BlackRock Funds IV NPORT-P BlackRock Systematic Multi-Strategy Fund (Sep 2020 report)

Schedule of Investments  (unaudited) September 30, 2020 BlackRock Systematic Multi-Strategy Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Asset-Backed Securities
American Credit Acceptance Receivables Trust, Series 2017-1, Class D, 3.54%, 03/13/23(a)	$	656	$	660,408
AmeriCredit Automobile Receivables Trust Series 2016-3, Class D, 2.71%, 09/08/22		1,200		1,214,454
Series 2017-3, Class D, 3.18%, 07/18/23		150		154,827
Avant Loans Funding Trust(a)
Series 2019-A, Class A, 3.48%, 07/15/22		10		9,813
Series 2019-B, Class A, 2.72%, 10/15/26		584		586,135
Avid Automobile Receivables Trust, Series 2019-1, Class A, 2.62%, 02/15/24(a)		522		527,606
Conn’s Receivables Funding LLC(a)
Series 2018-A, Class A, 3.25%, 01/15/23		2		1,619
Series 2019-A, Class A, 3.40%, 10/16/23		36		35,615
Series 2019-B, Class A, 2.66%, 06/17/24		669		669,147
Consumer Loan Underlying Bond CLUB Credit Trust(a)
Series 2019-HP1, Class A, 2.59%, 12/15/26		1,387		1,402,421
Series 2019-P2, Class A, 2.47%, 10/15/26		1,192		1,197,421
Series 2020-P1, Class A, 2.26%, 03/15/28		4,145		4,176,632
Consumer Loan Underlying Bond Credit Trust(a)
Series 2018-P1, Class B, 4.07%, 07/15/25		2,295		2,302,003
Series 2018-P2, Class A, 3.47%, 10/15/25		8		7,609
Series 2019-P1, Class A, 2.94%, 07/15/26		329		331,848
CPS Auto Receivables Trust, Series 2020-B, Class A, 1.15%, 07/17/23(a)		3,146		3,156,302
Drive Auto Receivables Trust
Series 2017-1, Class D, 3.84%, 03/15/23		77		78,349
Series 2017-2, Class D, 3.49%, 09/15/23(a)		56		57,010
Series 2017-3, Class D, 3.53%, 12/15/23(a)		163		165,431
Series 2017-BA, Class D, 3.72%, 10/17/22(a)		26		25,831
Series 2018-2, Class D, 4.14%, 08/15/24		225		233,625
Series 2019-1, Class B, 3.41%, 06/15/23		132		132,328
Series 2019-1, Class D, 4.09%, 06/15/26		13,120		13,773,186
Series 2019-2, Class B, 3.17%, 11/15/23		225		227,933
Series 2020-2, Class A2A, 0.85%, 07/17/23		1,982		1,985,139
Series 2020-2, Class A3, 0.83%, 05/15/24		1,150		1,155,160
Series 2020-2, Class D, 3.05%, 05/15/28		4,110		4,276,731
DT Auto Owner Trust, Series 2020-2A, Class A, 1.14%, 01/16/24(a)		4,745		4,762,730
Enva LLC, Series 2019-A, Class A, 3.96%, 06/22/26(a)		1,027		1,030,083
Exeter Automobile Receivables Trust
Series 2018-4A, Class B, 3.64%, 11/15/22(a)		9		8,991
Series 2019-1A, Class B, 3.45%, 02/15/23(a)		99		99,841
Series 2020-1A, Class B, 2.26%, 04/15/24(a)		3,070		3,115,692
Series 2020-2A, 1.13%, 08/15/23(a)		7,440		7,463,551
Series 2020-3A, Class B, 0.79%, 09/16/24		7,140		7,142,954
Marlette Funding Trust(a)
Series 2017-3A, Class C, 4.01%, 12/15/24		976		976,250
Series 2018-3A, Class B, 3.86%, 09/15/28		205		205,788
Series 2018-4A, Class A, 3.71%, 12/15/28		2,188		2,203,120
Series 2019-1A, Class A, 3.44%, 04/16/29		41		41,609
Series 2019-2A, Class A, 3.13%, 07/16/29		142		143,223
Series 2019-3A, Class A, 2.69%, 09/17/29		383		385,745
Series 2019-4A, Class A, 2.39%, 12/17/29		786		793,695
Series 2020-1A, Class A, 2.24%, 03/15/30		1,141		1,149,713
Series 2020-2A, 1.02%, 09/16/30		10,612		10,629,337
OneMain Financial Issuance Trust, Series 2019-2A, Class A, 3.14%, 10/14/36(a)		500		535,542

Security	Par (000)		Value
Asset-Backed Securities (continued)
Prosper Marketplace Issuance Trust(a)
Series 2019-1A, Class A, 3.54%, 04/15/25	$	1	$	1,252
Series 2019-2A, Class A, 3.20%, 09/15/25		19		19,516
Series 2019-3A, Class A, 3.19%, 07/15/25		5,295		5,318,879
Series 2019-4A, Class A, 2.48%, 02/17/26		354		356,048
Santander Drive Auto Receivables Trust
Series 2016-3, Class D, 2.80%, 08/15/22		90		90,889
Series 2017-2, Class D, 3.49%, 07/17/23		237		240,585
Series 2018-2, Class D, 3.88%, 02/15/24		750		776,506
Series 2018-4, Class C, 3.56%, 07/15/24		1,200		1,222,084
Series 2018-5, Class D, 4.19%, 12/16/24		50		52,042
Series 2019-1, Class C, 3.42%, 04/15/25		4,670		4,786,695
Series 2019-1, Class D, 3.65%, 04/15/25		3,300		3,430,724
Series 2019-3, Class B, 2.28%, 09/15/23		970		981,795
Series 2020-2, Class B, 0.96%, 11/15/24		1,860		1,866,116
Santander Revolving Auto Loan Trust, Series 2019-A, Class A, 2.51%, 01/26/32(a)		650		688,562
SoFi Consumer Loan Program LLC(a)
Series 2017-1, Class A, 3.28%, 01/26/26		5		5,473
Series 2017-3, Class A, 2.77%, 05/25/26		8		7,645
SoFi Consumer Loan Program Trust, Series 2018-1, Class A2, 3.14%, 02/25/27(a)		33		33,266
Upgrade Receivables Trust, Series 2019-2A, Class A, 2.77%, 10/15/25(a)		247		247,263
Upstart Securitization Trust(a)
Series 2019-3, Class A, 2.68%, 01/21/30		7,117		7,176,433
Series 2020-1, Class A, 2.32%, 04/22/30		3,472		3,496,766
Westlake Automobile Receivables Trust(a)
Series 2018-1A, Class D, 3.41%, 05/15/23		200		201,917
Series 2018-3A, Class B, 3.32%, 10/16/23		62		62,178
Series 2018-3A, Class C, 3.61%, 10/16/23		4,000		4,056,254
Series 2018-3A, Class D, 4.00%, 10/16/23		100		103,225
Series 2019-1A, Class B, 3.26%, 10/17/22		5,000		5,054,519
Series 2019-2A, Class B, 2.62%, 07/15/24		1,250		1,269,175
Series 2020-2A, Class B, 1.32%, 07/15/25		5,240		5,271,338
Total Asset-Backed Securities — 5.5% (Cost: $125,178,339)				126,049,592
	Shares
Common Stocks
Aerospace & Defense — 0.0%
Lockheed Martin Corp.		2,914		1,116,878
Air Freight & Logistics — 0.3%
C.H. Robinson Worldwide, Inc.		36,402		3,719,920
United Parcel Service, Inc., Class B		22,253		3,708,018
				7,427,938
Beverages — 0.1%
PepsiCo, Inc.		15,007		2,079,970
Biotechnology — 0.3%
AbbVie, Inc.		43,063		3,771,888
Amgen, Inc.		15,215		3,867,045
				7,638,933
Capital Markets — 0.4%
Houlihan Lokey, Inc.		65,869		3,889,564

SCHEDULE OF INVESTMENTS 1

Schedule of Investments  (unaudited) (continued) September 30, 2020 BlackRock Systematic Multi-Strategy Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Capital Markets (continued)
T. Rowe Price Group, Inc.		7,309	$	937,160
Virtu Financial, Inc., Class A		160,895		3,702,194
				8,528,918
Chemicals — 0.0%
International Flavors & Fragrances, Inc.		11,493		1,407,318
Communications Equipment — 0.1%
Juniper Networks, Inc.		170,997		3,676,435
Containers & Packaging — 0.2%
Packaging Corp. of America		31,759		3,463,319
Sonoco Products Co.		29,925		1,528,270
				4,991,589
Diversified Telecommunication Services — 0.2%
Verizon Communications, Inc.		63,317		3,766,728
Electric Utilities — 0.6%
Alliant Energy Corp.		38,801		2,004,072
American Electric Power Co., Inc.		46,603		3,808,863
Avangrid, Inc.		45,664		2,304,205
Eversource Energy		28,143		2,351,348
IDACORP, Inc.		11,567		924,203
Xcel Energy, Inc.		54,590		3,767,256
				15,159,947
Equity Real Estate Investment Trusts (REITs) — 0.2%
Public Storage		16,997		3,785,572
Food & Staples Retailing — 0.2%
Kroger Co.		111,529		3,781,948
Food Products — 0.9%
Campbell Soup Co.		78,335		3,789,064
Conagra Brands, Inc.		47,602		1,699,867
Flowers Foods, Inc.		156,474		3,807,013
General Mills, Inc.		62,746		3,870,173
J.M. Smucker Co.		33,191		3,834,224
Kellogg Co.		59,301		3,830,252
				20,830,593
Gas Utilities — 0.2%
Atmos Energy Corp.		39,547		3,780,298
Health Care Equipment & Supplies — 0.2%
Medtronic PLC		36,269		3,769,074
Health Care Providers & Services — 0.2%
CVS Health Corp.		64,869		3,788,350
Household Durables — 0.1%
Garmin Ltd.		18,941		1,796,743
Household Products — 0.5%
Colgate-Palmolive Co.		49,060		3,784,979
Kimberly-Clark Corp.		25,471		3,761,048
Procter & Gamble Co.		27,234		3,785,254
				11,331,281
Industrial Conglomerates — 0.2%
3M Co.		23,249		3,724,025
IT Services — 0.6%
Amdocs Ltd.		65,012		3,732,339
Automatic Data Processing, Inc.		27,372		3,818,120

Security	Shares		Value
IT Services (continued)
International Business Machines Corp.		30,876	$	3,756,683
Western Union Co.		170,919		3,662,794
				14,969,936
Media — 0.2%
Comcast Corp., Class A		80,379		3,718,333
Metals & Mining — 0.2%
Southern Copper Corp.		83,727		3,790,321
Multiline Retail — 0.2%
Target Corp.		24,022		3,781,543
Multi-Utilities — 0.8%
Ameren Corp.		47,928		3,790,146
CMS Energy Corp.		61,214		3,759,152
Consolidated Edison, Inc.		49,247		3,831,417
Dominion Energy, Inc.		48,666		3,841,207
WEC Energy Group, Inc.		38,956		3,774,836
				18,996,758
Pharmaceuticals — 0.5%
Johnson & Johnson		25,549		3,803,735
Merck & Co., Inc.		45,415		3,767,174
Pfizer, Inc.		103,284		3,790,523
				11,361,432
Road & Rail — 0.1%
Union Pacific Corp.		18,844		3,709,818
Semiconductors & Semiconductor Equipment — 0.5%
Analog Devices, Inc.		32,108		3,748,288
Intel Corp.		73,080		3,784,083
Texas Instruments, Inc.		26,480		3,781,079
				11,313,450
Technology Hardware, Storage & Peripherals — 0.2%
Seagate Technology PLC		75,685		3,729,000
Trading Companies & Distributors — 0.0%
MSC Industrial Direct Co., Inc., Class A		14,910		943,505
Total Common Stocks — 8.2%
(Cost: $184,460,301)				188,696,634
	Par (000)
Corporate Bonds
Advertising Agencies — 0.0%
MDC Partners, Inc., 6.50%, 05/01/24(a)	$	100		91,250
Aerospace & Defense — 0.6%
3M Co.
2.25%, 03/15/23		425		444,433
2.65%, 04/15/25		680		737,854
Boeing Co.
4.51%, 05/01/23		1,260		1,328,468
4.88%, 05/01/25		2,080		2,263,300
Bombardier, Inc.(a)
6.00%, 10/15/22		100		92,750
6.13%, 01/15/23		50		42,750
7.88%, 04/15/27		175		132,727
General Dynamics Corp., 3.25%, 04/01/25		350		387,502
General Electric Co., 3.63%, 05/01/30		185		191,588

2

Schedule of Investments  (unaudited) (continued) September 30, 2020 BlackRock Systematic Multi-Strategy Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Aerospace & Defense (continued)
Howmet Aerospace, Inc.
6.88%, 05/01/25	$	2,708	$	2,992,340
5.90%, 02/01/27		525		565,577
Lockheed Martin Corp., 1.85%, 06/15/30		70		72,863
Moog, Inc., 4.25%, 12/15/27(a)		400		409,020
Raytheon Technologies Corp., 3.15%, 12/15/24(a)		1,153		1,245,556
Signature Aviation US Holdings, Inc.(a)
5.38%, 05/01/26		10		10,100
4.00%, 03/01/28		125		116,250
Spirit AeroSystems, Inc., 5.50%, 01/15/25(a)		125		125,625
SSL Robotics LLC, 9.75%, 12/31/23(a)		150		165,222
TransDigm, Inc.
8.00%, 12/15/25(a)		115		125,063
6.25%, 03/15/26(a)		750		783,221
6.38%, 06/15/26		100		100,393
7.50%, 03/15/27		50		51,916
5.50%, 11/15/27		550		528,578
United Technologies Corp., 3.95%, 08/16/25		130		147,737
				13,060,833
Air Freight & Logistics — 0.1%
FedEx Corp., 3.80%, 05/15/25		2,000		2,262,484
Kenan Advantage Group, Inc., 7.88%, 07/31/23(a)		15		14,550
XPO Logistics, Inc.(a)
6.50%, 06/15/22		7		7,017
6.25%, 05/01/25		90		96,175
				2,380,226
Airlines — 0.1%
American Airlines Group, Inc., 3.75%, 03/01/25(a)		455		230,699
Delta Air Line, Inc., 7.38%, 01/15/26		825		864,883
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., 6.50%, 06/20/27(a)		1,188		1,236,802
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd., 8.00%, 09/20/25(a)		405		429,105
				2,761,489
Auto Components — 0.2%
Adient US LLC(a)
9.00%, 04/15/25		105		115,763
7.00%, 05/15/26		50		53,549
Aptiv Corp., 4.15%, 03/15/24		1,700		1,868,136
Brookfield Asset Management, Inc., 4.00%, 01/15/25		1,000		1,121,551
Clarios Global LP/Clarios US Finance Co.(a)
6.25%, 05/15/26		65		68,156
8.50%, 05/15/27		10		10,325
Meritor, Inc., 6.25%, 06/01/25(a)		325		339,625
ZF North America Capital, Inc., 4.75%, 04/29/25(a)		150		153,460
				3,730,565
Automobiles — 1.6%
Allison Transmission, Inc.(a)
5.00%, 10/01/24		50		50,503
5.88%, 06/01/29		310		335,265
American Honda Finance Corp., 1.20%, 07/08/25		1,395		1,405,463
Asbury Automotive Group, Inc., 4.75%, 03/01/30(a)		495		498,713
Cummins, Inc., 0.75%, 09/01/25		4,550		4,563,843
Ford Motor Co.
8.50%, 04/21/23		750		817,500
9.00%, 04/22/25		185		212,104
4.35%, 12/08/26		200		197,412
9.63%, 04/22/30		240		309,900

Security	Par (000)		Value
Automobiles (continued)
4.75%, 01/15/43	$	250	$	226,356
5.29%, 12/08/46		1,500		1,407,188
Ford Motor Credit Co. LLC
4.25%, 09/20/22		250		252,165
4.38%, 08/06/23		1,000		1,015,300
5.58%, 03/18/24		400		416,095
5.13%, 06/16/25		1,350		1,392,188
4.13%, 08/04/25		1,000		990,415
4.39%, 01/08/26		1,650		1,631,174
General Motors Co.
5.40%, 10/02/23		160		176,378
6.13%, 10/01/25		600		696,995
General Motors Financial Co., Inc.
4.20%, 03/01/21		50		50,612
3.20%, 07/06/21		550		558,323
4.20%, 11/06/21		65		67,089
3.45%, 04/10/22		50		51,406
3.55%, 07/08/22		690		712,922
3.25%, 01/05/23		50		51,674
4.15%, 06/19/23		195		206,996
1.70%, 08/18/23		5,460		5,473,643
5.10%, 01/17/24		375		409,501
4.00%, 01/15/25		1,000		1,068,490
2.75%, 06/20/25		1,815		1,856,959
Group 1 Automotive, Inc., 4.00%, 08/15/28(a)		470		461,775
Jaguar Land Rover Automotive PLC, 4.50%, 10/01/27(a)		200		165,000
Navistar International Corp.(a)
9.50%, 05/01/25		755		850,711
6.63%, 11/01/25		525		536,813
PACCAR Financial Corp.
1.90%, 02/07/23		325		335,871
0.35%, 08/11/23		1,855		1,852,396
Tesla, Inc., 5.30%, 08/15/25(a)		625		646,875
Toyota Motor Credit Corp., 0.50%, 08/14/23		3,560		3,567,679
				35,519,692
Banks — 1.7%
Australia & New Zealand Banking Group Ltd., 2.05%, 11/21/22		925		957,489
Bank of America NA, (3 mo. LIBOR US + 0.65%), 3.34%, 01/25/23(b)		500		518,849
Bank of Montreal
2.90%, 03/26/22		100		103,749
2.05%, 11/01/22		625		645,955
1.85%, 05/01/25		440		459,566
Canadian Imperial Bank of Commerce
0.95%, 06/23/23		3,330		3,359,937
2.25%, 01/28/25		480		506,252
CIT Group, Inc.
5.00%, 08/15/22		500		515,000
5.00%, 08/01/23		420		435,750
6.13%, 03/09/28		25		28,500
Citibank NA, 3.65%, 01/23/24		400		438,395
Credit Suisse AG, New York
2.80%, 04/08/22		2,110		2,184,968
1.00%, 05/05/23		1,000		1,010,481
Fifth Third Bank, 1.80%, 01/30/23		585		601,202
First Republic Bank, (Secured Overnight Financing Rate + 0.62%), 1.91%, 02/12/24(b)		1,085		1,115,186
HSBC USA, Inc., 3.50%, 06/23/24		400		431,767

SCHEDULE OF INVESTMENTS 3

Schedule of Investments  (unaudited) (continued) September 30, 2020 BlackRock Systematic Multi-Strategy Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Banks (continued)
Huntington National Bank (The), 1.80%, 02/03/23	$	570	$	585,817
Intesa Sanpaolo SpA(a)
5.02%, 06/26/24		200		210,186
5.71%, 01/15/26		400		436,107
KeyCorp., 2.25%, 04/06/27		335		354,898
MUFG Union Bank NA, 3.15%, 04/01/22		250		259,647
National Australia Bank Ltd., 1.88%, 12/13/22		250		258,192
National Bank of Canada, 2.10%, 02/01/23		1,550		1,602,425
Royal Bank of Canada
2.80%, 04/29/22		200		207,605
1.60%, 04/17/23		460		472,070
1.15%, 06/10/25		2,500		2,534,920
Santander Holdings USA Inc., 3.45%, 06/02/25		1,700		1,817,984
Santander UK Group Holdings PLC, (1 year CMT + 1.25%), 1.53%, 08/21/26(b)		3,000		2,953,800
Santander UK PLC, 2.10%, 01/13/23		335		345,712
Toronto-Dominion Bank
1.90%, 12/01/22		785		810,344
0.45%, 09/11/23		5,955		5,943,864
2.65%, 06/12/24		200		213,985
Truist Financial Corp.
3.05%, 06/20/22		93		96,921
1.20%, 08/05/25		3,520		3,583,610
Wells Fargo & Co.
4.60%, 04/01/21		500		510,619
(3 mo. LIBOR US + 0.83%), 2.41%, 10/30/25(b)		640		670,160
Wells Fargo Bank NA(b)
(3 mo. LIBOR US + 0.61%), 2.90%, 05/27/22		300		304,720
(3 mo. LIBOR US + 0.65%), 2.08%, 09/09/22		1,890		1,916,730
Westpac Banking Corp., 2.00%, 01/13/23		160		165,861
				39,569,223
Banks: Diversified — 0.0%
Encompass Health Corp.
4.50%, 02/01/28		195		195,975
4.75%, 02/01/30		250		253,635
				449,610
Beverages — 0.6%
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.(a)
5.25%, 04/30/25		820		856,900
5.25%, 08/15/27		400		407,600
Ball Corp.
4.00%, 11/15/23		15		15,923
5.25%, 07/01/25		50		56,596
4.88%, 03/15/26		200		223,000
2.88%, 08/15/30		490		484,487
Coca-Cola Co.
1.75%, 09/06/24		400		418,036
2.95%, 03/25/25		1,000		1,099,033
1.65%, 06/01/30		1,040		1,076,757
Constellation Brands, Inc.
4.40%, 11/15/25		1,070		1,243,960
2.88%, 05/01/30		310		334,717
Diageo Capital PLC
2.13%, 10/24/24		560		593,771
2.38%, 10/24/29		405		430,851
2.00%, 04/29/30		2,710		2,794,968
Greif, Inc., 6.50%, 03/01/27(a)		10		10,360

Security	Par (000)		Value
Beverages (continued)
Keurig Dr. Pepper, Inc., 4.06%, 05/25/23	$	1,320	$	1,434,866
Mauser Packaging Solutions Holding Co.(a)
5.50%, 04/15/24		25		25,089
7.25%, 04/15/25		100		94,125
PepsiCo, Inc.
2.25%, 03/19/25		850		910,471
2.63%, 03/19/27		535		587,786
2.75%, 03/19/30		65		72,759
1.63%, 05/01/30		940		965,705
Silgan Holdings, Inc., 4.13%, 02/01/28		207		211,658
				14,349,418
Biotechnology — 0.1%
Emergent BioSolutions, Inc., 3.88%, 08/15/28(a)		1,310		1,315,148
Gilead Sciences, Inc., 0.75%, 09/29/23		485		486,018
Regeneron Pharmaceuticals, Inc., 1.75%, 09/15/30		305		298,528
Royalty Pharma PLC(a)
0.75%, 09/02/23		165		164,697
1.20%, 09/02/25		60		59,795
				2,324,186
Building Materials — 0.4%
Allegion US Holding Co., Inc., 3.20%, 10/01/24		100		105,954
Boise Cascade Co., 4.88%, 07/01/30(a)		540		580,500
Builders FirstSource, Inc.(a)
6.75%, 06/01/27		160		171,400
5.00%, 03/01/30		370		382,950
Carrier Global Corp.(a)
1.92%, 02/15/23		2,055		2,114,394
2.24%, 02/15/25		1,055		1,100,546
Griffon Corp., 5.75%, 03/01/28		270		281,834
James Hardie International Finance DAC, 5.00%, 01/15/28(a)		1,200		1,251,000
Masonite International Corp., 5.38%, 02/01/28(a)		900		959,791
Norbord, Inc., 5.75%, 07/15/27(a)		1,215		1,283,404
Standard Industries, Inc., 4.75%, 01/15/28(a)		25		25,938
Summit Materials LLC/Summit Materials Finance Corp., 5.25%, 01/15/29(a)		305		317,581
US Concrete, Inc., 5.13%, 03/01/29(a)		215		215,538
				8,790,830
Building Products — 0.1%
Advanced Drainage Systems, Inc., 5.00%, 09/30/27(a)		355		370,975
Home Depot, Inc., 2.50%, 04/15/27		150		163,039
Lowe’s Cos., Inc., 4.00%, 04/15/25		2,040		2,314,941
Specialty Building Products Holdings LLC/SBP
Finance Corp., 6.38%, 09/30/26(a)		145		147,538
				2,996,493
Capital Markets — 0.9%
AG Issuer LLC, 6.25%, 03/01/28(a)		270		268,650
Ameriprise Financial, Inc., 3.00%, 04/02/25		860		940,684
Ares Capital Corp.
3.63%, 01/19/22		1,180		1,214,179
3.50%, 02/10/23		300		308,152
4.20%, 06/10/24		880		916,694
4.25%, 03/01/25		50		51,742
3.25%, 07/15/25		850		841,959
3.88%, 01/15/26		2,545		2,591,930

4

Schedule of Investments  (unaudited) (continued) September 30, 2020 BlackRock Systematic Multi-Strategy Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Capital Markets (continued)
Bank of New York Mellon Corp. (The), 1.85%, 01/27/23	$	315	$	324,997
Brookfield Finance, Inc.
4.00%, 04/01/24		2,000		2,201,636
3.90%, 01/25/28		55		61,248
FS KKR Capital Corp.
4.63%, 07/15/24		150		151,717
4.13%, 02/01/25		105		104,342
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
6.38%, 12/15/25		1,100		1,130,762
6.25%, 05/15/26		610		635,925
5.25%, 05/15/27		300		312,540
INTL. FCStone Inc., 8.63%, 06/15/25(a)		924		997,920
LPL Holdings, Inc.(a)
5.75%, 09/15/25		50		51,809
4.63%, 11/15/27		90		90,900
Nomura Holdings, Inc.
2.65%, 01/16/25		1,620		1,706,006
1.85%, 07/16/25		4,520		4,599,627
				19,503,419
Chemicals — 1.0%
Air Products and Chemicals, Inc.
1.85%, 05/15/27		2,380		2,499,760
2.05%, 05/15/30		255		267,662
Ashland LLC, 4.75%, 08/15/22		4		4,195
Avient Corp.
5.25%, 03/15/23		35		37,144
5.75%, 05/15/25(a)		1,950		2,067,000
Blue Cube Spinco LLC, 9.75%, 10/15/23		42		43,313
Celanese US Holdings LLC, 3.50%, 05/08/24		45		48,434
CF Industries, Inc.
4.95%, 06/01/43		325		377,918
5.38%, 03/15/44		150		180,507
Chemours Co., 163851AE8, 5.38%, 05/15/27		939		929,610
CVR Partners LP/CVR Nitrogen Finance Corp., 9.25%, 06/15/23(a)		25		23,125
DuPont de Nemours, Inc.
3.77%, 11/15/20		1,330		1,335,458
2.17%, 05/01/23		890		899,180
Element Solutions, Inc., 3.88%, 09/01/28(a)		790		775,187
FMC Corp., 3.20%, 10/01/26		207		228,715
Huntsman International LLC, 5.13%, 11/15/22		2,000		2,150,596
International Flavors & Fragrances, Inc., 4.45%, 09/26/28		40		46,944
Methanex Corp.
5.13%, 10/15/27		585		582,075
5.25%, 12/15/29		1,200		1,186,500
Minerals Technologies, Inc., 5.00%, 07/01/28(a)		1,000		1,034,790
OCI NV, 6.63%, 04/15/23(a)		200		206,800
Olin Corp.
9.50%, 06/01/25(a)		350		407,960
5.13%, 09/15/27		50		49,500
5.63%, 08/01/29		500		491,245
Sherwin-Williams Co.
3.13%, 06/01/24		2,590		2,798,177
3.45%, 06/01/27		640		718,730
2.95%, 08/15/29		1,640		1,804,982

Security	Par (000)		Value
Chemicals (continued)
Tronox Inc., 6.50%, 05/01/25(a)	$	105	$	109,463
Valvoline Inc., 4.38%, 08/15/25		170		174,887
WESCO Distribution, Inc.(a)
7.13%, 06/15/25		405		441,166
7.25%, 06/15/28		270		295,832
				22,216,855
Commercial Services & Supplies — 0.4%
AMN Healthcare, Inc., 4.63%, 10/01/27(a)		590		604,750
APX Group, Inc., 6.75%, 02/15/27(a)		670		695,125
ASGN, Inc., 4.63%, 05/15/28(a)		555		557,287
Cimpress NV, 7.00%, 06/15/26(a)		1,490		1,415,500
Fortress Transportation and Infrastructure Investors LLC, 9.75%, 08/01/27(a)		2,345		2,510,616
Prime Security Services Borrower LLC/Prime Finance, Inc.(a)
5.25%, 04/15/24		100		104,750
5.75%, 04/15/26		800		855,504
3.38%, 08/31/27		290		278,181
6.25%, 01/15/28		185		187,312
Ritchie Bros Auctioneers, Inc., 5.38%, 01/15/25(a)		1,100		1,133,000
United Rentals North America, Inc.
4.63%, 10/15/25		50		51,125
5.50%, 05/15/27		500		530,625
4.88%, 01/15/28		50		52,500
5.25%, 01/15/30		50		54,562
4.00%, 07/15/30		155		158,875
3.88%, 02/15/31		115		116,725
				9,306,437
Communications Equipment(a) — 0.0%
Avaya, Inc., 6.13%, 09/15/28		480		489,408
CommScope Technologies LLC, 6.00%, 06/15/25		23		23,312
CommScope, Inc., 8.25%, 03/01/27		50		52,000
				564,720
Construction & Engineering — 0.2%
AECOM
5.88%, 10/15/24		50		54,120
5.13%, 03/15/27		700		756,084
Fluor Corp., 4.25%, 09/15/28		900		768,375
ServiceMaster Co. LLC, 5.13%, 11/15/24(a)		125		127,812
TopBuild Corp., 5.63%, 05/01/26(a)		2,000		2,065,000
Weekley Homes LLC/Weekley Finance Corp., 4.88%, 09/15/28(a)		225		227,250
				3,998,641
Construction Materials(a) — 0.1%
G-III Apparel Group Ltd., 7.88%, 08/15/25		500		502,500
Performance Food Group, Inc., 5.50%, 10/15/27		30		30,900
Picasso Finance Sub, Inc., 6.13%, 06/15/25		260		280,057
Williams Scotsman International, Inc., 4.63%, 08/15/28		235		235,949
Winnebago Industries, Inc., 6.25%, 07/15/28		140		147,700
				1,197,106
Consumer Discretionary(a) — 0.1%
Carnival Corp.
11.50%, 04/01/23		100		112,064
9.88%, 08/01/27		510		540,391
NCL Corp. Ltd., 10.25%, 02/01/26		500		520,937

SCHEDULE OF INVESTMENTS 5

Schedule of Investments  (unaudited) (continued) September 30, 2020 BlackRock Systematic Multi-Strategy Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Consumer Discretionary (continued)
Royal Caribbean Cruises Ltd.
10.88%, 06/01/23	$	50	$	55,937
9.13%, 06/15/23		90		95,400
11.50%, 06/01/25		1,180		1,368,866
				2,693,595
Consumer Finance — 1.0%
American Express Co.
3.70%, 11/05/21		500		516,635
2.75%, 05/20/22		100		103,555
2.50%, 08/01/22		50		51,815
3.40%, 02/27/23		50		53,268
2.50%, 07/30/24		290		308,655
Capital One Financial Corp.
2.40%, 10/30/20		85		85,000
3.45%, 04/30/21		26		26,417
3.20%, 01/30/23		660		696,749
Curo Group Holdings Corp., 8.25%, 09/01/25(a)		50		41,875
Enova International Inc., 8.50%, 09/15/25(a)		350		330,750
Equifax, Inc.
2.60%, 12/15/25		105		112,101
3.10%, 05/15/30		205		223,339
Global Payments, Inc.
4.00%, 06/01/23		3,550		3,846,288
2.90%, 05/15/30		350		374,504
goeasy Ltd., 5.38%, 12/01/24(a)		555		561,937
IHS Markit Ltd.
4.13%, 08/01/23		2,035		2,213,062
3.63%, 05/01/24		80		86,472
4.25%, 05/01/29		150		174,012
Mastercard, Inc.
2.95%, 11/21/26		380		427,874
3.30%, 03/26/27		210		239,378
3.50%, 02/26/28		30		34,979
2.95%, 06/01/29		260		293,643
Navient Corp.
5.00%, 10/26/20		15		15,000
6.63%, 07/26/21		25		25,375
7.25%, 09/25/23		100		103,250
6.13%, 03/25/24		50		50,375
5.88%, 10/25/24		25		24,860
6.75%, 06/25/25		200		202,500
6.75%, 06/15/26		150		149,625
5.00%, 03/15/27		450		422,563
OneMain Finance Corp.
6.13%, 05/15/22		50		51,875
6.88%, 03/15/25		250		277,419
8.88%, 06/01/25		710		786,325
7.13%, 03/15/26		490		547,428
6.63%, 01/15/28		100		110,980
5.38%, 11/15/29		245		254,800
PayPal Holdings, Inc.
2.20%, 09/26/22		3,055		3,157,684
1.35%, 06/01/23		900		919,295
2.40%, 10/01/24		170		180,123
2.65%, 10/01/26		205		223,692
2.85%, 10/01/29		350		385,222
2.30%, 06/01/30		695		734,993
Refinitiv US Holdings, Inc.(a)
6.25%, 05/15/26		15		16,050

Security	Par (000)		Value
Consumer Finance (continued)
8.25%, 11/15/26	$	20	$	21,900
S&P Global, Inc.
2.50%, 12/01/29		115		125,207
1.25%, 08/15/30		1,905		1,874,233
Springleaf Finance Corp., 6.13%, 03/15/24		100		104,750
Verscend Escrow Corp., 9.75%, 08/15/26(a)		15		16,309
Visa, Inc.
1.90%, 04/15/27		300		318,625
2.05%, 04/15/30		1,210		1,296,418
				23,199,184
Containers & Packaging — 0.2%
Berry Global, Inc.
5.13%, 07/15/23		43		43,649
4.88%, 07/15/26(a)		150		157,500
Cascades, Inc./Cascades USA, Inc.(a)
5.13%, 01/15/26		200		209,000
5.38%, 01/15/28		1,495		1,571,619
Clearwater Paper Corp.(a)
5.38%, 02/01/25		35		36,684
4.75%, 08/15/28		625		626,562
Graham Packaging Co., Inc., 7.13%, 08/15/28(a)		50		52,062
Graphic Packaging International LLC(a)
3.50%, 03/15/28		250		249,375
3.50%, 03/01/29		100		100,625
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu(a)
5.13%, 07/15/23		13		13,163
7.00%, 07/15/24		81		82,458
Sealed Air Corp.(a)
5.50%, 09/15/25		25		27,625
4.00%, 12/01/27		200		208,960
				3,379,282
Diversified Consumer Services — 0.1%
Allied Universal Holdco LLC/Allied Universal Finance Corp., 6.63%, 07/15/26(a)		20		21,300
Carriage Services, Inc., 6.63%, 06/01/26(a)		400		418,000
Graham Holdings Co., 5.75%, 06/01/26(a)		540		568,350
Service Corp. International
4.63%, 12/15/27		50		52,960
5.13%, 06/01/29		55		60,947
3.38%, 08/15/30		305		305,381
				1,426,938
Diversified Financial Services — 5.8%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
4.50%, 09/15/23		1,760		1,813,769
6.50%, 07/15/25		985		1,063,372
Air Lease Corp.
3.50%, 01/15/22		1,030		1,056,698
3.38%, 07/01/25		715		730,630
Ally Financial, Inc.
3.05%, 06/05/23		220		228,607
1.45%, 10/02/23		730		729,192
5.13%, 09/30/24		25		27,862
5.75%, 11/20/25		150		168,178
Banco Santander SA, 2.75%, 05/28/25		800		839,162
Bank of America Corp.
3.30%, 01/11/23		2,000		2,122,977

6

Schedule of Investments  (unaudited) (continued) September 30, 2020 BlackRock Systematic Multi-Strategy Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Diversified Financial Services (continued)
4.00%, 01/22/25	$	1,180	$	1,314,520
3.88%, 08/01/25		1,000		1,136,480
(3 mo. LIBOR US + 0.79%), 3.00%, 12/20/23(b)		3,253		3,414,984
(3 mo. LIBOR US + 0.94%), 3.86%, 07/23/24(b)		2,410		2,609,989
(3 mo. LIBOR US + 0.97%), 3.46%, 03/15/25(b)		200		216,820
(3 mo. LIBOR US + 1.02%), 2.88%, 04/24/23(b)		50		51,719
(3 mo. LIBOR US + 1.06%), 3.56%, 04/23/27(b)		500		558,465
(3 mo. LIBOR US + 1.16%), 3.12%, 01/20/23(b)		3,200		3,303,851
(3 mo. LIBOR US + 1.31%), 4.27%, 07/23/29(b)		305		357,784
(Secured Overnight Financing Rate + 0.91%), 0.98%, 09/25/25(b)		1,010		1,009,768
(Secured Overnight Financing Rate + 1.15%), 1.32%, 06/19/26(b)		8,520		8,584,202
Barclays PLC
5.20%, 05/12/26		400		443,500
(3 mo. LIBOR US + 2.45%), 2.85%, 05/07/26(b)		1,150		1,196,102
(3 mo. LIBOR US + 3.05%), 5.09%, 06/20/30(b)		200		224,033
Citigroup, Inc.
2.90%, 12/08/21		500		513,624
4.50%, 01/14/22		50		52,549
2.75%, 04/25/22		1,100		1,136,818
4.45%, 09/29/27		240		278,302
(3 mo. LIBOR US + 0.90%), 3.35%, 04/24/25(b)		225		243,433
(3 mo. LIBOR US + 0.95%), 2.88%, 07/24/23(b)		1,385		1,437,178
(3 mo. LIBOR US + 1.02%), 4.04%, 06/01/24(b)		50		54,168
(3 mo. LIBOR US + 1.15%), 3.52%, 10/27/28(b)		590		657,542
(Secured Overnight Financing Rate + 0.87%), 2.31%, 11/04/22(b)		500		509,158
(Secured Overnight Financing Rate + 1.67%), 1.68%, 05/15/24(b)		1,960		2,007,861
(Secured Overnight Financing Rate + 2.75%), 3.11%, 04/08/26(b)		3,135		3,393,125
Credit Acceptance Corp., 6.63%, 03/15/26		360		371,700
Deutsche Bank AG
4.50%, 04/01/25		1,400		1,408,085
(5 year USD Swap + 2.25%), 4.30%, 05/24/28(b)		1,650		1,577,031
Deutsche Bank AG, New York(b)
(5 year USD ICE Swap + 2.55%), 4.88%, 12/01/32		900		857,043
(Secured Overnight Financing Rate + 2.16%), 2.22%, 09/18/24		2,005		2,018,935
Global Aircraft Leasing Co. Ltd., (6.50% Cash or 7.25% PIK), 6.50%, 09/15/24(a)(c)		52		27,481
Goldman Sachs Group, Inc.
5.25%, 07/27/21		150		156,008
2.35%, 11/15/21		490		491,123
5.75%, 01/24/22		500		534,155
3.20%, 02/23/23		1,500		1,590,452
3.63%, 02/20/24		700		759,542
4.00%, 03/03/24		1,000		1,099,829
3.50%, 01/23/25		1,060		1,163,035
3.50%, 04/01/25		2,895		3,195,124
3.75%, 05/22/25		75		83,355
4.25%, 10/21/25		530		602,982
3.75%, 02/25/26		75		84,413
3.50%, 11/16/26		35		38,718
2.60%, 02/07/30		1,090		1,152,124
(3 mo. LIBOR US + 1.05%), 2.91%, 06/05/23(b)		790		818,245
(3 mo. LIBOR US + 1.16%), 3.81%, 04/23/29(b)		1,515		1,724,246
(3 mo. LIBOR US + 1.20%), 3.27%, 09/29/25(b)		125		135,298

Security	Par (000)		Value
Diversified Financial Services (continued)
(3 mo. LIBOR US + 1.30%), 4.22%, 05/01/29(b)	$	250	$	291,553
Horizon Pharma USA, Inc., 5.50%, 08/01/27(a)		2,450		2,600,062
HSBC Holdings PLC
4.00%, 03/30/22		50		52,505
3.60%, 05/25/23		1,500		1,597,388
(3 mo. LIBOR US + 1.06%), 3.26%, 03/13/23(b)		1,200		1,240,589
(Secured Overnight Financing Rate + 1.54%), 1.65%, 04/18/26(b)		1,225		1,220,308
Intercontinental Exchange, Inc.
0.70%, 06/15/23		2,090		2,095,342
3.75%, 12/01/25		2,105		2,378,004
Jefferies Finance LLC/JFIN Co-Issuer Corp., 6.25%, 06/03/26(a)		200		203,000
John Deere Capital Corp., 2.60%, 03/07/24		40		42,768
JPMorgan Chase & Co.
3.25%, 09/23/22		1,000		1,056,980
2.97%, 01/15/23		600		619,571
3.88%, 09/10/24		25		27,730
3.13%, 01/23/25		50		54,543
3.30%, 04/01/26		650		720,309
(3 mo. LIBOR US + 0.70%), 3.21%, 04/01/23(b)		2,700		2,805,543
(3 mo. LIBOR US + 0.94%), 2.78%, 04/25/23(b)		790		816,989
(3 mo. LIBOR US + 0.95%), 3.51%, 01/23/29(b)		750		843,609
(3 mo. LIBOR US + 1.00%), 4.02%, 12/05/24(b)		3,150		3,456,583
(3 mo. LIBOR US + 1.16%), 3.22%, 03/01/25(b)		50		53,708
(3 mo. LIBOR US + 1.16%), 3.70%, 05/06/30(b)		955		1,096,042
(3 mo. LIBOR US + 1.26%), 4.20%, 07/23/29(b)		35		41,427
(3 mo. LIBOR US + 1.34%), 3.78%, 02/01/28(b)		300		339,312
(Secured Overnight Financing Rate + 0.60%), 0.65%, 09/16/24(b)		3,970		3,971,509
(Secured Overnight Financing Rate + 1.16%), 2.30%, 10/15/25(b)		2,160		2,272,592
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 4.25%, 02/01/27(a)		230		198,950
Mitsubishi UFJ Financial Group, Inc., 2.05%, 07/17/30		1,760		1,779,017
Mizuho Financial Group, Inc.(b)
(3 mo. LIBOR US + 0.61%), 0.85%, 09/08/24		3,330		3,321,587
(3 mo. LIBOR US + 0.99%), 1.24%, 07/10/24		2,490		2,509,549
(3 mo. LIBOR US + 1.00%), 3.92%, 09/11/24		2,823		3,070,012
Morgan Stanley
5.75%, 01/25/21		1,060		1,078,113
2.63%, 11/17/21		50		51,249
2.75%, 05/19/22		5,450		5,646,455
4.88%, 11/01/22		25		27,025
3.13%, 01/23/23		550		581,498
3.70%, 10/23/24		25		27,736
(3 mo. LIBOR US + 0.85%), 3.74%, 04/24/24(b)		3,130		3,369,204
(3 mo. LIBOR US + 1.34%), 3.59%, 07/22/28(b)		325		365,524
(Secured Overnight Financing Rate + 1.14%), 2.70%, 01/22/31(b)		1,590		1,693,660
(Secured Overnight Financing Rate + 1.99%), 2.19%, 04/28/26(b)		1,310		1,371,943
Natwest Group PLC, (1 year CMT + 2.15%), 2.36%, 05/22/24(b)		470		482,199
ORIX Corp., 2.90%, 07/18/22		25		25,878
Spectrum Brands, Inc., 5.00%, 10/01/29(a)		20		20,750
Stena International SA, 6.13%, 02/01/25(a)		200		192,250
Sumitomo Mitsui Financial Group, Inc.
2.35%, 01/15/25		360		379,205

SCHEDULE OF INVESTMENTS 7

Schedule of Investments  (unaudited) (continued) September 30, 2020 BlackRock Systematic Multi-Strategy Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Diversified Financial Services (continued)
1.47%, 07/08/25	$	8,572	$	8,729,639
2.13%, 07/08/30		1,830		1,856,930
UniCredit SPA, (5 year CMT + 4.75%), 5.46%, 06/30/35(a)(b)		2,025		2,062,969
				132,114,654
Diversified Telecommunication Services — 0.7%
AT&T, Inc., 1.65%, 02/01/28		2,475		2,479,679
CenturyLink, Inc.
5.13%, 12/15/26(a)		495		508,558
4.00%, 02/15/27(a)		285		289,534
Series G, 6.88%, 01/15/28		50		56,072
Series P, 7.60%, 09/15/39		50		56,494
Series W, 6.75%, 12/01/23		100		109,625
Series Y, 7.50%, 04/01/24		25		27,990
Consolidated Communications, Inc., 6.50%, 10/01/28(a)(d)		250		255,000
Frontier Communications Corp., 8.50%, 04/01/26(a)		60		60,480
Level 3 Financing, Inc.
5.38%, 01/15/24		100		100,525
5.25%, 03/15/26		25		25,899
4.63%, 09/15/27(a)		95		97,613
Sprint Capital Corp.
6.88%, 11/15/28		571		713,750
8.75%, 03/15/32		1,620		2,371,372
Switch Ltd., 3.75%, 09/15/28(a)		1,200		1,212,000
Telecom Italia Capital SA
6.00%, 09/30/34		200		232,000
7.20%, 07/18/36		200		252,240
7.72%, 06/04/38		50		66,500
Verizon Communications, Inc.
5.15%, 09/15/23		2,000		2,266,426
3.38%, 02/15/25		3,000		3,343,690
3.00%, 03/22/27		440		489,876
				15,015,323
Electric Utilities — 0.7%
AEP Texas, Inc., 3.95%, 06/01/28		50		57,788
Ameren Corp., 3.50%, 01/15/31		140		160,024
Atlantic City Electric Co., 4.00%, 10/15/28		50		59,414
Avangrid, Inc., 3.80%, 06/01/29		100		115,714
Berkshire Hathaway Energy Co.
4.05%, 04/15/25(a)		330		376,866
3.25%, 04/15/28		100		113,385
Commonwealth Edison Co., 2.20%, 03/01/30		170		182,000
Consolidated Edison Co. of New York, Inc., 3.35%, 04/01/30		330		379,949
Dominion Energy Inc.
2.72%, 08/15/21(e)		500		509,156
Series C, 3.38%, 04/01/30		310		349,534
Dominion Energy, Inc.
4.25%, 06/01/28		165		194,300
Series B, 2.75%, 01/15/22		50		51,273
DPL, Inc., 4.35%, 04/15/29		200		213,500
DTE Electric Co., Series C, 2.63%, 03/01/31		390		428,176
DTE Energy Co.
Series C, 3.40%, 06/15/29		130		144,081
Series D, 3.70%, 08/01/23		380		410,796
Series F, 1.05%, 06/01/25		630		629,652

Security	Par (000)		Value
Electric Utilities (continued)
Duke Energy Corp.
3.05%, 08/15/22	$	50	$	52,001
3.75%, 04/15/24		1,180		1,295,935
3.40%, 06/15/29		255		286,275
Duke Energy Florida LLC, 1.75%, 06/15/30		115		116,789
Entergy Corp., 0.90%, 09/15/25		290		288,837
Entergy Texas, Inc., 4.00%, 03/30/29		50		58,607
Evergy, Inc., 2.90%, 09/15/29		100		107,332
Eversource Energy
Series L, 2.90%, 10/01/24		800		865,871
Series N, 3.80%, 12/01/23		100		109,666
Exelon Generation Co. LLC, 3.25%, 06/01/25		770		841,794
FirstEnergy Corp., Series A, 1.60%, 01/15/26		150		149,068
Florida Power & Light Co., 2.85%, 04/01/25		35		38,373
Georgia Power Co.
3.25%, 03/30/27		50		55,116
Series B, 2.65%, 09/15/29		700		750,046
Interstate Power and Light Co., 2.30%, 06/01/30		310		327,389
MidAmerican Energy Co., 3.65%, 04/15/29		310		369,349
National Rural Utilities Cooperative Finance Corp.
3.70%, 03/15/29		100		117,411
2.40%, 03/15/30		1,105		1,204,740
NextEra Energy Capital Holdings, Inc.
2.80%, 01/15/23		1,080		1,133,702
2.75%, 05/01/25		145		156,723
3.50%, 04/01/29		150		170,647
2.75%, 11/01/29		85		92,171
NextEra Energy Operating Partners LP(a)
4.25%, 07/15/24		30		31,281
4.25%, 09/15/24		275		286,688
4.50%, 09/15/27		100		106,750
Pacific Gas and Electric Co.
1.75%, 06/16/22		330		330,397
2.10%, 08/01/27		35		33,865
PG&E Corp., 5.25%, 07/01/30		1,580		1,528,650
PSEG Power LLC, 3.85%, 06/01/23		100		107,587
Public Service Enterprise Group, Inc., 1.60%, 08/15/30		110		108,158
Sempra Energy, 3.40%, 02/01/28		50		54,991
Southern California Edison Co., 2.85%, 08/01/29		115		120,828
Talen Energy Supply LLC(a)
10.50%, 01/15/26		25		19,000
7.25%, 05/15/27		60		59,797
6.63%, 01/15/28		850		823,437
Tucson Electric Power Co., 1.50%, 08/01/30		30		29,737
Union Electric Co.
3.50%, 03/15/29		50		57,661
2.95%, 03/15/30		240		268,920
				16,931,197
Electrical Equipment — 0.1%
Roper Technologies, Inc.
0.45%, 08/15/22		275		274,847
3.65%, 09/15/23		830		901,614
2.35%, 09/15/24		90		95,192
1.00%, 09/15/25		590		591,273
2.00%, 06/30/30		75		76,454
				1,939,380

8

Schedule of Investments  (unaudited) (continued) September 30, 2020 BlackRock Systematic Multi-Strategy Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Electronic Equipment, Instruments & Components — 0.3%
Amphenol Corp., 2.05%, 03/01/25	$	105	$	110,108
BWX Technologies, Inc., 4.13%, 06/30/28(a)		1,245		1,273,013
CDW LLC/CDW Finance Corp.
5.50%, 12/01/24		100		109,125
4.13%, 05/01/25		220		227,150
4.25%, 04/01/28		605		626,175
Energizer Holdings, Inc., 4.75%, 06/15/28(a)		170		175,933
Honeywell International, Inc., 2.30%, 08/15/24		380		405,238
Keysight Technologies, Inc.
4.55%, 10/30/24		2,000		2,259,240
4.60%, 04/06/27		130		151,956
3.00%, 10/30/29		80		87,452
Trimble, Inc., 4.90%, 06/15/28		760		896,840
Xerox Corp., 4.38%, 03/15/23		100		102,780
Xerox Holdings Corp., 5.50%, 08/15/28(a)		500		492,612
				6,917,622
Energy Equipment & Services — 0.0%
Archrock Partners LP/Archrock Partners Finance Corp., 6.25%, 04/01/28(a)		250		235,625
National Oilwell Varco, Inc., 3.60%, 12/01/29		43		41,765
SESI LLC, 7.13%, 12/15/21(a)		50		12,500
Weatherford International Ltd., 11.00%, 12/01/24(a)		100		60,000
				349,890
Environmental, Maintenance, & Security Service — 0.0%
GFL Environmental, Inc.(a)
3.75%, 08/01/25		325		326,796
7.00%, 06/01/26		60		63,252
5.13%, 12/15/26		180		185,868
Tervita Corp., 7.63%, 12/01/21(a)		25		22,812
Waste Connections, Inc., 2.60%, 02/01/30		110		118,306
				717,034
Equity Real Estate Investment Trusts (REITs) — 1.0%
Brixmor Operating Partnership LP, 4.05%, 07/01/30		120		128,351
Camden Property Trust
3.15%, 07/01/29		1,000		1,111,058
2.80%, 05/15/30		220		239,708
Choice Hotels International, Inc., 5.75%, 07/01/22		4,280		4,558,200
ESH Hospitality, Inc., 5.25%, 05/01/25(a)		500		505,000
Federal Realty Investment Trust, 3.50%, 06/01/30		1,315		1,422,764
Hilton Domestic Operating Co., Inc.
5.38%, 05/01/25(a)		45		46,994
5.13%, 05/01/26		125		128,659
4.88%, 01/15/30		375		386,250
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp.
4.63%, 04/01/25		100		101,000
4.88%, 04/01/27		50		50,796
Hospitality Properties Trust, 4.65%, 03/15/24		200		186,000
Iron Mountain, Inc.(a)
4.88%, 09/15/27		50		50,988
4.88%, 09/15/29		30		30,525
5.25%, 07/15/30		1,340		1,396,950
4.50%, 02/15/31		300		302,820
5.63%, 07/15/32		700		739,200
Marriott International, Inc., Series EE, 5.75%, 05/01/25		1,610		1,796,793
Marriott Ownership Resorts, Inc., 6.13%, 09/15/25(a).		280		288,400
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc.
5.63%, 05/01/24		1,050		1,113,294

Security	Par (000)		Value
Equity Real Estate Investment Trusts (REITs) (continued)
5.75%, 02/01/27	$	160	$	172,400
MPT Operating Partnership LP/MPT Finance Corp.
5.00%, 10/15/27		1,100		1,146,970
4.63%, 08/01/29		50		52,023
Omega Healthcare Investors, Inc.
4.50%, 04/01/27		350		376,113
3.63%, 10/01/29		1,000		1,013,294
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co.Issuer, 5.88%, 10/01/28(a)		615		613,462
Public Storage, 3.39%, 05/01/29		450		518,814
Realty Income Corp.
4.65%, 08/01/23		1,000		1,104,986
3.25%, 01/15/31		480		531,190
RHP Hotel Properties LP/RHP Finance Corp., 4.75%, 10/15/27		100		92,192
Service Properties Trust
7.50%, 09/15/25		170		180,659
4.95%, 10/01/29		750		643,125
4.38%, 02/15/30		875		726,250
Simon Property Group LP, 3.50%, 09/01/25		810		887,898
Welltower, Inc., 4.00%, 06/01/25		565		634,216
Wyndham Destinations, Inc.
3.90%, 03/01/23		100		98,000
5.65%, 04/01/24		100		101,500
6.00%, 04/01/27		300		307,687
4.63%, 03/01/30(a)		100		96,500
Wyndham Hotels & Resorts, Inc., 5.38%, 04/15/26(a)		50		50,875
				23,931,904
Food & Staples Retailing — 1.1%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC, 4.63%, 01/15/27(a)		230		235,334
B&G Foods Inc., 5.25%, 09/15/27		1,000		1,043,320
Campbell Soup Co.
3.95%, 03/15/25		2,500		2,789,166
4.15%, 03/15/28		1,570		1,826,841
2.38%, 04/24/30		2,160		2,246,089
Conagra Brands, Inc., 4.60%, 11/01/25		570		661,719
Costco Wholesale Corp.
1.38%, 06/20/27		385		394,359
1.60%, 04/20/30		885		899,808
Dollar General Corp.
4.15%, 11/01/25		2,000		2,305,211
3.50%, 04/03/30		250		284,540
General Mills, Inc.
4.00%, 04/17/25		690		781,527
2.88%, 04/15/30		640		701,710
Kraft Heinz Foods Co.
4.63%, 01/30/29		500		556,667
3.75%, 04/01/30(a)		1,000		1,056,307
4.25%, 03/01/31(a)		2,000		2,194,302
6.88%, 01/26/39		500		669,729
5.00%, 06/04/42		1,000		1,095,123
5.20%, 07/15/45		1,250		1,366,541
4.38%, 06/01/46		500		513,714
Kroger Co., 2.20%, 05/01/30		40		42,004

SCHEDULE OF INVESTMENTS 9

Schedule of Investments  (unaudited) (continued) September 30, 2020 BlackRock Systematic Multi-Strategy Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Food & Staples Retailing (continued)
Lamb Weston Holdings, Inc.(a)
4.63%, 11/01/24	$	500	$	521,250
4.88%, 11/01/26		50		52,125
4.88%, 05/15/28		110		118,800
McCormick & Co., Inc.
3.15%, 08/15/24		300		326,193
2.50%, 04/15/30		155		165,783
Post Holdings, Inc.(a)
5.00%, 08/15/26		50		51,250
5.75%, 03/01/27		25		26,281
5.63%, 01/15/28		50		53,054
4.63%, 04/15/30		300		308,625
Rite Aid Corp., 7.50%, 07/01/25(a)		1,000		985,000
Walmart, Inc., 3.25%, 10/25/20		1,040		1,042,018
				25,314,390
Food Products — 0.5%
Archer-Daniels-Midland Co., 2.75%, 03/27/25		800		869,278
Bunge Ltd. Finance Corp., 1.63%, 08/17/25		1,085		1,089,746
Darling Ingredients, Inc., 5.25%, 04/15/27(a)		1,000		1,050,000
JBS USA LUX SA/JBS USA Finance, Inc.(a)
5.88%, 07/15/24		12		12,236
5.75%, 06/15/25		50		51,428
6.75%, 02/15/28		200		217,000
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.(a)
6.50%, 04/15/29		50		55,498
5.50%, 01/15/30		1,100		1,197,317
Mondelez International, Inc.
0.63%, 07/01/22		5,035		5,052,700
2.13%, 04/13/23		200		207,560
3.63%, 05/07/23		100		108,310
1.50%, 05/04/25		585		601,170
Pilgrim’s Pride Corp.(a)
5.75%, 03/15/25		100		101,875
5.88%, 09/30/27		125		129,062
Simmons Foods, Inc., 5.75%, 11/01/24(a)		50		50,052
				10,793,232
Gas Utilities — 0.0%
Suburban Propane Partners LP/Suburban Energy Finance Corp.
5.50%, 06/01/24		50		50,500
5.88%, 03/01/27		225		231,188
				281,688
Health Care Equipment & Supplies — 0.6%
Abbott Laboratories, 3.40%, 11/30/23		70		76,121
Avantor, Inc., 6.00%, 10/01/24(a)		1,200		1,254,000
Baxter International, Inc.
3.75%, 10/01/25(a)		940		1,066,363
2.60%, 08/15/26		1,605		1,754,848
Becton Dickinson & Co., 2.89%, 06/06/22		30		31,062
Boston Scientific Corp., 3.38%, 05/15/22		50		52,276
DH Europe Finance II Sarl
2.05%, 11/15/22		1,075		1,108,212
2.60%, 11/15/29		68		73,927
Hill-Rom Holdings, Inc.(a)
5.00%, 02/15/25		25		25,687
4.38%, 09/15/27		25		25,874
Hologic, Inc.(a)
4.38%, 10/15/25		200		204,500

Security	Par (000)		Value
Health Care Equipment & Supplies (continued)
4.63%, 02/01/28	$	1,000	$	1,050,380
3.25%, 02/15/29		370		372,312
Medtronic, Inc., 3.15%, 03/15/22		118		122,719
Ortho-Clinical Diagnostics Inc./Ortho-Clinical Diagnostics SA, 7.25%, 02/01/28(a)		60		62,400
Thermo Fisher Scientific, Inc., 4.13%, 03/25/25		855		973,955
Zimmer Biomet Holdings, Inc.
3.70%, 03/19/23		4,850		5,178,389
3.55%, 03/20/30		460		515,066
				13,948,091
Health Care Providers & Services — 1.1%
AdaptHealth LLC, 6.13%, 08/01/28(a)		940		973,088
AmerisourceBergen Corp.
3.45%, 12/15/27		849		967,804
2.80%, 05/15/30		310		331,438
Anthem, Inc.
2.95%, 12/01/22		25		26,282
3.35%, 12/01/24		700		769,017
2.38%, 01/15/25		95		101,030
Centene Corp.
4.75%, 01/15/25		500		513,900
5.25%, 04/01/25(a)		100		103,925
5.38%, 06/01/26(a)		530		558,487
5.38%, 08/15/26(a)		85		90,030
4.25%, 12/15/27		500		523,215
4.63%, 12/15/29		500		539,330
3.38%, 02/15/30		580		601,750
CHS/Community Health Systems, Inc.
6.25%, 03/31/23		100		97,750
8.00%, 03/15/26(a)		1,650		1,621,950
DaVita, Inc.(a)
4.63%, 06/01/30		1,255		1,285,496
3.75%, 02/15/31		545		525,135
HCA, Inc.
5.88%, 02/15/26		100		112,000
5.25%, 06/15/26		100		116,669
5.38%, 09/01/26		10		11,050
5.63%, 09/01/28		110		125,834
5.88%, 02/01/29		280		326,200
4.13%, 06/15/29		2,815		3,183,906
3.50%, 09/01/30		325		331,136
Humana, Inc.
3.85%, 10/01/24		1,195		1,320,801
4.50%, 04/01/25		1,985		2,279,912
4.88%, 04/01/30		150		187,474
LifePoint Health, Inc.(a)
6.75%, 04/15/25		110		115,775
4.38%, 02/15/27		195		195,244
Magellan Health, Inc., 4.90%, 09/22/24		500		514,605
Molina Healthcare, Inc., 4.38%, 06/15/28(a)		1,520		1,551,160
Select Medical Corp., 6.25%, 08/15/26(a)		525		546,000
Teleflex, Inc.
4.63%, 11/15/27		250		263,125
4.25%, 06/01/28(a)		75		77,625
Tenet Healthcare Corp.
6.75%, 06/15/23		75		78,750
4.63%, 07/15/24		300		301,500
7.50%, 04/01/25(a)		280		301,000
4.88%, 01/01/26(a)		600		610,896

10

Schedule of Investments  (unaudited) (continued) September 30, 2020 BlackRock Systematic Multi-Strategy Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Health Care Providers & Services (continued)
6.25%, 02/01/27(a)	$	100	$	103,221
5.13%, 11/01/27(a)		300		308,160
6.13%, 10/01/28(a)		805		782,862
UnitedHealth Group, Inc.
3.35%, 07/15/22		250		263,600
2.38%, 10/15/22		500		520,281
3.10%, 03/15/26		50		55,890
2.00%, 05/15/30		585		612,959
				24,827,262
Hotels, Restaurants & Leisure — 0.7%
1011778 BC ULC/New Red Finance, Inc.(a)
4.25%, 05/15/24		200		203,690
5.75%, 04/15/25		1,295		1,382,412
5.00%, 10/15/25		65		66,648
3.88%, 01/15/28		55		56,034
4.00%, 10/15/30(d)		545		549,202
Boyd Gaming Corp., 6.00%, 08/15/26		10		10,313
Caesars Entertainment, Inc., 6.25%, 07/01/25(a)		915		956,399
Caesars Resort Collection LLC/CRC Finco, Inc., 5.75%, 07/01/25(a)		90		92,812
Cedar Fair LP, 5.25%, 07/15/29		15		14,400
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op, 5.50%, 05/01/25(a)		310		319,300
Churchill Downs, Inc., 5.50%, 04/01/27(a)		500		521,900
Darden Restaurants, Inc., 3.85%, 05/01/27		10		10,589
GLP Capital LP/GLP Financing II, Inc., 5.25%, 06/01/25		1,460		1,585,297
Golden Nugget, Inc., 6.75%, 10/15/24(a)		50		41,750
International Game Technology PLC, 5.25%, 01/15/29(a)		365		369,106
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC(a)
5.25%, 06/01/26		1,125		1,168,875
4.75%, 06/01/27		125		131,162
Las Vegas Sands Corp.
3.20%, 08/08/24		3,610		3,649,238
2.90%, 06/25/25		500		499,366
3.50%, 08/18/26		360		364,810
3.90%, 08/08/29		267		266,950
McDonald’s Corp.
2.75%, 12/09/20		930		932,283
1.45%, 09/01/25		105		108,324
MGM Resorts International
7.75%, 03/15/22		100		105,405
6.75%, 05/01/25		500		524,015
5.50%, 04/15/27		98		102,410
Scientific Games International, Inc.(a)
8.63%, 07/01/25		40		41,739
5.00%, 10/15/25		25		25,125
7.00%, 05/15/28		50		50,122
7.25%, 11/15/29		100		101,500
Six Flags Theme Parks, Inc., 7.00%, 07/01/25(a)		1,000		1,063,750
Starbucks Corp.
1.30%, 05/07/22		160		162,160
3.55%, 08/15/29		40		45,865

Security	Par (000)		Value
Hotels, Restaurants & Leisure (continued)
Stars Group Holdings BV/Stars Group US Co-Borrower LLC, 7.00%, 07/15/26(a)	$	510	$	541,875
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.(a)
4.25%, 05/30/23		50		47,375
5.50%, 03/01/25		50		47,188
Yum! Brands, Inc., 4.75%, 01/15/30(a)		300		324,000
				16,483,389
Household Durables — 0.5%
Beazer Homes USA, Inc.
5.88%, 10/15/27		100		101,250
7.25%, 10/15/29		60		64,350
Brookfield Residential Properties, Inc./Brookfield Residential U.S. Corp.(a)
6.25%, 09/15/27		285		287,401
4.88%, 02/15/30		600		561,606
Century Communities, Inc.
5.88%, 07/15/25		200		207,900
6.75%, 06/01/27		750		791,250
Diebold Nixdorf, Inc., 9.38%, 07/15/25(a)		535		564,425
KB Home, 4.80%, 11/15/29		300		330,750
Lennar Corp.
4.13%, 01/15/22		100		102,375
5.88%, 11/15/24		50		55,625
4.75%, 11/29/27		50		57,088
M/I Homes, Inc., 4.95%, 02/01/28		975		1,004,250
Mattamy Group Corp.(a)
5.25%, 12/15/27		40		41,100
4.63%, 03/01/30		310		313,906
MDC Holdings, Inc.
5.50%, 01/15/24		50		53,875
6.00%, 01/15/43		200		242,000
Meritage Homes Corp.
6.00%, 06/01/25		500		557,605
5.13%, 06/06/27		100		110,750
Newell Brands, Inc.
4.70%, 04/01/26		850		905,250
5.88%, 04/01/36		550		629,948
PulteGroup, Inc.
5.50%, 03/01/26		100		114,000
5.00%, 01/15/27		200		226,250
6.00%, 02/15/35		100		123,500
Shea Homes LP/Shea Homes Funding Corp.(a)
6.13%, 04/01/25		24		24,756
4.75%, 02/15/28		655		656,375
4.75%, 04/01/29		865		861,756
Taylor Morrison Communities, Inc.(a)
5.88%, 06/15/27		100		110,000
5.75%, 01/15/28		100		108,750
Tempur Sealy International, Inc., 5.50%, 06/15/26		1,000		1,037,950
Toll Brothers Finance Corp., 4.35%, 02/15/28		25		27,125
TRI Pointe Group, Inc., 5.70%, 06/15/28		1,450		1,587,750
TRI Pointe Group, Inc./TRI Pointe Homes, Inc., 5.88%, 06/15/24		50		54,000
				11,914,916

SCHEDULE OF INVESTMENTS 11

Schedule of Investments  (unaudited) (continued) September 30, 2020 BlackRock Systematic Multi-Strategy Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Household Products — 0.0%
Herbalife Nutrition Ltd./HLF Financing Inc., 7.88%, 09/01/25(a)	$	225	$	241,594
Independent Power and Renewable Electricity Producers — 0.2%
Calpine Corp.(a)
5.25%, 06/01/26		250		259,720
4.50%, 02/15/28		145		148,500
5.13%, 03/15/28		345		357,075
4.63%, 02/01/29		345		344,353
Clearway Energy Operating LLC
5.75%, 10/15/25		40		42,000
4.75%, 03/15/28(a)		1,080		1,115,100
NRG Energy, Inc.
6.63%, 01/15/27		100		105,750
5.75%, 01/15/28		750		809,063
5.25%, 06/15/29(a)		150		163,125
TerraForm Power Operating LLC(a)
4.25%, 01/31/23		550		563,684
5.00%, 01/31/28		75		82,101
				3,990,471
Insurance — 0.6%
Acrisure LLC/Acrisure Finance, Inc.(a)
8.13%, 02/15/24		100		104,750
7.00%, 11/15/25		50		49,119
AmWINS Group, Inc., 7.75%, 07/01/26(a)		40		42,800
Aon Corp., 2.80%, 05/15/30		405		438,801
Berkshire Hathaway Finance Corp., 1.85%, 03/12/30		2,600		2,717,835
Berkshire Hathaway, Inc., 3.13%, 03/15/26		2,005		2,238,357
Fidelity & Guaranty Life Holdings, Inc., 5.50%, 05/01/25(a)		265		297,131
Marsh & McLennan Cos., Inc.
3.88%, 03/15/24		2,945		3,262,622
3.50%, 03/10/25		2,200		2,429,549
4.38%, 03/15/29		1,880		2,276,268
2.25%, 11/15/30		215		224,981
Trinity Acquisition PLC, 3.50%, 09/15/21		50		51,232
Willis North America, Inc.
4.50%, 09/15/28		130		154,571
2.95%, 09/15/29		395		425,644
				14,713,660
Interactive Media & Services — 0.3%
JD.com Inc., 3.38%, 01/14/30		1,920		2,076,083
Netflix, Inc.
5.50%, 02/15/22		350		366,625
3.63%, 06/15/25(a)		660		689,453
4.88%, 04/15/28		100		111,750
5.88%, 11/15/28		900		1,073,884
6.38%, 05/15/29		500		615,000
5.38%, 11/15/29(a)		500		589,325
4.88%, 06/15/30(a)		1,000		1,140,000
				6,662,120
Internet & Direct Marketing Retail — 0.4%
Alibaba Group Holding Ltd.
2.80%, 06/06/23		1,500		1,574,700
3.60%, 11/28/24		2,400		2,629,776

Security	Par (000)		Value
Internet & Direct Marketing Retail (continued)
3.40%, 12/06/27	$	900	$	1,007,028
eBay, Inc., 1.90%, 03/11/25		4,150		4,325,146
				9,536,650
Internet Software & Services — 0.4%
Booking Holdings, Inc., 4.63%, 04/13/30		153		183,813
Expedia Group, Inc., 3.60%, 12/15/23(a)		795		812,261
Go Daddy Operating Co. LLC/GD Finance Co., Inc., 5.25%, 12/01/27(a)		1,000		1,040,570
GrubHub Holdings Inc., 5.50%, 07/01/27(a)		350		363,125
Match Group Holdings II LLC(a)
4.63%, 06/01/28		335		345,050
5.63%, 02/15/29		35		37,713
4.13%, 08/01/30		1,930		1,952,311
NortonLifeLock, Inc., 5.00%, 04/15/25(a)		750		767,572
TripAdvisor, Inc., 7.00%, 07/15/25(a)		60		62,550
Uber Technologies, Inc.(a)
7.50%, 05/15/25		395		420,908
8.00%, 11/01/26		450		479,605
6.25%, 01/15/28		820		842,304
VeriSign, Inc.
4.63%, 05/01/23		35		35,179
5.25%, 04/01/25		800		884,000
4.75%, 07/15/27		150		159,000
				8,385,961
IT Services — 0.2%
Booz Allen Hamilton, Inc., 3.88%, 09/01/28(a)		905		929,028
BY Crown Parent LLC/BY Bond Finance, Inc., 4.25%, 01/31/26(a)		235		239,259
Camelot Finance SA, 4.50%, 11/01/26(a)		1,380		1,407,600
Citrix Systems, Inc.
4.50%, 12/01/27		50		57,294
3.30%, 03/01/30		810		865,059
Fair Isaac Corp., 4.00%, 06/15/28(a)		90		92,813
International Business Machines Corp., 3.00%, 05/15/24		150		162,478
j2 Cloud Services LLC/j2 Global Co-Obligor, Inc., 6.00%, 07/15/25(a)		50		52,000
Logan Merger Sub, Inc., 5.50%, 09/01/27(a)		735		743,489
Presidio Holdings, Inc.(a)
4.88%, 02/01/27		105		106,050
8.25%, 02/01/28		35		36,663
Science Applications International Corp., 4.88%, 04/01/28(a)		170		172,599
				4,864,332
Leisure Products — 0.0%
Hasbro, Inc., 3.55%, 11/19/26		145		153,636
Life Sciences Tools & Services — 0.0%
Agilent Technologies, Inc., 3.88%, 07/15/23		690		747,094
Machinery — 0.4%
Caterpillar Financial Services Corp.
1.95%, 11/18/22		1,525		1,575,108
0.65%, 07/07/23		1,785		1,793,502
0.45%, 09/14/23		3,970		3,968,491
Colfax Corp., 6.00%, 02/15/24(a)		60		62,175
Deere & Co., 2.75%, 04/15/25		150		163,486
Hillenbrand, Inc., 5.75%, 06/15/25		320		341,200

12

Schedule of Investments  (unaudited) (continued) September 30, 2020 BlackRock Systematic Multi-Strategy Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Machinery (continued)
Mueller Water Products, Inc., 5.50%, 06/15/26(a)	$	5	$	5,162
Otis Worldwide Corp.
2.29%, 04/05/27		65		69,138
2.57%, 02/15/30		125		134,341
Tennant Co., 5.63%, 05/01/25		100		103,780
Vertical US Newco, Inc., 5.25%, 07/15/27(a)		660		685,915
Westinghouse Air Brake Technologies Corp., 3.20%, 06/15/25		1,105		1,164,844
				10,067,142
Media — 1.7%
Altice Financing SA, 5.00%, 01/15/28(a)		205		199,106
Altice France Holding SA(a)
10.50%, 05/15/27		400		444,500
6.00%, 02/15/28		455		433,974
AMC Networks, Inc., 4.75%, 08/01/25		25		25,842
Banijay Entertainment SASU, 5.38%, 03/01/25(a)		200		201,250
Block Communications, Inc., 4.88%, 03/01/28(a)		60		61,200
CCO Holdings LLC/CCO Holdings Capital Corp.(a)
5.75%, 02/15/26		25		26,000
5.13%, 05/01/27		250		263,055
5.00%, 02/01/28		100		105,000
5.38%, 06/01/29		100		108,375
4.75%, 03/01/30		3,405		3,605,044
4.50%, 08/15/30		810		850,536
4.25%, 02/01/31		420		435,314
4.50%, 05/01/32		1,500		1,565,625
Charter Communications Operating LLC/Charter Communications Operating Capital
4.46%, 07/23/22		1,640		1,736,329
4.50%, 02/01/24		6,920		7,673,011
5.05%, 03/30/29		500		599,292
2.80%, 04/01/31		1,475		1,534,022
Clear Channel Worldwide Holdings, Inc.
9.25%, 02/15/24		50		48,470
5.13%, 08/15/27(a)		200		192,050
CSC Holdings LLC
5.25%, 06/01/24		200		214,500
5.50%, 05/15/26(a)		200		208,000
6.50%, 02/01/29(a)		900		997,875
5.75%, 01/15/30(a)		400		425,000
Diamond Sports Group LLC/Diamond Sports Finance Co.(a)
5.38%, 08/15/26		200		141,500
6.63%, 08/15/27		50		26,031
Dish DBS Corp., 7.38%, 07/01/28(d)		1,010		1,040,300
DISH DBS Corp.
5.88%, 07/15/22		100		104,000
5.00%, 03/15/23		450		459,000
5.88%, 11/15/24		475		487,112
7.75%, 07/01/26		1,075		1,181,812
Embarq Corp., 8.00%, 06/01/36		125		147,853
Fox Corp., 4.03%, 01/25/24		35		38,533
GCI LLC, 4.75%, 10/15/28(a)(d)		310		313,878
Gray Television, Inc., 5.88%, 07/15/26(a)		14		14,525
Hughes Satellite Systems Corp.
5.25%, 08/01/26		135		143,527
6.63%, 08/01/26		309		334,400
Liberty Interactive LLC, 8.25%, 02/01/30		300		324,387
Outfront Media Capital LLC/Outfront Media Capital Corp., 5.00%, 08/15/27(a)		25		24,375

Security	Par (000)		Value
Media (continued)
Qualitytech LP/QTS Finance Corp., 3.88%, 10/01/28(a)(d)	$	1,030	$	1,036,798
Radiate Holdco LLC/Radiate Finance, Inc., 4.50%, 09/15/26(a)		645		644,865
Sable International Finance Ltd., 5.75%, 09/07/27(a) .		400		417,152
Sirius XM Radio, Inc.(a)
4.63%, 07/15/24		150		155,156
5.00%, 08/01/27		500		521,250
5.50%, 07/01/29		625		670,312
4.13%, 07/01/30		945		962,719
TEGNA, Inc.(a)
4.75%, 03/15/26		1,070		1,091,400
4.63%, 03/15/28		590		576,902
5.00%, 09/15/29		100		98,750
Telesat Canada/Telesat LLC, 6.50%, 10/15/27(a)		60		60,432
Time Warner Cable LLC, 4.00%, 09/01/21		170		173,682
Univision Communications Inc., 9.50%, 05/01/25(a)		85		90,950
Univision Communications, Inc., 5.13%, 02/15/25(a)		15		14,213
Virgin Media Finance PLC, 5.00%, 07/15/30(a)		695		691,525
Virgin Media Secured Finance PLC(a)
5.50%, 05/15/29		1,000		1,073,450
4.50%, 08/15/30		1,000		1,027,440
Walt Disney Co., 1.65%, 09/01/22		230		235,497
Windstream Escrow LLC/Windstream Escrow Finance Corp., 7.75%, 08/15/28(a)		135		132,638
WMG Acquisition Corp., 3.00%, 02/15/31(a)		1,075		1,045,169
Zayo Group Holdings, Inc.(a)
4.00%, 03/01/27		505		497,034
6.13%, 03/01/28		310		319,982
				38,271,919
Metals & Mining — 0.7%
Alcoa Nederland Holding BV, 6.13%, 05/15/28(a)		200		210,750
Allegheny Technologies, Inc., 5.88%, 12/01/27		50		48,048
ArcelorMittal SA
3.60%, 07/16/24		500		523,786
4.55%, 03/11/26		2,250		2,438,012
Arconic Corp.(a)
6.00%, 05/15/25		500		533,962
6.13%, 02/15/28		600		616,125
Big River Steel LLC/BRS Finance Corp., 6.63%, 01/31/29(a)		830		839,254
Cleveland-Cliffs, Inc.(a)
9.88%, 10/17/25		123		137,299
6.75%, 03/15/26		180		183,150
Commercial Metals Co.
5.75%, 04/15/26		1,750		1,820,000
5.38%, 07/15/27		1,000		1,054,700
Compass Minerals International, Inc., 6.75%, 12/01/27(a)		100		108,000
FMG Resources August 2006 Pty Ltd., 4.50%, 09/15/27(a)		65		69,388
Freeport-McMoRan, Inc.
5.00%, 09/01/27		100		104,455
4.13%, 03/01/28		200		202,500
4.38%, 08/01/28		315		325,696
5.25%, 09/01/29		50		53,750
4.25%, 03/01/30		250		256,250
4.63%, 08/01/30		250		262,863
5.40%, 11/14/34		100		110,625
5.45%, 03/15/43		25		27,720

SCHEDULE OF INVESTMENTS 13

Schedule of Investments  (unaudited) (continued) September 30, 2020 BlackRock Systematic Multi-Strategy Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Metals & Mining (continued)
Grinding Media, Inc./Moly-Cop AltaSteel Ltd., 7.38%, 12/15/23(a)	$	25	$	25,313
Hudbay Minerals, Inc.(a)
7.63%, 01/15/25		50		50,875
6.13%, 04/01/29		625		618,750
IAMGOLD Corp., 5.75%, 10/15/28(a)		545		530,012
Joseph T Ryerson & Son, Inc., 8.50%, 08/01/28(a)		200		210,500
Kaiser Aluminum Corp.(a)
6.50%, 05/01/25		305		314,391
4.63%, 03/01/28		400		373,000
Kinross Gold Corp., 5.95%, 03/15/24		1,695		1,933,127
Mineral Resources Ltd., 8.13%, 05/01/27(a)		350		379,823
New Gold, Inc., 7.50%, 07/15/27(a)		220		234,300
Novelis Corp., 4.75%, 01/30/30(a)		185		181,711
Reliance Steel & Aluminum Co., 1.30%, 08/15/25		490		489,393
United States Steel Corp., 12.00%, 06/01/25(a)		340		361,927
Vale Overseas Ltd., 3.75%, 07/08/30		200		205,450
				15,834,905
Mortgage Real Estate Investment Trusts (REITs) — 0.0%
New Residential Investment Corp., 6.25%, 10/15/25(a)		500		492,740
Multi-Utilities — 0.1%
AmeriGas Partners LP/AmeriGas Finance Corp.
5.63%, 05/20/24		45		47,605
5.75%, 05/20/27		100		109,500
National Fuel Gas Co., 3.95%, 09/15/27		40		41,002
NiSource, Inc., 0.95%, 08/15/25		1,330		1,328,606
Piedmont Natural Gas Co., Inc., 3.50%, 06/01/29		50		56,914
Southwest Gas Corp., 2.20%, 06/15/30		25		26,153
				1,609,780
Office Supplies & Equipment — 0.0%
VMware, Inc.
2.95%, 08/21/22		40		41,646
3.90%, 08/21/27		50		55,847
				97,493
Offshore Drilling & Other Services(a) — 0.1%
Entegris, Inc.
4.63%, 02/10/26		500		511,250
4.38%, 04/15/28		1,325		1,361,437
				1,872,687
Oil, Gas & Consumable Fuels — 3.4%
Antero Midstream Partners LP/Antero Midstream Finance Corp.
5.38%, 09/15/24		100		85,500
5.75%, 01/15/28(a)		500		411,250
Antero Resources Corp.
5.13%, 12/01/22		500		407,500
5.63%, 06/01/23		200		145,000
Apache Corp.
4.63%, 11/15/25		480		457,500
4.88%, 11/15/27		680		642,600
4.25%, 01/15/30		745		671,189
5.10%, 09/01/40		1,000		895,625
4.75%, 04/15/43		250		222,344
BP Capital Markets America, Inc., 2.52%, 09/19/22		500		517,194
Brand Industrial Services, Inc., 8.50%, 07/15/25(a)		25		23,625
Buckeye Partners LP
4.15%, 07/01/23		100		98,675

Security	Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
3.95%, 12/01/26	$	100	$	93,180
4.50%, 03/01/28(a)		130		125,288
5.85%, 11/15/43		50		46,317
Calumet Specialty Products Partners LP / Calumet Finance Corp., 11.00%, 04/15/25(a)		475		429,875
Canadian Natural Resources Ltd., 2.95%, 01/15/23		600		624,064
Cenovus Energy, Inc.
5.38%, 07/15/25		165		158,802
4.25%, 04/15/27		500		452,040
6.75%, 11/15/39		1,400		1,407,488
Cheniere Corpus Christi Holdings LLC
7.00%, 06/30/24		200		230,272
5.88%, 03/31/25		5,525		6,297,588
Cheniere Energy Partners LP
5.63%, 10/01/26		135		140,400
4.50%, 10/01/29		395		405,179
5.25%, 10/01/25		150		153,450
Chevron Corp.
1.55%, 05/11/25		1,480		1,533,652
2.00%, 05/11/27		140		148,081
2.24%, 05/11/30		170		180,396
Chevron USA, Inc., 0.43%, 08/11/23		635		635,620
CNX Resources Corp.
5.88%, 04/15/22		56		56,000
7.25%, 03/14/27(a)		2,380		2,427,600
Comstock Resources, Inc.
7.50%, 05/15/25(a)		50		47,000
9.75%, 08/15/26		340		348,743
Continental Resources, Inc.
4.50%, 04/15/23		300		285,900
4.38%, 01/15/28		2,010		1,741,162
4.90%, 06/01/44		300		225,951
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp., 5.63%, 05/01/27(a)		150		133,991
CrownRock LP/CrownRock Finance, Inc., 5.63%, 10/15/25(a)		25		23,563
CVR Energy, Inc., 5.25%, 02/15/25(a)		500		435,000
DCP Midstream Operating LP
5.38%, 07/15/25		130		134,040
5.13%, 05/15/29		500		492,500
6.75%, 09/15/37(a)		50		48,000
Enbridge, Inc.
4.00%, 10/01/23		2,000		2,165,146
3.50%, 06/10/24		1,690		1,823,389
Energy Transfer Operating LP, 4.05%, 03/15/25		2,495		2,622,448
EnLink Midstream LLC, 5.38%, 06/01/29		250		202,500
EnLink Midstream Partners LP
4.85%, 07/15/26		450		389,300
5.60%, 04/01/44		100		64,250
EQM Midstream Partners LP
4.13%, 12/01/26		1,500		1,429,477
6.50%, 07/01/27(a)		415		439,908
EQT Corp.
7.88%, 02/01/25		775		859,049
3.90%, 10/01/27		1,000		920,625
8.75%, 02/01/30		250		295,000
Exxon Mobil Corp.
2.02%, 08/16/24		300		315,489
2.99%, 03/19/25		950		1,041,064

14

Schedule of Investments  (unaudited) (continued) September 30, 2020 BlackRock Systematic Multi-Strategy Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
Genesis Energy LP/Genesis Energy Finance Corp., 6.50%, 10/01/25	$	250	$	216,250
Hess Corp., 4.30%, 04/01/27		1,255		1,310,819
Hess Midstream Operations LP(a)
5.63%, 02/15/26		200		203,746
5.13%, 06/15/28		1,050		1,048,026
Hilcorp Energy I LP/Hilcorp Finance Co.(a)
5.75%, 10/01/25		50		45,250
6.25%, 11/01/28		120		109,200
Kinder Morgan, Inc., 5.63%, 11/15/23(a)		681		766,832
MasTec, Inc., 4.50%, 08/15/28(a)		460		464,600
MEG Energy Corp., 6.50%, 01/15/25(a)		42		41,199
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc., 4.63%, 06/15/25(a)		1,210		1,234,200
Murphy Oil Corp.
5.75%, 08/15/25		75		65,428
5.88%, 12/01/27		1,330		1,135,873
6.38%, 12/01/42		50		39,250
Murphy Oil USA, Inc.
5.63%, 05/01/27		500		531,250
4.75%, 09/15/29		900		958,500
NGL Energy Partners LP/NGL Energy Finance Corp.
7.50%, 11/01/23		50		33,313
7.50%, 04/15/26		135		84,713
Noble Energy, Inc., 3.85%, 01/15/28		910		1,033,386
NuStar Logistics LP
6.00%, 06/01/26		95		95,268
5.63%, 04/28/27		50		49,384
Occidental Petroleum Corp.
2.90%, 08/15/24		2,500		2,121,075
8.50%, 07/15/27		265		267,043
3.50%, 08/15/29		817		625,985
8.88%, 07/15/30		415		427,450
6.45%, 09/15/36		1,400		1,193,500
4.40%, 04/15/46		1,250		887,763
4.40%, 08/15/49		500		350,053
ONEOK Partners LP
3.38%, 10/01/22		650		675,275
4.90%, 03/15/25		520		569,830
ONEOK, Inc., 2.75%, 09/01/24		155		158,748
Parsley Energy LLC/Parsley Finance Corp.(a)
5.25%, 08/15/25		500		495,000
4.13%, 02/15/28		160		150,400
PBF Holding Co. LLC/PBF Finance Corp.
9.25%, 05/15/25(a)		580		594,512
7.25%, 06/15/25		50		37,750
6.00%, 02/15/28(a)		185		124,144
PBF Logistics LP/PBF Logistics Finance Corp., 6.88%, 05/15/23		1,250		1,175,000
QEP Resources, Inc., 5.25%, 05/01/23		100		72,750
Range Resources Corp.
5.00%, 03/15/23		100		95,000
9.25%, 02/01/26(a)		2,540		2,609,850
Rockies Express Pipeline LLC, 4.80%, 05/15/30(a)		200		194,000
Sabine Pass Liquefaction LLC
5.63%, 04/15/23		1,950		2,135,971
4.50%, 05/15/30(a)		1,960		2,207,845
Shell International Finance BV, 2.00%, 11/07/24		790		830,917

Security	Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
SM Energy Co., 10.00%, 01/15/25(a)	$	129	$	122,550
Southwestern Energy Co.
4.10%, 03/15/22		100		98,750
6.45%, 01/23/25		1,450		1,404,687
7.50%, 04/01/26		550		537,625
7.75%, 10/01/27		100		97,250
8.38%, 09/15/28		505		496,218
Suncor Energy, Inc., 3.10%, 05/15/25		875		939,976
Sunoco LP/Sunoco Finance Corp.
5.50%, 02/15/26		100		99,875
6.00%, 04/15/27		100		102,750
5.88%, 03/15/28		1,250		1,278,125
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.(a)
5.50%, 09/15/24		100		94,000
5.50%, 01/15/28		650		585,000
Targa Resources Partners LP/Targa Resources Partners Finance Corp.
5.88%, 04/15/26		285		292,610
6.88%, 01/15/29		200		213,940
5.50%, 03/01/30(a)		350		350,368
Transcontinental Gas Pipe Line Co. LLC, 3.25%, 05/15/30(a)		1,340		1,448,368
Transocean Guardian Ltd., 5.88%, 01/15/24(a)		4		2,516
Tutor Perini Corp., 6.88%, 05/01/25(a)		1,300		1,196,000
Western Midstream Operating LP
4.65%, 07/01/26		750		729,375
4.75%, 08/15/28		500		480,740
5.05%, 02/01/30		700		681,286
5.30%, 03/01/48		750		603,750
Williams Cos., Inc., 3.60%, 03/15/22		770		796,046
WPX Energy, Inc.
5.25%, 10/15/27		500		507,500
5.88%, 06/15/28		294		307,230
				77,539,672
Personal Products — 0.3%
Avon International Capital PLC, 6.50%, 08/15/22(a)		100		100,250
Avon International Operations, Inc., 7.88%, 08/15/22(a)		25		25,295
Procter & Gamble Co.
2.45%, 03/25/25		230		249,092
2.80%, 03/25/27		965		1,083,074
3.00%, 03/25/30		2,100		2,435,887
Unilever Capital Corp.
3.00%, 03/07/22		650		674,843
2.20%, 05/05/22		1,030		1,059,309
0.38%, 09/14/23		380		380,691
				6,008,441
Pharmaceuticals — 1.9%
AbbVie, Inc.
3.38%, 11/14/21		300		310,026
3.45%, 03/15/22(a)		1,670		1,732,174
2.90%, 11/06/22		600		629,174
2.30%, 11/21/22(a)		1,120		1,158,894
2.60%, 11/21/24(a)		7,210		7,639,023
3.80%, 03/15/25(a)		1,730		1,918,298
AstraZeneca PLC
2.38%, 11/16/20		1,470		1,473,689
3.50%, 08/17/23		100		108,079

SCHEDULE OF INVESTMENTS 15

Schedule of Investments  (unaudited) (continued) September 30, 2020 BlackRock Systematic Multi-Strategy Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Pharmaceuticals (continued)
3.38%, 11/16/25	$	1,150	$	1,289,770
0.70%, 04/08/26		1,200		1,184,636
Bausch Health Americas, Inc., 8.50%, 01/31/27(a)		25		27,469
Bausch Health Cos., Inc.(a)
7.00%, 03/15/24		100		103,500
5.75%, 08/15/27		600		636,750
5.00%, 01/30/28		135		131,119
7.25%, 05/30/29		125		134,687
5.25%, 01/30/30		85		83,725
Bristol-Myers Squibb Co., 3.55%, 08/15/22		600		636,371
Catalent Pharma Solutions, Inc., 5.00%, 07/15/27(a)		10		10,400
Charles River Laboratories International, Inc.(a)
5.50%, 04/01/26		1,000		1,052,500
4.25%, 05/01/28		1,025		1,075,727
CVS Health Corp.
3.35%, 03/09/21		1,250		1,266,323
3.50%, 07/20/22		1,000		1,048,870
2.63%, 08/15/24		85		90,602
1.30%, 08/21/27		825		812,619
GlaxoSmithKline Capital PLC, 0.53%, 10/01/23		4,180		4,186,431
GlaxoSmithKline Capital, Inc., 3.38%, 05/15/23		830		893,622
IQVIA, Inc., 5.00%, 10/15/26(a)		200		209,000
Johnson & Johnson
0.55%, 09/01/25		2,450		2,450,739
0.95%, 09/01/27		2,770		2,782,694
1.30%, 09/01/30		1,840		1,855,162
MEDNAX, Inc., 6.25%, 01/15/27(a)		100		103,746
Merck & Co., Inc., 0.75%, 02/24/26		1,095		1,098,010
Novartis Capital Corp., 2.20%, 08/14/30		180		194,344
Par Pharmaceutical, Inc., 7.50%, 04/01/27(a)		225		235,728
Perrigo Finance Unlimited Co., 3.15%, 06/15/30		115		118,745
Upjohn, Inc.(a)
1.13%, 06/22/22		1,330		1,340,224
1.65%, 06/22/25		370		378,748
2.70%, 06/22/30		130		134,597
Zoetis, Inc.
3.00%, 09/12/27		250		276,380
3.90%, 08/20/28		250		296,768
2.00%, 05/15/30		2,215		2,281,519
				43,390,882
Producer Durables: Miscellaneous — 0.1%
Boxer Parent Co., Inc., 7.13%, 10/02/25(a)		135		144,188
Open Text Corp., 3.88%, 02/15/28(a)		305		308,526
Open Text Holdings, Inc., 4.13%, 02/15/30(a)		305		313,674
Oracle Corp., 3.40%, 07/08/24		1,710		1,871,503
				2,637,891
Professional Services — 0.1%
Gartner, Inc.(a)
4.50%, 07/01/28		1,005		1,056,506
3.75%, 10/01/30		170		171,964
Verisk Analytics, Inc.
4.00%, 06/15/25		50		57,049
4.13%, 03/15/29		600		707,575
				1,993,094
Real Estate Management & Development — 0.0%
Five Point Operating Co. LP/Five Point Capital Corp., 7.88%, 11/15/25(a)		150		149,925
Howard Hughes Corp., 5.38%, 03/15/25(a)		25		25,402

Security	Par (000)		Value
Real Estate Management & Development (continued)
Kennedy-Wilson, Inc., 5.88%, 04/01/24	$	25	$	24,875
Realogy Group LLC/Realogy Co-Issuer Corp.(a)
7.63%, 06/15/25		200		209,500
9.38%, 04/01/27		150		155,280
				564,982
Road & Rail — 0.0%
Kansas City Southern, 2.88%, 11/15/29		45		47,701
Teekay Offshore Partners LP/Teekay Offshore Finance Corp., 8.50%, 07/15/23(a)		300		256,500
Union Pacific Corp., 2.95%, 03/01/22		300		310,864
				615,065
Semiconductors & Semiconductor Equipment — 1.4%
Amkor Technology, Inc., 6.63%, 09/15/27(a)		600		643,722
Analog Devices, Inc.
2.50%, 12/05/21		25		25,474
2.95%, 04/01/25		80		87,009
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.88%, 01/15/27		125		138,488
Broadcom, Inc.
2.25%, 11/15/23		3,000		3,118,940
4.70%, 04/15/25		4,105		4,664,563
3.15%, 11/15/25		520		563,227
4.25%, 04/15/26		100		112,662
3.46%, 09/15/26		2,189		2,397,216
4.11%, 09/15/28		307		346,219
4.15%, 11/15/30		865		971,692
4.30%, 11/15/32		845		965,320
Flex Ltd.
3.75%, 02/01/26		1,330		1,452,653
4.88%, 05/12/30		340		386,219
Intel Corp., 3.40%, 03/25/25		2,850		3,193,203
Jabil, Inc., 4.70%, 09/15/22		1,000		1,072,112
Microchip Technology, Inc., 4.25%, 09/01/25(a)		1,210		1,255,446
Micron Technology, Inc.
2.50%, 04/24/23		2,000		2,076,909
4.64%, 02/06/24		925		1,027,565
NVIDIA Corp., 2.85%, 04/01/30		25		28,088
NXP BV/NXP Funding LLC, 3.88%, 09/01/22(a)		980		1,035,779
NXP BV/NXP Funding LLC/NXP USA, Inc., 2.70%, 05/01/25(a)		4,295		4,549,964
Qorvo, Inc.
5.50%, 07/15/26		110		116,662
4.38%, 10/15/29		1,370		1,455,625
Sensata Technologies BV, 5.00%, 10/01/25(a)		25		26,875
Sensata Technologies, Inc., 4.38%, 02/15/30(a)		275		288,750
Texas Instruments, Inc.
1.38%, 03/12/25		315		325,970
1.75%, 05/04/30		220		226,925
				32,553,277
Software — 0.4%
Activision Blizzard, Inc., 1.35%, 09/15/30		260		254,161
Black Knight InfoServ LLC, 3.63%, 09/01/28(a)		440		444,675
CDK Global, Inc.
5.88%, 06/15/26		60		62,550
5.25%, 05/15/29(a)		300		319,500
Intuit, Inc.
0.65%, 07/15/23		900		904,113
0.95%, 07/15/25		1,015		1,024,717
1.35%, 07/15/27		740		751,683
1.65%, 07/15/30		555		563,848

16

Schedule of Investments  (unaudited) (continued) September 30, 2020 BlackRock Systematic Multi-Strategy Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Software (continued)
MSCI, Inc.(a)
5.38%, 05/15/27	$	150	$	160,125
4.00%, 11/15/29		745		782,250
3.63%, 09/01/30		200		205,156
3.88%, 02/15/31		415		432,513
Nuance Communications, Inc., 5.63%, 12/15/26		2,550		2,690,250
PTC, Inc.(a)
3.63%, 02/15/25		50		50,750
4.00%, 02/15/28		45		46,252
Solera LLC/Solera Finance, Inc., 10.50%, 03/01/24(a)		50		52,250
SS&C Technologies, Inc., 5.50%, 09/30/27(a)		1,000		1,062,720
Veritas US, Inc./Veritas Bermuda Ltd., 7.50%, 09/01/25(a)		220		226,875
				10,034,388
Specialty Retail — 0.6%
Abercrombie & Fitch Management Co., 8.75%, 07/15/25(a)		1,500		1,578,750
Advance Auto Parts, Inc., 1.75%, 10/01/27		630		628,130
Gap, Inc., 8.88%, 05/15/27(a)		1,500		1,706,250
L Brands, Inc.
5.63%, 10/15/23		25		26,125
6.88%, 07/01/25(a)		3,430		3,704,400
9.38%, 07/01/25(a)		175		200,813
5.25%, 02/01/28		50		48,375
7.50%, 06/15/29		50		52,250
6.63%, 10/01/30(a)		685		696,987
6.88%, 11/01/35		175		172,428
Lithia Motors, Inc., 4.38%, 01/15/31(d)		155		155,000
Michaels Stores, Inc., 4.75%, 10/01/27(a)(d)		620		614,575
PetSmart, Inc., 5.88%, 06/01/25(a)		21		21,496
QVC, Inc.
4.38%, 03/15/23		200		207,375
4.85%, 04/01/24		200		209,020
4.45%, 02/15/25		700		719,250
4.75%, 02/15/27		700		719,040
4.38%, 09/01/28		1,100		1,122,000
5.45%, 08/15/34		500		493,750
Ross Stores, Inc., 4.60%, 04/15/25		165		189,960
Sally Holdings LLC/Sally Capital, Inc., 5.63%, 12/01/25		25		25,334
Staples, Inc., 7.50%, 04/15/26(a)		100		92,416
				13,383,724
Technology Hardware, Storage & Peripherals — 1.0%
Adobe, Inc.
1.90%, 02/01/25		175		185,025
2.15%, 02/01/27		490		525,474
2.30%, 02/01/30		2,130		2,291,469
Apple, Inc.
2.25%, 02/23/21		770		775,417
1.80%, 09/11/24		340		355,829
Dell International LLC/EMC Corp.(a)
7.13%, 06/15/24		1,500		1,560,285
4.00%, 07/15/24		1,600		1,727,647
5.85%, 07/15/25		6,340		7,387,316
4.90%, 10/01/26		250		282,606
6.20%, 07/15/30		785		940,472

Security	Par (000)		Value
Technology Hardware, Storage & Peripherals (continued)
Dell, Inc., 6.50%, 04/15/38	$	500	$	578,700
Hewlett Packard Enterprise Co.
4.45%, 10/02/23		2,520		2,769,304
4.65%, 10/01/24		600		678,480
4.90%, 10/15/25		480		549,214
HP, Inc., 2.20%, 06/17/25		2,230		2,335,976
NetApp, Inc.
1.88%, 06/22/25		315		326,276
2.38%, 06/22/27		30		31,298
Western Digital Corp., 4.75%, 02/15/26		100		108,313
				23,409,101
Telecommunications Equipment — 0.1%
Motorola Solutions, Inc.
4.00%, 09/01/24		54		59,946
4.60%, 02/23/28		50		58,379
4.60%, 05/23/29		600		708,584
2.30%, 11/15/30		200		198,544
ViaSat, Inc.(a)
5.63%, 09/15/25		100		98,000
5.63%, 04/15/27		400		411,500
6.50%, 07/15/28		1,035		1,036,501
				2,571,454
Textiles, Apparel & Luxury Goods — 0.2%
Hanesbrands, Inc., 4.88%, 05/15/26(a)		50		53,375
NIKE, Inc.
2.40%, 03/27/25		2,125		2,282,898
2.85%, 03/27/30		1,671		1,876,735
Ralph Lauren Corp., 1.70%, 06/15/22		805		819,487
				5,032,495
Thrifts & Mortgage Finance — 0.2%
MGIC Investment Corp., 5.25%, 08/15/28		1,000		1,031,425
Nationstar Mortgage Holdings, Inc.(a)
9.13%, 07/15/26		500		536,250
6.00%, 01/15/27		185		188,582
5.50%, 08/15/28		640		639,200
Quicken Loans, Inc., 5.75%, 05/01/25(a)		15		15,442
Radian Group, Inc.
4.50%, 10/01/24		50		49,635
6.63%, 03/15/25		2,095		2,210,225
				4,670,759
Tobacco — 0.8%
Altria Group, Inc.
3.49%, 02/14/22		1,000		1,039,983
4.00%, 01/31/24		50		54,985
3.80%, 02/14/24		35		38,256
2.35%, 05/06/25		5,370		5,674,003
4.80%, 02/14/29		70		83,062
3.40%, 05/06/30		265		289,201
BAT Capital Corp., 2.26%, 03/25/28		135		135,670
BAT International Finance PLC, 3.95%, 06/15/25(a)		660		733,309
Philip Morris International Inc., 1.50%, 05/01/25		630		650,191
Philip Morris International, Inc.
2.38%, 08/17/22		2,110		2,173,959
2.50%, 08/22/22		690		716,864
2.13%, 05/10/23		500		518,163
2.88%, 05/01/24		500		536,537
3.25%, 11/10/24		25		27,516
3.13%, 08/17/27		50		56,301
3.38%, 08/15/29		50		56,958
2.10%, 05/01/30		790		812,606

SCHEDULE OF INVESTMENTS 17

Schedule of Investments  (unaudited) (continued) September 30, 2020 BlackRock Systematic Multi-Strategy Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Tobacco (continued)
Reynolds American, Inc., 4.45%, 06/12/25	$	3,000	$	3,376,015
Vector Group Ltd.(a)
6.13%, 02/01/25		510		508,725
10.50%, 11/01/26		350		358,024
				17,840,328
Utilities — 0.1%
Essential Utilities, Inc.
3.57%, 05/01/29		55		62,394
2.70%, 04/15/30		220		235,399
Pattern Energy Operations LP/Pattern Energy Operations, Inc., 4.50%, 08/15/28(a)		490		508,375
TransAlta Corp., 6.50%, 03/15/40		200		205,800
Vistra Operations Co. LLC(a)
5.63%, 02/15/27		100		105,520
5.00%, 07/31/27		1,500		1,572,000
				2,689,488
Wireless Telecommunication Services — 2.0%
Altice France SA(a)
7.38%, 05/01/26		200		209,580
5.13%, 01/15/29		280		278,950
American Tower Corp.
2.25%, 01/15/22		750		767,208
3.50%, 01/31/23		2,545		2,705,103
5.00%, 02/15/24		1,570		1,775,305
2.95%, 01/15/25		200		216,054
1.30%, 09/15/25		515		520,483
C&W Senior Financing DAC, 6.88%, 09/15/27(a)		200		207,750
CC Holdings GS V LLC/Crown Castle GS III Corp., 3.85%, 04/15/23		25		26,924
Crown Castle International Corp.
5.25%, 01/15/23		620		682,520
3.20%, 09/01/24		640		690,004
1.35%, 07/15/25		1,105		1,116,990
3.65%, 09/01/27		340		380,452
Digital Realty Trust LP, 4.75%, 10/01/25		1,510		1,766,381
Equinix, Inc.
2.63%, 11/18/24		5,150		5,475,768
1.25%, 07/15/25		1,075		1,082,365
2.90%, 11/18/26		665		717,222
5.38%, 05/15/27		50		54,481
3.20%, 11/18/29		150		165,312
GLP Capital LP/GLP Financing II, Inc.
5.38%, 11/01/23		850		909,466
5.30%, 01/15/29		515		573,540
4.00%, 01/15/31		180		187,385
Gogo Intermediate Holdings LLC/Gogo Finance Co., Inc., 9.88%, 05/01/24(a)		25		26,725
HAT Holdings I LLC/HAT Holdings II LLC(a)
5.25%, 07/15/24		270		281,359
3.75%, 09/15/30		1,580		1,583,950
iStar, Inc., 4.25%, 08/01/25		300		279,936
SBA Communications Corp.
4.00%, 10/01/22		350		352,625
4.88%, 09/01/24		200		204,980
3.88%, 02/15/27(a)		100		101,500
Sprint Communications, Inc., 6.00%, 11/15/22		25		26,938

Security	Par (000)		Value
Wireless Telecommunication Services (continued)
Sprint Corp.
7.25%, 09/15/21	$	25	$	26,156
7.88%, 09/15/23		750		861,563
7.13%, 06/15/24		1,500		1,725,915
7.63%, 02/15/25		500		585,000
7.63%, 03/01/26		25		30,210
T-Mobile USA, Inc.
6.00%, 04/15/24		1,000		1,020,940
3.50%, 04/15/25(a)		7,120		7,812,776
6.50%, 01/15/26		2,050		2,142,250
1.50%, 02/15/26(a)		3,000		3,023,160
3.75%, 04/15/27(a)		1,530		1,716,874
4.75%, 02/01/28		225		240,692
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC(a)
7.13%, 12/15/24		500		483,563
7.88%, 02/15/25		1,500		1,589,557
VICI Properties LP/VICI Note Co., Inc.(a)
3.75%, 02/15/27		615		604,717
4.63%, 12/01/29		100		101,750
4.13%, 08/15/30		300		295,125
				45,627,504
Total Corporate Bonds — 40.3% (Cost: $902,063,295)				923,094,693
	Shares
Investment Companies
Equity Funds — 6.5%
BlackRock Liquid Environmentally Aware Fund(f)		149,865,121		150,000,000
Total Investment Companies — 6.5% (Cost: $150,000,000)				150,000,000
	Par (000)
Non-Agency Mortgage-Backed Securities
Collateralized Mortgage Obligations(a) — 5.1%
Connecticut Avenue Securities Trust
Series 2018-R07, Class 1M2, (1 mo. LIBOR US + 2.40%), 2.55%, 04/25/31(g)	$	16,099		16,011,629
Series 2019-R01, Class 2ED2, 1.30%, 07/25/31(h)		3,523		3,397,084
Series 2019-R01, Class 2M2, (1 mo. LIBOR US + 2.45%), 2.60%, 07/25/31(g)		15,358		15,261,626
Series 2019-R02, Class 1M2, (1 mo. LIBOR US + 2.30%), 2.45%, 08/25/31(g)		10,076		10,019,151
Series 2019-R03, Class 1M2, (1 mo. LIBOR US + 2.15%), 2.30%, 09/25/31(g)		13,135		13,083,271
Series 2019-R05, Class 1M2, (1 mo. LIBOR US + 2.00%), 2.15%, 07/25/39(g)		11,693		11,590,294
Series 2019-R06, Class 2ED2, (1 mo. LIBOR US + 1.00%), 1.15%, 09/25/39(g)		6,193		6,148,039
Series 2019-R06, Class 2M2, (1 mo. LIBOR US + 2.10%), 2.25%, 09/25/39(g)		17,272		17,131,874

18

Schedule of Investments  (unaudited) (continued) September 30, 2020 BlackRock Systematic Multi-Strategy Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Collateralized Mortgage Obligations (continued)
Series 2019-R07, Class 1M2, (1 mo. LIBOR US + 2.10%), 2.25%, 10/25/39(g)	$	17,885	$	17,787,157
Series 2020-R01, Class 1M1, (1 mo. LIBOR US + 0.80%), 0.95%, 01/25/40(g)		2,208		2,198,630
Series 2020-R02, Class 2M1, (1 mo. LIBOR US + 0.75%), 0.90%, 01/25/40(g)		1,823		1,818,371
Series 2020-SBT1, Class 1M2, (1 mo. LIBOR US + 3.65%), 3.80%, 02/25/40(g)		350		325,456
Series 2020-SBT1, Class 2M2, (1 mo. LIBOR US + 3.65%), 3.80%, 02/25/40(g)		450		427,703
STACR Trust(g)
Series 2018-DNA2, Class M1, (1 mo. LIBOR US + 0.80%), 0.95%, 12/25/30		167		166,216
Series 2018-DNA2, Class M2, (1 mo. LIBOR US + 2.15%), 2.30%, 12/25/30		1,900		1,847,976
Series 2018-DNA3, Class M1, (1 mo. LIBOR US + 0.75%), 0.90%, 09/25/48		4		4,030
Series 2018-HRP1, Class M2, (1 mo. LIBOR US + 1.65%), 1.80%, 04/25/43		131		125,757
				117,344,264
Commercial Mortgage-Backed Securities — 0.1%
CFCRE Commercial Mortgage Trust, Series 2016- C4, Class AM, 3.69%, 05/10/58		160		176,470
Citigroup Commercial Mortgage Trust, Series 2015- GC29, Class A2, 2.67%, 04/10/48		41		41,007
COMM Mortgage Trust
Series 2012-LC4, Class A4, 3.29%, 12/10/44		1,383		1,412,780
Series 2015-CR22, Class A2, 2.86%, 03/10/48		630		629,537
Wells Fargo Commercial Mortgage Trust, 4.38%, 08/15/51		500		590,905
				2,850,699
Total Non-Agency Mortgage-Backed  Securities — 5.2% (Cost: $120,220,335)				120,194,963
Preferred Securities
Capital Trust — 0.0%
Wireless Telecommunication Services — 0.0%
Vodafone Group PLC, 7.00%, 04/04/79(b)		200		237,325
Total Preferred Securities — 0.0% (Cost: $229,978)				237,325
U.S. Government Sponsored Agency Securities
Collateralized Mortgage Obligations — 9.0%
Connecticut Avenue Securities Trust, Series 2019- R04, Class 2M2, (1 mo. LIBOR US + 2.10%), 2.25%, 06/25/39(a)(g)		16,386		16,279,641
Fannie Mae Connecticut Avenue Securities
Series 2015-C04, Class 1M2, (1 mo. LIBOR US + 5.70%), 5.85%, 04/25/28(g)		47		48,201
Series 2016-C04, Class 1M2, (1 mo. LIBOR US + 4.25%), 4.40%, 01/25/29(g)		3,986		4,129,283
Series 2016-C05, Class 2M2, (1 mo. LIBOR US + 4.45%), 4.60%, 01/25/29(g)		75		77,274
Series 2017-C01, Class 1B1, (1 mo. LIBOR US + 5.75%), 5.90%, 07/25/29(g)		3,673		3,755,971

Security	Par (000)		Value
Collateralized Mortgage Obligations (continued)
Series 2017-C01, Class 1M2A, (1 mo. LIBOR US + 3.55%), 3.70%, 07/25/29(g)	$	12	$	12,370
Series 2017-C02, Class 2B1, (1 mo. LIBOR US + 5.50%), 5.65%, 09/25/29(a)(g)		7,487		7,590,378
Series 2017-C02, Class 2M2, (1 mo. LIBOR US + 3.65%), 3.80%, 09/25/29(g)		4,488		4,538,425
Series 2017-C03, Class 1B1, (1 mo. LIBOR US + 4.85%), 5.00%, 10/25/29(g)		4,994		4,981,489
Series 2017-C04, Class 2B1, (1 mo. LIBOR US + 5.05%), 5.20%, 11/25/29(g)		4,759		4,705,282
Series 2017-C05, Class 1B1, (1 mo. LIBOR US + 3.60%), 3.75%, 01/25/30(g)		5,414		5,062,262
Series 2017-C05, Class 1M2A, (1 mo. LIBOR US + 2.20%), 2.35%, 01/25/30(g)		23		23,266
Series 2017-C06, Class 1M2, (1 mo. LIBOR US + 2.65%), 2.80%, 02/25/30(g)		75		74,194
Series 2017-C06, Class 1M2A, (1 mo. LIBOR US + 2.65%), 2.80%, 02/25/30(g)		70		70,853
Series 2017-C06, Class 2M2, (1 mo. LIBOR US + 2.80%), 2.95%, 02/25/30(g)		63		62,398
Series 2017-C07, Class 1M2, (1 mo. LIBOR US + 2.40%), 2.55%, 05/25/30(g)		71		69,632
Series 2017-C07, Class 2M2, (1 mo. LIBOR US + 2.50%), 2.65%, 05/25/30(g)		1,170		1,158,294
Series 2018-C01, Class 1B1, (1 mo. LIBOR US + 3.55%), 3.70%, 07/25/30(g)		6,180		5,730,663
Series 2018-C01, Class 1M2, (1 mo. LIBOR US + 2.25%), 2.40%, 07/25/30(g)		1,632		1,610,994
Series 2018-C02, Class 2B1, (1 mo. LIBOR US + 4.00%), 4.15%, 08/25/30(g)		6,445		5,946,390
Series 2018-C02, Class 2ED2, 1.05%, 08/25/30(h)		3,162		3,085,076
Series 2018-C02, Class 2M2, (1 mo. LIBOR US + 2.20%), 2.35%, 08/25/30(g)		345		333,984
Series 2018-C04, Class 2M2, (1 mo. LIBOR US + 2.55%), 2.70%, 12/25/30(g)		4,836		4,749,698
Series 2018-C06, Class 2M2, (1 mo. LIBOR US + 2.10%), 2.25%, 03/25/31(g)		1,953		1,919,368
Freddie Mac STACR Trust(a)(g)
Series 2018-HQA2, Class M2, (1 mo. LIBOR US + 2.30%), 2.45%, 10/25/48		5,500		5,383,051
Series 2019-DNA1, Class M2, (1 mo. LIBOR US + 2.65%), 2.80%, 01/25/49		1,999		1,978,900
Series 2019-DNA2, Class M2, (1 mo. LIBOR US + 2.45%), 2.60%, 03/25/49		1,310		1,287,665
Series 2019-DNA3, Class M2, (1 mo. LIBOR US + 2.05%), 2.20%, 07/25/49		4,229		4,140,130
Series 2019-DNA4, Class M2, (1 mo. LIBOR US + 1.95%), 2.10%, 10/25/49		13,857		13,704,742
Series 2019-FTR2, Class M1, (1 mo. LIBOR US + 0.95%), 1.10%, 11/25/48		450		444,022
Series 2019-HQA1, Class M2, (1 mo. LIBOR US + 2.35%), 2.50%, 02/25/49		10,323		10,224,314
Series 2019-HQA2, Class M2, (1 mo. LIBOR US + 2.05%), 2.20%, 04/25/49		1,295		1,274,298
Series 2019-HQA3, Class M2, (1 mo. LIBOR US + 1.85%), 2.00%, 09/25/49		3,369		3,293,468
Series 2019-HQA4, Class M2, (1 mo. LIBOR US + 2.05%), 2.20%, 11/25/49		10,255		10,120,938

SCHEDULE OF INVESTMENTS 19

Schedule of Investments  (unaudited) (continued) September 30, 2020 BlackRock Systematic Multi-Strategy Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Collateralized Mortgage Obligations (continued)
Series 2020-DNA1, Class M1, (1 mo. LIBOR US + 0.70%), 0.85%, 01/25/50	$	475	$	475,013
Series 2020-DNA1, Class M2, (1 mo. LIBOR US + 1.70%), 1.85%, 01/25/50		10,000		9,782,379
Series 2020-DNA2, Class M1, (1 mo. LIBOR US + 0.75%), 0.90%, 02/25/50		3,598		3,591,192
Series 2020-DNA4, Class M1, (1 mo. LIBOR US + 1.50%), 1.65%, 08/25/50		9,740		9,764,344
Series 2020-DNA4, Class M2, (1 mo. LIBOR US + 3.75%), 3.90%, 08/25/50		3,000		3,036,181
Series 2020-HQA1, Class M1, (1 mo. LIBOR US + 0.75%), 0.90%, 01/25/50		449		447,976
Series 2020-HQA1, Class M2, (1 mo. LIBOR US + 1.90%), 2.05%, 01/25/50		8,465		8,274,327
Series 2020-HQA3, Class M1, (1 mo. LIBOR US + 1.55%), 1.70%, 07/25/50		9,880		9,901,313
Series 2020-HQA4, Class M1, (1 mo. LIBOR US + 1.30%), 1.45%, 09/25/50		12,460		12,460,000
Series 2020-HQA4, Class M2, (1 mo. LIBOR US + 3.15%), 3.30%, 09/25/50		1,000		1,002,500
Freddie Mac Structured Agency Credit Risk Debt Notes(g)
Series 2016-DNA2, Class M3, (1 mo. LIBOR US + 4.65%), 4.80%, 10/25/28		352		365,697
Series 2017-DNA1, Class B1, (1 mo. LIBOR US + 4.95%), 5.10%, 07/25/29		3,925		3,944,671
Series 2017-DNA2, Class B1, (1 mo. LIBOR US + 5.15%), 5.30%, 10/25/29		5,000		5,081,311
Series 2017-DNA3, Class B1, (1 mo. LIBOR US + 4.45%), 4.60%, 03/25/30		3,355		3,262,227
Series 2017-DNA3, Class M2, (1 mo. LIBOR US + 2.50%), 2.65%, 03/25/30		250		252,210
Series 2017-HQA2, Class B1, (1 mo. LIBOR US + 4.75%), 4.90%, 12/25/29		1,730		1,725,721
Series 2017-HQA3, Class B1, (1 mo. LIBOR US + 4.45%), 4.60%, 04/25/30		1,981		1,922,484
Series 2018-DNA1, Class B1, (1 mo. LIBOR US + 3.15%), 3.30%, 07/25/30		4,320		3,844,051
Series 2018-DNA1, Class M2, (1 mo. LIBOR US + 1.80%), 1.95%, 07/25/30		87		85,675
				207,086,186
Commercial Mortgage-Backed Securities — 0.1%
Multifamily Connecticut Avenue Securities Trust, Series 2019-01, Class M10, (1 mo. LIBOR US + 3.25%), 3.40%, 10/15/49(a)(g)		750		691,668
Mortgage-Backed Securities — 44.7%
Fannie Mae Mortgage-Backed Securities
4.00%, 06/01/49		11,977		13,131,233
3.00%, 09/01/50		11,104		11,667,453
Freddie Mac Mortgage-Backed Securities
2.50%, 07/01/35 - 08/01/50		11,327		12,081,571
4.50%, 05/01/42 - 01/01/49		797		865,720
3.50%, 10/01/44 - 06/01/49		9,164		10,071,232
3.00%, 03/01/46 - 09/01/50		24,547		25,790,712
4.00%, 10/01/46 - 06/01/50		1,392		1,499,133

Security	Par (000)		Value
Mortgage-Backed Securities (continued)
Ginnie Mae Mortgage-Backed Securities(i)
3.50%, 06/20/42 - 10/21/50	$	73,551	$	77,758,586
3.00%, 05/20/45 - 11/19/50		94,211		98,727,235
2.50%, 12/20/46 - 10/21/50		27,147		28,524,936
4.00%, 11/20/47 - 10/21/50		38,174		40,695,627
4.50%, 10/20/48 - 10/21/50		15,877		17,032,924
5.00%, 12/20/48 - 10/21/50		10,210		11,110,411
2.00%, 10/21/50		1,250		1,298,633
5.50%, 10/21/50		650		713,248
Uniform Mortgage-Backed Securities(i)
1.50%, 10/19/35		650		665,082
2.00%, 10/19/35 - 10/14/50		34,625		35,887,168
2.50%, 10/19/35 - 11/12/50		137,973		144,651,620
3.00%, 10/19/35 - 10/14/50		170,666		179,811,261
3.50%, 10/19/35 - 10/14/50		145,744		154,873,487
4.00%, 10/19/35 - 02/01/57		84,197		90,606,318
4.50%, 10/19/35 - 10/14/50		42,449		46,217,874
5.00%, 02/01/41 - 10/14/50		17,498		19,188,828
5.50%, 10/14/50		2,350		2,608,684
				1,025,478,976
Total U.S. Government Sponsored Agency Securities — 53.8% (Cost: $1,231,916,574)				1,233,256,830
U.S. Treasury Obligations
U.S. Treasury Bonds
3.13%, 08/15/44		600		818,109
3.00%, 02/15/49		8,000		10,964,063
2.88%, 05/15/49		14,700		19,735,324
U.S. Treasury Notes
1.88%, 02/28/22 - 03/31/22		9,000		9,227,773
1.50%, 08/15/26		10,000		10,662,500
Total U.S. Treasury Obligations — 2.3% (Cost: $51,596,669)				51,407,769
	Shares
Warrants
Oil, Gas & Consumable Fuels — 0.0%
SM Energy Co. (Expires 06/30/23)(j)		3,253		5,140
Total Warrants — 0.0% (Cost: $13,955)				5,140
Total Long-Term Investments — 121.8% (Cost: $2,765,679,446)				2,792,942,946
Short-Term Securities
Money Market Funds — 6.7%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.02%(f)(k)		154,753,624		154,753,624
Total Short-Term Securities — 6.7% (Cost: $154,753,624)				154,753,624
Total Investments Before TBA Sale Commitments — 128.5% (Cost: $2,920,433,070)				2,947,696,570

20

Schedule of Investments  (unaudited) (continued) September 30, 2020 BlackRock Systematic Multi-Strategy Fund (Percentages shown are based on Net Assets)

Security	Par (000)			Value
TBA Sale Commitments
Mortgage-Backed Securities — (2.9)%
Ginnie Mae Mortgage-Backed Securities(i)
2.50%, 10/21/50	$	(2,500	)	$	(2,625,488	)
3.00%, 10/21/50		(18,325	)		(19,187,205	)
Uniform Mortgage-Backed Securities(i)
2.50%, 10/19/35 - 10/14/50		(32,050	)		(33,590,220	)
3.00%, 10/14/50		(8,915	)		(9,338,985	)
4.50%, 10/14/50		(1,753	)		(1,896,253	)
Total TBA Sale Commitments — (2.9)% (Proceeds: $(66,751,221))				(66,638,151)
Total Investments, Net of TBA Sale Commitments — 125.6% (Cost: $2,853,681,849)				2,881,058,419
Liabilities in Excess of Other Assets — (25.6)%				(587,520,254)
Net Assets — 100.0%				$2,293,538,165

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

^(b) Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of period end.

^(c) 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.

^(d) When-issued security.

^(e) Step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate as of period end.

^(f) Affiliate of the Fund.

^(g) Variable rate security. Rate shown is the rate in effect as of period end.

^(h) Variable or floating rate security, which interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end.

⁽ⁱ⁾ Represents or includes a TBA transaction.

^(j) Non-income producing security.

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the period ended September 30, 2020, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 12/31/19		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 09/30/20		Shares Held at 09/30/20		Income		Capital Gain Distributions from Underlying Funds
BlackRock Liquid Environmentally Aware Fund	$	—	$	150,000,000		$	—	$	—	$	—	$	150,000,000		149,865,121	$	21,050	$	—
BlackRock Liquidity Funds, T-Fund, Institutional Class		96,002,743		58,750,881	(a)		—		—		—		154,753,624		154,753,624		699,304		—
								$	—	$	—	$	304,753,624			$	720,354	$	—

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

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.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Euro BTP		27		12/08/20	$	4,672	$	57,274
10-Year Australian T-Bond		236		12/15/20		25,253		267,112
10-Year U.S. Treasury Note		86		12/21/20		12,000		(8,655	)
U.S. Long Treasury Bond		65		12/21/20		11,458		(95,723	)
U.S. Ultra Treasury Bond		66		12/21/20		14,640		(100,305	)
Long Gilt		253		12/29/20		44,434		60,108
2-Year U.S. Treasury Note		148		12/31/20		32,702		8,450
								188,261
Short Contracts
Euro Bund		195		12/08/20		39,900		(76,838	)
Euro OAT		54		12/08/20		10,671		(50,064	)
10-Year Canadian Bond		179		12/18/20		20,408		22,257

SCHEDULE OF INVESTMENTS 21

Schedule of Investments  (unaudited) (continued) September 30, 2020 BlackRock Systematic Multi-Strategy Fund

Futures Contracts (continued)

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Short Contracts (continued)
10-Year U.S. Ultra Treasury Note		142		12/21/20	$	22,709	$	(101,492	)
5-Year U.S. Treasury Note		115		12/31/20		14,494		(825	)
								(206,962	)
							$	(18,701	)

Forward Foreign Currency Exchange Contracts

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	117,583	EUR	100,000	Citibank N.A.		12/16/20	$	141
USD	1,627,566	EUR	1,370,000	Standard Chartered Bank		12/16/20		18,602
							$	18,743

Centrally Cleared Credit Default Swaps — Sell Protection

Reference Obligation/Index

Financing Rate Received by the Fund

Payment Frequency

Termination Date

Credit Rating(a)

Notional Amount (000)(b)

Value

Upfront Premium Paid (Received)

Unrealized Appreciation (Depreciation)

CDX.NA.HY.34.V9

5.00

%

Quarterly

06/20/25

B-

USD 10,893

$

550,499

$

642,020

$

(91,521

)

^(a) Using the rating of the issuer or the underlying securities of the index, as applicable, provided by S&P Global Ratings.

^(b) The maximum potential amount the Fund may pay should a negative credit event take place as defined under the terms of the agreement.

Centrally Cleared Interest Rate Swaps

Paid by the Fund		Received by the Fund		Effective Date		Termination Date		Notional Amount (000)		Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
Rate	Frequency	Rate	Frequency
0.19%	Semi-Annual	6-Month GBP LIBOR, 0.09%	Semi-Annual		12/16/20		12/16/25	GBP	1,430	$	2,365		$	32		$	2,333
0.19%	Semi-Annual	6-Month GBP LIBOR, 0.09%	Semi-Annual		12/16/20		12/16/25	GBP	2,700		4,640			60			4,580
0.20%	Semi-Annual	6-Month GBP LIBOR, 0.09%	Semi-Annual		12/16/20		12/16/25	GBP	1,660		1,834			37			1,797
0.20%	Semi-Annual	6-Month GBP LIBOR, 0.09%	Semi-Annual		12/16/20		12/16/25	GBP	1,690		1,921			37			1,884
6-Month WIBOR, 0.16%	Semi-Annual	0.56%	Annual		12/16/20		12/16/25	PLN	7,410		2,010			29			1,981
1-Month MXIBOR, 4.55%	Monthly	5.00%	Monthly		03/17/21		03/11/26	MXN	41,670		(19,792	)		31			(19,823	)
1-Month MXIBOR, 4.55%	Monthly	5.14%	Monthly		03/17/21		03/11/26	MXN	63,090		(12,046	)		43			(12,089	)
1-Month MXIBOR, 4.55%	Monthly	5.17%	Monthly		03/17/21		03/11/26	MXN	98,570		(12,728	)		70			(12,798	)
(0.41%)	Annual	6-Month EURIBOR, (0.48%)	Semi-Annual		03/17/21		03/17/26	EUR	19,910		5,104			(13	)		5,117
0.36%	Semi-Annual	3-Month LIBOR, 0.23%	Quarterly		03/17/21		03/17/26	USD	2,440		4,028			42			3,986
6-Month BBR, 0.80%	Semi-Annual	0.36%	Semi-Annual		03/17/21		03/17/26	AUD	3,110		(1,874	)		38			(1,912	)
0.37%	Semi-Annual	3-Month LIBOR, 0.23%	Quarterly		03/17/21		03/17/26	USD	2,550		3,002			44			2,958
0.37%	Semi-Annual	3-Month LIBOR, 0.23%	Quarterly		03/17/21		03/17/26	USD	3,790		3,707			66			3,641
0.38%	Semi-Annual	3-Month LIBOR, 0.23%	Quarterly		03/17/21		03/17/26	USD	4,980		4,374			87			4,287
6-Month BBR, 0.80%	Semi-Annual	0.38%	Semi-Annual		03/17/21		03/17/26	AUD	2,770		704			35			669
0.42%	Semi-Annual	3-Month LIBOR, 0.23%	Quarterly		03/17/21		03/17/26	USD	8,080		(9,420	)		(14,721	)		5,301
6-Month BBR, 0.80%	Semi-Annual	0.42%	Semi-Annual		03/17/21		03/17/26	AUD	23,780		42,108			299			41,809
0.59%	Semi-Annual	6-Month SIBOR, 0.59%	Semi-Annual		03/17/21		03/17/26	SGD	13,065		(28,079	)		147			(28,226	)
0.60%	Semi-Annual	6-Month SIBOR, 0.59%	Semi-Annual		03/17/21		03/17/26	SGD	13,065		(31,437	)		147			(31,584	)
0.71%	Quarterly	3-Month HIBOR, 0.61%	Quarterly		03/17/21		03/17/26	HKD	119,050		(74,970	)		236			(75,206	)
3-Month JIBAR, 3.35%	Quarterly	5.36%	Quarterly		03/17/21		03/17/26	ZAR	174,870		(18,120	)		159			(18,279	)
3-Month JIBAR, 3.35%	Quarterly	5.45%	Quarterly		03/17/21		03/17/26	ZAR	54,110		7,372			49			7,323
3-Month JIBAR, 3.35%	Quarterly	5.46%	Quarterly		03/17/21		03/17/26	ZAR	41,110		6,948			37			6,911
										$	(118,349	)	$	(13,009	)	$	(105,340	)

22

Schedule of Investments  (unaudited) (continued) September 30, 2020 BlackRock Systematic Multi-Strategy Fund

OTC Interest Rate Swaps

Paid by the Fund		Received by the Fund		Counterparty		Effective Date		Termination Date	Notional Amount (000)		Value		Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
Rate	Frequency	Rate	Frequency
3-Month KRW CDC, 0.68%	Quarterly	1.00%	Quarterly		Citibank N.A.		03/17/21	03/17/26	KRW	33,113,995	$	116,581	$	—	$	116,581
3-Month KRW CDC, 0.68%	Quarterly	1.01%	Quarterly		Bank of America N.A.		03/17/21	03/17/26	KRW	24,384,555		91,134		—		91,134
3-Month KRW CDC, 0.68%	Quarterly	0.99%	Quarterly		Citibank N.A.		03/17/21	03/17/26	KRW	2,918,600		8,900		—		8,900
3-Month KRW CDC, 0.68%	Quarterly	0.92%	Quarterly		Bank of America N.A.		03/17/21	03/17/26	KRW	2,691,160		74		—		74
											$	216,689	$	—	$	216,689

^(a) Forward Swap.

OTC Total Return Swaps

Reference Entity	Payment Frequency	Counterparty	Termination Date		Net Notional			Accrued Unrealized Appreciation (Depreciation)			Net Value of Reference Entity		Gross Notional Amount Net Asset Percentage
Equity Securities Long/Short	At Termination	Bank of America N.A.(a)		02/15/23	$	22,325,580		$	5,543,699	(b)	$	27,610,532		2.0	%
	At Termination	Bank of America N.A.(c)		02/15/23		21,304,920			1,079,335	(d)		22,605,637		2.9	%
	At Termination	Morgan Stanley & Co. International PLC(e)		02/27/23		(24,614,008	)		47,798,576	(f)		27,483,392		46.2	%
	At Termination	Morgan Stanley & Co. International PLC(g)		02/27/23		6,898,563			17,026,812	(h)		24,337,483		52.3	%
					$	25,915,055		$	71,448,422		$	102,037,044

^(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, plus or minus a spread in a range of 20-81 basis points. The benchmark and spread are determined based upon the country and/or currency of the individual underlying positions. The following are the specified benchmarks used in determining the variable rate of interest: USD - 1D Overnight Bank Funding Rate (OBFR01) and USD - 1M US Dollar LIBOR BBA.

^(b) Amount includes $258,747 of net dividends and financing fees.

^(c) 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, plus or minus a spread in a range of 20-176 basis points. The benchmark and spread are determined based upon the country and/or currency of the individual underlying positions. The following are the specified benchmarks used in determining the variable rate of interest: USD - 1D Overnight Bank Funding Rate (OBFR01) and USD - 1M US Dollar LIBOR BBA.

^(d) Amount includes $(221,382) of net dividends and financing fees.

^(e) 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, plus or minus a spread in a range of 15-115 basis points. The benchmark and spread are determined based upon the country and/or currency of the individual underlying positions. The following are the specified benchmark used in determining the variable rate of interest: USD - 1D Overnight Fed Funds Effective Rate (FEDL01).

^(f) Amount includes $(4,298,824) of net dividends and financing fees.

^(g) 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, plus or minus a spread in a range of 0-129 basis points. The benchmark and spread are determined based upon the country and/or currency of the individual underlying positions. The following are the specified benchmark used in determining the variable rate of interest: USD - 1D Overnight Fed Funds Effective Rate (FEDL01).

^(h) Amount includes $(412,108) of net dividends and financing fees.

SCHEDULE OF INVESTMENTS 23

Schedule of Investments  (unaudited) (continued) September 30, 2020 BlackRock Systematic Multi-Strategy Fund

The following table represents the individual long and short positions and related values of the equity securities underlying the total return swap with Bank of America N.A. as of period end, termination date February 15, 2023:

Security	Shares		Value		% of Basket Value
Reference Entity — Long
Common Stocks
Aerospace & Defense
Northrop Grumman Corp.,		5,173	$	1,632,030		5.9	%
Air Freight & Logistics
United Parcel Service, Inc., Class B,		33,252		5,540,781		20.1
Chemicals
DuPont de Nemours, Inc.,		29,824		1,654,635		6.0
Communications Equipment
Cisco Systems, Inc.,		36,198		1,425,839		5.2
Food & Staples Retailing
Kroger Co.,		9,865		334,522		1.2
Food Products
Campbell Soup Co.,		2,283		110,429		0.4
General Mills, Inc.,		22,598		1,393,844		5.0
				1,504,273
Health Care Equipment & Supplies
Baxter International, Inc.,		14,238		1,145,020		4.1
Health Care Providers & Services
McKesson Corp.,		28,370		4,225,144		15.3
Quest Diagnostics, Inc.,		13,246		1,516,535		5.5
				5,741,679
Hotels, Restaurants & Leisure
Yum! Brands, Inc.,		15,639		1,427,841		5.2
Household Durables
PulteGroup, Inc.,		8,706		403,001		1.5
Insurance
Allstate Corp.,		1,232		115,981		0.4
American International Group, Inc.,		38,610		1,062,933		3.9
				1,178,914
Machinery
Deere & Co.,		24,906		5,519,917		20.0
Metals & Mining
Barrick Gold Corp.,		47,177		1,326,145		4.8
Multiline Retail
Kohl’s Corp.,		9,854		182,594		0.6
Target Corp.,		8,047		1,266,759		4.6
				1,449,353
Pharmaceuticals
Pfizer, Inc.,		77,361		2,839,149		10.3
Road & Rail
CSX Corp.,		1,610		125,049		0.5
Specialty Retail
AutoZone, Inc.,		1,447		1,704,045		6.1

Security	Shares			Value			% of Basket Value
Specialty Retail (continued)
Home Depot, Inc.,		6,255		$	1,737,076			6.3	%
L Brands, Inc.,		2,395			76,185			0.3
					3,517,306
Total Reference Entity — Long					36,765,454
Reference Entity — Short
Common Stocks
Airlines
American Airlines Group, Inc.,		(6,380	)		(78,410	)		(0.3	)
Leisure Products
Mattel, Inc.,		(141,425	)		(1,654,673	)		(6.0	)
Multiline Retail
Nordstrom, Inc.,		(590,142	)		(7,034,493	)		(25.5	)
Oil, Gas & Consumable Fuels
Canadian Natural Resources Ltd.,		(8,248	)		(132,050	)		(0.5	)
Enbridge, Inc.,		(8,743	)		(255,296	)		(0.9	)
					(387,346	)
Total Reference Entity — Short					(9,154,922	)
Net Value of Reference Entity — Bank of America N.A				$27,610,532

The following table represents the individual long and short positions and related values of the equity securities underlying the total return swap with Bank of America N.A. as of period end, termination date February 15, 2023:

Security	Shares		Value		%of Basket Value
Reference Entity — Long
Common Stocks
Aerospace & Defense
Howmet Aerospace, Inc.,		3,010	$	50,327		0.3	%
Huntington Ingalls Industries, Inc.,		3,240		456,030		2.0
Textron, Inc.,		8,842		319,108		1.4
				825,465
Automobiles
Ford Motor Co.,		23,536		156,750		0.7
Harley-Davidson, Inc.,		3,043		74,675		0.3
				231,425
Biotechnology
Biogen, Inc.,		190		53,899		0.3
Gilead Sciences, Inc.,		10,101		638,282		2.8
				692,181
Building Products
Carrier Global Corp.,		15,662		478,318		2.1
Masco Corp.,		6,432		354,596		1.6
				832,914
Capital Markets
Moody’s Corp.,		592		171,591		0.8
Nasdaq, Inc.,		5,392		661,652		2.9
Raymond James Financial, Inc.,		2,001		145,593		0.6
S&P Global, Inc.,		1,736		626,002		2.8
				1,604,838

24

Schedule of Investments  (unaudited) (continued) September 30, 2020 BlackRock Systematic Multi-Strategy Fund

Security	Shares		Value		% of Basket Value
Chemicals
Eastman Chemical Co.,		31	$	2,422		0.0	%
FMC Corp.,		5,640		597,332		2.7
Scotts Miracle-Gro Co.,		5,803		887,337		3.9
Westlake Chemical Corp.,		84		5,310		0.0
				1,492,401
Communications Equipment
Cisco Systems, Inc.,		4,007		157,836		0.7
CommScope Holding Co., Inc.,		16,944		152,496		0.7
				310,332
Containers & Packaging
Sonoco Products Co.,		17,989		918,698		4.1
Diversified Consumer Services
Service Corp. International,		1,003		42,307		0.2
Diversified Financial Services
Voya Financial, Inc.,		2,775		133,006		0.6
Diversified Telecommunication Services
CenturyLink, Inc.,		19,169		193,415		0.9
Electric Utilities
Avangrid, Inc.,		8,782		443,140		2.0
Evergy, Inc.,		1,807		91,832		0.4
Eversource Energy,		270		22,558		0.1
Exelon Corp.,		13,620		487,051		2.1
				1,044,581
Electronic Equipment, Instruments & Components
Avnet, Inc.,		9,685		250,260		1.1
Jabil, Inc.,		3,176		108,810		0.5
				359,070
Equity Real Estate Investment Trusts (REITs)
Brixmor Property Group, Inc.,		47,681		557,391		2.5
Camden Property Trust,		148		13,169		0.1
CyrusOne, Inc.,		8,962		627,609		2.8
Essex Property Trust, Inc.,		4,270		857,373		3.8
Healthpeak Properties, Inc.,		42,311		1,148,744		5.1
Hudson Pacific Properties, Inc.,		25,248		553,688		2.4
Kilroy Realty Corp.,		1,400		72,744		0.3
Life Storage, Inc.,		3,007		316,547		1.4
Mid-America Apartment Communities, Inc.,		7,127		826,376		3.6
Regency Centers Corp.,		17,801		676,794		3.0
UDR, Inc.,		41,762		1,361,859		6.0
				7,012,294
Food Products
Campbell Soup Co.,		2,241		108,397		0.5
General Mills, Inc.,		9,112		562,028		2.5
Ingredion, Inc.,		40		3,027		0.0
Mondelez International, Inc., Class A,		326		18,729		0.1
Tyson Foods, Inc., Class A,		1,915		113,904		0.5
				806,085
Health Care Providers & Services
AmerisourceBergen Corp.,		4,709		456,396		2.0
Cardinal Health, Inc.,		7,565		355,177		1.6
Cigna Corp.,		7,901		1,338,508		5.9
DaVita, Inc.,		2,940		251,811		1.1
Humana, Inc.,		1,123		464,799		2.0

Security		Shares		Value		% of Basket Value
Health Care Providers & Services (continued)
Laboratory Corp. of America Holdings,			1,056	$	198,813		0.9	%
McKesson Corp.,			771		114,825		0.5
Quest Diagnostics, Inc.,			1,538		174,794		0.8
					3,355,123
Hotels, Restaurants & Leisure
Boyd Gaming Corp.,			17,336		532,042		2.3
Red Rock Resorts, Inc., Class A,			3,601		61,577		0.3
Scientific Games Corp., Class A,			30,795		1,075,054		4.8
Wyndham Hotels & Resorts, Inc.,			276		13,938		0.1
Yum! Brands, Inc.,			2,024		184,791		0.8
					1,867,402
Household Durables
Meritage Homes Corp.,			2,904		320,573		1.4
PulteGroup, Inc.,			4,732		219,044		1.0
TRI Pointe Group, Inc.,			71,728		1,301,146		5.7
					1,840,763
Household Products
Clorox Co.,			779		163,722		0.7
Spectrum Brands Holdings, Inc.,			11,356		649,109		2.9
					812,831
Industrial Conglomerates
Carlisle Cos., Inc.,			1,190		145,620		0.6
Insurance
American Financial Group, Inc.,			3,117		208,777		0.9
Brighthouse Financial, Inc.,			1,508		40,580		0.2
Lincoln National Corp.,			47,062		1,474,452		6.5
					1,723,809
IT Services
DXC Technology Co.,			29,866		533,108		2.4
Leidos Holdings, Inc.,			4,754		423,819		1.9
Western Union Co.,			26,914		576,767		2.5
					1,533,694
Machinery
Deere & Co.,			314		69,592		0.3
Fortive Corp.,			1,731		131,919		0.6
Illinois Tool Works, Inc.,			2,522		487,276		2.1
Otis Worldwide Corp.,			3,209		200,306		0.9
	��				889,093
Media
Interpublic Group of Cos., Inc.,			10,640		177,369		0.8
Omnicom Group, Inc.,			5,114		253,143		1.1
Sinclair Broadcast Group, Inc., Class A,			24,982		480,404		2.1
					910,916
Metals & Mining
Reliance Steel & Aluminum Co.,			2,171		221,529		1.0
Mortgage Real Estate Investment Trusts (REITs)
Starwood Property Trust, Inc.,			26,445		399,055		1.8
Multiline Retail
Dollar General Corp.,			309		64,772		0.3
Target Corp.,			376		59,190		0.2
					123,962
Oil, Gas & Consumable Fuels
Antero Midstream Corp.,			96,689		519,220		2.3

SCHEDULE OF INVESTMENTS 25

Schedule of Investments  (unaudited) (continued) September 30, 2020 BlackRock Systematic Multi-Strategy Fund

Security	Shares			Value			% of Basket Value
Oil, Gas & Consumable Fuels (continued)
Antero Resources Corp.,		13,738		$	37,780			0.2	%
Apache Corp.,		44,070			417,343			1.9
Concho Resources, Inc.,		2,003			88,372			0.4
Diamondback Energy, Inc.,		21,120			636,134			2.8
Kinder Morgan, Inc.,		2,460			30,332			0.1
Marathon Oil Corp.,		105,116			429,925			1.9
Marathon Petroleum Corp.,		12,489			366,427			1.6
Matador Resources Co.,		77,219			637,829			2.8
Murphy Oil Corp.,		33,622			299,908			1.3
Ovintiv Inc.,		85,525			697,884			3.1
Range Resources Corp.,		129,506			857,330			3.8
Southwestern Energy Co.,		145,072			340,919			1.5
					5,359,403
Pharmaceuticals
Bristol-Myers Squibb Co.,		3,504			211,256			0.9
Mylan NV,		649			9,625			0.1
Perrigo Co. PLC,		17,724			813,709			3.6
Pfizer, Inc.,		1,407			51,637			0.2
					1,086,227
Professional Services
Equifax, Inc.,		4,438			696,322			3.1
Road & Rail
CSX Corp.,		3,379			262,447			1.2
JB Hunt Transport Services, Inc.,		2,215			279,932			1.2
					542,379
Semiconductors & Semiconductor Equipment
Analog Devices, Inc.,		5,484			640,202			2.8
Intel Corp.,		8,641			447,431			2.0
KLA Corp.,		2,879			557,777			2.5
Xilinx, Inc.,		41			4,274			0.0
					1,649,684
Specialty Retail
AutoNation, Inc.,		11,967			633,413			2.8
Home Depot, Inc.,		13			3,610			0.0
Murphy USA, Inc.,		1,965			252,051			1.1
O’Reilly Automotive, Inc.,		113			52,102			0.3
					941,176
Technology Hardware, Storage & Peripherals
Hewlett Packard Enterprise Co.,		5,983			56,061			0.2
NCR Corp.,		65,919			1,459,447			6.5
NetApp, Inc.,		3,710			162,646			0.7
					1,678,154
Textiles, Apparel & Luxury Goods
Tapestry, Inc.,		3,516			54,955			0.2
Tobacco
Altria Group, Inc.,		3,043			117,582			0.5
Total Reference Entity — Long					42,448,691
Reference Entity — Short
Common Stocks
Capital Markets
Brookfield Asset Management, Inc., Class A,		(1	)		(33	)		(0.0	)

Security	Shares			Value			% of Basket Value
Containers & Packaging
Ball Corp.,		(2,151	)	$	(178,791	)		(0.8	)%
Metals & Mining
Cleveland-Cliffs, Inc.,		(302,233	)		(1,940,336	)		(8.6	)
United States Steel Corp.,		(19,682	)		(144,466	)		(0.6	)
					(2,084,802	)
Multiline Retail
Macy’s, Inc.,		(773,054	)		(4,406,408	)		(19.5	)
Nordstrom, Inc.,		(371,459	)		(4,427,791	)		(19.6	)
					(8,834,199	)
Oil, Gas & Consumable Fuels
Continental Resources, Inc.,		(501,488	)		(6,158,273	)		(27.2	)
Specialty Retail
Bed Bath & Beyond, Inc.,		(172,694	)		(2,586,956	)		(11.5	)
Total Reference Entity — Short					(19,843,054	)
Net Value of Reference Entity — Bank of America N.A				$	22,605,637

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 February 27, 2023:

Security	Shares		Value		% of Basket Value
Reference Entity — Long
Common Stocks
Aerospace & Defense
Howmet Aerospace, Inc.,		470,612	$	7,868,633		28.6	%
Lockheed Martin Corp.,		24,725		9,476,598		34.5
Northrop Grumman Corp.,		24,376		7,690,384		28.0
				25,035,615
Air Freight & Logistics
United Parcel Service, Inc., Class B,		23,790		3,964,128		14.4
Airlines
Southwest Airlines Co.,		190,180		7,131,750		25.9
Auto Components
Goodyear Tire & Rubber Co.,		403,144		3,092,114		11.2
Automobiles
Ford Motor Co.,		1,196,353		7,967,711		29.0
Building Products
Johnson Controls International PLC,		49,337		2,015,416		7.3
Trane Technologies PLC,		79,291		9,614,034		35.0
				11,629,450
Chemicals
Ashland Global Holdings, Inc.,		117,721		8,348,773		30.4
DuPont de Nemours, Inc.,		144,331		8,007,484		29.1
Eastman Chemical Co.,		55,612		4,344,410		15.8
				20,700,667
Communications Equipment
Cisco Systems, Inc.,		209,876		8,267,016		30.1

26

Schedule of Investments  (unaudited) (continued) September 30, 2020 BlackRock Systematic Multi-Strategy Fund

Security	Shares		Value		% of Basket Value
Consumer Finance
American Express Co.,		79,413	$	7,961,153		29.0	%
Containers & Packaging
International Paper Co.,		193,840		7,858,274		28.6
Packaging Corp. of America,		74,028		8,072,753		29.4
Westrock Co.,		263,164		9,142,317		33.2
				25,073,344
Diversified Telecommunication Services
CenturyLink, Inc.,		641,517		6,472,906		23.5
Electric Utilities
Exelon Corp.,		225,630		8,068,529		29.4
Southern Co.,		99,346		5,386,540		19.6
				13,455,069
Electronic Equipment, Instruments & Components
Arrow Electronics, Inc.,		101,154		7,956,774		28.9
Energy Equipment & Services
Halliburton Co.,		659,338		7,945,023		28.9
Equity Real Estate Investment Trusts (REITs)
Weyerhaeuser Co.,		276,471		7,884,953		28.7
Food & Staples Retailing
Kroger Co.,		270,813		9,183,269		33.4
Walmart, Inc.,		70,086		9,805,732		35.7
				18,989,001
Food Products
Campbell Soup Co.,		144,547		6,991,739		25.4
General Mills, Inc.,		137,971		8,510,051		31.0
				15,501,790
Health Care Equipment & Supplies
Baxter International, Inc.,		86,261		6,937,110		25.2
Health Care Providers & Services
CVS Health Corp.,		110,216		6,436,614		23.4
DaVita, Inc.,		98,388		8,426,932		30.7
McKesson Corp.,		37,212		5,541,983		20.2
Quest Diagnostics, Inc.,		71,326		8,166,114		29.7
Universal Health Services, Inc., Class B,		60,088		6,430,618		23.4
				35,002,261
Hotels, Restaurants & Leisure
Boyd Gaming Corp.,		226,147		6,940,451		25.3
McDonald’s Corp.,		43,953		9,647,244		35.1
MGM Resorts International,		83,784		1,822,302		6.6
Yum! Brands, Inc.,		82,512		7,533,346		27.4
				25,943,343
Household Durables
Newell Brands, Inc.,		438,412		7,523,150		27.4
PulteGroup, Inc.,		177,286		8,206,569		29.9
Toll Brothers, Inc.,		171,710		8,355,408		30.4
Whirlpool Corp.,		46,063		8,470,525		30.8
				32,555,652
Household Products
Procter & Gamble Co.,		70,025		9,732,775		35.4

Security	Shares		Value		% of Basket Value
Independent Power and Renewable
Electricity Producers
Vistra Corp.,		518,707	$	9,782,814		35.6	%
Insurance
Allstate Corp.,		87,029		8,192,910		29.8
American International Group, Inc.,		294,438		8,105,878		29.5
Marsh & McLennan Cos., Inc.,		84,275		9,666,343		35.2
MetLife, Inc.,		218,347		8,115,958		29.5
Prudential Financial, Inc.,		129,273		8,211,421		29.9
				42,292,510
Machinery
Caterpillar, Inc.,		54,661		8,152,688		29.7
Deere & Co.,		10,787		2,390,723		8.7
				10,543,411
Media
Altice USA, Inc., Class A,		298,931		7,772,206		28.3
Omnicom Group, Inc.,		182,064		9,012,168		32.8
TEGNA, Inc.,		594,212		6,981,991		25.4
				23,766,365
Metals & Mining
Barrick Gold Corp.,		292,697		8,227,713		29.9
Newmont Corp.,		153,125		9,715,781		35.4
				17,943,494
Multiline Retail
Kohl’s Corp.,		400,394		7,419,301		27.0
Target Corp.,		53,197		8,374,272		30.5
				15,793,573
Oil, Gas & Consumable Fuels
Apache Corp.,		238,877		2,262,165		8.2
Devon Energy Corp.,		897,490		8,490,255		30.9
Kinder Morgan, Inc.,		649,533		8,008,742		29.2
Murphy Oil Corp.,		606,456		5,409,588		19.7
Occidental Petroleum Corp.,		527,305		5,278,323		19.2
Ovintiv Inc.,		589,359		4,809,170		17.5
Valero Energy Corp.,		52,716		2,283,657		8.3
				36,541,900
Pharmaceuticals
Bristol-Myers Squibb Co.,		137,510		8,290,478		30.2
Pfizer, Inc.,		188,374		6,913,326		25.1
				15,203,804
Road & Rail
CSX Corp.,		102,397		7,953,175		28.9
Semiconductors & Semiconductor Equipment
Advanced Micro Devices, Inc.,		979		80,268		0.3
Specialty Retail
AutoZone, Inc.,		6,875		8,096,275		29.5
Home Depot, Inc.,		29,068		8,072,474		29.4
L Brands, Inc.,		253,946		8,078,022		29.4
Lowe’s Cos., Inc.,		59,236		9,824,883		35.7
				34,071,654

SCHEDULE OF INVESTMENTS 27

Schedule of Investments  (unaudited) (continued) September 30, 2020 BlackRock Systematic Multi-Strategy Fund

Security	Shares			Value			% of Basket Value
Technology Hardware, Storage & Peripherals
HP, Inc.,		430,827		$	8,181,405			29.8	%
Xerox Holdings Corp.,		439,620			8,251,667			30.0
					16,433,072
Thrifts & Mortgage Finance
MGIC Investment Corp.,		938,982			8,319,380			30.3
Tobacco
Altria Group, Inc.,		250,564			9,681,793			35.2
Trading Companies & Distributors
HD Supply Holdings, Inc.,		237,618			9,799,366			35.7
United Rentals, Inc.,		49,042			8,557,829			31.1
					18,357,195
Total Reference Entity — Long					575,964,013
Reference Entity — Short
Common Stocks
Aerospace & Defense
Boeing Co.,		(58,751	)		(9,709,190	)		(35.3	)
TransDigm Group, Inc.,		(17,333	)		(8,235,255	)		(30.0	)
					(17,944,445	)
Airlines
Delta Air Lines, Inc.,		(275,494	)		(8,424,606	)		(30.6	)
United Airlines Holdings, Inc.,		(72,653	)		(2,524,692	)		(9.2	)
					(10,949,298	)
Automobiles
General Motors Co.,		(190,038	)		(5,623,225	)		(20.5	)
Tesla, Inc.,		(22,936	)		(9,839,773	)		(35.8	)
					(15,462,998	)
Biotechnology
Amgen, Inc.,		(1,686	)		(428,514	)		(1.6	)
Chemicals
Dow, Inc.,		(73,499	)		(3,458,128	)		(12.6	)
Olin Corp.,		(636,040	)		(7,874,175	)		(28.6	)
Sherwin-Williams Co.,		(12,766	)		(8,894,583	)		(32.4	)
					(20,226,886	)
Communications Equipment
Motorola Solutions, Inc.,		(50,948	)		(7,989,156	)		(29.1	)
Consumer Finance
Ally Financial, Inc.,		(352,049	)		(8,825,869	)		(32.1	)
Capital One Financial Corp.,		(67,426	)		(4,845,232	)		(17.6	)
Navient Corp.,		(1,054,952	)		(8,914,344	)		(32.5	)
OneMain Holdings, Inc.,		(127,726	)		(3,991,438	)		(14.5	)
					(26,576,883	)
Containers & Packaging
Ball Corp.,		(99,204	)		(8,245,836	)		(30.0	)
Sealed Air Corp.,		(165,406	)		(6,419,407	)		(23.4	)
					(14,665,243	)
Diversified Financial Services
Berkshire Hathaway, Inc., Class B,		(35,372	)		(7,532,114	)		(27.4	)
Diversified Telecommunication Services
AT&T, Inc.,		(283,303	)		(8,076,968	)		(29.4	)
Verizon Communications, Inc.,		(61,706	)		(3,670,890	)		(13.3	)
					(11,747,858	)

Security	Shares			Value			% of Basket Value
Electric Utilities
American Electric Power Co., Inc.,		(96,663	)	$	(7,900,267	)		(28.8	)%
FirstEnergy Corp.,		(139,035	)		(3,991,695	)		(14.5	)
NRG Energy, Inc.,		(227,962	)		(7,007,552	)		(25.5	)
					(18,899,514	)
Entertainment
Walt Disney Co.,		(34,460	)		(4,275,797	)		(15.6	)
Equity Real Estate Investment Trusts (REITs)
Host Hotels & Resorts, Inc.,		(790,791	)		(8,532,635	)		(31.1	)
Simon Property Group, Inc.,		(122,459	)		(7,920,648	)		(28.8	)
					(16,453,283	)
Food Products
Conagra Brands, Inc.,		(212,856	)		(7,601,088	)		(27.7	)
Kraft Heinz Co.,		(255,407	)		(7,649,440	)		(27.8	)
Lamb Weston Holdings, Inc.,		(127,746	)		(8,465,727	)		(30.8	)
Mondelez International, Inc., Class A,		(142,348	)		(8,177,893	)		(29.7	)
Tyson Foods, Inc., Class A,		(133,446	)		(7,937,368	)		(28.9	)
					(39,831,516	)
Health Care Equipment & Supplies
Boston Scientific Corp.,		(254,545	)		(9,726,164	)		(35.4	)
Health Care Providers & Services
Cardinal Health, Inc.,		(167,477	)		(7,863,045	)		(28.6	)
HCA Healthcare, Inc.,		(71,392	)		(8,901,155	)		(32.4	)
UnitedHealth Group, Inc.,		(20,411	)		(6,363,537	)		(23.1	)
					(23,127,737	)
Hotels, Restaurants & Leisure
Aramark,		(357,867	)		(9,465,582	)		(34.4	)
Carnival Corp.,		(159,555	)		(2,422,045	)		(8.8	)
Darden Restaurants, Inc.,		(95,354	)		(9,605,962	)		(35.0	)
Marriott International, Inc., Class A,		(20,806	)		(1,926,219	)		(7.0	)
Royal Caribbean Cruises Ltd.,		(7,208	)		(466,574	)		(1.7	)
					(23,886,382	)
Household Durables
DR Horton, Inc.,		(110,949	)		(8,391,073	)		(30.5	)
Lennar Corp., Class A,		(65,802	)		(5,374,708	)		(19.6	)
MDC Holdings, Inc.,		(180,583	)		(8,505,459	)		(30.9	)
					(22,271,240	)
Independent Power and Renewable Electricity Producers
AES Corp.,		(318,491	)		(5,767,872	)		(21.0	)
Industrial Conglomerates
General Electric Co.,		(1,425,473	)		(8,880,697	)		(32.3	)
Honeywell International, Inc.,		(58,426	)		(9,617,504	)		(35.0	)
					(18,498,201	)
Insurance
Hartford Financial Services Group, Inc.,		(153,126	)		(5,644,224	)		(20.5	)
Lincoln National Corp.,		(238,785	)		(7,481,134	)		(27.2	)
Loews Corp.,		(236,845	)		(8,230,364	)		(30.0	)
					(21,355,722	)
Internet & Direct Marketing Retail
Expedia Group, Inc.,		(104,725	)		(9,602,235	)		(34.9	)

28

Schedule of Investments  (unaudited) (continued) September 30, 2020 BlackRock Systematic Multi-Strategy Fund

Security	Shares			Value			% of Basket Value
IT Services
DXC Technology Co.,		(448,298	)	$	(8,002,120	)		(29.1	)%
International Business Machines Corp.,		(64,463	)		(7,843,213	)		(28.5	)
					(15,845,333	)
Leisure Products
Mattel, Inc.,		(564,349	)		(6,602,883	)		(24.0	)
Media
Charter Communications, Inc., Class A,		(15,342	)		(9,578,625	)		(34.9	)
Comcast Corp., Class A,		(169,916	)		(7,860,314	)		(28.6	)
DISH Network Corp., Class A,		(324,170	)		(9,410,655	)		(34.2	)
ViacomCBS, Inc., Class B,		(331,894	)		(9,296,351	)		(33.8	)
					(36,145,945	)
Metals & Mining
Freeport-McMoRan, Inc.,		(479,873	)		(7,505,214	)		(27.3	)
Teck Resources Ltd., Class B,		(577,730	)		(8,042,001	)		(29.3	)
					(15,547,215	)
Multiline Retail
Nordstrom, Inc.,		(225,094	)		(2,683,120	)		(9.8	)
Multi-Utilities
Dominion Energy, Inc.,		(103,424	)		(8,163,256	)		(29.7	)
Sempra Energy,		(82,731	)		(9,792,041	)		(35.6	)
					(17,955,297	)
Oil, Gas & Consumable Fuels
Canadian Natural Resources Ltd.,		(474,236	)		(7,592,518	)		(27.6	)
ConocoPhillips,		(189,080	)		(6,209,387	)		(22.6	)
Enbridge, Inc.,		(251,645	)		(7,348,034	)		(26.7	)
Hess Corp.,		(213,842	)		(8,752,553	)		(31.9	)
Williams Cos., Inc.,		(99,832	)		(1,961,699	)		(7.1	)
					(31,864,191	)
Pharmaceuticals
Bausch Health Cos., Inc.,		(501,219	)		(7,788,943	)		(28.3	)
Johnson & Johnson,		(33,878	)		(5,043,757	)		(18.4	)
					(12,832,700	)
Road & Rail
Norfolk Southern Corp.,		(31,508	)		(6,742,397	)		(24.5	)
Ryder System, Inc.,		(187,990	)		(7,940,697	)		(28.9	)
Union Pacific Corp.,		(40,262	)		(7,926,380	)		(28.9	)
					(22,609,474	)
Specialty Retail
Best Buy Co., Inc.,		(42,090	)		(4,684,196	)		(17.0	)
Gap, Inc.,		(491,870	)		(8,376,546	)		(30.5	)
					(13,060,742	)
Technology Hardware, Storage & Peripherals
Dell Technologies, Inc., Class C,		(140,521	)		(9,511,867	)		(34.6	)
Thrifts & Mortgage Finance
Radian Group, Inc.,		(574,783	)		(8,397,580	)		(30.6	)
Wireless Telecommunication Services
T-Mobile US, Inc.,		(71,749	)		(8,205,216	)		(29.9	)
Total Reference Entity — Short					(548,480,621	)
Net Value of Reference Entity — Morgan Stanley & Co. International PLC				$	27,483,392

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 February 27, 2023:

Security	Shares		Value		% of Basket Value
Reference Entity — Long
Common Stocks
Aerospace & Defense
General Dynamics Corp		53,083	$	7,348,280		30.2	%
Howmet Aerospace, Inc		84,488		1,412,639		5.8
Huntington Ingalls Industries, Inc		48,732		6,859,029		28.2
Lockheed Martin Corp		339		129,932		0.5
Textron, Inc		20,412		736,669		3.0
				16,486,549
Air Freight & Logistics
FedEx Corp		1,913		481,158		2.0
Auto Components
Dana, Inc		232,303		2,861,973		11.8
Automobiles
Ford Motor Co		14,284		95,131		0.4
Harley-Davidson, Inc		301,949		7,409,829		30.4
				7,504,960
Biotechnology
Amgen, Inc		23,182		5,891,937		24.2
Biogen, Inc		26,994		7,657,658		31.5
Gilead Sciences, Inc		106,286		6,716,212		27.6
				20,265,807
Building Products
Carrier Global Corp		39,838		1,216,653		5.0
Masco Corp		115,415		6,362,829		26.1
				7,579,482
Capital Markets
Moody’s Corp		5,788		1,677,652		6.9
Nasdaq, Inc		55,131		6,765,125		27.8
S&P Global, Inc		7,752		2,795,371		11.5
				11,238,148
Chemicals
DuPont de Nemours, Inc		3,333		184,915		0.8
Eastman Chemical Co		397		31,014		0.1
FMC Corp		63,696		6,746,043		27.7
LyondellBasell Industries NV, Class A		71,643		5,050,115		20.8
Mosaic Co		13,203		241,219		1.0
Scotts Miracle-Gro Co		23,706		3,624,884		14.9
Westlake Chemical Corp		3,259		206,034		0.8
				16,084,224
Communications Equipment
Cisco Systems, Inc		187,408		7,382,001		30.3
CommScope Holding Co., Inc		25,989		233,901		1.0
				7,615,902
Consumer Finance
Capital One Financial Corp		97,446		7,002,469		28.8
Discover Financial Services		76,997		4,448,887		18.3
				11,451,356

SCHEDULE OF INVESTMENTS 29

Schedule of Investments  (unaudited) (continued) September 30, 2020 BlackRock Systematic Multi-Strategy Fund

Security	Shares		Value		% of Basket Value
Containers & Packaging
International Paper Co.		137,804	$	5,586,574		22.9	%
Sonoco Products Co.		48,455		2,474,597		10.2
				8,061,171
Diversified Consumer Services
H&R Block, Inc.		11,038		179,809		0.7
Service Corp. International		12,658		533,915		2.2
				713,724
Diversified Financial Services
Voya Financial, Inc.		154,482		7,404,322		30.4
Diversified Telecommunication Services
CenturyLink, Inc.		658,969		6,648,997		27.3
Electric Utilities
Avangrid, Inc.		126,140		6,365,024		26.2
Entergy Corp.		69,869		6,884,193		28.3
Evergy, Inc.		142,125		7,222,792		29.7
Eversource Energy		21		1,755		0.0
Exelon Corp.		183,787		6,572,223		27.0
NRG Energy, Inc.		186,396		5,729,813		23.5
				32,775,800
Electronic Equipment, Instruments & Components
Amphenol Corp., Class A		1,909		206,687		0.9
Avnet, Inc.		122,259		3,159,173		13.0
Jabil, Inc.		40,098		1,373,758		5.6
				4,739,618
Energy Equipment & Services
Halliburton Co.		7,619		91,809		0.4
National Oilwell Varco, Inc.		9,632		87,266		0.4
Schlumberger Ltd.		25,870		402,537		1.6
				581,612
Equity Real Estate Investment Trusts (REITs)
Boston Properties, Inc.		82,032		6,587,170		27.1
Brixmor Property Group, Inc.		353,894		4,137,021		17.0
Camden Property Trust		339		30,164		0.1
Crown Castle International Corp.		802		133,533		0.5
CyrusOne, Inc.		21,860		1,530,856		6.3
Equity Residential		3,329		170,878		0.7
Essex Property Trust, Inc.		29,159		5,854,836		24.1
Healthcare Trust of America, Inc., Class A		2,013		52,338		0.2
Healthpeak Properties, Inc.		116,382		3,159,771		13.0
Hudson Pacific Properties, Inc.		52,785		1,157,575		4.8
Kilroy Realty Corp.		1,105		57,416		0.2
Kimco Realty Corp.		615,779		6,933,671		28.5
Lamar Advertising Co., Class A		30,784		2,036,977		8.4
Life Storage, Inc.		67,097		7,063,301		29.0
Mid-America Apartment Communities, Inc.		56,910		6,598,714		27.1
Regency Centers Corp.		62,878		2,390,622		9.8
UDR, Inc.		167,763		5,470,751		22.5
				53,365,594
Food & Staples Retailing
Kroger Co.		144,131		4,887,482		20.1
Food Products
Campbell Soup Co.		8,394		406,018		1.7
General Mills, Inc.		116,706		7,198,426		29.6

Security	Shares		Value		% of Basket Value
Food Products (continued)
Ingredion, Inc.		340	$	25,731		0.1	%
Mondelez International, Inc., Class A		4,119		236,636		1.0
Tyson Foods, Inc., Class A		66,062		3,929,368		16.1
				11,796,179
Health Care Providers & Services
AmerisourceBergen Corp.		72,266		7,004,021		28.8
Anthem, Inc.		6,764		1,816,743		7.5
Cardinal Health, Inc.		152,577		7,163,490		29.4
Cigna Corp.		36,290		6,147,889		25.3
DaVita, Inc.		37,133		3,180,441		13.1
HCA Healthcare, Inc.		62,292		7,766,567		31.9
Humana, Inc.		788		326,145		1.3
Laboratory Corp. of America Holdings		40,524		7,629,454		31.3
McKesson Corp.		48,494		7,222,211		29.7
Quest Diagnostics, Inc.		39,941		4,572,845		18.8
				52,829,806
Hotels, Restaurants & Leisure
Boyd Gaming Corp.		72,423		2,222,662		9.2
Red Rock Resorts, Inc., Class A		318,458		5,445,632		22.4
Scientific Games Corp., Class A		67,148		2,344,137		9.6
Wyndham Destinations, Inc.		240,701		7,403,963		30.4
Wyndham Hotels & Resorts, Inc.		3,481		175,790		0.7
Yum! Brands, Inc.		38,612		3,525,275		14.5
				21,117,459
Household Durables
D.R. Horton, Inc.		3,690		279,075		1.1
Meritage Homes Corp.		1,117		123,306		0.5
PulteGroup, Inc.		75,784		3,508,041		14.4
TRI Pointe Group, Inc.		364,273		6,607,912		27.2
				10,518,334
Household Products
Clorox Co.		34,161		7,179,617		29.5
Spectrum Brands Holdings, Inc.		57,555		3,289,844		13.5
				10,469,461
Industrial Conglomerates
Carlisle Cos., Inc.		9,986		1,221,987		5.0
Insurance
American Financial Group, Inc.		39,343		2,635,194		10.8
Brighthouse Financial, Inc.		16,934		455,694		1.9
Lincoln National Corp.		166,826		5,226,659		21.5
				8,317,547
Internet & Direct Marketing Retail
eBa,y Inc,		143,016		7,451,134		30.6
IT Services
Broadridge Financial Solutions, Inc.		524		69,168		0.3
DXC Technology Co.		21,064		375,993		1.5
Leidos Holdings, Inc.		66,793		5,954,596		24.5
Western Union Co.		216,447		4,638,459		19.1
				11,038,216
Machinery
Deere & Co.		10,204		2,261,512		9.3
Fortive Corp.		21,851		1,665,265		6.8
Illinois Tool Works, Inc.		12,977		2,507,286		10.3
Otis Worldwide Corp.		29,266		1,826,784		7.5

30

Schedule of Investments  (unaudited) (continued) September 30, 2020 BlackRock Systematic Multi-Strategy Fund

Security	Shares		Value		% of Basket Value
Machinery (continued)
Parker-Hannifin Corp.		30,981	$	6,268,696		25.8	%
Trinity Industries, Inc.		154,739		3,017,410		12.4
				17,546,953
Media
Interpublic Group of Cos., Inc.		190,668		3,178,436		13.1
Omnicom Group, Inc.		143,347		7,095,676		29.1
Sinclair Broadcast Group, Inc., Class A		286,796		5,515,087		22.7
				15,789,199
Metals & Mining
Newmont Corp.		120,332		7,635,065		31.4
Steel Dynamics, Inc.		252,815		7,238,094		29.7
				14,873,159
Mortgage Real Estate Investment Trusts (REITs)
Starwood Property Trust, Inc.		76,512		1,154,566		4.7
Multiline Retail
Dollar General Corp.		3,907		818,985		3.4
Dollar Tree, Inc.		81,592		7,452,613		30.6
Target Corp.		37,989		5,980,229		24.6
				14,251,827
Oil, Gas & Consumable Fuels
Antero Midstream Corp.		104,414		560,703		2.3
Antero Resources Corp.		5,906		16,242		0.1
Apache Corp.		532,573		5,043,466		20.7
Concho Resources, Inc.		41,841		1,846,025		7.6
Devon Energy Corp.		788,629		7,460,430		30.6
Diamondback Energy, Inc.		87,301		2,629,506		10.8
Marathon Oil Corp.		391,535		1,601,378		6.6
Marathon Petroleum Corp.		144,964		4,253,244		17.5
Matador Resources Co.		253,475		2,093,704		8.6
Murphy Oil Corp.		713,536		6,364,741		26.1
Ovintiv Inc.		798,094		6,512,447		26.8
Range Resources Corp.		646,248		4,278,162		17.6
Southwestern Energy Co.		856,992		2,013,931		8.3
Targa Resources Corp.		217,595		3,052,858		12.5
Valero Energy Corp.		41,779		1,809,866		7.4
				49,536,703
Pharmaceuticals
Bristol-Myers Squibb Co.		88,822		5,355,079		22.0
Mylan NV		1,916		28,414		0.1
Perrigo Co. PLC		50,814		2,332,871		9.6
Pfizer, Inc.		156,389		5,739,476		23.6
				13,455,840
Professional Services
Equifax, Inc.		32,346		5,075,087		20.9
Real Estate Management & Development
CBRE Group, Inc., Class A		670		31,470		0.1
Road & Rail
CSX Corp.		42,666		3,313,869		13.6
JB Hunt Transport Services, Inc.		53,966		6,820,223		28.0
Ryder System, Inc.		172,684		7,294,172		30.0
				17,428,264
Semiconductors & Semiconductor Equipment
Analog Devices, Inc.		49,498		5,778,396		23.7

Security	Shares			Value			% of Basket Value
Semiconductors & Semiconductor Equipment (continued)
Applied Materials, Inc.		120,574		$	7,168,124			29.5	%
Intel Corp.		133,090			6,891,400			28.3
KLA Corp.		19,236			3,726,783			15.3
Lam Research Corp.		20,502			6,801,538			28.0
NXP Semiconductors NV		52,544			6,558,017			26.9
Xilinx, Inc.		344			35,859			0.2
					36,960,117
Specialty Retail
AutoNation, Inc.		128,805			6,817,649			28.0
AutoZone, Inc.		3,818			4,496,229			18.5
Best Buy Co., Inc.		5,793			644,703			2.6
Home Depot, Inc.		11,284			3,133,680			12.9
L Brands, Inc.		245,118			7,797,204			32.0
Lowe’s Cos., Inc.		45,718			7,582,787			31.1
Michaels Cos., Inc.		213,368			2,060,068			8.5
Murphy USA, Inc.		27,297			3,501,386			14.4
O’Reilly Automotive, Inc.		13,500			6,224,580			25.6
					42,258,286
Technology Hardware, Storage & Peripherals
Apple, Inc.		67,647			7,834,199			32.2
Hewlett Packard Enterprise Co.		42,719			400,277			1.6
NCR Corp.		198,977			4,405,351			18.1
NetApp, Inc.		77,780			3,409,875			14.0
					16,049,702
Tobacco
Altria Group, Inc.		185,975			7,186,074			29.5
Trading Companies & Distributors
W.W. Grainger, Inc.		10,403			3,711,478			15.2
Total Reference Entity — Long					610,816,727
Reference Entity — Short
Common Stocks
Aerospace & Defense
Boeing Co.		(24,625	)		(4,069,528	)		(16.7	)
Raytheon Technologies Corp.		(22,502	)		(1,294,765	)		(5.3	)
Spirit AeroSystems Holdings, Inc., Class A		(368,630	)		(6,970,793	)		(28.7	)
TransDigm Group, Inc.		(7,800	)		(3,705,936	)		(15.2	)
					(16,041,022	)
Airlines
Delta Air Lines, Inc.		(37,465	)		(1,145,679	)		(4.7	)
United Airlines Holdings, Inc.		(150,469	)		(5,228,798	)		(21.5	)
					(6,374,477	)
Auto Components
Aptiv PLC		(30,032	)		(2,753,334	)		(11.3	)
BorgWarner, Inc.		(59,478	)		(2,304,178	)		(9.5	)
Goodyear Tire & Rubber Co.		(374,330	)		(2,871,111	)		(11.8	)
Lear Corp.		(427	)		(46,564	)		(0.2	)
					(7,975,187	)
Beverages
Coca-Cola Co.		(96,108	)		(4,744,852	)		(19.5	)
Biotechnology
Emergent BioSolutions, Inc.		(23,842	)		(2,463,594	)		(10.1	)

SCHEDULE OF INVESTMENTS 31

Schedule of Investments  (unaudited) (continued) September 30, 2020 BlackRock Systematic Multi-Strategy Fund

Security	Shares			Value			% of Basket Value
Building Products
Builders FirstSource, Inc.		(5,415	)	$	(176,637	)		(0.7	)%
Capital Markets
Brookfield Asset Management, Inc., Class A		(226,945	)		(7,502,802	)		(30.8	)
MSCI, Inc.		(6,899	)		(2,461,425	)		(10.1	)
					(9,964,227	)
Chemicals
Air Products and Chemicals, Inc.		(10,976	)		(3,269,312	)		(13.4	)
Ecolab, Inc.		(37,123	)		(7,418,660	)		(30.5	)
Huntsman Corp.		(175,475	)		(3,897,300	)		(16.0	)
Olin Corp.		(17,616	)		(218,086	)		(0.9	)
					(14,803,358	)
Commercial Services & Supplies
Waste Connections, Inc.		(3,248	)		(337,143	)		(1.4	)
Waste Management, Inc.		(51,955	)		(5,879,747	)		(24.1	)
					(6,216,890	)
Communications Equipment
Motorola Solutions, Inc.		(49,186	)		(7,712,857	)		(31.7	)
Construction & Engineering
AECOM		(137,148	)		(5,738,272	)		(23.6	)
Fluor Corp.		(613,924	)		(5,408,671	)		(22.2	)
					(11,146,943	)
Construction Materials
Martin Marietta Materials, Inc.		(6,326	)		(1,488,887	)		(6.1	)
Consumer Finance
Navient Corp.		(57,779	)		(488,233	)		(2.0	)
Containers & Packaging
Ball Corp.		(88,599	)		(7,364,349	)		(30.3	)
Diversified Financial Services
Berkshire Hathaway, Inc., Class B		(34,855	)		(7,422,024	)		(30.5	)
Electric Utilities
American Electric Power Co., Inc.		(16,879	)		(1,379,521	)		(5.7	)
Edison International		(146,986	)		(7,472,768	)		(30.7	)
FirstEnergy Corp.		(212,458	)		(6,099,669	)		(25.1	)
NextEra Energy, Inc.		(107	)		(29,699	)		(0.1	)
PG&E Corp.		(205,074	)		(1,925,645	)		(7.9	)
					(16,907,302	)
Electrical Equipment
Sensata Technologies Holding PLC		(93,726	)		(4,043,340	)		(16.6	)
Electronic Equipment, Instruments & Components
Trimble, Inc.		(145,410	)		(7,081,467	)		(29.1	)
Energy Equipment & Services
Baker Hughes Co.		(526,321	)		(6,994,806	)		(28.7	)
Entertainment
Live Nation Entertainment, Inc.		(128,862	)		(6,943,085	)		(28.5	)
Netflix, Inc.		(4,436	)		(2,218,133	)		(9.1	)
Walt Disney Co.		(58,780	)		(7,293,422	)		(30.0	)
					(16,454,640	)
Equity Real Estate Investment Trusts (REITs)
American Campus Communities, Inc.		(55,880	)		(1,951,330	)		(8.0	)
Digital Realty Trust, Inc.		(14,076	)		(2,065,794	)		(8.5	)
EPR Properties		(219,521	)		(6,036,827	)		(24.8	)

Security	Shares			Value			% of Basket Value
Equity Real Estate Investment Trusts (REITs) (continued)
Equinix, Inc.		(739	)	$	(561,736	)		(2.3	)%
Federal Realty Investment Trust		(29,597	)		(2,173,604	)		(8.9	)
GEO Group, Inc.		(25,136	)		(285,042	)		(1.2	)
Host Hotels & Resorts, Inc.		(9,392	)		(101,340	)		(0.4	)
Iron Mountain, Inc.		(76,284	)		(2,043,648	)		(8.4	)
Medical Properties Trust, Inc.		(445,932	)		(7,861,781	)		(32.3	)
Outfront Media, Inc.		(45,890	)		(667,700	)		(2.7	)
Prologis, Inc.		(37,356	)		(3,758,761	)		(15.4	)
Public Storage		(940	)		(209,357	)		(0.9	)
Realty Income Corp.		(122,758	)		(7,457,548	)		(30.6	)
Ryman Hospitality Properties, Inc.		(200,867	)		(7,391,906	)		(30.4	)
Sabra Health Care REIT, Inc.		(349,843	)		(4,822,586	)		(19.8	)
SBA Communications Corp.		(16,829	)		(5,359,700	)		(22.0	)
Service Properties Trust		(226,914	)		(1,803,966	)		(7.4	)
Spirit Realty Capital, Inc.		(140,020	)		(4,725,675	)		(19.4	)
STORE Capital Corp.		(146,951	)		(4,030,866	)		(16.6	)
Ventas, Inc.		(21,742	)		(912,294	)		(3.8	)
VICI Properties, Inc.		(309,777	)		(7,239,488	)		(29.8	)
Vornado Realty Trust		(206,620	)		(6,965,160	)		(28.6	)
					(78,426,109	)
Food & Staples Retailing
Performance Food Group Co.		(47,637	)		(1,649,193	)		(6.8	)
Sysco Corp.		(113,228	)		(7,045,046	)		(28.9	)
					(8,694,239	)
Food Products
Archer-Daniels-Midland Co.		(106,502	)		(4,951,278	)		(20.3	)
Post Holdings, Inc.		(87,985	)		(7,566,710	)		(31.1	)
					(12,517,988	)
Gas Utilities
National Fuel Gas Co.		(154,569	)		(6,273,956	)		(25.8	)
UGI Corp.		(2,028	)		(66,883	)		(0.3	)
					(6,340,839	)
Health Care Equipment & Supplies
Boston Scientific Corp.		(146,289	)		(5,589,703	)		(23.0	)
DENTSPLY SIRONA, Inc.		(167,021	)		(7,303,828	)		(30.0	)
					(12,893,531	)
Health Care Providers & Services
Centene Corp.		(54,651	)		(3,187,793	)		(13.1	)
Encompass Health Corp.		(88,117	)		(5,725,843	)		(23.5	)
					(8,913,636	)
Hotels, Restaurants & Leisure
Aramark		(279,892	)		(7,403,143	)		(30.4	)
Carnival Corp.		(84,429	)		(1,281,632	)		(5.3	)
Churchill Downs, Inc.		(38,055	)		(6,234,170	)		(25.6	)
Darden Restaurants, Inc.		(75,587	)		(7,614,634	)		(31.3	)
Las Vegas Sands Corp.		(5,676	)		(264,842	)		(1.1	)
Marriott International, Inc., Class A		(1,171	)		(108,411	)		(0.4	)
McDonald’s Corp.		(456	)		(100,088	)		(0.4	)
Royal Caribbean Cruises Ltd.		(54,791	)		(3,546,622	)		(14.6	)
Six Flags Entertainment Corp.		(109,809	)		(2,229,123	)		(9.2	)
Wynn Resorts Ltd.		(101,354	)		(7,278,231	)		(29.9	)
					(36,060,896	)

32

Schedule of Investments  (unaudited) (continued) September 30, 2020 BlackRock Systematic Multi-Strategy Fund

Security	Shares			Value			% of Basket Value
Household Durables
Leggett & Platt, Inc.		(174,718	)	$	(7,193,140	)		(29.5	)%
NVR, Inc.		(237	)		(967,700	)		(4.0	)
					(8,160,840	)
Independent Power and Renewable Electricity Producers
AES Corp.		(22,074	)		(399,760	)		(1.6	)
Industrial Conglomerates
General Electric Co.		(926,265	)		(5,770,631	)		(23.7	)
Insurance
Assurant, Inc.		(40,435	)		(4,905,170	)		(20.2	)
Progressive Corp.		(24,957	)		(2,362,679	)		(9.7	)
Unum Group		(22,388	)		(376,790	)		(1.5	)
					(7,644,639	)
Interactive Media & Services
Match Group, Inc.		(70,429	)		(7,792,969	)		(32.0	)
Twitter, Inc.		(170,516	)		(7,587,962	)		(31.2	)
					(15,380,931	)
Internet & Direct Marketing Retail
Expedia Group, Inc.		(78,834	)		(7,228,289	)		(29.7	)
IT Services
Fidelity National Information Services, Inc.		(275	)		(40,483	)		(0.2	)
Fiserv, Inc.		(18,211	)		(1,876,644	)		(7.7	)
Gartner, Inc.		(190	)		(23,740	)		(0.1	)
Global Payments, Inc.		(40,577	)		(7,205,664	)		(29.6	)
MasterCard, Inc., Class A		(12,156	)		(4,110,794	)		(16.9	)
Visa, Inc., Class A		(36,330	)		(7,264,910	)		(29.8	)
					(20,522,235	)
Leisure Products
Hasbro, Inc.		(78,468	)		(6,490,873	)		(26.7	)
Life Sciences Tools & Services
Agilent Technologies, Inc.		(4,427	)		(446,861	)		(1.9	)
Avantor, Inc.		(285,551	)		(6,422,042	)		(26.4	)
Charles River Laboratories International, Inc.		(34,093	)		(7,720,360	)		(31.7	)
					(14,589,263	)
Machinery
Stanley Black & Decker, Inc.		(23,081	)		(3,743,738	)		(15.4	)
Media
Charter Communications, Inc., Class A		(11,794	)		(7,363,466	)		(30.3	)
Comcast Corp., Class A		(166,332	)		(7,694,518	)		(31.6	)
DISH Network Corp., Class A		(253,502	)		(7,359,163	)		(30.2	)
Fox Corp., Class A		(32,290	)		(898,631	)		(3.7	)
					(23,315,778	)
Metals & Mining
Cleveland-Cliffs, Inc.		(26,634	)		(170,990	)		(0.7	)
Freeport-McMoRan, Inc.		(180,578	)		(2,824,240	)		(11.6	)
Southern Copper Corp.		(11,729	)		(530,972	)		(2.2	)
Teck Resources Ltd., Class B		(313,580	)		(4,365,033	)		(17.9	)
United States Steel Corp.		(14,558	)		(106,856	)		(0.5	)
					(7,998,091	)

Security	Shares			Value			% of Basket Value
Multiline Retail
Kohl’s Corp.		(270,907	)	$	(5,019,907	)		(20.6	)%
Nordstrom, Inc.		(134,614	)		(1,604,599	)		(6.6	)
					(6,624,506	)
Multi-Utilities
CMS Energy Corp.		(412	)		(25,301	)		(0.1	)
Consolidated Edison, Inc.		(5,620	)		(437,236	)		(1.8	)
Dominion Energy, Inc.		(17,040	)		(1,344,967	)		(5.6	)
Sempra Energy		(8,057	)		(953,627	)		(3.9	)
					(2,761,131	)
Oil, Gas & Consumable Fuels
Canadian Natural Resources Ltd.		(28,307	)		(453,195	)		(1.9	)
Cenovus Energy, Inc.		(1,168,610	)		(4,545,893	)		(18.7	)
CNX Resources Corp.		(78,391	)		(740,011	)		(3.0	)
ConocoPhillips		(137,798	)		(4,525,286	)		(18.6	)
Continental Resources, Inc.		(35,768	)		(439,231	)		(1.8	)
Hess Corp.		(132,532	)		(5,424,535	)		(22.3	)
Occidental Petroleum Corp.		(3,006	)		(30,090	)		(0.1	)
Parsley Energy, Inc., Class A		(673,024	)		(6,299,505	)		(25.9	)
PBF Energy, Inc., Class A		(57,500	)		(327,175	)		(1.4	)
PDC Energy, Inc.		(199,095	)		(2,467,782	)		(10.1	)
Pioneer Natural Resources Co.		(24,907	)		(2,141,753	)		(8.8	)
Suncor Energy, Inc.		(542,679	)		(6,636,964	)		(27.3	)
TC Energy Corp.		(167,491	)		(7,037,972	)		(28.9	)
					(41,069,392	)
Personal Products
Estee Lauder Cos., Inc., Class A		(34,608	)		(7,553,196	)		(31.0	)
Pharmaceuticals
Elanco Animal Health, Inc.		(275,793	)		(7,702,898	)		(31.7	)
Road & Rail
Kansas City Southern		(10,466	)		(1,892,567	)		(7.8	)
Uber Technologies, Inc.		(81,978	)		(2,990,557	)		(12.3	)
					(4,883,124	)
Semiconductors & Semiconductor Equipment
Broadcom, Inc.		(18,767	)		(6,837,194	)		(28.1	)
Micron Technology, Inc.		(48,518	)		(2,278,405	)		(9.4	)
NVIDIA Corp.		(6,005	)		(3,250,026	)		(13.3	)
					(12,365,625	)
Software
Open Text Corp.		(175,267	)		(7,403,278	)		(30.4	)
PTC, Inc.		(67,580	)		(5,590,218	)		(23.0	)
					(12,993,496	)
Specialty Retail
Bed Bath & Beyond, Inc.		(137,068	)		(2,053,279	)		(8.4	)
Ross Stores, Inc.		(81,806	)		(7,634,136	)		(31.4	)
TJX Cos., Inc.		(1,784	)		(99,279	)		(0.4	)
					(9,786,694	)
Technology Hardware, Storage & Peripherals
Dell Technologies, Inc., Class C		(110,619	)		(7,487,800	)		(30.8	)
Seagate Technology PLC		(44,261	)		(2,180,739	)		(9.0	)
Western Digital Corp.		(8,847	)		(323,358	)		(1.3	)
					(9,991,897	)

SCHEDULE OF INVESTMENTS 33

Schedule of Investments  (unaudited) (continued) September 30, 2020 BlackRock Systematic Multi-Strategy Fund

Security	Shares			Value			% of Basket Value
Textiles, Apparel & Luxury Goods
Under Armour, Inc., Class A		(653,942	)	$	(7,343,768	)		(30.2	)%
VF Corp		(105,483	)		(7,410,181	)		(30.4	)
					(14,753,949	)
Thrifts & Mortgage Finance
Radian Group, Inc		(477,972	)		(6,983,171	)		(28.7	)
Trading Companies & Distributors
Univar Solutions, Inc		(28,606	)		(482,869	)		(2.0	)

Security	Shares			Value			% of Basket Value
Water Utilities
Essential Utilities, Inc		(188,072	)	$	(7,569,898	)		(31.1	)%
Total Reference Entity — Short					(586,479,244	)
Net Value of Reference Entity — Morgan Stanley & Co. International PLC				$	24,337,483

Fair Value Hierarchy as of Period End

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

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

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

• Level 3 — Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the BlackRock Global Valuation Methodologies Committee’s (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. There may not be a secondary market, and/or there are a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding valuation of financial instruments, refer to its most recent financial statements.

The following tables summarize the Fund’s investments and derivative financial instruments categorized in the disclosure hierarchy. The breakdown of the Fund’s investments 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	$	—	$	126,049,592		$	—	$	126,049,592
Common Stocks		188,696,634		—			—		188,696,634
Corporate Bonds		—		923,094,693			—		923,094,693
Investment Companies		150,000,000		—			—		150,000,000
Non-Agency Mortgage-Backed Securities		—		120,194,963			—		120,194,963
Preferred Securities
Capital Trust		—		237,325			—		237,325
U.S. Government Sponsored Agency Securities		—		1,233,256,830			—		1,233,256,830
U.S. Treasury Obligations		—		51,407,769			—		51,407,769
Warrants		—		5,140			—		5,140
Short-Term Securities
Money Market Funds		154,753,624		—			—		154,753,624
Liabilities
Investments
TBA Sale Commitments		—		(66,638,151	)		—		(66,638,151	)
	$	493,450,258	$	2,387,608,161		$	—		2,881,058,419
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	—	$	71,448,422		$	—	$	71,448,422

34

Schedule of Investments  (unaudited) (continued) September 30, 2020 BlackRock Systematic Multi-Strategy Fund

Fair Value Hierarchy as of Period End (continued)

	Level 1			Level 2			Level 3		Total
Assets (continued)
Foreign Currency Exchange Contracts	$	—		$	18,743		$	—	$	18,743
Interest Rate Contracts		415,201			311,266			—		726,467
Liabilities
Credit Contracts		—			(91,521	)		—		(91,521	)
Interest Rate Contracts		(433,902	)		(199,917	)		—		(633,819	)
	$	(18,701	)	$	71,486,993		$	—	$	71,468,292

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

Currency Abbreviation
AUD	Australian Dollar
EUR	Euro
GBP	British Pound
HKD	Hong Kong Dollar
KRW	South Korean Won
MXN	Mexican Peso
PLN	Polish Zloty
SGD	Singapore Dollar
USD	United States Dollar
ZAR	South African Rand
Portfolio Abbreviation
BBR	Bank Bill Rate
CMT	Constant Maturity Treasury
DAC	Designated Activity Company
EURIBOR	Euro Interbank Offered Rate
HIBOR	Hong Kong Interbank Offered Rate
JIBAR	Johannesburg Interbank Average Rate
LIBOR	London Interbank Offered Rate
MSCI	Morgan Stanley Capital International
MXIBOR	Mexico Interbank Offered Rate
PIK	Payment-in-Kind
REIT	Real Estate Investment Trust
S&P	Standard & Poor’s
SIBOR	Singapore Interbank Offered Rate
TBA	To-Be-Announced
WIBOR	Warsaw Interbank Offered Rate

SCHEDULE OF INVESTMENTS 35