Schedule of Investments (unaudited) 
June 30, 2026
BlackRock Alpha Strategies Fund
(Percentages shown are based on Net Assets)
 
Portfolio Funds(a)(b)
First Acquisition
Date
Cost
Value
% of
Net
Assets
Equity Hedge
Atlas Enhanced Fund, Ltd.
09/01/22
$  8,396,400
$  11,283,810
7.9
%
Manticore Fund (Cayman) Ltd.
04/01/21
2,787,683
6,269,688
4.4
%
Maple Rock Offshore Fund LP
11/01/24
3,013,756
7,596,773
5.4
%
Toroa Feeder 1 (Offshore)
02/01/24
4,268,588
7,393,136
5.2
%
Yaupon Fund (CI) Ltd.
05/01/23
4,725,754
6,157,580
4.3
%
Total Equity Hedge
23,192,181
38,700,987
27.2
%
Event-Driven
Carronade Capital Offshore, LP
04/01/23
8,617,940
10,872,056
7.6
%
MY Asian Opportunities Unit Trust
05/01/21
3,637,465
6,349,899
4.5
%
Pentwater Event Fund, Ltd.
04/01/21
6,575,570
12,805,217
9.0
%
TPG AG Corporate Credit Opportunities Fund, Ltd.
11/01/24
5,037,237
6,045,844
4.2
%
Two Seas Global (Cayman) Fund LP
07/01/25
4,000,000
6,780,358
4.8
%
Total Event-Driven
27,868,212
42,853,374
30.1
%
Macro
Aegeri Capital Offshore Fund Ltd.
07/01/25
5,500,000
5,673,023
4.0
%
East One Commodity Fund Limited
05/01/21
4,840,853
5,162,540
3.6
%
Stratus Feeder, Ltd.
04/01/21
4,169,009
8,152,726
5.8
%
Systematica Alternative Markets Fund Ltd.
05/01/21
4,724,840
5,155,605
3.6
%
Total Macro
19,234,702
24,143,894
17.0
%
Relative Value
Adapt Fund Ltd.
11/01/23
3,636,631
3,831,166
2.7
%
EGMF Offshore Ltd.
04/01/25
4,811,000
4,580,727
3.2
%
One William Street Capital Offshore Fund, Ltd.
04/01/21
3,663,535
5,856,907
4.1
%
Schonfeld Strategic Partners Offshore Fund, Ltd.
01/01/22
4,031,228
5,886,196
4.1
%
Voleon Composition International Fund, Ltd.
04/01/21
7,430,888
9,602,296
6.8
%
Xantium Partners Fund, Ltd.
09/01/24
5,408,535
6,280,589
4.4
%
Total Relative Value
28,981,817
36,037,881
25.3
%
Total Portfolio Funds
99,276,912
141,736,136
99.6
%
 
Security
Shares
Cost
Value
% of
Net
Assets
Short-Term Securities
Money Market Funds
BlackRock Liquidity Funds, T-Fund, Institutional Shares, 3.54%(c)(d)
3,637,220
$  3,637,220
$  3,637,220
2.6
%
Total Short-Term Securities
3,637,220
3,637,220
2.6
%
Total Investments
$  102,914,132
145,373,356
102.2
%
Liabilities in Excess of Other Assets
(3,149,827
)
(2.2
)%
Net Assets
$  142,223,529
100.0
%
 
(a)
Non-income producing security.
(b)
Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $141,736,136, representing 99.6% of its net assets as of period end, and
an original cost of $99,276,912.
(c)
Affiliate of the Fund.
(d)
Annualized 7-day yield as of period end.
 
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Schedule of Investments (unaudited) (continued)
June 30, 2026
BlackRock Alpha Strategies Fund
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the period ended June 30, 2026 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: 
Affiliated Issuer
Value at
03/31/26
Purchases
at Cost
Proceeds
from Sales
Net
Realized
Gain
(Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
06/30/26
Shares
Held at
06/30/26
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock Liquidity Funds, T-Fund,
Institutional Shares
$  2,082,319
 
$  1,554,901
(a)
$  —
$  —
$  —
$  3,637,220
3,637,220
$  19,322
$  —
 
(a)
Represents net amount purchased (sold).
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. 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 that the Fund has the ability to access for identical assets or liabilities;
• Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and
• Level 3 — Inputs that are unobservable and significant to the entire fair value measurement for the asset or liability (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 that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding valuation of financial instruments, refer to its most recent financial statements.
Certain investments of the Fund were fair valued using net asset value (“NAV”) as a practical expedient as no quoted market value is available and therefore have been excluded from the fair value hierarchy.
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
Short-Term Securities
Money Market Funds
$  3,637,220
$  —
$  —
$  3,637,220
Investments valued at NAV(a)
141,736,136
 
$  145,373,356
 
(a)
Certain investments of the Fund were fair valued using NAV as a practical expedient as no quoted market value is available and therefore have been excluded from the fair value
hierarchy.
2