Schedule

of

Investments

(unaudited)

July

31,

2025

BlackRock

Tactical

Opportunities

Fund

2

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

Knollwood

CDO

Ltd.,

Series

2004-1A,

Class

C,

(US

Prime

Rate

at

0.00%

Floor

+

3.20%),

10.70%,

01/10/39

(a)

(b)

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

USD

238‌

$

—‌

Total

Asset-Backed

Securities

—

0.0

%

(Cost:

$

208,185

)

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

—‌

Shares

Shares

Common

Stocks

Aerospace

&

Defense

—

1.1%

Airbus

SE

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

14,055

2,825,830‌

Axon

Enterprise,

Inc.

(c)

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

1,821

1,375,747‌

BAE

Systems

plc

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

130,599

3,116,176‌

Boeing

Co.

(The)

(c)

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

13,269

2,943,595‌

Dassault

Aviation

SA

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

817

254,379‌

GE

Aerospace

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

12,947

3,509,673‌

General

Dynamics

Corp.

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

3,795

1,182,560‌

HEICO

Corp.

,

Class

A

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

5,310

1,370,458‌

Kongsberg

Gruppen

ASA

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

20,113

601,040‌

Lockheed

Martin

Corp.

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

5,213

2,194,569‌

Northrop

Grumman

Corp.

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

1,209

697,121‌

Rheinmetall

AG

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

1,822

3,606,646‌

Rolls-Royce

Holdings

plc

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

535,946

7,606,671‌

Safran

SA

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

11,240

3,706,406‌

Spirit

AeroSystems

Holdings,

Inc.

,

Class

A

(c)

...

2,475

97,515‌

Thales

SA

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

2,525

679,210‌

35,767,596‌

Air

Freight

&

Logistics

—

0.5%

FedEx

Corp.

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

41,326

9,235,948‌

United

Parcel

Service,

Inc.

,

Class

B

........

99,965

8,612,984‌

17,848,932‌

Automobile

Components

—

0.2%

Aptiv

plc

(c)

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

41,078

2,819,594‌

BorgWarner,

Inc.

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

29,612

1,089,722‌

Bridgestone

Corp.

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

14,900

602,708‌

Cie

Generale

des

Etablissements

Michelin

SCA

10,704

380,811‌

Continental

AG

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

7,424

634,089‌

Denso

Corp.

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

108,600

1,473,422‌

Mobileye

Global,

Inc.

,

Class

A

(c)

...........

48,006

683,605‌

QuantumScape

Corp.

,

Class

A

(c)

...........

7,696

66,186‌

7,750,137‌

Automobiles

—

1.2%

Ferrari

NV

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

1,361

596,809‌

General

Motors

Co.

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

50,749

2,706,952‌

Harley-Davidson,

Inc.

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

2,534

61,652‌

Lucid

Group,

Inc.

(c)

(d)

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

21,193

52,135‌

Mercedes-Benz

Group

AG

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

19,995

1,132,122‌

Renault

SA

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

3,825

141,528‌

Stellantis

NV

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

39,014

344,303‌

Tesla,

Inc.

(c)

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

101,077

31,159,007‌

Toyota

Motor

Corp.

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

118,400

2,106,053‌

38,300,561‌

Banks

—

5.4%

ANZ

Group

Holdings

Ltd.

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

102,570

2,012,782‌

Banca

Monte

dei

Paschi

di

Siena

SpA

.......

134,267

1,143,072‌

Banco

Bilbao

Vizcaya

Argentaria

SA

........

136,274

2,272,814‌

Banco

BPM

SpA

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

21,580

275,213‌

Banco

de

Sabadell

SA

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

130,163

480,419‌

Banco

Santander

SA

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

279,580

2,401,814‌

Bank

Hapoalim

BM

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

17,582

329,717‌

Bank

Leumi

Le-Israel

BM

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

20,691

382,758‌

Security

Shares

Shares

Value

Banks

(continued)

Bank

of

America

Corp.

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

368,548

$

17,421,264‌

Bank

of

Ireland

Group

plc

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

11,494

154,134‌

Barclays

plc

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

254,363

1,243,332‌

BNP

Paribas

SA

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

33,823

3,083,923‌

BOC

Hong

Kong

Holdings

Ltd.

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

213,000

956,425‌

BOK

Financial

Corp.

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

485

49,242‌

BPER

Banca

SpA

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

35,298

347,351‌

CaixaBank

SA

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

40,389

379,992‌

Citigroup,

Inc.

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

81,041

7,593,542‌

Citizens

Financial

Group,

Inc.

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

110,208

5,259,126‌

Commerzbank

AG

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

45,357

1,653,982‌

Commonwealth

Bank

of

Australia

..........

100,221

11,378,047‌

Credit

Agricole

SA

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

18,929

348,379‌

Danske

Bank

A/S

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

22,725

901,534‌

DBS

Group

Holdings

Ltd.

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

63,760

2,340,278‌

DNB

Bank

ASA

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

18,811

475,914‌

Erste

Group

Bank

AG

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

6,548

598,775‌

FinecoBank

Banca

Fineco

SpA

...........

23,610

502,752‌

First

Hawaiian,

Inc.

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

2,719

65,936‌

HSBC

Holdings

plc

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

424,439

5,170,929‌

Huntington

Bancshares,

Inc.

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

25,416

417,585‌

ING

Groep

NV

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

96,232

2,242,730‌

Intesa

Sanpaolo

SpA

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

770,012

4,639,528‌

Japan

Post

Bank

Co.

Ltd.

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

87,200

973,265‌

JPMorgan

Chase

&

Co.

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

109,918

32,562,108‌

Mitsubishi

UFJ

Financial

Group,

Inc.

........

587,800

8,101,511‌

Mizuho

Financial

Group,

Inc.

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

135,950

3,987,639‌

National

Australia

Bank

Ltd.

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

9,363

232,358‌

NatWest

Group

plc

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

247,067

1,715,036‌

Nordea

Bank

Abp

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

180,253

2,630,214‌

NU

Holdings

Ltd.

,

Class

A

(c)

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

80,379

982,231‌

PNC

Financial

Services

Group,

Inc.

(The)

....

17,898

3,405,453‌

Resona

Holdings,

Inc.

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

138,400

1,259,995‌

Societe

Generale

SA

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

34,185

2,181,980‌

Standard

Chartered

plc

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

43,427

778,515‌

Sumitomo

Mitsui

Financial

Group,

Inc.

.......

338,900

8,549,299‌

Sumitomo

Mitsui

Trust

Group,

Inc.

.........

114,200

2,993,726‌

Svenska

Handelsbanken

AB

,

Class

A

.......

166,133

2,024,227‌

Swedbank

AB

,

Class

A

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

15,530

413,534‌

TFS

Financial

Corp.

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

1,094

14,342‌

Truist

Financial

Corp.

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

155,243

6,785,672‌

UniCredit

SpA

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

40,056

2,947,074‌

United

Overseas

Bank

Ltd.

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

15,900

441,746‌

US

Bancorp

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

240,338

10,805,597‌

Wells

Fargo

&

Co.

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

71,567

5,770,447‌

176,079,258‌

Beverages

—

0.5%

Boston

Beer

Co.,

Inc.

(The)

,

Class

A

(c)

.......

185

38,310‌

Brown-Forman

Corp.

,

Class

A

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

1,028

29,442‌

Coca-Cola

Co.

(The)

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

117,548

7,980,334‌

Coca-Cola

HBC

AG

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

12,063

626,940‌

Constellation

Brands,

Inc.

,

Class

A

.........

5,601

935,591‌

Diageo

plc

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

34,042

825,095‌

Monster

Beverage

Corp.

(c)

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

30,761

1,807,209‌

PepsiCo,

Inc.

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

19,800

2,730,816‌

Primo

Brands

Corp.

,

Class

A

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

88,434

2,441,663‌

17,415,400‌

Biotechnology

—

1.5%

AbbVie,

Inc.

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

74,774

14,133,781‌

Alkermes

plc

(c)

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

11,987

317,536‌

Alnylam

Pharmaceuticals,

Inc.

(c)

...........

4,503

1,766,257‌

Amgen,

Inc.

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

17,475

5,156,872‌

Apellis

Pharmaceuticals,

Inc.

(c)

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

2,229

49,796‌

Argenx

SE

(c)

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

5,056

3,395,760‌

Schedule

of

Investments

(unaudited)

(continued)

July

31,

2025

BlackRock

Tactical

Opportunities

Fund

3

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Biotechnology

(continued)

BioMarin

Pharmaceutical,

Inc.

(c)

...........

25,556

$

1,478,415‌

Bridgebio

Pharma,

Inc.

(c)

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

20,792

982,838‌

CSL

Ltd.

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

17,974

3,109,219‌

Exact

Sciences

Corp.

(c)

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

17,541

823,550‌

Exelixis,

Inc.

(c)

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

22,317

808,322‌

Genmab

A/S

(c)

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

3,563

767,105‌

Gilead

Sciences,

Inc.

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

53,314

5,986,629‌

Halozyme

Therapeutics,

Inc.

(c)

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

3,995

239,580‌

Incyte

Corp.

(c)

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

13,700

1,025,993‌

Insmed,

Inc.

(c)

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

7,667

822,516‌

Natera,

Inc.

(c)

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

24,865

3,323,456‌

Neurocrine

Biosciences,

Inc.

(c)

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

10,451

1,340,132‌

Regeneron

Pharmaceuticals,

Inc.

..........

4,918

2,682,572‌

Sarepta

Therapeutics,

Inc.

(c)

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

2,698

44,301‌

Ultragenyx

Pharmaceutical,

Inc.

(c)

..........

1,895

51,771‌

United

Therapeutics

Corp.

(c)

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

4,570

1,255,379‌

Vertex

Pharmaceuticals,

Inc.

(c)

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

2,061

941,609‌

50,503,389‌

Broadline

Retail

—

2.4%

Amazon.com,

Inc.

(c)

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

279,721

65,485,483‌

Coupang,

Inc.

,

Class

A

(c)

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

33,853

996,294‌

Etsy,

Inc.

(c)

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

10,042

585,147‌

MercadoLibre,

Inc.

(c)

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

512

1,215,432‌

Prosus

NV

,

Class

N

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

100,622

5,748,113‌

Rakuten

Group,

Inc.

(c)

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

129,000

652,703‌

Wesfarmers

Ltd.

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

73,897

4,042,133‌

78,725,305‌

Building

Products

—

0.0%

Cie

de

Saint-Gobain

SA

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

5,144

590,105‌

Hayward

Holdings,

Inc.

(c)

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

3,009

46,278‌

Kingspan

Group

plc

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

1,676

139,095‌

775,478‌

Capital

Markets

—

3.6%

3i

Group

plc

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

27,177

1,485,010‌

Ameriprise

Financial,

Inc.

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

11,880

6,156,097‌

Amundi

SA

(b)

(e)

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

2,815

208,030‌

Ares

Management

Corp.

,

Class

A

..........

5,325

987,947‌

Blackstone,

Inc.

,

Class

A

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

21,052

3,641,154‌

Blue

Owl

Capital,

Inc.

,

Class

A

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

30,590

591,917‌

Brookfield

Asset

Management

Ltd.

,

Class

A

...

7,737

477,141‌

Brookfield

Corp.

,

Class

A

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

7,346

492,048‌

Carlyle

Group,

Inc.

(The)

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

4,686

284,253‌

Charles

Schwab

Corp.

(The)

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

102,159

9,983,999‌

CME

Group,

Inc.

,

Class

A

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

31,295

8,708,773‌

Coinbase

Global,

Inc.

,

Class

A

(c)

...........

5,520

2,085,235‌

Daiwa

Securities

Group,

Inc.

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

55,700

387,775‌

Deutsche

Bank

AG

(Registered)

...........

212,724

7,006,392‌

Deutsche

Boerse

AG

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

1,764

510,479‌

Euronext

NV

(b)

(e)

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

5,128

826,578‌

Futu

Holdings

Ltd.

,

ADR

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

4,544

698,322‌

Goldman

Sachs

Group,

Inc.

(The)

.........

9,665

6,993,497‌

Hong

Kong

Exchanges

&

Clearing

Ltd.

......

20,300

1,098,612‌

Houlihan

Lokey,

Inc.

,

Class

A

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

8,938

1,704,119‌

Interactive

Brokers

Group,

Inc.

,

Class

A

......

12,332

808,486‌

Intercontinental

Exchange,

Inc.

...........

25,977

4,801,329‌

Janus

Henderson

Group

plc

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

60,403

2,615,450‌

Japan

Exchange

Group,

Inc.

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

29,800

291,217‌

Jefferies

Financial

Group,

Inc.

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

28,894

1,666,028‌

KKR

&

Co.,

Inc.

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

23,543

3,450,933‌

London

Stock

Exchange

Group

plc

.........

33,898

4,132,000‌

Macquarie

Group

Ltd.

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

28,178

3,902,243‌

Marex

Group

plc

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

31,795

1,226,651‌

MarketAxess

Holdings,

Inc.

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

2,804

576,222‌

Security

Shares

Shares

Value

Capital

Markets

(continued)

Moody's

Corp.

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

15,920

$

8,210,422‌

Morgan

Stanley

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

106,415

15,159,881‌

MSCI,

Inc.

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

7,132

4,003,620‌

Nasdaq,

Inc.

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

25,655

2,468,524‌

Nomura

Holdings,

Inc.

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

325,100

2,147,707‌

Robinhood

Markets,

Inc.

,

Class

A

(c)

(d)

........

21,018

2,165,905‌

SBI

Holdings,

Inc.

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

14,800

549,788‌

Schroders

plc

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

67,265

345,752‌

St.

James's

Place

plc

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

19,183

330,156‌

UBS

Group

AG

(Registered)

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

131,926

4,902,901‌

XP,

Inc.

,

Class

A

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

8,718

140,709‌

118,223,302‌

Chemicals

—

0.1%

Air

Liquide

SA

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

7,414

1,458,605‌

Arkema

SA

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

2,623

178,368‌

Ashland,

Inc.

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

1,039

53,571‌

Croda

International

plc

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

3,304

113,716‌

Givaudan

SA

(Registered)

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

177

739,922‌

Huntsman

Corp.

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

3,503

33,979‌

NewMarket

Corp.

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

144

98,928‌

Scotts

Miracle-Gro

Co.

(The)

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

911

57,083‌

2,734,172‌

Commercial

Services

&

Supplies

—

1.0%

Brambles

Ltd.

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

113,697

1,739,502‌

Cintas

Corp.

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

41,287

9,188,422‌

Clean

Harbors,

Inc.

(c)

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

1,994

470,205‌

Copart,

Inc.

(c)

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

10,651

482,810‌

GFL

Environmental,

Inc.

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

17,498

881,214‌

MSA

Safety,

Inc.

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

791

140,695‌

RB

Global,

Inc.

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

3,924

424,812‌

Republic

Services,

Inc.

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

19,817

4,570,791‌

Rollins,

Inc.

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

11,321

648,354‌

Waste

Connections,

Inc.

(d)

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

36,636

6,838,842‌

Waste

Management,

Inc.

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

38,223

8,759,183‌

34,144,830‌

Communications

Equipment

—

1.0%

Arista

Networks,

Inc.

(c)

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

81,194

10,004,725‌

Ciena

Corp.

(c)

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

2,978

276,478‌

Cisco

Systems,

Inc.

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

207,880

14,152,470‌

Motorola

Solutions,

Inc.

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

15,975

7,012,705‌

31,446,378‌

Construction

&

Engineering

—

0.3%

AECOM

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

12,273

1,383,658‌

Bouygues

SA

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

5,267

216,877‌

Comfort

Systems

USA,

Inc.

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

1,758

1,236,401‌

Eiffage

SA

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

3,884

521,371‌

Everus

Construction

Group,

Inc.

(c)

..........

1,084

80,498‌

Ferrovial

SE

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

33,625

1,723,717‌

MasTec,

Inc.

(c)

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

9,353

1,769,681‌

Obayashi

Corp.

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

27,400

403,472‌

Shimizu

Corp.

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

61,800

684,619‌

Vinci

SA

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

8,731

1,212,813‌

9,233,107‌

Construction

Materials

—

0.0%

James

Hardie

Industries

plc

,

ADR

(c)

.........

2,734

70,920‌

Consumer

Finance

—

0.3%

Ally

Financial,

Inc.

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

60,841

2,302,832‌

American

Express

Co.

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

15,319

4,585,130‌

Capital

One

Financial

Corp.

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

9,420

2,025,300‌

Synchrony

Financial

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

7,798

543,286‌

9,456,548‌

Schedule

of

Investments

(unaudited)

(continued)

July

31,

2025

BlackRock

Tactical

Opportunities

Fund

4

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Consumer

Staples

Distribution

&

Retail

—

1.9%

BJ's

Wholesale

Club

Holdings,

Inc.

(c)

(d)

.......

5,090

$

539,031‌

Coles

Group

Ltd.

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

89,410

1,190,402‌

Costco

Wholesale

Corp.

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

21,149

19,872,446‌

Dollar

General

Corp.

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

13,369

1,402,408‌

Koninklijke

Ahold

Delhaize

NV

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

6,567

259,373‌

Kroger

Co.

(The)

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

51,601

3,617,230‌

Seven

&

i

Holdings

Co.

Ltd.

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

54,600

719,802‌

Sprouts

Farmers

Market,

Inc.

(c)

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

25,561

3,873,514‌

Sysco

Corp.

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

41,853

3,331,499‌

Target

Corp.

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

21,638

2,174,619‌

Tesco

plc

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

161,360

906,589‌

US

Foods

Holding

Corp.

(c)

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

16,023

1,335,197‌

Walgreens

Boots

Alliance,

Inc.

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

15,344

178,604‌

Walmart,

Inc.

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

236,938

23,215,185‌

62,615,899‌

Containers

&

Packaging

—

0.0%

Ball

Corp.

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

5,528

316,533‌

Sonoco

Products

Co.

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

2,093

94,332‌

410,865‌

Diversified

Consumer

Services

—

0.0%

ADT,

Inc.

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

7,045

58,826‌

Diversified

REITs

—

0.0%

Land

Securities

Group

plc

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

16,160

122,896‌

Diversified

Telecommunication

Services

—

0.8%

AT&T,

Inc.

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

304,126

8,336,094‌

BCE,

Inc.

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

21,406

499,308‌

Deutsche

Telekom

AG

(Registered)

........

113,774

4,080,609‌

Frontier

Communications

Parent,

Inc.

(c)

......

5,263

193,363‌

GCI

Liberty,

Inc.

,

Class

A

(c)

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

71

2,346‌

Iridium

Communications,

Inc.

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

2,397

58,631‌

Liberty

Global

Ltd.

,

Class

A

(c)

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

3,545

35,521‌

Liberty

Global

Ltd.

,

Class

C

(c)

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

3,265

33,401‌

NTT,

Inc.

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

2,520,000

2,544,851‌

Orange

SA

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

49,644

755,139‌

Singapore

Telecommunications

Ltd.

........

560,000

1,668,883‌

Telstra

Group

Ltd.

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

640,634

2,041,752‌

Verizon

Communications,

Inc.

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

106,718

4,563,262‌

24,813,160‌

Electric

Utilities

—

1.0%

Acciona

SA

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

1,051

201,577‌

Chubu

Electric

Power

Co.,

Inc.

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

41,800

511,245‌

CK

Infrastructure

Holdings

Ltd.

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

47,000

331,021‌

CLP

Holdings

Ltd.

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

43,000

373,231‌

Constellation

Energy

Corp.

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

3,565

1,240,050‌

Duke

Energy

Corp.

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

53,735

6,536,325‌

Edison

International

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

120,993

6,306,155‌

EDP

SA

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

94,317

407,672‌

Endesa

SA

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

8,292

239,883‌

Enel

SpA

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

191,664

1,690,149‌

Entergy

Corp.

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

77,751

7,031,023‌

Iberdrola

SA

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

193,532

3,401,584‌

Kansai

Electric

Power

Co.,

Inc.

(The)

.......

70,900

851,257‌

NRG

Energy,

Inc.

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

8,695

1,453,804‌

PG&E

Corp.

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

108,658

1,523,385‌

SSE

plc

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

29,172

715,071‌

Terna

-

Rete

Elettrica

Nazionale

...........

33,640

325,499‌

Xcel

Energy,

Inc.

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

18,134

1,331,761‌

34,470,692‌

Electrical

Equipment

—

0.6%

ABB

Ltd.

(Registered)

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

112,949

7,375,357‌

GE

Vernova,

Inc.

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

1,767

1,166,732‌

Security

Shares

Shares

Value

Electrical

Equipment

(continued)

Legrand

SA

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

8,372

$

1,236,602‌

Schneider

Electric

SE

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

17,120

4,430,543‌

Siemens

Energy

AG

(c)

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

33,708

3,902,671‌

18,111,905‌

Electronic

Equipment,

Instruments

&

Components

—

0.3%

Amphenol

Corp.

,

Class

A

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

9,865

1,050,721‌

Crane

NXT

Co.

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

1,051

62,366‌

Flex

Ltd.

(c)

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

31,416

1,566,716‌

Hexagon

AB

,

Class

B

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

23,897

262,582‌

Ingram

Micro

Holding

Corp.

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

378

7,454‌

IPG

Photonics

Corp.

(c)

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

583

43,661‌

Keyence

Corp.

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

1,700

614,944‌

Keysight

Technologies,

Inc.

(c)

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

5,462

895,277‌

Kyocera

Corp.

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

26,600

313,996‌

Littelfuse,

Inc.

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

522

134,326‌

Murata

Manufacturing

Co.

Ltd.

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

104,300

1,552,410‌

TE

Connectivity

plc

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

5,583

1,148,702‌

Teledyne

Technologies,

Inc.

(c)

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

2,455

1,352,754‌

Vontier

Corp.

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

3,201

132,746‌

9,138,655‌

Entertainment

—

0.9%

Liberty

Media

Corp.-Liberty

Formula

One

,

Class

A

(c)

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

490

44,159‌

Liberty

Media

Corp.-Liberty

Live

,

Class

A

(c)

....

414

33,865‌

Liberty

Media

Corp.-Liberty

Live

,

Class

C

(c)

...

991

83,472‌

Madison

Square

Garden

Sports

Corp.

(c)

......

397

80,234‌

Netflix,

Inc.

(c)

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

9,956

11,542,986‌

Nintendo

Co.

Ltd.

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

10,500

877,579‌

ROBLOX

Corp.

,

Class

A

(c)

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

24,605

3,390,323‌

Sea

Ltd.

,

ADR,

Class

A

(c)

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

31,112

4,873,695‌

Spotify

Technology

SA

(c)

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

10,136

6,350,609‌

Take-Two

Interactive

Software,

Inc.

(c)

........

1,039

231,417‌

Walt

Disney

Co.

(The)

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

27,156

3,234,551‌

30,742,890‌

Financial

Services

—

1.9%

Adyen

NV

(b)

(c)

(e)

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

430

737,515‌

Affirm

Holdings,

Inc.

,

Class

A

(c)

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

3,425

234,818‌

Berkshire

Hathaway,

Inc.

,

Class

B

(c)

........

36,311

17,134,435‌

Block,

Inc.

,

Class

A

(c)

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

14,789

1,142,598‌

Edenred

SE

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

5,256

150,101‌

Essent

Group

Ltd.

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

30,849

1,727,236‌

EXOR

NV

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

4,263

410,853‌

Fidelity

National

Information

Services,

Inc.

....

28,908

2,295,584‌

Fiserv,

Inc.

(c)

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

29,716

4,128,741‌

Global

Payments,

Inc.

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

30,062

2,403,457‌

Groupe

Bruxelles

Lambert

NV

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

12,752

1,066,069‌

Industrivarden

AB

,

Class

C

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

7,683

283,731‌

Investor

AB

,

Class

B

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

9,311

269,828‌

M&G

plc

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

76,477

263,226‌

Mastercard,

Inc.

,

Class

A

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

21,031

11,913,431‌

Mr

Cooper

Group,

Inc.

(c)

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

515

80,196‌

ORIX

Corp.

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

159,700

3,587,348‌

PayPal

Holdings,

Inc.

(c)

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

12,188

838,047‌

Toast,

Inc.

,

Class

A

(c)

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

22,711

1,109,205‌

UWM

Holdings

Corp.

,

Class

A

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

1,951

7,843‌

Visa,

Inc.

,

Class

A

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

40,771

14,085,157‌

63,869,419‌

Food

Products

—

0.1%

Chocoladefabriken

Lindt

&

Spruengli

AG

.....

21

308,922‌

Chocoladefabriken

Lindt

&

Spruengli

AG

(Registered)

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

7

1,023,556‌

Danone

SA

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

3,673

300,587‌

Flowers

Foods,

Inc.

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

4,004

63,463‌

Schedule

of

Investments

(unaudited)

(continued)

July

31,

2025

BlackRock

Tactical

Opportunities

Fund

5

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Food

Products

(continued)

Hershey

Co.

(The)

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

4,188

$

779,512‌

Ingredion,

Inc.

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

4,785

629,419‌

Kellanova

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

7,544

602,238‌

Kerry

Group

plc

,

Class

A

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

1,829

168,945‌

Mowi

ASA

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

14,597

271,906‌

Seaboard

Corp.

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

5

15,836‌

4,164,384‌

Gas

Utilities

—

0.0%

Brookfield

Infrastructure

Corp.

,

Class

A

......

10,595

413,599‌

MDU

Resources

Group,

Inc.

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

4,340

74,865‌

Snam

SpA

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

47,547

275,548‌

764,012‌

Ground

Transportation

—

0.0%

Schneider

National,

Inc.

,

Class

B

..........

991

24,230‌

TFI

International,

Inc.

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

6,064

527,361‌

U-Haul

Holding

Co.

(c)

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

167

9,663‌

561,254‌

Health

Care

Equipment

&

Supplies

—

0.6%

Abbott

Laboratories

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

19,253

2,429,536‌

Boston

Scientific

Corp.

(c)

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

54,645

5,733,353‌

Dentsply

Sirona,

Inc.

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

4,314

61,733‌

Dexcom,

Inc.

(c)

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

12,352

997,671‌

Envista

Holdings

Corp.

(c)

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

3,668

69,289‌

EssilorLuxottica

SA

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

6,569

1,953,322‌

Insulet

Corp.

(c)

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

4,895

1,411,718‌

Intuitive

Surgical,

Inc.

(c)

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

5,377

2,586,821‌

Medtronic

plc

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

35,958

3,244,850‌

Penumbra,

Inc.

(c)

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

1,025

258,577‌

ResMed,

Inc.

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

5,262

1,430,948‌

STERIS

plc

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

1,612

365,102‌

20,542,920‌

Health

Care

Providers

&

Services

—

1.7%

Amedisys,

Inc.

(c)

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

687

67,738‌

Cardinal

Health,

Inc.

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

28,607

4,440,379‌

Cencora,

Inc.

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

6,802

1,945,916‌

Centene

Corp.

(c)

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

74,867

1,951,783‌

Cigna

Group

(The)

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

19,486

5,210,167‌

CVS

Health

Corp.

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

42,058

2,611,802‌

Elevance

Health,

Inc.

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

14,293

4,046,062‌

Encompass

Health

Corp.

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

33,344

3,671,508‌

Guardant

Health,

Inc.

(c)

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

14,334

587,407‌

HCA

Healthcare,

Inc.

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

8,690

3,076,173‌

Hims

&

Hers

Health,

Inc.

,

Class

A

(c)

.........

15,347

1,015,664‌

Humana,

Inc.

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

4,985

1,245,602‌

Labcorp

Holdings,

Inc.

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

10,044

2,612,243‌

McKesson

Corp.

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

8,103

5,619,755‌

Molina

Healthcare,

Inc.

(c)

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

7,837

1,237,227‌

Tenet

Healthcare

Corp.

(c)

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

16,506

2,662,088‌

UnitedHealth

Group,

Inc.

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

43,730

10,913,259‌

Universal

Health

Services,

Inc.

,

Class

B

.....

14,139

2,353,437‌

55,268,210‌

Health

Care

REITs

—

0.1%

Medical

Properties

Trust,

Inc.

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

12,685

52,262‌

Ventas,

Inc.

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

28,518

1,915,839‌

Welltower,

Inc.

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

17,205

2,840,030‌

4,808,131‌

Health

Care

Technology

—

0.2%

Certara,

Inc.

(c)

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

2,605

25,633‌

Doximity,

Inc.

,

Class

A

(c)

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

20,109

1,181,404‌

Pro

Medicus

Ltd.

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

7,294

1,497,856‌

Veeva

Systems,

Inc.

,

Class

A

(c)

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

6,749

1,918,066‌

Security

Shares

Shares

Value

Health

Care

Technology

(continued)

Waystar

Holding

Corp.

(c)

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

24,467

$

904,790‌

5,527,749‌

Hotel

&

Resort

REITs

—

0.0%

Park

Hotels

&

Resorts,

Inc.

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

4,383

46,723‌

Hotels,

Restaurants

&

Leisure

—

1.6%

Airbnb,

Inc.

,

Class

A

(c)

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

21,709

2,874,489‌

Aramark

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

13,126

558,643‌

Aristocrat

Leisure

Ltd.

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

93,706

4,195,865‌

Booking

Holdings,

Inc.

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

1,166

6,417,734‌

Brinker

International,

Inc.

(c)

(d)

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

8,411

1,325,574‌

Carnival

Corp.

(c)

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

70,531

2,099,708‌

Chipotle

Mexican

Grill,

Inc.

(c)

(d)

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

69,958

2,999,799‌

Darden

Restaurants,

Inc.

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

6,122

1,234,624‌

Domino's

Pizza,

Inc.

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

869

402,529‌

DoorDash,

Inc.

,

Class

A

(c)

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

24,633

6,164,408‌

DraftKings,

Inc.

,

Class

A

(c)

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

8,999

405,315‌

Dutch

Bros,

Inc.

,

Class

A

(c)

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

27,892

1,653,159‌

Evolution

AB

(b)

(e)

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

2,731

242,953‌

Expedia

Group,

Inc.

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

5,202

937,504‌

Galaxy

Entertainment

Group

Ltd.

..........

150,000

731,500‌

McDonald's

Corp.

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

28,986

8,697,829‌

Penn

Entertainment,

Inc.

(c)

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

3,230

58,334‌

Planet

Fitness,

Inc.

,

Class

A

(c)

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

9,710

1,060,235‌

Restaurant

Brands

International,

Inc.

........

6,454

437,968‌

Starbucks

Corp.

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

4,383

390,788‌

Texas

Roadhouse,

Inc.

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

12,064

2,233,408‌

Travel

+

Leisure

Co.

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

1,403

83,128‌

Viking

Holdings

Ltd.

(c)

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

14,399

845,509‌

Wendy's

Co.

(The)

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

3,698

36,425‌

Wingstop,

Inc.

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

2,327

878,070‌

Yum!

Brands,

Inc.

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

37,097

5,347,533‌

52,313,031‌

Household

Durables

—

0.8%

Barratt

Redrow

plc

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

63,317

311,802‌

Berkeley

Group

Holdings

plc

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

7,381

354,966‌

DR

Horton,

Inc.

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

21,602

3,085,630‌

Lennar

Corp.

,

Class

A

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

23,230

2,605,941‌

Lennar

Corp.

,

Class

B

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

237

25,402‌

Meritage

Homes

Corp.

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

11,896

801,077‌

Newell

Brands,

Inc.

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

8,864

49,727‌

NVR,

Inc.

(c)

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

56

422,771‌

Panasonic

Holdings

Corp.

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

503,000

4,758,038‌

Persimmon

plc

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

7,491

112,955‌

Sekisui

House

Ltd.

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

88,400

1,854,351‌

Sony

Group

Corp.

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

284,000

6,831,142‌

Taylor

Morrison

Home

Corp.

(c)

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

22,709

1,346,189‌

Taylor

Wimpey

plc

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

237,023

318,911‌

Toll

Brothers,

Inc.

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

25,572

3,026,702‌

25,905,604‌

Household

Products

—

0.1%

Procter

&

Gamble

Co.

(The)

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

26,060

3,921,248‌

Reckitt

Benckiser

Group

plc

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

12,773

957,283‌

Reynolds

Consumer

Products,

Inc.

.........

1,148

25,818‌

4,904,349‌

Independent

Power

and

Renewable

Electricity

Producers

—

0.0%

Brookfield

Renewable

Corp.

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

2,887

105,751‌

Clearway

Energy,

Inc.

,

Class

A

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

687

21,146‌

Clearway

Energy,

Inc.

,

Class

C

...........

1,622

52,926‌

179,823‌

Schedule

of

Investments

(unaudited)

(continued)

July

31,

2025

BlackRock

Tactical

Opportunities

Fund

6

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Industrial

Conglomerates

—

0.2%

Hitachi

Ltd.

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

87,600

$

2,680,617‌

Honeywell

International,

Inc.

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

2,793

621,024‌

Keppel

Ltd.

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

140,900

915,405‌

Siemens

AG

(Registered)

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

7,819

1,991,526‌

6,208,572‌

Industrial

REITs

—

0.0%

Goodman

Group

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

37,919

847,811‌

Segro

plc

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

25,857

220,372‌

1,068,183‌

Insurance

—

3.5%

Admiral

Group

plc

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

6,668

300,570‌

Aegon

Ltd.

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

39,651

283,367‌

Aflac,

Inc.

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

35,033

3,480,879‌

Ageas

SA

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

52,438

3,565,381‌

AIA

Group

Ltd.

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

1,012,400

9,439,792‌

Allianz

SE

(Registered)

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

23,531

9,298,935‌

Allstate

Corp.

(The)

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

3,790

770,317‌

American

Financial

Group,

Inc.

...........

10,303

1,286,845‌

American

International

Group,

Inc.

.........

43,506

3,377,371‌

Aon

plc

,

Class

A

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

5,232

1,861,075‌

Arch

Capital

Group

Ltd.

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

30,064

2,587,308‌

ASR

Nederland

NV

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

15,981

1,061,521‌

Assurant,

Inc.

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

8,472

1,586,806‌

Assured

Guaranty

Ltd.

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

1,073

90,754‌

AXA

SA

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

66,209

3,215,718‌

Brighthouse

Financial,

Inc.

(c)

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

1,281

61,296‌

Cincinnati

Financial

Corp.

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

3,787

558,620‌

CNA

Financial

Corp.

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

476

21,101‌

Dai-ichi

Life

Holdings,

Inc.

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

635,500

5,028,192‌

Fairfax

Financial

Holdings

Ltd.

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

580

1,025,867‌

Fidelity

National

Financial,

Inc.

,

Class

A

......

7,588

428,191‌

Globe

Life,

Inc.

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

5,947

835,375‌

Great-West

Lifeco,

Inc.

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

38,001

1,426,957‌

Hartford

Insurance

Group,

Inc.

(The)

........

6,875

855,181‌

Insurance

Australia

Group

Ltd.

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

71,277

400,108‌

Japan

Post

Holdings

Co.

Ltd.

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

577,900

5,351,742‌

Kemper

Corp.

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

1,294

79,697‌

Loews

Corp.

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

16,685

1,510,660‌

Marsh

&

McLennan

Cos.,

Inc.

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

3,625

722,100‌

MetLife,

Inc.

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

106,742

8,107,055‌

MS&AD

Insurance

Group

Holdings,

Inc.

.....

124,100

2,651,531‌

Muenchener

Rueckversicherungs-Gesellschaft

AG

(Registered)

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

1,895

1,240,602‌

NN

Group

NV

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

49,328

3,321,535‌

Principal

Financial

Group,

Inc.

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

11,926

928,201‌

Progressive

Corp.

(The)

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

11,942

2,890,442‌

Prudential

Financial,

Inc.

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

10,359

1,072,985‌

Prudential

plc

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

74,445

944,423‌

QBE

Insurance

Group

Ltd.

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

73,883

1,095,997‌

Reinsurance

Group

of

America,

Inc.

........

2,647

509,415‌

RLI

Corp.

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

1,770

116,802‌

Sampo

OYJ

,

Class

A

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

136,699

1,467,284‌

Sompo

Holdings,

Inc.

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

92,000

2,712,809‌

Swiss

Life

Holding

AG

(Registered)

.........

1,432

1,483,263‌

Swiss

Re

AG

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

19,889

3,560,159‌

Tokio

Marine

Holdings,

Inc.

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

58,300

2,340,915‌

Travelers

Cos.,

Inc.

(The)

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

41,344

10,759,363‌

Tryg

A/S

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

72,120

1,739,673‌

Unum

Group

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

5,219

374,776‌

White

Mountains

Insurance

Group

Ltd.

......

54

96,541‌

WR

Berkley

Corp.

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

4,778

328,774‌

Zurich

Insurance

Group

AG

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

11,933

8,139,579‌

116,393,850‌

Security

Shares

Shares

Value

Interactive

Media

&

Services

—

3.7%

Alphabet,

Inc.

,

Class

A

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

198,099

$

38,015,198‌

Alphabet,

Inc.

,

Class

C

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

166,073

32,028,839‌

Auto

Trader

Group

plc

(b)

(e)

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

15,459

170,664‌

LY

Corp.

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

263,500

963,136‌

Meta

Platforms,

Inc.

,

Class

A

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

61,997

47,950,960‌

Pinterest,

Inc.

,

Class

A

(c)

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

14,675

566,455‌

REA

Group

Ltd.

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

987

150,351‌

Reddit,

Inc.

,

Class

A

(c)

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

4,602

739,035‌

ZoomInfo

Technologies,

Inc.

(c)

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

6,441

69,756‌

120,654,394‌

IT

Services

—

1.0%

Accenture

plc

,

Class

A

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

17,952

4,794,979‌

Capgemini

SE

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

2,296

341,820‌

Cloudflare,

Inc.

,

Class

A

(c)

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

6,857

1,424,062‌

DXC

Technology

Co.

(c)

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

3,818

51,963‌

Fujitsu

Ltd.

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

45,800

997,703‌

Gartner,

Inc.

(c)

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

5,861

1,984,828‌

GoDaddy,

Inc.

,

Class

A

(c)

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

32,511

5,253,127‌

International

Business

Machines

Corp.

......

10,133

2,565,169‌

NEC

Corp.

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

116,000

3,331,043‌

Nomura

Research

Institute

Ltd.

...........

18,100

716,225‌

Obic

Co.

Ltd.

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

26,000

925,667‌

Otsuka

Corp.

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

37,400

708,624‌

SCSK

Corp.

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

17,500

544,511‌

Shopify,

Inc.

,

Class

A

(c)

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

3,275

400,323‌

Snowflake,

Inc.

,

Class

A

(c)

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

7,085

1,583,498‌

Twilio,

Inc.

,

Class

A

(c)

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

2,099

270,771‌

VeriSign,

Inc.

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

23,152

6,224,878‌

Wix.com

Ltd.

(c)

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

10,888

1,481,095‌

33,600,286‌

Leisure

Products

—

0.1%

Hasbro,

Inc.

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

25,169

1,891,702‌

YETI

Holdings,

Inc.

(c)

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

1,818

66,793‌

1,958,495‌

Life

Sciences

Tools

&

Services

—

0.3%

Danaher

Corp.

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

11,688

2,304,406‌

Eurofins

Scientific

SE

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

3,330

255,023‌

Mettler-Toledo

International,

Inc.

(c)

..........

702

866,043‌

QIAGEN

NV

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

23,091

1,139,310‌

Sartorius

Stedim

Biotech

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

989

197,633‌

Sotera

Health

Co.

(c)

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

3,179

36,527‌

Thermo

Fisher

Scientific,

Inc.

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

8,506

3,978,086‌

8,777,028‌

Machinery

—

0.2%

Alfa

Laval

AB

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

20,324

883,030‌

Atlas

Copco

AB

,

Class

A

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

34,682

528,151‌

Kubota

Corp.

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

60,800

681,826‌

Mitsubishi

Heavy

Industries

Ltd.

...........

66,400

1,585,393‌

Schindler

Holding

AG

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

2,095

757,627‌

Techtronic

Industries

Co.

Ltd.

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

30,500

364,708‌

Toyota

Industries

Corp.

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

4,800

513,277‌

Trelleborg

AB

,

Class

B

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

8,223

298,781‌

5,612,793‌

Marine

Transportation

—

0.1%

AP

Moller

-

Maersk

A/S

,

Class

B

...........

498

983,431‌

Mitsui

OSK

Lines

Ltd.

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

18,000

605,022‌

Nippon

Yusen

KK

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

32,000

1,122,234‌

2,710,687‌

Media

—

0.1%

DoubleVerify

Holdings,

Inc.

(c)

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

3,107

47,599‌

Fox

Corp.

,

Class

B

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

13,232

676,684‌

Schedule

of

Investments

(unaudited)

(continued)

July

31,

2025

BlackRock

Tactical

Opportunities

Fund

7

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Media

(continued)

Informa

plc

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

53,512

$

611,912‌

Interpublic

Group

of

Cos.,

Inc.

(The)

........

7,969

196,037‌

Liberty

Broadband

Corp.

,

Class

A

(c)

.........

358

21,885‌

News

Corp.

,

Class

B

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

2,426

81,077‌

Paramount

Global

,

Class

A

(d)

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

173

3,303‌

Publicis

Groupe

SA

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

3,902

356,572‌

WPP

plc

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

13,380

72,444‌

2,067,513‌

Metals

&

Mining

—

0.2%

Anglo

American

plc

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

25,197

708,996‌

Anglogold

Ashanti

plc

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

14,567

673,724‌

Antofagasta

plc

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

12,120

298,899‌

ArcelorMittal

SA

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

10,897

339,727‌

Endeavour

Mining

plc

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

36,946

1,109,233‌

Freeport-McMoRan,

Inc.

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

19,673

791,642‌

Glencore

plc

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

246,847

990,677‌

Rio

Tinto

plc

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

14,660

873,141‌

Southern

Copper

Corp.

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

1,895

178,433‌

5,964,472‌

Multi-Utilities

—

0.4%

Centrica

plc

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

95,180

206,898‌

E.ON

SE

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

358,866

6,546,883‌

Engie

SA

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

132,519

2,978,793‌

National

Grid

plc

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

98,370

1,382,304‌

Veolia

Environnement

SA

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

22,574

765,012‌

11,879,890‌

Office

REITs

—

0.0%

Gecina

SA

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

1,657

162,838‌

Highwoods

Properties,

Inc.

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

2,228

64,634‌

227,472‌

Oil,

Gas

&

Consumable

Fuels

—

2.7%

BP

plc

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

300,200

1,609,157‌

Canadian

Natural

Resources

Ltd.

..........

96,752

3,062,603‌

Cheniere

Energy,

Inc.

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

26,397

6,226,524‌

Chevron

Corp.

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

54,320

8,237,085‌

Chord

Energy

Corp.

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

3,318

366,075‌

ConocoPhillips

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

76,775

7,319,729‌

Devon

Energy

Corp.

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

53,832

1,788,299‌

ENEOS

Holdings,

Inc.

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

667,600

3,503,989‌

Eni

SpA

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

56,546

965,091‌

EQT

Corp.

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

15,060

809,475‌

Expand

Energy

Corp.

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

47,909

5,019,905‌

Exxon

Mobil

Corp.

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

166,315

18,567,407‌

HF

Sinclair

Corp.

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

8,136

357,496‌

Inpex

Corp.

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

31,900

454,216‌

Kinder

Morgan,

Inc.

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

199,576

5,600,103‌

Marathon

Petroleum

Corp.

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

10,613

1,806,227‌

Matador

Resources

Co.

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

939

46,837‌

ONEOK,

Inc.

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

23,195

1,904,541‌

Ovintiv,

Inc.

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

7,591

312,597‌

Phillips

66

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

13,042

1,611,730‌

Repsol

SA

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

16,670

252,747‌

Santos

Ltd.

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

253,785

1,277,018‌

Shell

plc

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

121,155

4,353,478‌

Suncor

Energy,

Inc.

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

24,026

947,619‌

Targa

Resources

Corp.

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

6,213

1,033,905‌

TotalEnergies

SE

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

42,288

2,514,677‌

Valero

Energy

Corp.

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

8,283

1,137,339‌

Var

Energi

ASA

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

91,150

312,221‌

Viper

Energy,

Inc.

,

Class

A

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

2,199

82,814‌

Williams

Cos.,

Inc.

(The)

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

92,636

5,553,528‌

Security

Shares

Shares

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

Woodside

Energy

Group

Ltd.

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

52,756

$

892,758‌

87,927,190‌

Passenger

Airlines

—

0.6%

Alaska

Air

Group,

Inc.

(c)

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

56,356

2,984,614‌

American

Airlines

Group,

Inc.

(c)

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

76,745

881,800‌

Delta

Air

Lines,

Inc.

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

132,070

7,027,445‌

Joby

Aviation,

Inc.

,

Class

A

(c)

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

50,890

847,827‌

Qantas

Airways

Ltd.

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

83,273

577,527‌

Southwest

Airlines

Co.

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

98,322

3,041,099‌

United

Airlines

Holdings,

Inc.

(c)

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

54,386

4,802,828‌

20,163,140‌

Personal

Care

Products

—

0.1%

L'Oreal

SA

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

3,213

1,421,700‌

Unilever

plc

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

44,033

2,554,815‌

3,976,515‌

Pharmaceuticals

—

2.2%

AstraZeneca

plc

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

44,106

6,434,698‌

Bristol-Myers

Squibb

Co.

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

163,079

7,062,952‌

Daiichi

Sankyo

Co.

Ltd.

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

15,700

385,151‌

Eli

Lilly

&

Co.

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

15,000

11,101,050‌

Galderma

Group

AG

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

2,099

323,494‌

GSK

plc

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

67,995

1,250,700‌

Haleon

plc

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

83,811

393,130‌

Ipsen

SA

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

1,672

197,015‌

Johnson

&

Johnson

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

79,504

13,097,489‌

Merck

&

Co.,

Inc.

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

50,110

3,914,593‌

Novartis

AG

(Registered)

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

51,386

5,852,201‌

Novo

Nordisk

A/S

,

Class

B

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

88,117

4,098,146‌

Otsuka

Holdings

Co.

Ltd.

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

11,700

557,034‌

Perrigo

Co.

plc

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

2,893

77,156‌

Pfizer,

Inc.

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

446,271

10,393,652‌

Roche

Holding

AG

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

748

248,587‌

Royalty

Pharma

plc

,

Class

A

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

8,377

308,274‌

Sanofi

SA

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

21,718

1,949,641‌

Takeda

Pharmaceutical

Co.

Ltd.

...........

144,400

3,966,638‌

Teva

Pharmaceutical

Industries

Ltd.

,

ADR

(c)

...

20,067

310,035‌

Viatris,

Inc.

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

26,237

229,311‌

Zoetis,

Inc.

,

Class

A

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

3,765

548,899‌

72,699,846‌

Professional

Services

—

1.2%

Automatic

Data

Processing,

Inc.

...........

13,886

4,297,717‌

Booz

Allen

Hamilton

Holding

Corp.

.........

28,586

3,068,135‌

Broadridge

Financial

Solutions,

Inc.

........

3,846

951,924‌

Bureau

Veritas

SA

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

30,549

940,791‌

CACI

International,

Inc.

,

Class

A

(c)

..........

3,333

1,535,080‌

Clarivate

plc

(c)

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

8,615

33,168‌

Computershare

Ltd.

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

19,525

525,602‌

Concentrix

Corp.

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

993

51,606‌

Equifax,

Inc.

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

5,319

1,277,783‌

Experian

plc

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

61,889

3,260,978‌

Genpact

Ltd.

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

19,971

879,723‌

Jacobs

Solutions,

Inc.

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

6,103

865,833‌

KBR,

Inc.

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

7,528

351,859‌

Leidos

Holdings,

Inc.

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

12,763

2,037,613‌

ManpowerGroup,

Inc.

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

1,007

41,539‌

Paylocity

Holding

Corp.

(c)

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

2,190

404,887‌

Recruit

Holdings

Co.

Ltd.

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

130,700

7,754,583‌

RELX

plc

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

24,252

1,260,160‌

Robert

Half,

Inc.

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

4,307

158,971‌

SGS

SA

(Registered)

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

29,402

2,987,637‌

SS&C

Technologies

Holdings,

Inc.

.........

6,521

557,415‌

Thomson

Reuters

Corp.

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

1,905

382,320‌

TransUnion

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

11,386

1,083,833‌

Schedule

of

Investments

(unaudited)

(continued)

July

31,

2025

BlackRock

Tactical

Opportunities

Fund

8

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Professional

Services

(continued)

UL

Solutions,

Inc.

,

Class

A

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

3,495

$

255,554‌

Verisk

Analytics,

Inc.

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

9,458

2,636,039‌

Wolters

Kluwer

NV

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

18,497

2,881,074‌

40,481,824‌

Real

Estate

Management

&

Development

—

0.3%

CK

Asset

Holdings

Ltd.

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

84,500

387,196‌

Daito

Trust

Construction

Co.

Ltd.

..........

5,700

583,553‌

Daiwa

House

Industry

Co.

Ltd.

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

42,300

1,398,477‌

FirstService

Corp.

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

5,224

1,029,719‌

Henderson

Land

Development

Co.

Ltd.

......

76,000

265,945‌

Howard

Hughes

Holdings,

Inc.

(c)

...........

654

44,950‌

Hulic

Co.

Ltd.

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

25,400

242,258‌

Nomura

Real

Estate

Holdings,

Inc.

.........

172,600

956,483‌

Sun

Hung

Kai

Properties

Ltd.

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

43,500

516,670‌

Tokyo

Tatemono

Co.

Ltd.

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

45,700

764,784‌

Tokyu

Fudosan

Holdings

Corp.

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

104,900

739,719‌

Vonovia

SE

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

54,042

1,677,225‌

Zillow

Group,

Inc.

,

Class

A

(c)

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

987

75,752‌

8,682,731‌

Residential

REITs

—

0.1%

Camden

Property

Trust

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

8,375

914,550‌

Invitation

Homes,

Inc.

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

89,353

2,738,669‌

3,653,219‌

Retail

REITs

—

0.2%

Scentre

Group

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

279,100

667,953‌

Simon

Property

Group,

Inc.

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

35,409

5,799,640‌

6,467,593‌

Semiconductors

&

Semiconductor

Equipment

—

7.4%

Advanced

Micro

Devices,

Inc.

(c)

...........

56,895

10,031,157‌

Advantest

Corp.

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

3,400

226,097‌

Analog

Devices,

Inc.

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

33,971

7,630,906‌

Applied

Materials,

Inc.

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

17,432

3,138,806‌

ARM

Holdings

plc

,

ADR

(c)

(d)

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

10,374

1,466,624‌

ASML

Holding

NV

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

11,681

8,095,793‌

Astera

Labs,

Inc.

(c)

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

2,956

404,174‌

Broadcom,

Inc.

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

144,737

42,509,257‌

Credo

Technology

Group

Holding

Ltd.

(c)

......

13,164

1,468,444‌

Infineon

Technologies

AG

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

13,796

541,951‌

Intel

Corp.

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

194,320

3,847,536‌

KLA

Corp.

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

3,676

3,231,314‌

Lam

Research

Corp.

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

35,857

3,400,678‌

Marvell

Technology,

Inc.

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

61,034

4,905,303‌

Microchip

Technology,

Inc.

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

8,002

540,855‌

Micron

Technology,

Inc.

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

18,744

2,045,720‌

Monolithic

Power

Systems,

Inc.

...........

763

542,676‌

Nova

Ltd.

(c)

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

1,113

292,263‌

NVIDIA

Corp.

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

732,541

130,297,068‌

Onto

Innovation,

Inc.

(c)

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

16,679

1,580,335‌

QUALCOMM,

Inc.

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

47,253

6,934,850‌

Rambus,

Inc.

(c)

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

11,227

830,012‌

STMicroelectronics

NV

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

40,167

1,020,803‌

Texas

Instruments,

Inc.

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

32,682

5,917,403‌

Tokyo

Electron

Ltd.

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

10,700

1,701,074‌

Wolfspeed,

Inc.

(c)

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

2,696

4,044‌

242,605,143‌

Software

—

6.8%

Adobe,

Inc.

(c)

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

19,484

6,969,232‌

AppLovin

Corp.

,

Class

A

(c)

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

8,676

3,389,713‌

Atlassian

Corp.

,

Class

A

(c)

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

5,694

1,091,995‌

Box,

Inc.

,

Class

A

(c)

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

14,342

460,378‌

Cadence

Design

Systems,

Inc.

(c)

..........

1,536

559,980‌

Check

Point

Software

Technologies

Ltd.

(c)

....

10,776

2,006,491‌

Security

Shares

Shares

Value

Software

(continued)

Confluent,

Inc.

,

Class

A

(c)

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

11,584

$

205,326‌

Constellation

Software,

Inc.

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

184

634,795‌

Crowdstrike

Holdings,

Inc.

,

Class

A

(c)

........

4,487

2,039,656‌

CyberArk

Software

Ltd.

(c)

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

2,458

1,011,393‌

Dassault

Systemes

SE

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

19,548

642,176‌

Datadog,

Inc.

,

Class

A

(c)

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

4,108

575,038‌

DocuSign,

Inc.

(c)

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

6,057

458,151‌

Elastic

NV

(c)

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

32,416

2,713,219‌

Fair

Isaac

Corp.

(c)

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

1,773

2,547,305‌

Fortinet,

Inc.

(c)

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

20,293

2,027,271‌

Guidewire

Software,

Inc.

(c)

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

3,570

807,605‌

HubSpot,

Inc.

(c)

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

847

440,144‌

Intuit,

Inc.

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

11,144

8,749,489‌

Microsoft

Corp.

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

221,505

118,172,918‌

MicroStrategy,

Inc.

,

Class

A

(c)

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

5,936

2,385,441‌

nCino,

Inc.

(c)

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

1,780

49,706‌

Nice

Ltd.

(c)

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

1,608

251,027‌

Nutanix,

Inc.

,

Class

A

(c)

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

30,048

2,258,708‌

Oracle

Corp.

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

41,018

10,409,138‌

Oracle

Corp.

Japan

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

3,100

335,248‌

Palantir

Technologies,

Inc.

,

Class

A

(c)

........

78,786

12,475,763‌

Palo

Alto

Networks,

Inc.

(c)

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

1,176

204,154‌

RingCentral,

Inc.

,

Class

A

(c)

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

1,754

44,709‌

Rubrik,

Inc.

,

Class

A

(c)

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

4,647

441,233‌

Sage

Group

plc

(The)

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

14,841

238,297‌

Salesforce,

Inc.

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

34,574

8,931,501‌

SAP

SE

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

40,731

11,647,266‌

ServiceNow,

Inc.

(c)

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

9,094

8,576,733‌

Temenos

AG

(Registered)

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

3,880

347,045‌

Teradata

Corp.

(c)

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

2,048

42,865‌

Workday,

Inc.

,

Class

A

(c)

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

14,131

3,241,369‌

Xero

Ltd.

(c)

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

52,359

6,029,695‌

Zscaler,

Inc.

(c)

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

3,315

946,631‌

224,358,804‌

Specialized

REITs

—

0.8%

American

Tower

Corp.

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

27,140

5,655,705‌

CubeSmart

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

54,136

2,106,432‌

Digital

Realty

Trust,

Inc.

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

20,937

3,694,124‌

EPR

Properties

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

1,596

87,844‌

Equinix,

Inc.

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

8,577

6,734,403‌

Iron

Mountain,

Inc.

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

46,862

4,562,484‌

Lamar

Advertising

Co.

,

Class

A

...........

13,642

1,667,735‌

Millrose

Properties,

Inc.

,

Class

A

...........

3,275

98,217‌

National

Storage

Affiliates

Trust

...........

1,492

43,954‌

Public

Storage

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

2,468

671,148‌

Rayonier,

Inc.

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

3,300

76,923‌

SBA

Communications

Corp.

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

1,172

263,372‌

VICI

Properties,

Inc.

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

10,643

346,962‌

26,009,303‌

Specialty

Retail

—

0.9%

AutoNation,

Inc.

(c)

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

8,137

1,567,512‌

AutoZone,

Inc.

(c)

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

1,075

4,051,008‌

Bath

&

Body

Works,

Inc.

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

28,454

824,028‌

Best

Buy

Co.,

Inc.

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

14,563

947,469‌

CarMax,

Inc.

(c)

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

26,004

1,472,086‌

Carvana

Co.

,

Class

A

(c)

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

11,263

4,394,485‌

Home

Depot,

Inc.

(The)

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

25,430

9,345,779‌

Industria

de

Diseno

Textil

SA

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

6,540

312,397‌

JB

Hi-Fi

Ltd.

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

4,464

317,935‌

Lithia

Motors,

Inc.

,

Class

A

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

5,817

1,675,296‌

Lowe's

Cos.,

Inc.

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

21,444

4,794,235‌

O'Reilly

Automotive,

Inc.

(c)

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

8,277

813,795‌

30,516,025‌

Schedule

of

Investments

(unaudited)

(continued)

July

31,

2025

BlackRock

Tactical

Opportunities

Fund

9

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Technology

Hardware,

Storage

&

Peripherals

—

2.8%

Apple,

Inc.

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

426,732

$

88,576,761‌

Canon,

Inc.

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

58,000

1,647,353‌

Dell

Technologies,

Inc.

,

Class

C

...........

8,128

1,078,505‌

91,302,619‌

Textiles,

Apparel

&

Luxury

Goods

—

0.7%

adidas

AG

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

11,752

2,246,149‌

Amer

Sports,

Inc.

(c)

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

68,650

2,577,121‌

Cie

Financiere

Richemont

SA

(Registered)

....

13,984

2,283,256‌

Deckers

Outdoor

Corp.

(c)

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

3,950

419,372‌

Hermes

International

SCA

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

855

2,090,894‌

Lululemon

Athletica,

Inc.

(c)

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

9,468

1,898,618‌

LVMH

Moet

Hennessy

Louis

Vuitton

SE

......

7,316

3,927,317‌

NIKE,

Inc.

,

Class

B

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

15,887

1,186,600‌

On

Holding

AG

,

Class

A

(c)

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

20,655

1,003,213‌

Ralph

Lauren

Corp.

,

Class

A

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

6,754

2,017,757‌

Skechers

USA,

Inc.

,

Class

A

(c)

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

578

36,559‌

Tapestry,

Inc.

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

30,599

3,305,610‌

Under

Armour,

Inc.

,

Class

A

(c)

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

3,982

26,440‌

Under

Armour,

Inc.

,

Class

C

(c)

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

4,085

25,736‌

VF

Corp.

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

18,250

213,890‌

23,258,532‌

Tobacco

—

0.8%

Altria

Group,

Inc.

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

35,806

2,217,824‌

British

American

Tobacco

plc

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

87,034

4,663,052‌

Imperial

Brands

plc

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

56,701

2,210,170‌

Japan

Tobacco,

Inc.

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

141,900

4,052,611‌

Philip

Morris

International,

Inc.

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

75,877

12,447,622‌

25,591,279‌

Trading

Companies

&

Distributors

—

0.2%

AerCap

Holdings

NV

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

14,601

1,565,957‌

Ashtead

Group

plc

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

17,651

1,179,287‌

Bunzl

plc

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

4,065

120,639‌

MSC

Industrial

Direct

Co.,

Inc.

,

Class

A

......

980

84,888‌

Sumitomo

Corp.

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

84,100

2,149,577‌

5,100,348‌

Transportation

Infrastructure

—

0.0%

Aena

SME

SA

(b)

(e)

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

9,660

260,126‌

Transurban

Group

(f)

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

132,316

1,170,973‌

1,431,099‌

Water

Utilities

—

0.0%

Severn

Trent

plc

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

10,850

380,481‌

United

Utilities

Group

plc

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

26,318

392,871‌

773,352‌

Wireless

Telecommunication

Services

—

0.2%

KDDI

Corp.

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

71,600

1,175,072‌

SoftBank

Corp.

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

3,646,700

5,268,887‌

6,443,959‌

Total

Common

Stocks

—

69

.5

%

(Cost:

$

1,748,158,326

)

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

2,286,382,866‌

Beneficial

Interest

(000)

Other

Interests

(g)

Capital

Markets

—

0.0%

(c)(h)(i)

Lehman

Brothers

Holdings,

Inc.

...........

USD

190‌

—‌

Lehman

Brothers

Holdings,

Inc.,

Capital

Trust

VII

110‌

—‌

Total

Other

Interests

—

0.0

%

(Cost:

$

—

)

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

—‌

Security

Shares

Shares

Value

Preferred

Securities

Preferred

Stocks

—

0.0%

Automobiles

—

0.0%

Volkswagen

AG

(Preference)

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

9,007

$

941,824‌

Total

Preferred

Securities

—

0.0

%

(Cost:

$

1,017,696

)

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

941,824‌

Rights

Biotechnology

—

0.0%

Mirati

Therapeutics,

Inc.,

CVR

(c)

(i)

..........

1,004

753‌

Health

Care

Equipment

&

Supplies

—

0.0%

ABIOMED,

Inc.,

CVR

(c)

(i)

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

843

1,897‌

Total

Rights

—

0.0

%

(Cost:

$

1,563

)

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

2,650‌

Total

Long-Term

Investments

—

69.5%

(Cost:

$

1,749,385,770

)

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

2,287,327,340‌

Short-Term

Securities

Money

Market

Funds

—

1.5%

(j)(k)

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

4.44

%

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

3,384,393

3,385,747‌

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

,

4.20

%

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

45,356,330

45,356,330‌

Total

Money

Market

Funds

—

1

.5

%

(Cost:

$

48,742,051

)

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

48,742,077‌

Par

(000)

Pa

r

(

000)

U.S.

Treasury

Obligations

—

22.0%

U.S.

Treasury

Bills

(l)

4.25

%

,

08/05/25

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

USD

333,082‌

332,921,844‌

4.25

%

,

08/12/25

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

20,537‌

20,510,573‌

4.26

%

,

08/26/25

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

42,711‌

42,583,420‌

4.36

%

,

09/02/25

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

328,456‌

327,207,176‌

Total

U.S.

Treasury

Obligations

—

22

.0

%

(Cost:

$

723,380,419

)

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

723,223,013‌

Total

Short-Term

Securities

—

23.5%

(Cost:

$

772,122,470

)

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

771,965,090‌

Total

Investments

—

93

.0

%

(Cost:

$

2,521,508,240

)

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

3,059,292,430‌

Other

Assets

Less

Liabilities

—

7.0

%

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

229,813,044‌

Net

Assets

—

100.0%

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

$

3,289,105,474‌

Schedule

of

Investments

(unaudited)

(continued)

July

31,

2025

BlackRock

Tactical

Opportunities

Fund

10

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the period

ended

July

31,

2025

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

(a)

Variable

rate

security.

Interest

rate

resets

periodically.

The

rate

shown

is

the

effective

interest

rate

as

of

period

end.

Security

description

also

includes

the

reference

rate

and

spread

if

published

and

available.

(b)

Security

exempt

from

registration

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933,

as

amended.

These

securities

may

be

resold

in

transactions

exempt

from

registration

to

qualified

institutional

investors.

(c)

Non-income

producing

security.

(d)

All

or

a

portion

of

this

security

is

on

loan.

(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)

Other

interests

represent

beneficial

interests

in

liquidation

trusts

and

other

reorganization

or

private

entities.

(h)

Issuer

filed

for

bankruptcy

and/or

is

in

default.

(i)

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

(j)

Affiliate

of

the

Fund.

(k)

Annualized

7-day

yield

as

of

period

end.

(l)

Rates

are

discount

rates

or

a

range

of

discount

rates

as

of

period

end.

Affiliated

Issuer

Value

at

04/30/25

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

07/31/25

Shares

Held

at

07/31/25

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

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

$

264,167

$

3,121,556

(a)

$

—

$

24

$

—

$

3,385,747

3,384,393

$

—

$

—

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

.

120,489,795

—

(

75,133,465

)

(a)

—

—

45,356,330

45,356,330

1,139,765

—

$

24

$

—

$

48,742,077

$

1,139,765

$

—

—

—

(a)

Represents

net

amount

purchased

(sold).

For

purposes

of

this

report,

industry

and

sector

sub-classifications

may

differ

from

those

utilized

by

the

Fund

for

compliance

purposes.

Schedule

of

Investments

(unaudited)

(continued)

July

31,

2025

BlackRock

Tactical

Opportunities

Fund

11

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

TOPIX

Index

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

2,400

09/11/25

$

464,176

$

14,909,516

S&P/TSX

60

Index

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

674

09/18/25

157,730

638,103

FTSE/MIB

Index

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

670

09/19/25

157,164

3,237,583

MSCI

EAFE

Index

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

495

09/19/25

64,682

(

837,231

)

S&P

500

E-Mini

Index

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

482

09/19/25

153,619

6,373,112

U.S.

Treasury

10-Year

Note

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

15,561

09/19/25

1,728,487

1,459,628

WIG20

Index

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

3,980

09/19/25

61,696

3,553,488

Long

Gilt

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

9,435

09/26/25

1,148,344

1,364,021

SET50

Index

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

36,123

09/29/25

177,890

19,618,684

50,316,904

Short

Contracts

CAC

40

Index

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

907

08/15/25

80,340

1,022,670

IBEX

35

Index

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

211

08/15/25

34,702

(

1,058,350

)

OMX

Stockholm

30

Index

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

3,734

08/15/25

98,307

(

992,539

)

IFSC

NIFTY

50

Index

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

49

08/28/25

2,423

7,924

MSCI

Singapore

Index

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

113

08/28/25

3,660

44,386

Euro-BTP

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

2,307

09/08/25

317,931

(

563,609

)

Euro-Bund

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

5,819

09/08/25

861,291

3,540,006

Euro-Buxl

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

348

09/08/25

46,616

1,290,700

Euro-OAT

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

372

09/08/25

52,340

(

103,215

)

Japan

10-Year

Bond

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

428

09/12/25

391,756

1,672,937

Australia

10-Year

Bond

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

9,907

09/15/25

724,450

(

5,183,878

)

Canada

10-Year

Bond

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

14,293

09/18/25

1,243,210

(

2,735,124

)

FTSE/JSE

Top

40

Index

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

288

09/18/25

14,404

(

73,982

)

SPI

200

Index

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

194

09/18/25

27,126

(

154,890

)

DAX

Index

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

244

09/19/25

167,640

(

2,062,544

)

FTSE

100

Index

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

1,467

09/19/25

176,177

(

134,306

)

MSCI

EAFE

Index

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

4,379

09/19/25

572,204

7,535,726

Nasdaq-100

E-Mini

Index

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

425

09/19/25

198,603

(

10,323,846

)

S&P

500

E-Mini

Index

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

2,117

09/19/25

674,714

267,547

U.S.

Treasury

Ultra

Bond

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

3,901

09/19/25

457,148

(

13,082,042

)

U.S.

Treasury

2-Year

Note

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

580

09/30/25

120,069

15,891

U.S.

Treasury

5-Year

Note

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

324

09/30/25

35,055

14,457

(

21,056,081

)

$

29,260,823

Forward

Foreign

Currency

Exchange

Contracts

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

BRL

158,914,000

USD

27,478,511

HSBC

Bank

plc

09/17/25

$

573,752

CHF

9,045,000

USD

11,124,695

UBS

AG

09/17/25

74,691

EUR

74,043,337

JPY

12,649,968,000

Citibank

NA

09/17/25

439,671

MXN

94,411,000

USD

4,844,947

Bank

of

America

NA

09/17/25

135,025

MXN

23,080,000

USD

1,183,814

Morgan

Stanley

&

Co.

International

plc

09/17/25

33,605

USD

9,624,983

AUD

14,862,000

HSBC

Bank

plc

09/17/25

65,717

USD

1,612,515

AUD

2,490,000

Toronto

Dominion

Bank

09/17/25

10,942

USD

49,466,883

AUD

76,025,000

UBS

AG

09/17/25

567,461

USD

12,198,864

BRL

68,979,000

Bank

of

America

NA

09/17/25

22,359

USD

47,200,209

CAD

64,805,000

Bank

of

New

York

Mellon

09/17/25

325,733

USD

21,082,949

CAD

28,768,000

JPMorgan

Chase

Bank

NA

09/17/25

274,602

USD

19,642,693

CLP

18,351,186,000

Citibank

NA

09/17/25

773,747

USD

17,057,027

CLP

16,008,020,000

Toronto

Dominion

Bank

09/17/25

597,357

USD

4,328,100

EUR

3,773,000

Bank

of

New

York

Mellon

09/17/25

9,239

USD

5,136,083

EUR

4,363,000

Citibank

NA

09/17/25

141,864

Schedule

of

Investments

(unaudited)

(continued)

July

31,

2025

BlackRock

Tactical

Opportunities

Fund

12

Forward

Foreign

Currency

Exchange

Contracts

(continued)

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

USD

32,813,398

EUR

28,365,000

Commonwealth

Bank

of

Australia

09/17/25

$

344,678

USD

15,987,829

EUR

13,915,000

JPMorgan

Chase

Bank

NA

09/17/25

59,669

USD

4,848,931

GBP

3,583,000

UBS

AG

09/17/25

114,924

USD

84,395

INR

7,270,000

Goldman

Sachs

International

09/17/25

1,525

USD

85,610,068

JPY

12,649,968,000

Citibank

NA

09/17/25

1,294,148

USD

17,077,087

JPY

2,428,968,000

JPMorgan

Chase

Bank

NA

09/17/25

887,270

USD

23,763,771

KRW

32,252,190,000

Citibank

NA

09/17/25

588,573

USD

1,658,709

SEK

15,844,000

Goldman

Sachs

International

09/17/25

35,402

USD

1,759,476

SGD

2,253,000

Standard

Chartered

Bank

09/17/25

18,135

USD

12,194,219

THB

395,275,000

Citibank

NA

09/17/25

54,987

USD

14,857,798

THB

483,394,000

Goldman

Sachs

International

09/17/25

12,356

USD

321,837

ZAR

5,791,000

Credit

Agricole

Corporate

&

Investment

Bank

SA

09/17/25

4,938

7,462,370

AUD

253,997,713

USD

164,489,630

Barclays

Bank

plc

09/17/25

(

1,117,827

)

AUD

24,684,000

USD

16,131,843

State

Street

Bank

and

Trust

Co.

09/17/25

(

255,048

)

CAD

19,230,000

USD

14,024,459

Citibank

NA

09/17/25

(

115,097

)

CAD

226,996,177

USD

166,356,674

JPMorgan

Chase

Bank

NA

09/17/25

(

2,166,767

)

CLP

48,338,836,000

USD

51,424,841

Morgan

Stanley

&

Co.

International

plc

09/17/25

(

1,722,174

)

EUR

12,168,000

USD

14,111,638

Bank

of

New

York

Mellon

09/17/25

(

183,227

)

EUR

141,730,471

USD

162,406,112

Barclays

Bank

plc

09/17/25

(

170,719

)

EUR

5,675,000

USD

6,603,012

BNP

Paribas

SA

09/17/25

(

106,979

)

EUR

24,236,000

USD

27,842,441

State

Street

Bank

and

Trust

Co.

09/17/25

(

100,086

)

GBP

8,484,000

USD

11,481,153

Bank

of

New

York

Mellon

09/17/25

(

271,742

)

GBP

3,917,000

USD

5,273,741

State

Street

Bank

and

Trust

Co.

09/17/25

(

98,439

)

JPY

3,756,686,000

EUR

21,965,828

Citibank

NA

09/17/25

(

104,279

)

JPY

47,950,835,710

EUR

294,337,618

JPMorgan

Chase

Bank

NA

09/17/25

(

17,314,010

)

JPY

47,968,727,900

USD

337,306,734

Barclays

Bank

plc

09/17/25

(

17,580,436

)

JPY

3,756,686,000

USD

25,838,305

Citibank

NA

09/17/25

(

798,840

)

KRW

13,195,759,000

USD

9,649,902

Bank

of

America

NA

09/17/25

(

167,931

)

KRW

18,883,045,000

USD

13,982,732

BNP

Paribas

SA

09/17/25

(

414,093

)

KRW

15,583,479,000

USD

11,381,033

HSBC

Bank

plc

09/17/25

(

183,337

)

KRW

18,225,386,000

USD

13,259,648

JPMorgan

Chase

Bank

NA

09/17/25

(

163,578

)

NOK

14,638,000

USD

1,443,832

Morgan

Stanley

&

Co.

International

plc

09/17/25

(

27,569

)

NZD

1,549,000

USD

933,686

State

Street

Bank

and

Trust

Co.

09/17/25

(

19,678

)

SEK

128,325,000

USD

13,428,613

State

Street

Bank

and

Trust

Co.

09/17/25

(

281,003

)

SGD

7,308,000

USD

5,707,146

HSBC

Bank

plc

09/17/25

(

58,802

)

USD

985,139

CHF

801,000

Morgan

Stanley

&

Co.

International

plc

09/17/25

(

6,647

)

USD

11,285,788

MXN

216,152,000

Citibank

NA

09/17/25

(

115,753

)

USD

1,495,358

PLN

5,634,000

HSBC

Bank

plc

09/17/25

(

6,887

)

USD

13,882,564

THB

452,641,000

Standard

Chartered

Bank

09/17/25

(

18,427

)

(

43,569,375

)

$

(

36,107,005

)

Centrally

Cleared

Credit

Defa

ul

t

Swaps

—

Sell

Protection

Reference

Obligation/Index

Financing

Rate

Received

by

the

Fund

Payment

Frequency

Termination

Date

Credit

Rating

(a)

Notional

Amount

(000)

(b)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

Markit

CDX

North

American

High

Yield

Index

Series

44.V1

...........

5

.00

%

Quarterly

06/20/30

B+

USD

136,400

$

10,646,797

$

7,126,445

$

3,520,352

Markit

CDX

North

American

Investment

Grade

Index

Series

44.V1

.......

1

.00

Quarterly

06/20/30

BBB+

USD

682,000

15,563,877

10,026,097

5,537,780

$

26,210,674

$

17,152,542

$

9,058,132

Schedule

of

Investments

(unaudited)

(continued)

July

31,

2025

BlackRock

Tactical

Opportunities

Fund

13

(a)

Using

the

rating

of

the

issuer

or

the

underlying

securities

of

the

index,

as

applicable,

provided

by

S&P

Global

Ratings.

(b)

The

maximum

potential

amount

the

Fund

may

pay

should

a

negative

credit

event

take

place

as

defined

under

the

terms

of

the

agreement.

Centrally

Cleared

Interest

Rate

Swap

s

Paid

by

the

Fund

Received

by

the

Fund

Rate

Frequency

Rate

Frequency

Effective

Date

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

13.45%

At

Termination

1-day

BZDIOVER

At

Termination

N/A

01/02/29

BRL

402,000

$

60,452

$

—

$

60,452

13.55%

At

Termination

1-day

BZDIOVER

At

Termination

N/A

01/02/29

BRL

260,000

(

76,099

)

—

(

76,099

)

13.37%

At

Termination

1-day

BZDIOVER

At

Termination

N/A

01/02/29

BRL

88,000

61,988

—

61,988

13.55%

At

Termination

1-day

BZDIOVER

At

Termination

N/A

01/02/29

BRL

24,000

(

8,255

)

—

(

8,255

)

1-day

MXIBTIIE

Monthly

7.80%

Monthly

09/17/25

(a)

09/11/30

MXN

90,000

(

8,630

)

—

(

8,630

)

1-day

MXIBTIIE

Monthly

7.82%

Monthly

09/17/25

(a)

09/11/30

MXN

1,041,000

(

54,407

)

—

(

54,407

)

1-day

MXIBTIIE

Monthly

7.83%

Monthly

09/17/25

(a)

09/11/30

MXN

205,000

(

6,242

)

—

(

6,242

)

1-day

MXIBTIIE

Monthly

7.84%

Monthly

09/17/25

(a)

09/11/30

MXN

1,403,000

(

4,462

)

—

(

4,462

)

1-day

MXIBTIIE

Monthly

7.87%

Monthly

09/17/25

(a)

09/11/30

MXN

895,000

41,084

—

41,084

1-day

MXIBTIIE

Monthly

7.90%

Monthly

09/17/25

(a)

09/11/30

MXN

619,000

68,925

—

68,925

1-day

MXIBTIIE

Monthly

8.12%

Monthly

09/17/25

(a)

09/11/30

MXN

2,836,000

1,723,270

—

1,723,270

1-day

MXIBTIIE

Monthly

8.13%

Monthly

09/17/25

(a)

09/11/30

MXN

227,000

139,173

—

139,173

1-day

MXIBTIIE

Monthly

8.14%

Monthly

09/17/25

(a)

09/11/30

MXN

199,000

128,518

—

128,518

1-day

MXIBTIIE

Monthly

8.22%

Monthly

09/17/25

(a)

09/11/30

MXN

345,000

283,017

—

283,017

1-day

MXIBTIIE

Monthly

8.25%

Monthly

09/17/25

(a)

09/11/30

MXN

683,000

604,990

—

604,990

1-day

MXIBTIIE

Monthly

8.30%

Monthly

09/17/25

(a)

09/11/30

MXN

365,000

363,122

—

363,122

1-week

CNREPOFIX_

CFXS

Quarterly

1.58%

Quarterly

09/17/25

(a)

09/17/30

CNY

150,000

13,236

—

13,236

1-week

CNREPOFIX_

CFXS

Quarterly

1.59%

Quarterly

09/17/25

(a)

09/17/30

CNY

70,000

8,502

—

8,502

1-week

CNREPOFIX_

CFXS

Quarterly

1.59%

Quarterly

09/17/25

(a)

09/17/30

CNY

631,000

80,827

—

80,827

1-week

CNREPOFIX_

CFXS

Quarterly

1.61%

Quarterly

09/17/25

(a)

09/17/30

CNY

335,000

87,413

—

87,413

1-day

SORA

Semi-Annual

1.71%

Semi-Annual

09/17/25

(a)

09/17/30

SGD

20,000

4,965

—

4,965

6-mo.

EURIBOR

Semi-Annual

2.30%

Annual

09/17/25

(a)

09/17/30

EUR

61,000

(

261,288

)

18,912

(

280,200

)

6-mo.

EURIBOR

Semi-Annual

2.30%

Annual

09/17/25

(a)

09/17/30

EUR

60,000

(

267,542

)

27,401

(

294,943

)

6-mo.

EURIBOR

Semi-Annual

2.31%

Annual

09/17/25

(a)

09/17/30

EUR

69,000

(

251,961

)

(

69,669

)

(

182,292

)

6-mo.

EURIBOR

Semi-Annual

2.31%

Annual

09/17/25

(a)

09/17/30

EUR

69,000

(

253,439

)

(

2,425

)

(

251,014

)

1-day

SORA

Semi-Annual

2.32%

Semi-Annual

09/17/25

(a)

09/17/30

SGD

6,000

137,539

—

137,539

6-mo.

EURIBOR

Semi-Annual

2.32%

Annual

09/17/25

(a)

09/17/30

EUR

73,000

(

234,673

)

1,911

(

236,584

)

1-day

SORA

Semi-Annual

2.34%

Semi-Annual

09/17/25

(a)

09/17/30

SGD

32,500

767,732

—

767,732

6-mo.

EURIBOR

Semi-Annual

2.34%

Annual

09/17/25

(a)

09/17/30

EUR

27,000

(

61,006

)

(

9,114

)

(

51,892

)

1-day

SORA

Semi-Annual

2.34%

Semi-Annual

09/17/25

(a)

09/17/30

SGD

32,500

771,322

—

771,322

6-mo.

EURIBOR

Semi-Annual

2.35%

Annual

09/17/25

(a)

09/17/30

EUR

127,000

(

218,277

)

(

154

)

(

218,123

)

6-mo.

EURIBOR

Semi-Annual

2.37%

Annual

09/17/25

(a)

09/17/30

EUR

22,000

(

14,371

)

3,117

(

17,488

)

3-mo.

STIBOR

Quarterly

2.38%

Annual

09/17/25

(a)

09/17/30

SEK

427,000

(

82,478

)

(

538

)

(

81,940

)

6-mo.

EURIBOR

Semi-Annual

2.38%

Annual

09/17/25

(a)

09/17/30

EUR

31,000

(

6,473

)

9,646

(

16,119

)

1-day

SORA

Semi-Annual

2.38%

Semi-Annual

09/17/25

(a)

09/17/30

SGD

23,000

574,644

—

574,644

6-mo.

EURIBOR

Semi-Annual

2.39%

Annual

09/17/25

(a)

09/17/30

EUR

430,000

139,062

326,414

(

187,352

)

1-day

SORA

Semi-Annual

2.39%

Semi-Annual

09/17/25

(a)

09/17/30

SGD

5,000

126,211

—

126,211

6-mo.

EURIBOR

Semi-Annual

2.42%

Annual

09/17/25

(a)

09/17/30

EUR

72,000

157,287

92,424

64,863

6-mo.

EURIBOR

Semi-Annual

2.43%

Annual

09/17/25

(a)

09/17/30

EUR

54,000

135,313

136,012

(

699

)

3-mo.

STIBOR

Quarterly

2.46%

Annual

09/17/25

(a)

09/17/30

SEK

500,000

95,538

175,296

(

79,758

)

6-mo.

EURIBOR

Semi-Annual

2.49%

Annual

09/17/25

(a)

09/17/30

EUR

35,000

199,955

(

2,357

)

202,312

3-mo.

CD_KSDA

Quarterly

2.50%

Quarterly

09/17/25

(a)

09/17/30

KRW

15,537,000

(

1,045

)

—

(

1,045

)

3-mo.

CD_KSDA

Quarterly

2.50%

Quarterly

09/17/25

(a)

09/17/30

KRW

25,818,854

466

—

466

3-mo.

CD_KSDA

Quarterly

2.50%

Quarterly

09/17/25

(a)

09/17/30

KRW

16,348,146

16

—

16

3-mo.

CD_KSDA

Quarterly

2.53%

Quarterly

09/17/25

(a)

09/17/30

KRW

136,305,000

125,723

—

125,723

Schedule

of

Investments

(unaudited)

(continued)

July

31,

2025

BlackRock

Tactical

Opportunities

Fund

14

Centrally

Cleared

Interest

Rate

Swaps

(continued)

Paid

by

the

Fund

Received

by

the

Fund

Rate

Frequency

Rate

Frequency

Effective

Date

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

6-mo.

EURIBOR

Semi-Annual

2.53%

Annual

09/17/25

(a)

09/17/30

EUR

64,000

$

527,031

$

(

7,996

)

$

535,027

6-mo.

EURIBOR

Semi-Annual

2.54%

Annual

09/17/25

(a)

09/17/30

EUR

234,000

2,055,004

65,234

1,989,770

3-mo.

CD_KSDA

Quarterly

2.55%

Quarterly

09/17/25

(a)

09/17/30

KRW

45,445,000

74,484

—

74,484

6-mo.

EURIBOR

Semi-Annual

2.56%

Annual

09/17/25

(a)

09/17/30

EUR

120,000

1,166,994

12,943

1,154,051

6-mo.

EURIBOR

Semi-Annual

2.57%

Annual

09/17/25

(a)

09/17/30

EUR

63,000

646,303

—

646,303

6-mo.

EURIBOR

Semi-Annual

2.58%

Annual

09/17/25

(a)

09/17/30

EUR

41,000

434,220

42,933

391,287

6-mo.

EURIBOR

Semi-Annual

2.58%

Annual

09/17/25

(a)

09/17/30

EUR

100,000

1,060,734

10,824

1,049,910

3-mo.

STIBOR

Quarterly

2.69%

Annual

09/17/25

(a)

09/17/30

SEK

418,000

530,278

285

529,993

1-day

REPO_CORRA

Semi-Annual

2.71%

Semi-Annual

09/17/25

(a)

09/17/30

CAD

18,000

(

75,511

)

26,148

(

101,659

)

1-day

REPO_CORRA

Semi-Annual

2.72%

Semi-Annual

09/17/25

(a)

09/17/30

CAD

17,000

(

69,045

)

(

21,688

)

(

47,357

)

3-mo.

STIBOR

Quarterly

2.73%

Annual

09/17/25

(a)

09/17/30

SEK

397,000

592,560

(

16,290

)

608,850

3-mo.

STIBOR

Quarterly

2.74%

Annual

09/17/25

(a)

09/17/30

SEK

568,000

877,690

200,017

677,673

3-mo.

STIBOR

Quarterly

2.74%

Annual

09/17/25

(a)

09/17/30

SEK

230,000

356,503

7,991

348,512

3-mo.

STIBOR

Quarterly

2.75%

Annual

09/17/25

(a)

09/17/30

SEK

396,000

617,595

50,826

566,769

1-day

REPO_CORRA

Semi-Annual

2.77%

Semi-Annual

09/17/25

(a)

09/17/30

CAD

19,000

(

44,176

)

44,655

(

88,831

)

3-mo.

HIBOR

Quarterly

2.77%

Quarterly

09/17/25

(a)

09/17/30

HKD

65,000

(

26,411

)

—

(

26,411

)

1-day

REPO_CORRA

Semi-Annual

2.80%

Semi-Annual

09/17/25

(a)

09/17/30

CAD

51,000

(

65,783

)

98,673

(

164,456

)

3-mo.

HIBOR

Quarterly

2.84%

Quarterly

09/17/25

(a)

09/17/30

HKD

103,000

3,439

—

3,439

1-day

REPO_CORRA

Semi-Annual

2.85%

Semi-Annual

09/17/25

(a)

09/17/30

CAD

36,000

8,864

(

104,289

)

113,153

1-day

REPO_CORRA

Semi-Annual

2.85%

Semi-Annual

09/17/25

(a)

09/17/30

CAD

14,000

3,915

(

36,148

)

40,063

3-mo.

HIBOR

Quarterly

2.86%

Quarterly

09/17/25

(a)

09/17/30

HKD

263,000

36,696

—

36,696

3-mo.

HIBOR

Quarterly

2.87%

Quarterly

09/17/25

(a)

09/17/30

HKD

281,000

68,180

—

68,180

3-mo.

HIBOR

Quarterly

2.87%

Quarterly

09/17/25

(a)

09/17/30

HKD

89,000

17,816

—

17,816

3-mo.

HIBOR

Quarterly

2.87%

Quarterly

09/17/25

(a)

09/17/30

HKD

246,000

56,704

—

56,704

3-mo.

HIBOR

Quarterly

2.88%

Quarterly

09/17/25

(a)

09/17/30

HKD

154,000

46,706

—

46,706

3-mo.

HIBOR

Quarterly

2.90%

Quarterly

09/17/25

(a)

09/17/30

HKD

425,000

175,294

—

175,294

3-mo.

HIBOR

Quarterly

2.90%

Quarterly

09/17/25

(a)

09/17/30

HKD

81,000

32,181

—

32,181

1-day

REPO_CORRA

Semi-Annual

2.91%

Semi-Annual

09/17/25

(a)

09/17/30

CAD

22,000

53,169

19,079

34,090

3-mo.

HIBOR

Quarterly

2.91%

Quarterly

09/17/25

(a)

09/17/30

HKD

376,000

172,187

—

172,187

3-mo.

HIBOR

Quarterly

2.93%

Quarterly

09/17/25

(a)

09/17/30

HKD

180,000

106,993

—

106,993

3-mo.

HIBOR

Quarterly

3.00%

Quarterly

09/17/25

(a)

09/17/30

HKD

160,000

163,034

—

163,034

3-mo.

HIBOR

Quarterly

3.06%

Quarterly

09/17/25

(a)

09/17/30

HKD

155,000

213,404

—

213,404

6-mo.

WIBOR

Semi-Annual

4.05%

Annual

09/17/25

(a)

09/17/30

PLN

28,000

(

44,843

)

—

(

44,843

)

6-mo.

WIBOR

Semi-Annual

4.05%

Annual

09/17/25

(a)

09/17/30

PLN

51,000

(

79,889

)

—

(

79,889

)

6-mo.

WIBOR

Semi-Annual

4.06%

Annual

09/17/25

(a)

09/17/30

PLN

42,000

(

62,844

)

—

(

62,844

)

6-mo.

WIBOR

Semi-Annual

4.06%

Annual

09/17/25

(a)

09/17/30

PLN

63,000

(

93,898

)

—

(

93,898

)

6-mo.

WIBOR

Semi-Annual

4.07%

Annual

09/17/25

(a)

09/17/30

PLN

74,000

(

99,475

)

—

(

99,475

)

6-mo.

WIBOR

Semi-Annual

4.10%

Annual

09/17/25

(a)

09/17/30

PLN

55,000

(

56,890

)

—

(

56,890

)

6-mo.

WIBOR

Semi-Annual

4.11%

Annual

09/17/25

(a)

09/17/30

PLN

18,000

(

16,408

)

—

(

16,408

)

6-mo.

WIBOR

Semi-Annual

4.13%

Annual

09/17/25

(a)

09/17/30

PLN

61,000

(

41,338

)

—

(

41,338

)

6-mo.

WIBOR

Semi-Annual

4.16%

Annual

09/17/25

(a)

09/17/30

PLN

60,000

(

21,014

)

—

(

21,014

)

6-mo.

WIBOR

Semi-Annual

4.18%

Annual

09/17/25

(a)

09/17/30

PLN

136,000

(

8,665

)

—

(

8,665

)

6-mo.

WIBOR

Semi-Annual

4.26%

Annual

09/17/25

(a)

09/17/30

PLN

66,000

53,682

—

53,682

6-mo.

WIBOR

Semi-Annual

4.39%

Annual

09/17/25

(a)

09/17/30

PLN

121,000

287,324

—

287,324

1-day

MIBOR

Semi-Annual

5.67%

Semi-Annual

09/17/25

(a)

09/17/30

INR

1,593,000

(

30,884

)

—

(

30,884

)

1-day

MIBOR

Semi-Annual

5.70%

Semi-Annual

09/17/25

(a)

09/17/30

INR

5,546,000

(

46,307

)

—

(

46,307

)

1-day

MIBOR

Semi-Annual

5.70%

Semi-Annual

09/17/25

(a)

09/17/30

INR

5,301,500

(

34,089

)

—

(

34,089

)

1-day

MIBOR

Semi-Annual

5.70%

Semi-Annual

09/17/25

(a)

09/17/30

INR

2,114,000

(

14,202

)

—

(

14,202

)

1-day

MIBOR

Semi-Annual

5.70%

Semi-Annual

09/17/25

(a)

09/17/30

INR

4,042,000

(

37,144

)

—

(

37,144

)

1-day

MIBOR

Semi-Annual

5.72%

Semi-Annual

09/17/25

(a)

09/17/30

INR

6,340,000

26,170

—

26,170

1-day

MIBOR

Semi-Annual

5.72%

Semi-Annual

09/17/25

(a)

09/17/30

INR

2,466,000

7,812

—

7,812

1-day

MIBOR

Semi-Annual

5.72%

Semi-Annual

09/17/25

(a)

09/17/30

INR

3,782,500

10,167

—

10,167

1-day

MIBOR

Semi-Annual

5.73%

Semi-Annual

09/17/25

(a)

09/17/30

INR

1,036,000

6,762

—

6,762

Schedule

of

Investments

(unaudited)

(continued)

July

31,

2025

BlackRock

Tactical

Opportunities

Fund

15

Centrally

Cleared

Interest

Rate

Swaps

(continued)

Paid

by

the

Fund

Received

by

the

Fund

Rate

Frequency

Rate

Frequency

Effective

Date

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

1-day

MIBOR

Semi-Annual

5.74%

Semi-Annual

09/17/25

(a)

09/17/30

INR

5,052,000

$

57,220

$

—

$

57,220

1-day

MIBOR

Semi-Annual

5.74%

Semi-Annual

09/17/25

(a)

09/17/30

INR

4,064,000

40,179

—

40,179

1-day

MIBOR

Semi-Annual

5.75%

Semi-Annual

09/17/25

(a)

09/17/30

INR

12,318,000

217,547

—

217,547

1-day

MIBOR

Semi-Annual

5.76%

Semi-Annual

09/17/25

(a)

09/17/30

INR

3,077,000

69,552

—

69,552

1-day

MIBOR

Semi-Annual

5.76%

Semi-Annual

09/17/25

(a)

09/17/30

INR

4,064,000

88,937

—

88,937

3-mo.

JIBAR

Quarterly

7.95%

Quarterly

09/17/25

(a)

09/17/30

ZAR

582,570

924,233

—

924,233

3-mo.

JIBAR

Quarterly

8.12%

Quarterly

09/17/25

(a)

09/17/30

ZAR

1,129,000

2,217,071

—

2,217,071

0.25%

Annual

1-day

SARON

Annual

09/17/25

(a)

09/17/30

CHF

2,000

(

7,787

)

2,375

(

10,162

)

0.18%

Annual

1-day

SARON

Annual

09/17/25

(a)

09/17/30

CHF

12,000

4,453

2,964

1,489

0.29%

Annual

1-day

SARON

Annual

09/17/25

(a)

09/17/30

CHF

27,000

(

174,100

)

(

167,721

)

(

6,379

)

0.36%

Annual

1-day

SARON

Annual

09/17/25

(a)

09/17/30

CHF

9,000

(

93,924

)

(

29,036

)

(

64,888

)

3.57%

Annual

1-day

SOFR

Annual

09/17/25

(a)

09/17/30

USD

84,000

(

13

)

(

128,924

)

128,911

3.73%

Annual

1-day

SOFR

Annual

09/17/25

(a)

09/17/30

USD

147,000

(

1,073,104

)

(

250,117

)

(

822,987

)

3.79%

Annual

1-day

SOFR

Annual

09/17/25

(a)

09/17/30

USD

32,000

(

322,106

)

(

18,185

)

(

303,921

)

3.55%

Annual

1-day

SOFR

Annual

09/17/25

(a)

09/17/30

USD

65,000

70,722

154,752

(

84,030

)

3.73%

Annual

1-day

SOFR

Annual

09/17/25

(a)

09/17/30

USD

34,000

(

252,825

)

3,724

(

256,549

)

3.49%

Annual

1-day

SOFR

Annual

09/17/25

(a)

09/17/30

USD

43,000

157,916

157,194

722

3.76%

Annual

1-day

SOFR

Annual

09/17/25

(a)

09/17/30

USD

31,000

(

261,440

)

(

267,138

)

5,698

3.76%

Annual

1-day

SOFR

Annual

09/17/25

(a)

09/17/30

USD

182,000

(

1,567,913

)

(

517,631

)

(

1,050,282

)

3.74%

Annual

1-day

SOFR

Annual

09/17/25

(a)

09/17/30

USD

28,000

(

212,018

)

(

13,493

)

(

198,525

)

3.57%

Annual

1-day

SOFR

Annual

09/17/25

(a)

09/17/30

USD

65,000

20,141

20,141

—

3.74%

Annual

1-day

SOFR

Annual

09/17/25

(a)

09/17/30

USD

33,000

(

261,848

)

(

208,683

)

(

53,165

)

3.75%

Annual

1-day

SOFR

Annual

09/17/25

(a)

09/17/30

USD

255,000

(

2,046,496

)

(

622,847

)

(

1,423,649

)

3.70%

Annual

1-day

SOFR

Annual

09/17/25

(a)

09/17/30

USD

10,000

(

59,399

)

3,933

(

63,332

)

3.76%

Annual

1-day

SOFR

Annual

09/17/25

(a)

09/17/30

USD

96,000

(

848,794

)

(

106,077

)

(

742,717

)

3.70%

Annual

1-day

SOFR

Annual

09/17/25

(a)

09/17/30

USD

407,000

(

2,325,227

)

238,544

(

2,563,771

)

3.52%

Annual

1-day

SOFR

Annual

09/17/25

(a)

09/17/30

USD

24,000

57,670

1,860

55,810

3.57%

Annual

1-day

SOFR

Annual

09/17/25

(a)

09/17/30

USD

161,000

(

14,623

)

(

9,185

)

(

5,438

)

3.70%

Annual

1-day

SONIA

Annual

09/17/25

(a)

09/17/30

GBP

34,000

50,536

8,353

42,183

3.76%

Annual

1-day

SONIA

Annual

09/17/25

(a)

09/17/30

GBP

43,000

(

82,524

)

—

(

82,524

)

3.69%

Annual

1-day

SONIA

Annual

09/17/25

(a)

09/17/30

GBP

103,000

218,213

98,289

119,924

3.80%

Annual

1-day

SONIA

Annual

09/17/25

(a)

09/17/30

GBP

32,000

(

131,439

)

5,631

(

137,070

)

3.77%

Annual

1-day

SONIA

Annual

09/17/25

(a)

09/17/30

GBP

23,000

(

55,953

)

(

4,834

)

(

51,119

)

3.75%

Annual

1-day

SONIA

Annual

09/17/25

(a)

09/17/30

GBP

27,000

(

27,272

)

65,931

(

93,203

)

3.72%

Annual

1-day

SONIA

Annual

09/17/25

(a)

09/17/30

GBP

64,000

18,470

27,509

(

9,039

)

3.70%

Annual

1-day

SONIA

Annual

09/17/25

(a)

09/17/30

GBP

33,000

64,069

165,479

(

101,410

)

3.77%

Annual

1-day

SONIA

Annual

09/17/25

(a)

09/17/30

GBP

48,000

(

107,988

)

(

6,963

)

(

101,025

)

3.75%

Annual

1-day

SONIA

Annual

09/17/25

(a)

09/17/30

GBP

13,000

(

15,433

)

(

15,376

)

(

57

)

3.76%

Annual

1-day

SONIA

Annual

09/17/25

(a)

09/17/30

GBP

10,000

(

20,845

)

1,171

(

22,016

)

3.74%

Annual

1-day

SONIA

Annual

09/17/25

(a)

09/17/30

GBP

15,000

(

13,381

)

(

33,634

)

20,253

3.70%

Annual

1-day

SONIA

Annual

09/17/25

(a)

09/17/30

GBP

53,000

78,808

33,722

45,086

3.76%

Annual

1-day

SONIA

Annual

09/17/25

(a)

09/17/30

GBP

18,000

(

33,376

)

(

151

)

(

33,225

)

3.71%

Annual

1-day

SONIA

Annual

09/17/25

(a)

09/17/30

GBP

57,000

66,922

200,411

(

133,489

)

1.30%

Quarterly

1-day

THOR

Quarterly

09/17/25

(a)

09/17/30

THB

399,000

1,326

—

1,326

1.31%

Quarterly

1-day

THOR

Quarterly

09/17/25

(a)

09/17/30

THB

5,150,000

(

84,497

)

—

(

84,497

)

1.96%

Quarterly

3-mo.

TWCPBA

Quarterly

09/17/25

(a)

09/17/30

TWD

3,041,000

(

1,724,452

)

—

(

1,724,452

)

1.87%

Quarterly

3-mo.

TWCPBA

Quarterly

09/17/25

(a)

09/17/30

TWD

1,168,000

(

479,121

)

—

(

479,121

)

1.86%

Quarterly

3-mo.

TWCPBA

Quarterly

09/17/25

(a)

09/17/30

TWD

496,000

(

200,503

)

—

(

200,503

)

1.97%

Quarterly

3-mo.

TWCPBA

Quarterly

09/17/25

(a)

09/17/30

TWD

70,000

(

41,246

)

—

(

41,246

)

1.80%

Quarterly

3-mo.

TWCPBA

Quarterly

09/17/25

(a)

09/17/30

TWD

945,000

(

284,526

)

—

(

284,526

)

1.86%

Quarterly

3-mo.

TWCPBA

Quarterly

09/17/25

(a)

09/17/30

TWD

448,000

(

179,953

)

—

(

179,953

)

3.73%

Semi-Annual

6-mo.

BBR

Semi-Annual

09/17/25

(a)

09/17/30

AUD

56,980

11,267

—

11,267

3.75%

Semi-Annual

6-mo.

BBR

Semi-Annual

09/17/25

(a)

09/17/30

AUD

50,410

(

13,638

)

—

(

13,638

)

3.80%

Semi-Annual

6-mo.

BBR

Semi-Annual

09/17/25

(a)

09/17/30

AUD

28,000

(

46,337

)

—

(

46,337

)

3.80%

Semi-Annual

6-mo.

BBR

Semi-Annual

09/17/25

(a)

09/17/30

AUD

21,000

(

33,954

)

—

(

33,954

)

3.76%

Semi-Annual

6-mo.

BBR

Semi-Annual

09/17/25

(a)

09/17/30

AUD

54,610

(

25,963

)

—

(

25,963

)

3.75%

Semi-Annual

6-mo.

BBR

Semi-Annual

09/17/25

(a)

09/17/30

AUD

24,000

(

5,791

)

—

(

5,791

)

3.64%

Annual

6-mo.

PRIBOR

Semi-Annual

09/17/25

(a)

09/17/30

CZK

129,000

67,264

—

67,264

3.56%

Annual

6-mo.

PRIBOR

Semi-Annual

09/17/25

(a)

09/17/30

CZK

42,000

28,603

—

28,603

3.80%

Annual

6-mo.

PRIBOR

Semi-Annual

09/17/25

(a)

09/17/30

CZK

79,000

13,791

—

13,791

Schedule

of

Investments

(unaudited)

(continued)

July

31,

2025

BlackRock

Tactical

Opportunities

Fund

16

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)

3.67%

Annual

6-mo.

PRIBOR

Semi-Annual

09/17/25

(a)

09/17/30

CZK

250,000

$

113,067

$

—

$

113,067

3.68%

Annual

6-mo.

PRIBOR

Semi-Annual

09/17/25

(a)

09/17/30

CZK

212,000

89,339

—

89,339

3.63%

Annual

6-mo.

PRIBOR

Semi-Annual

09/17/25

(a)

09/17/30

CZK

109,000

59,039

—

59,039

3.65%

Annual

6-mo.

PRIBOR

Semi-Annual

09/17/25

(a)

09/17/30

CZK

357,000

178,552

—

178,552

$

6,465,819

$

(

107,939

)

$

6,573,758

(a)

Forward

swap.

OTC

Interest

Rate

Swaps

Paid

by

the

Fund

Received

by

the

Fund

Rate

Frequency

Rate

Frequency

Counterparty

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

13.32%

At

Termination

1-day

BZDIOVER

At

Termination

Bank

of

America

NA

01/02/29

BRL

136,000

$

191,681

$

—

$

191,681

13.37%

At

Termination

1-day

BZDIOVER

At

Termination

Bank

of

America

NA

01/02/29

BRL

88,000

102,274

—

102,274

13.38%

At

Termination

1-day

BZDIOVER

At

Termination

Bank

of

America

NA

01/02/29

BRL

302,000

312,027

—

312,027

13.47%

At

Termination

1-day

BZDIOVER

At

Termination

Bank

of

America

NA

01/02/29

BRL

67,000

21,888

—

21,888

13.48%

At

Termination

1-day

BZDIOVER

At

Termination

Bank

of

America

NA

01/02/29

BRL

202,000

97,641

—

97,641

13.50%

At

Termination

1-day

BZDIOVER

At

Termination

Bank

of

America

NA

01/02/29

BRL

49,000

20,086

—

20,086

13.52%

At

Termination

1-day

BZDIOVER

At

Termination

Bank

of

America

NA

01/02/29

BRL

107,000

24,043

—

24,043

13.53%

At

Termination

1-day

BZDIOVER

At

Termination

Bank

of

America

NA

01/02/29

BRL

37,000

29

—

29

13.53%

At

Termination

1-day

BZDIOVER

At

Termination

Bank

of

America

NA

01/02/29

BRL

64,000

2,881

—

2,881

13.55%

At

Termination

1-day

BZDIOVER

At

Termination

Bank

of

America

NA

01/02/29

BRL

197,000

18,492

—

18,492

13.60%

At

Termination

1-day

BZDIOVER

At

Termination

Bank

of

America

NA

01/02/29

BRL

379,000

(

113,652

)

—

(

113,652

)

13.61%

At

Termination

1-day

BZDIOVER

At

Termination

Bank

of

America

NA

01/02/29

BRL

173,000

(

62,821

)

—

(

62,821

)

13.94%

At

Termination

1-day

BZDIOVER

At

Termination

Bank

of

America

NA

01/02/29

BRL

145,000

(

339,656

)

—

(

339,656

)

14.00%

At

Termination

1-day

BZDIOVER

At

Termination

Bank

of

America

NA

01/02/29

BRL

123,000

(

334,422

)

—

(

334,422

)

14.12%

At

Termination

1-day

BZDIOVER

At

Termination

Bank

of

America

NA

01/02/29

BRL

138,000

(

479,026

)

—

(

479,026

)

14.20%

At

Termination

1-day

BZDIOVER

At

Termination

Bank

of

America

NA

01/02/29

BRL

164,000

(

649,386

)

—

(

649,386

)

14.32%

At

Termination

1-day

BZDIOVER

At

Termination

Barclays

Bank

plc

01/02/29

BRL

190,000

(

902,392

)

—

(

902,392

)

14.38%

At

Termination

1-day

BZDIOVER

At

Termination

Bank

of

America

NA

01/02/29

BRL

87,000

(

471,120

)

—

(

471,120

)

14.43%

At

Termination

1-day

BZDIOVER

At

Termination

Bank

of

America

NA

01/02/29

BRL

208,000

(

1,164,649

)

—

(

1,164,649

)

14.45%

At

Termination

1-day

BZDIOVER

At

Termination

Barclays

Bank

plc

01/02/29

BRL

400,000

(

2,415,971

)

—

(

2,415,971

)

14.48%

At

Termination

1-day

BZDIOVER

At

Termination

Bank

of

America

NA

01/02/29

BRL

173,000

(

1,010,159

)

—

(

1,010,159

)

Schedule

of

Investments

(unaudited)

(continued)

July

31,

2025

BlackRock

Tactical

Opportunities

Fund

17

OTC

Interest

Rate

Swaps

(continued)

Paid

by

the

Fund

Received

by

the

Fund

Rate

Frequency

Rate

Frequency

Counterparty

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

14.48%

At

Termination

1-day

BZDIOVER

At

Termination

Barclays

Bank

plc

01/02/29

BRL

132,000

$

(

781,082

)

$

—

$

(

781,082

)

14.63%

At

Termination

1-day

BZDIOVER

At

Termination

Bank

of

America

NA

01/02/29

BRL

163,000

(

1,175,927

)

—

(

1,175,927

)

14.66%

At

Termination

1-day

BZDIOVER

At

Termination

Barclays

Bank

plc

01/02/29

BRL

177,000

(

1,326,074

)

—

(

1,326,074

)

14.69%

At

Termination

1-day

BZDIOVER

At

Termination

Bank

of

America

NA

01/02/29

BRL

254,000

(

1,940,716

)

—

(

1,940,716

)

14.87%

At

Termination

1-day

BZDIOVER

At

Termination

Morgan

Stanley

&

Co.

International

plc

01/02/29

BRL

49,000

(

433,552

)

—

(

433,552

)

14.96%

At

Termination

1-day

BZDIOVER

At

Termination

Bank

of

America

NA

01/02/29

BRL

118,000

(

1,154,764

)

—

(

1,154,764

)

15.00%

At

Termination

1-day

BZDIOVER

At

Termination

Bank

of

America

NA

01/02/29

BRL

216,000

(

2,164,091

)

—

(

2,164,091

)

15.05%

At

Termination

1-day

BZDIOVER

At

Termination

Barclays

Bank

plc

01/02/29

BRL

116,000

(

1,185,318

)

—

(

1,185,318

)

15.12%

At

Termination

1-day

BZDIOVER

At

Termination

Barclays

Bank

plc

01/02/29

BRL

5,000

(

55,448

)

—

(

55,448

)

15.25%

At

Termination

1-day

BZDIOVER

At

Termination

Bank

of

America

NA

01/02/29

BRL

138,000

(

1,651,298

)

—

(

1,651,298

)

$

(

19,020,482

)

$

—

$

(

19,020,482

)

OTC

Total

Return

Swap

s

-

Future

Reference

Entity

Fixed

Amount

Paid

/

(Received)

by

the

Fund

(a)

Counterparty

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

BOVESPA

Index

Futures

August

2025

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

BRL

(

74,629,135

)

Merrill

Lynch

International

&

Co.

08/13/25

BRL

74,629

$

386,896

$

—

$

386,896

BOVESPA

Index

Futures

August

2025

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

BRL

(

840,825,605

)

Merrill

Lynch

International

&

Co.

08/13/25

BRL

840,826

9,481,952

—

9,481,952

BOVESPA

Index

Futures

August

2025

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

BRL

(

50,540,218

)

Merrill

Lynch

International

&

Co.

08/13/25

BRL

50,540

(

23,250

)

—

(

23,250

)

Taiwan

Capitalization

Weighted

Stock

Index

Futures

August

2025

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

TWD

454,181,518

Citibank

NA

08/20/25

TWD

454,182

428,233

—

428,233

Taiwan

Capitalization

Weighted

Stock

Index

Futures

August

2025

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

TWD

6,412,482,720

Citibank

NA

08/20/25

TWD

6,412,483

11,299,374

—

11,299,374

KOSPI

200

Index

Futures

September

2025

........

KRW

(

671,453,825

)

Merrill

Lynch

International

&

Co.

09/11/25

KRW

671,454

(

68,410

)

—

(

68,410

)

KOSPI

200

Index

Futures

September

2025

........

KRW

(

282,254,112,000

)

Merrill

Lynch

International

&

Co.

09/11/25

KRW

282,254,112

(

28,556,669

)

—

(

28,556,669

)

KOSPI

200

Index

Futures

September

2025

........

KRW

(

15,368,307,975

)

Merrill

Lynch

International

&

Co.

09/11/25

KRW

15,368,308

(

1,469,727

)

—

(

1,469,727

)

KOSPI

200

Index

Futures

September

2025

........

KRW

(

16,114,078,125

)

Merrill

Lynch

International

&

Co.

09/11/25

KRW

16,114,078

(

1,247,726

)

—

(

1,247,726

)

KOSPI

200

Index

Futures

September

2025

........

KRW

(

35,002,078,050

)

Merrill

Lynch

International

&

Co.

09/11/25

KRW

35,002,078

215,246

—

215,246

KOSPI

200

Index

Futures

September

2025

........

KRW

(

33,300,877,500

)

Merrill

Lynch

International

&

Co.

09/11/25

KRW

33,300,878

(

2,037,693

)

—

(

2,037,693

)

KOSPI

200

Index

Futures

September

2025

........

KRW

(

21,746,405,700

)

Merrill

Lynch

International

&

Co.

09/11/25

KRW

21,746,406

(

659,734

)

—

(

659,734

)

KOSPI

200

Index

Futures

September

2025

........

KRW

(

17,301,948,300

)

Merrill

Lynch

International

&

Co.

09/11/25

KRW

17,301,948

(

312,231

)

—

(

312,231

)

Mexican

Bolsa

Index

Futures

September

2025

........

MXN

(

311,578,510

)

Merrill

Lynch

International

&

Co.

09/19/25

MXN

311,579

(

50,172

)

—

(

50,172

)

Schedule

of

Investments

(unaudited)

(continued)

July

31,

2025

BlackRock

Tactical

Opportunities

Fund

18

OTC

Total

Return

Swaps

-

Future

(continued)

Reference

Entity

Fixed

Amount

Paid

/

(Received)

by

the

Fund

(a)

Counterparty

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

Mexican

Bolsa

Index

Futures

September

2025

........

MXN

(

849,579,639

)

Merrill

Lynch

International

&

Co.

09/19/25

MXN

849,580

$

336,119

$

—

$

336,119

Swiss

Market

Index

Futures

September

2025

........

CHF

(

9,002,423

)

HSBC

Bank

plc

09/19/25

CHF

9,002

173,805

—

173,805

Swiss

Market

Index

Futures

September

2025

........

CHF

(

11,320,077

)

HSBC

Bank

plc

09/19/25

CHF

11,320

408,898

—

408,898

Swiss

Market

Index

Futures

September

2025

........

CHF

(

40,273,924

)

HSBC

Bank

plc

09/19/25

CHF

40,274

1,435,856

—

1,435,856

Swiss

Market

Index

Futures

September

2025

........

CHF

(

4,827,341

)

HSBC

Bank

plc

09/19/25

CHF

4,827

124,766

—

124,766

Swiss

Market

Index

Futures

September

2025

........

CHF

(

18,668,592

)

HSBC

Bank

plc

09/19/25

CHF

18,669

—

—

—

Swiss

Market

Index

Futures

September

2025

........

CHF

(

11,369,856

)

HSBC

Bank

plc

09/19/25

CHF

11,370

179,262

—

179,262

$

(

9,955,205

)

$

—

$

(

9,955,205

)

(a)

At

termination,

the

fixed

amount

paid

(received)

will

be

exchanged

for

the

total

return

of

the

reference

entity.

OTC

Total

Return

Swaps

Paid

by

the

Fund

Received

by

the

Fund

Rate/Reference

Frequency

Rate/Reference

Frequency

Counterparty

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

MSCI

Chile

Net

Return

Index

..........

Quarterly

1-day

SOFR

minus

0.25%

Quarterly

BNP

Paribas

SA

08/28/25

USD

8,084

$

344,322

$

—

$

344,322

MSCI

Chile

Net

Return

Index

..........

Quarterly

1-day

SOFR

plus

0.20%

Quarterly

JPMorgan

Chase

Bank

NA

08/28/25

USD

1,084

93,691

—

93,691

S&P

500

Total

Return

Index

..........

Quarterly

1-day

SOFR

plus

0.50%

Quarterly

Merrill

Lynch

International

&

Co.

11/24/25

USD

437,973

(

37,694,092

)

—

(

37,694,092

)

$

(

37,256,079

)

$

—

$

(

37,256,079

)

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

.06

%

1-day

MIBOR

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

Mumbai

Interbank

Offered

Rate

5

.54

1-day

MXIBTIIE

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

Mexico

Interbank

TIIE

1-day

8

.05

1-day

REPO_CORRA

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

Canadian

Overnight

Repo

Rate

2

.76

1-day

SARON

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

Swiss

Average

Rate

Overnight

(

0

.03

)

1-day

SOFR

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

Secured

Overnight

Financing

Rate

4

.34

1-day

SONIA

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

Sterling

Overnight

Index

Average

4

.22

1-day

SORA

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

Singapore

Overnight

Rate

Average

1

.75

1-day

THOR

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

Thailand

Overnight

Repo

Rate

ON

1

.74

1-week

CNREPOFIX_CFXS

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

China

Fixing

Repo

Rates

1

.60

3-mo.

CD_KSDA

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

Certificates

of

Deposit

by

the

Korean

Securities

Dealers

Association

2

.51

3-mo.

HIBOR

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

Hong

Kong

Interbank

Offered

Rate

1

.62

3-mo.

JIBAR

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

Johannesburg

Interbank

Average

Rate

7

.13

3-mo.

STIBOR

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

Stockholm

Interbank

Offered

Rate

2

.16

3-mo.

TWCPBA

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

Taiwan

Secondary

Markets

Bills

Rate

1

.68

6-mo.

BBR

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

Australian

Bank

Bill

Rate

3

.78

6-mo.

EURIBOR

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

Euro

Interbank

Offered

Rate

2

.08

6-mo.

PRIBOR

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

Prague

Interbank

Offered

Rate

3

.50

6-mo.

WIBOR

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

Warsaw

Interbank

Offered

Rate

4

.68

Schedule

of

Investments

(unaudited)

(continued)

July

31,

2025

BlackRock

Tactical

Opportunities

Fund

19

Fair

Value

Hierarchy

as

of

Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments

at

the

measurement

date.

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

that

the

Fund

has

the

ability

to

access

for

identical

assets

or

liabilities;

Level

2

—

Inputs

other

than

quoted

prices

included

within

Level

1

that

are

observable

for

the

asset

or

liability,

either

directly

or

indirectly;

and

Level

3

—

Inputs

that

are

unobservable

and

significant

to the

entire

fair

value

measurement

for

the asset

or

liability (including

the

Valuation

Committee's

assumptions

used

in

determining

the

fair

value

of

financial

instruments).

The

hierarchy

gives

the

highest

priority

to

unadjusted

quoted

prices

in

active

markets

for

identical

assets

or

liabilities

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements).

Accordingly,

the

degree

of

judgment

exercised

in

determining

fair

value

is

greatest

for

instruments

categorized

in

Level

3.

The

inputs

used

to

measure

fair

value

may

fall

into

different

levels

of

the

fair

value

hierarchy.

In

such

cases,

for

disclosure

purposes,

the

fair

value

hierarchy

classification

is

determined

based

on

the

lowest

level

input

that

is

significant

to

the

fair

value

measurement

in

its

entirety.

Investments

classified

within

Level

3

have

significant

unobservable

inputs

used

by

the

Valuation

Committee

in

determining

the

price

for

Fair

Valued

Investments.

Level

3

investments

include

equity

or

debt

issued

by

privately

held

companies

or

funds

that

may

not

have

a

secondary

market

and/

or may

have

a

limited

number

of

investors.

The

categorization

of

a

value

determined

for

financial

instruments

is

based

on

the

pricing

transparency

of

the

financial

instruments

and

is

not

necessarily

an

indication

of

the

risks

associated

with

investing

in

those

securities.

For

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

its

most

recent

financial

statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund's

financial

instruments

into

major

categories

is

disclosed

in

the

Schedule

of

Investments

above.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Asset-Backed

Securities

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

$

—

$

—

$

—

$

—

Common

Stocks

Aerospace

&

Defense

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

13,371,238

22,396,358

—

35,767,596

Air

Freight

&

Logistics

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

17,848,932

—

—

17,848,932

Automobile

Components

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

4,659,107

3,091,030

—

7,750,137

Automobiles

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

33,979,746

4,320,815

—

38,300,561

Banks

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

91,132,545

84,946,713

—

176,079,258

Beverages

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

15,963,365

1,452,035

—

17,415,400

Biotechnology

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

43,231,305

7,272,084

—

50,503,389

Broadline

Retail

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

68,282,356

10,442,949

—

78,725,305

Building

Products

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

46,278

729,200

—

775,478

Capital

Markets

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

90,098,662

28,124,640

—

118,223,302

Chemicals

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

243,561

2,490,611

—

2,734,172

Commercial

Services

&

Supplies

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

32,405,328

1,739,502

—

34,144,830

Communications

Equipment

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

31,446,378

—

—

31,446,378

Construction

&

Engineering

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

4,470,238

4,762,869

—

9,233,107

Construction

Materials

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

70,920

—

—

70,920

Consumer

Finance

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

9,456,548

—

—

9,456,548

Consumer

Staples

Distribution

&

Retail

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

59,539,733

3,076,166

—

62,615,899

Containers

&

Packaging

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

410,865

—

—

410,865

Diversified

Consumer

Services

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

58,826

—

—

58,826

Diversified

REITs

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

—

122,896

—

122,896

Diversified

Telecommunication

Services

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

13,721,926

11,091,234

—

24,813,160

Electric

Utilities

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

25,662,386

8,808,306

—

34,470,692

Electrical

Equipment

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

1,166,732

16,945,173

—

18,111,905

Electronic

Equipment,

Instruments

&

Components

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

6,394,723

2,743,932

—

9,138,655

Entertainment

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

29,865,311

877,579

—

30,742,890

Financial

Services

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

57,100,748

6,768,671

—

63,869,419

Food

Products

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

2,090,468

2,073,916

—

4,164,384

Gas

Utilities

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

488,464

275,548

—

764,012

Ground

Transportation

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

561,254

—

—

561,254

Health

Care

Equipment

&

Supplies

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

18,589,598

1,953,322

—

20,542,920

Health

Care

Providers

&

Services

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

55,268,210

—

—

55,268,210

Health

Care

REITs

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

4,808,131

—

—

4,808,131

Health

Care

Technology

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

4,029,893

1,497,856

—

5,527,749

Hotel

&

Resort

REITs

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

46,723

—

—

46,723

Hotels,

Restaurants

&

Leisure

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

47,142,713

5,170,318

—

52,313,031

Household

Durables

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

11,363,439

14,542,165

—

25,905,604

Household

Products

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

3,947,066

957,283

—

4,904,349

Schedule

of

Investments

(unaudited)

(continued)

July

31,

2025

BlackRock

Tactical

Opportunities

Fund

20

Level

1

Level

2

Level

3

Total

Independent

Power

and

Renewable

Electricity

Producers

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

$

179,823

$

—

$

—

$

179,823

Industrial

Conglomerates

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

621,024

5,587,548

—

6,208,572

Industrial

REITs

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

—

1,068,183

—

1,068,183

Insurance

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

47,750,754

68,643,096

—

116,393,850

Interactive

Media

&

Services

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

119,370,243

1,284,151

—

120,654,394

IT

Services

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

26,034,693

7,565,593

—

33,600,286

Leisure

Products

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

1,958,495

—

—

1,958,495

Life

Sciences

Tools

&

Services

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

8,324,372

452,656

—

8,777,028

Machinery

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

—

5,612,793

—

5,612,793

Marine

Transportation

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

—

2,710,687

—

2,710,687

Media

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

1,026,585

1,040,928

—

2,067,513

Metals

&

Mining

........................................

2,753,032

3,211,440

—

5,964,472

Multi-Utilities

..........................................

—

11,879,890

—

11,879,890

Office

REITs

..........................................

64,634

162,838

—

227,472

Oil,

Gas

&

Consumable

Fuels

...............................

71,791,838

16,135,352

—

87,927,190

Passenger

Airlines

......................................

19,585,613

577,527

—

20,163,140

Personal

Care

Products

..................................

—

3,976,515

—

3,976,515

Pharmaceuticals

.......................................

47,043,411

25,656,435

—

72,699,846

Professional

Services

....................................

20,870,999

19,610,825

—

40,481,824

Real

Estate

Management

&

Development

.......................

1,150,421

7,532,310

—

8,682,731

Residential

REITs

.......................................

3,653,219

—

—

3,653,219

Retail

REITs

..........................................

5,799,640

667,953

—

6,467,593

Semiconductors

&

Semiconductor

Equipment

....................

231,019,425

11,585,718

—

242,605,143

Software

.............................................

204,868,050

19,490,754

—

224,358,804

Specialized

REITs

......................................

26,009,303

—

—

26,009,303

Specialty

Retail

........................................

29,885,693

630,332

—

30,516,025

Technology

Hardware,

Storage

&

Peripherals

....................

89,655,266

1,647,353

—

91,302,619

Textiles,

Apparel

&

Luxury

Goods

............................

12,710,916

10,547,616

—

23,258,532

Tobacco

.............................................

14,665,446

10,925,833

—

25,591,279

Trading

Companies

&

Distributors

............................

1,650,845

3,449,503

—

5,100,348

Transportation

Infrastructure

...............................

—

1,431,099

—

1,431,099

Water

Utilities

.........................................

—

773,352

—

773,352

Wireless

Telecommunication

Services

.........................

—

6,443,959

—

6,443,959

Other

Interests

..........................................

—

—

—

—

Preferred

Securities

.......................................

—

941,824

—

941,824

Rights

................................................

—

—

2,650

2,650

Short-Term

Securities

Money

Market

Funds

......................................

48,742,077

—

—

48,742,077

U.S.

Treasury

Obligations

...................................

—

723,223,013

—

723,223,013

$

1,836,149,533

$

1,223,140,247

$

2,650

$

3,059,292,430

Derivative

Financial

Instruments

(a)

Assets

Credit

contracts

...........................................

$

—

$

9,058,132

$

—

$

9,058,132

Equity

contracts

...........................................

18,052,071

64,065,088

—

82,117,159

Foreign

currency

exchange

contracts

............................

—

7,462,370

—

7,462,370

Interest

rate

contracts

.......................................

9,357,640

22,072,901

—

31,430,541

Liabilities

Equity

contracts

...........................................

(

11,389,949

)

(

76,367,443

)

—

(

87,757,392

)

Foreign

currency

exchange

contracts

............................

—

(

43,569,375

)

—

(

43,569,375

)

Interest

rate

contracts

.......................................

(

21,667,868

)

(

34,519,625

)

—

(

56,187,493

)

$

(

5,648,106

)

$

(

51,797,952

)

$

—

$

(

57,446,058

)

(a)

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.

Fair

Value

Hierarchy

as

of

Period

End

(continued)

Schedule

of

Investments

(unaudited)

(continued)

July

31,

2025

BlackRock

Tactical

Opportunities

Fund

21

Currency

Abbreviation

AUD

Australian

Dollar

BRL

Brazilian

Real

CAD

Canadian

Dollar

CHF

Swiss

Franc

CLP

Chilean

Peso

CNY

Chinese

Yuan

CZK

Czech

Koruna

EUR

Euro

GBP

British

Pound

HKD

Hong

Kong

Dollar

INR

Indian

Rupee

JPY

Japanese

Yen

KRW

South

Korean

Won

MXN

Mexican

Peso

NOK

Norwegian

Krone

NZD

New

Zealand

Dollar

PLN

Polish

Zloty

SEK

Swedish

Krona

SGD

Singapore

Dollar

THB

Thai

Baht

TWD

Taiwan

New

Dollar

USD

United

States

Dollar

ZAR

South

African

Rand

Portfolio

Abbreviation

ADR

American

Depositary

Receipts

BBR

Australian

Bank

Bill

Rate

BZDIOVER

Overnight

Brazil

CETIP

—

Interbank

Rate

CD_KSDA

Certificates

of

Deposit

by

the

Korean

Securities

Dealers

Association

CDO

Collateralized

Debt

Obligation

CNREPOFIX_CFXS

China

Fixing

Repo

Rates

CVR

Contingent

Value

Rights

EURIBOR

Euro

Interbank

Offered

Rate

HIBOR

Hong

Kong

Interbank

Offered

Rate

JIBAR

Johannesburg

Interbank

Average

Rate

MIBOR

Mumbai

Interbank

Offered

Rate

MSCI

Morgan

Stanley

Capital

International

MXIBTIIE

Mexico

Interbank

TIIE

Nasdaq

National

Association

of

Securities

Dealers

Automated

Quotations

OMX

Stockholm

Nordic

Exchange

OTC

Over-the-counter

PRIBOR

Prague

Interbank

Offered

Rate

REIT

Real

Estate

Investment

Trust

REPO_CORRA

Canadian

Overnight

Repo

Rate

SARON

Swiss

Average

Rate

Overnight

SCA

Svenska

Cellulosa

Aktiebolaget

SONIA

Sterling

Overnight

Interbank

Average

Rate

SOFR

Secured

Overnight

Financing

Rate

SORA

Singapore

Overnight

Rate

Average

STIBOR

Stockholm

Interbank

Offered

Rate

THOR

Thailand

Overnight

Repo

Rate

ON

TWCPBA

Taiwan

Secondary

Markets

Bills

Rate

WIBOR

Warsaw

Interbank

Offered

Rate