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: 12/31/2022

Date of reporting period: 06/30/2022

Item 1 – Report to Stockholders

(a) The Report to Shareholders is attached herewith.

JUNE 30, 2022

2022 Semi-Annual Report

(Unaudited)

BlackRock Funds IV

· BlackRock Systematic Multi-Strategy Fund

BlackRock Funds V

· BlackRock Sustainable 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, 2022 saw the emergence of significant challenges that disrupted the economic recovery and strong financial markets. The U.S. economy shrank in the first quarter of 2022, ending the run of robust growth that followed the reopening of global economies and the development of COVID-19 vaccines. Rapid changes in consumer spending led to supply constraints and elevated inflation, which reached a 40-year high. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the ongoing war continued to present challenges for both investors and policymakers.

Equity prices fell, as persistently high inflation drove investors’ expectations for higher interest rates, particularly weighing on relatively high-valuation growth stocks and economically sensitive small-capitalization stocks. While both large- and small-capitalization U.S. stocks fell, declines for small-capitalization U.S. stocks were particularly steep. Both emerging market stocks and international equities from developed markets fell significantly, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) rose notably during the reporting period as increasing inflation drove investors’ expectations for higher interest rates. The corporate bond market also faced inflationary headwinds, and increasing uncertainty led to higher corporate bond spreads (the difference in yield between U.S. Treasuries and similarly-dated corporate bonds).

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation is growing faster than expected, raised interest rates three times while indicating that additional large rate hikes were likely. Furthermore, the Fed wound down its bond-buying programs and began to reduce its balance sheet. Continued high inflation and the Fed’s statements led many analysts to anticipate that interest rates have significant room to rise before peaking.

Furthermore, the horrific war in Ukraine has significantly clouded the outlook for the global economy, leading to major volatility in energy and metals markets. Sanctions on Russia, Europe’s top energy supplier, and general wartime disruption have magnified supply problems for key commodities. We believe elevated energy prices will continue to exacerbate inflationary pressure while also constraining economic growth. Combating inflation without stifling a recovery, while buffering against ongoing supply and price shocks, will be an especially challenging environment for setting effective monetary policy. Despite the likelihood of more rate increases on the horizon, we believe the Fed will err on the side of protecting employment, even at the expense of higher inflation. However, markets have been primed to expect sharp tightening, which could weigh on valuations until central banks begin to tap the brakes.

In this environment, while we favor an overweight to equities in the long-term, the market’s concerns over excessive rate hikes from central banks moderate our outlook. Furthermore, the energy shock and a deteriorating economic backdrop in China and Europe are likely to challenge corporate earnings, so we are underweight equities overall in the near-term. We take the opposite view on credit, where higher spreads provide near-term opportunities, while the likelihood of a higher inflation regime leads us to take an underweight stance on credit in the long-term. We believe that investment-grade corporates, U.K. gilts, local-currency emerging market debt, and inflation-protected bonds (particularly in Europe) offer strong opportunities in a six- to twelve-month horizon.

Overall, 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, 2022
	6-Month	12-Month
U.S. large cap equities (S&P 500® Index)	(19.96)%	(10.62)%
U.S. small cap equities (Russell 2000® Index)	(23.43)	(25.20)
International equities (MSCI Europe, Australasia, Far East Index)	(19.57)	(17.77)
Emerging market equities (MSCI Emerging Markets Index)	(17.63)	(25.28)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.15	0.18
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(11.34)	(10.94)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	(10.35)	(10.29)
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	(8.98)	(8.57)
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	(14.19)	(12.82)
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		80
Statements of Operations		83
Statements of Changes in Net Assets		84
Financial Highlights		85
Notes to Financial Statements		91
Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements		104
Additional Information		108
Glossary of Terms Used in this Report		110

3

Fund Summary  as of June 30, 2022 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, 2022, the Fund outperformed the Bloomberg U.S. Aggregate Bond Index benchmark. For the same period, the Fund underperformed the ICE BofA 3-Month U.S. Treasury Bill Index.

What factors influenced performance?

The largest contributor to the Fund’s relative performance was the defensive equity strategy, which benefited from the strategy’s ability to generate positive returns when equity markets are falling, or defensive alpha. This was especially true in January, April, and June of 2022, as the strategy delivered positive returns despite three of the worst ten sell-offs in the equity market since the Fund’s inception. Security selection within the consumer discretionary, health care and energy sectors led gains as increased market volatility and dispersion created greater opportunities for security selection.

The directional asset allocation (“DAA”) strategy was the largest constraint on performance over the period, followed by the macro strategy. The DAA strategy seeks to balance credit and interest rate risk to provide better risk adjusted returns and was negatively impacted given the market environment as credit spreads widened at the same time as interest rates moved higher. Positioning with respect to duration and corresponding interest rate sensitivity was the primary detractor. Additionally, in the first quarter, the macro strategy detracted through long positioning in Europe where rates moved higher given the elevated geopolitical risk following Russia’s invasion of Ukraine in February 2022.

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.

Over the first quarter of 2022, the Fund reduced risky asset positions across dividend equity and high yield corporate bond exposures, while also cutting duration exposure given high inflation uncertainty and the shift towards more aggressive Fed policy. This positioning was maintained throughout the second quarter with the Fund’s regime indicator in a late cycle/recession risk phase. These moves positioned the DAA portion of the portfolio with reduced exposure to both rising rates and negative risk sentiment.

The Fund continued to use leveraged strategies, which involve holding cash in order to back investments in to-be-announced mortgage derivative securities. Despite having a reported cash position exceeding 5%, the Fund’s investable cash position is negative due to unsettled forward transactions on derivatives.

Describe portfolio positioning at period end.

The Fund ended the period with measured allocations to dividend equities and high-yield securities that reflected positioning for a late-cycle/pre-recession economic environment. Overall, this approach is expected to allow the Fund to continue to prove its value as a fixed-income alternative. 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 2   BLACK ROCK   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Fund Summary  as of June 30, 2022 (continued) BlackRock Systematic Multi-Strategy Fund

Performance

				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		(3.45	)%		(1.48	)%		N/A			4.31	%		N/A			3.94	%		N/A
Investor A		(3.55	)		(1.71	)		(5.64	)%		4.06			3.21	%		3.69			3.10	%
Investor C		(3.96	)		(2.48	)		(3.44	)		3.28			3.28			2.90			2.90
Class K		(3.45	)		(1.38	)		N/A			4.34			N/A			3.96			N/A
ICE BofA 3-Month U.S. Treasury Bill Index(d)		0.15			0.18			N/A			1.11			N/A			0.88			N/A
Bloomberg U.S. Aggregate Bond Index(e)		(10.35	)		(10.29	)		N/A			0.88			N/A			1.34			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 FundsSM, 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)  An unmanaged index that measures returns of 3-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 5% Return
		Beginning Account Value (01/01/22)		Ending Account Value (06/30/22)		Expenses Paid During the Period	(a)		Beginning Account Value (01/01/22)		Ending Account Value (06/30/22)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
Institutional	$	1,000.00	$	965.50	$	4.53		$	1,000.00	$	1,020.18	$	4.66		0.93	%
Investor A		1,000.00		964.50		5.85			1,000.00		1,018.84		6.01		1.20
Investor C		1,000.00		960.40		9.24			1,000.00		1,015.37		9.49		1.90
Class K		1,000.00		965.50		3.95			1,000.00		1,020.78		4.06		0.81

^(a)  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 one-half year period shown).

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

FUND   SUMMARY 5

Fund Summary  as of June 30, 2022 (continued) BlackRock Systematic Multi-Strategy Fund

Portfolio Information

PORTFOLIO ALLOCATION

Asset Type(a)	Percent of Net Assets
U.S. Government Sponsored Agency Securities		47.5	%
Corporate Bonds		40.3
U.S. Treasury Obligations		17.2
Non-Agency Mortgage-Backed Securities		14.8
Common Stocks		5.3
Asset-Backed Securities		1.4
Money Market Funds		1.3
U.S. Treasury Obligations		0.1
Capital Trust		—	(b)
TBA Sale Commitments		(14.6	)
Liabilities in Excess of Other Assets		(13.3	)

INDUSTRY ALLOCATION

		Percent of    Total Investments(c)
Industry	Long			Short			Total
Financials		9.2	%		2.0	%		11.2	%
Consumer Discretionary		5.5			3.3			8.8
Energy		5.4			1.9			7.3
Industrials		4.3			2.8			7.1
Information Technology		4.3			2.5			6.8
Health Care		4.4			1.7			6.1
Materials		3.4			2.4			5.8
Consumer Staples		3.5			1.7			5.2
Communication Services		2.6			1.7			4.3
Utilities		1.9			1.9			3.8
Real Estate		2.1			1.3			3.4
Other(d)		30.2			—			30.2
		76.8	%		23.2	%		100.0	%

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

^(b)  Rounds to less than 0.1% 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 (0.7%), Non-Agency Mortgaged-Backed Securities (7.0%), U.S. Government Sponsored Agency Obligations (22.5%) and U.S. Treasury Obligations (less than 0.1%).

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

Fund Summary  as of June 30, 2022 BlackRock Sustainable Emerging Markets Bond Fund

Investment Objective

BlackRock Sustainable Emerging Markets Bond Fund’s (the “Fund”) investment objective is to seek total return, while seeking to maintain certain environmental, governance and social (“ESG”) characteristics, climate risk exposure and climate opportunities relative to the Fund’s benchmark.

Portfolio Management Commentary

How did the Fund perform?

For the six-month period ended June 30, 2022, the Fund outperformed its benchmark, the J.P. Morgan EMBI Global Diversified Index.

What factors influenced performance?

Emerging market bonds fell sharply in the first half of the year. Investors reacted negatively to Russia’s invasion of Ukraine in February 2022 and the resulting impact on energy prices and global supply chains. In addition, surging inflation prompted the Fed to raise interest rates aggressively. These factors weighed on returns across the bond market, with higher-risk categories experiencing the weakest performance.

The Fund’s underweight in Russia was the largest contributor to relative performance. J.P. Morgan repriced all Russian bonds in the index at zero and removed the bonds from the benchmark in March 2022. A short position in the Russian ruble, which the investment adviser increased in mid-February 2022 as the Russia-Ukraine situation started to escalate, also contributed. The investment adviser closed the position after the currency plummeted. The Fund’s underweight position in Belarus, which was also priced at zero and taken out of the index, further contributed to performance.

The Fund benefited from its duration management strategies, with positive contribution coming from its short positions in U.S. Treasury and European bond futures. This approach worked well given that yields rose considerably.

The Fund’s overweight in Ukraine was the largest detractor. The investment adviser retained the position on the belief the bonds will recover some of their value following an eventual cease-fire. Overweights in high-yielding countries, such as Ghana, Egypt and Argentina, also detracted amid the broader “risk-off” move across the financial markets.

The Fund used derivatives to manage risk and/or take outright views on interest rates, credit risk and/or the foreign exchange markets. The short positions in the ruble and developed-market bonds were achieved through the use of derivatives. The Fund’s cash position had no meaningful impact on performance.

Describe recent portfolio activity.

At the start of the year, the investment adviser raised cash by selling holdings in the Dominican Republic and Oman. The investment adviser participated in the primary issuance market in February 2022 and in March reduced the extent of the Fund’s underweights in investment-grade sovereigns such as Panama, Romania and Peru.

In the second quarter, the investment adviser reduced overweights in high-yielding countries such as Egypt and Ghana. The investment adviser increased the extent of the underweight in Turkey, as the country’s crisis appeared to be reaching its later stages. In addition, the investment adviser closed all remaining holdings in Russia. Later in the period, the investment adviser reduced the short position in U.S. Treasury futures given the increasing concerns about the potential for slowing global growth.

Describe portfolio positioning at period end.

Oman, United Arab Emirates and Hungary were the Fund’s largest overweights, and Malaysia, China and the Philippines were its most significant underweights.

The Fund’s beta (sensitivity to market movements) was slightly higher than the benchmark as of June 30, 2022, while its duration was slightly lower.

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, 2022 (continued) BlackRock Sustainable Emerging Markets Bond Fund

Performance

							Average Annual Total Returns(a)(b)
	Standardized 30-Day Yields		Unsubsidized 30-Day Yields		6-Month Total Returns			1 Year		Since Inception	(c)
Institutional	6.86	%	4.50	%	(20.00	)%		(21.70	)%	(1.75	)%
Class K	6.95		5.07		(19.96	)		(21.63	)	(1.67	)
J.P. Morgan EMBI Global Diversified Index(d)	—		—		(20.31	)		(21.22	)	(1.37	)
J.P. Morgan ESG EMBI Global Diversified Index(e)	—		—		(21.13	)		(22.14	)	(1.27	)

^(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. The Fund’s total returns for the period beginning on the date of the Reorganization (as defined below) and ended on October 14, 2021 are the returns of the Fund when it followed a different investment objective and different investment strategies and investment process under the name “BlackRock Emerging Markets Bond Fund.” 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.

^(e)  An index that tracks liquid, U.S. dollar emerging market fixed and floating-rate debt instruments issued by sovereign and quasi-sovereign entities. The index applies an ESG scoring and screening methodology to tilt toward issuers ranked higher on ESG criteria and green bond issues, and to underweight and remove issuers that rank lower. The index is based on the established flagship J.P. Morgan EMBI Global Diversified Index.

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 5% Return
		Beginning Account Value (01/01/22)		Ending Account Value (06/30/22)		Expenses Paid During the Period	(a)		Beginning Account Value (01/01/22)		Ending Account Value (06/30/22)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
Institutional	$	1,000.00	$	800.00	$	3.03		$	1,000.00	$	1,021.42	$	3.41		0.68	%
Class K		1,000.00		800.40		2.63			1,000.00		1,021.87		2.96		0.59

^(a)  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 one-half year period shown).

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

Portfolio Information

PORTFOLIO COMPOSITION

Asset Type(a)	Percent of Total Investments
Foreign Agency Obligations		94.5	%
Corporate Bonds		5.5

CREDIT QUALITY ALLOCATION

Credit Rating(a)(b)	Percent of Total Investments
AAA/Aaa		1.2	%
AA/Aa		7.2
A		9.4
BBB/Baa		34.7
BB/Ba		21.3
B		19.0
CCC/Caa		6.5
CC		0.7

^(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.

8 2 0 2 2   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 each 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 table(s) 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 at the beginning of the period and held through the end of the period) 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. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. 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 2   BLACK ROCK   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited)  June 30, 2022 BlackRock Systematic Multi-Strategy Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Asset-Backed Securities
ACC Auto Trust, Series 2021-A, Class A, 1.08%, 04/15/27(a)	$	8,448	$	8,306,340
Avant Loans Funding Trust, Series 2021-REV1, Class C, 2.30%, 07/15/30(a)		2,220		2,027,182
Carvana Auto Receivables Trust, Series 2021-N2, Class B, 0.75%, 03/10/28		1,117		1,077,483
Drive Auto Receivables Trust, Series 2019-1, Class D, 4.09%, 06/15/26		9,213		9,227,424
Exeter Automobile Receivables Trust, Series 2020-3A, Class B, 0.79%, 09/16/24		456		456,116
JPMorgan Chase Bank NA(a)
Series 2021-2, Class B, 0.89%, 12/26/28		10,965		10,623,526
Series 2021-3, Class B, 0.76%, 02/26/29		19,764		19,098,530
OneMain Financial Issuance Trust, Series 2019-2A, Class A, 3.14%, 10/14/36(a)		500		463,816
Santander Bank Auto Credit-Linked Notes, Series 2022-A, Class B, 5.28%, 05/15/32(a)		23,815		23,608,804
Santander Bank NA - SBCLN, Series 2021-1A, Class B, 1.83%, 12/15/31(a)		6,148		5,974,874
Santander Drive Auto Receivables Trust
Series 2018-5, Class D, 4.19%, 12/16/24		11		10,779
Series 2019-1, Class D, 3.65%, 04/15/25		1,769		1,770,556
Upstart Securitization Trust(a)
Series 2021-1, Class A, 0.87%, 03/20/31		1,679		1,661,665
Series 2021-2, Class A, 0.91%, 06/20/31		13,951		13,626,027
Series 2021-3, Class A, 0.83%, 07/20/31		6,979		6,776,940
Series 2021-4, Class A, 0.84%, 09/20/31		11,611		11,178,514
Series 2021-5, Class A, 1.31%, 11/20/31		8,556		8,237,592
Westlake Automobile Receivables Trust(a)
Series 2020-2A, Class B, 1.32%, 07/15/25		4,132		4,125,064
Series 2022-1A, Class B, 2.75%, 03/15/27		8,580		8,322,059
Total Asset-Backed Securities — 1.4% (Cost: $140,173,075)				136,573,291
	Shares
Common Stocks
Aerospace & Defense — 0.2%
General Dynamics Corp.		34,915		7,724,944
Huntington Ingalls Industries, Inc.		2,227		485,085
Lockheed Martin Corp.		24,579		10,567,987
				18,778,016
Air Freight & Logistics — 0.1%
CH Robinson Worldwide, Inc.		23,578		2,390,102
United Parcel Service, Inc., Class B		13,387		2,443,663
				4,833,765
Banks — 0.1%
First Hawaiian, Inc.		3,909		88,773
First Interstate BancSystem, Inc., Class A		7,151		272,524
Fulton Financial Corp.		18,675		269,854
Prosperity Bancshares, Inc.		49,818		3,401,075
U.S. Bancorp		152,495		7,017,820
United Bankshares, Inc.		9,412		330,079
				11,380,125

Security	Shares		Value
Beverages — 0.1%
Coca-Cola Europacific Partners PLC		11,837	$	610,908
PepsiCo, Inc.		63,597		10,599,076
				11,209,984
Biotechnology — 0.3%
AbbVie, Inc.		73,881		11,315,614
Amgen, Inc.		43,669		10,624,667
Gilead Sciences, Inc.		170,848		10,560,115
				32,500,396
Capital Markets — 0.0%
Virtu Financial, Inc., Class A		20,778		486,413
Chemicals — 0.0%
Air Products & Chemicals, Inc.		2,196		528,094
Dow, Inc.		36,298		1,873,340
				2,401,434
Communications Equipment — 0.1%
Cisco Systems, Inc.		236,776		10,096,129
Containers & Packaging — 0.3%
Amcor PLC		806,097		10,019,786
International Paper Co.		145,144		6,071,374
Packaging Corp. of America		62,929		8,652,737
				24,743,897
Distributors — 0.0%
Genuine Parts Co.		19,133		2,544,689
Diversified Telecommunication Services — 0.1%
Verizon Communications, Inc.		211,387		10,727,890
Electric Utilities — 0.6%
Alliant Energy Corp.		95,643		5,605,636
American Electric Power Co., Inc.		90,102		8,644,386
Avangrid, Inc.		123,103		5,677,510
Duke Energy Corp.		96,985		10,397,762
Evergy, Inc.		85,767		5,596,297
Eversource Energy		77,283		6,528,095
IDACORP, Inc.		16,493		1,746,939
OGE Energy Corp.		41,173		1,587,631
Pinnacle West Capital Corp.		32,528		2,378,447
Portland General Electric Co.		13,301		642,837
Southern Co.		142,752		10,179,645
Xcel Energy, Inc.		57,656		4,079,739
				63,064,924
Electronic Equipment, Instruments & Components — 0.0%
Corning, Inc.		25,328		798,085
Equity Real Estate Investment Trusts (REITs) — 0.2%
Healthcare Realty Trust, Inc.		92,850		2,525,520
National Retail Properties, Inc.		81,742		3,514,906
Physicians Realty Trust		457,898		7,990,320
WP Carey, Inc.		122,831		10,177,777
				24,208,523
Food & Staples Retailing — 0.0%
Walgreens Boots Alliance, Inc.		18,709		709,071
Food Products — 0.6%
Campbell Soup Co.		179,679		8,633,576
Conagra Brands, Inc.		205,952		7,051,797
Flowers Foods, Inc.		343,473		9,040,209
General Mills, Inc.		157,863		11,910,763
J M Smucker Co.		52,521		6,723,213
Kellogg Co.		159,020		11,344,487

SCHEDULE   OF   INVESTMENTS 11

Schedule of Investments (unaudited) (continued) June 30, 2022 BlackRock Systematic Multi-Strategy Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Food Products (continued)
Kraft Heinz Co.		69,487	$	2,650,234
Lancaster Colony Corp.		224		28,847
Mondelez International, Inc., Class A		47,387		2,942,259
				60,325,385
Health Care Equipment & Supplies — 0.1%
Medtronic PLC		96,842		8,691,569
Health Care Providers & Services — 0.2%
Cardinal Health, Inc.		28,473		1,488,284
CVS Health Corp.		62,983		5,836,005
Patterson Cos., Inc.		57,637		1,746,401
Premier, Inc., Class A		239,428		8,542,791
Quest Diagnostics, Inc.		7,800		1,037,244
				18,650,725
Hotels, Restaurants & Leisure — 0.1%
McDonald’s Corp.		43,302		10,690,398
Household Products — 0.4%
Clorox Co.		14,142		1,993,739
Colgate-Palmolive Co.		136,773		10,960,988
Kimberly-Clark Corp.		82,267		11,118,385
Procter & Gamble Co.		73,649		10,589,990
				34,663,102
Industrial Conglomerates — 0.1%
3M Co.		73,168		9,468,671
Insurance — 0.2%
Allstate Corp.		37,855		4,797,364
Hanover Insurance Group, Inc.		487		71,224
Travelers Cos., Inc.		60,890		10,298,326
				15,166,914
IT Services — 0.3%
Amdocs Ltd.		124,478		10,370,262
Automatic Data Processing, Inc.		16,948		3,559,758
International Business Machines Corp.		77,360		10,922,459
Western Union Co.		35,839		590,268
				25,442,747
Machinery — 0.0%
Illinois Tool Works, Inc.		6,254		1,139,791
Media — 0.1%
Comcast Corp., Class A		247,535		9,713,273
Omnicom Group, Inc.		24,095		1,532,683
				11,245,956
Metals & Mining — 0.1%
Newmont Corp.		157,611		9,404,648
Multi-Utilities — 0.4%
Ameren Corp.		31,406		2,837,846
CMS Energy Corp.		91,152		6,152,760
Consolidated Edison, Inc.		82,964		7,889,876
Dominion Energy, Inc.		117,053		9,342,000
DTE Energy Co.		20,217		2,562,505
NorthWestern Corp.		10,107		595,605
WEC Energy Group, Inc.		103,395		10,405,673
				39,786,265
Oil, Gas & Consumable Fuels — 0.1%
Williams Cos., Inc.		207,201		6,466,743
Pharmaceuticals — 0.5%
Bristol-Myers Squibb Co.		144,425		11,120,725

Security	Shares		Value
Pharmaceuticals (continued)
Johnson & Johnson		61,202	$	10,863,967
Merck & Co., Inc.		120,466		10,982,885
Pfizer, Inc.		205,808		10,790,514
				43,758,091
Semiconductors & Semiconductor Equipment — 0.0%
Texas Instruments, Inc.		380		58,387
Thrifts & Mortgage Finance — 0.0%
Radian Group, Inc.		48,577		954,538
Tobacco — 0.0%
Philip Morris International, Inc.		39,350		3,885,419
Trading Companies & Distributors — 0.0%
MSC Industrial Direct Co., Inc., Class A		50,274		3,776,080
Total Common Stocks — 5.3% (Cost: $503,152,251)				522,058,770
	Par (000)
Corporate Bonds
Advertising Agencies — 0.0%
Interpublic Group of Cos., Inc., 2.40%, 03/01/31	$	430		350,251
Aerospace & Defense — 0.4%
3M Co. 2.25%, 03/15/23		425		421,594
2.65%, 04/15/25		680		666,835
Boeing Co. 1.17%, 02/04/23		1,205		1,191,314
1.43%, 02/04/24		2,579		2,463,536
2.20%, 02/04/26		2,000		1,802,731
Bombardier, Inc.(a) 7.13%, 06/15/26		1,065		878,071
7.88%, 04/15/27		425		353,774
6.00%, 02/15/28		1,010		756,894
General Dynamics Corp. 3.25%, 04/01/25		350		347,095
1.15%, 06/01/26		4,250		3,857,338
3.50%, 04/01/27		4,060		3,984,957
3.75%, 05/15/28		2,980		2,924,391
Howmet Aerospace, Inc. 5.90%, 02/01/27		3,580		3,526,300
5.95%, 02/01/37		500		471,500
Lockheed Martin Corp. 1.85%, 06/15/30		70		59,739
3.90%, 06/15/32		6,455		6,369,782
Moog, Inc., 4.25%, 12/15/27(a)		400		346,596
Parker-Hannifin Corp., 3.65%, 06/15/24		2,380		2,363,897
Raytheon Technologies Corp. 3.15%, 12/15/24		1,153		1,138,712
3.95%, 08/16/25		130		130,272
Rolls-Royce PLC, 5.75%, 10/15/27(a)		1,305		1,176,197
Spirit AeroSystems, Inc.(a) 5.50%, 01/15/25		125		115,625
7.50%, 04/15/25		700		650,125
Teledyne Technologies, Inc., 2.75%, 04/01/31		3,000		2,507,829
Trane Technologies Luxembourg Finance SA, 3.50%, 03/21/26		1,555		1,511,617
TransDigm, Inc. 8.00%, 12/15/25(a)		115		116,293

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

Schedule of Investments (unaudited) (continued) June 30, 2022 BlackRock Systematic Multi-Strategy Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Aerospace & Defense (continued)
TransDigm, Inc. (continued) 6.25%, 03/15/26(a)	$	2,000	$	1,927,500
6.38%, 06/15/26		100		93,500
7.50%, 03/15/27		50		47,171
Triumph Group, Inc. 8.88%, 06/01/24(a)		528		531,891
7.75%, 08/15/25		40		30,800
				42,763,876
Air Freight & Logistics(a) — 0.0%
Cargo Aircraft Management, Inc., 4.75%, 02/01/28		390		355,657
XPO Logistics, Inc., 6.25%, 05/01/25		719		713,607
				1,069,264
Airlines — 0.3%
Air Canada, 3.88%, 08/15/26(a)		1,365		1,154,640
American Airlines Group, Inc., 3.75%, 03/01/25(a)		1,455		1,225,837
American Airlines, Inc., 11.75%, 07/15/25(a)		2,910		3,011,559
American Airlines, Inc./AAdvantage Loyalty IP Ltd.(a) 5.50%, 04/20/26		625		574,241
5.75%, 04/20/29		4,550		3,884,608
Delta Air Lines, Inc., 7.38%, 01/15/26		3,125		3,120,156
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd., 5.75%, 01/20/26(a)		1,620		1,451,844
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., 6.50%, 06/20/27(a)		1,188		1,167,375
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd., 8.00%, 09/20/25(a)		543		557,265
United Airlines Holdings, Inc., 4.88%, 01/15/25		525		487,693
United Airlines, Inc.(a) 4.38%, 04/15/26		1,040		916,417
4.63%, 04/15/29		10,125		8,588,734
				26,140,369
Auto Components — 0.3%
Adient Global Holdings Ltd., 4.88%, 08/15/26(a)		2,000		1,755,320
Goodyear Tire & Rubber Co. 9.50%, 05/31/25		100		103,417
4.88%, 03/15/27		250		223,563
5.00%, 07/15/29		1,063		880,331
5.25%, 04/30/31		1,225		993,990
IHO Verwaltungs GmbH, (6.38% Cash or 7.13% PIK), 6.38%, 05/15/29(a)(b)		2,000		1,740,400
Lear Corp., 3.80%, 09/15/27		1,964		1,855,336
Meritor, Inc.(a) 6.25%, 06/01/25		325		333,305
4.50%, 12/15/28		1,850		1,781,219
Titan International, Inc., 7.00%, 04/30/28		4,205		3,950,177
Toyota Motor Credit Corp., 3.95%, 06/30/25		17,055		17,116,185
ZF North America Capital, Inc., 4.75%, 04/29/25(a)		150		138,375
				30,871,618
Automobiles — 1.0%
Allison Transmission, Inc., 3.75%, 01/30/31(a)		3,000		2,404,320
American Honda Finance Corp. 2.15%, 09/10/24		2,480		2,398,316
1.20%, 07/08/25		1,395		1,287,360
1.30%, 09/09/26		1,960		1,769,606
Asbury Automotive Group, Inc. 4.50%, 03/01/28		1,600		1,388,000

Security	Par (000)		Value
Automobiles (continued)
Asbury Automotive Group, Inc. (continued) 4.63%, 11/15/29(a)	$	955	$	789,069
4.75%, 03/01/30		2,745		2,257,076
5.00%, 02/15/32(a)		790		645,825
Cummins, Inc., 0.75%, 09/01/25		4,550		4,144,878
Ford Motor Co. 4.35%, 12/08/26		200		185,365
9.63%, 04/22/30		240		267,600
3.25%, 02/12/32		1,700		1,271,430
4.75%, 01/15/43		150		106,850
5.29%, 12/08/46		950		728,560
Ford Motor Credit Co. LLC 5.58%, 03/18/24		400		398,000
2.30%, 02/10/25		8,000		7,183,200
5.13%, 06/16/25		2,350		2,244,062
4.13%, 08/04/25		1,000		947,185
3.38%, 11/13/25		1,230		1,107,578
4.39%, 01/08/26		1,650		1,519,749
4.13%, 08/17/27		2,000		1,761,000
2.90%, 02/10/29		7,800		6,117,072
4.00%, 11/13/30		1,320		1,069,537
General Motors Co. 5.40%, 10/02/23		160		162,390
6.13%, 10/01/25		600		620,243
General Motors Financial Co., Inc. 4.15%, 06/19/23		195		195,120
5.10%, 01/17/24		375		378,729
1.05%, 03/08/24		1,980		1,877,036
1.20%, 10/15/24		1,150		1,069,397
4.00%, 01/15/25		1,000		985,590
3.80%, 04/07/25		1,575		1,535,479
2.35%, 02/26/27		14,390		12,674,650
Group 1 Automotive, Inc., 4.00%, 08/15/28(a)		3,366		2,813,246
Honda Motor Co. Ltd. 2.27%, 03/10/25		5,440		5,232,864
2.53%, 03/10/27		4,480		4,191,519
Jaguar Land Rover Automotive PLC(a) 7.75%, 10/15/25		1,250		1,157,625
4.50%, 10/01/27		400		299,816
5.88%, 01/15/28		4,348		3,321,350
5.50%, 07/15/29		5,400		3,915,000
PACCAR Financial Corp., 1.90%, 02/07/23		325		322,303
Sonic Automotive, Inc.(a) 4.63%, 11/15/29		263		203,775
4.88%, 11/15/31		208		156,459
Toyota Motor Corp., 0.68%, 03/25/24		145		138,331
Toyota Motor Credit Corp. 2.50%, 03/22/24		3,890		3,830,155
1.45%, 01/13/25		3,555		3,368,973
1.13%, 06/18/26		9,440		8,510,895
				98,952,583
Banks — 2.7%
Bank of Montreal 0.45%, 12/08/23		3,565		3,424,046
1.50%, 01/10/25		5,490		5,181,025
1.85%, 05/01/25		2,440		2,308,173
3.70%, 06/07/25		13,441		13,321,980
1.25%, 09/15/26		2,260		2,002,033
Canadian Imperial Bank of Commerce 0.45%, 06/22/23		5,605		5,430,618
0.95%, 06/23/23		3,330		3,233,760

SCHEDULE   OF   INVESTMENTS 13

Schedule of Investments (unaudited) (continued) June 30, 2022 BlackRock Systematic Multi-Strategy Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Banks (continued)
Canadian Imperial Bank of Commerce (continued) 2.25%, 01/28/25	$	480	$	460,122
3.30%, 04/07/25		17,240		16,907,643
0.95%, 10/23/25		1,870		1,686,744
Citibank NA, 3.65%, 01/23/24		400		401,158
Cooperatieve Rabobank UA, 1.38%, 01/10/25		7,360		6,923,569
Credit Suisse AG 0.52%, 08/09/23		1,580		1,524,212
0.50%, 02/02/24		5,160		4,863,666
3.70%, 02/21/25		3,660		3,573,661
Fifth Third Bancorp 3.65%, 01/25/24		2,745		2,733,383
(SOFR + 0.69%), 1.71%, 11/01/27(c)		590		523,423
Fifth Third Bank NA, 1.80%, 01/30/23		585		579,878
First Republic Bank, (SOFR + 0.62%), 1.91%, 02/12/24(c)		1,085		1,072,364
HSBC USA, Inc. 3.75%, 05/24/24		19,825		19,708,477
3.50%, 06/23/24		400		397,426
ING Groep NV, 4.10%, 10/02/23		3,570		3,579,510
Intesa Sanpaolo SpA(a) 5.02%, 06/26/24		200		190,826
5.71%, 01/15/26		1,650		1,571,705
(1 year CMT + 2.60%), 4.20%, 06/01/32(c)		985		721,469
JPMorgan Chase & Co., 3.85%, 06/14/25(c)		36,820		36,457,097
KeyBank NA, (SOFR + 0.32%), 0.43%, 06/14/24(c)		2,190		2,124,350
KeyCorp., 2.25%, 04/06/27		335		301,600
National Australia Bank Ltd., 1.88%, 12/13/22		250		248,685
National Bank of Canada, (1 year CMT + 0.40%), 0.55%, 11/15/24(c)		665		633,983
Royal Bank of Canada 0.65%, 07/29/24		3,845		3,612,842
0.75%, 10/07/24		3,300		3,081,544
1.15%, 06/10/25		2,500		2,312,913
1.20%, 04/27/26		1,495		1,343,029
2.05%, 01/21/27		8,000		7,313,631
Santander Holdings USA, Inc. 3.45%, 06/02/25		1,250		1,202,013
(SOFR + 1.25%), 2.49%, 01/06/28(c)		935		825,222
(SOFR + 1.38%), 4.26%, 06/09/25(c)		4,000		3,951,527
Santander U.K. Group Holdings PLC(c)
(1 year CMT + 1.25%), 1.53%, 08/21/26		3,000		2,686,895
(3 mo. LIBOR US + 1.57%), 4.80%, 11/15/24		1,250		1,250,037
(SOFR + 0.79%), 1.09%, 03/15/25		7,635		7,128,527
Standard Chartered PLC, (3 mo. LIBOR US + 1.46%), 7.01%(a)(c)(d)		500		531,384
SVB Financial Group 1.80%, 10/28/26		16,610		14,835,104
1.80%, 02/02/31		2,575		1,984,114
Toronto-Dominion Bank 1.90%, 12/01/22		785		782,432
0.30%, 06/02/23		3,430		3,329,742
0.45%, 09/11/23		5,955		5,759,976
2.65%, 06/12/24		200		196,263
1.45%, 01/10/25		2,765		2,614,469
3.77%, 06/06/25		20,240		20,125,084
Truist Financial Corp., 1.20%, 08/05/25		3,520		3,233,751
Wells Fargo & Co.(c)
(3 mo. LIBOR US + 0.75%), 2.16%, 02/11/26		12,644		11,883,652
(SOFR + 0.51%), 0.81%, 05/19/25		1,228		1,149,853

Security	Par (000)		Value
Banks (continued)
Wells Fargo & Co.(c) (continued)
(SOFR + 1.09%), 2.41%, 10/30/25	$	147	$	139,944
(SOFR + 1.32%), 3.91%, 04/25/26		3,485		3,427,446
(SOFR + 1.51%), 3.53%, 03/24/28		6,795		6,435,866
Westpac Banking Corp., 3.74%, 08/26/25		10,390		10,353,570
				263,577,416
Beverages — 0.6%
ARD Finance SA, (6.50% Cash or 7.25% PIK), 6.50%, 06/30/27(a)(b)(c)		1,350		1,001,376
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.(a)
5.25%, 04/30/25		820		758,497
4.13%, 08/15/26		250		211,802
5.25%, 08/15/27		650		463,489
Ball Corp. 4.00%, 11/15/23		15		14,883
5.25%, 07/01/25		50		50,034
4.88%, 03/15/26		200		196,750
2.88%, 08/15/30		910		732,465
3.13%, 09/15/31		3,040		2,452,185
Coca-Cola Co. 1.75%, 09/06/24		400		390,781
3.38%, 03/25/27		3,230		3,202,511
1.45%, 06/01/27		11,595		10,493,256
Coca-Cola Femsa SAB de CV, 2.75%, 01/22/30		18,176		16,191,408
Constellation Brands, Inc.
3.60%, 05/09/24		8,687		8,654,655
4.40%, 11/15/25		1,070		1,074,913
4.35%, 05/09/27		6,197		6,144,408
2.88%, 05/01/30		310		269,670
Diageo Capital PLC 2.13%, 10/24/24		560		540,188
2.38%, 10/24/29		405		359,549
2.00%, 04/29/30		2,710		2,311,834
Keurig Dr. Pepper, Inc., 3.95%, 04/15/29		1,055		1,006,457
Owens-Brockway Glass Container, Inc., 5.88%, 08/15/23(a)		133		131,670
PepsiCo, Inc. 2.25%, 03/19/25		850		827,828
2.63%, 03/19/27		535		513,358
Silgan Holdings, Inc., 4.13%, 02/01/28		207		185,623
				58,179,590
Biotechnology — 0.1%
Gilead Sciences, Inc., 0.75%, 09/29/23		364		352,225
Regeneron Pharmaceuticals, Inc., 1.75%, 09/15/30		11,190		8,971,506
				9,323,731
Building Materials — 0.3%
Allegion U.S. Holding Co., Inc., 3.20%, 10/01/24		1,900		1,853,545
Boise Cascade Co., 4.88%, 07/01/30(a)		11,916		10,422,925
Builders FirstSource, Inc.(a) 5.00%, 03/01/30		870		737,282
4.25%, 02/01/32		9,250		7,040,822
Carrier Global Corp. 2.24%, 02/15/25		704		668,962
2.49%, 02/15/27		1,154		1,049,850
Eagle Materials, Inc., 2.50%, 07/01/31		444		350,669
Griffon Corp., 5.75%, 03/01/28		270		245,090

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

Schedule of Investments (unaudited) (continued) June 30, 2022 BlackRock Systematic Multi-Strategy Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Building Materials (continued)
James Hardie International Finance DAC, 5.00%, 01/15/28(a)	$	1,200	$	1,068,000
Louisiana-Pacific Corp., 3.63%, 03/15/29(a)		2,950		2,324,279
Martin Marietta Materials, Inc., 0.65%, 07/15/23		2,265		2,188,802
Masco Corp., 3.50%, 11/15/27		2,925		2,782,268
Masonite International Corp., Class C, 5.38%, 02/01/28(a)		1,650		1,493,250
Standard Industries, Inc., 4.38%, 07/15/30(a)		1,250		985,938
Summit Materials LLC/Summit Materials Finance Corp., 5.25%, 01/15/29(a)		155		135,238
				33,346,920
Building Products — 0.3%
Advanced Drainage Systems, Inc.(a) 5.00%, 09/30/27		2,105		1,940,852
6.38%, 06/15/30		10,000		9,765,700
Beacon Roofing Supply, Inc., 4.13%, 05/15/29(a)		4,174		3,394,378
BlueLinx Holdings, Inc., 6.00%, 11/15/29(a)		5,569		4,343,820
Home Depot, Inc. 2.70%, 04/15/25		490		480,769
2.50%, 04/15/27		150		141,615
2.88%, 04/15/27		955		922,609
Lowe’s Cos., Inc. 4.00%, 04/15/25		1,930		1,936,374
3.35%, 04/01/27		4,250		4,089,894
3.10%, 05/03/27		5,191		4,943,632
				31,959,643
Capital Markets — 1.2%
Ameriprise Financial, Inc., 3.00%, 04/02/25		860		839,779
Ares Capital Corp. 3.50%, 02/10/23		1,300		1,294,181
4.20%, 06/10/24		4,880		4,791,337
4.25%, 03/01/25		50		47,808
3.25%, 07/15/25		850		785,795
3.88%, 01/15/26		3,714		3,410,715
2.15%, 07/15/26		6,121		5,130,082
2.88%, 06/15/27		6,210		5,183,319
2.88%, 06/15/28		3,355		2,657,968
Bank of New York Mellon Corp. 1.85%, 01/27/23		315		312,902
0.50%, 04/26/24		2,890		2,743,804
Barings BDC, Inc., 3.30%, 11/23/26(a)		1,715		1,487,629
Blackstone Private Credit Fund, 2.70%, 01/15/25(a)		5,320		4,854,306
Brookfield Asset Management, Inc., 4.00%, 01/15/25		1,000		995,246
Brookfield Finance I U.K. PLC, 2.34%, 01/30/32		780		626,853
Brookfield Finance, Inc. 4.00%, 04/01/24		300		299,967
3.90%, 01/25/28		55		52,553
Charles Schwab Corp. 0.75%, 03/18/24		935		896,758
1.15%, 05/13/26		2,135		1,925,999
2.45%, 03/03/27		1,495		1,394,256
Compass Group Diversified Holdings LLC(a) 5.25%, 04/15/29		4,515		3,724,875
5.00%, 01/15/32		1,110		857,008
FS KKR Capital Corp. 4.63%, 07/15/24		3,750		3,679,931
1.65%, 10/12/24		5,060		4,501,426
4.13%, 02/01/25		105		99,573

Security	Par (000)		Value
Capital Markets (continued)
FS KKR Capital Corp. (continued) 2.63%, 01/15/27	$	5,275	$	4,435,960
3.25%, 07/15/27		2,810		2,391,061
Goldman Sachs BDC, Inc., 2.88%, 01/15/26		505		455,202
Golub Capital BDC, Inc., 2.50%, 08/24/26		3,820		3,197,447
Icahn Enterprises LP/Icahn Enterprises Finance Corp. 4.75%, 09/15/24		320		298,658
6.38%, 12/15/25		1,600		1,512,496
6.25%, 05/15/26		4,610		4,315,698
5.25%, 05/15/27		300		265,752
4.38%, 02/01/29		5,540		4,477,206
LPL Holdings, Inc.(a) 4.63%, 11/15/27		2,300		2,147,978
4.38%, 05/15/31		5,291		4,520,551
Main Street Capital Corp., 3.00%, 07/14/26		2,000		1,745,141
Morgan Stanley Direct Lending Fund, 4.50%, 02/11/27(a)		3,545		3,220,602
Nomura Holdings, Inc. 2.65%, 01/16/25		1,620		1,545,394
5.10%, 07/03/25(e)		12,700		12,755,166
1.85%, 07/16/25		7,520		6,885,578
Prospect Capital Corp., 3.36%, 11/15/26		2,255		1,916,527
StoneX Group, Inc., 8.63%, 06/15/25(a)		3,424		3,432,560
				112,113,047
Chemicals — 0.9%
Air Products & Chemicals, Inc.
1.85%, 05/15/27		2,380		2,165,763
2.05%, 05/15/30		1,125		972,391
Albemarle Corp., 4.65%, 06/01/27		19,380		19,071,978
Ashland LLC 3.38%, 09/01/31(a)		3,440		2,798,006
6.88%, 05/15/43		1,000		1,004,320
Axalta Coating Systems LLC, 3.38%, 02/15/29(a)		1,080		881,680
Celanese U.S. Holdings LLC 3.50%, 05/08/24		2,045		2,020,229
1.40%, 08/05/26		1,280		1,100,932
Chemours Co., 163851AE8, 5.38%, 05/15/27		939		826,183
CVR Partners LP/CVR Nitrogen Finance Corp., 6.13%, 06/15/28(a)		6,000		5,364,133
Ecolab, Inc., 0.90%, 12/15/23		1,765		1,709,050
Emerson Electric Co., 2.00%, 12/21/28		14,680		12,930,760
FMC Corp., 4.10%, 02/01/24		1,904		1,906,917
Ingevity Corp., 3.88%, 11/01/28(a)		2,770		2,319,875
International Flavors & Fragrances, Inc., 4.45%, 09/26/28		40		39,084
LSB Industries, Inc., 6.25%, 10/15/28(a)		1,865		1,645,862
Methanex Corp. 5.13%, 10/15/27		1,585		1,398,762
5.25%, 12/15/29		3,200		2,705,312
5.65%, 12/01/44		1,300		913,572
Olin Corp. 5.13%, 09/15/27		50		45,959
5.63%, 08/01/29		5,500		4,901,875
5.00%, 02/01/30		2,000		1,727,400
PPG Industries, Inc. 1.20%, 03/15/26		8,910		8,004,344
2.55%, 06/15/30		2,000		1,760,308
Sherwin-Williams Co. 3.13%, 06/01/24		2,590		2,552,834

SCHEDULE   OF   INVESTMENTS 15

Schedule of Investments (unaudited) (continued) June 30, 2022 BlackRock Systematic Multi-Strategy Fund (Percentages shown are based on Net Assets)

Security	Par             (000)		Value
Chemicals (continued)
Sherwin-Williams Co. (continued) 3.45%, 06/01/27	$	640	$	609,969
2.95%, 08/15/29		225		201,298
Tronox, Inc., 4.63%, 03/15/29(a)		385		309,579
Valvoline, Inc.(a) 4.25%, 02/15/30		2,091		1,745,985
3.63%, 06/15/31		470		376,000
WR Grace Holdings LLC, 4.88%, 06/15/27(a)		2,500		2,175,600
				86,185,960
Commercial Services & Supplies — 0.3%
Alta Equipment Group, Inc., 5.63%, 04/15/26(a)		1,653		1,413,315
AMN Healthcare, Inc., 4.63%, 10/01/27(a)		590		540,894
ASGN, Inc., 4.63%, 05/15/28(a)		2,090		1,810,567
Fortress Transportation & Infrastructure Investors LLC(a) 6.50%, 10/01/25		3,525		3,325,873
9.75%, 08/01/27		5,800		5,668,940
Herc Holdings, Inc., 5.50%, 07/15/27(a)		2,822		2,576,206
Hertz Corp.(a) 4.63%, 12/01/26		1,265		1,057,641
5.00%, 12/01/29		1,415		1,089,550
Prime Security Services Borrower LLC/Prime Finance, Inc.(a) 5.25%, 04/15/24		3,600		3,519,000
5.75%, 04/15/26		3,637		3,391,503
Ritchie Bros Auctioneers, Inc., 5.38%, 01/15/25(a)		2,100		2,056,257
TriNet Group, Inc., 3.50%, 03/01/29(a)		2,000		1,647,340
United Rentals North America, Inc., 5.50%, 05/15/27		250		245,166
Williams Scotsman International, Inc., 4.63%, 08/15/28(a)		4,335		3,695,588
				32,037,840
Communications Equipment — 0.1%
Motorola Solutions, Inc. 4.00%, 09/01/24		6		5,973
4.60%, 02/23/28		50		48,355
4.60%, 05/23/29		600		574,049
2.30%, 11/15/30		200		156,485
2.75%, 05/24/31		3,485		2,816,014
Nokia OYJ 4.38%, 06/12/27		2,920		2,758,516
6.63%, 05/15/39		300		296,625
Viasat, Inc.(a) 5.63%, 09/15/25		100		80,883
5.63%, 04/15/27		400		345,863
6.50%, 07/15/28		1,035		712,929
				7,795,692
Construction & Engineering — 0.0%
AECOM, 5.13%, 03/15/27		2,308		2,181,060
Fluor Corp., 4.25%, 09/15/28		1,400		1,223,250
INNOVATE Corp., 8.50%, 02/01/26(a)		670		570,840
Weekley Homes LLC/Weekley Finance Corp., 4.88%, 09/15/28(a)		225		177,432
				4,152,582
Construction Materials(a) — 0.1%
American Builders & Contractors Supply Co., Inc., 3.88%, 11/15/29		1,390		1,111,293
Avient Corp., 5.75%, 05/15/25		2,950		2,827,558

Security	Par             (000)		Value
Construction Materials (continued)
G-III Apparel Group Ltd., 7.88%, 08/15/25	$	3,300	$	3,189,186
Picasso Finance Sub, Inc., 6.13%, 06/15/25		211		205,725
Winnebago Industries, Inc., 6.25%, 07/15/28		861		788,456
				8,122,218
Consumer Discretionary — 0.3%
Cintas Corp. No. 2 3.45%, 05/01/25		8,425		8,396,470
3.70%, 04/01/27		5,640		5,570,343
Life Time, Inc.(a) 5.75%, 01/15/26		145		129,988
8.00%, 04/15/26		165		147,056
Nielsen Finance LLC/Nielsen Finance Co.(a) 5.63%, 10/01/28		2,123		1,971,630
4.50%, 07/15/29		530		478,794
5.88%, 10/01/30		400		367,264
4.75%, 07/15/31		1,000		899,577
Quanta Services, Inc. 0.95%, 10/01/24		3,805		3,519,070
2.35%, 01/15/32		2,295		1,777,494
Royal Caribbean Cruises Ltd.(a) 10.88%, 06/01/23		50		50,167
9.13%, 06/15/23		90		89,006
11.50%, 06/01/25		1,897		1,949,168
				25,346,027
Consumer Finance — 0.7%
American Express Co. 2.50%, 08/01/22		50		50,000
3.40%, 02/27/23		50		50,164
3.38%, 05/03/24		2,435		2,417,475
2.50%, 07/30/24		290		282,152
2.25%, 03/04/25		1,290		1,239,258
Automatic Data Processing, Inc., 1.70%, 05/15/28		830		746,522
Block Financial LLC, 2.50%, 07/15/28		1,790		1,560,074
Capital One Financial Corp., (SOFR + 1.37%), 4.17%, 05/09/25(c)		9,470		9,331,320
CPI CG, Inc., 8.63%, 03/15/26(a)		3,708		3,504,060
Curo Group Holdings Corp., 7.50%, 08/01/28(a)		4,438		2,785,688
Enova International, Inc., 8.50%, 09/15/25(a)		3,850		3,348,384
goeasy Ltd., 5.38%, 12/01/24(a)		555		509,213
HealthEquity, Inc., 4.50%, 10/01/29(a)		2,000		1,750,000
Mastercard, Inc. 2.95%, 11/21/26		380		370,818
3.30%, 03/26/27		9,210		9,049,931
3.50%, 02/26/28		30		29,585
2.95%, 06/01/29		260		243,609
1.90%, 03/15/31		167		142,593
MPH Acquisition Holdings LLC, 5.50%, 09/01/28(a)		3,000		2,669,997
Navient Corp., 4.88%, 03/15/28		1,598		1,248,438
OneMain Finance Corp. 6.13%, 03/15/24		1,100		1,050,500
6.88%, 03/15/25		250		236,940
7.13%, 03/15/26		490		452,873
6.63%, 01/15/28		100		89,376
5.38%, 11/15/29		1,995		1,616,668
PayPal Holdings, Inc., 2.40%, 10/01/24		170		165,733
PRA Group, Inc., 5.00%, 10/01/29(a)		715		592,241
S&P Global, Inc. 2.45%, 03/01/27(a)		11,965		11,199,278
2.50%, 12/01/29		115		101,626

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

Schedule of Investments (unaudited) (continued) June 30, 2022 BlackRock Systematic Multi-Strategy Fund (Percentages shown are based on Net Assets)

Security	Par             (000)		Value
Consumer Finance (continued)
S&P Global, Inc. (continued) 1.25%, 08/15/30	$	1,905	$	1,507,894
SLM Corp., 4.20%, 10/29/25		1,275		1,155,096
Visa, Inc. 1.90%, 04/15/27		5,190		4,787,198
2.05%, 04/15/30		1,210		1,061,435
				65,346,139
Containers & Packaging — 0.1%
Berry Global, Inc., 4.88%, 07/15/26(a)		150		143,154
Cascades, Inc./Cascades USA, Inc.(a) 5.13%, 01/15/26		200		182,630
5.38%, 01/15/28		1,495		1,270,848
Crown Americas LLC/Crown Americas Capital Corp. VI, 4.75%, 02/01/26		1,000		951,620
Graphic Packaging International LLC(a) 3.50%, 03/15/28		250		215,003
3.50%, 03/01/29		450		377,863
Resolute Forest Products, Inc., 4.88%, 03/01/26(a)		2,478		2,242,664
Sealed Air Corp.(a) 5.50%, 09/15/25		25		24,957
4.00%, 12/01/27		2,200		1,983,322
6.88%, 07/15/33		3,400		3,425,500
				10,817,561
Diversified Consumer Services — 0.0%
Graham Holdings Co., 5.75%, 06/01/26(a)		540		534,600
Service Corp. International 4.63%, 12/15/27		50		47,000
5.13%, 06/01/29		55		51,821
3.38%, 08/15/30		1,055		863,781
4.00%, 05/15/31		1,895		1,617,856
				3,115,058
Diversified Financial Services — 7.1%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust 4.50%, 09/15/23		3,760		3,742,012
1.15%, 10/29/23		2,780		2,648,847
4.88%, 01/16/24		2,352		2,339,706
1.65%, 10/29/24		1,115		1,029,515
2.45%, 10/29/26		845		735,958
3.00%, 10/29/28		805		678,067
Air Lease Corp. 2.25%, 01/15/23		2,000		1,979,683
3.38%, 07/01/25		715		673,299
2.88%, 01/15/26		315		289,137
2.20%, 01/15/27		2,355		2,052,477
Ally Financial, Inc. 3.05%, 06/05/23		220		217,645
1.45%, 10/02/23		2,370		2,290,889
5.13%, 09/30/24		25		25,243
5.75%, 11/20/25		150		147,778
Banco Santander SA 3.85%, 04/12/23		4,000		3,996,406
2.71%, 06/27/24		8,600		8,345,325
3.50%, 03/24/25		18,400		17,973,301
2.75%, 05/28/25		800		757,514
(1 year CMT + 0.45%), 0.70%, 06/30/24(c)		20,600		19,843,940
(1 year CMT + 0.90%), 1.72%, 09/14/27(c)		2,800		2,430,337
Bank of America Corp. 4.00%, 01/22/25		2,180		2,170,316

Security	Par             (000)		Value
Diversified Financial Services (continued)
Bank of America Corp. (continued) 3.88%, 08/01/25	$	1,000	$	995,656
(3 mo. LIBOR US + 0.79%), 3.00%, 12/20/23(c)		3,253		3,242,336
(3 mo. LIBOR US + 0.87%), 2.46%, 10/22/25(c)		2,000		1,905,008
(3 mo. LIBOR US + 0.94%), 3.86%, 07/23/24(c)		3,210		3,195,903
(3 mo. LIBOR US + 0.97%), 3.46%, 03/15/25(c)		200		197,115
(3 mo. LIBOR US + 0.99%), 2.50%, 02/13/31(c)		2,625		2,218,448
(3 mo. LIBOR US + 1.06%), 3.56%, 04/23/27(c)		1,500		1,435,892
(3 mo. LIBOR US + 1.31%), 4.27%, 07/23/29(c)		1,605		1,542,105
(SOFR + 0.41%), 0.52%, 06/14/24(c)		16,065		15,484,110
(SOFR + 0.65%), 1.53%, 12/06/25(c)		5,700		5,303,538
(SOFR + 0.69%), 0.98%, 04/22/25(c)		16,750		15,754,556
(SOFR + 0.74%), 0.81%, 10/24/24(c)		3,715		3,540,583
(SOFR + 0.91%), 0.98%, 09/25/25(c)		1,010		934,443
(SOFR + 0.96%), 1.73%, 07/22/27(c)		14,345		12,751,213
(SOFR + 1.15%), 1.32%, 06/19/26(c)		8,520		7,745,021
(SOFR + 1.21%), 2.57%, 10/20/32(c)		655		540,252
(SOFR + 1.33%), 3.38%, 04/02/26(c)		24,815		24,053,288
Series N, (SOFR + 1.22%), 2.65%, 03/11/32(c)		290		243,704
Bank of Nova Scotia 2.20%, 02/03/25		6,450		6,172,086
3.45%, 04/11/25		7,330		7,233,244
1.05%, 03/02/26		3,800		3,401,491
1.35%, 06/24/26		15,360		13,737,647
Barclays PLC 5.20%, 05/12/26		400		398,293
(1 year CMT + 0.80%), 1.01%, 12/10/24(c)		2,690		2,553,037
(1 year CMT + 1.05%), 2.28%, 11/24/27(c)		5,980		5,301,344
(3 mo. LIBOR US + 1.61%), 3.93%, 05/07/25(c)		4,005		3,939,766
(3 mo. LIBOR US + 3.05%), 5.09%, 06/20/30(c)		200		188,779
(SOFR + 2.71%), 2.85%, 05/07/26(c)		1,150		1,085,940
Citigroup, Inc. 3.75%, 06/16/24		2,500		2,509,603
4.45%, 09/29/27		240		235,040
(3 mo. LIBOR US + 0.90%), 3.35%, 04/24/25(c)		2,725		2,669,000
(3 mo. LIBOR US + 1.02%), 4.04%, 06/01/24(c)		50		49,865
(SOFR + 0.53%), 1.28%, 11/03/25(c)		1,050		974,903
(SOFR + 0.67%), 0.98%, 05/01/25(c)		3,190		2,988,485
(SOFR + 0.69%), 0.78%, 10/30/24(c)		13,120		12,507,245
(SOFR + 0.69%), 2.01%, 01/25/26(c)		5,430		5,086,863
(SOFR + 0.77%), 1.46%, 06/09/27(c)		23,540		20,811,509
(SOFR + 1.37%), 4.14%, 05/24/25(c)		7,095		7,066,015
(SOFR + 1.53%), 3.29%, 03/17/26(c)		9,120		8,817,118
(SOFR + 1.67%), 1.68%, 05/15/24(c)		1,960		1,920,561
(SOFR + 2.84%), 3.11%, 04/08/26(c)		4,485		4,305,400
CME Group, Inc., 2.65%, 03/15/32		250		221,382
Credit Acceptance Corp., 6.63%, 03/15/26		360		337,068
Deutsche Bank AG 3.95%, 02/27/23		2,000		1,995,620
4.50%, 04/01/25		1,400		1,332,790
4.16%, 05/13/25		9,485		9,398,899
(5 year USD ICE Swap + 2.55%), 4.88%, 12/01/32(c)		900		773,950
(5 year USD Swap + 2.25%), 4.30%, 05/24/28(c)		2,650		2,375,631
(SOFR + 1.22%), 2.31%, 11/16/27(c)		3,725		3,214,609
(SOFR + 1.32%), 2.55%, 01/07/28(c)		1,100		952,170
(SOFR + 2.76%), 3.73%, 01/14/32(c)		900		676,610
Series E, 0.96%, 11/08/23		3,265		3,128,075
Goldman Sachs Group, Inc. 3.20%, 02/23/23		1,500		1,500,522
3.63%, 02/20/24		4,490		4,475,478

SCHEDULE   OF   INVESTMENTS 17

Schedule of Investments (unaudited) (continued) June 30, 2022 BlackRock Systematic Multi-Strategy Fund (Percentages shown are based on Net Assets)

Security	Par             (000)		Value
Diversified Financial Services (continued)
Goldman Sachs Group, Inc. (continued) 4.00%, 03/03/24	$	1,000	$	1,003,126
3.50%, 01/23/25		1,060		1,044,267
3.50%, 04/01/25		2,895		2,837,836
3.75%, 05/22/25		75		74,101
4.25%, 10/21/25		530		525,908
3.75%, 02/25/26		75		73,519
3.50%, 11/16/26		35		33,579
2.60%, 02/07/30		3,090		2,635,514
3.80%, 03/15/30		900		834,543
(3 mo. LIBOR US + 1.16%), 3.81%, 04/23/29(c)		3,015		2,842,577
(3 mo. LIBOR US + 1.20%), 3.27%, 09/29/25(c)		125		121,446
(3 mo. LIBOR US + 1.30%), 4.22%, 05/01/29(c)		250		240,298
(SOFR + 0.51%), 0.66%, 09/10/24(c)		16,270		15,566,422
(SOFR + 0.61%), 0.86%, 02/12/26(c)		3,505		3,188,694
(SOFR + 0.73%), 1.76%, 01/24/25(c)		8,070		7,757,771
(SOFR + 0.80%), 1.43%, 03/09/27(c)		14,780		13,101,166
(SOFR + 1.09%), 1.99%, 01/27/32(c)		4,190		3,309,848
(SOFR + 1.25%), 2.38%, 07/21/32(c)		10,490		8,482,805
(SOFR + 1.28%), 2.62%, 04/22/32(c)		1,545		1,282,713
(SOFR + 1.51%), 4.39%, 06/15/27(c)		5,985		5,905,361
Series VAR, (SOFR + 0.54%), 0.63%, 11/17/23(c)		5,680		5,609,000
Series VAR, (SOFR + 0.79%), 1.09%, 12/09/26(c)		6,100		5,433,022
Horizon Therapeutics USA, Inc., 5.50%, 08/01/27(a)		3,250		3,134,137
HSBC Holdings PLC 3.60%, 05/25/23		1,500		1,505,090
4.25%, 08/18/25		500		492,925
(SOFR + 0.53%), 0.73%, 08/17/24(c)		5,300		5,081,110
(SOFR + 0.58%), 1.16%, 11/22/24(c)		7,110		6,787,871
(SOFR + 0.71%), 0.98%, 05/24/25(c)		3,670		3,422,004
(SOFR + 1.19%), 2.80%, 05/24/32(c)		4,383		3,599,227
(SOFR + 1.43%), 3.00%, 03/10/26(c)		13,635		12,978,338
(SOFR + 1.51%), 4.18%, 12/09/25(c)		15,635		15,386,586
(SOFR + 1.54%), 1.65%, 04/18/26(c)		1,225		1,122,211
Intercontinental Exchange, Inc., 3.65%, 05/23/25		4,060		4,030,009
Jefferies Finance LLC/JFIN Co-Issuer Corp., 5.00%, 08/15/28(a)		1,300		1,069,250
John Deere Capital Corp. 2.60%, 03/07/24		40		39,531
1.05%, 06/17/26		3,880		3,507,021
JPMorgan Chase & Co.
3.25%, 09/23/22		1,000		1,001,546
3.88%, 09/10/24		25		24,951
3.13%, 01/23/25		50		49,267
3.30%, 04/01/26		650		631,071
(3 mo. LIBOR US + 1.00%), 4.02%, 12/05/24(c)		3,150		3,139,201
(3 mo. LIBOR US + 1.16%), 3.22%, 03/01/25(c)		8,650		8,494,369
(3 mo. LIBOR US + 1.25%), 3.96%, 01/29/27(c)		1,300		1,268,345
(3 mo. LIBOR US + 1.26%), 4.20%, 07/23/29(c)		35		33,757
(SOFR + 0.61%), 1.56%, 12/10/25(c)		9,540		8,912,529
(SOFR + 0.77%), 1.47%, 09/22/27(c)		22,140		19,418,129
(SOFR + 0.80%), 1.05%, 11/19/26(c)		8,505		7,560,513
(SOFR + 1.16%), 2.30%, 10/15/25(c)		4,160		3,961,168
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 4.75%, 06/15/29(a)		4,635		3,566,300
Lloyds Banking Group PLC 4.58%, 12/10/25		3,110		3,049,270

Security	Par             (000)		Value
Diversified Financial Services (continued)
Lloyds Banking Group PLC (continued)
(1 year CMT + 0.55%), 0.70%, 05/11/24(c)	$	5,135	$	4,984,669
(3 mo. LIBOR US + 1.21%), 3.57%, 11/07/28(c)		4,132		3,866,186
Midcap Financial Issuer Trust, 6.50%, 05/01/28(a)		230		197,800
Mitsubishi UFJ Financial Group, Inc. 3.41%, 03/07/24		8,235		8,170,094
2.05%, 07/17/30		1,760		1,435,162
(1 year CMT + 0.45%), 0.96%, 10/11/25(c)		6,325		5,858,769
(1 year CMT + 0.55%), 0.95%, 07/19/25(c)		8,640		8,062,227
(1 year CMT + 0.67%), 1.64%, 10/13/27(c)		14,770		13,018,532
(1 year CMT + 0.83%), 2.34%, 01/19/28(c)		7,725		6,962,963
Mizuho Financial Group, Inc.(c)
(1 year CMT + 0.75%), 1.55%, 07/09/27		5,780		5,083,971
(1 year CMT + 0.90%), 2.65%, 05/22/26		2,910		2,759,373
(3 mo. LIBOR US + 1.00%), 3.92%, 09/11/24		2,823		2,814,161
(SOFR + 0.87%), 0.85%, 09/08/24		3,330		3,201,609
(SOFR + 1.25%), 1.24%, 07/10/24		2,490		2,420,613
Morgan Stanley 3.70%, 10/23/24		25		24,946
(3 mo. LIBOR US + 0.85%), 3.74%, 04/24/24(c)		3,130		3,119,102
(3 mo. LIBOR US + 1.34%), 3.59%, 07/22/28(c)		325		307,670
(SOFR + 0.46%), 0.53%, 01/25/24(c)		13,300		13,037,424
(SOFR + 0.72%), 0.99%, 12/10/26(c)		12,180		10,790,635
(SOFR + 0.86%), 1.51%, 07/20/27(c)		4,585		4,021,183
(SOFR + 0.88%), 1.59%, 05/04/27(c)		8,640		7,669,376
(SOFR + 1.14%), 2.70%, 01/22/31(c)		2,090		1,810,191
(SOFR + 1.18%), 2.24%, 07/21/32(c)		1,685		1,365,023
(SOFR + 1.99%), 2.19%, 04/28/26(c)		8,810		8,247,507
(SOFR + 3.12%), 3.62%, 04/01/31(c)		13,680		12,565,688
Series I, (SOFR + 0.75%), 0.86%, 10/21/25(c)		3,590		3,311,482
NatWest Group PLC 3.88%, 09/12/23		9,780		9,747,760
(1 year CMT + 2.15%), 2.36%, 05/22/24(c)		470		461,572
(1 year CMT + 2.27%), 5.52%, 09/30/28(c)		2,325		2,341,561
ORIX Corp., 2.90%, 07/18/22		25		25,000
Spectrum Brands, Inc.(a) 5.00%, 10/01/29		20		17,295
3.88%, 03/15/31		1,380		1,111,983
Stena International SA, 6.13%, 02/01/25(a)		200		190,077
Sumitomo Mitsui Financial Group, Inc. 2.35%, 01/15/25		360		344,282
1.47%, 07/08/25		7,252		6,660,170
1.40%, 09/17/26		7,800		6,885,768
2.17%, 01/14/27		2,735		2,473,358
UniCredit SPA, (5 year CMT + 4.75%), 5.46%, 06/30/35(a)(c)		3,625		2,929,666
				693,250,694
Diversified Telecommunication Services — 0.6%
AT&T, Inc. 1.70%, 03/25/26		16,240		14,838,119
2.30%, 06/01/27		18,205		16,618,327
Consolidated Communications, Inc.(a) 5.00%, 10/01/28		430		343,729
6.50%, 10/01/28		250		212,645
Level 3 Financing, Inc. 5.25%, 03/15/26		25		23,563
4.63%, 09/15/27(a)		95		80,987
3.63%, 01/15/29(a)		1,700		1,310,789
3.75%, 07/15/29(a)		650		502,583

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

Schedule of Investments (unaudited) (continued) June 30, 2022 BlackRock Systematic Multi-Strategy Fund (Percentages shown are based on Net Assets)

Security	Par             (000)		Value
Diversified Telecommunication Services (continued)
Lumen Technologies, Inc. 5.63%, 04/01/25	$	2,400	$	2,275,872
5.13%, 12/15/26(a)		495		416,701
4.00%, 02/15/27(a)		285		241,039
4.50%, 01/15/29(a)		1,415		1,053,319
5.38%, 06/15/29(a)		1,967		1,557,421
Series G, 6.88%, 01/15/28		554		490,501
Series P, 7.60%, 09/15/39		50		39,214
Series U, 7.65%, 03/15/42		725		556,437
Series W, 6.75%, 12/01/23		100		99,063
Series Y, 7.50%, 04/01/24		25		24,656
Sprint Capital Corp. 6.88%, 11/15/28		1,071		1,126,178
8.75%, 03/15/32		7,120		8,568,778
Telecom Italia Capital SA 6.38%, 11/15/33		900		694,980
6.00%, 09/30/34		850		641,129
7.20%, 07/18/36		1,200		911,094
7.72%, 06/04/38		50		38,575
Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC, 6.00%, 01/15/30(a)		4,255		2,943,609
Verizon Communications, Inc. 0.75%, 03/22/24		90		85,850
3.38%, 02/15/25		3,000		2,977,646
3.00%, 03/22/27		440		417,920
4.33%, 09/21/28		350		348,094
1.68%, 10/30/30		2,273		1,831,844
				61,270,662
Electric Utilities — 1.1%
AEP Texas, Inc., 3.95%, 06/01/28		50		48,220
AES Corp., 1.38%, 01/15/26		3,584		3,160,802
Alabama Power Co., 3.05%, 03/15/32		1,465		1,338,541
Ameren Corp., 3.50%, 01/15/31		140		128,241
American Electric Power Co., Inc., Series N, 1.00%, 11/01/25		3,000		2,697,428
Appalachian Power Co., Class AA, 2.70%, 04/01/31		800		690,162
Arizona Public Service Co., 2.20%, 12/15/31		2,310		1,867,643
Atlantic City Electric Co., 4.00%, 10/15/28		50		49,284
Avangrid, Inc., 3.80%, 06/01/29		100		93,552
Berkshire Hathaway Energy Co. 4.05%, 04/15/25		3,330		3,350,345
3.25%, 04/15/28		100		95,060
1.65%, 05/15/31		245		197,460
Black Hills Corp. 1.04%, 08/23/24		570		532,925
3.15%, 01/15/27		1,960		1,869,193
CenterPoint Energy Houston Electric LLC, Series AG, Class AG, 3.00%, 03/01/32		635		577,027
Commonwealth Edison Co., 2.20%, 03/01/30		170		147,565
Consolidated Edison Co. of New York, Inc., Series 20A, 3.35%, 04/01/30		330		307,418
Constellation Energy Generation LLC, 3.25%, 06/01/25		770		737,458
Dominion Energy, Inc. 4.25%, 06/01/28		165		162,296
Series A, 1.45%, 04/15/26		1,200		1,085,136
Series B, 3.60%, 03/15/27		1,300		1,264,924
Series C, 3.38%, 04/01/30		310		283,383
Series C, 2.25%, 08/15/31		1,375		1,130,448

Security	Par             (000)		Value
Electric Utilities (continued)
DPL, Inc., 4.35%, 04/15/29	$	200	$	173,748
DTE Electric Co., Series C, 2.63%, 03/01/31		390		346,081
DTE Energy Co.
Series C, 3.40%, 06/15/29		122		112,214
Series F, 1.05%, 06/01/25		630		579,455
Duke Energy Corp. 3.75%, 04/15/24		1,180		1,178,755
2.65%, 09/01/26		4,283		4,011,252
3.40%, 06/15/29		255		233,005
2.55%, 06/15/31		3,870		3,214,976
Duke Energy Florida LLC, 1.75%, 06/15/30		115		95,375
Edison International, 4.95%, 04/15/25		2,500		2,506,275
Entergy Corp., 0.90%, 09/15/25		290		261,045
Entergy Louisiana LLC, 1.60%, 12/15/30		2,520		2,017,665
Entergy Texas, Inc., 4.00%, 03/30/29		50		48,816
Evergy, Inc., 2.90%, 09/15/29		100		88,255
Eversource Energy 4.20%, 06/27/24		6,740		6,759,809
Series L, 2.90%, 10/01/24		800		782,069
Series M, 3.30%, 01/15/28		1,000		939,927
Series N, 3.80%, 12/01/23		100		100,204
Exelon Corp., 3.95%, 06/15/25		1,500		1,494,836
FirstEnergy Corp.
Series C, 5.35%, 07/15/47		171		144,391
Series C, 3.40%, 03/01/50		1,000		677,900
Florida Power & Light Co. 2.85%, 04/01/25		35		34,361
2.45%, 02/03/32		190		165,556
Georgia Power Co. 3.25%, 03/30/27		50		47,557
4.70%, 05/15/32		900		902,388
Series B, 2.65%, 09/15/29		700		616,031
Interstate Power & Light Co., 2.30%, 06/01/30		310		263,781
ITC Holdings Corp., 3.35%, 11/15/27		5,420		5,177,544
MidAmerican Energy Co., 3.65%, 04/15/29		310		301,164
National Rural Utilities Cooperative Finance Corp. 1.00%, 06/15/26		6,475		5,813,844
3.70%, 03/15/29		100		95,854
2.40%, 03/15/30		1,105		963,672
Nevada Power Co., Series DD, 2.40%, 05/01/30		700		609,777
NextEra Energy Capital Holdings, Inc. 0.65%, 03/01/23		4,805		4,722,492
2.94%, 03/21/24		7,100		6,991,097
4.45%, 06/20/25		10,570		10,643,114
1.90%, 06/15/28		1,335		1,160,806
3.50%, 04/01/29		150		140,000
2.75%, 11/01/29		1,005		888,432
NextEra Energy Operating Partners LP(a) 4.25%, 07/15/24		30		28,698
4.25%, 09/15/24		25		23,812
4.50%, 09/15/27		1,100		1,018,913
Oncor Electric Delivery Co. LLC, 4.15%, 06/01/32(a)		555		555,924
Pacific Gas & Electric Co. 3.15%, 01/01/26		2,350		2,151,079
2.10%, 08/01/27		35		29,339
3.00%, 06/15/28		1,265		1,089,848
2.50%, 02/01/31		1,265		967,639
3.25%, 06/01/31		1,750		1,413,410
PG&E Corp., 5.25%, 07/01/30		1,580		1,299,834
PPL Capital Funding, Inc., 3.10%, 05/15/26		1,070		1,017,907

SCHEDULE   OF   INVESTMENTS 19

Schedule of Investments (unaudited) (continued) June 30, 2022 BlackRock Systematic Multi-Strategy Fund (Percentages shown are based on Net Assets)

Security	Par             (000)		Value
Electric Utilities (continued)
Public Service Co. of Colorado, 4.10%, 06/01/32	$	1,370	$	1,366,006
Public Service Co. of New Hampshire, Series V, 2.20%, 06/15/31		380		324,092
Public Service Electric & Gas Co., 2.45%, 01/15/30		1,350		1,202,435
Public Service Enterprise Group, Inc., 1.60%, 08/15/30		110		87,366
Puget Energy, Inc., 2.38%, 06/15/28		170		148,621
Sempra Energy 3.40%, 02/01/28		50		47,214
3.70%, 04/01/29		350		328,684
Southern California Edison Co. 2.85%, 08/01/29		115		101,901
Series B, 3.65%, 03/01/28		770		729,191
Southern Power Co., 0.90%, 01/15/26		2,000		1,786,030
Tucson Electric Power Co., 1.50%, 08/01/30		30		23,929
Union Electric Co. 3.50%, 03/15/29		50		47,793
2.95%, 03/15/30		240		218,386
Virginia Electric & Power Co., 2.30%, 11/15/31		5,135		4,342,095
Wisconsin Electric Power Co., 1.70%, 06/15/28		175		152,455
Xcel Energy, Inc., 4.60%, 06/01/32		860		852,912
				108,473,547
Electrical Equipment — 0.0%
GrafTech Finance, Inc., 4.63%, 12/15/28(a)		4,002		3,239,586
Electronic Equipment, Instruments & Components — 0.3%
Amphenol Corp. 2.05%, 03/01/25		5,905		5,640,960
2.80%, 02/15/30		1,000		875,465
Arrow Electronics, Inc. 3.25%, 09/08/24		2,730		2,668,897
2.95%, 02/15/32		1,225		1,016,436
BWX Technologies, Inc., 4.13%, 06/30/28(a)		1,245		1,108,050
CDW LLC/CDW Finance Corp., 3.28%, 12/01/28		1,763		1,520,773
Imola Merger Corp., 4.75%, 05/15/29(a)		1,350		1,129,491
Keysight Technologies, Inc. 4.55%, 10/30/24		2,000		2,025,454
4.60%, 04/06/27		130		130,565
3.00%, 10/30/29		80		71,094
Rockwell Automation, Inc., 0.35%, 08/15/23		1,040		1,006,580
TD SYNNEX Corp., 1.25%, 08/09/24(a)		6,080		5,674,471
Trimble, Inc. 4.15%, 06/15/23		2,000		1,995,682
4.75%, 12/01/24		4,300		4,320,855
Xerox Holdings Corp., 5.50%, 08/15/28(a)		1,500		1,254,102
				30,438,875
Energy Equipment & Services — 0.2%
Baker Hughes Holdings LLC/Baker Hughes Co.-Obligor, Inc. 2.06%, 12/15/26		8,160		7,484,655
3.14%, 11/07/29		6,800		6,141,538
4.49%, 05/01/30		2,420		2,385,232
Bristow Group, Inc., 6.88%, 03/01/28(a)		825		722,745
USA Compression Partners LP/USA Compression Finance Corp. 6.88%, 04/01/26		250		227,425

Security	Par             (000)		Value
Energy Equipment & Services (continued)
USA Compression Partners LP/USA Compression Finance Corp. (continued) 6.88%, 09/01/27	$	1,000	$	887,500
Weatherford International Ltd.(a) 11.00%, 12/01/24		12		12,090
8.63%, 04/30/30		1,775		1,472,871
				19,334,056
Environmental, Maintenance & Security Service — 0.2%
Clean Harbors, Inc., 4.88%, 07/15/27(a)		2,119		1,938,885
Covanta Holding Corp., 5.00%, 09/01/30		1,357		1,107,719
GFL Environmental, Inc.(a) 3.75%, 08/01/25		127		117,793
5.13%, 12/15/26		180		172,134
4.00%, 08/01/28		4,335		3,576,375
3.50%, 09/01/28		500		428,750
Republic Services, Inc. 0.88%, 11/15/25		2,553		2,311,029
3.95%, 05/15/28		3,890		3,813,498
Tervita Corp., 11.00%, 12/01/25(a)		375		407,813
Waste Connections, Inc. 4.25%, 12/01/28		4,000		3,945,508
2.60%, 02/01/30		110		96,241
3.20%, 06/01/32		1,390		1,238,988
				19,154,733
Equity Real Estate Investment Trusts (REITs) — 1.6%
American Homes 4 Rent LP, 2.38%, 07/15/31		355		283,072
American Tower Corp. 3.50%, 01/31/23		2,545		2,544,229
0.60%, 01/15/24		5,703		5,414,719
5.00%, 02/15/24		1,570		1,588,371
2.95%, 01/15/25		200		193,097
2.40%, 03/15/25		1,071		1,012,130
1.60%, 04/15/26		5,970		5,335,538
1.45%, 09/15/26		2,900		2,536,345
2.75%, 01/15/27		6,000		5,487,071
3.65%, 03/15/27		6,100		5,792,752
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL, 5.75%, 05/15/26(a)		1,640		1,496,500
Camden Property Trust 3.15%, 07/01/29		1,000		913,682
2.80%, 05/15/30		220		194,198
Crown Castle International Corp., 3.80%, 02/15/28		1,116		1,052,919
CubeSmart LP, 2.25%, 12/15/28		4,000		3,417,797
EPR Properties, 3.60%, 11/15/31		545		430,809
Equinix, Inc. 2.63%, 11/18/24		5,150		4,939,991
1.25%, 07/15/25		1,075		976,573
Essex Portfolio LP, 1.70%, 03/01/28		9,355		8,037,964
Extra Space Storage LP, 3.90%, 04/01/29		4,875		4,565,085
Federal Realty OP LP, 3.50%, 06/01/30		1,315		1,193,198
Iron Mountain, Inc.(a) 4.88%, 09/15/27		50		45,178
5.25%, 03/15/28		2,500		2,244,225
5.00%, 07/15/28		2,400		2,125,648
4.88%, 09/15/29		1,854		1,575,770
5.25%, 07/15/30		1,340		1,164,989

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

Schedule of Investments (unaudited) (continued) June 30, 2022 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) 4.50%, 02/15/31	$	300	$	245,144
5.63%, 07/15/32		8,700		7,356,512
Life Storage LP, 3.88%, 12/15/27		5,065		4,823,820
LifeStorage LP, 3.50%, 07/01/26		9,725		9,296,335
Mid-America Apartments LP, 1.10%, 09/15/26		260		228,290
MPT Operating Partnership LP/MPT Finance Corp. 5.00%, 10/15/27		1,100		1,006,137
4.63%, 08/01/29		50		43,875
Office Properties Income Trust, 3.45%, 10/15/31		2,918		2,185,761
Omega Healthcare Investors, Inc. 4.50%, 01/15/25		2,210		2,190,345
4.50%, 04/01/27		6,633		6,287,989
4.75%, 01/15/28		4,915		4,656,220
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co. Issuer(a) 5.88%, 10/01/28		3,615		3,299,374
4.88%, 05/15/29		430		369,226
Public Storage 0.88%, 02/15/26		750		670,341
1.50%, 11/09/26		6,960		6,292,945
1.95%, 11/09/28		9,275		8,019,218
3.39%, 05/01/29		450		419,276
2.25%, 11/09/31		7,850		6,488,470
Realty Income Corp., 3.25%, 01/15/31		480		436,354
Simon Property Group LP 3.50%, 09/01/25		810		789,179
1.38%, 01/15/27		2,920		2,556,243
Starwood Property Trust, Inc. 4.75%, 03/15/25		2,000		1,847,295
3.63%, 07/15/26(a)		3,480		2,949,300
VICI Properties LP, 4.38%, 05/15/25		975		952,262
VICI Properties LP/VICI Note Co., Inc., 3.88%, 02/15/29(a)		620		533,245
Welltower, Inc. 3.63%, 03/15/24		2,920		2,896,831
4.00%, 06/01/25		2,955		2,932,981
3.85%, 06/15/32		485		441,970
Weyerhaeuser Co., 4.00%, 04/15/30		6,125		5,765,354
XHR LP, 6.38%, 08/15/25(a)		1,055		1,017,397
				151,559,539
Food & Staples Retailing — 0.8%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC(a) 4.63%, 01/15/27		3,368		3,008,702
3.50%, 03/15/29		3,245		2,626,224
4.88%, 02/15/30		4,666		4,002,681
Campbell Soup Co., 3.95%, 03/15/25		12,465		12,433,498
Costco Wholesale Corp. 1.38%, 06/20/27		8,385		7,522,324
1.60%, 04/20/30		1,375		1,159,810
Darling Ingredients, Inc., 6.00%, 06/15/30(a)		6,100		6,079,565
Dollar General Corp., 4.15%, 11/01/25		2,000		2,000,706
General Mills, Inc. 3.65%, 02/15/24		1,000		1,003,460
4.00%, 04/17/25		690		689,457
Ingles Markets, Inc., 4.00%, 06/15/31(a)		1,820		1,574,300
Kraft Heinz Foods Co. 3.75%, 04/01/30		28,170		25,971,745
6.88%, 01/26/39		500		549,412

Security	Par             (000)		Value
Food & Staples Retailing (continued)
Kraft Heinz Foods Co. (continued) 5.00%, 06/04/42	$	1,000	$	913,596
5.20%, 07/15/45		2,250		2,082,203
4.38%, 06/01/46		475		395,868
Kroger Co., 2.20%, 05/01/30		40		33,758
Lamb Weston Holdings, Inc., 4.38%, 01/31/32(a)		5,000		4,350,000
McCormick & Co., Inc., 3.15%, 08/15/24		300		294,001
United Natural Foods, Inc., 6.75%, 10/15/28(a)		445		415,871
Walmart, Inc., 1.50%, 09/22/28		3,690		3,236,163
				80,343,344
Food Products — 0.3%
Aramark Services, Inc., 5.00%, 02/01/28(a)		500		453,105
Bunge Ltd. Finance Corp. 1.63%, 08/17/25		14,775		13,610,883
3.75%, 09/25/27		3,000		2,886,389
Chobani LLC/Chobani Finance Corp., Inc., 4.63%, 11/15/28(a)		460		388,700
Darling Ingredients, Inc., 5.25%, 04/15/27(a)		4,497		4,350,848
Hershey Co., 0.90%, 06/01/25		2,922		2,705,677
Mondelez International, Inc. 1.50%, 05/04/25		585		546,137
2.63%, 03/17/27		2,070		1,935,949
				26,877,688
Gas Utilities — 0.0%
Superior Plus LP/Superior General Partner, Inc., 4.50%, 03/15/29(a)		395		335,750
Health Care Equipment & Supplies — 0.4%
Abbott Laboratories, 3.40%, 11/30/23		70		70,160
Becton Dickinson & Co., 3.70%, 06/06/27		3,650		3,527,203
DH Europe Finance II SARL 2.05%, 11/15/22		1,075		1,071,855
2.60%, 11/15/29		68		60,975
Edwards Lifesciences Corp., 4.30%, 06/15/28		6,885		6,709,383
Hologic, Inc.(a) 4.63%, 02/01/28		1,000		935,750
3.25%, 02/15/29		2,315		1,978,630
PerkinElmer, Inc. 0.85%, 09/15/24		13,200		12,217,101
1.90%, 09/15/28		2,450		2,041,343
Thermo Fisher Scientific, Inc., 1.22%, 10/18/24		6,910		6,546,448
				35,158,848
Health Care Providers & Services — 0.8%
Acadia Healthcare Co., Inc.(a) 5.50%, 07/01/28		3,315		3,097,203
5.00%, 04/15/29		2,100		1,885,242
Aetna, Inc., 3.50%, 11/15/24		1,000		987,971
AmerisourceBergen Corp. 3.25%, 03/01/25		4,875		4,774,387
3.45%, 12/15/27		849		817,707
Centene Corp. 4.25%, 12/15/27		500		466,735
2.45%, 07/15/28		435		362,807
4.63%, 12/15/29		500		466,250
3.38%, 02/15/30		580		491,869
3.00%, 10/15/30		2,000		1,657,500
2.63%, 08/01/31		3,305		2,629,127
Elevance Health, Inc. 2.95%, 12/01/22		25		24,986
0.45%, 03/15/23		3,855		3,775,238

SCHEDULE   OF   INVESTMENTS 21

Schedule of Investments (unaudited) (continued) June 30, 2022 BlackRock Systematic Multi-Strategy Fund (Percentages shown are based on Net Assets)

Security	Par             (000)		Value
Health Care Providers & Services (continued)
Elevance Health, Inc. (continued) 3.35%, 12/01/24	$	700	$	690,336
2.38%, 01/15/25		95		91,458
HCA, Inc. 5.25%, 04/15/25		2,940		2,944,574
5.88%, 02/15/26		100		100,513
5.25%, 06/15/26		10,950		10,894,390
5.38%, 09/01/26		10		9,916
5.63%, 09/01/28		110		108,206
Humana, Inc. 3.85%, 10/01/24		2,395		2,391,650
4.50%, 04/01/25		1,985		1,999,347
Legacy LifePoint Health LLC(a) 6.75%, 04/15/25		110		106,327
4.38%, 02/15/27		195		167,080
McKesson Corp., 0.90%, 12/03/25		2,515		2,271,851
ModivCare, Inc., 5.88%, 11/15/25(a)		6,205		5,708,600
Molina Healthcare, Inc.(a) 4.38%, 06/15/28		1,520		1,357,772
3.88%, 11/15/30		2,000		1,709,560
3.88%, 05/15/32		1,140		955,988
Teleflex, Inc. 4.63%, 11/15/27		250		230,625
4.25%, 06/01/28(a)		75		67,765
Tenet Healthcare Corp. 6.75%, 06/15/23		75		77,197
4.63%, 07/15/24		124		119,007
4.88%, 01/01/26(a)		600		552,000
6.25%, 02/01/27(a)		100		92,041
5.13%, 11/01/27(a)		300		270,000
4.63%, 06/15/28(a)		2,514		2,189,141
6.13%, 10/01/28(a)		1,938		1,658,502
UnitedHealth Group, Inc. 3.75%, 07/15/25		3,000		2,995,944
3.10%, 03/15/26		50		48,929
3.70%, 05/15/27		7,040		7,015,107
3.85%, 06/15/28		2,200		2,186,093
2.00%, 05/15/30		3,585		3,072,037
				73,518,978
Health Care Technology — 0.3%
Catalent Pharma Solutions, Inc., 5.00%, 07/15/27(a)		10		9,413
Charles River Laboratories International, Inc.(a) 4.25%, 05/01/28		3,025		2,717,389
4.00%, 03/15/31		2,000		1,704,896
IQVIA, Inc.(a) 5.00%, 10/15/26		1,200		1,142,796
5.00%, 05/15/27		1,000		946,100
Laboratory Corp. of America Holdings, 1.55%, 06/01/26		19,985		17,929,604
Syneos Health, Inc., 3.63%, 01/15/29(a)		485		410,712
				24,860,910
Hotels, Restaurants & Leisure — 0.6%
1011778 BC ULC/New Red Finance, Inc.(a) 5.75%, 04/15/25		1,875		1,885,922
3.88%, 01/15/28		4,510		3,914,319
4.38%, 01/15/28		1,550		1,355,165
4.00%, 10/15/30		7,775		6,239,437

Security	Par             (000)		Value
Hotels, Restaurants & Leisure (continued)
Boyd Gaming Corp., 4.75%, 12/01/27	$	1,625	$	1,470,625
Cedar Fair LP, 5.25%, 07/15/29		15		13,228
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op, 5.50%, 05/01/25(a)		310		300,700
Choice Hotels International, Inc. 3.70%, 12/01/29		2,755		2,477,257
3.70%, 01/15/31		2,000		1,772,606
Darden Restaurants, Inc., 3.85%, 05/01/27		10		9,617
Dave & Buster’s, Inc., 7.63%, 11/01/25(a)		128		126,400
GLP Capital LP/GLP Financing II, Inc. 5.25%, 06/01/25		3,460		3,393,187
5.38%, 04/15/26		6,157		6,025,363
Hilton Domestic Operating Co., Inc. 5.38%, 05/01/25(a)		45		44,100
4.88%, 01/15/30		3,375		3,050,156
4.00%, 05/01/31(a)		1,585		1,317,135
3.63%, 02/15/32(a)		3,000		2,383,125
Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Esc(a) 5.00%, 06/01/29		270		218,700
4.88%, 07/01/31		665		507,586
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 4.88%, 04/01/27		50		47,107
International Game Technology PLC(a) 4.13%, 04/15/26		525		475,125
5.25%, 01/15/29		1,565		1,417,108
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC, 4.75%, 06/01/27(a)		625		601,063
Marriott International, Inc., Series EE, 5.75%, 05/01/25		170		176,360
Marriott Ownership Resorts, Inc.(a) 6.13%, 09/15/25		265		262,245
4.50%, 06/15/29		780		648,709
McDonald’s Corp., 1.45%, 09/01/25		105		97,686
MGM Resorts International 6.75%, 05/01/25		500		490,625
5.50%, 04/15/27		98		87,956
4.75%, 10/15/28		500		420,475
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp., 4.88%, 05/01/29(a)		360		293,400
Scientific Games International, Inc.(a) 8.63%, 07/01/25		790		809,829
7.00%, 05/15/28		1,100		1,032,273
Six Flags Entertainment Corp., 4.88%, 07/31/24(a)		1,000		949,470
Six Flags Theme Parks, Inc., 7.00%, 07/01/25(a)(f)		629		636,756
Starbucks Corp., 3.55%, 08/15/29		40		37,557
Travel & Leisure Co. 5.65%, 04/01/24		100		98,250
6.00%, 04/01/27		300		271,718
4.63%, 03/01/30(a)		100		77,500
Vail Resorts, Inc., 6.25%, 05/15/25(a)		1,000		998,770
Wyndham Hotels & Resorts, Inc., 4.38%, 08/15/28(a)		1,000		874,660
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 4.25%, 05/30/23(a)		50		48,000
Wynn Macau Ltd.(a) 5.63%, 08/26/28		605		372,680

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

Schedule of Investments (unaudited) (continued) June 30, 2022 BlackRock Systematic Multi-Strategy Fund (Percentages shown are based on Net Assets)

Security	Par             (000)		Value
Hotels, Restaurants & Leisure (continued)
Wynn Macau Ltd.(a) (continued) 5.13%, 12/15/29	$	400	$	244,000
Yum! Brands, Inc. 4.75%, 01/15/30(a)		800		726,000
4.63%, 01/31/32		9,822		8,677,737
				57,377,687
Household Durables — 0.2%
Ashton Woods USA LLC/Ashton Woods Finance Co., 4.63%, 04/01/30(a)		1,660		1,219,021
Beazer Homes USA, Inc. 5.88%, 10/15/27		100		77,001
7.25%, 10/15/29		2,560		2,027,297
Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC, 6.25%, 09/15/27(a)		285		236,249
Century Communities, Inc. 6.75%, 06/01/27		1,750		1,678,618
3.88%, 08/15/29(a)		1,845		1,443,159
Mattamy Group Corp.(a) 5.25%, 12/15/27		40		32,665
4.63%, 03/01/30		310		226,552
Meritage Homes Corp. 6.00%, 06/01/25		1,500		1,462,877
5.13%, 06/06/27		2,100		1,922,211
Newell Brands, Inc. 4.45%, 04/01/26		850		809,636
5.63%, 04/01/36		550		476,399
NVR, Inc., 3.00%, 05/15/30		3,220		2,774,173
Shea Homes LP/Shea Homes Funding Corp.(a) 4.75%, 02/15/28		655		526,208
4.75%, 04/01/29		865		678,099
Taylor Morrison Communities, Inc., 5.88%, 06/15/27(a)		100		92,171
Tempur Sealy International, Inc.(a) 4.00%, 04/15/29		450		362,493
3.88%, 10/15/31		2,600		1,950,000
Tri Pointe Group, Inc./Tri Pointe Homes, Inc., 5.88%, 06/15/24		50		48,655
Tri Pointe Homes, Inc., 5.70%, 06/15/28		1,450		1,251,328
				19,294,812
Independent Power and Renewable Electricity Producers — 0.0%
Atlantica Sustainable Infrastructure PLC, 4.13%, 06/15/28(a)		1,000		870,781
Calpine Corp., 5.25%, 06/01/26(a)		166		157,700
Clearway Energy Operating LLC, 4.75%, 03/15/28(a)		1,580		1,421,497
Enviva Partners LP/Enviva Partners Finance Corp., 6.50%, 01/15/26(a)		500		483,125
NRG Energy, Inc., 6.63%, 01/15/27		30		29,381
TerraForm Power Operating LLC, 5.00%, 01/31/28(a)		75		67,931
				3,030,415
Industrial Conglomerates — 0.1%
Carlisle Cos., Inc., 0.55%, 09/01/23		5,170		4,986,415
Trinity Industries, Inc., 4.55%, 10/01/24		500		484,500
				5,470,915
Insurance — 1.2%
Aflac, Inc. 1.13%, 03/15/26		6,510		5,873,438
3.60%, 04/01/30		2,592		2,454,613

Security	Par             (000)		Value
Insurance (continued)
Aon Corp., 2.80%, 05/15/30	$	405	$	354,023
Aon Corp./Aon Global Holdings PLC, 2.85%, 05/28/27		495		464,251
Assurant, Inc., 4.90%, 03/27/28		10,670		10,646,079
Athene Holding Ltd., 3.50%, 01/15/31		3,945		3,339,796
AXA SA, 8.60%, 12/15/30		11,960		14,022,273
Berkshire Hathaway, Inc., 3.13%, 03/15/26		2,005		1,964,713
Brown & Brown, Inc. 4.50%, 03/15/29		4,320		4,220,640
4.20%, 03/17/32		3,135		2,853,605
Corebridge Financial, Inc., 3.50%, 04/04/25(a)		4,700		4,566,446
Enstar Group Ltd., 3.10%, 09/01/31		10,905		8,696,751
Fairfax Financial Holdings Ltd., 3.38%, 03/03/31		1,005		868,680
Fidelity & Guaranty Life Holdings, Inc., 5.50%, 05/01/25(a)		1,015		1,032,813
Marsh & McLennan Cos., Inc. 3.88%, 03/15/24		7,965		7,982,318
3.50%, 03/10/25		2,200		2,171,471
4.38%, 03/15/29		8,460		8,361,149
2.25%, 11/15/30		4,215		3,556,586
2.38%, 12/15/31		7,610		6,370,192
NMI Holdings, Inc., 7.38%, 06/01/25(a)		3,000		2,940,000
Progressive Corp. 2.50%, 03/15/27		20,065		18,965,892
3.00%, 03/15/32		1,130		1,012,170
Willis North America, Inc. 4.65%, 06/15/27		5,120		5,036,250
4.50%, 09/15/28		130		124,783
2.95%, 09/15/29		995		853,026
				118,731,958
Interactive Media & Services — 0.1%
Baidu, Inc., 1.72%, 04/09/26		2,170		1,982,328
Cogent Communications Group, Inc., 3.50%, 05/01/26(a)		1,500		1,380,000
eBay, Inc., 1.90%, 03/11/25		3,240		3,043,415
JD.com, Inc., 3.38%, 01/14/30		200		182,794
Netflix, Inc. 3.63%, 06/15/25(a)		660		629,224
4.88%, 04/15/28		100		94,105
5.88%, 11/15/28		900		879,939
6.38%, 05/15/29		500		504,975
5.38%, 11/15/29(a)		500		472,500
4.88%, 06/15/30(a)		1,000		915,245
				10,084,525
Internet & Direct Marketing Retail — 0.1%
Alibaba Group Holding Ltd. 2.80%, 06/06/23		1,500		1,489,500
3.60%, 11/28/24		550		546,337
Genuine Parts Co., 1.75%, 02/01/25		10,100		9,515,911
				11,551,748
Internet Software & Services — 0.2%
Booking Holdings, Inc., 4.63%, 04/13/30		153		152,125
Go Daddy Operating Co. LLC/GD Finance Co., Inc., 5.25%, 12/01/27(a)		1,000		915,000
Match Group Holdings II LLC(a) 4.63%, 06/01/28		2,335		2,116,911
5.63%, 02/15/29		35		32,725
4.13%, 08/01/30		1,930		1,611,752
3.63%, 10/01/31		2,465		1,941,187
NortonLifeLock, Inc., 5.00%, 04/15/25(a)		750		731,250

SCHEDULE   OF   INVESTMENTS 23

Schedule of Investments (unaudited) (continued) June 30, 2022 BlackRock Systematic Multi-Strategy Fund (Percentages shown are based on Net Assets)

Security	Par             (000)		Value
Internet Software & Services (continued)
TripAdvisor, Inc., 7.00%, 07/15/25(a)	$	60	$	58,081
Uber Technologies, Inc.(a) 7.50%, 05/15/25		395		391,236
8.00%, 11/01/26		550		547,525
7.50%, 09/15/27		2,500		2,421,950
VeriSign, Inc. 5.25%, 04/01/25		2,300		2,312,002
4.75%, 07/15/27		1,150		1,125,217
2.70%, 06/15/31		885		712,197
				15,069,158
IT Services — 0.6%
Booz Allen Hamilton, Inc.(a) 3.88%, 09/01/28		4,175		3,694,875
4.00%, 07/01/29		525		457,763
Camelot Finance SA, 4.50%, 11/01/26(a)		500		456,050
Gartner, Inc.(a) 4.50%, 07/01/28		7,552		6,934,284
3.63%, 06/15/29		930		805,724
3.75%, 10/01/30		2,795		2,379,244
International Business Machines Corp. 3.00%, 05/15/24		150		148,799
3.30%, 05/15/26		16,600		16,190,581
2.20%, 02/09/27		5,120		4,739,811
KBR, Inc., 4.75%, 09/30/28(a)		6,000		5,288,027
Kyndryl Holdings, Inc.(a) 2.05%, 10/15/26		680		572,404
2.70%, 10/15/28		680		541,555
Science Applications International Corp., 4.88%, 04/01/28(a)		170		158,525
Twilio, Inc., 3.88%, 03/15/31		2,000		1,645,540
Verisk Analytics, Inc., 4.00%, 06/15/25		9,035		8,962,292
Ziff Davis, Inc., 4.63%, 10/15/30(a)		10,877		9,272,044
				62,247,518
Leisure Products — 0.0%
Hasbro, Inc., 3.55%, 11/19/26		145		138,583
Life Sciences Tools & Services — 0.0%
Agilent Technologies, Inc. 2.10%, 06/04/30		600		488,799
2.30%, 03/12/31		750		610,994
				1,099,793
Machinery — 0.5%
Caterpillar Financial Services Corp. 0.45%, 09/14/23		3,970		3,849,734
3.40%, 05/13/25		7,225		7,206,379
0.80%, 11/13/25		7,235		6,582,064
Deere & Co., 2.75%, 04/15/25		150		146,719
IDEX Corp., 2.63%, 06/15/31		4,980		4,125,888
John Deere Capital Corp., 3.40%, 06/06/25		15,465		15,396,031
Otis Worldwide Corp. 2.06%, 04/05/25		1,000		946,996
2.29%, 04/05/27		65		58,844
2.57%, 02/15/30		125		107,982
Terex Corp., 5.00%, 05/15/29(a)		3,050		2,592,500
Westinghouse Air Brake Technologies Corp., 3.20%, 06/15/25		2,305		2,197,747
				43,210,884

Security	Par             (000)		Value
Media — 0.9%
Banijay Entertainment SASU, 5.38%, 03/01/25(a)	$	200	$	188,000
Block Communications, Inc., 4.88%, 03/01/28(a)		60		50,700
Cable One, Inc., 4.00%, 11/15/30(a)		275		225,907
CCO Holdings LLC/CCO Holdings Capital Corp. 5.13%, 05/01/27(a)		250		235,938
5.00%, 02/01/28(a)		100		92,270
5.38%, 06/01/29(a)		100		89,384
4.75%, 03/01/30(a)		2,000		1,710,500
4.50%, 08/15/30(a)		810		672,525
4.25%, 02/01/31(a)		420		342,300
4.50%, 05/01/32		4,000		3,238,800
4.50%, 06/01/33(a)		2,000		1,576,040
4.25%, 01/15/34(a)		3,000		2,317,500
Charter Communications Operating LLC/Charter Communications Operating Capital 4.50%, 02/01/24		6,920		6,960,948
4.91%, 07/23/25		4,250		4,259,860
3.75%, 02/15/28		400		369,383
2.25%, 01/15/29		2,765		2,271,911
5.05%, 03/30/29		500		481,230
2.30%, 02/01/32		1,105		836,074
CSC Holdings LLC, 5.25%, 06/01/24		200		187,000
Directv Financing LLC/Directv Financing Co.-Obligor, Inc., 5.88%, 08/15/27(a)		1,145		976,765
DISH DBS Corp. 5.88%, 11/15/24		475		400,188
7.75%, 07/01/26		1,075		837,962
7.38%, 07/01/28		2,010		1,367,202
FactSet Research Systems, Inc., 2.90%, 03/01/27		9,015		8,429,024
Fox Corp., 4.03%, 01/25/24		35		35,003
Frontier Communications Holdings LLC(a) 5.88%, 10/15/27		85		76,424
5.00%, 05/01/28		2,275		1,933,750
6.75%, 05/01/29		165		135,713
GCI LLC, 4.75%, 10/15/28(a)		6,660		5,770,548
Gray Television, Inc., 5.88%, 07/15/26(a)		14		13,087
Hughes Satellite Systems Corp. 5.25%, 08/01/26		135		124,200
6.63%, 08/01/26		4,309		3,824,237
Lamar Media Corp. 4.00%, 02/15/30		250		209,913
3.63%, 01/15/31		135		110,487
Nexstar Media, Inc.(a) 5.63%, 07/15/27		3,750		3,421,875
4.75%, 11/01/28		700		600,250
Outfront Media Capital LLC/Outfront Media Capital Corp., 5.00%, 08/15/27(a)		25		21,844
Sirius XM Radio, Inc.(a) 5.50%, 07/01/29		5,936		5,409,180
3.88%, 09/01/31		9,000		7,166,250
Stagwell Global LLC, 5.63%, 08/15/29(a)		1,005		807,548
TEGNA, Inc. 4.75%, 03/15/26(a)		2,570		2,466,597
4.63%, 03/15/28		3,590		3,356,650
5.00%, 09/15/29		5,385		5,093,402
Townsquare Media, Inc., 6.88%, 02/01/26(a)		680		605,704
Univision Communications, Inc.(a) 5.13%, 02/15/25		15		14,115
6.63%, 06/01/27		900		856,899
Videotron Ltd., 5.13%, 04/15/27(a)		500		465,330

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

Schedule of Investments (unaudited) (continued) June 30, 2022 BlackRock Systematic Multi-Strategy Fund (Percentages shown are based on Net Assets)

Security	Par             (000)		Value
Media (continued)
Virgin Media Finance PLC, 5.00%, 07/15/30(a)	$	695	$	550,787
Walt Disney Co., 1.65%, 09/01/22		230		229,733
WMG Acquisition Corp., 3.00%, 02/15/31(a)		1,575		1,221,664
				82,638,601
Metals & Mining — 0.7%
Alcoa Nederland Holding BV(a) 5.50%, 12/15/27		1,000		947,500
6.13%, 05/15/28		1,200		1,167,000
4.13%, 03/31/29		1,760		1,573,687
ArcelorMittal SA 4.55%, 03/11/26		2,250		2,217,414
4.25%, 07/16/29		750		712,009
Arconic Corp.(a) 6.00%, 05/15/25		500		487,652
6.13%, 02/15/28		2,000		1,867,560
Big River Steel LLC/BRS Finance Corp., 6.63%, 01/31/29(a)		2,664		2,472,046
Cleveland-Cliffs, Inc. 5.88%, 06/01/27		1,000		932,530
4.63%, 03/01/29(a)		500		441,250
4.88%, 03/01/31(a)		1,290		1,137,353
Compass Minerals International, Inc., 6.75%, 12/01/27(a)		475		429,875
FMG Resources August 2006 Pty. Ltd., 4.50%, 09/15/27(a)		1,485		1,325,363
Freeport-McMoRan, Inc. 4.55%, 11/14/24		5,489		5,462,159
5.00%, 09/01/27		75		74,415
4.13%, 03/01/28		8,115		7,532,911
4.38%, 08/01/28		240		224,152
5.25%, 09/01/29		50		47,750
4.25%, 03/01/30		750		682,454
4.63%, 08/01/30		921		854,485
Joseph T Ryerson & Son, Inc., 8.50%, 08/01/28(a)		361		372,768
Mineral Resources Ltd.(a) 8.13%, 05/01/27		1,671		1,628,139
8.50%, 05/01/30		3,000		2,955,000
Nucor Corp., 3.13%, 04/01/32		3,125		2,716,281
Reliance Steel & Aluminum Co. 1.30%, 08/15/25		6,690		6,092,288
2.15%, 08/15/30		2,000		1,620,450
Rio Tinto Finance USA Ltd., 7.13%, 07/15/28		7,424		8,548,078
Roller Bearing Co. of America, Inc., 4.38%, 10/15/29(a)		80		68,073
Southern Copper Corp., 3.88%, 04/23/25		200		197,288
SunCoke Energy, Inc., 4.88%, 06/30/29(a)		555		443,497
Taseko Mines Ltd., 7.00%, 02/15/26(a)		8,344		7,101,705
U.S. Steel Corp., 6.88%, 03/01/29		1,065		929,308
				63,262,440
Mortgage Real Estate Investment Trusts (REITs)(a) — 0.0%
New Residential Investment Corp., 6.25%, 10/15/25		200		174,153
Starwood Property Trust, Inc., 5.50%, 11/01/23		2,730		2,699,288
				2,873,441
Multiline Retail — 0.1%
Bath & Body Works, Inc. 9.38%, 07/01/25(a)		101		102,459
6.69%, 01/15/27		1,300		1,215,263
5.25%, 02/01/28		3,610		3,045,757
7.50%, 06/15/29		50		45,510

Security	Par             (000)		Value
Multiline Retail (continued)
Bath & Body Works, Inc. (continued) 6.63%, 10/01/30(a)	$	1,465	$	1,265,379
6.88%, 11/01/35		1,655		1,344,688
Macy’s Retail Holdings LLC(a) 5.88%, 04/01/29		125		106,406
6.13%, 03/15/32		3,000		2,505,000
				9,630,462
Multi-Utilities — 0.2%
AmeriGas Partners LP/AmeriGas Finance Corp. 5.63%, 05/20/24		45		43,422
5.75%, 05/20/27		100		91,500
National Fuel Gas Co. 5.20%, 07/15/25		12,563		12,718,353
5.50%, 01/15/26		2,600		2,609,524
3.95%, 09/15/27		40		37,331
2.95%, 03/01/31		605		491,057
NiSource, Inc., 0.95%, 08/15/25		4,330		3,889,283
Piedmont Natural Gas Co., Inc., 3.50%, 06/01/29		50		46,527
Southwest Gas Corp. 2.20%, 06/15/30		25		20,209
4.05%, 03/15/32		2,995		2,717,660
				22,664,866
Offshore Drilling & Other Services(a) — 0.0%
Entegris, Inc. 4.38%, 04/15/28		2,325		2,051,813
3.63%, 05/01/29		1,575		1,317,062
				3,368,875
Oil, Gas & Consumable Fuels — 5.5%
Aethon United BR LP/Aethon United Finance Corp., 8.25%, 02/15/26(a)		210		204,068
Antero Midstream Partners LP/Antero Midstream Finance Corp.(a) 5.75%, 01/15/28		6,500		5,917,730
5.38%, 06/15/29		8,150		7,298,814
Antero Resources Corp.(a) 8.38%, 07/15/26		68		71,910
7.63%, 02/01/29		1,288		1,310,244
5.38%, 03/01/30		6,040		5,507,393
Apache Corp. 4.25%, 01/15/30		3,745		3,319,006
5.10%, 09/01/40		4,250		3,588,615
4.75%, 04/15/43		3,000		2,336,156
Ascent Resources Utica Holdings LLC/ARU Finance Corp.(a) 8.25%, 12/31/28		385		366,661
5.88%, 06/30/29		380		334,400
Baytex Energy Corp., 8.75%, 04/01/27(a)		5,365		5,378,412
Berry Petroleum Co. LLC, 7.00%, 02/15/26(a)		925		814,000
Buckeye Partners LP 4.15%, 07/01/23		100		97,877
4.13%, 03/01/25(a)		500		462,915
3.95%, 12/01/26		100		87,473
4.50%, 03/01/28(a)		130		109,476
5.85%, 11/15/43		400		284,000
Calumet Specialty Products Partners LP/Calumet Finance Corp.(a) 11.00%, 04/15/25		2,675		2,546,038
8.13%, 01/15/27		200		169,079
Canadian Natural Resources Ltd. 2.95%, 01/15/23		600		597,823

SCHEDULE   OF   INVESTMENTS 25

Schedule of Investments (unaudited) (continued) June 30, 2022 BlackRock Systematic Multi-Strategy Fund (Percentages shown are based on Net Assets)

Security	Par             (000)		Value
Oil, Gas & Consumable Fuels (continued)
Canadian Natural Resources Ltd. (continued)
3.80%, 04/15/24	$	8,680	$	8,619,713
2.05%, 07/15/25		4,231		3,958,444
3.85%, 06/01/27		2,152		2,062,354
2.95%, 07/15/30		9,714		8,522,873
Cenovus Energy, Inc., 5.38%, 07/15/25		92		94,691
Centennial Resource Production LLC, 5.38%, 01/15/26(a)		1,032		930,925
Cheniere Corpus Christi Holdings LLC
7.00%, 06/30/24		14,517		15,042,531
5.88%, 03/31/25		7,492		7,670,827
5.13%, 06/30/27		5,147		5,165,966
3.70%, 11/15/29		1,660		1,518,405
Cheniere Energy Partners LP
4.50%, 10/01/29		395		352,617
3.25%, 01/31/32(a)		1,690		1,330,875
Cheniere Energy, Inc., 4.63%, 10/15/28		2,500		2,251,425
Chesapeake Energy Corp., 5.50%, 02/01/26(a)		110		104,751
Chevron Corp.
1.55%, 05/11/25		1,480		1,403,345
2.00%, 05/11/27		140		128,681
2.24%, 05/11/30		170		149,194
Chevron USA, Inc.
1.02%, 08/12/27		6,130		5,347,184
3.85%, 01/15/28		910		903,840
Civitas Resources, Inc., 5.00%, 10/15/26(a)		385		345,538
CNX Resources Corp.(a)
7.25%, 03/14/27		2,380		2,331,686
6.00%, 01/15/29		5,685		5,310,927
Colgate Energy Partners III LLC, 5.88%, 07/01/29(a)		1,510		1,323,138
Columbia Pipeline Group, Inc., 4.50%, 06/01/25		15,510		15,637,675
Comstock Resources, Inc., 6.75%, 03/01/29(a)		1,645		1,472,982
Conoco Funding Co., 7.25%, 10/15/31		405		481,463
ConocoPhillips Co.
2.40%, 03/07/25		7,980		7,701,467
6.95%, 04/15/29		3,515		4,022,487
Continental Resources, Inc.
4.50%, 04/15/23		61		61,210
2.27%, 11/15/26(a)		1,060		939,940
4.38%, 01/15/28		1,510		1,419,400
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.(a) 5.63%, 05/01/27		4,250		3,782,500
6.00%, 02/01/29		5,910		5,156,948
CrownRock LP/CrownRock Finance, Inc.(a)
5.63%, 10/15/25		275		258,500
5.00%, 05/01/29		310		278,018
CVR Energy, Inc., 5.25%, 02/15/25(a)		500		459,705
DCP Midstream Operating LP
5.38%, 07/15/25		2,130		2,071,425
5.13%, 05/15/29		3,500		3,150,000
8.13%, 08/16/30		1,000		1,067,648
6.75%, 09/15/37(a)		50		47,563
5.60%, 04/01/44		610		492,950
Devon Energy Corp.
5.85%, 12/15/25		10,820		11,262,168
5.25%, 10/15/27		325		328,881
5.88%, 06/15/28		191		194,872
4.50%, 01/15/30		4,130		3,901,200
7.95%, 04/15/32		2,830		3,345,663

Security	Par             (000)		Value
Oil, Gas & Consumable Fuels (continued)
DT Midstream, Inc.(a) 4.13%, 06/15/29	$	1,000	$	847,500
4.38%, 06/15/31		1,000		837,500
Dycom Industries, Inc., 4.50%, 04/15/29(a)		495		432,189
Enbridge, Inc. 4.00%, 10/01/23		2,000		2,007,831
2.15%, 02/16/24		1,650		1,601,210
3.50%, 06/10/24		1,690		1,671,503
1.60%, 10/04/26		5,000		4,450,915
4.25%, 12/01/26		6,100		6,036,891
Endeavor Energy Resources LP/EER Finance, Inc., 5.75%, 01/30/28(a)		2,000		1,905,300
Energy Transfer LP 4.05%, 03/15/25		2,495		2,457,415
2.90%, 05/15/25		5,200		4,942,507
EnLink Midstream LLC 5.63%, 01/15/28(a)		2,385		2,187,682
5.38%, 06/01/29		3,700		3,238,269
EnLink Midstream Partners LP 4.85%, 07/15/26		1,200		1,107,000
5.60%, 04/01/44		100		70,821
5.45%, 06/01/47		800		566,192
Enterprise Products Operating LLC, 3.75%, 02/15/25		3,410		3,369,175
EQM Midstream Partners LP 4.13%, 12/01/26		1,500		1,295,625
6.50%, 07/01/27(a)		415		385,867
4.50%, 01/15/29(a)		630		511,484
6.50%, 07/15/48		425		324,063
EQT Corp. 6.63%, 02/01/25		775		797,266
3.90%, 10/01/27		2,860		2,661,487
5.00%, 01/15/29		880		851,910
7.50%, 02/01/30		1,340		1,438,343
3.63%, 05/15/31(a)		855		738,771
Exxon Mobil Corp. 2.02%, 08/16/24		300		292,291
2.99%, 03/19/25		950		935,346
Genesis Energy LP/Genesis Energy Finance Corp. 6.50%, 10/01/25		1,183		1,091,318
8.00%, 01/15/27		2,935		2,597,475
7.75%, 02/01/28		2,000		1,730,100
Global Partners LP/GLP Finance Corp. 7.00%, 08/01/27		400		360,000
6.88%, 01/15/29		3,970		3,359,527
Harbour Energy PLC, 5.50%, 10/15/26(a)		2,410		2,165,987
Harvest Midstream I LP, 7.50%, 09/01/28(a)		1,355		1,272,658
Hess Corp., 4.30%, 04/01/27		1,255		1,223,359
Hess Midstream Operations LP(a) 5.63%, 02/15/26		1,200		1,143,000
5.13%, 06/15/28		1,050		942,375
4.25%, 02/15/30		2,730		2,286,279
5.50%, 10/15/30		1,260		1,130,850
Hilcorp Energy I LP/Hilcorp Finance Co.(a) 6.25%, 11/01/28		120		113,101
6.00%, 02/01/31		1,065		915,900
Holly Energy Partners LP/Holly Energy Finance Corp., 5.00%, 02/01/28(a)		7,733		6,622,851
IEA Energy Services LLC, 6.63%, 08/15/29(a)		1,491		1,218,893
Kinder Morgan, Inc. 5.63%, 11/15/23(a)		681		693,380

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

Schedule of Investments (unaudited) (continued) June 30, 2022 BlackRock Systematic Multi-Strategy Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
Kinder Morgan, Inc. (continued) 1.75%, 11/15/26	$	3,850	$	3,415,366
Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp., 6.00%, 08/01/26(a)		2,000		1,882,980
Marathon Petroleum Corp. 3.63%, 09/15/24		3,720		3,680,377
4.70%, 05/01/25		4,690		4,744,913
Matador Resources Co., 5.88%, 09/15/26		1,195		1,148,730
MEG Energy Corp.(a) 7.13%, 02/01/27		3,250		3,273,010
5.88%, 02/01/29		5,525		5,046,346
MPLX LP 4.88%, 12/01/24		10,443		10,514,223
4.88%, 06/01/25		33,605		33,764,823
1.75%, 03/01/26		8,000		7,202,719
4.13%, 03/01/27		4,000		3,867,275
4.25%, 12/01/27		7,110		6,860,978
2.65%, 08/15/30		5,510		4,599,401
Murphy Oil Corp. 5.75%, 08/15/25		75		74,213
5.88%, 12/01/27		1,462		1,364,412
6.38%, 07/15/28		3,580		3,338,672
6.13%, 12/01/42		1,300		971,750
Murphy Oil USA, Inc. 5.63%, 05/01/27		500		490,000
4.75%, 09/15/29		900		810,054
3.75%, 02/15/31(a)		815		692,546
Nabors Industries, Inc., 7.38%, 05/15/27(a)		235		223,250
New Fortress Energy, Inc.(a) 6.75%, 09/15/25		4,015		3,794,175
6.50%, 09/30/26		7,500		6,793,211
Northern Oil & Gas, Inc., 8.13%, 03/01/28(a)		4,255		4,010,337
Oasis Petroleum, Inc., 6.38%, 06/01/26(a)		8,297		7,674,725
Occidental Petroleum Corp. 5.50%, 12/01/25		420		413,700
8.50%, 07/15/27		265		291,611
8.88%, 07/15/30		415		476,452
6.63%, 09/01/30		4,500		4,635,000
6.13%, 01/01/31		3,340		3,384,839
6.45%, 09/15/36		4,200		4,305,000
ONEOK Partners LP 3.38%, 10/01/22		650		650,026
4.90%, 03/15/25		520		524,333
ONEOK, Inc. 2.75%, 09/01/24		155		149,877
2.20%, 09/15/25		6,880		6,403,266
5.85%, 01/15/26		8,156		8,454,111
4.00%, 07/13/27		15,600		15,022,980
6.35%, 01/15/31		2,330		2,433,914
Ovintiv Exploration, Inc., 5.38%, 01/01/26		2,000		2,022,131
Parsley Energy LLC/Parsley Finance Corp., 4.13%, 02/15/28(a)		160		145,636
PDC Energy, Inc. 6.13%, 09/15/24		1,500		1,489,793
5.75%, 05/15/26		5,000		4,664,150
Penn Virginia Holdings LLC, 9.25%, 08/15/26(a)		200		191,948
Pioneer Natural Resources Co., 0.55%, 05/15/23		1,485		1,447,336
Range Resources Corp., 8.25%, 01/15/29		475		484,268
Rockcliff Energy II LLC, 5.50%, 10/15/29(a)		670		609,680
Rockies Express Pipeline LLC(a) 4.80%, 05/15/30		300		249,750

Security	Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
Rockies Express Pipeline LLC(a) (continued) 6.88%, 04/15/40	$	300	$	248,250
Sabine Pass Liquefaction LLC 5.63%, 04/15/23		755		762,160
5.75%, 05/15/24		2,200		2,243,647
5.88%, 06/30/26		2,500		2,583,077
Shell International Finance BV, 2.00%, 11/07/24		790		766,883
SM Energy Co. 5.63%, 06/01/25		1,917		1,811,565
6.50%, 07/15/28		4,390		4,037,505
Southwestern Energy Co. 5.95%, 01/23/25		365		360,580
7.75%, 10/01/27		100		102,000
8.38%, 09/15/28		2,265		2,386,744
5.38%, 02/01/29		310		287,556
Spectra Energy Partners LP, 4.75%, 03/15/24		7,850		7,912,025
Sunoco LP/Sunoco Finance Corp. 6.00%, 04/15/27		100		95,338
5.88%, 03/15/28		5,750		5,242,605
4.50%, 05/15/29		1,990		1,640,325
4.50%, 04/30/30(a)		1,761		1,421,802
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.(a) 5.50%, 01/15/28		650		552,611
6.00%, 12/31/30		755		626,650
6.00%, 09/01/31		1,000		825,000
Talos Production, Inc., 12.00%, 01/15/26		2,720		2,813,840
Targa Resources Corp. 5.20%, 07/01/27(e)		9,680		9,721,864
4.20%, 02/01/33		2,315		2,097,032
Targa Resources Partners LP/Targa Resources Partners Finance Corp. 6.50%, 07/15/27		1,174		1,202,599
5.00%, 01/15/28		4,159		3,959,451
6.88%, 01/15/29		200		204,100
5.50%, 03/01/30		350		333,963
4.88%, 02/01/31		8,140		7,420,444
4.00%, 01/15/32		1,630		1,394,889
Transcontinental Gas Pipe Line Co. LLC 7.85%, 02/01/26		1,682		1,857,438
3.25%, 05/15/30		1,100		987,845
Transocean Guardian Ltd., 5.88%, 01/15/24(a)		509		470,763
Transocean Pontus Ltd., 6.13%, 08/01/25(a)		68		61,900
Transocean Poseidon Ltd., 6.88%, 02/01/27(a)		183		160,875
Transocean, Inc. 11.50%, 01/30/27(a)		500		469,315
8.00%, 02/01/27(a)		120		80,400
7.50%, 04/15/31		310		167,400
6.80%, 03/15/38		200		104,000
Tutor Perini Corp., 6.88%, 05/01/25(a)		2,300		1,879,698
Valero Energy Corp., 2.80%, 12/01/31		2,000		1,678,182
Venture Global Calcasieu Pass LLC(a) 3.88%, 08/15/29		625		546,703
4.13%, 08/15/31		575		491,349
Western Midstream Operating LP 4.65%, 07/01/26		750		706,875
4.75%, 08/15/28		500		456,810
4.55%, 02/01/30		6,700		5,795,500
5.45%, 04/01/44		4,500		3,740,130
5.30%, 03/01/48		1,250		1,007,688
5.75%, 02/01/50		535		429,636

SCHEDULE   OF   INVESTMENTS 27

Schedule of Investments (unaudited) (continued) June 30, 2022 BlackRock Systematic Multi-Strategy Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
Williams Cos., Inc. 4.30%, 03/04/24	$	4,875	$	4,896,092
4.00%, 09/15/25		3,000		2,953,165
2.60%, 03/15/31		10,710		8,963,796
				539,684,443
Personal Products — 0.0%
Coty, Inc., 5.00%, 04/15/26(a)		1,465		1,342,306
Pharmaceuticals — 0.8%
AbbVie, Inc. 2.90%, 11/06/22		600		599,929
2.30%, 11/21/22		1,120		1,117,771
2.60%, 11/21/24		8,417		8,147,323
3.80%, 03/15/25		1,730		1,716,151
3.60%, 05/14/25		4,680		4,603,894
3.20%, 05/14/26		16,594		15,984,649
2.95%, 11/21/26		3,818		3,617,733
Astrazeneca Finance LLC, 1.20%, 05/28/26		6,420		5,807,723
AstraZeneca PLC 3.50%, 08/17/23		100		100,283
3.38%, 11/16/25		1,150		1,138,763
0.70%, 04/08/26		1,200		1,067,595
3.13%, 06/12/27		5,300		5,096,545
Bristol-Myers Squibb Co. 3.55%, 08/15/22		600		600,750
3.90%, 02/20/28		2,426		2,428,971
1.45%, 11/13/30		1,670		1,371,976
CVS Health Corp. 2.63%, 08/15/24		85		83,098
6.25%, 06/01/27		1,780		1,897,628
1.30%, 08/21/27		825		710,866
Merck & Co., Inc. 0.75%, 02/24/26		1,095		992,155
1.70%, 06/10/27		3,122		2,836,026
2.15%, 12/10/31		1,500		1,290,272
Novartis Capital Corp. 3.10%, 05/17/27		12,660		12,321,419
2.20%, 08/14/30		180		158,659
Viatris, Inc., 1.65%, 06/22/25		370		334,945
Zoetis, Inc. 3.00%, 09/12/27		250		235,631
3.90%, 08/20/28		250		242,016
2.00%, 05/15/30		2,215		1,854,368
				76,357,139
Producer Durables: Miscellaneous — 0.1%
Oracle Corp. 3.40%, 07/08/24		1,710		1,685,578
2.95%, 11/15/24		6,000		5,814,192
1.65%, 03/25/26		4,960		4,442,963
				11,942,733
Real Estate — 0.0%
American Tower Corp., 3.13%, 01/15/27		1,310		1,215,821
VICI Properties LP/VICI Note Co., Inc., 5.75%, 02/01/27(a)		160		151,824
				1,367,645
Real Estate Management & Development — 0.2%
CBRE Services, Inc., 4.88%, 03/01/26		8,250		8,330,607

Security	Par (000)		Value
Real Estate Management & Development (continued)
Five Point Operating Co. LP/Five Point Capital Corp., 7.88%, 11/15/25(a)	$	250	$	209,688
Greystar Real Estate Partners LLC, 5.75%, 12/01/25(a)		200		189,310
Howard Hughes Corp.(a) 5.38%, 08/01/28		2,250		1,884,375
4.38%, 02/01/31		1,730		1,280,342
Kennedy-Wilson, Inc. 4.75%, 02/01/30		5,000		3,912,500
5.00%, 03/01/31		4,250		3,293,750
Starwood Property Trust, Inc., 4.38%, 01/15/27(a)		1,305		1,132,818
				20,233,390
Road & Rail — 0.1%
Altera Infrastructure LP/Teekay Offshore Finance Corp., 8.50%, 07/15/23(a)		300		161,400
Kansas City Southern, 2.88%, 11/15/29		45		40,107
Union Pacific Corp. 3.75%, 07/15/25		2,805		2,808,261
2.75%, 03/01/26		3,690		3,540,677
				6,550,445
Semiconductors & Semiconductor Equipment — 0.9%
Amkor Technology, Inc., 6.63%, 09/15/27(a)		600		568,014
Analog Devices, Inc. 2.95%, 04/01/25		80		78,367
3.50%, 12/05/26		1,849		1,822,125
1.70%, 10/01/28		1,770		1,551,367
2.10%, 10/01/31		1,335		1,139,867
Atkore, Inc., 4.25%, 06/01/31(a)		2,515		2,087,450
Broadcom Corp./Broadcom Cayman Finance Ltd. 3.63%, 01/15/24		9,310		9,300,370
3.88%, 01/15/27		23,025		22,154,556
Broadcom, Inc. 3.15%, 11/15/25		520		500,775
3.46%, 09/15/26		6,869		6,580,942
1.95%, 02/15/28(a)		2,460		2,094,659
4.00%, 04/15/29(a)		8,000		7,412,763
Flex Ltd., 3.75%, 02/01/26		100		95,425
Honeywell International, Inc., 2.30%, 08/15/24		380		373,192
Intel Corp., 3.40%, 03/25/25		2,850		2,845,367
Jabil, Inc. 1.70%, 04/15/26		2,580		2,310,118
4.25%, 05/15/27		4,140		4,017,142
Microchip Technology, Inc., 4.25%, 09/01/25		1,210		1,177,947
Micron Technology, Inc. 4.98%, 02/06/26		8,633		8,716,869
4.66%, 02/15/30		550		527,427
NVIDIA Corp., 2.85%, 04/01/30		25		22,887
NXP BV/NXP Funding LLC/NXP USA, Inc., 2.70%, 05/01/25		4,295		4,080,679
ON Semiconductor Corp., 3.88%, 09/01/28(a)		2,886		2,541,228
Qorvo, Inc., 1.75%, 12/15/24(a)		1,013		946,264
Sensata Technologies BV, 5.00%, 10/01/25(a)		25		24,000
Sensata Technologies, Inc.(a) 4.38%, 02/15/30		1,275		1,085,251
3.75%, 02/15/31		500		400,730
Skyworks Solutions, Inc., 1.80%, 06/01/26		705		625,338
Texas Instruments, Inc. 1.38%, 03/12/25		315		298,259

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

Schedule of Investments (unaudited) (continued) June 30, 2022 BlackRock Systematic Multi-Strategy Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Semiconductors & Semiconductor Equipment (continued)
Texas Instruments, Inc. (continued) 1.13%, 09/15/26	$	905	$	821,956
1.75%, 05/04/30		220		188,635
1.90%, 09/15/31		2,870		2,432,606
				88,822,575
Software — 0.4%
Activision Blizzard, Inc., 1.35%, 09/15/30		250		200,717
Black Knight InfoServ LLC, 3.63%, 09/01/28(a)		2,440		2,110,600
CDK Global, Inc., 5.25%, 05/15/29(a)		1,300		1,273,720
Electronic Arts, Inc., 1.85%, 02/15/31		2,000		1,624,867
Intuit, Inc. 0.95%, 07/15/25		875		805,662
1.35%, 07/15/27		6,230		5,439,692
1.65%, 07/15/30		438		359,640
Iron Mountain Information Management Services, Inc., 5.00%, 07/15/32(a)		3,260		2,631,187
MSCI, Inc.(a) 4.00%, 11/15/29		3,745		3,319,306
3.63%, 09/01/30		1,700		1,417,255
3.88%, 02/15/31		1,415		1,209,825
3.25%, 08/15/33		3,125		2,490,906
Open Text Corp.(a) 3.88%, 02/15/28		305		271,276
3.88%, 12/01/29		685		576,530
Open Text Holdings, Inc., 4.13%, 12/01/31(a)		665		550,597
PTC, Inc.(a) 3.63%, 02/15/25		50		47,289
4.00%, 02/15/28		1,045		944,332
Roper Technologies, Inc. 0.45%, 08/15/22		275		274,127
3.65%, 09/15/23		830		831,146
2.35%, 09/15/24		90		87,188
1.00%, 09/15/25		590		533,430
2.00%, 06/30/30		75		60,395
ServiceNow, Inc., 1.40%, 09/01/30		1,000		782,524
SS&C Technologies, Inc., 5.50%, 09/30/27(a)		4,700		4,383,032
Take-Two Interactive Software, Inc., 3.30%, 03/28/24		4,720		4,657,048
VMware, Inc. 1.00%, 08/15/24		2,425		2,268,434
4.50%, 05/15/25		540		541,463
4.65%, 05/15/27		2,000		1,989,664
				41,681,852
Specialty Retail — 0.0%
Abercrombie & Fitch Management Co., 8.75%, 07/15/25(a)		1,500		1,460,790
Michaels Cos., Inc., 5.25%, 05/01/28(a)		745		585,548
Sally Holdings LLC/Sally Capital, Inc., 5.63%, 12/01/25		25		23,467
Victoria’s Secret & Co., 4.63%, 07/15/29(a)		2,730		2,057,082
				4,126,887
Technology Hardware, Storage & Peripherals — 1.1%
Adobe, Inc. 1.90%, 02/01/25		175		168,505
2.15%, 02/01/27		490		458,043
2.30%, 02/01/30		2,130		1,880,975
Apple, Inc. 1.80%, 09/11/24		340		329,380

Security	Par (000)		Value
Technology Hardware, Storage & Peripherals (continued)
Apple, Inc. (continued) 1.40%, 08/05/28	$	2,390	$	2,091,228
Dell International LLC/EMC Corp. 4.00%, 07/15/24		1,600		1,594,395
5.85%, 07/15/25		6,340		6,538,483
6.02%, 06/15/26		4,570		4,743,463
6.10%, 07/15/27		4,285		4,492,640
Fortinet, Inc. 1.00%, 03/15/26		5,000		4,395,876
2.20%, 03/15/31		2,000		1,618,629
HP, Inc. 2.20%, 06/17/25		2,230		2,107,385
1.45%, 06/17/26		29,875		26,538,348
4.75%, 01/15/28		21,410		21,155,893
4.00%, 04/15/29		18,620		17,444,821
3.40%, 06/17/30		500		436,118
NetApp, Inc. 1.88%, 06/22/25		315		293,823
2.38%, 06/22/27		30		27,270
Western Digital Corp., 4.75%, 02/15/26		8,190		7,814,161
				104,129,436
Textiles, Apparel & Luxury Goods — 0.1%
Hanesbrands, Inc., 4.88%, 05/15/26(a)		50		46,313
NIKE, Inc. 2.40%, 03/27/25		2,125		2,069,394
2.75%, 03/27/27		3,360		3,233,440
2.85%, 03/27/30		56		51,446
				5,400,593
Thrifts & Mortgage Finance — 0.2%
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 5.25%, 10/01/25(a)		2,000		1,810,000
MGIC Investment Corp., 5.25%, 08/15/28		4,000		3,581,800
Nationstar Mortgage Holdings, Inc.(a) 6.00%, 01/15/27		1,090		945,510
5.50%, 08/15/28		640		513,369
5.13%, 12/15/30		1,455		1,087,656
5.75%, 11/15/31		3,950		3,024,515
PennyMac Financial Services, Inc., 5.75%, 09/15/31(a)		750		559,331
Radian Group, Inc. 4.50%, 10/01/24		50		47,037
6.63%, 03/15/25		2,095		2,045,265
United Wholesale Mortgage LLC(a) 5.75%, 06/15/27		605		485,065
5.50%, 04/15/29		2,010		1,538,956
				15,638,504
Tobacco — 0.9%
Altria Group, Inc. 2.35%, 05/06/25		21,059		19,883,938
2.63%, 09/16/26		13,420		12,353,330
4.80%, 02/14/29		70		66,512
3.40%, 05/06/30		265		224,790
BAT Capital Corp. 3.22%, 08/15/24		9,282		9,022,159
2.26%, 03/25/28		2,986		2,501,481
4.91%, 04/02/30		4,479		4,159,992
BAT International Finance PLC 3.95%, 06/15/25(a)		660		646,954

SCHEDULE   OF   INVESTMENTS 29

Schedule of Investments (unaudited) (continued) June 30, 2022 BlackRock Systematic Multi-Strategy Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Tobacco (continued)
BAT International Finance PLC (continued) 1.67%, 03/25/26	$	5,000	$	4,424,412
4.45%, 03/16/28		3,020		2,858,906
Philip Morris International, Inc. 2.38%, 08/17/22		2,110		2,108,270
2.50%, 08/22/22		690		689,565
2.13%, 05/10/23		500		495,763
2.88%, 05/01/24		500		494,273
3.25%, 11/10/24		25		24,670
1.50%, 05/01/25		630		590,849
3.13%, 08/17/27		50		46,912
3.38%, 08/15/29		4,050		3,653,586
2.10%, 05/01/30		790		647,158
Reynolds American, Inc., 4.45%, 06/12/25		14,757		14,668,151
Vector Group Ltd.(a) 10.50%, 11/01/26		2,065		1,915,288
5.75%, 02/01/29		7,285		6,066,220
				87,543,179
Transportation Infrastructure — 0.0%
United Parcel Service, Inc., 4.45%, 04/01/30		2,470		2,525,755
Utilities — 0.1%
American Water Capital Corp., 4.45%, 06/01/32		2,055		2,042,871
Essential Utilities, Inc. 3.57%, 05/01/29		55		51,352
2.70%, 04/15/30		220		191,338
Pattern Energy Operations LP/Pattern Energy Operations, Inc., 4.50%, 08/15/28(a)		490		426,300
Solaris Midstream Holdings LLC, 7.63%, 04/01/26(a)		595		562,673
TransAlta Corp., 6.50%, 03/15/40		200		184,528
Vistra Operations Co. LLC(a) 5.63%, 02/15/27		4,100		3,855,066
5.00%, 07/31/27		1,500		1,363,665
				8,677,793
Wireless Telecommunication Services — 1.0%
America Movil SAB de CV, 2.88%, 05/07/30		11,455		10,233,840
American Tower Corp. 1.30%, 09/15/25		515		466,241
3.55%, 07/15/27		2,860		2,681,248
Crown Castle International Corp. 3.20%, 09/01/24		640		626,787
1.35%, 07/15/25		15,245		13,934,692
4.45%, 02/15/26		10,810		10,698,597
2.90%, 03/15/27		2,195		2,024,119
3.65%, 09/01/27		8,718		8,256,360
2.50%, 07/15/31		1,125		920,578
EPR Properties, 4.75%, 12/15/26		1,000		939,574
GLP Capital LP/GLP Financing II, Inc. 5.38%, 11/01/23		850		851,401
5.75%, 06/01/28		1,750		1,709,400
5.30%, 01/15/29		515		491,882
iStar, Inc., 4.25%, 08/01/25		550		507,958
Rogers Communications, Inc.(a) 3.20%, 03/15/27		4,215		3,997,961
3.80%, 03/15/32		3,925		3,589,059
SBA Communications Corp. 3.13%, 02/01/29		3,300		2,701,050
3.88%, 02/15/27		100		91,279

Security	Par (000)		Value
Wireless Telecommunication Services (continued)
Sprint Corp. 7.88%, 09/15/23	$	750	$	773,093
7.13%, 06/15/24		1,500		1,539,375
7.63%, 02/15/25		500		521,159
7.63%, 03/01/26		25		26,341
T-Mobile USA, Inc., 3.50%, 04/15/25		15,900		15,550,836
Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC, 7.88%, 02/15/25(a)		1,500		1,447,350
VICI Properties LP/VICI Note Co., Inc.(a) 5.63%, 05/01/24		1,050		1,036,875
4.63%, 06/15/25		8,410		8,000,013
3.75%, 02/15/27		615		540,937
4.63%, 12/01/29		100		89,396
4.13%, 08/15/30		300		258,876
Vmed O2 U.K. Financing I PLC(a) 4.25%, 01/31/31		900		723,375
4.75%, 07/15/31		6,300		5,089,455
				100,319,107
Total Corporate Bonds — 40.3% (Cost: $4,239,067,672)				3,927,475,058
Non-Agency Mortgage-Backed Securities
Collateralized Mortgage Obligations(c) — 14.7%
Connecticut Avenue Securities Trust(a)
Series 1, Class B1, 7.30%, 05/25/42		3,670		3,601,264
Series 1, Class B1, 7.73%, 06/25/42		3,625		3,625,000
Series 1, Class M1, 3.70%, 05/25/42		19,323		19,274,310
Series 1, Class M1, 3.88%, 06/25/42		67,810		67,979,525
Series 2018-R07, Class 1M2, (1 mo. LIBOR US + 2.40%), 4.02%, 04/25/31		23,286		23,182,641
Series 2018-R07, Class 1M2C, (1 mo. LIBOR US + 2.40%), 4.02%, 04/25/31		915		909,099
Series 2019-HRP1, Class M2, (1 mo. LIBOR US + 2.15%), 3.77%, 11/25/39		52,853		51,350,601
Series 2019-R01, Class 2M2, (1 mo. LIBOR US + 2.45%), 4.07%, 07/25/31		33,221		33,015,241
Series 2019-R01, Class 2M2C, (1 mo. LIBOR US + 2.45%), 4.07%, 07/25/31		8,803		8,807,369
Series 2019-R02, Class 1M2, (1 mo. LIBOR US + 2.30%), 3.92%, 08/25/31		3,782		3,782,314
Series 2019-R03, Class 1M2, (1 mo. LIBOR US + 2.15%), 3.77%, 09/25/31		3,223		3,216,642
Series 2019-R06, Class 2M2, (1 mo. LIBOR US + 2.10%), 3.72%, 09/25/39		12,076		12,031,795
Series 2019-R06, Class 2M2C, (1 mo. LIBOR US + 2.10%), 3.72%, 09/25/39		3,108		3,111,301
Series 2019-R07, Class 1M2, (1 mo. LIBOR US + 2.10%), 3.72%, 10/25/39		27,900		27,695,301
Series 2020-R01, Class 1M2, (1 mo. LIBOR US + 2.05%), 3.67%, 01/25/40		41,982		41,086,839
Series 2020-R02, Class 2M2, (1 mo. LIBOR US + 2.00%), 3.62%, 01/25/40		61,840		60,912,065
Series 2020-SBT1, Class 1M2, (1 mo. LIBOR US + 3.65%), 5.27%, 02/25/40		29,503		28,229,648
Series 2020-SBT1, Class 2M2, (1 mo. LIBOR US + 3.65%), 5.27%, 02/25/40		16,367		15,614,512
Series 2021-R01, Class 1B1, (30 day SOFR + 3.10%), 4.03%, 10/25/41		7,680		6,578,308

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

Schedule of Investments (unaudited) (continued) June 30, 2022 BlackRock Systematic Multi-Strategy Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Collateralized Mortgage Obligations (continued)
Connecticut Avenue Securities Trust(a) (continued)
Series 2021-R02, Class 2B1, (30 day SOFR + 3.30%), 4.23%, 11/25/41	$	7,100	$	6,072,494
Series 2021-R02, Class 2M2, (30 day SOFR + 2.00%), 2.93%, 11/25/41		9,695		8,652,822
Series 2021-R03, Class 1B1, (30 day SOFR + 2.75%), 3.68%, 12/25/41		16,550		13,889,498
Series 2022-R01, Class 1B1, (30 day SOFR + 3.15%), 4.08%, 12/25/41		26,114		22,278,927
Series 2022-R01, Class 1M1, (30 day SOFR + 1.00%), 1.93%, 12/25/41		27,021		26,445,386
Series 2022-R02, Class 2M2, (30 day SOFR + 3.00%), 3.93%, 01/25/42		30,491		28,107,395
Series 2022-R03, Class 1B1, (30 day SOFR + 6.25%), 7.18%, 03/25/42		4,550		4,443,485
Series 2022-R04, Class 1B1, (30 day SOFR + 5.25%), 6.18%, 03/25/42		6,300		5,874,305
Series 2022-R05, Class M1, (30 day SOFR + 1.90%), 2.83%, 04/25/42		20,757		20,414,828
Series 2M, Class 2C, 3.62%, 01/25/40		7,500		7,368,590
Fannie Mae Connecticut Avenue Securities
Series 2016-C06, Class 1M2, (1 mo. LIBOR US + 4.25%), 5.87%, 04/25/29		4,858		5,022,849
Series 2016-C07, Class 2M2, (1 mo. LIBOR US + 4.35%), 5.97%, 05/25/29		4,951		5,119,573
Series 2017-C01, Class 1M2, (1 mo. LIBOR US + 3.55%), 5.17%, 07/25/29		9,147		9,341,409
Series 2017-C01, Class 1M2C, (1 mo. LIBOR US + 3.55%), 5.17%, 07/25/29		3,350		3,458,833
Series 2017-C03, Class 1M2C, (1 mo. LIBOR US + 3.00%), 4.62%, 10/25/29		9,510		9,622,053
Series 2017-C04, Class 2ED2, (1 mo. LIBOR US + 1.10%), 2.72%, 11/25/29		840		830,311
Series 2017-C04, Class 2M2, (1 mo. LIBOR US + 2.85%), 4.47%, 11/25/29		10,564		10,590,497
Series 2017-C04, Class 2M2C, (1 mo. LIBOR US + 2.85%), 4.47%, 11/25/29		10,956		10,995,879
Series 2017-C05, Class 1EB3, (1 mo. LIBOR US + 1.20%), 2.82%, 01/25/30		6,794		6,792,535
Series 2017-C05, Class 1M2, (1 mo. LIBOR US + 2.20%), 3.82%, 01/25/30		5,495		5,518,457
Series 2017-C06, Class 1B1, (1 mo. LIBOR US + 4.15%), 5.77%, 02/25/30		6,712		6,824,478
Series 2017-C06, Class 1M2C, (1 mo. LIBOR US + 2.65%), 4.27%, 02/25/30		5,179		5,109,386
Series 2017-C06, Class 2B1, (1 mo. LIBOR US + 4.45%), 6.07%, 02/25/30		5,710		5,719,208
Series 2017-C06, Class 2M2, (1 mo. LIBOR US + 2.80%), 4.42%, 02/25/30		34,809		34,896,574
Series 2017-C06, Class 2M2C, (1 mo. LIBOR US + 2.80%), 4.42%, 02/25/30		3,642		3,624,730
Series 2017-C07, Class 1B1, (1 mo. LIBOR US + 4.00%), 5.62%, 05/25/30		5,385		5,432,312
Series 2017-C07, Class 1M2C, (1 mo. LIBOR US + 2.40%), 4.02%, 05/25/30		11,672		11,487,931
Series 2017-C07, Class 2B1, (1 mo. LIBOR US + 4.45%), 6.07%, 05/25/30		3,973		3,922,724
Series 2017-C07, Class 2M2, (1 mo. LIBOR US + 2.50%), 4.12%, 05/25/30		10,193		10,167,700

Security	Par (000)		Value
Collateralized Mortgage Obligations (continued)
Fannie Mae Connecticut Avenue Securities (continued)
Series 2018-C01, Class 1ED2, (1 mo. LIBOR US + 0.85%), 2.47%, 07/25/30	$	569	$	566,345
Series 2018-C01, Class 1M2, (1 mo. LIBOR US + 2.25%), 3.87%, 07/25/30		41,563		41,563,229
Series 2018-C01, Class 1M2C, (1 mo. LIBOR US + 2.25%), 3.87%, 07/25/30		5,420		5,448,964
Series 2018-C02, Class 2M2, (1 mo. LIBOR US + 2.20%), 3.82%, 08/25/30		2,065		2,020,979
Series 2018-C03, Class 1B1, (1 mo. LIBOR US + 3.75%), 5.37%, 10/25/30		24,469		23,920,234
Series 2018-C03, Class 1M2, (1 mo. LIBOR US + 2.15%), 3.77%, 10/25/30		33,392		33,535,892
Series 2018-C03, Class 1M2C, (1 mo. LIBOR US + 2.15%), 3.77%, 10/25/30		1,537		1,540,885
Series 2018-C06, Class 1M2, (1 mo. LIBOR US + 2.00%), 3.62%, 03/25/31		11,727		11,597,985
Freddie Mac, Class A, 3.73%, 06/25/42(a)		66,425		66,423,871
Freddie Mac STACR REMIC Trust(a)
Series 2020-DNA1, Class B1, (1 mo. LIBOR US + 2.30%), 3.92%, 01/25/50		3,000		2,681,172
Series 2020-DNA1, Class M2, (1 mo. LIBOR US + 1.70%), 3.32%, 01/25/50		12,254		12,115,499
Series 2020-DNA2, Class M2, (1 mo. LIBOR US + 1.85%), 3.47%, 02/25/50		28,419		28,138,957
Series 2020-DNA3, Class B1, (1 mo. LIBOR US + 5.10%), 6.72%, 06/25/50		9,219		9,391,517
Series 2020-DNA4, Class B1, (1 mo. LIBOR US + 6.00%), 7.62%, 08/25/50		4,545		4,733,038
Series 2020-DNA4, Class M2B, (1 mo. LIBOR US + 3.75%), 5.37%, 08/25/50		1,637		1,637,842
Series 2020-DNA5, Class B1, (30 day SOFR + 4.80%), 5.73%, 10/25/50		5,939		6,003,359
Series 2020-DNA5, Class M2, (30 day SOFR + 2.80%), 3.73%, 10/25/50		12,699		12,718,682
Series 2020-DNA6, Class M1, (30 day SOFR + 0.90%), 1.83%, 12/25/50		25		25,238
Series 2020-DNA6, Class M2, (30 day SOFR + 2.00%), 2.93%, 12/25/50		16,646		16,377,498
Series 2020-HQA1, Class B1, (1 mo. LIBOR US + 2.35%), 3.97%, 01/25/50		7,825		7,202,503
Series 2020-HQA2, Class M2, (1 mo. LIBOR US + 3.10%), 4.72%, 03/25/50		69,365		68,805,604
Series 2020-HQA3, Class B1, (1 mo. LIBOR US + 5.75%), 7.37%, 07/25/50		17,200		17,870,179
Series 2020-HQA4, Class M2, (1 mo. LIBOR US + 3.15%), 4.77%, 09/25/50		2,651		2,647,193
Series 2021-DNA1, Class B1, (30 day SOFR + 2.65%), 3.58%, 01/25/51		6,250		5,046,655
Series 2021-DNA1, Class M2, (30 day SOFR + 1.80%), 2.73%, 01/25/51		4,529		4,327,482
Series 2021-DNA3, Class B1, (30 day SOFR + 3.50%), 4.43%, 10/25/33		2,664		2,294,700
Series 2021-DNA5, Class B1, (30 day SOFR + 3.05%), 3.98%, 01/25/34		4,500		3,862,234
Series 2021-DNA5, Class M2, (30 day SOFR + 1.65%), 2.58%, 01/25/34		3,233		3,117,441
Series 2021-DNA6, Class B1, (30 day SOFR + 3.40%), 4.33%, 10/25/41		21,035		17,993,394

SCHEDULE   OF   INVESTMENTS 31

Schedule of Investments (unaudited) (continued) June 30, 2022 BlackRock Systematic Multi-Strategy Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Collateralized Mortgage Obligations (continued)
Freddie Mac STACR REMIC Trust(a) (continued)
Series 2021-HQA1, Class M2, (30 day SOFR + 2.25%), 3.18%, 08/25/33	$	28,350	$	26,263,230
Series 2021-HQA2, Class M2, (30 day SOFR + 2.05%), 2.98%, 12/25/33		29,000		25,844,458
Series 2022-DNA1, Class M1A, (30 day SOFR + 1.00%), 1.93%, 01/25/42		8,825		8,514,757
Series 2022-DNA3, Class M2, (30 day SOFR + 4.35%), 5.28%, 04/25/42		1,250		1,113,550
Series 2022-DNA4, Class M1A, (30 day SOFR + 2.20%), 3.13%, 05/25/42		956		943,474
Series 2022-HQA1, Class M1A, (30 day SOFR + 2.10%), 3.03%, 03/25/42		10,978		10,883,976
Series 2022-HQA1, Class M1B, (30 day SOFR + 3.50%), 4.43%, 03/25/42		4,600		4,392,697
Freddie Mac Structured Agency Credit Risk Debt Notes
Series 2013-DN2, Class M2, (1 mo. LIBOR US + 4.25%), 5.87%, 11/25/23		560		563,523
Series 2014-DN2, Class M3, (1 mo. LIBOR US + 3.60%), 5.22%, 04/25/24		27,422		27,679,193
Series 2017-HQA1, Class B1, (1 mo. LIBOR US + 5.00%), 6.62%, 08/25/29		3,790		3,898,701
Series 2017-HQA1, Class M2, (1 mo. LIBOR US + 3.55%), 5.17%, 08/25/29		7,033		7,187,364
Series 2017-HQA2, Class M2AS, (1 mo. LIBOR US + 1.05%), 2.67%, 12/25/29		14,426		14,229,969
Series 2017-HQA3, Class M2, (1 mo. LIBOR US + 2.35%), 3.97%, 04/25/30		3,766		3,759,905
Series 2018-HQA1, Class B1, (1 mo. LIBOR US + 4.35%), 5.97%, 09/25/30(a)		6,000		5,952,184
Series 2018-HQA1, Class M2, (1 mo. LIBOR US + 2.30%), 3.92%, 09/25/30		89,269		88,546,954
Series 2018-HQA1, Class M2AS, (1 mo. LIBOR US + 1.10%), 2.72%, 09/25/30		21,216		20,951,163
Series 2018-SPI1, Class M2, 3.76%, 02/25/48(a).		45		44,062
Series 2018-SPI2, Class M2, 3.83%, 05/25/48(a)		63		61,440
Series 2020-HQA5, Class M2, (30 day SOFR + 2.60%), 3.53%, 11/25/50(a)		6,636		6,595,157
Series 2021-DNA2, Class B1, (30 day SOFR + 3.40%), 4.33%, 08/25/33(a)		4,000		3,469,640
Series 2021-DNA2, Class M1, (30 day SOFR + 0.80%), 1.73%, 08/25/33(a)		3,960		3,934,080
Series 2021-DNA7, Class B1, (30 day SOFR + 3.65%), 4.58%, 11/25/41(a)		21,006		17,968,819
Series 2021-DNA7, Class M1, (30 day SOFR + 0.85%), 1.78%, 11/25/41(a)		10,303		9,993,324
Series 2022-DNA2, Class M1A, (30 day SOFR + 1.30%), 2.23%, 02/25/42(a)		4,405		4,303,893
STACR Trust(a)
Series 2018-DNA3, Class M2A, (1 mo. LIBOR US + 2.10%), 3.72%, 09/25/48		1,816		1,809,314
Series 2018-HRP1, Class M2, (1 mo. LIBOR US + 1.65%), 3.27%, 04/25/43		48		47,166
Series 2018-HRP2, Class M3, (1 mo. LIBOR US + 2.40%), 4.02%, 02/25/47		12,868		12,651,474
				1,437,240,982

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	$	153,023
Mortgage-Backed Securities — 0.1%
Freddie Mac STACR REMIC Trust, Series 2021- HQA1, Class M1, (30 day SOFR + 0.70%), 1.63%, 08/25/33(a)(c)		4,773		4,735,785
Total Non-Agency Mortgage-Backed Securities — 14.8% (Cost: $1,487,176,170)				1,442,129,790
Preferred Securities
Capital Trust — 0.0%
Wireless Telecommunication Services — 0.0%
Vodafone Group PLC, 7.00%, 04/04/79(c)		200		196,190
Total Preferred Securities — 0.0% (Cost: $229,875)				196,190
U.S. Government Sponsored Agency Securities
Agency Obligations — 0.4%
Fannie Mae Mortgage-Backed Securities 3.50%, 02/01/51 - 10/01/51		25,017		24,318,427
4.50%, 06/01/52		19,054		19,149,272
				43,467,699
Collateralized Mortgage Obligations(c) — 4.9%
Fannie Mae Connecticut Avenue Securities
Series 2014-C04, Class 1M2, (1 mo. LIBOR US + 4.90%), 6.52%, 11/25/24		180		185,297
Series 2015-C04, Class 1M2, (1 mo. LIBOR US + 5.70%), 7.32%, 04/25/28		36		37,223
Series 2016-C05, Class 2M2, (1 mo. LIBOR US + 4.45%), 6.07%, 01/25/29		56		58,722
Series 2017-C01, Class 1B1, (1 mo. LIBOR US + 5.75%), 7.37%, 07/25/29		15,659		16,705,045
Series 2017-C02, Class 2B1, (1 mo. LIBOR US + 5.50%), 7.12%, 09/25/29(a)		34,763		36,710,729
Series 2017-C03, Class 1B1, (1 mo. LIBOR US + 4.85%), 6.47%, 10/25/29		34,989		36,275,776
Series 2017-C03, Class 1M2, (1 mo. LIBOR US + 3.00%), 4.62%, 10/25/29		10,497		10,590,289
Series 2017-C04, Class 2B1, (1 mo. LIBOR US + 5.05%), 6.67%, 11/25/29		28,278		29,006,885
Series 2017-C05, Class 1B1, (1 mo. LIBOR US + 3.60%), 5.22%, 01/25/30		34,568		33,922,524
Series 2017-C07, Class 1M2, (1 mo. LIBOR US + 2.40%), 4.02%, 05/25/30		6,285		6,293,097
Series 2018-C01, Class 1B1, (1 mo. LIBOR US + 3.55%), 5.17%, 07/25/30		25,109		24,796,445
Series 2018-C02, Class 2B1, (1 mo. LIBOR US + 4.00%), 5.62%, 08/25/30		23,225		22,727,558
Series 2018-C04, Class 2B1, (1 mo. LIBOR US + 4.50%), 6.12%, 12/25/30		5,928		5,921,537
Series 2018-C04, Class 2M2, (1 mo. LIBOR US + 2.55%), 4.17%, 12/25/30		3,245		3,223,641
Series 2018-C05, Class 1B1, (1 mo. LIBOR US + 4.25%), 5.87%, 01/25/31		4,344		4,274,350
Series 2018-C06, Class 2M2, (1 mo. LIBOR US + 2.10%), 3.72%, 03/25/31		19,470		19,077,967

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

Schedule of Investments (unaudited) (continued) June 30, 2022 BlackRock Systematic Multi-Strategy Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Collateralized Mortgage Obligations (continued)
Freddie Mac STACR REMIC Trust(a)
Series 2019-HQA4, Class M2, (1 mo. LIBOR US + 2.05%), 3.67%, 11/25/49	$	7,937	$	7,886,470
Series 2020-DNA4, Class M2, (1 mo. LIBOR US + 3.75%), 5.37%, 08/25/50		290		289,694
Series 2020-HQA1, Class M2, (1 mo. LIBOR US + 1.90%), 3.52%, 01/25/50		16,446		16,154,922
Freddie Mac STACR Trust(a)
Series 2019-DNA3, Class M2, (1 mo. LIBOR US + 2.05%), 3.67%, 07/25/49		25,369		25,227,191
Series 2019-DNA4, Class M2, (1 mo. LIBOR US + 1.95%), 3.57%, 10/25/49		5,342		5,294,048
Series 2019-FTR2, Class M1, (1 mo. LIBOR US + 0.95%), 2.57%, 11/25/48		450		440,376
Series 2019-HQA3, Class M2, (1 mo. LIBOR US + 1.85%), 3.47%, 09/25/49		69,319		68,193,816
Freddie Mac Structured Agency Credit Risk Debt Notes
Series 2016-DNA2, Class M3, (1 mo. LIBOR US + 4.65%), 6.27%, 10/25/28		208		214,370
Series 2017-DNA1, Class B1, (1 mo. LIBOR US + 4.95%), 6.57%, 07/25/29		20,401		21,061,388
Series 2017-DNA2, Class B1, (1 mo. LIBOR US + 5.15%), 6.77%, 10/25/29		22,269		22,928,162
Series 2017-DNA3, Class B1, (1 mo. LIBOR US + 4.45%), 6.07%, 03/25/30		18,501		18,335,016
Series 2017-DNA3, Class M2, (1 mo. LIBOR US + 2.50%), 4.12%, 03/25/30		1,063		1,056,911
Series 2017-HQA2, Class B1, (1 mo. LIBOR US + 4.75%), 6.37%, 12/25/29		6,180		6,276,815
Series 2017-HQA3, Class B1, (1 mo. LIBOR US + 4.45%), 6.07%, 04/25/30		8,160		8,152,411
Series 2018-DNA1, Class B1, (1 mo. LIBOR US + 3.15%), 4.77%, 07/25/30		24,746		23,256,187
				474,574,862
Mortgage-Backed Securities — 42.2%
Fannie Mae Mortgage-Backed Securities, 4.00%, 02/01/47 - 02/01/57		75		75,021
Freddie Mac Mortgage-Backed Securities 4.50%, 05/01/42 - 01/01/49		100		102,248
3.50%, 10/01/44 - 06/01/49		4,672		4,572,130
3.00%, 03/01/46 - 02/01/47		6,688		6,329,269
4.00%, 10/01/46 - 01/01/49		52		52,253
Ginnie Mae Mortgage-Backed Securities 1.50%, 07/21/22		3,450		2,932,500
2.00%, 07/21/22 - 01/20/52(g)(h)		227,021		202,149,489
2.50%, 07/21/22 - 12/20/51(g)		259,214		237,277,987
3.00%, 07/21/22 - 10/20/51(g)		194,755		183,948,877
3.50%, 07/21/22 - 08/20/50(g)		131,555		128,116,747
4.00%, 07/21/22 - 11/20/48(g)		75,348		75,074,611
4.50%, 07/21/22 - 01/20/49(g)		40,050		40,723,604
5.00%, 07/21/22 - 05/20/49(g)		13,174		13,502,480
5.50%, 07/21/22(g)		650		672,344
Multifamily Connecticut Avenue Securities Trust, Series 2019-01, Class M10, (1 mo. LIBOR US + 3.25%), 4.87%, 10/15/49(a)(c)		18,690		17,357,089
Uniform Mortgage-Backed Securities(g) 1.50%, 07/14/22 - 07/01/51		96,231		84,947,269
2.00%, 07/14/22 - 02/01/52		1,037,961		920,205,734

Security	Par (000)			Value
Mortgage-Backed Securities (continued)
Uniform Mortgage-Backed Securities(g) (continued)
2.50%, 07/14/22 - 04/01/52(h)	$	638,803		$	582,194,636
3.00%, 07/14/22 - 04/01/52(h)		371,514			350,864,098
3.50%, 07/14/22 - 04/01/50		283,063			275,213,415
4.00%, 07/14/22 - 03/01/51		879,924			868,712,857
4.50%, 07/14/22 - 05/01/49		85,432			85,849,671
5.00%, 07/14/22 - 04/01/49		29,773			30,392,680
5.50%, 07/14/22		2,350			2,440,328
					4,113,707,337
Total U.S. Government Sponsored Agency Securities — 47.5% (Cost: $4,773,305,901)					4,631,749,898
U.S. Treasury Obligations
U.S. Treasury Bonds, 3.13%, 08/15/44		600			568,313
U.S. Treasury Notes, 1.50%, 08/15/26		10,000			9,391,406
Total U.S. Treasury Obligations — 0.1% (Cost: $10,546,399)					9,959,719
Total Long-Term Investments — 109.4% (Cost: $11,153,651,343)					10,670,142,716
	Shares
Short-Term Securities
Money Market Funds — 1.3%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 1.33%(i)(j)		124,333,675			124,333,675
	Par (000)
U.S. Treasury Obligations — 17.2%
U.S. Treasury Bills, 0.00%, 07/28/22 - 09/15/22(k)(l)	$	1,686,000			1,683,506,673
Total Short-Term Securities — 18.5% (Cost: $1,808,307,541)					1,807,840,348
Total Investments Before TBA Sale Commitments — 127.9% (Cost: $12,961,958,884)					12,477,983,064
TBA Sale Commitments(g)
Mortgage-Backed Securities — (14.6)%
Ginnie Mae Mortgage-Backed Securities 1.50%, 07/21/52		(3,450	)		(2,932,500	)
2.00%, 07/21/52		(5,000	)		(4,439,453	)
3.00%, 07/21/52		(9,000	)		(8,483,203	)
Uniform Mortgage-Backed Securities 1.50%, 07/18/37		(17,175	)		(15,617,174	)
2.00%, 07/14/52		(1,005,000	)		(871,994,531	)
2.50%, 07/18/37 - 07/14/52		(527,825	)		(474,761,754	)
3.00%, 07/18/37		(1,700	)		(1,660,911	)

SCHEDULE   OF   INVESTMENTS 33

Schedule of Investments (unaudited) (continued) June 30, 2022 BlackRock Systematic Multi-Strategy Fund (Percentages shown are based on Net Assets)

Security	Par (000)			Value
Mortgage-Backed Securities (continued)
Uniform Mortgage-Backed Securities (continued)
3.50%, 07/14/52	$	(25,000	)	$	(24,041,016	)
4.50%, 07/14/52		(19,100	)		(19,172,371	)
Total TBA Sale Commitments — (14.6)% (Proceeds: $(1,435,416,368))					(1,423,102,913	)
Total Investments, Net of TBA Sale Commitments — 113.3% (Cost: $11,526,542,516)					11,054,880,151
Liabilities in Excess of Other Assets — (13.3)%					(1,301,533,308	)
Net Assets — 100.0%				$	9,753,346,843

^(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)  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.

^(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)  Perpetual security with no stated maturity date.

^(e)  When-issued security.

^(f)  All or a portion of the security has been pledged and/or segregated as collateral in connection with outstanding exchange-traded options written.

^(g)  Represents or includes a TBA transaction.

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

⁽ⁱ⁾  Affiliate of the Fund.

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

^(k)  Rates are discount rates or a range of discount rates as of period end.

^(l)  Zero-coupon bond.

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, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 12/31/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 06/30/22		Shares Held at 06/30/22		Income		Capital Gain Distributions from Underlying Funds
BlackRock Liquid Environmentally Aware Fund(a)	$	150,039,454	$	174,676	$	(150,188,182	)	$	(130,872	)	$	104,924	$	—		—	$	152,645	$	—
BlackRock Liquidity Funds, T-Fund, Institutional Class		1,979,641,442		—		(1,855,307,767	)(b)		—			—		124,333,675		124,333,675		334,362		—
								$	(130,872	)	$	104,924	$	124,333,675			$	487,007	$	—

^(a)  As of period end, the entity is no longer held.

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

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 Bund		745		09/08/22	$	116,156	$	420,333
10-Year Australian Treasury Bonds		5,173		09/15/22		424,534		10,277,264
10-Year U.S. Ultra Long Treasury Note		3,195		09/21/22		405,965		(8,034,049	)
U.S. Long Bond		79		09/21/22		10,909		(233,083	)
								2,430,465
Short Contracts
Euro BTP		318		09/08/22		41,030		336,033
Euro OAT		1,532		09/08/22		222,404		4,625,918
10-Year Canadian Bond		845		09/20/22		81,395		(756,700	)
10-Year U.S. Treasury Note		5,378		09/21/22		636,537		(6,416,923	)
Ultra U.S. Treasury Bond		1,601		09/21/22		247,104		1,022,443
Long Gilt		1,837		09/28/22		254,880		(5,634,446	)

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

Schedule of Investments (unaudited) (continued) June 30, 2022 BlackRock Systematic Multi-Strategy Fund     

Futures Contracts (continued)

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Short Contracts (continued)
2-Year U.S. Treasury Note		1,371		09/30/22	$	287,696	$	(680,078	)
5-Year U.S. Treasury Note		9,919		09/30/22		1,112,168		2,665,604
								(4,838,149	)
							$	(2,407,684	)

Forward Foreign Currency Exchange Contracts

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
CAD	9,020,000	USD	6,962,390	Goldman Sachs International		09/15/22	$	46,122
USD	735,358	AUD	1,060,000	Morgan Stanley & Co. International PLC		09/15/22		3,251
USD	755,722	AUD	1,090,000	Royal Bank of Canada		09/15/22		2,894
USD	3,492,381	AUD	5,010,000	Royal Bank of Canada		09/15/22		32,136
USD	12,520,254	AUD	17,940,000	Royal Bank of Canada		09/15/22		129,677
USD	844,778	EUR	800,000	Royal Bank of Canada		09/15/22		2,130
USD	1,428,609	EUR	1,350,000	Royal Bank of Canada		09/15/22		6,641
USD	4,263,533	GBP	3,460,000	Deutsche Bank AG		09/15/22		45,902
USD	1,356,645	GBP	1,110,000	Morgan Stanley & Co. International PLC		09/15/22		3,590
USD	1,270,399	GBP	1,030,000	Societe Generale		09/15/22		14,861
USD	6,516,852	SEK	65,770,000	Deutsche Bank AG		09/15/22		68,310
USD	543,369	SEK	5,500,000	Morgan Stanley & Co. International PLC		09/15/22		4,111
USD	707,784	SEK	7,170,000	Morgan Stanley & Co. International PLC		09/15/22		4,788
								364,413
USD	1,318,455	CAD	1,710,000	HSBC Bank USA N.A.		09/15/22		(10,209	)
USD	1,959,148	CAD	2,540,000	Morgan Stanley & Co. International PLC		09/15/22		(14,424	)
USD	693,758	EUR	660,000	Deutsche Bank AG		09/15/22		(1,427	)
USD	848,327	EUR	810,000	Royal Bank of Canada		09/15/22		(4,853	)
USD	884,176	GBP	730,000	HSBC Bank USA N.A.		09/15/22		(5,671	)
USD	1,261,542	HKD	9,880,000	HSBC Bank USA N.A.		09/15/22		(231	)
USD	3,090,328	HKD	24,200,000	HSBC Bank USA N.A.		09/15/22		(251	)
USD	14,059,034	HKD	110,110,000	Societe Generale		09/15/22		(3,099	)
USD	2,208,706	SGD	3,070,000	JPMorgan Chase Bank N.A.		09/15/22		(1,895	)
								(42,060	)
							$	322,353

Centrally Cleared Inflation Swaps

Paid by the Fund		Received by the Fund		Termination Date		Notional Amount (000)			Value			Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
Reference	Frequency	Rate	Frequency
2.05%	Monthly	Eurostat Eurozone HICP Ex Tobacco Unrevised Series NSA Index	Monthly		02/15/32		EUR	22,710	$	1,699,626		$	34,939	$	1,664,687
2.74%	Monthly	Eurostat Eurozone HICP Ex Tobacco Unrevised Series NSA Index	Monthly		06/15/32		EUR	25,200		(907,158	)		562		(907,720	)
									$	792,468		$	35,501	$	756,967

SCHEDULE   OF   INVESTMENTS 35

Schedule of Investments (unaudited) (continued) June 30, 2022 BlackRock Systematic Multi-Strategy Fund     

Centrally Cleared Interest Rate Swaps

Paid by the Fund		Received by the Fund		Effective			Termination		Notional Amount (000)					Upfront Premium Paid			Unrealized Appreciation
Rate	Frequency	Rate	Frequency	Date			Date				Value			(Received)			(Depreciation)
8.45%	Monthly	1-Month MXIBOR, 8.03%	Monthly		09/21/22	(a)		09/15/27	MXN	398,280	$	449,709		$	182		$	449,527
8.90%	Monthly	1-Month MXIBOR, 8.03%	Monthly		09/21/22	(a)		09/15/27	MXN	959,130		239,745			434			239,311
8.97%	Monthly	1-Month MXIBOR, 8.03%	Monthly		09/21/22	(a)		09/15/27	MXN	536,420		59,899			249			59,650
8.99%	Monthly	1-Month MXIBOR, 8.03%	Monthly		09/21/22	(a)		09/15/27	MXN	414,950		23,791			187			23,604
9.04%	Monthly	1-Month MXIBOR, 8.03%	Monthly		09/21/22	(a)		09/15/27	MXN	425,180		(11,323	)		190			(11,513	)
9.07%	Monthly	1-Month MXIBOR, 8.03%	Monthly		09/21/22	(a)		09/15/27	MXN	444,890		(38,217	)		206			(38,423	)
9.08%	Monthly	1-Month MXIBOR, 8.03%	Monthly		09/21/22	(a)		09/15/27	MXN	508,830		(53,762	)		236			(53,998	)
9.18%	Monthly	1-Month MXIBOR, 8.03%	Monthly		09/21/22	(a)		09/15/27	MXN	468,000		(141,908	)		217			(142,125	)
9.51%	Monthly	1-Month MXIBOR, 8.03%	Monthly		09/21/22	(a)		09/15/27	MXN	448,590		(428,488	)		199			(428,687	)
6-Month EURIBOR, 0.26%	Semi-Annual	0.65%	Annual		09/21/22	(a)		09/21/27	EUR	68,310		(4,215,837	)		31,772			(4,247,609	)
6-Month EURIBOR, 0.26%	Semi-Annual	0.88%	Annual		09/21/22	(a)		09/21/27	EUR	35,080		(1,764,922	)		429			(1,765,351	)
6-Month EURIBOR, 0.26%	Semi-Annual	0.91%	Annual		09/21/22	(a)		09/21/27	EUR	18,790		(920,387	)		229			(920,616	)
6-Month EURIBOR, 0.26%	Semi-Annual	0.98%	Annual		09/21/22	(a)		09/21/27	EUR	12,610		(570,856	)		(39,573	)		(531,283	)
6-Month EURIBOR, 0.26%	Semi-Annual	1.02%	Annual		09/21/22	(a)		09/21/27	EUR	32,310		(1,406,083	)		55,269			(1,461,352	)
6-Month EURIBOR, 0.26%	Semi-Annual	1.05%	Annual		09/21/22	(a)		09/21/27	EUR	35,600		(1,492,452	)		(85,991	)		(1,406,461	)
6-Month EURIBOR, 0.26%	Semi-Annual	1.26%	Annual		09/21/22	(a)		09/21/27	EUR	27,900		(865,492	)		(77,531	)		(787,961	)
6-Month EURIBOR, 0.26%	Semi-Annual	1.30%	Annual		09/21/22	(a)		09/21/27	EUR	15,500		(450,361	)		192			(450,553	)
6-Month EURIBOR, 0.26%	Semi-Annual	1.51%	Annual		09/21/22	(a)		09/21/27	EUR	11,040		(208,627	)		28,792			(237,419	)
6-Month EURIBOR, 0.26%	Semi-Annual	1.51%	Annual		09/21/22	(a)		09/21/27	EUR	25,260		(469,915	)		295			(470,210	)
6-Month EURIBOR, 0.26%	Semi-Annual	1.52%	Annual		09/21/22	(a)		09/21/27	EUR	21,820		(401,546	)		262			(401,808	)
6-Month EURIBOR, 0.26%	Semi-Annual	1.54%	Annual		09/21/22	(a)		09/21/27	EUR	27,980		(484,748	)		329			(485,077	)
6-Month EURIBOR, 0.26%	Semi-Annual	1.61%	Annual		09/21/22	(a)		09/21/27	EUR	19,860		(272,884	)		233			(273,117	)
6-Month EURIBOR, 0.26%	Semi-Annual	1.76%	Annual		09/21/22	(a)		09/21/27	EUR	25,200		(152,491	)		100,935			(253,426	)
6-Month EURIBOR, 0.26%	Semi-Annual	1.78%	Annual		09/21/22	(a)		09/21/27	EUR	14,080		(74,175	)		166			(74,341	)
1-Day SONIA, 0.94%	Annual	2.14%	Annual		09/21/22	(a)		09/21/27	GBP	5,650		(115,945	)		(1,862	)		(114,083	)
6-Month EURIBOR, 0.26%	Semi-Annual	2.34%	Annual		09/21/22	(a)		09/21/27	EUR	23,010		521,293			267			521,026
2.37%	Semi-Annual	1-Day SORA, 0.72%	Semi-Annual		09/21/22	(a)		09/21/27	SGD	11,529		144,343			94			144,249
6-Month EURIBOR, 0.26%	Semi-Annual	2.37%	Annual		09/21/22	(a)		09/21/27	EUR	15,920		390,198			187			390,011
2.38%	Semi-Annual	1-Day SORA, 0.72%	Semi-Annual		09/21/22	(a)		09/21/27	SGD	20,029		248,061			163			247,898
2.40%	Semi-Annual	1-Day SORA, 0.72%	Semi-Annual		09/21/22	(a)		09/21/27	SGD	26,298		310,677			214			310,463
2.41%	Semi-Annual	1-Day SORA, 0.72%	Semi-Annual		09/21/22	(a)		09/21/27	SGD	22,402		252,605			182			252,423
1-Day SONIA, 0.94%	Annual	2.45%	Annual		09/21/22	(a)		09/21/27	GBP	25,590		(76,897	)		357			(77,254	)
3-Month HIBOR, 1.75%	Quarterly	2.48%	Quarterly		09/21/22	(a)		09/21/27	HKD	73,510		(324,935	)		105			(325,040	)
1-Day SONIA, 0.94%	Annual	2.53%	Annual		09/21/22	(a)		09/21/27	GBP	17,760		17,538			248			17,290
2.54%	Annual	1-Day SOFR, 0.82%	Annual		09/21/22	(a)		09/21/27	USD	13,460		174,401			150			174,251
1-Day SONIA, 0.94%	Annual	2.58%	Annual		09/21/22	(a)		09/21/27	GBP	21,180		79,870			290			79,580
1-Day SONIA, 0.94%	Annual	2.61%	Annual		09/21/22	(a)		09/21/27	GBP	16,920		98,058			229			97,829
2.74%	Semi-Annual	1-Day SORA, 0.72%	Semi-Annual		09/21/22	(a)		09/21/27	SGD	23,100		4,284			187			4,097
1-Day SONIA, 0.94%	Annual	2.78%	Annual		09/21/22	(a)		09/21/27	GBP	23,200		357,537			315			357,222
2.80%	Annual	1-Day SOFR, 0.82%	Annual		09/21/22	(a)		09/21/27	USD	10,420		8,075			116			7,959
2.81%	Annual	1-Day SOFR, 0.82%	Annual		09/21/22	(a)		09/21/27	USD	27,590		9,880			308			9,572
2.83%	Semi-Annual	3-Month Canada Bank Acceptance, 2.76%	Semi-Annual		09/21/22	(a)		09/21/27	CAD	18,650		456,984			165			456,819
2.83%	Annual	3-Month STIBOR, 0.80%	Quarterly		09/21/22	(a)		09/21/27	SEK	223,930		(27,841	)		244			(28,085	)
3-Month HIBOR, 1.75%	Quarterly	2.85%	Quarterly		09/21/22	(a)		09/21/27	HKD	115,440		(262,050	)		164			(262,214	)
3-Month HIBOR, 1.75%	Quarterly	2.86%	Quarterly		09/21/22	(a)		09/21/27	HKD	115,440		(255,250	)		164			(255,414	)
1-Day SONIA, 0.94%	Annual	2.87%	Annual		09/21/22	(a)		09/21/27	GBP	22,180		455,939			304			455,635
2.89%	Annual	1-Day SOFR, 0.82%	Annual		09/21/22	(a)		09/21/27	USD	34,000		(112,240	)		379			(112,619	)
2.89%	Semi-Annual	3-Month Canada Bank Acceptance, 2.76%	Semi-Annual		09/21/22	(a)		09/21/27	CAD	19,680		440,338			175			440,163
3-Month HIBOR, 1.75%	Quarterly	2.89%	Quarterly		09/21/22	(a)		09/21/27	HKD	150,090		(299,149	)		213			(299,362	)
2.91%	Annual	1-Day SOFR, 0.82%	Annual		09/21/22	(a)		09/21/27	USD	34,870		(153,875	)		389			(154,264	)
2.96%	Annual	1-Day SOFR, 0.82%	Annual		09/21/22	(a)		09/21/27	USD	25,180		(166,515	)		281			(166,796	)
3.00%	Annual	3-Month STIBOR, 0.80%	Quarterly		09/21/22	(a)		09/21/27	SEK	287,550		(259,552	)		316			(259,868	)
3-Month HIBOR, 1.75%	Quarterly	3.02%	Quarterly		09/21/22	(a)		09/21/27	HKD	127,045		(157,417	)		180			(157,597	)
3-Month HIBOR, 1.75%	Quarterly	3.04%	Quarterly		09/21/22	(a)		09/21/27	HKD	127,045		(142,448	)		180			(142,628	)
3-Month HIBOR, 1.75%	Quarterly	3.09%	Quarterly		09/21/22	(a)		09/21/27	HKD	129,540		(104,035	)		184			(104,219	)
3-Month HIBOR, 1.75%	Quarterly	3.10%	Quarterly		09/21/22	(a)		09/21/27	HKD	129,540		(99,456	)		184			(99,640	)
3.13%	Semi-Annual	1-Day SORA, 0.72%	Semi-Annual		09/21/22	(a)		09/21/27	SGD	18,945		(242,252	)		151			(242,403	)
3.14%	Semi-Annual	1-Day SORA, 0.72%	Semi-Annual		09/21/22	(a)		09/21/27	SGD	18,945		(247,346	)		151			(247,497	)
3.16%	Annual	1-Day SOFR, 0.82%	Annual		09/21/22	(a)		09/21/27	USD	24,900		(399,948	)		278			(400,226	)

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

Schedule of Investments (unaudited) (continued) June 30, 2022 BlackRock Systematic Multi-Strategy Fund     

Centrally Cleared Interest Rate Swaps (continued)

Paid by the Fund		Received by the Fund		Effective			Termination		Notional Amount (000)					Upfront Premium Paid		Unrealized Appreciation
Rate	Frequency	Rate	Frequency	Date			Date				Value			(Received)		(Depreciation)
3.19%	Semi-Annual	3-Month Canada Bank Acceptance, 2.76%	Semi-Annual		09/21/22	(a)		09/21/27	CAD	17,950	$	211,573		$	156	$	211,417
3.21%	Annual	1-Day SOFR, 0.82%	Annual		09/21/22	(a)		09/21/27	USD	32,090		(581,580	)		358		(581,938	)
3.22%	Annual	1-Day SOFR, 0.82%	Annual		09/21/22	(a)		09/21/27	USD	41,380		(777,739	)		461		(778,200	)
3.27%	Annual	1-Day SOFR, 0.82%	Annual		09/21/22	(a)		09/21/27	USD	17,620		(372,793	)		196		(372,989	)
3.27%	Semi-Annual	3-Month Canada Bank Acceptance, 2.76%	Semi-Annual		09/21/22	(a)		09/21/27	CAD	28,910		253,080			252		252,828
3.30%	Annual	1-Day SOFR, 0.82%	Annual		09/21/22	(a)		09/21/27	USD	22,630		(504,472	)		252		(504,724	)
3.37%	Semi-Annual	3-Month Canada Bank Acceptance, 2.76%	Semi-Annual		09/21/22	(a)		09/21/27	CAD	43,600		233,210			379		232,831
3.60%	Semi-Annual	3-Month Canada Bank Acceptance, 2.76%	Semi-Annual		09/21/22	(a)		09/21/27	CAD	40,720		(121,624	)		350		(121,974	)
3.93%	Semi-Annual	3-Month Canada Bank Acceptance, 2.76%	Semi-Annual		09/21/22	(a)		09/21/27	CAD	24,530		(360,401	)		212		(360,613	)
6-Month BBSW, 2.67%	Semi-Annual	4.14%	Semi-Annual		09/21/22	(a)		09/21/27	AUD	9,164		58,370			71		58,299
6-Month BBSW, 2.67%	Semi-Annual	4.22%	Semi-Annual		09/21/22	(a)		09/21/27	AUD	13,187		114,518			102		114,416
6-Month BBSW, 2.67%	Semi-Annual	4.23%	Semi-Annual		09/21/22	(a)		09/21/27	AUD	7,450		68,171			57		68,114
6.00%	Annual	6-Month WIBOR, 7.35%	Semi-Annual		09/21/22	(a)		09/21/27	PLN	37,710		286,533			79		286,454
6.23%	Annual	6-Month WIBOR, 7.35%	Semi-Annual		09/21/22	(a)		09/21/27	PLN	65,790		360,963			167		360,796
6.30%	Annual	6-Month WIBOR, 7.35%	Semi-Annual		09/21/22	(a)		09/21/27	PLN	75,370		369,501			195		369,306
6.32%	Annual	6-Month WIBOR, 7.35%	Semi-Annual		09/21/22	(a)		09/21/27	PLN	80,850		378,203			204		377,999
6.72%	Annual	6-Month WIBOR, 7.35%	Semi-Annual		09/21/22	(a)		09/21/27	PLN	73,510		82,942			184		82,758
6.94%	Annual	6-Month WIBOR, 7.35%	Semi-Annual		09/21/22	(a)		09/21/27	PLN	88,480		(75,508	)		221		(75,729	)
7.01%	Annual	6-Month WIBOR, 7.35%	Semi-Annual		09/21/22	(a)		09/21/27	PLN	96,110		(146,337	)		241		(146,578	)
3-Month JIBAR, 5.01%	Quarterly	7.81%	Quarterly		09/21/22	(a)		09/21/27	ZAR	184,880		(276,148	)		105		(276,253	)
3-Month JIBAR, 5.01%	Quarterly	7.84%	Quarterly		09/21/22	(a)		09/21/27	ZAR	276,540		(392,477	)		192		(392,669	)
3-Month JIBAR, 5.01%	Quarterly	8.00%	Quarterly		09/21/22	(a)		09/21/27	ZAR	387,580		(396,232	)		268		(396,500	)
3-Month JIBAR, 5.01%	Quarterly	8.08%	Quarterly		09/21/22	(a)		09/21/27	ZAR	338,520		(278,895	)		236		(279,131	)
3-Month JIBAR, 5.01%	Quarterly	8.34%	Quarterly		09/21/22	(a)		09/21/27	ZAR	335,410		(62,076	)		233		(62,309	)
3-Month JIBAR, 5.01%	Quarterly	8.46%	Quarterly		09/21/22	(a)		09/21/27	ZAR	348,360		41,391			245		41,146
											$	(15,016,227	)	$	28,976	$	(15,045,203	)

^(a) Forward Swap.    

OTC Interest Rate Swaps

Paid by the Fund		Received by the Fund				Effective			Termination		Notional Amount (000)					Upfront Premium Paid			Unrealized Appreciation
Rate	Frequency		Rate	Frequency	Counterparty		Date			Date				Value			(Received	)		(Depreciation	)
3-Month KRW CDC, 2.04%	Quarterly		2.97%	Quarterly	Citibank N.A.		09/21/22	(a)		09/21/27	KRW	21,754,070	$	(448,212	)	$	—		$	(448,212	)
3-Month KRW CDC, 2.04%	Quarterly		2.99%	Quarterly	JPMorgan Chase Bank N.A.		09/21/22	(a)		09/21/27	KRW	21,754,070		(432,534	)		—			(432,534	)
3-Month KRW CDC, 2.04%	Quarterly		3.06%	Quarterly	JPMorgan Chase Bank N.A.		09/21/22	(a)		09/21/27	KRW	44,226,770		(755,846	)		—			(755,846	)
3-Month KRW CDC, 2.04%	Quarterly		3.07%	Quarterly	JPMorgan Chase Bank N.A.		09/21/22	(a)		09/21/27	KRW	11,117,954		(187,004	)		—			(187,004	)
3-Month KRW CDC, 2.04%	Quarterly		3.10%	Quarterly	JPMorgan Chase Bank N.A.		09/21/22	(a)		09/21/27	KRW	11,973,182		(189,524	)		—			(189,524	)
3-Month KRW CDC, 2.04%	Quarterly		3.10%	Quarterly	Bank of America N.A.		09/21/22	(a)		09/21/27	KRW	38,841,160		(608,520	)		—			(608,520	)
3-Month KRW CDC, 2.04%	Quarterly		3.15%	Quarterly	Bank of America N.A.		09/21/22	(a)		09/21/27	KRW	23,709,150		(333,003	)		—			(333,003	)
3-Month KRW CDC, 2.04%	Quarterly		3.18%	Quarterly	Bank of America N.A.		09/21/22	(a)		09/21/27	KRW	24,370,680		(315,949	)		—			(315,949	)
3-Month KRW CDC, 2.04%	Quarterly		3.21%	Quarterly	JPMorgan Chase Bank N.A.		09/21/22	(a)		09/21/27	KRW	23,958,210		(285,566	)		—			(285,566	)
3-Month KRW CDC, 2.04%	Quarterly		3.24%	Quarterly	Bank of America N.A.		09/21/22	(a)		09/21/27	KRW	19,510,090		(208,644	)		—			(208,644	)

SCHEDULE   OF   INVESTMENTS 37

Schedule of Investments (unaudited) (continued) June 30, 2022 BlackRock Systematic Multi-Strategy Fund

OTC Interest Rate Swaps (continued)

Paid by the Fund		Received by the Fund		Counterparty	Effective Date			Termination Date		Amount Notional (000)		Value			Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
Rate	Frequency	Rate	Frequency
3-Month KRW
CDC, 2.04%	Quarterly	3.46%	Quarterly	BNP Paribas S.A.		09/21/22	(a)		09/21/27	KRW	24,548,870	$	(72,341	)	$	—	$	(72,341	)
3-Month KRW
CDC, 2.04%	Quarterly	3.47%	Quarterly	Bank of America N.A.		09/21/22	(a)		09/21/27	KRW	24,548,870		(56,418	)		—		(56,418	)
3-Month KRW
CDC, 2.04%	Quarterly	3.57%	Quarterly	Citibank N.A.		09/21/22	(a)		09/21/27	KRW	25,418,154		27,681			—		27,681
3-Month KRW
CDC, 2.04%	Quarterly	3.62%	Quarterly	Citibank N.A.		09/21/22	(a)		09/21/27	KRW	19,699,014		55,525			—		55,525
3-Month KRW     CDC, 2.04%	Quarterly	3.62%	Quarterly	JPMorgan Chase Bank     N.A.		09/21/22	(a)		09/21/27	KRW	13,132,676		37,963			—		37,963
3-Month KRW
CDC, 2.04%	Quarterly	3.63%	Quarterly	Citibank N.A.		09/21/22	(a)		09/21/27	KRW	16,945,436		56,922			—		56,922
3-Month KRW
CDC, 2.04%	Quarterly	3.77%	Quarterly	Bank of America N.A.		09/21/22	(a)		09/21/27	KRW	12,017,270		100,559			—		100,559
												$	(3,614,911	)	$	—	$	(3,614,911	)

^(a) Forward Swap.

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)		01/26/23	$	52,181,917	$	(11,482,279	)(c)	$	41,302,917		23.4	%
	Monthly	Barclays Bank PLC(d)		01/26/23		7,253,076		(4,644,871	)(e)		2,925,441		20.5
	Monthly	BNP Paribas S.A.(f)		04/29/24		32,200,512		(6,200,491	)(g)		25,424,812		13.1
	Monthly	BNP Paribas S.A.(h)		04/29/24		283,248		5,360,689	(i)		5,693,449		11.2
	Monthly	Citibank N.A.(j)		02/24/23		6,408,422		(2,715,279	)(k)		3,631,021		2.2
	Monthly	Citibank N.A.(l)		02/24/23		9,761,102		397,768	(m)		10,106,577		1.3
	Monthly	Goldman Sachs Bank USA(n)		02/27/23		8,609,372		(4,208,064	)(o)		4,306,659		2.3
	Monthly	Goldman Sachs Bank USA(p)		02/27/23		1,240,641		(371,382	)(q)		889,483		1.2
	Monthly	HSBC Bank PLC(r)		02/10/23		2,545,046		2,263,905	(s)		4,751,283		2.4
	Monthly	HSBC Bank PLC(t)		02/10/23		5,314,885		(1,921,198	)(u)		3,397,014		1.3
	Monthly	Merrill Lynch International(v)		02/17/23		78,871,476		(6,976,936	)(w)		72,331,917		1.4
	Monthly	Merrill Lynch International(x)		02/17/23		2,536,720		3,172,830	(y)		5,678,338		2.2
	Monthly	Morgan Stanley & Co. International PLC(z)		10/03/22		86,361,848		245,469	(aa)		87,170,288		8.1
	Monthly	Morgan Stanley & Co. International PLC(ab)		10/03/22		73,813,871		(1,119,392	)(ac)		71,884,338		12.1
							$	(28,199,231	)	$	339,493,537

^(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 $(603,279) of net dividends and financing fees.

^(e)  Amount includes $(317,236) of net dividends and financing fees.

^(g)  Amount includes $575,209 of net dividends and financing fees.

(i) Amount includes $(49,512) of net dividends and financing fees.

^(k)  Amount includes $62,122 of net dividends and financing fees.

^(m)  Amount includes $52,293 of net dividends and financing fees.

^(o)  Amount includes $94,649 of net dividends and financing fees.

^(q)  Amount includes $(20,224) of net dividends and financing fees.

^(s)  Amount includes $57,668 of net dividends and financing fees.

^(u)  Amount includes $(3,327) of net dividends and financing fees.

^(w)  Amount includes $(437,377) of net dividends and financing fees.

^(y)  Amount includes $31,212 of net dividends and financing fees.

^(aa)  Amount includes $(562,971) of net dividends and financing fees.

^(ac)  Amount includes $810,141 of net dividends and financing fees.

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

Schedule of Investments (unaudited) (continued) June 30, 2022 BlackRock Systematic Multi-Strategy Fund     

OTC Total Return Swaps (continued)

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	18 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)
	18 basis points	18 basis points	18 basis points
	USD - 1D Overnight Bank Funding Rate (OBFR01)	USD - 1D Overnight Bank Funding Rate (OBFR01)	USD - 1D Overnight Bank Funding Rate (OBFR01)
	(n)	(p)	(r)
	15-20 basis points	15-20 basis points	15-20 basis points
	USD - 1D Overnight Fed Funds Effective Rate (FEDL01)	USD - 1D Overnight Fed Funds Effective Rate (FEDL01)	USD - 1D Overnight Bank Funding Rate (OBFR01)
	(t)	(v)	(x)
	15-20 basis points	15-20 basis points	15-20 basis points
	USD - 1D Overnight Bank Funding Rate (OBFR01)	USD - 1D Overnight Bank Funding Rate (OBFR01)	USD - 1D Overnight Bank Funding Rate (OBFR01)
	(z)	(ab)
	15-20 basis points	15-20 basis points
	USD - 1D Overnight Fed Funds Effective Rate (FEDL01)	USD - 1D Overnight Fed Funds Effective Rate (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 26, 2023:

Security	Shares		Value		% of Basket Value
Reference Entity — Long
Common Stocks
Aerospace & Defense
General Dynamics Corp.		2,854	$	631,447		1.5	%
Lockheed Martin Corp.		9,212		3,960,792		9.6
Textron, Inc.		82,385		5,031,252		12.2
				9,623,491
Air Freight & Logistics
United Parcel Service, Inc., Class B		40,047		7,310,179		17.7
Airlines
Southwest Airlines Co.		261,504		9,445,525		22.9
Automobiles
Harley-Davidson, Inc.		191,506		6,063,080		14.7
Thor Industries, Inc.		216,375		16,169,704		39.1
				22,232,784
Beverages
Molson Coors Beverage Co., Class B		253,579		13,822,591		33.5
Biotechnology
Biogen, Inc.		75,686		15,435,403		37.4
Gilead Sciences, Inc.		4,831		298,604		0.7
				15,734,007
Building Products
Johnson Controls International PLC		322,719		15,451,786		37.4
Owens Corning		78,337		5,821,222		14.1
				21,273,008

Security	Shares		Value		% of Basket Value
Capital Markets
Cboe Global Markets, Inc.		119,241	$	13,496,889		32.7	%
CME Group Inc., Class A		61,390		12,566,533		30.4
Msci, Inc.		9,380		3,865,967		9.4
				29,929,389
Chemicals
Celanese Corp.		15,628		1,838,009		4.5
CF Industries Holdings, Inc.		43,098		3,694,792		8.9
Dow, Inc.		93,613		4,831,367		11.7
DuPont de Nemours, Inc.		268,449		14,920,395		36.1
Huntsman Corp.		39,466		1,118,861		2.7
LyondellBasell Industries NV, Class A		141,146		12,344,629		29.9
Mosaic Co.		135,702		6,409,205		15.5
Nutrien Ltd.		103,114		8,217,155		19.9
Olin Corp.		107,776		4,987,873		12.1
Westlake Corp.		146,831		14,392,375		34.8
				72,754,661
Commercial Services & Supplies
Waste Connections, Inc.		6,692		829,540		2.0
Construction Materials
Martin Marietta Materials, Inc.		3,270		978,515		2.4
Vulcan Materials Co.		23,598		3,353,276		8.1
				4,331,791
Consumer Finance
American Express Co.		151,087		20,943,680		50.7
Synchrony Financial		22,820		630,288		1.5
				21,573,968
Containers & Packaging
Westrock Co.		71,394		2,844,337		6.9
Diversified Consumer Services
H&R Block, Inc.		118,884		4,198,983		10.2

SCHEDULE   OF   INVESTMENTS 39

Schedule of Investments (unaudited) (continued) June 30, 2022 BlackRock Systematic Multi-Strategy Fund     

Security	Shares		Value		% of Basket Value
Diversified Financial Services
Equitable Holdings, Inc.		321,696	$	8,386,615		20.3	%
Voya Financial, Inc.		133,371		7,939,575		19.2
				16,326,190
Diversified Telecommunication Services
AT&T, Inc.		1,217,501		25,518,821		61.8
Electric Utilities
PPL Corp.		335,847		9,111,529		22.1
Electronic Equipment, Instruments & Components
Flex Ltd.		448,614		6,491,445		15.7
Ii Vi, Inc.		27,334		1,392,667		3.4
				7,884,112
Entertainment
Electronic Arts, Inc.		197,348		24,007,384		58.2
Live Nation Entertainment, Inc.		312,205		25,781,889		62.4
Walt Disney Co.		13,223		1,248,251		3.0
				51,037,524
Equity Real Estate Investment Trusts (REITs)
Boston Properties, Inc.		116,133		10,333,514		25.0
Extra Space Storage, Inc.		2,544		432,785		1.1
Federal Realty Investment Trust		125,301		11,996,318		29.0
Healthpeak Properties, Inc.		313,186		8,114,649		19.7
Prologis Inc.		74,101		8,717,983		21.1
Public Storage		11,323		3,540,362		8.6
Regency Centers Corp.		40,537		2,404,250		5.8
Rexford Industrial Realty Inc.		20,766		1,195,914		2.9
Sba Communications Corp.		6,472		2,071,364		5.0
STORE Capital Corp.		280,985		7,328,089		17.7
Vornado Realty Trust		341,761		9,770,947		23.7
Weyerhaeuser Co.		124,577		4,125,990		10.0
				70,032,165
Food & Staples Retailing
Kroger Co.		359,355		17,008,272		41.2
US Foods Holding Corp.		3,639		111,645		0.2
Walgreens Boots Alliance Inc.		10,610		402,119		1.0
				17,522,036
Food Products
Archer-Daniels-Midland Co.		193,023		14,978,585		36.3
Hormel Foods Corp.		8,871		420,131		1.0
Kellogg Co.		206,888		14,759,390		35.7
McCormick & Co., Inc., Non-voting shares		4,841		403,013		1.0
Tyson Foods, Inc., Class A		113,806		9,794,144		23.7
				40,355,263
Gas Utilities
Atmos Energy Corp.		24,079		2,699,256		6.5
Health Care Equipment & Supplies
Baxter International, Inc.		33,162		2,129,995		5.2
Hologic, Inc.		199,878		13,851,545		33.5
Medtronic PLC		34,610		3,106,248		7.5
Stryker Corp.		39,515		7,860,719		19.0
Teleflex, Inc.		981		241,179		0.6
				27,189,686
Health Care Providers & Services
Cigna Corp.		8,384		2,209,352		5.4

Security	Shares		Value		% of Basket Value
Health Care Providers & Services (continued)
CVS Health Corp.		76,277	$	7,067,827		17.1	%
Humana Inc.		354		165,697		0.4
McKesson Corp.		388		126,569		0.3
				9,569,445
Hotels, Restaurants & Leisure
Booking Holdings, Inc.		513		897,232		2.2
Boyd Gaming Corp.		250,440		12,459,390		30.1
Expedia Group, Inc.		51,330		4,867,624		11.8
Hyatt Hotels Corp., Class A		5,817		429,935		1.0
Marriott International, Inc., Class A		20,598		2,801,534		6.8
MGM Resorts International		420,420		12,171,159		29.5
SeaWorld Entertainment Inc.		57,244		2,529,040		6.1
Wynn Resorts Ltd.		42,787		2,438,003		5.9
				38,593,917
Household Durables
NVR, Inc.		57		228,236		0.6
Tempur Sealy International, Inc.		11,910		254,517		0.6
Whirlpool Corp.		71,169		11,021,943		26.7
				11,504,696
Household Products
Church & Dwight Co., Inc.		275,127		25,493,268		61.7
Clorox Co.		13,103		1,847,261		4.5
				27,340,529
Insurance
American International Group, Inc.		236,449		12,089,637		29.3
Chubb Ltd.		12,191		2,396,507		5.8
Hartford Financial Services Group, Inc.		28,873		1,889,160		4.6
Lincoln National Corp.		247,400		11,570,898		28.0
Manulife Financial Corp.		132,182		2,290,714		5.5
MetLife Inc.		6,048		379,754		0.9
Prudential Financial, Inc.		5,864		561,068		1.4
				31,177,738
Interactive Media & Services
Match Group, Inc.		201,165		14,019,189		33.9
Zoominfo Technologies, Inc.		140,212		4,660,647		11.3
				18,679,836
Internet & Direct Marketing Retaile
Bay, Inc.		164,299		6,846,339		16.6
IT Services
Block, Inc., Class A		65,063		3,998,772		9.7
DXC Technology Co.		555,004		16,822,171		40.7
Gartner, Inc.		70,061		16,942,852		41.0
GoDaddy, Inc., Class A		66,533		4,628,035		11.2
				42,391,830
Leisure Products
Mattel, Inc.		592,218		13,224,228		32.0
Life Sciences Tools & Services
Charles River Laboratories International, Inc.		67,979		14,545,467		35.2
Illumina, Inc.		34,484		6,357,470		15.4
				20,902,937

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

Schedule of Investments (unaudited) (continued) June 30, 2022 BlackRock Systematic Multi-Strategy Fund

Security	Shares		Value		% of Basket Value
Machinery
Fortive Corp.		68,850	$	3,744,063		9.0	%
Parker-Hannifin Corp.		5,006		1,231,726		3.0
				4,975,789
Media
Cable One, Inc.		331		426,765		1.0
Fox Corp., Class A		111,867		3,597,642		8.7
Omnicom Group, Inc.		181,434		11,541,017		28.0
				15,565,424
Metals & Mining
Alcoa Corp.		385,298		17,561,883		42.5
Cleveland-Cliffs, Inc.		717,286		11,024,686		26.7
Kinross Gold Corp.		640,611		2,293,387		5.6
Newmont Corp.		110,537		6,595,743		16.0
Nucor Corp.		89,583		9,353,361		22.6
Southern Copper Corp.		297,147		14,800,892		35.8
Steel Dynamics, Inc.		20,744		1,372,216		3.3
				63,002,168
Multiline Retail
Kohl’s Corp.		55,960		1,997,212		4.8
Multi-Utilities
CMS Energy Corp.		3,332		224,910		0.5
Oil, Gas & Consumable Fuels
APA Corp.		128,343		4,479,171		10.8
Callon Petroleum Co.		49,511		1,940,831		4.7
Chevron Corp.		7,723		1,118,136		2.7
CNX Resources Corp.		213,930		3,521,288		8.5
Coterra Energy Inc.		174,328		4,495,919		10.9
Devon Energy Corp.		74,595		4,110,930		10.0
Enbridge, Inc.		5,161		218,104		0.5
Laredo Petroleum, Inc.		22,163		1,527,917		3.7
Marathon Petroleum Corp.		116,685		9,592,674		23.2
Murphy Oil Corp.		18,193		549,247		1.3
PBF Energy Inc., Class A		105,567		3,063,554		7.4
Phillips 66		343,324		28,149,135		68.2
Range Resources Corp.		40,925		1,012,894		2.5
SM Energy Co.		77,171		2,638,476		6.4
Southwestern Energy Co.		845,326		5,283,288		12.8
Targa Resources Corp.		46,921		2,799,776		6.8
Valero Energy Corp.		8,510		904,443		2.2
				75,405,783
Pharmaceuticals
Pfizer, Inc.		500,524		26,242,473		63.5
Road & Rail
Avis Budget Group, Inc.		28,050		4,125,594		10.0
CSX Corp.		687,071		19,966,283		48.3
JB Hunt Transport Services, Inc.		92,754		14,605,972		35.4
Norfolk Southern Corp.		29,390		6,680,053		16.2
Union Pacific Corp.		24,388		5,201,473		12.6
				50,579,375
Semiconductors & Semiconductor Equipment
Applied Materials, Inc.		300,295		27,320,839		66.1
Lam Research Corp.		55,887		23,816,245		57.7
Qualcomm, Inc.		216,853		27,700,802		67.1

Security	Shares			Value			% of Basket Value
Semiconductors & Semiconductor Equipment (continued)
Skyworks Solutions Inc.		43,977		$	4,074,029			9.9	%
Synaptics Inc.		49,011			5,785,749			14.0
					88,697,664
Software
Autodesk Inc.		24,732			4,252,915			10.3
Elastic NV		211,067			14,282,904			34.6
Fair Isaac Corp.		1,962			786,566			1.9
PTC Inc.		49,369			5,249,899			12.7
Salesforce.com., Inc.		5,539			914,157			2.2
					25,486,441
Specialty Retail
Advance Auto Parts, Inc.		603			104,373			0.2
AutoNation, Inc.		142,914			15,972,069			38.7
Bath & Body Works, Inc.		36,352			978,596			2.4
Best Buy Co., Inc.		76,475			4,985,405			12.1
Lowe’s Cos., Inc.		1,249			218,163			0.5
Murphy USA Inc.		33,083			7,704,038			18.6
O’Reilly Automotive, Inc.		4,232			2,673,608			6.5
					32,636,252
Technology Hardware, Storage & Peripherals
NetApp, Inc.		75,682			4,937,494			12.0
Seagate Technology Holdings PLC		273,580			19,544,555			47.3
					24,482,049
Textiles, Apparel & Luxury Goods
Hanesbrands, Inc.		721,206			7,421,210			18.0
Nike, Inc., Class B		23,380			2,389,436			5.8
Tapestry, Inc.		175,230			5,348,019			12.9
Under Armour, Inc., Class A		1,409,225			11,738,844			28.4
VF Corp.		12,216			539,581			1.3
					27,437,090
Total Reference Entity — Long					1,160,544,961
Reference Entity — Short
Common Stocks
Aerospace & Defense
Boeing Co./		(101,429	)		(13,867,373	)		(33.6	)
Spirit AeroSystems Holdings, Inc., Class A		(321,146	)		(9,409,578	)		(22.8	)
TransDigm Group, Inc.		(7,029	)		(3,772,253	)		(9.1	)
					(27,049,204	)
Air Freight & Logistics
CH Robinson Worldwide, Inc.		(51,621	)		(5,232,821	)		(12.7	)
Airlines
Delta Air Lines, Inc.		(527,877	)		(15,292,597	)		(37.0	)
Auto Components
Aptiv PLC		(49,415	)		(4,401,394	)		(10.7	)
Goodyear Tire & Rubber Co.		(358,971	)		(3,844,580	)		(9.3	)
Lear Corp.		(45,898	)		(5,778,099	)		(14.0	)
					(14,024,073	)
Automobiles
Ford Motor Co.		(2,139,464	)		(23,812,234	)		(57.7	)
Building Products
Carlisle Cos., Inc.		(14,246	)		(3,399,238	)		(8.2	)
Fortune Brands Home & Security, Inc.		(26,720	)		(1,599,994	)		(3.9	)
					(4,999,232	)

SCHEDULE   OF   INVESTMENTS 41

Schedule of Investments (unaudited) (continued) June 30, 2022 BlackRock Systematic Multi-Strategy Fund

Security	Shares			Value			% of Basket Value
Capital Markets
Brookfield Asset Management, Inc., Class A		(264,108	)	$	(11,744,883	)		(28.4	)%
Moody’s Corp.		(47,344	)		(12,876,147	)		(31.2	)
S&P Global, Inc.		(4,931	)		(1,662,043	)		(4.0	)
					(26,283,073	)
Chemicals
Air Products & Chemicals, Inc.		(29,656	)		(7,131,675	)		(17.3	)
Albemarle Corp.		(7,799	)		(1,629,835	)		(3.9	)
Axalta Coating Systems Ltd.		(198,360	)		(4,385,740	)		(10.6	)
Chemours Co.		(59,918	)		(1,918,574	)		(4.6	)
Fmc Corp.		(10,460	)		(1,119,325	)		(2.7	)
International Flavors & Fragrances, Inc.		(8,942	)		(1,065,171	)		(2.6	)
PPG Industries, Inc.		(21,246	)		(2,429,268	)		(5.9	)
Scotts Miracle-Gro Co.		(225,164	)		(17,785,704	)		(43.1	)
Sherwin-Williams Co.		(2,796	)		(626,052	)		(1.5	)
					(38,091,344	)
Communications Equipment
Motorola Solutions, Inc.		(74,225	)		(15,557,560	)		(37.7	)
Construction & Engineering
Quanta Services, Inc.		(192,170	)		(24,086,588	)		(58.3	)
Consumer Finance
Ally Financial, Inc.		(341,728	)		(11,451,305	)		(27.7	)
OneMain Holdings, Inc.		(112,984	)		(4,223,342	)		(10.3	)
					(15,674,647	)
Containers & Packaging
Amcor PLC		(312,104	)		(3,879,453	)		(9.4	)
Ball Corp.		(174,381	)		(11,992,181	)		(29.0	)
Crown Holdings, Inc.		(4,481	)		(413,014	)		(1.0	)
					(16,284,648	)
Diversified Consumer Services
Service Corp. International		(4,522	)		(312,561	)		(0.8	)
Diversified Telecommunication Services
Lumen Technologies, Inc.		(1,235,728	)		(13,481,792	)		(32.6	)
Electric Utilities
Duke Energy Corp.		(40,033	)		(4,291,938	)		(10.4	)
Edison International		(264,895	)		(16,751,960	)		(40.5	)
FirstEnergy Corp.		(47,118	)		(1,808,860	)		(4.4	)
NRG Energy, Inc.		(374,342	)		(14,288,634	)		(34.6	)
PG&E Corp.		(207,099	)		(2,066,848	)		(5.0	)
					(39,208,240	)
Electronic Equipment, Instruments & Components
CDW Corp.		(105,032	)		(16,548,842	)		(40.1	)
Teledyne Technologies, Inc.		(41,565	)		(15,591,447	)		(37.7	)
					(32,140,289	)
Energy Equipment & Services
Baker Hughes Co., Class A		(363,251	)		(10,487,056	)		(25.4	)
NOV, Inc.		(121,096	)		(2,047,733	)		(5.0	)
Patterson-UTI Energy, Inc.		(228,938	)		(3,608,063	)		(8.7	)
Schlumberger NV		(37,619	)		(1,345,256	)		(3.2	)
					(17,488,108	)
Entertainment
Netflix, Inc.		(26,677	)		(4,665,007	)		(11.3	)
Equity Real Estate Investment Trusts (REITs)
American Homes 4 Rent, Class A		(63,185	)		(2,239,276	)		(5.4	)

Security	Shares			Value			% of Basket Value
Equity Real Estate Investment Trusts (REITs) (continued)
American Tower Corp.		(65,887	)	$	(16,840,058	)		(40.8	)%
Digital Realty Trust, Inc.		(14,371	)		(1,865,787	)		(4.5	)
Equinix, Inc.		(10,477	)		(6,883,599	)		(16.7	)
Host Hotels & Resorts, Inc.		(66,650	)		(1,045,072	)		(2.5	)
Iron Mountain, Inc.		(59,563	)		(2,900,122	)		(7.0	)
Medical Properties Trust, Inc.		(45,073	)		(688,265	)		(1.7	)
Omega Healthcare Investors, Inc.		(483,960	)		(13,642,832	)		(33.0	)
Realty Income Corp.		(82,584	)		(5,637,184	)		(13.7	)
Sun Communities, Inc.		(127,864	)		(20,376,407	)		(49.3	)
VICI Properties, Inc.		(63,967	)		(1,905,577	)		(4.6	)
Welltower, Inc.		(120,452	)		(9,919,222	)		(24.0	)
WP Carey Inc.		(89,053	)		(7,378,932	)		(17.9	)
					(91,322,333	)
Food & Staples Retailing
Albertsons Companies Inc., Class A		(150,648	)		(4,025,315	)		(9.8	)
Performance Food Group Co.		(321,680	)		(14,790,846	)		(35.8	)
Sysco Corp.		(206,444	)		(17,487,871	)		(42.3	)
					(36,304,032	)
Food Products
Bunge Ltd.		(101,447	)		(9,200,229	)		(22.3	)
Conagra Brands, Inc.		(16,313	)		(558,557	)		(1.3	)
Lamb Weston Holdings, Inc.		(42,890	)		(3,064,919	)		(7.4	)
					(12,823,705	)
Gas Utilities
UGI Corp.		(103,220	)		(3,985,324	)		(9.7	)
Health Care Equipment & Supplies
Becton Dickinson & Co.		(16,433	)		(4,051,228	)		(9.8	)
Dentsply Sirona, Inc.		(641,147	)		(22,908,182	)		(55.5	)
STERIS PLC		(76,292	)		(15,727,596	)		(38.1	)
Zimmer Biomet Holdings, Inc.		(99,208	)		(10,422,792	)		(25.2	)
					(53,109,798	)
Health Care Providers & Services
DaVita, Inc.		(6,638	)		(530,774	)		(1.3	)
HCA Healthcare, Inc.		(68,785	)		(11,560,007	)		(28.0	)
Molina Healthcare Inc.		(814	)		(227,603	)		(0.5	)
Tenet Healthcare Corp.		(119,476	)		(6,279,659	)		(15.2	)
UnitedHealth Group, Inc.		(25,232	)		(12,959,912	)		(31.4	)
					(31,557,955	)
Hotels, Restaurants & Leisure
Carnival Corp.		(1,068,433	)		(9,241,945	)		(22.4	)
Las Vegas Sands Corp.		(694,176	)		(23,317,372	)		(56.4	)
Norwegian Cruise Line Holdings Ltd.		(1,536,691	)		(17,088,004	)		(41.4	)
Penn National Gaming Inc.		(56,683	)		(1,724,297	)		(4.2	)
Royal Caribbean Cruises Ltd.		(185,596	)		(6,479,156	)		(15.7	)
					�� (57,850,774	)
Household Durables
Dr. Horton, Inc.		(7,701	)		(509,729	)		(1.3	)
KB Home		(309,411	)		(8,805,837	)		(21.3	)
					(9,315,566	)
Independent Power and Renewable Electricity Producers
AES Corp.		(605,722	)		(12,726,219	)		(30.8	)
Vistra Corp.		(821,116	)		(18,762,501	)		(45.4	)
					(31,488,720	)

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

Schedule of Investments (unaudited) (continued) June 30, 2022 BlackRock Systematic Multi-Strategy Fund

Security	Shares			Value			% of Basket Value
Insurance
Assurant, Inc.		(10,614	)	$	(1,834,630	)		(4.4	)%
Brown & Brown, Inc.		(180,701	)		(10,542,096	)		(25.5	)
Marsh & McLennan Cos., Inc.		(119,922	)		(18,617,891	)		(45.1	)
Progressive Corp.		(38,327	)		(4,456,280	)		(10.8	)
					(35,450,897	)
Internet & Direct Marketing Retail
Amazon.com, Inc.		(37,437	)		(3,976,184	)		(9.6	)
IT Services
Broadridge Financial Solutions, Inc.		(49,891	)		(7,111,962	)		(17.2	)
Fidelity National Information Services, Inc.		(31,613	)		(2,897,964	)		(7.0	)
Fiserv, Inc.		(65,685	)		(5,843,994	)		(14.2	)
Global Payments, Inc.		(20,743	)		(2,295,005	)		(5.6	)
International Business Machines Corp.		(33,694	)		(4,757,256	)		(11.5	)
PayPal Holdings, Inc.		(22,389	)		(1,563,648	)		(3.8	)
Twilio Inc., Class A		(34,090	)		(2,857,083	)		(6.9	)
					(27,326,912	)
Leisure Products
Brunswick Corp.		(208,616	)		(13,639,314	)		(33.0	)
Life Sciences Tools & Services
Agilent Technologies, Inc.		(47,707	)		(5,666,160	)		(13.7	)
Avantor, Inc.		(9,674	)		(300,862	)		(0.7	)
PerkinElmer, Inc.		(542	)		(77,083	)		(0.2	)
Thermo Fisher Scientific, Inc.		(2,968	)		(1,612,455	)		(3.9	)
					(7,656,560	)
Machinery
Wabtec Corp.		(7,122	)		(584,574	)		(1.4	)
Media
Charter Communications, Inc., Class A		(422	)		(197,719	)		(0.5	)
DISH Network Corp., Class A		(339,674	)		(6,090,355	)		(14.7	)
Paramount Global, Class B		(1,064,566	)		(26,273,489	)		(63.6	)
					(32,561,563	)
Metals & Mining
Teck Resources Ltd., Class B		(211,742	)		(6,472,953	)		(15.7	)
U.S. Steel Corp.		(319,395	)		(5,720,364	)		(13.8	)
					(12,193,317	)
Multiline Retail
Dollar General Corp.		(18,980	)		(4,658,451	)		(11.3	)
Dollar Tree, Inc.		(28,339	)		(4,416,633	)		(10.7	)
Macy’s Inc.		(290,516	)		(5,322,253	)		(12.9	)
Nordstrom, Inc.		(34,668	)		(732,535	)		(1.7	)
					(15,129,872	)
Multi-Utilities
NiSource, Inc.		(13,510	)		(398,410	)		(1.0	)
Oil, Gas & Consumable Fuels
Antero Resources Corp.		(72,404	)		(2,219,183	)		(5.3	)
Cenovus Energy Inc.		(23,537	)		(447,438	)		(1.1	)
ConocoPhillips		(137,704	)		(12,367,196	)		(29.9	)
Continental Resources, Inc.		(123,769	)		(8,088,304	)		(19.6	)
Hess Corp.		(7,743	)		(820,294	)		(2.0	)

Security	Shares			Value			% of Basket Value
Oil, Gas & Consumable Fuels (continued)
HF Sinclair Corp.		(298,845	)	$	(13,495,840	)		(32.7	)%
Kinder Morgan, Inc.		(9,447	)		(158,332	)		(0.4	)
Marathon Oil Corp.		(231,961	)		(5,214,483	)		(12.6	)
Occidental Petroleum Corp.		(18,119	)		(1,066,847	)		(2.6	)
Ovintiv, Inc.		(565,516	)		(24,990,152	)		(60.5	)
					(68,868,069	)
Personal Products
Estee Lauder Cos., Inc., Class A		(9,227	)		(2,349,840	)		(5.7	)
Pharmaceuticals
Bausch Health Cos., Inc.		(57,199	)		(478,184	)		(1.2	)
Catalent, Inc.		(110,676	)		(11,874,428	)		(28.7	)
Elanco Animal Health, Inc.		(57,894	)		(1,136,459	)		(2.7	)
Viatris Inc.		(322,825	)		(3,379,978	)		(8.2	)
					(16,869,049	)
Professional Services
Booz Allen Hamilton Holding Corp.		(160,455	)		(14,498,714	)		(35.1	)
Clarivate PLC		(299,473	)		(4,150,696	)		(10.1	)
Equifax, Inc.		(70,209	)		(12,832,801	)		(31.1	)
Leidos Holdings, Inc.		(218,314	)		(21,986,403	)		(53.2	)
					(53,468,614	)
Semiconductors & Semiconductor Equipment
Broadcom, Inc.		(14,452	)		(7,020,926	)		(17.0	)
Entegris, Inc.		(265,546	)		(24,464,753	)		(59.2	)
Intel Corp.		(48,221	)		(1,803,947	)		(4.4	)
Marvell Technology, Inc.		(240,922	)		(10,487,335	)		(25.4	)
					(43,776,961	)
Software
Oracle Corp.		(374,327	)		(26,154,228	)		(63.3	)
Specialty Retail
Carvana Co., Class A		(16,769	)		(378,644	)		(0.9	)
Foot Locker, Inc.		(166,653	)		(4,207,988	)		(10.2	)
Gap, Inc.		(2,585,668	)		(21,305,904	)		(51.6	)
Lithia Motors, Inc., Class A		(57,305	)		(15,747,987	)		(38.1	)
Ross Stores, Inc.		(5,842	)		(410,284	)		(1.0	)
					(42,050,807	)
Technology Hardware, Storage & Peripherals
Dell Technologies, Inc., Class C		(599,571	)		(27,706,176	)		(67.1	)
HP, Inc.		(51,287	)		(1,681,188	)		(4.1	)
					(29,387,364	)
Textiles, Apparel & Luxury Goods
Ralph Lauren Corp., Class A		(51,187	)		(4,588,915	)		(11.1	)
Tobacco
Altria Group, Inc.		(272,758	)		(11,393,102	)		(27.6	)
Philip Morris International, Inc.		(16,188	)		(1,598,403	)		(3.9	)
					(12,991,505	)

SCHEDULE   OF   INVESTMENTS 43

Schedule of Investments (unaudited) (continued) June 30, 2022 BlackRock Systematic Multi-Strategy Fund     

Security	Shares			Value			% of Basket Value
Wireless Telecommunication Services
T-Mobile U.S., Inc.		(62,263	)	$	(8,376,864	)		(20.3	)%
Total Reference Entity — Short					(1,119,242,044	)
Net Value of Reference Entity — Barclays Bank PLC				$	41,302,917

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 26, 2023:

Security	Shares		Value		% of Basket Value
Reference Entity — Long
Common Stocks
Aerospace & Defense
Lockheed Martin Corp.		86,558	$	37,216,478		1,272.2	%
Northrop Grumman Corp.		4,270		2,043,494		69.8
				39,259,972
Airlines
Southwest Airlines Co.		449,239		16,226,513		554.7
Auto Components
Goodyear Tire & Rubber Co.		24,545		262,877		9.0
Building Products
Johnson Controls International PLC		19,833		949,604		32.5
Chemicals
Dow, Inc.		104,203		5,377,917		183.8
Communications Equipment
Cisco Systems, Inc.		707,308		30,159,613		1,030.9
Consumer Finance
American Express Co.		42,135		5,840,754		199.7
Containers & Packaging
Packaging Corp. of America		174,821		24,037,887		821.7
Westrock Co.		648,709		25,844,567		883.4
				49,882,454
Diversified Financial Services
Berkshire Hathaway, Inc., Class B		7,695		2,100,889		71.8
Electric Utilities
American Electric Power Co., Inc.		179,968		17,266,130		590.2
Exelon Corp.		471,229		21,356,098		730.0
				38,622,228
Electronic Equipment, Instruments & Components
Arrow Electronics, Inc.		50,031		5,607,975		191.7
Energy Equipment & Services
Halliburton Co.		461,447		14,470,978		494.7
Entertainment
Walt Disney Co.		238,777		22,540,549		770.5

Security	Shares		Value		% of Basket Value
Equity Real Estate Investment Trusts (REITs)
Equity Residential		250,693	$	18,105,048		618.9	%
Weyerhaeuser Co.		962,516		31,878,530		1,089.7
				49,983,578
Food & Staples Retailing
Kroger Co.		370,817		17,550,769		599.9
Food Products
Campbell Soup Co.		11,651		559,830		19.1
Kraft Heinz Co.		104,909		4,001,229		136.8
Tyson Foods, Inc., Class A		56,377		4,851,805		165.9
				9,412,864
Health Care Equipment & Supplies
Baxter International, Inc.		386,189		24,804,920		847.9
Health Care Providers & Services
Cardinal Health, Inc.		190,571		9,961,146		340.5
CVS Health Corp.		134,372		12,450,910		425.6
HCA Healthcare, Inc.		1,361		228,730		7.8
McKesson Corp.		69,473		22,662,787		774.7
Quest Diagnostics, Inc.		149,985		19,945,005		681.8
				65,248,578
Hotels, Restaurants & Leisure
Boyd Gaming Corp.		281,243		13,991,839		478.3
Expedia Group, Inc.		102,230		9,694,471		331.4
Marriott International, Inc., Class A		30,324		4,124,367		141.0
McDonald’s Corp.		59,536		14,698,248		502.4
MGM Resorts International		189,077		5,473,779		187.1
Yum! Brands, Inc.		103,362		11,732,621		401.0
				59,715,325
Household Durables
Toll Brothers, Inc.		517,001		23,058,244		788.2
Whirlpool Corp.		6,394		990,239		33.8
				24,048,483
Household Products
Procter & Gamble Co.		118,077		16,978,292		580.4
Insurance
Allstate Corp.		81,802		10,366,767		354.4
American International Group, Inc.		436,166		22,301,168		762.3
Chubb Ltd.		7,747		1,522,905		52.1
Hartford Financial Services Group, Inc.		149,846		9,804,424		335.1
Lincoln National Corp.		512,125		23,952,086		818.8
Loews Corp.		101,401		6,009,023		205.4
Marsh & McLennan Cos., Inc.		50,583		7,853,011		268.4
				81,809,384
IT Services
DXC Technology Co.		847,265		25,680,602		877.8
Media
Altice USA, Inc., Class A		3,037,892		28,100,501		960.6
Omnicom Group, Inc.		45,142		2,871,483		98.1
				30,971,984
Metals & Mining
Barrick Gold Corp.		833,039		14,736,460		503.7
Cleveland-Cliffs, Inc.		774,280		11,900,684		406.8

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

Schedule of Investments (unaudited) (continued) June 30, 2022 BlackRock Systematic Multi-Strategy Fund     

Security	Shares			Value			% of Basket Value
Metals & Mining (continued)
Freeport-McMoRan, Inc.		700,166		$	20,486,857			700.3	%
Newmont Corp.		364,868			21,771,673			744.2
					68,895,674
Multiline Retail
Target Corp.		27,697			3,911,647			133.7
Multi-Utilities
Sempra Energy		27,619			4,150,307			141.9
Oil, Gas & Consumable Fuels
APA Corp.		656,292			22,904,591			782.9
ConocoPhillips		246,075			22,099,996			755.4
Kinder Morgan, Inc.		1,738,043			29,129,601			995.7
Marathon Petroleum Corp.		174,073			14,310,541			489.2
Occidental Petroleum Corp.		371,391			21,867,502			747.5
Ovintiv, Inc.		144,395			6,380,815			218.1
Targa Resources Corp.		6,302			376,040			12.9
TC Energy Corp.		16,976			879,527			30.1
Valero Energy Corp.		129,418			13,754,545			470.2
					131,703,158
Pharmaceuticals
Bristol-Myers Squibb Co.		137,863			10,615,451			362.9
Johnson & Johnson		17,882			3,174,234			108.5
Pfizer, Inc.		290,535			15,232,750			520.7
					29,022,435
Road & Rail
CSX Corp.		522,426			15,181,700			519.0
Norfolk Southern Corp.		5,756			1,308,281			44.7
Union Pacific Corp.		2,584			551,115			18.8
					17,041,096
Specialty Retail
AutoZone, Inc.		8,621			18,527,563			633.3
Home Depot, Inc.		42,801			11,739,030			401.3
Lowe’s Cos., Inc.		197,065			34,421,344			1,176.6
					64,687,937
Technology Hardware, Storage & Peripherals
Dell Technologies, Inc., Class C		114,517			5,291,830			180.9
HP, Inc.		1,000,120			32,783,934			1,120.7
Xerox Holdings Corp.		54,412			808,018			27.6
					38,883,782
Tobacco
Altria Group, Inc.		330,761			13,815,887			472.3
Total Reference Entity — Long					1,009,619,025
Reference Entity — Short
Common Stocks
Aerospace & Defense
Boeing Co.		(87,265	)		(11,930,871	)		(407.8	)
Howmet Aerospace, Inc.		(389,062	)		(12,236,000	)		(418.3	)
Raytheon Technologies Corp.		(10,393	)		(998,871	)		(34.1	)
TransDigm Group, Inc.		(39,961	)		(21,445,870	)		(733.1	)
					(46,611,612	)

Security	Shares			Value			% of Basket Value
Air Freight & Logistics
United Parcel Service, Inc., Class B		(4,237	)	$	(773,422	)		(26.4	)%
Airlines
Delta Air Lines, Inc.		(767,108	)		(22,223,119	)		(759.6	)
United Airlines Holdings, Inc.		(286,085	)		(10,133,130	)		(346.4	)
					(32,356,249	)
Automobiles
Tesla, Inc.		(12,738	)		(8,578,024	)		(293.2	)
Chemicals
Ashland Global Holdings, Inc.		(164,838	)		(16,986,556	)		(580.6	)
Corteva, Inc.		(309,703	)		(16,767,320	)		(573.2	)
Eastman Chemical Co.		(56,175	)		(5,042,830	)		(172.4	)
Olin Corp.		(298,576	)		(13,818,097	)		(472.3	)
Sherwin-Williams Co.		(151,846	)		(33,999,838	)		(1,162.2	)
					(86,614,641	)
Communications Equipment
Motorola Solutions, Inc.		(151,451	)		(31,744,130	)		(1,085.1	)
Consumer Finance
Ally Financial, Inc.		(490,242	)		(16,428,010	)		(561.6	)
Capital One Financial Corp.		(71,080	)		(7,405,825	)		(253.1	)
Navient Corp.		(105,787	)		(1,479,960	)		(50.6	)
OneMain Holdings, Inc.		(64,709	)		(2,418,822	)		(82.7	)
					(27,732,617	)
Containers & Packaging
Ball Corp.		(267,720	)		(18,411,104	)		(629.3	)
Sealed Air Corp.		(357,811	)		(20,652,851	)		(706.0	)
					(39,063,955	)
Diversified Telecommunication Services
AT&T, Inc.		(93,081	)		(1,950,978	)		(66.7	)
Lumen Technologies, Inc.		(826,743	)		(9,019,766	)		(308.3	)
Verizon Communications, Inc.		(149,451	)		(7,584,638	)		(259.3	)
					(18,555,382	)
Electric Utilities
FirstEnergy Corp.		(382,456	)		(14,682,486	)		(501.9	)
Nextera Energy, Inc.		(274,241	)		(21,242,708	)		(726.1	)
NRG Energy, Inc.		(484,508	)		(18,493,670	)		(632.2	)
Southern Co.		(174,780	)		(12,463,562	)		(426.0	)
					(66,882,426	)
Entertainment
Netflix, Inc.		(31,903	)		(5,578,878	)		(190.7	)
Equity Real Estate Investment Trusts (REITs)
Host Hotels & Resorts, Inc.		(780,668	)		(12,240,874	)		(418.4	)
Iron Mountain, Inc.		(249,779	)		(12,161,740	)		(415.7	)
Simon Property Group, Inc.		(58,046	)		(5,509,726	)		(188.4	)
					(29,912,340	)
Food & Staples Retailing
Albertsons Companies Inc., Class A		(213,425	)		(5,702,716	)		(194.9	)
Walmart, Inc.		(118,538	)		(14,411,850	)		(492.7	)
					(20,114,566	)
Food Products
Conagra Brands, Inc.		(563,421	)		(19,291,535	)		(659.4	)

SCHEDULE   OF   INVESTMENTS 45

Schedule of Investments (unaudited) (continued) June 30, 2022 BlackRock Systematic Multi-Strategy Fund

Security	Shares			Value			% of Basket Value
Food Products (continued)
General Mills, Inc.		(194,646	)	$	(14,686,041	)		(502.0	)%
Lamb Weston Holdings, Inc.		(204,885	)		(14,641,082	)		(500.5	)
					(48,618,658	)
Health Care Equipment & Supplies
Boston Scientific Corp.		(542,265	)		(20,210,217	)		(690.8	)
Health Care Providers & Services
DaVita, Inc.		(221,305	)		(17,695,548	)		(604.9	)
Tenet Healthcare Corp.		(14,306	)		(751,923	)		(25.7	)
UnitedHealth Group, Inc.		(52,324	)		(26,875,176	)		(918.7	)
Universal Health Services, Inc., Class B		(33,525	)		(3,376,303	)		(115.4	)
					(48,698,950	)
Hotels, Restaurants & Leisure
Aramark		(563,121	)		(17,248,396	)		(589.6	)
Carnival Corp.		(132,198	)		(1,143,513	)		(39.1	)
Darden Restaurants, Inc.		(9,128	)		(1,032,559	)		(35.3	)
Royal Caribbean Cruises Ltd.		(152,148	)		(5,311,487	)		(181.5	)
					(24,735,955	)
Household Durables
Dr. Horton, Inc.		(59,549	)		(3,941,548	)		(134.7	)
Lennar Corp., Class A		(9,718	)		(685,799	)		(23.5	)
PulteGroup, Inc.		(334,255	)		(13,246,526	)		(452.8	)
					(17,873,873	)
Independent Power and Renewable Electricity Producers
AES Corp.		(495,032	)		(10,400,622	)		(355.5	)
Vistra Corp.		(580,313	)		(13,260,152	)		(453.3	)
					(23,660,774	)
Industrial Conglomerates
Honeywell International, Inc.		(10,967	)		(1,906,174	)		(65.2	)
Insurance
MetLife Inc.		(157,676	)		(9,900,476	)		(338.4	)
Prudential Financial, Inc.		(99,656	)		(9,535,086	)		(326.0	)
					(19,435,562	)
IT Services
International Business Machines Corp.		(286,074	)		(40,390,788	)		(1,380.7	)
Life Sciences Tools & Services
Danaher Corp.		(126,779	)		(32,141,012	)		(1,098.7	)
Machinery
Caterpillar, Inc.		(100,360	)		(17,940,354	)		(613.3	)
Deere & Co.		(73,316	)		(21,955,942	)		(750.5	)
					(39,896,296	)
Media
Charter Communications, Inc., Class A		(33,110	)		(15,513,028	)		(530.3	)
Comcast Corp., Class A		(557,199	)		(21,864,489	)		(747.4	)
					(37,377,517	)
Metals & Mining
Teck Resources Ltd., Class B		(33,530	)		(1,025,012	)		(35.1	)
U.S. Steel Corp.		(379,501	)		(6,796,863	)		(232.3	)
					(7,821,875	)

Security	Shares			Value			% of Basket Value
Multiline Retail
Kohl’s Corp.		(130,126	)	$	(4,644,197	)		(158.8	)%
Nordstrom, Inc.		(311,829	)		(6,588,947	)		(225.2	)
					(11,233,144	)
Multi-Utilities
Dominion Energy, Inc.		(251,768	)		(20,093,604	)		(686.9	)
Oil, Gas & Consumable Fuels
Canadian Natural Resources Ltd.		(198,638	)		(10,662,888	)		(364.5	)
Devon Energy Corp.		(547,399	)		(30,167,159	)		(1,031.2	)
Enbridge, Inc.		(235,557	)		(9,954,639	)		(340.3	)
Hess Corp.		(229,791	)		(24,344,059	)		(832.1	)
Murphy Oil Corp.		(369,776	)		(11,163,537	)		(381.6	)
Pioneer Natural Resources Co.		(47,727	)		(10,646,939	)		(363.9	)
Williams Cos., Inc.		(560,306	)		(17,487,150	)		(597.8	)
					(114,426,371	)
Road & Rail
Avis Budget Group, Inc.		(13,581	)		(1,997,494	)		(68.3	)
Semiconductors & Semiconductor Equipment
Advanced Micro Devices, Inc.		(205,224	)		(15,693,479	)		(536.4	)
Software
Oracle Corp.		(108,523	)		(7,582,502	)		(259.2	)
Specialty Retail
Bath & Body Works, Inc.		(157,978	)		(4,252,768	)		(145.4	)
Best Buy Co., Inc.		(47,668	)		(3,107,477	)		(106.2	)
Gap, Inc.		(1,209,342	)		(9,964,978	)		(340.6	)
					(17,325,223	)
Thrifts & Mortgage Finance
MGIC Investment Corp.		(483,380	)		(6,090,588	)		(208.2	)
Radian Group, Inc.		(122,925	)		(2,415,476	)		(82.6	)
					(8,506,064	)
Trading Companies & Distributors
United Rentals, Inc.		(48,469	)		(11,773,605	)		(402.4	)
Wireless Telecommunication Services
T-Mobile U.S., Inc.		(154,424	)		(20,776,205	)		(710.2	)
Total Reference Entity — Short					(1,006,693,584	)
Net Value of Reference Entity — Barclays Bank PLC				$	2,925,441

The following table represents the individual long and short positions and relatedvalues of the equity securities underlying the total return swap with BNP Paribas SAas of period end, termination date April 29, 2024:

Security	Shares		Value		% of Basket Value
Reference Entity — Long
Common Stocks
Aerospace & Defense
General Dynamics Corp.		3,768	$	833,670		3.3	%
Lockheed Martin Corp.		12,815		5,509,937		21.7
Textron, Inc.		36,011		2,199,192		8.6
				8,542,799

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

Schedule of Investments (unaudited) (continued) June 30, 2022 BlackRock Systematic Multi-Strategy Fund

Security	Shares		Value		% of Basket Value
Air Freight & Logistics
United Parcel Service, Inc., Class B		19,837	$	3,621,046		14.2	%
Airlines
Southwest Airlines Co.		325,371		11,752,401		46.2
Automobiles
Harley-Davidson, Inc.		180,669		5,719,981		22.5
Thor Industries, Inc.		58,814		4,395,170		17.3
				10,115,151
Beverages
Molson Coors Beverage Co., Class B		30,667		1,671,658		6.6
Biotechnology
Biogen, Inc.		6,131		1,250,356		4.9
Gilead Sciences, Inc.		4,723		291,929		1.2
				1,542,285
Building Products
Owens Corning		77,898		5,788,600		22.8
Capital Markets
CME Group Inc., Class A		35,755		7,319,048		28.8
Chemicals
Celanese Corp., Class A		54,440		6,402,688		25.2
CF Industries Holdings, Inc.		77,257		6,623,243		26.1
Dow, Inc.		19,870		1,025,491		4.0
DuPont de Nemours, Inc.		186,356		10,357,666		40.7
Huntsman Corp.		91,280		2,587,788		10.2
LyondellBasell Industries NV, Class A		5,322		465,462		1.8
Mosaic Co.		251,369		11,872,158		46.7
Nutrien Ltd.		105,536		8,410,164		33.1
Westlake Corp.		40,242		3,944,521		15.5
				51,689,181
Construction Materials
Martin Marietta Materials, Inc.		4,048		1,211,323		4.8
Vulcan Materials Co.		11,728		1,666,549		6.5
				2,877,872
Consumer Finance
American Express Co.		23,321		3,232,757		12.7
Containers & Packaging
Westrock Co.		84,326		3,359,548		13.2
Diversified Consumer Services
H&R Block, Inc.		29,024		1,025,128		4.0
Diversified Financial Services
Equitable Holdings, Inc.		62,710		1,634,850		6.4
Voya Financial, Inc.		89,664		5,337,698		21.0
				6,972,548
Electric Utilities
PPL Corp.		75,723		2,054,365		8.1
Xcel Energy Inc.		1,430		101,187		0.4
				2,155,552
Entertainment
Live Nation Entertainment, Inc.		27,448		2,266,656		8.9
Equity Real Estate Investment Trusts (REITs)
Boston Properties, Inc.		87,561		7,791,178		30.6
Camden Property Trust		2,912		391,606		1.5
CubeSmart		33,753		1,441,928		5.7

Security	Shares		Value		% of Basket Value
Equity Real Estate Investment Trusts (REITs) (continued)
Equity Residential		25,283	$	1,825,938		7.2	%
Extra Space Storage, Inc.		7,839		1,333,571		5.3
Federal Realty Investment Trust		29,105		2,786,513		11.0
Healthpeak Properties, Inc.		393,775		10,202,710		40.1
Prologis Inc.		88,631		10,427,437		41.0
Public Storage		32,459		10,148,956		39.9
Regency Centers Corp.		56,600		3,356,946		13.2
Sba Communications Corp., Class A		11,075		3,544,554		13.9
Simon Property Group, Inc.		12,012		1,140,179		4.5
STORE Capital Corp.		27,893		727,449		2.9
Vornado Realty Trust		281,682		8,053,288		31.7
Weyerhaeuser Co.		84,590		2,801,621		11.0
				65,973,874
Food & Staples Retailing
Kroger Co.		17,231		815,543		3.2
US Foods Holding Corp.		8,601		263,879		1.0
Walgreens Boots Alliance Inc.		129,491		4,907,709		19.3
				5,987,131
Food Products
Archer-Daniels-Midland Co.		228,657		17,743,783		69.8
Hormel Foods Corp.		39,276		1,860,111		7.3
McCormick & Co., Inc., Non-voting shares		4,170		347,153		1.4
Tyson Foods, Inc., Class A		2,667		229,522		0.9
				20,180,569
Gas Utilities
Atmos Energy Corp.		8,294		929,757		3.7
Health Care Equipment & Supplies
Abbott Laboratories		1,952		212,085		0.8
Baxter International, Inc.		15,983		1,026,588		4.0
Medtronic PLC		5,209		467,508		1.9
Stryker Corp.		6,678		1,328,454		5.2
				3,034,635
Health Care Providers & Services
Cigna Corp.		15,365		4,048,985		15.9
CVS Health Corp.		49,331		4,571,010		18.0
				8,619,995
Hotels, Restaurants & Leisure
Booking Holdings, Inc.		179		313,069		1.2
Boyd Gaming Corp.		74,484		3,705,579		14.6
Expedia Group, Inc.		143,949		13,650,684		53.7
Marriott International, Inc., Class A		11,559		1,572,140		6.2
MGM Resorts International		328,433		9,508,135		37.4
SeaWorld Entertainment Inc.		5,191		229,338		0.9
Starbucks Corp.		86,424		6,601,929		26.0
Wynn Resorts Ltd.		62,068		3,536,635		13.9
				39,117,509
Household Durables
Whirlpool Corp.		2,038		315,625		1.2
Household Products
Church & Dwight Co., Inc.		72,021		6,673,466		26.3
Clorox Co.		9,220		1,299,835		5.1
				7,973,301
Insurance
American International Group, Inc.		42,042		2,149,607		8.5
Chubb Ltd.		47,895		9,415,199		37.0

SCHEDULE   OF   INVESTMENTS 47

Schedule of Investments (unaudited) (continued) June 30, 2022 BlackRock Systematic Multi-Strategy Fund     

Security	Shares		Value		% of Basket Value
Insurance (continued)
Hartford Financial Services Group, Inc.		6,101	$	399,188		1.6	%
Lincoln National Corp.		272,463		12,743,095		50.1
Manulife Financial Corp., Common Subscription Receipt		156,217		2,707,241		10.6
Prudential Financial, Inc.		11,654		1,115,055		4.4
				28,529,385
Interactive Media & Services
Match Group, Inc.		87,335		6,086,376		23.9
IT Services
Block, Inc., Class A		44,998		2,765,577		10.9
DXC Technology Co.		47,441		1,437,937		5.7
Gartner, Inc.		10,294		2,489,398		9.8
GoDaddy, Inc., Class A		294,715		20,500,376		80.6
VeriSign Inc.		99,986		16,730,657		65.8
				43,923,945
Life Sciences Tools & Services
Charles River Laboratories International, Inc.		48,613		10,401,724		40.9
Illumina, Inc.		23,757		4,379,840		17.2
				14,781,564
Machinery
Fortive Corp.		373,466		20,309,081		79.9
Parker-Hannifin Corp.		11,759		2,893,302		11.4
				23,202,383
Media
Cable One, Inc.		11,016		14,203,149		55.8
Fox Corp., Class A		201,394		6,476,831		25.5
Omnicom Group, Inc.		153,039		9,734,811		38.3
				30,414,791
Metals & Mining
Alcoa Corp.		30,536		1,391,831		5.5
Kinross Gold Corp.		913,665		3,270,921		12.9
Newmont Corp.		166,801		9,953,016		39.1
Nucor Corp.		119,164		12,441,913		48.9
Southern Copper Corp.		120,700		6,012,067		23.6
Steel Dynamics, Inc.		12,489		826,147		3.3
				33,895,895
Multiline Retail
Kohl’s Corp.		58,057		2,072,054		8.2
Multi-Utilities
CMS Energy Corp.		18,069		1,219,658		4.8
DTE Energy Co.		5,959		755,303		3.0
				1,974,961
Oil, Gas & Consumable Fuels
Callon Petroleum Co.		103,797		4,068,842		16.0
Chevron Corp.		19,115		2,767,470		10.9
CNX Resources Corp.		108,276		1,782,223		7.0
Coterra Energy Inc.		71,424		1,842,025		7.2
Devon Energy Corp.		225,441		12,424,054		48.9
Marathon Petroleum Corp.		62,313		5,122,752		20.1
PBF Energy Inc., Class A		591,212		17,156,972		67.5
Phillips 66		2,487		203,909		0.8
Range Resources Corp.		70,366		1,741,559		6.9

Security	Shares			Value			% of Basket Value
Oil, Gas & Consumable Fuels (continued)
Targa Resources Corp.		820		$	48,929			0.2	%
Valero Energy Corp.		2,150			228,502			0.9
					47,387,237
Pharmaceuticals
Pfizer, Inc.		20,706			1,085,616			4.3
Zoetis, Inc.		8,204			1,410,185			5.5
					2,495,801
Road & Rail
Avis Budget Group, Inc.		32,630			4,799,220			18.9
CSX Corp.		164,519			4,780,922			18.8
JB Hunt Transport Services, Inc.		5,695			896,792			3.5
Norfolk Southern Corp.		60,809			13,821,278			54.4
Union Pacific Corp.		19,469			4,152,348			16.3
					28,450,560
Semiconductors & Semiconductor Equipment
Applied Materials, Inc.		9,772			889,057			3.5
Lam Research Corp.		2,138			911,109			3.6
ON Semiconductor Corp.		42,730			2,149,746			8.5
Qualcomm, Inc.		19,987			2,553,139			10.0
Skyworks Solutions Inc.		39,274			3,638,343			14.3
Synaptics Inc.		22,655			2,674,423			10.5
					12,815,817
Software
Autodesk Inc.		20,975			3,606,861			14.2
Elastic NV		83,881			5,676,227			22.3
Fair Isaac Corp.		22,244			8,917,620			35.1
PTC Inc.		74,765			7,950,510			31.3
Salesforce.com., Inc.		29,504			4,869,340			19.1
					31,020,558
Specialty Retail
Advance Auto Parts, Inc.		71			12,289			0.0
Bath & Body Works, Inc.		55,416			1,491,799			5.9
Best Buy Co., Inc.		93,673			6,106,543			24.0
Lowe’s Cos., Inc.		11,284			1,970,976			7.8
Murphy USA Inc.		10,943			2,548,297			10.0
O’Reilly Automotive, Inc.		17,254			10,900,387			42.9
					23,030,291
Technology Hardware, Storage & Peripherals
NetApp, Inc.		23,622			1,541,099			6.1
Seagate Technology Holdings PLC		29,967			2,140,843			8.4
					3,681,942
Textiles, Apparel & Luxury Goods
Hanesbrands, Inc.		119,405			1,228,677			4.8
Tapestry, Inc.		433,081			13,217,632			52.0
Under Armour, Inc., Class A		338,305			2,818,081			11.1
VF Corp.		160,630			7,095,027			27.9
					24,359,417
Total Reference Entity — Long					634,187,603
Reference Entity — Short
Common Stocks
Aerospace & Defense
Boeing Co.		(99,506	)		(13,604,460	)		(53.5	)

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

Schedule of Investments (unaudited) (continued) June 30, 2022 BlackRock Systematic Multi-Strategy Fund

Security	Shares			Value			% of Basket Value
Aerospace & Defense (continued)
Spirit AeroSystems Holdings, Inc., Class A		(475,058	)	$	(13,919,200	)		(54.7	)%
TransDigm Group, Inc.		(5,094	)		(2,733,797	)		(10.8	)
					(30,257,457	)
Air Freight & Logistics
CH Robinson Worldwide, Inc.		(22,467	)		(2,277,480	)		(9.0	)
FedEx Corp.		(7,200	)		(1,632,312	)		(6.4	)
					(3,909,792	)
Airlines
Delta Air Lines, Inc.		(244,397	)		(7,080,181	)		(27.8	)
Auto Components
Aptiv PLC		(214,105	)		(19,070,332	)		(75.0	)
Goodyear Tire & Rubber Co.		(560,227	)		(6,000,031	)		(23.6	)
Lear Corp.		(20,460	)		(2,575,710	)		(10.1	)
					(27,646,073	)
Automobiles
Ford Motor Co.		(410,205	)		(4,565,582	)		(18.0	)
Building Products
Carlisle Cos., Inc.		(34,793	)		(8,301,958	)		(32.7	)
Fortune Brands Home & Security, Inc.		(47,192	)		(2,825,857	)		(11.1	)
					(11,127,815	)
Capital Markets
Brookfield Asset Management, Inc., Class A	��	(191,326	)		(8,508,267	)		(33.5	)
Moody’s Corp.		(36,979	)		(10,057,179	)		(39.5	)
S&P Global, Inc.		(19,384	)		(6,533,571	)		(25.7	)
					(25,099,017	)
Chemicals
Air Products & Chemicals, Inc.		(20,755	)		(4,991,163	)		(19.6	)
Albemarle Corp.		(16,543	)		(3,457,156	)		(13.6	)
Axalta Coating Systems Ltd.		(237,435	)		(5,249,688	)		(20.6	)
Chemours Co.		(30,520	)		(977,250	)		(3.8	)
International Flavors & Fragrances, Inc.		(2,724	)		(324,483	)		(1.3	)
PPG Industries, Inc.		(24,157	)		(2,762,111	)		(10.9	)
Scotts Miracle-Gro Co.		(21,196	)		(1,674,272	)		(6.6	)
Sherwin-Williams Co.		(37,127	)		(8,313,107	)		(32.7	)
					(27,749,230	)
Communications Equipment
Motorola Solutions, Inc.		(53,357	)		(11,183,627	)		(44.0	)
Construction & Engineering
Quanta Services, Inc.		(22,632	)		(2,836,695	)		(11.2	)
Consumer Finance
Ally Financial, Inc.		(48,382	)		(1,621,281	)		(6.4	)
OneMain Holdings, Inc.		(21,891	)		(818,285	)		(3.2	)
					(2,439,566	)
Containers & Packaging
Amcor PLC		(1,761,702	)		(21,897,956	)		(86.1	)
Ball Corp.		(99,251	)		(6,825,491	)		(26.9	)
					(28,723,447	)
Diversified Consumer Services
Service Corp. International		(8,100	)		(559,872	)		(2.2	)
Diversified Telecommunication Services
Lumen Technologies, Inc.		(1,144,164	)		(12,482,829	)		(49.1	)
Electric Utilities
Duke Energy Corp.		(50,336	)		(5,396,523	)		(21.2	)

Security	Shares			Value			% of Basket Value
Electric Utilities (continued)
Edison International		(6,921	)	$	(437,684	)		(1.7	)%
FirstEnergy Corp.		(198,935	)		(7,637,115	)		(30.1	)
Nextera Energy, Inc.		(7,515	)		(582,112	)		(2.3	)
NRG Energy, Inc.		(134,000	)		(5,114,780	)		(20.1	)
PG&E Corp.		(260,124	)		(2,596,037	)		(10.2	)
					(21,764,251	)
Electronic Equipment, Instruments & Components
CDW Corp.		(10,102	)		(1,591,671	)		(6.3	)
Teledyne Technologies, Inc.		(12,780	)		(4,793,906	)		(18.8	)
					(6,385,577	)
Energy Equipment & Services
Baker Hughes Co., Class A		(33,223	)		(959,148	)		(3.8	)
Halliburton Co.		(51,996	)		(1,630,595	)		(6.4	)
NOV, Inc.		(10,538	)		(178,198	)		(0.7	)
Patterson-UTI Energy, Inc.		(574,452	)		(9,053,363	)		(35.6	)
Schlumberger NV		(99,620	)		(3,562,411	)		(14.0	)
					(15,383,715	)
Entertainment
Netflix, Inc.		(13,898	)		(2,430,343	)		(9.6	)
Equity Real Estate Investment Trusts (REITs)
American Homes 4 Rent, Class A		(25,674	)		(909,887	)		(3.6	)
American Tower Corp.		(51,683	)		(13,209,658	)		(52.0	)
Digital Realty Trust, Inc.		(5,252	)		(681,867	)		(2.7	)
Equinix, Inc.		(308	)		(202,362	)		(0.8	)
Iron Mountain, Inc.		(124,470	)		(6,060,444	)		(23.8	)
Medical Properties Trust, Inc.		(60,836	)		(928,966	)		(3.6	)
Omega Healthcare Investors, Inc.		(31,574	)		(890,071	)		(3.5	)
Realty Income Corp.		(12,243	)		(835,707	)		(3.3	)
VICI Properties, Inc.		(110,160	)		(3,281,666	)		(12.9	)
Welltower, Inc.		(27,496	)		(2,264,296	)		(8.9	)
WP Carey Inc.		(28,713	)		(2,379,159	)		(9.4	)
					(31,644,083	)
Food & Staples Retailing
Albertsons Companies Inc., Class A		(666,310	)		(17,803,803	)		(70.0	)
Food Products
Bunge Ltd.		(64,847	)		(5,880,975	)		(23.2	)
Conagra Brands, Inc.		(12,092	)		(414,030	)		(1.6	)
Lamb Weston Holdings, Inc.		(139,816	)		(9,991,251	)		(39.3	)
					(16,286,256	)
Gas Utilities
UGI Corp.		(21,783	)		(841,042	)		(3.3	)
Health Care Equipment & Supplies
Dentsply Sirona, Inc.		(38,033	)		(1,358,919	)		(5.3	)
STERIS PLC		(17,221	)		(3,550,109	)		(14.0	)
					(4,909,028	)
Health Care Providers & Services
DaVita, Inc.		(21,239	)		(1,698,270	)		(6.7	)
HCA Healthcare, Inc.		(56,208	)		(9,446,317	)		(37.1	)
Molina Healthcare Inc.		(6,639	)		(1,856,331	)		(7.3	)
Tenet Healthcare Corp.		(113,547	)		(5,968,030	)		(23.5	)
UnitedHealth Group, Inc.		(7,735	)		(3,972,928	)		(15.6	)
					(22,941,876	)
Hotels, Restaurants & Leisure
Caesars Entertainment Inc.		(15,598	)		(597,403	)		(2.4	)
Carnival Corp.		(1,600,279	)		(13,842,413	)		(54.4	)

SCHEDULE   OF   INVESTMENTS 49

Schedule of Investments (unaudited) (continued) June 30, 2022 BlackRock Systematic Multi-Strategy Fund

Security	Shares			Value			% of Basket Value
Hotels, Restaurants & Leisure (continued)
Las Vegas Sands Corp.		(103,983	)	$	(3,492,789	)		(13.7	)%
Norwegian Cruise Line Holdings Ltd.		(272,738	)		(3,032,847	)		(11.9	)
Penn National Gaming Inc.		(59,513	)		(1,810,385	)		(7.1	)
Royal Caribbean Cruises Ltd.		(133,705	)		(4,667,642	)		(18.4	)
					(27,443,479	)
Household Durables
Dr. Horton, Inc.		(6,412	)		(424,410	)		(1.7	)
KB Home		(80,433	)		(2,289,123	)		(9.0	)
Mohawk Industries Inc.		(10,248	)		(1,271,674	)		(5.0	)
PulteGroup, Inc.		(3,596	)		(142,510	)		(0.6	)
Toll Brothers, Inc.		(6,561	)		(292,621	)		(1.1	)
					(4,420,338	)
Independent Power and Renewable Electricity Producers
Vistra Corp.		(275,502	)		(6,295,221	)		(24.8	)
Insurance
Assurant, Inc.		(122,823	)		(21,229,956	)		(83.5	)
Marsh & McLennan Cos., Inc.		(22,758	)		(3,533,179	)		(13.9	)
Progressive Corp.		(31,373	)		(3,647,739	)		(14.3	)
					(28,410,874	)
Internet & Direct Marketing Retail
Amazon.com, Inc.		(191,972	)		(20,389,346	)		(80.2	)
IT Services
Fidelity National Information Services, Inc.		(50,503	)		(4,629,610	)		(18.2	)
Fiserv, Inc.		(17,953	)		(1,597,278	)		(6.3	)
Global Payments, Inc.		(6,735	)		(745,160	)		(2.9	)
International Business Machines Corp.		(73,783	)		(10,417,422	)		(41.0	)
PayPal Holdings, Inc.		(169,952	)		(11,869,448	)		(46.7	)
Twilio Inc., Class A		(78,648	)		(6,591,489	)		(25.9	)
					(35,850,407	)
Leisure Products
Brunswick Corp.		(152,241	)		(9,953,517	)		(39.1	)
Life Sciences Tools & Services
Agilent Technologies, Inc.		(48,607	)		(5,773,053	)		(22.7	)
PerkinElmer, Inc.		(1,573	)		(223,712	)		(0.9	)
Thermo Fisher Scientific, Inc.		(2,077	)		(1,128,393	)		(4.4	)
					(7,125,158	)
Machinery
Wabtec Corp.		(9,170	)		(752,674	)		(3.0	)
Media
DISH Network Corp., Class A		(292,933	)		(5,252,289	)		(20.7	)
Paramount Global, Class B		(120,767	)		(2,980,529	)		(11.7	)
					(8,232,818	)
Metals & Mining
Teck Resources Ltd., Class B		(61,994	)		(1,895,157	)		(7.4	)
Mortgage Real Estate Investment Trusts (REITs)
Starwood Property Trust Inc.		(43,984	)		(918,826	)		(3.6	)

Security	Shares			Value			% of Basket Value
Multiline Retail
Macy’s Inc.		(11,297	)	$	(206,961	)		(0.8	)%
Nordstrom, Inc.		(56,653	)		(1,197,078	)		(4.7	)
					(1,404,039	)
Oil, Gas & Consumable Fuels
Antero Resources Corp.		(102,474	)		(3,140,828	)		(12.3	)
Canadian Natural Resources Ltd.		(17,056	)		(915,566	)		(3.6	)
ConocoPhillips		(108,068	)		(9,705,587	)		(38.2	)
Continental Resources, Inc.		(9,569	)		(625,334	)		(2.5	)
Hess Corp.		(15,752	)		(1,668,767	)		(6.6	)
Kinder Morgan, Inc.		(549	)		(9,201	)		(0.0	)
Occidental Petroleum Corp.		(34,524	)		(2,032,773	)		(8.0	)
Ovintiv, Inc.		(20,836	)		(920,743	)		(3.6	)
					(19,018,799	)
Personal Products
Estee Lauder Cos., Inc., Class A		(6,456	)		(1,644,149	)		(6.5	)
Pharmaceuticals
Bausch Health Cos., Inc.		(27,823	)		(232,600	)		(0.9	)
Catalent, Inc.		(56,831	)		(6,097,398	)		(24.0	)
Perrigo Co PLC		(30,520	)		(1,238,197	)		(4.9	)
					(7,568,195	)
Professional Services
Booz Allen Hamilton Holding Corp.		(118,242	)		(10,684,347	)		(42.0	)
Clarivate PLC		(218,627	)		(3,030,170	)		(11.9	)
Equifax, Inc.		(1,688	)		(308,533	)		(1.2	)
Leidos Holdings, Inc.		(8,921	)		(898,434	)		(3.6	)
					(14,921,484	)
Semiconductors & Semiconductor Equipment
Entegris, Inc.		(39,160	)		(3,607,811	)		(14.2	)
Intel Corp.		(99,037	)		(3,704,974	)		(14.6	)
Qorvo Inc.		(35,658	)		(3,363,262	)		(13.2	)
					(10,676,047	)
Software
Oracle Corp.		(19,142	)		(1,337,451	)		(5.3	)
Specialty Retail
Carvana Co., Class A		(192,602	)		(4,348,953	)		(17.1	)
Foot Locker, Inc.		(195,921	)		(4,947,005	)		(19.5	)
Gap, Inc.		(686,883	)		(5,659,916	)		(22.3	)
Lithia Motors, Inc., Class A		(54,588	)		(15,001,329	)		(59.0	)
Ross Stores, Inc.		(9,565	)		(671,750	)		(2.6	)
					(30,628,953	)
Technology Hardware, Storage & Peripherals
Dell Technologies, Inc., Class C		(47,360	)		(2,188,506	)		(8.6	)
HP, Inc.		(18,555	)		(608,233	)		(2.4	)
Western Digital Corp.		(485,027	)		(21,743,760	)		(85.5	)
					(24,540,499	)
Tobacco
Philip Morris International, Inc.		(82,137	)		(8,110,207	)		(31.9	)

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

Schedule of Investments (unaudited) (continued) June 30, 2022 BlackRock Systematic Multi-Strategy Fund

Security	Shares			Value			% of Basket Value
Wireless Telecommunication Services
T-Mobile U.S., Inc.		(8,726	)	$	(1,173,996	)		(4.6	)%
Total Reference Entity — Short					(608,762,791	)
Net Value of Reference Entity — BNP Paribas SA				$	25,424,812
The following table represents the individual long and short positions and related values of the equity securities underlying the total return swap with BNP Paribas SA as of period end, termination date April 29, 2024:
Security	Shares			Value			% of Basket Value
Reference Entity — Long
Common Stocks
Aerospace & Defense
Lockheed Martin Corp.		5,272		$	2,266,749			39.8	%
Northrop Grumman Corp.		49,581			23,727,979			416.8
					25,994,728
Air Freight & Logistics
FedEx Corp.		124,144			28,144,686			494.3
Airlines
Southwest Airlines Co.		225,975			8,162,217			143.4
Auto Components
BorgWarner, Inc.		22,688			757,098			13.3
Goodyear Tire & Rubber Co.		31,660			339,079			6.0
					1,096,177
Automobiles
General Motors Co.		575,526			18,278,706			321.0
Building Products
Johnson Controls International PLC		473,707			22,681,091			398.4
Chemicals
Dow, Inc.		130,783			6,749,711			118.6
Communications Equipment
Cisco Systems, Inc.		159,175			6,787,222			119.2
Consumer Finance
American Express Co.		31,890			4,420,592			77.6
Containers & Packaging
Packaging Corp. of America		24,473			3,365,038			59.1
Westrock Co.		126,879			5,054,859			88.8
					8,419,897
Diversified Financial Services
Berkshire Hathaway, Inc., Class B		125,821			34,351,649			603.4
Electric Utilities
American Electric Power Co., Inc.		7,715			740,177			13.0
Exelon Corp.		24,116			1,092,937			19.2
					1,833,114
Electronic Equipment, Instruments & Components
Arrow Electronics, Inc.		35,912			4,025,376			70.7

Security	Shares		Value		% of Basket Value
Energy Equipment & Services
Halliburton Co.		116,120	$	3,641,523		64.0	%
Entertainment
Walt Disney Co.		11,786		1,112,598		19.5
Equity Real Estate Investment Trusts (REITs)
Equity Residential		164,725		11,896,440		208.9
Weyerhaeuser Co.		124,237		4,114,729		72.3
				16,011,169
Food & Staples Retailing
Kroger Co.		98,586		4,666,075		82.0
Food Products
Campbell Soup Co.		51,409		2,470,203		43.4
Kraft Heinz Co.		145,453		5,547,577		97.4
Tyson Foods, Inc., Class A		23,095		1,987,556		34.9
				10,005,336
Health Care Equipment & Supplies
Baxter International, Inc.		49,224		3,161,658		55.5
Health Care Providers & Services
Cardinal Health, Inc.		76,582		4,002,941		70.3
CVS Health Corp.		43,304		4,012,549		70.5
HCA Healthcare, Inc.		39,002		6,554,676		115.1
McKesson Corp.		825		269,123		4.7
Quest Diagnostics, Inc.		2,253		299,604		5.3
				15,138,893
Hotels, Restaurants & Leisure
Boyd Gaming Corp.		21,231		1,056,242		18.6
Expedia Group, Inc.		155,290		14,726,151		258.6
Marriott International, Inc., Class A		61,433		8,355,502		146.8
McDonald’s Corp.		3,844		949,007		16.7
MGM Resorts International		154,062		4,460,095		78.3
Yum! Brands, Inc.		27,491		3,120,503		54.8
				32,667,500
Household Durables
Toll Brothers, Inc.		37,396		1,667,862		29.3
Household Products
Procter & Gamble Co.		28,605		4,113,113		72.2
Industrial Conglomerates
General Electric Co.		91,868		5,849,236		102.7
Insurance
Allstate Corp.		130,751		16,570,074		291.0
American International Group, Inc.		80,278		4,104,614		72.1
Chubb Ltd.		191,077		37,561,917		659.7
Hartford Financial Services Group, Inc.		48,511		3,174,075		55.8
Lincoln National Corp.		155,362		7,266,281		127.6
Loews Corp.		4,758		281,959		5.0
Marsh & McLennan Cos., Inc.		50,846		7,893,841		138.6
				76,852,761
IT Services
DXC Technology Co.		78,451		2,377,850		41.8
Media
Altice USA, Inc., Class A		143,657		1,328,827		23.3
Omnicom Group, Inc.		213,367		13,572,275		238.4
				14,901,102

SCHEDULE   OF   INVESTMENTS 51

Schedule of Investments (unaudited) (continued) June 30, 2022 BlackRock Systematic Multi-Strategy Fund

Security	Shares			Value			% of Basket Value
Metals & Mining
Barrick Gold Corp.		309,026		$	5,466,670			96.0	%
Freeport-McMoRan, Inc.		430,273			12,589,788			221.2
Newmont Corp.		81,684			4,874,084			85.6
					22,930,542
Multiline Retail
Target Corp.		143,849			20,315,794			356.8
Multi-Utilities
Sempra Energy		80,565			12,106,503			212.6
Oil, Gas & Consumable Fuels
APA Corp.		156,629			5,466,352			96.0
ConocoPhillips		6,939			623,192			10.9
Kinder Morgan, Inc.		132,684			2,223,784			39.1
Marathon Petroleum Corp.		13,436			1,104,573			19.4
Occidental Petroleum Corp.		74,628			4,394,097			77.2
Ovintiv, Inc.		11,247			497,005			8.7
Targa Resources Corp.		8,223			490,666			8.6
TC Energy Corp.		480,192			24,878,747			437.0
Valero Energy Corp.		160,313			17,038,066			299.3
					56,716,482
Pharmaceuticals
Bristol-Myers Squibb Co.		17,369			1,337,413			23.5
Johnson & Johnson		65,743			11,670,040			205.0
Pfizer, Inc.		40,758			2,136,942			37.5
					15,144,395
Road & Rail
CSX Corp.		225,743			6,560,091			115.2
Norfolk Southern Corp.		20,087			4,565,574			80.2
Union Pacific Corp.		21,788			4,646,945			81.6
					15,772,610
Specialty Retail
AutoZone, Inc.		2,518			5,411,484			95.0
Home Depot, Inc.		17,057			4,678,224			82.2
Lowe’s Cos., Inc.		17,076			2,982,665			52.4
					13,072,373
Technology Hardware, Storage & Peripherals
Dell Technologies, Inc., Class C		179,993			8,317,477			146.1
HP, Inc.		85,616			2,806,492			49.3
					11,123,969
Tobacco
Altria Group, Inc.		19,115			798,434			14.0
Total Reference Entity — Long					531,092,944
Reference Entity — Short
Common Stocks
Aerospace & Defense
Boeing Co.		(146,666	)		(20,052,176	)		(352.2	)
Howmet Aerospace, Inc.		(44,818	)		(1,409,526	)		(24.7	)
Raytheon Technologies Corp.		(31,748	)		(3,051,300	)		(53.6	)
TransDigm Group, Inc.		(8,476	)		(4,548,815	)		(79.9	)
					(29,061,817	)
Air Freight & Logistics
United Parcel Service, Inc., Class B		(2,455	)		(448,136	)		(7.9	)

Security	Shares			Value			% of Basket Value
Airlines
American Airlines Group Inc.		(12,121	)	$	(153,694	)		(2.7	)%
Delta Air Lines, Inc.		(417,422	)		(12,092,716	)		(212.4	)
United Airlines Holdings, Inc.		(279,538	)		(9,901,236	)		(173.9	)
					(22,147,646	)
Automobiles
Ford Motor Co.		(820,233	)		(9,129,193	)		(160.4	)
Tesla, Inc.		(22,771	)		(15,334,447	)		(269.3	)
					(24,463,640	)
Chemicals
Corteva, Inc.		(39,365	)		(2,131,221	)		(37.5	)
Eastman Chemical Co.		(65,189	)		(5,852,016	)		(102.8	)
Olin Corp.		(8,742	)		(404,580	)		(7.1	)
Sherwin-Williams Co.		(12,238	)		(2,740,211	)		(48.1	)
					(11,128,028	)
Communications Equipment
Motorola Solutions, Inc.		(23,569	)		(4,940,062	)		(86.8	)
Consumer Finance
Ally Financial, Inc.		(128,559	)		(4,308,012	)		(75.7	)
Capital One Financial Corp.		(48,419	)		(5,044,776	)		(88.6	)
OneMain Holdings, Inc.		(311,098	)		(11,628,843	)		(204.2	)
					(20,981,631	)
Containers & Packaging
Ball Corp.		(90,304	)		(6,210,206	)		(109.1	)
Sealed Air Corp.		(51,552	)		(2,975,582	)		(52.2	)
					(9,185,788	)
Diversified Telecommunication Services
AT&T, Inc.		(809,622	)		(16,969,677	)		(298.0	)
Lumen Technologies, Inc.		(1,637,893	)		(17,869,413	)		(313.9	)
Verizon Communications, Inc.		(246,101	)		(12,489,626	)		(219.4	)
					(47,328,716	)
Electric Utilities
FirstEnergy Corp.		(3,755	)		(144,154	)		(2.5	)
Nextera Energy, Inc.		(43,917	)		(3,401,811	)		(59.7	)
NRG Energy, Inc.		(188,696	)		(7,202,526	)		(126.5	)
Southern Co.		(5,395	)		(384,718	)		(6.8	)
					(11,133,209	)
Entertainment
Netflix, Inc.		(22,570	)		(3,946,816	)		(69.3	)
Equity Real Estate Investment Trusts (REITs)
Host Hotels & Resorts, Inc.		(536,897	)		(8,418,545	)		(147.9	)
Iron Mountain, Inc.		(75,748	)		(3,688,170	)		(64.8	)
Simon Property Group, Inc.		(26,490	)		(2,514,431	)		(44.1	)
					(14,621,146	)
Food & Staples Retailing
Albertsons Companies Inc., Class A		(973,134	)		(26,002,140	)		(456.7	)
Walmart, Inc.		(83,643	)		(10,169,316	)		(178.6	)
					(36,171,456	)
Food Products
General Mills, Inc.		(121,777	)		(9,188,075	)		(161.4	)
Lamb Weston Holdings, Inc.		(22,079	)		(1,577,765	)		(27.7	)
Mondelez International, Inc., A Shares		(20,687	)		(1,284,456	)		(22.6	)
					(12,050,296	)

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

Schedule of Investments (unaudited) (continued) June 30, 2022 BlackRock Systematic Multi-Strategy Fund

Security	Shares			Value			% of Basket Value
Health Care Equipment & Supplies
Boston Scientific Corp.		(112,632	)	$	(4,197,795	)		(73.7	)%
Health Care Providers & Services
DaVita, Inc.		(94,284	)		(7,538,949	)		(132.4	)
Tenet Healthcare Corp.		(16,027	)		(842,379	)		(14.8	)
UnitedHealth Group, Inc.		(15,987	)		(8,211,403	)		(144.2	)
					(16,592,731	)
Hotels, Restaurants & Leisure
Aramark		(28,308	)		(867,074	)		(15.2	)
Royal Caribbean Cruises Ltd.		(53,910	)		(1,881,998	)		(33.1	)
					(2,749,072	)
Household Durables
Dr. Horton, Inc.		(293,375	)		(19,418,491	)		(341.1	)
Independent Power and Renewable Electricity Producers
AES Corp.		(155,038	)		(3,257,348	)		(57.2	)
Vistra Corp.		(720,589	)		(16,465,459	)		(289.2	)
					(19,722,807	)
Industrial Conglomerates
Honeywell International, Inc.		(195,682	)		(34,011,488	)		(597.4	)
Insurance
MetLife Inc.		(79,517	)		(4,992,872	)		(87.7	)
Prudential Financial, Inc.		(166,597	)		(15,940,001	)		(280.0	)
					(20,932,873	)
IT Services
Fiserv, Inc.		(138,985	)		(12,365,495	)		(217.2	)
Life Sciences Tools & Services
Danaher Corp.		(25,605	)		(6,491,380	)		(114.0	)
Machinery
Caterpillar, Inc.		(17,975	)		(3,213,211	)		(56.4	)
Deere & Co.		(6,939	)		(2,078,022	)		(36.5	)
					(5,291,233	)
Media
Charter Communications, Inc., Class A		(11,406	)		(5,344,053	)		(93.9	)
Comcast Corp., Class A		(112,519	)		(4,415,246	)		(77.6	)
DISH Network Corp., Class A		(68,983	)		(1,236,865	)		(21.7	)
Paramount Global, Class B		(178,589	)		(4,407,577	)		(77.4	)
					(15,403,741	)
Metals & Mining
Teck Resources Ltd., Class B		(78,618	)		(2,403,352	)		(42.2	)
U.S. Steel Corp.		(1,281,977	)		(22,960,208	)		(403.3	)
					(25,363,560	)
Multiline Retail
Macy’s Inc.		(721,437	)		(13,216,726	)		(232.1	)
Nordstrom, Inc.		(414,914	)		(8,767,133	)		(154.0	)
					(21,983,859	)
Multi-Utilities
Dominion Energy, Inc.		(3,447	)		(275,105	)		(4.8	)
Oil, Gas & Consumable Fuels
Canadian Natural Resources Ltd.		(26,302	)		(1,411,891	)		(24.8	)
Devon Energy Corp.		(4,548	)		(250,640	)		(4.4	)
Enbridge, Inc.		(40,660	)		(1,718,292	)		(30.2	)

Security	Shares			Value			% of Basket Value
Oil, Gas & Consumable Fuels (continued)
Hess Corp.		(96,831	)	$	(10,258,276	)		(180.2	)%
Pioneer Natural Resources Co.		(4,914	)		(1,096,215	)		(19.2	)
Williams Cos., Inc.		(10,194	)		(318,155	)		(5.6	)
					(15,053,469	)
Road & Rail
Avis Budget Group, Inc.		(41,916	)		(6,165,005	)		(108.3	)
Semiconductors & Semiconductor Equipment
Advanced Micro Devices, Inc.		(271,356	)		(20,750,593	)		(364.5	)
Software
Oracle Corp.		(60,454	)		(4,223,921	)		(74.2	)
Specialty Retail
Best Buy Co., Inc.		(350,788	)		(22,867,870	)		(401.6	)
Gap, Inc.		(231,425	)		(1,906,942	)		(33.5	)
					(24,774,812	)
Trading Companies & Distributors
United Rentals, Inc.		(4,933	)		(1,198,275	)		(21.0	)
Wireless Telecommunication Services
T-Mobile U.S., Inc.		(6,135	)		(825,403	)		(14.5	)
Total Reference Entity — Short					(525,399,495	)
Net Value of Reference Entity — BNP Paribas SA				$	5,693,449

The following table represents the individual long and short positions and related values of the equity securities underlying the total return swap with Citibank N.A. as of period end, termination date February 24, 2023:

Security	Shares		Value		% of Basket Value
Reference Entity — Long
Common Stocks
Airlines
Southwest Airlines Co.		60,260	$	2,176,591		59.9	%
Automobiles
Thor Industries, Inc.		62,701		4,685,646		129.0
Beverages
Molson Coors Beverage Co., Class B		3,722		202,886		5.6
Building Products
Owens Corning		20,530		1,525,584		42.0
Chemicals
Celanese Corp., Class A		1,869		219,813		6.1
Dow, Inc.		20,523		1,059,192		29.2
Mosaic Co.		166,976		7,886,277		217.2
Nutrien Ltd.		159,628		12,720,755		350.3
				21,886,037
Equity Real Estate Investment Trusts (REITs)
Boston Properties, Inc.		47,644		4,239,363		116.8
Federal Realty Investment Trust		3,913		374,631		10.3

SCHEDULE   OF   INVESTMENTS 53

Schedule of Investments (unaudited) (continued) June 30, 2022 BlackRock Systematic Multi-Strategy Fund

Security	Shares		Value		% of Basket Value
Equity Real Estate Investment Trusts (REITs) (continued)
Prologis Inc.		10,462	$	1,230,854		33.9	%
Vornado Realty Trust		9,321		266,487		7.3
				6,111,335
Food & Staples Retailing
US Foods Holding Corp.		6,569		201,537		5.6
Food Products
Hormel Foods Corp.		17,037		806,872		22.2
Health Care Equipment & Supplies
Baxter International, Inc.		35,480		2,278,881		62.8
Hologic, Inc.		25,976		1,800,137		49.6
Stryker Corp.		6,980		1,388,531		38.2
				5,467,549
Health Care Providers & Services
CVS Health Corp.		9,526		882,679		24.3
Hotels, Restaurants & Leisure
Expedia Group, Inc.		36,418		3,453,519		95.1
Insurance
Chubb Ltd.		7,365		1,447,812		39.9
Lincoln National Corp.		64,992		3,039,676		83.7
				4,487,488
Interactive Media & Services
Zoominfo Technologies, Inc.		23,221		771,866		21.3
IT Services
DXC Technology Co.		10,867		329,379		9.1
Life Sciences Tools & Services
Illumina, Inc.		22,507		4,149,391		114.3
Media
Fox Corp., Class A		39,275		1,263,084		34.8
Metals & Mining
Southern Copper Corp.		65,584		3,266,739		90.0
Oil, Gas & Consumable Fuels
Chevron Corp.		9,368		1,356,299		37.4
CNX Resources Corp.		4,299		70,762		1.9
Coterra Energy Inc.		398,101		10,267,025		282.8
Devon Energy Corp.		88,369		4,870,016		134.1
Marathon Petroleum Corp.		41,937		3,447,641		94.9
PBF Energy Inc., Class A		210,470		6,107,839		168.2
Range Resources Corp.		9,958		246,460		6.8
				26,366,042
Road & Rail
Avis Budget Group, Inc.		1,229		180,761		5.0
CSX Corp.		179,371		5,212,521		143.5
Norfolk Southern Corp.		2,285		519,358		14.3
				5,912,640
Semiconductors & Semiconductor Equipment
Qualcomm, Inc.		10,153		1,296,944		35.7

Security	Shares			Value			% of Basket Value
Software
Fair Isaac Corp.		32,204		$	12,910,583			355.6	%
PTC Inc.		1,761			187,265			5.1
					13,097,848
Specialty Retail
Bath & Body Works, Inc.		18,884			508,357			14.0
Total Reference Entity — Long					108,850,013
Reference Entity — Short
Common Stocks
Aerospace & Defense
Boeing Co.		(10,991	)		(1,502,689	)		(41.4	)
Spirit AeroSystems Holdings, Inc., Class A		(49,300	)		(1,444,490	)		(39.8	)
					(2,947,179	)
Air Freight & Logistics
CH Robinson Worldwide, Inc.		(33,399	)		(3,385,657	)		(93.2	)
Auto Components
Aptiv PLC		(14,759	)		(1,314,584	)		(36.2	)
Goodyear Tire & Rubber Co.		(131,867	)		(1,412,296	)		(38.9	)
					(2,726,880	)
Building Products
Carlisle Cos., Inc.		(6,075	)		(1,449,556	)		(39.9	)
Fortune Brands Home & Security, Inc.		(29,007	)		(1,736,939	)		(47.9	)
					(3,186,495	)
Capital Markets
S&P Global, Inc.		(1,630	)		(549,408	)		(15.1	)
Chemicals
International Flavors & Fragrances, Inc.		(13,247	)		(1,577,983	)		(43.4	)
Sherwin-Williams Co.		(1,698	)		(380,199	)		(10.5	)
					(1,958,182	)
Communications Equipment
Motorola Solutions, Inc.		(21,019	)		(4,405,582	)		(121.3	)
Construction & Engineering
MasTec Inc.		(76,490	)		(5,481,273	)		(150.9	)
Quanta Services, Inc.		(26,062	)		(3,266,611	)		(90.0	)
					(8,747,884	)
Containers & Packaging
Ball Corp.		(26,397	)		(1,815,322	)		(50.0	)
Diversified Telecommunication Services
Lumen Technologies, Inc.		(35,592	)		(388,309	)		(10.7	)
Electric Utilities
NRG Energy, Inc.		(45,039	)		(1,719,139	)		(47.4	)
PG&E Corp.		(96,836	)		(966,423	)		(26.6	)
					(2,685,562	)
Electronic Equipment, Instruments & Components
CDW Corp.		(6,651	)		(1,047,932	)		(28.9	)
Teledyne Technologies, Inc.		(702	)		(263,327	)		(7.2	)
					(1,311,259	)
Energy Equipment & Services
Baker Hughes Co., Class A		(48,899	)		(1,411,714	)		(38.9	)
Halliburton Co.		(25,660	)		(804,698	)		(22.2	)

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

Schedule of Investments (unaudited) (continued) June 30, 2022 BlackRock Systematic Multi-Strategy Fund

Security	Shares			Value			% of Basket Value
Energy Equipment & Services (continued)
NOV, Inc.		(15,334	)	$	(259,298	)		(7.1	)%
Patterson-UTI Energy, Inc.		(218,957	)		(3,450,762	)		(95.0	)
Schlumberger NV		(38,463	)		(1,375,437	)		(37.9	)
					(7,301,909	)
Equity Real Estate Investment Trusts (REITs)
Digital Realty Trust, Inc.		(3,078	)		(399,617	)		(11.0	)
Iron Mountain, Inc.		(7,939	)		(386,550	)		(10.7	)
					(786,167	)
Food Products
Lamb Weston Holdings, Inc.		(9,091	)		(649,643	)		(17.9	)
Health Care Equipment & Supplies
Becton Dickinson & Co.		(8,554	)		(2,108,817	)		(58.1	)
Dentsply Sirona, Inc.		(16,090	)		(574,896	)		(15.8	)
					(2,683,713	)
Health Care Providers & Services
HCA Healthcare, Inc.		(52,698	)		(8,856,426	)		(243.9	)
Tenet Healthcare Corp.		(6,580	)		(345,844	)		(9.5	)
UnitedHealth Group, Inc.		(3,095	)		(1,589,685	)		(43.8	)
					(10,791,955	)
Hotels, Restaurants & Leisure
Las Vegas Sands Corp.		(25,474	)		(855,672	)		(23.6	)
Norwegian Cruise Line Holdings Ltd.		(268,446	)		(2,985,120	)		(82.2	)
Penn National Gaming Inc.		(74,889	)		(2,278,123	)		(62.7	)
Royal Caribbean Cruises Ltd.		(107,554	)		(3,754,710	)		(103.4	)
					(9,873,625	)
Independent Power and Renewable Electricity Producers
Vistra Corp.		(98,714	)		(2,255,615	)		(62.1	)
Insurance
Progressive Corp.		(21,928	)		(2,549,569	)		(70.2	)
Internet & Direct Marketing Retail
Amazon.com, Inc.		(42,960	)		(4,562,782	)		(125.7	)
IT Services
Fidelity National Information Services, Inc.		(21,403	)		(1,962,013	)		(54.1	)
Fiserv, Inc.		(8,688	)		(772,971	)		(21.3	)
International Business Machines Corp.		(10,826	)		(1,528,523	)		(42.1	)
PayPal Holdings, Inc.		(69,787	)		(4,873,924	)		(134.2	)
					(9,137,431	)
Leisure Products
Brunswick Corp.		(28,701	)		(1,876,471	)		(51.7	)
Life Sciences Tools & Services
Agilent Technologies, Inc.		(13,021	)		(1,546,504	)		(42.6	)
Multiline Retail
Nordstrom, Inc.		(77,221	)		(1,631,680	)		(44.9	)
Oil, Gas & Consumable Fuels
HF Sinclair Corp.		(8,858	)		(400,027	)		(11.0	)
Pharmaceuticals
Bausch Health Cos., Inc.		(31,300	)		(261,668	)		(7.2	)
Perrigo Co PLC		(30,252	)		(1,227,324	)		(33.8	)
					(1,488,992	)

Security	Shares			Value			% of Basket Value
Professional Services
Booz Allen Hamilton Holding Corp.		(11,123	)	$	(1,005,074	)		(27.7	)%
Semiconductors & Semiconductor Equipment
Entegris, Inc.		(3,442	)		(317,111	)		(8.7	)
Software
Oracle Corp.		(8,620	)		(602,279	)		(16.6	)
Specialty Retail
Gap, Inc.		(129,607	)		(1,067,962	)		(29.4	)
Lithia Motors, Inc., Class A		(239	)		(65,680	)		(1.8	)
Ross Stores, Inc.		(12,137	)		(852,381	)		(23.5	)
					(1,986,023	)
Technology Hardware, Storage & Peripherals
HP, Inc.		(29,902	)		(980,188	)		(27.0	)
Textiles, Apparel & Luxury Goods
Ralph Lauren Corp., Class A		(1,988	)		(178,224	)		(4.9	)
Wireless Telecommunication Services
T-Mobile U.S., Inc.		(63,225	)		(8,506,291	)		(234.3	)
Total Reference Entity — Short					(105,218,992	)
Net Value of Reference Entity — Citibank N.A.				$	3,631,021

The following table represents the individual long and short positions and related values of the equity securities underlying the total return swap with Citibank N.A. as of period end, termination date February 24, 2023:

Security	Shares		Value		% of Basket Value
Reference Entity — Long
Common Stocks
Airlines
Southwest Airlines Co.		5,659	$	204,403		2.0	%
Automobiles
General Motors Co.		21,444		681,061		6.7
Biotechnology
Amgen Inc.		42,912		10,440,490		103.3
Chemicals
Dow, Inc.		61,291		3,163,228		31.3
Consumer Finance
American Express Co.		4,887		677,436		6.7
Diversified Financial Services
Berkshire Hathaway, Inc., Class B		4,896		1,336,706		13.2
Electric Utilities
American Electric Power Co., Inc.		3,728		357,664		3.5
Food & Staples Retailing
Kroger Co.		5,894		278,963		2.8
Food Products
Kraft Heinz Co.		70,409		2,685,399		26.6
Tyson Foods, Inc., Class A		4,856		417,908		4.1
				3,103,307

SCHEDULE   OF   INVESTMENTS 55

Schedule of Investments (unaudited) (continued) June 30, 2022 BlackRock Systematic Multi-Strategy Fund

Security	Shares			Value			% of Basket Value
Health Care Providers & Services
CVS Health Corp.		4,235		$	392,415			3.9	%
HCA Healthcare, Inc.		4,607			774,252			7.6
					1,166,667
Hotels, Restaurants & Leisure
Marriott International, Inc., Class A		22,760			3,095,588			30.6
MGM Resorts International		78,462			2,271,475			22.5
Yum! Brands, Inc.		28,575			3,243,548			32.1
					8,610,611
Household Products
Procter & Gamble Co.		5,726			823,342			8.1
Insurance
Allstate Corp.		6,802			862,018			8.5
Lincoln National Corp.		41,408			1,936,652			19.2
Marsh & McLennan Cos., Inc.		15,404			2,391,471			23.7
					5,190,141
Media
Omnicom Group, Inc.		79,395			5,050,316			50.0
Metals & Mining
Freeport-McMoRan, Inc.		126,719			3,707,798			36.7
Multiline Retail
Target Corp.		35,134			4,961,975			49.1
Multi-Utilities
Sempra Energy		9,674			1,453,712			14.4
Oil, Gas & Consumable Fuels
APA Corp.		74,369			2,595,478			25.7
Valero Energy Corp.		48,380			5,141,826			50.9
					7,737,304
Pharmaceuticals
Bristol-Myers Squibb Co.		7,990			615,230			6.1
Johnson & Johnson		29,107			5,166,784			51.1
					5,782,014
Road & Rail
Norfolk Southern Corp.		1,277			290,249			2.9
Tobacco
Altria Group, Inc.		43,527			1,818,123			18.0
Total Reference Entity — Long					66,835,510
Reference Entity — Short
Common Stocks
Aerospace & Defense
Boeing Co.		(23,951	)		(3,274,581	)		(32.4	)
Raytheon Technologies Corp.		(8,182	)		(786,372	)		(7.8	)
					(4,060,953	)
Airlines
United Airlines Holdings, Inc.		(32,090	)		(1,136,628	)		(11.2	)
Automobiles
Tesla, Inc.		(4,080	)		(2,747,554	)		(27.2	)

Security	Shares			Value			% of Basket Value
Chemicals
Corteva, Inc.		(28,443	)	$	(1,539,904	)		(15.2	)%
Eastman Chemical Co.		(20,920	)		(1,877,988	)		(18.6	)
					(3,417,892	)
Consumer Finance
Ally Financial, Inc.		(23,833	)		(798,644	)		(7.9	)
OneMain Holdings, Inc.		(33,499	)		(1,252,192	)		(12.4	)
					(2,050,836	)
Diversified Telecommunication Services
AT&T, Inc.		(21,194	)		(444,226	)		(4.4	)
Lumen Technologies, Inc.		(155,772	)		(1,699,473	)		(16.8	)
					(2,143,699	)
Electric Utilities
Nextera Energy, Inc.		(9,487	)		(734,863	)		(7.3	)
NRG Energy, Inc.		(78,113	)		(2,981,573	)		(29.5	)
					(3,716,436	)
Entertainment
Netflix, Inc.		(22,184	)		(3,879,316	)		(38.4	)
Equity Real Estate Investment Trusts (REITs)
Simon Property Group, Inc.		(19,337	)		(1,835,468	)		(18.2	)
Food & Staples Retailing
Albertsons Companies Inc., Class A		(99,778	)		(2,666,068	)		(26.4	)
Food Products
General Mills, Inc.		(60,313	)		(4,550,616	)		(45.0	)
Health Care Equipment & Supplies
Boston Scientific Corp.		(12,107	)		(451,228	)		(4.5	)
Health Care Providers & Services
DaVita, Inc.		(5,823	)		(465,607	)		(4.6	)
UnitedHealth Group, Inc.		(6,515	)		(3,346,300	)		(33.1	)
					(3,811,907	)
Household Durables
Dr. Horton, Inc.		(20,337	)		(1,346,106	)		(13.3	)
Independent Power and Renewable Electricity Producers
AES Corp.		(75,431	)		(1,584,805	)		(15.7	)
Vistra Corp.		(21,593	)		(493,400	)		(4.9	)
					(2,078,205	)
Insurance
MetLife Inc.		(9,585	)		(601,842	)		(5.9	)
Prudential Financial, Inc.		(39,684	)		(3,796,965	)		(37.6	)
					(4,398,807	)
Metals & Mining
Teck Resources Ltd., Class B		(34,827	)		(1,064,661	)		(10.6	)
U.S. Steel Corp.		(324,581	)		(5,813,246	)		(57.5	)
					(6,877,907	)
Multiline Retail
Kohl’s Corp.		(77,458	)		(2,764,476	)		(27.3	)

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

Schedule of Investments (unaudited) (continued) June 30, 2022 BlackRock Systematic Multi-Strategy Fund

Security	Shares			Value			% of Basket Value
Oil, Gas & Consumable Fuels
Enbridge, Inc.		(9,956	)	$	(420,741	)		(4.2	)%
Hess Corp.		(2,635	)		(279,152	)		(2.7	)
					(699,893	)
Specialty Retail
Best Buy Co., Inc.		(23,942	)		(1,560,779	)		(15.4	)
Trading Companies & Distributors
United Rentals, Inc.		(2,199	)		(534,159	)		(5.3	)
Total Reference Entity — Short					(56,728,933	)
Net Value of Reference Entity — Citibank N.A.				$	10,106,577
The following table represents the individual long and short positions and related values of the equity securities underlying the total return swap with Goldman Sachs Bank USA as of period end, termination date February 27, 2023:
Security	Shares			Value			% of Basket Value
Reference Entity — Long
Common Stocks
Aerospace & Defense
Lockheed Martin Corp.		11,208		$	4,818,992			111.9	%
Airlines
Southwest Airlines Co.		117,002			4,226,112			98.1
Beverages
Molson Coors Beverage Co., Class B		8,310			452,978			10.5
Capital Markets
CME Group Inc., Class A		17,447			3,571,401			82.9
Chemicals
CF Industries Holdings, Inc.		14,291			1,225,167			28.5
Huntsman Corp.		28,408			805,367			18.7
Mosaic Co.		52,103			2,460,825			57.1
Westlake Corp.		9,020			884,140			20.5
					5,375,499
Consumer Finance
American Express Co.		47,299			6,556,587			152.2
Diversified Financial Services
Voya Financial, Inc.		21,269			1,266,144			29.4
Equity Real Estate Investment Trusts (REITs)
Healthpeak Properties, Inc.		80,412			2,083,475			48.4
Prologis Inc.		90,977			10,703,444			248.5
Rexford Industrial Realty Inc.		5,919			340,875			7.9
					13,127,794
Health Care Equipment & Supplies
Baxter International, Inc.		72,731			4,671,512			108.4
Medtronic PLC		11,602			1,041,280			24.2
					5,712,792
Health Care Providers & Services
Cigna Corp.		4,811			1,267,795			29.4
Hotels, Restaurants & Leisure
Expedia Group, Inc.		61,248			5,808,148			134.9

Security	Shares		Value		% of Basket Value
Household Products
Church & Dwight Co., Inc.		4,827	$	447,270		10.4	%
Insurance
American International Group, Inc.		19,734		1,009,000		23.4
Chubb Ltd.		4,164		818,559		19.0
Lincoln National Corp.		15,147		708,425		16.5
				2,535,984
IT Services
Block, Inc., Class A		24,192		1,486,840		34.5
VeriSign Inc.		6,954		1,163,613		27.0
				2,650,453
Life Sciences Tools & Services
Illumina, Inc.		20,782		3,831,369		89.0
Media
Fox Corp., Class A		9,927		319,252		7.4
Omnicom Group, Inc.		67,017		4,262,952		99.0
				4,582,204
Metals & Mining
Cleveland-Cliffs, Inc.		334,986		5,148,735		119.6
Kinross Gold Corp.		529,223		1,894,618		44.0
Newmont Corp.		37,424		2,233,090		51.9
Nucor Corp.		22,294		2,327,717		54.0
Southern Copper Corp.		57,268		2,852,519		66.2
				14,456,679
Oil, Gas & Consumable Fuels
Coterra Energy Inc.		122,388		3,156,386		73.3
Devon Energy Corp.		116,241		6,406,041		148.7
Laredo Petroleum, Inc.		21,398		1,475,178		34.3
PBF Energy Inc., Class A		17,683		513,161		11.9
Phillips 66		15,436		1,265,598		29.4
				12,816,364
Road & Rail
Norfolk Southern Corp.		8,583		1,950,830		45.3
Semiconductors & Semiconductor Equipment
Applied Materials, Inc.		23,830		2,168,053		50.3
Qualcomm, Inc.		59		7,537		0.2
Skyworks Solutions Inc.		8,581		794,944		18.5
				2,970,534
Software
Autodesk Inc.		3,266		561,621		13.1
Elastic NV		26,673		1,804,962		41.9
				2,366,583
Specialty Retail
Bath & Body Works, Inc.		144,583		3,892,174		90.4
Murphy USA Inc.		4,918		1,145,255		26.6
				5,037,429
Textiles, Apparel & Luxury Goods
Tapestry, Inc.		115,504		3,525,182		81.9
Total Reference Entity — Long				109,355,123

SCHEDULE   OF   INVESTMENTS 57

Schedule of Investments (unaudited) (continued) June 30, 2022 BlackRock Systematic Multi-Strategy Fund

Security	Shares			Value			% of Basket Value
Reference Entity — Short
Common Stocks
Aerospace & Defense
Spirit AeroSystems Holdings, Inc., Class A		(194,436	)	$	(5,696,975	)		(132.3	)%
TransDigm Group, Inc.		(879	)		(471,733	)		(10.9	)
					(6,168,708	)
Airlines
Delta Air Lines, Inc.		(76,909	)		(2,228,054	)		(51.7	)
Auto Components
Aptiv PLC		(35,389	)		(3,152,098	)		(73.2	)
Automobiles
Ford Motor Co.		(160,084	)		(1,781,735	)		(41.4	)
Building Products
Carlisle Cos., Inc.		(4,664	)		(1,112,877	)		(25.8	)
Chemicals
Air Products & Chemicals, Inc.		(4,787	)		(1,151,178	)		(26.7	)
Axalta Coating Systems Ltd.		(34,083	)		(753,575	)		(17.5	)
PPG Industries, Inc.		(12,791	)		(1,462,523	)		(34.0	)
Sherwin-Williams Co.		(6,586	)		(1,474,671	)		(34.2	)
					(4,841,947	)
Construction & Engineering
MasTec Inc.		(24,771	)		(1,775,090	)		(41.2	)
Consumer Finance
Ally Financial, Inc.		(11,146	)		(373,502	)		(8.7	)
Containers & Packaging
Amcor PLC		(73,164	)		(909,428	)		(21.1	)
Ball Corp.		(79,719	)		(5,482,276	)		(127.3	)
					(6,391,704	)
Diversified Consumer Services
Service Corp. International		(10,338	)		(714,563	)		(16.6	)
Diversified Telecommunication Services
Lumen Technologies, Inc.		(469,011	)		(5,116,910	)		(118.8	)
Electric Utilities
PG&E Corp.		(129,981	)		(1,297,210	)		(30.1	)
Equity Real Estate Investment Trusts (REITs)
American Tower Corp.		(5,809	)		(1,484,722	)		(34.5	)
Iron Mountain, Inc.		(14,015	)		(682,390	)		(15.8	)
Omega Healthcare Investors, Inc.		(7,617	)		(214,723	)		(5.0	)
VICI Properties, Inc.		(17,987	)		(535,833	)		(12.4	)
WP Carey Inc.		(28,354	)		(2,349,413	)		(54.6	)
					(5,267,081	)
Food Products
Conagra Brands, Inc.		(8,109	)		(277,652	)		(6.4	)
Lamb Weston Holdings, Inc.		(39,084	)		(2,792,943	)		(64.9	)
					(3,070,595	)
Gas Utilities
UGI Corp.		(52,971	)		(2,045,210	)		(47.5	)

Security	Shares			Value			% of Basket Value
Health Care Equipment & Supplies
Dentsply Sirona, Inc.		(17,859	)	$	(638,102	)		(14.8	)%
STERIS PLC		(1,503	)		(309,844	)		(7.2	)
					(947,946	)
Health Care Providers & Services
Molina Healthcare Inc.		(2,333	)		(652,330	)		(15.2	)
Tenet Healthcare Corp.		(14,786	)		(777,152	)		(18.0	)
					(1,429,482	)
Hotels, Restaurants & Leisure
Norwegian Cruise Line Holdings Ltd.		(36,194	)		(402,477	)		(9.4	)
Independent Power and Renewable Electricity Producers
Vistra Corp.		(9,234	)		(210,997	)		(4.9	)
Insurance
Assurant, Inc.		(1,711	)		(295,746	)		(6.9	)
Marsh & McLennan Cos., Inc.		(4,861	)		(754,670	)		(17.5	)
Progressive Corp.		(16,283	)		(1,893,225	)		(44.0	)
					(2,943,641	)
Internet & Direct Marketing Retail
Amazon.com, Inc.		(4,663	)		(495,257	)		(11.5	)
IT Services
Fidelity National Information Services, Inc.		(33,896	)		(3,107,246	)		(72.2	)
Global Payments, Inc.		(16,270	)		(1,800,113	)		(41.8	)
International Business Machines Corp.		(104,442	)		(14,746,166	)		(342.4	)
PayPal Holdings, Inc.		(79,794	)		(5,572,813	)		(129.4	)
Twilio Inc., Class A		(11,971	)		(1,003,290	)		(23.3	)
					(26,229,628	)
Leisure Products
Brunswick Corp.		(12,192	)		(797,113	)		(18.5	)
Life Sciences Tools & Services
Agilent Technologies, Inc.		(12,632	)		(1,500,303	)		(34.8	)
Oil, Gas & Consumable Fuels
ConocoPhillips		(22,895	)		(2,056,200	)		(47.7	)
Pharmaceuticals
Catalent, Inc.		(68,355	)		(7,333,808	)		(170.3	)
Professional Services
Booz Allen Hamilton Holding Corp.		(54,432	)		(4,918,475	)		(114.2	)
Semiconductors & Semiconductor Equipment
Intel Corp.		(25,390	)		(949,840	)		(22.1	)
Specialty Retail
Foot Locker, Inc.		(311,927	)		(7,876,157	)		(182.9	)
Gap, Inc.		(53,750	)		(442,900	)		(10.3	)
					(8,319,057	)

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

Schedule of Investments (unaudited) (continued) June 30, 2022 BlackRock Systematic Multi-Strategy Fund

Security	Shares	Value			% of Basket Value
Wireless Telecommunication Services
T-Mobile U.S., Inc.		$	(1,176,956	)		(27.3	)%
Total Reference Entity — Short	(8,748)	(105,048,464)
Net Value of Reference Entity — Goldman Sachs Bank USA		$	4,306,659

The following table represents the individual long and short positions and related values of the equity securities underlying the total return swap with Goldman Sachs Bank USA as of period end, termination date February 27, 2023:

Security	Shares		Value		% of Basket Value
Reference Entity — Long
Common Stocks
Aerospace & Defense
Northrop Grumman Corp.		193	$	92,364		10.4	%
Air Freight & Logistics
FedEx Corp.		2,732		619,372		69.6
Automobiles
General Motors Co.		55,402		1,759,567		197.8
Building Products
Johnson Controls International PLC		38,434		1,840,220		206.9
Chemicals
Dow, Inc.		133,481		6,888,954		774.5
Consumer Finance
American Express Co.		20,072		2,782,381		312.8
Electronic Equipment, Instruments & Components
Arrow Electronics, Inc.		8,717		977,088		109.9
Energy Equipment & Services
Halliburton Co.		79,035		2,478,538		278.7
Equity Real Estate Investment Trusts (REITs)
Weyerhaeuser Co.		47,577		1,575,750		177.2
Food Products
Campbell Soup Co.		50,866		2,444,111		274.8
Kraft Heinz Co.		35,860		1,367,700		153.7
Tyson Foods, Inc., Class A		9,342		803,973		90.4
				4,615,784
Health Care Providers & Services
HCA Healthcare, Inc.		1,929		324,188		36.4
Hotels, Restaurants & Leisure
Expedia Group, Inc.		65,568		6,217,814		699.0
Yum! Brands, Inc.		44,620		5,064,816		569.4
				11,282,630
Insurance
Allstate Corp.		18,775		2,379,356		267.5
Lincoln National Corp.		8,270		386,788		43.5
Marsh & McLennan Cos., Inc.		10,342		1,605,595		180.5
				4,371,739

Security	Shares			Value			% of Basket Value
Media
Omnicom Group, Inc.		40,159		$	2,554,514			287.2	%
Multiline Retail
Target Corp.		7,886			1,113,740			125.2
Multi-Utilities
Sempra Energy		30,665			4,608,029			518.1
Oil, Gas & Consumable Fuels
Kinder Morgan, Inc.		70,081			1,174,557			132.1
Marathon Petroleum Corp.		28,271			2,324,159			261.3
Targa Resources Corp.		4,291			256,044			28.8
TC Energy Corp.		7,639			395,777			44.5
Valero Energy Corp.		17,520			1,862,026			209.3
					6,012,563
Pharmaceuticals
Bristol-Myers Squibb Co.		4,503			346,731			39.0
Johnson & Johnson		15,662			2,780,162			312.5
					3,126,893
Total Reference Entity — Long					57,024,314
Reference Entity — Short
Common Stocks
Aerospace & Defense
Boeing Co.		(22,294	)		(3,048,036	)		(342.7	)
TransDigm Group, Inc.		(1,329	)		(713,234	)		(80.2	)
					(3,761,270	)
Automobiles
Ford Motor Co.		(68,608	)		(763,607	)		(85.8	)
Consumer Finance
OneMain Holdings, Inc.		(1,076	)		(40,221	)		(4.5	)
Containers & Packaging
Ball Corp.		(56,330	)		(3,873,814	)		(435.5	)
Sealed Air Corp.		(1,996	)		(115,209	)		(13.0	)
					(3,989,023	)
Diversified Telecommunication Services
AT&T, Inc.		(69,568	)		(1,458,145	)		(163.9	)
Lumen Technologies, Inc.		(359,189	)		(3,918,752	)		(440.6	)
Verizon Communications, Inc.		(20,011	)		(1,015,558	)		(114.2	)
					(6,392,455	)
Electric Utilities
NRG Energy, Inc.		(88,547	)		(3,379,839	)		(380.0	)
Equity Real Estate Investment Trusts (REITs)
Simon Property Group, Inc.		(33,043	)		(3,136,442	)		(352.6	)
Food Products
General Mills, Inc.		(37,437	)		(2,824,622	)		(317.6	)
Health Care Providers & Services
DaVita, Inc.		(22,411	)		(1,791,984	)		(201.5	)
UnitedHealth Group, Inc.		(759	)		(389,845	)		(43.8	)
					(2,181,829	)
Household Durables
Dr. Horton, Inc.		(171,998	)		(11,384,548	)		(1,279.9	)
Insurance
MetLife Inc.		(6,051	)		(379,942	)		(42.7	)

SCHEDULE   OF   INVESTMENTS 59

Schedule of Investments (unaudited) (continued) June 30, 2022 BlackRock Systematic Multi-Strategy Fund

Security	Shares			Value			% of Basket Value
Machinery
Caterpillar, Inc.		(4,578	)	$	(818,363	)		(92.0	)%
Metals & Mining
Teck Resources Ltd., Class B		(80,539	)		(2,462,077	)		(276.8	)
U.S. Steel Corp.		(18,714	)		(335,168	)		(37.7	)
					(2,797,245	)
Multiline Retail
Nordstrom, Inc.		(16,662	)		(352,068	)		(39.6	)
Oil, Gas & Consumable Fuels
Devon Energy Corp.		(66,345	)		(3,656,273	)		(411.0	)
Hess Corp.		(24,517	)		(2,597,331	)		(292.0	)
Pioneer Natural Resources Co.		(5,513	)		(1,229,840	)		(138.3	)
					(7,483,444	)
Software
Oracle Corp.		(16,760	)		(1,171,021	)		(131.6	)
Specialty Retail
Best Buy Co., Inc.		(66,117	)		(4,310,167	)		(484.6	)
Trading Companies & Distributors
United Rentals, Inc.		(3,988	)		(968,725	)		(108.9	)
Total Reference Entity — Short					(56,134,831	)
Net Value of Reference Entity — Goldman Sachs Bank USA				$	889,483

The following table represents the individual long and short positions and related values of the equity securities underlying the total return swap with HSBC Bank PLC as of period end, termination date February 10, 2023:

Security	Shares		Value		% of Basket Value
Reference Entity — Long
Common Stocks
Automobiles
Harley-Davidson, Inc.		15,854	$	501,938		10.6	%
Biotechnology
Biogen, Inc.		10,371		2,115,062		44.5
Building Products
Owens Corning		4,702		349,406		7.4
Capital Markets
CME Group Inc., Class A		40,854		8,362,814		176.0
Chemicals
Dow, Inc.		31,468		1,624,064		34.2
DuPont de Nemours, Inc.		388		21,565		0.4
Huntsman Corp.		7,772		220,336		4.6
Mosaic Co.		25,923		1,224,343		25.8
Westlake Corp.		16,947		1,661,145		35.0
				4,751,453
Consumer Finance
Capital One Financial Corp.		1,939		202,024		4.3
Equity Real Estate Investment Trusts (REITs)
Boston Properties, Inc.		65,327		5,812,797		122.3

Security	Shares		Value		% of Basket Value
Equity Real Estate Investment Trusts (REITs) (continued)
Camden Property Trust		2,080	$	279,718		5.9	%
Healthpeak Properties, Inc.		70,414		1,824,427		38.4
Simon Property Group, Inc.		2,034		193,067		4.1
Vornado Realty Trust		11,522		329,414		6.9
				8,439,423
Food & Staples Retailing
Kroger Co.		50,941		2,411,037		50.7
Food Products
Archer-Daniels-Midland Co.		3,206		248,786		5.2
Tyson Foods, Inc., Class A		5,951		512,143		10.8
				760,929
Health Care Equipment & Supplies
Baxter International, Inc.		36,873		2,368,353		49.9
Hologic, Inc.		12,332		854,607		18.0
Stryker Corp.		2,373		472,061		9.9
				3,695,021
Health Care Providers & Services
CVS Health Corp.		43,725		4,051,558		85.3
Hotels, Restaurants & Leisure
Marriott International, Inc., Class A		7,205		979,952		20.6
MGM Resorts International		6,452		186,785		4.0
				1,166,737
Insurance
American International Group, Inc.		39,575		2,023,470		42.6
Hartford Financial Services Group, Inc.		10,937		715,608		15.0
Lincoln National Corp.		14,829		693,552		14.6
				3,432,630
IT Services
Block, Inc., Class A		291,513		17,916,389		377.1
DXC Technology Co.		10,419		315,800		6.6
GoDaddy, Inc., Class A		33,339		2,319,061		48.8
				20,551,250
Life Sciences Tools & Services
Illumina, Inc.		29,896		5,511,627		116.0
Media
Omnicom Group, Inc.		89,961		5,722,419		120.4
Metals & Mining
Newmont Corp.		40,810		2,435,133		51.3
Nucor Corp.		56,451		5,894,049		124.1
Southern Copper Corp.		65,389		3,257,026		68.5
				11,586,208
Multi-Utilities
CMS Energy Corp.		6,729		454,207		9.6
Oil, Gas & Consumable Fuels
Callon Petroleum Co.		16,468		645,546		13.6
Chevron Corp.		1,067		154,480		3.2
CNX Resources Corp.		52,405		862,586		18.2
Coterra Energy Inc.		168,445		4,344,197		91.4
PBF Energy Inc., Class A		29,621		859,601		18.1
Range Resources Corp.		9,946		246,164		5.2
				7,112,574

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

Schedule of Investments (unaudited) (continued) June 30, 2022 BlackRock Systematic Multi-Strategy Fund

Security	Shares			Value			% of Basket Value
Pharmaceuticals
Pfizer, Inc.		37,824		$	1,983,112			41.7	%
Zoetis, Inc.		5,172			889,015			18.7
					2,872,127
Road & Rail
CSX Corp.		26,313			764,656			16.1
Union Pacific Corp.		13,970			2,979,521			62.7
					3,744,177
Software
Elastic NV		37,290			2,523,414			53.1
PTC Inc.		22,553			2,398,286			50.5
					4,921,700
Technology Hardware, Storage & Peripherals
Seagate Technology Holdings PLC		99,527			7,110,209			149.6
Textiles, Apparel & Luxury Goods
Hanesbrands, Inc.		24,613			253,268			5.3
Total Reference Entity — Long					110,079,798
Reference Entity — Short
Common Stocks
Aerospace & Defense
Boeing Co.		(7,778	)		(1,063,408	)		(22.4	)
Spirit AeroSystems Holdings, Inc., Class A		(20,209	)		(592,124	)		(12.5	)
					(1,655,532	)
Auto Components
Aptiv PLC		(8,365	)		(745,071	)		(15.7	)
Goodyear Tire & Rubber Co.		(78,997	)		(846,058	)		(17.8	)
Lear Corp.		(3,368	)		(423,997	)		(8.9	)
					(2,015,126	)
Building Products
Carlisle Cos., Inc.		(1,274	)		(303,989	)		(6.4	)
Fortune Brands Home & Security, Inc.		(59,941	)		(3,589,267	)		(75.5	)
					(3,893,256	)
Capital Markets
Moody’s Corp.		(2,908	)		(790,889	)		(16.7	)
Chemicals
Albemarle Corp.		(28,558	)		(5,968,051	)		(125.6	)
Axalta Coating Systems Ltd.		(98,099	)		(2,168,969	)		(45.7	)
Chemours Co.		(34,986	)		(1,120,252	)		(23.6	)
International Flavors & Fragrances, Inc.		(1,917	)		(228,353	)		(4.8	)
Scotts Miracle-Gro Co.		(13,659	)		(1,078,924	)		(22.7	)
					(10,564,549	)
Communications Equipment
Motorola Solutions, Inc.		(979	)		(205,198	)		(4.3	)
Consumer Finance
Ally Financial, Inc.		(16,796	)		(562,834	)		(11.8	)
OneMain Holdings, Inc.		(17,884	)		(668,504	)		(14.1	)
					(1,231,338	)
Containers & Packaging
Amcor PLC		(456,336	)		(5,672,257	)		(119.4	)
Ball Corp.		(10,511	)		(722,841	)		(15.2	)
					(6,395,098	)

Security	Shares			Value			% of Basket Value
Electric Utilities
Nextera Energy, Inc.		(13,352	)	$	(1,034,246	)		(21.8	)%
NRG Energy, Inc.		(41,577	)		(1,586,994	)		(33.4	)
PG&E Corp.		(20,218	)		(201,776	)		(4.2	)
					(2,823,016	)
Energy Equipment & Services
Patterson-UTI Energy, Inc.		(15,291	)		(240,986	)		(5.1	)
Entertainment
Netflix, Inc.		(63,661	)		(11,132,399	)		(234.3	)
Equity Real Estate Investment Trusts (REITs)
American Tower Corp.		(2,508	)		(641,020	)		(13.5	)
Food & Staples Retailing
Albertsons Companies Inc., Class A		(46,506	)		(1,242,640	)		(26.2	)
Gas Utilities
UGI Corp.		(70,623	)		(2,726,754	)		(57.4	)
Health Care Equipment & Supplies
Dentsply Sirona, Inc.		(78,248	)		(2,795,801	)		(58.8	)
Health Care Providers & Services
Tenet Healthcare Corp.		(28,174	)		(1,480,825	)		(31.2	)
Hotels, Restaurants & Leisure
Royal Caribbean Cruises Ltd.		(159,013	)		(5,551,144	)		(116.8	)
Household Durables
KB Home		(51,989	)		(1,479,607	)		(31.1	)
Independent Power and Renewable Electricity Producers
Vistra Corp.		(33,179	)		(758,140	)		(16.0	)
Insurance
Assurant, Inc.		(33,223	)		(5,742,595	)		(120.9	)
Progressive Corp.		(24,529	)		(2,851,987	)		(60.0	)
					(8,594,582	)
Internet & Direct Marketing Retail
Amazon.com, Inc.		(6,768	)		(718,829	)		(15.1	)
IT Services
Fidelity National Information Services, Inc.		(41,705	)		(3,823,098	)		(80.5	)
PayPal Holdings, Inc.		(44,798	)		(3,128,692	)		(65.8	)
					(6,951,790	)
Life Sciences Tools & Services
Agilent Technologies, Inc.		(31,177	)		(3,702,892	)		(77.9	)
Machinery
Wabtec Corp.		(7,883	)		(647,037	)		(13.6	)
Media
DISH Network Corp., Class A		(23,142	)		(414,936	)		(8.7	)
Paramount Global, Class B		(71,769	)		(1,771,259	)		(37.3	)
					(2,186,195	)
Metals & Mining
U.S. Steel Corp.		(258,763	)		(4,634,445	)		(97.5	)
Mortgage Real Estate Investment Trusts (REITs)
Starwood Property Trust Inc.		(16,461	)		(343,870	)		(7.2	)

SCHEDULE   OF   INVESTMENTS 61

Schedule of Investments (unaudited) (continued) June 30, 2022 BlackRock Systematic Multi-Strategy Fund

Security	Shares			Value			% of Basket Value
Multiline Retail
Dollar General Corp.		(12,388	)	$	(3,040,511	)		(64.0	)%
Oil, Gas & Consumable Fuels
Antero Resources Corp.		(47,545	)		(1,457,254	)		(30.7	)
ConocoPhillips		(3,778	)		(339,302	)		(7.1	)
Hess Corp.		(3,471	)		(367,718	)		(7.7	)
HF Sinclair Corp.		(47,125	)		(2,128,165	)		(44.8	)
Ovintiv, Inc.		(4,824	)		(213,173	)		(4.5	)
					(4,505,612	)
Personal Products
Estee Lauder Cos., Inc., Class A		(2,584	)		(658,067	)		(13.9	)
Pharmaceuticals
Catalent, Inc.		(60,808	)		(6,524,090	)		(137.3	)
Semiconductors & Semiconductor Equipment
Entegris, Inc.		(4,732	)		(435,959	)		(9.2	)
Software
Oracle Corp.		(12,601	)		(880,432	)		(18.5	)
Specialty Retail
Ross Stores, Inc.		(10,863	)		(762,909	)		(16.1	)
Technology Hardware, Storage & Peripherals
HP, Inc.		(46,670	)		(1,529,843	)		(32.2	)
Tobacco
Philip Morris International, Inc.		(16,084	)		(1,588,134	)		(33.4	)
Total Reference Entity — Short					(105,328,515	)
Net Value of Reference Entity —     HSBC Bank PLC				$      4,751,283

The following table represents the individual long and short positions and related values of the equity securities underlying the total return swap with HSBC Bank PLC as of period end, termination date February 10, 2023:

Security	Shares		Value		% of Basket Value
Reference Entity — Long
Common Stocks
Airlines
Southwest Airlines Co.		149,644	$	5,405,141		159.1	%
Auto Components
Goodyear Tire & Rubber Co.		95,627		1,024,165		30.2
Automobiles
General Motors Co.		72,341		2,297,550		67.6
Biotechnology
Amgen Inc.		4,301		1,046,433		30.8
Chemicals
Dow, Inc.		18,082		933,212		27.5
Consumer Finance
American Express Co.		10,689		1,481,709		43.6
Electronic Equipment, Instruments & Components
Arrow Electronics, Inc.		2,011		225,413		6.6

Security	Shares			Value			% of Basket Value
Food Products
Kraft Heinz Co.		96,214		$	3,669,602			108.0	%
Health Care Providers & Services
Cardinal Health, Inc.		24,233			1,266,659			37.3
HCA Healthcare, Inc.		12,149			2,041,761			60.1
					3,308,420
Hotels, Restaurants & Leisure
Expedia Group, Inc.		43,795			4,153,080			122.3
Marriott International, Inc., Class A		3,704			503,781			14.8
Yum! Brands, Inc.		10,784			1,224,092			36.0
					5,880,953
Household Products
Procter & Gamble Co.		8,247			1,185,836			34.9
Insurance
Allstate Corp.		9,190			1,164,649			34.3
American International Group, Inc.		30,626			1,565,908			46.1
Lincoln National Corp.		31,286			1,463,246			43.1
					4,193,803
Media
Omnicom Group, Inc.		11,587			737,049			21.7
Metals & Mining
Barrick Gold Corp.		25,810			456,579			13.5
Multiline Retail
Target Corp.		52,266			7,381,527			217.3
Multi-Utilities
Sempra Energy		21,814			3,277,990			96.5
Oil, Gas & Consumable Fuels
TC Energy Corp.		49,832			2,581,796			76.0
Pharmaceuticals
Johnson & Johnson		83,139			14,758,004			434.4
Total Reference Entity — Long					59,845,182
Reference Entity — Short
Common Stocks
Aerospace & Defense
Raytheon Technologies Corp.		(3,721	)		(357,625	)		(10.5	)
TransDigm Group, Inc.		(1,918	)		(1,029,333	)		(30.3	)
					(1,386,958	)
Air Freight & Logistics
United Parcel Service, Inc., Class B		(2,979	)		(543,787	)		(16.0	)
Airlines
American Airlines Group Inc.		(28,120	)		(356,562	)		(10.5	)
Delta Air Lines, Inc.		(72,130	)		(2,089,606	)		(61.5	)
					(2,446,168	)
Automobiles
Ford Motor Co.		(24,313	)		(270,604	)		(8.0	)
Chemicals
Eastman Chemical Co.		(45,047	)		(4,043,869	)		(119.0	)
Sherwin-Williams Co.		(5,690	)		(1,274,048	)		(37.5	)
					(5,317,917	)
Communications Equipment
Motorola Solutions, Inc.		(1,772	)		(371,411	)		(10.9	)

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

Schedule of Investments (unaudited) (continued) June 30, 2022 BlackRock Systematic Multi-Strategy Fund

Security	Shares			Value			% of Basket Value
Consumer Finance
OneMain Holdings, Inc.		(14,780	)	$	(552,476	)		(16.3	)%
Diversified Telecommunication Services
AT&T, Inc.		(70,425	)		(1,476,108	)		(43.5	)
Electric Utilities
Nextera Energy, Inc.		(6,626	)		(513,250	)		(15.1	)
NRG Energy, Inc.		(142,914	)		(5,455,027	)		(160.6	)
					(5,968,277	)
Entertainment
Netflix, Inc.		(16,454	)		(2,877,311	)		(84.7	)
Equity Real Estate Investment Trusts (REITs)
Host Hotels & Resorts, Inc.		(83,396	)		(1,307,649	)		(38.5	)
Iron Mountain, Inc.		(9,174	)		(446,682	)		(13.2	)
Simon Property Group, Inc.		(2,905	)		(275,743	)		(8.1	)
					(2,030,074	)
Food & Staples Retailing
Albertsons Companies Inc., Class A		(71,710	)		(1,916,091	)		(56.4	)
Walmart, Inc.		(112,045	)		(13,622,431	)		(401.0	)
					(15,538,522	)
Food Products
General Mills, Inc.		(83,264	)		(6,282,269	)		(184.9	)
Health Care Providers & Services
DaVita, Inc.		(18,641	)		(1,490,534	)		(43.9	)
Household Durables
Dr. Horton, Inc.		(18,929	)		(1,252,911	)		(36.9	)
Independent Power and Renewable Electricity Producers
Vistra Corp.		(56,600	)		(1,293,310	)		(38.1	)
Industrial Conglomerates
Honeywell International, Inc.		(2,061	)		(358,223	)		(10.5	)
Machinery
Deere & Co.		(3,616	)		(1,082,884	)		(31.9	)
Media
Charter Communications, Inc., Class A		(2,941	)		(1,377,947	)		(40.6	)
Comcast Corp., Class A		(15,602	)		(612,222	)		(18.0	)
					(1,990,169	)
Metals & Mining
Teck Resources Ltd., Class B		(11,912	)		(364,150	)		(10.7	)
Multiline Retail
Macy’s Inc.		(39,945	)		(731,792	)		(21.5	)
Multi-Utilities
Dominion Energy, Inc.		(5,907	)		(471,438	)		(13.9	)
Oil, Gas & Consumable Fuels
Devon Energy Corp.		(4,866	)		(268,165	)		(7.9	)

Security	Shares			Value			% of Basket Value
Trading Companies & Distributors
United Rentals, Inc.		(8,574	)	$	(2,082,710	)		(61.3	)%
Total Reference Entity — Short					(56,448,168	)
Net Value of Reference Entity —     HSBC Bank PLC				$      3,397,014

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
Electric Utilities
American Electric Power Co., Inc.		21,653		$	2,077,389			2.9	%
Food Products
Campbell Soup Co.		266,382			12,799,655			17.7
Health Care Providers & Services
Cardinal Health, Inc.		91,906			4,803,927			6.6
Quest Diagnostics, Inc.		22,123			2,941,916			4.1
					7,745,843
Hotels, Restaurants & Leisure
Marriott International, Inc., Class A		161,158			21,919,100			30.3
MGM Resorts International		714,309			20,679,245			28.6
					42,598,345
Oil, Gas & Consumable Fuels
Targa Resources Corp.		426,971			25,477,360			35.2
Road & Rail
CSX Corp.		194,290			5,646,067			7.8
Specialty Retail
Home Depot, Inc.		12,502			3,428,924			4.7
Tobacco
Altria Group, Inc.		56,705			2,368,568			3.3
Total Reference Entity — Long					102,142,151
Reference Entity — Short
Common Stocks
Aerospace & Defense
Raytheon Technologies Corp.		(23,926	)		(2,299,528	)		(3.2	)
Equity Real Estate Investment Trusts (REITs)
Iron Mountain, Inc.		(60,812	)		(2,960,936	)		(4.1	)
Household Durables
PulteGroup, Inc.		(68,740	)		(2,724,166	)		(3.8	)

SCHEDULE   OF   INVESTMENTS 63

Schedule of Investments (unaudited) (continued) June 30, 2022 BlackRock Systematic Multi-Strategy Fund

Security	Shares			Value			% of Basket Value
Independent Power and Renewable Electricity Producers
AES Corp.		(359,152	)	$	(7,545,784	)		(10.4	)%
Oil, Gas & Consumable Fuels
Enbridge, Inc.		(293,857	)		(12,418,397	)		(17.2	)
Specialty Retail
Gap, Inc.		(145,746	)		(1,200,947	)		(1.6	)
Thrifts & Mortgage Finance
Radian Group, Inc.		(33,612	)		(660,476	)		(0.9	)
Total Reference Entity — Short					(29,810,234	)
Net Value of Reference Entity — Merrill Lynch International				$	72,331,917

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
Automobiles
Thor Industries, Inc.		41,039	$	3,066,844		54.0	%
Biotechnology
Biogen, Inc.		10,281		2,096,707		36.9
Gilead Sciences, Inc.		268,060		16,568,789		291.8
				18,665,496
Building Products
Owens Corning		19,319		1,435,595		25.3
Chemicals
DuPont de Nemours, Inc.		4,283		238,049		4.2
Huntsman Corp.		41,427		1,174,455		20.7
				1,412,504
Diversified Consumer Services
H&R Block, Inc.		11,962		422,498		7.4
Electronic Equipment, Instruments & Components
Keysight Technologies, Inc.		59,559		8,210,208		144.6
Equity Real Estate Investment Trusts (REITs)
Boston Properties, Inc.		21,926		1,950,976		34.3
Weyerhaeuser Co.		38,870		1,287,374		22.7
				3,238,350
Food Products
Kellogg Co.		29,850		2,129,499		37.5
Health Care Equipment & Supplies
Abbott Laboratories		52,230		5,674,790		99.9
Baxter International, Inc.		41,451		2,662,398		46.9
Stryker Corp.		8,722		1,735,067		30.6
				10,072,255

Security	Shares			Value			% of Basket Value
Hotels, Restaurants & Leisure
Marriott International, Inc., Class A		9,890		$	1,345,139			23.7	%
Insurance
Lincoln National Corp.		48,621			2,274,004			40.0
Interactive Media & Services
Zoominfo Technologies, Inc.		183,534			6,100,670			107.4
Internet & Direct Marketing Retail
eBay, Inc.		7,603			316,817			5.6
IT Services
Block, Inc., Class A		47,940			2,946,392			51.9
VeriSign Inc.		61,172			10,235,911			180.3
					13,182,303
Life Sciences Tools & Services
Illumina, Inc.		14,735			2,716,545			47.8
Machinery
Xylem, Inc.		1,592			124,462			2.2
Media
Cable One, Inc.		11,937			15,390,613			271.0
Metals & Mining
Cleveland-Cliffs, Inc.		116,206			1,786,086			31.5
Multiline Retail
Kohl’s Corp.		91,175			3,254,036			57.3
Pharmaceuticals
Pfizer, Inc.		21,141			1,108,423			19.5
Road & Rail
Norfolk Southern Corp.		36,571			8,312,222			146.4
Software
PTC Inc.		5,049			536,911			9.5
Technology Hardware, Storage & Peripherals
Seagate Technology Holdings PLC		27,380			1,956,027			34.4
Textiles, Apparel & Luxury Goods
Tapestry, Inc.		67,259			2,052,745			36.2
Total Reference Entity — Long				109,110,252
Reference Entity — Short
Common Stocks
Aerospace & Defense
TransDigm Group, Inc.		(6,024	)		(3,232,900	)		(56.9	)
Air Freight & Logistics
FedEx Corp.		(6,185	)		(1,402,201	)		(24.7	)
Airlines
Delta Air Lines, Inc.		(181,402	)		(5,255,216	)		(92.5	)
Capital Markets
Raymond James Financial, Inc.		(36,639	)		(3,275,893	)		(57.7	)
Chemicals
Air Products & Chemicals, Inc.		(1,338	)		(321,762	)		(5.7	)

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

Schedule of Investments (unaudited) (continued) June 30, 2022 BlackRock Systematic Multi-Strategy Fund

Security	Shares			Value			% of Basket Value
Containers & Packaging
Ball Corp.		(33,732	)	$	(2,319,750	)		(40.9	)%
Electric Utilities
NRG Energy, Inc.		(210,875	)		(8,049,099	)		(141.8	)
PG&E Corp.		(2,398,870	)		(23,940,722	)		(421.6	)
					(31,989,821	)
Electronic Equipment, Instruments & Components
Teledyne Technologies, Inc.		(591	)		(221,690	)		(3.9	)
Energy Equipment & Services
Baker Hughes Co., Class A		(79,727	)		(2,301,719	)		(40.5	)
Patterson-UTI Energy, Inc.		(139,897	)		(2,204,777	)		(38.8	)
Transocean Ltd.		(103,325	)		(344,072	)		(6.1	)
					(4,850,568	)
Entertainment
Netflix, Inc.		(3,740	)		(654,014	)		(11.5	)
Equity Real Estate Investment Trusts (REITs)
American Homes 4 Rent, Class A		(22,049	)		(781,417	)		(13.8	)
Iron Mountain, Inc.		(58,325	)		(2,839,844	)		(50.0	)
Realty Income Corp.		(13,735	)		(937,551	)		(16.5	)
					(4,558,812	)
Food & Staples Retailing
Performance Food Group Co.		(116,922	)		(5,376,074	)		(94.7	)
Food Products
Lamb Weston Holdings, Inc.		(3,077	)		(219,882	)		(3.9	)
Health Care Equipment & Supplies
STERIS PLC		(9,835	)		(2,027,485	)		(35.7	)
Health Care Providers & Services
DaVita, Inc.		(7,174	)		(573,633	)		(10.1	)
Hotels, Restaurants & Leisure
Carnival Corp.		(327,441	)		(2,832,364	)		(49.9	)
Las Vegas Sands Corp.		(22,527	)		(756,682	)		(13.3	)
Penn National Gaming Inc.		(49,998	)		(1,520,939	)		(26.8	)
Royal Caribbean Cruises Ltd.		(48,780	)		(1,702,910	)		(30.0	)
Yum! Brands, Inc.		(4,784	)		(543,032	)		(9.5	)
					(7,355,927	)
Household Durables
KB Home		(120,198	)		(3,420,835	)		(60.2	)
IT Services
Fiserv, Inc.		(40,908	)		(3,639,585	)		(64.1	)
International Business Machines Corp.		(2,845	)		(401,685	)		(7.1	)
Twilio Inc., Class A		(24,464	)		(2,050,328	)		(36.1	)
					(6,091,598	)
Metals & Mining
U.S. Steel Corp.		(230,786	)		(4,133,377	)		(72.8	)
Multiline Retail
Nordstrom, Inc.		(10,314	)		(217,935	)		(3.8	)
Oil, Gas & Consumable Fuels
ConocoPhillips		(11,821	)		(1,061,644	)		(18.7	)
Continental Resources, Inc.		(6,499	)		(424,710	)		(7.5	)
EQT Corp.		(31,914	)		(1,097,841	)		(19.3	)

Security	Shares			Value			% of Basket Value
Oil, Gas & Consumable Fuels (continued)
Hess Corp.		(3,090	)	$	(327,355	)		(5.7	)%
Occidental Petroleum Corp.		(144,152	)		(8,487,670	)		(149.5	)
					(11,399,220	)
Professional Services
Clarivate PLC		(169,542	)		(2,349,852	)		(41.4	)
Specialty Retail
Foot Locker, Inc.		(86,474	)		(2,183,469	)		(38.5	)
Total Reference Entity — Short					(103,431,914	)
Net Value of Reference Entity — Merrill Lynch International				$	5,678,338

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 3, 2022:

Security	Shares		Value		% of Basket Value
Reference Entity — Long
Common Stocks
Beverages
Molson Coors Beverage Co., Class B		213,115	$	11,616,899		13.3	%
Biotechnology
Biogen, Inc.		51,368		10,475,990		12.0
Chemicals
Celanese Corp.		131,435		15,458,070		17.7
Westlake Corp.		67,615		6,627,622		7.6
				22,085,692
Diversified Financial Services
Equitable Holdings, Inc.		169,622		4,422,046		5.1
Voya Financial, Inc.		285,604		17,002,006		19.5
				21,424,052
Electric Utilities
PPL Corp.		789,878		21,429,390		24.6
Equity Real Estate Investment Trusts (REITs)
Brixmor Property Group, Inc.		269,136		5,439,239		6.3
Camden Property Trust		90,864		12,219,391		14.0
Federal Realty Investment Trust		131,857		12,623,989		14.5
Healthpeak Properties, Inc.		133,962		3,470,955		4.0
Simon Property Group, Inc.		130,573		12,393,989		14.2
Vornado Realty Trust		420,746		12,029,128		13.8
Weyerhaeuser Co.		682,226		22,595,325		25.9
				80,772,016
Food & Staples Retailing
Kroger Co.		232,270		10,993,339		12.6
Food Products
Kellogg Co.		175,678		12,532,868		14.4
Health Care Equipment & Supplies
Hologic, Inc.		89,255		6,185,371		7.1
Health Care Providers & Services
Quest Diagnostics, Inc.		78,820		10,481,483		12.0

SCHEDULE   OF   INVESTMENTS 65

Schedule of Investments (unaudited) (continued) June 30, 2022 BlackRock Systematic Multi-Strategy Fund

Security	Shares		Value		% of Basket Value
Hotels, Restaurants & Leisure
Boyd Gaming Corp.		213,050	$	10,599,238		12.2	%
MGM Resorts International		319,704		9,255,431		10.6
Wynn Resorts Ltd.		142,982		8,147,114		9.3
				28,001,783
Household Durables
Lennar Corp., Class A		1,207		85,178		0.1
Whirlpool Corp.		27,421		4,246,690		4.9
				4,331,868
Insurance
American International Group, Inc.		276,829		14,154,267		16.2
Internet & Direct Marketing Retail
eBay, Inc.		357,339		14,890,316		17.1
IT Services
DXC Technology Co.		298,524		9,048,263		10.4
Gartner, Inc.		40,387		9,766,788		11.2
				18,815,051
Machinery
Illinois Tool Works, Inc.		119,975		21,865,444		25.1
Metals & Mining
Southern Copper Corp.		9,286		462,536		0.5
Multi-Utilities
CMS Energy Corp.		92,792		6,263,460		7.2
DTE Energy Co.		1,457		184,675		0.2
				6,448,135
Oil, Gas & Consumable Fuels
Callon Petroleum Co.		204,812		8,028,630		9.2
Chevron Corp.		176,766		25,592,182		29.4
Devon Energy Corp.		35,894		1,978,118		2.3
Range Resources Corp.		782,478		19,366,331		22.2
				54,965,261
Pharmaceuticals
Zoetis, Inc.		96,721		16,625,373		19.1
Road & Rail
Avis Budget Group, Inc.		16,394		2,411,229		2.8
JB Hunt Transport Services, Inc.		75,517		11,891,662		13.6
				14,302,891
Semiconductors & Semiconductor Equipment
ON Semiconductor Corp.		27,167		1,366,772		1.6
Software
Elastic NV		32,013		2,166,320		2.5
Fair Isaac Corp.		21,707		8,702,336		10.0
				10,868,656
Specialty Retail
AutoNation, Inc.		51,610		5,767,933		6.6
Lowe’s Cos., Inc.		111,864		19,539,285		22.4
				25,307,218
Textiles, Apparel & Luxury Goods
Hanesbrands, Inc.		213,601		2,197,954		2.5

Security	Shares			Value			% of Basket Value
Textiles, Apparel & Luxury Goods (continued)
Tapestry, Inc.		24,087		$	735,135			0.8	%
Under Armour, Inc., Class A		58,992			491,404			0.6
					3,424,493
Water Utilities
American Water Works Co., Inc.		2,414			359,131			0.4
Total Reference Entity — Long					444,186,295
Reference Entity — Short
Common Stocks
Auto Components
Goodyear Tire & Rubber Co.		(1,555,101	)		(16,655,132	)		(19.1	)
Building Products
Carlisle Cos., Inc.		(10,055	)		(2,399,224	)		(2.8	)
Capital Markets
Brookfield Asset Management, Inc., Class A		(221,141	)		(9,834,140	)		(11.3	)
Moody’s Corp.		(6,475	)		(1,761,006	)		(2.0	)
Raymond James Financial, Inc.		(225,710	)		(20,180,731	)		(23.2	)
					(31,775,877	)
Chemicals
Scotts Miracle-Gro Co.		(49,957	)		(3,946,103	)		(4.5	)
Sherwin-Williams Co.		(16,691	)		(3,737,282	)		(4.3	)
					(7,683,385	)
Construction & Engineering
Quanta Services, Inc.		(17,179	)		(2,153,216	)		(2.5	)
Consumer Finance
Ally Financial, Inc.		(356,281	)		(11,938,976	)		(13.7	)
Electric Utilities
Edison International		(106,427	)		(6,730,444	)		(7.7	)
Electronic Equipment, Instruments & Components
CDW Corp.		(67,330	)		(10,608,515	)		(12.2	)
Teledyne Technologies, Inc.		(13,605	)		(5,103,371	)		(5.8	)
					(15,711,886	)
Energy Equipment & Services
Baker Hughes Co., Class A		(510,134	)		(14,727,568	)		(16.9	)
Halliburton Co.		(209,716	)		(6,576,694	)		(7.5	)
NOV, Inc.		(80,180	)		(1,355,844	)		(1.6	)
					(22,660,106	)
Equity Real Estate Investment Trusts (REITs)
Iron Mountain, Inc.		(368,245	)		(17,929,849	)		(20.6	)
VICI Properties, Inc.		(870,622	)		(25,935,829	)		(29.7	)
					(43,865,678	)
Food & Staples Retailing
Albertsons Companies Inc., Class A		(250,260	)		(6,686,947	)		(7.7	)
Performance Food Group Co.		(10,204	)		(469,180	)		(0.5	)
					(7,156,127	)
Food Products
Lamb Weston Holdings, Inc.		(64,628	)		(4,618,317	)		(5.3	)

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

Schedule of Investments (unaudited) (continued) June 30, 2022 BlackRock Systematic Multi-Strategy Fund

Security	Shares			Value			% of Basket Value
Health Care Equipment & Supplies
Dentsply Sirona, Inc.		(55,829	)	$	(1,994,770	)		(2.3	)%
STERIS PLC		(44,902	)		(9,256,547	)		(10.6	)
					(11,251,317	)
Hotels, Restaurants & Leisure
Las Vegas Sands Corp.		(95,946	)		(3,222,826	)		(3.7	)
Norwegian Cruise Line Holdings Ltd.		(112,031	)		(1,245,785	)		(1.4	)
Royal Caribbean Cruises Ltd.		(14,135	)		(493,453	)		(0.6	)
					(4,962,064	)
Household Durables
KB Home		(551,266	)		(15,689,030	)		(18.0	)
Independent Power and Renewable Electricity Producers
AES Corp.		(34,729	)		(729,656	)		(0.8	)
Vistra Corp.		(115,928	)		(2,648,955	)		(3.1	)
					(3,378,611	)
Insurance
Assurant, Inc.		(11,927	)		(2,061,582	)		(2.4	)
Marsh & McLennan Cos., Inc.		(57,132	)		(8,869,743	)		(10.2	)
Progressive Corp.		(61,072	)		(7,100,841	)		(8.1	)
					(18,032,166	)
IT Services
Fidelity National Information Services, Inc.		(3,478	)		(318,828	)		(0.4	)
Fiserv, Inc.		(178,266	)		(15,860,326	)		(18.2	)
Global Payments, Inc.		(203,710	)		(22,538,475	)		(25.8	)
					(38,717,629	)
Leisure Products
Brunswick Corp.		(45,965	)		(3,005,192	)		(3.4	)
Media
DISH Network Corp., Class A		(136,626	)		(2,449,704	)		(2.8	)
Metals & Mining
Teck Resources Ltd., Class B		(319,619	)		(9,770,753	)		(11.2	)
Oil, Gas & Consumable Fuels
Canadian Natural Resources Ltd.		(388,515	)		(20,855,485	)		(23.9	)
ConocoPhillips		(41,697	)		(3,744,808	)		(4.3	)
Continental Resources, Inc.		(97,516	)		(6,372,671	)		(7.3	)
HF Sinclair Corp.		(331,421	)		(14,966,972	)		(17.2	)
					(45,939,936	)
Professional Services
Leidos Holdings, Inc.		(12,064	)		(1,214,965	)		(1.4	)
Semiconductors & Semiconductor Equipment
Intel Corp.		(16,502	)		(617,340	)		(0.7	)
Specialty Retail
Foot Locker, Inc.		(371,563	)		(9,381,966	)		(10.8	)

Security	Shares			Value			% of Basket Value
Tobacco
Philip Morris International, Inc.		(195,027	)	$	(19,256,966	)		(22.1	)%
Total Reference Entity — Short					(357,016,007	)
Net Value of Reference Entity — Morgan Stanley & Co. International PLC				$	87,170,288

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 3, 2022:

Security	Shares		Value		% of Basket Value
Reference Entity — Long
Common Stocks
Auto Components
BorgWarner, Inc.		124,847	$	4,166,145		5.8	%
Automobiles
General Motors Co.		427,231		13,568,857		18.9
Building Products
Johnson Controls International PLC		252,742		12,101,287		16.8
Containers & Packaging
Packaging Corp. of America		72,849		10,016,737		14.0
Westrock Co.		180,783		7,202,395		10.0
				17,219,132
Electric Utilities
American Electric Power Co., Inc.		207,361		19,894,215		27.7
Exelon Corp.		413,229		18,727,538		26.0
				38,621,753
Energy Equipment & Services
Halliburton Co.		580,887		18,216,616		25.3
Equity Real Estate Investment Trusts (REITs)
Equity Residential		16,813		1,214,235		1.7
Food & Staples Retailing
Kroger Co.		329,243		15,583,071		21.7
Health Care Equipment & Supplies
Baxter International, Inc.		135,551		8,706,441		12.1
Health Care Providers & Services
Cardinal Health, Inc.		353,079		18,455,439		25.6
CVS Health Corp.		231,801		21,478,681		29.9
HCA Healthcare, Inc.		3,757		631,401		0.9
McKesson Corp.		53,366		17,408,523		24.2
Quest Diagnostics, Inc.		92,902		12,354,108		17.2
				70,328,152
Hotels, Restaurants & Leisure
Boyd Gaming Corp.		266,528		13,259,768		18.5

SCHEDULE   OF   INVESTMENTS 67

Schedule of Investments (unaudited) (continued) June 30, 2022 BlackRock Systematic Multi-Strategy Fund

Security	Shares		Value		% of Basket Value
Hotels, Restaurants & Leisure (continued)
Expedia Group, Inc.		23,040	$	2,184,883		3.0	%
McDonald’s Corp.		89,685		22,141,433		30.8
				37,586,084
Household Durables
Toll Brothers, Inc.		340,612		15,191,295		21.1
Household Products
Procter & Gamble Co.		119,871		17,236,251		24.0
Industrial Conglomerates
General Electric Co.		267,633		17,040,193		23.7
Insurance
American International Group, Inc.		184,593		9,438,240		13.1
Hartford Financial Services Group, Inc.		393,494		25,746,312		35.8
Lincoln National Corp.		16,608		776,756		1.1
Marsh & McLennan Cos., Inc.		101,710		15,790,478		22.0
				51,751,786
IT Services
DXC Technology Co.		323,763		9,813,257		13.7
Media
Omnicom Group, Inc.		204,376		13,000,357		18.1
Metals & Mining
Barrick Gold Corp.		853,250		15,093,992		21.0
Newmont Corp.		153,037		9,131,718		12.7
				24,225,710
Oil, Gas & Consumable Fuels
APA Corp.		139,337		4,862,861		6.8
ConocoPhillips		63,288		5,683,895		7.9
Kinder Morgan, Inc.		65,528		1,098,249		1.5
Marathon Petroleum Corp.		223,475		18,371,880		25.6
Occidental Petroleum Corp.		221,541		13,044,334		18.1
Ovintiv, Inc.		278,160		12,291,891		17.1
TC Energy Corp.		39,418		2,042,247		2.8
				57,395,357
Pharmaceuticals
Bristol-Myers Squibb Co.		342,369		26,362,413		36.7
Pfizer, Inc.		467,541		24,513,175		34.1
				50,875,588
Road & Rail
CSX Corp.		346,989		10,083,500		14.0
Norfolk Southern Corp.		140,712		31,982,430		44.5
Union Pacific Corp.		154,291		32,907,185		45.8
				74,973,115
Specialty Retail
AutoZone, Inc.		7,228		15,533,839		21.6
Home Depot, Inc.		65,463		17,954,537		25.0
				33,488,376
Technology Hardware, Storage & Peripherals
Dell Technologies, Inc., Class C		207,087		9,569,490		13.3

Security	Shares			Value			% of Basket Value
Tobacco
Altria Group, Inc.		445,670		$	18,615,636			25.9	%
Total Reference Entity — Long					630,488,184
Reference Entity — Short
Common Stocks
Aerospace & Defense
Howmet Aerospace, Inc.		(513,733	)		(16,156,903	)		(22.5	)
TransDigm Group, Inc.		(20,679	)		(11,097,799	)		(15.4	)
					(27,254,702	)
Automobiles
Ford Motor Co.		(1,958,061	)		(21,793,219	)		(30.3	)
Tesla, Inc.		(14,634	)		(9,854,828	)		(13.7	)
					(31,648,047	)
Chemicals
Ashland Global Holdings, Inc.		(35,756	)		(3,684,656	)		(5.1	)
Corteva, Inc.		(328,440	)		(17,781,741	)		(24.8	)
					(21,466,397	)
Consumer Finance
Ally Financial, Inc.		(510,344	)		(17,101,627	)		(23.8	)
Capital One Financial Corp.		(237,224	)		(24,716,369	)		(34.4	)
Navient Corp.		(652,471	)		(9,128,069	)		(12.7	)
					(50,946,065	)
Containers & Packaging
Ball Corp.		(139,540	)		(9,596,166	)		(13.4	)
International Paper Co.		(780,416	)		(32,644,801	)		(45.4	)
Sealed Air Corp.		(230,612	)		(13,310,925	)		(18.5	)
					(55,551,892	)
Diversified Telecommunication Services
Verizon Communications, Inc.		(340,551	)		(17,282,963	)		(24.0	)
Electric Utilities
Nextera Energy, Inc.		(190,239	)		(14,735,913	)		(20.5	)
Southern Co.		(316,928	)		(22,600,136	)		(31.4	)
					(37,336,049	)
Equity Real Estate Investment Trusts (REITs)
Host Hotels & Resorts, Inc.		(1,012,945	)		(15,882,978	)		(22.1	)
Iron Mountain, Inc.		(390,074	)		(18,992,703	)		(26.4	)
					(34,875,681	)
Food Products
Conagra Brands, Inc.		(396,741	)		(13,584,412	)		(18.9	)
Lamb Weston Holdings, Inc.		(324,465	)		(23,186,269	)		(32.2	)
Mondelez International, Inc., Class A		(372,525	)		(23,130,077	)		(32.2	)
					(59,900,758	)
Health Care Equipment & Supplies
Boston Scientific Corp.		(296,971	)		(11,068,109	)		(15.4	)
Health Care Providers & Services
DaVita, Inc.		(67,632	)		(5,407,855	)		(7.5	)
Hotels, Restaurants & Leisure
Aramark		(195,343	)		(5,983,356	)		(8.3	)

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

Schedule of Investments (unaudited) (continued) June 30, 2022 BlackRock Systematic Multi-Strategy Fund

Security	Shares			Value			% of Basket Value
Household Durables
Newell Brands, Inc.		(24,590	)	$	(468,194	)		(0.7	)%
PulteGroup, Inc.		(148,593	)		(5,888,740	)		(8.2	)
					(6,356,934	)
Independent Power and Renewable Electricity Producers
AES Corp.		(703,169	)		(14,773,581	)		(20.6	)
Insurance
Prudential Financial, Inc.		(89,896	)		(8,601,249	)		(12.0	)
Machinery
Caterpillar, Inc.		(70,036	)		(12,519,635	)		(17.4	)
Deere & Co.		(3,374	)		(1,010,412	)		(1.4	)
					(13,530,047	)
Media
Charter Communications, Inc., Class A		(36,645	)		(17,169,282	)		(23.9	)
Comcast Corp., Class A		(295,213	)		(11,584,158	)		(16.1	)
					(28,753,440	)
Metals & Mining
Teck Resources Ltd., Class B		(630,640	)		(19,278,665	)		(26.8	)
Multi-Utilities
Dominion Energy, Inc.		(120,598	)		(9,624,926	)		(13.4	)

Security	Shares			Value			% of Basket Value
Oil, Gas & Consumable Fuels
Canadian Natural Resources Ltd.		(114,914	)	$	(6,168,584	)		(8.6	)%
Enbridge, Inc.		(326,223	)		(13,786,184	)		(19.2	)
Williams Cos., Inc.		(222,801	)		(6,953,619	)		(9.6	)
					(26,908,387	)
Road & Rail
Avis Budget Group, Inc.		(64,132	)		(9,432,534	)		(13.1	)
Specialty Retail
Gap, Inc.		(1,017,233	)		(8,382,000	)		(11.7	)
Thrifts & Mortgage Finance
MGIC Investment Corp.		(472,980	)		(5,959,548	)		(8.3	)
Radian Group, Inc.		(623,996	)		(12,261,521	)		(17.1	)
					(18,221,069	)
Trading Companies & Distributors
United Rentals, Inc.		(71,549	)		(17,379,968	)		(24.2	)
Wireless Telecommunication Services
T-Mobile U.S., Inc.		(138,540	)		(18,639,172	)		(25.9	)
Total Reference Entity — Short					(558,603,846	)
Net Value of Reference Entity — Morgan Stanley & Co. International PLC				$	71,884,338

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)	$	269,434	$	(204,957	)	$	8,859,630	$	(23,147,866	)
OTC Swaps		—		—			11,719,311		(43,533,453	)

^(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)	$	—	$	—	$	—	$	—	$	19,347,595	$	—	$	19,347,595
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange contracts		—		—		—		364,413		—		—		364,413
Swaps — centrally cleared
Unrealized appreciation on centrally cleared swaps(a)		—		—		—		—		7,194,943		1,664,687		8,859,630
Swaps — OTC
Unrealized appreciation on OTC swaps; Swap premiums paid		—		—		11,440,661		—		278,650		—		11,719,311
	$	—	$	—	$	11,440,661	$	364,413	$	26,821,188	$	1,664,687	$	40,290,949
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	—	$	—	$	21,755,279	$	—	$	21,755,279
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange contracts		—		—		—		42,060		—		—		42,060

SCHEDULE   OF   INVESTMENTS 69

Schedule of Investments (unaudited) (continued) June 30, 2022 BlackRock Systematic Multi-Strategy Fund     

Derivative Financial Instruments Categorized by Risk Exposure (continued)

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Swaps — centrally cleared
Unrealized depreciation on centrally cleared swaps(a)	$	—	$	—	$	—	$	—	$	22,240,146	$	907,720	$	23,147,866
Swaps — OTC
Unrealized depreciation on OTC swaps; Swap premiums received		—		—		39,639,892		—		3,893,561		—		43,533,453
	$	—	$	—	$	39,639,892	$	42,060	$	47,888,986	$	907,720	$	88,478,658

^(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 period ended June 30, 2022, 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	$	—	$	—	$	—		$	—	$	71,184,160		$	—		$	71,184,160
Forward foreign currency exchange contracts		—		—		—			1,622,187		—			—			1,622,187
Swaps		—		—		356,543,993			—		1,924,653			(3,245,109	)		355,223,537
	$	—	$	—	$	356,543,993		$	1,622,187	$	73,108,813		$	(3,245,109	)	$	428,029,884
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	(5,842,704	)	$	—	$	14,944,498		$	—		$	9,101,794
Forward foreign currency exchange contracts		—		—		—			657,623		—			—			657,623
Swaps		—		—		(57,092,630	)		—		(28,350,685	)		756,967			(84,686,348	)
	$	—	$	—	$	(62,935,334	)	$	657,623	$	(13,406,187	)	$	756,967		$	(74,926,931	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	1,170,607,003
Average notional value of contracts — short	$	3,173,179,223
Forward foreign currency exchange contracts:
Average amounts purchased — in USD	$	83,718,411
Average amounts sold — in USD	$	32,543,397
Interest rate swaps:
Average notional value — pays fixed rate	$	1,097,507,382
Average notional value — receives fixed rate	$	1,437,070,725
Inflation swaps:
Average notional value — pays fixed rate	$	92,151,159
Total return swaps:
Average notional value	$	289,468,975

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

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

Schedule of Investments (unaudited) (continued) June 30, 2022 BlackRock Systematic Multi-Strategy 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	$	6,074,961		$	19,390,803
Forward foreign currency exchange contracts		364,413			42,060
Swaps — centrally cleared		1,013,499			—
Swaps — OTC(a)		11,719,311			43,533,453
Total derivative assets and liabilities in the Statements of Assets and Liabilities		19,172,184			62,966,316
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		(7,088,460	)		(19,390,803	)
Total derivative assets and liabilities subject to an MNA	$	12,083,724		$	43,575,513

^(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.	$	100,559	$	(100,559	)	$	—	$	—	$	—
BNP Paribas S.A.		5,360,689		(5,360,689	)		—		—		—
Citibank N.A.		537,896		(537,896	)		—		—		—
Deutsche Bank AG		114,212		(1,427	)		—		—		112,785
Goldman Sachs International		46,122		—			—		—		46,122
HSBC Bank PLC		2,263,905		(1,921,198	)		—		—		342,707
JPMorgan Chase Bank N.A.		37,963		(37,963	)		—		—		—
Merrill Lynch International		3,172,830		(3,172,830	)		—		—		—
Morgan Stanley & Co. International PLC		261,209		(261,209	)		—		—		—
Royal Bank of Canada		173,478		(4,853	)		—		—		168,625
Societe Generale		14,861		(3,099	)		—		—		11,762
	$	12,083,724	$	(11,401,723	)	$	—	$	—	$	682,001

Counterparty		Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset	(a)		Non-Cash Collateral Pledged		Cash Collateral Pledged	(d)		Net Amount of Derivative Liabilities	(b)(e)
Bank of America N.A.	$	1,522,534	$	(100,559	)	$	—	$	(1,421,975	)	$	—
Barclays Bank PLC		16,127,150		—			—		—			16,127,150
BNP Paribas S.A.		6,272,832		(5,360,689	)		—		—			912,143
Citibank N.A.		3,163,491		(537,896	)		—		—			2,625,595
Deutsche Bank AG		1,427		(1,427	)		—		—			—
Goldman Sachs Bank USA		4,579,446		—			—		(4,579,446	)		—
HSBC Bank PLC		1,921,198		(1,921,198	)		—		—			—
HSBC Bank USA N.A.		16,362		—			—		—			16,362
JPMorgan Chase Bank N.A.		1,852,369		(37,963	)		—		(1,814,406	)		—
Merrill Lynch International		6,976,936		(3,172,830	)		—		—			3,804,106
Morgan Stanley & Co. International PLC		1,133,816		(261,209	)		—		—			872,607
Royal Bank of Canada		4,853		(4,853	)		—		—			—
Societe Generale		3,099		(3,099	)		—		—			—
	$	43,575,513	$	(11,401,723	)	$	—	$	(7,815,827	)	$	24,357,963

^(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)  Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.

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

SCHEDULE   OF   INVESTMENTS 71

Schedule of Investments (unaudited) (continued) June 30, 2022 BlackRock Systematic Multi-Strategy Fund     

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	$	—		$	136,573,291		$	—	$	136,573,291
Common Stocks		522,058,770			—			—		522,058,770
Corporate Bonds		—			3,927,475,058			—		3,927,475,058
Non-Agency Mortgage-Backed Securities		—			1,442,129,790			—		1,442,129,790
Preferred Securities
Capital Trust		—			196,190			—		196,190
U.S. Government Sponsored Agency Securities		—			4,631,749,898			—		4,631,749,898
U.S. Treasury Obligations		—			9,959,719			—		9,959,719
Short-Term Securities
Money Market Funds		124,333,675			—			—		124,333,675
U.S. Treasury Obligations		—			1,683,506,673			—		1,683,506,673
Liabilities
Investments
TBA Sale Commitments		—			(1,423,102,913	)		—		(1,423,102,913	)
	$	646,392,445		$	10,408,487,706		$	—	$	11,054,880,151
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	—		$	11,440,661		$	—	$	11,440,661
Foreign Currency Exchange Contracts		—			364,413			—		364,413
Interest Rate Contracts		19,347,595			7,473,593			—		26,821,188
Other Contracts		—			1,664,687			—		1,664,687
Liabilities
Equity Contracts		—			(39,639,892	)		—		(39,639,892	)
Foreign Currency Exchange Contracts		—			(42,060	)		—		(42,060	)
Interest Rate Contracts		(21,755,279	)		(26,133,707	)		—		(47,888,986	)
Other Contracts		—			(907,720	)		—		(907,720	)
	$	(2,407,684	)	$	(45,780,025	)	$	—	$	(48,187,709	)

^(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.

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

Schedule of Investments (unaudited)  June 30, 2022 BlackRock Sustainable Emerging Markets Bond Fund (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Corporate Bonds
Chile — 1.0%
Corp. Nacional del Cobre de Chile, 3.00%, 09/30/29(a)	USD		200	$	174,538
Georgia — 0.8%
Georgian Railway JSC, 4.00%, 06/17/28(a)			200		154,000
Kazakhstan — 0.8%
KazMunayGas National Co. JSC, 3.50%, 04/14/33(a)			200		143,200
Ukraine — 0.3%
NPC Ukrenergo, 6.88%, 11/09/26(a)			200		48,000
United Arab Emirates(a) — 2.1%
DP World Crescent Ltd., 3.75%, 01/30/30			200		183,537
MDGH GMTN RSC Ltd., 3.00%, 04/19/24			200		197,250
					380,787
Total Corporate Bonds — 5.0% (Cost: $1,177,927)					900,525
Foreign Agency Obligations
Argentina — 2.6%
Argentine Republic Government International Bond
1.00%, 07/09/29			44		10,392
0.50%, 07/09/30(b)			312		68,224
1.13%, 07/09/35(b)			770		160,932
2.00%, 01/09/38(b)			519		150,448
1.13%, 07/09/46(b)			350		79,778
					469,774
Bahrain(a) — 1.9%
Bahrain Government International Bond
5.63%, 09/30/31			200		172,038
5.45%, 09/16/32			200		167,850
					339,888
Benin — 0.5%
Benin Government International Bond, 4.95%, 01/22/35(a)	EUR		140		95,345
Brazil — 2.3%
Brazilian Government International Bond
3.88%, 06/12/30	USD		310		259,780
5.00%, 01/27/45			200		143,412
					403,192
Cayman Islands — 1.5%
Sharjah Sukuk Program Ltd., 3.23%, 10/23/29(a)			300		272,213
Chile — 3.7%
Chile Government International Bond
2.55%, 01/27/32			400		339,700
2.55%, 07/27/33			200		163,300
3.50%, 01/25/50			200		154,100
					657,100
Colombia — 3.2%
Colombia Government International Bond
3.25%, 04/22/32			200		145,100

Security		Par (000)		Value
Colombia (continued)
Colombia Government International Bond (continued)
5.63%, 02/26/44	USD		400	$	287,950
5.00%, 06/15/45			200		133,850
					566,900
Costa Rica(a) — 2.0%
Costa Rica Government International Bond
6.13%, 02/19/31			200		186,037
7.16%, 03/12/45			200		173,788
					359,825
Dominican Republic(a) — 3.2%
Dominican Republic International Bond
4.50%, 01/30/30			300		239,400
4.88%, 09/23/32			180		138,352
6.85%, 01/27/45			250		198,719
					576,471
Ecuador(b) — 1.9%
Ecuador Government International Bond
5.00%, 07/31/30(a)			104		67,933
5.00%, 07/31/30(c)			65		42,600
1.00%, 07/31/35(c)			262		129,385
1.00%, 07/31/35(a)			92		45,211
0.50%, 07/31/40(c)			115		49,081
					334,210
Egypt(a) — 2.5%
Egypt Government International Bond
5.25%, 10/06/25			200		163,500
7.90%, 02/21/48			200		113,000
8.88%, 05/29/50			300		180,000
					456,500
El Salvador(a) — 0.5%
El Salvador Government International Bond
5.88%, 01/30/25			78		28,265
6.38%, 01/18/27			53		17,765
7.65%, 06/15/35			140		44,433
					90,463
Gabon — 1.0%
Gabon Government International Bond, 6.95%, 06/16/25(a)			200		173,475
Ghana — 3.7%
Ghana Government Bond, 20.75%, 01/16/23	GHS		580		69,001
Ghana Government International Bond(a)
7.63%, 05/16/29	USD		405		194,400
8.13%, 03/26/32			200		96,000
8.63%, 04/07/34			235		112,550
8.63%, 06/16/49			200		93,350
Ghana Treasury Note, 17.60%, 02/20/23	GHS		805		93,257
					658,558
Guatemala — 1.0%
Guatemala Government Bond, 4.38%, 06/05/27(a)	USD		200		187,038
Hungary — 3.1%
Hungary Government International Bond
5.25%, 06/16/29(c)			200		199,271

SCHEDULE   OF   INVESTMENTS 73

Schedule of Investments (unaudited) (continued) June 30, 2022 BlackRock Sustainable Emerging Markets Bond Fund (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Hungary (continued)
Hungary Government International Bond (continued)
2.13%, 09/22/31(a)	USD		400	$	308,825
7.63%, 03/29/41			40		46,283
					554,379
Indonesia — 3.9%
Indonesia Government International Bond
2.85%, 02/14/30			200		178,037
1.30%, 03/23/34	EUR		180		133,433
4.75%, 07/18/47(a)	USD		200		183,350
Perusahaan Penerbit SBSN Indonesia III, 4.40%, 06/06/27(c)			200		198,500
					693,320
Ivory Coast(a) — 1.6%
Ivory Coast Government International Bond
4.88%, 01/30/32	EUR		100		75,145
5.75%, 12/31/32	USD		72		61,867
6.13%, 06/15/33			200		155,787
					292,799
Jamaica — 1.2%
Jamaica Government International Bond, 6.75%, 04/28/28			200		206,038
Jordan(a) — 2.1%
Jordan Government International Bond
5.75%, 01/31/27			200		175,250
5.85%, 07/07/30			250		197,703
					372,953
Kenya — 0.8%
Kenya Government International Bond, 7.25%, 02/28/28(a)			200		143,000
Mexico — 3.8%
Mexico Government International Bond
4.50%, 04/22/29			200		194,200
4.75%, 04/27/32			200		192,200
2.25%, 08/12/36	EUR		140		101,626
5.00%, 04/27/51	USD		240		198,795
					686,821
Morocco — 0.8%
Morocco Government International Bond, 3.00%,
12/15/32(a)			200		142,000
Oman(a) — 5.3%
Oman Government International Bond
4.75%, 06/15/26			200		190,000
5.63%, 01/17/28			400		384,000
6.50%, 03/08/47			200		167,750
6.75%, 01/17/48			250		215,000
					956,750
Panama — 3.9%
Panama Government International Bond
3.88%, 03/17/28			200		190,912
3.16%, 01/23/30			200		178,162
4.50%, 05/15/47			200		165,163
4.50%, 04/01/56			200		159,288
					693,525

Security		Par (000)		Value
Paraguay — 1.0%
Paraguay Government International Bond, 4.95%, 04/28/31(a)	USD		200	$	184,538
Peru — 2.9%
Peruvian Government International Bond
4.13%, 08/25/27			100		98,050
2.78%, 01/23/31			78		66,388
1.86%, 12/01/32			70		53,235
3.00%, 01/15/34			155		127,177
3.30%, 03/11/41			100		75,300
5.63%, 11/18/50			102		105,908
					526,058
Philippines — 1.9%
Philippine Government International Bond, 3.00%, 02/01/28			363		343,075
Qatar(a) — 2.5%
Qatar Government International Bond
3.75%, 04/16/30			250		247,500
4.82%, 03/14/49			200		201,000
					448,500
Romania — 2.9%
Romanian Government International Bond
3.00%, 02/27/27(a)			110		96,993
5.25%, 11/25/27(c)			40		38,100
3.00%, 02/14/31(a)			206		158,465
3.63%, 03/27/32(a)			50		39,041
2.00%, 04/14/33(a)	EUR		210		142,192
5.13%, 06/15/48(a)	USD		60		46,624
					521,415
Saudi Arabia(a) — 3.9%
Saudi Government International Bond
3.25%, 10/22/30			200		188,000
2.75%, 02/03/32			400		356,000
3.75%, 01/21/55			200		163,750
					707,750
Serbia — 0.5%
Serbia International Bond, 1.00%, 09/23/28(a)	EUR		120		91,352
South Africa — 3.7%
Republic of South Africa Government International Bond
4.30%, 10/12/28	USD		200		170,725
4.85%, 09/30/29			200		170,725
5.88%, 06/22/30			200		180,600
5.65%, 09/27/47			200		136,537
					658,587
Sri Lanka(a)(d)(e) — 0.7%
Sri Lanka Government International Bond
6.35%, 06/28/24			200		56,022
6.13%, 06/03/25			200		64,850
					120,872
Supranational — 0.5%
Banque Ouest Africaine de Developpement, 2.75%, 01/22/33(a)	EUR		100		83,190

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

Schedule of Investments (unaudited) (continued) June 30, 2022 BlackRock Sustainable Emerging Markets Bond Fund (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Ukraine(a) — 1.6%
Ukraine Government International Bond
7.75%, 09/01/24	USD		300	$	75,000
7.75%, 09/01/25			230		56,925
7.75%, 09/01/27			130		32,825
7.25%, 03/15/33			200		49,000
0.00%, 05/31/40(f)			304		74,480
					288,230
United Arab Emirates(a) — 3.0%
Abu Dhabi Government International Bond
2.50%, 09/30/29			200		183,787
1.70%, 03/02/31			200		167,788
3.88%, 04/16/50			200		177,912
					529,487
Uruguay — 3.3%
Uruguay Government International Bond
4.38%, 01/23/31			350		353,784
4.13%, 11/20/45			66		60,703
5.10%, 06/18/50			160		160,480
4.98%, 04/20/55			21		20,468
					595,435
Total Foreign Agency Obligations — 86.4% (Cost: $19,948,193)					15,481,026
Total Long-Term Investments — 91.4% (Cost: $21,126,120)					16,381,551
		Shares
Short-Term Securities
Money Market Funds — 4.4%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 1.33%(g)(h)			795,792		795,792
Total Short-Term Securities — 4.4% (Cost: $795,792)					795,792
Options Purchased — 0.0% (Cost: $8,244)					1
Total Investments — 95.8% (Cost: $21,930,156)					17,177,344
Other Assets Less Liabilities — 4.2%					745,745
Net Assets — 100.0%				$	17,923,089

^(a)  This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

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

^(e)  Non-income producing security.

^(f)  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.

^(g)  Affiliate of the Fund.

^(h)  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, 2022 for purposes of Section 2(a)(3) of the Investment Company Act

Affiliated Issuer	Value at 12/31/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 06/30/22		Shares Held at 06/30/22		Income		Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, T-Fund, Institutional Class	$	1,070,329	$	—	$	(274,537	)(a)	$	—	$	—	$	795,792		795,792	$	1,677	$	—

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

SCHEDULE   OF   INVESTMENTS 75

Schedule of Investments (unaudited) (continued) June 30, 2022 BlackRock Sustainable 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)
Long Contracts
U.S. Long Bond		7		09/21/22	$	967	$	5,111
Short Contracts
30-Year Euro Buxl Bond		2		09/08/22		343		18,317
10-Year U.S. Treasury Note		2		09/21/22		237		3,743
								22,060
							$	27,171

Forward Foreign Currency Exchange Contracts

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
EUR	10,000	USD	10,477	BNP Paribas S.A.		07/19/22	$	12
MXN	2,257,207	USD	111,690	Deutsche Bank AG		07/19/22		272
USD	801,652	EUR	759,600	Bank of America N.A.		07/19/22		4,910
USD	10,556	EUR	10,000	Morgan Stanley & Co. International PLC		07/19/22		67
USD	10,526	EUR	10,000	Natwest Markets PLC		07/19/22		36
								5,297
BRL	429,668	USD	85,171	Bank of America N.A.		07/19/22		(3,422	)
CLP	48,388,100	USD	56,324	Bank of America N.A.		07/19/22		(3,751	)
EUR	10,000	USD	10,781	Bank of America N.A.		07/19/22		(292	)
EUR	10,000	USD	10,525	Bank of America N.A.		07/19/22		(36	)
EUR	10,000	USD	10,528	Morgan Stanley & Co. International PLC		07/19/22		(38	)
EUR	10,000	USD	10,505	Morgan Stanley & Co. International PLC		07/19/22		(16	)
EUR	10,000	USD	10,717	UBS AG		07/19/22		(228	)
EUR	10,000	USD	10,710	UBS AG		07/19/22		(221	)
USD	10,450	EUR	10,000	UBS AG		07/19/22		(39	)
USD	354,011	MXN	7,180,000	Natwest Markets PLC		07/19/22		(2,133	)
USD	42,737	ZAR	696,758	Barclays Bank PLC		07/19/22		(30	)
USD	133,244	ZAR	2,173,242	Morgan Stanley & Co. International PLC		07/19/22		(149	)
ZAR	3,072,538	USD	191,977	Morgan Stanley & Co. International PLC		07/19/22		(3,385	)
USD	321,774	TRY	5,739,522	Deutsche Bank AG		07/21/22		(18,280	)
								(32,020	)
							$	(26,723	)

OTC Options Purchased

Description	Counterparty	Expiration Date		Exercise Price		Notional Amount (000)		Value
Put
USD Currency	Barclays Bank PLC		07/01/22		JPY         126.50		USD         900	$	1

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

Schedule of Investments (unaudited) (continued) June 30, 2022 BlackRock Sustainable Emerging Markets Bond Fund     

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)
Kingdom of Saudi Arabia		1.00	%		Quarterly	Goldman Sachs International		06/20/27		USD	240	$	(3,172	)	$	(5,379	)	$	2,207
Republic of Colombia		1.00			Quarterly	Morgan Stanley & Co. International PLC		06/20/27		USD	240		19,917			9,983			9,934
Republic of Colombia		1.00			Quarterly	Morgan Stanley & Co. International PLC		06/20/27		USD	93		7,681			6,657			1,024
Republic of Turkey		1.00			Quarterly	Barclays Bank PLC		06/20/27		USD	130		34,938			24,643			10,295
Republic of Turkey		1.00			Quarterly	Goldman Sachs International		06/20/27		USD	258		69,337			49,171			20,166
Republic of Turkey		1.00			Quarterly	Goldman Sachs International		06/20/27		USD	302		81,163			57,557			23,606
												$	209,864		$	142,632		$	67,232

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	$	148,011	$	(5,379	)	$	67,232	$	—

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)	$	—	$	—	$	—	$	—	$	27,171	$	—	$	27,171
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange contracts		—		—		—		5,297		—		—		5,297
Options purchased
Investments at value — unaffiliated(b)		—		—		—		1		—		—		1
Swaps — OTC
Unrealized appreciation on OTC swaps; Swap premiums paid		—		215,243		—		—		—		—		215,243
	$	—	$	215,243	$	—	$	5,298	$	27,171	$	—	$	247,712
Liabilities — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange contracts	$	—	$	—	$	—	$	32,020	$	—	$	—	$	32,020
Swaps — OTC
Unrealized depreciation on OTC swaps; Swap premiums received		—		5,379		—		—		—		—		5,379
	$	—	$	5,379	$	—	$	32,020	$	—	$	—	$	37,399

^(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).

^(b)  Includes options purchased at value as reported in the Schedule of Investments.

For the period ended June 30, 2022, 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	$	—	$	—	$	—	$	—	$	341,276		$	—	$	341,276
Forward foreign currency exchange contracts		—		—		—		334,819		—			—		334,819
Swaps		—		26,663		—		—		(15,771	)		—		10,892
	$	—	$	26,663	$	—	$	334,819	$	325,505		$	—	$	686,987

SCHEDULE   OF   INVESTMENTS 77

Schedule of Investments (unaudited) (continued) June 30, 2022 BlackRock Sustainable Emerging Markets Bond Fund     

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts			Interest Rate Contracts		Other Contracts		Total
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	—	$	—		$	5,362	$	—	$	5,362
Forward foreign currency exchange contracts		—		—		—		(125,731	)		—		—		(125,731	)
Options purchased(a)		—		—		—		(8,243	)		—		—		(8,243	)
Swaps		—		31,277		—		—			—		—		31,277
	$	—	$	31,277	$	—	$	(133,974	)	$	5,362	$	—	$	(97,335	)

^(a)  Options purchased are included in net change in unrealized appreciation (depreciation) on investments — unaffiliated.

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	483,328
Average notional value of contracts — short	$	1,068,965
Forward foreign currency exchange contracts:
Average amounts purchased — in USD	$	1,484,138
Average amounts sold — in USD	$	565,655
Credit default swaps:
Average notional value — buy protection	$	1,151,250
Interest rate swaps:
Average notional value — receives fixed rate	$	—	(a)

^(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	$	10,224		$	14,225
Forward foreign currency exchange contracts		5,297			32,020
Options		1	(a)		—
Swaps — OTC(b)		215,243			5,379
Total derivative assets and liabilities in the Statements of Assets and Liabilities		230,765			51,624
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		(10,224	)		(14,225	)
Total derivative assets and liabilities subject to an MNA	$	220,541		$	37,399

^(a)  Includes options purchased at value which is included in Investments at value — unaffiliated in the Statements of Assets and Liabilities and reported in the Schedule of Investments.

^(b)  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.	$	4,910	$	(4,910	)	$	—	$	—	$	—
Barclays Bank PLC		34,939		(30	)		—		—		34,909
BNP Paribas S.A.		12		—			—		—		12
Deutsche Bank AG		272		(272	)		—		—		—
Goldman Sachs International		152,707		(5,379	)		—		—		147,328
Morgan Stanley & Co. International PLC		27,665		(3,588	)		—		—		24,077
Natwest Markets PLC		36		(36	)		—		—		—
	$	220,541	$	(14,215	)	$	—	$	—	$	206,326

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

Schedule of Investments (unaudited) (continued) June 30, 2022 BlackRock Sustainable Emerging Markets Bond Fund     

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.	$	7,501	$	(4,910	)	$	—	$	—	$	2,591
Barclays Bank PLC		30		(30	)		—		—		—
Deutsche Bank AG		18,280		(272	)		—		—		18,008
Goldman Sachs International		5,379		(5,379	)		—		—		—
Morgan Stanley & Co. International PLC		3,588		(3,588	)		—		—		—
Natwest Markets PLC		2,133		(36	)		—		—		2,097
UBS AG		488		—			—		—		488
	$	37,399	$	(14,215	)	$	—	$	—	$	23,184

^(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	$	—	$	900,525		$	—	$	900,525
Foreign Agency Obligations		—		15,481,026			—		15,481,026
Short-Term Securities
Money Market Funds		795,792		—			—		795,792
Options Purchased
Foreign Currency Exchange Contracts		—		1			—		1
	$	795,792	$	16,381,552		$	—	$	17,177,344
Derivative Financial Instruments(a)
Assets
Credit Contracts	$	—	$	67,232		$	—	$	67,232
Foreign Currency Exchange Contracts		—		5,297			—		5,297
Interest Rate Contracts		27,171		—			—		27,171
Liabilities
Foreign Currency Exchange Contracts		—		(32,020	)		—		(32,020	)
	$	27,171	$	40,509		$	—	$	67,680

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

See notes to financial statements.

SCHEDULE   OF   INVESTMENTS 79

Statements of Assets and Liabilities (unaudited)

June 30, 2022

	BlackRock Systematic Multi-Strategy Fund		BlackRock Sustainable Emerging Markets Bond Fund
ASSETS
Investments, at value — unaffiliated(a)	$	12,353,649,389	$	16,381,552
Investments, at value — affiliated(b)		124,333,675		795,792
Cash		1,240,697		2,078
Cash pledged:
Futures contracts		58,998,000		23,000
Centrally cleared swaps		36,689,000		—
Foreign currency, at value(c)		49,577,301		52,977
Receivables:
Investments sold		2,648,581		431,894
Swaps		1,106,172,309		—
TBA sale commitments		1,435,416,368		—
Capital shares sold		55,936,508		—
Dividends — unaffiliated		1,029,088		—
Dividends — affiliated		122,899		669
Interest — unaffiliated		45,621,875		275,242
From the Manager		—		17,904
Principal paydowns		766,946		—
Variation margin on futures contracts		6,074,961		10,224
Variation margin on centrally cleared swaps		1,013,499		—
Swap premiums paid		—		148,011
Unrealized appreciation on:
Forward foreign currency exchange contracts		364,413		5,297
OTC swaps		11,719,311		67,232
Prepaid expenses		374,989		71,674
Total assets		15,291,749,809		18,283,546
LIABILITIES
Cash received:
Collateral — OTC derivatives		26,521,806		—
Collateral — TBA commitments		6,931,000		—
TBA sale commitments, at value(d)		1,423,102,913		—
Payables:
Investments purchased		2,930,498,933		181,701
Swaps		1,037,542,960		—
Accounting services fees		442,225		11,701
Administration fees		326,981		—
Capital shares redeemed		40,361,648		—
Custodian fees		175,530		6,909
Income dividend distributions		—		79,236
Investment advisory fees		5,768,910		—
Trustees’ and Officer’s fees		18,997		356
Recoupment of past waived fees		754,180		—
Other accrued expenses		173,707		1,807
Professional fees		78,424		26,225
Service and distribution fees		113,753		—
Transfer agent fees		2,624,683		898
Variation margin on futures contracts		19,390,803		14,225
Swap premiums received		—		5,379
Unrealized depreciation on:
Forward foreign currency exchange contracts		42,060		32,020
OTC swaps		43,533,453		—
Total liabilities		5,538,402,966		360,457
NET ASSETS	$	9,753,346,843	$	17,923,089

80 2 0 2 2   BLACK ROCK   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Statements of Assets and Liabilities (unaudited) (continued)

June 30, 2022

	BlackRock Systematic Multi-Strategy Fund			BlackRock Sustainable Emerging Markets Bond Fund
NET ASSETS CONSIST OF
Paid-in capital	$	9,941,068,021		$	25,314,500
Accumulated loss		(187,721,178	)		(7,391,411	)
NET ASSETS	$	9,753,346,843		$	17,923,089
(a)  Investments, at cost — unaffiliated	$	12,837,625,209		$	21,134,364
(b)  Investments, at cost — affiliated	$	124,333,675		$	795,792
(c)  Foreign currency, at cost	$	49,742,214		$	55,059
(d)  Proceeds from TBA sale commitments	$	1,435,416,368		$	—

FINANCIAL   STATEMENTS 81

Statements of Assets and Liabilities (unaudited) (continued)

June 30, 2022

	BlackRock Systematic Multi-Strategy Fund		BlackRock Sustainable Emerging Markets Bond Fund
NET ASSET VALUE
Institutional
Net assets	$	9,172,673,511	$	197,311
Shares outstanding		909,432,610		27,773
Net asset value	$	10.09	$	7.10
Shares authorized		Unlimited		Unlimited
Par value	$	0.001	$	0.001
Investor A
Net assets	$	445,686,659		N/A
Shares outstanding		44,324,135		N/A
Net asset value	$	10.06		N/A
Shares authorized		Unlimited		N/A
Par value	$	0.001		N/A
Investor C
Net assets	$	23,325,359		N/A
Shares outstanding		2,346,400		N/A
Net asset value	$	9.94		N/A
Shares authorized		Unlimited		N/A
Par value	$	0.001		N/A
Class K
Net assets	$	111,661,314	$	17,725,778
Shares outstanding		11,069,366		2,495,112
Net asset value	$	10.09	$	7.10
Shares authorized		Unlimited		Unlimited
Par value	$	0.001	$	0.001

See notes to financial statements.

82 2 0 2 2   BLACK ROCK   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Statements of Operations (unaudited)

Six Months Ended June 30, 2022

	BlackRock Systematic Multi-Strategy Fund				BlackRock Sustainable Emerging Markets Bond Fund
INVESTMENT INCOME
Dividends — unaffiliated		$	7,837,286			$	—
Dividends — affiliated			487,007				1,677
Interest — unaffiliated			92,148,843				560,563
Foreign taxes withheld			—				(1,052	)
Total investment income			100,473,136				561,188
EXPENSES
Investment advisory			32,932,036				55,583
Transfer agent — class specific			4,960,928				1,164
Administration			1,566,710				4,295
Administration — class specific			906,911				2,021
Recoupment of past waived and/or reimbursed fees — class specific			678,632				—
Service and distribution — class specific			647,225				—
Registration			627,054				31,009
Accounting services			356,482				8,735
Custodian			136,730				6,744
Professional			77,205				65,285
Trustees and Officer			48,093				758
Printing and postage			35,324				25,007
Recoupment of past waived and/or reimbursed fees			8,566				—
Miscellaneous			144,827				4,400
Total expenses			43,126,723				205,001
Less:
Administration fees waived			—				(4,295	)
Administration fees waived — class specific			(108,121	)			(2,021	)
Fees waived and/or reimbursed by the Manager			(174,217	)			(137,812	)
Transfer agent fees waived and/or reimbursed by the Manager — class specific			(6,800	)			(1,087	)
Total expenses after fees waived and/or reimbursed			42,837,585				59,786
Net investment income			57,635,551				501,402
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated			(193,676,970	)			(923,447	)
Investments — affiliated			(130,872	)			—
Forward foreign currency exchange contracts			1,622,187				334,819
Foreign currency transactions			(3,380,078	)			1,576
Futures contracts			71,184,160				341,276
Swaps			355,223,537				10,892
			230,841,964				(234,884	)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated			(528,095,170	)			(4,689,670	)
Investments — affiliated			104,924				—
Forward foreign currency exchange contracts			657,623				(125,731	)
Foreign currency translations			(314,963	)			(3,362	)
Futures contracts			9,101,794				5,362
Swaps			(84,686,348	)			31,277
			(603,232,140	)			(4,782,124	)
Net realized and unrealized loss			(372,390,176	)			(5,017,008	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS		$	(314,754,625	)		$	(4,515,606	)

See notes to financial statements.

FINANCIAL   STATEMENTS 83

Statements of Changes in Net Assets

	BlackRock Systematic Multi-Strategy Fund						BlackRock Sustainable Emerging Markets Bond Fund
	Six Months Ended 06/30/22 (unaudited)			Year Ended 12/31/21			Six Months Ended 06/30/22 (unaudited)			Year Ended 12/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	57,635,551		$	61,369,450		$	501,402		$	1,208,001
Net realized gain (loss)		230,841,964			255,696,487			(234,884	)		(854,109	)
Net change in unrealized appreciation (depreciation)		(603,232,140	)		20,436,088			(4,782,124	)		(809,962	)
Net increase (decrease) in net assets resulting from operations		(314,754,625	)		337,502,025			(4,515,606	)		(456,070	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Institutional		—			(190,205,103	)		(4,013	)		(139,228	)
Investor A		—			(8,791,602	)		—			—
Investor C		—			(368,271	)		—			—
Class K		—			(966,895	)		(478,864	)		(1,193,553	)
Decrease in net assets resulting from distributions to shareholders		—			(200,331,871	)		(482,877	)		(1,332,781	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		2,192,707,312			4,462,373,158			22,029			255,612
NET ASSETS
Total increase (decrease) in net assets		1,877,952,687			4,599,543,312			(4,976,454	)		(1,533,239	)
Beginning of period		7,875,394,156			3,275,850,844			22,899,543			24,432,782
End of period	$	9,753,346,843		$	7,875,394,156		$	17,923,089		$	22,899,543

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

See notes to financial statements.

84 2 0 2 2   BLACK ROCK   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Financial Highlights

(For a share outstanding throughout each period)

	BlackRock Systematic Multi-Strategy Fund
	Institutional
	Six Months Ended 06/30/22 (unaudited)				Year Ended December 31,
					2021			2020			2019			2018			2017
Net asset value, beginning of period		$	10.45		$	10.10		$	9.88		$	9.47		$	10.15		$	9.61
Net investment income(a)			0.06			0.11			0.14			0.23			0.29			0.22
Net realized and unrealized gain (loss)			(0.42	)		0.51			0.21			0.56			(0.12	)		0.73
Net increase (decrease) from investment operations			(0.36	)		0.62			0.35			0.79			0.17			0.95
Distributions(b)
From net investment income			—			(0.18	)		(0.13	)		(0.18	)		(0.29	)		(0.22	)
From net realized gain			—			(0.09	)		(0.00	)(c)		(0.20	)		(0.56	)		(0.19	)
Return of capital			—			—			(0.00	)(c)		—			—			—
Total distributions			—			(0.27	)		(0.13	)		(0.38	)		(0.85	)		(0.41	)
Net asset value, end of period		$	10.09		$	10.45		$	10.10		$	9.88		$	9.47		$	10.15
Total Return(d)
Based on net asset value			(3.45	)%(e)		6.19	%		3.57	%		8.43	%		1.74	%		10.00	%
Ratios to Average Net Assets(f)
Total expenses			0.94	%(g)(h)		0.96	%(i)		0.99	%		1.29	%		2.33	%		2.16	%
Total expenses after fees waived and/or reimbursed			0.93	%(h)		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%
Total expenses after fees waived and/or reimbursed and excluding excise tax			0.93	%(h)		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%
Net investment income			1.28	%(h)		1.09	%		1.38	%		2.27	%		2.93	%		2.19	%
Supplemental Data
Net assets, end of period (000)		$	9,172,674		$	7,451,022		$	3,091,298		$	277,782		$	32,961		$	27,328
Portfolio turnover rate(j)(k)			436	%		936	%		503	%		442	%		426	%		424	%

^(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 fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)  Includes recoupment of past waived and/or reimbursed fees. Excluding the recoupment of past waived and/or reimbursed fees for the six months ended June 30, 2022, the expense ratio would have been 0.92%.

^(h)  Annualized.

⁽ⁱ⁾  Includes recoupment of past waived and/or reimbursed fees with no financial impact to the expense ratio.

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

	Six Months Ended 06/30/22 (unaudited)			Year Ended December 31,
				2021			2020			2019			2018			2017
Portfolio turnover rate (excluding MDRs)		209	%		417	%		258	%		267	%		220	%		251	%

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

See notes to financial statements.

FINANCIAL   HIGHLIGHTS 85

Financial Highlights (continued)

(For a share outstanding throughout each period)

	BlackRock Systematic Multi-Strategy Fund (continued)
	Investor A
	Six Months Ended 06/30/22 (unaudited)				Year Ended December 31,
					2021			2020			2019			2018			2017
Net asset value, beginning of period		$	10.43		$	10.09		$	9.87		$	9.46		$	10.15		$	9.60
Net investment income(a)			0.05			0.08			0.14			0.20			0.22			0.19
Net realized and unrealized gain (loss)			(0.42	)		0.51			0.19			0.58			(0.09	)		0.74
Net increase (decrease) from investment operations			(0.37	)		0.59			0.33			0.78			0.13			0.93
Distributions(b)
From net investment income			—			(0.16	)		(0.11	)		(0.17	)		(0.26	)		(0.19	)
From net realized gain			—			(0.09	)		(0.00	)(c)		(0.20	)		(0.56	)		(0.19	)
Return of capital			—			—			(0.00	)(c)		—			—			—
Total distributions			—			(0.25	)		(0.11	)		(0.37	)		(0.82	)		(0.38	)
Net asset value, end of period		$	10.06		$	10.43		$	10.09		$	9.87		$	9.46		$	10.15
Total Return(d)
Based on net asset value			(3.55	)%(e)		5.85	%		3.34	%		8.25	%		1.41	%		9.83	%
Ratios to Average Net Assets(f)
Total expenses			1.21	%(g)(h)		1.23	%		1.31	%		1.60	%		2.73	%		2.63	%
Total expenses after fees waived and/or reimbursed			1.20	%(h)		1.20	%		1.20	%		1.20	%		1.20	%		1.20	%
Total expenses after fees waived and/or reimbursed and excluding excise tax			1.20	%(h)		1.20	%		1.20	%		1.20	%		1.20	%		1.20	%
Net investment income			1.02	%(h)		0.81	%		1.34	%		1.95	%		2.21	%		1.94	%
Supplemental Data
Net assets, end of period (000)		$	445,687		$	369,323		$	179,389		$	74,536		$	2,725		$	1,469
																		��
Portfolio turnover rate(i)(j)			436	%		936	%		503	%		442	%		426	%		424	%

^(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 fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)  Includes recoupment of past waived and/or reimbursed fees. Excluding the recoupment of past waived and/or reimbursed fees for the six months ended June 30, 2022, the expense ratio would have been 1.20%.

^(h)  Annualized.

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

	Six Months Ended 06/30/22 (unaudited)			Year Ended December 31,
				2021			2020			2019			2018			2017
Portfolio turnover rate (excluding MDRs)		209	%		417	%		258	%		267	%		220	%		251	%

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

See notes to financial statements.

86 2 0 2 2   BLACK ROCK   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)

	BlackRock Systematic Multi-Strategy Fund (continued)
	Investor C
	Six Months Ended 06/30/22 (unaudited)				Year Ended December 31,
					2021			2020			2019			2018			2017
Net asset value, beginning of period		$	10.35		$	10.05		$	9.87		$	9.47		$	10.16		$	9.58
Net investment income(a)			0.02			0.02			0.01			0.08			0.20			0.12
Net realized and unrealized gain (loss)			(0.43	)		0.50			0.24			0.62			(0.14	)		0.73
Net increase (decrease) from investment operations			(0.41	)		0.52			0.25			0.70			0.06			0.85
Distributions(b)
From net investment income			—			(0.13	)		(0.07	)		(0.10	)		(0.19	)		(0.08	)
From net realized gain			—			(0.09	)		(0.00	)(c)		(0.20	)		(0.56	)		(0.19	)
Return of capital			—			—			(0.00	)(c)		—			—			—
Total distributions			—			(0.22	)		(0.07	)		(0.30	)		(0.75	)		(0.27	)
Net asset value, end of period		$	9.94		$	10.35		$	10.05		$	9.87		$	9.47		$	10.16
Total Return(d)
Based on net asset value			(3.96	)%(e)		5.18	%		2.55	%		7.43	%		0.65	%		8.97	%
Ratios to Average Net Assets(f)
Total expenses			1.91	%(g)(h)		1.95	%(i)		2.07	%		2.51	%		3.48	%		3.30	%
Total expenses after fees waived and/or reimbursed			1.90	%(h)		1.94	%		1.95	%		1.95	%		1.95	%		1.95	%
Total expenses after fees waived and/or reimbursed and excluding excise tax			1.90	%(h)		1.94	%		1.95	%		1.95	%		1.95	%		1.95	%
Net investment income			0.31	%(h)		0.15	%		0.10	%		0.76	%		2.01	%		1.18	%
Supplemental Data
Net assets, end of period (000)		$	23,325		$	17,977		$	4,868		$	305		$	75		$	67
Portfolio turnover rate(j)(k)			436	%		936	%		503	%		442	%		426	%		424	%

^(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 fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)  Includes recoupment of past waived and/or reimbursed fees. Excluding the recoupment of past waived and/or reimbursed fees for the six months ended June 30, 2022, the expense ratio would have been 1.89%.

^(h)  Annualized.

⁽ⁱ⁾  Includes recoupment of past waived and/or reimbursed fees with no financial impact to the expense ratio.

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

	Six Months Ended 06/30/22 (unaudited)			Year Ended December 31,
				2021			2020			2019			2018			2017
Portfolio turnover rate (excluding MDRs)		209	%		417	%		258	%		267	%		220	%		251	%

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

See notes to financial statements.

FINANCIAL   HIGHLIGHTS 87

Financial Highlights (continued)

(For a share outstanding throughout each period)

		BlackRock Systematic Multi-Strategy Fund (continued)
		Class K
	Six Months Ended 06/30/22 (unaudited)						Year Ended 12/31/21			Period from 09/29/20 to 12/31/20	(a)
Net asset value, beginning of period			$	10.45		$	10.10		$	10.22
Net investment income(b)				0.07			0.17			0.01
Net realized and unrealized gain (loss)				(0.43	)		0.46			(0.06	)
Net increase (decrease) from investment operations				(0.36	)		0.63			(0.05	)
Distributions(c)
From net investment income				—			(0.19	)		(0.07	)
From net realized gain				—			(0.09	)		(0.00	)(d)
Return of capital				—			—			(0.00	)(d)
Total distributions				—			(0.28	)		(0.07	)
Net asset value, end of period			$	10.09		$	10.45		$	10.10
Total Return(e)
Based on net asset value				(3.45	)%(f)		6.28	%		(0.53	)%(f)
Ratios to Average Net Assets(g)
Total expenses				0.81	%(h)(i)		0.84	%(h)		0.99	%(i)
Total expenses after fees waived and/or reimbursed				0.81	%(i)		0.83	%		0.90	%(i)
Total expenses after fees waived and/or reimbursed and excluding excise tax				0.81	%(i)		0.83	%		0.90	%(i)
Net investment income				1.45	%(i)		1.58	%		0.35	%(i)
Supplemental Data
Net assets, end of period (000)			$	111,661		$	37,071		$	296
Portfolio turnover rate(j)(k)				436	%		936	%		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 fees and expenses incurred indirectly as a result of investments in underlying funds.

^(h)  Includes recoupment of past waived and/or reimbursed fees with no financial impact to the expense ratio.

⁽ⁱ⁾  Annualized.

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

	Six Months Ended 06/30/22 (unaudited)			Year Ended 12/31/21		Period from 09/29/20 to 12/31/20	(a)
Portfolio turnover rate (excluding MDRs)		209	%	417	%	258	%

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

See notes to financial statements.

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

Financial Highlights (continued)

(For a share outstanding throughout each period)

	BlackRock Sustainable Emerging Markets Bond Fund
	Institutional
		Six Months Ended 06/30/22 (unaudited)					Year Ended December 31,												Period from 07/27/17 to 12/31/17	(a)
						2021			2020			2019			2018
Net asset value, beginning of period			$	9.09		$	9.74		$	9.59		$	8.83		$	9.93		$	10.00
Net investment income(b)				0.19			0.42			0.41			0.46			0.37			0.21
Net realized and unrealized gain (loss)				(1.99	)		(0.60	)		0.24			0.77			(0.95	)		(0.06	)
Net increase (decrease) from investment operations				(1.80	)		(0.18	)		0.65			1.23			(0.58	)		0.15
Distributions from net investment income(c)				(0.19	)		(0.47	)		(0.50	)		(0.47	)		(0.52	)		(0.22	)
Net asset value, end of period			$	7.10		$	9.09		$	9.74		$	9.59		$	8.83		$	9.93
Total Return(d)
Based on net asset value				(20.00	)%(e)		(1.86	)%		7.20	%		14.07	%		(5.95	)%		1.53	%(e)
Ratios to Average Net Assets(f)
Total expenses				2.77	%(g)		1.63	%		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	%		0.68	%		0.67	%		0.65	%(g)
Net investment income				4.88	%(g)		4.49	%		4.43	%		4.81	%		3.95	%		4.93	%(g)
Supplemental Data
Net assets, end of period (000)			$	197		$	220		$	146		$	48		$	44		$	50
Portfolio turnover rate				26	%		55	%		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 fees and expenses incurred indirectly as a result of investments in underlying funds.

^(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.

FINANCIAL   HIGHLIGHTS 89

Financial Highlights (continued)

(For a share outstanding throughout each period)

	BlackRock Sustainable Emerging Markets Bond Fund (continued)
	Class K
		Six Months Ended 06/30/22 (unaudited)					Year Ended December 31,												Period from 07/27/17 to 12/31/17	(a)
						2021			2020			2019			2018
Net asset value, beginning of period			$	9.09		$	9.73		$	9.59		$	8.83		$	9.93		$	10.00
Net investment income(b)				0.20			0.43			0.41			0.46			0.38			0.21
Net realized and unrealized gain (loss)				(2.00	)		(0.59	)		0.23			0.77			(0.96	)		(0.06	)
Net increase (decrease) from investment operations				(1.80	)		(0.16	)		0.64			1.23			(0.58	)		0.15
Distributions from net investment income(c)				(0.19	)		(0.48	)		(0.50	)		(0.47	)		(0.52	)		(0.22	)
Net asset value, end of period			$	7.10		$	9.09		$	9.73		$	9.59		$	8.83		$	9.93
Total Return(d)
Based on net asset value				(19.96	)%(e)		(1.67	)%		7.18	%		14.17	%		(5.87	)%		1.55	%(e)
Ratios to Average Net Assets(f)
Total expenses				2.02	%(g)		1.67	%		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	%		0.59	%(g)
Net investment income				4.96	%(g)		4.54	%		4.52	%		4.90	%		4.03	%		4.98	%(g)
Supplemental Data
Net assets, end of period (000)			$	17,726		$	22,679		$	24,287		$	23,938		$	22,042		$	24,770
Portfolio turnover rate				26	%		55	%		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 fees and expenses incurred indirectly as a result of investments in underlying funds.

^(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.

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

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 Sustainable Emerging Markets Bond Fund	Sustainable 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.

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 open-end non-index fixed-income 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 “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, 2022, 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.

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Notes to Financial Statements (unaudited) (continued)

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 investments 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 Sustainable Emerging Markets Bond Fund and declared 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 character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

Deferred Compensation Plan: Under the Deferred Compensation Plan (the “Plan”) approved by each 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. Net appreciation (depreciation) in the value of participants’ deferral accounts is allocated among the participating funds in the Fixed-Income Complex and reflected as Trustees and Officer expense on the Statements of Operations. The Trustees and Officer expense may be negative as a result of a decrease in value of the deferred accounts.

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.

• 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 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.

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Notes to Financial Statements (unaudited) (continued)

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the NYSE. Each business day, the Funds use current market factors supplied by independent pricing services to value certain foreign instruments (“Systematic Fair Value Price”). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which follows the close of the local markets.

If events (e.g., 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.

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

NOTES   TO   FINANCIAL   STATEMENTS 93

Notes to Financial Statements (unaudited) (continued)

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.

Zero-Coupon Bonds: Zero-coupon bonds are normally issued at a significant discount from face value and do not provide for periodic interest payments. These bonds may experience greater volatility in market value than other debt obligations of similar maturity which provide for regular interest payments.

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. The Funds 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, the Funds 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, the Funds assume 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, the Funds’ 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.

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 over-the-counter (“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).

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Notes to Financial Statements (unaudited) (continued)

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.

Options: The Funds may purchase and write call and put options to increase or decrease their exposure to the risks of underlying instruments, including equity risk, interest rate risk and/or commodity price risk and/or, in the case of options written, to generate gains from options premiums.

A call option gives the purchaser (holder) of the option the right (but not the obligation) to buy, and obligates the seller (writer) to sell (when the option is exercised) the underlying instrument at the exercise or strike price at any time or at a specified time during the option period. A put option gives the holder the right to sell and obligates the writer to buy the underlying instrument at the exercise or strike price at any time or at a specified time during the option period.

Premiums paid on options purchased and premiums received on options written, as well as the daily fluctuation in market value, are included in investments at value –unaffiliated and options written at value, respectively, in the Statements of Assets and Liabilities. When an instrument is purchased or sold through the exercise of an option, the premium is offset against the cost or proceeds of the underlying instrument. When an option expires, a realized gain or loss is recorded in the Statements of Operations to the extent of the premiums received or paid. When an option is closed or sold, a gain or loss is recorded in the Statements of Operations to the extent the cost of the closing transaction exceeds the premiums received or paid. When the Funds write a call option, such option is typically “covered,” meaning that they hold the underlying instrument subject to being called by the option counterparty. When the Funds write a put option, cash is segregated in an amount sufficient to cover the obligation. These amounts, which are considered restricted, are included in cash pledged as collateral for options written in the Statements of Assets and Liabilities.

• Foreign currency options — The Funds may purchase and write foreign currency options, foreign currency futures and options on foreign currency futures to gain or reduce exposure to foreign currencies (foreign currency exchange rate risk). Foreign currency options give the purchaser the right to buy from or sell to the writer a foreign currency at any time before the expiration of the option.

In purchasing and writing options, the Funds bear the risk of an unfavorable change in the value of the underlying instrument or the risk that they may not be able to enter into a closing transaction due to an illiquid market. Exercise of a written option could result in the Funds purchasing or selling a security when they otherwise would not, or at a price different from the current market value.

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

NOTES   TO   FINANCIAL   STATEMENTS 95

Notes to Financial Statements (unaudited) (continued)

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 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

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

Notes to Financial Statements (unaudited) (continued)

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.

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	Sustainable 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, 2022, 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	$	536,957	$	110,268	$	647,225

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

NOTES   TO   FINANCIAL   STATEMENTS 97

Notes to Financial Statements (unaudited) (continued)

Average Daily Net Assets	Administration Fees
$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, 2022, 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	$	852,877	$	42,956	$	2,205	$	8,873	$	906,911
Sustainable Emerging Markets Bond Fund		17		—		—		2,004		2,021

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, 2022, 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
Systematic Multi-Strategy Fund	$	782

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, 2022, 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	$	2,664	$	368	$	32	$	—	$	3,064
Sustainable Emerging Markets Bond Fund		12		—		—		11		23

For the six months ended June 30, 2022, 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	$	4,651,170	$	300,265	$	9,070	$	423	$	4,960,928
Sustainable Emerging Markets Bond Fund		569		—		—		595		1,164

Other Fees: For the six months ended June 30, 2022, 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	$	4,873

For the six months ended June 30, 2022, affiliates received CDSCs as follows:

Fund Name	Investor A		Investor C
Systematic Multi-Strategy Fund	$	7,884	$	4,140

Expense Limitations, Waivers, Reimbursements, and Recoupments: 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, 2022, the amounts waived were as follows:

Fund Name	Fees Waived and/or Reimbursed by the Manager
Systematic Multi-Strategy Fund	$	174,217
Sustainable Emerging Markets Bond Fund		283

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, 2022, there were no fees waived by the Manager pursuant to this arrangement.

98 2 0 2 2   BLACK ROCK   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

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	%
Sustainable Emerging Markets Bond Fund		0.68			—			—			0.59

The Manager has agreed not to reduce or discontinue the 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, 2022, amounts included in the Statements of Operations were as follows:

Fund Name	Fees Waived and/or Reimbursed by the Manager
Sustainable Emerging Markets Bond Fund	$	137,529

Fund Name	Administration Fees Waived
Sustainable Emerging Markets Bond Fund	$	4,295

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 by the Manager — class specific, respectively, in the Statements of Operations. For the six months ended June 30, 2022, class specific expense waivers and/or reimbursements are as follows:

	Administration Fees Waived - Class Specific
Fund Name	Institutional		Investor A		Class K		Total
Systematic Multi-Strategy Fund	$	101,580	$	6,541	$	—	$	108,121
Sustainable Emerging Markets Bond Fund		17		—		2,004		2,021

	Transfer Agent Fees Waived and/or Reimbursed by the Manager - Class Specific
Fund Name	Institutional		Investor A		Class K		Total
Systematic Multi-Strategy Fund	$	—	$	6,800	$	—	$	6,800
Sustainable Emerging Markets Bond Fund		492		—		595		1,087

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, 2022, the Manager recouped the following fund level and class specific waivers and/or reimbursements previously recorded by the Funds:

Fund Name	Fund Level		Institutional		Investor A		Investor C		Class K
Systematic Multi-Strategy Fund	$	8,566	$	670,504	$	6,557	$	1,569	$	2

As of June 30, 2022, 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, 2022		December 31, 2023		July 27, 2024
Sustainable Emerging Markets Bond Fund
Fund Level	$	223,272	$	275,874	$	141,824
Institutional		57		994		509
Class K		4,661		6,573		2,599

NOTES   TO   FINANCIAL   STATEMENTS 99

Notes to Financial Statements (unaudited) (continued)

The following fund level and class specific waivers and/or reimbursements previously recorded by the Funds, which were subject to recoupment by the Manager, expired on May 19, 2022:

Fund Name/Fund Level/Share Class	Expired May 19, 2022
Systematic Multi-Strategy Fund
Fund Level	$	—
Institutional		—
Investor A		202,017
Investor C		—
Class K		—

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 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, 2022, 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, 2022, 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	$	52,985,656	$	1,070,946	$	(11,185	)

7. PURCHASES AND SALES

For the six months ended June 30, 2022, purchases and sales of investments, including paydowns/payups and mortgage dollar rolls, excluding short-term investments, were as follows:

	U.S. Government Securities				Other Securities
Fund Name	Purchases		Sales		Purchases		Sales
Systematic Multi-Strategy Fund	$	—	$	9,000,000	$	40,181,059,331	$	37,794,966,258
Sustainable Emerging Markets Bond Fund		—		—		5,435,098		4,790,579

For the six months ended June 30, 2022, purchases and sales related to mortgage dollar rolls were as follows:

Fund Name	Purchases		Sales
Systematic Multi-Strategy Fund	$	19,603,368,975	$	19,627,757,796

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 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, 2022, 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.

100 2 0 2 2   BLACK ROCK   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

As of December 31, 2021, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

Fund Name	Non-Expiring
Sustainable Emerging Markets Bond Fund	$	2,432,129

As of June 30, 2022, 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	$	12,979,725,597	$	288,026,315	$	(825,643,102	)	$	(537,616,787	)
Sustainable Emerging Markets Bond Fund		21,987,170		155,155		(4,897,300	)		(4,742,145	)

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, $2.50 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 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) Overnight Bank Funding Rate (“OBFR”) (but, in any event, not less than 0.00%) on the date the loan is made plus 0.80% per annum, (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 or (c) the sum of (x) Daily Simple Secured Overnight Financing Rate (“SOFR”) (but, in any event, not less than 0.00%) on the date the loan is made plus 0.10% and (y) 0.80% per annum. The agreement expires in April 2023 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, 2022, 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. Although vaccines have been developed and approved for use by various governments, 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.

NOTES   TO   FINANCIAL   STATEMENTS 101

Notes to Financial Statements (unaudited) (continued)

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.

For OTC options purchased, each Fund bears the risk of loss in the amount of the premiums paid plus the positive change in market values net of any collateral held by the Funds should the counterparty fail to perform under the contracts. Options written by the Funds do not typically give rise to counterparty credit risk, as options written generally obligate the Funds, and not the counterparty, to perform. The Funds may be exposed to counterparty credit risk with respect to options written to the extent each Fund deposits collateral with its counterparty to a written option.

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.

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.

Significant Shareholder Redemption Risk: Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a Fund to sell portfolio securities, which may negatively impact the fund’s NAV, increase the fund’s brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

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 ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 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.

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Notes to Financial Statements (unaudited) (continued)

11. CAPITAL SHARE TRANSACTIONS

Transactions in capital shares for each class were as follows:

	Six Months Ended 06/30/22						Year Ended 12/31/21
Fund Name / Share Class	Shares			Amounts			Shares			Amounts
Systematic Multi-Strategy Fund
Institutional
Shares sold		365,169,781		$	3,736,397,272			488,514,597		$	5,079,938,866
Shares issued in reinvestment of distributions		36			378			17,578,211			183,516,524
Shares redeemed		(168,671,277	)		(1,719,240,056	)		(99,217,185	)		(1,032,036,570	)
		196,498,540		$	2,017,157,594			406,875,623		$	4,231,418,820
Investor A
Shares sold and automatic conversion of shares		17,048,404		$	174,367,562			28,435,742		$	293,585,920
Shares issued in reinvestment of distributions		—			—			831,331			8,670,790
Shares redeemed		(8,123,524	)		(82,523,224	)		(11,653,480	)		(121,420,721	)
		8,924,880		$	91,844,338			17,613,593		$	180,835,989
Investor C
Shares sold		1,102,034		$	11,166,415			1,374,606		$	14,251,310
Shares issued in reinvestment of distributions		—			—			35,070			362,626
Shares redeemed and automatic conversion of shares		(492,494	)		(4,952,360	)		(156,928	)		(1,616,706	)
		609,540		$	6,214,055			1,252,748		$	12,997,230
Class K
Shares sold		10,376,533		$	106,363,586			3,637,726		$	38,369,029
Shares issued in reinvestment of distributions		—			—			15,313			159,863
Shares redeemed		(2,855,907	)		(28,872,261	)		(133,653	)		(1,407,773	)
		7,520,626		$	77,491,325			3,519,386		$	37,121,119
		213,553,586		$	2,192,707,312			429,261,350		$	4,462,373,158

	Six Months Ended 06/30/22						Year Ended 12/31/21
Fund Name / Share Class	Shares			Amounts			Shares			Amounts
Sustainable Emerging Markets Bond Fund
Institutional
Shares sold		22,279		$	183,568			464,091		$	4,490,976
Shares issued in reinvestment of distributions		401			3,113			14,506			136,867
Shares redeemed		(19,122	)		(163,340	)		(469,346	)		(4,374,827	)
		3,558		$	23,341			9,251		$	253,016
Class K
Shares sold		40		$	335			304		$	2,809
Shares issued in reinvestment of distributions		5			43			4			39
Shares redeemed		(214	)		(1,690	)		(27	)		(252	)
		(169	)	$	(1,312	)		281		$	2,596
		3,389		$	22,029			9,532		$	255,612

As of June 30, 2022, 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
Sustainable 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.

NOTES   TO   FINANCIAL   STATEMENTS 103

Disclosure of Investment Advisory Agreements and Sub-Advisory  Agreements

The Board of Trustees (the “Board,” the members of which are referred to as “Board Members”) of each of BlackRock Funds IV and BlackRock Funds V (together, the “Trusts” and each, a “Trust”) met on April 14, 2022 (the “April Meeting”) and May 19-20, 2022 (the “May Meeting”) to consider the approval to continue the investment advisory agreements (the “Advisory Agreements”) between each of BlackRock Funds IV, on behalf of BlackRock Systematic Multi-Strategy Fund (the “Systematic Multi-Strategy Fund”), and BlackRock Funds V, on behalf of BlackRock Sustainable Emerging Markets Bond Fund (the “Sustainable 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 (the “Sub-Advisor”), 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 who 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 an additional 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 April 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 April 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 April Meeting, the Board reviewed materials relating to its consideration of the Agreements and the Independent Board Members presented BlackRock with questions and requests for additional information. BlackRock responded to these questions and requests with additional written information in advance of the May Meeting.

At the May 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 engage in open, candid discussions with the Board. The Board Members evaluated the information available to it on a fund-by-fund basis. The following paragraphs provide

104 2 0 2 2   BLACK ROCK   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

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

more information about some of the primary factors that were relevant to the Board’s decision. 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 April meeting. In preparation for the April Meeting, the Board was provided with reports independently prepared by Broadridge, which included an analysis of each Fund’s performance as of December 31, 2021, 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 the one-, three-, and five-year periods reported, the Systematic Multi-Strategy Fund outperformed, outperformed and underperformed, respectively, 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 Sustainable Emerging Markets Bond Fund ranked in the second, first and second quartiles, respectively, against its Performance Peers. The Board noted that effective October 15, 2021, the Sustainable Emerging Markets Bond Fund had undergone a change in its investment strategy and, in connection therewith, had changed its name from BlackRock Emerging Markets Bond Fund to BlackRock Sustainable Emerging Markets Bond Fund.

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

DISCLOSURE   OF   INVESTMENT   ADVISORY   AGREEMENTS   AND   SUB - ADVISORY   AGREEMENTS 105

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, 2021 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 first quartile, and that the actual management fee rate and total expense ratio each ranked in the first quartile, 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 Sustainable 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 Sustainable Emerging Markets Bond Fund’s Expense Peers. The Board also noted that the Sustainable Emerging Markets Bond Fund has an advisory fee arrangement that includes breakpoints that adjust the fee rate downward as the size of the Sustainable Emerging Markets Bond Fund increases above certain contractually specified levels. The Board noted that if the size of the Sustainable Emerging Markets Bond Fund were to decrease, the Sustainable 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 Sustainable Emerging Markets Bond Fund’s total expenses as a percentage of the Sustainable Emerging Markets Bond Fund’s average daily net assets on a class-by-class

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.

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

Conclusion

At the May Meeting, as a result of the discussions that occurred during the April Meeting, and as a culmination of the Board’s year-long deliberative process, the Board, including the Independent Board Members, approved, by unanimous vote of those present, the continuation of the Advisory Agreements between the Manager and each of BlackRock Funds IV, on behalf of the Systematic Multi-Strategy Fund, and BlackRock Funds V, on behalf of the Sustainable Emerging Markets Bond Fund, for a one-year term ending June 30, 2023, and the Sub-Advisory Agreements between the Manager and the Sub-Advisor, with respect to each Fund, for a one-year term ending June 30, 2023. 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.

DISCLOSURE   OF   INVESTMENT   ADVISORY   AGREEMENTS   AND   SUB - ADVISORY   AGREEMENTS 107

Additional Information

Regulation Regarding Derivatives

On October 28, 2020, the Securities and Exchange Commission (the “SEC”) adopted 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.

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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

BlackRock Advisors, LLC

Wilmington, DE 19809

Sub-Adviser

BlackRock International Limited

Edinburgh, EH3 8BL

United Kingdom

Accounting Agent and Custodian

State Street Bank and Trust Company

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Wilmington, DE 19809

Distributor

BlackRock Investments, LLC

New York, NY 10022

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

Boston, MA 02116

Legal Counsel

Willkie Farr & Gallagher LLP

New York, NY 10019

Address of the Funds

100 Bellevue Parkway

Wilmington, DE 19809

ADDITIONAL   INFORMATION 109

Glossary of Terms Used in this Report

Currency Abbreviation
AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
CLP	Chilean Peso
EUR	Euro
GBP	British Pound
HKD	Hong Kong Dollar
JPY	Japanese Yen
KRW	South Korean Won
MXN	Mexican Peso
PLN	Polish Zloty
SEK	Swedish Krona
SGD	Singapore Dollar
TRY	Turkish Lira
USD	United States Dollar
ZAR	South African Rand

Portfolio Abbreviation
BBSW	Bank Bill Swap Rate
CME	Chicago Mercantile Exchange
CMT	Constant Maturity Treasury
DAC	Designated Activity Company
EURIBOR	Euro Interbank Offered Rate
GMTN	Global Medium-Term Note
HIBOR	Hong Kong Interbank Offered Rate
JIBAR	Johannesburg Interbank Average Rate
JSC	Joint Stock Company
LIBOR	London Interbank Offered Rate
MXIBOR	Mexico Interbank Offered Rate
PIK	Payment-in-Kind
REIT	Real Estate Investment Trust
REMIC	Real Estate Mortgage Investment Conduit
S&P	Standard & Poor’s
SAB	Special Assessment Bonds
SOFR	Secured Overnight Financing Rate
SONIA	Sterling Overnight Interbank Average Rate
SORA	Singapore Overnight Rate Average
STACR	Structured Agency Credit Risk
STIBOR	Stockholm Interbank Offered Rate
TBA	To-Be-Announced
WIBOR	Warsaw Interbank Offered Rate

110 2 0 2 2  BLACK ROCK  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

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-06/22-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) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable

2

(a)(4) Change in Registrant’s independent public accountant – 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: August 19, 2022

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: August 19, 2022

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

Date: August 19, 2022

4