BlackRock Funds IV NPORTP BlackRock Systematic Multi-Strategy Fund (Mar 2024 report)

Schedule of Investments (unaudited)

March 31, 2024

BlackRock Systematic Multi-Strategy Fund

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Asset-Backed Securities
Affirm Asset Securitization Trust^(a)
Series 2022-A, Class 1A, 4.30%, 05/17/27	$	9,250	$	9,190,703
Series 2022-Z1, Class A, 4.55%, 06/15/27		1,651		1,637,637
Series 2023-A, Class 1A, 6.61%, 01/18/28		11,537		11,607,006
Series 2023-B, Class A, 6.82%, 09/15/28		27,200		27,605,299
Series 2023-B, Class B, 7.44%, 09/15/28		5,710		5,799,457
Series 2023-B, Class C, 7.81%, 09/15/28		4,850		4,938,412
Series 2023-X1, Class A, 7.11%, 11/15/28		17,254		17,335,983
Series 2023-X1, Class B, 7.77%, 11/15/28		3,100		3,143,979
Series 2024-A1, Class B, 5.93%, 02/15/29		3,640		3,630,634
Avant Loans Funding Trust, Series 2021-REV1, Class C, 2.30%, 07/15/30^(a)		2,220		2,154,834
Carvana Auto Receivables Trust, Series 2021-N2, Class B, 0.75%, 03/10/28		516		484,176
Exeter Automobile Receivables Trust
Series 2022-1A, Class C, 2.56%, 06/15/28		4,372		4,312,234
Series 2022-2A, Class B, 3.65%, 10/15/26		3,549		3,538,900
Series 2022-2A, Class C, 3.85%, 07/17/28		1,000		985,744
JPMorgan Chase Bank NA^(a)
Series 2021-2, Class B, 0.89%, 12/26/28		1,900		1,866,682
Series 2021-3, Class B, 0.76%, 02/26/29		5,669		5,502,501
Netcredit Combined Receivables LLC, Series 2023-A, Class A, 7.78%, 12/20/27^(a)		9,353		9,357,232
OneMain Financial Issuance Trust, Series 2019-2A, Class A, 3.14%, 10/14/36^(a)		500		470,409
Santander Bank Auto Credit-Linked Notes,
Series 2022-A, Class B, 5.28%, 05/15/32^(a)		6,686		6,648,356
Santander Bank NA, Series 2021-1A, Class B, 1.83%, 12/15/31^(a)		1,305		1,286,372
Upstart Securitization Trust^(a)
Series 2021-5, Class A, 1.31%, 11/20/31		158		157,218
Series 2021-5, Class B, 2.49%, 11/20/31		4,500		4,427,324
Series 2022-4, Class A, 5.98%, 08/20/32		6,553		6,528,325
Westlake Automobile Receivables Trust, Series 2022- 1A, Class B, 2.75%, 03/15/27^(a)		7,606		7,567,782


Total Asset-Backed Securities — 2.1% (Cost: $139,189,048)				140,177,199


	Shares

Common Stocks

Aerospace & Defense — 0.4%
BWX Technologies, Inc.		5,432		557,432
General Dynamics Corp.		29,527		8,341,082
General Electric Co.		15,390		2,701,407
HEICO Corp.		3,840		733,440
Howmet Aerospace, Inc.		11,228		768,332
Huntington Ingalls Industries, Inc.		2,008		585,272
Lockheed Martin Corp.		19,456		8,849,951
Northrop Grumman Corp.		2,664		1,275,150


				23,812,066

Air Freight & Logistics — 0.0%
Expeditors International of Washington, Inc.		5,419		658,788


Automobile Components — 0.0%
Gentex Corp.		14,804		534,720


Beverages — 0.3%
Brown-Forman Corp., Class B		12,979		669,976
Coca-Cola Co.		55,385		3,388,454


Security	Shares		Value

Beverages (continued)
Constellation Brands, Inc., Class A		3,851	$	1,046,548
Keurig Dr. Pepper, Inc.		30,316		929,792
Monster Beverage Corp.^(b)		20,478		1,213,936
PepsiCo, Inc.		60,268		10,547,502


				17,796,208

Biotechnology — 0.4%
AbbVie, Inc.		59,635		10,859,533
Amgen, Inc.		24,564		6,984,036
Gilead Sciences, Inc.		93,103		6,819,795
Incyte Corp.^(b)		10,035		571,694
Neurocrine Biosciences, Inc.^(b)		4,380		604,090
Regeneron Pharmaceuticals, Inc.^(b)		1,659		1,596,771
Vertex Pharmaceuticals, Inc.^(b)		3,962		1,656,156


				29,092,075

Broadline Retail — 0.1%
Amazon.com, Inc.^(b)		49,544		8,936,747


Building Products — 0.1%
Armstrong World Industries, Inc.		4,208		522,718
Builders FirstSource, Inc.^(b)		3,732		778,309
Lennox International, Inc.		1,361		665,202
Masco Corp.		8,421		664,249
Trane Technologies PLC		4,161		1,249,132
Trex Co., Inc.^(b)		6,171		615,557


				4,495,167

Capital Markets — 0.1%
FactSet Research Systems, Inc.		1,384		628,876
Moody’s Corp.		3,208		1,260,840
S&P Global, Inc.		4,565		1,942,179


				3,831,895

Chemicals — 0.1%
DuPont de Nemours, Inc.		11,151		854,947
Ecolab, Inc.		5,223		1,205,991
Linde PLC		6,251		2,902,464
RPM International, Inc.		5,387		640,784
Sherwin-Williams Co.		4,258		1,478,931


				7,083,117

Commercial Services & Supplies — 0.1%
Cintas Corp.		1,846		1,268,257
Clean Harbors, Inc.^(b)		3,002		604,333
Copart, Inc.^(b)		19,232		1,113,917
GFL Environmental, Inc.		16,953		584,879
Republic Services, Inc.		5,903		1,130,070
Rollins, Inc.		16,035		741,940
Waste Connections, Inc.		5,485		943,475
Waste Management, Inc.		6,594		1,405,511


				7,792,382

Communications Equipment — 0.2%
Arista Networks, Inc.^(b)		5,310		1,539,794
Cisco Systems, Inc.		193,703		9,667,717
Motorola Solutions, Inc.		3,234		1,148,005


				12,355,516

Construction & Engineering — 0.0%
Comfort Systems USA, Inc.		1,966		624,618
EMCOR Group, Inc.		1,996		698,999
Quanta Services, Inc.		3,570		927,486


				2,251,103


S C H E D U L E O F I N V E S T M E N T S		1

Schedule of Investments (unaudited) (continued)

March 31, 2024

BlackRock Systematic Multi-Strategy Fund

(Percentages shown are based on Net Assets)


Security	Shares		Value

Construction Materials — 0.0%
Eagle Materials, Inc.		2,204	$	598,937
Martin Marietta Materials, Inc.		1,491		915,385
Vulcan Materials Co.		3,238		883,715


				2,398,037

Consumer Staples Distribution & Retail — 0.3%
Casey’s General Stores, Inc.		2,030		646,453
Costco Wholesale Corp.		5,505		4,033,128
Kroger Co.		137,340		7,846,234
Sprouts Farmers Market, Inc.^(b)		8,462		545,630
Sysco Corp.		11,104		901,423
Walmart, Inc.		94,453		5,683,237


				19,656,105

Containers & Packaging — 0.1%
Amcor PLC		263,365		2,504,601
Avery Dennison Corp.		2,996		668,857
Packaging Corp. of America		8,063		1,530,196


				4,703,654

Distributors — 0.0%
Pool Corp.		1,545		623,408


Diversified Consumer Services — 0.1%
H&R Block, Inc.		81,078		3,981,741


Diversified Telecommunication Services — 0.0%
BCE, Inc.		22,413		761,594
Verizon Communications, Inc.		57,812		2,425,791


				3,187,385

Electric Utilities — 0.6%
Alliant Energy Corp.		844		42,538
Constellation Energy Corp.		6,097		1,127,030
Duke Energy Corp.		86,892		8,403,325
Evergy, Inc.		26,805		1,430,851
OGE Energy Corp.		80,531		2,762,213
Pinnacle West Capital Corp.		99,046		7,401,708
Southern Co.		118,953		8,533,688
Xcel Energy, Inc.		139,684		7,508,015


				37,209,368

Electrical Equipment — 0.1%
AMETEK, Inc.		5,144		940,837
Eaton Corp. PLC		6,134		1,917,979
Hubbell, Inc.		1,853		769,088
nVent Electric PLC		8,775		661,635


				4,289,539

Electronic Equipment, Instruments & Components — 0.0%
Amphenol Corp., Class A		11,086		1,278,770
Cognex Corp.		13,599		576,870
TE Connectivity Ltd.		6,709		974,415
Teledyne Technologies, Inc.^(b)		1,601		687,341


				3,517,396

Entertainment — 0.0%
Walt Disney Co.		24,779		3,031,958


Financial Services — 0.3%
Berkshire Hathaway, Inc., Class B^(b)		20,547		8,640,424
Jack Henry & Associates, Inc.		3,416		593,462
Mastercard, Inc., Class A		11,255		5,420,070
Visa, Inc., Class A		24,370		6,801,180


				21,455,136

Food Products — 0.7%
Campbell Soup Co.		172,299		7,658,691


Security	Shares		Value

Food Products (continued)
Conagra Brands, Inc.		63,181	$	1,872,685
Flowers Foods, Inc.		304,189		7,224,489
General Mills, Inc.		118,659		8,302,570
Hershey Co.		4,607		896,061
Hormel Foods Corp.		21,315		743,680
Ingredion, Inc.		23,067		2,695,379
Kellanova		139,110		7,969,612
Kraft Heinz Co.		219,381		8,095,159
McCormick & Co., Inc.		9,582		735,993
Mondelez International, Inc., Class A		21,284		1,489,880
Post Holdings, Inc.^(b)		4,957		526,830


				48,211,029

Gas Utilities — 0.1%
Atmos Energy Corp.		65,047		7,732,137


Ground Transportation — 0.2%
Canadian National Railway Co.		10,585		1,394,150
Canadian Pacific Kansas City Ltd.		15,644		1,379,332
CSX Corp.		33,949		1,258,490
JB Hunt Transport Services, Inc.		3,360		669,480
Norfolk Southern Corp.		4,308		1,097,980
Old Dominion Freight Line, Inc.		4,714		1,033,827
Saia, Inc.^(b)		1,060		620,100
Union Pacific Corp.		33,715		8,291,530


				15,744,889

Health Care Equipment & Supplies — 0.4%
Abbott Laboratories		80,475		9,146,789
Becton Dickinson & Co.		5,088		1,259,026
Boston Scientific Corp.^(b)		22,962		1,572,667
Cooper Cos., Inc.		7,010		711,235
Edwards Lifesciences Corp.^(b)		11,936		1,140,604
Hologic, Inc.^(b)		8,739		681,292
IDEXX Laboratories, Inc.^(b)		1,754		947,037
Intuitive Surgical, Inc.^(b)		5,243		2,092,429
Medtronic PLC		35,487		3,092,692
Penumbra, Inc.^(b)		2,310		515,546
ResMed, Inc.		4,279		847,370
STERIS PLC		3,107		698,516
Stryker Corp.		5,526		1,977,590
Zimmer Biomet Holdings, Inc.		5,927		782,245


				25,465,038

Health Care Providers & Services — 0.4%
Cardinal Health, Inc.		60,181		6,734,254
Chemed Corp.		873		560,405
CVS Health Corp.		37,107		2,959,654
Henry Schein, Inc.^(b)		7,416		560,056
Laboratory Corp. of America Holdings		3,065		669,580
Patterson Cos., Inc.		186,250		5,149,813
Quest Diagnostics, Inc.		54,579		7,265,011


				23,898,773

Health Care Technology — 0.0%
Veeva Systems, Inc., Class A^(b)		4,019		931,162


Hotels, Restaurants & Leisure — 0.4%
Booking Holdings, Inc.		510		1,850,219
Chipotle Mexican Grill, Inc.^(b)		476		1,383,623
Darden Restaurants, Inc.		38,963		6,512,665
Hilton Worldwide Holdings, Inc.		4,973		1,060,791
McDonald’s Corp.		9,477		2,672,040
Restaurant Brands International, Inc.		10,857		862,589
Starbucks Corp.		17,916		1,637,343


2

Schedule of Investments (unaudited) (continued)

March 31, 2024

BlackRock Systematic Multi-Strategy Fund

(Percentages shown are based on Net Assets)


Security	Shares		Value

Hotels, Restaurants & Leisure (continued)
Texas Roadhouse, Inc.		3,733	$	576,636
Wendy’s Co.		343,064		6,463,326
Yum! Brands, Inc.		6,351		880,566


				23,899,798

Household Durables — 0.0%
D.R. Horton, Inc.		6,906		1,136,382
Garmin Ltd.		5,379		800,772
NVR, Inc.^(b)		95		769,496
PulteGroup, Inc.		6,641		801,038


				3,507,688

Household Products — 0.3%
Church & Dwight Co., Inc.		7,116		742,270
Colgate-Palmolive Co.		14,306		1,288,255
Kimberly-Clark Corp.		62,404		8,071,957
Procter & Gamble Co.		71,506		11,601,849


				21,704,331

Independent Power and Renewable Electricity Producers — 0.0%
Brookfield Renewable Corp., Class A		38,155		937,468


Industrial Conglomerates — 0.0%
Honeywell International, Inc.		9,712		1,993,388


Insurance — 0.8%
Aflac, Inc.		84,073		7,218,508
American Financial Group, Inc.		11,447		1,562,287
Axis Capital Holdings Ltd.		26,182		1,702,354
Everest Group Ltd.		18,521		7,362,097
Hartford Financial Services Group, Inc.		70,906		7,306,863
Old Republic International Corp.		234,655		7,208,602
Reinsurance Group of America, Inc.		38,098		7,348,342
Travelers Cos., Inc.		31,012		7,137,102
Unum Group		134,619		7,223,655


				54,069,810

Interactive Media & Services — 0.3%
Alphabet, Inc., Class A^(b)		62,000		9,357,660
Meta Platforms, Inc., Class A		17,662		8,576,314


				17,933,974

IT Services — 0.3%
Accenture PLC, Class A		8,702		3,016,200
Amdocs Ltd.		81,176		7,335,875
Cognizant Technology Solutions Corp., Class A		11,472		840,783
International Business Machines Corp.		35,403		6,760,557
VeriSign, Inc.^(b)		3,446		653,052


				18,606,467

Life Sciences Tools & Services — 0.1%
Agilent Technologies, Inc.		6,467		941,013
Danaher Corp.		9,972		2,490,208
Thermo Fisher Scientific, Inc.		4,988		2,899,075
West Pharmaceutical Services, Inc.		2,111		835,344


			7,165,640

Machinery — 0.2%
Dover Corp.		4,304		762,626
Fortive Corp.		9,119		784,416
Graco, Inc.		6,915		646,276
IDEX Corp.		2,757		672,763
Illinois Tool Works, Inc.		5,048		1,354,530
Ingersoll Rand, Inc.		9,712		922,154
Lincoln Electric Holdings, Inc.		2,401		613,311
Nordson Corp.		2,342		642,973
Otis Worldwide Corp.		9,330		926,189


Security	Shares		Value

Machinery (continued)
Parker-Hannifin Corp.		2,316	$	1,287,210
Pentair PLC		7,804		666,774
Snap-on, Inc.		2,225		659,089
Toro Co.		6,040		553,445
Westinghouse Air Brake Technologies Corp.		5,232		762,198
Xylem, Inc./New York		6,366		822,742


				12,076,696

Media — 0.1%
Comcast Corp., Class A		55,293		2,396,952
New York Times Co., Class A		12,104		523,135
News Corp., Class A		23,645		619,026
Omnicom Group, Inc.		15,220		1,472,687


				5,011,800

Metals & Mining — 0.0%
Franco-Nevada Corp.		6,224		741,652
Reliance, Inc.		2,041		682,061


				1,423,713

Multi-Utilities — 0.5%
CenterPoint Energy, Inc.		66,299		1,888,859
CMS Energy Corp.		77,412		4,671,040
Consolidated Edison, Inc.		85,404		7,755,537
DTE Energy Co.		20,187		2,263,770
Public Service Enterprise Group, Inc.		113,900		7,606,242
Sempra		16,382		1,176,719
WEC Energy Group, Inc.		85,232		6,999,252


				32,361,419

Oil, Gas & Consumable Fuels — 0.5%
Canadian Natural Resources Ltd.		19,106		1,458,170
Chevron Corp.		41,425		6,534,379
DT Midstream, Inc.^(b)		12,802		782,202
Enbridge, Inc.		36,644		1,325,780
Exxon Mobil Corp.		112,283		13,051,776
Williams Cos., Inc.		185,216		7,217,868


				30,370,175

Personal Care Products — 0.0%
BellRing Brands, Inc.^(b)		9,067		535,225
Kenvue, Inc.		44,440		953,682


				1,488,907

Pharmaceuticals — 0.5%
Bristol-Myers Squibb Co.		55,375		3,002,986
Eli Lilly & Co.		11,312		8,800,284
Johnson & Johnson		72,014		11,391,895
Merck & Co., Inc.		87,097		11,492,449
Zoetis, Inc., Class A		7,402		1,252,492


				35,940,106

Professional Services — 0.2%
Automatic Data Processing, Inc.		27,850		6,955,259
Booz Allen Hamilton Holding Corp., Class A		4,482		665,308
Broadridge Financial Solutions, Inc.		3,623		742,208
Thomson Reuters Corp.		8,014		1,248,821
Verisk Analytics, Inc.		3,478		819,869


				10,431,465

Semiconductors & Semiconductor Equipment — 0.4%
Applied Materials, Inc.		11,822		2,438,051
Broadcom, Inc.		5,795		7,680,751
Lam Research Corp.		1,998		1,941,197
Lattice Semiconductor Corp.^(b)		7,897		617,782
Monolithic Power Systems, Inc.		1,208		818,323


S C H E D U L E O F I N V E S T M E N T S		3

Schedule of Investments (unaudited) (continued)

March 31, 2024

BlackRock Systematic Multi-Strategy Fund

(Percentages shown are based on Net Assets)


Security	Shares		Value

Semiconductors & Semiconductor Equipment (continued)
NVIDIA Corp.		10,739	$	9,703,331
Onto Innovation, Inc.^(b)		3,145		569,497
Texas Instruments, Inc.		13,269		2,311,592


			26,080,524

Software — 0.3%
Adobe, Inc.^(b)		6,170		3,113,382
Appfolio, Inc., Class A^(b)		2,350		579,839
Cadence Design Systems, Inc.^(b)		4,698		1,462,394
Guidewire Software, Inc.^(b)		4,793		559,391
Manhattan Associates, Inc.^(b)		2,475		619,319
Microsoft Corp.		21,260		8,944,507
Roper Technologies, Inc.		2,056		1,153,087
Synopsys, Inc.^(b)		2,621		1,497,902
Workday, Inc., Class A^(b)		4,547		1,240,194


			19,170,015

Specialty Retail — 0.2%
Home Depot, Inc.		12,415		4,762,394
Lowe’s Cos., Inc.		8,358		2,129,033
Murphy USA, Inc.		1,359		569,693
O’Reilly Automotive, Inc.^(b)		1,062		1,198,871
TJX Cos., Inc.		16,968		1,720,894
Tractor Supply Co.		3,047		797,461
Ulta Beauty, Inc.^(b)		1,324		692,293


			11,870,639

Technology Hardware, Storage & Peripherals — 0.1%
Apple, Inc.		47,728		8,184,397


Textiles, Apparel & Luxury Goods — 0.1%
Deckers Outdoor Corp.^(b)		814		766,186
Lululemon Athletica, Inc.^(b)		2,404		939,123
NIKE, Inc., Class B		21,435		2,014,461


			3,719,770

Tobacco — 0.0%
Philip Morris International, Inc.		25,983		2,380,562


Trading Companies & Distributors — 0.1%
Core & Main, Inc., Class A^(b)		11,823		676,867
Fastenal Co.		12,482		962,862
Ferguson PLC		4,678		1,021,816
Watsco, Inc.		1,586		685,104
WW Grainger, Inc.		1,008		1,025,438


			4,372,087

Water Utilities — 0.0%
American Water Works Co., Inc.		6,096		744,992


Wireless Telecommunication Services — 0.0%
T-Mobile U.S., Inc.		15,721		2,565,982


Total Common Stocks — 10.5% (Cost: $651,147,714)				702,688,352


	Par (000)

Corporate Bonds

Aerospace & Defense — 1.4%
Boeing Co.
2.20%, 02/04/26	$	2,000		1,872,398
5.15%, 05/01/30		10,170		9,839,545
Bombardier, Inc., 7.13%, 06/15/26^(a)		827		838,903


Security	Par (000)		Value

Aerospace & Defense (continued)
General Dynamics Corp.
3.50%, 04/01/27	$	12,000	$	11,589,573
3.75%, 05/15/28		2,980		2,883,978
Lockheed Martin Corp.
1.85%, 06/15/30		70		58,995
3.90%, 06/15/32		6,455		6,057,684
5.25%, 01/15/33		14,230		14,626,902
4.75%, 02/15/34		28,270		27,900,512
RTX Corp.
3.15%, 12/15/24		1,153		1,130,452
3.95%, 08/16/25		130		127,862
5.75%, 01/15/29		785		812,255
6.00%, 03/15/31		1,530		1,608,347
6.10%, 03/15/34		350		374,075
Spirit AeroSystems, Inc., 9.75%, 11/15/30^(a)		2,308		2,581,650
TransDigm, Inc.
6.75%, 08/15/28^(a)		6,902		6,993,093
6.38%, 03/01/29^(a)		1,125		1,128,502
4.88%, 05/01/29		2,736		2,545,057
6.88%, 12/15/30^(a)		924		941,921
6.63%, 03/01/32^(a)		1,560		1,576,054


				95,487,758

Air Freight & Logistics — 0.0%
Rand Parent LLC, 8.50%, 02/15/30^(a)		1,977		1,957,744
United Parcel Service, Inc., 4.45%, 04/01/30		1,200		1,188,900


				3,146,644

Automobile Components — 0.2%
Adient Global Holdings Ltd., 8.25%, 04/15/31^(a)		701		739,722
Benteler International AG, 10.50%, 05/15/28^(a)		490		529,909
IHO Verwaltungs GmbH^(a)
4.75%, 09/15/26		200		194,732
(6.38% Cash or 7.13% PIK), 6.38%, 05/15/29^(c)		2,000		2,010,226
Lear Corp., 3.80%, 09/15/27		1,964		1,882,207
Tenneco, Inc., 8.00%, 11/17/28^(a)		1,477		1,347,671
Titan International, Inc., 7.00%, 04/30/28		3,599		3,551,381


				10,255,848

Automobiles — 1.2%
American Honda Finance Corp.
1.20%, 07/08/25		1,395		1,324,871
1.30%, 09/09/26		1,960		1,795,170
4.90%, 03/13/29		3,360		3,350,480
Aston Martin Capital Holdings Ltd., 10.00%, 03/31/29^(a)		6,306		6,420,580
AutoZone, Inc.
5.05%, 07/15/26		8,785		8,798,715
4.50%, 02/01/28		3,325		3,273,420
Carvana Co.^(a)(c)
(12.00% PIK), 12.00%, 12/01/28		4,924		4,814,625
(13.00% PIK), 13.00%, 06/01/30		4,629		4,514,316
General Motors Co., 6.13%, 10/01/25		600		605,048
General Motors Financial Co., Inc.
2.35%, 02/26/27		14,390		13,286,471
5.40%, 05/08/27		4,665		4,677,201
5.75%, 02/08/31		1,295		1,309,039
Genuine Parts Co., 1.75%, 02/01/25		6,100		5,902,867
Honda Motor Co. Ltd., 2.53%, 03/10/27		4,480		4,199,374
Jaguar Land Rover Automotive PLC^(a)
4.50%, 10/01/27		479		452,871
5.88%, 01/15/28		4,348		4,279,134
JB Poindexter & Co., Inc., 8.75%, 12/15/31^(a)		2,905		3,002,698


4

Schedule of Investments (unaudited) (continued)

March 31, 2024

BlackRock Systematic Multi-Strategy Fund

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Automobiles (continued)
LCM Investments Holdings II LLC, 8.25%, 08/01/31^(a)	$	580	$	606,771
Toyota Motor Credit Corp., 1.13%, 06/18/26		6,397		5,887,977


				78,501,628

Banks — 12.9%
Banco Santander SA
2.75%, 05/28/25		800		773,387
5.59%, 08/08/28		29,200		29,612,423
6.94%, 11/07/33		7,000		7,731,789
(1-year CMT + 0.90%), 1.72%, 09/14/27^(d)		2,800		2,553,896
Bank of America Corp.^(d)
(1-day SOFR + 0.65%), 1.53%, 12/06/25		5,700		5,539,796
(1-day SOFR + 0.91%), 0.98%, 09/25/25		9,010		8,801,260
(1-day SOFR + 0.96%), 1.73%, 07/22/27		14,345		13,225,368
(1-day SOFR + 1.05%), 2.55%, 02/04/28		1,625		1,510,469
(1-day SOFR + 1.15%), 1.32%, 06/19/26		8,520		8,098,776
(1-day SOFR + 1.21%), 2.57%, 10/20/32		655		543,403
(1-day SOFR + 1.33%), 3.38%, 04/02/26		25,840		25,273,279
(1-day SOFR + 1.65%), 5.47%, 01/23/35		5,535		5,571,078
(1-day SOFR + 1.75%), 4.83%, 07/22/26		6,870		6,808,186
(1-day SOFR + 1.91%), 5.29%, 04/25/34		11,570		11,534,823
(1-day SOFR + 1.99%), 6.20%, 11/10/28		8,160		8,441,159
(1-day SOFR + 2.04%), 4.95%, 07/22/28		5,610		5,567,193
(3-mo. CME Term SOFR + 1.13%), 2.46%, 10/22/25		2,000		1,964,062
(3-mo. CME Term SOFR + 1.25%), 2.50%, 02/13/31		2,625		2,261,284
(3-mo. CME Term SOFR + 1.32%), 3.56%, 04/23/27		1,500		1,447,385
(3-mo. CME Term SOFR + 1.57%), 4.27%, 07/23/29		1,605		1,547,085
Series N, (1-day SOFR + 1.22%), 2.65%, 03/11/32		290		245,045
Bank of Montreal
1.85%, 05/01/25		970		934,123
3.70%, 06/07/25		13,441		13,187,172
1.25%, 09/15/26		2,260		2,061,731
5.72%, 09/25/28		3,110		3,193,975
Bank of New York Mellon Corp.
2.05%, 01/26/27		32		29,654
3.00%, 10/30/28		332		305,973
(1-day SOFR + 1.15%), 3.99%, 06/13/28^(d)		73		70,823
(1-day SOFR + 1.17%), 4.54%, 02/01/29^(d)		4,130		4,066,736
(1-day SOFR + 1.35%), 4.41%, 07/24/26^(d)		717		708,299
(1-day SOFR Index + 1.80%), 5.80%, 10/25/28^(d)		427		438,492
Bank of Nova Scotia
3.45%, 04/11/25		315		308,753
1.05%, 03/02/26		3,798		3,512,448
1.35%, 06/24/26		14,962		13,789,303
Canadian Imperial Bank of Commerce
3.95%, 08/04/25		6,840		6,717,627
0.95%, 10/23/25		1,870		1,755,644
Citigroup, Inc.
4.45%, 09/29/27		240		233,471
(1-day SOFR + 0.69%), 2.01%, 01/25/26^(d)		4,669		4,527,012
(1-day SOFR + 0.77%), 1.46%, 06/09/27^(d)		23,540		21,622,210
(1-day SOFR + 1.35%), 3.06%, 01/25/33^(d)		4,350		3,698,181
(1-day SOFR + 1.37%), 4.14%, 05/24/25^(d)		7,095		7,075,080
(1-day SOFR + 1.42%), 2.98%, 11/05/30^(d)		13,388		11,892,268
(1-day SOFR + 1.53%), 3.29%, 03/17/26^(d)		9,120		8,912,770
(1-day SOFR + 1.94%), 3.79%, 03/17/33^(d)		3,140		2,804,789
(1-day SOFR + 2.06%), 5.83%, 02/13/35^(d)		17,060		16,889,164
(1-day SOFR + 2.66%), 6.17%, 05/25/34^(d)		1,185		1,203,354
(1-day SOFR + 2.84%), 3.11%, 04/08/26^(d)		4,485		4,371,474
(3-mo. CME Term SOFR + 1.16%), 3.35%, 04/24/25^(d)		2,725		2,720,475


Security	Par (000)		Value

Banks (continued)
Deutsche Bank AG/New York, (1-day SOFR + 1.59%), 5.71%, 02/08/28^(d)	$	15,880	$	15,856,943
Fifth Third Bancorp^(d)
(1-day SOFR + 1.84%), 5.63%, 01/29/32		390		390,399
(1-day SOFR + 2.34%), 6.34%, 07/27/29		2,325		2,396,775
Freedom Mortgage Corp.^(a)
12.00%, 10/01/28		710		773,904
12.25%, 10/01/30		1,110		1,220,760
Goldman Sachs Group, Inc.
3.50%, 04/01/25		2,895		2,840,193
3.75%, 05/22/25		75		73,603
4.25%, 10/21/25		8,100		7,947,746
3.75%, 02/25/26		75		73,223
3.50%, 11/16/26		35		33,580
2.60%, 02/07/30		3,090		2,704,732
3.80%, 03/15/30		900		842,852
(1-day SOFR + 0.61%), 0.86%, 02/12/26^(d)		3,505		3,357,356
(1-day SOFR + 0.79%), 1.09%, 12/09/26^(d)		6,100		5,666,745
(1-day SOFR + 0.80%), 1.43%, 03/09/27^(d)		14,780		13,687,602
(1-day SOFR + 1.25%), 2.38%, 07/21/32^(d)		8,880		7,284,775
(1-day SOFR + 1.28%), 2.62%, 04/22/32^(d)		1,545		1,296,644
(1-day SOFR + 1.51%), 4.39%, 06/15/27^(d)		5,985		5,869,364
(3-mo. CME Term SOFR + 1.42%), 3.81%, 04/23/29^(d)		3,015		2,858,134
(3-mo. CME Term SOFR + 1.46%), 3.27%, 09/29/25^(d)		125		123,495
(3-mo. CME Term SOFR + 1.56%), 4.22%, 05/01/29^(d)		250		240,633
HSBC Holdings PLC^(d)
(1-day SOFR + 1.43%), 3.00%, 03/10/26		13,635		13,282,556
(1-day SOFR + 1.51%), 4.18%, 12/09/25		7,115		7,028,549
(1-day SOFR + 1.54%), 1.65%, 04/18/26		1,225		1,173,332
(1-day SOFR + 2.61%), 5.21%, 08/11/28		15,205		15,161,085
(1-day SOFR + 2.98%), 6.55%, 06/20/34		1,900		1,968,082
Intesa Sanpaolo SpA^(a)
5.71%, 01/15/26		2,450		2,428,703
(1-year CMT + 2.60%), 4.20%, 06/01/32^(d)		985		823,504
JPMorgan Chase & Co.
3.30%, 04/01/26		289		279,845
(1-day SOFR + 0.61%), 1.56%, 12/10/25^(d)		9,540		9,275,066
(1-day SOFR + 0.77%), 1.47%, 09/22/27^(d)		22,140		20,201,661
(1-day SOFR + 0.80%), 1.05%, 11/19/26^(d)		8,505		7,930,015
(1-day SOFR + 0.92%), 2.60%, 02/24/26^(d)		21,045		20,501,207
(1-day SOFR + 1.16%), 2.30%, 10/15/25^(d)		4,160		4,086,705
(1-day SOFR + 1.26%), 2.96%, 01/25/33^(d)		1,345		1,148,400
(1-day SOFR + 1.31%), 5.01%, 01/23/30^(d)		1,745		1,737,852
(1-day SOFR + 1.62%), 5.34%, 01/23/35^(d)		5,280		5,300,632
(1-day SOFR + 1.85%), 2.08%, 04/22/26^(d)		428		412,405
(1-day SOFR + 1.85%), 5.35%, 06/01/34^(d)		11,415		11,459,038
(1-day SOFR + 1.99%), 4.85%, 07/25/28^(d)		19,310		19,147,159
(1-day SOFR + 2.08%), 4.91%, 07/25/33^(d)		5,300		5,189,465
(3-mo. CME Term SOFR + 1.51%), 3.96%, 01/29/27^(d)		1,300		1,268,967
(3-mo. CME Term SOFR + 1.52%), 4.20%, 07/23/29^(d)		35		33,743
(3-mo. CME Term SOFR + 1.59%), 2.01%, 03/13/26^(d)		852		823,684
Lloyds Banking Group PLC
4.58%, 12/10/25		3,110		3,049,229
(1-year CMT + 1.75%), 4.72%, 08/11/26^(d)		5,380		5,315,559
Mitsubishi UFJ Financial Group, Inc.^(d)
(1-year CMT + 0.45%), 0.96%, 10/11/25		6,325		6,162,914


S C H E D U L E O F I N V E S T M E N T S		5

Schedule of Investments (unaudited) (continued)

March 31, 2024

BlackRock Systematic Multi-Strategy Fund

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Banks (continued)
Mitsubishi UFJ Financial Group, Inc.^(d)(continued)
(1-year CMT + 0.55%), 0.95%, 07/19/25	$	6,270	$	6,177,110
(1-year CMT + 0.67%), 1.64%, 10/13/27		14,770		13,519,201
(1-year CMT + 0.83%), 2.34%, 01/19/28		2,585		2,397,404
(1-year CMT + 1.55%), 5.06%, 09/12/25		5,470		5,451,244
(1-year CMT + 1.70%), 4.79%, 07/18/25		5,550		5,530,657
(1-year CMT + 1.97%), 5.41%, 04/19/34		780		795,046
Mizuho Financial Group, Inc.^(d)
(1-year CMT + 0.75%), 1.55%, 07/09/27		5,780		5,314,057
(1-year CMT + 0.90%), 2.65%, 05/22/26		2,910		2,820,666
(1-year CMT + 1.90%), 5.75%, 07/06/34		17,915		18,500,003
Morgan Stanley
3.95%, 04/23/27		509		491,440
3.59%, 07/22/28^(d)		325		308,785
(1-day SOFR + 0.86%), 1.51%, 07/20/27^(d)		4,895		4,492,641
(1-day SOFR + 0.88%), 1.59%, 05/04/27^(d)		4,205		3,889,595
(1-day SOFR + 1.00%), 2.48%, 01/21/28^(d)		13		12,093
(1-day SOFR + 1.59%), 5.16%, 04/20/29^(d)		10,845		10,836,247
(1-day SOFR + 1.61%), 4.21%, 04/20/28^(d)		18		17,491
(1-day SOFR + 1.63%), 5.45%, 07/20/29^(d)		911		918,989
(1-day SOFR + 1.67%), 4.68%, 07/17/26^(d)		9,420		9,318,502
(1-day SOFR + 1.73%), 5.12%, 02/01/29^(d)		3,225		3,217,137
(1-day SOFR + 1.73%), 5.47%, 01/18/35^(d)		1,115		1,124,966
(1-day SOFR + 1.87%), 5.25%, 04/21/34^(d)		10,910		10,824,727
(1-day SOFR + 1.99%), 2.19%, 04/28/26^(d)		2,440		2,353,994
(1-day SOFR + 3.12%), 3.62%, 04/01/31^(d)		13,724		12,586,603
(3-mo. CME Term SOFR + 1.40%), 3.77%, 01/24/29^(d)		35		33,316
(3-mo. CME Term SOFR + 1.89%), 4.43%, 01/23/30^(d)		165		159,788
PNC Financial Services Group, Inc.^(d)
(1-day SOFR Index + 1.09%), 5.67%, 10/28/25		6,290		6,288,835
(1-day SOFR Index + 2.14%), 6.04%, 10/28/33		8,350		8,632,991
Popular, Inc., 7.25%, 03/13/28		4,395		4,499,985
Royal Bank of Canada
1.15%, 06/10/25		2,500		2,384,712
1.20%, 04/27/26		1,495		1,381,786
5.20%, 08/01/28		1,220		1,232,148
4.95%, 02/01/29		1,840		1,844,403
5.00%, 02/01/33		1,880		1,873,283
Series FXD, 2.05%, 01/21/27		8,000		7,410,401
Santander Holdings USA, Inc.^(d)
(1-day SOFR + 2.36%), 6.50%, 03/09/29		2,880		2,945,671
(1-day SOFR + 2.50%), 6.17%, 01/09/30		7,490		7,557,513
(1-day SOFR Index + 1.38%), 4.26%, 06/09/25		4,000		3,977,003
Santander U.K. Group Holdings PLC, (1-year CMT + 1.25%), 1.53%, 08/21/26^(d)		3,000		2,825,794
Sumitomo Mitsui Financial Group, Inc.
2.35%, 01/15/25		360		351,392
1.47%, 07/08/25		7,252		6,903,527
5.46%, 01/13/26		5,130		5,147,267
1.40%, 09/17/26		7,800		7,130,127
2.17%, 01/14/27		2,735		2,532,854
5.52%, 01/13/28		5,590		5,700,515
5.71%, 01/13/30		4,630		4,778,010
Toronto-Dominion Bank
3.77%, 06/06/25		15,240		14,970,792
4.69%, 09/15/27		6,755		6,690,588
Truist Financial Corp.
1.20%, 08/05/25		3,401		3,214,974
(1-day SOFR + 0.86%), 1.89%, 06/07/29^(d)		199		172,737
(1-day SOFR + 1.46%), 4.26%, 07/28/26^(d)		6,205		6,104,104


Security	Par (000)		Value

Banks (continued)
Truist Financial Corp. (continued)
(1-day SOFR + 1.62%), 5.44%, 01/24/30^(d)	$	820	$	819,044
(1-day SOFR + 2.36%), 5.87%, 06/08/34^(d)		5,010		5,071,427
U.S. Bancorp^(d)
(1-day SOFR + 1.66%), 4.55%, 07/22/28		1,730		1,695,552
(1-day SOFR + 1.86%), 5.68%, 01/23/35		1,445		1,459,059
UBS AG, 5.65%, 09/11/28		3,500		3,582,815
UniCredit SpA^(a)(d)
(5-year CMT + 4.75%), 5.46%, 06/30/35		3,625		3,404,070
(5-year USD ICE Swap + 3.70%), 5.86%, 06/19/32		807		788,034
(5-year USD ICE Swap + 4.91%), 7.30%, 04/02/34		7,118		7,315,409
Wells Fargo & Co.
4.15%, 01/24/29		3,212		3,095,262
(1-day SOFR + 1.32%), 3.91%, 04/25/26^(d)		2,631		2,582,217
(1-day SOFR + 1.51%), 3.53%, 03/24/28^(d)		6,874		6,542,599
(1-day SOFR + 1.56%), 4.54%, 08/15/26^(d)		7,464		7,368,679
(1-day SOFR + 1.74%), 5.57%, 07/25/29^(d)		6,080		6,152,061
(1-day SOFR + 1.78%), 5.50%, 01/23/35^(d)		5,145		5,157,113
(1-day SOFR + 1.98%), 4.81%, 07/25/28^(d)		16,629		16,384,859
(1-day SOFR + 1.99%), 5.56%, 07/25/34^(d)		4,570		4,587,648
(1-day SOFR + 2.10%), 2.39%, 06/02/28^(d)		3		2,746
(3-mo. CME Term SOFR + 1.01%), 2.16%, 02/11/26^(d)		5,524		5,358,791
(3-mo. CME Term SOFR + 1.26%), 2.57%, 02/11/31^(d)		4,271		3,681,664
(3-mo. CME Term SOFR + 1.43%), 2.88%, 10/30/30^(d)		1,875		1,657,489
(3-mo. CME Term SOFR + 1.57%), 3.58%, 05/22/28^(d)		31		29,472
Wells Fargo Bank NA, 5.45%, 08/07/26		7,335		7,384,289


				858,574,375

Beverages — 0.5%
Coca-Cola Femsa SAB de CV, 2.75%, 01/22/30		8,207		7,278,583
Constellation Brands, Inc.
4.35%, 05/09/27		5,582		5,465,441
2.88%, 05/01/30		310		274,224
Diageo Capital PLC
2.38%, 10/24/29		405		357,785
2.00%, 04/29/30		2,710		2,306,051
5.50%, 01/24/33		18,405		19,089,824


				34,771,908

Biotechnology — 0.3%
Amgen, Inc.
5.15%, 03/02/28		3,035		3,054,456
4.05%, 08/18/29		1,225		1,177,450
Regeneron Pharmaceuticals, Inc., 1.75%, 09/15/30		20,690		16,932,864


				21,164,770

Broadline Retail — 0.5%
Alibaba Group Holding Ltd., 3.60%, 11/28/24		550		542,383
Evergreen Acqco 1 LP / TVI, Inc., 9.75%, 04/26/28^(a)		38		40,852
Kohl’s Corp., 4.63%, 05/01/31		1,748		1,470,986
Macy’s Retail Holdings LLC^(a)
5.88%, 04/01/29		375		367,882
5.88%, 03/15/30		6,219		6,045,181
6.13%, 03/15/32		3,500		3,392,502
Nordstrom, Inc.
4.38%, 04/01/30		2,447		2,215,743
4.25%, 08/01/31		1,755		1,540,991
QVC, Inc.
4.45%, 02/15/25		2,718		2,633,098


6

Schedule of Investments (unaudited) (continued)

March 31, 2024

BlackRock Systematic Multi-Strategy Fund

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Broadline Retail (continued)
QVC, Inc. (continued)
4.38%, 09/01/28	$	5,804	$	4,651,571
Rakuten Group, Inc.^(a)
11.25%, 02/15/27		7,609		8,061,646
(5-year CMT + 4.58%), 5.13%^(d)(e)		225		194,056
(5-year CMT + 4.96%), 6.25%^(d)(e)		345		257,887


				31,414,778

Building Materials — 0.0%
Eco Material Technologies, Inc., 7.88%, 01/31/27^(a)		1,370		1,389,947


Building Products — 0.2%
BlueLinx Holdings, Inc., 6.00%, 11/15/29^(a)		4,100		3,982,113
Home Depot, Inc.
2.50%, 04/15/27		150		140,554
2.88%, 04/15/27		955		906,065
Lowe’s Cos., Inc.
3.10%, 05/03/27		9,171		8,697,104
2.63%, 04/01/31		1,155		993,855


				14,719,691

Capital Markets — 1.8%
Ameriprise Financial, Inc.
5.70%, 12/15/28		7,590		7,829,700
5.15%, 05/15/33		7,000		7,072,793
Ares Capital Corp.
2.15%, 07/15/26		3,936		3,624,386
7.00%, 01/15/27		7,150		7,355,486
2.88%, 06/15/27		6,210		5,704,617
2.88%, 06/15/28		3,355		2,990,193
Barings BDC, Inc., 3.30%, 11/23/26		1,715		1,567,874
Blackstone Private Credit Fund, 2.70%, 01/15/25		5,320		5,193,071
Brookfield Capital Finance LLC, 6.09%, 06/14/33		1,275		1,335,492
Brookfield Corp., 4.00%, 01/15/25		1,000		986,956
Brookfield Finance, Inc.
4.00%, 04/01/24		80		80,000
3.90%, 01/25/28		55		52,959
6.35%, 01/05/34		3,600		3,829,711
Charles Schwab Corp.
1.15%, 05/13/26		2,135		1,968,240
5.88%, 08/24/26		6,560		6,669,336
2.45%, 03/03/27		1,495		1,393,173
(1-day SOFR + 1.88%), 6.20%, 11/17/29^(d)		3,315		3,445,607
Compass Group Diversified Holdings LLC, 5.25%, 04/15/29^(a)		4,991		4,742,111
FS KKR Capital Corp.
1.65%, 10/12/24		1,905		1,860,472
4.13%, 02/01/25		105		103,269
2.63%, 01/15/27		5,275		4,785,215
3.25%, 07/15/27		2,810		2,558,485
3.13%, 10/12/28		4,080		3,564,320
7.88%, 01/15/29		60		62,708
Golub Capital BDC, Inc., 2.50%, 08/24/26		620		569,644
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
6.38%, 12/15/25		70		69,433
6.25%, 05/15/26		125		120,666
5.25%, 05/15/27		4,834		4,368,683
9.75%, 01/15/29^(a)		5,299		5,531,107
Jefferies Financial Group, Inc., 5.88%, 07/21/28		2,085		2,122,489
Main Street Capital Corp.
3.00%, 07/14/26		2,000		1,863,625
6.95%, 03/01/29		4,390		4,459,294
Nasdaq, Inc., 5.65%, 06/28/25		1,265		1,268,956
Nomura Holdings, Inc.
5.10%, 07/03/25		7,720		7,670,061


Security	Par (000)		Value

Capital Markets (continued)
Nomura Holdings, Inc. (continued)
1.85%, 07/16/25	$	7,520	$	7,163,325
StoneX Group, Inc.^(a)
8.63%, 06/15/25		3,424		3,438,785
7.88%, 03/01/31		4,408		4,472,119


				121,894,361

Chemicals — 0.7%
Air Products and Chemicals, Inc.
1.85%, 05/15/27		2,380		2,185,201
2.05%, 05/15/30		1,125		962,953
Celanese U.S. Holdings LLC, 6.35%, 11/15/28		4,965		5,143,533
Chemours Co.
5.38%, 05/15/27		858		822,533
5.75%, 11/15/28^(a)		8,572		7,904,229
CVR Partners LP/CVR Nitrogen Finance Corp., 6.13%, 06/15/28^(a)		5,148		4,947,254
Ecolab, Inc., 2.13%, 02/01/32		1,920		1,594,564
INEOS Finance PLC, 7.50%, 04/15/29^(a)		2,260		2,266,965
LYB International Finance II BV, 3.50%, 03/02/27		2,480		2,366,047
Methanex Corp., 5.65%, 12/01/44		1,300		1,118,088
Minerals Technologies, Inc., 5.00%, 07/01/28^(a)		45		43,027
NOVA Chemicals Corp, 9.00%, 02/15/30^(a)		2,500		2,579,402
Nufarm Australia Ltd./Nufarm Americas, Inc., 5.00%, 01/27/30^(a)		110		100,897
PPG Industries, Inc.
1.20%, 03/15/26		8,910		8,259,985
2.55%, 06/15/30		2,000		1,745,153
SK Invictus Intermediate II SARL, 5.00%, 10/30/29^(a)		6,407		5,710,973
Tronox, Inc., 4.63%, 03/15/29^(a)		424		380,301


				48,131,105

Commercial Services & Supplies — 0.6%
Allied Universal Holdco LLC/Allied Universal Finance Corp., 9.75%, 07/15/27^(a)		2,199		2,205,606
APX Group, Inc., 5.75%, 07/15/29^(a)		3,236		3,111,416
Cimpress PLC, 7.00%, 06/15/26		3,241		3,243,917
CoreCivic, Inc., 8.25%, 04/15/29		2,655		2,777,077
Deluxe Corp., 8.00%, 06/01/29^(a)		1,704		1,571,127
Fortress Transportation and Infrastructure Investors LLC^(a)
6.50%, 10/01/25		2,696		2,691,961
9.75%, 08/01/27		5,000		5,177,190
7.88%, 12/01/30		1,640		1,722,184
Interface, Inc., 5.50%, 12/01/28^(a)		1,548		1,470,853
Mavis Tire Express Services Topco Corp., 6.50%, 05/15/29^(a)		1,224		1,164,136
Neptune Bidco U.S., Inc., 9.29%, 04/15/29^(a)		2,398		2,267,486
Prime Security Services Borrower LLC/Prime Finance, Inc., 6.25%, 01/15/28^(a)		3,014		2,952,450
PROG Holdings, Inc., 6.00%, 11/15/29^(a)		1,996		1,865,531
Quanta Services, Inc.
0.95%, 10/01/24		3,805		3,712,610
2.35%, 01/15/32		2,295		1,864,859
Steelcase, Inc., 5.13%, 01/18/29		1,786		1,687,894
Williams Scotsman, Inc., 4.63%, 08/15/28^(a)		2,967		2,806,102
ZipRecruiter, Inc., 5.00%, 01/15/30^(a)		762		671,112


				42,963,511

Communications Equipment — 0.4%
Cisco Systems, Inc., 5.05%, 02/26/34		3,320		3,364,700
CommScope, Inc., 6.00%, 03/01/26^(a)		4,284		3,919,860
Motorola Solutions, Inc.
4.00%, 09/01/24		6		5,950
4.60%, 02/23/28		50		49,314


S C H E D U L E O F I N V E S T M E N T S		7

Schedule of Investments (unaudited) (continued)

March 31, 2024

BlackRock Systematic Multi-Strategy Fund

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Communications Equipment (continued)
Motorola Solutions, Inc. (continued)
4.60%, 05/23/29	$	600	$	588,069
2.30%, 11/15/30		200		167,883
2.75%, 05/24/31		3,485		2,953,320
5.60%, 06/01/32		11,250		11,403,420
5.40%, 04/15/34		5,765		5,753,610


				28,206,126

Construction & Engineering^(a)— 0.1%
Brand Industrial Services, Inc., 10.38%, 08/01/30		895		968,983
Brundage-Bone Concrete Pumping Holdings, Inc.,
6.00%, 02/01/26		95		93,824
MasTec, Inc., 6.63%, 08/15/29		1,491		1,400,576
Tutor Perini Corp., 6.88%, 05/01/25		921		911,569


				3,374,952

Construction Materials — 0.3%
AmeriTex HoldCo Intermediate LLC, 10.25%, 10/15/28^(a)		1,230		1,320,597
Carrier Global Corp.
2.24%, 02/15/25		704		682,804
2.49%, 02/15/27		1,154		1,075,230
5.90%, 03/15/34		1,285		1,350,533
Eagle Materials, Inc., 2.50%, 07/01/31		3,285		2,760,931
Masco Corp., 3.50%, 11/15/27		2,925		2,762,917
Smyrna Ready Mix Concrete LLC^(a)
6.00%, 11/01/28		900		879,621
8.88%, 11/15/31		3,500		3,741,118
Standard Industries, Inc., 4.38%, 07/15/30^(a)		5,150		4,627,508
Trane Technologies Financing Ltd., 3.50%, 03/21/26		1,555		1,504,260


				20,705,519

Consumer Finance — 2.4%
Ally Financial, Inc.
5.75%, 11/20/25		3,910		3,881,841
(1-day SOFR + 2.82%), 6.85%, 01/03/30^(d)		5,395		5,552,347
American Express Co.
3.95%, 08/01/25		7,010		6,887,840
4.90%, 02/13/26		2,850		2,836,787
4.05%, 05/03/29		3,650		3,540,184
(1-day SOFR + 1.84%), 5.04%, 05/01/34^(d)		13,860		13,696,554
(1-day SOFR + 1.93%), 5.63%, 07/28/34^(d)		1,440		1,452,044
Bread Financial Holdings, Inc., 9.75%, 03/15/29^(a)		4,783		4,977,558
Capital One Financial Corp.^(d)
(1-day SOFR + 1.37%), 4.17%, 05/09/25		4,380		4,371,058
(1-day SOFR + 1.79%), 3.27%, 03/01/30		69		62,159
(1-day SOFR + 2.26%), 6.05%, 02/01/35		12,755		12,985,957
(1-day SOFR + 2.60%), 5.25%, 07/26/30		595		585,593
(1-day SOFR + 2.64%), 6.31%, 06/08/29		5,605		5,762,256
CPI CG, Inc., 8.63%, 03/15/26^(a)		3,000		2,988,321
Credit Acceptance Corp.
6.63%, 03/15/26		165		164,916
9.25%, 12/15/28^(a)		4,536		4,878,835
Discover Financial Services, 6.70%, 11/29/32		1,748		1,847,715
Encore Capital Group, Inc., 9.25%, 04/01/29^(a)		3,980		4,077,019
FirstCash, Inc.^(a)
4.63%, 09/01/28		269		253,187
5.63%, 01/01/30		930		883,748
6.88%, 03/01/32		3,540		3,538,350
Ford Motor Credit Co. LLC, 6.80%, 11/07/28		17,200		17,952,920
goeasy Ltd.^(a)
9.25%, 12/01/28		2,459		2,621,793
7.63%, 07/01/29		3,786		3,791,471


Security	Par (000)		Value

Consumer Finance (continued)
GTCR W-2 Merger Sub LLC, 7.50%, 01/15/31^(a)	$	3,700	$	3,873,208
Mastercard, Inc.
2.95%, 06/01/29		260		239,387
1.90%, 03/15/31		167		139,473
Navient Corp., 6.75%, 06/15/26		467		470,825
OneMain Finance Corp.
7.13%, 03/15/26		4,885		4,973,643
6.63%, 01/15/28		3,686		3,697,839
9.00%, 01/15/29		3,864		4,100,137
PRA Group, Inc.^(a)
7.38%, 09/01/25		349		348,379
5.00%, 10/01/29		762		642,124
S&P Global, Inc.
2.45%, 03/01/27		11,965		11,198,553
2.50%, 12/01/29		115		101,811
1.25%, 08/15/30		1,905		1,538,959
2.90%, 03/01/32		11,640		10,144,016
Sabre GLBL, Inc., 11.25%, 12/15/27^(a)		4,114		3,861,024
Synchrony Financial, 7.25%, 02/02/33		6,319		6,273,560


				161,193,391

Consumer Staples Distribution & Retail — 0.1%
Costco Wholesale Corp., 1.60%, 04/20/30		1,375		1,157,591
General Mills, Inc.
4.00%, 04/17/25		690		679,952
4.95%, 03/29/33		2,685		2,655,042
Kroger Co., 2.20%, 05/01/30		40		33,970
United Natural Foods, Inc., 6.75%, 10/15/28^(a)		316		262,468


				4,789,023

Containers & Packaging — 0.3%
ARD Finance SA, (6.50% Cash or 7.25% PIK), 6.50%, 06/30/27^(a)(c)		1,350		451,768
Graham Packaging Co., Inc., 7.13%, 08/15/28^(a)		4,667		4,231,539
Mauser Packaging Solutions Holding Co.^(a)
7.88%, 08/15/26		2,675		2,725,159
9.25%, 04/15/27		1,720		1,706,300
Packaging Corp. of America, 5.70%, 12/01/33		7,840		8,097,284


				17,212,050

Diversified Consumer Services^(a)— 0.0%
Adtalem Global Education, Inc., 5.50%, 03/01/28		190		181,891
Graham Holdings Co., 5.75%, 06/01/26		445		440,720


				622,611

Diversified REITs — 0.7%
American Tower Corp.
2.95%, 01/15/25		8,075		7,902,850
5.80%, 11/15/28		3,975		4,069,727
Crown Castle, Inc.
3.65%, 09/01/27		7,183		6,809,019
3.80%, 02/15/28		1,116		1,056,536
5.60%, 06/01/29		540		547,246
Equinix, Inc.
2.63%, 11/18/24		2,210		2,165,485
1.45%, 05/15/26		3,465		3,187,139
Iron Mountain Information Management Services, Inc., 5.00%, 07/15/32^(a)		3,260		2,977,263
Mid-America Apartments LP, 1.10%, 09/15/26		260		235,854
Prologis LP
4.88%, 06/15/28		1,245		1,246,338
4.75%, 06/15/33		3,435		3,365,976
VICI Properties LP, 4.38%, 05/15/25		975		958,354


8

Schedule of Investments (unaudited) (continued)

March 31, 2024

BlackRock Systematic Multi-Strategy Fund

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Diversified REITs (continued)
VICI Properties LP/VICI Note Co., Inc.^(a)
4.63%, 06/15/25	$	8,410	$	8,281,022
5.75%, 02/01/27		160		159,798
3.75%, 02/15/27		615		582,867
3.88%, 02/15/29		620		570,628
4.63%, 12/01/29		100		94,572
4.13%, 08/15/30		300		272,792


				44,483,466

Diversified Telecommunication Services — 1.1%
AT&T, Inc.
1.70%, 03/25/26		19,033		17,794,851
2.30%, 06/01/27		11,475		10,577,233
4.35%, 03/01/29		162		157,827
Consolidated Communications, Inc., 6.50%, 10/01/28^(a)		5,459		4,768,555
Frontier Communications Holdings LLC^(a)
5.88%, 10/15/27		85		82,292
5.00%, 05/01/28		2,275		2,111,684
6.75%, 05/01/29		4,505		4,014,810
8.75%, 05/15/30		5,139		5,258,341
8.63%, 03/15/31		6,022		6,150,443
Iliad Holding SASU^(a)
6.50%, 10/15/26		800		792,507
7.00%, 10/15/28		1,015		1,004,558
Level 3 Financing, Inc.^(a)
11.00%, 11/15/29		984		1,022,761
10.50%, 05/15/30		4,138		4,231,105
Sprint Capital Corp., 8.75%, 03/15/32		2,510		3,043,505
Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC, 6.00%, 01/15/30^(a)		1,842		1,373,421
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC^(a)
10.50%, 02/15/28		5,640		5,847,148
6.50%, 02/15/29		5,980		4,634,658
Verizon Communications, Inc.
3.00%, 03/22/27		440		416,971
4.33%, 09/21/28		350		342,211
1.68%, 10/30/30		2,273		1,851,868
Windstream Escrow LLC/Windstream Escrow Finance Corp., 7.75%, 08/15/28^(a)		865		800,619


				76,277,368

Electric Utilities — 2.8%
AEP Texas, Inc.
3.95%, 06/01/28		50		47,708
5.40%, 06/01/33		125		124,726
AEP Transmission Co. LLC, 5.15%, 04/01/34		565		563,013
AES Corp., 1.38%, 01/15/26		3,584		3,318,949
Alabama Power Co., 3.05%, 03/15/32		1,465		1,278,788
Ameren Corp., 3.50%, 01/15/31		140		126,480
Ameren Illinois Co.
3.85%, 09/01/32		2,750		2,518,685
4.95%, 06/01/33		470		465,169
American Electric Power Co., Inc., Series N, 1.00%, 11/01/25		3,000		2,797,316
Appalachian Power Co.
Series AA, 2.70%, 04/01/31		800		673,636
Series BB, 4.50%, 08/01/32		2,120		1,988,334
Arizona Public Service Co., 2.20%, 12/15/31		2,310		1,884,240
Atlantic City Electric Co., 4.00%, 10/15/28		50		48,317
Avangrid, Inc., 3.80%, 06/01/29		100		93,793


Security	Par (000)		Value

Electric Utilities (continued)
Berkshire Hathaway Energy Co.
3.25%, 04/15/28	$	100	$	94,342
3.70%, 07/15/30		5,170		4,839,526
1.65%, 05/15/31		245		196,161
Black Hills Corp.
1.04%, 08/23/24		570		559,833
3.15%, 01/15/27		1,960		1,850,951
CenterPoint Energy Houston Electric LLC
Series AG, 3.00%, 03/01/32		635		552,587
Series AI, 4.45%, 10/01/32		1,850		1,774,855
CenterPoint Energy, Inc., 5.25%, 08/10/26		1,252		1,254,130
Commonwealth Edison Co.
2.20%, 03/01/30		170		145,684
4.90%, 02/01/33		665		659,208
Consolidated Edison Co. of New York, Inc., Series 20A,
3.35%, 04/01/30		330		303,965
Constellation Energy Generation LLC
3.25%, 06/01/25		770		752,457
5.80%, 03/01/33		620		639,070
Dominion Energy, Inc.
4.25%, 06/01/28		165		159,839
Series A, 1.45%, 04/15/26		621		575,167
Series B, 3.60%, 03/15/27		1,300		1,248,863
Series C, 3.38%, 04/01/30		916		832,455
Series C, 2.25%, 08/15/31		1,375		1,125,175
DTE Electric Co., Series C, 2.63%, 03/01/31		390		337,390
DTE Energy Co.
2.85%, 10/01/26		5,000		4,727,288
Series C, 3.40%, 06/15/29		122		111,869
Series F, 1.05%, 06/01/25		630		598,183
Duke Energy Carolinas LLC, 4.95%, 01/15/33		4,050		4,027,672
Duke Energy Corp.
3.75%, 04/15/24		1,180		1,179,067
2.65%, 09/01/26		4,283		4,044,187
3.40%, 06/15/29		255		236,449
2.55%, 06/15/31		3,870		3,258,602
5.75%, 09/15/33		640		657,440
Duke Energy Florida LLC, 1.75%, 06/15/30		115		95,531
Duke Energy Progress LLC, 5.25%, 03/15/33		755		763,356
Edison International, 4.95%, 04/15/25		2,500		2,479,878
Entergy Arkansas LLC, 5.30%, 09/15/33		720		726,543
Entergy Corp., 0.90%, 09/15/25		290		271,829
Entergy Louisiana LLC, 1.60%, 12/15/30		2,520		2,009,162
Entergy Mississippi LLC, 5.00%, 09/01/33		920		903,709
Entergy Texas, Inc., 4.00%, 03/30/29		50		47,913
Evergy Kansas Central, Inc., 5.90%, 11/15/33		860		902,144
Evergy, Inc., 2.90%, 09/15/29		100		89,321
Eversource Energy
4.20%, 06/27/24		6,740		6,715,199
5.13%, 05/15/33		3,070		3,008,120
Series L, 2.90%, 10/01/24		800		788,029
Series M, 3.30%, 01/15/28		1,000		934,621
Exelon Corp.
3.95%, 06/15/25		1,500		1,472,941
5.15%, 03/15/28		2,050		2,055,015
Florida Power & Light Co., 2.45%, 02/03/32		190		159,922
Georgia Power Co.
3.25%, 03/30/27		50		47,642
4.65%, 05/16/28		3,000		2,970,036
4.70%, 05/15/32		900		879,291
Series B, 2.65%, 09/15/29		700		623,897
Interstate Power and Light Co., 2.30%, 06/01/30		310		263,755


S C H E D U L E O F I N V E S T M E N T S		9

Schedule of Investments (unaudited) (continued)

March 31, 2024

BlackRock Systematic Multi-Strategy Fund

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Electric Utilities (continued)
ITC Holdings Corp., 3.35%, 11/15/27	$	5,420	$	5,120,914
MidAmerican Energy Co., 3.65%, 04/15/29		310		294,837
National Rural Utilities Cooperative Finance Corp.
1.00%, 06/15/26		6,475		5,932,093
5.05%, 09/15/28		790		794,356
3.70%, 03/15/29		100		94,584
2.40%, 03/15/30		1,105		957,197
5.80%, 01/15/33		2,350		2,445,023
Nevada Power Co., Series DD, 2.40%, 05/01/30		700		603,139
NextEra Energy Capital Holdings, Inc.
4.45%, 06/20/25		10,570		10,441,306
5.75%, 09/01/25		70		70,300
1.90%, 06/15/28		1,335		1,182,431
3.50%, 04/01/29		150		139,757
2.75%, 11/01/29		1,005		897,472
5.05%, 02/28/33		7,450		7,381,131
Ohio Power Co., 5.00%, 06/01/33		500		490,616
Oncor Electric Delivery Co. LLC
4.30%, 05/15/28		1,405		1,374,562
4.15%, 06/01/32		555		521,611
4.55%, 09/15/32		385		371,926
5.65%, 11/15/33		355		369,282
Pacific Gas and Electric Co.
3.15%, 01/01/26		2,350		2,259,216
2.10%, 08/01/27		35		31,513
3.00%, 06/15/28		1,265		1,155,452
2.50%, 02/01/31		1,265		1,051,947
3.25%, 06/01/31		1,750		1,519,497
6.40%, 06/15/33		3,358		3,535,771
PacifiCorp, 5.30%, 02/15/31		725		727,078
PECO Energy Co., 4.90%, 06/15/33		1,510		1,510,377
PG&E Corp., 5.25%, 07/01/30		3,819		3,628,944
PPL Capital Funding, Inc., 3.10%, 05/15/26		1,070		1,023,373
PPL Electric Utilities Corp.
5.00%, 05/15/33		500		498,571
4.85%, 02/15/34		2,265		2,227,271
Public Service Co. of Colorado, Series 38, 4.10%, 06/01/32		1,370		1,275,956
Public Service Co. of New Hampshire, Series V, 2.20%, 06/15/31		380		316,394
Public Service Electric and Gas Co.
2.45%, 01/15/30		1,350		1,180,686
4.65%, 03/15/33		1,575		1,535,126
5.20%, 08/01/33		740		750,923
Public Service Enterprise Group, Inc.
1.60%, 08/15/30		110		88,803
5.45%, 04/01/34		300		300,554
Puget Energy, Inc., 2.38%, 06/15/28		170		151,618
San Diego Gas & Electric Co., 4.95%, 08/15/28		3,365		3,377,622
Sempra
3.40%, 02/01/28		50		47,243
3.70%, 04/01/29		350		327,217
5.50%, 08/01/33		640		641,714
Southern California Edison Co.
2.85%, 08/01/29		115		103,560
5.95%, 11/01/32		3,168		3,322,114
5.20%, 06/01/34		810		801,882
Series B, 3.65%, 03/01/28		770		733,591
Southern Co., 5.20%, 06/15/33		1,320		1,318,975
Southern Power Co., 0.90%, 01/15/26		2,000		1,850,102
Southwestern Electric Power Co., 5.30%, 04/01/33		920		908,896
Talen Energy Supply LLC, 8.63%, 06/01/30^(a)		3,277		3,504,272


Security	Par (000)		Value

Electric Utilities (continued)
Tucson Electric Power Co., 1.50%, 08/01/30	$	30	$	24,222
Union Electric Co.
3.50%, 03/15/29		50		46,899
2.95%, 03/15/30		240		214,356
Virginia Electric and Power Co.
2.30%, 11/15/31		5,135		4,267,615
5.30%, 08/15/33		310		311,148
Vistra Operations Co. LLC^(a)
5.50%, 09/01/26		1,917		1,887,388
5.63%, 02/15/27		8,161		8,035,769
5.00%, 07/31/27		1,500		1,452,490
7.75%, 10/15/31		4,442		4,652,018
WEC Energy Group, Inc., 5.60%, 09/12/26		1,235		1,249,273
Wisconsin Electric Power Co., 1.70%, 06/15/28		175		154,980
Wisconsin Power and Light Co., 3.95%, 09/01/32		1,155		1,071,262
Xcel Energy, Inc.
4.60%, 06/01/32		860		808,706
5.45%, 08/15/33		260		258,416
5.50%, 03/15/34		350		348,036


				186,850,796

Electrical Equipment — 0.1%
Eaton Corp.
4.35%, 05/18/28		1,820		1,794,103
4.15%, 03/15/33		1,715		1,626,837


				3,420,940

Electronic Equipment, Instruments & Components — 0.7%
Allegion U.S. Holding Co., Inc., 3.20%, 10/01/24		1,175		1,159,188
Amphenol Corp.
4.75%, 03/30/26		785		779,283
2.80%, 02/15/30		1,000		894,789
CDW LLC/CDW Finance Corp.
5.50%, 12/01/24		5,644		5,618,761
3.28%, 12/01/28		1,763		1,606,869
3.57%, 12/01/31		6,920		6,083,607
Flex Ltd.
3.75%, 02/01/26		100		97,031
4.88%, 06/15/29		6,955		6,818,074
Honeywell International, Inc., 4.50%, 01/15/34		7,150		6,951,612
Jabil, Inc.
1.70%, 04/15/26		2,580		2,394,867
4.25%, 05/15/27		4,140		4,012,103
5.45%, 02/01/29		3,345		3,361,822
Keysight Technologies, Inc.
4.55%, 10/30/24		2,000		1,985,719
4.60%, 04/06/27		130		127,856
3.00%, 10/30/29		80		71,269
Teledyne Technologies, Inc., 2.75%, 04/01/31		3,000		2,569,810
Xerox Holdings Corp.^(a)
5.50%, 08/15/28		3,242		2,951,744
8.88%, 11/30/29		1,035		1,054,419


				48,538,823

Energy Equipment & Services — 0.3%
Borr IHC Ltd./Borr Finance LLC^(a)
10.00%, 11/15/28		5,575		5,798,000
10.38%, 11/15/30		549		570,960
Bristow Group, Inc., 6.88%, 03/01/28^(a)		1,914		1,873,367
Helix Energy Solutions Group, Inc., 9.75%, 03/01/29^(a)		1,595		1,707,306
Kodiak Gas Services LLC, 7.25%, 02/15/29^(a)		795		809,777
Seadrill Finance Ltd., 8.38%, 08/01/30^(a)		3,939		4,132,756


10

Schedule of Investments (unaudited) (continued)

March 31, 2024

BlackRock Systematic Multi-Strategy Fund

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Energy Equipment & Services (continued)
USA Compression Partners LP/USA Compression Finance Corp.
6.88%, 04/01/26	$	1,980	$	1,977,723
6.88%, 09/01/27		1,217		1,219,895
7.13%, 03/15/29^(a)		2,282		2,310,424
Weatherford International Ltd., 8.63%, 04/30/30^(a)		1,775		1,853,045


				22,253,253

Entertainment — 0.1%
Lions Gate Capital Holdings LLC, 5.50%, 04/15/29^(a)		4,571		3,496,982


Environmental, Maintenance & Security Service — 0.2%
Republic Services, Inc.
0.88%, 11/15/25		2,553		2,380,230
3.95%, 05/15/28		2,485		2,402,961
Waste Connections, Inc.
4.25%, 12/01/28		4,000		3,900,020
2.60%, 02/01/30		110		97,161
3.20%, 06/01/32		1,390		1,225,383


				10,005,755

Financial Services — 1.1%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
3.00%, 10/29/28		805		728,381
5.10%, 01/19/29		8,425		8,375,237
3.30%, 01/30/32		5,372		4,607,329
Burford Capital Global Finance LLC^(a)
6.25%, 04/15/28		270		262,974
6.88%, 04/15/30		476		467,399
9.25%, 07/01/31		4,561		4,827,289
Coinbase Global, Inc.^(a)
3.38%, 10/01/28		3,733		3,198,502
3.63%, 10/01/31		2,969		2,397,640
Freedom Mortgage Holdings LLC, 9.25%, 02/01/29^(a)		185		189,338
GGAM Finance Ltd., 8.00%, 02/15/27^(a)		1,130		1,166,748
Intercontinental Exchange, Inc.
3.65%, 05/23/25		4,060		3,983,611
1.85%, 09/15/32		1,095		853,849
LD Holdings Group LLC^(a)
6.50%, 11/01/25		3,650		3,543,141
6.13%, 04/01/28		5,864		4,859,566
Macquarie Airfinance Holdings Ltd., 8.13%, 03/30/29^(a)		1,050		1,110,503
MGIC Investment Corp., 5.25%, 08/15/28		597		579,921
Nationstar Mortgage Holdings, Inc.^(a)
5.00%, 02/01/26		1,519		1,486,500
6.00%, 01/15/27		2,687		2,648,879
5.50%, 08/15/28		1,140		1,091,073
5.13%, 12/15/30		2,079		1,886,237
5.75%, 11/15/31		3,950		3,643,287
7.13%, 02/01/32		945		938,528
PennyMac Financial Services, Inc.^(a)
7.88%, 12/15/29		1,922		1,974,941
5.75%, 09/15/31		2,040		1,892,246
Stena International SA^(a)
7.25%, 01/15/31		2,050		2,044,779
7.63%, 02/15/31		1,380		1,396,614
United Wholesale Mortgage LLC^(a)
5.50%, 11/15/25		3,651		3,618,087


Security	Par (000)		Value

Financial Services (continued)
United Wholesale Mortgage LLC^(a)(continued)
5.75%, 06/15/27	$	3,438	$	3,342,675
5.50%, 04/15/29		3,997		3,780,358


				70,895,632

Food Products — 0.2%
Chobani LLC/Chobani Finance Corp., Inc., 7.63%, 07/01/29^(a)		1,005		1,018,819
Hershey Co., 4.50%, 05/04/33		7,530		7,442,468
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc., 5.75%, 04/01/33		3,602		3,548,589
Mondelez International, Inc.
1.50%, 05/04/25		585		560,903
2.63%, 03/17/27		2,070		1,938,566


				14,509,345

Gas Utilities — 0.4%
AmeriGas Partners LP/AmeriGas Finance Corp.
5.50%, 05/20/25		2,616		2,617,033
5.88%, 08/20/26		3,376		3,370,408
5.75%, 05/20/27		1,374		1,342,075
9.38%, 06/01/28^(a)		4,185		4,333,609
CenterPoint Energy Resources Corp., 5.25%, 03/01/28		885		893,946
NiSource, Inc., 0.95%, 08/15/25		4,330		4,074,777
ONE Gas, Inc., 4.25%, 09/01/32		1,625		1,553,935
Piedmont Natural Gas Co., Inc.
3.50%, 06/01/29		50		46,528
5.40%, 06/15/33		1,255		1,265,566
Southern California Gas Co., 5.20%, 06/01/33		2,630		2,632,698
Southern Co. Gas Capital Corp., 5.75%, 09/15/33		380		393,361
Southwest Gas Corp.
2.20%, 06/15/30		25		21,060
4.05%, 03/15/32		2,995		2,742,881
Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.00%, 06/01/31^(a)		602		548,834


				25,836,711

Ground Transportation — 0.2%
Canadian National Railway Co., 3.85%, 08/05/32		1,400		1,300,858
GN Bondco LLC, 9.50%, 10/15/31^(a)		3,675		3,668,430
Ryder System, Inc.
5.65%, 03/01/28		4,495		4,580,988
6.60%, 12/01/33		6,075		6,589,229


				16,139,505

Health Care Equipment & Supplies — 0.3%
Agilent Technologies, Inc.
2.10%, 06/04/30		600		506,854
2.30%, 03/12/31		750		629,924
Bausch & Lomb Escrow Corp., 8.38%, 10/01/28^(a)		7,370		7,625,444
DH Europe Finance II SARL, 2.60%, 11/15/29		68		60,870
Edwards Lifesciences Corp., 4.30%, 06/15/28		6,885		6,699,383
Embecta Corp., 5.00%, 02/15/30^(a)		314		256,509
Zimmer Biomet Holdings, Inc., 5.35%, 12/01/28		2,700		2,738,805


				18,517,789

Health Care Providers & Services — 1.4%
Aetna, Inc., 3.50%, 11/15/24		3,118		3,076,320
Cencora, Inc.
3.45%, 12/15/27		849		806,855
2.70%, 03/15/31		7,190		6,170,614


S C H E D U L E O F I N V E S T M E N T S		11

Schedule of Investments (unaudited) (continued)

March 31, 2024

BlackRock Systematic Multi-Strategy Fund

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Health Care Providers & Services (continued)
DaVita, Inc., 4.63%, 06/01/30^(a)	$	8,650	$	7,744,206
Fortrea Holdings, Inc., 7.50%, 07/01/30^(a)		4,162		4,296,366
HCA, Inc.
3.50%, 09/01/30		3,740		3,382,296
3.63%, 03/15/32		9,030		7,993,689
5.60%, 04/01/34		18,770		18,899,929
Heartland Dental LLC/Heartland Dental Finance Corp., 10.50%, 04/30/28^(a)		1,150		1,221,875
Humana, Inc.
3.85%, 10/01/24		1,078		1,067,648
4.50%, 04/01/25		893		884,162
IQVIA, Inc., 6.25%, 02/01/29		1,865		1,936,476
LifePoint Health, Inc.^(a)
9.88%, 08/15/30		2,745		2,871,385
11.00%, 10/15/30		1,610		1,720,754
McKesson Corp., 0.90%, 12/03/25		2,515		2,339,943
Star Parent, Inc., 9.00%, 10/01/30^(a)		695		735,523
UnitedHealth Group, Inc.
5.30%, 02/15/30		10,340		10,586,177
2.00%, 05/15/30		3,585		3,046,841
Universal Health Services, Inc.
2.65%, 10/15/30		9,248		7,841,811
2.65%, 01/15/32		9,342		7,642,818


				94,265,688

Health Care REITs — 0.1%
Omega Healthcare Investors, Inc., 4.50%, 01/15/25		2,210		2,185,681
Welltower OP LLC, 4.00%, 06/01/25		2,955		2,904,809


				5,090,490

Health Care Technology — 0.0%
AthenaHealth Group, Inc., 6.50%, 02/15/30^(a)		1,665		1,522,840


Hotel & Resort REITs — 0.1%
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, 4.88%, 05/15/29^(a)		171		159,017
RLJ Lodging Trust LP, 4.00%, 09/15/29^(a)		3,075		2,710,672
Service Properties Trust, 7.50%, 09/15/25		2,007		2,034,054
XHR LP, 4.88%, 06/01/29^(a)		295		273,131


				5,176,874

Hotels, Restaurants & Leisure — 1.6%
Affinity Interactive, 6.88%, 12/15/27^(a)		648		605,483
Burger King (Restaurant Brands International, Inc.)/New Red Finance, Inc., 4.00%, 10/15/30^(a)		4,842		4,314,230
Carnival Corp.^(a)
5.75%, 03/01/27		4,514		4,467,666
10.50%, 06/01/30		5,000		5,468,805
Carnival Holdings Bermuda Ltd., 10.38%, 05/01/28^(a)		5,409		5,900,456
Choice Hotels International, Inc., 3.70%, 12/01/29		236		211,184
Darden Restaurants, Inc.
3.85%, 05/01/27		10		9,624
6.30%, 10/10/33		2,820		2,942,169
Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Esc^(a)
5.00%, 06/01/29		3,309		3,085,978
4.88%, 07/01/31		5,310		4,754,229
Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Escrow Esc, 6.63%, 01/15/32^(a)		670		672,705
Hyatt Hotels Corp., 5.75%, 01/30/27		2,180		2,213,922
Marriott International, Inc.
5.00%, 10/15/27		2,480		2,472,636
5.55%, 10/15/28		2,120		2,164,749
4.90%, 04/15/29		605		600,227


Security	Par (000)		Value

Hotels, Restaurants & Leisure (continued)
Marriott International, Inc. (continued)
5.30%, 05/15/34	$	2,620	$	2,591,362
Series AA, 4.65%, 12/01/28		193		189,518
Series FF, 4.63%, 06/15/30		170		165,392
Series HH, 2.85%, 04/15/31		8,145		7,025,414
McDonald’s Corp., 4.60%, 09/09/32		26,493		26,067,019
NCL Corp. Ltd.^(a)
5.88%, 03/15/26		6,828		6,740,266
7.75%, 02/15/29		3,966		4,117,803
NCL Finance Ltd., 6.13%, 03/15/28^(a)		451		445,370
Raising Cane’s Restaurants LLC, 9.38%, 05/01/29^(a)		1,020		1,102,355
Resorts World Las Vegas LLC/RWLV Capital, Inc.^(a)
4.63%, 04/16/29		1,455		1,319,670
8.45%, 07/27/30		4,440		4,761,367
Royal Caribbean Cruises Ltd., 5.50%, 08/31/26^(a)		2,782		2,757,004
Starbucks Corp., 3.55%, 08/15/29		40		37,768
Station Casinos LLC, 4.63%, 12/01/31^(a)		739		664,210
Travel & Leisure Co.^(a)
6.63%, 07/31/26		1,166		1,174,160
4.50%, 12/01/29		2,621		2,410,097
4.63%, 03/01/30		1,410		1,287,413
Wynn Macau Ltd.^(a)
5.63%, 08/26/28		605		572,859
5.13%, 12/15/29		400		364,250
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 7.13%, 02/15/31^(a)		918		950,035


				104,627,395

Household Durables — 0.4%
Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC, 6.25%, 09/15/27^(a)		285		278,823
Lennar Corp., 5.00%, 06/15/27		2,685		2,669,959
LGI Homes, Inc., 8.75%, 12/15/28^(a)		2,151		2,269,591
Meritage Homes Corp., 5.13%, 06/06/27		2,100		2,069,886
NVR, Inc., 3.00%, 05/15/30		10,320		9,164,319
Toll Brothers Finance Corp.
4.35%, 02/15/28		5,010		4,841,613
3.80%, 11/01/29		2,750		2,564,096


				23,858,287

Independent Power and Renewable Electricity Producers — 0.2%
Calpine Corp., 5.00%, 02/01/31^(a)		4,600		4,219,568
NRG Energy, Inc.
6.63%, 01/15/27		30		30,015
7.00%, 03/15/33^(a)		7,070		7,544,086


				11,793,669

Industrial Conglomerates — 0.1%
Calderys Financing LLC, 11.25%, 06/01/28^(a)		319		343,183
Pentair Finance SARL, 4.50%, 07/01/29		4,300		4,161,726


				4,504,909

Insurance — 2.0%
Aflac, Inc., 1.13%, 03/15/26		2,360		2,186,228
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 6.75%, 10/15/27^(a)		883		869,953
Aon Corp., 2.80%, 05/15/30		405		356,750
Aon Corp./Aon Global Holdings PLC, 2.85%, 05/28/27		495		463,145
Arthur J Gallagher & Co.
2.40%, 11/09/31		1,450		1,188,862
5.50%, 03/02/33		3,360		3,383,596
6.50%, 02/15/34		8,190		8,807,278
5.45%, 07/15/34		1,400		1,409,258
Assurant, Inc.
4.90%, 03/27/28		4,810		4,747,654


12

Schedule of Investments (unaudited) (continued)

March 31, 2024

BlackRock Systematic Multi-Strategy Fund

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Insurance (continued)
Assurant, Inc. (continued)
3.70%, 02/22/30	$	3,500	$	3,165,704
Assured Guaranty U.S. Holdings, Inc., 6.13%, 09/15/28		4,188		4,341,730
AssuredPartners, Inc., 7.50%, 02/15/32^(a)		1,640		1,611,555
Athene Holding Ltd., 3.50%, 01/15/31		1,665		1,463,114
Brown & Brown, Inc.
4.50%, 03/15/29		4,320		4,199,036
4.20%, 03/17/32		10,550		9,739,524
Corebridge Financial, Inc., 3.50%, 04/04/25		955		934,882
Enstar Group Ltd., 3.10%, 09/01/31		16,139		13,399,179
Fairfax Financial Holdings Ltd.
3.38%, 03/03/31		1,005		873,790
5.63%, 08/16/32		6,370		6,363,569
Fidelity & Guaranty Life Holdings, Inc., 5.50%, 05/01/25^(a)		1,015		1,006,440
Marsh & McLennan Cos., Inc.
2.25%, 11/15/30		4,215		3,583,327
2.38%, 12/15/31		2,381		1,985,579
5.75%, 11/01/32		21,330		22,377,986
5.40%, 09/15/33		9,993		10,252,832
NFP Corp., 6.88%, 08/15/28^(a)		1,039		1,052,261
NMI Holdings, Inc., 7.38%, 06/01/25^(a)		2,923		2,952,312
Principal Financial Group, Inc., 5.38%, 03/15/33		2,650		2,670,704
Progressive Corp., 3.20%, 03/26/30		4,830		4,406,167
RenaissanceRe Holdings Ltd., 5.75%, 06/05/33		6,590		6,644,476
Unum Group, 4.00%, 06/15/29		4,996		4,712,957


				131,149,848

Interactive Media & Services — 0.9%
Baidu, Inc., 1.72%, 04/09/26		2,170		2,021,464
Cogent Communications Group, Inc., 7.00%, 06/15/27^(a)		2,166		2,156,423
Meta Platforms, Inc.
3.50%, 08/15/27		18,990		18,270,977
4.60%, 05/15/28		3,730		3,727,979
4.80%, 05/15/30		2,890		2,905,834
3.85%, 08/15/32		18,875		17,687,102
4.95%, 05/15/33		12,750		12,905,443


				59,675,222

Internet Software & Services — 0.2%
Booking Holdings, Inc., 4.63%, 04/13/30		153		151,111
EquipmentShare.com, Inc., 9.00%, 05/15/28^(a)		760		782,794
VeriSign, Inc.
5.25%, 04/01/25		2,300		2,290,239
2.70%, 06/15/31		14,505		12,147,950


				15,372,094

IT Services — 1.4%
Central Parent LLC/CDK Global II LLC/CDK Financing Co., Inc., 8.00%, 06/15/29^(a)		365		378,372
Conduent Business Services LLC/Conduent State & Local Solutions, Inc., 6.00%, 11/01/29^(a)		4,777		4,323,061
Fiserv, Inc.
5.45%, 03/02/28		950		961,105
5.38%, 08/21/28		7,660		7,736,572
5.60%, 03/02/33		9,930		10,123,809
5.45%, 03/15/34		2,800		2,835,887
GrubHub Holdings, Inc., 5.50%, 07/01/27^(a)		4,419		4,012,928
International Business Machines Corp.
3.45%, 02/19/26		7,585		7,379,203
3.30%, 05/15/26		16,600		16,016,880
2.20%, 02/09/27		5,120		4,757,238


Security	Par (000)		Value

IT Services (continued)
International Business Machines Corp. (continued)
4.15%, 07/27/27	$	19,620	$	19,198,959
KBR, Inc., 4.75%, 09/30/28^(a)		6,000		5,517,332
Kyndryl Holdings, Inc.
2.70%, 10/15/28		250		221,354
3.15%, 10/15/31		3,045		2,562,236
6.35%, 02/20/34		655		672,332
Unisys Corp., 6.88%, 11/01/27^(a)		115		102,206
VT Topco, Inc., 8.50%, 08/15/30^(a)		1,260		1,330,031
Ziff Davis, Inc., 4.63%, 10/15/30^(a)		5,085		4,584,091


				92,713,596

Leisure Products — 0.0%
Amer Sports Co., 6.75%, 02/16/31^(a)		719		713,475
Hasbro, Inc., 3.55%, 11/19/26		145		138,235


				851,710

Machinery — 0.5%
IDEX Corp., 2.63%, 06/15/31		4,980		4,216,468
Ingersoll Rand, Inc.
5.40%, 08/14/28		6,815		6,905,419
5.70%, 08/14/33		4,430		4,544,461
Oshkosh Corp., 3.10%, 03/01/30		7,639		6,787,931
Otis Worldwide Corp.
2.06%, 04/05/25		417		403,198
2.29%, 04/05/27		65		60,250
2.57%, 02/15/30		784		689,379
Westinghouse Air Brake Technologies Corp.
3.20%, 06/15/25		2,305		2,238,581
5.61%, 03/11/34		4,940		5,003,901


				30,849,588

Media — 2.6%
Advantage Sales & Marketing, Inc., 6.50%, 11/15/28^(a)		6,649		6,264,666
AMC Networks, Inc., 4.75%, 08/01/25		662		661,164
Belo Corp., 7.25%, 09/15/27		1,077		1,098,209
Cable One, Inc., 4.00%, 11/15/30^(a)		3,897		3,041,323
CCO Holdings LLC/CCO Holdings Capital Corp.^(a)
5.13%, 05/01/27		250		238,193
5.00%, 02/01/28		1,758		1,636,531
5.38%, 06/01/29		1,725		1,579,147
6.38%, 09/01/29		1,061		1,006,552
4.50%, 08/15/30		885		741,672
4.25%, 02/01/31		420		342,993
7.38%, 03/01/31		18,551		18,192,648
4.75%, 02/01/32		1,400		1,142,573
4.50%, 06/01/33		2,388		1,865,317
Comcast Corp.
3.40%, 04/01/30		4,480		4,143,007
4.80%, 05/15/33		8,230		8,119,373
CSC Holdings LLC^(a)
11.25%, 05/15/28		3,702		3,668,471
11.75%, 01/31/29		800		801,248
Directv Financing LLC, 8.88%, 02/01/30^(a)		3,896		3,886,591
Directv Financing LLC/Directv Financing Co-Obligor, Inc., 5.88%, 08/15/27^(a)		12,678		11,993,847
DISH DBS Corp., 5.75%, 12/01/28^(a)		2,113		1,452,170
DISH Network Corp., 11.75%, 11/15/27^(a)		4,322		4,412,464
FactSet Research Systems, Inc.
2.90%, 03/01/27		9,015		8,475,337
3.45%, 03/01/32		5,934		5,239,284
GCI LLC, 4.75%, 10/15/28^(a)		6,665		6,111,176
Hughes Satellite Systems Corp.
5.25%, 08/01/26		4,100		3,412,275


S C H E D U L E O F I N V E S T M E N T S		13

Schedule of Investments (unaudited) (continued)

March 31, 2024

BlackRock Systematic Multi-Strategy Fund

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Media (continued)
Hughes Satellite Systems Corp. (continued)
6.63%, 08/01/26	$	2,081	$	1,225,716
Interpublic Group of Cos., Inc., 2.40%, 03/01/31		430		360,237
Nexstar Media, Inc.^(a)
5.63%, 07/15/27		9,681		9,287,175
4.75%, 11/01/28		3,849		3,507,071
Paramount Global, 4.20%, 05/19/32		5,320		4,419,607
Sinclair Television Group, Inc., 4.13%, 12/01/30^(a)		5,415		3,944,069
Sirius XM Radio, Inc.^(a)
4.00%, 07/15/28		4,051		3,706,143
5.50%, 07/01/29		9,115		8,681,677
4.13%, 07/01/30		2,408		2,104,997
Sunrise FinCo I BV, 4.88%, 07/15/31^(a)		1,852		1,652,869
TEGNA, Inc.
4.63%, 03/15/28		3,990		3,649,473
5.00%, 09/15/29		9,358		8,388,835
Townsquare Media, Inc., 6.88%, 02/01/26^(a)		4,353		4,244,175
Univision Communications, Inc.^(a)
6.63%, 06/01/27		2,709		2,649,496
8.00%, 08/15/28		2,595		2,643,685
7.38%, 06/30/30		2,500		2,472,103
Virgin Media Secured Finance PLC, 5.50%, 05/15/29^(a)		4,000		3,698,270
Virgin Media Vendor Financing Notes IV DAC, 5.00%, 07/15/28^(a)		3,216		2,950,619
Ziggo Bond Co. BV^(a)
6.00%, 01/15/27		1,911		1,883,427
5.13%, 02/28/30		2,226		1,906,351


				172,902,226

Metals & Mining — 1.1%
Alcoa Nederland Holding BV, 7.13%, 03/15/31^(a)		470		478,767
Arsenal AIC Parent LLC, 8.00%, 10/01/30^(a)		880		923,899
BHP Billiton Finance USA Ltd.
4.75%, 02/28/28		23,560		23,510,651
4.90%, 02/28/33		5,350		5,304,138
Cleveland-Cliffs, Inc.^(a)
6.75%, 04/15/30		3,000		3,008,725
7.00%, 03/15/32		3,460		3,505,673
First Quantum Minerals Ltd., 9.38%, 03/01/29^(a)		705		731,353
FMG Resources August 2006 Pty. Ltd., 5.88%, 04/15/30^(a)		1,155		1,136,249
Freeport-McMoRan, Inc.
5.00%, 09/01/27		75		74,403
4.13%, 03/01/28		975		931,630
4.38%, 08/01/28		240		230,585
5.25%, 09/01/29		50		50,014
4.25%, 03/01/30		750		710,882
Mineral Resources Ltd.^(a)
8.13%, 05/01/27		3,610		3,651,939
8.00%, 11/01/27		615		627,553
9.25%, 10/01/28		4,128		4,347,608
8.50%, 05/01/30		3,000		3,090,111
Nucor Corp., 3.13%, 04/01/32		3,125		2,753,597
Rain Carbon, Inc., 12.25%, 09/01/29^(a)		2,147		2,227,120
Reliance, Inc.
1.30%, 08/15/25		6,690		6,323,111
2.15%, 08/15/30		2,000		1,678,741
Rio Tinto Finance USA Ltd., 7.13%, 07/15/28		699		762,499
Southern Copper Corp., 3.88%, 04/23/25		200		195,996


Security	Par (000)		Value

Metals & Mining (continued)
SunCoke Energy, Inc., 4.88%, 06/30/29^(a)	$	1,640	$	1,484,861
Taseko Mines Ltd., 7.00%, 02/15/26^(a)		6,640		6,667,164


				74,407,269

Mortgage Real Estate Investment Trusts (REITs)^(a)— 0.2%
Apollo Commercial Real Estate Finance, Inc., 4.63%, 06/15/29		4,753		3,992,920
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 4.25%, 02/01/27		3,257		3,047,196
Rithm Capital Corp.
6.25%, 10/15/25		1,713		1,698,836
8.00%, 04/01/29		3,330		3,232,625
Starwood Property Trust, Inc., 7.25%, 04/01/29		1,230		1,239,789


				13,211,366

Oil, Gas & Consumable Fuels — 6.2%
Aethon United BR LP/Aethon United Finance Corp., 8.25%, 02/15/26^(a)		210		212,423
Baytex Energy Corp.^(a)
8.75%, 04/01/27		5,769		6,021,394
8.50%, 04/30/30		6,117		6,387,299
Calumet Specialty Products Partners LP/Calumet Finance Corp., 11.00%, 04/15/25^(a)		800		798,999
Canadian Natural Resources Ltd.
3.80%, 04/15/24		16,688		16,675,495
2.05%, 07/15/25		4,231		4,047,576
Cheniere Corpus Christi Holdings LLC, 5.13%, 06/30/27		3,417		3,408,855
Cheniere Energy, Inc., 4.63%, 10/15/28		3,590		3,478,526
Chevron Corp.
2.00%, 05/11/27		140		129,429
2.24%, 05/11/30		170		148,688
Chord Energy Corp., 6.38%, 06/01/26^(a)		4,842		4,862,196
Civitas Resources, Inc.^(a)
5.00%, 10/15/26		2,481		2,425,557
8.38%, 07/01/28		5,679		5,978,351
8.75%, 07/01/31		2,656		2,842,079
CNX Midstream Partners LP, 4.75%, 04/15/30^(a)		489		435,831
CNX Resources Corp.^(a)
6.00%, 01/15/29		4,538		4,443,085
7.38%, 01/15/31		1,134		1,154,900
Columbia Pipeline Group, Inc., 4.50%, 06/01/25		8,510		8,389,806
Continental Resources, Inc.
2.27%, 11/15/26^(a)		1,060		975,775
4.38%, 01/15/28		910		879,382
Crescent Energy Finance LLC, 9.25%, 02/15/28^(a)		2,717		2,868,842
CVR Energy, Inc., 8.50%, 01/15/29^(a)		6,850		6,935,809
DCP Midstream Operating LP
5.13%, 05/15/29		2,440		2,433,058
8.13%, 08/16/30		240		275,424
Delek Logistics Partners LP/Delek Logistics Finance Corp.^(a)
7.13%, 06/01/28		1,852		1,806,610
8.63%, 03/15/29		5,206		5,316,206
Diamond Foreign Asset Co./Diamond Finance LLC, 8.50%, 10/01/30^(a)		4,185		4,416,883
Diamondback Energy, Inc., 6.25%, 03/15/33		545		581,016
Enbridge, Inc.
1.60%, 10/04/26		2,470		2,262,917
4.25%, 12/01/26		6,100		5,976,779
Energean PLC, 6.50%, 04/30/27^(a)		4,000		3,766,250
Energy Transfer LP
4.05%, 03/15/25		2,495		2,458,113


14

Schedule of Investments (unaudited) (continued)

March 31, 2024

BlackRock Systematic Multi-Strategy Fund

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Oil, Gas & Consumable Fuels (continued)
Energy Transfer LP (continued)
2.90%, 05/15/25	$	5,200	$	5,047,059
5.63%, 05/01/27^(a)		4,250		4,234,697
5.75%, 02/15/33		5,945		6,039,203
EQT Corp.
5.00%, 01/15/29		880		862,053
7.00%, 02/01/30		212		225,239
3.63%, 05/15/31^(a)		855		752,494
FTAI Infra Escrow Holdings LLC, 10.50%, 06/01/27^(a)		1,225		1,276,352
Global Partners LP/GLP Finance Corp.
6.88%, 01/15/29		3,000		2,975,819
8.25%, 01/15/32^(a)		3,522		3,652,469
Harbour Energy PLC, 5.50%, 10/15/26^(a)		2,108		2,057,902
Harvest Midstream I LP, 7.50%, 09/01/28^(a)		1,355		1,373,877
Hess Corp., 4.30%, 04/01/27		1,255		1,230,546
Hilcorp Energy I LP/Hilcorp Finance Co.^(a)
6.25%, 11/01/28		1,633		1,631,217
6.00%, 02/01/31		1,065		1,035,523
6.25%, 04/15/32		3,334		3,287,976
8.38%, 11/01/33		1,080		1,170,931
Howard Midstream Energy Partners LLC, 8.88%, 07/15/28^(a)		1,257		1,326,401
Kinder Morgan, Inc., 1.75%, 11/15/26		3,850		3,531,589
Marathon Oil Corp., 5.70%, 04/01/34		5,570		5,569,726
Marathon Petroleum Corp., 4.70%, 05/01/25		4,690		4,650,171
MPLX LP
4.88%, 06/01/25		33,605		33,317,002
1.75%, 03/01/26		8,000		7,478,350
4.13%, 03/01/27		4,000		3,898,106
4.25%, 12/01/27		12,830		12,477,810
2.65%, 08/15/30		5,510		4,739,158
5.00%, 03/01/33		20,410		19,813,018
Murphy Oil Corp., 5.88%, 12/01/42		1,200		1,076,730
New Fortress Energy, Inc.^(a)
6.75%, 09/15/25		3,334		3,311,275
6.50%, 09/30/26		7,500		7,221,303
8.75%, 03/15/29		2,967		2,955,689
NGL Energy Operating LLC/NGL Energy Finance Corp.^(a)
8.13%, 02/15/29		2,969		3,040,796
8.38%, 02/15/32		7,870		8,067,592
Noble Finance II LLC, 8.00%, 04/15/30^(a)		3,518		3,664,525
Northern Oil & Gas, Inc.^(a)
8.13%, 03/01/28		2,991		3,035,832
8.75%, 06/15/31		472		498,414
ONEOK Partners LP, 4.90%, 03/15/25		520		516,164
ONEOK, Inc.
2.75%, 09/01/24		155		153,142
2.20%, 09/15/25		6,880		6,564,486
5.85%, 01/15/26		8,156		8,233,462
4.00%, 07/13/27		15,600		15,078,935
6.35%, 01/15/31		2,330		2,466,956
6.05%, 09/01/33		7,840		8,176,759
Ovintiv, Inc., 5.38%, 01/01/26		605		602,536
PBF Holding Co. LLC/PBF Finance Corp.
6.00%, 02/15/28		465		457,556
7.88%, 09/15/30^(a)		1,309		1,357,784
Pioneer Natural Resources Co., 5.10%, 03/29/26		1,070		1,068,651
Plains All American Pipeline LP/PAA Finance Corp., 3.55%, 12/15/29		4,772		4,379,213
Prairie Acquiror LP, 9.00%, 08/01/29^(a)		1,770		1,822,111
Rockcliff Energy II LLC, 5.50%, 10/15/29^(a)		670		627,000


Security	Par (000)		Value

Oil, Gas & Consumable Fuels (continued)
Strathcona Resources Ltd./Alberta, 6.88%, 08/01/26^(a)	$	1,698	$	1,700,963
Sunoco LP/Sunoco Finance Corp., 7.00%, 09/15/28^(a)		2,400		2,452,195
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.^(a)
7.38%, 02/15/29		1,345		1,353,040
6.00%, 12/31/30		1,455		1,382,154
Talos Production, Inc.^(a)
9.00%, 02/01/29		4,910		5,214,263
9.38%, 02/01/31		4,122		4,394,291
Targa Resources Corp.
5.20%, 07/01/27		4,680		4,673,221
6.15%, 03/01/29		9,315		9,708,167
Targa Resources Partners LP/Targa Resources Partners Finance Corp.
6.50%, 07/15/27		1,174		1,186,975
5.00%, 01/15/28		4,159		4,099,629
6.88%, 01/15/29		200		205,787
5.50%, 03/01/30		350		348,277
4.88%, 02/01/31		5,230		5,006,608
Transcontinental Gas Pipe Line Co. LLC, 7.85%, 02/01/26		9,646		10,006,041
Transocean, Inc.^(a)
7.50%, 01/15/26		636		632,018
11.50%, 01/30/27		4,731		4,930,738
8.00%, 02/01/27		787		781,153
8.75%, 02/15/30		2,947		3,072,349
Valaris Ltd., 8.38%, 04/30/30^(a)		6,152		6,345,991
Venture Global LNG, Inc.^(a)
8.13%, 06/01/28		1,635		1,668,004
9.50%, 02/01/29		5,458		5,882,976
8.38%, 06/01/31		1,620		1,670,656
9.88%, 02/01/32		4,100		4,418,750
Western Midstream Operating LP, 6.35%, 01/15/29		860		891,899
Williams Cos., Inc., 4.00%, 09/15/25		3,000		2,942,769


				415,794,066

Paper & Forest Products — 0.0%
Domtar Corp., 6.75%, 10/01/28^(a)		1,802		1,634,288


Passenger Airlines^(a)— 0.4%
American Airlines Group, Inc., 3.75%, 03/01/25		579		562,926
American Airlines, Inc.
7.25%, 02/15/28		150		152,330
8.50%, 05/15/29		1,645		1,737,872
American Airlines, Inc./AAdvantage Loyalty IP Ltd.
5.50%, 04/20/26		469		465,558
5.75%, 04/20/29		8,421		8,277,467
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd., 5.75%, 01/20/26		2,329		2,186,200
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd., 8.00%, 09/20/25		2,686		2,039,010
United Airlines, Inc.
4.38%, 04/15/26		3,881		3,751,911
4.63%, 04/15/29		8,798		8,182,141
VistaJet Malta Finance PLC/Vista Management Holding, Inc., 9.50%, 06/01/28		1,761		1,497,401


				28,852,816

Personal Care Products — 0.0%
BellRing Brands, Inc., 7.00%, 03/15/30^(a)		2,884		2,970,785


Pharmaceuticals — 1.4%
AbbVie, Inc.
3.20%, 05/14/26		16,594		16,016,229
2.95%, 11/21/26		3,818		3,636,255


S C H E D U L E O F I N V E S T M E N T S		15

Schedule of Investments (unaudited) (continued)

March 31, 2024

BlackRock Systematic Multi-Strategy Fund

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Pharmaceuticals (continued)
AbbVie, Inc. (continued)
5.05%, 03/15/34	$	7,360	$	7,451,226
Bausch Health Americas, Inc.^(a)
9.25%, 04/01/26		664		624,160
8.50%, 01/31/27		133		78,165
Bausch Health Cos., Inc.^(a)
9.00%, 12/15/25		203		192,853
6.13%, 02/01/27		7,170		4,467,555
11.00%, 09/30/28		6,977		4,657,148
Bristol-Myers Squibb Co.
3.90%, 02/20/28		2,426		2,355,960
1.45%, 11/13/30		1,670		1,356,243
5.75%, 02/01/31		7,370		7,735,121
5.20%, 02/22/34		3,130		3,177,966
Eli Lilly & Co., 4.70%, 02/27/33		1,010		1,007,395
Merck & Co., Inc.
2.15%, 12/10/31		1,500		1,255,444
4.50%, 05/17/33		16,085		15,728,169
Novartis Capital Corp., 2.20%, 08/14/30		180		156,184
Organon & Co./Organon Foreign Debt Co-Issuer BV,
5.13%, 04/30/31^(a)		1,289		1,146,059
Pfizer Investment Enterprises Pte. Ltd.
4.65%, 05/19/30		2,600		2,574,773
4.75%, 05/19/33		3,885		3,825,108
Zoetis, Inc.
3.00%, 09/12/27		11,280		10,569,217
3.90%, 08/20/28		250		240,550
2.00%, 05/15/30		2,215		1,866,407


				90,118,187

Professional Services — 0.1%
Verisk Analytics, Inc., 4.00%, 06/15/25		9,035		8,876,812


Real Estate Management & Development — 0.3%
Anywhere Real Estate Group LLC/Anywhere Co.-Issuer Corp., 7.00%, 04/15/30^(a)		2,593		2,308,887
CBRE Services, Inc., 4.88%, 03/01/26		8,250		8,162,906
Five Point Operating Co. LP / Five Point Capital Corp., 10.50%, 01/15/28^(a)		1,950		2,007,683
Greystar Real Estate Partners LLC, 7.75%, 09/01/30^(a)		665		688,276
Howard Hughes Corp.^(a)
5.38%, 08/01/28		4,315		4,138,845
4.13%, 02/01/29		2,263		2,033,888
4.38%, 02/01/31		1,730		1,502,272
Newmark Group, Inc., 7.50%, 01/12/29^(a)		1,393		1,432,411


				22,275,168

Residential REITs — 0.1%
Realty Income Corp., 4.75%, 02/15/29		7,390		7,298,902


Retail REITs — 0.1%
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC, 5.75%, 05/15/26^(a)		2,307		2,265,094
Simon Property Group LP
3.50%, 09/01/25		810		790,839
1.38%, 01/15/27		2,920		2,655,922
5.50%, 03/08/33		2,760		2,810,684


				8,522,539

Semiconductors & Semiconductor Equipment — 1.7%
Analog Devices, Inc.
1.70%, 10/01/28		1,770		1,555,039
2.10%, 10/01/31		1,335		1,107,123


Security	Par (000)		Value

Semiconductors & Semiconductor Equipment (continued)
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.88%, 01/15/27	$	16,861	$	16,345,548
Broadcom, Inc.
3.15%, 11/15/25		520		503,024
3.46%, 09/15/26		19,619		18,870,199
1.95%, 02/15/28^(a)		2,460		2,193,608
4.00%, 04/15/29^(a)		8,000		7,620,678
4.15%, 04/15/32^(a)		6,164		5,718,582
4.30%, 11/15/32		5,930		5,571,881
2.60%, 02/15/33^(a)		23,000		18,679,698
3.42%, 04/15/33^(a)		1,730		1,499,736
Marvell Technology, Inc., 5.95%, 09/15/33		2,945		3,051,941
Microchip Technology, Inc., 4.25%, 09/01/25		1,210		1,190,132
Micron Technology, Inc.
4.98%, 02/06/26		1,377		1,369,546
5.33%, 02/06/29		125		126,136
6.75%, 11/01/29		494		530,240
4.66%, 02/15/30		550		537,231
5.30%, 01/15/31		4,290		4,314,811
NCR Atleos Corp., 9.50%, 04/01/29^(a)		2,290		2,449,405
NVIDIA Corp., 2.85%, 04/01/30		25		22,692
NXP BV/NXP Funding LLC/NXP USA, Inc., 2.70%, 05/01/25		4,205		4,075,822
Texas Instruments, Inc.
1.75%, 05/04/30		145		122,463
1.90%, 09/15/31		2,445		2,037,363
4.90%, 03/14/33		12,480		12,605,891


				112,098,789

Software — 1.0%
Adobe, Inc., 2.30%, 02/01/30		2,130		1,874,494
Cloud Software Group, Inc.^(a)
6.50%, 03/31/29		4,025		3,819,570
9.00%, 09/30/29		3,930		3,769,331
Electronic Arts, Inc., 1.85%, 02/15/31		2,000		1,638,650
Intuit, Inc.
1.35%, 07/15/27		805		719,883
1.65%, 07/15/30		438		362,029
5.20%, 09/15/33		7,585		7,725,125
Microsoft Corp., 1.35%, 09/15/30^(a)		250		206,357
MicroStrategy, Inc., 6.13%, 06/15/28^(a)		4,529		4,369,258
Oracle Corp.
3.40%, 07/08/24		1,710		1,699,028
1.65%, 03/25/26		4,960		4,629,296
4.65%, 05/06/30		2,120		2,078,910
2.88%, 03/25/31		21,445		18,645,930
4.90%, 02/06/33		7,650		7,489,718
RingCentral, Inc., 8.50%, 08/15/30^(a)		1,200		1,247,681
Roper Technologies, Inc.
1.00%, 09/15/25		590		554,727
2.00%, 06/30/30		75		62,598
ServiceNow, Inc., 1.40%, 09/01/30		1,000		809,089
VMware, Inc.
1.00%, 08/15/24		2,425		2,382,426
4.50%, 05/15/25		540		534,764
4.65%, 05/15/27		2,000		1,966,039


				66,584,903

Specialized REITs — 0.5%
Iron Mountain, Inc.^(a)
5.25%, 03/15/28		2,500		2,418,818
5.63%, 07/15/32		9,278		8,763,855


16

Schedule of Investments (unaudited) (continued)

March 31, 2024

BlackRock Systematic Multi-Strategy Fund

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Specialized REITs (continued)
Public Storage Operating Co.
1.50%, 11/09/26	$	4,075	$	3,740,004
1.95%, 11/09/28		9,275		8,178,122
3.39%, 05/01/29		450		421,425
2.25%, 11/09/31		7,850		6,515,466
5.10%, 08/01/33		1,600		1,606,943


				31,644,633

Specialty Retail — 0.2%
Academy Ltd., 6.00%, 11/15/27^(a)		1,848		1,820,240
Bath & Body Works, Inc.
5.25%, 02/01/28		3,610		3,535,441
6.88%, 11/01/35		1,655		1,692,335
eG Global Finance PLC, 12.00%, 11/30/28^(a)		2,110		2,242,797
Foot Locker, Inc., 4.00%, 10/01/29^(a)		3,858		3,248,242
Gap, Inc.^(a)
3.63%, 10/01/29		1,473		1,290,302
3.88%, 10/01/31		31		26,223


				13,855,580

Technology Hardware, Storage & Peripherals — 0.5%
Apple, Inc., 3.35%, 08/08/32		2,195		2,015,444
Dell International LLC/EMC Corp.
5.85%, 07/15/25		2,720		2,733,707
6.10%, 07/15/27		4,285		4,412,106
5.40%, 04/15/34		4,240		4,249,927
Fortinet, Inc., 2.20%, 03/15/31		750		626,008
Seagate HDD Cayman
8.25%, 12/15/29^(a)		5,670		6,092,211
8.50%, 07/15/31^(a)		219		236,665
9.63%, 12/01/32		3,750		4,272,367
Western Digital Corp., 4.75%, 02/15/26		5,850		5,714,770


				30,353,205

Textiles, Apparel & Luxury Goods — 0.3%
Tapestry, Inc.
7.35%, 11/27/28		5,200		5,479,257
7.70%, 11/27/30		830		885,124
3.05%, 03/15/32		11,470		9,419,249
7.85%, 11/27/33		4,085		4,433,395


				20,217,025

Tobacco — 1.8%
Altria Group, Inc.
2.35%, 05/06/25		21,059		20,380,322
4.80%, 02/14/29		70		69,312
3.40%, 05/06/30		265		240,666
2.45%, 02/04/32		22,040		17,884,836
6.88%, 11/01/33		8,120		8,833,440
BAT Capital Corp.
3.22%, 08/15/24		5,383		5,330,228
6.34%, 08/02/30		7,307		7,613,690
BAT International Finance PLC, 1.67%, 03/25/26		5,000		4,653,799
Philip Morris International, Inc.
0.88%, 05/01/26		7,476		6,864,413
3.13%, 08/17/27		50		47,279
3.38%, 08/15/29		4,436		4,114,308
5.63%, 11/17/29		19,819		20,410,991
2.10%, 05/01/30		790		671,221
5.50%, 09/07/30		13		13,249
5.75%, 11/17/32		7,800		8,052,854
5.38%, 02/15/33		2,340		2,359,225


Security	Par (000)		Value

Tobacco (continued)
Philip Morris International, Inc. (continued)
5.63%, 09/07/33	$	4,590	$	4,693,935
Vector Group Ltd., 5.75%, 02/01/29^(a)		7,285		6,748,202


				118,981,970

Water Utilities — 0.1%
American Water Capital Corp.
4.45%, 06/01/32		2,055		1,980,490
5.15%, 03/01/34		505		506,662
Essential Utilities, Inc.
3.57%, 05/01/29		55		51,424
2.70%, 04/15/30		220		189,984
5.38%, 01/15/34		645		641,780


				3,370,340

Wireless Telecommunication Services — 0.6%
Altice France Holding SA, 10.50%, 05/15/27^(a)		854		319,547
Connect Finco SARL/Connect U.S. Finco LLC, 6.75%, 10/01/26^(a)		3,000		2,940,825
Intelsat Jackson Holdings SA, 6.50%, 03/15/30^(a)		3,991		3,707,917
T-Mobile U.S., Inc.
3.50%, 04/15/25		15,900		15,588,819
2.05%, 02/15/28		6,900		6,182,458
2.88%, 02/15/31		4,975		4,320,531
5.15%, 04/15/34		3,045		3,034,804
Vmed O2 U.K. Financing I PLC, 4.75%, 07/15/31^(a)		4,300		3,706,102


				39,801,003


Total Corporate Bonds — 60.2% (Cost: $4,039,994,505)				4,004,970,443


Non-Agency Mortgage-Backed Securities

Collateralized Mortgage Obligations^(d)— 21.5%
Connecticut Avenue Securities Trust^(a)
Series 2019-HRP1, Class M2, (30-day Avg SOFR + 2.26%), 7.58%, 11/25/39		19,573		19,716,937
Series 2019-HRP1, Class M2B, (30-day Avg SOFR + 2.26%), 7.58%, 11/25/39		8,704		8,762,675
Series 2019-R01, Class 2M2, (30-day Avg SOFR + 2.56%), 7.88%, 07/25/31		5,696		5,709,602
Series 2019-R01, Class 2M2C, (30-day Avg SOFR + 2.56%), 7.88%, 07/25/31		1,509		1,509,365
Series 2020-R01, Class 1M2, (30-day Avg SOFR + 2.16%), 7.48%, 01/25/40		35,567		36,032,603
Series 2020-R02, Class 2C, (30-day Avg SOFR + 2.11%), 7.43%, 01/25/40		4,307		4,352,105
Series 2020-R02, Class 2M2, (30-day Avg SOFR + 2.11%), 7.43%, 01/25/40		52,778		53,337,472
Series 2020-SBT1, Class 1M2, (30-day Avg SOFR + 3.76%), 9.08%, 02/25/40		51,265		54,292,078
Series 2020-SBT1, Class 2M2, (30-day Avg SOFR + 3.76%), 9.08%, 02/25/40		21,367		22,628,877
Series 2021-R01, Class 1B1, (30-day Avg SOFR + 3.10%), 8.42%, 10/25/41		15,550		15,996,549
Series 2021-R03, Class 1B1, (30-day Avg SOFR + 2.75%), 8.07%, 12/25/41		11,575		11,776,253
Series 2022-R01, Class 1B1, (30-day Avg SOFR + 3.15%), 8.47%, 12/25/41		44,830		46,055,894
Series 2022-R01, Class 1M1, (30-day Avg SOFR + 1.00%), 6.32%, 12/25/41		20,797		20,796,996
Series 2022-R02, Class 2B1, (30-day Avg SOFR + 4.50%), 9.82%, 01/25/42		50,022		52,571,830


S C H E D U L E O F I N V E S T M E N T S		17

Schedule of Investments (unaudited) (continued)

March 31, 2024

BlackRock Systematic Multi-Strategy Fund

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Collateralized Mortgage Obligations (continued)
Connecticut Avenue Securities Trust^(a)(continued)
Series 2022-R02, Class 2M2, (30-day Avg SOFR + 3.00%), 8.32%, 01/25/42	$	36,374	$	37,375,514
Series 2022-R03, Class 1B1, (30-day Avg SOFR + 6.25%), 11.57%, 03/25/42		20,630		23,025,685
Series 2022-R04, Class 1B1, (30-day Avg SOFR + 5.25%), 10.57%, 03/25/42		30,632		33,328,752
Series 2022-R04, Class 1M1, (30-day Avg SOFR + 2.00%), 7.32%, 03/25/42		16,017		16,204,902
Series 2022-R05, Class 2B1, (30-day Avg SOFR + 4.50%), 9.82%, 04/25/42		5,261		5,565,295
Series 2022-R05, Class 2M2, (30-day Avg SOFR + 3.00%), 8.32%, 04/25/42		5,830		6,011,728
Series 2022-R05, Class M1, (30-day Avg SOFR + 1.90%), 7.22%, 04/25/42		26,026		26,188,297
Series 2022-R06, Class 1M1, (30-day Avg SOFR + 2.75%), 8.07%, 05/25/42		13,084		13,426,973
Series 2022-R07, Class 1M1, (30-day Avg SOFR + 2.95%), 8.27%, 06/25/42		48,892		50,236,411
Series 2022-R08, Class 1B1, (30-day Avg SOFR + 5.60%), 10.92%, 07/25/42		6,500		7,157,537
Series 2022-R08, Class 1M1, (30-day Avg SOFR + 2.55%), 7.87%, 07/25/42		12,647		12,980,583
Series 2024-R02, Class 1B1, (30-day Avg SOFR + 2.50%), 7.82%, 02/25/44		11,706		11,779,163
Fannie Mae Connecticut Avenue Securities
Series 2014-C03, Class 1M2, (30-day Avg SOFR + 3.11%), 8.43%, 07/25/24		17,181		17,277,249
Series 2017-C01, Class 1M2C, (30-day Avg SOFR + 3.66%), 8.98%, 07/25/29		3,350		3,472,100
Series 2017-C03, Class 1M2C, (30-day Avg SOFR + 3.11%), 8.43%, 10/25/29		2,118		2,184,844
Series 2017-C05, Class 1EB3, (30-day Avg SOFR + 1.31%), 6.63%, 01/25/30		626		626,434
Series 2017-C06, Class 1M2C, (30-day Avg SOFR + 2.76%), 8.08%, 02/25/30		5,179		5,324,401
Series 2017-C07, Class 1EB2, (30-day Avg SOFR + 1.11%), 6.43%, 05/25/30		210		210,226
Series 2017-C07, Class 1M2C, (30-day Avg SOFR + 2.51%), 7.83%, 05/25/30		11,672		11,887,852
Series 2018-C01, Class 1ED2, (30-day Avg SOFR + 0.96%), 6.28%, 07/25/30		39		39,026
Series 2018-C01, Class 1M2C, (30-day Avg SOFR + 2.36%), 7.68%, 07/25/30		5,420		5,528,227
Series 2018-C02, Class 2M2, (30-day Avg SOFR + 2.31%), 7.63%, 08/25/30		1,377		1,410,110
Series 2018-C03, Class 1M2C, (30-day Avg SOFR + 2.26%), 7.58%, 10/25/30		1,537		1,563,462
Series 2021-R02, Class 2B1, (30-day Avg SOFR + 3.30%), 8.62%, 11/25/41^(a)		47,031		48,499,110
Series 2021-R02, Class 2M2, (30-day Avg SOFR + 2.00%), 7.32%, 11/25/41^(a)		17,280		17,378,438
Freddie Mac STACR REMIC Trust^(a)
Series 2020-DNA4, Class B1, (30-day Avg SOFR + 6.11%), 11.43%, 08/25/50		3,669		4,151,847
Series 2021-DNA1, Class B1, (30-day Avg SOFR + 2.65%), 7.97%, 01/25/51		7,543		7,986,474
Series 2021-DNA1, Class M2, (30-day Avg SOFR + 1.80%), 7.12%, 01/25/51		15,049		15,166,040
Series 2021-DNA3, Class B1, (30-day Avg SOFR + 3.50%), 8.82%, 10/25/33		9,011		9,910,459
Series 2021-DNA5, Class B1, (30-day Avg SOFR + 3.05%), 8.37%, 01/25/34		24,403		25,805,970


Security	Par (000)		Value

Collateralized Mortgage Obligations (continued)
Freddie Mac STACR REMIC Trust^(a)(continued)
Series 2021-DNA5, Class M2, (30-day Avg SOFR + 1.65%), 6.97%, 01/25/34	$	4,480	$	4,495,870
Series 2021-DNA6, Class B1, (30-day Avg SOFR + 3.40%), 8.72%, 10/25/41		63,026		65,212,119
Series 2021-DNA7, Class B1, (30-day Avg SOFR + 3.65%), 8.97%, 11/25/41		58,339		60,743,134
Series 2021-DNA7, Class M1, (30-day Avg SOFR + 0.85%), 6.17%, 11/25/41		21,207		21,186,799
Series 2021-HQA1, Class B1, (30-day Avg SOFR + 3.00%), 8.32%, 08/25/33		22,620		24,052,808
Series 2021-HQA3, Class B1, (30-day Avg SOFR + 3.35%), 8.67%, 09/25/41		15,062		15,513,337
Series 2021-HQA3, Class M1, (30-day Avg SOFR + 0.85%), 6.17%, 09/25/41		17,961		17,876,556
Series 2021-HQA3, Class M2, (30-day Avg SOFR + 2.10%), 7.42%, 09/25/41		26,375		26,448,784
Series 2021-HQA4, Class B1, (30-day Avg SOFR + 3.75%), 9.07%, 12/25/41		42,909		44,192,322
Series 2021-HQA4, Class M1, (30-day Avg SOFR + 0.95%), 6.27%, 12/25/41		1,003		998,346
Series 2022-DNA1, Class B1, (30-day Avg SOFR + 3.40%), 8.72%, 01/25/42		6,485		6,694,263
Series 2022-DNA1, Class M1A, (30-day Avg SOFR + 1.00%), 6.32%, 01/25/42		5,963		5,962,327
Series 2022-DNA1, Class M2, (30-day Avg SOFR + 2.50%), 7.82%, 01/25/42		11,200		11,389,056
Series 2022-DNA2, Class B1, (30-day Avg SOFR + 4.75%), 10.07%, 02/25/42		8,870		9,444,829
Series 2022-DNA2, Class M1A, (30-day Avg SOFR + 1.30%), 6.62%, 02/25/42		3,223		3,230,303
Series 2022-DNA2, Class M2, (30-day Avg SOFR + 3.75%), 9.07%, 02/25/42		19,553		20,567,410
Series 2022-DNA3, Class M1A, (30-day Avg SOFR + 2.00%), 7.32%, 04/25/42		27,541		27,896,802
Series 2022-DNA4, Class M1A, (30-day Avg SOFR + 2.20%), 7.52%, 05/25/42		1,516		1,542,197
Series 2022-DNA5, Class M1A, (30-day Avg SOFR + 2.95%), 8.27%, 06/25/42		44,371		45,536,148
Series 2022-DNA6, Class M1A, (30-day Avg SOFR + 2.15%), 7.47%, 09/25/42		14,694		14,877,932
Series 2022-DNA7, Class M2, (30-day Avg SOFR + 7.00%), 12.32%, 03/25/52		17,075		19,750,600
Series 2022-HQA1, Class M1A, (30-day Avg SOFR + 2.10%), 7.42%, 03/25/42		39,809		40,198,758
Series 2022-HQA1, Class M2, (30-day Avg SOFR + 5.25%), 10.57%, 03/25/42		22,316		24,181,327
Series 2022-HQA3, Class M1A, (30-day Avg SOFR + 2.30%), 7.62%, 08/25/42		34,305		35,035,747
Freddie Mac STACR Trust^(a)
Series 2018-HQA2, Class M2, (30-day Avg SOFR + 2.41%), 7.73%, 10/25/48		17,405		17,893,518
Series 2019-DNA2, Class M2, (30-day Avg SOFR + 2.56%), 7.88%, 03/25/49		7,054		7,094,163
Freddie Mac Structured Agency Credit Risk Debt Notes
Series 2016-HQA2, Class M3, (30-day Avg SOFR + 5.26%), 10.58%, 11/25/28		5,241		5,558,461
Series 2017-HQA1, Class M2, (30-day Avg SOFR + 3.66%), 8.98%, 08/25/29		5,020		5,248,788
Series 2017-HQA3, Class M2, (30-day Avg SOFR + 2.46%), 7.78%, 04/25/30		4,678		4,811,323
Series 2018-SPI1, Class M2, 3.79%, 02/25/48^(a)		45		42,054
Series 2018-SPI2, Class M2, 3.84%, 05/25/48^(a)		63		60,061


18

Schedule of Investments (unaudited) (continued)

March 31, 2024

BlackRock Systematic Multi-Strategy Fund

(Percentages shown are based on Net Assets)


Security	Par (000)		Value

Collateralized Mortgage Obligations (continued)
Freddie Mac Structured Agency Credit Risk Debt Notes (continued)
Series 2020-HQA5, Class B1, (30-day Avg SOFR + 4.00%), 9.32%, 11/25/50^(a)	$	9,581	$	10,764,484
Series 2021-DNA2, Class B1, (30-day Avg SOFR + 3.40%), 8.72%, 08/25/33^(a)		15,735		17,119,002
Series 2022-HQA2, Class M1A, (30-day Avg SOFR + 2.65%), 7.97%, 07/25/42^(a)		36,277		37,252,649
STACR Trust, Series 2018-DNA3, Class M2A, (30-day Avg SOFR + 2.21%), 7.53%, 09/25/48^(a)		534		535,898


				1,428,650,520

Commercial Mortgage-Backed Securities — 0.1%
CFCRE Commercial Mortgage Trust, Series 2016-C4, Class AM, 3.69%, 05/10/58		160		151,566
Multifamily Connecticut Avenue Securities Trust, Series 2020-01, Class M10, (30-day Avg SOFR + 3.86%), 9.18%, 03/25/50^(a)(d)		7,862		7,764,425


				7,915,991


Total Non-Agency Mortgage-Backed Securities — 21.6% (Cost: $1,391,848,484)				1,436,566,511


Preferred Securities

Capital Trusts — 0.1%^(d)

Diversified Telecommunication Services — 0.0%
British Telecommunications PLC, 4.88%, 11/23/81^(a)		500		444,258


Wireless Telecommunication Services — 0.1%
Vodafone Group PLC
5.13%, 06/04/81		5,960		4,498,254
7.00%, 04/04/79		200		206,298


				4,704,552


				5,148,810


Total Preferred Securities — 0.1% (Cost: $5,143,051)				5,148,810


U.S. Government Sponsored Agency Securities

Collateralized Mortgage Obligations^(d)— 0.0%
Fannie Mae Connecticut Avenue Securities
Series 2014-C04, Class 1M2, (30-day Avg SOFR + 5.01%), 10.33%, 11/25/24		1,191		1,213,566
Series 2018-C04, Class 2M2, (30-day Avg SOFR + 2.66%), 7.98%, 12/25/30		2,258		2,339,480
Freddie Mac STACR Trust, Series 2019-FTR2, Class M1, (30-day Avg SOFR + 1.06%), 6.38%, 11/25/48^(a)		7		7,322
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2017-DNA3, Class M2, (30-day Avg SOFR + 2.61%), 7.93%, 03/25/30		771		790,049


				4,350,417

Commercial Mortgage-Backed Securities — 0.3%
Multifamily Connecticut Avenue Securities Trust, Series 2019-01, Class M10, (30-day Avg SOFR + 3.36%), 8.68%, 10/25/49^(a)(d)		17,973		17,686,911


Mortgage-Backed Securities — 11.3%
Fannie Mae Mortgage-Backed Securities, 4.00%, 02/01/47 - 02/01/57		64		59,904


Security	Par (000)			Value

Mortgage-Backed Securities (continued)
Freddie Mac Mortgage-Backed Securities
4.50%, 05/01/42 - 01/01/49	$	81		$	79,634
3.50%, 10/01/44 - 06/01/49		3,739			3,423,108
3.00%, 03/01/46 - 02/01/47		5,644			4,980,329
4.00%, 10/01/46 - 01/01/49		39			36,489
Ginnie Mae Mortgage-Backed Securities
3.50%, 06/20/42 - 04/18/54^(f)		27,031			24,647,165
3.00%, 05/20/45 - 04/18/54^(f)		35,444			31,341,880
4.00%, 11/20/47 - 04/18/54^(f)		18,510			17,408,155
4.50%, 10/20/48 - 04/18/54^(f)		20,736			20,030,978
5.00%, 12/20/48 - 04/18/54^(f)		12,137			11,933,486
2.50%, 08/20/50 - 04/18/54^(f)		42,113			35,735,927
5.50%, 12/20/52		591			590,844
2.00%, 04/18/54^(f)		73,475			60,184,314
Uniform Mortgage-Backed Securities^(f)
3.00%, 03/01/30 - 04/11/54		99,503			87,446,292
2.50%, 04/01/32 - 04/11/54		137,116			114,194,040
2.00%, 12/01/35 - 04/11/54		116,800			93,830,394
1.50%, 04/16/39 - 04/11/54		23,100			17,656,425
5.00%, 02/01/41 - 04/11/54		40,049			39,278,825
3.50%, 07/01/43 - 04/11/54^(g)		52,604			47,654,667
4.50%, 06/01/44 - 04/11/54		29,399			28,222,712
4.00%, 03/01/45 - 04/11/54		52,812			49,151,442
5.50%, 11/01/52 - 04/11/54		33,622			33,638,731
6.00%, 04/11/54		18,000			18,163,871
6.50%, 04/11/54		11,125			11,365,502


					751,055,114


Total U.S. Government Sponsored Agency Securities — 11.6% (Cost: $790,262,585)					773,092,442


Total Long-Term Investments — 106.1% (Cost: $7,017,585,387)					7,062,643,757


	Shares

Short-Term Securities

Money Market Funds — 0.1%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 5.19%^(h)(i)		9,218,069			9,218,069


	Par (000)

U.S. Treasury Obligations — 0.4%
U.S. Treasury Bills^(j)
5.38%, 05/28/24 - 06/13/24	$	24,500			24,251,761
Series WI, 5.50%, 05/16/24		2,836			2,817,463


					27,069,224


Total Short-Term Securities — 0.5% (Cost: $36,286,379)					36,287,293


Total Investments Before TBA Sale Commitments — 106.6% (Cost: $7,053,871,766)					7,098,931,050

TBA Sale Commitments^(f)

Mortgage-Backed Securities — (0.2)%
Uniform Mortgage-Backed Securities
2.50%, 04/11/54		(8,000	)		(6,611,682	)


S C H E D U L E O F I N V E S T M E N T S		19

Schedule of Investments (unaudited) (continued)

March 31, 2024

BlackRock Systematic Multi-Strategy Fund

(Percentages shown are based on Net Assets)


Security	Par (000)			Value

Mortgage-Backed Securities (continued)
Uniform Mortgage-Backed Securities (continued)
3.00%, 04/11/54	$	(5,000	)	$	(4,301,056	)
3.50%, 04/11/54		(2,000	)		(1,789,755	)
4.00%, 04/11/54		(2,000	)		(1,852,003	)


Total TBA Sale Commitments — (0.2)% (Proceeds: $(14,496,289))					(14,554,496	)


Total Investments, Net of TBA Sale Commitments — 106.4% (Cost: $7,039,375,477)					7,084,376,554

Liabilities in Excess of Other Assets — (6.4)%					(427,522,247	)


Net Assets — 100.0%				$	6,656,854,307

^(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)	Non-income producing security.

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

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

^(f)	Represents or includes a TBA transaction.

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

^(h)	Affiliate of the Fund.

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

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

For purposes of this report, industry and sector sub-classifications may differ from those utilized by the Fund for compliance purposes.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the period ended March 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:


Affiliated Issuer	Value at 12/31/23		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 03/31/24		Shares Held at 03/31/24		Income		Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, T-Fund, Institutional Class	$	7,458,620	$	1,759,449	^(a)	$	—	$	—	$	—	$	9,218,069		9,218,069	$	395,524	$	—

^(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		444		06/06/24	$	63,890	$	374,454
10-Year Australian Treasury Bonds		146		06/17/24		11,091		38,042
10-Year U.S. Ultra Long Treasury Note		3,953		06/18/24		453,051		(406,758	)
Ultra U.S. Treasury Bond		2,438		06/18/24		314,502		2,902,892
10-Year Canadian Bond		999		06/19/24		88,752		289,436
2-Year U.S. Treasury Note		5,427		06/28/24		1,109,737		(1,431,211	)

								1,766,855

Short Contracts
Euro OAT		593		06/06/24		81,998		(809,714	)
10-Year U.S. Treasury Note		14,626		06/18/24		1,620,515		(3,990,824	)
U.S. Long Bond		2,740		06/18/24		329,999		(4,315,810	)
Long Gilt		45		06/26/24		5,676		(38,592	)
5-Year U.S. Treasury Note		797		06/28/24		85,291		(73,412	)

								(9,228,352	)

							$	(7,461,497	)


20

Schedule of Investments (unaudited) (continued)

March 31, 2024

BlackRock Systematic Multi-Strategy Fund

Forward Foreign Currency Exchange Contracts


Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
AUD	12,230,000	USD	7,950,992	Goldman Sachs International		06/20/24	$	36,169
CAD	30,600,000	USD	22,568,119	Barclays Bank PLC		06/20/24		48,002
CAD	3,000,000	USD	2,209,259	Morgan Stanley & Co. International PLC		06/20/24		8,008
COP	12,670,000,000	USD	3,182,258	Barclays Bank PLC		06/20/24		53,479
COP	5,370,000,000	USD	1,362,415	Goldman Sachs International		06/20/24		9,006
COP	164,540,000,000	USD	41,455,242	Morgan Stanley & Co. International PLC		06/20/24		565,925
EUR	14,100,000	USD	15,241,818	Goldman Sachs International		06/20/24		17,991
GBP	13,990,000	USD	17,631,569	Goldman Sachs International		06/20/24		33,200
INR	195,500,000	USD	2,338,828	Barclays Bank PLC		06/20/24		80
MXN	163,100,000	USD	9,559,990	Barclays Bank PLC		06/20/24		129,767
MXN	63,600,000	USD	3,741,138	BNP Paribas SA		06/20/24		37,333
MXN	69,300,000	USD	4,101,395	Citibank N.A.		06/20/24		15,712
MXN	100,800,000	USD	5,913,099	Citibank N.A.		06/20/24		75,421
MXN	39,100,000	USD	2,291,674	Morgan Stanley & Co. International PLC		06/20/24		31,254
NZD	21,390,000	USD	12,746,729	Bank of America N.A.		06/20/24		33,424
SGD	5,620,000	USD	4,174,667	Barclays Bank PLC		06/20/24		2,439
USD	342,448	AUD	520,000	Deutsche Bank AG		06/20/24		2,846
USD	6,624,700	AUD	10,000,000	Goldman Sachs International		06/20/24		93,906
USD	83,532,663	AUD	126,200,000	Goldman Sachs International		06/20/24		1,114,046
USD	9,151,981	AUD	13,800,000	JPMorgan Chase Bank N.A.		06/20/24		139,485
USD	2,373,070	BRL	11,950,000	Goldman Sachs International		06/20/24		8,046
USD	6,908,961	BRL	34,750,000	Goldman Sachs International		06/20/24		31,588
USD	2,371,964	BRL	11,900,000	Standard Chartered Bank		06/20/24		16,835
USD	107,940,361	CAD	145,480,000	Toronto-Dominion Bank		06/20/24		417,705
USD	1,429,191	CHF	1,250,000	Deutsche Bank AG		06/20/24		31,118
USD	9,240,362	CHF	8,240,000	Goldman Sachs International		06/20/24		24,259
USD	43,021,216	CHF	37,420,000	JPMorgan Chase Bank N.A.		06/20/24		1,168,477
USD	5,259,157	CZK	121,800,000	Deutsche Bank AG		06/20/24		65,590
USD	6,423,785	CZK	148,500,000	Deutsche Bank AG		06/20/24		91,727
USD	9,445,796	CZK	218,500,000	Deutsche Bank AG		06/20/24		128,929
USD	9,983,148	CZK	230,800,000	Deutsche Bank AG		06/20/24		141,808
USD	63,063,335	CZK	1,460,200,000	Goldman Sachs International		06/20/24		800,232
USD	12,492,612	CZK	288,500,000	UBS AG		06/20/24		190,937
USD	8,082,531	EUR	7,360,000	Barclays Bank PLC		06/20/24		117,128
USD	24,698,879	EUR	22,750,000	Barclays Bank PLC		06/20/24		77,556
USD	11,485,573	EUR	10,560,000	Citibank N.A.		06/20/24		56,951
USD	6,262,545	EUR	5,750,000	JPMorgan Chase Bank N.A.		06/20/24		39,573
USD	3,840,240	EUR	3,510,000	Morgan Stanley & Co. International PLC		06/20/24		41,521
USD	46,011,357	EUR	42,090,000	Morgan Stanley & Co. International PLC		06/20/24		459,205
USD	22,821,950	GBP	17,800,000	Barclays Bank PLC		06/20/24		346,404
USD	17,543,699	GBP	13,810,000	Citibank N.A.		06/20/24		106,211
USD	9,590,166	GBP	7,490,000	Goldman Sachs International		06/20/24		132,760
USD	3,507,987	GBP	2,730,000	JPMorgan Chase Bank N.A.		06/20/24		60,895
USD	6,661,474	GBP	5,210,000	JPMorgan Chase Bank N.A.		06/20/24		82,957
USD	46,157,030	GBP	36,410,000	Morgan Stanley & Co. International PLC		06/20/24		183,175
USD	11,296,502	GBP	8,920,000	Standard Chartered Bank		06/20/24		33,476
USD	585,819	HKD	4,570,000	HSBC Bank PLC		06/20/24		618
USD	7,762,426	HUF	2,817,000,000	BNP Paribas SA		06/20/24		79,088
USD	10,781,849	HUF	3,932,000,000	Citibank N.A.		06/20/24		57,360
USD	13,954,519	HUF	5,076,000,000	Toronto-Dominion Bank		06/20/24		109,782
USD	10,488,213	JPY	1,528,000,000	Barclays Bank PLC		06/20/24		271,810
USD	4,468,749	JPY	655,000,000	JPMorgan Chase Bank N.A.		06/20/24		89,335
USD	4,552,534	JPY	680,000,000	JPMorgan Chase Bank N.A.		06/20/24		5,967
USD	13,773,808	JPY	2,047,000,000	Morgan Stanley & Co. International PLC		06/20/24		87,305
USD	6,612,628	KRW	8,615,000,000	Barclays Bank PLC		06/20/24		202,102
USD	7,643,678	KRW	10,120,000,000	Deutsche Bank AG		06/20/24		113,263
USD	3,111,411	KRW	4,150,000,000	Goldman Sachs International		06/20/24		23,346
USD	3,524,124	KRW	4,595,000,000	Goldman Sachs International		06/20/24		104,929
USD	4,957,943	NOK	52,400,000	Deutsche Bank AG		06/20/24		122,354
USD	64,349,878	NZD	104,330,000	Barclays Bank PLC		06/20/24		2,014,518
USD	63,687,201	PHP	3,530,500,000	Bank of America N.A.		06/20/24		902,242
USD	20,826,916	PLN	81,750,000	Bank of America N.A.		06/20/24		377,070


S C H E D U L E O F I N V E S T M E N T S		21

Schedule of Investments (unaudited) (continued)

March 31, 2024

BlackRock Systematic Multi-Strategy Fund

Forward Foreign Currency Exchange Contracts (continued)


Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	4,533,513	PLN	18,100,000	Deutsche Bank AG		06/20/24	$	5,779
USD	3,737,447	PLN	14,750,000	JPMorgan Chase Bank N.A.		06/20/24		47,719
USD	8,258,461	THB	291,977,878	Barclays Bank PLC		06/20/24		204,335
USD	21,767,664	THB	766,200,000	HSBC Bank PLC		06/20/24		632,257
USD	2,271,300	THB	81,800,000	JPMorgan Chase Bank N.A.		06/20/24		14,870
USD	3,584,002	THB	127,080,000	JPMorgan Chase Bank N.A.		06/20/24		78,537
USD	541,365	THB	19,142,122	Morgan Stanley & Co. International PLC		06/20/24		13,335
USD	16,736,120	TWD	522,100,000	Goldman Sachs International		06/20/24		361,428
USD	2,910,834	ZAR	54,900,000	Citibank N.A.		06/20/24		30,782
USD	19,805,754	ZAR	372,800,000	JPMorgan Chase Bank N.A.		06/20/24		248,683

								13,501,370

AUD	8,720,000	USD	5,696,514	Bank of America N.A.		06/20/24		(1,662	)
AUD	8,830,000	USD	5,769,513	Citibank N.A.		06/20/24		(2,822	)
AUD	8,100,000	USD	5,324,049	Goldman Sachs International		06/20/24		(34,106	)
BRL	310,070,000	USD	61,898,621	Morgan Stanley & Co. International PLC		06/20/24		(532,667	)
CAD	8,810,000	USD	6,519,007	Goldman Sachs International		06/20/24		(7,633	)
CAD	11,850,000	USD	8,797,262	Goldman Sachs International		06/20/24		(39,058	)
CAD	2,350,000	USD	1,745,176	HSBC Bank PLC		06/20/24		(8,317	)
CAD	4,810,000	USD	3,573,182	Morgan Stanley & Co. International PLC		06/20/24		(18,165	)
CHF	4,410,000	USD	4,940,674	BNP Paribas SA		06/20/24		(8,269	)
CHF	5,490,000	USD	6,222,740	Citibank N.A.		06/20/24		(82,400	)
CHF	10,560,000	USD	12,178,765	HSBC Bank PLC		06/20/24		(367,837	)
CHF	24,140,000	USD	27,446,009	HSBC Bank PLC		06/20/24		(446,406	)
CHF	12,450,000	USD	14,256,090	Morgan Stanley & Co. International PLC		06/20/24		(331,274	)
CZK	144,100,000	USD	6,188,583	Deutsche Bank AG		06/20/24		(44,141	)
CZK	90,000,000	USD	3,844,724	Nomura International PLC		06/20/24		(7,113	)
EUR	4,400,000	USD	4,829,939	JPMorgan Chase Bank N.A.		06/20/24		(68,012	)
EUR	6,360,000	USD	6,969,392	JPMorgan Chase Bank N.A.		06/20/24		(86,244	)
EUR	43,580,000	USD	47,790,569	UBS AG		06/20/24		(625,856	)
GBP	9,660,000	USD	12,360,733	Citibank N.A.		06/20/24		(163,330	)
GBP	9,640,000	USD	12,298,404	Goldman Sachs International		06/20/24		(126,254	)
HUF	1,598,000,000	USD	4,401,565	Bank of America N.A.		06/20/24		(43,037	)
HUF	1,335,000,000	USD	3,679,743	JPMorgan Chase Bank N.A.		06/20/24		(38,544	)
IDR	57,130,000,000	USD	3,679,760	BNP Paribas SA		06/20/24		(88,267	)
IDR	64,910,000,000	USD	4,175,485	Morgan Stanley & Co. International PLC		06/20/24		(94,900	)
IDR	172,880,000,000	USD	11,139,175	Morgan Stanley & Co. International PLC		06/20/24		(271,028	)
INR	1,481,100,000	USD	17,842,858	Goldman Sachs International		06/20/24		(123,384	)
INR	452,800,000	USD	5,423,521	Standard Chartered Bank		06/20/24		(6,346	)
JPY	1,104,000,000	USD	7,639,916	Barclays Bank PLC		06/20/24		(258,431	)
JPY	1,346,000,000	USD	9,008,768	Citibank N.A.		06/20/24		(9,240	)
JPY	2,522,000,000	USD	17,409,384	UBS AG		06/20/24		(546,970	)
KRW	136,605,000,000	USD	104,587,598	Deutsche Bank AG		06/20/24		(2,938,158	)
KRW	8,865,000,000	USD	6,645,634	JPMorgan Chase Bank N.A.		06/20/24		(49,080	)
MXN	138,300,000	USD	8,231,168	Barclays Bank PLC		06/20/24		(14,776	)
NOK	48,300,000	USD	4,592,684	Deutsche Bank AG		06/20/24		(135,453	)
NOK	71,200,000	USD	6,676,281	Deutsche Bank AG		06/20/24		(105,786	)
NOK	40,500,000	USD	3,779,110	JPMorgan Chase Bank N.A.		06/20/24		(41,679	)
NOK	160,800,000	USD	15,380,364	Morgan Stanley & Co. International PLC		06/20/24		(541,382	)
NZD	10,910,000	USD	6,579,537	Bank of America N.A.		06/20/24		(61,002	)
NZD	15,040,000	USD	9,078,821	Barclays Bank PLC		06/20/24		(92,682	)
NZD	16,910,000	USD	10,303,939	Barclays Bank PLC		06/20/24		(200,509	)
NZD	9,960,000	USD	6,005,382	Goldman Sachs International		06/20/24		(54,455	)
NZD	15,050,000	USD	9,176,482	Morgan Stanley & Co. International PLC		06/20/24		(184,369	)
PHP	350,300,000	USD	6,328,965	Standard Chartered Bank		06/20/24		(99,374	)
PLN	16,100,000	USD	4,079,047	Barclays Bank PLC		06/20/24		(51,616	)
PLN	16,250,000	USD	4,143,810	Deutsche Bank AG		06/20/24		(78,856	)
PLN	41,250,000	USD	10,524,167	Deutsche Bank AG		06/20/24		(205,437	)
PLN	14,750,000	USD	3,712,373	Societe Generale		06/20/24		(22,645	)
SEK	712,700,000	USD	69,795,910	Barclays Bank PLC		06/20/24		(2,998,169	)
SEK	15,200,000	USD	1,488,253	BNP Paribas SA		06/20/24		(63,635	)
SEK	120,700,000	USD	11,873,143	Deutsche Bank AG		06/20/24		(560,547	)


22

Schedule of Investments (unaudited) (continued)

March 31, 2024

BlackRock Systematic Multi-Strategy Fund

Forward Foreign Currency Exchange Contracts (continued)


Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
SEK	78,900,000	USD	7,663,848	Goldman Sachs International		06/20/24	$	(268,952	)
SGD	8,430,000	USD	6,296,260	Barclays Bank PLC		06/20/24		(30,600	)
SGD	10,500,000	USD	7,930,933	Barclays Bank PLC		06/20/24		(126,730	)
SGD	20,830,000	USD	15,569,699	Barclays Bank PLC		06/20/24		(87,647	)
SGD	5,870,000	USD	4,384,516	BNP Paribas SA		06/20/24		(21,595	)
SGD	121,890,000	USD	91,980,027	Citibank N.A.		06/20/24		(1,384,381	)
SGD	4,470,000	USD	3,357,671	JPMorgan Chase Bank N.A.		06/20/24		(35,310	)
SGD	5,780,000	USD	4,327,428	JPMorgan Chase Bank N.A.		06/20/24		(31,400	)
TWD	58,700,000	USD	1,885,520	Deutsche Bank AG		06/20/24		(44,504	)
TWD	127,400,000	USD	4,029,988	Deutsche Bank AG		06/20/24		(34,324	)
TWD	61,700,000	USD	1,947,847	JPMorgan Chase Bank N.A.		06/20/24		(12,742	)
USD	3,561,192	AUD	5,460,000	JPMorgan Chase Bank N.A.		06/20/24		(4,622	)
USD	9,562,198	CAD	13,000,000	Bank of America N.A.		06/20/24		(45,958	)
USD	5,364,843	CAD	7,270,000	JPMorgan Chase Bank N.A.		06/20/24		(8,334	)
USD	7,270,923	CAD	9,850,000	Morgan Stanley & Co. International PLC		06/20/24		(9,102	)
USD	2,404,592	CHF	2,160,000	Morgan Stanley & Co. International PLC		06/20/24		(11,279	)
USD	5,489,776	COP	21,620,000,000	Barclays Bank PLC		06/20/24		(31,663	)
USD	3,586,844	COP	14,110,000,000	Goldman Sachs International		06/20/24		(16,648	)
USD	7,507,779	CZK	176,500,000	BNP Paribas SA		06/20/24		(18,202	)
USD	4,686,700	GBP	3,720,000	Citibank N.A.		06/20/24		(10,436	)
USD	2,879,884	JPY	431,000,000	JPMorgan Chase Bank N.A.		06/20/24		(1,837	)
USD	2,981,208	MXN	51,200,000	JPMorgan Chase Bank N.A.		06/20/24		(60,580	)
USD	2,310,418	PHP	130,400,000	Morgan Stanley & Co. International PLC		06/20/24		(8,562	)
USD	8,880,208	THB	322,600,000	UBS AG		06/20/24		(18,620	)
USD	5,099,392	ZAR	98,000,000	Barclays Bank PLC		06/20/24		(41,684	)
USD	12,438,133	ZAR	237,100,000	Barclays Bank PLC		06/20/24		(122	)
USD	8,629,088	ZAR	165,300,000	Citibank N.A.		06/20/24		(42,542	)
ZAR	1,576,777	USD	84,163	Barclays Bank PLC		06/20/24		(1,446	)
ZAR	46,700,000	USD	2,478,619	Deutsche Bank AG		06/20/24		(28,740	)
ZAR	82,123,223	USD	4,382,663	Deutsche Bank AG		06/20/24		(74,483	)
ZAR	71,800,000	USD	3,804,639	Goldman Sachs International		06/20/24		(38,014	)
ZAR	77,200,000	USD	4,103,686	Morgan Stanley & Co. International PLC		06/20/24		(53,778	)
CLP	19,375,000,000	USD	19,965,170	Citibank N.A.		06/21/24		(230,232	)
CLP	2,862,000,000	USD	2,987,256	Goldman Sachs International		06/21/24		(72,087	)

								(15,888,479	)

							$	(2,387,109	)

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.42.V1

5.00

Quarterly

06/20/29

USD 37,345

2,753,525

2,574,161

179,364

^(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)						Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
Rate	Frequency	Rate	Frequency	Effective Date	Termination Date		Notional Amount (000)			Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
3.00%	Annual	6-mo. EURIBOR, 3.85%	Semi-Annual	06/19/24^(a)		06/19/26		EUR	265,060	$	(192,517	)	$	227,325		$	(419,842	)
4.35%	Annual	1-Day SONIA, 5.19%	Annual	06/19/24^(a)		06/19/26		GBP	692,170		(2,152,989	)		853,076			(3,006,065	)
1-Day SOFR, 5.34%	Annual	4.30%	Annual	06/20/24^(a)		06/20/26		USD	144,906		(141,524	)		(85,718	)		(55,806	)
6-mo. EURIBOR, 3.85%	Semi-Annual	2.67%	Annual	06/19/24^(a)		06/19/29		EUR	191,710		748,929			(356,967	)		1,105,896
1-Day SONIA, 5.19%	Annual	3.86%	Annual	06/19/24^(a)		06/19/29		GBP	24,310		190,924			(65,399	)		256,323
3.92%	Annual	1-Day SOFR, 5.34%	Annual	06/20/24^(a)		06/20/29		USD	61,261		(77,672	)		56,067			(133,739	)


S C H E D U L E O F I N V E S T M E N T S		23

Schedule of Investments (unaudited) (continued)

March 31, 2024

BlackRock Systematic Multi-Strategy Fund

Centrally Cleared Interest Rate Swaps (continued)


Paid by the Fund		Received by the Fund		Effective Date			Termination Date	Notional Amount (000)						Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
Rate	Frequency	Rate	Frequency	Effective Date			Termination Date	Notional Amount (000)			Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
3.95%	Annual	1-Day SOFR, 5.34%	Annual		06/20/24	^(a)	06/20/29		USD	92,500	$	(237,976	)	$	11,007		$	(248,983	)
8.30%	Monthly	28-Day MXIBTIIE, 11.25%	Monthly		09/18/24	^(a)	09/12/29		MXN	168,350		92,943			90			92,853
28-Day MXIBTIIE, 11.25%	Monthly	8.42%	Monthly		09/18/24	^(a)	09/12/29		MXN	137,690		(37,684	)		74			(37,758	)
28-Day MXIBTIIE, 11.25%	Monthly	8.51%	Monthly		09/18/24	^(a)	09/12/29		MXN	95,200		(7,681	)		51			(7,732	)
1.00%	Annual	1-Day SSARON, 1.46%	Annual		09/18/24	^(a)	09/18/29		CHF	2,750		4,162			(4,667	)		8,829
2.13%	Quarterly	China Fixing Repo Rates 7-Day, 2.30%	Quarterly		09/18/24	^(a)	09/18/29		CNY	33,860		145			53			92
2.13%	Quarterly	China Fixing Repo Rates 7-Day, 2.30%	Quarterly		09/18/24	^(a)	09/18/29		CNY	33,950		1,130			53			1,077
2.18%	Quarterly	1-Day THOR, 2.49%	Quarterly		09/18/24	^(a)	09/18/29		THB	254,387		5,382			80			5,302
2.18%	Quarterly	1-Day THOR, 2.49%	Quarterly		09/18/24	^(a)	09/18/29		THB	763,162		15,555			239			15,316
1-Day THOR, 2.49%	Quarterly	2.20%	Quarterly		09/18/24	^(a)	09/18/29		THB	197,060		1,947			60			1,887
3-mo. STIBOR, 4.03%	Quarterly	2.52%	Annual		09/18/24	^(a)	09/18/29		SEK	128,350		(28,928	)		65,538			(94,466	)
6-mo. EURIBOR, 3.85%	Semi-Annual	2.52%	Annual		09/18/24	^(a)	09/18/29		EUR	5,710		(382	)		20,112			(20,494	)
2.80%	Semi-Annual	1-Day SORA, 3.69%	Semi-Annual		09/18/24	^(a)	09/18/29		SGD	3,935		17,132			33			17,099
2.80%	Semi-Annual	1-Day SORA, 3.69%	Semi-Annual		09/18/24	^(a)	09/18/29		SGD	3,935		18,065			33			18,032
1-Day SORA, 3.69%	Semi-Annual	2.80%	Semi-Annual		09/18/24	^(a)	09/18/29		SGD	39,005		(171,140	)		327			(171,467	)
1-Day SORA, 3.69%	Semi-Annual	2.80%	Semi-Annual		09/18/24	^(a)	09/18/29		SGD	39,005		(170,479	)		327			(170,806	)
6-mo. PRIBOR, 5.23%	Semi-Annual	3.00%	Annual		09/18/24	^(a)	09/18/29		CZK	1,086,990		(995,852	)		523			(996,375	)
3.24%	Semi-Annual	1-Day CORRA, 5.00%	Semi-Annual		09/18/24	^(a)	09/18/29		CAD	22,700		81,964			(24,812	)		106,776
3.73%	Annual	6-mo. NIBOR, 4.87%	Semi-Annual		09/18/24	^(a)	09/18/29		NOK	43,950		4,607			45			4,562
3.77%	Annual	1-Day SONIA, 5.19%	Annual		09/18/24	^(a)	09/18/29		GBP	8,290		(66,091	)		10,123			(76,214	)
3.80%	Annual	6-mo. NIBOR, 4.87%	Semi-Annual		09/18/24	^(a)	09/18/29		NOK	464,180		(77,489	)		(386,427	)		308,938
3.83%	Annual	1-Day SOFR, 5.34%	Annual		09/18/24	^(a)	09/18/29		USD	5,350		(3,631	)		881			(4,512	)
3.85%	Annual	1-Day SOFR, 5.34%	Annual		09/18/24	^(a)	09/18/29		USD	7,340		(13,387	)		(8,904	)		(4,483	)
3.86%	Annual	1-Day SOFR, 5.34%	Annual		09/18/24	^(a)	09/18/29		USD	7,620		(16,928	)		85			(17,013	)
3.94%	Semi-Annual	6-mo. BBSW, 4.50%	Semi-Annual		09/18/24	^(a)	09/18/29		AUD	64,175		13,842			473			13,369
4.16%	Semi-Annual	3-mo. BBR, 5.71%	Quarterly		09/18/24	^(a)	09/18/29		NZD	6,950		(1,173	)		48			(1,221	)
6-mo. WIBOR, 5.86%	Semi-Annual	4.81%	Annual		09/18/24	^(a)	09/18/29		PLN	64,670		5,475			184			5,291
4.82%	Annual	6-mo. WIBOR, 5.86%	Semi-Annual		09/18/24	^(a)	09/18/29		PLN	19,390		(2,862	)		55			(2,917	)
6.20%	Semi-Annual	1-Day MIBOR, 7.90%	Semi-Annual		09/18/24	^(a)	09/18/29		INR	1,612,710		84,093			217			83,876
6.23%	Semi-Annual	1-Day MIBOR, 7.90%	Semi-Annual		09/18/24	^(a)	09/18/29		INR	1,612,710		65,217			218			64,999
8.47%	Quarterly	3-mo. JIBAR, 8.35%	Quarterly		09/18/24	^(a)	09/18/29		ZAR	290,160		178,972			174			178,798
8.66%	Quarterly	3-mo. JIBAR, 8.35%	Quarterly		09/18/24	^(a)	09/18/29		ZAR	110,380		25,026			65			24,961
3-mo. KRW CDC, 3.64%	Quarterly	3.14%	Quarterly		09/19/24	^(a)	09/19/29		KRW	53,030,910		(105,553	)		(1,349	)		(104,204	)
3-mo. KRW CDC, 3.64%	Quarterly	3.16%	Quarterly		09/19/24	^(a)	09/19/29		KRW	18,225,310		(28,812	)		155			(28,967	)
3.67%	Quarterly	3-mo. HIBOR, 4.72%	Quarterly		09/19/24	^(a)	09/19/29		HKD	389,840		261,280			555			260,725
3.78%	Quarterly	3-mo. HIBOR, 4.72%	Quarterly		09/19/24	^(a)	09/19/29		HKD	39,850		3,297			57			3,240
3.83%	Quarterly	3-mo. HIBOR, 4.72%	Quarterly		09/19/24	^(a)	09/19/29		HKD	31,310		(6,911	)		44			(6,955	)
3.66%	Annual	3-mo. TELBOR, 4.35%	Quarterly		09/18/24	^(a)	09/18/29		ILS	36,180		89,828			112			89,716
2.72%	Annual	6-mo. EURIBOR, 3.85%	Semi-Annual		N/A		02/08/34		EUR	2,100		(21,369	)		(1,018	)		(20,351	)
3.92%	Annual	1-Day SONIA, 5.19%	Annual		N/A		02/14/34		GBP	3,780		(91,689	)		(20,198	)		(71,491	)
4.43%	Semi-Annual	6-mo. BBSW, 4.50%	Semi-Annual		N/A		02/15/34		AUD	7,560		(88,808	)		29,179			(117,987	)
6-mo. EURIBOR, 3.85%	Semi-Annual	2.64%	Annual		06/19/24	^(a)	06/19/34		EUR	174,730		1,415,975			(461,450	)		1,877,425
1-Day SONIA, 5.19%	Annual	3.74%	Annual		06/19/24	^(a)	06/19/34		GBP	132,640		1,673,986			321,722			1,352,264
1-Day SOFR, 5.34%	Annual	3.87%	Annual		06/20/24	^(a)	06/20/34		USD	201,960		1,243,597			(175,195	)		1,418,792
2.39%	Annual	6-mo. EURIBOR, 3.85%	Semi-Annual		06/19/24	^(a)	06/19/54		EUR	89,370		(1,698,270	)		190,110			(1,888,380	)
3.66%	Annual	1-Day SOFR, 5.34%	Annual		06/20/24	^(a)	06/20/54		USD	90,450		(1,160,205	)		(51,420	)		(1,108,785	)

											$	(1,354,529	)	$	146,046		$	(1,500,575	)

^(a)

Forward Swap.

Centrally Cleared Inflation Swaps

Paid by the Fund

Received by the Fund

Termination
Date

Notional

Amount (000)

Value

Upfront
Premium
Paid

(Received)

Unrealized
Appreciation

(Depreciation)

Reference

Frequency

Rate

Frequency

2.46%

At Termination

US CPI for All Urban
Consumers NSA

At Termination

02/05/34

USD

24,980

$ 176,855

$ (35,555)

212,410


24

Schedule of Investments (unaudited) (continued)

March 31, 2024

BlackRock Systematic Multi-Strategy Fund

Centrally Cleared Inflation Swaps (continued)


Paid by the Fund		Received by the Fund		Termination Date	Notional Amount (000)			Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
Reference	Frequency	Rate	Frequency	Termination Date	Notional Amount (000)			Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
2.44%	At Termination	US CPI for All Urban Consumers NSA	At Termination	02/06/34		USD	25,750	$	223,189		$	9,155		$	214,034
2.48%	At Termination	US CPI for All Urban Consumers NSA	At Termination	02/08/34		USD	13,070		75,706			271			75,435
2.19%	At Termination	Eurostat Eurozone HICP Ex Tobacco Unrevised	At Termination	02/15/34		EUR	16,200		53,814			(7,889	)		61,703
2.19%	At Termination	Eurostat Eurozone HICP Ex Tobacco Unrevised	At Termination	02/15/34		EUR	5,190		14,726			6,453			8,273
3.60%	At Termination	UK RPI All Items NSA	At Termination	02/15/34		GBP	13,620		174,297			49,152			125,145
3.64%	At Termination	UK RPI All Items NSA	At Termination	02/15/34		GBP	4,360		35,219			6,819			28,400
2.52%	At Termination	US CPI for All Urban Consumers NSA	At Termination	02/22/34		USD	6,530		16,861			(5,679	)		22,540
2.53%	At Termination	US CPI for All Urban Consumers NSA	At Termination	02/26/34		USD	32,340		66,119			673			65,446
2.51%	At Termination	US CPI for All Urban Consumers NSA	At Termination	02/27/34		USD	6,150		22,983			4,797			18,186
2.50%	At Termination	US CPI for All Urban Consumers NSA	At Termination	02/28/34		USD	13,070		58,484			272			58,212
2.52%	At Termination	US CPI for All Urban Consumers NSA	At Termination	03/05/34		USD	6,530		18,813			2,102			16,711
2.53%	At Termination	US CPI for All Urban Consumers NSA	At Termination	03/06/34		USD	12,780		26,829			266			26,563
2.49%	At Termination	US CPI for All Urban Consumers NSA	At Termination	03/14/34		USD	4,530		22,247			153			22,094
2.18%	At Termination	Eurostat Eurozone HICP Ex Tobacco Unrevised	At Termination	03/15/34		EUR	5,040		26,621			(2,647	)		29,268
2.19%	At Termination	Eurostat Eurozone HICP Ex Tobacco Unrevised	At Termination	03/15/34		EUR	5,040		21,436			(10,933	)		32,369
2.22%	At Termination	Eurostat Eurozone HICP Ex Tobacco Unrevised	At Termination	03/15/34		EUR	5,110		9,947			935			9,012
2.23%	At Termination	Eurostat Eurozone HICP Ex Tobacco Unrevised	At Termination	03/15/34		EUR	10,850		9,153			(12,726	)		21,879
2.24%	At Termination	Eurostat Eurozone HICP Ex Tobacco Unrevised	At Termination	03/15/34		EUR	5,070		(2,619	)		3,723			(6,342	)
2.24%	At Termination	Eurostat Eurozone HICP Ex Tobacco Unrevised	At Termination	03/15/34		EUR	5,110		(1,626	)		(7,762	)		6,136
2.25%	At Termination	Eurostat Eurozone HICP Ex Tobacco Unrevised	At Termination	03/15/34		EUR	6,160		(8,754	)		3,913			(12,667	)
3.55%	At Termination	UK RPI All Items NSA	At Termination	03/15/34		GBP	8,420		128,104			28,824			99,280
3.59%	At Termination	UK RPI All Items NSA	At Termination	03/15/34		GBP	8,940		89,936			34,663			55,273
3.64%	At Termination	UK RPI All Items NSA	At Termination	03/15/34		GBP	9,010		34,080			10,097			23,983
3.64%	At Termination	UK RPI All Items NSA	At Termination	03/15/34		GBP	9,040		41,363			13,084			28,279
3.65%	At Termination	UK RPI All Items NSA	At Termination	03/15/34		GBP	4,230		15,510			5,644			9,866
2.52%	At Termination	US CPI for All Urban Consumers NSA	At Termination	03/25/34		USD	98,020		257,626			363,703			(106,077	)

									$ 1,606,919		$	461,508		$	1,145,411

OTC Total Return Swaps


Reference Entity	Payment Frequency	Counterparty^(a)	Termination Date		Net Notional			Accrued Unrealized Appreciation (Depreciation)			Net Value of Reference Entity			Gross Notional Amount Net Asset Percentage
Equity Securities Long/Short	Monthly	Bank of America N.A.^(b)		02/17/28	$	(17,283,051	)	$	6,492,427	^(c)	$	(10,003,206	)		10.0	%
	Monthly	Bank of America N.A.^(d)		02/17/28		13,146,623			(2,827,370	)^(e)		9,513,502			12.2
	Monthly	Barclays Bank PLC^(f)		01/22/25		(17,883,137	)		(8,674,502	)^(g)		(27,172,865	)		14.4
	Monthly	Barclays Bank PLC^(h)		01/22/25		2,894,676			1,544,190	⁽ⁱ⁾		4,913,034			11.6
	Monthly	BNP Paribas SA^(j)		05/27/25		81,988,648			368,725	^(k)		82,424,081			12.2


S C H E D U L E O F I N V E S T M E N T S		25

Schedule of Investments (unaudited) (continued)

March 31, 2024

BlackRock Systematic Multi-Strategy Fund

Equity Securities Long/Short (continued)


Reference Entity	Payment Frequency	Counterparty^(a)	Termination Date		Net Notional			Accrued Unrealized Appreciation (Depreciation)			Net Value of Reference Entity			Gross Notional Amount Net Asset Percentage
Equity Securities Long/Short (continued)	Monthly	BNP Paribas SA^(l)		05/27/25	$	29,096,621		$	6,151,967	^(m)	$	34,764,184			11.9	%
	Monthly	Citibank N.A.⁽ⁿ⁾		02/24/28		87,581,949			3,779,374	^(o)		90,817,750			2.7
	Monthly	Citibank N.A.^(p)		02/24/28		58,515,566			796,715	^(q)		59,873,638			3.0
	Monthly	Goldman Sachs Bank USA^(r)		08/19/26		80,224,106			2,723,125	^(s)		83,433,231			2.6
	Monthly	Goldman Sachs Bank USA^(t)		08/19/26		24,827,503			3,110,559	^(u)		28,230,673			1.2
	Monthly	HSBC Bank PLC^(v)		02/10/28		(25,489,496	)		(952,161	)^(w)		(26,840,580	)		5.5
	Monthly	HSBC Bank PLC^(x)		02/10/28		(19,504,370	)		8,229,587	^(y)		(11,210,014	)		7.3
		Morgan Stanley & Co.
	Monthly	International PLC^(z)		10/03/28		(24,066,026	)		(4,495,257	)^(aa)		(30,222,811	)		7.1
		Morgan Stanley & Co.
	Monthly	International PLC^(ab)		10/03/28		(49,038,634	)		(5,154,520	)^(ac)		(54,197,323	)		8.4

								$	11,092,859		$	234,323,294

^(a)

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

^(c)

Amount includes $(787,418) of net dividends and financing fees.

^(e)

Amount includes $805,751 of net dividends and financing fees.

^(g)

Amount includes $615,226 of net dividends and financing fees.

⁽ⁱ⁾

Amount includes $(474,168) of net dividends and financing fees.

^(k)

Amount includes $(66,708) of net dividends and financing fees.

^(m)

Amount includes $484,404 of net dividends and financing fees.

^(o)

Amount includes $543,573 of net dividends and financing fees.

^(q)

Amount includes $(561,357) of net dividends and financing fees.

^(s)

Amount includes $(486,000) of net dividends and financing fees.

^(u)

Amount includes $(292,611) of net dividends and financing fees.

^(w)

Amount includes $398,923 of net dividends and financing fees.

^(y)

Amount includes $(64,769) of net dividends and financing fees.

^(aa)

Amount includes $1,661,528 of net dividends and financing fees.

^(ac)

Amount includes $4,169 of net dividends and financing fees.

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


	(b)	(d)	(h)
Range:	0-27 basis points	0-869 basis points	0-25 basis points
Benchmarks:	USD - 1D Overnight Bank Funding Rate (OBFR01)	USD - 1D Overnight Bank Funding Rate (OBFR01)	USD - 1D Overnight Bank Funding Rate (OBFR01)
	(f)	(j)	(l)
	0-20 basis points	0-20 basis points	0-732 basis points
	USD - 1D Overnight Bank Funding Rate (OBFR01)	USD - 1D Overnight Bank Funding Rate (OBFR01)	USD - 1D Overnight Bank Funding Rate (OBFR01)
	(p)	(n)	(r)
	0-20 basis points	0-20 basis points	15-20 basis points
	USD - 1D Overnight Bank Funding Rate (OBFR01)	USD - 1D Overnight Bank Funding Rate (OBFR01)	USD - 1D Overnight Fed Funds Effective Rate (FEDL01)
	(t)	(v)	(x)
	0-20 basis points	0-20 basis points	0-20 basis points
	USD - 1D Overnight Fed Funds Effective Rate (FEDL01)	USD - 1D Overnight Bank Funding Rate (OBFR01)	USD - 1D Overnight Bank Funding Rate (OBFR01)
	(z)	(ab)
	15-20 basis points	15-20 basis points
	USD - 1D Overnight Fed Funds Effective Rate (FEDL01)	USD - 1D Overnight Fed Funds Effective Rate (FEDL01)


26

Schedule of Investments (unaudited) (continued)

March 31, 2024

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 02/17/28:


Security	Shares			Value			% of Basket Value

Reference Entity — Long

Common Stocks

Chemicals
Olin Corp.		398,167		$	23,412,219			(234.1	)%


Consumer Finance
American Express Co.		104,139			23,711,409			(237.0	)


Containers & Packaging
International Paper Co.		728,682			28,433,172			(284.2	)


Diversified Telecommunication Services
AT&T, Inc.		1,041,670			18,333,392			(183.3	)


Entertainment
Netflix, Inc.		45,786			27,807,211			(278.0	)


Food Products
Conagra Brands, Inc.		967,598			28,679,605			(286.7	)


Health Care Providers & Services
Cardinal Health, Inc.		253,562			28,373,588			(283.6	)


Insurance
Chubb Ltd.		119,417			30,944,527			(309.4	)


Metals & Mining
Cleveland-Cliffs, Inc.		1,208,126			27,472,785			(274.6	)


Oil, Gas & Consumable Fuels
APA Corp.		288,016			9,901,990			(99.0	)
Murphy Oil Corp.		640,641			29,277,294			(292.7	)

					39,179,284

Specialty Retail
Bath & Body Works, Inc.		601,984			30,111,240			(301.0	)


Trading Companies & Distributors
United Rentals, Inc.		6,841			4,933,113			(49.3	)


Exchange Traded Funds

Entertainment
Walt Disney Co.		228,419			27,949,349			(279.4	)


Total Reference Entity — Long					339,340,894


Reference Entity — Short

Common Stocks

Air Freight & Logistics
United Parcel Service, Inc., Class B		(154,132	)		(22,908,639	)		229.0


Consumer Finance
Ally Financial, Inc.		(745,079	)		(30,242,757	)		302.3


Containers & Packaging
Sealed Air Corp.		(452,812	)		(16,844,606	)		168.4


Electric Utilities
FirstEnergy Corp.		(322,705	)		(12,462,867	)		124.6


Security	Shares			Value			% of Basket Value

Food Products
Lamb Weston Holdings, Inc.		(280,608	)	$	(29,893,170	)		298.8	%
Tyson Foods, Inc., Class A		(506,174	)		(29,727,599	)		297.2

					(59,620,769	)

Health Care Equipment & Supplies
Baxter International, Inc.		(708,620	)		(30,286,419	)		302.8


Metals & Mining
Freeport-McMoRan, Inc.		(646,944	)		(30,419,307	)		304.1
Teck Resources Ltd., Class B		(346,159	)		(15,847,159	)		158.4

					(46,266,466	)

Oil, Gas & Consumable Fuels
Canadian Natural Resources Ltd.		(71,134	)		(5,428,947	)		54.3
Enbridge, Inc.		(279,700	)		(10,119,546	)		101.1
TC Energy Corp.		(744,999	)		(29,948,960	)		299.4

					(45,497,453	)

Semiconductors & Semiconductor Equipment
Advanced Micro Devices, Inc.		(134,080	)		(24,200,099	)		241.9


Software
Oracle Corp.		(71,271	)		(8,952,350	)		89.5


Specialty Retail
Best Buy Co., Inc.		(373,568	)		(30,643,783	)		306.4


Wireless Telecommunication Services
T-Mobile U.S., Inc.		(131,221	)		(21,417,892	)		214.1


Total Reference Entity — Short					(349,344,100	)


Net Value of Reference Entity — Bank of America N.A				$	(10,003,206	)


Security	Shares		Value		% of Basket Value

Reference Entity — Long

Common Stocks

Biotechnology
Gilead Sciences, Inc.		24,969	$	1,828,979		19.2	%


Building Products
Owens Corning		150,799		25,153,273		264.4
Trane Technologies PLC		47,842		14,362,169		151.0

				39,515,442

Capital Markets
MSCI, Inc., Class A		36,914		20,688,451		217.5


Chemicals
DuPont de Nemours, Inc.		327,468		25,106,971		263.9
Nutrien Ltd.		462,632		25,125,544		264.1

				50,232,515

Food Products
Mondelez International, Inc., Class A		1,807		126,490		1.3


S C H E D U L E O F I N V E S T M E N T S		27

Schedule of Investments (unaudited) (continued)

March 31, 2024

BlackRock Systematic Multi-Strategy Fund


Security	Shares			Value			% of Basket Value

Health Care Providers & Services
DaVita, Inc.		179,966		$	24,844,306			261.1	%
Quest Diagnostics, Inc.		188,100			25,037,991			263.2

					49,882,297

Health Care REITs
Ventas, Inc.		310,711			13,528,357			142.2


Hotels, Restaurants & Leisure
Booking Holdings, Inc.		6,847			24,840,094			261.1
Yum! Brands, Inc.		153,636			21,301,632			223.9

					46,141,726

IT Services
GoDaddy, Inc., Class A		205,988			24,446,656			257.0
Twilio, Inc., Class A		392,219			23,984,192			252.1

					48,430,848

Metals & Mining
Kinross Gold Corp.		155,398			952,590			10.0


Multi-Utilities
Consolidated Edison, Inc., Class A		72,076			6,545,222			68.8


Oil, Gas & Consumable Fuels
Marathon Oil Corp.		859,456			24,356,983			256.0
Range Resources Corp.		307,544			10,588,740			111.3
Williams Cos., Inc.		3,452			134,524			1.4

					35,080,247

Professional Services
Broadridge Financial Solutions, Inc.		53,631			10,986,847			115.5
Verisk Analytics, Inc., Class A		101,578			23,944,982			251.7

					34,931,829

Residential REITs
UDR, Inc.		438,552			16,406,230			172.5


Semiconductors & Semiconductor Equipment
Qorvo, Inc.		16,013			1,838,773			19.3


Specialized REITs
American Tower Corp.		83,311			16,461,420			173.0
Crown Castle International Corp.		166,532			17,624,082			185.3

					34,085,502

Textiles, Apparel & Luxury Goods
Tapestry, Inc.		515,600			24,480,688			257.3


Total Reference Entity — Long					424,696,186


Reference Entity — Short

Common Stocks

Automobiles
General Motors Co.		(249,525	)		(11,315,959	)		(118.9	)


Building Products
Allegion PLC		(4,183	)		(563,492	)		(5.9	)


Capital Markets
Intercontinental Exchange, Inc.		(147,362	)		(20,251,960	)		(212.9	)
KKR & Co., Inc.		(246,495	)		(24,792,467	)		(260.6	)

					(45,044,427	)

Chemicals
Celanese Corp., Class A		(148,828	)		(25,577,580	)		(268.9	)


Commercial Services & Supplies
Waste Connections, Inc.		(1,190	)		(204,692	)		(2.2	)


Security	Shares			Value			% of Basket Value

Consumer Finance
American Express Co.		(107,063	)	$	(24,377,175	)		(256.2	)%


Consumer Staples Distribution & Retail
U.S. Foods Holding Corp.		(302,828	)		(16,343,627	)		(171.8	)


Electrical Equipment
Emerson Electric Co.		(51,946	)		(5,891,715	)		(61.9	)


Electronic Equipment, Instruments & Components
Teledyne Technologies, Inc.		(317	)		(136,094	)		(1.4	)


Financial Services
PayPal Holdings, Inc.		(372,865	)		(24,978,226	)		(262.6	)


Health Care Equipment & Supplies
Baxter International, Inc.		(574,092	)		(24,536,692	)		(257.9	)


Health Care REITs
Medical Properties Trust, Inc., Class B		(119,044	)		(559,507	)		(5.9	)


Household Durables
Mohawk Industries, Inc.		(145,003	)		(18,979,443	)		(199.5	)


Life Sciences Tools & Services
Danaher Corp.		(94,408	)		(23,575,566	)		(247.8	)
Illumina, Inc.		(7,886	)		(1,082,905	)		(11.4	)
Revvity, Inc.		(231,761	)		(24,334,905	)		(255.8	)

					(48,993,376	)

Oil, Gas & Consumable Fuels
Exxon Mobil Corp.		(191,597	)		(22,271,235	)		(234.1	)
Suncor Energy, Inc.		(70,835	)		(2,614,520	)		(27.5	)

					(24,885,755	)

Passenger Airlines
Southwest Airlines Co.		(635,459	)		(18,549,048	)		(195.0	)


Personal Care Products
Estee Lauder Cos., Inc., Class A		(45,585	)		(7,026,928	)		(73.9	)


Pharmaceuticals
Merck & Co., Inc.		(92,866	)		(12,253,669	)		(128.8	)
Pfizer, Inc.		(883,178	)		(24,508,189	)		(257.6	)

					(36,761,858	)

Real Estate Management & Development
CBRE Group, Inc., Class A		(238,843	)		(23,225,093	)		(244.1	)


Software
Autodesk, Inc.		(92,963	)		(24,209,425	)		(254.5	)
Oracle Corp.		(196,433	)		(24,673,949	)		(259.3	)

					(48,883,374	)

Exchange Traded Funds

Entertainment
Walt Disney Co.		(68,230	)		(8,348,623	)		(87.7	)


Total Reference Entity — Short					(415,182,684	)


Net Value of Reference Entity — Bank of America N.A				$	9,513,502


28

Schedule of Investments (unaudited) (continued)

March 31, 2024

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 Barclays Bank PLC as of period end, termination date 01/22/25:


Security	Shares		Value		% of Basket Value

Reference Entity — Long

Common Stocks

Air Freight & Logistics
CH Robinson Worldwide, Inc.		331,040	$	25,205,386		(92.8	)%


Biotechnology
Biogen Inc.		25,309		5,457,380		(20.1	)


Chemicals
Mosaic Co.		400,110		12,987,570		(47.8	)
PPG Industries, Inc.		119,331		17,291,062		(63.6	)

				30,278,632

Containers & Packaging
Packaging Corp. of America		132,589		25,162,740		(92.6	)


Diversified Telecommunication Services
AT&T, Inc.		294,192		5,177,779		(19.0	)
Verizon Communications, Inc.		323,527		13,575,193		(50.0	)

				18,752,972

Energy Equipment & Services
Patterson-UTI Energy, Inc.		307,581		3,672,517		(13.5	)


Food Products
Bunge Global SA		211,945		21,728,601		(80.0	)


Ground Transportation
Avis Budget Group, Inc.		41,596		5,093,846		(18.8	)


Health Care Equipment & Supplies
Stryker Corp.		31,542		11,287,935		(41.5	)


Health Care Providers & Services
Laboratory Corp. of America Holdings		112,356		24,545,292		(90.4	)
McKesson Corp.		7,347		3,944,237		(14.5	)

				28,489,529

Health Care REITs
Healthpeak Properties, Inc.		733,568		13,754,400		(50.6	)


Hotels, Restaurants & Leisure
McDonald’s Corp.		63,887		18,012,940		(66.3	)
Starbucks Corp.		260,614		23,817,513		(87.6	)

				41,830,453

Household Products
Clorox Co.		119,868		18,352,990		(67.5	)
Colgate-Palmolive Co.		269,343		24,254,337		(89.3	)

				42,607,327

Insurance
American International Group, Inc., Class A		150,890		11,795,071		(43.4	)


Interactive Media & Services
Meta Platforms, Inc., Class A		6,165		2,993,601		(11.0	)


Life Sciences Tools & Services
Agilent Technologies, Inc.		115,212		16,764,498		(61.7	)


Oil, Gas & Consumable Fuels
HF Sinclair Corp.		407,391		24,594,195		(90.5	)


Security	Shares			Value			% of Basket Value

Oil, Gas & Consumable Fuels (continued)
Phillips 66		43,938		$	7,176,833			(26.4	)%
Valero Energy Corp.		147,729			25,215,863			(92.8	)

					56,986,891

Software
Workday, Inc., Class A		51,073			13,930,161			(51.3	)


Specialty Retail
Gap, Inc.		879,695			24,235,597			(89.2	)


Technology Hardware, Storage & Peripherals
Dell Technologies, Inc., Class C		220,606			25,173,351			(92.6	)


Textiles, Apparel & Luxury Goods
Crocs, Inc.		130,490			18,764,462			(69.1	)
NIKE, Inc., Class B		253,682			23,841,034			(87.7	)

					42,605,496

Water Utilities
American Water Works Co., Inc.		73,813			9,020,687			(33.2	)


Total Reference Entity — Long					476,827,071


Reference Entity — Short

Common Stocks

Aerospace & Defense
Boeing Co.		(130,608	)		(25,206,038	)		92.8
Howmet Aerospace, Inc.		(234,773	)		(16,065,516	)		59.1
Spirit AeroSystems Holdings, Inc., Class A		(364,020	)		(13,130,202	)		48.3

					(54,401,756	)

Chemicals
Albemarle Corp.		(194,498	)		(25,623,167	)		94.3
Corteva, Inc.		(437,982	)		(25,258,422	)		93.0
Ecolab, Inc.		(85,316	)		(19,699,464	)		72.5

					(70,581,053	)

Construction & Engineering
Quanta Services, Inc.		(87,712	)		(22,787,578	)		83.9


Consumer Staples Distribution & Retail
Dollar General Corp.		(157,624	)		(24,598,801	)		90.5
Dollar Tree, Inc.		(76,547	)		(10,192,233	)		37.5

					(34,791,034	)

Distributors
LKQ Corp.		(109,054	)		(5,824,574	)		21.4


Electrical Equipment
Eaton Corp. PLC		(19,792	)		(6,188,563	)		22.8


Financial Services
Global Payments, Inc.		(4,264	)		(569,926	)		2.1


Food Products
Tyson Foods, Inc., Class A		(273,363	)		(16,054,609	)		59.1


Hotels, Restaurants & Leisure
Hilton Worldwide Holdings Inc.		(627	)		(133,745	)		0.5
Las Vegas Sands Corp.		(446,337	)		(23,075,623	)		84.9
Penn Entertainment, Inc.		(1,138,612	)		(20,734,125	)		76.3

					(43,943,493	)

Independent Power and Renewable Electricity Producers
AES Corp.		(885,529	)		(15,877,535	)		58.4


S C H E D U L E O F I N V E S T M E N T S		29

Schedule of Investments (unaudited) (continued)

March 31, 2024

BlackRock Systematic Multi-Strategy Fund


Security	Shares			Value			% of Basket Value

Leisure Products
Hasbro, Inc.		(446,909	)	$	(25,259,297	)		93.0	%


Life Sciences Tools & Services
Charles River Laboratories International, Inc.		(88,479	)		(23,973,385	)		88.2


Machinery
Cummins, Inc.		(34,994	)		(10,310,982	)		37.9


Office REITs
Vornado Realty Trust		(235,312	)		(6,769,926	)		24.9


Oil, Gas & Consumable Fuels
APA Corp.		(109,328	)		(3,758,697	)		13.8
Chevron Corp.		(133,510	)		(21,059,868	)		77.5
Diamondback Energy, Inc.		(66,542	)		(13,186,628	)		48.5
EQT Corp.		(448,948	)		(16,642,502	)		61.3

					(54,647,695	)

Personal Care Products
Estee Lauder Cos., Inc., Class A		(123,170	)		(18,986,655	)		69.9


Semiconductors & Semiconductor Equipment
Entegris, Inc.		(175,936	)		(24,726,045	)		91.0


Specialty Retail
Advance Auto Parts, Inc.		(221,374	)		(18,836,714	)		69.3
Dick’s Sporting Goods, Inc.		(111,513	)		(25,074,813	)		92.3

					(43,911,527	)

Exchange Traded Funds

Household Durables
Tempur Sealy International, Inc.		(429,326	)		(24,394,303	)		89.8


Total Reference Entity — Short					(503,999,936	)


Net Value of Reference Entity — Barclays Bank PLC				$	(27,172,865	)


Security	Shares		Value		% of Basket Value

Reference Entity — Long

Common Stocks

Broadline Retail
Kohl’s Corp.		100,231	$	2,921,734		59.5	%


Communications Equipment
Cisco Systems, Inc.		496,419		24,776,272		504.3


Electric Utilities
American Electric Power Co., Inc.		185,134		15,940,038		324.5
Exelon Corp.		569,169		21,383,679		435.2

				37,323,717

Health Care Providers & Services
CVS Health Corp.		377,915		30,142,500		613.5
McKesson Corp.		54,896		29,470,918		599.9

				59,613,418


Security	Shares			Value			% of Basket Value

Hotels, Restaurants & Leisure
McDonald’s Corp.		76,305		$	21,514,195			437.9	%
MGM Resorts International		657,069			31,020,227			631.4
Royal Caribbean Cruises Ltd.		213,056			29,616,915			602.8

					82,151,337

Insurance
Allstate Corp.		38,381			6,640,297			135.1
American International Group, Inc., Class A		279,475			21,846,561			444.7
Hartford Financial Services Group, Inc.		296,458			30,549,997			621.8

					59,036,855

IT Services
International Business Machines Corp.		155,275			29,651,314			603.5


Oil, Gas & Consumable Fuels
APA Corp.		592,892			20,383,627			414.9
Kinder Morgan, Inc.		232,736			4,268,378			86.8
Marathon Petroleum Corp.		66,705			13,441,057			273.6
Valero Energy Corp.		179,001			30,553,681			621.9

					68,646,743

Specialty Retail
AutoZone, Inc.		9,033			28,468,854			579.5


Total Reference Entity — Long					392,590,244


Reference Entity — Short

Common Stocks

Aerospace & Defense
Boeing Co.		(148,814	)		(28,719,614	)		(584.5	)
Howmet Aerospace, Inc.		(432,771	)		(29,614,520	)		(602.8	)
TransDigm Group, Inc.		(17,599	)		(21,674,928	)		(441.2	)

					(80,009,062	)

Air Freight & Logistics
FedEx Corp.		(60,243	)		(17,454,807	)		(355.3	)


Broadline Retail
Nordstrom, Inc.		(333,633	)		(6,762,741	)		(137.7	)


Consumer Staples Distribution & Retail
Walmart, Inc.		(495,776	)		(29,830,842	)		(607.2	)


Containers & Packaging
Ball Corp.		(326,672	)		(22,004,626	)		(447.9	)


Food Products
Campbell Soup Co.		(68,970	)		(3,065,716	)		(62.4	)
General Mills, Inc.		(138,035	)		(9,658,309	)		(196.6	)

					(12,724,025	)

Health Care Providers & Services
HCA Healthcare, Inc.		(595	)		(198,450	)		(4.0	)


Hotel & Resort REITs
Host Hotels & Resorts, Inc.		(391,626	)		(8,098,826	)		(164.8	)


Household Durables
PulteGroup, Inc.		(127,526	)		(15,382,186	)		(313.1	)


Industrial Conglomerates
General Electric Co.		(49,978	)		(8,772,638	)		(178.6	)


Insurance
Prudential Financial, Inc.		(98,652	)		(11,581,745	)		(235.7	)


30

Schedule of Investments (unaudited) (continued)

March 31, 2024

BlackRock Systematic Multi-Strategy Fund


Security	Shares			Value			% of Basket Value

Life Sciences Tools & Services
Danaher Corp.		(121,516	)	$	(30,344,976	)		(617.6	)%


Metals & Mining
Newmont Corp.		(295,811	)		(10,601,866	)		(215.8	)


Oil, Gas & Consumable Fuels
Canadian Natural Resources Ltd.		(331,528	)		(25,302,217	)		(515.0	)
ConocoPhillips		(30,552	)		(3,888,659	)		(79.1	)
Enbridge, Inc.		(508,919	)		(18,412,689	)		(374.8	)
Williams Cos., Inc.		(416,280	)		(16,222,432	)		(330.2	)

					(63,825,997	)

Passenger Airlines
Southwest Airlines Co.		(247,050	)		(7,211,389	)		(146.8	)


Residential REITs
Equity Residential		(480,012	)		(30,293,557	)		(616.6	)


Specialized REITs
Iron Mountain, Inc.		(316,537	)		(25,389,433	)		(516.8	)
Weyerhaeuser Co.		(200,224	)		(7,190,044	)		(146.3	)

					(32,579,477	)


Total Reference Entity — Short					(387,677,210	)


Net Value of Reference Entity — Barclays Bank PLC				$	4,913,034

The following table represents the individual long and short positions and related values of the equity securities underlying the total return swap with BNP Paribas SA as of period end, termination date 05/27/25:


Security	Shares		Value		% of Basket Value

Reference Entity — Long

Common Stocks

Consumer Staples Distribution & Retail
Target Corp.		161,626	$	28,641,743		34.8	%


Diversified Consumer Services
H&R Block, Inc.		614,179		30,162,331		36.6


Diversified Telecommunication Services
Verizon Communications, Inc.		696,874		29,240,833		35.5


Ground Transportation
Union Pacific Corp.		116,961		28,764,219		34.9


Health Care Providers & Services
DaVita, Inc.		221,065		30,518,023		37.0
Quest Diagnostics, Inc.		225,435		30,007,653		36.4
UnitedHealth Group, Inc.		34,588		17,110,684		20.8


			77,636,360

Hotels, Restaurants & Leisure
Expedia Group, Inc.		209,098		28,803,249		34.9


Household Durables
DR Horton, Inc.		52,925		8,708,809		10.6


Industrial Conglomerates
Honeywell International, Inc.		148,548		30,489,477		37.0


Security	Shares			Value			% of Basket Value

Machinery
Deere & Co.		11,654		$	4,786,764			5.8	%


Metals & Mining
Barrick Gold Corp.		556,099			9,253,487			11.2


Multi-Utilities
Sempra		402,984			28,946,341			35.1


Oil, Gas & Consumable Fuels
Occidental Petroleum Corp.		422,881			27,483,036			33.4
Ovintiv, Inc.		575,387			29,862,585			36.2


				57,345,621

Passenger Airlines
American Airlines Group, Inc.		1,998,992			30,684,527			37.2
United Airlines Holdings, Inc.		264,519			12,665,170			15.4


				43,349,697

Retail REITs
Simon Property Group, Inc.		174,397			27,291,387			33.1


Specialty Retail
Lowe’s Cos., Inc.		16,007			4,077,463			4.9


Technology Hardware, Storage & Peripherals
Dell Technologies, Inc., Class C		262,153			29,914,279			36.3


Total Reference Entity — Long					467,412,060


Reference Entity — Short

Common Stocks

Aerospace & Defense
RTX Corp.		(302,116	)		(29,465,373	)		(35.8	)


Automobile Components
BorgWarner, Inc.		(231,859	)		(8,054,782	)		(9.8	)


Automobiles
General Motors Co.		(676,428	)		(30,676,010	)		(37.2	)


Broadline Retail
Nordstrom, Inc.		(81,551	)		(1,653,039	)		(2.0	)


Building Products
Johnson Controls International PLC		(214,713	)		(14,025,053	)		(17.0	)


Chemicals
Dow, Inc.		(50,749	)		(2,939,890	)		(3.6	)


Consumer Finance
Capital One Financial Corp.		(154,973	)		(23,073,930	)		(28.0	)


Consumer Staples Distribution & Retail
Kroger Co.		(41,180	)		(2,352,613	)		(2.9	)


Electric Utilities
FirstEnergy Corp.		(151,504	)		(5,851,084	)		(7.1	)


Financial Services
Fiserv, Inc.		(191,433	)		(30,594,822	)		(37.1	)


Food Products
Mondelez International, Inc., Class A		(225,087	)		(15,756,090	)		(19.1	)


Health Care Equipment & Supplies
Boston Scientific Corp.		(403,836	)		(27,658,728	)		(33.6	)


S C H E D U L E O F I N V E S T M E N T S		31

Schedule of Investments (unaudited) (continued)

March 31, 2024

BlackRock Systematic Multi-Strategy Fund


Security	Shares			Value			% of Basket Value

Health Care Providers & Services
HCA Healthcare, Inc.		(70,068	)	$	(23,369,780	)		(28.3	)%
Universal Health Services, Inc., Class B		(69,941	)		(12,761,435	)		(15.5	)


				(36,131,215)

Hotel & Resort REITs
Host Hotels & Resorts, Inc.		(1,060,261	)		(21,926,197	)		(26.6	)


Hotels, Restaurants & Leisure
Marriott International, Inc., Class A		(63,732	)		(16,080,221	)		(19.5	)
Yum! Brands, Inc.		(52,853	)		(7,328,068	)		(8.9	)


				(23,408,289)

Independent Power and Renewable Electricity Producers
AES Corp.		(1,568,913	)		(28,130,610	)		(34.1	)


Insurance
MetLife, Inc.		(128,248	)		(9,504,459	)		(11.5	)


Media
Charter Communications, Inc., Class A		(74,979	)		(21,791,147	)		(26.5	)


Oil, Gas & Consumable Fuels
Williams Cos., Inc.		(264,536	)		(10,308,968	)		(12.5	)


Passenger Airlines
Southwest Airlines Co.		(449,445	)		(13,119,300	)		(15.9	)


Semiconductors & Semiconductor Equipment
Advanced Micro Devices, Inc.		(22,791	)		(4,113,548	)		(5.0	)


Software
Oracle Corp.		(155,090	)		(19,480,855	)		(23.6	)


Specialized REITs
Iron Mountain, Inc.		(61,987	)		(4,971,977	)		(6.0	)


Total Reference Entity — Short					(384,987,979	)


Net Value of Reference Entity — BNP Paribas SA				$	82,424,081


Security	Shares		Value		% of Basket Value

Reference Entity — Long

Common Stocks

Biotechnology
Amgen, Inc.		87,353	$	24,836,205		71.4	%


Building Products
Carlisle Cos, Inc.		2,773		1,086,600		3.1
Masco Corp.		132,773		10,473,134		30.2


			11,559,734

Chemicals
Mosaic Co.		377,404		12,250,534		35.2


Security	Shares		Value		% of Basket Value

Consumer Finance
Ally Financial, Inc.		12,238	$	496,740		1.4	%
Synchrony Financial		479,781		20,688,157		59.5


			21,184,897

Consumer Staples Distribution & Retail
Walgreens Boots Alliance, Inc.		41,554		901,306		2.6


Electric Utilities
Evergy, Inc.		475,321		25,372,635		73.0


Energy Equipment & Services
Baker Hughes Co., Class A		574,658		19,251,043		55.4
Halliburton Co.		651,144		25,668,096		73.8


			44,919,139

Ground Transportation
Uber Technologies, Inc.		308,749		23,770,585		68.4


Health Care REITs
Healthpeak Properties, Inc.		353,026		6,619,237		19.0


Hotels, Restaurants & Leisure
Caesars Entertainment, Inc.		165,321		7,231,141		20.8


Household Products
Kimberly-Clark Corp.		198,135		25,628,762		73.7
Procter & Gamble Co.		698		113,251		0.4


			25,742,013

Insurance
Aflac, Inc.		189,445		16,265,748		46.8


Interactive Media & Services
Match Group, Inc.		32,729		1,187,408		3.4
Zoominfo Technologies, Inc., Class A		864,431		13,856,829		39.9


			15,044,237

IT Services
VeriSign, Inc.		125,464		23,776,683		68.4


Machinery
Stanley Black & Decker, Inc.		253,378		24,813,308		71.4


Multi-Utilities
WEC Energy Group, Inc.		102,105		8,384,863		24.1


Office REITs
Alexandria Real Estate Equities, Inc.		592		76,315		0.2


Oil, Gas & Consumable Fuels
Marathon Petroleum Corp.		126,677		25,525,415		73.4


Pharmaceuticals
Zoetis, Inc.		141,763		23,987,717		69.0


Residential REITs
Camden Property Trust		247,617		24,365,513		70.1
Equity Residential		56,847		3,587,614		10.3


			27,953,127

Retail REITs
Regency Centers Corp.		182,955		11,079,755		31.9


Specialized REITs
SBA Communications Corp., Class A		111,987		24,267,583		69.8


Technology Hardware, Storage & Peripherals
Seagate Technology Holdings PLC		209,358		19,480,762		56.0


Total Reference Entity — Long				425,042,939


32

Schedule of Investments (unaudited) (continued)

March 31, 2024

BlackRock Systematic Multi-Strategy Fund


Security	Shares			Value			% of Basket Value

Reference Entity — Short

Common Stocks

Automobiles
Ford Motor Co.		(1,323,762	)	$	(17,579,559	)		(50.6	)%


Beverages
Brown-Forman Corp., Class B		(430,137	)		(22,203,672	)		(63.9	)


Chemicals
Air Products and Chemicals, Inc.		(101,056	)		(24,482,837	)		(70.4	)
FMC Corp.		(181,864	)		(11,584,737	)		(33.3	)

					(36,067,574	)

Containers & Packaging
Amcor PLC		(1,345,444	)		(12,795,173	)		(36.8	)


Health Care REITs
Medical Properties Trust, Inc., Class B		(2,597,252	)		(12,207,084	)		(35.1	)


Hotels, Restaurants & Leisure
Darden Restaurants, Inc.		(102,548	)		(17,140,898	)		(49.3	)


Industrial REITs
Prologis, Inc.		(187,246	)		(24,383,174	)		(70.1	)


Insurance
Arthur J Gallagher & Co.		(26,565	)		(6,642,313	)		(19.1	)
Brown & Brown, Inc.		(283,982	)		(24,859,784	)		(71.5	)

					(31,502,097	)

IT Services
Gartner, Inc.		(19,978	)		(9,522,913	)		(27.4	)


Life Sciences Tools & Services
IQVIA Holdings, Inc.		(81,599	)		(20,635,571	)		(59.4	)


Machinery
Xylem, Inc.		(84,346	)		(10,900,877	)		(31.3	)


Media
Charter Communications, Inc., Class A		(85,002	)		(24,704,131	)		(71.1	)
Paramount Global, Class B		(626,675	)		(7,375,965	)		(21.2	)

					(32,080,096	)

Oil, Gas & Consumable Fuels
ConocoPhillips		(181,480	)		(23,098,775	)		(66.4	)
ONEOK, Inc.		(315,260	)		(25,274,394	)		(72.7	)

					(48,373,169	)

Professional Services
Booz Allen Hamilton Holding Corp., Class A		(2,432	)		(361,006	)		(1.0	)
Equifax, Inc.		(92,854	)		(24,840,302	)		(71.5	)

					(25,201,308	)

Semiconductors & Semiconductor Equipment
Analog Devices, Inc.		(53,214	)		(10,525,197	)		(30.3	)


Software
Intuit, Inc.		(37,711	)		(24,512,150	)		(70.5	)


Specialty Retail
Tractor Supply Co.		(94,127	)		(24,634,919	)		(70.9	)


Security	Shares			Value			% of Basket Value

Exchange Traded Funds

Electronic Equipment, Instruments & Components
Keysight Technologies, Inc.		(64,032	)	$	(10,013,324	)		(28.8	)%


Total Reference Entity — Short					(390,278,755	)


Net Value of Reference Entity — BNP Paribas SA				$	34,764,184

The following table represents the individual long and short positions and related values of the equity securities underlying the total return swap with Citibank N.A. as of period end, termination date 02/24/28:


Security	Shares			Value			% of Basket Value

Reference Entity — Long

Common Stocks

Media
Fox Corp., Class A		717,546		$	22,437,663			24.7	%


Metals & Mining
Freeport-McMoRan, Inc.		469,531			22,077,348			24.3
Newmont Corp.		711,003			25,482,347			28.1

					47,559,695

Multi-Utilities
Dominion Energy, Inc.		1,693			83,279			0.1


Residential REITs
AvalonBay Communities, Inc.		11,786			2,187,010			2.4


Specialty Retail
TJX Cos., Inc.		243,659			24,711,896			27.2


Technology Hardware, Storage & Peripherals
Hewlett Packard Enterprise Co.		90,459			1,603,838			1.8
HP, Inc.		724,005			21,879,431			24.1

					23,483,269

Textiles, Apparel & Luxury Goods
Ralph Lauren Corp., Class A		100,402			18,851,480			20.7


Total Reference Entity — Long					139,314,292


Reference Entity — Short

Common Stocks

Automobile Components
Aptiv PLC		(308,183	)		(24,546,776	)		(27.0	)


Energy Equipment & Services
Transocean Ltd.		(706,518	)		(4,436,933	)		(4.9	)


Household Durables
D.R. Horton, Inc.		(118,583	)		(19,512,833	)		(21.5	)


Total Reference Entity — Short					(48,496,542	)


Net Value of Reference Entity — Citibank N.A				$	90,817,750


S C H E D U L E O F I N V E S T M E N T S		33

Schedule of Investments (unaudited) (continued)

March 31, 2024

BlackRock Systematic Multi-Strategy Fund


Security	Shares			Value			% of Basket Value

Reference Entity — Long

Common Stocks

Chemicals
Sherwin-Williams Co.		85,584		$	29,725,891			49.6	%


Health Care Providers & Services
Tenet Healthcare Corp., Class A		283,857			29,836,209			49.8


Machinery
Caterpillar, Inc.		84,587			30,995,214			51.8


Oil, Gas & Consumable Fuels
Devon Energy Corp.		263,115			13,203,111			22.1


Pharmaceuticals
Bristol-Myers Squibb Co.		532,311			28,867,226			48.2


Total Reference Entity — Long					132,627,651


Reference Entity — Short

Common Stocks

Automobiles
Tesla, Inc.		(171,731	)		(30,188,592	)		(50.4	)


Containers & Packaging
Sealed Air Corp.		(368,528	)		(13,709,242	)		(22.9	)


Food Products
Kraft Heinz Co.		(635,168	)		(23,437,699	)		(39.1	)


Insurance
Prudential Financial, Inc.		(46,154	)		(5,418,480	)		(9.1	)


Total Reference Entity — Short					(72,754,013	)


Net Value of Reference Entity — Citibank N.A				$	59,873,638

The following table represents the individual long and short positions and related values of the equity securities underlying the total return swap with Goldman Sachs Bank USA as of period end, termination date 08/19/26:


Security	Shares		Value		% of Basket Value

Reference Entity — Long

Common Stocks

Building Products
Fortune Brands Innovations, Inc.		153,535	$	12,999,808		15.6	%


Entertainment
Electronic Arts, Inc.		177,664		23,570,683		28.2


Hotels, Restaurants & Leisure
Royal Caribbean Cruises Ltd.		158,590		22,045,596		26.4


Industrial Conglomerates
General Electric Co.		906		159,030		0.2


Residential REITs
Mid-America Apartment Communities, Inc.		154,606		20,343,058		24.4


Security	Shares			Value			% of Basket Value

Software
Elastic NV		233,141		$	23,370,054			28.0	%


Specialty Retail
Bath & Body Works, Inc.		506,599			25,340,082			30.4


Total Reference Entity — Long					127,828,311


Reference Entity — Short

Common Stocks

Health Care Providers & Services
Illumina, Inc.		(16,374	)		(5,677,193	)		(6.8	)


Life Sciences Tools & Services
Avantor, Inc.		(960,959	)		(24,571,722	)		(29.4	)


Textiles, Apparel & Luxury Goods
VF Corp.		(922,175	)		(14,146,165	)		(17.0	)


Total Reference Entity — Short					(44,395,080	)


Net Value of Reference Entity — Goldman Sachs Bank USA				$	83,433,231


Security	Shares			Value			% of Basket Value

Reference Entity — Long

Common Stocks

Containers & Packaging
Packaging Corp. of America		160,524		$	30,464,245			107.9	%


Specialty Retail
Gap, Inc.		1,045,200			28,795,260			102.0


Total Reference Entity — Long					59,259,505


Reference Entity — Short

Common Stocks

Electric Utilities
NextEra Energy, Inc.		(478,551	)		(30,584,194	)		(108.3	)


Specialized REITs
Weyerhaeuser Co.		(12,382	)		(444,638	)		(1.6	)


Total Reference Entity — Short					(31,028,832	)


Net Value of Reference Entity — Goldman Sachs Bank USA				$	28,230,673


34

Schedule of Investments (unaudited) (continued)

March 31, 2024

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 HSBC Bank PLC as of period end, termination date 02/10/28:


Security	Shares			Value			% of Basket Value

Reference Entity — Long

Common Stocks

Aerospace & Defense
Lockheed Martin Corp.		50,914		$	23,159,251			(86.3	)%


Biotechnology
Amgen, Inc.		75,479			21,460,189			(80.0	)


Communications Equipment
Motorola Solutions, Inc.		84,231			29,900,320			(111.4	)


Insurance
Allstate Corp.		141,754			24,524,860			(91.4	)
American International Group, Inc., Class A		108,405			8,474,019			(31.5	)

					32,998,879

Media
Omnicom Group, Inc.		313,825			30,365,707			(113.1	)


Pharmaceuticals
Johnson & Johnson		187,358			29,638,162			(110.4	)


Specialty Retail
Home Depot, Inc.		27,784			10,657,943			(39.7	)


Total Reference Entity — Long					178,180,451


Reference Entity — Short

Common Stocks

Building Products
Johnson Controls International PLC		(246,461	)		(16,098,833	)		60.0


Chemicals
Dow, Inc.		(469,860	)		(27,218,990	)		101.4
Eastman Chemical Co.		(159,561	)		(15,991,203	)		59.6

					(43,210,193	)

Consumer Finance
Capital One Financial Corp.		(5,331	)		(793,733	)		2.9


Consumer Staples Distribution & Retail
Kroger Co.		(354,146	)		(20,232,361	)		75.4


Food Products
Campbell Soup Co.		(266,201	)		(11,832,634	)		44.1


Ground Transportation
Avis Budget Group, Inc.		(85,831	)		(10,510,864	)		39.1


Household Durables
Lennar Corp., Class A		(76,960	)		(13,235,581	)		49.3
Toll Brothers, Inc.		(192,940	)		(24,960,648	)		93.0

					(38,196,229	)

Independent Power and Renewable Electricity Producers
AES Corp.		(156,775	)		(2,810,976	)		10.5


Insurance
Marsh & McLennan Cos., Inc.		(114,921	)		(23,671,427	)		88.2
Prudential Financial, Inc.		(97,457	)		(11,441,452	)		42.6

					(35,112,879	)


Security	Shares			Value			% of Basket Value

Media
Comcast Corp., Class A		(226,533	)	$	(9,820,206	)		36.6	%


Oil, Gas & Consumable Fuels
Targa Resources Corp.		(78,179	)		(8,755,266	)		32.6


Wireless Telecommunication Services
T-Mobile U.S., Inc.		(46,850	)		(7,646,857	)		28.5


Total Reference Entity — Short					(205,021,031	)


Net Value of Reference Entity — HSBC Bank PLC				$	(26,840,580	)


Security	Shares		Value		% of Basket Value

Reference Entity — Long

Common Stocks

Aerospace & Defense
Lockheed Martin Corp.		31,026	$	14,112,797		(125.9	)%


Broadline Retail
Kohl’s Corp.		880,848		25,676,719		(229.0	)
Macy’s, Inc.		629,247		12,578,648		(112.2	)


			38,255,367

Building Products
Builders Firstsource, Inc.		120,170		25,061,453		(223.6	)


Consumer Staples Distribution & Retail
Sysco Corp.		69,388		5,632,918		(50.2	)


Electric Utilities
Exelon Corp.		68,562		2,575,874		(23.0	)


Gas Utilities
Atmos Energy Corp.		1,002		119,108		(1.1	)


Health Care Providers & Services
Tenet Healthcare Corp., Class A		238,880		25,108,677		(224.0	)


Hotels, Restaurants & Leisure
MGM Resorts International		416,977		19,685,484		(175.6	)
Norwegian Cruise Line Holdings, Ltd.		1,173,913		24,569,999		(219.2	)
Royal Caribbean Cruises Ltd.		20,707		2,878,480		(25.7	)


			47,133,963

Insurance
Allstate Corp.		148,259		25,650,290		(228.8	)


Metals & Mining
Cleveland-Cliffs, Inc.		1,132,007		25,741,839		(229.6	)


Oil, Gas & Consumable Fuels
PBF Energy, Inc., Class A		124,817		7,185,715		(64.1	)


Semiconductors & Semiconductor Equipment
Skyworks Solutions, Inc.		204,171		22,115,803		(197.3	)


S C H E D U L E O F I N V E S T M E N T S		35

Schedule of Investments (unaudited) (continued)

March 31, 2024

BlackRock Systematic Multi-Strategy Fund


Security	Shares			Value			% of Basket Value

Tobacco
Altria Group, Inc.		144,770		$	6,314,867			(56.3	)%


Total Reference Entity — Long					245,008,671


Reference Entity — Short

Common Stocks

Aerospace & Defense
RTX Corp.		(257,068	)		(25,071,842	)		223.7


Beverages
Brown Forman Corp.		(31,286	)		(1,614,983	)		14.4


Capital Markets
S&P Global, Inc.		(55,598	)		(23,654,169	)		211.0


Chemicals
International Flavors & Fragrances, Inc., Class A .		(292,519	)		(25,153,709	)		224.4
LyondellBasell Industries NV, Class A		(3,175	)		(324,739	)		2.9

					(25,478,448	)

Commercial Services & Supplies
Waste Connections, Inc.		(9,605	)		(1,652,156	)		14.7


Containers & Packaging
Amcor PLC		(456,336	)		(4,339,755	)		38.7


Electric Utilities
Xcel Energy, Inc.		(462,510	)		(24,859,912	)		221.8


Electrical Equipment
Sensata Technologies Holding PLC		(144,917	)		(5,324,251	)		47.5


Electronic Equipment, Instruments & Components
CDW Corp.		(88,659	)		(22,677,199	)		202.3
Jabil, Inc.		(7,447	)		(997,526	)		8.9

					(23,674,725	)

Health Care Equipment & Supplies
Dentsply Sirona, Inc.		(113,844	)		(3,778,482	)		33.7


Hotels, Restaurants & Leisure
Penn Entertainment, Inc.		(203,326	)		(3,702,566	)		33.0


Industrial Conglomerates
Honeywell International, Inc.		(5,530	)		(1,135,033	)		10.1


Life Sciences Tools & Services
Thermo Fisher Scientific, Inc.		(42,358	)		(24,618,893	)		219.6


Machinery
Xylem, Inc.		(108,390	)		(14,008,324	)		125.0


Media
Omnicom Group, Inc.		(2,678	)		(259,123	)		2.3


Metals & Mining
Southern Copper Corp.		(10,082	)		(1,073,935	)		9.6


Oil, Gas & Consumable Fuels
Suncor Energy, Inc.		(18,259	)		(673,940	)		6.0


Pharmaceuticals
Viatris, Inc.		(2,001,733	)		(23,900,692	)		213.2


Security	Shares			Value			% of Basket Value

Semiconductors & Semiconductor Equipment
Intel Corp.		(353,326	)	$	(15,606,410	)		139.2	%
Texas Instruments, Inc.		(45,877	)		(7,992,232	)		71.3

					(23,598,642	)

Specialized REITs
VICI Properties, Inc., Class A		(798,886	)		(23,798,814	)		212.3


Total Reference Entity — Short					(256,218,685	)


Net Value of Reference Entity — HSBC Bank PLC				$	(11,210,014	)

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 10/03/28:


Security	Shares		Value		% of Basket Value

Reference Entity — Long

Common Stocks

Automobiles
Ford Motor Co.		2,325,455	$	30,882,042		(102.2	)%


Chemicals
Corteva, Inc.		13,964		805,304		(2.7	)


Electric Utilities
Exelon Corp.		260,825		9,799,195		(32.4	)


Energy Equipment & Services
Halliburton Co.		773,703		30,499,372		(100.9	)


Hotels, Restaurants & Leisure
Carnival Corp.		1,787,674		29,210,593		(96.7	)
McDonald’s Corp.		24,273		6,843,773		(22.6	)

				36,054,366

Household Products
Procter & Gamble Co.		174,207		28,265,086		(93.5	)


Media
Paramount Global, Class B		35,588		418,871		(1.4	)


Oil, Gas & Consumable Fuels
Marathon Petroleum Corp.		82,722		16,668,483		(55.1	)


Passenger Airlines
Delta Air Lines, Inc.		301,652		14,440,081		(47.8	)


Pharmaceuticals
Pfizer, Inc.		50,335		1,396,796		(4.6	)


Technology Hardware, Storage & Peripherals
HP, Inc.		984,286		29,745,123		(98.4	)


Tobacco
Altria Group, Inc.		649,131		28,315,094		(93.7	)


Total Reference Entity — Long				227,289,813


36

Schedule of Investments (unaudited) (continued)

March 31, 2024

BlackRock Systematic Multi-Strategy Fund


Security	Shares			Value			% of Basket Value

Reference Entity — Short

Common Stocks

Broadline Retail
Nordstrom, Inc.		(385,258	)	$	(7,809,180	)		25.8	%


Electric Utilities
NRG Energy, Inc.		(110,132	)		(7,454,835	)		24.7
Southern Co.		(56,460	)		(4,050,440	)		13.4

					(11,505,275	)

Electronic Equipment, Instruments & Components
Arrow Electronics, Inc.		(228,792	)		(29,619,412	)		98.0


Energy Equipment & Services
Transocean Ltd.		(1,856,513	)		(11,658,902	)		38.6


Food Products
Mondelez International, Inc., Class A		(80,441	)		(5,630,870	)		18.6


Ground Transportation
Avis Budget Group, Inc.		(85,301	)		(10,445,960	)		34.6


Health Care Providers & Services
Universal Health Services, Inc., Class B		(86,968	)		(15,868,181	)		52.5


Hotels, Restaurants & Leisure
Aramark		(912,518	)		(29,675,085	)		98.2
Darden Restaurants, Inc.		(74,820	)		(12,506,163	)		41.4

					(42,181,248	)

Household Durables
KB Home		(191,326	)		(13,561,187	)		44.9
Whirlpool Corp.		(200,138	)		(23,942,509	)		79.2

					(37,503,696	)

Independent Power and Renewable Electricity Producers
Vistra Corp.		(364,724	)		(25,403,027	)		84.0


Industrial Conglomerates
General Electric Co.		(95,473	)		(16,758,376	)		55.4


Insurance
Marsh & McLennan Cos., Inc.		(22,113	)		(4,554,836	)		15.1


Media
Charter Communications, Inc., Class A		(26,008	)		(7,558,705	)		25.0


Multi-Utilities
Dominion Energy, Inc.		(452,620	)		(22,264,378	)		73.7


Passenger Airlines
Southwest Airlines Co.		(299,780	)		(8,750,578	)		28.9


Total Reference Entity — Short					(257,512,624	)


Net Value of Reference Entity — Morgan Stanley & Co. International PLC				$	(30,222,811	)


Security	Shares		Value		% of Basket Value

Reference Entity — Long

Common Stocks

Automobile Components
Lear Corp.		171,519	$	24,849,673		(45.8	)%


Building Products
Carrier Global Corp.		23		1,337		(0.0	)
Lennox International, Inc.		2,331		1,139,299		(2.1	)

				1,140,636

Capital Markets
CME Group, Inc.		114,162		24,577,937		(45.3	)


Chemicals
CF Industries Holdings, Inc.		293,327		24,407,740		(45.0	)


Consumer Staples Distribution & Retail
Target Corp.		39,147		6,937,240		(12.8	)


Energy Equipment & Services
Schlumberger NV		34,638		1,898,509		(3.5	)


Entertainment
Netflix, Inc.		39,812		24,179,022		(44.6	)


Health Care Equipment & Supplies
Becton Dickinson & Co.		34,937		8,645,161		(15.9	)


Health Care Providers & Services
Cardinal Health, Inc.		16,719		1,870,856		(3.5	)


Health Care REITs
Healthpeak Properties, Inc.		93,234		1,748,137		(3.2	)


Hotels, Restaurants & Leisure
Carnival Corp.		1,472,017		24,052,757		(44.4	)
Wynn Resorts Ltd.		236,073		24,133,743		(44.5	)

				48,186,500

Household Durables
KB Home		17,995		1,275,486		(2.4	)


Independent Power and Renewable Electricity Producers
Vistra Corp.		50,206		3,496,848		(6.5	)


Insurance
American International Group, Inc., Class A		168,887		13,201,897		(24.4	)


Metals & Mining
Steel Dynamics, Inc.		38,091		5,646,229		(10.4	)


Oil, Gas & Consumable Fuels
Devon Energy Corp.		369,017		18,517,273		(34.2	)


Semiconductors & Semiconductor Equipment
Micron Technology, Inc.		120,793		14,240,287		(26.3	)


S C H E D U L E O F I N V E S T M E N T S		37

Schedule of Investments (unaudited) (continued)

March 31, 2024

BlackRock Systematic Multi-Strategy Fund


Security	Shares			Value			% of Basket Value

Specialized REITs
Public Storage		69,657		$	20,204,709			(37.3	)%


Specialty Retail
Murphy USA, Inc.		26,975			11,307,920			(20.9	)

Total Reference Entity — Long					256,332,060


Reference Entity — Short

Common Stocks

Air Freight & Logistics
United Parcel Service, Inc., Class B		(29,636	)		(4,404,799	)		8.1


Beverages
Consolidated Edison, Inc., Class A		(86,842	)		(23,600,182	)		43.5


Broadline Retail
eBay, Inc.		(457,421	)		(24,142,680	)		44.5
Nordstrom, Inc.		(135,662	)		(2,749,869	)		5.1


				(26,892,549)

Capital Markets
Intercontinental Exchange, Inc.		(27,404	)		(3,766,132	)		7.0


Chemicals
FMC Corp.		(199,412	)		(12,702,544	)		23.4


Commercial Services & Supplies
Waste Management, Inc.		(17,385	)		(3,705,613	)		6.8


Consumer Finance
American Express Co.		(1,071	)		(243,856	)		0.5


Containers & Packaging
Graphic Packaging Holding Co.		(866,418	)		(25,282,077	)		46.7


Distributors
Genuine Parts Co.		(9,158	)		(1,418,849	)		2.6


Electrical Equipment
Emerson Electric Co.		(159,549	)		(18,096,048	)		33.4


Electronic Equipment, Instruments & Components
Trimble, Inc.		(380,104	)		(24,463,493	)		45.1


Financial Services
Fidelity National Information Services, Inc.		(214,034	)		(15,877,042	)		29.3


Health Care Providers & Services
Cigna Group		(6,241	)		(2,266,669	)		4.2
Molina Healthcare, Inc.		(1,149	)		(472,043	)		0.9


				(2,738,712)

Hotel & Resort REITs
Host Hotels & Resorts, Inc.		(34,755	)		(718,733	)		1.3


Security	Shares			Value			% of Basket Value

Hotels, Restaurants & Leisure
Darden Restaurants, Inc.		(37,261	)	$	(6,228,176	)		11.5	%


Household Durables
Mohawk Industries, Inc.		(2,881	)		(377,094	)		0.7
Whirlpool Corp.		(50,199	)		(6,005,307	)		11.1


				(6,382,401)

Industrial Conglomerates
3M Co.		(36,643	)		(3,886,723	)		7.2


Insurance
Arthur J Gallagher & Co.		(70,283	)		(17,573,561	)		32.4
Marsh & McLennan Cos., Inc.		(69,975	)		(14,413,451	)		26.6


				(31,987,012)

Life Sciences Tools & Services
Bio-Rad Laboratories, Inc., Class A		(7,683	)		(2,657,319	)		4.9
IQVIA Holdings, Inc.		(12,766	)		(3,228,394	)		6.0


				(5,885,713)

Machinery
Cummins, Inc.		(50,852	)		(14,983,542	)		27.6


Oil, Gas & Consumable Fuels
Canadian Natural Resources Ltd., Class A		(330,492	)		(25,223,149	)		46.5
ConocoPhillips		(5,391	)		(686,167	)		1.3
Permian Resources Corp., Class A		(122,761	)		(2,167,959	)		4.0


				(28,077,275)

Real Estate Management & Development
CBRE Group, Inc., Class A		(16,495	)		(1,603,974	)		3.0


Semiconductors & Semiconductor Equipment
Broadcom, Inc.		(11,127	)		(14,747,837	)		27.2
Marvell Technology, Inc.		(178,082	)		(12,622,452	)		23.3
NXP Semiconductors NV		(7,735	)		(1,916,501	)		3.5
ON Semiconductor Corp.		(88,175	)		(6,485,271	)		12.0


				(35,772,061)

Software
Autodesk, Inc.		(787	)		(204,951	)		0.4


Specialty Retail
Foot Locker, Inc.		(88,054	)		(2,509,539	)		4.6


Textiles, Apparel & Luxury Goods
VF Corp.		(593,050	)		(9,097,387	)		16.8


Total Reference Entity — Short					(310,529,383	)


Net Value of Reference Entity — Morgan Stanley & Co. International PLC				$ (54,197,323)

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


38

Schedule of Investments (unaudited) (continued)

March 31, 2024

BlackRock Systematic Multi-Strategy Fund

Fair Value Hierarchy as of Period End (continued)

•

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

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


	Level 1			Level 2			Level 3		Total
Assets
Investments
Long-Term Investments
Asset-Backed Securities	$	—		$	140,177,199		$	—	$	140,177,199
Common Stocks		702,688,352			—			—		702,688,352
Corporate Bonds		—			4,004,970,443			—		4,004,970,443
Non-Agency Mortgage-Backed Securities		—			1,436,566,511			—		1,436,566,511
Preferred Securities
Capital Trusts		—			5,148,810			—		5,148,810
U.S. Government Sponsored Agency Securities		—			773,092,442			—		773,092,442
Short-Term Securities
Money Market Funds		9,218,069			—			—		9,218,069
U.S. Treasury Obligations		—			27,069,224			—		27,069,224
Liabilities
Investments
TBA Sale Commitments		—			(14,554,496	)		—		(14,554,496	)

	$	711,906,421		$	6,372,470,133		$	—	$	7,084,376,554

Derivative Financial Instruments^(a)
Assets
Credit Contracts	$	—		$	179,364		$	—	$	179,364
Equity Contracts		—			33,196,669			—		33,196,669
Foreign Currency Exchange Contracts		—			13,501,370			—		13,501,370
Interest Rate Contracts		3,604,824			7,316,438			—		10,921,262
Other Contracts		—			1,270,497			—		1,270,497
Liabilities
Equity Contracts		—			(22,103,810	)		—		(22,103,810	)
Foreign Currency Exchange Contracts		—			(15,888,479	)		—		(15,888,479	)
Interest Rate Contracts		(11,066,321	)		(8,817,013	)		—		(19,883,334	)
Other Contracts		—			(125,086	)		—		(125,086	)

	$	(7,461,497	)	$	8,529,950		$	—	$	1,068,453

^(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
BRL		Brazilian Real
CAD		Canadian Dollar
CHF		Swiss Franc
CLP		Chilean Peso
CNY		Chinese Yuan
COP		Colombian Peso


Currency Abbreviation (continued)
CZK		Czech Koruna
EUR		Euro
GBP		British Pound
HKD		Hong Kong Dollar
HUF		Hungarian Forint
IDR		Indonesian Rupiah
ILS		Israeli Shekel


S C H E D U L E O F I N V E S T M E N T S		39

Schedule of Investments (unaudited) (continued)

March 31, 2024

BlackRock Systematic Multi-Strategy Fund


Currency Abbreviation (continued)
INR		Indian Rupee
JPY		Japanese Yen
KRW		South Korean Won
MXN		Mexican Peso
NOK		Norwegian Krone
NZD		New Zealand Dollar
PHP		Philippine Peso
PLN		Polish Zloty
SEK		Swedish Krona
SGD		Singapore Dollar
THB		Thai Baht
TWD		New Taiwan Dollar
USD		United States Dollar
ZAR		South African Rand


Portfolio Abbreviation
BBR		Bank Bill Rate
BBSW		Bank Bill Swap Rate
CMT		Constant Maturity Treasury
CORRA		Overnight Bank of Canada Repo Rate
CPI		Consumer Price Index
CVR		Contingent Value Right
DAC		Designated Activity Company
EURIBOR		Euro Interbank Offered Rate
HIBOR		Hong Kong Interbank Offered Rate
JIBAR		Johannesburg Interbank Average Rate
MIBOR		Mumbai InterBank Overnight Rate
MSCI		Morgan Stanley Capital International
MXIBTIIE		Mexico Interbank TIIE 28-Day
NIBOR		Norwegian Interbank Offered Rate
PIK		Payment-in-Kind
PRIBOR		Prague Interbank Offer Rate
REIT		Real Estate Investment Trust
REMIC		Real Estate Mortgage Investment Conduit
S&P		Standard & Poor’s
SAB		Special Assessment Bonds
SOFR		Secured Overnight Financing Rate
SONIA		Sterling Overnight Interbank Average Rate
SORA		Singapore Overnight Rate Average
SSARON		Swiss Average Overnight Rate
STACR		Structured Agency Credit Risk
STIBOR		Stockholm Interbank Offered Rate


Portfolio Abbreviation (continued)
TBA		To-Be-Announced
THOR		Thai Overnight Repurchase Rate
UK RPI		United Kingdom Retail Price Index
WIBOR		Warsaw Interbank Offered Rate


40

BlackRock Funds IV NPORT-PBlackRock Systematic Multi-Strategy Fund (Mar 2024 report)