BlackRock
Tactical
Opportunities
Fund
2
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
July
31,
2021
Security
Par
(000)
Par
(000)
Value
Asset-Backed
Securities
—
0.0%
Knollwood
CDO
Ltd.,
Series
2004-1A,
Class
C,
(LIBOR
USD
3
Month
+
3.20%),
3.33%,
01/10/39
(a)(b)(c)
....................
USD
184
$
—
Total
Asset-Backed
Securities
—
0.0%
(Cost:
$179,654)
.................................
—
Shares
Shares
Common
Stocks
—
58.7%
Aerospace
&
Defense
—
0.1%
MTU
Aero
Engines
AG
................
1,155
288,909
Singapore
Technologies
Engineering
Ltd.
....
199,400
588,864
TransDigm
Group,
Inc.
(d)
...............
293
187,839
1,065,612
Air
Freight
&
Logistics
—
0.9%
CH
Robinson
Worldwide,
Inc.
...........
9,233
823,307
Deutsche
Post
AG
(Registered)
..........
14,917
1,010,944
DSV
Panalpina
A/S
..................
4,658
1,135,457
Expeditors
International
of
Washington,
Inc.
..
8,645
1,108,721
FedEx
Corp.
.......................
10,501
2,939,755
InPost
SA
(d)
........................
27,764
544,397
United
Parcel
Service,
Inc.,
Class
B
.......
25,947
4,965,218
XPO
Logistics,
Inc.
(d)
.................
5,406
749,758
13,277,557
Airlines
—
0.4%
(d)
Alaska
Air
Group,
Inc.
.................
1,735
100,682
American
Airlines
Group,
Inc.
............
10,175
207,366
ANA
Holdings,
Inc.
...................
3,600
84,359
Delta
Air
Lines,
Inc.
..................
59,773
2,384,943
Japan
Airlines
Co.
Ltd.
................
2,400
50,034
Singapore
Airlines
Ltd.
................
62,600
234,689
Southwest
Airlines
Co.
................
49,287
2,489,979
United
Airlines
Holdings,
Inc.
............
5,243
244,953
5,797,005
Auto
Components
—
0.3%
Aisin
Seiki
Co.
Ltd.
...................
2,000
80,968
Aptiv
plc
(d)
.........................
2,010
335,369
BorgWarner,
Inc.
....................
5,344
261,749
Bridgestone
Corp.
...................
32,000
1,409,756
Cie
Generale
des
Etablissements
Michelin
SCA
698
114,013
Continental
AG
(d)
....................
2,981
404,954
Denso
Corp.
.......................
10,100
693,882
Faurecia
SE
.......................
286
13,025
Faurecia
SE
.......................
876
39,098
Koito
Manufacturing
Co.
Ltd.
............
1,200
73,441
Stanley
Electric
Co.
Ltd.
...............
3,100
80,888
Sumitomo
Electric
Industries
Ltd.
.........
15,100
214,521
Toyota
Industries
Corp.
................
12,300
1,031,787
Valeo
............................
2,197
63,528
4,816,979
Automobiles
—
1.2%
Bayerische
Motoren
Werke
AG
..........
1,972
196,079
Daimler
AG
(Registered)
...............
8,690
775,491
Ferrari
NV
........................
613
133,596
Ford
Motor
Co.
(d)
....................
27,399
382,216
General
Motors
Co.
(d)
.................
9,009
512,072
Honda
Motor
Co.
Ltd.
.................
35,700
1,146,608
Nissan
Motor
Co.
Ltd.
(d)
................
59,100
343,007
Stellantis
NV
.......................
19,649
376,987
Subaru
Corp.
......................
43,400
852,679
Suzuki
Motor
Corp.
..................
1,800
73,234
Tesla,
Inc.
(d)
........................
14,841
10,198,735
Security
Shares
Shares
Value
Automobiles
(continued)
Toyota
Motor
Corp.
..................
30,300
$
2,720,197
Volkswagen
AG
.....................
1,184
392,953
18,103,854
Banks
—
3.2%
ABN
AMRO
Bank
NV,
CVA
(c)
............
5,982
69,730
Australia
&
New
Zealand
Banking
Group
Ltd.
.
40,745
829,510
Banco
Bilbao
Vizcaya
Argentaria
SA
.......
89,931
575,692
Banco
Santander
SA
.................
244,019
893,879
Bank
Hapoalim
BM
(d)
.................
9,764
77,701
Bank
Leumi
Le-Israel
BM
(d)
.............
15,370
117,445
Bank
of
America
Corp.
................
153,560
5,890,562
Banque
Cantonale
Vaudoise
(Registered)
...
2,700
241,034
Barclays
plc
.......................
202,066
488,814
BNP
Paribas
SA
....................
14,137
862,063
BOC
Hong
Kong
Holdings
Ltd.
...........
43,500
139,691
CaixaBank
SA
......................
58,093
172,531
Citigroup,
Inc.
......................
44,300
2,995,566
Citizens
Financial
Group,
Inc.
...........
9,043
381,253
Comerica,
Inc.
......................
2,061
141,508
Commerzbank
AG
(d)
..................
6,536
42,091
Commonwealth
Bank
of
Australia
.........
25,604
1,876,980
Credit
Agricole
SA
...................
20,510
285,982
Danske
Bank
A/S
....................
13,972
244,874
DBS
Group
Holdings
Ltd.
..............
23,300
521,369
Erste
Group
Bank
AG
.................
4,870
188,715
Fifth
Third
Bancorp
..................
16,141
585,757
FinecoBank
Banca
Fineco
SpA
(d)
.........
6,048
108,298
First
Republic
Bank
..................
4,058
791,391
Hang
Seng
Bank
Ltd.
.................
11,600
222,157
HSBC
Holdings
plc
..................
297,392
1,641,661
Huntington
Bancshares,
Inc.
............
33,876
476,974
ING
Groep
NV
......................
53,721
689,278
Intesa
Sanpaolo
SpA
.................
192,618
532,116
Israel
Discount
Bank
Ltd.,
Class
A
(d)
.......
6,186
28,978
Japan
Post
Bank
Co.
Ltd.
..............
41,100
348,845
JPMorgan
Chase
&
Co.
...............
59,902
9,091,926
KBC
Group
NV
.....................
3,537
284,809
KeyCorp
..........................
24,302
477,777
M&T
Bank
Corp.
....................
3,080
412,258
Mitsubishi
UFJ
Financial
Group,
Inc.
.......
223,000
1,178,038
Mizuho
Financial
Group,
Inc.
............
57,450
820,938
National
Australia
Bank
Ltd.
.............
49,845
950,532
Natwest
Group
plc
...................
64,953
182,305
Nordea
Bank
Abp
...................
28,589
334,789
Oversea-Chinese
Banking
Corp.
Ltd.
......
43,600
394,460
People's
United
Financial,
Inc.
...........
5,848
91,814
Raiffeisen
Bank
International
AG
.........
3,088
73,015
Regions
Financial
Corp.
...............
20,576
396,088
Resona
Holdings,
Inc.
................
41,000
153,942
Skandinaviska
Enskilda
Banken
AB,
Class
A
.
11,079
149,843
Societe
Generale
SA
.................
9,583
280,645
Standard
Chartered
plc
................
37,714
226,088
Sumitomo
Mitsui
Financial
Group,
Inc.
......
26,500
893,291
Sumitomo
Mitsui
Trust
Holdings,
Inc.
.......
5,600
183,825
SVB
Financial
Group
(d)
................
1,234
678,651
Svenska
Handelsbanken
AB,
Class
A
......
5,083
57,282
Swedbank
AB,
Class
A
................
4,149
80,796
Truist
Financial
Corp.
.................
34,364
1,870,432
UniCredit
SpA
......................
23,890
285,757
United
Overseas
Bank
Ltd.
.............
13,600
262,937
US
Bancorp
.......................
32,620
1,811,715
Wells
Fargo
&
Co.
...................
88,882
4,083,239
Westpac
Banking
Corp.
...............
55,449
996,000
BlackRock
Tactical
Opportunities
Fund
3
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
July
31,
2021
Security
Shares
Shares
Value
Banks
(continued)
Zions
Bancorp
NA
...................
2,389
$
124,586
49,290,223
Beverages
—
0.1%
Anheuser-Busch
InBev
SA/NV
...........
1,955
123,384
Coca-Cola
Co.
(The)
.................
10,088
575,319
Diageo
plc
........................
21,582
1,070,171
1,768,874
Biotechnology
—
0.7%
AbbVie,
Inc.
.......................
31,295
3,639,609
Amgen,
Inc.
.......................
9,941
2,401,149
Argenx
SE
(d)
.......................
314
95,888
Biogen,
Inc.
(d)
......................
2,293
749,192
CSL
Ltd.
..........................
5,827
1,240,514
Genmab
A/S
(d)
......................
626
282,939
Gilead
Sciences,
Inc.
.................
20,605
1,407,115
Regeneron
Pharmaceuticals,
Inc.
(d)
........
1,472
845,826
Vertex
Pharmaceuticals,
Inc.
(d)
...........
3,779
761,771
11,424,003
Building
Products
—
0.4%
Assa
Abloy
AB,
Class
B
...............
3,857
123,718
Carrier
Global
Corp.
..................
14,577
805,379
Cie
de
Saint-Gobain
..................
7,397
528,725
Daikin
Industries
Ltd.
.................
6,300
1,315,646
Geberit
AG
(Registered)
...............
1,417
1,163,468
Johnson
Controls
International
plc
........
14,084
1,005,879
Kingspan
Group
plc
..................
2,752
299,264
Masco
Corp.
.......................
3,303
197,222
Nibe
Industrier
AB,
Class
B
.............
5,392
64,434
Trane
Technologies
plc
................
5,294
1,077,912
6,581,647
Capital
Markets
—
1.7%
3i
Group
plc
.......................
11,669
207,395
Abrdn
plc
.........................
34,377
135,615
Ameriprise
Financial,
Inc.
..............
2,641
680,216
Amundi
SA
(c)
.......................
1,014
93,646
ASX
Ltd.
.........................
992
56,196
Bank
of
New
York
Mellon
Corp.
(The)
......
16,840
864,397
Cboe
Global
Markets,
Inc.
..............
1,411
167,161
Charles
Schwab
Corp.
(The)
............
27,728
1,884,118
CME
Group,
Inc.
....................
6,964
1,477,273
Credit
Suisse
Group
AG
(Registered)
......
50,542
507,406
Daiwa
Securities
Group,
Inc.
............
25,400
133,562
Deutsche
Bank
AG
(Registered)
(d)
.........
23,279
293,461
Deutsche
Boerse
AG
.................
3,255
543,143
EQT
AB
..........................
2,634
126,965
Franklin
Resources,
Inc.
...............
4,975
147,011
Futu
Holdings
Ltd.,
ADR
(d)
..............
458
46,927
Goldman
Sachs
Group,
Inc.
(The)
........
6,387
2,394,359
Hargreaves
Lansdown
plc
..............
3,145
71,331
Hong
Kong
Exchanges
&
Clearing
Ltd.
.....
14,300
913,909
Intercontinental
Exchange,
Inc.
..........
13,008
1,558,749
Invesco
Ltd.
.......................
2,828
68,947
Japan
Exchange
Group,
Inc.
............
6,300
143,294
Julius
Baer
Group
Ltd.
................
4,648
306,777
London
Stock
Exchange
Group
plc
........
4,945
515,621
Macquarie
Group
Ltd.
.................
5,606
647,316
MarketAxess
Holdings,
Inc.
.............
591
280,826
Moody's
Corp.
......................
3,264
1,227,264
Morgan
Stanley
.....................
28,695
2,754,146
MSCI,
Inc.
........................
1,526
909,435
Nasdaq,
Inc.
.......................
1,897
354,227
Nomura
Holdings,
Inc.
................
52,600
263,399
Northern
Trust
Corp.
..................
3,745
422,623
Security
Shares
Shares
Value
Capital
Markets
(continued)
Partners
Group
Holding
AG
.............
524
$
895,183
Raymond
James
Financial,
Inc.
..........
1,832
237,207
S&P
Global,
Inc.
....................
6,635
2,844,557
SBI
Holdings,
Inc.
...................
2,000
47,876
Schroders
plc
......................
2,048
104,006
St.
James's
Place
plc
.................
3,511
77,354
State
Street
Corp.
...................
6,794
592,029
T.
Rowe
Price
Group,
Inc.
..............
4,129
842,977
UBS
Group
AG
(Registered)
............
69,701
1,148,379
26,986,283
Chemicals
—
1.2%
Air
Liquide
SA
......................
9,413
1,637,002
Air
Products
&
Chemicals,
Inc.
...........
1,535
446,731
Akzo
Nobel
NV
.....................
1,239
153,050
Albemarle
Corp.
....................
363
74,793
Asahi
Kasei
Corp.
...................
11,000
119,954
BASF
SE
.........................
20,145
1,582,964
Chr
Hansen
Holding
A/S
...............
2,828
254,344
Covestro
AG
(c)
......................
3,354
216,069
Dow,
Inc.
.........................
10,363
644,164
DuPont
de
Nemours,
Inc.
..............
8,089
607,079
Ecolab,
Inc.
.......................
4,811
1,062,413
Givaudan
SA
(Registered)
..............
292
1,457,444
International
Flavors
&
Fragrances,
Inc.
.....
5,959
897,664
Koninklijke
DSM
NV
..................
1,958
394,697
Linde
plc
.........................
9,950
3,058,530
LyondellBasell
Industries
NV,
Class
A
......
2,696
267,794
Nippon
Paint
Holdings
Co.
Ltd.
...........
9,000
114,878
Nippon
Sanso
Holdings
Corp.
...........
8,000
177,088
Novozymes
A/S,
Class
B
...............
3,353
263,428
PPG
Industries,
Inc.
..................
4,010
655,715
Sherwin-Williams
Co.
(The)
.............
3,260
948,758
Shin-Etsu
Chemical
Co.
Ltd.
............
8,100
1,321,347
Sika
AG
(Registered)
.................
2,982
1,050,471
Solvay
SA
.........................
2,103
280,870
Sumitomo
Chemical
Co.
Ltd.
............
13,200
68,713
Umicore
SA
.......................
2,789
173,104
17,929,064
Commercial
Services
&
Supplies
—
0.5%
Brambles
Ltd.
......................
63,118
540,396
Cintas
Corp.
.......................
3,562
1,404,069
Copart
,
Inc.
(d)
......................
6,253
919,191
Rentokil
Initial
plc
....................
66,811
526,303
Republic
Services,
Inc.
................
7,692
910,425
Rollins,
Inc.
........................
19,410
743,985
Secom
Co.
Ltd.
.....................
1,100
83,260
Securitas
AB,
Class
B
.................
12,983
228,935
Waste
Connections,
Inc.
...............
7,471
946,501
Waste
Management,
Inc.
...............
13,428
1,990,835
8,293,900
Communications
Equipment
—
0.0%
Nokia
OYJ
(d)
.......................
27,546
169,252
Construction
&
Engineering
—
0.1%
ACS
Actividades
de
Construccion
y
Servicios
SA
...........................
54
1,420
Ferrovial
SA
.......................
29,671
880,493
Quanta
Services,
Inc.
.................
2,147
195,162
Vinci
SA
..........................
5,986
633,765
1,710,840
Construction
Materials
—
0.1%
CRH
plc
..........................
11,579
578,708
HeidelbergCement
AG
................
4,725
418,719
BlackRock
Tactical
Opportunities
Fund
4
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
July
31,
2021
Security
Shares
Shares
Value
Construction
Materials
(continued)
Holcim
Ltd.
(d)
.......................
9,484
$
555,963
James
Hardie
Industries
plc,
CDI
.........
7,266
245,145
1,798,535
Consumer
Finance
—
0.3%
American
Express
Co.
................
12,687
2,163,514
Capital
One
Financial
Corp.
.............
7,868
1,272,255
Discover
Financial
Services
.............
5,115
635,897
Synchrony
Financial
..................
8,352
392,711
4,464,377
Containers
&
Packaging
—
0.3%
Avery
Dennison
Corp.
.................
3,559
749,810
Ball
Corp.
.........................
21,136
1,709,480
Crown
Holdings,
Inc.
.................
8,805
878,387
Packaging
Corp.
of
America
............
2,002
283,283
Sealed
Air
Corp.
....................
3,561
202,087
Smurfit
Kappa
Group
plc
...............
2,366
133,475
WestRock
Co.
......................
23,306
1,146,888
5,103,410
Distributors
—
0.2%
Genuine
Parts
Co.
...................
13,887
1,762,538
LKQ
Corp.
(d)
.......................
20,641
1,047,531
Pool
Corp.
........................
1,821
870,110
3,680,179
Diversified
Financial
Services
—
0.8%
Berkshire
Hathaway,
Inc.,
Class
B
(d)
.......
38,635
10,751,734
Equitable
Holdings,
Inc.
...............
1,262
38,958
EXOR
NV
.........................
554
45,515
Groupe
Bruxelles
Lambert
SA
...........
3,471
403,848
Investor
AB,
Class
B
..................
17,776
440,214
M&G
plc
..........................
32,713
102,432
Mitsubishi
HC
Capital,
Inc.
..............
9,900
53,998
ORIX
Corp.
........................
23,200
405,894
Sofina
SA
.........................
119
55,797
12,298,390
Diversified
Telecommunication
Services
—
0.5%
AT&T,
Inc.
.........................
97,686
2,740,092
BT
Group
plc
(d)
.....................
135,445
326,251
Cellnex
Telecom
SA
(c)
.................
4,383
285,844
Deutsche
Telekom
AG
(Registered)
.......
40,439
839,278
Nippon
Telegraph
&
Telephone
Corp.
......
17,800
455,825
Orange
SA
........................
24,189
269,203
Swisscom
AG
(Registered)
.............
374
224,775
Telefonica
SA
......................
55,818
255,359
Verizon
Communications,
Inc.
...........
49,782
2,776,840
8,173,467
Electric
Utilities
—
1.4%
AusNet
Services
Ltd.
.................
183,488
245,393
Edison
International
..................
33,820
1,843,190
Electricite
de
France
SA
...............
17,878
217,031
Elia
Group
SA/NV
...................
3,748
442,980
Endesa
SA
........................
31,605
767,706
Enel
SpA
.........................
186,948
1,722,827
Eversource
Energy
..................
20,693
1,785,185
Exelon
Corp.
.......................
65,174
3,050,143
Fortum
OYJ
.......................
32,900
906,405
Iberdrola
SA
.......................
192,158
2,312,639
Longview
Energy
Co.
(Acquired
08/13/04,
cost
$48,000)
(a)(d)(e)
....................
3,200
5,167
NextEra
Energy,
Inc.
.................
81,719
6,365,910
Orsted
A/S
(c)
.......................
5,296
785,503
Red
Electrica
Corp.
SA
................
2,461
48,749
Security
Shares
Shares
Value
Electric
Utilities
(continued)
SSE
plc
..........................
37,756
$
756,988
Terna
SpA
........................
79,702
632,547
Verbund
AG
.......................
4,506
415,633
22,303,996
Electrical
Equipment
—
0.4%
ABB
Ltd.
(Registered)
.................
20,672
755,734
Eaton
Corp.
plc
.....................
4,358
688,782
Emerson
Electric
Co.
.................
9,073
915,375
Legrand
SA
.......................
4,152
467,914
Mitsubishi
Electric
Corp.
...............
23,000
312,047
Nidec
Corp.
.......................
7,300
819,378
Prysmian
SpA
......................
4,492
161,053
Rockwell
Automation,
Inc.
..............
248
76,240
Schneider
Electric
SE
.................
7,755
1,298,873
Siemens
Energy
AG
(d)
.................
11,647
316,855
Siemens
Gamesa
Renewable
Energy
SA
(d)
..
3,882
108,265
Vestas
Wind
Systems
A/S
..............
20,980
773,628
6,694,144
Electronic
Equipment,
Instruments
&
Components
—
0.4%
Halma
plc
.........................
4,064
163,133
Hamamatsu
Photonics
KK
..............
9,400
522,645
Hexagon
AB,
Class
B
.................
6,192
102,500
Keyence
Corp.
.....................
2,900
1,615,309
Kyocera
Corp.
......................
10,500
648,815
Murata
Manufacturing
Co.
Ltd.
...........
12,300
1,020,724
Omron
Corp.
.......................
5,600
479,220
TE
Connectivity
Ltd.
..................
4,279
631,024
Trimble,
Inc.
(d)
......................
1,053
90,032
Zebra
Technologies
Corp.,
Class
A
(d)
.......
381
210,495
5,483,897
Energy
Equipment
&
Services
—
0.0%
NOV,
Inc.
(d)
........................
4,940
68,221
Entertainment
—
1.0%
Activision
Blizzard,
Inc.
................
16,207
1,355,229
Bollore
SA
........................
15,735
87,932
Electronic
Arts,
Inc.
..................
5,659
814,670
Live
Nation
Entertainment,
Inc.
(d)
.........
2,691
212,293
Netflix,
Inc.
(d)
.......................
8,823
4,566,520
Nexon
Co.
Ltd.
.....................
2,800
57,613
Nintendo
Co.
Ltd.
....................
1,500
771,155
Roku,
Inc.
(d)
........................
1,169
500,694
Take-Two
Interactive
Software,
Inc.
(d)
.......
1,980
343,372
Ubisoft
Entertainment
SA
(d)
.............
237
15,024
Vivendi
SE
........................
14,137
477,639
Walt
Disney
Co.
(The)
(d)
...............
39,274
6,913,010
16,115,151
Equity
Real
Estate
Investment
Trusts
(REITs)
—
1.6%
Alexandria
Real
Estate
Equities,
Inc.
.......
3,588
722,408
American
Tower
Corp.
................
10,124
2,863,067
Ascendas
REIT
.....................
18,400
42,343
AvalonBay
Communities,
Inc.
...........
3,424
780,090
Boston
Properties,
Inc.
................
3,622
425,150
British
Land
Co.
plc
(The)
..............
887
6,280
CapitaLand
Integrated
Commercial
Trust
....
30,500
48,330
Covivio
..........................
827
77,690
Crown
Castle
International
Corp.
.........
9,938
1,918,928
Dexus
...........................
4,471
33,774
Digital
Realty
Trust,
Inc.
...............
6,599
1,017,302
Duke
Realty
Corp.
...................
8,328
423,729
Equinix
,
Inc.
.......................
2,014
1,652,306
Equity
LifeStyle
Properties,
Inc.
..........
668
55,978
Equity
Residential
...................
8,560
720,153
BlackRock
Tactical
Opportunities
Fund
5
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
July
31,
2021
Security
Shares
Shares
Value
Equity
Real
Estate
Investment
Trusts
(REITs)
(continued)
Essex
Property
Trust,
Inc.
..............
1,552
$
509,211
Extra
Space
Storage,
Inc.
..............
2,939
511,797
Federal
Realty
Investment
Trust
..........
956
112,359
Gecina
SA
........................
428
67,877
GLP
J-
Reit
........................
19
34,032
Goodman
Group
....................
21,936
364,843
GPT
Group
(The)
....................
7,500
25,715
Healthpeak
Properties,
Inc.
.............
13,004
480,758
Host
Hotels
&
Resorts,
Inc.
(d)
............
14,963
238,361
Invitation
Homes,
Inc.
.................
4,895
199,129
Iron
Mountain,
Inc.
...................
6,666
291,704
Japan
Metropolitan
Fund
Invest
..........
62
64,947
Japan
Real
Estate
Investment
Corp.
.......
12
75,365
Kimco
Realty
Corp.
..................
6,092
129,942
Klepierre
SA
.......................
3,605
87,284
Land
Securities
Group
plc
..............
9,353
92,056
Link
REIT
.........................
31,800
303,892
Medical
Properties
Trust,
Inc.
............
4,337
91,207
Mid-America
Apartment
Communities,
Inc.
...
2,516
485,840
Nippon
Building
Fund,
Inc.
..............
22
142,178
Nippon
Prologis
REIT,
Inc.
..............
15
50,093
Nomura
Real
Estate
Master
Fund,
Inc.
.....
54
85,805
Omega
Healthcare
Investors,
Inc.
.........
1,688
61,241
Orix
JREIT,
Inc.
.....................
37
70,599
Prologis,
Inc.
.......................
16,895
2,163,236
Public
Storage
......................
3,721
1,162,738
Realty
Income
Corp.
..................
9,165
644,208
Regency
Centers
Corp.
...............
3,382
221,217
SBA
Communications
Corp.
............
2,648
902,942
Scentre
Group
......................
63,817
121,842
Segro
plc
.........................
15,666
264,822
Simon
Property
Group,
Inc.
.............
7,495
948,267
Stockland
.........................
16,843
54,472
Sun
Communities,
Inc.
................
653
128,060
UDR,
Inc.
.........................
6,776
372,612
Unibail
-
Rodamco
-Westfield
(d)
............
1,822
151,656
Ventas,
Inc.
.......................
9,118
545,074
VEREIT,
Inc.
.......................
1,484
72,672
VICI
Properties,
Inc.
..................
2,444
76,228
Vicinity
Centres
.....................
41,078
46,939
Vornado
Realty
Trust
.................
3,402
147,987
Welltower
,
Inc.
......................
9,777
849,230
Weyerhaeuser
Co.
...................
17,251
581,876
WP
Carey,
Inc.
.....................
2,075
167,432
24,987,273
Food
&
Staples
Retailing
—
1.2%
Aeon
Co.
Ltd.
......................
12,900
353,007
Carrefour
SA
.......................
12,273
227,962
Coles
Group
Ltd.
....................
21,955
282,551
Costco
Wholesale
Corp.
...............
18,847
8,098,933
Endeavour
Group
Ltd.
(d)
...............
23,107
112,425
Jeronimo
Martins
SGPS
SA
.............
31,815
648,194
Koninklijke
Ahold
Delhaize
NV
...........
39,044
1,213,678
Kroger
Co.
(The)
....................
55,395
2,254,577
Lawson,
Inc.
.......................
1,500
75,390
Sysco
Corp.
.......................
36,419
2,702,290
Tsuruha
Holdings,
Inc.
................
1,100
129,871
Walgreens
Boots
Alliance,
Inc.
...........
51,544
2,430,300
Welcia
Holdings
Co.
Ltd.
...............
2,200
74,887
Wm
Morrison
Supermarkets
plc
..........
42,747
159,003
Woolworths
Group
Ltd.
................
20,298
580,649
19,343,717
Security
Shares
Shares
Value
Food
Products
—
0.3%
Danone
SA
........................
867
$
63,771
Kerry
Group
plc,
Class
A
...............
1,982
293,893
Nestle
SA
(Registered)
................
32,575
4,124,962
4,482,626
Gas
Utilities
—
0.2%
APA
Group
(f)
.......................
73,490
515,678
Hong
Kong
&
China
Gas
Co.
Ltd.
.........
583,222
948,517
Naturgy
Energy
Group
SA
..............
25,528
658,879
Osaka
Gas
Co.
Ltd.
..................
26,200
489,487
Snam
SpA
........................
109,733
663,757
Toho
Gas
Co.
Ltd.
...................
1,500
72,911
Tokyo
Gas
Co.
Ltd.
..................
17,300
327,467
3,676,696
Health
Care
Equipment
&
Supplies
—
1.3%
Abbott
Laboratories
..................
26,581
3,215,769
Alcon,
Inc.
........................
6,952
506,099
Align
Technology,
Inc.
(d)
................
386
268,579
Baxter
International,
Inc.
...............
4,947
382,650
Becton
Dickinson
and
Co.
..............
3,114
796,406
Boston
Scientific
Corp.
(d)
...............
12,393
565,121
Carl
Zeiss
Meditec
AG
................
942
209,795
Coloplast
A/S,
Class
B
................
2,125
388,585
Danaher
Corp.
.....................
10,071
2,996,022
DexCom
,
Inc.
(d)
.....................
566
291,779
Edwards
Lifesciences
Corp.
(d)
...........
5,214
585,376
GN
Store
Nord
A/S
...................
629
55,121
Hoya
Corp.
........................
5,300
748,199
IDEXX
Laboratories,
Inc.
(d)
..............
578
392,190
Intuitive
Surgical,
Inc.
(d)
................
1,393
1,381,104
Koninklijke
Philips
NV
.................
12,830
591,585
Medtronic
plc
......................
19,019
2,497,385
Olympus
Corp.
.....................
17,100
351,907
ResMed
,
Inc.
......................
589
160,090
Siemens
Healthineers
AG
(c)
.............
9,756
644,105
Smith
&
Nephew
plc
..................
10,553
215,353
Sonova
Holding
AG
(Registered)
.........
480
188,465
Straumann
Holding
AG
(Registered)
.......
95
176,132
Stryker
Corp.
......................
3,549
961,566
Sysmex
Corp.
......................
2,000
237,981
Terumo
Corp.
......................
9,700
376,464
West
Pharmaceutical
Services,
Inc.
.......
126
51,878
Zimmer
Biomet
Holdings,
Inc.
...........
763
124,689
19,360,395
Health
Care
Providers
&
Services
—
1.1%
AmerisourceBergen
Corp.
..............
2,126
259,734
Anthem,
Inc.
.......................
4,430
1,701,164
Cardinal
Health,
Inc.
..................
2,028
120,423
Centene
Corp.
(d)
....................
8,092
555,192
Cigna
Corp.
.......................
6,096
1,398,971
CVS
Health
Corp.
...................
25,934
2,135,924
DaVita,
Inc.
(d)
.......................
378
45,455
Fresenius
Medical
Care
AG
&
Co.
KGaA
....
4,994
393,634
Fresenius
SE
&
Co.
KGaA
..............
8,861
465,734
HCA
Healthcare,
Inc.
.................
5,117
1,270,039
Henry
Schein,
Inc.
(d)
..................
1,482
118,782
Humana,
Inc.
......................
1,928
821,058
Laboratory
Corp.
of
America
Holdings
(d)
.....
1,455
430,898
McKesson
Corp.
....................
2,596
529,143
Quest
Diagnostics,
Inc.
................
1,925
272,965
UnitedHealth
Group,
Inc.
...............
16,378
6,751,339
Universal
Health
Services,
Inc.,
Class
B
....
718
115,174
17,385,629
BlackRock
Tactical
Opportunities
Fund
6
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
July
31,
2021
Security
Shares
Shares
Value
Health
Care
Technology
—
0.0%
M3,
Inc.
..........................
6,300
$
412,062
Hotels,
Restaurants
&
Leisure
—
2.0%
Airbnb,
Inc.,
Class
A
(d)
.................
5,778
832,090
Aramark
..........................
11,677
410,213
Booking
Holdings,
Inc.
(d)
...............
1,157
2,520,247
Caesars
Entertainment,
Inc.
(d)
...........
9,601
838,743
Carnival
Corp.
(d)
.....................
48,866
1,057,949
Chipotle
Mexican
Grill,
Inc.
(d)
............
1,119
2,085,189
Compass
Group
plc
(d)
.................
24,136
509,991
Darden
Restaurants,
Inc.
..............
6,848
998,986
Domino's
Pizza,
Inc.
..................
1,958
1,028,909
DraftKings
,
Inc.,
Class
A
(d)
..............
12,829
622,207
Evolution
AB
(c)
......................
1,151
200,274
Expedia
Group,
Inc.
(d)
.................
5,875
945,111
Flutter
Entertainment
plc
(d)
..............
2,348
400,273
Hilton
Worldwide
Holdings,
Inc.
(d)
.........
10,399
1,366,949
Las
Vegas
Sands
Corp.
(d)
..............
18,188
770,262
Marriott
International,
Inc.,
Class
A
(d)
.......
10,376
1,514,689
McDonald's
Corp.
...................
22,859
5,548,108
MGM
Resorts
International
.............
19,031
714,233
Norwegian
Cruise
Line
Holdings
Ltd.
(d)
......
5,491
131,949
Oriental
Land
Co.
Ltd.
................
2,600
356,201
Penn
National
Gaming,
Inc.
(d)
............
2,346
160,419
Royal
Caribbean
Cruises
Ltd.
(d)
..........
10,981
844,109
Sodexo
SA
(d)
.......................
1,531
130,450
Starbucks
Corp.
.....................
37,944
4,607,540
Vail
Resorts,
Inc.
(d)
...................
1,060
323,512
Wynn
Resorts
Ltd.
(d)
..................
5,570
547,698
Yum!
Brands,
Inc.
...................
14,310
1,880,191
31,346,492
Household
Durables
—
0.5%
Garmin
Ltd.
........................
15,851
2,491,777
Leggett
&
Platt,
Inc.
..................
1,681
80,738
Mohawk
Industries,
Inc.
(d)
..............
5,190
1,011,531
Newell
Brands,
Inc.
..................
23,243
575,264
Panasonic
Corp.
....................
28,200
340,517
Sony
Corp.
........................
19,700
2,057,990
Whirlpool
Corp.
.....................
7,018
1,554,768
8,112,585
Household
Products
—
0.1%
Procter
&
Gamble
Co.
(The)
............
6,571
934,593
Reckitt
Benckiser
Group
plc
.............
13,228
1,011,938
1,946,531
Independent
Power
and
Renewable
Electricity
Producers
—
0.1%
EDP
Renovaveis
SA
..................
12,655
297,237
Uniper
SE
.........................
15,051
587,636
884,873
Industrial
Conglomerates
—
0.4%
3M
Co.
...........................
7,922
1,568,081
CK
Hutchison
Holdings
Ltd.
.............
91,500
668,527
Hitachi
Ltd.
........................
10,200
586,696
Roper
Technologies,
Inc.
...............
1,803
885,886
Siemens
AG
(Registered)
..............
10,107
1,577,027
Smiths
Group
plc
....................
5,619
121,406
Toshiba
Corp.
......................
3,800
163,558
5,571,181
Insurance
—
2.3%
Admiral
Group
plc
...................
925
43,696
Aegon
NV
.........................
16,812
71,579
Aflac,
Inc.
.........................
22,359
1,229,745
Ageas
SA
.........................
1,706
90,087
Security
Shares
Shares
Value
Insurance
(continued)
AIA
Group
Ltd.
.....................
193,000
$
2,309,393
Alleghany
Corp.
(d)
....................
304
201,582
Allianz
SE
(Registered)
................
7,548
1,876,157
Allstate
Corp.
(The)
..................
9,798
1,274,230
American
Financial
Group,
Inc.
..........
1,617
204,534
American
International
Group,
Inc.
........
16,257
769,769
Aon
plc,
Class
A
....................
7,217
1,876,637
Arch
Capital
Group
Ltd.
(d)
..............
7,074
275,886
Arthur
J
Gallagher
&
Co.
...............
6,966
970,434
Assicurazioni
Generali
SpA
.............
11,196
223,227
Assurant,
Inc.
......................
1,441
227,404
Athene
Holding
Ltd.,
Class
A
(d)
...........
3,328
215,055
Aviva
plc
.........................
40,786
219,047
AXA
SA
..........................
31,166
807,107
Baloise
Holding
AG
(Registered)
.........
1,931
304,462
Brown
&
Brown,
Inc.
..................
5,873
319,491
Cincinnati
Financial
Corp.
..............
4,185
493,328
Dai-ichi
Life
Holdings,
Inc.
..............
14,100
259,511
Erie
Indemnity
Co.,
Class
A
.............
1,265
233,886
Everest
Re
Group
Ltd.
................
1,611
407,309
Globe
Life,
Inc.
.....................
2,587
240,876
Hannover
Rueck
SE
..................
1,591
267,421
Hartford
Financial
Services
Group,
Inc.
(The)
.
12,825
815,927
Insurance
Australia
Group
Ltd.
...........
12,588
44,891
Japan
Post
Holdings
Co.
Ltd.
(d)
...........
59,100
501,667
Japan
Post
Insurance
Co.
Ltd.
...........
4,300
76,233
Legal
&
General
Group
plc
.............
75,442
273,286
Lincoln
National
Corp.
................
5,209
320,979
Loews
Corp.
.......................
9,789
524,984
Markel
Corp.
(d)
......................
185
223,141
Marsh
&
McLennan
Cos.,
Inc.
...........
17,591
2,589,747
MetLife,
Inc.
.......................
26,370
1,521,549
MS&AD
Insurance
Group
Holdings,
Inc.
....
13,200
408,026
Muenchener
Rueckversicherungs-Gesellschaft
AG
(Registered)
..................
2,435
657,022
NN
Group
NV
......................
5,070
252,062
Principal
Financial
Group,
Inc.
...........
7,231
449,262
Progressive
Corp.
(The)
...............
19,126
1,820,030
Prudential
Financial,
Inc.
...............
11,651
1,168,362
Prudential
plc
......................
37,230
699,136
QBE
Insurance
Group
Ltd.
.............
15,479
124,047
Reinsurance
Group
of
America,
Inc.
.......
1,736
191,273
RenaissanceRe
Holdings
Ltd.
...........
1,205
183,991
Sampo
OYJ,
Class
A
.................
13,985
673,079
SCOR
SE
.........................
1,051
29,351
Sompo
Holdings,
Inc.
.................
6,400
264,589
Suncorp
Group
Ltd.
..................
13,528
114,891
Swiss
Life
Holding
AG
(Registered)
........
1,004
517,866
Swiss
Re
AG
.......................
8,280
750,669
T&D
Holdings,
Inc.
...................
2,100
26,869
Tokio
Marine
Holdings,
Inc.
.............
13,100
624,360
Travelers
Cos.,
Inc.
(The)
..............
8,672
1,291,434
Tryg
A/S
..........................
12,089
298,777
Unum
Group
.......................
2,463
67,486
Willis
Towers
Watson
plc
...............
4,525
932,512
WR
Berkley
Corp.
...................
5,988
438,142
Zurich
Insurance
Group
AG
.............
4,003
1,613,909
35,901,402
Interactive
Media
&
Services
—
3.2%
Alphabet,
Inc.,
Class
A
(d)
...............
5,937
15,997,425
Alphabet,
Inc.,
Class
C
(d)
...............
5,625
15,212,362
Facebook,
Inc.,
Class
A
(d)
..............
46,789
16,670,921
Match
Group,
Inc.
(d)
..................
1,214
193,354
Pinterest,
Inc.,
Class
A
(d)
...............
2,270
133,703
Snap,
Inc.,
Class
A
(d)
.................
4,395
327,076
BlackRock
Tactical
Opportunities
Fund
7
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
July
31,
2021
Security
Shares
Shares
Value
Interactive
Media
&
Services
(continued)
Twitter,
Inc.
(d)
.......................
17,350
$
1,210,162
Z
Holdings
Corp.
....................
31,100
155,661
Zillow
Group,
Inc.,
Class
A
(d)
............
476
50,994
Zillow
Group,
Inc.,
Class
C
(d)
............
914
97,122
50,048,780
Internet
&
Direct
Marketing
Retail
—
2.2%
Amazon.com,
Inc.
(d)
..................
8,627
28,707,119
Chewy,
Inc.,
Class
A
(d)
................
1,915
160,285
Delivery
Hero
SE
(c)(d)
..................
3,662
547,442
eBay,
Inc.
.........................
20,570
1,403,080
Etsy,
Inc.
(d)
........................
3,640
667,976
HelloFresh
SE
(d)
.....................
3,114
291,905
Just
Eat
Takeaway.com
NV
(c)(d)
...........
2,649
235,233
MercadoLibre
,
Inc.
(d)
..................
220
345,114
Prosus
NV
(d)
.......................
7,690
686,090
Rakuten
Group,
Inc.
..................
14,500
159,559
Wayfair,
Inc.,
Class
A
(d)
................
876
211,431
Zalando
SE
(c)(d)
.....................
2,488
276,448
33,691,682
IT
Services
—
3.2%
Accenture
plc,
Class
A
................
15,349
4,876,070
Adyen
NV
(c)(d)
......................
357
967,489
Afterpay
Ltd.
(d)
......................
2,021
143,658
Akamai
Technologies,
Inc.
(d)
.............
4,271
512,178
Amadeus
IT
Group
SA
(d)
...............
6,451
423,062
Atos
SE
..........................
9,845
470,815
Automatic
Data
Processing,
Inc.
..........
11,606
2,432,966
Broadridge
Financial
Solutions,
Inc.
.......
1,893
328,417
Capgemini
SE
......................
4,083
882,552
Cognizant
Technology
Solutions
Corp.,
Class
A
13,542
995,743
Computershare
Ltd.
..................
46,003
528,928
DXC
Technology
Co.
(d)
................
3,738
149,445
Edenred
..........................
2,239
130,077
EPAM
Systems,
Inc.
(d)
.................
873
488,706
Fidelity
National
Information
Services,
Inc.
...
13,674
2,038,110
Fiserv,
Inc.
(d)
.......................
12,624
1,453,149
FleetCor
Technologies,
Inc.
(d)
............
2,342
604,751
Fujitsu
Ltd.
........................
800
136,104
Gartner,
Inc.
(d)
......................
1,674
443,158
Global
Payments,
Inc.
................
6,092
1,178,254
GoDaddy
,
Inc.,
Class
A
(d)
...............
1,318
110,514
International
Business
Machines
Corp.
.....
23,046
3,248,564
Jack
Henry
&
Associates,
Inc.
...........
788
137,183
Mastercard
,
Inc.,
Class
A
...............
19,708
7,606,106
MongoDB,
Inc.
(d)
....................
724
259,858
NTT
Data
Corp.
.....................
18,700
289,654
Okta
,
Inc.
(d)
........................
389
96,390
Paychex,
Inc.
......................
4,067
462,906
PayPal
Holdings,
Inc.
(d)
................
23,752
6,544,389
Snowflake,
Inc.,
Class
A
(d)
..............
992
263,594
Square,
Inc.,
Class
A
(d)
................
686
169,620
Twilio
,
Inc.,
Class
A
(d)
.................
678
253,294
VeriSign,
Inc.
(d)
.....................
2,787
603,023
Visa,
Inc.,
Class
A
...................
35,297
8,696,828
Western
Union
Co.
(The)
..............
16,277
377,789
Worldline
SA
(c)(d)
.....................
8,452
791,108
49,094,452
Leisure
Products
—
0.2%
Bandai
Namco
Holdings,
Inc.
............
2,400
155,290
Hasbro,
Inc.
.......................
6,922
688,324
Peloton
Interactive,
Inc.,
Class
A
(d)
........
9,169
1,082,400
Shimano,
Inc.
......................
1,800
460,762
Security
Shares
Shares
Value
Leisure
Products
(continued)
Yamaha
Corp.
......................
2,700
$
149,618
2,536,394
Life
Sciences
Tools
&
Services
—
0.4%
Agilent
Technologies,
Inc.
..............
2,340
358,558
Illumina,
Inc.
(d)
......................
2,205
1,093,129
IQVIA
Holdings,
Inc.
(d)
.................
2,113
523,390
Lonza
Group
AG
(Registered)
...........
854
664,947
Mettler
-Toledo
International,
Inc.
(d)
........
203
299,163
PerkinElmer,
Inc.
....................
297
54,123
QIAGEN
NV
(d)
......................
3,018
161,744
Thermo
Fisher
Scientific,
Inc.
............
6,710
3,623,467
Waters
Corp.
(d)
.....................
346
134,874
6,913,395
Machinery
—
1.0%
Atlas
Copco
AB,
Class
A
...............
6,953
470,892
Atlas
Copco
AB,
Class
B
...............
5,139
292,195
Caterpillar,
Inc.
.....................
2,069
427,766
CNH
Industrial
NV
...................
14,346
239,543
Daifuku
Co.
Ltd.
.....................
4,600
412,203
Dover
Corp.
.......................
1,833
306,331
Epiroc
AB,
Class
B
...................
1,863
37,430
FANUC
Corp.
......................
3,600
806,284
Fortive
Corp.
.......................
1,534
111,460
GEA
Group
AG
.....................
1,169
51,834
Harmonic
Drive
Systems,
Inc.
...........
4,100
226,800
Hoshizaki
Corp.
.....................
1,300
109,165
IDEX
Corp.
........................
1,185
268,628
Illinois
Tool
Works,
Inc.
................
6,183
1,401,501
Ingersoll
Rand,
Inc.
(d)
.................
3,567
174,319
Knorr-
Bremse
AG
...................
970
109,842
Komatsu
Ltd.
......................
37,000
927,185
Kone
OYJ,
Class
B
..................
2,025
167,724
Kubota
Corp.
......................
47,900
1,001,659
Makita
Corp.
.......................
19,400
1,008,780
Mitsubishi
Heavy
Industries
Ltd.
..........
7,400
213,810
NGK
Insulators
Ltd.
..................
24,400
390,763
Otis
Worldwide
Corp.
.................
3,607
323,007
Parker-Hannifin
Corp.
.................
1,359
424,049
Rational
AG
.......................
204
222,140
Sandvik
AB
........................
9,439
246,134
Schindler
Holding
AG
.................
158
51,150
Schindler
Holding
AG
(Registered)
........
1,589
495,135
SKF
AB,
Class
B
....................
3,466
92,219
SMC
Corp.
........................
1,200
713,369
Snap-on,
Inc.
......................
732
159,561
Spirax-Sarco
Engineering
plc
............
1,360
283,354
Stanley
Black
&
Decker,
Inc.
............
1,953
384,839
Techtronic
Industries
Co.
Ltd.
............
47,000
838,118
THK
Co.
Ltd.
.......................
4,300
123,192
Volvo
AB,
Class
A
...................
1,599
38,879
Volvo
AB,
Class
B
...................
25,051
590,747
Wartsila
OYJ
Abp
....................
5,984
90,146
Xylem,
Inc.
........................
4,159
523,410
Yaskawa
Electric
Corp.
................
2,300
113,888
14,869,451
Marine
—
0.1%
AP
Moller
-
Maersk
A/S,
Class
A
..........
78
208,526
AP
Moller
-
Maersk
A/S,
Class
B
..........
56
155,412
Kuehne
+
Nagel
International
AG
(Registered)
3,007
1,014,361
1,378,299
Media
—
0.6%
Charter
Communications,
Inc.,
Class
A
(d)
....
2,947
2,192,715
Comcast
Corp.,
Class
A
...............
92,405
5,436,186
BlackRock
Tactical
Opportunities
Fund
8
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
July
31,
2021
Security
Shares
Shares
Value
Media
(continued)
Discovery,
Inc.,
Class
A
(d)
..............
2,671
$
77,486
Discovery,
Inc.,
Class
C
(d)
..............
4,975
134,872
Fox
Corp.,
Class
A
...................
4,094
145,992
Fox
Corp.,
Class
B
...................
1,369
45,506
I-CABLE
Communications
Ltd.
(d)
..........
12,579
130
Informa
plc
(d)
.......................
30,060
206,552
News
Corp.,
Class
A
..................
4,541
111,845
News
Corp.,
Class
B
.................
2,166
50,923
Omnicom
Group,
Inc.
.................
2,326
169,379
Pearson
plc
.......................
9,416
113,467
Publicis
Groupe
SA
..................
515
32,512
ViacomCBS
,
Inc.
....................
12,311
503,889
WPP
plc
..........................
15,616
201,962
9,423,416
Metals
&
Mining
—
0.3%
Antofagasta
plc
.....................
14,274
296,375
ArcelorMittal
SA
.....................
14,681
512,740
Boliden
AB
(d)
.......................
20,609
803,174
Evraz
plc
.........................
5,137
43,890
Glencore
plc
(d)
......................
90,484
406,377
Hitachi
Metals
Ltd.
...................
6,300
123,033
Rio
Tinto
Ltd.
......................
2,859
280,210
Rio
Tinto
plc
.......................
13,151
1,117,051
Sumitomo
Metal
Mining
Co.
Ltd.
..........
3,400
137,793
voestalpine
AG
.....................
6,268
276,517
3,997,160
Multiline
Retail
—
0.5%
Dollar
General
Corp.
.................
8,661
2,014,895
Dollar
Tree,
Inc.
(d)
....................
11,062
1,103,877
Target
Corp.
.......................
15,179
3,962,478
Wesfarmers
Ltd.
....................
3,666
165,288
7,246,538
Multi-Utilities
—
0.7%
CenterPoint
Energy,
Inc.
...............
19,937
507,596
Consolidated
Edison,
Inc.
..............
21,241
1,566,948
E.ON
SE
.........................
92,080
1,131,987
Engie
SA
.........................
59,174
789,104
National
Grid
plc
....................
109,753
1,403,314
Public
Service
Enterprise
Group,
Inc.
......
39,354
2,448,999
Sempra
Energy
.....................
10,501
1,371,956
Suez
SA
..........................
18,254
425,804
Veolia
Environnement
SA
..............
17,953
588,813
10,234,521
Oil,
Gas
&
Consumable
Fuels
—
2.1%
APA
Corp.
........................
5,368
100,650
BP
plc
...........................
312,929
1,256,104
Cabot
Oil
&
Gas
Corp.
................
7,509
120,144
Cheniere
Energy,
Inc.
(d)
................
6,858
582,450
Chevron
Corp.
......................
54,104
5,508,328
ConocoPhillips
.....................
36,692
2,056,954
Devon
Energy
Corp.
..................
20,402
527,188
Diamondback
Energy,
Inc.
..............
2,951
227,611
ENEOS
Holdings,
Inc.
................
63,400
266,318
Eni
SpA
..........................
38,310
453,039
EOG
Resources,
Inc.
.................
15,004
1,093,192
Exxon
Mobil
Corp.
...................
105,444
6,070,411
Galp
Energia
SGPS
SA
...............
8,129
79,272
Hess
Corp.
........................
9,341
714,026
Idemitsu
Kosan
Co.
Ltd.
...............
1,600
37,664
Inpex
Corp.
........................
24,500
173,768
Kinder
Morgan,
Inc.
..................
99,145
1,723,140
Koninklijke
Vopak
NV
.................
1,294
54,791
Marathon
Oil
Corp.
...................
11,697
135,568
Security
Shares
Shares
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
Marathon
Petroleum
Corp.
.............
26,392
$
1,457,366
Matador
Resources
Co.
...............
939
29,015
Neste
OYJ
........................
8,567
526,621
Occidental
Petroleum
Corp.
.............
33,111
864,197
Oil
Search
Ltd.
.....................
9,675
27,042
OMV
AG
.........................
2,217
119,704
ONEOK,
Inc.
.......................
20,556
1,068,295
Phillips
66
.........................
18,582
1,364,476
Pioneer
Natural
Resources
Co.
..........
6,695
973,252
Repsol
SA
........................
20,107
220,230
Santos
Ltd.
........................
12,867
60,718
TOTAL
SE
........................
38,841
1,693,729
Valero
Energy
Corp.
..................
8,321
557,257
Williams
Cos.,
Inc.
(The)
...............
56,730
1,421,087
Woodside
Petroleum
Ltd.
..............
14,184
227,851
31,791,458
Paper
&
Forest
Products
—
0.1%
Mondi
plc
.........................
6,292
174,438
Stora
Enso
OYJ,
Class
R
..............
19,697
390,034
UPM-
Kymmene
OYJ
.................
9,523
389,161
953,633
Personal
Products
—
0.2%
L'Oreal
SA
........................
1,941
887,996
Unilever
plc
........................
23,108
1,329,901
Unilever
plc
........................
13,278
765,342
2,983,239
Pharmaceuticals
—
2.6%
Astellas
Pharma,
Inc.
.................
18,700
297,842
AstraZeneca
plc
....................
17,840
2,049,992
AstraZeneca
plc,
ADR
................
6,175
353,457
Bristol-Myers
Squibb
Co.
...............
36,451
2,473,929
Catalent
,
Inc.
(d)
.....................
693
83,028
Chugai
Pharmaceutical
Co.
Ltd.
..........
10,100
372,191
Daiichi
Sankyo
Co.
Ltd.
................
24,000
475,304
Eisai
Co.
Ltd.
......................
2,800
230,308
Eli
Lilly
&
Co.
......................
12,968
3,157,708
GlaxoSmithKline
plc
..................
68,951
1,361,356
Johnson
&
Johnson
..................
43,976
7,572,667
Merck
&
Co.,
Inc.
....................
43,554
3,347,996
Merck
KGaA
.......................
2,288
468,363
Novartis
AG
(Registered)
..............
33,008
3,052,528
Novo
Nordisk
A/S,
Class
B
.............
24,752
2,291,326
Organon
&
Co.
(d)
....................
4,814
139,654
Otsuka
Holdings
Co.
Ltd.
..............
2,800
111,297
Perrigo
Co.
plc
.....................
1,604
77,040
Pfizer,
Inc.
........................
94,402
4,041,350
Roche
Holding
AG
...................
11,285
4,415,407
Sanofi
...........................
12,814
1,320,782
Shionogi
&
Co.
Ltd.
..................
2,200
115,862
Takeda
Pharmaceutical
Co.
Ltd.
..........
23,500
782,234
UCB
SA
..........................
978
105,778
Viatris
,
Inc.
........................
10,881
153,096
Zoetis,
Inc.
........................
7,086
1,436,332
40,286,827
Professional
Services
—
0.9%
Adecco
Group
AG
(Registered)
..........
14,232
852,300
Booz
Allen
Hamilton
Holding
Corp.
........
4,000
343,240
Clarivate
plc
(d)
......................
15,274
348,247
CoStar
Group,
Inc.
(d)
..................
9,488
843,009
Equifax,
Inc.
.......................
6,059
1,578,975
Experian
plc
.......................
24,154
1,063,400
IHS
Markit
Ltd.
.....................
14,831
1,732,854
Intertek
Group
plc
...................
3,885
278,344
BlackRock
Tactical
Opportunities
Fund
9
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
July
31,
2021
Security
Shares
Shares
Value
Professional
Services
(continued)
Nielsen
Holdings
plc
..................
5,187
$
122,880
Persol
Holdings
Co.
Ltd.
...............
1,000
20,175
Randstad
NV
......................
3,923
284,616
Recruit
Holdings
Co.
Ltd.
..............
23,500
1,218,020
RELX
plc
.........................
48,880
1,436,793
Robert
Half
International,
Inc.
............
4,914
482,604
Teleperformance
....................
587
247,595
TransUnion
........................
3,597
431,856
Verisk
Analytics,
Inc.
..................
8,835
1,678,120
Wolters
Kluwer
NV
...................
13,751
1,567,661
14,530,689
Real
Estate
Management
&
Development
—
0.3%
Aroundtown
SA
.....................
11,014
86,207
CapitaLand
Ltd.
(d)
....................
47,300
140,527
CBRE
Group,
Inc.,
Class
A
(d)
............
7,129
687,663
CK
Asset
Holdings
Ltd.
................
42,500
289,157
Daito
Trust
Construction
Co.
Ltd.
.........
900
105,741
Daiwa
House
Industry
Co.
Ltd.
...........
9,800
300,470
Deutsche
Wohnen
SE
................
4,993
311,724
ESR
Cayman
Ltd.
(c)(d)
.................
14,000
49,207
Henderson
Land
Development
Co.
Ltd.
.....
35,000
156,376
Hongkong
Land
Holdings
Ltd.
...........
32,700
148,359
Hulic
Co.
Ltd.
......................
4,300
48,920
LEG
Immobilien
SE
..................
1,068
168,794
Mitsubishi
Estate
Co.
Ltd.
..............
27,000
423,547
Mitsui
Fudosan
Co.
Ltd.
...............
16,000
374,196
New
World
Development
Co.
Ltd.
.........
31,000
146,964
Sumitomo
Realty
&
Development
Co.
Ltd.
...
5,300
172,744
Sun
Hung
Kai
Properties
Ltd.
............
30,500
436,314
Swire
Pacific
Ltd.,
Class
A
..............
8,500
52,801
Swire
Properties
Ltd.
.................
18,200
51,764
Swiss
Prime
Site
AG
(Registered)
.........
3,511
373,862
Vonovia
SE
........................
10,104
672,714
Wharf
Real
Estate
Investment
Co.
Ltd.
.....
20,000
112,958
5,311,009
Road
&
Rail
—
0.5%
Central
Japan
Railway
Co.
.............
1,300
189,104
CSX
Corp.
........................
38,712
1,251,172
East
Japan
Railway
Co.
...............
2,000
133,245
JB
Hunt
Transport
Services,
Inc.
.........
344
57,947
Kansas
City
Southern
.................
2,552
683,426
MTR
Corp.
Ltd.
.....................
114,000
675,866
Norfolk
Southern
Corp.
................
4,100
1,057,103
Old
Dominion
Freight
Line,
Inc.
..........
801
215,589
Uber
Technologies,
Inc.
(d)
..............
3,531
153,457
Union
Pacific
Corp.
..................
12,525
2,739,969
7,156,878
Semiconductors
&
Semiconductor
Equipment
—
2.3%
Advanced
Micro
Devices,
Inc.
(d)
..........
18,163
1,928,729
Analog
Devices,
Inc.
..................
5,305
888,163
Applied
Materials,
Inc.
................
10,707
1,498,231
ASML
Holding
NV
...................
5,542
4,236,220
Broadcom,
Inc.
.....................
7,361
3,573,029
Disco
Corp.
........................
100
28,556
Enphase
Energy,
Inc.
(d)
................
442
83,803
Infineon
Technologies
AG
..............
11,193
427,731
Intel
Corp.
........................
63,799
3,427,282
KLA
Corp.
.........................
1,800
626,688
Lam
Research
Corp.
.................
1,521
969,501
Lasertec
Corp.
.....................
1,400
262,825
Microchip
Technology,
Inc.
..............
3,763
538,561
Micron
Technology,
Inc.
(d)
..............
14,647
1,136,314
NVIDIA
Corp.
......................
41,500
8,092,085
Security
Shares
Shares
Value
Semiconductors
&
Semiconductor
Equipment
(continued)
NXP
Semiconductors
NV
..............
5,639
$
1,163,833
ON
Semiconductor
Corp.
(d)
.............
6,948
271,389
QUALCOMM,
Inc.
...................
15,419
2,309,766
Renesas
Electronics
Corp.
(d)
............
14,900
161,719
Skyworks
Solutions,
Inc.
...............
534
98,528
STMicroelectronics
NV
................
8,974
369,314
Teradyne,
Inc.
......................
1,153
146,431
Texas
Instruments,
Inc.
................
11,587
2,208,714
Tokyo
Electron
Ltd.
..................
2,100
866,094
Xilinx,
Inc.
.........................
5,043
755,643
36,069,149
Software
—
4.5%
Adobe,
Inc.
(d)
.......................
9,054
5,628,238
ANSYS,
Inc.
(d)
......................
1,935
712,970
Autodesk,
Inc.
(d)
.....................
5,363
1,722,220
Cadence
Design
Systems,
Inc.
(d)
.........
3,696
545,714
Citrix
Systems,
Inc.
..................
3,261
328,546
Coupa
Software,
Inc.
(d)
................
192
41,664
Crowdstrike
Holdings,
Inc.,
Class
A
(d)
.......
211
53,512
Dassault
Systemes
SE
................
13,105
722,901
DocuSign,
Inc.
(d)
....................
220
65,569
Dynatrace
,
Inc.
(d)
....................
3,717
237,405
Fortinet,
Inc.
(d)
......................
2,661
724,431
HubSpot
,
Inc.
(d)
.....................
201
119,800
Intuit,
Inc.
.........................
4,484
2,376,385
Microsoft
Corp.
.....................
142,573
40,620,473
NortonLifeLock
,
Inc.
..................
10,685
265,202
Oracle
Corp.
.......................
37,904
3,302,955
Palantir
Technologies,
Inc.,
Class
A
(d)
......
8,866
192,481
Paycom
Software,
Inc.
(d)
...............
754
301,600
PTC,
Inc.
(d)
........................
1,956
264,940
RingCentral,
Inc.,
Class
A
(d)
.............
320
85,526
salesforce.com,
Inc.
(d)
.................
18,611
4,502,559
SAP
SE
..........................
16,278
2,336,079
ServiceNow
,
Inc.
(d)
...................
4,864
2,859,497
Sinch
AB
(c)(d)
.......................
3,070
61,909
Synopsys,
Inc.
(d)
....................
2,320
668,137
Temenos
AG
(Registered)
..............
1,024
162,661
Trade
Desk,
Inc.
(The),
Class
A
(d)
.........
1,340
109,759
Trend
Micro,
Inc.
....................
2,300
119,745
Tyler
Technologies,
Inc.
(d)
..............
137
67,492
Unity
Software,
Inc.
(d)
.................
971
104,013
VMware,
Inc.,
Class
A
(d)
...............
308
47,352
Zoom
Video
Communications,
Inc.,
Class
A
(d)
.
468
176,951
Zscaler
,
Inc.
(d)
......................
524
123,617
69,652,303
Specialty
Retail
—
1.0%
AutoZone,
Inc.
(d)
....................
265
430,246
Best
Buy
Co.,
Inc.
...................
3,326
373,676
CarMax,
Inc.
(d)
......................
2,062
276,205
Fast
Retailing
Co.
Ltd.
................
1,000
678,203
Gap,
Inc.
(The)
.....................
2,542
74,150
H
&
M
Hennes
&
Mauritz
AB,
Class
B
(d)
.....
4,770
99,725
Home
Depot,
Inc.
(The)
...............
19,532
6,410,207
Industria
de
Diseno
Textil
SA
............
16,913
573,628
L
Brands,
Inc.
......................
3,625
290,254
Lowe's
Cos.,
Inc.
....................
12,340
2,377,795
Nitori
Holdings
Co.
Ltd.
................
500
95,038
O'Reilly
Automotive,
Inc.
(d)
..............
819
494,545
Ross
Stores,
Inc.
....................
3,675
450,886
TJX
Cos.,
Inc.
(The)
..................
17,925
1,233,419
Tractor
Supply
Co.
...................
3,791
685,906
BlackRock
Tactical
Opportunities
Fund
10
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
July
31,
2021
Security
Shares
Shares
Value
Specialty
Retail
(continued)
Ulta
Beauty,
Inc.
(d)
...................
1,963
$
659,175
15,203,058
Technology
Hardware,
Storage
&
Peripherals
—
2.6%
Apple,
Inc.
........................
268,650
39,185,289
Brother
Industries
Ltd.
................
8,600
175,018
Canon,
Inc.
........................
23,900
550,371
FUJIFILM
Holdings
Corp.
..............
2,600
186,583
Hewlett
Packard
Enterprise
Co.
..........
9,709
140,781
HP,
Inc.
..........................
12,914
372,827
Logitech
International
SA
(Registered)
......
515
56,583
NetApp,
Inc.
.......................
2,684
213,620
Ricoh
Co.
Ltd.
......................
4,300
46,985
Seiko
Epson
Corp.
...................
3,400
58,500
40,986,557
Textiles,
Apparel
&
Luxury
Goods
—
1.0%
adidas
AG
........................
2,915
1,058,010
EssilorLuxottica
SA
..................
3,702
698,875
Hanesbrands,
Inc.
...................
4,626
84,471
Hermes
International
.................
106
162,050
Kering
SA
.........................
607
544,564
Lululemon
Athletica
,
Inc.
(d)
..............
3,321
1,328,964
LVMH
Moet
Hennessy
Louis
Vuitton
SE
.....
3,455
2,766,306
NIKE,
Inc.,
Class
B
..................
41,339
6,924,696
Pandora
A/S
.......................
340
43,981
Puma
SE
.........................
911
111,752
PVH
Corp.
(d)
.......................
961
100,540
Ralph
Lauren
Corp.
..................
589
66,863
Tapestry,
Inc.
(d)
.....................
4,308
182,228
Under
Armour
,
Inc.,
Class
A
(d)
............
1,786
36,524
Under
Armour
,
Inc.,
Class
C
(d)
...........
3,462
60,654
VF
Corp.
.........................
18,309
1,468,382
15,638,860
Trading
Companies
&
Distributors
—
0.5%
Ashtead
Group
plc
...................
10,677
798,954
Brenntag
SE
.......................
1,065
106,372
Bunzl
plc
.........................
14,477
536,333
Fastenal
Co.
.......................
10,385
568,786
Ferguson
plc
.......................
8,791
1,232,402
ITOCHU
Corp.
.....................
5,000
147,996
Marubeni
Corp.
.....................
95,500
812,840
Mitsubishi
Corp.
.....................
30,600
858,293
Mitsui
&
Co.
Ltd.
....................
26,800
615,124
Sumitomo
Corp.
....................
69,200
940,422
Toyota
Tsusho
Corp.
..................
8,100
382,440
United
Rentals,
Inc.
(d)
.................
1,265
416,881
WW
Grainger,
Inc.
...................
915
406,791
7,823,634
Transportation
Infrastructure
—
0.0%
Atlantia
SpA
(d)
......................
5,606
101,684
Transurban
Group
(f)
..................
12,584
132,734
234,418
Water
Utilities
—
0.2%
American
Water
Works
Co.,
Inc.
..........
13,508
2,297,846
Essential
Utilities,
Inc.
.................
8,064
396,104
Severn
Trent
plc
....................
14,079
547,272
United
Utilities
Group
plc
...............
34,409
512,332
3,753,554
Wireless
Telecommunication
Services
—
0.2%
KDDI
Corp.
........................
20,600
630,022
SoftBank
Corp.
.....................
42,100
549,877
SoftBank
Group
Corp.
................
14,900
936,996
Security
Shares
Shares
Value
Wireless
Telecommunication
Services
(continued)
T-Mobile
US,
Inc.
(d)
...................
745
$
107,295
Vodafone
Group
plc
..................
381,392
613,260
2,837,450
Total
Common
Stocks
—
58.7%
(Cost:
$651,106,784)
..............................
911,457,126
Beneficial
Interest
(000)
Other
Interests
—
0.0%
(g)
Capital
Markets
—
0.0%
Lehman
Brothers
Holdings,
Inc.
(a)(d)(h)
.......
USD
300
—
Total
Other
Interests
—
0.0%
(Cost:
$0)
.....................................
—
Shares
Shares
Preferred
Stocks
—
0.1%
Automobiles
—
0.1%
Bayerische
Motoren
Werke
AG
(Preference)
..
2,202
189,006
Volkswagen
AG
(Preference)
............
2,250
548,034
737,040
Health
Care
Equipment
&
Supplies
—
0.0%
Sartorius
AG
(Preference)
..............
724
437,957
Total
Preferred
Stocks
—
0.1%
(Cost:
$982,124)
.................................
1,174,997
Par
(000)
Par
(000)
U.S.
Treasury
Obligations
—
19.8%
U.S.
Treasury
Notes
(
i
)
:
1.50%, 09/15/22
..................
140,000
142,214,844
0.13%, 12/15/23
..................
165,000
164,542,382
Total
U.S.
Treasury
Obligations
—
19.8%
(Cost:
$306,471,623)
..............................
306,757,226
Shares
Shares
Warrants
—
0.0%
Oil,
Gas
&
Consumable
Fuels
—
0.0%
Occidental
Petroleum
Corp.
(Issued/exercisable
07/06/20,
1
share
for
1
warrant,
Expires
08/03/27,
Strike
Price
USD
22.00)
(d)
.....
1,719
18,445
Total
Warrants
—
0.0%
..............................
18,445
Total
Long-Term
Investments
—
78.6%
(Cost:
$958,748,694)
..............................
1,219,407,794
BlackRock
Tactical
Opportunities
Fund
11
(Percentages
shown
are
based
on
Net
Assets)
Schedule
of
Investments
(unaudited)
(continued)
July
31,
2021
Security
Shares
Shares
Value
Short-Term
Securities
—
3.2%
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class,
0.01%
(j)(k)
...................
49,756,994
$
49,756,994
Total
Short-Term
Securities
—
3.2%
(Cost:
$49,756,994)
...............................
49,756,994
Total
Investments
—
81.8%
(Cost:
$1,008,505,688
)
............................
1,269,164,788
Other
Assets
Less
Liabilities
—
18.2%
...................
282,873,157
Net
Assets
—
100.0%
...............................
$
1,552,037,945
(a)
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
(b)
Variable
rate
security.
Interest
rate
resets
periodically.
The
rate
shown
is
the
effective
interest
rate
as
of
period
end.
Security
description
also
includes
the
reference
rate
and
spread
if
published
and
available.
(c)
Security
exempt
from
registration
pursuant
to
Rule
144A
under
the
Securities
Act
of
1933,
as
amended.
These
securities
may
be
resold
in
transactions
exempt
from
registration
to
qualified
institutional
investors.
(d)
Non-income
producing
security.
(e)
Restricted
security
as
to
resale,
excluding
144A
securities.
The
Fund
held
restricted
securities
with
a
current
value
of
$5,167,
representing
less
than
0.05%
of
its
net
assets
as
of
period
end,
and
an
original
cost
of
$48,000.
(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)
All
or
a
portion
of
the
security
has
been
pledged
as
collateral
in
connection
with
outstanding
OTC
derivatives.
(j)
Annualized
7-day
yield
as
of
period
end.
(k)
Affiliate
of
the
Fund.
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
period
ended
July
31,
2021
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
04/30/21
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
07/31/21
Shares
Held
at
07/31/21
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Liquidity
Funds,
T-Fund,
Institutional
Class
(a)
..
$
35,759,937
$
13,997,057
$
—
$
—
$
—
$
49,756,994
49,756,994
$
1,047
$
—
SL
Liquidity
Series,
LLC,
Money
Market
Series
(a)(b)
.........
34,743
—
(34,743)
—
—
—
—
7
(c)
—
$
—
$
—
$
49,756,994
$
1,054
$
—
—
—
(a)
Represents
net
amount
purchased
(sold).
(b)
As
of
period
end,
the
entity
is
no
longer
held.
(c)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
For
Fund
compliance
purposes,
the
Fund's
industry
classifications
refer
to
one
or
more
of
the
industry
sub-classifications
used
by
one
or
more
widely
recognized
market
indexes
or
rating
group
indexes,
and/or
as
defined
by
the
investment
adviser.
These
definitions
may
not
apply
for
purposes
of
this
report,
which
may
combine
such
industry
sub-classifications
for
reporting
ease.
BlackRock
Tactical
Opportunities
Fund
12
Schedule
of
Investments
(unaudited)
(continued)
July
31,
2021
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
CAC
40
10
Euro
Index
......................................................
32
08/20/21
$
2,509
$
14,061
IBEX
35
Index
............................................................
584
08/20/21
60,096
(346,140)
OMXS30
Index
...........................................................
755
08/20/21
20,788
57,065
SGX
NIFTY
50
Index
.......................................................
294
08/26/21
9,275
(53,074)
FTSE
China
A50
Index
......................................................
3,455
08/30/21
51,735
(2,075,550)
Euro-Bund
..............................................................
3,967
09/08/21
830,913
13,064,089
TOPIX
Index
.............................................................
943
09/09/21
163,750
(4,107,881)
Australia
10
Year
Bond
......................................................
2,982
09/15/21
318,180
8,563,039
FTSE/JSE
Top
40
Index
.....................................................
1,204
09/16/21
51,234
960,687
DAX
Index
..............................................................
101
09/17/21
46,574
(51,108)
FTSE
100
Index
..........................................................
958
09/17/21
92,767
(1,040,731)
FTSE/MIB
Index
..........................................................
745
09/17/21
112,047
(68,862)
Mini-DAX
Index
...........................................................
49
09/17/21
4,519
(14,696)
S&P
500
E-Mini
Index
......................................................
84
09/17/21
18,436
684,838
15,585,737
Short
Contracts
AEX
Index
..............................................................
827
08/20/21
147,398
(2,627,791)
IBEX
35
Index
............................................................
789
08/20/21
81,191
373,296
MSCI
Singapore
Index
......................................................
1,604
08/30/21
42,718
(692,172)
Euro-
Bobl
...............................................................
1,256
09/08/21
201,677
(1,945,279)
Euro-
Buxl
...............................................................
302
09/08/21
77,038
(5,401,983)
S&P/TSX
60
Index
.........................................................
304
09/16/21
59,085
(767,515)
SPI
200
Index
............................................................
127
09/16/21
17,009
(132,595)
MSCI
EAFE
E-Mini
Index
....................................................
2,007
09/17/21
232,752
3,676,930
S&P
500
E-Mini
Index
......................................................
3,515
09/17/21
771,455
(24,277,650)
WIG20
Index
............................................................
275
09/17/21
3,189
(53,472)
Canada
10
Year
Bond
......................................................
4,690
09/21/21
556,402
(10,106,408)
U.S.
Treasury
10
Year
Note
...................................................
2,094
09/21/21
281,708
(4,259,469)
U.S.
Treasury
Ultra
Bond
....................................................
264
09/21/21
52,718
(2,148,352)
Long
Gilt
...............................................................
2,388
09/28/21
430,815
(3,562,669)
SET50
Index
.............................................................
4,347
09/29/21
23,968
1,205,557
(50,719,572)
$
(35,133,835)
Forward
Foreign
Currency
Exchange
Contracts
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation
(Depreciation)
INR
412,110,000
USD
5,508,387
Citibank
NA
09/15/21
$
5,151
JPY
318,800,000
USD
2,895,767
Morgan
Stanley
&
Co.
International
plc
09/15/21
11,200
MXN
150,327,000
USD
7,410,729
BNP
Paribas
SA
09/15/21
96,134
RUB
793,185,000
USD
10,727,080
HSBC
Bank
plc
09/15/21
49,424
RUB
416,044,000
USD
5,533,972
JPMorgan
Chase
Bank
NA
09/15/21
118,555
SEK
37,892,000
USD
4,364,843
Bank
of
New
York
Mellon
09/15/21
38,447
USD
29,608,028
AUD
39,332,000
JPMorgan
Chase
Bank
NA
09/15/21
737,815
USD
11,849,074
AUD
15,285,000
Morgan
Stanley
&
Co.
International
plc
09/15/21
629,680
USD
5,278,372
BRL
26,897,000
BNP
Paribas
SA
09/15/21
144,545
USD
6,357,519
CAD
7,681,000
HSBC
Bank
plc
09/15/21
201,010
USD
29,496,762
CAD
36,520,000
Morgan
Stanley
&
Co.
International
plc
09/15/21
225,091
USD
401,114
CHF
360,000
HSBC
Bank
plc
09/15/21
3,246
USD
3,330,400
CHF
2,989,000
State
Street
Bank
and
Trust
Co.
09/15/21
26,993
USD
5,808,363
EUR
4,768,000
Bank
of
New
York
Mellon
09/15/21
147,388
USD
30,039,872
EUR
25,178,000
Deutsche
Bank
AG
09/15/21
146,410
USD
5,632,695
EUR
4,622,000
Toronto
Dominion
Bank
09/15/21
145,064
USD
32,486,121
EUR
26,666,000
UBS
AG
09/15/21
825,979
BlackRock
Tactical
Opportunities
Fund
13
Schedule
of
Investments
(unaudited)
(continued)
July
31,
2021
Forward
Foreign
Currency
Exchange
Contracts
(continued)
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation
(Depreciation)
USD
12,436,404
GBP
8,792,000
Citibank
NA
09/15/21
$
214,188
USD
5,514,045
INR
406,153,000
BNP
Paribas
SA
09/15/21
80,205
USD
3,825,024
JPY
418,130,000
Morgan
Stanley
&
Co.
International
plc
09/15/21
12,319
USD
46,643
KRW
51,861,000
Citibank
NA
09/15/21
1,696
USD
102,979
NOK
852,000
HSBC
Bank
plc
09/15/21
6,531
USD
5,515,611
SEK
45,581,000
HSBC
Bank
plc
09/15/21
218,811
USD
3,507,003
SEK
30,156,000
State
Street
Bank
and
Trust
Co.
09/15/21
2,684
USD
5,716,960
THB
178,623,000
Citibank
NA
09/15/21
283,599
4,372,165
AUD
37,299,520
USD
28,915,353
BNP
Paribas
SA
09/15/21
(1,537,008)
AUD
3,889,000
USD
3,014,752
Morgan
Stanley
&
Co.
International
plc
09/15/21
(160,168)
AUD
2,032,000
USD
1,570,338
UBS
AG
09/15/21
(78,823)
CAD
34,604,025
USD
28,641,553
HSBC
Bank
plc
09/15/21
(905,583)
CAD
1,916,000
USD
1,588,076
Morgan
Stanley
&
Co.
International
plc
09/15/21
(52,356)
CLP
2,170,057,000
USD
3,008,035
JPMorgan
Chase
Bank
NA
09/15/21
(152,187)
EUR
6,220,000
USD
7,538,019
Bank
of
America
NA
09/15/21
(153,106)
EUR
2,343,000
USD
2,786,387
Bank
of
New
York
Mellon
09/15/21
(4,578)
EUR
105,858,054
USD
128,966,010
Citibank
NA
09/15/21
(3,282,330)
EUR
3,221,000
USD
3,884,589
Toronto
Dominion
Bank
09/15/21
(60,344)
EUR
1,530,000
USD
1,856,409
UBS
AG
09/15/21
(39,863)
GBP
3,897,000
USD
5,428,141
HSBC
Bank
plc
09/15/21
(10,719)
GBP
2,537,000
USD
3,588,359
Morgan
Stanley
&
Co.
International
plc
09/15/21
(61,543)
JPY
3,253,509,420
USD
29,760,785
State
Street
Bank
and
Trust
Co.
09/15/21
(93,767)
NZD
555,000
USD
399,830
Morgan
Stanley
&
Co.
International
plc
09/15/21
(13,232)
SEK
29,864,000
USD
3,614,092
UBS
AG
09/15/21
(143,707)
SGD
802,000
USD
605,714
Goldman
Sachs
International
09/15/21
(13,845)
THB
196,855,000
USD
6,318,102
Standard
Chartered
Bank
09/15/21
(330,160)
USD
5,553,319
EUR
4,697,000
Bank
of
America
NA
09/15/21
(23,359)
USD
5,885,353
JPY
647,191,000
Bank
of
America
NA
09/15/21
(16,037)
USD
29,546,707
JPY
3,253,509,000
Goldman
Sachs
International
09/15/21
(120,307)
USD
38,858,438
MXN
779,613,000
Citibank
NA
09/15/21
(73,009)
USD
6,253,471
ZAR
93,373,000
Citibank
NA
09/15/21
(84,003)
(7,410,034)
$
(3,037,869)
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)
1
day
SORA
Semi-Annual
0.79%
Semi-Annual
09/15/21
(a)
09/15/26
SGD
32,000
$
112,278
$
—
$
112,278
1
day
SORA
Semi-Annual
0.79%
Semi-Annual
09/15/21
(a)
09/15/26
SGD
32,000
116,937
—
116,937
6
month
BBR
Semi-Annual
1.02%
Semi-Annual
09/15/21
(a)
09/15/26
AUD
9,250
91,092
—
91,092
6
month
BBR
Semi-Annual
1.05%
Semi-Annual
09/15/21
(a)
09/15/26
AUD
95,000
1,033,734
—
1,033,734
6
month
BBR
Semi-Annual
1.05%
Semi-Annual
09/15/21
(a)
09/15/26
AUD
52,500
563,658
—
563,658
6
month
BBR
Semi-Annual
1.06%
Semi-Annual
09/15/21
(a)
09/15/26
AUD
262,240
2,929,631
—
2,929,631
6
month
BBR
Semi-Annual
1.07%
Semi-Annual
09/15/21
(a)
09/15/26
AUD
16,200
187,589
—
187,589
6
month
BBR
Semi-Annual
1.08%
Semi-Annual
09/15/21
(a)
09/15/26
AUD
37,800
449,704
—
449,704
6
month
BBR
Semi-Annual
1.18%
Semi-Annual
09/15/21
(a)
09/15/26
AUD
242,260
3,782,766
—
3,782,766
3
month
BA
Semi-Annual
1.51%
Semi-Annual
09/15/21
(a)
09/15/26
CAD
57,000
454,072
(12,427)
466,499
3
month
BA
Semi-Annual
1.51%
Semi-Annual
09/15/21
(a)
09/15/26
CAD
79,000
632,425
14,954
617,471
3
month
BA
Semi-Annual
1.52%
Semi-Annual
09/15/21
(a)
09/15/26
CAD
108,000
881,512
8,504
873,008
3
month
BA
Semi-Annual
1.53%
Semi-Annual
09/15/21
(a)
09/15/26
CAD
88,000
770,004
265
769,739
3
month
BA
Semi-Annual
1.54%
Semi-Annual
09/15/21
(a)
09/15/26
CAD
46,000
411,517
6,080
405,437
3
month
BA
Semi-Annual
1.58%
Semi-Annual
09/15/21
(a)
09/15/26
CAD
20,000
214,194
(5,538)
219,732
6
month
WIBOR
Semi-Annual
1.58%
Annual
09/15/21
(a)
09/15/26
PLN
109,000
189,589
—
189,589
BlackRock
Tactical
Opportunities
Fund
14
Schedule
of
Investments
(unaudited)
(continued)
July
31,
2021
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
month
WIBOR
Semi-Annual
1.67%
Annual
09/15/21
(a)
09/15/26
PLN
182,000
$
528,602
$
—
$
528,602
0.82%
Quarterly
3
month
HIBOR
Quarterly
09/15/21
(a)
09/15/26
HKD
95,650
(49,267)
—
(49,267)
0.93%
Quarterly
3
month
HIBOR
Quarterly
09/15/21
(a)
09/15/26
HKD
176,000
(218,074)
—
(218,074)
1.15%
Semi-Annual
3
month
LIBOR
Quarterly
09/15/21
(a)
09/15/26
USD
139,000
(2,255,117)
(635)
(2,254,482)
1.12%
Semi-Annual
3
month
LIBOR
Quarterly
09/15/21
(a)
09/15/26
USD
51,000
(751,757)
(7,808)
(743,949)
0.32%
Annual
3
month
STIBOR
Quarterly
09/15/21
(a)
09/15/26
SEK
54,000
(22,545)
(3,956)
(18,589)
0.35%
Annual
3
month
STIBOR
Quarterly
09/15/21
(a)
09/15/26
SEK
450,000
(271,677)
11,926
(283,603)
0.37%
Annual
3
month
STIBOR
Quarterly
09/15/21
(a)
09/15/26
SEK
1,270,000
(950,415)
107,437
(1,057,852)
0.35%
Annual
3
month
STIBOR
Quarterly
09/15/21
(a)
09/15/26
SEK
220,000
(133,524)
(4,724)
(128,800)
0.36%
Annual
3
month
STIBOR
Quarterly
09/15/21
(a)
09/15/26
SEK
398,000
(276,173)
(28,691)
(247,482)
3
month
JIBAR
Quarterly
5.76%
Quarterly
09/15/21
(a)
09/15/26
ZAR
465,000
(110,860)
—
(110,860)
3
month
JIBAR
Quarterly
5.77%
Quarterly
09/15/21
(a)
09/15/26
ZAR
512,500
(104,118)
—
(104,118)
3
month
JIBAR
Quarterly
5.78%
Quarterly
09/15/21
(a)
09/15/26
ZAR
512,500
(92,826)
—
(92,826)
3
month
JIBAR
Quarterly
5.84%
Quarterly
09/15/21
(a)
09/15/26
ZAR
351,000
872
—
872
3
month
JIBAR
Quarterly
5.96%
Quarterly
09/15/21
(a)
09/15/26
ZAR
341,000
120,058
—
120,058
(0.23)%
Annual
6
month
EURIBOR
Semi-Annual
09/15/21
(a)
09/15/26
EUR
28,000
(215,229)
5,516
(220,745)
(0.31)%
Annual
6
month
EURIBOR
Semi-Annual
09/15/21
(a)
09/15/26
EUR
415,000
(1,064,691)
141,354
(1,206,045)
(0.18)%
Annual
6
month
EURIBOR
Semi-Annual
09/15/21
(a)
09/15/26
EUR
135,000
(1,428,475)
2,388
(1,430,863)
(0.18)%
Annual
6
month
EURIBOR
Semi-Annual
09/15/21
(a)
09/15/26
EUR
69,000
(737,477)
22,352
(759,829)
(0.27)%
Annual
6
month
EURIBOR
Semi-Annual
09/15/21
(a)
09/15/26
EUR
72,000
(368,974)
757
(369,731)
(0.34)%
Annual
6
month
EURIBOR
Semi-Annual
09/15/21
(a)
09/15/26
EUR
36,000
(26,401)
4,909
(31,310)
3
month
JIBAR
Quarterly
6.10%
Quarterly
09/15/21
(a)
09/15/26
ZAR
583,000
446,751
—
446,751
3
month
JIBAR
Quarterly
6.10%
Quarterly
09/15/21
(a)
09/15/26
ZAR
519,000
399,232
—
399,232
3
month
JIBAR
Quarterly
6.15%
Quarterly
09/15/21
(a)
09/15/26
ZAR
383,000
344,123
—
344,123
3
month
JIBAR
Quarterly
6.23%
Quarterly
09/15/21
(a)
09/15/26
ZAR
390,000
447,799
—
447,799
3
month
JIBAR
Quarterly
6.28%
Quarterly
09/15/21
(a)
09/15/26
ZAR
414,000
530,085
—
530,085
$
6,560,624
$
262,663
$
6,297,961
(a)
Forward
swap.
OTC
Interest
Rate
Swaps
Paid
by
the
Fund
Received
by
the
Fund
Rate
Frequency
Rate
Frequency
Counterparty
Effective
Date
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
6.26%
At
Termination
1
day
BZDIOVER
At
Termination
Bank
of
America
NA
N/A
01/02/25
BRL
252,000
$
2,979,806
$
—
$
2,979,806
8.07%
At
Termination
1
day
BZDIOVER
At
Termination
Bank
of
America
NA
N/A
01/02/25
BRL
101,000
76,151
—
76,151
7.18%
At
Termination
1
day
BZDIOVER
At
Termination
Barclays
Bank
plc
N/A
01/02/25
BRL
138,000
866,343
—
866,343
6.42%
At
Termination
1
day
BZDIOVER
At
Termination
BNP
Paribas
SA
N/A
01/02/25
BRL
207,000
2,133,263
—
2,133,263
7.86%
At
Termination
1
day
BZDIOVER
At
Termination
BNP
Paribas
SA
N/A
01/02/25
BRL
159,000
477,334
—
477,334
7.91%
At
Termination
1
day
BZDIOVER
At
Termination
BNP
Paribas
SA
N/A
01/02/25
BRL
78,000
264,589
—
264,589
8.32%
At
Termination
1
day
BZDIOVER
At
Termination
BNP
Paribas
SA
N/A
01/02/25
BRL
81,000
107,603
—
107,603
BlackRock
Tactical
Opportunities
Fund
15
Schedule
of
Investments
(unaudited)
(continued)
July
31,
2021
OTC
Interest
Rate
Swaps
(continued)
Paid
by
the
Fund
Received
by
the
Fund
Rate
Frequency
Rate
Frequency
Counterparty
Effective
Date
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
7.82%
At
Termination
1
day
BZDIOVER
At
Termination
HSBC
Bank
plc
N/A
01/02/25
BRL
82,000
$
306,736
$
—
$
306,736
6.75%
At
Termination
1
day
BZDIOVER
At
Termination
Morgan
Stanley
&
Co.
International
plc
N/A
01/02/25
BRL
116,000
1,022,061
—
1,022,061
0.67%
Quarterly
3
month
TWCPBA
Quarterly
Bank
of
America
NA
09/15/21
(a)
09/15/26
TWD
772,510
(71,806)
—
(71,806)
0.79%
Quarterly
3
month
TWCPBA
Quarterly
Bank
of
America
NA
09/15/21
(a)
09/15/26
TWD
1,444,200
(435,459)
—
(435,459)
0.80%
Semi-Annual
6
month
THBFIX
Semi-Annual
Bank
of
America
NA
09/15/21
(a)
09/15/26
THB
1,415,610
48,620
—
48,620
0.91%
Semi-Annual
6
month
THBFIX
Semi-Annual
Bank
of
America
NA
09/15/21
(a)
09/15/26
THB
760,500
(96,687)
—
(96,687)
1
day
MIBOR
Semi-Annual
5.31%
Semi-Annual
Bank
of
America
NA
09/15/21
(a)
09/15/26
INR
414,630
8,288
—
8,288
1
day
MIBOR
Semi-Annual
5.34%
Semi-Annual
Bank
of
America
NA
09/15/21
(a)
09/15/26
INR
2,024,370
73,748
—
73,748
1
day
MIBOR
Semi-Annual
5.40%
Semi-Annual
Bank
of
America
NA
09/15/21
(a)
09/15/26
INR
1,436,500
108,004
—
108,004
1
week
CNREPOFI
Quarterly
2.64%
Quarterly
Bank
of
America
NA
09/15/21
(a)
09/15/26
CNY
120,000
96,651
—
96,651
1.06%
Semi-Annual
6
month
THBFIX
Semi-Annual
Bank
of
America
NA
09/15/21
(a)
09/15/26
THB
607,000
(213,310)
—
(213,310)
1.14%
Semi-Annual
6
month
THBFIX
Semi-Annual
Bank
of
America
NA
09/15/21
(a)
09/15/26
THB
1,094,000
(512,038)
—
(512,038)
1.21%
Semi-Annual
6
month
THBFIX
Semi-Annual
Bank
of
America
NA
09/15/21
(a)
09/15/26
THB
549,045
(316,084)
—
(316,084)
1.22%
Semi-Annual
6
month
THBFIX
Semi-Annual
Bank
of
America
NA
09/15/21
(a)
09/15/26
THB
644,910
(382,844)
—
(382,844)
1.23%
Semi-Annual
6
month
THBFIX
Semi-Annual
Bank
of
America
NA
09/15/21
(a)
09/15/26
THB
984,000
(595,912)
—
(595,912)
1.51%
Quarterly
3
month
CD_KSDA
Quarterly
Bank
of
America
NA
09/15/21
(a)
09/15/26
KRW
9,560,411
(2,477)
—
(2,477)
1.52%
Quarterly
3
month
CD_KSDA
Quarterly
Bank
of
America
NA
09/15/21
(a)
09/15/26
KRW
11,996,250
(6,119)
—
(6,119)
1.52%
Quarterly
3
month
CD_KSDA
Quarterly
Bank
of
America
NA
09/15/21
(a)
09/15/26
KRW
8,277,413
(4,222)
—
(4,222)
1.53%
Quarterly
3
month
CD_KSDA
Quarterly
Bank
of
America
NA
09/15/21
(a)
09/15/26
KRW
36,205,000
(41,186)
—
(41,186)
1.61%
Quarterly
3
month
CD_KSDA
Quarterly
Bank
of
America
NA
09/15/21
(a)
09/15/26
KRW
17,894,565
(80,245)
—
(80,245)
1.61%
Quarterly
3
month
CD_KSDA
Quarterly
Bank
of
America
NA
09/15/21
(a)
09/15/26
KRW
17,647,500
(77,661)
—
(77,661)
0.61%
Quarterly
3
month
TWCPBA
Quarterly
BNP
Paribas
SA
09/15/21
(a)
09/15/26
TWD
438,000
6,314
—
6,314
0.81%
Semi-Annual
6
month
THBFIX
Semi-Annual
BNP
Paribas
SA
09/15/21
(a)
09/15/26
THB
510,390
14,477
—
14,477
0.91%
Semi-Annual
6
month
THBFIX
Semi-Annual
BNP
Paribas
SA
09/15/21
(a)
09/15/26
THB
760,500
(100,098)
—
(100,098)
1
day
MIBOR
Semi-Annual
5.25%
Semi-Annual
BNP
Paribas
SA
09/15/21
(a)
09/15/26
INR
2,268,457
(34,579)
—
(34,579)
1
day
MIBOR
Semi-Annual
5.58%
Semi-Annual
BNP
Paribas
SA
09/15/21
(a)
09/15/26
INR
2,818,176
503,136
—
503,136
1
week
CNREPOFI
Quarterly
2.59%
Quarterly
BNP
Paribas
SA
09/15/21
(a)
09/15/26
CNY
112,860
45,966
—
45,966
1
week
CNREPOFI
Quarterly
2.90%
Quarterly
BNP
Paribas
SA
09/15/21
(a)
09/15/26
CNY
223,630
594,541
—
594,541
1.24%
Semi-Annual
6
month
THBFIX
Semi-Annual
BNP
Paribas
SA
09/15/21
(a)
09/15/26
THB
2,761,000
(1,692,706)
—
(1,692,706)
1
week
CNREPOFI
Quarterly
2.91%
Quarterly
Citibank
NA
09/15/21
(a)
09/15/26
CNY
230,630
631,516
—
631,516
1
day
MIBOR
Semi-Annual
5.71%
Semi-Annual
Goldman
Sachs
International
09/15/21
(a)
09/15/26
INR
2,113,020
538,542
—
538,542
1.20%
Semi-Annual
6
month
THBFIX
Semi-Annual
Goldman
Sachs
International
09/15/21
(a)
09/15/26
THB
556,000
(315,100)
—
(315,100)
BlackRock
Tactical
Opportunities
Fund
16
Schedule
of
Investments
(unaudited)
(continued)
July
31,
2021
OTC
Interest
Rate
Swaps
(continued)
Paid
by
the
Fund
Received
by
the
Fund
Rate
Frequency
Rate
Frequency
Counterparty
Effective
Date
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
0.67%
Quarterly
3
month
TWCPBA
Quarterly
HSBC
Bank
plc
09/15/21
(a)
09/15/26
TWD
380,490
$
(34,362)
$
—
$
(34,362)
1
day
MIBOR
Semi-Annual
5.41%
Semi-Annual
HSBC
Bank
plc
09/15/21
(a)
09/15/26
INR
1,436,500
113,065
—
113,065
1
day
MIBOR
Semi-Annual
5.71%
Semi-Annual
HSBC
Bank
plc
09/15/21
(a)
09/15/26
INR
6,493,880
1,655,085
—
1,655,085
1.23%
Semi-Annual
6
month
THBFIX
Semi-Annual
HSBC
Bank
plc
09/15/21
(a)
09/15/26
THB
549,045
(332,502)
—
(332,502)
1.53%
Quarterly
3
month
CD_KSDA
Quarterly
HSBC
Bank
plc
09/15/21
(a)
09/15/26
KRW
36,205,000
(35,127)
—
(35,127)
1.59%
Quarterly
3
month
CD_KSDA
Quarterly
HSBC
Bank
plc
09/15/21
(a)
09/15/26
KRW
28,079,100
(100,073)
—
(100,073)
0.65%
Quarterly
3
month
TWCPBA
Quarterly
JPMorgan
Chase
Bank
NA
09/15/21
(a)
09/15/26
TWD
732,000
(30,677)
—
(30,677)
0.73%
Quarterly
3
month
TWCPBA
Quarterly
JPMorgan
Chase
Bank
NA
09/15/21
(a)
09/15/26
TWD
84,000
(15,718)
—
(15,718)
0.79%
Quarterly
3
month
TWCPBA
Quarterly
JPMorgan
Chase
Bank
NA
09/15/21
(a)
09/15/26
TWD
1,152,600
(342,463)
—
(342,463)
0.82%
Quarterly
3
month
TWCPBA
Quarterly
JPMorgan
Chase
Bank
NA
09/15/21
(a)
09/15/26
TWD
1,884,600
(659,469)
—
(659,469)
1
day
MIBOR
Semi-Annual
5.53%
Semi-Annual
JPMorgan
Chase
Bank
NA
09/15/21
(a)
09/15/26
INR
1,559,000
236,222
—
236,222
1
week
CNREPOFI
Quarterly
2.59%
Quarterly
JPMorgan
Chase
Bank
NA
09/15/21
(a)
09/15/26
CNY
197,000
88,792
—
88,792
1.02%
Semi-Annual
6
month
THBFIX
Semi-Annual
JPMorgan
Chase
Bank
NA
09/15/21
(a)
09/15/26
THB
857,000
(243,502)
—
(243,502)
1.14%
Semi-Annual
6
month
THBFIX
Semi-Annual
JPMorgan
Chase
Bank
NA
09/15/21
(a)
09/15/26
THB
1,407,500
(652,456)
—
(652,456)
1.15%
Semi-Annual
6
month
THBFIX
Semi-Annual
JPMorgan
Chase
Bank
NA
09/15/21
(a)
09/15/26
THB
1,407,500
(673,501)
—
(673,501)
1.17%
Semi-Annual
6
month
THBFIX
Semi-Annual
JPMorgan
Chase
Bank
NA
09/15/21
(a)
09/15/26
THB
1,270,800
(647,991)
—
(647,991)
1.19%
Semi-Annual
6
month
THBFIX
Semi-Annual
JPMorgan
Chase
Bank
NA
09/15/21
(a)
09/15/26
THB
830,500
(456,386)
—
(456,386)
1.19%
Semi-Annual
6
month
THBFIX
Semi-Annual
JPMorgan
Chase
Bank
NA
09/15/21
(a)
09/15/26
THB
3,036,200
(1,652,597)
—
(1,652,597)
1.22%
Semi-Annual
6
month
THBFIX
Semi-Annual
JPMorgan
Chase
Bank
NA
09/15/21
(a)
09/15/26
THB
556,000
(330,064)
—
(330,064)
1.23%
Semi-Annual
6
month
THBFIX
Semi-Annual
JPMorgan
Chase
Bank
NA
09/15/21
(a)
09/15/26
THB
984,000
(592,233)
—
(592,233)
1.50%
Quarterly
3
month
CD_KSDA
Quarterly
JPMorgan
Chase
Bank
NA
09/15/21
(a)
09/15/26
KRW
33,845,000
8,223
—
8,223
1.51%
Quarterly
3
month
CD_KSDA
Quarterly
JPMorgan
Chase
Bank
NA
09/15/21
(a)
09/15/26
KRW
33,845,000
(2,396)
—
(2,396)
1.51%
Quarterly
3
month
CD_KSDA
Quarterly
JPMorgan
Chase
Bank
NA
09/15/21
(a)
09/15/26
KRW
8,590,515
(3,303)
—
(3,303)
1.52%
Quarterly
3
month
CD_KSDA
Quarterly
JPMorgan
Chase
Bank
NA
09/15/21
(a)
09/15/26
KRW
7,048,404
(5,659)
—
(5,659)
1.53%
Quarterly
3
month
CD_KSDA
Quarterly
JPMorgan
Chase
Bank
NA
09/15/21
(a)
09/15/26
KRW
14,239,200
(13,220)
—
(13,220)
1.59%
Quarterly
3
month
CD_KSDA
Quarterly
JPMorgan
Chase
Bank
NA
09/15/21
(a)
09/15/26
KRW
52,146,900
(180,396)
—
(180,396)
0.76%
Quarterly
3
month
TWCPBA
Quarterly
Morgan
Stanley
&
Co.
International
plc
09/15/21
(a)
09/15/26
TWD
520,000
(124,758)
—
(124,758)
0.81%
Quarterly
3
month
TWCPBA
Quarterly
Morgan
Stanley
&
Co.
International
plc
09/15/21
(a)
09/15/26
TWD
281,600
(93,582)
—
(93,582)
1
day
MIBOR
Semi-Annual
5.26%
Semi-Annual
Morgan
Stanley
&
Co.
International
plc
09/15/21
(a)
09/15/26
INR
1,964,542
(21,295)
—
(21,295)
1
day
MIBOR
Semi-Annual
5.28%
Semi-Annual
Morgan
Stanley
&
Co.
International
plc
09/15/21
(a)
09/15/26
INR
2,323,000
5,511
—
5,511
1
day
MIBOR
Semi-Annual
5.30%
Semi-Annual
Morgan
Stanley
&
Co.
International
plc
09/15/21
(a)
09/15/26
INR
2,241,000
25,055
—
25,055
BlackRock
Tactical
Opportunities
Fund
17
Schedule
of
Investments
(unaudited)
(continued)
July
31,
2021
OTC
Interest
Rate
Swaps
(continued)
Paid
by
the
Fund
Received
by
the
Fund
Rate
Frequency
Rate
Frequency
Counterparty
Effective
Date
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
1
day
MIBOR
Semi-Annual
5.69%
Semi-Annual
Morgan
Stanley
&
Co.
International
plc
09/15/21
(a)
09/15/26
INR
4,156,650
$
998,379
$
—
$
998,379
1
week
CNREPOFI
Quarterly
2.57%
Quarterly
Morgan
Stanley
&
Co.
International
plc
09/15/21
(a)
09/15/26
CNY
229,140
68,444
—
68,444
1.29%
Semi-Annual
6
month
THBFIX
Semi-Annual
Morgan
Stanley
&
Co.
International
plc
09/15/21
(a)
09/15/26
THB
3,320,591
(2,284,027)
—
(2,284,027)
1.51%
Quarterly
3
month
CD_KSDA
Quarterly
Morgan
Stanley
&
Co.
International
plc
09/15/21
(a)
09/15/26
KRW
9,560,411
(2,877)
—
(2,877)
1.53%
Quarterly
3
month
CD_KSDA
Quarterly
Morgan
Stanley
&
Co.
International
plc
09/15/21
(a)
09/15/26
KRW
14,310,396
(13,286)
—
(13,286)
1.53%
Quarterly
3
month
CD_KSDA
Quarterly
Morgan
Stanley
&
Co.
International
plc
09/15/21
(a)
09/15/26
KRW
6,853,231
(6,506)
—
(6,506)
1.53%
Quarterly
3
month
CD_KSDA
Quarterly
Morgan
Stanley
&
Co.
International
plc
09/15/21
(a)
09/15/26
KRW
27,412,924
(31,758)
—
(31,758)
1.54%
Quarterly
3
month
CD_KSDA
Quarterly
Morgan
Stanley
&
Co.
International
plc
09/15/21
(a)
09/15/26
KRW
28,035,945
(44,208)
—
(44,208)
1.54%
Quarterly
3
month
CD_KSDA
Quarterly
Morgan
Stanley
&
Co.
International
plc
09/15/21
(a)
09/15/26
KRW
26,700,900
(42,103)
—
(42,103)
1.62%
Quarterly
3
month
CD_KSDA
Quarterly
Morgan
Stanley
&
Co.
International
plc
09/15/21
(a)
09/15/26
KRW
18,529,875
(89,295)
—
(89,295)
1.62%
Quarterly
3
month
CD_KSDA
Quarterly
Morgan
Stanley
&
Co.
International
plc
09/15/21
(a)
09/15/26
KRW
16,518,060
(81,328)
—
(81,328)
1
day
MIBOR
Semi-Annual
5.56%
Semi-Annual
Nomura
International
plc
09/15/21
(a)
09/15/26
INR
2,429,824
406,693
—
406,693
1
week
CNREPOFI
Quarterly
2.90%
Quarterly
Nomura
International
plc
09/15/21
(a)
09/15/26
CNY
133,120
357,766
—
357,766
1.18%
Semi-Annual
6
month
THBFIX
Semi-Annual
Standard
Chartered
Bank
09/15/21
(a)
09/15/26
THB
814,400
(426,226)
—
(426,226)
$
(376,953)
$
—
$
(376,953)
(a)
Forward
swap.
OTC
Total
Return
Swaps
Paid
by
the
Fund
Received
by
the
Fund
Rate
(Amount)/
Reference
Frequency
Rate/Reference
Frequency
Counterparty
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
0.00%
...........
At
Termination
BOVESPA
Index
Futures
August
2021
At
Termination
Merrill
Lynch
International
&
Co.
08/18/21
BRL
17,359
$
(216,922)
$
—
$
(216,922)
Taiwan
Capitalization
Weighted
Stock
Index
Futures
August
2021
..........
At
Termination
0.00%
At
Termination
Merrill
Lynch
International
&
Co.
08/18/21
TWD
126,220
91,783
—
91,783
0.00%
...........
At
Termination
KOSPI
200
Index
Futures
September
2021
At
Termination
Merrill
Lynch
International
&
Co.
09/09/21
KRW
5,411,178
(92,308)
—
(92,308)
0.00%
...........
At
Termination
KOSPI
200
Index
Futures
September
2021
At
Termination
Merrill
Lynch
International
&
Co.
09/09/21
KRW
8,762,120
(238,313)
—
(238,313)
0.00%
...........
At
Termination
KOSPI
200
Index
Futures
September
2021
At
Termination
Merrill
Lynch
International
&
Co.
09/09/21
KRW
17,349,047
(416,559)
—
(416,559)
0.00%
...........
At
Termination
KOSPI
200
Index
Futures
September
2021
At
Termination
Merrill
Lynch
International
&
Co.
09/09/21
KRW
9,484,682
(128,565)
—
(128,565)
BlackRock
Tactical
Opportunities
Fund
18
Schedule
of
Investments
(unaudited)
(continued)
July
31,
2021
OTC
Total
Return
Swaps
(continued)
Paid
by
the
Fund
Received
by
the
Fund
Rate
(Amount)/
Reference
Frequency
Rate/Reference
Frequency
Counterparty
Termination
Date
Notional
Amount
(000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
0.00%
...........
At
Termination
KOSPI
200
Index
Futures
September
2021
At
Termination
Merrill
Lynch
International
&
Co.
09/09/21
KRW
9,982,822
$
(100,432)
$
—
$
(100,432)
0.00%
...........
At
Termination
KOSPI
200
Index
Futures
September
2021
At
Termination
Merrill
Lynch
International
&
Co.
09/09/21
KRW
3,898,470
(68,567)
—
(68,567)
0.00%
...........
At
Termination
KOSPI
200
Index
Futures
September
2021
At
Termination
Merrill
Lynch
International
&
Co.
09/09/21
KRW
10,822,748
(184,958)
—
(184,958)
0.00%
...........
At
Termination
KOSPI
200
Index
Futures
September
2021
At
Termination
Merrill
Lynch
International
&
Co.
09/09/21
KRW
24,315,941
(385,517)
—
(385,517)
0.00%
...........
At
Termination
KOSPI
200
Index
Futures
September
2021
At
Termination
Merrill
Lynch
International
&
Co.
09/09/21
KRW
5,196,276
(89,960)
—
(89,960)
Swiss
Market
Index
Futures
September
2021
..........
At
Termination
0.00%
At
Termination
HSBC
Bank
plc
09/17/21
CHF
4,752
(97,543)
—
(97,543)
Swiss
Market
Index
Futures
September
2021
..........
At
Termination
0.00%
At
Termination
HSBC
Bank
plc
09/17/21
CHF
5,994
(62,202)
—
(62,202)
Swiss
Market
Index
Futures
September
2021
..........
At
Termination
0.00%
At
Termination
HSBC
Bank
plc
09/17/21
CHF
11,090
(180,005)
—
(180,005)
Swiss
Market
Index
Futures
September
2021
..........
At
Termination
0.00%
At
Termination
HSBC
Bank
plc
09/17/21
CHF
7,269
(123,645)
—
(123,645)
Swiss
Market
Index
Futures
September
2021
..........
At
Termination
0.00%
At
Termination
HSBC
Bank
plc
09/17/21
CHF
10,452
(83,271)
—
(83,271)
Swiss
Market
Index
Futures
September
2021
..........
At
Termination
0.00%
At
Termination
HSBC
Bank
plc
09/17/21
CHF
9,955
(96,903)
—
(96,903)
Swiss
Market
Index
Futures
September
2021
..........
At
Termination
0.00%
At
Termination
HSBC
Bank
plc
09/17/21
CHF
3,962
(34,667)
—
(34,667)
Swiss
Market
Index
Futures
September
2021
..........
At
Termination
0.00%
At
Termination
HSBC
Bank
plc
09/17/21
CHF
4,051
(69,040)
—
(69,040)
Swiss
Market
Index
Futures
September
2021
..........
At
Termination
0.00%
At
Termination
HSBC
Bank
plc
09/17/21
CHF
55,469
(1,413,446)
—
(1,413,446)
Russian
Depositary
Net
Total
Return
USD
Index
..........
At
Termination
3
month
LIBOR
minus
0.15%
At
Termination
Merrill
Lynch
International
&
Co.
02/11/22
USD
6,179
(502,021)
—
(502,021)
Russian
Depositary
Net
Total
Return
USD
Index
..........
At
Termination
3
month
LIBOR
minus
0.24%
Quarterly
Merrill
Lynch
International
&
Co.
02/11/22
USD
5,499
(115,436)
—
(115,436)
Russian
Depositary
Net
Total
Return
USD
Index
..........
Quarterly
3
month
LIBOR
minus
0.25%
Quarterly
Merrill
Lynch
International
&
Co.
02/11/22
USD
5,455
(232,450)
—
(232,450)
3
month
LIBOR
.....
Quarterly
MSCI
Mexico
Net
Return
Index
Quarterly
HSBC
Bank
plc
05/04/22
USD
14,680
1,170,416
—
1,170,416
3
month
LIBOR
plus
0.15%
.........
Quarterly
MSCI
Mexico
Net
Return
Index
Quarterly
Merrill
Lynch
International
&
Co.
05/04/22
USD
11,643
292,493
—
292,493
MSCI
Chile
Net
Return
Index
..........
Quarterly
3
month
LIBOR
plus
0.19%
Quarterly
HSBC
Bank
plc
06/10/22
USD
3,092
177,216
—
177,216
$
(3,200,822)
$
—
$
(3,200,822)
BlackRock
Tactical
Opportunities
Fund
19
Schedule
of
Investments
(unaudited)
(continued)
July
31,
2021
i
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
0.02
%
1
day
MIBOR
........................................
Mumbai
Interbank
Offered
Rate
3.40
1
day
SORA
.........................................
Singapore
Overnight
Rate
Average
0.27
1
week
CNREPOFI
....................................
China
Fixing
Repo
Rates
2.40
3
month
BA
..........................................
Canadian
Bankers
Acceptances
0.44
3
month
CD_KSDA
....................................
Certificates
of
Deposit
by
the
Korean
Securities
Dealers
Association
0.70
3
month
HIBOR
.......................................
Hong
Kong
Interbank
Offered
Rate
0.15
3
month
JIBAR
.......................................
Johannesburg
Interbank
Average
Rate
3.68
3
month
LIBOR
.......................................
London
Interbank
Offered
Rate
0.12
3
month
STIBOR
......................................
Stockholm
Interbank
Offered
Rate
(0.02)
3
month
TWCPBA
.....................................
Taiwan
Secondary
Markets
Bills
Rate
0.48
6
month
BBR
........................................
Australian
Bank
Bill
Rate
0.05
6
month
EURIBOR
.....................................
Euro
Interbank
Offered
Rate
(0.52)
6
month
THBFIX
......................................
Thai
Baht
Interest
Rate
Fixing
0.29
6
month
WIBOR
......................................
Warsaw
Interbank
Offered
Rate
0.15
Glossary
of
Terms
Used
in
this
Report
Currency
Abbreviations
AUD
Australian
Dollar
BRL
Brazilian
Real
CAD
Canadian
Dollar
CHF
Swiss
Franc
CLP
Chilean
Peso
CNY
Chinese
Yuan
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
RUB
New
Russian
Ruble
SEK
Swedish
Krona
SGD
Singapore
Dollar
THB
Thai
Baht
TWD
Taiwan
New
Dollar
USD
United
States
Dollar
ZAR
South
African
Rand
Portfolio
Abbreviations
ADR
American
Depositary
Receipts
BA
Canadian
Bankers
Acceptances
BBR
Australian
Bank
Bill
Rate
BZDIOVER
Overnight
Brazil
CETIP
—
Interbank
Rate
CD_KSDA
Certificates
of
Deposit
by
the
Korean
Securities
Dealers
Association
CDO
Collateralized
Debt
Obligation
CDI
Crest
Depository
Interests
CNREPOFI
Day
China
Fixing
Repo
Rates
CVA
Certification
Van
Aandelon
(Dutch
Certificate)
EURIBOR
Euro
Interbank
Offered
Rate
HIBOR
Hong
Kong
Interbank
Offered
Rate
JIBAR
Johannesburg
Interbank
Average
Rate
LIBOR
London
Interbank
Offered
Rate
MIBOR
Mumbai
Interbank
Offered
Rate
MSCI
Morgan
Stanley
Capital
International
OTC
Over-the-counter
REIT
Real
Estate
Investment
Trust
S&P
Standard
&
Poor's
SCA
Svenska
Cellulosa
Aktiebolaget
SORA
Singapore
Overnight
Rate
Average
STIBOR
Stockholm
Interbank
Offered
Rate
THBFIX
Thai
Baht
Interest
Rate
Fixing
TWCPBA
Taiwan
Secondary
Markets
Bills
Rate
WIBOR
Warsaw
Interbank
Offered
Rate
BlackRock
Tactical
Opportunities
Fund
20
Schedule
of
Investments
(unaudited)
(continued)
July
31,
2021
Fair
Value
Hierarchy
as
of
Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
These
inputs
to
valuation
techniques
are
categorized
into
a
fair
value
hierarchy
consisting
of
three
broad
levels
for
financial
reporting
purposes
as
follows:
•
Level
1
—
Unadjusted
price
quotations
in
active
markets/exchanges
for
identical
assets
or
liabilities
that
the
Fund
has
the
ability
to
access;
•
Level
2
—
Other
observable
inputs
(including,
but
not
limited
to,
quoted
prices
for
similar
assets
or
liabilities
in
markets
that
are
active,
quoted
prices
for
identical
or
similar
assets
or
liabilities
in
markets
that
are
not
active,
inputs
other
than
quoted
prices
that
are
observable
for
the
assets
or
liabilities
(such
as
interest
rates,
yield
curves,
volatilities,
prepayment
speeds,
loss
severities,
credit
risks
and
default
rates)
or
other
market-corroborated
inputs);
and
•
Level
3
—
Unobservable
inputs
based
on
the
best
information
available
in
the
circumstances,
to
the
extent
observable
inputs
are
not
available
(including
the
BlackRock
Global
Valuation
Methodologies
Committee's
(the
"Global
Valuation
Committee's")
assumptions
used
in
determining
the
fair
value
of
financial
instruments).
The
hierarchy
gives
the
highest
priority
to
unadjusted
quoted
prices
in
active
markets
for
identical
assets
or
liabilities
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements).
Accordingly,
the
degree
of
judgment
exercised
in
determining
fair
value
is
greatest
for
instruments
categorized
in
Level
3.
The
inputs
used
to
measure
fair
value
may
fall
into
different
levels
of
the
fair
value
hierarchy.
In
such
cases,
for
disclosure
purposes,
the
fair
value
hierarchy
classification
is
determined
based
on
the
lowest
level
input
that
is
significant
to
the
fair
value
measurement
in
its
entirety.
Investments
classified
within
Level
3
have
significant
unobservable
inputs
used
by
the
Global
Valuation
Committee
in
determining
the
price
for
Fair
Valued
Investments.
Level
3
investments
include
equity
or
debt
issued
by
privately
held
companies
or
funds.
There
may
not
be
a
secondary
market,
and/or
there
are
a
limited
number
of
investors.
The
categorization
of
a
value
determined
for
financial
instruments
is
based
on
the
pricing
transparency
of
the
financial
instruments
and
is
not
necessarily
an
indication
of
the
risks
associated
with
investing
in
those
securities.
For
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
its
most
recent
financial
statements.
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
....................................
187,839
877,773
—
1,065,612
Air
Freight
&
Logistics
....................................
10,586,759
2,690,798
—
13,277,557
Airlines
..............................................
5,427,923
369,082
—
5,797,005
Auto
Components
......................................
610,143
4,206,836
—
4,816,979
Automobiles
..........................................
11,093,023
7,010,831
—
18,103,854
Banks
...............................................
30,301,497
18,988,726
—
49,290,223
Beverages
...........................................
575,319
1,193,555
—
1,768,874
Biotechnology
.........................................
9,804,662
1,619,341
—
11,424,003
Building
Products
.......................................
3,086,392
3,495,255
—
6,581,647
Capital
Markets
........................................
19,754,449
7,231,834
—
26,986,283
Chemicals
............................................
8,917,985
9,011,079
—
17,929,064
Commercial
Services
&
Supplies
.............................
6,915,006
1,378,894
—
8,293,900
Communications
Equipment
................................
—
169,252
—
169,252
Construction
&
Engineering
................................
195,162
1,515,678
—
1,710,840
Construction
Materials
....................................
—
1,798,535
—
1,798,535
Consumer
Finance
......................................
4,464,377
—
—
4,464,377
Containers
&
Packaging
..................................
4,969,935
133,475
—
5,103,410
Distributors
...........................................
3,680,179
—
—
3,680,179
Diversified
Financial
Services
...............................
10,790,692
1,507,698
—
12,298,390
Diversified
Telecommunication
Services
........................
5,516,932
2,656,535
—
8,173,467
Electric
Utilities
........................................
13,044,428
9,254,401
5,167
22,303,996
Electrical
Equipment
.....................................
1,680,397
5,013,747
—
6,694,144
Electronic
Equipment,
Instruments
&
Components
.................
1,034,051
4,449,846
—
5,483,897
Energy
Equipment
&
Services
..............................
68,221
—
—
68,221
Entertainment
.........................................
14,705,788
1,409,363
—
16,115,151
Equity
Real
Estate
Investment
Trusts
(REITs)
....................
22,708,471
2,278,802
—
24,987,273
Food
&
Staples
Retailing
..................................
16,405,722
2,937,995
—
19,343,717
Food
Products
.........................................
293,893
4,188,733
—
4,482,626
Gas
Utilities
...........................................
—
3,676,696
—
3,676,696
BlackRock
Tactical
Opportunities
Fund
21
Schedule
of
Investments
(unaudited)
(continued)
July
31,
2021
Level
1
Level
2
Level
3
Total
Health
Care
Equipment
&
Supplies
...........................
$
14,670,604
$
4,689,791
$
—
$
19,360,395
Health
Care
Providers
&
Services
............................
16,526,261
859,368
—
17,385,629
Health
Care
Technology
..................................
—
412,062
—
412,062
Hotels,
Restaurants
&
Leisure
..............................
29,749,303
1,597,189
—
31,346,492
Household
Durables
.....................................
5,714,078
2,398,507
—
8,112,585
Household
Products
.....................................
934,593
1,011,938
—
1,946,531
Independent
Power
and
Renewable
Electricity
Producers
............
297,237
587,636
—
884,873
Industrial
Conglomerates
..................................
2,453,967
3,117,214
—
5,571,181
Insurance
............................................
21,478,985
14,422,417
—
35,901,402
Interactive
Media
&
Services
...............................
49,893,119
155,661
—
50,048,780
Internet
&
Direct
Marketing
Retail
............................
31,495,005
2,196,677
—
33,691,682
IT
Services
...........................................
44,331,005
4,763,447
—
49,094,452
Leisure
Products
.......................................
1,770,724
765,670
—
2,536,394
Life
Sciences
Tools
&
Services
..............................
6,086,704
826,691
—
6,913,395
Machinery
............................................
4,504,871
10,364,580
—
14,869,451
Marine
..............................................
—
1,378,299
—
1,378,299
Media
...............................................
8,868,923
554,493
—
9,423,416
Metals
&
Mining
........................................
—
3,997,160
—
3,997,160
Multiline
Retail
.........................................
7,081,250
165,288
—
7,246,538
Multi-Utilities
..........................................
5,895,499
4,339,022
—
10,234,521
Oil,
Gas
&
Consumable
Fuels
...............................
26,594,607
5,196,851
—
31,791,458
Paper
&
Forest
Products
..................................
—
953,633
—
953,633
Personal
Products
......................................
765,342
2,217,897
—
2,983,239
Pharmaceuticals
.......................................
22,836,257
17,450,570
—
40,286,827
Professional
Services
....................................
7,561,785
6,968,904
—
14,530,689
Real
Estate
Management
&
Development
.......................
687,663
4,623,346
—
5,311,009
Road
&
Rail
...........................................
6,158,663
998,215
—
7,156,878
Semiconductors
&
Semiconductor
Equipment
....................
29,716,690
6,352,459
—
36,069,149
Software
.............................................
66,249,008
3,403,295
—
69,652,303
Specialty
Retail
........................................
13,756,464
1,446,594
—
15,203,058
Technology
Hardware,
Storage
&
Peripherals
....................
39,912,517
1,074,040
—
40,986,557
Textiles,
Apparel
&
Luxury
Goods
............................
10,253,322
5,385,538
—
15,638,860
Trading
Companies
&
Distributors
............................
1,392,458
6,431,176
—
7,823,634
Transportation
Infrastructure
...............................
—
234,418
—
234,418
Water
Utilities
.........................................
2,693,950
1,059,604
—
3,753,554
Wireless
Telecommunication
Services
.........................
107,295
2,730,155
—
2,837,450
Other
Interests
..........................................
—
—
—
—
Preferred
Stocks
.........................................
—
1,174,997
—
1,174,997
U.S.
Treasury
Obligations
...................................
—
306,757,226
—
306,757,226
Warrants
..............................................
18,445
—
—
18,445
Short-Term
Securities
.......................................
49,756,994
—
—
49,756,994
$
737,032,833
$
532,126,788
$
5,167
$
1,269,164,788
Derivative
Financial
Instruments
(a)
Assets:
Equity
contracts
...........................................
$
6,972,434
$
1,731,908
$
—
$
8,704,342
Foreign
currency
exchange
contracts
............................
—
4,372,165
—
4,372,165
Interest
rate
contracts
.......................................
21,627,128
30,493,310
—
52,120,438
Liabilities:
Equity
contracts
...........................................
(36,309,237)
(4,932,730)
—
(41,241,967)
Foreign
currency
exchange
contracts
............................
—
(7,410,034)
—
(7,410,034)
Interest
rate
contracts
.......................................
(27,424,160)
(24,572,302)
—
(51,996,462)
$
(35,133,835)
$
(317,683)
$
—
$
(35,451,518)
(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.