July 31, 2026 
2026 Quarterly Report
(Unaudited)
 
BlackRock Funds III
• BlackRock Diversified Fixed Income Fund
 
Not FDIC Insured • May Lose Value • No Bank Guarantee

Schedule of Investments (unaudited)
July 31, 2026
BlackRock Diversified Fixed Income Fund
(Percentages shown are based on Net Assets)
 
Security
 
Par
(000)
Value
Asset-Backed Securities
AB Issuer LLC, Series 2026-1A, Class A2, 6.41%,
04/30/56(a)
USD
129
$ 128,161
ACE Securities Corp. Home Equity Loan Trust,
Series 2005-AG1, Class M2, (1 mo. Term SOFR +
0.80%), 4.53%, 08/25/35(b)
 
206
181,090
ACHV ABS Trust, Series 2024-1PL, Class B, 6.34%,
04/25/31(a)
 
89
89,326
Affirm Asset Securitization Trust(a)
 
Series 2023-X1, Class D, 9.55%, 11/15/28
 
39
38,904
Series 2024-B, Class C, 5.06%, 09/15/29
 
2,250
2,250,907
Series 2024-B, Class D, 5.50%, 09/15/29
 
1,500
1,500,955
Series 2024-X1, Class D, 7.29%, 05/15/29
 
55
54,861
Series 2024-X2, Class D, 6.08%, 12/17/29
 
486
487,522
Affirm Master Trust(a)
 
Series 2025-1A, Class B, 5.13%, 02/15/33
 
1,000
1,001,312
Series 2025-1A, Class C, 5.28%, 02/15/33
 
640
640,706
Series 2025-3A, Class B, 4.75%, 10/16/34
 
980
969,164
Series 2025-3A, Class C, 4.89%, 10/16/34
 
1,850
1,828,009
Series 2026-1A, Class A, 4.37%, 02/15/34
 
172
170,949
AGL CLO Ltd., Series 2022-20A, Class A1R, (3-mo.
CME Term SOFR + 1.37%), 5.10%, 10/20/37(a)(b)
 
250
250,423
AGL Core CLO Ltd., Series 2025-38A, Class A1, (3-
mo. CME Term SOFR + 1.24%), 4.97%,
01/22/38(a)(b)
 
250
250,125
Ajax Mortgage Loan Trust, Series 2023-B, Class A,
4.25%, 10/25/62(a)
 
82
81,572
ALLO Issuer LLC, Series 2026-1A, Class A2, 5.61%,
06/20/56(a)
 
386
386,921
Anchorage Capital CLO Ltd.(a)(b)
 
Series 2020-15A, Class A1R2, (3-mo. CME Term
SOFR + 1.41%), 5.14%, 07/20/38
 
250
250,596
Series 2025-34A, Class A1, (3-mo. CME Term
SOFR + 1.27%), 5.02%, 01/15/39
 
250
250,364
ARES XLIV CLO Ltd., Series 2017-44A, Class CRR,
(3-mo. CME Term SOFR + 2.75%), 6.50%,
04/15/34(a)(b)
 
250
250,304
Argent Mortgage Loan Trust, Series 2005-W1,
Class A2, (1 mo. Term SOFR + 0.59%), 4.32%,
05/25/35(b)
 
136
115,633
Asset-Backed Securities Corp. Home Equity Loan
Trust, Series 2004-HE9, Class M1, (1 mo. Term
SOFR + 1.09%), 4.81%, 12/25/34(b)
 
124
119,282
Ballyrock CLO Ltd.(a)(b)
 
Series 2021-1A, Class A1R, (3-mo. CME Term
SOFR + 1.33%), 5.08%, 01/15/38
 
420
420,587
Series 2023-25A, Class A1AR, (3-mo. CME Term
SOFR + 1.18%), 4.99%, 01/25/38
 
250
249,847
Series 2025-32A, Class B, (3-mo. CME Term
SOFR + 1.80%), 5.61%, 01/25/39
 
250
250,333
BARC 2026-CES1, Series 2026-CES1, Class A1A,
4.85%, 01/25/56(a)
 
256
251,464
Barings Euro CLO DAC, Series 2020-1A, Class CRR,
(3-mo. EURIBOR + 2.40%), 4.88%, 10/21/38(a)(b)
EUR
500
578,736
BBAM U.S. CLO VI Ltd., Series 2025-6A, Class A1,
(3-mo. CME Term SOFR + 1.25%), 5.06%,
01/27/39(a)(b)
USD
250
250,380
Bbva Consumer Fondo de Titulizacion,
Series 2026-1, Class F, (3-mo. EURIBOR +
5.10%), 7.32%, 05/20/39(b)(c)
EUR
94
107,782
Bear Stearns Asset-Backed Securities I Trust,
Series 2006-HE7, Class 1A2, (1 mo. Term SOFR +
0.45%), 4.18%, 09/25/36(b)
USD
44
43,760
Security
 
Par
(000)
Value
Asset-Backed Securities (continued)
Bear Stearns Asset-Backed Securities Trust,
Series 2005-2, Class M5, (1 mo. Term SOFR +
5.36%), 6.24%, 06/25/35(b)
USD
210
$ 213,408
Benefit Street Partners CLO Ltd., Series 2025-44A,
Class A1, (3-mo. CME Term SOFR + 1.22%),
4.97%, 01/15/39(a)(b)
 
250
250,170
Benefit Street Partners CLO XXIX Ltd., Series 2022-
29A, Class AR, (3-mo. CME Term SOFR + 1.18%),
4.99%, 01/25/38(a)(b)
 
700
699,391
Benefit Street Partners CLO XXVII Ltd., Series 2022-
27A, Class AR, (3-mo. CME Term SOFR + 1.37%),
5.10%, 10/20/37(a)(b)
 
250
250,375
Black Diamond CLO Ltd., Series 2019-2A,
Class A1AR, (3-mo. CME Term SOFR + 1.32%),
5.07%, 07/23/32(a)(b)
 
50
50,461
Blue Bridge Funding LLC, Series 2023-1A, Class A,
7.37%, 11/15/30(a)
 
21
21,444
BlueMountain CLO Ltd., Series 2018-3A, Class BR,
(3-mo. CME Term SOFR + 1.85%), 5.66%,
10/25/30(a)(b)
 
250
249,745
BlueMountain CLO XXVIII Ltd., Series 2021-28A,
Class A1R, (3-mo. CME Term SOFR + 1.40%),
5.15%, 03/31/38(a)(b)
 
250
250,518
Bridge Street CLO IV Ltd., Series 2024-1A,
Class A1R, (3-mo. CME Term SOFR + 1.29%),
4.93%, 04/20/39(a)(b)
 
250
250,257
Bridge Street CLO VI Ltd., Series 2025-2A, Class A1,
(3-mo. CME Term SOFR + 1.28%), 5.03%,
01/15/39(a)(b)
 
250
250,386
California Street CLO IX LP, Series 2012-9A,
Class BR3, (3-mo. CME Term SOFR + 2.01%),
5.80%, 07/16/32(a)(b)
 
300
299,847
Carlyle U.S. CLO Ltd.(a)(b)
 
Series 2017-3A, Class A1R2, (3-mo. CME Term
SOFR + 1.40%), 5.13%, 10/21/37
 
250
250,504
Series 2017-3A, Class BR2, (3-mo. CME Term
SOFR + 1.78%), 5.51%, 10/21/37
 
250
250,430
CIFC Funding Ltd.(a)(b)
 
Series 2017-5A, Class AR, (3-mo. CME Term
SOFR + 1.41%), 5.16%, 07/17/37
 
250
250,195
Series 2018-3A, Class BR, (3-mo. CME Term
SOFR + 1.65%), 5.38%, 10/18/38
 
400
401,224
Series 2019-6A, Class A1R, (3-mo. CME Term
SOFR + 1.45%), 5.24%, 07/16/37
 
250
250,084
Series 2020-4A, Class A1R, (3-mo. CME Term
SOFR + 1.30%), 5.05%, 01/15/40
 
250
250,565
Series 2021-1A, Class BR, (3-mo. CME Term
SOFR + 1.75%), 5.56%, 07/25/37
 
250
250,792
Series 2021-6A, Class A1R, (3-mo. CME Term
SOFR + 1.21%), 4.88%, 07/15/39
 
250
250,000
CIT Mortgage Loan Trust(a)(b)
 
Series 2007-1, Class 1M2, (1 mo. Term SOFR +
2.74%), 5.59%, 10/25/37
 
150
146,872
Series 2007-1, Class 2M2, (1 mo. Term SOFR +
2.74%), 5.59%, 10/25/37
 
676
650,074
College Avenue Student Loans LLC, Series 2023-B,
Class A1A, 6.50%, 06/25/54(a)
 
60
61,461
College Avenue Student Loans Trust, Series 2024-A,
Class A1B, (30-day Avg SOFR + 1.75%), 5.37%,
06/25/54(a)(b)
 
97
98,181
Compass Datacenters Issuer III LLC, Series 2025-3A,
Class A2, 5.29%, 07/25/50(a)
 
156
152,594
2

Schedule of Investments (unaudited)(continued)
July 31, 2026
BlackRock Diversified Fixed Income Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Asset-Backed Securities (continued)
Concord Music Royalties LLC, Series 2024-1A,
Class A, 5.64%, 10/20/74(a)
USD
100
$ 100,323
Conseco Finance Corp., Series 1998-4, Class M1,
6.83%, 04/01/30(b)
 
55
55,037
Consolidated Communications LLC/Fidium Fiber
Finance Holdco LLC(a)
 
Series 2025-4A, Class B, 5.77%, 12/20/55
 
445
441,965
Series 2026-1A, Class A2, 5.08%, 03/20/56
 
100
97,535
Series 2026-1A, Class B, 5.42%, 03/20/56
 
100
97,132
Credit Suisse First Boston Mortgage Securities Corp.,
Series 2004-CF2, Class 1B, 6.00%, 01/25/43(a)
 
15
12,231
Credit-Based Asset Servicing and Securitization LLC,
Series 2006-MH1, Class B2, 6.75%, 10/25/36(a)
 
372
313,558
Creeksource Dunes Creek CLO Ltd., Series 2024-1A,
Class A1, (3-mo. CME Term SOFR + 1.41%),
5.16%, 01/15/38(a)
 
250
250,485
CWABS Asset-Backed Certificates Trust(b)
 
Series 2006-11, Class 1AF4, 6.30%, 12/25/35
 
139
134,991
Series 2006-14, Class M1, (1 mo. Term SOFR +
0.55%), 4.27%, 02/25/37
 
22
23,382
CWABS Asset-Backed Notes Trust, Series 2007-
SEA2, Class 2A1, (1 mo. Term SOFR + 1.61%),
5.34%, 06/25/47(a)(b)
 
30
24,941
CWHEQ Revolving Home Equity Loan Trust,
Series 2006-I, Class 1A, (1 mo. Term SOFR +
0.25%), 3.93%, 01/15/37(b)
 
1
709
DB Master Finance LLC, Series 2025-1A, Class A2I,
4.89%, 08/20/55(a)
 
205
201,560
Deephaven Residential Mortgage Trust, Series 2025-
CES1, Class A1A, 5.22%, 10/25/55(a)
 
82
80,913
Diameter Capital CLO Ltd., Series 2024-8A,
Class A1A, (3-mo. CME Term SOFR + 1.40%),
5.13%, 10/20/37(a)(b)
 
460
460,853
DigitalBridge Issuer LLC, Series 2026-1A, Class A2,
6.33%, 06/25/56(a)
 
108
107,272
Dowson PLC(b)(c)
 
Series 2024-1, Class E, (1-day SONIA GBP
3.95%), 7.69%, 08/20/31
GBP
110
149,751
Series 2024-1, Class F, (1-day SONIA GBP
6.95%), 10.69%, 08/20/31
 
162
221,100
Drive Auto Receivables Trust, Series 2024-2, Class C,
4.67%, 05/17/32
USD
450
450,504
Dryden CLO Ltd., Series 2022-104A, Class A1R,
(3-mo. CME Term SOFR + 1.29%), 4.93%,
08/20/34(a)(b)
 
250
250,120
Edgeconnex Data Centers Europe BV, Series 2026-
1X, Class A2, 4.50%, 04/30/56(c)
EUR
191
219,608
Elmwood CLO III Ltd., Series 2019-3A, Class ERR,
(3-mo. CME Term SOFR + 5.95%), 9.68%,
07/18/37(a)(b)
USD
250
236,868
Equity One Mortgage Pass-Through Trust,
Series 2003-3, Class M2, 3.80%, 12/25/33(b)
 
288
256,037
Exeter Automobile Receivables Trust
 
Series 2022-5A, Class D, 7.40%, 02/15/29
 
53
53,113
Series 2023-2A, Class D, 6.32%, 08/15/29
 
545
550,332
series 2023-3A, Class D, 6.68%, 04/16/29
 
376
380,108
Series 2023-4A, Class D, 6.95%, 12/17/29
 
350
354,714
Ezee Fiber Funding LLC, Series 2026-1A, Class A2,
08/20/56(a)(d)
 
400
401,618
FIGRE Trust, Series 2026-HE1, Class A, 4.98%,
01/25/56(a)(b)
 
133
130,112
Financeit Securitization LP(a)
 
Series 2026-1, Class A, 4.04%, 05/25/51
CAD
300
212,092
Security
 
Par
(000)
Value
Asset-Backed Securities (continued)
Financeit Securitization LP(a) (continued)
 
Series 2026-1, Class D, 8.12%, 05/25/51
CAD
100
$ 70,374
First Franklin Mortgage Loan Trust, Series 2006-
FF13, Class A1, (1 mo. Term SOFR + 0.35%),
4.08%, 10/25/36(b)
USD
26
16,481
FirstKey Homes Trust, Series 2022-SFR1, Class E2,
5.00%, 05/19/39(a)
 
590
582,028
FNA 8 LLC, Series 2025-1, Class A, 5.62%,
03/15/45(a)(b)
 
87
85,971
Fondo de Titulizacion Santander Consumo, Series 9,
Class F, (3-mo. EURIBOR + 4.87%), 7.34%,
10/25/40(b)(c)
EUR
176
201,727
Fortuna Consumer Loan ABS DAC, Series 2024-2,
Class E, (1-mo. EURIBOR + 4.10%), 6.31%,
10/18/34(b)
 
58
67,700
Foundation Finance Trust(a)
 
Series 2025-1A, Class A, 4.95%, 04/15/50
USD
81
80,618
Series 2025-2A, Class D, 5.68%, 04/15/52
 
99
97,922
Goldman Home Improvement Trust Issuer Trust,
Series 2022-GRN1, Class A, 4.50%, 06/25/52(a)
 
45
44,833
GoodLeap Home Improvement Solutions Trust(a)
 
Series 2024-1A, Class A, 5.35%, 10/20/46
 
223
222,699
Series 2025-1A, Class A, 5.38%, 02/20/49
 
184
183,405
Series 2025-2A, Class A, 5.32%, 06/20/49
 
167
165,617
Series 2025-2A, Class B, 5.98%, 06/20/49
 
280
278,514
Series 2025-3A, Class A, 5.00%, 10/20/49
 
258
253,744
GreenSky Home Improvement Issuer Trust(a)
 
Series 2024-2, Class A4, 5.15%, 10/27/59
 
36
36,243
Series 2024-2, Class B, 5.26%, 10/27/59
 
75
74,933
Series 2024-2, Class D, 6.43%, 10/27/59
 
242
244,214
Series 2025-3A, Class A3, 4.52%, 12/27/60
 
85
84,493
Series 2026-REV1, Class A, 4.93%, 05/15/41
 
308
307,096
GreenSky Home Improvement Trust, Series 2024-1,
Class A4, 5.67%, 06/25/59(a)
 
335
338,705
GSAMP Trust, Series 2006-HE4, Class M1, (1 mo.
Term SOFR + 0.56%), 4.29%, 06/25/36(b)
 
100
86,395
Hill FL BV, Series 2025-1FL, Class E, (1-mo.
EURIBOR + 2.64%), 4.85%, 10/18/32(b)(c)
EUR
100
115,714
Household Capital RMBS, Series 2025-1, Class A,
(3-Month BBSW + 1.90%), 6.37%, 07/21/87(b)(c)
AUD
85
59,949
Huntington Bank Auto Credit-Linked Notes(a)(b)
 
Series 2024-1, Class B2, (30-day Avg SOFR +
1.40%), 5.02%, 05/20/32
USD
116
116,159
Series 2024-2, Class B2, (30-day Avg SOFR +
1.35%), 4.97%, 10/20/32
 
158
158,255
Series 2025-2, Class B2, (30-day Avg SOFR +
1.20%), 4.82%, 09/20/33
 
173
173,790
INCREF LLC, Series 2025-FL1, Class A, (1 mo. Term
SOFR + 1.73%), 5.40%, 10/19/42(a)(b)
 
109
109,259
Invesco Euro CLO VI DAC, Series 6A, Class D, (3-
mo. EURIBOR + 3.05%), 5.48%, 07/15/34(a)(b)
EUR
250
284,371
Invesco U.S. CLO Ltd., Series 2023-3A, Class AR,
(3-mo. CME Term SOFR + 1.31%), 5.06%,
07/15/38(a)(b)
USD
250
250,561
Jersey Mikes Funding LLC, Series 2026-1A,
Class A2, 5.48%, 02/15/56(a)
 
403
393,995
JP Morgan Mortgage Trust, Series 2026-CES1,
Class A1B, 4.96%, 06/25/56(a)
 
31
30,576
Kennedy Lewis CLO Ltd.(a)(b)
 
Series 2023-12A, Class AR, (3-mo. CME Term
SOFR + 1.33%), 5.06%, 07/20/38
 
250
250,462
Series 2025-19A, Class A, (3-mo. CME Term
SOFR + 1.25%), 4.98%, 04/22/36
 
250
250,069
Schedule of Investments
3

Schedule of Investments (unaudited)(continued)
July 31, 2026
BlackRock Diversified Fixed Income Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Asset-Backed Securities (continued)
KKR CLO Ltd.(a)(b)
 
Series 23, Class AR2, (3-mo. CME Term SOFR +
1.05%), 4.78%, 04/20/36
USD
224
$ 224,031
Series 29A, Class A1RR, (3-mo. CME Term SOFR
+ 1.25%), 4.87%, 07/15/39
 
1,105
1,105,210
Series 34A, Class AR, (3-mo. CME Term SOFR +
1.10%), 4.85%, 07/15/34
 
250
250,213
LCM 31 Ltd., Series 31A, Class AR, (3-mo. CME
Term SOFR + 1.28%), 5.01%, 07/20/34(a)(b)
 
250
250,024
Lendmark Funding Trust(a)
 
Series 2025-1A, Class A, 4.94%, 09/20/34
 
171
170,839
Series 2025-1A, Class B, 5.33%, 09/20/34
 
181
181,315
Series 2025-3A, Class A, 4.51%, 05/21/35
 
206
202,800
Series 2026-1A, Class A, 4.80%, 11/20/35
 
107
105,745
Lmdv Issuer Co. LLC, Series 2025-1A, Class B,
5.90%, 12/15/55(a)
 
333
331,024
LMRE SFR1 Trust, Series 2025-SFR1, Class A,
4.50%, 12/17/42(a)
 
100
95,707
Long Beach Mortgage Loan Trust, Series 2006-2,
Class 1A, (1 mo. Term SOFR + 0.47%), 4.20%,
03/25/46(b)
 
101
88,778
Lyra Music Assets Delaware LP(a)
 
Series 2024-2A, Class A2, 5.76%, 12/22/64
 
139
139,352
Series 2025-1A, Class A2, 5.60%, 09/20/65
 
93
92,906
Madison Park Funding XXXI Ltd.(a)(b)
 
Series 2018-31A, Class B1R, (3-mo. CME Term
SOFR + 1.80%), 5.55%, 07/23/37
 
250
250,062
Series 2018-31A, Class CR, (3-mo. CME Term
SOFR + 2.25%), 6.00%, 07/23/37
 
250
250,268
Madison Park Funding XXXIII Ltd., Series 2019-33A,
Class AR2, (3-mo. CME Term SOFR + 1.03%),
4.78%, 10/15/32(a)(b)
 
230
229,492
Mariner Finance Issuance Trust(a)
 
Series 2024-AA, Class A, 5.13%, 09/22/36
 
178
178,456
Series 2024-BA, Class A, 4.91%, 11/20/38
 
204
202,600
Series 2025-AA, Class A, 4.98%, 05/20/38
 
157
156,736
Series 2025-BA, Class A, 4.59%, 11/22/38
 
210
207,439
Series 2026-AA, Class A, 5.01%, 05/20/39
 
138
137,486
Mastr Asset Backed Securities Trust, Series 2007-
NCW, Class A1, (1 mo. Term SOFR + 0.71%),
4.44%, 05/25/37(a)(b)
 
156
140,703
Mercury Financial Credit Card Master Trust,
Series 2026-2A, Class A, 5.07%, 06/21/32(a)
 
100
99,270
MFA Trust, Series 2024-NPL1, Class A1, 6.33%,
09/25/54(a)
 
85
85,317
MidOcean Credit CLO XII Ltd., Series 2023-12A,
Class A1RR, (3-mo. CME Term SOFR + 1.34%),
5.07%, 07/18/38(a)(b)
 
250
250,222
Morgan Stanley ABS Capital I, Inc. Trust, Series 2006-
HE8, Class A2FP, (1 mo. Term SOFR + 0.18%),
3.91%, 10/25/36(b)
 
39
16,725
Morgan Stanley Mortgage Loan Trust
 
Series 2006-12XS, Class A4, 6.51%, 10/25/36
 
27
5,552
Series 2007-3XS, Class 2A4S, 6.46%, 01/25/47
 
285
94,614
Navient Education Loan Trust, Series 2026-A,
Class A, 4.86%, 09/15/56(a)
 
96
94,556
Navient Private Education Loan Trust(a)
 
Series 2015-AA, Class B, 3.50%, 12/15/44
 
120
118,763
Series 2016-AA, Class B, 3.50%, 12/16/58(b)
 
121
119,829
Navient Private Education Refi Loan Trust(a)
 
Series 2019-CA, Class A2, 3.13%, 02/15/68
 
6
6,313
Series 2020-CA, Class A2B, (1 mo. Term SOFR +
1.71%), 5.39%, 11/15/68(b)
 
241
243,022
Security
 
Par
(000)
Value
Asset-Backed Securities (continued)
Navient Private Education Refi Loan
Trust(a) (continued)
 
Series 2021-CA, Class A, 1.06%, 10/15/69
USD
82
$ 74,574
Navient Refinance Loan Trust(a)
 
Series 2025-B, Class A, 4.72%, 09/15/55
 
116
114,352
Series 2025-C, Class A, 4.80%, 10/15/55
 
109
107,660
Nelnet Student Loan Trust(a)
 
Series 2021-A, Class A1, (1 mo. Term SOFR +
0.91%), 4.58%, 04/20/62(b)
 
58
58,154
Series 2021-A, Class B1, 2.85%, 04/20/62
 
100
89,498
Series 2023-PL1A, Class A1A, (30-day Avg SOFR
+ 2.25%), 5.87%, 11/25/53(b)
 
31
31,381
Series 2025-AA, Class A1B, (30-day Avg SOFR +
1.10%), 4.73%, 03/15/57(b)
 
281
279,470
Series 2025-BA, Class A1B, (30-day Avg SOFR +
1.35%), 4.98%, 05/17/55(b)
 
403
405,924
Series 2025-BA, Class B, 4.98%, 05/17/55
 
110
108,198
Series 2025-BA, Class C, 5.38%, 05/17/55
 
125
120,812
Series 2025-CA, Class A1B, (30-day Avg SOFR +
1.35%), 4.97%, 06/22/65(b)
 
117
117,252
NetCredit Combined Receivables LLC,
Series 2024-A, Class B, 8.31%, 10/21/30(a)
 
815
822,821
OCP CLO Ltd.(a)(b)
 
Series 2017-13A, Class AR2, (3-mo. CME Term
SOFR + 1.34%), 5.07%, 11/26/37
 
250
250,375
Series 2024-36A, Class B1, (3-mo. CME Term
SOFR + 1.70%), 5.49%, 10/16/37
 
250
250,528
OHA Credit Funding Ltd.(a)(b)
 
Series 2019-4A, Class AR2, (3-mo. CME Term
SOFR + 1.29%), 5.02%, 01/22/38
 
250
250,536
Series 2020-7A, Class A1R2, (3-mo. CME Term
SOFR + 1.28%), 5.01%, 07/19/38
 
250
250,540
Series 2021-10RA, Class A1, (3-mo. CME Term
SOFR + 1.26%), 4.99%, 07/18/37
 
250
250,155
Series 2024-17RA, Class A1, (3-mo. CME Term
SOFR + 1.14%), 4.87%, 04/20/39
 
250
249,832
OHA Credit Partners XVI, Series 2021-16A, Class AR,
(3-mo. CME Term SOFR + 1.35%), 5.08%,
10/18/37(a)(b)
 
500
500,601
OHA Loan Funding Ltd., Series 2016-1A, Class A1R2,
(3-mo. CME Term SOFR + 1.46%), 5.19%,
07/20/37(a)(b)
 
250
250,271
OnDeck Asset Securitization Trust IV LLC,
Series 2023-1A, Class A, 7.00%, 08/19/30(a)
 
160
160,102
Onemain Financial Issuance Trust(a)
 
Series 2025-1A, Class D, 5.79%, 07/14/38
 
100
99,656
Series 2026-1A, Class B, 5.20%, 07/14/39
 
100
99,531
Series 2026-1A, Class C, 5.40%, 07/14/39
 
100
99,694
OneMain Financial Issuance Trust(a)
 
Series 2020-2A, Class A, 1.75%, 09/14/35
 
38
37,707
Series 2020-2A, Class B, 2.21%, 09/14/35
 
240
233,548
Series 2024-1A, Class A, 5.79%, 05/14/41
 
184
188,741
Option One Mortgage Loan Trust, Series 2007-FXD1,
Class 3A4, 5.86%, 01/25/37
 
6
6,160
Orchard Park CLO Ltd., Series 2024-1A, Class A,
(3-mo. CME Term SOFR + 1.36%), 5.09%,
10/20/37(a)(b)
 
310
310,310
Owl Rock CLO III Ltd., Series 2020-3A, Class AR,
(3-mo. CME Term SOFR + 1.85%), 5.58%,
04/20/36(a)(b)
 
250
250,173
Owl Rock CLO XVIII LLC, Series 2024-18A, Class A,
(3-mo. CME Term SOFR + 1.70%), 5.48%,
07/24/36(a)(b)
 
250
250,075
4

Schedule of Investments (unaudited)(continued)
July 31, 2026
BlackRock Diversified Fixed Income Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Asset-Backed Securities (continued)
Palmer Square Loan Funding Ltd., Series 2025-3A,
Class A1, (3-mo. CME Term SOFR + 0.95%),
4.70%, 01/15/34(a)(b)
USD
214
$ 214,011
Park Blue CLO Ltd., Series 2025-9A, Class A1, (3-
mo. CME Term SOFR + 1.35%), 5.08%,
10/20/38(a)(b)
 
620
621,085
Perimeter Master Note Business Trust(a)
 
Series 2026-1A, Class A, 6.01%, 01/15/32
 
600
598,393
Series 2026-1A, Class C, 8.73%, 01/15/32
 
100
99,652
Planet Fitness Master Issuer LLC, Series 2025-1A,
Class A2II, 5.65%, 12/06/55(a)
 
152
147,826
Progress Residential Trust(a)
 
Series 2022-SFR3, Class F, 6.60%, 04/17/39
 
136
135,550
Series 2023-SFR1, Class E1, 6.15%, 03/17/40
 
690
686,373
Quest Trust, Series 2004-X2, Class M3, (1 mo. Term
SOFR + 3.34%), 7.06%, 06/25/34(a)(b)
 
475
433,715
Rad CLO Ltd.(a)(b)
 
Series 2021-14A, Class A, (3-mo. CME Term
SOFR + 1.43%), 5.18%, 01/15/35
 
250
250,061
Series 2024-23A, Class A2R, (3-mo. CME Term
SOFR + 1.60%), 5.31%, 07/20/41
 
750
750,930
RCKT Mortgage Trust, Series 2024-CES2, Class B1,
8.01%, 04/25/44(a)(b)
 
145
146,565
Regatta 30 Funding Ltd., Series 2024-4A, Class A1,
(3-mo. CME Term SOFR + 1.32%), 5.13%,
01/25/38(a)(b)
 
250
250,391
Regatta 35 Funding Ltd., Series 2025-5A, Class A1,
(3-mo. CME Term SOFR + 1.29%), 5.04%,
10/15/38(a)(b)
 
250
250,567
Regatta XVIII Funding Ltd., Series 2021-1A,
Class A1R, (3-mo. CME Term SOFR + 1.16%),
4.91%, 04/15/38(a)(b)
 
160
159,758
Regional Management Issuance Trust(a)
 
Series 2021-2, Class A, 1.90%, 08/15/33
 
120
117,641
Series 2021-2, Class B, 2.35%, 08/15/33
 
300
283,853
Series 2025-2, Class A, 4.59%, 11/16/37
 
174
172,630
Republic Finance Issuance Trust(a)
 
Series 2024-A, Class B, 6.47%, 08/20/32
 
100
100,083
Series 2024-B, Class A, 5.42%, 11/20/37
 
200
200,653
Series 2024-B, Class B, 5.86%, 11/20/37
 
100
100,552
Series 2025-A, Class A, 4.59%, 11/20/34
 
239
235,697
Series 2026-A, Class A, 4.82%, 06/20/39
 
113
111,732
Residential Mortgage Loan Trust, Series 2020-1,
Class B1, 3.95%, 01/26/60(a)(b)
 
450
425,433
Retained Vantage Data Centers Issuer LLC,
Series 2025-1A, Class A2A, 5.09%, 08/15/50(a)
 
133
129,251
Romark CLO III Ltd., Series 2019-3A, Class A2AR,
(3-mo. CME Term SOFR + 2.01%), 5.76%,
10/15/34(a)(b)
 
250
249,840
RR Ltd., Series 2023-27A, Class A1AR, (3-mo. CME
Term SOFR + 1.23%), 4.98%, 10/15/40(a)(b)
 
250
250,074
Sagard-Halseypoint CLO Ltd.(a)(b)
 
Series 2024-8A, Class A1, (3-mo. CME Term
SOFR + 1.39%), 5.23%, 01/30/38
 
1,110
1,111,443
Series 2025-10A, Class A1, (3-mo. CME Term
SOFR + 1.35%), 5.08%, 10/20/38
 
500
500,877
Sandstone Peak IV Ltd., Series 2025-1A, Class A1,
(3-mo. CME Term SOFR + 1.29%), 5.02%,
01/20/39(a)(b)
 
250
250,411
Santander Consumo 11 FT, Series 11, Class E, (3-
mo. EURIBOR + 3.55%), 6.05%, 04/24/42(b)(c)
EUR
100
115,638
Santander Drive Auto Receivables Trust,
Series 2024-1, Class C, 5.45%, 03/15/30
USD
240
241,358
Security
 
Par
(000)
Value
Asset-Backed Securities (continued)
Scooter S Coffee Issuer LLC, Series 2026-1A,
Class A2, 6.38%, 05/20/56(a)
USD
284
$ 280,458
Secucor Finance 2013-1 DAC(b)(c)
 
Series 2025-1, Class D, (1-mo. EURIBOR +
3.40%), 5.61%, 09/20/36
EUR
100
114,882
Series 2025-1, Class F, (1-mo. EURIBOR +
6.20%), 8.41%, 09/20/36
 
100
115,461
Service Experts Issuer LLC, Series 2024-1A, Class A,
6.39%, 11/20/35(a)
USD
58
59,193
Sesac Finance LLC, Series 2025-1, Class A2, 5.50%,
07/25/55(a)
 
182
177,179
Shentel Issuer LLC, Series 2025-1A, Class A2,
5.64%, 12/20/55(a)
 
250
250,307
Silver Point CLO Ltd.(a)(b)
 
Series 2022-1A, Class A1R, (3-mo. CME Term
SOFR + 1.32%), 5.05%, 01/20/38
 
250
250,340
Series 2025-13A, Class A1, (3-mo. CME Term
SOFR + 1.25%), 5.00%, 10/15/38
 
250
250,324
SMB Private Education Loan Trust(a)
 
Series 2018-B, Class A2B, (1 mo. Term SOFR +
0.83%), 4.51%, 01/15/37(b)
 
32
31,864
Series 2019-B, Class B, 3.56%, 06/15/43
 
800
761,564
Series 2021-A, Class A2A1, (1 mo. Term SOFR +
0.84%), 4.52%, 01/15/53(b)
 
244
241,803
Series 2021-A, Class B, 2.31%, 01/15/53
 
112
108,632
Series 2024-A, Class A1B, (30-day Avg SOFR +
1.45%), 5.08%, 03/15/56(b)
 
87
88,034
Series 2024-A, Class B, 5.88%, 03/15/56
 
154
154,976
Series 2024-C, Class A1B, (30-day Avg SOFR +
1.10%), 4.72%, 06/17/52(b)
 
70
69,438
Sofi Consumer Loan Program Trust(a)
 
Series 2026-B, Class A, 4.40%, 02/25/36
 
333
332,430
Series 2026-B, Class B, 4.90%, 02/25/36
 
45
44,669
Series 2026-B, Class C, 5.20%, 02/25/36
 
45
44,714
Series 2026-B, Class D, 5.56%, 02/25/36
 
45
44,765
SoFi Personal Loan Trust, Series 2024-1A, Class A,
6.06%, 02/12/31(a)
 
11
11,413
Soundview Home Loan Trust(b)
 
Series 2005-OPT3, Class M4, (1 mo. Term SOFR
+ 1.13%), 4.86%, 11/25/35
 
25
20,229
Series 2007-NS1, Class M1, (1 mo. Term SOFR +
0.64%), 4.36%, 01/25/37
 
19
19,773
Stream Innovations Issuer Trust, Series 2025-1A,
Class A, 5.05%, 09/15/45(a)
 
76
74,903
Subway Funding LLC, Series 2024-1A, Class A2II,
6.27%, 07/30/54(a)
 
84
83,844
Summit Issuer LLC, Series 2025-1A, Class A2,
5.21%, 11/20/55(a)
 
165
162,339
Sunbit Asset Securitization Trust, Series 2025-1,
Class A, 5.36%, 07/15/30(a)
 
670
669,650
Sunshine Mortgage Funding 1 PLC, Series 1X,
Class A1, 5.25%, 04/30/91(c)
GBP
165
217,428
Taco Bell Funding LLC, Series 2025-1A, Class A2I,
4.82%, 08/25/55(a)
USD
243
238,055
Trestles CLO III Ltd., Series 2020-3A, Class A1R,
(3-mo. CME Term SOFR + 1.39%), 5.12%,
10/20/37(a)(b)
 
250
250,452
Trestles CLO IX Ltd., Series 2025-9A, Class A1, (3-
mo. CME Term SOFR + 1.26%), 5.01%,
01/15/39(a)(b)
 
250
250,307
Trestles CLO Ltd., Series 2017-1A, Class A1RR, (3-
mo. CME Term SOFR + 1.46%), 5.13%,
07/25/37(a)(b)
 
500
500,000
Schedule of Investments
5

Schedule of Investments (unaudited)(continued)
July 31, 2026
BlackRock Diversified Fixed Income Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Asset-Backed Securities (continued)
Trimaran CAVU Ltd., Series 2024-1A, Class A, (3-mo.
CME Term SOFR + 1.38%), 5.19%, 01/25/38(a)(b)
USD
250
$ 250,492
Truist Bank Auto Credit-Linked Notes Series,
Series 2026-1, Class B, 5.07%, 06/26/34(a)
 
231
230,467
UPG HI Issuer Trust(a)
 
Series 2025-2, Class A, 5.00%, 09/25/47
 
72
72,068
Series 2026-1, Class A, 5.03%, 02/25/48
 
193
191,714
Upgrade Master Pass-Thru Trust(a)
 
Series 2025-ST4, Class A, 5.50%, 08/16/32
 
56
56,100
Series 2025-ST5, Class B, 5.25%, 09/15/32
 
100
99,527
Series 2025-ST6, Class A, 4.61%, 10/15/32
 
568
567,303
Series 2025-ST7, Class A, 4.55%, 11/15/32
 
69
69,157
Series 2025-ST7, Class B, 4.98%, 11/15/32
 
100
99,991
Series 2025-ST8, Class C, 5.25%, 12/15/33
 
100
98,966
Series 2026-ST2, Class A, 4.41%, 06/15/34
 
118
118,073
Series 2026-ST2, Class B, 5.43%, 06/15/34
 
250
249,613
Upstart Securitization Trust, Series 2025-3, Class B,
5.02%, 09/20/35(a)
 
650
647,851
UPX HIL Issuer Trust, Series 2025-1, Class A, 5.16%,
01/25/47(a)
 
171
169,876
Vehis Auto Leasing DAC, Series 2026-1, Class B,
9.33%, 06/25/34(b)(c)
PLN
826
221,504
Venture XXVII CLO Ltd., Series 2017-27A, Class BR,
(3-mo. CME Term SOFR + 1.86%), 5.59%,
07/20/30(a)(b)
USD
17
17,126
Verdelite Static CLO Ltd., Series 2024-1A, Class A,
(3-mo. CME Term SOFR + 1.13%), 4.86%,
07/20/32(a)(b)
 
103
102,587
Vista Point Securitization Trust(a)
 
Series 2025-CES3, Class A1, 5.30%, 11/25/55
 
129
127,603
Series 2026-CES1, Class A1, 5.04%, 02/25/56
 
749
740,807
WaMu Asset-Backed Certificates WaMu Trust(b)
 
Series 2007-HE1, Class 2A3, (1 mo. Term SOFR +
0.41%), 4.14%, 01/25/37
 
248
109,419
Series 2007-HE2, Class 2A2, (1 mo. Term SOFR +
0.49%), 4.22%, 04/25/37
 
370
129,067
Series 2007-HE2, Class 2A3, (1 mo. Term SOFR +
0.61%), 4.34%, 04/25/37
 
546
190,249
Series 2007-HE2, Class 2A4, (1 mo. Term SOFR +
0.83%), 4.56%, 04/25/37
 
252
87,671
Washington Mutual Asset-Backed Certificates
WMABS Trust(b)
 
Series 2007-HE1, Class 2A1, (1 mo. Term SOFR +
0.23%), 3.96%, 11/25/36
 
6
1,687
Series 2007-HE1, Class 2A2, (1 mo. Term SOFR +
0.45%), 4.18%, 11/25/36
 
49
14,970
Series 2007-HE2, Class 2A1, (1 mo. Term SOFR +
0.31%), 4.04%, 02/25/37
 
483
140,537
Westlake Automobile Receivables Trust(a)
 
Series 2023-1A, Class D, 6.79%, 11/15/28
 
570
575,143
Series 2023-2A, Class D, 7.01%, 11/15/28
 
696
703,092
Series 2023-3A, Class C, 6.02%, 09/15/28
 
182
182,808
Series 2023-3A, Class D, 6.47%, 03/15/29
 
180
182,524
Series 2023-4A, Class C, 6.64%, 11/15/28
 
492
495,780
Series 2024-1A, Class D, 6.02%, 10/15/29
 
680
689,460
Series 2024-2A, Class D, 5.91%, 04/15/30
 
1,170
1,183,751
Security
 
Par
(000)
Value
Asset-Backed Securities (continued)
Whitebox CLO I Ltd., Series 2019-1A, Class A1R3,
(3-mo. CME Term SOFR + 1.18%), 4.96%,
01/24/37(a)(b)
USD
250
$ 249,892
Whitebox CLO III Ltd., Series 2021-3A, Class CR,
(3-mo. CME Term SOFR + 1.90%), 5.65%,
10/15/35(a)(b)
 
250
250,267
Wise CLO Ltd., Series 2026-1A, Class A, (3-mo. CME
Term SOFR + 1.22%), 4.99%, 07/20/39(a)(b)
 
250
249,818
Total Asset-Backed Securities — 5.4%
(Cost: $68,433,675)
68,757,218
 
 
 
 
Shares
 
Common Stocks
Aerospace & Defense — 0.0%
Boeing Co.(e)
 
32
6,916
General Electric Co.
 
9
3,241
 
 
10,157
Banks — 0.0%
Flagstar Bank N.A.
 
9,056
128,776
Building Products — 0.0%
Carrier Global Corp.
 
47
2,905
Trane Technologies PLC
 
15
6,824
 
 
9,729
Capital Markets — 0.0%
Wealthfront Corp.(e)
 
1,394
13,229
Chemicals — 0.0%
Methanex Corp.
 
503
27,942
Communications Equipment — 0.0%
Vistance Networks, Inc.
 
4,733
55,565
Electric Utilities — 0.0%
PG&E Corp.
 
1,718
29,859
Electrical Equipment — 0.0%
GE Vernova, Inc.
 
5
4,951
Innio NV(e)
 
19
464
 
 
5,415
Electronic Equipment, Instruments & Components — 0.0%
Corning, Inc.
 
54
7,466
Energy Equipment & Services — 0.0%
Solaris Energy Infrastructure, Inc., Class A(f)
 
1,642
84,415
Entertainment — 0.0%
Walt Disney Co.
 
200
19,238
Hotels, Restaurants & Leisure(e) — 0.1%
Caesars Entertainment, Inc.
 
1,680
49,980
Genius Sports Ltd.
 
13,583
94,130
Six Flags Entertainment Corp.(f)
 
1,325
22,963
 
 
167,073
Household Durables — 0.0%
Century Communities, Inc.
 
691
46,408
6

Schedule of Investments (unaudited)(continued)
July 31, 2026
BlackRock Diversified Fixed Income Fund
(Percentages shown are based on Net Assets)
Security
 
 
Shares
Value
Household Durables (continued)
KB Home
 
272
$ 14,952
Meritage Homes Corp.
 
557
39,101
 
 
100,461
IT Services — 0.0%
CoreWeave, Inc., Class A(e)
 
84
6,029
Media(e) — 0.0%
AMC Global Media, Inc., Class A
 
3,404
38,125
EchoStar Corp., Class A
 
673
56,592
 
 
94,717
Metals & Mining — 0.0%
Algoma Steel Group, Inc.(e)
 
7,288
28,059
Oil, Gas & Consumable Fuels — 0.0%
APA Corp.
 
754
28,139
Marathon Petroleum Corp.
 
93
29,432
PBF Energy, Inc., Class A
 
362
26,165
SM Energy Co.
 
1,194
38,829
Valero Energy Corp.
 
60
18,774
Williams Cos., Inc.
 
31
2,218
 
 
143,557
Pharmaceuticals — 0.0%
Eli Lilly & Co.
 
4
4,595
Semiconductors & Semiconductor Equipment — 0.0%
Cerebras Systems, Inc., Class A(e)
 
3
596
First Solar, Inc.(e)
 
9
1,900
KLA Corp.
 
16
2,925
Lam Research Corp.
 
11
3,223
SK hynix, Inc., ADR(e)
 
255
36,651
 
 
45,295
Software(e) — 0.0%
Synopsys, Inc.
 
13
5,054
Zoom Communications, Inc., Class A
 
42
4,035
 
 
9,089
Trading Companies & Distributors — 0.0%
QXO, Inc.(e)
 
600
7,980
Total Common Stocks — 0.1%
(Cost: $1,004,415)
998,646
 
 
 
Par
(000)
 
Corporate Bonds
Advertising Agencies — 0.0%
Advantage Sales & Marketing, Inc., 9.00%,
11/15/30(a)
USD
157
137,892
Clear Channel Outdoor Holdings, Inc.(a)
 
7.88%, 04/01/30
 
36
37,387
7.13%, 02/15/31
 
67
69,111
7.50%, 03/15/33
 
66
69,181
Neptune Bidco U.S., Inc., 9.50%, 02/15/33(a)
 
100
101,867
Omnicom Group, Inc., 4.75%, 03/30/30
 
50
49,392
 
 
464,830
Aerospace & Defense — 0.4%
ATI, Inc., 5.88%, 06/15/33
 
15
15,092
Boeing Co.
 
6.30%, 05/01/29
 
608
629,747
3.60%, 05/01/34
 
647
572,712
Security
 
Par
(000)
Value
Aerospace & Defense (continued)
Boeing Co. (continued)
 
6.53%, 05/01/34
USD
200
$ 214,190
5.71%, 05/01/40
 
75
74,105
5.81%, 05/01/50(f)
 
135
127,521
5.93%, 05/01/60
 
200
186,728
7.01%, 05/01/64
 
35
37,832
Bombardier, Inc.(a)
 
7.25%, 07/01/31
 
99
103,116
6.75%, 06/15/33
 
103
106,087
7.45%, 05/01/34
 
16
17,457
GE Capital International Funding Co. Unlimited Co.,
4.42%, 11/15/35
 
200
187,691
General Dynamics Corp.
 
2.25%, 06/01/31(f)
 
200
178,347
4.25%, 04/01/50
 
75
59,913
General Electric Co.
 
4.30%, 07/29/30
 
100
98,302
6.75%, 03/15/32
 
25
27,255
4.90%, 01/29/36
 
150
146,513
Honeywell Aerospace, Inc., 3.90%, 03/16/28(a)
 
55
54,373
L3Harris Technologies, Inc.
 
4.40%, 06/15/28
 
65
64,653
1.80%, 01/15/31
 
240
210,132
Lockheed Martin Corp.
 
4.07%, 12/15/42
 
100
81,540
3.80%, 03/01/45
 
46
35,065
4.09%, 09/15/52
 
100
75,041
Moog, Inc., 5.50%, 10/15/34(a)
 
3
2,902
Northrop Grumman Corp.
 
4.90%, 06/01/34
 
35
34,213
5.25%, 07/15/35
 
535
532,340
5.15%, 05/01/40
 
60
57,163
5.20%, 06/01/54
 
50
44,271
RTX Corp.
 
4.13%, 11/16/28
 
70
69,254
4.50%, 06/01/42
 
275
237,009
4.63%, 11/16/48
 
50
41,391
TransDigm, Inc.(a)
 
6.75%, 08/15/28
 
100
100,626
6.38%, 03/01/29
 
33
33,397
6.88%, 12/15/30
 
85
87,131
7.13%, 12/01/31
 
110
113,458
6.63%, 03/01/32
 
34
34,569
6.38%, 05/31/33
 
151
150,962
6.25%, 01/31/34(f)
 
10
10,098
6.75%, 01/31/34
 
24
24,391
 
 
4,876,587
Air Freight & Logistics — 0.0%
Stonepeak Nile Parent LLC, 7.25%, 03/15/32(a)
 
86
88,645
Automobile Components — 0.1%
Clarios Global LP/Clarios U.S. Finance Co., 6.75%,
09/15/32(a)
 
100
100,751
Cooper-Standard Automotive, Inc., 9.25%,
03/01/31(a)(f)
 
108
109,929
Cyprium Corp./Cyprium Holdings Luxembourg
SARL(a)
 
6.13%, 04/15/31(f)
 
21
20,814
6.38%, 04/15/34
 
20
19,704
Dorman Products, Inc., 6.25%, 06/15/34(a)
 
136
136,388
Garrett Motion Holdings, Inc./Garrett LX I SARL,
7.75%, 05/31/32(a)
 
181
188,140
Schedule of Investments
7

Schedule of Investments (unaudited)(continued)
July 31, 2026
BlackRock Diversified Fixed Income Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Automobile Components (continued)
Goodyear Tire & Rubber Co., 5.25%, 04/30/31(f)
USD
100
$ 89,801
IHO Verwaltungs GmbH(a)(g)
 
(7.75% PIK), 7.75%, 11/15/30
 
26
26,948
(8.00% Cash or 8.75% PIK), 8.00%, 11/15/32
 
64
67,204
Lear Corp., 3.80%, 09/15/27
 
35
34,659
Magna International, Inc., 2.45%, 06/15/30
 
215
195,894
Phinia, Inc.(a)
 
6.75%, 04/15/29
 
45
45,745
6.63%, 10/15/32
 
19
19,189
 
 
1,055,166
Automobiles — 0.4%
American Honda Finance Corp.
 
2.35%, 01/08/27
 
25
24,791
4.55%, 07/09/27
 
55
55,034
3.50%, 02/15/28
 
150
147,425
4.90%, 03/13/29(f)
 
160
160,292
4.40%, 09/05/29
 
224
220,769
Asbury Automotive Group, Inc., 4.75%, 03/01/30
 
100
96,993
Carvana Co.(a)(g)
 
(11.00% Cash or 13.00% PIK), 9.00%, 06/01/30
 
73
75,547
(9.00% PIK), 9.00%, 06/01/31(f)
 
32
35,197
Ford Motor Co., 4.75%, 01/15/43
 
54
41,480
Ford Motor Credit Co. LLC
 
4.27%, 01/09/27
 
250
249,510
3.82%, 11/02/27
 
200
196,969
7.20%, 06/10/30
 
590
617,362
5.75%, 04/06/33(f)
 
350
343,918
General Motors Co.
 
6.60%, 04/01/36
 
160
168,608
5.95%, 04/01/49
 
195
180,542
General Motors Financial Co., Inc.
 
5.80%, 01/07/29(f)
 
135
137,747
5.65%, 01/17/29
 
300
304,749
4.90%, 10/06/29(f)
 
163
162,844
5.35%, 01/07/30
 
150
151,311
3.60%, 06/21/30
 
150
142,167
2.35%, 01/08/31
 
58
51,534
5.75%, 02/08/31
 
45
45,926
2.70%, 06/10/31
 
228
203,319
5.60%, 06/18/31
 
150
152,253
Honda Motor Co. Ltd., 2.53%, 03/10/27
 
50
49,441
LCM Investments Holdings II LLC, 8.25%, 08/01/31(a)
 
100
104,184
Mercedes-Benz Finance North America LLC, 8.50%,
01/18/31
 
135
153,139
New Flyer Holdings, Inc., 9.25%, 07/01/30(a)
 
116
124,174
Nissan Motor Acceptance Co. LLC(a)
 
7.05%, 09/15/28(f)
 
27
27,551
6.13%, 09/30/30
 
164
160,164
Nissan Motor Co. Ltd.(a)
 
7.50%, 07/17/30
 
87
89,111
7.75%, 07/17/32
 
100
103,298
8.13%, 07/17/35
 
111
117,123
Rivian Holdings LLC/Rivian LLC/Rivian Automotive
LLC, 10.00%, 01/15/31(a)
 
50
50,202
Toyota Motor Credit Corp.
 
5.25%, 09/11/28
 
75
76,030
2.15%, 02/13/30
 
50
45,715
3.38%, 04/01/30
 
75
71,306
4.55%, 05/17/30
 
70
69,321
Security
 
Par
(000)
Value
Automobiles (continued)
Toyota Motor Credit Corp. (continued)
 
5.10%, 03/21/31
USD
188
$ 189,492
Volkswagen Bank GmbH, 4.00%, 11/26/30(c)
EUR
100
115,067
 
 
5,511,605
Banks — 3.9%
ABN AMRO Bank NV, 4.63%, 11/08/30(c)
GBP
200
262,520
Banco Santander SA, 5.59%, 08/08/28
USD
600
609,164
Bank of America Corp.
 
(1-day SOFR + 1.05%), 2.55%, 02/04/28(b)
 
70
69,315
(1-day SOFR + 1.31%), 5.51%, 01/24/36(b)
 
725
725,322
(1-day SOFR + 1.33%), 2.97%, 02/04/33(b)
 
355
316,833
(1-day SOFR + 1.57%), 5.49%, 04/23/37(b)
 
100
97,424
(1-day SOFR + 1.58%), 3.31%, 04/22/42(b)
 
299
224,153
(1-day SOFR + 1.65%), 5.47%, 01/23/35(b)
 
355
356,417
(1-day SOFR + 1.70%), 5.74%, 02/12/36(b)
 
400
400,253
(1-day SOFR + 1.83%), 4.57%, 04/27/33(b)
 
25
24,204
(1-day SOFR + 1.88%), 2.83%, 10/24/51(b)
 
71
42,172
(1-day SOFR + 1.91%), 5.29%, 04/25/34(b)
 
240
239,362
(1-day SOFR + 1.93%), 2.68%, 06/19/41(b)
 
440
309,872
(1-day SOFR + 1.99%), 6.20%, 11/10/28(b)
 
100
101,935
(1-day SOFR + 2.04%), 4.95%, 07/22/28(b)
 
235
235,658
(1-day SOFR + 2.15%), 2.59%, 04/29/31(b)
 
160
146,787
(3-mo. CME Term SOFR + 1.25%), 2.50%,
02/13/31(b)
 
250
229,660
(3-mo. CME Term SOFR + 1.30%), 3.42%,
12/20/28(b)
 
265
260,518
(3-mo. CME Term SOFR + 1.77%), 3.71%,
04/24/28(b)
 
100
99,383
(3-mo. CME Term SOFR + 3.41%), 4.08%,
03/20/51(b)
 
490
368,299
Series L, 4.18%, 11/25/27
 
80
79,556
Series N, (1-day SOFR + 1.65%), 3.48%,
03/13/52(b)
 
40
26,900
Bank of Montreal
 
5.72%, 09/25/28
 
30
30,641
(1-day SOFR + 0.88%), 4.57%, 09/10/27(b)
 
160
160,004
Series J, (1-day SOFR + 0.89%), 4.34%,
03/19/30(b)(f)
 
250
247,111
Bank of New York Mellon Corp.(b)
 
(1-day SOFR + 0.84%), 4.89%, 07/21/28
 
25
25,081
(1-day SOFR Index + 1.80%), 5.80%, 10/25/28
 
175
177,651
(3-mo. CME Term SOFR + 1.33%), 3.44%,
02/07/28
 
125
124,472
Series J, (1-day SOFR + 1.61%), 4.97%, 04/26/34
 
266
261,626
Bank of Nova Scotia
 
5.25%, 06/12/28
 
50
50,643
5.45%, 08/01/29
 
25
25,521
(5-year CMT + 2.05%), 4.59%, 05/04/37(b)
 
115
109,443
Barclays PLC(b)
 
(1-year CMT + 3.50%), 7.44%, 11/02/33
 
200
220,509
(3-mo. SOFR US + 2.16%), 4.97%, 05/16/29
 
500
500,455
Canadian Imperial Bank of Commerce, 5.26%,
04/08/29
 
120
121,333
Citigroup, Inc.
 
4.45%, 09/29/27
 
100
99,746
6.63%, 01/15/28
 
100
102,830
5.92%, 12/11/30(b)
 
512
476,671
6.00%, 10/31/33
 
50
51,347
8.13%, 07/15/39
 
220
268,365
(1-day SOFR + 1.14%), 4.64%, 05/07/28(b)
 
400
400,048
(1-day SOFR + 1.49%), 5.17%, 09/11/36(b)
 
200
194,865
8

Schedule of Investments (unaudited)(continued)
July 31, 2026
BlackRock Diversified Fixed Income Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Banks (continued)
Citigroup, Inc. (continued)
 
(1-day SOFR + 1.83%), 6.02%, 01/24/36(b)
USD
191
$ 193,342
(1-day SOFR + 2.06%), 5.83%, 02/13/35(b)
 
473
474,300
(1-day SOFR + 2.09%), 4.91%, 05/24/33(b)
 
100
98,413
(1-day SOFR + 2.11%), 2.57%, 06/03/31(b)
 
230
210,021
(1-day SOFR + 2.66%), 6.17%, 05/25/34(b)
 
20
20,526
(1-day SOFR + 3.91%), 4.41%, 03/31/31(b)
 
745
729,123
(3-mo. CME Term SOFR + 1.60%), 3.98%,
03/20/30(b)
 
325
317,475
Citizens Financial Group, Inc.
 
3.25%, 04/30/30
 
25
23,490
(1-day SOFR + 2.01%), 5.84%, 01/23/30(b)
 
100
102,015
Cooperatieve Rabobank UA, 4.80%, 01/09/29
 
250
251,402
Deutsche Bank AG, (1-day SOFR + 2.51%), 6.82%,
11/20/29(b)
 
150
156,043
Fifth Third Bancorp
 
3.95%, 03/14/28
 
75
74,174
(1-day SOFR + 2.34%), 6.34%, 07/27/29(b)
 
20
20,559
(1-day SOFR Index + 2.13%), 4.77%, 07/28/30(b)
 
50
49,725
First Citizens BancShares, Inc., (1-day SOFR +
1.41%), 5.23%, 03/12/31(b)
 
205
202,661
Freedom Mortgage Corp., 12.25%, 10/01/30(a)
 
19
20,355
Fubon Bank Hong Kong Ltd., (5-year CMT + 1.23%),
5.38%, 07/14/36(b)(c)
 
250
247,670
Goldman Sachs Group, Inc.
 
2.60%, 02/07/30
 
150
138,528
6.75%, 10/01/37
 
375
398,310
6.25%, 02/01/41
 
200
205,664
5.15%, 05/22/45
 
50
43,542
(1-day SOFR + 0.82%), 1.54%, 09/10/27(b)
 
30
29,909
(1-day SOFR + 0.91%), 1.95%, 10/21/27(b)
 
220
218,796
(1-day SOFR + 1.06%), 4.37%, 10/21/31(b)
 
100
96,796
(1-day SOFR + 1.09%), 1.99%, 01/27/32(b)
 
493
429,762
(1-day SOFR + 1.26%), 2.65%, 10/21/32(b)
 
375
329,460
(1-day SOFR + 1.28%), 2.62%, 04/22/32(b)
 
637
566,363
(1-day SOFR + 1.31%), 5.43%, 06/03/37(b)
 
1,838
1,795,593
(1-day SOFR + 1.32%), 4.94%, 04/23/28(b)
 
72
72,142
(1-day SOFR + 1.32%), 5.54%, 01/21/47(b)
 
60
55,254
(1-day SOFR + 1.38%), 5.54%, 01/28/36(b)
 
200
198,476
(1-day SOFR + 1.41%), 3.10%, 02/24/33(b)
 
100
89,402
(1-day SOFR + 1.42%), 5.02%, 10/23/35(b)
 
790
760,172
(1-day SOFR + 1.70%), 5.73%, 01/28/56(b)
 
350
324,812
(3-mo. EURIBOR + 0.95%), 3.51%, 08/17/33(b)(c)
EUR
98
110,191
(3-mo. EURIBOR + 1.05%), 4.10%, 07/22/34(b)(c)
 
79
91,000
(3-mo. EURIBOR + 1.10%), 3.98%, 12/18/36(b)(c)
 
21
23,702
(5-year CMT + 1.18%), 5.39%, 02/02/41(b)
USD
961
910,307
HSBC Holdings PLC
 
6.50%, 09/15/37
 
200
207,895
(1-day SOFR + 1.29%), 5.29%, 11/19/30(b)
 
500
502,811
(1-day SOFR + 1.43%), 5.13%, 11/06/36(b)
 
200
192,320
(1-day SOFR + 1.56%), 5.45%, 03/03/36(b)
 
395
389,451
(1-day SOFR + 1.57%), 5.89%, 08/14/27(b)
 
200
200,074
(1-day SOFR + 1.90%), 5.87%, 11/18/35(b)
 
468
468,841
(1-day SOFR + 2.65%), 6.33%, 03/09/44(b)
 
200
205,353
(1-day SOFR + 2.98%), 6.55%, 06/20/34(b)
 
200
209,131
(1-day SOFR + 3.35%), 7.39%, 11/03/28(b)
 
200
206,218
Huntington Bancshares, Inc., (1-day SOFR + 2.02%),
6.21%, 08/21/29(b)
 
150
153,907
ING Groep NV(b)
 
(1-day SOFR + 1.56%), 6.08%, 09/11/27
 
725
726,034
(1-day SOFR + 2.09%), 6.11%, 09/11/34
 
200
207,859
Intesa Sanpaolo SpA, 6.50%, 03/14/29(b)(c)
GBP
150
206,534
Security
 
Par
(000)
Value
Banks (continued)
JPMorgan Chase & Co.
 
6.40%, 05/15/38
USD
50
$ 53,539
4.95%, 06/01/45
 
105
92,141
(1-day SOFR + 0.80%), 4.92%, 01/24/29(b)
 
440
441,603
(1-day SOFR + 1.13%), 5.00%, 07/22/30(b)
 
33
33,059
(1-day SOFR + 1.19%), 5.04%, 01/23/28(b)
 
50
50,112
(1-day SOFR + 1.26%), 2.96%, 01/25/33(b)
 
175
156,441
(1-day SOFR + 1.26%), 5.15%, 04/23/37(b)
 
15
14,545
(1-day SOFR + 1.32%), 5.50%, 01/24/36(b)
 
148
148,211
(1-day SOFR + 1.34%), 4.95%, 10/22/35(b)
 
350
338,937
(1-day SOFR + 1.46%), 5.29%, 07/22/35(b)
 
23
22,804
(1-day SOFR + 1.64%), 5.58%, 07/23/36(b)
 
625
619,139
(1-day SOFR + 1.80%), 4.59%, 04/26/33(b)
 
65
63,177
(1-day SOFR + 1.81%), 6.25%, 10/23/34(b)
 
623
653,974
(1-day SOFR + 1.85%), 5.35%, 06/01/34(b)
 
217
217,317
(1-day SOFR + 1.89%), 2.18%, 06/01/28(b)
 
95
93,157
(1-day SOFR + 1.99%), 4.85%, 07/25/28(b)
 
325
325,610
(1-day SOFR + 2.04%), 2.52%, 04/22/31(b)
 
100
91,655
(1-day SOFR + 2.08%), 4.91%, 07/25/33(b)
 
395
389,791
(1-day SOFR + 2.58%), 5.72%, 09/14/33(b)
 
300
305,532
(3-mo. CME Term SOFR + 1.51%), 2.74%,
10/15/30(b)
 
563
526,662
(3-mo. CME Term SOFR + 1.60%), 3.78%,
02/01/28(b)
 
100
99,598
(3-mo. CME Term SOFR + 2.46%), 3.11%,
04/22/41(b)
 
81
60,767
(5-year CMT + 1.25%), 5.80%, 07/23/41(b)
 
400
395,959
KeyCorp
 
2.55%, 10/01/29
 
50
46,565
(1-day SOFR Index + 2.42%), 6.40%, 03/06/35(b)
 
50
52,197
Lloyds Banking Group PLC(b)
 
(1-year CMT + 0.83%), 4.82%, 06/13/29
 
200
200,099
(1-year CMT + 0.85%), 5.09%, 11/26/28
 
272
273,269
(3-mo. SOFR US + 1.47%), 3.57%, 11/07/28
 
200
197,272
M&T Bank Corp.(b)
 
(1-day SOFR + 2.26%), 6.08%, 03/13/32
 
270
279,030
(1-day SOFR + 2.80%), 7.41%, 10/30/29
 
1,020
1,074,262
Mitsubishi UFJ Financial Group, Inc.(b)
 
(1-year CMT + 0.83%), 2.34%, 01/19/28
 
200
198,037
(1-year CMT + 1.38%), 5.42%, 02/22/29
 
250
252,358
(1-year CMT + 1.53%), 5.48%, 02/22/31
 
600
607,712
Mizuho Financial Group, Inc.(b)
 
(1-year CMT + 0.87%), 2.17%, 05/22/32
 
200
174,433
(1-year CMT + 1.90%), 5.75%, 07/06/34
 
150
152,771
(1-year CMT + 2.05%), 5.41%, 09/13/28
 
200
201,689
Morgan Stanley
 
4.35%, 09/08/26
 
75
75,007
3.59%, 07/22/28(b)
 
25
24,727
6.38%, 07/24/42
 
107
111,579
4.38%, 01/22/47
 
495
395,794
(1-day SOFR + 1.00%), 2.48%, 01/21/28(b)
 
50
49,527
(1-day SOFR + 1.03%), 1.79%, 02/13/32(b)
 
109
93,974
(1-day SOFR + 1.10%), 4.65%, 10/18/30(b)
 
50
49,452
(1-day SOFR + 1.14%), 2.70%, 01/22/31(b)
 
689
636,581
(1-day SOFR + 1.18%), 2.24%, 07/21/32(b)
 
160
138,989
(1-day SOFR + 1.20%), 4.71%, 03/12/32(b)
 
550
537,526
(1-day SOFR + 1.20%), 2.51%, 10/20/32(b)
 
197
172,215
(1-day SOFR + 1.26%), 5.66%, 04/18/30(b)
 
425
432,146
(1-day SOFR + 1.29%), 2.94%, 01/21/33(b)
 
278
247,213
(1-day SOFR + 1.42%), 5.59%, 01/18/36(b)
 
250
250,631
(1-day SOFR + 1.58%), 5.83%, 04/19/35(b)
 
125
127,320
(1-day SOFR + 1.63%), 5.45%, 07/20/29(b)(f)
 
50
50,525
Schedule of Investments
9

Schedule of Investments (unaudited)(continued)
July 31, 2026
BlackRock Diversified Fixed Income Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Banks (continued)
Morgan Stanley (continued)
 
(1-day SOFR + 1.71%), 5.52%, 11/19/55(b)
USD
125
$ 114,394
(1-day SOFR + 1.73%), 5.47%, 01/18/35(b)
 
35
34,891
(1-day SOFR + 2.24%), 6.30%, 10/18/28(b)
 
375
381,892
(1-day SOFR + 2.56%), 6.34%, 10/18/33(b)
 
110
115,672
(1-day SOFR + 3.12%), 3.62%, 04/01/31(b)
 
100
95,195
(1-day SOFR Index + 1.41%), 5.30%, 04/10/37(b)
 
10
9,705
(3-mo. CME Term SOFR + 1.40%), 3.77%,
01/24/29(b)
 
20
19,726
(3-mo. EURIBOR + 1.12%), 3.75%, 11/07/36(b)
EUR
200
222,291
(5-year CMT + 2.43%), 5.95%, 01/19/38(b)
USD
205
207,895
Series I, (1-day SOFR + 1.31%), 4.89%,
10/22/36(b)
 
119
112,815
Morgan Stanley Finance LLC, 6.18%, 05/08/31(a)(b)(h)
EUR
561
634,787
Morgan Stanley Private Bank N.A., (1-day SOFR +
1.08%), 4.73%, 07/18/31(b)
USD
735
725,508
NatWest Group PLC, (3-mo. SOFR US + 2.01%),
4.89%, 05/18/29(b)
 
225
225,531
PNC Financial Services Group, Inc.(b)
 
(1-day SOFR + 1.26%), 4.81%, 10/21/32
 
505
497,074
(1-day SOFR + 1.42%), 5.37%, 07/21/36
 
110
108,718
(1-day SOFR + 1.62%), 5.35%, 12/02/28
 
50
50,438
(1-day SOFR + 1.90%), 5.68%, 01/22/35
 
141
142,444
(5-year CMT + 1.17%), 5.42%, 01/25/41
 
115
110,227
Regions Financial Corp., (1-day SOFR + 1.49%),
5.72%, 06/06/30(b)
 
25
25,511
Royal Bank of Canada
 
3.63%, 05/04/27
 
200
199,007
4.95%, 02/01/29
 
105
105,738
5.00%, 02/01/33
 
25
24,797
(1-day SOFR + 0.84%), 4.40%, 04/17/30(b)
 
30
29,609
(1-day SOFR Index + 0.86%), 4.52%, 10/18/28(b)
 
455
454,279
Santander Holdings USA, Inc.(b)
 
(1-day SOFR + 1.25%), 2.49%, 01/06/28
 
75
74,290
(1-day SOFR + 2.50%), 6.17%, 01/09/30
 
100
102,316
Santander U.K. Group Holdings PLC(b)
 
(1-day SOFR + 2.60%), 6.53%, 01/10/29
 
200
204,505
(3-mo. SOFR US + 1.66%), 3.82%, 11/03/28
 
200
197,601
State Street Corp.(b)
 
(1-day SOFR + 1.00%), 2.62%, 02/07/33
 
100
88,339
(1-day SOFR + 1.49%), 3.03%, 11/01/34
 
352
329,000
(1-day SOFR + 1.73%), 4.16%, 08/04/33
 
25
23,733
(3-mo. CME Term SOFR + 1.29%), 4.14%,
12/03/29
 
125
123,500
Sumitomo Mitsui Financial Group, Inc.
 
2.17%, 01/14/27
 
200
198,129
5.42%, 07/09/31
 
500
506,229
2.93%, 09/17/41
 
192
135,247
Toronto-Dominion Bank
 
5.26%, 12/11/26
 
25
25,092
(5-year CMT + 1.50%), 5.15%, 09/10/34(b)
 
201
200,670
(5-year USD Swap + 2.21%), 3.63%, 09/15/31(b)
 
50
49,921
Truist Bank, Series BKNT, 2.25%, 03/11/30
 
540
489,236
Truist Financial Corp.(b)
 
(1-day SOFR + 1.92%), 5.71%, 01/24/35
 
51
51,517
Series I, (1-day SOFR + 0.88%), 4.96%, 07/23/30
 
495
494,253
U.S. Bancorp(b)
 
(1-day SOFR + 1.41%), 5.42%, 02/12/36
 
545
544,127
(1-day SOFR + 1.86%), 5.68%, 01/23/35
 
65
65,902
(1-day SOFR + 2.02%), 5.78%, 06/12/29
 
95
96,742
Security
 
Par
(000)
Value
Banks (continued)
Wells Fargo & Co.
 
5.38%, 02/07/35
USD
374
$ 374,950
5.38%, 11/02/43
 
70
63,693
4.40%, 06/14/46
 
450
352,230
(1-day SOFR + 1.11%), 5.24%, 01/24/31(b)
 
160
161,060
(1-day SOFR + 1.38%), 5.21%, 12/03/35(b)
 
370
363,083
(1-day SOFR + 1.50%), 3.35%, 03/02/33(b)
 
139
126,430
(1-day SOFR + 1.98%), 4.81%, 07/25/28(b)
 
100
100,136
(1-day SOFR + 1.99%), 5.56%, 07/25/34(b)
 
250
251,993
(1-day SOFR + 2.02%), 5.39%, 04/24/34(b)
 
185
185,053
(1-day SOFR + 2.06%), 6.49%, 10/23/34(b)
 
345
366,258
(1-day SOFR + 2.10%), 4.90%, 07/25/33(b)
 
107
105,099
(1-day SOFR + 2.13%), 4.61%, 04/25/53(b)
 
250
200,394
(1-day SOFR + 2.53%), 3.07%, 04/30/41(b)
 
130
95,951
(3-mo. CME Term SOFR + 1.26%), 2.57%,
02/11/31(b)
 
435
400,578
(3-mo. CME Term SOFR + 1.43%), 2.88%,
10/30/30(b)(f)
 
40
37,538
(3-mo. CME Term SOFR + 4.03%), 4.48%,
04/04/31(b)
 
310
304,643
(3-mo. CME Term SOFR + 4.50%), 5.01%,
04/04/51(b)
 
615
527,241
(3-mo. EURIBOR + 1.22%), 3.90%, 07/22/32(b)(c)
EUR
200
231,735
Westpac Banking Corp.(b)
 
(5-year CMT + 2.00%), 4.11%, 07/24/34(f)
USD
143
139,067
(5-year USD SOFR ICE Swap + 2.24%), 4.32%,
11/23/31
 
390
389,322
Zions Bancorp N.A., (1-day SOFR + 1.06%), 4.48%,
02/09/29(b)
 
470
466,254
 
 
49,017,803
Beverages — 0.3%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev
Worldwide, Inc.
 
4.70%, 02/01/36
 
198
188,340
4.90%, 02/01/46
 
247
215,991
Anheuser-Busch InBev Worldwide, Inc.
 
5.00%, 06/15/34
 
250
247,811
4.95%, 01/15/42
 
73
66,549
5.55%, 01/23/49
 
180
169,746
5.80%, 01/23/59
 
20
19,384
Coca-Cola Co.
 
1.45%, 06/01/27
 
75
73,312
1.65%, 06/01/30
 
115
103,115
2.00%, 03/05/31
 
326
290,403
2.25%, 01/05/32
 
60
53,124
4.20%, 03/25/50
 
72
57,004
5.30%, 05/13/54
 
250
230,560
2.75%, 06/01/60
 
90
49,167
5.40%, 05/13/64
 
180
164,616
Constellation Brands, Inc.
 
4.35%, 05/09/27
 
100
99,926
2.88%, 05/01/30
 
155
143,712
4.75%, 05/09/32
 
95
92,962
Diageo Capital PLC, 5.88%, 09/30/36
 
200
206,261
Keurig Dr. Pepper, Inc.
 
3.20%, 05/01/30
 
66
61,773
5.30%, 03/15/34
 
25
24,689
4.50%, 11/15/45
 
185
146,889
PepsiCo, Inc.
 
2.63%, 03/19/27
 
100
99,047
2.75%, 03/19/30
 
25
23,390
10

Schedule of Investments (unaudited)(continued)
July 31, 2026
BlackRock Diversified Fixed Income Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Beverages (continued)
PepsiCo, Inc. (continued)
 
4.80%, 07/17/34
USD
75
$ 74,152
5.25%, 07/17/54
 
250
229,842
3.88%, 03/19/60
 
335
238,265
 
 
3,370,030
Biotechnology — 0.3%
Amgen, Inc.
 
4.20%, 03/01/33
 
85
80,483
6.40%, 02/01/39
 
439
463,873
4.66%, 06/15/51
 
20
16,155
5.65%, 03/02/53
 
420
390,398
5.65%, 02/19/56(f)
 
80
74,665
Biogen, Inc., 2.25%, 05/01/30
 
38
34,488
Genmab AS/Genmab Finance LLC(a)
 
6.25%, 12/15/32
 
31
31,284
7.25%, 12/15/33
 
200
206,221
Gilead Sciences, Inc.
 
4.80%, 11/15/29
 
75
75,265
4.60%, 09/01/35
 
50
47,722
4.00%, 09/01/36
 
55
49,355
2.60%, 10/01/40
 
80
56,455
5.65%, 12/01/41
 
100
98,941
4.75%, 03/01/46
 
100
85,857
Regeneron Pharmaceuticals, Inc.
 
1.75%, 09/15/30
 
1,030
905,526
2.80%, 09/15/50
 
220
127,314
Royalty Pharma PLC
 
5.15%, 09/02/29
 
152
153,365
2.20%, 09/02/30
 
400
359,191
 
 
3,256,558
Broadline Retail — 0.0%
Nordstrom, Inc.
 
4.38%, 04/01/30(f)
 
49
46,831
5.00%, 01/15/44
 
55
39,600
 
 
86,431
Building Materials — 0.2%
Carlisle Cos., Inc.
 
2.75%, 03/01/30
 
25
23,220
5.55%, 09/15/40
 
550
530,282
Carrier Global Corp.
 
2.70%, 02/15/31
 
20
18,205
5.90%, 03/15/34
 
50
51,699
CRH America Finance, Inc., 5.50%, 01/09/35
 
750
749,109
Eagle Materials, Inc., 2.50%, 07/01/31
 
265
234,486
Fortune Brands Innovations, Inc., 5.88%, 06/01/33
 
25
25,716
Johnson Controls International PLC/Tyco Fire &
Security Finance SCA
 
1.75%, 09/15/30
 
100
88,260
4.90%, 12/01/32
 
25
24,727
Martin Marietta Materials, Inc.
 
5.15%, 12/01/34
 
315
308,226
4.25%, 12/15/47
 
75
57,640
Smyrna Ready Mix Concrete LLC, 8.88%, 11/15/31(a)
 
100
104,709
Standard Industries, Inc., 4.75%, 01/15/28(a)
 
100
99,391
Trane Technologies Financing Ltd., 5.25%, 03/03/33
 
150
150,897
Security
 
Par
(000)
Value
Building Materials (continued)
Vulcan Materials Co.
 
5.35%, 12/01/34
USD
25
$ 24,909
4.50%, 06/15/47
 
75
61,206
 
 
2,552,682
Building Products — 0.2%
Home Depot, Inc.
 
2.50%, 04/15/27
 
300
296,379
4.50%, 09/15/32
 
80
78,672
4.95%, 06/25/34
 
200
197,232
5.88%, 12/16/36
 
270
280,567
4.95%, 09/15/52
 
40
34,293
Lowe’s Cos., Inc.
 
3.35%, 04/01/27
 
300
298,047
3.95%, 10/15/27
 
325
322,825
5.00%, 04/15/33
 
225
222,000
4.65%, 04/15/42
 
116
99,559
5.63%, 04/15/53
 
125
114,633
5.80%, 09/15/62
 
40
36,870
QXO Building Products, Inc.(a)
 
6.50%, 07/15/31(f)
 
98
98,397
6.75%, 04/30/32
 
144
147,061
6.88%, 07/15/34
 
8
8,012
 
 
2,234,547
Capital Markets — 0.1%
Apollo Debt Solutions BDC, 6.55%, 03/15/32
 
140
140,436
Ares Capital Corp.
 
2.88%, 06/15/27
 
100
98,544
2.88%, 06/15/28
 
115
110,325
ARES Capital Corp., 5.10%, 01/15/31
 
120
115,335
Blackstone Private Credit Fund
 
3.25%, 03/15/27
 
75
74,199
7.30%, 11/27/28
 
50
51,633
4.00%, 01/15/29
 
105
100,611
Blackstone Secured Lending Fund, 2.85%, 09/30/28
 
125
118,011
Blue Owl Capital Corp., 5.95%, 03/15/29
 
100
99,785
Blue Owl Credit Income Corp., 7.75%, 01/15/29
 
185
190,342
Compass Group Diversified Holdings LLC, 5.25%,
04/15/29(a)
 
60
57,134
FS KKR Capital Corp.
 
3.25%, 07/15/27
 
50
48,538
3.13%, 10/12/28
 
110
103,400
6.88%, 08/15/29(f)
 
100
100,414
7.50%, 08/01/31
 
87
87,148
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
 
9.75%, 01/15/29(f)
 
104
103,569
10.00%, 11/15/29(a)
 
110
110,181
Sixth Street Lending Partners, 5.75%, 01/15/30
 
135
133,464
 
 
1,843,069
Chemicals — 0.6%
Air Products and Chemicals, Inc., 4.85%, 02/08/34
 
150
147,281
Brenntag Finance BV, 3.38%, 10/02/31(c)
EUR
300
337,752
Celanese U.S. Holdings LLC
 
7.33%, 07/15/29
USD
27
28,068
6.50%, 04/15/30(f)
 
100
101,229
7.55%, 11/15/30
 
34
35,791
7.00%, 02/15/31
 
28
28,708
7.38%, 07/15/32
 
46
48,130
7.70%, 11/15/33(f)
 
25
26,464
Schedule of Investments
11

Schedule of Investments (unaudited)(continued)
July 31, 2026
BlackRock Diversified Fixed Income Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Chemicals (continued)
Celanese U.S. Holdings LLC (continued)
 
7.38%, 02/15/34(f)
USD
36
$ 37,031
Chemours Co.(a)
 
8.00%, 01/15/33
 
91
89,572
7.88%, 03/15/34
 
100
97,310
CVR Partners LP/CVR Nitrogen Finance Corp.,
6.13%, 06/15/28(a)
 
106
105,879
Dow Chemical Co.
 
9.40%, 05/15/39
 
207
267,198
4.38%, 11/15/42
 
165
130,344
3.60%, 11/15/50(f)
 
371
238,690
6.90%, 05/15/53
 
145
148,019
5.95%, 03/15/55(f)
 
643
580,273
DuPont de Nemours, Inc., 5.42%, 11/15/48
 
35
31,594
Eastman Chemical Co.
 
5.75%, 03/08/33
 
75
76,225
4.65%, 10/15/44
 
25
20,666
Ecolab, Inc., 2.13%, 02/01/32
 
90
77,854
FMC Corp.
 
8.00%, 06/01/31(a)
 
751
776,556
5.65%, 05/18/33(f)
 
47
41,985
6.38%, 05/18/53(f)
 
21
16,347
LYB International Finance III LLC
 
5.63%, 05/15/33
 
125
124,698
5.88%, 01/15/36(f)
 
608
603,533
4.20%, 10/15/49
 
612
429,599
3.63%, 04/01/51(f)
 
571
364,978
LyondellBasell Industries NV, 4.63%, 02/26/55(f)
 
102
75,071
Mosaic Co., 5.45%, 11/15/33
 
25
24,886
NOVA Chemicals Corp., 9.00%, 02/15/30(a)
 
100
104,760
Nutrien Ltd.
 
4.90%, 03/27/28(f)
 
177
177,543
5.80%, 03/27/53
 
25
23,729
OCP SA, 6.75%, 05/02/34(c)
 
223
228,597
Perimeter Holdings LLC, 6.25%, 01/15/34(a)
 
72
70,683
Rain Carbon, Inc., 12.25%, 09/01/29(a)
 
90
95,871
RPM International, Inc., 2.95%, 01/15/32
 
90
80,328
SCIH Salt Holdings, Inc.(d)
 
08/15/31
 
103
102,917
08/15/32
 
41
40,795
Sherwin-Williams Co.
 
3.45%, 06/01/27
 
150
148,813
5.15%, 08/15/35(f)
 
810
795,779
4.50%, 06/01/47
 
250
202,902
SK Invictus Intermediate II SARL, 5.00%, 10/30/29(a)
 
158
154,287
Tronox, Inc.(a)(f)
 
4.63%, 03/15/29
 
43
26,420
9.13%, 09/30/30
 
68
67,874
Westlake Corp., 5.00%, 08/15/46
 
75
62,219
 
 
7,495,248
Commercial Services & Supplies — 0.5%
ADT Security Corp., 5.88%, 10/15/33(a)
 
43
41,694
Allied Universal Holdco LLC, 7.88%, 02/15/31(a)
 
101
104,863
AMN Healthcare, Inc., 6.50%, 01/15/31(a)
 
40
40,002
Automatic Data Processing, Inc., 4.75%, 05/08/32
 
405
401,359
Avis Budget Car Rental LLC/Avis Budget Finance,
Inc., 8.38%, 06/15/32(a)(f)
 
11
10,948
Belron U.K. Finance PLC, 5.75%, 10/15/29(a)
 
79
78,975
Block, Inc., 3.50%, 06/01/31(f)
 
77
70,203
Security
 
Par
(000)
Value
Commercial Services & Supplies (continued)
California Institute of Technology
 
4.32%, 08/01/45
USD
100
$ 82,880
4.70%, 11/01/2111
 
35
26,883
3.65%, 09/01/2119(f)
 
50
29,625
Carrix, Inc., 6.13%, 08/01/33(a)
 
21
20,903
Case Western Reserve University, Series 2022-C,
5.41%, 06/01/2122
 
95
82,819
Cimpress PLC, 7.38%, 09/15/32(a)
 
174
174,500
CompoSecure Holdings LLC, 5.63%, 02/01/33(a)
 
21
20,185
Cornell University, 4.84%, 06/15/34
 
75
73,755
Deluxe Corp., 8.13%, 09/15/29(a)
 
36
37,279
Emory University, Series 2020, 2.14%, 09/01/30
 
35
31,540
Equifax, Inc., 3.10%, 05/15/30
 
150
139,708
FTAI Aviation Investors LLC(a)
 
7.88%, 12/01/30
 
54
56,264
7.00%, 05/01/31
 
153
157,252
7.00%, 06/15/32
 
61
62,283
Garda World Security Corp., 8.25%, 08/01/32(a)(f)
 
100
101,408
GATX Corp., 4.00%, 06/30/30
 
130
125,755
Global Payments, Inc.
 
5.30%, 08/15/29
 
125
125,175
5.40%, 08/15/32
 
40
39,414
Graham Holdings Co., 5.63%, 12/01/33(a)
 
35
34,158
Massachusetts Institute of Technology
 
3.96%, 07/01/38
 
50
44,817
5.60%, 07/01/2111
 
100
92,791
PayPal Holdings, Inc.
 
3.90%, 06/01/27
 
351
349,222
2.30%, 06/01/30
 
75
68,552
President and Fellows of Harvard College
 
4.61%, 02/15/35
 
50
48,328
2.52%, 10/15/50
 
150
87,248
Prime Security Services Borrower LLC/Prime
Finance, Inc., 3.38%, 08/31/27(a)
 
100
98,215
Quanta Services, Inc.
 
2.90%, 10/01/30
 
1,260
1,160,478
2.35%, 01/15/32
 
220
191,053
5.25%, 08/09/34
 
90
88,906
5.10%, 08/09/35
 
210
203,913
3.05%, 10/01/41
 
50
35,767
RELX Capital, Inc., 5.25%, 03/27/35(f)
 
44
43,441
S&P Global, Inc.
 
2.45%, 03/01/27
 
200
197,970
3.90%, 03/01/62
 
10
6,796
Triton Container International Ltd./TAL International
Container Corp., 5.15%, 02/15/33
 
100
96,587
Trustees of the University of Pennsylvania, 3.61%,
02/15/2119
 
416
242,442
United Rentals North America, Inc.
 
3.75%, 01/15/32
 
100
91,309
5.38%, 11/15/33(a)
 
34
33,106
University of Southern California, 4.98%, 10/01/53
 
10
8,711
Verisk Analytics, Inc.
 
4.13%, 03/15/29
 
470
462,164
4.45%, 03/15/31
 
20
19,423
5.75%, 04/01/33
 
50
50,926
5.50%, 06/15/45
 
40
36,718
3.63%, 05/15/50
 
35
23,525
12

Schedule of Investments (unaudited)(continued)
July 31, 2026
BlackRock Diversified Fixed Income Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Commercial Services & Supplies (continued)
Worldline SA(c)
 
0.88%, 06/30/27
EUR
100
$ 109,580
4.13%, 09/12/28
 
100
106,801
 
 
6,168,619
Communications Equipment — 0.2%
Motorola Solutions, Inc.
 
4.60%, 02/23/28
USD
90
90,008
4.60%, 05/23/29
 
25
24,857
2.30%, 11/15/30
 
350
312,831
2.75%, 05/24/31
 
570
512,516
5.60%, 06/01/32
 
390
396,646
5.40%, 04/15/34
 
495
490,850
5.55%, 08/15/35
 
100
99,725
 
 
1,927,433
Construction & Engineering — 0.1%
Cellnex Finance Co. SA, 3.88%, 01/19/36(c)
EUR
100
111,060
Granite Construction, Inc., 6.38%, 06/15/34(a)
USD
176
175,497
HTA Group Ltd., 7.50%, 06/04/29(a)
 
160
163,642
IRB Infrastructure Developers Ltd., 7.11%,
03/11/32(c)
 
200
201,250
TAV Havalimanlari Holding A/S, 8.50%, 12/07/28(c)
 
220
225,500
Tutor Perini Corp., 6.63%, 07/15/33(a)
 
90
90,332
Weekley Homes LLC/Weekley Finance Corp., 4.88%,
09/15/28(a)
 
49
48,155
 
 
1,015,436
Consumer Finance — 0.5%
American Express Co.(b)
 
(1-day SOFR + 1.00%), 5.10%, 02/16/28
 
665
667,253
(1-day SOFR + 1.22%), 4.92%, 07/20/33
 
125
123,275
(1-day SOFR + 1.24%), 4.80%, 10/24/36
 
513
486,164
(1-day SOFR + 1.26%), 4.73%, 04/25/29
 
400
400,273
(1-day SOFR + 1.76%), 4.42%, 08/03/33
 
50
48,051
(1-day SOFR + 1.84%), 5.04%, 05/01/34
 
180
177,538
(1-day SOFR + 1.93%), 5.63%, 07/28/34
 
120
120,649
(1-day SOFR Index + 1.32%), 5.44%, 01/30/36
 
175
174,806
Atlanticus Holdings Corp., 9.75%, 09/01/30(a)
 
93
94,049
Bread Financial Holdings, Inc.(a)(f)
 
6.75%, 05/15/31
 
29
29,564
(5-year CMT + 4.30%), 8.38%, 06/15/35(b)
 
41
42,438
Capital One Financial Corp.(b)
 
(1-day SOFR + 1.56%), 5.46%, 07/26/30
 
490
496,175
(1-day SOFR + 2.37%), 5.27%, 05/10/33
 
40
39,634
(1-day SOFR + 2.44%), 7.15%, 10/29/27
 
25
25,142
(1-day SOFR + 2.60%), 5.25%, 07/26/30
 
225
226,478
(1-day SOFR + 2.64%), 6.31%, 06/08/29(f)
 
34
34,842
(1-day SOFR Index + 3.37%), 7.96%, 11/02/34
 
525
593,897
Enova International, Inc.(a)
 
11.25%, 12/15/28
 
77
80,908
9.13%, 08/01/29
 
80
83,692
EZCORP, Inc., 7.38%, 04/01/32(a)
 
33
34,500
IIFL Finance Ltd., 7.60%, 09/10/29(c)
 
200
200,700
Mastercard, Inc.
 
2.95%, 11/21/26
 
25
24,912
3.30%, 03/26/27
 
25
24,852
3.35%, 03/26/30
 
570
543,610
4.95%, 03/15/32
 
140
140,187
4.55%, 01/15/35
 
190
181,996
3.85%, 03/26/50
 
100
73,650
2.95%, 03/15/51
 
410
252,407
OneMain Finance Corp.
 
6.63%, 05/15/29
 
54
54,661
Security
 
Par
(000)
Value
Consumer Finance (continued)
OneMain Finance Corp. (continued)
 
7.88%, 03/15/30
USD
79
$ 81,780
7.50%, 05/15/31
 
118
120,950
7.13%, 11/15/31
 
39
39,522
7.13%, 09/15/32
 
34
34,356
6.75%, 09/15/33
 
26
25,581
SLM Corp., 6.50%, 01/31/30(f)
 
17
17,195
Synchrony Financial
 
2.88%, 10/28/31
 
45
39,386
7.25%, 02/02/33(f)
 
234
240,497
Visa, Inc.
 
1.10%, 02/15/31
 
455
390,741
4.30%, 12/14/45
 
295
243,011
3.65%, 09/15/47
 
27
19,909
 
 
6,729,231
Consumer Staples Distribution & Retail — 0.0%
Arko Corp., 5.13%, 11/15/29(a)
 
29
27,116
Dollar General Corp.
 
4.13%, 05/01/28
 
25
24,754
5.20%, 07/05/28
 
100
100,841
Target Corp.
 
1.95%, 01/15/27
 
50
49,521
2.35%, 02/15/30
 
75
69,215
4.50%, 09/15/34
 
75
71,472
4.80%, 01/15/53
 
35
29,768
Walmart, Inc.
 
5.25%, 09/01/35
 
90
91,126
4.50%, 09/09/52
 
100
82,576
4.50%, 04/15/53(f)
 
60
49,601
 
 
595,990
Containers & Packaging — 0.1%
Ardagh Group SA(a)
 
9.50%, 12/01/30
 
37
39,209
(5.00% Cash + 6.00% PIK), 11.00%, 12/01/30(g)
 
92
84,980
Cascades, Inc./Cascades USA, Inc., 6.75%,
07/15/30(a)
 
41
41,651
Clydesdale Acquisition Holdings, Inc., 8.75%,
04/15/30(a)(f)
 
131
125,197
Mauser Packaging Solutions Holding Co., 9.25%,
04/15/30(a)(f)
 
44
43,611
Packaging Corp. of America
 
3.00%, 12/15/29
 
175
164,897
5.70%, 12/01/33(f)
 
180
183,747
WRKCo, Inc., 3.00%, 06/15/33
 
80
69,412
 
 
752,704
Distributors — 0.0%
ADI Escrow Issuer LLC, 7.13%, 07/15/34(a)
 
11
11,214
WW Grainger, Inc., 4.45%, 09/15/34
 
445
424,999
 
 
436,213
Diversified REITs — 0.5%
American Tower Corp.
 
1.50%, 01/31/28(f)
 
132
125,975
5.80%, 11/15/28(f)
 
120
122,597
3.80%, 08/15/29
 
80
77,622
2.90%, 01/15/30
 
150
140,073
5.00%, 01/31/30
 
35
35,020
2.70%, 04/15/31
 
75
67,566
4.05%, 03/15/32
 
5
4,727
5.40%, 01/31/35
 
430
426,461
2.95%, 01/15/51
 
135
80,223
Schedule of Investments
13

Schedule of Investments (unaudited)(continued)
July 31, 2026
BlackRock Diversified Fixed Income Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Diversified REITs (continued)
Brixmor Operating Partnership LP
 
4.13%, 05/15/29
USD
50
$ 49,044
4.05%, 07/01/30
 
20
19,304
Crown Castle, Inc.
 
4.30%, 02/15/29
 
25
24,610
4.90%, 09/01/29
 
67
66,813
3.10%, 11/15/29
 
100
94,192
3.30%, 07/01/30
 
175
163,369
2.10%, 04/01/31
 
75
65,305
2.90%, 04/01/41
 
50
34,837
Digital Realty Trust LP, 5.55%, 01/15/28
 
75
75,819
Equinix, Inc.
 
1.55%, 03/15/28
 
50
47,562
3.90%, 04/15/32
 
213
197,861
3.40%, 02/15/52
 
270
173,408
GLP Capital LP/GLP Financing II, Inc.
 
4.00%, 01/15/31
 
560
524,513
3.25%, 01/15/32
 
77
68,105
5.25%, 02/15/33
 
95
91,686
5.63%, 09/15/34
 
260
253,207
5.75%, 11/01/37
 
180
172,556
Host Hotels & Resorts LP
 
5.70%, 06/15/32
 
25
25,320
Series I, 3.50%, 09/15/30
 
105
98,453
Kimco Realty OP LLC, 2.80%, 10/01/26
 
50
49,902
Millrose Properties, Inc.(a)
 
6.38%, 08/01/30
 
81
81,599
6.25%, 09/15/32
 
78
77,934
Park Intermediate Holdings LLC/PK Domestic
Property LLC/PK Finance Co-Issuer, 4.88%,
05/15/29(a)
 
153
149,127
Prologis LP
 
4.38%, 02/01/29
 
304
301,854
4.63%, 01/15/33
 
40
38,955
Regency Centers LP
 
3.60%, 02/01/27
 
70
69,762
3.70%, 06/15/30
 
100
95,761
RHP Hotel Properties LP/RHP Finance Corp., 5.75%,
03/15/34(a)
 
18
17,627
Rithm Capital Corp., 8.00%, 04/01/29(a)(f)
 
135
136,051
Service Properties Trust
 
0.00%, 09/30/28(a)(i)
 
62
57,896
4.38%, 02/15/30
 
100
90,600
8.63%, 11/15/31(a)
 
76
79,867
8.88%, 06/15/32(f)
 
148
152,074
Sun Communities Operating LP, 2.70%, 07/15/31
 
320
284,884
Trust Fibra Uno, 7.70%, 01/23/32
 
202
212,704
VICI Properties LP
 
5.13%, 11/15/31
 
89
87,314
5.13%, 05/15/32
 
985
960,686
6.13%, 04/01/54
 
270
252,410
VICI Properties LP/VICI Note Co., Inc., 3.88%,
02/15/29(a)
 
61
59,153
Weyerhaeuser Co., 4.00%, 04/15/30
 
260
251,076
 
 
6,833,464
Diversified Telecommunication Services — 0.8%
APLD ComputeCo 2 LLC, 6.75%, 03/15/31(a)
 
75
73,313
APLD ComputeCo 3 LLC, 7.00%, 06/15/31(a)
 
35
34,135
APLD ComputeCo LLC, 9.25%, 12/15/30(a)
 
300
318,827
AT&T, Inc.
 
1.65%, 02/01/28
 
230
219,947
Security
 
Par
(000)
Value
Diversified Telecommunication Services (continued)
AT&T, Inc. (continued)
 
4.55%, 11/01/32
USD
1,590
$ 1,527,356
3.10%, 02/01/43
 
125
84,860
4.35%, 06/15/45
 
35
26,582
5.45%, 03/01/47
 
158
138,063
5.70%, 11/01/54
 
125
107,867
6.00%, 04/30/56(f)
 
680
610,735
6.20%, 10/30/56
 
300
277,679
3.80%, 12/01/57
 
275
170,114
3.65%, 09/15/59
 
250
148,117
3.85%, 06/01/60
 
148
91,711
3.50%, 02/01/61
 
50
28,516
Big Sky Funding LLC, 5.75%, 10/20/35(a)
 
18
17,565
Black Pearl Compute LLC, 6.13%, 02/15/31(a)(f)
 
39
38,935
British Telecommunications PLC, 9.63%, 12/15/30
 
170
198,724
Cisco Systems, Inc.
 
4.85%, 02/26/29
 
225
226,450
4.95%, 02/24/32
 
170
169,992
5.30%, 02/26/54
 
185
165,463
Connect Finco SARL/Connect U.S. Finco LLC,
9.00%, 09/15/29(a)
 
111
116,437
Core Scientific Finance I LLC, 7.75%, 05/15/31(a)
 
63
61,691
Deutsche Telekom International Finance BV, 9.25%,
06/01/32
 
20
24,073
ELK Grove Village Property LLC, 7.50%,
06/15/31(a)(f)
 
695
669,461
Flash Compute LLC, 7.25%, 12/31/30(a)
 
23
23,226
Galaxy Helios Data Centers II LLC, 9.88%,
08/01/31(a)
 
130
130,354
Level 3 Financing, Inc.(a)
 
6.88%, 06/30/33
 
134
135,915
7.00%, 03/31/34
 
19
19,327
7.50%, 02/15/37(f)
 
4
3,973
Meridian Arc Holdco LLC, 6.25%, 04/30/31(a)(f)
 
356
342,056
PR RNO Property Owner 1 LLC, 6.50%, 05/01/31(a)
 
125
117,702
Sprint Capital Corp., 8.75%, 03/15/32
 
520
605,080
SV RNO Property Owner 1 LLC, 5.88%, 03/01/31(a)
 
22
20,429
Telecom Italia Capital SA
 
7.20%, 07/18/36
 
40
43,139
7.72%, 06/04/38
 
110
123,050
TELUS Corp., 2.80%, 02/16/27
 
75
74,295
Uniti Group LP/Uniti Group Finance 2019, Inc./CSL
Capital LLC(a)
 
6.50%, 02/15/29(f)
 
29
28,602
8.63%, 06/15/32
 
166
169,529
Verizon Communications, Inc.
 
4.33%, 09/21/28
 
12
11,915
4.02%, 12/03/29
 
115
112,241
7.75%, 12/01/30
 
315
348,672
5.05%, 05/09/33
 
100
98,888
4.40%, 11/01/34
 
55
51,053
5.25%, 04/02/35
 
475
463,079
4.75%, 11/01/41
 
205
179,322
4.86%, 08/21/46
 
35
28,845
3.55%, 03/22/51
 
755
494,042
5.88%, 11/30/55
 
65
59,379
Viasat, Inc.(a)
 
6.50%, 07/15/28
 
33
32,741
7.50%, 05/30/31
 
165
164,958
14

Schedule of Investments (unaudited)(continued)
July 31, 2026
BlackRock Diversified Fixed Income Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Diversified Telecommunication Services (continued)
Windstream Services LLC/Windstream Escrow
Finance Corp., 8.25%, 10/01/31(a)
USD
180
$ 187,385
WULF Compute LLC, 7.75%, 10/15/30(a)
 
230
238,962
 
 
9,854,772
Electric Utilities — 2.1%
AEP Texas, Inc.
 
5.45%, 05/15/29
 
25
25,391
4.70%, 05/15/32
 
95
92,893
5.40%, 06/01/33
 
75
74,910
5.70%, 05/15/34
 
75
75,863
5.25%, 05/15/52
 
110
94,658
AEP Transmission Co. LLC
 
5.15%, 04/01/34
 
40
39,557
3.15%, 09/15/49
 
139
88,218
5.40%, 03/15/53
 
250
227,148
AES Corp., 5.45%, 06/01/28
 
25
25,204
Alabama Power Co.
 
3.75%, 09/01/27
 
50
49,645
5.85%, 11/15/33
 
70
72,334
6.00%, 03/01/39
 
32
32,845
Alpha Generation LLC, 6.25%, 01/15/34(a)
 
16
15,635
Ameren Corp., 5.70%, 12/01/26
 
110
110,354
Ameren Illinois Co.
 
4.95%, 06/01/33(f)
 
200
197,053
5.90%, 12/01/52
 
20
19,537
American Electric Power Co., Inc., 5.63%, 03/01/33
 
50
51,049
Appalachian Power Co., Series BB, 4.50%, 08/01/32
 
30
29,028
Arizona Public Service Co.
 
2.20%, 12/15/31
 
45
38,871
5.55%, 08/01/33
 
220
221,823
5.70%, 08/15/34
 
90
91,301
AusNet Services Holdings Pty. Ltd., (3-Month BBSW
+ 1.77%), 6.26%, 02/04/56(b)(c)
AUD
130
90,906
Baltimore Gas and Electric Co.
 
2.25%, 06/15/31
USD
25
22,085
3.75%, 08/15/47
 
44
31,469
5.40%, 06/01/53
 
130
116,403
Berkshire Hathaway Energy Co.
 
1.65%, 05/15/31
 
65
55,888
6.13%, 04/01/36
 
100
104,278
5.15%, 11/15/43
 
45
40,780
4.45%, 01/15/49
 
175
137,647
4.60%, 05/01/53
 
210
166,527
Black Hills Corp., 6.00%, 01/15/35
 
70
71,118
CenterPoint Energy Houston Electric LLC
 
5.20%, 10/01/28
 
10
10,112
4.95%, 04/01/33
 
50
49,232
5.15%, 03/01/34
 
40
39,645
4.50%, 04/01/44
 
110
92,433
Series AJ, 4.85%, 10/01/52
 
40
33,885
Series AQ, 4.95%, 08/15/35
 
85
82,244
CGE Treasury Ifsc Pvt Ltd., 7.88%, 07/28/31(c)
 
250
249,375
Commonwealth Edison Co.
 
5.90%, 03/15/36
 
155
160,223
3.65%, 06/15/46
 
100
71,960
5.65%, 06/01/54
 
125
116,397
Connecticut Light and Power Co.
 
4.95%, 01/15/30
 
120
120,444
Series A, 3.20%, 03/15/27
 
25
24,829
Consolidated Edison Co. of New York, Inc.
 
5.13%, 03/15/35
 
500
489,602
Security
 
Par
(000)
Value
Electric Utilities (continued)
Consolidated Edison Co. of New York,
Inc. (continued)
 
6.15%, 11/15/52
USD
150
$ 149,238
5.70%, 05/15/54
 
50
46,771
4.50%, 05/15/58
 
16
12,243
Series 2006-A, 5.85%, 03/15/36
 
90
92,454
Constellation Energy Generation LLC
 
5.80%, 03/01/33
 
15
15,404
6.50%, 10/01/53
 
25
25,640
Consumers Energy Co.
 
4.90%, 02/15/29
 
25
25,145
4.60%, 05/30/29
 
40
39,943
4.70%, 01/15/30
 
40
39,863
4.50%, 01/15/31
 
25
24,577
4.63%, 05/15/33
 
100
96,887
4.35%, 04/15/49
 
115
91,244
Continuum Energy Aura Pte. Ltd., 9.50%,
02/24/27(c)(f)
 
200
200,500
Dominion Energy, Inc.
 
Series A, 4.35%, 08/15/32
 
40
38,185
Series B, 5.95%, 06/15/35
 
240
245,488
Series F, 5.25%, 08/01/33
 
50
49,991
DTE Electric Co.
 
5.20%, 04/01/33
 
70
70,353
5.20%, 03/01/34
 
75
74,829
5.25%, 05/15/35
 
460
455,852
Series B, 3.65%, 03/01/52
 
20
13,798
Series B, 5.55%, 03/01/56
 
25
23,132
DTE Energy Co., 4.88%, 06/01/28
 
150
150,399
Duke Energy Carolinas LLC
 
4.95%, 01/15/33
 
20
19,826
3.70%, 12/01/47
 
234
167,466
3.55%, 03/15/52
 
45
30,351
5.35%, 01/15/53
 
29
26,063
5.40%, 01/15/54
 
140
126,787
Duke Energy Corp.
 
4.85%, 01/05/29(f)
 
125
125,328
2.45%, 06/01/30
 
305
278,547
6.10%, 09/15/53
 
180
173,821
Duke Energy Florida LLC, 3.00%, 12/15/51
 
180
109,497
Duke Energy Indiana LLC, 5.40%, 04/01/53
 
10
8,985
Duke Energy Kentucky, Inc., (Acquired 08/11/25,
Cost: $235,000), 6.01%, 09/15/35(h)(j)
 
235
231,780
Duke Energy Progress LLC
 
3.40%, 04/01/32
 
300
277,031
5.25%, 03/15/33
 
125
125,672
5.05%, 03/15/35
 
110
107,507
2.90%, 08/15/51
 
50
29,698
5.35%, 03/15/53
 
67
60,070
5.55%, 03/15/55
 
640
590,965
Edison International, 4.13%, 03/15/28
 
20
19,690
Entergy Arkansas LLC
 
5.45%, 06/01/34
 
25
25,236
5.75%, 06/01/54
 
30
28,338
Entergy Corp., 2.80%, 06/15/30
 
60
55,375
Entergy Louisiana LLC
 
4.20%, 09/01/48
 
150
115,098
5.65%, 04/15/56
 
185
171,886
Entergy Mississippi LLC
 
5.00%, 09/01/33(f)
 
130
128,048
5.85%, 06/01/54
 
25
23,860
Schedule of Investments
15

Schedule of Investments (unaudited)(continued)
July 31, 2026
BlackRock Diversified Fixed Income Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Electric Utilities (continued)
Entergy Texas, Inc.
 
1.75%, 03/15/31
USD
165
$ 143,276
5.80%, 09/01/53
 
90
85,194
Evergy Kansas Central, Inc.
 
5.90%, 11/15/33
 
20
20,729
5.70%, 03/15/53
 
40
38,127
Evergy Metro, Inc., 5.40%, 04/01/34
 
30
30,160
Eversource Energy
 
5.13%, 05/15/33
 
40
39,400
5.50%, 01/01/34
 
225
225,195
Exelon Corp.
 
3.35%, 03/15/32
 
100
91,429
5.63%, 06/15/35
 
145
145,300
5.60%, 03/15/53
 
40
36,398
FirstEnergy Corp., Series B, 3.90%, 07/15/27
 
25
24,872
FirstEnergy Transmission LLC, 5.45%, 07/15/44(a)
 
96
87,879
Florida Power & Light Co.
 
5.05%, 04/01/28
 
30
30,260
5.10%, 04/01/33
 
100
99,834
5.95%, 02/01/38
 
75
77,522
5.96%, 04/01/39
 
55
56,465
4.05%, 10/01/44
 
50
39,312
5.30%, 04/01/53
 
170
152,237
5.60%, 02/15/66
 
25
22,683
Georgia Power Co.
 
5.13%, 05/15/52(f)
 
80
70,465
5.50%, 10/01/55(f)
 
90
82,418
Series 2010-C, 4.75%, 09/01/40
 
40
36,305
Series B, 3.70%, 01/30/50
 
37
26,030
Idaho Power Co., 5.80%, 04/01/54(f)
 
25
24,066
India Clean Energy Holdings, 4.50%, 04/18/27(c)
 
400
394,000
Indiana Michigan Power Co., 5.63%, 04/01/53
 
20
18,604
Interstate Power and Light Co.
 
4.10%, 09/26/28
 
50
49,397
5.60%, 06/29/35(f)
 
80
80,435
Kentucky Utilities Co., 3.30%, 06/01/50(f)
 
25
16,172
MidAmerican Energy Co.
 
5.85%, 09/15/54
 
30
28,897
5.30%, 02/01/55
 
45
39,986
MVM Energetika Zrt, 6.50%, 03/13/31(c)
 
206
214,164
National Grid PLC, 5.42%, 01/11/34
 
40
39,948
National Rural Utilities Cooperative Finance Corp.
 
5.60%, 11/13/26
 
40
40,111
5.05%, 09/15/28(f)
 
60
60,430
5.15%, 06/15/29
 
75
75,796
Nevada Power Co.
 
6.00%, 03/15/54
 
15
14,492
Series CC, 3.70%, 05/01/29
 
35
34,073
NextEra Energy Capital Holdings, Inc.
 
4.69%, 09/01/27
 
160
160,255
2.25%, 06/01/30
 
95
86,169
4.40%, 03/01/31(f)
 
100
97,820
5.05%, 02/28/33
 
140
138,021
5.45%, 03/15/35
 
90
89,130
5.55%, 03/15/54
 
55
49,202
Northern States Power Co.
 
3.20%, 04/01/52
 
100
65,431
5.10%, 05/15/53
 
110
95,344
5.40%, 03/15/54
 
50
45,484
5.65%, 06/15/54
 
35
32,930
NSTAR Electric Co.
 
3.20%, 05/15/27
 
50
49,561
1.95%, 08/15/31
 
775
672,914
Security
 
Par
(000)
Value
Electric Utilities (continued)
NSTAR Electric Co. (continued)
 
4.95%, 09/15/52
USD
40
$ 34,055
Oglethorpe Power Corp.
 
5.05%, 10/01/48
 
10
8,531
6.20%, 12/01/53
 
65
64,192
Ohio Power Co.
 
5.65%, 06/01/34
 
220
222,850
4.00%, 06/01/49
 
64
46,529
Series P, 2.60%, 04/01/30
 
160
148,052
Series R, 2.90%, 10/01/51
 
30
17,406
Oklahoma Gas and Electric Co.
 
5.40%, 01/15/33
 
75
75,708
5.60%, 04/01/53
 
40
37,234
Oncor Electric Delivery Co. LLC
 
2.75%, 05/15/30
 
70
64,869
5.65%, 11/15/33
 
65
66,545
5.30%, 06/01/42
 
145
134,573
5.90%, 03/15/56(a)
 
50
48,213
Pacific Gas and Electric Co.
 
3.30%, 03/15/27
 
150
148,819
6.10%, 01/15/29
 
40
41,046
4.55%, 07/01/30
 
100
97,780
3.25%, 06/01/31
 
100
91,575
6.95%, 03/15/34
 
200
215,183
6.00%, 08/15/35
 
45
45,654
5.20%, 05/01/36(f)
 
25
23,788
4.50%, 07/01/40(f)
 
50
42,005
3.30%, 08/01/40
 
103
75,341
4.75%, 02/15/44
 
509
416,469
4.25%, 03/15/46
 
346
258,689
4.00%, 12/01/46
 
67
48,039
4.95%, 07/01/50
 
518
417,906
3.50%, 08/01/50
 
177
113,235
5.25%, 03/01/52
 
241
200,321
6.75%, 01/15/53(f)
 
754
763,062
6.70%, 04/01/53
 
323
325,132
5.90%, 10/01/54
 
131
118,563
6.15%, 03/01/55
 
70
65,553
6.10%, 10/15/55
 
546
509,036
6.00%, 05/01/56
 
241
221,857
PacifiCorp
 
5.10%, 02/15/29
 
415
417,389
5.30%, 02/15/31
 
50
50,274
5.35%, 12/01/53
 
20
17,086
5.50%, 05/15/54
 
30
26,128
PECO Energy Co.
 
4.90%, 06/15/33
 
25
24,781
4.38%, 08/15/52
 
120
92,609
PG&E Corp.
 
5.00%, 07/01/28
 
25
24,764
5.25%, 07/01/30
 
530
521,222
Pinnacle West Capital Corp., 5.15%, 05/15/30
 
238
238,960
Potomac Electric Power Co., 5.20%, 03/15/34
 
130
129,425
PPL Electric Utilities Corp.
 
4.85%, 02/15/34
 
95
92,617
5.25%, 05/15/53
 
40
35,654
Public Service Co. of Colorado
 
1.88%, 06/15/31
 
437
378,587
5.25%, 04/01/53
 
20
17,514
5.75%, 05/15/54
 
55
51,737
5.85%, 05/15/55
 
90
85,840
Series 39, 4.50%, 06/01/52
 
50
39,258
Public Service Co. of Oklahoma, 5.25%, 01/15/33
 
50
49,734
16

Schedule of Investments (unaudited)(continued)
July 31, 2026
BlackRock Diversified Fixed Income Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Electric Utilities (continued)
Public Service Electric and Gas Co.
 
4.65%, 03/15/33
USD
80
$ 78,046
5.20%, 08/01/33
 
75
75,251
5.20%, 03/01/34
 
55
54,865
4.85%, 08/01/34
 
50
48,547
3.95%, 05/01/42
 
50
40,213
5.45%, 08/01/53
 
90
82,699
Public Service Enterprise Group, Inc.
 
5.88%, 10/15/28
 
100
102,192
2.45%, 11/15/31
 
100
87,783
5.45%, 04/01/34
 
50
50,051
Puget Sound Energy, Inc.
 
4.22%, 06/15/48
 
130
100,626
5.45%, 06/01/53
 
10
9,124
5.69%, 06/15/54
 
30
28,301
San Diego Gas & Electric Co.
 
5.35%, 04/01/53
 
120
106,913
Series VVV, 1.70%, 10/01/30
 
90
79,176
Sempra
 
4.00%, 02/01/48
 
180
130,772
(5-year CMT + 2.87%), 4.13%, 04/01/52(b)
 
100
99,234
Sierra Pacific Power Co., 5.90%, 03/15/54
 
30
28,701
Southern California Edison Co.
 
5.30%, 03/01/28
 
50
50,308
5.25%, 03/15/30
 
25
25,155
5.45%, 06/01/31
 
145
146,459
5.45%, 03/01/35
 
100
98,199
5.50%, 03/15/40
 
35
32,841
3.45%, 02/01/52
 
80
50,201
5.70%, 03/01/53
 
260
230,652
5.88%, 12/01/53
 
20
18,241
5.75%, 04/15/54(f)
 
20
17,806
6.20%, 09/15/55
 
70
66,558
Southern Co.
 
4.85%, 06/15/28
 
95
95,302
5.70%, 10/15/32
 
183
188,316
5.70%, 03/15/34
 
60
61,122
4.85%, 03/15/35
 
75
71,713
Series 2021-A, (5-year CMT + 2.92%), 3.75%,
09/15/51(b)
 
100
99,808
Southwestern Electric Power Co.
 
5.30%, 04/01/33
 
10
9,954
Series M, 4.10%, 09/15/28
 
120
118,296
Southwestern Public Service Co., 6.00%, 06/01/54
 
50
48,360
System Energy Resources, Inc.
 
6.00%, 04/15/28
 
207
210,739
5.30%, 12/15/34
 
480
470,534
Talen Energy Supply LLC(a)
 
6.25%, 02/01/34
 
63
61,791
6.50%, 02/01/36
 
104
102,703
Tampa Electric Co.
 
4.90%, 03/01/29
 
50
50,131
5.15%, 03/01/35
 
470
461,189
Tucson Electric Power Co., 5.50%, 04/15/53(f)
 
10
9,120
Union Electric Co.
 
5.20%, 04/01/34
 
150
149,222
4.80%, 03/15/36
 
25
23,812
5.45%, 03/15/53
 
110
100,340
5.13%, 03/15/55
 
175
152,005
5.55%, 03/15/56
 
25
22,979
Virginia Electric and Power Co.
 
6.35%, 11/30/37
 
40
41,893
Security
 
Par
(000)
Value
Electric Utilities (continued)
Virginia Electric and Power Co. (continued)
 
8.88%, 11/15/38
USD
50
$ 63,467
5.45%, 04/01/53
 
90
81,045
5.70%, 08/15/53
 
165
154,108
5.65%, 03/15/55
 
70
64,895
5.70%, 03/15/56
 
30
27,869
Series A, 3.80%, 04/01/28
 
180
177,712
Series B, 3.75%, 05/15/27
 
100
99,486
Series C, 4.63%, 05/15/52
 
122
97,101
Series D, 4.65%, 08/15/43
 
125
106,697
Series D, 5.60%, 09/15/55
 
50
45,912
Vistra Operations Co. LLC(a)
 
7.75%, 10/15/31
 
43
44,828
6.95%, 10/15/33
 
105
111,729
VoltaGrid LLC, 7.38%, 11/01/30(a)
 
41
41,204
WEC Energy Group, Inc., 5.60%, 09/12/26
 
21
21,022
Wisconsin Electric Power Co., 4.75%, 09/30/32
 
25
24,719
Wisconsin Power and Light Co., 3.95%, 09/01/32
 
150
141,371
Xcel Energy, Inc.
 
4.60%, 06/01/32
 
45
43,627
5.50%, 03/15/34
 
125
124,777
XPLR Infrastructure Operating Partners LP, 7.75%,
04/15/34(a)(f)
 
100
104,723
 
 
27,029,906
Electronic Equipment, Instruments & Components — 0.2%
Amphenol Corp.
 
3.80%, 11/15/27
 
100
99,201
2.20%, 09/15/31
 
120
105,756
Arrow Electronics, Inc.
 
3.88%, 01/12/28
 
95
93,630
5.88%, 04/10/34
 
489
494,274
Avnet, Inc., 6.25%, 03/15/28
 
45
45,847
Emerson Electric Co., 2.00%, 12/21/28
 
50
47,164
Honeywell International, Inc., 4.50%, 01/15/34
 
330
316,858
Ingram Micro, Inc., 4.75%, 05/15/29(a)
 
100
97,306
Jabil, Inc., 4.25%, 05/15/27
 
100
99,698
Keysight Technologies, Inc., 4.95%, 10/15/34
 
165
159,513
nVent Finance SARL, 5.65%, 05/15/33
 
280
283,581
Solaris Energy Infrastructure LLC, 6.38%, 05/15/31(a)
 
84
82,515
TD SYNNEX Corp., 1.75%, 08/09/26
 
175
174,911
Xerox Corp., 10.25%, 10/15/30(a)
 
59
53,248
 
 
2,153,502
Energy Equipment & Services — 0.1%
Archrock Services LP/Archrock Partners Finance
Corp., 6.00%, 02/01/34(a)
 
6
5,872
Baker Hughes Holdings LLC/Baker Hughes Co-
Obligor, Inc.
 
5.00%, 06/15/36
 
50
47,994
5.85%, 06/15/56
 
50
47,205
Bristow Group, Inc., 6.75%, 02/01/33(a)
 
81
81,093
Kodiak Gas Services LLC, 5.88%, 04/01/31(a)
 
17
16,809
Oceanica Lux, 11.25%, 05/08/31(a)
 
200
200,640
Solaris Energy Infrastructure, Inc., 0.25%, 10/01/31(k)
 
143
169,276
Tidewater, Inc., 9.13%, 07/15/30(a)
 
91
97,254
USA Compression Partners LP/USA Compression
Finance Corp., 7.13%, 03/15/29(a)
 
53
54,142
Viridien, 10.00%, 10/15/30(a)
 
38
39,665
Weatherford International Ltd., 6.75%, 10/15/33(a)
 
36
36,442
 
 
796,392
Schedule of Investments
17

Schedule of Investments (unaudited)(continued)
July 31, 2026
BlackRock Diversified Fixed Income Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Entertainment — 0.1%
Bracelet Holdings, Inc., 9.25%, 07/02/28(a)
USD
146
$ 145,902
Caesars Entertainment, Inc.(a)
 
7.00%, 02/15/30
 
258
258,853
6.50%, 02/15/32(f)
 
77
73,579
6.00%, 10/15/32
 
100
87,706
Churchill Downs, Inc., 5.75%, 04/01/30(a)
 
100
99,704
Light & Wonder International, Inc., 7.50%, 09/01/31(a)
 
52
53,563
Midwest Gaming Borrower LLC/Midwest Gaming
Finance Corp., 4.88%, 05/01/29(a)
 
50
48,557
Pioneer Opco LLC, 7.00%, 05/15/33(a)
 
10
10,097
Resorts World Las Vegas LLC/RWLV Capital, Inc.
 
4.63%, 04/16/29(c)
 
200
179,000
8.45%, 07/27/30(a)
 
40
39,363
Six Flags Entertainment Corp/Canada’s Wonderland
Co/Millennium Operations LLC, 8.63%,
01/15/32(a)(f)
 
110
111,255
Tabcorp Finance Pty. Ltd., 5.99%, 05/28/31(c)
AUD
250
171,967
 
 
1,279,546
Environmental, Maintenance & Security Service — 0.2%
GFL Environmental, Inc., 6.75%, 01/15/31(a)
USD
50
50,605
Republic Services, Inc.
 
2.30%, 03/01/30
 
75
68,814
5.20%, 11/15/34
 
295
294,198
3.05%, 03/01/50
 
340
217,020
Reworld Holding Corp., 4.88%, 12/01/29(a)
 
52
49,350
Waste Connections, Inc.
 
2.60%, 02/01/30
 
130
120,997
2.20%, 01/15/32
 
25
21,729
3.20%, 06/01/32
 
75
68,273
5.25%, 09/01/35
 
625
621,959
Waste Management, Inc.
 
1.15%, 03/15/28
 
144
136,645
4.95%, 07/03/31
 
475
476,477
4.88%, 02/15/34
 
50
49,400
Wrangler Holdco Corp., 6.63%, 04/01/32(a)
 
56
56,084
 
 
2,231,551
Financial Services — 1.2%
Acropolis Trade & Investments Ltd., (11.04% PIK),
11.04%, 04/02/30(b)(g)(h)
 
571
586,234
AerCap Ireland Capital DAC/AerCap Global Aviation
Trust
 
2.45%, 10/29/26
 
240
238,924
4.63%, 09/10/29
 
178
176,426
3.30%, 01/30/32
 
150
135,705
4.95%, 09/10/34
 
730
698,762
Ally Financial, Inc.
 
8.00%, 11/01/31
 
200
220,710
(1-day SOFR + 2.82%), 6.85%, 01/03/30(b)
 
75
77,647
(1-day SOFR + 3.26%), 6.99%, 06/13/29(b)
 
20
20,675
(1-day SOFR Index + 1.73%), 5.54%, 01/17/31(b)
 
25
25,046
(5-year CMT + 2.45%), 6.65%, 01/17/40(b)
 
17
16,606
Ameriprise Financial, Inc.
 
5.70%, 12/15/28
 
290
296,757
5.15%, 05/15/33
 
340
339,161
Andiron, Series B 1L, (1-mo. CME Term SOFR +
3.25%), 6.91%, 01/21/30(h)
 
30
30,000
Ares Management Corp., 6.38%, 11/10/28
 
1,240
1,277,269
AT&T Reign II Multi-Property Lease-Backed Pass-
Through Trust, 6.09%, 12/15/44(a)
 
404
389,863
Bigsky Co. Ltd., Class A2, (5.75% PIK),
10/20/35(d)(g)(h)
 
442
442,369
Security
 
Par
(000)
Value
Financial Services (continued)
Brookfield Capital Finance LLC, 6.09%, 06/14/33
USD
15
$ 15,450
Brookfield Finance, Inc.
 
4.35%, 04/15/30
 
125
122,119
6.35%, 01/05/34
 
135
140,851
5.68%, 01/15/35(f)
 
330
329,199
5.33%, 01/15/36(f)
 
165
159,145
Charles Schwab Corp.
 
5.88%, 08/24/26
 
300
300,098
2.45%, 03/03/27
 
5
4,947
3.20%, 01/25/28(f)
 
3
2,941
1.65%, 03/11/31
 
2
1,733
2.30%, 05/13/31(f)
 
9
8,003
1.95%, 12/01/31
 
64
55,173
2.90%, 03/03/32(f)
 
3
2,695
(1-day SOFR + 1.23%), 4.91%, 11/14/36(b)
 
310
296,174
(1-day SOFR + 1.88%), 6.20%, 11/17/29(b)
 
160
164,939
(1-day SOFR + 2.01%), 6.14%, 08/24/34(b)
 
110
114,885
(1-day SOFR + 2.21%), 5.64%, 05/19/29(b)(f)
 
156
158,657
(1-day SOFR + 2.50%), 5.85%, 05/19/34(b)
 
51
52,474
Citigroup Global Markets Holdings, Inc., 0.00%,
06/17/29(a)(b)
 
253
253,000
Coinbase Global, Inc., 3.38%, 10/01/28(a)(f)
 
184
174,644
Credit Acceptance Corp.(a)
 
9.25%, 12/15/28
 
81
83,852
6.63%, 03/15/30(f)
 
123
122,868
Encore Capital Group, Inc.(a)
 
8.50%, 05/15/30
 
112
118,581
6.63%, 04/15/31
 
87
87,369
6.63%, 06/01/32
 
54
54,074
Freedom Mortgage Holdings LLC(a)
 
9.25%, 02/01/29
 
53
54,469
6.88%, 05/01/31
 
100
96,399
8.38%, 04/01/32
 
23
23,101
Garfunkelux Holdco 3 SA, 9.00%, 09/01/28(c)
EUR
28
32,509
GGAM Finance Ltd., 8.00%, 06/15/28(a)
USD
27
27,929
GS Finance Corp.(b)
 
5.95%, 01/15/31
 
1,080
1,001,271
6.11%, 02/17/31
 
292
277,725
7.35%, 02/17/31
 
608
579,014
6.70%, 05/14/31(a)(c)(h)
EUR
344
397,517
Intercontinental Exchange, Inc.
 
3.63%, 09/01/28
USD
100
97,940
3.75%, 09/21/28
 
20
19,594
4.60%, 03/15/33
 
500
482,802
4.95%, 06/15/52(f)
 
675
577,742
Jane Street Group/JSG Finance, Inc., 6.75%,
05/01/33(a)
 
39
39,746
Jefferies Financial Group, Inc., 4.85%, 01/15/27
 
20
20,023
Lazard Group LLC, 4.50%, 09/19/28
 
100
99,287
LPL Holdings, Inc., 5.65%, 03/15/35
 
433
422,462
Muangthai Capital PCL(c)
 
6.88%, 09/30/28
 
200
200,250
7.55%, 07/21/30
 
250
252,405
Nasdaq, Inc., 5.35%, 06/28/28
 
354
358,259
ORIX Corp., 5.20%, 09/13/32
 
50
50,318
Osaic Holdings, Inc.(a)
 
6.75%, 08/01/32
 
28
28,100
8.00%, 08/01/33
 
17
17,250
PennyMac Financial Services, Inc., 6.75%,
02/15/34(a)(f)
 
100
92,752
Raymond James Financial, Inc., 4.95%, 07/15/46
 
90
77,174
18

Schedule of Investments (unaudited)(continued)
July 31, 2026
BlackRock Diversified Fixed Income Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Financial Services (continued)
Resurgent Trade & Investment Ltd., 9.52%,
12/01/27(h)
USD
330
$ 329,604
Rocket Cos., Inc.(a)
 
6.50%, 08/01/29
 
50
50,657
6.13%, 08/01/30
 
61
61,495
6.13%, 08/01/31
 
11
11,050
7.13%, 02/01/32
 
207
212,164
6.50%, 06/15/34
 
9
9,071
Stonex Escrow Issuer LLC, 6.88%, 07/15/32(a)
 
26
26,392
StoneX Group, Inc., 7.88%, 03/01/31(a)
 
135
140,604
Sumisho Air Lease Corp.
 
3.63%, 12/01/27
 
50
49,278
4.63%, 10/01/28
 
100
99,413
SURA Asset Management SA, 6.35%, 05/13/32(a)
 
200
207,580
United Wholesale Mortgage LLC, 5.50%,
04/15/29(a)(f)
 
100
93,393
VFH Parent LLC/Valor Co-Issuer, Inc., 7.50%,
06/15/31(a)
 
122
126,506
Voya Financial, Inc., 5.00%, 09/20/34
 
430
414,613
WS Escrow LLC, 7.75%, 06/01/33(a)
 
134
138,644
 
 
15,092,527
Food Products — 0.1%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons
LP/Albertsons LLC(a)
 
3.50%, 03/15/29
 
100
94,114
5.75%, 03/31/34(f)
 
47
43,698
Aramark Services, Inc., 5.00%, 02/01/28(a)
 
100
99,674
Archer-Daniels-Midland Co.
 
2.50%, 08/11/26
 
50
49,985
4.50%, 08/15/33
 
20
19,483
Bunge Ltd. Finance Corp., 2.75%, 05/14/31
 
55
49,786
General Mills, Inc., 4.95%, 03/29/33
 
25
24,480
Hershey Co.
 
2.30%, 08/15/26
 
35
34,973
5.10%, 02/24/35
 
25
25,003
J.M. Smucker Co.
 
3.38%, 12/15/27
 
20
19,688
4.25%, 03/15/35
 
305
279,285
JBS NV/JBS USA Foods Group Holdings, Inc./JBS
USA Food Co. Holdings
 
5.75%, 04/01/33
 
166
168,361
6.75%, 03/15/34
 
3
3,216
Kraft Heinz Foods Co.
 
5.20%, 07/15/45
 
195
167,714
4.38%, 06/01/46
 
6
4,618
Kroger Co.
 
5.00%, 09/15/34
 
15
14,538
5.50%, 09/15/54
 
110
98,988
Mondelez International, Inc., 4.50%, 05/06/30
 
75
73,900
Post Holdings, Inc.(a)
 
6.38%, 03/01/33(f)
 
265
260,974
6.50%, 03/15/36
 
43
41,942
Sysco Corp., 3.25%, 07/15/27
 
25
24,716
The Campbell’s Co., 5.20%, 03/19/27
 
25
25,102
Tyson Foods, Inc., 5.10%, 09/28/48
 
50
43,072
U.S. Foods, Inc.(a)
 
6.88%, 09/15/28
 
40
40,802
Security
 
Par
(000)
Value
Food Products (continued)
U.S. Foods, Inc.(a) (continued)
 
7.25%, 01/15/32
USD
74
$ 76,460
5.75%, 04/15/33
 
88
87,069
 
 
1,871,641
Gas Utilities — 0.2%
AmeriGas Partners LP/AmeriGas Finance Corp.(a)
 
9.38%, 06/01/28
 
28
28,626
9.50%, 06/01/30
 
145
155,466
APA Infrastructure Ltd., (3-Month BBSW + 2.00%),
6.55%, 04/28/56(b)
AUD
170
121,132
Atmos Energy Corp.
 
5.90%, 11/15/33
USD
125
130,281
4.13%, 10/15/44
 
30
24,139
6.20%, 11/15/53
 
30
30,567
5.45%, 01/15/56(f)
 
45
41,298
CenterPoint Energy Resources Corp., 5.25%,
03/01/28
 
25
25,248
EP Infrastructure AS, 4.38%, 01/29/34(c)
EUR
200
226,359
National Fuel Gas Co.
 
5.95%, 03/15/35
USD
270
274,520
5.50%, 05/15/36
 
345
334,658
NiSource, Inc.
 
5.25%, 03/30/28
 
100
100,864
5.40%, 06/30/33
 
10
10,076
5.35%, 04/01/34
 
70
70,024
5.00%, 06/15/52
 
45
37,977
Piedmont Natural Gas Co., Inc.
 
3.50%, 06/01/29
 
50
48,352
5.40%, 06/15/33
 
90
90,704
Southern California Gas Co.
 
6.35%, 11/15/52
 
15
15,200
5.75%, 06/01/53
 
90
84,403
Southern Co. Gas Capital Corp.
 
5.75%, 09/15/33
 
75
76,863
4.95%, 09/15/34
 
30
29,152
5.88%, 03/15/41
 
20
19,967
Series 2020-A, 1.75%, 01/15/31
 
50
43,764
Southwest Gas Corp.
 
3.70%, 04/01/28(f)
 
130
127,779
4.05%, 03/15/32
 
150
141,890
 
 
2,289,309
Ground Transportation — 0.4%
Burlington Northern Santa Fe LLC
 
5.40%, 06/01/41
 
25
24,418
4.45%, 03/15/43
 
200
170,743
4.90%, 04/01/44
 
45
40,124
4.45%, 01/15/53
 
40
31,612
5.20%, 04/15/54
 
505
448,228
Canadian National Railway Co.
 
6.25%, 08/01/34
 
75
80,291
6.20%, 06/01/36
 
125
132,548
Canadian Pacific Railway Co.
 
4.00%, 06/01/28
 
25
24,757
2.05%, 03/05/30
 
172
156,436
4.80%, 03/30/30
 
495
494,277
CSX Corp.
 
6.22%, 04/30/40
 
140
146,976
4.10%, 03/15/44
 
75
59,963
4.90%, 03/15/55
 
40
34,066
Schedule of Investments
19

Schedule of Investments (unaudited)(continued)
July 31, 2026
BlackRock Diversified Fixed Income Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Ground Transportation (continued)
Danaos Corp., 6.88%, 10/15/32(a)
USD
86
$ 87,860
Norfolk Southern Corp.
 
4.45%, 03/01/33
 
50
48,277
4.84%, 10/01/41
 
150
136,111
2.90%, 08/25/51
 
180
106,844
Union Pacific Corp.
 
2.40%, 02/05/30
 
625
577,997
2.80%, 02/14/32
 
20
17,974
4.50%, 01/20/33
 
75
73,398
3.38%, 02/01/35
 
429
374,322
2.89%, 04/06/36
 
1,767
1,460,343
 
 
4,727,565
Health Care Equipment & Supplies — 0.1%
Abbott Laboratories
 
4.30%, 03/15/33
 
87
83,364
4.75%, 03/15/38
 
87
81,829
4.90%, 11/30/46
 
410
361,709
Bausch & Lomb Corp., 8.38%, 10/01/28(a)
 
181
185,525
Baxter International, Inc.
 
3.95%, 04/01/30
 
100
95,706
2.54%, 02/01/32
 
80
68,440
Boston Scientific Corp., 2.65%, 06/01/30
 
25
23,085
Medline Borrower LP, 3.88%, 04/01/29(a)
 
100
96,730
Revvity, Inc., 3.30%, 09/15/29
 
50
47,604
Zimmer Biomet Holdings, Inc.
 
4.70%, 02/19/27(f)
 
90
90,167
5.35%, 12/01/28
 
70
70,850
 
 
1,205,009
Health Care Providers & Services — 0.7%
Adventist Health System, 5.43%, 03/01/32(f)
 
50
50,394
Allina Health System, Series 2019, 3.89%, 04/15/49
 
50
36,954
Banner Health, 2.34%, 01/01/30
 
50
46,037
Baylor Scott & White Holdings
 
4.19%, 11/15/45
 
50
40,234
Series 2021, 2.84%, 11/15/50
 
225
136,204
Centene Corp.
 
4.25%, 12/15/27
 
53
52,799
4.63%, 12/15/29
 
337
326,936
CHS/Community Health Systems, Inc., 9.75%,
01/15/34(a)(f)
 
103
104,345
Cigna Group
 
4.38%, 10/15/28
 
115
114,228
4.80%, 08/15/38
 
50
46,094
4.90%, 12/15/48
 
145
122,106
3.40%, 03/15/50
 
128
84,226
CommonSpirit Health
 
3.91%, 10/01/50
 
50
35,543
6.46%, 11/01/52
 
35
36,248
DaVita, Inc.(a)
 
4.63%, 06/01/30
 
100
96,393
6.88%, 09/01/32
 
100
102,766
Dignity Health, 4.50%, 11/01/42(f)
 
50
41,981
Elevance Health, Inc.
 
4.10%, 03/01/28
 
150
148,760
4.65%, 01/15/43
 
200
170,773
4.38%, 12/01/47
 
168
131,262
5.70%, 02/15/55
 
75
69,250
Encompass Health Corp., 5.88%, 06/01/34(a)
 
60
59,403
Fortrea Holdings, Inc., 7.50%, 07/01/30(a)(f)
 
54
54,988
Security
 
Par
(000)
Value
Health Care Providers & Services (continued)
Hackensack Meridian Health, Inc., Series 2020,
2.68%, 09/01/41
USD
50
$ 34,873
HCA, Inc.
 
5.00%, 03/01/28
 
175
175,771
5.45%, 04/01/31
 
466
471,871
2.38%, 07/15/31
 
199
174,954
3.63%, 03/15/32
 
110
101,214
7.50%, 11/06/33(f)
 
88
97,800
5.60%, 04/01/34
 
200
201,099
5.13%, 06/15/39
 
80
74,068
5.50%, 06/15/47
 
115
102,647
4.63%, 03/15/52
 
595
458,696
5.90%, 06/01/53
 
100
92,348
6.00%, 04/01/54
 
140
131,346
6.20%, 03/01/55
 
200
193,020
6.10%, 04/01/64
 
332
310,888
Humana, Inc.
 
1.35%, 02/03/27
 
35
34,490
4.88%, 04/01/30
 
270
267,914
5.38%, 04/15/31
 
50
50,213
5.88%, 03/01/33
 
50
50,845
Kaiser Foundation Hospitals
 
4.88%, 04/01/42
 
50
45,640
4.15%, 05/01/47
 
50
39,331
Series 2021, 3.00%, 06/01/51
 
275
170,090
Laboratory Corp. of America Holdings
 
2.95%, 12/01/29
 
65
61,273
4.80%, 10/01/34
 
510
488,944
LifePoint Health, Inc., 7.00%, 05/01/34(a)
 
100
93,404
Memorial Sloan-Kettering Cancer Center,
Series 2020, 2.96%, 01/01/50
 
40
25,013
Mount Nittany Medical Center Obligated Group,
Series 2022, 3.80%, 11/15/52
 
50
35,513
Nationwide Children’s Hospital, Inc., 4.56%, 11/01/52
 
35
28,614
Northwell Healthcare, Inc., 3.81%, 11/01/49
 
85
60,085
Novant Health, Inc., 2.64%, 11/01/36
 
434
340,150
Providence St. Joseph Health Obligated Group,
Series A, 3.93%, 10/01/48
 
50
36,802
Quest Diagnostics, Inc.
 
4.60%, 12/15/27
 
650
650,670
4.63%, 12/15/29
 
710
705,780
Select Medical Corp., 6.25%, 12/01/32(a)(f)
 
124
119,104
Sharp HealthCare, Series 20B, 2.68%, 08/01/50
 
100
58,202
Sotera Health Holdings LLC, 7.38%, 06/01/31(a)
 
66
68,353
Sutter Health, 5.55%, 08/15/53(f)
 
100
94,123
Tenet Healthcare Corp.
 
4.63%, 06/15/28
 
77
76,232
6.13%, 06/15/30
 
10
10,051
UnitedHealth Group, Inc.
 
4.25%, 03/15/43
 
290
237,459
5.88%, 02/15/53
 
180
173,259
5.63%, 07/15/54
 
125
116,427
Universal Health Services, Inc.
 
4.63%, 10/15/29
 
50
49,212
5.05%, 10/15/34
 
330
311,067
 
 
9,226,779
Health Care REITs — 0.2%
Alexandria Real Estate Equities, Inc.
 
4.70%, 07/01/30
 
40
39,273
5.50%, 10/01/35
 
340
332,365
20

Schedule of Investments (unaudited)(continued)
July 31, 2026
BlackRock Diversified Fixed Income Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Health Care REITs (continued)
Diversified Healthcare Trust
 
4.75%, 02/15/28
USD
89
$ 87,346
7.25%, 10/15/30(a)
 
15
15,373
4.38%, 03/01/31
 
68
62,191
Healthcare Realty Holdings LP, 3.75%, 07/01/27
 
25
24,835
Healthpeak OP LLC, 3.00%, 01/15/30
 
385
360,313
MPT Operating Partnership LP/MPT Finance Corp.
 
5.00%, 10/15/27
 
94
91,210
4.63%, 08/01/29
 
108
86,548
Omega Healthcare Investors, Inc.
 
5.20%, 07/01/30
 
379
376,905
3.38%, 02/01/31
 
210
193,062
Ventas Realty LP
 
3.00%, 01/15/30
 
145
135,835
5.10%, 07/15/32
 
200
199,064
5.00%, 01/15/35
 
315
303,932
Welltower OP LLC
 
4.50%, 07/01/30
 
410
404,226
3.85%, 06/15/32
 
20
18,819
 
 
2,731,297
Hotels, Restaurants & Leisure — 0.4%
1011778 BC ULC/New Red Finance, Inc., 4.00%,
10/15/30(a)
 
100
93,960
Darden Restaurants, Inc.
 
4.35%, 10/15/27
 
205
204,380
4.55%, 10/15/29
 
185
183,039
Fertitta Entertainment LLC/Fertitta Entertainment
Finance Co., Inc., 6.75%, 01/15/30(a)(f)
 
100
98,201
Fortune Star BVI Ltd., 5.88%, 11/20/30(c)
EUR
255
284,432
Genting New York LLC/GENNY Capital, Inc., 7.25%,
10/01/29(a)
USD
87
89,020
Hilton Domestic Operating Co., Inc.
 
4.88%, 01/15/30
 
100
98,583
6.13%, 04/01/32(a)
 
67
67,585
Hyatt Hotels Corp.
 
5.75%, 01/30/27
 
200
200,897
5.38%, 12/15/31(f)
 
990
994,752
5.75%, 03/30/32
 
35
35,619
Las Vegas Sands Corp.
 
3.90%, 08/08/29
 
85
81,924
6.00%, 08/15/29
 
75
76,520
6.20%, 08/15/34
 
45
45,441
Marriott International, Inc.
 
5.45%, 09/15/26
 
100
100,021
5.55%, 10/15/28
 
220
223,759
5.30%, 05/15/34
 
330
326,374
5.35%, 03/15/35
 
440
435,144
5.10%, 05/01/38
 
185
173,478
Series GG, 3.50%, 10/15/32
 
25
22,745
Series HH, 2.85%, 04/15/31
 
400
364,112
McDonald’s Corp.
 
3.80%, 04/01/28
 
50
49,387
3.63%, 09/01/49
 
270
187,572
5.15%, 09/09/52
 
40
34,903
Melco Resorts Finance Ltd., 5.38%, 12/04/29(c)
 
200
194,018
Starbucks Corp.
 
2.25%, 03/12/30
 
75
68,433
4.80%, 02/15/33
 
275
269,359
5.00%, 02/15/34
 
14
13,777
Security
 
Par
(000)
Value
Hotels, Restaurants & Leisure (continued)
Studio City Finance Ltd., 6.50%, 01/15/28(c)
USD
200
$ 199,600
Wynn Macau Ltd., 6.75%, 02/15/34(a)
 
35
34,283
 
 
5,251,318
Household Durables — 0.2%
Ashton Woods USA LLC/Ashton Woods Finance
Co.(a)
 
4.63%, 04/01/30
 
52
49,372
6.88%, 08/01/33
 
18
17,958
Beazer Homes USA, Inc.
 
7.25%, 10/15/29(f)
 
93
94,195
8.00%, 01/15/32(a)
 
8
8,158
Brookfield Residential Properties, Inc./Brookfield
Residential U.S. LLC, 5.00%, 06/15/29(a)
 
51
48,385
Forestar Group, Inc., 5.00%, 03/01/28(a)
 
49
48,641
Installed Building Products, Inc., 5.63%, 02/01/34(a)
 
14
13,514
LGI Homes, Inc.(a)
 
8.75%, 12/15/28
 
45
46,201
7.00%, 11/15/32(f)
 
54
52,635
Mattamy Group Corp., 4.63%, 03/01/30(a)
 
51
48,877
Newell Brands, Inc., 6.63%, 09/15/29
 
100
101,203
NVR, Inc., 3.00%, 05/15/30
 
1,150
1,069,205
STL Holding Co. LLC, 8.75%, 02/15/29(a)
 
44
45,642
Whirlpool Corp.
 
4.75%, 02/26/29
 
180
167,923
6.13%, 06/15/30
 
30
27,261
7.50%, 07/01/31(a)
 
120
119,251
5.50%, 03/01/33
 
10
7,784
6.50%, 06/15/33
 
79
66,940
7.88%, 07/01/34(a)
 
10
9,454
5.15%, 03/01/43
 
10
5,893
4.50%, 06/01/46
 
15
8,427
4.60%, 05/15/50(f)
 
15
8,347
 
 
2,065,266
Household Products — 0.0%
Kimberly-Clark Corp., 6.63%, 08/01/37
 
55
61,050
Independent Power and Renewable Electricity Producers — 0.1%
Continuum Energy Pte. Ltd., 5.00%, 09/11/27(a)(f)(h)
 
236
235,423
NRG Energy, Inc.(a)
 
5.25%, 06/15/29
 
100
99,052
7.00%, 03/15/33
 
152
161,815
6.25%, 11/01/34(f)
 
20
19,947
6.00%, 01/15/36
 
34
33,265
San Miguel Global Power Holdings Corp., (5-year
CMT + 7.12%), 8.38%(b)(c)(l)
 
200
198,338
 
 
747,840
Industrial Conglomerates — 0.1%
3M Co., 3.38%, 03/01/29
 
100
96,802
Axon Enterprise, Inc., 6.13%, 03/15/30(a)
 
26
26,302
Eaton Corp., 4.00%, 11/02/32
 
250
238,361
Enpro, Inc., 6.13%, 06/01/33(a)
 
30
30,054
Parker-Hannifin Corp., 4.10%, 03/01/47
 
75
58,637
Teledyne Technologies, Inc., 2.75%, 04/01/31
 
419
378,894
Textron, Inc., 3.00%, 06/01/30
 
55
51,291
 
 
880,341
Insurance — 0.8%
Acrisure LLC/Acrisure Finance, Inc.(a)
 
8.25%, 02/01/29
 
18
17,260
Schedule of Investments
21

Schedule of Investments (unaudited)(continued)
July 31, 2026
BlackRock Diversified Fixed Income Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Insurance (continued)
Acrisure LLC/Acrisure Finance, Inc.(a) (continued)
 
8.50%, 06/15/29
USD
9
$ 8,604
7.50%, 11/06/30
 
21
20,310
6.75%, 07/01/32
 
3
2,756
Aflac, Inc., 4.75%, 01/15/49
 
10
8,441
Alleghany Corp., 3.63%, 05/15/30
 
75
71,815
Alliant Holdings Intermediate LLC/Alliant Holdings
Co-Issuer, 7.38%, 10/01/32(a)(f)
 
100
100,561
Allstate Corp.
 
5.05%, 06/24/29
 
225
226,861
5.25%, 03/30/33
 
200
200,718
5.55%, 05/09/35
 
100
100,899
American International Group, Inc.
 
4.85%, 05/07/30
 
250
249,645
5.13%, 03/27/33
 
40
39,704
Aon Corp./Aon Global Holdings PLC
 
2.85%, 05/28/27
 
246
242,918
3.90%, 02/28/52
 
85
59,544
Aon North America, Inc., 5.45%, 03/01/34
 
400
400,565
Assurant, Inc.
 
5.55%, 02/15/36
 
165
161,242
(3-mo. SOFR US + 4.4%), 7.00%, 03/27/48(b)
 
64
64,745
Assured Guaranty U.S. Holdings, Inc., 6.13%,
09/15/28
 
186
190,593
Athene Holding Ltd., 3.95%, 05/25/51(f)
 
5
3,283
Baldwin Insurance Group Holdings LLC/Baldwin
Insurance Group Holdings Finance, 7.13%,
05/15/31(a)
 
78
78,661
Berkshire Hathaway Finance Corp.
 
1.85%, 03/12/30
 
140
127,304
4.20%, 08/15/48
 
700
545,394
3.85%, 03/15/52
 
160
115,034
Brown & Brown, Inc., 5.65%, 06/11/34
 
100
99,413
CNA Financial Corp., 5.20%, 08/15/35
 
250
240,939
Corebridge Financial, Inc.
 
3.90%, 04/05/32
 
20
18,549
5.75%, 01/15/34
 
75
75,795
4.35%, 04/05/42
 
180
147,349
CRC Insurance Group LLC, 7.13%, 06/01/31(a)
 
152
151,714
Equitable Holdings, Inc., 5.00%, 04/20/48
 
230
194,509
Everest Reinsurance Holdings, Inc., 3.50%, 10/15/50
 
330
214,714
Fairfax Financial Holdings Ltd.
 
6.35%, 03/22/54
 
110
106,571
6.10%, 03/15/55
 
262
245,270
Fidelity National Financial, Inc.
 
2.45%, 03/15/31(f)
 
117
102,970
3.20%, 09/17/51
 
100
59,803
HUB International Ltd.(a)
 
7.25%, 06/15/30
 
129
132,827
7.38%, 01/31/32
 
37
37,842
Jackson Financial, Inc., 6.15%, 01/15/37
 
291
284,465
Lincoln National Corp.
 
3.80%, 03/01/28
 
100
98,602
3.40%, 01/15/31
 
310
288,736
Manulife Financial Corp.
 
2.48%, 05/19/27
 
20
19,708
(5-year USD SOFR ICE Swap + 1.65%), 4.06%,
02/24/32(b)
 
75
74,530
Markel Group, Inc., 6.00%, 05/16/54
 
205
195,609
Marsh & McLennan Cos., Inc.
 
4.38%, 03/15/29
 
100
99,183
2.38%, 12/15/31
 
80
70,214
Security
 
Par
(000)
Value
Insurance (continued)
Marsh & McLennan Cos., Inc. (continued)
 
4.90%, 03/15/49
USD
400
$ 339,877
5.70%, 09/15/53
 
125
117,366
5.40%, 03/15/55
 
100
89,871
MetLife, Inc.
 
5.38%, 07/15/33
 
25
25,358
5.30%, 12/15/34
 
50
49,932
4.05%, 03/01/45
 
310
243,020
Old Republic International Corp., 3.88%, 08/26/26
 
75
74,976
Principal Financial Group, Inc.
 
5.38%, 03/15/33
 
29
29,128
5.50%, 03/15/53
 
90
83,046
Progressive Corp., 3.70%, 03/15/52
 
150
104,673
Prudential Financial, Inc.
 
3.94%, 12/07/49
 
175
126,619
3.70%, 03/13/51
 
170
117,867
(3-mo. SOFR US + 2.64%), 4.50%, 09/15/47(b)(f)
 
261
257,716
Prudential Funding Asia PLC, 3.13%, 04/14/30
 
120
112,957
Reinsurance Group of America, Inc., 5.75%,
09/15/34
 
200
201,666
RenaissanceRe Holdings Ltd., 5.75%, 06/05/33
 
775
780,917
Travelers Cos., Inc.
 
6.25%, 06/15/37
 
55
58,455
4.60%, 08/01/43
 
45
38,696
5.45%, 05/25/53
 
20
18,355
Unum Group
 
4.50%, 12/15/49
 
40
30,496
4.13%, 06/15/51
 
144
102,374
Willis North America, Inc.
 
5.35%, 05/15/33
 
760
758,211
5.90%, 03/05/54
 
520
493,419
 
 
10,251,164
Interactive Media & Services — 0.6%
Alphabet, Inc.
 
4.50%, 05/15/35
 
1,255
1,195,073
1.90%, 08/15/40
 
735
471,309
4.50%, 05/11/45
EUR
160
179,989
5.35%, 11/15/45
USD
128
116,958
5.25%, 05/15/55
 
1,403
1,216,347
5.65%, 02/15/56(f)
 
10
9,236
2.25%, 08/15/60
 
246
113,120
5.75%, 02/15/66
 
100
90,703
5.70%, 11/15/75
 
540
478,421
Beignet Investor LLC, 6.58%, 05/30/49(a)
 
1,171
1,135,242
ION Platform Finance U.S., Inc./ION Platform Finance
SARL(a)
 
4.63%, 05/01/28
 
12
11,211
5.75%, 05/15/28(f)
 
10
9,458
Meta Platforms, Inc.
 
4.55%, 08/15/31
 
500
487,420
4.60%, 11/15/32
 
115
110,699
4.45%, 08/15/52
 
20
14,246
5.60%, 05/15/53
 
150
125,463
5.40%, 08/15/54
 
370
301,192
5.63%, 11/15/55
 
185
154,728
6.30%, 05/15/56
 
659
604,777
5.75%, 05/15/63
 
126
104,534
Netflix, Inc.
 
5.88%, 11/15/28
 
75
77,055
5.40%, 08/15/54
 
50
45,892
22

Schedule of Investments (unaudited)(continued)
July 31, 2026
BlackRock Diversified Fixed Income Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Interactive Media & Services (continued)
Snap, Inc., 6.88%, 03/01/33(a)
USD
143
$ 139,686
Ziff Davis, Inc., 4.63%, 10/15/30(a)
 
141
131,844
 
 
7,324,603
Internet Software & Services — 0.5%
Amazon.com, Inc.
 
4.25%, 03/13/31
 
85
82,452
3.60%, 04/13/32
 
120
111,725
4.88%, 03/13/36
 
60
57,423
5.65%, 03/13/46
 
89
83,244
4.05%, 08/22/47
 
560
417,402
3.95%, 04/13/52
 
379
265,996
5.80%, 03/13/56
 
70
64,365
4.25%, 08/22/57
 
62
44,736
5.95%, 03/13/66
 
675
620,716
AppLovin Corp.
 
5.13%, 12/01/29
 
425
425,502
5.38%, 12/01/31
 
606
606,677
5.50%, 12/01/34
 
190
187,135
5.95%, 12/01/54
 
469
425,305
Booking Holdings, Inc., 3.55%, 03/15/28
 
20
19,688
eBay, Inc., 2.70%, 03/11/30
 
325
300,253
Expedia Group, Inc.
 
4.63%, 08/01/27
 
60
59,997
3.80%, 02/15/28
 
25
24,665
Gen Digital, Inc.(a)
 
7.13%, 09/30/30
 
100
101,519
6.25%, 04/01/33
 
59
58,080
Match Group Holdings II LLC(a)
 
5.63%, 02/15/29
 
43
42,849
6.13%, 09/15/33
 
225
219,070
Rakuten Group, Inc.
 
11.25%, 02/15/27(a)
 
59
60,660
9.75%, 04/15/29(c)
 
200
217,154
9.75%, 04/15/29(a)
 
102
110,749
Uber Technologies, Inc., 5.35%, 09/15/54
 
64
56,613
VeriSign, Inc.
 
2.70%, 06/15/31
 
1,010
902,665
5.25%, 06/01/32
 
135
134,684
Wayfair LLC(a)
 
7.25%, 10/31/29
 
129
132,842
7.75%, 09/15/30
 
92
96,407
 
 
5,930,573
IT Services — 0.3%
Accenture Capital, Inc., 4.50%, 10/04/34
 
120
112,724
Broadridge Financial Solutions, Inc.
 
2.90%, 12/01/29
 
20
18,660
2.60%, 05/01/31
 
400
354,730
CACI International, Inc., 6.38%, 06/15/33(a)
 
121
121,936
CGI, Inc., 1.45%, 09/14/26
 
25
24,910
CoreWeave, Inc.(a)
 
9.25%, 06/01/30(f)
 
161
150,464
9.00%, 02/01/31
 
34
30,692
9.75%, 10/01/31
 
191
173,306
9.63%, 07/15/32
 
40
35,801
Fair Isaac Corp., 6.25%, 09/15/34(a)(f)
 
135
130,417
Fidelity National Information Services, Inc., 1.65%,
03/01/28
 
25
23,823
Fiserv, Inc.
 
5.38%, 08/21/28
 
100
100,928
3.50%, 07/01/29
 
120
115,101
2.65%, 06/01/30
 
220
200,797
Security
 
Par
(000)
Value
IT Services (continued)
Fiserv, Inc. (continued)
 
5.63%, 08/21/33
USD
40
$ 39,697
4.25%, 06/23/34
EUR
150
168,179
Gartner, Inc.(a)
 
4.50%, 07/01/28
USD
566
556,529
3.63%, 06/15/29
 
143
134,817
3.75%, 10/01/30
 
16
14,566
Insight Enterprises, Inc., 6.63%, 05/15/32(a)
 
25
25,140
International Business Machines Corp.
 
2.20%, 02/09/27
 
815
807,040
4.65%, 02/10/28(f)
 
100
100,141
5.88%, 11/29/32
 
40
41,460
4.25%, 05/15/49
 
330
238,634
5.10%, 02/06/53
 
330
267,330
Kyndryl Holdings, Inc., 2.05%, 10/15/26
 
25
24,861
Prime Investment Partners Ltd., 11.00%, 05/01/30(h)
 
143
150,362
Unisys Corp., 10.63%, 01/15/31(a)(f)
 
107
100,380
 
 
4,263,425
Leisure Products — 0.1%
Acushnet Co., 5.63%, 12/01/33(a)
 
23
22,551
Gaia Purchaser, Inc., 7.63%, 07/15/33(a)
 
5
5,015
Hasbro, Inc.
 
3.50%, 09/15/27
 
20
19,776
3.90%, 11/19/29
 
50
48,408
Lindblad Expeditions LLC, 7.00%, 09/15/30(a)
 
23
23,677
NCL Corp. Ltd., 5.88%, 01/15/31(a)
 
100
95,572
Royal Caribbean Cruises Ltd., 5.25%, 02/27/38
 
430
403,883
Sabre Financial Borrower LLC, 11.13%, 06/15/29(a)
 
64
67,336
Sabre GLBL, Inc.(a)
 
10.75%, 11/15/29
 
60
57,750
11.13%, 07/15/30
 
75
72,188
Viking Cruises Ltd., 5.88%, 10/15/33(a)(f)
 
48
47,529
 
 
863,685
Machinery — 0.2%
Caterpillar Financial Services Corp.
 
4.40%, 03/03/28
 
100
99,905
4.85%, 02/27/29
 
100
100,834
CNH Industrial Capital LLC
 
4.55%, 04/10/28
 
20
19,912
5.50%, 01/12/29
 
75
75,972
Columbus McKinnon Corp., 7.13%, 02/01/33(a)(f)
 
2
2,015
Deere Funding Canada Corp., 4.15%, 10/09/30
 
31
30,234
Flowserve Corp., 2.80%, 01/15/32
 
730
639,344
IDEX Corp.
 
3.00%, 05/01/30
 
380
353,394
2.63%, 06/15/31
 
585
524,597
John Deere Capital Corp.
 
4.75%, 01/20/28(f)
 
50
50,238
2.00%, 06/17/31
 
145
127,227
5.10%, 04/11/34
 
75
74,807
5.05%, 06/12/34
 
75
74,446
Manitowoc Co., Inc., 9.25%, 10/01/31(a)
 
33
34,951
Otis Worldwide Corp., 2.57%, 02/15/30
 
85
78,448
Regal Rexnord Corp., 6.40%, 04/15/33
 
75
78,208
Stanley Black & Decker, Inc.
 
4.25%, 11/15/28
 
100
99,057
2.30%, 03/15/30
 
65
59,220
Westinghouse Air Brake Technologies Corp.
 
4.70%, 09/15/28
 
190
189,734
Schedule of Investments
23

Schedule of Investments (unaudited)(continued)
July 31, 2026
BlackRock Diversified Fixed Income Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Machinery (continued)
Westinghouse Air Brake Technologies
Corp. (continued)
 
5.61%, 03/11/34
USD
340
$ 343,731
Xylem, Inc., 3.25%, 11/01/26
 
50
49,876
 
 
3,106,150
Media — 1.1%
AMC Global Media, Inc.
 
4.25%, 02/15/29(k)
 
61
69,493
4.25%, 02/15/29(f)
 
49
43,010
10.50%, 07/15/32(a)
 
104
107,128
CCO Holdings LLC/CCO Holdings Capital Corp.(a)
 
5.38%, 06/01/29
 
28
27,193
6.38%, 09/01/29
 
17
16,892
4.75%, 03/01/30
 
56
52,322
7.38%, 03/01/31(f)
 
193
192,244
7.00%, 02/01/33(f)
 
141
135,125
4.25%, 01/15/34(f)
 
62
50,622
7.38%, 02/01/36(f)
 
151
143,554
Charter Communications Operating LLC/Charter
Communications Operating Capital
 
2.30%, 02/01/32
 
50
41,580
6.38%, 10/23/35
 
200
193,542
5.38%, 04/01/38
 
280
239,194
6.48%, 10/23/45
 
150
130,063
3.90%, 06/01/52
 
55
33,038
4.40%, 12/01/61
 
66
39,508
5.50%, 04/01/63
 
100
71,198
Comcast Corp.
 
4.65%, 02/15/33
 
50
47,793
3.75%, 04/01/40
 
100
76,738
2.45%, 08/15/52
 
95
45,554
4.05%, 11/01/52
 
65
43,052
2.94%, 11/01/56
 
445
224,785
4.95%, 10/15/58
 
225
167,756
2.99%, 11/01/63
 
30
14,526
Directv Financing LLC, 8.88%, 02/01/30(a)(f)
 
23
23,417
Directv Financing LLC/Directv Financing Co-Obligor,
Inc.(a)
 
5.88%, 08/15/27
 
5
4,988
10.00%, 02/15/31(f)
 
155
161,965
9.25%, 06/01/32
 
17
17,396
Discovery Communications LLC
 
3.95%, 03/20/28
 
1,000
982,496
5.00%, 09/20/37
 
47
34,427
6.35%, 06/01/40
 
100
78,250
Discovery Global Holdings, Inc.
 
3.76%, 03/15/27
 
2,872
2,850,460
4.05%, 03/15/29
 
37
36,342
4.28%, 03/15/32
 
105
93,300
4.28%, 03/15/32(f)
 
24
19,076
5.05%, 03/15/42
 
280
194,600
5.14%, 03/15/52
 
88
55,930
DISH DBS Corp.
 
7.38%, 07/01/28
 
93
89,001
5.75%, 12/01/28(a)
 
90
86,850
Dotdash Meredith, Inc., 7.63%, 06/15/32(a)
 
92
86,313
EchoStar Corp.
 
(6.75% Cash or 6.75% PIK), 6.75%, 11/30/30(g)
 
127
128,489
10.75%, 11/30/29
 
188
203,360
FactSet Research Systems, Inc.
 
2.90%, 03/01/27
 
320
316,663
3.45%, 03/01/32(f)
 
357
321,211
Security
 
Par
(000)
Value
Media (continued)
Fox Corp., 5.58%, 01/25/49
USD
45
$ 40,409
Gray Media, Inc., 9.63%, 07/15/32(a)
 
113
114,214
Grupo Televisa SAB, 6.63%, 01/15/40
 
2
1,740
iHeartCommunications, Inc.(a)
 
9.13%, 05/01/29
 
32
29,656
10.88%, 05/01/30(f)
 
57
43,548
7.75%, 08/15/30(f)
 
70
61,396
McGraw-Hill Education, Inc., 7.38%, 09/01/31(a)
 
100
101,264
NBCUniversal Media LLC, 5.95%, 04/01/41
 
170
174,891
Nexstar Media, Inc.(a)
 
4.75%, 11/01/28
 
120
117,667
6.50%, 09/15/33
 
81
80,585
7.25%, 04/15/34(f)
 
150
150,336
Paramount Global
 
3.38%, 02/15/28(f)
 
54
52,738
7.88%, 07/30/30
 
105
109,469
6.88%, 04/30/36(f)
 
59
53,928
4.38%, 03/15/43
 
32
19,565
5.85%, 09/01/43
 
51
36,153
4.60%, 01/15/45
 
33
19,925
Sinclair Television Group, Inc.(a)
 
5.50%, 03/01/30
 
25
21,625
4.38%, 12/31/32(f)
 
42
31,710
8.13%, 02/15/33
 
32
32,815
Sirius XM Radio LLC(a)
 
5.50%, 07/01/29
 
48
47,781
4.13%, 07/01/30(f)
 
143
133,661
5.88%, 04/15/32
 
47
46,120
Space Exploration Technologies Corp.(a)
 
5.35%, 07/15/31
 
935
910,063
5.65%, 07/15/33
 
1,360
1,302,917
5.88%, 07/15/36
 
950
887,379
6.60%, 07/15/46
 
100
89,186
6.65%, 07/15/56
 
270
238,937
Time Warner Cable LLC, 4.50%, 09/15/42
 
115
83,549
Univision Communications, Inc., 8.88%, 04/15/33(a)(f)
 
114
110,378
Versant Media Group, Inc., 7.25%, 01/30/31(a)(f)
 
94
96,899
Virgin Media Secured Finance PLC, 5.50%,
05/15/29(a)
 
100
89,776
Walt Disney Co., 3.80%, 05/13/60
 
250
171,276
 
 
13,492,000
Metals & Mining — 0.4%
Advanced Drainage Systems, Inc., 5.38%,
03/01/34(a)
 
11
10,651
ArcelorMittal SA, 6.80%, 11/29/32
 
50
54,208
BHP Billiton Finance USA Ltd.
 
4.75%, 02/28/28
 
205
205,725
5.00%, 02/21/30
 
520
522,276
5.25%, 09/08/30(f)
 
220
223,041
4.90%, 02/28/33
 
65
64,074
5.25%, 09/08/33
 
50
50,157
5.00%, 09/30/43
 
200
181,255
5.50%, 09/08/53
 
25
23,491
Century Aluminum Co., 6.88%, 08/01/32(a)
 
107
108,659
Cleveland-Cliffs, Inc., 7.63%, 01/15/34(a)
 
127
128,510
Coeur Mining, Inc., 6.88%, 04/01/32(a)
 
50
51,082
Commercial Metals Co.(a)
 
5.75%, 11/15/33
 
18
17,679
6.00%, 12/15/35(f)
 
87
85,495
Eldorado Gold Corp., 6.25%, 09/01/29(a)(f)
 
78
77,686
First Quantum Minerals Ltd.(a)
 
7.25%, 02/15/34
 
27
27,447
24

Schedule of Investments (unaudited)(continued)
July 31, 2026
BlackRock Diversified Fixed Income Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Metals & Mining (continued)
First Quantum Minerals Ltd.(a) (continued)
 
6.38%, 02/15/36
USD
23
$ 22,167
Fortescue Treasury Pty. Ltd., 6.13%, 04/15/32(a)
 
126
127,327
Freeport-McMoRan, Inc., 5.45%, 03/15/43
 
50
46,487
Glencore Funding LLC, 2.85%, 04/27/31(a)
 
39
35,297
Ivanhoe Mines Ltd., 7.88%, 01/23/30(a)
 
71
71,377
Kaiser Aluminum Corp., 5.88%, 03/01/34(a)
 
13
12,687
Mineral Resources Ltd.(a)
 
8.50%, 05/01/30(f)
 
104
107,239
7.00%, 04/01/31
 
79
81,296
6.00%, 05/01/32
 
23
22,578
6.25%, 05/01/34
 
23
22,417
Novelis Corp.(a)
 
6.88%, 01/30/30
 
22
22,573
6.38%, 08/15/33
 
34
33,938
Perenti Finance Pty. Ltd., 7.50%, 04/26/29(a)
 
76
77,927
PLS Group Ltd., 6.88%, 05/01/31(a)
 
14
14,190
Reliance, Inc., 2.15%, 08/15/30
 
700
626,649
Rio Tinto Finance USA PLC
 
5.25%, 03/14/35
 
485
482,281
4.75%, 03/22/42
 
150
133,737
Samarco Mineracao SA(g)
 
(9.00% Cash or 9.00% PIK), 9.50%, 06/30/31(c)
 
158
158,905
(9.00% PIK), 9.50%, 06/30/31(a)
 
—
139
Skeena Resources Ltd., 8.50%, 04/01/31(a)
 
75
78,305
Southern Copper Corp.
 
5.25%, 11/08/42
 
310
281,697
5.88%, 04/23/45
 
460
447,350
Steel Dynamics, Inc.
 
3.45%, 04/15/30
 
55
52,193
5.25%, 05/15/35
 
65
63,909
3.25%, 10/15/50
 
108
69,102
Trekor Metals Ltd., 8.25%, 05/01/30(a)
 
125
129,892
Vale Overseas Ltd., 6.40%, 06/28/54(f)
 
126
124,898
Vedanta Resources Finance II PLC(c)
 
7.00%, 07/13/32
 
200
199,800
7.38%, 07/13/34
 
200
199,304
 
 
5,577,097
Mortgage Real Estate Investment Trusts (REITs)(a) — 0.0%
Blackstone Mortgage Trust, Inc.
 
7.75%, 12/01/29
 
116
119,876
6.25%, 06/01/31
 
71
67,884
EF Holdco/EF Cayman Holdings/Ellington Fin REIT
Cayman/TRS/EF Cayman Non-MTM, 7.38%,
09/30/30
 
22
21,847
Starwood Property Trust, Inc.
 
7.25%, 04/01/29
 
97
99,949
6.00%, 04/15/30
 
40
40,103
6.50%, 07/01/30
 
39
39,610
6.50%, 10/15/30
 
27
27,372
6.13%, 06/01/31
 
4
3,990
 
 
420,631
Office REITs — 0.0%
Boston Properties LP
 
3.40%, 06/21/29
 
75
71,924
2.90%, 03/15/30
 
365
338,159
2.45%, 10/01/33
 
25
20,317
Cousins Properties LP, 5.25%, 07/15/30
 
170
170,279
 
 
600,679
Security
 
Par
(000)
Value
Oil, Gas & Consumable Fuels — 3.8%
Aethon United BR LP/Aethon United Finance Corp.,
7.50%, 10/01/29(a)
USD
56
$ 58,100
Antero Midstream Partners LP/Antero Midstream
Finance Corp.(a)
 
6.63%, 02/01/32(f)
 
100
101,779
5.75%, 10/15/33
 
71
69,736
5.75%, 07/01/34
 
29
28,425
Antero Resources Corp.
 
5.38%, 03/01/30(a)
 
1,152
1,153,968
5.40%, 02/01/36
 
850
817,844
APA Corp.
 
5.10%, 09/01/40(f)
 
610
549,175
6.75%, 02/15/55
 
410
409,896
BKV Upstream Midstream LLC, 7.50%, 10/15/30(a)
 
106
105,653
Boardwalk Pipelines LP, 4.80%, 05/03/29
 
25
24,959
Borr IHC Ltd./Borr Finance LLC, 8.75%, 01/15/32(a)
 
36
35,166
BP Capital Markets America, Inc.
 
4.81%, 02/13/33
 
50
48,967
5.23%, 11/17/34
 
150
149,951
3.06%, 06/17/41
 
80
58,476
2.77%, 11/10/50
 
57
33,502
California Resources Corp.(a)
 
7.00%, 01/15/34
 
106
103,820
7.25%, 01/15/35
 
40
39,523
Calumet Specialty Products Partners LP/Calumet
Finance Corp.(a)
 
9.75%, 07/15/28
 
107
110,058
9.75%, 02/15/31
 
42
44,934
Cameron LNG LLC, 3.30%, 01/15/35(a)
 
22
18,843
Canadian Natural Resources Ltd.
 
5.40%, 12/15/34
 
55
54,672
6.25%, 03/15/38
 
180
186,879
4.95%, 06/01/47
 
30
25,550
Cheniere Corpus Christi Holdings LLC
 
3.70%, 11/15/29
 
120
115,732
2.74%, 12/31/39
 
654
548,677
Cheniere Energy Partners LP
 
5.75%, 08/15/34
 
85
86,030
5.35%, 11/30/36(a)
 
175
170,250
6.05%, 11/30/56(a)
 
85
81,619
Cheniere Energy, Inc.
 
4.63%, 10/15/28
 
10
9,957
5.65%, 04/15/34
 
954
963,319
Chevron USA, Inc.
 
4.69%, 04/15/30
 
25
24,992
4.98%, 04/15/35
 
1,330
1,315,772
Chord Energy Corp.(a)
 
6.00%, 10/01/30
 
28
28,094
6.75%, 03/15/33
 
63
64,167
CNX Resources Corp.(a)
 
7.38%, 01/15/31
 
66
67,443
7.25%, 03/01/32
 
252
259,155
5.88%, 03/01/34
 
10
9,688
ConocoPhillips, 5.90%, 05/15/38
 
50
51,527
ConocoPhillips Co.
 
4.70%, 01/15/30(f)
 
66
65,808
3.80%, 03/15/52
 
5
3,503
4.03%, 03/15/62
 
85
58,677
Continental Resources, Inc., 4.90%, 06/01/44
 
5
3,975
Crescent Energy Finance LLC(a)
 
7.63%, 04/01/32
 
100
101,055
7.38%, 01/15/33(f)
 
11
11,050
Schedule of Investments
25

Schedule of Investments (unaudited)(continued)
July 31, 2026
BlackRock Diversified Fixed Income Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Oil, Gas & Consumable Fuels (continued)
CVR Energy, Inc.(a)
 
7.50%, 02/15/31
USD
30
$ 30,392
7.88%, 02/15/34
 
30
30,485
DCP Midstream Operating LP, 5.13%, 05/15/29
 
25
25,140
Delek Logistics Partners LP/Delek Logistics Finance
Corp.(a)
 
8.63%, 03/15/29
 
89
92,367
7.38%, 06/30/33
 
20
20,453
6.88%, 06/01/34
 
24
24,116
Devon Energy Corp.
 
3.90%, 05/15/27(a)
 
25
24,925
5.60%, 03/15/34(a)
 
270
273,186
5.20%, 09/15/34(f)
 
120
118,046
5.40%, 02/15/35(a)
 
105
103,386
5.60%, 07/15/41
 
100
95,954
5.75%, 09/15/54(f)
 
1,303
1,200,741
Diamondback Energy, Inc.
 
3.25%, 12/01/26
 
948
944,318
3.50%, 12/01/29
 
1,577
1,513,165
3.13%, 03/24/31
 
887
817,886
6.25%, 03/15/33
 
80
83,874
6.25%, 03/15/53
 
288
285,640
5.75%, 04/18/54
 
1,583
1,472,939
5.90%, 04/18/64
 
678
629,907
Ecopetrol SA
 
7.75%, 02/01/32
 
113
116,446
8.88%, 01/13/33
 
2
2,157
Enbridge, Inc.
 
4.25%, 12/01/26
 
215
214,882
6.00%, 11/15/28
 
50
51,366
5.50%, 12/01/46
 
20
18,470
5.95%, 04/05/54
 
175
167,366
Energean Israel Finance Ltd., 8.50%, 09/30/33(a)(c)
 
12
12,288
Energy Transfer LP
 
5.50%, 06/01/27
 
475
477,747
4.95%, 05/15/28
 
25
25,078
4.15%, 09/15/29
 
171
167,386
5.20%, 04/01/30
 
205
206,416
3.75%, 05/15/30
 
150
143,602
5.60%, 09/01/34
 
330
330,707
7.50%, 07/01/38
 
50
56,313
6.05%, 06/01/41
 
20
19,789
5.40%, 10/01/47
 
260
227,068
5.95%, 05/15/54
 
475
436,268
(5-year CMT + 2.22%), 6.70%, 01/15/57(b)
 
35
34,483
Series ., (5-year CMT + 2.34%), 6.55%,
01/15/57(b)
 
33
32,581
EnQuest PLC, 9.88%, 04/30/31(a)
 
108
112,283
Enterprise Products Operating LLC
 
6.45%, 09/01/40
 
200
212,193
5.70%, 02/15/42
 
71
69,342
Series E, (3-mo. CME Term SOFR + 3.29%),
5.25%, 08/16/77(b)
 
100
99,760
EOG Resources, Inc., 5.65%, 12/01/54
 
60
56,055
EQT Corp.
 
3.90%, 10/01/27
 
233
230,827
4.50%, 01/15/29
 
329
324,789
5.00%, 01/15/29(f)
 
444
445,183
7.00%, 02/01/30
 
1,128
1,189,581
7.50%, 06/01/30
 
1,759
1,885,442
4.75%, 01/15/31
 
3,424
3,366,286
3.63%, 05/15/31(a)
 
1,209
1,122,160
Equinor ASA, 3.70%, 04/06/50
 
55
39,576
Security
 
Par
(000)
Value
Oil, Gas & Consumable Fuels (continued)
Expand Energy Corp.
 
5.38%, 03/15/30
USD
241
$ 241,696
4.75%, 02/01/32
 
555
537,882
5.70%, 01/15/35
 
1,363
1,355,807
Exxon Mobil Corp., 4.33%, 03/19/50
 
90
71,593
Genesis Energy LP/Genesis Energy Finance Corp.
 
8.25%, 01/15/29
 
76
78,377
7.88%, 05/15/32
 
100
103,283
Global Partners LP/GLP Finance Corp., 8.25%,
01/15/32(a)
 
50
52,124
Golar LNG Ltd., 7.50%, 10/02/30(a)
 
89
90,405
Gran Tierra Energy, Inc., 9.75%, 04/15/31(a)
 
200
179,540
Gulfport Energy Operating Corp., 6.75%, 09/01/29(a)
 
84
85,031
Hess Corp., 5.60%, 02/15/41
 
150
147,612
HF Sinclair Corp., 5.00%, 02/01/28
 
25
24,973
Hilcorp Energy I LP/Hilcorp Finance Co., 7.25%,
02/15/35(a)(f)
 
100
99,183
Ithaca Energy North Sea PLC, 8.13%, 10/15/29(a)
 
77
79,694
Karoon USA Finance, Inc., 10.50%, 05/14/29(a)
 
44
45,321
Kinder Morgan Energy Partners LP
 
7.30%, 08/15/33
 
200
221,742
5.80%, 03/15/35
 
50
50,959
6.95%, 01/15/38
 
115
125,640
7.50%, 11/15/40
 
50
56,844
4.70%, 11/01/42
 
100
84,582
Kinder Morgan, Inc.
 
7.80%, 08/01/31
 
195
218,752
5.95%, 08/01/54(f)
 
370
354,558
Kinetik Holdings LP, 5.88%, 06/15/30(a)
 
100
100,111
Magnolia Oil & Gas Operating LLC/Magnolia Oil &
Gas Finance Corp., 6.88%, 12/01/32(a)
 
115
116,943
MPLX LP
 
4.25%, 12/01/27
 
25
24,876
4.00%, 03/15/28
 
230
227,480
4.80%, 02/15/31
 
345
340,581
4.95%, 09/01/32
 
50
49,163
5.00%, 01/15/33
 
50
48,937
5.00%, 03/01/33
 
170
166,286
5.20%, 12/01/47
 
125
107,449
4.70%, 04/15/48
 
400
319,750
5.95%, 04/01/55
 
50
46,432
Murphy Oil Corp., 6.50%, 02/15/34
 
83
82,074
Murphy Oil USA, Inc., 5.88%, 06/01/34(a)(f)
 
110
108,987
Nabors Industries, Inc.(a)
 
9.13%, 01/31/30
 
13
13,591
7.63%, 11/15/32
 
45
45,899
NGL Energy Operating LLC/NGL Energy Finance
Corp.(a)
 
8.13%, 02/15/29
 
41
42,028
8.38%, 02/15/32
 
123
127,906
NGPL PipeCo LLC, 3.25%, 07/15/31(a)
 
291
265,722
Noble Finance II LLC(a)
 
8.00%, 04/15/30
 
169
174,710
6.25%, 06/15/34
 
110
106,818
Northern Oil & Gas, Inc., 7.88%, 10/15/33(a)
 
22
22,016
Occidental Petroleum Corp.
 
8.88%, 07/15/30
 
26
28,980
6.63%, 09/01/30
 
89
93,316
6.45%, 09/15/36
 
645
678,872
6.60%, 03/15/46
 
985
1,005,907
4.20%, 03/15/48
 
190
144,270
ONEOK, Inc.
 
5.55%, 11/01/26
 
200
200,433
26

Schedule of Investments (unaudited)(continued)
July 31, 2026
BlackRock Diversified Fixed Income Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Oil, Gas & Consumable Fuels (continued)
ONEOK, Inc. (continued)
 
4.55%, 07/15/28
USD
40
$ 39,869
5.65%, 11/01/28
 
270
274,609
3.40%, 09/01/29
 
90
86,312
4.40%, 10/15/29
 
75
73,934
6.35%, 01/15/31
 
300
313,634
6.10%, 11/15/32
 
90
93,468
6.05%, 09/01/33(f)
 
230
237,134
5.65%, 09/01/34
 
100
100,197
5.45%, 06/01/47
 
16
13,995
4.85%, 02/01/49
 
40
32,143
3.95%, 03/01/50
 
100
69,084
7.15%, 01/15/51
 
110
117,433
Ovintiv, Inc., 7.10%, 07/15/53(f)
 
256
274,060
Par Petroleum LLC, 7.38%, 06/01/34(a)
 
31
32,077
Patterson-UTI Energy, Inc., 5.15%, 11/15/29
 
55
54,861
PBF Holding Co. LLC/PBF Finance Corp.(a)(f)
 
9.88%, 03/15/30
 
28
29,999
7.88%, 09/15/30
 
67
69,534
Permian Resources Operating LLC(a)
 
7.00%, 01/15/32
 
990
1,024,846
6.25%, 02/01/33
 
956
973,153
Petroleos de Venezuela SA, 6.00%, 11/15/26(c)(m)
 
23
8,631
Petroleos Mexicanos
 
6.49%, 01/23/27(f)
 
18
18,131
5.35%, 02/12/28(f)
 
10
9,979
6.50%, 01/23/29
 
92
93,306
8.75%, 06/02/29(f)
 
271
288,263
5.95%, 01/28/31
 
100
98,105
6.70%, 02/16/32
 
10
9,983
Phillips 66 Co.
 
4.95%, 12/01/27
 
125
125,532
3.15%, 12/15/29
 
75
71,140
5.65%, 06/15/54
 
50
45,541
Plains All American Pipeline LP, 5.95%, 06/15/35
 
410
414,917
Plains All American Pipeline LP/PAA Finance Corp.
 
3.55%, 12/15/29
 
130
124,748
4.90%, 02/15/45
 
35
29,818
Sabine Pass Liquefaction LLC
 
4.20%, 03/15/28
 
65
64,518
4.50%, 05/15/30
 
75
73,745
5.90%, 09/15/37
 
257
264,988
Saturn Oil & Gas, Inc., 8.50%, 07/30/31(a)
 
18
18,050
Shell Finance U.S., Inc.
 
6.38%, 12/15/38
 
175
186,190
4.00%, 05/10/46
 
103
79,206
3.00%, 11/26/51
 
120
73,902
SM Energy Co.(a)(f)
 
8.63%, 11/01/30
 
11
11,547
9.63%, 06/15/33
 
100
110,003
South Bow Canadian Infrastructure Holdings Ltd.(b)
 
(5-year CMT + 3.67%), 7.50%, 03/01/55
 
27
28,492
(5-year CMT + 3.95%), 7.63%, 03/01/55
 
28
29,121
South Bow USA Infrastructure Holdings LLC
 
4.91%, 09/01/27
 
25
25,041
5.58%, 10/01/34
 
50
49,118
Sunoco LP/Sunoco Finance Corp., 4.50%, 04/30/30
 
100
96,475
Talos Production, Inc.(a)
 
9.38%, 02/01/31(f)
 
119
125,464
8.00%, 07/15/34
 
170
171,669
Targa Resources Corp.
 
5.20%, 07/01/27
 
195
196,045
Security
 
Par
(000)
Value
Oil, Gas & Consumable Fuels (continued)
Targa Resources Corp. (continued)
 
6.50%, 03/30/34
USD
130
$ 137,650
5.50%, 02/15/35
 
270
267,236
6.25%, 07/01/52
 
140
136,170
Targa Resources Partners LP/Targa Resources
Partners Finance Corp.
 
5.00%, 01/15/28
 
20
19,976
4.88%, 02/01/31
 
72
71,208
TotalEnergies Capital International SA, 3.13%,
05/29/50
 
300
190,153
TotalEnergies Capital SA, 5.49%, 04/05/54(f)
 
280
257,854
TotalEnergies Capital USA LLC, 4.25%, 01/13/31
 
100
97,663
Trafigura Funding SA, 5.63%, 07/01/31(c)
 
200
196,280
TransCanada PipeLines Ltd.
 
5.85%, 03/15/36
 
135
137,838
6.20%, 10/15/37
 
25
25,859
7.63%, 01/15/39
 
75
86,123
Trident Energy Finance PLC, 12.50%, 11/30/29(c)
 
226
238,837
Valaris Ltd., 8.38%, 04/30/30(a)
 
181
187,389
Valero Energy Corp.
 
7.50%, 04/15/32
 
50
55,834
5.15%, 03/10/36
 
25
24,156
Validus Energy II Midcon LLC, 8.00%, 08/01/31(a)
 
23
22,896
Venture Global LNG, Inc.(a)
 
9.50%, 02/01/29
 
52
55,662
9.88%, 02/01/32
 
148
157,572
Venture Global Plaquemines LNG LLC, 6.50%,
01/15/34(a)
 
100
103,186
Vermilion Energy, Inc., 7.25%, 02/15/33(a)
 
91
89,990
Viper Energy Partners LLC
 
4.90%, 08/01/30
 
315
310,905
5.70%, 08/01/35(f)
 
1,087
1,080,255
Vista Energy Argentina SAU, 7.63%, 12/10/35(a)
 
16
16,536
Western Midstream Operating LP
 
5.50%, 12/15/35(f)
 
160
155,717
5.45%, 04/01/44
 
95
83,763
5.25%, 02/01/50
 
150
124,791
Williams Cos., Inc.
 
3.75%, 06/15/27
 
125
124,227
4.63%, 06/30/30
 
151
148,923
5.80%, 11/15/43
 
165
157,362
 
 
48,560,332
Passenger Airlines — 0.1%
Allegiant Travel Co., 7.13%, 07/01/31(a)
 
19
19,252
American Airlines 2025-1 Class B Pass Through
Trust, Series 2025-1, Class B, 5.65%, 05/11/36
 
21
20,504
American Airlines 2026-2 Class A Pass Through
Trust, Series 2026-2, Class A, 02/20/39(d)
 
790
786,897
American Airlines, Inc./AAdvantage Loyalty IP Ltd.,
5.75%, 04/20/29(a)
 
24
23,702
JetBlue Airways Corp./JetBlue Loyalty LP, 9.88%,
09/20/31(a)(f)
 
169
147,055
JetBlue Pass-Through Trust, Series 2019-1,
Class AA, 2.75%, 11/15/33
 
28
24,456
Southwest Airlines Co., 5.13%, 06/15/27
 
75
75,240
 
 
1,097,106
Personal Care Products — 0.0%
Colgate-Palmolive Co., 3.70%, 08/01/47
 
50
37,369
Edgewell Personal Care Co., 4.13%, 04/01/29(a)
 
100
96,225
Estee Lauder Cos., Inc., 2.38%, 12/01/29
 
100
92,523
Kenvue, Inc.
 
4.90%, 03/22/33
 
25
24,703
Schedule of Investments
27

Schedule of Investments (unaudited)(continued)
July 31, 2026
BlackRock Diversified Fixed Income Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Personal Care Products (continued)
Kenvue, Inc. (continued)
 
5.05%, 03/22/53
USD
150
$ 129,987
Procter & Gamble Co.
 
2.85%, 08/11/27
 
25
24,651
3.60%, 03/25/50
 
25
18,534
 
 
423,992
Pharmaceuticals — 0.8%
AbbVie, Inc.
 
3.20%, 11/21/29
 
57
54,334
4.50%, 05/14/35
 
63
59,534
4.05%, 11/21/39
 
100
85,437
4.40%, 11/06/42
 
103
87,210
4.25%, 11/21/49
 
380
295,778
5.40%, 03/15/54
 
300
274,578
5.50%, 03/15/64
 
75
68,170
Amneal Pharmaceuticals LLC, 6.88%, 08/01/32(a)
 
118
121,244
Astrazeneca Finance LLC
 
1.75%, 05/28/28
 
130
123,974
4.85%, 02/26/29(f)
 
75
75,477
AstraZeneca PLC, 6.45%, 09/15/37
 
170
184,395
Becton Dickinson & Co.
 
4.69%, 02/13/28
 
200
200,125
2.82%, 05/20/30
 
25
23,165
3.79%, 05/20/50
 
24
16,465
Bristol-Myers Squibb Co.
 
3.25%, 08/01/42
 
80
58,566
5.50%, 02/22/44
 
66
63,177
4.25%, 10/26/49
 
250
193,746
Cardinal Health, Inc.
 
5.45%, 02/15/34
 
123
123,458
5.35%, 11/15/34
 
380
377,071
5.75%, 11/15/54(f)
 
90
85,265
Cencora, Inc.
 
4.85%, 12/15/29
 
540
540,617
2.70%, 03/15/31
 
310
280,897
5.13%, 02/15/34
 
245
241,685
5.15%, 02/15/35
 
80
78,647
CVS Health Corp.
 
6.25%, 06/01/27
 
100
101,424
4.30%, 03/25/28
 
200
198,786
3.25%, 08/15/29
 
100
95,493
5.00%, 09/15/32
 
180
178,412
5.45%, 09/15/35
 
440
435,456
6.00%, 06/01/44
 
175
168,906
5.13%, 07/20/45
 
200
173,816
5.05%, 03/25/48
 
275
232,261
5.63%, 02/21/53
 
13
11,704
6.05%, 06/01/54
 
217
206,672
Eli Lilly & Co.
 
4.20%, 08/14/29
 
100
99,017
4.90%, 02/12/32
 
510
511,821
4.88%, 02/27/53
 
35
30,019
5.00%, 02/09/54
 
250
218,302
5.55%, 10/15/55
 
40
37,851
5.60%, 05/20/56
 
350
333,615
4.95%, 02/27/63
 
60
50,403
5.65%, 10/15/65
 
65
61,494
GlaxoSmithKline Capital, Inc., 6.38%, 05/15/38
 
125
134,220
Harrow, Inc., 8.63%, 09/15/30(a)(f)
 
43
43,598
Security
 
Par
(000)
Value
Pharmaceuticals (continued)
HLF Financing SARL LLC/Herbalife International,
Inc., 7.75%, 05/01/33(a)
USD
57
$ 57,361
Johnson & Johnson
 
5.00%, 03/01/35
 
50
50,331
3.63%, 03/03/37
 
25
21,995
5.95%, 08/15/37
 
70
75,234
3.40%, 01/15/38
 
292
248,069
3.75%, 03/03/47
 
23
17,465
Merck & Co., Inc.
 
1.70%, 06/10/27
 
500
489,353
4.75%, 12/04/35
 
500
480,125
4.15%, 05/18/43
 
272
221,956
5.00%, 05/17/53
 
50
43,271
2.90%, 12/10/61
 
40
21,678
5.15%, 05/17/63
 
240
206,137
Mylan, Inc., 4.55%, 04/15/28
 
25
24,809
Novartis Capital Corp.
 
3.10%, 05/17/27
 
25
24,785
4.40%, 05/06/44
 
90
75,834
2.75%, 08/14/50
 
25
14,957
Novartis Finance SA, 3.50%, 05/13/35(c)
EUR
200
226,963
Organon & Co./Organon Foreign Debt Co-Issuer BV,
7.88%, 05/15/34(a)
USD
35
37,338
Pfizer Investment Enterprises Pte. Ltd.
 
5.30%, 05/19/53
 
227
203,605
5.34%, 05/19/63
 
130
113,471
Pfizer, Inc.
 
1.75%, 08/18/31
 
28
24,186
7.20%, 03/15/39
 
200
228,772
5.60%, 09/15/40
 
58
57,753
Viatris, Inc., 2.30%, 06/22/27
 
20
19,550
Zoetis, Inc., 3.90%, 08/20/28
 
25
24,684
 
 
10,045,967
Real Estate Management & Development — 0.1%
Anywhere Real Estate Group LLC/Realogy Co-Issuer
Corp.(a)
 
5.75%, 01/15/29
 
94
92,611
5.25%, 04/15/30
 
63
60,395
9.75%, 04/15/30
 
61
65,358
CBRE Services, Inc.
 
2.50%, 04/01/31
 
40
35,621
5.95%, 08/15/34
 
285
291,602
Cushman & Wakefield U.S. Borrower LLC, 8.88%,
09/01/31(a)
 
54
56,480
Five Point Operating Co. LP, 8.00%, 10/01/30(a)(f)
 
77
78,917
Howard Hughes Corp., 6.13%, 03/01/34(a)(f)
 
28
27,295
 
 
708,279
Residential REITs — 0.1%
ERP Operating LP, 4.65%, 09/15/34
 
160
152,672
Invitation Homes Operating Partnership LP, 5.50%,
08/15/33
 
60
60,163
Mid-America Apartments LP, 3.60%, 06/01/27
 
50
49,731
NNN REIT, Inc., 5.60%, 10/15/33
 
150
151,551
Realty Income Corp.
 
3.00%, 01/15/27
 
20
19,886
3.40%, 01/15/28
 
100
98,304
4.75%, 02/15/29
 
250
249,999
4.50%, 02/01/33
 
50
47,954
28

Schedule of Investments (unaudited)(continued)
July 31, 2026
BlackRock Diversified Fixed Income Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Residential REITs (continued)
Realty Income Corp. (continued)
 
1.80%, 03/15/33
USD
40
$ 32,600
Store Capital LLC, 2.75%, 11/18/30(f)
 
137
122,773
 
 
985,633
Retail REITs — 0.1%
Simon Property Group LP
 
1.38%, 01/15/27
 
120
118,443
4.38%, 10/01/30
 
102
100,178
4.75%, 09/26/34
 
60
57,444
6.75%, 02/01/40
 
150
164,214
4.75%, 03/15/42
 
330
292,889
4.25%, 11/30/46
 
330
261,337
3.25%, 09/13/49(f)
 
30
19,649
5.85%, 03/08/53(f)
 
230
222,410
 
 
1,236,564
Semiconductors & Semiconductor Equipment — 0.4%
Analog Devices, Inc.
 
2.10%, 10/01/31
 
20
17,447
2.80%, 10/01/41
 
50
34,835
2.95%, 10/01/51
 
35
21,122
Applied Materials, Inc., 5.85%, 06/15/41
 
25
25,060
Broadcom Corp./Broadcom Cayman Finance Ltd.,
3.50%, 01/15/28
 
150
147,563
Broadcom, Inc.
 
4.00%, 04/15/29
 
20
19,596
5.15%, 11/15/31
 
65
64,809
4.15%, 04/15/32
 
25
23,523
3.42%, 04/15/33
 
201
177,434
5.20%, 07/15/35
 
285
273,608
3.14%, 11/15/35
 
214
173,952
4.80%, 02/15/36
 
100
92,420
Intel Corp.
 
2.45%, 11/15/29
 
100
92,297
3.90%, 03/25/30
 
100
96,129
5.20%, 02/10/33
 
380
375,788
5.70%, 02/10/53
 
120
106,506
6.13%, 05/15/56
 
405
379,996
4.95%, 03/25/60
 
100
77,698
Kioxia Holdings Corp.
 
6.25%, 07/24/30
 
50
51,132
6.63%, 07/24/33(a)
 
98
101,280
KLA Corp., 4.95%, 07/15/52
 
175
149,335
Microchip Technology, Inc., 5.05%, 03/15/29
 
25
25,080
NVIDIA Corp.
 
4.95%, 06/15/36(f)
 
1,190
1,138,614
3.50%, 04/01/40
 
40
31,832
5.55%, 06/15/46
 
640
590,692
3.50%, 04/01/50
 
100
67,707
NXP BV/NXP Funding LLC/NXP USA, Inc.
 
3.15%, 05/01/27
 
50
49,419
5.00%, 01/15/33
 
50
48,625
QUALCOMM, Inc., 3.25%, 05/20/27
 
75
74,423
Texas Instruments, Inc.
 
4.60%, 02/08/29
 
110
110,185
1.75%, 05/04/30
 
255
228,447
4.90%, 03/14/33
 
200
199,182
4.15%, 05/15/48
 
50
38,905
Security
 
Par
(000)
Value
Semiconductors & Semiconductor Equipment (continued)
Texas Instruments, Inc. (continued)
 
5.15%, 02/08/54
USD
120
$ 106,271
5.05%, 05/18/63
 
50
41,798
 
 
5,252,710
Software — 0.8%
Cloud Software Group, Inc.(a)
 
9.00%, 09/30/29
 
140
137,165
8.25%, 06/30/32
 
179
169,332
Concentrix Corp., 6.60%, 08/02/28
 
50
50,102
Elastic NV, 4.13%, 07/15/29(a)
 
58
55,264
Electronic Arts, Inc., 2.95%, 02/15/51
 
25
21,176
Intuit, Inc.
 
5.20%, 09/15/33(f)
 
440
435,979
5.50%, 09/15/53
 
50
42,890
Microsoft Corp.
 
5.20%, 06/01/39(f)
 
93
92,314
2.53%, 06/01/50
 
175
98,255
2.92%, 03/17/52
 
275
164,437
3.95%, 08/08/56
 
200
142,409
2.68%, 06/01/60
 
230
118,648
MSCI, Inc.
 
3.63%, 09/01/30(a)
 
195
182,977
3.88%, 02/15/31(a)
 
112
105,080
5.25%, 09/01/35(f)
 
36
34,546
5.15%, 03/15/36(f)
 
535
507,647
OAK-Eagle Acquireco, Inc., 7.25%, 07/01/33(a)
 
11
11,398
Open Text Holdings, Inc.(a)
 
4.13%, 02/15/30
 
44
40,592
4.13%, 12/01/31(f)
 
30
26,471
Oracle Corp.
 
2.95%, 04/01/30
 
40
35,985
4.65%, 05/06/30
 
165
158,531
2.88%, 03/25/31
 
195
169,978
4.90%, 02/06/33
 
60
55,195
5.35%, 05/04/33
 
915
859,850
3.90%, 05/15/35
 
100
81,735
5.50%, 08/03/35
 
985
904,185
5.20%, 09/26/35
 
170
152,527
3.60%, 04/01/40
 
290
200,626
3.65%, 03/25/41(f)
 
520
352,723
4.50%, 07/08/44(f)
 
55
38,513
6.55%, 02/04/46
 
141
124,781
3.60%, 04/01/50(f)
 
734
420,658
3.95%, 03/25/51
 
6
3,657
5.55%, 02/06/53
 
117
87,888
5.38%, 09/27/54
 
470
342,693
6.00%, 08/03/55
 
211
169,204
5.95%, 09/26/55
 
764
607,028
6.70%, 02/04/56(f)
 
205
180,761
3.85%, 04/01/60
 
110
61,761
4.10%, 03/25/61(f)
 
549
320,803
6.13%, 08/03/65
 
310
245,104
6.10%, 09/26/65
 
718
564,187
Pagaya U.S. Holdings Co. LLC, 8.88%, 08/01/30(a)
 
119
105,672
Roper Technologies, Inc.
 
4.50%, 10/15/29
 
340
336,244
2.00%, 06/30/30
 
95
84,685
Salesforce, Inc.
 
4.50%, 03/15/28
 
287
286,342
4.90%, 09/15/31(f)
 
93
91,646
Schedule of Investments
29

Schedule of Investments (unaudited)(continued)
July 31, 2026
BlackRock Diversified Fixed Income Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Software (continued)
Salesforce, Inc. (continued)
 
5.20%, 03/15/33(f)
USD
556
$ 549,169
5.55%, 03/15/36
 
280
273,036
SS&C Technologies, Inc., 6.50%, 06/01/32(a)
 
26
26,192
Synopsys, Inc., 4.65%, 04/01/28
 
100
99,861
Take-Two Interactive Software, Inc., 3.70%, 04/14/27
 
50
49,745
UKG, Inc., 6.88%, 02/01/31(a)
 
50
48,988
VMware LLC, 4.70%, 05/15/30
 
75
74,186
 
 
10,600,821
Specialized REITs — 0.1%
CubeSmart LP, 2.25%, 12/15/28
 
100
94,481
Extra Space Storage LP
 
5.50%, 07/01/30
 
140
141,864
2.35%, 03/15/32
 
100
86,036
Iron Mountain, Inc.(a)
 
4.88%, 09/15/27
 
100
99,673
4.50%, 02/15/31
 
26
24,608
5.63%, 07/15/32
 
61
59,698
6.25%, 01/15/33
 
118
118,453
6.25%, 01/15/35
 
80
78,993
Public Storage Operating Co.
 
5.10%, 08/01/33
 
50
49,793
5.15%, 08/15/36
 
140
136,351
 
 
889,950
Specialty Retail — 0.1%
Academy Ltd., 5.88%, 05/15/31(a)
 
23
22,752
AutoZone, Inc.
 
6.55%, 11/01/33
 
225
239,942
5.40%, 07/15/34
 
305
304,167
Dick’s Sporting Goods, Inc.
 
4.00%, 10/01/29
 
47
45,659
4.10%, 01/15/52
 
7
4,836
FirstCash, Inc.(a)
 
6.88%, 03/01/32
 
164
166,356
6.13%, 05/01/34
 
70
69,006
Gap, Inc., 3.63%, 10/01/29(a)
 
59
55,504
Genuine Parts Co., 4.95%, 08/15/29
 
25
24,834
Kohl’s Corp.
 
10.00%, 06/01/30(a)
 
25
27,003
5.13%, 05/01/31
 
17
15,236
Macy’s Retail Holdings LLC, 7.38%, 08/01/33(a)
 
84
87,410
O’Reilly Automotive, Inc.
 
3.90%, 06/01/29
 
50
48,848
4.20%, 04/01/30
 
125
121,797
 
 
1,233,350
Technology Hardware, Storage & Peripherals — 0.2%
Apple, Inc.
 
2.38%, 02/08/41(f)
 
361
247,342
3.85%, 05/04/43(f)
 
501
398,038
3.45%, 02/09/45
 
136
98,829
4.65%, 02/23/46
 
425
365,229
2.65%, 02/08/51
 
189
108,336
4.85%, 05/10/53
 
250
218,887
4.10%, 08/08/62
 
160
115,223
Dell International LLC/EMC Corp.
 
6.10%, 07/15/27
 
65
65,855
5.30%, 10/01/29
 
25
25,279
6.20%, 07/15/30
 
100
103,907
5.75%, 02/01/33
 
45
45,889
5.40%, 04/15/34
 
215
213,346
5.25%, 02/15/37
 
81
77,750
Security
 
Par
(000)
Value
Technology Hardware, Storage & Peripherals (continued)
Diebold Nixdorf, Inc., 7.75%, 03/31/30(a)
USD
47
$ 48,792
Hewlett Packard Enterprise Co., 4.55%, 10/15/29
 
105
103,863
HP, Inc.
 
3.00%, 06/17/27
 
75
74,095
6.00%, 09/15/41
 
145
142,921
NCR Atleos Corp., 9.50%, 04/01/29(a)
 
36
38,180
Seagate Data Storage Technology Pte Ltd., 9.63%,
12/01/32(f)
 
215
235,694
Seagate Data Storage Technology Pte. Ltd., 5.88%,
07/15/30
 
41
41,615
 
 
2,769,070
Textiles, Apparel & Luxury Goods — 0.1%
NIKE, Inc., 2.85%, 03/27/30
 
100
93,852
Ralph Lauren Corp., 5.00%, 06/15/32
 
710
707,944
 
 
801,796
Tobacco — 0.6%
Altria Group, Inc.
 
4.80%, 02/14/29
 
500
500,249
3.40%, 05/06/30
 
150
142,130
2.45%, 02/04/32
 
400
348,345
5.80%, 02/14/39
 
95
93,778
3.40%, 02/04/41
 
760
563,416
5.95%, 02/14/49(f)
 
1,125
1,058,624
4.45%, 05/06/50
 
79
59,434
3.70%, 02/04/51
 
290
192,430
4.00%, 02/04/61
 
450
297,209
BAT Capital Corp.
 
3.46%, 09/06/29
 
150
144,212
5.83%, 02/20/31
 
330
340,374
2.73%, 03/25/31
 
180
163,069
7.75%, 10/19/32
 
75
84,595
4.63%, 03/22/33
 
25
24,100
3.73%, 09/25/40
 
169
133,824
7.08%, 08/02/43
 
290
312,519
7.08%, 08/02/53(f)
 
190
205,639
Philip Morris International, Inc.
 
4.38%, 11/01/27
 
100
99,835
4.88%, 02/15/28
 
590
592,524
5.63%, 11/17/29
 
215
220,213
1.75%, 11/01/30
 
50
44,012
5.75%, 11/17/32
 
345
356,996
5.38%, 02/15/33
 
795
803,993
5.63%, 09/07/33
 
90
92,167
5.25%, 02/13/34
 
75
74,986
6.38%, 05/16/38
 
85
90,638
4.25%, 11/10/44
 
380
307,626
Reynolds American, Inc., 5.85%, 08/15/45
 
100
94,750
Turning Point Brands, Inc., 7.63%, 03/15/32(a)
 
58
58,900
 
 
7,500,587
Transportation Infrastructure — 0.0%
FedEx Corp.
 
3.40%, 02/15/28
 
20
19,232
3.10%, 08/05/29
 
285
271,121
RXO, Inc., 6.38%, 05/15/31(a)
 
82
81,825
Ryder System, Inc., 6.60%, 12/01/33
 
80
85,803
United Parcel Service, Inc., 5.30%, 04/01/50
 
25
22,580
 
 
480,561
Utilities — 0.0%
American Water Capital Corp.
 
2.30%, 06/01/31
 
35
30,988
4.45%, 06/01/32(f)
 
80
77,763
30

Schedule of Investments (unaudited)(continued)
July 31, 2026
BlackRock Diversified Fixed Income Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Utilities (continued)
American Water Capital Corp. (continued)
 
4.20%, 09/01/48
USD
120
$ 92,191
5.45%, 03/01/54
 
30
27,309
Essential Utilities, Inc.
 
4.80%, 08/15/27
 
50
50,101
5.38%, 01/15/34
 
185
184,356
 
 
462,708
Wireless Telecommunication Services — 0.3%
Millicom International Cellular SA(a)
 
6.25%, 03/25/29
 
39
39,594
7.38%, 04/02/32
 
88
90,035
Rogers Communications, Inc.
 
3.20%, 03/15/27
 
65
64,500
(5-year CMT + 2.62%), 7.13%, 04/15/55(b)
 
55
55,509
(5-year CMT + 2.65%), 7.00%, 04/15/55(b)
 
55
55,330
Telecom Argentina SA, 9.25%, 05/28/33(a)(f)
 
23
24,482
T-Mobile USA, Inc.
 
2.05%, 02/15/28
 
150
144,124
4.80%, 07/15/28
 
90
90,203
3.38%, 04/15/29
 
25
24,047
3.88%, 04/15/30
 
650
624,270
2.55%, 02/15/31
 
570
511,134
5.15%, 04/15/34(f)
 
35
34,239
5.30%, 05/15/35
 
695
679,753
5.75%, 01/15/54
 
240
214,541
5.50%, 01/15/55
 
65
55,882
5.25%, 06/15/55
 
240
198,513
5.70%, 01/15/56
 
180
158,769
3.60%, 11/15/60
 
1,033
617,531
5.80%, 09/15/62
 
353
310,825
Vodafone Group PLC
 
6.25%, 11/30/32
 
300
314,762
6.15%, 02/27/37
 
45
46,418
 
 
4,354,461
Total Corporate Bonds — 27.2%
(Cost: $350,409,674)
345,041,796
Fixed Rate Loan Interests
IT Services — 0.0%
CoreWeave Compute Acquisition Co. VIII LLC,
2026 Delayed Draw Term Loan, 5.83%,
03/31/32(h)
 
434
434,114
Total Fixed Rate Loan Interests — 0.0%
(Cost: $433,029)
434,114
Floating Rate Loan Interests(b)
Electric Utilities — 0.0%
CPV Fairview LLC, 2025 Term Loan, (3-mo. CME
Term SOFR at 0.00% Floor + 2.50%), 6.23%,
08/14/31
 
43
42,663
Security
 
Par
(000)
Value
Electric Utilities (continued)
Ohio Power Partners LLC, Term Loan, (1-mo. CME
Term SOFR at 0.00% Floor + 2.75%), 6.48%,
11/12/32(h)
USD
34
$ 34,331
West Deptford Energy Holdings LLC, 2025 Term
Loan, (1-mo. CME Term SOFR at 0.00% Floor +
4.00%), 7.73%, 07/24/32
 
45
45,133
 
 
122,127
Financial Services — 0.0%
Kestrel Acquisition LLC, 2026 Term Loan, (3-mo.
CME Term SOFR at 0.00% Floor + 2.75%), 6.48%,
11/06/31
 
44
43,831
Hotels, Restaurants & Leisure — 0.0%
Peninsula Pacific Entertainment LLC, 2025 Term
Loan B, (6-mo. CME Term SOFR at 0.00% Floor +
4.75%), 8.60%, 10/01/32
 
143
142,587
IT Services — 0.0%
CoreWeave Financing DDTL V LLC, Delayed Draw
Term Loan, (1-mo. SOFR + 4.50%), 8.14%,
11/17/31
 
78
77,844
Media — 0.1%
Directv Financing LLC, 2025 Term Loan B, (3-mo.
CME Term SOFR at 0.75% Floor + 5.50%), 9.32%,
02/17/31
 
87
87,266
Discovery Global Holdings, Inc., 2026 USD Term
Loan B, (1-mo. CME Term SOFR at 0.00% Floor +
2.50%), 6.23%, 06/03/33
 
167
166,836
ECL Entertainment LLC, 2025 Term Loan B, (1-mo.
CME Term SOFR at 0.00% Floor + 3.00%), 6.73%,
08/30/30
 
113
113,445
 
 
367,547
Oil, Gas & Consumable Fuels — 0.0%
Crescent Midstream Operating LLC, Term Loan B,
(3-mo. CME Term SOFR at 0.00% Floor + 3.75%),
7.40%, 02/18/33
 
91
91,285
Technology Hardware, Storage & Peripherals — 0.0%
Xerox Corp., 2023 Non-CoOp Term Loan, (3-mo.
CME Term SOFR at 0.50% Floor + 4.00%), 7.75%,
11/19/29
 
16
12,058
Total Floating Rate Loan Interests — 0.1%
(Cost: $852,046)
857,279
Foreign Agency Obligations
Argentina — 0.0%
Argentina Treasury Bond BONCER(i)
 
0.00%, 12/15/27
ARS
12,493
21,503
0.00%, 09/29/28
 
22,750
12,122
Argentine Republic Government International Bonds
 
1.00%, 07/09/29
USD
1
645
1.75%, 07/09/30
 
1
1,412
4.75%, 07/09/35
 
2
1,609
4.88%, 07/09/41
 
27
19,966
 
 
57,257
Barbados — 0.0%
Barbados Government International Bonds, 8.00%,
06/26/35(a)
 
22
23,393
Schedule of Investments
31

Schedule of Investments (unaudited)(continued)
July 31, 2026
BlackRock Diversified Fixed Income Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Brazil — 0.0%
Brazil Notas do Tesouro Nacional, Series F, 10.00%,
01/01/31
BRL
554
$ 94,772
Canada — 0.0%
Province of Alberta Canada, 1.30%, 07/22/30
USD
10
8,860
Province of Ontario Canada
 
3.10%, 05/19/27
 
15
14,863
2.13%, 01/21/32
 
35
30,791
Province of Quebec Canada
 
1.90%, 04/21/31(f)
 
10
8,886
4.50%, 09/08/33
 
15
14,745
Series PD, 7.50%, 09/15/29
 
10
10,875
 
 
89,020
Chile — 0.0%
Bonos de la Tesoreria de la Republica en pesos,
5.00%, 10/01/28(a)(c)
CLP
100,000
107,746
Chile Government International Bonds
 
3.50%, 01/25/50
USD
200
136,500
4.00%, 01/31/52(f)
 
200
148,200
 
 
392,446
Colombia — 0.1%
Colombian TES
 
Series B, 12.50%, 02/27/30
COP
193,300
60,980
Series B, 7.75%, 09/18/30
 
889,400
239,791
Series B, 7.00%, 06/30/32
 
115,700
28,741
Series B, 13.25%, 02/09/33
 
300,300
99,019
Series B, 6.25%, 07/09/36
 
260,300
55,561
Series B, 7.25%, 10/26/50
 
174,200
34,578
Series B, 12.00%, 03/13/58
 
141,100
43,788
 
 
562,458
Czech Republic — 0.0%
Czech Republic Government Bonds, 4.00%,
04/04/44
CZK
1,550
63,088
Ecuador — 0.0%
Ecuador Government International Bonds, 6.90%,
07/31/35(c)(n)
USD
27
24,189
Egypt — 0.0%
Egypt Government Bonds
 
Series 3Y, 24.46%, 10/01/27
EGP
2,612
50,361
Series 3Y, 24.44%, 08/05/28
 
600
11,662
Series 3Y, 23.38%, 08/26/28
 
1,912
36,526
 
 
98,549
Hungary — 0.0%
Hungary Government Bonds
 
7.00%, 10/24/35
HUF
47,420
164,747
6.25%, 09/23/37
 
23,870
79,552
3.00%, 10/27/38
 
32,380
79,202
 
 
323,501
Indonesia — 0.1%
Indonesia Government International Bonds
 
2.85%, 02/14/30
USD
640
593,600
4.65%, 09/20/32
 
450
434,097
3.05%, 03/12/51
 
270
160,380
Indonesia Treasury Bonds
 
5.88%, 03/15/31
IDR
5,443,000
285,853
8.25%, 06/15/32
 
59,000
3,417
Security
 
Par
(000)
Value
Indonesia (continued)
Indonesia Treasury Bonds (continued)
 
7.00%, 02/15/33
IDR
456,000
$ 24,949
6.63%, 05/15/33
 
306,000
16,383
 
 
1,518,679
Italy — 0.2%
Italy Buoni Poliennali Del Tesoro(c)
 
Series 10Y, 3.45%, 02/01/36
EUR
426
473,125
Series 5Y, 2.85%, 02/01/31
 
1,600
1,808,591
 
 
2,281,716
Japan — 0.0%
Japan Government Thirty Year Bonds, 0.70%,
09/20/51
JPY
12,000
36,267
Lebanon — 0.0%
Lebanon Government International Bonds(c)(e)(m)
 
6.25%, 11/04/24
USD
23
6,089
6.65%, 11/03/28
 
14
3,785
Series 10Y, 6.85%, 03/23/27
 
39
10,618
 
 
20,492
Mexico — 0.3%
Mexican Bonos
 
Series M, 8.50%, 03/01/29
MXN
640
37,501
Series M, 8.00%, 02/21/36
 
950
50,714
Series M, 7.75%, 11/13/42
 
1,400
68,061
Series M, 8.00%, 04/29/55
 
80
3,859
Mexico Government International Bonds
 
2.66%, 05/24/31
USD
900
792,135
5.38%, 03/22/33
 
200
193,000
5.63%, 02/09/34
 
320
308,864
3.50%, 02/12/34
 
405
339,188
6.05%, 01/11/40
 
22
20,661
5.38%, 05/16/40
EUR
100
112,216
4.50%, 01/31/50(f)
USD
650
457,048
6.34%, 05/04/53
 
200
177,788
7.38%, 05/13/55(f)
 
500
503,500
 
 
3,064,535
Panama — 0.2%
Panama Government International Bonds
 
8.88%, 09/30/27
 
121
126,000
3.88%, 03/17/28
 
1,610
1,580,456
3.30%, 01/19/33
 
200
174,416
 
 
1,880,872
Paraguay — 0.0%
Paraguay Government International Bonds, 8.50%,
04/04/38(a)
PYG
198,000
31,818
Peru — 0.0%
Peruvian Government International Bonds
 
2.78%, 01/23/31
USD
6
5,486
7.60%, 08/12/39(c)
PEN
210
66,372
3.55%, 03/10/51
USD
480
319,349
6.20%, 06/30/55
 
111
109,279
 
 
500,486
Philippines — 0.1%
Philippines Government Bonds
 
6.00%, 08/20/30
PHP
28,755
449,415
6.38%, 04/28/35
 
4,000
60,679
Philippines Government International Bonds
 
3.00%, 02/01/28
USD
420
410,602
32

Schedule of Investments (unaudited)(continued)
July 31, 2026
BlackRock Diversified Fixed Income Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Philippines (continued)
Philippines Government International
Bonds (continued)
 
6.38%, 07/27/30
PHP
2,820
$ 44,728
3.20%, 07/06/46
USD
600
392,250
5.90%, 02/04/50
 
200
191,914
 
 
1,549,588
Poland — 0.0%
Republic of Poland Government Bonds
 
4.00%, 07/25/31
PLN
94
23,848
5.00%, 10/25/35
 
311
79,068
2.00%, 08/25/36
 
106
25,415
Series 0130, 5.00%, 01/25/30
 
290
78,065
Series 1034, 5.00%, 10/25/34
 
362
93,241
Republic of Poland Government International Bonds
 
1.75%, 08/25/31
 
86
22,097
Series 30Y, 5.50%, 03/18/54
USD
170
152,143
 
 
473,877
Romania — 0.0%
Romania Government Bonds
 
Series 11Y, 6.75%, 04/25/35
RON
120
26,325
Series 5Y, 4.25%, 04/28/36
 
130
23,522
Romanian Government International Bonds
 
5.25%, 05/30/32(c)
EUR
19
22,095
4.63%, 03/04/33(a)
 
3
3,311
5.38%, 06/07/33(a)
 
5
5,757
6.13%, 10/07/37(a)
 
5
5,755
6.50%, 10/07/45(a)
 
4
4,540
 
 
91,305
South Africa — 0.1%
Republic of South Africa Government International
Bonds
 
Series 2030, 8.00%, 01/31/30
ZAR
6,065
367,839
Series 2037, 8.50%, 01/31/37
 
607
35,725
Series 2048, 8.75%, 02/28/48
 
829
47,572
Series R213, 7.00%, 02/28/31
 
7,746
449,193
 
 
900,329
South Korea — 0.0%
Export-Import Bank of Korea, 5.13%, 09/18/33
USD
300
304,641
Spain — 0.3%
Spain Government Bonds
 
2.60%, 05/31/31
EUR
500
563,845
3.30%, 04/30/36(a)(c)
 
2,209
2,488,876
3.40%, 10/31/36(a)(c)
 
226
255,531
 
 
3,308,252
Sri Lanka — 0.0%
Sri Lanka Government International Bonds(c)
 
4.00%, 04/15/28
USD
3
2,543
5.10%, 06/15/35
 
15
12,335
 
 
14,878
Turkey — 0.0%
Turkiye Government Bonds
 
Series 10Y, 26.20%, 10/05/33
TRY
970
16,584
Series 10Y, 27.70%, 09/27/34
 
977
17,488
Series 5Y, 31.08%, 11/08/28
 
812
15,408
Series 5Y, 30.00%, 09/12/29
 
940
17,236
 
 
66,716
Security
 
Par
(000)
Value
Ukraine — 0.0%
Ukraine Government International Bonds
 
3.00%, 02/01/30(a)
USD
1
$ 728
3.00%, 02/01/35(a)
 
2
1,198
3.00%, 02/01/36(c)
 
29
17,172
6.00%, 02/01/36(c)
 
12
8,248
6.00%, 02/01/36(a)
 
2
1,364
 
 
28,710
Uruguay — 0.0%
Oriental Republic of Uruguay, 5.25%, 09/10/60
 
2
2,252
Uruguay Government International Bonds
 
4.38%, 10/27/27
 
167
166,594
9.75%, 07/20/33
UYU
682
18,764
8.00%, 10/29/35
 
2,554
64,600
5.10%, 06/18/50
USD
253
223,817
 
 
476,027
Venezuela — 0.0%
Venezuela Government International Bonds(e)(m)
 
9.25%, 09/15/27
 
13
6,469
11.95%, 08/05/31(c)
 
32
17,457
 
 
23,926
Total Foreign Agency Obligations — 1.4%
(Cost: $18,539,633)
18,301,787
 
 
 
 
Shares
 
Investment Companies
Capital Markets(f)(o) — 0.4%
iShares China Large-Cap ETF
 
700
25,550
iShares iBoxx $ Investment Grade Corporate Bond
ETF
 
49,500
5,259,375
 
 
5,284,925
Total Investment Companies — 0.4%
(Cost: $5,401,266)
5,284,925
 
 
 
Par
(000)
 
Municipal Bonds
California — 0.1%
Bay Area Toll Authority, RB, BAB
 
Series F-2, 6.26%, 04/01/49
USD
100
101,686
Series S-1, 7.04%, 04/01/50
 
142
156,273
Los Angeles Department of Water & Power, RB, BAB,
6.60%, 07/01/50(f)
 
100
103,551
Regents of the University of California Medical Center
Pooled Revenue, RB, Series N, 3.26%, 05/15/60
 
50
30,145
State of California, GO, BAB
 
7.55%, 04/01/39
 
250
288,237
7.35%, 11/01/39
 
100
111,627
State of California, Refunding GO, 4.60%, 04/01/38(p)
 
370
371,334
University of California, RB, Series AD, 4.86%,
05/15/2112
 
270
212,942
 
 
1,375,795
Connecticut — 0.0%
State of Connecticut, GO, Series A, 5.85%, 03/15/32
 
50
52,139
Schedule of Investments
33

Schedule of Investments (unaudited)(continued)
July 31, 2026
BlackRock Diversified Fixed Income Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Georgia — 0.0%
Municipal Electric Authority of Georgia, Refunding RB,
BAB, 6.64%, 04/01/57
USD
48
$ 49,794
Illinois — 0.1%
Chicago Transit Authority Sales & Transfer Tax
Receipts Revenue, RB, Series B, 6.90%, 12/01/40
 
45
49,402
State of Illinois, GO, 5.10%, 06/01/33
 
527
526,321
 
 
575,723
Louisiana — 0.0%
Louisiana Local Government Environmental Facilities
& Community Development Authority, RB,
Class A-2, 4.15%, 02/01/33
 
230
227,220
Massachusetts — 0.0%
Commonwealth of Massachusetts, GOL, Series H,
2.90%, 09/01/49(f)
 
50
32,606
Michigan — 0.0%
University of Michigan, RB, Series B, 2.56%,
04/01/50
 
100
59,396
New Jersey — 0.0%
New Jersey Turnpike Authority, RB, BAB, Series F,
7.41%, 01/01/40
 
184
210,080
New York — 0.1%
City of New York, GO, Series B-1, Sustainability
Bonds, 5.83%, 10/01/53
 
15
14,514
City of New York, GO, BAB, Series F-1, 6.27%,
12/01/37
 
75
77,678
Empire State Development Corp., RB, BAB, 5.77%,
03/15/39
 
35
35,271
Metropolitan Transportation Authority, RB, BAB,
6.67%, 11/15/39
 
80
84,332
New York City Municipal Water Finance Authority, RB,
5.95%, 06/15/42
 
50
49,586
New York City Municipal Water Finance Authority,
Refunding RB, 5.88%, 06/15/44
 
60
58,330
New York City Municipal Water Finance Authority,
Refunding RB, BAB, 6.01%, 06/15/42
 
60
59,381
Port Authority of New York & New Jersey, RB
 
Series 165, 5.65%, 11/01/40
 
50
51,143
Series 168, 4.93%, 10/01/51
 
110
98,001
 
 
528,236
Ohio — 0.0%
American Municipal Power, Inc., RB, Series B, 8.08%,
02/15/50
 
150
180,184
Pennsylvania — 0.0%
Commonwealth Financing Authority, RB, Series A,
3.86%, 06/01/38(f)
 
50
45,115
Pennsylvania State University, Refunding RB,
Series D, 2.79%, 09/01/43
 
50
37,032
 
 
82,147
Texas — 0.0%
Board of Regents of the University of Texas System,
RB, BAB, Series C, 4.79%, 08/15/46
 
50
46,568
Security
 
Par
(000)
Value
Texas (continued)
City of San Antonio Texas Electric & Gas Systems
Revenue, RB, BAB, Junior Lien, 5.81%, 02/01/41
USD
50
$ 50,167
Dallas Fort Worth International Airport, Refunding RB,
2.84%, 11/01/46(f)
 
50
34,576
State of Texas, GO, BAB, 5.52%, 04/01/39
 
145
144,459
 
 
275,770
Total Municipal Bonds — 0.3%
(Cost: $3,695,665)
3,649,090
Non-Agency Mortgage-Backed Securities
Collateralized Mortgage Obligations — 8.9%
A&D Mortgage Trust(a)
 
Series 2023-NQM5, Class A1, 7.05%, 11/25/68
 
82
82,202
Series 2024-NQM5, Class A1, 5.70%, 11/25/69
 
72
71,600
Series 2026-NQM1, Class A1, 4.91%, 02/25/71(b)
 
148
146,259
ACRA Trust, Series 2024-NQM1, Class A1, 5.61%,
10/25/64(a)
 
123
123,309
Ajax Mortgage Loan Trust, Series 2023-C, Class A1,
3.50%, 05/25/63(a)
 
162
154,226
Alternative Loan Trust
 
Series 2005-29CB, Class A6, 5.50%, 07/25/35
 
6
3,144
Series 2005-31, Class 1A1, (1 mo. Term SOFR +
0.67%), 4.40%, 08/25/35(b)
 
373
361,112
Series 2005-55CW, Class 2A3, (1 mo. Term SOFR
+ 0.46%), 4.11%, 11/25/35(b)
 
11
8,334
Series 2005-59, Class 1A1, (1 mo. Term SOFR +
0.77%), 4.44%, 11/20/35(b)
 
8
7,715
Series 2006-11CB, Class 2A1, 6.25%, 05/25/36
 
874
409,883
Series 2006-OA17, Class 1A1D, (1 mo. Term
SOFR + 0.40%), 4.07%, 12/20/46(b)
 
270
243,222
Series 2006-OA2, Class A5, (1 mo. Term SOFR +
0.57%), 4.24%, 05/20/46(b)
 
172
155,894
Series 2006-OC10, Class 2A3, (1 mo. Term SOFR
+ 0.57%), 4.30%, 11/25/36(b)
 
351
327,939
Series 2006-OC7, Class 2A3, (1 mo. Term SOFR +
0.61%), 4.34%, 07/25/46(b)
 
309
286,901
Series 2007-19, Class 1A34, 6.00%, 08/25/37
 
281
131,416
American Home Mortgage Investment Trust,
Series 2006-2, Class 2A2, (1 mo. Term SOFR +
1.74%), 5.39%, 05/25/36(b)
 
2,206
164,298
Angel Oak Mortgage Trust(a)
 
Series 2021-2, Class A1, 0.99%, 04/25/66(b)
 
195
167,779
Series 2023-1, Class A1, 4.75%, 09/26/67
 
275
274,376
Series 2023-7, Class A1, 4.80%, 11/25/67
 
137
135,964
Series 2024-1, Class A1, 5.21%, 08/25/68
 
35
35,037
Series 2024-10, Class A1, 5.35%, 10/25/69
 
33
33,345
Series 2024-11, Class A1, 5.70%, 08/25/69
 
52
52,339
Series 2025-1, Class A1, 5.69%, 01/25/70
 
660
660,137
Series 2025-2, Class A1, 5.64%, 02/25/70
 
141
140,508
AOMT, Series 2024-6, Class A3, 4.65%, 11/25/67(a)
 
244
236,761
Banc of America Alternative Loan Trust
 
Series 2003-8, Class 1CB1, 5.50%, 10/25/33
 
40
39,959
Series 2006-7, Class A4, 6.50%, 10/25/36
 
24
5,696
Banc of America Funding Trust
 
Series 2007-1, Class 1A6, 5.75%, 01/25/37
 
7
6,044
34

Schedule of Investments (unaudited)(continued)
July 31, 2026
BlackRock Diversified Fixed Income Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Collateralized Mortgage Obligations (continued)
Banc of America Funding Trust (continued)
 
Series 2007-3, Class TA8, (1 mo. Term SOFR +
0.29%), 4.02%, 04/25/37(b)
USD
183
$ 152,759
Barclays Mortgage Loan Trust, Series 2025-NQM1,
Class A1, 5.66%, 01/25/65(a)
 
742
741,881
Bear Stearns Asset Backed Securities I Trust(b)
 
Series 2006-AC2, Class 1A1, (1 mo. Term SOFR +
0.46%), 4.19%, 03/25/36
 
45
11,076
Series 2006-IM1, Class A3, (1 mo. Term SOFR +
0.67%), 4.40%, 04/25/36
 
199
199,595
Braccan Mortgage Funding, Series 2024-1, Class X,
(1-day SONIA GBP 4.34%), 8.08%, 02/15/67(b)(c)
GBP
51
68,616
BRAVO Residential Funding Trust(a)
 
Series 2021-NQM1, Class B1, 3.17%, 02/25/49(b)
USD
265
219,531
Series 2024-NQM4, Class A3, 4.35%, 01/25/60
 
261
254,254
Series 2025-NQM2, Class A1, 5.68%, 11/25/64
 
158
158,165
Series 2025-NQM7, Class A1, 5.46%, 07/25/65(b)
 
155
154,367
Chase Mortgage Finance Trust
 
Series 2006-S2, Class 1A16, 6.25%, 10/25/36
 
396
138,688
Series 2007-A1, Class 3A1, 5.26%, 02/25/37(b)
 
100
98,774
Series 2007-S5, Class 1A10, 6.00%, 07/25/37
 
524
212,645
CHL Mortgage Pass-Through Trust
 
Series 2006-17, Class A6, 6.00%, 12/25/36
 
5
2,306
Series 2007-11, Class A1, 6.00%, 08/25/37
 
525
208,138
Series 2007-3, Class A17, 6.00%, 04/25/37
 
159
68,389
Series 2007-4, Class 1A47, 6.00%, 05/25/37
 
268
107,246
Series 2007-8, Class 1A12, 5.88%, 01/25/38
 
140
54,871
Series 2007-8, Class 1A24, 6.00%, 01/25/38
 
90
35,954
Series 2007-9, Class A1, 5.75%, 07/25/37
 
18
7,913
CIM Trust(a)
 
Series 2023-I1, Class B1, 7.01%, 04/25/58(b)
 
100
99,607
Series 2023-I2, Class B1, 6.75%, 12/25/67(b)
 
115
109,621
Series 2025-I1, Class A1, 5.66%, 10/25/69
 
332
332,691
Series 2025-I1, Class M1, 6.44%, 10/25/69(b)
 
540
542,554
Citigroup Mortgage Loan Trust, Series 2007-6,
Class 2A1, (1 mo. Term SOFR + 0.61%), 4.34%,
05/25/37(b)
 
22
21,128
COLT Mortgage Loan Trust(a)
 
Series 2021-5, Class A1, 1.73%, 11/26/66(b)
 
96
86,545
Series 2024-6, Class A1, 5.39%, 11/25/69
 
65
64,972
Series 2025-11, Class A1, 5.05%, 11/25/70(b)
 
127
125,614
Series 2025-7, Class A1, 5.47%, 06/25/70
 
214
214,202
Series 2025-8, Class A1, 5.48%, 08/25/70
 
125
124,994
Connecticut Avenue Securities Trust(a)(b)
 
Series 2019-R06, Class 2B1, (30-day Avg SOFR +
3.86%), 7.48%, 09/25/39
 
1,327
1,331,866
Series 2020-R02, Class 2B1, (30-day Avg SOFR +
3.11%), 6.73%, 01/25/40
 
1,000
1,008,130
Series 2020-SBT1, Class 1B1, (30-day Avg SOFR
+ 6.86%), 10.48%, 02/25/40
 
1,900
1,956,487
Series 2020-SBT1, Class 1M2, (30-day Avg SOFR
+ 3.76%), 7.38%, 02/25/40
 
2,325
2,359,875
Series 2021-R01, Class 1B1, (30-day Avg SOFR +
3.10%), 6.72%, 10/25/41
 
2,550
2,561,915
Series 2021-R02, Class 2B1, (30-day Avg SOFR +
3.30%), 6.92%, 11/25/41
 
1,600
1,611,238
Series 2021-R03, Class 1B1, (30-day Avg SOFR +
2.75%), 6.37%, 12/25/41
 
2,250
2,264,940
Series 2022-R01, Class 1B1, (30-day Avg SOFR +
3.15%), 6.77%, 12/25/41
 
2,690
2,701,782
Series 2022-R02, Class 2B1, (30-day Avg SOFR +
4.50%), 8.12%, 01/25/42
 
1,975
2,008,079
Security
 
Par
(000)
Value
Collateralized Mortgage Obligations (continued)
Connecticut Avenue Securities Trust(a)(b) (continued)
 
Series 2022-R02, Class 2M2, (30-day Avg SOFR +
3.00%), 6.62%, 01/25/42
USD
2,092
$ 2,110,703
Series 2022-R03, Class 1B1, (30-day Avg SOFR +
6.25%), 9.87%, 03/25/42
 
1,650
1,703,625
Series 2022-R04, Class 1B1, (30-day Avg SOFR +
5.25%), 8.87%, 03/25/42
 
3,150
3,233,682
Series 2022-R05, Class 2B1, (30-day Avg SOFR +
4.50%), 8.12%, 04/25/42
 
1,500
1,535,625
Series 2022-R05, Class 2B2, (30-day Avg SOFR +
7.00%), 10.62%, 04/25/42
 
2,000
2,080,669
Series 2022-R05, Class 2M2, (30-day Avg SOFR +
3.00%), 6.62%, 04/25/42
 
1,438
1,455,571
Series 2022-R07, Class 1M2, (30-day Avg SOFR +
4.65%), 8.27%, 06/25/42
 
500
515,578
Series 2022-R07 1B-1, Class B1, (30-day Avg
SOFR + 6.80%), 10.42%, 06/25/42
 
500
523,595
Series 2022-R09, Class 2M2, (30-day Avg SOFR +
4.75%), 8.37%, 09/25/42
 
750
780,000
Series 2023-R02, Class 1B1, (30-day Avg SOFR +
5.55%), 9.17%, 01/25/43
 
520
550,434
Series 2024-R01, Class 1B1, (30-day Avg SOFR +
2.70%), 6.32%, 01/25/44
 
1,950
2,008,912
Series 2024-R02, Class 1B1, (30-day Avg SOFR +
2.50%), 6.12%, 02/25/44
 
1,000
1,024,005
Series 2024-R05, Class 2M2, (30-day Avg SOFR +
1.70%), 5.32%, 07/25/44
 
1,287
1,289,033
Series 2024-R06, Class 1B1, (30-day Avg SOFR +
2.05%), 5.67%, 09/25/44
 
1,500
1,511,250
Series 2025-R01, Class 1B1, (30-day Avg SOFR +
1.70%), 5.32%, 01/25/45
 
469
470,059
Series 2025-R02, Class 1M2, (30-day Avg SOFR +
1.60%), 5.22%, 02/25/45
 
1,750
1,754,897
Series 2026-R03, Class 2M2, (30-day Avg SOFR +
1.55%), 5.17%, 04/25/46
 
625
628,444
Credit Suisse First Boston Mortgage Securities Corp.,
Series 2005-11, Class 1A1, 6.50%, 12/25/35
 
76
26,619
Cross Mortgage Trust(a)
 
Series 2024-H7, Class A1, 5.59%, 11/25/69(b)
 
100
100,043
Series 2025-H1, Class M1, 6.48%, 02/25/70(b)
 
144
144,685
Series 2025-H8, Class A1A, 5.00%, 11/25/70
 
338
334,081
CSMC, Series 2015-6R, Class 5A2, (1 mo. Term
SOFR + 0.29%), 3.13%, 03/27/36(a)(b)
 
19
15,963
CSMC Trust(a)(b)
 
Series 2020-NQM6, Class PT, 8.83%, 12/25/67
 
122
121,203
Series 2020-SPT1, Class PT, 6.49%, 04/25/65
 
101
98,202
Series 2022-NQM5, Class M1, 5.17%, 05/25/67
 
1,000
996,436
Deephaven Residential Mortgage Trust(a)(b)
 
Series 2022-2, Class M1, 4.30%, 03/25/67
 
100
89,224
Series 2025-INV1, Class A1, 5.09%, 11/25/60
 
285
282,047
Series 2026-INV1, Class A1, 4.80%, 12/25/70
 
141
138,960
Easy Street Mortgage Loan Trust, Series-RTL2,
Class A1, 5.61%, 10/25/40(a)
 
100
99,658
EFMT(a)
 
Series 2022-4, Class B2, 5.84%, 09/25/67(b)
 
100
99,254
Series 2024-NQM1, Class A1A, 5.71%, 11/25/69
 
107
107,176
Series 2025-INV1, Class A1, 5.63%, 03/25/70
 
164
164,083
Series 2025-INV3, Class A1, 5.44%, 07/25/70
 
347
346,419
Series 2025-NQM5, Class A1, 5.03%, 11/25/70(b)
 
408
404,714
Series 2026-NQM1, Class A1, 4.77%, 02/25/71(b)
 
133
131,155
FIGRE Trust, Series 2024-SL1, Class A1, 5.75%,
07/25/53(a)(b)
 
88
87,838
Schedule of Investments
35

Schedule of Investments (unaudited)(continued)
July 31, 2026
BlackRock Diversified Fixed Income Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Collateralized Mortgage Obligations (continued)
First Horizon Alternative Mortgage Securities Trust(b)
 
Series 2005-AA12, Class 2A1, 4.66%, 02/25/36
USD
7
$ 4,137
Series 2006-AA7, Class A1, 4.42%, 01/25/37
 
433
330,443
Freddie Mac STACR REMIC Trust(a)(b)
 
Series 2020-HQA5, Class B1, (30-day Avg SOFR +
4.00%), 7.62%, 11/25/50
 
2,350
2,549,750
Series 2021-DNA2, Class B1, (30-day Avg SOFR +
3.40%), 7.02%, 08/25/33
 
2,255
2,501,701
Series 2021-DNA2, Class B2, (30-day Avg SOFR +
6.00%), 9.62%, 08/25/33
 
300
375,282
Series 2021-DNA3, Class B1, (30-day Avg SOFR +
3.50%), 7.12%, 10/25/33
 
800
893,504
Series 2021-DNA5, Class B1, (30-day Avg SOFR +
3.05%), 6.67%, 01/25/34
 
2,130
2,252,475
Series 2021-DNA5, Class B2, (30-day Avg SOFR +
5.50%), 9.12%, 01/25/34
 
500
609,511
Series 2021-DNA6, Class B1, (30-day Avg SOFR +
3.40%), 7.02%, 10/25/41
 
2,100
2,111,103
Series 2021-DNA7, Class B1, (30-day Avg SOFR +
3.65%), 7.27%, 11/25/41
 
2,394
2,412,976
Series 2021-HQA1, Class B1, (30-day Avg SOFR +
3.00%), 6.62%, 08/25/33
 
2,023
2,206,687
Series 2021-HQA2, Class B1, (30-day Avg SOFR +
3.15%), 6.77%, 12/25/33
 
795
886,425
Series 2021-HQA3, Class B1, (30-day Avg SOFR +
3.35%), 6.97%, 09/25/41
 
2,110
2,116,604
Series 2021-HQA3, Class M2, (30-day Avg SOFR
+ 2.10%), 5.72%, 09/25/41
 
1,500
1,502,340
Series 2021-HQA4, Class B1, (30-day Avg SOFR +
3.75%), 7.37%, 12/25/41
 
506
510,166
Series 2021-HQA4, Class M2, (30-day Avg SOFR
+ 2.35%), 5.97%, 12/25/41
 
1,750
1,758,208
Series 2022-DNA1, Class B1, (30-day Avg SOFR +
3.40%), 7.02%, 01/25/42
 
2,500
2,513,275
Series 2022-DNA2, Class M2, (30-day Avg SOFR
+ 3.75%), 7.37%, 02/25/42
 
910
923,672
Series 2022-DNA3, Class M2, (30-day Avg SOFR
+ 4.35%), 7.97%, 04/25/42
 
1,400
1,433,786
Series 2022-DNA4, Class M2, (30-day Avg SOFR
+ 5.25%), 8.87%, 05/25/42
 
2,000
2,067,853
Series 2022-DNA5, Class M2, (30-day Avg SOFR
+ 6.75%), 10.37%, 06/25/42
 
2,500
2,627,794
Series 2022-DNA6, Class M2, (30-day Avg SOFR
+ 5.75%), 9.37%, 09/25/42
 
1,000
1,053,841
Series 2022-DNA7, Class M2, (30-day Avg SOFR
+ 7.00%), 10.62%, 03/25/52
 
1,500
1,602,179
Series 2022-HQA1, Class B1, (30-day Avg SOFR +
7.00%), 10.62%, 03/25/42
 
1,500
1,553,445
Series 2022-HQA1, Class M2, (30-day Avg SOFR
+ 5.25%), 8.87%, 03/25/42
 
2,725
2,795,796
Series 2023-HQA1, Class M1B, (30-day Avg SOFR
+ 3.50%), 7.12%, 05/25/43
 
590
612,473
Series 2023-HQA3, Class M2, (30-day Avg SOFR
+ 3.35%), 6.97%, 11/25/43
 
1,000
1,038,697
Series 2026-HQA1, Class M2, (30-day Avg SOFR
+ 1.50%), 5.12%, 05/25/46
 
1,000
999,904
GCAT Trust(a)
 
Series 2021-NQM3, Class B1, 3.47%, 05/25/66(b)
 
100
74,766
Series 2023-NQM4, Class A1, 4.25%, 05/25/67(b)
 
126
117,225
Series 2025-NQM4, Class A1, 5.53%, 06/25/70
 
177
176,791
GS Mortgage-Backed Securities Trust(a)
 
Series 2022-NQM1, Class A4, 4.00%, 05/25/62(b)
 
60
54,246
Series 2025-DSC2, Class A1, 5.04%, 01/25/66
 
123
121,384
Security
 
Par
(000)
Value
Collateralized Mortgage Obligations (continued)
GS Mortgage-Backed Securities Trust(a) (continued)
 
Series 2025-NQM5, Class A1, 5.01%, 07/25/65
USD
159
$ 157,221
Series 2026-DSC1, Class A1, 4.73%, 05/25/66
 
480
470,215
GSMPS Mortgage Loan Trust, Series 2005-RP2,
Class 1AF, (1 mo. Term SOFR + 0.46%), 4.19%,
03/25/35(a)(b)
 
120
112,539
HarborView Mortgage Loan Trust, Series 2005-1,
Class 1A, (1 mo. Term SOFR + 0.75%), 4.42%,
03/19/35(b)
 
22
10,255
Homes Trust(a)
 
Series 2024-NQM2, Class A1, 5.72%, 10/25/69
 
62
61,802
Series 2025-NQM1, Class B1, 6.95%, 01/25/70(b)
 
393
391,748
Series 2025-NQM1, Class M1, 6.52%, 01/25/70(b)
 
200
200,225
Series 2025-NQM2, Class A1, 5.43%, 02/25/70
 
162
161,211
Series 2025-NQM5, Class A1, 5.03%, 09/25/70(b)
 
155
153,596
Impac CMB Trust, Series 2007-A, Class A, (1 mo.
Term SOFR + 0.61%), 4.34%, 05/25/37(a)(b)
 
42
41,654
Impac Secured Assets Trust, Series 2006-3,
Class A1, (1 mo. Term SOFR + 0.45%), 4.18%,
11/25/36(b)
 
17
15,562
IndyMac INDX Mortgage Loan Trust, Series 2006-
AR41, Class A3, (1 mo. Term SOFR + 0.47%),
4.20%, 02/25/37(b)
 
8
8,087
Japan Housing Finance Agency, Series 180, Class 1,
0.50%, 05/10/57
JPY
79,138
350,576
JP Morgan Alternative Loan Trust, Series 2006-A1,
Class 2A1, 4.78%, 03/25/36(b)
USD
649
479,008
JP Morgan Mortgage Trust(a)
 
Series 2024-VIS2, Class B1, 7.68%, 11/25/64(b)
 
25
25,220
Series 2025-VIS1, Class M1, 6.41%, 08/25/55(b)
 
150
149,982
Series 2026-NQM1, Class A1LC, 4.93%, 06/25/66
 
30
29,456
MASTR Reperforming Loan Trust, Series 2005-1,
Class 1A3, 7.00%, 08/25/34(a)
 
311
198,728
MFA Trust(a)(b)
 
Series 2022-NQM1, Class M1, 4.28%, 12/25/66
 
100
88,013
Series 2026-NQM2, Class A1, 5.51%, 05/25/71
 
244
243,024
Morgan Stanley Resecuritization Trust, Series 2015-
R2, Class 1B, (12-mo. MTA + 0.71%), 3.95%,
12/27/46(a)(b)
 
299
267,192
Morgan Stanley Residential Mortgage Loan Trust(a)(b)
 
Series 2023-NQM1, Class B1, 7.30%, 09/25/68
 
536
536,063
Series 2025-DSC2, Class A1, 5.44%, 07/25/70
 
458
456,469
Series 2025-NQM1, Class A1, 5.74%, 11/25/69
 
127
127,324
Series 2026-NQM2, Class A1, 4.73%, 01/26/71
 
492
484,715
New Residential Mortgage Loan Trust(a)
 
Series 2025-NQM1, Class A1, 5.64%, 01/25/65
 
403
403,880
Series 2025-NQM1, Class B1, 6.92%, 01/25/65(b)
 
500
507,371
Series 2025-NQM1, Class M1, 6.47%, 01/25/65(b)
 
289
291,302
Series 2025-NQM4, Class A1, 5.35%, 07/25/65(b)
 
116
115,706
Series 2025-NQM5, Class A1, 5.11%, 08/25/65(b)
 
80
78,559
NMLT Trust, Series 2021-INV1, Class B1, 3.61%,
05/25/56(a)(b)
 
541
422,326
NRZT, Series 2025-NQM6, Class A1, 5.09%,
10/25/65(a)(b)
 
160
158,283
NYMT Loan Trust, Series 2026-INV1, Class A1,
4.77%, 02/25/61(a)(b)
 
101
99,598
NYMT Trust, Series 2024-RR1, Class A, 7.38%,
05/25/64(a)
 
121
120,620
OBX Trust(a)
 
Series 2025-NQM3, Class A1, 5.65%, 12/01/64
 
89
88,979
Series 2026-NQM8, Class A1LC, 5.30%, 05/25/66
 
398
391,392
PRKCM Trust(a)
 
Series 2022-AFC1, Class A1A, 5.10%, 04/25/57(b)
 
65
64,204
36

Schedule of Investments (unaudited)(continued)
July 31, 2026
BlackRock Diversified Fixed Income Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Collateralized Mortgage Obligations (continued)
PRKCM Trust(a) (continued)
 
Series 2023-AFC1, Class A1, 6.60%, 02/25/58
USD
54
$ 53,799
PRPM Trust(a)
 
Series 2025-NQM1, Class A1, 5.80%, 11/25/69
 
410
411,222
Series 2025-NQM1, Class M1A, 6.65%,
11/25/69(b)
 
113
113,797
Series 2025-NQM3, Class A1, 5.61%, 05/25/70
 
338
337,325
Series 2025-NQM5, Class A1A, 5.18%, 10/25/70
 
137
136,031
RALI Trust(b)
 
Series 2005-QA6, Class NB21, 4.64%, 05/25/35
 
917
413,772
Series 2005-QO2, Class A1, (12-mo. MTA +
1.36%), 4.76%, 09/25/45
 
364
310,398
Series 2007-QH3, Class A1, (1 mo. Term SOFR +
0.43%), 4.16%, 04/25/37
 
121
119,827
Series 2007-QO2, Class A1, (1 mo. Term SOFR +
0.26%), 3.99%, 02/25/47
 
374
107,825
RCKT Mortgage Trust, Series 2024-CES8,
Class A1A, 5.49%, 11/25/44(a)
 
60
59,721
Reperforming Loan REMIC Trust(a)(b)
 
Series 2005-R1, Class 1AF1, (1 mo. Term SOFR +
0.47%), 4.20%, 03/25/35
 
17
16,404
Series 2005-R1, Class 1AF2, (1 mo. Term SOFR +
0.47%), 4.20%, 03/25/35
 
103
99,682
Series 2005-R2, Class 1AF1, (1 mo. Term SOFR +
0.45%), 4.18%, 06/25/35
 
8
7,761
Residential Asset Securitization Trust
 
Series 2006-A14C, Class 1A2, 6.25%, 12/25/36
 
340
220,471
Series 2007-A9, Class A1, (1 mo. Term SOFR +
0.66%), 4.39%, 09/25/37(b)
 
1,094
261,614
RFMSI Trust(b)
 
Series 2006-SA4, Class 2A1, 5.40%, 11/25/36
 
4
2,998
Series 2007-SA4, Class 3A1, 5.67%, 10/25/37
 
222
125,307
Saluda Grade Alternative Mortgage Trust, Series 2024-
RTL5, Class A1, 7.76%, 04/25/30(a)
 
49
48,921
Santander Mortgage Asset Receivable Trust(a)(b)
 
Series 2025-NQM6, Class A1, 5.14%, 11/25/65
 
88
87,401
Series 2026-NQM1, Class A1, 4.95%, 11/25/65
 
175
172,562
Sequoia Mortgage Trust, Series 2017-CH2, Class B3,
4.41%, 12/25/47(a)(b)
 
109
102,981
SG Residential Mortgage Trust(a)(b)
 
Series 2019-3, Class B1, 4.08%, 09/25/59
 
257
241,180
Series 2021-1, Class A1, 1.16%, 07/25/61
 
273
224,535
Series 2026-1, Class A1, 4.78%, 01/25/66
 
695
685,721
Series 2026-4, Class A1, 5.51%, 07/01/66
 
149
148,595
TRK Trust, Series 2021-INV2, Class B1, 4.10%,
11/25/56(a)(b)
 
125
106,498
Verus Securitization Trust(a)
 
Series 2021-3, Class B1, 3.20%, 06/25/66(b)
 
214
161,505
Series 2021-8, Class A1, 2.82%, 11/25/66(b)
 
90
81,349
Series 2023-3, Class B1, 4.03%, 02/25/67(b)
 
100
82,051
Series 2025-5, Class A1, 5.43%, 06/25/70
 
215
215,212
Series 2025-6, Class A1, 5.42%, 07/25/70
 
514
512,531
Series 2026-R1, Class A1, 4.83%, 10/25/67(b)
 
196
192,725
Series 2026-R1, Class A1LC, 4.94%, 10/25/67
 
321
313,833
Visio Trust, Series 2022-1, Class B1, 5.74%,
08/25/57(a)(b)
 
100
99,645
Wachovia Mortgage Loan Trust, Series 2006-AMN1,
Class A2, (1 mo. Term SOFR + 0.41%), 1.45%,
08/25/36(b)
 
947
296,524
WaMu Mortgage Pass-Through Certificates Trust(b)
 
Series 2006-AR8, Class 1A4, 4.35%, 08/25/46
 
54
50,336
Series 2007-HY3, Class 4A1, 4.68%, 03/25/37
 
9
8,234
Security
 
Par
(000)
Value
Collateralized Mortgage Obligations (continued)
WaMu Mortgage Pass-Through Certificates
Trust(b) (continued)
 
Series 2007-HY4, Class 1A1, 3.46%, 04/25/37
USD
323
$ 286,851
Series 2007-OA5, Class 1A, (12-mo. MTA +
0.75%), 4.15%, 06/25/47
 
76
65,185
Washington Mutual Mortgage Pass-Through
Certificates Trust
 
Series 2005-9, Class 5A1, 5.50%, 11/25/35
 
137
111,621
Series 2005-AR1, Class A1A, (1 mo. Term SOFR +
0.63%), 4.36%, 12/25/35(b)
 
144
126,663
Series 2006-6, Class 3CB1, 7.00%, 08/25/36
 
314
120,304
Series 2006-8, Class A4, 4.04%, 10/25/36
 
79
26,741
Series 2007-5, Class A6, 6.00%, 06/25/37
 
137
124,854
Series 2007-OA2, Class 2A, (12-mo. MTA +
0.70%), 4.10%, 01/25/47(b)
 
181
158,059
Series 2007-OA3, Class 5A, (12-mo. MTA +
1.25%), 4.65%, 04/25/47(b)
 
79
69,947
Series 2007-OC2, Class A3, (1 mo. Term SOFR +
0.73%), 4.46%, 06/25/37(b)
 
12
11,128
 
 
112,332,839
Commercial Mortgage-Backed Securities — 3.2%
1301 Trust(a)(b)
 
Series 2025-1301, Class A, 5.06%, 08/11/42
 
55
54,540
Series 2025-1301, Class E, 7.24%, 08/11/42
 
35
34,835
Series 2025-1301, Class F, 8.10%, 08/11/42
 
444
456,558
1345T(a)(b)
 
Series 2025-AOA, Class A, (1 mo. Term SOFR +
1.60%), 5.28%, 06/15/42
 
116
115,607
Series 2025-AOA, Class E, (1 mo. Term SOFR +
4.50%), 8.18%, 06/15/42
 
116
116,795
425 Trust(a)(b)
 
Series 2026-LEX, Class A, (1 mo. Term SOFR +
1.67%), 5.35%, 07/15/43
 
200
199,911
Series 2026-LEX, Class E, (1 mo. Term SOFR +
4.60%), 8.28%, 07/15/43
 
400
399,831
A10 Issuer LLC, Series 2025-FL6, Class A, (1 mo.
Term SOFR + 1.47%), 5.14%, 05/15/42(a)(b)
 
140
139,942
ACRES LLC, Series 2025-FL3, Class A, (1 mo. Term
SOFR + 1.62%), 5.29%, 08/18/40(a)(b)
 
509
509,444
Arbor Realty Commercial Real Estate Notes,
Series 2025-FL1, Class A, (1 mo. Term SOFR +
1.35%), 5.02%, 01/20/43(a)(b)
 
165
165,063
AREIT Ltd., Series 2025-CRE10, Class A, (1 mo.
Term SOFR + 1.39%), 5.07%, 12/17/29(a)(b)
 
795
795,623
ARES Commercial Mortgage Trust, Series 2024-IND,
Class A, (1 mo. Term SOFR + 1.69%), 5.37%,
07/15/41(a)(b)
 
370
370,694
Atrium Hotel Portfolio Trust(a)(b)
 
Series 2024-ATRM, Class A, 5.41%, 11/10/29
 
160
159,721
Series 2024-ATRM, Class E, 9.21%, 11/10/29
 
32
32,731
Series 2025-ATRM, Class A, (1 mo. Term SOFR +
1.65%), 5.33%, 08/15/42
 
68
68,005
Series 2025-ATRM, Class F, (1 mo. Term SOFR +
5.50%), 9.18%, 08/15/42
 
146
146,542
Series 2025-ATRM, Class G, (1 mo. Term SOFR +
6.75%), 10.43%, 08/15/42
 
31
31,061
BAHA Trust(a)(b)
 
Series 2024-MAR, Class A, 5.97%, 12/10/41
 
560
567,776
Series 2024-MAR, Class B, 6.84%, 12/10/41
 
20
20,546
Series 2024-MAR, Class C, 7.52%, 12/10/41
 
789
808,087
Schedule of Investments
37

Schedule of Investments (unaudited)(continued)
July 31, 2026
BlackRock Diversified Fixed Income Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Commercial Mortgage-Backed Securities (continued)
BAMLL Commercial Mortgage Securities Trust,
Series 2026-HRHB, Class A, 5.19%, 05/05/40(a)(b)
USD
265
$ 261,080
BAMLL Trust(a)(b)
 
Series 2024-BHP, Class A, (1 mo. Term SOFR +
2.35%), 6.03%, 08/15/39
 
120
120,369
Series 2025-ASHF, Class A, (1 mo. Term SOFR +
1.85%), 5.53%, 02/15/42
 
642
642,852
Series 2025-ASHF, Class E, (1 mo. Term SOFR +
5.25%), 8.93%, 02/15/42
 
131
131,060
Bank
 
Series 2019-BN19, Class A3, 3.18%, 08/15/61
 
250
235,139
Series 2019-BN20, Class A3, 3.01%, 09/15/62
 
250
234,612
Series 2021-BN35, Class C, 2.90%, 06/15/64(b)
 
46
38,276
Series 2021-BN37, Class A4, 2.37%, 11/15/64
 
350
307,625
Series 2022-BNK41, Class A4, 3.79%, 04/15/65(b)
 
150
139,485
BBCMS Mortgage Trust
 
Series 2023-C22, Class A5, 6.80%, 11/15/56(b)
 
530
566,650
Series 2025-C35, Class D, 4.50%, 07/15/58(a)
 
37
28,178
BDS LLC, Series 2024-FL13, Class A, (1 mo. Term
SOFR + 1.58%), 5.25%, 09/19/39(a)(b)
 
91
91,240
Benchmark Mortgage Trust, Series 2020-B21,
Class A5, 1.98%, 12/17/53
 
45
39,470
BFLD Commercial Mortgage Trust(a)(b)
 
Series 2024-UNIV, Class A, (1 mo. Term SOFR +
1.49%), 5.17%, 11/15/41
 
70
70,131
Series 2024-UNIV, Class E, (1 mo. Term SOFR +
3.64%), 7.32%, 11/15/41
 
47
47,118
Series 2025-5MW, Class A, 4.67%, 10/10/42
 
100
98,073
Series 2025-660F, Class A, (1 mo. Term SOFR +
1.50%), 5.18%, 11/15/42
 
237
237,296
BFLD Trust, Series 2025-EWEST, Class A, (1 mo.
Term SOFR + 1.55%), 5.23%, 06/15/42(a)(b)
 
245
245,000
BHMS Commercial Mortgage Trust, Series 2025-
ATLS, Class A, (1 mo. Term SOFR + 1.85%),
5.53%, 08/15/42(a)(b)
 
193
193,244
BLP Commercial Mortgage Trust, Series 2024-IND2,
Class A, (1 mo. Term SOFR + 1.34%), 5.02%,
03/15/41(a)(b)
 
294
294,120
BMO Mortgage Trust, Series 2023-C5, Class XA,
0.74%, 06/15/56(b)
 
334
12,556
BMP Commercial Mortgage Trust(a)(b)
 
Series 2024-MF23, Class D, (1 mo. Term SOFR +
2.39%), 6.07%, 06/15/41
 
220
220,926
Series 2024-MF23, Class E, (1 mo. Term SOFR +
3.39%), 7.07%, 06/15/41
 
39
39,045
BOS Trust, Series 2026-LYRK, Class A, 5.05%,
05/11/41(a)(b)
 
45
44,216
BPR Commercial Mortgage Trust, Series 2025-STAR,
Class A, 4.95%, 11/05/42(a)(b)
 
105
103,302
BPR Trust, Series 2024-PMDW, Class A, 5.36%,
11/05/41(a)(b)
 
10
10,000
BRES Commercial Mortgage Trust, Series 2025-
ATCAP, Class A, (1 mo. Term SOFR + 1.49%),
5.17%, 11/15/42(a)(b)
 
133
132,736
Bridge Commercial Mortgage Trust, Series 2026-MF,
Class A, (1 mo. Term SOFR + 1.25%), 4.93%,
06/15/39(a)(b)
 
200
200,250
BWAY Trust, Series 2025-1535, Class A, 6.31%,
05/05/42(a)(b)
 
23
23,045
BX, Series 2024-PALM, Class A, (1 mo. Term SOFR +
1.54%), 5.22%, 06/15/37(a)(b)
 
477
476,745
BX Commercial Mortgage Trust(a)(b)
 
Series 2021-VIV5, Class A, 2.84%, 03/09/44
 
240
221,017
Security
 
Par
(000)
Value
Commercial Mortgage-Backed Securities (continued)
BX Commercial Mortgage Trust(a)(b) (continued)
 
Series 2024-AIR2, Class A, (1 mo. Term SOFR +
1.49%), 5.17%, 10/15/41
USD
144
$ 144,282
Series 2024-AIRC, Class A, (1 mo. Term SOFR +
1.69%), 5.37%, 08/15/41
 
250
251,188
Series 2024-BRBK, Class A, (1 mo. Term SOFR +
2.88%), 6.58%, 10/15/41
 
187
187,351
Series 2024-BRBK, Class B, (1 mo. Term SOFR +
3.93%), 7.63%, 10/15/41
 
23
23,000
Series 2024-GPA3, Class B, (1 mo. Term SOFR +
1.64%), 5.32%, 12/15/39
 
76
76,066
Series 2024-MDHS, Class A, (1 mo. Term SOFR +
1.64%), 5.32%, 05/15/41
 
181
181,629
Series 2024-MF, Class A, (1 mo. Term SOFR +
1.44%), 5.12%, 02/15/39
 
253
253,557
Series 2024-MF, Class E, (1 mo. Term SOFR +
3.74%), 7.41%, 02/15/39
 
89
88,191
Series 2024-PURE, Class A, (1-day CORRA +
1.90%), 4.21%, 11/15/41
CAD
26
18,476
Series 2024-XL4, Class D, (1 mo. Term SOFR +
3.14%), 6.82%, 02/15/39
USD
126
126,459
Series 2024-XL4, Class E, (1 mo. Term SOFR +
4.19%), 7.86%, 02/15/39
 
81
81,283
Series 2025-BCAT, Class A, (1 mo. Term SOFR +
1.38%), 5.06%, 08/15/42
 
71
70,918
Series 2025-BCAT, Class E, (1 mo. Term SOFR +
3.50%), 7.18%, 08/15/42
 
70
70,263
Series 2025-JDI, Class A, (1 mo. Term SOFR +
1.40%), 5.08%, 11/15/42
 
215
215,450
Series 2025-JDI, Class E, (1 mo. Term SOFR +
3.40%), 7.08%, 11/15/42
 
87
87,146
Series 2025-SPOT, Class A, (1 mo. Term SOFR +
1.44%), 5.12%, 04/15/40
 
90
89,938
Series 2026-AHP, Class A, (1 mo. Term SOFR +
1.25%), 4.93%, 06/15/43
 
100
99,906
Series 2026-VLT9, Class A, (1 mo. Term SOFR +
1.70%), 5.38%, 03/15/45
 
144
143,640
Series 2026-XL6, Class E, (1 mo. Term SOFR +
3.00%), 6.68%, 03/15/43
 
113
113,804
BX Trust(a)(b)
 
Series 2021-LBA, Class AV, (1 mo. Term SOFR +
1.16%), 4.84%, 02/15/36
 
12
12,088
Series 2022-IND, Class A, (1 mo. Term SOFR +
1.49%), 5.17%, 04/15/37
 
32
31,837
Series 2024-CNYN, Class A, (1 mo. Term SOFR +
1.44%), 5.12%, 04/15/41
 
71
71,469
Series 2024-CNYN, Class D, (1 mo. Term SOFR +
2.69%), 6.37%, 04/15/41
 
70
70,262
Series 2024-CNYN, Class E, (1 mo. Term SOFR +
3.69%), 7.37%, 04/15/41
 
70
70,684
Series 2024-VLT4, Class A, (1 mo. Term SOFR +
1.49%), 5.17%, 06/15/41
 
368
367,988
Series 2024-VLT4, Class E, (1 mo. Term SOFR +
2.89%), 6.57%, 06/15/41
 
58
57,018
Series 2024-VLT4, Class F, (1 mo. Term SOFR +
3.94%), 7.61%, 06/15/41
 
144
142,516
Series 2025-LIFE, Class A, 5.88%, 06/13/47
 
100
97,706
Series 2025-LUNR, Class A, (1 mo. Term SOFR +
1.50%), 5.18%, 06/15/40
 
22
21,832
Series 2025-OMG, Class A, (1 mo. Term SOFR +
1.35%), 5.03%, 10/15/42
 
84
84,053
Series 2025-ROIC, Class E, (1 mo. Term SOFR +
2.94%), 6.62%, 03/15/30
 
254
253,520
38

Schedule of Investments (unaudited)(continued)
July 31, 2026
BlackRock Diversified Fixed Income Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Commercial Mortgage-Backed Securities (continued)
BX Trust(a)(b) (continued)
 
Series 2025-TAIL, Class A, (1 mo. Term SOFR +
1.40%), 5.08%, 06/15/35
USD
100
$ 100,187
Series 2025-TAIL, Class E, (1 mo. Term SOFR +
3.30%), 6.98%, 06/15/35
 
124
123,415
Series 2025-VLT6, Class A, (1 mo. Term SOFR +
1.44%), 5.12%, 03/15/42
 
136
135,746
Series 2025-VOLT, Class A, (1 mo. Term SOFR +
1.70%), 5.38%, 12/15/44
 
259
258,352
Series 2026-ORBT, Class A, (1 mo. Term SOFR +
1.40%), 5.08%, 07/15/43
 
101
101,190
Series 2026-PNDA, Class A, (1 mo. Term SOFR +
1.30%), 4.98%, 05/15/43
 
355
355,666
BXMT Ltd, Series 2025-FL5, Class A, (1 mo. Term
SOFR + 1.64%), 5.31%, 10/18/42(a)(b)
 
164
164,311
Cali, Series 2024-SUN, Class A, (1 mo. Term SOFR +
1.89%), 5.56%, 07/15/41(a)(b)
 
140
140,003
CENT, Series 2025-CITY, Class A, 4.92%,
07/10/40(a)(b)
 
720
713,234
CFK Trust, Series 2020-MF2, Class B, 2.79%,
03/15/39(a)
 
330
311,041
CFSP Mortgage Trust, Series 2024-AHP1, Class A,
6.50%, 04/15/37
 
195
187,070
CHI Commercial Mortgage Trust(a)(b)
 
Series 2025-110W, Class A, 5.10%, 12/13/40
 
128
125,924
Series 2025-110W, Class D, 6.63%, 12/13/40
 
100
98,755
CIP Commercial Mortgage Trust(a)(b)
 
Series 2025-SBAY, Class A, (1 mo. Term SOFR +
1.40%), 5.08%, 10/15/37
 
313
313,782
Series 2025-SBAY, Class E, (1 mo. Term SOFR +
3.75%), 7.43%, 10/15/37
 
237
237,470
Commercial Mortgage Trust
 
Series 2022-PF2, Class A5, 5.29%, 11/15/55(b)
 
300
297,832
Series 2024-WCL1, Class A, (1 mo. Term SOFR +
1.84%), 5.52%, 06/15/41(a)(b)
 
170
169,875
Series 2024-WCL1, Class B, (1 mo. Term SOFR +
2.59%), 6.27%, 06/15/41(a)(b)
 
50
49,963
Series 2025-167G, Class A, 5.50%, 08/10/40(a)
 
254
250,829
Series 2025-167G, Class E, 8.20%, 08/10/40(a)(b)
 
40
39,303
Series 2025-167G, Class F, 9.16%, 08/10/40(a)(b)
 
34
33,418
Series 2025-SBX, Class B, 5.55%, 08/10/41(a)(b)
 
48
47,408
CONE Trust(a)(b)
 
Series 2024-DFW1, Class A, (1 mo. Term SOFR +
1.64%), 5.32%, 08/15/41
 
270
268,734
Series 2024-DFW1, Class E, (1 mo. Term SOFR +
3.89%), 7.56%, 08/15/41
 
200
199,999
CSMC, Series 2022-LION, Class A, (1 mo. Term
SOFR + 3.44%), 7.12%, 02/15/27(a)(b)(h)
 
100
99,807
CSTL Commercial Mortgage Trust(a)(b)
 
Series 2024-GATE, Class A, 4.76%, 11/10/41
 
170
167,986
Series 2025-GATE2, Class D, 5.63%, 11/10/42
 
100
98,704
Series 2026-GATE3, Class E, 6.34%, 02/10/43
 
100
98,398
CVLR Trust, Series 2026-R3LX, Class A, (1 mo. Term
SOFR + 1.55%), 5.23%, 06/15/43(a)(b)
 
106
105,472
DBC Mortgage Trust(a)(b)
 
Series 2025-DBC, Class A, (1 mo. Term SOFR +
1.35%), 5.03%, 11/15/42
 
237
237,296
Series 2025-DBC, Class C, (1 mo. Term SOFR +
2.05%), 5.73%, 11/15/42
 
118
118,332
DBGS, Series 2024-SBL, Class A, (1 mo. Term SOFR
+ 1.88%), 5.56%, 08/15/34(a)(b)
 
200
199,670
DBSG Mortgage Trust, Series 2024-ALTA, Class A,
5.95%, 06/10/37(a)(b)
 
100
100,396
Security
 
Par
(000)
Value
Commercial Mortgage-Backed Securities (continued)
DC Trust, Series 2024-HLTN, Class A, 5.73%,
04/13/40(a)(b)
USD
10
$ 9,982
DK Trust(a)(b)
 
Series 2024-SPBX, Class A, (1 mo. Term SOFR +
1.50%), 5.18%, 03/15/34
 
72
72,045
Series 2024-SPBX, Class E, (1 mo. Term SOFR +
4.00%), 7.68%, 03/15/34
 
204
204,409
Series 2025-LXP, Class A, (1 mo. Term SOFR +
1.59%), 5.30%, 08/15/37
 
41
41,115
Series 2025-LXP, Class D, (1 mo. Term SOFR +
2.89%), 6.60%, 08/15/37
 
18
18,073
Durst Commercial Mortgage Trust, Series 2025-151,
Class D, 6.79%, 08/10/42(a)(b)
 
100
102,094
ELM Trust(a)(b)
 
Series 2024-ELM, Class A10, 5.80%, 06/10/39
 
75
74,986
Series 2024-ELM, Class A15, 5.80%, 06/10/39
 
75
74,939
Series 2024-ELM, Class E10, 7.79%, 06/10/39
 
95
95,026
Series 2024-ELM, Class XP10, 0.24%, 06/10/39
 
1,000
13
Series 2024-ELM, Class XP15, 1.61%, 06/10/39
 
1,005
88
EQT Trust(a)
 
Series 2024-EXTR, Class A, 5.33%, 07/05/41
 
346
347,776
Series 2026-IND1, Class A, (1 mo. Term SOFR +
1.20%), 4.85%, 07/15/41(b)
 
115
115,072
Fashion Show Mall LLC, Series 2024-SHOW,
Class A, 5.10%, 10/10/41(a)(b)
 
17
16,960
Fontainebleau Miami Beach Mortgage Trust(a)(b)
 
Series 2024-FBLU, Class A, (1 mo. Term SOFR +
1.45%), 5.13%, 12/15/39
 
700
700,875
Series 2024-FBLU, Class G, (1 mo. Term SOFR +
5.65%), 9.33%, 12/15/39
 
100
101,141
FS, Series 2026-ORL, Class A, (1 mo. Term SOFR +
1.35%), 5.03%, 02/15/41(a)(b)
 
250
250,234
FS Commercial Mortgage Trust, Series 2026-PALM,
Class A, (1 mo. Term SOFR + 1.40%), 5.05%,
07/15/41(a)(b)
 
100
100,094
FS ORL, Series 2026-ORL, Class E, (1 mo. Term
SOFR + 3.25%), 6.93%, 02/15/41(a)(b)
 
100
100,184
FS Rialto Issuer LLC(a)(b)
 
Series 2024-FL9, Class A, (1 mo. Term SOFR +
1.63%), 5.30%, 10/19/39
 
100
100,157
Series 2025-FL10, Class A, (1 mo. Term SOFR +
1.39%), 5.05%, 08/19/42
 
780
780,765
FS Trust, Series 2026-HULA, Class A, (1 mo. Term
SOFR + 1.45%), 5.13%, 03/15/41(a)(b)
 
129
129,242
GGP, Series 2026-TY, Class A, 4.67%, 03/05/43(a)(b)
 
42
41,076
GS Mortgage Securities Corp. Trust(a)(b)
 
Series 2024-RVR, Class E, 7.47%, 08/10/41
 
37
36,247
Series 2025-800D, Class A, (1 mo. Term SOFR +
2.65%), 6.32%, 11/25/41
 
210
209,273
GS Mortgage Securities Trust
 
Series 2017-GS8, Class A4, 3.47%, 11/10/50
 
300
295,347
Series 2019-GSA1, Class AS, 3.34%, 11/10/52
 
190
177,169
GSAT Trust, Series 2025-BMF, Class A, (1 mo. Term
SOFR + 1.50%), 5.18%, 07/15/40(a)(b)
 
100
99,951
GWT, Series 2024-WLF2, Class A, (1 mo. Term
SOFR + 1.69%), 5.37%, 05/15/41(a)(b)
 
142
142,266
Harvest Commercial Capital Loan Trust,
Series 2024-1, Class A, 6.16%, 10/25/56
 
453
457,566
HIH Trust(a)(b)
 
Series 2024-2061P, Class A, (1 mo. Term SOFR +
1.84%), 5.52%, 10/15/41
 
58
57,605
Series 2024-2061P, Class D, (1 mo. Term SOFR +
3.64%), 7.32%, 10/15/41
 
25
24,780
Schedule of Investments
39

Schedule of Investments (unaudited)(continued)
July 31, 2026
BlackRock Diversified Fixed Income Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Commercial Mortgage-Backed Securities (continued)
HILT Commercial Mortgage Trust(a)(b)
 
Series 2024-ORL, Class A, (1 mo. Term SOFR +
1.54%), 5.22%, 05/15/37
USD
100
$ 100,031
Series 2024-ORL, Class D, (1 mo. Term SOFR +
3.19%), 6.87%, 05/15/37
 
100
100,031
HONO LULU Mortgage Trust, Series 2021-LULU,
Class A, (1 mo. Term SOFR + 1.26%), 4.94%,
10/15/36(a)(b)
 
100
99,169
HTL Commercial Mortgage Trust, Series 2024-T53,
Class E, 10.26%, 05/10/39(a)(b)
 
100
100,780
ILPT Commercial Mortgage Trust, Series 2025-LPF2,
Class A, 5.29%, 07/13/42(a)(b)
 
252
251,453
INT Commercial Mortgage Trust, Series 2025-PLAZA,
Class A, 4.88%, 11/05/37(a)(b)
 
100
98,785
INV Mortgage Trust, Series 2024-IND, Class A, (1 mo.
Term SOFR + 1.74%), 5.42%, 11/15/41(a)(b)
 
100
99,062
JP Morgan Chase Commercial Mortgage Securities
Trust(a)(b)
 
Series 2024-IGLG, Class A, 5.17%, 11/09/39
 
160
159,822
Series 2024-IGLG, Class D, 6.48%, 11/09/39
 
41
40,749
Series 2024-IGLG, Class E, 7.25%, 11/09/39
 
137
136,069
Series 2024-IGLG, Class F, 8.22%, 11/09/39
 
118
117,092
Series 2025-BHR5, Class A, (1 mo. Term SOFR +
1.69%), 5.37%, 03/15/40
 
63
63,020
Series 2026-FUN, Class A, (1 mo. Term SOFR +
1.65%), 5.33%, 06/15/39
 
100
100,125
JPMCC Commercial Mortgage Securities Trust,
Series 2019-COR5, Class A3, 3.12%, 06/13/52
 
36
34,200
JW Trust, Series 2024-BERY, Class A, (1 mo. Term
SOFR + 1.59%), 5.27%, 11/15/39(a)(b)
 
600
600,750
KELR Trust, Series 2026-MF, Class A,
08/15/43(a)(b)(d)
 
56
56,018
KSL Commercial Mortgage Trust(a)
 
Class A, 5.52%, 06/15/42
 
262
262,488
Class E, 7.76%, 06/05/42
 
63
63,189
Lagarino European Loan Conduit(b)(c)
 
Series 40X, Class B, (3-mo. EURIBOR + 2.15%),
4.54%, 06/22/37
EUR
90
103,686
Series 40X, Class C, (3-mo. EURIBOR + 2.65%),
5.04%, 06/22/37
 
90
103,639
Series 40X, Class D, (3-mo. EURIBOR + 3.55%),
5.94%, 06/22/37
 
91
104,135
LBA Trust(a)(b)
 
Series 2024-7IND, Class A, (1 mo. Term SOFR +
1.44%), 5.12%, 10/15/41
USD
43
42,651
Series 2024-7IND, Class D, (1 mo. Term SOFR +
2.64%), 6.32%, 10/15/41
 
12
12,122
LEX Trust(a)(b)
 
Series 2026-450, Class A, (1 mo. Term SOFR +
1.35%), 5.03%, 03/15/43
 
78
78,098
Series 2026-450, Class E, (1 mo. Term SOFR +
3.70%), 7.38%, 03/15/43
 
325
322,020
LoanCore(a)(b)
 
Series 2025-CRE8, Class A, (1 mo. Term SOFR +
1.39%), 5.06%, 08/17/42
 
427
427,389
Series 2025-CRE9, Class A, (1 mo. Term SOFR +
1.45%), 5.12%, 08/18/42
 
135
135,274
LQR Trust, Series 2025-CALI, Class A, (1 mo. Term
SOFR + 1.60%), 5.28%, 01/15/43(a)(b)
 
385
384,519
MAC Trust, Series 2025-801B, Class A, (1 mo. Term
SOFR + 1.70%), 5.38%, 10/15/40(a)(b)
 
100
99,842
Security
 
Par
(000)
Value
Commercial Mortgage-Backed Securities (continued)
Manhattan West Mortgage Trust, Series 2026-2MW,
Class A, 5.32%, 06/10/48(a)(b)
USD
250
$ 246,751
MCR Mortgage Trust(a)
 
Series 2024-HF1, Class A, (1 mo. Term SOFR +
1.79%), 5.47%, 12/15/41(b)
 
90
90,353
Series 2024-HTL, Class C, (1 mo. Term SOFR +
3.11%), 6.78%, 02/15/37(b)
 
81
80,509
Series 2024-TWA, Class A, 5.92%, 06/12/39
 
70
70,146
Series 2024-TWA, Class E, 8.73%, 06/12/39
 
37
36,967
Series 2024-TWA, Class XA, 0.92%, 06/12/39
 
332
1,002
MF1 LLC, Series 2026-FL21, Class A, (1 mo. Term
SOFR + 1.35%), 5.02%, 02/18/41(a)(b)
 
106
106,081
MIC Trust, Series 2023-MIC, Class A, 8.44%,
12/05/38(a)(b)
 
31
32,501
MLTI Trust(a)(b)
 
Series 2026-MLTI, Class A10, (1 mo. Term SOFR +
1.40%), 5.08%, 06/15/39
 
100
100,243
Series 2026-SF75, Class A, (1 mo. Term SOFR +
1.40%), 5.08%, 03/15/36
 
108
108,067
Series 2026-SF75, Class E, (1 mo. Term SOFR +
3.25%), 6.93%, 03/15/36
 
101
100,605
Morgan Stanley Capital I Trust(a)
 
Series 2019-H6, Class D, 3.00%, 06/15/52
 
10
8,313
Series 2021-230P, Class B, (1 mo. Term SOFR +
1.56%), 5.24%, 12/15/38(b)
 
10
9,186
Series 2024-NSTB, Class A, 3.90%, 09/24/57(b)
 
56
55,036
MSWF Commercial Mortgage Trust, Series 2023-2,
Class XA, 0.92%, 12/15/56(b)
 
1,084
54,997
National Commercial Mortgage Trust, Series 2026-
IND, Class A, (1 mo. Term SOFR + 1.35%), 5.03%,
06/15/43(a)(b)
 
341
341,426
NCMF Trust(a)(b)
 
Series 2025-MFS, Class A, 4.88%, 06/10/33
 
140
138,564
Series 2025-MFS, Class E, 7.53%, 06/10/33
 
393
392,152
Series 2025-MFS, Class F, 8.44%, 06/10/33
 
282
281,568
NRTH Commercial Mortgage Trust, Series 2025-
PARK, Class A, (1 mo. Term SOFR + 1.39%),
5.07%, 10/15/40(a)(b)
 
100
100,250
NY Commercial Mortgage Trust, Series 2025-299P,
Class B, 5.93%, 02/10/47(a)(b)
 
271
273,223
NYC Commercial Mortgage Trust(a)(b)
 
Series 2025-11X, Class A, (1 mo. Term SOFR +
1.74%), 5.42%, 10/15/40
 
172
172,537
Series 2025-28L, Class A, 4.67%, 11/05/38
 
139
137,531
Series 2025-300P, Class E, 7.39%, 07/13/42
 
112
112,100
NYCT Trust, Series 2024-3ELV, Class A, (1 mo. Term
SOFR + 1.99%), 5.67%, 08/15/29(a)(b)
 
172
172,342
One New York Plaza Trust, Series 2020-1NYP,
Class A, (1 mo. Term SOFR + 1.06%), 4.74%,
01/15/36(a)(b)
 
106
102,678
ORL Trust, Series 2024-GLKS, Class A, (1 mo. Term
SOFR + 1.49%), 5.17%, 12/15/39(a)(b)
 
100
100,125
Park Avenue Mortgage Trust(a)(b)
 
Series 2017-280P, Class B, (1 mo. Term SOFR +
1.38%), 5.05%, 09/15/34
 
283
282,292
Series 2017-280P, Class E, (1 mo. Term SOFR +
2.42%), 6.09%, 09/15/34
 
138
137,679
PENN Commercial Mortgage Trust, Series 2025-P11,
Class A, 5.34%, 08/10/42(a)
 
31
31,068
PFP Ltd., Series 2026-14, Class A, (1 mo. Term
SOFR + 1.32%), 4.99%, 12/18/43(a)(b)
 
100
100,084
40

Schedule of Investments (unaudited)(continued)
July 31, 2026
BlackRock Diversified Fixed Income Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Commercial Mortgage-Backed Securities (continued)
PGA Trust, Series 2024-RSR2, Class A, (1 mo. Term
SOFR + 1.89%), 5.57%, 06/15/39(a)(b)
USD
38
$ 37,988
PLYM Commercial Mortgage Trust, Series 2026-IND,
Class D, (1 mo. Term SOFR + 2.15%), 5.83%,
03/15/43(a)(b)
 
100
100,313
PRM5 Trust, Series 2025-PRM5, Class D, 5.62%,
03/10/33(a)(b)
 
489
483,542
Sage AR Funding, Series 2026-1X, Class C, (1-day
SONIA GBP 1.75%), 5.51%, 05/18/38(b)(c)
GBP
168
221,802
SCG Commercial Mortgage Trust(a)(b)
 
Series 2025-DLFN, Class E, (1 mo. Term SOFR +
2.95%), 6.63%, 03/15/35
USD
109
109,341
Series 2025-FLWR, Class A, (1 mo. Term SOFR +
1.25%), 4.93%, 08/15/42
 
44
44,000
SCG Mortgage Trust, Series 2026-PALM, Class A,
(1 mo. Term SOFR + 1.27%), 4.90%, 07/15/43(a)(b)
 
455
455,427
SDAL Trust, Series 2025-DAL, Class A, (1 mo. Term
SOFR + 2.44%), 6.12%, 04/15/42(a)(b)
 
100
100,019
SG Commercial Mortgage Securities Trust,
Series 2019-PREZ, Class E, 3.48%, 09/15/39(a)(b)
 
26
19,485
SHR Trust, Series 2024-LXRY, Class A, (1 mo. Term
SOFR + 1.95%), 5.63%, 10/15/41(a)(b)
 
191
191,298
Taurus, Series 2025-UK2X, Class D, (1-day SONIA
GBP 3.20%), 6.94%, 02/18/35(b)(c)
GBP
165
222,580
TYSN Mortgage Trust, Series 2023-CRNR, Class A,
6.58%, 12/10/33(a)(b)
USD
376
384,810
UBS Commercial Mortgage Trust, Series 2017-C4,
Class AS, 3.84%, 10/15/50(b)
 
580
564,990
UK Logistics, Series 2025-1X, Class D, (1-day SONIA
GBP 4.00%), 7.74%, 05/17/35(b)(c)
GBP
129
174,569
UNIV Trust, Series 2025-APTS, Class A, (1 mo. Term
SOFR + 1.65%), 5.33%, 11/15/42(a)(b)
USD
124
123,559
VCC Trust, Series 2025-MC1, Class A1, 8.16%,
05/25/55(a)
 
65
64,307
VEGAS(a)(b)
 
Series 2024-GCS, Class C, 6.22%, 07/10/36
 
140
140,535
Series 2024-GCS, Class D, 6.22%, 07/10/36
 
140
138,528
Velocity Commercial Capital Loan Trust(a)
 
Series 2020-1, Class AFX, 2.61%, 02/25/50(b)
 
399
376,297
Series 2022-3, Class A, 5.22%, 06/25/52(b)
 
124
121,312
Series 2023-2, Class M1, 7.03%, 05/25/53(b)
 
61
60,883
Series 2024-1, Class A, 6.55%, 01/25/54(b)
 
66
66,638
Series 2024-5, Class A, 5.49%, 10/25/54
 
63
62,888
Series 2025-1, Class M2, 6.98%, 02/25/55(b)
 
1,244
1,247,423
Series 2025-1, Class M3, 7.33%, 02/25/55(b)
 
94
94,061
Series 2025-3, Class A, 5.87%, 06/25/55(b)
 
479
477,617
Series 2025-3, Class M3, 7.38%, 06/25/55(b)
 
99
99,269
VMC Finance, Series 2026-FL6, Class A, (1 mo. Term
SOFR + 1.60%), 5.27%, 11/19/43(a)(b)
 
104
104,111
Wells Fargo Commercial Mortgage Trust
 
Series 2017-C40, Class A4, 3.58%, 10/15/50
 
200
197,293
Series 2019-C49, Class D, 3.00%, 03/15/52(a)
 
10
8,166
Series 2024-1CHI, Class A, 5.31%, 07/15/35(a)(b)
 
154
153,962
Series 2024-BPRC, Class B, 6.22%, 07/15/43(a)
 
176
175,978
Series 2024-BPRC, Class C, 6.43%, 07/15/43(a)
 
112
109,924
Series 2024-BPRC, Class D, 7.08%, 07/15/43(a)
 
50
49,011
Series 2024-BPRC, Class X, 0.09%, 07/15/43(a)(b)
 
1,390
10,417
Security
 
Par
(000)
Value
Commercial Mortgage-Backed Securities (continued)
WEST Trust, Series 2025-ROSE, Class A, 5.28%,
04/10/35(a)(b)
USD
56
$ 55,605
WHARF Commercial Mortgage Trust, Series 2025-
DC, Class E, 7.72%, 07/15/40(a)(b)
 
115
115,146
 
 
40,663,484
Interest Only Collateralized Mortgage Obligations(b) — 0.0%
JP Morgan Resecuritization Trust, Series 2014-5,
Class 5C, 0.00%, 05/27/36(a)
 
1,342
214,304
Residential Asset Securitization Trust, Series 2007-
A9, Class A2, (1 mo. Term SOFR + 6.34%), 2.61%,
09/25/37
 
1,094
119,411
 
 
333,715
Total Non-Agency Mortgage-Backed Securities — 12.1%
(Cost: $154,802,538)
153,330,038
Preferred Securities
Capital Trusts — 0.6%(b)
Automobile Components — 0.0%
Aptiv Swiss Holdings Ltd., 6.88%, 12/15/54
 
49
49,693
Banks(l) — 0.1%
Axis Bank Ltd., 6.88%(c)
 
200
200,378
Goldman Sachs Group, Inc., Series AA, 6.50%
 
67
66,497
Standard Chartered PLC(c)
 
7.00%
 
200
198,350
7.63%(f)
 
200
207,772
 
 
672,997
Capital Markets — 0.0%
HA Sustainable Infrastructure Capital, Inc., 7.13%,
11/15/56
 
91
91,696
Chemicals — 0.0%
FMC Corp., 8.45%, 11/01/55
 
25
18,804
Diversified Telecommunication Services — 0.1%
Bell Telephone Co. of Canada or Bell Canada
 
6.88%, 09/15/55
 
46
46,383
7.00%, 09/15/55
 
50
50,398
British Telecommunications Ltd., 8.38%, 12/20/83(c)
GBP
300
425,355
TELUS Corp., 7.00%, 10/15/55
USD
32
32,256
 
 
554,392
Electric Utilities — 0.3%
AES Corp.
 
7.60%, 01/15/55
 
45
45,750
6.95%, 07/15/55
 
22
21,605
CenterPoint Energy, Inc., 6.70%, 05/15/55
 
290
294,855
Edison International
 
8.13%, 06/15/53
 
50
51,155
7.88%, 06/15/54
 
50
51,598
EDP SA, Series NC5, 1.50%, 03/14/82(c)
EUR
200
228,263
Electricite de France SA, 9.13%(a)(l)
USD
56
64,844
Engie SA, 6.48%(l)
AUD
310
218,162
Entergy Corp., 7.13%, 12/01/54
USD
204
209,108
Nevada Power Co., 6.25%, 05/15/55
 
261
259,987
NextEra Energy Capital Holdings, Inc.
 
6.75%, 06/15/54
 
55
56,462
6.38%, 08/15/55
 
129
129,503
4.00%, 05/15/56
EUR
400
447,730
Schedule of Investments
41

Schedule of Investments (unaudited)(continued)
July 31, 2026
BlackRock Diversified Fixed Income Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Electric Utilities (continued)
PG&E Corp.
 
7.38%, 03/15/55
USD
62
$ 62,956
6.85%, 09/15/56
 
425
420,566
Sempra
 
6.88%, 10/01/54(f)
 
98
99,490
6.38%, 04/01/56
 
95
95,295
Southern Co.
 
6.00%, 04/01/58
 
124
122,746
Series 2025, 6.38%, 03/15/55
 
25
25,312
 
 
2,905,387
Financial Services — 0.0%
Ally Financial, Inc., Series D, 7.10%(l)
 
61
61,347
Gas Utilities — 0.0%
AltaGas Ltd., 7.20%, 10/15/54(a)
 
66
68,271
Health Care Providers & Services — 0.0%
Humana, Inc., 6.63%, 09/15/56
 
204
200,730
Insurance — 0.0%
American National Group, Inc., 7.00%, 12/01/55(f)
 
40
38,481
RLGH Finance Bermuda Ltd., 6.88%(c)(l)
 
200
199,031
 
 
237,512
Internet Software & Services — 0.0%
Rakuten Group, Inc., 4.25%(c)(l)
EUR
200
227,718
Oil, Gas & Consumable Fuels — 0.1%
Enbridge, Inc., 7.38%, 03/15/55(f)
USD
829
865,601
Energy Transfer LP
 
8.00%, 05/15/54
 
29
30,434
7.13%, 10/01/54
 
46
46,974
6.50%, 02/15/56
 
43
43,005
6.75%, 02/15/56
 
33
33,102
Thaioil Treasury Center Co. Ltd., 6.10%(c)(l)
 
200
195,750
TotalEnergies SE, 2.00%(c)(l)
EUR
300
342,601
 
 
1,557,467
Pharmaceuticals — 0.0%
CVS Health Corp.
 
6.75%, 12/10/54
USD
92
94,791
7.00%, 03/10/55
 
75
77,223
 
 
172,014
 
6,818,028
 
 
 
 
Shares
 
Preferred Stocks — 0.0%(k)
Aerospace & Defense — 0.0%
Boeing Co., 6.00%, 10/15/27
 
750
50,108
Security
 
 
Shares
Value
Interactive Media & Services — 0.0%
Alphabet, Inc.
 
Series A, 6.25%, 05/15/29
 
700
$ 35,112
Series B, 6.25%, 05/15/29
 
700
35,140
 
 
70,252
 
120,360
Total Preferred Securities — 0.6%
(Cost: $6,999,503)
6,938,388
 
 
 
Par
(000)
 
U.S. Government Sponsored Agency Securities
Collateralized Mortgage Obligations(b) — 0.6%
Fannie Mae REMICS
 
Series 2023-35, Class FC, (30-day Avg SOFR +
1.10%), 4.72%, 08/25/53
USD
189
190,551
Series 2023-68, Class FB, (30-day Avg SOFR +
1.05%), 4.67%, 01/25/54
 
184
185,363
Series 2024-63, Class FH, (30-day Avg SOFR +
1.10%), 4.72%, 09/25/54
 
128
129,165
Series 2024-88, Class FC, (30-day Avg SOFR +
1.40%), 5.02%, 12/25/54
 
106
106,879
Series 2024-96, Class FA, (30-day Avg SOFR +
1.40%), 5.02%, 12/25/54
 
170
171,867
Series 2025-1, Class FX, (30-day Avg SOFR +
1.35%), 4.97%, 02/25/55
 
107
108,314
Series 2025-13, Class FB, (30-day Avg SOFR +
1.30%), 4.92%, 03/25/55
 
132
132,774
Series 2025-2, Class FG, (30-day Avg SOFR +
1.45%), 5.07%, 02/25/55
 
289
290,176
Series 2025-35, Class FJ, (30-day Avg SOFR +
1.60%), 5.22%, 05/25/55
 
351
358,061
Series 2025-63, Class DF, (30-day Avg SOFR +
1.40%), 5.02%, 08/25/55
 
98
98,988
Series 2025-9, Class FG, (30-day Avg SOFR +
1.35%), 4.97%, 03/25/55
 
71
71,886
Freddie Mac REMICS
 
Series 5468, Class WF, (30-day Avg SOFR +
1.10%), 4.72%, 11/25/54
 
145
145,950
Series 5471, Class FM, (30-day Avg SOFR +
1.40%), 5.02%, 11/25/54
 
976
988,088
Series 5478, Class FD, (30-day Avg SOFR +
1.40%), 5.02%, 02/25/54
 
83
83,611
Series 5482, Class FB, (30-day Avg SOFR +
1.50%), 5.12%, 12/25/54
 
168
170,724
Series 5500, Class DF, (30-day Avg SOFR +
1.35%), 4.97%, 10/25/54
 
113
114,608
Series 5502, Class EF, (30-day Avg SOFR +
1.40%), 5.02%, 02/25/55
 
90
90,801
Series 5508, Class FE, (30-day Avg SOFR +
1.60%), 5.22%, 02/25/55
 
120
122,105
Series 5513, Class FD, (30-day Avg SOFR +
1.35%), 4.97%, 01/25/55
 
968
978,862
Series 5516, Class FC, (30-day Avg SOFR +
1.40%), 5.02%, 03/25/55
 
2,216
2,244,279
42

Schedule of Investments (unaudited)(continued)
July 31, 2026
BlackRock Diversified Fixed Income Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Collateralized Mortgage Obligations (continued)
Freddie Mac REMICS (continued)
 
Series 5543, Class FH, (30-day Avg SOFR +
1.50%), 5.12%, 06/25/55
USD
127
$ 129,415
Series 5563, Class FA, (30-day Avg SOFR +
1.35%), 4.97%, 08/25/55
 
247
249,956
Series 5574, Class FB, (30-day Avg SOFR +
1.35%), 4.97%, 09/25/55
 
116
117,325
Ginnie Mae, Series 2025-9, Class FE, (30-day Avg
SOFR + 1.25%), 4.87%, 01/20/55
 
111
112,268
 
 
7,392,016
Commercial Mortgage-Backed Securities — 0.0%
Fannie Mae-Aces, Series 2021-M4, Class A2, 1.46%,
02/25/31(b)
 
150
131,092
Freddie Mac Multiclass Certificates, Series 2024-
P015, Class A1, 4.44%, 11/25/32(b)
 
4
3,854
Ginnie Mae
 
Series 2023-119, Class AD, 2.25%, 04/16/65
 
37
29,075
Series 2023-50, Class AC, 3.25%, 09/16/63(b)
 
23
19,712
Series 2025-126B, Class AD, 5.00%, 05/16/65
 
50
48,592
Series 2025-129, Class AB, 4.75%, 09/16/54
 
36
35,773
Series 2025-88, Class AT, 5.00%, 06/16/58
 
109
108,330
 
 
376,428
Mortgage-Backed Securities — 37.8%
Fannie Mae Mortgage-Backed Securities, 5.81%,
06/01/31
 
123
125,388
Freddie Mac Mortgage-Backed Securities
 
2.50%, 10/01/31
 
102
97,569
3.50%, 04/01/48
 
53
48,037
Ginnie Mae Mortgage-Backed Securities(q)
 
4.00%, 11/20/40 - 08/20/56
 
3,302
3,001,675
3.50%, 09/20/46 - 08/20/56
 
7,630
6,744,314
4.50%, 02/20/49 - 08/20/56
 
7,194
6,752,618
3.00%, 06/20/50 - 08/20/56
 
9,019
7,825,937
2.00%, 01/20/51 - 08/20/56
 
12,878
10,322,904
2.50%, 10/20/51 - 08/20/56
 
12,247
10,227,286
5.00%, 11/20/52 - 08/20/56
 
11,926
11,549,471
5.50%, 02/20/53 - 08/20/56
 
10,046
9,979,584
6.50%, 10/20/53 - 08/15/54
 
1,298
1,341,283
6.00%, 07/20/54 - 09/21/56
 
4,955
5,031,948
Uniform Mortgage-Backed Securities(q)
 
3.00%, 07/01/31 - 09/14/56
 
26,500
22,811,836
3.50%, 05/01/33 - 09/14/56
 
33,694
29,966,868
2.50%, 01/01/35 - 09/14/56
 
56,127
46,261,490
2.00%, 05/01/36 - 08/13/56
 
68,351
54,982,170
1.50%, 09/01/36 - 10/01/51
 
4,852
3,940,786
4.00%, 08/15/39 - 08/13/56
 
19,572
18,020,736
4.50%, 08/15/39 - 09/14/56
 
36,427
34,305,403
5.50%, 09/01/48 - 09/14/56
 
87,751
86,925,808
5.00%, 06/01/52 - 08/13/56
 
50,328
48,707,848
6.00%, 10/01/52 - 08/13/56
 
35,340
35,786,423
6.50%, 11/01/52 - 09/14/56
 
24,552
25,327,859
 
 
480,085,241
Total U.S. Government Sponsored Agency Securities — 38.4%
(Cost: $493,565,465)
487,853,685
Security
 
Par
(000)
Value
U.S. Treasury Obligations
U.S. Treasury Bonds
 
1.13%, 05/15/40 - 08/15/40
USD
5,422
$ 3,287,074
4.25%, 11/15/40
 
1,024
941,040
1.88%, 02/15/41 - 11/15/51
 
9,004
5,068,890
1.75%, 08/15/41
 
10,570
6,810,218
3.75%, 08/15/41 - 11/15/43
 
6,010
4,992,763
2.38%, 02/15/42 - 05/15/51
 
1,446
913,035
3.00%, 05/15/42 - 08/15/52
 
15,108
10,651,529
3.88%, 02/15/43
 
718
611,477
3.63%, 08/15/43 - 05/15/53
 
1,037
829,647
4.75%, 11/15/43 - 02/15/56
 
12,480
11,739,403
3.38%, 05/15/44 - 11/15/48
 
1,900
1,482,094
4.63%, 05/15/44 - 11/15/55
 
10,956
10,018,624
3.13%, 08/15/44 - 05/15/48(r)(s)
 
43,176
30,957,684
4.13%, 08/15/44 - 08/15/53
 
10,167
8,524,640
2.50%, 02/15/45
 
170
113,900
2.75%, 11/15/47
 
686
461,228
2.25%, 08/15/49
 
1,239
731,951
1.63%, 11/15/50
 
909
449,459
2.00%, 08/15/51
 
419
225,916
2.88%, 05/15/52
 
2,623
1,723,385
4.00%, 11/15/52
 
8,496
6,920,258
5.00%, 05/15/56
 
60
57,712
U.S. Treasury Inflation-Indexed Notes, 0.13%,
01/15/31
 
7,194
6,594,811
U.S. Treasury Notes
 
4.63%, 10/15/26 - 02/15/35
 
1,258
1,257,432
4.13%, 02/15/27 - 02/15/36
 
6,550
6,478,237
2.75%, 04/30/27 - 08/15/32
 
18,034
17,820,243
4.50%, 05/15/27 - 12/31/31
 
2,230
2,235,268
4.38%, 07/15/27 - 05/15/36
 
1,239
1,216,265
3.38%, 09/15/27 - 09/15/28
 
131
129,470
0.38%, 09/30/27
 
1,103
1,055,864
3.50%, 09/30/27 - 04/30/30
 
197
195,189
3.88%, 11/30/27 - 08/15/34
 
51,138
50,752,837
4.25%, 01/15/28 - 05/15/35
 
3,316
3,232,824
4.00%, 02/29/28 - 11/15/35
 
49,569
48,985,516
3.63%, 03/31/28 - 09/30/31
 
15,553
15,255,474
3.75%, 04/15/28 - 01/31/31
 
880
872,462
2.88%, 08/15/28 - 05/15/32(r)
 
64,677
60,457,185
4.88%, 10/31/28 - 10/31/30
 
21,919
22,267,462
3.25%, 06/30/29
 
1,009
979,282
0.63%, 08/15/30
 
615
530,029
Total U.S. Treasury Obligations — 27.4%
(Cost: $357,057,594)
347,827,777
Total Long-Term Investments — 113.4%
(Cost: $1,461,194,503)
1,439,274,743
Short-Term Securities
Foreign Agency Obligations — 0.1%
Brazil Letras do Tesouro Nacional, 0.00%, 10/01/26 -
04/01/27(i)(t)
BRL
2,542
485,060
Brazil Notas do Tesouro Nacional, Series F, 14.00%,
01/01/27
 
1,424
276,926
Schedule of Investments
43

Schedule of Investments (unaudited)(continued)
July 31, 2026
BlackRock Diversified Fixed Income Fund
(Percentages shown are based on Net Assets)
Security
 
Par
(000)
Value
Foreign Agency Obligations (continued)
Egypt Treasury Bills, 0.00%, 10/20/26 - 07/06/27(i)(t)
EGP
17,775
$ 291,880
Mexican Bonos, Series M, 7.00%, 09/03/26
MXN
5,148
297,327
 
1,351,193
 
 
 
 
Shares
 
Money Market Funds — 11.5%
BlackRock Cash Funds: Institutional, SL Agency
Shares, 3.81%(o)(u)(v)
 
30,622,869
30,632,056
BlackRock Liquidity Funds, T-Fund, Institutional
Shares, 3.58%(o)(u)
 
115,312,669
115,312,669
 
145,944,725
 
 
 
Par
(000)
 
U.S. Treasury Obligations — 0.2%
U.S. Treasury Bills, 4.00%, 06/10/27 - 07/08/27(i)(t)
USD
2,399
2,311,392
U.S. Treasury Notes, 3.75%, 06/30/27
 
563
561,065
 
2,872,457
Total Short-Term Securities — 11.8%
(Cost: $150,126,817)
150,168,375
Options Purchased — 0.0%
(Cost: $484,814)
383,192
Total Investments Before TBA Sale Commitments and
Options Written — 125.2%
(Cost: $1,611,806,134)
1,589,826,310
TBA Sale Commitments(q)
Mortgage-Backed Securities — (10.3)%
Ginnie Mae Mortgage-Backed Securities
 
2.00%, 08/20/56
 
(90
)
(72,042
)
2.50%, 08/20/56
 
(94
)
(78,445
)
3.00%, 08/20/56
 
(71
)
(61,551
)
3.50%, 08/20/56
 
(66
)
(57,764
)
4.00%, 08/20/56
 
(32
)
(28,945
)
4.50%, 08/20/56
 
(54
)
(50,606
)
5.00%, 08/20/56
 
(80
)
(77,398
)
5.50%, 08/20/56
 
(69
)
(68,544
)
6.00%, 08/20/56
 
(1,693
)
(1,720,612
)
Uniform Mortgage-Backed Securities
 
2.00%, 08/18/41 - 08/13/56
 
(625
)
(512,392
)
2.50%, 08/18/41 - 09/14/56
 
(10,036
)
(8,184,822
)
3.00%, 08/18/41 - 09/14/56
 
(1,822
)
(1,555,453
)
3.50%, 08/18/41 - 08/13/56
 
(6,476
)
(5,744,428
)
4.00%, 08/15/39 - 08/13/56
 
(91
)
(83,244
)
Security
 
Par
(000)
Value
Mortgage-Backed Securities (continued)
Uniform Mortgage-Backed Securities (continued)
 
4.50%, 08/15/39 - 09/14/56
USD
(67,674
)
$ (63,486,375
)
5.00%, 08/13/56
 
(15,694
)
(15,144,643
)
5.50%, 08/13/56
 
(12,811
)
(12,677,833
)
6.00%, 08/13/56
 
(12,276
)
(12,411,125
)
6.50%, 08/13/56
 
(8,108
)
(8,358,522
)
Total TBA Sale Commitments — (10.3)%
(Proceeds: $(131,727,859))
(130,374,744
)
Options Written — (0.1)%
(Premiums Received: $(1,258,599))
(1,645,137
)
Total Investments, Net of TBA Sale Commitments and
Options Written — 114.8%
(Cost: $1,478,819,676)
1,457,806,429
Liabilities in Excess of Other Assets — (14.8)%
(188,247,960
)
Net Assets — 100.0%
$ 1,269,558,469
 
(a)
Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933,
as amended. These securities may be resold in transactions exempt from registration to
qualified institutional investors.
(b)
Variable rate security. Interest rate resets periodically. The rate shown is the effective
interest rate as of period end. Security description also includes the reference rate and
spread if published and available.
(c)
This security may be resold to qualified foreign investors and foreign institutional buyers
under Regulation S of the Securities Act of 1933.
(d)
When-issued security.
(e)
Non-income producing security.
(f)
All or a portion of this security is on loan.
(g)
Payment-in-kind security which may pay interest/dividends in additional par/shares
and/or in cash. Rates shown are the current rate and possible payment rates.
(h)
Security is valued using significant unobservable inputs and is classified as Level 3 in the
fair value hierarchy.
(i)
Zero-coupon bond.
(j)
Restricted security as to resale, excluding 144A securities. The Fund held restricted
securities with a current value of $231,780, representing less than 0.05% of its net assets
as of period end, and an original cost of $235,000.
(k)
Convertible security.
(l)
Perpetual security with no stated maturity date.
(m)
Issuer filed for bankruptcy and/or is in default.
(n)
Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step-
down bond) at regular intervals until maturity. Interest rate shown reflects the rate
currently in effect.
(o)
Affiliate of the Fund.
(p)
U.S. Government securities held in escrow, are used to pay interest on this security as
well as to retire the bond in full at the date indicated, typically at a premium to par.
(q)
Represents or includes a TBA transaction.
(r)
All or a portion of the security has been pledged as collateral in connection with
outstanding OTC derivatives.
(s)
All or a portion of this security represents an investment of TBA cash collateral.
(t)
Rates are discount rates or a range of discount rates as of period end.
(u)
Annualized 7-day yield as of period end.
(v)
All or a portion of this security was purchased with the cash collateral from loaned
securities.
For purposes of this report, industry and sector sub-classifications may differ from those utilized by the Fund for compliance purposes.
44

Schedule of Investments (unaudited)(continued)
July 31, 2026
BlackRock Diversified Fixed Income Fund
 
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the period ended July 31, 2026 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: 
Affiliated Issuer
Value at
10/31/25
Purchases
at Cost
Proceeds
from Sales
Net
Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
07/31/26
Shares
Held at
07/31/26
Income
Capital Gain
Distributions
from
Underlying
Funds
BlackRock Cash Funds: Institutional, SL Agency
Shares
$ 21,246,207
$ 9,391,503
(a)
$ —
$ (5,942
)
$ 288
$ 30,632,056
30,622,869
$ 68,264
(b)
$ —
BlackRock Liquidity Funds, T-Fund, Institutional
Shares
192,172,783
—
(76,860,114
)(a)
—
—
115,312,669
115,312,669
4,199,960
—
iShares China Large-Cap ETF
—
24,048
—
—
1,502
25,550
700
—
—
iShares iBoxx $ Investment Grade Corporate
Bond ETF
—
11,228,953
(5,714,145
)
(137,590
)
(117,843
)
5,259,375
49,500
104,515
—
 
$ (143,532
)
$ (116,053
)
$ 151,229,650
$ 4,372,739
$ —
 
(a)
Represents net amount purchased (sold).
(b)
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.
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts 
Description
Number of
Contracts
Expiration
Date
Notional
Amount (000)
Value/
Unrealized
Appreciation
(Depreciation)
Long Contracts 
Euro BTP
18
09/08/26
$ 2,412
$ (33,828
)
Euro Bund
9
09/08/26
1,291
(2,874
)
Euro OAT
4
09/08/26
540
(3,602
)
Euro-Schatz
1
09/08/26
122
120
Short Term Euro BTP
3
09/08/26
368
(1,041
)
10-Year Australian Treasury Bonds
385
09/15/26
29,291
(48,978
)
Bloomberg HY Credit
20
09/15/26
2,276
(12,950
)
10-Year Canadian Bond
7
09/18/26
593
(3,248
)
10-Year U.S. Treasury Note
75
09/21/26
8,100
(82,334
)
10-Year U.S. Ultra Long Treasury Note
178
09/21/26
9,347
(336,156
)
U.S. Long Bond
73
09/21/26
7,930
(284,382
)
Ultra U.S. Treasury Bond
121
09/21/26
8,145
(567,323
)
Long Gilt
371
09/28/26
43,246
(1,090,730
)
2-Year U.S. Treasury Note
136
09/30/26
27,975
(60,031
)
5-Year U.S. Treasury Note
416
09/30/26
40,855
(264,969
)
3-Month SOFR
86
03/16/27
20,623
(171,796
)
3-Month SOFR
2
06/15/27
479
(1,378
)
3-Month SOFR
17
12/14/27
4,072
(4,836
)
3-Month SOFR
27
03/14/28
6,470
(53,654
)
3-Month SOFR
27
03/20/29
6,472
(38,423
)
 
(3,062,413
)
Short Contracts 
30-Year Euro Buxl Bond
1
09/08/26
122
3,827
Euro BOBL
10
09/08/26
1,313
842
Euro BTP
60
09/08/26
8,041
85,865
Euro Bund
349
09/08/26
43,452
192,317
Euro OAT
28
09/08/26
3,782
55,040
10-Year Australian Treasury Bonds
10
09/15/26
609
(3,385
)
10-Year Canadian Bond
123
09/18/26
10,422
48,544
E-mini Russell 2000 Index
5
09/18/26
735
7,652
Euro Stoxx 50 Index
3
09/18/26
220
(3,281
)
10-Year U.S. Treasury Note
472
09/21/26
2,814
369,631
U.S. Long Bond
35
09/21/26
3,791
40,428
Schedule of Investments
45

Schedule of Investments (unaudited)(continued)
July 31, 2026
BlackRock Diversified Fixed Income Fund
 
Futures Contracts (continued)
Description
Number of
Contracts
Expiration
Date
Notional
Amount (000)
Value/
Unrealized
Appreciation
(Depreciation)
Short Contracts (continued)
Long Gilt
4
09/28/26
$ 233
$ 2,691
2-Year U.S. Treasury Note
93
09/30/26
1,440
18,606
5-Year U.S. Treasury Note
1
09/30/26
106
(79
)
 
818,698
 
$ (2,243,715
)
Forward Foreign Currency Exchange Contracts 
Currency Purchased
Currency Sold
Counterparty
Settlement Date
Unrealized
Appreciation
(Depreciation)
COP
231,200,000
USD
68,000
Barclays Bank PLC
08/03/26
$ 5,280
COP
319,600,000
USD
94,000
Barclays Bank PLC
08/03/26
7,299
USD
73,809
COP
231,200,000
Barclays Bank PLC
08/03/26
529
USD
102,030
COP
319,600,000
Barclays Bank PLC
08/03/26
731
BRL
111,332
EUR
19,000
Societe Generale
08/04/26
53
BRL
2,108
USD
414
Barclays Bank PLC
08/04/26
2
BRL
346,324
USD
68,000
Barclays Bank PLC
08/04/26
320
BRL
353,870
USD
69,696
Barclays Bank PLC
08/04/26
112
BRL
509,040
USD
100,258
Barclays Bank PLC
08/04/26
161
BRL
509,040
USD
99,949
Barclays Bank PLC
08/04/26
470
BRL
518,478
USD
102,117
Barclays Bank PLC
08/04/26
164
BRL
2,826,111
USD
556,617
Barclays Bank PLC
08/04/26
895
BRL
3,069,827
USD
589,901
Barclays Bank PLC
08/04/26
15,689
BRL
3,251,152
USD
638,357
Barclays Bank PLC
08/04/26
3,003
BRL
3,699,914
USD
728,717
Barclays Bank PLC
08/04/26
1,172
BRL
119,048
USD
23,447
Citibank N.A.
08/04/26
38
BRL
181,160
USD
35,680
Citibank N.A.
08/04/26
57
BRL
448,762
USD
86,151
Goldman Sachs International
08/04/26
2,377
BRL
2,108
USD
415
Morgan Stanley & Co. International PLC
08/04/26
1
BRL
57,494
USD
11,000
Morgan Stanley & Co. International PLC
08/04/26
342
BRL
652,309
USD
124,802
Morgan Stanley & Co. International PLC
08/04/26
3,880
BRL
56,315
USD
11,091
Societe Generale
08/04/26
18
EUR
19,058
BRL
111,332
Societe Generale
08/04/26
14
PEN
308,070
USD
90,000
Citibank N.A.
08/12/26
622
PEN
561,372
USD
164,000
Citibank N.A.
08/12/26
1,133
MXN
204,200
USD
11,134
Goldman Sachs International
08/18/26
642
MXN
796,200
USD
43,324
Goldman Sachs International
08/18/26
2,593
MXN
5,104,125
USD
271,055
Morgan Stanley & Co. International PLC
08/18/26
23,300
KRW
3,700,000
USD
2,522
BNP Paribas SA
08/20/26
41
KRW
1,700,000
USD
1,155
Citibank N.A.
08/20/26
23
KRW
2,900,000
USD
1,966
Citibank N.A.
08/20/26
43
KRW
1,600,000
USD
1,092
Deutsche Bank AG
08/20/26
16
KRW
1,850,000
USD
1,258
Deutsche Bank AG
08/20/26
24
KRW
1,900,000
USD
1,314
HSBC Bank PLC
08/20/26
3
KRW
1,900,000
USD
1,313
HSBC Bank PLC
08/20/26
4
USD
1,399
KRW
2,000,000
Barclays Bank PLC
08/20/26
13
USD
1,375
KRW
1,980,000
Citibank N.A.
08/20/26
3
USD
1,394
KRW
2,010,000
Citibank N.A.
08/20/26
1
USD
1,394
KRW
2,000,000
Citibank N.A.
08/20/26
9
USD
1,389
KRW
2,000,000
HSBC Bank PLC
08/20/26
3
USD
2,813
KRW
4,000,000
HSBC Bank PLC
08/20/26
41
CNH
582,633
USD
86,256
Bank of America N.A.
08/24/26
148
CZK
3,877,655
USD
182,765
Citibank N.A.
08/24/26
1,888
PEN
86,700
USD
25,459
Barclays Bank PLC
08/24/26
33
PEN
161,936
USD
47,558
Barclays Bank PLC
08/24/26
56
PLN
40,487
USD
10,756
State Street Bank and Trust Co.
08/24/26
81
TRY
1,375,581
USD
28,130
BNP Paribas SA
08/24/26
328
46

Schedule of Investments (unaudited)(continued)
July 31, 2026
BlackRock Diversified Fixed Income Fund
 
Forward Foreign Currency Exchange Contracts (continued)
Currency Purchased
Currency Sold
Counterparty
Settlement Date
Unrealized
Appreciation
(Depreciation)
USD
87,095
CNH
586,270
State Street Bank and Trust Co.
08/24/26
$ 152
USD
2,648
CZK
55,108
Societe Generale
08/24/26
24
USD
114,016
HUF
34,512,042
Natwest Markets PLC
08/24/26
5,040
USD
135,387
HUF
40,986,456
Natwest Markets PLC
08/24/26
5,967
USD
22,958
HUF
7,201,322
UBS AG
08/24/26
219
USD
201,562
IDR
3,579,129,302
Barclays Bank PLC
08/24/26
3,415
USD
210,343
IDR
3,735,063,238
Barclays Bank PLC
08/24/26
3,564
USD
50,300
IDR
905,554,329
Citibank N.A.
08/24/26
167
USD
107,020
MXN
1,849,473
UBS AG
08/24/26
415
USD
576,534
MXN
9,965,338
UBS AG
08/24/26
2,124
USD
72,904
PEN
247,073
Citibank N.A.
08/24/26
257
USD
279,608
PHP
16,885,528
Barclays Bank PLC
08/24/26
3,858
USD
531,910
PLN
1,946,442
HSBC Bank PLC
08/24/26
10,888
USD
106,442
ZAR
1,729,473
Bank of America N.A.
08/24/26
1,922
USD
193,333
ZAR
3,187,004
Bank of America N.A.
08/24/26
727
USD
719,613
ZAR
11,692,750
Bank of America N.A.
08/24/26
12,963
AUD
1,300
USD
908
BNP Paribas SA
08/26/26
7
AUD
25,901
USD
18,086
BNP Paribas SA
08/26/26
132
AUD
95,000
USD
66,267
JPMorgan Chase Bank N.A.
08/26/26
554
AUD
131,000
USD
91,378
JPMorgan Chase Bank N.A.
08/26/26
764
CAD
10,000
JPY
1,132,279
Societe Generale
08/26/26
11
CLP
53,061,870
USD
57,000
UBS AG
08/26/26
79
CNH
648,907
USD
96,000
Barclays Bank PLC
08/26/26
245
CNH
2,729,154
USD
403,754
Barclays Bank PLC
08/26/26
1,031
COP
157,689,360
GBP
36,000
Bank of America N.A.
08/26/26
1,210
COP
157,226,400
USD
48,000
Citibank N.A.
08/26/26
1,582
COP
556,545,425
USD
169,909
Citibank N.A.
08/26/26
5,600
CZK
1,059,673
USD
50,000
Citibank N.A.
08/26/26
462
CZK
4,807,397
USD
226,834
Citibank N.A.
08/26/26
2,097
EUR
7,500
HUF
2,736,900
Bank of America N.A.
08/26/26
15
EUR
50,610
HUF
18,468,601
Bank of America N.A.
08/26/26
100
EUR
10,000
JPY
1,826,800
Goldman Sachs International
08/26/26
40
EUR
57,461
USD
65,662
JPMorgan Chase Bank N.A.
08/26/26
657
HUF
34,958,978
USD
109,500
JPMorgan Chase Bank N.A.
08/26/26
878
HUF
129,712,174
USD
406,290
JPMorgan Chase Bank N.A.
08/26/26
3,256
JPY
1,156,062
CAD
10,000
Deutsche Bank AG
08/26/26
138
JPY
3,741,519
USD
23,000
Bank of America N.A.
08/26/26
556
KRW
48,048,975
USD
32,500
HSBC Bank PLC
08/26/26
796
KRW
55,719,259
USD
37,668
HSBC Bank PLC
08/26/26
943
MXN
2,320,446
USD
133,000
JPMorgan Chase Bank N.A.
08/26/26
730
MXN
6,437,701
USD
368,987
JPMorgan Chase Bank N.A.
08/26/26
2,025
MYR
429,062
USD
105,000
Barclays Bank PLC
08/26/26
88
PEN
115,845
USD
34,000
Deutsche Bank AG
08/26/26
60
PHP
2,103,580
USD
34,000
Bank of America N.A.
08/26/26
350
PHP
2,285,046
USD
37,000
Morgan Stanley & Co. International PLC
08/26/26
313
PLN
1,022,556
USD
269,689
Barclays Bank PLC
08/26/26
4,027
RON
410,632
USD
89,240
BNP Paribas SA
08/26/26
863
THB
517,446
USD
15,300
HSBC Bank PLC
08/26/26
222
THB
12,033,427
USD
355,808
HSBC Bank PLC
08/26/26
5,173
USD
23,000
JPY
3,643,487
Societe Generale
08/26/26
61
INR
9,270,576
USD
96,000
BNP Paribas SA
08/27/26
987
INR
47,075,599
USD
487,484
BNP Paribas SA
08/27/26
5,012
BRL
112,068
EUR
19,000
Goldman Sachs International
09/02/26
7
BRL
522,165
USD
101,802
Barclays Bank PLC
09/02/26
433
BRL
2,846,209
USD
554,901
Barclays Bank PLC
09/02/26
2,360
BRL
2,364,408
USD
446,161
HSBC Bank PLC
09/16/26
15,431
CNH
582,633
USD
86,486
Morgan Stanley & Co. International PLC
09/16/26
56
COP
367,770,045
USD
101,527
Citibank N.A.
09/16/26
13,891
COP
748,064,280
USD
206,000
Morgan Stanley & Co. International PLC
09/16/26
28,766
CZK
608,282
USD
28,695
Morgan Stanley & Co. International PLC
09/16/26
278
JPY
35,867,040
USD
220,000
HSBC Bank PLC
09/16/26
6,190
KRW
65,000,000
USD
43,204
JPMorgan Chase Bank N.A.
09/16/26
1,859
Schedule of Investments
47

Schedule of Investments (unaudited)(continued)
July 31, 2026
BlackRock Diversified Fixed Income Fund
 
Forward Foreign Currency Exchange Contracts (continued)
Currency Purchased
Currency Sold
Counterparty
Settlement Date
Unrealized
Appreciation
(Depreciation)
PHP
9,100,000
USD
147,775
Morgan Stanley & Co. International PLC
09/16/26
$ 678
PLN
3,000
USD
798
Deutsche Bank AG
09/16/26
5
PLN
502,368
USD
132,262
HSBC Bank PLC
09/16/26
2,209
RON
303,757
USD
65,874
Citibank N.A.
09/16/26
707
USD
28,218
AUD
40,000
UBS AG
09/16/26
94
USD
286,710
CAD
400,000
Goldman Sachs International
09/16/26
841
USD
148,775
CNH
1,000,000
HSBC Bank PLC
09/16/26
240
USD
5,818
EUR
5,000
Barclays Bank PLC
09/16/26
43
USD
550,215
EUR
474,557
Goldman Sachs International
09/16/26
2,049
USD
11,457,189
EUR
9,830,000
HSBC Bank PLC
09/16/26
102,442
USD
81,480
EUR
70,000
JPMorgan Chase Bank N.A.
09/16/26
623
USD
238,000
IDR
4,276,574,400
Bank of America N.A.
09/16/26
1,757
USD
38,341
IDR
690,000,000
BNP Paribas SA
09/16/26
225
USD
38,352
IDR
690,000,000
BNP Paribas SA
09/16/26
236
USD
72,545
IDR
1,300,000,000
Citibank N.A.
09/16/26
731
USD
73,492
IDR
1,310,000,000
Citibank N.A.
09/16/26
1,126
USD
84,327
IDR
1,526,339,304
Citibank N.A.
09/16/26
10
USD
173,481
IDR
3,110,000,000
Deutsche Bank AG
09/16/26
1,681
USD
225,955
IDR
4,060,000,000
Deutsche Bank AG
09/16/26
1,676
USD
177,244
IDR
3,190,092,750
State Street Bank and Trust Co.
09/16/26
1,019
USD
220,000
JPY
34,776,720
Morgan Stanley & Co. International PLC
09/16/26
686
USD
45,789
PHP
2,800,000
Citibank N.A.
09/16/26
111
USD
193,785
SGD
247,000
State Street Bank and Trust Co.
09/16/26
592
USD
72,560
TWD
2,300,000
BNP Paribas SA
09/16/26
1,248
ZAR
11,145,556
USD
669,242
Citibank N.A.
09/16/26
3,117
ZAR
1,696,641
USD
101,926
Goldman Sachs International
09/16/26
424
ZAR
6,754,783
USD
404,702
Goldman Sachs International
09/16/26
2,783
AUD
393,867
USD
276,842
Bank of America N.A.
09/17/26
90
AUD
150,000
USD
104,299
Goldman Sachs International
09/17/26
1,167
AUD
600,000
USD
413,466
Morgan Stanley & Co. International PLC
09/17/26
8,399
MXN
3,002,013
USD
171,838
HSBC Bank PLC
09/17/26
854
MXN
3,332,266
USD
189,959
State Street Bank and Trust Co.
09/17/26
1,731
MXN
3,531,000
USD
200,050
UBS AG
09/17/26
3,073
MXN
11,770,775
USD
669,242
UBS AG
09/17/26
7,877
SGD
250,000
USD
194,192
Bank of America N.A.
09/17/26
1,362
USD
218,378
AUD
310,000
Morgan Stanley & Co. International PLC
09/17/26
414
USD
520,572
EUR
449,000
JPMorgan Chase Bank N.A.
09/17/26
1,906
USD
5,000
IDR
89,881,500
Barclays Bank PLC
09/17/26
35
USD
50,492
MYR
200,000
Barclays Bank PLC
09/17/26
1,488
USD
75,481
MYR
300,000
Goldman Sachs International
09/17/26
1,974
USD
11,109
CLP
9,943,320
Citibank N.A.
10/09/26
409
USD
12,100
CLP
10,824,119
Citibank N.A.
10/09/26
452
USD
22,691
CLP
19,886,640
Citibank N.A.
10/09/26
1,291
USD
11,154
CLP
9,943,320
Morgan Stanley & Co. International PLC
10/09/26
454
USD
11,163
CLP
9,943,320
Morgan Stanley & Co. International PLC
10/09/26
463
USD
22,220
CLP
19,886,640
Morgan Stanley & Co. International PLC
10/09/26
819
USD
22,586
CLP
19,886,639
Morgan Stanley & Co. International PLC
10/09/26
1,185
PEN
41,602
USD
12,186
Barclays Bank PLC
10/23/26
16
PEN
77,703
USD
22,762
Barclays Bank PLC
10/23/26
28
USD
34,949
PEN
118,760
Citibank N.A.
10/23/26
117
NGN
19,761,000
USD
14,000
Societe Generale
10/26/26
32
NGN
41,297,667
USD
29,258
Societe Generale
10/26/26
66
USD
1,113,153
HKD
8,600,000
Citibank N.A.
12/16/26
12,212
INR
7,300,000
USD
74,475
JPMorgan Chase Bank N.A.
01/13/27
905
 
 
 
 
 
 
411,864
TWD
1,437,750
USD
45,000
Goldman Sachs International
08/03/26
(514
)
TWD
2,204,550
USD
69,000
Goldman Sachs International
08/03/26
(788
)
USD
44,304
TWD
1,437,750
Goldman Sachs International
08/03/26
(182
)
USD
67,933
TWD
2,204,550
Goldman Sachs International
08/03/26
(280
)
BRL
111,154
EUR
19,028
Goldman Sachs International
08/04/26
(14
)
EUR
19,000
BRL
111,154
Goldman Sachs International
08/04/26
(18
)
48

Schedule of Investments (unaudited)(continued)
July 31, 2026
BlackRock Diversified Fixed Income Fund
 
Forward Foreign Currency Exchange Contracts (continued)
Currency Purchased
Currency Sold
Counterparty
Settlement Date
Unrealized
Appreciation
(Depreciation)
USD
415
BRL
2,108
Barclays Bank PLC
08/04/26
$ (1
)
USD
68,000
BRL
353,870
Barclays Bank PLC
08/04/26
(1,809
)
USD
68,210
BRL
346,324
Barclays Bank PLC
08/04/26
(110
)
USD
97,818
BRL
509,040
Barclays Bank PLC
08/04/26
(2,602
)
USD
100,258
BRL
509,040
Barclays Bank PLC
08/04/26
(161
)
USD
101,802
BRL
518,478
Barclays Bank PLC
08/04/26
(479
)
USD
554,901
BRL
2,826,111
Barclays Bank PLC
08/04/26
(2,611
)
USD
604,618
BRL
3,069,827
Barclays Bank PLC
08/04/26
(972
)
USD
640,331
BRL
3,251,152
Barclays Bank PLC
08/04/26
(1,029
)
USD
710,979
BRL
3,699,914
Barclays Bank PLC
08/04/26
(18,909
)
USD
23,000
BRL
119,048
Citibank N.A.
08/04/26
(485
)
USD
35,000
BRL
181,160
Citibank N.A.
08/04/26
(738
)
USD
88,386
BRL
448,762
Goldman Sachs International
08/04/26
(142
)
USD
403
BRL
2,108
Morgan Stanley & Co. International PLC
08/04/26
(13
)
USD
11,324
BRL
57,494
Morgan Stanley & Co. International PLC
08/04/26
(18
)
USD
128,476
BRL
652,309
Morgan Stanley & Co. International PLC
08/04/26
(207
)
USD
11,000
BRL
56,315
Societe Generale
08/04/26
(109
)
USD
26,588
TRY
1,308,604
Barclays Bank PLC
08/04/26
(930
)
USD
342,518
MXN
6,104,525
HSBC Bank PLC
08/18/26
(9,530
)
KRW
2,000,000
USD
1,393
Barclays Bank PLC
08/20/26
(7
)
KRW
2,000,000
USD
1,389
HSBC Bank PLC
08/20/26
(3
)
KRW
2,026,236
USD
1,419
HSBC Bank PLC
08/20/26
(15
)
KRW
2,028,730
USD
1,408
HSBC Bank PLC
08/20/26
(2
)
KRW
2,030,000
USD
1,415
HSBC Bank PLC
08/20/26
(9
)
USD
3,154
KRW
4,620,000
Bank of America N.A.
08/20/26
(47
)
USD
1,227
KRW
1,800,000
Barclays Bank PLC
08/20/26
(20
)
USD
1,300
KRW
1,900,000
Barclays Bank PLC
08/20/26
(16
)
USD
1,299
KRW
1,900,000
Citibank N.A.
08/20/26
(18
)
USD
1,371
KRW
2,000,000
Citibank N.A.
08/20/26
(15
)
USD
1,383
KRW
2,000,000
Citibank N.A.
08/20/26
(3
)
USD
1,447
KRW
2,100,000
Citibank N.A.
08/20/26
(8
)
USD
1,407
KRW
2,075,000
Deutsche Bank AG
08/20/26
(31
)
USD
1,156
KRW
1,700,000
HSBC Bank PLC
08/20/26
(21
)
USD
1,157
KRW
1,700,000
HSBC Bank PLC
08/20/26
(21
)
USD
1,304
KRW
1,900,000
HSBC Bank PLC
08/20/26
(12
)
USD
1,395
KRW
2,030,000
HSBC Bank PLC
08/20/26
(11
)
USD
3,373
KRW
4,950,000
JPMorgan Chase Bank N.A.
08/20/26
(56
)
PEN
14,849
USD
4,381
Citibank N.A.
08/24/26
(15
)
PHP
1,383,611
USD
22,735
Bank of America N.A.
08/24/26
(140
)
PHP
1,485,761
USD
24,453
Deutsche Bank AG
08/24/26
(190
)
USD
140,729
COP
463,308,212
Barclays Bank PLC
08/24/26
(5,446
)
USD
130,963
COP
455,436,601
Citibank N.A.
08/24/26
(12,729
)
USD
10,171
COP
35,574,672
State Street Bank and Trust Co.
08/24/26
(1,052
)
USD
26,918
COP
93,607,155
State Street Bank and Trust Co.
08/24/26
(2,615
)
USD
2,031
CZK
42,954
Bank of America N.A.
08/24/26
(15
)
USD
11,298
CZK
241,012
Citibank N.A.
08/24/26
(179
)
USD
71,672
CZK
1,529,498
Citibank N.A.
08/24/26
(1,163
)
USD
17,862
CZK
380,477
Morgan Stanley & Co. International PLC
08/24/26
(256
)
USD
115,347
CZK
2,459,188
Morgan Stanley & Co. International PLC
08/24/26
(1,759
)
USD
8,832
CZK
187,852
UBS AG
08/24/26
(114
)
USD
56,384
CZK
1,198,676
UBS AG
08/24/26
(697
)
USD
39,308
EUR
34,401
UBS AG
08/24/26
(393
)
USD
113,525
EUR
99,354
UBS AG
08/24/26
(1,136
)
USD
41,215
HUF
13,111,270
Citibank N.A.
08/24/26
(185
)
USD
44,860
MXN
783,267
JPMorgan Chase Bank N.A.
08/24/26
(288
)
USD
120,024
MXN
2,095,261
UBS AG
08/24/26
(749
)
USD
67,014
PHP
4,140,970
Morgan Stanley & Co. International PLC
08/24/26
(611
)
USD
195,507
PLN
741,158
BNP Paribas SA
08/24/26
(2,885
)
USD
7,308
RON
33,604
HSBC Bank PLC
08/24/26
(66
)
USD
25,958
RON
119,579
Royal Bank of Canada
08/24/26
(283
)
USD
33,210
RON
153,067
Royal Bank of Canada
08/24/26
(380
)
USD
4,830
TRY
236,350
Morgan Stanley & Co. International PLC
08/24/26
(59
)
Schedule of Investments
49

Schedule of Investments (unaudited)(continued)
July 31, 2026
BlackRock Diversified Fixed Income Fund
 
Forward Foreign Currency Exchange Contracts (continued)
Currency Purchased
Currency Sold
Counterparty
Settlement Date
Unrealized
Appreciation
(Depreciation)
USD
9,801
UYU
395,244
Citibank N.A.
08/24/26
$ (7
)
USD
19,198
UYU
776,531
HSBC Bank PLC
08/24/26
(73
)
CLP
120,726,915
USD
130,168
Morgan Stanley & Co. International PLC
08/26/26
(300
)
CLP
30,910,450
USD
33,500
UBS AG
08/26/26
(249
)
CLP
41,982,850
USD
45,500
UBS AG
08/26/26
(338
)
COP
52,870,000
USD
17,000
BNP Paribas SA
08/26/26
(327
)
COP
73,085,000
USD
23,500
BNP Paribas SA
08/26/26
(452
)
COP
53,533,000
USD
17,000
Citibank N.A.
08/26/26
(118
)
COP
53,616,300
USD
17,000
Citibank N.A.
08/26/26
(92
)
COP
74,001,500
USD
23,500
Citibank N.A.
08/26/26
(163
)
COP
74,116,650
USD
23,500
Citibank N.A.
08/26/26
(127
)
COP
53,244,000
USD
17,000
Deutsche Bank AG
08/26/26
(209
)
COP
73,602,000
USD
23,500
Deutsche Bank AG
08/26/26
(289
)
JPY
1,827,440
EUR
10,000
Citibank N.A.
08/26/26
(36
)
JPY
3,648,386
USD
23,000
Barclays Bank PLC
08/26/26
(30
)
JPY
7,455,398
USD
47,000
Barclays Bank PLC
08/26/26
(62
)
JPY
2,993,962
USD
19,000
Goldman Sachs International
08/26/26
(151
)
MYR
2,712,854
USD
665,486
Barclays Bank PLC
08/26/26
(1,042
)
PEN
159,664
USD
47,000
Barclays Bank PLC
08/26/26
(57
)
USD
26,685
AUD
38,000
Barclays Bank PLC
08/26/26
(44
)
USD
33,356
AUD
47,500
Barclays Bank PLC
08/26/26
(55
)
USD
34,000
CAD
47,842
BNP Paribas SA
08/26/26
(159
)
USD
80,000
CAD
112,580
Deutsche Bank AG
08/26/26
(383
)
USD
131,000
CAD
184,349
Deutsche Bank AG
08/26/26
(627
)
USD
50,500
COP
164,925,425
Bank of America N.A.
08/26/26
(1,510
)
USD
33,000
COP
108,438,000
Citibank N.A.
08/26/26
(1,196
)
USD
46,000
COP
151,156,000
Citibank N.A.
08/26/26
(1,668
)
USD
47,000
COP
152,876,900
UBS AG
08/26/26
(1,211
)
USD
43,763
EUR
38,297
JPMorgan Chase Bank N.A.
08/26/26
(438
)
USD
60,172
GBP
45,000
JPMorgan Chase Bank N.A.
08/26/26
(475
)
USD
81,567
GBP
61,000
JPMorgan Chase Bank N.A.
08/26/26
(644
)
USD
23,000
JPY
3,741,519
Bank of America N.A.
08/26/26
(556
)
USD
47,000
JPY
7,645,714
Bank of America N.A.
08/26/26
(1,136
)
USD
32,500
KRW
47,469,500
Barclays Bank PLC
08/26/26
(394
)
USD
37,668
KRW
55,017,881
Barclays Bank PLC
08/26/26
(457
)
USD
44,000
PLN
166,831
Barclays Bank PLC
08/26/26
(657
)
USD
68,000
PLN
257,920
Citibank N.A.
08/26/26
(1,040
)
USD
21,000
TRY
1,019,130
Citibank N.A.
08/26/26
(49
)
USD
33,000
ZAR
551,948
Citibank N.A.
08/26/26
(352
)
USD
46,000
ZAR
769,382
Citibank N.A.
08/26/26
(490
)
ZAR
1,661,379
USD
101,000
HSBC Bank PLC
08/26/26
(611
)
ZAR
6,884,706
USD
418,541
HSBC Bank PLC
08/26/26
(2,531
)
USD
411
BRL
2,108
Barclays Bank PLC
09/02/26
(2
)
USD
68,000
BRL
348,787
Barclays Bank PLC
09/02/26
(289
)
USD
99,243
BRL
509,040
Barclays Bank PLC
09/02/26
(422
)
USD
633,849
BRL
3,251,152
Barclays Bank PLC
09/02/26
(2,696
)
USD
70,677
COP
240,656,248
State Street Bank and Trust Co.
09/08/26
(4,986
)
USD
129,626
COP
441,375,453
State Street Bank and Trust Co.
09/08/26
(9,145
)
IDR
2,030,000,000
USD
113,250
Bank of America N.A.
09/16/26
(1,110
)
IDR
2,730,000,000
USD
152,301
Bank of America N.A.
09/16/26
(1,493
)
IDR
3,821,260,954
USD
211,470
Barclays Bank PLC
09/16/26
(379
)
IDR
1,345,000,000
USD
74,478
Citibank N.A.
09/16/26
(179
)
IDR
1,991,090,126
USD
110,653
Citibank N.A.
09/16/26
(663
)
IDR
1,345,000,000
USD
74,635
Goldman Sachs International
09/16/26
(336
)
IDR
2,030,000,000
USD
112,341
Goldman Sachs International
09/16/26
(201
)
PHP
2,235,725
USD
37,058
Deutsche Bank AG
09/16/26
(586
)
PHP
2,800,000
USD
46,064
HSBC Bank PLC
09/16/26
(386
)
PLN
898,838
USD
243,738
State Street Bank and Trust Co.
09/16/26
(3,142
)
SGD
90,000
USD
70,796
HSBC Bank PLC
09/16/26
(401
)
SGD
50,000
USD
39,399
Standard Chartered Bank
09/16/26
(291
)
SGD
50,000
USD
39,395
Standard Chartered Bank
09/16/26
(287
)
TWD
2,300,000
USD
72,831
Citibank N.A.
09/16/26
(1,520
)
50

Schedule of Investments (unaudited)(continued)
July 31, 2026
BlackRock Diversified Fixed Income Fund
 
Forward Foreign Currency Exchange Contracts (continued)
Currency Purchased
Currency Sold
Counterparty
Settlement Date
Unrealized
Appreciation
(Depreciation)
USD
309,000
BRL
1,628,739
Morgan Stanley & Co. International PLC
09/16/26
$ (8,971
)
USD
471,607
BRL
2,493,103
Morgan Stanley & Co. International PLC
09/16/26
(15,110
)
USD
86,389
CNH
582,633
Bank of America N.A.
09/16/26
(153
)
USD
108,771
COP
380,508,690
Citibank N.A.
09/16/26
(10,644
)
USD
795,037
EUR
694,000
BNP Paribas SA
09/16/26
(6,610
)
USD
626,325
EUR
544,000
Goldman Sachs International
09/16/26
(2,056
)
USD
285,483
EUR
248,525
JPMorgan Chase Bank N.A.
09/16/26
(1,591
)
USD
1,026,694
EUR
901,000
Morgan Stanley & Co. International PLC
09/16/26
(14,061
)
USD
114,551
EUR
100,000
Standard Chartered Bank
09/16/26
(961
)
USD
155,079
EUR
135,000
Toronto-Dominion Bank
09/16/26
(861
)
USD
57,338
EUR
50,000
UBS AG
09/16/26
(418
)
USD
1,822,950
GBP
1,358,000
Societe Generale
09/16/26
(7,254
)
USD
187,777
GBP
140,000
State Street Bank and Trust Co.
09/16/26
(904
)
USD
187,956
GBP
141,000
State Street Bank and Trust Co.
09/16/26
(2,072
)
USD
147,762
IDR
2,690,000,000
Goldman Sachs International
09/16/26
(837
)
USD
35,601
JPY
5,800,208
Barclays Bank PLC
09/16/26
(977
)
USD
380,960
JPY
60,600,000
BNP Paribas SA
09/16/26
(1,204
)
USD
42,484
KRW
65,000,000
BNP Paribas SA
09/16/26
(2,579
)
USD
148,735
PHP
9,200,000
Bank of America N.A.
09/16/26
(1,350
)
USD
356,389
PHP
21,957,847
Bank of America N.A.
09/16/26
(1,822
)
USD
146,373
PHP
9,100,000
HSBC Bank PLC
09/16/26
(2,081
)
USD
209,774
PLN
790,000
JPMorgan Chase Bank N.A.
09/16/26
(1,689
)
USD
74,292
SGD
95,000
Citibank N.A.
09/16/26
(14
)
USD
74,261
SGD
95,000
HSBC Bank PLC
09/16/26
(44
)
USD
669,242
ZAR
11,281,011
Citibank N.A.
09/16/26
(11,289
)
ZAR
2,406,000
USD
145,938
HSBC Bank PLC
09/16/26
(795
)
IDR
9,354,992,851
USD
520,271
HSBC Bank PLC
09/17/26
(3,538
)
MYR
200,000
USD
49,140
Barclays Bank PLC
09/17/26
(135
)
MYR
300,000
USD
74,248
Barclays Bank PLC
09/17/26
(741
)
MYR
300,000
USD
73,919
Barclays Bank PLC
09/17/26
(412
)
USD
528,282
AUD
755,500
Bank of America N.A.
09/17/26
(2,917
)
USD
528,383
AUD
755,500
BNP Paribas SA
09/17/26
(2,816
)
USD
234,045
AUD
335,000
JPMorgan Chase Bank N.A.
09/17/26
(1,497
)
USD
46,028
EUR
40,000
Barclays Bank PLC
09/17/26
(178
)
USD
53,258
GBP
40,000
HSBC Bank PLC
09/17/26
(651
)
USD
26,911
GBP
20,000
Morgan Stanley & Co. International PLC
09/17/26
(44
)
USD
40,028
GBP
30,000
Morgan Stanley & Co. International PLC
09/17/26
(404
)
USD
593,298
MXN
10,407,594
Bank of America N.A.
09/17/26
(5,404
)
USD
72,939
MYR
300,000
Barclays Bank PLC
09/17/26
(568
)
USD
98,108
SGD
125,500
JPMorgan Chase Bank N.A.
09/17/26
(60
)
USD
98,150
SGD
125,500
JPMorgan Chase Bank N.A.
09/17/26
(19
)
USD
18,732
RON
86,535
Citibank N.A.
09/29/26
(223
)
USD
6,382
RON
29,404
HSBC Bank PLC
09/29/26
(59
)
USD
25,062
RON
115,850
Royal Bank of Canada
09/29/26
(315
)
USD
13,000
INR
1,258,660
HSBC Bank PLC
10/01/26
(124
)
USD
3,438
EUR
2,998
Citibank N.A.
10/16/26
(29
)
USD
20,334
PEN
70,000
Barclays Bank PLC
10/23/26
(197
)
USD
4,676
PEN
16,200
Citibank N.A.
10/23/26
(75
)
HKD
731,860
USD
94,397
HSBC Bank PLC
12/16/26
(707
)
HKD
732,033
USD
94,419
HSBC Bank PLC
12/16/26
(707
)
HKD
2,000,000
USD
257,938
HSBC Bank PLC
12/16/26
(1,905
)
HKD
1,464,091
USD
188,842
UBS AG
12/16/26
(1,414
)
HKD
1,672,016
USD
215,658
UBS AG
12/16/26
(1,612
)
HKD
2,000,000
USD
257,965
UBS AG
12/16/26
(1,932
)
USD
75,004
THB
2,500,000
JPMorgan Chase Bank N.A.
01/13/27
(938
)
USD
81,833
BRL
449,182
Goldman Sachs International
04/02/27
(2,375
)
 
 
 
 
 
 
(254,033
)
 
$ 157,831
Schedule of Investments
51

Schedule of Investments (unaudited)(continued)
July 31, 2026
BlackRock Diversified Fixed Income Fund
 
Exchange-Traded Options Purchased 
Description
Number of
Contracts
Expiration
Date
Exercise Price
Notional
Amount (000)
Value
Call 
 
 
10-Year U.S. Treasury Note Future
3
08/21/26
USD
110.00
USD
325
$ 188
Nikkei 225 Index
1
09/11/26
JPY
67,000.00
JPY
64,362
9,239
KraneShares CSI China Internet ETF
23
09/18/26
USD
32.00
USD
66
657
 
 
 
10,084
Put 
 
 
Euro-BOBL Future
4
08/21/26
EUR
113.50
EUR
455
923
S&P 500 E-Mini Index Future
1
09/18/26
USD
7,200.00
USD
4
3,250
 
 
 
4,173
 
 
 
$ 14,257
OTC Barrier Options Purchased 
Description
Type of Option
Counterparty
 
Expiration
Date
Exercise Price
Barrier
Price/Range
Notional
Amount (000)
Value
Call 
 
 
 
 
 
 
 
 
 
 
USD Currency
Up-and-out
BNP Paribas SA
 
09/02/26
JPY
161.00
JPY
164.50
USD
400
$ 381
EUR Currency
One Touch
UBS AG
 
09/28/26
USD
1.17
USD
1.17
EUR
13
4,257
USD Currency
One Touch
BNP Paribas SA
 
10/05/26
INR
97.00
INR
97.00
USD
4
1,157
USD Currency
One Touch
BNP Paribas SA
 
06/22/28
CNH
6.90
CNH
6.90
USD
50
3,248
 
 
 
 
 
 
 
 
 
 
 
9,043
Put 
 
 
 
 
 
 
 
 
 
 
EUR Currency
One Touch
Morgan Stanley & Co.
International PLC
 
08/05/26
HUF
350.00
HUF
350.00
EUR
8
—
EUR Currency
One Touch
Barclays Bank PLC
 
08/13/26
USD
1.12
USD
1.13
EUR
10
263
EUR Currency
Down-and-out
UBS AG
 
08/26/26
USD
1.13
USD
1.11
EUR
138
71
USD Currency
One Touch
UBS AG
 
08/31/26
CNH
6.66
CNH
6.66
USD
20
444
USD Currency
One Touch
Bank of America N.A.
 
10/05/26
INR
93.00
INR
93.00
USD
10
714
EUR Currency
One Touch
BNP Paribas SA
 
10/19/26
HUF
351.00
HUF
351.00
EUR
12
1,216
EUR Currency
One Touch
Barclays Bank PLC
 
11/05/26
HUF
345.00
HUF
345.00
EUR
8
322
EUR Currency
One Touch
JPMorgan Chase Bank N.A.
 
11/11/26
HUF
339.00
HUF
339.00
EUR
8
108
USD Currency
One Touch
Bank of America N.A.
 
12/10/26
IDR
17,000.00
IDR
17,000.00
USD
8
311
USD Currency
One Touch
Bank of America N.A.
 
04/26/27
INR
94.00
INR
94.00
USD
4
690
 
 
 
 
 
 
 
 
 
 
 
4,139
 
 
 
 
 
 
 
 
 
 
 
$ 13,182
OTC Currency Options Purchased 
Description
Counterparty
Expiration
Date
Exercise Price
Notional
Amount (000)
Value
Call 
 
AUD Currency
Morgan Stanley & Co. International PLC
08/04/26
USD
0.70
AUD
171
$ 785
USD Currency
JPMorgan Chase Bank N.A.
08/10/26
CLP
975.00
USD
115
52
USD Currency
BNP Paribas SA
08/11/26
COP
4,150.00
USD
158
—
USD Currency
JPMorgan Chase Bank N.A.
08/13/26
JPY
162.00
USD
575
744
USD Currency
Deutsche Bank AG
08/20/26
MXN
17.60
USD
173
530
USD Currency
HSBC Bank PLC
08/20/26
KRW
1,478.00
USD
28
90
USD Currency
HSBC Bank PLC
09/04/26
KRW
1,580.00
USD
113
24
EUR Currency
Morgan Stanley & Co. International PLC
09/10/26
USD
1.16
EUR
1,842
10,505
USD Currency
JPMorgan Chase Bank N.A.
10/01/26
KRW
1,460.00
USD
158
1,986
 
 
14,716
Put 
 
AUD Currency
Morgan Stanley & Co. International PLC
08/06/26
USD
0.69
AUD
362
59
USD Currency
HSBC Bank PLC
08/06/26
ZAR
16.25
USD
160
108
USD Currency
Bank of America N.A.
08/11/26
THB
33.50
USD
157
1,020
EUR Currency
Citibank N.A.
08/13/26
USD
1.14
EUR
345
399
USD Currency
JPMorgan Chase Bank N.A.
08/13/26
JPY
162.00
USD
575
11,681
USD Currency
HSBC Bank PLC
08/20/26
KRW
1,478.00
USD
28
756
52

Schedule of Investments (unaudited)(continued)
July 31, 2026
BlackRock Diversified Fixed Income Fund
 
OTC Currency Options Purchased (continued)
Description
Counterparty
Expiration
Date
Exercise Price
Notional
Amount (000)
Value
Put (continued)
 
USD Currency
Bank of America N.A.
08/24/26
TWD
31.00
USD
200
$ 42
EUR Currency
UBS AG
08/25/26
USD
1.13
EUR
212
232
USD Currency
JPMorgan Chase Bank N.A.
08/27/26
HUF
315.00
USD
157
1,408
USD Currency
BNP Paribas SA
09/11/26
COP
3,300.00
USD
158
6,854
USD Currency
HSBC Bank PLC
01/08/27
INR
92.40
USD
232
339
 
 
22,898
 
 
$ 37,614
OTC Credit Default Swaptions Purchased 
 
Paid by the Fund
Received by the Fund
 
 
 
 
 
 
 
 
Description
Rate/Reference
 
Rate/Reference
Frequency
Counterparty
Expiration
Date
Credit
Rating
Exercise
Price
Notional
Amount (000)(a)
Value
Call
 
 
 
 
 
 
 
 
 
Sold Protection on 5-Year Credit
Default Swap, 06/20/31
5.00%
 
CDX.NA.HY.46.V2
Quarterly
BNP Paribas SA
08/19/26
—
USD 1.09
USD
3,867
$ 84
Sold Protection on 5-Year Credit
Default Swap, 06/20/31
5.00%
 
CDX.NA.HY.46.V2
Quarterly
Morgan Stanley
& Co.
International
PLC
08/19/26
—
USD 1.09
USD
4,324
788
 
 
 
 
 
 
 
 
 
 
872
Put
 
 
 
 
 
 
 
 
 
Bought Protection on 5-Year Credit
Default Swap, 06/20/31
5.00%
 
ITRAXX.XO.45.V1
Quarterly
Morgan Stanley
& Co.
International
PLC
08/19/26
—
EUR 2.62
EUR
101
542
Bought Protection on 5-Year Credit
Default Swap, 06/20/31
1.00%
 
CDX.NA.IG.46.V1
Quarterly
Morgan Stanley
& Co.
International
PLC
09/16/26
—
USD 0.58
USD
734
682
 
 
 
 
 
 
 
 
 
 
1,224
 
 
 
 
 
 
 
 
 
 
$ 2,096
 
(a)
The maximum potential amount the Fund may pay should a negative credit event take place as defined under the terms of the agreement.
OTC Interest Rate Swaptions Purchased 
 
Paid by the Fund
Received by the Fund
 
 
 
 
 
 
Description
Rate
Frequency
Rate
Frequency
Counterparty
Expiration
Date
Exercise
Rate
Notional
Amount (000)
Value
Call 
 
 
 
 
 
 
 
30-Year Interest Rate Swap, 08/09/56
1-day SOFR,
3.66%
Annual
4.15%
Annual
Deutsche Bank AG
08/07/26
4.15
% 
USD
2,117
$ 5
30-Year Interest Rate Swap, 08/16/56
1-day SOFR,
3.66%
Annual
4.14%
Annual
Deutsche Bank AG
08/14/26
4.14
USD
6,610
493
1-Year Interest Rate Swap, 11/04/27
Tokyo
Overnight
Average Rate,
0.98%
Annual
1.10%
Annual
Bank of America N.A.
11/02/26
1.10
JPY
416,890
—
10-Year Interest Rate Swap, 03/29/38
1-day SOFR,
3.66%
Annual
4.11%
Annual
Deutsche Bank AG
03/27/28
4.11
USD
2,148
48,053
10-Year Interest Rate Swap, 04/01/38
1-day SOFR,
3.66%
Annual
4.05%
Annual
Deutsche Bank AG
03/30/28
4.05
USD
2,147
44,309
 
 
 
 
 
 
 
 
92,860
Put 
 
 
 
 
 
 
 
2-Year Interest Rate Swap, 08/29/28
4.15%
Annual
1-day SOFR,
3.66%
Annual
Citibank N.A.
08/27/26
4.15
USD
4,266
7,105
Schedule of Investments
53

Schedule of Investments (unaudited)(continued)
July 31, 2026
BlackRock Diversified Fixed Income Fund
 
OTC Interest Rate Swaptions Purchased (continued)
 
Paid by the Fund
Received by the Fund
 
 
 
 
 
 
Description
Rate
Frequency
Rate
Frequency
Counterparty
Expiration
Date
Exercise
Rate
Notional
Amount (000)
Value
Put (continued)
 
 
 
 
 
 
 
2-Year Interest Rate Swap, 08/30/28
2.90%
Annual
6-mo.
EURIBOR,
2.71%
Semi-Annual
Citibank N.A.
08/28/26
2.90
% 
EUR
4,266
$ 16,883
10-Year Interest Rate Swap, 09/05/36
2.52%
Annual
Tokyo
Overnight
Average Rate,
0.98%
Annual
Bank of America N.A.
09/03/26
2.52
JPY
13,000
20
2-Year Interest Rate Swap, 11/11/28
5.50%
Annual
1-day SONIA,
3.73%
Annual
Citibank N.A.
11/09/26
5.50
GBP
2,291
1,062
10-Year Interest Rate Swap, 03/29/38
4.11%
Annual
1-day SOFR,
3.66%
Annual
Deutsche Bank AG
03/27/28
4.11
USD
2,148
95,971
10-Year Interest Rate Swap, 04/01/38
4.05%
Annual
1-day SOFR,
3.66%
Annual
Deutsche Bank AG
03/30/28
4.05
USD
2,147
102,142
 
 
 
 
 
 
 
 
223,183
 
 
 
 
 
 
 
 
$ 316,043
Exchange-Traded Options Written 
Description
Number of
Contracts
Expiration
Date
Exercise Price
Notional
Amount (000)
Value
Call 
 
 
Euro-BOBL Future
1
08/21/26
EUR
114.50
EUR
114
$ (98
)
Euro-BOBL Future
1
08/21/26
EUR
114.75
EUR
114
(52
)
iShares iBoxx $ Investment Grade Corporate Bond ETF
43
09/18/26
USD
109.00
USD
457
(406
)
KraneShares CSI China Internet ETF
23
09/18/26
USD
38.00
USD
66
(63
)
iShares iBoxx $ Investment Grade Corporate Bond ETF
435
10/16/26
USD
109.00
USD
4,622
(9,284
)
 
 
 
(9,903
)
Put 
 
 
Nikkei 225 Index
1
09/11/26
JPY
59,000.00
JPY
64,362
(8,736
)
KraneShares CSI China Internet ETF
11
09/18/26
USD
26.00
USD
31
(412
)
S&P 500 E-Mini Index Future
1
09/18/26
USD
6,700.00
USD
4
(1,150
)
3-Month SOFR Future
6
12/11/26
USD
96.06
USD
1,439
(3,750
)
 
 
 
(14,048
)
 
 
 
$ (23,951
)
OTC Barrier Options Written 
Description
Type of Option
Counterparty
Expiration
Date
Exercise Price
Barrier
Price/Range
Notional
Amount (000)
Value
Call 
 
 
 
 
 
 
 
 
 
 
USD Currency
One Touch
Bank of America N.A.
10/05/26
INR
97.00
INR
97.00
USD
4
$ (1,157)
Put 
 
 
 
 
 
 
 
 
 
 
USD Currency
One Touch
BNP Paribas SA
10/05/26
INR
93.00
INR
93.00
USD
10
(714)
 
 
 
 
 
 
 
 
 
 
$ (1,871)
OTC Currency Options Written 
Description
Counterparty
Expiration
Date
Exercise Price
Notional
Amount (000)
Value
Call
 
 
 
 
 
USD Currency
BNP Paribas SA
08/06/26
COP
4,150.00
USD
79
$ —
USD Currency
Morgan Stanley & Co. International PLC
08/10/26
CLP
975.00
USD
115
(52
)
USD Currency
Goldman Sachs International
08/11/26
COP
4,150.00
USD
79
—
USD Currency
Barclays Bank PLC
08/14/26
INR
95.00
USD
173
(1,282
)
USD Currency
UBS AG
09/04/26
TRY
49.00
USD
81
(631
)
54

Schedule of Investments (unaudited)(continued)
July 31, 2026
BlackRock Diversified Fixed Income Fund
 
OTC Currency Options Written (continued)
Description
Counterparty
Expiration
Date
Exercise Price
Notional
Amount (000)
Value
 
 
 
 
 
 
USD Currency
Goldman Sachs International
09/08/26
INR
96.15
USD
78
$ (394
)
USD Currency
Citibank N.A.
09/18/26
COP
3,500.00
USD
81
(187
)
USD Currency
HSBC Bank PLC
09/22/26
CNH
6.74
USD
165
(419
)
EUR Currency
JPMorgan Chase Bank N.A.
09/28/26
HUF
370.00
EUR
69
(765
)
USD Currency
Barclays Bank PLC
10/01/26
COP
3,500.00
USD
81
(285
)
USD Currency
JPMorgan Chase Bank N.A.
10/01/26
KRW
1,500.00
USD
237
(1,259
)
USD Currency
BNP Paribas SA
10/13/26
COP
3,400.00
USD
79
(659
)
EUR Currency
JPMorgan Chase Bank N.A.
11/11/26
HUF
380.00
EUR
77
(666
)
 
 
 
 
 
 
(6,599
)
Put
 
 
 
 
 
USD Currency
Deutsche Bank AG
08/06/26
ZAR
16.25
USD
160
(108
)
USD Currency
Bank of America N.A.
08/24/26
TWD
30.15
USD
200
(9
)
USD Currency
Citibank N.A.
08/31/26
BRL
5.25
USD
105
(3,405
)
USD Currency
BNP Paribas SA
09/11/26
COP
3,200.00
USD
158
(3,319
)
 
 
 
 
 
 
(6,841
)
 
 
 
 
 
 
$ (13,440
)
OTC Credit Default Swaptions Written 
 
Paid by the Fund
Received by the Fund
 
 
 
 
 
 
 
 
Description
Rate/Reference
 
Rate/Reference
Frequency
Counterparty
Expiration
Date
Credit
Rating(a)
Exercise
Price
Notional
Amount (000)(b)
Value
Put
 
 
 
 
 
 
 
 
 
Sold Protection on 5-Year Credit
Default Swap, 06/20/31
ITRAXX.XO.45.V1
 
5.00%
Quarterly
Morgan Stanley
& Co.
International
PLC
08/19/26
N/R
EUR 3.00
EUR
101
$ (130
)
Sold Protection on 5-Year Credit
Default Swap, 06/20/31
CDX.NA.IG.46.V1
 
1.00%
Quarterly
Morgan Stanley
& Co.
International
PLC
09/16/26
N/R
USD 0.68
USD
979
(377
)
 
 
 
 
 
 
 
 
 
 
$ (507
)
 
(a)
Using the rating of the issuer or the underlying securities of the index, as applicable, provided by S&P Global Ratings.
(b)
The maximum potential amount the Fund may pay should a negative credit event take place as defined under the terms of the agreement.
OTC Interest Rate Swaptions Written 
 
Paid by the Fund
Received by the Fund
 
 
 
 
 
 
Description
Rate
Frequency
Rate
Frequency
Counterparty
Expiration
Date
Exercise
Rate
Notional
Amount (000)
Value
Call 
 
 
 
 
 
 
 
10-Year Interest Rate Swap, 09/05/36
2.25%
Annual
Tokyo
Overnight
Average Rate,
0.98%
Annual
Bank of America N.A.
09/03/26
2.25
% 
JPY
13,000
$ —
10-Year Interest Rate Swap, 03/06/37
3.71%
Annual
1-day SOFR,
3.66%
Annual
Citibank N.A.
03/04/27
3.71
USD
1,075
(4,454
)
10-Year Interest Rate Swap, 03/17/37
3.87%
Annual
1-day SOFR,
3.66%
Annual
Bank of America N.A.
03/15/27
3.87
USD
2,190
(14,712
)
10-Year Interest Rate Swap, 11/10/37
3.87%
Annual
1-day SOFR,
3.66%
Annual
Bank of America N.A.
11/08/27
3.87
USD
2,250
(29,761
)
10-Year Interest Rate Swap, 12/18/37
4.03%
Annual
1-day SOFR,
3.66%
Annual
Morgan Stanley & Co.
International PLC
12/16/27
4.03
USD
1,940
(34,912
)
10-Year Interest Rate Swap, 02/02/38
4.10%
Annual
1-day SOFR,
3.66%
Annual
Deutsche Bank AG
01/31/28
4.10
USD
2,212
(46,634
)
10-Year Interest Rate Swap, 04/09/38
4.06%
Annual
1-day SOFR,
3.66%
Annual
Bank of America N.A.
04/07/28
4.06
USD
1,621
(34,282
)
Schedule of Investments
55

Schedule of Investments (unaudited)(continued)
July 31, 2026
BlackRock Diversified Fixed Income Fund
 
OTC Interest Rate Swaptions Written (continued)
 
Paid by the Fund
Received by the Fund
 
 
 
 
 
 
Description
Rate
Frequency
Rate
Frequency
Counterparty
Expiration
Date
Exercise
Rate
Notional
Amount (000)
Value
Call (continued)
 
 
 
 
 
 
 
10-Year Interest Rate Swap, 04/26/38
4.03%
Annual
1-day SOFR,
3.66%
Annual
Goldman Sachs
International
04/24/28
4.03
% 
USD
1,770
$ (36,078
)
10-Year Interest Rate Swap, 06/18/38
4.16%
Annual
1-day SOFR,
3.66%
Annual
Morgan Stanley & Co.
International PLC
06/16/28
4.16
USD
852
(21,567
)
 
 
 
 
 
 
 
 
(222,400
)
Put 
 
 
 
 
 
 
 
2-Year Interest Rate Swap, 08/05/28
1-day SOFR,
3.66%
Annual
3.70%
Annual
Morgan Stanley & Co.
International PLC
08/03/26
3.70
USD
7,315
(59,771
)
2-Year Interest Rate Swap, 08/29/28
1-day SOFR,
3.66%
Annual
4.45%
Annual
Citibank N.A.
08/27/26
4.45
USD
8,532
(2,518
)
2-Year Interest Rate Swap, 08/30/28
6-mo.
EURIBOR,
2.71%
Semi-Annual
3.20%
Annual
Citibank N.A.
08/28/26
3.20
EUR
8,532
(6,705
)
10-Year Interest Rate Swap, 09/05/36
Tokyo
Overnight
Average Rate,
0.98%
Annual
2.85%
Annual
Bank of America N.A.
09/03/26
2.85
JPY
13,000
(4
)
30-Year Interest Rate Swap, 10/11/56
1-day SOFR,
3.66%
Annual
4.65%
Annual
Morgan Stanley & Co.
International PLC
10/09/26
4.65
USD
1,162
(13,362
)
2-Year Interest Rate Swap, 10/14/28
6-mo.
EURIBOR,
2.71%
Semi-Annual
3.08%
Annual
Morgan Stanley & Co.
International PLC
10/12/26
3.08
EUR
3,198
(9,994
)
5-Year Interest Rate Swap, 10/14/31
6-mo.
EURIBOR,
2.71%
Semi-Annual
3.13%
Annual
Morgan Stanley & Co.
International PLC
10/12/26
3.13
EUR
1,366
(8,167
)
2-Year Interest Rate Swap, 10/22/28
6-mo.
EURIBOR,
2.71%
Semi-Annual
3.20%
Annual
Deutsche Bank AG
10/20/26
3.20
EUR
6,842
(15,659
)
2-Year Interest Rate Swap, 10/23/28
1-day SOFR,
3.66%
Annual
3.85%
Annual
Goldman Sachs
International
10/21/26
3.85
USD
17,541
(128,230
)
5-Year Interest Rate Swap, 10/23/31
1-day SOFR,
3.66%
Annual
4.35%
Annual
Citibank N.A.
10/21/26
4.35
USD
2,275
(10,161
)
2-Year Interest Rate Swap, 11/04/28
1-day SOFR,
3.66%
Annual
4.50%
Annual
Goldman Sachs
International
11/02/26
4.50
USD
5,445
(8,467
)
10-Year Interest Rate Swap, 11/08/36
6-mo.
EURIBOR,
2.71%
Semi-Annual
3.52%
Annual
Goldman Sachs
International
11/06/26
3.52
EUR
1,442
(7,457
)
2-Year Interest Rate Swap, 11/11/28
1-day SONIA,
3.73%
Annual
4.80%
Annual
Citibank N.A.
11/09/26
4.80
GBP
1,527
(2,894
)
1-Year Interest Rate Swap, 02/03/28
3-mo.
Australian
Bank Bill
Rate, 4.50%
Quarterly
4.81%
Quarterly
BNP Paribas SA
02/01/27
4.80
AUD
1,600
(1,103
)
10-Year Interest Rate Swap, 03/06/37
1-day SOFR,
3.66%
Annual
3.71%
Annual
Citibank N.A.
03/04/27
3.71
USD
1,075
(58,760
)
10-Year Interest Rate Swap, 03/17/37
1-day SOFR,
3.66%
Annual
3.87%
Annual
Bank of America N.A.
03/15/27
3.87
USD
2,190
(97,212
)
2-Year Interest Rate Swap, 09/22/29
1-day SOFR,
3.66%
Annual
4.30%
Annual
Goldman Sachs
International
09/20/27
4.30
USD
22,933
(146,709
)
2-Year Interest Rate Swap, 10/06/29
1-day SOFR,
3.66%
Annual
4.05%
Annual
Goldman Sachs
International
10/04/27
4.05
USD
26,178
(226,418
)
10-Year Interest Rate Swap, 11/10/37
1-day SOFR,
3.66%
Annual
3.87%
Annual
Bank of America N.A.
11/08/27
3.87
USD
2,250
(117,684
)
2-Year Interest Rate Swap, 12/10/29
1-day SOFR,
3.66%
Annual
4.00%
Annual
Morgan Stanley & Co.
International PLC
12/08/27
4.00
USD
7,993
(75,756
)
10-Year Interest Rate Swap, 12/18/37
1-day SOFR,
3.66%
Annual
4.03%
Annual
Morgan Stanley & Co.
International PLC
12/16/27
4.03
USD
1,940
(87,934
)
10-Year Interest Rate Swap, 02/02/38
1-day SOFR,
3.66%
Annual
4.10%
Annual
Deutsche Bank AG
01/31/28
4.10
USD
2,212
(95,749
)
56

Schedule of Investments (unaudited)(continued)
July 31, 2026
BlackRock Diversified Fixed Income Fund
 
OTC Interest Rate Swaptions Written (continued)
 
Paid by the Fund
Received by the Fund
 
 
 
 
 
 
Description
Rate
Frequency
Rate
Frequency
Counterparty
Expiration
Date
Exercise
Rate
Notional
Amount (000)
Value
Put (continued)
 
 
 
 
 
 
 
10-Year Interest Rate Swap, 04/09/38
1-day SOFR,
3.66%
Annual
4.06%
Annual
Bank of America N.A.
04/07/28
4.06
% 
USD
1,621
$ (76,458
)
10-Year Interest Rate Swap, 04/26/38
1-day SOFR,
3.66%
Annual
4.03%
Annual
Goldman Sachs
International
04/24/28
4.03
USD
1,770
(87,497
)
10-Year Interest Rate Swap, 06/18/38
1-day SOFR,
3.66%
Annual
4.16%
Annual
Morgan Stanley & Co.
International PLC
06/16/28
4.16
USD
852
(38,299
)
 
 
 
 
 
 
 
 
(1,382,968
)
 
 
 
 
 
 
 
 
$ (1,605,368
)
Centrally Cleared Credit Default Swaps — Buy Protection 
Reference Obligation/Index
Financing
Rate Paid
by the Fund
Payment
Frequency
Termination
Date
Notional
Amount (000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
CDX.NA.HY.46.V3
5.00
% 
Quarterly
06/20/31
USD
8,351
$ (680,640
)
$ (637,936
)
$ (42,704
)
Federative Republic of Brazil
1.00
Quarterly
06/20/31
USD
242
2,331
4,902
(2,571
)
iTraxx.XO.45.V1
5.00
Quarterly
06/20/31
EUR
391
(47,362
)
(35,113
)
(12,249
)
Republic of Colombia
1.00
Quarterly
06/20/31
USD
152
2,838
5,675
(2,837
)
United Mexican States
1.00
Quarterly
06/20/31
USD
257
(1,827
)
603
(2,430
)
CDX.NA.IG.46.V1
1.00
Quarterly
06/20/36
USD
30,168
(206,388
)
(201,880
)
(4,508
)
 
 
$ (931,048
)
$ (863,749
)
$ (67,299
)
Centrally Cleared Credit Default Swaps — Sell Protection 
Reference Obligation/Index
Financing
Rate Received
by the Fund
Payment
Frequency
Termination
Date
Credit
Rating(a)
Notional
Amount (000)(b)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
iTraxx.XO.44.V1
5.00
% 
Quarterly
12/20/30
CCC+
EUR
452
$ 57,310
$ 36,772
$ 20,538
CDX.EM.45.V1
1.00
Quarterly
06/20/31
BB+
USD
8,970
(163,302
)
(157,593
)
(5,709
)
CDX.NA.HY.46.V3
5.00
Quarterly
06/20/31
B
USD
26,905
1,512,217
1,269,517
242,700
CDX.NA.IG.46.V1
1.00
Quarterly
06/20/31
BBB+
USD
80,687
1,765,523
1,638,433
127,090
iTraxx.XO.45.V1
5.00
Quarterly
06/20/31
B
EUR
1,581
144,249
146,778
(2,529
)
 
 
 
 
 
$ 3,315,997
$ 2,933,907
$ 382,090
 
(a)
Using the rating of the issuer or the underlying securities of the index, as applicable, provided by S&P Global Ratings.
(b)
The maximum potential amount the Fund may pay should a negative credit event take place as defined under the terms of the agreement.
Centrally Cleared Interest Rate Swaps 
Paid by the Fund
Received by the Fund
Effective
Date
Termination
Date
Notional
Amount (000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Rate
Frequency
Rate
Frequency
6.91%
Monthly
1-day TIIEFONDEO, 6.55%
Monthly
N/A
09/11/26
MXN
10,608
$ (380
)
$ 1
$ (381
)
1-day TIIEFONDEO, 6.55%
Monthly
6.98%
Monthly
N/A
11/05/26
MXN
1,662
134
—
134
4.00%
At Termination
6-mo. WIBOR, 3.84%
Semi-Annual
N/A
12/17/26
PLN
500
(2,761
)
(22
)
(2,739
)
6.66%
Quarterly
3-mo. JIBAR, 6.98%
Quarterly
N/A
12/17/26
ZAR
6,727
808
1
807
6.72%
Quarterly
3-mo. JIBAR, 6.98%
Quarterly
N/A
12/17/26
ZAR
4,973
504
(58
)
562
13.70%
At Termination
1-day BZDIOVER, 0.05%
At Termination
N/A
01/04/27
BRL
182
179
—
179
13.86%
At Termination
1-day BZDIOVER, 0.05%
At Termination
N/A
01/04/27
BRL
131
132
—
132
13.88%
At Termination
1-day BZDIOVER, 0.05%
At Termination
N/A
01/04/27
BRL
1,114
1,074
1
1,073
1-day SOFR, 3.66%
At Termination
3.50%
At Termination
N/A
06/10/27
USD
18,983
(90,864
)
29
(90,893
)
3-mo. JIBAR, 6.98%
Quarterly
7.31%
Quarterly
09/16/26
(a)
09/16/27
ZAR
3,611
(269
)
1
(270
)
1-day SOFR, 3.66%
At Termination
3.23%
At Termination
12/11/26
(a)
12/11/27
USD
9,417
(88,763
)
17
(88,780
)
3.88%
Annual
6-mo. WIBOR, 3.84%
Semi-Annual
N/A
12/17/27
PLN
984
(4,446
)
(84
)
(4,362
)
Schedule of Investments
57

Schedule of Investments (unaudited)(continued)
July 31, 2026
BlackRock Diversified Fixed Income Fund
 
Centrally Cleared Interest Rate Swaps (continued)
Paid by the Fund
Received by the Fund
Effective
Date
Termination
Date
Notional
Amount (000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Rate
Frequency
Rate
Frequency
3.95%
Annual
6-mo. WIBOR, 3.84%
Semi-Annual
N/A
12/17/27
PLN
562
$ (2,745
)
$ (99
)
$ (2,646
)
6-mo. BUBOR, 5.55%
Semi-Annual
6.25%
Annual
N/A
12/17/27
HUF
70,333
8,702
1
8,701
6.55%
Quarterly
3-mo. JIBAR, 6.98%
Quarterly
N/A
12/17/27
ZAR
1,729
1,238
—
1,238
1-day BZDIOVER, 0.05%
At Termination
13.40%
At Termination
N/A
01/03/28
BRL
3,370
(5,567
)
3
(5,570
)
1-day BZDIOVER, 0.05%
At Termination
13.75%
At Termination
N/A
01/03/28
BRL
688
(402
)
—
(402
)
1-day BZDIOVER, 0.05%
At Termination
13.80%
At Termination
N/A
01/03/28
BRL
342
(161
)
—
(161
)
1-day BZDIOVER, 0.05%
At Termination
14.01%
At Termination
N/A
01/03/28
BRL
1,443
500
1
499
14.04%
At Termination
1-day BZDIOVER, 0.05%
At Termination
N/A
01/03/28
BRL
4,351
(1,873
)
3
(1,876
)
3.32%
Quarterly
3-mo. KLIBOR, 3.45%
Quarterly
N/A
03/18/28
MYR
1,157
1,130
1
1,129
3.49%
Annual
6-mo. WIBOR, 3.84%
Semi-Annual
N/A
03/18/28
PLN
114
346
—
346
6-mo. BUBOR, 5.55%
Semi-Annual
5.76%
Annual
N/A
03/18/28
HUF
8,208
1
—
1
6.98%
Monthly
1-day TIIEFONDEO, 6.55%
Monthly
N/A
06/15/28
MXN
7,692
806
1
805
3-mo. KRW CDC, 2.95%
Quarterly
3.71%
Quarterly
N/A
06/17/28
KRW
88,336
86
—
86
3-mo. KRW CDC, 2.95%
Quarterly
3.77%
Quarterly
N/A
06/26/28
KRW
1,210,500
1,867
4
1,863
2.93%
Annual
6-mo. EURIBOR, 2.71%
Semi-Annual
09/16/26
(a)
09/16/28
EUR
3,080
9,301
1,924
7,377
2.95%
Annual
6-mo. EURIBOR, 2.71%
Semi-Annual
09/16/26
(a)
09/16/28
EUR
14,865
37,982
10,648
27,334
1-day SOFR, 3.66%
Annual
3.99%
Annual
09/16/26
(a)
09/16/28
USD
14,304
(44,027
)
(7,996
)
(36,031
)
3-mo. KRW CDC, 2.95%
Quarterly
3.99%
Quarterly
09/16/26
(a)
09/16/28
KRW
186,395
528
1
527
1-day SOFR, 3.66%
Annual
4.02%
Annual
09/16/26
(a)
09/16/28
USD
14,220
(34,624
)
7,020
(41,644
)
1-day SOFR, 3.66%
Annual
4.03%
Annual
09/16/26
(a)
09/16/28
USD
13,520
(31,994
)
(8,579
)
(23,415
)
1-day SOFR, 3.66%
Annual
4.07%
Annual
09/16/26
(a)
09/16/28
USD
41,560
(60,942
)
9,931
(70,873
)
1-day SOFR, 3.66%
Annual
4.07%
Annual
09/16/26
(a)
09/16/28
USD
27,715
(42,636
)
15,261
(57,897
)
1-day SONIA, 3.73%
Annual
4.26%
Annual
09/16/26
(a)
09/16/28
GBP
10,160
(17,150
)
(18,923
)
1,773
6-mo. PRIBOR, 3.95%
Semi-Annual
4.31%
Annual
09/16/26
(a)
09/16/28
CZK
6,264
(672
)
2
(674
)
1-day SONIA, 3.73%
Annual
4.32%
Annual
09/16/26
(a)
09/16/28
GBP
10,805
(3,200
)
12,210
(15,410
)
1-day SONIA, 3.73%
Annual
4.37%
Annual
09/16/26
(a)
09/16/28
GBP
10,400
9,911
14,460
(4,549
)
1-day SONIA, 3.73%
Annual
4.45%
Annual
09/16/26
(a)
09/16/28
GBP
9,998
29,108
(12,655
)
41,763
1-day SONIA, 3.73%
Annual
4.49%
Annual
09/16/26
(a)
09/16/28
GBP
31,520
127,388
57,880
69,508
1-day COOIS, 11.19%
Quarterly
11.74%
Quarterly
09/16/26
(a)
09/16/28
COP
861,656
2,367
1
2,366
China Fixing Repo Rates
7-day, 1.46%
Quarterly
1.54%
Quarterly
N/A
12/17/28
CNY
909
418
1
417
1-day BZDIOVER, 0.05%
At Termination
13.02%
At Termination
N/A
01/02/29
BRL
526
(3,637
)
1
(3,638
)
1-day BZDIOVER, 0.05%
At Termination
14.11%
At Termination
N/A
01/02/29
BRL
5,000
1,888
4
1,884
1-day BZDIOVER, 0.05%
At Termination
14.11%
At Termination
N/A
01/02/29
BRL
5,000
1,729
4
1,725
1-day BZDIOVER, 0.05%
At Termination
14.12%
At Termination
N/A
01/02/29
BRL
8,000
3,104
6
3,098
1-day BZDIOVER, 0.05%
At Termination
14.30%
At Termination
N/A
01/02/29
BRL
7,000
8,453
6
8,447
1-day BZDIOVER, 0.05%
At Termination
14.39%
At Termination
N/A
01/02/29
BRL
4,000
6,325
3
6,322
1-day BZDIOVER, 0.05%
At Termination
14.41%
At Termination
N/A
01/02/29
BRL
4,770
8,292
4
8,288
1-day BZDIOVER, 0.05%
At Termination
14.49%
At Termination
N/A
01/02/29
BRL
5,000
10,045
4
10,041
1-day BZDIOVER, 0.05%
At Termination
14.54%
At Termination
N/A
01/02/29
BRL
9,000
20,067
8
20,059
1-day BZDIOVER, 0.05%
At Termination
14.59%
At Termination
N/A
01/02/29
BRL
12,000
30,543
10
30,533
1-day BZDIOVER, 0.05%
At Termination
14.65%
At Termination
N/A
01/02/29
BRL
9,000
25,369
8
25,361
1-day BZDIOVER, 0.05%
At Termination
14.82%
At Termination
N/A
01/02/29
BRL
7,000
25,551
6
25,545
1-day MIBOR, 6.64%
Semi-Annual
5.98%
Semi-Annual
N/A
06/29/29
INR
52,360
(2,866
)
5
(2,871
)
7.57%
Annual
1-day ZARONIA, 6.86%
Annual
09/16/26
(a)
09/16/29
ZAR
6,918
561
4
557
11.19%
Quarterly
1-day COOIS, 11.19%
Quarterly
09/16/26
(a)
09/16/30
COP
475,550
(2,941
)
1
(2,942
)
1-day TIIEFONDEO, 6.55%
Monthly
7.28%
Monthly
N/A
10/31/30
MXN
784
(652
)
—
(652
)
1-day TIIEFONDEO, 6.55%
Monthly
7.32%
Monthly
N/A
11/05/30
MXN
671
(509
)
—
(509
)
China Fixing Repo Rates
7-day, 1.46%
Quarterly
1.58%
Quarterly
N/A
12/17/30
CNY
791
669
1
668
6-mo. PRIBOR, 3.95%
Semi-Annual
3.89%
Annual
N/A
12/17/30
CZK
4,828
(887
)
3
(890
)
4.05%
Annual
6-mo. WIBOR, 3.84%
Semi-Annual
N/A
12/17/30
PLN
223
(534
)
(19
)
(515
)
1-day MIBOR, 6.64%
Semi-Annual
5.71%
Semi-Annual
N/A
12/17/30
INR
10,584
(2,526
)
2
(2,528
)
6-mo. BUBOR, 5.55%
Semi-Annual
6.29%
Annual
N/A
12/17/30
HUF
10,360
2,192
—
2,192
6.86%
Quarterly
3-mo. JIBAR, 6.98%
Quarterly
N/A
12/17/30
ZAR
5,092
9,190
3
9,187
6.87%
Quarterly
3-mo. JIBAR, 6.98%
Quarterly
N/A
12/17/30
ZAR
2,404
4,311
2
4,309
1-day TIIEFONDEO, 6.55%
Monthly
7.53%
Monthly
N/A
01/03/31
MXN
558
(210
)
—
(210
)
3.58%
Annual
6-mo. PRIBOR, 3.95%
Semi-Annual
N/A
03/18/31
CZK
584
1,073
—
1,073
3.62%
Annual
6-mo. PRIBOR, 3.95%
Semi-Annual
N/A
03/18/31
CZK
586
1,032
—
1,032
6-mo. PRIBOR, 3.95%
Semi-Annual
3.74%
Annual
N/A
03/18/31
CZK
1,332
(1,978
)
1
(1,979
)
6-mo. BUBOR, 5.55%
Semi-Annual
5.98%
Annual
N/A
03/18/31
HUF
1,693
128
—
128
58

Schedule of Investments (unaudited)(continued)
July 31, 2026
BlackRock Diversified Fixed Income Fund
 
Centrally Cleared Interest Rate Swaps (continued)
Paid by the Fund
Received by the Fund
Effective
Date
Termination
Date
Notional
Amount (000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Rate
Frequency
Rate
Frequency
6.69%
Quarterly
3-mo. JIBAR, 6.98%
Quarterly
N/A
03/18/31
ZAR
761
$ 1,816
$ 1
$ 1,815
1-day TIIEFONDEO, 6.55%
Monthly
7.68%
Monthly
N/A
04/07/31
MXN
1,779
(200
)
1
(201
)
7.55%
Monthly
1-day TIIEFONDEO, 6.55%
Monthly
N/A
04/10/31
MXN
1,996
823
1
822
2.00%
Quarterly
1-day THOR, 0.99%
Quarterly
N/A
06/17/31
THB
2,738
(1,121
)
1
(1,122
)
2.00%
Quarterly
1-day THOR, 0.99%
Quarterly
N/A
06/17/31
THB
6,389
(2,637
)
3
(2,640
)
4.12%
Annual
6-mo. WIBOR, 3.84%
Semi-Annual
N/A
06/17/31
PLN
474
1,436
1
1,435
4.22%
Annual
6-mo. WIBOR, 3.84%
Semi-Annual
N/A
06/17/31
PLN
365
676
1
675
6-mo. PRIBOR, 3.95%
Semi-Annual
4.31%
Annual
N/A
06/17/31
CZK
2,100
(753
)
1
(754
)
6-mo. PRIBOR, 3.95%
Semi-Annual
4.31%
Annual
N/A
06/17/31
CZK
1,035
(382
)
1
(383
)
4.40%
Annual
6-mo. WIBOR, 3.84%
Semi-Annual
N/A
06/17/31
PLN
183
(59
)
1
(60
)
6-mo. PRIBOR, 3.95%
Semi-Annual
4.44%
Annual
N/A
06/17/31
CZK
1,027
(88
)
1
(89
)
6-mo. PRIBOR, 3.95%
Semi-Annual
4.59%
Annual
N/A
06/17/31
CZK
680
169
—
169
6-mo. PRIBOR, 3.95%
Semi-Annual
4.61%
Annual
N/A
06/17/31
CZK
679
199
—
199
1-day MIBOR, 6.64%
Semi-Annual
6.51%
Semi-Annual
N/A
06/17/31
INR
8,328
569
1
568
7.66%
Monthly
28-day MXIBTIIE, 6.76%
Monthly
N/A
07/09/31
MXN
2,250
581
1
580
1-day TIIEFONDEO, 6.55%
Monthly
7.77%
Monthly
09/17/26
(a)
09/11/31
MXN
43,324
(8,528
)
23
(8,551
)
28-day MXIBTIIE, 6.76%
Monthly
7.81%
Monthly
09/17/26
(a)
09/11/31
MXN
16,000
(1,430
)
8
(1,438
)
28-day MXIBTIIE, 6.76%
Monthly
7.82%
Monthly
09/17/26
(a)
09/11/31
MXN
52,000
(3,404
)
27
(3,431
)
28-day MXIBTIIE, 6.76%
Monthly
7.85%
Monthly
09/17/26
(a)
09/11/31
MXN
32,000
198
17
181
28-day MXIBTIIE, 6.76%
Monthly
7.91%
Monthly
09/17/26
(a)
09/11/31
MXN
37,000
5,090
19
5,071
28-day MXIBTIIE, 6.76%
Monthly
7.92%
Monthly
09/17/26
(a)
09/11/31
MXN
26,000
4,500
13
4,487
28-day MXIBTIIE, 6.76%
Monthly
7.96%
Monthly
09/17/26
(a)
09/11/31
MXN
31,000
8,337
16
8,321
1-day TIIEFONDEO, 6.55%
Monthly
8.32%
Monthly
09/17/26
(a)
09/11/31
MXN
6,000
6,802
3
6,799
1-day TIIEFONDEO, 6.55%
Monthly
8.34%
Monthly
09/17/26
(a)
09/11/31
MXN
6,000
7,060
3
7,057
1-day TIIEFONDEO, 6.55%
Monthly
8.35%
Monthly
09/17/26
(a)
09/11/31
MXN
15,248
18,305
8
18,297
1-day TIIEFONDEO, 6.55%
Monthly
8.37%
Monthly
09/17/26
(a)
09/11/31
MXN
30,505
38,079
16
38,063
1-day TIIEFONDEO, 6.55%
Monthly
8.37%
Monthly
09/17/26
(a)
09/11/31
MXN
58,000
72,927
30
72,897
1-day TIIEFONDEO, 6.55%
Monthly
8.39%
Monthly
09/17/26
(a)
09/11/31
MXN
42,000
53,933
23
53,910
1-day TIIEFONDEO, 6.55%
Monthly
8.44%
Monthly
09/17/26
(a)
09/11/31
MXN
29,000
41,049
15
41,034
1-day SSARON, (0.05%)
Annual
0.43%
Annual
09/16/26
(a)
09/16/31
CHF
1,000
(1,908
)
478
(2,386
)
1-day SSARON, (0.05%)
Annual
0.47%
Annual
09/16/26
(a)
09/16/31
CHF
1,000
857
1,185
(328
)
1-day SSARON, (0.05%)
Annual
0.52%
Annual
09/16/26
(a)
09/16/31
CHF
1,000
4,041
(744
)
4,785
1-day SSARON, (0.05%)
Annual
0.54%
Annual
09/16/26
(a)
09/16/31
CHF
1,000
5,315
473
4,842
China Fixing Repo Rates
7-day, 1.46%
Quarterly
1.47%
Quarterly
09/16/26
(a)
09/16/31
CNY
10,000
255
16
239
China Fixing Repo Rates
7-day, 1.46%
Quarterly
1.48%
Quarterly
09/16/26
(a)
09/16/31
CNY
6,984
673
11
662
China Fixing Repo Rates
7-day, 1.46%
Quarterly
1.48%
Quarterly
09/16/26
(a)
09/16/31
CNY
2,016
180
3
177
China Fixing Repo Rates
7-day, 1.46%
Quarterly
1.55%
Quarterly
09/16/26
(a)
09/16/31
CNY
5,454
3,157
9
3,148
China Fixing Repo Rates
7-day, 1.46%
Quarterly
1.56%
Quarterly
09/16/26
(a)
09/16/31
CNY
36,000
24,028
58
23,970
China Fixing Repo Rates
7-day, 1.46%
Quarterly
1.56%
Quarterly
09/16/26
(a)
09/16/31
CNY
8,320
5,406
14
5,392
1.56%
Quarterly
China Fixing Repo Rates
7-day, 1.46%
Quarterly
09/16/26
(a)
09/16/31
CNY
1,060
(689
)
1
(690
)
China Fixing Repo Rates
7-day, 1.46%
Quarterly
1.56%
Quarterly
09/16/26
(a)
09/16/31
CNY
7,680
4,881
13
4,868
China Fixing Repo Rates
7-day, 1.46%
Quarterly
1.57%
Quarterly
09/16/26
(a)
09/16/31
CNY
1,000
694
2
692
China Fixing Repo Rates
7-day, 1.46%
Quarterly
1.58%
Quarterly
09/16/26
(a)
09/16/31
CNY
5,000
3,887
8
3,879
China Fixing Repo Rates
7-day, 1.46%
Quarterly
1.58%
Quarterly
09/16/26
(a)
09/16/31
CNY
41,000
32,454
67
32,387
China Fixing Repo Rates
7-day, 1.46%
Quarterly
1.58%
Quarterly
09/16/26
(a)
09/16/31
CNY
17,000
13,698
28
13,670
China Fixing Repo Rates
7-day, 1.46%
Quarterly
1.60%
Quarterly
09/16/26
(a)
09/16/31
CNY
11,000
10,502
18
10,484
China Fixing Repo Rates
7-day, 1.46%
Quarterly
1.60%
Quarterly
09/16/26
(a)
09/16/31
CNY
7,000
6,559
11
6,548
Schedule of Investments
59

Schedule of Investments (unaudited)(continued)
July 31, 2026
BlackRock Diversified Fixed Income Fund
 
Centrally Cleared Interest Rate Swaps (continued)
Paid by the Fund
Received by the Fund
Effective
Date
Termination
Date
Notional
Amount (000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Rate
Frequency
Rate
Frequency
China Fixing Repo Rates
7-day, 1.46%
Quarterly
1.60%
Quarterly
09/16/26
(a)
09/16/31
CNY
37,000
$ 33,933
$ 61
$ 33,872
1.61%
Quarterly
China Fixing Repo Rates
7-day, 1.46%
Quarterly
09/16/26
(a)
09/16/31
CNY
4,050
(4,096
)
7
(4,103
)
China Fixing Repo Rates
7-day, 1.46%
Quarterly
1.61%
Quarterly
09/16/26
(a)
09/16/31
CNY
19,500
19,862
32
19,830
China Fixing Repo Rates
7-day, 1.46%
Quarterly
1.61%
Quarterly
09/16/26
(a)
09/16/31
CNY
19,500
19,931
32
19,899
China Fixing Repo Rates
7-day, 1.46%
Quarterly
1.62%
Quarterly
09/16/26
(a)
09/16/31
CNY
30,000
31,621
49
31,572
China Fixing Repo Rates
7-day, 1.46%
Quarterly
1.62%
Quarterly
09/16/26
(a)
09/16/31
CNY
21,000
21,985
34
21,951
China Fixing Repo Rates
7-day, 1.46%
Quarterly
1.62%
Quarterly
09/16/26
(a)
09/16/31
CNY
24,000
26,148
39
26,109
China Fixing Repo Rates
7-day, 1.46%
Quarterly
1.64%
Quarterly
09/16/26
(a)
09/16/31
CNY
9,000
11,178
15
11,163
China Fixing Repo Rates
7-day, 1.46%
Quarterly
1.65%
Quarterly
09/16/26
(a)
09/16/31
CNY
53,000
66,765
85
66,680
1.72%
Quarterly
1-day THOR, 0.99%
Quarterly
09/16/26
(a)
09/16/31
THB
70,794
6,719
23
6,696
1.72%
Quarterly
1-day THOR, 0.99%
Quarterly
09/16/26
(a)
09/16/31
THB
80,205
7,705
26
7,679
1.77%
Quarterly
1-day THOR, 0.99%
Quarterly
09/16/26
(a)
09/16/31
THB
16,000
248
6
242
1.77%
Quarterly
1-day THOR, 0.99%
Quarterly
09/16/26
(a)
09/16/31
THB
48,000
710
16
694
1.78%
Quarterly
1-day THOR, 0.99%
Quarterly
09/16/26
(a)
09/16/31
THB
21,000
68
7
61
1.79%
Quarterly
1-day THOR, 0.99%
Quarterly
09/16/26
(a)
09/16/31
THB
53,000
(396
)
18
(414
)
1.81%
Quarterly
1-day THOR, 0.99%
Quarterly
09/16/26
(a)
09/16/31
THB
69,000
(2,871
)
24
(2,895
)
1.81%
Quarterly
1-day THOR, 0.99%
Quarterly
09/16/26
(a)
09/16/31
THB
17,808
(625
)
6
(631
)
1.82%
Quarterly
1-day THOR, 0.99%
Quarterly
09/16/26
(a)
09/16/31
THB
29,000
(1,374
)
10
(1,384
)
1.83%
Quarterly
1-day THOR, 0.99%
Quarterly
09/16/26
(a)
09/16/31
THB
15,096
(977
)
5
(982
)
1.83%
Quarterly
1-day THOR, 0.99%
Quarterly
09/16/26
(a)
09/16/31
THB
15,096
(988
)
5
(993
)
1.85%
Quarterly
1-day THOR, 0.99%
Quarterly
09/16/26
(a)
09/16/31
THB
26,000
(2,623
)
9
(2,632
)
1.86%
Quarterly
1-day THOR, 0.99%
Quarterly
09/16/26
(a)
09/16/31
THB
3,000
(316
)
66
(382
)
1.87%
Quarterly
1-day THOR, 0.99%
Quarterly
09/16/26
(a)
09/16/31
THB
26,433
(3,164
)
9
(3,173
)
1.89%
Quarterly
1-day THOR, 0.99%
Quarterly
09/16/26
(a)
09/16/31
THB
56,000
(8,484
)
20
(8,504
)
1.89%
Quarterly
1-day THOR, 0.99%
Quarterly
09/16/26
(a)
09/16/31
THB
30,600
(4,880
)
10
(4,890
)
1.90%
Quarterly
1-day THOR, 0.99%
Quarterly
09/16/26
(a)
09/16/31
THB
20,400
(3,533
)
7
(3,540
)
1.93%
Quarterly
1-day THOR, 0.99%
Quarterly
09/16/26
(a)
09/16/31
THB
84,173
(18,434
)
29
(18,463
)
1.99%
Quarterly
1-day THOR, 0.99%
Quarterly
09/16/26
(a)
09/16/31
THB
10,710
(3,156
)
4
(3,160
)
2.01%
Semi-Annual
1-day SORA, 0.83%
Semi-Annual
09/16/26
(a)
09/16/31
SGD
204
433
1
432
2.03%
Quarterly
1-day THOR, 0.99%
Quarterly
09/16/26
(a)
09/16/31
THB
10,290
(3,694
)
4
(3,698
)
2.04%
Semi-Annual
1-day SORA, 0.83%
Semi-Annual
09/16/26
(a)
09/16/31
SGD
2,796
2,719
25
2,694
2.04%
Quarterly
1-day THOR, 0.99%
Quarterly
09/16/26
(a)
09/16/31
THB
19,408
(7,192
)
7
(7,199
)
2.05%
Quarterly
1-day THOR, 0.99%
Quarterly
09/16/26
(a)
09/16/31
THB
17,987
(6,887
)
6
(6,893
)
2.06%
Semi-Annual
1-day SORA, 0.83%
Semi-Annual
09/16/26
(a)
09/16/31
SGD
2,000
682
18
664
2.08%
Quarterly
1-day THOR, 0.99%
Quarterly
09/16/26
(a)
09/16/31
THB
11,000
(4,716
)
4
(4,720
)
2.13%
Semi-Annual
1-day SORA, 0.83%
Semi-Annual
09/16/26
(a)
09/16/31
SGD
182
(445
)
1
(446
)
2.13%
Semi-Annual
1-day SORA, 0.83%
Semi-Annual
09/16/26
(a)
09/16/31
SGD
218
(517
)
2
(519
)
3-mo. TAIBOR, 1.68%
Quarterly
2.24%
Quarterly
09/16/26
(a)
09/16/31
TWD
39,000
(7,050
)
14
(7,064
)
3-mo. TAIBOR, 1.68%
Quarterly
2.30%
Quarterly
09/16/26
(a)
09/16/31
TWD
26,000
(2,488
)
9
(2,497
)
3-mo. TAIBOR, 1.68%
Quarterly
2.30%
Quarterly
09/16/26
(a)
09/16/31
TWD
76,254
(7,981
)
26
(8,007
)
3-mo. TAIBOR, 1.68%
Quarterly
2.31%
Quarterly
09/16/26
(a)
09/16/31
TWD
5,000
(451
)
2
(453
)
3-mo. TAIBOR, 1.68%
Quarterly
2.33%
Quarterly
09/16/26
(a)
09/16/31
TWD
14,537
(831
)
5
(836
)
3-mo. TAIBOR, 1.68%
Quarterly
2.35%
Quarterly
09/16/26
(a)
09/16/31
TWD
2,000
(67
)
1
(68
)
3-mo. TAIBOR, 1.68%
Quarterly
2.35%
Quarterly
09/16/26
(a)
09/16/31
TWD
19,345
(572
)
7
(579
)
3-mo. TAIBOR, 1.68%
Quarterly
2.35%
Quarterly
09/16/26
(a)
09/16/31
TWD
19,118
(697
)
7
(704
)
3-mo. TAIBOR, 1.68%
Quarterly
2.37%
Quarterly
09/16/26
(a)
09/16/31
TWD
26,000
(160
)
9
(169
)
3-mo. TAIBOR, 1.68%
Quarterly
2.37%
Quarterly
09/16/26
(a)
09/16/31
TWD
19,000
(39
)
6
(45
)
3-mo. TAIBOR, 1.68%
Quarterly
2.41%
Quarterly
09/16/26
(a)
09/16/31
TWD
18,000
931
6
925
3-mo. TAIBOR, 1.68%
Quarterly
2.43%
Quarterly
09/16/26
(a)
09/16/31
TWD
1,000
74
—
74
3-mo. TAIBOR, 1.68%
Quarterly
2.44%
Quarterly
09/16/26
(a)
09/16/31
TWD
7,000
661
2
659
3-mo. TAIBOR, 1.68%
Quarterly
2.46%
Quarterly
09/16/26
(a)
09/16/31
TWD
16,380
1,862
6
1,856
3-mo. TAIBOR, 1.68%
Quarterly
2.50%
Quarterly
09/16/26
(a)
09/16/31
TWD
18,620
3,151
7
3,144
60

Schedule of Investments (unaudited)(continued)
July 31, 2026
BlackRock Diversified Fixed Income Fund
 
Centrally Cleared Interest Rate Swaps (continued)
Paid by the Fund
Received by the Fund
Effective
Date
Termination
Date
Notional
Amount (000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Rate
Frequency
Rate
Frequency
2.74%
Annual
6-mo. EURIBOR, 2.71%
Semi-Annual
09/16/26
(a)
09/16/31
EUR
16,740
$ 321,936
$ (66,024
)
$ 387,960
2.79%
Annual
6-mo. EURIBOR, 2.71%
Semi-Annual
09/16/26
(a)
09/16/31
EUR
2,000
33,089
3,389
29,700
2.79%
Annual
6-mo. EURIBOR, 2.71%
Semi-Annual
09/16/26
(a)
09/16/31
EUR
1,000
16,534
564
15,970
2.79%
Annual
6-mo. EURIBOR, 2.71%
Semi-Annual
09/16/26
(a)
09/16/31
EUR
2,000
32,608
332
32,276
2.81%
Annual
6-mo. EURIBOR, 2.71%
Semi-Annual
09/16/26
(a)
09/16/31
EUR
12,000
182,005
(845
)
182,850
2.81%
Annual
6-mo. EURIBOR, 2.71%
Semi-Annual
09/16/26
(a)
09/16/31
EUR
3,000
45,822
1,754
44,068
2.82%
Annual
6-mo. EURIBOR, 2.71%
Semi-Annual
09/16/26
(a)
09/16/31
EUR
2,000
29,310
26
29,284
2.83%
Annual
6-mo. EURIBOR, 2.71%
Semi-Annual
09/16/26
(a)
09/16/31
EUR
2,000
28,537
(83
)
28,620
2.84%
Annual
6-mo. EURIBOR, 2.71%
Semi-Annual
09/16/26
(a)
09/16/31
EUR
2,000
27,266
4,425
22,841
2.85%
Annual
3-mo. STIBOR, 2.04%
Quarterly
09/16/26
(a)
09/16/31
SEK
3,000
976
(20
)
996
2.85%
Annual
6-mo. EURIBOR, 2.71%
Semi-Annual
09/16/26
(a)
09/16/31
EUR
4,835
64,486
2,734
61,752
2.86%
Annual
3-mo. STIBOR, 2.04%
Quarterly
09/16/26
(a)
09/16/31
SEK
3,000
821
122
699
2.86%
Annual
6-mo. EURIBOR, 2.71%
Semi-Annual
09/16/26
(a)
09/16/31
EUR
2,000
25,467
(860
)
26,327
2.86%
Annual
6-mo. EURIBOR, 2.71%
Semi-Annual
09/16/26
(a)
09/16/31
EUR
9,860
124,189
22,821
101,368
2.87%
Annual
6-mo. EURIBOR, 2.71%
Semi-Annual
09/16/26
(a)
09/16/31
EUR
1,000
12,310
(3,529
)
15,839
2.88%
Annual
3-mo. STIBOR, 2.04%
Quarterly
09/16/26
(a)
09/16/31
SEK
7,000
964
1,754
(790
)
2.88%
Annual
6-mo. EURIBOR, 2.71%
Semi-Annual
09/16/26
(a)
09/16/31
EUR
4,000
47,271
3,902
43,369
2.88%
Annual
6-mo. EURIBOR, 2.71%
Semi-Annual
09/16/26
(a)
09/16/31
EUR
2,000
23,350
560
22,790
2.88%
Annual
6-mo. EURIBOR, 2.71%
Semi-Annual
09/16/26
(a)
09/16/31
EUR
2,000
23,265
18
23,247
2.90%
Annual
3-mo. STIBOR, 2.04%
Quarterly
09/16/26
(a)
09/16/31
SEK
25,000
2,109
(1,598
)
3,707
2.90%
Annual
6-mo. EURIBOR, 2.71%
Semi-Annual
09/16/26
(a)
09/16/31
EUR
2,000
21,328
484
20,844
2.91%
Annual
6-mo. EURIBOR, 2.71%
Semi-Annual
09/16/26
(a)
09/16/31
EUR
1,000
10,140
(28
)
10,168
2.92%
Annual
6-mo. EURIBOR, 2.71%
Semi-Annual
09/16/26
(a)
09/16/31
EUR
4,000
38,231
5,445
32,786
2.93%
Annual
6-mo. EURIBOR, 2.71%
Semi-Annual
09/16/26
(a)
09/16/31
EUR
1,000
8,965
13
8,952
2.93%
Annual
6-mo. EURIBOR, 2.71%
Semi-Annual
09/16/26
(a)
09/16/31
EUR
2,000
18,163
11,763
6,400
2.94%
Annual
3-mo. STIBOR, 2.04%
Quarterly
09/16/26
(a)
09/16/31
SEK
37,000
(5,629
)
3,315
(8,944
)
2.96%
Annual
6-mo. EURIBOR, 2.71%
Semi-Annual
09/16/26
(a)
09/16/31
EUR
1,000
7,689
939
6,750
2.96%
Annual
6-mo. EURIBOR, 2.71%
Semi-Annual
09/16/26
(a)
09/16/31
EUR
8,000
59,702
(225
)
59,927
2.96%
Annual
6-mo. EURIBOR, 2.71%
Semi-Annual
09/16/26
(a)
09/16/31
EUR
1,000
7,245
13
7,232
2.97%
Annual
6-mo. EURIBOR, 2.71%
Semi-Annual
09/16/26
(a)
09/16/31
EUR
700
4,992
(4,699
)
9,691
2.97%
Annual
6-mo. EURIBOR, 2.71%
Semi-Annual
09/16/26
(a)
09/16/31
EUR
1,000
6,699
(2,767
)
9,466
6-mo. EURIBOR, 2.71%
Semi-Annual
2.97%
Annual
09/16/26
(a)
09/16/31
EUR
930
(6,192
)
(773
)
(5,419
)
2.98%
Annual
3-mo. STIBOR, 2.04%
Quarterly
09/16/26
(a)
09/16/31
SEK
27,000
(9,300
)
831
(10,131
)
6-mo. EURIBOR, 2.71%
Semi-Annual
2.98%
Annual
09/16/26
(a)
09/16/31
EUR
5,055
(32,103
)
(8,776
)
(23,327
)
2.99%
Annual
6-mo. EURIBOR, 2.71%
Semi-Annual
09/16/26
(a)
09/16/31
EUR
3,000
17,082
1,955
15,127
3.01%
Annual
6-mo. EURIBOR, 2.71%
Semi-Annual
09/16/26
(a)
09/16/31
EUR
2,000
9,342
152
9,190
3.02%
Annual
6-mo. EURIBOR, 2.71%
Semi-Annual
09/16/26
(a)
09/16/31
EUR
1,000
4,017
(211
)
4,228
3.02%
Annual
6-mo. EURIBOR, 2.71%
Semi-Annual
09/16/26
(a)
09/16/31
EUR
1,000
4,127
43
4,084
3.02%
Annual
6-mo. EURIBOR, 2.71%
Semi-Annual
09/16/26
(a)
09/16/31
EUR
2,000
8,814
11
8,803
3.02%
Annual
6-mo. EURIBOR, 2.71%
Semi-Annual
09/16/26
(a)
09/16/31
EUR
5,000
22,197
64
22,133
3.02%
Annual
6-mo. EURIBOR, 2.71%
Semi-Annual
09/16/26
(a)
09/16/31
EUR
3,000
12,621
444
12,177
3.03%
Annual
6-mo. EURIBOR, 2.71%
Semi-Annual
09/16/26
(a)
09/16/31
EUR
1,000
3,900
(591
)
4,491
3.04%
Annual
3-mo. STIBOR, 2.04%
Quarterly
09/16/26
(a)
09/16/31
SEK
7,000
(4,426
)
(17
)
(4,409
)
3.04%
Annual
6-mo. EURIBOR, 2.71%
Semi-Annual
09/16/26
(a)
09/16/31
EUR
10,240
34,853
(5,575
)
40,428
1-day CORRA, 2.25%
Semi-Annual
3.05%
Semi-Annual
09/16/26
(a)
09/16/31
CAD
4,000
(12,855
)
(15,832
)
2,977
1-day CORRA, 2.25%
Semi-Annual
3.05%
Semi-Annual
09/16/26
(a)
09/16/31
CAD
8,000
(25,186
)
63
(25,249
)
1-day CORRA, 2.25%
Semi-Annual
3.05%
Semi-Annual
09/16/26
(a)
09/16/31
CAD
8,000
(26,169
)
63
(26,232
)
3.05%
Annual
6-mo. EURIBOR, 2.71%
Semi-Annual
09/16/26
(a)
09/16/31
EUR
1,000
2,788
325
2,463
3.06%
Annual
6-mo. EURIBOR, 2.71%
Semi-Annual
09/16/26
(a)
09/16/31
EUR
1,810
4,246
1,727
2,519
1-day CORRA, 2.25%
Semi-Annual
3.07%
Semi-Annual
09/16/26
(a)
09/16/31
CAD
1,000
(2,394
)
756
(3,150
)
3.07%
Annual
6-mo. EURIBOR, 2.71%
Semi-Annual
09/16/26
(a)
09/16/31
EUR
1,000
1,872
13
1,859
1-day SHIR, 3.50%
Annual
3.08%
Annual
09/16/26
(a)
09/16/31
ILS
1,000
(5,464
)
3
(5,467
)
3.08%
Annual
6-mo. EURIBOR, 2.71%
Semi-Annual
09/16/26
(a)
09/16/31
EUR
5,000
4,413
1,705
2,708
1-day CORRA, 2.25%
Semi-Annual
3.09%
Semi-Annual
09/16/26
(a)
09/16/31
CAD
4,000
(8,002
)
(71
)
(7,931
)
1-day SHIR, 3.50%
Annual
3.09%
Annual
09/16/26
(a)
09/16/31
ILS
3,000
(15,860
)
11
(15,871
)
3.09%
Annual
3-mo. STIBOR, 2.04%
Quarterly
09/16/26
(a)
09/16/31
SEK
6,000
(5,085
)
324
(5,409
)
3.14%
Annual
6-mo. EURIBOR, 2.71%
Semi-Annual
09/16/26
(a)
09/16/31
EUR
4,465
(8,597
)
(8,330
)
(267
)
1-day CORRA, 2.25%
Semi-Annual
3.15%
Semi-Annual
09/16/26
(a)
09/16/31
CAD
2,000
(1
)
3,426
(3,427
)
1-day SHIR, 3.50%
Annual
3.18%
Annual
09/16/26
(a)
09/16/31
ILS
2,000
(7,930
)
8
(7,938
)
1-day SHIR, 3.50%
Annual
3.19%
Annual
09/16/26
(a)
09/16/31
ILS
1,000
(3,855
)
183
(4,038
)
1-day SHIR, 3.50%
Annual
3.20%
Annual
09/16/26
(a)
09/16/31
ILS
2,000
(7,355
)
7
(7,362
)
Schedule of Investments
61

Schedule of Investments (unaudited)(continued)
July 31, 2026
BlackRock Diversified Fixed Income Fund
 
Centrally Cleared Interest Rate Swaps (continued)
Paid by the Fund
Received by the Fund
Effective
Date
Termination
Date
Notional
Amount (000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Rate
Frequency
Rate
Frequency
1-day SHIR, 3.50%
Annual
3.22%
Annual
09/16/26
(a)
09/16/31
ILS
2,000
$ (6,602
)
$ 7
$ (6,609
)
1-day CORRA, 2.25%
Semi-Annual
3.24%
Semi-Annual
09/16/26
(a)
09/16/31
CAD
1,000
3,115
4,242
(1,127
)
1-day SHIR, 3.50%
Annual
3.26%
Annual
09/16/26
(a)
09/16/31
ILS
1,000
(2,710
)
4
(2,714
)
1-day SHIR, 3.50%
Annual
3.32%
Annual
09/16/26
(a)
09/16/31
ILS
1,000
(1,906
)
3
(1,909
)
1-day SHIR, 3.50%
Annual
3.33%
Annual
09/16/26
(a)
09/16/31
ILS
1,000
(1,773
)
4
(1,777
)
1-day SHIR, 3.50%
Annual
3.41%
Annual
09/16/26
(a)
09/16/31
ILS
1,500
(777
)
6
(783
)
3.43%
Annual
1-day SOFR, 3.66%
Annual
09/16/26
(a)
09/16/31
USD
10
322
257
65
3.51%
Quarterly
3-mo. HIBOR, 2.93%
Quarterly
09/16/26
(a)
09/16/31
HKD
1,000
656
1
655
1-day SHIR, 3.50%
Annual
3.72%
Annual
09/16/26
(a)
09/16/31
ILS
1,000
3,970
4
3,966
3.85%
Annual
1-day SOFR, 3.66%
Annual
09/16/26
(a)
09/16/31
USD
12,140
163,303
14,427
148,876
3-mo. KRW CDC, 2.95%
Quarterly
3.88%
Quarterly
09/16/26
(a)
09/16/31
KRW
268,000
(958
)
2
(960
)
3-mo. KRW CDC, 2.95%
Quarterly
3.91%
Quarterly
09/16/26
(a)
09/16/31
KRW
977,500
(2,651
)
8
(2,659
)
3-mo. KRW CDC, 2.95%
Quarterly
3.91%
Quarterly
09/16/26
(a)
09/16/31
KRW
4,610,000
(11,667
)
33
(11,700
)
3.93%
Annual
1-day SOFR, 3.66%
Annual
09/16/26
(a)
09/16/31
USD
6,050
60,717
12,024
48,693
3-mo. KRW CDC, 2.95%
Quarterly
3.94%
Quarterly
09/16/26
(a)
09/16/31
KRW
1,653,000
(2,873
)
12
(2,885
)
3-mo. KRW CDC, 2.95%
Quarterly
3.94%
Quarterly
09/16/26
(a)
09/16/31
KRW
726,000
(1,181
)
5
(1,186
)
3-mo. KRW CDC, 2.95%
Quarterly
3.94%
Quarterly
09/16/26
(a)
09/16/31
KRW
1,058,390
(1,789
)
8
(1,797
)
3.95%
Annual
1-day SOFR, 3.66%
Annual
09/16/26
(a)
09/16/31
USD
6,042
56,651
524
56,127
3-mo. KRW CDC, 2.95%
Quarterly
3.96%
Quarterly
09/16/26
(a)
09/16/31
KRW
4,703,000
(4,948
)
35
(4,983
)
3-mo. KRW CDC, 2.95%
Quarterly
3.97%
Quarterly
09/16/26
(a)
09/16/31
KRW
1,003,000
(681
)
7
(688
)
3-mo. KRW CDC, 2.95%
Quarterly
3.97%
Quarterly
09/16/26
(a)
09/16/31
KRW
1,058,390
(742
)
8
(750
)
3.98%
Annual
1-day SOFR, 3.66%
Annual
09/16/26
(a)
09/16/31
USD
5,760
46,435
13,323
33,112
3.98%
Annual
6-mo. WIBOR, 3.84%
Semi-Annual
09/16/26
(a)
09/16/31
PLN
769
3,859
2
3,857
3-mo. KRW CDC, 2.95%
Quarterly
3.99%
Quarterly
09/16/26
(a)
09/16/31
KRW
2,336,000
78
17
61
3-mo. KRW CDC, 2.95%
Quarterly
3.99%
Quarterly
09/16/26
(a)
09/16/31
KRW
1,221,220
119
9
110
3-mo. KRW CDC, 2.95%
Quarterly
4.00%
Quarterly
09/16/26
(a)
09/16/31
KRW
2,116,000
408
16
392
3-mo. KRW CDC, 2.95%
Quarterly
4.02%
Quarterly
09/16/26
(a)
09/16/31
KRW
1,452,000
1,439
11
1,428
4.03%
Annual
1-day SOFR, 3.66%
Annual
09/16/26
(a)
09/16/31
USD
6,033
33,025
10,509
22,516
4.03%
Annual
1-day SOFR, 3.66%
Annual
09/16/26
(a)
09/16/31
USD
17,730
97,996
(4,298
)
102,294
3-mo. KRW CDC, 2.95%
Quarterly
4.03%
Quarterly
09/16/26
(a)
09/16/31
KRW
1,249,000
1,716
9
1,707
3-mo. KRW CDC, 2.95%
Quarterly
4.03%
Quarterly
09/16/26
(a)
09/16/31
KRW
3,472,000
3,795
26
3,769
4.04%
Annual
1-day SOFR, 3.66%
Annual
09/16/26
(a)
09/16/31
USD
11,814
59,463
(6,195
)
65,658
3-mo. KRW CDC, 2.95%
Quarterly
4.05%
Quarterly
09/16/26
(a)
09/16/31
KRW
2,312,000
4,468
17
4,451
3-mo. KRW CDC, 2.95%
Quarterly
4.06%
Quarterly
09/16/26
(a)
09/16/31
KRW
3,160,431
6,763
23
6,740
4.07%
Quarterly
3-mo. KRW CDC, 2.95%
Quarterly
09/16/26
(a)
09/16/31
KRW
156,605
(370
)
1
(371
)
3-mo. KRW CDC, 2.95%
Quarterly
4.07%
Quarterly
09/16/26
(a)
09/16/31
KRW
5,244,000
13,983
38
13,945
4.08%
Annual
1-day SOFR, 3.66%
Annual
09/16/26
(a)
09/16/31
USD
3,000
10,106
(2,854
)
12,960
3-mo. KRW CDC, 2.95%
Quarterly
4.08%
Quarterly
09/16/26
(a)
09/16/31
KRW
5,624,000
15,805
42
15,763
3-mo. KRW CDC, 2.95%
Quarterly
4.08%
Quarterly
09/16/26
(a)
09/16/31
KRW
1,374,100
4,015
10
4,005
3-mo. KRW CDC, 2.95%
Quarterly
4.09%
Quarterly
09/16/26
(a)
09/16/31
KRW
4,097,468
12,496
30
12,466
3-mo. KRW CDC, 2.95%
Quarterly
4.09%
Quarterly
09/16/26
(a)
09/16/31
KRW
3,778,000
12,185
29
12,156
3-mo. KRW CDC, 2.95%
Quarterly
4.11%
Quarterly
09/16/26
(a)
09/16/31
KRW
2,687,000
10,467
20
10,447
4.12%
Annual
1-day SOFR, 3.66%
Annual
09/16/26
(a)
09/16/31
USD
2,000
3,252
249
3,003
4.13%
Annual
1-day SOFR, 3.66%
Annual
09/16/26
(a)
09/16/31
USD
1,000
1,090
1,258
(168
)
3-mo. KRW CDC, 2.95%
Quarterly
4.15%
Quarterly
09/16/26
(a)
09/16/31
KRW
1,296,000
6,662
10
6,652
3-mo. KRW CDC, 2.95%
Quarterly
4.19%
Quarterly
09/16/26
(a)
09/16/31
KRW
101,988
643
1
642
4.19%
Annual
6-mo. PRIBOR, 3.95%
Semi-Annual
09/16/26
(a)
09/16/31
CZK
13,000
9,461
7
9,454
3-mo. KRW CDC, 2.95%
Quarterly
4.21%
Quarterly
09/16/26
(a)
09/16/31
KRW
499,012
3,497
4
3,493
4.21%
Annual
6-mo. PRIBOR, 3.95%
Semi-Annual
09/16/26
(a)
09/16/31
CZK
6,000
4,109
3
4,106
4.22%
Annual
6-mo. PRIBOR, 3.95%
Semi-Annual
09/16/26
(a)
09/16/31
CZK
27,000
17,680
14
17,666
6-mo. PRIBOR, 3.95%
Semi-Annual
4.23%
Annual
09/16/26
(a)
09/16/31
CZK
3,722
(2,381
)
2
(2,383
)
4.31%
Annual
1-day SONIA, 3.73%
Annual
09/16/26
(a)
09/16/31
GBP
4,460
24,637
22,210
2,427
6-mo. WIBOR, 3.84%
Semi-Annual
4.31%
Annual
09/16/26
(a)
09/16/31
PLN
1,000
(1,246
)
3
(1,249
)
4.32%
Annual
1-day SONIA, 3.73%
Annual
09/16/26
(a)
09/16/31
GBP
4,635
24,425
(7,872
)
32,297
4.36%
Annual
6-mo. PRIBOR, 3.95%
Semi-Annual
09/16/26
(a)
09/16/31
CZK
4,000
1,452
2
1,450
4.37%
Annual
6-mo. PRIBOR, 3.95%
Semi-Annual
09/16/26
(a)
09/16/31
CZK
3,000
1,041
2
1,039
4.40%
Annual
1-day SONIA, 3.73%
Annual
09/16/26
(a)
09/16/31
GBP
8,920
5,471
(7,222
)
12,693
1-day SONIA, 3.73%
Annual
4.41%
Annual
09/16/26
(a)
09/16/31
GBP
7,000
1,782
3,317
(1,535
)
4.42%
Annual
1-day SONIA, 3.73%
Annual
09/16/26
(a)
09/16/31
GBP
4,014
(3,336
)
15,532
(18,868
)
4.49%
Annual
1-day SONIA, 3.73%
Annual
09/16/26
(a)
09/16/31
GBP
13,550
(69,381
)
(46,534
)
(22,847
)
6-mo. WIBOR, 3.84%
Semi-Annual
4.50%
Annual
09/16/26
(a)
09/16/31
PLN
3,000
3,093
9
3,084
62

Schedule of Investments (unaudited)(continued)
July 31, 2026
BlackRock Diversified Fixed Income Fund
 
Centrally Cleared Interest Rate Swaps (continued)
Paid by the Fund
Received by the Fund
Effective
Date
Termination
Date
Notional
Amount (000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Rate
Frequency
Rate
Frequency
6-mo. WIBOR, 3.84%
Semi-Annual
4.54%
Annual
09/16/26
(a)
09/16/31
PLN
6,000
$ 8,649
$ 18
$ 8,631
4.57%
Annual
6-mo. PRIBOR, 3.95%
Semi-Annual
09/16/26
(a)
09/16/31
CZK
2,665
(233
)
2
(235
)
4.76%
Semi-Annual
6-mo. BBSW, 4.83%
Semi-Annual
09/16/26
(a)
09/16/31
AUD
2,410
5,645
19
5,626
6-mo. WIBOR, 3.84%
Semi-Annual
4.77%
Annual
09/16/26
(a)
09/16/31
PLN
1,000
4,138
3
4,135
4.78%
Semi-Annual
6-mo. BBSW, 4.83%
Semi-Annual
09/16/26
(a)
09/16/31
AUD
3,375
6,442
27
6,415
4.79%
Semi-Annual
6-mo. BBSW, 4.83%
Semi-Annual
09/16/26
(a)
09/16/31
AUD
1,000
1,490
8
1,482
4.83%
Semi-Annual
6-mo. BBSW, 4.83%
Semi-Annual
09/16/26
(a)
09/16/31
AUD
3,476
1,301
27
1,274
4.84%
Semi-Annual
6-mo. BBSW, 4.83%
Semi-Annual
09/16/26
(a)
09/16/31
AUD
2,086
199
16
183
4.84%
Semi-Annual
6-mo. BBSW, 4.83%
Semi-Annual
09/16/26
(a)
09/16/31
AUD
3,382
218
26
192
4.84%
Semi-Annual
6-mo. BBSW, 4.83%
Semi-Annual
09/16/26
(a)
09/16/31
AUD
3,476
(422
)
27
(449
)
4.85%
Semi-Annual
6-mo. BBSW, 4.83%
Semi-Annual
09/16/26
(a)
09/16/31
AUD
580
(205
)
5
(210
)
4.85%
Semi-Annual
6-mo. BBSW, 4.83%
Semi-Annual
09/16/26
(a)
09/16/31
AUD
900
(277
)
7
(284
)
6-mo. WIBOR, 3.84%
Semi-Annual
4.85%
Annual
09/16/26
(a)
09/16/31
PLN
2,000
10,293
6
10,287
4.86%
Semi-Annual
6-mo. BBSW, 4.83%
Semi-Annual
09/16/26
(a)
09/16/31
AUD
1,100
(645
)
9
(654
)
6-mo. WIBOR, 3.84%
Semi-Annual
4.86%
Annual
09/16/26
(a)
09/16/31
PLN
1,000
5,252
3
5,249
6.53%
Semi-Annual
1-day MIBOR, 6.64%
Semi-Annual
09/16/26
(a)
09/16/31
INR
50,000
(2,391
)
6
(2,397
)
6.61%
Semi-Annual
1-day MIBOR, 6.64%
Semi-Annual
09/16/26
(a)
09/16/31
INR
78,000
(6,345
)
9
(6,354
)
6.62%
Semi-Annual
1-day MIBOR, 6.64%
Semi-Annual
09/16/26
(a)
09/16/31
INR
78,000
(6,619
)
9
(6,628
)
6.90%
Semi-Annual
1-day MIBOR, 6.64%
Semi-Annual
09/16/26
(a)
09/16/31
INR
87,224
(17,859
)
10
(17,869
)
6.94%
Semi-Annual
1-day MIBOR, 6.64%
Semi-Annual
09/16/26
(a)
09/16/31
INR
82,862
(18,368
)
10
(18,378
)
6.95%
Semi-Annual
1-day MIBOR, 6.64%
Semi-Annual
09/16/26
(a)
09/16/31
INR
52,138
(11,737
)
6
(11,743
)
6.97%
Semi-Annual
1-day MIBOR, 6.64%
Semi-Annual
09/16/26
(a)
09/16/31
INR
249,000
(58,728
)
29
(58,757
)
6.98%
Semi-Annual
1-day MIBOR, 6.64%
Semi-Annual
09/16/26
(a)
09/16/31
INR
95,874
(23,086
)
11
(23,097
)
7.00%
Semi-Annual
1-day MIBOR, 6.64%
Semi-Annual
09/16/26
(a)
09/16/31
INR
81,126
(20,180
)
9
(20,189
)
3-mo. JIBAR, 6.98%
Quarterly
7.41%
Quarterly
09/16/26
(a)
09/16/31
ZAR
2,348
(2,080
)
2
(2,082
)
7.70%
Annual
1-day ZARONIA, 6.86%
Annual
09/16/26
(a)
09/16/31
ZAR
85,350
25,297
57
25,240
7.74%
Annual
1-day ZARONIA, 6.86%
Annual
09/16/26
(a)
09/16/31
ZAR
14,000
2,514
10
2,504
7.75%
Annual
1-day ZARONIA, 6.86%
Annual
09/16/26
(a)
09/16/31
ZAR
85,350
14,910
57
14,853
3.51%
Quarterly
3-mo. KLIBOR, 3.45%
Quarterly
09/17/26
(a)
09/17/31
MYR
655
1,460
2
1,458
3.51%
Quarterly
3-mo. KLIBOR, 3.45%
Quarterly
09/17/26
(a)
09/17/31
MYR
655
1,431
2
1,429
3.60%
Quarterly
3-mo. KLIBOR, 3.45%
Quarterly
09/17/26
(a)
09/17/31
MYR
700
827
2
825
3-mo. JIBAR, 6.98%
Quarterly
7.47%
Quarterly
09/16/26
(a)
09/16/33
ZAR
875
(1,539
)
1
(1,540
)
3-mo. JIBAR, 6.98%
Quarterly
7.62%
Quarterly
09/16/26
(a)
09/16/33
ZAR
2,042
(2,577
)
1
(2,578
)
1-day TIIEFONDEO, 6.55%
Monthly
8.27%
Monthly
N/A
12/05/35
MXN
627
77
1
76
1-day TIIEFONDEO, 6.55%
Monthly
8.00%
Monthly
N/A
12/28/35
MXN
111
(102
)
—
(102
)
3.87%
Quarterly
3-mo. KRW CDC, 2.95%
Quarterly
N/A
06/17/36
KRW
20,613
242
—
242
6-mo. BUBOR, 5.55%
Semi-Annual
5.49%
Annual
06/18/31
(a)
06/18/36
HUF
9,785
490
—
490
6-mo. BUBOR, 5.55%
Semi-Annual
5.54%
Annual
06/18/31
(a)
06/18/36
HUF
9,743
542
—
542
6-mo. BUBOR, 5.55%
Semi-Annual
5.65%
Annual
06/18/31
(a)
06/18/36
HUF
9,937
666
—
666
6-mo. EURIBOR, 2.71%
Semi-Annual
2.91%
Annual
N/A
07/02/36
EUR
680
(21,572
)
(4,807
)
(16,765
)
6-mo. EURIBOR, 2.71%
Semi-Annual
3.14%
Annual
N/A
07/13/36
EUR
680
(6,476
)
654
(7,130
)
1-day THOR, 0.99%
Quarterly
2.07%
Quarterly
09/16/26
(a)
09/16/36
THB
3,044
(1,034
)
2
(1,036
)
1-day THOR, 0.99%
Quarterly
2.09%
Quarterly
09/16/26
(a)
09/16/36
THB
821
(238
)
—
(238
)
6-mo. EURIBOR, 2.71%
Semi-Annual
2.96%
Annual
09/16/26
(a)
09/16/36
EUR
8,550
(248,874
)
33,361
(282,235
)
6-mo. EURIBOR, 2.71%
Semi-Annual
3.08%
Annual
09/16/26
(a)
09/16/36
EUR
2,630
(44,661
)
1,792
(46,453
)
6-mo. EURIBOR, 2.71%
Semi-Annual
3.08%
Annual
09/16/26
(a)
09/16/36
EUR
5,310
(93,832
)
(19,181
)
(74,651
)
6-mo. EURIBOR, 2.71%
Semi-Annual
3.14%
Annual
09/16/26
(a)
09/16/36
EUR
600
(6,612
)
(2,423
)
(4,189
)
6-mo. EURIBOR, 2.71%
Semi-Annual
3.15%
Annual
09/16/26
(a)
09/16/36
EUR
510
(5,361
)
1,023
(6,384
)
6-mo. EURIBOR, 2.71%
Semi-Annual
3.16%
Annual
09/16/26
(a)
09/16/36
EUR
410
(3,913
)
(50
)
(3,863
)
3.19%
Annual
6-mo. EURIBOR, 2.71%
Semi-Annual
09/16/26
(a)
09/16/36
EUR
390
2,325
1,117
1,208
6-mo. EURIBOR, 2.71%
Semi-Annual
3.23%
Annual
09/16/26
(a)
09/16/36
EUR
5,660
(14,467
)
8,338
(22,805
)
3.26%
Annual
6-mo. EURIBOR, 2.71%
Semi-Annual
09/16/26
(a)
09/16/36
EUR
265
(41
)
(735
)
694
3.91%
Annual
1-day SOFR, 3.66%
Annual
09/16/26
(a)
09/16/36
USD
3,190
104,112
292
103,820
1-day SOFR, 3.66%
Annual
3.97%
Annual
09/16/26
(a)
09/16/36
USD
6,670
(183,645
)
(15,142
)
(168,503
)
4.10%
Annual
1-day SOFR, 3.66%
Annual
09/16/26
(a)
09/16/36
USD
130
2,228
334
1,894
1-day SONIA, 3.73%
Annual
4.26%
Annual
09/16/26
(a)
09/16/36
GBP
17,517
(742,602
)
55,407
(798,009
)
1-day SONIA, 3.73%
Annual
4.40%
Annual
09/16/26
(a)
09/16/36
GBP
320
(9,019
)
(1,514
)
(7,505
)
4.44%
Annual
1-day SONIA, 3.73%
Annual
09/16/26
(a)
09/16/36
GBP
270
6,491
6
6,485
1-day SONIA, 3.73%
Annual
4.56%
Annual
09/16/26
(a)
09/16/36
GBP
180
(1,881
)
527
(2,408
)
1-day SONIA, 3.73%
Annual
4.62%
Annual
09/16/26
(a)
09/16/36
GBP
2,490
(10,757
)
(1,729
)
(9,028
)
6-mo. EURIBOR, 2.71%
Semi-Annual
3.26%
Annual
09/16/26
(a)
09/16/56
EUR
590
(9,851
)
(5,576
)
(4,275
)
Schedule of Investments
63

Schedule of Investments (unaudited)(continued)
July 31, 2026
BlackRock Diversified Fixed Income Fund
 
Centrally Cleared Interest Rate Swaps (continued)
Paid by the Fund
Received by the Fund
Effective
Date
Termination
Date
Notional
Amount (000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Rate
Frequency
Rate
Frequency
6-mo. EURIBOR, 2.71%
Semi-Annual
3.29%
Annual
09/16/26
(a)
09/16/56
EUR
1,195
$ (11,073
)
$ 4,198
$ (15,271
)
1-day SOFR, 3.66%
Annual
4.14%
Annual
09/16/26
(a)
09/16/56
USD
1,490
(88,656
)
(3,527
)
(85,129
)
1-day SOFR, 3.66%
Annual
4.28%
Annual
09/16/26
(a)
09/16/56
USD
1,710
(61,916
)
(4,644
)
(57,272
)
4.64%
Annual
1-day SONIA, 3.73%
Annual
09/16/26
(a)
09/16/56
GBP
8,880
776,835
(16,236
)
793,071
4.78%
Annual
1-day SONIA, 3.73%
Annual
09/16/26
(a)
09/16/56
GBP
210
12,405
574
11,831
4.83%
Annual
1-day SONIA, 3.73%
Annual
09/16/26
(a)
09/16/56
GBP
60
2,976
(388
)
3,364
4.94%
Annual
1-day SONIA, 3.73%
Annual
09/16/26
(a)
09/16/56
GBP
170
4,316
(779
)
5,095
5.00%
Annual
1-day SONIA, 3.73%
Annual
09/16/26
(a)
09/16/56
GBP
150
1,906
(519
)
2,425
 
 
$ 1,513,254
$ 93,616
$ 1,419,638
 
(a)
Forward Swap.
OTC Credit Default Swaps — Buy Protection 
Reference Obligations/Index
Financing
Rate Paid
by the Fund
Payment
Frequency
Counterparty
Termination
Date
Notional
Amount (000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Republic of Argentina
5.00
% 
Quarterly
Barclays Bank PLC
12/20/27
USD
4
$ (122
)
$ 63
$ (185
)
American Electric Power Co., Inc.
1.00
Quarterly
Bank of America N.A.
12/20/29
USD
176
(4,274
)
(3,435
)
(839
)
American Express, Co.
1.00
Quarterly
Goldman Sachs International
12/20/29
USD
90
(2,315
)
(1,794
)
(521
)
Dominion Energy, Inc.
1.00
Quarterly
Goldman Sachs International
12/20/29
USD
87
(2,101
)
(1,645
)
(456
)
 
 
 
 
 
$ (8,812
)
$ (6,811
)
$ (2,001
)
OTC Credit Default Swaps — Sell Protection 
Reference Obligation/Index
Financing
Rate Received
by the Fund
Payment
Frequency
Counterparty
Termination
Date
Credit
Rating(a)
Notional
Amount (000)(b)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
Altice France SA
5.00
% 
Quarterly
JPMorgan Chase Bank N.A.
06/20/27
CCC+
EUR
17
$ 671
$ 247
$ 424
Altice France SA
5.00
Quarterly
Morgan Stanley & Co.
International PLC
06/20/27
CCC+
EUR
14
552
278
274
iTraxx.XO.42 10-20%
5.00
Quarterly
BNP Paribas SA
12/20/29
CC
EUR
77
6,487
6,245
242
iTraxx.XO.44 20-35%
5.00
Quarterly
Goldman Sachs International
12/20/30
CCC+
EUR
77
12,088
12,428
(340
)
 
 
 
 
 
 
$ 19,798
$ 19,198
$ 600
 
(a)
Using the rating of the issuer or the underlying securities of the index, as applicable, provided by S&P Global Ratings.
(b)
The maximum potential amount the Fund may pay should a negative credit event take place as defined under the terms of the agreement.
OTC Interest Rate Swaps 
Paid by the Fund
Received by the Fund
 
 
 
 
 
 
 
 
Rate
Frequency
Rate
Frequency
Counterparty
Effective
Date
Termination
Date
Notional
Amount (000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
1-day COOIS,
11.19%
Quarterly
10.78%
Quarterly
Goldman Sachs International
N/A
03/21/28
COP
107,478
$ (409
)
$ —
$ (409
)
1-day COOIS,
11.19%
Quarterly
11.00%
Quarterly
Citibank N.A.
N/A
09/18/28
COP
113,257
(151
)
—
(151
)
1-day COOIS,
11.19%
Quarterly
11.00%
Quarterly
Citibank N.A.
N/A
09/18/28
COP
174,546
(233
)
—
(233
)
1-day COOIS,
11.19%
Quarterly
11.20%
Quarterly
HSBC Bank PLC
N/A
09/18/28
COP
120,008
(28
)
—
(28
)
1-day COOIS,
11.19%
Quarterly
11.20%
Quarterly
HSBC Bank PLC
N/A
09/18/28
COP
77,868
(18
)
—
(18
)
64

Schedule of Investments (unaudited)(continued)
July 31, 2026
BlackRock Diversified Fixed Income Fund
 
OTC Interest Rate Swaps (continued)
Paid by the Fund
Received by the Fund
 
 
 
 
 
 
 
 
Rate
Frequency
Rate
Frequency
Counterparty
Effective
Date
Termination
Date
Notional
Amount (000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
1-day CLP
Interbank Rate,
26,738.25%
Semi-Annual
4.77%
Semi-Annual
Barclays Bank PLC
N/A
09/20/28
CLP
113,171
$ (279
)
$ —
$ (279
)
1-day CLP
Interbank Rate,
26,738.25%
Semi-Annual
4.77%
Semi-Annual
Barclays Bank PLC
N/A
09/20/28
CLP
82,738
(204
)
—
(204
)
1-day COOIS,
11.19%
Quarterly
10.45%
Quarterly
Morgan Stanley & Co.
International PLC
N/A
09/17/29
COP
225,307
(645
)
—
(645
)
1-day COOIS,
11.19%
Quarterly
10.46%
Quarterly
Morgan Stanley & Co.
International PLC
N/A
09/17/29
COP
678,300
(1,907
)
—
(1,907
)
1-day COOIS,
11.19%
Quarterly
10.47%
Quarterly
Citibank N.A.
N/A
09/17/29
COP
455,207
(1,237
)
—
(1,237
)
1-day COOIS,
11.19%
Quarterly
10.81%
Quarterly
HSBC Bank PLC
N/A
09/17/29
COP
192,824
(8
)
—
(8
)
10.60%
Quarterly
1-day COOIS,
11.19%
Quarterly
Goldman Sachs International
N/A
03/18/30
COP
59,448
84
—
84
5.42%
Semi-Annual
1-day CLP
Interbank Rate,
26,738.25%
Semi-Annual
BNP Paribas SA
N/A
06/17/36
CLP
40,835
456
—
456
 
 
$ (4,579
)
$ —
$ (4,579
)
OTC Total Return Swaps 
Paid by the Fund
Received by the Fund
 
 
 
 
 
 
 
 
Rate/Reference
Frequency
Rate/Reference
Frequency
Counterparty
Effective
Date
Termination
Date
Notional
Amount (000)
Value
Upfront
Premium
Paid
(Received)
Unrealized
Appreciation
(Depreciation)
iShares iBoxx $
High Yield
Corporate Bond
ETF
At Termination
1-day SOFR minus
0.85%, 3.66%
At Termination
Morgan Stanley &
Co. International
PLC
N/A
09/18/26
USD
6,700
$ 59,770
$ —
$ 59,770
iShares iBoxx $
High Yield
Corporate Bond
ETF
At Termination
1-day SOFR minus
0.65%, 3.66%
At Termination
Bank of America
N.A.
N/A
09/18/26
USD
1,109
(3,133
)
—
(3,133
)
1-day SOFR minus
0.40%, 3.66%
At Termination
iShares iBoxx $
High Yield
Corporate Bond
ETF
At Termination
JPMorgan Chase
Bank N.A.
N/A
09/18/26
USD
3,863
(36,443
)
—
(36,443
)
1-day SOFR minus
0.20%, 3.66%
At Termination
iShares iBoxx $
High Yield
Corporate Bond
ETF
At Termination
Bank of America
N.A.
N/A
09/18/26
USD
7,107
(68,657
)
—
(68,657
)
Markit iBoxx $ Liquid
High Yield Index
At Termination
1-day SOFR , 3.66%
Quarterly
Bank of America
N.A.
N/A
09/20/26
USD
280
1,836
2,516
(680
)
 
 
 
 
 
 
 
$ (46,627
)
$ 2,516
$ (49,143
)
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows: 
• Level 1 – Unadjusted price quotations in active markets/exchanges that the Fund has the ability to access for identical assets or liabilities;
• Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and
Schedule of Investments
65

Schedule of Investments (unaudited)(continued)
July 31, 2026
BlackRock Diversified Fixed Income Fund
 
Fair Value Hierarchy as of Period End (continued)
• Level 3 – Inputs that are unobservable and significant to the  entire fair value measurement for the asset or liability (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments).
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy.  In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding valuation of financial instruments, refer to its most recent financial statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy.  The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above. 
 
Level 1
Level 2
Level 3
Total
Assets
Investments 
Long-Term Investments 
Asset-Backed Securities
$ —
$ 68,757,218
$ —
$ 68,757,218
Common Stocks
998,646
—
—
998,646
Corporate Bonds
—
342,003,720
3,038,076
345,041,796
Fixed Rate Loan Interests
—
—
434,114
434,114
Floating Rate Loan Interests
—
822,948
34,331
857,279
Foreign Agency Obligations
—
18,301,787
—
18,301,787
Investment Companies
5,284,925
—
—
5,284,925
Municipal Bonds
—
3,649,090
—
3,649,090
Non-Agency Mortgage-Backed Securities
—
153,230,231
99,807
153,330,038
Preferred Securities
Capital Trusts
—
6,818,028
—
6,818,028
Preferred Stocks
120,360
—
—
120,360
U.S. Government Sponsored Agency Securities
—
487,853,685
—
487,853,685
U.S. Treasury Obligations
—
347,827,777
—
347,827,777
Short-Term Securities 
Foreign Agency Obligations
—
1,351,193
—
1,351,193
Money Market Funds
145,944,725
—
—
145,944,725
U.S. Treasury Obligations
—
2,872,457
—
2,872,457
Options Purchased 
Credit Contracts
—
2,096
—
2,096
Equity Contracts
13,146
—
—
13,146
Foreign Currency Exchange Contracts
—
50,796
—
50,796
Interest Rate Contracts
1,111
316,043
—
317,154
Unfunded Floating Rate Loan Interests(a)
—
765
2,082
2,847
Liabilities
Investments 
TBA Sale Commitments
—
(130,374,744
)
—
(130,374,744
)
 
$152,362,913
$1,303,483,090
$3,608,410
$1,459,454,413
Derivative Financial Instruments(b)
Assets 
Credit Contracts
$ —
$ 391,268
$ —
$ 391,268
Equity Contracts
7,652
59,770
—
67,422
Foreign Currency Exchange Contracts
—
411,864
—
411,864
Interest Rate Contracts
817,911
4,049,605
—
4,867,516
Liabilities 
Credit Contracts
—
(78,385
)
—
(78,385
)
Equity Contracts
(23,332
)
(108,233
)
—
(131,565
)
Foreign Currency Exchange Contracts
—
(269,344
)
—
(269,344
)
Interest Rate Contracts
(3,069,897
)
(4,240,594
)
—
(7,310,491
)
 
$(2,267,666
)
$215,951
$—
$(2,051,715
)
 
(a)
Unfunded floating rate loan interests are valued at the unrealized appreciation (depreciation) on the commitment.
(b)
Derivative financial instruments are swaps, futures contracts, forward foreign currency exchange contracts and options written. Swaps, futures contracts and forward foreign currency
exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument and options written are shown at value.
66

Schedule of Investments (unaudited)(continued)
July 31, 2026
BlackRock Diversified Fixed Income Fund
 
 
Currency Abbreviation 
ARS
Argentine Peso
AUD
Australian Dollar
BRL
Brazilian Real
CAD
Canadian Dollar
CHF
Swiss Franc
CLP
Chilean Peso
CNH
Chinese Yuan
CNY
Chinese Yuan
COP
Colombian Peso
CZK
Czech Koruna
EGP
Egyptian Pound
EUR
Euro
GBP
British Pound
HKD
Hong Kong Dollar
HUF
Hungarian Forint
IDR
Indonesian Rupiah
ILS
Israeli Shekel
INR
Indian Rupee
JPY
Japanese Yen
KRW
South Korean Won
MXN
Mexican Peso
MYR
Malaysian Ringgit
NGN
Nigerian Naira
PEN
Peru Nuevo Sol
PHP
Philippine Peso
PLN
Polish Zloty
RON
Romanian Leu
SEK
Swedish Krona
SGD
Singapore Dollar
THB
Thai Baht
TRY
Turkish Lira
TWD
New Taiwan Dollar
USD
United States Dollar
UYU
Uruguayan Peso
ZAR
South African Rand
 
Portfolio Abbreviation 
ABS
 Asset-Backed Security
ADR
 American Depositary Receipt
BAB
 Build America Bond
BBSW
 Bank Bill Swap Rate
Portfolio Abbreviation (continued)
BMO
 BMO Capital Markets
BUBOR
 Budapest Interbank Offered Rate
BZDIOVER
 Overnight Brazil Interbank Deposit (CETIP)
CDC
 Certificate of Deposit Rate
CLO
 Collateralized Loan Obligation
CME
 Chicago Mercantile Exchange
CMT
 Constant Maturity Treasury
COOIS
 Columbia Overnight Interbank Reference Rate
CORRA
 Overnight Bank of Canada Repo Rate
CR
 Custodian Receipt
CVR
 Contingent Value Right
DAC
 Designated Activity Company
ETF
 Exchange-Traded Fund
EURIBOR
 Euro Interbank Offered Rate
GO
 General Obligation Bonds
GOL
 General Obligation Ltd.
HIBOR
 Hong Kong Interbank Offered Rate
JIBAR
 Johannesburg Interbank Average Rate
KLIBOR
 Kuala Lumpur Interbank Offered Rate
MIBOR
 Mumbai Interbank Offered Rate
MTA
 Month Treasury Average
MXIBTIIE
 Mexico Interbank TIIE 28-Day
PCL
 Public Company Limited
PIK
 Payment-in-Kind
PR
 Prerefunded
PRIBOR
 Prague Interbank Offer Rate
RB
 Revenue Bonds
REIT
 Real Estate Investment Trust
REMIC
 Real Estate Mortgage Investment Conduit
S&P
 Standard & Poor’s
SAB
 Special Assessment Bonds
SCA
 Societe en Commandite par Actions
SG
 Syncora Guarantee
SHIR
 ILS - Shekel Overnight Interest Rate
SOFR
 Secured Overnight Financing Rate
SONIA
 Sterling Overnight Interbank Average Rate
SORA
 Singapore Overnight Rate Average
SSARON
 Swiss Average Overnight Rate
STACR
 Structured Agency Credit Risk
STIBOR
 Stockholm Interbank Offered Rate
TAIBOR
 Taipei Interbank Offered Rate
TBA
 To-Be-Announced
Schedule of Investments
67

Schedule of Investments (unaudited)(continued)
July 31, 2026
BlackRock Diversified Fixed Income Fund
 
Portfolio Abbreviation (continued)
THOR
 Thai Overnight Repurchase Rate
TIIEFONDEO
 MXN - Overnight TIIE Funding Rate
WIBOR
 Warsaw Interbank Offered Rate
ZARONIA
 South African Rand Overnight Index Average
68