# EDGAR Filing Document

**Accession Number:** 0000844779
**File Stem:** 0000940400-25-005419
**Filing Date:** 2025-10
**Character Count:** 131502
**Document Hash:** bd030a8aa9877a790c8cc9ba284289fc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-005419.hdr.sgml**: 20251027

**ACCESSION NUMBER**: 0000940400-25-005419

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250829

**FILED AS OF DATE**: 20251027

**DATE AS OF CHANGE**: 20251027

**PERIOD START**: 20260531

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BLACKROCK FUNDS
- **CENTRAL INDEX KEY:** 0000844779

**ORGANIZATION NAME:**
- **EIN:** 510318674
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05742
- **FILM NUMBER:** 251419575

**BUSINESS ADDRESS:**
- **STREET 1:** 100 BELLEVUE PARKWAY
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19809
- **BUSINESS PHONE:** 800-441-7762

**MAIL ADDRESS:**
- **STREET 1:** 100 BELLEVUE PARKWAY
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19809

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** COMPASS CAPITAL FUNDS\
- **DATE OF NAME CHANGE:** 19961114

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PNC FUND
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NCP FUNDS
- **DATE OF NAME CHANGE:** 19890511

## Series and Classes Contracts Data

### BlackRock U.S. Insights Long/Short Equity Fund (Series ID: S000080441)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000242843 | Class K       |  |
| C000242844 | Investor A    |  |
| C000242845 | Institutional |  |

## Nport-Ex

Schedule of Investments (unaudited)

August 31, 2025

**BlackRock U.S. Insights Long/Short Equity Fund**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | <br>*Shares*<br>| *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Aerospace & Defense — 0.2%** | **Aerospace & Defense — 0.2%** | **Aerospace & Defense — 0.2%** |
| Firefly Aerospace, Inc.<sup>(a)</sup> | 414 | $18783 |
| Voyager Technologies, Inc., Class A<sup>(a)</sup> | 51 | 1565 |
|  |  | 20348 |
| **Biotechnology — 0.0%** | **Biotechnology — 0.0%** | **Biotechnology — 0.0%** |
| Caris Life Sciences, Inc.<sup>(a)</sup> | 190 | 7294 |
| **Capital Markets — 0.6%** | **Capital Markets — 0.6%** | **Capital Markets — 0.6%** |
| Bullish<sup>(a)</sup> | 711 | 41970 |
| Etoro Group Ltd., Class A<sup>(a)</sup> | 580 | 25752 |
| Miami International Holdings, Inc.<sup>(a)</sup> | 262 | 9846 |
|  |  | 77568 |
| **Financial Services — 0.3%** | **Financial Services — 0.3%** | **Financial Services — 0.3%** |
| Chime Financial, Inc., Class A<sup>(a)</sup> | 1269 | 33514 |
| **Health Care Technology — 0.0%** | **Health Care Technology — 0.0%** | **Health Care Technology — 0.0%** |
| HeartFlow, Inc.<sup>(a)</sup> | 36 | 1134 |
| **Insurance — 0.4%** | **Insurance — 0.4%** | **Insurance — 0.4%** |
| Accelerant Holdings, Class A<sup>(a)</sup> | 1330 | 26666 |
| Slide Insurance Holdings, Inc.<sup>(a)</sup> | 1491 | 19950 |
|  |  | 46616 |
| **Media — 0.2%** | **Media — 0.2%** | **Media — 0.2%** |
| MNTN, Inc., Class A<sup>(a)</sup> | 15 | 306 |
| NIQ Global Intelligence PLC<sup>(a)</sup> | 1268 | 21607 |
|  |  | 21913 |
| **Software — 0.1%** | **Software — 0.1%** | **Software — 0.1%** |
| Figma, Inc., Class A<sup>(a)(b)</sup> | 227 | 15954 |
| **Total Long-Term Investments — 1.8%** <br>**(Cost: $209,277)** | **Total Long-Term Investments — 1.8%** <br>**(Cost: $209,277)** | 224341 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.1%** | **Money Market Funds — 0.1%** | **Money Market Funds — 0.1%** |
| &nbsp;&nbsp;&nbsp; BlackRock Cash Funds: Institutional, SL Agency Shares, <br> 4.44%<sup>(c)(d)(e)</sup><br>| 18104 | $18113 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  |  | *Par* <br>*(000)*<br>|  |
| **U.S. Treasury Obligations**<sup>(f)</sup> **— 93.5%** | **U.S. Treasury Obligations**<sup>(f)</sup> **— 93.5%** | **U.S. Treasury Obligations**<sup>(f)</sup> **— 93.5%** | **U.S. Treasury Obligations**<sup>(f)</sup> **— 93.5%** |
| U.S. Treasury Bills, 4.19%, 11/06/25 | USD  | 11772 | 11684886 |
| **Total Short-Term Securities — 93.6%** <br>**(Cost: $11,701,595)** | **Total Short-Term Securities — 93.6%** <br>**(Cost: $11,701,595)** | **Total Short-Term Securities — 93.6%** <br>**(Cost: $11,701,595)** | 11702999 |
| **Total Investments — 95.4%** <br>**(Cost: $11,910,872)** | **Total Investments — 95.4%** <br>**(Cost: $11,910,872)** | **Total Investments — 95.4%** <br>**(Cost: $11,910,872)** | 11927340 |
| **Other Assets Less Liabilities — 4.6%** | **Other Assets Less Liabilities — 4.6%** | **Other Assets Less Liabilities — 4.6%** | 569840 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | **Net Assets — 100.0%** | $12497180 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> All or a portion of this security is on loan.

<sup>(c)</sup> Affiliate of the Fund.

<sup>(d)</sup> Annualized 7-day yield as of period end.

<sup>(e)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities. 

<sup>(f)</sup> Rates are discount rates or a range of discount rates as of period end.

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the period ended August 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*05/31/25*<br>| *Proceeds* <br>*from Sales*<br>| *Net* <br>*Realized* <br>*Gain* <br>*(Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*08/31/25*<br>| *Shares* <br>*Held at* <br>*08/31/25*<br>| *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| &nbsp;&nbsp;&nbsp; BlackRock Cash Funds: Institutional, SL Agency <br> Shares<br>| &nbsp;&nbsp; $—<br>&nbsp;&nbsp; $18104 <br><sup>(a)</sup><br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $9 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $18113 | &nbsp;&nbsp; 18104<br> &nbsp;&nbsp; $193 <br><sup>(b)</sup><br>| &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities. 

For purposes of this report, industry and sector sub-classifications may differ from those utilized by the Fund for compliance purposes.

------

Schedule of Investments (unaudited) (continued)

August 31, 2025

**BlackRock U.S. Insights Long/Short Equity Fund**

**Derivative Financial Instruments Outstanding as of Period End**

**Equity Swap Contracts** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | *Notional Amount* | *Termination Date* | *Spread* | *Reference Rate* | *Payment* <br>*Frequency*<br>| *Value/ Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> |
| Adobe, Inc. | Barclays Bank PLC | USD  | 39468 | &nbsp;&nbsp; 07/23/26 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; $(588)<br>|
| Adobe, Inc. | Goldman Sachs Bank USA |  | 81970 | &nbsp;&nbsp; 08/18/26 | 0.20<br> %<br>| 1D FEDL01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 427 |
| Allegion PLC | Goldman Sachs Bank USA |  | 108159 | &nbsp;&nbsp; 08/18/26 | 0.20<br> %<br>| 1D FEDL01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 1702 |
| Allegion PLC | HSBC Bank PLC |  | 41912 | &nbsp;&nbsp; 02/09/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 1556 |
| Allegion PLC | Merrill Lynch International |  | 93114 | &nbsp;&nbsp; 06/15/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 1465 |
| Allstate Corp. (The) | Barclays Bank PLC |  | 5960 | &nbsp;&nbsp; 07/23/26 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (60)<br>|
| Allstate Corp. (The) | Merrill Lynch International |  | 113729 | &nbsp;&nbsp; 06/15/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (1832)<br>|
| Alphabet, Inc., Class A | Merrill Lynch International |  | 147420 | &nbsp;&nbsp; 06/15/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 6514 |
| Amazon.com, Inc. | Barclays Bank PLC |  | 61558 | &nbsp;&nbsp; 07/23/26 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 43 |
| Amazon.com, Inc. | Goldman Sachs Bank USA |  | 248588 | &nbsp;&nbsp; 08/19/26 | 0.20<br> %<br>| 1D FEDL01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (2184)<br>|
| Amazon.com, Inc. | HSBC Bank PLC |  | 204875 | &nbsp;&nbsp; 02/09/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 5805 |
| Amazon.com, Inc. | Merrill Lynch International |  | 108584 | &nbsp;&nbsp; 06/15/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (954)<br>|
| Amphenol Corp., Class A | Merrill Lynch International |  | 60353 | &nbsp;&nbsp; 06/15/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (480)<br>|
| Apple Inc. | Goldman Sachs Bank USA |  | 12274 | &nbsp;&nbsp; 08/18/26 | 0.20<br> %<br>| 1D FEDL01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 29 |
| Apple Inc. | HSBC Bank PLC |  | 366960 | &nbsp;&nbsp; 02/09/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 4464 |
| Aptiv PLC | Merrill Lynch International |  | 135230 | &nbsp;&nbsp; 06/15/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 9753 |
| ASML Holding NV, Registered Shares | Barclays Bank PLC |  | 25666 | &nbsp;&nbsp; 07/23/26 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (417)<br>|
| ASML Holding NV, Registered Shares | HSBC Bank PLC |  | 45506 | &nbsp;&nbsp; 02/09/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 1279 |
| Assurant, Inc. | Goldman Sachs Bank USA |  | 2763 | &nbsp;&nbsp; 08/18/26 | 0.20<br> %<br>| 1D FEDL01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 40 |
| Assurant, Inc. | HSBC Bank PLC |  | 2439 | &nbsp;&nbsp; 02/09/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 148 |
| Assurant, Inc. | Merrill Lynch International |  | 63325 | &nbsp;&nbsp; 06/15/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 927 |
| Bank of America Corp. | Barclays Bank PLC |  | 3216 | &nbsp;&nbsp; 07/23/26 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 82 |
| Bank of America Corp. | Goldman Sachs Bank USA |  | 23892 | &nbsp;&nbsp; 08/18/26 | 0.20<br> %<br>| 1D FEDL01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 1934 |
| Bank of America Corp. | HSBC Bank PLC |  | 32253 | &nbsp;&nbsp; 02/09/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 3316 |
| Bath & Body Works, Inc. | Goldman Sachs Bank USA |  | 59769 | &nbsp;&nbsp; 08/18/26 | 0.20<br> %<br>| 1D FEDL01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 1105 |
| Bath & Body Works, Inc. | Merrill Lynch International |  | 7199 | &nbsp;&nbsp; 06/15/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 133 |
| Baxter International, Inc. | Barclays Bank PLC |  | 26896 | &nbsp;&nbsp; 07/23/26 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 164 |
| Baxter International, Inc. | Goldman Sachs Bank USA |  | 60184 | &nbsp;&nbsp; 08/18/26 | 0.20<br> %<br>| 1D FEDL01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 1269 |
| Baxter International, Inc. | Merrill Lynch International |  | 17289 | &nbsp;&nbsp; 06/15/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 365 |
| Becton Dickinson & Co. | Merrill Lynch International |  | 66816 | &nbsp;&nbsp; 06/15/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (1009)<br>|
| Biogen, Inc. | HSBC Bank PLC |  | 392 | &nbsp;&nbsp; 02/09/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 5 |
| Biogen, Inc. | Merrill Lynch International |  | 68330 | &nbsp;&nbsp; 06/15/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (3145)<br>|
| Blue Owl Capital, Inc., Class A | Goldman Sachs Bank USA |  | 131604 | &nbsp;&nbsp; 08/18/26 | 0.20<br> %<br>| 1D FEDL01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (3594)<br>|
| Blue Owl Capital, Inc., Class A | HSBC Bank PLC |  | 55893 | &nbsp;&nbsp; 02/09/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (3481)<br>|
| Boston Scientific Corp. | Barclays Bank PLC |  | 29409 | &nbsp;&nbsp; 07/23/26 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (186)<br>|
| Boston Scientific Corp. | Merrill Lynch International |  | 136081 | &nbsp;&nbsp; 06/15/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 3073 |
| BP PLC, ADR | Barclays Bank PLC |  | 270173 | &nbsp;&nbsp; 07/23/26 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 3811 |
| BP PLC, ADR | Goldman Sachs Bank USA |  | 3914 | &nbsp;&nbsp; 08/18/26 | 0.20<br> %<br>| 1D FEDL01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 103 |
| BP PLC, ADR | HSBC Bank PLC |  | 21986 | &nbsp;&nbsp; 02/09/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 702 |
| BP PLC, ADR | Merrill Lynch International |  | 32202 | &nbsp;&nbsp; 06/15/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 844 |
| Bristol-Myers Squibb Co. | HSBC Bank PLC |  | 59092 | &nbsp;&nbsp; 02/09/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 1582 |
| Broadcom, Inc. | Goldman Sachs Bank USA |  | 204635 | &nbsp;&nbsp; 08/18/26 | 0.20<br> %<br>| 1D FEDL01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (5979)<br>|
| Cadence Design Systems, Inc. | HSBC Bank PLC |  | 64779 | &nbsp;&nbsp; 02/09/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (300)<br>|
| Cadence Design Systems, Inc. | Merrill Lynch International |  | 143101 | &nbsp;&nbsp; 06/15/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 225 |
| Camden Property Trust | Barclays Bank PLC |  | 58879 | &nbsp;&nbsp; 07/23/26 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 1367 |
| Camden Property Trust | HSBC Bank PLC |  | 3166 | &nbsp;&nbsp; 02/09/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 194 |
| Capital One Financial Corp. | Barclays Bank PLC |  | 58937 | &nbsp;&nbsp; 07/23/26 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 1598 |
| Capital One Financial Corp. | HSBC Bank PLC |  | 16373 | &nbsp;&nbsp; 02/09/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 1493 |
| Cardinal Health, Inc. | HSBC Bank PLC |  | 81853 | &nbsp;&nbsp; 02/09/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (4488)<br>|
| Carlyle Group, Inc. (The) | Barclays Bank PLC |  | 106189 | &nbsp;&nbsp; 07/23/26 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (246)<br>|
| Carvana Co., Class A | Barclays Bank PLC |  | 21111 | &nbsp;&nbsp; 07/23/26 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 832 |
| Carvana Co., Class A | HSBC Bank PLC |  | 93841 | &nbsp;&nbsp; 02/09/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 6577 |
| Carvana Co., Class A | Merrill Lynch International |  | 12600 | &nbsp;&nbsp; 06/15/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 789 |
| Cencora, Inc. | Barclays Bank PLC |  | 191360 | &nbsp;&nbsp; 07/23/26 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (647)<br>|
| Cencora, Inc. | Goldman Sachs Bank USA |  | 37188 | &nbsp;&nbsp; 08/18/26 | 0.20<br> %<br>| 1D FEDL01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (154)<br>|
| Cencora, Inc. | HSBC Bank PLC |  | 54460 | &nbsp;&nbsp; 02/09/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 1238 |
| Cencora, Inc. | Merrill Lynch International |  | 30160 | &nbsp;&nbsp; 06/15/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (125)<br>|
| Charles Schwab Corp. (The) | Barclays Bank PLC |  | 66985 | &nbsp;&nbsp; 07/23/26 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 7 |

---

------

Schedule of Investments (unaudited) (continued)

August 31, 2025

**BlackRock U.S. Insights Long/Short Equity Fund**

**Equity Swap Contracts (continued)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | *Notional Amount* | *Termination Date* | *Spread* | *Reference Rate* | *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) |
| Charles Schwab Corp. (The) | HSBC Bank PLC | USD  | 27765 | &nbsp;&nbsp; 02/09/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; $(355)<br>|
| Charles Schwab Corp. (The) | Merrill Lynch International |  | 87556 | &nbsp;&nbsp; 06/15/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (246)<br>|
| Charter Communications, Inc., Class A | Goldman Sachs Bank USA |  | 34563 | &nbsp;&nbsp; 08/18/26 | 0.20<br> %<br>| 1D FEDL01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (303)<br>|
| Charter Communications, Inc., Class A | Merrill Lynch International |  | 86767 | &nbsp;&nbsp; 06/15/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (719)<br>|
| Chevron Corp. | Barclays Bank PLC |  | 307122 | &nbsp;&nbsp; 07/23/26 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 4699 |
| Chevron Corp. | HSBC Bank PLC |  | 11781 | &nbsp;&nbsp; 02/09/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 425 |
| Churchill Downs, Inc. | Barclays Bank PLC |  | 65441 | &nbsp;&nbsp; 07/23/26 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (195)<br>|
| Cintas Corp. | Barclays Bank PLC |  | 75025 | &nbsp;&nbsp; 07/23/26 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (1935)<br>|
| Cisco Systems, Inc. | Barclays Bank PLC |  | 86775 | &nbsp;&nbsp; 07/23/26 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 2282 |
| Cisco Systems, Inc. | Goldman Sachs Bank USA |  | 7150 | &nbsp;&nbsp; 08/18/26 | 0.20<br> %<br>| 1D FEDL01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 312 |
| Cisco Systems, Inc. | Merrill Lynch International |  | 23567 | &nbsp;&nbsp; 06/15/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 1029 |
| Citigroup, Inc. | HSBC Bank PLC |  | 61387 | &nbsp;&nbsp; 02/09/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 2542 |
| Citizens Financial Group, Inc. | Goldman Sachs Bank USA |  | 15788 | &nbsp;&nbsp; 08/18/26 | 0.20<br> %<br>| 1D FEDL01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 1308 |
| Citizens Financial Group, Inc. | HSBC Bank PLC |  | 27186 | &nbsp;&nbsp; 02/09/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 2875 |
| Citizens Financial Group, Inc. | Merrill Lynch International |  | 197079 | &nbsp;&nbsp; 06/15/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 16328 |
| Coca-Cola Co. (The) | Barclays Bank PLC |  | 16481 | &nbsp;&nbsp; 07/23/26 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (268)<br>|
| Coca-Cola Co. (The) | HSBC Bank PLC |  | 68019 | &nbsp;&nbsp; 02/09/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (1305)<br>|
| Cognizant Technology Solutions Corp., Class A | Barclays Bank PLC |  | 5066 | &nbsp;&nbsp; 07/23/26 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (8)<br>|
| Cognizant Technology Solutions Corp., Class A | HSBC Bank PLC |  | 53785 | &nbsp;&nbsp; 02/09/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 2064 |
| Coherent Corp. | Goldman Sachs Bank USA |  | 47883 | &nbsp;&nbsp; 08/18/26 | 0.20<br> %<br>| 1D FEDL01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (1381)<br>|
| Coherent Corp. | HSBC Bank PLC |  | 7734 | &nbsp;&nbsp; 02/09/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (1673)<br>|
| Coherent Corp. | Merrill Lynch International |  | 6258 | &nbsp;&nbsp; 06/15/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (196)<br>|
| Colgate-Palmolive Co. | HSBC Bank PLC |  | 94345 | &nbsp;&nbsp; 02/09/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (691)<br>|
| Comcast Corp., Class A | Goldman Sachs Bank USA |  | 181366 | &nbsp;&nbsp; 08/19/26 | 0.20<br> %<br>| 1D FEDL01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 2819 |
| Crown Castle, Inc. | HSBC Bank PLC |  | 80465 | &nbsp;&nbsp; 02/09/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (4127)<br>|
| CVS Health Corp. | Goldman Sachs Bank USA |  | 82732 | &nbsp;&nbsp; 08/18/26 | 0.20<br> %<br>| 1D FEDL01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 5487 |
| CVS Health Corp. | Merrill Lynch International |  | 5625 | &nbsp;&nbsp; 06/15/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 373 |
| Danaher Corp. | Barclays Bank PLC |  | 88744 | &nbsp;&nbsp; 07/23/26 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (2506)<br>|
| Danaher Corp. | Goldman Sachs Bank USA |  | 105676 | &nbsp;&nbsp; 08/18/26 | 0.20<br> %<br>| 1D FEDL01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (2560)<br>|
| Danaher Corp. | HSBC Bank PLC |  | 18050 | &nbsp;&nbsp; 02/09/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 473 |
| Danaher Corp. | Merrill Lynch International |  | 19827 | &nbsp;&nbsp; 06/15/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (480)<br>|
| Devon Energy Corp. | Goldman Sachs Bank USA |  | 38575 | &nbsp;&nbsp; 08/19/26 | 0.20<br> %<br>| 1D FEDL01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 2759 |
| Devon Energy Corp. | HSBC Bank PLC |  | 35942 | &nbsp;&nbsp; 02/09/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 3046 |
| Devon Energy Corp. | Merrill Lynch International |  | 44302 | &nbsp;&nbsp; 06/15/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 3169 |
| Diamondback Energy, Inc. | Goldman Sachs Bank USA |  | 59173 | &nbsp;&nbsp; 08/18/26 | 0.20<br> %<br>| 1D FEDL01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 3604 |
| Diamondback Energy, Inc. | HSBC Bank PLC |  | 16333 | &nbsp;&nbsp; 02/09/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 774 |
| Dow, Inc. | Goldman Sachs Bank USA |  | 21468 | &nbsp;&nbsp; 08/18/26 | 0.20<br> %<br>| 1D FEDL01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 1167 |
| Dow, Inc. | HSBC Bank PLC |  | 43586 | &nbsp;&nbsp; 02/09/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 7004 |
| Dow, Inc. | Merrill Lynch International |  | 55597 | &nbsp;&nbsp; 06/15/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 3023 |
| DTE Energy Co. | Barclays Bank PLC |  | 59475 | &nbsp;&nbsp; 07/23/26 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (1398)<br>|
| Duolingo, Inc., Class A | Barclays Bank PLC |  | 61396 | &nbsp;&nbsp; 07/23/26 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (6292)<br>|
| Duolingo, Inc., Class A | Merrill Lynch International |  | 22231 | &nbsp;&nbsp; 06/15/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (1977)<br>|
| Ecolab, Inc. | Barclays Bank PLC |  | 11633 | &nbsp;&nbsp; 07/23/26 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (274)<br>|
| Ecolab, Inc. | Goldman Sachs Bank USA |  | 87057 | &nbsp;&nbsp; 08/18/26 | 0.20<br> %<br>| 1D FEDL01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (1175)<br>|
| Edwards Lifesciences Corp. | Barclays Bank PLC |  | 237798 | &nbsp;&nbsp; 07/23/26 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (1424)<br>|
| Elevance Health, Inc. | Barclays Bank PLC |  | 4115 | &nbsp;&nbsp; 07/23/26 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 27 |
| Elevance Health, Inc. | Goldman Sachs Bank USA |  | 2167 | &nbsp;&nbsp; 08/18/26 | 0.20<br> %<br>| 1D FEDL01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 64 |
| Elevance Health, Inc. | HSBC Bank PLC |  | 15581 | &nbsp;&nbsp; 02/09/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 1307 |
| Elevance Health, Inc. | Merrill Lynch International |  | 36839 | &nbsp;&nbsp; 06/15/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 1081 |
| Eli Lilly & Co. | Goldman Sachs Bank USA |  | 60731 | &nbsp;&nbsp; 08/18/26 | 0.20<br> %<br>| 1D FEDL01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 3004 |
| Entegris, Inc. | Barclays Bank PLC |  | 39229 | &nbsp;&nbsp; 07/23/26 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (1797)<br>|
| Entegris, Inc. | Goldman Sachs Bank USA |  | 15887 | &nbsp;&nbsp; 08/18/26 | 0.20<br> %<br>| 1D FEDL01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 1364 |
| Entegris, Inc. | HSBC Bank PLC |  | 11776 | &nbsp;&nbsp; 02/09/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 1707 |
| Entegris, Inc. | Merrill Lynch International |  | 4627 | &nbsp;&nbsp; 06/15/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 397 |
| Entergy Corp. | Barclays Bank PLC |  | 114164 | &nbsp;&nbsp; 07/23/26 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (1585)<br>|
| EQT Corp. | HSBC Bank PLC |  | 44879 | &nbsp;&nbsp; 02/09/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 481 |
| EQT Corp. | Merrill Lynch International |  | 93650 | &nbsp;&nbsp; 06/15/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (1790)<br>|
| Equinix, Inc. | Barclays Bank PLC |  | 3146 | &nbsp;&nbsp; 07/23/26 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (1)<br>|
| Equinix, Inc. | Goldman Sachs Bank USA |  | 51566 | &nbsp;&nbsp; 08/18/26 | 0.20<br> %<br>| 1D FEDL01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 322 |
| Equinix, Inc. | Merrill Lynch International |  | 32815 | &nbsp;&nbsp; 06/15/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 205 |

---

------

Schedule of Investments (unaudited) (continued)

August 31, 2025

**BlackRock U.S. Insights Long/Short Equity Fund**

**Equity Swap Contracts (continued)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | *Notional Amount* | *Termination Date* | *Spread* | *Reference Rate* | *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) |
| Evergy, Inc. | Barclays Bank PLC | USD  | 30438 | &nbsp;&nbsp; 07/23/26 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; $(438)<br>|
| Evergy, Inc. | Merrill Lynch International |  | 64467 | &nbsp;&nbsp; 06/15/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (618)<br>|
| FedEx Corp. | HSBC Bank PLC |  | 124743 | &nbsp;&nbsp; 02/09/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 1652 |
| Ferrari NV | Goldman Sachs Bank USA |  | 6448 | &nbsp;&nbsp; 08/18/26 | 0.20<br> %<br>| 1D FEDL01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 233 |
| Ferrari NV | Merrill Lynch International |  | 57108 | &nbsp;&nbsp; 06/15/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 2066 |
| Fidelity National Financial, Inc., Class A | Barclays Bank PLC |  | 63192 | &nbsp;&nbsp; 07/23/26 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (987)<br>|
| Fidelity National Financial, Inc., Class A | HSBC Bank PLC |  | 126403 | &nbsp;&nbsp; 02/09/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 3515 |
| Fidelity National Information Services, Inc. | Merrill Lynch International |  | 59496 | &nbsp;&nbsp; 06/15/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (1065)<br>|
| Fortrea Holdings, Inc. | Barclays Bank PLC |  | 20179 | &nbsp;&nbsp; 07/23/26 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 3668 |
| Fortrea Holdings, Inc. | Goldman Sachs Bank USA |  | 19143 | &nbsp;&nbsp; 08/18/26 | 0.20<br> %<br>| 1D FEDL01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 4310 |
| Fortrea Holdings, Inc. | HSBC Bank PLC |  | 10140 | &nbsp;&nbsp; 02/09/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 5039 |
| Fortrea Holdings, Inc. | Merrill Lynch International |  | 8547 | &nbsp;&nbsp; 06/15/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 1924 |
| Fortune Brands Innovations, Inc. | Merrill Lynch International |  | 62798 | &nbsp;&nbsp; 06/15/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (182)<br>|
| Franklin Resources, Inc. | Merrill Lynch International |  | 69607 | &nbsp;&nbsp; 06/15/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 907 |
| General Motors Co. | Barclays Bank PLC |  | 41851 | &nbsp;&nbsp; 07/23/26 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 158 |
| General Motors Co. | HSBC Bank PLC |  | 49248 | &nbsp;&nbsp; 02/09/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 4655 |
| General Motors Co. | Merrill Lynch International |  | 2365 | &nbsp;&nbsp; 06/15/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 96 |
| Gitlab, Inc., Class A | Goldman Sachs Bank USA |  | 5889 | &nbsp;&nbsp; 08/18/26 | 0.20<br> %<br>| 1D FEDL01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 497 |
| Gitlab, Inc., Class A | HSBC Bank PLC |  | 48423 | &nbsp;&nbsp; 02/09/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 9105 |
| Gitlab, Inc., Class A | Merrill Lynch International |  | 16295 | &nbsp;&nbsp; 06/15/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 1376 |
| Hasbro, Inc. | Goldman Sachs Bank USA |  | 16618 | &nbsp;&nbsp; 08/18/26 | 0.20<br> %<br>| 1D FEDL01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 22 |
| Hasbro, Inc. | HSBC Bank PLC |  | 9782 | &nbsp;&nbsp; 02/09/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (41)<br>|
| Hasbro, Inc. | Merrill Lynch International |  | 100208 | &nbsp;&nbsp; 06/15/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 37 |
| Home Depot, Inc. (The) | Barclays Bank PLC |  | 12796 | &nbsp;&nbsp; 07/23/26 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (187)<br>|
| Home Depot, Inc. (The) | Goldman Sachs Bank USA |  | 23963 | &nbsp;&nbsp; 08/18/26 | 0.20<br> %<br>| 1D FEDL01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 443 |
| Home Depot, Inc. (The) | HSBC Bank PLC |  | 12023 | &nbsp;&nbsp; 02/09/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 587 |
| Home Depot, Inc. (The) | Merrill Lynch International |  | 94653 | &nbsp;&nbsp; 06/15/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 1751 |
| Hubbell, Inc. | HSBC Bank PLC |  | 60286 | &nbsp;&nbsp; 02/09/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 1777 |
| HubSpot, Inc. | HSBC Bank PLC |  | 61404 | &nbsp;&nbsp; 02/09/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 4791 |
| Huntington Bancshares, Inc. | Barclays Bank PLC |  | 70291 | &nbsp;&nbsp; 07/23/26 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 1822 |
| Huntington Bancshares, Inc. | Merrill Lynch International |  | 3894 | &nbsp;&nbsp; 06/15/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 291 |
| ICON PLC | Barclays Bank PLC |  | 62771 | &nbsp;&nbsp; 07/23/26 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 753 |
| ICON PLC | Goldman Sachs Bank USA |  | 10375 | &nbsp;&nbsp; 08/18/26 | 0.20<br> %<br>| 1D FEDL01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 124 |
| ICON PLC | HSBC Bank PLC |  | 104570 | &nbsp;&nbsp; 02/09/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 12870 |
| ICON PLC | Merrill Lynch International |  | 21101 | &nbsp;&nbsp; 06/15/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 252 |
| Insulet Corp. | Barclays Bank PLC |  | 64169 | &nbsp;&nbsp; 07/23/26 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 1767 |
| Insulet Corp. | Goldman Sachs Bank USA |  | 62005 | &nbsp;&nbsp; 08/18/26 | 0.20<br> %<br>| 1D FEDL01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 3592 |
| Insulet Corp. | Merrill Lynch International |  | 103770 | &nbsp;&nbsp; 06/15/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 6011 |
| Intercontinental Exchange, Inc. | Goldman Sachs Bank USA |  | 67588 | &nbsp;&nbsp; 08/18/26 | 0.20<br> %<br>| 1D FEDL01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (1716)<br>|
| International Flavors & Fragrances, Inc. | Barclays Bank PLC |  | 6730 | &nbsp;&nbsp; 07/23/26 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (47)<br>|
| International Flavors & Fragrances, Inc. | Goldman Sachs Bank USA |  | 55815 | &nbsp;&nbsp; 08/18/26 | 0.20<br> %<br>| 1D FEDL01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 1433 |
| Intuit, Inc. | Barclays Bank PLC |  | 56989 | &nbsp;&nbsp; 07/23/26 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 373 |
| Intuit, Inc. | HSBC Bank PLC |  | 6741 | &nbsp;&nbsp; 02/09/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (738)<br>|
| Invesco Ltd. | Barclays Bank PLC |  | 1961 | &nbsp;&nbsp; 07/23/26 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 31 |
| Invesco Ltd. | Merrill Lynch International |  | 58439 | &nbsp;&nbsp; 06/15/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 2131 |
| Keurig Dr Pepper, Inc. | Barclays Bank PLC |  | 52913 | &nbsp;&nbsp; 07/23/26 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (9104)<br>|
| Keurig Dr Pepper, Inc. | Merrill Lynch International |  | 68725 | &nbsp;&nbsp; 06/15/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (11243)<br>|
| Keysight Technologies, Inc. | Barclays Bank PLC |  | 67916 | &nbsp;&nbsp; 07/23/26 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (1400)<br>|
| Keysight Technologies, Inc. | Goldman Sachs Bank USA |  | 31863 | &nbsp;&nbsp; 08/18/26 | 0.20<br> %<br>| 1D FEDL01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 6 |
| Keysight Technologies, Inc. | HSBC Bank PLC |  | 86109 | &nbsp;&nbsp; 02/09/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (799)<br>|
| Keysight Technologies, Inc. | Merrill Lynch International |  | 8007 | &nbsp;&nbsp; 06/15/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 1 |
| Kinder Morgan, Inc. | HSBC Bank PLC |  | 59533 | &nbsp;&nbsp; 02/09/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 1118 |
| Loar Holdings, Inc. | HSBC Bank PLC |  | 55787 | &nbsp;&nbsp; 02/09/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 2508 |
| Marvell Technology, Inc. | Goldman Sachs Bank USA |  | 61181 | &nbsp;&nbsp; 08/18/26 | 0.20<br> %<br>| 1D FEDL01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (10700)<br>|
| Marvell Technology, Inc. | Merrill Lynch International |  | 18209 | &nbsp;&nbsp; 06/15/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (3185)<br>|
| Mastercard, Inc., Class A | Barclays Bank PLC |  | 62891 | &nbsp;&nbsp; 07/23/26 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (385)<br>|
| Mastercard, Inc., Class A | Goldman Sachs Bank USA |  | 290268 | &nbsp;&nbsp; 08/18/26 | 0.20<br> %<br>| 1D FEDL01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 6781 |
| McKesson Corp. | Barclays Bank PLC |  | 3447 | &nbsp;&nbsp; 07/23/26 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (14)<br>|
| McKesson Corp. | Goldman Sachs Bank USA |  | 63940 | &nbsp;&nbsp; 08/18/26 | 0.20<br> %<br>| 1D FEDL01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 1291 |
| McKesson Corp. | HSBC Bank PLC |  | 10697 | &nbsp;&nbsp; 02/09/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 289 |

---

------

Schedule of Investments (unaudited) (continued)

August 31, 2025

**BlackRock U.S. Insights Long/Short Equity Fund**

**Equity Swap Contracts (continued)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | *Notional Amount* | *Termination Date* | *Spread* | *Reference Rate* | *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) |
| McKesson Corp. | Merrill Lynch International | USD  | 20192 | &nbsp;&nbsp; 06/15/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; $408 |
| Medtronic PLC | Barclays Bank PLC |  | 66102 | &nbsp;&nbsp; 07/23/26 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 71 |
| Medtronic PLC | Merrill Lynch International |  | 12930 | &nbsp;&nbsp; 06/15/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (29)<br>|
| Merck & Co., Inc. | HSBC Bank PLC |  | 106511 | &nbsp;&nbsp; 02/09/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 4528 |
| Meta Platforms, Inc., Class A | Barclays Bank PLC |  | 43023 | &nbsp;&nbsp; 07/23/26 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (917)<br>|
| Meta Platforms, Inc., Class A | Goldman Sachs Bank USA |  | 120925 | &nbsp;&nbsp; 08/18/26 | 0.20<br> %<br>| 1D FEDL01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (7166)<br>|
| Meta Platforms, Inc., Class A | HSBC Bank PLC |  | 110010 | &nbsp;&nbsp; 02/09/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (4376)<br>|
| Micron Technology, Inc. | Goldman Sachs Bank USA |  | 59492 | &nbsp;&nbsp; 08/18/26 | 0.20<br> %<br>| 1D FEDL01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 1322 |
| Microsoft Corp. | Barclays Bank PLC |  | 128329 | &nbsp;&nbsp; 07/23/26 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (137)<br>|
| Microsoft Corp. | Goldman Sachs Bank USA |  | 572187 | &nbsp;&nbsp; 08/18/26 | 0.20<br> %<br>| 1D FEDL01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (14828)<br>|
| Microsoft Corp. | Merrill Lynch International |  | 245862 | &nbsp;&nbsp; 06/15/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (4171)<br>|
| Middleby Corp. (The) | Barclays Bank PLC |  | 3021 | &nbsp;&nbsp; 07/23/26 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (10)<br>|
| Middleby Corp. (The) | HSBC Bank PLC |  | 16679 | &nbsp;&nbsp; 02/09/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 2343 |
| Middleby Corp. (The) | Merrill Lynch International |  | 53309 | &nbsp;&nbsp; 06/15/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 1704 |
| Monolithic Power Systems, Inc. | Goldman Sachs Bank USA |  | 10744 | &nbsp;&nbsp; 08/18/26 | 0.20<br> %<br>| 1D FEDL01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 121 |
| Monolithic Power Systems, Inc. | HSBC Bank PLC |  | 71884 | &nbsp;&nbsp; 02/09/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 2499 |
| Nasdaq, Inc. | Goldman Sachs Bank USA |  | 25469 | &nbsp;&nbsp; 08/18/26 | 0.20<br> %<br>| 1D FEDL01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 16 |
| Nasdaq, Inc. | Merrill Lynch International |  | 39387 | &nbsp;&nbsp; 06/15/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 25 |
| Natera, Inc. | Barclays Bank PLC |  | 9605 | &nbsp;&nbsp; 07/23/26 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 154 |
| Natera, Inc. | HSBC Bank PLC |  | 7142 | &nbsp;&nbsp; 02/09/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 766 |
| Natera, Inc. | Merrill Lynch International |  | 67816 | &nbsp;&nbsp; 06/15/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 2176 |
| Netflix, Inc. | Barclays Bank PLC |  | 121670 | &nbsp;&nbsp; 07/23/26 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 364 |
| Netflix, Inc. | Goldman Sachs Bank USA |  | 35930 | &nbsp;&nbsp; 08/18/26 | 0.20<br> %<br>| 1D FEDL01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (890)<br>|
| Netflix, Inc. | Merrill Lynch International |  | 65560 | &nbsp;&nbsp; 06/15/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (1523)<br>|
| Neurocrine Biosciences, Inc. | Merrill Lynch International |  | 135780 | &nbsp;&nbsp; 06/15/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 6472 |
| NextEra Energy, Inc. | Barclays Bank PLC |  | 53653 | &nbsp;&nbsp; 07/23/26 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (3002)<br>|
| NextEra Energy, Inc. | HSBC Bank PLC |  | 5938 | &nbsp;&nbsp; 02/09/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (30)<br>|
| NextEra Energy, Inc. | Merrill Lynch International |  | 4298 | &nbsp;&nbsp; 06/15/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (192)<br>|
| Nice Ltd., ADR | HSBC Bank PLC |  | 62518 | &nbsp;&nbsp; 02/09/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (2727)<br>|
| Nice Ltd., ADR | Merrill Lynch International |  | 3862 | &nbsp;&nbsp; 06/15/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 238 |
| NRG Energy, Inc. | Goldman Sachs Bank USA |  | 59597 | &nbsp;&nbsp; 08/18/26 | 0.20<br> %<br>| 1D FEDL01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (1227)<br>|
| NRG Energy, Inc. | HSBC Bank PLC |  | 1882 | &nbsp;&nbsp; 02/09/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 10 |
| NVIDIA Corp. | Barclays Bank PLC |  | 466512 | &nbsp;&nbsp; 07/23/26 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (9986)<br>|
| NVIDIA Corp. | Goldman Sachs Bank USA |  | 87494 | &nbsp;&nbsp; 08/18/26 | 0.20<br> %<br>| 1D FEDL01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (2842)<br>|
| NVIDIA Corp. | Merrill Lynch International |  | 12812 | &nbsp;&nbsp; 06/15/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (445)<br>|
| Old Dominion Freight Line, Inc. | Barclays Bank PLC |  | 115525 | &nbsp;&nbsp; 07/23/26 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (5921)<br>|
| Old Dominion Freight Line, Inc. | HSBC Bank PLC |  | 10112 | &nbsp;&nbsp; 02/09/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 456 |
| Old Dominion Freight Line, Inc. | Merrill Lynch International |  | 11336 | &nbsp;&nbsp; 06/15/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (13)<br>|
| Parker-Hannifin Corp. | HSBC Bank PLC |  | 87329 | &nbsp;&nbsp; 02/09/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 3793 |
| Performance Food Group Co. | Barclays Bank PLC |  | 41356 | &nbsp;&nbsp; 07/23/26 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (188)<br>|
| Performance Food Group Co. | HSBC Bank PLC |  | 82844 | &nbsp;&nbsp; 02/09/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 3042 |
| PG&E Corp. | Barclays Bank PLC |  | 16709 | &nbsp;&nbsp; 07/23/26 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 99 |
| PG&E Corp. | HSBC Bank PLC |  | 45645 | &nbsp;&nbsp; 02/09/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 852 |
| PG&E Corp. | Merrill Lynch International |  | 3860 | &nbsp;&nbsp; 06/15/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 67 |
| Planet Fitness, Inc., Class A | Goldman Sachs Bank USA |  | 61179 | &nbsp;&nbsp; 08/18/26 | 0.20<br> %<br>| 1D FEDL01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (1548)<br>|
| PPG Industries, Inc. | Barclays Bank PLC |  | 106043 | &nbsp;&nbsp; 07/23/26 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (2821)<br>|
| Public Service Enterprise Group, Inc. | Merrill Lynch International |  | 62028 | &nbsp;&nbsp; 06/15/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (2174)<br>|
| Ralph Lauren Corp., Class A | Barclays Bank PLC |  | 87741 | &nbsp;&nbsp; 07/23/26 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 3417 |
| Range Resources Corp. | Barclays Bank PLC |  | 60764 | &nbsp;&nbsp; 07/23/26 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 1676 |
| Republic Services, Inc. | Barclays Bank PLC |  | 114582 | &nbsp;&nbsp; 07/23/26 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (171)<br>|
| Republic Services, Inc. | Goldman Sachs Bank USA |  | 76895 | &nbsp;&nbsp; 08/18/26 | 0.20<br> %<br>| 1D FEDL01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 549 |
| Robert Half, Inc. | Barclays Bank PLC |  | 1669 | &nbsp;&nbsp; 07/23/26 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (27)<br>|
| Robert Half, Inc. | Goldman Sachs Bank USA |  | 26739 | &nbsp;&nbsp; 08/18/26 | 0.20<br> %<br>| 1D FEDL01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 729 |
| Robert Half, Inc. | HSBC Bank PLC |  | 14638 | &nbsp;&nbsp; 02/09/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 1335 |
| Robert Half, Inc. | Merrill Lynch International |  | 17983 | &nbsp;&nbsp; 06/15/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 490 |
| Rollins, Inc. | Goldman Sachs Bank USA |  | 7166 | &nbsp;&nbsp; 08/18/26 | 0.20<br> %<br>| 1D FEDL01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (99)<br>|
| Rollins, Inc. | Merrill Lynch International |  | 75274 | &nbsp;&nbsp; 06/15/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (1037)<br>|
| RTX Corp. | Barclays Bank PLC |  | 33435 | &nbsp;&nbsp; 07/23/26 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 505 |
| RTX Corp. | Goldman Sachs Bank USA |  | 16950 | &nbsp;&nbsp; 08/18/26 | 0.20<br> %<br>| 1D FEDL01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 496 |
| RTX Corp. | HSBC Bank PLC |  | 90748 | &nbsp;&nbsp; 02/09/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 2192 |

---

------

Schedule of Investments (unaudited) (continued)

August 31, 2025

**BlackRock U.S. Insights Long/Short Equity Fund**

**Equity Swap Contracts (continued)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | *Notional Amount* | *Termination Date* | *Spread* | *Reference Rate* | *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) |
| S&P Global, Inc. | HSBC Bank PLC | USD  | 9467 | &nbsp;&nbsp; 02/09/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; $(143)<br>|
| S&P Global, Inc. | Merrill Lynch International |  | 97939 | &nbsp;&nbsp; 06/15/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (1413)<br>|
| Salesforce, Inc. | Goldman Sachs Bank USA |  | 9455 | &nbsp;&nbsp; 08/18/26 | 0.20<br> %<br>| 1D FEDL01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 539 |
| Salesforce, Inc. | HSBC Bank PLC |  | 6940 | &nbsp;&nbsp; 02/09/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 235 |
| Salesforce, Inc. | Merrill Lynch International |  | 72247 | &nbsp;&nbsp; 06/15/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 4115 |
| Sanofi SA, ADR | Barclays Bank PLC |  | 99106 | &nbsp;&nbsp; 07/23/26 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (3609)<br>|
| Sanofi SA, ADR | Goldman Sachs Bank USA |  | 16225 | &nbsp;&nbsp; 08/18/26 | 0.20<br> %<br>| 1D FEDL01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (95)<br>|
| Sanofi SA, ADR | Merrill Lynch International |  | 49322 | &nbsp;&nbsp; 06/15/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (287)<br>|
| Sempra | Barclays Bank PLC |  | 10445 | &nbsp;&nbsp; 07/23/26 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (43)<br>|
| Sempra | HSBC Bank PLC |  | 12093 | &nbsp;&nbsp; 02/09/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 126 |
| Sempra | Merrill Lynch International |  | 36391 | &nbsp;&nbsp; 06/15/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 596 |
| ServiceNow, Inc. | Barclays Bank PLC |  | 32810 | &nbsp;&nbsp; 07/23/26 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 1136 |
| ServiceNow, Inc. | Goldman Sachs Bank USA |  | 59840 | &nbsp;&nbsp; 08/18/26 | 0.20<br> %<br>| 1D FEDL01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 3465 |
| ServiceNow, Inc. | Merrill Lynch International |  | 124015 | &nbsp;&nbsp; 06/15/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 7181 |
| Shell PLC, ADR | Barclays Bank PLC |  | 27862 | &nbsp;&nbsp; 07/23/26 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 213 |
| Shell PLC, ADR | Goldman Sachs Bank USA |  | 162094 | &nbsp;&nbsp; 08/19/26 | 0.20<br> %<br>| 1D FEDL01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 4580 |
| Shell PLC, ADR | Merrill Lynch International |  | 23351 | &nbsp;&nbsp; 06/15/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 660 |
| SiteOne Landscape Supply, Inc. | Goldman Sachs Bank USA |  | 140727 | &nbsp;&nbsp; 08/18/26 | 0.20<br> %<br>| 1D FEDL01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 3659 |
| SiteOne Landscape Supply, Inc. | HSBC Bank PLC |  | 11642 | &nbsp;&nbsp; 02/09/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 963 |
| SLM Corp. | Barclays Bank PLC |  | 62508 | &nbsp;&nbsp; 07/23/26 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (887)<br>|
| Snowflake, Inc., Class A | Goldman Sachs Bank USA |  | 144532 | &nbsp;&nbsp; 08/18/26 | 0.20<br> %<br>| 1D FEDL01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 28735 |
| Spotify Technology SA | Barclays Bank PLC |  | 60290 | &nbsp;&nbsp; 07/23/26 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (967)<br>|
| Spotify Technology SA | Goldman Sachs Bank USA |  | 3664 | &nbsp;&nbsp; 08/18/26 | 0.20<br> %<br>| 1D FEDL01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (255)<br>|
| SS&C Technologies Holdings, Inc. | HSBC Bank PLC |  | 85758 | &nbsp;&nbsp; 02/09/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 1838 |
| SS&C Technologies Holdings, Inc. | Merrill Lynch International |  | 5818 | &nbsp;&nbsp; 06/15/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 123 |
| STAG Industrial, Inc. | Goldman Sachs Bank USA |  | 46322 | &nbsp;&nbsp; 08/18/26 | 0.20<br> %<br>| 1D FEDL01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 2799 |
| STAG Industrial, Inc. | HSBC Bank PLC |  | 13471 | &nbsp;&nbsp; 02/09/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 864 |
| Stanley Black & Decker, Inc. | Barclays Bank PLC |  | 52178 | &nbsp;&nbsp; 07/23/26 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (2181)<br>|
| Stanley Black & Decker, Inc. | Goldman Sachs Bank USA |  | 3629 | &nbsp;&nbsp; 08/18/26 | 0.20<br> %<br>| 1D FEDL01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 11 |
| Stanley Black & Decker, Inc. | HSBC Bank PLC |  | 3535 | &nbsp;&nbsp; 02/09/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 253 |
| Synopsys, Inc. | Barclays Bank PLC |  | 3639 | &nbsp;&nbsp; 07/23/26 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (18)<br>|
| Synopsys, Inc. | HSBC Bank PLC |  | 74330 | &nbsp;&nbsp; 02/09/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (1908)<br>|
| Targa Resources Corp. | Barclays Bank PLC |  | 2775 | &nbsp;&nbsp; 07/23/26 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 76 |
| Targa Resources Corp. | Goldman Sachs Bank USA |  | 54016 | &nbsp;&nbsp; 08/18/26 | 0.20<br> %<br>| 1D FEDL01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 1513 |
| Targa Resources Corp. | HSBC Bank PLC |  | 5448 | &nbsp;&nbsp; 02/09/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 88 |
| TechnipFMC PLC | HSBC Bank PLC |  | 72626 | &nbsp;&nbsp; 02/09/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 3761 |
| Trane Technologies PLC | Goldman Sachs Bank USA |  | 148624 | &nbsp;&nbsp; 08/18/26 | 0.20<br> %<br>| 1D FEDL01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (2748)<br>|
| Trane Technologies PLC | Merrill Lynch International |  | 45514 | &nbsp;&nbsp; 06/15/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (629)<br>|
| TransDigm Group, Inc. | Goldman Sachs Bank USA |  | 58291 | &nbsp;&nbsp; 08/18/26 | 0.20<br> %<br>| 1D FEDL01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 462 |
| TransDigm Group, Inc. | HSBC Bank PLC |  | 12508 | &nbsp;&nbsp; 02/09/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 82 |
| Trimble, Inc. | HSBC Bank PLC |  | 185969 | &nbsp;&nbsp; 02/09/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (6549)<br>|
| Trimble, Inc. | Merrill Lynch International |  | 6086 | &nbsp;&nbsp; 06/15/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (105)<br>|
| Union Pacific Corp. | Goldman Sachs Bank USA |  | 17442 | &nbsp;&nbsp; 08/18/26 | 0.20<br> %<br>| 1D FEDL01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 220 |
| Union Pacific Corp. | Merrill Lynch International |  | 278845 | &nbsp;&nbsp; 06/15/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 3524 |
| United Rentals, Inc. | Barclays Bank PLC |  | 18599 | &nbsp;&nbsp; 07/23/26 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 528 |
| United Rentals, Inc. | Goldman Sachs Bank USA |  | 29084 | &nbsp;&nbsp; 08/18/26 | 0.20<br> %<br>| 1D FEDL01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 1519 |
| United Rentals, Inc. | HSBC Bank PLC |  | 79884 | &nbsp;&nbsp; 02/09/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 9055 |
| United Rentals, Inc. | Merrill Lynch International |  | 69984 | &nbsp;&nbsp; 06/15/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 3654 |
| UnitedHealth Group, Inc. | Barclays Bank PLC |  | 74703 | &nbsp;&nbsp; 07/23/26 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 595 |
| UWM Holdings Corp., Class A | Merrill Lynch International |  | 96619 | &nbsp;&nbsp; 06/15/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 5747 |
| Veeva Systems, Inc., Class A | Goldman Sachs Bank USA |  | 13189 | &nbsp;&nbsp; 08/18/26 | 0.20<br> %<br>| 1D FEDL01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (536)<br>|
| Veeva Systems, Inc., Class A | Merrill Lynch International |  | 46862 | &nbsp;&nbsp; 06/15/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (1905)<br>|
| Verizon Communications, Inc. | Barclays Bank PLC |  | 81147 | &nbsp;&nbsp; 07/23/26 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (383)<br>|
| Verizon Communications, Inc. | Goldman Sachs Bank USA |  | 31764 | &nbsp;&nbsp; 08/18/26 | 0.20<br> %<br>| 1D FEDL01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (7)<br>|
| Vertiv Holdings Co., Class A | Barclays Bank PLC |  | 6424 | &nbsp;&nbsp; 07/23/26 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 81 |
| Vertiv Holdings Co., Class A | HSBC Bank PLC |  | 6017 | &nbsp;&nbsp; 02/09/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (532)<br>|
| Vertiv Holdings Co., Class A | Merrill Lynch International |  | 52829 | &nbsp;&nbsp; 06/15/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (2191)<br>|
| Visa, Inc., Class A | Barclays Bank PLC |  | 135727 | &nbsp;&nbsp; 07/23/26 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 764 |
| Visa, Inc., Class A | Goldman Sachs Bank USA |  | 45126 | &nbsp;&nbsp; 08/18/26 | 0.20<br> %<br>| 1D FEDL01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 958 |
| Voya Financial, Inc. | Barclays Bank PLC |  | 97601 | &nbsp;&nbsp; 07/23/26 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (1711)<br>|

---

------

Schedule of Investments (unaudited) (continued)

August 31, 2025

**BlackRock U.S. Insights Long/Short Equity Fund**

**Equity Swap Contracts (continued)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | *Notional Amount* | *Termination Date* | *Spread* | *Reference Rate* | *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) |
| Voya Financial, Inc. | Goldman Sachs Bank USA | USD  | 15022 | &nbsp;&nbsp; 08/18/26 | 0.20<br> %<br>| 1D FEDL01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; $221 |
| Walmart, Inc. | HSBC Bank PLC |  | 18983 | &nbsp;&nbsp; 02/09/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (1235)<br>|
| Walmart, Inc. | Merrill Lynch International |  | 47300 | &nbsp;&nbsp; 06/15/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (1428)<br>|
| Waste Connections, Inc. | Barclays Bank PLC |  | 19217 | &nbsp;&nbsp; 07/23/26 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 3 |
| Waste Connections, Inc. | Merrill Lynch International |  | 121209 | &nbsp;&nbsp; 06/15/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 26 |
| WESCO International, Inc. | Barclays Bank PLC |  | 52217 | &nbsp;&nbsp; 07/23/26 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (555)<br>|
| WESCO International, Inc. | HSBC Bank PLC |  | 158317 | &nbsp;&nbsp; 02/09/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 12059 |
| WillScot Holdings Corp., Class A | Barclays Bank PLC |  | 46476 | &nbsp;&nbsp; 07/23/26 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (1268)<br>|
| WillScot Holdings Corp., Class A | Goldman Sachs Bank USA |  | 4086 | &nbsp;&nbsp; 08/18/26 | 0.20<br> %<br>| 1D FEDL01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 10 |
| WillScot Holdings Corp., Class A | Merrill Lynch International |  | 76820 | &nbsp;&nbsp; 06/15/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 191 |
| Wingstop, Inc. | Barclays Bank PLC |  | 6976 | &nbsp;&nbsp; 07/23/26 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (85)<br>|
| Wingstop, Inc. | HSBC Bank PLC |  | 59288 | &nbsp;&nbsp; 02/09/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 2399 |
| Zoetis, Inc., Class A | Goldman Sachs Bank USA |  | 55017 | &nbsp;&nbsp; 08/18/26 | 0.20<br> %<br>| 1D FEDL01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 818 |
| Zoetis, Inc., Class A | HSBC Bank PLC |  | 90326 | &nbsp;&nbsp; 02/09/28 | 0.20<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 5548 |
| Total long positions of equity swaps | Total long positions of equity swaps | Total long positions of equity swaps | Total long positions of equity swaps | Total long positions of equity swaps |  |  |  | &nbsp;&nbsp; 183893 |
| Short Contracts<sup>(b)</sup> | Short Contracts<sup>(b)</sup> | Short Contracts<sup>(b)</sup> | Short Contracts<sup>(b)</sup> | Short Contracts<sup>(b)</sup> | Short Contracts<sup>(b)</sup> | Short Contracts<sup>(b)</sup> | Short Contracts<sup>(b)</sup> | Short Contracts<sup>(b)</sup> |
| AAON, Inc. | Barclays Bank PLC |  | (58037)<br>| &nbsp;&nbsp; 07/23/26 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 2045 |
| AAON, Inc. | Goldman Sachs Bank USA |  | (40730)<br>| &nbsp;&nbsp; 08/18/26 | &nbsp;&nbsp; (0.15)%<br>| 1D FEDL01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (1741)<br>|
| AAON, Inc. | HSBC Bank PLC |  | (60313)<br>| &nbsp;&nbsp; 02/09/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (1484)<br>|
| AAON, Inc. | Merrill Lynch International |  | (19490)<br>| &nbsp;&nbsp; 06/15/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (833)<br>|
| AES Corp. (The) | Barclays Bank PLC |  | (92514)<br>| &nbsp;&nbsp; 07/23/26 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (343)<br>|
| Airbnb, Inc., Class A | Barclays Bank PLC |  | (3248)<br>| &nbsp;&nbsp; 07/23/26 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (15)<br>|
| Airbnb, Inc., Class A | Goldman Sachs Bank USA |  | (11259)<br>| &nbsp;&nbsp; 08/18/26 | &nbsp;&nbsp; (0.15)%<br>| 1D FEDL01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (489)<br>|
| Airbnb, Inc., Class A | HSBC Bank PLC |  | (37153)<br>| &nbsp;&nbsp; 02/09/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (2920)<br>|
| Airbnb, Inc., Class A | Merrill Lynch International |  | (4879)<br>| &nbsp;&nbsp; 06/15/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (212)<br>|
| Akamai Technologies, Inc. | Barclays Bank PLC |  | (5435)<br>| &nbsp;&nbsp; 07/23/26 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (104)<br>|
| Akamai Technologies, Inc. | HSBC Bank PLC |  | (51346)<br>| &nbsp;&nbsp; 02/09/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (6261)<br>|
| Akamai Technologies, Inc. | Merrill Lynch International |  | (2754)<br>| &nbsp;&nbsp; 06/15/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (174)<br>|
| Alcon AG | Barclays Bank PLC |  | (190779)<br>| &nbsp;&nbsp; 07/23/26 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 5140 |
| Alcon AG | Goldman Sachs Bank USA |  | (36745)<br>| &nbsp;&nbsp; 08/18/26 | &nbsp;&nbsp; (0.15)%<br>| 1D FEDL01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 431 |
| Align Technology, Inc. | Merrill Lynch International |  | (56972)<br>| &nbsp;&nbsp; 06/15/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 188 |
| Allegro MicroSystems, Inc. | HSBC Bank PLC |  | (57878)<br>| &nbsp;&nbsp; 02/09/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (150)<br>|
| Altria Group, Inc. | Barclays Bank PLC |  | (65031)<br>| &nbsp;&nbsp; 07/23/26 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 442 |
| Altria Group, Inc. | Goldman Sachs Bank USA |  | (31396)<br>| &nbsp;&nbsp; 08/18/26 | &nbsp;&nbsp; (0.15)%<br>| 1D FEDL01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (663)<br>|
| Altria Group, Inc. | HSBC Bank PLC |  | (60788)<br>| &nbsp;&nbsp; 02/09/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (2860)<br>|
| American Express Co. | Barclays Bank PLC |  | (21065)<br>| &nbsp;&nbsp; 07/23/26 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (800)<br>|
| American Express Co. | HSBC Bank PLC |  | (46102)<br>| &nbsp;&nbsp; 02/09/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (5247)<br>|
| Amgen, Inc. | Barclays Bank PLC |  | (31134)<br>| &nbsp;&nbsp; 07/23/26 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 637 |
| Amgen, Inc. | Goldman Sachs Bank USA |  | (117995)<br>| &nbsp;&nbsp; 08/18/26 | &nbsp;&nbsp; (0.15)%<br>| 1D FEDL01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 3486 |
| Amgen, Inc. | Merrill Lynch International |  | (2668)<br>| &nbsp;&nbsp; 06/15/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 79 |
| Apollo Global Management, Inc. | Barclays Bank PLC |  | (61061)<br>| &nbsp;&nbsp; 07/23/26 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (924)<br>|
| Apollo Global Management, Inc. | Goldman Sachs Bank USA |  | (22999)<br>| &nbsp;&nbsp; 08/18/26 | &nbsp;&nbsp; (0.15)%<br>| 1D FEDL01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 521 |
| Ares Management Corp., Class A | Barclays Bank PLC |  | (10683)<br>| &nbsp;&nbsp; 07/23/26 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 110 |
| Ares Management Corp., Class A | Merrill Lynch International |  | (52954)<br>| &nbsp;&nbsp; 06/15/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 2420 |
| ARM Holdings PLC, ADR | Goldman Sachs Bank USA |  | (59592)<br>| &nbsp;&nbsp; 08/18/26 | &nbsp;&nbsp; (0.35)%<br>| 1D FEDL01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 257 |
| Arthur J Gallagher & Co. | Goldman Sachs Bank USA |  | (52397)<br>| &nbsp;&nbsp; 08/18/26 | &nbsp;&nbsp; (0.15)%<br>| 1D FEDL01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (1795)<br>|
| Arthur J Gallagher & Co. | HSBC Bank PLC |  | (3184)<br>| &nbsp;&nbsp; 02/09/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (146)<br>|
| Arthur J Gallagher & Co. | Merrill Lynch International |  | (6440)<br>| &nbsp;&nbsp; 06/15/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (221)<br>|
| Astera Labs, Inc. | Barclays Bank PLC |  | (28475)<br>| &nbsp;&nbsp; 07/23/26 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (494)<br>|
| Astera Labs, Inc. | Merrill Lynch International |  | (36241)<br>| &nbsp;&nbsp; 06/15/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 712 |
| AT&T Inc. | Barclays Bank PLC |  | (25231)<br>| &nbsp;&nbsp; 07/23/26 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (456)<br>|
| AT&T Inc. | HSBC Bank PLC |  | (1236)<br>| &nbsp;&nbsp; 02/09/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (53)<br>|
| AT&T Inc. | Merrill Lynch International |  | (61435)<br>| &nbsp;&nbsp; 06/15/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (894)<br>|
| Berkshire Hathaway, Inc., Class B | Barclays Bank PLC |  | (9291)<br>| &nbsp;&nbsp; 07/23/26 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (266)<br>|
| Berkshire Hathaway, Inc., Class B | HSBC Bank PLC |  | (51194)<br>| &nbsp;&nbsp; 02/09/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (4134)<br>|
| Berkshire Hathaway, Inc., Class B | Merrill Lynch International |  | (7635)<br>| &nbsp;&nbsp; 06/15/28 | 0.10<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (412)<br>|
| Bio-Rad Laboratories, Inc., Class A | Barclays Bank PLC |  | (63195)<br>| &nbsp;&nbsp; 07/23/26 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 1236 |
| Bio-Rad Laboratories, Inc., Class A | Goldman Sachs Bank USA |  | (3999)<br>| &nbsp;&nbsp; 08/18/26 | &nbsp;&nbsp; (0.15)%<br>| 1D FEDL01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (171)<br>|
| Bio-Rad Laboratories, Inc., Class A | HSBC Bank PLC |  | (4756)<br>| &nbsp;&nbsp; 02/09/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (606)<br>|

---

------

Schedule of Investments (unaudited) (continued)

August 31, 2025

**BlackRock U.S. Insights Long/Short Equity Fund**

**Equity Swap Contracts (continued)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | *Notional Amount* | *Termination Date* | *Spread* | *Reference Rate* | *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) |
| Bio-Rad Laboratories, Inc., Class A | Merrill Lynch International | USD  | (6285)<br>| &nbsp;&nbsp; 06/15/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; $(269)<br>|
| Blackstone, Inc., Class A | Barclays Bank PLC |  | (64449)<br>| &nbsp;&nbsp; 07/23/26 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (340)<br>|
| Blackstone, Inc., Class A | Goldman Sachs Bank USA |  | (22482)<br>| &nbsp;&nbsp; 08/18/26 | &nbsp;&nbsp; (0.15)%<br>| 1D FEDL01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 29 |
| Blackstone, Inc., Class A | HSBC Bank PLC |  | (129216)<br>| &nbsp;&nbsp; 02/09/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (1905)<br>|
| Blackstone, Inc., Class A | Merrill Lynch International |  | (6865)<br>| &nbsp;&nbsp; 06/15/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 9 |
| Booking Holdings, Inc. | Barclays Bank PLC |  | (85813)<br>| &nbsp;&nbsp; 07/23/26 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 1827 |
| Booking Holdings, Inc. | Merrill Lynch International |  | (16363)<br>| &nbsp;&nbsp; 06/15/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (434)<br>|
| Brighthouse Financial, Inc. | Merrill Lynch International |  | (68474)<br>| &nbsp;&nbsp; 06/15/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (2368)<br>|
| Brown & Brown, Inc. | Barclays Bank PLC |  | (45817)<br>| &nbsp;&nbsp; 07/23/26 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (137)<br>|
| Brown & Brown, Inc. | Merrill Lynch International |  | (53104)<br>| &nbsp;&nbsp; 06/15/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (897)<br>|
| BXP, Inc. | Barclays Bank PLC |  | (122161)<br>| &nbsp;&nbsp; 07/23/26 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (5530)<br>|
| Canadian National Railway Co. | Merrill Lynch International |  | (78707)<br>| &nbsp;&nbsp; 06/15/28 | &nbsp;&nbsp; - | 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (2588)<br>|
| Cava Group, Inc. | Barclays Bank PLC |  | (4592)<br>| &nbsp;&nbsp; 07/23/26 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 66 |
| Cava Group, Inc. | Goldman Sachs Bank USA |  | (10485)<br>| &nbsp;&nbsp; 08/18/26 | &nbsp;&nbsp; (0.15)%<br>| 1D FEDL01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 353 |
| Cava Group, Inc. | HSBC Bank PLC |  | (11518)<br>| &nbsp;&nbsp; 02/09/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (371)<br>|
| Cava Group, Inc. | Merrill Lynch International |  | (51027)<br>| &nbsp;&nbsp; 06/15/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 1716 |
| Cboe Global Markets, Inc. | Merrill Lynch International |  | (60653)<br>| &nbsp;&nbsp; 06/15/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 2845 |
| CenterPoint Energy, Inc. | Barclays Bank PLC |  | (57037)<br>| &nbsp;&nbsp; 07/23/26 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 510 |
| CenterPoint Energy, Inc. | Goldman Sachs Bank USA |  | (11550)<br>| &nbsp;&nbsp; 08/18/26 | &nbsp;&nbsp; (0.15)%<br>| 1D FEDL01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 124 |
| CenterPoint Energy, Inc. | HSBC Bank PLC |  | (6756)<br>| &nbsp;&nbsp; 02/09/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 195 |
| Clorox Co. (The) | Barclays Bank PLC |  | (11550)<br>| &nbsp;&nbsp; 07/23/26 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 203 |
| Clorox Co. (The) | Goldman Sachs Bank USA |  | (64872)<br>| &nbsp;&nbsp; 08/18/26 | &nbsp;&nbsp; (0.15)%<br>| 1D FEDL01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 2108 |
| Clorox Co. (The) | HSBC Bank PLC |  | (37586)<br>| &nbsp;&nbsp; 02/09/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 2008 |
| Cognex Corp. | Barclays Bank PLC |  | (53891)<br>| &nbsp;&nbsp; 07/23/26 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 987 |
| Cognex Corp. | Goldman Sachs Bank USA |  | (6875)<br>| &nbsp;&nbsp; 08/18/26 | &nbsp;&nbsp; (0.15)%<br>| 1D FEDL01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (200)<br>|
| Cognex Corp. | HSBC Bank PLC |  | (3641)<br>| &nbsp;&nbsp; 02/09/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (270)<br>|
| ConocoPhillips | Goldman Sachs Bank USA |  | (61488)<br>| &nbsp;&nbsp; 08/18/26 | &nbsp;&nbsp; (0.15)%<br>| 1D FEDL01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (2348)<br>|
| Constellation Energy Corp. | Barclays Bank PLC |  | (2481)<br>| &nbsp;&nbsp; 07/23/26 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 17 |
| Constellation Energy Corp. | Goldman Sachs Bank USA |  | (53490)<br>| &nbsp;&nbsp; 08/18/26 | &nbsp;&nbsp; (0.15)%<br>| 1D FEDL01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 2366 |
| Constellation Energy Corp. | HSBC Bank PLC |  | (2485)<br>| &nbsp;&nbsp; 02/09/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 22 |
| Constellation Energy Corp. | Merrill Lynch International |  | (3867)<br>| &nbsp;&nbsp; 06/15/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 171 |
| Copart, Inc. | Barclays Bank PLC |  | (3623)<br>| &nbsp;&nbsp; 07/23/26 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 11 |
| Copart, Inc. | HSBC Bank PLC |  | (17366)<br>| &nbsp;&nbsp; 02/09/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (987)<br>|
| Copart, Inc. | Merrill Lynch International |  | (71797)<br>| &nbsp;&nbsp; 06/15/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (2638)<br>|
| Core & Main, Inc., Class A | Goldman Sachs Bank USA |  | (121251)<br>| &nbsp;&nbsp; 08/18/26 | &nbsp;&nbsp; (0.15)%<br>| 1D FEDL01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (1135)<br>|
| Core & Main, Inc., Class A | Merrill Lynch International |  | (15774)<br>| &nbsp;&nbsp; 06/15/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (148)<br>|
| Crowdstrike Holdings, Inc., Class A | Barclays Bank PLC |  | (34485)<br>| &nbsp;&nbsp; 07/23/26 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (258)<br>|
| Crowdstrike Holdings, Inc., Class A | Goldman Sachs Bank USA |  | (94138)<br>| &nbsp;&nbsp; 08/18/26 | &nbsp;&nbsp; (0.15)%<br>| 1D FEDL01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 924 |
| Crowdstrike Holdings, Inc., Class A | Merrill Lynch International |  | (65041)<br>| &nbsp;&nbsp; 06/15/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 638 |
| CSX Corp. | Barclays Bank PLC |  | (116811)<br>| &nbsp;&nbsp; 07/23/26 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 6992 |
| CSX Corp. | Goldman Sachs Bank USA |  | (48306)<br>| &nbsp;&nbsp; 08/18/26 | &nbsp;&nbsp; (0.15)%<br>| 1D FEDL01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 5067 |
| CSX Corp. | HSBC Bank PLC |  | (7617)<br>| &nbsp;&nbsp; 02/09/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 628 |
| CSX Corp. | Merrill Lynch International |  | (6283)<br>| &nbsp;&nbsp; 06/15/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 659 |
| Datadog, Inc., Class A | Merrill Lynch International |  | (59582)<br>| &nbsp;&nbsp; 06/15/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (4384)<br>|
| DaVita, Inc. | Barclays Bank PLC |  | (10527)<br>| &nbsp;&nbsp; 07/23/26 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 195 |
| DaVita, Inc. | Goldman Sachs Bank USA |  | (131454)<br>| &nbsp;&nbsp; 08/19/26 | &nbsp;&nbsp; (0.15)%<br>| 1D FEDL01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (2311)<br>|
| DaVita, Inc. | HSBC Bank PLC |  | (67340)<br>| &nbsp;&nbsp; 02/09/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (4295)<br>|
| DENTSPLY SIRONA, Inc. | Barclays Bank PLC |  | (92153)<br>| &nbsp;&nbsp; 07/23/26 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 2263 |
| Docusign, Inc. | Barclays Bank PLC |  | (30448)<br>| &nbsp;&nbsp; 07/23/26 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (753)<br>|
| Docusign, Inc. | Goldman Sachs Bank USA |  | (7303)<br>| &nbsp;&nbsp; 08/18/26 | &nbsp;&nbsp; (0.15)%<br>| 1D FEDL01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (593)<br>|
| Docusign, Inc. | HSBC Bank PLC |  | (56113)<br>| &nbsp;&nbsp; 02/09/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (6058)<br>|
| Duke Energy Corp. | Goldman Sachs Bank USA |  | (55715)<br>| &nbsp;&nbsp; 08/18/26 | &nbsp;&nbsp; (0.15)%<br>| 1D FEDL01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (18)<br>|
| Duke Energy Corp. | HSBC Bank PLC |  | (8772)<br>| &nbsp;&nbsp; 02/09/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 198 |
| Eaton Corp. PLC | Barclays Bank PLC |  | (11124)<br>| &nbsp;&nbsp; 07/23/26 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (49)<br>|
| Eaton Corp. PLC | HSBC Bank PLC |  | (127357)<br>| &nbsp;&nbsp; 02/09/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 4809 |
| Emerson Electric Co. | Barclays Bank PLC |  | (28627)<br>| &nbsp;&nbsp; 07/23/26 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 379 |
| Emerson Electric Co. | Merrill Lynch International |  | (83530)<br>| &nbsp;&nbsp; 06/15/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (159)<br>|
| Enbridge, Inc. | Merrill Lynch International |  | (60117)<br>| &nbsp;&nbsp; 06/15/28 | &nbsp;&nbsp; - | 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (1661)<br>|
| Enphase Energy, Inc. | Barclays Bank PLC |  | (31576)<br>| &nbsp;&nbsp; 07/23/26 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 436 |
| Enphase Energy, Inc. | Goldman Sachs Bank USA |  | (73395)<br>| &nbsp;&nbsp; 08/18/26 | &nbsp;&nbsp; (0.15)%<br>| 1D FEDL01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (3965)<br>|

---

------

Schedule of Investments (unaudited) (continued)

August 31, 2025

**BlackRock U.S. Insights Long/Short Equity Fund**

**Equity Swap Contracts (continued)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | *Notional Amount* | *Termination Date* | *Spread* | *Reference Rate* | *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) |
| Expedia Group, Inc. | Goldman Sachs Bank USA | USD  | (3526)<br>| &nbsp;&nbsp; 08/18/26 | &nbsp;&nbsp; (0.15)%<br>| 1D FEDL01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; $(125)<br>|
| Expedia Group, Inc. | HSBC Bank PLC |  | (62874)<br>| &nbsp;&nbsp; 02/09/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (6292)<br>|
| Expedia Group, Inc. | Merrill Lynch International |  | (85465)<br>| &nbsp;&nbsp; 06/15/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (3032)<br>|
| Exxon Mobil Corp. | Goldman Sachs Bank USA |  | (26197)<br>| &nbsp;&nbsp; 08/19/26 | &nbsp;&nbsp; (0.15)%<br>| 1D FEDL01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (1919)<br>|
| Exxon Mobil Corp. | HSBC Bank PLC |  | (109684)<br>| &nbsp;&nbsp; 02/09/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (7692)<br>|
| Exxon Mobil Corp. | Merrill Lynch International |  | (85192)<br>| &nbsp;&nbsp; 06/15/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (6240)<br>|
| Fastenal Co. | Barclays Bank PLC |  | (22071)<br>| &nbsp;&nbsp; 07/23/26 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 320 |
| Fastenal Co. | HSBC Bank PLC |  | (109561)<br>| &nbsp;&nbsp; 02/09/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (3813)<br>|
| Ferguson Enterprises, Inc. | Goldman Sachs Bank USA |  | (63828)<br>| &nbsp;&nbsp; 08/18/26 | &nbsp;&nbsp; (0.15)%<br>| 1D FEDL01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 30 |
| Fifth Third Bancorp | Goldman Sachs Bank USA |  | (51741)<br>| &nbsp;&nbsp; 08/19/26 | &nbsp;&nbsp; (0.15)%<br>| 1D FEDL01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (4007)<br>|
| Fifth Third Bancorp | HSBC Bank PLC |  | (5080)<br>| &nbsp;&nbsp; 02/09/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (504)<br>|
| Fifth Third Bancorp | Merrill Lynch International |  | (30203)<br>| &nbsp;&nbsp; 06/15/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (2339)<br>|
| FirstEnergy Corp. | Barclays Bank PLC |  | (60299)<br>| &nbsp;&nbsp; 07/23/26 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 234 |
| Flagstar Financial, Inc. | Barclays Bank PLC |  | (67015)<br>| &nbsp;&nbsp; 07/23/26 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (1008)<br>|
| Flagstar Financial, Inc. | Goldman Sachs Bank USA |  | (11630)<br>| &nbsp;&nbsp; 08/18/26 | &nbsp;&nbsp; (0.15)%<br>| 1D FEDL01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (857)<br>|
| Flex Ltd. | Barclays Bank PLC |  | (60954)<br>| &nbsp;&nbsp; 07/23/26 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (1996)<br>|
| Flex Ltd. | Merrill Lynch International |  | (1941)<br>| &nbsp;&nbsp; 06/15/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (150)<br>|
| Fortive Corp. | Barclays Bank PLC |  | (3994)<br>| &nbsp;&nbsp; 07/23/26 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 117 |
| Fortive Corp. | Merrill Lynch International |  | (57359)<br>| &nbsp;&nbsp; 06/15/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 357 |
| FTAI Aviation Ltd. | Barclays Bank PLC |  | (51551)<br>| &nbsp;&nbsp; 07/23/26 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (2143)<br>|
| FTAI Aviation Ltd. | Goldman Sachs Bank USA |  | (2750)<br>| &nbsp;&nbsp; 08/18/26 | &nbsp;&nbsp; (0.15)%<br>| 1D FEDL01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (173)<br>|
| FTAI Aviation Ltd. | HSBC Bank PLC |  | (4762)<br>| &nbsp;&nbsp; 02/09/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (623)<br>|
| FTI Consulting, Inc. | HSBC Bank PLC |  | (61425)<br>| &nbsp;&nbsp; 02/09/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (466)<br>|
| Genpact Ltd. | Barclays Bank PLC |  | (3987)<br>| &nbsp;&nbsp; 07/23/26 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (3)<br>|
| Genpact Ltd. | Goldman Sachs Bank USA |  | (56278)<br>| &nbsp;&nbsp; 08/18/26 | &nbsp;&nbsp; (0.15)%<br>| 1D FEDL01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (2166)<br>|
| GFL Environmental, Inc. | Goldman Sachs Bank USA |  | (102787)<br>| &nbsp;&nbsp; 08/19/26 | &nbsp;&nbsp; (0.15)%<br>| 1D FEDL01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (996)<br>|
| GFL Environmental, Inc. | Merrill Lynch International |  | (41581)<br>| &nbsp;&nbsp; 06/15/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (403)<br>|
| Gilead Sciences, Inc. | Barclays Bank PLC |  | (45678)<br>| &nbsp;&nbsp; 07/23/26 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 716 |
| Gilead Sciences, Inc. | HSBC Bank PLC |  | (16717)<br>| &nbsp;&nbsp; 02/09/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 902 |
| Globe Life, Inc. | Goldman Sachs Bank USA |  | (60131)<br>| &nbsp;&nbsp; 08/18/26 | &nbsp;&nbsp; (0.15)%<br>| 1D FEDL01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (2007)<br>|
| Goldman Sachs Group, Inc. (The) | Barclays Bank PLC |  | (22257)<br>| &nbsp;&nbsp; 07/23/26 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (101)<br>|
| Goldman Sachs Group, Inc. (The) | Merrill Lynch International |  | (67226)<br>| &nbsp;&nbsp; 06/15/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (1337)<br>|
| GSK PLC, ADR | Goldman Sachs Bank USA |  | (103163)<br>| &nbsp;&nbsp; 08/18/26 | &nbsp;&nbsp; (0.15)%<br>| 1D FEDL01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (813)<br>|
| GSK PLC, ADR | Merrill Lynch International |  | (22828)<br>| &nbsp;&nbsp; 06/15/28 | &nbsp;&nbsp; (0.67)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (141)<br>|
| HCA Healthcare, Inc. | Barclays Bank PLC |  | (67630)<br>| &nbsp;&nbsp; 07/23/26 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 169 |
| HCA Healthcare, Inc. | HSBC Bank PLC |  | (4961)<br>| &nbsp;&nbsp; 02/09/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (291)<br>|
| Hexcel Corp. | Barclays Bank PLC |  | (1269)<br>| &nbsp;&nbsp; 07/23/26 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 6 |
| Hexcel Corp. | Goldman Sachs Bank USA |  | (2161)<br>| &nbsp;&nbsp; 08/18/26 | &nbsp;&nbsp; (0.15)%<br>| 1D FEDL01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (50)<br>|
| Hexcel Corp. | HSBC Bank PLC |  | (60260)<br>| &nbsp;&nbsp; 02/09/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (2827)<br>|
| HF Sinclair Corp. | Barclays Bank PLC |  | (47772)<br>| &nbsp;&nbsp; 07/23/26 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (2396)<br>|
| HF Sinclair Corp. | HSBC Bank PLC |  | (14763)<br>| &nbsp;&nbsp; 02/09/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (2485)<br>|
| Inspire Medical Systems, Inc. | Barclays Bank PLC |  | (62394)<br>| &nbsp;&nbsp; 07/23/26 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 1495 |
| Inspire Medical Systems, Inc. | Goldman Sachs Bank USA |  | (1317)<br>| &nbsp;&nbsp; 08/18/26 | &nbsp;&nbsp; (0.15)%<br>| 1D FEDL01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (89)<br>|
| Inspire Medical Systems, Inc. | HSBC Bank PLC |  | (4828)<br>| &nbsp;&nbsp; 02/09/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (888)<br>|
| Inspire Medical Systems, Inc. | Merrill Lynch International |  | (1843)<br>| &nbsp;&nbsp; 06/15/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (124)<br>|
| International Business Machines Corp. | Barclays Bank PLC |  | (12347)<br>| &nbsp;&nbsp; 07/23/26 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (71)<br>|
| International Business Machines Corp. | HSBC Bank PLC |  | (23945)<br>| &nbsp;&nbsp; 02/09/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (404)<br>|
| International Business Machines Corp. | Merrill Lynch International |  | (170681)<br>| &nbsp;&nbsp; 06/15/28 | &nbsp;&nbsp; - | 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (2684)<br>|
| J M Smucker Co. (The) | Barclays Bank PLC |  | (28866)<br>| &nbsp;&nbsp; 07/23/26 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 686 |
| J M Smucker Co. (The) | Merrill Lynch International |  | (49510)<br>| &nbsp;&nbsp; 06/15/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 112 |
| Jackson Financial, Inc., Class A | Barclays Bank PLC |  | (35252)<br>| &nbsp;&nbsp; 07/23/26 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (118)<br>|
| Jackson Financial, Inc., Class A | Goldman Sachs Bank USA |  | (35698)<br>| &nbsp;&nbsp; 08/18/26 | &nbsp;&nbsp; (0.15)%<br>| 1D FEDL01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (1648)<br>|
| Johnson Controls International PLC | Goldman Sachs Bank USA |  | (8489)<br>| &nbsp;&nbsp; 08/18/26 | &nbsp;&nbsp; (0.15)%<br>| 1D FEDL01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (276)<br>|
| Johnson Controls International PLC | HSBC Bank PLC |  | (56786)<br>| &nbsp;&nbsp; 02/09/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (721)<br>|
| KLA Corp. | Goldman Sachs Bank USA |  | (12249)<br>| &nbsp;&nbsp; 08/18/26 | &nbsp;&nbsp; (0.15)%<br>| 1D FEDL01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 41 |
| KLA Corp. | HSBC Bank PLC |  | (122583)<br>| &nbsp;&nbsp; 02/09/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 5735 |
| Labcorp Holdings, Inc. | Barclays Bank PLC |  | (63425)<br>| &nbsp;&nbsp; 07/23/26 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 43 |
| Labcorp Holdings, Inc. | HSBC Bank PLC |  | (9836)<br>| &nbsp;&nbsp; 02/09/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (449)<br>|
| Lattice Semiconductor Corp. | HSBC Bank PLC |  | (58927)<br>| &nbsp;&nbsp; 02/09/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (4665)<br>|
| Lennox International, Inc. | Barclays Bank PLC |  | (5327)<br>| &nbsp;&nbsp; 07/23/26 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 307 |

---

------

Schedule of Investments (unaudited) (continued)

August 31, 2025

**BlackRock U.S. Insights Long/Short Equity Fund**

**Equity Swap Contracts (continued)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | *Notional Amount* | *Termination Date* | *Spread* | *Reference Rate* | *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) |
| Lennox International, Inc. | Merrill Lynch International | USD  | (54433)<br>| &nbsp;&nbsp; 06/15/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; $3110 |
| &nbsp;&nbsp;&nbsp; Liberty Media Corp. - Liberty Formula One, <br> Class C, NVS<br>| Goldman Sachs Bank USA |  | (60155)<br>| &nbsp;&nbsp; 08/18/26 | &nbsp;&nbsp; (0.15)%<br>| 1D FEDL01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (284)<br>|
| Lincoln National Corp. | Merrill Lynch International |  | (70186)<br>| &nbsp;&nbsp; 06/15/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (4083)<br>|
| Linde PLC | Barclays Bank PLC |  | (72732)<br>| &nbsp;&nbsp; 07/23/26 | 0.10<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 510 |
| Linde PLC | HSBC Bank PLC |  | (19842)<br>| &nbsp;&nbsp; 02/09/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (247)<br>|
| LPL Financial Holdings, Inc. | Barclays Bank PLC |  | (124679)<br>| &nbsp;&nbsp; 07/23/26 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (702)<br>|
| LPL Financial Holdings, Inc. | HSBC Bank PLC |  | (8136)<br>| &nbsp;&nbsp; 02/09/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 118 |
| Lululemon Athletica, Inc. | Barclays Bank PLC |  | (12663)<br>| &nbsp;&nbsp; 07/23/26 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 329 |
| Lululemon Athletica, Inc. | HSBC Bank PLC |  | (43190)<br>| &nbsp;&nbsp; 02/09/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (2912)<br>|
| Lululemon Athletica, Inc. | Merrill Lynch International |  | (5954)<br>| &nbsp;&nbsp; 06/15/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (112)<br>|
| Magna International, Inc. | Barclays Bank PLC |  | (66816)<br>| &nbsp;&nbsp; 07/23/26 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 261 |
| Markel Group, Inc. | Goldman Sachs Bank USA |  | (61696)<br>| &nbsp;&nbsp; 08/18/26 | &nbsp;&nbsp; (0.15)%<br>| 1D FEDL01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (994)<br>|
| Medpace Holdings, Inc. | Barclays Bank PLC |  | (174329)<br>| &nbsp;&nbsp; 07/23/26 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (4463)<br>|
| Medpace Holdings, Inc. | HSBC Bank PLC |  | (6515)<br>| &nbsp;&nbsp; 02/09/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (617)<br>|
| Medpace Holdings, Inc. | Merrill Lynch International |  | (40749)<br>| &nbsp;&nbsp; 06/15/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (1572)<br>|
| Mondelez International, Inc., Class A | Barclays Bank PLC |  | (2663)<br>| &nbsp;&nbsp; 07/23/26 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 83 |
| Mondelez International, Inc., Class A | HSBC Bank PLC |  | (54349)<br>| &nbsp;&nbsp; 02/09/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 343 |
| Mondelez International, Inc., Class A | Merrill Lynch International |  | (4097)<br>| &nbsp;&nbsp; 06/15/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 42 |
| MSCI, Inc., Class A | Barclays Bank PLC |  | (53451)<br>| &nbsp;&nbsp; 07/23/26 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 653 |
| MSCI, Inc., Class A | Goldman Sachs Bank USA |  | (14483)<br>| &nbsp;&nbsp; 08/18/26 | &nbsp;&nbsp; (0.15)%<br>| 1D FEDL01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (278)<br>|
| MSCI, Inc., Class A | Merrill Lynch International |  | (132571)<br>| &nbsp;&nbsp; 06/15/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (2547)<br>|
| Murphy Oil Corp. | Goldman Sachs Bank USA |  | (131779)<br>| &nbsp;&nbsp; 08/18/26 | &nbsp;&nbsp; (0.15)%<br>| 1D FEDL01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (10843)<br>|
| Murphy Oil Corp. | HSBC Bank PLC |  | (90800)<br>| &nbsp;&nbsp; 02/09/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (6204)<br>|
| Murphy Oil Corp. | Merrill Lynch International |  | (5352)<br>| &nbsp;&nbsp; 06/15/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (440)<br>|
| Norfolk Southern Corp. | Barclays Bank PLC |  | (26752)<br>| &nbsp;&nbsp; 07/23/26 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 434 |
| Norfolk Southern Corp. | Goldman Sachs Bank USA |  | (44918)<br>| &nbsp;&nbsp; 08/18/26 | &nbsp;&nbsp; (0.15)%<br>| 1D FEDL01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 122 |
| Norfolk Southern Corp. | Merrill Lynch International |  | (96855)<br>| &nbsp;&nbsp; 06/15/28 | 0.30<br> %<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 262 |
| Northern Trust Corp. | Goldman Sachs Bank USA |  | (54567)<br>| &nbsp;&nbsp; 08/18/26 | &nbsp;&nbsp; (0.15)%<br>| 1D FEDL01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (2278)<br>|
| Northern Trust Corp. | HSBC Bank PLC |  | (57171)<br>| &nbsp;&nbsp; 02/09/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (2562)<br>|
| Novartis AG, ADR | Merrill Lynch International |  | (205443)<br>| &nbsp;&nbsp; 06/15/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (3870)<br>|
| NXP Semiconductors NV | Goldman Sachs Bank USA |  | (45070)<br>| &nbsp;&nbsp; 08/18/26 | &nbsp;&nbsp; (0.15)%<br>| 1D FEDL01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (1196)<br>|
| NXP Semiconductors NV | HSBC Bank PLC |  | (12637)<br>| &nbsp;&nbsp; 02/09/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (1689)<br>|
| Occidental Petroleum Corp. | Barclays Bank PLC |  | (30431)<br>| &nbsp;&nbsp; 07/23/26 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (1182)<br>|
| Occidental Petroleum Corp. | Goldman Sachs Bank USA |  | (133027)<br>| &nbsp;&nbsp; 08/18/26 | &nbsp;&nbsp; (0.15)%<br>| 1D FEDL01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (8946)<br>|
| Occidental Petroleum Corp. | HSBC Bank PLC |  | (27700)<br>| &nbsp;&nbsp; 02/09/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (2056)<br>|
| Occidental Petroleum Corp. | Merrill Lynch International |  | (161042)<br>| &nbsp;&nbsp; 06/15/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (10830)<br>|
| Omega Healthcare Investors, Inc. | Merrill Lynch International |  | (108594)<br>| &nbsp;&nbsp; 06/15/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (4131)<br>|
| ONEOK, Inc. | Barclays Bank PLC |  | (55382)<br>| &nbsp;&nbsp; 07/23/26 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (1140)<br>|
| ONEOK, Inc. | HSBC Bank PLC |  | (18183)<br>| &nbsp;&nbsp; 02/09/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (530)<br>|
| Otis Worldwide Corp. | Barclays Bank PLC |  | (8238)<br>| &nbsp;&nbsp; 07/23/26 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 205 |
| Otis Worldwide Corp. | Goldman Sachs Bank USA |  | (53332)<br>| &nbsp;&nbsp; 08/18/26 | &nbsp;&nbsp; (0.15)%<br>| 1D FEDL01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 641 |
| Palo Alto Networks, Inc. | Merrill Lynch International |  | (70659)<br>| &nbsp;&nbsp; 06/15/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (5359)<br>|
| Paychex, Inc. | Barclays Bank PLC |  | (56324)<br>| &nbsp;&nbsp; 07/23/26 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 542 |
| Paychex, Inc. | HSBC Bank PLC |  | (2683)<br>| &nbsp;&nbsp; 02/09/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 33 |
| Paychex, Inc. | Merrill Lynch International |  | (2339)<br>| &nbsp;&nbsp; 06/15/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (32)<br>|
| Paycom Software, Inc. | Barclays Bank PLC |  | (2807)<br>| &nbsp;&nbsp; 07/23/26 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 81 |
| Paycom Software, Inc. | HSBC Bank PLC |  | (35627)<br>| &nbsp;&nbsp; 02/09/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 419 |
| Paycom Software, Inc. | Merrill Lynch International |  | (23238)<br>| &nbsp;&nbsp; 06/15/28 | &nbsp;&nbsp; (0.53)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (1067)<br>|
| Penske Automotive Group, Inc. | Barclays Bank PLC |  | (6181)<br>| &nbsp;&nbsp; 07/23/26 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 96 |
| Penske Automotive Group, Inc. | Goldman Sachs Bank USA |  | (59696)<br>| &nbsp;&nbsp; 08/18/26 | &nbsp;&nbsp; (0.15)%<br>| 1D FEDL01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (1344)<br>|
| Pinterest, Inc., Class A | Goldman Sachs Bank USA |  | (59866)<br>| &nbsp;&nbsp; 08/18/26 | &nbsp;&nbsp; (0.15)%<br>| 1D FEDL01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (1893)<br>|
| Pool Corp. | Barclays Bank PLC |  | (5827)<br>| &nbsp;&nbsp; 07/23/26 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 234 |
| Pool Corp. | Goldman Sachs Bank USA |  | (1931)<br>| &nbsp;&nbsp; 08/18/26 | &nbsp;&nbsp; (0.15)%<br>| 1D FEDL01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 66 |
| Pool Corp. | HSBC Bank PLC |  | (45546)<br>| &nbsp;&nbsp; 02/09/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (749)<br>|
| Pool Corp. | Merrill Lynch International |  | (9653)<br>| &nbsp;&nbsp; 06/15/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 331 |
| Procore Technologies, Inc. | Barclays Bank PLC |  | (4747)<br>| &nbsp;&nbsp; 07/23/26 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (119)<br>|
| Procore Technologies, Inc. | Goldman Sachs Bank USA |  | (5873)<br>| &nbsp;&nbsp; 08/18/26 | &nbsp;&nbsp; (0.15)%<br>| 1D FEDL01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (382)<br>|
| Procore Technologies, Inc. | HSBC Bank PLC |  | (16639)<br>| &nbsp;&nbsp; 02/09/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (1920)<br>|
| Procore Technologies, Inc. | Merrill Lynch International |  | (88754)<br>| &nbsp;&nbsp; 06/15/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (5780)<br>|

---

------

Schedule of Investments (unaudited) (continued)

August 31, 2025

**BlackRock U.S. Insights Long/Short Equity Fund**

**Equity Swap Contracts (continued)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | *Notional Amount* | *Termination Date* | *Spread* | *Reference Rate* | *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) |
| PTC, Inc. | Goldman Sachs Bank USA | USD  | (66898)<br>| &nbsp;&nbsp; 08/18/26 | &nbsp;&nbsp; (0.15)%<br>| 1D FEDL01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; $(2489)<br>|
| PTC, Inc. | HSBC Bank PLC |  | (78676)<br>| &nbsp;&nbsp; 02/09/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (3095)<br>|
| PTC, Inc. | Merrill Lynch International |  | (55371)<br>| &nbsp;&nbsp; 06/15/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (2061)<br>|
| Pure Storage, Inc., Class A | Barclays Bank PLC |  | (84287)<br>| &nbsp;&nbsp; 07/23/26 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (27860)<br>|
| Pure Storage, Inc., Class A | Goldman Sachs Bank USA |  | (28900)<br>| &nbsp;&nbsp; 08/18/26 | &nbsp;&nbsp; (0.15)%<br>| 1D FEDL01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (9362)<br>|
| Pure Storage, Inc., Class A | HSBC Bank PLC |  | (2285)<br>| &nbsp;&nbsp; 02/09/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (742)<br>|
| QXO, Inc. | Goldman Sachs Bank USA |  | (69188)<br>| &nbsp;&nbsp; 08/18/26 | &nbsp;&nbsp; (0.15)%<br>| 1D FEDL01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 1249 |
| Raymond James Financial, Inc. | HSBC Bank PLC |  | (63329)<br>| &nbsp;&nbsp; 02/09/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (1736)<br>|
| Regency Centers Corp. | Barclays Bank PLC |  | (55203)<br>| &nbsp;&nbsp; 07/23/26 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (114)<br>|
| Regency Centers Corp. | Merrill Lynch International |  | (5540)<br>| &nbsp;&nbsp; 06/15/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (115)<br>|
| RH | Goldman Sachs Bank USA |  | (61376)<br>| &nbsp;&nbsp; 08/18/26 | &nbsp;&nbsp; (0.15)%<br>| 1D FEDL01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 1348 |
| Rivian Automotive, Inc., Class A | Barclays Bank PLC |  | (55934)<br>| &nbsp;&nbsp; 07/23/26 | &nbsp;&nbsp; (0.38)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (2051)<br>|
| Rivian Automotive, Inc., Class A | Goldman Sachs Bank USA |  | (2901)<br>| &nbsp;&nbsp; 08/18/26 | &nbsp;&nbsp; (0.15)%<br>| 1D FEDL01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (315)<br>|
| Rivian Automotive, Inc., Class A | HSBC Bank PLC |  | (3386)<br>| &nbsp;&nbsp; 02/09/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (468)<br>|
| Rivian Automotive, Inc., Class A | Merrill Lynch International |  | (2436)<br>| &nbsp;&nbsp; 06/15/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (265)<br>|
| Rocket Cos., Inc., Class A | Barclays Bank PLC |  | (18275)<br>| &nbsp;&nbsp; 07/23/26 | &nbsp;&nbsp; (8.00)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 931 |
| Rocket Cos., Inc., Class A | Goldman Sachs Bank USA |  | (39782)<br>| &nbsp;&nbsp; 08/18/26 | &nbsp;&nbsp; (8.85)%<br>| 1D FEDL01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 120 |
| SBA Communications Corp. | Goldman Sachs Bank USA |  | (52346)<br>| &nbsp;&nbsp; 08/18/26 | &nbsp;&nbsp; (0.15)%<br>| 1D FEDL01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 3591 |
| SBA Communications Corp. | HSBC Bank PLC |  | (7702)<br>| &nbsp;&nbsp; 02/09/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 532 |
| Schlumberger NV | Barclays Bank PLC |  | (22897)<br>| &nbsp;&nbsp; 07/23/26 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (791)<br>|
| Schlumberger NV | HSBC Bank PLC |  | (3780)<br>| &nbsp;&nbsp; 02/09/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (457)<br>|
| Schlumberger NV | Merrill Lynch International |  | (53180)<br>| &nbsp;&nbsp; 06/15/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (6206)<br>|
| Sherwin-Williams Co. (The) | Barclays Bank PLC |  | (2611)<br>| &nbsp;&nbsp; 07/23/26 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 50 |
| Sherwin-Williams Co. (The) | HSBC Bank PLC |  | (41203)<br>| &nbsp;&nbsp; 02/09/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (1599)<br>|
| Sherwin-Williams Co. (The) | Merrill Lynch International |  | (20042)<br>| &nbsp;&nbsp; 06/15/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (79)<br>|
| Shift4 Payments, Inc., Class A | Goldman Sachs Bank USA |  | (97969)<br>| &nbsp;&nbsp; 08/18/26 | &nbsp;&nbsp; (0.39)%<br>| 1D FEDL01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 305 |
| Simon Property Group, Inc. | Goldman Sachs Bank USA |  | (68446)<br>| &nbsp;&nbsp; 08/18/26 | &nbsp;&nbsp; (0.15)%<br>| 1D FEDL01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (2915)<br>|
| Solventum Corp. | Barclays Bank PLC |  | (116724)<br>| &nbsp;&nbsp; 07/23/26 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 730 |
| Solventum Corp. | Goldman Sachs Bank USA |  | (39567)<br>| &nbsp;&nbsp; 08/18/26 | &nbsp;&nbsp; (0.15)%<br>| 1D FEDL01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (925)<br>|
| Solventum Corp. | Merrill Lynch International |  | (28925)<br>| &nbsp;&nbsp; 06/15/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (676)<br>|
| Starbucks Corp. | Barclays Bank PLC |  | (2210)<br>| &nbsp;&nbsp; 07/23/26 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 5 |
| Starbucks Corp. | Merrill Lynch International |  | (58346)<br>| &nbsp;&nbsp; 06/15/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 1552 |
| Stryker Corp. | HSBC Bank PLC |  | (57015)<br>| &nbsp;&nbsp; 02/09/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (2088)<br>|
| T Rowe Price Group, Inc. | Barclays Bank PLC |  | (110131)<br>| &nbsp;&nbsp; 07/23/26 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 681 |
| T Rowe Price Group, Inc. | HSBC Bank PLC |  | (7564)<br>| &nbsp;&nbsp; 02/09/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (184)<br>|
| Teleflex, Inc. | Barclays Bank PLC |  | (2847)<br>| &nbsp;&nbsp; 07/23/26 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 66 |
| Teleflex, Inc. | Goldman Sachs Bank USA |  | (6396)<br>| &nbsp;&nbsp; 08/18/26 | &nbsp;&nbsp; (0.15)%<br>| 1D FEDL01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (304)<br>|
| Teleflex, Inc. | HSBC Bank PLC |  | (52219)<br>| &nbsp;&nbsp; 02/09/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (3528)<br>|
| Teleflex, Inc. | Merrill Lynch International |  | (2776)<br>| &nbsp;&nbsp; 06/15/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (132)<br>|
| Texas Pacific Land Corp. | Barclays Bank PLC |  | (2735)<br>| &nbsp;&nbsp; 07/23/26 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (66)<br>|
| Texas Pacific Land Corp. | HSBC Bank PLC |  | (57702)<br>| &nbsp;&nbsp; 02/09/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (4841)<br>|
| Thomson Reuters Corp. | Barclays Bank PLC |  | (100524)<br>| &nbsp;&nbsp; 07/23/26 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 529 |
| Thomson Reuters Corp. | Merrill Lynch International |  | (147119)<br>| &nbsp;&nbsp; 06/15/28 | &nbsp;&nbsp; (0.05)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (2784)<br>|
| TKO Group Holdings, Inc., Class A | HSBC Bank PLC |  | (66296)<br>| &nbsp;&nbsp; 02/09/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (10666)<br>|
| Toast, Inc., Class A | HSBC Bank PLC |  | (86014)<br>| &nbsp;&nbsp; 02/09/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (3645)<br>|
| TransMedics Group, Inc. | Goldman Sachs Bank USA |  | (60714)<br>| &nbsp;&nbsp; 08/18/26 | &nbsp;&nbsp; (0.15)%<br>| 1D FEDL01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 5993 |
| TransMedics Group, Inc. | HSBC Bank PLC |  | (9618)<br>| &nbsp;&nbsp; 02/09/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (39)<br>|
| Trex Co., Inc. | Goldman Sachs Bank USA |  | (2839)<br>| &nbsp;&nbsp; 08/18/26 | &nbsp;&nbsp; (0.15)%<br>| 1D FEDL01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 65 |
| Trex Co., Inc. | Merrill Lynch International |  | (70334)<br>| &nbsp;&nbsp; 06/15/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 1617 |
| UL Solutions, Inc., Class A | Goldman Sachs Bank USA |  | (3691)<br>| &nbsp;&nbsp; 08/18/26 | &nbsp;&nbsp; (0.15)%<br>| 1D FEDL01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 216 |
| UL Solutions, Inc., Class A | HSBC Bank PLC |  | (56223)<br>| &nbsp;&nbsp; 02/09/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 2908 |
| Universal Health Services, Inc., Class B | Barclays Bank PLC |  | (27466)<br>| &nbsp;&nbsp; 07/23/26 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 592 |
| Universal Health Services, Inc., Class B | Goldman Sachs Bank USA |  | (37122)<br>| &nbsp;&nbsp; 08/18/26 | &nbsp;&nbsp; (0.15)%<br>| 1D FEDL01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (647)<br>|
| Universal Health Services, Inc., Class B | HSBC Bank PLC |  | (30153)<br>| &nbsp;&nbsp; 02/09/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (1624)<br>|
| Universal Health Services, Inc., Class B | Merrill Lynch International |  | (22844)<br>| &nbsp;&nbsp; 06/15/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (398)<br>|
| Vail Resorts, Inc. | Barclays Bank PLC |  | (12224)<br>| &nbsp;&nbsp; 07/23/26 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (62)<br>|
| Vail Resorts, Inc. | HSBC Bank PLC |  | (50565)<br>| &nbsp;&nbsp; 02/09/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (5127)<br>|
| VeriSign, Inc. | Barclays Bank PLC |  | (62266)<br>| &nbsp;&nbsp; 07/23/26 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (882)<br>|
| VeriSign, Inc. | HSBC Bank PLC |  | (33442)<br>| &nbsp;&nbsp; 02/09/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (182)<br>|
| VeriSign, Inc. | Merrill Lynch International |  | (24290)<br>| &nbsp;&nbsp; 06/15/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (313)<br>|

---

------

Schedule of Investments (unaudited) (continued)

August 31, 2025

**BlackRock U.S. Insights Long/Short Equity Fund**

**Equity Swap Contracts (continued)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | *Notional Amount* | *Termination Date* | *Spread* | *Reference Rate* | *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) |
| Verisk Analytics, Inc. | Merrill Lynch International | USD  | (76876)<br>| &nbsp;&nbsp; 06/15/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; $(75)<br>|
| Viatris, Inc. | Goldman Sachs Bank USA |  | (40944)<br>| &nbsp;&nbsp; 08/19/26 | &nbsp;&nbsp; (0.15)%<br>| 1D FEDL01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 232 |
| Viatris, Inc. | Merrill Lynch International |  | (41941)<br>| &nbsp;&nbsp; 06/15/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 237 |
| Waste Management, Inc. | Goldman Sachs Bank USA |  | (59197)<br>| &nbsp;&nbsp; 08/18/26 | &nbsp;&nbsp; (0.15)%<br>| 1D FEDL01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 110 |
| Western Alliance Bancorp | HSBC Bank PLC |  | (93975)<br>| &nbsp;&nbsp; 02/09/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (12321)<br>|
| Weyerhaeuser Co. | Barclays Bank PLC |  | (8827)<br>| &nbsp;&nbsp; 07/23/26 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 316 |
| Weyerhaeuser Co. | Goldman Sachs Bank USA |  | (2067)<br>| &nbsp;&nbsp; 08/18/26 | &nbsp;&nbsp; (0.15)%<br>| 1D FEDL01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (2)<br>|
| Weyerhaeuser Co. | Merrill Lynch International |  | (50621)<br>| &nbsp;&nbsp; 06/15/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (59)<br>|
| WW Grainger, Inc. | HSBC Bank PLC |  | (54157)<br>| &nbsp;&nbsp; 02/09/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (3612)<br>|
| WW Grainger, Inc. | Merrill Lynch International |  | (7759)<br>| &nbsp;&nbsp; 06/15/28 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (349)<br>|
| Zimmer Biomet Holdings, Inc. | Barclays Bank PLC |  | (2477)<br>| &nbsp;&nbsp; 07/23/26 | &nbsp;&nbsp; (0.15)%<br>| 1D OBFR01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; 37 |
| Zimmer Biomet Holdings, Inc. | Goldman Sachs Bank USA |  | (65246)<br>| &nbsp;&nbsp; 08/18/26 | &nbsp;&nbsp; (0.15)%<br>| 1D FEDL01 | &nbsp;&nbsp; Monthly | &nbsp;&nbsp; (2127)<br>|
| Total short positions of equity swaps | Total short positions of equity swaps | Total short positions of equity swaps | Total short positions of equity swaps | Total short positions of equity swaps |  |  |  | &nbsp;&nbsp; (268544)<br>|
| Total long and short positions of equity swaps | Total long and short positions of equity swaps | Total long and short positions of equity swaps | Total long and short positions of equity swaps | Total long and short positions of equity swaps |  |  |  | &nbsp;&nbsp; (84651)<br>|
| Net dividends and financing fees | Net dividends and financing fees | Net dividends and financing fees | Net dividends and financing fees | Net dividends and financing fees |  |  |  | &nbsp;&nbsp; (2679)<br>|
| Total equity swap contracts including dividends and financing fees | Total equity swap contracts including dividends and financing fees | Total equity swap contracts including dividends and financing fees | Total equity swap contracts including dividends and financing fees | Total equity swap contracts including dividends and financing fees |  |  |  | &nbsp;&nbsp; $(87330)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> The Fund receives the total return on a reference entity and pays 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 position. 

<sup>(b)</sup> The Fund pays the total return on a reference entity and 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 position. 

**Fair Value Hierarchy as of Period End**

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

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

&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 — Inputs that are unobservable and significant to the entire fair value measurement for the asset or liability (including the Valuation Committee's assumptions used in determining the fair value of financial instruments).

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

The following table summarizes the Fund's financial instruments categorized in the fair value hierarchy. The breakdown of the Fund's financial instruments into major categories is disclosed in the Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks  | &nbsp;&nbsp; $224341 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $224341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | &nbsp;&nbsp; 18113 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 18113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 11684886 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11684886 |
|  | &nbsp;&nbsp; $242454 | &nbsp;&nbsp; $11684886 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $11927340 |

---

------

Schedule of Investments (unaudited) (continued)

August 31, 2025

**BlackRock U.S. Insights Long/Short Equity Fund**

**Fair Value Hierarchy as of Period End (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Derivative Financial Instruments<sup>(a)</sup> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $496099 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $496099 |
| &nbsp;&nbsp;&nbsp; Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; (583429)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (583429)<br>|
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(87330)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(87330)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Derivative financial instruments are swaps. Swaps are valued at the unrealized appreciation (depreciation) on the instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Currency Abbreviation**  | **Currency Abbreviation**  |
| USD | United States Dollar |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Portfolio Abbreviation**  | **Portfolio Abbreviation**  |
| 1D FEDL01 | USD - 1D Overnight Fed Funds Effective Rate |
| 1D OBFR01 | USD - 1D Overnight Bank Funding Rate |
| ADR | American Depositary Receipt |
| NVS | Non-Voting Shares |
| OTC | Over-the-Counter |

---

------

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** BlackRock Funds

- **b. Investment Company Act file number:** 811-05742

- **c. CIK number of Registrant:** 0000844779

- **d. LEI of Registrant:** 549300OZUEVJZHOBFP42

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 100 Bellevue Parkway

  - **City:** Wilmington

  - **State:** DE

  - **Foreign country:** US

  - **Zip / Postal Code:** 19809

  - **Telephone number:** 800-441-7762

**Item A.2. Information about the Series.**

- **a. Name of Series:** BlackRock U.S. Insights Long/Short Equity Fund

- **b. EDGAR series identifier (if any):** S000080441

- **c. LEI of Series:** 529900FXVT71X4JZNJ06

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-05-31

- **b. Date as of which information is reported:** 2025-08-29

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $48738407.84

**Total Liabilities:** $36231368.67

**Net Assets:** $12507039.17

**Cash Not Reported:** $713458.68

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** 0.00000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** 0.00000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000242843 | 4.61%                | 0.80%                | 0.40%                |
| Class ID C000242844 | 4.63%                | 0.70%                | 0.30%                |
| Class ID C000242845 | 4.72%                | 0.80%                | 0.30%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-6.01                   | $31676.90                                  |
| Month 2  | $131.10                  | $-3996.79                                  |
| Month 3  | $21387.09                | $-21415.45                                 |

### Schedule of Portfolio Investments

| Name                                 | Title                                | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| MERRILL LYNCH INTERNATIONAL          | TRS CFD EQUITY BASKET                | CUSIP: 000000000<br>LEI: GGDZP1UYGU9STUHRDP48 | N/A              | DE               | CORP              | GB        |         1 | NC      | $-14761.69    | -0.12%            |  |  |  | No            |                  2 | On Loan: No      |
| Slide Insurance Holdings Inc         | Slide Insurance Holdings Inc         | CUSIP: 831349105<br>LEI: 2549004LDWZTPC69SX47 | Long             | EC               | CORP              | US        |      1491 | NS      | $19949.58     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Voyager Technologies Inc             | Voyager Technologies Inc             | CUSIP: 92892B103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        51 | NS      | $1565.19      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Caris Life Sciences Inc              | Caris Life Sciences Inc              | CUSIP: 142152107<br>LEI: 549300LX5LO78M5VPY43 | Long             | EC               | CORP              | US        |       190 | NS      | $7294.10      | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackRock Cash Funds - Institutional | BlackRock Cash Funds - Institutional | CUSIP: 066922519<br>LEI: 549300JDHS1T46VWOG19 | Long             | STIV             | RF                | US        |     63674 | NS      | $63705.52     | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Figma Inc                            | Figma Inc                            | CUSIP: 316841105<br>LEI: 254900273Q0J4Z65HU28 | Long             | EC               | CORP              | US        |       227 | NS      | $15953.56     | 0.13%             |  |  |  | No            |                  1 | On Loan: —       |
| Bullish                              | Bullish                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |       711 | NS      | $41970.33     | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| HeartFlow Inc                        | HeartFlow Inc                        | CUSIP: 42238D107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        36 | NS      | $1134.00      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Etoro Group Ltd                      | Etoro Group Ltd                      | CUSIP: 000000000<br>LEI: 213800XPRPJK2X5QRG86 | Long             | EC               | CORP              | IL        |       580 | NS      | $25752.00     | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| NIQ Global Intelligence Plc          | NIQ Global Intelligence Plc          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1268 | NS      | $21606.72     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| TREASURY BILL                        | United States Treasury Bill          | CUSIP: 912797QP5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  11771800 | PA      | $11684885.50  | 93.43%            | 2025-11-06      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| BARCLAYS BANK PLC                    | TRS CFD EQUITY BASKET                | CUSIP: 000000000<br>LEI: G5GSEF7VJP5I7OUK5573 | N/A              | DE               | CORP              | GB        |         1 | NC      | $-50709.37    | -0.41%            |  |  |  | No            |                  2 | On Loan: No      |
| HSBC BANK PLC                        | TRS CFD EQUITY BASKET                | CUSIP: 000000000<br>LEI: MP6I5ZYZBEU3UXPYFY54 | N/A              | DE               | CORP              | GB        |         1 | NC      | $-8534.84     | -0.07%            |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS BANK USA               | TRS CFD EQUITY BASKET                | CUSIP: 000000000<br>LEI: KD3XUN7C6T14HNAYLU02 | N/A              | DE               | CORP              | US        |         1 | NC      | $-13318.34    | -0.11%            |  |  |  | No            |                  2 | On Loan: No      |
| Chime Financial Inc                  | Chime Financial Inc                  | CUSIP: 16935C109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1269 | NS      | $33514.29     | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Miami International Holdings I       | Miami International Holdings Inc     | CUSIP: 59356Q108<br>LEI: 254900TREUDBWGLAP788 | Long             | EC               | CORP              | US        |       262 | NS      | $9845.96      | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Accelerant Holdings                  | Accelerant Holdings                  | CUSIP: 000000000<br>LEI: 213800VS4CX9ZONTD965 | Long             | EC               | CORP              | KY        |      1330 | NS      | $26666.50     | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| MNTN Inc                             | MNTN Inc                             | CUSIP: 55318A108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       130 | NS      | $2653.30      | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Firefly Aerospace Inc                | Firefly Aerospace Inc                | CUSIP: 31816X106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       414 | NS      | $18783.18     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-27

**Name of Applicant:** BlackRock Funds

**Signature:** Chuck Pulsfort

**Name of Signer:** Chuck Pulsfort

**Title:** Assistant Treasurer