Interim report and unaudited financial statements

BlackRock Investment Funds

• BlackRock Systematic Global Long/Short Equity Fund (Formerly BlackRock Global Long/Short Equity Fund) • BlackRock Sterling Short Duration Credit Fund • BlackRock Sterling Strategic Bond Fund • BlackRock Strategic Growth Fund • BlackRock Systematic Multi Allocation Credit Fund • MyMap 3 Fund • MyMap 4 Fund • MyMap 5 Fund • MyMap 5 Select ESG Fund • MyMap 6 Fund

For the financial period ended 31 August 2020 Contents

General Information 2

About the Trust 3

Fund Managers 3

Significant Events 3

Subsequent Events 3

Investment Report 4

Notes to Financial Statements 15

BlackRock Systematic Global Long/Short Equity Fund (Formerly BlackRock Global Long/Short Equity Fund) 17

BlackRock Sterling Short Duration Credit Fund 59

BlackRock Sterling Strategic Bond Fund 68

BlackRock Strategic Growth Fund 76

BlackRock Systematic Multi Allocation Credit Fund 84

MyMap 3 Fund 121

MyMap 4 Fund 126

MyMap 5 Fund 131

MyMap 5 Select ESG Fund 136

MyMap 6 Fund 141

Supplementary Information 146

1 BlackRock Investment Funds General Information

Manager & Registrar BlackRock Fund Managers Limited 12 Throgmorton Avenue, London EC2N 2DL Member of The Investment Association and authorised and regulated by the Financial Conduct Authority (“FCA”).

Directors of the Manager G D Bamping* M B Cook W I Cullen* R A R Hayes A M Lawrence L E Watkins M T Zemek* H N Mepham

Trustee & Custodian The Bank of New York Mellon (International) Limited One Canada Square, London E14 5AL Authorised by the Prudential Regulation Authority and regulated by the FCA and the Prudential Regulation Authority.

Investment Manager BlackRock Investment Management (UK) Limited 12 Throgmorton Avenue, London EC2N 2DL Authorised and regulated by the FCA.

Investment Adviser BlackRock Financial Management, Inc 55 East 52nd Street, New York, NY 10055, United States Regulated by the Securities and Exchange Commission.

Stock Lending Agent BlackRock Advisors (UK) Limited 12 Throgmorton Avenue, London EC2N 2DL Authorised and regulated by the FCA

Auditor Ernst & Young LLP 25 Churchill Place, Canary Wharf, London E14 5EY

BlackRock’s proxy voting agent is ISS (Institutional Shareholder Services).

This Report relates to the packaged products of and is issued by: BlackRock Fund Managers Limited 12 Throgmorton Avenue, London EC2N 2DL Telephone: 020 7743 3000 Dealing and Investor Services: 0800 44 55 22 blackrock.co.uk

For your protection, telephone calls are usually recorded.

* Non-executive Director.

BlackRock Investment Funds 2 About the Trust

BlackRock Investment Funds (the “Trust”) is an authorised unit trust scheme which is organised as an umbrella comprising separate funds with segregated liability (each referred to as a “Fund” and collectively the “Funds”).

The Trust is an authorised unit trust scheme and each Fund qualifies as a UCITS scheme under the FCA’s Collective Investment Schemes Sourcebook (the “COLL Sourcebook”).

Cross sub-fund holdings within the Trust As at 31 August 2020 and 29 February 2020 there were no cross sub-fund holdings within the Trust.

Assessment of value The FCA has introduced new requirements for UK authorised fund managers to consider whether the charges taken from a fund they manage are justified in the context of the overall service and value offered by that fund, and to report on those findings. BlackRock is preparing for the reporting requirement, including assessing relevant charges, and will be publishing the assessment of value statements no later than 31 October 2020 in a composite report for all funds managed by BlackRock Fund Managers Limited subject to these requirements.

Fund Managers

As at 31 August 2020, the Fund Managers of the Funds are Adam Ryan, Kevin Franklin, Gearoid Neligan, Simon Blundell, Ben Edwards, Rafael Iborra and John Wang.

Significant Events

Changes to the Trust The Systematic Multi Allocation Credit Fund launched on 4 May 2020 and the MyMap 5 Select ESG Fund launched on 10 June 2020. As a result this is the first final report and accounts produced for these Funds as at 31 August 2020. During the period the BlackRock Global Long/Short Equity Fund was renamed the BlackRock Systematic Global Long/Short Equity Fund. A new Prospectus was issued on 26 June 2020, which includes the details of these Funds.

Outbreak of COVID-19 An outbreak of an infectious respiratory illness caused by a novel coronavirus known as COVID-19 was first detected in China in December 2019 and has now developed into a global pandemic. The impact of this significant event on the Funds’ financial risk exposure is disclosed in Note 2.

The Manager has assessed the impact of market conditions arising from the COVID-19 outbreak on the Funds’ ability to meet their investment objectives. Based on the latest available information, the Funds continue to be managed in line with their investment objectives, with no disruption to the operations of the Funds and the publication of net asset values.

3 BlackRock Investment Funds Investment Report for the six months ended 31 August 2020

Investment Objective

BlackRock Systematic Global Long/Short Equity Fund (Formerly BlackRock Global Long/Short Equity Fund)

The aim of the Fund is to provide a positive absolute return on your investment (i.e. an increase in the overall value of the Fund) over a 12-month period beginning at the point of investment, regardless of market conditions.

BlackRock Sterling Short Duration Credit Fund

The aim of the Fund is to provide a return on your investment over a period of between 1 to 3 consecutive years beginning at the point of investment (generated through an increase in the value of the assets held by the Fund and/or income received from those assets) of 1.5% per annum (gross of fees) over the return of LIBOR.

BlackRock Sterling Strategic Bond Fund

The aim of the Fund is to provide a return on your investment generated through an increase in the value of the assets held by the Fund and/or income received from those assets.

BlackRock Strategic Growth Fund

The aim of the Fund is to provide, over any period of seven consecutive years, a return on your investment (generated through an increase in the value of the assets held by the Fund and/or income received from those assets) of 4.5% per year (gross of fees) over the Bank of England’s Base Interest Rate.

In addition, the Fund aims to manage its portfolio of investments with a view to having a volatility of return (i.e. the degree of fluctuation of the Fund’s returns) that is lower than the volatility of the monthly returns (converted into an annual rate) of the MSCI All Country World Index (GBP) over any period of seven consecutive years.

BlackRock Systematic Multi Allocation Credit Fund

The aim of the Fund is to deliver over the long-term (seven to ten consecutive years beginning at the point of investment) a return on your investment (generated through an increase in the value of the assets held by the Fund and/or income received from those assets) of 0.3% per annum (gross of fees) over the composite benchmark (i.e. a number of indices averaged together to represent overall performance and risk). The composite benchmark is made up of the following indices, each weighted equally (i.e. each of the indices make up a third of the composite index); Bloomberg Barclays Global Aggregate Corporate GBP Hedged Index, BBG Barclays Global High Yield Index Excl CMBS & EMG 2% Capped GBP Hedged Index and J.P.Morgan EMBI ESG Global Diversified GBP Hedged Index (“Benchmark Indices”).

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MyMap 3 Fund MyMap 4 Fund MyMap 5 Fund MyMap 5 Select ESG Fund MyMap 6 Fund

The aim of the Funds is to provide, over periods of five consecutive years beginning at the point of investment, a return on your investment (generated through an increase in the value of the assets held by the Funds and/or income received from those assets) through an actively managed portfolio, whilst also maintaining a risk profile (i.e. an evaluation of the risks (e.g. risk of losses) associated with the portfolio) for the Funds of 3%-6%, 6%-9%, 8%-11% and 10%-15% respectively.

The risk profile of the Funds’ portfolios, for this purpose, is measured as the volatility (i.e. the degree of fluctuation) of the Funds’ returns converted into an annual rate, over a five year period. Target/comparator Investment management Fund name benchmark approach BlackRock Systematic Global Long/Short The ICE BofAML Sterling LIBOR 3-month Active Equity Fund (Formerly BlackRock Global Constant Maturity Index# Long/Short Equity Fund) BlackRock Sterling Short Duration Credit LIBOR + 1.5%^ Active Fund BlackRock Sterling Strategic Bond Fund The Investment Association Sterling Strategic Active Bond Sector Average# BlackRock Strategic Growth Fund The Bank of England Base Interest Rate plus Active 4.5%^ BlackRock Systematic Multi Allocation Bloomberg Barclays Global Aggregate Active Credit Fund Corporate GBP Hedged Index, BBG Barclays Global High Yield Index Excl CMBS & EMG 2% Capped GBP Hedged Index and J.P. Morgan EMBI ESG Global Diversified GBP Hedged Index^ MyMap 3 Fund N/A Active MyMap 4 Fund N/A Active MyMap 5 Fund N/A Active MyMap 5 Select ESG Fund N/A Active MyMap 6 Fund N/A Active # Comparator benchmark ^ Target benchmark

Performance Summary The following table compares the Funds’ realised performance during the financial period ended 31 August 2020.

The returns disclosed are the performance returns for the primary unit class of the Funds, net of fees, which has been selected as a representative unit class. The primary unit class represents the class of unit which is the highest charging unit class, free of any commissions or rebates, and is freely available. Performance returns for any other unit class can be made available on request.

5 BlackRock Investment Funds Investment Report continued

Fund Target/comparator return benchmark return % % BlackRock Systematic Global Long/Short Equity Fund (Formerly BlackRock Global Long/Short Equity Fund) – Class D Accumulation Units 5.89 0.31 BlackRock Sterling Short Duration Credit Fund – Class D Accumulation Units 0.04 0.16 BlackRock Sterling Strategic Bond Fund – Class D Accumulation Units 2.46 N/A BlackRock Strategic Growth Fund – Class D Accumulation Units 6.24 4.07 BlackRock Systematic Multi Allocation Credit Fund – Class D Accumulation Units 9.97 9.92 MyMap 3 Fund – Class D Accumulation Units 5.21 N/A MyMap 4 Fund – Class D Accumulation Units 7.89 N/A MyMap 5 Fund – Class D Accumulation Units 9.68 N/A MyMap 5 Select ESG Fund – Class D Accumulation Units 3.59 N/A MyMap 6 Fund – Class D Accumulation Units 11.25 N/A

All financial investments involve an element of risk. Therefore, the value of your investment and the income from it will vary and the return of your initial investment amount cannot be guaranteed. Changes in exchange rates may cause the value of an investment to fluctuate. Past performance is not a guide to future performance and should not be the sole factor of consideration when selecting a product.

Global Economic Overview Global equities, as represented by the MSCI All Country World Index (“ACWI”) (in sterling terms), posted a return of 9.92% for the six months ended 31 August 2020. The period began as many nations moved into lockdowns to arrest the advance of the COVID-19 pandemic and as financial markets weighed the consequences of draconian social restrictions. These provoked a severe global economic downturn and a rise in unemployment despite many governments’ best efforts to subsidise workers and help employers. From late March to May however,equities regained a significant portion of their losses as aggressive policy responses from governments and central banks, the phased reopening of economies around the world, and new COVID-19 treatments raised hopes for an economic recovery. By the end of the reporting period, some indices touched all-time highs, even as economic data continued to indicate substantial weakness.

Looking at currencies, the US dollar declined against most global currencies, particularly late in the reporting period, reflecting unprecedented monetary stimulus, record low interest rates and the rapid spread of the COVID-19 infections early in the period. The euro, the sterling, and the Japanese yen all advanced against the US dollar.

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Economic conditions during the reporting period were substantially weakened by the travel and business restrictions put in place to counteract the spread of the COVID-19 virus. This disruption led to a significant economic contraction, and the US economy shrank by an annualised 5% in the first quarter of 2020 and a record 33% in the second quarter of 2020. The economies of the eurozone and Japan fell into recession, while the Chinese economy returned to growth in the second quarter of 2020, raising hopes for recovery in the region.

Bond performance was volatile following the COVID-19 outbreak and initially diverged based on credit quality, as US treasuries posted the strongest performance while corporate and emerging market bonds underperformed the broader bond market. The demand for less risky assets drove the yield (which moves inversely to the price) on the 10-year US Treasury which is a benchmark lending rate for the bond market, to an all-time low in March 2020.

However, after yields rose sharply in the corporate bond market, the Federal Reserve (the Fed) announced in late March 2020 that it would implement an unprecedented corporate bond purchasing facility, which provided significant support to US corporate bond prices. Yields on corporate bonds fell throughout the rest of the reporting period, and both investment-grade and high-yield bonds posted positive returns overall.

Equities in emerging markets advanced significantly during the reporting period. These equities were initially among the most affected by the COVID-19 pandemic, as lockdowns and factory closures in China weighed on Chinese markets. Many of the emerging Asian economies that have significant trade with China also suffered significant supply and demand shocks. However, emerging market equities rebounded as infection rates slowed and economies reopened, and China reported economic data indicating a strong recovery. Emerging market bond prices, which fell sharply in March 2020, posted a positive return for the 6-month period, recovering due to optimism about the pace of the economic recovery.

In the commodities market, gold prices rose to an all-time high amid geopolitical tensions and a move towards less risky assets due to the outbreak of COVID-19. Oil prices fell to a 21-year low in April 2020 amid deteriorating demand and a supply dispute between major oil producing nations, although prices recovered somewhat throughout May and June 2020.

Governments responded to the economic slowdown with both fiscal and monetary stimulus. The US authorised more than $2 trillion in stimulus payments to businesses and individuals, and many other countries around the world also passed stimulus measures. The Fed instituted two emergency interest rate cuts and, along with other influential central banks, implemented a major bond buying program to stabilise debt markets. The synchronised economic stimulus ultimately jumpstarted economic growth and supported risk taking in global markets.

Fund Performance Review and Activity

BlackRock Systematic Global Long/Short Equity Fund (Formerly BlackRock Global Long/Short Equity Fund)

Over the six-month period to 31 August 2020, the Fund’s return was 5.89% outperforming its comparator benchmark, which returned 0.31%.

The Fund is managed on an absolute return basis and not relative to any benchmark. The return of the comparator benchmark is given for reference purposes only.

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The Fund’s performance was impacted by the market turmoil and lockdown in March. However, it rebounded sharply in the second quarter and delivered the best quarterly performance since inception. The Fund benefited from our COVID-19 related signals, which was a major theme during the period. Moreover, our alternative data insights were additive in this uncertain environment.

The Fund benefited from the resilience of the Healthcare and Information and Technology sectors during the period. From the regional perspective, North America was the biggest contributor, especially United States stocks which gave a boost to the performance.

During the six-month period the following were the largest contributors to and detractors from the Fund’s absolute return: Largest Contributors Largest Detractors Effect on Effect on Stock Stock Fund return Fund return Tesla 0.63% Whirlpool -0.57% Microsoft 0.40% Cinemark -0.46% Howmet Aerospace 0.39% PacWest Bancorp -0.45% PayPal 0.36% Aristocrat Leisure -0.41% Howard Hughes 0.33% Aroundtown -0.39%

Our long position in Technology stocks like Microsoft was additive, since many companies moved to working from home and required new technologies. The real estate sector was hit hard by the pandemic, some stocks, such as Aroundtown, had significant losses.

The following table details the significant portfolio weightings at 31 August 2020 and 29 February 2020: 31 August 2020 29 February 2020 Country Weighting Country Weighting France 3.97% United States 3.30% United Kingdom 3.92% France 3.03% Sweden -3.89% Germany 2.87% United States 3.41% Switzerland -2.03% Canada -1.61% Japan -1.82%

BlackRock Sterling Short Duration Credit Fund

Over the six-month period to 31 August 2020, the Fund’s return was 0.04%, underperforming its target benchmark, which returned 0.16%.

The Fund is managed on an absolute return basis and not relative to any benchmark. The return of the target benchmark is given for reference purposes only.

COVID-19 updates dominated UK headlines throughout March and April as both investors and the general population tried to comprehend prolonged lockdown measures and a raft of associated unknown economic consequences. In early March, corporate bond markets globally came under immense pressure as expectations of deteriorating credit quality compounded with immense selling pressure drove spreads considerably wider and caused a credit crunch.

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Solace to credit markets came swiftly in the form of unprecedented fiscal and monetary support and throughout April and May credit spreads (the difference in yield between government and corporate bonds with similar maturities), and risk assets more generally, performed well. In April, the Bank of England (“BoE”) announced it would undertake operations to purchase at least £10 billion of eligible sterling non-financial corporate bonds while increasing the maximum purchase size from £10 million to £20 million. This additional provision on top of an already massive amount of fiscal and monetary support helped to provide further buoyancy in credit markets at the start of the second quarter. In mid-June, the BoE further expanded its monetary easing with a top-up of £100 billion to its quantitative easing programme. The news marked a slowdown in the pace of weekly purchases and came as a surprise to some market participants. It’s expected that total asset purchases will amount to £745 billion by the end of the year.

In early July, the Chancellor of the Exchequer used his ‘A Plan for Jobs’ speech to announce measures which formed the UK government’s subsequent economic response to the COVID-19 pandemic, and hopefully pave the way towards further economic recovery.

The Fund’s underperformance was largely driven by securitised assets, transportation and consumer cyclical. However,performance was partially offset by positive contributions from communications, banks and utilities over the period.

During the six-month period the following were the largest contributors to and detractors from the Fund’s absolute return: Largest Contributors Largest Detractors Effect on Effect on Issuer Issuer Fund return Fund return BP 0.06% Intu Metro Centre -0.17% Anheuser-Busch Inbev 0.06% Rolls-Royce -0.08% Sky 0.06% Heathrow -0.06%

The top contributors in the portfolio include BP which is one of the preferred names within the energy sector and the portfolio added to exposure at attractive valuations in the period. Overweight positions in AB Inbev and Sky also contributed positively. Negative contributors in the period include overweight positions in Intu Metrocentre given the challenging operating environment for UK retail. Rolls Royce and Heathrow overweight positions were also detractors to performance given some challenges in global air travel volumes.

The following table details the significant portfolio weightings at 31 August 2020 and 29 February 2020: 31 August 2020 29 February 2020 Sector Weighting Sector Weighting Banks 29.7% Banks 28.6% Industrials 17.6% Industrials 18.0% Telecommunications 12.3% Utilities 10.9% Utilities 10.9% Telecommunications 10.5% Insurance 5.4% Insurance 7.4%

BlackRock Sterling Strategic Bond Fund

Over the six-month period to 31 August 2020, the Fund’s return was 2.46%. The Fund is managed on an absolute return basis and not relative to any benchmark.

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The Fund outperformed its peer group, Investment Association (IA) Sterling Strategic Bond Sector Median, which returned 0.76% for the six-month period to 31 August 2020.

As at 31 August 2020, the Fund’s income distribution yield was 1.6%.

COVID-19 updates dominated UK headlines throughout the six-month period as both investors and the general population tried to comprehend prolonged lockdown measures and a raft of associated unknown economic consequences. The potential economic damage from COVID-19 drove wild swings in financial markets in March amid a depth of risk-off fear not seen since the global financial crisis. Throughout March we witnessed unprecedented levels of volatility (market ups and downs) and widening credit spreads (the difference in yield between government and corporate bonds with similar maturities) as Europe became the epicenter of the COVID-19 outbreak. Despite the challenging backdrop, risk markets started to recover in April. This impressive improvement in risk sentiment was a product of the unprecedented and enormous support as central banks and governments sort to underwrite the economy and substitute private sector demand. In July and August, we saw sterling credit markets continue to tighten, albeit at a slower pace compared to the second quarter.

The 5-year, 10-year and 30-year UK gilt yields (which move inversely to prices) ended the six-month period lower, falling to 0.00%, 0.31% and 0.87%, respectively.

In early August, the Bank of England’s (BoE) Monetary Policy Committee (MPC) voted unanimously to maintain the Bank Interest Rate at 0.1%. In addition, the MPC will continue with existing UK government bond and sterling non-financial investment grade bond purchases, targeting a total of £745 billion. For the time being, the MPC has not ruled out negative rates but it would appear that any move towards this policy tool would likely be tentative in nature under the current environment. The BoE will continue to review the appropriateness of negative rates alongside the broader tool kit, which includes asset purchases and forward guidance.

The UK composite purchasing managers’ index increased to 59.1 in August from 57 in July, which shows an expansion in business activity as the UK economy opens and consumer and business spending increases.

UK retail sales volume for July increased by 3.6% compared with June and is now above pre-pandemic levels seen in February.Food store sales and non-store retailing had high sales levels despite small contractions during July. Fuel sales continue to improve but are still 11.7% lower than prior to lockdown in March. This shows that not all store types have experienced a significant bounce back of the same magnitude. While the proportion spent online fell by 7% during July, online sales are still 50.4% higher than pre-pandemic levels; a shift which may have a significant impact on the future of UK high streets.

During the six-month period the following were the largest contributors to and detractors from the Fund’s absolute return: Largest Contributors Largest Detractors Effect on Effect on Strategy Strategy Fund return Fund return iTraxx crossover 0.39% Intu Metro Centre -0.47% Short Italian Government Bonds 0.38% Greene King -0.18% Intel 0.20% HSBC -0.10%

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With regards to the largest contributors we traded synthetic credit during the liquidity period by adding to the iTraxx crossover. We were able to add to credit risk at good value whilst maintaining liquidity in the portfolio as credit spreads normalised. This contributed 0.39% to performance. Our short in Italian government bonds was a longstanding position. During the six-month period we saw debt stability and Italian growth come into question and at this point we exited the position, contributing 0.38% to performance. Lastly, we added to high quality, long dated sterling credit names such as Intel which were attractive to buy when credits spreads were at their widest. We also bought high quality, long dated euro and dollar denominated bonds for similar reasons.

Negative contributors include our position in Intu Metrocentre given the challenging operating environment for UK retail. With regards to Greene King, this name came under pressure as pubs were closed during COVID -19 lockdown period. Lastly, we have seen bond spreads for HSBC come under pressure due to the civil unrest in Hong Kong. HSBC has also displayed weaker price characteristics because it has been put in a difficult position given the political tensions between China and the USA.

The following table details the significant portfolio weightings at 31 August 2020 and 29 February 2020: 31 August 2020 29 February 2020 Sector Weighting Sector Weighting Industrial 31% Industrial 33% Financial 21% Financial 27% Utilities 12% Utilities 12% Securitized 9% Securitized 8% Asset Allocation 5% Asset Allocation 6%

BlackRock Strategic Growth Fund

Over the six-month period to 31 August 2020, the Fund’s return was 6.24%, outperforming its target benchmark, which returned 4.07%.

The Fund is managed on an absolute return basis and not relative to any benchmark. The return of the target benchmark is given for reference purposes only.

The performance of markets during the review period was driven predominantly by the COVID-19 outbreak and the unprecedented government and central bank response to mitigate its impact on public health as well as the economy.Markets endured a rollercoaster ride, initially falling significantly before support from governments and accommodative central bank policy helped to restore confidence.

The Fund performed strongly over the period, initially utilising hedging strategies to minimise losses before rotating from government bonds into corporate bonds and precious metals in order to drive returns as markets rebounded. Targeted exposure to equity markets, in particular through our bespoke sectoral baskets, also contributed positively.

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During the six-month period the following were the largest contributors to and detractors from the Fund’s absolute return: Largest Contributors Largest Detractors Effect on Effect on Strategy Strategy Fund return Fund return iShares Core MSCI Emerging Markets IMI iShares J.P. Morgan USD EM Bond UCITS UCITS ETF 1.13% ETF -0.62% iShares MSCI World SRI UCITS ETF 1.10% US Policy Equity Basket -0.62% iShares Physical Gold ETC 0.92% iShares Core FTSE 100 UCITS ETF -0.21% iShares J.P.MorganEMLocalGovtBond US Quality Strategy 0.47% UCITS ETF -0.21% New Behaviours Equity Basket 0.47% Foresight Solar Fund -0.05%

Developed and emerging market equities were the key drives of performance over the period as markets rebounded. In addition, our allocation to diversifying strategies such as gold and the US Quality Strategy also contributed strongly given the higher uncertainty. Detracting from performance was emerging market hard and local currency exposures, which sold off at the start of the period, and we closed the positions given the spread of coronavirus in the region. We also closed the US Policy basket as our long-term conviction over the strategy waned.

The following table details the significant portfolio weightings at 31 August 2020 and 29 February 2020: 31 August 2020 29 February 2020 Asset Class Gross exposure Asset Class Gross exposure Developed Market equities 28.4% Developed Market equities 29.5% Corporate bonds 26.6% Developed Market Government bonds 17.9% Cash and FX 13.0% Alternative risk premia 13.2% Alternative risk premia 8.4% Corporate bonds 9.3% Emerging market equities 7.3% Emerging market equities 7.1%

Towards the start of the period, as well as selling down the Funds’ emerging market debt exposure, we also sold our US government bonds within the Developed Market Government bonds, instead allocating to corporate bonds as central banks reaffirmed their commitment to keeping government and corporate borrowing costs low. We reduced our allocation to equity replacement strategies and to alternative risk premia, preferring to hold cash as volatility remains high.

BlackRock Systematic Multi Allocation Credit Fund

From the Fund’s inception on 4 May 2020 to 31 August 2020, the Fund’s active return was 0.06%, outperforming its target benchmark (active return is the difference between the Fund’s return and the target benchmark return).

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The review period saw a continued recovery from the lows reached back in March as risk assets recorded another month of strong gains in August. August also saw yields rise, curves steepen, the US dollar weaken, commodities bouncing back and global equities reach new highs as economic data continued a historic run of upside surprises. High quality fixed income assets struggled as investors moved into riskier assets. UK Gilts underperformed within the developed markets government bonds space. Within credit, high yield and emerging markets outperformed investment grade credit. Meanwhile, the economic recovery from the COVID-19 pandemic which rebounded the markets sharply from May to July has started to slow somewhat, not least in Europe. Clear evidence of a ‘second wave’ in infections has started to emerge in areas such as France, Germany and Spain, hampering consumer confidence. Similarly, services data remains mixed while manufacturing has returned to more normal conditions despite persistent weakness in exports. While the acceleration of new jobs in the US has now slowed markedly, the recovery in manufacturing, consumption and housing data all remains robust.

The global growth data remained robust with continued strength in cyclical sectors and as a result our growth indicators maintained a pro-risk outlook. The market sentiment improved further in August albeit with a slight deterioration towards the end of the month. Factor volatility have been trending downwards, leading to improvement in risk adjusted returns of financial assets. Our valuation insights have captured this dynamic and prefer high yield and emerging market credit versus investment grade credit.

During the period from 4 May 2020 to 31 August 2020 the following were the largest contributors to and detractors from the Fund’s return relative to the target benchmark: Largest Contributors Largest Detractors Effect on Effect on Building blocks Building blocks Fund return Fund return Emerging Markets# 1.05% High Yield# -0.99% Investment Grade^ -0.26% # Overweight position - holds more exposure than the benchmark. ^ Underweight position - holds less exposure than the benchmark.

The Fund maintained a risk-on bias, expressed through overweight allocations to high yield and emerging markets versus investment grade credit. The top-down asset allocation view added alpha (excess return on an investment relative to the return on a benchmark index) as global high yield and emerging market hard currency debt outperformed global investment grade credit.

The following table details the significant active positions, where the Fund is overweight (holds more exposure than the benchmark) and underweight (holds less exposure than the benchmark), at 31 August 2020:

Top overweight positions 31 August 2020 Building blocks Active Weighting High Yield 5.84% Emerging Markets 4.52%

Top underweight positions 31 August 2020 Building blocks Active Weighting Investment Grade -10.56%

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MyMap 3 Fund MyMap 4 Fund MyMap 5 Fund MyMap 5 Select ESG Fund MyMap 6 Fund

Over the six-month period to 31 August 2020 the Funds’ returns were 5.21%, 7.89%, 9.68% and 11.25% for the MyMap 3, 4, 5 and 6 Funds respectively.The inception to 31 August 2020 return for the MyMap 5 Select ESG Fund was 3.59%.

The sell-off in risk assets began towards the end of February and risk assets such as equities and credit bottomed in March, in a period where traditionally safer assets such as US Treasuries also sold off. Central banks and governments across the globe responded to the COVID-19 pandemic with massive monetary and fiscal packages. This, together with the gradual reopening of economies, has helped risk assets recover since their March low. Over quarter two of 2020, equity values were much higher, credit spreads (the difference in yield between government and corporate bonds with similar maturities.) tighter and government bond yields stabalised into a lower range. US equities, the Healthcare and IT sectors, the quality factor and large caps performed particulary well during the recovery. In June, laggards of the rally such as European equities and Emerging Market equities performed strongly as US Equities faced headwinds surrounding an uptick in virus cases in several US states. The rally in risk assets was more consistent in July, with volatility slowly rolling off from the levels seen in June. Although macroeconomic data showed continuing signs of improvement in June as economies began to open, more targeted approaches in the form of lockdowns, were being rolled out to tackle the virus in several regions. The month of August was also generally positive for risk assets. The continued opening up of economies, the rallying US tech sector and lighter summer trading volumes have all been driving markets higher. This is in the face of some localised lockdowns being re-enforced and a continued tit-for-tat breakdown in US-China trade relations. The market is also becoming increasingly focussed on the future of US fiscal spending, on the looming US election and on inflation risks over the medium term.

Sterling reached a multi-year low in mid-March versus the US dollar, as risk-off market sentiment buoyed the US dollar higher and as fears of a delayed Brexit weighted on sterling. As risk appetite has come back and as the UK started to ease its lockdown, sterling started to stage a recovery versus the US dollar but still ended quarter two 2020 weaker than it was at the start of the year. Sterling rallied strongly in July, attributed mainly to significant US dollar weakness across the board. Improved risk sentiment and comparatively poor virus management have weighed on the US dollar in July, with the falling of real rates in the US compared to other countries and the vast supply of US dollars in the market from central bank action also providing more structural headwinds for the currency.Sterling ended the month of August at 1.34 USD, attributed mainly to US dollar weakness, driven in part by the selling of US Treasuries into month end.

The main driver of returns over the period has been equities, with US equities being the largest contributor. European equities, Emerging Market equities, and mid-cap UK equities have also contributed, with large cap UK equities and Japanese equities being small detractors. Gold has also been a modest contributor to all profiles, as has the gains from hedging US dollar exposures back to sterling. The contribution to performance from government bonds has been muted over the period.

BlackRock Investment Funds 14 Notes to Financial Statements (unaudited) for the six months ended 31 August 2020

1. Accounting Policies The financial statements have been prepared in accordance with United Kingdom Generally Accepted Accounting Practice (UK GAAP) and the Statement of Recommended Practice for Authorised Funds (the “SORP”) issued by the Investment Management Association (now known as the Investment Association) in May 2014 and amended in June 2017.

The accounting policies applied are consistent with those of the financial statements for the year ended 29 February 2020 and are described in those annual financial statements.

2. Financial risks The Fund’s investment activities expose it to the various types of risk which are associated with the financial instruments and markets in which it invests. The risks are substantially consistent with those disclosed in the previous annual financial statements with the exception of those outlined below.

Market risk arising from price risk Price risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices (other than those arising from interest rate risk or currency risk), whether those changes are caused by factors specific to the individual financial instrument or its issuer, or factors affecting similar financial instruments traded in the market. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the Fund and the market price of its investments.

An outbreak of an infectious respiratory illness caused by a novel coronavirus known as COVID-19 was first detected in China in December 2019 and has now developed into a global pandemic. This coronavirus has resulted in travel restrictions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, prolonged quarantines, cancellations, supply chain disruptions, and lower consumer demand, as well as general concern and uncertainty. The impact of COVID-19 has adversely affected the economies of many nations across the entire global economy, individual issuers and capital markets, and could continue to extents that cannot necessarily be foreseen. In addition, the impact of infectious illnesses in emerging market countries may be greater due to generally less established healthcare systems. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The duration of the COVID-19 outbreak and its effects cannot be determined with certainty.

A key metric used by the BlackRock Risk and Quantitative Analysis Group to measure market risk is Value-at-Risk (“VaR”) which encompasses currency, interest rate and price risk. VaR is a statistical risk measure that estimates the potential portfolio loss from adverse market movements in an ordinary market environment. VaR analysis reflects the interdependencies between risk variables, unlike a traditional sensitivity analysis.

The one-day VaR based on a 99% confidence level is outlined in the table below:

15 BlackRock Investment Funds Notes to Financial Statements (unaudited) continued

31.8.2020 29.2.2020 Fund name % % BlackRock Systematic Global Long/Short Equity Fund (Formerly BlackRock Global Long/Short Equity Fund) 0.98 0.53 BlackRock Sterling Short Duration Credit Fund 0.30 0.12 BlackRock Sterling Strategic Bond Fund 0.74 0.42 BlackRock Strategic Growth Fund 1.97 1.39 BlackRock Systematic Multi Allocation Credit Fund 1.31 N/A* MyMap 3 Fund 1.12 0.66 MyMap 4 Fund 2.13 1.24 MyMap 5 Fund 2.73 1.73 MyMap 5 Select ESG Fund 2.74 N/A* MyMap 6 Fund 3.22 2.13 * The BlackRock Systematic Multi Allocation Credit Fund and MyMap 5 Select ESG funds launched 4 May 2020 and 10 June 2020 respectively hence no comparative available.

BlackRock Investment Funds 16 BlackRock Systematic Global Long/Short Equity Fund (Formerly BlackRock Global Long/Short Equity Fund) About the Fund

The Fund is a sub-fund of BlackRock Investment Funds, a UCITS scheme under the COLL Sourcebook. The Fund was authorised by the FCA on 28 August 2015 and was established on 1 October 2015. The Fund’s FCA product reference number is 719505.

Risk and Reward Profile

Lower risk Higher risk Typically lower rewards Typically higher rewards Unit Class A Accumulation 1 2 3 4 567 X Accumulation 1 2 3 4 567 D Accumulation 1 2 3 4 567

• The risk indicator was calculated incorporating simulated historical data and may not be a reliable indication of the future risk profile of the Fund. • The risk category shown is not guaranteed and may change over time. • The lowest category does not mean risk free. • The use of derivatives will impact the value of the Fund and may expose the Fund to a higher degree of risk. Derivatives are highly sensitive to changes in the value of the asset on which they are based and can increase the size of losses and gains, resulting in greater fluctuations in the value of the Fund. The impact to the Fund can be greater where derivatives are used in an extensive or complex way.

For more information on this, please see the Fund’s Key Investor Information Document (“KIIDs”), which are available at www.blackrock.com.

17 BlackRock Investment Funds BlackRock Systematic Global Long/Short Equity Fund (Formerly BlackRock Global Long/Short Equity Fund) Performance Record

Net Asset Value Net Asset Value Net Asset Value per Unit At 31 August 2020 Units in Issue £000’s p A Accumulation 19,587 21 108.3 X Accumulation 6,583,893 7,674 116.6 D Accumulation 1,000 1 110.3

Distributions Payable for the period to 31 August 2020 The Fund recorded a net revenue shortfall for the period to 31 August 2020. Accordingly no distribution was payable.

Operating Charges 1.3.2020 1.3.2019 Unit Class to 31.8.2020 to 29.2.2020 A Accumulation 1.96% 1.96% X Accumulation 0.17% 0.17% D Accumulation 1.36% 1.36% Operating charges are annualised and exclude portfolio trade-related costs, except costs paid to the custodian/depositary and entry/exit charges paidtoanunderlying collective investment scheme (if any).

BlackRock Investment Funds 18 BlackRock Systematic Global Long/Short Equity Fund (Formerly BlackRock Global Long/Short Equity Fund)

Portfolio Statement (unaudited) at 31 August 2020

%of %of Holding or Market Total Holding or Market Total Nominal Value Net Nominal Value Net Value Investment1 £000’s Assets Value Investment1 £000’s Assets

BONDS − 100.05%; 29.2.2020 90.93% £900,000 United Kingdom Treasury Bill 0% 900 11.69 14/9/2020 UK Sterling Denominated Government £850,000 United Kingdom Treasury Bill 0% 850 11.05 Bonds − 100.05%; 29.2.2020 90.93% 5/10/2020 £900,000 United Kingdom 900 11.69 £750,000 United Kingdom Treasury Bill 0% 750 9.75 Treasury Bill 0% 19/10/2020 1/9/2020 £950,000 United Kingdom Treasury Bill 0% 950 12.34 £600,000 United Kingdom 600 7.80 2/11/2020 Treasury Bill 0% 12/10/2020 £900,000 United Kingdom Treasury Bill 0% 900 11.69 9/11/2020 £850,000 United Kingdom 850 11.05 Treasury Bill 0% 7,700 100.05 26/10/2020 £1,000,000 United Kingdom 1,000 12.99 Treasury Bill 0% 7/9/2020

%of Holding or Underlying Market Total Nominal Exposure − Derivatives Value Net Value Investment £000’s £000’s Assets

DERIVATIVES − 0.38%; 29.2.2020 0.43%

UK Sterling − (0.14%); 29.2.2020 0.18%

CFDs Short − (0.05%); 29.2.2020 0.39%

Aerospace & Defence − 0.00%; 29.2.2020 0.00%

Alternative Energy Sources − 0.00%; 29.2.2020 0.00% (460) ITM Power 1 – 0.00

Apparel − 0.00%; 29.2.2020 0.05% (105) Burberry 2 – 0.00

Banks − 0.00%; 29.2.2020 0.02%

Chemicals − 0.00%; 29.2.2020 0.01% (965) Victrex 19 – 0.00

Commercial Services − 0.00%; 29.2.2020 0.04%

Distribution & Wholesale − 0.00%; 29.2.2020 0.00%

Diversified Financial Services − 0.00%; 29.2.2020 0.06%

Electronics − 0.00%; 29.2.2020 0.04% (101) Renishaw 5 – 0.00

Engineering & Construction − 0.00%; 29.2.2020 0.00% (17,921) Signature Aviation 47 – 0.00

Food Producers − (0.01%); 29.2.2020 0.06% (11,974) SSP 29 (1) (0.01)

Food Services − (0.01%); 29.2.2020 0.00% (2,180) Compass 27 (1) (0.01)

19 BlackRock Investment Funds BlackRock Systematic Global Long/Short Equity Fund (Formerly BlackRock Global Long/Short Equity Fund)

Portfolio Statement (unaudited) continued

%of Holding or Underlying Market Total Nominal Exposure − Derivatives Value Net Value Investment £000’s £000’s Assets

Gas − 0.00%; 29.2.2020 0.00%

Insurance − 0.00%; 29.2.2020 0.00% (410) Admiral 11 – 0.00 (1,017) Legal & General 2 – 0.00

13 – 0.00

Internet − 0.00%; 29.2.2020 0.00% (171) Moneysupermarket.com 1 – 0.00 (1,215) Trainline 5 – 0.00

6 – 0.00

Leisure Time − 0.00%; 29.2.2020 0.08%

Lodging − (0.04%); 29.2.2020 0.00% (1,740) InterContinental Hotels 76 (3) (0.04)

Machinery Construction & Mining − 0.00%; 29.2.2020 (0.01%)

Mining − 0.00%; 29.2.2020 0.00%

Packaging & Containers − 0.00%; 29.2.2020 0.01%

Private Equity − 0.00%; 29.2.2020 0.01% (1,739) Intermediate Capital 24 – 0.00

Real Estate Investment & Services − 0.00%; 29.2.2020 0.01%

Real Estate Investment Trusts − 0.00%; 29.2.2020 0.00% (2,755) Land 16 – 0.00

Retail − 0.00%; 29.2.2020 0.01% (3,981) Domino’s Pizza 14 – 0.00 (22,672) Pets at Home 66 – 0.00 (414) WH Smith 5 – 0.00

85 – 0.00

Telecommunications − 0.00%; 29.2.2020 0.00%

Transportation − 0.01%; 29.2.2020 0.00% (15,931) Royal Mail 28 1 0.01

Water − 0.00%; 29.2.2020 0.00%

CFDs Long − (0.09%); 29.2.2020 (0.21%)

Aerospace & Defence − 0.00%; 29.2.2020 (0.02%) 6,184 Meggitt 18 – 0.00

Agriculture − 0.00%; 29.2.2020 0.00% 1,116 British American Tobacco 28 – 0.00

Apparel − 0.00%; 29.2.2020 (0.01%)

Beverages − 0.00%; 29.2.2020 0.00%

Biotechnology − 0.00%; 29.2.2020 0.00% 201 Abcam 3 – 0.00

BlackRock Investment Funds 20 BlackRock Systematic Global Long/Short Equity Fund (Formerly BlackRock Global Long/Short Equity Fund)

Portfolio Statement (unaudited) continued

%of Holding or Underlying Market Total Nominal Exposure − Derivatives Value Net Value Investment £000’s £000’s Assets

321 Oxford Biomedica 3 – 0.00

6 – 0.00

Chemicals − 0.00%; 29.2.2020 0.00% 3,173 Johnson Matthey 75 – 0.00

Commercial Services − 0.00%; 29.2.2020 (0.03%) 1,590 Babcock International 4 – 0.00 1,358 Experian 38 – 0.00 5,375 Rentokil Initial 28 – 0.00

70 – 0.00

Computers − 0.00%; 29.2.2020 (0.01%)

Distribution & Wholesale − 0.00%; 29.2.2020 (0.01%)

Diversified Financial Services − 0.00%; 29.2.2020 0.00% 369 Hargreaves Lansdown 6 – 0.00

Electricity − (0.07%); 29.2.2020 0.00% 11,161 SSE 140 (5) (0.07)

Electronics − 0.00%; 29.2.2020 0.00%

Engineering & Construction − 0.00%; 29.2.2020 0.00%

Entertainment − 0.01%; 29.2.2020 (0.02%) 2,076 GVC 17 1 0.01

Food Producers − 0.00%; 29.2.2020 0.00%

Food Services − 0.00%; 29.2.2020 (0.01%)

Healthcare Products − 0.00%; 29.2.2020 (0.01%)

Healthcare Services − 0.00%; 29.2.2020 0.00%

Home Builders − 0.00%; 29.2.2020 0.00% 20,959 Taylor Wimpey 26 – 0.00

Home Furnishings − 0.00%; 29.2.2020 0.00% 2,299 Howden Joinery 13 – 0.00

Insurance − 0.00%; 29.2.2020 0.00% 589 Prudential 7 – 0.00

Internet − 0.00%; 29.2.2020 (0.04%) 6,539 Auto Trader 36 – 0.00

Lodging − 0.00%; 29.2.2020 0.00% 459 Whitbread 12 – 0.00

Machinery Diversified − 0.00%; 29.2.2020 (0.02%)

Media − (0.05%); 29.2.2020 0.00% 1,065 Informa 4 – 0.00 14,113 Pearson 79 (4) (0.05)

83 (4) (0.05)

21 BlackRock Investment Funds BlackRock Systematic Global Long/Short Equity Fund (Formerly BlackRock Global Long/Short Equity Fund)

Portfolio Statement (unaudited) continued

%of Holding or Underlying Market Total Nominal Exposure − Derivatives Value Net Value Investment £000’s £000’s Assets

Mining − 0.00%; 29.2.2020 0.00% 744 KAZ Minerals 4 – 0.00

Miscellaneous Manufacturing − 0.00%; 29.2.2020 0.00%

Oil & Gas Producers − 0.00%; 29.2.2020 0.00% 7,212 BP 19 – 0.00

Oil & Gas Services − 0.00%; 29.2.2020 (0.03%)

Pharmaceuticals − 0.00%; 29.2.2020 0.00% 67 AstraZeneca 6 – 0.00 395 GlaxoSmithKline 6 – 0.00

12 – 0.00

Retail − 0.02%; 29.2.2020 0.00% 3,800 Dunelm 55 2 0.02

Software − 0.00%; 29.2.2020 0.00% 1,888 Micro Focus International 5 – 0.00

Australian Dollar − (0.01%); 29.2.2020 (0.10%)

CFDs Short − (0.02%); 29.2.2020 0.20%

Banks − 0.00%; 29.2.2020 0.04% (654) Macquarie 46 – 0.00

Building Materials − 0.00%; 29.2.2020 0.01%

Chemicals − 0.00%; 29.2.2020 0.03%

Commercial Services − 0.00%; 29.2.2020 0.00% (1) Brambles – – 0.00

Distribution & Wholesale − 0.00%; 29.2.2020 0.00%

Diversified Financial Services − 0.00%; 29.2.2020 0.05%

Engineering & Construction − (0.03%); 29.2.2020 0.00% (85) Lendlease 1 – 0.00 (11,978) Sydney Airport 38 (2) (0.03)

39 (2) (0.03)

Environmental Control − 0.00%; 29.2.2020 0.00% (1,564) Cleanaway Waste Management 2 – 0.00

Food Producers − 0.00%; 29.2.2020 (0.01%) (1,420) Woolworths 31 – 0.00

Insurance − 0.00%; 29.2.2020 0.01% (3,790) QBE Insurance 22 – 0.00

Iron & Steel − 0.00%; 29.2.2020 0.00%

Mining − 0.00%; 29.2.2020 0.08% (2,655) Evolution Mining 8 – 0.00

BlackRock Investment Funds 22 BlackRock Systematic Global Long/Short Equity Fund (Formerly BlackRock Global Long/Short Equity Fund)

Portfolio Statement (unaudited) continued

%of Holding or Underlying Market Total Nominal Exposure − Derivatives Value Net Value Investment £000’s £000’s Assets

(1,640) Saracen Mineral 5 – 0.00

13 – 0.00

Miscellaneous Manufacturing − 0.00%; 29.2.2020 0.00% (231) Ansell 5 – 0.00

Oil & Gas Producers − 0.00%; 29.2.2020 0.00%

Packaging & Containers − 0.00%; 29.2.2020 0.00%

Pipelines − 0.00%; 29.2.2020 0.00% (274) APA 2 – 0.00

Real Estate Investment Trusts − 0.00%; 29.2.2020 0.00% (4,288) Stockland 9 – 0.00

Retail − 0.01%; 29.2.2020 0.00% (3,289) Wesfarmers 86 1 0.01

Software − 0.00%; 29.2.2020 (0.01%) (309) Megaport 3 – 0.00 (441) NextDC 3 – 0.00

6 – 0.00

Telecommunications − 0.00%; 29.2.2020 0.00%

Transportation − 0.00%; 29.2.2020 0.00%

CFDs Long − 0.01%; 29.2.2020 (0.30%)

Airlines − 0.00%; 29.2.2020 (0.01%)

Banks − 0.00%; 29.2.2020 0.00% 6,619 Bendigo & Adelaide Bank 24 – 0.00

Beverages − 0.00%; 29.2.2020 (0.03%)

Building Materials − 0.00%; 29.2.2020 0.00%

Chemicals − 0.00%; 29.2.2020 0.00% 9,051 Incitec Pivot 10 – 0.00

Commercial Services − 0.02%; 29.2.2020 (0.05%) 3,156 Worley 17 2 0.02

Computers − 0.00%; 29.2.2020 0.00%

Diversified Financial Services − 0.00%; 29.2.2020 0.00% 1,164 IOOF 3 – 0.00

Electricity − 0.00%; 29.2.2020 0.00% 881 Spark Infrastructure 1 – 0.00

Engineering & Construction − 0.00%; 29.2.2020 (0.01%)

Entertainment − 0.00%; 29.2.2020 (0.13%) 190 Aristocrat Leisure 3 – 0.00

23 BlackRock Investment Funds BlackRock Systematic Global Long/Short Equity Fund (Formerly BlackRock Global Long/Short Equity Fund)

Portfolio Statement (unaudited) continued

%of Holding or Underlying Market Total Nominal Exposure − Derivatives Value Net Value Investment £000’s £000’s Assets

7,555 Nine Entertainment 7 – 0.00

10 – 0.00

Healthcare Products − 0.00%; 29.2.2020 0.00%

Healthcare Services − (0.01%); 29.2.2020 0.00% 1,030 Ramsay Health Care 37 (1) (0.01)

Leisure Time − 0.00%; 29.2.2020 0.00%

Lodging − 0.00%; 29.2.2020 (0.01%)

Media − 0.00%; 29.2.2020 0.00%

Metal & Hardware − 0.00%; 29.2.2020 0.00% 1,058 Sims 4 – 0.00

Mining − 0.00%; 29.2.2020 0.00% 3,971 IGO 10 – 0.00

Miscellaneous Manufacturing − 0.00%; 29.2.2020 0.00%

Oil & Gas Producers − 0.00%; 29.2.2020 (0.03%)

Real Estate Investment & Services − 0.00%; 29.2.2020 0.00% 44 REA 3 – 0.00

Retail − 0.00%; 29.2.2020 (0.02%) 274 JB Hi-Fi 8 – 0.00

Software − 0.00%; 29.2.2020 (0.01%)

Telecommunications − 0.00%; 29.2.2020 0.00% 2,428 Vocus 5 – 0.00

Canadian Dollar − 0.06%; 29.2.2020 0.13%

CFDs Short − 0.01%; 29.2.2020 0.23%

Aerospace & Defence − 0.00%; 29.2.2020 0.03%

Alternative Energy Sources − 0.00%; 29.2.2020 0.00% (555) Transalta 3 – 0.00

Automobile Parts & Equipment − 0.07%; 29.2.2020 0.00% (2,252) Magna International 82 5 0.07

Banks − (0.06%); 29.2.2020 0.01% (2,136) National Bank of Canada 88 (4) (0.06)

Chemicals − 0.00%; 29.2.2020 0.00% (834) Methanex 14 – 0.00

Commercial Services − 0.00%; 29.2.2020 0.00%

Diversified Financial Services − 0.00%; 29.2.2020 0.00% (523) CI Financial 5 – 0.00

Electricity − 0.01%; 29.2.2020 0.00% (329) Atco 8 – 0.00

BlackRock Investment Funds 24 BlackRock Systematic Global Long/Short Equity Fund (Formerly BlackRock Global Long/Short Equity Fund)

Portfolio Statement (unaudited) continued

%of Holding or Underlying Market Total Nominal Exposure − Derivatives Value Net Value Investment £000’s £000’s Assets

(2,923) Capital Power 48 1 0.01

56 1 0.01

Engineering & Construction − 0.00%; 29.2.2020 0.00%

Food Producers − 0.00%; 29.2.2020 0.03%

Insurance − 0.00%; 29.2.2020 0.06% (196) IA Financial 5 – 0.00

Leisure Time − 0.00%; 29.2.2020 0.00% (66) BRP 3 – 0.00

Mining − 0.00%; 29.2.2020 0.00% (32) Agnico Eagle Mines 2 – 0.00 (110) Endeavour Mining 2 – 0.00 (620) Iamgold 2 – 0.00 (579) Kirkland Lake Gold 23 – 0.00 (370) OceanaGold 1 – 0.00 (503) Teck Resources 4 – 0.00 (2,402) Teranga Gold 21 – 0.00 (739) Yamana Gold 3 – 0.00

58 – 0.00

Pharmaceuticals − 0.00%; 29.2.2020 0.00% (1,514) Bausch Health Cos 19 – 0.00

Pipelines − 0.00%; 29.2.2020 0.01%

Private Equity − 0.00%; 29.2.2020 0.00% (118) Brookfield Asset Management 3 – 0.00

Real Estate Investment Trusts − 0.00%; 29.2.2020 0.01%

Retail − 0.00%; 29.2.2020 0.01% (23) Canadian Tire 2 – 0.00 (254) Dollarama 7 – 0.00

9 – 0.00

Software − (0.01%); 29.2.2020 0.00% (389) Descartes Systemes 18 (1) (0.01)

Transportation − 0.00%; 29.2.2020 0.07% (62) Cargojet 7 – 0.00

CFDs Long − 0.05%; 29.2.2020 (0.10%)

Automobile Parts & Equipment − 0.00%; 29.2.2020 0.00%

Banks − 0.09%; 29.2.2020 0.00% 2,172 Bank of Montreal 103 7 0.09

Building Materials − 0.00%; 29.2.2020 0.00% 240 Stella-Jones 6 – 0.00

25 BlackRock Investment Funds BlackRock Systematic Global Long/Short Equity Fund (Formerly BlackRock Global Long/Short Equity Fund)

Portfolio Statement (unaudited) continued

%of Holding or Underlying Market Total Nominal Exposure − Derivatives Value Net Value Investment £000’s £000’s Assets

Chemicals − 0.00%; 29.2.2020 (0.01%)

Commercial Services − 0.00%; 29.2.2020 (0.01%)

Computers − 0.00%; 29.2.2020 0.00% 201 CGI 11 – 0.00

Diversified Financial Services − (0.01%); 29.2.2020 0.00% 1,492 IGM Financial 27 (1) (0.01)

Forest Products & Paper − (0.01%); 29.2.2020 0.00% 858 West Fraser Timber 34 (1) (0.01)

Internet − 0.00%; 29.2.2020 (0.03%) 2 Shopify 2 – 0.00

Mining − 0.00%; 29.2.2020 (0.02%)

Oil & Gas Producers − 0.00%; 29.2.2020 0.00%

Oil & Gas Services − 0.00%; 29.2.2020 0.00%

Packaging & Containers − 0.00%; 29.2.2020 (0.01%)

Pipelines − (0.01%); 29.2.2020 0.00% 196 Enbridge 5 – 0.00 453 Pembina Pipeline 8 (1) (0.01)

13 (1) (0.01)

Private Equity − 0.00%; 29.2.2020 0.00% 391 Onex 15 – 0.00

Software − 0.00%; 29.2.2020 0.00%

Telecommunications − (0.01%); 29.2.2020 (0.01%) 1,748 Quebecor 32 (1) (0.01)

Transportation − 0.00%; 29.2.2020 (0.01%)

Danish Krone − 0.04%; 29.2.2020 (0.03%)

CFDs Short − 0.04%; 29.2.2020 0.09%

Banks − 0.05%; 29.2.2020 0.07% (2,579) Jyske Bank 57 4 0.05

Beverages − 0.00%; 29.2.2020 0.00% (34) Royal Unibrew 3 – 0.00

Healthcare Products − 0.00%; 29.2.2020 0.01%

Retail − (0.01%); 29.2.2020 0.01% (589) Pandora 32 (1) (0.01)

Transportation − 0.00%; 29.2.2020 0.00% (12) AP Moller - Maersk 12 – 0.00

BlackRock Investment Funds 26 BlackRock Systematic Global Long/Short Equity Fund (Formerly BlackRock Global Long/Short Equity Fund)

Portfolio Statement (unaudited) continued

%of Holding or Underlying Market Total Nominal Exposure − Derivatives Value Net Value Investment £000’s £000’s Assets

CFDs Long − 0.00%; 29.2.2020 (0.12%)

Beverages − 0.00%; 29.2.2020 (0.08%)

Biotechnology − 0.00%; 29.2.2020 (0.04%) 108 Bavarian Nordic 3 – 0.00

Chemicals − 0.00%; 29.2.2020 0.00% 20 Chr Hansen 2 – 0.00

Commercial Services − 0.00%; 29.2.2020 0.00%

Insurance − 0.00%; 29.2.2020 0.00%

Software − 0.00%; 29.2.2020 0.00%

Euro − (0.17%); 29.2.2020 (0.54%)

CFDs Short − (0.07%); 29.2.2020 1.15%

Aerospace & Defence − 0.02%; 29.2.2020 0.00% (475) Airbus 29 1 0.01 (267) Safran 23 1 0.01

52 2 0.02

Airlines − 0.00%; 29.2.2020 0.06%

Alternative Energy Sources − 0.00%; 29.2.2020 0.00% (107) Solaria Energia y Medio Ambiente 2 – 0.00

Automobile Manufacturers − 0.01%; 29.2.2020 0.07% (5,969) Fiat Chrysler Automobiles 49 1 0.01 (41) Volkswagen 6 – 0.00

55 1 0.01

Automobile Parts & Equipment − 0.00%; 29.2.2020 0.02% (171) Rheinmetall 12 – 0.00

Banks − 0.00%; 29.2.2020 0.12% (3,308) Bankinter 14 – 0.00 (909) CaixaBank 1 – 0.00 (571) Natixis 1 – 0.00

16 – 0.00

Beverages − 0.00%; 29.2.2020 0.00% (112) Heineken 8 – 0.00 (66) JDE Peet’s 2 – 0.00

10 – 0.00

Chemicals − 0.00%; 29.2.2020 0.15% (108) Lanxess 5 – 0.00

Commercial Services − (0.02%); 29.2.2020 0.03% (1,446) Amadeus IT 60 (2) (0.02)

27 BlackRock Investment Funds BlackRock Systematic Global Long/Short Equity Fund (Formerly BlackRock Global Long/Short Equity Fund)

Portfolio Statement (unaudited) continued

%of Holding or Underlying Market Total Nominal Exposure − Derivatives Value Net Value Investment £000’s £000’s Assets

(494) Elis 5 – 0.00

65 (2) (0.02)

Computers − 0.00%; 29.2.2020 0.06%

Cosmetics & Personal Care − 0.00%; 29.2.2020 0.00%

Diversified Financial Services − 0.00%; 29.2.2020 0.00% (792) Anima 2 – 0.00

Electrical Components & Equipment − 0.00%; 29.2.2020 0.01%

Electricity − 0.01%; 29.2.2020 0.12% (1,569) Endesa 33 – 0.00 (1,459) Uniper 35 1 0.01

68 1 0.01

Engineering & Construction − (0.04%); 29.2.2020 0.04% (19) Ackermans & van Haaren 2 – 0.00 (559) Aena SME 62 (3) (0.04) (184) Fraport Frankfurt Airport Services Worldwide 6 – 0.00

70 (3) (0.04)

Entertainment − (0.06%); 29.2.2020 0.00% (1,047) CTS Eventim & 39 (5) (0.06)

Food Producers − 0.00%; 29.2.2020 0.01% (5,419) Jeronimo Martins SGPS 66 – 0.00

Food Services − 0.00%; 29.2.2020 0.03%

Forest Products & Paper − 0.00%; 29.2.2020 0.01%

Insurance − 0.01%; 29.2.2020 0.00% (5,928) Aegon 12 – 0.00 (760) Allianz 123 1 0.01 (171) NN 5 – 0.00

140 1 0.01

Internet − 0.00%; 29.2.2020 0.06%

Iron & Steel − 0.00%; 29.2.2020 0.04% (202) Acerinox 1 – 0.00

Leisure Time − 0.00%; 29.2.2020 0.00%

Machinery Construction & Mining − 0.00%; 29.2.2020 0.01% (3,756) Metso Outotec 21 – 0.00

Machinery Diversified − 0.00%; 29.2.2020 0.00% (212) Jungheinrich 5 – 0.00

Media − (0.01%); 29.2.2020 0.06% (21,651) Bollore 61 – 0.00 (836) Lagardere 12 (1) (0.01)

BlackRock Investment Funds 28 BlackRock Systematic Global Long/Short Equity Fund (Formerly BlackRock Global Long/Short Equity Fund)

Portfolio Statement (unaudited) continued

%of Holding or Underlying Market Total Nominal Exposure − Derivatives Value Net Value Investment £000’s £000’s Assets

(308) ProSiebenSat.1 Media 3 – 0.00

76 (1) (0.01)

Miscellaneous Manufacturing − 0.00%; 29.2.2020 0.03%

Oil & Gas Producers − 0.01%; 29.2.2020 0.00% (2,072) Eni 15 1 0.01 (162) OMV 3 – 0.00

18 1 0.01

Oil & Gas Services − 0.00%; 29.2.2020 0.02%

Pharmaceuticals − 0.00%; 29.2.2020 0.01%

Private Equity − 0.00%; 29.2.2020 0.01%

Real Estate Investment & Services − 0.00%; 29.2.2020 0.00% (1,967) TAG Immobilien 43 – 0.00

Real Estate Investment Trusts − 0.00%; 29.2.2020 0.00% (22) Aedifica 2 – 0.00 (997) Inmobiliaria Colonial Socimi 7 – 0.00

9 – 0.00

Semiconductors − 0.00%; 29.2.2020 0.09% (290) ASM International 33 – 0.00 (42) Soitec 4 – 0.00

37 – 0.00

Software − 0.00%; 29.2.2020 0.01%

Telecommunications − 0.00%; 29.2.2020 0.08% (7,634) Telecom Italia SpA/Milano 3 – 0.00

Transportation − 0.00%; 29.2.2020 0.00%

Water − 0.00%; 29.2.2020 0.00% (860) Veolia Environnement 16 – 0.00

CFDs Long − (0.10%); 29.2.2020 (1.69%)

Advertising − 0.00%; 29.2.2020 (0.08%) 265 JCDecaux 4 – 0.00

Aerospace & Defence − 0.00%; 29.2.2020 (0.08%) 94 Thales 5 – 0.00

Apparel − 0.00%; 29.2.2020 (0.14%)

Automobile Manufacturers − 0.00%; 29.2.2020 0.00% 1,041 Bayerische Motoren Werke 56 2 0.02 3,734 Renault 80 (2) (0.02) 41 Traton 1 – 0.00

137 – 0.00

29 BlackRock Investment Funds BlackRock Systematic Global Long/Short Equity Fund (Formerly BlackRock Global Long/Short Equity Fund)

Portfolio Statement (unaudited) continued

%of Holding or Underlying Market Total Nominal Exposure − Derivatives Value Net Value Investment £000’s £000’s Assets

Automobile Parts & Equipment − 0.00%; 29.2.2020 0.00% 168 Cie Generale des Etablissements Michelin 14 – 0.00

Banks − (0.01%); 29.2.2020 (0.06%) 7,145 Banco Bilbao Vizcaya Argentaria 16 – 0.00 18,733 Banco de Sabadell 5 – 0.00 5,661 Bankia 5 – 0.00 9,362 ING Groep 57 (1) (0.01)

83 (1) (0.01)

Beverages − (0.02%); 29.2.2020 (0.03%) 482 Pernod Ricard 61 (2) (0.02)

Building Materials − 0.00%; 29.2.2020 0.00% 1,094 Buzzi Unicem 21 – 0.00 624 Cie de Saint-Gobain 19 – 0.00

40 – 0.00

Chemicals − 0.00%; 29.2.2020 (0.08%) 697 Air Liquide 86 – 0.00 735 Akzo Nobel 55 – 0.00 40 Wacker Chemie 3 – 0.00

144 – 0.00

Commercial Services − 0.00%; 29.2.2020 (0.04%)

Computers − 0.00%; 29.2.2020 0.00% 225 Teleperformance 51 – 0.00

Cosmetics & Personal Care − 0.00%; 29.2.2020 (0.07%)

Distribution & Wholesale − 0.00%; 29.2.2020 (0.10%) 935 Rexel 9 – 0.00

Diversified Financial Services − 0.00%; 29.2.2020 0.00% 379 Azimut 5 – 0.00

Electrical Components & Equipment − 0.00%; 29.2.2020 (0.01%)

Electricity − (0.01%); 29.2.2020 (0.06%) 7,452 E.ON 65 (1) (0.01) 796 EDP - Energias de Portugal 3 – 0.00 931 Electricite de France 7 – 0.00 796 RWE 24 – 0.00

99 (1) (0.01)

Electronics − 0.00%; 29.2.2020 0.00%

Engineering & Construction − 0.00%; 29.2.2020 (0.06%) 274 Bouygues 9 – 0.00

Food Producers − 0.00%; 29.2.2020 0.00% 42 Suedzucker 1 – 0.00

BlackRock Investment Funds 30 BlackRock Systematic Global Long/Short Equity Fund (Formerly BlackRock Global Long/Short Equity Fund)

Portfolio Statement (unaudited) continued

%of Holding or Underlying Market Total Nominal Exposure − Derivatives Value Net Value Investment £000’s £000’s Assets

Gas − 0.00%; 29.2.2020 0.00%

Healthcare Products − (0.03%); 29.2.2020 (0.15%) 2,657 Qiagen 100 (2) (0.03)

Healthcare Services − 0.00%; 29.2.2020 0.00% 30 Gerresheimer 3 – 0.00

Home Furnishings − 0.00%; 29.2.2020 0.00%

Insurance − 0.00%; 29.2.2020 (0.24%) 1,529 Unipol Gruppo 5 – 0.00

Internet − 0.00%; 29.2.2020 0.00% 124 Prosus 9 – 0.00 8 Rocket Internet – – 0.00

9 – 0.00

Investment Companies − 0.00%; 29.2.2020 0.00%

Iron & Steel − 0.00%; 29.2.2020 (0.01%) 508 thyssenkrupp 3 – 0.00

Leisure Time − 0.00%; 29.2.2020 (0.02%)

Machinery Diversified − 0.00%; 29.2.2020 0.00% 84 CNH Industrial 1 – 0.00

Media − 0.00%; 29.2.2020 (0.01%) 381 RTL 10 – 0.00

Metal & Hardware − 0.00%; 29.2.2020 0.00% 4,404 Tenaris 20 – 0.00

Miscellaneous Manufacturing − (0.02%); 29.2.2020 0.00% 1,104 Alstom 46 (2) (0.02) 75 Knorr-Bremse 7 – 0.00 77 Societe BIC 4 – 0.00

57 (2) (0.02)

Oil & Gas Services − 0.00%; 29.2.2020 0.00% 273 SBM Offshore 4 – 0.00

Pharmaceuticals − 0.00%; 29.2.2020 (0.03%) 76 Sanofi 6 – 0.00 29 UCB 3 – 0.00

9 – 0.00

Pipelines − 0.00%; 29.2.2020 0.00% 158 Koninklijke Vopak 7 – 0.00

Real Estate Investment & Services − 0.00%; 29.2.2020 (0.06%)

Real Estate Investment Trusts − (0.01%); 29.2.2020 (0.05%) 1,236 Klepierre 16 – 0.00

31 BlackRock Investment Funds BlackRock Systematic Global Long/Short Equity Fund (Formerly BlackRock Global Long/Short Equity Fund)

Portfolio Statement (unaudited) continued

%of Holding or Underlying Market Total Nominal Exposure − Derivatives Value Net Value Investment £000’s £000’s Assets

437 Unibail-Rodamco-Westfield 15 (1) (0.01)

31 (1) (0.01)

Retail − 0.00%; 29.2.2020 (0.01%)

Semiconductors − 0.00%; 29.2.2020 (0.07%)

Shipbuilding − 0.00%; 29.2.2020 0.00% 615 Wartsila 4 – 0.00

Software − 0.00%; 29.2.2020 (0.03%) 115 Dassault Systemes 16 – 0.00

Telecommunications − 0.00%; 29.2.2020 0.00% 600 Eutelsat Communications 5 – 0.00

Transportation − 0.00%; 29.2.2020 (0.20%)

Hong Kong Dollar − 0.02%; 29.2.2020 (0.02%)

CFDs Short − 0.02%; 29.2.2020 0.01%

Apparel − 0.00%; 29.2.2020 0.01% (2,900) Prada 8 – 0.00

Automobile Parts & Equipment − 0.00%; 29.2.2020 0.00% (2,000) Minth 5 – 0.00

Banks − 0.00%; 29.2.2020 0.00% (200) Bank of East Asia – – 0.00

Beverages − 0.00%; 29.2.2020 0.00%

Diversified Financial Services − 0.00%; 29.2.2020 0.00% (400) Hong Kong Exchanges & Clearing 15 – 0.00

Electrical Components & Equipment − 0.00%; 29.2.2020 0.00% (500) Johnson Electric 1 – 0.00

Electricity − 0.00%; 29.2.2020 0.00%

Food Producers − 0.00%; 29.2.2020 0.00% (2,000) First Pacific – – 0.00

Gas − 0.00%; 29.2.2020 0.00%

Home Furnishings − 0.00%; 29.2.2020 0.00% (2,400) Man Wah 3 – 0.00

Lodging − 0.01%; 29.2.2020 0.00% (16,000) Melco International Development 27 1 0.01

Oil & Gas Producers − 0.00%; 29.2.2020 0.00% (36,000) United Energy 4 – 0.00

Real Estate Investment & Services − 0.01%; 29.2.2020 0.00% (5,500) CK Asset 22 – 0.00 (3,250) New World Development 13 – 0.00

BlackRock Investment Funds 32 BlackRock Systematic Global Long/Short Equity Fund (Formerly BlackRock Global Long/Short Equity Fund)

Portfolio Statement (unaudited) continued

%of Holding or Underlying Market Total Nominal Exposure − Derivatives Value Net Value Investment £000’s £000’s Assets

(38,000) Shun Tak 10 1 0.01

45 1 0.01

Telecommunications − 0.00%; 29.2.2020 0.00% (9,000) FIH Mobile 1 – 0.00

Transportation − 0.00%; 29.2.2020 0.00%

CFDs Long − 0.00%; 29.2.2020 (0.03%)

Diversified Operations − 0.00%; 29.2.2020 0.00%

Engineering & Construction − 0.00%; 29.2.2020 0.00% 2,000 NWS 1 – 0.00

Hand & Machine Tools − 0.00%; 29.2.2020 (0.02%)

Real Estate Investment & Services − 0.00%; 29.2.2020 (0.01%)

Real Estate Investment Trusts − 0.00%; 29.2.2020 0.00%

Semiconductors − 0.00%; 29.2.2020 0.00%

Israeli Shekel − 0.08%; 29.2.2020 0.00%

CFDs Short − 0.08%; 29.2.2020 0.00%

Home Builders − 0.00%; 29.2.2020 0.00% (5,028) Shikun & Binui 17 – 0.00

Insurance − 0.00%; 29.2.2020 0.00% (3,606) Harel Insurance 19 – 0.00

Oil & Gas Producers − 0.00%; 29.2.2020 0.00% (61) Israel Corporation 5 – 0.00 (24,921) Oil Refineries 4 – 0.00

9 – 0.00

Pharmaceuticals − 0.08%; 29.2.2020 0.00% (4,649) Teva Pharmaceutical 33 6 0.08

Real Estate Investment & Services − 0.00%; 29.2.2020 0.00% (160) Azrieli 6 – 0.00 (198) Melisron 6 – 0.00

12 – 0.00

Japanese Yen − (0.04%); 29.2.2020 0.04%

CFDs Short − (0.01%); 29.2.2020 1.05%

Apparel − 0.00%; 29.2.2020 0.00%

Automobile Manufacturers − 0.00%; 29.2.2020 0.09% (300) Mazda Motor 1 – 0.00 (100) Nissan Shatai 1 – 0.00

2 – 0.00

33 BlackRock Investment Funds BlackRock Systematic Global Long/Short Equity Fund (Formerly BlackRock Global Long/Short Equity Fund)

Portfolio Statement (unaudited) continued

%of Holding or Underlying Market Total Nominal Exposure − Derivatives Value Net Value Investment £000’s £000’s Assets

Automobile Parts & Equipment − 0.00%; 29.2.2020 0.01% (200) NGK Insulators 2 – 0.00 (300) Tokai Rika 3 – 0.00 (400) Toyo Tire 5 – 0.00

10 – 0.00

Banks − 0.00%; 29.2.2020 0.10% (100) 77 Bank 1 – 0.00 (200) Bank of Kyoto 6 – 0.00 (3,600) Chugoku Bank 24 – 0.00 (100) Daishi Hokuetsu Financial 1 – 0.00 (300) Fukuoka Financial 3 – 0.00 (6,900) Hachijuni Bank 19 – 0.00 (100) Hokuhoku Financial 1 – 0.00 (1,500) Iyo Bank 7 – 0.00 (2,600) Kansai Mirai Financial 8 – 0.00 (400) Kyushu Financial 1 – 0.00 (22,200) Mizuho Financial 22 – 0.00 (100) Nishi-Nippon Financial – – 0.00 (100) Shiga Bank 2 – 0.00 (200) Yamaguchi Financial 1 – 0.00

96 – 0.00

Beverages − 0.00%; 29.2.2020 0.01% (100) Sapporo 1 – 0.00

Building Materials − 0.00%; 29.2.2020 0.02% (100) Sumitomo Osaka Cement 2 – 0.00

Chemicals − 0.00%; 29.2.2020 0.02% (100) Taiyo Nippon Sanso 1 – 0.00 (200) Tokuyama 4 – 0.00

5 – 0.00

Commercial Services − (0.01%); 29.2.2020 0.03% (100) Goldwin 5 – 0.00 (100) IR Japan 9 – 0.00 (1,000) NEC Networks & System Integration 15 – 0.00 (600) Park24 7 (1) (0.01) (100) Toppan Printing 1 – 0.00

37 (1) (0.01)

Computers − 0.00%; 29.2.2020 0.02% (100) BayCurrent Consulting 8 – 0.00 (100) Fujitsu 10 – 0.00

18 – 0.00

Cosmetics & Personal Care − 0.00%; 29.2.2020 0.00% (200) Lion 3 – 0.00

BlackRock Investment Funds 34 BlackRock Systematic Global Long/Short Equity Fund (Formerly BlackRock Global Long/Short Equity Fund)

Portfolio Statement (unaudited) continued

%of Holding or Underlying Market Total Nominal Exposure − Derivatives Value Net Value Investment £000’s £000’s Assets

Distribution & Wholesale − 0.00%; 29.2.2020 0.00%

Diversified Financial Services − 0.00%; 29.2.2020 0.03% (700) Japan Exchange 14 – 0.00 (100) Money Forward 5 – 0.00 (300) Tokyo Century 12 – 0.00

31 – 0.00

Electrical Components & Equipment − 0.00%; 29.2.2020 0.00% (100) GS Yuasa 1 – 0.00

Electricity − 0.00%; 29.2.2020 0.00% (100) Hokuriku Electric Power 1 – 0.00

Electronics − 0.00%; 29.2.2020 0.10% (600) Alps Alpine 7 – 0.00 (900) Azbil 21 – 0.00 (400) Fujitsu General 8 – 0.00

36 – 0.00

Engineering & Construction − 0.00%; 29.2.2020 0.05% (100) JGC 1 – 0.00

Entertainment − 0.00%; 29.2.2020 0.00%

Environmental Control − 0.00%; 29.2.2020 0.01%

Food Producers − (0.01%); 29.2.2020 0.01% (300) Calbee 7 – 0.00 (1,500) Fuji Oil 32 (1) (0.01) (100) Kotobuki Spirits 3 – 0.00 (300) Meiji 18 – 0.00 (500) Morinaga Milk Industry 18 – 0.00 (100) NH Foods 3 – 0.00 (500) Toyo Suisan Kaisha 21 – 0.00

102 (1) (0.01)

Gas − 0.00%; 29.2.2020 0.00% (400) Toho Gas 13 – 0.00

Hand & Machine Tools − 0.00%; 29.2.2020 0.00% (800) DMG Mori 8 – 0.00 (100) OSG 1 – 0.00

9 – 0.00

Healthcare Products − 0.00%; 29.2.2020 0.00% (100) Nipro 1 – 0.00

Healthcare Services − 0.00%; 29.2.2020 0.00% (100) c 5 – 0.00

Home Builders − 0.00%; 29.2.2020 0.00% (100) Sekisui House 1 – 0.00

35 BlackRock Investment Funds BlackRock Systematic Global Long/Short Equity Fund (Formerly BlackRock Global Long/Short Equity Fund)

Portfolio Statement (unaudited) continued

%of Holding or Underlying Market Total Nominal Exposure − Derivatives Value Net Value Investment £000’s £000’s Assets

Home Furnishings − 0.00%; 29.2.2020 0.13%

Insurance − 0.00%; 29.2.2020 0.03% (2,300) Dai-ichi Life 27 – 0.00

Internet − 0.00%; 29.2.2020 0.00% (100) LINE 4 – 0.00 (200) ZOZO 4 – 0.00

8 – 0.00

Iron & Steel − 0.00%; 29.2.2020 0.02% (100) Daido Steel 2 – 0.00 (600) Japan Steel Works 6 – 0.00 (100) Yamato Kogyo 2 – 0.00

10 – 0.00

Leisure Time − 0.00%; 29.2.2020 0.00%

Lodging − 0.00%; 29.2.2020 0.00% (100) Kyoritsu Maintenance 3 – 0.00

Machinery Construction & Mining − 0.00%; 29.2.2020 0.00%

Machinery Diversified − 0.00%; 29.2.2020 0.01% (400) Ebara 8 – 0.00 (100) Okuma 3 – 0.00

11 – 0.00

Media − 0.00%; 29.2.2020 0.00% (100) Kadokawa Dwango 2 – 0.00

Mining − 0.00%; 29.2.2020 0.03% (400) Dowa 9 – 0.00

Miscellaneous Manufacturing − 0.00%; 29.2.2020 0.01% (400) Toyobo 4 – 0.00

Oil & Gas Producers − 0.00%; 29.2.2020 0.00% (100) Cosmo Energy 1 – 0.00

Packaging & Containers − 0.00%; 29.2.2020 0.00% (100) FP 6 – 0.00

Pharmaceuticals − 0.00%; 29.2.2020 0.02% (300) Kaken Pharmaceutical 10 – 0.00 (200) Mochida Pharmaceutical 6 – 0.00 (100) Tsumura 2 – 0.00

18 – 0.00

Real Estate Investment & Services − 0.00%; 29.2.2020 0.00% (300) Sumitomo Realty & Development 7 – 0.00 (300) Tokyo Tatemono 3 – 0.00

10 – 0.00

BlackRock Investment Funds 36 BlackRock Systematic Global Long/Short Equity Fund (Formerly BlackRock Global Long/Short Equity Fund)

Portfolio Statement (unaudited) continued

%of Holding or Underlying Market Total Nominal Exposure − Derivatives Value Net Value Investment £000’s £000’s Assets

Real Estate Investment Trusts − 0.00%; 29.2.2020 0.06% (18) Daiwa Living Investments 14 – 0.00 (4) GLP J-Reit 4 – 0.00 (1) Japan Real Estate Investment 4 – 0.00 (1) Kenedix Office Investment 4 – 0.00 (1) Nippon Accommodations Fund 5 – 0.00 (6) Orix JREIT 6 – 0.00 (1) Sekisui House Reit 1 – 0.00 (2) United Urban Investment 2 – 0.00

40 – 0.00

Retail − 0.01%; 29.2.2020 0.02% (1,000) J Front Retailing 6 – 0.00 (300) Mercari 10 – 0.00 (600) Sushiro Global 10 – 0.00 (100) USS 1 – 0.00 (800) Welcia 25 1 0.01

52 1 0.01

Semiconductors − 0.00%; 29.2.2020 0.01% (100) Lasertec 6 – 0.00 (200) Shinko Electric Industries 2 – 0.00 (100) Ulvac 3 – 0.00

11 – 0.00

Software − 0.01%; 29.2.2020 0.02% (300) Capcom 11 – 0.00 (100) Cybozu 2 – 0.00 (200) DeNA 2 – 0.00 (100) Freee KK 4 – 0.00 (100) JMDC 6 1 0.01 (100) Justsystems 6 – 0.00 (300) Koei Tecmo 9 – 0.00 (100) OBIC Business Consultants 4 – 0.00 (100) Optim 2 – 0.00

46 1 0.01

Telecommunications − (0.01%); 29.2.2020 0.05% (100) Hikari Tsushin 18 (1) (0.01)

Toys, Games & Hobbies − 0.00%; 29.2.2020 0.04%

Transportation − 0.00%; 29.2.2020 0.10% (100) Fukuyama Transporting 4 – 0.00 (200) Keikyu 2 – 0.00 (200) Keio 9 – 0.00 (100) Keisei Electric Railway 2 – 0.00 (100) Kintetsu 3 – 0.00 (1,000) Mitsubishi Logistics 23 – 0.00

37 BlackRock Investment Funds BlackRock Systematic Global Long/Short Equity Fund (Formerly BlackRock Global Long/Short Equity Fund)

Portfolio Statement (unaudited) continued

%of Holding or Underlying Market Total Nominal Exposure − Derivatives Value Net Value Investment £000’s £000’s Assets

(500) Mitsui OSK Lines 7 – 0.00 (200) Odakyu Electric Railway 4 – 0.00 (800) Seibu 7 – 0.00 (2,000) Tobu Railway 47 – 0.00

108 – 0.00

CFDs Long − (0.03%); 29.2.2020 (1.01%)

Advertising − 0.00%; 29.2.2020 0.00% 1,200 Dentsu 24 – 0.00

Aerospace & Defence − 0.00%; 29.2.2020 0.00%

Airlines − 0.00%; 29.2.2020 (0.01%)

Automobile Manufacturers − 0.01%; 29.2.2020 (0.01%) 1,400 Honda Motor 27 1 0.01

Automobile Parts & Equipment − 0.00%; 29.2.2020 0.00% 900 Sumitomo Rubber Industries 6 – 0.00

Banks − 0.02%; 29.2.2020 0.00% 800 Shizuoka Bank 4 – 0.00 200 Sumitomo Mitsui Financial 4 – 0.00 1,700 Sumitomo Mitsui Trust 37 2 0.02

45 2 0.02

Beverages − 0.00%; 29.2.2020 0.00% 600 Coca-Cola Bottlers Japan 8 – 0.00 200 Dydo 8 – 0.00

16 – 0.00

Biotechnology − 0.00%; 29.2.2020 0.00% 500 AnGes 5 – 0.00 100 JCR Pharmaceuticals 8 – 0.00 300 Takara Bio 6 – 0.00

19 – 0.00

Building Materials − 0.00%; 29.2.2020 (0.02%)

Chemicals − 0.00%; 29.2.2020 (0.10%) 1,200 Kuraray 9 – 0.00

Commercial Services − 0.00%; 29.2.2020 (0.01%) 600 Dai Nippon Printing 9 – 0.00

Computers − 0.00%; 29.2.2020 0.00% 100 Obic 13 – 0.00

Cosmetics & Personal Care − 0.01%; 29.2.2020 (0.08%) 300 Kose 27 1 0.01

BlackRock Investment Funds 38 BlackRock Systematic Global Long/Short Equity Fund (Formerly BlackRock Global Long/Short Equity Fund)

Portfolio Statement (unaudited) continued

%of Holding or Underlying Market Total Nominal Exposure − Derivatives Value Net Value Investment £000’s £000’s Assets

Distribution & Wholesale − 0.00%; 29.2.2020 (0.01%)

Diversified Financial Services − 0.00%; 29.2.2020 (0.01%)

Electrical Components & Equipment − 0.00%; 29.2.2020 0.00%

Electronics − (0.01%); 29.2.2020 (0.05%) 1,500 Anritsu 24 (1) (0.01) 100 Nidec 6 – 0.00 300 Omron 16 – 0.00

46 (1) (0.01)

Engineering & Construction − 0.00%; 29.2.2020 0.00%

Food Producers − (0.01%); 29.2.2020 0.00% 900 Nisshin Seifun 11 – 0.00 5,800 Seven & i 140 (1) (0.01)

151 (1) (0.01)

Food Services − (0.01%); 29.2.2020 0.00% 300 Kobe Bussan 13 (1) (0.01)

Forest Products & Paper − 0.00%; 29.2.2020 (0.01%)

Hand & Machine Tools − 0.00%; 29.2.2020 (0.01%)

Healthcare Products − 0.00%; 29.2.2020 (0.01%) 200 Nihon Kohden 5 – 0.00

Healthcare Services − 0.00%; 29.2.2020 0.00% 100 H.U. 2 – 0.00 200 PeptiDream 6 – 0.00

8 – 0.00

Household Products − 0.00%; 29.2.2020 (0.01%) 100 Pilot 2 – 0.00

Insurance − 0.00%; 29.2.2020 (0.10%)

Internet − 0.00%; 29.2.2020 0.00%

Iron & Steel − 0.00%; 29.2.2020 (0.05%)

Leisure Time − 0.00%; 29.2.2020 (0.01%) 100 Yamaha 4 – 0.00

Machinery Diversified − (0.03%); 29.2.2020 (0.06%) 400 Daifuku 27 – 0.00 400 FANUC 52 (2) (0.03)

79 (2) (0.03)

39 BlackRock Investment Funds BlackRock Systematic Global Long/Short Equity Fund (Formerly BlackRock Global Long/Short Equity Fund)

Portfolio Statement (unaudited) continued

%of Holding or Underlying Market Total Nominal Exposure − Derivatives Value Net Value Investment £000’s £000’s Assets

Media − 0.00%; 29.2.2020 (0.02%)

Metal & Hardware − 0.00%; 29.2.2020 0.00%

Mining − 0.00%; 29.2.2020 0.00%

Miscellaneous Manufacturing − 0.00%; 29.2.2020 0.00% 200 Toshiba 4 – 0.00

Office & Business Equipment − 0.00%; 29.2.2020 (0.02%) 200 Fujifilm 7 – 0.00 2,700 Konica Minolta 7 – 0.00 300 Seiko Epson 3 – 0.00

17 – 0.00

Oil & Gas Producers − 0.00%; 29.2.2020 (0.11%) 5,400 ENEOS 16 – 0.00

Packaging & Containers − 0.00%; 29.2.2020 0.00%

Pharmaceuticals − 0.00%; 29.2.2020 (0.16%) 200 Chugai Pharmaceutical 7 – 0.00 100 Daiichi Sankyo 7 – 0.00 100 Eisai 7 – 0.00 100 Kissei Pharmaceutical 2 – 0.00 100 Nippon Shinyaku 6 – 0.00 200 Shionogi & 8 – 0.00 200 Takeda Pharmaceutical 6 – 0.00

43 – 0.00

Real Estate Investment & Services − 0.00%; 29.2.2020 (0.01%) 200 KATITAS 4 – 0.00 400 Mitsui Fudosan 5 – 0.00

9 – 0.00

Real Estate Investment Trusts − 0.00%; 29.2.2020 0.00% 5 LaSalle Logiport REIT 6 – 0.00

Retail − 0.00%; 29.2.2020 (0.05%) 100 ABC-Mart 4 – 0.00 3,300 Yamada Denki 14 – 0.00

18 – 0.00

Semiconductors − (0.01%); 29.2.2020 (0.01%) 500 Rohm 24 (1) (0.01)

Software − 0.00%; 29.2.2020 0.00% 400 Nexon 7 – 0.00

Telecommunications − 0.00%; 29.2.2020 0.00% 1,000 Nippon Telegraph & Telephone 17 (1) (0.01) 1,400 SoftBank 65 1 0.01

82 – 0.00

BlackRock Investment Funds 40 BlackRock Systematic Global Long/Short Equity Fund (Formerly BlackRock Global Long/Short Equity Fund)

Portfolio Statement (unaudited) continued

%of Holding or Underlying Market Total Nominal Exposure − Derivatives Value Net Value Investment £000’s £000’s Assets

Toys, Games & Hobbies − 0.00%; 29.2.2020 (0.04%)

Transportation − 0.00%; 29.2.2020 (0.03%)

New Zealand Dollar − 0.00%; 29.2.2020 0.00%

CFDs Short − 0.00%; 29.2.2020 0.00%

Building Materials − 0.00%; 29.2.2020 0.00% (3,042) Fletcher Building 6 – 0.00

Electricity − 0.00%; 29.2.2020 0.00% (224) Mercury NZ 1 – 0.00 (125) Meridian Energy – – 0.00

1 – 0.00

Engineering & Construction − 0.00%; 29.2.2020 0.00% (318) Auckland International Airport 1 – 0.00

Healthcare Services − 0.00%; 29.2.2020 0.00% (506) Ryman Healthcare 3 – 0.00

Real Estate Investment Trusts − 0.00%; 29.2.2020 0.00% (2,188) Kiwi Property 1 – 0.00

Telecommunications − 0.00%; 29.2.2020 0.00% (2,953) Spark New Zealand 7 – 0.00

Norwegian Krone − 0.00%; 29.2.2020 0.00%

CFDs Short − 0.00%; 29.2.2020 0.03%

Alternative Energy Sources − 0.00%; 29.2.2020 0.03%

Chemicals − 0.00%; 29.2.2020 0.00%

Insurance − 0.00%; 29.2.2020 0.00% (1,153) Storebrand 5 – 0.00

Internet − 0.00%; 29.2.2020 0.00% (568) Adevinta 7 – 0.00

CFDs Long − 0.00%; 29.2.2020 (0.03%)

Food Producers − 0.00%; 29.2.2020 0.00%

Oil & Gas Producers − 0.00%; 29.2.2020 0.00%

Oil & Gas Services − 0.00%; 29.2.2020 (0.03%)

Telecommunications − 0.00%; 29.2.2020 0.00%

Singapore Dollar − 0.00%; 29.2.2020 0.10%

CFDs Short − 0.00%; 29.2.2020 0.10%

Commercial Services − 0.00%; 29.2.2020 0.00% (12,300) Sembcorp Industries 13 – 0.00

Entertainment − 0.00%; 29.2.2020 0.00% (23,700) Genting Singapore 9 – 0.00

41 BlackRock Investment Funds BlackRock Systematic Global Long/Short Equity Fund (Formerly BlackRock Global Long/Short Equity Fund)

Portfolio Statement (unaudited) continued

%of Holding or Underlying Market Total Nominal Exposure − Derivatives Value Net Value Investment £000’s £000’s Assets

Oil & Gas Producers − 0.00%; 29.2.2020 0.00%

Real Estate Investment & Services − 0.00%; 29.2.2020 0.00% (11,500) UOL 42 – 0.00

Real Estate Investment Trusts − 0.00%; 29.2.2020 0.10% (19,700) Frasers Logistics & Commercial Trust 15 – 0.00

CFDs Long − 0.00%; 29.2.2020 0.00%

Banks − 0.00%; 29.2.2020 0.00%

Real Estate Investment Trusts − 0.00%; 29.2.2020 0.00%

Swedish Krona − 0.08%; 29.2.2020 0.15%

CFDs Short − 0.09%; 29.2.2020 0.15%

Agriculture − 0.04%; 29.2.2020 0.00% (697) Swedish Match 40 3 0.04

Alternative Energy Sources − 0.00%; 29.2.2020 0.00% (111) PowerCell Sweden 2 – 0.00

Banks − 0.00%; 29.2.2020 0.10%

Food Producers − 0.03%; 29.2.2020 0.00% (4,811) Axfood 79 2 0.02 (3,160) ICA Gruppen 115 1 0.01

194 3 0.03

Forest Products & Paper − 0.00%; 29.2.2020 0.00%

Healthcare Products − 0.03%; 29.2.2020 0.00% (2,172) Getinge 36 2 0.03

Home Builders − 0.00%; 29.2.2020 0.04% (226) JM 5 – 0.00

Leisure Time − (0.01%); 29.2.2020 0.00% (3,255) Dometic 30 (1) (0.01)

Miscellaneous Manufacturing − 0.00%; 29.2.2020 0.00% (700) Hexpol 4 – 0.00

Telecommunications − 0.00%; 29.2.2020 0.01%

CFDs Long − (0.01%); 29.2.2020 0.00%

Aerospace & Defence − 0.00%; 29.2.2020 0.00%

Building Materials − 0.00%; 29.2.2020 0.00%

Entertainment − 0.00%; 29.2.2020 0.00%

Food Producers − 0.00%; 29.2.2020 0.00%

Investment Companies − 0.00%; 29.2.2020 0.00%

Miscellaneous Manufacturing − (0.01%); 29.2.2020 0.00% 1,227 Alfa Laval 22 (1) (0.01)

BlackRock Investment Funds 42 BlackRock Systematic Global Long/Short Equity Fund (Formerly BlackRock Global Long/Short Equity Fund)

Portfolio Statement (unaudited) continued

%of Holding or Underlying Market Total Nominal Exposure − Derivatives Value Net Value Investment £000’s £000’s Assets

Real Estate Investment & Services − 0.00%; 29.2.2020 0.00%

Telecommunications − 0.00%; 29.2.2020 0.00%

Swiss Franc − 0.00%; 29.2.2020 0.18%

CFDs Short − 0.00%; 29.2.2020 0.34%

Advertising − 0.00%; 29.2.2020 0.00%

Automobile Parts & Equipment − 0.00%; 29.2.2020 0.02%

Banks − 0.00%; 29.2.2020 0.04%

Building Materials − 0.00%; 29.2.2020 0.00% (522) LafargeHolcim 19 – 0.00

Electronics − 0.00%; 29.2.2020 0.00%

Food Services − 0.00%; 29.2.2020 0.00%

Healthcare Products − 0.00%; 29.2.2020 0.06%

Healthcare Services − 0.00%; 29.2.2020 0.10%

Insurance − 0.00%; 29.2.2020 0.01% (37) Baloise 4 – 0.00

Pharmaceuticals − 0.00%; 29.2.2020 0.00% (132) Vifor Pharma 15 – 0.00

Private Equity − 0.00%; 29.2.2020 0.00% (65) Partners 49 – 0.00

Retail − 0.00%; 29.2.2020 0.07%

Telecommunications − 0.00%; 29.2.2020 0.03%

Transportation − 0.00%; 29.2.2020 0.01%

CFDs Long − 0.00%; 29.2.2020 (0.16%)

Alternative Energy Sources − 0.00%; 29.2.2020 0.00% 51 Landis+Gyr 2 – 0.00

Building Materials − 0.00%; 29.2.2020 (0.03%) 799 Sika 143 – 0.00

Computers − 0.00%; 29.2.2020 (0.03%)

Electronics − 0.00%; 29.2.2020 0.00% 594 ABB 11 – 0.00

Food Producers − 0.00%; 29.2.2020 (0.04%)

Healthcare Services − 0.00%; 29.2.2020 0.00% 13 Lonza 6 – 0.00

43 BlackRock Investment Funds BlackRock Systematic Global Long/Short Equity Fund (Formerly BlackRock Global Long/Short Equity Fund)

Portfolio Statement (unaudited) continued

%of Holding or Underlying Market Total Nominal Exposure − Derivatives Value Net Value Investment £000’s £000’s Assets

Insurance − 0.00%; 29.2.2020 0.00%

Machinery Diversified − 0.00%; 29.2.2020 0.00%

Metal & Hardware − 0.00%; 29.2.2020 0.00%

Pharmaceuticals − 0.00%; 29.2.2020 0.00% 649 Novartis 42 – 0.00

Real Estate Investment & Services − 0.00%; 29.2.2020 (0.02%)

Telecommunications − 0.00%; 29.2.2020 (0.04%)

Transportation − 0.00%; 29.2.2020 0.00%

US Dollar − 0.46%; 29.2.2020 0.34%

CFDs Short − (0.34%); 29.2.2020 4.47%

Advertising − 0.00%; 29.2.2020 0.00%

Aerospace & Defence − 0.00%; 29.2.2020 0.34% (53) BWX Technologies 2 – 0.00 (1,329) Howmet Aerospace 17 – 0.00

19 – 0.00

Agriculture − 0.00%; 29.2.2020 0.04% (432) Philip Morris International 26 – 0.00

Airlines − 0.00%; 29.2.2020 0.38%

Alternative Energy Sources − 0.00%; 29.2.2020 0.14%

Apparel − 0.00%; 29.2.2020 0.01% (1,669) Tapestry 18 – 0.00

Automobile Manufacturers − 0.00%; 29.2.2020 0.00% (816) General Motors 18 – 0.00

Automobile Parts & Equipment − 0.00%; 29.2.2020 0.00% (136) Autoliv 8 – 0.00 (68) Lear 6 – 0.00

14 – 0.00

Banks − 0.01%; 29.2.2020 0.16% (2,104) Citizens Financial 41 1 0.01 (3,766) Fifth Third Bancorp 58 – 0.00 (480) PNC Financial Services 40 – 0.00 (196) Popular 6 – 0.00 (13) SVB Financial 2 – 0.00 (1,231) Truist Financial 36 – 0.00 (2,514) Valley National Bancorp 14 – 0.00 (20) Western Alliance 1 – 0.00

198 1 0.01

BlackRock Investment Funds 44 BlackRock Systematic Global Long/Short Equity Fund (Formerly BlackRock Global Long/Short Equity Fund)

Portfolio Statement (unaudited) continued

%of Holding or Underlying Market Total Nominal Exposure − Derivatives Value Net Value Investment £000’s £000’s Assets

Biotechnology − 0.00%; 29.2.2020 0.13% (421) Axsome Therapeutics 23 2 0.02 (58) Bio-Rad Laboratories 22 – 0.00 (352) Myokardia 29 (2) (0.02) (237) Syneos Health 12 – 0.00

86 – 0.00

Building Materials − 0.00%; 29.2.2020 0.00% (37) Martin Marietta Materials 6 – 0.00

Chemicals − 0.05%; 29.2.2020 0.00% (67) Celanese 5 – 0.00 (146) Element Solutions 1 – 0.00 (389) Huntsman 6 – 0.00 (1,393) LyondellBasell Industries 68 4 0.05 (409) Mosaic 6 – 0.00 (52) Newmarket 15 – 0.00 (537) Valvoline 8 – 0.00 (848) Westlake Chemical 37 – 0.00

146 4 0.05

Commercial Services − 0.00%; 29.2.2020 0.19% (41) FleetCor Technologies 8 – 0.00 (452) ManpowerGroup 25 – 0.00 (533) Maximus 31 – 0.00 (43) Quanta Services 2 – 0.00

66 – 0.00

Computers − 0.00%; 29.2.2020 0.09% (3,137) Perspecta 49 – 0.00 (930) Pure Storage 10 – 0.00 (1,988) Science Applications International 124 – 0.00 (370) Western Digital 11 – 0.00

194 – 0.00

Cosmetics & Personal Care − 0.00%; 29.2.2020 0.01%

Distribution & Wholesale − 0.00%; 29.2.2020 0.00%

Diversified Financial Services − 0.00%; 29.2.2020 0.03% (1,242) Air Lease 29 – 0.00 (59) Essent 2 – 0.00 (561) Firstcash 25 – 0.00 (105) LPL Financial 6 – 0.00 (174) Shift4 Payments 7 – 0.00 (84) Stifel Financial 4 – 0.00 (168) WEX 20 – 0.00

93 – 0.00

45 BlackRock Investment Funds BlackRock Systematic Global Long/Short Equity Fund (Formerly BlackRock Global Long/Short Equity Fund)

Portfolio Statement (unaudited) continued

%of Holding or Underlying Market Total Nominal Exposure − Derivatives Value Net Value Investment £000’s £000’s Assets

Diversified Operations − 0.00%; 29.2.2020 0.00% (51) KBR 1 – 0.00

Electrical Components & Equipment − 0.00%; 29.2.2020 0.01% (61) Universal Display 8 – 0.00

Electricity − (0.01%); 29.2.2020 0.20% (552) AES 7 – 0.00 (1,662) Dominion Energy 97 – 0.00 (115) DTE Energy 10 – 0.00 (819) Eversource Energy 52 (1) (0.01) (1,724) PPL 36 1 0.01 (224) Vistra 3 – 0.00 (682) WEC Energy 48 (1) (0.01)

253 (1) (0.01)

Electronics − 0.00%; 29.2.2020 0.08% (122) Honeywell International 15 – 0.00 (323) Jabil 8 – 0.00 (129) National Instruments 3 – 0.00 (165) TE Connectivity 12 – 0.00

38 – 0.00

Engineering & Construction − 0.00%; 29.2.2020 0.01% (652) Aecom 19 – 0.00 (35) EMCOR 2 – 0.00 (306) KBR 6 – 0.00 (129) Topbuild 15 – 0.00 (871) WillScot 12 – 0.00

54 – 0.00

Entertainment − (0.03%); 29.2.2020 0.01% (1,562) Live Nation Entertainment 67 (4) (0.06) (729) Vail Resorts 118 2 0.03

185 (2) (0.03)

Environmental Control − 0.00%; 29.2.2020 0.16% (336) Tetra Tech 22 – 0.00

Food Producers − 0.00%; 29.2.2020 0.12% (2,690) Kroger 71 1 0.01 (1,493) Mondelez International 65 – 0.00 (647) Performance Food 18 (1) (0.01)

154 – 0.00

Food Services − 0.00%; 29.2.2020 0.01%

Forest Products & Paper − 0.00%; 29.2.2020 0.09%

Gas − 0.00%; 29.2.2020 0.03% (186) OGE Energy 4 – 0.00

BlackRock Investment Funds 46 BlackRock Systematic Global Long/Short Equity Fund (Formerly BlackRock Global Long/Short Equity Fund)

Portfolio Statement (unaudited) continued

%of Holding or Underlying Market Total Nominal Exposure − Derivatives Value Net Value Investment £000’s £000’s Assets

Healthcare Products − (0.06%); 29.2.2020 0.07% (91) Cooper Cos 21 (1) (0.01) (213) Haemonetics 14 – 0.00 (69) Intuitive Surgical 38 (2) (0.03) (133) iRhythm Technologies 22 – 0.00 (435) STERIS 51 (2) (0.02)

146 (5) (0.06)

Healthcare Services − 0.00%; 29.2.2020 0.00% (274) HealthEquity 12 (1) (0.01) (780) Universal Health Services 64 1 0.01

76 – 0.00

Home Builders − 0.00%; 29.2.2020 0.00% (3) NVR 9 – 0.00

Home Furnishings − 0.03%; 29.2.2020 0.00% (73) Aaron’s 3 – 0.00 (802) Whirlpool 107 2 0.03

110 2 0.03

Housewares − 0.00%; 29.2.2020 0.02%

Insurance − 0.00%; 29.2.2020 0.26% (1,058) Arch Capital 25 – 0.00 (491) Axis Capital 17 – 0.00 (83) Globe Life 5 – 0.00 (187) Reinsurance of America 13 – 0.00

60 – 0.00

Internet − (0.08%); 29.2.2020 0.04% (27) Booking 39 – 0.00 (634) eBay 26 – 0.00 (1,703) Expedia 125 (7) (0.08)

190 (7) (0.08)

Iron & Steel − 0.00%; 29.2.2020 0.00% (405) Nucor 14 – 0.00 (245) Steel Dynamics 5 – 0.00

19 – 0.00

Leisure Time − (0.12%); 29.2.2020 0.19% (4,490) Carnival 55 (1) (0.01) (179) Churchill Downs 23 – 0.00 (578) Marriott Vacations Worldwide 41 (1) (0.01) (1,474) Royal Caribbean Cruises 76 (8) (0.10) (20) Thor Industries 1 – 0.00

196 (10) (0.12)

47 BlackRock Investment Funds BlackRock Systematic Global Long/Short Equity Fund (Formerly BlackRock Global Long/Short Equity Fund)

Portfolio Statement (unaudited) continued

%of Holding or Underlying Market Total Nominal Exposure − Derivatives Value Net Value Investment £000’s £000’s Assets

Lodging − 0.00%; 29.2.2020 0.03% (778) Wyndham Hotels & Resorts 31 – 0.00 (1,598) Wynn Resorts 104 – 0.00

135 – 0.00

Machinery Construction & Mining − 0.00%; 29.2.2020 0.00%

Machinery Diversified − 0.00%; 29.2.2020 0.02% (58) Flowserve 1 – 0.00

Media − 0.00%; 29.2.2020 0.23% (50) Bright Horizons 5 – 0.00 (960) Liberty Broadband 101 – 0.00 (1,689) Liberty Media 50 – 0.00 (73) Stamps.com 14 – 0.00

170 – 0.00

Mining − 0.00%; 29.2.2020 0.00% (72) Royal Gold 7 – 0.00

Miscellaneous Manufacturing − 0.03%; 29.2.2020 0.05% (519) Nordson 72 2 0.03

Oil & Gas Producers − 0.03%; 29.2.2020 0.18% (298) Chevron 19 1 0.01 (639) Diamondback Energy 19 1 0.01 (143) Exxon Mobil 4 – 0.00 (347) Marathon Oil 1 – 0.00 (421) Phillips 66 19 1 0.01 (149) Valero Energy 6 – 0.00

68 3 0.03

Oil & Gas Services − 0.00%; 29.2.2020 0.00% (330) Murphy USA 33 – 0.00

Pharmaceuticals − 0.00%; 29.2.2020 0.14% (693) Cardinal Health 26 – 0.00 (200) Reata Pharmaceuticals 16 – 0.00 (635) Teva Pharmaceutical 5 – 0.00

47 – 0.00

Pipelines − 0.00%; 29.2.2020 0.09% (466) ONEOK 9 – 0.00

Real Estate Investment & Services − 0.00%; 29.2.2020 0.13%

Real Estate Investment Trusts − 0.00%; 29.2.2020 0.28% (519) Apartment Investment and Management 14 – 0.00 (93) AvalonBay Communities 11 – 0.00 (230) Boston Properties 15 – 0.00 (46) Brixmor Property – – 0.00 (90) Cousins Properties 2 – 0.00

BlackRock Investment Funds 48 BlackRock Systematic Global Long/Short Equity Fund (Formerly BlackRock Global Long/Short Equity Fund)

Portfolio Statement (unaudited) continued

%of Holding or Underlying Market Total Nominal Exposure − Derivatives Value Net Value Investment £000’s £000’s Assets

(305) Duke Realty 9 – 0.00 (139) EastGroup Properties 13 – 0.00 (214) Equity Commonwealth 5 – 0.00 (20) Essex Property Trust 3 – 0.00 (623) Healthcare Realty Trust 14 – 0.00 (1,763) Host Hotels & Resorts 15 – 0.00 (303) Hudson Pacific Properties 6 – 0.00 (111) Mid-America Apartment Communities 10 – 0.00 (576) National Retail Properties 14 – 0.00 (1,105) Physicians Realty Trust 15 – 0.00 (332) Realty Income 15 – 0.00 (319) Rexford Industrial Realty 11 – 0.00 (560) Spirit Realty Capital 15 – 0.00 (462) Taubman Centers 13 – 0.00 (2,915) VEREIT 15 – 0.00 (345) Welltower 15 – 0.00

230 – 0.00

Retail − 0.05%; 29.2.2020 0.20% (309) AutoNation 13 – 0.00 (22) AutoZone 20 – 0.00 (346) Best Buy 29 – 0.00 (40) Casey’s General Stores 5 – 0.00 (217) Chewy 9 – 0.00 (1,076) Dollar Tree 77 1 0.01 (95) Dunkin’ Brands 5 – 0.00 (60) Lululemon Athletica 16 – 0.00 (207) McDonald’s 33 – 0.00 (130) Overstock 8 3 0.04 (355) Walmart 37 – 0.00 (116) Wingstop 14 – 0.00

266 4 0.05

Semiconductors − 0.04%; 29.2.2020 0.08% (463) Cabot Microelectronics 52 2 0.02 (217) Cirrus Logic 10 – 0.00 (261) II-VI 8 – 0.00 (104) Inphi 9 – 0.00 (3,132) Lattice Semiconductor 67 2 0.02 (3,647) Micron Technology 123 – 0.00 (183) Semtech 8 – 0.00

277 4 0.04

Shipbuilding − 0.00%; 29.2.2020 0.05%

Software − (0.28%); 29.2.2020 0.11% (255) Adobe 98 (5) (0.06) (37) Appian 2 – 0.00 (157) BlackLine 10 (1) (0.01)

49 BlackRock Investment Funds BlackRock Systematic Global Long/Short Equity Fund (Formerly BlackRock Global Long/Short Equity Fund)

Portfolio Statement (unaudited) continued

%of Holding or Underlying Market Total Nominal Exposure − Derivatives Value Net Value Investment £000’s £000’s Assets

(340) Citrix Systems 37 – 0.00 (1,802) Cloudera 19 (1) (0.01) (195) DocuSign 32 (3) (0.04) (189) Fidelity National Information Services 21 (1) (0.01) (114) JAMF 3 – 0.00 (359) MongoDB 63 (6) (0.08) (163) nCino 11 (1) (0.01) (220) Nutanix 5 (1) (0.01) (1,584) Slack Technologies 39 (3) (0.04) (125) Smartsheet 5 – 0.00 (69) Tenable 2 – 0.00 (486) Tyler Technologies 125 (1) (0.01)

472 (23) (0.28)

Storage & Warehousing − 0.00%; 29.2.2020 0.01%

Telecommunications − 0.00%; 29.2.2020 0.01% (195) Ciena 8 – 0.00 (567) Iridium 11 – 0.00 (2,843) Switch 37 – 0.00

56 – 0.00

Textiles − 0.00%; 29.2.2020 0.00%

Transportation − 0.00%; 29.2.2020 0.03%

Water − 0.00%; 29.2.2020 0.01%

CFDs Long − 0.80%; 29.2.2020 (4.13%)

Advertising − 0.00%; 29.2.2020 (0.05%)

Aerospace & Defence − 0.00%; 29.2.2020 (0.11%)

Airlines − 0.02%; 29.2.2020 0.00% 629 Alaska Air 19 1 0.01 1,885 American Airlines 18 1 0.01 744 Skywest 19 – 0.00 660 Southwest Airlines 19 – 0.00 1,389 Spirit Airlines 18 – 0.00

93 2 0.02

Apparel − 0.13%; 29.2.2020 0.00% 3,122 Abercrombie & Fitch 30 4 0.05 463 Carter’s 27 – 0.00 4,803 Cato 29 2 0.03 1,054 Citi Trends 15 – 0.00 428 Columbia Sportswear 27 – 0.00 896 Crocs 27 – 0.00 5,172 Designer Brands 27 – 0.00 28,474 Express 23 – 0.00 4,727 Fossil 23 1 0.01

BlackRock Investment Funds 50 BlackRock Systematic Global Long/Short Equity Fund (Formerly BlackRock Global Long/Short Equity Fund)

Portfolio Statement (unaudited) continued

%of Holding or Underlying Market Total Nominal Exposure − Derivatives Value Net Value Investment £000’s £000’s Assets

1,140 Hibbett Sports 28 1 0.01 536 Ralph Lauren 28 (1) (0.01) 1,015 Shoe Carnival 25 1 0.01 1,238 Skechers USA 28 – 0.00 1,952 The Buckle 26 1 0.01 2,596 Tilly’s 13 – 0.00 4,089 Under Armour 27 (1) (0.01) 3,688 Under Armour 27 (1) (0.01) 1,578 Urban Outfitters 28 3 0.04 263 Vera Bradley 1 – 0.00 1,447 Wolverine World Wide 27 – 0.00 1,419 Zumiez 27 – 0.00

513 10 0.13

Automobile Manufacturers − 0.03%; 29.2.2020 0.00% 13,361 Ford Motor 68 (1) (0.01) 95 Tesla 35 3 0.04

103 2 0.03

Automobile Parts & Equipment − 0.00%; 29.2.2020 (0.05%)

Banks − 0.00%; 29.2.2020 (0.46%)

Beverages − 0.00%; 29.2.2020 (0.01%)

Biotechnology − 0.00%; 29.2.2020 0.00% 27 Biogen 6 – 0.00 591 Dynavax Technologies 3 – 0.00 115 Gilead Sciences 5 – 0.00 281 Inovio Pharmaceuticals 2 – 0.00 52 Moderna 3 – 0.00 870 Nanoviricides 3 – 0.00 33 Novavax 2 – 0.00 13 Regeneron Pharmaceuticals 6 – 0.00 80 Vir Biotechnology 2 – 0.00

32 – 0.00

Building Materials − 0.00%; 29.2.2020 0.00% 252 Lennox International 53 – 0.00 468 Norbord 12 – 0.00

65 – 0.00

Chemicals − 0.00%; 29.2.2020 (0.13%) 50 Sherwin-Williams 26 – 0.00

Commercial Services − 0.02%; 29.2.2020 (0.58%) 284 Chegg 16 – 0.00 584 Gartner 56 – 0.00 38 MarketAxess 14 – 0.00 115 Moody’s 26 1 0.01

51 BlackRock Investment Funds BlackRock Systematic Global Long/Short Equity Fund (Formerly BlackRock Global Long/Short Equity Fund)

Portfolio Statement (unaudited) continued

%of Holding or Underlying Market Total Nominal Exposure − Derivatives Value Net Value Investment £000’s £000’s Assets

316 PayPal 48 1 0.01 514 S&P Global 141 – 0.00 31 Verisk Analytics 4 – 0.00

305 2 0.02

Computers − 0.00%; 29.2.2020 (0.01%) 369 PC Connection 12 – 0.00 165 Zscaler 18 – 0.00

30 – 0.00

Distribution & Wholesale − (0.01%); 29.2.2020 (0.06%) 1,168 LKQ 28 (1) (0.01)

Diversified Financial Services − (0.01%); 29.2.2020 (0.07%) 639 Interactive Broker 26 – 0.00 446 Visa 71 (1) (0.01)

97 (1) (0.01)

Electrical Components & Equipment − (0.01%); 29.2.2020 0.00% 1,401 ADT 11 (1) (0.01)

Electricity − (0.03%); 29.2.2020 0.00% 1,352 American Electric Power 80 (2) (0.03) 1,561 Vertiv 19 – 0.00

99 (2) (0.03)

Electronics − (0.02%); 29.2.2020 (0.17%) 298 FLIR Systems 8 – 0.00 517 Fortive 28 – 0.00 440 Roper Technologies 140 (2) (0.02)

176 (2) (0.02)

Engineering & Construction − 0.00%; 29.2.2020 (0.01%)

Entertainment − 0.04%; 29.2.2020 (0.17%) 5,849 AMC Entertainment 26 – 0.00 933 Caesars Entertainment 32 2 0.03 3,008 International Game Technology 25 1 0.01 163 Warner Music 4 – 0.00

87 3 0.04

Environmental Control − 0.00%; 29.2.2020 (0.04%)

Food Producers − 0.00%; 29.2.2020 (0.02%) 78 Nathan’s Famous 3 – 0.00

Food Services − 0.00%; 29.2.2020 0.00% 1,247 Aramark 26 – 0.00

BlackRock Investment Funds 52 BlackRock Systematic Global Long/Short Equity Fund (Formerly BlackRock Global Long/Short Equity Fund)

Portfolio Statement (unaudited) continued

%of Holding or Underlying Market Total Nominal Exposure − Derivatives Value Net Value Investment £000’s £000’s Assets

Gas − 0.00%; 29.2.2020 0.00%

Hand & Machine Tools − 0.00%; 29.2.2020 (0.02%)

Healthcare Products − 0.06%; 29.2.2020 (0.21%) 83 Adaptive Biotechnologies 3 – 0.00 9 Align Technology 2 – 0.00 2,283 Avantor 39 2 0.02 885 BioCryst Pharmaceuticals 3 – 0.00 190 IDEXX Laboratories 56 2 0.02 476 Medtronic 38 2 0.03 22 Quidel 3 (1) (0.01) 86 Thermo Fisher Scientific 28 – 0.00

172 5 0.06

Healthcare Services − (0.01%); 29.2.2020 (0.03%) 36 Catalent 2 – 0.00 1,631 Premier 40 (1) (0.01)

42 (1) (0.01)

Home Furnishings − 0.01%; 29.2.2020 0.00% 3,003 Bassett Furniture 28 2 0.03 873 Dolby Laboratories 45 – 0.00 2,544 Ethan Allen Interiors 27 – 0.00 1,071 Flexsteel Industries 14 (2) (0.02) 863 Hooker Furniture 16 – 0.00

130 – 0.01

Household Products − 0.00%; 29.2.2020 0.00% 3,179 Bed, Bath & Beyond 29 – 0.00

Insurance − (0.02%); 29.2.2020 (0.15%) 584 Principal Financial 18 – 0.00 1,025 Selectquote 14 (2) (0.02)

32 (2) (0.02)

Internet − 0.08%; 29.2.2020 (0.07%) 4 Amazon.com 10 – 0.00 1,565 TripAdvisor 27 – 0.00 3,335 Twitter 101 4 0.05 223 Wix.com 50 3 0.03

188 7 0.08

Leisure Time − 0.04%; 29.2.2020 (0.01%) 193 Allegiant Travel 19 (1) (0.01) 121 Camping World 3 – 0.00 2,413 Cinemark 26 (1) (0.01) 62 Draftkings 2 – 0.00 3,019 Extended Stay America 28 – 0.00 287 International Game Technology 2 – 0.00

53 BlackRock Investment Funds BlackRock Systematic Global Long/Short Equity Fund (Formerly BlackRock Global Long/Short Equity Fund)

Portfolio Statement (unaudited) continued

%of Holding or Underlying Market Total Nominal Exposure − Derivatives Value Net Value Investment £000’s £000’s Assets

3,732 Lindblad Expeditions 28 3 0.04 2,350 Marcus 27 2 0.02 786 Monarch Casino & Resort 27 – 0.00 599 Planet Fitness 28 (1) (0.01) 606 RCI Hospitality 9 – 0.00 1,798 Seaworld Entertainment 28 1 0.01 33 Wyndham Worldwide 1 – 0.00

228 3 0.04

Lodging − 0.01%; 29.2.2020 0.00% 1,634 Century Casinos 8 – 0.00 380 Choice Hotels International 28 – 0.00 414 Hilton Worldwide 28 – 0.00 650 Hyatt Hotels 27 – 0.00 362 Marriott International Inc/MD 28 1 0.01

119 1 0.01

Machinery Diversified − 0.02%; 29.2.2020 (0.08%) 361 Deere & 57 2 0.02

Media − 0.03%; 29.2.2020 (0.23%) 2,974 Altice USA 61 1 0.01 3,644 Comscore 7 – 0.00 2,448 IMAX 28 1 0.01 53 NexStar 4 – 0.00 61 Roku 8 1 0.01

108 3 0.03

Mining − 0.00%; 29.2.2020 (0.01%)

Miscellaneous Manufacturing − 0.00%; 29.2.2020 (0.02%)

Oil & Gas Services − 0.00%; 29.2.2020 (0.08%)

Packaging & Containers − 0.00%; 29.2.2020 (0.01%) 387 Amcor 3 – 0.00 1,431 Reynolds Consumer Products 35 – 0.00

38 – 0.00

Pharmaceuticals − 0.00%; 29.2.2020 (0.11%) 82 AbbVie 6 – 0.00 4 Catalent – – 0.00 50 Eli Lilly and 6 – 0.00 152 Herbalife Nutrition 6 – 0.00 49 Johnson & Johnson 5 – 0.00 197 Pfizer 6 – 0.00

29 – 0.00

Real Estate Investment & Services − 0.00%; 29.2.2020 0.00% 613 Redfin 22 – 0.00

BlackRock Investment Funds 54 BlackRock Systematic Global Long/Short Equity Fund (Formerly BlackRock Global Long/Short Equity Fund)

Portfolio Statement (unaudited) continued

%of Holding or Underlying Market Total Nominal Exposure − Derivatives Value Net Value Investment £000’s £000’s Assets

Real Estate Investment Trusts − 0.00%; 29.2.2020 (0.26%) 72 Alexandria Real Estate Equities 9 – 0.00 82 American Tower 15 – 0.00 42 Americold Realty Trust 2 – 0.00 5 Equinix 3 – 0.00 507 Iron Mountain 11 – 0.00 302 QTS Realty Trust 15 – 0.00

55 – 0.00

Retail − 0.11%; 29.2.2020 (0.33%) 356 Asbury Automotive 28 – 0.00 168 Burlington Stores 25 – 0.00 2,622 Cargurus 48 (5) (0.07) 1,392 Conn’s 13 – 0.00 777 Container 2 – 0.00 425 Darden Restaurants 28 (1) (0.01) 2,191 Dave & Buster’s 27 – 0.00 162 Del Taco 1 – 0.00 3,240 Denny’s 28 1 0.01 1,168 Dillards 26 – 0.00 586 Dine Brands 26 – 0.00 1,240 Fiesta Restaurant Group 10 (1) (0.01) 651 Five Below 54 (1) (0.01) 1,268 Foot Locker 29 1 0.01 2,194 Gap 28 3 0.04 395 Genuine Parts 28 – 0.00 817 Monro 28 – 0.00 1,359 Noodles & Company 8 (1) (0.01) 2,565 Nordstrom 31 1 0.01 1,586 ODP 28 2 0.03 1,655 Potbelly 5 – 0.00 476 Pricesmart 23 – 0.00 3,107 Red Robin 26 – 0.00 404 Ross Stores 27 – 0.00 3,487 Ruth’s Hospitality 27 2 0.03 570 Shake Shack 29 3 0.04 2,232 Signet Jewelers 28 3 0.04 777 Sleep Number 27 – 0.00 452 Starbucks 29 1 0.01 691 TJX Cos 28 1 0.01 161 Ulta Beauty 28 (1) (0.01) 44 Vroom 2 – 0.00 456 Yum! Brands 33 – 0.00

808 8 0.11

Semiconductors − 0.00%; 29.2.2020 0.00%

Software − 0.30%; 29.2.2020 (0.52%) 358 1Life Health 8 – 0.00

55 BlackRock Investment Funds BlackRock Systematic Global Long/Short Equity Fund (Formerly BlackRock Global Long/Short Equity Fund)

Portfolio Statement (unaudited) continued

%of Holding or Underlying Market Total Nominal Exposure − Derivatives Value Net Value Investment £000’s £000’s Assets

746 CDK Global 26 – 0.00 603 Cloudfare 17 – 0.00 310 Datadog 19 – 0.00 996 J2 Global 52 (2) (0.03) 370 Medallia 10 1 0.01 724 Microsoft 122 7 0.09 228 MSCI 63 1 0.01 32 PTC 2 – 0.00 69 RingCentral 15 – 0.00 57 Schrodinger 3 – 0.00 392 ServiceNow 141 10 0.13 439 Teradata 8 – 0.00 1,044 VMware 112 3 0.04 574 Zendesk 42 4 0.05 22 Zoom Video Communications 5 – 0.00

645 24 0.30

Telecommunications − (0.01%); 29.2.2020 (0.05%) 751 AT&T 16 – 0.00 421 J2 Global 22 (1) (0.01) 44 Ubiquiti 6 – 0.00 178 Viasat 5 – 0.00

49 (1) (0.01)

Transportation − 0.02%; 29.2.2020 0.00% 151 CH Robinson Worldwide 11 – 0.00 366 JB Hunt Transport Services 39 – 0.00 844 Knight Swift 28 – 0.00 486 Old Dominion Freight Line 74 1 0.01 362 United Parcel Service 44 1 0.01

196 2 0.02

Portfolio of investments 7,729 100.43 Net other liabilities (33) (0.43)

Total net assets 7,696 100.00

Unless otherwise stated, all securities are either listed on a recognised exchange or traded on an eligible securities market. Underlying exposure has been calculated according to the guidelines issued by the European Securities and Markets Authority (“ESMA”) and represents the market value of an equivalent position in the assets underlying each financial derivative instrument. The CFDs shown in the portfolio statement starting on page 50 are expressed at both their mark-to-market and original notional which when added together represent the current notional value of the CFDs. The current notional value of a CFD represents the reference amount used to calculate payments between the counterparties to the CFD. The full notional value represents the economic interest in the security underlying the CFD, but does not change hands in full between the counterparties. 1 All securities that have a value of less than £500 have been rounded to zero.

BlackRock Investment Funds 56 BlackRock Systematic Global Long/Short Equity Fund (Formerly BlackRock Global Long/Short Equity Fund)

Statement of Total Return (unaudited) for the six months ended 31 August 2020

31.8.2020 31.8.2019 £000’s £000’s £000’s £000’s Income Net capital gains/(losses) 493 (108) Revenue 75 113 Expenses (5) (4) Interest payable and similar charges (110) (88) Net (expense)/revenue before taxation (40) 21 Taxation – – Net (expense)/revenue after taxation (40) 21 Total return before distributions 453 (87) Distributions – (21) Change in net assets attributable to unitholders from investment activities 453 (108)

Statement of Change in Net Assets Attributable to Unitholders (unaudited) for the six months ended 31 August 2020

31.8.2020 31.8.2019 £000’s £000’s £000’s £000’s Opening net assets attributable to unitholders 7,253 7,346 Amounts receivable on issue of units – 10 Amounts payable on cancellation of units (10) – (10) 10 Change in net assets attributable to unitholders from investment activities 453 (108) Retained distribution on accumulation units – 21 Closing net assets attributable to unitholders 7,696 7,269 The above statement shows the comparative closing net assets at 31 August 2019 whereas the current accounting period commenced 1 March 2020.

57 BlackRock Investment Funds BlackRock Systematic Global Long/Short Equity Fund (Formerly BlackRock Global Long/Short Equity Fund)

Balance Sheet (unaudited) at 31 August 2020

31.8.2020 29.2.2020 £000’s £000’s Assets: Fixed assets − Investment assets 7,878 7,254 Current assets − Debtors 78 96 − Cash and bank balances 885 705 − Cash collateral posted – 19 Total assets 8,841 8,074

Liabilities: Investment liabilities (149) (628) Creditors − Other creditors (996) (193) Total liabilities (1,145) (821) Net assets attributable to unitholders 7,696 7,253

G D Bamping (Director) M T Zemek (Director) BlackRock Fund Managers Limited 29 October 2020

BlackRock Investment Funds 58 BlackRock Sterling Short Duration Credit Fund

About the Fund

The Fund is a sub-fund of BlackRock Investment Funds, a UCITS scheme under the COLL Sourcebook. The Fund was authorised by the FCA on 4 July 2019. The Fund’s FCA product reference number is 846300.

Risk and Reward Profile

Lower risk Higher risk Typically lower rewards Typically higher rewards Unit Class I Accumulation 1 2 3 4 567 X Income 1 2 3 4 567 X Accumulation 1 2 3 4 567 D Accumulation 1 2 3 4 567

• The risk indicator was calculated incorporating simulated historical data and may not be a reliable indication of the future risk profile of the Fund. • The risk category shown is not guaranteed and may change over time. • The lowest category does not mean risk free. • The use of derivatives will impact the value of the Fund and may expose the Fund to a higher degree of risk. Derivatives are highly sensitive to changes in the value of the asset on which they are based and can increase the size of losses and gains, resulting in greater fluctuations in the value of the Fund. The impact to the Fund can be greater where derivatives are used in an extensive or complex way.

For more information on this, please see the Fund’s Key Investor Information Documents (“KIIDs”), which are available at www.blackrock.com.

59 BlackRock Investment Funds BlackRock Sterling Short Duration Credit Fund

Performance Record

Net Asset Value Net Asset Value Net Asset Value per Unit At 31 August 2020 Units in Issue £000’s p I Accumulation 46,947,080 47,569 101.3 X Income 17,976,185 17,971 100.0 X Accumulation 310,941,034 315,314 101.4 D Accumulation 1,000 1 101.4

Distributions Payable for the period to 31 August 2020 Unit Class Distribution payable on 31.10.2020 Pence per Unit I Accumulation 0.6916 X Income 0.7246 X Accumulation 0.7296 D Accumulation 0.7010

Operating Charges 1.3.2020 12.9.2019 Unit Class to 31.8.2020 to 29.2.2020 I Accumulation 0.17% 0.17% X Income 0.03% 0.02% X Accumulation 0.03% 0.02% D Accumulation 0.23% 0.22% Operating charges are annualised and exclude portfolio trade-related costs, except costs paid to the custodian/depositary and entry/exit charges paidtoanunderlying collective investment scheme (if any).

BlackRock Investment Funds 60 BlackRock Sterling Short Duration Credit Fund

Portfolio Statement (unaudited) at 31 August 2020

%of %of Holding or Market Total Holding or Market Total Nominal Value Net Nominal Value Net Value Investment £000’s Assets Value Investment £000’s Assets

BONDS − 91.25%; 29.2.2020 89.58% £1,050,000 Credit Suisse Funding Guernsey 1,090 0.29 3% 27/5/2022 UK STERLING − 44.90%; 29.2.2020 54.49% £2,000,000 Daimler International Finance 2,002 0.53 UK Sterling Denominated Corporate 1.25% 5/9/2022 Bonds − 44.44%; 29.2.2020 53.59% £2,000,000 Daimler International Finance 2,019 0.53 £3,300,000 ABN AMRO Bank 3,381 0.89 1.625% 11/11/2024 1.375% 16/1/2025 £3,700,000 Deutsche Bank 2.625% 3,777 0.99 £3,200,000 Anheuser-Busch InBev 3,318 0.87 16/12/2024 1.75% 7/3/2025 £1,320,000 Deutsche Telekom International 1,346 0.35 £1,050,000 AXA 7.125% 15/12/2020 1,068 0.28 Finance 1.25% 6/10/2023 £1,900,000 Banco Santander 1,924 0.51 £600,000 Deutsche Telekom International 657 0.17 1.375% 31/7/2024 Finance 6.5% 8/4/2022 £2,900,000 Banco Santander 2.75% 3,038 0.80 £1,470,000 Digital Stout 4.75% 13/10/2023 1,634 0.43 12/9/2023 £2,630,000 DNB Bank 1.375% 12/6/2023 2,695 0.71 £550,000 Bank of America 5.5% 582 0.15 £880,000 EDP Finance 8.625% 4/1/2024 1,089 0.29 22/11/2021 £700,000 ENW Finance 6.125% 21/7/2021 734 0.19 £5,020,000 Barclays 2.375% 5,146 1.35 £1,000,000 Firstgroup 6.875% 18/9/2024 1,076 0.28 6/10/2023 £1,370,000 Friends Life 8.25% 21/4/2022 1,526 0.40 £2,660,000 BASF 1.75% 11/3/2025 2,791 0.73 £1,620,000 GE Capital UK Funding 1,737 0.46 £4,640,000 BMW International 4,739 1.24 Unlimited 5.125% 24/5/2023 Investment 1.375% £2,350,000 General Motors Financial 2.25% 2,333 0.61 1/10/2024 6/9/2024 £1,000,000 BMW International 1,034 0.27 £1,790,000 GKN 5.375% 19/9/2022 1,854 0.49 Investment 1.875% £670,000 Global Switch 4.375% 719 0.19 11/9/2023 13/12/2022 £670,000 BNP Paribas 5.75% 714 0.19 £3,190,000 Heathrow Funding 7.125% 3,593 0.94 24/1/2022 14/2/2024 £1,980,000 BP Capital Markets 2,016 0.53 £1,120,000 Hiscox 2% 14/12/2022 1,127 0.30 1.177% 12/8/2023 £4,220,000 HSBC 2.175% 27/6/2023 4,291 1.13 £700,000 BUPA Finance 3.375% 714 0.19 £800,000 Iberdrola Finanzas 6% 1/7/2022 878 0.23 17/6/2021 £1,320,000 Intu Metrocentre Finance 4.125% 683 0.18 £3,370,000 BUPA Finance 5% 3,626 0.95 6/12/2028Ø 25/4/2023 £400,000 Land Capital Markets 1.974% 410 0.11 £4,270,000 Citigroup 2.75% 4,519 1.19 8/2/2026 24/1/2024 £3,700,000 Landesbank Baden- 3,788 0.99 £1,430,000 Citigroup 5.875% 1,658 0.44 Wuerttemberg 1.5% 3/2/2025 1/7/2024 £2,370,000 Liberty Living Finance 2.625% 2,411 0.63 £3,100,000 Commerzbank 1.75% 3,064 0.80 28/11/2024 22/1/2025 £1,600,000 Lloyds Bank 9.625% 6/4/2023 1,924 0.51 £3,300,000 Cooperatieve Rabobank 3,369 0.88 UA 1.25% 14/1/2025 £785,000 Lloyds Bank Corporate Markets 798 0.21 1.5% 23/6/2023 £2,490,000 Coventry Building 2,501 0.66 Society 0.57657% £1,310,000 Lloyds Bank Corporate Markets 1,344 0.35 15/1/2025 1.75% 11/7/2024 £1,960,000 Coventry Building 1,997 0.52 £1,440,000 Lloyds Banking 2.25% 1,501 0.39 Society 1.5% 23/1/2023 16/10/2024 £900,000 Credit Agricole 7.375% 1,070 0.28 £2,500,000 LVMH Moet Hennessy Louis 2,525 0.66 18/12/2023 Vuitton 1% 11/2/2023 £2,180,000 Credit Suisse 2.125% 2,252 0.59 £1,590,000 Marks & Spencer 3% 8/12/2023 1,608 0.42 12/9/2025 £202,467 Mitchells & Butlers Finance 207 0.05 5.965% 15/12/2025

61 BlackRock Investment Funds BlackRock Sterling Short Duration Credit Fund

Portfolio Statement (unaudited) continued

%of %of Holding or Market Total Holding or Market Total Nominal Value Net Nominal Value Net Value Investment £000’s Assets Value Investment £000’s Assets

£360,000 National Express 2.5% 364 0.10 £3,100,000 UNITE USAF II 3.374% 3,217 0.84 11/11/2023 30/6/2028 £102,000 National Grid Electricity 119 0.03 £2,080,000 United Utilities Water Finance 2% 2,200 0.58 Transmission 5.875% 2/2/2024 14/2/2025 £350,000 National Westminster Bank 6.5% 368 0.10 £2,580,000 Verizon Communications 4.073% 2,916 0.77 7/9/2021 18/6/2024 £2,490,000 Nationwide Building Society 2,508 0.66 £2,570,000 Wells Fargo & 2.125% 2,666 0.70 0.60682% 10/1/2025 20/12/2023 £900,000 Northern Powergrid 7.25% 1,034 0.27 £850,000 Wells Fargo Bank NA 5.25% 955 0.25 15/12/2022Ø 1/8/2023 £2,300,000 Orange 5.75% Perpetual 2,519 0.66 £2,970,000 Western Power Distribution 3,157 0.83 1/4/2169 3.625% 6/11/2023 £770,000 Royal Bank of Canada 0.63738% 775 0.20 £1,100,000 Western Power Distribution West 1,353 0.36 3/10/2024 Midlands 6% 9/5/2025 £1,790,000 RSA Insurance 1.625% 1,830 0.48 £600,000 Wm Morrison Supermarkets 673 0.18 28/8/2024 4.625% 8/12/2023 £1,645,000 Santander UK 0.655% 1,658 0.44 £1,530,000 Yorkshire Water Finance 3.75% 1,576 0.41 12/11/2024 22/3/2046 £1,100,000 Scentre Trust 1 / Scentre Trust 1,108 0.29 £600,000 Yorkshire Water Finance 684 0.18 2 2.375% 8/4/2022 6.5876% 21/2/2023 £400,000 Scottish Power UK 6.75% 466 0.12 169,259 44.44 29/5/2023 £1,450,000 Scottish Widows 5.5% 16/6/2023 1,592 0.42 UK Sterling Denominated Mortgage £460,000 Severn Trent Utilities Finance 545 0.14 Bonds − 0.46%; 29.2.2020 0.90% 6.125% 26/2/2024 £977,207 Finsbury Square 2019- 961 0.25 £2,800,000 Siemens 2,831 0.74 3 1.10545% 16/12/2069 Financieringsmaatschappij £810,468 Twin Bridges 2019-2 1.27334% 807 0.21 0.875% 5/6/2023 12/6/2053 £1,900,000 Siemens 1,944 0.51 Financieringsmaatschappij 1% 1,768 0.46 20/2/2025 EURO − 36.84%; 29.2.2020 21.49% £2,200,000 Societe Generale 1.875% 2,244 0.59 3/10/2024Ø Euro Denominated Corporate £2,860,000 Society of Lloyd’s 4.75% 3,067 0.81 Bonds − 36.38%; 29.2.2020 20.85% 30/10/2024 €2,600,000 AbbVie 1.25% 1/6/2024 2,404 0.63 £2,710,000 SSE 3.625% 16/9/2077 2,771 0.73 €1,300,000 Abertis Infraestructuras 1.5% 1,181 0.31 £200,000 SSE 5.875% 22/9/2022 221 0.06 27/6/2024 € £1,950,000 Svenska Handelsbanken 1.625% 2,024 0.53 1,500,000 Amadeus IT 0.875% 18/9/2023 1,333 0.35 15/12/2023 €3,090,000 AT&T 1.95% 15/9/2023 2,900 0.76 £1,750,000 Telecom Italia SpA/Milano 1,905 0.50 €3,580,000 Banque Federative du Credit 3,474 0.91 Ø 5.875% 19/5/2023 Mutuel 3% 21/5/2024 £2,300,000 Telefonica Emisiones 5.289% 2,532 0.66 €2,700,000 BASF 0.101% 5/6/2023 2,420 0.64 9/12/2022 €2,950,000 BNP Paribas 2.375% 17/2/2025 2,819 0.74 £1,300,000 Thames Water Utilities Finance 1,336 0.35 €1,900,000 BNP Paribas Cardif 1% 1,708 0.45 1.875% 24/1/2024 29/11/2024 £2,200,000 Thames Water Utilities Finance 2,322 0.61 €970,000 BP Capital Markets 0.9% 891 0.23 5.75% 13/9/2030 3/7/2024 £2,630,000 Total Capital International 1.25% 2,719 0.71 €1,725,000 BP Capital Markets 1.876% 1,636 0.43 16/12/2024 7/4/2024 £1,140,000 Travis Perkins 4.375% 1,163 0.31 €2,500,000 BPCE 0.875% 31/1/2024 2,278 0.60 15/9/2021Ø

BlackRock Investment Funds 62 BlackRock Sterling Short Duration Credit Fund

Portfolio Statement (unaudited) continued

%of %of Holding or Market Total Holding or Market Total Nominal Value Net Nominal Value Net Value Investment £000’s Assets Value Investment £000’s Assets

€2,890,000 British Telecommunications 1% 2,652 0.70 €3,600,000 McDonald’s 0.625% 29/1/2024 3,282 0.86 21/11/2024 €2,740,000 Medtronic Global 0.25% 2,469 0.65 €1,000,000 British Telecommunications 917 0.24 2/7/2025 1.125% 10/3/2023 €3,980,000 Morgan Stanley 1.75% 11/3/2024 3,753 0.99 €1,200,000 Buzzi Unicem 2.125% 28/4/2023 1,117 0.29 €3,530,000 Motability Operations 0.875% 3,287 0.86 €5,200,000 Capgemini 0.625% 23/6/2025 4,722 1.24 14/3/2025 €3,380,000 Chorus 1.125% 18/10/2023 3,105 0.82 €1,200,000 National Grid Electricity 1,080 0.28 €1,600,000 Credit Agricole SA/London 0.5% 1,442 0.38 Transmission 0.19% 20/1/2025 24/6/2024 €1,680,000 Natwest 2.5% 22/3/2023 1,581 0.42 €3,215,000 CRH Finland Services 0.875% 2,940 0.77 €570,000 Orange 5.25% Perpetual 575 0.15 5/11/2023 7/2/2169 €3,900,000 Electricite de France 4% 3,668 0.96 €3,785,000 RCI Banque 0.25% 8/3/2023 3,292 0.87 Perpetual 4/10/2168 €4,250,000 RELX Finance 0% 18/3/2024 3,785 0.99 €1,580,000 Enel 2.5% 24/11/2078 1,442 0.38 €3,110,000 Rolls-Royce 0.875% 9/5/2024 2,487 0.65 €1,980,000 Enel 3.5% 24/5/2080 1,879 0.49 €1,370,000 Santander UK 0.448% 27/3/2024 1,209 0.32 €1,900,000 Engie 1.375% Perpetual 1,692 0.44 €900,000 Schneider Electric 0% 12/6/2023 805 0.21 16/4/2169 €5,920,000 Sky 1.875% 24/11/2023 5,604 1.47 € 2,900,000 Engie 3.25% Perpetual 2,777 0.73 €400,000 Societe Generale 0.309% 357 0.09 28/2/2169 22/5/2024 € 5,500,000 Exxon Mobil 0.142% 26/6/2024 4,925 1.29 €2,300,000 Societe Generale 1.25% 2,103 0.55 €1,995,000 Fidelity National Information 1,787 0.47 15/2/2024 Services 0.125% 3/12/2022 €925,000 Stryker 0.25% 3/12/2024 826 0.22 € 3,250,000 Fidelity National Information 2,956 0.78 €3,400,000 Telefonica Europe 4.375% 3,212 0.84 Services 0.75% 21/5/2023 Perpetual 14/3/2169 € 1,570,000 Fiserv 0.375% 1/7/2023 1,411 0.37 €4,040,000 TenneT 2.995% Perpetual 3,772 0.99 €930,000 Ford Motor Credit 0.223% 738 0.19 1/6/2169 1/12/2024 €3,610,000 Unilever 0.5% 12/8/2023 3,291 0.86 € 810,000 Ford Motor Credit 0.249% 666 0.18 €1,380,000 WPP Finance 2013 0.061% 1,216 0.32 15/11/2023 20/3/2022 € 2,350,000 Ford Motor Credit 3.021% 2,106 0.55 €2,160,000 WPP Finance 2013 3% 2,100 0.55 6/3/2024 20/11/2023 €1,700,000 G4S International Finance 1.5% 1,540 0.41 2/6/2024 138,539 36.38 € 2,890,000 General Motors Financial 2.2% 2,648 0.70 Euro Denominated Mortgage Backed 1/4/2024 Securities − 0.46%; 29.2.2020 0.64% € 2,930,000 Glencore Finance Europe 2,608 0.69 €335,000 Asset-Backed European 296 0.08 0.625% 11/9/2024 Securitisation Transaction € 1,290,000 HeidelbergCement 2.25% 1,201 0.32 Seventeen Srl 0.731% 15/4/2032 30/3/2023 €260,000 Asset-Backed European 222 0.06 € 2,000,000 HeidelbergCement Finance 1,914 0.50 Securitisation Transaction Luxembourg 2.5% 9/10/2024 Seventeen Srl 2.331% 15/4/2032 € 1,400,000 Iberdrola International 3.25% 1,350 0.36 €400,000 Autonoria Spain 2019 1.333% 349 0.09 Perpetual 12/2/2169 25/12/2035 € 900,000 Iberdrola International 3.25% 868 0.23 €100,000 E-Carat 0.983% 20/12/2028 88 0.02 Perpetual 12/2/2169 €200,000 FCT Autonoria 2019 2.183% 176 0.05 € 5,000,000 ING Groep 0.1% 3/9/2025 4,427 1.16 25/9/2035 € 4,150,000 JPMorgan Chase & 0.625% 3,764 0.99 €200,000 Magoi 2019 0.785% 27/7/2039 178 0.05 25/1/2024 €100,000 Magoi 2019 1.985% 27/7/2039 89 0.02 €2,400,000 LVMH Moet Hennessy Louis 2,147 0.56 Vuitton 0% 11/2/2024

63 BlackRock Investment Funds BlackRock Sterling Short Duration Credit Fund

Portfolio Statement (unaudited) continued

%of %of Holding or Market Total Holding or Market Total Nominal Value Net Nominal Value Net Value Investment £000’s Assets Value Investment £000’s Assets

€400,000 Red & Black Auto Germany 6 UG 349 0.09 $1,615,000 Danske Bank 3.244% 20/12/2025 1,295 0.34 1.731% 15/10/2028 $2,050,000 Enel Finance International 4.25% 1,677 0.44 14/9/2023 1,747 0.46 $2,380,000 Eni 4% 12/9/2023 1,924 0.51 US DOLLAR − 9.51%; 29.2.2020 13.60% $1,660,000 Fiserv 2.75% 1/7/2024 1,331 0.35 $1,710,000 General Electric 1.31338% 1,277 0.34 US Dollar Denominated Corporate 15/3/2023 Bonds − 9.51%; 29.2.2020 13.60% $900,000 HSBC 4.25% 14/3/2024 736 0.19 $1,130,000 AbbVie 3.85% 15/6/2024 931 0.24 $1,610,000 JPMorgan Chase & 3.559% 1,293 0.34 $1,790,000 AT&T 1.49838% 12/6/2024 1,366 0.36 23/4/2024 $3,220,000 Bank of America 3.864% 2,616 0.69 $5,130,000 Metropolitan Life Global Funding 3,848 1.01 23/7/2024 I 0.66243% 13/1/2023 $1,410,000 BP Capital Markets 4.375% 1,106 0.29 $1,555,000 Morgan Stanley 2.188% 1,223 0.32 Perpetual 22/9/2168 28/4/2026 $1,930,000 BPCE 5.7% 22/10/2023 1,619 0.42 $1,350,000 Nationwide Building Society 1,075 0.28 $990,000 Charter Communications 759 0.20 3.766% 8/3/2024 Operating / Charter $800,000 Natwest 6.125% 15/12/2022 656 0.17 Communications Operating Capital 1.901% 1/2/2024 $285,000 T-Mobile USA 3.5% 15/4/2025 235 0.06 $3,160,000 Charter Communications 2,631 0.69 $1,100,000 UniCredit 6.572% 14/1/2022 871 0.23 Operating / Charter $1,550,000 Verizon Communications 4.15% 1,292 0.34 Communications Operating 15/3/2024 Capital 4.5% 1/2/2024 $2,720,000 Vodafone 1.26088% 16/1/2024 2,047 0.54 $1,510,000 Credit Agricole SA/London 1,136 0.30 36,216 9.51 1.2835% 24/4/2023 $3,330,000 Credit Suisse 2.997% 14/12/2023 2,598 0.68 $900,000 Daimler Finance North America 674 0.18 1.18013% 15/2/2022

%of Holding or Underlying Market Total Nominal Exposure − Derivatives Value Net Value Investment £000’s £000’s Assets

DERIVATIVES − 0.36%; 29.2.2020 (0.49%)

Forward Currency Contracts − 0.82%; 29.2.2020 (0.37%) £142,630,960 UK sterling vs Euro 141,651 980 0.27 £38,504,584 UK sterling vs US dollar 36,376 2,128 0.55

178,027 3,108 0.82

Interest Rate Swaps − (0.46%); 29.2.2020 (0.12%) 1,440,000 (UK sterling) 0% vs Variable 3/10/2022 1,449 (9) 0.00 20,000,000 (UK sterling) 0% vs Variable 13/1/2023 20,289 (290) (0.08) 3,510,000 (UK sterling) 0% vs Variable 22/1/2023 3,557 (47) (0.01) 13,990,000 (UK sterling) 0% vs Variable 27/2/2023 14,155 (167) (0.04) 11,650,000 (UK sterling) 0% vs Variable 28/2/2023 – (126) (0.03) 4,460,000 (UK sterling) 0% vs Variable 2/3/2023 4,499 (39) (0.01) 4,155,000 (UK sterling) 0% vs Variable 3/3/2023 4,195 (40) (0.01) 19,000,000 (UK sterling) 0% vs Variable 6/3/2023 19,153 (153) (0.04) 1,385,000 (UK sterling) 0% vs Variable 1/3/2024 1,402 (17) (0.01) 3,545,000 (UK sterling) 0% vs Variable 4/3/2024 3,587 (43) (0.01)

BlackRock Investment Funds 64 BlackRock Sterling Short Duration Credit Fund

Portfolio Statement (unaudited) continued

%of Holding or Underlying Market Total Nominal Exposure − Derivatives Value Net Value Investment £000’s £000’s Assets

3,150,000 (UK sterling) 0% vs Variable 28/2/2025 3,192 (43) (0.01) 1,170,000 (US Dollar) 0% vs Variable 14/1/2022 892 (18) (0.01) 1,720,000 (US Dollar) 0% vs Variable 19/9/2022 1,331 (46) (0.01) 16,500,000 (US Dollar) 0% vs Variable 3/3/2023 12,586 (260) (0.07) 1,310,000 (US Dollar) 0% vs Variable 14/9/2023 1,025 (47) (0.01) 1,210,000 (US Dollar) 0% vs Variable 25/9/2023 945 (41) (0.01) 1,110,000 (US Dollar) 0% vs Variable 23/10/2023 868 (38) (0.01) 600,000 (US Dollar) 0% vs Variable 23/10/2023 467 (19) (0.01) 1,090,000 (US Dollar) 0% vs Variable 14/12/2023 849 (35) (0.01) 840,000 (US Dollar) 0% vs Variable 1/2/2024 656 (29) (0.01) 1,120,000 (US Dollar) 0% vs Variable 8/3/2024 879 (42) (0.01) 950,000 (US Dollar) 0% vs Variable 14/3/2024 747 (37) (0.01) 1,080,000 (US Dollar) 0% vs Variable 14/6/2024 846 (39) (0.01) 870,000 (US Dollar) 0% vs Variable 17/9/2024 689 (39) (0.01) 3,000,000 (US Dollar) 0% vs Variable 3/3/2025 2,316 (74) (0.02)

100,574 (1,738) (0.46)

Portfolio of investments 348,899 91.61

CASH EQUIVALENTS

Short-term Money Market Funds − 6.50%; 29.2.2020 0.24%

24,765,938 BlackRock ICS Sterling Liquidity Fund - Agency Income Class† 24,766 6.50

Net other assets 7,190 1.89

Total net assets 380,855 100.00

Unless otherwise stated, all securities are either listed on a recognised exchange or traded on an eligible securities market. Underlying exposure has been calculated according to the guidelines issued by the European Securities and Markets Authority (“ESMA”) and represents the market value of an equivalent position in the assets underlying each financial derivative instrument. The counterparties for the forward currency contracts are Barclays Bank Plc, Citigroup Global Markets Limited, Deutsche Bank AG, HSBC Bank Plc, J.P. Morgan Securities Plc, Morgan Stanley & Co. International Plc, Royal Bank of Scotland Plc, Société Générale SA, State Street Global Advisors Limited and UBS AG. Ø All or a portion of this investment represents a security on loan. † Managed by a related party.

65 BlackRock Investment Funds BlackRock Sterling Short Duration Credit Fund

Statement of Total Return (unaudited) for the six months ended 31 August 2020

31.8.2020 £000’s £000’s Income Net capital losses (616) Revenue 2,190 Expenses (33) Interest payable and similar charges (1) Net revenue before taxation 2,156 Taxation – Net revenue after taxation 2,156 Total return before distributions 1,540 Distributions (2,156) Change in net assets attributable to unitholders from investment activities (616)

Statement of Change in Net Assets Attributable to Unitholders (unaudited) for the six months ended 31 August 2020

31.8.2020 £000’s £000’s Opening net assets attributable to unitholders 265,715 Amounts receivable on issue of units 121,188 Amounts payable on cancellation of units (8,025) 113,163 Change in net assets attributable to unitholders from investment activities (616) Retained distribution on accumulation units 2,593 Closing net assets attributable to unitholders 380,855 The above statement shows the comparative closing net assets at 31 August 2019 whereas the current accounting period commenced 1 March 2020.

BlackRock Investment Funds 66 BlackRock Sterling Short Duration Credit Fund

Balance Sheet (unaudited) at 31 August 2020

31.8.2020 29.2.2020 £000’s £000’s Assets: Fixed assets − Investment assets 350,637 238,036 Current assets − Debtors 3,928 102,333 − Cash and bank balances 2,286 413 − Cash collateral posted 1,132 379 − Cash equivalents 24,766 649 Total assets 382,749 341,810

Liabilities: Investment liabilities (1,738) (1,317) Creditors − Distributions payable (131) (54) − Other creditors (25) (74,724) Total liabilities (1,894) (76,095) Net assets attributable to unitholders 380,855 265,715

G D Bamping (Director) M T Zemek (Director) BlackRock Fund Managers Limited 29 October 2020

67 BlackRock Investment Funds BlackRock Sterling Strategic Bond Fund

About the Fund

The Fund is a sub-fund of BlackRock Investment Funds, a UCITS scheme under the COLL Sourcebook. The Fund was authorised by the FCA on 14 April 2016 and was established on 17 May 2016. The Fund’s FCA product reference number is 748472.

Risk and Reward Profile

Lower risk Higher risk Typically lower rewards Typically higher rewards Unit Class AIncome12345 67 A Accumulation 12345 67 X Income 12345 67 XAccumulation12345 67 D Income 12345 67 D Accumulation 12345 67 S Income 12345 67 Z Income 12345 67 ZAccumulation12345 67

• The risk indicator was calculated incorporating simulated historical data and may not be a reliable indication of the future risk profile of the Fund. • The risk category shown is not guaranteed and may change over time. • The lowest category does not mean risk free. • The use of derivatives will impact the value of the Fund and may expose the Fund to a higher degree of risk. Derivatives are highly sensitive to changes in the value of the asset on which they are based and can increase the size of losses and gains, resulting in greater fluctuations in the value of the Fund. The impact to the Fund can be greater where derivatives are used in an extensive or complex way.

For more information on this, please see the Fund’s Key Investor Information Document (“KIIDs”), which are available at www.blackrock.com.

BlackRock Investment Funds 68 BlackRock Sterling Strategic Bond Fund

Performance Record

Net Asset Value Net Asset Value Net Asset Value per Unit At 31 August 2020 Units in Issue £000’s p A Income 37,430 42 112.3 A Accumulation 240,530 290 120.7 X Income 1,000 1 111.9 X Accumulation 16,082,944 20,349 126.5 D Income 1,256,299 1,406 111.9 D Accumulation 18,246,379 22,524 123.5 S Income 129 – 101.5 Z Income 26,644,176 29,817 111.9 Z Accumulation 2,606,266 3,242 124.4

Distributions Payable for the period to 31 August 2020 Unit Class Distribution payable on 31.10.2020 Pence per Unit A Income 0.9899 A Accumulation 0.8701 X Income 1.6110 X Accumulation 1.7472 D Income 1.2060 D Accumulation 1.3095 S Income 1.6064 Z Income 1.3462 Z Accumulation 1.4770

69 BlackRock Investment Funds BlackRock Sterling Strategic Bond Fund

Performance Record continued

Operating Charges 1.3.2020 1.3.2019 Unit Class to 31.8.2020 to 29.2.2020 A Income 1.12% 1.09% A Accumulation 1.12% 1.10% X Income 0.07% 0.05% X Accumulation 0.07% 0.05% D Income 0.62% 0.60% D Accumulation 0.62% 0.60% S Income 0.57% 0.55% Z Income 0.46% 0.45% Z Accumulation 0.46% 0.45% Operating charges are annualised and exclude portfolio trade-related costs, except costs paid to the custodian/depositary and entry/exit charges paidtoanunderlying collective investment scheme (if any).

BlackRock Investment Funds 70 BlackRock Sterling Strategic Bond Fund

Portfolio Statement (unaudited) at 31 August 2020

%of %of Holding or Market Total Holding or Market Total Nominal Value Net Nominal Value Net Value Investment1 £000’s Assets Value Investment1 £000’s Assets

BONDS − 85.87%; 29.2.2020 88.61% £390,000 Fidelity National Information 450 0.58 Services 3.36% 21/5/2031 UK STERLING − 73.92%; 29.2.2020 72.22% £480,000 Fiserv 2.25% 1/7/2025 510 0.66 UK Sterling Denominated Corporate £550,000 Fiserv 3% 1/7/2031 617 0.79 Bonds − 66.22%; 29.2.2020 72.22% £680,000 General Motors Financial 2.35% 674 0.87 £590,000 Anglian Water Services 592 0.76 3/9/2025 Financing 2.625% £585,000 GKN 5.375% 19/9/2022 606 0.78 15/6/2027 £795,000 Glencore Finance Europe 3.125% 834 1.07 £640,000 Anglian Water Services 706 0.91 26/3/2026 Financing 4.5% £1,195,000 Goldman Sachs 4.25% 29/1/2026 1,378 1.77 22/2/2026 £1,155,635 Greene King Finance 2.69325% 994 1.28 £570,000 Annington Funding 607 0.78 15/12/2033 2.646% 12/7/2025 £525,000 Heathrow Funding 6.75% 657 0.85 £400,000 Arqiva Financing 455 0.59 3/12/2028 4.882% 31/12/2032Ø £960,000 HSBC 6% 29/3/2040 1,274 1.64 £1,050,000 AT&T 5.5% 15/3/2027 1,311 1.69 £1,570,000 Imperial Brands Finance 5.5% 1,890 2.43 £400,000 Aviva 6.125% Perpetual 438 0.56 28/9/2026 29/9/2168 £850,000 innogy Finance 6.25% 3/6/2030 1,196 1.54 £1,300,000 Banco Santander 1.75% 1,287 1.66 £700,000 Intu Metrocentre Finance 4.125% 362 0.47 17/2/2027 6/12/2028Ø £960,000 Bank of Scotland 1,105 1.42 £395,000 Legal & General 5.125% 452 0.58 7.281% Perpetual 14/11/2048 30/11/2168 £810,985 Mitchells & Butlers Finance 6.013% 859 1.11 £1,065,000 BAT International 1,066 1.37 15/12/2030 Finance 2.25% £775,000 NGG Finance 5.625% 18/6/2073 892 1.15 26/6/2028 £825,000 Porterbrook Rail Finance 7.125% 1,056 1.36 £1,295,000 BAT International 1,453 1.87 20/10/2026 Finance 4% 4/9/2026 £475,000 Scottish Widows 5.5% 16/6/2023 522 0.67 £820,000 BHP Billiton Finance 897 1.15 6.5% 22/10/2077 £750,000 Society of Lloyd’s 4.75% 804 1.04 30/10/2024 £795,000 BP Capital Markets 843 1.09 4.25% Perpetual £1,220,000 Southern Water Services Finance 1,245 1.60 22/6/2169 2.375% 28/5/2028 £1,335,000 British 1,491 1.92 £810,000 SSE 3.74% Perpetual 14/4/2169 842 1.08 Telecommunications £538,566 Telereal Secured Finance 4.01% 587 0.76 3.125% 21/11/2031 10/12/2033 £2,075,000 BUPA Finance 1.75% 2,090 2.69 £1,703,846 Tesco Property Finance 1 7.6227% 2,535 3.26 14/6/2027 13/7/2039 £895,000 BUPA Finance 5% 1,012 1.30 £1,335,000 Thames Water Utilities Finance 1,329 1.71 Ø 8/12/2026 2.875% 3/5/2027 £370,000 Centrica 5.25% 397 0.51 £1,680,000 Time Warner Cable 5.75% 2,132 2.74 10/4/2075 2/6/2031 £680,444 Dignity Finance 713 0.92 £435,000 Tritax Big Box REIT 2.625% 467 0.60 3.5456% 31/12/2034 14/12/2026 £440,000 Dignity Finance 337 0.43 £208,209 Unique Pub Finance 5.659% 215 0.28 4.6956% 31/12/2049 30/6/2027 £810,000 DS Smith 2.875% 824 1.06 £435,000 University of Oxford 2.544% 602 0.78 26/7/2029 8/12/2117 £1,300,000 Electricite de France 1,402 1.81 £1,030,000 Verizon Communications 2.5% 1,138 1.47 5.875% Perpetual 8/4/2031 22/7/2169

71 BlackRock Investment Funds BlackRock Sterling Strategic Bond Fund

Portfolio Statement (unaudited) continued

%of %of Holding or Market Total Holding or Market Total Nominal Value Net Nominal Value Net Value Investment1 £000’s Assets Value Investment1 £000’s Assets

£805,000 Walgreens Boots Alliance 3.6% 853 1.10 €360,000 DH Europe Finance II Sarl 1.8% 324 0.42 20/11/2025 18/9/2049 £1,800,000 Wells Fargo & 2% 28/7/2025 1,875 2.41 €1,175,000 Digital Dutch Finco 1.5% 15/3/2030 1,090 1.40 £450,000 Wells Fargo & 4.875% 29/11/2035 584 0.75 €1,300,000 Electricite de France 2% 9/12/2049 1,186 1.53 £670,000 Western Power Distribution 3.5% 737 0.95 €1,210,000 Philip Morris International 0.8% 1,054 1.36 16/10/2026 1/8/2031 £1,205,000 Yorkshire Water Finance 3.75% 1,241 1.60 €1,300,000 Swiss Re Finance UK 2.714% 1,225 1.58 22/3/2046 4/6/2052 €1,155,000 Verizon Communications 1.85% 1,091 1.40 51,435 66.22 18/5/2040 UK Sterling Denominated Government 7,595 9.78 Bonds − 7.70%; 29.2.2020 0.00% £5,335,000 United Kingdom Gilt 0.875% 5,627 7.24 Euro Denominated Government 22/10/2029Ø Bonds − 2.17%; 29.2.2020 1.39% £330,000 United Kingdom Gilt 1.25% 356 0.46 €714,000 Italy Buoni Poliennali Del Tesoro 712 0.92 22/7/2027 1.3% 15/5/2028 €228,000 Portugal Obrigacoes do Tesouro 205 0.26 5,983 7.70 OT 0.475% 18/10/2030 AUSTRALIAN DOLLAR − 0.00%; 29.2.2020 0.04% €555,000 Spain Government Bond 0.5% 503 0.65 30/4/2030 Australian Dollar Denominated Government €282,000 Spain Government Bond 1.2% 261 0.34 Bonds − 0.00%; 29.2.2020 0.04% 31/10/2040 EURO − 11.95%; 29.2.2020 16.35% 1,681 2.17 Euro Denominated Corporate COLLECTIVE INVESTMENT Bonds − 9.78%; 29.2.2020 14.96% SCHEMES − 4.66%; 29.2.2020 8.12% € 400,000 Abertis Infraestructuras 2.375% 371 0.48 Exchange Traded Funds − 4.66%; 29.2.2020 8.12% 27/9/2027 40,524 iShares High Yield Bond UCITS 3,619 4.66 € 355,000 Airbus 2.375% 9/6/2040 323 0.41 ETF† €970,000 Altria 2.2% 15/6/2027 931 1.20

%of Holding or Underlying Market Total Nominal Exposure − Derivatives Value Net Value Investment £000’s £000’s Assets

DERIVATIVES − (0.10%); 29.2.2020 (1.52%)

Credit Default Swaps − (0.43%); 29.2.2020 (0.04%) 39,485,000 Bank of America Merrill Lynch (iTraxx) 1% 20/12/2023 36,020 (752) (0.97) 700,000 Citibank (General Electric) 1% 20/12/2020 546 (2) 0.00 500,000 JP Morgan Chase Bank (Next) 1% 20/6/2025 519 1 0.00 (7,881,518) Morgan Stanley International (iTraxx) 0% 20/12/2023 7,040 417 0.54

44,125 (336) (0.43)

Forward Currency Contracts − 0.28%; 29.2.2020 (0.61%) €5,680,000 Euro vs UK sterling 5,073 (66) (0.08) £31,996,496 UK sterling vs Euro 31,710 286 0.36 £122,157 UK sterling vs US dollar 120 3 0.00 US$40,000 US dollar vs UK sterling 30 (1) 0.00

36,933 222 0.28

BlackRock Investment Funds 72 BlackRock Sterling Strategic Bond Fund

Portfolio Statement (unaudited) continued

%of Holding or Underlying Market Total Nominal Exposure − Derivatives Value Net Value Investment £000’s £000’s Assets

Futures − 0.21%; 29.2.2020 (0.84%) 7 Euro-Bobl September 2020 842 (2) 0.00 (1) Euro-BTP September 2020 130 1 0.00 (42) Euro-Bund September 2020 6,586 26 0.03 (16) Euro-Buxl September 2020 3,100 35 0.05 3 Euro-OAT September 2020 449 3 0.00 (93) Long Gilt December 2020 12,556 109 0.14 5 Short Euro BTP (Italian Government) September 2020 502 – 0.00 (46) US 10 Year Note (CBT) December 2020 4,784 (9) (0.01) 16 US 10 Year Ultra December 2020 1,905 3 0.00 6 US 5 Year Note (CBT) December 2020 565 – 0.00 (1) US Ultra Bond (CBT) December 2020 165 (1) 0.00

31,584 165 0.21

Inflation Swaps − (0.16%); 29.2.2020 (0.05%) 300,000 Bank of America Merrill Lynch (UK sterling) 3.456% vs Variable 16/7/2030 295 (6) (0.01) 56,000 Bank of America Merrill Lynch (UK sterling) 3.55% vs Variable 16/10/2048 76 (20) (0.03) 279,000 Citibank (UK sterling) 3.44% vs Variable 15/7/2027 287 7 0.01 14,000 Citibank (UK sterling) 3.475% vs Variable 16/7/2047 18 (4) (0.01) 85,000 Citibank (UK sterling) 3.54% vs Variable 16/10/2047 114 (27) (0.03) 689,000 Goldman Sachs International (Euro) 0.681% vs Variable 16/5/2028 605 (11) (0.01) 813,000 Goldman Sachs International (Euro) 0.844% vs Variable 18/8/2025 726 (1) 0.00 500,000 Goldman Sachs International (UK sterling) 3.26% vs Variable 16/3/2035 489 (15) (0.02) 964,000 Goldman Sachs International (UK sterling) 3.334% vs Variable 18/3/2030 953 (17) (0.02) 30,000 Goldman Sachs International (UK sterling) 3.421% vs Variable 15/3/2048 38 (7) (0.01) 89,000 Goldman Sachs International (UK sterling) 3.504% vs Variable 15/11/2047 117 (26) (0.03)

3,718 (127) (0.16)

Interest Rate Swaps − 0.00%; 29.2.2020 0.02% 620,000 Credit Suisse International (UK sterling) 0% vs Variable 8/8/2023 619 (1) 0.00 610,000 Credit Suisse International (UK sterling) 0% vs Variable 8/8/2023 610 – 0.00 620,000 Credit Suisse International (UK sterling) 0% vs Variable 10/8/2023 620 – 0.00 630,000 Credit Suisse International (UK sterling) 0% vs Variable 11/8/2023 630 – 0.00 760,000 Goldman Sachs International (UK sterling) 0.62% vs Variable 18/3/2070 759 – 0.00

3,238 (1) 0.00

Portfolio of investments 70,236 90.43 Net other assets 7,435 9.57

Total net assets 77,671 100.00

Unless otherwise stated, all securities are either listed on a recognised exchange or traded on an eligible securities market. Underlying exposure has been calculated according to the guidelines issued by the European Securities and Markets Authority (“ESMA”) and represents the market value of an equivalent position in the assets underlying each financial derivative instrument. The counterparties for the forward currency contracts are Bank of America Merrill Lynch, Goldman Sachs International, J.P. Morgan Securities Plc and Standard Chartered Bank. 1 All securities that have a value of less than £500 have been rounded to zero. Ø All or a portion of this investment represents a security on loan. † Managed by a related party.

73 BlackRock Investment Funds BlackRock Sterling Strategic Bond Fund

Statement of Total Return (unaudited) for the six months ended 31 August 2020

31.8.2020 31.8.2019 £000’s £000’s £000’s £000’s Income Net capital gains 152 2,907 Revenue 1,281 2,019 Expenses (185) (239) Interest payable and similar charges (5) (42) Net revenue before taxation 1,091 1,738 Taxation – – Net revenue after taxation 1,091 1,738 Total return before distributions 1,243 4,645 Distributions (1,091) (1,738) Change in net assets attributable to unitholders from investment activities 152 2,907

Statement of Change in Net Assets Attributable to Unitholders (unaudited) for the six months ended 31 August 2020

31.8.2020 31.8.2019 £000’s £000’s £000’s £000’s Opening net assets attributable to unitholders 103,674 114,483 Amounts receivable on issue of units 11,966 35,920 Amounts payable on cancellation of units (38,681) (31,119) (26,715) 4,801 Change in net assets attributable to unitholders from investment activities 152 2,907 Retained distribution on accumulation units 560 1,037 Closing net assets attributable to unitholders 77,671 123,228 The above statement shows the comparative closing net assets at 31 August 2019 whereas the current accounting period commenced 1 March 2020.

BlackRock Investment Funds 74 BlackRock Sterling Strategic Bond Fund

Balance Sheet (unaudited) at 31 August 2020

31.8.2020 29.2.2020 £000’s £000’s Assets: Fixed assets − Investment assets 71,204 101,959 Current assets − Debtors 859 3,784 − Cash and bank balances 6,795 6,696 − Cash collateral posted 583 835 Total assets 79,441 113,274

Liabilities: Investment liabilities (968) (3,253) Creditors − Amounts held at futures clearing houses and brokers (212) – − Distributions payable (374) (589) − Other creditors (216) (5,758) Total liabilities (1,770) (9,600) Net assets attributable to unitholders 77,671 103,674

G D Bamping (Director) M T Zemek (Director) BlackRock Fund Managers Limited 29 October 2020

75 BlackRock Investment Funds BlackRock Strategic Growth Fund

About the Fund

The Fund is a sub-fund of BlackRock Investment Funds, a UCITS scheme under the COLL Sourcebook. The Fund was authorised by the FCA on 14 August 2018 and launched on 28th September 2018. The Fund’s FCA product reference number is 822169.

Risk and Reward Profile

Lower risk Higher risk Typically lower rewards Typically higher rewards Unit Class I Accumulation 12345 67 XAccumulation12345 67 D Accumulation 12345 67

• The risk indicator was calculated incorporating simulated historical data and may not be a reliable indication of the future risk profile of the Fund. • The risk category shown is not guaranteed and may change over time. • The lowest category does not mean risk free. • The use of derivatives will impact the value of the Fund and may expose the Fund to a higher degree of risk. Derivatives are highly sensitive to changes in the value of the asset on which they are based and can increase the size of losses and gains, resulting in greater fluctuations in the value of the Fund. The impact to the Fund can be greater where derivatives are used in an extensive or complex way.

For more information on this, please see the Fund’s Key Investor Information Document (“KIIDs”), which are available at www.blackrock.com.

BlackRock Investment Funds 76 BlackRock Strategic Growth Fund

Performance Record

Net Asset Value Net Asset Value Net Asset Value per Unit At 31 August 2020 Units in Issue £000’s p I Accumulation 1,000 1 109.8 X Accumulation 15,256,310 16,799 110.1 D Accumulation 42,515 47 109.7

Distributions Payable for the period to 31 August 2020 Unit Class Distribution payable on 31.10.2020 Pence per Unit I Accumulation 0.7660 X Accumulation 0.8307 D Accumulation 0.7300

Operating Charges 1.3.2020 1.3.2019 Unit Class to 31.8.2020 to 29.2.2020 I Accumulation 0.25% 0.25% X Accumulation 0.03% 0.03% D Accumulation 0.30% 0.30% Operating charges are annualised and exclude portfolio trade-related costs, except costs paid to the custodian/depositary and entry/exit charges paidtoanunderlying collective investment scheme (if any).

77 BlackRock Investment Funds BlackRock Strategic Growth Fund

Portfolio Statement (unaudited) at 31 August 2020

%of %of Holding or Market Total Holding or Market Total Nominal Value Net Nominal Value Net Value Investment1 £000’s Assets Value Investment1 £000’s Assets

EQUITIES − 8.15%; 29.2.2020 11.49% ISRAEL − 0.11%; 29.2.2020 0.08%

BELGIUM − 0.07%; 29.2.2020 0.08% Computers − 0.11%; 29.2.2020 0.08% 163 Check Point Software Technologies 15 0.09 Beverages − 0.07%; 29.2.2020 0.08% 51 CyberArk Software 4 0.02 242 Anheuser-Busch InBev 11 0.07 19 0.11 BRAZIL − 0.05%; 29.2.2020 0.03% JAPAN − 0.22%; 29.2.2020 0.23% Diversified Financial Services − 0.05%; 29.2.2020 0.03% 246 Pagseguro Digital 80.05 Automobile Manufacturers − 0.12%; 29.2.2020 0.13% 400 Toyota Motor 20 0.12 DENMARK − 0.13%; 29.2.2020 0.15% Machinery Diversified − 0.08%; 29.2.2020 0.08% Pharmaceuticals − 0.13%; 29.2.2020 0.15% 100 Fanuc 13 0.08 448 Novo Nordisk 22 0.13 Software − 0.02%; 29.2.2020 0.02% FRANCE − 0.81%; 29.2.2020 0.81% 200 FFRI Security 40.02 Apparel − 0.36%; 29.2.2020 0.40% NETHERLANDS − 0.05%; 29.2.2020 0.02% 33 Hermes International 21 0.12 39 Kering 18 0.11 Commercial Services − 0.05%; 29.2.2020 0.02% 63 LVMH Moet Hennessy 22 0.13 6 Adyen 80.05 Louis Vuitton SPAIN − 0.04%; 29.2.2020 0.09% 61 0.36 Banks − 0.04%; 29.2.2020 0.09% Commercial Services − 0.04%; 29.2.2020 0.00% 4,438 Banco Santander 70.04 104 Worldline 70.04 SWITZERLAND − 0.37%; 29.2.2020 0.42% Computers − 0.19%; 29.2.2020 0.14% Food Producers − 0.14%; 29.2.2020 0.15% 255 Ingenico 32 0.19 258 Nestle 23 0.14 Cosmetics & Personal Care − 0.14%; 29.2.2020 0.14% Pharmaceuticals − 0.23%; 29.2.2020 0.27% 92 L’Oreal 23 0.14 147 Roche 38 0.23 Pharmaceuticals − 0.08%; 29.2.2020 0.10% UNITED KINGDOM − 0.46%; 29.2.2020 0.87% 191 Sanofi 14 0.08 Aerospace & Defence − 0.00%; 29.2.2020 0.09% Software − 0.00%; 29.2.2020 0.03% Agriculture − 0.00%; 29.2.2020 0.16% GERMANY − 0.46%; 29.2.2020 0.67% Apparel − 0.07%; 29.2.2020 0.10% Apparel − 0.26%; 29.2.2020 0.31% 816 Burberry 12 0.07 86 adidas 19 0.11 398 Puma 25 0.15 Banks − 0.05%; 29.2.2020 0.10% 2,573 HSBC 80.05 44 0.26 Beverages − 0.09%; 29.2.2020 0.13% Automobile Manufacturers − 0.07%; 29.2.2020 0.20% 637 Diageo 16 0.09 230 Bayerische Motoren 12 0.07 Werke Computers − 0.04%; 29.2.2020 0.07% 3,104 NCC 60.04 Automobile Parts & Equipment − 0.03%; 29.2.2020 0.04% 57 Continental 50.03 Household Products − 0.12%; 29.2.2020 0.11% 265 Reckitt Benckiser 20 0.12 Commercial Services − 0.00%; 29.2.2020 0.03% Lodging − 0.09%; 29.2.2020 0.11% Miscellaneous Manufacturing − 0.10%; 29.2.2020 0.09% 345 InterContinental Hotels 15 0.09 164 Siemens 17 0.10

BlackRock Investment Funds 78 BlackRock Strategic Growth Fund

Portfolio Statement (unaudited) continued

%of %of Holding or Market Total Holding or Market Total Nominal Value Net Nominal Value Net Value Investment1 £000’s Assets Value Investment1 £000’s Assets

UNITED STATES OF AMERICA − 5.38%; 29.2.2020 8.04% Diversified Financial Services − 0.37%; 29.2.2020 0.40% 79 Mastercard 21 0.12 Aerospace & Defence − 0.00%; 29.2.2020 0.33% 270 Visa 43 0.25 Agriculture − 0.00%; 29.2.2020 0.07% 64 0.37 Apparel − 0.09%; 29.2.2020 0.09% Electricity − 0.00%; 29.2.2020 0.06% 189 Nike 16 0.09 Electronics − 0.14%; 29.2.2020 0.19% Automobile Manufacturers − 0.00%; 29.2.2020 0.06% 320 Agilent Technologies 24 0.14 Banks − 0.17%; 29.2.2020 0.24% Forest Products & Paper − 0.00%; 29.2.2020 0.05% 92 Goldman Sachs 14 0.08 200 JPMorgan Chase 15 0.09 Healthcare Products − 0.00%; 29.2.2020 0.16%

29 0.17 Healthcare Services − 0.00%; 29.2.2020 0.14%

Beverages − 0.20%; 29.2.2020 0.37% Internet − 0.98%; 29.2.2020 0.98% 377 Coca-Cola 14 0.08 17 Alphabet 21 0.12 205 PepsiCo 21 0.12 11 Amazon.com 28 0.17 117 F5 Networks 12 0.07 35 0.20 124 Facebook 27 0.16 Biotechnology − 0.18%; 29.2.2020 0.31% 1,245 FireEye 14 0.08 159 Amgen 30 0.18 130 Mimecast 5 0.03 805 NortonLifeLock 14 0.08 Chemicals − 0.00%; 29.2.2020 0.10% 63 Okta 10 0.06 Commercial Services − 0.52%; 29.2.2020 0.66% 80 Palo Alto Networks 15 0.09 333 Booz Allen Hamilton 22 0.13 51 Proofpoint 4 0.02 130 Euronet Worldwide 10 0.06 34 VeriSign 5 0.03 222 Evo Payments 5 0.03 2,680 Zix 12 0.07 237 Global Payments 31 0.18 167 0.98 61 PayPal 9 0.05 90 Square 11 0.07 Leisure Time − 0.05%; 29.2.2020 0.08% 184 Royal Caribbean Cruises 90.05 88 0.52 Media − 0.11%; 29.2.2020 0.22% Computers − 0.64%; 29.2.2020 0.61% 194 Walt Disney 19 0.11 380 Apple 37 0.22 211 Fortinet 21 0.12 Miscellaneous Manufacturing − 0.00%; 29.2.2020 0.16% 370 OneSpan 6 0.04 Office & Business Equipment − 0.00%; 29.2.2020 0.06% 76 Qualys 6 0.04 122 Rapid7 6 0.04 Oil & Gas Producers − 0.00%; 29.2.2020 0.09% 89 Science Applications International 6 0.04 Pharmaceuticals − 0.11%; 29.2.2020 0.25% 347 SecureWorks 3 0.02 164 Johnson & Johnson 19 0.11 100 Varonis Systems 9 0.05 99 Zscaler 11 0.07 Real Estate Investment Trusts − 0.00%; 29.2.2020 0.06%

105 0.64 Retail − 0.27%; 29.2.2020 0.39% 125 McDonald’s 20 0.12 Cosmetics & Personal Care − 0.25%; 29.2.2020 0.27% 417 Starbucks 26 0.15 240 Colgate-Palmolive 14 0.08 273 Procter & Gamble 28 0.17 46 0.27

42 0.25 Semiconductors − 0.11%; 29.2.2020 0.34% 466 Intel 18 0.11

79 BlackRock Investment Funds BlackRock Strategic Growth Fund

Portfolio Statement (unaudited) continued

%of %of Holding or Market Total Holding or Market Total Nominal Value Net Nominal Value Net Value Investment1 £000’s Assets Value Investment1 £000’s Assets

Shipbuilding − 0.00%; 29.2.2020 0.05% 112,145 iShares - iShares Core FTSE 662 3.93 100 UCITS ETF† Software − 0.93%; 29.2.2020 0.87% 9,566 iShares Core EURO STOXX 934 5.54 83 Adobe 32 0.19 50 UCITS ETF† 251 Akamai Technologies 22 0.13 8,989 iShares Core GBP Bond UCITS 1,400 8.31 333 Fidelity National Information 38 0.23 ETF† Services 53,954 iShares Core MSCI EM IMI UCITS 1,239 7.35 305 Fiserv 23 0.14 ETF† 22 Intuit 6 0.04 1,042 iShares Core S&P 500 UCITS ETF† 273 1.62 112 ManTech International 6 0.04 107,836 iShares Edge MSCI Europe Quality 671 3.98 1,144 MobileIron 6 0.04 Factor UCITS ETF† 48 Splunk 8 0.05 19,490 iShares Edge MSCI World 752 4.46 317 Verint Systems 11 0.07 Minimum Volatility UCITS ETF†Ø 116,840 iShares Global High Yield Bond 478 2.84 152 0.93 UCITS ETF† Telecommunications − 0.18%; 29.2.2020 0.22% 182,530 iShares MSCI World SRI UCITS 900 5.34 † 927 A10 Networks 6 0.04 ETF † 345 Cisco Systems 11 0.06 22,923 iShares Physical Gold ETC 660 3.92 † 688 Juniper Networks 13 0.08 5,900 iShares Physical Silver ETC 117 0.70 322,510 iShares USD Bond ESG UCITS 1,248 7.41 30 0.18 ETF†

Transportation − 0.08%; 29.2.2020 0.16% 10,696 63.49 88 FedEx 14 0.08 Investment Trusts − 1.13%; 29.2.2020 1.14% BONDS − 8.15%; 29.2.2020 17.85% 199,996 Aquila European Renewables 191 1.13 Income Fund Fund Euro Denominated Government Bonds − 2.90%; 29.2.2020 3.01% Property Funds − 0.65%; 29.2.2020 0.00% €506,835 Bundesrepublik Deutschland 489 2.90 127,500 Starwood European Real Estate 110 0.65 Bundesanleihe 0.5% 15/2/2028 Finance

US Dollar Denominated Government Short-term Money Market Funds − 11.07%; 29.2.2020 18.32% Bonds − 5.25%; 29.2.2020 14.84% 7,216 BlackRock ICS Sterling Liquid 722 4.29 $985,500 United States Treasury Inflation 884 5.25 Environmentally Aware Fund - Indexed Bonds 0.875% 15/1/2029 Agency Income Class† 8,500 BlackRock ICS Sterling Ultra Short 1,143 6.78 COLLECTIVE INVESTMENT SCHEMES − 78.76%; 29.2.2020 68.16% Bond Fund - Agency Income Class† Equity Funds − 2.42%; 29.2.2020 2.72% 1,865 11.07 379,113 Foresight Solar Fund 407 2.42

Exchange Traded Funds − 63.49%; 29.2.2020 45.98% 292,100 iShares Bond ESG UCITS ETF† 1,362 8.09

%of Holding or Underlying Market Total Nominal Exposure − Derivatives Value Net Value Investment £000’s £000’s Assets

DERIVATIVES − 2.48%; 29.2.2020 (1.97%)

Forward Currency Contracts − 2.13%; 29.2.2020 (0.88%) £2,799,445 UK sterling vs Euro 2,780 19 0.11

BlackRock Investment Funds 80 BlackRock Strategic Growth Fund

Portfolio Statement (unaudited) continued

%of Holding or Underlying Market Total Nominal Exposure − Derivatives Value Net Value Investment £000’s £000’s Assets

£5,856,000 UK sterling vs US dollar 5,516 340 2.02

8,296 359 2.13

Futures − 0.00%; 29.2.2020 (0.20%) (3) US 10 Year Note (CBT) December 2020 312 0 0.00

Total Return Swaps − 0.35%; 29.2.2020 (0.89%) 272,722 Bank of America Merrill Lynch ML Vortex Alpha Index 0% 18/9/2021 209 5 0.03 391,624 Société Générale Small Caps Strong Balance 0.726% 14/12/2020 329 34 0.20 411,116 Société Générale Small Caps Strong Balance 0.738% 14/12/2020 330 20 0.12

868 59 0.35

Portfolio of investments 16,432 97.54 Net other assets 415 2.46

Total net assets 16,847 100.00

Unless otherwise stated, all securities are either listed on a recognised exchange or traded on an eligible securities market. Underlying exposure has been calculated according to the guidelines issued by the European Securities and Markets Authority (“ESMA”) and represents the market value of an equivalent position in the assets underlying each financial derivative instrument. The counterparty for the forward currency contracts is Barclays Bank Plc. The total return swaps (“TRS”) shown in the portfolio statement starting on page 81 are expressed at both their mark-to-market and original notional value, which when added together represent the current notional value of the TRS. The current notional value of a TRS represents the reference amount used to calculate payments between the counterparties to the TRS. The full notional value represents the economic interest in the security underlying the TRS, but does not change hands in full between the counterparties. 1 All securities that have a value of less than £500 have been rounded to zero. † Managed by a related party. Ø All or a portion of this investment represents a security on loan.

81 BlackRock Investment Funds BlackRock Strategic Growth Fund

Statement of Total Return (unaudited) for the six months ended 31 August 2020

31.8.2020 31.8.2019 £000’s £000’s £000’s £000’s Income Net capital gains 836 618 Revenue 146 151 Expenses (2) (2) Net revenue before taxation 144 149 Taxation (17) (18) Net revenue after taxation 127 131 Total return before distributions 963 749 Distributions (127) (131) Change in net assets attributable to unitholders from investment activities 836 618

Statement of Change in Net Assets Attributable to Unitholders (unaudited) for the six months ended 31 August 2020

31.8.2020 31.8.2019 £000’s £000’s £000’s £000’s Opening net assets attributable to unitholders 15,866 15,241 Amounts receivable on issue of units 26 38 Amounts payable on cancellation of units (8) (1) 18 37 Change in net assets attributable to unitholders from investment activities 836 618 Retained distribution on accumulation units 127 131 Closing net assets attributable to unitholders 16,847 16,027 The above statement shows the comparative closing net assets at 31 August 2019 whereas the current accounting period commenced 1 March 2020.

BlackRock Investment Funds 82 BlackRock Strategic Growth Fund

Balance Sheet (unaudited) at 31 August 2020

31.8.2020 29.2.2020 £000’s £000’s Assets: Fixed assets − Investment assets 16,432 15,506 Current assets − Debtors 26 68 − Cash and bank balances 465 736 Total assets 16,923 16,310

Liabilities: Investment liabilities – (349) Creditors − Amounts held at futures clearing houses and brokers (1) – − Other creditors (75) (95) Total liabilities (76) (444) Net assets attributable to unitholders 16,847 15,866

G D Bamping (Director) M T Zemek (Director) BlackRock Fund Managers Limited 29 October 2020

83 BlackRock Investment Funds BlackRock Systematic Multi Allocation Credit Fund

About the Fund

The Fund is a sub-fund of BlackRock Investment Funds, a UCITS scheme under the COLL Sourcebook. The Fund was authorised by the FCA on 21 June 2019.

Risk and Reward Profile

Lower risk Higher risk Typically lower rewards Typically higher rewards Unit Class I Income 1 2 3 4 567 I Accumulation 1 2 3 4 567 X Income 1 2 3 4 567 X Accumulation 1 2 3 4 567 D Income 1 2 3 4 567 D Accumulation 1 2 3 4 567

• The risk indicator was calculated incorporating simulated historical data and may not be a reliable indication of the future risk profile of the Fund. • The risk category shown is not guaranteed and may change over time. • The lowest category does not mean risk free. • The use of derivatives will impact the value of the Fund and may expose the Fund to a higher degree of risk. Derivatives are highly sensitive to changes in the value of the asset on which they are based and can increase the size of losses and gains, resulting in greater fluctuations in the value of the Fund. The impact to the Fund can be greater where derivatives are used in an extensive or complex way.

For more information on this, please see the Fund’s Key Investor Information Document (“KIIDs”), which are available at www.blackrock.com.

BlackRock Investment Funds 84 BlackRock Systematic Multi Allocation Credit Fund

Performance Record

Net Asset Value Net Asset Value Net Asset Value per Unit At 31 August 2020 Units in Issue £000’s p I Income 1,000 1 108.2 I Accumulation 1,000 1 109.4 X Income 1,000 1 108.2 X Accumulation 201,904,036 221,002 109.5 D Income 1,000 1 108.2 D Accumulation 1,000 1 109.4

Distributions Payable for the period to 31 August 2020 Unit Class Distribution payable on 31.10.2020 Pence per Unit I Income 1.1280 I Accumulation 1.1280 X Income 1.2980 X Accumulation 1.2401 D Income 1.1280 D Accumulation 1.1280

Operating Charges 4.5.2020 Unit Class to 31.8.2020 I Income 0.22% I Accumulation 0.22% X Income 0.02% X Accumulation 0.02% D Income 0.27% D Accumulation 0.27% Operating charges are annualised and exclude portfolio trade-related costs, except costs paid to the custodian/depositary and entry/exit charges paidtoanunderlying collective investment scheme (if any).

85 BlackRock Investment Funds BlackRock Systematic Multi Allocation Credit Fund

Portfolio Statement (unaudited) at 31 August 2020

%of %of Holding or Market Total Holding or Market Total Nominal Value Net Nominal Value Net Value Investment1 £000’s Assets Value Investment1 £000’s Assets

BONDS − 97.29% £100,000 innogy Finance 6.25% 3/6/2030 141 0.06 £100,000 Intesa Sanpaolo 5.148% 108 0.05 UK STERLING − 2.33% 10/6/2030 UK Sterling Denominated Corporate Bonds − 2.33% £100,000 Iron Mountain UK 3.875% 100 0.04 £100,000 Allianz Finance II 4.5% 157 0.07 15/11/2025 13/3/2043 £100,000 Kraft Heinz Foods 4.125% 107 0.05 £100,000 Amgen 4% 13/9/2029 123 0.05 1/7/2027 £100,000 APT Pipelines 3.5% 112 0.05 £50,000 Legal & General Finance 5.875% 74 0.03 22/3/2030 5/4/2033 £100,000 Ardagh Packaging 99 0.04 £25,000 Lloyds Bank 6.5% 17/9/2040 44 0.02 Finance / Ardagh USA £100,000 London & Quadrant Housing 105 0.05 4.75% 15/7/2027 Trust 2.25% 20/7/2029 £100,000 Arqiva Broadcast 103 0.05 £100,000 Marks & Spencer 3% 8/12/2023 101 0.05 Finance 6.75% £100,000 McKesson 3.125% 17/2/2029 107 0.05 30/9/2023 £100,000 Metropolitan Life Global Funding 104 0.05 £50,000 AT&T 7% 30/4/2040 82 0.04 I 1.625% 21/9/2029 £100,000 B&M European Value 101 0.05 £100,000 MPT Operating Partnership LP / 100 0.04 Retail 3.625% 15/7/2025 MPT Finance 2.55% 5/12/2023 £100,000 Barclays 3.25% 109 0.05 £100,000 MPT Operating Partnership LP / 100 0.04 12/2/2027 MPT Finance 3.692% 5/6/2028 £100,000 Berkshire Hathaway 112 0.05 £50,000 Northern Gas Networks Finance 79 0.04 Finance 2.375% 5.625% 23/3/2040 19/6/2039 £100,000 Notting Hill Genesis 2.875% 108 0.05 £100,000 Centrica 5.25% 107 0.05 31/1/2029 10/4/2075 £100,000 Ocado 4% 15/6/2024 102 0.05 £100,000 Co-operative 2011 7.5% 116 0.05 £100,000 Pearson Funding 3.75% 4/6/2030 107 0.05 8/7/2026 £50,000 Pfizer 6.5% 3/6/2038 89 0.04 £100,000 Credit Agricole 1.25% 102 0.05 £100,000 Pinewood Finance 3.25% 101 0.05 2/10/2024 30/9/2025 £100,000 Crh Finance UK 4.125% 120 0.05 £50,000 Prudential 5.875% 11/5/2029 66 0.03 2/12/2029 £100,000 Reckitt Benckiser Treasury 103 0.05 £50,000 Deutsche Telekom 58 0.03 Services 1.75% 19/5/2032 3.125% 6/2/2034 £100,000 Southern Gas Networks 2.5% 107 0.05 £100,000 Experian Finance 3.25% 117 0.05 3/2/2025 7/4/2032 £100,000 SP Transmission 2% 13/11/2031 106 0.05 £100,000 Fidelity National 105 0.05 £150,000 Thames Water Utilities Finance 148 0.07 Information Services 2.375% 3/5/2023 2.25% 3/12/2029 £50,000 Thames Water Utilities Finance 71 0.03 £25,000 Freshwater Finance 34 0.01 5.125% 28/9/2037 5.182% 20/4/2035 £100,000 Thames Water Utilities Finance 106 0.05 £50,000 GlaxoSmithKline Capital 74 0.03 5.75% 13/9/2030 5.25% 19/12/2033 £50,000 THFC Funding No 1 5.125% 72 0.03 £50,000 Goldman Sachs 3.125% 56 0.02 21/12/2037 25/7/2029 £100,000 Verizon Communications 2.5% 110 0.05 £100,000 Heathrow Finance 101 0.05 8/4/2031 4.75% 1/3/2024 £100,000 Virgin Media Secured Finance 107 0.05 £100,000 Iceland Bondco 4.625% 94 0.04 5.25% 15/5/2029 15/3/2025 £100,000 Virgin Media Vendor Financing 101 0.05 £100,000 ING Groep 3% 109 0.05 Notes III DAC 4.875% 15/7/2028 18/2/2026

BlackRock Investment Funds 86 BlackRock Systematic Multi Allocation Credit Fund

Portfolio Statement (unaudited) continued

%of %of Holding or Market Total Holding or Market Total Nominal Value Net Nominal Value Net Value Investment1 £000’s Assets Value Investment1 £000’s Assets

£50,000 Wellcome Trust Finance 4.625% 77 0.03 CA$100,000 TransCanada PipeLines 3.8% 64 0.03 25/7/2036 5/4/2027 CA$50,000 TransCanada PipeLines 4.34% 32 0.01 5,142 2.33 15/10/2049 CANADIAN DOLLAR − 0.73% 1,624 0.73 Canadian Dollar Denominated Corporate Bonds − 0.73% EURO − 13.52% CA$50,000 407 International 4.19% 36 0.02 25/4/2042 Euro Denominated Corporate Bonds − 13.52% CA$100,000 Bank of Montreal 2.37% 60 0.03 €100,000 Abbott Ireland Financing DAC 96 0.04 3/2/2025 1.5% 27/9/2026 CA$200,000 Bank of Montreal 2.89% 122 0.05 €100,000 Abertis Infraestructuras 1% 87 0.04 20/6/2023 27/2/2027 CA$200,000 Bank of Nova Scotia/The 3.1% 129 0.06 €100,000 Accor 2.625% Perpetual 78 0.04 2/2/2028 30/4/2169 CA$50,000 Bell Canada 2.5% 14/5/2030 30 0.01 €100,000 ACS Actividades de 90 0.04 CA$50,000 Bell Canada 3.5% 30/9/2050 30 0.01 Construccion y Servicios 1.375% CA$50,000 Brookfield Asset Management 37 0.02 17/6/2025 5.95% 14/6/2035 €100,000 Adient Global 3.5% 15/8/2024 83 0.04 CA$100,000 Canadian Imperial Bank of 59 0.03 €100,000 ADLER Real Estate 1.875% 87 0.04 Commerce 2% 17/4/2025 27/4/2023 CA$200,000 Canadian Imperial Bank of 118 0.05 €100,000 ADO Properties 3.25% 5/8/2025 90 0.04 Commerce 2.3% 11/7/2022 €100,000 AIB 1.875% 19/11/2029 88 0.04 CA$50,000 Canadian National Railway 35 0.02 €100,000 Akelius Residential Property 84 0.04 3.95% 22/9/2045 2.249% 17/5/2081 CA$50,000 CU 4.085% 2/9/2044 36 0.02 €100,000 Albemarle New 1.625% 90 0.04 CA$50,000 Enbridge 2.99% 3/10/2029 31 0.01 25/11/2028 CA$100,000 Enbridge Gas 2.9% 1/4/2030 64 0.03 €100,000 Altice Financing 2.25% 86 0.04 CA$50,000 Honda Canada Finance 3.444% 31 0.01 15/1/2025 23/5/2025 €100,000 Altice Financing 3% 15/1/2028 86 0.04 CA$100,000 Hydro One 2.16% 28/2/2030 60 0.03 €100,000 Altice Finco 4.75% 15/1/2028 84 0.04 CA$50,000 Hydro One 2.71% 28/2/2050 29 0.01 €200,000 Altice France 8% 15/5/2027 195 0.09 CA$50,000 Manulife Financial 2.818% 31 0.01 €200,000 Altice France SA/France 3.375% 174 0.08 13/5/2035 15/1/2028 CA$100,000 Metro Inc/CN 3.39% 6/12/2027 64 0.03 €100,000 America Movil 0.75% 26/6/2027 90 0.04 CA$50,000 North West Redwater 34 0.02 €100,000 American Honda Finance 1.95% 96 0.04 Partnership / NWR Financing 18/10/2024 4.25% 1/6/2029 €100,000 Amplifon 1.125% 13/2/2027 87 0.04 CA$50,000 Pembina Pipeline 3.62% 31 0.01 €250,000 ams 6% 31/7/2025 229 0.10 3/4/2029 €50,000 Anheuser-Busch InBev 2% 49 0.02 CA$100,000 Rogers Communications 3.25% 64 0.03 17/3/2028 1/5/2029 €100,000 AP Moller - Maersk 1.5% 91 0.04 CA$200,000 Royal Bank of Canada 1.936% 119 0.05 24/11/2022 1/5/2025 €100,000 Apple 0.875% 24/5/2025 93 0.04 CA$50,000 Shaw Communications 4.25% 32 0.01 €100,000 Ardagh Packaging Finance / 89 0.04 9/12/2049 Ardagh USA 2.125% 15/8/2026 CA$100,000 TELUS 3.3% 2/5/2029 64 0.03 €100,000 Ardagh Packaging Finance / 89 0.04 CA$100,000 Thomson Reuters 2.239% 60 0.03 Ardagh USA 2.125% 15/8/2026 14/5/2025 €100,000 Arena Luxembourg Finance Sarl 82 0.04 CA$200,000 Toronto-Dominion Bank/The 122 0.06 1.875% 1/2/2028 3.105% 22/4/2030

87 BlackRock Investment Funds BlackRock Systematic Multi Allocation Credit Fund

Portfolio Statement (unaudited) continued

%of %of Holding or Market Total Holding or Market Total Nominal Value Net Nominal Value Net Value Investment1 £000’s Assets Value Investment1 £000’s Assets

€100,000 Argentum Netherlands for Zurich 100 0.05 €100,000 BPCE 2.875% 16/1/2024 98 0.05 Insurance 2.75% 19/2/2049 €200,000 BPER Banca 1.875% 7/7/2025 178 0.08 €300,000 Ashland Services 2% 30/1/2028 260 0.12 €100,000 Brambles Finance 1.5% 92 0.04 €100,000 ASML 0.625% 7/5/2029 91 0.04 4/10/2027 €100,000 Assicurazioni Generali 4.596% 97 0.05 €100,000 Brenntag Finance 1.125% 92 0.04 Perpetual 21/11/2168 27/9/2025 €100,000 AT&T 1.8% 5/9/2026 96 0.04 €100,000 Carnival 10.125% 1/2/2026 90 0.04 €100,000 Atlantia 1.875% 13/7/2027 87 0.04 €100,000 Casino Guichard Perrachon 70 0.03 €100,000 Autostrade per l’Italia 1.75% 86 0.04 4.048% 5/8/2026 1/2/2027 €200,000 Catalent Pharma Solutions 174 0.08 €100,000 Autostrade per l’Italia 1.875% 88 0.04 2.375% 1/3/2028 4/11/2025 €100,000 Cellnex Telecom 1% 20/4/2027 87 0.04 €100,000 Autostrade per l’Italia 4.375% 99 0.05 €300,000 Cellnex Telecom 1.875% 272 0.12 16/9/2025 26/6/2029 €150,000 Avantor 4.75% 1/10/2024 139 0.06 €200,000 Chemours 4% 15/5/2026 171 0.08 €125,000 Avantor Funding 3.875% 117 0.05 €100,000 Citigroup 1.5% 24/7/2026 94 0.04 15/7/2028 €100,000 Colfax 3.25% 15/5/2025 90 0.04 €100,000 Avery Dennison 1.25% 3/3/2025 91 0.04 €100,000 Comcast 0.75% 20/2/2032 90 0.04 €100,000 AXA 5.125% 4/7/2043 100 0.05 €150,000 Commerzbank 4% 30/3/2027 143 0.07 €100,000 Axalta Coating Systems Dutch B 90 0.04 €100,000 Cooperatieve Rabobank UA 91 0.04 3.75% 15/1/2025 0.625% 27/2/2024 €100,000 Ball 0.875% 15/3/2024 88 0.04 €50,000 Covestro 1.375% 12/6/2030 46 0.02 €200,000 Ball 1.5% 15/3/2027 177 0.08 €100,000 Credit Agricole 2% 25/3/2029 96 0.04 €200,000 Banca Monte dei Paschi di Siena 176 0.08 €100,000 Credit Agricole SA/London 1% 93 0.04 2.625% 28/4/2025 16/9/2024 €100,000 Banca Monte dei Paschi di Siena 91 0.04 €100,000 Credit Mutuel Arkea 0.875% 92 0.04 3.625% 24/9/2024 7/5/2027 €150,000 Banco BPM 1.75% 28/1/2025 132 0.06 €100,000 Credit Suisse 3.25% 2/4/2026 100 0.05 €100,000 Banco BPM 4.375% 21/9/2027 89 0.04 €300,000 Crown European 3.375% 288 0.13 €100,000 Banco de Sabadell 5.625% 93 0.04 15/5/2025 6/5/2026 €100,000 CyrusOne LP / CyrusOne 88 0.04 €100,000 Banijay SAS 6.5% 1/3/2026 85 0.04 Finance 1.45% 22/1/2027 €100,000 Banijay Entertainment SASU 88 0.04 €50,000 Daimler 2.375% 22/5/2030 50 0.02 3.5% 1/3/2025 €150,000 Daimler International Finance 131 0.06 €150,000 Bank of America 1.379% 139 0.06 0.625% 6/5/2027 7/2/2025 €100,000 Darling Global Finance 3.625% 92 0.04 €100,000 Bankia 3.75% 15/2/2029 92 0.04 15/5/2026 €100,000 Banque Federative du Credit 96 0.04 €100,000 Deutsche Bank 1.125% 92 0.04 Mutuel 2.375% 24/3/2026 30/8/2023 €100,000 Barclays 0.75% 9/6/2025 89 0.04 €90,000 Deutsche Bank 2.75% 17/2/2025 82 0.04 €250,000 Bausch Health Cos 4.5% 223 0.10 €100,000 Deutsche Bank 5.625% 97 0.05 15/5/2023 19/5/2031 €200,000 Berry Global 1% 15/1/2025 174 0.08 €100,000 DH Europe Finance II Sarl 1.35% 87 0.04 €150,000 Berry Global 1.5% 15/1/2027 132 0.06 18/9/2039 €100,000 BMW Finance 1% 21/1/2025 93 0.04 €100,000 Digital Dutch Finco 1.25% 90 0.04 €200,000 BNP Paribas 0.5% 15/7/2025 179 0.08 1/2/2031 € €100,000 BNP Paribas 1.125% 15/1/2032 88 0.04 100,000 Digital Euro Finco 1.125% 91 0.04 9/4/2028 €100,000 Boxer Parent 6.5% 2/10/2025 93 0.04 €100,000 Dover 1.25% 9/11/2026 93 0.04 €100,000 BP Capital Markets 0.831% 91 0.04 € 8/11/2027 100,000 Ecolab 2.625% 8/7/2025 100 0.05

BlackRock Investment Funds 88 BlackRock Systematic Multi Allocation Credit Fund

Portfolio Statement (unaudited) continued

%of %of Holding or Market Total Holding or Market Total Nominal Value Net Nominal Value Net Value Investment1 £000’s Assets Value Investment1 £000’s Assets

€100,000 Edenred 1.375% 18/6/2029 91 0.04 €100,000 INEOS Finance 2.875% 1/5/2026 87 0.04 €100,000 Eli Lilly and 1.625% 2/6/2026 97 0.04 €100,000 INEOS Styrolution 2.25% 85 0.04 €100,000 Enel Finance International 101 0.05 16/1/2027 4.875% 17/4/2023 €100,000 Infineon Technologies 1.625% 93 0.04 €100,000 Eni 1.5% 17/1/2027 95 0.04 24/6/2029 €100,000 Equinix 2.875% 1/2/2026 91 0.04 €100,000 Infineon Technologies 2.875% 90 0.04 €100,000 Eurogrid 1.625% 3/11/2023 94 0.04 Perpetual 1/4/2169 € €100,000 Faurecia 3.125% 15/6/2026 90 0.04 100,000 Infineon Technologies 3.625% 93 0.04 Perpetual 1/4/2169 €125,000 Faurecia 3.75% 15/6/2028 113 0.05 €100,000 Infrastrutture Wireless Italiane 91 0.04 €100,000 Ferrovial Netherlands 2.124% 86 0.04 1.875% 8/7/2026 Perpetual 14/5/2169 €100,000 ING Groep 1.125% 14/2/2025 93 0.04 €125,000 Fiat Chrysler Automobiles 120 0.06 € 3.875% 5/1/2026 50,000 innogy Finance 1.625% 48 0.02 30/5/2026 €100,000 Fiat Chrysler Automobiles 4.5% 100 0.05 € 7/7/2028 100,000 International Flavors & 91 0.04 Fragrances 1.8% 25/9/2026 €100,000 Fiserv 1.625% 1/7/2030 94 0.04 €200,000 International Game Technology 164 0.08 €100,000 Ford Motor Credit 1.744% 86 0.04 2.375% 15/4/2028 19/7/2024 €200,000 Intertrust 3.375% 15/11/2025 183 0.08 €100,000 Ford Motor Credit 2.386% 86 0.04 € 17/2/2026 100,000 Intesa Sanpaolo 1% 19/11/2026 89 0.04 € €100,000 Ford Motor Credit 3.021% 90 0.04 275,000 Intesa Sanpaolo 2.855% 254 0.12 6/3/2024 23/4/2025 € €100,000 General Motors Financial 0.85% 85 0.04 100,000 Intrum 3% 15/9/2027 82 0.04 26/2/2026 €100,000 Intrum 3.125% 15/7/2024 86 0.04 €100,000 Getlink 3.625% 1/10/2023 90 0.04 €225,000 Intrum 4.875% 15/8/2025 205 0.09 €100,000 Givaudan Finance Europe 97 0.05 €100,000 IQVIA 2.25% 15/1/2028 89 0.04 1.625% 22/4/2032 €100,000 IQVIA 2.875% 15/9/2025 90 0.04 €100,000 Goldman Sachs 1.25% 1/5/2025 92 0.04 €325,000 IQVIA 2.875% 15/6/2028 297 0.14 €100,000 Goldman Sachs 3.375% 101 0.05 €100,000 Jaguar Land Rover Automotive 75 0.04 27/3/2025 2.2% 15/1/2024 €100,000 Goodman Australia Finance Pty 91 0.04 €100,000 Jaguar Land Rover Automotive 82 0.04 1.375% 27/9/2025 5.875% 15/11/2024 €100,000 Grand City Properties 1.7% 93 0.04 €200,000 James Hardie International 182 0.08 9/4/2024 Finance DAC 3.625% 1/10/2026 €100,000 Grifols 1.625% 15/2/2025 89 0.04 €100,000 John Deere Cash Management 105 0.05 €200,000 Grifols 2.25% 15/11/2027 179 0.08 2.2% 2/4/2032 €200,000 Grifols 3.2% 1/5/2025 181 0.08 €150,000 JPMorgan Chase & 0.625% 136 0.06 €150,000 Hanesbrands Finance 139 0.06 25/1/2024 Luxembourg 3.5% 15/6/2024 €100,000 K+S 2.625% 6/4/2023 84 0.04 €100,000 Hannover Rueck 1.125% 96 0.04 €100,000 KBC 0.75% 18/10/2023 91 0.04 18/4/2028 €100,000 Kerry Financial Services Unltd 89 0.04 €100,000 Hapag-Lloyd 5.125% 15/7/2024 91 0.04 0.625% 20/9/2029 €100,000 Heimstaden Bostad 3.248% 89 0.04 €100,000 Kinder Morgan 1.5% 16/3/2022 91 0.04 Perpetual 19/2/2169 €100,000 Koninklijke KPN 2% Perpetual 88 0.04 €100,000 Holcim Finance Luxembourg 97 0.05 8/2/2169 2.375% 9/4/2025 €300,000 Kraft Heinz Foods 2.25% 274 0.13 €117,000 Holcim Finance Luxembourg 3% 107 0.05 25/5/2028 Perpetual 5/7/2169 €50,000 LANXESS 4.5% 6/12/2076 47 0.02 €100,000 HSBC 2.5% 15/3/2027 102 0.05 €125,000 Levi Strauss & 3.375% 15/3/2027 114 0.05 €100,000 Imerys 2% 10/12/2024 91 0.04 €100,000 Liberty Mutual 3.625% 23/5/2059 89 0.04

89 BlackRock Investment Funds BlackRock Systematic Multi Allocation Credit Fund

Portfolio Statement (unaudited) continued

%of %of Holding or Market Total Holding or Market Total Nominal Value Net Nominal Value Net Value Investment1 £000’s Assets Value Investment1 £000’s Assets

€100,000 Lincoln Financing SARL 3.625% 88 0.04 €100,000 PepsiCo 0.5% 6/5/2028 92 0.04 1/4/2024 €100,000 PerkinElmer 1.875% 19/7/2026 94 0.04 €100,000 LKQ European 3.625% 1/4/2026 92 0.04 €100,000 Pernod Ricard 1.75% 8/4/2030 99 0.05 €100,000 Lonza Finance International 95 0.04 €200,000 Phoenix PIB Dutch Finance 181 0.08 1.625% 21/4/2027 2.375% 5/8/2025 €100,000 Loxam SAS 3.75% 15/7/2026 88 0.04 €100,000 Prologis Euro Finance 0.25% 88 0.04 €100,000 LVMH Moet Hennessy Louis 89 0.04 10/9/2027 Vuitton 0.125% 11/2/2028 €100,000 Prologis Euro Finance 0.375% 89 0.04 €100,000 Magna International 1.5% 94 0.04 6/2/2028 25/9/2027 €100,000 Prosus 1.539% 3/8/2028 90 0.04 €150,000 Mastercard 2.1% 1/12/2027 152 0.07 €250,000 Quatrim SASU 5.875% 15/1/2024 222 0.10 €100,000 Mediobanca Banca di Credito 92 0.04 €100,000 Reckitt Benckiser Treasury 91 0.04 Finanziario 1.625% 7/1/2025 Services Nederland 0.375% €150,000 Merck & 0.5% 2/11/2024 137 0.06 19/5/2026 €100,000 Metso Outotec 1.125% 89 0.04 €100,000 RELX Finance 0% 18/3/2024 89 0.04 13/6/2024 €100,000 Rentokil Initial 0.875% 30/5/2026 91 0.04 €100,000 Mohawk Capital Finance 1.75% 83 0.04 €100,000 Repsol International Finance 92 0.04 12/6/2027 3.75% Perpetual 11/6/2169 €100,000 Mondelez International 1.625% 93 0.04 €100,000 Repsol International Finance 95 0.04 20/1/2023 4.5% 25/3/2075 €100,000 Moody’s 1.75% 9/3/2027 98 0.05 €100,000 Rexel 2.625% 15/6/2024 90 0.04 €100,000 Morgan Stanley 1.375% 95 0.04 €150,000 Rexel 2.75% 15/6/2026 136 0.06 27/10/2026 €200,000 Rossini Sarl 6.75% 30/10/2025 191 0.09 € 100,000 MPT Operating Partnership LP / 94 0.04 €100,000 Samhallsbyggnadsbolaget i 84 0.04 MPT Finance 3.325% 24/3/2025 Norden 1% 12/8/2027 € 50,000 MTU Aero Engines 3% 1/7/2025 47 0.02 €100,000 Samhallsbyggnadsbolaget i 84 0.04 €100,000 Muenchener 103 0.05 Norden 2.624% Perpetual Rueckversicherungs- 30/4/2169 Gesellschaft in Muenchen 3.25% €100,000 Samhallsbyggnadsbolaget i 91 0.04 26/5/2049 Norden 4.625% Perpetual €100,000 Nasdaq 0.875% 13/2/2030 90 0.04 26/7/2169 €100,000 Nationale-Nederlanden Bank 90 0.04 €100,000 Sampo 2.25% 27/9/2030 103 0.05 NV/The Netherlands 0.375% €50,000 Schaeffler 1.875% 26/3/2024 45 0.02 31/5/2023 €100,000 Schneider Electric 1% 9/4/2027 94 0.04 €200,000 Naturgy Finance 3.375% 184 0.08 €100,000 SIG Combibloc PurchaseCo Sarl 93 0.04 Perpetual 24/4/2169 2.125% 18/6/2025 €100,000 Netflix 3% 15/6/2025 94 0.04 €200,000 Silgan 2.25% 1/6/2028 177 0.08 €100,000 Netflix 3.625% 15/5/2027 98 0.05 €200,000 Skandinaviska Enskilda Banken 179 0.08 € 100,000 Netflix 3.625% 15/6/2030 98 0.05 0.05% 1/7/2024 € 250,000 Netflix 3.875% 15/11/2029 250 0.11 €100,000 Smurfit Kappa Acquisitions ULC 96 0.04 €150,000 Nidda Healthcare 3.5% 133 0.06 2.875% 15/1/2026 30/9/2024 €200,000 Smurfit Kappa Treasury ULC 179 0.08 €100,000 Nidda Healthcare 3.5% 87 0.04 1.5% 15/9/2027 30/9/2024 €100,000 Snam 1% 18/9/2023 92 0.04 € 125,000 Nokia 2% 11/3/2026 118 0.05 €200,000 Societe Generale 0.75% 178 0.08 €100,000 Nokia 3.125% 15/5/2028 98 0.05 25/1/2027 €100,000 Orange 5.25% Perpetual 101 0.05 €150,000 SoftBank 4% 20/4/2023 140 0.06 7/2/2169 €125,000 SoftBank 4% 19/9/2029 118 0.05 € 100,000 PACCAR Financial Europe 0% 89 0.04 €100,000 SoftBank 5% 15/4/2028 99 0.05 3/3/2023

BlackRock Investment Funds 90 BlackRock Systematic Multi Allocation Credit Fund

Portfolio Statement (unaudited) continued

%of %of Holding or Market Total Holding or Market Total Nominal Value Net Nominal Value Net Value Investment1 £000’s Assets Value Investment1 £000’s Assets

€100,000 Solvay Finance SACA 5.425% 98 0.05 €100,000 Verisure 3.5% 15/5/2023 90 0.04 Perpetual 12/11/2168 €100,000 Verizon Communications 1.375% 96 0.04 €100,000 Stora Enso 2.125% 16/6/2023 93 0.04 2/11/2028 €100,000 Stryker 0.25% 3/12/2024 89 0.04 €100,000 Vertical Midco 4.375% 15/7/2027 92 0.04 €200,000 Svenska Handelsbanken 0.125% 180 0.08 €100,000 Virgin Money UK 2.875% 90 0.04 18/6/2024 24/6/2025 €100,000 Swedbank 0.75% 5/5/2025 92 0.04 €100,000 Vivendi 0.875% 18/9/2024 92 0.04 €250,000 Synthomer 3.875% 1/7/2025 233 0.11 €100,000 Vivendi 1.125% 11/12/2028 93 0.04 €100,000 Takeda Pharmaceutical 1% 91 0.04 €100,000 Vodafone 3.1% 3/1/2079 92 0.04 9/7/2029 €225,000 Volvo Car 2.125% 2/4/2024 201 0.09 €100,000 Techem Verwaltungsgesellschaft 86 0.04 €100,000 Volvo Treasury 4.85% 10/3/2078 93 0.04 675 mbH 2% 15/7/2025 €100,000 Vonovia Finance 0.625% 90 0.04 €200,000 Telecom Italia Finance 7.75% 261 0.12 7/10/2027 24/1/2033 €100,000 WEPA Hygieneprodukte 2.875% 90 0.04 €100,000 Telecom Italia SpA/Milano 3.25% 94 0.04 15/12/2027 16/1/2023 €100,000 WMG Acquisition 2.75% 91 0.04 €100,000 Telefonica Europe 2.502% 85 0.04 15/7/2028 Perpetual 5/5/2169 €100,000 Wolters Kluwer 0.75% 3/7/2030 90 0.04 € 100,000 Telefonica Europe 2.875% 85 0.04 €100,000 Wolters Kluwer 2.5% 13/5/2024 97 0.05 Perpetual 24/9/2168 €100,000 Worldline SA/France 0.25% 89 0.04 € 100,000 Telefonica Europe 3.875% 91 0.04 18/9/2024 Perpetual 22/9/2168 €100,000 XLIT 3.25% 29/6/2047 99 0.05 €100,000 Teleperformance 1.5% 3/4/2024 92 0.04 €200,000 ZF Europe Finance 3% 166 0.08 € 100,000 Terna Rete Elettrica Nazionale 91 0.04 23/10/2029 0.75% 24/7/2032 €100,000 Ziggo 2.875% 15/1/2030 88 0.04 €100,000 Terna Rete Elettrica Nazionale 92 0.04 €100,000 Zimmer Biomet 1.164% 89 0.04 1% 23/7/2023 15/11/2027 €100,000 Thermo Fisher Scientific 1.5% 91 0.04 1/10/2039 29,877 13.52 €100,000 TOTAL 1.75% Perpetual 4/4/2169 90 0.04 US DOLLAR − 80.71% €200,000 Trivium Packaging Finance 184 0.08 3.75% 15/8/2026 US Dollar Denominated Corporate Bonds − 48.42% €100,000 UGI International 3.25% 91 0.04 $35,000 1 Automotive 4% 15/8/2028 26 0.01 1/11/2025 $100,000 1011778 BC ULC / New Red 77 0.03 €200,000 UniCredit 1.25% 25/6/2025 181 0.08 Finance 4.375% 15/1/2028 €200,000 UniCredit 2.731% 15/1/2032 171 0.08 $200,000 1011778 BC ULC / New Red 153 0.07 €100,000 UniCredit 4.375% 3/1/2027 92 0.04 Finance 5% 15/10/2025 €100,000 UniCredit 6.95% 31/10/2022 99 0.05 $300,000 1011778 BC ULC / New Red 239 0.11 €100,000 Unilever 1.25% 25/3/2025 95 0.04 Finance 5.75% 15/4/2025 €250,000 Unione di Banche Italiane 234 0.11 $100,000 3M 1.75% 14/2/2023 77 0.03 2.625% 20/6/2024 $50,000 3M 3.7% 15/4/2050 45 0.02 €100,000 Unione di Banche Italiane 4.45% 93 0.04 $100,000 AbbVie 2.3% 21/11/2022 78 0.03 15/9/2027 $200,000 AbbVie 2.6% 21/11/2024 160 0.07 €100,000 Unipol Gruppo 3% 18/3/2025 92 0.04 $150,000 AbbVie 4.4% 6/11/2042 135 0.06 €100,000 UnipolSai Assicurazioni 3.875% 92 0.04 $50,000 AbbVie 4.85% 15/6/2044 47 0.02 1/3/2028 $200,000 Abu Dhabi Crude Oil Pipeline 182 0.08 €100,000 United 4.875% 1/7/2024 90 0.04 4.6% 2/11/2047 €100,000 UPCB Finance VII 3.625% 91 0.04 $250,000 Acrisure / Acrisure Finance 197 0.09 15/6/2029 8.125% 15/2/2024 €100,000 Valeo 1.625% 18/3/2026 86 0.04

91 BlackRock Investment Funds BlackRock Systematic Multi Allocation Credit Fund

Portfolio Statement (unaudited) continued

%of %of Holding or Market Total Holding or Market Total Nominal Value Net Nominal Value Net Value Investment1 £000’s Assets Value Investment1 £000’s Assets

$50,000 Activision Blizzard 4.5% 49 0.02 $75,000 Amazon.com 4.25% 22/8/2057 76 0.03 15/6/2047 $50,000 AMC Entertainment 10.5% 33 0.01 $280,000 AdaptHealth 6.125% 1/8/2028 219 0.10 15/4/2025 $100,000 Adient US 7% 15/5/2026 80 0.04 $50,000 America Movil 6.375% 1/3/2035 54 0.02 $100,000 Adobe 2.3% 1/2/2030 81 0.04 $200,000 American Airlines 11.75% 143 0.06 $100,000 Advance Auto Parts 3.9% 82 0.04 15/7/2025 15/4/2030 $40,469 American Airlines 2016-1 Class 29 0.01 $200,000 Advanced Drainage Systems 5% 156 0.07 AA Pass Through Trust 3.575% 30/9/2027 15/7/2029 $50,000 Aetna 2.8% 15/6/2023 39 0.02 $50,000 American Axle & Manufacturing 38 0.02 $25,000 Aetna 3.875% 15/8/2047 22 0.01 6.5% 1/4/2027 $100,000 Aflac 3.25% 17/3/2025 84 0.04 $250,000 American Express 2.5% 200 0.09 30/7/2024 $100,000 Agilent Technologies 2.1% 77 0.03 4/6/2030 $100,000 American Homes 4 Rent LP 4.9% 89 0.04 15/2/2029 $100,000 Air Products and Chemicals 78 0.03 1.5% 15/10/2025 $100,000 American Honda Finance 2.35% 80 0.04 8/1/2027 $100,000 Air Products and Chemicals 80 0.04 2.7% 15/5/2040 $50,000 American Midstream Partners LP 35 0.02 / American Midstream Finance $50,000 Aircastle 4.25% 15/6/2026 35 0.02 9.5% 15/12/2021 $100,000 Albertsons Cos / Safeway / New 76 0.03 $50,000 American Tower 3.7% 42 0.02 Albertsons LP / Albertsons 3.5% 15/10/2049 15/2/2023 $50,000 American University/The 3.672% 42 0.02 $150,000 Albertsons Cos / Safeway / New 120 0.05 1/4/2049 Albertsons LP / Albertsons 4.875% 15/2/2030 $50,000 American Water Capital 3.45% 43 0.02 1/5/2050 $200,000 Alcoa Nederland 6.75% 155 0.07 30/9/2024 $100,000 American Water Capital 3.75% 87 0.04 1/9/2028 $50,000 Alexandria Real Estate Equities 47 0.02 4.9% 15/12/2030 $100,000 AmeriGas Partners LP / 84 0.04 AmeriGas Finance 5.75% $200,000 Alibaba 3.4% 6/12/2027 169 0.08 20/5/2027 $100,000 Alleghany 3.625% 15/5/2030 84 0.04 $50,000 AmerisourceBergen 3.45% 43 0.02 $75,000 Allegheny Technologies 5.875% 54 0.02 15/12/2027 1/12/2027 $50,000 AmerisourceBergen 4.3% 44 0.02 $50,000 Allegion 3.5% 1/10/2029 41 0.02 15/12/2047 $50,000 Allegion US 3.2% 1/10/2024 40 0.02 $100,000 Amgen 3.15% 21/2/2040 79 0.04 $20,000 Allied Universal Holdco / Allied 16 0.01 $50,000 Amgen 4.563% 15/6/2048 48 0.02 Universal Finance 6.625% $25,000 AMN Healthcare 4.625% 20 0.01 15/7/2026 1/10/2027 $200,000 Allison Transmission 4.75% 156 0.07 $125,000 Anheuser-Busch Cos / Anheuser- 112 0.05 1/10/2027 Busch InBev Worldwide 4.7% $100,000 Ally Financial 5.75% 20/11/2025 84 0.04 1/2/2036 $100,000 Ally Financial 5.8% 1/5/2025 86 0.04 $125,000 Anheuser-Busch Cos / Anheuser- 115 0.05 $100,000 Alphabet 1.998% 15/8/2026 80 0.04 Busch InBev Worldwide 4.9% $200,000 Altice Financing 7.5% 15/5/2026 159 0.07 1/2/2046 $200,000 Altice France 6% 15/2/2028 149 0.07 $150,000 Antero Midstream Partners LP / 100 0.04 $200,000 Altice France 10.5% 15/5/2027 171 0.08 Antero Midstream Finance 5.75% $200,000 Altice France SA/France 7.375% 159 0.07 1/3/2027 1/5/2026 $400,000 Antero Midstream Partners LP / 267 0.12 $200,000 Altice France SA/France 8.125% 167 0.08 Antero Midstream Finance 5.75% 1/2/2027 15/1/2028

BlackRock Investment Funds 92 BlackRock Systematic Multi Allocation Credit Fund

Portfolio Statement (unaudited) continued

%of %of Holding or Market Total Holding or Market Total Nominal Value Net Nominal Value Net Value Investment1 £000’s Assets Value Investment1 £000’s Assets

$150,000 Antero Resources 5.625% 89 0.04 $100,000 Avangrid 3.8% 1/6/2029 87 0.04 1/6/2023 $100,000 Avient 5.75% 15/5/2025 79 0.04 $100,000 Anthem 3.35% 1/12/2024 83 0.04 $50,000 Avon International Capital 6.5% 38 0.02 $50,000 Anthem 3.7% 15/9/2049 43 0.02 15/8/2022 $50,000 Aon 3.875% 15/12/2025 43 0.02 $300,000 Avon International Operations 227 0.10 $25,000 Aon 4.75% 15/5/2045 25 0.01 7.875% 15/8/2022 $100,000 Apache 4.25% 15/1/2030 73 0.03 $125,000 B&G Foods 5.25% 1/4/2025 97 0.04 $100,000 Apache 4.25% 15/1/2044 66 0.03 $200,000 B&G Foods 5.25% 15/9/2027 160 0.07 $150,000 Apache 4.375% 15/10/2028 111 0.05 $200,000 Baidu 4.125% 30/6/2025 166 0.07 $65,000 Apache 4.625% 15/11/2025 50 0.02 $50,000 Baker Hughes 5.125% 15/9/2040 45 0.02 $100,000 Apache 4.75% 15/4/2043 70 0.03 $60,000 Ball 2.875% 15/8/2030 45 0.02 $95,000 Apache 4.875% 15/11/2027 73 0.03 $200,000 Banco del Estado de Chile 157 0.07 $125,000 Apache 5.1% 1/9/2040 91 0.04 2.704% 9/1/2025 $75,000 Apple 2.95% 11/9/2049 60 0.03 $200,000 Banco Nacional de Panama 151 0.07 2.5% 11/8/2030 $150,000 Apple 3.35% 9/2/2027 128 0.06 $200,000 Banco Santander 2.706% 159 0.07 $50,000 Aptiv 4.25% 15/1/2026 43 0.02 27/6/2024 $169,000 APX 6.75% 15/2/2027 133 0.06 $50,000 Banff Merger Sub 9.75% 40 0.02 $50,000 Aramark Services 5% 1/2/2028 37 0.02 1/9/2026 $100,000 Aramark Services 6.375% 78 0.03 $300,000 Bank of America 2.015% 234 0.11 1/5/2025 13/2/2026 $300,000 ArcelorMittal 4.25% 16/7/2029 240 0.11 $200,000 Bank of America 3.004% 157 0.07 $50,000 ArcelorMittal 7.25% 15/10/2039 48 0.02 20/12/2023 $100,000 Archer-Daniels-Midland 3.25% 86 0.04 $125,000 Bank of America 4.083% 117 0.05 27/3/2030 20/3/2051 $50,000 Archrock Partners LP / Archrock 38 0.02 $100,000 Bank of America 4.183% 86 0.04 Partners Finance 6.25% 1/4/2028 25/11/2027 $200,000 ARD Finance 6.5% 30/6/2027 153 0.07 $100,000 Bank of America 5% 21/1/2044 104 0.05 $200,000 Ardagh Packaging Finance / 158 0.07 $150,000 Bank of Montreal 1.85% 118 0.05 Ardagh USA 5.25% 30/4/2025 1/5/2025 $100,000 Ares Capital 3.25% 15/7/2025 75 0.03 $100,000 Bank of New York Mellon 2.1% 80 0.04 $100,000 Ares Capital 3.875% 15/1/2026 75 0.03 24/10/2024 $40,000 Asbury Automotive 4.75% 31 0.01 $100,000 Bank of Nova Scotia/The 1.95% 77 0.03 1/3/2030 1/2/2023 $50,000 Ascent Resources Utica / ARU 35 0.02 $50,000 Basin Electric Power Cooperative 44 0.02 Finance 10% 1/4/2022 4.75% 26/4/2047 $250,000 ASGN 4.625% 15/5/2028 193 0.09 $500,000 Bausch Health Americas 8.5% 411 0.19 $50,000 AssuredPartners 7% 15/8/2025 38 0.02 31/1/2027 $50,000 AstraZeneca 3.5% 17/8/2023 40 0.02 $100,000 Bausch Health Cos 5.25% 74 0.03 $50,000 AstraZeneca 4.375% 16/11/2045 49 0.02 30/1/2030 $100,000 AT&T 3.1% 1/2/2043 74 0.03 $150,000 Bausch Health Cos 6.125% 115 0.05 $100,000 AT&T 4.5% 15/5/2035 89 0.04 15/4/2025 $100,000 AT&T 4.8% 15/6/2044 90 0.04 $150,000 Bausch Health Cos 6.25% 117 0.05 $100,000 AT&T 4.85% 1/3/2039 91 0.04 15/2/2029 $50,000 AT&T 5.7% 1/3/2057 51 0.02 $100,000 Baxter International 2.6% 82 0.04 15/8/2026 $100,000 Athene 4.125% 12/1/2028 82 0.04 $50,000 Baxter International 3.5% 43 0.02 $100,000 Atmos Energy 2.625% 15/9/2029 83 0.04 15/8/2046 $50,000 AutoZone 3.75% 18/4/2029 43 0.02 $50,000 Beazer Homes USA 5.875% 38 0.02 $25,000 AvalonBay Communities 4.15% 24 0.01 15/10/2027 1/7/2047

93 BlackRock Investment Funds BlackRock Systematic Multi Allocation Credit Fund

Portfolio Statement (unaudited) continued

%of %of Holding or Market Total Holding or Market Total Nominal Value Net Nominal Value Net Value Investment1 £000’s Assets Value Investment1 £000’s Assets

$50,000 Becton Dickinson and 4.685% 47 0.02 $200,000 Builders FirstSource 6.75% 163 0.07 15/12/2044 1/6/2027 $25,000 Bell Canada 4.464% 1/4/2048 24 0.01 $100,000 Burlington Northern Santa Fe 3% 79 0.04 $50,000 Berkshire Hathaway Finance 48 0.02 15/3/2023 4.2% 15/8/2048 $125,000 Burlington Northern Santa Fe 120 0.05 $172,000 Berry Global 5.125% 15/7/2023 130 0.06 4.375% 1/9/2042 $50,000 Berry Global 5.625% 15/7/2027 39 0.02 $40,000 BY Crown Parent / BY Bond 31 0.01 $50,000 Berry Petroleum 7% 15/2/2026 31 0.01 Finance 4.25% 31/1/2026 $100,000 Best Buy 4.45% 1/10/2028 88 0.04 $200,000 C&W Senior Financing DAC 156 0.07 6.875% 15/9/2027 $100,000 Big River Steel / BRS Finance 77 0.03 7.25% 1/9/2025 $315,000 Caesars Entertainment 6.25% 249 0.11 1/7/2025 $25,000 Biogen 3.15% 1/5/2050 19 0.01 $165,000 Caesars Resort Collection / CRC 129 0.06 $100,000 BNP Paribas 3.25% 3/3/2023 80 0.04 Finco 5.75% 1/7/2025 $100,000 Boise Cascade 4.875% 1/7/2030 81 0.04 $50,000 Calpine 4.625% 1/2/2029 38 0.02 $300,000 Boise Cascade 5.625% 1/9/2024 230 0.10 $100,000 Calpine 5% 1/2/2031 78 0.03 $150,000 Bombardier 6.125% 15/1/2023 91 0.04 $100,000 Calpine 5.125% 15/3/2028 78 0.04 $350,000 Bombardier 7.875% 15/4/2027 189 0.09 $100,000 Calpine 5.25% 1/6/2026 78 0.04 $100,000 Booking 4.5% 13/4/2027 88 0.04 $200,000 Calumet Specialty Products 142 0.06 $120,000 Booz Allen Hamilton 3.875% 93 0.04 Partners LP / Calumet Finance 1/9/2028 11% 15/4/2025 $15,000 Boxer Parent 7.125% 2/10/2025 12 0.01 $150,000 Camden Property Trust 3.15% 126 0.06 $150,000 Boyd Gaming 4.75% 1/12/2027 111 0.05 1/7/2029 $75,000 BP Capital Markets America 3% 55 0.02 $700,000 Camelot Finance 4.5% 1/11/2026 541 0.24 24/2/2050 $50,000 Campbell Soup 3.125% 38 0.02 $250,000 BPCE 2.375% 14/1/2025 196 0.09 24/4/2050 $100,000 Brand Industrial Services 8.5% 72 0.03 $150,000 Campbell Soup 3.95% 15/3/2025 126 0.06 15/7/2025 $100,000 Capital One Financial 3.75% 82 0.04 $50,000 Brighthouse Financial 3.7% 39 0.02 28/7/2026 22/6/2027 $60,000 Carnival 9.875% 1/8/2027 45 0.02 $50,000 Bristol-Myers Squibb 4.25% 50 0.02 $435,000 Carnival 11.5% 1/4/2023 363 0.16 26/10/2049 $100,000 Carriage Services 6.625% 79 0.04 $100,000 Broadcom 4.3% 15/11/2032 86 0.04 1/6/2026 $100,000 Broadcom / Broadcom Cayman 83 0.04 $50,000 Carrier Global 1.923% 15/2/2023 38 0.02 Finance 3.875% 15/1/2027 $100,000 Carrier Global 2.722% 15/2/2030 78 0.03 $100,000 Brookfield Finance 4.35% 87 0.04 $50,000 Carrier Global 3.577% 5/4/2050 40 0.02 15/4/2030 $60,000 Cascades Inc/Cascades USA 48 0.02 $50,000 Brookfield Finance 4.85% 45 0.02 5.375% 15/1/2028 29/3/2029 $550,000 Catalent Pharma Solutions 5% 433 0.20 $50,000 Brookfield Residential Properties 35 0.02 15/7/2027 / Brookfield Residential US 4.875% 15/2/2030 $50,000 Caterpillar 3.25% 19/9/2049 42 0.02 $150,000 Brookfield Residential Properties 113 0.05 $200,000 CBB International Sukuk 154 0.07 / Brookfield Residential US Programme SPC 4.5% 30/3/2027 6.25% 15/9/2027 $450,000 CBB International Sukuk 366 0.17 $50,000 Brooklyn Union Gas 4.487% 48 0.02 Programme SPC 6.25% 4/3/2049 14/11/2024 $50,000 Brown & Brown 4.5% 15/3/2029 42 0.02 $100,000 Cboe Global Markets 3.65% 86 0.04 12/1/2027 $100,000 Builders FirstSource 5% 80 0.04 1/3/2030 $90,000 CCO / CCO Capital 4.25% 70 0.03 1/2/2031

BlackRock Investment Funds 94 BlackRock Systematic Multi Allocation Credit Fund

Portfolio Statement (unaudited) continued

%of %of Holding or Market Total Holding or Market Total Nominal Value Net Nominal Value Net Value Investment1 £000’s Assets Value Investment1 £000’s Assets

$700,000 CCO / CCO Capital 4.5% 555 0.25 $50,000 Charter Communications 51 0.02 15/8/2030 Operating / Charter $200,000 CCO / CCO Capital 4.5% 158 0.07 Communications Operating 1/5/2032 Capital 6.484% 23/10/2045 $150,000 CCO / CCO Capital 4.75% 120 0.05 $250,000 Chemours 5.375% 15/5/2027 188 0.08 1/3/2030 $100,000 Chemours 7% 15/5/2025 76 0.03 $400,000 CCO / CCO Capital 5% 1/2/2028 316 0.14 $100,000 Cheniere Corpus Christi 3.7% 79 0.04 $400,000 CCO / CCO Capital 5.125% 318 0.14 15/11/2029 1/5/2027 $100,000 Cheniere Energy Partners LP 78 0.04 $100,000 CDK Global 4.875% 1/6/2027 79 0.04 4.5% 1/10/2029 $100,000 CDW / CDW Finance 4.125% 78 0.03 $100,000 Cheniere Energy Partners LP 78 0.03 1/5/2025 5.625% 1/10/2026 $100,000 CDW / CDW Finance 5% 77 0.03 $150,000 Chevron 2.954% 16/5/2026 125 0.06 1/9/2025 $200,000 China Huaneng Hong Kong 158 0.07 $100,000 CDW / CDW Finance 5.5% 83 0.04 Treasury Management 3% 1/12/2024 10/12/2029 $100,000 Cedar Fair LP / Canada’s 77 0.03 $200,000 CHS/Community Health Systems 150 0.07 Wonderland / Magnum 6.25% 31/3/2023 Management / Millennium Op $300,000 CHS/Community Health Systems 229 0.10 5.5% 1/5/2025 6.625% 15/2/2025 $50,000 Cengage Learning 9.5% 25 0.01 $500,000 CHS/Community Health Systems 387 0.17 15/6/2024 8% 15/3/2026 $100,000 Centene 3.375% 15/2/2030 78 0.03 $100,000 Chubb INA 3.35% 15/5/2024 82 0.04 $200,000 Centene 4.625% 15/12/2029 164 0.07 $50,000 Chubb INA 4.35% 3/11/2045 50 0.02 $75,000 CenterPoint Energy Houston 65 0.03 $50,000 Cigna 4.9% 15/12/2048 50 0.02 Electric 3.55% 1/8/2042 $50,000 Cincinnati Bell 7% 15/7/2024 39 0.02 $100,000 Central Garden & Pet 5.125% 79 0.04 $100,000 CIT 3.929% 19/6/2024 77 0.03 1/2/2028 $100,000 CIT 5% 1/8/2023 79 0.04 $100,000 Century Communities 5.875% 78 0.03 $200,000 Citigroup 2.976% 5/11/2030 162 0.07 15/7/2025 $100,000 Citigroup 3.106% 8/4/2026 81 0.04 $200,000 CenturyLink 4% 15/2/2027 152 0.07 $200,000 Citigroup 3.142% 24/1/2023 154 0.07 $250,000 CenturyLink 5.125% 15/12/2026 194 0.09 $50,000 Citigroup 3.878% 24/1/2039 44 0.02 $100,000 CenturyLink 5.8% 15/3/2022 78 0.03 $100,000 Citigroup 4.75% 18/5/2046 96 0.04 $100,000 CenturyLink 7.6% 15/9/2039 86 0.04 $150,000 Citrix Systems 4.5% 1/12/2027 128 0.06 $100,000 CF Industries 4.95% 1/6/2043 88 0.04 $50,000 Clarios Global LP / Clarios US 40 0.02 $50,000 CF Industries 5.375% 15/3/2044 46 0.02 Finance 6.25% 15/5/2026 $125,000 Charles River Laboratories 98 0.04 $200,000 Clear Channel International 155 0.07 International 4.25% 1/5/2028 6.625% 1/8/2025 $100,000 Charles Schwab 4% 1/2/2029 90 0.04 $50,000 Clear Channel Worldwide 9.25% 37 0.02 $100,000 Charter Communications 83 0.04 15/2/2024 Operating / Charter $160,000 Clearwater Paper 4.75% 121 0.05 Communications Operating 15/8/2028 Capital 4.5% 1/2/2024 $100,000 Clearwater Paper 5.375% 78 0.04 $50,000 Charter Communications 47 0.02 1/2/2025 Operating / Charter $45,000 Clearway Energy Operating 35 0.02 Communications Operating 4.75% 15/3/2028 Capital 5.75% 1/4/2048 $100,000 Cleco Corporate 3.743% 80 0.04 $50,000 Charter Communications 52 0.02 1/5/2026 Operating / Charter $200,000 Cleveland-Cliffs 9.875% 165 0.07 Communications Operating 17/10/2025 Capital 6.384% 23/10/2035

95 BlackRock Investment Funds BlackRock Systematic Multi Allocation Credit Fund

Portfolio Statement (unaudited) continued

%of %of Holding or Market Total Holding or Market Total Nominal Value Net Nominal Value Net Value Investment1 £000’s Assets Value Investment1 £000’s Assets

$100,000 Clorox 3.5% 15/12/2024 83 0.04 $350,000 Credit Acceptance 6.625% 280 0.13 $66,000 CNX Resources 5.875% 50 0.02 15/3/2026 15/4/2022 $250,000 Credit Suisse AG/New York NY 205 0.09 $445,000 CNX Resources 7.25% 346 0.16 2.95% 9/4/2025 14/3/2027 $100,000 Crestwood Midstream Partners 69 0.03 $100,000 Coca-Cola 2.5% 1/6/2040 77 0.03 LP / Crestwood Midstream $100,000 Colfax 6.375% 15/2/2026 81 0.04 Finance 5.625% 1/5/2027 $50,000 Columbia Pipeline 4.5% 1/6/2025 43 0.02 $200,000 Crown Americas / Crown 156 0.07 Americas Capital VI 4.75% $50,000 Comcast 2.8% 15/1/2051 38 0.02 1/2/2026 $100,000 Comcast 3% 1/2/2024 81 0.04 $150,000 Crown Castle International 120 0.05 $350,000 Comcast 3.75% 1/4/2040 310 0.14 3.15% 15/7/2023 $650,000 Commercial Metals 5.75% 505 0.23 $50,000 Crown Castle International 44 0.02 15/4/2026 4.15% 1/7/2050 $100,000 CommonSpirit Health 2.76% 78 0.04 $100,000 CSC 5.25% 1/6/2024 81 0.04 1/10/2024 $200,000 CSC 5.5% 15/5/2026 157 0.07 $100,000 Commonwealth Bank of Australia 82 0.04 $200,000 CSC 5.5% 15/4/2027 159 0.07 2.85% 18/5/2026 $200,000 CSC 5.75% 15/1/2030 163 0.07 $100,000 CommScope 5.5% 1/3/2024 77 0.03 $200,000 CSC 6.5% 1/2/2029 168 0.08 $100,000 CommScope 6% 1/3/2026 79 0.04 $50,000 CSX 3.8% 1/3/2028 44 0.02 $200,000 CommScope 7.125% 1/7/2028 159 0.07 $100,000 Curo 8.25% 1/9/2025 62 0.03 $55,000 Compass Diversified 8% 43 0.02 1/5/2026 $100,000 CVR Energy 5.25% 15/2/2025 71 0.03 $100,000 Comstock Resources 7.5% 74 0.03 $50,000 CVS Health 4.125% 1/4/2040 43 0.02 15/5/2025 $125,000 CVS Health 4.3% 25/3/2028 110 0.05 $50,000 Comstock Resources 9.75% 40 0.02 $150,000 Daimler Finance North America 120 0.05 15/8/2026 3.7% 4/5/2023 $50,000 Conagra Brands 5.3% 1/11/2038 48 0.02 $100,000 Danaher 3.35% 15/9/2025 83 0.04 $200,000 Connect Finco SARL / 154 0.07 $50,000 Darden Restaurants 3.85% 39 0.02 Connect US Finco 6.75% 1/5/2027 1/10/2026 $150,000 Darling Ingredients 5.25% 119 0.05 $100,000 Consolidated Edison of New 84 0.04 15/4/2027 York 3.125% 15/11/2027 $180,000 DaVita 3.75% 15/2/2031 133 0.06 $100,000 Consolidated Edison of New 95 0.04 $170,000 DaVita 4.625% 1/6/2030 133 0.06 York 4.5% 1/12/2045 $50,000 DCP Midstream Operating LP 39 0.02 $150,000 Continental Resources 3.8% 110 0.05 5.125% 15/5/2029 1/6/2024 $200,000 DCP Midstream Operating LP 161 0.07 $50,000 Continental Resources 4.375% 36 0.02 5.625% 15/7/2027 15/1/2028 $50,000 Deere & 3.1% 15/4/2030 43 0.02 $100,000 Continental Resources 4.5% 75 0.03 $50,000 Dell 6.5% 15/4/2038 43 0.02 15/4/2023 $100,000 Dell International / EMC 4% 81 0.04 $50,000 Continental Resources 4.9% 33 0.01 15/7/2024 1/6/2044 $300,000 Dell International / EMC 7.125% 232 0.10 $250,000 Cooperatieve Rabobank UA 211 0.10 15/6/2024 3.75% 21/7/2026 $75,000 Dell International / EMC 8.1% 75 0.03 $50,000 Cornerstone Building Brands 8% 39 0.02 15/7/2036 15/4/2026 $150,000 Delta Air Lines 7.375% 15/1/2026 117 0.05 $150,000 Costco Wholesale 1.375% 115 0.05 $200,000 Deutsche Bank 4.296% 146 0.07 20/6/2027 24/5/2028 $200,000 Cott 5.5% 1/4/2025 154 0.07 $200,000 Deutsche Bank 4.5% 1/4/2025 152 0.07 $100,000 Coty 6.5% 15/4/2026 62 0.03

BlackRock Investment Funds 96 BlackRock Systematic Multi Allocation Credit Fund

Portfolio Statement (unaudited) continued

%of %of Holding or Market Total Holding or Market Total Nominal Value Net Nominal Value Net Value Investment1 £000’s Assets Value Investment1 £000’s Assets

$200,000 Deutsche Bank AG/New York NY 149 0.07 $300,000 EMC 3.375% 1/6/2023 231 0.10 4.875% 1/12/2032 $55,000 Emergent BioSolutions 3.875% 42 0.02 $100,000 Deutsche Telekom International 118 0.05 15/8/2028 Finance 8.75% 15/6/2030 $200,000 Empresa de Transporte de 190 0.09 $200,000 Development Bank of 157 0.07 Pasajeros Metro 5% 25/1/2047 Kazakhstan JSC 4.125% $200,000 Empresa Nacional del Petroleo 160 0.07 10/12/2022 3.75% 5/8/2026 $25,000 DH Europe Finance II Sarl 3.4% 22 0.01 $50,000 Encompass Health 4.5% 38 0.02 15/11/2049 1/2/2028 $100,000 Diageo Capital 2.625% 78 0.03 $60,000 Encompass Health 4.75% 47 0.02 29/4/2023 1/2/2030 $50,000 Diageo Capital 3.875% 45 0.02 $100,000 Enel Americas 4% 25/10/2026 82 0.04 29/4/2043 $100,000 Enel Finance International 6% 100 0.04 $200,000 Diamond Sports / Diamond 117 0.05 7/10/2039 Sports Finance 5.375% $45,000 Energizer 4.75% 15/6/2028 35 0.02 15/8/2026 $150,000 EnLink Midstream Partners LP 99 0.04 $30,000 Diebold Nixdorf 9.375% 24 0.01 4.85% 15/7/2026 15/7/2025 $50,000 Enova International 8.5% 36 0.02 $100,000 DISH DBS 5.875% 15/7/2022 78 0.03 15/9/2025 $150,000 DISH DBS 5.875% 15/11/2024 118 0.05 $50,000 Enstar 4.95% 1/6/2029 42 0.02 $370,000 DISH DBS 7.375% 1/7/2028 293 0.13 $50,000 Entegris 4.375% 15/4/2028 39 0.02 $350,000 DISH DBS 7.75% 1/7/2026 299 0.13 $250,000 Entegris 4.625% 10/2/2026 193 0.09 $50,000 Dollar General 4.125% 3/4/2050 45 0.02 $50,000 Enterprise Products Operating 44 0.02 $100,000 Dollar General 4.15% 1/11/2025 86 0.04 4.15% 16/10/2028 $50,000 Dover 5.375% 15/10/2035 50 0.02 $50,000 Enterprise Products Operating 41 0.02 $200,000 DP World 6.85% 2/7/2037 191 0.09 4.25% 15/2/2048 $200,000 DP World Crescent 3.875% 158 0.07 $200,000 Enviva Partners LP / Enviva 159 0.07 18/7/2029 Partners Finance 6.5% 15/1/2026 $50,000 Duke University 2.682% 40 0.02 $50,000 EOG Resources 4.375% 45 0.02 1/10/2044 15/4/2030 $50,000 Dun & Bradstreet 6.875% 41 0.02 $25,000 EPR Properties 4.5% 1/4/2025 18 0.01 15/8/2026 $200,000 EQM Midstream Partners LP 155 0.07 $100,000 Duquesne Light 3.616% 80 0.04 5.5% 15/7/2028 1/8/2027 $100,000 EQM Midstream Partners LP 6% 79 0.04 $50,000 E.ON International Finance 54 0.02 1/7/2025 6.65% 30/4/2038 $40,000 EQM Midstream Partners LP 33 0.01 $100,000 Eaton Vance 3.5% 6/4/2027 83 0.04 6.5% 1/7/2027 $100,000 eBay 1.9% 11/3/2025 78 0.03 $100,000 EQT 7.875% 1/2/2025 86 0.04 $100,000 eBay 2.7% 11/3/2030 79 0.04 $450,000 EQT 8.75% 1/2/2030 402 0.18 $50,000 Ecolab 3.95% 1/12/2047 48 0.02 $50,000 Equinix 3% 15/7/2050 38 0.02 $50,000 Edwards Lifesciences 4.3% 45 0.02 $50,000 Equinix 3.2% 18/11/2029 41 0.02 15/6/2028 $100,000 ERP Operating LP 3% 1/7/2029 83 0.04 $75,000 El Paso Electric 6% 15/5/2035 75 0.03 $50,000 ESH Hospitality 5.25% 1/5/2025 38 0.02 $100,000 Electronic Arts 4.8% 1/3/2026 89 0.04 $100,000 Essential Utilities 2.704% 81 0.04 $75,000 Element Solutions 3.875% 57 0.03 15/4/2030 1/9/2028 $50,000 Estee Lauder Cos 3.125% 42 0.02 $600,000 Element Solutions 5.875% 465 0.21 1/12/2049 1/12/2025 $50,000 Eversource Energy 3.45% 41 0.02 $50,000 Eli Lilly and 2.25% 15/5/2050 36 0.02 15/1/2050 $100,000 Embarq 7.995% 1/6/2036 90 0.04 $50,000 EW Scripps 5.125% 15/5/2025 37 0.02

97 BlackRock Investment Funds BlackRock Systematic Multi Allocation Credit Fund

Portfolio Statement (unaudited) continued

%of %of Holding or Market Total Holding or Market Total Nominal Value Net Nominal Value Net Value Investment1 £000’s Assets Value Investment1 £000’s Assets

$100,000 Exelon 4.05% 15/4/2030 89 0.04 $90,000 Gartner 4.5% 1/7/2028 70 0.03 $100,000 Exelon 4.7% 15/4/2050 96 0.04 $100,000 Gates Global / Gates 6.25% 77 0.03 $75,000 Expedia 4.625% 1/8/2027 58 0.03 15/1/2026 $100,000 Exxon Mobil 1.571% 15/4/2023 77 0.03 $50,000 General Mills 2.875% 15/4/2030 41 0.02 $100,000 Exxon Mobil 2.709% 6/3/2025 81 0.04 $50,000 General Mills 4.55% 17/4/2038 48 0.02 $50,000 Exxon Mobil 3.452% 15/4/2051 42 0.02 $50,000 General Motors 5.2% 1/4/2045 40 0.02 $75,000 Exxon Mobil 4.227% 19/3/2040 69 0.03 $150,000 General Motors Financial 4.15% 119 0.05 $250,000 Fair Isaac 4% 15/6/2028 194 0.09 19/6/2023 $50,000 Federal Realty Investment Trust 39 0.02 $100,000 Genesis Energy LP / Genesis 66 0.03 3.2% 15/6/2029 Energy Finance 7.75% 1/2/2028 $50,000 FedEx 4.25% 15/5/2030 45 0.02 $50,000 Gilead Sciences 3.5% 1/2/2025 42 0.02 $50,000 Fibria Overseas Finance 4% 39 0.02 $100,000 GlaxoSmithKline Capital 3% 81 0.04 14/1/2025 1/6/2024 $100,000 Fidelity National Financial 4.5% 86 0.04 $50,000 GlaxoSmithKline Capital 4.2% 48 0.02 15/8/2028 18/3/2043 $50,000 Flex 4.875% 15/6/2029 43 0.02 $100,000 Glencore Funding 4.875% 88 0.04 12/3/2029 $50,000 Flex Acquisition 7.875% 39 0.02 15/7/2026 $100,000 Global Aircraft Leasing 6.5% 43 0.02 15/9/2024 $175,000 FMC 3.2% 1/10/2026 145 0.07 $50,000 Global Payments 4.45% 1/6/2028 44 0.02 $50,000 FMG Resources August 2006 Pty 40 0.02 4.5% 15/9/2027 $50,000 GLP Capital LP / GLP Financing 39 0.02 II 4% 15/1/2030 $100,000 Ford Motor 4.346% 8/12/2026 75 0.03 $50,000 GLP Capital LP / GLP Financing 39 0.02 $100,000 Ford Motor 4.75% 15/1/2043 69 0.03 II 4% 15/1/2031 $300,000 Ford Motor 8.5% 21/4/2023 248 0.11 $500,000 Go Daddy Operating / GD 397 0.18 $250,000 Ford Motor 9% 22/4/2025 219 0.10 Finance 5.25% 1/12/2027 $300,000 Ford Motor 9.625% 22/4/2030 294 0.13 $50,000 goeasy 5.375% 1/12/2024 38 0.02 $200,000 Ford Motor Credit 3.087% 148 0.07 $50,000 Gogo Intermediate / Gogo 39 0.02 9/1/2023 Finance 9.875% 1/5/2024 $200,000 Ford Motor Credit 4.271% 150 0.07 $50,000 Goldman Sachs 2.6% 7/2/2030 40 0.02 9/1/2027 $50,000 Goldman Sachs 4.017% 44 0.02 $200,000 Ford Motor Credit 5.125% 157 0.07 31/10/2038 16/6/2025 $200,000 Goldman Sachs 4.25% 170 0.08 $200,000 Ford Motor Credit 5.584% 159 0.07 21/10/2025 18/3/2024 $100,000 Goldman Sachs 6.45% 1/5/2036 104 0.05 $32,000 Forterra Finance / FRTA Finance 25 0.01 $50,000 Graphic Packaging International 38 0.02 6.5% 15/7/2025 3.5% 1/3/2029 $68,000 Forterra Finance / FRTA Finance 54 0.02 $100,000 Gray Television 7% 15/5/2027 81 0.04 6.5% 15/7/2025 $45,000 Griffon 5.75% 1/3/2028 36 0.02 $200,000 Fortress Transportation and 145 0.07 Infrastructure Investors 6.5% $50,000 Grinding Media / Moly-Cop 38 0.02 1/10/2025 AltaSteel 7.375% 15/12/2023 $100,000 Fortress Transportation and 80 0.04 $550,000 GrubHub 5.5% 1/7/2027 430 0.19 Infrastructure Investors 9.75% $200,000 Gtlk Europe Capital DAC 4.65% 149 0.07 1/8/2027 10/3/2027 $100,000 Freedom Mortgage 8.25% 77 0.03 $100,000 Hasbro 3.9% 19/11/2029 78 0.03 15/4/2025 $195,000 HAT I / HAT II 3.75% 15/9/2030 146 0.07 $50,000 FS KKR Capital 4.625% 38 0.02 $100,000 HAT I / HAT II 6% 15/4/2025 80 0.04 15/7/2024 $200,000 Hazine Mustesarligi Varlik 140 0.06 $200,000 Gap 8.625% 15/5/2025 167 0.08 Kiralama 4.489% 25/11/2024 $36,000 Gap 8.875% 15/5/2027 30 0.01 $50,000 HBOS 6% 1/11/2033 49 0.02

BlackRock Investment Funds 98 BlackRock Systematic Multi Allocation Credit Fund

Portfolio Statement (unaudited) continued

%of %of Holding or Market Total Holding or Market Total Nominal Value Net Nominal Value Net Value Investment1 £000’s Assets Value Investment1 £000’s Assets

$500,000 HCA 3.5% 1/9/2030 393 0.18 $150,000 Icahn Enterprises LP / Icahn 119 0.05 $150,000 HCA 4.75% 1/5/2023 123 0.06 Enterprises Finance 5.25% $50,000 HCA 5.125% 15/6/2039 46 0.02 15/5/2027 $150,000 HCA 5.375% 1/2/2025 126 0.06 $200,000 Icahn Enterprises LP / Icahn 159 0.07 Enterprises Finance 6.25% $100,000 HCA 5.625% 1/9/2028 89 0.04 15/5/2026 $600,000 Herbalife Nutrition / HLF 494 0.22 $100,000 IDEX 3% 1/5/2030 82 0.04 Financing 7.875% 1/9/2025 $50,000 IHS Markit 4.25% 1/5/2029 44 0.02 $50,000 Hess 4.3% 1/4/2027 40 0.02 $50,000 Intel 3.9% 25/3/2030 45 0.02 $50,000 Hess 5.6% 15/2/2041 43 0.02 $50,000 Intel 4.75% 25/3/2050 52 0.02 $100,000 Hess Midstream Operations LP 77 0.03 5.125% 15/6/2028 $100,000 Intercontinental Exchange 3.75% 85 0.04 1/12/2025 $100,000 Hewlett Packard Enterprise 82 0.04 4.45% 2/10/2023 $50,000 Intercontinental Exchange 4.25% 47 0.02 21/9/2048 $50,000 Hexcel 3.95% 15/2/2027 40 0.02 $100,000 International Business Machines 85 0.04 $25,000 Hillenbrand 5.75% 15/6/2025 20 0.01 3.3% 15/5/2026 $150,000 Hilton Domestic Operating 115 0.05 $50,000 International Business Machines 54 0.02 4.875% 15/1/2030 5.6% 30/11/2039 $300,000 Hilton Domestic Operating 235 0.11 $50,000 International Flavors & 43 0.02 5.375% 1/5/2025 Fragrances 4.45% 26/9/2028 $50,000 HollyFrontier 5.875% 1/4/2026 41 0.02 $200,000 International Game Technology 162 0.07 $150,000 Hologic 4.625% 1/2/2028 119 0.05 6.5% 15/2/2025 $100,000 Home Depot 2.7% 15/4/2030 83 0.04 $100,000 International Lease Finance 81 0.04 $50,000 Home Depot 3.3% 15/4/2040 43 0.02 5.875% 15/8/2022 $50,000 Home Depot 3.35% 15/4/2050 43 0.02 $200,000 Intesa Sanpaolo 5.71% 166 0.07 $600,000 Horizon Therapeutics USA 5.5% 488 0.22 15/1/2026 1/8/2027 $100,000 Intuit 1.65% 15/7/2030 76 0.03 $200,000 Hormel Foods 1.8% 11/6/2030 155 0.07 $75,000 Intuit 1.65% 15/7/2030 57 0.03 $50,000 Howard Hughes 5.375% 38 0.02 $200,000 IRB 7% 15/6/2025 159 0.07 15/3/2025 $120,000 Iron Mountain 4.5% 15/2/2031 92 0.04 $100,000 Howmet Aerospace 6.875% 85 0.04 $100,000 Iron Mountain 4.875% 15/9/2029 77 0.03 1/5/2025 $300,000 Iron Mountain 5.25% 15/7/2030 238 0.11 $50,000 HP 3.4% 17/6/2030 40 0.02 $50,000 iStar 4.25% 1/8/2025 36 0.02 $200,000 Hrvatska Elektroprivreda 5.875% 159 0.07 $50,000 iStar 4.75% 1/10/2024 37 0.02 23/10/2022 $150,000 iStar 5.25% 15/9/2022 114 0.05 $200,000 HSBC 2.099% 4/6/2026 153 0.07 $50,000 Jabil 3.6% 15/1/2030 40 0.02 $50,000 HSBC 6.1% 14/1/2042 55 0.02 $100,000 Jagged Peak Energy 5.875% 76 0.03 $100,000 HSBC 6.5% 2/5/2036 103 0.05 1/5/2026 $200,000 Hughes Satellite Systems 169 0.08 $200,000 James Hardie International 159 0.07 6.625% 1/8/2026 Finance DAC 5% 15/1/2028 $50,000 Humana 2.9% 15/12/2022 39 0.02 $200,000 JD.com 3.375% 14/1/2030 163 0.07 $50,000 Humana 4.875% 1/4/2030 47 0.02 $200,000 Jefferies Finance / JFIN Co- 145 0.07 $50,000 Humana 4.95% 1/10/2044 50 0.02 Issuer 7.25% 15/8/2024 $100,000 Huntsman International 4.5% 83 0.04 $43,559 John Sevier Combined Cycle 41 0.02 1/5/2029 Generation 4.626% 15/1/2042 $100,000 Iberdrola International 5.81% 89 0.04 $100,000 Johnson & Johnson 3.7% 93 0.04 15/3/2025 1/3/2046 $100,000 Icahn Enterprises LP / Icahn 77 0.03 $100,000 Johnson & Johnson 4.375% 98 0.04 Enterprises Finance 4.75% 5/12/2033 15/9/2024

99 BlackRock Investment Funds BlackRock Systematic Multi Allocation Credit Fund

Portfolio Statement (unaudited) continued

%of %of Holding or Market Total Holding or Market Total Nominal Value Net Nominal Value Net Value Investment1 £000’s Assets Value Investment1 £000’s Assets

$25,000 Johnson Controls International 23 0.01 $200,000 Kraft Heinz Foods 3.75% 160 0.07 4.625% 2/7/2044 1/4/2030 $25,000 Joseph T Ryerson & Son 8.5% 20 0.01 $400,000 Kraft Heinz Foods 4.25% 331 0.15 1/8/2028 1/3/2031 $100,000 JPMorgan Chase & 3.25% 79 0.04 $200,000 Kraft Heinz Foods 4.375% 153 0.07 23/9/2022 1/6/2046 $50,000 JPMorgan Chase & 3.897% 46 0.02 $200,000 Kraft Heinz Foods 4.875% 165 0.07 23/1/2049 1/10/2049 $225,000 JPMorgan Chase & 3.96% 193 0.09 $200,000 Kraft Heinz Foods 5% 4/6/2042 165 0.07 29/1/2027 $200,000 Kraft Heinz Foods 5.2% 170 0.08 $200,000 JPMorgan Chase & 4.493% 184 0.08 15/7/2045 24/3/2031 $50,000 Kratos Defense & Security 39 0.02 $125,000 JPMorgan Chase & 4.95% 128 0.06 Solutions 6.5% 30/11/2025 1/6/2045 $50,000 Kroger 3.875% 15/10/2046 43 0.02 $100,000 Kaiser Aluminum 4.625% 74 0.03 $300,000 KSA Sukuk 2.894% 20/4/2022 231 0.10 1/3/2028 $200,000 KSA Sukuk 2.969% 29/10/2029 159 0.07 $100,000 Kaiser Aluminum 6.5% 1/5/2025 79 0.04 $200,000 KSA Sukuk 3.628% 20/4/2027 165 0.07 $100,000 Kansas City Southern 3% 77 0.03 $200,000 KSA Sukuk 4.303% 19/1/2029 174 0.08 15/5/2023 $150,000 L Brands 5.25% 1/2/2028 108 0.05 $25,000 Kansas City Southern 3.5% 19 0.01 $35,000 L Brands 6.875% 1/7/2025 28 0.01 1/5/2050 $150,000 L Brands 6.875% 1/11/2035 115 0.05 $100,000 KAR Auction Services 5.125% 75 0.03 $30,000 L Brands 9.375% 1/7/2025 26 0.01 1/6/2025 $150,000 Lamb Weston 4.875% 1/11/2026 117 0.05 $200,000 KazMunayGas National JSC 155 0.07 3.875% 19/4/2022 $50,000 Las Vegas Sands 3.5% 38 0.02 18/8/2026 $200,000 KazMunayGas National JSC 168 0.08 4.75% 19/4/2027 $50,000 Legg Mason 4.75% 15/3/2026 44 0.02 $200,000 KazMunayGas National JSC 180 0.08 $100,000 Leggett & Platt 3.5% 15/11/2027 78 0.03 5.375% 24/4/2030 $50,000 Leggett & Platt 4.4% 15/3/2029 41 0.02 $400,000 KazMunayGas National JSC 373 0.17 $50,000 Leland Stanford Junior 39 0.02 5.75% 19/4/2047 University/The 2.413% 1/6/2050 $200,000 KazMunayGas National JSC 202 0.09 $50,000 Lennar 4.5% 30/4/2024 40 0.02 6.375% 24/10/2048 $200,000 Liberty Interactive 8.25% 161 0.07 $200,000 KazTransGas JSC 4.375% 165 0.07 1/2/2030 26/9/2027 $100,000 Liberty Mutual 4.569% 1/2/2029 90 0.04 $100,000 KB Home 4.8% 15/11/2029 81 0.04 $100,000 Lithia Motors 4.625% 15/12/2027 79 0.04 $100,000 Kellogg 2.1% 1/6/2030 77 0.03 $150,000 Live Nation Entertainment 6.5% 122 0.05 $100,000 Kennedy-Wilson 5.875% 76 0.03 15/5/2027 1/4/2024 $200,000 Lloyds Banking 2.907% 156 0.07 $25,000 Keurig Dr Pepper 3.8% 1/5/2050 22 0.01 7/11/2023 $150,000 Keysight Technologies 4.6% 132 0.06 $165,000 Logan Merger Sub 5.5% 126 0.06 6/4/2027 1/9/2027 $200,000 KFC Co/Pizza Hut LLC/Taco Bell 155 0.07 $50,000 Lowe’s Cos 5% 15/4/2040 49 0.02 of America 5.25% 1/6/2026 $200,000 LPL 5.75% 15/9/2025 155 0.07 $50,000 Kimberly-Clark 3.2% 30/7/2046 43 0.02 $200,000 Macy’s 8.375% 15/6/2025 156 0.07 $50,000 Kinder Morgan 5.55% 1/6/2045 46 0.02 $25,000 Magellan Midstream Partners LP 20 0.01 $75,000 Kinder Morgan 7.75% 15/1/2032 80 0.04 4.25% 15/9/2046 $100,000 Kinross Gold 4.5% 15/7/2027 85 0.04 $100,000 Magna International 4.15% 85 0.04 $150,000 Kraft Heinz Foods 3% 1/6/2026 117 0.05 1/10/2025 $300,000 Malaysia Sovereign Sukuk 243 0.11 3.043% 22/4/2025

BlackRock Investment Funds 100 BlackRock Systematic Multi Allocation Credit Fund

Portfolio Statement (unaudited) continued

%of %of Holding or Market Total Holding or Market Total Nominal Value Net Nominal Value Net Value Investment1 £000’s Assets Value Investment1 £000’s Assets

$200,000 Malaysia Sovereign Sukuk 191 0.09 $150,000 Meritage Homes 6% 1/6/2025 127 0.06 4.236% 22/4/2045 $150,000 Meritor 6.25% 15/2/2024 114 0.05 $250,000 Malaysia Sukuk Global 3.179% 206 0.09 $60,000 Meritor 6.25% 1/6/2025 47 0.02 27/4/2026 $50,000 Methanex 5.25% 15/12/2029 38 0.02 $25,000 Markel 5% 20/5/2049 25 0.01 $50,000 MetLife 4.125% 13/8/2042 46 0.02 $200,000 Marriott Ownership Resorts 159 0.07 $200,000 Mexico City Airport Trust 3.875% 136 0.06 6.125% 15/9/2025 30/4/2028 $100,000 Mars 2.45% 16/7/2050 72 0.03 $40,000 MGM Growth Properties 31 0.01 $100,000 Marsh & McLennan Cos 3.875% 83 0.04 Operating Partnership LP / MGP 15/3/2024 Finance Co-Issuer 4.625% $100,000 Marsh & McLennan Cos 4.75% 100 0.04 15/6/2025 15/3/2039 $300,000 MGM Growth Properties 242 0.11 $50,000 Martin Marietta Materials 4.25% 41 0.02 Operating Partnership LP / MGP 2/7/2024 Finance Co-Issuer 5.625% $100,000 Masco 4.375% 1/4/2026 88 0.04 1/5/2024 $100,000 Masonite International 5.375% 80 0.04 $100,000 MGM Growth Properties 83 0.04 1/2/2028 Operating Partnership LP / MGP $50,000 Massachusetts Institute of 44 0.02 Finance Co-Issuer 5.75% Technology 2.989% 1/7/2050 1/2/2027 $75,000 MasTec 4.5% 15/8/2028 57 0.03 $100,000 MGM Resorts International 80 0.04 6.75% 1/5/2025 $25,000 Mastercard 3.8% 21/11/2046 23 0.01 $35,000 Microchip Technology 4.25% 27 0.01 $50,000 Mastercard 3.85% 26/3/2050 47 0.02 1/9/2025 $200,000 Matador Resources 5.875% 130 0.06 $100,000 Micron Technology 4.663% 87 0.04 15/9/2026 15/2/2030 $100,000 Match II 4.125% 1/8/2030 78 0.03 $100,000 Microsoft 3.7% 8/8/2046 94 0.04 $500,000 Match II 4.625% 1/6/2028 393 0.18 $100,000 Microsoft 4.2% 3/11/2035 98 0.04 $15,000 Match II 4.625% 1/6/2028 12 0.01 $50,000 Mileage Plus / Mileage Plus 39 0.02 $50,000 Match II 5.625% 15/2/2029 41 0.02 Intellectual Property Assets 6.5% $250,000 Mauser Packaging Solutions 190 0.09 20/6/2027 5.5% 15/4/2024 $50,000 Mineral Resources 8.125% 41 0.02 $100,000 Maxim Integrated Products 83 0.04 1/5/2027 3.45% 15/6/2027 $200,000 Mitsubishi UFJ Financial 2.623% 155 0.07 $150,000 McCormick & Inc/MD 2.5% 120 0.05 18/7/2022 15/4/2030 $100,000 Mitsubishi UFJ Financial 3.777% 84 0.04 $50,000 McDonald’s 4.2% 1/4/2050 46 0.02 2/3/2025 $50,000 MDC 6% 15/1/2043 43 0.02 $200,000 Mizuho Financial 3.663% 168 0.08 $50,000 MDC Partners 6.5% 1/5/2024 36 0.02 28/2/2027 $225,000 MDGH - GMTN 2.5% 7/11/2024 177 0.08 $300,000 Molina Healthcare 4.375% 234 0.11 $200,000 MDGH - GMTN 2.875% 160 0.07 15/6/2028 7/11/2029 $90,000 Molina Healthcare 4.375% 70 0.03 $200,000 MDGH - GMTN 2.875% 161 0.07 15/6/2028 21/5/2030 $100,000 Molina Healthcare 4.875% 76 0.03 $200,000 MDGH - GMTN 3.7% 7/11/2049 164 0.07 15/6/2025 $50,000 Medtronic 4.625% 15/3/2045 52 0.02 $200,000 Molina Healthcare 5.375% 156 0.07 $200,000 Melco Resorts Finance 5.75% 156 0.07 15/11/2022 21/7/2028 $25,000 Mondelez International 4.625% 25 0.01 $100,000 Mercer International 7.375% 77 0.03 7/5/2048 15/1/2025 $75,000 Moody’s 4.25% 1/2/2029 67 0.03 $100,000 Merck & 3.7% 10/2/2045 91 0.04 $100,000 Morgan Stanley 3.875% 83 0.04 $100,000 Meredith 6.875% 1/2/2026 65 0.03 29/4/2024

101 BlackRock Investment Funds BlackRock Systematic Multi Allocation Credit Fund

Portfolio Statement (unaudited) continued

%of %of Holding or Market Total Holding or Market Total Nominal Value Net Nominal Value Net Value Investment1 £000’s Assets Value Investment1 £000’s Assets

$100,000 Morgan Stanley 3.875% 86 0.04 $300,000 Netflix 6.375% 15/5/2029 283 0.13 27/1/2026 $230,000 New Gold 7.5% 15/7/2027 186 0.08 $125,000 Morgan Stanley 4.3% 27/1/2045 122 0.05 $50,000 New York Life Global Funding 40 0.02 $150,000 Morgan Stanley 4.35% 8/9/2026 131 0.06 2.875% 10/4/2024 $100,000 Motorola Solutions 4.6% 86 0.04 $300,000 Newell Brands 4.7% 1/4/2026 241 0.11 23/2/2028 $150,000 Newmont 2.25% 1/10/2030 117 0.05 $50,000 MPH Acquisition 7.125% 38 0.02 $100,000 Nexstar Broadcasting 5.625% 79 0.04 1/6/2024 15/7/2027 $50,000 MPLX LP 4% 15/3/2028 41 0.02 $100,000 NGL Energy Partners LP / NGL 55 0.02 $150,000 MPT Operating Partnership LP / 118 0.05 Energy Finance 7.5% 1/11/2023 MPT Finance 5% 15/10/2027 $50,000 NGL Energy Partners LP / NGL 25 0.01 $300,000 MSCI 3.625% 1/9/2030 235 0.11 Energy Finance 7.5% 15/4/2026 $200,000 MSCI 4% 15/11/2029 160 0.07 $150,000 NIKE 3.25% 27/3/2040 126 0.06 $300,000 Murphy Oil 5.875% 1/12/2027 215 0.10 $50,000 Noble Energy 5.25% 15/11/2043 50 0.02 $200,000 Nacional del Cobre de Chile 3% 157 0.07 $150,000 Nokia 4.375% 12/6/2027 123 0.06 30/9/2029 $200,000 Norbord 5.75% 15/7/2027 159 0.07 $200,000 Nacional del Cobre de Chile 163 0.07 $50,000 Norfolk Southern 4.65% 49 0.02 3.625% 1/8/2027 15/1/2046 $210,000 Nacional del Cobre de Chile 168 0.08 $350,000 NortonLifeLock 5% 15/4/2025 268 0.12 3.7% 30/1/2050 $50,000 Novelis 4.75% 30/1/2030 38 0.02 $250,000 Nacional del Cobre de Chile 207 0.09 $100,000 Novelis 5.875% 30/9/2026 78 0.03 3.75% 15/1/2031 $100,000 NSTAR Electric 3.2% 15/5/2027 84 0.04 $250,000 Nacional del Cobre de Chile 213 0.10 $200,000 Nuance Communications 158 0.07 4.25% 17/7/2042 5.625% 15/12/2026 $225,000 Nacional del Cobre de Chile 201 0.09 $150,000 NuStar Logistics LP 5.625% 113 0.05 4.375% 5/2/2049 28/4/2027 $200,000 Nacional del Cobre de Chile 180 0.08 $100,000 NVIDIA 3.5% 1/4/2040 86 0.04 4.5% 1/8/2047 $300,000 Occidental Petroleum 2.7% 220 0.10 $50,000 National CineMedia 5.875% 30 0.01 15/8/2022 15/4/2028 $200,000 Occidental Petroleum 2.9% 137 0.06 $50,000 National Fuel Gas 5.5% 41 0.02 15/8/2024 15/1/2026 $100,000 Occidental Petroleum 3.2% 65 0.03 $50,000 National Rural Utilities 48 0.02 15/8/2026 Cooperative Finance 4.3% $100,000 Occidental Petroleum 3.4% 66 0.03 15/3/2049 15/4/2026 $75,000 Nationstar Mortgage 5.5% 59 0.03 $500,000 Occidental Petroleum 3.5% 321 0.14 15/8/2028 15/8/2029 $100,000 Nationstar Mortgage 9.125% 81 0.04 $100,000 Occidental Petroleum 4.2% 57 0.03 15/7/2026 15/3/2048 $150,000 Navient 5% 15/3/2027 108 0.05 $200,000 Occidental Petroleum 4.4% 119 0.05 $150,000 Navient 6.125% 25/3/2024 117 0.05 15/4/2046 $75,000 Navistar International 6.625% 57 0.03 $110,000 Occidental Petroleum 6.375% 83 0.04 1/11/2025 1/9/2028 $50,000 Navistar International 9.5% 43 0.02 $300,000 Occidental Petroleum 6.45% 220 0.10 1/5/2025 15/9/2036 $150,000 NCL 12.25% 15/5/2024 125 0.06 $200,000 Occidental Petroleum 8.875% 169 0.08 $50,000 NCR 6.125% 1/9/2029 40 0.02 15/7/2030 $100,000 Netflix 3.625% 15/6/2025 79 0.04 $50,000 Oceaneering International 4.65% 26 0.01 $300,000 Netflix 4.875% 15/4/2028 259 0.12 15/11/2024 $400,000 Netflix 4.875% 15/6/2030 345 0.16 $200,000 OCI 5.25% 1/11/2024 153 0.07

BlackRock Investment Funds 102 BlackRock Systematic Multi Allocation Credit Fund

Portfolio Statement (unaudited) continued

%of %of Holding or Market Total Holding or Market Total Nominal Value Net Nominal Value Net Value Investment1 £000’s Assets Value Investment1 £000’s Assets

$200,000 Oil and Gas BSCC/The 7.5% 164 0.07 $125,000 PayPal 2.85% 1/10/2029 103 0.05 25/10/2027 $50,000 PBF / PBF Finance 6% 15/2/2028 31 0.01 $200,000 Oil and Gas BSCC/The 7.625% 164 0.07 $100,000 PBF / PBF Finance 7.25% 71 0.03 7/11/2024 15/6/2025 $50,000 Omega Healthcare Investors 38 0.02 $40,000 PBF / PBF Finance 9.25% 33 0.01 3.625% 1/10/2029 15/5/2025 $50,000 Omega Healthcare Investors 40 0.02 $100,000 PDC Energy 5.75% 15/5/2026 76 0.03 4.95% 1/4/2024 $100,000 Penske Truck Leasing Lp / PTL 79 0.04 $150,000 Oncor Electric Delivery 2.75% 121 0.05 Finance 3.35% 1/11/2029 1/6/2024 $125,000 PepsiCo 3.45% 6/10/2046 110 0.05 $50,000 Oncor Electric Delivery 3.7% 46 0.02 $50,000 Performance Food 5.5% 39 0.02 15/5/2050 15/10/2027 $100,000 ONE Gas 2% 15/5/2030 78 0.03 $100,000 PerkinElmer 3.3% 15/9/2029 83 0.04 $100,000 OneMain Finance 5.375% 79 0.04 $50,000 Perrigo Finance Unlimited 3.15% 39 0.02 15/11/2029 15/6/2030 $100,000 OneMain Finance 5.625% 79 0.04 $200,000 Pertamina Persero 4.175% 151 0.07 15/3/2023 21/1/2050 $100,000 OneMain Finance 6.125% 81 0.04 $200,000 Pertamina Persero 4.3% 160 0.07 15/3/2024 20/5/2023 $75,000 OneMain Finance 7.125% 64 0.03 $200,000 Pertamina Persero 6% 3/5/2042 185 0.08 15/3/2026 $500,000 Petronas Capital 3.5% 18/3/2025 410 0.19 $200,000 OneMain Finance 8.875% 168 0.08 $200,000 Petronas Capital 3.5% 21/4/2030 169 0.08 1/6/2025 $200,000 Petronas Capital 4.55% 197 0.09 $50,000 ONEOK 5.2% 15/7/2048 37 0.02 21/4/2050 $50,000 ONEOK 6.35% 15/1/2031 44 0.02 $200,000 Petronas Capital 4.8% 21/4/2060 213 0.10 $150,000 Open Text 4.125% 15/2/2030 116 0.05 $100,000 PetSmart 5.875% 1/6/2025 77 0.03 $200,000 Open Text 5.875% 1/6/2026 157 0.07 $50,000 PetSmart 7.125% 15/3/2023 38 0.02 $50,000 Oracle 3.85% 1/4/2060 43 0.02 $100,000 Pfizer 4.4% 15/5/2044 100 0.04 $100,000 Oracle 3.9% 15/5/2035 90 0.04 $50,000 Picasso Finance Sub 6.125% 40 0.02 $100,000 O’Reilly Automotive 3.6% 86 0.04 15/6/2025 1/9/2027 $50,000 Plastipak 6.25% 15/10/2025 38 0.02 $50,000 ORIX 3.7% 18/7/2027 42 0.02 $50,000 Polaris Intermediate 8.5% 38 0.02 $100,000 Oshkosh 3.1% 1/3/2030 79 0.04 1/12/2022 $25,000 Otis Worldwide 3.112% 20 0.01 $100,000 Post 4.625% 15/4/2030 78 0.03 15/2/2040 $100,000 Post 5.5% 15/12/2029 82 0.04 $50,000 Outfront Media Capital / Outfront 37 0.02 $100,000 Power Sector Assets & Liabilities 94 0.04 Media Capital 5% 15/8/2027 Management 7.39% 2/12/2024 $100,000 Owens Corning 3.875% 1/6/2030 84 0.04 $100,000 PPG Industries 2.8% 15/8/2029 81 0.04 $100,000 Owens-Brockway Glass 82 0.04 $50,000 Precision Castparts 4.375% 47 0.02 Container 6.625% 13/5/2027 15/6/2045 $50,000 Packaging of America 3% 41 0.02 $50,000 President and Fellows of 38 0.02 15/12/2029 Harvard College 2.517% $300,000 Par Pharmaceutical 7.5% 239 0.11 15/10/2050 1/4/2027 $200,000 Presidio 4.875% 1/2/2027 153 0.07 $200,000 Parsley Energy / Parsley Finance 155 0.07 $100,000 Prime Security Services 74 0.03 5.625% 15/10/2027 Borrower / Prime Finance $40,000 Pattern Energy Operations LP / 31 0.01 3.375% 31/8/2027 Pattern Energy Operations 4.5% $150,000 Prime Security Services 119 0.05 15/8/2028 Borrower / Prime Finance 5.25% $50,000 PayPal 2.4% 1/10/2024 40 0.02 15/4/2024

103 BlackRock Investment Funds BlackRock Systematic Multi Allocation Credit Fund

Portfolio Statement (unaudited) continued

%of %of Holding or Market Total Holding or Market Total Nominal Value Net Nominal Value Net Value Investment1 £000’s Assets Value Investment1 £000’s Assets

$600,000 Prime Security Services 471 0.21 $50,000 RELX Capital 4% 18/3/2029 44 0.02 Borrower / Prime Finance 6.25% $175,000 RenaissanceRe 3.6% 15/4/2029 147 0.07 15/1/2028 $200,000 Reynolds Issuer / Reynolds 152 0.07 $100,000 Procter & Gamble 2.45% 81 0.04 Issuer / Reynolds Issuer Lu 25/3/2025 5.125% 15/7/2023 $100,000 Procter & Gamble 3.6% 95 0.04 $50,000 Rio Tinto Finance USA 7.125% 53 0.02 25/3/2050 15/7/2028 $150,000 Progressive 2.45% 15/1/2027 122 0.05 $50,000 Ritchie Bros Auctioneers 5.375% 39 0.02 $50,000 Progressive 3.95% 26/3/2050 48 0.02 15/1/2025 $50,000 Prudential Financial 3% 40 0.02 $150,000 Rite Aid 7.5% 1/7/2025 112 0.05 10/3/2040 $100,000 Rite Aid 8% 15/11/2026 76 0.03 $100,000 Public Service Electric and Gas 81 0.04 $150,000 Rockies Express Pipeline 4.8% 110 0.05 3.25% 1/9/2023 15/5/2030 $50,000 Public Service Electric and Gas 46 0.02 $50,000 Roper Technologies 1.75% 38 0.02 3.8% 1/3/2046 15/2/2031 $150,000 Public Storage 3.094% 127 0.06 $50,000 Roper Technologies 3.65% 41 0.02 15/9/2027 15/9/2023 $500,000 PulteGroup 5% 15/1/2027 426 0.19 $50,000 Roper Technologies 4.2% 45 0.02 $470,000 Qorvo 4.375% 15/10/2029 376 0.17 15/9/2028 $50,000 QUALCOMM 4.65% 20/5/2035 50 0.02 $100,000 Royal Bank of Canada 3.7% 82 0.04 $300,000 Quebecor Media 5.75% 240 0.11 5/10/2023 15/1/2023 $10,000 Royal Caribbean Cruises 9.125% 80.00 $100,000 Quest Diagnostics 3.5% 83 0.04 15/6/2023 30/3/2025 $35,000 Royal Caribbean Cruises 29 0.01 $50,000 Quest Diagnostics 4.7% 46 0.02 10.875% 1/6/2023 30/3/2045 $145,000 Royal Caribbean Cruises 11.5% 126 0.06 $200,000 QVC 4.375% 15/3/2023 156 0.07 1/6/2025 $90,000 QVC 4.375% 1/9/2028 70 0.03 $100,000 RPM International 3.75% 81 0.04 $50,000 QVC 4.45% 15/2/2025 39 0.02 15/3/2027 $150,000 QVC 4.75% 15/2/2027 119 0.05 $50,000 S&P Global 3.25% 1/12/2049 43 0.02 $95,000 Radian 4.875% 15/3/2027 71 0.03 $50,000 Sabine Pass Liquefaction 4.2% 41 0.02 15/3/2028 $90,000 Radian 6.625% 15/3/2025 72 0.03 $100,000 Sabine Pass Liquefaction 4.5% 85 0.04 $200,000 RAK Capital 3.094% 31/3/2025 158 0.07 15/5/2030 $200,000 Range Resources 4.875% 139 0.06 $100,000 Sabine Pass Liquefaction 5.75% 85 0.04 15/5/2025 15/5/2024 $100,000 Range Resources 5% 15/8/2022 75 0.03 $50,000 Sally / Sally Capital 5.625% 38 0.02 $570,000 Range Resources 9.25% 448 0.20 1/12/2025 1/2/2026 $150,000 San Diego Gas & Electric 3.6% 121 0.05 $50,000 Raymond James Financial 4.65% 45 0.02 1/9/2023 1/4/2030 $75,000 San Diego Gas & Electric 3.75% 66 0.03 $240,000 Realogy / Realogy Co-Issuer 189 0.09 1/6/2047 7.625% 15/6/2025 $100,000 Santander USA 4.5% 17/7/2025 83 0.04 $50,000 Realogy / Realogy Co-Issuer 39 0.02 $50,000 Santander UK 4% 13/3/2024 41 0.02 9.375% 1/4/2027 $300,000 SBA Communications 3.875% 233 0.11 $100,000 Realty Income 3% 15/1/2027 81 0.04 15/2/2027 $100,000 Realty Income 3.25% 15/1/2031 83 0.04 $300,000 Scientific Games International 220 0.10 $50,000 Refinitiv US 6.25% 15/5/2026 40 0.02 7% 15/5/2028 $50,000 Refinitiv US 8.25% 15/11/2026 41 0.02 $45,000 Scientific Games International 35 0.02 $100,000 RegionalCare Hospital Partners / 81 0.04 8.625% 1/7/2025 LifePoint Health 9.75% 1/12/2026

BlackRock Investment Funds 104 BlackRock Systematic Multi Allocation Credit Fund

Portfolio Statement (unaudited) continued

%of %of Holding or Market Total Holding or Market Total Nominal Value Net Nominal Value Net Value Investment1 £000’s Assets Value Investment1 £000’s Assets

$400,000 Scotts Miracle-Gro 4.5% 320 0.14 $400,000 Southwestern Energy 7.75% 305 0.14 15/10/2029 1/10/2027 $100,000 Seagate HDD Cayman 4.75% 81 0.04 $100,000 Southwestern Energy 8.375% 77 0.03 1/6/2023 15/9/2028 $200,000 Select Medical 6.25% 15/8/2026 160 0.07 $50,000 Spectra Energy Partners LP 44 0.02 $150,000 Sensata Technologies 4.375% 118 0.05 4.5% 15/3/2045 15/2/2030 $100,000 Spectra Energy Partners LP 84 0.04 $25,000 Service International/US 3.375% 19 0.01 4.75% 15/3/2024 15/8/2030 $25,000 Spirit Realty LP 3.4% 15/1/2030 19 0.01 $100,000 Service Properties Trust 4.95% 67 0.03 $300,000 Sprint 7.125% 15/6/2024 260 0.12 1/10/2029 $200,000 Sprint 7.625% 15/2/2025 179 0.08 $230,000 Service Properties Trust 7.5% 187 0.08 $300,000 Sprint 7.875% 15/9/2023 260 0.12 15/9/2025 $200,000 Sprint Capital 6.875% 191 0.09 $200,000 Sharjah Sukuk Program 2.942% 155 0.07 15/11/2028 10/6/2027 $200,000 Sprint Capital 8.75% 15/3/2032 226 0.10 $250,000 Sharjah Sukuk Program 3.234% 198 0.09 $200,000 Sprint Communications 6% 162 0.07 23/10/2029 15/11/2022 $100,000 Shea Homes LP / Shea Homes 76 0.03 $100,000 SS&C Technologies 5.5% 80 0.04 Funding 4.75% 15/2/2028 30/9/2027 $50,000 Sherwin-Williams 2.95% 41 0.02 $150,000 Standard Industries Inc/NJ 5% 117 0.05 15/8/2029 15/2/2027 $50,000 Sherwin-Williams 3.8% 15/8/2049 43 0.02 $50,000 Stanley Black & Decker 3.4% 42 0.02 $100,000 Siemens 97 0.04 1/3/2026 Financieringsmaatschappij $150,000 Staples 7.5% 15/4/2026 99 0.04 6.125% 17/8/2026 $50,000 Starbucks 3.35% 12/3/2050 38 0.02 $50,000 Signature Aviation US 4% 37 0.02 $300,000 Stars / Stars US Co-Borrower 7% 238 0.11 1/3/2028 15/7/2026 $50,000 Sinclair Television 5.875% 37 0.02 $200,000 State Grid Overseas Investment 168 0.08 15/3/2026 2016 3.5% 4/5/2027 $170,000 Sirius XM Radio 4.125% 1/7/2030 134 0.06 $250,000 State Grid Overseas Investment 220 0.10 $150,000 Sirius XM Radio 4.625% 116 0.05 2016 4.25% 2/5/2028 15/7/2024 $200,000 State Oil of the Azerbaijan 158 0.07 $100,000 Sirius XM Radio 5.5% 1/7/2029 82 0.04 Republic 4.75% 13/3/2023 $50,000 Snap-on 3.1% 1/5/2050 39 0.02 $100,000 Station Casinos 4.5% 15/2/2028 71 0.03 $200,000 Societe Generale 2.625% 156 0.07 $75,000 STORE Capital 4.5% 15/3/2028 59 0.03 16/10/2024 $50,000 Stryker 3.5% 15/3/2026 42 0.02 $50,000 Sonoco Products 3.125% 41 0.02 $200,000 Sumitomo Mitsui Financial 2.13% 153 0.07 1/5/2030 8/7/2030 $200,000 SoQ Sukuk A 3.241% 18/1/2023 154 0.07 $50,000 Summit Materials / Summit 39 0.02 $100,000 Southern California Edison 3.7% 83 0.04 Materials Finance 5.25% 1/8/2025 15/1/2029 $100,000 Southern California Edison 87 0.04 $100,000 SunCoke Energy Partners LP / 67 0.03 4.65% 1/10/2043 SunCoke Energy Partners $75,000 Southwest Airlines 3.45% 56 0.03 Finance 7.5% 15/6/2025 16/11/2027 $250,000 Sunoco LP / Sunoco Finance 6% 199 0.09 $25,000 Southwest Gas 3.8% 29/9/2046 21 0.01 15/4/2027 $100,000 Southwestern Energy 6.45% 75 0.03 $150,000 Surgery Center 6.75% 1/7/2025 110 0.05 23/1/2025 $45,000 Surgery Center 10% 15/4/2027 36 0.02 $100,000 Southwestern Energy 7.5% 76 0.03 $200,000 Suzano Austria 6% 15/1/2029 169 0.08 1/4/2026

105 BlackRock Investment Funds BlackRock Systematic Multi Allocation Credit Fund

Portfolio Statement (unaudited) continued

%of %of Holding or Market Total Holding or Market Total Nominal Value Net Nominal Value Net Value Investment1 £000’s Assets Value Investment1 £000’s Assets

$50,000 Swiss Re Treasury US 4.25% 46 0.02 $250,000 TopBuild 5.625% 1/5/2026 194 0.09 6/12/2042 $50,000 Toronto-Dominion Bank/The 40 0.02 $50,000 Talen Energy Supply 6.5% 26 0.01 2.65% 12/6/2024 1/6/2025 $150,000 Total Capital International 2.7% 118 0.05 $50,000 Talen Energy Supply 6.625% 37 0.02 25/1/2023 15/1/2028 $50,000 Total Capital International 42 0.02 $50,000 Talen Energy Supply 10.5% 30 0.01 2.829% 10/1/2030 15/1/2026 $50,000 Total Capital International 42 0.02 $200,000 Tallgrass Energy Partners LP / 137 0.06 3.461% 12/7/2049 Tallgrass Energy Finance 5.5% $100,000 Toyota Motor Credit 3.375% 87 0.04 15/1/2028 1/4/2030 $100,000 Targa Resources Partners LP / 79 0.04 $100,000 TransCanada PipeLines 4.1% 87 0.04 Targa Resources Partners 15/4/2030 Finance 5.5% 1/3/2030 $50,000 TransCanada PipeLines 5.1% 50 0.02 $300,000 Targa Resources Partners LP / 236 0.11 15/3/2049 Targa Resources Partners $50,000 Transcontinental Gas Pipe Line 41 0.02 Finance 5.875% 15/4/2026 3.95% 15/5/2050 $100,000 Taylor Morrison Communities 84 0.04 $50,000 Transcontinental Gas Pipe Line 42 0.02 5.75% 15/1/2028 4% 15/3/2028 $50,000 TEGNA 4.625% 15/3/2028 38 0.02 $200,000 TransDigm 5.5% 15/11/2027 146 0.07 $150,000 Telecom Italia Capital 6% 136 0.06 $300,000 TransDigm 6.25% 15/3/2026 237 0.11 30/9/2034 $300,000 TransDigm 6.375% 15/6/2026 227 0.10 $110,000 Teleflex 4.25% 1/6/2028 87 0.04 $100,000 TransDigm 6.5% 15/7/2024 75 0.03 $200,000 Telesat Canada / Telesat 4.875% 152 0.07 $200,000 TransDigm 8% 15/12/2025 162 0.07 1/6/2027 $234,000 Transocean Pontus 6.125% 156 0.07 $150,000 Tenet Healthcare 4.625% 115 0.05 1/8/2025 15/7/2024 $100,000 Transurban Finance Pty 3.375% 80 0.04 $200,000 Tenet Healthcare 4.875% 155 0.07 22/3/2027 1/1/2026 $25,000 Travelers Cos 4% 30/5/2047 23 0.01 $100,000 Tenet Healthcare 5.125% 79 0.04 $50,000 Travelers Cos 5.35% 1/11/2040 52 0.02 1/11/2027 $30,000 TRI Pointe 5.7% 15/6/2028 25 0.01 $200,000 Tenet Healthcare 6.25% 1/2/2027 157 0.07 $250,000 TRI Pointe / TRI Pointe Homes 203 0.09 $150,000 TerraForm Power Operating 5% 124 0.06 5.875% 15/6/2024 31/1/2028 $50,000 Tri-State Generation and 51 0.02 $500,000 Tesla 5.3% 15/8/2025 388 0.18 Transmission Association 6% $100,000 Texas Eastern Transmission LP 81 0.04 15/6/2040 3.5% 15/1/2028 $200,000 Trivium Packaging Finance 5.5% 158 0.07 $50,000 Texas Instruments 1.75% 39 0.02 15/8/2026 4/5/2030 $200,000 Tronox 6.5% 1/5/2025 160 0.07 $50,000 Thermo Fisher Scientific 4.497% 47 0.02 $500,000 Tutor Perini 6.875% 1/5/2025 359 0.16 25/3/2030 $90,000 Uber Technologies 7.5% 71 0.03 $100,000 Thomson Reuters 3.35% 83 0.04 15/5/2025 15/5/2026 $500,000 Uber Technologies 7.5% 391 0.18 $125,000 Time Warner Cable 4.5% 105 0.05 15/9/2027 15/9/2042 $200,000 UBS 4.125% 24/9/2025 171 0.08 $150,000 TJX Cos 2.25% 15/9/2026 120 0.05 $200,000 UniCredit 7.296% 2/4/2034 175 0.08 $150,000 T-Mobile USA 3.5% 15/4/2025 124 0.06 $100,000 Unilever Capital 3.25% 7/3/2024 81 0.04 $100,000 T-Mobile USA 4.375% 15/4/2040 89 0.04 $50,000 Union Pacific 3.6% 15/9/2037 42 0.02 $200,000 T-Mobile USA 4.5% 1/2/2026 154 0.07 $50,000 United Parcel Service 5.2% 52 0.02 $100,000 T-Mobile USA 4.75% 1/2/2028 80 0.04 1/4/2040

BlackRock Investment Funds 106 BlackRock Systematic Multi Allocation Credit Fund

Portfolio Statement (unaudited) continued

%of %of Holding or Market Total Holding or Market Total Nominal Value Net Nominal Value Net Value Investment1 £000’s Assets Value Investment1 £000’s Assets

$100,000 United Rentals North America 78 0.03 $100,000 VICI Properties LP / VICI 76 0.03 3.875% 15/11/2027 Note 4.25% 1/12/2026 $110,000 United Rentals North America 85 0.04 $50,000 Viking Cruises 5.875% 15/9/2027 27 0.01 3.875% 15/2/2031 $50,000 Viking Cruises 13% 15/5/2025 41 0.02 $100,000 United Rentals North America 78 0.03 $300,000 Virgin Media Secured Finance 242 0.11 4% 15/7/2030 5.5% 15/5/2029 $100,000 United Rentals North America 79 0.04 $150,000 Visa 2.7% 15/4/2040 121 0.05 4.875% 15/1/2028 $100,000 Visa 3.15% 14/12/2025 84 0.04 $50,000 UnitedHealth 2.9% 15/5/2050 40 0.02 $50,000 Vodafone 5.25% 30/5/2048 49 0.02 $100,000 UnitedHealth 3.75% 15/7/2025 86 0.04 $150,000 Vodafone 7% 4/4/2079 135 0.06 $125,000 UnitedHealth 3.95% 15/10/2042 112 0.05 $50,000 Vulcan Materials 3.5% 1/6/2030 42 0.02 $150,000 Uniti LP / Uniti Finance / CSL 113 0.05 $25,000 W R Berkley 4% 12/5/2050 22 0.01 Capital 6% 15/4/2023 $100,000 Walt Disney 2% 1/9/2029 78 0.03 $500,000 Uniti LP / Uniti Fiber / CSL 395 0.18 $75,000 Walt Disney 3.5% 13/5/2040 63 0.03 Capital 7.875% 15/2/2025 $125,000 Waste Connections 4.25% 112 0.05 $50,000 University of Chicago/The 40 0.02 1/12/2028 2.761% 1/4/2045 $50,000 Waste Pro USA 5.5% 15/2/2026 38 0.02 $50,000 University of Southern California 40 0.02 $150,000 Weatherford International 11% 76 0.03 2.805% 1/10/2050 1/12/2024 $200,000 Univision Communications 150 0.07 $100,000 Wells Fargo & 2.879% 80 0.04 6.625% 1/6/2027 30/10/2030 $50,000 Upjohn 4% 22/6/2050 41 0.02 $100,000 Wells Fargo & 3.068% 30/4/2041 79 0.04 $150,000 US Bancorp 2.4% 30/7/2024 120 0.05 $125,000 Wells Fargo & 3.75% 24/1/2024 102 0.05 $100,000 US Bancorp 3.15% 27/4/2027 85 0.04 $50,000 Wells Fargo & 5.013% 4/4/2051 51 0.02 $50,000 USA Compression Partners LP / 39 0.02 $50,000 Welltower 3.1% 15/1/2030 39 0.02 USA Compression Finance 6.875% 1/9/2027 $75,000 WESCO Distribution 7.125% 62 0.03 15/6/2025 $50,000 Valero Energy 4% 1/4/2029 42 0.02 $45,000 WESCO Distribution 7.25% 37 0.02 $45,000 Valvoline 4.375% 15/8/2025 35 0.02 15/6/2028 $200,000 VeriSign 4.75% 15/7/2027 159 0.07 $100,000 Western Midstream Operating LP 74 0.03 $50,000 Verisk Analytics 3.625% 43 0.02 4.1% 1/2/2025 15/5/2050 $200,000 Western Midstream Operating LP 153 0.07 $100,000 Verisk Analytics 4% 15/6/2025 86 0.04 5.05% 1/2/2030 $50,000 Veritas US / Veritas Bermuda 39 0.02 $150,000 Western Midstream Operating LP 112 0.05 7.5% 1/9/2025 6.25% 1/2/2050 $100,000 Verizon Communications 4.522% 98 0.04 $100,000 Westpac Banking 2.65% 83 0.04 15/9/2048 16/1/2030 $50,000 Verizon Communications 5.15% 42 0.02 $50,000 William Carter 5.625% 15/3/2027 39 0.02 15/9/2023 $100,000 Williams Cos 3.5% 15/11/2030 83 0.04 $150,000 Verizon Communications 5.25% 152 0.07 $90,000 Williams Scotsman International 68 0.03 16/3/2037 4.625% 15/8/2028 $200,000 Vertical US Newco 5.25% 156 0.07 $110,000 Windstream Escrow / 82 0.04 15/7/2027 Windstream Escrow Finance $200,000 ViaSat 5.625% 15/9/2025 150 0.07 7.75% 15/8/2028 $60,000 ViaSat 6.5% 15/7/2028 46 0.02 $155,000 WMG Acquisition 3% 15/2/2031 115 0.05 $200,000 VICI Properties LP / VICI 149 0.07 $50,000 Wolverine Escrow 8.5% 29 0.01 Note 3.75% 15/2/2027 15/11/2024 $100,000 VICI Properties LP / VICI 75 0.03 $50,000 Wolverine Escrow 9% 15/11/2026 29 0.01 Note 4.125% 15/8/2030 $200,000 WPX Energy 4.5% 15/1/2030 143 0.06 $18,000 WPX Energy 5.875% 15/6/2028 14 0.01

107 BlackRock Investment Funds BlackRock Systematic Multi Allocation Credit Fund

Portfolio Statement (unaudited) continued

%of %of Holding or Market Total Holding or Market Total Nominal Value Net Nominal Value Net Value Investment1 £000’s Assets Value Investment1 £000’s Assets

$100,000 Wyndham Destinations 5.75% 77 0.03 $650,000 Argentine Republic Government 209 0.09 1/4/2027 International Bond 3.75% $100,000 Wynn Las Vegas / Wynn Las 74 0.03 31/12/2038 Vegas Capital 5.5% 1/3/2025 $300,000 Argentine Republic Government 105 0.05 $200,000 Wynn Macau 5.5% 15/1/2026 151 0.07 International Bond 4.625% $200,000 Xerox 4.125% 15/3/2023 153 0.07 11/1/2023 $100,000 Xilinx 2.375% 1/6/2030 80 0.04 $450,000 Argentine Republic Government 159 0.07 International Bond 5.625% $200,000 XPO Logistics 6.25% 1/5/2025 159 0.07 26/1/2022 $50,000 XPO Logistics 6.75% 15/8/2024 40 0.02 $750,000 Argentine Republic Government 248 0.11 $450,000 Yum! Brands 4.75% 15/1/2030 371 0.17 International Bond 5.875% $100,000 Zayo 4% 1/3/2027 74 0.03 11/1/2028 $150,000 ZF North America Capital 4.75% 118 0.05 $150,000 Argentine Republic Government 50 0.02 29/4/2025 International Bond 6.625% $150,000 Ziggo Bond 6% 15/1/2027 118 0.05 6/7/2028 $50,000 Zimmer Biomet 3.55% 20/3/2030 42 0.02 $300,000 Argentine Republic Government 99 0.04 $100,000 Zoetis 2% 15/5/2030 78 0.03 International Bond 6.875% $50,000 Zoetis 3.9% 20/8/2028 44 0.02 26/1/2027 $50,000 Zoetis 4.7% 1/2/2043 50 0.02 $350,000 Argentine Republic Government 112 0.05 International Bond 6.875% 107,018 48.42 11/1/2048 US Dollar Denominated Government Bonds − 32.29% $150,000 Argentine Republic Government 50 0.02 $300,000 Abu Dhabi Government 234 0.11 International Bond 7.125% International Bond 2.125% 6/7/2036 30/9/2024 $325,000 Argentine Republic Government 105 0.05 $300,000 Abu Dhabi Government 232 0.10 International Bond 7.125% International Bond 2.5% 28/6/2117 11/10/2022 $800,000 Argentine Republic Government 271 0.12 $250,000 Abu Dhabi Government 198 0.09 International Bond 7.5% International Bond 2.5% 22/4/2026 16/4/2025 $350,000 Argentine Republic Government 114 0.05 $200,000 Abu Dhabi Government 161 0.07 International Bond 7.625% International Bond 2.5% 22/4/2046 30/9/2029 $701,019 Argentine Republic Government 275 0.12 $200,000 Abu Dhabi Government 165 0.07 International Bond 8.28% International Bond 3.125% 31/12/2033 3/5/2026 $200,000 Bahrain Government 156 0.07 $300,000 Abu Dhabi Government 250 0.11 International Bond 5.625% International Bond 3.125% 30/9/2031 11/10/2027 $200,000 Bahrain Government 148 0.07 $400,000 Abu Dhabi Government 334 0.15 International Bond 6% 19/9/2044 International Bond 3.125% $200,000 Bahrain Government 160 0.07 16/4/2030 International Bond 6.125% $400,000 Abu Dhabi Government 321 0.15 1/8/2023 International Bond 3.125% $200,000 Bahrain Government 168 0.08 30/9/2049 International Bond 6.75% $200,000 Abu Dhabi Government 182 0.08 20/9/2029 International Bond 3.875% $200,000 Bahrain Government 170 0.08 16/4/2050 International Bond 7% 26/1/2026 $200,000 Abu Dhabi Government 190 0.09 $200,000 Banque Centrale de Tunisie 140 0.06 International Bond 4.125% International Bond 5.75% 11/10/2047 30/1/2025

BlackRock Investment Funds 108 BlackRock Systematic Multi Allocation Credit Fund

Portfolio Statement (unaudited) continued

%of %of Holding or Market Total Holding or Market Total Nominal Value Net Nominal Value Net Value Investment1 £000’s Assets Value Investment1 £000’s Assets

$100,000 Barbados Government 73 0.03 $300,000 Chile Government International 249 0.11 International Bond 6.5% Bond 3.24% 6/2/2028 1/10/2029 $450,000 Chile Government International 392 0.18 $70,000 Belize Government International 23 0.01 Bond 3.5% 25/1/2050 Bond 4.9375% 20/2/2034 $200,000 Chile Government International 184 0.08 $400,000 Bolivian Government 260 0.12 Bond 3.86% 21/6/2047 International Bond 4.5% $300,000 China Government International 245 0.11 20/3/2028 Bond 2.625% 2/11/2027 $200,000 Brazilian Government 154 0.07 $200,000 Colombia Government 153 0.07 International Bond 2.625% International Bond 2.625% 5/1/2023 15/3/2023 $300,000 Brazilian Government 227 0.10 $200,000 Colombia Government 150 0.07 International Bond 2.875% International Bond 3% 30/1/2030 6/6/2025 $250,000 Colombia Government 192 0.09 $250,000 Brazilian Government 191 0.09 International Bond 3.125% International Bond 3.875% 15/4/2031 12/6/2030 $200,000 Colombia Government 162 0.07 $350,000 Brazilian Government 282 0.13 International Bond 3.875% International Bond 4.25% 25/4/2027 7/1/2025 $250,000 Colombia Government 199 0.09 $200,000 Brazilian Government 162 0.07 International Bond 4% 26/2/2024 International Bond 4.5% $250,000 Colombia Government 197 0.09 30/5/2029 International Bond 4.125% $400,000 Brazilian Government 330 0.15 15/5/2051 International Bond 4.625% $200,000 Colombia Government 165 0.07 13/1/2028 International Bond 4.5% $200,000 Brazilian Government 150 0.07 28/1/2026 International Bond 4.75% $200,000 Colombia Government 167 0.08 14/1/2050 International Bond 4.5% $400,000 Brazilian Government 312 0.14 15/3/2029 International Bond 5% 27/1/2045 $550,000 Colombia Government 492 0.22 $225,000 Brazilian Government 188 0.08 International Bond 5% 15/6/2045 International Bond 5.625% $200,000 Colombia Government 185 0.08 7/1/2041 International Bond 5.2% $200,000 Brazilian Government 167 0.08 15/5/2049 International Bond 5.625% $200,000 Colombia Government 190 0.09 21/2/2047 International Bond 5.625% $200,000 Brazilian Government 175 0.08 26/2/2044 International Bond 6% 7/4/2026 $250,000 Colombia Government 244 0.11 $175,000 Brazilian Government 167 0.08 International Bond 6.125% International Bond 7.125% 18/1/2041 20/1/2037 $190,000 Colombia Government 203 0.09 $50,000 Brazilian Government 51 0.02 International Bond 7.375% International Bond 8.25% 18/9/2037 20/1/2034 $100,000 Colombia Government 91 0.04 $100,000 Brazilian Government 93 0.04 International Bond 8.125% International Bond 8.875% 21/5/2024 15/4/2024 $400,000 Costa Rica Government 286 0.13 $200,000 Chile Government International 158 0.07 International Bond 4.25% Bond 2.45% 31/1/2031 26/1/2023 $200,000 Chile Government International 158 0.07 Bond 2.55% 27/1/2032

109 BlackRock Investment Funds BlackRock Systematic Multi Allocation Credit Fund

Portfolio Statement (unaudited) continued

%of %of Holding or Market Total Holding or Market Total Nominal Value Net Nominal Value Net Value Investment1 £000’s Assets Value Investment1 £000’s Assets

$200,000 Costa Rica Government 137 0.06 $400,000 Ecuador Government 167 0.08 International Bond 4.375% International Bond 7.95% 30/4/2025 31/7/2040 $200,000 Costa Rica Government 126 0.06 $270,000 Ecuador Government 109 0.05 International Bond 5.625% International Bond 8.75% 30/4/2043 31/7/2040 $215,000 Costa Rica Government 149 0.07 $400,000 Ecuador Government 155 0.07 International Bond 6.125% International Bond 8.875% 19/2/2031 31/7/2040 $200,000 Costa Rica Government 134 0.06 $200,000 Ecuador Government 79 0.04 International Bond 7% 4/4/2044 International Bond 9.5% $300,000 Costa Rica Government 206 0.09 31/7/2040 International Bond 7.158% $300,000 Ecuador Government 116 0.05 12/3/2045 International Bond 9.625% $200,000 Croatia Government International 166 0.08 31/7/2040 Bond 5.5% 4/4/2023 $200,000 Ecuador Government 77 0.03 $500,000 Croatia Government International 433 0.20 International Bond 9.65% Bond 6% 26/1/2024 31/7/2040 $200,000 Development Bank of Mongolia 157 0.07 $450,000 Ecuador Government 189 0.09 7.25% 23/10/2023 International Bond 10.75% $200,000 Development Bank of the 141 0.06 31/7/2040 Republic of Belarus JSC 6.75% $425,000 Ecuador Government 166 0.08 2/5/2024 International Bond 10.75% $250,000 Dominican Republic International 185 0.08 31/7/2040 Bond 4.5% 30/1/2030 $200,000 Egypt Government International 153 0.07 $300,000 Dominican Republic International 233 0.11 Bond 5.75% 29/5/2024 Bond 5.5% 27/1/2025 $200,000 Egypt Government International 154 0.07 $200,000 Dominican Republic International 157 0.07 Bond 5.875% 11/6/2025 Bond 5.875% 18/4/2024 $200,000 Egypt Government International 153 0.07 $200,000 Dominican Republic International 143 0.06 Bond 6.125% 31/1/2022 Bond 5.875% 30/1/2060 $200,000 Egypt Government International 148 0.07 $350,000 Dominican Republic International 280 0.13 Bond 7.0529% 15/1/2032 Bond 5.95% 25/1/2027 $200,000 Egypt Government International 160 0.07 $150,000 Dominican Republic International 121 0.05 Bond 7.5% 31/1/2027 Bond 6% 19/7/2028 $200,000 Egypt Government International 157 0.07 $200,000 Dominican Republic International 151 0.07 Bond 7.6003% 1/3/2029 Bond 6.4% 5/6/2049 $200,000 Egypt Government International 152 0.07 $225,000 Dominican Republic International 171 0.08 Bond 7.625% 29/5/2032 Bond 6.5% 15/2/2048 $200,000 Egypt Government International 146 0.07 $350,000 Dominican Republic International 278 0.13 Bond 8.15% 20/11/2059 Bond 6.85% 27/1/2045 $210,000 Egypt Government International 161 0.07 $300,000 Dominican Republic International 247 0.11 Bond 8.5% 31/1/2047 Bond 6.875% 29/1/2026 $200,000 Egypt Government International 155 0.07 $350,000 Dominican Republic International 297 0.13 Bond 8.875% 29/5/2050 Bond 7.45% 30/4/2044 $200,000 El Salvador Government 140 0.06 $300,000 Ecuador Government 113 0.05 International Bond 5.875% International Bond 7.875% 30/1/2025 31/7/2040 $100,000 El Salvador Government 70 0.03 $200,000 Ecuador Government 78 0.04 International Bond 6.375% International Bond 7.875% 18/1/2027 31/7/2040

BlackRock Investment Funds 110 BlackRock Systematic Multi Allocation Credit Fund

Portfolio Statement (unaudited) continued

%of %of Holding or Market Total Holding or Market Total Nominal Value Net Nominal Value Net Value Investment1 £000’s Assets Value Investment1 £000’s Assets

$200,000 El Salvador Government 128 0.06 $280,000 Hungary Government 372 0.17 International Bond 7.1246% International Bond 7.625% 20/1/2050 29/3/2041 $390,000 El Salvador Government 274 0.12 $200,000 Indonesia Government 157 0.07 International Bond 7.65% International Bond 2.85% 15/6/2035 14/2/2030 $125,000 El Salvador Government 94 0.04 $200,000 Indonesia Government 171 0.08 International Bond 7.75% International Bond 3.85% 24/1/2023 15/10/2030 $175,000 El Salvador Government 134 0.06 $250,000 Indonesia Government 208 0.09 International Bond 8.625% International Bond 4.125% 28/2/2029 15/1/2025 $200,000 Financiera de Desarrollo 4.75% 167 0.08 $200,000 Indonesia Government 176 0.08 15/7/2025 International Bond 4.2% $150,000 Fondo MIVIVIENDA 3.5% 116 0.05 15/10/2050 31/1/2023 $200,000 Indonesia Government 172 0.08 $200,000 Gabon Government International 144 0.07 International Bond 4.35% Bond 6.625% 6/2/2031 8/1/2027 $200,000 Ghana Government International 143 0.06 $200,000 Indonesia Government 165 0.07 Bond 7.625% 16/5/2029 International Bond 4.45% $200,000 Ghana Government International 147 0.07 11/2/2024 Bond 7.875% 26/3/2027 $200,000 Indonesia Government 179 0.08 $225,000 Ghana Government International 153 0.07 International Bond 4.625% Bond 7.875% 11/2/2035 15/4/2043 $200,000 Ghana Government International 153 0.07 $200,000 Indonesia Government 193 0.09 Bond 8.125% 18/1/2026 International Bond 5.125% 15/1/2045 $200,000 Ghana Government International 141 0.06 Bond 8.125% 26/3/2032 $200,000 Indonesia Government 214 0.10 International Bond 5.95% $200,000 Ghana Government International 136 0.06 8/1/2046 Bond 8.75% 11/3/2061 $100,000 Indonesia Government 107 0.05 $250,000 Ghana Government International 173 0.08 International Bond 6.625% Bond 8.95% 26/3/2051 17/2/2037 $200,000 Guatemala Government Bond 162 0.07 $200,000 Indonesia Government 235 0.11 4.5% 3/5/2026 International Bond 7.75% $200,000 Guatemala Government Bond 175 0.08 17/1/2038 5.375% 24/4/2032 $150,000 Indonesia Government 182 0.08 $200,000 Guatemala Government Bond 185 0.08 International Bond 8.5% 6.125% 1/6/2050 12/10/2035 $200,000 Honduras Government 163 0.07 $249,000 Ivory Coast Government 182 0.08 International Bond 5.625% International Bond 5.75% 24/6/2030 31/12/2032 $430,000 Hungary Government 355 0.16 $200,000 Ivory Coast Government 155 0.07 International Bond 5.375% International Bond 6.375% 21/2/2023 3/3/2028 $480,000 Hungary Government 412 0.19 $400,000 Jamaica Government 347 0.16 International Bond 5.375% International Bond 6.75% 25/3/2024 28/4/2028 $370,000 Hungary Government 317 0.14 $300,000 Jamaica Government 294 0.13 International Bond 5.75% International Bond 7.875% 22/11/2023 28/7/2045

111 BlackRock Investment Funds BlackRock Systematic Multi Allocation Credit Fund

Portfolio Statement (unaudited) continued

%of %of Holding or Market Total Holding or Market Total Nominal Value Net Nominal Value Net Value Investment1 £000’s Assets Value Investment1 £000’s Assets

$400,000 Jamaica Government 395 0.18 $175,000 Lebanon Government 21 0.01 International Bond 8% 15/3/2039 International Bond 7% 23/3/2032 $280,000 Jordan Government International 215 0.10 $100,000 Lebanon Government 12 0.01 Bond 5.75% 31/1/2027 International Bond 7.05% $200,000 Jordan Government International 155 0.07 2/11/2035 Bond 7.375% 10/10/2047 $400,000 Lithuania Government 324 0.15 $200,000 Kazakhstan Government 165 0.07 International Bond 6.625% International Bond 3.875% 1/2/2022 14/10/2024 $200,000 Mexico Government International 154 0.07 $200,000 Kazakhstan Government 202 0.09 Bond 3.25% 16/4/2030 International Bond 4.875% $200,000 Mexico Government International 163 0.07 14/10/2044 Bond 3.9% 27/4/2025 $300,000 Kazakhstan Government 262 0.12 $200,000 Mexico Government International 162 0.07 International Bond 5.125% Bond 4% 2/10/2023 21/7/2025 $200,000 Mexico Government International 166 0.08 $285,000 Kazakhstan Government 338 0.15 Bond 4.125% 21/1/2026 International Bond 6.5% $200,000 Mexico Government International 158 0.07 21/7/2045 Bond 4.35% 15/1/2047 $200,000 Kenya Government International 154 0.07 $200,000 Mexico Government International 167 0.08 Bond 6.875% 24/6/2024 Bond 4.5% 22/4/2029 $200,000 Kenya Government International 151 0.07 $220,000 Mexico Government International 177 0.08 Bond 7.25% 28/2/2028 Bond 4.5% 31/1/2050 $260,000 Kenya Government International 199 0.09 $200,000 Mexico Government International 164 0.07 Bond 8% 22/5/2032 Bond 4.6% 23/1/2046 $525,000 Kuwait International Government 444 0.20 $225,000 Mexico Government International 192 0.09 Bond 3.5% 20/3/2027 Bond 4.75% 27/4/2032 $150,000 Lebanon Government 18 0.01 $200,000 Mexico Government International 167 0.08 International Bond 6% 27/1/2023 Bond 4.75% 8/3/2044 $100,000 Lebanon Government 13 0.01 $100,000 Mexico Government International 93 0.04 International Bond 6.1% Bond 5.55% 21/1/2045 4/10/2022 $130,000 Mexico Government International 118 0.05 $100,000 Lebanon Government 12 0.01 Bond 5.75% 12/10/2110 International Bond 6.2% $150,000 Mexico Government International 144 0.07 26/2/2025 Bond 6.05% 11/1/2040 $175,000 Lebanon Government 21 0.01 $50,000 Mexico Government International 51 0.02 International Bond 6.6% Bond 6.75% 27/9/2034 27/11/2026 $200,000 Mongolia Government 152 0.07 $150,000 Lebanon Government 18 0.01 International Bond 5.125% International Bond 6.65% 5/12/2022 22/4/2024 $200,000 Mongolia Government 168 0.08 $100,000 Lebanon Government 12 0.01 International Bond 8.75% International Bond 6.65% 9/3/2024 3/11/2028 $250,000 Morocco Government 196 0.09 $200,000 Lebanon Government 23 0.01 International Bond 4.25% International Bond 6.65% 11/12/2022 26/2/2030 $200,000 Morocco Government 191 0.09 $150,000 Lebanon Government 18 0.01 International Bond 5.5% International Bond 6.75% 11/12/2042 29/11/2027 $200,000 Mozambique International Bond 127 0.06 $200,000 Lebanon Government 24 0.01 5% 15/9/2031 International Bond 6.85% 23/3/2027

BlackRock Investment Funds 112 BlackRock Systematic Multi Allocation Credit Fund

Portfolio Statement (unaudited) continued

%of %of Holding or Market Total Holding or Market Total Nominal Value Net Nominal Value Net Value Investment1 £000’s Assets Value Investment1 £000’s Assets

$200,000 Namibia International Bonds 151 0.07 $200,000 Panama Government 193 0.09 5.25% 29/10/2025 International Bond 4.5% $200,000 Oman Government International 148 0.07 16/4/2050 Bond 3.875% 8/3/2022 $520,000 Panama Government 503 0.23 $200,000 Oman Government International 147 0.07 International Bond 4.5% Bond 4.125% 17/1/2023 1/4/2056 $410,000 Oman Government International 289 0.13 $250,000 Panama Government 277 0.13 Bond 4.75% 15/6/2026 International Bond 6.7% $200,000 Oman Government International 147 0.07 26/1/2036 Bond 4.875% 1/2/2025 $100,000 Panama Government 111 0.05 $400,000 Oman Government International 291 0.13 International Bond 6.7% Bond 5.375% 8/3/2027 26/1/2036 $500,000 Oman Government International 364 0.16 $325,000 Panama Government 308 0.14 Bond 5.625% 17/1/2028 International Bond 7.125% 29/1/2026 $400,000 Oman Government International 292 0.13 Bond 6% 1/8/2029 $100,000 Panama Government 116 0.05 International Bond 9.375% $500,000 Oman Government International 331 0.15 1/4/2029 Bond 6.5% 8/3/2047 $200,000 Paraguay Government 173 0.08 $420,000 Oman Government International 282 0.13 International Bond 4.95% Bond 6.75% 17/1/2048 28/4/2031 $500,000 Oman Sovereign Sukuk 4.397% 374 0.17 $200,000 Paraguay Government 172 0.08 1/6/2024 International Bond 5% 15/4/2026 $200,000 Oman Sovereign Sukuk 5.932% 159 0.07 $200,000 Paraguay Government 188 0.09 31/10/2025 International Bond 5.4% $250,000 Pakistan Government 194 0.09 30/3/2050 International Bond 6.875% $250,000 Paraguay Government 249 0.11 5/12/2027 International Bond 6.1% $200,000 Pakistan Government 163 0.07 11/8/2044 International Bond 8.25% $200,000 Perusahaan Penerbit SBSN 155 0.07 15/4/2024 Indonesia III 2.8% 23/6/2030 $300,000 Panama Government 244 0.11 $200,000 Perusahaan Penerbit SBSN 156 0.07 International Bond 3.16% Indonesia III 3.3% 21/11/2022 23/1/2030 $200,000 Perusahaan Penerbit SBSN 164 0.07 $200,000 Panama Government 164 0.07 Indonesia III 3.9% 20/8/2024 International Bond 3.75% 16/3/2025 $200,000 Perusahaan Penerbit SBSN 169 0.08 Indonesia III 4.325% 28/5/2025 $200,000 Panama Government 178 0.08 International Bond 3.87% $200,000 Perusahaan Penerbit SBSN 172 0.08 23/7/2060 Indonesia III 4.4% 1/3/2028 $400,000 Panama Government 340 0.15 $150,000 Peruvian Government 119 0.05 International Bond 3.875% International Bond 2.392% 17/3/2028 23/1/2026 $200,000 Panama Government 164 0.07 $300,000 Peruvian Government 244 0.11 International Bond 4% 22/9/2024 International Bond 2.783% 23/1/2031 $400,000 Panama Government 376 0.17 International Bond 4.3% $220,000 Peruvian Government 180 0.08 29/4/2053 International Bond 2.844% 20/6/2030 $200,000 Panama Government 192 0.09 International Bond 4.5% $200,000 Peruvian Government 174 0.08 15/5/2047 International Bond 4.125% 25/8/2027

113 BlackRock Investment Funds BlackRock Systematic Multi Allocation Credit Fund

Portfolio Statement (unaudited) continued

%of %of Holding or Market Total Holding or Market Total Nominal Value Net Nominal Value Net Value Investment1 £000’s Assets Value Investment1 £000’s Assets

$470,000 Peruvian Government 581 0.26 $200,000 Qatar Government International 162 0.07 International Bond 5.625% Bond 3.25% 2/6/2026 18/11/2050 $200,000 Qatar Government International 158 0.07 $250,000 Peruvian Government 290 0.13 Bond 3.375% 14/3/2024 International Bond 6.55% $200,000 Qatar Government International 161 0.07 14/3/2037 Bond 3.4% 16/4/2025 $250,000 Peruvian Government 240 0.11 $300,000 Qatar Government International 255 0.12 International Bond 7.35% Bond 3.75% 16/4/2030 21/7/2025 $400,000 Qatar Government International 315 0.14 $430,000 Peruvian Government 547 0.25 Bond 3.875% 23/4/2023 International Bond 8.75% $300,000 Qatar Government International 257 0.12 21/11/2033 Bond 4% 14/3/2029 $200,000 Philippine Government 158 0.07 $400,000 Qatar Government International 382 0.17 International Bond 2.95% Bond 4.4% 16/4/2050 5/5/2045 $200,000 Qatar Government International 176 0.08 $250,000 Philippine Government 203 0.09 Bond 4.5% 23/4/2028 International Bond 3% 1/2/2028 $250,000 Qatar Government International 244 0.11 $200,000 Philippine Government 172 0.08 Bond 4.625% 2/6/2046 International Bond 3.7% $400,000 Qatar Government International 401 0.18 1/3/2041 Bond 4.817% 14/3/2049 $235,000 Philippine Government 203 0.09 $625,000 Qatar Government International 649 0.29 International Bond 3.7% Bond 5.103% 23/4/2048 2/2/2042 $200,000 Republic of Armenia 171 0.08 $200,000 Philippine Government 172 0.08 International Bond 7.15% International Bond 3.75% 26/3/2025 14/1/2029 $200,000 Republic of Azerbaijan 152 0.07 $200,000 Philippine Government 176 0.08 International Bond 3.5% International Bond 3.95% 1/9/2032 20/1/2040 $200,000 Republic of Azerbaijan 162 0.07 $200,000 Philippine Government 165 0.07 International Bond 4.75% International Bond 4.2% 18/3/2024 21/1/2024 $250,000 Republic of Belarus International 185 0.08 $200,000 Philippine Government 196 0.09 Bond 7.625% 29/6/2027 International Bond 5% 13/1/2037 $200,000 Republic of Belarus Ministry of 139 0.06 $200,000 Philippine Government 184 0.08 Finance 6.378% 24/2/2031 International Bond 5.5% $450,000 Republic of Poland Government 357 0.16 30/3/2026 International Bond 3% 17/3/2023 $200,000 Philippine Government 211 0.10 $350,000 Republic of Poland Government 296 0.13 International Bond 6.375% International Bond 3.25% 15/1/2032 6/4/2026 $175,000 Philippine Government 191 0.09 $525,000 Republic of Poland Government 437 0.20 International Bond 6.375% International Bond 4% 22/1/2024 23/10/2034 $660,000 Republic of Poland Government 529 0.24 $220,000 Philippine Government 250 0.11 International Bond 5% 23/3/2022 International Bond 7.75% 14/1/2031 $300,000 Republic of South Africa 215 0.10 Government International Bond $300,000 Philippine Government 368 0.17 4.3% 12/10/2028 International Bond 9.5% 2/2/2030 $100,000 Republic of South Africa 77 0.03 Government International Bond $100,000 Philippine Government 106 0.05 4.665% 17/1/2024 International Bond 10.625% 16/3/2025

BlackRock Investment Funds 114 BlackRock Systematic Multi Allocation Credit Fund

Portfolio Statement (unaudited) continued

%of %of Holding or Market Total Holding or Market Total Nominal Value Net Nominal Value Net Value Investment1 £000’s Assets Value Investment1 £000’s Assets

$200,000 Republic of South Africa 150 0.07 $200,000 Russian Foreign Bond - 169 0.08 Government International Bond Eurobond 4.25% 23/6/2027 4.85% 27/9/2027 $200,000 Russian Foreign Bond - 172 0.08 $200,000 Republic of South Africa 146 0.07 Eurobond 4.375% 21/3/2029 Government International Bond $200,000 Russian Foreign Bond - 172 0.08 4.85% 30/9/2029 Eurobond 4.75% 27/5/2026 $200,000 Republic of South Africa 153 0.07 $200,000 Russian Foreign Bond - 165 0.07 Government International Bond Eurobond 4.875% 16/9/2023 4.875% 14/4/2026 $200,000 Russian Foreign Bond - 186 0.08 $200,000 Republic of South Africa 132 0.06 Eurobond 5.1% 28/3/2035 Government International Bond $400,000 Russian Foreign Bond - 406 0.18 5.375% 24/7/2044 Eurobond 5.25% 23/6/2047 $250,000 Republic of South Africa 167 0.08 $200,000 Russian Foreign Bond - 203 0.09 Government International Bond Eurobond 5.625% 4/4/2042 5.65% 27/9/2047 $140,125 Russian Foreign Bond - 120 0.05 $260,000 Republic of South Africa 174 0.08 Eurobond 7.5% 31/3/2030 Government International Bond $150,000 Russian Foreign Bond - 193 0.09 5.75% 30/9/2049 Eurobond 12.75% 24/6/2028 $200,000 Republic of South Africa 158 0.07 $250,000 Saudi Government International 194 0.09 Government International Bond Bond 2.875% 4/3/2023 5.875% 30/5/2022 $200,000 Saudi Government International 158 0.07 $200,000 Republic of South Africa 161 0.07 Bond 2.9% 22/10/2025 Government International Bond $400,000 Saudi Government International 323 0.15 5.875% 16/9/2025 Bond 3.25% 26/10/2026 $200,000 Republic of South Africa 156 0.07 $200,000 Saudi Government International 162 0.07 Government International Bond Bond 3.25% 22/10/2030 5.875% 22/6/2030 $250,000 Saudi Government International 207 0.09 $200,000 Republic of South Africa 149 0.07 Bond 3.625% 4/3/2028 Government International Bond 6.25% 8/3/2041 $200,000 Saudi Government International 166 0.08 Bond 4% 17/4/2025 $200,000 Republic of Uzbekistan Bond 158 0.07 4.75% 20/2/2024 $200,000 Saudi Government International 175 0.08 Bond 4.375% 16/4/2029 $300,000 Romanian Government 225 0.10 International Bond 3% 14/2/2031 $200,000 Saudi Government International 179 0.08 Bond 4.5% 17/4/2030 $450,000 Romanian Government 338 0.15 International Bond 4% 14/2/2051 $375,000 Saudi Government International 338 0.15 Bond 4.5% 26/10/2046 $300,000 Romanian Government 242 0.11 International Bond 4.375% $300,000 Saudi Government International 281 0.13 22/8/2023 Bond 4.5% 22/4/2060 $250,000 Romanian Government 205 0.09 $200,000 Saudi Government International 183 0.08 International Bond 4.875% Bond 4.625% 4/10/2047 22/1/2024 $350,000 Saudi Government International 341 0.15 $270,000 Romanian Government 240 0.11 Bond 5% 17/4/2049 International Bond 5.125% $200,000 Saudi Government International 203 0.09 15/6/2048 Bond 5.25% 16/1/2050 $260,000 Romanian Government 256 0.12 $325,000 Senegal Government 250 0.11 International Bond 6.125% International Bond 6.25% 22/1/2044 23/5/2033 $500,000 Romanian Government 401 0.18 $200,000 Senegal Government 149 0.07 International Bond 6.75% International Bond 6.75% 7/2/2022 13/3/2048

115 BlackRock Investment Funds BlackRock Systematic Multi Allocation Credit Fund

Portfolio Statement (unaudited) continued

%of %of Holding or Market Total Holding or Market Total Nominal Value Net Nominal Value Net Value Investment1 £000’s Assets Value Investment1 £000’s Assets

$400,000 Slovakia Government 319 0.14 $200,000 Turkey Government International 122 0.06 International Bond 4.375% Bond 5.75% 11/5/2047 21/5/2022 $200,000 Turkey Government International 145 0.07 $200,000 Sri Lanka Government 133 0.06 Bond 6% 25/3/2027 International Bond 5.75% $200,000 Turkey Government International 151 0.07 18/4/2023 Bond 6.25% 26/9/2022 $275,000 Sri Lanka Government 187 0.08 $200,000 Turkey Government International 134 0.06 International Bond 5.875% Bond 6.625% 17/2/2045 25/7/2022 $100,000 Turkey Government International 70 0.03 $200,000 Sri Lanka Government 128 0.06 Bond 6.75% 30/5/2040 International Bond 6.125% $50,000 Turkey Government International 36 0.02 3/6/2025 Bond 6.875% 17/3/2036 $200,000 Sri Lanka Government 121 0.05 $200,000 Turkey Government International 155 0.07 International Bond 6.2% Bond 7.375% 5/2/2025 11/5/2027 $200,000 Turkey Government International 155 0.07 $200,000 Sri Lanka Government 132 0.06 Bond 7.625% 26/4/2029 International Bond 6.35% $50,000 Turkey Government International 50 0.02 28/6/2024 Bond 11.875% 15/1/2030 $250,000 Sri Lanka Government 152 0.07 $200,000 Turkiye Ihracat Kredi Bankasi 141 0.06 International Bond 6.75% 5.375% 24/10/2023 18/4/2028 $300,000 Ukraine Government 224 0.10 $250,000 Sri Lanka Government 158 0.07 International Bond 7.253% International Bond 6.825% 15/3/2033 18/7/2026 $400,000 Ukraine Government 302 0.14 $200,000 Sri Lanka Government 133 0.06 International Bond 7.375% International Bond 6.85% 25/9/2032 14/3/2024 $200,000 Ukraine Government 157 0.07 $200,000 Sri Lanka Government 129 0.06 International Bond 7.75% International Bond 6.85% 1/9/2022 3/11/2025 $250,000 Ukraine Government 198 0.09 $200,000 Sri Lanka Government 122 0.06 International Bond 7.75% International Bond 7.55% 1/9/2023 28/3/2030 $300,000 Ukraine Government 237 0.11 $200,000 Sri Lanka Government 124 0.06 International Bond 7.75% International Bond 7.85% 1/9/2024 14/3/2029 $325,000 Ukraine Government 256 0.12 $325,000 Trinidad & Tobago Government 250 0.11 International Bond 7.75% International Bond 4.5% 1/9/2025 4/8/2026 $450,000 Ukraine Government 355 0.16 $200,000 Trinidad & Tobago Government 150 0.07 International Bond 7.75% International Bond 4.5% 1/9/2026 26/6/2030 $275,000 Ukraine Government 217 0.10 $225,000 Turkey Government International 155 0.07 International Bond 7.75% Bond 4.875% 9/10/2026 1/9/2027 $200,000 Turkey Government International 116 0.05 $200,000 Ukraine Government 163 0.07 Bond 4.875% 16/4/2043 International Bond 8.994% $200,000 Turkey Government International 150 0.07 1/2/2024 Bond 5.125% 25/3/2022 $200,000 Ukraine Government 171 0.08 $200,000 Turkey Government International 135 0.06 International Bond 9.75% Bond 5.25% 13/3/2030 1/11/2028 $200,000 Turkey Government International 147 0.07 Bond 5.75% 22/3/2024

BlackRock Investment Funds 116 BlackRock Systematic Multi Allocation Credit Fund

Portfolio Statement (unaudited) continued

%of %of Holding or Market Total Holding or Market Total Nominal Value Net Nominal Value Net Value Investment1 £000’s Assets Value Investment1 £000’s Assets

$200,000 Uruguay Government 181 0.08 $300,000 Uruguay Government 350 0.16 International Bond 4.125% International Bond 7.875% 20/11/2045 15/1/2033 $400,000 Uruguay Government 348 0.16 $200,000 Vietnam Government 167 0.08 International Bond 4.375% International Bond 4.8% 27/10/2027 19/11/2024 $550,000 Uruguay Government 494 0.22 $200,000 Zambia Government 78 0.04 International Bond 4.375% International Bond 5.375% 23/1/2031 20/9/2022 $300,000 Uruguay Government 247 0.11 $200,000 Zambia Government 77 0.03 International Bond 4.5% International Bond 8.5% 14/8/2024 14/4/2024 $750,000 Uruguay Government 767 0.35 71,359 32.29 International Bond 4.975% 20/4/2055 COLLECTIVE INVESTMENT SCHEMES − 0.10% $1,200,000 Uruguay Government 1,235 0.56 Exchange Traded Funds − 0.10% International Bond 5.1% 50,000 iShares USD High Yield Bond 215 0.10 18/6/2050 UCITS ETF $300,000 Uruguay Government 353 0.16 International Bond 7.625% 21/3/2036

%of Holding or Underlying Market Total Nominal Exposure − Derivatives Value Net Value Investment £000’s £000’s Assets

DERIVATIVES − 2.07%

Forward Currency Contracts − 2.07% €5,185,000 Euro vs UK sterling 4,631 (49) (0.02) £3,374,097 UK sterling vs Canadian dollar 3,388 (14) (0.01) £66,099,923 UK sterling vs Euro 65,686 416 0.19 £395,670,198 UK sterling vs US dollar 390,911 4,759 2.14 US$35,945,000 US dollar vs UK sterling 26,844 (540) (0.23)

491,460 4,572 2.07

Futures − 0.00% (10) Euro-Bobl September 2020 1,203 (4) 0.00 14 Euro-Bund September 2020 4,077 (24) (0.01) (7) Long Gilt December 2020 945 6 0.00 93 US 10 Year Note (CBT) December 2020 12,792 20 0.01 (23) US 10 Year Ultra December 2020 2,739 (11) (0.01) (3) US 2 Year Note (CBT) December 2020 495 – 0.00 29 US 5 Year Note (CBT) December 2020 6,118 2 0.00 2 US Long Bond (CBT) December 2020 262 (1) 0.00

117 BlackRock Investment Funds BlackRock Systematic Multi Allocation Credit Fund

Portfolio Statement (unaudited) continued

%of Holding or Underlying Market Total Nominal Exposure − Derivatives Value Net Value Investment £000’s £000’s Assets

23 US Ultra Bond (CBT) December 2020 3,795 29 0.01

32,426 17 0.00

Portfolio of investments 219,824 99.46 Net other assets 1,183 0.54

Total net assets 221,007 100.00

Unless otherwise stated, all securities are either listed on a recognised exchange or traded on an eligible securities market. Underlying exposure has been calculated according to the guidelines issued by the European Securities and Markets Authority (“ESMA”) and represents the market value of an equivalent position in the assets underlying each financial derivative instrument. The counterparties for the forward currency contracts are Barclays Bank Plc, BNP Paribas Arbitrage SNC, Citigroup Global Markets Limited, Deutsche Bank AG, Goldman Sachs International, HSBC Bank Plc, J.P. Morgan Securities Plc, Morgan Stanley & Co. International Plc, Royal Bank of Canada, Société Générale SA, Standard Chartered Bank, State Street Global Advisors Limited and UBS AG. 1 All securities that have a value of less than £500 have been rounded to zero.

BlackRock Investment Funds 118 BlackRock Systematic Multi Allocation Credit Fund

Statement of Total Return (unaudited) for the period from 4 May 2020 to 31 August 2020

31.8.2020 £000’s £000’s Income Net capital gains 14,404 Revenue 2,438 Expenses (13) Interest payable and similar charges (11) Net revenue before taxation 2,414 Taxation – Net revenue after taxation 2,414 Total return before distributions 16,818 Distributions (2,414) Change in net assets attributable to unitholders from investment activities 14,404

Statement of Change in Net Assets Attributable to Unitholders (unaudited) for the period from 4 May 2020 to 31 August 2020

31.8.2020 £000’s £000’s Opening net assets attributable to unitholders – Amounts receivable on issue of units 237,619 Amounts payable on cancellation of units (33,520) 204,099 Change in net assets attributable to unitholders from investment activities 14,404 Retained distribution on accumulation units 2,504 Closing net assets attributable to unitholders 221,007

119 BlackRock Investment Funds BlackRock Systematic Multi Allocation Credit Fund

Balance Sheet (unaudited) at 31 August 2020

31.8.2020 £000’s Assets: Fixed assets − Investment assets 220,467 Current assets − Debtors 3,615 − Cash and bank balances 1,135 − Cash collateral posted 473 Total assets 225,690

Liabilities: Investment liabilities (643) Creditors − Amounts held at futures clearing houses and brokers (14) − Other creditors (4,026) Total liabilities (4,683) Net assets attributable to unitholders 221,007

G D Bamping (Director) M T Zemek (Director) BlackRock Fund Managers Limited 29 October 2020

BlackRock Investment Funds 120 MyMap 3 Fund

About the Fund

The Fund is a sub-fund of BlackRock Investment Funds, a UCITS scheme under the COLL Sourcebook. The Fund was authorised by the FCA on 17 May 2019.

Risk and Reward Profile

Lower risk Higher risk Typically lower rewards Typically higher rewards Unit Class X Income 1 2 3 4 567 X Accumulation 1 2 3 4 567 D Income 1 2 3 4 567 D Accumulation 1 2 3 4 567 S Income 1 2 3 4 567 S Accumulation 1 2 3 4 567

• The risk indicator was calculated incorporating simulated historical data and may not be a reliable indication of the future risk profile of the Fund. • The risk category shown is not guaranteed and may change over time. • The lowest category does not mean risk free. • The use of derivatives will impact the value of the Fund and may expose the Fund to a higher degree of risk. Derivatives are highly sensitive to changes in the value of the asset on which they are based and can increase the size of losses and gains, resulting in greater fluctuations in the value of the Fund. The impact to the Fund can be greater where derivatives are used in an extensive or complex way.

For more information on this, please see the Fund’s Key Investor Information Document (“KIIDs”), which are available at www.blackrock.com.

121 BlackRock Investment Funds MyMap 3 Fund

Performance Record

Net Asset Value Net Asset Value Net Asset Value per Unit At 31 August 2020 Units in Issue £000’s p X Income 1,000 1 108.1 X Accumulation 913 1 109.9 D Income 332,461 359 108.1 D Accumulation 9,467,719 10,390 109.7 S Income 1,000 1 108.1 S Accumulation 56,071,799 61,554 109.8

Distributions Payable for the period to 31 August 2020 Unit Class Distribution payable on 31.10.2020 Pence per Unit X Income 0.6430 X Accumulation 0.6515 D Income 0.5621 D Accumulation 0.5651 S Income 0.5890 S Accumulation 0.5794

Operating Charges 1.3.2020 1.3.2019 Unit Class to 31.8.2020 to 29.2.2020 X Income 0.05% 0.05% X Accumulation 0.05% 0.05% D Income 0.17% 0.17% D Accumulation 0.17% 0.17% S Income 0.14% 0.14% S Accumulation 0.14% 0.14% Operating charges are annualised and exclude portfolio trade-related costs, except costs paid to the custodian/depositary and entry/exit charges paidtoanunderlying collective investment scheme (if any).

BlackRock Investment Funds 122 MyMap 3 Fund

Portfolio Statement (unaudited) at 31 August 2020

%of %of Holding or Market Total Holding or Market Total Nominal Value Net Nominal Value Net Value Investment1 £000’s Assets Value Investment1 £000’s Assets

COLLECTIVE INVESTMENT 101,553 iShares UK Gilts 0-5yr UCITS ETF 13,661 18.89 SCHEMES − 99.19%; 29.2.2020 101.38% 69,715 iShares USD Treasury Bond 1-3yr 7,074 9.78 UCITS ETF Equity Funds − 14.03%; 29.2.2020 25.06% 931,039 iShares USD Treasury Bond 4,212 5.83 1,953,480 iShares 100 UK Equity 2,838 3.92 20+yr UCITS ETF Index Fund UK 55,647 iShares USD Treasury Bond 9,291 12.85 1,624,222 iShares Continental 3,569 4.94 7-10yr UCITS ETF European Equity Index Fund UK 53,857 74.49 341,389 iShares Japan Equity 736 1.02 Index Fund UK Fixed Income Funds − 10.67%; 29.2.2020 12.12% 877,693 iShares US Equity Index 3,004 4.15 6,515 BlackRock Global Index Funds - 697 0.96 Fund UK iShares Emerging Markets Government Bond Index LU 10,147 14.03 1,946,419 iShares Index Linked Gilt Index 3,597 4.98 Fund UK Exchange Traded Funds − 74.49%; 29.2.2020 64.20% 1,447,990 iShares UK Gilts All Stocks Index 2,053 2.84 19,822 iShares GBP Bond 0-5yr 2,124 2.94 Fund UK UCITS ETF 59,231 iShares US Corporate Bond Index 1,368 1.89 63,513 iShares GBP Ultrashort 6,390 8.84 Fund Bond UCITS ETF 1,568,377 iShares MSCI USA ESG 7,449 10.30 7,715 10.67 Enhanced UCITS ETF 126,873 iShares Physical Gold 3,656 5.06 ETC

%of Holding or Underlying Market Total Nominal Exposure − Derivatives Value Net Value Investment £000’s £000’s Assets

DERIVATIVES − 0.79%; 29.2.2020 (1.39%)

Forward Currency Contracts − 0.79%; 29.2.2020 (1.39%) €1,882,506 Euro vs UK sterling 1,682 – 0.00 £3,379,198 UK sterling vs Euro 3,363 16 0.02 £55,690,265 UK sterling vs US dollar 55,135 555 0.77 US$36,915,873 US dollar vs UK sterling 27,570 – 0.00

87,750 571 0.79

Portfolio of investments 72,290 99.98 Net other assets 16 0.02

Total net assets 72,306 100.00

Unless otherwise stated, all securities are either listed on a recognised exchange or traded on an eligible securities market. Underlying exposure has been calculated according to the guidelines issued by the European Securities and Markets Authority (“ESMA”) and represents the market value of an equivalent position in the assets underlying each financial derivative instrument. The counterparties for the forward currency contracts are Goldman Sachs International and State Street Global Advisors Limited. 1 All securities that have a value of less than £500 have been rounded to zero. All underlying funds are managed by a related party.

123 BlackRock Investment Funds MyMap 3 Fund

Statement of Total Return (unaudited) for the six months ended 31 August 2020

31.8.2020 31.8.2019 £000’s £000’s £000’s £000’s Income Net capital gains 2,898 139 Revenue 404 5 Expenses (42) (1) Net revenue before taxation 362 4 Taxation (1) – Net revenue after taxation 361 4 Total return before distributions 3,259 143 Distributions (362) (4) Change in net assets attributable to unitholders from investment activities 2,897 139

Statement of Change in Net Assets Attributable to Unitholders (unaudited) for the six months ended 31 August 2020

31.8.2020 31.8.2019 £000’s £000’s £000’s £000’s Opening net assets attributable to unitholders 64,363 – Amounts receivable on issue of units 15,751 10,398 Amounts payable on cancellation of units (11,083) (140) 4,668 10,258 Change in net assets attributable to unitholders from investment activities 2,897 139 Retained distribution on accumulation units 378 11 Closing net assets attributable to unitholders 72,306 10,408 The above statement shows the comparative closing net assets at 31 August 2019 whereas the current accounting period commenced 1 March 2020.

BlackRock Investment Funds 124 MyMap 3 Fund

Balance Sheet (unaudited) at 31 August 2020

31.8.2020 29.2.2020 £000’s £000’s Assets: Fixed assets − Investment assets 72,290 65,250 Current assets − Debtors 651 995 − Cash and bank balances 183 66 Total assets 73,124 66,311

Liabilities: Investment liabilities – (891) Creditors − Distributions payable (2) (2) − Other creditors (816) (1,055) Total liabilities (818) (1,948) Net assets attributable to unitholders 72,306 64,363

G D Bamping (Director) M T Zemek (Director) BlackRock Fund Managers Limited 29 October 2020

125 BlackRock Investment Funds MyMap 4 Fund

About the Fund

The Fund is a sub-fund of BlackRock Investment Funds, a UCITS scheme under the COLL Sourcebook. The Fund was authorised by the FCA on 17 May 2019.

Risk and Reward Profile

Lower risk Higher risk Typically lower rewards Typically higher rewards Unit Class X Income 1 2 3 4 567 X Accumulation 1 2 3 4 567 D Income 1 2 3 4 567 D Accumulation 1 2 3 4 567 S Income 1 2 3 4 567 S Accumulation 1 2 3 4 567

• The risk indicator was calculated incorporating simulated historical data and may not be a reliable indication of the future risk profile of the Fund. • The risk category shown is not guaranteed and may change over time. • The lowest category does not mean risk free. • The use of derivatives will impact the value of the Fund and may expose the Fund to a higher degree of risk. Derivatives are highly sensitive to changes in the value of the asset on which they are based and can increase the size of losses and gains, resulting in greater fluctuations in the value of the Fund. The impact to the Fund can be greater where derivatives are used in an extensive or complex way.

For more information on this, please see the Fund’s Key Investor Information Document (“KIIDs”), which are available at www.blackrock.com.

BlackRock Investment Funds 126 MyMap 4 Fund

Performance Record

Net Asset Value Net Asset Value Net Asset Value per Unit At 31 August 2020 Units in Issue £000’s p X Income 1,000 1 110.9 X Accumulation 3,495,000 3,933 112.5 D Income 387,855 430 110.9 D Accumulation 28,583,067 32,122 112.4 S Income 1,000 1 110.9 S Accumulation 3,302,246 3,713 112.4

Distributions Payable for the period to 31 August 2020 Unit Class Distribution payable on 31.10.2020 Pence per Unit X Income 0.5310 X Accumulation 0.5643 D Income 0.5166 D Accumulation 0.5174 S Income 0.5470 S Accumulation 0.5290

Operating Charges 1.3.2020 1.3.2019 Unit Class to 31.8.2020 to 29.2.2020 X Income 0.05% 0.05% X Accumulation 0.05% 0.05% D Income 0.17% 0.17% D Accumulation 0.17% 0.17% S Income 0.14% 0.14% S Accumulation 0.14% 0.14% Operating charges are annualised and exclude portfolio trade-related costs, except costs paid to the custodian/depositary and entry/exit charges paidtoanunderlying collective investment scheme (if any).

127 BlackRock Investment Funds MyMap 4 Fund

Portfolio Statement (unaudited) at 31 August 2020

%of %of Holding or Market Total Holding or Market Total Nominal Value Net Nominal Value Net Value Investment1 £000’s Assets Value Investment1 £000’s Assets

COLLECTIVE INVESTMENT 1,190,600 iShares MSCI USA ESG 5,654 14.07 SCHEMES − 99.13%; 29.2.2020 101.29% Enhanced UCITS ETF 70,131 iShares Physical Gold ETC 2,021 5.03 Equity Funds − 31.67%; 29.2.2020 43.66% 29,797 iShares UK Gilts 0-5yr UCITS ETF 4,008 9.97 1,912,015 iShares 100 UK Equity 2,778 6.91 Index Fund UK 23,178 iShares USD Treasury Bond 1-3yr 2,352 5.85 UCITS ETF 1,426,128 iShares Continental 3,133 7.79 European Equity Index 525,375 iShares USD Treasury Bond 2,377 5.91 Fund UK 20+yr UCITS ETF 244,864 iShares Emerging 395 0.98 33,034 iShares USD Treasury Bond 5,515 13.72 Markets Equity Index 7-10yr UCITS ETF Fund UK 22,716 56.51 365,742 iShares Japan Equity 789 1.96 Index Fund UK Fixed Income Funds − 10.95%; 29.2.2020 11.43% 200,371 iShares Mid Cap UK 397 0.99 867,054 iShares Index Linked Gilt Index 1,603 3.99 Equity Index Fund UK Fund UK 1,036,835 iShares North American 3,630 9.03 1,974,064 iShares UK Gilts All Stocks Index 2,799 6.96 Equity Index Fund UK Fund UK 470,264 iShares US Equity Index 1,610 4.01 4,402 10.95 Fund UK

12,732 31.67

Exchange Traded Funds − 56.51%; 29.2.2020 46.20% 7,358 iShares GBP Bond 0-5yr 789 1.96 UCITS ETF

%of Holding or Underlying Market Total Nominal Exposure − Derivatives Value Net Value Investment £000’s £000’s Assets

DERIVATIVES − 0.81%; 29.2.2020 (1.40%)

Forward Currency Contracts − 0.81%; 29.2.2020 (1.40%) €1,660,204 Euro vs UK sterling 1,483 – 0.00 £2,980,154 UK sterling vs Euro 2,967 13 0.03 £31,565,301 UK sterling vs US dollar 31,251 314 0.78 US$20,924,403 US dollar vs UK sterling 15,627 – 0.00

51,328 327 0.81

Portfolio of investments 40,177 99.94 Net other assets 23 0.06

Total net assets 40,200 100.00

Unless otherwise stated, all securities are either listed on a recognised exchange or traded on an eligible securities market. Underlying exposure has been calculated according to the guidelines issued by the European Securities and Markets Authority (“ESMA”) and represents the market value of an equivalent position in the assets underlying each financial derivative instrument. The counterparties for the forward currency contracts are Barclays Bank Plc, Goldman Sachs International, Royal Bank of Scotland Plc, Standard Chartered Bank and State Street Global Advisors Limited. 1 All securities that have a value of less than £500 have been rounded to zero. All underlying funds are managed by a related party.

BlackRock Investment Funds 128 MyMap 4 Fund

Statement of Total Return (unaudited) for the six months ended 31 August 2020

31.8.2020 31.8.2019 £000’s £000’s £000’s £000’s Income Net capital gains 1,191 152 Revenue 80 2 Expenses (10) (1) Net revenue before taxation 70 1 Taxation (9) – Net revenue after taxation 61 1 Total return before distributions 1,252 153 Distributions (61) (1) Change in net assets attributable to unitholders from investment activities 1,191 152

Statement of Change in Net Assets Attributable to Unitholders (unaudited) for the six months ended 31 August 2020

31.8.2020 31.8.2019 £000’s £000’s £000’s £000’s Opening net assets attributable to unitholders 11,920 – Amounts receivable on issue of units 28,464 3,846 Amounts payable on cancellation of units (1,560) – 26,904 3,846 Change in net assets attributable to unitholders from investment activities 1,191 152 Retained distribution on accumulation units 185 1 Closing net assets attributable to unitholders 40,200 3,999 The above statement shows the comparative closing net assets at 31 August 2019 whereas the current accounting period commenced 1 March 2020.

129 BlackRock Investment Funds MyMap 4 Fund

Balance Sheet (unaudited) at 31 August 2020

31.8.2020 29.2.2020 £000’s £000’s Assets: Fixed assets − Investment assets 40,177 12,075 Current assets − Debtors 456 129 − Cash and bank balances 18 18 Total assets 40,651 12,222

Liabilities: Investment liabilities – (168) Creditors − Distributions payable (2) (1) − Other creditors (449) (133) Total liabilities (451) (302) Net assets attributable to unitholders 40,200 11,920

G D Bamping (Director) M T Zemek (Director) BlackRock Fund Managers Limited 29 October 2020

BlackRock Investment Funds 130 MyMap 5 Fund

About the Fund

The Fund is a sub-fund of BlackRock Investment Funds, a UCITS scheme under the COLL Sourcebook. The Fund was authorised by the FCA on 17 May 2019.

Risk and Reward Profile

Lower risk Higher risk Typically lower rewards Typically higher rewards Unit Class X Income 12345 67 XAccumulation12345 67 D Income 12345 67 D Accumulation 12345 67 S Income 12345 67 SAccumulation12345 67

• The risk indicator was calculated incorporating simulated historical data and may not be a reliable indication of the future risk profile of the Fund. • The risk category shown is not guaranteed and may change over time. • The lowest category does not mean risk free. • The use of derivatives will impact the value of the Fund and may expose the Fund to a higher degree of risk. Derivatives are highly sensitive to changes in the value of the asset on which they are based and can increase the size of losses and gains, resulting in greater fluctuations in the value of the Fund. The impact to the Fund can be greater where derivatives are used in an extensive or complex way.

For more information on this, please see the Fund’s Key Investor Information Document (“KIIDs”), which are available at www.blackrock.com.

131 BlackRock Investment Funds MyMap 5 Fund

Performance Record

Net Asset Value Net Asset Value Net Asset Value per Unit At 31 August 2020 Units in Issue £000’s p X Income 1,000 1 111.8 X Accumulation 890 1 113.7 D Income 152,860 171 111.8 D Accumulation 25,434,838 28,880 113.5 S Income 1,000 1 111.8 S Accumulation 59,249,141 67,291 113.6

Distributions Payable for the period to 31 August 2020 Unit Class Distribution payable on 31.10.2020 Pence per Unit X Income 0.5510 X Accumulation 0.6227 D Income 0.4856 D Accumulation 0.4851 S Income 0.5160 S Accumulation 0.4976

Operating Charges 1.3.2020 1.3.2019 Unit Class to 31.8.2020 to 29.2.2020 X Income 0.05% 0.05% X Accumulation 0.05% 0.05% D Income 0.17% 0.17% D Accumulation 0.17% 0.17% S Income 0.14% 0.14% S Accumulation 0.14% 0.14% Operating charges are annualised and exclude portfolio trade-related costs, except costs paid to the custodian/depositary and entry/exit charges paidtoanunderlying collective investment scheme (if any).

BlackRock Investment Funds 132 MyMap 5 Fund

Portfolio Statement (unaudited) at 31 August 2020

%of %of Holding or Market Total Holding or Market Total Nominal Value Net Nominal Value Net Value Investment1 £000’s Assets Value Investment1 £000’s Assets

COLLECTIVE INVESTMENT Exchange Traded Funds − 43.85%; 29.2.2020 40.03% SCHEMES − 99.22%; 29.2.2020 101.69% 3,655,070 iShares MSCI USA ESG 17,359 18.02 Enhanced UCITS ETF Equity Funds − 45.45%; 29.2.2020 53.96% 169,814 iShares Physical Gold ETC 4,894 5.08 6,566,352 iShares 100 UK Equity 9,541 9.90 Index Fund UK 55,654 iShares USD Treasury Bond 1-3yr 5,647 5.86 UCITS ETF 4,725,641 iShares Continental 10,382 10.78 European Equity Index 1,479,824 iShares USD Treasury Bond 6,695 6.95 Fund UK 20+yr UCITS ETF 1,750,527 iShares Emerging 2,824 2.93 45,834 iShares USD Treasury Bond 7,652 7.94 Markets Equity Index 7-10yr UCITS ETF Fund UK 42,247 43.85 1,309,637 iShares Japan Equity 2,825 2.93 Index Fund UK Fixed Income Funds − 9.92%; 29.2.2020 7.70% 476,418 iShares Mid Cap UK 944 0.98 2,091,731 iShares Index Linked Gilt Index 3,865 4.01 Equity Index Fund UK Fund UK 3,287,162 iShares North American 11,508 11.95 4,016,940 iShares UK Gilts All Stocks Index 5,696 5.91 Equity Index Fund UK Fund UK 1,683,843 iShares US Equity Index 5,764 5.98 9,561 9.92 Fund UK

43,788 45.45

%of Holding or Underlying Market Total Nominal Exposure − Derivatives Value Net Value Investment £000’s £000’s Assets

DERIVATIVES − 0.82%; 29.2.2020 (1.76%)

Forward Currency Contracts − 0.82%; 29.2.2020 (1.76%) €5,406,608 Euro vs UK sterling 4,829 – 0.00 £10,192,089 UK sterling vs Euro 10,147 45 0.05 £74,526,742 UK sterling vs US dollar 73,784 743 0.77 US$49,070,180 US dollar vs UK sterling 36,648 – 0.00

125,408 788 0.82

Portfolio of investments 96,384 100.04 Net other liabilities (39) (0.04)

Total net assets 96,345 100.00

Unless otherwise stated, all securities are either listed on a recognised exchange or traded on an eligible securities market. Underlying exposure has been calculated according to the guidelines issued by the European Securities and Markets Authority (“ESMA”) and represents the market value of an equivalent position in the assets underlying each financial derivative instrument. The counterparties for the forward currency contracts are Barclays Bank Plc, Goldman Sachs International, Royal Bank of Scotland Plc, Société Générale SA and State Street Global Advisors Limited. 1 All securities that have a value of less than £500 have been rounded to zero. All underlying funds are managed by a related party.

133 BlackRock Investment Funds MyMap 5 Fund

Statement of Total Return (unaudited) for the six months ended 31 August 2020

31.8.2020 31.8.2019 £000’s £000’s £000’s £000’s Income Net capital gains 6,607 170 Revenue 438 – Expenses (52) (1) Net revenue/(expense) before taxation 386 (1) Taxation (41) – Net revenue/(expense) after taxation 345 (1) Total return before distributions 6,952 169 Distributions (345) – Change in net assets attributable to unitholders from investment activities 6,607 169

Statement of Change in Net Assets Attributable to Unitholders (unaudited) for the six months ended 31 August 2020

31.8.2020 31.8.2019 £000’s £000’s £000’s £000’s Opening net assets attributable to unitholders 73,026 – Amounts receivable on issue of units 27,499 8,497 Amounts payable on cancellation of units (11,205) (56) 16,294 8,441 Change in net assets attributable to unitholders from investment activities 6,607 169 Retained distribution on accumulation units 418 – Closing net assets attributable to unitholders 96,345 8,610 The above statement shows the comparative closing net assets at 31 August 2019 whereas the current accounting period commenced 1 March 2020.

BlackRock Investment Funds 134 MyMap 5 Fund

Balance Sheet (unaudited) at 31 August 2020

31.8.2020 29.2.2020 £000’s £000’s Assets: Fixed assets − Investment assets 96,384 74,278 Current assets − Debtors 863 619 − Cash and bank balances 72 70 Total assets 97,319 74,967

Liabilities: Investment liabilities – (1,301) Creditors − Distributions payable (1) (5) − Other creditors (973) (635) Total liabilities (974) (1,941) Net assets attributable to unitholders 96,345 73,026

G D Bamping (Director) M T Zemek (Director) BlackRock Fund Managers Limited 29 October 2020

135 BlackRock Investment Funds MyMap 5 Select ESG Fund

About the Fund

MyMap 5 Select ESG Fund is a sub-fund of BlackRock Investment Funds, a UCITS scheme under the COLL Sourcebook. The Fund was authorised by the FCA on 24 April 2020.

Risk and Reward Profile

Lower risk Higher risk Typically lower rewards Typically higher rewards Unit Class XAccumulation12345 67 D Accumulation 12345 67 SAccumulation12345 67

• The risk indicator was calculated incorporating simulated historical data and may not be a reliable indication of the future risk profile of the Fund. • The risk category shown is not guaranteed and may change over time. • The lowest category does not mean risk free. • The use of derivatives will impact the value of the Fund and may expose the Fund to a higher degree of risk. Derivatives are highly sensitive to changes in the value of the asset on which they are based and can increase the size of losses and gains, resulting in greater fluctuations in the value of the Fund. The impact to the Fund can be greater where derivatives are used in an extensive or complex way.

For more information on this, please see the Fund’s Key Investor Information Document (“KIIDs”), which are available at www.blackrock.com.

BlackRock Investment Funds 136 MyMap 5 Select ESG Fund

Performance Record

Net Asset Value Net Asset Value Net Asset Value per Unit At 31 August 2020 Units in Issue £000’s p X Accumulation 3,498,000 3,593 102.7 D Accumulation 12,686,957 13,027 102.7 S Accumulation 1,000 1 102.7

Distributions Payable for the period to 31 August 2020 Unit Class Distribution payable on 31.10.2020 Pence per Unit X Accumulation 0.0857 D Accumulation 0.0632 S Accumulation 0.0690

Operating Charges 10.6.2020 Unit Class to 31.8.2020 X Accumulation 0.03% D Accumulation 0.17% S Accumulation 0.14% Operating charges are annualised and exclude portfolio trade-related costs, except costs paid to the custodian/depositary and entry/exit charges paidtoanunderlying collective investment scheme (if any).

137 BlackRock Investment Funds MyMap 5 Select ESG Fund

Portfolio Statement (unaudited) at 31 August 2020

%of %of Holding or Market Total Holding or Market Total Nominal Value Net Nominal Value Net Value Investment1 £000’s Assets Value Investment1 £000’s Assets

COLLECTIVE INVESTMENT SCHEMES − 99.00% 328,600 iShares MSCI USA ESG Screened 1,642 9.88 UCITS ETF Equity Funds − 5.96% 328,423 iShares USD Treasury Bond 20+yr 1,486 8.94 566,726 iShares 100 UK Equity 824 4.96 UCITS ETF Index Fund UK 7,912 iShares USD Treasury Bond 7-10yr 1,321 7.95 84,414 iShares Mid Cap UK 167 1.00 UCITS ETF Equity Index Fund UK 11,168 67.19 991 5.96 Fixed Income Funds − 25.85% Exchange Traded Funds − 67.19% 82,203 iShares Green Bond Index Fund 816 4.91 119,276 iShares MSCI EM ESG 485 2.92 (IE) Enhanced UCITS ETF 451,875 iShares Index Linked Gilt Index 835 5.02 2,784 16.75 633,686 iShares MSCI Europe Fund UK ESG Enhanced UCITS 155,890 iShares MSCI USA SRI UCITS ETF 1,150 6.92 ETF 1,054,604 iShares UK Gilts All Stocks Index 1,495 9.00 79,610 iShares MSCI Japan 328 1.97 Fund UK ESG Enhanced UCITS ETF 4,296 25.85 657,396 iShares MSCI USA ESG 3,122 18.78 Enhanced UCITS ETF

%of Holding or Underlying Market Total Nominal Exposure − Derivatives Value Net Value Investment £000’s £000’s Assets

DERIVATIVES − 0.78%

Forward Currency Contracts − 0.78% €2,431,394 Euro vs UK sterling 2,172 – 0.00 £4,363,488 UK sterling vs Euro 4,344 18 0.10 £11,537,562 UK sterling vs US dollar 11,426 112 0.68 US$7,591,495 US dollar vs UK sterling 5,670 – 0.00

23,612 130 0.78

Portfolio of investments 16,585 99.78 Net other assets 36 0.22

Total net assets 16,621 100.00

Unless otherwise stated, all securities are either listed on a recognised exchange or traded on an eligible securities market. Underlying exposure has been calculated according to the guidelines issued by the European Securities and Markets Authority (“ESMA”) and represents the market value of an equivalent position in the assets underlying each financial derivative instrument. The counterparties for the forward currency contracts are BNP Paribas Arbitrage SNC, Citigroup Global Markets Limited, Goldman Sachs International, Royal Bank of Scotland Plc and State Street Global Advisors Limited. 1 All securities that have a value of less than £500 have been rounded to zero. All underlying funds are managed by a related party.

BlackRock Investment Funds 138 MyMap 5 Select ESG Fund

Statement of Total Return (unaudited) for the period from 10 June 2020 to 31 August 2020

31.8.2020 £000’s £000’s Income Net capital gains 106 Revenue 5 Expenses (1) Net revenue before taxation 4 Taxation (1) Net revenue after taxation 3 Total return before distributions 109 Distributions (3) Change in net assets attributable to unitholders from investment activities 106

Statement of Change in Net Assets Attributable to Unitholders (unaudited) for the period from 10 June 2020 to 31 August 2020

31.8.2020 £000’s £000’s Opening net assets attributable to unitholders – Amounts receivable on issue of units 16,504 Amounts payable on cancellation of units – 16,504 Change in net assets attributable to unitholders from investment activities 106 Retained distribution on accumulation units 11 Closing net assets attributable to unitholders 16,621

139 BlackRock Investment Funds MyMap 5 Select ESG Fund

Balance Sheet (unaudited) at 31 August 2020

31.8.2020 £000’s Assets: Fixed assets − Investment assets 16,585 Current assets − Debtors 4,432 − Cash and bank balances 40 Total assets 21,057

Liabilities: Creditors − Other creditors (4,436) Total liabilities (4,436) Net assets attributable to unitholders 16,621

G D Bamping (Director) M T Zemek (Director) BlackRock Fund Managers Limited 29 October 2020

BlackRock Investment Funds 140 MyMap 6 Fund

About the Fund

The Fund is a sub-fund of BlackRock Investment Funds, a UCITS scheme under the COLL Sourcebook. The Fund was authorised by the FCA on 17 May 2019.

Risk and Reward Profile

Lower risk Higher risk Typically lower rewards Typically higher rewards Unit Class X Income 12345 67 XAccumulation12345 67 D Income 12345 67 D Accumulation 12345 67 S Income 12345 67 SAccumulation12345 67

• The risk indicator was calculated incorporating simulated historical data and may not be a reliable indication of the future risk profile of the Fund. • The risk category shown is not guaranteed and may change over time. • The lowest category does not mean risk free. • The use of derivatives will impact the value of the Fund and may expose the Fund to a higher degree of risk. Derivatives are highly sensitive to changes in the value of the asset on which they are based and can increase the size of losses and gains, resulting in greater fluctuations in the value of the Fund. The impact to the Fund can be greater where derivatives are used in an extensive or complex way.

For more information on this, please see the Fund’s Key Investor Information Document (“KIIDs”), which are available at www.blackrock.com.

141 BlackRock Investment Funds MyMap 6 Fund

Performance Record

Net Asset Value Net Asset Value Net Asset Value per Unit At 31 August 2020 Units in Issue £000’s p X Income 1,000 1 112.3 X Accumulation 3,495,000 3,990 114.2 D Income 537,386 604 112.3 D Accumulation 15,841,810 18,063 114.0 S Income 1,000 1 112.4 S Accumulation 9,788,707 11,164 114.1

Distributions Payable for the period to 31 August 2020 Unit Class Distribution payable on 31.10.2020 Pence per Unit X Income 0.4580 X Accumulation 0.4868 D Income 0.4400 D Accumulation 0.4379 S Income 0.4830 S Accumulation 0.4499

Operating Charges 1.3.2020 1.3.2019 Unit Class to 31.8.2020 to 29.2.2020 X Income 0.05% 0.05% X Accumulation 0.05% 0.05% D Income 0.17% 0.17% D Accumulation 0.17% 0.17% S Income 0.14% 0.14% S Accumulation 0.14% 0.14% Operating charges are annualised and exclude portfolio trade-related costs, except costs paid to the custodian/depositary and entry/exit charges paidtoanunderlying collective investment scheme (if any).

BlackRock Investment Funds 142 MyMap 6 Fund

Portfolio Statement (unaudited) at 31 August 2020

%of %of Holding or Market Total Holding or Market Total Nominal Value Net Nominal Value Net Value Investment1 £000’s Assets Value Investment1 £000’s Assets

COLLECTIVE INVESTMENT 1,284,297 iShares US Equity Index Fund UK 4,396 13.00 SCHEMES − 99.23%; 29.2.2020 101.40% 20,760 61.38 Equity Funds − 61.38%; 29.2.2020 63.53% 2,526,692 iShares 100 UK Equity 3,671 10.85 Exchange Traded Funds − 33.87%; 29.2.2020 34.60% Index Fund UK 1,278,756 iShares MSCI USA ESG 6,073 17.96 1,666,519 iShares Continental 3,661 10.83 Enhanced UCITS ETF European Equity Index 59,082 iShares Physical Gold ETC 1,703 5.04 Fund UK 519,895 iShares USD Treasury Bond 2,352 6.95 1,019,895 iShares Emerging 1,645 4.86 20+yr UCITS ETF Markets Equity Index 7,951 iShares USD Treasury Bond 1,327 3.92 Fund UK 7-10yr UCITS ETF 767,898 iShares Japan Equity 1,657 4.90 11,455 33.87 Index Fund UK 341,724 iShares Mid Cap UK 677 2.00 Fixed Income Funds − 3.98%; 29.2.2020 3.27% Equity Index Fund UK 729,151 iShares Index Linked Gilt Index 1,348 3.98 1,254,147 iShares North American 4,391 12.98 Fund UK Equity Index Fund UK 358,978 iShares Pacific ex Japan 662 1.96 Equity Index Fund UK

%of Holding or Underlying Market Total Nominal Exposure − Derivatives Value Net Value Investment £000’s £000’s Assets

DERIVATIVES − 0.71%; 29.2.2020 (1.53%)

Forward Currency Contracts − 0.71%; 29.2.2020 (1.53%) €1,894,385 Euro vs UK sterling 1,692 – 0.00 £3,579,080 UK sterling vs Euro 3,564 16 0.05 £22,137,784 UK sterling vs US dollar 21,913 224 0.66 US$14,552,690 US dollar vs UK sterling 10,869 – 0.00

38,038 240 0.71

Portfolio of investments 33,803 99.94 Net other assets 20 0.06

Total net assets 33,823 100.00

Unless otherwise stated, all securities are either listed on a recognised exchange or traded on an eligible securities market. Underlying exposure has been calculated according to the guidelines issued by the European Securities and Markets Authority (“ESMA”) and represents the market value of an equivalent position in the assets underlying each financial derivative instrument. The counterparties for the forward currency contracts are Barclays Bank Plc, Goldman Sachs International, HSBC Bank Plc, J.P. Morgan Securities Plc, Royal Bank of Scotland Plc, Société Générale SA and State Street Global Advisors Limited. 1 All securities that have a value of less than £500 have been rounded to zero. All underlying funds are managed by a related party.

143 BlackRock Investment Funds MyMap 6 Fund

Statement of Total Return (unaudited) for the six months ended 31 August 2020

31.8.2020 31.8.2019 £000’s £000’s £000’s £000’s Income Net capital gains 2,684 181 Revenue 87 – Expenses (15) (1) Net revenue/(expense) before taxation 72 (1) Taxation (4) – Net revenue/(expense) after taxation 68 (1) Total return before distributions 2,752 180 Distributions (68) – Change in net assets attributable to unitholders from investment activities 2,684 180

Statement of Change in Net Assets Attributable to Unitholders (unaudited) for the six months ended 31 August 2020

31.8.2020 31.8.2019 £000’s £000’s £000’s £000’s Opening net assets attributable to unitholders 17,522 – Amounts receivable on issue of units 15,993 4,234 Amounts payable on cancellation of units (2,506) (22) 13,487 4,212 Change in net assets attributable to unitholders from investment activities 2,684 180 Retained distribution on accumulation units 130 – Closing net assets attributable to unitholders 33,823 4,392 The above statement shows the comparative closing net assets at 31 August 2019 whereas the current accounting period commenced 1 March 2020.

BlackRock Investment Funds 144 MyMap 6 Fund

Balance Sheet (unaudited) at 31 August 2020

31.8.2020 29.2.2020 £000’s £000’s Assets: Fixed assets − Investment assets 33,803 17,770 Current assets − Debtors 322 542 − Cash and bank balances 31 4 Total assets 34,156 18,316

Liabilities: Investment liabilities – (270) Creditors − Distributions payable (3) (1) − Other creditors (330) (523) Total liabilities (333) (794) Net assets attributable to unitholders 33,823 17,522

G D Bamping (Director) M T Zemek (Director) BlackRock Fund Managers Limited 29 October 2020

145 BlackRock Investment Funds Supplementary Information

Efficient Portfolio Management Techniques The Manager may, on behalf of certain Funds and subject to the conditions and within the limits laid down by the FCA and the Prospectus, employ techniques and instruments relating to transferable securities, including investments in Over-the-Counter Financial Derivative Instruments (OTC FDIs) provided that such techniques and instruments are used for efficient portfolio management purposes or to provide protection against exchange risk or for direct investment purposes, where applicable.

In addition to the investments in OTC FDIs, the Funds may employ other techniques and instruments relating to transferable securities and money market instruments, subject to the conditions set out in the Trust’s Prospectus, as amended from time to time, and the ESMA Guidelines, such as repurchase / reverse repurchase transactions (“repo transactions”) and securities lending.

Securities Lending, Total Return Swaps (TRS) and Contracts for Differences (CFDs) Securities lending transactions entered into by the Funds are subject to a written legal agreement between the Funds and the Securities Lending Agent, BlackRock Advisors (UK) Limited, a related party to the Funds, and separately between the Securities Lending Agent and the approved borrowing counterparty. Collateral received in exchange for securities lent is transferred under a title transfer arrangement and is delivered to and held in an account with a tri-party collateral manager in the name of The Bank of New York Mellon (International) Limited (“the Trustee”) on behalf of the Funds. Collateral received is segregated from the assets belonging to the Funds’ Trustee or the Lending Agent.

TRS and CFDs are entered into by the Funds under an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement. An ISDA Master Agreement is a bilateral agreement between the Fund and a counterparty that governs OTC FDIs (including TRS and CFDs) entered into by the parties. The parties’ exposures under the ISDA Master Agreement are netted and collateralised together, therefore any collateral disclosures provided are in respect of all OTC FDIs entered into by the Funds under the ISDA Master Agreement, not just TRS or CFDs. All collateral received/posted by the Funds under the ISDA Master Agreement is transferred bilaterally under a title transfer arrangement.

BlackRock Investment Funds 146 Supplementary Information continued

The following table details the value of securities on loan as a proportion of the Funds’ total lendable assets and Net Asset Value (NAV) and the value of TRS and CFDs as a proportion of the Funds’ NAV, as at 31 August 2020. The income/returns earned from securities lending, TRS and CFDs respectively are also shown for the period ended 31 August 2020. Totallendable assets represents the aggregate value of assets forming part of the Funds’ securities lending programme. This excludes any assets held by the Funds that are not considered lendable due to any market, regulatory, investment or other restriction. The values of TRS and CFDs are based on the underlying exposure value on a gross absolute basis.

Securities on loan TRS CFDs % Income Returns of lendable % earned % % earned Fund assets of NAV £000’s of NAV of NAV £000’s BlackRock Systematic Global Long/Short Equity Fund (Formerly BlackRock Global Long/Short Equity Fund) – – – – 197.73 (44)

BlackRock Sterling Short Duration Credit Fund 2.44 2.11 37 – – –

BlackRock Sterling Strategic Bond Fund 4.97 3.94 30 – – –

BlackRock Strategic Growth Fund 7.07 4.25 2 5.15 – –

The total income earned from securities lending transactions is split between the relevant Fund and the Securities Lending Agent. The Funds receive 62.5% while Securities Lending Agent receives 37.5% of such income, with all operational costs borne out of the Securities Lending Agent’s share.

All returns from OTC FDIs (including TRSs/CFDs) will accrue to the Funds and are not subject to any returns sharing arrangements with the Fund’s Manager or any other third parties.

The following table details the value of securities on loan (individually identified in the Funds’ portfolio statement) and associated collateral received and the underlying exposure value on a gross absolute basis for TRS and CFDs, analysed by counterparty as at 31 August 2020.

Securities Lending CFDs Counterparty’s country of Amount Collateral Underlying Counterparty establishment on loan received exposure BlackRock Systematic Global Long/Short Equity Fund (Formerly BlackRock Global Long/Short Equity Fund) £000’s £000’s £000’s Citigroup Global Markets Limited UK – – 6,083 Merrill Lynch International UK – – 4,256 Morgan Stanley & Co. International Plc UK – – 4,878

Total – – 15,217

147 BlackRock Investment Funds Supplementary Information continued

Securities Lending Counterparty’s country of Amount Collateral Counterparty establishment on loan received BlackRock Sterling Short Duration Credit Fund £000’s £000’s Barclays Bank Plc UK 3,711 3,867 HSBC Bank Plc UK 54 58 J.P.Morgan Securities Plc UK 2,613 2,880 J.P.Morgan Securities Plc (Euroclear) UK 1,667 1,735

Total 8,045 8,540

Securities Lending Counterparty’s country of Amount Collateral Counterparty establishment on loan received BlackRock Sterling Strategic Bond Fund £000’s £000’s Barclays Bank Plc UK 161 168 Citigroup Global Markets Limited UK 2,112 2,196 Deutsche Bank AG (Euroclear) Germany 196 204 HSBC Bank Plc UK 95 104 J.P.Morgan Securities Plc (Euroclear) UK 500 520

Total 3,064 3,192

Securities Lending TRS Counterparty’s country of Amount Collateral Underlying Counterparty establishment on loan received exposure BlackRock Strategic Growth Fund £000’s £000’s £000’s Barclays Capital Securities Limited UK 716 773 – Merrill Lynch International UK – – 209 Société Générale SA France – – 659

Total 716 773 868

The following table provides an analysis of the maturity tenor of TRS as at 31 August 2020.

Maturity Tenor 1-30 31 - 90 91 - 365 More than Open Fund days days days 365 days transactions Total BlackRock Strategic Growth Fund £000’s £000’s £000’s £000’s £000’s £000’s TRS – – 659 209 – 868

The above maturity tenor analysis has been based on the respective transaction contractual maturity date. All securities on loan and CFDs have an open maturity tenor as they are recallable or terminable on a daily basis.

BlackRock Investment Funds 148 Supplementary Information continued

Collateral The Funds engage in activities which may require collateral to be provided to a counterparty (“collateral posted”) or may hold collateral received (“collateral received”) from a counterparty.

The following table provides an analysis by currency of the cash and underlying non-cash collateral received/posted by way of title transfer collateral arrangement by the Funds, in respect of securities lending transactions and OTC FDIs (including CFDs), as at 31 August 2020.

Cash Cash Non-cash Non-cash collateral collateral collateral collateral Currency received posted received posted BlackRock Sterling Short Duration Credit Fund £000’s £000’s £000’s £000’s Securities lending transactions CAD – – 250 – CHF – – 187 – CNY – – 577 – DKK – – 4 – EUR – – 5,161 – GBP – – 1,058 – HKD – – 91 – NOK – – 106 – SEK – – 6 – USD – – 1,100 –

Total – – 8,540 –

OTC FDIs GBP – 1,132 – –

–1,132– –

Total – 1,132 8,540 –

149 BlackRock Investment Funds Supplementary Information continued

Cash Cash Non-cash Non-cash collateral collateral collateral collateral Currency received posted received posted BlackRock Sterling Strategic Bond Fund £000’s £000’s £000’s £000’s Securities lending transactions CNY – – 28 – DKK – – 8 – EUR – – 2,399 – GBP – – 145 – HKD – – 7 – NOK – – 41 – SEK – – 9 – USD – – 555 –

Total – – 3,192 –

OTC FDIs GBP – 583 – –

– 583 – –

Total – 583 3,192 –

Cash Cash Non-cash Non-cash collateral collateral collateral collateral Currency received posted received posted BlackRock Strategic Growth Fund £000’s £000’s £000’s £000’s Securities lending transactions CAD – – 7 – CHF – – 19 – EUR – – 316 – GBP – – 128 – JPY – – 133 – SEK – – 14 – SGD – – 15 – USD – – 141 –

Total – – 773 –

The Funds are the legal owner of inbound collateral and can sell the assets and withhold the cash in the case of default. All cash received or posted as collateral has an open maturity tenor as it’s not subject to a contractual maturity date.

Non-cash collateral received by way of title transfer collateral arrangement in relation to securities lending transactions and OTC FDIs, cannot be sold, re-invested or pledged.

BlackRock Investment Funds 150 Supplementary Information continued

The following table provides an analysis of the type, quality and maturity tenor of non-cash collateral received by the Funds by way of title transfer collateral arrangement in respect of securities lending transactions, as at 31 August 2020.

Maturity Tenor 1-7 8-30 31 - 90 91 - 365 More than Open Fund days days days days 365 days transactions Total BlackRock Sterling Short Duration Credit Fund £000’s £000’s £000’s £000’s £000’s £000’s £000’s Collateral received - securities lending Fixed income Investment grade 773 54 14 165 4,857 – 5,863 Equities Recognised equity index –––– –2,6772,677

Total 773 54 14 165 4,857 2,677 8,540

BlackRock Sterling Strategic Bond Fund £000’s £000’s £000’s £000’s £000’s £000’s £000’s Collateral received - securities lending Fixed income Investment grade 45 81 33 125 2,822 – 3,106 Equities Recognised equity index –––– – 8585 ETFs Non-UCITS –––– – 11

Total 45 81 33 125 2,822 86 3,192

BlackRock Strategic Growth Fund £000’s £000’s £000’s £000’s £000’s £000’s £000’s Collateral received - securities lending Fixed income Investment grade – – 31 37 461 – 529 Equities Recognised equity index –––– –244244

Total – – 31 37 461 244 773

Investment grade securities are those issued by an entity with a minimum investment grade credit rating from at least one globally recognised credit rating agency; Standard & Poor’s, Moody’s or Fitch.

The maturity tenor analysis for fixed income securities received as collateral is based on the respective contractual maturity date.

151 BlackRock Investment Funds Supplementary Information continued

As at 31 August 2020, all non-cash collateral received by the Funds in respect of securities lending transactions and OTC FDIs (including CFDs) is held by the Funds’ Trustee (or through their delegates), with the exception of the amounts disclosed in the following table which are held through a securities settlement system.

Non-cash collateral received Fund Securities lending OTC FDIs BlackRock Systematic Global Long/Short Equity Fund (Formerly BlackRock Global Long/Short Equity Fund) £000’s £000’s Euroclear Bank SA/NAV – –

BlackRock Sterling Short Duration Credit Fund £000’s £000’s Euroclear Bank SA/NAV 5,602 –

BlackRock Sterling Strategic Bond Fund £000’s £000’s Euroclear Bank SA/NAV 3,088 –

BlackRock Strategic Growth Fund £000’s £000’s Euroclear Bank SA/NAV – –

The following table lists the top ten issuers (or all the issuers if less than ten) of non-cash collateral received by the Fund by way of the title transfer collateral arrangement across securities lending transactions and OTC FDIs as at 31 August 2020.

Fund Value % of the Fund’s NAV BlackRock Sterling Short Duration Credit Fund £000’s Barclays Bank Plc 3,867 1.01 J.P.Morgan Securities Plc 2,880 0.76 J.P.Morgan Securities Plc (Euroclear) 1,735 0.46 HSBC Bank Plc 58 0.01 Total 8,540 2.24

BlackRock Sterling Strategic Bond Fund £000’s Citigroup Global Markets Limited 2,196 2.83 J.P.Morgan Securities Plc (Euroclear) 520 0.67 Deutsche Bank AG (Euroclear) 204 0.26 Barclays Bank Plc 168 0.22 HSBC Bank Plc 104 0.13 Total 3,192 4.11

BlackRock Strategic Growth Fund £000’s Barclays Capital Securities Limited 773 4.59 Total 773 4.59

BlackRock Investment Funds 152 About us

BlackRock is a premier provider of asset management, risk management, and advisory services to institutional, intermediary, and individual clients worldwide. As of 30 September 2020, the firm manages £5.92 trillion across asset classes in separate accounts, mutual funds, other pooled investment vehicles, and the industry-leading iShares® exchange-traded funds.

Through BlackRock Solutions®, the firm offers risk management and advisory services that combine capital markets expertise with proprietarily-developed analytics, systems, and technology. Through BlackRock Solutions, the Firm provides risk management and enterprise investment services for over 200 clients.

BlackRock serves clients in North and South America, Europe, Asia, Australia, Africa, and the Middle East. Headquartered in New York, the firm maintains offices in over 30 countries around the world.

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