BlackRock Private Investments Fund NPORT-P BlackRock Private Investments Fund (Dec 2023 report)

Consolidated Schedule of Investments (unaudited)  December 31, 2023 BlackRock Private Investments Fund (Percentages shown are based on Net Assets)

Security	Shares/ Par (000)			Value
Private Equity Investments
Direct Investments — 48.6%(a)(b)(c)
Aerospace & Defense — 3.7%
Sierra Space Corp.
Series A Preferred Shares (Acquired 12/01/21, Cost: $1,581,754)		157,971		$	1,764,917
Series B Preferred Shares (Acquired 09/22/23, Cost: $64,445)		5,768			64,445
Yellowstone Ultimate Holdings LP (Acquired 11/08/22, Cost: $5,095,482)		—	(d)		5,095,482
					6,924,844
Biotechnology — 1.7%
Lotus Co-Invest LP (Acquired 10/31/22, Cost: $2,659,796)		—	(d)		3,265,324
Broadline Retail — 2.0%
Attentive Mobile, Inc.
Common Shares (Acquired 04/16/21, Cost: $2,181,218)		74,536			3,085,791
Series A1 Preferred Shares (Acquired 04/16/21, Cost: $595,026)		13,033			539,566
Series B Preferred Shares (Acquired 04/16/21, Cost: $94,643)		2,073			85,822
					3,711,179
Chemicals — 2.9%
PSP AGFS Co-Investment Fund III, L.P. (Acquired 11/22/23, Cost: $5,577,784)		—	(d)		5,577,784
Commercial Services & Supplies — 1.9%
Horizon Co-Investment, LP (Acquired 06/10/22, Cost: $1,786,032)(e)		—	(d)		1,849,217
NP Salon Co-Investment LP I (Acquired 04/08/21, Cost: $2,000,000)		—	(d)		1,823,178
					3,672,395
Diversified Consumer Services — 2.3%
TPG Eternal Co-Invest II, L.P. (Acquired 11/14/23, Cost: $4,057,864)(e)		—	(d)		4,332,606
Entertainment — 4.4%
Aleph Infinity Investors 2 LP (Acquired 04/28/22, Cost: $4,792,321)		—	(d)		3,828,758
RB Rouge Co-Invest B LP (Acquired 03/30/21, Cost: $2,995,956)		—	(d)		4,426,668
					8,255,426
Food Products — 1.5%
IK IX Luxco 15 Sàrl
Interest Free Shareholder Loan (Acquired 10/20/23, Cost: $15,716)	EUR	14,891			16,449
Preference Shares (Acquired 10/20/23, Cost: $2,753,351)		52,213			2,881,891
					2,898,340
Health Care Equipment & Supplies — 0.6%
Chiaro Technology Ltd.
Class C Ordinary Shares (Acquired 07/28/21, Cost: $2,033,660)		295,449			823,763
Class CC Ordinary Shares (Acquired 10/25/22, Cost: $225,900)		39,792			225,706
					1,049,469

Security	Shares/ Par (000)			Value
Health Care Providers & Services — 9.9%
Atlas Co-Investment Fund 2 LP (Acquired 06/30/21, Cost: $946,674)		—	(d) $		1,136,373
C-Bridge Investment Yaneng Ltd. (Acquired 12/16/21, Cost: $3,183,687)		—	(d)		2,706,247
Pacific Avenue Emerald Continuation Fund (A) LP (Acquired 07/30/21, Cost: $2,035,590)		—	(d)		3,138,671
Romulus Intermediate Holdings 1, Inc., Series A Preferred Shares (Acquired 11/15/23, Cost: $11,760,000)		12,000			11,760,000
					18,741,291
Health Care Technology — 1.3%
Thirty Madison, Inc. (Promissory Note(f) , 2.37%, 07/15/24 & Warrant, expires 07/15/24, Strike Price USD 0.01) (Acquired 08/12/22, Cost: $2,037,966)	USD	2,038			2,428,970
Household Durables — 1.0%
SL Riviera Investors 2021 LP (Acquired 04/14/21, Cost: $2,078,007)		—	(d)		1,981,116
IT Services — 1.2%
OwnBackup Ltd.
Ordinary Shares (Acquired 07/23/21, Cost: $1,022,514)		91,427			1,146,221
Series A Preferred Shares (Acquired 07/23/21, Cost: $816,170)		72,977			914,913
Series A1 Preferred Shares (Acquired 07/23/21, Cost: $19,896)		1,779			22,303
Series B1 Preferred Shares (Acquired 07/23/21, Cost: $75,424)		6,744			84,550
Series C Preferred Shares (Acquired 07/23/21, Cost: $48,192)		4,309			54,022
Series C1 Preferred Shares (Acquired 07/23/21, Cost: $17,805)		1,592			19,959
					2,241,968
Software — 14.2%
Acronis AG, Series E Preferred Shares (Acquired 04/06/22, Cost: $1,687,277)		20,378			1,902,278
BCP VI Central Co-Invest L.P. (Acquired 07/05/23, Cost: $7,874,181)		—	(d)		15,328,858
Ecovadis S.A.S.
Ordinary Shares (Acquired 10/04/22, Cost: $1,517,650)		6,350			2,074,359
Series A Preferred Shares (Acquired 10/04/22, Cost: $568,820)		2,380			777,476
Series B Preferred Shares (Acquired 10/04/22, Cost: $186,420)		780			254,804
Flexe, Inc., Series D Preferred Shares (Acquired 06/14/22, Cost: $1,714,289)		84,056			1,741,341
Project CS Co-Invest Fund, L.P. (Acquired 02/24/23, Cost: $2,825,429)		—	(d)		2,825,429
Stripe, Inc., Series I Preferred Shares (Acquired 03/20/23, Cost: $1,962,273)		97,460			1,957,971
					26,862,516
Total Direct Investments — 48.6%				91,943,228

1

Consolidated Schedule of Investments (unaudited) (continued) December 31, 2023 BlackRock Private Investments Fund (Percentages shown are based on Net Assets)

Security	Shares			Value
Primary Investments — 0.1%
Diversified — 0.1%
Grotech Ventures IV, LP (Acquired 10/11/22, Cost: $149,778)(a)(b)(c)(g)		—	(d)	$	141,016
Secondary Investments — 31.3%(a)
Commercial Services & Supplies(c) — 0.6%
Amberjack Capital Feeder Fund B LP (Acquired 12/01/21, Cost: $305,723)		—	(d)		410,326
Platinum Equity Continuation Fund LP (Acquired 12/16/21, Cost: $1,717,529)(b)		—	(d)		796,437
					1,206,763
Diversified — 18.1%
GA Atlas, LP (Acquired 03/22/22, Cost: $2,934,444)(b)(c)		—	(d)		2,673,012
Grotech Ventures III, LP (Acquired 09/30/22, Cost: $1,493,785)(b)(c)(g)		—	(d)		1,544,427
Inovia Continuity Fund I, LP (Acquired 09/17/21, Cost: $2,016,077)(b)(c)		—	(d)		2,098,774
Palladium Equity Partners IV CF L.P. (Acquired 12/12/23, Cost: $5,139,184)(b)(c)		—	(d)		5,101,683
Pamlico Capital III Continuation Fund, L.P. (Acquired 01/27/23, Cost: $2,905,832)(b)(c)		—	(d)		3,999,564
Providence Equity Partners VII L.P		—	(d)		4,839,118
Providence Equity Partners VII-A L.P		—	(d)		5,034,111
Roark Capital Partners CF LP (Acquired 08/26/22, Cost: $2,893,541)(b)(c)		—	(d)		4,362,473
STG Alternative Investments SCA SICAV RAIF Sub Fund E (Acquired 10/01/21, Cost: $2,302,097)(b)(c)		—	(d)		4,489,233
					34,142,395
Electronic Equipment, Instruments & Components — 2.0%
Behrman Capital Micross CF LP (Acquired 02/24/22, Cost: $2,700,156)(b)(c)		—	(d)		3,764,466
Energy Equipment & Services — 0.4%
Amberjack Capital Feeder Fund Cayman LP (Acquired 12/01/21, Cost: $72,284)(c)		—	(d)		693,948
Food Products(c) — 4.4%
CREO Capital Partners V-A LP (Acquired 09/20/21, Cost: $3,038,498)(b)		—	(d)		4,245,837
Kohlberg TE Investors VII CV LP (Acquired 07/13/21, Cost: $3,136,994)		—	(d)		4,101,834
					8,347,671
Health Care Providers & Services — 3.7%
Zenyth Partners Continuation Fund, LP (Acquired 09/29/22, Cost: $4,801,418)(b)(c)		—	(d)		7,020,101
Trading Companies & Distributors — 2.1%
Bain Capital Empire Holdings, LP (Acquired 10/27/22, Cost: $3,425,099)(b)(c)		—	(d)		3,968,689
Total Secondary Investments — 31.3%				59,144,033
Total Private Equity Investments — 80.0% (Cost: $129,383,508)					151,228,277
	Par (000)
Asset-Backed Securities
Apidos CLO XXXVII, Series 2021-37A, Class A, (3-mo. CME Term SOFR + 1.39%), 6.80%, 10/22/34(h)(i)	$	1,000			999,843

Security	Par (000)		Value
Asset-Backed Securities (continued)
CIFC Funding Ltd., Series 2021-6A, Class A, (3-mo. CME Term SOFR + 1.40%), 6.80%, 10/15/34(h)(i)	$	1,000	$	998,273
Elmwood CLO IX Ltd., Series 2021-2A, Class A, (3-mo. CME Term SOFR + 1.39%), 6.81%, 07/20/34(h)(i)		1,000		1,001,170
Elmwood CLO X Ltd., Series 2021-3A, Class A, (3-mo. CME Term SOFR + 1.30%), 6.72%, 10/20/34(h)(i)		1,000		999,380
Madison Park Funding XLV Ltd., Series 2020-45A, Class BR, (3-mo. CME Term SOFR + 1.96%), 7.36%, 07/15/34(h)(i)		1,000		997,900
Madison Park Funding XXXII Ltd., Series 2018-32A, Class A1R, (3-mo. CME Term SOFR + 1.26%), 6.67%, 01/22/31(h)(i)		1,000		999,096
Neuberger Berman Loan Advisers CLO Ltd., Series 2021-43A, Class A, (3-mo. CME Term SOFR + 1.39%), 6.79%, 07/17/35(h)(i)		1,000		1,001,783
Palmer Square CLO Ltd.(h)
Series 2018-1A, Class A1, (3-mo. CME Term SOFR + 1.29%), 6.69%, 04/18/31(i)		780		780,964
Series 2020-3ARR, Class A1R2, (3-mo. CME Term SOFR + 1.65%), 7.02%, 11/15/36(a)		1,000		1,000,100
Total Asset-Backed Securities — 4.6% (Cost: $8,661,070)				8,778,509
Corporate Bonds
Banks — 6.0%
Bank of America Corp., (1-day SOFR + 1.34%), 5.93%, 09/15/27(h)		3,000		2,998,058
Danske Bank A/S, (1-year CMT + 2.10%), 6.47%, 01/09/26(h)(i)		2,000		2,014,179
Goldman Sachs Group, Inc., (1-day SOFR + 1.08%), 5.80%, 08/10/26(h)		2,500		2,524,151
HSBC Holdings PLC, (1-day SOFR + 1.57%), 5.89%, 08/14/27(h)		2,500		2,534,609
UBS Group AG, (1-year CMT + 1.60%), 6.33%, 12/22/27(i)		1,250		1,288,306
				11,359,303
Building Products — 0.1%
Advanced Drainage Systems, Inc., 5.00%, 09/30/27(i)		215		207,535
Commercial Services & Supplies(i) — 0.2%
Prime Security Services Borrower LLC/Prime Finance, Inc., 5.75%, 04/15/26		191		192,035
United Rentals North America, Inc., 6.00%, 12/15/29		132		134,015
				326,050
Construction Materials — 0.2%
Standard Industries, Inc./New Jersey, 4.75%, 01/15/28(i)		324		311,913
Consumer Finance — 0.1%
Block, Inc., 2.75%, 06/01/26		210		198,036
Consumer Staples Distribution & Retail(i) — 0.1%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC, 5.88%, 02/15/28		137		137,092
Lamb Weston Holdings, Inc., 4.13%, 01/31/30		133		122,617
				259,709
Diversified REITs — 0.1%
SBA Communications Corp., 3.13%, 02/01/29		225		202,162

CONSOLIDATED  SCHEDULE   OF  INVESTMENTS 2

Consolidated Schedule of Investments (unaudited) (continued) December 31, 2023 BlackRock Private Investments Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Electric Utilities — 0.1%
Pattern Energy Operations LP/Pattern Energy Operations, Inc., 4.50%, 08/15/28(i)	$	163	$	154,175
Electrical Equipment — 0.1%
Regal Rexnord Corp., 6.05%, 04/15/28(i)		135		136,657
Electronic Equipment, Instruments & Components — 0.1%
Sensata Technologies BV, 5.00%, 10/01/25(i)		277		277,335
Financial Services — 0.1%
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 2.88%, 10/15/26(i)		154		142,065
Health Care Equipment & Supplies — 0.7%
Avantor Funding, Inc., 4.63%, 07/15/28(i)		163		157,536
GE HealthCare Technologies, Inc., 5.55%, 11/15/24		1,265		1,265,631
				1,423,167
Health Care Providers & Services — 0.2%
IQVIA, Inc., 5.00%, 10/15/26(i)		208		206,013
Tenet Healthcare Corp., 5.13%, 11/01/27		142		138,812
				344,825
Independent Power and Renewable Electricity Producers — 0.2%
Clearway Energy Operating LLC, 4.75%, 03/15/28(i)		347		334,305
Internet Software & Services(i) — 0.2%
Go Daddy Operating Co. LLC/GD Finance Co., Inc., 5.25%, 12/01/27		118		115,629
Match Group Holdings II LLC, 4.63%, 06/01/28		333		318,848
				434,477
Media(i) — 0.2%
CCO Holdings LLC/CCO Holdings Capital Corp., 5.00%, 02/01/28		291		278,424
Sirius XM Radio, Inc., 5.00%, 08/01/27		148		142,967
				421,391
Metals & Mining(i) — 0.2%
Big River Steel LLC/BRS Finance Corp., 6.63%, 01/31/29		165		168,231
Novelis Corp., 3.25%, 11/15/26		209		196,752
				364,983
Semiconductors & Semiconductor Equipment — 0.1%
Entegris Escrow Corp., 4.75%, 04/15/29(i)		218		210,024
Specialized REITs — 0.1%
Iron Mountain, Inc., 7.00%, 02/15/29(i)		162		166,516
Technology Hardware, Storage & Peripherals — 0.1%
Seagate HDD Cayman, 8.25%, 12/15/29(i)		150		161,779
Textiles, Apparel & Luxury Goods — 0.1%
Hanesbrands, Inc., 4.88%, 05/15/26(i)		119		114,789
Total Corporate Bonds — 9.3% (Cost: $17,513,776)				17,551,196
Floating Rate Loan Interests(h)
Aerospace & Defense — 0.1%
Barnes Group, Inc., Term Loan B, (1-mo. CME Term SOFR + 3.00%), 8.46%, 09/03/30		44		43,978
Setanta Aircraft Leasing DAC, Term Loan B, (3-mo. CME Term SOFR + 2.00%), 7.61%, 11/05/28		139		139,347
				183,325
Automobile Components — 0.0%
Allison Transmission, Inc., 2019 Term Loan B, (1-mo. CME Term SOFR + 1.75%), 7.21%, 03/29/26		48		48,371

Security	Par (000)		Value
Broadline Retail — 0.0%
Sally Holdings LLC, 2023 CovLite Term Loan B, (1-mo. CME Term SOFR + 2.25%), 7.61%, 02/28/30	$	39	$	38,816
Building Products — 0.2%
Advanced Drainage Systems, Inc., Term Loan B, (1-mo. CME Term SOFR + 2.25%), 7.69%, 07/31/26		53		53,475
Beacon Roofing Supply, Inc., 2021 Term Loan B, (1-mo. CME Term SOFR + 2.50%), 7.97%, 05/19/28		154		154,836
GYP Holdings III Corp., 2023 Term Loan, (1-mo. CME Term SOFR + 3.00%), 8.36%, 05/12/30		100		99,706
SiteOne Landscape Supply Holding LLC, 2021 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.00%), 7.47%, 03/23/28		33		32,931
				340,948
Capital Markets — 0.1%
Axalta Coating Systems U.S. Holdings, Inc., 2023 USD Term Loan B4, (3-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.85%, 12/20/29		83		83,183
Castlelake Aviation One DAC
2023 Incremental Term Loan B, (3-mo. CME Term SOFR + 2.75%), 8.13%, 10/22/27		19		18,822
Term Loan B, (3-mo. CME Term SOFR + 2.75%), 8.40%, 10/22/26		74		74,059
				176,064
Chemicals — 0.2%
Ecovyst Catalyst Technologies LLC, 2021 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.98%, 06/09/28		86		85,792
Element Solutions, Inc., 2023 Term Loan B, (1-mo. CME Term SOFR + 2.00%), 7.36%, 12/18/30(a)		68		68,005
HB Fuller Co., 2023 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 7.61%, 02/15/30		26		25,844
INEOS Enterprises Holdings U.S. Finco LLC, 2023 USD 1st Lien Term Loan B, (3-mo. CME Term SOFR + 3.75%), 9.24%, 07/08/30		60		59,925
INEOS U.S. Finance LLC 2021 USD Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.96%, 11/08/28		98		98,166
2023 USD Term Loan B, (1-mo. CME Term SOFR + 3.50%), 8.86%, 02/18/30		58		57,710
				395,442
Commercial Services & Supplies — 0.1%
Prime Security Services Borrower LLC, 2023 Term Loan B, (1-mo. CME Term SOFR + 2.50%), 7.84%, 10/14/30		54		54,126
Tempo Acquisition LLC, 2023 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.75%), 8.11%, 08/31/28		171		171,133
				225,259
Communications Equipment — 0.1%
Ciena Corp., 2020 Term Loan B, (1-mo. CME Term SOFR + 2.00%), 7.36%, 10/24/30		92		92,010
Viasat, Inc., 2023 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 4.50%), 9.96%, 05/30/30		10		9,763
				101,773
Construction Materials — 0.2%
CPG International LLC, 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.96%, 04/28/29		45		45,448
Emerald Debt Merger Sub LLC, Term Loan B, (1-mo. CME Term SOFR + 3.00%), 8.36%, 05/31/30		99		98,990

3

Consolidated Schedule of Investments (unaudited) (continued) December 31, 2023 BlackRock Private Investments Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Construction Materials (continued)
Jeld-Wen, Inc., 2021 Term Loan B, (1-mo. CME Term SOFR + 2.25%), 7.72%, 07/28/28	$	51	$	50,572
Smyrna Ready Mix Concrete LLC, 2023 Term Loan, (1-mo. CME Term SOFR + 3.50%), 8.86%, 04/02/29		48		48,174
Summit Materials LLC, 2023 Incremental Term Loan B, 11/30/28(j)		12		12,038
Zurn LLC, 2021 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.00%), 7.47%, 10/04/28		48		48,498
				303,720
Consumer Finance — 0.3%
GTCR W Merger Sub LLC, USD Term Loan B, 09/20/30(j)		144		144,540
Trans Union LLC, 2019 Term Loan B5, (1-mo. CME Term SOFR + 1.75%), 7.21%, 11/16/26		235		235,175
WEX, Inc., 2021 Term Loan, (1-mo. CME Term SOFR + 2.25%), 7.72%, 03/31/28		118		117,920
				497,635
Consumer Staples Distribution & Retail — 0.1%
BJ’s Wholesale Club, Inc., 2023 Term Loan B, (3-mo. CME Term SOFR + 2.00%), 7.36%, 02/03/29		87		87,168
U.S. Foods, Inc., 2019 Term Loan B, (1-mo. CME Term SOFR + 2.00%), 7.47%, 09/13/26		141		141,651
				228,819
Diversified Consumer Services — 0.1%
Bright Horizons Family Solutions LLC, 2021 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 7.72%, 11/24/28		135		135,029
Diversified Telecommunication Services — 0.0%
Level 3 Financing, Inc., 2023 TSA Term Loan B, (1-mo. CME Term SOFR + 1.75%), 7.21%, 03/01/27(a)		28		26,928
Electronic Equipment, Instruments & Components — 0.0%
MX Holdings U.S., Inc., 2023 USD Term Loan B1D, 07/31/28(j)		9		9,017
Entertainment — 0.3%
Aristocrat Technologies, Inc., 2022 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.25%), 7.70%, 05/24/29		22		22,505
Delta 2 Lux SARL, 2022 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.25%), 7.60%, 01/15/30		86		85,969
Lions Gate Capital Holdings LLC, 2018 Term Loan B, (1-mo. CME Term SOFR + 2.25%), 7.71%, 03/24/25		185		184,416
UFC Holdings LLC, 2021 Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 2.75%), 8.40%, 04/29/26		98		97,981
WMG Acquisition Corp., 2021 Term Loan G, (1-mo. CME Term SOFR + 2.13%), 7.60%, 01/20/28		184		183,961
				574,832
Environmental, Maintenance & Security Service — 0.1%
Clean Harbors, Inc., 2021 Incremental Term Loan B, (1mo. CME Term SOFR + 1.75%), 7.22%, 10/08/28		73		73,300
Covanta Holding Corp. 2021 Term Loan C, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.86%, 11/30/28		6		5,711

Security	Par (000)		Value
Environmental, Maintenance & Security Service (continued)
Covanta Holding Corp. (continued) 2021 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.86%, 11/30/28	$	75	$	74,909
GFL Environmental, Inc., 2023 First Lien Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.91%, 05/31/27		36		36,669
				190,589
Financial Services — 0.2%
Belron Finance U.S. LLC
2019 USD Term Loan B3, (3-mo. CME Term SOFR + 2.25%), 7.90%, 10/30/26		63		63,319
2021 USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.43%), 8.07%, 04/13/28		91		91,159
2023 USD Term Loan, 04/13/28(a)(j)		10		10,025
Cogeco Financing 2 LP, 2023 Term Loan B, (3-mo. CME Term SOFR + 2.50%), 7.88%, 09/29/28		118		115,748
GIP Pilot Acquisition Partners LP, Term Loan, (3-mo. CME Term SOFR + 3.00%), 8.39%, 10/04/30		32		31,974
				312,225
Food Products — 0.2%
Aramark Services, Inc., 2023 Term Loan B6, (1-mo. CME Term SOFR + 2.50%), 7.97%, 06/22/30		160		160,006
B&G Foods, Inc., 2019 Term Loan B4, (1-mo. CME Term SOFR + 2.50%), 7.86%, 10/10/26		10		10,131
Froneri U.S., Inc., 2020 USD Term Loan, (1-mo. CME Term SOFR + 2.25%), 7.71%, 01/29/27		139		139,334
Nomad Foods U.S. LLC, Term Loan B4, (6-mo. CME Term SOFR at 0.50% Floor + 3.00%), 8.47%, 11/13/29		48		47,999
				357,470
Ground Transportation — 0.2%
Avis Budget Car Rental LLC, 2020 Term Loan B, (1-mo. CME Term SOFR + 1.75%), 7.22%, 08/06/27		143		142,568
Genesee & Wyoming, Inc., Term Loan, (3-mo. CME Term SOFR + 2.00%), 7.45%, 12/30/26		182		181,853
Uber Technologies, Inc., 2023 Term Loan B, (3-mo. CME Term SOFR + 2.75%), 8.13%, 03/03/30		72		72,642
				397,063
Health Care Equipment & Supplies — 0.0%
Avantor Funding, Inc., 2021 Term Loan B5, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 7.71%, 11/08/27		76		76,571
Health Care Providers & Services — 0.1%
Catalent Pharma Solutions, Inc., 2021 Term Loan B3, (1-mo. CME Term SOFR at 0.50% Floor + 2.00%), 7.47%, 02/22/28		36		34,715
ICON Luxembourg SARL, LUX Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 2.25%), 7.86%, 07/03/28		125		125,460
				160,175
Hotel & Resort REITs — 0.1%
RHP Hotel Properties LP, 2023 Term Loan B, (1-mo. CME Term SOFR + 2.75%), 8.11%, 05/18/30		99		99,279
Hotels, Restaurants & Leisure — 0.6%
Burger King (Restaurant Brands International, Inc.)/New Red Finance, Inc., 2023 Term Loan B5, (1-mo. CME Term SOFR + 2.25%), 7.61%, 09/20/30		206		205,579

CONSOLIDATED  SCHEDULE   OF  INVESTMENTS 4

Consolidated Schedule of Investments (unaudited) (continued) December 31, 2023 BlackRock Private Investments Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Hotels, Restaurants & Leisure (continued)
Carnival Corp., 2023 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.00%), 8.36%, 08/08/27	$	29	$	28,879
Churchill Downs, Inc., 2021 Incremental Term Loan B1, (1-mo. CME Term SOFR + 2.00%), 7.46%, 03/17/28		74		73,984
Flutter Financing BV, 2022 USD Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.86%, 07/22/28		22		22,455
Four Seasons Hotels Ltd., 2023 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.96%, 11/30/29		80		79,682
Hilton Domestic Operating Co., Inc., 2023 Term Loan B4, (1-mo. CME Term SOFR + 2.00%), 7.46%, 11/08/30		201		201,611
Light & Wonder International, Inc., 2022 USD Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 8.46%, 04/14/29		105		105,419
Penn Entertainment, Inc., 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.75%), 8.21%, 05/03/29		96		95,981
SeaWorld Parks & Entertainment, Inc., 2021 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 8.47%, 08/25/28		70		69,570
Station Casinos LLC, 2020 Term Loan B, (1-mo. CME Term SOFR at 0.25% Floor + 2.25%), 7.71%, 02/08/27		91		91,395
Wyndham Hotels & Resorts, Inc., 2023 Term Loan B, (1-mo. CME Term SOFR + 2.25%), 7.71%, 05/24/30		164		164,525
				1,139,080
Independent Power and Renewable Electricity Producers — 0.0%
Calpine Construction Finance Co. LP, 2023 Refinancing Term Loan B, (1-mo. CME Term SOFR + 2.25%), 7.61%, 07/31/30		82		81,733
Interactive Media & Services — 0.0%
Adevinta ASA, USD Term Loan B, (3-mo. CME Term SOFR + 2.75%), 8.36%, 06/26/28		30		30,132
Internet Software & Services — 0.1%
Gen Digital, Inc., 2022 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.00%), 7.46%, 09/12/29		154		154,345
IT Services — 0.1%
Go Daddy Operating Co. LLC, 2022 Term Loan B5, (1-mo. CME Term SOFR + 2.50%), 7.86%, 11/09/29		168		168,908
World Wide Technology Holding Co. LLC, Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.71%, 03/01/30		40		39,824
				208,732
Machinery — 0.0%
Doosan Bobcat North America, Inc., 2022 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.95%, 04/20/29		38		37,483
Generac Power Systems, Inc., 2019 Term Loan B, (1-mo. CME Term SOFR + 1.75%), 7.19%, 12/13/26		33		33,220
				70,703

Security	Par (000)		Value
Media — 0.2%
Charter Communications Operating, LLC, 2023 Term Loan B4, (1-mo. CME Term SOFR + 2.00%), 7.36%, 12/07/30	$	36	$	35,716
CSC Holdings LLC, 2019 Term Loan B5, (1-mo. LIBOR US + 2.50%), 7.98%, 04/15/27		18		17,584
Midcontinent Communications, 2019 Term Loan B, (1-mo. CME Term SOFR + 1.75%), 7.11%, 08/15/26(a)		97		96,918
Virgin Media Bristol LLC, 2020 USD Term Loan Q, (1-mo. CME Term SOFR + 3.25%), 8.73%, 01/31/29		162		161,465
				311,683
Oil, Gas & Consumable Fuels — 0.1%
Murphy USA, Inc., Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 1.75%), 7.21%, 01/31/28		64		64,048
Oryx Midstream Services Permian Basin LLC, 2023 Incremental Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.71%, 10/05/28		81		81,697
Whitewater Whistler Holdings LLC, 2023 Term Loan B, (3-mo. CME Term SOFR + 2.75%), 8.15%, 02/15/30		80		79,881
				225,626
Paper & Forest Products — 0.0%
Asplundh Tree Expert LLC, 2021 Term Loan B, (1-mo. CME Term SOFR + 1.75%), 7.21%, 09/07/27		71		71,484
Passenger Airlines — 0.2%
AAdvantage Loyalty IP Ltd., 2021 Term Loan, (3-mo. CME Term SOFR at 0.75% Floor + 4.75%), 10.43%, 04/20/28		39		39,704
Air Canada, 2021 Term Loan B, (3-mo. CME Term SOFR at 0.75% Floor + 3.50%), 9.14%, 08/11/28		157		157,550
American Airlines, Inc., 2023 1st Lien Term Loan, (3-mo. CME Term SOFR + 3.50%), 8.87%, 06/04/29		41		41,051
United Airlines, Inc., 2021 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.75%), 9.22%, 04/21/28		192		192,263
				430,568
Pharmaceuticals — 0.3%
Elanco Animal Health, Inc., Term Loan B, (1-mo. CME Term SOFR + 1.75%), 7.19%, 08/01/27		177		175,918
Jazz Financing Lux SARL, USD Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.50%), 8.97%, 05/05/28		133		133,337
Option Care Health, Inc., 2021 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.75%), 8.22%, 10/27/28		54		53,540
Organon & Co., USD Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.00%), 8.47%, 06/02/28		97		97,061
Perrigo Investments LLC, Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.25%), 7.71%, 04/20/29		75		74,882
PRA Health Sciences, Inc., US Term Loan, (3-mo. CME Term SOFR at 0.50% Floor + 2.25%), 7.86%, 07/03/28		31		31,258
Prestige Brands, Inc., 2021 Term Loan B5, (1-mo. CME Term SOFR at 0.50% Floor + 2.00%), 7.47%, 07/03/28		59		59,093
				625,089

5

Consolidated Schedule of Investments (unaudited) (continued) December 31, 2023 BlackRock Private Investments Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Professional Services — 0.1%
ASGN, Inc., 2023 Term Loan B, (1-mo. CME Term SOFR + 2.25%), 7.61%, 08/30/30	$	12	$	12,012
Fleetcor Technologies Operating Co. LLC, 2021 Term Loan B4, (1-mo. CME Term SOFR + 1.75%), 7.21%, 04/28/28		184		183,549
Maximus, Inc., Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.00%), 7.46%, 05/28/28		74		74,118
				269,679
Real Estate Management & Development — 0.1%
Cushman & Wakefield U.S. Borrower LLC 2020 Term Loan B, (1-mo. CME Term SOFR + 2.75%), 8.22%, 08/21/25		3		3,361
2023 Term Loan, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.71%, 01/31/30		72		71,129
2023 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 4.00%), 9.36%, 01/31/30(a)		16		15,960
				90,450
Semiconductors & Semiconductor Equipment — 0.1%
MKS Instruments, Inc., 2023 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.84%, 08/17/29		138		138,473
Synaptics, Inc., Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 2.25%), 7.87%, 12/02/28		70		68,947
				207,420
Software — 0.2%
Informatica LLC, 2021 USD Term Loan B, (1-mo. CME Term SOFR + 2.75%), 8.22%, 10/27/28		171		171,592
Playtika Holding Corp., 2021 Term Loan, (1-mo. CME Term SOFR + 2.75%), 8.22%, 03/13/28		97		96,869
SS&C Technologies, Inc., 2018 Term Loan B5, (1-mo. CME Term SOFR + 1.75%), 7.22%, 04/16/25		145		144,564
				413,025
Specialty Retail — 0.2%
Leslie’s Poolmart, Inc., 2021 Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.75%), 8.22%, 03/09/28		92		90,964
PetSmart LLC, 2021 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 3.75%), 9.21%, 02/11/28		99		97,482
Pilot Travel Centers LLC, 2021 Term Loan B, (1-mo. CME Term SOFR + 2.00%), 7.46%, 08/04/28		77		77,176
Restoration Hardware, Inc., Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 2.50%), 7.97%, 10/20/28		52		50,530
				316,152
Textiles, Apparel & Luxury Goods — 0.1%
Crocs, Inc., 2023 Term Loan B, (3-mo. CME Term SOFR at 0.50% Floor + 3.00%), 8.50%, 02/20/29		59		59,393
Fanatics Commerce Intermediate Holdco LLC, Term Loan B, (1-mo. CME Term SOFR at 0.50% Floor + 3.25%), 8.72%, 11/24/28(a)		33		32,486
				91,879

Security	Par (000)		Value
Wireless Telecommunication Services — 0.1%
Iridium Satellite LLC, 2023 Term Loan B, (1-mo. CME Term SOFR at 0.75% Floor + 2.50%), 7.86%, 09/20/30	$	139	$	139,048
SBA Senior Finance II LLC, 2018 Term Loan B, (1-mo. CME Term SOFR + 1.75%), 7.21%, 04/11/25		135		135,108
				274,156
Total Floating Rate Loan Interests — 5.2% (Cost: $9,857,361)				9,891,286
Total Long-Term Investments — 99.1% (Cost: $165,415,715)				187,449,268
	Shares
Short-Term Securities
Money Market Funds — 2.4%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 5.26%(k)(l)		4,576,173		4,576,173
Total Short-Term Securities — 2.4% (Cost: $4,576,173)				4,576,173
Total Investments — 101.5% (Cost: $169,991,888)				192,025,441
Liabilities in Excess of Other Assets — (1.5)%				(2,870,855	)
Net Assets — 100.0%			$	189,154,586

^(a)  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(b) Non-income producing security.

^(c)  Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $141,355,048, representing 74.7% of its net assets as of period end, and an original cost of $119,921,651.

^(d)  Investment does not issue shares.

^(e)  Investment is held by a wholly-owned subsidiary.

^(f) Convertible security.

^(g)  A security contractually bound to one or more other securities to form a single saleable unit which cannot be sold separately.

^(h)  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.

⁽ⁱ⁾  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.

^(j) Represents an unsettled loan commitment at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate.

^(k)  Affiliate of the Fund.

^(l)  Annualized 7-day yield as of period end.

For Fund compliance purposes, the Fund’s industry classifications refer to one or more of the industry sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such industry sub-classifications for reporting ease.

CONSOLIDATED  SCHEDULE   OF  INVESTMENTS 6

Consolidated Schedule of Investments (unaudited) (continued) December 31, 2023 BlackRock Private Investments Fund

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the period ended December 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/23		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 12/31/23		Shares Held at 12/31/23		Income		Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, T-Fund, Institutional Class	$	2,144,534	$	2,431,639	(a)	$	—	$	—	$	—	$	4,576,173		4,576,173	$	476,437	$	—

^(a)  Represents net amount purchased (sold).

OTC Total Return Swaps

Upfront Premium Paid (Received

)

Unrealized Appreciation (Depreciation

)

Paid by the Fund

Received by the Fund

Effective

Termination

Notional Amount (000)

Reference

Frequency

Rate

Frequency

Counterparty

Date

Date

Value

DoubleVerify Holdings, Inc.

At Termination

1-Day SOFR minus 0.05%, 5.38%

At Termination

BNP Paribas SA

N/A

07/15/24

USD

1,567

$

202,356

$

—

$

202,356

Topgolf Callaway Brands Corp.

At Termination

1-Day SOFR minus 0.05%, 5.38%

At Termination

BNP Paribas SA

N/A

07/15/24

USD

648

209,301

—

209,301

DoubleVerify Holdings, Inc.

At Termination

1-Day SOFR minus 0.05%, 5.38%

At Termination

BNP Paribas SA

N/A

07/15/24

USD

993

104,939

—

104,939

DoubleVerify Holdings, Inc.

At Termination

1-Day SOFR minus 0.05%, 5.38%

At Termination

BNP Paribas SA

N/A

08/21/24

USD

133

(13,306

)

—

(13,306

)

Topgolf Callaway Brands Corp.

At Termination

1-Day SOFR minus 0.05%, 5.38%

At Termination

BNP Paribas SA

N/A

08/21/24

USD

265

36,280

—

36,280

$

539,570

$

—

$

539,570

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

• Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Fund has the ability to access;

• Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market–corroborated inputs); and

• Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding valuation of financial instruments, refer to its most recent financial statements.

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 Consolidated Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Private Equity Investments
Direct Investments	$	—	$	—	$	91,943,228	$	91,943,228

7

Consolidated Schedule of Investments (unaudited) (continued) December 31, 2023 BlackRock Private Investments Fund

Fair Value Hierarchy as of Period End (continued)

	Level 1		Level 2			Level 3		Total
Private Equity Investments
Primary Investments	$	—	$	—		$	141,016	$	141,016
Secondary Investments		—		—			59,144,033		59,144,033
Asset-Backed Securities		—		7,778,409			1,000,100		8,778,509
Corporate Bonds		—		17,551,196			—		17,551,196
Floating Rate Loan Interests		—		9,640,964			250,322		9,891,286
Short-Term Securities
Money Market Funds		4,576,173		—			—		4,576,173
	$	4,576,173	$	34,970,569		$	152,478,699	$	192,025,441
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	—	$	552,876		$	—	$	552,876
Liabilities
Equity Contracts		—		(13,306	)		—		(13,306	)
	$	—	$	539,570		$	—	$	539,570

^(a)  Derivative financial instruments are swaps contracts. Swaps contracts are valued at the unrealized appreciation (depreciation) on the instrument.

A reconciliation of Level 3 financial instruments is presented when the Fund had a significant amount of Level 3 investments and derivative financial instruments at the beginning and/or end of the period in relation to net assets. The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used in determining fair value:

	Direct Investments			Primary Investments			Secondary Investments			Asset-Backed Securities		Floating Rate Loan Interests			Total
Assets
Opening balance, as of March 31, 2023	$	51,955,994		$	109,344		$	40,007,468		$	—	$	337,334		$	92,410,140
Transfers into Level 3		—			—			—			—		39,278			39,278
Transfers out of Level 3		—			—			—			—		(160,496	)		(160,496	)
Accrued discounts/premiums		—			—			—			—		22			22
Net realized gain (loss)		(1,259,367	)		—			(339	)		—		(794	)		(1,260,500	)
Net change in unrealized appreciation (depreciation)(a)		8,227,138			(8,548	)		5,745,288			100		(280	)		13,963,698
Purchases		40,616,938			40,220			15,794,937			1,000,000		244,651			57,696,746
Sales		(7,597,475	)		—			(2,403,321	)		—		(209,393	)		(10,210,189	)
Closing balance, as of December 31, 2023	$	91,943,228		$	141,016		$	59,144,033		$	1,000,100	$	250,322		$	152,478,699
Net change in unrealized appreciation (depreciation) on investments still held at December 31, 2023(a)	$	6,972,712		$	(8,548	)	$	5,745,288		$	100	$	(44	)	$	12,709,508

^(a)  Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at December 31, 2023 is generally due to investments no longer held or categorized as Level 3 at period end.

The following table summarizes the valuation approaches used and unobservable inputs utilized by the BlackRock Valuation Committee (the “Valuation Committee”) to determine the value of certain of the Fund’s Level 3 financial instruments as of period end. The table does not include Level 3 financial instruments with values based upon unadjusted third-party pricing information in the amount of $1,250,422. A significant change in third party information could result in a significantly lower or higher value of such Level 3 financial instruments.

		Value	Valuation Approach	Unobservable Inputs	Range of Unobservable Inputs Utilized	(a)	Weighted Average of Unobservable Inputs Based on Fair Value
Assets
Direct Investments(b)	$	91,943,228	Market	EBITDA Multiple	4.00x - 21.17x		12.39x
				EBIT Multiple	11.50x		—
				Revenue Multiple	0.21x - 20.50x		8.20x
				Volatility	33% - 58%		45%
				Time to Exit	1.3 - 2.5 years		1.7 years
			Income	Liquidity Discount	10%		—
				Yield	91%		—
Primary Investments		141,016	Market	Market Adjustment Factor	1.08x		—

CONSOLIDATED  SCHEDULE   OF  INVESTMENTS 8

Consolidated Schedule of Investments (unaudited) (continued) December 31, 2023 BlackRock Private Investments Fund

		Value	Valuation Approach	Unobservable Inputs	Range of Unobservable Inputs Utilized	(a)	Weighted Average of Unobservable Inputs Based on Fair Value
Secondary Investments		59,144,033	Market	Market Adjustment Factor	1.00x - 1.17x		1.06x
	$	151,228,277

^(a)  A significant change in unobservable input would have resulted in a correlated (inverse) significant change to value.

^(b) The fund valued certain of its Level 3 Direct Investments using recent transactions as the best approximation of fair value. The value of Level 3 investments obtained using recent prior transaction prices, for which inputs are unobservable, is $24,568,730 as of December 31, 2023.

Currency Abbreviation

EUR	Euro
USD	United States Dollar

Portfolio Abbreviation

CLO	Collateralized Loan Obligation
CMT	Constant Maturity Treasury
DAC	Designated Activity Company
LIBOR	London Interbank Offered Rate
SCA	Societe en Commandite par Actions
SOFR	Secured Overnight Financing Rate

9