# EDGAR Filing Document

**Accession Number:** 0001833936
**File Stem:** 0001193125-26-071780
**Filing Date:** 2026-2
**Character Count:** 24230
**Document Hash:** 04e93606cb453ea11d8eaf20458ae11b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-071780.hdr.sgml**: 20260225

**ACCESSION NUMBER**: 0001193125-26-071780

**CONFORMED SUBMISSION TYPE**: NPORT-P/A

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260225

**DATE AS OF CHANGE**: 20260225

**PERIOD START**: 20260331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BlackRock Alpha Strategies Fund
- **CENTRAL INDEX KEY:** 0001833936

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** NPORT-P/A
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23626
- **FILM NUMBER:** 26679232

**BUSINESS ADDRESS:**
- **STREET 1:** 100 BELLEVUE PARKWAY
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19809
- **BUSINESS PHONE:** 800 882 0052

**MAIL ADDRESS:**
- **STREET 1:** 100 BELLEVUE PARKWAY
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19809

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BlackRock Hedge Fund Guided Portfolio Solution
- **DATE OF NAME CHANGE:** 20201125

## Nport-Ex

Schedule of Investments (unaudited)

December 31, 2025

**BlackRock Alpha Strategies Fund**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Portfolio Funds*<sup>(a)(b)</sup> <br>| *First Acquisition* <br>*Date*<br>| *Cost* | *Value* | &nbsp;&nbsp;&nbsp;&nbsp; *% of* <br>*Net* <br>*Assets*<br>|
| **Equity Hedge** | **Equity Hedge** | **Equity Hedge** |  |  |
| Atlas Enhanced Fund, Ltd. | 09/01/22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $7396600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $10078126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.0<br> %<br>|
| Kadensa Fund | 04/01/21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1041623 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1269731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.0<br> %<br>|
| Manticore Fund (Cayman) Ltd. | 04/01/21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2287683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.0<br> %<br>|
| Maple Rock Offshore Fund LP | 11/01/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6536725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.2<br> %<br>|
| Toroa Feeder 1 (Offshore) | 02/01/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3518588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4472668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.5<br> %<br>|
| Yaupon Fund (CI) Ltd. | 05/01/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4225292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5290114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.2<br> %<br>|
| **Total Equity Hedge** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22469786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32647887 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25.9<br> %<br>|
| **Event-Driven** | **Event-Driven** | **Event-Driven** |  |  |
| Carronade Capital Offshore, LP | 04/01/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5117940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6728344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.3<br> %<br>|
| MY Asian Opportunities Unit Trust | 05/01/21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3335425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5245056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.2<br> %<br>|
| Pentwater Event Fund, Ltd. | 04/01/21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5075570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9693673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.7<br> %<br>|
| TPG AG Corporate Credit Opportunities Fund, Ltd. | 11/01/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4787186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5324988 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.2<br> %<br>|
| Two Seas Global (Cayman) Fund LP | 07/01/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4830168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.8<br> %<br>|
| **Total Event-Driven** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21816121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31822229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25.2<br> %<br>|
| **Macro** | **Macro** | **Macro** |  |  |
| Aegeri Capital Offshore Fund Ltd. | 07/01/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3976620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.1<br> %<br>|
| East One Commodity Fund Limited | 05/01/21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4590852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4874383 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.9<br> %<br>|
| Stratus Feeder, Ltd. | 04/01/21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4169009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7808825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.2<br> %<br>|
| Systematica Alternative Markets Fund Ltd. | 05/01/21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4724840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5116371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.0<br> %<br>|
| **Total Macro** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17484701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21776199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17.2<br> %<br>|
| **Relative Value** | **Relative Value** | **Relative Value** |  |  |
| Adapt Fund Ltd. | 11/01/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3386631 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3639466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.9<br> %<br>|
| EGMF Offshore Ltd. | 04/01/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3561000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3568991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.8<br> %<br>|
| One William Street Capital Offshore Fund, Ltd. | 04/01/21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3163535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5179026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.1<br> %<br>|
| Schonfeld Strategic Partners Offshore Fund, Ltd. | 01/01/22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3903508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5398117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.3<br> %<br>|
| Voleon Composition International Fund, Ltd. | 04/01/21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6430167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8981469 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.1<br> %<br>|
| Xantium Partners Fund, Ltd. | 09/01/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4808689 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5270038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.2<br> %<br>|
| **Total Relative Value** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25253530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32037107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25.4<br> %<br>|
| **Total Portfolio Funds** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87024138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 118283422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93.7<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *Shares* | *Cost* | *Value* | &nbsp;&nbsp;&nbsp;&nbsp; *% of* <br>*Net* <br>*Assets*<br>|
| **Short-Term Securities** |  |  |  |  |
| **Money Market Funds** |  |  |  |  |
| BlackRock Liquidity Funds, T-Fund, Institutional Shares, 3.65%<sup>(c)(d)</sup> <br>| 9913385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $9913385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $9913385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.9<br> %<br>|
| **Total Short-Term Securities** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9913385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9913385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.9<br> %<br>|
| **Total Investments** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $96937523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 128196807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 101.6<br> %<br>|
| **Liabilities in Excess of Other Assets** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2028768)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.6)%<br>|
| **Net Assets** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $126168039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100.0<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $118,283,422, representing 93.7% of its net assets as of period end, and an original cost of $87,024,138. 

<sup>(c)</sup> Affiliate of the Fund.

<sup>(d)</sup> Annualized 7-day yield as of period end.

------

Schedule of Investments (unaudited) (continued)

December 31, 2025

**BlackRock Alpha Strategies Fund**

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the period ended December 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*03/31/25*<br>| *Proceeds* <br>*from Sales*<br>| *Net* <br>*Realized* <br>*Gain* <br>*(Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*12/31/25*<br>| *Shares* <br>*Held at* <br>*12/31/25*<br>| *Income* | *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| &nbsp;&nbsp;&nbsp; BlackRock Liquidity Funds, T-Fund, <br> Institutional Shares<br>| &nbsp;&nbsp; $5896050<br>&nbsp;&nbsp; $4017335 <br><sup>(a)</sup><br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $9913385 | &nbsp;&nbsp; 9913385 | &nbsp;&nbsp; $168454 | &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

**Fair Value Hierarchy as of Period End**

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

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

&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 — Inputs that are unobservable and significant to the entire fair value measurement for the asset or liability (including the Valuation Committee's assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund's policy regarding valuation of financial instruments, refer to its most recent financial statements.

Certain investments of the Fund were fair valued using net asset value ("NAV") as a practical expedient as no quoted market value is available and therefore have been excluded from the fair value hierarchy.

The following table summarizes the Fund's financial instruments categorized in the fair value hierarchy. The breakdown of the Fund's financial instruments into major categories is disclosed in the Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | &nbsp;&nbsp; $9913385 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $9913385 |
| &nbsp;&nbsp;&nbsp; Investments valued at NAV<sup>(a)</sup> <br>|  |  |  | &nbsp;&nbsp; 118283422 |
|  |  |  |  | &nbsp;&nbsp; $128196807 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Certain investments of the Fund were fair valued using NAV as a practical expedient as no quoted market value is available and therefore have been excluded from the fair value hierarchy.

------

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** BlackRock Alpha Strategies Fund

- **b. Investment Company Act file number:** 811-23626

- **c. CIK number of Registrant:** 0001833936

- **d. LEI of Registrant:** 549300OF4HWLLO1I9Y24

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 100 Bellevue Parkway

  - **City:** Wilmington

  - **State:** DE

  - **Foreign country:** US

  - **Zip / Postal Code:** 19809

  - **Telephone number:** 8008820052

**Item A.2. Information about the Series.**

- **a. Name of Series:** BlackRock Alpha Strategies Fund

- **c. LEI of Series:** 549300OF4HWLLO1I9Y24

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-03-31

- **b. Date as of which information is reported:** 2025-12-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $142647946.85

**Total Liabilities:** $22310203.57

**Net Assets:** $120337743.28

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000000000 | 1.91%                | 0.12%                | 1.34%                |
| Class ID C000000001 | 1.84%                | 0.05%                | 1.27%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $150.00                  | $2597365.12                                |
| Month 2  | $1050114.00              | $-778648.99                                |
| Month 3  | $4688490.00              | $-2741804.57                               |

### Schedule of Portfolio Investments

| Name                                                   | Title                                                  | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   | Fair Value Level   | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Yaupon CIS Ltd. QF1                                    | Yaupon CIS Ltd. QF1                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | KY        |   4225292 | OU      | $5290114.36   | 4.40%             |  |  |  | Yes           | N/A                | On Loan: No      |
| XPF Ltd Class AG                                       | XPF Ltd Class AG                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | KY        |   4808689 | OU      | $5270038.38   | 4.38%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Voleon Composition International Fund, Ltd             | Voleon Composition International Fund, Ltd             | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | KY        |   6430167 | OU      | $8981469.48   | 7.46%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Tow Seas Cayman Class Q F2 Opt in                      | Tow Seas Cayman Class Q F2 Opt in                      | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | KY        |   3500000 | OU      | $4830168.06   | 4.01%             |  |  |  | Yes           | N/A                | On Loan: No      |
| TPG AG CRP CRED OPPS LTD CLSIQ                         | TPG AG CRP CRED OPPS LTD CLSIQ                         | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | KY        |   4787186 | OU      | $5324988.15   | 4.43%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Toroa Feeder 1 Off Founder SRS                         | Toroa Feeder 1 Off Founder SRS                         | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | KY        |   3518588 | OU      | $4472667.97   | 3.72%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Systematica Alternative Markets Fund Limited           | Systematica Alternative Markets Fund Limited           | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | KY        |   4724840 | OU      | $5116371.34   | 4.25%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Stratus Feeder, Ltd                                    | Stratus Feeder, Ltd                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | VG        |   4169009 | OU      | $7808824.88   | 6.49%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Schonfeld Strategic Partners Offshore Fund Ltd.        | Schonfeld Strategic Partners Offshore Fund Ltd.        | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | KY        |   3903508 | OU      | $5398117.25   | 4.49%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Pentwater Event Fund, Ltd                              | Pentwater Event Fund, Ltd                              | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | KY        |   5075570 | OU      | $9693673.00   | 8.06%             |  |  |  | Yes           | N/A                | On Loan: No      |
| One William Street Capital Offshore Fund, Ltd          | One William Street Capital Offshore Fund, Ltd          | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | KY        |   3163535 | OU      | $5179026.28   | 4.30%             |  |  |  | Yes           | N/A                | On Loan: No      |
| MY Asian Opportunities Unit Trust                      | MY Asian Opportunities Unit Trust                      | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | KY        |   3335425 | OU      | $5245055.91   | 4.36%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Maple Rock Offshore Class E                            | Maple Rock Offshore Class E                            | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | KY        |   4000000 | OU      | $6536724.87   | 5.43%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Manticore Fund (Cayman), Ltd                           | Manticore Fund (Cayman), Ltd                           | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | KY        |   2287683 | OU      | $5000523.04   | 4.16%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Kadensa Fund                                           | Kadensa Fund                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | KY        |   1041623 | OU      | $1269730.64   | 1.06%             |  |  |  | Yes           | N/A                | On Loan: No      |
| EGMG Ltd. Class A External - Hedge Fund                | EGMG Ltd. Class A External - Hedge Fund                | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | KY        |   3561000 | OU      | $3568990.91   | 2.97%             |  |  |  | Yes           | N/A                | On Loan: No      |
| East One Commodity Fund Limited                        | East One Commodity Fund Limited                        | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | KY        |   4590853 | OU      | $4874382.61   | 4.05%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Carronade Capital Offshore, LP                         | Carronade Capital Offshore, LP                         | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | KY        |   5117940 | OU      | $6728344.24   | 5.59%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Atlas Enhanced Fund, Ltd                               | Atlas Enhanced Fund, Ltd                               | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | KY        |   7396600 | OU      | $10078125.85  | 8.37%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Aegeri Capital Offshore Fund Class                     | Aegeri Capital Offshore Fund Class                     | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | KY        |   4000000 | OU      | $3976619.72   | 3.30%             |  |  |  | Yes           | N/A                | On Loan: No      |
| 1798 Adapt Fund Ltd.                                   | 1798 Adapt Fund Ltd.                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | KY        |   3386631 | OU      | $3639465.75   | 3.02%             |  |  |  | Yes           | N/A                | On Loan: No      |
| BLACKROCK LIQUIDITY FUNDS - BLACKROCK LIQUIDITY T-FUND | BLACKROCK LIQUIDITY FUNDS - BLACKROCK LIQUIDITY T-FUND | CUSIP: 09248U718<br>LEI: 5493002L9DNZ83RX7V61 | Long             | STIV             | RF                | US        |   9913385 | OU      | $9913384.55   | 8.24%             |  |  |  | No            | 1                  | On Loan: No      |

### Signature

**Date Signed:** 2026-02-23

**Name of Applicant:** BlackRock Alpha Strategies Fund

**Signature:** Chuck Pulsfort

**Name of Signer:** Chuck Pulsfort

**Title:** Assistant Treasurer