

5,000

1,981,711

Kyocera

Corp.

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

8,900

494,741

Murata

Manufacturing

Co.

Ltd.

..........

11,800

689,247

Omron

Corp.

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

5,600

313,197

Shimadzu

Corp.

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

5,600

199,242

TDK

Corp.

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

10,900

343,292

TE

Connectivity

Ltd.

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

2,903

388,218

Teledyne

Technologies,

Inc.

(d)

...........

1,456

569,878

Trimble,

Inc.

(d)

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

4,044

280,775

Venture

Corp.

Ltd.

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

10,500

133,772

Zebra

Technologies

Corp.,

Class

A

(d)

......

1,131

404,547

12,890,527

Energy

Equipment

&

Services

—

0.3%

Baker

Hughes

Co.

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

46,411

1,192,299

Halliburton

Co.

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

56,183

1,646,162

Schlumberger

NV

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

62,212

2,303,710

Tenaris

SA

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

13,658

191,131

5,333,302

Entertainment

—

1.4%

Activision

Blizzard,

Inc.

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

24,456

1,955,257

AMC

Entertainment

Holdings,

Inc.,

Class

A

(d)

31,028

451,768

Bollore

SE

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

77,622

391,903

Electronic

Arts,

Inc.

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

9,510

1,247,997

Konami

Group

Corp.

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

1,100

65,016

Liberty

Media

Corp.

-Liberty

Formula

One,

Class

C

(d)

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

10,475

709,891

Live

Nation

Entertainment,

Inc.

(d)

........

13,637

1,281,742

Netflix,

Inc.

(d)

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

19,397

4,362,385

Nexon

Co.

Ltd.

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

7,300

165,725

Nintendo

Co.

Ltd.

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

2,600

1,162,651

ROBLOX

Corp.,

Class

A

(d)

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

3,271

140,424

Sea

Ltd.,

ADR

(d)

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

5,444

415,486

Take-Two

Interactive

Software,

Inc.

(d)

......

5,885

781,116

Toho

Co.

Ltd.

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

3,000

119,132

Ubisoft

Entertainment

SA

(d)

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

1,790

76,208

Universal

Music

Group

NV

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

16,112

364,720

Walt

Disney

Co.

(The)

(d)

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

63,228

6,708,491

Warner

Bros

Discovery,

Inc.

(d)

..........

123,726

1,855,890

22,255,802

Equity

Real

Estate

Investment

Trusts

(REITs)

—

2.5%

Alexandria

Real

Estate

Equities,

Inc.

......

5,434

900,849

American

Homes

4

Rent,

Class

A

........

3,121

118,224

American

Tower

Corp.

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

15,206

4,118,241

AvalonBay

Communities,

Inc.

..........

6,228

1,332,418

Boston

Properties,

Inc.

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

4,952

451,424

British

Land

Co.

plc

(The)

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

14,215

85,471

Camden

Property

Trust

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

4,546

641,441

Covivio

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

827

52,303

Crown

Castle

International

Corp.

........

15,199

2,745,851

Daiwa

House

REIT

Investment

Corp.

.....

92

221,425

BlackRock

Tactical

Opportunities

Fund

5

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

July

31,

2022

Security

Shares

Shares

Value

Equity

Real

Estate

Investment

Trusts

(REITs)

(continued)

Digital

Realty

Trust,

Inc.

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

10,866

$

1,439,202

Duke

Realty

Corp.

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

15,394

963,049

Equinix,

Inc.

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

3,197

2,249,857

Equity

LifeStyle

Properties,

Inc.

.........

2,888

212,326

Equity

Residential

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

14,998

1,175,693

Essex

Property

Trust,

Inc.

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

2,782

797,126

Extra

Space

Storage,

Inc.

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

5,039

954,991

Federal

Realty

OP

LP

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

1,758

185,662

Gecina

SA

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

1,795

184,043

GLP

J-Reit

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

162

213,055

Goodman

Group

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

40,894

598,486

Healthpeak

Properties,

Inc.

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

19,681

543,786

Host

Hotels

&

Resorts,

Inc.

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

24,392

434,422

Invitation

Homes,

Inc.

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

5,653

220,637

Iron

Mountain,

Inc.

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

11,018

534,263

Japan

Metropolitan

Fund

Investment

Corp.

.

117

95,342

Japan

Real

Estate

Investment

Corp.

......

44

212,474

Kimco

Realty

Corp.

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

14,582

322,408

Land

Securities

Group

plc

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

17,509

156,461

Link

REIT

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

76,100

637,286

Mid-America

Apartment

Communities,

Inc.

..

5,058

939,422

Mirvac

Group

(f)

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

56,549

85,671

Nippon

Building

Fund,

Inc.

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

59

312,980

Nippon

Prologis

REIT,

Inc.

(d)

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

15

39,008

Nomura

Real

Estate

Master

Fund,

Inc.

....

97

121,521

Prologis,

Inc.

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

24,404

3,234,994

Public

Storage

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

6,103

1,992,080

Realty

Income

Corp.

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

24,481

1,811,349

Regency

Centers

Corp.

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

2,218

142,906

SBA

Communications

Corp.

...........

3,904

1,310,924

Scentre

Group

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

99,745

204,402

Segro

plc

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

35,827

479,293

Simon

Property

Group,

Inc.

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

11,874

1,289,991

Sun

Communities,

Inc.

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

1,237

202,819

UDR,

Inc.

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

13,400

648,560

Ventas,

Inc.

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

16,987

913,561

VICI

Properties,

Inc.

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

30,926

1,057,360

Vornado

Realty

Trust

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

3,901

118,551

Welltower,

Inc.

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

18,254

1,576,050

Weyerhaeuser

Co.

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

24,849

902,516

WP

Carey,

Inc.

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

4,788

427,568

40,609,742

Food

&

Staples

Retailing

—

0.8%

Carrefour

SA

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

12,740

217,116

Costco

Wholesale

Corp.

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

13,267

7,181,427

Jeronimo

Martins

SGPS

SA

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

54,593

1,263,661

Kesko

OYJ,

Class

B

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

14,546

359,769

Koninklijke

Ahold

Delhaize

NV

..........

37,574

1,034,740

Walmart,

Inc.

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

16,297

2,152,019

Woolworths

Group

Ltd.

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

14,335

377,141

12,585,873

Food

Products

—

0.6%

Chocoladefabriken

Lindt

&

Spruengli

AG

...

11

121,645

Chocoladefabriken

Lindt

&

Spruengli

AG

(Registered)

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

10

1,153,221

Danone

SA

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

9,995

551,116

Kerry

Group

plc,

Class

A

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

1,982

209,203

Lamb

Weston

Holdings,

Inc.

...........

3,607

287,334

MEIJI

Holdings

Co.

Ltd.

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

5,500

287,155

Nestle

SA

(Registered)

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

61,935

7,588,728

10,198,402

Security

Shares

Shares

Value

Gas

Utilities

—

0.3%

APA

Group

(f)

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

98,392

$

806,751

Atmos

Energy

Corp.

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

3,015

365,991

Hong

Kong

&

China

Gas

Co.

Ltd.

........

720,222

760,650

Naturgy

Energy

Group

SA

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

32,027

939,419

Osaka

Gas

Co.

Ltd.

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

35,600

640,020

Snam

SpA

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

276,742

1,388,564

Tokyo

Gas

Co.

Ltd.

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

34,900

685,468

5,586,863

Health

Care

Equipment

&

Supplies

—

1.4%

Abbott

Laboratories

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

53,319

5,803,240

Alcon,

Inc.

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

1,767

139,070

Align

Technology,

Inc.

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

1,007

282,937

Baxter

International,

Inc.

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

20,113

1,179,829

Becton

Dickinson

and

Co.

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

7,151

1,747,061

Boston

Scientific

Corp.

(d)

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

27,584

1,132,323

Coloplast

A/S,

Class

B

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

1,009

118,092

Dexcom,

Inc.

(d)

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

8,850

726,408

Edwards

Lifesciences

Corp.

...........

13,468

1,354,073

Hologic,

Inc.

(d)

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

1,568

111,924

Hoya

Corp.

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

6,000

601,150

IDEXX

Laboratories,

Inc.

(d)

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

1,513

603,959

Intuitive

Surgical,

Inc.

(d)

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

8,163

1,878,878

Medtronic

plc

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

35,468

3,281,499

Olympus

Corp.

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

25,100

537,195

ResMed,

Inc.

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

2,818

677,785

Siemens

Healthineers

AG

(c)(e)

...........

7,484

383,507

Stryker

Corp.

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

7,193

1,544,697

Sysmex

Corp.

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

1,800

126,021

Terumo

Corp.

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

6,300

215,105

Zimmer

Biomet

Holdings,

Inc.

..........

2,305

254,449

22,699,202

Health

Care

Providers

&

Services

—

0.9%

Centene

Corp.

(d)

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

1,831

170,228

Elevance

Health,

Inc.

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

6,279

2,995,711

Fresenius

Medical

Care

AG

&

Co.

KGaA

...

3,214

119,154

Fresenius

SE

&

Co.

KGaA

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

6,136

157,014

Humana,

Inc.

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

689

332,098

UnitedHealth

Group,

Inc.

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

19,014

10,312,053

14,086,258

Health

Care

Technology

—

0.0%

M3,

Inc.

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

6,300

219,492

Hotels,

Restaurants

&

Leisure

—

0.6%

Booking

Holdings,

Inc.

(d)

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

523

1,012,366

Compass

Group

plc

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

50,782

1,190,150

Entain

plc

(d)

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

6,368

93,706

Evolution

AB

(c)(e)

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

2,530

245,488

Flutter

Entertainment

plc

(d)

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

3,129

314,150

Galaxy

Entertainment

Group

Ltd.

........

41,000

243,912

InterContinental

Hotels

Group

plc

........

3,911

231,825

Marriott

International,

Inc.,

Class

A

.......

3,690

586,046

McDonald's

Corp.

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

12,382

3,261,047

Norwegian

Cruise

Line

Holdings

Ltd.

(d)

.....

10,355

125,813

Oriental

Land

Co.

Ltd.

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

4,400

668,047

Penn

National

Gaming,

Inc.

(d)

...........

4,126

142,553

Starbucks

Corp.

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

8,334

706,557

8,821,660

Household

Durables

—

0.8%

DR

Horton,

Inc.

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

47,503

3,706,659

Lennar

Corp.,

Class

A

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

38,724

3,291,540

NVR,

Inc.

(d)

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

525

2,306,377

PulteGroup,

Inc.

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

44,072

1,922,421

BlackRock

Tactical

Opportunities

Fund

6

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

July

31,

2022

Security

Shares

Shares

Value

Household

Durables

(continued)

Sony

Group

Corp.

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

22,200

$

1,883,181

13,110,178

Household

Products

—

0.5%

Colgate-Palmolive

Co.

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

6,152

484,408

Henkel

AG

&

Co.

KGaA

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

1,765

111,292

Kimberly-Clark

Corp.

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

4,611

607,684

Procter

&

Gamble

Co.

(The)

...........

41,965

5,829,358

Reckitt

Benckiser

Group

plc

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

15,705

1,273,908

8,306,650

Independent

Power

and

Renewable

Electricity

Producers

—

0.0%

EDP

Renovaveis

SA

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

23,787

618,683

Uniper

SE

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

7,893

52,736

671,419

Industrial

Conglomerates

—

0.5%

3M

Co.

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

17,233

2,468,455

CK

Hutchison

Holdings

Ltd.

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

100,500

666,645

DCC

plc

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

8,113

529,693

Hitachi

Ltd.

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

24,700

1,250,513

Investment

AB

Latour,

Class

B

..........

2,299

57,202

Keppel

Corp.

Ltd.

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

95,300

476,136

Siemens

AG

(Registered)

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

20,632

2,301,377

Smiths

Group

plc

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

13,058

246,433

Toshiba

Corp.

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

12,300

498,981

8,495,435

Insurance

—

0.5%

Admiral

Group

plc

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

8,070

188,609

AIA

Group

Ltd.

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

232,400

2,334,842

Allianz

SE

(Registered)

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

6,989

1,269,246

Aviva

plc

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

90,394

437,763

AXA

SA

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

17,682

407,438

Legal

&

General

Group

plc

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

114,907

366,958

Marsh

&

McLennan

Cos.,

Inc.

..........

5,117

838,983

Muenchener

Rueckversicherungs-Gesellschaft

AG

(Registered)

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

1,415

320,789

Progressive

Corp.

(The)

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

2,353

270,736

Prudential

plc

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

52,985

653,538

Sampo

OYJ,

Class

A

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

6,166

266,388

Tokio

Marine

Holdings,

Inc.

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

8,000

468,319

Willis

Towers

Watson

plc

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

2,904

600,954

Zurich

Insurance

Group

AG

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

818

357,080

8,781,643

Interactive

Media

&

Services

—

2.7%

Alphabet,

Inc.,

Class

A

(d)

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

148,340

17,254,909

Alphabet,

Inc.,

Class

C

(d)

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

135,640

15,821,049

Match

Group,

Inc.

(d)

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

5,125

375,714

Meta

Platforms,

Inc.,

Class

A

(d)

..........

56,003

8,910,077

Twitter,

Inc.

(d)

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

15,078

627,396

Z

Holdings

Corp.

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

43,000

151,972

43,141,117

Internet

&

Direct

Marketing

Retail

—

1.7%

Amazon.com,

Inc.

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

191,810

25,884,759

Prosus

NV

(d)

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

16,263

1,060,917

26,945,676

IT

Services

—

2.5%

Accenture

plc,

Class

A

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

14,507

4,442,914

Adyen

NV

(c)(d)(e)

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

311

559,419

Amadeus

IT

Group

SA

(d)

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

2,758

160,820

Automatic

Data

Processing,

Inc.

.........

11,493

2,771,192

Capgemini

SE

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

2,434

464,254

Cognizant

Technology

Solutions

Corp.,

Class

A

7,983

542,525

DXC

Technology

Co.

(d)

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

6,072

191,875

Security

Shares

Shares

Value

IT

Services

(continued)

Edenred

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

6,840

$

351,101

EPAM

Systems,

Inc.

(d)

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

1,034

361,124

Fidelity

National

Information

Services,

Inc.

..

13,003

1,328,386

Fiserv,

Inc.

(d)

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

13,926

1,471,700

Fujitsu

Ltd.

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

4,800

643,499

Gartner,

Inc.

(d)

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

918

243,711

Global

Payments,

Inc.

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

5,182

633,862

GMO

Payment

Gateway,

Inc.

...........

1,700

141,275

International

Business

Machines

Corp.

....

23,699

3,099,592

Itochu

Techno-Solutions

Corp.

..........

2,400

64,319

Jack

Henry

&

Associates,

Inc.

..........

1,883

391,231

Mastercard,

Inc.,

Class

A

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

20,821

7,366,262

NEC

Corp.

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

5,100

188,264

Nomura

Research

Institute

Ltd.

.........

13,000

390,576

NTT

Data

Corp.

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

19,300

292,106

Obic

Co.

Ltd.

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

4,200

671,453

Otsuka

Corp.

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

9,300

290,027

Paychex,

Inc.

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

9,097

1,166,963

PayPal

Holdings,

Inc.

(d)

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

26,614

2,302,909

SCSK

Corp.

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

12,900

227,172

TIS,

Inc.

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

7,900

223,997

Visa,

Inc.,

Class

A

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

40,763

8,646,240

39,628,768

Life

Sciences

Tools

&

Services

—

1.4%

Agilent

Technologies,

Inc.

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

8,295

1,112,360

Avantor,

Inc.

(d)

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

17,359

503,758

Bio-Rad

Laboratories,

Inc.,

Class

A

.......

573

322,748

Bio-Techne

Corp.

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

786

302,830

Charles

River

Laboratories

International,

Inc.

(d)

991

248,285

Danaher

Corp.

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

19,164

5,585,731

Eurofins

Scientific

SE

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

2,655

206,980

Illumina,

Inc.

(d)

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

5,094

1,103,768

IQVIA

Holdings,

Inc.

(d)

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

5,531

1,328,933

Lonza

Group

AG

(Registered)

..........

1,257

763,944

Mettler-Toledo

International,

Inc.

(d)

.......

604

815,237

PerkinElmer,

Inc.

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

3,314

507,605

QIAGEN

NV

(d)

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

8,464

424,189

Sartorius

Stedim

Biotech

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

554

221,622

Thermo

Fisher

Scientific,

Inc.

...........

11,629

6,958,910

Waters

Corp.

(d)

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

2,200

800,866

West

Pharmaceutical

Services,

Inc.

......

2,072

711,856

21,919,622

Machinery

—

2.7%

Alstom

SA

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

13,781

327,515

Atlas

Copco

AB,

Class

B

(d)

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

28,032

291,188

Caterpillar,

Inc.

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

24,468

4,850,781

Cummins,

Inc.

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

14,407

3,188,413

Daimler

Truck

Holding

AG

(d)

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

11,376

310,849

Deere

&

Co.

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

21,855

7,500,199

Dover

Corp.

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

6,560

876,941

Epiroc

AB,

Class

A

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

19,105

337,809

FANUC

Corp.

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

4,700

810,565

Fortive

Corp.

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

20,480

1,319,936

GEA

Group

AG

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

6,561

244,906

Hoshizaki

Corp.

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

6,800

202,858

IDEX

Corp.

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

3,205

669,044

Illinois

Tool

Works,

Inc.

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

14,717

3,057,604

Ingersoll

Rand,

Inc.

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

18,826

937,535

KION

Group

AG

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

3,946

179,987

Knorr-Bremse

AG

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

3,998

238,183

Komatsu

Ltd.

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

19,400

448,497

Kone

OYJ,

Class

B

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

33,621

1,536,529

Kubota

Corp.

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

13,400

222,485

MISUMI

Group,

Inc.

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

5,100

126,879

BlackRock

Tactical

Opportunities

Fund

7

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

July

31,

2022

Security

Shares

Shares

Value

Machinery

(continued)

Mitsubishi

Heavy

Industries

Ltd.

.........

11,900

$

441,876

Nordson

Corp.

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

2,802

647,234

Otis

Worldwide

Corp.

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

22,988

1,796,972

PACCAR,

Inc.

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

33,177

3,036,359

Parker-Hannifin

Corp.

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

6,184

1,787,733

Pentair

plc

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

8,241

402,902

Rational

AG

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

74

51,581

Sandvik

AB

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

11,977

220,691

Schindler

Holding

AG

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

3,693

721,829

Schindler

Holding

AG

(Registered)

.......

1,230

233,561

SMC

Corp.

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

1,400

689,971

Snap-on,

Inc.

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

2,139

479,243

Spirax-Sarco

Engineering

plc

...........

1,360

198,436

Stanley

Black

&

Decker,

Inc.

...........

8,206

798,690

Techtronic

Industries

Co.

Ltd.

...........

42,500

471,607

Toyota

Industries

Corp.

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

5,600

340,981

Volvo

AB,

Class

B

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

24,394

437,971

Westinghouse

Air

Brake

Technologies

Corp.

.

24,055

2,248,421

Xylem,

Inc.

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

7,359

677,249

Yaskawa

Electric

Corp.

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

5,700

199,636

43,561,646

Marine

—

0.1%

AP

Moller

-

Maersk

A/S,

Class

A

.........

82

219,676

AP

Moller

-

Maersk

A/S,

Class

B

.........

268

731,730

Kuehne

+

Nagel

International

AG

(Registered)

1,004

270,399

Nippon

Yusen

KK

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

1,700

133,537

1,355,342

Media

—

1.1%

Cable

One,

Inc.

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

381

524,515

Charter

Communications,

Inc.,

Class

A

(d)

...

6,476

2,798,280

Comcast

Corp.,

Class

A

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

178,693

6,704,561

Dentsu

Group,

Inc.

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

1,700

59,384

Fox

Corp.,

Class

A

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

19,340

640,348

Fox

Corp.,

Class

B

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

17,697

546,837

Informa

plc

(d)

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

30,060

218,616

Interpublic

Group

of

Cos.,

Inc.

(The)

......

24,134

720,883

Liberty

Broadband

Corp.,

Class

C

(d)

......

6,312

687,566

Liberty

Media

Corp.-Liberty

SiriusXM,

Class

A

(d)

9,448

376,503

Liberty

Media

Corp.-Liberty

SiriusXM,

Class

C

(d)

9,973

397,125

News

Corp.,

Class

A

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

10,288

176,336

News

Corp.,

Class

B

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

3,007

51,961

Omnicom

Group,

Inc.

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

13,343

931,875

Paramount

Global,

Class

B

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

40,784

964,542

Pearson

plc

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

9,416

87,147

Publicis

Groupe

SA

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

4,403

234,307

Sirius

XM

Holdings,

Inc.

(g)

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

157,797

1,054,084

Vivendi

SE

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

25,959

246,437

WPP

plc

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

24,884

268,558

17,689,865

Metals

&

Mining

—

0.5%

Anglo

American

plc

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

30,650

1,107,841

Antofagasta

plc

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

25,884

368,295

Boliden

AB

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

14,613

488,350

Evolution

Mining

Ltd.

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

173,925

321,288

Fortescue

Metals

Group

Ltd.

...........

17,003

218,804

Mineral

Resources

Ltd.

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

7,775

296,259

Newcrest

Mining

Ltd.

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

37,985

511,896

Northern

Star

Resources

Ltd.

...........

81,205

446,273

Rio

Tinto

Ltd.

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

13,732

951,415

Rio

Tinto

plc

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

32,575

1,966,537

South32

Ltd.

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

143,691

391,647

Sumitomo

Metal

Mining

Co.

Ltd.

.........

16,800

528,256

7,596,861

Security

Shares

Shares

Value

Multiline

Retail

—

0.6%

Dollar

General

Corp.

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

13,489

$

3,351,072

Dollar

Tree,

Inc.

(d)

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

15,062

2,490,653

Target

Corp.

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

25,785

4,212,753

10,054,478

Multi-Utilities

—

1.0%

Consolidated

Edison,

Inc.

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

35,272

3,501,451

E.ON

SE

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

158,518

1,424,936

Engie

SA

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

68,517

847,717

National

Grid

plc

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

196,251

2,702,299

Public

Service

Enterprise

Group,

Inc.

.....

61,131

4,014,473

Sempra

Energy

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

23,954

3,971,573

16,462,449

Oil,

Gas

&

Consumable

Fuels

—

2.1%

Ampol

Ltd.

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

6,586

156,032

BP

plc

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

424,326

2,076,764

Chevron

Corp.

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

41,845

6,853,374

ConocoPhillips

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

26,310

2,563,383

Coterra

Energy,

Inc.

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

5,837

178,554

Devon

Energy

Corp.

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

6,977

438,505

ENEOS

Holdings,

Inc.

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

125,100

483,938

Eni

SpA

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

72,903

876,337

EOG

Resources,

Inc.

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

10,161

1,130,107

Equinor

ASA

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

10,323

397,476

Exxon

Mobil

Corp.

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

88,286

8,557,562

Galp

Energia

SGPS

SA

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

29,400

310,334

Hess

Corp.

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

2,632

296,021

Idemitsu

Kosan

Co.

Ltd.

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

8,400

218,440

Inpex

Corp.

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

20,800

238,405

Kinder

Morgan,

Inc.

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

20,778

373,796

Marathon

Petroleum

Corp.

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

5,414

496,247

Matador

Resources

Co.

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

939

54,255

Neste

OYJ

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

13,803

709,769

Occidental

Petroleum

Corp.

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

10,232

672,754

Phillips

66

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

4,796

426,844

Pioneer

Natural

Resources

Co.

.........

3,238

767,244

Repsol

SA

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

28,250

351,946

Santos

Ltd.

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

69,011

358,745

TotalEnergies

SE

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

60,372

3,083,644

Valero

Energy

Corp.

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

4,234

469,000

Williams

Cos.,

Inc.

(The)

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

16,637

567,155

Woodside

Energy

Group

Ltd.

...........

21,448

484,306

33,590,937

Personal

Products

—

0.4%

Haleon

plc

(d)

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

118,957

422,718

L'Oreal

SA

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

7,016

2,652,451

Unilever

plc

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

60,939

2,967,907

6,043,076

Pharmaceuticals

—

5.8%

Astellas

Pharma,

Inc.

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

43,200

676,572

AstraZeneca

plc

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

32,411

4,263,385

Bristol-Myers

Squibb

Co.

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

100,862

7,441,598

Catalent,

Inc.

(d)

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

13,621

1,540,535

Chugai

Pharmaceutical

Co.

Ltd.

.........

20,500

575,903

Daiichi

Sankyo

Co.

Ltd.

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

36,700

973,090

Eisai

Co.

Ltd.

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

5,800

265,610

Elanco

Animal

Health,

Inc.

(d)

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

33,268

674,010

Eli

Lilly

&

Co.

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

34,634

11,418,483

GSK

plc

(d)

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

95,165

1,999,437

Hikma

Pharmaceuticals

plc

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

1,840

38,892

Jazz

Pharmaceuticals

plc

(d)

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

5,044

787,167

Johnson

&

Johnson

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

89,876

15,685,159

Kyowa

Kirin

Co.

Ltd.

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

7,000

165,027

Merck

&

Co.,

Inc.

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

104,894

9,371,230

BlackRock

Tactical

Opportunities

Fund

8

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

July

31,

2022

Security

Shares

Shares

Value

Pharmaceuticals

(continued)

Merck

KGaA

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

4,109

$

782,603

Novartis

AG

(Registered)

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

44,112

3,790,529

Novo

Nordisk

A/S,

Class

B

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

34,797

4,052,941

Ono

Pharmaceutical

Co.

Ltd.

...........

11,000

309,308

Organon

&

Co.

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

6,298

199,773

Orion

OYJ,

Class

B

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

4,299

205,224

Otsuka

Holdings

Co.

Ltd.

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

11,300

403,670

Pfizer,

Inc.

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

230,800

11,657,708

Roche

Holding

AG

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

15,870

5,367,043

Royalty

Pharma

plc,

Class

A

...........

9,447

410,850

Sanofi

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

25,907

2,574,471

Shionogi

&

Co.

Ltd.

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

4,800

246,199

Takeda

Pharmaceutical

Co.

Ltd.

.........

39,100

1,147,202

UCB

SA

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

2,511

196,206

Viatris,

Inc.

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

104,198

1,009,679

Zoetis,

Inc.

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

25,282

4,615,229

92,844,733

Professional

Services

—

0.5%

Booz

Allen

Hamilton

Holding

Corp.

.......

2,373

227,761

Bureau

Veritas

SA

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

9,618

265,270

CoStar

Group,

Inc.

(d)

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

3,682

267,276

Equifax,

Inc.

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

3,980

831,462

Experian

plc

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

27,468

961,718

Nielsen

Holdings

plc

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

8,912

213,442

Nihon

M&A

Center

Holdings,

Inc.

........

12,200

163,261

Recruit

Holdings

Co.

Ltd.

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

32,800

1,225,836

RELX

plc

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

49,332

1,460,694

Robert

Half

International,

Inc.

...........

2,476

195,951

SGS

SA

(Registered)

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

110

268,451

Teleperformance

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

1,189

397,603

TransUnion

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

3,050

241,652

Verisk

Analytics,

Inc.

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

5,212

991,583

Wolters

Kluwer

NV

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

3,675

399,114

8,111,074

Real

Estate

Management

&

Development

—

0.5%

Aroundtown

SA

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

69,466

222,780

CBRE

Group,

Inc.,

Class

A

(d)

...........

12,126

1,038,228

CK

Asset

Holdings

Ltd.

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

61,500

435,403

Daiwa

House

Industry

Co.

Ltd.

..........

20,700

511,457

ESR

Group

Ltd.

(c)(d)(e)

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

66,800

173,708

Hang

Lung

Properties

Ltd.

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

24,000

43,788

Henderson

Land

Development

Co.

Ltd.

....

84,000

292,416

Hongkong

Land

Holdings

Ltd.

..........

58,300

303,047

Hulic

Co.

Ltd.

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

4,300

34,486

LEG

Immobilien

SE

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

3,455

313,871

Mitsubishi

Estate

Co.

Ltd.

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

44,900

666,838

Mitsui

Fudosan

Co.

Ltd.

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

25,100

560,971

New

World

Development

Co.

Ltd.

........

90,000

300,951

Sino

Land

Co.

Ltd.

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

82,000

121,839

Sumitomo

Realty

&

Development

Co.

Ltd.

..

7,500

207,098

Sun

Hung

Kai

Properties

Ltd.

...........

68,000

811,725

Swire

Pacific

Ltd.,

Class

A

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

8,500

48,409

Swire

Properties

Ltd.

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

98,000

233,508

Swiss

Prime

Site

AG

(Registered)

........

2,650

241,319

Vonovia

SE

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

23,014

766,822

Wharf

Real

Estate

Investment

Co.

Ltd.

....

33,000

146,890

7,475,554

Road

&

Rail

—

0.5%

Central

Japan

Railway

Co.

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

4,400

515,226

CSX

Corp.

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

46,745

1,511,266

East

Japan

Railway

Co.

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

8,100

422,877

MTR

Corp.

Ltd.

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

95,500

505,721

Norfolk

Southern

Corp.

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

4,983

1,251,580

Security

Shares

Shares

Value

Road

&

Rail

(continued)

Old

Dominion

Freight

Line,

Inc.

.........

1,412

$

428,556

Union

Pacific

Corp.

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

15,161

3,446,095

West

Japan

Railway

Co.

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

3,100

113,865

8,195,186

Semiconductors

&

Semiconductor

Equipment

—

4.7%

Advanced

Micro

Devices,

Inc.

..........

43,036

4,065,611

Advantest

Corp.

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

8,600

511,502

Analog

Devices,

Inc.

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

15,988

2,749,297

Applied

Materials,

Inc.

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

51,967

5,507,463

ASM

International

NV

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

1,136

348,947

ASML

Holding

NV

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

6,328

3,637,071

Broadcom,

Inc.

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

13,003

6,962,846

Enphase

Energy,

Inc.

(d)

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

8,206

2,331,981

Entegris,

Inc.

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

13,840

1,521,016

Infineon

Technologies

AG

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

55,195

1,513,695

Intel

Corp.

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

114,150

4,144,787

KLA

Corp.

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

5,625

2,157,413

Lam

Research

Corp.

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

9,415

4,712,302

Marvell

Technology,

Inc.

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

11,360

632,525

Microchip

Technology,

Inc.

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

19,225

1,323,834

Micron

Technology,

Inc.

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

33,028

2,043,112

Monolithic

Power

Systems,

Inc.

.........

1,832

851,367

NVIDIA

Corp.

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

64,995

11,805,042

NXP

Semiconductors

NV

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

7,613

1,399,878

ON

Semiconductor

Corp.

(d)

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

12,230

816,719

Qorvo,

Inc.

(d)

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

3,394

353,214

QUALCOMM,

Inc.

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

37,355

5,418,716

Renesas

Electronics

Corp.

(d)

...........

29,900

284,793

Rohm

Co.

Ltd.

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

3,700

274,579

Skyworks

Solutions,

Inc.

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

5,123

557,792

SolarEdge

Technologies,

Inc.

(d)

..........

6,191

2,229,565

STMicroelectronics

NV

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

14,700

556,300

Teradyne,

Inc.

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

5,660

571,037

Texas

Instruments,

Inc.

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

31,547

5,643,443

Tokyo

Electron

Ltd.

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

2,300

791,645

75,717,492

Software

—

5.7%

Adobe,

Inc.

(d)

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

13,683

5,611,672

ANSYS,

Inc.

(d)

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

1,194

333,114

Autodesk,

Inc.

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

6,172

1,335,127

Bill.com

Holdings,

Inc.

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

1,036

139,943

Black

Knight,

Inc.

(d)

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

2,336

153,428

Cadence

Design

Systems,

Inc.

(d)

........

6,992

1,301,071

Citrix

Systems,

Inc.

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

3,854

390,834

Crowdstrike

Holdings,

Inc.,

Class

A

(d)

......

1,052

193,147

Dassault

Systemes

SE

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

18,377

788,221

Datadog,

Inc.,

Class

A

(d)

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

1,516

154,647

Dynatrace,

Inc.

(d)

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

5,253

197,670

Fortinet,

Inc.

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

18,525

1,105,016

Intuit,

Inc.

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

8,640

3,941,309

Microsoft

Corp.

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

196,054

55,040,200

Nemetschek

SE

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

2,478

165,894

NortonLifeLock,

Inc.

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

20,211

495,776

Oracle

Corp.

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

46,091

3,587,723

Oracle

Corp.

Japan

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

1,300

81,079

Palo

Alto

Networks,

Inc.

(d)

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

829

413,754

Paycom

Software,

Inc.

(d)

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

1,781

588,603

PTC,

Inc.

(d)

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

2,692

332,139

Roper

Technologies,

Inc.

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

3,833

1,673,756

Sage

Group

plc

(The)

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

43,855

377,948

Salesforce,

Inc.

(d)

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

28,276

5,203,350

SAP

SE

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

31,245

2,914,307

ServiceNow,

Inc.

(d)

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

6,444

2,878,277

Synopsys,

Inc.

(d)

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

4,023

1,478,453

BlackRock

Tactical

Opportunities

Fund

9

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

July

31,

2022

Security

Shares

Shares

Value

Software

(continued)

Temenos

AG

(Registered)

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

1,536

$

121,916

Tyler

Technologies,

Inc.

(d)

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

1,732

691,068

VMware,

Inc.,

Class

A

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

3,063

355,921

Workday,

Inc.,

Class

A

(d)

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

1,453

225,360

Xero

Ltd.

(d)

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

4,144

273,001

Zoom

Video

Communications,

Inc.,

Class

A

(d)

1,489

154,648

92,698,372

Specialty

Retail

—

0.8%

Burlington

Stores,

Inc.

(d)

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

3,765

531,354

Fast

Retailing

Co.

Ltd.

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

900

545,032

Home

Depot,

Inc.

(The)

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

16,168

4,865,598

Industria

de

Diseno

Textil

SA

...........

12,533

304,388

Lowe's

Cos.,

Inc.

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

5,696

1,090,955

Ross

Stores,

Inc.

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

21,050

1,710,523

TJX

Cos.,

Inc.

(The)

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

57,868

3,539,207

12,587,057

Technology

Hardware,

Storage

&

Peripherals

—

4.5%

Apple,

Inc.

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

411,071

66,803,148

Canon,

Inc.

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

21,300

503,912

Dell

Technologies,

Inc.,

Class

C

.........

3,994

179,970

FUJIFILM

Holdings

Corp.

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

19,300

1,102,455

Hewlett

Packard

Enterprise

Co.

.........

9,897

140,933

HP,

Inc.

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

31,927

1,066,042

Logitech

International

SA

(Registered)

.....

5,481

308,373

NetApp,

Inc.

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

3,287

234,462

Ricoh

Co.

Ltd.

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

31,200

250,944

Seagate

Technology

Holdings

plc

........

7,736

618,725

Western

Digital

Corp.

(d)

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

11,658

572,408

71,781,372

Textiles,

Apparel

&

Luxury

Goods

—

0.4%

adidas

AG

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

1,663

287,685

EssilorLuxottica

SA

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

5,817

912,004

Hermes

International

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

184

252,438

Kering

SA

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

1,039

594,819

LVMH

Moet

Hennessy

Louis

Vuitton

SE

....

4,815

3,343,318

PVH

Corp.

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

1,738

107,617

Ralph

Lauren

Corp.

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

1,150

113,424

Tapestry,

Inc.

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

6,557

220,512

5,831,817

Trading

Companies

&

Distributors

—

0.8%

Ashtead

Group

plc

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

10,538

593,181

Brenntag

SE

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

9,927

697,324

Bunzl

plc

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

9,464

355,190

Fastenal

Co.

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

52,637

2,703,436

Ferguson

plc

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

7,068

889,146

ITOCHU

Corp.

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

48,500

1,411,819

Mitsubishi

Corp.

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

32,800

974,792

Mitsui

&

Co.

Ltd.

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

39,500

871,460

MonotaRO

Co.

Ltd.

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

15,800

282,115

Sumitomo

Corp.

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

14,100

198,245

United

Rentals,

Inc.

(d)

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

6,120

1,974,740

WW

Grainger,

Inc.

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

3,980

2,163,250

13,114,698

Transportation

Infrastructure

—

0.1%

Aena

SME

SA

(c)(d)(e)

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

761

96,259

Aeroports

de

Paris

(d)

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

1,824

252,025

Atlantia

SpA

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

17,790

411,139

Transurban

Group

(f)

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

73,474

751,028

1,510,451

Security

Shares

Shares

Value

Water

Utilities

—

0.4%

American

Water

Works

Co.,

Inc.

.........

19,971

$

3,104,292

Essential

Utilities,

Inc.

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

22,572

1,172,390

Severn

Trent

plc

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

41,729

1,500,234

United

Utilities

Group

plc

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

99,916

1,327,538

7,104,454

Wireless

Telecommunication

Services

—

0.2%

KDDI

Corp.

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

30,500

977,902

SoftBank

Corp.

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

30,500

352,649

SoftBank

Group

Corp.

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

20,500

861,139

Vodafone

Group

plc

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

497,948

733,805

2,925,495

Total

Common

Stocks

—

73.0%

(Cost:

$1,011,436,284)

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

1,177,106,688

Beneficial

Interest

(000)

Other

Interests

(h)

Capital

Markets

—

0.0%

Lehman

Brothers

Holdings,

Inc.

(a)(d)(i)

......

USD

300

—

Total

Other

Interests

—

0.0%

(Cost:

$0)

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

—

Preferred

Securities

Shares

Shares

Preferred

Stocks

Automobiles

—

0.1%

Porsche

Automobil

Holding

SE

(Preference)

.

3,605

260,936

Volkswagen

AG

(Preference)

...........

4,807

679,661

940,597

Health

Care

Equipment

&

Supplies

—

0.0%

Sartorius

AG

(Preference)

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

405

181,157

Household

Products

—

0.0%

Henkel

AG

&

Co.

KGaA

(Preference)

......

5,888

376,145

Total

Preferred

Securities

—

0.1%

(Cost:

$1,862,045)

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

1,497,899

Rights

Banks

—

0.0%

Australia

&

New

Zealand

Banking

Group

Ltd.

(Expires

08/15/22)

(d)

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

4,229

11,760

Total

Rights

—

0.0%

(Cost:

$0)

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

11,760

Par

(000)

Par

(000)

U.S.

Treasury

Obligations

U.S.

Treasury

Notes

0.13%, 12/15/23

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

1,000

961,875

0.75%, 11/15/24

(j)

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

82,000

78,137,031

Total

U.S.

Treasury

Obligations

—

4.9%

(Cost:

$79,398,108)

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

79,098,906

BlackRock

Tactical

Opportunities

Fund

10

(Percentages

shown

are

based

on

Net

Assets)

Schedule

of

Investments

(unaudited)

(continued)

July

31,

2022

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)

(d)

....

1,719

$

75,550

Total

Warrants

—

0.0%

(Cost:

$8,509)

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

75,550

Total

Long-Term

Investments

—

78.0%

(Cost:

$1,092,891,977)

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

1,257,790,803

Security

Shares

Shares

Value

Short-Term

Securities

Money

Market

Funds

—

3.3%

(k)(l)

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class,

1.76%

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

52,452,450

$

52,452,450

SL

Liquidity

Series,

LLC,

Money

Market

Series,

2.03%

(m)

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

1,092,628

1,092,410

Total

Short-Term

Securities

—

3.3%

(Cost:

$53,544,588)

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

53,544,860

Total

Investments

—

81.3%

(Cost:

$1,146,436,565

)

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

1,311,335,663

Other

Assets

Less

Liabilities

—

18.7%

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

302,021,040

Net

Assets

—

100.0%

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

$

1,613,356,703

(a)

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

(b)

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.

(c)

Security

exempt

from

registration

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933,

as

amended.

These

securities

may

be

resold

in

transactions

exempt

from

registration

to

qualified

institutional

investors.

(d)

Non-income

producing

security.

(e)

This

security

may

be

resold

to

qualified

foreign

investors

and

foreign

institutional

buyers

under

Regulation

S

of

the

Securities

Act

of

1933.

(f)

A

security

contractually

bound

to

one

or

more

other

securities

to

form

a

single

saleable

unit

which

cannot

be

sold

separately.

(g)

All

or

a

portion

of

this

security

is

on

loan.

(h)

Other

interests

represent

beneficial

interests

in

liquidation

trusts

and

other

reorganization

or

private

entities.

(i)

Issuer

filed

for

bankruptcy

and/or

is

in

default.

(j)

All

or

a

portion

of

the

security

has

been

pledged

as

collateral

in

connection

with

outstanding

OTC

derivatives.

(k)

Affiliate

of

the

Fund.

(l)

Annualized

7-day

yield

as

of

period

end.

(m)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

period

ended

July

31,

2022

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

04/30/22

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

07/31/22

Shares

Held

at

07/31/22

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

(a)

..

$

127,278,609

$

—

$

(74,826,159)

$

—

$

—

$

52,452,450

52,452,450

$

224,544

$

—

SL

Liquidity

Series,

LLC,

Money

Market

Series

(a)

..........

10,572,576

—

(9,480,024)

54

(196)

1,092,410

1,092,628

14,138

(b)

—

$

54

$

(196)

$

53,544,860

$

238,682

$

—

—

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

For

Fund

compliance

purposes,

the

Fund's

industry

classifications

refer

to

one

or

more

of

the

industry

sub-classifications

used

by

one

or

more

widely

recognized

market

indexes

or

rating

group

indexes,

and/or

as

defined

by

the

investment

adviser.

These

definitions

may

not

apply

for

purposes

of

this

report,

which

may

combine

such

industry

sub-classifications

for

reporting

ease.

BlackRock

Tactical

Opportunities

Fund

11

Schedule

of

Investments

(unaudited)

(continued)

July

31,

2022

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

CAC

40

10

Euro

Index

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

559

08/19/22

$

37,002

$

2,530,975

OMXS30

Index

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

1,059

08/19/22

21,297

841,300

MSCI

Singapore

Index

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

1,255

08/30/22

26,750

473,773

Euro-Bund

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

3,894

09/08/22

627,386

31,217,016

TOPIX

Index

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

762

09/08/22

111,133

1,108,193

FTSE/JSE

Top

40

Index

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

734

09/15/22

27,568

1,043,593

S&P/TSX

60

Index

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

215

09/15/22

39,859

579,926

SPI

200

Index

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

878

09/15/22

106,167

5,230,758

DAX

Index

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

367

09/16/22

126,929

4,904,431

S&P

500

E-Mini

Index

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

114

09/16/22

23,561

904,510

WIG20

Index

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

829

09/16/22

6,173

162,618

U.S.

Treasury

10

Year

Note

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

3,782

09/21/22

457,740

10,872,331

59,869,424

Short

Contracts

Amsterdam

Exchange

Index

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

503

08/19/22

75,038

(5,690,141)

IBEX

35

Index

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

392

08/19/22

32,801

(868,032)

SGX

NIFTY

50

Index

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

652

08/25/22

22,602

(931,402)

FTSE

China

A50

Index

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

1,828

08/30/22

25,029

431,193

Euro-Bobl

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

1,954

09/08/22

255,367

(5,144,295)

TOPIX

Index

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

55

09/08/22

8,021

(282,826)

Japan

10

Year

Bond

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

202

09/12/22

227,994

(2,408,705)

Australia

10

Year

Bond

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

3,312

09/15/22

289,187

(8,875,818)

FTSE

100

Index

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

926

09/16/22

83,399

(715,814)

FTSE/MIB

Index

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

363

09/16/22

41,734

(2,395,916)

Mini-DAX

Index

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

100

09/16/22

6,917

(462,549)

MSCI

EAFE

Index

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

3,074

09/16/22

300,038

(6,133,257)

S&P

500

E-Mini

Index

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

4,879

09/16/22

1,008,367

(49,707,001)

Canada

10

Year

Bond

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

5,631

09/20/22

573,632

(28,228,454)

U.S.

Treasury

Ultra

Bond

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

415

09/21/22

64,909

(212,758)

Long

Gilt

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

1,840

09/28/22

264,812

(7,371,151)

SET50

Index

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

10,458

09/29/22

54,527

(549,596)

U.S.

Treasury

5

Year

Note

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

2,562

09/30/22

291,468

(2,178,505)

(121,725,027)

$

(61,855,603)

Forward

Foreign

Currency

Exchange

Contracts

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

BRL

32,691,000

USD

6,222,756

Standard

Chartered

Bank

09/21/22

$

4,618

CAD

7,815,000

USD

6,073,153

Standard

Chartered

Bank

09/21/22

28,652

CHF

4,848,000

USD

5,064,508

UBS

AG

09/21/22

48,894

EUR

4,679,000

USD

4,788,100

BNP

Paribas

SA

09/21/22

11,367

EUR

11,984,000

USD

12,187,511

HSBC

Bank

plc

09/21/22

105,032

EUR

6,327,000

USD

6,411,329

Standard

Chartered

Bank

09/21/22

78,568

GBP

5,435,000

USD

6,568,961

Standard

Chartered

Bank

09/21/22

57,601

INR

492,174,000

USD

6,140,156

HSBC

Bank

plc

09/21/22

35,061

KRW

7,756,233,000

USD

5,896,931

Canadian

Imperial

Bank

of

Commerce

09/21/22

57,265

MXN

148,803,000

USD

7,208,976

Citibank

NA

09/21/22

21,369

PLN

31,467,000

USD

6,589,815

Goldman

Sachs

International

09/21/22

134,166

USD

8,516,257

AUD

11,783,000

Westpac

Banking

Corp.

09/21/22

276,654

USD

5,059,556

BRL

25,019,000

Morgan

Stanley

&

Co.

International

plc

09/21/22

293,637

USD

4,706,807

CAD

5,926,000

HSBC

Bank

plc

09/21/22

79,898

USD

8,787,392

CLP

7,422,271,000

HSBC

Bank

plc

09/21/22

624,876

USD

16,058,121

EUR

15,605,000

Bank

of

America

NA

09/21/22

51,349

BlackRock

Tactical

Opportunities

Fund

12

Schedule

of

Investments

(unaudited)

(continued)

July

31,

2022

Forward

Foreign

Currency

Exchange

Contracts

(continued)

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

USD

19,532,273

EUR

18,117,000

Credit

Agricole

Corporate

&

Investment

Bank

SA

09/21/22

$

948,827

USD

9,255,769

EUR

8,985,000

HSBC

Bank

plc

09/21/22

39,438

USD

3,486,494

EUR

3,292,000

Morgan

Stanley

&

Co.

International

plc

09/21/22

109,737

USD

3,222,282

EUR

2,989,000

State

Street

Bank

and

Trust

Co.

09/21/22

156,326

USD

9,983,189

GBP

7,979,000

Credit

Agricole

Corporate

&

Investment

Bank

SA

09/21/22

254,884

USD

7,211,138

GBP

5,850,000

Toronto

Dominion

Bank

09/21/22

78,592

USD

10,799,108

JPY

1,405,822,000

Toronto

Dominion

Bank

09/21/22

214,826

USD

6,008,482

KRW

7,758,212,000

Canadian

Imperial

Bank

of

Commerce

09/21/22

52,766

USD

5,744,135

KRW

7,179,996,000

Credit

Agricole

Corporate

&

Investment

Bank

SA

09/21/22

232,296

USD

29,471,910

MXN

588,427,000

BNP

Paribas

SA

09/21/22

880,211

USD

7,074,277

MXN

145,577,000

Citibank

NA

09/21/22

683

USD

25,668

NOK

242,000

Bank

of

New

York

Mellon

09/21/22

602

USD

5,665,458

PLN

24,614,000

Toronto

Dominion

Bank

09/21/22

405,850

USD

6,232,792

SGD

8,573,000

Westpac

Banking

Corp.

09/21/22

26,245

USD

6,329,998

THB

226,981,000

Citibank

NA

09/21/22

141,711

USD

7,462,049

ZAR

124,533,000

Citibank

NA

09/21/22

12,101

5,464,102

AUD

7,923,000

USD

5,724,971

HSBC

Bank

plc

09/21/22

(184,583)

CLP

19,471,239,000

USD

23,339,813

HSBC

Bank

plc

09/21/22

(1,926,649)

GBP

167,000

USD

208,956

Bank

of

New

York

Mellon

09/21/22

(5,343)

GBP

6,542,000

USD

8,002,613

UBS

AG

09/21/22

(26,354)

INR

3,123,000

USD

39,762

Goldman

Sachs

International

09/21/22

(578)

JPY

145,329,000

USD

1,116,442

Bank

of

New

York

Mellon

09/21/22

(22,276)

NZD

555,000

USD

360,895

Bank

of

New

York

Mellon

09/21/22

(11,939)

SEK

53,238,000

USD

5,445,538

Bank

of

New

York

Mellon

09/21/22

(194,700)

SEK

12,314,000

USD

1,265,318

HSBC

Bank

plc

09/21/22

(50,794)

SGD

802,000

USD

583,063

Goldman

Sachs

International

09/21/22

(2,444)

USD

6,878,092

AUD

9,859,000

Banco

Santander

SA

09/21/22

(16,100)

USD

16,932,094

CAD

21,745,000

Morgan

Stanley

&

Co.

International

plc

09/21/22

(45,992)

USD

192,226

CHF

184,000

Bank

of

America

NA

09/21/22

(1,847)

USD

17,894,850

EUR

17,546,000

Citibank

NA

09/21/22

(102,897)

USD

8,156,300

EUR

8,036,000

Goldman

Sachs

International

09/21/22

(86,597)

USD

8,306,936

EUR

8,163,000

Morgan

Stanley

&

Co.

International

plc

09/21/22

(66,231)

USD

4,101,638

EUR

4,088,000

UBS

AG

09/21/22

(91,613)

USD

12,836,801

GBP

10,576,000

Bank

of

America

NA

09/21/22

(57,867)

USD

7,188,843

JPY

962,732,000

Westpac

Banking

Corp.

09/21/22

(59,462)

USD

10,081,144

PLN

47,705,000

Citibank

NA

09/21/22

(112,631)

USD

5,883,819

SEK

59,779,000

Citibank

NA

09/21/22

(12,154)

USD

6,150,569

ZAR

104,222,000

Citibank

NA

09/21/22

(84,312)

ZAR

7,321,000

USD

465,619

Credit

Agricole

Corporate

&

Investment

Bank

SA

09/21/22

(27,654)

(3,191,017)

$

2,273,085

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)

8.97%

Monthly

28

day

MXIBTIIE

Monthly

09/21/22

(a)

09/15/27

MXN

1,608,000

$

(2,499,963)

$

—

$

(2,499,963)

9.09%

Monthly

28

day

MXIBTIIE

Monthly

09/21/22

(a)

09/15/27

MXN

1,052,000

(1,903,806)

—

(1,903,806)

8.77%

Monthly

28

day

MXIBTIIE

Monthly

09/21/22

(a)

09/15/27

MXN

322,000

(371,815)

—

(371,815)

8.51%

Monthly

28

day

MXIBTIIE

Monthly

09/21/22

(a)

09/15/27

MXN

500,000

(322,355)

—

(322,355)

9.36%

Monthly

28

day

MXIBTIIE

Monthly

09/21/22

(a)

09/15/27

MXN

663,000

(1,554,535)

—

(1,554,535)

8.90%

Monthly

28

day

MXIBTIIE

Monthly

09/21/22

(a)

09/15/27

MXN

588,000

(831,846)

—

(831,846)

9.10%

Monthly

28

day

MXIBTIIE

Monthly

09/21/22

(a)

09/15/27

MXN

1,472,000

(2,671,241)

—

(2,671,241)

6

month

BBR

Semi-Annual

(3.30%)

Semi-Annual

09/21/22

(a)

09/21/27

AUD

10,000

805

—

805

BlackRock

Tactical

Opportunities

Fund

13

Schedule

of

Investments

(unaudited)

(continued)

July

31,

2022

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)

3.26%

Annual

1

day

SOFR

Annual

09/21/22

(a)

09/21/27

USD

64,000

$

(2,434,134)

$

—

$

(2,434,134)

2.86%

Annual

1

day

SONIA

Annual

09/21/22

(a)

09/21/27

GBP

53,000

(1,995,861)

41,130

(2,036,991)

2.87%

Annual

1

day

SONIA

Annual

09/21/22

(a)

09/21/27

GBP

65,000

(2,497,934)

(27,064)

(2,470,870)

3

month

BA

Semi-Annual

1.00%

Semi-Annual

09/21/22

(a)

09/21/27

CAD

79,000

(5,601,906)

(6,101,182)

499,276

6

month

EURIBOR

Semi-Annual

1.46%

Annual

09/21/22

(a)

09/21/27

EUR

43,000

207,129

(11,428)

218,557

6

month

EURIBOR

Semi-Annual

1.49%

Annual

09/21/22

(a)

09/21/27

EUR

102,000

643,054

79,508

563,546

6

month

EURIBOR

Semi-Annual

1.66%

Annual

09/21/22

(a)

09/21/27

EUR

186,000

2,740,469

(95,690)

2,836,159

6

month

EURIBOR

Semi-Annual

1.68%

Annual

09/21/22

(a)

09/21/27

EUR

58,000

920,700

(18,723)

939,423

6

month

EURIBOR

Semi-Annual

1.69%

Annual

09/21/22

(a)

09/21/27

EUR

154,000

2,498,067

(168,007)

2,666,074

6

month

EURIBOR

Semi-Annual

1.74%

Annual

09/21/22

(a)

09/21/27

EUR

62,000

1,159,425

(10,152)

1,169,577

6

month

EURIBOR

Semi-Annual

1.78%

Annual

09/21/22

(a)

09/21/27

EUR

38,000

785,983

(39,474)

825,457

6

month

EURIBOR

Semi-Annual

2.11%

Annual

09/21/22

(a)

09/21/27

EUR

34,000

1,259,577

(18,017)

1,277,594

6

month

EURIBOR

Semi-Annual

2.34%

Annual

09/21/22

(a)

09/21/27

EUR

63,000

3,052,391

13,366

3,039,025

1

day

SORA

Semi-Annual

2.72%

Semi-Annual

09/21/22

(a)

09/21/27

SGD

29,000

260,442

—

260,442

2.72%

Annual

3

month

STIBOR

Quarterly

09/21/22

(a)

09/21/27

SEK

416,000

(740,056)

132,188

(872,244)

2.48%

Annual

3

month

STIBOR

Quarterly

09/21/22

(a)

09/21/27

SEK

633,000

(423,899)

17,550

(441,449)

3

month

BA

Semi-Annual

3.10%

Semi-Annual

09/21/22

(a)

09/21/27

CAD

38,000

188,886

13,323

175,563

3

month

BA

Semi-Annual

3.56%

Semi-Annual

09/21/22

(a)

09/21/27

CAD

34,000

734,135

(14,581)

748,716

6.73%

Annual

6

month

WIBOR

Semi-Annual

09/21/22

(a)

09/21/27

PLN

112,000

(1,154,515)

—

(1,154,515)

5.01%

Annual

6

month

WIBOR

Semi-Annual

09/21/22

(a)

09/21/27

PLN

247,000

1,217,875

—

1,217,875

5.82%

Annual

6

month

WIBOR

Semi-Annual

09/21/22

(a)

09/21/27

PLN

79,000

(177,415)

—

(177,415)

6.25%

Annual

6

month

WIBOR

Semi-Annual

09/21/22

(a)

09/21/27

PLN

92,000

(553,028)

—

(553,028)

5.52%

Annual

6

month

WIBOR

Semi-Annual

09/21/22

(a)

09/21/27

PLN

246,000

107,934

—

107,934

5.87%

Annual

6

month

WIBOR

Semi-Annual

09/21/22

(a)

09/21/27

PLN

252,000

(671,984)

—

(671,984)

6.57%

Annual

6

month

WIBOR

Semi-Annual

09/21/22

(a)

09/21/27

PLN

96,000

(853,498)

—

(853,498)

3

month

JIBAR

Quarterly

7.74%

Quarterly

09/21/22

(a)

09/21/27

ZAR

474,250

(322,469)

—

(322,469)

3

month

JIBAR

Quarterly

7.80%

Quarterly

09/21/22

(a)

09/21/27

ZAR

352,260

(193,348)

—

(193,348)

3

month

JIBAR

Quarterly

7.83%

Quarterly

09/21/22

(a)

09/21/27

ZAR

276,000

(127,600)

—

(127,600)

3

month

JIBAR

Quarterly

7.84%

Quarterly

09/21/22

(a)

09/21/27

ZAR

605,000

(272,222)

—

(272,222)

3

month

JIBAR

Quarterly

8.07%

Quarterly

09/21/22

(a)

09/21/27

ZAR

564,000

77,502

—

77,502

3

month

JIBAR

Quarterly

8.10%

Quarterly

09/21/22

(a)

09/21/27

ZAR

564,000

115,861

—

115,861

3

month

JIBAR

Quarterly

8.11%

Quarterly

09/21/22

(a)

09/21/27

ZAR

547,400

125,988

—

125,988

3

month

JIBAR

Quarterly

8.13%

Quarterly

09/21/22

(a)

09/21/27

ZAR

96,600

25,817

—

25,817

3

month

JIBAR

Quarterly

8.14%

Quarterly

09/21/22

(a)

09/21/27

ZAR

478,350

145,587

—

145,587

3

month

JIBAR

Quarterly

8.19%

Quarterly

09/21/22

(a)

09/21/27

ZAR

756,000

318,900

—

318,900

3

month

JIBAR

Quarterly

8.20%

Quarterly

09/21/22

(a)

09/21/27

ZAR

584,650

258,911

—

258,911

3

month

JIBAR

Quarterly

8.36%

Quarterly

09/21/22

(a)

09/21/27

ZAR

446,000

378,405

—

378,405

3

month

JIBAR

Quarterly

8.37%

Quarterly

09/21/22

(a)

09/21/27

ZAR

329,000

287,274

—

287,274

3

month

JIBAR

Quarterly

8.50%

Quarterly

09/21/22

(a)

09/21/27

ZAR

341,000

407,386

—

407,386

3

month

JIBAR

Quarterly

8.56%

Quarterly

09/21/22

(a)

09/21/27

ZAR

305,000

409,636

—

409,636

3

month

JIBAR

Quarterly

8.62%

Quarterly

09/21/22

(a)

09/21/27

ZAR

411,000

612,988

—

612,988

$

(9,234,303)

$

(6,207,253)

$

(3,027,050)

(a)

Forward

swap.

BlackRock

Tactical

Opportunities

Fund

14

Schedule

of

Investments

(unaudited)

(continued)

July

31,

2022

OTC

Interest

Rate

Swaps

Paid

by

the

Fund

Received

by

the

Fund

Rate

Frequency

Rate

Frequency

Counterparty

Effective

Date

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

1

day

BZDIOVER

At

Termination

12.27%

At

Termination

BNP

Paribas

SA

N/A

01/02/25

BRL

6,000

$

(10,867)

$

—

$

(10,867)

1

day

BZDIOVER

At

Termination

12.88%

At

Termination

Bank

of

America

NA

N/A

01/04/27

BRL

285,000

909,368

—

909,368

1

day

BZDIOVER

At

Termination

12.88%

At

Termination

Bank

of

America

NA

N/A

01/04/27

BRL

57,000

181,701

—

181,701

1

day

BZDIOVER

At

Termination

13.16%

At

Termination

Barclays

Bank

plc

N/A

01/04/27

BRL

78,000

423,260

—

423,260

1

day

BZDIOVER

At

Termination

12.88%

At

Termination

BNP

Paribas

SA

N/A

01/04/27

BRL

109,000

343,145

—

343,145

1

day

BZDIOVER

At

Termination

13.19%

At

Termination

BNP

Paribas

SA

N/A

01/04/27

BRL

265,000

1,490,370

—

1,490,370

1

day

BZDIOVER

At

Termination

12.54%

At

Termination

HSBC

Bank

plc

N/A

01/04/27

BRL

79,000

31,258

—

31,258

1

day

BZDIOVER

At

Termination

12.62%

At

Termination

HSBC

Bank

plc

N/A

01/04/27

BRL

110,000

116,629

—

116,629

1

day

BZDIOVER

At

Termination

-12.67%

At

Termination

HSBC

Bank

plc

N/A

01/04/27

BRL

85,000

201,354

—

201,354

1

week

CNREPOFI

Quarterly

2.54%

Quarterly

Bank

of

America

NA

09/21/22

(a)

09/21/27

CNY

1,200,980

660,652

—

660,652

3

month

TWCPBA

Quarterly

1.13%

Quarterly

Bank

of

America

NA

09/21/22

(a)

09/21/27

TWD

599,500

55,839

—

55,839

3

month

TWCPBA

Quarterly

1.82%

Quarterly

Bank

of

America

NA

09/21/22

(a)

09/21/27

TWD

751,680

923,293

—

923,293

3

month

TWCPBA

Quarterly

1.83%

Quarterly

Bank

of

America

NA

09/21/22

(a)

09/21/27

TWD

544,320

677,546

—

677,546

3.10%

Quarterly

3

month

CD_KSDA

Quarterly

Bank

of

America

NA

N/A

09/21/27

KRW

28,524,000

(166,284)

—

(166,284)

3.20%

Quarterly

3

month

CD_KSDA

Quarterly

Bank

of

America

NA

09/21/22

(a)

09/21/27

KRW

52,385,000

(491,589)

—

(491,589)

3.21%

Quarterly

3

month

CD_KSDA

Quarterly

Bank

of

America

NA

09/21/22

(a)

09/21/27

KRW

29,913,730

(293,735)

—

(293,735)

3.24%

Quarterly

3

month

CD_KSDA

Quarterly

Bank

of

America

NA

09/21/22

(a)

09/21/27

KRW

10,808,160

(117,106)

—

(117,106)

3.26%

Quarterly

3

month

CD_KSDA

Quarterly

Bank

of

America

NA

09/21/22

(a)

09/21/27

KRW

34,391,000

(391,337)

—

(391,337)

3.46%

Quarterly

3

month

CD_KSDA

Quarterly

Bank

of

America

NA

09/21/22

(a)

09/21/27

KRW

18,092,000

(341,049)

—

(341,049)

7.23%

Semi-Annual

1

day

MIBOR

Semi-Annual

Bank

of

America

NA

09/21/22

(a)

09/21/27

INR

2,121,000

(1,016,434)

—

(1,016,434)

6.61%

Semi-Annual

1

day

MIBOR

Semi-Annual

Barclays

Bank

plc

09/21/22

(a)

09/21/27

INR

1,236,000

(173,133)

—

(173,133)

1

day

THOR

Quarterly

2.53%

Quarterly

BNP

Paribas

SA

09/21/22

(a)

09/21/27

THB

1,025,927

394,194

—

394,194

1

week

CNREPOFI

Quarterly

2.47%

Quarterly

BNP

Paribas

SA

09/21/22

(a)

09/21/27

CNY

325,500

13,682

—

13,682

1

week

CNREPOFI

Quarterly

2.50%

Quarterly

BNP

Paribas

SA

09/21/22

(a)

09/21/27

CNY

172,000

48,010

—

48,010

1

week

CNREPOFI

Quarterly

2.51%

Quarterly

BNP

Paribas

SA

09/21/22

(a)

09/21/27

CNY

267,000

92,614

—

92,614

1

week

CNREPOFI

Quarterly

2.52%

Quarterly

BNP

Paribas

SA

09/21/22

(a)

09/21/27

CNY

99,000

40,376

—

40,376

1

week

CNREPOFI

Quarterly

2.56%

Quarterly

BNP

Paribas

SA

09/21/22

(a)

09/21/27

CNY

305,000

202,903

—

202,903

3.16%

Quarterly

3

month

CD_KSDA

Quarterly

BNP

Paribas

SA

09/21/22

(a)

09/21/27

KRW

38,013,000

(301,569)

—

(301,569)

3.20%

Quarterly

3

month

CD_KSDA

Quarterly

BNP

Paribas

SA

09/21/22

(a)

09/21/27

KRW

35,341,800

(325,243)

—

(325,243)

3.21%

Quarterly

3

month

CD_KSDA

Quarterly

BNP

Paribas

SA

09/21/22

(a)

09/21/27

KRW

37,868,000

(369,094)

—

(369,094)

3.08%

Quarterly

3

month

CD_KSDA

Quarterly

Citibank

NA

09/21/22

(a)

09/21/27

KRW

25,202,400

(123,153)

—

(123,153)

BlackRock

Tactical

Opportunities

Fund

15

Schedule

of

Investments

(unaudited)

(continued)

July

31,

2022

OTC

Interest

Rate

Swaps

(continued)

Paid

by

the

Fund

Received

by

the

Fund

Rate

Frequency

Rate

Frequency

Counterparty

Effective

Date

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

1

week

CNREPOFI

Quarterly

2.47%

Quarterly

HSBC

Bank

plc

09/21/22

(a)

09/21/27

CNY

325,500

$

30,219

$

—

$

30,219

1

week

CNREPOFI

Quarterly

2.55%

Quarterly

HSBC

Bank

plc

09/21/22

(a)

09/21/27

CNY

267,000

155,919

—

155,919

3

month

TWCPBA

Quarterly

1.02%

Quarterly

HSBC

Bank

plc

09/21/22

(a)

09/21/27

TWD

404,500

(33,862)

—

(33,862)

3

month

TWCPBA

Quarterly

1.15%

Quarterly

HSBC

Bank

plc

09/21/22

(a)

09/21/27

TWD

599,500

75,564

—

75,564

3.21%

Quarterly

3

month

CD_KSDA

Quarterly

HSBC

Bank

plc

09/21/22

(a)

09/21/27

KRW

41,488,200

(396,856)

—

(396,856)

3.26%

Quarterly

3

month

CD_KSDA

Quarterly

HSBC

Bank

plc

09/21/22

(a)

09/21/27

KRW

34,391,000

(394,455)

—

(394,455)

3.27%

Quarterly

3

month

CD_KSDA

Quarterly

HSBC

Bank

plc

09/21/22

(a)

09/21/27

KRW

21,943,840

(263,629)

—

(263,629)

3.85%

Quarterly

3

month

CD_KSDA

Quarterly

HSBC

Bank

plc

09/21/22

(a)

09/21/27

KRW

31,882,500

(1,053,744)

—

(1,053,744)

3.86%

Quarterly

3

month

CD_KSDA

Quarterly

HSBC

Bank

plc

09/21/22

(a)

09/21/27

KRW

31,882,500

(1,062,417)

—

(1,062,417)

3

month

TWCPBA

Quarterly

1.72%

Quarterly

JPMorgan

Chase

Bank

NA

09/21/22

(a)

09/21/27

TWD

738,000

785,077

—

785,077

3

month

TWCPBA

Quarterly

1.72%

Quarterly

JPMorgan

Chase

Bank

NA

09/21/22

(a)

09/21/27

TWD

738,000

779,006

—

779,006

3.06%

Quarterly

3

month

CD_KSDA

Quarterly

JPMorgan

Chase

Bank

NA

09/21/22

(a)

09/21/27

KRW

19,005,000

(83,563)

—

(83,563)

3.18%

Quarterly

3

month

CD_KSDA

Quarterly

JPMorgan

Chase

Bank

NA

09/21/22

(a)

09/21/27

KRW

63,241,000

(546,899)

—

(546,899)

3.19%

Quarterly

3

month

CD_KSDA

Quarterly

JPMorgan

Chase

Bank

NA

09/21/22

(a)

09/21/27

KRW

9,549,817

(84,941)

—

(84,941)

3.20%

Quarterly

3

month

CD_KSDA

Quarterly

JPMorgan

Chase

Bank

NA

09/21/22

(a)

09/21/27

KRW

16,977,453

(160,858)

—

(160,858)

7.23%

Semi-Annual

1

day

MIBOR

Semi-Annual

Morgan

Stanley

&

Co.

International

plc

09/21/22

(a)

09/21/27

INR

619,240

(295,739)

—

(295,739)

7.29%

Semi-Annual

1

day

MIBOR

Semi-Annual

Morgan

Stanley

&

Co.

International

plc

09/21/22

(a)

09/21/27

INR

2,689,500

(1,371,124)

—

(1,371,124)

7.35%

Semi-Annual

1

day

MIBOR

Semi-Annual

Morgan

Stanley

&

Co.

International

plc

09/21/22

(a)

09/21/27

INR

3,468,000

(1,891,117)

—

(1,891,117)

7.37%

Semi-Annual

1

day

MIBOR

Semi-Annual

Morgan

Stanley

&

Co.

International

plc

09/21/22

(a)

09/21/27

INR

1,141,080

(634,700)

—

(634,700)

1

week

CNREPOFI

Quarterly

2.54%

Quarterly

Nomura

International

plc

09/21/22

(a)

09/21/27

CNY

910,040

519,102

—

519,102

3.29%

Quarterly

3

month

CD_KSDA

Quarterly

Nomura

International

plc

09/21/22

(a)

09/21/27

KRW

26,595,000

(331,564)

—

(331,564)

7.36%

Semi-Annual

1

day

MIBOR

Semi-Annual

Nomura

International

plc

09/21/22

(a)

09/21/27

INR

2,197,000

(1,204,034)

—

(1,204,034)

7.38%

Semi-Annual

1

day

MIBOR

Semi-Annual

Nomura

International

plc

09/21/22

(a)

09/21/27

INR

1,942,920

(1,091,316)

—

(1,091,316)

$

(5,870,330)

$

—

$

(5,870,330)

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)

0.00%

...........

At

Termination

TAIEX

Index

Futures

At

Termination

Merrill

Lynch

International

&

Co.

08/17/22

TWD

2,777,069

$

3,851,395

$

—

$

3,851,395

0.00%

...........

At

Termination

TAIEX

Index

Futures

At

Termination

Merrill

Lynch

International

&

Co.

08/17/22

TWD

92,009

20,675

—

20,675

BlackRock

Tactical

Opportunities

Fund

16

Schedule

of

Investments

(unaudited)

(continued)

July

31,

2022

OTC

Total

Return

Swaps

(continued)

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)

0.00%

...........

At

Termination

TAIEX

Index

Futures

At

Termination

Merrill

Lynch

International

&

Co.

08/17/22

TWD

313,509

$

307,096

$

—

$

307,096

BOVESPA

Index

Futures

........

At

Termination

0.00%

At

Termination

Merrill

Lynch

International

&

Co.

08/17/22

BRL

203,648

106,911

—

106,911

KOSPI

200

Index

Futures

........

At

Termination

0.00%

At

Termination

Merrill

Lynch

International

&

Co.

09/08/22

KRW

85,827,859

4,382,358

—

4,382,358

Swiss

Market

Index

Futures

........

At

Termination

0.00%

At

Termination

HSBC

Bank

plc

09/16/22

CHF

10,312

(308,121)

—

(308,121)

Swiss

Market

Index

Futures

........

At

Termination

0.00%

At

Termination

HSBC

Bank

plc

09/16/22

CHF

227

4,076

—

4,076

Swiss

Market

Index

Futures

........

At

Termination

0.00%

At

Termination

HSBC

Bank

plc

09/16/22

CHF

6,616

(85,731)

—

(85,731)

1

day

SOFR

plus

0.09%

Quarterly

MSCI

Mexico

Net

Return

Index

Quarterly

Citibank

NA

04/19/23

USD

10,581

193,322

—

193,322

1

day

SOFR

plus

0.10%

Quarterly

MSCI

Mexico

Net

Return

Index

Quarterly

BNP

Paribas

SA

04/19/23

USD

7,448

136,070

—

136,070

1

day

SOFR

plus

0.25%

Quarterly

MSCI

Mexico

Net

Return

Index

Quarterly

Merrill

Lynch

International

&

Co.

04/19/23

USD

4,402

80,277

—

80,277

MSCI

Chile

Net

Return

Index

..........

Quarterly

1

day

SOFR

minus

1.00%

Quarterly

Merrill

Lynch

International

&

Co.

04/19/23

USD

7,987

(352,337)

—

(352,337)

MSCI

Chile

Net

Return

Index

..........

Quarterly

1

day

SOFR

minus

1.25%

Quarterly

Citibank

NA

06/09/23

USD

7,810

433,401

—

433,401

$

8,769,392

$

—

$

8,769,392

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

0.05

%

1

day

MIBOR

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

Mumbai

Interbank

Offered

Rate

5.29

1

day

SOFR

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

Secured

Overnight

Financing

Rate

1.81

1

day

SONIA

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

Sterling

Overnight

Index

Average

1.19

1

day

SORA

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

Singapore

Overnight

Rate

Average

2.14

1

day

THOR

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

Thailand

Overnight

Repo

Rate

ON

0.49

1

week

CNREPOFI

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

China

Fixing

Repo

Rates

1.37

28

day

MXIBTIIE

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

Mexico

Interbank

TIIE

28-Day

8.12

3

month

BA

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

Canadian

Bankers

Acceptances

3.50

3

month

CD_KSDA

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

Certificates

of

Deposit

by

the

Korean

Securities

Dealers

Association

2.75

3

month

JIBAR

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

Johannesburg

Interbank

Average

Rate

5.73

3

month

STIBOR

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

Stockholm

Interbank

Offered

Rate

(0.10)

3

month

TWCPBA

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

Taiwan

Secondary

Markets

Bills

Rate

0.87

6

month

BBR

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

Australian

Bank

Bill

Rate

2.78

6

month

EURIBOR

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

Euro

Interbank

Offered

Rate

0.73

6

month

WIBOR

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

Warsaw

Interbank

Offered

Rate

7.20

BlackRock

Tactical

Opportunities

Fund

17

Schedule

of

Investments

(unaudited)

(continued)

July

31,

2022

Glossary

of

Terms

Used

in

this

Report

Currency

Abbreviation

AUD

Australian

Dollar

BRL

Brazilian

Real

CAD

Canadian

Dollar

CHF

Swiss

Franc

CLP

Chilean

Peso

CNY

Chinese

Yuan

EUR

Euro

GBP

British

Pound

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

BA

Canadian

Bankers

Acceptances

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

CNREPOFI

Day

China

Fixing

Repo

Rates

EURIBOR

Euro

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

OTC

Over-the-counter

REIT

Real

Estate

Investment

Trust

S&P

Standard

&

Poor's

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

TWCPBA

Taiwan

Secondary

Markets

Bills

Rate

WIBOR

Warsaw

Interbank

Offered

Rate

BlackRock

Tactical

Opportunities

Fund

18

Schedule

of

Investments

(unaudited)

(continued)

July

31,

2022

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

BlackRock

Global

Valuation

Methodologies

Committee's

(the

"Global

Valuation

Committee's")

assumptions

used

in

determining

the

fair

value

of

financial

instruments).

The

hierarchy

gives

the

highest

priority

to

unadjusted

quoted

prices

in

active

markets

for

identical

assets

or

liabilities

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements).

Accordingly,

the

degree

of

judgment

exercised

in

determining

fair

value

is

greatest

for

instruments

categorized

in

Level

3.

The

inputs

used

to

measure

fair

value

may

fall

into

different

levels

of

the

fair

value

hierarchy.

In

such

cases,

for

disclosure

purposes,

the

fair

value

hierarchy

classification

is

determined

based

on

the

lowest

level

input

that

is

significant

to

the

fair

value

measurement

in

its

entirety.

Investments

classified

within

Level

3

have

significant

unobservable

inputs

used

by

the

Global

Valuation

Committee

in

determining

the

price

for

Fair

Valued

Investments.

Level

3

investments

include

equity

or

debt

issued

by

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")

per

share

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.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Asset-Backed

Securities

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

$

—

$

—

$

—

$

—

Common

Stocks

Aerospace

&

Defense

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

2,856,008

730,444

—

3,586,452

Air

Freight

&

Logistics

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

4,306,227

1,001,797

—

5,308,024

Airlines

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

654,767

—

—

654,767

Auto

Components

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

1,667,439

1,470,843

—

3,138,282

Automobiles

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

31,398,922

10,258,169

—

41,657,091

Banks

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

21,927,961

21,609,077

—

43,537,038

Beverages

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

17,648,691

7,479,199

—

25,127,890

Biotechnology

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

23,537,439

2,929,862

—

26,467,301

Building

Products

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

14,232,732

4,423,046

—

18,655,778

Capital

Markets

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

18,194,745

7,685,180

—

25,879,925

Chemicals

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

18,194,036

8,180,095

—

26,374,131

Commercial

Services

&

Supplies

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

7,084,732

1,492,666

—

8,577,398

Communications

Equipment

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

1,935,257

253,455

—

2,188,712

Construction

&

Engineering

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

509,694

6,135,858

—

6,645,552

Construction

Materials

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

2,896,736

437,849

—

3,334,585

Consumer

Finance

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

3,217,203

—

—

3,217,203

Containers

&

Packaging

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

2,542,783

—

—

2,542,783

Distributors

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

890,673

—

—

890,673

Diversified

Financial

Services

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

14,529,200

1,712,842

—

16,242,042

Diversified

Telecommunication

Services

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

2,837,561

2,714,504

—

5,552,065

Electric

Utilities

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

22,470,389

12,500,965

—

34,971,354

Electrical

Equipment

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

1,200,264

8,817,338

—

10,017,602

Electronic

Equipment,

Instruments

&

Components

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

7,867,790

5,022,737

—

12,890,527

Energy

Equipment

&

Services

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

5,142,171

191,131

—

5,333,302

Entertainment

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

19,910,447

2,345,355

—

22,255,802

BlackRock

Tactical

Opportunities

Fund

19

Schedule

of

Investments

(unaudited)

(continued)

July

31,

2022

Level

1

Level

2

Level

3

Total

Equity

Real

Estate

Investment

Trusts

(REITs)

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

$

36,910,521

$

3,699,221

$

—

$

40,609,742

Food

&

Staples

Retailing

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

9,333,446

3,252,427

—

12,585,873

Food

Products

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

287,334

9,911,068

—

10,198,402

Gas

Utilities

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

365,991

5,220,872

—

5,586,863

Health

Care

Equipment

&

Supplies

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

20,579,062

2,120,140

—

22,699,202

Health

Care

Providers

&

Services

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

13,810,090

276,168

—

14,086,258

Health

Care

Technology

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

—

219,492

—

219,492

Hotels,

Restaurants

&

Leisure

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

5,834,382

2,987,278

—

8,821,660

Household

Durables

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

11,226,997

1,883,181

—

13,110,178

Household

Products

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

6,921,450

1,385,200

—

8,306,650

Independent

Power

and

Renewable

Electricity

Producers

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

—

671,419

—

671,419

Industrial

Conglomerates

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

2,468,455

6,026,980

—

8,495,435

Insurance

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

1,710,673

7,070,970

—

8,781,643

Interactive

Media

&

Services

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

42,989,145

151,972

—

43,141,117

Internet

&

Direct

Marketing

Retail

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

25,884,759

1,060,917

—

26,945,676

IT

Services

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

34,960,486

4,668,282

—

39,628,768

Life

Sciences

Tools

&

Services

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

20,302,887

1,616,735

—

21,919,622

Machinery

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

34,275,256

9,286,390

—

43,561,646

Marine

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

—

1,355,342

—

1,355,342

Media

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

16,575,416

1,114,449

—

17,689,865

Metals

&

Mining

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

—

7,596,861

—

7,596,861

Multiline

Retail

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

10,054,478

—

—

10,054,478

Multi-Utilities

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

11,487,497

4,974,952

—

16,462,449

Oil,

Gas

&

Consumable

Fuels

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

23,844,801

9,746,136

—

33,590,937

Personal

Products

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

422,718

5,620,358

—

6,043,076

Pharmaceuticals

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

64,811,421

28,033,312

—

92,844,733

Professional

Services

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

2,969,127

5,141,947

—

8,111,074

Real

Estate

Management

&

Development

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

1,038,228

6,437,326

—

7,475,554

Road

&

Rail

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

6,637,497

1,557,689

—

8,195,186

Semiconductors

&

Semiconductor

Equipment

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

67,798,960

7,918,532

—

75,717,492

Software

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

87,976,006

4,722,366

—

92,698,372

Specialty

Retail

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

11,737,637

849,420

—

12,587,057

Technology

Hardware,

Storage

&

Peripherals

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

69,615,688

2,165,684

—

71,781,372

Textiles,

Apparel

&

Luxury

Goods

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

441,553

5,390,264

—

5,831,817

Trading

Companies

&

Distributors

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

6,841,426

6,273,272

—

13,114,698

Transportation

Infrastructure

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

—

1,510,451

—

1,510,451

Water

Utilities

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

4,276,682

2,827,772

—

7,104,454

Wireless

Telecommunication

Services

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

—

2,925,495

—

2,925,495

Other

Interests

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

—

—

—

—

Preferred

Stocks

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

—

1,497,899

—

1,497,899

Rights

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

11,760

—

—

11,760

U.S.

Treasury

Obligations

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

—

79,098,906

—

79,098,906

Warrants

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

75,550

—

—

75,550

Short-Term

Securities

Money

Market

Funds

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

52,452,450

—

—

52,452,450

$

954,583,696

$

355,659,557

$

—

$

1,310,243,253

Investments

Valued

at

NAV

(a)

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

1,092,410

$

—

$

1,311,335,663

$

—

Derivative

Financial

Instruments

(b)

Assets

Equity

contracts

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

$

1,484,436

$

26,242,415

$

—

$

27,726,851

Foreign

currency

exchange

contracts

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

—

5,464,102

—

5,464,102

Interest

rate

contracts

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

42,089,347

28,861,359

—

70,950,706

Liabilities

Equity

contracts

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

(55,840,258)

(12,642,465)

—

(68,482,723)

Foreign

currency

exchange

contracts

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

—

(3,191,017)

—

(3,191,017)

Interest

rate

contracts

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

(54,419,686)

(37,758,739)

—

(92,178,425)

$

(66,686,161)

$

6,975,655

$

—

$

(59,710,506)

(a)

Certain

investments

of

the

Fund

were

fair

valued

using

NAV

per

share

as

no

quoted

market

value

is

available

and

therefore

have

been

excluded

from

the

fair

value

hierarchy.

(b)

Derivative

financial

instruments

are

swaps,

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.