BlackRock Funds IV NPORT-P BlackRock Systematic ESG Bond Fund (Feb 2021 report)

Schedule of Investments (unaudited) February 28, 2021 BlackRock Systematic ESG Bond Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Asset-Backed Securities
Exeter Automobile Receivables Trust 2021-1, Series 2021-1A, Class C, 0.74%, 01/15/26	$	240	$	239,830
Hyundai Auto Receivables Trust, Series 2019-B, Class A3, 1.94%, 02/15/24		155		157,473
Santander Drive Auto Receivables Trust 2021-1, Series 2021-1, Class C, 0.75%, 02/17/26		110		109,987
Upstart Securitization Trust, 0.87%, 03/20/31(a)		150		150,167
Total Asset-Backed Securities — 1.2% (Cost: $657,213)				657,457
Corporate Bonds
Aerospace & Defense — 0.5%
3M Co.
2.65%, 04/15/25		75		80,187
4.00%, 09/14/48		30		35,839
Carlisle Cos., Inc., 2.75%, 03/01/30		100		103,507
Howmet Aerospace, Inc., 6.88%, 05/01/25		25		29,049
Ingersoll-Rand Luxembourg Finance SA, 4.50%, 03/21/49		25		30,907
				279,489
Airlines — 0.3%
Delta Air Line, Inc., 7.38%, 01/15/26		50		58,561
Southwest Airlines Co., 4.75%, 05/04/23		50		54,400
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd., 8.00%, 09/20/25(a)		50		56,298
				169,259
Auto Components — 0.2%
Aptiv PLC, 5.40%, 03/15/49		10		12,601
Lear Corp., 5.25%, 05/15/49		80		97,103
				109,704
Automobiles — 0.8%
American Honda Finance Corp., 2.35%, 01/08/27		200		211,557
Cummins, Inc., 2.60%, 09/01/50		30		27,620
Daimler Finance North America LLC, 8.50%, 01/18/31		15		22,971
Lithia Motors, Inc., 4.38%, 01/15/31(a)		55		57,750
Toyota Motor Credit Corp., 3.00%, 04/01/25		100		107,924
				427,822
Banks — 1.9%
Bank of Montreal, (5 year USD Swap + 1.43%), 3.80%, 12/15/32(b)		25		28,051
Comerica, Inc., 4.00%, 02/01/29		50		57,501
HSBC USA, Inc., 3.50%, 06/23/24		100		108,554
ING Groep NV
3.15%, 03/29/22		200		206,202
3.55%, 04/09/24		400		435,182
Royal Bank of Canada, 2.25%, 11/01/24		25		26,382
SVB Financial Group
3.50%, 01/29/25		75		81,827
3.13%, 06/05/30		50		53,827
1.80%, 02/02/31		80		76,959
				1,074,485
Beverages — 1.3%
Ball Corp., 2.88%, 08/15/30		15		14,569
Coca-Cola Co.
2.95%, 03/25/25		60		65,037
2.50%, 03/15/51		20		18,439

Security	Par (000)		Value
Beverages (continued)
Diageo Capital PLC 2.13%, 10/24/24	$	200	$	210,383
2.00%, 04/29/30		200		200,718
Keurig Dr. Pepper, Inc., 4.60%, 05/25/28		25		29,522
PepsiCo, Inc. 2.63%, 03/19/27		80		86,296
3.00%, 10/15/27		50		55,021
4.45%, 04/14/46		25		31,571
2.88%, 10/15/49		25		24,929
				736,485
Biotechnology — 0.3%
Biogen, Inc., 2.25%, 05/01/30		100		100,095
Gilead Sciences, Inc. 0.75%, 09/29/23		40		40,093
4.60%, 09/01/35		35		43,189
				183,377
Building Materials — 0.8%
Boise Cascade Co., 4.88%, 07/01/30(a)		75		79,946
Carrier Global Corp., 2.72%, 02/15/30		90		92,960
Fortune Brands Home & Security, Inc., 3.25%, 09/15/29		100		107,206
Johnson Controls International PLC/Tyco Fire & Security Finance SCA, 1.75%, 09/15/30		35		34,104
Louisiana Pacific Corp., 3.63%, 03/15/29(a)(c)		100		99,800
Owens Corning, 3.88%, 06/01/30		50		55,895
US Concrete, Inc., 5.13%, 03/01/29(a)		5		5,150
				475,061
Building Products — 0.1%
Allegion PLC, 3.50%, 10/01/29		25		26,929
Home Depot, Inc., 3.35%, 04/15/50		50		53,281
				80,210
Capital Markets — 1.1%
Brookfield Finance, Inc. 4.85%, 03/29/29		100		118,922
4.70%, 09/20/47		20		23,769
Charles Schwab Corp. 3.20%, 03/02/27		75		82,689
3.25%, 05/22/29		50		55,565
Golub Capital BDC, Inc., 2.50%, 08/24/26		40		39,674
Icahn Enterprises LP/Icahn Enterprises Finance Corp., 4.38%, 02/01/29(a)		75		74,978
Invesco Finance PLC, 3.75%, 01/15/26		25		27,776
Northern Trust Corp., 3.15%, 05/03/29		50		55,232
State Street Corp., (SOFR + 2.69%), 2.83%, 03/30/23(b)		40		41,114
TD Ameritrade Holding Corp., 2.95%, 04/01/22		100		102,432
				622,151
Chemicals — 1.4%
Air Products and Chemicals, Inc. 1.50%, 10/15/25		100		102,248
2.05%, 05/15/30		25		25,417
Albemarle Corp., 4.15%, 12/01/24		50		55,631
DuPont de Nemours, Inc., 5.42%, 11/15/48		10		13,339
EI du Pont de Nemours and Co., 2.30%, 07/15/30		100		102,501
FMC Corp. 3.20%, 10/01/26		25		27,322
3.45%, 10/01/29		50		54,739
International Flavors & Fragrances, Inc., 3.20%, 05/01/23		150		156,879
Methanex Corp., 5.25%, 12/15/29		25		25,641
Mosaic Co., 5.45%, 11/15/33		50		61,912

1

Schedule of Investments (unaudited) (continued) February 28, 2021 BlackRock Systematic ESG Bond Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Chemicals (continued)
Sherwin-Williams Co. 2.95%, 08/15/29	$	50	$	53,186
3.80%, 08/15/49		40		44,142
WESCO Distribution, Inc., 7.25%, 06/15/28(a)		50		55,563
				778,520
Commercial Services & Supplies — 0.1%
Prime Security Services Borrower LLC/Prime Finance, Inc., 3.38%, 08/31/27(a)		10		9,749
Steelcase, Inc., 5.13%, 01/18/29		50		59,235
				68,984
Communications Equipment — 0.0%
Motorola Solutions, Inc., 5.50%, 09/01/44		10		12,321
Construction & Engineering — 0.0%
Weekley Homes LLC/Weekley Finance Corp., 4.88%, 09/15/28(a)		10		10,450
Consumer Discretionary — 0.1%
Royal Caribbean Cruises Ltd., 11.50%, 06/01/25(a)		25		29,250
Consumer Finance — 1.7%
American Express Co., 3.63%, 12/05/24		25		27,659
American Express Credit Corp., 2.70%, 03/03/22		100		102,217
Automatic Data Processing, Inc., 1.25%, 09/01/30		200		190,737
Discover Financial Services 5.20%, 04/27/22		50		52,706
3.75%, 03/04/25		25		27,304
IHS Markit Ltd. 4.75%, 08/01/28		75		88,170
4.25%, 05/01/29		35		40,275
Mastercard, Inc. 3.95%, 02/26/48		25		29,514
3.65%, 06/01/49		110		124,650
Moody’s Corp., 2.55%, 08/18/60		10		8,360
OneMain Finance Corp., 5.38%, 11/15/29		50		52,750
PayPal Holdings, Inc., 3.25%, 06/01/50		50		52,406
S&P Global, Inc., 2.30%, 08/15/60		28		23,447
Synchrony Financial 4.25%, 08/15/24		50		54,896
5.15%, 03/19/29		50		59,366
Visa, Inc., 3.65%, 09/15/47		48		54,650
				989,107
Containers & Packaging — 0.1%
Clearwater Paper Corp., 4.75%, 08/15/28(a)		15		15,361
International Paper Co., 3.80%, 01/15/26		50		55,917
				71,278
Diversified Financial Services — 9.9%
Air Lease Corp. 3.38%, 07/01/25		100		106,306
2.88%, 01/15/26		100		104,078
3.00%, 02/01/30		25		24,961
3.13%, 12/01/30		50		50,216
Aircastle Ltd., 5.00%, 04/01/23		50		53,519
Ally Financial, Inc., 8.00%, 11/01/31		25		35,799
Banco Santander SA 2.75%, 05/28/25		200		211,947
2.75%, 12/03/30		200		198,503
Bank of America Corp. 4.45%, 03/03/26		50		57,251

Security	Par (000)		Value
Diversified Financial Services (continued)
Bank of America Corp. (continued)
(3 mo. LIBOR US + 0.79%), 3.00%, 12/20/23(b)	$	54	$	56,439
(3 mo. LIBOR US + 1.37%), 3.59%, 07/21/28(b)		100		111,682
(3 mo. LIBOR US + 1.52%), 4.33%, 03/15/50(b)		25		29,808
(3 mo. LIBOR US + 3.15%), 4.08%, 03/20/51(b)		50		58,120
(SOFR + 1.15%), 1.32%, 06/19/26(b)		250		251,797
Bank of Nova Scotia, 2.70%, 08/03/26		75		80,763
Citigroup, Inc. 3.70%, 01/12/26		50		55,743
4.45%, 09/29/27		75		86,521
8.13%, 07/15/39		25		42,208
(3 mo. LIBOR US + 1.34%), 3.98%, 03/20/30(b)		100		113,386
(3 mo. LIBOR US + 1.56%), 3.89%, 01/10/28(b)		50		56,113
(SOFR + 0.69%), 0.78%, 10/30/24(b)		100		100,515
(SOFR + 2.84%), 3.11%, 04/08/26(b)		115		123,651
Clorox Co., 1.80%, 05/15/30		150		147,808
Deutsche Bank AG, New York, (SOFR + 2.16%), 2.22%, 09/18/24(b)		150		154,359
Goldman Sachs Group, Inc. 3.00%, 04/26/22		50		50,195
3.63%, 01/22/23		50		53,007
4.25%, 10/21/25		25		28,197
3.75%, 02/25/26		25		27,862
2.60%, 02/07/30		100		104,256
6.25%, 02/01/41		25		36,738
4.80%, 07/08/44		10		12,935
(3 mo. LIBOR US + 1.16%), 3.81%, 04/23/29(b)		50		56,291
(3 mo. LIBOR US + 1.30%), 4.22%, 05/01/29(b)		50		57,631
(SOFR + 0.61%), 0.86%, 02/12/26(b)		125		123,949
(SOFR + 1.09%), 1.99%, 01/27/32(b)		65		63,544
HSBC Holdings PLC 7.63%, 05/17/32		50		70,969
6.50%, 05/02/36		110		152,133
Intercontinental Exchange, Inc. 2.65%, 09/15/40		50		47,266
4.25%, 09/21/48		70		81,963
John Deere Capital Corp., 2.60%, 03/07/24		25		26,647
JPMorgan Chase & Co. 3.88%, 09/10/24		70		77,196
4.95%, 06/01/45		10		13,142
(3 mo. LIBOR US + 1.25%), 3.96%, 01/29/27(b)		200		224,971
(3 mo. LIBOR US + 1.38%), 3.54%, 05/01/28(b)		100		110,908
(3 mo. LIBOR US + 1.38%), 3.96%, 11/15/48(b)		100		116,103
(3 mo. LIBOR US + 1.58%), 4.26%, 02/22/48(b)		25		30,499
(SOFR + 0.70%), 1.04%, 02/04/27(b)		115		113,415
(SOFR + 1.51%), 2.53%, 11/19/41(b)		100		95,616
Lloyds Banking Group PLC 4.45%, 05/08/25		200		225,974
3.75%, 01/11/27		200		223,036
Mitsubishi UFJ Financial Group, Inc. 2.53%, 09/13/23		200		210,787
3.78%, 03/02/25		100		110,103
Morgan Stanley 4.88%, 11/01/22		50		53,606
5.00%, 11/24/25		50		58,368
3.88%, 01/27/26		75		84,434
6.38%, 07/24/42		25		37,928
4.38%, 01/22/47		15		18,642
(3 mo. LIBOR US + 1.63%), 4.43%, 01/23/30(b)		75		87,827
(SOFR + 1.03%), 1.79%, 02/13/32(b)		140		134,344

S C H E D U L E   O F   I N V E S T M E N T  S 2

Schedule of Investments (unaudited) (continued) February 28, 2021 BlackRock Systematic ESG Bond Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Diversified Financial Services (continued)
Morgan Stanley (continued)
(SOFR + 1.43%), 2.80%, 01/25/52(b)	$	25	$	23,801
(SOFR + 4.84%), 5.60%, 03/24/51(b)		54		78,244
Sumitomo Mitsui Financial Group, Inc., 2.75%, 01/15/30		200		210,380
				5,644,400
Diversified Telecommunication Services — 1.5%
AT&T, Inc.(a) 2.55%, 12/01/33		57		55,066
3.55%, 09/15/55		41		37,644
3.80%, 12/01/57		40		38,029
3.65%, 09/15/59		3		2,766
British Telecommunications PLC, 5.13%, 12/04/28		200		241,574
Deutsche Telekom International Finance BV 8.75%, 06/15/30		70		106,357
9.25%, 06/01/32		25		41,224
Koninklijke KPN NV, 8.38%, 10/01/30		50		71,359
Verizon Communications, Inc. 3.38%, 02/15/25		53		57,857
4.33%, 09/21/28		51		59,347
2.65%, 11/20/40		25		23,363
4.75%, 11/01/41		40		48,813
2.88%, 11/20/50		100		90,862
				874,261
Electric Utilities — 1.3%
Avangrid, Inc. 3.15%, 12/01/24		50		54,102
3.80%, 06/01/29		50		56,434
CenterPoint Energy Houston Electric LLC, Series AD, 2.90%, 07/01/50		20		19,580
Consolidated Edison Co. of New York, Inc. 3.00%, 12/01/60		25		23,092
Series A, 4.13%, 05/15/49		30		34,159
Eversource Energy, 3.45%, 01/15/50		50		53,142
Exelon Corp. 4.05%, 04/15/30		75		85,885
5.10%, 06/15/45		25		31,700
ITC Holdings Corp., 3.25%, 06/30/26		150		164,305
National Rural Utilities Cooperative Finance Corp. 1.00%, 06/15/26		95		94,102
4.30%, 03/15/49		10		12,319
NextEra Energy Operating Partners LP, 4.50%, 09/15/27(a)		50		55,685
PECO Energy Co., 3.00%, 09/15/49		25		25,319
San Diego Gas & Electric Co. 6.00%, 06/01/39		25		35,178
4.15%, 05/15/48		15		17,722
				762,724
Electrical Equipment — 0.0%
Roper Technologies, Inc., 2.95%, 09/15/29		25		26,652
Electronic Equipment, Instruments & Components — 0.5%
Avnet, Inc., 4.88%, 12/01/22		40		42,519
Keysight Technologies, Inc., 3.00%, 10/30/29		200		214,144
Xerox Holdings Corp., 5.50%, 08/15/28(a)		25		26,687
				283,350

Security	Par (000)		Value
Energy Equipment & Services — 0.1%
Baker Hughes a GE Co. LLC/Baker Hughes Co-Obligor, Inc., 4.08%, 12/15/47	$	40	$	43,868
NOV, Inc., 3.60%, 12/01/29		25		26,105
				69,973
Environmental, Maintenance, & Security Service — 0.1%
Waste Connections, Inc., 2.60%, 02/01/30		50		52,380
Equity Real Estate Investment Trusts (REITs) — 1.7%
American Campus Communities Operating Partnership LP 2.85%, 02/01/30		100		103,381
3.88%, 01/30/31		40		44,345
AvalonBay Communities, Inc., 4.35%, 04/15/48		15		18,279
Brandywine Operating Partnership LP, 4.55%, 10/01/29		100		109,598
Camden Property Trust, 2.95%, 12/15/22		20		20,773
Crown Castle International Corp., 3.70%, 06/15/26		50		55,425
CyrusOne LP/CyrusOne Finance Corp., 3.45%, 11/15/29		25		26,296
Equinix, Inc. 2.90%, 11/18/26		10		10,738
3.20%, 11/18/29		5		5,314
3.00%, 07/15/50		60		55,315
Essex Portfolio LP, 1.70%, 03/01/28(c)		40		39,400
Federal Realty Investment Trust, 3.25%, 07/15/27		50		53,817
Iron Mountain, Inc., 4.50%, 02/15/31(a)		15		14,891
Kilroy Realty LP, 3.80%, 01/15/23		20		20,936
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc., 3.88%, 02/15/29(a)		50		50,625
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co.Issuer, 5.88%, 10/01/28(a)		32		33,710
Realty Income Corp., 3.25%, 01/15/31		75		81,584
RHP Hotel Properties LP/RHP Finance Corp., 4.50%, 02/15/29(a)		75		74,063
Simon Property Group LP 3.25%, 11/30/26		50		54,668
3.80%, 07/15/50		50		52,238
Weyerhaeuser Co., 4.00%, 04/15/30		30		34,142
				959,538
Food & Staples Retailing — 0.8%
Campbell Soup Co., 4.80%, 03/15/48		20		24,708
Conagra Brands, Inc., 4.60%, 11/01/25		50		57,478
Costco Wholesale Corp., 1.38%, 06/20/27		200		201,495
Kellogg Co., 3.25%, 04/01/26		50		55,283
Kraft Heinz Foods Co., 4.25%, 03/01/31		25		28,068
Sysco Corp. 2.60%, 06/12/22		50		51,440
4.45%, 03/15/48		25		28,718
				447,190
Food Products — 0.3%
Bunge Ltd. Finance Corp., 3.75%, 09/25/27		100		111,817
Tyson Foods, Inc., 4.50%, 06/15/22		50		52,099
				163,916
Health Care Equipment & Supplies — 0.7%
Abbott Laboratories, 3.88%, 09/15/25		70		78,337
Baxter International, Inc., 3.50%, 08/15/46		10		10,813
Becton Dickinson and Co., 2.82%, 05/20/30		50		52,747
DENTSPLY SIRONA, Inc., 3.25%, 06/01/30		100		106,670
DH Europe Finance II Sarl, 3.40%, 11/15/49		15		15,942
Medtronic, Inc., 4.63%, 03/15/45		25		32,785

3

Schedule of Investments (unaudited) (continued) February 28, 2021 BlackRock Systematic ESG Bond Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Health Care Equipment & Supplies (continued)
Thermo Fisher Scientific, Inc. 4.13%, 03/25/25	$	30	$	33,570
4.10%, 08/15/47		55		66,621
				397,485
Health Care Providers & Services — 1.1%
AmerisourceBergen Corp., 4.30%, 12/15/47		20		23,072
Anthem, Inc., 2.38%, 01/15/25		25		26,321
Baylor Scott & White Holdings, 2.84%, 11/15/50		4		3,930
Cardinal Health, Inc., 3.50%, 11/15/24		100		108,652
DaVita, Inc., 3.75%, 02/15/31(a)		15		14,294
HCA, Inc. 5.25%, 06/15/26		25		29,236
5.50%, 06/15/47		83		106,058
5.25%, 06/15/49		40		50,162
Humana, Inc., 3.95%, 08/15/49		70		78,534
McKesson Corp., 4.75%, 05/30/29		25		29,795
ModivCare, Inc., 5.88%, 11/15/25(a)		55		58,300
Molina Healthcare, Inc., 3.88%, 11/15/30(a)		50		52,375
UnitedHealth Group, Inc., 4.45%, 12/15/48		45		56,128
				636,857
Health Care Technology — 0.2%
Catalent Pharma Solutions, Inc., 3.13%, 02/15/29(a)		25		24,700
Laboratory Corp. of America Holdings, 2.95%, 12/01/29		75		80,347
				105,047
Hotels, Restaurants & Leisure — 0.3%
Boyd Gaming Corp., 8.63%, 06/01/25(a)		50		55,000
Choice Hotels International, Inc., 3.70%, 12/01/29		40		42,390
Las Vegas Sands Corp., 3.50%, 08/18/26		60		63,552
				160,942
Household Durables — 0.0%
NVR Inc., 3.00%, 05/15/30		25		26,587
Insurance — 2.2%
Athene Holding Ltd., 4.13%, 01/12/28		50		55,411
AXIS Specialty Finance LLC, 3.90%, 07/15/29		50		55,844
Brown & Brown, Inc., 2.38%, 03/15/31		65		64,995
Equitable Holdings, Inc., 4.35%, 04/20/28		50		57,105
Markel Corp., 4.90%, 07/01/22		70		74,068
Marsh & McLennan Cos., Inc. 3.30%, 03/14/23		50		52,759
3.50%, 03/10/25		50		54,502
4.38%, 03/15/29		150		176,561
4.20%, 03/01/48		100		121,424
MetLife, Inc., Series D, 4.37%, 09/15/23		70		76,953
Principal Financial Group, Inc., 3.70%, 05/15/29		50		56,381
Progressive Corp. 2.45%, 01/15/27		100		107,165
3.20%, 03/26/30		40		44,579
Prudential PLC, 3.13%, 04/14/30		200		218,324
Travelers Cos., Inc., 3.75%, 05/15/46		25		28,559
Willis North America, Inc., 3.88%, 09/15/49		25		28,078
				1,272,708
Interactive Media & Services — 0.5%
Alphabet, Inc. 2.00%, 08/15/26		75		78,910
1.90%, 08/15/40		100		89,943

Security	Par (000)		Value
Interactive Media & Services (continued)
Alphabet, Inc. (continued) 2.05%, 08/15/50	$	20	$	17,222
eBay, Inc., 2.70%, 03/11/30		100		103,824
				289,899
Internet & Direct Marketing Retail — 1.5%
Alibaba Group Holding Ltd. 2.80%, 06/06/23		200		208,914
3.60%, 11/28/24		400		437,610
3.40%, 12/06/27		200		217,856
				864,380
Internet Software & Services — 0.3%
Booking Holdings, Inc., 4.63%, 04/13/30		130		155,227
IT Services — 0.6%
Booz Allen Hamilton, Inc., 3.88%, 09/01/28(a)		5		5,121
DXC Technology Co., 4.25%, 04/15/24		50		54,396
Fiserv, Inc., 3.50%, 07/01/29		25		27,551
International Business Machines Corp., 5.60%, 11/30/39		50		68,893
Verisk Analytics, Inc. 4.13%, 09/12/22		25		26,362
4.13%, 03/15/29		100		114,251
3.63%, 05/15/50		30		30,992
				327,566
Leisure Products — 0.1%
Hasbro, Inc., 3.90%, 11/19/29		75		82,568
Life Sciences Tools & Services — 0.2%
Agilent Technologies, Inc., 2.75%, 09/15/29		100		105,344
Machinery — 0.8%
Caterpillar Financial Services Corp., 1.10%, 09/14/27		150		147,430
Caterpillar, Inc., 3.25%, 09/19/49		30		32,073
Dover Corp., 2.95%, 11/04/29		50		53,025
Flowserve Corp., 3.50%, 10/01/30		50		52,962
IDEX Corp., 3.00%, 05/01/30		50		53,099
Snap-on, Inc., 4.10%, 03/01/48		15		18,032
Westinghouse Air Brake Technologies Corp., 4.95%, 09/15/28		75		88,144
				444,765
Media — 1.1%
Bell Canada, 4.46%, 04/01/48		20		23,939
Comcast Corp. 3.97%, 11/01/47		40		45,669
4.05%, 11/01/52		100		115,082
TEGNA, Inc., 4.75%, 03/15/26(a)		15		15,975
Thomson Reuters Corp. 4.30%, 11/23/23		100		109,255
5.85%, 04/15/40		30		39,616
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC, 6.50%, 02/15/29(a)		5		5,037
Walt Disney Co., 2.20%, 01/13/28		200		207,374
WMG Acquisition Corp., 3.00%, 02/15/31(a)		55		52,869
				614,816
Metals & Mining — 0.8%
Alcoa Nederland Holding BV, 5.50%, 12/15/27(a)		200		212,000
ArcelorMittal SA, 4.25%, 07/16/29		5		5,603
Newmont Corp., 4.88%, 03/15/42		60		76,780

S C H E D U L E   O F   I N V E S T M E N T  S 4

Schedule of Investments (unaudited) (continued) February 28, 2021 BlackRock Systematic ESG Bond Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Metals & Mining (continued)
Newmont Goldcorp Corp., 5.45%, 06/09/44	$	25	$	33,548
Steel Dynamics, Inc., 3.45%, 04/15/30		100		108,629
				436,560
Multi-Utilities — 0.1%
Atmos Energy Corp. 4.13%, 10/15/44		15		17,442
4.13%, 03/15/49		20		23,432
Southern California Gas Co., Series UU, 4.13%, 06/01/48		30		35,776
				76,650
Offshore Drilling & Other Services — 0.3%
Applied Materials, Inc., 2.75%, 06/01/50		50		48,336
Lam Research Corp., 3.75%, 03/15/26		100		112,282
				160,618
Oil, Gas & Consumable Fuels — 2.9%
Apache Corp. 4.88%, 11/15/27		25		26,205
5.10%, 09/01/40		25		25,508
Buckeye Partners LP, 3.95%, 12/01/26		50		49,626
Cheniere Corpus Christi Holdings LLC 5.13%, 06/30/27		90		105,066
3.70%, 11/15/29		55		59,504
Cheniere Energy, Inc., 4.63%, 10/15/28(a)		75		77,978
Chevron Corp., 3.19%, 06/24/23		70		74,117
CNX Resources Corp., 7.25%, 03/14/27(a)		25		26,750
Exxon Mobil Corp., 3.29%, 03/19/27		350		388,912
Hess Corp., 4.30%, 04/01/27		65		72,167
MPLX LP 4.88%, 12/01/24		2		2,261
4.88%, 06/01/25		25		28,333
5.50%, 02/15/49		10		12,150
Occidental Petroleum Corp., 8.50%, 07/15/27		40		47,888
ONEOK Partners LP, 3.38%, 10/01/22		70		72,463
ONEOK, Inc., 2.75%, 09/01/24		150		158,225
Ovintiv Exploration, Inc., 5.38%, 01/01/26		100		110,910
Ovintiv, Inc., 6.50%, 08/15/34		25		31,187
Pioneer Natural Resources Co., 2.15%, 01/15/31		25		24,366
Sabine Pass Liquefaction LLC, 6.25%, 03/15/22		100		104,410
Southwestern Energy Co., 8.38%, 09/15/28		15		16,584
Total Capital SA, 3.88%, 10/11/28		50		57,112
Valero Energy Corp., 4.00%, 04/01/29		25		27,597
Western Midstream Operating LP, 5.30%, 02/01/30		25		27,094
				1,626,413
Personal Products — 0.2%
Estee Lauder Cos., Inc., 2.60%, 04/15/30		50		52,978
Procter & Gamble Co., 3.60%, 03/25/50		30		36,191
				89,169
Pharmaceuticals — 2.3%
AbbVie, Inc. 2.60%, 11/21/24		35		37,214
4.25%, 11/14/28		50		58,129
3.20%, 11/21/29		35		37,839
AstraZeneca PLC, 3.38%, 11/16/25		50		54,953
Bausch Health Cos., Inc., 7.25%, 05/30/29(a)		75		83,091
CVS Health Corp., 4.78%, 03/25/38		50		60,941
Eli Lilly & Co. 3.38%, 03/15/29		150		167,952
3.95%, 03/15/49		35		41,390

Security	Par (000)			Value
Pharmaceuticals (continued)
GlaxoSmithKline Capital PLC 0.53%, 10/01/23	$	200		$	200,542
3.38%, 06/01/29		50			56,202
GlaxoSmithKline Capital, Inc., 5.38%, 04/15/34		50			68,415
Merck & Co. Inc., 3.60%, 09/15/42		50			57,166
Perrigo Finance Unlimited Co., 4.38%, 03/15/26		200			224,905
Viatris, Inc., 4.00%, 06/22/50(a)		70			72,684
Zoetis, Inc., 3.25%, 02/01/23		70			73,264
					1,294,687
Real Estate — 0.1%
Prologis LP, 3.75%, 11/01/25		75			84,382
Road & Rail — 0.1%
CSX Corp., 4.50%, 03/15/49		25			30,731
Semiconductors & Semiconductor Equipment — 1.4%
Flex Ltd., 4.88%, 05/12/30		75	��		86,508
Hubbell, Inc., 3.50%, 02/15/28		35			37,619
Jabil, Inc., 3.60%, 01/15/30		25			26,833
Marvell Technology Group Ltd., 4.88%, 06/22/28		50			58,917
Maxim Integrated Products, Inc., 3.45%, 06/15/27		50			55,794
Micron Technology, Inc., 4.66%, 02/15/30		35			41,097
NVIDIA Corp. 3.20%, 09/16/26		100			110,255
2.85%, 04/01/30		25			26,890
3.50%, 04/01/50		50			54,254
ON Semiconductor Corp., 3.88%, 09/01/28(a)		100			104,500
Qorvo, Inc., 3.38%, 04/01/31(a)		15			15,000
Sensata Technologies, Inc., 4.38%, 02/15/30(a)		50			53,313
Texas Instruments, Inc. 1.85%, 05/15/22		100			101,782
1.75%, 05/04/30		35			34,576
					807,338
Software — 0.9%
Autodesk, Inc. 4.38%, 06/15/25		25			28,186
3.50%, 06/15/27		75			83,387
Electronic Arts, Inc. 1.85%, 02/15/31		45			43,911
2.95%, 02/15/51		35			33,554
Microsoft Corp. 3.70%, 08/08/46		50			59,004
2.53%, 06/01/50		25			23,492
VMware, Inc. 2.95%, 08/21/22		50			51,753
3.90%, 08/21/27		175			193,536
					516,823
Specialty Retail — 0.5%
Best Buy Co., Inc., 1.95%, 10/01/30		250			241,810
L Brands, Inc., 6.63%, 10/01/30(a)		25			28,005
					269,815
Technology Hardware, Storage & Peripherals — 1.2%
Adobe, Inc. 2.15%, 02/01/27		100			104,962
2.30%, 02/01/30		75			77,576
Apple, Inc. 1.70%, 09/11/22		25			25,571
2.85%, 02/23/23		25			26,159
1.80%, 09/11/24		25			26,131
3.35%, 02/09/27		25			27,814

5

Schedule of Investments (unaudited) (continued) February 28, 2021 BlackRock Systematic ESG Bond Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Technology Hardware, Storage & Peripherals (continued)
Apple, Inc. (continued) 3.00%, 06/20/27	$	35	$	38,579
Dell International LLC/EMC Corp.(a) 5.45%, 06/15/23		25		27,423
8.35%, 07/15/46		90		137,701
Hewlett Packard Enterprise Co., 4.40%, 10/15/22		50		52,885
HP, Inc., 3.40%, 06/17/30		100		107,841
Seagate HDD Cayman, 5.75%, 12/01/34		25		29,219
				681,861
Textiles, Apparel & Luxury Goods — 0.3%
NIKE, Inc. 2.75%, 03/27/27		100		108,246
3.38%, 11/01/46		40		43,831
Tapestry, Inc., 4.25%, 04/01/25		40		43,423
				195,500
Transportation Infrastructure — 0.1%
United Parcel Service, Inc., 5.30%, 04/01/50		40		55,377
Utilities — 0.1%
Veolia Environnement SA, 6.75%, 06/01/38		25		35,028
Wireless Telecommunication Services — 1.0%
American Tower Corp. 2.25%, 01/15/22		50		50,842
4.00%, 06/01/25		100		110,818
Crown Castle International Corp. 5.25%, 01/15/23		50		54,238
1.35%, 07/15/25		55		55,340
4.15%, 07/01/50		20		21,985
T-Mobile USA, Inc.(a) 3.75%, 04/15/27		125		137,690
4.50%, 04/15/50		104		115,582
VICI Properties LP/VICI Note Co., Inc., 4.13%, 08/15/30(a)		50		52,000
				598,495
Total Corporate Bonds — 48.8% (Cost: $27,278,403)				27,845,975
Foreign Agency Obligations
Hungary — 0.1%
Hungary Government International Bond, 5.75%, 11/22/23		50		56,766
Mexico — 0.1%
Mexico Government International Bond, 5.55%, 01/21/45		80		93,200
Panama — 0.1%
Panama Government International Bond, 9.38%, 04/01/29		25		36,888
Philippines — 0.1%
Philippine Government International Bond, 10.63%, 03/16/25		35		48,387
Uruguay — 0.2%
Uruguay Government International Bond 4.38%, 10/27/27		25		28,430

Security	Par (000)		Value
Uruguay (continued)
Uruguay Government International Bond (continued) 4.38%, 01/23/31	$	50	$	57,812
4.98%, 04/20/55		30		36,506
				122,748
Total Foreign Agency Obligations — 0.6% (Cost: $351,881)				357,989
Municipal Bonds
California — 0.2%
Regents of the University of California Medical Center Pooled Revenue, RB, Series H, 6.55%, 05/15/48		25		37,477
Santa Clara Valley Transportation Authority, RB, Series A, 5.88%, 04/01/32		15		18,831
State of California, GO, BAB, 7.30%, 10/01/39		50		78,155
				134,463
District of Columbia — 0.0%
District of Columbia Water & Sewer Authority, RB, Series A, Senior Lien, 4.81%, 10/01/14		15		19,870
New Jersey — 0.1%
New Jersey Transportation Trust Fund Authority, Refunding RB, Series B, 4.13%, 06/15/42		25		26,912
New Jersey Turnpike Authority, RB, BAB, Series A, 7.10%, 01/01/41		10		15,879
				42,791
Tennessee — 0.1%
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, RB, Series B, 4.05%, 07/01/26		50		56,126
Total Municipal Bonds — 0.4% (Cost: $251,484)				253,250
Non-Agency Mortgage-Backed Securities
Collateralized Mortgage Obligations — 0.4%
Connecticut Avenue Securities Trust, Series 2018-R07, Class 1M2, (1 mo. LIBOR US + 2.40%), 2.52%, 04/25/31(a)(b)		245		244,839
Commercial Mortgage-Backed Securities — 0.5%
Barclays Commercial Mortgage Trust, Series 2019-C4, Class A5, 2.92%, 08/15/52		70		74,886
JPMDB Commercial Mortgage Securities Trust 2020-COR7, Series 2020-COR7, Class A5, 2.18%, 05/13/53		200		203,069
				277,955
Total Non-Agency Mortgage-Backed Securities — 0.9% (Cost: $526,498)				522,794
U.S. Government Sponsored Agency Securities
Mortgage-Backed Securities — 37.5%
Federal National Mortgage Association 2.50%, 10/01/35		74		76,936
2.00%, 12/01/35 - 02/01/51(c)		548		561,627
3.00%, 10/01/50 - 01/01/51(c)		96		103,943
Freddie Mac Mortgage-Backed Securities 2.00%, 02/01/36		124		128,931

S C H E D U L E   O F   I N V E S T M E N T  S 6

Schedule of Investments (unaudited) (continued) February 28, 2021 BlackRock Systematic ESG Bond Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Mortgage-Backed Securities (continued)
Freddie Mac Mortgage-Backed Securities (continued)
3.50%, 03/01/47	$	395	$	425,364
Series 2018-M4, Class A2, 3.05%, 03/25/28(b)		250		279,483
Series 2021-DNA1, Class M1, (30 day SOFR + 0.65%), 0.69%, 01/25/51(a)(b)		230		230,000
Series 2021-HQA1, Class M1, (30 day SOFR + 0.70%), 0.75%, 08/25/33(a)(b)		210		210,000
Series KSG1, Class A2, 1.50%, 09/25/30		120		119,136
Freddie Mac Pool 3.50%, 02/01/34		78		83,998
3.00%, 11/01/46		47		49,614
2.00%, 02/01/51 - 03/01/51(c)		300		304,061
Ginnie Mae Mortgage-Backed Securities 3.00%, 05/20/45 - 07/20/50		1,478		1,549,633
3.50%, 12/20/45 - 03/18/51(d)		2,286		2,441,076
4.00%, 03/20/46 - 03/18/51(d)		657		709,951
2.50%, 12/20/46 - 04/21/51(d)		960		996,753
4.50%, 09/20/48 - 03/18/51(d)		207		224,583
2.00%, 03/18/51(d)		1,150		1,167,205
5.00%, 03/18/51(d)		150		164,074
Government National Mortgage Association, 2.50%, 12/20/50 - 02/20/51		1,151		1,195,904
Uniform Mortgage-Backed Securities 3.00%, 03/01/30 - 04/14/51(d)		2,540		2,674,995
2.50%, 04/01/32 - 04/14/51(d)		972		1,017,571
4.00%, 05/01/33 - 04/14/51(d)		1,114		1,209,437
1.50%, 03/16/36 - 04/14/51(d)		475		472,267
2.00%, 03/16/36 - 04/14/51(d)		3,025		3,059,078
3.50%, 03/16/36 - 03/11/51(d)		938		1,009,373
5.00%, 03/01/41		311		360,728
4.50%, 02/01/48 - 03/11/51(d)		515		567,168
				21,392,889
Total U.S. Government Sponsored Agency Securities — 37.5% (Cost: $21,368,789)				21,392,889
U.S. Treasury Obligations
U.S. Treasury Bonds 3.63%, 02/15/44		600		773,531
3.38%, 11/15/48		625		794,018
2.88%, 05/15/49		275		320,257
1.25%, 05/15/50		150		121,137
U.S. Treasury Notes 7.25%, 08/15/22		2,600		2,871,883
6.25%, 08/15/23		500		574,531
2.00%, 06/30/24		1,200		1,265,672
2.38%, 08/15/24		200		213,750
7.50%, 11/15/24		200		252,305
6.00%, 02/15/26		100		125,863
0.63%, 05/15/30		500		468,340
Total U.S. Treasury Obligations — 13.6% (Cost: $7,432,068)				7,781,287
Total Long-Term Investments — 103.0% (Cost: $57,866,336)				58,811,641

Security	Shares			Value
Short-Term Securities
Money Market Funds — 12.8%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.01%(e)(f)		7,311,593		$	7,311,593
Total Short-Term Securities — 12.8% (Cost: $7,311,593)					7,311,593
Total Investments Before TBA Sale Commitments — 115.8% (Cost: $65,177,929)					66,123,234
	Par (000)
TBA Sale Commitments
Mortgage-Backed Securities — (8.8)%
Ginnie Mae Mortgage-Backed Securities(d) 3.00%, 03/18/51	$	(663	)		(689,621	)
3.50%, 03/18/51		(100	)		(105,936	)
4.00%, 03/18/51		(50	)		(53,496	)
Uniform Mortgage-Backed Securities(d) 1.50%, 03/11/51		(50	)		(49,123	)
2.00%, 03/11/51		(2,850	)		(2,878,834	)
2.50%, 03/11/51		(52	)		(53,909	)
3.00%, 03/11/51		(106	)		(110,936	)
3.50%, 03/11/51 - 04/14/51		(844	)		(894,988	)
4.00%, 03/11/51		(75	)		(80,584	)
5.00%, 03/11/51		(119	)		(131,802	)
Total TBA Sale Commitments — (8.8)% (Proceeds: $(5,077,499))					(5,049,229	)
Total Investments, Net of TBA Sale Commitments — 107.0% (Cost: $(60,100,430))					61,074,005
Liabilities in Excess of Other Assets — (7.0)%					(3,975,461	)
Net Assets — 100.0%				$	57,098,544

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

^(b)  Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available.

^(c)  When-issued security.

^(d)  Represents or includes a TBA transaction.

^(e)  Affiliate of the Fund.

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

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

7

Schedule of Investments (unaudited) (continued) February 28, 2021 BlackRock Systematic ESG Bond Fund

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the period ended February 28, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 05/31/20		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 02/28/21		Shares Held at 02/28/21		Income		Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, T-Fund, Institutional Class	$	12,568,461	$	—	$	(5,256,868)(a	)	$	—	$	—	$	7,311,593		7,311,593	$	3,443	$	—

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Euro Bund		10		03/08/21	$	2,092	$	(14,359	)
Euro OAT Futures		4		03/08/21		789		(14,009	)
10-Year Australian T-Bond		36		03/15/21		3,797		(243,692	)
U.S. Long Bond		4		06/21/21		644		(2,663	)
U.S. Ultra Bond		4		06/21/21		768		1,892
2-Year US Treasury Notes		6		06/30/21		1,325		(290	)
5-Year US Treasury Notes		59		06/30/21		7,335		(39,159	)
								(312,280	)
Short Contracts
Euro BTP Futures		1		03/08/21		181		3,571
10-Year Canada Bond		29		06/21/21		3,185		54,599
U.S. 10 Year Note		41		06/21/21		5,463		42,765
U.S. 10 Year Ultra Bond		21		06/21/21		3,114		21,493
Long Gilt Future		3		06/28/21		534		2,714
								125,142
							$	(187,138	)

Forward Foreign Currency Exchange Contracts

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	15,755	AUD	20,000	Citibank N.A.		03/17/21	$	365
USD	15,423	AUD	20,000	Deutsche Bank AG		03/17/21		33
USD	23,402	AUD	30,000	JPMorgan Chase Bank N.A.		03/17/21		317
USD	38,865	AUD	50,000	JPMorgan Chase Bank N.A.		03/17/21		390
USD	7,754	AUD	10,000	Morgan Stanley & Co. International PLC		03/17/21		59
USD	54,270	AUD	70,000	Morgan Stanley & Co. International PLC		03/17/21		406
USD	71,164	AUD	90,000	Morgan Stanley & Co. International PLC		03/17/21		1,909
USD	12,173	EUR	10,000	Citibank N.A.		03/17/21		103
USD	109,558	EUR	90,000	Morgan Stanley & Co. International PLC		03/17/21		931
USD	9,031	HKD	70,000	Citibank N.A.		03/17/21		6
USD	30,000	SGD	40,000	Barclays Bank PLC		03/17/21		4
GBP	200,000	USD	272,362	JPMorgan Chase Bank N.A.		07/06/21		6,408
								10,931
USD	15,222	AUD	20,000	Deutsche Bank AG		03/17/21		(168	)
USD	7,621	AUD	10,000	JPMorgan Chase Bank N.A.		03/17/21		(74	)
USD	12,048	EUR	10,000	JPMorgan Chase Bank N.A.		03/17/21		(22	)
USD	13,916	GBP	10,000	JPMorgan Chase Bank N.A.		03/17/21		(17	)

S C H E D U L E   O F   I N V E S T M E N T  S 8

Schedule of Investments (unaudited) (continued) February 28, 2021 BlackRock Systematic ESG Bond Fund

Forward Foreign Currency Exchange Contracts (continued)

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	40,222	GBP	30,000	JPMorgan Chase Bank N.A.		03/17/21	$	(1,577	)
USD	27,686	GBP	20,000	Morgan Stanley & Co. International PLC		03/17/21		(181	)
								(2,039	)
							$	8,892

Centrally Cleared Interest Rate Swaps

Paid by the Fund		Received by the Fund		Effective	Termination			Notional					Upfront Premium Paid			Unrealized Appreciation
Rate	Frequency	Rate	Frequency	Date(a)	Date			Amount (000)		Value			(Received)			(Depreciation)
(0.52%)	Annual	6-Month EURIBOR, (0.52%)	Semi-Annual	03/08/21		03/08/23		EUR	3,470	$	4,935		$	(284	)	$	5,219
0.21%	Semi-Annual	3-Month LIBOR, 0.19%	Quarterly	03/08/21		03/08/23		USD	190		96			3			93
0.27%	Semi-Annual	3-Month LIBOR, 0.19%	Quarterly	03/08/21		03/08/23		USD	5,150		(4,298	)		(198	)		(4,100	)
0.06%	Annual	6-Month GBP LIBOR, 0.08%	Annual	06/08/21		06/08/23	��	GBP	10,660		28,147			1,428			26,719
(0.45%)	Annual	6-Month EURIBOR, (0.52%)	Semi-Annual	03/08/21		03/08/26		EUR	130		1,193			3			1,190
6-Month EURIBOR, (0.52%)	Semi-Annual	(0.44%)	Annual	03/08/21		03/08/26		EUR	725		(6,560	)		(5,032	)		(1,528	)
(0.41%)	Annual	6-Month EURIBOR, (0.52%)	Semi-Annual	03/08/21		03/08/26		EUR	2,040		14,235			(3,338	)		17,573
3-Month LIBOR, 0.19%	Quarterly	0.47%	Semi-Annual	03/08/21		03/08/26		USD	70		(1,223	)		1			(1,224	)
0.47%	Semi-Annual	3-Month LIBOR, 0.19%	Quarterly	03/08/21		03/08/26		USD	90		1,570			2			1,568
3-Month LIBOR, 0.19%	Quarterly	0.50%	Semi-Annual	03/08/21		03/08/26		USD	1,250		(20,170	)		(77	)		(20,093	)
0.50%	Semi-Annual	3-Month LIBOR, 0.19%	Quarterly	03/08/21		03/08/26		USD	2,440		38,443			(1,639	)		40,082
0.86%	Semi-Annual	3-Month LIBOR, 0.19%	Quarterly	03/08/21		03/08/26		USD	1,360		(2,830	)		560			(3,390	)
MXN 28D TIIE, 4.28%	Monthly	4.82%	Monthly	03/17/21		03/11/26		MXN	700		(900	)		—			(900	)
MXN 28D TIIE, 4.28%	Monthly	4.98%	Monthly	03/17/21		03/11/26		MXN	1,080		(1,031	)		—			(1,031	)
MXN 28D TIIE, 4.28%	Monthly	5.03%	Monthly	03/17/21		03/11/26		MXN	950		(805	)		—			(805	)
MXN 28D TIIE, 4.28%	Monthly	5.17%	Monthly	03/17/21		03/11/26		MXN	1,750		(949	)		1			(950	)
MXN 28D TIIE, 4.28%	Monthly	5.23%	Monthly	03/17/21		03/11/26		MXN	1,200		(503	)		—			(503	)
MXN 28D TIIE, 4.28%	Monthly	5.41%	Monthly	03/17/21		03/11/26		MXN	1,390		(46	)		1			(47	)
(0.47%)	Annual	6-Month EURIBOR, (0.52%)	Semi-Annual	03/17/21		03/17/26		EUR	20		219			—			219
(0.44%)	Annual	6-Month EURIBOR, (0.52%)	Semi-Annual	03/17/21		03/17/26		EUR	100		900			1			899
(0.44%)	Annual	6-Month EURIBOR, (0.52%)	Semi-Annual	03/17/21		03/17/26		EUR	110		976			1			975
(0.44%)	Annual	6-Month EURIBOR, (0.52%)	Semi-Annual	03/17/21		03/17/26		EUR	50		464			1			463
(0.44%)	Annual	6-Month EURIBOR, (0.52%)	Semi-Annual	03/17/21		03/17/26		EUR	40		373			1			372
(0.43%)	Annual	6-Month EURIBOR, (0.52%)	Semi-Annual	03/17/21		03/17/26		EUR	50		416			1			415
(0.42%)	Annual	6-Month EURIBOR, (0.52%)	Semi-Annual	03/17/21		03/17/26		EUR	60		475			1			474
(0.42%)	Annual	6-Month EURIBOR, (0.52%)	Semi-Annual	03/17/21		03/17/26		EUR	60		477			1			476
(0.42%)	Annual	6-Month EURIBOR, (0.52%)	Semi-Annual	03/17/21		03/17/26		EUR	70		550			1			549
(0.41%)	Annual	6-Month EURIBOR, (0.52%)	Semi-Annual	03/17/21		03/17/26		EUR	70		488			1			487
(0.39%)	Annual	6-Month EURIBOR, (0.52%)	Semi-Annual	03/17/21		03/17/26		EUR	70		413			1			412
(0.38%)	Annual	6-Month EURIBOR, (0.52%)	Semi-Annual	03/17/21		03/17/26		EUR	70		381			1			380
0.18%	Annual	3-Month STIBOR, (0.10%)	Quarterly	03/17/21		03/17/26		SEK	490		605			72			533
0.19%	Semi-Annual	6-Month GBP LIBOR, 0.08%	Semi-Annual	03/17/21		03/17/26		GBP	50		1,632			1			1,631
0.20%	Annual	3-Month STIBOR, (0.10%)	Quarterly	03/17/21		03/17/26		SEK	800		892			1			891
0.20%	Annual	3-Month STIBOR, (0.10%)	Quarterly	03/17/21		03/17/26		SEK	540		600			1			599
0.20%	Semi-Annual	6-Month GBP LIBOR, 0.08%	Semi-Annual	03/17/21		03/17/26		GBP	40		1,257			1			1,256
0.21%	Annual	3-Month STIBOR, (0.10%)	Quarterly	03/17/21		03/17/26		SEK	500		523			1			522
0.22%	Semi-Annual	6-Month GBP LIBOR, 0.08%	Semi-Annual	03/17/21		03/17/26		GBP	40		1,204			1			1,203
0.23%	Semi-Annual	6-Month GBP LIBOR, 0.08%	Semi-Annual	03/17/21		03/17/26		GBP	30		889			1			888
0.24%	Semi-Annual	6-Month GBP LIBOR, 0.08%	Semi-Annual	03/17/21		03/17/26		GBP	60		1,751			1			1,750
0.25%	Annual	3-Month STIBOR, (0.10%)	Quarterly	03/17/21		03/17/26		SEK	340		267			4			263
0.25%	Semi-Annual	6-Month GBP LIBOR, 0.08%	Semi-Annual	03/17/21		03/17/26		GBP	60		1,680			2			1,678
0.25%	Semi-Annual	6-Month GBP LIBOR, 0.08%	Semi-Annual	03/17/21		03/17/26		GBP	40		1,134			1			1,133
0.26%	Annual	3-Month STIBOR, (0.10%)	Quarterly	03/17/21		03/17/26		SEK	1,190		854			2			852
0.26%	Semi-Annual	6-Month GBP LIBOR, 0.08%	Semi-Annual	03/17/21		03/17/26		GBP	40		1,103			1			1,102
0.26%	Semi-Annual	6-Month GBP LIBOR, 0.08%	Semi-Annual	03/17/21		03/17/26		GBP	50		1,376			1			1,375
0.26%	Semi-Annual	6-Month GBP LIBOR, 0.08%	Semi-Annual	03/17/21		03/17/26		GBP	50		1,384			1			1,383
0.27%	Annual	3-Month STIBOR, (0.10%)	Quarterly	03/17/21		03/17/26		SEK	710		478			1			477
0.28%	Semi-Annual	6-Month GBP LIBOR, 0.08%	Semi-Annual	03/17/21		03/17/26		GBP	40		1,041			1			1,040
0.28%	Semi-Annual	6-Month GBP LIBOR, 0.08%	Semi-Annual	03/17/21		03/17/26		GBP	40		1,040			1			1,039

9

Schedule of Investments (unaudited) (continued) February 28, 2021 BlackRock Systematic ESG Bond Fund

Centrally Cleared Interest Rate Swaps (continued)

Paid by the Fund			Received by the Fund		Effective		Termination		Notional					Upfront Premium Paid		Unrealized Appreciation
Rate		Frequency	Rate	Frequency	Date(a)		Date		Amount (000)		Value			(Received)		(Depreciation)
0.29%		Semi-Annual	6-Month GBP LIBOR, 0.08%	Semi-Annual		03/17/21		03/17/26	GBP	110	$	2,787		$	3	$	2,784
0.29%		Semi-Annual	6-Month GBP LIBOR, 0.08%	Semi-Annual		03/17/21		03/17/26	GBP	40		1,009			58		951
0.30%		Semi-Annual	6-Month GBP LIBOR, 0.08%	Semi-Annual		03/17/21		03/17/26	GBP	40		975			1		974
0.31%		Semi-Annual	6-Month GBP LIBOR, 0.08%	Semi-Annual		03/17/21		03/17/26	GBP	50		1,213			1		1,212
0.31%		Semi-Annual	6-Month GBP LIBOR, 0.08%	Semi-Annual		03/17/21		03/17/26	GBP	30		720			1		719
6-Month BBR, 0.79%		Semi-Annual	0.39%	Semi-Annual		03/17/21		03/17/26	AUD	35		(664	)		1		(665	)
6-Month BBR, 0.79%		Semi-Annual	0.39%	Semi-Annual		03/17/21		03/17/26	AUD	35		(669	)		1		(670	)
6-Month BBR, 0.79%		Semi-Annual	0.41%	Semi-Annual		03/17/21		03/17/26	AUD	60		(1,099	)		1		(1,100	)
0.41%		Semi-Annual	6-Month GBP LIBOR, 0.08%	Semi-Annual		03/17/21		03/17/26	GBP	80		1,363			1		1,362
6-Month BBR, 0.79%		Semi-Annual	0.42%	Semi-Annual		03/17/21		03/17/26	AUD	20		(361	)		—		(361	)
6-Month BBR, 0.79%		Semi-Annual	0.42%	Semi-Annual		03/17/21		03/17/26	AUD	60		(1,080	)		1		(1,081	)
6-Month BBR, 0.79%		Semi-Annual	0.42%	Semi-Annual		03/17/21		03/17/26	AUD	120		(2,144	)		2		(2,146	)
6-Month BBR, 0.79%		Semi-Annual	0.43%	Semi-Annual		03/17/21		03/17/26	AUD	70		(1,220	)		1		(1,221	)
6-Month BBR, 0.79%		Semi-Annual	0.43%	Semi-Annual		03/17/21		03/17/26	AUD	80		(1,404	)		1		(1,405	)
6-Month BBR, 0.79%		Semi-Annual	0.43%	Semi-Annual		03/17/21		03/17/26	AUD	70		(1,212	)		1		(1,213	)
6-Month BBR, 0.79%		Semi-Annual	0.43%	Semi-Annual		03/17/21		03/17/26	AUD	90		(1,565	)		1		(1,566	)
0.43%		Semi-Annual	6-Month GBP LIBOR, 0.08%	Semi-Annual		03/17/21		03/17/26	GBP	50		786			1		785
6-Month BBR, 0.79%		Semi-Annual	0.44%	Semi-Annual		03/17/21		03/17/26	AUD	90		(1,542	)		1		(1,543	)
6-Month BBR, 0.79%		Semi-Annual	0.45%	Semi-Annual		03/17/21		03/17/26	AUD	60		(1,008	)		1		(1,009	)
6-Month BBR, 0.79%		Semi-Annual	0.45%	Semi-Annual		03/17/21		03/17/26	AUD	80		(1,332	)		1		(1,333	)
6-Month BBR, 0.79%		Semi-Annual	0.46%	Semi-Annual		03/17/21		03/17/26	AUD	40		(661	)		—		(661	)
0.47%		Semi-Annual	6-Month GBP LIBOR, 0.08%	Semi-Annual		03/17/21		03/17/26	GBP	110		1,452			2		1,450
3-Month HIBOR, 0.23%		Quarterly	0.53%	Quarterly		03/17/21		03/17/26	HKD	490		(1,206	)		1		(1,207	)
6-Month BBR, 0.79%		Semi-Annual	0.53%	Semi-Annual		03/17/21		03/17/26	AUD	50		(693	)		—		(693	)
3-Month HIBOR, 0.23%		Quarterly	0.57%	Quarterly		03/17/21		03/17/26	HKD	500		(1,101	)		1		(1,102	)
3-Month HIBOR, 0.23%		Quarterly	0.59%	Quarterly		03/17/21		03/17/26	HKD	420		(859	)		—		(859	)
3-Month HIBOR, 0.23%		Quarterly	0.60%	Quarterly		03/17/21		03/17/26	HKD	380		(765	)		—		(765	)
3-Month HIBOR, 0.23%		Quarterly	0.61%	Quarterly		03/17/21		03/17/26	HKD	340		(658	)		—		(658	)
3-Month HIBOR, 0.23%		Quarterly	0.61%	Quarterly		03/17/21		03/17/26	HKD	280		(546	)		—		(546	)
3-Month HIBOR, 0.23%		Quarterly	0.62%	Quarterly		03/17/21		03/17/26	HKD	240		(449	)		—		(449	)
3-Month HIBOR, 0.23%		Quarterly	0.63%	Quarterly		03/17/21		03/17/26	HKD	330		(607	)		—		(607	)
3-Month HIBOR, 0.23%		Quarterly	0.63%	Quarterly		03/17/21		03/17/26	HKD	240		(433	)		—		(433	)
3-Month HIBOR, 0.23%		Quarterly	0.63%	Quarterly		03/17/21		03/17/26	HKD	160		(287	)		—		(287	)
6-Month SIBOR, 0.59%		Semi-Annual	0.63%	Semi-Annual		03/17/21		03/17/26	SGD	60		(851	)		—		(851	)
6-Month SIBOR, 0.59%		Semi-Annual	0.67%	Semi-Annual		03/17/21		03/17/26	SGD	80		(1,031	)		1		(1,032	)
6-Month SIBOR, 0.59%		Semi-Annual	0.70%	Semi-Annual		03/17/21		03/17/26	SGD	70		(807	)		—		(807	)
6-Month SIBOR, 0.59%		Semi-Annual	0.71%	Semi-Annual		03/17/21		03/17/26	SGD	70		(785	)		—		(785	)
0.72%		Semi-Annual	3-Month LIBOR, 0.19%	Quarterly		03/17/21		03/17/26	USD	170		898			2		896
0.73%		Semi-Annual	3-Month LIBOR, 0.19%	Quarterly		03/17/21		03/17/26	USD	160		786			2		784
0.76%		Semi-Annual	3-Month LIBOR, 0.19%	Quarterly		03/17/21		03/17/26	USD	170		570			2		568
6-Month SIBOR, 0.59%		Semi-Annual	0.78%	Semi-Annual		03/17/21		03/17/26	SGD	34		(286	)		—		(286	)
0.81%		Semi-Annual	3-Month LIBOR, 0.19%	Quarterly		03/17/21		03/17/26	USD	190		177			2		175
6-Month SIBOR, 0.59%		Semi-Annual	0.81%	Semi-Annual		03/17/21		03/17/26	SGD	106		(819	)		1		(820	)
6-Month CAD BA, 0.00%		Semi-Annual	0.87%	Semi-Annual		03/17/21		03/17/26	CAD	90		(1,632	)		1		(1,633	)
6-Month CAD BA, 0.00%		Semi-Annual	0.89%	Semi-Annual		03/17/21		03/17/26	CAD	120		(2,079	)		2		(2,081	)
6-Month CAD BA, 0.00%	��	Semi-Annual	0.90%	Semi-Annual		03/17/21		03/17/26	CAD	90		(1,549	)		1		(1,550	)
6-Month SIBOR, 0.59%		Semi-Annual	0.90%	Semi-Annual		03/17/21		03/17/26	SGD	80		(342	)		—		(342	)
0.91%		Semi-Annual	3-Month LIBOR, 0.19%	Quarterly		03/17/21		03/17/26	USD	150		(598	)		2		(600	)
6-Month CAD BA, 0.00%		Semi-Annual	0.91%	Semi-Annual		03/17/21		03/17/26	CAD	70		(1,171	)		1		(1,172	)
6-Month WIBOR, 0.15%		Semi-Annual	0.98%	Annual		03/17/21		03/17/26	PLN	180		(435	)		—		(435	)
6-Month SIBOR, 0.59%		Semi-Annual	1.01%	Semi-Annual		03/17/21		03/17/26	SGD	60		(13	)		—		(13	)
6-Month WIBOR, 0.15%		Semi-Annual	1.05%	Annual		03/17/21		03/17/26	PLN	90		(131	)		—		(131	)
6-Month CAD BA, 0.00%		Semi-Annual	1.11%	Semi-Annual		03/17/21		03/17/26	CAD	70		(635	)		1		(636	)
6-Month CAD BA, 0.00%		Semi-Annual	1.13%	Semi-Annual		03/17/21		03/17/26	CAD	90		(738	)		1		(739	)
6-Month CAD BA, 0.00%		Semi-Annual	1.14%	Semi-Annual		03/17/21		03/17/26	CAD	150		(1,161	)		1		(1,162	)
6-Month CAD BA, 0.00%		Semi-Annual	1.16%	Semi-Annual		03/17/21		03/17/26	CAD	80		(575	)		1		(576	)
6-Month CAD BA, 0.00%		Semi-Annual	1.20%	Semi-Annual		03/17/21		03/17/26	CAD	90		(487	)		1		(488	)
6-Month CAD BA, 0.00%		Semi-Annual	1.34%	Semi-Annual		03/17/21		03/17/26	CAD	130		(11	)		1		(12	)
6-Month CAD BA, 0.00%		Semi-Annual	1.47%	Semi-Annual		03/17/21		03/17/26	CAD	120		581			1		580
4.93%		Quarterly	3-Month JIBAR, 3.64%	Quarterly		03/17/21		03/17/26	ZAR	940		2,770			1		2,769
4.93%		Quarterly	3-Month JIBAR, 3.64%	Quarterly		03/17/21		03/17/26	ZAR	960		2,826			1		2,825

S C H E D U L E   O F   I N V E S T M E N T  S 10

Schedule of Investments (unaudited) (continued) February 28, 2021 BlackRock Systematic ESG Bond Fund

Centrally Cleared Interest Rate Swaps (continued)

Paid by the Fund		Received by the Fund		Effective		Termination		Notional					Upfront Premium Paid			Unrealized Appreciation
Rate	Frequency	Rate	Frequency	Date(a)		Date		Amount (000)		Value			(Received)			(Depreciation)
4.98%	Quarterly	3-Month JIBAR, 3.64%	Quarterly		03/17/21		03/17/26	ZAR	640	$	1,791		$	—		$	1,791
5.00%	Quarterly	3-Month JIBAR, 3.64%	Quarterly		03/17/21		03/17/26	ZAR	940		2,578			1			2,577
5.04%	Quarterly	3-Month JIBAR, 3.64%	Quarterly		03/17/21		03/17/26	ZAR	2,010		5,310			1			5,309
6-Month GBP LIBOR, 0.08%	Annual	0.32%	Annual		06/08/21		06/08/26	GBP	17,810		(173,566	)		(50,278	)		(123,288	)
(0.27%)	Annual	6-Month EURIBOR, (0.52%)	Semi-Annual		03/08/21		03/08/31	EUR	170		6,447			(47	)		6,494
6-Month EURIBOR, (0.52%)	Semi-Annual	(0.25%)	Annual		03/08/21		03/08/31	EUR	60		(2,114	)		2			(2,116	)
6-Month EURIBOR, (0.52%)	Semi-Annual	(0.22%)	Annual		03/08/21		03/08/31	EUR	910		(28,635	)		(212	)		(28,423	)
6-Month EURIBOR, (0.52%)	Semi-Annual	(0.17%)	Annual		03/08/21		03/08/31	EUR	850		(21,099	)		5,189			(26,288	)
(0.02%)	Annual	6-Month EURIBOR, (0.52%)	Semi-Annual		03/08/21		03/08/31	EUR	1,030		6,545			740			5,805
(0.01%)	Annual	6-Month EURIBOR, (0.52%)	Semi-Annual		03/08/21		03/08/31	EUR	230		1,281			763			518
0.71%	Annual	6-Month GBP LIBOR, 0.08%	Annual		03/08/21		03/08/31	GBP	320		1,692			859			833
3-Month LIBOR, 0.19%	Quarterly	0.89%	Semi-Annual		03/08/21		03/08/31	USD	2,070		(117,207	)		(2,882	)		(114,325	)
3-Month LIBOR, 0.19%	Quarterly	0.92%	Semi-Annual		03/08/21		03/08/31	USD	1,260		(67,399	)		1,643			(69,042	)
3-Month LIBOR, 0.19%	Quarterly	0.96%	Semi-Annual		03/08/21		03/08/31	USD	40		(2,008	)		1			(2,009	)
3-Month LIBOR, 0.19%	Quarterly	0.96%	Semi-Annual		03/08/21		03/08/31	USD	90		(4,522	)		2			(4,524	)
3-Month LIBOR, 0.19%	Quarterly	1.55%	Semi-Annual		03/08/21		03/08/31	USD	745		4,568			1,322			3,246
0.66%	Annual	6-Month GBP LIBOR, 0.08%	Annual		06/08/21		06/08/31	GBP	7,860		123,260			85,761			37,499
6-Month EURIBOR, (0.52%)	Semi-Annual	0.36%	Annual		03/08/21		03/08/51	EUR	250		(57	)		(2,174	)		2,117
1.26%	Semi-Annual	3-Month LIBOR, 0.19%	Quarterly		03/08/21		03/08/51	USD	940		130,918			6,334			124,584
1.41%	Semi-Annual	3-Month LIBOR, 0.19%	Quarterly		03/08/21		03/08/51	USD	30		3,114			2			3,112
6-Month GBP LIBOR, 0.08%	Annual	0.86%	Annual		06/08/21		06/08/51	GBP	230		(4,803	)		(12,807	)		8,004
										$	(79,548)		$	25,866		$	(105,414)

^(a)  Forward Swap.

Centrally Cleared Inflation Swaps

Paid by the Fund		Received by the Fund		Termination		Notional					Upfront Premium Paid		Unrealized Appreciation
Reference	Frequency	Rate	Frequency	Date		Amount (000)		Value			(Received)		(Depreciation)
2.27%	Quarterly	3-Month LIBOR	Quarterly		03/02/26	USD	1,590	$	(5,904	)	$	19	$	(5,923	)
2.33%	Quarterly	3-Month LIBOR	Quarterly		02/22/31	USD	770		2,577			16		2,561
								$	(3,327	)	$	35	$	(3,362	)

OTC Interest Rate Swaps

Paid by the Fund		Received by the Fund			Effective	Termination Date		Notional					Upfront Premium Paid		Unrealized Appreciation
Rate	Frequency	Rate	Frequency	Counterparty	Date(a)			Amount (000)		Value			(Received)		(Depreciation)
6-Month KRW CDC, 0.73%	Semi-Annual	0.99%	Semi-Annual	Citibank N.A.	03/17/21		03/17/26	KRW	63,200	$	(977	)	$	—	$	(977	)
6-Month KRW CDC, 0.73%	Semi-Annual	0.92%	Semi-Annual	Morgan Stanley & Co. International PLC	03/17/21		03/17/26	KRW	56,820		(1,046	)		—		(1,046	)
6-Month KRW CDC, 0.73%	Semi-Annual	0.99%	Semi-Annual	Morgan Stanley & Co. International PLC	03/17/21		03/17/26	KRW	49,190		(776	)		—		(776	)
6-Month KRW CDC, 0.73%	Semi-Annual	1.03%	Semi-Annual	Morgan Stanley & Co. International PLC	03/17/21		03/17/26	KRW	141,160		(1,953	)		—		(1,953	)
6-Month KRW CDC, 0.73%	Semi-Annual	1.05%	Semi-Annual	Citibank N.A.	03/17/21		03/17/26	KRW	66,925		(861	)		—		(861	)
6-Month KRW CDC, 0.73%	Semi-Annual	1.06%	Semi-Annual	JPMorgan Chase Bank N.A.	03/17/21		03/17/26	KRW	66,925		(839	)		—		(839	)
6-Month KRW CDC, 0.73%	Semi-Annual	1.19%	Semi-Annual	Citibank N.A.	03/17/21		03/17/26	KRW	59,800		(408	)		—		(408	)
6-Month KRW CDC, 0.73%	Semi-Annual	1.26%	Semi-Annual	Citibank N.A.	03/17/21		03/17/26	KRW	19,470		(74	)		—		(74	)
6-Month KRW CDC, 0.73%	Semi-Annual	1.31%	Semi-Annual	Citibank N.A.	03/17/21		03/17/26	KRW	76,263		(127	)		—		(127	)

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Schedule of Investments (unaudited) (continued) February 28, 2021 BlackRock Systematic ESG Bond Fund

OTC Interest Rate Swaps (continued)

Paid by the Fund		Received by the Fund			Effective	Termination		Notional					Upfront Premium Paid		Unrealized Appreciation
Rate	Frequency	Rate	Frequency	Counterparty	Date(a)	Date		Amount (000)		Value			(Received)		(Depreciation)
6-Month KRW CDC, 0.73%	Semi-Annual	1.32%	Semi-Annual	Citibank N.A.	03/17/21		03/17/26	KRW	70,397	$	(100	)	$	—	$	(100	)
6-Month KRW CDC, 0.73%	Semi-Annual	1.33%	Semi-Annual	Citibank N.A.	03/17/21		03/17/26	KRW	73,500		(73	)		—		(73	)
6-Month KRW CDC, 0.73%	Semi-Annual	1.33%	Semi-Annual	Citibank N.A.	03/17/21		03/17/26	KRW	85,690		(75	)		—		(75	)
										$	(7,309	)	$	—	$	(7,309	)

^(a)  Forward Swap.

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); and

• 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 table summarizes 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	$	—	$	657,457		$	—	$	657,457
Corporate Bonds		—		27,845,975			—		27,845,975
Foreign Agency Obligations		—		357,989			—		357,989
Municipal Bonds		—		253,250			—		253,250
Non-Agency Mortgage-Backed Securities		—		522,794			—		522,794
U.S. Government Sponsored Agency Securities		—		21,392,889			—		21,392,889
U.S. Treasury Obligations		—		7,781,287			—		7,781,287
Short-Term Securities
Money Market Funds		7,311,593		—			—		7,311,593
Liabilities
Investments
TBA Sale Commitments		—		(5,049,229	)		—		(5,049,229	)
	$	7,311,593	$	53,762,412		$	—	$	61,074,005
Derivative Financial Instruments(a)
Assets
Foreign Currency Exchange Contracts	$	—	$	10,931		$	—	$	10,931
Interest Rate Contracts		127,034		341,464			—		468,498

S C H E D U L E   O F   I N V E S T M E N T  S 12

Schedule of Investments (unaudited) (continued) February 28, 2021 BlackRock Systematic ESG Bond Fund

Fair Value Hierarchy as of Period End (continued)

	Level 1			Level 2			Level 3		Total
Liabilities
Foreign Currency Exchange Contracts	$	—		$	(2,039	)	$	—	$	(2,039	)
Interest Rate Contracts		(314,172	)		(457,549	)		—		(771,721	)
	$	(187,138	)	$	(107,193	)	$	—	$	(294,331	)

^(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
CAD	Canadian Dollar
EUR	Euro
GBP	British Pound
HKD	Hong Kong Dollar
KRW	South Korean Won
MXN	Mexican Peso
PLN	Polish Zloty
SEK	Swedish Krona
SGD	Singapore Dollar
USD	United States Dollar
ZAR	South African Rand

Portfolio Abbreviation
BAB	Build America Bond
BBR	Bank Bill Rate
EURIBOR	Euro Interbank Offered Rate
GO	General Obligation Bonds
HIBOR	Hong Kong Interbank Offered Rate
JIBAR	Johannesburg Interbank Average Rate
LIBOR	London Interbank Offered Rate
RB	Revenue Bond
SIBOR	Singapore Interbank Offered Rate
SOFR	Secured Overnight Financing Rate
STIBOR	Stockholm Interbank Offered Rate
TBA	To-Be-Announced
WIBOR	Warsaw Interbank Offered Rate

13