BlackRock Funds IV N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number: 811-23341

Name of Fund: BlackRock Funds IV

BlackRock Systematic Multi-Strategy Fund

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: John M. Perlowski, Chief  Executive Officer, BlackRock Funds IV, 55 East 52^nd

Street, New York, NY 10055

Registrant’s telephone number, including area code: (800) 441-7762

Date of fiscal year end: 12/31/2021

Date of reporting period: 06/30/2021

Item 1 – Report to Stockholders

(a) The Report to Shareholders is attached herewith.

JUNE 30, 2021

2021 Semi-Annual Report

(Unaudited)

BlackRock Funds IV

· BlackRock Systematic Multi-Strategy Fund

BlackRock Funds V

· BlackRock Emerging Markets Bond Fund

Not FDIC Insured • May Lose Value • No Bank Guarantee

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of June 30, 2021 was a remarkable period of adaptation and recovery, as the global economy dealt with the implications of the coronavirus (or “COVID-19”) pandemic. The United States, along with most of the world, began the reporting period emerging from a severe recession, prompted by pandemic-related restrictions that disrupted many aspects of daily life. However, easing restrictions and robust government intervention led to a strong rebound, and the economy grew at a significant pace for the reporting period, recovering much of the output lost at the beginning of the pandemic.

Equity prices rose with the broader economy, as investors became increasingly optimistic about the economic outlook. Stocks rose through the summer of 2020, fed by strong fiscal and monetary support and positive economic indicators. The implementation of mass vaccination campaigns and passage of an additional $1.9 trillion of fiscal stimulus further boosted stocks, and many equity indices neared or surpassed all-time highs late in the reporting period. In the United States, both large- and small-capitalization stocks posted a significant advance. International equities also gained, as both developed countries and emerging markets rebounded substantially.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) had fallen sharply prior to the beginning of the reporting period, which meant bonds were priced for extreme risk avoidance and economic disruption. Despite expectations of doom and gloom, the economy expanded rapidly, stoking inflation concerns in early 2021, which led to higher yields and a negative overall return for most U.S. Treasuries. In the corporate bond market, support from the U.S. Federal Reserve (the “Fed”) assuaged credit concerns and led to substantial returns for high-yield corporate bonds, although investment-grade corporates declined slightly.

The Fed remained committed to accommodative monetary policy by maintaining near zero interest rates and by reiterating that inflation could exceed its 2% target for a sustained period without triggering a rate increase. Late in the period the Fed elaborated on their expected timeline, raising the likelihood of slower bond purchasing and the possibility of higher rates in 2023.

Looking ahead, while coronavirus-related disruptions have clearly hindered worldwide economic growth, we believe that the global expansion will continue to accelerate as vaccination efforts ramp up and pent-up consumer demand leads to higher spending. While we expect inflation to increase somewhat as the expansion continues, we believe the recent uptick owes more to temporary supply disruptions than a lasting change in fundamentals. The change in Fed policy also means that moderate inflation is less likely to be followed by interest rate hikes that could threaten the economic expansion.

Overall, we favor a moderately positive stance toward risk, with an overweight in equities. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and healthcare, are particularly attractive in the long-term. U.S. small-caps and European equities are likely to benefit from the continuing vaccine-led restart. We are underweight long-term on credit, but inflation-protected U.S. Treasuries, Asian fixed income, and Chinese government bonds offer potential opportunities. We believe that international diversification and a focus on sustainability can help provide portfolio resilience, and the disruption created by the coronavirus appears to be accelerating the shift toward sustainable investments.

In this environment, our view is that investors need to think globally, extend their scope across a broad array of asset classes, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit blackrock.com for further insight about investing in today’s markets.

Sincerely,

Rob Kapito

President, BlackRock Advisors, LLC

Rob Kapito

President, BlackRock Advisors, LLC

Total Returns as of June 30, 2021

	6-Month			12-Month
U.S. large cap equities (S&P 500® Index)		15.25	%		40.79	%
U.S. small cap equities (Russell 2000® Index)		17.54			62.03
International equities (MSCI Europe, Australasia, Far East Index)		8.83			32.35
Emerging market equities (MSCI Emerging Markets Index)		7.45			40.90
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)		0.02			0.09
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)		(4.10	)		(5.89	)
U.S. investment grade bonds (Bloomberg Barclays U.S. Aggregate Bond Index)		(1.60	)		(0.33	)
Tax-exempt municipal bonds (S&P Municipal Bond Index)		1.24			4.20
U.S. high yield bonds (Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index)		3.61			15.34

Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

2 THIS    PAGE    IS    NOT    PART    OF    YOUR    FUND    REPORT

Table of Contents

	Page
The Markets in Review		2
Semi-Annual Report:
Fund Summary		4
About Fund Performance		9
Disclosure of Expenses		9
Derivative Financial Instruments		10
Financial Statements:
Schedules of Investments		11
Statements of Assets and Liabilities		67
Statements of Operations		70
Statements of Changes in Net Assets		71
Financial Highlights		72
Notes to Financial Statements		78
Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements		91
Additional Information		95
Glossary of Terms Used in this Report		97

3

Fund Summary  as of June 30, 2021 BlackRock Systematic Multi-Strategy Fund

Investment Objective

BlackRock Systematic Multi-Strategy Fund’s (the “Fund”) investment objective is to seek total return comprised of current income and capital appreciation.

Portfolio Management Commentary

How did the Fund perform?

For the six-month period ended June 30, 2021, the Fund outperformed both of its benchmarks, the ICE BofA 3-Month U.S. Treasury Bill Index and the Bloomberg Barclays U.S. Aggregate Bond Index.

Fund Strategies

Core allocation across fixed-income and equity markets to balance interest rate and credit exposures. Strategies in the core portfolio may include mortgages, duration and curve, investment grade corporates, emerging markets, securitized credit, dividend equities and high yield.

Long/short alpha strategies seek equity securities and equity derivatives, primarily total return swaps, within a global opportunity set. These strategies seek to identify opportunities through a systematic approach by evaluating predicted returns relative to risk for each security. These strategies seek to provide an uncorrelated source of defensive returns.

Long/short macro strategies seek to capture returns through tactical trades to fixed income and equity markets. These strategies seek to tactically allocate and time directional exposures across several asset classes, such as credit default swaps, U.S. Treasures, U.K. Gilts and index futures.

What factors influenced performance?

The largest contributor to the Fund’s relative performance was the defensive equity long/short strategy, which generated strong positive risk-adjusted returns across different market environments. Early in the period, when equity markets became volatile and fell, the strategy’s defensive alpha produced diversification and positive returns. Later, the strategy took advantage of return dispersion and the market rotation to generate relative outperformance. The directional asset allocation (“DAA”) strategy also contributed to relative returns, benefiting from the rallying markets during much of the period. Within the strategy, dividend equity and asset-carry strategies drove returns, as did compression in yield spreads in high yield and securitized credit.

All three strategies contributed to performance during the period, with the macro strategy seeing slightly positive returns. The bulk of the strategy’s returns came in March, as it captured opportunities from increased dispersion in global interest rate markets.

Describe recent portfolio activity.

The Fund continued to apply its systematic investment approach, which combines asset allocation, defensive equity long/short alpha, and macro strategies across diversified asset classes. The Fund seeks to provide diversified alpha sources for balanced, consistent returns over time through various market conditions.

The period started with volatility in both the equity and bond markets, and although stock market volatility lessened as the period progressed, bonds experienced a spike in yields in February 2021 before seeing range-bound trading and an eventual rally toward period-end. Over the course of the period, the economic regime indicator that informs top-down sector allocation within the DAA strategy reflected continued movement into an expansion, as strengthening and positively trending macroeconomic data indicated a broadening of the recovery. The Fund therefore increased its allocation to dividend equity exposure in the first quarter of 2021 by approximately 2%. This allocation contributed to performance, as dividend equity exposure drove gains for the DAA strategy.

The Fund held derivatives during the period as a part of its investment strategy. Derivatives are used by the investment adviser team to obtain exposure to and/or take outright views on interest rates, credit risk and/or foreign exchange positions in the Fund. Standalone performance impact from derivatives used to manage risk can be taken out of context and may not necessarily portray the total performance impact of the affected position. The use of U.S. Treasury futures, currency forwards, options and swaps had a positive impact on performance for the period.

The Fund continued to use leveraged strategies, which involve holding cash in order to back investments in to-be-announced mortgage derivative securities. The Fund’s cash position was elevated at times during the period but did not have a material impact on Fund performance.

Describe portfolio positioning at period end.

The Fund ended the period with higher allocations to dividend equities and high-yield securities. End-of-period positioning continued to reflect the desired structure of the portfolio to generate a strong risk-adjusted return with a focus on downside protection.

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

4 2 0 2 1    BLACK ROCK    SEMI - ANNUAL    REPORT    TO    SHAREHOLDERS

Fund Summary  as of June 30, 2021 (continued) BlackRock Systematic Multi-Strategy Fund

Performance Summary for the Period Ended June 30, 2021

				Average Annual Total Returns(a)(b)
				1 Year						5 Years						Since Inception(c)
	6-Month Total Returns			Without Sales Charge			With Sales Charge			Without Sales Charge			With Sales Charge			Without Sales Charge			With Sales Charge
Institutional		4.06	%		3.39	%		N/A			5.49	%		N/A			4.85	%		N/A
Investor A		3.87			3.13			(1.00	)%		5.22			4.36	%		4.60			3.90	%
Investor C		3.58			2.35			1.35			4.46			4.46			3.81			3.81
Class K		4.06			3.41			N/A			5.50			N/A			4.86			N/A
ICE BofA 3-Month U.S. Treasury Bill Index(d)		0.03			0.09			N/A			1.17			N/A			0.99			N/A
Bloomberg Barclays U.S. Aggregate Bond Index(e)		(1.60	)		(0.33	)		N/A			3.03			N/A			3.38			N/A

^(a) Assuming maximum sales charges, if any. Average annual total returns with and without sales charges reflect reductions for distribution and service fees. See “About Fund Performance” for a detailed description of share classes, including any related sales charges and fees, and how performance was calculated for certain share classes.

^(b)  The Fund invests in a range of global asset classes, with a focus on fixed and floating rate debt securities and equity securities. On September 17, 2018, the Fund acquired all of the assets, subject to the liabilities, of BlackRock Alternative Capital Strategies Fund (the “Predecessor Fund”), a series of BlackRock Funds^SM, through a tax-free reorganization (the “Board Reorganization”). The Predecessor Fund is the performance and accounting survivor of the Board Reorganization.

^(c) The Fund commenced operations on May 19, 2015.

^(d)  ICE BofA 3-Month U.S. Treasury Bill Index is an unmanaged index that measures returns of three-month Treasury Bills. On March 31, 2021, the Fund began to track the 4pm pricing variant of the ICE BofA 3-Month U.S. Treasury Bill Index (the “Index”). Historical index data prior to March 31, 2021, is for the 3pm pricing variant of the lndex. Index data on and after March 31, 2021 is for the 4pm pricing variant of the Index.

^(e)  A broad-based flagship benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market.

N/A — Not applicable as the share class and index do not have a sales charge.

Past performance is not an indication of future results.

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

Expense Example

	Actual							Hypothetical(a)
		Beginning Account Value (01/01/21)		Ending Account Value (06/30/21)		Expenses Paid During the Period	(b)		Beginning Account Value (01/01/21)		Ending Account Value (06/30/21)		Expenses Paid During the Period	(b)	Annualized Expense Ratio
Institutional	$	1,000.00	$	1,040.60	$	4.81		$	1,000.00	$	1,020.08	$	4.76		0.95	%
Investor A		1,000.00		1,038.70		6.07			1,000.00		1,018.84		6.01		1.20
Investor C		1,000.00		1,035.80		9.79			1,000.00		1,015.17		9.69		1.94
Class K		1,000.00		1,040.60		4.30			1,000.00		1,020.58		4.26		0.85

^(a)  Hypothetical 5% annual return before expenses is calculated by prorating the number of days in the most recent fiscal half year divided by 365.

^(b)  For each class of the Fund, expenses are equal to the annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the six-month period shown).

See “Disclosure of Expenses” for further information on how expenses were calculated.

FUND    SUMMARY 5

Fund Summary  as of June 30, 2021 (continued) BlackRock Systematic Multi-Strategy Fund

Portfolio Information

PORTFOLIO ALLOCATION

Asset Type(a)	Percent of Net Assets
U.S. Government Sponsored Agency Securities		57	%
Corporate Bonds		40
Money Market Funds		19
Non-Agency Mortgage-Backed Securities		11
Common Stocks		8
Investment Companies		3
Asset-Backed Securities		2
U.S. Treasury Obligations		—	(b)
Capital Trust		—	(b)
TBA Sale Commitments		(19	)
Liabilities in Excess of Other Assets		(21	)

INDUSTRY ALLOCATION

Percent of
Total Investments  
^(c) 

Industry	Long		Short		Total
Financials	9	%	2	%	11	%
Consumer Discretionary	6		3		9
Industrials	6		3		9
Health Care	5		2		7
Energy	4		2		6
Information Technology	4		2		6
Communication Services	4		3		7
Materials	3		2		5
Consumer Staples	3		1		4
Utilities	2		1		3
Real Estate	1		2		3
Other(d)	30		—		30
	77	%	23	%	100	%

^(a)  Excludes underlying investment in total return swaps.

^(b) Rounds to less than 1% of net assets.

^(c)  Total investments include the gross values of long and short equity securities of the underlying derivative contracts utilized by the Fund and exclude short-term securities and TBA sale commitments.

^(d)  Consist of Asset-Backed Securities (1%), Investment Companies (2%), Non-Agency Mortgaged-Backed Securities (6%), U.S. Government Sponsored Agency Obligations (21%) and U.S. Treasury Obligations (less than 1%).

6 2 0 2 1    BLACK ROCK    SEMI - ANNUAL    REPORT    TO    SHAREHOLDERS

Fund Summary  as of June 30, 2021 BlackRock Emerging Markets Bond Fund

Investment Objective

BlackRock Emerging Markets Bond Fund’s (the “Fund”) investment objective is to seek total return.

On June 9, 2021, the Board of Trustees of the Fund (the “Board”) approved a proposal to change the name of the Fund to BlackRock Sustainable Emerging Markets Bond Fund. The Board also approved certain changes to the Fund’s investment objective, investment strategies and investment process. In addition, the investment adviser has determined to change the benchmark indices against which the Fund compares its performance. These changes are expected to become effective on or about September 23, 2021.

Portfolio Management Commentary

How did the Fund perform?

For the six-month period ended June 30, 2021, the Fund outperformed its benchmark, the J.P. Morgan Emerging Markets Bond Index (EMBI) Global Diversified Index.

What factors influenced performance?

After experiencing shaky results in the first three months of 2021 due to concerns about rising interest rates, emerging market bonds rebounded to register a solid return in the second quarter of 2021. The combination of accelerating global trade, rising commodity prices and weakness in the U.S. dollar in April and May helped support returns in this time. Still, the index was unable to recapture the ground lost in its first-quarter downturn.

The Fund’s overweight positions in higher-yielding emerging-market sovereign issuers, such as Ukraine, contributed to performance. The country’s bonds appreciated as the International Monetary Fund’s legislative initiatives progressed more quickly than expected. Overweight positions in countries likely to benefit from rising commodity prices, such as Angola and Ghana, also performed well. An underweight in Turkey was an additional contributor.

The Fund used derivatives, including short positions in U.S. Treasury futures, to manage interest-rate risk. Given that Treasury yields rose in the first quarter, this strategy contributed to performance. The Fund also used derivatives to take an out-of-benchmark position in a basket of emerging market currencies, which further aided results.

On the negative side, overweight positions in sovereign issuers that were hurt by the “risk-off” tone that emerged when interest rates rose in the first quarter of 2021—including Mexico, Argentina and Egypt—detracted from performance.

At period end, the Fund had a slightly elevated cash position, which had no material impact on Fund performance.

Describe recent portfolio activity.

In the early part of the period, the Fund reduced its weighting in longer-term bonds in an effort to decrease the portfolio’s interest-rate sensitivity. As part of this process, it lowered its positions in Egypt, Qatar and Saudi Arabia. It also reduced its tactical allocation to emerging market currencies, while decreasing its exposure to oil-related holdings.

During the second half of the period, the investment adviser slightly lowered the portfolio’s sensitivity to market movements by further reducing in the currency position. This move reflected the investment adviser’s belief that economic data releases and the Fed’s policy discussions could lead to higher market volatility. The investment adviser also increased the extent of its risk-management program in an effort to offset the possibility of rising interest rates.

Describe portfolio positioning at period end.

The Fund was positioned for a generally positive environment, but the investment adviser was cautious on valuations entering the period of low liquidity that characterizes the summer months. As a result, it was avoiding taking sizable directional risks. The Fund remained tilted toward higher-yielding sovereign bonds relative to investment-grade issues, with a focus on security selection. The Fund’s duration was 5.5 years, meaningfully below the benchmark’s duration of 7.8 years.

Ukraine, Egypt and Oman were the portfolio’s leading overweights at the end of June, while Malaysia, Philippines and China were the largest underweights. The investment adviser continued to emphasize careful selection given the varying impact COVID-19 is having on different countries.

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

FUND    SUMMARY 7

Fund Summary  as of June 30, 2021 (continued) BlackRock Emerging Markets Bond Fund

Performance Summary for the Period Ended June 30, 2021

							Average Annual Total Returns(a)(b)
	Standardized 30-Day Yields		Unsubsidized 30-Day Yields		6-Month Total Returns			1 Year		Since Inception	(c)
Institutional	4.15	%	3.38	%	0.28	%		11.45	%	4.10	%
Class K	4.25		3.44		0.43			11.55		4.19
J.P. Morgan EMBI Global Diversified Index(d)	—		—		(0.66	)		7.53		4.44

^(a)  See “About Fund Performance” for a detailed description of share classes, including any related fees.

^(b)  The Fund invests primarily in a portfolio of fixed-income securities of issuers located in or tied economically to emerging market countries that are predominantly denominated in U.S. dollars and derivatives with similar economic characteristics. On September 17, 2018, the Fund acquired all of the assets, subject to the liabilities, of BlackRock Emerging Markets Bond Fund (the “Predecessor Fund”), a series of BlackRock Funds II, through a tax-free reorganization (the “Reorganization”). The Predecessor Fund is the performance and accounting survivor of the Reorganization.

^(c)  The Fund commenced operations on July 27, 2017.

^(d)  An unmanaged, market-capitalization weighted, total-return index tracking the traded market for U.S.-dollar-denominated Brady bonds, Eurobonds, traded loans, and local market debt instruments issued by emerging market sovereign and quasi-sovereign entities.

Past performance is not an indication of future results.

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

Expense Example

	Actual							Hypothetical(a)
		Beginning Account Value (01/01/21)		Ending Account Value (06/30/21)		Expenses Paid During the Period	(b)		Beginning Account Value (01/01/21)		Ending Account Value (06/30/21)		Expenses Paid During the Period	(b)	Annualized Expense Ratio
Institutional	$	1,000.00	$	1,002.80	$	3.38		$	1,000.00	$	1,021.42	$	3.41		0.68	%
Class K		1,000.00		1,004.30		2.93			1,000.00		1,021.87		2.96		0.59

^(a)  Hypothetical 5% annual return before expenses is calculated by prorating the number of days in the most recent fiscal half year divided by 365.

^(b)  For each class of the Fund, expenses are equal to the annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the six-month period shown).

See “Disclosure of Expenses” for further information on how expenses were calculated.

Portfolio Information

PORTFOLIO ALLOCATION
Asset Type(a)	Percent of Total Investments
Foreign Agency Obligations		88	%
Corporate Bonds		12

CREDIT QUALITY ALLOCATION
Credit Rating(a)(b)	Percent of Total Investments
AA/Aa		4	%
A		11
BBB/Baa		26
BB/Ba		18
B		33
CCC/Caa		7
C		1
D		—	(c)
N/R		—	(c)

^(a)  Excludes short-term securities.

^(b)  For financial reporting purposes, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody’s Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.

^(c)  Rounds to less than 1% of total investments.

8 2 0 2 1    BLACK ROCK    SEMI - ANNUAL    REPORT    TO    SHAREHOLDERS

About Fund Performance

Institutional Shares and Class K Shares are not subject to any sales charge. These shares bear no ongoing distribution or service fees and are available only to certain eligible investors. BlackRock Systematic Multi-Strategy Fund’s Class K Shares performance shown prior to the Class K Shares inception date of September 29, 2020 is that of Institutional Shares. The performance of BlackRock Systematic Multi-Strategy Fund’s Class K Shares would be substantially similar to Institutional Shares because Class K Shares and Institutional Shares invest in the same portfolio of securities and performance would only differ to the extent that Class K Shares and Institutional Shares have different expenses. The actual returns of Class K Shares for BlackRock Systematic Multi-Strategy Fund would have been higher than those of the Institutional Shares because Class K Shares have lower expenses than the Institutional Shares.

Investor A Shares (available only in BlackRock Systematic Multi-Strategy Fund) are subject to a maximum initial sales charge (front-end load) of 4.00% and a service fee of 0.25% per year (but no distribution fee). Certain redemptions of these shares may be subject to a contingent deferred sales charge (“CDSC”) where no initial sales charge was paid at the time of purchase. These shares are generally available through financial intermediaries.

Investor C Shares (available only in BlackRock Systematic Multi-Strategy Fund) are subject to a 1.00% CDSC if redeemed within one year of purchase. In addition, these shares are subject to a distribution fee of 0.75% per year and a service fee of 0.25% per year. These shares are generally available through financial intermediaries. These shares automatically convert to Investor A Shares after approximately eight years.

Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time, and may continue to affect adversely the value and liquidity of the Fund’s investments. As a result, current performance may be lower or higher than the performance data quoted. Refer to blackrock.com to obtain performance data current to the most recent month-end. Performance results do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Figures shown in the performance tables assume reinvestment of all distributions, if any, at net asset value (“NAV”) on the ex-dividend date or payable date, as applicable. Investment return and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Distributions paid to each class of shares will vary because of the different levels of service, distribution and transfer agency fees applicable to each class, which are deducted from the income available to be paid to shareholders.

BlackRock Advisors, LLC (the “Manager”), each Fund’s investment adviser, has contractually and/or voluntarily agreed to waive and/or reimburse a portion of each Fund’s expenses. Without such waiver(s) and/or reimbursement(s), each Fund’s performance would have been lower. With respect to each Fund’s voluntary waiver(s), if any, the Manager is under no obligation to waive and/or reimburse or to continue waiving and/or reimbursing its fees and such voluntary waiver(s) may be reduced or discontinued at any time. With respect to each Fund’s contractual waiver(s), if any, the Manager is under no obligation to continue waiving and/or reimbursing its fees after the applicable termination date of such agreement. See the Notes to Financial Statements for additional information on waivers and/or reimbursements.

The standardized 30-day yield includes the effects of any waivers and/or reimbursements. The unsubsidized 30-day yield excludes the effects of any waivers and/or reimbursements.

Disclosure of Expenses

Shareholders of each Fund may incur the following charges: (a) transactional expenses, such as sales charges; and (b) operating expenses, including investment advisory fees, service and distribution fees, including 12b-1 fees, acquired fund fees and expenses, and other fund expenses. The expense examples shown (which are based on a hypothetical investment of $1,000 invested on January 1, 2021 and held through June 30, 2021) are intended to assist shareholders both in calculating expenses based on an investment in each Fund and in comparing these expenses with similar costs of investing in other mutual funds.

The expense examples provide information about actual account values and actual expenses. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number corresponding to their Fund and share class under the heading entitled “Expenses Paid During the Period.”

The expense examples also provide information about hypothetical account values and hypothetical expenses based on a Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in these Funds and other funds, compare the 5% hypothetical examples with the 5% hypothetical examples that appear in shareholder reports of other funds.

The expenses shown in the expense examples are intended to highlight shareholders’ ongoing costs only and do not reflect transactional expenses, such as sales charges, if any. Therefore, the hypothetical examples are useful in comparing ongoing expenses only, and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.

ABOUT    FUND    PERFORMANCE    /    DISCLOSURE    OF    EXPENSES 9

Derivative Financial Instruments

The Funds may invest in various derivative financial instruments. These instruments are used to obtain exposure to a security, commodity, index, market, and/or other assets without owning or taking physical custody of securities, commodities and/or other referenced assets or to manage market, equity, credit, interest rate, foreign currency exchange rate, commodity and/or other risks. Derivative financial instruments may give rise to a form of economic leverage and involve risks, including the imperfect correlation between the value of a derivative financial instrument and the underlying asset, possible default of the counterparty to the transaction or illiquidity of the instrument. The Funds’ successful use of a derivative financial instrument depends on the investment adviser’s ability to predict pertinent market movements accurately, which cannot be assured. The use of these instruments may result in losses greater than if they had not been used, may limit the amount of appreciation a Fund can realize on an investment and/or may result in lower distributions paid to shareholders. The Funds’ investments in these instruments, if any, are discussed in detail in the Notes to Financial Statements.

10 2 0 2 1    BLACK ROCK    SEMI - ANNUAL    REPORT    TO    SHAREHOLDERS

Schedule of Investments (unaudited)  June 30, 2021 BlackRock Systematic Multi-Strategy Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Asset-Backed Securities
AmeriCredit Automobile Receivables Trust,
Series 2017-3, Class D, 3.18%, 07/18/23	$	150	$	152,867
Avant Loans Funding Trust, Series 2021-REV1, Class C, 2.30%, 07/15/30(a)		2,220		2,212,961
Avid Automobile Receivables Trust,
Series 2019-1, Class A, 2.62%, 02/15/24(a)		179		179,553
Carvana Auto Receivables Trust, Series 2021-N2, Class B, 0.75%, 03/10/28		2,324		2,319,388
Conn’s Receivables Funding LLC, Series 2020-A, Class A, 1.71%, 06/16/25(a)		2,255		2,257,305
Consumer Loan Underlying Bond CLUB Credit Trust(a)
Series 2019-HP1, Class A, 2.59%, 12/15/26		1,554		1,567,536
Series 2019-P2, Class A, 2.47%, 10/15/26		187		187,672
Series 2020-P1, Class A, 2.26%, 03/15/28		1,370		1,375,750
Consumer Loan Underlying Bond Credit Trust, Series 2019-P1, Class A, 2.94%, 07/15/26(a)		16		16,034
CPS Auto Receivables Trust, Series 2020-B,
Class A, 1.15%, 07/17/23(a)		719		720,171
Drive Auto Receivables Trust
Series 2017-1, Class D, 3.84%, 03/15/23		18		17,880
Series 2017-2, Class D, 3.49%, 09/15/23		17		17,536
Series 2017-3, Class D, 3.53%, 12/15/23(a)		61		61,588
Series 2019-1, Class D, 4.09%, 06/15/26		13,120		13,616,675
Series 2020-2, Class A2A, 0.85%, 07/17/23		195		194,924
Series 2020-2, Class A3, 0.83%, 05/15/24		1,150		1,152,489
DT Auto Owner Trust, Series 2020-2A, Class A, 1.14%, 01/16/24(a)		2,229		2,235,518
Enva LLC(a)
Series 2018-A, Class B, 7.37%, 05/20/26		2,733		2,765,865
Series 2019-A, Class B, 6.17%, 06/22/26		1,720		1,735,756
Exeter Automobile Receivables Trust
Series 2020-1A, Class B, 2.26%, 04/15/24(a)		2,995		3,010,055
Series 2020-2A, Class A, 1.13%, 08/15/23(a)		1,231		1,231,922
Series 2020-3A, Class B, 0.79%, 09/16/24		7,140		7,164,170
Marlette Funding Trust(a)
Series 2019-1A, Class A, 3.44%, 04/16/29		5		4,981
Series 2019-2A, Class A, 3.13%, 07/16/29		32		32,561
Series 2019-3A, Class A, 2.69%, 09/17/29		88		87,976
Series 2019-4A, Class A, 2.39%, 12/17/29		303		304,339
Series 2020-1A, Class A, 2.24%, 03/15/30		216		216,052
Series 2020-2A, Class A, 1.02%, 09/16/30		2,758		2,760,893
OneMain Financial Issuance Trust, Series 2019-2A, Class A, 3.14%, 10/14/36(a)		500		537,380
Prosper Marketplace Issuance Trust, Series 2019-4A, Class A, 2.48%, 02/17/26(a)		36		35,920
Santander Drive Auto Receivables Trust
Series 2017-2, Class D, 3.49%, 07/17/23		82		82,226
Series 2018-2, Class D, 3.88%, 02/15/24		750		762,913
Series 2018-4, Class C, 3.56%, 07/15/24		364		365,764
Series 2018-5, Class D, 4.19%, 12/16/24		50		51,120
Series 2019-1, Class D, 3.65%, 04/15/25		3,300		3,394,148
Series 2019-3, Class B, 2.28%, 09/15/23		302		302,318
Series 2020-2, Class B, 0.96%, 11/15/24		1,860		1,869,068
Santander Revolving Auto Loan Trust,
Series 2019-A, Class A, 2.51%, 01/26/32(a)		650		684,908
Upstart Securitization Trust(a)
Series 2019-3, Class A, 2.68%, 01/21/30		3,944		3,965,963
Series 2020-1, Class A, 2.32%, 04/22/30		4,420		4,449,902

Security	Par (000)		Value
Asset-Backed Securities (continued)
Upstart Securitization Trust(a) (continued)
Series 2021-1, Class A, 0.87%, 03/20/31	$	5,793	$	5,804,484
Upstart Securitization Trust 2021-2,
Series 2021-2, Class A, 0.91%, 06/20/31(a)		33,157		33,182,486
Westlake Automobile Receivables Trust(a)
Series 2018-1A, Class D, 3.41%, 05/15/23		10		9,892
Series 2018-3A, Class C, 3.61%, 10/16/23		906		908,318
Series 2018-3A, Class D, 4.00%, 10/16/23		100		101,682
Series 2019-2A, Class B, 2.62%, 07/15/24		1,029		1,032,977
Series 2020-2A, Class B, 1.32%, 07/15/25		5,240		5,284,883
Total Asset-Backed Securities — 1.9%
(Cost: $110,138,468)				110,426,769
	Shares
Common Stocks
Aerospace & Defense — 0.3%
Lockheed Martin Corp.		25,358		9,594,200
Northrop Grumman Corp.		26,489		9,626,897
				19,221,097
Air Freight & Logistics — 0.1%
C.H. Robinson Worldwide, Inc.		24,663		2,310,183
United Parcel Service, Inc., Class B		13,425		2,791,997
				5,102,180
Beverages — 0.1%
PepsiCo, Inc.		58,793		8,711,359
Biotechnology — 0.4%
Amgen, Inc.		41,463		10,106,606
Gilead Sciences, Inc.		148,269		10,209,804
				20,316,410
Capital Markets — 0.2%
Houlihan Lokey, Inc.		54,178		4,431,219
Virtu Financial, Inc., Class A		158,273		4,373,083
				8,804,302
Chemicals — 0.2%
Air Products & Chemicals, Inc.		32,012		9,209,212
Commercial Services & Supplies — 0.3%
Republic Services, Inc.		89,369		9,831,483
Waste Management, Inc.		69,143		9,687,626
				19,519,109
Communications Equipment — 0.3%
Cisco Systems, Inc.		184,054		9,754,862
Juniper Networks, Inc.		204,154		5,583,612
				15,338,474
Containers & Packaging — 0.2%
Amcor PLC		583,037		6,681,604
Packaging Corp. of America		5,985		810,489
Sonoco Products Co.		55,070		3,684,183
				11,176,276
Diversified Telecommunication Services — 0.2%
Verizon Communications, Inc.		171,779		9,624,777
Electric Utilities — 0.9%
Alliant Energy Corp.		169,940		9,475,854

SCHEDULE    OF    INVESTMENTS 11

Schedule of Investments (unaudited) (continued) June 30, 2021 BlackRock Systematic Multi-Strategy Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Electric Utilities (continued)
American Electric Power Co., Inc.		113,806	$	9,626,850
Avangrid, Inc.		176,334		9,068,858
Duke Energy Corp.		96,771		9,553,233
Evergy, Inc.		142,863		8,633,211
Eversource Energy		35,949		2,884,548
Southern Co.		14,583		882,417
Xcel Energy, Inc.		62,102		4,091,280
				54,216,251
Equity Real Estate Investment Trusts (REITs) — 0.3%
CyrusOne, Inc.		39,504		2,825,326
Healthcare Realty Trust, Inc.		8,795		265,609
Healthcare Trust of America, Inc., Class A		164,810		4,400,427
Public Storage		33,915		10,197,901
STAG Industrial, Inc.		21,370		799,879
				18,489,142
Food & Staples Retailing — 0.1%
Kroger Co.		78,122		2,992,854
Food Products — 0.8%
Campbell Soup Co.		129,015		5,881,794
Conagra Brands, Inc.		38,576		1,403,395
Flowers Foods, Inc.		394,497		9,546,827
General Mills, Inc.		154,563		9,417,524
Hormel Foods Corp.		200,349		9,566,665
Kellogg Co.		147,952		9,517,752
				45,333,957
Gas Utilities — 0.1%
Atmos Energy Corp.		34,686		3,333,671
Southwest Gas Holdings, Inc.		5,204		344,453
				3,678,124
Health Care Providers & Services — 0.2%
CVS Health Corp.		53,289		4,446,434
Quest Diagnostics, Inc.		76,097		10,042,521
				14,488,955
Household Products — 0.7%
Clorox Co.		54,822		9,863,026
Colgate-Palmolive Co.		117,422		9,552,280
Kimberly-Clark Corp.		74,494		9,965,807
Procter & Gamble Co.		72,884		9,834,238
				39,215,351
Industrial Conglomerates — 0.2%
3M Co.		47,662		9,467,103
Insurance — 0.2%
Allstate Corp.		22,442		2,927,334
Assurant, Inc.		58,438		9,126,847
				12,054,181
IT Services — 0.6%
Amdocs Ltd.		98,247		7,600,388
Automatic Data Processing, Inc.		49,235		9,779,056
Paychex, Inc.		95,899		10,289,963
Western Union Co.		335,856		7,714,612
				35,384,019

Security	Shares		Value
Leisure Products — 0.0%
Hasbro, Inc.		8,412	$	795,102
Media — 0.2%
Comcast Corp., Class A		170,060		9,696,821
Omnicom Group, Inc.		7,073		565,769
				10,262,590
Metals & Mining — 0.1%
Newmont Corp.		136,471		8,649,532
Multi-Utilities — 0.6%
Ameren Corp.		115,050		9,208,602
CMS Energy Corp.		134,992		7,975,327
Consolidated Edison, Inc.		126,716		9,088,072
WEC Energy Group, Inc.		104,173		9,266,188
				35,538,189
Oil, Gas & Consumable Fuels — 0.0%
SM Energy Co.		2,455		60,467
Pharmaceuticals — 0.5%
Johnson & Johnson		58,508		9,638,608
Merck & Co., Inc.		128,823		10,018,565
Pfizer, Inc.		251,556		9,850,933
				29,508,106
Road & Rail — 0.0%
Union Pacific Corp.		12,772		2,808,946
Software — 0.3%
NortonLifeLock, Inc.		381,268		10,378,115
Oracle Corp.		121,715		9,474,296
				19,852,411
Specialty Retail — 0.2%
Home Depot, Inc.		27,943		8,910,743
Total Common Stocks — 8.3%
(Cost: $448,734,962)				478,729,219
	Par (000)
Corporate Bonds
Advertising Agencies — 0.1%
Interpublic Group of Cos., Inc., 2.40%, 03/01/31	$	2,260		2,267,165
MDC Partners, Inc., 7.50%, 05/01/24(a)(b)		100		101,250
Omnicom Group, Inc., 2.60%, 08/01/31		755		767,537
				3,135,952
Aerospace & Defense — 0.6%
3M Co.
2.25%, 03/15/23		425		438,207
2.65%, 04/15/25		680		724,429
Boeing Co.
1.17%, 02/04/23		1,205		1,209,995
4.51%, 05/01/23		1,760		1,876,327
1.43%, 02/04/24		2,000		2,005,293
4.88%, 05/01/25		2,080		2,330,574
2.20%, 02/04/26		2,000		2,019,116

12 2 0 2 1    BLACK ROCK    SEMI - ANNUAL    REPORT    TO    SHAREHOLDERS

Schedule of Investments (unaudited) (continued) June 30, 2021 BlackRock Systematic Multi-Strategy Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Aerospace & Defense (continued)
Bombardier, Inc.(a)
6.00%, 10/15/22	$	52	$	52,065
6.13%, 01/15/23		17		17,903
7.13%, 06/15/26		1,065		1,115,055
7.88%, 04/15/27		425		440,937
General Dynamics Corp.
3.25%, 04/01/25		350		379,302
1.15%, 06/01/26		4,250		4,265,710
General Electric Co., 3.63%, 05/01/30		185		206,290
Howmet Aerospace, Inc.
5.90%, 02/01/27		3,580		4,179,650
5.95%, 02/01/37		500		605,075
Lockheed Martin Corp., 1.85%, 06/15/30		70		70,228
Moog, Inc., 4.25%, 12/15/27(a)		400		414,000
Raytheon Technologies Corp.
3.15%, 12/15/24		1,153		1,237,331
3.95%, 08/16/25		130		144,584
Rolls-Royce PLC, 5.75%, 10/15/27(a)		1,305		1,437,444
Spirit AeroSystems, Inc.
5.50%, 01/15/25(a)		125		132,812
7.50%, 04/15/25(a)		700		747,250
4.60%, 06/15/28		1,400		1,372,000
SSL Robotics LLC, 9.75%, 12/31/23(a)		676		745,986
TransDigm, Inc.
8.00%, 12/15/25(a)		115		124,258
6.25%, 03/15/26(a)		2,000		2,110,000
6.38%, 06/15/26		100		103,597
7.50%, 03/15/27		50		53,188
5.50%, 11/15/27		1,050		1,094,625
4.63%, 01/15/29(a)		260		260,091
Triumph Group, Inc.
8.88%, 06/01/24(a)		551		612,987
7.75%, 08/15/25		40		41,148
				32,567,457
Air Freight & Logistics(a) — 0.0%
Cargo Aircraft Management, Inc., 4.75%, 02/01/28		390		397,734
Kenan Advantage Group, Inc., 7.88%, 07/31/23		15		14,978
XPO Logistics, Inc., 6.25%, 05/01/25		1,590		1,691,362
				2,104,074
Airlines — 0.2%
American Airlines Group, Inc., 3.75%, 03/01/25(a)		455		419,169
American Airlines, Inc., 11.75%, 07/15/25(a)		750		941,250
American Airlines, Inc./AAdvantage Loyalty IP Ltd.(a)
5.50%, 04/20/26		625		661,719
5.75%, 04/20/29		530		573,062
Delta Air Line, Inc., 7.38%, 01/15/26		3,125		3,666,669
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd., 5.75%, 01/20/26(a)		1,620		1,739,248
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., 6.50%, 06/20/27(a)		1,188		1,307,773
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd., 8.00%, 09/20/25(a)		543		614,133
United Airlines Holdings, Inc., 4.88%, 01/15/25		525		544,688

Security	Par (000)		Value
Airlines (continued)
United Airlines, Inc.(a)
4.38%, 04/15/26	$	1,040	$	1,076,587
4.63%, 04/15/29		1,125		1,164,375
				12,708,673
Auto Components — 0.4%
Adient Global Holdings Ltd., 4.88%, 08/15/26(a)		2,000		2,058,460
Adient US LLC, 9.00%, 04/15/25(a)		355		390,944
Aptiv Corp., 4.15%, 03/15/24		1,700		1,844,507
Clarios Global LP/Clarios US Finance Co.(a)
6.25%, 05/15/26		509		542,243
8.50%, 05/15/27		510		556,002
Cooper-Standard Automotive, Inc.(a)
13.00%, 06/01/24		100		113,000
5.63%, 11/15/26		360		338,652
Dana, Inc., 4.25%, 09/01/30		575		591,531
Dealer Tire LLC/DT Issuer LLC, 8.00%, 02/01/28(a)		140		150,850
Goodyear Tire & Rubber Co.
9.50%, 05/31/25		100		111,625
4.88%, 03/15/27		250		264,918
5.00%, 07/15/29(a)		1,063		1,112,961
5.25%, 04/30/31		1,225		1,278,594
Lear Corp., 3.80%, 09/15/27		4,825		5,318,115
Meritor, Inc.(a)
6.25%, 06/01/25		325		346,180
4.50%, 12/15/28		1,850		1,875,437
Tenneco, Inc. 5.38%, 12/15/24		1,000		1,001,030
5.00%, 07/15/26		659		655,507
7.88%, 01/15/29(a)		1,285		1,451,253
Titan International, Inc., 7.00%, 04/30/28(a)		495		517,894
ZF North America Capital, Inc., 4.75%, 04/29/25(a)		150		162,000
				20,681,703
Automobiles — 1.3%
Allison Transmission, Inc.(a)
5.88%, 06/01/29		310		339,450
3.75%, 01/30/31		644		632,968
American Honda Finance Corp., 1.20%, 07/08/25		1,395		1,404,742
Asbury Automotive Group, Inc.
4.50%, 03/01/28		1,600		1,644,000
4.75%, 03/01/30		2,745		2,868,525
Aston Martin Capital Holdings Ltd., 10.50%, 11/30/25(a)		1,000		1,113,490
Carvana Co., 5.88%, 10/01/28(a)		1,500		1,578,300
Cummins, Inc., 0.75%, 09/01/25		4,550		4,512,769
Ford Motor Co.
8.50%, 04/21/23		2,750		3,068,862
9.00%, 04/22/25		2,185		2,693,821
4.35%, 12/08/26		200		214,250
9.63%, 04/22/30		240		344,400
4.75%, 01/15/43		150		159,375
5.29%, 12/08/46		950		1,061,036
Ford Motor Credit Co. LLC
4.25%, 09/20/22		250		258,143
4.38%, 08/06/23		1,000		1,056,000

SCHEDULE    OF    INVESTMENTS 13

Schedule of Investments (unaudited) (continued) June 30, 2021 BlackRock Systematic Multi-Strategy Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Automobiles (continued)
Ford Motor Credit Co. LLC (continued)
5.58%, 03/18/24	$	400	$	438,080
5.13%, 06/16/25		2,350		2,587,937
4.13%, 08/04/25		1,000		1,068,740
3.38%, 11/13/25		1,230		1,275,448
4.39%, 01/08/26		1,650		1,782,000
4.13%, 08/17/27		2,000		2,121,555
4.00%, 11/13/30		1,320		1,382,700
General Motors Co.
5.40%, 10/02/23		160		176,213
6.13%, 10/01/25		600		710,281
General Motors Financial Co., Inc.
4.20%, 11/06/21		65		65,851
3.45%, 04/10/22		50		50,921
3.55%, 07/08/22		690		712,173
3.25%, 01/05/23		50		51,886
3.70%, 05/09/23		1,750		1,837,219
4.15%, 06/19/23		195		207,103
1.70%, 08/18/23		5,460		5,572,693
5.10%, 01/17/24		375		412,839
1.05%, 03/08/24		1,980		1,991,355
4.00%, 01/15/25		1,000		1,089,429
2.75%, 06/20/25		1,815		1,910,994
2.35%, 01/08/31		5,600		5,525,520
Group 1 Automotive, Inc., 4.00%, 08/15/28(a)		2,220		2,258,850
Jaguar Land Rover Automotive PLC(a)
7.75%, 10/15/25		1,250		1,371,875
4.50%, 10/01/27		400		393,400
5.88%, 01/15/28		1,240		1,305,100
LCM Investments Holdings II LLC, 4.88%, 05/01/29(a)		475		486,875
Lithia Motors, Inc., 4.38%, 01/15/31(a)		655		701,577
Navistar International Corp.(a)
9.50%, 05/01/25		755		809,360
6.63%, 11/01/25		525		542,393
PACCAR Financial Corp., 1.90%, 02/07/23		325		332,984
PM General Purchaser LLC, 9.50%, 10/01/28(a)		900		948,078
Tesla, Inc., 5.30%, 08/15/25(a)		1,625		1,679,665
Toyota Motor Corp., 0.68%, 03/25/24		145		145,246
Toyota Motor Credit Corp., 1.13%, 06/18/26		9,440		9,398,415
				74,294,886
Banks — 1.4%
Bank of America NA, (3 mo. LIBOR US + 0.65%), 3.34%, 01/25/23(c)		500		508,256
Bank of Montreal
0.45%, 12/08/23		3,565		3,577,848
1.85%, 05/01/25		2,440		2,516,849
Canadian Imperial Bank of Commerce
0.45%, 06/22/23		5,605		5,602,514
0.95%, 06/23/23		3,330		3,359,612
2.25%, 01/28/25		480		501,279
0.95%, 10/23/25		1,870		1,857,687
CIT Group, Inc.
5.00%, 08/15/22		500		522,500
5.00%, 08/01/23		420		454,125
6.13%, 03/09/28		25		30,505
Citibank NA, 3.65%, 01/23/24		400		430,384
Credit Suisse AG, New York, 0.50%, 02/02/24		5,160		5,138,730
Fifth Third Bank, 1.80%, 01/30/23		585		597,787
First Republic Bank, (SOFR + 0.62%), 1.91%, 02/12/24(c)		1,085		1,108,556

Security	Par (000)		Value
Banks (continued)
Freedom Mortgage Corp.(a)
7.63%, 05/01/26	$	1,685	$	1,754,085
6.63%, 01/15/27(d)		1,320		1,328,250
HSBC USA, Inc., 3.50%, 06/23/24		400		433,364
Huntington National Bank, 1.80%, 02/03/23		570		582,323
ING Groep NV, 4.10%, 10/02/23		3,570		3,849,952
Intesa Sanpaolo SpA(a)
5.02%, 06/26/24		200		217,633
5.71%, 01/15/26		1,650		1,866,373
4.20%, 06/01/32		985		1,009,389
KeyBank NA, (SOFR + 0.32%), 0.43%, 06/14/24(c)		2,190		2,191,656
KeyCorp., 2.25%, 04/06/27		335		346,864
MUFG Union Bank NA, 3.15%, 04/01/22		250		254,877
National Australia Bank Ltd., 1.88%, 12/13/22		250		255,756
National Bank of Canada, (1 year CMT + 0.40%), 0.55%, 11/15/24(c)		665		662,660
Royal Bank of Canada
1.60%, 04/17/23		460		469,963
1.15%, 06/10/25		2,500		2,513,352
1.20%, 04/27/26		1,730		1,728,809
Santander Holdings USA, Inc., 3.45%, 06/02/25		1,250		1,343,280
Santander UK Group Holdings PLC(c)
(1 year CMT + 1.25%), 1.53%, 08/21/26		3,000		3,005,124
(SOFR + 0.79%), 1.09%, 03/15/25		7,635		7,659,411
Standard Chartered PLC, (3 mo. LIBOR US + 1.46%), 7.01%(a)(c)(e)		500		685,000
SVB Financial Group, 1.80%, 02/02/31		2,575		2,463,040
Toronto-Dominion Bank
1.90%, 12/01/22		785		802,898
0.30%, 06/02/23		3,430		3,431,027
0.45%, 09/11/23		5,955		5,961,066
2.65%, 06/12/24		200		211,695
Truist Financial Corp.
3.05%, 06/20/22		93		95,306
1.20%, 08/05/25		3,520		3,558,636
Wells Fargo & Co.(c)
(SOFR + 0.51%), 0.81%, 05/19/25		5,340		5,328,325
(SOFR + 1.09%), 2.41%, 10/30/25		640		669,613
Wells Fargo Bank NA, (3 mo. LIBOR US + 0.65%), 2.08%, 09/09/22(c)		1,890		1,896,302
				82,782,661
Beverages — 0.3%
ARD Finance SA, (6.50% Cash or 7.25% PIK), 6.50%, 06/30/27(a)(f)		1,350		1,417,500
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.(a)
5.25%, 04/30/25		820		862,025
4.13%, 08/15/26		250		258,125
5.25%, 08/15/27		650		663,000
Ball Corp.
4.00%, 11/15/23		15		15,879
5.25%, 07/01/25		50		56,438
4.88%, 03/15/26		200		222,752
2.88%, 08/15/30		910		893,274
Coca-Cola Co., 1.75%, 09/06/24		400		415,850
Constellation Brands, Inc.
4.40%, 11/15/25		1,070		1,206,780
2.88%, 05/01/30		310		325,083
Diageo Capital PLC
2.13%, 10/24/24		560		585,502

14 2 0 2 1    BLACK ROCK    SEMI - ANNUAL    REPORT    TO    SHAREHOLDERS

Schedule of Investments (unaudited) (continued) June 30, 2021 BlackRock Systematic Multi-Strategy Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Beverages (continued)
Diageo Capital PLC (continued)
2.38%, 10/24/29	$	405	$	419,236
2.00%, 04/29/30		2,710		2,711,898
Greif, Inc., 6.50%, 03/01/27(a)		3,310		3,491,057
Keurig Dr. Pepper, Inc., 4.06%, 05/25/23		664		707,831
Mauser Packaging Solutions Holding Co.(a)
5.50%, 04/15/24		25		25,250
7.25%, 04/15/25		300		294,000
Owens-Brockway Glass Container, Inc.(a)
5.88%, 08/15/23		200		215,674
6.63%, 05/13/27		250		271,875
PepsiCo, Inc.
2.25%, 03/19/25		850		893,268
2.63%, 03/19/27		535		574,503
Silgan Holdings, Inc., 4.13%, 02/01/28		207		214,762
				16,741,562
Biotechnology — 0.0%
Emergent BioSolutions, Inc., 3.88%, 08/15/28(a)		560		548,531
Gilead Sciences, Inc., 0.75%, 09/29/23		485		485,240
				1,033,771
Building Materials — 0.7%
Allegion US Holding Co., Inc., 3.20%, 10/01/24		1,900		2,019,823
Boise Cascade Co., 4.88%, 07/01/30(a)		11,216		11,917,561
Builders FirstSource, Inc.(a)
6.75%, 06/01/27		143		153,189
5.00%, 03/01/30		870		914,761
Carrier Global Corp. 2.24%, 02/15/25		2,055		2,136,726
2.49%, 02/15/27		1,200		1,255,970
Forterra Finance LLC/FRTA Finance Corp., 6.50%, 07/15/25(a)		3,000		3,232,500
Griffon Corp., 5.75%, 03/01/28		270		286,875
James Hardie International Finance DAC, 5.00%, 01/15/28(a)		1,200		1,270,902
Louisiana Pacific Corp., 3.63%, 03/15/29(a)		2,950		2,968,437
Martin Marietta Materials, Inc.(d)
0.65%, 07/15/23		2,265		2,270,116
2.40%, 07/15/31		1,920		1,921,523
Masonite International Corp., 5.38%, 02/01/28(a)		1,650		1,748,472
PGT Innovations, Inc., 6.75%, 08/01/26(a)		1,800		1,900,035
SRM Escrow Issuer LLC, 6.00%, 11/01/28(a)		1,575		1,669,500
Standard Industries, Inc.(a)
4.75%, 01/15/28		25		26,168
4.38%, 07/15/30		1,250		1,289,062
Summit Materials LLC/Summit Materials Finance Corp., 5.25%, 01/15/29(a)		155		164,677
US Concrete, Inc., 5.13%, 03/01/29(a)		465		508,013
				37,654,310
Building Products — 0.1%
Advanced Drainage Systems, Inc., 5.00%, 09/30/27(a)		2,105		2,185,032
BCPE Ulysses Intermediate, Inc., (7.75% Cash or 8.50% PIK), 7.75%, 04/01/27(a)(f)		485		497,125
Beacon Roofing Supply, Inc., 4.13%, 05/15/29(a)		400		398,978
GYP Holdings III Corp., 4.63%, 05/01/29(a)		435		436,631
Home Depot, Inc., 2.50%, 04/15/27		150		159,855

Security	Par (000)		Value
Building Products (continued)
LBM Acquisition LLC, 6.25%, 01/15/29(a)	$	475	$	478,658
Lowe’s Cos., Inc., 4.00%, 04/15/25		1,930		2,135,464
Specialty Building Products Holdings LLC/SBP Finance Corp., 6.38%, 09/30/26(a)		285		298,456
White Cap Buyer LLC, 6.88%, 10/15/28(a)		380		406,695
				6,996,894
Capital Markets — 1.3%
AG Issuer LLC, 6.25%, 03/01/28(a)		520		547,914
Ameriprise Financial, Inc., 3.00%, 04/02/25		860		921,473
Ares Capital Corp.
3.63%, 01/19/22		1,180		1,196,661
3.50%, 02/10/23		1,300		1,348,761
4.20%, 06/10/24		4,880		5,242,773
4.25%, 03/01/25		50		53,900
3.25%, 07/15/25		850		894,062
3.88%, 01/15/26		3,714		3,978,591
2.15%, 07/15/26		6,121		6,086,861
2.88%, 06/15/28		1,845		1,872,712
Bank of New York Mellon Corp.
1.85%, 01/27/23		315		322,347
0.50%, 04/26/24		2,890		2,886,966
Brookfield Asset Management, Inc., 4.00%, 01/15/25		1,000		1,093,572
Brookfield Finance, Inc. 4.00%, 04/01/24		300		324,182
3.90%, 01/25/28		55		61,379
Charles Schwab Corp. 0.75%, 03/18/24		935		940,290
1.15%, 05/13/26		2,135		2,135,630
Compass Group Diversified Holdings LLC, 5.25%, 04/15/29(a)		2,515		2,615,600
FS KKR Capital Corp.
4.63%, 07/15/24		750		809,085
4.13%, 02/01/25		105		111,558
2.63%, 01/15/27		5,275		5,215,055
Goldman Sachs BDC, Inc., 2.88%, 01/15/26		5,445		5,634,157
Golub Capital BDC, Inc., 2.50%, 08/24/26		1,245		1,251,282
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
4.75%, 09/15/24		320		334,400
6.38%, 12/15/25		1,100		1,131,570
6.25%, 05/15/26		610		647,210
5.25%, 05/15/27		300		309,749
4.38%, 02/01/29(a)		2,540		2,527,300
LPL Holdings, Inc.(a)
4.63%, 11/15/27		590		611,387
4.38%, 05/15/31		3,660		3,701,175
NFP Corp., 6.88%, 08/15/28(a)		2,665		2,805,472
Nomura Holdings, Inc.
2.65%, 01/16/25		1,620		1,701,915
1.85%, 07/16/25		7,520		7,686,915
Owl Rock Capital Corp.
4.00%, 03/30/25		1,000		1,065,884
2.88%, 06/11/28		325		322,561
Prospect Capital Corp., 3.36%, 11/15/26		2,255		2,259,104

SCHEDULE    OF    INVESTMENTS 15

Schedule of Investments (unaudited) (continued) June 30, 2021 BlackRock Systematic Multi-Strategy Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Capital Markets (continued)
RP Escrow Issuer LLC, 5.25%, 12/15/25(a)	$	325	$	339,219
StoneX Group, Inc., 8.63%, 06/15/25(a)		3,424		3,659,400
				74,648,072
Chemicals — 0.9%
Air Products and Chemicals, Inc.
1.85%, 05/15/27		2,380		2,444,736
2.05%, 05/15/30		1,125		1,146,754
Ashland LLC, 4.75%, 08/15/22		4		4,137
Axalta Coating Systems LLC, 3.38%, 02/15/29(a)		1,080		1,055,700
Celanese US Holdings LLC, 3.50%, 05/08/24		2,045		2,185,039
CF Industries, Inc. 4.95%, 06/01/43		325		384,179
5.38%, 03/15/44		650		805,480
Chemours Co. 5.75%, 11/15/28(a)		2,170		2,321,401
163851AE8, 5.38%, 05/15/27		939		1,018,411
CVR Partners LP/CVR Nitrogen Finance Corp., 9.25%, 06/15/23(a)		77		77,200
Element Solutions, Inc., 3.88%, 09/01/28(a)		1,290		1,316,187
FMC Corp., 3.20%, 10/01/26		1,707		1,843,271
Ingevity Corp., 3.88%, 11/01/28(a)		1,770		1,756,725
International Flavors & Fragrances, Inc., 4.45%, 09/26/28		40		46,250
Methanex Corp. 5.13%, 10/15/27		1,585		1,711,800
5.25%, 12/15/29		1,200		1,293,000
5.65%, 12/01/44		300		310,356
Minerals Technologies, Inc., 5.00%, 07/01/28(a)		3,250		3,379,025
Olin Corp. 9.50%, 06/01/25(a)		350		435,750
5.13%, 09/15/27		50		52,000
5.63%, 08/01/29		500		548,900
5.00%, 02/01/30		2,000		2,132,500
PPG Industries, Inc., 1.20%, 03/15/26		2,610		2,603,348
Rayonier AM Products, Inc., 7.63%, 01/15/26(a)		3,225		3,362,062
SCIH Salt Holdings, Inc.(a) 4.88%, 05/01/28		3,725		3,724,553
6.63%, 05/01/29		290		290,725
Sherwin-Williams Co. 3.13%, 06/01/24		2,590		2,766,481
3.45%, 06/01/27		640		705,861
2.95%, 08/15/29		1,640		1,757,367
2.30%, 05/15/30		500		505,796
Trinseo Materials Operating SCA/Trinseo
Materials Finance, Inc.(a)
5.38%, 09/01/25		900		921,258
5.13%, 04/01/29		3,515		3,594,087
Tronox, Inc.(a) 6.50%, 05/01/25		205		216,949
4.63%, 03/15/29		385		388,842
Valvoline, Inc.(a) 4.25%, 02/15/30		2,091		2,158,916
3.63%, 06/15/31		470		470,000
WESCO Distribution, Inc.(a) 7.13%, 06/15/25		405		437,684
7.25%, 06/15/28		2,770		3,085,365
				53,258,095
Commercial Services & Supplies — 0.5%
Alta Equipment Group, Inc., 5.63%, 04/15/26(a)		290		297,589

Security	Par (000)		Value
Commercial Services & Supplies (continued)
AMN Healthcare, Inc., 4.63%, 10/01/27(a)	$	590	$	613,128
ASGN, Inc., 4.63%, 05/15/28(a)		2,090		2,189,212
Avis Budget Car Rental LLC/Avis Budget
Finance, Inc.(a)
5.75%, 07/15/27		400		419,376
5.38%, 03/01/29		180		187,425
Cimpress PLC, 7.00%, 06/15/26(a)		1,490		1,570,713
Deluxe Corp., 8.00%, 06/01/29(a)		410		444,850
Fortress Transportation & Infrastructure Investors LLC(a)
6.50%, 10/01/25		3,525		3,661,594
9.75%, 08/01/27		2,825		3,266,406
5.50%, 05/01/28		585		609,131
Herc Holdings, Inc., 5.50%, 07/15/27(a)		2,650		2,793,683
Prime Security Services Borrower LLC/Prime
Finance, Inc.(a)
5.25%, 04/15/24		100		107,153
5.75%, 04/15/26		800		883,736
3.38%, 08/31/27		290		281,300
6.25%, 01/15/28		185		196,794
Rent-A-Center, Inc., 6.38%, 02/15/29(a)		5,110		5,486,862
Ritchie Bros Auctioneers, Inc., 5.38%, 01/15/25(a)		2,100		2,161,688
United Rentals North America, Inc. 5.50%, 05/15/27		500		530,000
4.88%, 01/15/28		50		53,025
5.25%, 01/15/30		50		54,770
4.00%, 07/15/30		155		159,650
3.88%, 02/15/31		1,115		1,134,513
				27,102,598
Communications Equipment — 0.1%
Avaya, Inc., 6.13%, 09/15/28(a)		1,480		1,584,044
CommScope Technologies LLC, 6.00%, 06/15/25(a)		21		21,446
CommScope, Inc.(a) 6.00%, 03/01/26		2,000		2,111,400
8.25%, 03/01/27		50		53,440
7.13%, 07/01/28		1,000		1,083,750
Motorola Solutions, Inc. 4.00%, 09/01/24		54		59,060
4.60%, 02/23/28		50		58,266
4.60%, 05/23/29		600		699,559
2.30%, 11/15/30		200		196,407
Nokia OYJ, 6.63%, 05/15/39		300		388,500
ViaSat, Inc.(a) 5.63%, 09/15/25		100		101,900
5.63%, 04/15/27		400		417,532
6.50%, 07/15/28		1,035		1,103,786
				7,879,090
Construction & Engineering — 0.2%
AECOM, 5.13%, 03/15/27		2,308		2,574,293
Brundage-Bone Concrete Pumping Holdings,
Inc., 6.00%, 02/01/26(a)		7,349		7,736,292
Fluor Corp., 4.25%, 09/15/28		1,400		1,421,000
Weekley Homes LLC/Weekley Finance Corp., 4.88%, 09/15/28(a)		225		232,875
				11,964,460

16 2 0 2 1    BLACK ROCK    SEMI - ANNUAL    REPORT    TO    SHAREHOLDERS

Schedule of Investments (unaudited) (continued) June 30, 2021 BlackRock Systematic Multi-Strategy Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Construction Materials — 0.2%
American Builders & Contractors Supply Co.,
Inc., 3.88%, 11/15/29(a)	$	1,390	$	1,381,312
Avient Corp.
5.25%, 03/15/23		35		37,450
5.75%, 05/15/25(a)		2,950		3,114,477
G-III Apparel Group Ltd., 7.88%, 08/15/25(a)		3,300		3,572,415
Performance Food Group, Inc., 5.50%, 10/15/27(a)		100		105,095
Picasso Finance Sub, Inc., 6.13%, 06/15/25(a)		211		223,080
Williams Scotsman International, Inc., 4.63%, 08/15/28(a)		4,335		4,476,754
Winnebago Industries, Inc., 6.25%, 07/15/28(a)		861		927,728
				13,838,311
Consumer Discretionary — 0.4%
Carnival Corp.(a) 11.50%, 04/01/23		1,900		2,138,260
7.63%, 03/01/26		310		336,738
9.88%, 08/01/27		510		595,425
Cintas Corp. No. 2, 3.70%, 04/01/27		920		1,030,829
Legends Hospitality Holding Co. LLC/Legends Hospitality Co-Issuer, Inc., 5.00%, 02/01/26(a)		205		213,713
Life Time, Inc.(a) 5.75%, 01/15/26		145		150,256
8.00%, 04/15/26		165		175,847
NCL Corp. Ltd., 10.25%, 02/01/26(a)		500		581,250
Nielsen Finance LLC/Nielsen Finance Co.(a) 5.63%, 10/01/28		2,123		2,242,079
4.50%, 07/15/29		530		531,484
5.88%, 10/01/30		400		435,369
4.75%, 07/15/31		2,435		2,441,087
Royal Caribbean Cruises Ltd.(a) 10.88%, 06/01/23		50		56,938
9.13%, 06/15/23		90		98,775
11.50%, 06/01/25		3,180		3,664,950
4.25%, 07/01/26		4,330		4,324,587
Scotts Miracle-Gro Co., 4.50%, 10/15/29		2,000		2,075,450
Signal Parent, Inc., 6.13%, 04/01/29(a)		1,850		1,776,000
Viking Cruises Ltd., 13.00%, 05/15/25(a)		1,000		1,176,440
				24,045,477
Consumer Finance — 0.9%
American Express Co. 3.70%, 11/05/21		500		504,562
2.75%, 05/20/22		100		101,973
2.50%, 08/01/22		50		51,068
3.40%, 02/27/23		50		52,347
2.50%, 07/30/24		290		305,557
Automatic Data Processing, Inc., 1.70%, 05/15/28		830		837,064
Block Financial LLC, 2.50%, 07/15/28		2,750		2,761,191
Capital One Financial Corp., 3.20%, 01/30/23		660		687,208
CPI CG, Inc., 8.63%, 03/15/26(a)		285		302,813
Curo Group Holdings Corp., 8.25%, 09/01/25(a)		550		569,250
Enova International, Inc., 8.50%, 09/15/25(a)		3,850		3,959,532
Equifax, Inc. 2.60%, 12/15/25		105		110,504
3.10%, 05/15/30		205		220,146
Global Payments, Inc. 4.00%, 06/01/23		3,550		3,770,437
1.20%, 03/01/26		3,885		3,847,896

Security	Par (000)		Value
Consumer Finance (continued)
Global Payments, Inc. (continued) 2.90%, 05/15/30	$	350	$	364,653
goeasy Ltd., 5.38%, 12/01/24(a)		555		572,460
Mastercard, Inc. 2.95%, 11/21/26		380		414,752
3.30%, 03/26/27		210		232,288
3.50%, 02/26/28		30		33,697
2.95%, 06/01/29		260		283,804
1.90%, 03/15/31		167		168,795
MPH Acquisition Holdings LLC, 5.75%, 11/01/28(a)		1,530		1,537,512
Navient Corp. 7.25%, 09/25/23		1,100		1,214,125
6.13%, 03/25/24		50		53,963
5.88%, 10/25/24		25		26,969
6.75%, 06/25/25		200		221,442
6.75%, 06/15/26		150		167,438
5.00%, 03/15/27		450		465,638
4.88%, 03/15/28		3,285		3,301,425
5.63%, 08/01/33		250		241,698
OneMain Finance Corp. 6.13%, 05/15/22		50		51,938
6.13%, 03/15/24		1,100		1,183,875
6.88%, 03/15/25		250		282,150
8.88%, 06/01/25		710		787,170
7.13%, 03/15/26		490		570,708
3.50%, 01/15/27		5,805		5,848,537
6.63%, 01/15/28		100		114,636
5.38%, 11/15/29		1,995		2,170,041
PayPal Holdings, Inc. 2.20%, 09/26/22		3,055		3,127,778
1.35%, 06/01/23		900		915,939
2.40%, 10/01/24		170		179,042
2.65%, 10/01/26		205		220,151
2.85%, 10/01/29		350		377,462
2.30%, 06/01/30		695		719,258
S&P Global, Inc. 2.50%, 12/01/29		115		120,526
1.25%, 08/15/30		1,905		1,803,108
Sabre GLBL, Inc., 7.38%, 09/01/25(a)		600		652,500
Shift4 Payments LLC/Shift4 Payments Finance
Sub, Inc., 4.63%, 11/01/26(a)		150		156,563
SLM Corp., 4.20%, 10/29/25		1,275		1,370,625
Verscend Escrow Corp., 9.75%, 08/15/26(a)		15		15,806
Visa, Inc. 1.90%, 04/15/27		300		309,768
2.05%, 04/15/30		1,210		1,243,276
				49,603,064
Containers & Packaging — 0.2%
Berry Global, Inc. 5.13%, 07/15/23		29		29,029
4.88%, 07/15/26(a)		150		158,724
Cascades, Inc./Cascades USA, Inc.(a) 5.13%, 01/15/26		200		213,000
5.38%, 01/15/28		1,495		1,571,619
Clearwater Paper Corp.(a) 5.38%, 02/01/25		35		37,275
4.75%, 08/15/28		625		622,656

SCHEDULE    OF    INVESTMENTS 17

Schedule of Investments (unaudited) (continued) June 30, 2021 BlackRock Systematic Multi-Strategy Fund (Percentages shown are based on Net Assets)

	Par
Security	(000)		Value
Containers & Packaging (continued)
Crown Americas LLC/Crown Americas Capital Corp. VI, 4.75%, 02/01/26	$	1,000	$	1,037,700
Graham Packaging Co., Inc., 7.13%, 08/15/28(a)		300		323,250
Graphic Packaging International LLC(a) 3.50%, 03/15/28		250		251,875
3.50%, 03/01/29		450		445,815
Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co-Issuer LLC, 6.00%, 09/15/28(a)		1,970		2,048,800
LABL Escrow Issuer LLC, 6.75%, 07/15/26(a)		500		533,365
Mercer International, Inc., 5.13%, 02/01/29(a)		1,445		1,486,905
Plastipak Holdings, Inc., 6.25%, 10/15/25(a)		200		204,500
Resolute Forest Products Inc., 4.88%, 03/01/26(a)		853		881,149
Sealed Air Corp.(a)
5.50%, 09/15/25		25		27,969
4.00%, 12/01/27		2,200		2,340,250
6.88%, 07/15/33		500		632,460
				12,846,341
Diversified Consumer Services — 0.1%
Allied Universal Holdco LLC/Allied Universal Finance Corp.(a)
6.63%, 07/15/26		20		21,205
6.00%, 06/01/29		520		527,171
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl, 4.63%, 06/01/28(a)		1,480		1,481,159
Bidfair Holdings, Inc., 5.88%, 06/01/29(a)		500		507,500
Clarivate Science Holdings Corp.(a)
3.88%, 06/30/28		1,885		1,902,172
4.88%, 06/30/29		1,085		1,113,481
Garda World Security Corp., 6.00%, 06/01/29(a)		695		689,788
Graham Holdings Co., 5.75%, 06/01/26(a)		540		561,600
Service Corp. International
4.63%, 12/15/27		50		52,875
5.13%, 06/01/29		55		59,675
3.38%, 08/15/30		1,055		1,033,689
				7,950,315
Diversified Financial Services — 7.8%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 4.50%, 09/15/23		3,760		4,031,756
Air Lease Corp.
3.50%, 01/15/22		1,030		1,047,032
2.25%, 01/15/23		2,000		2,053,158
3.38%, 07/01/25		715		768,004
2.88%, 01/15/26		315		330,949
Ally Financial, Inc.
3.05%, 06/05/23		220		229,579
1.45%, 10/02/23		2,370		2,405,278
5.13%, 09/30/24		25		28,164
5.75%, 11/20/25		150		172,224
Banco Santander SA
3.85%, 04/12/23		4,000		4,232,848
2.75%, 05/28/25		800		843,039
(1 year CMT + 0.45%), 0.70%, 06/30/24(c)		10,600		10,621,166
Bank of America Corp.
3.30%, 01/11/23		2,000		2,087,500
4.00%, 01/22/25		2,180		2,392,469

	Par
Security	(000)		Value
Diversified Financial Services (continued)
Bank of America Corp. (continued) 3.88%, 08/01/25	$	1,000	$	1,111,055
(3 mo. LIBOR US + 0.79%), 3.00%, 12/20/23(c)		3,253		3,371,240
(3 mo. LIBOR US + 0.87%), 2.46%, 10/22/25(c)		2,000		2,092,190
(3 mo. LIBOR US + 0.94%), 3.86%, 07/23/24(c)		3,210		3,422,689
(3 mo. LIBOR US + 0.97%), 3.46%, 03/15/25(c)		200		213,757
(3 mo. LIBOR US + 0.99%), 2.50%, 02/13/31(c)		2,625		2,680,109
(3 mo. LIBOR US + 1.02%), 2.88%, 04/24/23(c)		50		51,024
(3 mo. LIBOR US + 1.06%), 3.56%, 04/23/27(c)		1,500		1,642,836
(3 mo. LIBOR US + 1.16%), 3.12%, 01/20/23(c)		3,200		3,248,181
(3 mo. LIBOR US + 1.31%), 4.27%, 07/23/29(c)		1,605		1,843,807
(SOFR + 0.41%), 0.52%, 06/14/24(c)		16,065		16,061,626
(SOFR + 0.69%), 0.98%, 04/22/25(c)		16,750		16,803,676
(SOFR + 0.74%), 0.81%, 10/24/24(c)		3,715		3,730,462
(SOFR + 0.91%), 0.98%, 09/25/25(c)		1,010		1,009,222
(SOFR + 1.15%), 1.32%, 06/19/26(c)		8,520		8,538,632
(SOFR + 1.22%), 2.65%, 03/11/32(c)		290		297,815
Bank of Nova Scotia
1.05%, 03/02/26		3,800		3,759,587
1.35%, 06/24/26		15,360		15,359,108
Barclays PLC
5.20%, 05/12/26		400		456,856
(1 year CMT + 0.80%), 1.01%, 12/10/24(c)		2,690		2,699,594
(3 mo. LIBOR US + 3.05%), 5.09%, 06/20/30(c)		200		233,098
(SOFR + 2.71%), 2.85%, 05/07/26(c)		1,150		1,214,944
Central Garden & Pet Co., 4.13%, 04/30/31(a)		780		788,775
Citigroup, Inc.
2.90%, 12/08/21		500		504,742
4.50%, 01/14/22		50		51,139
2.75%, 04/25/22		1,100		1,120,291
3.75%, 06/16/24		2,500		2,718,920
4.45%, 09/29/27		240		274,199
(3 mo. LIBOR US + 0.90%), 3.35%, 04/24/25(c)		2,725		2,903,631
(3 mo. LIBOR US + 0.95%), 2.88%, 07/24/23(c)		1,385		1,420,559
(3 mo. LIBOR US + 1.02%), 4.04%, 06/01/24(c)		50		53,255
(3 mo. LIBOR US + 1.15%), 3.52%, 10/27/28(c)		1,140		1,248,398
(SOFR + 0.67%), 0.98%, 05/01/25(c)		3,190		3,197,592
(SOFR + 0.69%), 0.78%, 10/30/24(c)		13,120		13,152,731
(SOFR + 0.77%), 1.46%, 06/09/27(c)		23,540		23,438,654
(SOFR + 0.87%), 2.31%, 11/04/22(c)		1,500		1,509,415
(SOFR + 1.42%), 2.98%, 11/05/30(c)		2,950		3,124,586
(SOFR + 1.67%), 1.68%, 05/15/24(c)		1,960		2,001,417
(SOFR + 2.84%), 3.11%, 04/08/26(c)		4,485		4,799,815
Credit Acceptance Corp., 6.63%, 03/15/26		360		378,900

18 2 0 2 1    BLACK ROCK    SEMI - ANNUAL    REPORT    TO    SHAREHOLDERS

Schedule of Investments (unaudited) (continued) June 30, 2021 BlackRock Systematic Multi-Strategy Fund (Percentages shown are based on Net Assets)

	Par
Security	(000)		Value
Diversified Financial Services (continued)
Deutsche Bank AG
3.95%, 02/27/23	$	2,000	$	2,100,115
0.90%, 05/28/24		3,520		3,503,972
4.50%, 04/01/25		1,400		1,510,978
1.69%, 03/19/26		1,175		1,186,146
(5 year USD ICE Swap + 2.55%), 4.88%, 12/01/32(c)		900		970,578
(5 year USD Swap + 2.25%), 4.30%, 05/24/28(c)		2,650		2,747,221
(SOFR + 1.72%), 3.04%, 05/28/32(c)		1,355		1,377,829
(SOFR + 1.87%), 2.13%, 11/24/26(c)		2,175		2,206,988
(SOFR + 2.76%), 3.73%, 01/14/32(c)		900		915,869
Global Aircraft Leasing Co. Ltd., (6.50% Cash or 7.25% PIK), 6.50%, 09/15/24(a)(f)		53		53,958
Goldman Sachs Group, Inc.
5.25%, 07/27/21		150		150,522
5.75%, 01/24/22		500		515,464
3.20%, 02/23/23		1,500		1,564,912
3.63%, 02/20/24		4,490		4,813,135
4.00%, 03/03/24		1,000		1,086,126
3.50%, 01/23/25		1,060		1,146,068
3.50%, 04/01/25		2,895		3,140,778
3.75%, 05/22/25		75		82,046
4.25%, 10/21/25		530		592,492
3.75%, 02/25/26		75		82,972
3.50%, 11/16/26		35		38,059
2.60%, 02/07/30		3,090		3,206,434
3.80%, 03/15/30		900		1,011,505
(3 mo. LIBOR US + 1.05%), 2.91%, 06/05/23(c)		790		807,534
(3 mo. LIBOR US + 1.16%), 3.81%, 04/23/29(c)		3,015		3,371,930
(3 mo. LIBOR US + 1.20%), 3.27%, 09/29/25(c)		125		133,723
(3 mo. LIBOR US + 1.30%), 4.22%, 05/01/29(c)		250		285,124
(SOFR + 0.51%), 0.66%, 09/10/24(c)		16,270		16,243,155
(SOFR + 0.61%), 0.86%, 02/12/26(c)		3,505		3,479,280
(SOFR + 0.80%), 1.43%, 03/09/27(c)		14,780		14,738,332
(SOFR + 1.09%), 1.99%, 01/27/32(c)		4,190		4,069,305
(SOFR + 1.28%), 2.62%, 04/22/32(c)		1,545		1,578,321
Series VAR, (SOFR + 0.54%), 0.63%, 11/17/23(c)		5,680		5,681,690
Series VAR, (SOFR + 0.79%), 1.09%, 12/09/26(c)		6,100		6,005,288
HLF Financing Sarl LLC/Herbalife International, Inc., 4.88%, 06/01/29(a)		2,430		2,448,225
Horizon Therapeutics USA, Inc., 5.50%, 08/01/27(a)		3,250		3,449,063
HSBC Holdings PLC
3.60%, 05/25/23		1,500		1,588,254
4.25%, 08/18/25		500		553,980
(3 mo. LIBOR US + 1.06%), 3.26%, 03/13/23(c)		1,200		1,224,241
(SOFR + 0.71%), 0.98%, 05/24/25(c)		3,670		3,666,918
(SOFR + 1.54%), 1.65%, 04/18/26(c)		1,225		1,241,424
Intercontinental Exchange, Inc.
0.70%, 06/15/23		2,090		2,097,996
3.75%, 12/01/25		2,105		2,334,184
Jefferies Finance LLC/JFIN Co-Issuer Corp., 6.25%, 06/03/26(a)		200		209,000

	Par
Security	(000)		Value
Diversified Financial Services (continued)
John Deere Capital Corp.
2.60%, 03/07/24	$	40	$	42,166
1.05%, 06/17/26		3,880		3,870,671
JPMorgan Chase & Co.
3.25%, 09/23/22		1,000		1,036,054
2.97%, 01/15/23		600		608,493
3.88%, 09/10/24		25		27,252
3.13%, 01/23/25		50		53,656
3.30%, 04/01/26		650		710,962
(3 mo. LIBOR US + 0.70%), 3.21%, 04/01/23(c)		2,700		2,758,603
(3 mo. LIBOR US + 0.94%), 2.78%, 04/25/23(c)		790		805,191
(3 mo. LIBOR US + 0.95%), 3.51%, 01/23/29(c)		750		826,628
(3 mo. LIBOR US + 1.00%), 4.02%, 12/05/24(c)		3,150		3,399,880
(3 mo. LIBOR US + 1.16%), 3.22%, 03/01/25(c)		4,550		4,833,604
(3 mo. LIBOR US + 1.16%), 3.70%, 05/06/30(c)		955		1,066,432
(3 mo. LIBOR US + 1.25%), 3.96%, 01/29/27(c)		1,300		1,447,687
(3 mo. LIBOR US + 1.26%), 4.20%, 07/23/29(c)		35		40,224
(3 mo. LIBOR US + 1.34%), 3.78%, 02/01/28(c)		300		333,135
(SOFR + 0.58%), 0.97%, 06/23/25(c)		5,610		5,616,629
(SOFR + 0.60%), 0.65%, 09/16/24(c)		3,970		3,972,313
(SOFR + 0.80%), 1.05%, 11/19/26(c)		8,505		8,397,350
(SOFR + 0.89%), 1.58%, 04/22/27(c)		2,382		2,394,341
(SOFR + 1.16%), 2.30%, 10/15/25(c)		4,160		4,332,723
(SOFR + 1.51%), 2.74%, 10/15/30(c)		1,000		1,046,606
(SOFR + 2.52%), 2.96%, 05/13/31(c)		4,720		4,958,391
(SOFR + 3.79%), 4.49%, 03/24/31(c)		8,270		9,793,967
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.(a)
4.25%, 02/01/27		230		229,675
4.75%, 06/15/29		2,635		2,635,000
Lloyds Banking Group PLC(c)
(1 year CMT + 0.55%), 0.70%, 05/11/24		5,135		5,148,802
(3 mo. LIBOR US + 1.21%), 3.57%, 11/07/28		352		385,009
Midcap Financial Issuer Trust(a)
6.50%, 05/01/28		1,230		1,287,244
5.63%, 01/15/30		335		336,293
Mitsubishi UFJ Financial Group, Inc., 2.05%, 07/17/30		1,760		1,753,880
Mizuho Financial Group, Inc.(c)
(3 mo. LIBOR US + 1.00%), 3.92%, 09/11/24		2,823		3,024,251
(SOFR + 0.87%), 0.85%, 09/08/24		3,330		3,346,053
(SOFR + 1.25%), 1.24%, 07/10/24		2,490		2,524,314
Morgan Stanley 3.70%, 10/23/24		25		27,275
(3 mo. LIBOR US + 0.85%), 3.74%, 04/24/24(c)		3,130		3,310,306
(3 mo. LIBOR US + 1.34%), 3.59%, 07/22/28(c)		325		360,019
(SOFR + 0.46%), 0.53%, 01/25/24(c)		13,300		13,293,258
(SOFR + 0.72%), 0.99%, 12/10/26(c)		12,180		11,987,865
(SOFR + 0.88%), 1.59%, 05/04/27(c)		1,880		1,893,302
(SOFR + 1.14%), 2.70%, 01/22/31(c)		2,090		2,187,817

SCHEDULE    OF    INVESTMENTS 19

Schedule of Investments (unaudited) (continued) June 30, 2021 BlackRock Systematic Multi-Strategy Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Diversified Financial Services (continued)
Morgan Stanley (continued)
(SOFR + 1.99%), 2.19%, 04/28/26(c)	$	1,310	$	1,360,175
(SOFR + 3.12%), 3.62%, 04/01/31(c)		13,680		15,270,359
Series I, (SOFR + 0.75%), 0.86%, 10/21/25(c)		3,590		3,588,661
Natwest Group PLC(c)
(1 year CMT + 0.90%), 1.64%, 06/14/27		3,795		3,794,525
(1 year CMT + 2.15%), 2.36%, 05/22/24		470		484,266
ORIX Corp., 2.90%, 07/18/22		25		25,650
Spectrum Brands, Inc.(a)
5.00%, 10/01/29		20		21,200
3.88%, 03/15/31		1,380		1,356,029
Stena International SA, 6.13%, 02/01/25(a)		200		208,000
Sumitomo Mitsui Financial Group, Inc.
2.35%, 01/15/25		360		376,016
1.47%, 07/08/25		8,572		8,656,225
2.13%, 07/08/30		1,830		1,839,908
UniCredit SPA, (5 year CMT + 4.75%), 5.46%, 06/30/35(a)(c)		3,625		3,952,488
				450,019,650
Diversified Telecommunication Services — 0.8%
AT&T, Inc., 1.70%, 03/25/26		10,980		11,096,023
Consolidated Communications, Inc.(a)
5.00%, 10/01/28		430		435,912
6.50%, 10/01/28		250		268,938
Deutsche Telekom International Finance BV,
8.75%, 06/15/30		5,400		8,091,564
Level 3 Financing, Inc. 5.25%, 03/15/26		25		25,763
4.63%, 09/15/27(a)		95		98,602
3.63%, 01/15/29(a)		1,700		1,640,500
3.75%, 07/15/29(a)		650		632,125
Lumen Technologies, Inc. 5.63%, 04/01/25		2,400		2,604,000
5.13%, 12/15/26(a)		495		514,181
4.00%, 02/15/27(a)		285		290,700
4.50%, 01/15/29(a)		1,415		1,380,969
Series G, 6.88%, 01/15/28		50		55,906
Series P, 7.60%, 09/15/39		50		56,875
Series W, 6.75%, 12/01/23		100		110,898
Series Y, 7.50%, 04/01/24		25		28,063
Sprint Capital Corp. 6.88%, 11/15/28		1,071		1,373,557
8.75%, 03/15/32		3,120		4,742,400
Switch Ltd.(a) 3.75%, 09/15/28		1,200		1,215,000
4.13%, 06/15/29		1,370		1,405,962
Telecom Italia Capital SA 6.38%, 11/15/33		900		1,073,250
6.00%, 09/30/34		850		980,687
7.20%, 07/18/36		1,200		1,548,000
7.72%, 06/04/38		50		68,164
Verizon Communications, Inc. 0.75%, 03/22/24		90		90,387
3.38%, 02/15/25		3,000		3,259,062
3.00%, 03/22/27		440		473,497
4.33%, 09/21/28		350		407,239
1.68%, 10/30/30		2,273		2,170,381

Security	Par (000)		Value
Diversified Telecommunication Services (continued)
Zayo Group Holdings, Inc.(a) 4.00%, 03/01/27	$	505	$	501,526
6.13%, 03/01/28		310		316,588
				46,956,719
Education — 0.1%
Adtalem Global Education, Inc., 5.50%, 03/01/28(a)		5,062		5,140,714
Electric Utilities — 0.9%
AEP Texas, Inc., 3.95%, 06/01/28		50		56,326
Ameren Corp., 3.50%, 01/15/31		140		153,290
American Electric Power Co., Inc., Series N, 1.00%, 11/01/25		3,000		2,969,513
Atlantic City Electric Co., 4.00%, 10/15/28		50		56,900
Avangrid, Inc., 3.80%, 06/01/29		100		112,795
Berkshire Hathaway Energy Co. 4.05%, 04/15/25		3,330		3,697,430
3.25%, 04/15/28		100		109,917
1.65%, 05/15/31		245		235,147
Commonwealth Edison Co., 2.20%, 03/01/30		170		172,533
Consolidated Edison Co. of New York, Inc.,
Series 20A, 3.35%, 04/01/30		330		362,664
Dominion Energy, Inc. 2.72%, 08/15/21(b)		500		501,430
4.25%, 06/01/28		165		189,423
Series B, 2.75%, 01/15/22		50		50,538
Series B, 3.60%, 03/15/27		1,300		1,438,402
Series C, 3.38%, 04/01/30		310		337,562
DPL, Inc., 4.35%, 04/15/29		200		216,934
DTE Electric Co., Series C, 2.63%, 03/01/31		390		410,639
DTE Energy Co.
Series C, 3.40%, 06/15/29		130		141,887
Series D, 3.70%, 08/01/23		380		404,337
Series F, 1.05%, 06/01/25		630		629,825
Duke Energy Corp. 3.05%, 08/15/22		50		51,132
3.75%, 04/15/24		1,180		1,270,636
2.65%, 09/01/26		1,100		1,160,781
3.40%, 06/15/29		255		278,976
Duke Energy Florida LLC, 1.75%, 06/15/30		115		112,561
Entergy Corp., 0.90%, 09/15/25		290		286,126
Entergy Louisiana LLC, 1.60%, 12/15/30		2,520		2,419,265
Entergy Texas, Inc., 4.00%, 03/30/29		50		56,428
Evergy, Inc., 2.90%, 09/15/29		100		105,972
Eversource Energy
Series L, 2.90%, 10/01/24		800		847,336
Series N, 3.80%, 12/01/23		100		107,321
Exelon Corp., 3.95%, 06/15/25		1,500		1,650,545
Exelon Generation Co. LLC, 3.25%, 06/01/25		770		830,237
FirstEnergy Corp.
Series C, 5.35%, 07/15/47		500		600,000
Series C, 3.40%, 03/01/50		1,000		977,500
Florida Power & Light Co., 2.85%, 04/01/25		35		37,420
Georgia Power Co. 3.25%, 03/30/27		50		54,018
Series B, 2.65%, 09/15/29		700		733,960
Interstate Power and Light Co., 2.30%, 06/01/30		310		314,052
MidAmerican Energy Co., 3.65%, 04/15/29		310		350,530
National Rural Utilities Cooperative Finance Corp. 1.00%, 06/15/26		6,475		6,413,131
3.70%, 03/15/29		100		111,543

20 2 0 2 1    BLACK ROCK    SEMI - ANNUAL    REPORT    TO    SHAREHOLDERS

Schedule of Investments (unaudited) (continued) June 30, 2021 BlackRock Systematic Multi-Strategy Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Electric Utilities (continued)
National Rural Utilities Cooperative Finance Corp. (continued) 2.40%, 03/15/30	$	1,105	$	1,139,435
Nevada Power Co., Series DD, 2.40%, 05/01/30		700		719,892
NextEra Energy Capital Holdings, Inc. 2.80%, 01/15/23		1,080		1,116,186
0.65%, 03/01/23		4,805		4,824,610
2.75%, 05/01/25		145		153,999
1.90%, 06/15/28		1,335		1,349,339
3.50%, 04/01/29		150		165,662
2.75%, 11/01/29		1,005		1,061,305
NextEra Energy Operating Partners LP(a) 4.25%, 07/15/24		30		31,650
4.25%, 09/15/24		25		26,375
4.50%, 09/15/27		1,100		1,190,365
Pacific Gas and Electric Co. 1.75%, 06/16/22		330		329,818
3.15%, 01/01/26		1,350		1,392,430
2.10%, 08/01/27		35		33,991
3.00%, 06/15/28		1,265		1,270,690
PG&E Corp., 5.25%, 07/01/30		1,580		1,595,010
PSEG Power LLC, 3.85%, 06/01/23		100		106,148
Public Service Co. of New Hampshire, Series V, 2.20%, 06/15/31		380		387,284
Public Service Enterprise Group, Inc., 1.60%, 08/15/30		110		104,240
Puget Energy, Inc., 2.38%, 06/15/28(a)		170		171,739
Sempra Energy, 3.40%, 02/01/28		50		54,941
Southern California Edison Co. 2.85%, 08/01/29		115		119,392
Series B, 3.65%, 03/01/28		770		846,455
Talen Energy Supply LLC(a) 10.50%, 01/15/26		125		90,391
7.25%, 05/15/27		60		55,984
6.63%, 01/15/28		1,600		1,465,360
Tucson Electric Power Co., 1.50%, 08/01/30		30		28,504
Union Electric Co. 3.50%, 03/15/29		50		55,647
2.95%, 03/15/30		240		257,096
Wisconsin Electric Power Co., 1.70%, 06/15/28		175		175,538
				51,336,438
Electrical Equipment(a) — 0.1%
FXI Holdings, Inc. 7.88%, 11/01/24		150		154,688
12.25%, 11/15/26		250		287,812
GrafTech Finance, Inc., 4.63%, 12/15/28		4,002		4,107,052
				4,549,552
Electronic Equipment, Instruments & Components — 0.2%
Amphenol Corp., 2.05%, 03/01/25		105		109,190
BWX Technologies, Inc., 4.13%, 06/30/28(a)		1,245		1,268,344
CDW LLC/CDW Finance Corp. 5.50%, 12/01/24		100		111,473
4.13%, 05/01/25		220		229,900
4.25%, 04/01/28		605		635,250
Energizer Holdings, Inc., 4.75%, 06/15/28(a)		170		174,207
Imola Merger Corp., 4.75%, 05/15/29(a)		1,350		1,388,812
Keysight Technologies, Inc. 4.55%, 10/30/24		2,000		2,221,181
4.60%, 04/06/27		130		151,052

Security	Par (000)		Value
Electronic Equipment, Instruments & Components (continued)
Keysight Technologies, Inc. (continued) 3.00%, 10/30/29	$	80	$	84,581
Trimble, Inc. 4.75%, 12/01/24		4,300		4,777,003
4.90%, 06/15/28		760		891,350
Xerox Corp., 4.38%, 03/15/23		100		104,434
Xerox Holdings Corp., 5.50%, 08/15/28(a)		1,500		1,558,485
				13,705,262
Energy Equipment & Services — 0.1%
Archrock Partners LP/Archrock Partners Finance Corp., 6.25%, 04/01/28(a)		1,745		1,821,623
Baker Hughes a GE Co. LLC/Baker Hughes Co-Obligor, Inc., 4.49%, 05/01/30		2,420		2,854,183
Bristow Group, Inc., 6.88%, 03/01/28(a)		1,375		1,402,500
Oceaneering International, Inc., 4.65%, 11/15/24		250		251,687
USA Compression Partners LP/USA Compression Finance Corp., 6.88%, 09/01/27		1,000		1,068,280
Weatherford International Ltd., 11.00%, 12/01/24(a)		100		104,000
				7,502,273
Environmental, Maintenance, & Security Service — 0.1%
Clean Harbors, Inc., 4.88%, 07/15/27(a)		2,119		2,219,652
GFL Environmental, Inc.(a) 3.75%, 08/01/25		127		130,493
5.13%, 12/15/26		180		190,426
4.00%, 08/01/28		1,510		1,491,654
3.50%, 09/01/28		500		498,750
Stericycle, Inc., 3.88%, 01/15/29(a)		170		169,665
Tervita Corp., 11.00%, 12/01/25(a)		625		699,831
Waste Connections, Inc., 2.60%, 02/01/30		110		113,655
				5,514,126
Equity Real Estate Investment Trusts (REITs) — 1.3%
American Homes 4 Rent, 2.38%, 07/15/31		650		640,335
American Tower Corp. 3.50%, 01/31/23		2,545		2,666,167
0.60%, 01/15/24		4,360		4,354,184
5.00%, 02/15/24		1,570		1,741,200
2.95%, 01/15/25		200		212,675
Brixmor Operating Partnership LP, 4.05%, 07/01/30		120		134,263
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL, 5.75%, 05/15/26(a)		1,640		1,724,050
Camden Property Trust 3.15%, 07/01/29		1,000		1,086,451
2.80%, 05/15/30		220		233,127
Digital Realty Trust LP, 4.75%, 10/01/25		1,510		1,716,467
Equinix, Inc. 2.63%, 11/18/24		5,150		5,418,732
1.25%, 07/15/25		1,075		1,077,578
ESH Hospitality, Inc., 5.25%, 05/01/25(a)		500		509,300
Essex Portfolio LP, 1.70%, 03/01/28		9,355		9,186,149
Federal Realty Investment Trust, 3.50%, 06/01/30		1,315		1,443,979
Iron Mountain, Inc.(a) 4.88%, 09/15/27		50		51,833
5.25%, 03/15/28		2,500		2,616,375
5.00%, 07/15/28		2,000		2,075,900
4.88%, 09/15/29		1,854		1,913,699

SCHEDULE    OF    INVESTMENTS 21

Schedule of Investments (unaudited) (continued) June 30, 2021 BlackRock Systematic Multi-Strategy Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Equity Real Estate Investment Trusts (REITs) (continued)
Iron Mountain, Inc.(a) (continued)
5.25%, 07/15/30	$	1,340	$	1,418,497
4.50%, 02/15/31		300		303,750
5.63%, 07/15/32		700		749,224
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc.
5.63%, 05/01/24		1,050		1,137,100
4.63%, 06/15/25(a)		2,210		2,361,098
5.75%, 02/01/27		160		178,019
3.88%, 02/15/29(a)		620		629,653
MPT Operating Partnership LP/MPT Finance Corp.
5.00%, 10/15/27		1,100		1,166,099
4.63%, 08/01/29		50		53,523
Omega Healthcare Investors, Inc.
4.50%, 01/15/25		2,000		2,184,256
4.50%, 04/01/27		650		726,750
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co. Issuer, 5.88%, 10/01/28(a)		3,615		3,849,541
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, 4.88%, 05/15/29(a)		430		444,814
Public Storage
0.88%, 02/15/26		1,500		1,487,367
3.39%, 05/01/29		450		498,844
Realty Income Corp.
4.65%, 08/01/23		1,000		1,075,135
3.25%, 01/15/31		480		522,931
RHP Hotel Properties LP/RHP Finance Corp.
4.75%, 10/15/27		1,600		1,643,280
4.50%, 02/15/29(a)		3,070		3,072,517
Service Properties Trust
4.65%, 03/15/24		200		203,640
7.50%, 09/15/25		170		192,474
5.50%, 12/15/27		305		325,505
4.95%, 10/01/29		750		739,687
4.38%, 02/15/30		875		833,437
Simon Property Group LP, 3.50%, 09/01/25		810		886,497
Starwood Property Trust, Inc.
4.75%, 03/15/25		2,000		2,080,000
3.63%, 07/15/26(a)(d)		3,480		3,506,100
Welltower, Inc., 4.00%, 06/01/25		565		622,750
XHR LP(a)
6.38%, 08/15/25		1,055		1,122,256
4.88%, 06/01/29		595		614,338
				73,431,546
Food & Staples Retailing — 0.5%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC(a)
4.63%, 01/15/27		230		240,568
3.50%, 03/15/29		245		242,244
4.88%, 02/15/30		1,750		1,866,392
B&G Foods, Inc., 5.25%, 09/15/27		1,000		1,041,540
Campbell Soup Co., 3.95%, 03/15/25		2,500		2,757,442
Conagra Brands, Inc., 4.60%, 11/01/25		570		649,783
Costco Wholesale Corp.
1.38%, 06/20/27		385		387,377
1.60%, 04/20/30		885		873,446
Dollar General Corp., 4.15%, 11/01/25		2,000		2,238,380

Security	Par (000)		Value
Food & Staples Retailing (continued)
General Mills, Inc., 4.00%, 04/17/25	$	690	$	764,539
Ingles Markets, Inc., 4.00%, 06/15/31(a)		1,820		1,817,725
Kraft Heinz Foods Co.
4.63%, 01/30/29		500		581,945
3.75%, 04/01/30		1,000		1,097,220
4.25%, 03/01/31		3,000		3,407,966
6.88%, 01/26/39		500		718,205
5.00%, 06/04/42		1,000		1,221,098
5.20%, 07/15/45		2,250		2,793,243
4.38%, 06/01/46		475		538,269
Kroger Co., 2.20%, 05/01/30		40		40,229
Lamb Weston Holdings, Inc.(a)
4.63%, 11/01/24		500		517,390
4.88%, 11/01/26		50		51,688
4.88%, 05/15/28		110		121,688
McCormick & Co., Inc., 3.15%, 08/15/24		300		319,749
Post Holdings, Inc.(a)
5.75%, 03/01/27		25		26,156
5.63%, 01/15/28		50		53,000
4.63%, 04/15/30		650		660,939
U.S. Foods, Inc., 6.25%, 04/15/25(a)		300		318,000
United Natural Foods, Inc., 6.75%, 10/15/28(a)		445		478,891
US Foods, Inc., 4.75%, 02/15/29(a)		380		387,600
				26,212,712
Food Products — 0.3%
Aramark Services, Inc., 5.00%, 02/01/28(a)		500		523,600
Bunge Ltd. Finance Corp., 1.63%, 08/17/25		1,085		1,097,779
Chobani LLC/Chobani Finance Corp., Inc., 4.63%, 11/15/28(a)		460		476,675
Darling Ingredients, Inc., 5.25%, 04/15/27(a)		2,000		2,100,000
JBS USA LUX SA/JBS USA Finance, Inc., 6.75%, 02/15/28(a)		2,200		2,406,250
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.(a)
6.50%, 04/15/29		50		56,188
5.50%, 01/15/30		1,100		1,230,218
Mondelez International, Inc.
0.63%, 07/01/22		5,035		5,054,436
1.50%, 05/04/25		585		595,319
Pilgrim’s Pride Corp.(a)
5.88%, 09/30/27		125		133,125
4.25%, 04/15/31		735		761,644
Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed, 4.63%, 03/01/29(a)		750		756,517
				15,191,751
Gas Utilities — 0.0%
Suburban Propane Partners LP/Suburban Energy Finance Corp.
5.88%, 03/01/27		225		236,229
5.00%, 06/01/31(a)		1,175		1,202,906
Superior Plus LP/Superior General Partner, Inc., 4.50%, 03/15/29(a)		395		406,858
				1,845,993
Health Care Equipment & Supplies — 0.2%
Abbott Laboratories, 3.40%, 11/30/23		70		74,704
Baxter International, Inc., 2.60%, 08/15/26		1,605		1,708,322
Becton Dickinson and Co., 2.89%, 06/06/22		26		26,572
Boston Scientific Corp., 3.38%, 05/15/22		25		25,667

22 2 0 2 1    BLACK ROCK    SEMI - ANNUAL    REPORT    TO    SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) June 30, 2021 BlackRock Systematic Multi-Strategy Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Health Care Equipment & Supplies (continued)
DH Europe Finance II Sarl
2.05%, 11/15/22	$	1,075	$	1,099,665
2.60%, 11/15/29		68		71,095
Hill-Rom Holdings, Inc., 4.38%, 09/15/27(a)		25		25,875
Hologic, Inc.(a)
4.63%, 02/01/28		1,000		1,050,000
3.25%, 02/15/29		370		366,763
Ortho-Clinical Diagnostics, Inc./Ortho-Clinical Diagnostics SA, 7.25%, 02/01/28(a)		36		39,321
Thermo Fisher Scientific, Inc.
4.13%, 03/25/25		855		947,952
4.50%, 03/25/30		3,080		3,667,410
Zimmer Biomet Holdings, Inc., 3.70%, 03/19/23		4,850		5,098,076
				14,201,422
Health Care Providers & Services — 1.5%
Acadia Healthcare Co., Inc., 5.50%, 07/01/28(a)		3,315		3,538,762
Aetna, Inc., 3.50%, 11/15/24		1,000		1,081,804
AmerisourceBergen Corp.
3.45%, 12/15/27		849		926,518
2.80%, 05/15/30		310		323,095
Anthem, Inc.
2.95%, 12/01/22		25		25,850
0.45%, 03/15/23		3,855		3,858,651
3.35%, 12/01/24		700		755,149
2.38%, 01/15/25		95		99,486
Centene Corp.
5.38%, 06/01/26(a)		530		553,850
5.38%, 08/15/26(a)		85		88,825
4.25%, 12/15/27		500		526,875
2.45%, 07/15/28(d)		435		440,872
4.63%, 12/15/29		500		549,885
3.38%, 02/15/30		580		606,286
3.00%, 10/15/30		2,000		2,054,560
CHS/Community Health Systems, Inc.(a)
8.00%, 03/15/26		3,650		3,932,875
5.63%, 03/15/27		835		891,362
6.00%, 01/15/29		240		256,800
6.88%, 04/15/29		95		99,415
6.13%, 04/01/30		1,130		1,146,950
4.75%, 02/15/31		330		331,238
DaVita, Inc.(a)
4.63%, 06/01/30		1,255		1,290,416
3.75%, 02/15/31		545		523,200
Encompass Health Corp.
4.50%, 02/01/28		195		202,307
4.75%, 02/01/30		250		265,625
HCA, Inc.
5.25%, 04/15/25		2,940		3,363,561
5.88%, 02/15/26		100		115,565
5.25%, 06/15/26		5,950		6,887,480
5.38%, 09/01/26		10		11,508
5.63%, 09/01/28		110		130,350
5.88%, 02/01/29		280		338,100
4.13%, 06/15/29		3,505		3,946,897
3.50%, 09/01/30		2,325		2,476,985
2.38%, 07/15/31		8,450		8,342,861
Humana, Inc.
3.85%, 10/01/24		2,395		2,597,773
4.50%, 04/01/25		1,985		2,222,544

Security	Par (000)		Value
Health Care Providers & Services (continued)
Humana, Inc. (continued) 4.88%, 04/01/30	$	750	$	904,838
Legacy LifePoint Health LLC(a)
6.75%, 04/15/25		110		117,222
4.38%, 02/15/27		195		197,340
LifePoint Health, Inc., 5.38%, 01/15/29(a)		960		936,000
Magellan Health, Inc., 4.90%, 09/22/24		1,000		1,111,500
McKesson Corp., 0.90%, 12/03/25		2,515		2,478,071
ModivCare, Inc., 5.88%, 11/15/25(a)		6,205		6,639,350
Molina Healthcare, Inc., 4.38%, 06/15/28(a)		1,520		1,584,600
Owens & Minor, Inc., 4.50%, 03/31/29(a)		760		780,900
Prime Healthcare Services, Inc., 7.25%, 11/01/25(a)		840		909,367
Select Medical Corp., 6.25%, 08/15/26(a)		5,325		5,671,231
Teleflex, Inc.
4.63%, 11/15/27		250		266,298
4.25%, 06/01/28(a)		75		78,188
Tenet Healthcare Corp.
6.75%, 06/15/23		75		81,844
4.63%, 07/15/24		300		304,410
7.50%, 04/01/25(a)		280		302,436
4.88%, 01/01/26(a)		600		622,320
6.25%, 02/01/27(a)		100		104,375
5.13%, 11/01/27(a)		300		314,625
4.63%, 06/15/28(a)		2,514		2,587,409
6.13%, 10/01/28(a)		1,438		1,532,390
UnitedHealth Group, Inc.
3.10%, 03/15/26		50		54,532
3.85%, 06/15/28		2,200		2,528,129
2.00%, 05/15/30		585		589,354
				85,501,009
Health Care Technology — 0.2%
Catalent Pharma Solutions, Inc.(a)
5.00%, 07/15/27		10		10,450
3.13%, 02/15/29		850		823,123
Charles River Laboratories International, Inc., 4.25%, 05/01/28(a)		3,025		3,127,094
IQVIA, Inc.(a)
5.00%, 10/15/26		1,200		1,242,000
5.00%, 05/15/27		1,000		1,047,500
Laboratory Corp. of America Holdings, 1.55%, 06/01/26		2,565		2,575,602
Mednax, Inc., 6.25%, 01/15/27(a)		200		211,750
Syneos Health, Inc., 3.63%, 01/15/29(a)		485		480,150
US Acute Care Solutions LLC, 6.38%, 03/01/26(a)		135		139,495
				9,657,164
Hotels, Restaurants & Leisure — 1.1%
1011778 BC ULC/New Red Finance, Inc.(a)
4.25%, 05/15/24		103		104,133
5.75%, 04/15/25		1,295		1,371,094
3.88%, 01/15/28(d)		4,510		4,566,375
4.00%, 10/15/30		2,775		2,684,812
Affinity Gaming, 6.88%, 12/15/27(a)		175		185,719
Bloomin’ Brands, Inc./OSI Restaurant Partners LLC, 5.13%, 04/15/29(a)		375		385,313
Boyd Gaming Corp., 4.75%, 12/01/27		1,625		1,681,875
Boyne USA, Inc., 4.75%, 05/15/29(a)		480		495,230

SCHEDULE    OF    INVESTMENTS 23

Schedule of Investments (unaudited) (continued) June 30, 2021 BlackRock Systematic Multi-Strategy Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Hotels, Restaurants & Leisure (continued)
Caesars Entertainment, Inc.(a) 6.25%, 07/01/25	$	915	$	969,900
8.13%, 07/01/27		650		722,930
Caesars Resort Collection LLC/CRC Finco, Inc.(a) 5.75%, 07/01/25		90		94,838
5.25%, 10/15/25		2,000		2,025,000
Carrols Restaurant Group, Inc., 5.88%, 07/01/29(a)		1,475		1,454,719
Cedar Fair LP, 5.25%, 07/15/29		15		15,450
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op, 5.50%, 05/01/25(a)		310		323,563
Churchill Downs, Inc.(a) 5.50%, 04/01/27		500		521,028
4.75%, 01/15/28		405		419,058
Darden Restaurants, Inc., 3.85%, 05/01/27		10		11,110
Dave & Buster’s, Inc., 7.63%, 11/01/25(a)		160		172,200
Everi Holdings, Inc., 5.00%, 07/15/29(a)		510		510,000
Full House Resorts, Inc., 8.25%, 02/15/28(a)		390		425,100
GLP Capital LP/GLP Financing II, Inc. 5.25%, 06/01/25		1,460		1,643,449
5.38%, 04/15/26		450		517,954
Golden Nugget, Inc., 6.75%, 10/15/24(a)		50		50,511
Hilton Domestic Operating Co., Inc. 5.38%, 05/01/25(a)		45		47,363
4.88%, 01/15/30		375		400,313
4.00%, 05/01/31(a)		1,585		1,599,059
Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Esc(a) 5.00%, 06/01/29		270		276,075
4.88%, 07/01/31		665		663,258
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 4.88%, 04/01/27		50		52,125
International Game Technology PLC(a) 4.13%, 04/15/26		525		546,656
5.25%, 01/15/29		1,565		1,678,462
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC, 4.75%, 06/01/27(a)		625		653,906
Las Vegas Sands Corp. 3.20%, 08/08/24		120		125,944
2.90%, 06/25/25		500		520,703
Marriott International, Inc., Series EE, 5.75%, 05/01/25		1,610		1,858,422
Marriott Ownership Resorts, Inc.(a) 6.13%, 09/15/25		530		563,628
4.50%, 06/15/29		780		790,725
Marriott Ownership Resorts, Inc./ILG LLC, 6.50%, 09/15/26		500		519,375
McDonald’s Corp., 1.45%, 09/01/25		105		107,077
Melco Resorts Finance Ltd., 5.38%, 12/04/29(a)		1,200		1,261,725
MGM China Holdings Ltd., 5.88%, 05/15/26(a)		1,500		1,571,531
MGM Resorts International 7.75%, 03/15/22		100		104,520
6.75%, 05/01/25		500		535,580
5.50%, 04/15/27		98		107,555
4.75%, 10/15/28		500		531,250
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp., 4.88%, 05/01/29(a)		360		360,450

Security	Par (000)		Value
Hotels, Restaurants & Leisure (continued)
Mohegan Gaming & Entertainment, 8.00%, 02/01/26(a)	$	3,500	$	3,657,150
Penn National Gaming, Inc., 4.13%, 07/01/29(a)(d)		1,955		1,952,556
Scientific Games International, Inc.(a) 8.63%, 07/01/25		790		865,050
5.00%, 10/15/25		25		25,813
7.25%, 11/15/29		1,100		1,240,800
Six Flags Entertainment Corp., 4.88%, 07/31/24(a)		1,000		1,010,000
Six Flags Theme Parks, Inc., 7.00%, 07/01/25(a)		1,250		1,347,125
Starbucks Corp. 1.30%, 05/07/22		160		161,449
3.55%, 08/15/29		40		44,696
Stars Group Holdings BV/Stars Group US Co- Borrower LLC, 7.00%, 07/15/26(a)		510		527,870
Studio City Finance Ltd., 5.00%, 01/15/29(a)		595		600,343
Travel + Leisure Co. 3.90%, 03/01/23		100		103,125
5.65%, 04/01/24		100		108,948
6.00%, 04/01/27		300		329,571
4.63%, 03/01/30(a)		100		103,070
Vail Resorts, Inc., 6.25%, 05/15/25(a)		1,000		1,070,380
Vista Outdoor, Inc., 4.50%, 03/15/29(a)		5,080		5,168,900
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.(a) 4.25%, 05/30/23		50		51,875
5.50%, 03/01/25		150		161,529
5.25%, 05/15/27		300		322,230
Wynn Macau Ltd.(a) 5.63%, 08/26/28		605		632,149
5.13%, 12/15/29		400		412,000
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 5.13%, 10/01/29(a)		700		739,375
Yum! Brands, Inc. 4.75%, 01/15/30(a)		800		866,008
4.63%, 01/31/32		4,422		4,643,100
				62,372,175
Household Durables — 0.5%
Beazer Homes USA, Inc. 5.88%, 10/15/27		100		104,505
7.25%, 10/15/29		2,560		2,842,419
Brookfield Residential Properties, Inc./Brookfield Residential US LLC(a) 6.25%, 09/15/27		285		301,031
4.88%, 02/15/30		600		594,180
Century Communities, Inc. 5.88%, 07/15/25		200		206,844
6.75%, 06/01/27		1,750		1,857,187
Empire Communities Corp., 7.00%, 12/15/25(a)		525		551,250
Forestar Group, Inc., 3.85%, 05/15/26(a)		1,775		1,791,064
KB Home, 4.80%, 11/15/29		300		325,041
Lennar Corp. 4.13%, 01/15/22		100		101,000
5.88%, 11/15/24		50		56,826
4.75%, 11/29/27		50		57,793
LGI Homes, Inc., 4.00%, 07/15/29(a)		1,690		1,698,450

24 2 0 2 1    BLACK ROCK    SEMI - ANNUAL    REPORT    TO    SHAREHOLDERS

Schedule of Investments (unaudited) (continued) June 30, 2021 BlackRock Systematic Multi-Strategy Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Household Durables (continued)
M/I Homes, Inc. 5.63%, 08/01/25	$	328	$	337,840
4.95%, 02/01/28		975		1,017,169
Mattamy Group Corp.(a) 5.25%, 12/15/27		40		41,800
4.63%, 03/01/30		310		316,665
MDC Holdings, Inc. 5.50%, 01/15/24		50		54,783
6.00%, 01/15/43		200		257,740
Meritage Homes Corp. 6.00%, 06/01/25		1,500		1,710,000
5.13%, 06/06/27		2,100		2,346,750
NCR Corp.(a) 5.00%, 10/01/28		500		517,035
5.13%, 04/15/29		3,255		3,356,719
6.13%, 09/01/29		2,250		2,452,500
Newell Brands, Inc. 4.70%, 04/01/26		850		947,852
5.88%, 04/01/36		550		677,875
NVR, Inc., 3.00%, 05/15/30		1,720		1,823,572
PulteGroup, Inc. 5.50%, 03/01/26		100		116,750
5.00%, 01/15/27		200		233,896
6.00%, 02/15/35		100		131,243
Shea Homes LP/Shea Homes Funding Corp.(a) 4.75%, 02/15/28		655		670,307
4.75%, 04/01/29		865		888,251
Taylor Morrison Communities, Inc., 5.88%, 06/15/27(a)		100		113,125
Tempur Sealy International, Inc., 4.00%, 04/15/29(a)		450		455,602
Toll Brothers Finance Corp., 4.35%, 02/15/28		25		27,438
TRI Pointe Group, Inc./TRI Pointe Homes, Inc., 5.88%, 06/15/24		50		55,630
Tri Pointe Homes, Inc., 5.70%, 06/15/28		1,450		1,598,625
				30,636,757
Household Products(a) — 0.1%
Herbalife Nutrition Ltd./HLF Financing, Inc., 7.88%, 09/01/25		2,100		2,283,750
Kronos Acquisition Holdings, Inc./KIK Custom Products, Inc. 5.00%, 12/31/26		355		360,325
7.00%, 12/31/27		730		731,650
				3,375,725
Independent Power and Renewable Electricity Producers — 0.2%
Atlantica Sustainable Infrastructure PLC, 4.13%, 06/15/28(a)		1,000		1,018,800
Calpine Corp.(a) 5.25%, 06/01/26		336		345,660
4.50%, 02/15/28		145		147,900
5.13%, 03/15/28		645		656,288
4.63%, 02/01/29		345		339,183
5.00%, 02/01/31		400		398,000
3.75%, 03/01/31		1,580		1,504,713
Clearway Energy Operating LLC, 4.75%, 03/15/28(a)		1,580		1,657,025
Enviva Partners LP/Enviva Partners Finance Corp., 6.50%, 01/15/26(a)		500		522,500

Security	Par (000)		Value
Independent Power and Renewable Electricity Producers (continued)
NRG Energy, Inc. 6.63%, 01/15/27	$	100	$	103,522
5.75%, 01/15/28		750		798,750
5.25%, 06/15/29(a)		1,150		1,223,312
3.63%, 02/15/31(a)		1,580		1,552,666
Renewable Energy Group, Inc., 5.88%, 06/01/28(a)		460		482,425
TerraForm Power Operating LLC(a) 4.25%, 01/31/23		550		564,438
5.00%, 01/31/28		75		79,406
				11,394,588
Industrial Conglomerates — 0.0%
Trinity Industries, Inc., 4.55%, 10/01/24		500		532,550
Insurance — 0.6%
Acrisure LLC/Acrisure Finance, Inc., 7.00%, 11/15/25(a)		250		255,000
Aflac, Inc. 1.13%, 03/15/26		6,510		6,520,889
3.60%, 04/01/30		3,855		4,342,610
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer(a) 4.25%, 10/15/27		400		405,996
6.75%, 10/15/27		1,000		1,050,960
AmWINS Group, Inc., 7.75%, 07/01/26(a)		40		42,426
Aon Corp., 2.80%, 05/15/30		405		425,177
AssuredPartners, Inc., 5.63%, 01/15/29(a)		550		550,000
Berkshire Hathaway, Inc., 3.13%, 03/15/26		2,005		2,191,740
Fairfax Financial Holdings Ltd., 3.38%, 03/03/31(a)		1,005		1,047,361
Fidelity & Guaranty Life Holdings, Inc., 5.50%, 05/01/25(a)		1,015		1,168,671
Marsh & McLennan Cos., Inc. 3.88%, 03/15/24		2,945		3,194,277
3.50%, 03/10/25		2,200		2,391,710
4.38%, 03/15/29		2,230		2,613,909
2.25%, 11/15/30		2,215		2,243,469
NMI Holdings, Inc., 7.38%, 06/01/25(a)		3,000		3,437,880
Trinity Acquisition PLC, 3.50%, 09/15/21		50		50,189
Willis North America, Inc. 4.50%, 09/15/28		130		150,162
2.95%, 09/15/29		995		1,044,765
				33,127,191
Interactive Media & Services — 0.2%
Arches Buyer, Inc., 4.25%, 06/01/28(a)		415		410,331
Baidu, Inc, 1.72%, 04/09/26		2,660		2,682,078
eBay, Inc., 1.90%, 03/11/25		4,150		4,288,996
JD.com, Inc., 3.38%, 01/14/30		200		213,394
Netflix, Inc. 5.50%, 02/15/22		350		358,750
3.63%, 06/15/25(a)		660		708,735
4.88%, 04/15/28		100		116,250
5.88%, 11/15/28		900		1,104,687
6.38%, 05/15/29		500		638,625
5.38%, 11/15/29(a)		500		607,298
4.88%, 06/15/30(a)		1,000		1,189,300
				12,318,444
Internet & Direct Marketing Retail — 0.2%
Alibaba Group Holding Ltd. 2.80%, 06/06/23		1,500		1,557,570

SCHEDULE    OF    INVESTMENTS 25

Schedule of Investments (unaudited) (continued) June 30, 2021 BlackRock Systematic Multi-Strategy Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Internet & Direct Marketing Retail (continued)
Alibaba Group Holding Ltd. (continued) 3.60%, 11/28/24	$	2,400	$	2,602,200
3.40%, 12/06/27		900		981,018
Amazon.com, Inc., 2.10%, 05/12/31		4,090		4,158,768
				9,299,556
Internet Software & Services — 0.3%
Booking Holdings, Inc., 4.63%, 04/13/30		153		182,571
Expedia Group, Inc. 3.60%, 12/15/23		795		844,897
2.95%, 03/15/31		250		253,328
Go Daddy Operating Co. LLC/GD Finance Co., Inc., 5.25%, 12/01/27(a)		1,000		1,050,000
GrubHub Holdings, Inc., 5.50%, 07/01/27(a)		350		367,938
Match Group Holdings II LLC(a) 4.63%, 06/01/28		2,335		2,428,096
5.63%, 02/15/29		35		37,800
4.13%, 08/01/30		1,930		1,963,775
NortonLifeLock, Inc., 5.00%, 04/15/25(a)		750		760,478
TripAdvisor, Inc., 7.00%, 07/15/25(a)		60		64,560
Uber Technologies, Inc.(a) 7.50%, 05/15/25		395		426,284
8.00%, 11/01/26		550		592,625
7.50%, 09/15/27		2,500		2,747,450
6.25%, 01/15/28		820		882,492
VeriSign, Inc. 5.25%, 04/01/25		800		908,552
4.75%, 07/15/27		1,150		1,220,438
2.70%, 06/15/31		885		899,098
				15,630,382
IT Services — 0.7%
Banff Merger Sub, Inc., 9.75%, 09/01/26(a)		1,000		1,052,500
Booz Allen Hamilton, Inc.(a) 3.88%, 09/01/28		4,175		4,258,500
4.00%, 07/01/29		525		536,812
Camelot Finance SA, 4.50%, 11/01/26(a)		1,380		1,443,825
Citrix Systems, Inc., 1.25%, 03/01/26		5,040		4,976,717
Fair Isaac Corp., 4.00%, 06/15/28(a)		1,090		1,126,690
Fidelity National Information Services, Inc., 1.15%, 03/01/26		920		912,783
Gartner, Inc.(a)
4.50%, 07/01/28		3,552		3,751,338
3.63%, 06/15/29		930		943,950
3.75%, 10/01/30		795		813,372
International Business Machines Corp., 3.00%, 05/15/24		150		159,861
j2 Global, Inc., 4.63%, 10/15/30(a)		5,787		5,991,281
KBR, Inc., 4.75%, 09/30/28(a)		6,000		6,000,000
Presidio Holdings, Inc.(a) 4.88%, 02/01/27		230		236,615
8.25%, 02/01/28		35		38,063
Rackspace Technology Global, Inc.(a) 3.50%, 02/15/28		300		290,250
5.38%, 12/01/28		475		486,875
Science Applications International Corp., 4.88%, 04/01/28(a)		170		178,288
Unisys Corp., 6.88%, 11/01/27(a)		7,090		7,748,236

Security	Par (000)		Value
IT Services (continued)
Verisk Analytics, Inc., 4.00%, 06/15/25	$	50	$	55,315
ZoomInfo Technologies LLC/ZoomInfo Finance Corp., 3.88%, 02/01/29(a)		185		183,844
				41,185,115
Leisure Products — 0.0%
Hasbro, Inc., 3.55%, 11/19/26		145		158,937
Life Sciences Tools & Services — 0.0%
Agilent Technologies, Inc. 3.88%, 07/15/23		690		732,393
2.10%, 06/04/30		600		593,623
2.30%, 03/12/31		750		749,950
				2,075,966
Machinery — 0.4%
Caterpillar Financial Services Corp. 1.95%, 11/18/22		1,525		1,558,512
0.45%, 09/14/23		3,970		3,977,624
0.80%, 11/13/25		7,610		7,565,339
Deere & Co., 2.75%, 04/15/25		150		160,029
Hillenbrand, Inc. 5.75%, 06/15/25		775		831,885
3.75%, 03/01/31		680		676,756
Otis Worldwide Corp. 2.29%, 04/05/27		65		67,295
2.57%, 02/15/30		125		129,456
Terex Corp., 5.00%, 05/15/29(a)		3,050		3,179,625
Titan Acquisition Ltd./Titan Co-Borrower LLC,
7.75%, 04/15/26(a)		200		207,250
TK Elevator US Newco Inc., 5.25%, 07/15/27(a)		910		958,912
Westinghouse Air Brake Technologies Corp., 3.20%, 06/15/25		2,305		2,451,367
				21,764,050
Media — 1.6%
Advantage Sales & Marketing, Inc., 6.50%, 11/15/28(a)		2,525		2,657,562
Altice Financing SA(a) 7.50%, 05/15/26		500		520,650
5.00%, 01/15/28		455		445,977
Altice France Holding SA(a) 10.50%, 05/15/27		400		444,500
6.00%, 02/15/28		455		453,089
AMC Networks, Inc. 4.75%, 08/01/25		1,025		1,052,367
4.25%, 02/15/29		1,725		1,740,094
Banijay Entertainment SASU, 5.38%, 03/01/25(a)		200		206,500
Beasley Mezzanine Holdings LLC, 8.63%, 02/01/26(a)		2,050		2,068,573
Block Communications, Inc., 4.88%, 03/01/28(a)		60		61,200
Cable One, Inc., 4.00%, 11/15/30(a)		275		276,031
CCO Holdings LLC/CCO Holdings Capital Corp. 5.75%, 02/15/26(a)		12		12,403
5.13%, 05/01/27(a)		250		262,225
5.00%, 02/01/28(a)		100		104,875
5.38%, 06/01/29(a)		100		109,310
4.75%, 03/01/30(a)		3,405		3,600,787
4.50%, 08/15/30(a)		810		843,383
4.25%, 02/01/31(a)		420		427,875
4.50%, 05/01/32		4,500		4,663,125

26 2 0 2 1    BLACK ROCK    SEMI - ANNUAL    REPORT    TO    SHAREHOLDERS

Schedule of Investments (unaudited) (continued) June 30, 2021 BlackRock Systematic Multi-Strategy Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Media (continued)
Charter Communications Operating LLC/Charter Communications Operating Capital 4.46%, 07/23/22	$	1,640	$	1,697,874
4.50%, 02/01/24		6,920		7,537,056
4.91%, 07/23/25		4,250		4,814,872
3.75%, 02/15/28		400		441,143
5.05%, 03/30/29		500		590,596
2.30%, 02/01/32		1,105		1,062,371
CSC Holdings LLC 5.25%, 06/01/24		200		216,741
6.50%, 02/01/29(a)		900		996,840
5.75%, 01/15/30(a)		400		415,500
4.63%, 12/01/30(a)		800		784,888
3.38%, 02/15/31(a)		1,100		1,039,401
4.50%, 11/15/31(a)		1,240		1,247,614
5.00%, 11/15/31(a)		465		467,232
Cumulus Media New Holdings, Inc., 6.75%, 07/01/26(a)		800		837,000
Diamond Sports Group LLC/Diamond Sports Finance Co.(a) 5.38%, 08/15/26		1,000		647,500
6.63%, 08/15/27		500		245,568
Dish DBS Corp., 7.38%, 07/01/28		2,010		2,163,021
DISH DBS Corp. 5.88%, 07/15/22		100		104,320
5.00%, 03/15/23		450		470,984
5.88%, 11/15/24		475		510,031
7.75%, 07/01/26		1,075		1,217,437
Embarq Corp., 8.00%, 06/01/36		625		708,531
Fox Corp., 4.03%, 01/25/24		35		37,916
Frontier Communications Holdings LLC(a) 5.88%, 10/15/27		85		91,056
5.00%, 05/01/28		2,275		2,351,963
6.75%, 05/01/29		165		175,440
GCI LLC, 4.75%, 10/15/28(a)		1,310		1,340,785
Gray Television, Inc.(a) 5.88%, 07/15/26		14		14,455
4.75%, 10/15/30		300		298,959
HC2 Holdings, Inc., 8.50%, 02/01/26(a)		670		666,650
Hughes Satellite Systems Corp. 5.25%, 08/01/26		135		151,224
6.63%, 08/01/26		309		346,466
iHeartCommunications, Inc.(a) 5.25%, 08/15/27		629		657,557
4.75%, 01/15/28		1,150		1,183,062
Lamar Media Corp. 4.00%, 02/15/30		250		253,028
3.63%, 01/15/31(a)		135		131,963
LCPR Senior Secured Financing DAC, 6.75%, 10/15/27(a)		500		538,850
Liberty Interactive LLC, 8.25%, 02/01/30		1,177		1,345,320
Lions Gate Capital Holdings LLC, 5.50%, 04/15/29(a)		520		546,650
Meredith Corp., 6.50%, 07/01/25(a)		150		161,693
News Corp., 3.88%, 05/15/29(a)		1,535		1,550,350
Nexstar Broadcasting, Inc., 4.75%, 11/01/28(a)		500		513,750
Outfront Media Capital LLC/Outfront Media Capital Corp.(a) 5.00%, 08/15/27		25		25,885
4.25%, 01/15/29		310		311,938

Security	Par (000)		Value
Media (continued)
Outfront Media Capital LLC/Outfront Media Capital Corp.(a) (continued) 4.63%, 03/15/30	$	150	$	152,250
Qualitytech LP/QTS Finance Corp., 3.88%, 10/01/28(a)		1,030		1,101,482
Radiate Holdco LLC/Radiate Finance, Inc.(a) 4.50%, 09/15/26		645		667,575
6.50%, 09/15/28		300		315,195
Sable International Finance Ltd., 5.75%, 09/07/27(a)		400		420,880
Sinclair Television Group, Inc.(a) 5.50%, 03/01/30		600		611,754
4.13%, 12/01/30		680		668,100
Sirius XM Radio, Inc.(a) 4.63%, 07/15/24		150		153,960
5.00%, 08/01/27		500		523,875
4.00%, 07/15/28		665		684,950
5.50%, 07/01/29		625		681,063
4.13%, 07/01/30		945		953,392
Summer BC Bidco B LLC, 5.50%, 10/31/26(a)(d)		805		818,435
TEGNA, Inc. 4.75%, 03/15/26(a)		2,570		2,737,050
4.63%, 03/15/28		3,590		3,724,625
5.00%, 09/15/29		5,385		5,635,295
Telesat Canada/Telesat LLC(a) 5.63%, 12/06/26		595		597,231
4.88%, 06/01/27		1,000		965,000
6.50%, 10/15/27		4,235		4,033,837
Time Warner Cable LLC, 4.00%, 09/01/21		170		170,000
Townsquare Media, Inc., 6.88%, 02/01/26(a)		680		727,600
Univision Communications, Inc.(a) 5.13%, 02/15/25		15		15,303
9.50%, 05/01/25		85		93,713
6.63%, 06/01/27		900		975,195
Videotron Ltd., 5.13%, 04/15/27(a)		500		522,500
Virgin Media Finance PLC, 5.00%, 07/15/30(a)		695		702,152
Virgin Media Secured Finance PLC(a) 5.50%, 05/15/29		1,000		1,075,000
4.50%, 08/15/30		1,000		1,007,500
Walt Disney Co., 1.65%, 09/01/22		230		233,625
WMG Acquisition Corp., 3.00%, 02/15/31(a)		1,575		1,492,249
				93,322,792
Metals & Mining — 0.9%
Alcoa Nederland Holding BV(a) 7.00%, 09/30/26		200		209,000
5.50%, 12/15/27		1,000		1,084,800
6.13%, 05/15/28		1,200		1,313,160
4.13%, 03/31/29		1,760		1,832,679
Allegheny Technologies, Inc., 5.88%, 12/01/27		50		52,375
ArcelorMittal, 7.00%, 03/01/41		1,250		1,736,177
ArcelorMittal SA 4.55%, 03/11/26		2,250		2,544,732
4.25%, 07/16/29		750		829,581
Arconic Corp.(a) 6.00%, 05/15/25		500		532,885
6.13%, 02/15/28		4,566		4,898,040
Big River Steel LLC/BRS Finance Corp., 6.63%, 01/31/29(a)		830		914,037
Cleveland-Cliffs, Inc. 9.88%, 10/17/25(a)		1,074		1,258,739

SCHEDULE    OF    INVESTMENTS 27

Schedule of Investments (unaudited) (continued) June 30, 2021 BlackRock Systematic Multi-Strategy Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Metals & Mining (continued)
Cleveland-Cliffs, Inc. (continued)
5.88%, 06/01/27	$	1,000	$	1,051,250
4.63%, 03/01/29(a)		500		526,135
4.88%, 03/01/31(a)		1,290		1,354,500
Commercial Metals Co., 5.38%, 07/15/27		1,000		1,057,500
Compass Minerals International, Inc., 6.75%, 12/01/27(a)		475		510,625
Constellium SE(a)
5.63%, 06/15/28		250		268,125
3.75%, 04/15/29		250		247,500
FMG Resources August 2006 Pty Ltd., 4.50%, 09/15/27(a)		1,065		1,158,187
Freeport-McMoRan, Inc.
5.00%, 09/01/27		100		105,625
4.13%, 03/01/28		200		208,750
4.38%, 08/01/28		315		332,719
5.25%, 09/01/29		50		55,188
4.25%, 03/01/30		750		803,437
4.63%, 08/01/30		1,000		1,095,000
5.40%, 11/14/34		100		120,781
5.45%, 03/15/43		1,925		2,352,966
Grinding Media, Inc./Moly-Cop AltaSteel Ltd., 7.38%, 12/15/23(a)		25		25,564
IAMGOLD Corp., 5.75%, 10/15/28(a)		545		566,991
Joseph T Ryerson & Son, Inc., 8.50%, 08/01/28(a)		1,968		2,184,480
Kaiser Aluminum Corp., 4.63%, 03/01/28(a)		2,400		2,479,503
Mineral Resources Ltd., 8.13%, 05/01/27(a)		850		933,937
Novelis Corp., 4.75%, 01/30/30(a)		185		194,250
Reliance Steel & Aluminum Co., 1.30%, 08/15/25		2,690		2,696,554
Southern Copper Corp., 3.88%, 04/23/25		200		217,100
SunCoke Energy Partners LP/SunCoke Energy Partners Finance Corp., 7.50%, 06/15/25(a)		500		519,275
Taseko Mines Ltd., 7.00%, 02/15/26(a)		4,600		4,795,500
United States Steel Corp. 6.25%, 03/15/26		1,500		1,546,200
6.88%, 03/01/29		1,065		1,139,550
Vale Overseas Ltd., 3.75%, 07/08/30		3,440		3,658,440
				49,411,837
Mortgage Real Estate Investment Trusts (REITs)(a) — 0.1%
New Residential Investment Corp., 6.25%, 10/15/25		500		500,475
Starwood Property Trust, Inc., 5.50%, 11/01/23		2,730		2,859,675
				3,360,150
Multi-line Retail(a) — 0.1%
LSF9 Atlantis Holdings LLC/Victra Finance Corp., 7.75%, 02/15/26		320		331,859
Macy’s Retail Holdings LLC, 5.88%, 04/01/29		125		134,429
Macy’s, Inc., 8.38%, 06/15/25		1,250		1,376,500
NMG Holding Co., Inc./Neiman Marcus Group LLC, 7.13%, 04/01/26		230		245,525
Victoria’s Secret & Co., 4.63%, 07/15/29		2,730		2,730,000
				4,818,313
Multi-Utilities — 0.1%
AmeriGas Partners LP/AmeriGas Finance Corp. 5.63%, 05/20/24		45		49,163
5.75%, 05/20/27		100		111,500
National Fuel Gas Co.
3.95%, 09/15/27		40		43,133

Security	Par (000)		Value
Multi-Utilities (continued)
National Fuel Gas Co. (continued)
2.95%, 03/01/31	$	605	$	608,510
NiSource, Inc., 0.95%, 08/15/25		4,330		4,293,988
Piedmont Natural Gas Co., Inc., 3.50%, 06/01/29		50		55,043
Southwest Gas Corp., 2.20%, 06/15/30		25		24,883
				5,186,220
Offshore Drilling & Other Services(a) — 0.1%
Entegris, Inc.
4.38%, 04/15/28		2,325		2,426,719
3.63%, 05/01/29		1,575		1,594,687
				4,021,406
Oil, Gas & Consumable Fuels — 3.5%
Aethon United BR LP/Aethon United Finance Corp., 8.25%, 02/15/26(a)		210		227,367
Antero Midstream Partners LP/Antero Midstream Finance Corp.(a)
5.75%, 01/15/28		1,500		1,578,405
5.38%, 06/15/29		3,150		3,283,875
Antero Resources Corp.(a)
8.38%, 07/15/26		68		77,350
7.63%, 02/01/29		1,544		1,713,840
5.38%, 03/01/30		1,040		1,061,455
Apache Corp.
4.63%, 11/15/25		480		518,400
4.88%, 11/15/27		1,680		1,819,423
4.25%, 01/15/30		745		785,975
5.10%, 09/01/40		2,250		2,356,875
4.75%, 04/15/43		250		259,925
Arcosa, Inc., 4.38%, 04/15/29(a)		430		437,525
Ascent Resources Utica Holdings LLC/ARU
Finance Corp.(a)
8.25%, 12/31/28		385		423,500
5.88%, 06/30/29		380		380,000
BP Capital Markets America, Inc., 2.52%, 09/19/22		500		512,158
Brand Industrial Services, Inc., 8.50%, 07/15/25(a)		275		279,601
Buckeye Partners LP
4.15%, 07/01/23		100		103,375
4.13%, 03/01/25(a)		500		518,125
3.95%, 12/01/26		100		101,750
4.50%, 03/01/28(a)		130		133,290
5.85%, 11/15/43		400		397,000
Calumet Specialty Products Partners LP/Calumet
Finance Corp., 11.00%, 04/15/25(a)		475		516,563
Canadian Natural Resources Ltd.
2.95%, 01/15/23		600		621,497
3.85%, 06/01/27		600		660,525
Cenovus Energy, Inc.
5.38%, 07/15/25		165		188,765
4.25%, 04/15/27		500		558,700
6.75%, 11/15/39		1,400		1,900,280
Cheniere Corpus Christi Holdings LLC
7.00%, 06/30/24		4,700		5,384,001
5.88%, 03/31/25		5,525		6,332,032
5.13%, 06/30/27		500		581,393
3.70%, 11/15/29		1,660		1,813,188
Cheniere Energy Partners LP
5.63%, 10/01/26		135		140,063

28 2 0 2 1    BLACK ROCK    SEMI - ANNUAL    REPORT    TO    SHAREHOLDERS

Schedule of Investments (unaudited) (continued) June 30, 2021 BlackRock Systematic Multi-Strategy Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
Cheniere Energy Partners LP (continued)
4.50%, 10/01/29	$	395	$	424,625
Cheniere Energy, Inc., 4.63%, 10/15/28(a)		2,500		2,637,500
Chesapeake Energy Corp.(a)
5.50%, 02/01/26		110		116,050
5.88%, 02/01/29		75		81,184
Chevron Corp.
1.55%, 05/11/25		1,480		1,516,551
2.00%, 05/11/27		140		144,433
2.24%, 05/11/30		170		175,182
Chevron USA, Inc., 3.85%, 01/15/28		910		1,036,435
CNX Resources Corp.(a)
7.25%, 03/14/27		2,380		2,550,325
6.00%, 01/15/29		685		740,636
Comstock Resources, Inc.(a)
7.50%, 05/15/25		18		18,675
6.75%, 03/01/29		1,645		1,752,303
Continental Resources, Inc.
4.50%, 04/15/23		61		63,475
4.38%, 01/15/28		1,510		1,670,437
5.75%, 01/15/31(a)		565		676,588
4.90%, 06/01/44		450		509,627
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.(a)
5.63%, 05/01/27		4,250		4,361,562
6.00%, 02/01/29		2,910		3,048,225
CrownRock LP/CrownRock Finance, Inc.(a)
5.63%, 10/15/25		275		284,625
5.00%, 05/01/29		310		325,578
CVR Energy, Inc., 5.25%, 02/15/25(a)		500		500,255
DCP Midstream Operating LP
5.38%, 07/15/25		2,130		2,372,181
5.13%, 05/15/29		500		552,500
8.13%, 08/16/30		1,000		1,327,500
6.75%, 09/15/37(a)		50		60,125
5.60%, 04/01/44		610		671,003
Devon Energy Corp.(a)
5.25%, 10/15/27		325		350,312
5.88%, 06/15/28		191		212,612
4.50%, 01/15/30		195		214,382
Diamondback Energy, Inc.
0.90%, 03/24/23		1,055		1,055,227
3.13%, 03/24/31		845		875,721
Dycom Industries, Inc., 4.50%, 04/15/29(a)		495		499,287
Enbridge, Inc.
4.00%, 10/01/23		2,000		2,134,599
3.50%, 06/10/24		1,690		1,815,420
Energy Transfer LP, 4.05%, 03/15/25		2,495		2,705,270
EnLink Midstream LLC
5.63%, 01/15/28(a)		385		406,710
5.38%, 06/01/29		1,700		1,774,154
EnLink Midstream Partners LP
4.85%, 07/15/26		1,200		1,242,000
5.60%, 04/01/44		100		90,500
5.45%, 06/01/47		800		710,000
EQM Midstream Partners LP
4.13%, 12/01/26		1,500		1,535,625
6.50%, 07/01/27(a)		415		462,725
4.50%, 01/15/29(a)		630		640,948
6.50%, 07/15/48		425		454,750

Security	Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
EQT Corp.
7.63%, 02/01/25	$	775	$	904,030
3.90%, 10/01/27		1,000		1,071,250
5.00%, 01/15/29		880		981,174
8.50%, 02/01/30		250		325,728
3.63%, 05/15/31(a)		855		891,338
Exxon Mobil Corp.
2.02%, 08/16/24		300		312,051
2.99%, 03/19/25		950		1,018,958
Genesis Energy LP/Genesis Energy Finance Corp.
6.50%, 10/01/25		1,183		1,194,830
8.00%, 01/15/27		1,160		1,218,725
7.75%, 02/01/28		250		258,360
Global Partners LP/GLP Finance Corp., 6.88%, 01/15/29		3,150		3,378,375
Harvest Midstream I LP, 7.50%, 09/01/28(a)		1,355		1,471,530
Hess Corp., 4.30%, 04/01/27		1,255		1,396,771
Hess Midstream Operations LP(a)
5.63%, 02/15/26		1,200		1,251,600
5.13%, 06/15/28		1,050		1,101,187
Hilcorp Energy I LP/Hilcorp Finance Co.(a)
5.75%, 10/01/25		50		50,750
6.25%, 11/01/28		120		127,500
6.00%, 02/01/31		1,065		1,128,900
Indigo Natural Resources LLC, 5.38%, 02/01/29(a)		310		323,950
ITT Holdings LLC, 6.50%, 08/01/29(a)(d)		930		947,438
Kinder Morgan, Inc., 5.63%, 11/15/23(a)		681		750,189
MasTec, Inc., 4.50%, 08/15/28(a)		960		1,010,717
Matador Resources Co., 5.88%, 09/15/26		1,195		1,230,850
MEG Energy Corp.(a)
6.50%, 01/15/25		42		43,418
7.13%, 02/01/27		250		266,331
5.88%, 02/01/29		525		547,313
MPLX LP
4.88%, 12/01/24		443		495,741
2.65%, 08/15/30		940		948,736
Murphy Oil Corp.
5.75%, 08/15/25		75		76,969
5.88%, 12/01/27		1,462		1,525,889
6.38%, 07/15/28		1,580		1,665,873
6.38%, 12/01/42		300		297,111
Murphy Oil USA, Inc.
5.63%, 05/01/27		500		527,500
4.75%, 09/15/29		900		946,980
3.75%, 02/15/31(a)		815		805,595
New Fortress Energy, Inc.(a)
6.75%, 09/15/25		3,615		3,700,856
6.50%, 09/30/26		4,500		4,598,100
Northern Oil and Gas, Inc., 8.13%, 03/01/28(a)		1,565		1,686,287
NuStar Logistics LP
6.00%, 06/01/26		95		103,075
5.63%, 04/28/27		50		53,544
6.38%, 10/01/30		500		552,450
Oasis Petroleum, Inc., 6.38%, 06/01/26(a)		4,225		4,405,534
Occidental Petroleum Corp.
2.90%, 08/15/24		2,750		2,811,875
5.50%, 12/01/25		420		464,108
8.50%, 07/15/27		265		333,688

SCHEDULE    OF    INVESTMENTS 29

Schedule of Investments (unaudited) (continued) June 30, 2021 BlackRock Systematic Multi-Strategy Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
Occidental Petroleum Corp. (continued)
3.50%, 08/15/29	$	817	$	819,941
8.88%, 07/15/30		415		555,017
6.63%, 09/01/30		4,500		5,400,000
6.13%, 01/01/31		340		400,020
6.45%, 09/15/36		2,700		3,228,120
4.40%, 04/15/46		1,250		1,200,625
4.40%, 08/15/49		500		480,000
ONEOK Partners LP 3.38%, 10/01/22		650		667,782
4.90%, 03/15/25		520		581,798
ONEOK, Inc. 2.75%, 09/01/24		155		163,176
2.20%, 09/15/25		1,500		1,541,528
6.35%, 01/15/31		769		994,442
Ovintiv Exploration, Inc., 5.38%, 01/01/26		2,000		2,253,892
Ovintiv, Inc., 6.50%, 08/15/34		3,710		4,897,625
Parsley Energy LLC/Parsley Finance Corp., 4.13%, 02/15/28(a)		160		168,400
Patterson-UTI Energy, Inc., 5.15%, 11/15/29		500		522,830
PDC Energy, Inc., 6.13%, 09/15/24		3,000		3,068,100
Pioneer Natural Resources Co. 0.55%, 05/15/23		1,485		1,486,418
0.75%, 01/15/24		2,080		2,078,089
PowerTeam Services LLC, 9.03%, 12/04/25(a)		650		715,000
Range Resources Corp. 5.00%, 03/15/23		100		103,500
9.25%, 02/01/26		2,540		2,800,350
8.25%, 01/15/29(a)		475		535,563
Rockies Express Pipeline LLC(a) 4.80%, 05/15/30		300		299,361
6.88%, 04/15/40		300		317,250
Sabine Pass Liquefaction LLC 5.63%, 04/15/23		1,950		2,094,874
5.75%, 05/15/24		2,200		2,468,808
4.50%, 05/15/30		990		1,142,511
Shell International Finance BV, 2.00%, 11/07/24		790		821,001
SM Energy Co., 10.00%, 01/15/25(a)		1,129		1,273,896
Southwestern Energy Co. 4.10%, 03/15/22		100		100,750
6.45%, 01/23/25		1,450		1,605,150
7.50%, 04/01/26		1,050		1,111,687
7.75%, 10/01/27		100		108,499
8.38%, 09/15/28		2,265		2,559,450
Sunoco LP/Sunoco Finance Corp. 5.50%, 02/15/26		100		103,050
6.00%, 04/15/27		100		104,575
5.88%, 03/15/28		5,750		6,109,375
4.50%, 05/15/29(a)		1,990		2,024,825
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.(a) 5.50%, 09/15/24		66		66,899
5.50%, 01/15/28		650		661,375
6.00%, 12/31/30		755		784,913
Talos Production, Inc., 12.00%, 01/15/26		2,720		2,896,800
Targa Resources Partners LP/Targa Resources Partners Finance Corp. 5.88%, 04/15/26		285		299,338
6.88%, 01/15/29		200		225,326
5.50%, 03/01/30		350		384,881

Security	Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
Targa Resources Partners LP/Targa Resources Partners Finance Corp. (continued)
4.88%, 02/01/31(a)	$	850	$	920,125
Transcontinental Gas Pipe Line Co. LLC, 3.25%, 05/15/30		1,100		1,190,134
Transocean, Inc., 11.50%, 01/30/27(a)		500		534,348
Tutor Perini Corp., 6.88%, 05/01/25(a)		2,300		2,366,125
Western Midstream Operating LP 4.65%, 07/01/26		750		800,385
4.75%, 08/15/28		500		540,000
5.30%, 02/01/30		1,700		1,904,008
5.30%, 03/01/48		1,250		1,331,250
6.50%, 02/01/50		285		329,983
Williams Cos., Inc., 3.60%, 03/15/22		770		782,923
				202,593,308
Personal Products — 0.0%
Coty, Inc., 5.00%, 04/15/26(a)		1,465		1,485,481
Pharmaceuticals — 0.7%
AbbVie, Inc. 3.38%, 11/14/21		300		303,450
3.45%, 03/15/22		1,670		1,698,161
2.90%, 11/06/22		600		619,944
2.30%, 11/21/22		1,120		1,149,594
2.60%, 11/21/24		7,210		7,602,563
3.80%, 03/15/25		1,730		1,892,354
AstraZeneca PLC 3.50%, 08/17/23		100		106,214
3.38%, 11/16/25		1,150		1,258,321
0.70%, 04/08/26		1,200		1,168,354
Bausch Health Americas, Inc., 8.50%, 01/31/27(a)		25		27,173
Bausch Health Cos., Inc.(a) 5.75%, 08/15/27		600		636,828
7.00%, 01/15/28		2,000		2,060,000
5.00%, 01/30/28		135		128,081
7.25%, 05/30/29		1,125		1,149,649
5.25%, 01/30/30		85		79,050
5.25%, 02/15/31		450		420,052
Bristol-Myers Squibb Co., 3.55%, 08/15/22		600		621,450
Cheplapharm Arzneimittel GmbH, 5.50%, 01/15/28(a)		460		471,500
CVS Health Corp. 3.50%, 07/20/22		1,000		1,027,928
2.63%, 08/15/24		85		89,697
1.30%, 08/21/27		825		809,247
Elanco Animal Health, Inc., 5.90%, 08/28/28		1,000		1,170,270
Jazz Securities DAC, 4.38%, 01/15/29(a)		4,962		5,144,602
Johnson & Johnson, 0.95%, 09/01/27		335		328,737
Merck & Co., Inc., 0.75%, 02/24/26		1,095		1,088,709
Novartis Capital Corp., 2.20%, 08/14/30		180		185,882
Organon & Co./Organon Foreign Debt Co-Issuer BV, 5.13%, 04/30/31(a)		2,630		2,709,426
Viatris, Inc.(a) 1.13%, 06/22/22		1,330		1,339,484
1.65%, 06/22/25		370		374,244
Zoetis, Inc. 3.00%, 09/12/27		250		269,287
3.90%, 08/20/28		250		284,240
2.00%, 05/15/30		2,215		2,204,768
				38,419,259

30 2 0 2 1    BLACK ROCK    SEMI - ANNUAL    REPORT    TO    SHAREHOLDERS

Schedule of Investments (unaudited) (continued) June 30, 2021 BlackRock Systematic Multi-Strategy Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Producer Durables: Miscellaneous — 0.1%
Oracle Corp. 3.40%, 07/08/24	$	1,710	$	1,833,065
1.65%, 03/25/26		4,960		5,027,764
salesforce.com, Inc., 1.95%, 07/15/31(d)		660		660,090
				7,520,919
Real Estate Management & Development — 0.2%
Five Point Operating Co. LP/Five Point Capital Corp., 7.88%, 11/15/25(a)		1,102		1,163,932
Greystar Real Estate Partners LLC, 5.75%, 12/01/25(a)		200		205,600
Howard Hughes Corp.(a) 5.38%, 08/01/28		2,250		2,388,667
4.38%, 02/01/31		1,730		1,723,737
Hunt Cos., Inc., 5.25%, 04/15/29(a)		1,875		1,818,750
Kennedy-Wilson, Inc., 5.00%, 03/01/31		1,750		1,800,313
Realogy Group LLC/Realogy Co-Issuer Corp.(a) 7.63%, 06/15/25		200		216,940
9.38%, 04/01/27		150		166,671
5.75%, 01/15/29		1,150		1,202,199
				10,686,809
Road & Rail — 0.0%
Altera Infrastructure LP/Teekay Offshore Finance Corp., 8.50%, 07/15/23(a)		300		274,500
Kansas City Southern, 2.88%, 11/15/29		45		47,345
Union Pacific Corp., 2.95%, 03/01/22		300		305,480
Watco Cos. LLC/Watco Finance Corp., 6.50%, 06/15/27(a)		600		642,000
				1,269,325
Semiconductors & Semiconductor Equipment — 0.8%
Amkor Technology, Inc., 6.63%, 09/15/27(a)		600		647,250
Analog Devices, Inc. 2.50%, 12/05/21		25		25,193
2.95%, 04/01/25		80		85,595
Atkore, Inc., 4.25%, 06/01/31(a)		1,515		1,534,392
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.88%, 01/15/27		125		138,122
Broadcom, Inc. 4.70%, 04/15/25		8,105		9,130,812
3.15%, 11/15/25		520		557,326
4.25%, 04/15/26		100		112,104
3.46%, 09/15/26		2,189		2,383,815
1.95%, 02/15/28(a)		2,460		2,458,946
Flex Ltd., 3.75%, 02/01/26		100		108,488
Honeywell International, Inc., 2.30%, 08/15/24		380		398,947
Intel Corp., 3.40%, 03/25/25		2,850		3,113,558
Jabil, Inc. 4.70%, 09/15/22		1,000		1,048,948
1.70%, 04/15/26		2,580		2,599,112
Microchip Technology, Inc., 4.25%, 09/01/25		1,210		1,270,338
Micron Technology, Inc. 2.50%, 04/24/23		2,000		2,067,240
4.64%, 02/06/24		925		1,013,957
4.66%, 02/15/30		550		639,293
NVIDIA Corp., 2.85%, 04/01/30		25		27,062
NXP BV/NXP Funding LLC, 3.88%, 09/01/22(a)		980		1,017,240
NXP BV/NXP Funding LLC/NXP USA, Inc., 2.70%, 05/01/25(a)		4,295		4,517,266
ON Semiconductor Corp., 3.88%, 09/01/28(a)		2,886		2,972,984

Security	Par (000)		Value
Semiconductors & Semiconductor Equipment (continued)
Qorvo, Inc. 4.38%, 10/15/29	$	1,370	$	1,492,916
3.38%, 04/01/31(a)		1,000		1,042,220
Sensata Technologies BV, 5.00%, 10/01/25(a)		25		27,844
Sensata Technologies, Inc.(a) 4.38%, 02/15/30		1,275		1,343,648
3.75%, 02/15/31		500		494,415
Skyworks Solutions, Inc., 0.90%, 06/01/23		3,595		3,605,690
Synaptics, Inc., 4.00%, 06/15/29(a)		500		502,500
Texas Instruments, Inc. 1.38%, 03/12/25		315		321,585
1.75%, 05/04/30		220		218,896
				46,917,702
Software — 0.6%
Activision Blizzard, Inc., 1.35%, 09/15/30		260		243,109
Black Knight InfoServ LLC, 3.63%, 09/01/28(a)		2,440		2,427,702
Boxer Parent Co., Inc., 7.13%, 10/02/25(a)		135		144,450
BY Crown Parent LLC/BY Bond Finance, Inc., 4.25%, 01/31/26(a)		211		221,023
CDK Global, Inc., 5.25%, 05/15/29(a)		1,300		1,418,833
Crowdstrike Holdings, Inc., 3.00%, 02/15/29		260		260,247
Elastic NV, 4.13%, 07/15/29(a)		510		510,000
Electronic Arts, Inc., 1.85%, 02/15/31		745		720,044
Intuit, Inc. 0.95%, 07/15/25		1,015		1,017,068
1.35%, 07/15/27		740		737,902
1.65%, 07/15/30		555		544,668
MSCI, Inc.(a) 5.38%, 05/15/27		150		159,750
4.00%, 11/15/29		3,745		3,950,975
3.63%, 09/01/30		200		204,532
3.88%, 02/15/31		1,415		1,468,430
Nuance Communications, Inc., 5.63%, 12/15/26		3,550		3,698,355
Open Text Corp., 3.88%, 02/15/28(a)		305		309,209
PTC, Inc.(a) 3.63%, 02/15/25		50		51,500
4.00%, 02/15/28		1,045		1,079,485
Roper Technologies, Inc. 0.45%, 08/15/22		275		275,181
3.65%, 09/15/23		830		886,450
2.35%, 09/15/24		90		94,388
1.00%, 09/15/25		590		587,013
2.00%, 06/30/30		75		73,856
SS&C Technologies, Inc., 5.50%, 09/30/27(a)		4,700		4,980,590
Veritas US, Inc./Veritas Bermuda Ltd., 7.50%, 09/01/25(a)		3,615		3,764,119
Vmware, Inc., 4.50%, 05/15/25		5,550		6,198,270
VMware, Inc. 2.95%, 08/21/22		40		41,036
3.90%, 08/21/27		50		55,567
				36,123,752
Specialty Retail — 0.3%
Abercrombie & Fitch Management Co., 8.75%, 07/15/25(a)		1,500		1,662,975
Gap, Inc., 8.88%, 05/15/27(a)		2,500		2,893,000
L Brands, Inc. 5.63%, 10/15/23		25		27,469
9.38%, 07/01/25(a)		175		226,188
6.69%, 01/15/27		1,300		1,529,489
5.25%, 02/01/28		1,250		1,398,437

SCHEDULE    OF    INVESTMENTS 31

Schedule of Investments (unaudited) (continued) June 30, 2021 BlackRock Systematic Multi-Strategy Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Specialty Retail (continued)
L Brands, Inc. (continued) 7.50%, 06/15/29	$	50	$	58,875
6.63%, 10/01/30(a)		1,465		1,695,737
6.88%, 11/01/35		1,655		2,095,644
Magic Mergeco, Inc.(a) 5.25%, 05/01/28		745		764,318
7.88%, 05/01/29		580		598,125
QVC, Inc. 4.38%, 03/15/23		200		210,898
4.85%, 04/01/24		200		217,000
4.45%, 02/15/25		700		747,594
4.75%, 02/15/27		700		742,259
4.38%, 09/01/28		1,100		1,122,000
5.45%, 08/15/34		500		520,702
5.95%, 03/15/43		500		506,250
Sally Holdings LLC/Sally Capital, Inc., 5.63%, 12/01/25		25		25,813
				17,042,773
Technology Hardware, Storage & Peripherals — 0.7%
Adobe, Inc. 1.90%, 02/01/25		175		181,861
2.15%, 02/01/27		490		512,919
2.30%, 02/01/30		2,130		2,217,768
Apple, Inc., 1.80%, 09/11/24		340		353,873
Dell International LLC/EMC Corp. 7.13%, 06/15/24(a)		1,500		1,538,550
4.00%, 07/15/24		1,600		1,739,808
5.85%, 07/15/25		6,340		7,438,181
4.90%, 10/01/26		4,250		4,904,856
6.20%, 07/15/30		785		1,009,393
Dell, Inc., 6.50%, 04/15/38		500		638,125
Hewlett Packard Enterprise Co. 4.45%, 10/02/23		2,520		2,725,246
4.65%, 10/01/24		600		667,067
4.90%, 10/15/25		5,480		6,238,484
HP, Inc. 2.20%, 06/17/25		2,230		2,314,586
1.45%, 06/17/26(a)		5,905		5,861,192
3.40%, 06/17/30		500		535,517
NetApp, Inc. 1.88%, 06/22/25		315		323,882
2.38%, 06/22/27		30		31,456
Western Digital Corp., 4.75%, 02/15/26		100		111,125
				39,343,889
Textiles, Apparel & Luxury Goods — 0.1%
Crocs, Inc., 4.25%, 03/15/29(a)		2,600		2,652,000
Hanesbrands, Inc., 4.88%, 05/15/26(a)		50		54,000
NIKE, Inc. 2.40%, 03/27/25		2,125		2,248,089
2.85%, 03/27/30		1,671		1,816,339
Ralph Lauren Corp., 1.70%, 06/15/22		805		815,520
Wolverine World Wide, Inc., 5.00%, 09/01/26(a)		500		512,500
				8,098,448
Thrifts & Mortgage Finance — 0.3%
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 5.25%, 10/01/25(a)		2,000		2,035,000
LD Holdings Group LLC, 6.13%, 04/01/28(a)		1,300		1,298,375
MGIC Investment Corp., 5.25%, 08/15/28		4,000		4,240,000

Security	Par (000)		Value
Thrifts & Mortgage Finance (continued)
Nationstar Mortgage Holdings, Inc.(a) 6.00%, 01/15/27	$	685	$	709,852
5.50%, 08/15/28		640		645,203
5.13%, 12/15/30		1,455		1,447,725
Quicken Loans LLC/Quicken Loans Co.Issuer, Inc., 3.88%, 03/01/31(a)		1,000		1,007,490
Radian Group, Inc. 4.50%, 10/01/24		50		53,551
6.63%, 03/15/25		2,095		2,364,187
United Wholesale Mortgage LLC, 5.50%, 04/15/29(a)		2,010		2,009,538
				15,810,921
Tobacco — 0.5%
Altria Group, Inc. 2.35%, 05/06/25		5,370		5,614,207
4.80%, 02/14/29		70		81,157
3.40%, 05/06/30		265		279,484
BAT International Finance PLC, 3.95%, 06/15/25(a)		660		720,796
Philip Morris International, Inc. 2.38%, 08/17/22		2,110		2,157,624
2.50%, 08/22/22		690		708,142
2.13%, 05/10/23		500		514,749
2.88%, 05/01/24		500		531,118
3.25%, 11/10/24		25		27,042
1.50%, 05/01/25		630		642,232
3.13%, 08/17/27		50		54,436
3.38%, 08/15/29		50		55,283
2.10%, 05/01/30		790		786,100
Reynolds American, Inc., 4.45%, 06/12/25		6,000		6,646,657
Turning Point Brands, Inc., 5.63%, 02/15/26(a)		2,050		2,116,625
Vector Group Ltd.(a) 10.50%, 11/01/26		1,350		1,432,687
5.75%, 02/01/29		5,185		5,282,011
				27,650,350
Transportation Infrastructure — 0.0%
United Parcel Service, Inc., 4.45%, 04/01/30		2,470		2,989,458
Utilities — 0.1%
Essential Utilities, Inc. 3.57%, 05/01/29		55		60,876
2.70%, 04/15/30		220		228,261
Leeward Renewable Energy Operations LLC, 4.25%, 07/01/29(a)(d)		900		911,250
Pattern Energy Operations LP/Pattern Energy Operations, Inc., 4.50%, 08/15/28(a)		490		507,248
Solaris Midstream Holdings LLC, 7.63%, 04/01/26(a)		595		630,700
TransAlta Corp., 6.50%, 03/15/40		200		229,000
Vistra Operations Co. LLC(a) 5.63%, 02/15/27		100		103,750
5.00%, 07/31/27		1,500		1,539,945
				4,211,030
Wireless Telecommunication Services — 0.6%
Altice France SA(a) 7.38%, 05/01/26		200		207,986
5.13%, 01/15/29		280		281,400
American Tower Corp. 2.25%, 01/15/22		750		757,756
1.30%, 09/15/25		515		516,154

32 2 0 2 1    BLACK ROCK    SEMI - ANNUAL    REPORT    TO    SHAREHOLDERS

Schedule of Investments (unaudited) (continued) June 30, 2021 BlackRock Systematic Multi-Strategy Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Wireless Telecommunication Services (continued)
C&W Senior Financing DAC, 6.88%, 09/15/27(a)	$	200	$	213,430
CC Holdings GS V LLC/Crown Castle GS III Corp., 3.85%, 04/15/23		25		26,464
Crown Castle International Corp. 3.20%, 09/01/24		640		683,538
1.35%, 07/15/25		1,105		1,112,521
4.45%, 02/15/26		5,000		5,649,606
2.50%, 07/15/31		1,125		1,133,008
EPR Properties, 3.75%, 08/15/29		850		851,180
GLP Capital LP/GLP Financing II, Inc.
5.38%, 11/01/23		850		923,644
5.30%, 01/15/29		515		599,975
4.00%, 01/15/31		180		193,946
HAT Holdings I LLC/HAT Holdings II LLC, 3.75%, 09/15/30(a)		1,580		1,542,475
iStar, Inc., 4.25%, 08/01/25		550		565,812
SBA Communications Corp. 4.88%, 09/01/24		200		203,500
3.13%, 02/01/29(a)		300		289,220
3.88%, 02/15/27		100		102,691
Sprint Communications, Inc., 6.00%, 11/15/22		25		26,469
Sprint Corp. 7.25%, 09/15/21		25		25,370
7.88%, 09/15/23		750		852,057
7.13%, 06/15/24		1,500		1,730,625
7.63%, 02/15/25		500		594,065
7.63%, 03/01/26		25		30,500
T-Mobile USA, Inc., 3.50%, 04/15/25		13,500		14,631,907
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC(a) 7.13%, 12/15/24		500		516,875
7.88%, 02/15/25		1,500		1,606,875
VICI Properties LP/VICI Note Co., Inc.(a) 3.75%, 02/15/27		615		625,529
4.63%, 12/01/29		100		106,250
4.13%, 08/15/30		300		308,046
Vmed O2 UK Financing I PLC, 4.25%, 01/31/31(a)		500		491,231
				37,400,105
Total Corporate Bonds — 39.7% (Cost: $2,246,491,996)				2,286,159,780
	Shares
Investment Companies
Equity Funds — 2.6%
BlackRock Liquid Environmentally Aware Fund(g)		149,976,623		150,051,611
Total Investment Companies — 2.6% (Cost: $150,111,534)				150,051,611

Security	Par (000)		Value
Non-Agency Mortgage-Backed Securities
Collateralized Mortgage Obligations(c) — 10.7%
Connecticut Avenue Securities Trust(a)
Series 2018-R07, Class 1M2, (1 mo. LIBOR US + 2.40%), 2.49%, 04/25/31	$	33,626	$	33,810,167
Series 2018-R07, Class 1M2C, (1 mo. LIBOR US + 2.40%), 2.49%, 04/25/31		3,057		3,065,678
Series 2019-R01, Class 2ED2, (1 mo. LIBOR US + 1.15%), 1.24%, 07/25/31		1,321		1,321,056
Series 2019-R01, Class 2M2, (1 mo. LIBOR US + 2.45%), 2.54%, 07/25/31		37,442		37,645,340
Series 2019-R01, Class 2M2C, (1 mo. LIBOR US + 2.45%), 2.54%, 07/25/31		14,100		14,113,948
Series 2019-R02, Class 1M2, (1 mo. LIBOR US + 2.30%), 2.39%, 08/25/31		16,025		16,135,915
Series 2019-R03, Class 1M2, (1 mo. LIBOR US + 2.15%), 2.24%, 09/25/31		12,849		12,940,639
Series 2019-R04, Class 2M2, (1 mo. LIBOR US + 2.10%), 2.19%, 06/25/39		21,036		21,120,338
Series 2019-R05, Class 1M2, (1 mo. LIBOR US + 2.00%), 2.09%, 07/25/39		19,138		19,214,899
Series 2019-R06, Class 2ED2, (1 mo. LIBOR US + 1.00%), 1.09%, 09/25/39		841		827,947
Series 2019-R06, Class 2M2, (1 mo. LIBOR US + 2.10%), 2.19%, 09/25/39		37,602		37,780,156
Series 2019-R06, Class 2M2C, (1 mo. LIBOR US + 2.10%), 2.19%, 09/25/39		15,000		15,059,646
Series 2019-R07, Class 1M2, (1 mo. LIBOR US + 2.10%), 2.19%, 10/25/39		21,300		21,388,335
Series 2020-R01, Class 1M2, (1 mo. LIBOR US + 2.05%), 2.14%, 01/25/40		42,866		43,042,005
Series 2020-R02, Class 2M2, (1 mo. LIBOR US + 2.00%), 2.09%, 01/25/40		38,933		39,105,002
Series 2020-SBT1, Class 1M2, (1 mo. LIBOR US + 3.65%), 3.74%, 02/25/40		10,936		11,290,848
Series 2020-SBT1, Class 2M2, (1 mo. LIBOR US + 3.65%), 3.74%, 02/25/40		2,950		3,056,259
Fannie Mae Connecticut Avenue Securities
Series 2017-C02, Class 2M2C, (1 mo. LIBOR US + 3.65%), 3.74%, 09/25/29		5,990		6,203,850
Series 2017-C03, Class 1M2C, (1 mo. LIBOR US + 3.00%), 3.09%, 10/25/29		2,411		2,459,408
Series 2017-C04, Class 2M2, (1 mo. LIBOR US + 2.85%), 2.94%, 11/25/29		4,100		4,200,923
Series 2017-C04, Class 2M2C, (1 mo. LIBOR US + 2.85%), 2.94%, 11/25/29		10,956		11,164,986
Series 2017-C05, Class 1M2, (1 mo. LIBOR US + 2.20%), 2.29%, 01/25/30		2,557		2,598,172
Series 2017-C06, Class 1B1, (1 mo. LIBOR US + 4.15%), 4.24%, 02/25/30		3,453		3,588,134
Series 2017-C06, Class 1M2C, (1 mo. LIBOR US + 2.65%), 2.74%, 02/25/30		5,179		5,239,163
Series 2017-C06, Class 2B1, (1 mo. LIBOR US + 4.45%), 4.54%, 02/25/30		4,103		4,287,631
Series 2017-C06, Class 2M2C, (1 mo. LIBOR US + 2.80%), 2.89%, 02/25/30		3,642		3,698,043
Series 2017-C07, Class 1B1, (1 mo. LIBOR US + 4.00%), 4.09%, 05/25/30		1,250		1,302,234
Series 2017-C07, Class 1M2C, (1 mo. LIBOR US + 2.40%), 2.49%, 05/25/30		3,574		3,591,698

SCHEDULE    OF    INVESTMENTS 33

Schedule of Investments (unaudited) (continued) June 30, 2021 BlackRock Systematic Multi-Strategy Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Collateralized Mortgage Obligations (continued)
Fannie Mae Connecticut Avenue Securities (continued)
Series 2017-C07, Class 2B1, (1 mo. LIBOR US + 4.45%), 4.54%, 05/25/30	$	3,973	$	4,135,022
Series 2018-C01, Class 1M2C, (1 mo. LIBOR US + 2.25%), 2.34%, 07/25/30		12,350		12,475,916
Series 2018-C02, Class 2M2C, (1 mo. LIBOR US + 2.20%), 2.29%, 08/25/30		10,000		10,075,313
Series 2018-C03, Class 1B1, (1 mo. LIBOR US + 3.75%), 3.84%, 10/25/30		18,801		19,550,652
Series 2018-C03, Class 1M2, (1 mo. LIBOR US + 2.15%), 2.24%, 10/25/30		8,751		8,858,012
Series 2018-C03, Class 1M2C, (1 mo. LIBOR US + 2.15%), 2.24%, 10/25/30		7,157		7,192,557
Series 2018-C05, Class 1M2, (1 mo. LIBOR US + 2.35%), 2.44%, 01/25/31		8,751		8,855,640
Series 2018-C06, Class 1M2, (1 mo. LIBOR US + 2.00%), 2.09%, 03/25/31		3,933		3,963,506
Freddie Mac STACR REMIC Trust
Series 2018-HQA1, Class B1, (1 mo. LIBOR US + 4.35%), 4.44%, 09/25/30		5,000		5,218,044
Series 2020-DNA2, Class M2, (1 mo. LIBOR US + 1.85%), 1.94%, 02/25/50(a)		13,370		13,478,840
Series 2020-DNA3, Class M2, (1 mo. LIBOR US + 3.00%), 3.09%, 06/25/50(a)		11,407		11,475,037
Series 2020-DNA6, Class M1, (30 day SOFR + 0.90%), 0.92%, 12/25/50(a)		9,529		9,532,159
Series 2020-DNA6, Class M2, (30 day SOFR + 2.00%), 2.02%, 12/25/50(a)		10,916		11,032,145
Series 2020-HQA2, Class M2, (1 mo. LIBOR US + 3.10%), 3.19%, 03/25/50(a)		47,962		48,711,191
Series 2021-HQA1, Class M2, (30 day SOFR + 2.25%), 2.27%, 08/25/33(a)		16,200		16,412,912
Series 2021-HQA2, Class M2, (30 day SOFR + 2.05%), 2.07%, 12/25/33(a)		12,000		12,041,264
Freddie Mac STACR Trust, Series 2018-DNA2, Class M1, (1 mo. LIBOR US + 0.80%), 0.89%, 12/25/30(a)		167		166,636
Freddie Mac Structured Agency Credit Risk Debt Notes
Series 2017-DNA1, Class M2, (1 mo. LIBOR US + 3.25%), 3.34%, 07/25/29		8,382		8,683,655
Series 2018-DNA1, Class M2B, (1 mo. LIBOR US + 1.80%), 1.89%, 07/25/30		6,939		6,939,247
Series 2018-HQA1, Class M2, (1 mo. LIBOR US + 2.30%), 2.39%, 09/25/30		12,648		12,829,458
Series 2018-SPI1, Class M2, 3.73%, 02/25/48(a)		657		656,508
Series 2018-SPI2, Class M2, 3.82%, 05/25/48(a)		805		805,084
Series 2020-HQA5, Class M1, (30 day SOFR + 1.10%), 1.12%, 11/25/50(a)		3,321		3,321,962
STACR Trust(a)
Series 2018-DNA3, Class M1, (1 mo. LIBOR US + 0.75%), 0.84%, 09/25/48		4		4,039
Series 2018-HRP1, Class M2, (1 mo. LIBOR US + 1.65%), 1.74%, 04/25/43		131		130,762
				615,797,981

Security	Par (000)		Value
Commercial Mortgage-Backed Securities — 0.0%
CFCRE Commercial Mortgage Trust,
Series 2016-C4, Class AM, 3.69%, 05/10/58	$	160	$	172,338
COMM Mortgage Trust
Series 2012-LC4, Class A4, 3.29%, 12/10/44		1,252		1,259,306
Series 2015-CR22, Class A2, 2.86%, 03/10/48		520		520,749
				1,952,393
Total Non-Agency Mortgage-Backed Securities — 10.7% (Cost: $613,869,765)				617,750,374
Preferred Securities
Capital Trust — 0.0%
Wireless Telecommunication Services — 0.0%
Vodafone Group PLC, 7.00%, 04/04/79(c)		200		242,346
Total Preferred Securities — 0.0% (Cost: $229,935)				242,346
U.S. Government Sponsored Agency Securities
Collateralized Mortgage Obligations(c) — 8.6%
Fannie Mae Connecticut Avenue Securities
Series 2015-C04, Class 1M2, (1 mo. LIBOR US + 5.70%), 5.79%, 04/25/28		45		48,055
Series 2016-C04, Class 1M2, (1 mo. LIBOR US + 4.25%), 4.34%, 01/25/29		3,855		4,023,907
Series 2016-C05, Class 2M2, (1 mo. LIBOR US + 4.45%), 4.54%, 01/25/29		72		75,784
Series 2017-C01, Class 1B1, (1 mo. LIBOR US + 5.75%), 5.84%, 07/25/29		6,845		7,558,632
Series 2017-C01, Class 1M2A, (1 mo. LIBOR US + 3.55%), 3.64%, 07/25/29		6		5,502
Series 2017-C02, Class 2B1, (1 mo. LIBOR US + 5.50%), 5.59%, 09/25/29		9,756		10,612,505
Series 2017-C02, Class 2M2, (1 mo. LIBOR US + 3.65%), 3.74%, 09/25/29		17,187		17,810,529
Series 2017-C03, Class 1B1, (1 mo. LIBOR US + 4.85%), 4.94%, 10/25/29		11,254		11,986,850
Series 2017-C04, Class 2B1, (1 mo. LIBOR US + 5.05%), 5.14%, 11/25/29		20,428		22,324,909
Series 2017-C05, Class 1B1, (1 mo. LIBOR US + 3.60%), 3.69%, 01/25/30		19,507		20,398,302
Series 2017-C05, Class 1M2A, (1 mo. LIBOR US + 2.20%), 2.29%, 01/25/30		14		13,586
Series 2017-C06, Class 1M2, (1 mo. LIBOR US + 2.65%), 2.74%, 02/25/30		21,598		21,942,613
Series 2017-C06, Class 1M2A, (1 mo. LIBOR US + 2.65%), 2.74%, 02/25/30		53		53,286
Series 2017-C06, Class 2M2, (1 mo. LIBOR US + 2.80%), 2.89%, 02/25/30		11,660		11,921,844
Series 2017-C07, Class 1M2, (1 mo. LIBOR US + 2.40%), 2.49%, 05/25/30		644		652,538
Series 2017-C07, Class 2M2, (1 mo. LIBOR US + 2.50%), 2.59%, 05/25/30		1,143		1,157,155
Series 2018-C01, Class 1B1, (1 mo. LIBOR US + 3.55%), 3.64%, 07/25/30		17,081		17,510,729
Series 2018-C01, Class 1M2, (1 mo. LIBOR US + 2.25%), 2.34%, 07/25/30		3,989		4,044,305
Series 2018-C02, Class 2B1, (1 mo. LIBOR US + 4.00%), 4.09%, 08/25/30		16,475		16,808,561

34 2 0 2 1    BLACK ROCK    SEMI - ANNUAL    REPORT    TO    SHAREHOLDERS

Schedule of Investments (unaudited) (continued) June 30, 2021 BlackRock Systematic Multi-Strategy Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Collateralized Mortgage Obligations (continued)
Fannie Mae Connecticut Avenue
Securities (continued)
Series 2018-C02, Class 2ED2, (1 mo. LIBOR US + 0.90%), 0.99%, 08/25/30	$	3,017	$	2,984,902
Series 2018-C02, Class 2M2, (1 mo. LIBOR US + 2.20%), 2.29%, 08/25/30		22,434		22,676,303
Series 2018-C04, Class 2B1, (1 mo. LIBOR US + 4.50%), 4.59%, 12/25/30		2,078		2,167,986
Series 2018-C04, Class 2M2, (1 mo. LIBOR US + 2.55%), 2.64%, 12/25/30		30,402		30,944,333
Series 2018-C05, Class 1B1, (1 mo. LIBOR US + 4.25%), 4.34%, 01/25/31		2,500		2,611,615
Series 2018-C06, Class 2M2, (1 mo. LIBOR US + 2.10%), 2.19%, 03/25/31		3,569		3,610,492
Freddie Mac STACR REMIC Trust(a)
Series 2019-HQA4, Class M2, (1 mo. LIBOR US + 2.05%), 2.14%, 11/25/49		14,347		14,397,346
Series 2020-DNA1, Class M2, (1 mo. LIBOR US + 1.70%), 1.79%, 01/25/50		29,546		29,687,300
Series 2020-DNA2, Class M1, (1 mo. LIBOR US + 0.75%), 0.84%, 02/25/50		1,020		1,019,593
Series 2020-HQA1, Class M2, (1 mo. LIBOR US + 1.90%), 1.99%, 01/25/50		36,331		36,429,098
Series 2020-HQA4, Class M2, (1 mo. LIBOR US + 3.15%), 3.24%, 09/25/50		7,012		7,091,878
Freddie Mac STACR Trust(a)
Series 2018-HQA2, Class M2, (1 mo. LIBOR US + 2.30%), 2.39%, 10/25/48		19,131		19,303,934
Series 2019-DNA1, Class M2, (1 mo. LIBOR US + 2.65%), 2.74%, 01/25/49		17,411		17,663,212
Series 2019-DNA2, Class M2, (1 mo. LIBOR US + 2.45%), 2.54%, 03/25/49		8,367		8,497,399
Series 2019-DNA3, Class M2, (1 mo. LIBOR US + 2.05%), 2.14%, 07/25/49		15,266		15,400,570
Series 2019-DNA4, Class M2, (1 mo. LIBOR US + 1.95%), 2.04%, 10/25/49		23,155		23,277,520
Series 2019-FTR2, Class M1, (1 mo. LIBOR US + 0.95%), 1.04%, 11/25/48		450		449,659
Series 2019-HQA1, Class M2, (1 mo. LIBOR US + 2.35%), 2.44%, 02/25/49		20,215		20,423,562
Series 2019-HQA2, Class M2, (1 mo. LIBOR US + 2.05%), 2.14%, 04/25/49		3,603		3,631,498
Series 2019-HQA3, Class M2, (1 mo. LIBOR US + 1.85%), 1.94%, 09/25/49		22,128		22,214,109
Series 2020-DNA4, Class M2, (1 mo. LIBOR US + 3.75%), 3.84%, 08/25/50		3,421		3,457,323
Freddie Mac Structured Agency Credit Risk Debt Notes
Series 2016-DNA2, Class M3, (1 mo. LIBOR US + 4.65%), 4.74%, 10/25/28		341		356,605
Series 2017-DNA1, Class B1, (1 mo. LIBOR US + 4.95%), 5.04%, 07/25/29		7,731		8,262,594
Series 2017-DNA2, Class B1, (1 mo. LIBOR US + 5.15%), 5.24%, 10/25/29		5,000		5,413,309
Series 2017-DNA3, Class B1, (1 mo. LIBOR US + 4.45%), 4.54%, 03/25/30		4,948		5,199,052

Security	Par (000)		Value
Collateralized Mortgage Obligations (continued)
Freddie Mac Structured Agency Credit Risk Debt Notes (continued)
Series 2017-DNA3, Class M2, (1 mo. LIBOR US + 2.50%), 2.59%, 03/25/30	$	250	$	255,566
Series 2017-HQA2, Class B1, (1 mo. LIBOR US + 4.75%), 4.84%, 12/25/29		4,180		4,471,162
Series 2017-HQA3, Class B1, (1 mo. LIBOR US + 4.45%), 4.54%, 04/25/30		1,981		2,080,401
Series 2018-DNA1, Class B1, (1 mo. LIBOR US + 3.15%), 3.24%, 07/25/30		9,397		9,408,248
Series 2018-DNA1, Class M2, (1 mo. LIBOR US + 1.80%), 1.89%, 07/25/30		5,323		5,355,945
				497,692,106
Mortgage-Backed Securities — 48.2%
Fannie Mae Mortgage-Backed Securities(d) 2.00%, 06/01/51 - 07/01/51		47,608		48,111,398
2.50%, 06/01/51		38,567		40,084,856
4.00%, 08/01/51		69,125		73,745,034
Federal National Mortgage Association, 2.50%, 05/01/51		1,939		2,007,559
Ginnie Mae Mortgage-Backed Securities(h) 3.50%, 06/20/42 - 07/21/51		111,435		117,101,740
3.00%, 05/20/45 - 07/21/51(d)(i)		179,427		187,501,169
2.50%, 12/20/46 - 07/21/51		110,127		113,979,160
4.00%, 11/20/47 - 07/21/51(i)		58,541		61,807,398
4.50%, 10/20/48 - 07/21/51		39,588		42,193,105
5.00%, 12/20/48 - 07/21/51		10,828		11,665,637
1.50%, 07/21/51		1,550		1,532,078
2.00%, 07/21/51		95,925		97,693,618
5.50%, 07/21/51		650		717,336
Multifamily Connecticut Avenue Securities Trust, Series 2019-01, Class M10, (1 mo. LIBOR US + 3.25%), 3.34%, 10/15/49(a)(c)		750		760,456
Uniform Mortgage-Backed Securities(h) 2.50%, 04/01/32 - 07/14/51		345,562		358,657,332
3.50%, 07/16/35 - 07/14/51		239,674		253,636,107
2.00%, 12/01/35 - 08/12/51		584,084		592,153,916
3.00%, 12/01/35 - 07/14/51		334,957		350,763,047
1.50%, 07/19/36 - 08/12/51		157,250		155,949,914
4.00%, 07/19/36 - 02/01/57		158,500		169,274,669
4.50%, 07/19/36 - 07/14/51		68,707		74,121,847
5.00%, 02/01/41 - 07/14/51		18,716		20,518,209
5.50%, 07/14/51		2,350		2,618,047
				2,776,593,632
Total U.S. Government Sponsored Agency Securities — 56.8% (Cost: $3,267,871,797)				3,274,285,738
U.S. Treasury Obligations
U.S. Treasury Bonds, 3.13%, 08/15/44		600		720,070

SCHEDULE    OF    INVESTMENTS 35

Schedule of Investments (unaudited) (continued) June 30, 2021 BlackRock Systematic Multi-Strategy Fund (Percentages shown are based on Net Assets)

Security	Par (000)			Value
U.S. Treasury Obligations (continued)
U.S. Treasury Notes 1.88%, 02/28/22 - 03/31/22	$	9,000		$	9,113,906
1.50%, 08/15/26		10,000			10,296,875
Total U.S. Treasury Obligations — 0.4% (Cost: $19,521,970)					20,130,851
Total Long-Term Investments — 120.4% (Cost: $6,856,970,427)					6,937,776,688
	Shares
Short-Term Securities
Money Market Funds — 19.2%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.01%(g)(j)		1,108,137,639			1,108,137,639
Total Short-Term Securities — 19.2% (Cost: $1,108,137,639)					1,108,137,639
Total Investments Before TBA Sale Commitments — 139.6% (Cost: $7,965,108,066)					8,045,914,327
	Par (000)
TBA Sale Commitments(h)
Mortgage-Backed Securities — (19.0)%
Ginnie Mae Mortgage-Backed Securities, 3.00%, 07/21/51	$	(55,450	)		(57,855,360	)
Uniform Mortgage-Backed Securities 1.50%, 07/19/36 - 07/14/51		(76,425	)		(75,340,404	)

Security	Par (000)			Value
Mortgage-Backed Securities (continued)
Uniform Mortgage-Backed Securities (continued)
2.00%, 07/19/36 - 07/14/51	$	(378,308	)	$	(382,848,915	)
2.50%, 07/19/36 - 07/14/51		(246,050	)		(254,889,053	)
3.00%, 07/19/36 - 07/14/51		(239,025	)		(249,472,094	)
4.00%, 07/14/51		(69,125	)		(73,607,324	)
Total TBA Sale Commitments — (19.0)% (Proceeds: $(1,094,229,070))					(1,094,013,150	)
Total Investments, Net of TBA Sale Commitments — 120.6% (Cost: $6,870,878,996)					6,951,901,177
Liabilities in Excess of Other Assets — (20.6)%					(1,189,334,607	)
Net Assets — 100.0%				$ 5,762,566,570

^(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)  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.

^(c)  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.

^(d)  When-issued security.

^(e)  Perpetual security with no stated maturity date.

^(f)  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.

^(g)  Affiliate of the Fund.

^(h)  Represents or includes a TBA transaction.

⁽ⁱ⁾  All or a portion of the security has been pledged as collateral in connection with outstanding TBA commitments.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six-months ended June 30, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 12/31/20		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 06/30/21		Shares Held at 06/30/21		Income		Capital Gain Distributions from Underlying Funds
BlackRock Liquid Environmentally Aware Fund	$	149,989,991	$	61,622		$	—	$	—	$	(2	)	$	150,051,611		149,976,623	$	61,622	$	—
BlackRock Liquidity Funds, T-Fund, Institutional Class		284,922,233		823,215,406	(a)		—		—		—			1,108,137,639		1,108,137,639		62,367		—
								$	—	$	(2	)	$	1,258,189,250			$	123,989	$	—

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

36 2 0 2 1    BLACK ROCK    SEMI - ANNUAL    REPORT    TO    SHAREHOLDERS

Schedule of Investments (unaudited) (continued) June 30, 2021 BlackRock Systematic Multi-Strategy Fund     

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		177		09/08/21	$	31,778	$	(40,469	)
Euro OAT		340		09/08/21		64,118		297,925
10-Year Australian T-Bond		4,699		09/15/21		497,552		(251,505	)
E-mini Russell 1000 Index		2,050		09/17/21		159,767		(2,165,866	)
10-Year U.S. Ultra Long Treasury Note		565		09/21/21		83,090		980,570
U.S. Long Bond		288		09/21/21		46,242		996,191
Ultra U.S. Treasury Bond		1,773		09/21/21		341,303		12,762,039
Long Gilt		2,495		09/28/21		442,116		1,668,972
								14,247,857
Short Contracts
Euro Bund		2,240		09/08/21		458,466		(2,643,714	)
10-Year Canada Bond		3,226		09/21/21		378,709		(3,010,738	)
10-Year U.S. Treasury Note		5,842		09/21/21		773,609		(1,285,881	)
2-Year U.S. Treasury Note		211		09/30/21		46,488		75,310
5-Year U.S. Treasury Note		771		09/30/21		95,128		259,851
								(6,605,172	)
							$	7,642,685

Forward Foreign Currency Exchange Contracts

Currency Purchased		Currency Sold			Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
USD	7,415,606		EUR	6,110,000	Morgan Stanley & Co. International PLC	09/15/21	$	159,644
USD	487,744		MXN	9,760,000	Citibank N.A.	09/15/21		2,662
USD	827,556		MXN	16,650,000	State Street Bank and Trust Co.	09/15/21		35
							$	162,341

Centrally Cleared Interest Rate Swaps

															Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
Paid by the Fund		Received by the Fund		Effective		Termination				Notional
Rate	Frequency	Rate	Frequency	Date		Date		Amount (000)				Value
1.28%	Semi-Annual	3-Month CAD BA, 0.44%	Semi-Annual		N/A		06/16/26		CAD		18,580	$	109,041		$	149		$	108,892
1.30%	Semi-Annual	3-Month CAD BA, 0.44%	Semi-Annual		N/A		06/16/26		CAD		27,120		140,450			217			140,233
1.31%	Semi-Annual	3-Month CAD BA, 0.44%	Semi-Annual		N/A		06/16/26		CAD		13,610		65,923			109			65,814
1.32%	Semi-Annual	3-Month CAD BA, 0.44%	Semi-Annual		N/A		06/16/26		CAD		18,710		80,300			171			80,129
1.34%	Semi-Annual	3-Month CAD BA, 0.44%	Semi-Annual		N/A		06/16/26		CAD		29,670		108,624			272			108,352
1.35%	Semi-Annual	3-Month CAD BA, 0.44%	Semi-Annual		N/A		06/16/26		CAD		23,680		73,625			217			73,408
1.38%	Semi-Annual	3-Month CAD BA, 0.44%	Semi-Annual		N/A		06/16/26		CAD		8,510		18,239			78			18,161
1.39%	Semi-Annual	3-Month CAD BA, 0.44%	Semi-Annual		N/A		06/16/26		CAD		23,270		37,948			214			37,734
1-Month MXIBOR, 4.53%	Monthly	6.32%	Monthly		09/15/21(a)		09/09/26		MXN		180,270		(155,521	)		84			(155,605	)
(0.28%)	Annual	6-Month EURIBOR, (0.52%)	Semi-Annual		09/15/21(a)		09/15/26		EUR		14,720		49,945			192			49,753
(0.24%)	Annual	6-Month EURIBOR, (0.52%)	Semi-Annual		09/15/21(a)		09/15/26		EUR		21,970		13,078			294			12,784
(0.24%)	Annual	6-Month EURIBOR, (0.52%)	Semi-Annual		09/15/21(a)		09/15/26		EUR		14,900		11,576			(22,170	)		33,746
(0.24%)	Annual	6-Month EURIBOR, (0.52%)	Semi-Annual		09/15/21(a)		09/15/26		EUR		23,900		14,946			320			14,626
(0.24%)	Annual	6-Month EURIBOR, (0.52%)	Semi-Annual		09/15/21(a)		09/15/26		EUR		37,040		16,477			492			15,985
(0.23%)	Annual	6-Month EURIBOR, (0.52%)	Semi-Annual		09/15/21(a)		09/15/26		EUR		17,170		4,022			232			3,790
(0.22%)	Annual	6-Month EURIBOR, (0.52%)	Semi-Annual		09/15/21(a)		09/15/26		EUR		12,170		(8,498	)		162			(8,660	)
(0.21%)	Annual	6-Month EURIBOR, (0.52%)	Semi-Annual		09/15/21(a)		09/15/26		EUR		14,940		(15,827	)		203			(16,030	)
(0.20%)	Annual	6-Month EURIBOR, (0.52%)	Semi-Annual		09/15/21(a)		09/15/26		EUR		31,950		(49,224	)		423			(49,647	)
(0.19%)	Annual	6-Month EURIBOR, (0.52%)	Semi-Annual		09/15/21(a)		09/15/26		EUR		19,370		(39,749	)		262			(40,011	)
(0.17%)	Annual	6-Month EURIBOR, (0.52%)	Semi-Annual		09/15/21(a)		09/15/26		EUR		36,740		(117,394	)		501			(117,895	)
(0.16%)	Annual	6-Month EURIBOR, (0.52%)	Semi-Annual		09/15/21(a)		09/15/26		EUR		21,640		(93,884	)		294			(94,178	)

SCHEDULE    OF    INVESTMENTS 37

Schedule of Investments (unaudited) (continued) June 30, 2021 BlackRock Systematic Multi-Strategy Fund     

Centrally Cleared Interest Rate Swaps (continued)

															Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
Paid by the Fund		Received by the Fund		Effective			Termination			Notional
Rate	Frequency	Rate	Frequency	Date			Date		Amount (000)			Value
0.35%	Annual	3-Month STIBOR, 0.59%	Quarterly		09/15/21	(a)		09/15/26	SEK		151,690	$	65,010		$	203		$	64,807
0.35%	Annual	3-Month STIBOR, 0.59%	Quarterly		09/15/21	(a)		09/15/26	SEK		144,350		60,710			22,424			38,286
0.36%	Annual	3-Month STIBOR, 0.59%	Quarterly		09/15/21	(a)		09/15/26	SEK		161,440		60,711			216			60,495
0.36%	Annual	3-Month STIBOR, 0.59%	Quarterly		09/15/21	(a)		09/15/26	SEK		60,200		22,861			13,583			9,278
0.37%	Annual	3-Month STIBOR, 0.59%	Quarterly		09/15/21	(a)		09/15/26	SEK		175,060		54,312			(206	)		54,518
0.38%	Annual	3-Month STIBOR, 0.59%	Quarterly		09/15/21	(a)		09/15/26	SEK		213,610		51,040			283			50,757
0.39%	Annual	3-Month STIBOR, 0.59%	Quarterly		09/15/21	(a)		09/15/26	SEK		190,820		36,131			252			35,879
0.39%	Annual	3-Month STIBOR, 0.59%	Quarterly		09/15/21	(a)		09/15/26	SEK		121,760		18,927			1,817			17,110
0.40%	Annual	3-Month STIBOR, 0.59%	Quarterly		09/15/21	(a)		09/15/26	SEK		30,110		4,032			39			3,993
0.40%	Annual	3-Month STIBOR, 0.59%	Quarterly		09/15/21	(a)		09/15/26	SEK		100,500		11,700			134			11,566
0.40%	Annual	3-Month STIBOR, 0.59%	Quarterly		09/15/21	(a)		09/15/26	SEK		202,740		23,685			(38,040	)		61,725
0.41%	Annual	3-Month STIBOR, 0.59%	Quarterly		09/15/21	(a)		09/15/26	SEK		180,300		16,256			3,374			12,882
0.42%	Annual	3-Month STIBOR, 0.59%	Quarterly		09/15/21	(a)		09/15/26	SEK		159,630		(976	)		207			(1,183	)
0.43%	Annual	3-Month STIBOR, 0.59%	Quarterly		09/15/21	(a)		09/15/26	SEK		197,250		(6,385	)		261			(6,646	)
0.52%	Annual	6-Month GBP LIBOR, 0.10%	Annual		09/15/21	(a)		09/15/26	GBP		10,850		(18,090	)		168			(18,258	)
0.52%	Annual	6-Month GBP LIBOR, 0.10%	Annual		09/15/21	(a)		09/15/26	GBP		21,610		(24,353	)		334			(24,687	)
0.55%	Annual	6-Month GBP LIBOR, 0.10%	Annual		09/15/21	(a)		09/15/26	GBP		10,480		(38,402	)		163			(38,565	)
0.57%	Annual	6-Month GBP LIBOR, 0.10%	Annual		09/15/21	(a)		09/15/26	GBP		5,340		(24,718	)		82			(24,800	)
3-Month HIBOR, 0.17%	Quarterly	0.92%	Quarterly		09/15/21	(a)		09/15/26	HKD		91,130		3,395			109			3,286
3-Month HIBOR, 0.17%	Quarterly	0.92%	Quarterly		09/15/21	(a)		09/15/26	HKD		91,130		1,945			109			1,836
3-Month LIBOR, 0.15%	Quarterly	0.93%	Semi-Annual		09/15/21	(a)		09/15/26	USD		27,110		(120,311	)		302			(120,613	)
6-Month SIBOR, 0.59%	Semi-Annual	0.93%	Semi-Annual		09/15/21	(a)		09/15/26	SGD		24,230		(184,975	)		170			(185,145	)
3-Month HIBOR, 0.17%	Quarterly	0.94%	Quarterly		09/15/21	(a)		09/15/26	HKD		85,633		13,274			103			13,171
6-Month SIBOR, 0.59%	Semi-Annual	0.94%	Semi-Annual		09/15/21	(a)		09/15/26	SGD		25,990		(186,514	)		183			(186,697	)
3-Month HIBOR, 0.17%	Quarterly	0.95%	Quarterly		09/15/21	(a)		09/15/26	HKD		108,987		23,832			131			23,701
6-Month BBR, 1.14%	Semi-Annual	0.97%	Semi-Annual		09/15/21	(a)		09/15/26	AUD		20,800		(12,165	)		176			(12,341	)
6-Month BBR, 1.14%	Semi-Annual	0.97%	Semi-Annual		09/15/21	(a)		09/15/26	AUD		21,650		(13,062	)		183			(13,245	)
6-Month BBR, 1.14%	Semi-Annual	0.98%	Semi-Annual		09/15/21	(a)		09/15/26	AUD		20,800		(6,030	)		176			(6,206	)
6-Month BBR, 1.14%	Semi-Annual	1.00%	Semi-Annual		09/15/21	(a)		09/15/26	AUD		63,430		16,694			536			16,158
6-Month BBR, 1.14%	Semi-Annual	1.01%	Semi-Annual		09/15/21	(a)		09/15/26	AUD		8,975		8,318			75			8,243
6-Month BBR, 1.14%	Semi-Annual	1.02%	Semi-Annual		09/15/21	(a)		09/15/26	AUD		8,975		10,966			75			10,891
6-Month SIBOR, 0.59%	Semi-Annual	1.02%	Semi-Annual		09/15/21	(a)		09/15/26	SGD		20,870		(86,725	)		147			(86,872	)
6-Month SIBOR, 0.59%	Semi-Annual	1.03%	Semi-Annual		09/15/21	(a)		09/15/26	SGD		17,320		(67,533	)		122			(67,655	)
3-Month LIBOR, 0.15%	Quarterly	1.04%	Semi-Annual		09/15/21	(a)		09/15/26	USD		48,970		44,352			546			43,806
3-Month LIBOR, 0.15%	Quarterly	1.05%	Semi-Annual		09/15/21	(a)		09/15/26	USD		34,300		37,822			382			37,440
6-Month BBR, 1.14%	Semi-Annual	1.05%	Semi-Annual		09/15/21	(a)		09/15/26	AUD		17,950		38,149			151			37,998
6-Month SIBOR, 0.59%	Semi-Annual	1.05%	Semi-Annual		09/15/21	(a)		09/15/26	SGD		17,450		(54,941	)		123			(55,064	)
6-Month SIBOR, 0.59%	Semi-Annual	1.05%	Semi-Annual		09/15/21	(a)		09/15/26	SGD		24,410		(74,620	)		172			(74,792	)
3-Month LIBOR, 0.15%	Quarterly	1.06%	Semi-Annual		09/15/21	(a)		09/15/26	USD		45,570		78,303			508			77,795
6-Month SIBOR, 0.59%	Semi-Annual	1.06%	Semi-Annual		09/15/21	(a)		09/15/26	SGD		12,160		(32,720	)		85			(32,805	)
6-Month SIBOR, 0.59%	Semi-Annual	1.06%	Semi-Annual		09/15/21	(a)		09/15/26	SGD		18,160		(52,189	)		128			(52,317	)
6-Month SIBOR, 0.59%	Semi-Annual	1.06%	Semi-Annual		09/15/21	(a)		09/15/26	SGD		17,671		(45,607	)		124			(45,731	)
6-Month SIBOR, 0.59%	Semi-Annual	1.06%	Semi-Annual		09/15/21	(a)		09/15/26	SGD		12,280		(34,616	)		86			(34,702	)
6-Month SIBOR, 0.59%	Semi-Annual	1.07%	Semi-Annual		09/15/21	(a)		09/15/26	SGD		32,330		(75,155	)		226			(75,381	)
6-Month SIBOR, 0.59%	Semi-Annual	1.07%	Semi-Annual		09/15/21	(a)		09/15/26	SGD		18,810		(42,348	)		132			(42,480	)
6-Month SIBOR, 0.59%	Semi-Annual	1.08%	Semi-Annual		09/15/21	(a)		09/15/26	SGD		30,720		(60,163	)		215			(60,378	)
6-Month SIBOR, 0.59%	Semi-Annual	1.10%	Semi-Annual		09/15/21	(a)		09/15/26	SGD		34,950		(39,653	)		245			(39,898	)
6-Month SIBOR, 0.59%	Semi-Annual	1.10%	Semi-Annual		09/15/21	(a)		09/15/26	SGD		12,900		(14,872	)		90			(14,962	)
6-Month SIBOR, 0.59%	Semi-Annual	1.10%	Semi-Annual		09/15/21	(a)		09/15/26	SGD		44,960		(55,126	)		313			(55,439	)
6-Month SIBOR, 0.59%	Semi-Annual	1.11%	Semi-Annual		09/15/21	(a)		09/15/26	SGD		12,160		(12,683	)		85			(12,768	)
6-Month SIBOR, 0.59%	Semi-Annual	1.12%	Semi-Annual		09/15/21	(a)		09/15/26	SGD		18,869		(9,317	)		131			(9,448	)
6-Month SIBOR, 0.59%	Semi-Annual	1.12%	Semi-Annual		09/15/21	(a)		09/15/26	SGD		7,710		(5,218	)		54			(5,272	)
6-Month SIBOR, 0.59%	Semi-Annual	1.12%	Semi-Annual		09/15/21	(a)		09/15/26	SGD		6,572		(3,365	)		46			(3,411	)
6-Month SIBOR, 0.59%	Semi-Annual	1.12%	Semi-Annual		09/15/21	(a)		09/15/26	SGD		8,262		(3,172	)		57			(3,229	)
6-Month SIBOR, 0.59%	Semi-Annual	1.13%	Semi-Annual		09/15/21	(a)		09/15/26	SGD		18,435		(4,039	)		128			(4,167	)
6-Month SIBOR, 0.59%	Semi-Annual	1.14%	Semi-Annual		09/15/21	(a)		09/15/26	SGD		33,318		3,070			232			2,838
6-Month SIBOR, 0.59%	Semi-Annual	1.14%	Semi-Annual		09/15/21	(a)		09/15/26	SGD		22,000		1,221			152			1,069
6-Month SIBOR, 0.59%	Semi-Annual	1.14%	Semi-Annual		09/15/21	(a)		09/15/26	SGD		14,947		1,979			104			1,875
6-Month SIBOR, 0.59%	Semi-Annual	1.14%	Semi-Annual		09/15/21	(a)		09/15/26	SGD		4,344		639			30			609
6-Month SIBOR, 0.59%	Semi-Annual	1.15%	Semi-Annual		09/15/21	(a)		09/15/26	SGD		5,000		2,566			35			2,531
6-Month SIBOR, 0.59%	Semi-Annual	1.15%	Semi-Annual		09/15/21	(a)		09/15/26	SGD		19,023		11,505			132			11,373

38 2 0 2 1    BLACK ROCK    SEMI - ANNUAL    REPORT    TO    SHAREHOLDERS

Schedule of Investments (unaudited) (continued) June 30, 2021 BlackRock Systematic Multi-Strategy 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
1.38%	Semi-Annual	3-Month CAD BA, 0.44%	Semi-Annual		09/15/21	(a)		09/15/26	CAD	29,900	$	160,456		$	274		$	160,182
1.47%	Semi-Annual	3-Month CAD BA, 0.44%	Semi-Annual		09/15/21	(a)		09/15/26	CAD	32,380		58,678			295			58,383
1.50%	Semi-Annual	3-Month CAD BA, 0.44%	Semi-Annual		09/15/21	(a)		09/15/26	CAD	78,750		42,190			713			41,477
1.51%	Semi-Annual	3-Month CAD BA, 0.44%	Semi-Annual		09/15/21	(a)		09/15/26	CAD	39,890		13,538			361			13,177
1.72%	Annual	6-Month WIBOR, 0.15%	Semi-Annual		09/15/21	(a)		09/15/26	PLN	70,800		(185,308	)		174			(185,482	)
5.81%	Quarterly	3-Month CAD BA, 0.44%	Quarterly		09/15/21	(a)		09/15/26	ZAR	240,840		259,809			162			259,647
5.82%	Quarterly	3-Month CAD BA, 0.44%	Quarterly		09/15/21	(a)		09/15/26	ZAR	363,690		391,253			246			391,007
6.11%	Quarterly	3-Month CAD BA, 0.44%	Quarterly		09/15/21	(a)		09/15/26	ZAR	230,110		45,433			150			45,283
6.16%	Quarterly	3-Month CAD BA, 0.44%	Quarterly		09/15/21	(a)		09/15/26	ZAR	175,890		9,066			117			8,949
6.23%	Quarterly	3-Month CAD BA, 0.44%	Quarterly		09/15/21	(a)		09/15/26	ZAR	231,760		(33,598	)		149			(33,747	)
6.24%	Quarterly	3-Month CAD BA, 0.44%	Quarterly		09/15/21	(a)		09/15/26	ZAR	79,180		(15,015	)		52			(15,067	)
6.26%	Quarterly	3-Month CAD BA, 0.44%	Quarterly		09/15/21	(a)		09/15/26	ZAR	250,170		(62,337	)		165			(62,502	)
											$	261,624		$	(1,823	)	$	263,447

^(a) Forward Swap

OTC Interest Rate Swaps

Paid by the Fund		Received by the Fund		Counterparty	Effective Date		Termination Date		Notional Amount (000)		Value			Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
Rate	Frequency	Rate	Frequency
3-Month KRW     CDC, 0.77%	Quarterly	1.54%	Quarterly	Bank of America N.A.		N/A		09/15/26	KRW	13,289,195	$	(89,296	)	$	—	$	(89,296	)
3-Month KRW     CDC, 0.77%	Quarterly	1.54%	Quarterly	Morgan Stanley & Co. International PLC		N/A		09/15/26	KRW	13,289,195		(86,396	)		—		(86,396	)
3-Month KRW     CDC, 0.77%	Quarterly	1.56%	Quarterly	Morgan Stanley & Co. International PLC		N/A		09/15/26	KRW	18,848,990		(109,381	)		—		(109,381	)
3-Month KRW     CDC, 0.77%	Quarterly	1.56%	Quarterly	Bank of America N.A.		N/A		09/15/26	KRW	28,063,080		(157,951	)		—		(157,951	)
3-Month KRW     CDC, 0.77%	Quarterly	1.60%	Quarterly	JPMorgan Chase Bank N.A.		N/A		09/15/26	KRW	22,335,372		(84,288	)		—		(84,288	)
3-Month KRW     CDC, 0.77%	Quarterly	1.60%	Quarterly	JPMorgan Chase Bank N.A.		N/A		09/15/26	KRW	15,203,068		(57,372	)		—		(57,372	)
3-Month KRW     CDC, 0.77%	Quarterly	1.66%	Quarterly	Morgan Stanley & Co. International PLC		N/A		09/15/26	KRW	23,624,550		(29,872	)		—		(29,872	)
											$	(614,556	)	$	—	$	(614,556	)

SCHEDULE    OF    INVESTMENTS 39

Schedule of Investments (unaudited) (continued) June 30, 2021 BlackRock Systematic Multi-Strategy Fund     

OTC Total Return Swaps

Reference Entity	Payment  Frequency		Counterparty(a)	Termination Date		Net Notional			Accrued Unrealized Appreciation (Depreciation)			Net Value of Reference Entity			Gross Notional Amount Net Asset Percentage
Equity Securities Long/Short		Monthly	Barclays Bank PLC(b)		01/19/22	$	(33,230,975	)	$	4,886,476	(c)	$	(28,369,018	)		16.6	%
		Monthly	Barclays Bank PLC(d)		01/19/22		18,366,212			2,935,919	(e)		21,316,636			16.7
		Monthly	Merrill Lynch International(f)		02/17/23		4,356,742			241,971	(g)		4,618,023			2.1
		Monthly	Merrill Lynch International(h)		02/17/23		2,941,968			(255,421	)(i)		2,648,136			2.1
		Monthly	Morgan Stanley & Co. International PLC(j)		10/05/22		20,164,446			11,239,275	(k)		32,047,527			26.6
		Monthly	Morgan Stanley & Co. International PLC(l)		10/05/22		32,010,022			1,664,988	(m)		33,391,360			26.9
									$	20,713,208		$	65,652,664

^(a)  The Fund receives the total return on a portfolio of long positions underlying the total return swap. The Fund pays the total return on a portfolio of short positions underlying the total return swap. In addition, the Fund pays or receives a variable rate of interest, based on a specified benchmark. The benchmark and spread are determined based upon the country and/or currency of the individual underlying positions.

^(c)  Amount includes $24,519 of net dividends and financing fees.

^(e)  Amount includes $(14,505) of net dividends and financing fees.

^(g)  Amount includes $(19,310) of net dividends and financing fees.

⁽ⁱ⁾  Amount includes $38,411 of net dividends and financing fees.

^(k)  Amount includes $(643,806) of net dividends and financing fees.

^(m)  Amount includes $283,650 of net dividends and financing fees.

The following are the specified benchmarks (plus or minus a range) used in determining the variable rate of interest:

	(b)	(d)	(f)
Range:	15-25 basis points	15-20 basis points	20-73 basis points
Benchmarks:	USD - 1D Overnight Bank Funding Rate (OBFR01)	USD - 1D Overnight Bank Funding Rate (OBFR01)	USD - 1D Overnight Bank Funding Rate (OBFR01)
	(h)	(j)	(l)
	20 basis points	0-20 basis points	15-20 basis points
	USD - 1D Overnight Bank Funding Rate (OBFR01)	USD - 1D Overnight Fed Funds Effective Rate	USD - 1D Overnight Fed Funds Effective Rate
		(FEDL01)	(FEDL01)

The following table represents the individual long and short positions and related values of the equity securities underlying the total return swap with Barclays Bank PLC as of period end, termination date January 19, 2022:

Security	Shares		Value		% of Basket Value
Reference Entity — Long
Common Stocks
Aerospace & Defense
Howmet Aerospace, Inc.		9,305	$	320,743		(1.2	)%
Huntington Ingalls Industries, Inc.		16,978		3,578,114		(12.6	)
Textron, Inc.		3,007		206,791		(0.7	)
				4,105,648
Auto Components
Aptiv PLC		17,856		2,809,284		(9.9	)
Goodyear Tire & Rubber Co.		41,893		718,465		(2.6	)
Magna International, Inc.		18,465		1,710,598		(6.0	)
				5,238,347
Automobiles
Harley-Davidson, Inc.		82,203		3,766,541		(13.3	)

Security	Shares		Value		% of Basket Value
Beverages
Molson Coors Beverage Co., Class B		3,761	$	201,928		(0.7	)%
PepsiCo, Inc.		63,294		9,378,272		(33.1	)
				9,580,200
Biotechnology
Gilead Sciences, Inc.		35,766		2,462,847		(8.7	)
Building Products
Lennox International, Inc.		1,257		440,956		(1.5	)
Trane Technologies PLC		26,445		4,869,582		(17.2	)
				5,310,538
Chemicals
DuPont de Nemours, Inc.		81,477		6,307,135		(22.2	)
LyondellBasell Industries NV, Class A		78,727		8,098,646		(28.6	)
Nutrien Ltd.		122,654		7,434,059		(26.2	)
Olin Corp.		37,080		1,715,321		(6.0	)
Westlake Chemical Corp.		46,227		4,164,590		(14.7	)
				27,719,751
Construction & Engineering
AECOM		42,751		2,706,993		(9.5	)
Construction Materials
Vulcan Materials Co.		15,605		2,716,362		(9.6	)

40 2 0 2 1    BLACK ROCK    SEMI - ANNUAL    REPORT    TO    SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) June 30, 2021 BlackRock Systematic Multi-Strategy Fund

Security	Shares		Value		% of Basket Value
Consumer Finance
American Express Co.		18,165	$	3,001,403		(10.6	)%
Capital One Financial Corp.		717		110,913		(0.4	)
SLM Corp.		37,347		782,046		(2.7	)
Synchrony Financial		37,897		1,838,762		(6.5	)
				5,733,124
Containers & Packaging
Crown Holdings, Inc.		92,717		9,476,605		(33.4	)
Packaging Corp. of America		2,101		284,517		(1.0	)
				9,761,122
Diversified Consumer Services
H&R Block, Inc.		35,969		844,552		(3.0	)
Diversified Financial Services
Equitable Holdings, Inc.		284,015		8,648,257		(30.5	)
Voya Financial, Inc.		30,105		1,851,457		(6.5	)
				10,499,714
Diversified Telecommunication Services
AT&T, Inc.		162,595		4,679,484		(16.5	)
Electric Utilities
Pinnacle West Capital Corp.		4,445		364,357		(1.3	)
Southern Co.		92,591		5,602,681		(19.7	)
				5,967,038
Electrical Equipment
Emerson Electric Co.		107,792		10,373,902		(36.6	)
Electronic Equipment, Instruments & Components
Arrow Electronics, Inc.		17,470		1,988,610		(7.0	)
CDW Corp.		40,524		7,077,517		(25.0	)
				9,066,127
Energy Equipment & Services
Transocean Ltd.		100,683		455,087		(1.6	)
Entertainment
Activision Blizzard, Inc.		76,486		7,299,824		(25.7	)
Equity Real Estate Investment Trusts (REITs)
Federal Realty Investment Trust		5,654		662,479		(2.3	)
Kimco Realty Corp.		7,454		155,416		(0.6	)
Ventas, Inc.		34,771		1,985,424		(7.0	)
				2,803,319
Food & Staples Retailing
Sysco Corp.		40,340		3,136,435		(11.0	)
Food Products
Bunge Ltd.		2,399		187,482		(0.7	)
General Mills, Inc.		112,369		6,846,643		(24.1	)
Hershey Co.		6,913		1,204,106		(4.3	)
Kellogg Co.		40,734		2,620,418		(9.2	)
Kraft Heinz Co.		198,107		8,078,804		(28.5	)
Lamb Weston Holdings, Inc.		5,069		408,866		(1.4	)
				19,346,319
Health Care Equipment & Supplies
Abbott Laboratories		36,121		4,187,507		(14.8	)
Hologic, Inc.		58,465		3,900,785		(13.8	)

Security	Shares		Value		% of Basket Value
Health Care Equipment & Supplies (continued)
Stryker Corp.		10,211	$	2,652,103		(9.3	)%
Zimmer Biomet Holdings, Inc.		34,656		5,573,378		(19.6	)
				16,313,773
Health Care Providers & Services
Cardinal Health, Inc.		39,862		2,275,722		(8.0	)
Cigna Corp.		31,782		7,534,559		(26.6	)
Encompass Health Corp.		58,291		4,548,447		(16.0	)
HCA Healthcare, Inc.		37,141		7,678,530		(27.1	)
Laboratory Corp. of America Holdings		9,012		2,485,960		(8.8	)
McKesson Corp.		32,543		6,223,523		(21.9	)
				30,746,741
Hotels, Restaurants & Leisure
Wynn Resorts Ltd.		58,829		7,194,787		(25.4	)
Household Durables
Mohawk Industries, Inc.		24,226		4,655,995		(16.4	)
Newell Brands, Inc.		109,475		3,007,278		(10.6	)
Toll Brothers, Inc.		104,831		6,060,280		(21.4	)
Whirlpool Corp.		46,465		10,130,300		(35.7	)
				23,853,853
Household Products
Clorox Co.		28,351		5,100,628		(18.0	)
Industrial Conglomerates
3M Co.		12,190		2,421,300		(8.6	)
Carlisle Cos., Inc.		32,053		6,134,303		(21.6	)
				8,555,603
Insurance
Aflac, Inc.		117,264		6,292,386		(22.2	)
Aon PLC, Class A		27,977		6,679,789		(23.5	)
Manulife Financial Corp.		7,163		141,111		(0.5	)
				13,113,286
Internet & Direct Marketing Retail
eBay, Inc.		845		59,327		(0.2	)
IT Services
Western Union Co.		221,307		5,083,422		(17.9	)
Leisure Products
Mattel, Inc.		324,669		6,525,847		(23.0	)
Machinery
Caterpillar, Inc.		16,238		3,533,876		(12.5	)
Cummins, Inc.		2,317		564,908		(2.0	)
Deere & Co.		10,240		3,611,750		(12.7	)
Fortive Corp.		55,480		3,869,175		(13.7	)
Illinois Tool Works, Inc.		32,080		7,171,805		(25.3	)
Oshkosh Corp.		987		123,375		(0.4	)
Parker-Hannifin Corp.		11,951		3,670,272		(12.9	)
				22,545,161
Media
AMC Networks, Inc., Class A		38,710		2,585,828		(9.1	)
Nexstar Media Group, Inc., Class A		23,280		3,442,647		(12.2	)
Omnicom Group, Inc.		35,567		2,845,004		(10.0	)
				8,873,479

SCHEDULE    OF    INVESTMENTS 41

Schedule of Investments (unaudited) (continued) June 30, 2021 BlackRock Systematic Multi-Strategy Fund

Security	Shares		Value		% of Basket Value
Metals & Mining
Nucor Corp.		1,730	$	165,907		(0.6	)%
Reliance Steel & Aluminum Co.		31,653		4,776,438		(16.8	)
				4,942,345
Multi-line Retail
Dollar Tree, Inc.		21,643		2,153,479		(7.6	)
Macy’s, Inc.		441,874		8,377,931		(29.5	)
				10,531,410
Multi-Utilities
CMS Energy Corp.		79,902		4,720,610		(16.6	)
Dominion Energy, Inc.		14,071		1,035,203		(3.7	)
DTE Energy Co.		26,068		3,378,413		(11.9	)
Public Service Enterprise Group, Inc.		6,161		368,058		(1.3	)
Sempra Energy		10,771		1,426,942		(5.0	)
WEC Energy Group, Inc.		728		64,756		(0.2	)
				10,993,982
Oil, Gas & Consumable Fuels
Antero Midstream Corp.		158,906		1,651,033		(5.8	)
Antero Resources Corp.		216,505		3,254,070		(11.5	)
APA Corp.		291,448		6,304,020		(22.2	)
Canadian Natural Resources Ltd.		64,890		2,354,209		(8.3	)
Continental Resources, Inc.		19,355		736,071		(2.6	)
EQT Corp.		85,925		1,912,691		(6.7	)
Exxon Mobil Corp.		111,033		7,003,962		(24.7	)
HollyFrontier Corp.		8,537		280,867		(1.0	)
Marathon Petroleum Corp.		186,475		11,266,820		(39.7	)
Murphy Oil Corp.		269,054		6,263,577		(22.1	)
ONEOK, Inc.		6,549		364,386		(1.3	)
Ovintiv, Inc.		40,307		1,268,461		(4.5	)
Range Resources Corp.		63,640		1,066,607		(3.7	)
SM Energy Co.		548,603		13,512,092		(47.6	)
Targa Resources Corp.		38,740		1,721,993		(6.1	)
Valero Energy Corp.		8,764		684,293		(2.4	)
				59,645,152
Paper & Forest Products
Louisiana-Pacific Corp.		97,200		5,860,188		(20.6	)
Pharmaceuticals
Bristol-Myers Squibb Co.		62,968		4,207,522		(14.8	)
Professional Services
Booz Allen Hamilton Holding Corp.		16,281		1,386,816		(4.9	)
Equifax, Inc.		1,293		309,686		(1.1	)
				1,696,502
Road & Rail
JB Hunt Transport Services, Inc.		17,529		2,856,351		(10.1	)
Semiconductors & Semiconductor Equipment
Analog Devices, Inc.		32,173		5,538,904		(19.5	)
NXP Semiconductors NV		13,282		2,732,373		(9.6	)
Qualcomm, Inc.		31,531		4,506,726		(15.9	)
				12,778,003
Specialty Retail
AutoNation, Inc.		44,564		4,225,113		(14.9	)
AutoZone, Inc.		2,090		3,118,740		(11.0	)
L Brands, Inc.		13,186		950,183		(3.3	)

Security	Shares			Value			% of Basket Value
Specialty Retail (continued)
O’Reilly Automotive, Inc.		7,525		$	4,260,730			(15.0	)%
Ross Stores, Inc.		32,837			4,071,788			(14.4	)
					16,626,554
Technology Hardware, Storage & Peripherals
Hewlett Packard Enterprise Co.		251,421			3,665,718			(12.9	)
HP, Inc.		206,241			6,226,416			(22.0	)
NetApp, Inc.		46,990			3,844,722			(13.6	)
Seagate Technology Holdings PLC		20,702			1,820,327			(6.4	)
Western Digital Corp.		81,378			5,791,672			(20.4	)
Xerox Holdings Corp.		70,444			1,6 54,729			(5.8	)
					23,003,584
Textiles, Apparel & Luxury Goods
Tapestry, Inc.		66,856			2,906,899			(10.3	)
Under Armour, Inc., Class A		79,206			1,675,207			(5.9	)
VF Corp.		43,965			3,606,888			(12.7	)
					8,188,994
Trading Companies & Distributors
W.W. Grainger, Inc.		13,527			5,924,826			(20.9	)
Total Reference Entity — Long					468,794,594
Reference Entity — Short
Common Stocks
Aerospace & Defense
Boeing Co.,		(9,882	)		(2,367,332	)		8.4
Raytheon Technologies Corp.,		(17,251	)		(1,471,683	)		5.2
Spirit AeroSystems Holdings, Inc., Class A,		(34,525	)		(1,629,235	)		5.7
TransDigm Group, Inc.,		(11,567	)		(7,487,203	)		26.4
					(12,955,453	)
Airlines
Southwest Airlines Co.,		(33,725	)		(1,790,460	)		6.3
Auto Components
BorgWarner, Inc.,		(75,651	)		(3,672,100	)		12.9
Biotechnology
Emergent Biosolutions, Inc.,		(2,042	)		(128,646	)		0.4
Regeneron Pharmaceuticals, Inc.,		(17,660	)		(9,863,816	)		34.8
					(9,992,462	)
Building Products
Builders FirstSource, Inc.,		(43,289	)		(1,846,709	)		6.5
Carrier Global Corp.,		(42,717	)		(2,076,046	)		7.3
Fortune Brands Home & Security, Inc.,		(4,108	)		(409,157	)		1.5
					(4,331,912	)
Capital Markets
MSCI, Inc.,		(21,800	)		(11,621,144	)		41.0
Nasdaq, Inc.,		(18,448	)		(3,243,158	)		11.4
					(14,864,302	)
Chemicals
Air Products & Chemicals, Inc.,		(15,574	)		(4,480,328	)		15.8
CF Industries Holdings, Inc.,		(23,950	)		(1,232,228	)		4.3
Dow, Inc.,		(32,600	)		(2,062,928	)		7.3
International Flavors & Fragrances, Inc.,		(50,193	)		(7,498,834	)		26.4
PPG Industries, Inc.,		(36,263	)		(6,156,370	)		21.7
Scotts Miracle-Gro Co.,		(86	)		(16,505	)		0.1
					(21,447,193	)

42 2 0 2 1    BLACK ROCK    SEMI - ANNUAL    REPORT    TO    SHAREHOLDERS

Schedule of Investments (unaudited) (continued) June 30, 2021 BlackRock Systematic Multi-Strategy Fund

Security	Shares			Value			% of Basket Value
Commercial Services & Supplies
Cintas Corp.,		(9,474	)	$	(3,619,068	)		12.7	%
Waste Connections, Inc.,		(30,099	)		(3,594,724	)		12.7
					(7,213,792	)
Communications Equipment
Juniper Networks, Inc.,		(234,682	)		(6,418,553	)		22.6
Motorola Solutions, Inc.,		(18,125	)		(3,930,406	)		13.9
					(10,348,959	)
Construction & Engineering
Fluor Corp.,		(428,161	)		(7,578,450	)		26.7
Quanta Services, Inc.,		(98,462	)		(8,917,703	)		31.5
					(16,496,153	)
Diversified Telecommunication Services
Lumen Technologies, Inc.,		(219,103	)		(2,977,610	)		10.5
Electric Utilities
Edison International,		(112,641	)		(6,512,903	)		23.0
NRG Energy, Inc.,		(122,050	)		(4,918,615	)		17.3
					(11,431,518	)
Electrical Equipment
Sensata Technologies Holding PLC,		(34,787	)		(2,016,602	)		7.1
Energy Equipment & Services
Baker Hughes Co.,		(67,798	)		(1,550,541	)		5.5
Halliburton Co.,		(23,527	)		(543,944	)		1.9
NOV, Inc.,		(60,053	)		(920,012	)		3.2
					(3,014,497	)
Entertainment
Live Nation Entertainment, Inc.,		(72,024	)		(6,308,582	)		22.2
Equity Real Estate Investment Trusts (REITs)
Alexandria Real Estate Equities, Inc.,		(28,823	)		(5,244,057	)		18.5
American Tower Corp.,		(13,941	)		(3,766,022	)		13.3
AvalonBay Communities, Inc.,		(1,187	)		(247,715	)		0.9
Crown Castle International Corp.,		(32,406	)		(6,322,411	)		22.3
Digital Realty Trust, Inc.,		(67,658	)		(10,179,823	)		35.9
Equinix, Inc.,		(5,429	)		(4,357,315	)		15.3
Iron Mountain, Inc.,		(120,334	)		(5,092,535	)		17.9
Life Storage, Inc.,		(10,540	)		(1,131,469	)		4.0
Prologis, Inc.,		(59,740	)		(7,140,722	)		25.2
Public Storage,		(11,115	)		(3,342,169	)		11.8
Realty Income Corp.,		(69,171	)		(4,616,472	)		16.3
SBA Communications Corp.,		(11,580	)		(3,690,546	)		13.0
VICI Properties, Inc.,		(154,170	)		(4,782,353	)		16.8
Welltower, Inc.,		(2,869	)		(238,414	)		0.8
					(60,152,023	)
Food & Staples Retailing
US Foods Holding Corp.,		(48,748	)		(1,869,973	)		6.6
Food Products
Mondelez International, Inc., Class A,		(27,816	)		(1,736,831	)		6.1
Health Care Equipment & Supplies
Boston Scientific Corp.,		(109,975	)		(4,702,531	)		16.6
Health Care Providers & Services
Tenet Healthcare Corp.,		(36,695	)		(2,458,198	)		8.7
Hotels, Restaurants & Leisure
Booking Holdings, Inc.,		(240	)		(525,142	)		1.8
Carnival Corp.,		(286,483	)		(7,551,692	)		26.6

Security	Shares			Value			% of Basket Value
Hotels, Restaurants & Leisure (continued)
Expedia Group, Inc., Class A,		(1,292	)	$	(211,513	)		0.7	%
Hilton Worldwide Holdings, Inc.,		(44,850	)		(5,409,807	)		19.1
Hyatt Hotels Corp., Class A,		(44,682	)		(3,469,111	)		12.2
MGM Resorts International,		(20,511	)		(874,794	)		3.1
Norwegian Cruise Line Holdings Ltd.,		(3,401	)		(100,023	)		0.4
Royal Caribbean Cruises Ltd.,		(2,309	)		(196,912	)		0.7
Yum! Brands, Inc.,		(6,837	)		(786,460	)		2.8
					(19,125,454	)
Household Durables
KB Home,		(66,973	)		(2,727,140	)		9.6
NVR, Inc.,		(2,369	)		(11,781,748	)		41.6
TopBuild Corp.,		(605	)		(119,657	)		0.4
					(14,628,545	)
Industrial Conglomerates
Honeywell International, Inc.,		(4,163	)		(913,154	)		3.2
Insurance
Brown & Brown, Inc.,		(138,924	)		(7,382,421	)		26.0
Marsh & McLennan Cos., Inc.,		(31,511	)		(4,432,968	)		15.6
Progressive Corp.,		(5,701	)		(559,895	)		2.0
					(12,375,284	)
Interactive Media & Services
Twitter, Inc.,		(60,573	)		(4,168,028	)		14.7
Internet & Direct Marketing Retail
Amazon.com, Inc.,		(1,008	)		(3,467,681	)		12.2
IT Services
Broadridge Financial Solutions, Inc.,		(3,511	)		(567,132	)		2.0
Fidelity National Information Services, Inc.,		(49,675	)		(7,037,457	)		24.8
Fiserv, Inc.,		(13,494	)		(1,442,374	)		5.1
GoDaddy, Inc., Class A,		(24,736	)		(2,151,042	)		7.6
					(11,198,005	)
Life Sciences Tools & Services
Avantor, Inc.,		(70,672	)		(2,509,563	)		8.8
Charles River Laboratories International, Inc.,		(16,378	)		(6,058,550	)		21.4
PerkinElmer, Inc.,		(10,435	)		(1,611,268	)		5.7
Syneos Health, Inc.,		(21,070	)		(1,885,554	)		6.6
					(12,064,935	)
Machinery
IDEX Corp.,		(41,133	)		(9,051,317	)		31.9
Media
Cable One, Inc.,		(5,442	)		(10,409,512	)		36.7
Charter Communications, Inc., Class A,		(9,111	)		(6,573,131	)		23.2
Comcast Corp., Class A,		(9,483	)		(540,721	)		1.9
DISH Network Corp., Class A,		(4,419	)		(184,714	)		0.7
Sirius XM Holdings, Inc.,		(2,287,525	)		(14,960,413	)		52.7
					(32,668,491	)
Metals & Mining
Freeport-McMoRan, Inc.,		(184,831	)		(6,859,078	)		24.2
Teck Resources Ltd., Class B,		(261,648	)		(6,028,370	)		21.2
					(12,887,448	)
Multi-line Retail
Dollar General Corp.,		(51,385	)		(11,119,200	)		39.2

SCHEDULE    OF    INVESTMENTS 43

Schedule of Investments (unaudited) (continued) June 30, 2021 BlackRock Systematic Multi-Strategy Fund

Security	Shares			Value			% of Basket Value
Multi-line Retail (continued)
Kohl’s Corp.,		(1,996	)	$	(110,000	)		0.4	%
Nordstrom, Inc.,		(97,760	)		(3,575,083	)		12.6
					(14,804,283	)
Multi-Utilities
CenterPoint Energy, Inc.,		(193,566	)		(4,746,238	)		16.7
Oil, Gas & Consumable Fuels
CNX Resources Corp.,		(138,001	)		(1,885,094	)		6.6
ConocoPhillips,		(20,674	)		(1,259,046	)		4.4
Devon Energy Corp.,		(368,589	)		(10,759,113	)		37.9
Hess Corp.,		(24,964	)		(2,179,856	)		7.7
Kinder Morgan, Inc.,		(95,799	)		(1,746,416	)		6.2
PBF Energy, Inc., Class A,		(54,803	)		(838,486	)		3.0
Pioneer Natural Resources Co.,		(22,294	)		(3,623,221	)		12.8
TC Energy Corp.,		(56,212	)		(2,783,618	)		9.8
					(25,074,850	)
Personal Products
Estee Lauder Cos., Inc., Class A,		(19,932	)		(6,339,971	)		22.3
Pharmaceuticals
Bausch Health Cos., Inc.,		(238,446	)		(6,991,237	)		24.6
Catalent, Inc.,		(70,458	)		(7,617,919	)		26.9
Elanco Animal Health, Inc.,		(221,096	)		(7,669,820	)		27.0
Eli Lilly & Co.,		(6,204	)		(1,423,942	)		5.0
Merck & Co., Inc.,		(64,160	)		(4,989,723	)		17.6
Perrigo Co. PLC,		(70,443	)		(3,229,812	)		11.4
Zoetis, Inc.,		(36,623	)		(6,825,062	)		24.1
					(38,747,515	)
Professional Services
Nielsen Holdings PLC,		(31,138	)		(768,175	)		2.7
Road & Rail
Avis Budget Group, Inc.,		(78,855	)		(6,142,016	)		21.7
Semiconductors & Semiconductor Equipment
Broadcom, Inc.,		(20,626	)		(9,835,302	)		34.7
Marvell Technology Inc.,		(187,588	)		(10,936,380	)		38.5
NVIDIA Corp.,		(4,208	)		(3,366,821	)		11.9
ON Semiconductor Corp.,		(6,572	)		(251,576	)		0.9
					(24,390,079	)
Software
Black Knight, Inc.,		(113,347	)		(8,838,799	)		31.1
j2 Global, Inc.,		(46,356	)		(6,376,268	)		22.5
					(15,215,067	)
Specialty Retail
Bed Bath & Beyond, Inc.,		(18,778	)		(625,120	)		2.2
Best Buy Co., Inc.,		(15,774	)		(1,813,694	)		6.4
Tractor Supply Co.,		(9,614	)		(1,788,781	)		6.3
					(4,227,595	)
Technology Hardware, Storage & Peripherals
NCR Corp.,		(177,186	)		(8,081,454	)		28.5
Thrifts & Mortgage Finance
PennyMac Financial Services, Inc.,		(68,259	)		(4,212,946	)		14.9

Security	Shares			Value			% of Basket Value
Water Utilities
Essential Utilities, Inc.,		(52,989	)	$	(2,421,597	)		8.5	%
Wireless Telecommunication Services
T-Mobile US, Inc.,		(66,715	)		(9,662,333	)		34.1
Total Reference Entity — Short					(497,163,612	)
Net Value of Reference Entity — Barclays Bank PLC					$    (28,369,018	)

The following table represents the individual long and short positions and related values of the equity securities underlying the total return swap with Barclays Bank PLC as of period end, termination date January 19, 2022:

Security	Shares		Value		% of Basket Value
Reference Entity — Long
Common Stocks
Aerospace & Defense
Northrop Grumman Corp.		19,981	$	7,261,695		34.1	%
Air Freight & Logistics
United Parcel Service, Inc., Class B		29,609		6,157,784		28.9
Airlines
Delta Air Lines, Inc.		103,445		4,475,031		21.0
United Airlines Holdings, Inc.		22,676		1,185,728		5.6
				5,660,759
Auto Components
Goodyear Tire & Rubber Co.		198,387		3,402,337		16.0
Automobiles
Ford Motor Co.		86,728		1,288,778		6.0
General Motors Co.		31,678		1,874,387		8.8
				3,163,165
Building Products
Johnson Controls International PLC		80,517		5,525,882		25.9
Chemicals
Corteva, Inc.		47,205		2,093,542		9.8
Olin Corp.		99,184		4,588,252		21.5
				6,681,794
Communications Equipment
Cisco Systems, Inc.		130,400		6,911,200		32.4
Consumer Finance
Ally Financial, Inc.		137,615		6,858,732		32.2
American Express Co.		68,231		11,273,808		52.9
				18,132,540
Containers & Packaging
International Paper Co.		114,348		7,010,676		32.9
Packaging Corp. of America		40,461		5,479,229		25.7
Westrock Co.		261,171		13,899,520		65.2
				26,389,425
Diversified Financial Services
Berkshire Hathaway, Inc., Class B		67,828		18,850,758		88.4

44 2 0 2 1    BLACK ROCK    SEMI - ANNUAL    REPORT    TO    SHAREHOLDERS

Schedule of Investments (unaudited) (continued) June 30, 2021 BlackRock Systematic Multi-Strategy Fund     

Security	Shares		Value		% of Basket Value
Diversified Telecommunication Services
AT&T, Inc.		464,789	$	13,376,627		62.7	%
Electric Utilities
American Electric Power Co., Inc.		8,087		684,079		3.2
Exelon Corp.		142,957		6,334,425		29.7
FirstEnergy Corp.		92,751		3,451,265		16.2
				10,469,769
Electronic Equipment, Instruments & Components
Arrow Electronics, Inc.		45,869		5,221,268		24.5
Energy Equipment & Services
Halliburton Co.		313,426		7,246,409		34.0
Entertainment
Walt Disney Co.		34,553		6,073,381		28.5
Equity Real Estate Investment Trusts (REITs)
Equity Residential		90,882		6,997,914		32.8
Simon Property Group, Inc.		18,071		2,357,904		11.1
Weyerhaeuser Co.		373,056		12,840,588		60.2
				22,196,406
Food & Staples Retailing
Walmart, Inc.		27,755		3,914,010		18.4
Food Products
Kraft Heinz Co.		47,406		1,933,216		9.1
Tyson Foods, Inc., Class A		168,788		12,449,803		58.4
				14,383,019
Health Care Equipment & Supplies
Baxter International, Inc.		29,327		2,360,823		11.1
Health Care Providers & Services
CVS Health Corp.		51,183		4,270,709		20.0
DaVita, Inc.		65,036		7,832,285		36.8
HCA Healthcare, Inc.		60,446		12,496,606		58.6
McKesson Corp.		56,190		10,745,776		50.4
Tenet Healthcare Corp.		74,207		4,971,127		23.3
				40,316,503
Hotels, Restaurants & Leisure
Marriott International, Inc., Class A		19,800		2,703,096		12.7
McDonald’s Corp.		22,738		5,252,251		24.6
MGM Resorts International		94,716		4,039,637		19.0
				11,994,984
Household Durables
Lennar Corp., Class A		13,932		1,384,144		6.5
Newell Brands, Inc.		166,216		4,565,954		21.4
Toll Brothers, Inc.		80,760		4,668,736		21.9
Whirlpool Corp.		7,818		1,704,480		8.0
				12,323,314
Independent Power and Renewable Electricity Producers
AES Corp.		222,868		5,810,169		27.3
Industrial Conglomerates
General Electric Co.		742,939		9,999,959		46.9
Honeywell International, Inc.		23,863		5,234,349		24.6
				15,234,308
Insurance
Allstate Corp.		37,009		4,827,454		22.6

Security	Shares		Value		% of Basket Value
Insurance (continued)
American International Group, Inc.		62,255	$	2,963,338		13.9	%
Hartford Financial Services Group, Inc.		43,536		2,697,926		12.7
Loews Corp.		132,008		7,214,237		33.8
MetLife, Inc.		18,466		1,105,190		5.2
				18,808,145
IT Services
DXC Technology Co.		211,858		8,249,751		38.7
International Business Machines Corp.		15,082		2,210,870		10.4
				10,460,621
Machinery
Caterpillar, Inc.		36,772		8,002,690		37.5
Deere & Co.		29,650		10,457,852		49.1
				18,460,542
Media
Omnicom Group, Inc.		65,824		5,265,262		24.7
ViacomCBS, Inc., Class B		427,863		19,339,407		90.7
				24,604,669
Metals & Mining
Newmont Corp.		96,038		6,086,888		28.5
United States Steel Corp.		181,820		4,363,680		20.5
				10,450,568
Multi-line Retail
Kohl’s Corp.		109,235		6,019,941		28.2
Target Corp.		21,473		5,190,883		24.4
				11,210,824
Oil, Gas & Consumable Fuels
APA Corp.		286,500		6,196,995		29.1
Kinder Morgan, Inc.		1,022,651		18,642,928		87.5
Murphy Oil Corp.		324,850		7,562,508		35.5
Occidental Petroleum Corp.		208,210		6,510,727		30.5
Ovintiv, Inc.		126,027		3,966,070		18.6
Valero Energy Corp.		127,016		9,917,409		46.5
Williams Cos., Inc.		51,995		1,380,467		6.5
				54,177,104
Pharmaceuticals
Bristol-Myers Squibb Co.		26,252		1,754,159		8.2
Johnson & Johnson		22,268		3,668,430		17.2
Pfizer, Inc.		256,629		10,049,592		47.2
				15,472,181
Road & Rail
CSX Corp.		336,294		10,788,311		50.6
Norfolk Southern Corp.		27,062		7,182,525		33.7
Ryder System, Inc.		74,505		5,537,957		26.0
				23,508,793
Specialty Retail
AutoZone, Inc.		10,826		16,154,774		75.8
Home Depot, Inc.		4,712		1,502,609		7.0
				17,657,383
Technology Hardware, Storage & Peripherals
Dell Technologies, Inc., Class C		51,039		5,087,057		23.8
HP, Inc.		120,650		3,642,424		17.1
				8,729,481

SCHEDULE    OF    INVESTMENTS 45

Schedule of Investments (unaudited) (continued) June 30, 2021 BlackRock Systematic Multi-Strategy Fund     

Security	Shares			Value			% of Basket Value
Tobacco
Altria Group, Inc.		65,222		$	3,109,785			14.6	%
Total Reference Entity — Long					495,708,425
Reference Entity — Short
Common Stocks
Aerospace & Defense
Boeing Co.		(42,492	)		(10,179,383	)		(47.7	)
Howmet Aerospace, Inc.		(235,372	)		(8,113,273	)		(38.1	)
TransDigm Group, Inc.		(7,857	)		(5,085,758	)		(23.9	)
					(23,378,414	)
Airlines
American Airlines Group, Inc.		(891,361	)		(18,905,767	)		(88.7	)
Southwest Airlines Co.		(224,826	)		(11,936,012	)		(56.0	)
					(30,841,779	)
Automobiles
Tesla, Inc.		(9,286	)		(6,311,694	)		(29.6	)
Chemicals
Ashland Global Holdings, Inc.		(185,150	)		(16,200,625	)		(76.0	)
Dow, Inc.		(152,026	)		(9,620,205	)		(45.1	)
Sherwin-Williams Co.		(24,886	)		(6,780,191	)		(31.8	)
					(32,601,021	)
Communications Equipment
Motorola Solutions, Inc.		(34,128	)		(7,400,657	)		(34.7	)
Consumer Finance
Capital One Financial Corp.		(755	)		(116,791	)		(0.5	)
Navient Corp.		(130,746	)		(2,527,320	)		(11.9	)
OneMain Holdings, Inc.		(83,006	)		(4,972,890	)		(23.3	)
					(7,617,001	)
Containers & Packaging
Ball Corp.		(102,999	)		(8,344,979	)		(39.2	)
Sealed Air Corp.		(204,044	)		(12,089,607	)		(56.7	)
					(20,434,586	)
Diversified Telecommunication Services
Verizon Communications, Inc.		(116,906	)		(6,550,243	)		(30.7	)
Electric Utilities
NRG Energy, Inc.		(188,582	)		(7,599,854	)		(35.7	)
Southern Co.		(59,615	)		(3,607,304	)		(16.9	)
					(11,207,158	)
Entertainment
Netflix, Inc.		(20,464	)		(10,809,289	)		(50.7	)
Equity Real Estate Investment Trusts (REITs)
Host Hotels & Resorts, Inc.		(242,416	)		(4,142,889	)		(19.4	)
Iron Mountain, Inc.		(274,968	)		(11,636,646	)		(54.6	)
					(15,779,535	)
Food & Staples Retailing
Kroger Co.		(270,780	)		(10,373,582	)		(48.7	)
Food Products
Campbell Soup Co.		(10,945	)		(498,982	)		(2.3	)
Conagra Brands, Inc.		(246,732	)		(8,976,110	)		(42.1	)
General Mills, Inc.		(263,639	)		(16,063,524	)		(75.4	)

Security	Shares			Value			% of Basket Value
Food Products (continued)
Lamb Weston Holdings, Inc.		(36,466	)	$	(2,941,348	)		(13.8	)%
Mondelez International, Inc., Class A		(82,081	)		(5,125,138	)		(24.1	)
					(33,605,102	)
Health Care Equipment & Supplies
Boston Scientific Corp.		(214,591	)		(9,175,911	)		(43.0	)
Health Care Providers & Services
Quest Diagnostics, Inc.		(16,436	)		(2,169,059	)		(10.2	)
UnitedHealth Group, Inc.		(8,716	)		(3,490,235	)		(16.4	)
Universal Health Services, Inc., Class B		(92,589	)		(13,557,807	)		(63.6	)
					(19,217,101	)
Hotels, Restaurants & Leisure
Aramark		(47,017	)		(1,751,383	)		(8.2	)
Boyd Gaming Corp.		(23,919	)		(1,470,780	)		(6.9	)
Carnival Corp.		(116,039	)		(3,058,788	)		(14.3	)
Expedia Group, Inc.		(64,406	)		(10,543,906	)		(49.5	)
Royal Caribbean Cruises Ltd.		(44,899	)		(3,828,987	)		(18.0	)
Yum! Brands, Inc.		(45,572	)		(5,242,147	)		(24.6	)
					(25,895,991	)
Household Durables
MDC Holdings, Inc.		(40,211	)		(2,034,677	)		(9.6	)
PulteGroup, Inc.		(188,400	)		(10,280,988	)		(48.2	)
					(12,315,665	)
Household Products
Procter & Gamble Co.		(16,021	)		(2,161,713	)		(10.1	)
Independent Power and Renewable Electricity Producers
Vistra Corp.		(213,086	)		(3,952,745	)		(18.5	)
Insurance
Lincoln National Corp.		(119,202	)		(7,490,654	)		(35.1	)
Prudential Financial, Inc.		(71,550	)		(7,331,728	)		(34.4	)
					(14,822,382	)
Media
Altice USA, Inc., Class A		(100,477	)		(3,430,285	)		(16.1	)
Charter Communications, Inc., Class A		(8,120	)		(5,858,174	)		(27.5	)
Comcast Corp., Class A		(257,195	)		(14,665,259	)		(68.8	)
DISH Network Corp., Class A		(62,029	)		(2,592,812	)		(12.1	)
					(26,546,530	)
Metals & Mining
Freeport-McMoRan, Inc.		(124,340	)		(4,614,258	)		(21.7	)
Teck Resources Ltd., Class B		(21,658	)		(499,000	)		(2.3	)
					(5,113,258	)
Multi-line Retail
Nordstrom, Inc.		(39,627	)		(1,449,159	)		(6.8	)
Multi-Utilities
Dominion Energy, Inc.		(101,459	)		(7,464,339	)		(35.0	)
Oil, Gas & Consumable Fuels
ConocoPhillips		(136,184	)		(8,293,605	)		(38.9	)
Devon Energy Corp.		(741,426	)		(21,642,225	)		(101.6	)
Hess Corp.		(4,410	)		(385,081	)		(1.8	)
Pioneer Natural Resources Co.		(38,961	)		(6,331,942	)		(29.7	)
Targa Resources Corp.		(42,797	)		(1,902,327	)		(8.9	)
TC Energy Corp.		(80,505	)		(3,986,608	)		(18.7	)
					(42,541,788	)

46 2 0 2 1    BLACK ROCK    SEMI - ANNUAL    REPORT    TO    SHAREHOLDERS

Schedule of Investments (unaudited) (continued) June 30, 2021 BlackRock Systematic Multi-Strategy Fund     

Security	Shares			Value			% of Basket Value
Pharmaceuticals
Bausch Health Cos., Inc.		(362,440	)	$	(10,626,741	)		(49.9	)%
Road & Rail
Union Pacific Corp.		(33,349	)		(7,334,446	)		(34.4	)
Semiconductors & Semiconductor Equipment
Advanced Micro Devices, Inc.		(105,618	)		(9,920,699	)		(46.5	)
Amkor Technology, Inc.		(279,062	)		(6,605,397	)		(31.0	)
					(16,526,096	)
Specialty Retail
Best Buy Co., Inc.		(101,251	)		(11,641,840	)		(54.6	)
Gap, Inc.		(6,468	)		(217,648	)		(1.0	)
Lowe’s Cos., Inc.		(21,148	)		(4,102,078	)		(19.3	)
					(15,961,566	)
Technology Hardware, Storage & Peripherals
Xerox Holdings Corp.		(406,490	)		(9,548,450	)		(44.8	)
Thrifts & Mortgage Finance
MGIC Investment Corp.		(941,409	)		(12,803,162	)		(60.1	)
Radian Group, Inc.		(84,283	)		(1,875,297	)		(8.8	)
					(14,678,459	)
Trading Companies & Distributors
United Rentals, Inc.		(18,871	)		(6,020,038	)		(28.2	)
Wireless Telecommunication Services
T-Mobile US, Inc.		(42,321	)		(6,129,350	)		(28.8	)
Total Reference Entity — Short					(474,391,789	)
Net Value of Reference Entity — Barclays Bank PLC				$	21,316,636

The following table represents the individual long and short positions and related values of the equity securities underlying the total return swap with Merrill Lynch International as of period end, termination date February 17, 2023:

Security	Shares		Value		% of Basket Value
Reference Entity — Long
Common Stocks
Aerospace & Defense
Huntington Ingalls Industries, Inc.		4,909	$	1,034,572		22.4	%
Auto Components
Magna International, Inc.		14,844		1,375,148		29.8
Biotechnology
Gilead Sciences, Inc.		64,481		4,440,162		96.2
Chemicals
LyondellBasell Industries NV, Class A		7,552		776,874		16.8
Nutrien Ltd.		47,840		2,899,583		62.8
				3,676,457
Construction & Engineering
AECOM		8,690		550,251		11.9
Construction Materials
Vulcan Materials Co.		15,988		2,783,031		60.3

Security	Shares		Value		% of Basket Value
Diversified Financial Services
Voya Financial, Inc.		2,977	$	183,085		4.0	%
Diversified Telecommunication Services
AT&T, Inc.		48,764		1,403,428		30.4
Electric Utilities
Southern Co.		2,376		143,772		3.1
Equity Real Estate Investment Trusts (REITs)
Ventas, Inc.		22,346		1,275,957		27.6
Health Care Equipment & Supplies
Abbott Laboratories		9,003		1,043,718		22.6
Health Care Providers & Services
Cardinal Health, Inc.		26,269		1,499,697		32.5
Cigna Corp.		17,514		4,152,044		89.9
Laboratory Corp. of America Holdings		17		4,690		0.1
				5,656,431
Household Durables
Newell Brands, Inc.		52,520		1,442,724		31.2
Household Products
Clorox Co.		2,470		444,378		9.6
Industrial Conglomerates
Carlisle Cos., Inc.		7,680		1,469,798		31.8
IT Services
Western Union Co.		120,000		2,756,400		59.7
Leisure Products
Mattel, Inc.		181,204		3,642,200		78.9
Machinery
Deere & Co.		9,060		3,195,553		69.2
Illinois Tool Works, Inc.		4,959		1,108,634		24.0
				4,304,187
Media
Nexstar Media Group, Inc., Class A		6,072		897,927		19.4
Multi-Utilities
CMS Energy Corp.		6,180		365,114		7.9
Dominion Energy, Inc.		4,695		345,411		7.5
DTE Energy Co.		3,590		465,264		10.1
				1,175,789
Oil, Gas & Consumable Fuels
Exxon Mobil Corp.		53,225		3,357,433		72.7
Paper & Forest Products
Louisiana-Pacific Corp.		61,002		3,677,810		79.6
Pharmaceuticals
Bristol-Myers Squibb Co.		65,440		4,372,701		94.7
Specialty Retail
AutoNation, Inc.		7,242		686,614		14.9
AutoZone, Inc.		2,090		3,118,740		67.5
Ross Stores, Inc.		12,099		1,500,276		32.5
				5,305,630
Technology Hardware, Storage & Peripherals
HP, Inc.		73,538		2,220,112		48.1

SCHEDULE    OF    INVESTMENTS 47

Schedule of Investments (unaudited) (continued) June 30, 2021 BlackRock Systematic Multi-Strategy Fund     

Security	Shares			Value			% of Basket Value
Technology Hardware, Storage & Peripherals (continued)
NetApp, Inc.		25,351		$	2,074,219			44.9	%
Western Digital Corp.		19,872			1,414,290			30.6
					5,708,621
Total Reference Entity — Long					62,121,610
Reference Entity — Short
Common Stocks
Aerospace & Defense
Raytheon Technologies Corp.		(6,101	)		(520,476	)		(11.3	)
Spirit AeroSystems Holdings, Inc., Class A		(8,031	)		(378,983	)		(8.2	)
					(899,459	)
Biotechnology
Regeneron Pharmaceuticals, Inc.		(1,915	)		(1,069,604	)		(23.2	)
Building Products
Builders FirstSource, Inc.		(15,121	)		(645,062	)		(14.0	)
Capital Markets
Brookfield Asset Management, Inc.		(17	)		(885	)		(0.0	)
Brookfield Asset Management, Inc., Class A		(2,546	)		(129,795	)		(2.8	)
					(130,680	)
Chemicals
Air Products & Chemicals, Inc.		(4,753	)		(1,367,343	)		(29.6	)
Communications Equipment
Motorola Solutions, Inc.		(8,704	)		(1,887,462	)		(40.9	)
Diversified Telecommunication Services
Lumen Technologies, Inc.		(87,320	)		(1,186,679	)		(25.7	)
Electric Utilities
Edison International		(13,851	)		(800,865	)		(17.4	)
NRG Energy, Inc.		(18,380	)		(740,714	)		(16.0	)
PG&E Corp.		(507,659	)		(5,162,892	)		(111.8	)
					(6,704,471	)
Equity Real Estate Investment Trusts (REITs)
Alexandria Real Estate Equities, Inc.		(10,260	)		(1,866,704	)		(40.4	)
American Tower Corp.		(16,043	)		(4,333,856	)		(93.9	)
Crown Castle International Corp.		(9,085	)		(1,772,484	)		(38.4	)
Realty Income Corp.		(28,539	)		(1,904,693	)		(41.2	)
VICI Properties, Inc.		(42,414	)		(1,315,682	)		(28.5	)
					(11,193,419	)
Health Care Equipment & Supplies
Boston Scientific Corp.		(110,433	)		(4,722,115	)		(102.2	)
Hotels, Restaurants & Leisure
Hilton Worldwide Holdings, Inc.		(35,136	)		(4,238,104	)		(91.8	)
Hyatt Hotels Corp., Class A		(7,806	)		(606,058	)		(13.1	)
					(4,844,162	)
Insurance
Marsh & McLennan Cos., Inc.		(12,046	)		(1,694,631	)		(36.7	)
Interactive Media & Services
Twitter, Inc.		(36,267	)		(2,495,532	)		(54.0	)

Security	Shares			Value			% of Basket Value
IT Services
Fidelity National Information Services, Inc.		(17,021	)	$	(2,411,365	)		(52.2	)%
Life Sciences Tools & Services
Charles River Laboratories International, Inc.		(8,299	)		(3,069,966	)		(66.5	)
Syneos Health, Inc.		(2,238	)		(200,279	)		(4.3	)
					(3,270,245	)
Media
Sirius XM Holdings, Inc.		(203,799	)		(1,332,846	)		(28.9	)
Multi-Utilities
CenterPoint Energy, Inc.		(79,993	)		(1,961,428	)		(42.5	)
Oil, Gas & Consumable Fuels
TC Energy Corp.		(22,689	)		(1,123,559	)		(24.3	)
Pharmaceuticals
Elanco Animal Health, Inc.		(143,053	)		(4,962,509	)		(107.4	)
Professional Services
Nielsen Holdings PLC		(47,680	)		(1,176,266	)		(25.5	)
Software
Black Knight, Inc.		(28,050	)		(2,187,339	)		(47.4	)
j2 Global, Inc.		(1,726	)		(237,411	)		(5.1	)
					(2,424,750	)
Total Reference Entity — Short					(57,503,587	)
Net Value of Reference Entity — Merrill Lynch International				$	4,618,023

The following table represents the individual long and short positions and related values of the equity securities underlying the total return swap with Merrill Lynch International as of period end, termination date February 17, 2023:    

Security	Shares		Value		% of Basket Value
Reference Entity — Long
Common Stocks
Airlines
Delta Air Lines, Inc.		88,456	$	3,826,607		144.5	%
Chemicals
Olin Corp.		37,199		1,720,826		65.0
Communications Equipment
Cisco Systems, Inc.		98,830		5,237,990		197.8
Consumer Finance
American Express Co.		22,042		3,642,000		137.5
Containers & Packaging
Packaging Corp. of America		24,686		3,342,978		126.2
Electric Utilities
Exelon Corp.		14,246		631,240		23.9
FirstEnergy Corp.		100,563		3,741,949		141.3
				4,373,189
Health Care Equipment & Supplies
Baxter International, Inc.		30,257		2,435,688		92.0

48 2 0 2 1    BLACK ROCK    SEMI - ANNUAL    REPORT    TO    SHAREHOLDERS

Schedule of Investments (unaudited) (continued) June 30, 2021 BlackRock Systematic Multi-Strategy Fund     

Security	Shares			Value			% of Basket Value
Health Care Providers & Services
DaVita, Inc.		10,051		$	1,210,442			45.7	%
Hotels, Restaurants & Leisure
Marriott International, Inc., Class A		4,714			643,555			24.3
McDonald’s Corp.		1,459			337,015			12.7
					980,570
Household Durables
Lennar Corp., Class A		13,006			1,292,146			48.8
Toll Brothers, Inc.		15,117			873,914			33.0
					2,166,060
Insurance
American International Group, Inc.		20,255			964,138			36.4
Loews Corp.		26,605			1,453,963			54.9
					2,418,101
IT Services
DXC Technology Co.		104,510			4,069,619			153.7
Machinery
Caterpillar, Inc.		1,403			305,335			11.5
Metals & Mining
United States Steel Corp.		29,753			714,072			27.0
Multi-line Retail
Target Corp.		4,429			1,070,666			40.4
Oil, Gas & Consumable Fuels
APA Corp.		12,400			268,212			10.1
Pharmaceuticals
Bristol-Myers Squibb Co.		11,235			750,723			28.3
Pfizer, Inc.		197,850			7,747,806			292.6
					8,498,529
Road & Rail
CSX Corp.		56,751			1,820,572			68.7
Ryder System, Inc.		23,079			1,715,462			64.8
					3,536,034
Specialty Retail
Home Depot, Inc.		19,110			6,093,988			230.1
L Brands, Inc.		16,513			1,189,927			45.0
					7,283,915
Technology Hardware, Storage & Peripherals
HP, Inc.		10,485			316,542			12.0
Tobacco
Altria Group, Inc.		93,195			4,443,538			167.8
Total Reference Entity — Long					61,860,913
Reference Entity — Short
Common Stocks
Aerospace & Defense
TransDigm Group, Inc.		(2,944	)		(1,905,622	)		(72.0	)
Airlines
American Airlines Group, Inc.		(105,820	)		(2,244,442	)		(84.7	)
Southwest Airlines Co.		(39,099	)		(2,075,766	)		(78.4	)
					(4,320,208	)

Security	Shares			Value			% of Basket Value
Chemicals
Ashland Global Holdings, Inc.		(16,192	)	$	(1,416,800	)		(53.5	)%
Sherwin-Williams Co.		(1,714	)		(466,979	)		(17.6	)
					(1,883,779	)
Consumer Finance
Navient Corp.		(81,181	)		(1,569,229	)		(59.2	)
OneMain Holdings, Inc.		(124,864	)		(7,480,602	)		(282.5	)
					(9,049,831	)
Containers & Packaging
Ball Corp.		(2,500	)		(202,550	)		(7.7	)
Sealed Air Corp.		(22,412	)		(1,327,911	)		(50.1	)
					(1,530,461	)
Diversified Telecommunication Services
Verizon Communications, Inc.		(34,568	)		(1,936,845	)		(73.1	)
Electric Utilities
Southern Co.		(8,165	)		(494,064	)		(18.7	)
Equity Real Estate Investment Trusts (REITs)
Iron Mountain, Inc.		(30,759	)		(1,301,721	)		(49.2	)
Food & Staples Retailing
Kroger Co.		(21,510	)		(824,048	)		(31.1	)
Food Products
Conagra Brands, Inc.		(53,612	)		(1,950,405	)		(73.7	)
Lamb Weston Holdings, Inc.		(10,702	)		(863,223	)		(32.6	)
Mondelez International, Inc., Class A		(4,627	)		(288,910	)		(10.9	)
					(3,102,538	)
Health Care Equipment & Supplies
Boston Scientific Corp.		(58,098	)		(2,484,271	)		(93.8	)
Health Care Providers & Services
Universal Health Services, Inc., Class B		(4,026	)		(589,527	)		(22.3	)
Hotels, Restaurants & Leisure
Yum! Brands, Inc.		(57,581	)		(6,623,542	)		(250.1	)
Household Durables
MDC Holdings, Inc.		(3,373	)		(170,674	)		(6.4	)
Household Products
Procter & Gamble Co.		(37,562	)		(5,068,241	)		(191.4	)
Independent Power and Renewable Electricity Producers
Vistra Corp.		(17,099	)		(317,187	)		(12.0	)
Insurance
Prudential Financial, Inc.		(2,924	)		(299,622	)		(11.3	)
Metals & Mining
Freeport-McMoRan, Inc.		(33,639	)		(1,248,343	)		(47.1	)
Teck Resources Ltd., Class B		(44,773	)		(1,031,570	)		(39.0	)
					(2,279,913	)
Multi-line Retail
Nordstrom, Inc.		(56,509	)		(2,066,534	)		(78.0	)
Oil, Gas & Consumable Fuels
Canadian Natural Resources Ltd.		(33,800	)		(1,226,264	)		(46.3	)
Pioneer Natural Resources Co.		(19,555	)		(3,178,079	)		(120.0	)
TC Energy Corp.		(8,281	)		(410,075	)		(15.5	)
					(4,814,418	)

SCHEDULE    OF    INVESTMENTS 49

Schedule of Investments (unaudited) (continued) June 30, 2021 BlackRock Systematic Multi-Strategy Fund     

Security	Shares			Value			% of Basket Value
Pharmaceuticals
Bausch Health Cos., Inc.		(22,472	)	$	(658,879	)		(24.9	)%
Road & Rail
Union Pacific Corp.		(3,570	)		(785,150	)		(29.7	)
Semiconductors & Semiconductor Equipment
Advanced Micro Devices, Inc.		(15,991	)		(1,502,035	)		(56.7	)
Amkor Technology, Inc.		(28,412	)		(672,512	)		(25.4	)
					(2,174,547	)
Specialty Retail
Best Buy Co., Inc.		(20,130	)		(2,314,547	)		(87.4	)
Lowe’s Cos., Inc.		(7,572	)		(1,468,741	)		(55.5	)
					(3,783,288	)
Thrifts & Mortgage Finance
Radian Group, Inc.		(33,612	)		(747,867	)		(28.2	)
Total Reference Entity — Short					(59,212,777	)
Net Value of Reference Entity — Merrill Lynch International				$	2,648,136

The following table represents the individual long and short positions and related values of the equity securities underlying the total return swap with Morgan Stanley & Co. International PLC as of period end, termination date October 5, 2022:

Security	Shares		Value		% of Basket Value
Reference Entity — Long
Common Stocks
Aerospace & Defense
General Dynamics Corp.		11,271	$	2,121,878		6.6	%
Howmet Aerospace, Inc.		233,859		8,061,120		25.1
Huntington Ingalls Industries, Inc.		18,040		3,801,930		11.9
				13,984,928
Auto Components
Aptiv PLC		39,946		6,284,704		19.6
Magna International, Inc.		143,063		13,253,356		41.4
				19,538,060
Automobiles
Harley-Davidson, Inc.		123,077		5,639,388		17.6
Beverages
PepsiCo, Inc.		21,232		3,145,945		9.8
Biotechnology
Amgen, Inc.		17,729		4,321,444		13.5
Gilead Sciences, Inc.		140,015		9,641,433		30.1
				13,962,877
Building Products
Lennox International, Inc.		23,186		8,133,649		25.4
Trane Technologies PLC		10,333		1,902,718		5.9
				10,036,367
Capital Markets
Raymond James Financial, Inc.		2,115		274,739		0.9
Chemicals
DuPont de Nemours, Inc.		37,324		2,889,251		9.0
LyondellBasell Industries NV, Class A		51,418		5,289,370		16.5

Security	Shares		Value		% of Basket Value
Chemicals (continued)
Nutrien Ltd.		81,718	$	4,952,928		15.5	%
Olin Corp.		10,829		500,949		1.6
Westlake Chemical Corp.		76,903		6,928,191		21.6
				20,560,689
Construction & Engineering
AECOM		145,505		9,213,377		28.7
Construction Materials
Vulcan Materials Co.		62,926		10,953,529		34.2
Consumer Finance
American Express Co.		81,066		13,394,535		41.8
Discover Financial Services		11,303		1,337,032		4.2
Synchrony Financial		83,353		4,044,288		12.6
				18,775,855
Containers & Packaging
Crown Holdings, Inc.		66,724		6,819,860		21.3
Packaging Corp. of America		62,516		8,465,917		26.4
				15,285,777
Diversified Consumer Services
H&R Block, Inc.		152,049		3,570,111		11.1
Diversified Financial Services
Equitable Holdings, Inc.		238,075		7,249,384		22.6
Voya Financial, Inc.		231,016		14,207,484		44.4
				21,456,868
Diversified Telecommunication Services
AT&T, Inc.		307,171		8,840,381		27.6
Electric Utilities
Pinnacle West Capital Corp.		17,190		1,409,064		4.4
Southern Co.		122,697		7,424,396		23.2
				8,833,460
Electrical Equipment
Emerson Electric Co.		62,310		5,996,714		18.7
Electronic Equipment, Instruments & Components
Arrow Electronics, Inc.		53,511		6,091,157		19.0
CDW Corp.		45,118		7,879,859		24.6
Flex Ltd.		82,978		1,482,817		4.6
				15,453,833
Energy Equipment & Services
Transocean Ltd.		157,601		712,357		2.2
Entertainment
Activision Blizzard, Inc.		96,392		9,199,652		28.7
Netflix, Inc.		2,614		1,380,741		4.3
				10,580,393
Equity Real Estate Investment Trusts (REITs)
Brixmor Property Group, Inc.		435,521		9,969,076		31.1
Federal Realty Investment Trust		11,598		1,358,937		4.2
Kimco Realty Corp.		548,842		11,443,356		35.7
Ventas, Inc.		225,324		12,866,000		40.2
				35,637,369
Food & Staples Retailing
Sysco Corp.		169,744		13,197,596		41.2
Food Products
Bunge Ltd.		7,750		605,662		1.9

50 2 0 2 1    BLACK ROCK    SEMI - ANNUAL    REPORT    TO    SHAREHOLDERS

Schedule of Investments (unaudited) (continued) June 30, 2021 BlackRock Systematic Multi-Strategy Fund

Security	Shares		Value		% of Basket Value
Food Products (continued)
Hershey Co.		39,117	$	6,813,399		21.3	%
Kellogg Co.		2,314		148,860		0.5
Kraft Heinz Co.		192,914		7,867,033		24.5
				15,434,954
Health Care Equipment & Supplies
Abbott Laboratories		99,563		11,542,339		36.0
Hologic, Inc.		172,029		11,477,775		35.8
Stryker Corp.		6,939		1,802,266		5.6
Zimmer Biomet Holdings, Inc.		64,748		10,412,773		32.5
				35,235,153
Health Care Providers & Services
Cardinal Health, Inc.		216,337		12,350,679		38.5
Cigna Corp.		18,365		4,353,791		13.6
Encompass Health Corp.		51,152		3,991,391		12.5
HCA Healthcare, Inc.		22,827		4,719,254		14.7
Laboratory Corp. of America Holdings		51,673		14,253,997		44.5
McKesson Corp.		52,347		10,010,840		31.2
Molina Healthcare, Inc.		2,006		507,638		1.6
				50,187,590
Hotels, Restaurants & Leisure
Wynn Resorts Ltd.		46,546		5,692,576		17.8
Household Durables
D.R. Horton, Inc.		43,428		3,924,588		12.3
Meritage Homes Corp.		42,435		3,992,285		12.5
Mohawk Industries, Inc.		24,064		4,624,860		14.4
Newell Brands, Inc.		429,401		11,795,645		36.8
Toll Brothers, Inc.		104,117		6,019,004		18.8
Whirlpool Corp.		22,843		4,980,231		15.5
				35,336,613
Household Products
Clorox Co.		59,914		10,779,128		33.6
Procter & Gamble Co.		74,116		10,000,472		31.2
				20,779,600
Industrial Conglomerates
3M Co.		8,322		1,652,999		5.1
Carlisle Cos., Inc.		43,019		8,232,976		25.7
				9,885,975
Insurance
Aflac, Inc.		21,398		1,148,217		3.6
Aon PLC, Class A		5,985		1,428,978		4.5
Manulife Financial Corp.		63,981		1,260,426		3.9
				3,837,621
IT Services
Western Union Co.		340,221		7,814,876		24.4
Leisure Products
Mattel, Inc.		290,017		5,829,342		18.2
Machinery
Caterpillar, Inc.		6,923		1,506,653		4.7
Deere & Co.		28,495		10,050,471		31.3
Fortive Corp.		172,154		12,006,020		37.5
Illinois Tool Works, Inc.		28,186		6,301,262		19.7
Parker-Hannifin Corp.		40,342		12,389,432		38.6
				42,253,838
Media
AMC Networks, Inc., Class A		84,962		5,675,462		17.7

Security	Shares		Value		% of Basket Value
Media (continued)
Nexstar Media Group, Inc., Class A		56,249	$	8,318,102		26.0	%
Omnicom Group, Inc.		164,255		13,138,757		41.0
ViacomCBS, Inc., Class B		112,409		5,080,887		15.8
				32,213,208
Metals & Mining
Reliance Steel & Aluminum Co.		44,649		6,737,534		21.0
Multi-line Retail
Dollar Tree, Inc.		45,567		4,533,916		14.1
Macy’s, Inc.		286,901		5,439,643		17.0
				9,973,559
Multi-Utilities
CMS Energy Corp.		179,010		10,575,911		33.0
Dominion Energy, Inc.		47,334		3,482,362		10.9
DTE Energy Co.		20,807		2,696,587		8.4
Public Service Enterprise Group, Inc.		7,301		436,162		1.3
				17,191,022
Oil, Gas & Consumable Fuels
Antero Midstream Corp.		1,435,608		14,915,967		46.5
Antero Resources Corp.		115,532		1,736,446		5.4
APA Corp.		315,952		6,834,042		21.3
Canadian Natural Resources Ltd.		96,344		3,495,360		10.9
Continental Resources, Inc.		10,795		410,534		1.3
EQT Corp.		53,009		1,179,980		3.7
Exxon Mobil Corp.		96,262		6,072,207		19.0
HollyFrontier Corp.		14,024		461,390		1.4
Marathon Oil Corp.		84,948		1,156,992		3.6
Marathon Petroleum Corp.		80,135		4,841,757		15.1
Murphy Oil Corp.		245,715		5,720,245		17.9
ONEOK, Inc.		15,092		839,719		2.6
Ovintiv, Inc.		468,980		14,758,800		46.1
Range Resources Corp.		40,445		677,858		2.1
SM Energy Co.		88,898		2,189,558		6.8
Targa Resources Corp.		4,834		214,871		0.7
Valero Energy Corp.		2,373		185,284		0.6
				65,691,010
Paper & Forest Products
Louisiana-Pacific Corp.		112,058		6,755,977		21.1
Pharmaceuticals
Bristol-Myers Squibb Co.		117,997		7,884,560		24.6
Professional Services
Booz Allen Hamilton Holding Corp.		29,199		2,487,171		7.8
Equifax, Inc.		2,022		484,289		1.5
				2,971,460
Road & Rail
JB Hunt Transport Services, Inc.		83,153		13,549,781		42.3
Union Pacific Corp.		233		51,244		0.1
				13,601,025
Semiconductors & Semiconductor Equipment
Analog Devices, Inc.		65,970		11,357,395		35.5
Applied Materials, Inc.		16,508		2,350,739		7.3
KLA Corp.		855		277,200		0.9
Qualcomm, Inc.		1,203		171,945		0.5
				14,157,279
Specialty Retail
AutoNation, Inc.		105,647		10,016,392		31.3
AutoZone, Inc.		7,105		10,602,223		33.1

SCHEDULE    OF    INVESTMENTS 51

Schedule of Investments (unaudited) (continued) June 30, 2021 BlackRock Systematic Multi-Strategy Fund

Security	Shares			Value			% of Basket Value
Specialty Retail (continued)
L Brands, Inc.		218,449		$	15,741,435			49.1	%
O’Reilly Automotive, Inc.		11,956			6,769,607			21.1
Ross Stores, Inc.		91,237			11,313,388			35.3
					54,443,045
Technology Hardware, Storage & Peripherals
Hewlett Packard Enterprise Co.		343,203			5,003,900			15.6
HP, Inc.		268,228			8,097,803			25.3
NetApp, Inc.		127,829			10,458,969			32.6
Western Digital Corp.		127,986			9,108,763			28.4
					32,669,435
Textiles, Apparel & Luxury Goods
Tapestry, Inc.		295,465			12,846,818			40.1
Under Armour, Inc., Class A		136,306			2,882,872			9.0
VF Corp.		4,221			346,291			1.1
					16,075,981
Trading Companies & Distributors
W.W. Grainger, Inc.		20,193			8,844,534			27.6
Water Utilities
American Water Works Co., Inc.		517			79,685			0.2
Total Reference Entity — Long					787,228,065
Reference Entity — Short
Common Stocks
Aerospace & Defense
Boeing Co.		(56,245	)		(13,474,052	)		(42.0	)
Raytheon Technologies Corp.		(162,499	)		(13,862,790	)		(43.3	)
Spirit AeroSystems Holdings, Inc., Class A		(157,190	)		(7,417,796	)		(23.2	)
TransDigm Group, Inc.		(6,409	)		(4,148,482	)		(12.9	)
					(38,903,120	)
Airlines
Southwest Airlines Co.		(116,894	)		(6,205,902	)		(19.4	)
Auto Components
BorgWarner, Inc.		(205,504	)		(9,975,164	)		(31.1	)
Biotechnology
Regeneron Pharmaceuticals, Inc.		(10,051	)		(5,613,886	)		(17.5	)
Building Products
Builders FirstSource, Inc.		(313,341	)		(13,367,127	)		(41.7	)
Carrier Global Corp.		(305,681	)		(14,856,097	)		(46.4	)
					(28,223,224	)
Capital Markets
Brookfield Asset Management, Inc.		(1,903	)		(98,994	)		(0.3	)
Brookfield Asset Management, Inc.		(275,961	)		(14,068,492	)		(43.9	)
Nasdaq, Inc.		(70,832	)		(12,452,265	)		(38.9	)
					(26,619,751	)
Chemicals
Air Products & Chemicals, Inc.		(30,535	)		(8,784,309	)		(27.4	)
CF Industries Holdings, Inc.		(12,128	)		(623,986	)		(2.0	)
Dow, Inc.		(44,128	)		(2,792,420	)		(8.7	)
International Flavors & Fragrances, Inc.		(10,163	)		(1,518,352	)		(4.7	)
Scotts Miracle-Gro Co.		(247	)		(47,404	)		(0.2	)
					(13,766,471	)

Security	Shares			Value			% of Basket Value
Commercial Services & Supplies
Waste Connections, Inc.		(42,335	)	$	(5,056,069	)		(15.8	)%
Communications Equipment
Juniper Networks, Inc.		(68,859	)		(1,883,294	)		(5.9	)
Motorola Solutions, Inc.		(45,221	)		(9,806,174	)		(30.6	)
					(11,689,468	)
Construction & Engineering
Quanta Services, Inc.		(34,236	)		(3,100,755	)		(9.7	)
Diversified Telecommunication Services
Lumen Technologies, Inc.		(825,024	)		(11,212,076	)		(35.0	)
Electric Utilities
Edison International		(158,831	)		(9,183,608	)		(28.7	)
NRG Energy, Inc.		(269,469	)		(10,859,601	)		(33.9	)
PG&E Corp.		(1,054,092	)		(10,720,116	)		(33.4	)
					(30,763,325	)
Electrical Equipment
Sensata Technologies Holding PLC		(39,533	)		(2,291,728	)		(7.1	)
Energy Equipment & Services
Baker Hughes Co.		(624,542	)		(14,283,275	)		(44.5	)
NOV, Inc.		(453,474	)		(6,947,222	)		(21.7	)
					(21,230,497	)
Entertainment
Live Nation Entertainment, Inc.		(81,315	)		(7,122,381	)		(22.2	)
Equity Real Estate Investment Trusts (REITs)
Alexandria Real Estate Equities, Inc.		(48,249	)		(8,778,423	)		(27.4	)
American Tower Corp.		(28,792	)		(7,777,871	)		(24.3	)
AvalonBay Communities, Inc.		(24,154	)		(5,040,698	)		(15.7	)
Camden Property Trust		(20,733	)		(2,750,647	)		(8.6	)
Crown Castle International Corp.		(39,181	)		(7,644,213	)		(23.9	)
Digital Realty Trust, Inc.		(35,343	)		(5,317,708	)		(16.6	)
Equinix, Inc.		(14,710	)		(11,806,246	)		(36.8	)
Equity Residential		(13,329	)		(1,026,333	)		(3.2	)
Host Hotels & Resorts, Inc.		(183,057	)		(3,128,444	)		(9.8	)
Iron Mountain, Inc.		(160,402	)		(6,788,213	)		(21.2	)
Medical Properties Trust, Inc.		(520,989	)		(10,471,879	)		(32.7	)
Prologis, Inc.		(72,710	)		(8,691,026	)		(27.1	)
Public Storage		(987	)		(296,781	)		(0.9	)
Realty Income Corp.		(137,110	)		(9,150,722	)		(28.6	)
SBA Communications Corp.		(1,738	)		(553,901	)		(1.7	)
VICI Properties, Inc.		(306,311	)		(9,501,767	)		(29.6	)
Welltower, Inc.		(6,991	)		(580,952	)		(1.8	)
					(99,305,824	)
Food & Staples Retailing
US Foods Holding Corp.		(23,374	)		(896,627	)		(2.8	)
Health Care Equipment & Supplies
Boston Scientific Corp.		(104,814	)		(4,481,846	)		(14.0	)
DENTSPLY SIRONA, Inc.		(1,549	)		(97,990	)		(0.3	)
					(4,579,836	)
Health Care Providers & Services
Anthem, Inc.		(214	)		(81,705	)		(0.3	)
Tenet Healthcare Corp.		(110,579	)		(7,407,687	)		(23.1	)
					(7,489,392	)

52 2 0 2 1    BLACK ROCK    SEMI - ANNUAL    REPORT    TO    SHAREHOLDERS

Schedule of Investments (unaudited) (continued) June 30, 2021 BlackRock Systematic Multi-Strategy Fund

Security	Shares			Value			% of Basket Value
Hotels, Restaurants & Leisure
Boyd Gaming Corp.		(1,267	)	$	(77,908	)		(0.2	)%
Carnival Corp.		(322,255	)		(8,494,642	)		(26.5	)
Darden Restaurants, Inc.		(452	)		(65,987	)		(0.2	)
Hilton Worldwide Holdings, Inc.		(51,946	)		(6,265,726	)		(19.5	)
Hyatt Hotels Corp., Class A		(43,251	)		(3,358,008	)		(10.5	)
MGM Resorts International		(2,747	)		(117,160	)		(0.4	)
					(18,379,431	)
Household Durables
KB Home		(147,040	)		(5,987,469	)		(18.7	)
NVR, Inc.		(844	)		(4,197,465	)		(13.1	)
					(10,184,934	)
Industrial Conglomerates
Honeywell International, Inc.		(21,803	)		(4,782,488	)		(14.9	)
Roper Technologies, Inc.		(15,986	)		(7,516,617	)		(23.5	)
					(12,299,105	)
Insurance
Brown & Brown, Inc.		(92,537	)		(4,917,416	)		(15.3	)
Marsh & McLennan Cos., Inc.		(58,692	)		(8,256,791	)		(25.8	)
MetLife, Inc.		(846	)		(50,633	)		(0.2	)
Progressive Corp.		(82,913	)		(8,142,886	)		(25.4	)
					(21,367,726	)
Interactive Media & Services
Match Group, Inc.		(101,912	)		(16,433,310	)		(51.3	)
Twitter, Inc.		(148,450	)		(10,214,844	)		(31.8	)
					(26,648,154	)
Internet & Direct Marketing Retail
Amazon.com, Inc.		(674	)		(2,318,668	)		(7.2	)
IT Services
Broadridge Financial Solutions, Inc.		(10,845	)		(1,751,793	)		(5.5	)
Fidelity National Information Services, Inc.		(39,037	)		(5,530,372	)		(17.2	)
Fiserv, Inc.		(61,637	)		(6,588,379	)		(20.6	)
Gartner, Inc.		(193	)		(46,745	)		(0.1	)
GoDaddy, Inc., Class A		(35,236	)		(3,064,122	)		(9.6	)
International Business Machines Corp.		(661	)		(96,896	)		(0.3	)
					(17,078,307	)
Life Sciences Tools & Services
Avantor, Inc.		(199,257	)		(7,075,616	)		(22.1	)
Charles River Laboratories International, Inc.		(20,364	)		(7,533,051	)		(23.5	)
Syneos Health, Inc.		(41,384	)		(3,703,454	)		(11.5	)
					(18,312,121	)
Machinery
IDEX Corp.		(32,945	)		(7,249,547	)		(22.6	)
Stanley Black & Decker, Inc.		(34,256	)		(7,022,138	)		(21.9	)
					(14,271,685	)
Media
Charter Communications, Inc., Class A		(4,003	)		(2,887,964	)		(9.0	)
Comcast Corp., Class A		(140,796	)		(8,028,188	)		(25.0	)
DISH Network Corp., Class A		(387,616	)		(16,202,349	)		(50.6	)
					(27,118,501	)
Metals & Mining
Freeport-McMoRan, Inc.		(245,246	)		(9,101,079	)		(28.4	)

Security	Shares			Value			% of Basket Value
Metals & Mining (continued)
Teck Resources Ltd., Class B		(465,873	)	$	(10,733,714	)		(33.5	)%
United States Steel Corp.		(2,718	)		(65,232	)		(0.2	)
					(19,900,025	)
Multi-line Retail
Dollar General Corp.		(20,479	)		(4,431,451	)		(13.8	)
Nordstrom, Inc.		(366,367	)		(13,398,041	)		(41.8	)
					(17,829,492	)
Multi-Utilities
CenterPoint Energy, Inc.		(349,602	)		(8,572,241	)		(26.8	)
Consolidated Edison, Inc.		(954	)		(68,421	)		(0.2	)
					(8,640,662	)
Oil, Gas & Consumable Fuels
CNX Resources Corp.		(243,516	)		(3,326,429	)		(10.4	)
ConocoPhillips		(254,567	)		(15,503,130	)		(48.4	)
Devon Energy Corp.		(187,989	)		(5,487,399	)		(17.1	)
Hess Corp.		(138,246	)		(12,071,641	)		(37.7	)
Kinder Morgan, Inc.		(636,958	)		(11,611,744	)		(36.2	)
PBF Energy, Inc., Class A		(73,513	)		(1,124,749	)		(3.5	)
Phillips 66		(575	)		(49,346	)		(0.2	)
Pioneer Natural Resources Co.		(78,696	)		(12,789,674	)		(39.9	)
Suncor Energy, Inc.		(75,265	)		(1,804,102	)		(5.6	)
TC Energy Corp.		(235,912	)		(11,682,362	)		(36.4	)
					(75,450,576	)
Personal Products
Coty, Inc., Class A		(35,338	)		(330,057	)		(1.0	)
Estee Lauder Cos., Inc., Class A		(222	)		(70,614	)		(0.2	)
					(400,671	)
Pharmaceuticals
Bausch Health Cos., Inc.		(301,292	)		(8,833,881	)		(27.6	)
Catalent, Inc.		(74,053	)		(8,006,610	)		(25.0	)
Elanco Animal Health, Inc.		(103,071	)		(3,575,533	)		(11.1	)
Eli Lilly & Co.		(19,402	)		(4,453,147	)		(13.9	)
Perrigo Co. PLC		(268,696	)		(12,319,712	)		(38.4	)
					(37,188,883	)
Professional Services
Nielsen Holdings PLC		(187,172	)		(4,617,533	)		(14.4	)
Road & Rail
Avis Budget Group, Inc.		(54,117	)		(4,215,173	)		(13.1	)
Semiconductors & Semiconductor Equipment
Broadcom, Inc.		(11,131	)		(5,307,706	)		(16.5	)
NVIDIA Corp.		(16,733	)		(13,388,073	)		(41.8	)
					(18,695,779	)
Software
Black Knight, Inc.		(66,426	)		(5,179,899	)		(16.2	)
j2 Global, Inc.		(72,483	)		(9,970,037	)		(31.1	)
					(15,149,936	)
Specialty Retail
Bed Bath & Beyond, Inc.		(59,485	)		(1,980,256	)		(6.2	)
Best Buy Co., Inc.		(51,582	)		(5,930,898	)		(18.5	)
Lowe’s Cos., Inc.		(25,047	)		(4,858,367	)		(15.2	)
TJX Cos., Inc.		(1,187	)		(80,027	)		(0.2	)
Tractor Supply Co.		(15,779	)		(2,935,841	)		(9.2	)
					(15,785,389	)

SCHEDULE    OF    INVESTMENTS 53

Schedule of Investments (unaudited) (continued) June 30, 2021 BlackRock Systematic Multi-Strategy Fund

Security	Shares			Value			% of Basket Value
Technology Hardware, Storage & Peripherals
Dell Technologies, Inc., Class C		(47,677	)	$	(4,751,966	)		(14.8	)%
NCR Corp.		(157,749	)		(7,194,932	)		(22.5	)
					(11,946,898	)
Thrifts & Mortgage Finance
MGIC Investment Corp.		(489,358	)		(6,655,269	)		(20.8	)
Water Utilities
Essential Utilities, Inc.		(283,269	)		(12,945,393	)		(40.4	)
Wireless Telecommunication Services
T-Mobile US, Inc.		(25,787	)		(3,734,731	)		(11.7	)
Total Reference Entity — Short					(755,180,538	)
Net Value of Reference Entity — Morgan Stanley & Co. International PLC				$	32,047,527

The following table represents the individual long and short positions and related values of the equity securities underlying the total return swap with Morgan Stanley & Co. International PLC as of period end, termination date October 5, 2022:

Security	Shares		Value		% of Basket Value
Reference Entity — Long
Common Stocks
Aerospace & Defense
Lockheed Martin Corp.		16,793	$	6,353,631		19.0	%
Northrop Grumman Corp.		11,744		4,268,122		12.8
				10,621,753
Air Freight & Logistics
United Parcel Service, Inc., Class B		4,169		867,027		2.6
Airlines
Delta Air Lines, Inc.		299,059		12,937,293		38.7
United Airlines Holdings, Inc.		58,546		3,061,370		9.2
				15,998,663
Auto Components
Goodyear Tire & Rubber Co.		61,343		1,052,032		3.1
Automobiles
Ford Motor Co.		1,333,165		19,810,832		59.3
General Motors Co.		153,841		9,102,772		27.3
				28,913,604
Biotechnology
Amgen, Inc.		6,934		1,690,163		5.1
Building Products
Johnson Controls International PLC		238,112		16,341,627		48.9
Chemicals
Corteva, Inc.		371,427		16,472,787		49.3
Eastman Chemical Co.		36,557		4,268,030		12.8
Olin Corp.		323,162		14,949,474		44.8
				35,690,291

Security	Shares		Value		% of Basket Value
Communications Equipment
Cisco Systems, Inc.		172,016	$	9,116,848		27.3	%
Consumer Finance
Ally Financial, Inc.		187,364		9,338,222		28.0
American Express Co.		38,581		6,374,738		19.1
				15,712,960
Containers & Packaging
International Paper Co.		89,107		5,463,150		16.4
Packaging Corp. of America		93,083		12,605,300		37.7
Westrock Co.		141,549		7,533,238		22.6
				25,601,688
Diversified Financial Services
Berkshire Hathaway, Inc., Class B		9,248		2,570,204		7.7
Diversified Telecommunication Services
AT&T, Inc.		122,255		3,518,499		10.5
Lumen Technologies, Inc.		544,422		7,398,695		22.2
				10,917,194
Electric Utilities
Exelon Corp.		320,365		14,195,373		42.5
FirstEnergy Corp.		93,151		3,466,149		10.4
				17,661,522
Electronic Equipment, Instruments & Components
Arrow Electronics, Inc.		143,543		16,339,500		48.9
Energy Equipment & Services
Halliburton Co.		620,452		14,344,850		43.0
Entertainment
Walt Disney Co.		87,468		15,374,250		46.0
Equity Real Estate Investment Trusts (REITs)
Equity Residential		49,317		3,797,409		11.4
Simon Property Group, Inc.		54,776		7,147,173		21.4
Weyerhaeuser Co.		173,762		5,980,888		17.9
				16,925,470
Food & Staples Retailing
Walmart, Inc.		52,299		7,375,205		22.1
Food Products
Kraft Heinz Co.		147,920		6,032,177		18.1
Tyson Foods, Inc., Class A		5,926		437,102		1.3
				6,469,279
Health Care Equipment & Supplies
Baxter International, Inc.		80,881		6,510,921		19.5
Health Care Providers & Services
Cardinal Health, Inc.		155,263		8,863,965		26.5
CVS Health Corp.		201,419		16,806,401		50.3
DaVita, Inc.		100,519		12,105,503		36.3
HCA Healthcare, Inc.		23,913		4,943,774		14.8
McKesson Corp.		55,920		10,694,141		32.0
Tenet Healthcare Corp.		40,139		2,688,911		8.1
				56,102,695

54 2 0 2 1    BLACK ROCK    SEMI - ANNUAL    REPORT    TO    SHAREHOLDERS

Schedule of Investments (unaudited) (continued) June 30, 2021 BlackRock Systematic Multi-Strategy Fund

Security	Shares		Value		% of Basket Value
Hotels, Restaurants & Leisure
Darden Restaurants, Inc.		47,226	$	6,894,524		20.7	%
Marriott International, Inc., Class A		27,508		3,755,392		11.2
McDonald’s Corp.		67,413		15,571,729		46.6
MGM Resorts International		119,767		5,108,062		15.3
				31,329,707
Household Durables
D.R. Horton, Inc.		36,321		3,282,329		9.8
Lennar Corp., Class A		61,078		6,068,099		18.2
Newell Brands, Inc.		363,572		9,987,323		29.9
Toll Brothers, Inc.		260,819		15,077,946		45.2
Whirlpool Corp.		6,738		1,469,019		4.4
				35,884,716
Independent Power and Renewable Electricity Producers
AES Corp.		341,250		8,896,388		26.6
Industrial Conglomerates
General Electric Co.		607,264		8,173,774		24.5
Honeywell International, Inc.		8,298		1,820,166		5.4
				9,993,940
Insurance
Allstate Corp.		128,612		16,776,149		50.3
American International Group, Inc.		162,282		7,724,623		23.1
Hartford Financial Services Group, Inc.		298,643		18,506,907		55.4
Loews Corp.		230,410		12,591,906		37.7
Marsh & McLennan Cos., Inc.		9,801		1,378,805		4.1
MetLife, Inc.		40,254		2,409,202		7.2
				59,387,592
IT Services
DXC Technology Co.		157,596		6,136,788		18.4
International Business Machines Corp.		1,220		178,840		0.5
				6,315,628
Machinery
Caterpillar, Inc.		48,706		10,599,887		31.8
Deere & Co.		29,748		10,492,417		31.4
				21,092,304
Media
Omnicom Group, Inc.		203,723		16,295,803		48.8
ViacomCBS, Inc., Class B		73,957		3,342,856		10.0
				19,638,659
Metals & Mining
Barrick Gold Corp.		338,729		7,004,916		21.0
Newmont Corp.		241,813		15,326,108		45.9
United States Steel Corp.		341,273		8,190,552		24.5
				30,521,576
Multi-line Retail
Kohl’s Corp.		113,397		6,249,309		18.7
Target Corp.		69,556		16,814,467		50.4
				23,063,776
Oil, Gas & Consumable Fuels
APA Corp.		218,023		4,715,837		14.1
Kinder Morgan, Inc.		31,756		578,912		1.7
Murphy Oil Corp.		404,159		9,408,821		28.2
Occidental Petroleum Corp.		477,974		14,946,247		44.7

Security	Shares			Value			% of Basket Value
Oil, Gas & Consumable Fuels (continued)
Ovintiv, Inc.		583,766		$	18,371,116			55.0	%
Valero Energy Corp.		81,558			6,368,049			19.1
Williams Cos., Inc.		339,214			9,006,132			27.0
					63,395,114
Pharmaceuticals
Bristol-Myers Squibb Co.		286,904			19,170,925			57.4
Johnson & Johnson		46,555			7,669,471			23.0
Pfizer, Inc.		88,644			3,471,299			10.4
					30,311,695
Road & Rail
CSX Corp.		273,537			8,775,067			26.3
Norfolk Southern Corp.		53,277			14,140,249			42.3
Ryder System, Inc.		175,977			13,080,370			39.2
					35,995,686
Specialty Retail
AutoZone, Inc.		4,002			5,971,865			17.9
Home Depot, Inc.		43,878			13,992,255			41.9
L Brands, Inc.		308,087			22,200,749			66.5
					42,164,869
Technology Hardware, Storage & Peripherals
Dell Technologies, Inc., Class C		146,923			14,643,815			43.9
HP, Inc.		595,379			17,974,492			53.8
					32,618,307
Tobacco
Altria Group, Inc.		294,149			14,025,024			42.0
Total Reference Entity — Long					796,832,727
Reference Entity — Short
Common Stocks
Aerospace & Defense
Boeing Co.,		(47,307	)		(11,332,865	)		(33.9	)
Howmet Aerospace, Inc.,		(390,792	)		(13,470,600	)		(40.3	)
TransDigm Group, Inc.,		(22,569	)		(14,608,688	)		(43.8	)
					(39,412,153	)
Airlines
Southwest Airlines Co.,		(133,786	)		(7,102,699	)		(21.3	)
Automobiles
Tesla, Inc.,		(23,933	)		(16,267,260	)		(48.7	)
Chemicals
Ashland Global Holdings, Inc.,		(31,711	)		(2,774,713	)		(8.3	)
Dow, Inc.,		(135,819	)		(8,594,626	)		(25.7	)
Sherwin-Williams Co.,		(51,411	)		(14,006,927	)		(42.0	)
					(25,376,266	)
Communications Equipment
Motorola Solutions, Inc.,		(39,574	)		(8,581,622	)		(25.7	)
Consumer Finance
Navient Corp.,		(665,565	)		(12,865,372	)		(38.5	)
OneMain Holdings, Inc.,		(157,451	)		(9,432,889	)		(28.3	)
					(22,298,261	)

SCHEDULE    OF    INVESTMENTS 55

Schedule of Investments (unaudited) (continued) June 30, 2021 BlackRock Systematic Multi-Strategy Fund

Security	Shares			Value			% of Basket Value
Containers & Packaging
Ball Corp.,		(153,691	)	$	(12,452,045	)		(37.3	)%
Sealed Air Corp.,		(145,155	)		(8,600,434	)		(25.8	)
					(21,052,479	)
Diversified Telecommunication Services
Verizon Communications, Inc.,		(227,663	)		(12,755,958	)		(38.2	)
Electric Utilities
NRG Energy, Inc.,		(386,526	)		(15,576,998	)		(46.6	)
Southern Co.,		(282,386	)		(17,087,177	)		(51.2	)
					(32,664,175	)
Entertainment
Netflix, Inc.,		(21,143	)		(11,167,944	)		(33.4	)
Equity Real Estate Investment Trusts (REITs)
Host Hotels & Resorts, Inc.,		(1,006,562	)		(17,202,145	)		(51.5	)
Iron Mountain, Inc.,		(172,489	)		(7,299,734	)		(21.9	)
					(24,501,879	)
Food & Staples Retailing
Kroger Co.,		(174,139	)		(6,671,265	)		(20.0	)
Food Products
Campbell Soup Co.,		(267,643	)		(12,201,844	)		(36.5	)
Conagra Brands, Inc.,		(299,875	)		(10,909,452	)		(32.7	)
General Mills, Inc.,		(67,149	)		(4,091,389	)		(12.3	)
Lamb Weston Holdings, Inc.,		(221,007	)		(17,826,425	)		(53.4	)
Mondelez International, Inc., Class A,		(252,932	)		(15,793,074	)		(47.3	)
					(60,822,184	)
Health Care Equipment & Supplies
Boston Scientific Corp.,		(217,187	)		(9,286,916	)		(27.8	)
Health Care Providers & Services
Quest Diagnostics, Inc.,		(55,983	)		(7,388,077	)		(22.1	)
UnitedHealth Group, Inc.,		(26,002	)		(10,412,241	)		(31.2	)
Universal Health Services, Inc., Class B,		(48,154	)		(7,051,190	)		(21.1	)
					(24,851,508	)
Hotels, Restaurants & Leisure
Aramark,		(349,519	)		(13,019,583	)		(39.0	)
Boyd Gaming Corp.,		(235,322	)		(14,469,950	)		(43.3	)
Expedia Group, Inc.,		(67,996	)		(11,131,625	)		(33.4	)
Royal Caribbean Cruises Ltd.,		(208,788	)		(17,805,440	)		(53.3	)
Yum! Brands, Inc.,		(48,424	)		(5,570,213	)		(16.7	)
					(61,996,811	)
Household Durables
MDC Holdings, Inc.,		(265,565	)		(13,437,589	)		(40.2	)
PulteGroup, Inc.,		(122,378	)		(6,678,167	)		(20.0	)
					(20,115,756	)
Household Products
Procter & Gamble Co.,		(105,451	)		(14,228,503	)		(42.6	)
Independent Power and Renewable Electricity Producers
Vistra Corp.,		(180,221	)		(3,343,100	)		(10.0	)
Insurance
Lincoln National Corp.,		(216,185	)		(13,585,065	)		(40.7	)
Prudential Financial, Inc.,		(134,710	)		(13,803,734	)		(41.3	)
					(27,388,799	)

Security	Shares			Value			% of Basket Value
Media
Altice USA, Inc., Class A,		(519,453	)	$	(17,734,125	)		(53.1	)%
Charter Communications, Inc., Class A,		(22,047	)		(15,905,808	)		(47.6	)
Comcast Corp., Class A,		(124,379	)		(7,092,091	)		(21.2	)
DISH Network Corp., Class A,		(461,327	)		(19,283,469	)		(57.8	)
					(60,015,493	)
Metals & Mining
Freeport-McMoRan, Inc.,		(421,868	)		(15,655,521	)		(46.9	)
Teck Resources Ltd.,		(928,725	)		(21,397,824	)		(64.1	)
					(37,053,345	)
Multi-line Retail
Nordstrom, Inc.,		(239,461	)		(8,757,089	)		(26.2	)
Multi-Utilities
Dominion Energy, Inc.,		(80,053	)		(5,889,499	)		(17.7	)
Sempra Energy,		(49,712	)		(6,585,846	)		(19.7	)
					(12,475,345	)
Oil, Gas & Consumable Fuels
Canadian Natural Resources Ltd.,		(479,847	)		(17,408,849	)		(52.1	)
Devon Energy Corp.,		(14,142	)		(412,805	)		(1.3	)
Enbridge, Inc.,		(249,563	)		(9,992,503	)		(29.9	)
Hess Corp.,		(200,394	)		(17,498,404	)		(52.4	)
Pioneer Natural Resources Co.,		(74,363	)		(12,085,475	)		(36.2	)
Targa Resources Corp.,		(136,082	)		(6,048,845	)		(18.1	)
TC Energy Corp.,		(228,462	)		(11,313,438	)		(33.9	)
					(74,760,319	)
Pharmaceuticals
Bausch Health Cos., Inc.,		(339,613	)		(9,957,453	)		(29.8	)
Road & Rail
Union Pacific Corp.,		(13,731	)		(3,019,859	)		(9.0	)
Semiconductors & Semiconductor
Equipment
Advanced Micro Devices, Inc.,		(130,652	)		(12,272,142	)		(36.8	)
Amkor Technology, Inc.,		(263,974	)		(6,248,265	)		(18.7	)
					(18,520,407	)
Specialty Retail
Best Buy Co., Inc.,		(69,276	)		(7,965,354	)		(23.9	)
Gap, Inc.,		(12,998	)		(437,383	)		(1.3	)
Lowe’s Cos., Inc.,		(82,035	)		(15,912,329	)		(47.6	)
					(24,315,066	)
Technology Hardware, Storage & Peripherals
Xerox Holdings Corp.,		(499,011	)		(11,721,768	)		(35.1	)
Thrifts & Mortgage Finance
MGIC Investment Corp.,		(582,615	)		(7,923,564	)		(23.7	)
Radian Group, Inc.,		(601,494	)		(13,383,241	)		(40.1	)
					(21,306,805	)
Trading Companies & Distributors
United Rentals, Inc.,		(50,826	)		(16,214,002	)		(48.6	)
Wireless Telecommunication Services
T-Mobile US, Inc.,		(106,600	)		(15,438,878	)		(46.2	)
Total Reference Entity — Short					(763,441,367	)
Net Value of Reference Entity — Morgan Stanley & Co. International PLC				$	33,391,360

56 2 0 2 1    BLACK ROCK    SEMI - ANNUAL    REPORT    TO    SHAREHOLDERS

Schedule of Investments (unaudited) (continued) June 30, 2021 BlackRock Systematic Multi-Strategy Fund     

Balances Reported in the Statements of Assets and Liabilities for Centrally Cleared Swaps and OTC Swaps

Description	Swap Premiums Paid		Swap Premiums Received			Unrealized Appreciation		Unrealized Depreciation
Centrally Cleared Swaps(a)	$	58,593	$	(60,416	)	$	2,457,428	$	(2,193,981	)
OTC Swaps		—		—			20,968,629		(869,977	)

^(a)  Includes cumulative appreciation (depreciation) on centrally cleared swaps, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities and is net of any previously paid (received) swap premium amounts.

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	—	$	—	$	—	$	—	$	17,040,858	$	—	$	17,040,858
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange contracts		—		—		—		162,341		—		—		162,341
Swaps — centrally cleared
Unrealized appreciation on centrally cleared swaps(a)		—		—		—		—		2,457,428		—		2,457,428
Swaps — OTC
Unrealized appreciation on OTC swaps; Swap premiums paid		—		—		20,968,629		—		—		—		20,968,629
	$	—	$	—	$	20,968,629	$	162,341	$	19,498,286	$	—	$	40,629,256
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	2,165,866	$	—	$	7,232,307	$	—	$	9,398,173
Swaps — centrally cleared
Unrealized depreciation on centrally cleared swaps(a)		—		—		—		—		2,193,981		—		2,193,981
Swaps — OTC
Unrealized depreciation on OTC swaps; Swap premiums received		—		—		255,421		—		614,556		—		869,977
	$	—	$	—	$	2,421,287	$	—	$	10,040,844	$	—	$	12,462,131

^(a)  Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the six months ended June 30, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts			Interest Rate Contracts			Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	11,650,947		$	—		$	(1,161,194	)	$	—	$	10,489,753
Forward foreign currency exchange contracts		—		—		—			(110,317	)		—			—		(110,317	)
Swaps		—		410,658		90,478,246			—			(1,447,477	)		—		89,441,427
	$	—	$	410,658	$	102,129,193		$	(110,317	)	$	(2,608,671	)	$	—	$	99,820,863
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(2,165,866	)	$	—		$	9,082,917		$	—	$	6,917,051
Forward foreign currency exchange contracts		—		—		—			175,396			—			—		175,396
Swaps		—		—		36,069,382			—			47,772			—		36,117,154
	$	—	$	—	$	33,903,516		$	175,396		$	9,130,689		$	—	$	43,209,601

SCHEDULE    OF    INVESTMENTS 57

Schedule of Investments (unaudited) (continued) June 30, 2021 BlackRock Systematic Multi-Strategy Fund     

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	1,348,692,006
Average notional value of contracts — short	$	1,357,736,978
Forward foreign currency exchange contracts
Average amounts purchased — in USD	$	9,112,148
Average amounts sold — in USD	$	—	(a)
Credit default swaps
Average notional value — sell protection	$	—	(a)
Interest rate swaps
Average notional value — pays fixed rate	$	795,613,411
Average notional value — receives fixed rate	$	630,460,037
Total return swaps
Average notional value	$	28,794,308

^(a)  Derivative not held at any quarter-end. The risk exposure table serves as an indicator of activity during the period.

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Derivative Financial Instruments — Offsetting as of Period End

The Fund’s derivative assets and liabilities (by type) were as follows:

	Assets			Liabilities
Derivative Financial Instruments
Futures contracts	$	3,468,466		$	1,179,677
Forward foreign currency exchange contracts		162,341			—
Swaps — centrally cleared		—			175,843
Swaps — OTC(a)		20,968,629			869,977
Total derivative assets and liabilities in the Statements of Assets and Liabilities		24,599,436			2,225,497
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		(3,468,466	)		(1,355,520	)
Total derivative assets and liabilities subject to an MNA	$	21,130,970		$	869,977

^(a)  Includes unrealized appreciation (depreciation) on OTC swaps and swap premiums (paid/received) in the Statements of Assets and Liabilities.

The following table presents the Fund’s derivative assets and liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral received (and pledged) by the Fund:

Counterparty		Derivative Assets Subject to an MNA by Counterparty		Derivatives Available for Offset	(a)		Non-Cash Collateral Received		Cash Collateral Received	(b)		Net Amount of Derivative Assets	(c)(d)
Barclays Bank PLC	$	7,822,395	$	—		$	—	$	(1,570,000	)	$	6,252,395
Citibank N.A.		2,662		—			—		—			2,662
Merrill Lynch International		241,971		(241,971	)		—		—			—
Morgan Stanley & Co. International PLC		13,063,907		(225,649	)		—		(1,150,000	)		11,688,258
State Street Bank and Trust Co.		35		—			—		—			35
	$	21,130,970	$	(467,620	)	$	—	$	(2,720,000	)	$	17,943,350

58 2 0 2 1    BLACK ROCK    SEMI - ANNUAL    REPORT    TO    SHAREHOLDERS

Schedule of Investments (unaudited) (continued) June 30, 2021 BlackRock Systematic Multi-Strategy Fund     

Counterparty		Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset	(a)		Non-Cash Collateral Pledged		Cash Collateral Pledged	(e)		Net Amount of Derivative Liabilities	(f)
Bank of America N.A.	$	247,247	$	—		$	—	$	(170,000	)	$	77,247
JPMorgan Chase Bank N.A.		141,660		—			—		(141,660	)		—
Merrill Lynch International		255,421		(241,971	)		—		(13,450	)		—
Morgan Stanley & Co. International PLC		225,649		(225,649	)		—		—			—
	$	869,977	$	(467,620	)	$	—	$	(325,110	)	$	77,247

^(a)  The amount of derivatives available for offset is limited to the amount of derivative asset and/or liabilities that are subject to an MNA.

^(b)  Excess of collateral received from the individual counterparty is not shown for financial reporting purposes.

^(c)  Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized.

^(d)  Net amount represents the net amount receivable from the counterparty in the event of default.

^(e)  Excess of collateral pledged to the individual counterparty is not shown for financial reporting purposes.

^(f)  Net amount represents the net amount payable due to counterparty in the event of default.

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to 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	$	—		$	110,426,769		$	—	$	110,426,769
Common Stocks		478,729,219			—			—		478,729,219
Corporate Bonds		—			2,286,159,780			—		2,286,159,780
Investment Companies		150,051,611			—			—		150,051,611
Non-Agency Mortgage-Backed Securities		—			617,750,374			—		617,750,374
Preferred Securities
Capital Trust		—			242,346			—		242,346
U.S. Government Sponsored Agency Securities		—			3,274,285,738			—		3,274,285,738
U.S. Treasury Obligations		—			20,130,851			—		20,130,851
Short-Term Securities
Money Market Funds		1,108,137,639			—			—		1,108,137,639
Liabilities
Investments
TBA Sale Commitments		—			(1,094,013,150	)		—		(1,094,013,150	)
	$	1,736,918,469		$	5,214,982,708		$	—	$	6,951,901,177
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	—		$	20,968,629		$	—	$	20,968,629
Foreign Currency Exchange Contracts		—			162,341			—		162,341
Interest Rate Contracts		17,040,858			2,457,428			—		19,498,286
Liabilities
Equity Contracts		(2,165,866	)		(255,421	)		—		(2,421,287	)
Interest Rate Contracts		(7,232,307	)		(2,808,537	)		—		(10,040,844	)
	$	7,642,685		$	20,524,440		$	—	$	28,167,125

^(a)  Derivative financial instruments are swaps, futures contracts and forward foreign currency exchange contracts. Swaps, futures contracts and forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

SCHEDULE    OF    INVESTMENTS 59

Schedule of Investments (unaudited) June 30, 2021 BlackRock Emerging Markets Bond Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Corporate Bonds
Azerbaijan — 0.9%
Southern Gas Corridor CJSC, 6.88%, 03/24/26		USD           224	$	267,526
Brazil — 0.4%
Suzano Austria GmbH, 3.75%, 01/15/31		105		109,725
Chile — 1.5%
Corp. Nacional del Cobre de Chile 3.00%, 09/30/29		200		207,975
3.75%, 01/15/31		200		218,250
				426,225
China — 1.0%
Sinopec Group Overseas Development Ltd., 2.75%, 09/29/26		263		278,665
Kazakhstan — 0.9%
KazMunayGas National Co. JSC, 6.38%, 10/24/48		200		265,100
Malaysia — 0.8%
Petronas Capital Ltd., 3.50%, 04/21/30		200		218,928
Mexico — 3.4%
Petroleos Mexicanos 4.25%, 01/15/25		100		102,363
4.50%, 01/23/26		68		68,758
6.50%, 03/13/27		110		116,930
6.84%, 01/23/30		130		133,802
5.63%, 01/23/46		50		40,681
6.75%, 09/21/47		103		90,383
6.35%, 02/12/48		254		215,189
6.95%, 01/28/60		207		182,936
				951,042
Netherlands — 0.7%
MDGH - GMTN BV, 2.88%, 05/21/30		200		209,600
United Arab Emirates — 0.8%
DP World Crescent Ltd., 3.75%, 01/30/30		200		215,250
Venezuela(a)(b) — 0.4%
Petroleos de Venezuela SA 9.00%, 11/17/21		435		17,414
12.75%, 02/17/22		441		17,660
6.00%, 05/16/24		945		37,798
6.00%, 11/15/26		213		9,045
9.75%, 05/17/35		746		29,834
				111,751
Total Corporate Bonds — 10.8% (Cost: $3,749,528)				3,053,812
Foreign Agency Obligations
Angola — 1.5%
Angolan Government International Bond 8.25%, 05/09/28		200		208,475
9.38%, 05/08/48		210		219,358
				427,833
Argentina — 1.8%
Argentine Republic Government International Bond 1.00%, 07/09/29		144		54,695
1.75%, 07/09/30		252		90,428

Security	Par (000)		Value
Argentina (continued)
Argentine Republic Government International Bond (continued) 1.50%, 07/09/35		USD           548	$	173,384
5.00%, 01/09/38		358		134,337
5.00%, 07/09/46		222		71,120
				523,964
Bahrain — 1.5%
Bahrain Government International Bond 6.75%, 09/20/29		200		219,287
5.63%, 09/30/31		200		201,975
				421,262
Brazil — 2.6%
Brazilian Government International Bond 4.63%, 01/13/28		200		216,225
3.88%, 06/12/30		310		313,061
5.00%, 01/27/45		200		202,788
				732,074
Chile — 1.4%
Chile Government International Bond, 2.55%, 01/27/32		400		408,075
China — 0.8%
China Government Bond, 2.64%, 08/13/22		CNY           100		15,463
Export-Import Bank of China, 2.63%, 03/14/22		USD           200		202,756
				218,219
Colombia — 3.1%
Colombia Government International Bond 2.63%, 03/15/23		200		204,100
4.50%, 01/28/26		200		218,287
5.63%, 02/26/44		400		452,575
				874,962
Costa Rica — 1.5%
Costa Rica Government International Bond 6.13%, 02/19/31		200		211,475
7.16%, 03/12/45		200		208,288
				419,763
Dominican Republic — 2.1%
Dominican Republic International Bond 4.50%, 01/30/30		150		153,075
6.85%, 01/27/45		250		282,703
6.50%, 02/15/48		150		163,575
				599,353
Ecuador — 1.9%
Ecuador Government International Bond 5.00%, 07/31/30(c)		135		115,805
6.90%, 07/31/30		34		28,928
1.00%, 07/31/35(c)		372		254,782
1.00%, 07/31/35		92		62,700
0.50%, 07/31/40(c)		115		71,373
				533,588
Egypt — 5.8%
Egypt Government Bond 14.05%, 07/21/22		EGP        2,180		139,330
13.77%, 01/05/24		1,300		81,754
13.56%, 01/14/30		1,650		97,747
14.66%, 10/06/30		1,680		104,941

60 2 0 2 1    BLACK ROCK    SEMI - ANNUAL    REPORT    TO    SHAREHOLDERS

Schedule of Investments (unaudited) (continued) June 30, 2021 BlackRock Emerging Markets Bond Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Egypt (continued)
Egypt Government International Bond 5.25%, 10/06/25		USD           200	$	210,438
7.63%, 05/29/32		200		211,412
7.90%, 02/21/48		200		197,475
8.88%, 05/29/50		300		323,212
7.50%, 02/16/61		310		288,978
				1,655,287
El Salvador — 0.9%
El Salvador Government International Bond 5.88%, 01/30/25		78		71,955
6.38%, 01/18/27		53		47,833
7.65%, 06/15/35		140		127,750
				247,538
Gabon — 1.5%
Gabon Government International Bond, 6.95%, 06/16/25		400		433,700
Ghana — 4.6%
Ghana Government International Bond 7.63%, 05/16/29		405		409,506
8.13%, 03/26/32		200		202,787
7.88%, 02/11/35		200		196,912
Republic of Ghana Government Bonds 20.75%, 01/16/23		GHS           580		103,449
17.60%, 02/20/23		892		152,806
8.63%, 04/07/34		USD           235		241,977
				1,307,437
Guatemala — 0.8%
Guatemala Government Bond, 4.50%, 05/03/26		200		219,288
Hungary — 0.2%
Hungary Government International Bond, 7.63%, 03/29/41		40		65,645
Indonesia — 3.7%
Indonesia Government International Bond 2.85%, 02/14/30		600		620,925
1.85%, 03/12/31		200		195,437
4.75%, 07/18/47		200		238,100
				1,054,462
Ivory Coast — 1.0%
Ivory Coast Government International Bond 5.75%, 12/31/32		78		77,657
6.13%, 06/15/33		200		211,100
				288,757
Jamaica — 0.8%
Jamaica Government International Bond, 6.75%, 04/28/28		200		233,975
Jordan — 1.7%
Jordan Government International Bond, 5.85%, 07/07/30		450		468,422
Kenya — 0.8%
Kenya Government International Bond, 7.25%, 02/28/28		200		220,600
Lebanon(a)(b) — 0.2%
Lebanon Government International Bond 6.00%, 01/27/23		60		7,474
6.65%, 04/22/24		150		18,450
6.20%, 02/26/25		140		17,045

Security	Par (000)		Value
Lebanon (continued)
Lebanon Government International Bond (continued)
6.60%, 11/27/26		USD           130	$	15,990
6.65%, 02/26/30		80		9,965
				68,924
Mexico — 2.6%
Mexico Government International Bond 4.75%, 04/27/32		400		457,950
5.00%, 04/27/51		240		272,895
				730,845
Morocco — 0.7%
Morocco Government International Bond, 3.00%, 12/15/32		200		193,000
Nigeria — 3.1%
Nigeria Government International Bond 7.63%, 11/21/25		200		225,412
6.50%, 11/28/27		200		211,663
7.88%, 02/16/32		400		429,325
				866,400
Oman — 3.8%
Oman Government International Bond 5.63%, 01/17/28		200		209,437
6.00%, 08/01/29		220		234,204
6.50%, 03/08/47		200		195,100
6.75%, 01/17/48		450		447,272
				1,086,013
Pakistan — 0.7%
Pakistan Government International Bond, 6.88%, 12/05/27		200		207,288
Panama — 2.3%
Panama Government International Bond 3.88%, 03/17/28		200		219,912
3.16%, 01/23/30		200		209,600
4.50%, 04/01/56		200		226,725
				656,237
Peru — 1.5%
Corp. Financiera de Desarrollo SA, 2.40%, 09/28/27		200		195,975
Peruvian Government International Bond 3.30%, 03/11/41		100		101,150
5.63%, 11/18/50		102		140,428
				437,553
Philippines — 1.4%
Philippine Government International Bond, 3.00%, 02/01/28		363		391,281
Qatar — 1.9%
Qatar Government International Bond 3.75%, 04/16/30		250		283,875
4.82%, 03/14/49		200		257,412
				541,287
Romania — 1.5%
Romanian Government International Bond 3.00%, 02/14/31		286		296,600
2.63%, 12/02/40		EUR           100		117,389
				413,989

SCHEDULE    OF    INVESTMENTS 61

Schedule of Investments (unaudited) (continued) June 30, 2021 BlackRock Emerging Markets Bond Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Russia — 2.5%
Russian Foreign Bond - Eurobond 4.25%, 06/23/27		USD        400	$	446,275
5.25%, 06/23/47		200		251,537
				697,812
Saudi Arabia — 3.6%
Saudi Government International Bond 4.38%, 04/16/29		200		230,850
2.75%, 02/03/32		400		410,600
2.25%, 02/02/33		400		389,250
				1,030,700
Senegal — 0.7%
Senegal Government International Bond, 6.25%, 05/23/33		200		210,225
South Africa — 4.0%
Republic of South Africa Government Bond, 8.75%, 02/28/48		ZAR      4,800		284,154
Republic of South Africa Government International Bond
4.30%, 10/12/28		USD        400		413,200
4.85%, 09/30/29		200		212,163
5.88%, 06/22/30		200		228,162
				1,137,679
Sri Lanka — 1.4%
Sri Lanka Government International Bond 6.35%, 06/28/24		200		136,725
6.13%, 06/03/25		200		133,663
6.20%, 05/11/27		200		123,725
				394,113
Turkey — 2.2%
Turkey Government International Bond 5.25%, 03/13/30		200		189,600
5.95%, 01/15/31		260		254,394
5.75%, 05/11/47		200		170,975
				614,969
Ukraine — 5.9%
Ukraine Government International Bond 7.75%, 09/01/24		300		327,244
7.75%, 09/01/25		430		470,850
7.75%, 09/01/27		200		219,787
7.25%, 03/15/33		200		207,975
1.26%, 05/31/40(d)		384		454,032
				1,679,888

Security	Par (000)		Value
United Arab Emirates — 0.8%
Abu Dhabi Government International Bond, 3.88%, 04/16/50		USD        200	$	230,850
Uruguay — 1.4%
Uruguay Government International Bond 4.38%, 10/27/27		120		137,910
4.13%, 11/20/45		26		30,876
5.10%, 06/18/50		160		209,480
4.98%, 04/20/55		21		26,806
				405,072
Zambia — 0.4%
Zambia Government International Bond, 8.97%, 07/30/27(a)(b)		200		125,100
Total Foreign Agency Obligations — 82.6% (Cost: $22,659,444)				23,473,429
Total Long-Term Investments — 93.4% (Cost: $26,408,972)				26,527,241
	Shares
Short-Term Securities
Money Market Funds — 5.1%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.01%(e)(f)		1,449,740		1,449,740
Total Short-Term Securities — 5.1% (Cost: $1,449,740)				1,449,740
Total Investments — 98.5% (Cost: $27,858,712)				27,976,981
Other Assets Less Liabilities — 1.5%				438,456
Net Assets — 100.0%			$	28,415,437

^(a)  Issuer filed for bankruptcy and/or is in default.

^(b)  Non-income producing security.

^(c)  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(d)  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.

^(e)  Affiliate of the Fund.

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six-months ended June 30, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 12/31/20		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 06/30/21		Shares Held at 06/30/21		Income		Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, T-Fund, Institutional Class	$	1,056,253	$	393,487	(a)	$	—	$	—	$	—	$	1,449,740		1,449,740	$	139	$	—

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

62 2 0 2 1    BLACK ROCK    SEMI - ANNUAL    REPORT    TO    SHAREHOLDERS

Schedule of Investments (unaudited) (continued) June 30, 2021 BlackRock Emerging Markets Bond Fund     

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Short Contracts
30-Year Euro Buxl Bond		3		09/08/21	$	723	$	(11,528	)
U.S. Long Bond		23		09/21/21		3,693		(78,105	)
							$	(89,633	)

Forward Foreign Currency Exchange Contracts

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
BRL	600,015	USD	119,368	Bank of America N.A.		07/14/21	$	1,106
BRL	3,692,803	USD	729,255	Bank of America N.A.		07/14/21		12,207
BRL	19,985	USD	3,976	BNP Paribas S.A.		07/14/21		37
MXN	913,000	USD	45,533	Bank of America N.A.		07/14/21		200
MXN	856,000	USD	42,821	Deutsche Bank AG		07/14/21		57
USD	58,734	AUD	77,163	Bank of America N.A.		07/14/21		862
USD	221,868	AUD	291,798	Bank of America N.A.		07/14/21		3,020
USD	59,451	AUD	78,202	Barclays Bank PLC		07/14/21		799
USD	230,595	AUD	302,837	Barclays Bank PLC		07/14/21		3,468
USD	17,192	CNH	110,000	Natwest Markets PLC		07/14/21		195
USD	23,910	EUR	20,000	Bank of America N.A.		07/14/21		189
USD	103,802	EUR	85,000	BNP Paribas S.A.		07/14/21		2,988
USD	11,903	EUR	10,000	Natwest Markets PLC		07/14/21		42
USD	144,050	RUB	10,440,000	Bank of America N.A.		07/14/21		1,575
USD	120,363	RUB	8,725,186	Barclays Bank PLC		07/14/21		1,290
USD	31,220	RUB	2,264,813	Goldman Sachs International		07/14/21		312
USD	568,647	TRY	4,967,190	BNP Paribas S.A.		07/14/21		1,882
USD	302,291	ZAR	4,134,252	Morgan Stanley & Co. International PLC		07/14/21		13,210
UAH	2,163,800	USD	76,190	BNP Paribas S.A.		08/11/21		2,173
								45,612
AUD	200,000	USD	150,058	Bank of America N.A.		07/14/21		(58	)
AUD	360,000	USD	271,295	Bank of America N.A.		07/14/21		(1,296	)
AUD	186,627	USD	140,345	Goldman Sachs International		07/14/21		(375	)
EUR	10,000	USD	11,894	Barclays Bank PLC		07/14/21		(33	)
MXN	3,966,604	USD	201,245	Goldman Sachs International		07/14/21		(2,553	)
RUB	52,699,091	USD	727,237	Goldman Sachs International		07/14/21		(8,050	)
USD	290,009	BRL	1,470,000	Goldman Sachs International		07/14/21		(5,146	)
USD	286,751	BRL	1,470,000	Morgan Stanley & Co. International PLC		07/14/21		(8,404	)
								(25,915	)
							$	19,697

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 Colombia		1.00	%		Quarterly	Bank of America N.A.		06/20/26	USD	282	$	4,786		$	4,278		$	508
Republic of Saudi Arabia		1.00			Quarterly	Morgan Stanley & Co. International PLC		06/20/26	USD	288		(6,533	)		(4,152	)		(2,381	)
Republic of Turkey		1.00			Quarterly	Goldman Sachs International		06/20/26	USD	344		42,704			34,695			8,009
											$	40,957		$	34,821		$	6,136

SCHEDULE    OF    INVESTMENTS 63

Schedule of Investments (unaudited) (continued) June 30, 2021 BlackRock Emerging Markets Bond Fund     

Balances Reported in the Statements of Assets and Liabilities for OTC Swaps

Description	Swap Premiums Paid		Swap Premiums Received			Unrealized Appreciation		Unrealized Depreciation
OTC Swaps	$	38,973	$	(4,152	)	$	8,517	$	(2,381	)

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange contracts	$	—	$	—	$	—	$	45,612	$	—	$	—	$	45,612
Swaps — OTC
Unrealized appreciation on OTC swaps; Swap premiums paid		—		47,490		—		—		—		—		47,490
	$	—	$	47,490	$	—	$	45,612	$	—	$	—	$	93,102
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	—	$	—	$	89,633	$	—	$	89,633
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange contracts		—		—		—		25,915		—		—		25,915
Swaps — OTC
Unrealized depreciation on OTC swaps; Swap premiums received		—		6,533		—		—		—		—		6,533
	$	—	$	6,533	$	—	$	25,915	$	89,633	$	—	$	122,081

^(a) Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the six months ended June 30, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts			Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts			Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—		$	—	$	—	$	195,835		$	—	$	195,835
Forward foreign currency exchange contracts		—		—			—		73,010		—			—		73,010
Swaps		—		(42,504	)		—		—		—			—		(42,504	)
	$	—	$	(42,504	)	$	—	$	73,010	$	195,835		$	—	$	226,341
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—		$	—	$	—	$	(97,534	)	$	—	$	(97,534	)
Forward foreign currency exchange contracts		—		—			—		19,314		—			—		19,314
Swaps		—		46,300			—		—		—			—		46,300
	$	—	$	46,300		$	—	$	19,314	$	(97,534	)	$	—	$	(31,920	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — short	$	3,188,766
Forward foreign currency exchange contracts
Average amounts purchased — in USD	$	1,786,349
Average amounts sold — in USD	$	2,205,332
Credit default swaps
Average notional value — buy protection	$	914,350

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

64 2 0 2 1    BLACK ROCK    SEMI - ANNUAL    REPORT    TO    SHAREHOLDERS

Schedule of Investments (unaudited) (continued) June 30, 2021 BlackRock Emerging Markets Bond Fund     

Derivative Financial Instruments — Offsetting as of Period End

The Fund’s derivative assets and liabilities (by type) were as follows:

	Assets		Liabilities
Derivative Financial Instruments
Futures contracts	$	—	$	16,231
Forward foreign currency exchange contracts		45,612		25,915
Swaps — OTC(a)		47,490		6,533
Total derivative assets and liabilities in the Statements of Assets and Liabilities		93,102		48,679
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		(16,231	)
Total derivative assets and liabilities subject to an MNA	$	93,102	$	32,448

^(a)  Includes unrealized appreciation (depreciation) on OTC swaps and swap premiums (paid/received) in the Statements of Assets and Liabilities.

The following table presents the Fund’s derivative assets and liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral received (and pledged) by the Fund:

Counterparty		Derivative Assets Subject to an MNA by Counterparty		Derivatives Available for Offset	(a)		Non-Cash Collateral Received		Cash Collateral Received		Net Amount of Derivative Assets	(b)(c)
Bank of America N.A.	$	23,945	$	(1,354)		$	—	$	—	$	22,591
Barclays Bank PLC		5,557		(33)			—		—		5,524
BNP Paribas S.A.		7,080		—			—		—		7,080
Deutsche Bank AG		57		—			—		—		57
Goldman Sachs International		43,016		(16,124)			—		—		26,892
Morgan Stanley & Co. International PLC		13,210		(13,210)			—		—		—
Natwest Markets PLC		237		—			—		—		237
	$	93,102	$	(30,721)		$	—	$	—	$	62,381
Counterparty		Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset	(a)		Non-Cash Collateral Pledged		Cash Collateral Pledged		Net Amount of Derivative Liabilities	(b)(d)
Bank of America N.A.	$	1,354	$	(1,354)		$	—	$	—	$	—
Barclays Bank PLC		33		(33)			—		—		—
Goldman Sachs International		16,124		(16,124)			—		—		—
Morgan Stanley & Co. International PLC		14,937		(13,210)			—		—		1,727
	$	32,448	$	(30,721)		$	—	$	—	$	1,727

^(a)  The amount of derivatives available for offset is limited to the amount of derivative asset and/or liabilities that are subject to an MNA.

^(b)  Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized.

^(c)  Net amount represents the net amount receivable from the counterparty in the event of default.

^(d)  Net amount represents the net amount payable due to counterparty in the event of default.

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to 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
Corporate Bonds	$	—	$	3,053,812	$	—	$	3,053,812
Foreign Agency Obligations		—		23,473,429		—		23,473,429

SCHEDULE    OF    INVESTMENTS 65

Schedule of Investments (unaudited) (continued) June 30, 2021 BlackRock Emerging Markets Bond Fund     

Fair Value Hierarchy as of Period End (continued)

	Level 1			Level 2			Level 3		Total
Short-Term Securities
Money Market Funds	$	1,449,740		$	—		$	—	$	1,449,740
	$	1,449,740		$	26,527,241		$	—	$	27,976,981
Derivative Financial Instruments(a)
Assets
Credit Contracts	$	—		$	8,517		$	—	$	8,517
Foreign Currency Exchange Contracts		—			45,612			—		45,612
Liabilities
Credit Contracts		—			(2,381	)		—		(2,381	)
Foreign Currency Exchange Contracts		—			(25,915	)		—		(25,915	)
Interest Rate Contracts		(89,633	)		—			—		(89,633	)
	$	(89,633	)	$	25,833		$	—	$	(63,800	)

^(a)  Derivative financial instruments are swaps, futures contracts and forward foreign currency exchange contracts. Swaps, futures contracts and forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

66 2 0 2 1    BLACK ROCK    SEMI - ANNUAL    REPORT    TO    SHAREHOLDERS

Statements of Assets and Liabilities (unaudited) 

June 30, 2021

	BlackRock Systematic Multi-Strategy Fund			BlackRock Emerging Markets Bond Fund
ASSETS
Investments, at value — unaffiliated(a)		$	6,787,725,077		$	26,527,241
Investments, at value — affiliated(b)			1,258,189,250			1,449,740
Cash			—			9,625
Cash pledged:
Collateral — OTC derivatives			11,550,000			—
Futures contracts			55,319,683			114,000
Centrally cleared swaps			24,136,000			—
Foreign currency, at value(c)			26,822,086			27,673
Receivables:
Investments sold			4,025,174			—
Swaps			138,753,373			—
TBA sale commitments			1,094,229,070			—
Capital shares sold			25,769,965			—
Dividends — unaffiliated			544,076			—
Dividends — affiliated			8,884			11
Interest — unaffiliated			26,013,092			385,193
From the Manager			—			4,217
Variation margin on futures contracts			3,468,466			—
Swap premiums paid			—			38,973
Unrealized appreciation on:
Forward foreign currency exchange contracts			162,341			45,612
OTC swaps			20,968,629			8,517
Deferred offering costs			22,496			—
Prepaid expenses			413,246			33,351
Total assets			9,478,120,908			28,644,153
LIABILITIES
Bank overdraft			762,402			—
Cash received:
Collateral — OTC derivatives			7,470,000			—
Collateral — TBA commitments			920,000			—
TBA sale commitments, at value(d)			1,094,013,150			—
Payables:
Investments purchased			2,441,868,102			—
Swaps			148,672,571			—
Accounting services fees			383,351			23,461
Administration fees			180,504			63
Capital shares redeemed			14,316,418			16,283
Income dividend distributions			—			90,359
Interest expense			216,694			—
Investment advisory fees			3,359,139			—
Recoupment of past waived fees			11			—
Other accrued expenses			1,087,781			22,383
Principal payups			—			2,750
Professional fees			2,530			24,738
Service and distribution fees			76,188			—
Variation margin on futures contracts			1,179,677			16,231
Variation margin on centrally cleared swaps			175,843			—
Swap premiums received			—			4,152
Unrealized depreciation on:
Forward foreign currency exchange contracts			—			25,915
OTC swaps			869,977			2,381
Total liabilities			3,715,554,338			228,716
NET ASSETS		$	5,762,566,570		$	28,415,437

FINANCIAL    STATEMENTS 67

Statements of Assets and Liabilities (unaudited) (continued)

June 30, 2021

	BlackRock Systematic Multi-Strategy Fund			BlackRock Emerging Markets Bond Fund
NET ASSETS CONSIST OF
Paid-in capital		$	5,584,014,166		$	29,507,610
Accumumlated earnings (loss)			178,552,404			(1,092,173	)
NET ASSETS		$	5,762,566,570		$	28,415,437
(a)  Investments, at cost — unaffiliated		$	6,706,858,893		$	26,408,972
(b)  Investments, at cost — affiliated		$	1,258,249,173		$	1,449,740
(c)  Foreign currency, at cost		$	27,064,389		$	27,690
(d)  Proceeds from TBA sale commitments		$	1,094,229,070		$	—

68 2 0 2 1    BLACK ROCK    SEMI - ANNUAL    REPORT    TO    SHAREHOLDERS

Statements of Assets and Liabilities (unaudited) (continued)

June 30, 2021

	BlackRock Systematic Multi-Strategy Fund			BlackRock Emerging Markets Bond Fund
NET ASSET VALUE
Institutional
Net assets		$	5,407,025,115		$	4,560,672
Shares outstanding			514,288,036			476,951
Net asset value		$	10.51		$	9.56
Shares authorized			Unlimited			Unlimited
Par value		$	0.001		$	0.001
Investor A
Net assets		$	341,888,532			N/A
Shares outstanding			32,608,315			N/A
Net asset value		$	10.48			N/A
Shares authorized			Unlimited			N/A
Par value		$	0.001			N/A
Investor C
Net assets		$	7,938,398			N/A
Shares outstanding			762,238			N/A
Net asset value		$	10.41			N/A
Shares authorized			Unlimited			N/A
Par value		$	0.001			N/A
Class K
Net assets		$	5,714,525		$	23,854,765
Shares outstanding			543,614			2,495,000
Net asset value		$	10.51		$	9.56
Shares authorized			Unlimited			Unlimited
Par value		$	0.001		$	0.001

See notes to financial statements.

FINANCIAL    STATEMENTS 69

Statements of Operations (unaudited) 

Six Months Ended June 30, 2021

	BlackRock Systematic Multi-Strategy Fund				BlackRock Emerging Markets Bond Fund
INVESTMENT INCOME
Dividends — unaffiliated		$	5,752,894			$	—
Dividends — affiliated			123,989				139
Interest — unaffiliated			41,401,066				693,552
Foreign taxes withheld			—				(6,331	)
Total investment income			47,277,949				687,360
EXPENSES
Investment advisory			17,134,354				74,018
Transfer agent — class specific			2,595,733				2,080
Administration			834,714				5,719
Administration — class specific			456,992				2,692
Registration			384,408				26,498
Service and distribution — class specific			368,054				—
Accounting services			189,592				8,439
Custodian			127,847				5,621
Professional			84,473				45,364
Offering			41,779				—
Printing and postage			21,135				17,393
Trustees and Officer			15,869				728
Recoupment of past waived and/or reimbursed fees — class specific			11				—
Miscellaneous			118,952				5,686
Total expenses			22,373,913				194,238
Less:
Administration fees waived			—				(5,720	)
Administration fees waived - class specific			(161,164	)			(2,400	)
Fees waived and/or reimbursed by the Manager			(212,249	)			(104,539	)
Transfer agent fees waived and/or reimbursed — class specific			(20,791	)			(856	)
Total expenses after fees waived and/or reimbursed			21,979,709				80,723
Net investment income			25,298,240				606,637
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated			16,953,095				119,900
Forward foreign currency exchange contracts			(110,317	)			73,010
Foreign currency transactions			515,486				(7,943	)
Futures contracts			10,489,753				195,835
Swaps			89,441,427				(42,504	)
			117,289,444				338,298
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated			3,439,776				(816,752	)
Investments — affiliated			(2	)			—
Forward foreign currency exchange contracts			175,396				19,314
Foreign currency translations			(483,640	)			(451	)
Futures contracts			6,917,051				(97,534	)
Swaps			36,117,154				46,300
			46,165,735				(849,123	)
Net realized and unrealized gain (loss)			163,455,179				(510,825	)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		$	188,753,419			$	95,812

See notes to financial statements.

70 2 0 2 1    BLACK ROCK    SEMI - ANNUAL    REPORT    TO    SHAREHOLDERS

Statements of Changes in Net Assets

	BlackRock Systematic Multi-Strategy Fund							BlackRock Emerging Markets Bond Fund
	Six Months Ended 06/30/21 (unaudited)			Year Ended 12/31/20				Six Months Ended 06/30/21 (unaudited)				Year Ended 12/31/20
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income		$	25,298,240		$	22,279,406			$	606,637			$	1,038,011
Net realized gain (loss)			117,289,444			(57,645,927	)			338,298				(549,947	)
Net change in unrealized appreciation (depreciation)			46,165,735			59,597,480				(849,123	)			1,144,043
Net increase in net assets resulting from operations			188,753,419			24,230,959				95,812				1,632,107
DISTRIBUTIONS TO SHAREHOLDERS(a)
From net investment income and net realized gain
Institutional			—			(26,669,101	)			(73,378	)			(5,005	)
Investor A			—			(1,467,609	)			—				—
Investor C			—			(18,725	)			—				—
Class K			—			(1,792	)			(510,530	)			(1,270,431	)
Return of capital
Institutional			—			(778,698	)			—				—
Investor A			—			(63,207	)			—				—
Investor C			—			(877	)			—				—
Class K			—			(154	)			—				—
Decrease in net assets resulting from distributions to shareholders			—			(29,000,163	)			(583,908	)			(1,275,436	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions			2,297,962,307			2,927,997,601				4,470,751				89,843
NET ASSETS
Total increase in net assets			2,486,715,726			2,923,228,397				3,982,655				446,514
Beginning of period			3,275,850,844			352,622,447				24,432,782				23,986,268
End of period		$	5,762,566,570		$	3,275,850,844			$	28,415,437			$	24,432,782

^(a)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

FINANCIAL    STATEMENTS 71

Financial Highlights

(For a share outstanding throughout each period)

	BlackRock Systematic Multi-Strategy Fund
	Institutional
	Six Months Ended 06/30/21 (unaudited)				Year Ended December 31,
					2020			2019			2018			2017			2016
Net asset value, beginning of period		$	10.10		$	9.88		$	9.47		$	10.15		$	9.61		$	9.53
Net investment income(a)			0.06			0.14			0.23			0.29			0.22			0.16
Net realized and unrealized gain (loss)			0.35			0.21			0.56			(0.12	)		0.73			0.40
Net increase from investment operations			0.41			0.35			0.79			0.17			0.95			0.56
Distributions(b)
From net investment income			—			(0.13	)		(0.18	)		(0.29	)		(0.22	)		(0.16	)
From net realized gain			—			(0.00	)(c)		(0.20	)		(0.56	)		(0.19	)		(0.32	)
Return of capital			—			(0.00	)(c)		—			—			—			—
Total distributions			—			(0.13	)		(0.38	)		(0.85	)		(0.41	)		(0.48	)
Net asset value, end of period		$	10.51		$	10.10		$	9.88		$	9.47		$	10.15		$	9.61
Total Return(d)
Based on net asset value			4.06	%(e)		3.57	%		8.43	%		1.74	%		10.00	%		5.91	%
Ratios to Average Net Assets(f)
Total expenses			0.96	%(g)		0.99	%		1.29	%		2.33	%		2.16	%		2.24	%
Total expenses after fees waived and/or reimbursed			0.95	%(g)		0.95	%		0.95	%		0.95	%		0.95	%		1.19	%
Total expenses after fees waived and/or reimbursed and excluding excise tax			0.95	%(g)		0.95	%		0.95	%		0.95	%		0.95	%		1.18	%
Net investment income			1.12	%(g)		1.38	%		2.27	%		2.93	%		2.19	%		1.64	%
Supplemental Data
Net assets, end of period (000)		$	5,407,025		$	3,091,298		$	277,782		$	32,961		$	27,328		$	25,588
Portfolio turnover rate(h)(i)			444	%		503	%		442	%		426	%		424	%		722	%

^(a)  Based on average shares outstanding.

^(b) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)  Amount is greater than $(0.005) per share.

^(d)  Where applicable, assumes the reinvestment of distributions.

^(e)  Aggregate total return.

^(f)  Excludes expenses incurred indirectly as a result of investments in underlying funds as follows:

	Six Months Ended 06/30/21 (unaudited)			Year Ended December 31,
				2020			2019			2018			2017			2016
Investments in underlying funds		0.02	%		0.03	%		0.02	%		0.01	%		0.00	%		0.02	%

^(g) Annualized    

^(h) Includes mortgage dollar roll transactions (“MDRs”). Additional information regarding portfolio turnover rate is as follows:    

	Six Months Ended 06/30/21 (unaudited)			Year Ended December 31,
				2020			2019			2018			2017			2016
Portfolio turnover rate (excluding MDRs)		198	%		258	%		267	%		220	%		251	%		488	%

⁽ⁱ⁾  Excludes underlying investments in total return swaps.

See notes to financial statements.

72 2 0 2 1    BLACK ROCK    SEMI - ANNUAL    REPORT    TO    SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)

	BlackRock Systematic Multi-Strategy Fund (continued)
	Investor A
	Six Months Ended 06/30/21 (unaudited)				Year Ended December 31,
					2020			2019			2018			2017			2016
Net asset value, beginning of period		$	10.09		$	9.87		$	9.46		$	10.15		$	9.60		$	9.53
Net investment income(a)			0.04			0.14			0.20			0.22			0.19			0.14
Net realized and unrealized gain (loss)			0.35			0.19			0.58			(0.09	)		0.74			0.39
Net increase from investment operations			0.39			0.33			0.78			0.13			0.93			0.53
Distributions(b)
From net investment income			—			(0.11	)		(0.17	)		(0.26	)		(0.19	)		(0.14	)
From net realized gain			—			(0.00	)(c)		(0.20	)		(0.56	)		(0.19	)		(0.32	)
Return of capital			—			(0.00	)(c)		—			—			—			—
Total distributions			—			(0.11	)		(0.37	)		(0.82	)		(0.38	)		(0.46	)
Net asset value, end of period		$	10.48		$	10.09		$	9.87		$	9.46		$	10.15		$	9.60
Total Return(d)
Based on net asset value			3.87	%(e)		3.34	%		8.25	%		1.41	%		9.83	%		5.61	%
Ratios to Average Net Assets(f)
Total expenses			1.24	%(g)		1.31	%		1.60	%		2.73	%		2.63	%		2.75	%
Total expenses after fees waived and/or reimbursed			1.20	%(g)		1.20	%		1.20	%		1.20	%		1.20	%		1.42	%
Total expenses after fees waived and/or reimbursed and excluding excise tax			1.20	%(g)		1.20	%		1.20	%		1.20	%		1.20	%		1.42	%
Net investment income			0.86	%(g)		1.34	%		1.95	%		2.21	%		1.94	%		1.46	%
Supplemental Data
Net assets, end of period (000)		$	341,889		$	179,389		$	74,536		$	2,725		$	1,469		$	2,439
Portfolio turnover rate(h)(i)			444	%		503	%		442	%		426	%		424	%		722	%

^(a)  Based on average shares outstanding.

^(b)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)  Amount is greater than $(0.005) per share.

^(d)  Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.

^(e)  Aggregate total return.

^(f)  Excludes expenses incurred indirectly as a result of investments in underlying funds as follows:

	Six Months Ended 06/30/21 (unaudited)			Year Ended December 31,
				2020			2019			2018			2017			2016
Investments in underlying funds		0.02	%		0.03	%		0.02	%		0.01	%		0.00	%		0.02	%

^(g) Annualized    

^(h) Includes mortgage dollar roll transactions (“MDRs”). Additional information regarding portfolio turnover rate is as follows:    

	Six Months Ended 06/30/21 (unaudited)			Year Ended December 31,
				2020			2019			2018			2017			2016
Portfolio turnover rate (excluding MDRs)		198	%		258	%		267	%		220	%		251	%		488	%

⁽ⁱ⁾  Excludes underlying investments in total return swaps.

See notes to financial statements.

FINANCIAL    HIGHLIGHTS 73

Financial Highlights (continued)

(For a share outstanding throughout each period)

	BlackRock Systematic Multi-Strategy Fund (continued)
	Investor C
	Six Months Ended 06/30/21 (unaudited)				Year Ended December 31,
					2020			2019			2018			2017			2016
Net asset value, beginning of period		$	10.05		$	9.87		$	9.47		$	10.16		$	9.58		$	9.51
Net investment income(a)			0.01			0.01			0.08			0.20			0.12			0.06
Net realized and unrealized gain (loss)			0.35			0.24			0.62			(0.14	)		0.73			0.40
Net increase from investment operations			0.36			0.25			0.70			0.06			0.85			0.46
Distributions(b)
From net investment income			—			(0.07	)		(0.10	)		(0.19	)		(0.08	)		(0.07	)
From net realized gain			—			(0.00	)(c)		(0.20	)		(0.56	)		(0.19	)		(0.32	)
Return of capital			—			(0.00	)(c)		—			—			—			—
Total distributions			—			(0.07	)		(0.30	)		(0.75	)		(0.27	)		(0.39	)
Net asset value, end of period		$	10.41		$	10.05		$	9.87		$	9.47		$	10.16		$	9.58
Total Return(d)
Based on net asset value			3.58	%(e)		2.55	%		7.43	%		0.65	%		8.97	%		4.82	%
Ratios to Average Net Assets(f)
Total expenses			1.96	%(g)		2.07	%		2.51	%		3.48	%		3.30	%		3.43	%
Total expenses after fees waived and/or reimbursed			1.94	%(g)		1.95	%		1.95	%		1.95	%		1.95	%		2.19	%
Total expenses after fees waived and/or reimbursed and excluding excise tax			1.94	%(g)		1.95	%		1.95	%		1.95	%		1.95	%		2.18	%
Net investment income			0.13	%(g)		0.10	%		0.76	%		2.01	%		1.18	%		0.64	%
Supplemental Data
Net assets, end of period (000)		$	7,938		$	4,868		$	305		$	75		$	67		$	193
Portfolio turnover rate(h)(i)			444	%		503	%		442	%		426	%		424	%		722	%

^(a)  Based on average shares outstanding.

^(b)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)  Amount is greater than $(0.005) per share.

^(d)  Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.

^(e)  Aggregate total return.

^(f)  Excludes expenses incurred indirectly as a result of investments in underlying funds as follows:

	Six Months Ended 06/30/21 (unaudited)			Year Ended December 31,
				2020			2019			2018			2017			2016
Investments in underlying funds		0.02	%		0.03	%		0.02	%		0.01	%		0.00	%		0.02	%

^(g) Annualized.

^(h) Includes mortgage dollar roll transactions (“MDRs”). Additional information regarding portfolio turnover rate is as follows:    

	Six Months Ended 06/30/21 (unaudited)			Year Ended December 31,
				2020			2019			2018			2017			2016
Portfolio turnover rate (excluding MDRs)		198	%		258	%		267	%		220	%		251	%		488	%

⁽ⁱ⁾  Excludes underlying investments in total return swaps.

See notes to financial statements.

74 2 0 2 1    BLACK ROCK    SEMI - ANNUAL    REPORT    TO    SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)

	BlackRock Systematic Multi-Strategy Fund (continued)
	Class K
		Six Months Ended 06/30/21 (unaudited)				Period from 09/29/20(a) to 12/31/20
Net asset value, beginning of period			$	10.10			$	10.22
Net investment income(b)				0.07				0.01
Net realized and unrealized gain (loss)				0.34				(0.06	)
Net increase (decrease) from investment operations				0.41				(0.05	)
Distributions(c)
From net investment income				—				(0.07	)
From net realized gain				—				(0.00	)(d)
Return of capital				—				(0.00	)(d)
Total distributions				—				(0.07	)
Net asset value, end of period			$	10.51			$	10.10
Total Return(e)
Based on net asset value				4.06	%(f)			(0.53	)%(f)
Ratios to Average Net Assets(g)
Total expenses				0.86	%(h)			0.99	%(h)
Total expenses after fees waived and/or reimbursed				0.85	%(h)			0.90	%(h)
Total expenses after fees waived and/or reimbursed and excluding excise tax				0.85	%(h)			0.90	%(h)
Net investment income				1.34	%(h)			0.35	%(h)
Supplemental Data
Net assets, end of period (000)			$	5,715			$	296
Portfolio turnover rate(i)(j)				444	%			503	%

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

^(c)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)  Amount is greater than $(0.005) per share.

^(e)  Where applicable, assumes the reinvestment of distributions.

^(f)  Aggregate total return.

^(g)  Excludes expenses incurred indirectly as a result of investments in underlying funds as follows:

	Six Months Ended 06/30/21 (unaudited)			Period from 09/29/20(a) to 12/31/20
Investments in underlying funds		0.02	%		0.03	%

^(h) Annualized.

⁽ⁱ⁾ Includes mortgage dollar roll transactions (“MDRs”). Additional information regarding portfolio turnover rate is as follows:

	Six Months Ended 06/30/21 (unaudited)			Period from 09/29/20 to 12/31/20	(a)
Portfolio turnover rate (excluding MDRs)		198	%	258	%

^(j)  Excludes underlying investments in total return swaps.

See notes to financial statements.

FINANCIAL    HIGHLIGHTS 75

Financial Highlights (continued)

(For a share outstanding throughout each period)

	BlackRock Emerging Markets Bond Fund
	Institutional
	Six Months Ended                 06/30/21                 (unaudited)				Year Ended December 31,												Period from            07/27/17(a)         to 12/31/17
					2020				2019				2018
Net asset value, beginning of period		$	9.74			$	9.59			$	8.83			$	9.93			$	10.00
Net investment income(b)			0.20				0.41				0.46				0.37				0.21
Net realized and unrealized gain (loss)			(0.18	)			0.24				0.77				(0.95	)			(0.06	)
Net increase (decrease) from investment operations			0.02				0.65				1.23				(0.58	)			0.15
Distributions from net investment income(c)			(0.20	)			(0.50	)			(0.47	)			(0.52	)			(0.22	)
Net asset value, end of period		$	9.56			$	9.74			$	9.59			$	8.83			$	9.93
Total Return(d)
Based on net asset value			0.28	%(e)			7.20	%			14.07	%			(5.95	)%			1.53	%(e)
Ratios to Average Net Assets(f)
Total expenses			1.47	%(g)			1.72	%			1.58	%			1.86	%			1.35	%(g)(h)
Total expenses after fees waived and/or reimbursed			0.68	%(g)			0.68	%			0.68	%			0.67	%			0.65	%(g)
Net investment income			4.48	%(g)			4.43	%			4.81	%			3.95	%			4.93	%(g)
Supplemental Data
Net assets, end of period (000)		$	4,561			$	146			$	48			$	44			$	50
Portfolio turnover rate			14	%			80	%			68	%			59	%			23	%

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

^(c)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)  Where applicable, assumes the reinvestment of distributions.

^(e)  Aggregate total return.

^(f)  Excludes expenses incurred indirectly as a result of investments in underlying funds as follows:

	Six Months Ended                      06/30/21                     (unaudited)			Year Ended December 31,									Period from            07/27/17(a)          to 12/31/17
				2020			2019			2018
Investments in underlying funds		0.01	%		0.01	%		0.01	%		—	%		0.02	%

^(g)  Annualized.

^(h)  Audit, offering and organization costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 2.03%.

See notes to financial statements.

76 2 0 2 1    BLACK ROCK    SEMI - ANNUAL    REPORT    TO    SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)

	BlackRock Emerging Markets Bond Fund (continued)
	Class K
	Six Months Ended                 06/30/21                 (unaudited)				Year Ended December 31,												Period from            07/27/17(a)         to 12/31/17
					2020				2019				2018
Net asset value, beginning of period		$	9.73			$	9.59			$	8.83			$	9.93			$	10.00
Net investment income(b)			0.21				0.41				0.46				0.38				0.21
Net realized and unrealized gain (loss)			(0.17	)			0.23				0.77				(0.96	)			(0.06	)
Net increase (decrease) from investment operations			0.04				0.64				1.23				(0.58	)			0.15
Distributions from net investment income(c)			(0.21	)			(0.50	)			(0.47	)			(0.52	)			(0.22	)
Net asset value, end of period		$	9.56			$	9.73			$	9.59			$	8.83			$	9.93
Total Return(d)
Based on net asset value			0.43	%(e)			7.18	%			14.17	%			(5.87	)%			1.55	%(e)
Ratios to Average Net Assets(f)
Total expenses			1.44	%(g)			1.59	%			1.45	%			1.70	%			1.31	%(g)(h)
Total expenses after fees waived and/or reimbursed			0.59	%(g)			0.59	%			0.59	%			0.59	%			0.59	%(g)
Net investment income			4.51	%(g)			4.52	%			4.90	%			4.03	%			4.98	%(g)
Supplemental Data
Net assets, end of period (000)		$	23,855			$	24,287			$	23,938			$	22,042			$	24,770
Portfolio turnover rate			14	%			80	%			68	%			59	%			23	%

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

^(c)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)  Where applicable, assumes the reinvestment of distributions.

^(e)  Aggregate total return.

^(f)  Excludes expenses incurred indirectly as a result of investments in underlying funds as follows:

	Six Months Ended                 06/30/21                 (unaudited)			Year Ended December 31,									Period from            07/27/17(a)         to 12/31/17
				2020			2019			2018
Investments in underlying funds		0.01	%		0.01	%		0.01	%		—	%		0.02	%

^(g)  Annualized.

^(h)  Audit, offering and organization costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 1.98%.

See notes to financial statements.

FINANCIAL    HIGHLIGHTS 77

Notes to Financial Statements (unaudited)

1. ORGANIZATION

BlackRock Funds IV and BlackRock Funds V (each, a “Trust” or collectively, the “Trusts”) are each registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as open-end management investment companies. Each Trust is organized as a Massachusetts business trust. The following, each of which is a series of the Trust, are referred to herein collectively as the “Funds” or individually as a “Fund”:

Fund Name	Herein Referred To As	Diversification Classification
BlackRock Systematic Multi-Strategy Fund	Systematic Multi-Strategy Fund	Diversified
BlackRock Emerging Markets Bond Fund	Emerging Markets Bond Fund	Diversified

Each Fund offers multiple classes of shares. All classes of shares have identical voting, dividend, liquidation and other rights and are subject to the same terms and conditions, except that certain classes bear expenses related to the shareholder servicing and distribution of such shares. Institutional and Class K Shares are sold only to certain eligible investors. Investor A and Investor C Shares bear certain expenses related to shareholder servicing of such shares, and Investor C Shares also bear certain expenses related to the distribution of such shares. Investor A and Investor C Shares are generally available through financial intermediaries. Each class has exclusive voting rights with respect to matters relating to its shareholder servicing and distribution expenditures (except that Investor C shareholders may vote on material changes to the Investor A Shares distribution and service plan).

Share Class	Initial Sales Charge	CDSC			Conversion Privilege
Institutional and Class K Shares	No		No		None
Investor A Shares	Yes		No	(a)	None
Investor C Shares	No		Yes	(b)	To Investor A Shares after approximately 8 years

^(a)  Investor A Shares may be subject to a contingent deferred sales charge (“CDSC”) for certain redemptions where no initial sales charge was paid at the time of purchase.

^(b)  A CDSC of 1.00% is assessed on certain redemptions of Investor C Shares made within one year after purchase.

On June 9, 2021, the Board of Trustees of the Fund (the “Board”) approved a proposal to change the name of the Emerging Markets Bond Fund to BlackRock Sustainable Emerging Markets Bond Fund. The Board also approved certain changes to the Fund’s investment objective, investment strategies and investment process. In addition, the investment adviser has determined to change the benchmark indices against which the Fund compares its performance. These changes are expected to become effective on or about September 23, 2021.

The Funds, together with certain other registered investment companies advised by BlackRock Advisors, LLC (the “Manager”) or its affiliates, are included in a complex of non-index fixed-income mutual funds and all BlackRock-advised closed-end funds referred to as the BlackRock Fixed-Income Complex.

2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend dates. Non-cash dividends, if any, are recorded on the ex-dividend dates at fair value. Upon notification from issuers, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis. Income, expenses and realized and unrealized gains and losses are allocated daily to each class based on its relative net assets.

Foreign Currency Translation: Each Fund’s books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates determined as of the close of trading on the New York Stock Exchange (“NYSE”). Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are

presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as

78 2 0 2 1    BLACK ROCK    SEMI - ANNUAL    REPORT    TO    SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

“Foreign taxes withheld”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of June 30, 2021, if any, are disclosed in the Statements of Assets and Liabilities.

The Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The Statements of Operations include tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

Segregation and Collateralization: In cases where a Fund enters into certain investments (e.g., dollar rolls, to-be-announced (“TBA”) sale commitments, futures contracts, forward foreign currency exchange contracts and swaps) that would be treated as “senior securities” for 1940 Act purposes, a Fund may segregate or designate on its books and records cash or liquid assets having a market value at least equal to the amount of its future obligations under such investments. Doing so allows the investment to be excluded from treatment as a “senior security.” Furthermore, if required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments or obligations.

Distributions: Distributions from net investment income are declared daily and paid monthly for Emerging Markets Bond Fund and declared daily and paid annually for Systematic Multi-Strategy Fund. Distributions of capital gains are recorded on the ex-dividend dates and made at least annually. The portion of distributions, if any, that exceeds a fund’s current and accumulated earnings and profits, as measured on a tax basis, constitute a non-taxable return of capital. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

Offering Costs: Offering costs are amortized over a 12-month period beginning with the commencement of operations of a class of shares.

Deferred Compensation Plan: Under the Deferred Compensation Plan (the “Plan”) approved by each Board of Trustees of the Trust (the “Board”), the trustees who are not “interested persons” of the Funds, as defined in the 1940 Act (“Independent Trustees”), may defer a portion of their annual complex-wide compensation. Deferred amounts earn an approximate return as though equivalent dollar amounts had been invested in common shares of certain funds in the BlackRock Fixed-Income Complex selected by the Independent Trustees. This has the same economic effect for the Independent Trustees as if the Independent Trustees had invested the deferred amounts directly in certain funds in the BlackRock Fixed-Income Complex.

The Plan is not funded and obligations thereunder represent general unsecured claims against the general assets of each Fund, as applicable. Deferred compensation liabilities, if any, are included in the Trustees’ and Officer’s fees payable in the Statements of Assets and Liabilities and will remain as a liability of the Funds until such amounts are distributed in accordance with the Plan.

Indemnifications: In the normal course of business, a Fund enters into contracts that contain a variety of representations that provide general indemnification. A Fund’s maximum exposure under these arrangements is unknown because it involves future potential claims against a Fund, which cannot be predicted with any certainty.

Other: Expenses directly related to a Fund or its classes are charged to that Fund or the applicable class. Expenses directly related to the Funds and other shared expenses prorated to the Funds are allocated daily to each class based on their relative net assets or other appropriate methods. Other operating expenses shared by several funds, including other funds managed by the Manager, are prorated among those funds on the basis of relative net assets or other appropriate methods.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund is open for business and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under policies approved by the Board. If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with a policy approved by the Board as reflecting fair value. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:

• Equity investments traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day may be valued at the last available bid (long positions) or ask (short positions) price.

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the NYSE. Occasionally, events affecting the values of such instruments may occur between the foreign market close and the close of trading on the NYSE that may not be reflected in the computation of the Funds’ net assets. Each business day, the Funds use a pricing service to assist with the valuation of certain foreign exchange-traded equity securities and foreign exchange-traded and over-the-counter (“OTC”) options (the “Systematic Fair Value Price”). Using current market factors, the Systematic Fair Value Price is designed to value such foreign securities and foreign options at fair value as of the close of trading on the NYSE, which follows the close of the local markets.

• Fixed-income investments for which market quotations are readily available are generally valued using the last available bid price or current market quotations provided by independent dealers or third party pricing services. Pricing services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots may trade at lower prices than institutional round lots. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data (e.g., recent representative bids and

NOTES    TO    FINANCIAL    STATEMENTS 79

Notes to Financial Statements (unaudited) (continued)

offers), market data, credit quality information, perceived market movements, news, and other relevant information. Certain fixed-income securities, including asset-backed and mortgage related securities may be valued based on valuation models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. The amortized cost method of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity unless the Manager determines such method does not represent fair value.

• Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published net asset value (“NAV”).

• Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded.

• Forward foreign currency exchange contracts are valued at the mean between the bid and ask prices and are determined as of the close of trading on the NYSE based on that day’s prevailing forward exchange rate for the underlying currencies.

• Swap agreements are valued utilizing quotes received daily by independent pricing services or through brokers, which are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades and values of the underlying reference instruments.

If events (e.g., a market closure, market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Global Valuation Committee, or its delegate, in accordance with a policy approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Global Valuation Committee, or its delegate, seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.

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

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

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

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

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds 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.

4. SECURITIES AND OTHER INVESTMENTS

Asset-Backed and Mortgage-Backed Securities: Asset-backed securities are generally issued as pass-through certificates or as debt instruments. Asset-backed securities issued as pass-through certificates represent undivided fractional ownership interests in an underlying pool of assets. Asset-backed securities issued as debt instruments, which are also known as collateralized obligations, are typically issued as the debt of a special purpose entity organized solely for the purpose of owning such assets and issuing such debt. Asset-backed securities are often backed by a pool of assets representing the obligations of a number of different parties. The yield characteristics of certain asset-backed securities may differ from traditional debt securities. One such major difference is that all or a principal part of the obligations may be prepaid at any time because the underlying assets (i.e., loans) may be prepaid at any time. As a result, a decrease in interest rates in the market may result in increases in the level of prepayments as borrowers, particularly mortgagors, refinance and repay their loans. An increased prepayment rate with respect to an asset-backed security will have the effect of shortening the maturity of the security. In addition, a fund may subsequently have to reinvest the proceeds at lower interest rates. If a fund has purchased such an asset-backed security at a premium, a faster than anticipated prepayment rate could result in a loss of principal to the extent of the premium paid.

For mortgage pass-through securities (the “Mortgage Assets”) there are a number of important differences among the agencies and instrumentalities of the U.S. Government that issue mortgage-related securities and among the securities that they issue. For example, mortgage-related securities guaranteed by Ginnie Mae are guaranteed as to the timely payment of principal and interest by Ginnie Mae and such guarantee is backed by the full faith and credit of the United States. However, mortgage-related securities issued by Freddie Mac and Fannie Mae, including Freddie Mac and Fannie Mae guaranteed mortgage pass-through certificates, which are solely the obligations of Freddie Mac and Fannie Mae, are not backed by or entitled to the full faith and credit of the United States, but are supported by the right of the issuer to borrow from the U.S. Treasury.

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Notes to Financial Statements (unaudited) (continued)

Non-agency mortgage-backed securities are securities issued by non-governmental issuers and have no direct or indirect government guarantees of payment and are subject to various risks. Non-agency mortgage loans are obligations of the borrowers thereunder only and are not typically insured or guaranteed by any other person or entity. The ability of a borrower to repay a loan is dependent upon the income or assets of the borrower. A number of factors, including a general economic downturn, acts of God, terrorism, social unrest and civil disturbances, may impair a borrower’s ability to repay its loans.

Collateralized Debt Obligations: Collateralized debt obligations (“CDOs”), including collateralized bond obligations (“CBOs”) and collateralized loan obligations (“CLOs”), are types of asset-backed securities. A CDO is an entity that is backed by a diversified pool of debt securities (CBOs) or syndicated bank loans (CLOs). The cash flows of the CDO can be split into multiple segments, called “tranches,” which will vary in risk profile and yield. The riskiest segment is the subordinated or “equity” tranche. This tranche bears the greatest risk of defaults from the underlying assets in the CDO and serves to protect the other, more senior, tranches from default in all but the most severe circumstances. Since it is shielded from defaults by the more junior tranches, a “senior” tranche will typically have higher credit ratings and lower yields than their underlying securities, and often receive investment grade ratings from one or more of the nationally recognized rating agencies. Despite the protection from the more junior tranches, senior tranches can experience substantial losses due to actual defaults, increased sensitivity to future defaults and the disappearance of one or more protecting tranches as a result of changes in the credit profile of the underlying pool of assets.

Multiple Class Pass-Through Securities: Multiple class pass-through securities, including collateralized mortgage obligations (“CMOs”) and commercial mortgage-backed securities, may be issued by Ginnie Mae, U.S. Government agencies or instrumentalities or by trusts formed by private originators of, or investors in, mortgage loans. In general, CMOs are debt obligations of a legal entity that are collateralized by a pool of residential or commercial mortgage loans or Mortgage Assets. The payments on these are used to make payments on the CMOs or multiple pass-through securities. Multiple class pass-through securities represent direct ownership interests in the Mortgage Assets. Classes of CMOs include interest only (“IOs”), principal only (“POs”), planned amortization classes and targeted amortization classes. IOs and POs are stripped mortgage-backed securities representing interests in a pool of mortgages, the cash flow from which has been separated into interest and principal components. IOs receive the interest portion of the cash flow while POs receive the principal portion. IOs and POs can be extremely volatile in response to changes in interest rates. As interest rates rise and fall, the value of IOs tends to move in the same direction as interest rates. POs perform best when prepayments on the underlying mortgages rise since this increases the rate at which the principal is returned and the yield to maturity on the PO. When payments on mortgages underlying a PO are slower than anticipated, the life of the PO is lengthened and the yield to maturity is reduced. If the underlying Mortgage Assets experience greater than anticipated prepayments of principal, a fund’s initial investment in the IOs may not fully recoup.

Capital Securities and Trust Preferred Securities: Capital securities, including trust preferred securities, are typically issued by corporations, generally in the form of interest-bearing notes with preferred securities characteristics. In the case of trust preferred securities, an affiliated business trust of a corporation issues these securities, generally in the form of beneficial interests in subordinated debentures or similarly structured securities. The securities can be structured with either a fixed or adjustable coupon that can have either a perpetual or stated maturity date. For trust preferred securities, the issuing bank or corporation pays interest to the trust, which is then distributed to holders of these securities as a dividend. Dividends can be deferred without creating an event of default or acceleration, although maturity cannot take place unless all cumulative payment obligations have been met. The deferral of payments does not affect the purchase or sale of these securities in the open market. These securities generally are rated below that of the issuing company’s senior debt securities and are freely callable at the issuer’s option.

Forward Commitments, When-Issued and Delayed Delivery Securities: The Funds may purchase securities on a when-issued basis and may purchase or sell securities on a forward commitment basis. Settlement of such transactions normally occurs within a month or more after the purchase or sale commitment is made. A Fund may purchase securities under such conditions with the intention of actually acquiring them, but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, a Fund may be required to pay more at settlement than the security is worth. In addition, a Fund is not entitled to any of the interest earned prior to settlement. When purchasing a security on a delayed delivery basis, a Fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations. In the event of default by the counterparty, a Fund’s maximum amount of loss is the unrealized appreciation of unsettled when-issued transactions.

TBA Commitments: TBA commitments are forward agreements for the purchase or sale of securities, including mortgage-backed securities for a fixed price, with payment and delivery on an agreed upon future settlement date. The specific securities to be delivered are not identified at the trade date. However, delivered securities must meet specified terms, including issuer, rate and mortgage terms. When entering into TBA commitments, a fund may take possession of or deliver the underlying mortgage-backed securities but can extend the settlement or roll the transaction. TBA commitments involve a risk of loss if the value of the security to be purchased or sold declines or increases, respectively, prior to settlement date, if there are expenses or delays in connection with the TBA transactions, or if the counterparty fails to complete the transaction.

In order to better define contractual rights and to secure rights that will help a fund mitigate its counterparty risk, TBA commitments may be entered into by a fund under Master Securities Forward Transaction Agreements (each, an “MSFTA”). An MSFTA typically contains, among other things, collateral posting terms and netting provisions in the event of default and/or termination event. The collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and comparing that amount to the value of the collateral currently pledged by a fund and the counterparty. Cash collateral that has been pledged to cover the obligations of a fund and cash collateral received from the counterparty, if any, is reported separately in the Statements of Assets and Liabilities as cash pledged as collateral for TBA commitments or cash received as collateral for TBA commitments, respectively. Non-cash collateral pledged by a fund, if any, is noted in the Schedules of Investments. Typically, a fund is permitted to sell, re-pledge or use the collateral it receives; however, the counterparty is not permitted to do so. To the extent amounts due to a fund are not fully collateralized, contractually or otherwise, a fund bears the risk of loss from counterparty non-performance.

Mortgage Dollar Roll Transactions: The Funds may sell TBA mortgage-backed securities and simultaneously contract to repurchase substantially similar (i.e., same type, coupon and maturity) securities on a specific future date at an agreed upon price. During the period between the sale and repurchase, a fund is not entitled to receive interest and principal payments on the securities sold. Mortgage dollar roll transactions are treated as purchases and sales and a fund realizes gains and losses on these transactions. Mortgage dollar rolls involve the risk that the market value of the securities that a fund is required to purchase may decline below the agreed upon repurchase price of those securities.

NOTES    TO    FINANCIAL    STATEMENTS 81

Notes to Financial Statements (unaudited) (continued)

5. DERIVATIVE FINANCIAL INSTRUMENTS

The Funds engage in various portfolio investment strategies using derivative contracts both to increase the returns of the Funds and/or to manage their exposure to certain risks such as credit risk, equity risk, interest rate risk, foreign currency exchange rate risk, commodity price risk or other risks (e.g., inflation risk). Derivative financial instruments categorized by risk exposure are included in the Schedules of Investments. These contracts may be transacted on an exchange or OTC.

Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).

Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.

Securities deposited as initial margin are designated in the Schedules of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statements of Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

Forward Foreign Currency Exchange Contracts: Forward foreign currency exchange contracts are entered into to gain or reduce exposure to foreign currencies (foreign currency exchange rate risk).

A forward foreign currency exchange contract is an agreement between two parties to buy and sell a currency at a set exchange rate on a specified date. These contracts help to manage the overall exposure to the currencies in which some of the investments held by the Funds are denominated and in some cases, may be used to obtain exposure to a particular market. The contracts are traded OTC and not on an organized exchange.

The contract is marked-to-market daily and the change in market value is recorded as unrealized appreciation (depreciation) in the Statements of Assets and Liabilities. When a contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the value at the time it was opened and the value at the time it was closed. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency. The use of forward foreign currency exchange contracts involves the risk that the value of a forward foreign currency exchange contract changes unfavorably due to movements in the value of the referenced foreign currencies, and such value may exceed the amount(s) reflected in the Statements of Assets and Liabilities. Cash amounts pledged for forward foreign currency exchange contracts are considered restricted and are included in cash pledged as collateral for OTC derivatives in the Statements of Assets and Liabilities. A Fund’s risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund.

Swaps: Swap contracts are entered into to manage exposure to issuers, markets and securities. Such contracts are agreements between the Funds and a counterparty to make periodic net payments on a specified notional amount or a net payment upon termination. Swap agreements are privately negotiated in the OTC market and may be entered into as a bilateral contract (“OTC swaps”) or centrally cleared (“centrally cleared swaps”).

For OTC swaps, any upfront premiums paid and any upfront fees received are shown as swap premiums paid and swap premiums received, respectively, in the Statements of Assets and Liabilities and amortized over the term of the contract. The daily fluctuation in market value is recorded as unrealized appreciation (depreciation) on OTC Swaps in the Statements of Assets and Liabilities. Payments received or paid are recorded in the Statements of Operations as realized gains or losses, respectively. When an OTC swap is terminated, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the proceeds from (or cost of) the closing transaction and the Funds’ basis in the contract, if any. Generally, the basis of the contract is the premium received or paid.

In a centrally cleared swap, immediately following execution of the swap contract, the swap contract is novated to a central counterparty (the “CCP”) and the CCP becomes the Funds’ counterparty on the swap. Each Fund is required to interface with the CCP through the broker. Upon entering into a centrally cleared swap, each Fund is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap. Securities deposited as initial margin are designated in the Schedules of Investments and cash deposited is shown as cash pledged for centrally cleared swaps in the Statements of Assets and Liabilities. Amounts pledged, which are considered restricted cash, are included in cash pledged for centrally cleared swaps in the Statements of Assets and Liabilities. Pursuant to the contract, each Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and shown as variation margin receivable (or payable) on centrally cleared swaps in the Statements of Assets and Liabilities. Payments received from (paid to) the counterparty are amortized over the term of the contract and recorded as realized gains (losses) in the Statements of Operations, including those at termination.

• Credit default swaps — Credit default swaps are entered into to manage exposure to the market or certain sectors of the market, to reduce risk exposure to defaults of corporate and/or sovereign issuers or to create exposure to corporate and/or sovereign issuers to which a fund is not otherwise exposed (credit risk).

The Funds may either buy or sell (write) credit default swaps on single-name issuers (corporate or sovereign), a combination or basket of single-name issuers or traded indexes. Credit default swaps are agreements in which the protection buyer pays fixed periodic payments to the seller in consideration for a promise from the protection seller to make a specific payment should a negative credit event take place with respect to the referenced entity (e.g., bankruptcy, failure to pay, obligation acceleration, repudiation, moratorium or restructuring). As a buyer, if an underlying credit event occurs, the Funds will either (i) receive from the seller an amount equal to the notional

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Notes to Financial Statements (unaudited) (continued)

amount of the swap and deliver the referenced security or underlying securities comprising the index, or (ii) receive a net settlement of cash equal to the notional amount of the swap less the recovery value of the security or underlying securities comprising the index. As a seller (writer), if an underlying credit event occurs, the Funds will either pay the buyer an amount equal to the notional amount of the swap and take delivery of the referenced security or underlying securities comprising the index or pay a net settlement of cash equal to the notional amount of the swap less the recovery value of the security or underlying securities comprising the index.

• Total return swaps — Total return swaps are entered into to obtain exposure to a security or market without owning such security or investing directly in such market or to exchange the risk/return of one security or market (e.g., fixed-income) with another security or market (e.g., equity or commodity prices) (equity risk, commodity price risk and/or interest rate risk).

Total return swaps are agreements in which there is an exchange of cash flows whereby one party commits to make payments based on the total return (distributions plus capital gains/losses) of an underlying instrument, or basket of underlying instruments, in exchange for fixed or floating rate interest payments. If the total return of the instrument(s) or index underlying the transaction exceeds or falls short of the offsetting fixed or floating interest rate obligation, the Funds receive payment from or make a payment to the counterparty.

Certain total return swaps are designed to function as a portfolio of direct investments in long and short equity positions. This means that the Fund has the ability to trade in and out of these long and short positions within the swap and will receive the economic benefits and risks equivalent to direct investment in these positions, subject to certain adjustments due to events related to the counterparty. Benefits and risks include capital appreciation (depreciation), corporate actions and dividends received and paid, all of which are reflected in the swap’s market value. The market value also includes interest charges and credits (“financing fees”) related to the notional values of the long and short positions and cash balances within the swap. These interest charges and credits are based on a specified benchmark rate plus or minus a specified spread determined based upon the country and/or currency of the positions in the portfolio.

Positions within the swap and financing fees are reset periodically. During a reset, any unrealized appreciation (depreciation) on positions and accrued financing fees become available for cash settlement between the Funds and the counterparty. The amounts that are available for cash settlement are recorded as realized gains or losses in the Statements of Operations. Cash settlement in and out of the swap may occur at a reset date or any other date, at the discretion of the Funds and the counterparty, over the life of the agreement. Certain swaps have no stated expiration and can be terminated by either party at any time.

• Interest rate swaps — Interest rate swaps are entered into to gain or reduce exposure to interest rates or to manage duration, the yield curve or interest rate (interest rate risk).

Interest rate swaps are agreements in which one party pays a stream of interest payments, either fixed or floating, in exchange for another party’s stream of interest payments, either fixed or floating, on the same notional amount for a specified period of time. In more complex interest rate swaps, the notional principal amount may decline (or amortize) over time.

Swap transactions involve, to varying degrees, elements of interest rate, credit and market risk in excess of the amounts recognized in the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates and/or market values associated with these transactions.

Master Netting Arrangements: In order to define its contractual rights and to secure rights that will help it mitigate its counterparty risk, a Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.

Collateral Requirements: For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Fund and the counterparty.

Cash collateral that has been pledged to cover obligations of the Funds and cash collateral received from the counterparty, if any, is reported separately in the Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Funds, if any, is noted in the Schedules of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Funds. Any additional required collateral is delivered to/pledged by the Funds on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. A Fund generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Funds from the counterparties are not fully collateralized, each Fund bears the risk of loss from counterparty non-performance. Likewise, to the extent the Funds have delivered collateral to a counterparty and stand ready to perform under the terms of their agreement with such counterparty, each Fund bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.

For financial reporting purposes, the Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statements of Assets and Liabilities.

NOTES    TO    FINANCIAL    STATEMENTS 83

Notes to Financial Statements (unaudited) (continued)

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory: The Trust, on behalf of each Fund, entered into an Investment Advisory Agreement with the Manager, the Funds’ investment adviser and an indirect, wholly-owned subsidiary of BlackRock, Inc. (“BlackRock”), to provide investment advisory services. The Manager is responsible for the management of each Fund’s portfolio and provides the personnel, facilities, equipment and certain other services necessary to the operations of each Fund.

For such services, each Fund pays the Manager a monthly fee at an annual rate equal to the following percentages of the average daily value of each Fund’s net assets:

	Investment Advisory Fees
Average Daily Net Assets	Systematic Multi-Strategy Fund
First $1 billion		0.80	%
$1 billion — $3 billion		0.75
$3 billion — $5 billion		0.72
$5 billion — $10 billion		0.70
Greater than $10 billion		0.68

	Investment Advisory Fees
Average Daily Net Assets	Emerging Markets Bond Fund
First $1 billion		0.55	%
$1 billion — $2 billion		0.51
$2 billion — $3 billion		0.48
Greater than $3 billion		0.46

With respect to each Fund, the Manager entered into separate sub-advisory agreements with BlackRock International Limited (“BIL”), an affiliate of the Manager. The Manager pays BIL for services it provides for that portion of each Fund for which BIL acts as sub-adviser, a monthly fee that is equal to a percentage of the investment advisory fees paid by each Fund to the Manager.

Service and Distribution Fees: The Trust, on behalf of the Systematic Multi-Strategy Fund, entered into a Distribution Agreement and a Distribution and Service Plan with BlackRock Investments, LLC (“BRIL”), an affiliate of the Manager. Pursuant to the Distribution and Service Plan and in accordance with Rule 12b-1 under the 1940 Act, the Fund pays BRIL ongoing service and distribution fees. The fees are accrued daily and paid monthly at annual rates based upon the average daily net assets of the relevant share class of the Fund as follows:

	Systematic Multi-Strategy Fund
Share Class	Service Fees			Distribution Fees
Investor A		0.25	%		N/A
Investor C		0.25			0.75	%

BRIL and broker-dealers, pursuant to sub-agreements with BRIL, provide shareholder servicing and distribution services to the Fund. The ongoing service and/or distribution fee compensates/reimburses BRIL and each broker-dealer for providing shareholder servicing and/or distribution related services to shareholders.

For the six months ended June 30, 2021, the following table shows the class specific service and distribution fees borne directly by each share class of the Fund:

Fund Name	Investor A		Investor C		Total
Systematic Multi-Strategy Fund	$	337,300	$	30,754	$	368,054

Administration: The Trust, on behalf of each Fund, entered into an Administration Agreement with the Manager, an indirect, wholly-owned subsidiary of BlackRock, to provide administrative services. For these services, the Manager receives an administration fee computed daily and payable monthly, based on a percentage of the average daily net assets of each Fund. The administration fee, which is shown as administration in the Statements of Operations, is paid at the annual rates below.

Average Daily Net Assets	Administration Fees
First $500 million		0.0425	%
$500 million - $1 billion		0.0400
$1 billion - $2 billion		0.0375
$2 billion - $4 billion		0.0350
$4 billion - $13 billion		0.0325
Greater than $13 billion		0.0300

In addition, the Manager charges each of the share classes an administration fee, which is shown as administration – class specific in the Statements of Operations, at an annual rate of 0.02% of the average daily net assets of each respective class.

For the six months ended June 30, 2021, the following table shows the class specific administration fees borne directly by each share class of each Fund:

Fund Name	Institutional		Investor A		Investor C		Class K		Total
Systematic Multi-Strategy Fund	$	429,155	$	26,984	$	615	$	238	$	456,992
Emerging Markets Bond Fund		337		—		—		2,355		2,692

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Notes to Financial Statements (unaudited) (continued)

Transfer Agent: Pursuant to written agreements, certain financial intermediaries, some of which may be affiliates, provide the Funds with sub-accounting, recordkeeping, sub-transfer agency and other administrative services with respect to servicing of underlying investor accounts. For these services, these entities receive an asset-based fee or an annual fee per shareholder account, which will vary depending on share class and/or net assets. For the six months ended June 30, 2021, the Funds paid the following amounts to affiliates of BlackRock in return for these services, which are included in transfer agent — class specific in the Statements of Operations:

Fund Name	Institutional		Investor A		Total
Systematic Multi-Strategy Fund	$	1,695	$	26	$	1,721

The Manager maintains a call center that is responsible for providing certain shareholder services to the Funds. Shareholder services include responding to inquiries and processing purchases and sales based upon instructions from shareholders. For the six months ended June 30, 2021, each Fund reimbursed the Manager the following amounts for costs incurred in running the call center, which are included in transfer agent — class specific in the Statements of Operations:

Fund Name	Institutional		Investor A		Investor C		Class K		Total
Systematic Multi-Strategy Fund	$	1,880	$	481	$	38	$	—	$	2,399
Emerging Markets Bond Fund		8		—		—		35		43

For the six months ended June 30, 2021, the following table shows the class specific transfer agent fees borne directly by each share class of each Fund:

Fund Name	Institutional		Investor A		Investor C		Class K		Total
Systematic Multi-Strategy Fund	$	2,402,977	$	189,472	$	3,263	$	21	$	2,595,733
Emerging Markets Bond Fund		1,247		—		—		833		2,080

Other Fees: For the six months ended June 30, 2021, affiliates earned underwriting discounts, direct commissions and dealer concessions on sales of each Fund’s Investor A Shares as follows:

Fund Name	Investor A
Systematic Multi-Strategy Fund	$	3,791

For the six months ended June 30, 2021, affiliates received CDSCs as follows:

Fund Name	Investor A		Investor C
Systematic Multi-Strategy Fund	$	1,930	$	2,567

Expense Limitations, Waivers and Reimbursements: With respect to each Fund, the Manager contractually agreed to waive its investment advisory fees by the amount of investment advisory fees each Fund pays to the Manager indirectly through its investment in affiliated money market funds (the “affiliated money market fund waiver”) through June 30, 2023. The contractual agreement may be terminated upon 90 days’ notice by a majority of the Independent Trustees, or by a vote of a majority of the outstanding voting securities of a Fund. The amount of waivers and/or reimbursements of fees and expenses made pursuant to the expense limitation described below will be reduced by the amount of the affiliated money market fund waiver. These amounts are included in fees waived and/or reimbursed by the Manager in the Statements of Operations. For the six months ended June 30, 2021, the amounts waived were as follows:

Fund Name	Fees Waived and/or Reimbursed by the Manager
Systematic Multi-Strategy Fund	$	212,249
Emerging Markets Bond Fund		313

The Manager has contractually agreed to waive its investment advisory fee with respect to any portion of each Fund’s assets invested in affiliated equity and fixed-income mutual funds and affiliated exchange-traded funds that have a contractual management fee through June 30, 2023. The contractual agreement may be terminated upon 90 days’ notice by a majority of the Independent Trustees, or by a vote of a majority of the outstanding voting securities of a Fund. For the six months ended June 30, 2021, there were no fees waived and/or reimbursed by the Manager pursuant to this arrangement.

With respect to each Fund, the Manager contractually agreed to waive and/or reimburse fees or expenses in order to limit expenses, excluding interest expense, dividend expense, tax expense, acquired fund fees and expenses, and certain other fund expenses, which constitute extraordinary expenses not incurred in the ordinary course of each Fund’s business (“expense limitation”). The expense limitations as a percentage of average daily net assets are as follows:

Fund Name	Institutional			Investor A			Investor C			Class K
Systematic Multi-Strategy Fund		0.95	%		1.20	%		1.95	%		0.90%
Emerging Markets Bond Fund		0.68			—			—			0.59

The Manager has agreed not to reduce or discontinue these contractual expense limitations through June 30, 2023, unless approved by the Board, including a majority of the Independent Trustees, or by a vote of a majority of the outstanding voting securities of a Fund. For the six months ended June 30, 2021, amounts included in the Statements of Operations were as follows:

Fund Name	Fees Waived and/or Reimbursed by the Manager
Emerging Markets Bond Fund	$	104,226

NOTES    TO    FINANCIAL    STATEMENTS 85

Notes to Financial Statements (unaudited) (continued)

Fund Name	Administration fees waived
Emerging Markets Bond Fund	$	5,720

In addition, these amounts waived and/or reimbursed by the Manager are included in administration fees waived — class specific and transfer agent fees waived and/or reimbursed — class specific, respectively, in the Statements of Operations. For the six months ended June 30, 2021, class specific expense waivers and/or reimbursements are as follows:

	Administration Fees Waived - Class Specific
Fund Name	Institutional		Investor A		Investor C		Class K		Total
Systematic Multi-Strategy Fund	$	134,051	$	26,984	$	128	$	1	$	161,164
Emerging Markets Bond Fund		45		—		—		2,355		2,400
	Transfer Agent Fees Waived and/or Reimbursed - Class Specific
Fund Name	Institutional		Investor A		Investor C		Class K		Total
Systematic Multi-Strategy Fund	$	1,767	$	19,000	$	23	$	1	$	20,791
Emerging Markets Bond Fund		24		—		—		832		856

With respect to the contractual expense limitation, if during a Fund’s fiscal year the operating expenses of a share class, that at any time during the prior two fiscal years received a waiver and/or reimbursement from the Manager, are less than the current expense limitation for that share class, the Manager is entitled to be reimbursed by such share class up to the lesser of: (a) the amount of fees waived and/or expenses reimbursed during those prior two fiscal years under the agreement and (b) an amount not to exceed either the current expense limitation of that share class or the expense limitation of the share class in effect at the time that the share class received the applicable waiver and/or reimbursement, provided that:

(1) each Fund, of which the share class is a part, has more than $50 million in assets for the fiscal year, and

(2) the Manager or an affiliate continues to serve as a Fund’s investment adviser or administrator.

This repayment applies only to the contractual expense limitation on net expenses and does not apply to the contractual investment advisory fee waiver described above or any voluntary waivers that may be in effect from time to time. Effective May 19, 2022, for Systematic Multi-Strategy Fund, and effective July 27, 2024, for Emerging Markets Bond Fund, the repayment arrangement between each Fund and the Manager pursuant to which such Fund may be required to repay amounts waived and/or reimbursed under each Fund’s contractual caps on net expenses will be terminated.

For the six months ended June 30, 2021, the Manager recouped the following fund level and class specific waivers and/or reimbursements previously recorded by the Funds:

Fund Name	Class K
Systematic Multi-Strategy Fund	$	11

As of June 30, 2021, the fund level and class specific waivers and/or reimbursements subject to possible future recoupment under the expense limitation agreement are as follows:

	Expiring
Fund Name/Fund Level/Share Class	December 31, 2021		May 19, 2022
Systematic Multi-Strategy Fund
Fund Level	$	347,082	$	8,566
Institutional		74,405		642,445
Investor A		62,945		160,730
Investor C		388		2,084
Class K		—		52

	Expiring
Fund Name/Fund Level/Share Class	December 31, 2021		December 31, 2022		December 31, 2023
Emerging Markets Bond Fund
Fund Level	$	197,841	$	223,272	$	109,945
Institutional		30		56		69
Class K		4,802		4,661		3,187

Interfund Lending: In accordance with an exemptive order (the “Order”) from the U.S. Securities and Exchange Commission (“SEC”), each Fund may participate in a joint lending and borrowing facility for temporary purposes (the “Interfund Lending Program”), subject to compliance with the terms and conditions of the Order, and to the extent permitted by each Fund’s investment policies and restrictions. Each Fund is currently permitted to borrow and lend under the Interfund Lending Program.

A lending BlackRock fund may lend in aggregate up to 15% of its net assets, but may not lend more than 5% of its net assets to any one borrowing fund through the Interfund Lending Program. A borrowing BlackRock fund may not borrow through the Interfund Lending Program or from any other source more than 33 1/3% of its total assets (or any lower threshold provided for by the fund’s investment restrictions). If a borrowing BlackRock fund’s total outstanding borrowings exceed 10% of its total assets, each of its

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Notes to Financial Statements (unaudited) (continued)

outstanding interfund loans will be subject to collateralization of at least 102% of the outstanding principal value of the loan. All interfund loans are for temporary or emergency purposes and the interest rate to be charged will be the average of the highest current overnight repurchase agreement rate available to a lending fund and the bank loan rate, as calculated according to a formula established by the Board.

During the period ended June 30, 2021, the Funds did not participate in the Interfund Lending Program.

Trustees and Officers: Certain trustees and/or officers of the Funds are directors and/or officers of BlackRock or its affiliates. The Funds reimburse the Manager for a portion of the compensation paid to the Funds’ Chief Compliance Officer, which is included in Trustees and Officer in the Statements of Operations.

Other Transactions: The Funds may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is due solely to having a common investment adviser, common officers, or common trustees. For the six months ended June 30, 2021, the purchase and sale transactions and any net realized gains (losses) with affiliated funds in compliance with Rule 17a-7 under the 1940 Act were as follows:

Fund Name	Purchases		Sales		Net Realized Gain (Loss)
Systematic Multi-Strategy Fund	$	—	$	158,886	$	12,812

7. PURCHASES AND SALES

For the six months ended June 30, 2021, purchases and sales of investments, including paydowns/payups and mortgage dollar rolls excluding short-term investments, were as follows:

Fund Name	Purchases		Sales
Systematic Multi-Strategy Fund	$	23,261,479,175	$	21,285,245,627
Emerging Markets Bond Fund		7,766,317		3,567,607

For the six months ended June 30, 2021, purchases and sales related to mortgage dollar rolls were as follows:

Fund Name	Purchases		Sales
Systematic Multi-Strategy Fund	$	11,823,944,322	$	11,824,532,659

8. INCOME TAX INFORMATION

It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

Each Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on each Fund’s U.S. federal tax returns generally remains open for a period of three fiscal years after they are filed. The statutes of limitations on each Fund’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.

Management has analyzed tax laws and regulations and their application to the Funds as of June 30, 2021, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

As of December 31, 2020, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

Fund Name	Non-Expiring
Systematic Multi-Strategy Fund	$	14,425,410
Emerging Markets Bond Fund		1,092,405

As of June 30, 2021, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

Fund Name	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Systematic Multi-Strategy Fund	$	7,972,085,815	$	187,590,073	$	(85,378,516	)		$  102,211,557
Emerging Markets Bond Fund		28,287,875		1,813,053		(2,187,747	)		(374,694	)

9. BANK BORROWINGS

The Trust, on behalf of the Funds, along with certain other funds managed by the Manager and its affiliates (“Participating Funds”), is a party to a 364-day, $2.25 billion credit agreement with a group of lenders. Under this agreement, the Funds may borrow to fund shareholder redemptions. Excluding commitments designated for certain individual funds, the Participating Funds, including the Funds, can borrow up to an aggregate commitment amount of $1.75 billion at any time outstanding, subject to asset coverage and

NOTES    TO    FINANCIAL    STATEMENTS 87

Notes to Financial Statements (unaudited) (continued)

other limitations as specified in the agreement. The credit agreement has the following terms: a fee of 0.10% per annum on unused commitment amounts and interest at a rate equal to the higher of (a) one-month LIBOR (but, in any event, not less than 0.00%) on the date the loan is made plus 0.80% per annum or (b) the Fed Funds rate (but, in any event, not less than 0.00%) in effect from time to time plus 0.80% per annum on amounts borrowed. The agreement expires in April 2022 unless extended or renewed. These fees were allocated among such funds based upon portions of the aggregate commitment available to them and relative net assets of Participating Funds. During the six months ended June 30, 2021, the Funds did not borrow under the credit agreement.

10. PRINCIPAL RISKS

In the normal course of business, the Funds invest in securities or other instruments and may enter into certain transactions, and such activities subject each Fund to various risks, including among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate and price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which each Fund is subject.

Market Risk: Investments in the securities of issuers domiciled in countries with emerging capital markets involve certain additional risks that do not generally apply to investments in securities of issuers in more developed capital markets, such as (i) low or nonexistent trading volume, resulting in a lack of liquidity and increased volatility in prices for such securities; (ii) uncertain national policies and social, political and economic instability, increasing the potential for expropriation of assets, confiscatory taxation, high rates of inflation or unfavorable diplomatic developments; (iii) lack of publicly available or reliable information about issuers as a result of not being subject to the same degree of regulatory requirements and accounting, auditing and financial reporting standards; and (iv) possible fluctuations in exchange rates, differing legal systems and the existence or possible imposition of exchange controls, custodial restrictions or other foreign or U.S. governmental laws or restrictions applicable to such investments.

Each Fund may be exposed to prepayment risk, which is the risk that borrowers may exercise their option to prepay principal earlier than scheduled during periods of declining interest rates, which would force each Fund to reinvest in lower yielding securities. Each Fund may also be exposed to reinvestment risk, which is the risk that income from each Fund’s portfolio will decline if each Fund invests the proceeds from matured, traded or called fixed-income securities at market interest rates that are below each Fund portfolio’s current earnings rate.

An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. The duration of this pandemic and its effects cannot be determined with certainty.

Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A Fund may invest in illiquid investments. An illiquid investment is any investment that a Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A Fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause each Fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a Fund may lose value, regardless of the individual results of the securities and other instruments in which a Fund invests.

Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

With exchange-traded futures and centrally cleared swaps, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures and centrally cleared swaps with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.

Concentration Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its Schedule of Investments.

88 2 0 2 1    BLACK ROCK    SEMI - ANNUAL    REPORT    TO    SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

Certain Funds invest a significant portion of their assets in high yield securities. High yield securities that are rated below investment-grade (commonly referred to as “junk bonds”) or are unrated may be deemed speculative, involve greater levels of risk than higher-rated securities of similar maturity and are more likely to default. High yield securities may be issued by less creditworthy issuers, and issuers of high yield securities may be unable to meet their interest or principal payment obligations. High yield securities are subject to extreme price fluctuations, may be less liquid than higher rated fixed-income securities, even under normal economic conditions, and frequently have redemption features.

Certain Funds invest a significant portion of their assets in fixed-income securities and/or use derivatives tied to the fixed-income markets. Changes in market interest rates or economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will increase as interest rates fall and decrease as interest rates rise. The Funds may be subject to a greater risk of rising interest rates due to the current period of historically low rates.

Certain Funds invest a significant portion of their assets in securities of issuers located in Asia or with significant exposure to Asian issuers or countries. The Asian financial markets have recently experienced volatility and adverse trends due to concerns in several Asian countries regarding monetary policy, government intervention in the markets, rising government debt levels or economic downturns. These events may spread to other countries in Asia and may affect the value and liquidity of certain of the Funds’ investments.

Certain Funds invest a significant portion of their assets in securities backed by commercial or residential mortgage loans or in issuers that hold mortgage and other asset-backed securities. When a Fund concentrates its investments in this manner, it assumes a greater risk of prepayment or payment extension by securities issuers. Changes in economic conditions, including delinquencies and/or defaults on assets underlying these securities, can affect the value, income and/or liquidity of such positions. Investment percentages in these securities are presented in the Schedules of Investments.

LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates will be phased out by the end of 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against, instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

11. CAPITAL SHARE TRANSACTIONS

Transactions in capital shares for each class were as follows:

	Six Months Ended 06/30/21							Year Ended 12/31/20
Fund Name / Share Class	Shares			Amounts				Shares			Amounts
Systematic Multi-Strategy Fund
Institutional
Shares sold		255,921,262			$	2,627,201,659			313,757,236			$	3,180,691,392
Shares issued in reinvestment of distributions		—				—			2,559,501				25,870,980
Shares redeemed		(47,691,673	)			(488,675,686	)		(38,368,636	)			(388,028,447	)
		208,229,589			$	2,138,525,973			277,948,101			$	2,818,533,925
Investor A
Shares sold and automatic conversion of shares		19,022,128			$	194,547,457			14,113,467			$	143,367,057
Shares issued in reinvestment of distributions		—				—			150,864				1,522,722
Shares redeemed		(4,199,475	)			(43,254,029	)		(4,030,662	)			(40,338,338	)
		14,822,653			$	151,293,428			10,233,669			$	104,551,441
Investor C
Shares sold		346,614			$	3,538,369			475,985			$	4,838,834
Shares issued in reinvestment of distributions		—				—			1,947				19,602
Shares redeemed and automatic conversion of shares		(68,488	)			(694,816	)		(24,659	)			(246,201	)
		278,126			$	2,843,553			453,273			$	4,612,235
Class K(a)
Shares sold		554,030			$	5,710,861			29,354			$	300,000
Shares issued in reinvestment of distributions		—				—			—				—
Shares redeemed		(39,770	)			(411,508	)		—				—
		514,260			$	5,299,353			29,354			$	300,000
		223,844,628			$	2,297,962,307			288,664,397			$	2,927,997,601

^(a)  The share class commenced operation on September 29, 2020.

NOTES    TO    FINANCIAL    STATEMENTS 89

Notes to Financial Statements (unaudited) (continued)

	Six Months Ended 06/30/21						Year Ended 12/31/20
Fund Name / Share Class	Shares			Amounts			Shares			Amounts
Emerging Markets Bond Fund
Institutional
Shares sold		463,671		$	4,486,975			9,892		$	89,151
Shares issued in reinvestment of distributions		7,657			72,406			261			2,466
Shares redeemed		(9,341	)		(88,630	)		(189	)		(1,774	)
		461,987		$	4,470,751			9,964		$	89,843
Class K
Shares sold		—		$	—			—		$	—
Shares issued in reinvestment of distributions		—			—			—			—
Shares redeemed		—			—			—			—
		—		$	—			—		$	—
		461,987		$	4,470,751			9,964		$	89,843

As of June 30, 2021, shares owned by BlackRock Financial Management, Inc., an affiliate of the Funds, were as follows:

Fund Name	Institutional		Class K		Total
Systematic Multi-Strategy Fund		—		29,354		29,354
Emerging Markets Bond Fund		5,000		2,495,000		2,500,000

12. SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

90 2 0 2 1    BLACK ROCK    SEMI - ANNUAL    REPORT    TO    SHAREHOLDERS

Disclosure of Investment Advisory Agreements and Sub-Advisory  Agreements

The Board of Trustees of BlackRock Funds IV and the Board of Trustees of BlackRock Funds V (together, the “Board,” the members of which are referred to as “Board Members”) met on May 4, 2021 (the “May Meeting”) and June 8-9, 2021 (the “June Meeting”) to consider the approval to continue the investment advisory agreements (the “Advisory Agreements”) between BlackRock Funds IV, on behalf of BlackRock Systematic Multi-Strategy Fund (the “Systematic Multi-Strategy Fund”), and between BlackRock Funds V (together with BlackRock Funds IV, the “Trusts”), on behalf of BlackRock Emerging Markets Bond Fund (the “Emerging Markets Bond Fund” and together with the Systematic Multi-Strategy Fund, the “Funds” and each, a “Fund”), and BlackRock Advisors, LLC (the “Manager”), each Fund’s investment advisor. The Board also considered the approval to continue the sub-advisory agreements (the “Sub-Advisory Agreements”) between the Manager and BlackRock International Limited, with respect to each Fund. The Manager and the Sub-Advisor are referred to herein as “BlackRock.” The Advisory Agreements and the Sub-Advisory Agreements are referred to herein as the “Agreements.”

The Approval Process

Consistent with the requirements of the Investment Company Act of 1940 (the “1940 Act”), the Board considers the approval of the continuation of the Agreements for each Fund on an annual basis. The Board members whom are not “interested persons” of each Trust, as defined in the 1940 Act, are considered independent Board members (the “Independent Board Members”). The Board’s consideration entailed a year-long deliberative process during which the Board and its committees assessed BlackRock’s various services to each Fund, including through the review of written materials and oral presentations, and the review of additional information provided in response to requests from the Independent Board Members. The Board had four quarterly meetings per year, each typically extending for two days, as well as additional ad hoc meetings and executive sessions throughout the year, as needed. The committees of the Board similarly met throughout the year. The Board also had a fifth one-day meeting to consider specific information surrounding the renewal of the Agreements. In particular, the Board assessed, among other things, the nature, extent and quality of the services provided to each Fund by BlackRock, BlackRock’s personnel and affiliates, including (as applicable): investment management services; accounting oversight; administrative and shareholder services; oversight of each Fund’s service providers; risk management and oversight; and legal, regulatory and compliance services. Throughout the year, including during the contract renewal process, the Independent Board Members were advised by independent legal counsel, and met with independent legal counsel in various executive sessions outside of the presence of BlackRock’s management.

During the year, the Board, acting directly and through its committees, considered information that was relevant to its annual consideration of the renewal of the Agreements, including the services and support provided by BlackRock to each Fund and its shareholders. BlackRock also furnished additional information to the Board in response to specific questions from the Board. Among the matters the Board considered were: (a) investment performance for one-year, three-year, five-year, and/or since inception periods, as applicable, against peer funds, relevant benchmarks, and other performance metrics, as applicable, as well as BlackRock senior management’s and portfolio managers’ analyses of the reasons for any outperformance or underperformance relative to its peers, benchmarks, and other performance metrics, as applicable; (b) fees, including advisory, administration, if applicable, and other amounts paid to BlackRock and its affiliates by each Fund for services; (c) Fund operating expenses and how BlackRock allocates expenses to each Fund; (d) the resources devoted to, risk oversight of, and compliance reports relating to, implementation of each Fund’s investment objective, policies and restrictions, and meeting regulatory requirements; (e) BlackRock’s and each Fund’s adherence to applicable compliance policies and procedures; (f) the nature, character and scope of non-investment management services provided by BlackRock and its affiliates and the estimated cost of such services, as applicable; (g) BlackRock’s and other service providers’ internal controls and risk and compliance oversight mechanisms; (h) BlackRock’s implementation of the proxy voting policies approved by the Board; (i) execution quality of portfolio transactions; (j) BlackRock’s implementation of each Fund’s valuation and liquidity procedures; (k) an analysis of management fees paid to BlackRock for products with similar investment mandates across the open-end fund, exchange-traded fund (“ETF”), closed-end fund, sub-advised mutual fund, separately managed account, collective investment trust, and institutional separate account product channels, as applicable, and the similarities and differences between these products and the services provided as compared to each Fund; (l) BlackRock’s compensation methodology for its investment professionals and the incentives and accountability it creates, along with investment professionals’ investments in the fund(s) they manage; and (m) periodic updates on BlackRock’s business.

Prior to and in preparation for the May Meeting, the Board received and reviewed materials specifically relating to the renewal of the Agreements. The Independent Board Members continuously engaged in a process with their independent legal counsel and BlackRock to review the nature and scope of the information provided to the Board to better assist its deliberations. The materials provided in connection with the May Meeting included, among other things: (a) information independently compiled and prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), based on either a Lipper classification or Morningstar category, regarding each Fund’s fees and expenses as compared with a peer group of funds as determined by Broadridge (“Expense Peers”) and the investment performance of each Fund as compared with a peer group of funds (“Performance Peers”); (b) information on the composition of the Expense Peers and Performance Peers and a description of Broadridge’s methodology; (c) information on the estimated profits realized by BlackRock and its affiliates pursuant to the Agreements and a discussion of fall-out benefits to BlackRock and its affiliates; (d) a general analysis provided by BlackRock concerning investment management fees received in connection with other types of investment products, such as institutional accounts, sub-advised mutual funds, ETFs, closed-end funds, open-end funds, and separately managed accounts, under similar investment mandates, as well as the performance of such other products, as applicable; (e) a review of non-management fees; (f) the existence, impact and sharing of potential economies of scale, if any, with each Fund; (g) a summary of aggregate amounts paid by each Fund to BlackRock; (h) sales and redemption data regarding each Fund’s shares; and (i) various additional information requested by the Board as appropriate regarding BlackRock’s and each Fund’s operations.

At the May Meeting, the Board reviewed materials relating to its consideration of the Agreements. As a result of the discussions that occurred during the May Meeting, and as a culmination of the Board’s year-long deliberative process, the Board presented BlackRock with questions and requests for additional information. BlackRock responded to these questions and requests with additional written information in advance of the June Meeting.

At the June Meeting, the Board concluded its assessment of, among other things: (a) the nature, extent and quality of the services provided by BlackRock; (b) the investment performance of each Fund as compared to its Performance Peers and to other metrics, as applicable; (c) the advisory fee and the estimated cost of the services and estimated profits realized by BlackRock and its affiliates from their relationship with each Fund; (d) each Fund’s fees and expenses compared to its Expense Peers; (e) the existence and sharing of potential economies of scale; (f) any fall-out benefits to BlackRock and its affiliates as a result of BlackRock’s relationship with each Fund; and (g) other factors deemed relevant by the Board Members.

The Board also considered other matters it deemed important to the approval process, such as other payments made to BlackRock or its affiliates relating to securities lending and cash management, and BlackRock’s services related to the valuation and pricing of Fund portfolio holdings. The Board noted the willingness of BlackRock’s personnel to

DISCLOSURE    OF    INVESTMENT    ADVISORY    AGREEMENTS    AND    SUB - ADVISORY    AGREEMENTS 91

Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements (continued)

engage in open, candid discussions with the Board. The Board Members did not identify any particular information, or any single factor as determinative, and each Board Member may have attributed different weights to the various items and factors considered.

A. Nature, Extent and Quality of the Services Provided by BlackRock

The Board, including the Independent Board Members, reviewed the nature, extent and quality of services provided by BlackRock, including the investment advisory services, and the resulting performance of each Fund. Throughout the year, the Board compared Fund performance to the performance of a comparable group of mutual funds, relevant benchmarks, and performance metrics, as applicable. The Board met with BlackRock’s senior management personnel responsible for investment activities, including the senior investment officers. The Board also reviewed the materials provided by each Fund’s portfolio management team discussing each Fund’s performance, investment strategies and outlook.

The Board considered, among other factors, with respect to BlackRock: the number, education and experience of investment personnel generally and each Fund’s portfolio management team; research capabilities; investments by portfolio managers in the funds they manage; portfolio trading capabilities; use of technology; commitment to compliance; credit analysis capabilities; risk analysis and oversight capabilities; and the approach to training and retaining portfolio managers and other research, advisory and management personnel. The Board also considered BlackRock’s overall risk management program, including the continued efforts of BlackRock and its affiliates to address cybersecurity risks and the role of BlackRock’s Risk & Quantitative Analysis Group. The Board engaged in a review of BlackRock’s compensation structure with respect to each Fund’s portfolio management team and BlackRock’s ability to attract and retain high-quality talent and create performance incentives.

In addition to investment advisory services, the Board considered the nature and quality of the administrative and other non-investment advisory services provided to each Fund. BlackRock and its affiliates provide each Fund with certain administrative, shareholder and other services (in addition to any such services provided to each Fund by third parties) and officers and other personnel as are necessary for the operations of each Fund. In particular, BlackRock and its affiliates provide each Fund with administrative services including, among others: (i) responsibility for disclosure documents, such as the prospectus, the summary prospectus (as applicable), the statement of additional information and periodic shareholder reports; (ii) oversight of daily accounting and pricing; (iii) responsibility for periodic filings with regulators; (iv) overseeing and coordinating the activities of third-party service providers including, among others, each Fund’s custodian, fund accountant, transfer agent, and auditor; (v) organizing Board meetings and preparing the materials for such Board meetings; (vi) providing legal and compliance support; (vii) furnishing analytical and other support to assist the Board in its consideration of strategic issues such as the merger, consolidation or repurposing of certain open-end funds; and (viii) performing or managing administrative functions necessary for the operation of each Fund, such as tax reporting, expense management, fulfilling regulatory filing requirements, overseeing each Fund’s distribution partners, and shareholder call center and other services. The Board reviewed the structure and duties of BlackRock’s fund administration, shareholder services, and legal and compliance departments and considered BlackRock’s policies and procedures for assuring compliance with applicable laws and regulations. The Board considered the operation of BlackRock’s business continuity plans, including in light of the ongoing COVID-19 pandemic.

B. The Investment Performance of each Fund and BlackRock

The Board, including the Independent Board Members, reviewed and considered the performance history of each Fund throughout the year and at the May meeting. In preparation for the May Meeting, the Board was provided with reports independently prepared by Broadridge, which included an analysis of each Fund’s performance as of December 31, 2020, as compared to its Performance Peers. Broadridge ranks funds in quartiles, ranging from first to fourth, where first is the most desirable quartile position and fourth is the least desirable. In connection with its review, the Board received and reviewed information regarding the investment performance of each Fund as compared to its Performance Peers and, in light of the Systematic Multi-Strategy Fund’s outcome-oriented investment objective, certain performance metrics (“Outcome-Oriented Performance Metrics”). The Board and its Performance Oversight Committee regularly review and meet with Fund management to discuss the performance of each Fund throughout the year.

In evaluating performance, the Board focused particular attention on funds with less favorable performance records. The Board also noted that while it found the data provided by Broadridge generally useful, it recognized the limitations of such data, including in particular, that notable differences may exist between a fund and its Performance Peers (for example, the investment objectives and strategies). Further, the Board recognized that the performance data reflects a snapshot of a period as of a particular date and that selecting a different performance period could produce significantly different results. The Board also acknowledged that long-term performance could be impacted by even one period of significant outperformance or underperformance, and that a single investment theme could have the ability to disproportionately affect long-term performance.

The Board reviewed and considered the Systematic Multi-Strategy Fund’s performance relative to the Systematic Multi-Strategy Fund’s Outcome-Oriented Performance Metrics including a total return target. The Board noted that for each of the one-, three-, and five-year periods reported, the Systematic Multi-Strategy Fund underperformed its total return target. The Board noted that BlackRock believes that the Outcome-Oriented Performance Metrics are an appropriate performance metric for the Systematic Multi-Strategy Fund, and that BlackRock has explained its rationale for this belief to the Board. The Board and BlackRock reviewed the Systematic Multi-Strategy Fund’s underperformance relative to its total return target during the applicable period.

The Board noted that for the one-year, three-year and since-inception periods reported, the Emerging Markets Bond Fund ranked in the first, second and second quartiles, respectively, against its Performance Peers.

C. Consideration of the Advisory/Management Fees and the Estimated Cost of the Services and Estimated Profits Realized by BlackRock and its Affiliates from their Relationship with each Fund

The Board, including the Independent Board Members, reviewed each Fund’s contractual management fee rate compared with those of its Expense Peers. The contractual management fee rate represents a combination of the advisory fee and any administrative fees, before taking into account any reimbursements or fee waivers. The Board also compared each Fund’s total expense ratio, as well as its actual management fee rate, to those of its Expense Peers. The total expense ratio represents a fund’s total net operating expenses, including any 12b-1 or non-12b-1 service fees. The total expense ratio gives effect to any expense reimbursements or fee waivers, and the actual

92 2 0 2 1    BLACK ROCK    SEMI - ANNUAL    REPORT    TO    SHAREHOLDERS

Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements (continued)

management fee rate gives effect to any management fee reimbursements or waivers. The Board considered the services provided and the fees charged by BlackRock and its affiliates to other types of clients with similar investment mandates, as applicable, including institutional accounts and sub-advised mutual funds (including mutual funds sponsored by third parties).

The Board received and reviewed statements relating to BlackRock’s financial condition. The Board reviewed BlackRock’s profitability methodology and was also provided with an estimated profitability analysis that detailed the revenues earned and the expenses incurred by BlackRock for services provided to each Fund. The Board reviewed BlackRock’s estimated profitability with respect to each Fund and other funds the Board currently oversees for the year ended December 31, 2020 compared to available aggregate estimated profitability data provided for the prior two years. The Board reviewed BlackRock’s estimated profitability with respect to certain other U.S. fund complexes managed by the Manager and/or its affiliates. The Board reviewed BlackRock’s assumptions and methodology of allocating expenses in the estimated profitability analysis, noting the inherent limitations in allocating costs among various advisory products. The Board recognized that profitability may be affected by numerous factors including, among other things, fee waivers and expense reimbursements by the Manager, the types of funds managed, precision of expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at the individual fund level is difficult.

The Board noted that, in general, individual fund or product line profitability of other advisors is not publicly available. The Board reviewed BlackRock’s overall operating margin, in general, compared to that of certain other publicly traded asset management firms. The Board considered the differences between BlackRock and these other firms, including the contribution of technology at BlackRock, BlackRock’s expense management, and the relative product mix.

The Board considered whether BlackRock has the financial resources necessary to attract and retain high quality investment management personnel to perform its obligations under the Agreements and to continue to provide the high quality of services that is expected by the Board. The Board further considered factors including but not limited to BlackRock’s commitment of time, assumption of risk, and liability profile in servicing each Fund, including in contrast to what is required of BlackRock with respect to other products with similar investment mandates across the open-end fund, ETF, closed-end fund, sub-advised mutual fund, separately managed account, collective investment trust, and institutional separate account product channels, as applicable.

The Board noted that the Systematic Multi-Strategy Fund’s contractual management fee rate ranked in the second quartile, and that the actual management fee rate and total expense ratio ranked in the second and first quartiles, respectively, relative to the Systematic Multi-Strategy Fund’s Expense Peers. The Board further noted that the Systematic Multi-Strategy Fund has an advisory fee arrangement that includes breakpoints that adjust the fee rate downward as the size of the Systematic Multi-Strategy Fund increases above certain contractually specified levels. The Board noted that if the size of the Systematic Multi-Strategy Fund were to decrease, the Systematic Multi-Strategy Fund could lose the benefit of one or more breakpoints. The Board also noted that BlackRock and the Board have contractually agreed to a cap on the Systematic Multi-Strategy Fund’s total expenses as a percentage of the Systematic Multi-Strategy Fund’s average daily net assets on a class-by-class basis.

The Board noted that the Emerging Markets Bond Fund’s contractual management fee rate ranked in the first quartile, and that the actual management fee rate and total expense ratio each ranked in the first quartile, relative to the Emerging Markets Bond Fund’s Expense Peers. The Board also noted that the Emerging Markets Bond Fund has an advisory fee arrangement that includes breakpoints that adjust the fee rate downward as the size of the Emerging Markets Bond Fund increases above certain contractually specified levels. The Board noted that if the size of the Emerging Markets Bond Fund were to decrease, the Emerging Markets Bond Fund could lose the benefit of one or more breakpoints. The Board further noted that BlackRock and the Board have contractually agreed to a cap on the Emerging Markets Bond Fund’s total expenses as a percentage of the Emerging Markets Bond Fund’s average daily net assets on a class-by-class basis.

D. Economies of Scale

The Board, including the Independent Board Members, considered the extent to which economies of scale might be realized as the assets of each Fund increase, including the existence of fee waivers and/or expense caps, as applicable, noting that any contractual fee waivers and contractual expense caps had been approved by the Board. In its consideration, the Board further considered the continuation and/or implementation of fee waivers and/or expense caps, as applicable. The Board also considered the extent to which each Fund benefits from such economies of scale in a variety of ways, and whether there should be changes in the advisory fee rate or breakpoint structure in order to enable each Fund to more fully participate in these economies of scale. The Board considered each Fund’s asset levels and whether the current fee schedule was appropriate.

E. Other Factors Deemed Relevant by the Board Members

The Board, including the Independent Board Members, also took into account other ancillary or “fall-out” benefits that BlackRock or its affiliates may derive from BlackRock’s respective relationships with each Fund, both tangible and intangible, such as BlackRock’s ability to leverage its investment professionals who manage other portfolios and its risk management personnel, an increase in BlackRock’s profile in the investment advisory community, and the engagement of BlackRock’s affiliates as service providers to each Fund, including for administrative, distribution, securities lending and cash management services. The Board also considered BlackRock’s overall operations and its efforts to expand the scale of, and improve the quality of, its operations. The Board also noted that, subject to applicable law, BlackRock may use and benefit from third-party research obtained by soft dollars generated by certain registered fund transactions to assist in managing all or a number of its other client accounts.

In connection with its consideration of the Agreements, the Board also received information regarding BlackRock’s brokerage and soft dollar practices. The Board received reports from BlackRock which included information on brokerage commissions and trade execution practices throughout the year.

The Board noted the competitive nature of the open-end fund marketplace, and that shareholders are able to redeem their Fund shares if they believe that each Fund’s fees and expenses are too high or if they are dissatisfied with the performance of each Fund.

Conclusion

The Board, including the Independent Board Members, unanimously approved the continuation of the Advisory Agreements between the Manager and BlackRock Funds IV, on behalf of the Systematic Multi-Strategy Fund, and BlackRock Funds V, on behalf of the Emerging Markets Bond Fund, for a one-year term ending June 30, 2022, and the

DISCLOSURE    OF    INVESTMENT    ADVISORY    AGREEMENTS    AND    SUB - ADVISORY    AGREEMENTS 93

Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements (continued)

Sub-Advisory Agreements between the Manager and the Sub-Advisor, with respect to each Fund, for a one-year term ending June 30, 2022. Based upon its evaluation of all of the aforementioned factors in their totality, as well as other information, the Board, including the Independent Board Members, was satisfied that the terms of the Agreements were fair and reasonable and in the best interest of each Fund and its shareholders. In arriving at its decision to approve the Agreements, the Board did not identify any single factor or group of factors as all-important or controlling, but considered all factors together, and different Board Members may have attributed different weights to the various factors considered. The Independent Board Members were also assisted by the advice of independent legal counsel in making this determination.

94 2 0 2 1    BLACK ROCK    SEMI - ANNUAL    REPORT    TO    SHAREHOLDERS

Additional Information  

Regulation Regarding Derivatives

On October 28, 2020, the Securities and Exchange Commission (the “SEC”) adopted new regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). The Funds will be required to implement and comply with Rule 18f-4 by August 19, 2022. Once implemented, Rule 18f-4 will impose limits on the amount of derivatives a fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, treat derivatives as senior securities and require funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.

General Information

Quarterly performance, semi-annual and annual reports, current net asset value and other information regarding the Funds may be found on BlackRock’s website, which can be accessed at blackrock.com. Any reference to BlackRock’s website in this report is intended to allow investors public access to information regarding the Funds and does not, and is not intended to, incorporate BlackRock’s website in this report.

Householding

The Funds will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports, Rule 30e-3 notices and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Funds at (800) 441-7762.

Availability of Quarterly Schedule of Investments

The Funds file their complete schedules of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at blackrock.com/fundreports.

Availability of Proxy Voting Policies, Procedures and Voting Records

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities and information about how the Funds voted proxies relating to securities held in the Funds’ portfolios during the most recent 12-month period ended June 30 is available without charge, upon request (1) by calling (800) 441-7762; (2) on the BlackRock website at blackrock.com; and (3) on the SEC’s website at sec.gov.

BlackRock’s Mutual Fund Family

BlackRock offers a diverse lineup of open-end mutual funds crossing all investment styles and managed by experts in equity, fixed-income and tax-exempt investing. Visit blackrock.com for more information.

Shareholder Privileges

Account Information

Call us at (800) 441-7762 from 8:00 AM to 6:00 PM ET on any business day to get information about your account balances, recent transactions and share prices. You can also visit blackrock.com for more information.

Automatic Investment Plans

Investor class shareholders who want to invest regularly can arrange to have $50 or more automatically deducted from their checking or savings account and invested in any of the BlackRock funds.

Systematic Withdrawal Plans

Investor class shareholders can establish a systematic withdrawal plan and receive periodic payments of $50 or more from their BlackRock funds, as long as their account balance is at least $10,000.

Retirement Plans

Shareholders may make investments in conjunction with Traditional, Rollover, Roth, Coverdell, Simple IRAs, SEP IRAs and 403(b) Plans.

ADDITIONAL    INFORMATION 95

Additional Information (continued)

BlackRock Privacy Principles

BlackRock is committed to maintaining the privacy of its current and former fund investors and individual clients (collectively, “Clients”) and to safeguarding their non-public personal information. The following information is provided to help you understand what personal information BlackRock collects, how we protect that information and why in certain cases we share such information with select parties.

If you are located in a jurisdiction where specific laws, rules or regulations require BlackRock to provide you with additional or different privacy-related rights beyond what is set forth below, then BlackRock will comply with those specific laws, rules or regulations.

BlackRock obtains or verifies personal non-public information from and about you from different sources, including the following: (i) information we receive from you or, if applicable, your financial intermediary, on applications, forms or other documents; (ii) information about your transactions with us, our affiliates, or others; (iii) information we receive from a consumer reporting agency; and (iv) from visits to our websites.

BlackRock does not sell or disclose to non-affiliated third parties any non-public personal information about its Clients, except as permitted by law or as is necessary to respond to regulatory requests or to service Client accounts. These non-affiliated third parties are required to protect the confidentiality and security of this information and to use it only for its intended purpose.

We may share information with our affiliates to service your account or to provide you with information about other BlackRock products or services that may be of interest to you. In addition, BlackRock restricts access to non-public personal information about its Clients to those BlackRock employees with a legitimate business need for the information. BlackRock maintains physical, electronic and procedural safeguards that are designed to protect the non-public personal information of its Clients, including procedures relating to the proper storage and disposal of such information.

Fund and Service Providers
Investment Adviser and Administrator	Distributor
BlackRock Advisors, LLC	BlackRock Investments, LLC
Wilmington, DE 19809	New York, NY 10022
Sub-Adviser	Independent Registered Public Accounting Firm
BlackRock International Limited	Deloitte & Touche LLP
Edinburgh, EH3 8BL	Boston, MA 02116
United Kingdom
Accounting Agent and Custodian	Legal Counsel
State Street Bank and Trust Company	Willkie Farr & Gallagher LLP
Boston, MA 02111	New York, NY 10019
Transfer Agent	Address of the Funds
BNY Mellon Investment Servicing (US) Inc.	100 Bellevue Parkway
Wilmington, DE 19809	Wilmington, DE 19809

96 2 0 2 1    BLACK ROCK    SEMI - ANNUAL    REPORT    TO    SHAREHOLDERS

Glossary of Terms Used in this Report  

Currency Abbreviation
AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
CNH	Chinese Yuan
CNY	Chinese Yuan
EGP	Egyptian Pound
EUR	Euro
GBP	British Pound
HKD	Hong Kong Dollar
KRW	South Korean Won
MXN	Mexican Peso
PLN	Polish Zloty
RUB	New Russian Ruble
SEK	Swedish Krona
SGD	Singapore Dollar
TRY	Turkish Lira
USD	United States Dollar
ZAR	South African Rand
Portfolio Abbreviation
BBR	Bank Bill Rate
CJSC	Closed Joint Stock Company
CMT	Constant Maturity Treasury
DAC	Designated Activity Company
EURIBOR	Euro Interbank Offered Rate
GMTN	Global Medium-Term Note
HIBOR	Hong Kong Interbank Offered Rate
JSC	Joint Stock Company
LIBOR	London Interbank Offered Rate
MSCI	Morgan Stanley Capital International
MXIBOR	Mexico Interbank Offered Rate
PIK	Payment-in-Kind
REIT	Real Estate Investment Trust
REMIC	Real Estate Mortgage Investment Conduit
SIBOR	Singapore Interbank Offered Rate
SOFR	Secured Overnight Financing Rate
STIBOR	Stockholm Interbank Offered Rate
TBA	To-Be-Announced
WIBOR	Warsaw Interbank Offered Rate

GLOSSARY    OF    TERMS    USED    IN    THIS    REPORT 97

Want to know more?

blackrock.com | 800-441-7762

This report is intended for current holders. It is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of the Funds unless preceded or accompanied by the Funds’ current prospectus. Past performance results shown in this report should not be considered a representation of future performance. Investment returns and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Statements and other information herein are as dated and are subject to change.

FIXINC-06/21-SAR

(b) Not Applicable

Item 2 – Code of Ethics – Not Applicable to this semi-annual report

Item 3 – Audit Committee Financial Expert – Not Applicable to this semi-annual report

Item 4 – Principal Accountant Fees and Services – Not Applicable to this semi-annual report

Item 5 – Audit Committee of Listed Registrants – Not Applicable

Item 6 – Investments

(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1(a) of this Form.

(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.

Item 7 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable

Item 8 – Portfolio Managers of Closed-End Management Investment Companies – Not Applicable

Item 9 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable

Item 10 – Submission of Matters to a Vote of Security Holders –There have been no material changes to these procedures.

Item 11 – Controls and Procedures

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12 – Disclosure of Securities Lending Activities for Closed-End Management Investment Companies – Not Applicable

Item 13 – Exhibits attached hereto

(a)(1) Code of Ethics – Not Applicable to this semi-annual report

(a)(2) Section 302 Certifications are attached

(a)(3) Not Applicable

2

(a)(4) Not Applicable

(b) Section 906 Certifications are attached

3

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

BlackRock Funds IV

By:	/s/ John M. Perlowski
	John M. Perlowski
	Chief Executive Officer (principal executive officer) of
	BlackRock Funds IV

Date: September 2, 2021

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ John M. Perlowski
	John M. Perlowski
	Chief Executive Officer (principal executive officer) of
	BlackRock Funds IV

Date: September 2, 2021

By:	/s/ Trent Walker
	Trent Walker
	Chief Financial Officer (principal financial officer) of
	BlackRock Funds IV

Date: September 2, 2021

4