Schedule of Investments (unaudited)
December 31, 2023
BlackRock Global Equity Absolute Return Fund
(Percentages shown are based on Net Assets)
Security | Shares | Value | |
Common Stocks | |||
Brazil — 4.6% | |||
Lojas Renner SA | 46,174 | $ 165,683 | |
Pagseguro Digital Ltd., Class A(a) | 7,600 | 94,772 | |
XP, Inc., Class A | 7,076 | 184,471 | |
444,926 | |||
Canada — 8.2% | |||
Canadian National Railway Co. | 4,050 | 509,058 | |
Canadian Pacific Kansas City Ltd. | 1,872 | 148,116 | |
Suncor Energy, Inc. | 4,601 | 147,400 | |
804,574 | |||
Denmark — 6.4% | |||
Novo Nordisk A/S, Class B | 3,934 | 407,685 | |
Vestas Wind Systems A/S(a) | 6,702 | 212,063 | |
619,748 | |||
France — 2.0% | |||
Remy Cointreau SA | 1,518 | 193,628 | |
Germany — 7.9% | |||
Beiersdorf AG | 3,287 | 492,244 | |
Infineon Technologies AG | 3,474 | 145,083 | |
Puma SE | 2,387 | 132,788 | |
770,115 | |||
Italy — 3.2% | |||
Ferrari NV | 447 | 150,910 | |
Intesa Sanpaolo SpA | 56,047 | 164,016 | |
314,926 | |||
Japan — 11.6% | |||
Lasertec Corp. | 800 | 210,021 | |
Recruit Holdings Co. Ltd. | 10,500 | 439,017 | |
Sony Group Corp. | 5,100 | 482,628 | |
1,131,666 | |||
Netherlands — 4.5% | |||
ASML Holding NV | 366 | 276,289 | |
Heineken NV | 1,603 | 162,864 | |
439,153 | |||
Switzerland — 2.3% | |||
UBS Group AG, Registered Shares | 7,318 | 227,309 |
Security | Shares | Value | |
United States — 43.2% | |||
Adobe, Inc.(a) | 264 | $ 157,502 | |
Align Technology, Inc.(a) | 373 | 102,202 | |
Amazon.com, Inc.(a) | 2,168 | 329,406 | |
American International Group, Inc. | 2,356 | 159,619 | |
Baker Hughes Co., Class A | 3,429 | 117,203 | |
Bank of America Corp. | 3,527 | 118,754 | |
Cadence Design Systems, Inc.(a) | 849 | 231,242 | |
Chart Industries, Inc.(a) | 730 | 99,521 | |
Comcast Corp., Class A | 8,036 | 352,379 | |
Freeport-McMoRan, Inc. | 3,483 | 148,271 | |
Mastercard, Inc., Class A | 1,015 | 432,908 | |
Match Group, Inc.(a) | 3,127 | 114,136 | |
Meta Platforms, Inc., Class A(a) | 757 | 267,948 | |
Microsoft Corp. | 890 | 334,676 | |
Pinterest, Inc., Class A(a) | 3,883 | 143,826 | |
Thermo Fisher Scientific, Inc. | 566 | 300,427 | |
T-Mobile U.S., Inc. | 2,313 | 370,843 | |
WD-40 Co. | 769 | 183,845 | |
Western Alliance Bancorp | 2,167 | 142,567 | |
Willis Towers Watson PLC | 445 | 107,334 | |
4,214,609 | |||
Total Long-Term Investments — 93.9% (Cost: $7,851,082) | 9,160,654 | ||
Short-Term Securities | |||
Money Market Funds — 7.8% | |||
BlackRock Liquidity Funds, T-Fund, Institutional Class, 5.26%(b)(c) | 758,021 | 758,021 | |
Total Short-Term Securities — 7.8% (Cost: $758,021) | 758,021 | ||
Total Investments — 101.7% (Cost: $8,609,103) | 9,918,675 | ||
Liabilities in Excess of Other Assets — (1.7)% | (166,079) | ||
Net Assets — 100.0% | $ 9,752,596 |
(a) | Non-income producing security. |
(b) | Affiliate of the Fund. |
(c) | Annualized 7-day yield as of period end. |
1
Schedule of Investments (unaudited) (continued)
December 31, 2023
BlackRock Global Equity Absolute Return Fund
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the period ended December 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
Affiliated Issuer | Value at 03/31/23 | Purchases at Cost | Proceeds from Sale | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 12/31/23 | Shares Held at 12/31/23 | Income | Capital Gain Distributions from Underlying Funds | |||
BlackRock Liquidity Funds, T-Fund, Institutional Class | $ 1,394,967 | $ — | $ (636,946)(a) | $ — | $ — | $ 758,021 | 758,021 | $ 51,552 | $ — | |||
SL Liquidity Series, LLC, Money Market Series(b) | 158,152 | — | (158,177)(a) | (8) | 33 | — | — | 11,380(c) | — | |||
$ (8) | $ 33 | $ 758,021 | $ 62,932 | $ — |
(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. |
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
Description | Number of Contracts | Expiration Date | Notional Amount (000) | Value/ Unrealized Appreciation (Depreciation) |
Short Contracts | ||||
CAC 40 Index | 3 | 01/19/24 | $ 250 | $ 332 |
TOPIX Index | 2 | 03/07/24 | 336 | 845 |
S&P 500 E-Mini Index | 2 | 03/15/24 | 482 | (15,995) |
STOXX Europe 600 Index | 52 | 03/15/24 | 1,377 | (10,122) |
$ (24,940) |
Forward Foreign Currency Exchange Contracts
Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation) | ||
USD | 665,516 | CAD | 903,012 | Morgan Stanley & Co. International PLC | 01/19/24 | $ (16,179) |
USD | 182,902 | CHF | 160,373 | State Street Bank and Trust Co. | 01/19/24 | (8,209) |
USD | 559,380 | DKK | 3,868,081 | Societe Generale SA | 01/19/24 | (14,084) |
USD | 1,690,651 | EUR | 1,568,551 | State Street Bank and Trust Co. | 01/19/24 | (42,466) |
USD | 1,105,412 | JPY | 160,722,979 | State Street Bank and Trust Co. | 01/19/24 | (38,226) |
$(119,164) | ||||||
2
Schedule of Investments (unaudited) (continued)
December 31, 2023
BlackRock Global Equity Absolute Return Fund
OTC Total Return Swaps
Reference Entity | Payment Frequency | Counterparty(i) | Termination Date | Net Notional | Accrued Unrealized Appreciation (Depreciation) | Net Value of Reference Entity | Gross Notional Amount Net Asset Percentage | |
Equity Securities Long/Short | Monthly | Citibank N.A.(a) | 02/26/24–02/24/28 | $ (1,007,735) | $ 2,746(b) | $ (998,751) | 22.1% | |
Monthly | Goldman Sachs Bank USA(c) | 08/19/26 | (1,033,340) | 5,056(d) | (1,021,823) | 16.1 | ||
Monthly | HSBC Bank PLC(e) | 02/10/28 | (1,180,584) | (45,019)(f) | (1,224,963) | 18.5 | ||
Monthly | Morgan Stanley & Co. International PLC(g) | 05/15/24–12/26/28 | (1,420,206) | (13,901)(h) | (1,428,290) | 21.7 | ||
$ (51,118) | $ (4,673,827) |
(b) | Amount includes $(6,238) of net dividends and financing fees. |
(d) | Amount includes $(6,461) of net dividends and financing fees. |
(f) | Amount includes $(640) of net dividends and financing fees. |
(h) | Amount includes $(5,817) of net dividends and financing fees. |
(i) | The Fund receives the total return on a portfolio of long positions underlying the total return swap. The Fund pays the total return on a portfolio of short positions underlying the total return swap. In addition, the Fund pays or receives a variable rate of interest, based on a specified benchmark. The benchmark and spread are determined based upon the country and/or currency of the individual underlying positions. |
The following are the specified benchmarks (plus or minus a range) used in determining the variable rate of interest: | |||
(a) | (c) | (e) | |
Range: | 15-35 basis points | 0-600 basis points | 15-150 basis points |
Benchmarks: | Euro Short-Term Rate: | Canadian Overnight Repo Rate Average: | Euro Short-Term Rate: |
EUR 1-Day | CAD 1-Day | EUR 1-Day | |
Sterling Overnight Index Average: | Euro Short-Term Rate: | Sterling Overnight Index Average: | |
GBP 1-Day | EUR 1-Day | GBP 1-Day | |
Tokyo Overnight Average Rate: | Sterling Overnight Index Average: | Tokyo Overnight Average Rate: | |
JPY 1-Day | GBP 1-Day | JPY 1-Day | |
Overnight Bank Funding Rate: | Hong Kong Overnight Index Average: | Overnight Bank Funding Rate: | |
USD 1-Day | HKD 1-Day | USD 1-Day | |
Tokyo Overnight Average Rate: | |||
JPY 1-Day | |||
Overnight Federal Funds Effective Rate: | |||
USD 1-Day | |||
(g) | |||
Range: | 15-40 basis points | ||
Benchmarks: | Euro Short-Term Rate: | ||
EUR 1-Day | |||
Sterling Overnight Index Average: | |||
GBP 1-Day | |||
Tokyo Overnight Average Rate: | |||
JPY 1-Day | |||
Stockholm Overnight Interbank Offer Rate: | |||
SEK 1-Day | |||
Overnight Federal Funds Effective Rate: | |||
USD 1-Day | |||
3
Schedule of Investments (unaudited) (continued)
December 31, 2023
BlackRock Global Equity Absolute Return Fund
The following table represents the individual long and short positions and related values of equity securities underlying the total return swap with Citibank N.A. as of period end, termination dates February 26, 2024 to February 24, 2028:
Shares | Value | % of Basket Value | ||
Reference Entity — Long | ||||
Common Stocks | ||||
France | ||||
Air Liquide SA | 841 | $ 163,739 | (16.4)% | |
South Korea | ||||
Samsung Electronics Co. Ltd. | 7,003 | 425,060 | (42.6) | |
Total Reference Entity — Long | 588,799 | |||
Reference Entity — Short | ||||
Common Stocks | ||||
Israel | ||||
Wix.com Ltd. | 901 | (110,841) | 11.1 | |
Japan | ||||
Seven Bank Ltd. | 35,200 | (74,726) | 7.5 | |
Netherlands | ||||
Randstad NV | 2,097 | (131,608) | 13.2 | |
United Kingdom | ||||
Bunzl PLC | 4,407 | (179,081) | 17.9 | |
United States | ||||
Belden, Inc. | 1,212 | (93,627) | 9.4 | |
Charter Communications, Inc., Class A | 187 | (72,683) | 7.3 | |
Cognizant Technology Solutions Corp., Class A | 1,124 | (84,896) | 8.5 | |
GoDaddy, Inc., Class A | 979 | (103,931) | 10.4 | |
International Business Machines Corp. | 1,057 | (172,872) | 17.3 | |
Interpublic Group of Cos., Inc. (The) | 2,849 | (92,991) | 9.3 | |
Iron Mountain, Inc. | 2,845 | (199,093) | 19.9 | |
Timken Co. (The) | 2,054 | (164,628) | 16.5 | |
Trade Desk, Inc. (The), Class A | 1,481 | (106,573) | 10.7 | |
(1,091,294) | ||||
Total Reference Entity — Short | (1,587,550) | |||
Net Value of Reference Entity — Citibank N.A. | $(998,751) |
The following table represents the individual long and short positions and related values of equity securities underlying the total return swap with Goldman Sachs Bank USA as of period end, termination date August 19, 2026:
Shares | Value | % of Basket Value | ||
Reference Entity — Long | ||||
Common Stocks | ||||
United Kingdom | ||||
HSBC Holdings PLC | 21,476 | $ 173,740 | (17.0)% |
Shares | Value | % of Basket Value | ||
United States | ||||
Willis Towers Watson PLC | 445 | $ 107,334 | (10.5)% | |
Total Reference Entity — Long | 281,074 | |||
Reference Entity — Short | ||||
Common Stocks | ||||
Canada | ||||
BCE, Inc. | 2,138 | (84,177) | 8.2 | |
China | ||||
New China Life Insurance Co. Ltd., Class H | 38,400 | (74,921) | 7.3 | |
Japan | ||||
Aozora Bank Ltd. | 4,800 | (104,069) | 10.2 | |
Dentsu Group, Inc. | 2,400 | (61,448) | 6.0 | |
(165,517) | ||||
Netherlands | ||||
Basic-Fit NV | 803 | (25,000) | 2.5 | |
Spain | ||||
Mapfre SA | 50,696 | (108,947) | 10.7 | |
Telefonica SA | 28,206 | (110,282) | 10.8 | |
(219,229) | ||||
United States | ||||
Expedia Group, Inc. | 1,269 | (192,621) | 18.8 | |
Paramount Global, Class B, NVS | 4,205 | (62,192) | 6.1 | |
Penske Automotive Group, Inc. | 831 | (133,384) | 13.1 | |
Progressive Corp. (The) | 911 | (145,104) | 14.2 | |
Trupanion, Inc. | 3,326 | (101,476) | 9.9 | |
Williams-Sonoma, Inc. | 492 | (99,276) | 9.7 | |
(734,053) | ||||
Total Reference Entity — Short | (1,302,897) | |||
Net Value of Reference Entity — Goldman Sachs Bank USA | $(1,021,823) |
The following table represents the individual long and short positions and related values of equity securities underlying the total return swap with HSBC Bank PLC as of period end, termination date February 10, 2028:
Shares | Value | % of Basket Value | ||
Reference Entity — Long | ||||
Common Stocks | ||||
United Kingdom | ||||
Melrose Industries PLC | 24,486 | $ 176,994 | (14.5)% | |
United States | ||||
American International Group, Inc. | 2,248 | 152,302 | (12.4) | |
Total Reference Entity — Long | 329,296 | |||
Reference Entity — Short | ||||
Common Stocks | ||||
France | ||||
Airbus SE | 1,067 | (164,839) | 13.5 |
4
Schedule of Investments (unaudited) (continued)
December 31, 2023
BlackRock Global Equity Absolute Return Fund
Shares | Value | % of Basket Value | ||
Japan | ||||
Central Japan Railway Co. | 1,800 | $ (45,685) | 3.7% | |
Secom Co. Ltd. | 1,000 | (71,940) | 5.9 | |
Shiseido Co. Ltd. | 1,800 | (54,256) | 4.4 | |
(171,881) | ||||
Netherlands | ||||
Basic-Fit NV | 2,350 | (73,163) | 6.0 | |
Taiwan | ||||
First Financial Holding Co. Ltd. | 81,000 | (72,276) | 5.9 | |
United Kingdom | ||||
Associated British Foods PLC | 2,938 | (88,548) | 7.2 | |
Sage Group PLC (The) | 13,068 | (195,090) | 15.9 | |
(283,638) | ||||
United States | ||||
BRP Group, Inc., Class A | 4,860 | (116,737) | 9.5 | |
Conagra Brands, Inc. | 3,673 | (105,268) | 8.6 | |
Five Below, Inc. | 433 | (92,298) | 7.5 | |
Gap, Inc. (The) | 2,249 | (47,027) | 3.9 | |
Robert Half, Inc. | 1,532 | (134,693) | 11.0 | |
Rockwell Automation, Inc. | 320 | (99,354) | 8.1 | |
WW Grainger, Inc. | 233 | (193,085) | 15.8 | |
(788,462) | ||||
Total Reference Entity — Short | (1,554,259) | |||
Net Value of Reference Entity — HSBC Bank PLC | $(1,224,963) |
The following table represents the individual long and short positions and related values of equity securities underlying the total return swap with Morgan Stanley & Co. International PLC as of period end, termination dates May 15, 2024 to December 26, 2028:
Shares | Value | % of Basket Value | ||
Reference Entity — Long | ||||
Common Stocks | ||||
Brazil | ||||
B3 SA - Brasil Bolsa Balcao | 63,356 | $ 189,559 | (13.3)% | |
United Kingdom | ||||
Smith & Nephew PLC | 11,841 | 162,661 | (11.4) | |
Total Reference Entity — Long | 352,220 |
Shares | Value | % of Basket Value | ||
Reference Entity — Short | ||||
Common Stocks | ||||
Germany | ||||
Fresenius Medical Care AG | 1,995 | $ (83,408) | 5.8% | |
Siemens AG, Registered Shares | 263 | (49,341) | 3.5 | |
(132,749) | ||||
Hong Kong | ||||
Futu Holdings Ltd., ADR | 1,067 | (58,290) | 4.1 | |
Japan | ||||
Daiwa Securities Group, Inc. | 11,900 | (79,875) | 5.6 | |
Nissan Motor Co. Ltd. | 12,700 | (49,656) | 3.5 | |
SoftBank Corp. | 8,600 | (107,171) | 7.5 | |
(236,702) | ||||
Spain | ||||
ACS Actividades de Construccion y Servicios SA | 3,782 | (167,977) | 11.8 | |
Sweden | ||||
Evolution AB | 1,313 | (156,392) | 11.0 | |
H & M Hennes & Mauritz AB, B Shares | 4,919 | (86,280) | 6.0 | |
(242,672) | ||||
Taiwan | ||||
Mega Financial Holding Co. Ltd. | 57,000 | (72,732) | 5.1 | |
United Kingdom | ||||
BT Group PLC | 43,832 | (69,061) | 4.8 | |
United States | ||||
Booking Holdings, Inc. | 43 | (152,531) | 10.7 | |
Carrier Global Corp. | 1,806 | (103,755) | 7.3 | |
J M Smucker Co. (The) | 940 | (118,797) | 8.3 | |
Lam Research Corp. | 94 | (73,626) | 5.1 | |
Omnicom Group, Inc. | 2,213 | (191,447) | 13.4 | |
ResMed, Inc. | 518 | (89,106) | 6.2 | |
Tesla, Inc. | 286 | (71,065) | 5.0 | |
(800,327) | ||||
Total Reference Entity — Short | (1,780,510) | |||
Net Value of Reference Entity — Morgan Stanley & Co. International PLC | $(1,428,290) |
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
5
Schedule of Investments (unaudited) (continued)
December 31, 2023
BlackRock Global Equity Absolute Return Fund
Fair Value Hierarchy as of Period End (continued)
• Level 3 — Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments).
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding valuation of financial instruments, refer to its most recent financial statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
Level 1 | Level 2 | Level 3 | Total | ||||
Assets | |||||||
Investments | |||||||
Long-Term Investments | |||||||
Common Stocks | |||||||
Brazil | $ 279,243 | $ 165,683 | $ — | $ 444,926 | |||
Canada | 804,574 | — | — | 804,574 | |||
Denmark | — | 619,748 | — | 619,748 | |||
France | — | 193,628 | — | 193,628 | |||
Germany | — | 770,115 | — | 770,115 | |||
Italy | — | 314,926 | — | 314,926 | |||
Japan | — | 1,131,666 | — | 1,131,666 | |||
Netherlands | — | 439,153 | — | 439,153 | |||
Switzerland | — | 227,309 | — | 227,309 | |||
United States | 4,214,609 | — | — | 4,214,609 | |||
Short-Term Securities | |||||||
Money Market Funds | 758,021 | — | — | 758,021 | |||
$ 6,056,447 | $ 3,862,228 | $ — | $ 9,918,675 | ||||
Derivative Financial Instruments(a) | |||||||
Assets | |||||||
Equity Contracts | $ 1,177 | $ 7,802 | $ — | $ 8,979 | |||
Liabilities | |||||||
Equity Contracts | (26,117) | (58,920) | — | (85,037) | |||
Foreign Currency Exchange Contracts | — | (119,164) | — | (119,164) | |||
$ (24,940) | $ (170,282) | $ — | $ (195,222) |
(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. |
Currency Abbreviation | |
CAD | Canadian Dollar |
CHF | Swiss Franc |
DKK | Danish Krone |
EUR | Euro |
GBP | British Pound |
HKD | Hong Kong Dollar |
JPY | Japanese Yen |
SEK | Swedish Krona |
USD | United States Dollar |
6
Schedule of Investments (unaudited) (continued)
December 31, 2023
BlackRock Global Equity Absolute Return Fund
Portfolio Abbreviation | |
ADR | American Depositary Receipt |
NVS | Non-Voting Shares |
S&P | Standard & Poor’s |
TOPIX | Tokyo Stock Price Index |
7