# EDGAR Filing Document

**Accession Number:** 0000844779
**File Stem:** 0001193125-25-154780
**Filing Date:** 2025-7
**Character Count:** 1045446
**Document Hash:** f7c4703590065f20cf0852002609fc68
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-154780.hdr.sgml**: 20250702

**ACCESSION NUMBER**: 0001193125-25-154780

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 33

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250702

**DATE AS OF CHANGE**: 20250702

**EFFECTIVENESS DATE**: 20250702

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BLACKROCK FUNDS
- **CENTRAL INDEX KEY:** 0000844779

**ORGANIZATION NAME:**
- **EIN:** 510318674
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05742
- **FILM NUMBER:** 251100227

**BUSINESS ADDRESS:**
- **STREET 1:** 100 BELLEVUE PARKWAY
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19809
- **BUSINESS PHONE:** 800-441-7762

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** COMPASS CAPITAL FUNDS\
- **DATE OF NAME CHANGE:** 19961114

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PNC FUND
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NCP FUNDS
- **DATE OF NAME CHANGE:** 19890511

## Series and Classes Contracts Data

### BlackRock Advantage Emerging Markets Fund (Series ID: S000033603)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000103256 | Investor A Shares    |  |
| C000103257 | Investor C Shares    |  |
| C000103258 | Institutional Shares |  |
| C000198231 | Class K              |  |

### BlackRock Global Equity Market Neutral Fund (Series ID: S000039460)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000121567 | Institutional Shares |  |
| C000121568 | Investor A Shares    |  |
| C000121569 | Investor C Shares    |  |
| C000166017 | Class K              |  |

### BlackRock Defensive Advantage Emerging Markets Fund (Series ID: S000070274)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000223506 | Institutional |  |
| C000223507 | Class K       |  |
| C000223508 | Investor A    |  |

?xml version='1.0' encoding='ASCII'? BlackRock Funds

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

#### FORM N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number:

811-05742

Name of Fund:

---

| |
|:---|
| BlackRock Funds<sup>SM</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Advantage Emerging Markets Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Defensive Advantage Emerging Markets Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Global Equity Market Neutral Fund |

---

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Funds<sup>SM</sup>, 50 Hudson Yards, New York, NY 10001

Registrant's telephone number, including area code:

&nbsp;&nbsp;&nbsp;&nbsp;(800) 441-7762

Date of fiscal year end:

4/30/2025

Date of reporting period:

4/30/2025

Item 1 — Report to Stockholders

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Report to Shareholders is attached herewith

![TSR - BLK Retail Logo](g924842images_4988.jpg)

### BlackRock Advantage Emerging Markets Fund

### Institutional Shares \| BLSIX

#### Annual Shareholder Report — April 30, 2025

------

This annual shareholder report contains important information about BlackRock Advantage Emerging Markets Fund (the "Fund") for the period of May 1, 2024 to April 30, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

#### What were the Fund costs for the last year ?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| Institutional Shares | $87 | 0.85% |

---

 **How did the Fund perform last year ?**

* For the reporting period ended April 30, 2025, the Fund's Institutional Shares returned 5.32%. 

* For the same period, the MSCI Emerging Markets Index returned 9.02%. 

What contributed to performance?

Sentiment insights captured key emerging market themes and made a strong contribution to absolute performance. Measures designed to evaluate analyst and broker sentiment, as well as those that gather managerial sentiment from conference call text, produced gains. Fundamental valuation insights tracking sales, research expenditures, and other financial statement data also contributed. The Fund's use of derivatives had a marginal, positive impact on performance. The Fund's cash position has no material impact.

What detracted from performance?

While insights designed to evaluate informed investor sentiment contributed, other sentiment measures that seek to evaluate consumer intent detracted. Insights that analyze online search trends and mobile app downloads and usage also pressured results. China-specific measures evaluating economic trends, such as job hiring, further detracted.

 *The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.*

#### Fund performance
Cumulative performance: May 1, 2015 through April 30, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g924842chartimages_5969937.jpg)

See "Average annual total returns" for additional information on fund performance.

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Institutional Shares | 5.32% | 5.15% | 1.17% |
| MSCI Emerging Markets Index | 9.02 | 6.35 | 3.07 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$45601930 |
| Number of Portfolio Holdings | &nbsp;&nbsp;225 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$495019 |
| Portfolio Turnover Rate | &nbsp;&nbsp;274% |

---

The Fund's returns shown prior to June 12, 2017, are the returns of the Fund when it followed different investment strategies under the name BlackRock Emerging Markets Long/Short Equity Fund.

 **Past performance is not an indication of future results.** Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit **blackrock.com** for more recent performance information.

#### What did the Fund invest in?
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Geographic allocation** | **Geographic allocation** |
| *Country/Geographic Region* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| United States | 295.4% |
| China | 27.2% |
| Taiwan | 16.2% |
| India | 15.8% |
| South Korea | 9.6% |
| Saudi Arabia | 3.0% |
| Thailand | 2.7% |
| Mexico | 2.6% |
| Brazil | 2.5% |
| South Africa | 2.3% |
| Other<sup>#</sup> | 7.0% |
| Liabilities in Excess of Other Assets | (284.3)% |

---

<sup><sup>#</sup></sup> <sup>Ten largest countries/geographic regions are presented. Additional countries/geographic regions are found in Other.</sup>

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.

#### Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.

The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g924842images_4987.jpg)

BlackRock Advantage Emerging Markets Fund

Institutional Shares \| BLSIX

Annual Shareholder Report — April 30, 2025

BLSIX-04/25-AR

![TSR - BLK Retail Logo](g924842images_4988.jpg)

### BlackRock Advantage Emerging Markets Fund

### Investor A Shares \| BLSAX

#### Annual Shareholder Report — April 30, 2025

------

This annual shareholder report contains important information about BlackRock Advantage Emerging Markets Fund (the "Fund") for the period of May 1, 2024 to April 30, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

#### What were the Fund costs for the last year ?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| Investor A Shares | $118 | 1.15% |

---

 **How did the Fund perform last year ?**

* For the reporting period ended April 30, 2025, the Fund's Investor A Shares returned 5.01%. 

* For the same period, the MSCI Emerging Markets Index returned 9.02%. 

What contributed to performance?

Sentiment insights captured key emerging market themes and made a strong contribution to absolute performance. Measures designed to evaluate analyst and broker sentiment, as well as those that gather managerial sentiment from conference call text, produced gains. Fundamental valuation insights tracking sales, research expenditures, and other financial statement data also contributed. The Fund's use of derivatives had a marginal, positive impact on performance. The Fund's cash position has no material impact.

What detracted from performance?

While insights designed to evaluate informed investor sentiment contributed, other sentiment measures that seek to evaluate consumer intent detracted. Insights that analyze online search trends and mobile app downloads and usage also pressured results. China-specific measures evaluating economic trends, such as job hiring, further detracted.

 *The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.*

#### Fund performance
Cumulative performance: May 1, 2015 through April 30, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g924842chartimages_5969876.jpg)

See "Average annual total returns" for additional information on fund performance.

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Investor A Shares | 5.01% | 4.85% | 0.88% |
| Investor A Shares (with sales charge) | (0.51) | 3.72 | 0.34 |
| MSCI Emerging Markets Index | 9.02 | 6.35 | 3.07 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$45601930 |
| Number of Portfolio Holdings | &nbsp;&nbsp;225 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$495019 |
| Portfolio Turnover Rate | &nbsp;&nbsp;274% |

---

Assuming maximum sales charges. Average annual total returns with and without sales charges reflect reductions for service fees.

The Fund's returns shown prior to June 12, 2017, are the returns of the Fund when it followed different investment strategies under the name BlackRock Emerging Markets Long/Short Equity Fund.

 **Past performance is not an indication of future results.** Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit **blackrock.com** for more recent performance information.

#### What did the Fund invest in?
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Geographic allocation** | **Geographic allocation** |
| *Country/Geographic Region* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| United States | 295.4% |
| China | 27.2% |
| Taiwan | 16.2% |
| India | 15.8% |
| South Korea | 9.6% |
| Saudi Arabia | 3.0% |
| Thailand | 2.7% |
| Mexico | 2.6% |
| Brazil | 2.5% |
| South Africa | 2.3% |
| Other<sup>#</sup> | 7.0% |
| Liabilities in Excess of Other Assets | (284.3)% |

---

<sup><sup>#</sup></sup> <sup>Ten largest countries/geographic regions are presented. Additional countries/geographic regions are found in Other.</sup>

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.

#### Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.

The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g924842images_4987.jpg)

BlackRock Advantage Emerging Markets Fund

Investor A Shares \| BLSAX

Annual Shareholder Report — April 30, 2025

BLSAX-04/25-AR

![TSR - BLK Retail Logo](g924842images_4988.jpg)

### BlackRock Advantage Emerging Markets Fund

### Investor C Shares \| BLSCX

#### Annual Shareholder Report — April 30, 2025

------

This annual shareholder report contains important information about BlackRock Advantage Emerging Markets Fund (the "Fund") for the period of May 1, 2024 to April 30, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

#### What were the Fund costs for the last year ?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| Investor C Shares | $194 | 1.90% |

---

 **How did the Fund perform last year ?**

* For the reporting period ended April 30, 2025, the Fund's Investor C Shares returned 4.22%. 

* For the same period, the MSCI Emerging Markets Index returned 9.02%. 

What contributed to performance?

Sentiment insights captured key emerging market themes and made a strong contribution to absolute performance. Measures designed to evaluate analyst and broker sentiment, as well as those that gather managerial sentiment from conference call text, produced gains. Fundamental valuation insights tracking sales, research expenditures, and other financial statement data also contributed. The Fund's use of derivatives had a marginal, positive impact on performance. The Fund's cash position has no material impact.

What detracted from performance?

While insights designed to evaluate informed investor sentiment contributed, other sentiment measures that seek to evaluate consumer intent detracted. Insights that analyze online search trends and mobile app downloads and usage also pressured results. China-specific measures evaluating economic trends, such as job hiring, further detracted.

 *The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.*

#### Fund performance
Cumulative performance: May 1, 2015 through April 30, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g924842chartimages_5969875.jpg)

See "Average annual total returns" for additional information on fund performance.

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Investor C Shares | 4.22% | 4.07% | 0.29% |
| Investor C Shares (with sales charge) | 3.22 | 4.07 | 0.29 |
| MSCI Emerging Markets Index | 9.02 | 6.35 | 3.07 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$45601930 |
| Number of Portfolio Holdings | &nbsp;&nbsp;225 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$495019 |
| Portfolio Turnover Rate | &nbsp;&nbsp;274% |

---

Assuming maximum sales charges. Average annual total returns with and without sales charges reflect reductions for distribution and service fees.

The Fund's returns shown prior to June 12, 2017, are the returns of the Fund when it followed different investment strategies under the name BlackRock Emerging Markets Long/Short Equity Fund.

 **Past performance is not an indication of future results.** Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit **blackrock.com** for more recent performance information.

#### What did the Fund invest in?
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Geographic allocation** | **Geographic allocation** |
| *Country/Geographic Region* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| United States | 295.4% |
| China | 27.2% |
| Taiwan | 16.2% |
| India | 15.8% |
| South Korea | 9.6% |
| Saudi Arabia | 3.0% |
| Thailand | 2.7% |
| Mexico | 2.6% |
| Brazil | 2.5% |
| South Africa | 2.3% |
| Other<sup>#</sup> | 7.0% |
| Liabilities in Excess of Other Assets | (284.3)% |

---

<sup><sup>#</sup></sup> <sup>Ten largest countries/geographic regions are presented. Additional countries/geographic regions are found in Other.</sup>

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.

#### Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.

The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g924842images_4987.jpg)

BlackRock Advantage Emerging Markets Fund

Investor C Shares \| BLSCX

Annual Shareholder Report — April 30, 2025

BLSCX-04/25-AR

![TSR - BLK Retail Logo](g924842images_4988.jpg)

### BlackRock Advantage Emerging Markets Fund

### Class K Shares \| BLSKX

#### Annual Shareholder Report — April 30, 2025

------

This annual shareholder report contains important information about BlackRock Advantage Emerging Markets Fund (the "Fund") for the period of May 1, 2024 to April 30, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

#### What were the Fund costs for the last year ?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| Class K Shares | $83 | 0.81% |

---

 **How did the Fund perform last year ?**

* For the reporting period ended April 30, 2025, the Fund's Class K Shares returned 5.15%. 

* For the same period, the MSCI Emerging Markets Index returned 9.02%. 

What contributed to performance?

Sentiment insights captured key emerging market themes and made a strong contribution to absolute performance. Measures designed to evaluate analyst and broker sentiment, as well as those that gather managerial sentiment from conference call text, produced gains. Fundamental valuation insights tracking sales, research expenditures, and other financial statement data also contributed. The Fund's use of derivatives had a marginal, positive impact on performance. The Fund's cash position has no material impact.

What detracted from performance?

While insights designed to evaluate informed investor sentiment contributed, other sentiment measures that seek to evaluate consumer intent detracted. Insights that analyze online search trends and mobile app downloads and usage also pressured results. China-specific measures evaluating economic trends, such as job hiring, further detracted.

 *The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.*

#### Fund performance
Cumulative performance: May 1, 2015 through April 30, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g924842chartimages_5969814.jpg)

See "Average annual total returns" for additional information on fund performance.

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Class K Shares | 5.15% | 5.17% | 1.18% |
| MSCI Emerging Markets Index | 9.02 | 6.35 | 3.07 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$45601930 |
| Number of Portfolio Holdings | &nbsp;&nbsp;225 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$495019 |
| Portfolio Turnover Rate | &nbsp;&nbsp;274% |

---

The Fund's returns shown prior to June 12, 2017, are the returns of the Fund when it followed different investment strategies under the name BlackRock Emerging Markets Long/Short Equity Fund.

Performance shown prior to the Class K Shares inception date of January 25, 2018 is that of Institutional Shares. The performance of Class K Shares would be substantially similar to Institutional Shares because Class K Shares and Institutional Shares invest in the same portfolio of securities and performance would only differ to the extent that Class K Shares and Institutional Shares have different expenses. The actual returns of Class K Shares would have been higher than those of the Institutional Shares because Class K Shares have lower expenses than the Institutional Shares.

 **Past performance is not an indication of future results.** Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit **blackrock.com** for more recent performance information.

#### What did the Fund invest in?
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Geographic allocation** | **Geographic allocation** |
| *Country/Geographic Region* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| United States | 295.4% |
| China | 27.2% |
| Taiwan | 16.2% |
| India | 15.8% |
| South Korea | 9.6% |
| Saudi Arabia | 3.0% |
| Thailand | 2.7% |
| Mexico | 2.6% |
| Brazil | 2.5% |
| South Africa | 2.3% |
| Other<sup>#</sup> | 7.0% |
| Liabilities in Excess of Other Assets | (284.3)% |

---

<sup><sup>#</sup></sup> <sup>Ten largest countries/geographic regions are presented. Additional countries/geographic regions are found in Other.</sup>

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.

#### Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.

The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g924842images_4987.jpg)

BlackRock Advantage Emerging Markets Fund

Class K Shares \| BLSKX

Annual Shareholder Report — April 30, 2025

BLSKX-04/25-AR

![TSR - BLK Retail Logo](g924842images_4988.jpg)

### BlackRock Defensive Advantage Emerging Markets Fund

### Institutional Shares \| BIDEX

#### Annual Shareholder Report — April 30, 2025

------

This annual shareholder report contains important information about BlackRock Defensive Advantage Emerging Markets Fund (the "Fund") for the period of May 1, 2024 to April 30, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

#### What were the Fund costs for the last year ?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| Institutional Shares | $91 | 0.86% |

---

 **How did the Fund perform last year ?**

* For the reporting period ended April 30, 2025, the Fund's Institutional Shares returned 12.68%. 

* For the same period, the MSCI Emerging Markets Index returned 9.02% and the MSCI Emerging Markets Minimum Volatility Index returned 10.16%. 

What contributed to performance?

Sentiment insights captured prevailing market leadership by evaluating key events and themes such as the AI-driven rally, inflation surprises, and the U.S. presidential election outcome. Measures designed to evaluate analyst and broker sentiment contributed to absolute performance, as did those that gather managerial sentiment from conference call text. Select fundamental measures also contributed. Fundamental quality measures evaluating companies' ability to source financing proved additive, as did measures analyzing company research expenditures. Both measures benefitted from the prevailing market themes.

What detracted from performance?

Fundamental valuation metrics detracted at a time in which growth stocks outperformed. Traditional valuation insights utilizing financial statement analysis, as well as other measures tracking measures such as purchasing price parity, detracted amid the market's focus on AI excitement rather than attractively priced stocks.

 *The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.*

#### Fund performance
Cumulative performance: December 21, 2020 through April 30, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g924842chartimages_5969602.jpg)

See "Average annual total returns" for additional information on fund performance.

---

| | | |
|:---|:---|:---|
| **Average annual total returns** |  |  |
|  | *1 Year* | *Since Fund<br> Inception* |
| Institutional Shares | 12.68% | 4.99% |
| MSCI Emerging Markets Index | 9.02 | (0.32) |
| MSCI Emerging Markets Minimum Volatility Index | 10.16 | 2.85 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$11230353 |
| Number of Portfolio Holdings | &nbsp;&nbsp;124 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$0 |
| Portfolio Turnover Rate | &nbsp;&nbsp;218% |

---

The Fund commenced operations on December 21, 2020.

 **Past performance is not an indication of future results.** Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit **blackrock.com** for more recent performance information.

#### What did the Fund invest in?
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Geographic allocation** | **Geographic allocation** |
| *Country/Geographic Region* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| China | 23.0% |
| India | 21.6% |
| Taiwan | 11.9% |
| Saudi Arabia | 7.7% |
| South Korea | 5.3% |
| Malaysia | 5.0% |
| United Arab Emirates | 4.7% |
| Qatar | 3.5% |
| Kuwait | 3.4% |
| Thailand | 2.7% |
| Other<sup>#</sup> | 11.9% |
| Liabilities in Excess of Other Assets | (0.7)% |

---

---

| | |
|:---|:---|
| **Ten largest holdings** | **Ten largest holdings** |
| *Security<sup>(a)</sup>* | *Percent of<br> Net Assets* |
| LG Uplus Corp. | 1.5% |
| Lupin Ltd. | 1.5% |
| Infosys Ltd. | 1.5% |
| Boubyan Bank KSCP | 1.5% |
| Sun Pharmaceutical Industries Ltd. | 1.5% |
| OPAP SA, Class R | 1.5% |
| Advantech Co. Ltd. | 1.5% |
| SF Holding Co. Ltd., Class A | 1.5% |
| CP ALL PCL | 1.5% |
| Ooredoo QPSC | 1.5% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes short-term securities.</sup> <br> <sup><sup>#</sup></sup> <sup>Ten largest countries/geographic regions are presented. Additional countries/geographic regions are found in Other.</sup>

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.

#### Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.

The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g924842images_4987.jpg)

BlackRock Defensive Advantage Emerging Markets Fund

Institutional Shares \| BIDEX

Annual Shareholder Report — April 30, 2025

BIDEX-04/25-AR

![TSR - BLK Retail Logo](g924842images_4988.jpg)

### BlackRock Defensive Advantage Emerging Markets Fund

### Investor A Shares \| BADEX

#### Annual Shareholder Report — April 30, 2025

------

This annual shareholder report contains important information about BlackRock Defensive Advantage Emerging Markets Fund (the "Fund") for the period of May 1, 2024 to April 30, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

#### What were the Fund costs for the last year ?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| Investor A Shares | $118 | 1.11% |

---

 **How did the Fund perform last year ?**

* For the reporting period ended April 30, 2025, the Fund's Investor A Shares returned 12.30%. 

* For the same period, the MSCI Emerging Markets Index returned 9.02% and the MSCI Emerging Markets Minimum Volatility Index returned 10.16%. 

What contributed to performance?

Sentiment insights captured prevailing market leadership by evaluating key events and themes such as the AI-driven rally, inflation surprises, and the U.S. presidential election outcome. Measures designed to evaluate analyst and broker sentiment contributed to absolute performance, as did those that gather managerial sentiment from conference call text. Select fundamental measures also contributed. Fundamental quality measures evaluating companies' ability to source financing proved additive, as did measures analyzing company research expenditures. Both measures benefitted from the prevailing market themes.

What detracted from performance?

Fundamental valuation metrics detracted at a time in which growth stocks outperformed. Traditional valuation insights utilizing financial statement analysis, as well as other measures tracking measures such as purchasing price parity, detracted amid the market's focus on AI excitement rather than attractively priced stocks.

 *The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.*

#### Fund performance
Cumulative performance: December 21, 2020 through April 30, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g924842chartimages_5969589.jpg)

See "Average annual total returns" for additional information on fund performance.

---

| | | |
|:---|:---|:---|
| **Average annual total returns** |  |  |
|  | *1 Year* | *Since Fund<br> Inception* |
| Investor A Shares | 12.30% | 4.71% |
| Investor A Shares (with sales charge) | 6.40 | 3.42 |
| MSCI Emerging Markets Index | 9.02 | (0.32) |
| MSCI Emerging Markets Minimum Volatility Index | 10.16 | 2.85 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$11230353 |
| Number of Portfolio Holdings | &nbsp;&nbsp;124 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$0 |
| Portfolio Turnover Rate | &nbsp;&nbsp;218% |

---

Assuming maximum sales charges. Average annual total returns with and without sales charges reflect reductions for service fees.

The Fund commenced operations on December 21, 2020.

 **Past performance is not an indication of future results.** Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit **blackrock.com** for more recent performance information.

#### What did the Fund invest in?
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Geographic allocation** | **Geographic allocation** |
| *Country/Geographic Region* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| China | 23.0% |
| India | 21.6% |
| Taiwan | 11.9% |
| Saudi Arabia | 7.7% |
| South Korea | 5.3% |
| Malaysia | 5.0% |
| United Arab Emirates | 4.7% |
| Qatar | 3.5% |
| Kuwait | 3.4% |
| Thailand | 2.7% |
| Other<sup>#</sup> | 11.9% |
| Liabilities in Excess of Other Assets | (0.7)% |

---

---

| | |
|:---|:---|
| **Ten largest holdings** | **Ten largest holdings** |
| *Security<sup>(a)</sup>* | *Percent of<br> Net Assets* |
| LG Uplus Corp. | 1.5% |
| Lupin Ltd. | 1.5% |
| Infosys Ltd. | 1.5% |
| Boubyan Bank KSCP | 1.5% |
| Sun Pharmaceutical Industries Ltd. | 1.5% |
| OPAP SA, Class R | 1.5% |
| Advantech Co. Ltd. | 1.5% |
| SF Holding Co. Ltd., Class A | 1.5% |
| CP ALL PCL | 1.5% |
| Ooredoo QPSC | 1.5% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes short-term securities.</sup> <br> <sup><sup>#</sup></sup> <sup>Ten largest countries/geographic regions are presented. Additional countries/geographic regions are found in Other.</sup>

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.

#### Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.

The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g924842images_4987.jpg)

BlackRock Defensive Advantage Emerging Markets Fund

Investor A Shares \| BADEX

Annual Shareholder Report — April 30, 2025

BADEX-04/25-AR

![TSR - BLK Retail Logo](g924842images_4988.jpg)

### BlackRock Defensive Advantage Emerging Markets Fund

### Class K Shares \| BKDEX

#### Annual Shareholder Report — April 30, 2025

------

This annual shareholder report contains important information about BlackRock Defensive Advantage Emerging Markets Fund (the "Fund") for the period of May 1, 2024 to April 30, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

#### What were the Fund costs for the last year ?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| Class K Shares | $86 | 0.81% |

---

 **How did the Fund perform last year ?**

* For the reporting period ended April 30, 2025, the Fund's Class K Shares returned 12.74%. 

* For the same period, the MSCI Emerging Markets Index returned 9.02% and the MSCI Emerging Markets Minimum Volatility Index returned 10.16%. 

What contributed to performance?

Sentiment insights captured prevailing market leadership by evaluating key events and themes such as the AI-driven rally, inflation surprises, and the U.S. presidential election outcome. Measures designed to evaluate analyst and broker sentiment contributed to absolute performance, as did those that gather managerial sentiment from conference call text. Select fundamental measures also contributed. Fundamental quality measures evaluating companies' ability to source financing proved additive, as did measures analyzing company research expenditures. Both measures benefitted from the prevailing market themes.

What detracted from performance?

Fundamental valuation metrics detracted at a time in which growth stocks outperformed. Traditional valuation insights utilizing financial statement analysis, as well as other measures tracking measures such as purchasing price parity, detracted amid the market's focus on AI excitement rather than attractively priced stocks.

 *The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.*

#### Fund performance
Cumulative performance: December 21, 2020 through April 30, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g924842chartimages_5969665.jpg)

See "Average annual total returns" for additional information on fund performance.

---

| | | |
|:---|:---|:---|
| **Average annual total returns** |  |  |
|  | *1 Year* | *Since Fund<br> Inception* |
| Class K Shares | 12.74% | 5.02% |
| MSCI Emerging Markets Index | 9.02 | (0.32) |
| MSCI Emerging Markets Minimum Volatility Index | 10.16 | 2.85 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$11230353 |
| Number of Portfolio Holdings | &nbsp;&nbsp;124 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$0 |
| Portfolio Turnover Rate | &nbsp;&nbsp;218% |

---

The Fund commenced operations on December 21, 2020.

 **Past performance is not an indication of future results.** Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit **blackrock.com** for more recent performance information.

#### What did the Fund invest in?
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Geographic allocation** | **Geographic allocation** |
| *Country/Geographic Region* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| China | 23.0% |
| India | 21.6% |
| Taiwan | 11.9% |
| Saudi Arabia | 7.7% |
| South Korea | 5.3% |
| Malaysia | 5.0% |
| United Arab Emirates | 4.7% |
| Qatar | 3.5% |
| Kuwait | 3.4% |
| Thailand | 2.7% |
| Other<sup>#</sup> | 11.9% |
| Liabilities in Excess of Other Assets | (0.7)% |

---

---

| | |
|:---|:---|
| **Ten largest holdings** | **Ten largest holdings** |
| *Security<sup>(a)</sup>* | *Percent of<br> Net Assets* |
| LG Uplus Corp. | 1.5% |
| Lupin Ltd. | 1.5% |
| Infosys Ltd. | 1.5% |
| Boubyan Bank KSCP | 1.5% |
| Sun Pharmaceutical Industries Ltd. | 1.5% |
| OPAP SA, Class R | 1.5% |
| Advantech Co. Ltd. | 1.5% |
| SF Holding Co. Ltd., Class A | 1.5% |
| CP ALL PCL | 1.5% |
| Ooredoo QPSC | 1.5% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes short-term securities.</sup> <br> <sup><sup>#</sup></sup> <sup>Ten largest countries/geographic regions are presented. Additional countries/geographic regions are found in Other.</sup>

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.

#### Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.

The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g924842images_4987.jpg)

BlackRock Defensive Advantage Emerging Markets Fund

Class K Shares \| BKDEX

Annual Shareholder Report — April 30, 2025

BKDEX-04/25-AR

![TSR - BLK Retail Logo](g924842images_4988.jpg)

### BlackRock Global Equity Market Neutral Fund

### Institutional Shares \| BDMIX

#### Annual Shareholder Report — April 30, 2025

------

This annual shareholder report contains important information about BlackRock Global Equity Market Neutral Fund (the "Fund") for the period of May 1, 2024 to April 30, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

#### What were the Fund costs for the last year ?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| Institutional Shares | $145 | 1.34% |

---

 **How did the Fund perform last year ?**

* For the reporting period ended April 30, 2025, the Fund's Institutional Shares returned 16.96%. 

* For the same period, the MSCI World Index returned 12.16% and the ICE BofA 3-Month U.S. Treasury Bill Index returned 4.88%. 

What contributed to performance?

The Fund's positive absolute performance was driven by strength across two distinct intervals. In the first half of the reporting period, a time characterized by robust returns for the broader market, sentiment- and trend-based measures related to artificial intelligence and GLP-1 weight loss drugs were key contributors.

In the latter half, a time characterized by increased volatility and weaker market performance, sentiment measures led the way. Informed investor insights tracking the views of analysts and company executives led to positive stock selection in the United States and Europe. In the latter, select positions in financials and consumer stocks added value as trade and tariff concerns mounted. Similar themes expressed by macro thematic insights contributed, as well. The Fund's short positions were the key source of the positive contribution in this time.

The Fund used derivatives to implement its stock selection strategy more efficiently. This aspect of the Fund's approach had a marginal positive impact on results. The Fund's cash position had no material impact on performance.

What detracted from performance?

Fundamental insights, specifically valuation-based measures, detracted from absolute performance. The Fund's slight net long market posture in periods of rising volatility-particularly in February through April-also detracted from performance.

 *The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.*

#### Fund performance
Cumulative performance: May 1, 2015 through April 30, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g924842chartimages_5969801.jpg)

See "Average annual total returns" for additional information on fund performance.

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Institutional Shares | 16.96% | 9.40% | 5.14% |
| MSCI World Index | 12.16 | 13.95 | 9.34 |
| ICE BofA 3-Month U.S. Treasury Bill Index | 4.88 | 2.63 | 1.91 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$4779036441 |
| Number of Portfolio Holdings | &nbsp;&nbsp;8342 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$33534553 |
| Portfolio Turnover Rate | &nbsp;&nbsp;44% |

---

The Fund has added the MSCI World Index in response to new regulatory requirements.

On December 1, 2023, the Fund began to compare its performance to the standard pricing time of the ICE BofA 3-Month U.S. Treasury Bill Index (the "Index"). Index data prior to March 1, 2021 is for the Index's standard pricing time of 3pm. Index data from March 1, 2021 through November 30, 2023 is for a custom 4pm pricing variant of the Index. Index returns beginning on December 1, 2023 reflect the Index's new standard pricing time of 4pm. The change of the Index's standard pricing time from 3pm to 4pm resulted in the discontinuation of the custom 4pm pricing variant used from March 1, 2021 through November 30, 2023.

 **Past performance is not an indication of future results.** Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit **blackrock.com** for more recent performance information.

#### What did the Fund invest in?
(as of April 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| **Geographic allocation** | **Geographic allocation** | **Geographic allocation** | **Geographic allocation** |
|  | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| *Country/Geographic Region* | &nbsp;&nbsp;*Long* | &nbsp;&nbsp;*Short* | &nbsp;&nbsp;*Total* |
| United States | 23.6% | 22.7% | 46.3% |
| Japan | 8.8% | 8.7% | 17.5% |
| Canada | 3.0% | 2.7% | 5.7% |
| United Kingdom | 3.3% | 2.2% | 5.5% |
| Germany | 2.0% | 1.4% | 3.4% |
| France | 1.6% | 1.8% | 3.4% |
| Australia | 1.7% | 1.7% | 3.4% |
| Switzerland | 1.4% | 1.4% | 2.8% |
| Sweden | 0.6% | 1.1% | 1.7% |
| Italy | 0.7% | 0.7% | 1.4% |
| Other<sup>#</sup> | 3.9% | 5.0% | 8.9% |
|  | 50.6 | 49.4 | 100.0 |

---

---

| |
|:---|
| <sup><sup>(a)</sup></sup><sup>Include the gross market values of long and short securities of the underlying derivative contracts and excludes short-term securities and options, if any.</sup> |
| <sup><sup>#</sup></sup><sup>Ten largest countries/geographic regions are presented. Additional countries/geographic regions are found in Other.</sup> |

---

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.

#### Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.

The Fund is not sponsored, endorsed, issued, sold, or promoted by ICE Data Indices, LLC, MSCI Inc., and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g924842images_4987.jpg)

BlackRock Global Equity Market Neutral Fund

Institutional Shares \| BDMIX

Annual Shareholder Report — April 30, 2025

BDMIX-04/25-AR

![TSR - BLK Retail Logo](g924842images_4988.jpg)

### BlackRock Global Equity Market Neutral Fund

### Investor A Shares \| BDMAX

#### Annual Shareholder Report — April 30, 2025

------

This annual shareholder report contains important information about BlackRock Global Equity Market Neutral Fund (the "Fund") for the period of May 1, 2024 to April 30, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

#### What were the Fund costs for the last year ?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| Investor A Shares | $172 | 1.59% |

---

 **How did the Fund perform last year ?**

* For the reporting period ended April 30, 2025, the Fund's Investor A Shares returned 16.66%. 

* For the same period, the MSCI World Index returned 12.16% and the ICE BofA 3-Month U.S. Treasury Bill Index returned 4.88%. 

What contributed to performance?

The Fund's positive absolute performance was driven by strength across two distinct intervals. In the first half of the reporting period, a time characterized by robust returns for the broader market, sentiment- and trend-based measures related to artificial intelligence and GLP-1 weight loss drugs were key contributors.

In the latter half, a time characterized by increased volatility and weaker market performance, sentiment measures led the way. Informed investor insights tracking the views of analysts and company executives led to positive stock selection in the United States and Europe. In the latter, select positions in financials and consumer stocks added value as trade and tariff concerns mounted. Similar themes expressed by macro thematic insights contributed, as well. The Fund's short positions were the key source of the positive contribution in this time.

The Fund used derivatives to implement its stock selection strategy more efficiently. This aspect of the Fund's approach had a marginal positive impact on results. The Fund's cash position had no material impact on performance.

What detracted from performance?

Fundamental insights, specifically valuation-based measures, detracted from absolute performance. The Fund's slight net long market posture in periods of rising volatility-particularly in February through April-also detracted from performance.

 *The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.*

#### Fund performance
Cumulative performance: May 1, 2015 through April 30, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g924842chartimages_5969740.jpg)

See "Average annual total returns" for additional information on fund performance.

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Investor A Shares | 16.66% | 9.12% | 4.87% |
| Investor A Shares (with sales charge) | 10.53 | 7.95 | 4.30 |
| MSCI World Index | 12.16 | 13.95 | 9.34 |
| ICE BofA 3-Month U.S. Treasury Bill Index | 4.88 | 2.63 | 1.91 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$4779036441 |
| Number of Portfolio Holdings | &nbsp;&nbsp;8342 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$33534553 |
| Portfolio Turnover Rate | &nbsp;&nbsp;44% |

---

Assuming maximum sales charges. Average annual total returns with and without sales charges reflect reductions for service fees.

The Fund has added the MSCI World Index in response to new regulatory requirements.

On December 1, 2023, the Fund began to compare its performance to the standard pricing time of the ICE BofA 3-Month U.S. Treasury Bill Index (the "Index"). Index data prior to March 1, 2021 is for the Index's standard pricing time of 3pm. Index data from March 1, 2021 through November 30, 2023 is for a custom 4pm pricing variant of the Index. Index returns beginning on December 1, 2023 reflect the Index's new standard pricing time of 4pm. The change of the Index's standard pricing time from 3pm to 4pm resulted in the discontinuation of the custom 4pm pricing variant used from March 1, 2021 through November 30, 2023.

 **Past performance is not an indication of future results.** Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit **blackrock.com** for more recent performance information.

#### What did the Fund invest in?
(as of April 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| **Geographic allocation** | **Geographic allocation** | **Geographic allocation** | **Geographic allocation** |
|  | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| *Country/Geographic Region* | &nbsp;&nbsp;*Long* | &nbsp;&nbsp;*Short* | &nbsp;&nbsp;*Total* |
| United States | 23.6% | 22.7% | 46.3% |
| Japan | 8.8% | 8.7% | 17.5% |
| Canada | 3.0% | 2.7% | 5.7% |
| United Kingdom | 3.3% | 2.2% | 5.5% |
| Germany | 2.0% | 1.4% | 3.4% |
| France | 1.6% | 1.8% | 3.4% |
| Australia | 1.7% | 1.7% | 3.4% |
| Switzerland | 1.4% | 1.4% | 2.8% |
| Sweden | 0.6% | 1.1% | 1.7% |
| Italy | 0.7% | 0.7% | 1.4% |
| Other<sup>#</sup> | 3.9% | 5.0% | 8.9% |
|  | 50.6 | 49.4 | 100.0 |

---

---

| |
|:---|
| <sup><sup>(a)</sup></sup><sup>Include the gross market values of long and short securities of the underlying derivative contracts and excludes short-term securities and options, if any.</sup> |
| <sup><sup>#</sup></sup><sup>Ten largest countries/geographic regions are presented. Additional countries/geographic regions are found in Other.</sup> |

---

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.

#### Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.

The Fund is not sponsored, endorsed, issued, sold, or promoted by ICE Data Indices, LLC, MSCI Inc., and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g924842images_4987.jpg)

BlackRock Global Equity Market Neutral Fund

Investor A Shares \| BDMAX

Annual Shareholder Report — April 30, 2025

BDMAX-04/25-AR

![TSR - BLK Retail Logo](g924842images_4988.jpg)

### BlackRock Global Equity Market Neutral Fund

### Investor C Shares \| BDMCX

#### Annual Shareholder Report — April 30, 2025

------

This annual shareholder report contains important information about BlackRock Global Equity Market Neutral Fund (the "Fund") for the period of May 1, 2024 to April 30, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

#### What were the Fund costs for the last year ?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| Investor C Shares | $253 | 2.34% |

---

 **How did the Fund perform last year ?**

* For the reporting period ended April 30, 2025, the Fund's Investor C Shares returned 15.87%. 

* For the same period, the MSCI World Index returned 12.16% and the ICE BofA 3-Month U.S. Treasury Bill Index returned 4.88%. 

What contributed to performance?

The Fund's positive absolute performance was driven by strength across two distinct intervals. In the first half of the reporting period, a time characterized by robust returns for the broader market, sentiment- and trend-based measures related to artificial intelligence and GLP-1 weight loss drugs were key contributors.

In the latter half, a time characterized by increased volatility and weaker market performance, sentiment measures led the way. Informed investor insights tracking the views of analysts and company executives led to positive stock selection in the United States and Europe. In the latter, select positions in financials and consumer stocks added value as trade and tariff concerns mounted. Similar themes expressed by macro thematic insights contributed, as well. The Fund's short positions were the key source of the positive contribution in this time.

The Fund used derivatives to implement its stock selection strategy more efficiently. This aspect of the Fund's approach had a marginal positive impact on results. The Fund's cash position had no material impact on performance.

What detracted from performance?

Fundamental insights, specifically valuation-based measures, detracted from absolute performance. The Fund's slight net long market posture in periods of rising volatility-particularly in February through April-also detracted from performance.

 *The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.*

#### Fund performance
Cumulative performance: May 1, 2015 through April 30, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g924842chartimages_5969727.jpg)

See "Average annual total returns" for additional information on fund performance.

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Investor C Shares | 15.87% | 8.31% | 4.25% |
| Investor C Shares (with sales charge) | 14.87 | 8.31 | 4.25 |
| MSCI World Index | 12.16 | 13.95 | 9.34 |
| ICE BofA 3-Month U.S. Treasury Bill Index | 4.88 | 2.63 | 1.91 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$4779036441 |
| Number of Portfolio Holdings | &nbsp;&nbsp;8342 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$33534553 |
| Portfolio Turnover Rate | &nbsp;&nbsp;44% |

---

Assuming maximum sales charges. Average annual total returns with and without sales charges reflect reductions for distribution and service fees.

The Fund has added the MSCI World Index in response to new regulatory requirements.

On December 1, 2023, the Fund began to compare its performance to the standard pricing time of the ICE BofA 3-Month U.S. Treasury Bill Index (the "Index"). Index data prior to March 1, 2021 is for the Index's standard pricing time of 3pm. Index data from March 1, 2021 through November 30, 2023 is for a custom 4pm pricing variant of the Index. Index returns beginning on December 1, 2023 reflect the Index's new standard pricing time of 4pm. The change of the Index's standard pricing time from 3pm to 4pm resulted in the discontinuation of the custom 4pm pricing variant used from March 1, 2021 through November 30, 2023.

 **Past performance is not an indication of future results.** Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit **blackrock.com** for more recent performance information.

#### What did the Fund invest in?
(as of April 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| **Geographic allocation** | **Geographic allocation** | **Geographic allocation** | **Geographic allocation** |
|  | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| *Country/Geographic Region* | &nbsp;&nbsp;*Long* | &nbsp;&nbsp;*Short* | &nbsp;&nbsp;*Total* |
| United States | 23.6% | 22.7% | 46.3% |
| Japan | 8.8% | 8.7% | 17.5% |
| Canada | 3.0% | 2.7% | 5.7% |
| United Kingdom | 3.3% | 2.2% | 5.5% |
| Germany | 2.0% | 1.4% | 3.4% |
| France | 1.6% | 1.8% | 3.4% |
| Australia | 1.7% | 1.7% | 3.4% |
| Switzerland | 1.4% | 1.4% | 2.8% |
| Sweden | 0.6% | 1.1% | 1.7% |
| Italy | 0.7% | 0.7% | 1.4% |
| Other<sup>#</sup> | 3.9% | 5.0% | 8.9% |
|  | 50.6 | 49.4 | 100.0 |

---

---

| |
|:---|
| <sup><sup>(a)</sup></sup><sup>Include the gross market values of long and short securities of the underlying derivative contracts and excludes short-term securities and options, if any.</sup> |
| <sup><sup>#</sup></sup><sup>Ten largest countries/geographic regions are presented. Additional countries/geographic regions are found in Other.</sup> |

---

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.

#### Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.

The Fund is not sponsored, endorsed, issued, sold, or promoted by ICE Data Indices, LLC, MSCI Inc., and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g924842images_4987.jpg)

BlackRock Global Equity Market Neutral Fund

Investor C Shares \| BDMCX

Annual Shareholder Report — April 30, 2025

BDMCX-04/25-AR

![TSR - BLK Retail Logo](g924842images_4988.jpg)

### BlackRock Global Equity Market Neutral Fund

### Class K Shares \| BGCKX

#### Annual Shareholder Report — April 30, 2025

------

This annual shareholder report contains important information about BlackRock Global Equity Market Neutral Fund (the "Fund") for the period of May 1, 2024 to April 30, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

#### What were the Fund costs for the last year ?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| Class K Shares | $140 | 1.29% |

---

 **How did the Fund perform last year ?**

* For the reporting period ended April 30, 2025, the Fund's Class K Shares returned 17.03%. 

* For the same period, the MSCI World Index returned 12.16% and the ICE BofA 3-Month U.S. Treasury Bill Index returned 4.88%. 

What contributed to performance?

The Fund's positive absolute performance was driven by strength across two distinct intervals. In the first half of the reporting period, a time characterized by robust returns for the broader market, sentiment- and trend-based measures related to artificial intelligence and GLP-1 weight loss drugs were key contributors.

In the latter half, a time characterized by increased volatility and weaker market performance, sentiment measures led the way. Informed investor insights tracking the views of analysts and company executives led to positive stock selection in the United States and Europe. In the latter, select positions in financials and consumer stocks added value as trade and tariff concerns mounted. Similar themes expressed by macro thematic insights contributed, as well. The Fund's short positions were the key source of the positive contribution in this time.

The Fund used derivatives to implement its stock selection strategy more efficiently. This aspect of the Fund's approach had a marginal positive impact on results. The Fund's cash position had no material impact on performance.

What detracted from performance?

Fundamental insights, specifically valuation-based measures, detracted from absolute performance. The Fund's slight net long market posture in periods of rising volatility-particularly in February through April-also detracted from performance.

 *The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.*

#### Fund performance
Cumulative performance: May 1, 2015 through April 30, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g924842chartimages_5969666.jpg)

See "Average annual total returns" for additional information on fund performance.

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Class K Shares | 17.03% | 9.43% | 5.19% |
| MSCI World Index | 12.16 | 13.95 | 9.34 |
| ICE BofA 3-Month U.S. Treasury Bill Index | 4.88 | 2.63 | 1.91 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$4779036441 |
| Number of Portfolio Holdings | &nbsp;&nbsp;8342 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$33534553 |
| Portfolio Turnover Rate | &nbsp;&nbsp;44% |

---

The Fund has added the MSCI World Index in response to new regulatory requirements.

Performance shown prior to the Class K Shares inception date of March 28, 2016 is that of Institutional Shares. The performance of Class K Shares would be substantially similar to Institutional Shares because Class K Shares and Institutional Shares invest in the same portfolio of securities and performance would only differ to the extent that Class K Shares and Institutional Shares have different expenses. The actual returns of Class K Shares would have been higher than those of the Institutional Shares because Class K Shares have lower expenses than the Institutional Shares.

On December 1, 2023, the Fund began to compare its performance to the standard pricing time of the ICE BofA 3-Month U.S. Treasury Bill Index (the "Index"). Index data prior to March 1, 2021 is for the Index's standard pricing time of 3pm. Index data from March 1, 2021 through November 30, 2023 is for a custom 4pm pricing variant of the Index. Index returns beginning on December 1, 2023 reflect the Index's new standard pricing time of 4pm. The change of the Index's standard pricing time from 3pm to 4pm resulted in the discontinuation of the custom 4pm pricing variant used from March 1, 2021 through November 30, 2023.

 **Past performance is not an indication of future results.** Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit **blackrock.com** for more recent performance information.

#### What did the Fund invest in?
(as of April 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| **Geographic allocation** | **Geographic allocation** | **Geographic allocation** | **Geographic allocation** |
|  | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| *Country/Geographic Region* | &nbsp;&nbsp;*Long* | &nbsp;&nbsp;*Short* | &nbsp;&nbsp;*Total* |
| United States | 23.6% | 22.7% | 46.3% |
| Japan | 8.8% | 8.7% | 17.5% |
| Canada | 3.0% | 2.7% | 5.7% |
| United Kingdom | 3.3% | 2.2% | 5.5% |
| Germany | 2.0% | 1.4% | 3.4% |
| France | 1.6% | 1.8% | 3.4% |
| Australia | 1.7% | 1.7% | 3.4% |
| Switzerland | 1.4% | 1.4% | 2.8% |
| Sweden | 0.6% | 1.1% | 1.7% |
| Italy | 0.7% | 0.7% | 1.4% |
| Other<sup>#</sup> | 3.9% | 5.0% | 8.9% |
|  | 50.6 | 49.4 | 100.0 |

---

---

| |
|:---|
| <sup><sup>(a)</sup></sup><sup>Include the gross market values of long and short securities of the underlying derivative contracts and excludes short-term securities and options, if any.</sup> |
| <sup><sup>#</sup></sup><sup>Ten largest countries/geographic regions are presented. Additional countries/geographic regions are found in Other.</sup> |

---

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.

#### Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.

The Fund is not sponsored, endorsed, issued, sold, or promoted by ICE Data Indices, LLC, MSCI Inc., and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g924842images_4987.jpg)

BlackRock Global Equity Market Neutral Fund

Class K Shares \| BGCKX

Annual Shareholder Report — April 30, 2025

BGCKX-04/25-AR

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not Applicable

---

| | |
|:---|:---|
| Item 2 – | Code of Ethics – The registrant (or the "Fund") has adopted a code of ethics, as of the end of the period covered by this report, applicable to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. During the period covered by this report, the code of ethics was amended to update certain information and to make other non-material changes. During the period covered by this report, there have been no waivers granted under the code of ethics. The registrant undertakes to provide a copy of the code of ethics to any person upon request, without charge, who calls 1-800-441-7762.  |

---

Item 3 – Audit Committee Financial Expert – The registrant's board of trustees (the "board of trustees"), has determined that (i) the registrant has the following audit committee financial experts serving on its audit committee and (ii) each audit committee financial expert is independent:

Neil A. Cotty

Henry R. Keizer

Kenneth L. Urish

Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an "expert" for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of trustees in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of trustees.

Item 4 – Principal Accountant Fees and Services

The following table presents fees billed by Deloitte & Touche LLP ("D&T") in each of the last two fiscal years for the services rendered to the Fund:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **(a) Audit Fees** | **(a) Audit Fees** | (b) Audit-Related<br> **Fees<sup>1</sup>** | (b) Audit-Related<br> **Fees<sup>1</sup>** | **(c) Tax Fees<sup>2</sup>** | **(c) Tax Fees<sup>2</sup>** | **(d) All Other Fees** | **(d) All Other Fees** |
| &nbsp;&nbsp;&nbsp;**Entity Name** | **<u>Current</u> <br><u>Fiscal</u>**<br> **<u>Year</u>** <br> **<u>End</u>** | **<u>Previous</u>** <br> **<u>Fiscal</u>**<br> **<u>Year</u>**<br> **<u>End</u>** | **<u>Current</u>** <br> **<u>Fiscal</u>**<br> **<u>Year</u>**<br> **<u>End</u>** |  **<u>Previous</u>** <br> **<u>Fiscal</u>**<br> **<u>Year</u>**<br> **<u>End</u>** |  **<u>Current</u>** <br> **<u>Fiscal</u>**<br> **<u>Year</u>**<br> **<u>End</u>** | **<u>Previous</u>** <br> **<u>Fiscal</u>**<br> **<u>Year</u>**<br> **<u>End</u>** | **<u>Current</u>** <br> **<u>Fiscal</u>**<br> **<u>Year</u>**<br> **<u>End</u>** | **<u>Previous</u>** <br> **<u>Fiscal</u>**<br> **<u>Year</u>**<br> **<u>End</u>** |
| &nbsp;&nbsp;&nbsp;BlackRock Advantage Emerging Markets Fund | $48073 | $47838 | $0 | $0 | $16300 | $16328 | $407 | $407 |
| &nbsp;&nbsp;&nbsp;BlackRock Defensive Advantage Emerging Markets Fund | $31365 | $31212 | $0 | $0 | $16300 | $15288 | $407 | $407 |
| &nbsp;&nbsp;&nbsp;BlackRock Global Equity Market Neutral Fund | $64780 | $64464 | $0 | $0 | $29000 | $28960 | $407 | $407 |

---

The following table presents fees billed by D&T that were required to be approved by the registrant's audit committee (the "Committee") for services that relate directly to the operations or financial reporting of the Fund and that are rendered on behalf of BlackRock Advisors, LLC (the "Investment Adviser" or "BlackRock") and entities controlling, controlled by, or under common control with BlackRock (not including any sub-adviser whose role is primarily

------

portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund ("Affiliated Service Providers"):

---

| | | |
|:---|:---|:---|
|  | **Current Fiscal Year End** | **Previous Fiscal Year End** |
| &nbsp;&nbsp;&nbsp; (b) Audit-Related Fees<sup>1</sup> | $0 | $0 |
| &nbsp;&nbsp;&nbsp; (c) Tax Fees<sup>2</sup> | $0 | $0 |
| &nbsp;&nbsp;&nbsp; (d) All Other Fees<sup>3</sup> | $2149000 | $2149000 |

---

<sup>1</sup> The nature of the services includes assurance and related services reasonably related to the performance of the audit or review of financial statements not included in Audit Fees, including accounting consultations, agreed-upon procedure reports, attestation reports, comfort letters, out-of-pocket expenses and internal control reviews not required by regulators.

<sup>2</sup> The nature of the services includes tax compliance and/or tax preparation, including services relating to the filing or amendment of federal, state or local income tax returns, regulated investment company qualification reviews, taxable income and tax distribution calculations.

<sup>3</sup> Non-audit fees of $2,149,000 and $2,149,000 for the current fiscal year and previous fiscal year, respectively, were paid to the Fund's principal accountant in their entirety by BlackRock, in connection with services provided to the Affiliated Service Providers of the Fund and of certain other funds sponsored and advised by BlackRock or its affiliates for a service organization review and an accounting research tool subscription. These amounts represent aggregate fees paid by BlackRock and were not allocated on a per fund basis.

(e)(1) Audit Committee Pre-Approval Policies and Procedures:

The Committee has adopted policies and procedures with regard to the pre-approval of services. Audit, audit-related and tax compliance services provided to the registrant on an annual basis require specific pre-approval by the Committee. The Committee also must approve other non-audit services provided to the registrant and those non-audit services provided to the Investment Adviser and Affiliated Service Providers that relate directly to the operations and the financial reporting of the registrant. Certain of these non-audit services that the Committee believes are (a) consistent with the SEC's auditor independence rules and (b) routine and recurring services that will not impair the independence of the independent accountants may be approved by the Committee without consideration on a specific case-by-case basis ("general pre-approval"). The term of any general pre-approval is 12 months from the date of the pre-approval, unless the Committee provides for a different period. Tax or other non-audit services provided to the registrant which have a direct impact on the operations or financial reporting of the registrant will only be deemed pre-approved provided that any individual project does not exceed $10,000 attributable to the registrant or $50,000 per project. For this purpose, multiple projects will be aggregated to determine if they exceed the previously mentioned cost levels.

Any proposed services exceeding the pre-approved cost levels will require specific pre-approval by the Committee, as will any other services not subject to general pre-approval (e.g., unanticipated but permissible services). The Committee is informed of each service approved subject to general pre-approval at the next regularly scheduled in-person board meeting. At this meeting, an analysis of such services is presented to the Committee for ratification. The Committee may delegate to the Committee Chairman the authority to approve the provision of and fees for any specific engagement of permitted non-audit services, including services exceeding pre-approved cost levels.

(e)(2) None of the services described in each of Items 4(b) through (d) were approved by the Committee pursuant to the de minimis exception in paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Not Applicable

#### 2

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The aggregate non-audit fees, defined as the sum of the fees shown under "Audit-Related Fees," "Tax Fees" and "All Other Fees," paid to the accountant for services rendered by the accountant to the registrant, the Investment Adviser and the Affiliated Service Providers were:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Entity Name** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Current Fiscal Year</u>** <br> **<u>End</u>** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Previous Fiscal</u>** <br> **<u>Year End</u>** |
| &nbsp;&nbsp;&nbsp;BlackRock Advantage Emerging Markets Fund | $16707 | $16735 |
| &nbsp;&nbsp;&nbsp;BlackRock Defensive Advantage Emerging Markets Fund | $16707 | $15695 |
| &nbsp;&nbsp;&nbsp;BlackRock Global Equity Market Neutral Fund | $29407 | $29367 |

---

Additionally, the amounts billed by D&T in connection with services provided to the Affiliated Service Providers of the Fund and of other funds sponsored and advised by BlackRock or its affiliates during the current and previous fiscal years for a service organization review and an accounting research tool subscription were:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Current Fiscal Year</u>** <br> **<u>End</u>** | **<u>Previous Fiscal Year</u>** <br> **<u>End</u>** |
| &nbsp;&nbsp;&nbsp; $2149000 | $2149000 |

---

These amounts represent aggregate fees paid by BlackRock and were not allocated on a per fund basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Committee has considered and determined that the provision of non-audit services that were rendered to the Investment Adviser and the Affiliated Service Providers that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Not Applicable

Item 5 – Audit Committee of Listed Registrant – Not Applicable

Item 6 – Investments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant's Schedule of Investments is included as part of the Financial Statements and Financial Highlights for Open-End Management Investment Companies filed under Item 7 of this Form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.

Item 7 – Financial Statements and Financial Highlights for Open-End Management Investment Companies

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant's Financial Statements are attached herewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The registrant's Financial Highlights are attached herewith.

#### 3

------

![](g924842img312fb8931.jpg)

April 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp; 2025 Annual Financial Statements <br> and Additional Information<br>

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

---

| |
|:---|
| **BlackRock Funds**<sup>SM</sup> |
| • BlackRock Defensive Advantage Emerging Markets Fund |

---

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

**Not FDIC Insured • May Lose Value • No Bank Guarantee**<br>

------

**Table of Contents**

**Page**

------

---

| | |
|:---|:---|
| [Derivative Financial Instruments](#xx_54cb95ca-6289-4f8b-a09e-784081a218b0_RskDeriv-Footer-FundBookName-1165_1)  | 3 |
| [Schedule of Investments](#xx_54cb95ca-6289-4f8b-a09e-784081a218b0_SOI-Footer-FundBookName-1165_1)  | 4 |
| [Statement of Assets and Liabilities](#xx_54cb95ca-6289-4f8b-a09e-784081a218b0_FS-Footer-FundBookName-1165_1)  | 8 |
| [Statement of Operations](#xx_54cb95ca-6289-4f8b-a09e-784081a218b0_FS-Footer-FundBookName-1165_3)  | 10 |
| [Statements of Changes in Net Assets](#xx_54cb95ca-6289-4f8b-a09e-784081a218b0_FS-Footer-FundBookName-1165_4)  | 11 |
| [Financial Highlights](#xx_54cb95ca-6289-4f8b-a09e-784081a218b0_FIHI-Footer-FundBookName-1165_1)  | 12 |
| [Notes to Financial Statements](#xx_54cb95ca-6289-4f8b-a09e-784081a218b0_NTF-Footer-FundBookName-1165_1)  | 15 |
| [Report of Independent Registered Public Accounting Firm](#xx_54cb95ca-6289-4f8b-a09e-784081a218b0_AUDIT-1-Footer-FundBookName-1165_1)  | 24 |
| [Important Tax Information](#xx_54cb95ca-6289-4f8b-a09e-784081a218b0_TAX-1-Footer-FundBookName-1165_1)  | 25 |
| [Additional Information](#xx_54cb95ca-6289-4f8b-a09e-784081a218b0_ADDInfo-Footer-FundBookName-1165_1)  | 26 |
| [Glossary of Terms Used in these Financial Statements](#xx_54cb95ca-6289-4f8b-a09e-784081a218b0_Terms-Footer-FundBookName-1165_1)  | 28 |

---

------

Derivative Financial Instruments

The Fund may invest in various derivative financial instruments. These instruments are used to obtain exposure to a security, commodity, index, market, and/or other assets without owning or taking physical custody of securities, commodities and/or other referenced assets or to manage market, equity, credit, interest rate, foreign currency exchange rate, commodity and/or other risks. Derivative financial instruments may give rise to a form of economic leverage and involve risks, including the imperfect correlation between the value of a derivative financial instrument and the underlying asset, possible default of the counterparty to the transaction or illiquidity of the instrument. Pursuant to Rule 18f-4 under the 1940 Act, among other things, the Fund must either use derivative financial instruments with embedded leverage in a limited manner or comply with an outer limit on fund leverage risk based on value-at-risk. The Fund's successful use of a derivative financial instrument depends on the investment adviser's ability to predict pertinent market movements accurately, which cannot be assured. The use of these instruments may result in losses greater than if they had not been used, may limit the amount of appreciation the Fund can realize on an investment and/or may result in lower distributions paid to shareholders. The Fund's investments in these instruments, if any, are discussed in detail in the Notes to Financial Statements.

**BlackRock Defensive Advantage Emerging Markets Fund**

Derivative Financial Instruments

------

Schedule of Investments

April 30, 2025

**BlackRock Defensive Advantage Emerging Markets Fund** 

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

---

| | | |
|:---|:---|:---|
| *Security* | <br>*Shares*<br>| *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **China — 23.0%** | **China — 23.0%** |  |
| 3SBio, Inc.<sup>(a)</sup> | 27500 | $42402 |
| Agricultural Bank of China Ltd., Class A | 72200 | 53843 |
| Alibaba Group Holding Ltd. | 7300 | 108989 |
| Bank of China Ltd., Class H | 270000 | 150761 |
| BeiGene Ltd.<sup>(b)</sup> | 3600 | 72754 |
| BOE Technology Group Co. Ltd., Class A | 146300 | 77308 |
| BYD Co. Ltd., Class A | 1500 | 72941 |
| China Construction Bank Corp., Class A | 22200 | 27656 |
| China Construction Bank Corp., Class H | 94000 | 77214 |
| China Life Insurance Co. Ltd., Class H | 10000 | 18276 |
| China Petroleum & Chemical Corp., Class H | 182000 | 92906 |
| China Yangtze Power Co. Ltd., Class A | 25100 | 101838 |
| Guangdong Investment Ltd. | 144000 | 116527 |
| Henan Shuanghui Investment & Development Co. Ltd., <br> Class A<br>| 14100 | 48454 |
| Industrial & Commercial Bank of China Ltd., Class H | 212000 | 145222 |
| JD Logistics, Inc.<sup>(a)(b)</sup> | 27800 | 43602 |
| Kweichow Moutai Co. Ltd., Class A | 288 | 61307 |
| People's Insurance Co. Group of China Ltd., Class A | 46500 | 45172 |
| PetroChina Co. Ltd., Class H | 202000 | 154356 |
| SF Holding Co. Ltd., Class A | 27800 | 166418 |
| SF Holding Co. Ltd., Class H<sup>(b)</sup> | 21800 | 108857 |
| Shenzhen Transsion Holdings Co. Ltd., Class A | 6575 | 67906 |
| Tencent Holdings Ltd. | 1800 | 110252 |
| Tingyi Cayman Islands Holding Corp. | 88000 | 158957 |
| Topsports International Holdings Ltd.<sup>(a)</sup> | 108000 | 42936 |
| Uni-President China Holdings Ltd. | 71000 | 85139 |
| Vipshop Holdings Ltd., ADR | 1220 | 16616 |
| Wuliangye Yibin Co. Ltd., Class A | 8900 | 157602 |
| Yunnan Baiyao Group Co. Ltd., Class A | 20400 | 160701 |
|  |  | 2586912 |
| **Greece — 2.3%** | **Greece — 2.3%** |  |
| Hellenic Telecommunications Organization SA | 4768 | 90482 |
| OPAP SA, Class R | 7644 | 169844 |
|  |  | 260326 |
| **Hungary — 0.0%** | **Hungary — 0.0%** |  |
| Alrosa PJSC<sup>(b)(c)</sup> | 37207 | 5 |
| **India — 21.6%** | **India — 21.6%** |  |
| Ajanta Pharma Ltd. | 1025 | 32827 |
| Bharti Airtel Ltd. | 7264 | 160231 |
| Bharti Hexacom Ltd. | 826 | 16503 |
| Chambal Fertilisers and Chemicals Ltd. | 3088 | 25318 |
| Cipla Ltd./India | 5103 | 93644 |
| City Union Bank Ltd. | 10986 | 23022 |
| Colgate-Palmolive India Ltd. | 2186 | 66988 |
| Coromandel International Ltd. | 6224 | 163370 |
| Divi's Laboratories Ltd. | 1128 | 81423 |
| Dr. Lal PathLabs Ltd.<sup>(a)</sup> | 2174 | 71345 |
| Fortis Healthcare Ltd. | 5719 | 46377 |
| HCL Technologies Ltd. | 6962 | 129131 |
| ICICI Bank Ltd., ADR | 2487 | 83464 |
| IndiaMart InterMesh Ltd.<sup>(a)</sup> | 695 | 19014 |
| Infosys Ltd., ADR | 9692 | 170579 |
| Larsen & Toubro Ltd. | 3672 | 145347 |
| LTIMindtree Ltd.<sup>(a)</sup> | 1588 | 86180 |
| Lupin Ltd. | 6967 | 173249 |
| Petronet LNG Ltd. | 31079 | 115384 |
| ReNew Energy Global PLC, Class A<sup>(b)</sup> | 1729 | 11031 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **India (continued)** | **India (continued)** |  |
| Sun Pharmaceutical Industries Ltd. | 7840 | $170038 |
| Tata Consultancy Services Ltd. | 3842 | 156830 |
| Tech Mahindra Ltd. | 8946 | 159118 |
| Torrent Pharmaceuticals Ltd. | 606 | 23832 |
| Wipro Ltd. | 22318 | 63742 |
| Wipro Ltd., ADR<sup>(d)</sup> | 21515 | 61533 |
| Zydus Lifesciences Ltd. | 6798 | 71571 |
|  |  | 2421091 |
| **Indonesia — 1.8%** | **Indonesia — 1.8%** |  |
| Aneka Tambang Tbk | 253800 | 33173 |
| Astra International Tbk PT | 188900 | 54597 |
| Bank Central Asia Tbk PT | 61600 | 32752 |
| Indofood Sukses Makmur Tbk PT | 177100 | 85428 |
|  |  | 205950 |
| **Kuwait — 3.4%** | **Kuwait — 3.4%** |  |
| Boubyan Bank KSCP | 76992 | 170563 |
| Kuwait Finance House KSCP | 8780 | 20733 |
| Mobile Telecommunications Co. KSCP | 32877 | 50785 |
| National Bank of Kuwait SAKP | 44042 | 136967 |
|  |  | 379048 |
| **Malaysia — 5.0%** | **Malaysia — 5.0%** |  |
| KPJ Healthcare Bhd | 197000 | 131326 |
| Malayan Banking Bhd. | 70000 | 162211 |
| Maxis Bhd | 128400 | 110401 |
| Public Bank Bhd | 153900 | 159541 |
|  |  | 563479 |
| **Mexico — 2.3%** | **Mexico — 2.3%** |  |
| America Movil SAB de C.V., Series B | 124595 | 107501 |
| Arca Continental SAB de C.V. | 11565 | 121704 |
| Coca-Cola Femsa SAB de C.V., ADR | 300 | 28239 |
|  |  | 257444 |
| **Peru — 0.7%** | **Peru — 0.7%** |  |
| Credicorp Ltd. | 397 | 80269 |
| **Philippines — 1.0%** | **Philippines — 1.0%** |  |
| Manila Electric Co. | 11050 | 112765 |
| **Qatar — 3.5%** | **Qatar — 3.5%** |  |
| Ooredoo QPSC | 46069 | 163958 |
| Qatar Electricity & Water Co. QSC | 15616 | 65509 |
| Qatar International Islamic Bank QSC | 9486 | 27618 |
| Qatar Islamic Bank QPSC | 22397 | 129719 |
|  |  | 386804 |
| **Saudi Arabia — 7.7%** | **Saudi Arabia — 7.7%** |  |
| Al Rajhi Bank | 5822 | 151244 |
| Almarai Co. JSC | 5370 | 75642 |
| Arab National Bank | 14903 | 85483 |
| Dr. Sulaiman Al Habib Medical Services Group Co. | 852 | 65037 |
| Etihad Etisalat Co. | 6180 | 103468 |
| Nahdi Medical Co. | 5298 | 160453 |
| Saudi Electricity Co. | 9386 | 37482 |
| Saudi National Bank | 2207 | 21028 |
| Saudi Telecom Co. | 12593 | 159878 |
|  |  | 859715 |
| **South Korea — 5.3%** | **South Korea — 5.3%** |  |
| Kangwon Land, Inc. | 2203 | 25148 |
| Kia Corp. | 2482 | 157739 |
| Korea Electric Power Corp. | 1888 | 34050 |
| KT&G Corp. | 668 | 53917 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

April 30, 2025

**BlackRock Defensive Advantage Emerging Markets Fund** 

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

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **South Korea (continued)** | **South Korea (continued)** |  |
| LG Uplus Corp. | 20524 | $173296 |
| SK Telecom Co. Ltd. | 2731 | 104343 |
| SK Telecom Co. Ltd., ADR | 2275 | 49117 |
|  |  | 597610 |
| **Taiwan — 11.9%** | **Taiwan — 11.9%** |  |
| Advantech Co. Ltd. | 16000 | 167619 |
| Asia Cement Corp. | 69000 | 97190 |
| Chunghwa Telecom Co. Ltd. | 8000 | 32343 |
| E.Sun Financial Holding Co. Ltd. | 177157 | 157134 |
| First Financial Holding Co. Ltd. | 89000 | 70871 |
| Hon Hai Precision Industry Co. Ltd. | 2000 | 8911 |
| MediaTek, Inc. | 3000 | 127479 |
| Primax Electronics Ltd. | 23000 | 53737 |
| Realtek Semiconductor Corp. | 9000 | 147951 |
| Taiwan High Speed Rail Corp. | 190000 | 161303 |
| Taiwan Mobile Co. Ltd. | 43000 | 152672 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 4000 | 113338 |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 265 | 44173 |
|  |  | 1334721 |
| **Thailand — 2.7%** | **Thailand — 2.7%** |  |
| Advanced Info Service PCL, NVDR | 15400 | 135838 |
| CP ALL PCL, NVDR | 106800 | 164448 |
| CP AXTRA PCL | 8300 | 6266 |
|  |  | 306552 |
| **Turkey — 1.3%** | **Turkey — 1.3%** |  |
| Migros Ticaret A/S, Class A | 6181 | 77078 |
| TAV Havalimanlari Holding A/S, Class A<sup>(b)</sup> | 10137 | 60342 |
| Turk Hava Yollari AO, Class A<sup>(b)</sup> | 1592 | 11812 |
|  |  | 149232 |
| **United Arab Emirates — 4.7%** | **United Arab Emirates — 4.7%** |  |
| Abu Dhabi Islamic Bank PJSC | 13202 | 65730 |
| Abu Dhabi National Oil Co. for Distribution PJSC | 108051 | 99155 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **United Arab Emirates (continued)** | **United Arab Emirates (continued)** |  |
| Dubai Islamic Bank PJSC | 76105 | $156798 |
| Emaar Properties PJSC | 5696 | 20353 |
| Emirates Telecommunications Group Co. PJSC | 33863 | 160416 |
| First Abu Dhabi Bank PJSC | 6962 | 28486 |
|  |  | 530938 |
| **Total Long-Term Investments — 98.2%** <br>**(Cost: $10,263,099)** | **Total Long-Term Investments — 98.2%** <br>**(Cost: $10,263,099)** | 11032861 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 2.5%** | **Money Market Funds — 2.5%** |  |
| BlackRock Cash Funds: Institutional, SL Agency Shares, <br> 4.46%<sup>(e)(f)(g)</sup><br>| 63872 | 63897 |
| BlackRock Liquidity Funds, T-Fund, Institutional Shares, <br> 4.21%<sup>(e)(f)</sup><br>| 217418 | 217418 |
| **Total Short-Term Securities — 2.5%** <br>**(Cost: $281,315)** | **Total Short-Term Securities — 2.5%** <br>**(Cost: $281,315)** | 281315 |
| **Total Investments — 100.7%** <br>**(Cost: $10,544,414)** | **Total Investments — 100.7%** <br>**(Cost: $10,544,414)** | 11314176 |
| **Liabilities in Excess of Other Assets — (0.7)%** | **Liabilities in Excess of Other Assets — (0.7)%** | (83823)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $11230353 |

---

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

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

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

<sup>(c)</sup> Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. 

<sup>(d)</sup> All or a portion of this security is on loan.

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

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

<sup>(g)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities. 

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the year ended April 30, 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>*04/30/24*<br>| *Purchases* <br>*at Cost*<br>| *Proceeds* <br>*from Sales*<br>| *Net* <br>*Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*04/30/25*<br>| *Shares* <br>*Held at* <br>*04/30/25*<br>| *Income* | *Capital Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency Shares | $— | $63919 <br><sup>(a)</sup><br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(22)<br>| $— | $63897 | 63872 | $211 <br><sup>(b)</sup><br>| &nbsp;&nbsp; $— |
| BlackRock Liquidity Funds, T-Fund, Institutional Shares | 300963 |  | &nbsp;&nbsp; (83545 )<sup>(a)</sup><br>| &nbsp;&nbsp; — |  | 217418 | 217418 | 12066 | &nbsp;&nbsp; — |
|  |  |  |  | &nbsp;&nbsp; $(22)<br>| $— | $281315 |  | $12277 | &nbsp;&nbsp; $— |

---

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

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

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities. 

Schedule of Investments

------

Schedule of Investments (continued)

April 30, 2025

**BlackRock Defensive Advantage Emerging Markets Fund** 

**Derivative Financial Instruments Outstanding as of Period End**

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of* <br>*Contracts*<br>| &nbsp;&nbsp;&nbsp; *Expiration* <br>*Date*<br>| &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)*<br>| &nbsp;&nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| Long Contracts  |  |  |  |  |
| MSCI Emerging Markets Index | &nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp; 06/20/25 | &nbsp;&nbsp;&nbsp;&nbsp; $167 | &nbsp;&nbsp;&nbsp;&nbsp; $(1070)<br>|

---

**Derivative Financial Instruments Categorized by Risk Exposure**

As of period end, the fair values of derivative financial instruments located in the Statement of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Liabilities — Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts <br>Unrealized depreciation on futures contracts<sup>(a)</sup><br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1070 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1070 |

---

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

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, are reported in the Schedule of Investments. In the Statement of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). 

For the period ended April 30, 2025, the effect of derivative financial instruments in the Statement of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $22695 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $22695 |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 33 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 33 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $22695 | &nbsp;&nbsp; $33 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $22728 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1464 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1464 |

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $221376 |
| Forward foreign currency exchange contracts: |  |
| Average amounts sold — in USD | &nbsp;&nbsp; — <br><sup>(a)</sup><br>|

---

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

<sup>(a)</sup> Derivative financial instrument not held at any quarter-end. The risk exposure table serves as an indicator of activity during the period.

For more information about the Fund's investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

April 30, 2025

**BlackRock Defensive Advantage Emerging Markets Fund** 

**Fair Value Hierarchy as of Period End**

Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Common Stocks  |  |  |  |  |
| China | &nbsp;&nbsp; $101755 | &nbsp;&nbsp;&nbsp;&nbsp; $2485157 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2586912 |
| Greece | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 260326 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 260326 |
| Hungary | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp; 5 |
| India | &nbsp;&nbsp; 326607 | &nbsp;&nbsp;&nbsp;&nbsp; 2094484 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2421091 |
| Indonesia | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 205950 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 205950 |
| Kuwait | &nbsp;&nbsp; 170563 | &nbsp;&nbsp;&nbsp;&nbsp; 208485 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 379048 |
| Malaysia | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 563479 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 563479 |
| Mexico | &nbsp;&nbsp; 257444 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 257444 |
| Peru | &nbsp;&nbsp; 80269 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 80269 |
| Philippines | &nbsp;&nbsp; 112765 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 112765 |
| Qatar | &nbsp;&nbsp; 195228 | &nbsp;&nbsp;&nbsp;&nbsp; 191576 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 386804 |
| Saudi Arabia | &nbsp;&nbsp; 263921 | &nbsp;&nbsp;&nbsp;&nbsp; 595794 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 859715 |
| South Korea | &nbsp;&nbsp; 49117 | &nbsp;&nbsp;&nbsp;&nbsp; 548493 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 597610 |
| Taiwan | &nbsp;&nbsp; 44173 | &nbsp;&nbsp;&nbsp;&nbsp; 1290548 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1334721 |
| Thailand | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 306552 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 306552 |
| Turkey | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 149232 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 149232 |
| United Arab Emirates | &nbsp;&nbsp; 160416 | &nbsp;&nbsp;&nbsp;&nbsp; 370522 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 530938 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 281315 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 281315 |
|  | &nbsp;&nbsp; $2043573 | &nbsp;&nbsp;&nbsp;&nbsp; $9270598 | &nbsp;&nbsp;&nbsp;&nbsp; $5 | &nbsp;&nbsp;&nbsp;&nbsp; $11314176 |
| Derivative Financial Instruments<sup>(a)</sup> <br>|  |  |  |  |
| Liabilities |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $(1070)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(1070)<br>|

---

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

<sup>(a)</sup> Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.*

Schedule of Investments

------

Statement of Assets and Liabilities

April 30, 2025

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

---

| | |
|:---|:---|
|  | BlackRock <br>Defensive Advantage <br>Emerging Markets Fund<br>|
| **ASSETS** |  |
| Investments, at value — unaffiliated<sup>(a)(b)</sup> | $11032861 |
| Investments, at value — affiliated<sup>(c)</sup> | 281315 |
| Cash pledged for futures contracts | 9000 |
| Foreign currency, at value<sup>(d)</sup> | 34543 |
| Receivables: |  |
| Securities lending income — affiliated | 18 |
| Dividends — unaffiliated | 17807 |
| Dividends — affiliated | 842 |
| From the Manager | 43224 |
| Variation margin on futures contracts | 351 |
| Prepaid expenses | 33428 |
| Total assets | 11453389 |
| **LIABILITIES** |  |
| Collateral on securities loaned | 63897 |
| Payables: |  |
| Accounting services fees | 9007 |
| Custodian fees | 43162 |
| Deferred foreign capital gain tax | 35259 |
| Trustees' and Officer's fees | 1865 |
| Other accrued expenses | 13534 |
| Professional fees | 55711 |
| Service fees | 58 |
| Transfer agent fees | 543 |
| Total liabilities | 223036 |
| **Commitments and contingent liabilities** |  |
| NET ASSETS | $11230353 |
| **NET ASSETS CONSIST OF** |  |
| Paid-in capital | $10495648 |
| Accumulated earnings | 734705 |
| NET ASSETS | $11230353 |
| <sup>(a)</sup> Investments, at cost—unaffiliated | $10263099 |
| <sup>(b)</sup> Securities loaned, at value | $60915 |
| <sup>(c)</sup> Investments, at cost—affiliated | $281315 |
| <sup>(d)</sup> Foreign currency, at cost | $34434 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Statement of Assets and Liabilities (continued)

April 30, 2025

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

---

| | |
|:---|:---|
|  | BlackRock <br>Defensive Advantage <br>Emerging Markets Fund<br>|
| **NET ASSET VALUE** |  |
| **Institutional** |  |
| Net assets | $114723 |
| Shares outstanding | 10765 |
| Net asset value | $10.66 |
| Shares authorized | Unlimited |
| Par value | $0.001 |
| **Investor A** |  |
| Net assets | $294031 |
| Shares outstanding | 27622 |
| Net asset value | $10.64 |
| Shares authorized | Unlimited |
| Par value | $0.001 |
| **Class K** |  |
| Net assets | $10821599 |
| Shares outstanding | 1015239 |
| Net asset value | $10.66 |
| Shares authorized | Unlimited |
| Par value | $0.001 |

---

*See notes to financial statements.*

Statement of Assets and Liabilities

------

Statement of Operations

Year Ended April 30, 2025

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

---

| | |
|:---|:---|
|  | BlackRock <br>Defensive Advantage <br>Emerging Markets Fund<br>|
| **INVESTMENT INCOME** |  |
| Dividends — unaffiliated | &nbsp;&nbsp; $390090 |
| Dividends — affiliated | &nbsp;&nbsp; 12066 |
| Interest — unaffiliated | &nbsp;&nbsp; 329 |
| Securities lending income — affiliated — net | &nbsp;&nbsp; 211 |
| Foreign taxes withheld | &nbsp;&nbsp; (37034)<br>|
| Total investment income | &nbsp;&nbsp; 365662 |
| EXPENSES |  |
| Professional | &nbsp;&nbsp; 147224 |
| Investment advisory | &nbsp;&nbsp; 85948 |
| Custodian | &nbsp;&nbsp; 73231 |
| Registration | &nbsp;&nbsp; 50917 |
| Printing and postage | &nbsp;&nbsp; 46591 |
| Accounting services | &nbsp;&nbsp; 15468 |
| Trustees and Officer | &nbsp;&nbsp; 7416 |
| Administration | &nbsp;&nbsp; 4566 |
| Administration — class specific | &nbsp;&nbsp; 2149 |
| Transfer agent — class specific | &nbsp;&nbsp; 1321 |
| Service — class specific | &nbsp;&nbsp; 688 |
| Miscellaneous | &nbsp;&nbsp; 18211 |
| Total expenses excluding interest expense | &nbsp;&nbsp; 453730 |
| Interest expense — unaffiliated | &nbsp;&nbsp; 60 |
| Total expenses | &nbsp;&nbsp; 453790 |
| Less: |  |
| Administration fees waived | &nbsp;&nbsp; (4566)<br>|
| Administration fees waived by the Manager — class specific | &nbsp;&nbsp; (2122)<br>|
| Fees waived and/or reimbursed by the Manager | &nbsp;&nbsp; (358107)<br>|
| Transfer agent fees waived and/or reimbursed by the Manager — class specific | &nbsp;&nbsp; (975)<br>|
| Total expenses after fees waived and/or reimbursed | &nbsp;&nbsp; 88020 |
| Net investment income | &nbsp;&nbsp; 277642 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| Net realized gain (loss) from: |  |
| Investments — unaffiliated<sup>(a)</sup> | &nbsp;&nbsp; 513209 |
| Investments — affiliated | &nbsp;&nbsp; (22)<br>|
| Forward foreign currency exchange contracts | &nbsp;&nbsp; 33 |
| Foreign currency transactions | &nbsp;&nbsp; (21994)<br>|
| Futures contracts | &nbsp;&nbsp; 22695 |
|  | &nbsp;&nbsp; 513921 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments — unaffiliated<sup>(b)</sup> | &nbsp;&nbsp; 486974 |
| Foreign currency translations | &nbsp;&nbsp; 305 |
| Futures contracts | &nbsp;&nbsp; 1464 |
|  | &nbsp;&nbsp; 488743 |
| Net realized and unrealized gain | &nbsp;&nbsp; 1002664 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $1280306 |
| <sup>(a)</sup> Net of foreign capital gain tax and capital gain tax refund, if applicable of | &nbsp;&nbsp; $(38881)<br>|
| <sup>(b)</sup> Net of increase in deferred foreign capital gain tax of | &nbsp;&nbsp; $(859)<br>|

---

*See notes to financial statements.*

2025 BlackRock Annual Financial Statements and Additional Information

------

Statements of Changes in Net Assets

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

---

| | | |
|:---|:---|:---|
|  | BlackRock <br>Defensive Advantage <br>Emerging Markets Fund | BlackRock <br>Defensive Advantage <br>Emerging Markets Fund |
|  | Year Ended <br>04/30/25 | &nbsp;&nbsp; Year Ended <br>04/30/24 |
|  | Year Ended <br>04/30/25 | &nbsp;&nbsp; Year Ended <br>04/30/24 |
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |
| **OPERATIONS** |  |  |
| Net investment income | &nbsp;&nbsp; $277642 | &nbsp;&nbsp;&nbsp; $245157 |
| Net realized gain | &nbsp;&nbsp; 513921 | &nbsp;&nbsp;&nbsp; 437730 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 488743 | &nbsp;&nbsp;&nbsp; 32828 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 1280306 | &nbsp;&nbsp;&nbsp; 715715 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |
| Institutional | &nbsp;&nbsp; (2776)<br>| &nbsp;&nbsp;&nbsp; (2155)<br>|
| Investor A | &nbsp;&nbsp; (5891)<br>| &nbsp;&nbsp;&nbsp; (2443)<br>|
| Class K | &nbsp;&nbsp; (266951)<br>| &nbsp;&nbsp;&nbsp; (210360)<br>|
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (275618)<br>| &nbsp;&nbsp;&nbsp; (214958)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |
| Net increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp; (12303)<br>| &nbsp;&nbsp;&nbsp; 177025 |
| *NET ASSETS* |  |  |
| Total increase in net assets | &nbsp;&nbsp; 992385 | &nbsp;&nbsp;&nbsp; 677782 |
| Beginning of year | &nbsp;&nbsp; 10237968 | &nbsp;&nbsp;&nbsp; 9560186 |
| End of year | &nbsp;&nbsp; $11230353 | &nbsp;&nbsp;&nbsp; $10237968 |

---

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

<sup>(a)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

*See notes to financial statements.*

Statements of Changes in Net Assets

------

Financial Highlights

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | BlackRock Defensive Advantage Emerging Markets Fund | BlackRock Defensive Advantage Emerging Markets Fund | BlackRock Defensive Advantage Emerging Markets Fund | BlackRock Defensive Advantage Emerging Markets Fund | BlackRock Defensive Advantage Emerging Markets Fund |
|  | Institutional | Institutional | Institutional | Institutional | Institutional |
|  | Year Ended <br>04/30/25 | &nbsp;&nbsp; Year Ended <br>04/30/24 | &nbsp;&nbsp; Year Ended <br>04/30/23 | &nbsp;&nbsp; Year Ended <br>04/30/22 | &nbsp;&nbsp; Period from <br>12/21/20<sup>(a)</sup> <br>to 04/30/21 |
|  | Year Ended <br>04/30/25 | &nbsp;&nbsp; Year Ended <br>04/30/24 | &nbsp;&nbsp; Year Ended <br>04/30/23 | &nbsp;&nbsp; Year Ended <br>04/30/22 | &nbsp;&nbsp; Period from <br>12/21/20<sup>(a)</sup> <br>to 04/30/21 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $9.70 | &nbsp;&nbsp;&nbsp; $9.23 | &nbsp;&nbsp;&nbsp; $9.42 | &nbsp;&nbsp;&nbsp; $10.81 | &nbsp;&nbsp;&nbsp; $10.00 |
| Net investment income<sup>(b)</sup> | 0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 |
| Net realized and unrealized gain (loss) | 0.96 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp;&nbsp; (0.80)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.79 |
| Net increase (decrease) from investment operations | 1.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.81 |
| **Distributions**<sup>(c)</sup> <br>|  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp;&nbsp; (0.00 )<sup>(d)</sup><br>|
| From net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp;&nbsp; (0.78)<br>| &nbsp;&nbsp;&nbsp; (0.00)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $10.66 | &nbsp;&nbsp;&nbsp; $9.70 | &nbsp;&nbsp;&nbsp; $9.23 | &nbsp;&nbsp;&nbsp; $9.42 | &nbsp;&nbsp;&nbsp; $10.81 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 12.68<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp; (6.10)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.14 %<sup>(f)</sup><br>|
| **Ratios to Average Net Assets**<sup>(g)</sup> <br>|  |  |  |  |  |
| Total expenses | 4.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.81<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.18 %<sup>(h)(i)</sup><br>|
| Total expenses after fees waived and/or reimbursed | 0.86<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.81<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.81 %<sup>(h)</sup><br>|
| Net investment income | 2.54<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.23<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.87<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.52 %<sup>(h)</sup><br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $115 | &nbsp;&nbsp;&nbsp; $104 | &nbsp;&nbsp;&nbsp; $97 | &nbsp;&nbsp;&nbsp; $97 | &nbsp;&nbsp;&nbsp; $108 |
| Portfolio turnover rate | &nbsp;&nbsp; 218<br> %<br>| &nbsp;&nbsp;&nbsp; 191<br> %<br>| &nbsp;&nbsp;&nbsp; 204<br> %<br>| &nbsp;&nbsp;&nbsp; 211<br> %<br>| &nbsp;&nbsp;&nbsp; 64<br> %<br>|

---

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

<sup>(a)</sup> Commencement of operations.

<sup>(b)</sup> Based on average shares outstanding.

<sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(d)</sup> Amount is greater than $(0.005) per share.

<sup>(e)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(f)</sup> Not annualized.

<sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(h)</sup> Annualized.

<sup>(i)</sup> Audit, printing, offering and organization costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 4.74%.

*See notes to financial statements.*

2025 BlackRock Annual Financial Statements and Additional Information

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | BlackRock Defensive Advantage Emerging Markets Fund (continued) | BlackRock Defensive Advantage Emerging Markets Fund (continued) | BlackRock Defensive Advantage Emerging Markets Fund (continued) | BlackRock Defensive Advantage Emerging Markets Fund (continued) | BlackRock Defensive Advantage Emerging Markets Fund (continued) |
|  | Investor A | Investor A | Investor A | Investor A | Investor A |
|  | Year Ended <br>04/30/25 | &nbsp;&nbsp; Year Ended <br>04/30/24 | &nbsp;&nbsp; Year Ended <br>04/30/23 | &nbsp;&nbsp; Year Ended <br>04/30/22 | &nbsp;&nbsp; Period from <br>12/21/20<sup>(a)</sup> <br>to 04/30/21 |
|  | Year Ended <br>04/30/25 | &nbsp;&nbsp; Year Ended <br>04/30/24 | &nbsp;&nbsp; Year Ended <br>04/30/23 | &nbsp;&nbsp; Year Ended <br>04/30/22 | &nbsp;&nbsp; Period from <br>12/21/20<sup>(a)</sup> <br>to 04/30/21 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $9.69 | &nbsp;&nbsp;&nbsp; $9.22 | &nbsp;&nbsp;&nbsp; $9.41 | &nbsp;&nbsp;&nbsp; $10.81 | &nbsp;&nbsp;&nbsp; $10.00 |
| Net investment income<sup>(b)</sup> | 0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 |
| Net realized and unrealized gain (loss) | 0.94 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp;&nbsp; (0.82)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.80 |
| Net increase (decrease) from investment operations | 1.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.81 |
| **Distributions**<sup>(c)</sup> <br>|  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp;&nbsp; (0.00 )<sup>(d)</sup><br>|
| From net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp;&nbsp; (0.75)<br>| &nbsp;&nbsp;&nbsp; (0.00)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $10.64 | &nbsp;&nbsp;&nbsp; $9.69 | &nbsp;&nbsp;&nbsp; $9.22 | &nbsp;&nbsp;&nbsp; $9.41 | &nbsp;&nbsp;&nbsp; $10.81 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 12.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp; (6.43)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.14 %<sup>(f)</sup><br>|
| **Ratios to Average Net Assets**<sup>(g)</sup> <br>|  |  |  |  |  |
| Total expenses | 4.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.86<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.43 %<sup>(h)(i)</sup><br>|
| Total expenses after fees waived and/or reimbursed | 1.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.06 %<sup>(h)</sup><br>|
| Net investment income | 2.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.27<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.99<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.62<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.27 %<sup>(h)</sup><br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $294 | &nbsp;&nbsp;&nbsp; $298 | &nbsp;&nbsp;&nbsp; $105 | &nbsp;&nbsp;&nbsp; $97 | &nbsp;&nbsp;&nbsp; $108 |
| Portfolio turnover rate | &nbsp;&nbsp; 218<br> %<br>| &nbsp;&nbsp;&nbsp; 191<br> %<br>| &nbsp;&nbsp;&nbsp; 204<br> %<br>| &nbsp;&nbsp;&nbsp; 211<br> %<br>| &nbsp;&nbsp;&nbsp; 64<br> %<br>|

---

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

<sup>(a)</sup> Commencement of operations.

<sup>(b)</sup> Based on average shares outstanding.

<sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(d)</sup> Amount is greater than $(0.005) per share.

<sup>(e)</sup> Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.

<sup>(f)</sup> Not annualized.

<sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(h)</sup> Annualized.

<sup>(i)</sup> Audit, printing, offering and organization costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 4.99%

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | BlackRock Defensive Advantage Emerging Markets Fund (continued) | BlackRock Defensive Advantage Emerging Markets Fund (continued) | BlackRock Defensive Advantage Emerging Markets Fund (continued) | BlackRock Defensive Advantage Emerging Markets Fund (continued) | BlackRock Defensive Advantage Emerging Markets Fund (continued) |
|  | Class K | Class K | Class K | Class K | Class K |
|  | Year Ended <br>04/30/25 | &nbsp;&nbsp; Year Ended <br>04/30/24 | &nbsp;&nbsp; Year Ended <br>04/30/23 | &nbsp;&nbsp; Year Ended <br>04/30/22 | &nbsp;&nbsp; Period from <br>12/21/20<sup>(a)</sup> <br>to 04/30/21 |
|  | Year Ended <br>04/30/25 | &nbsp;&nbsp; Year Ended <br>04/30/24 | &nbsp;&nbsp; Year Ended <br>04/30/23 | &nbsp;&nbsp; Year Ended <br>04/30/22 | &nbsp;&nbsp; Period from <br>12/21/20<sup>(a)</sup> <br>to 04/30/21 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $9.70 | &nbsp;&nbsp;&nbsp; $9.23 | &nbsp;&nbsp;&nbsp; $9.42 | &nbsp;&nbsp;&nbsp; $10.81 | &nbsp;&nbsp;&nbsp; $10.00 |
| Net investment income<sup>(b)</sup> | 0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 |
| Net realized and unrealized gain (loss) | 0.96 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp;&nbsp; (0.80)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.79 |
| Net increase (decrease) from investment operations | 1.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.81 |
| **Distributions**<sup>(c)</sup> <br>|  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp;&nbsp; (0.00 )<sup>(d)</sup><br>|
| From net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp;&nbsp; (0.78)<br>| &nbsp;&nbsp;&nbsp; (0.00)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $10.66 | &nbsp;&nbsp;&nbsp; $9.70 | &nbsp;&nbsp;&nbsp; $9.23 | &nbsp;&nbsp;&nbsp; $9.42 | &nbsp;&nbsp;&nbsp; $10.81 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 12.74<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp; (6.10)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.14 %<sup>(f)</sup><br>|
| **Ratios to Average Net Assets**<sup>(g)</sup> <br>|  |  |  |  |  |
| Total expenses | 4.21<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.66<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.84 %<sup>(h)(i)</sup><br>|
| Total expenses after fees waived and/or reimbursed | 0.81<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.81<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.81<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.81<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.81 %<sup>(h)</sup><br>|
| Net investment income | 2.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.27<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.87<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.52 %<sup>(h)</sup><br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $10822 | &nbsp;&nbsp;&nbsp; $9836 | &nbsp;&nbsp;&nbsp; $9358 | &nbsp;&nbsp;&nbsp; $9535 | &nbsp;&nbsp;&nbsp; $10598 |
| Portfolio turnover rate | &nbsp;&nbsp; 218<br> %<br>| &nbsp;&nbsp;&nbsp; 191<br> %<br>| &nbsp;&nbsp;&nbsp; 204<br> %<br>| &nbsp;&nbsp;&nbsp; 211<br> %<br>| &nbsp;&nbsp;&nbsp; 64<br> %<br>|

---

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

<sup>(a)</sup> Commencement of operations.

<sup>(b)</sup> Based on average shares outstanding.

<sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(d)</sup> Amount is greater than $(0.005) per share.

<sup>(e)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(f)</sup> Not annualized.

<sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(h)</sup> Annualized.

<sup>(i)</sup> Audit, printing, offering and organization costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 4.40%.

*See notes to financial statements.*

2025 BlackRock Annual Financial Statements and Additional Information

------

Notes to Financial Statements

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

***1.*** ***ORGANIZATION***

BlackRock Funds<sup>SM</sup> (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust is organized as a Massachusetts business trust. BlackRock Defensive Advantage Emerging Markets Fund (the "Fund") is a series of the Trust. The Fund is classified as diversified.

The Fund offers multiple classes of shares. All classes of shares have identical voting, dividend, liquidation and other rights and are subject to the same terms and conditions, except that certain classes bear expenses related to the shareholder servicing and distribution of such shares. Institutional and Class K Shares are sold only to certain eligible investors. Investor A Shares bear certain expenses related to shareholder servicing of such shares. Investor A Shares are generally available through financial intermediaries. Each class has exclusive voting rights with respect to matters relating to its shareholder servicing and distribution expenditures.

<u> *Share Class* </u> <u> *Initial Sales Charge* </u> <u> *CDSC* </u> <u> *Conversion Privilege* </u> <br> Institutional and Class K Shares No No None <br> Investor A Shares Yes No<sup>(a)</sup> None

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

<sup>(a)</sup> Investor A Shares may be subject to a contingent deferred sales charge ("CDSC") for certain redemptions where no initial sales charge was paid at the time of purchase.

The Fund, together with certain other registered investment companies advised by BlackRock Advisors, LLC (the "Manager") or its affiliates, is included in a complex of funds referred to as the BlackRock Multi-Asset Complex.

***2.*** ***SIGNIFICANT ACCOUNTING POLICIES*** 

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. The Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

**Investment Transactions and Income Recognition:** For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend dates. Non-cash dividends, if any, are recorded on the ex-dividend dates at fair value. Dividends from foreign securities where the ex-dividend dates may have passed are subsequently recorded when the Fund is informed of the ex-dividend dates. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Income, expenses and realized and unrealized gains and losses are allocated daily to each class based on its relative net assets.

**Foreign Currency Translation:** The Fund's books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates determined as of the close of trading on the New York Stock Exchange ("NYSE"). Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.

The Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statement of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. The Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

**Foreign Taxes:** The Fund may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Fund invests. These foreign taxes, if any, are paid by the Fund and are reflected in its Statement of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as "Foreign taxes withheld", and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of April 30, 2025, if any, are disclosed in the Statement of Assets and Liabilities.

The Fund files withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Fund may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction's applicable laws, payment history and market convention. The Statement of Operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

**Cash:** The Fund may maintain cash at its custodian which, at times may exceed United States federally insured limits. The Fund may, at times, have outstanding cash disbursements that exceed deposited cash amounts at the custodian during the reporting period. The Fund is obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the Statement of Operations.

**Collateralization:** If required by an exchange or counterparty agreement, the Fund may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.

Notes to Financial Statements

------

Notes to Financial Statements (continued)

**Distributions:** Distributions paid by the Fund are recorded on the ex-dividend dates. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

**Indemnifications:** In the normal course of business, the Fund enters into contracts that contain a variety of representations that provide general indemnification. The Fund's maximum exposure under these arrangements is unknown because it involves future potential claims against the Fund, which cannot be predicted with any certainty.

**Other:** Expenses directly related to the Fund or its classes are charged to the Fund or the applicable class. Expenses directly related to the Fund and other shared expenses prorated to the Fund are allocated daily to each class based on its relative net assets or other appropriate methods. Other operating expenses shared by several funds, including other funds managed by the Manager, are prorated among those funds on the basis of relative net assets or other appropriate methods.

**Segment Reporting:** The Fund adopted Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures ("ASU 2023-07") during the period. The Fund's adoption of the new standard impacted financial statement disclosures only and did not affect the Fund's financial position or results of operations.

The Chief Financial Officer acts as the Fund's Chief Operating Decision Maker ("CODM') and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that the Fund operates as a single operating segment since the Fund has a single investment strategy as disclosed in its prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

***3.*** ***INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS***

**Investment Valuation Policies:** The Fund's investments are valued at fair value (also referred to as "market value" within the financial statements) each day that the Fund is open for business and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Trustees of the Fund (the "Board") has approved the designation of the Fund's Manager as the valuation designee for the Fund. The Fund determines the fair values of its financial instruments using various independent dealers or pricing services under the Manager's policies. If a security's market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with the Manager's policies and procedures as reflecting fair value. The Manager has formed a committee (the "Valuation Committee") to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

**Fair Value Inputs and Methodologies:** The following methods and inputs are used to establish the fair value of the Fund's assets and liabilities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Equity investments traded on a recognized securities exchange are valued at that day's official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day may be valued at the last trade or last available bid (long positions) or ask (short positions) price.

&nbsp;&nbsp;&nbsp;&nbsp;•Investments in open-end U.S. mutual funds (including money market funds) are valued at that day's net asset value ("NAV").

&nbsp;&nbsp;&nbsp;&nbsp;•Futures contracts are valued based on that day's last reported settlement or trade price on the exchange where the contract is traded.

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the NYSE. Each business day, the Fund uses current market factors supplied by independent pricing services to value certain foreign instruments ("Systematic Fair Value Price"). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which occurs after the close of the local markets.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee in accordance with the Manager's policies and procedures as reflecting fair value ("Fair Valued Investments"). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that the Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm's-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement as of the measurement date.

For investments in equity or debt issued by privately held companies or funds ("Private Company" or collectively, the "Private Companies") and other Fair Valued Investments, the fair valuation approaches that are used by the Valuation Committee and third-party pricing services utilized by the Valuation Committee include one or a combination of, but not limited to, the following inputs:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) recent market transactions, including secondary market transactions, merger or acquisition activity and subsequent rounds of financing in the underlying investment or comparable issuers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) recapitalizations and other transactions across the capital structure

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) market or relevant indices multiples of comparable issuers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) future cash flows discounted to present and adjusted as appropriate for liquidity, credit, and/or market risks

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) quoted prices for similar investments or assets in active markets

2025 BlackRock Annual Financial Statements and Additional Information

------

Notes to Financial Statements (continued)

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) other risk factors, such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, recovery rates, liquidation amounts and/or default rates

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) audited or unaudited financial statements, investor communications and Private Company financial or operational metrics

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) relevant market news and other public sources.

Investments in series of preferred stock issued by Private Companies are typically valued utilizing a market approach to determine the enterprise value of the company. Such investments often contain rights and preferences that differ from other series of preferred and common stock of the same issuer. Enterprise valuation techniques such as an option pricing model ("OPM"), a probability weighted expected return model ("PWERM"), current value method or a hybrid of those techniques are used as deemed appropriate under the circumstances. The use of these valuation techniques involves a determination of the exit scenarios of the investment in order to appropriately allocate the enterprise value of the company among the various parts of its capital structure.

Private Companies are not subject to public company disclosure, timing, and reporting standards applicable to other investments held by the Fund. Certain information made available by a Private Company is as of a date that is earlier than the date the Fund is calculating its NAV. This factor may result in a difference between the value of the investment and the price the Fund could receive upon the sale of the investment.

**Fair Value Hierarchy:** 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 Private Companies 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.

***4.*** ***SECURITIES AND OTHER INVESTMENTS***

**Preferred Stocks:** Preferred stock has a preference over common stock in liquidation (and generally in receiving dividends as well), but is subordinated to the liabilities of the issuer in all respects. As a general rule, the market value of preferred stock with a fixed dividend rate and no conversion element varies inversely with interest rates and perceived credit risk, while the market price of convertible preferred stock generally also reflects some element of conversion value. Because preferred stock is junior to debt securities and other obligations of the issuer, deterioration in the credit quality of the issuer will cause greater changes in the value of a preferred stock than in a more senior debt security with similar stated yield characteristics. Unlike interest payments on debt securities, preferred stock dividends are payable only if declared by the issuer's board of directors. Preferred stock also may be subject to optional or mandatory redemption provisions.

**Securities Lending:** The Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by a bank, or securities issued or guaranteed by the U.S. Government. The initial collateral received by the Fund is required to have a value of at least 102% of the current value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current market value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund, or excess collateral returned by the Fund, on the next business day. During the term of the loan, the Fund is entitled to all distributions made on or in respect of the loaned securities, but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested by the securities lending agent, BlackRock Investment Management, LLC ("BIM"), if any, is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are disclosed in the Fund's Schedule of Investments. The market value of any securities on loan and the value of related collateral, if any, are shown separately in the Statement of Assets and Liabilities as a component of investments at value – unaffiliated and collateral on securities loaned, respectively.

Securities lending transactions are entered into by the Fund under Master Securities Lending Agreements (each, an "MSLA"), which provide the right, in the event of default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Fund, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty's bankruptcy or

Notes to Financial Statements

------

Notes to Financial Statements (continued)

insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Fund can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties' obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party's net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

As of period end, the following table is a summary of the Fund's securities on loan by counterparty which are subject to offset under an MSLA:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Fund Name/Counterparty* | *Securities* <br>*Loaned at Value*<br>| *Cash Collateral* <br>*Received*<sup>(a)</sup> <br>| *Non-Cash Collateral* <br>*Received, at Fair Value*<sup>(a)</sup> <br>| *Net* <br>*Amount*<br>|
| BlackRock Defensive Advantage Emerging Markets Fund |  |  |  |  |
| J.P. Morgan Securities LLC | &nbsp;&nbsp; $60915 | &nbsp;&nbsp; $(60915)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |

---

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

<sup>(a)</sup> Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by the Fund is disclosed in the Fund's Statement of Assets and Liabilities. 

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, the Fund benefits from a borrower default indemnity provided by BIM. BIM's indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value on the securities loaned in the event of borrower default. The Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by the Fund.

***5.*** ***DERIVATIVE FINANCIAL INSTRUMENTS***

The Fund engages in various portfolio investment strategies using derivative contracts both to increase the returns of the Fund and/or to manage its exposure to certain risks such as credit risk, equity risk, interest rate risk, foreign currency exchange rate risk, commodity price risk or other risks (e.g., inflation risk). Derivative financial instruments categorized by risk exposure are included in the Schedule of Investments. These contracts may be transacted on an exchange or over-the-counter ("OTC").

**Futures Contracts:** Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).

Futures contracts are exchange-traded agreements between the Fund and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Fund is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract's size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statement of Assets and Liabilities.

Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statement of Assets and Liabilities. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract ("variation margin"). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statement of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statement of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

**Forward Foreign Currency Exchange Contracts**: Forward foreign currency exchange contracts are entered into to gain or reduce exposure to foreign currencies (foreign currency exchange rate risk).

A forward foreign currency exchange contract is an agreement between two parties to buy and sell a currency at a set exchange rate on a specified date. These contracts help to manage the overall exposure to the currencies in which some of the investments held by the Fund are denominated and in some cases, may be used to obtain exposure to a particular market. The contracts are traded OTC and not on an organized exchange.

The contract is marked-to-market daily and the change in market value is recorded as unrealized appreciation (depreciation) in the Statement of Assets and Liabilities. When a contract is closed, a realized gain or loss is recorded in the Statement of Operations equal to the difference between the value at the time it was opened and the value at the time it was closed. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency. The use of forward foreign currency exchange contracts involves the risk that the value of a forward foreign currency exchange contract changes unfavorably due to movements in the value of the referenced foreign currencies, and such value may exceed the amount(s) reflected in the Statement of Assets and Liabilities. Cash amounts pledged for forward foreign currency exchange contracts are considered restricted and are included in cash pledged as collateral for OTC derivatives in the Statement of Assets and Liabilities. The Fund's risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund.

***6.*** ***INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES***

**Investment Advisory:** The Trust, on behalf of the Fund, entered into an Investment Advisory Agreement with the Manager, the Fund's investment adviser and an indirect, wholly-owned subsidiary of BlackRock, Inc. ("BlackRock"), to provide investment advisory services. The Manager is responsible for the management of the Fund's portfolio and provides the personnel, facilities, equipment and certain other services necessary to the operations of the Fund.

2025 BlackRock Annual Financial Statements and Additional Information

------

Notes to Financial Statements (continued)

For such services, the Fund pays the Manager a monthly fee at an annual rate equal to the following percentages of the average daily value of the Fund's net assets:

---

| | |
|:---|:---|
| *Average Daily Net Assets* | *Investment* <br>*Advisory Fees*<br>|
| First $1 billion | 0.80<br> % <br>|
| $1 billion – $3 billion | 0.75 |
| $3 billion – $5 billion | 0.72 |
| $5 billion – $10 billion | 0.70 |
| Greater than $10 billion | 0.68 |

---

The Manager entered into a sub-advisory agreement with BlackRock International Limited ("BIL"), an affiliate of the Manager. The Manager pays BIL for services it provides for that portion of the Fund for which BIL acts as Sub-Adviser, a monthly fee that is equal to a percentage of the investment advisory fees paid by the Fund to the Manager.

**Service Fees:** The Trust, on behalf of the Fund, entered into a Distribution Agreement and a Distribution and Service Plan with BlackRock Investments, LLC ("BRIL"), an affiliate of the Manager. Pursuant to the Distribution and Service Plan and in accordance with Rule 12b-1 under the 1940 Act, the Fund pays BRIL ongoing service fees. The fees are accrued daily and paid monthly at annual rates based upon the average daily net assets of the relevant share class of the Fund as follows:

---

| | |
|:---|:---|
| *Share Class* | *Service Fees* |
| Investor A | 0.25<br> % <br>|

---

BRIL and broker-dealers, pursuant to sub-agreements with BRIL, provide shareholder servicing and distribution services to the Fund. The ongoing service and/or distribution fee compensates BRIL and each broker-dealer for providing shareholder servicing and/or distribution related services to shareholders.

For the year ended April 30, 2025, the following table shows the class specific service fees borne directly by each share class of the Fund:

---

| | |
|:---|:---|
| *Fund Name*  | *Investor A* |
| BlackRock Defensive Advantage Emerging Markets Fund | &nbsp;&nbsp; $688 |

---

**Administration:** The Trust, on behalf of the Fund, entered into an Administration Agreement with the Manager, an indirect, wholly-owned subsidiary of BlackRock, to provide administrative services. For these services, the Manager receives an administration fee computed daily and payable monthly, based on a percentage of the average daily net assets of the Fund. The administration fee, which is shown as administration in the Statement of Operations, is paid at the annual rates below.

---

| | |
|:---|:---|
| *Average Daily Net Assets* | *Administration Fees* |
| First $500 million | 0.0425<br> % <br>|
| $500 million - $1 billion | 0.0400 |
| $1 billion - $2 billion | 0.0375 |
| $2 billion - $4 billion | 0.0350 |
| $4 billion - $13 billion | 0.0325 |
| Greater than $13 billion | 0.0300 |

---

In addition, the Manager charges each of the share classes an administration fee, which is shown as administration — class specific in the Statement of Operations, at an annual rate of 0.02% of the average daily net assets of each respective class.

For the year ended April 30, 2025, the following table shows the class specific administration fees borne directly by each share class of the Fund:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Fund Name*  | *Institutional* | *Investor A* | *Class K* | *Total* |
| BlackRock Defensive Advantage Emerging Markets Fund | &nbsp;&nbsp; $22 | &nbsp;&nbsp; $55 | &nbsp;&nbsp; $2072 | &nbsp;&nbsp; $2149 |

---

**Transfer Agent:** Pursuant to written agreements, certain financial intermediaries, some of which may be affiliates, provide the Fund with sub-accounting, recordkeeping, sub-transfer agency and other administrative services with respect to servicing of underlying investor accounts. For these services, these entities receive an asset-based fee or an annual fee per shareholder account, which will vary depending on share class and/or net assets. For the year ended April 30, 2025, the Fund did not pay any amounts to affiliates in return for these services.

The Manager maintains a call center that is responsible for providing certain shareholder services to the Fund. Shareholder services include responding to inquiries and processing purchases and sales based upon instructions from shareholders. For the year ended April 30, 2025, the Fund reimbursed the Manager the following amounts for costs incurred in running the call center, which are included in transfer agent — class specific in the Statement of Operations:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Institutional* | *Investor A* | *Class K* | *Total* |
| Reimbursed amounts | &nbsp;&nbsp; $40 | $86 | $40 | $166 |

---

For the year ended April 30, 2025, the following table shows the class specific transfer agent fees borne directly by each share class of the Fund:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Fund Name* | *Institutional* | *Investor A* | *Class K* | *Total* |
| BlackRock Defensive Advantage Emerging Markets Fund | &nbsp;&nbsp; $99 | $530 | $692 | $1321 |

---

**Expense Limitations, Waivers and Reimbursements:** The Manager contractually agreed to waive its investment advisory fees by the amount of investment advisory fees the Fund pays to the Manager indirectly through its investment in affiliated money market funds (the "affiliated money market fund waiver") through June 30, 2026. The

Notes to Financial Statements

------

Notes to Financial Statements (continued)

contractual agreement may be terminated upon 90 days' notice by a majority of the trustees who are not "interested persons" of the Trust, as defined in the 1940 Act ("Independent Trustees"), or by a vote of a majority of the outstanding voting securities of the Fund. The amount of waivers and/or reimbursements of fees and expenses made pursuant to the expense limitation described below will be reduced by the amount of the affiliated money market fund waiver. This amount is included in fees waived and/or reimbursed by the Manager in the Statement of Operations. For the year ended April 30, 2025, the amount waived was $194.

The Manager has contractually agreed to waive its investment advisory fee with respect to any portion of the Fund's assets invested in affiliated equity and fixed-income mutual funds and affiliated exchange-traded funds that have a contractual management fee through June 30, 2026. The contractual agreement may be terminated upon 90 days' notice by a majority of the Independent Trustees, or by a vote of a majority of the outstanding voting securities of the Fund. For the year ended April 30, 2025, there were no fees waived by the Manager pursuant to this arrangement.

The Manager contractually agreed to waive and/or reimburse fees or expenses in order to limit expenses, excluding interest expense, dividend expense, acquired fund fees and expenses, and certain other fund expenses, which constitute extraordinary expenses not incurred in the ordinary course of the Fund's business ("expense limitation"). The expense limitations as a percentage of average daily net assets are as follows:

---

| | |
|:---|:---|
| *Share Class* | *Expense Limitation* |
| Institutional | 0.86<br> % <br>|
| Investor A | 1.11 |
| Class K | 0.81 |

---

The Manager has agreed not to reduce or discontinue the contractual expense limitations through June 30, 2026, unless approved by the Board, including a majority of the Independent Trustees, or by a vote of a majority of the outstanding voting securities of the Fund. For the year ended April 30, 2025, amounts included in the Statement of Operations were as follows:

---

| | |
|:---|:---|
| *Fund Name* | *Fees Waived and/or Reimbursed* <br>*by the Manager*<br>|
| BlackRock Defensive Advantage Emerging Markets Fund | &nbsp;&nbsp; $357913 |

---

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

---

| | |
|:---|:---|
| *Fund Name* | *Administration* <br>*Fees Waived*<br>|
| BlackRock Defensive Advantage Emerging Markets Fund | &nbsp;&nbsp; $4566 |

---

In addition, these amounts waived and/or reimbursed by the Manager are included in administration fees waived by the Manager — class specific, transfer agent fees waived and/or reimbursed by the Manager — class specific, respectively, in the Statement of Operations. For the year ended April 30, 2025, class specific expense waivers and/or reimbursements were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Institutional* | *Investor A* | *Class K* | *Total* |
| Administration fees waived by the Manager — class specific | &nbsp;&nbsp; $22 | &nbsp;&nbsp; $50 | &nbsp;&nbsp; $2050 | &nbsp;&nbsp; $2122 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Institutional* | *Investor A* | *Class K* | *Total* |
| Transfer agent fees waived and/or reimbursed by the Manager — class specific | &nbsp;&nbsp; $42 | &nbsp;&nbsp; $394 | &nbsp;&nbsp; $539 | &nbsp;&nbsp; $975 |

---

**Securities Lending:** The U.S. Securities and Exchange Commission ("SEC") has issued an exemptive order which permits BIM, an affiliate of the Manager, to serve as securities lending agent for the Fund, subject to applicable conditions. As securities lending agent, BIM bears all operational costs directly related to securities lending. The Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the "collateral investment fees"). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional, managed by the Manager or its affiliates. However, BIM has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees the Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been reinvested may impose a discretionary liquidity fee of up to 2% on all redemptions. Discretionary liquidity fees may be imposed or terminated at any time at the discretion of the board of directors of the money market fund, or its delegate, if it is determined that such fee would be, or would not be, respectively, in the best interest of the money market fund. Additionally, the money market fund will impose a mandatory liquidity fee if the money market fund's total net redemptions on a single day exceed 5% of the money market fund's net assets, unless the amount of the fee is less than 0.01% of the value of the shares redeemed. The money market fund will determine the size of the mandatory liquidity fee by making a good faith estimate of certain costs the money market fund would incur if it were to sell a pro rata amount of each security in the portfolio to satisfy the amount of net redemptions on that day. There is no limit to the size of a mandatory liquidity fee. If the money market fund cannot estimate the costs of selling a pro rata amount of each portfolio security in good faith and supported by data, it is required to apply a default liquidity fee of 1% on the value of shares redeemed on that day.

Securities lending income is generally equal to the total of income earned from the reinvestment of cash collateral (and excludes collateral investment fees), and any fees or other payments to and from borrowers of securities. The Fund retains a portion of the securities lending income and remits the remaining portion to BIM as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, the Fund retains 82% of securities lending income (which excludes collateral investment fees), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income earned across the BlackRock Multi-Asset Complex in a calendar year exceeds specified thresholds, the Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year securities lending income in an amount equal to 85% of securities lending income (which excludes collateral investment fees), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

2025 BlackRock Annual Financial Statements and Additional Information

------

Notes to Financial Statements (continued)

The share of securities lending income earned by the Fund is shown as securities lending income — affiliated — net in the Statement of Operations. For the year ended April 30, 2025, the Fund paid BIM $43 for securities lending agent services.

**Interfund Lending:** In accordance with an exemptive order (the "Order") from the SEC, the Fund participated in a joint lending and borrowing facility for temporary purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the Fund's investment policies and restrictions. Effective March 3, 2025, the Interfund Lending Program was not renewed but remains available for renewal in the future.

During the period ended March 3, 2025, the Fund did not participate in the Interfund Lending Program.

**Trustees and Officers:** Certain trustees and/or officers of the Trust are directors and/or officers of BlackRock or its affiliates. The Fund reimburses the Manager for a portion of the compensation paid to the Trust's Chief Compliance Officer, which is included in Trustees and Officer in the Statement of Operations.

***7.*** ***PURCHASES AND SALES*** 

For the year ended April 30, 2025, purchases and sales of investments, excluding short-term securities, were $22,396,124 and $22,369,256, respectively.

***8.*** ***INCOME TAX INFORMATION*** 

It is the Fund's policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

The Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on the Fund's U.S. federal tax returns generally remains open for a period of three years after they are filed. The statutes of limitations on the Fund's state and local tax returns may remain open for an additional year depending upon the jurisdiction.

Management has analyzed tax laws and regulations and their application to the Fund as of April 30, 2025, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Fund's financial statements. Management's analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of the date of these financial statements, all of which are subject to change, possibly with retroactive effect which may impact the Fund's NAV.

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
| *Fund Name* | *Year Ended* <br>*04/30/25*<br>| &nbsp;&nbsp; *Year Ended* <br>*04/30/24*<br>|
| BlackRock Defensive Advantage Emerging Markets Fund |  |  |
| Ordinary income | &nbsp;&nbsp; $275618 | &nbsp;&nbsp;&nbsp; $214958 |

---

As of April 30, 2025, the tax components of accumulated earnings (loss) were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Fund Name* | *Undistributed* <br>*Ordinary Income*<br>| *Non-Expiring* <br>*Capital Loss* <br>*Carryforwards*<sup>(a)</sup> <br>| *Net Unrealized* <br>*Gains (Losses)*<sup>(b)</sup> <br>| *Total* |
| BlackRock Defensive Advantage Emerging Markets Fund | &nbsp;&nbsp; $84940 | &nbsp;&nbsp; $(34015)<br>| &nbsp;&nbsp; $683780 | &nbsp;&nbsp; $734705 |

---

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

<sup>(a)</sup> Amounts available to offset future realized capital gains.

<sup>(b)</sup> The difference between book-basis and tax-basis net unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales, the realization for tax purposes of unrealized gains (losses) on certain futures contracts and the realization for tax purposes of unrealized gains on investments in passive foreign investment companies. 

During the year ended April 30, 2025, the Fund utilized the following amount of its capital loss carryforward:

---

| | |
|:---|:---|
| *Fund Name*  | *Utilized* |
| BlackRock Defensive Advantage Emerging Markets Fund | &nbsp;&nbsp; $537369 |

---

As of April 30, 2025, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Fund Name* | *Tax Cost* | &nbsp;&nbsp; *Gross Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp; *Gross Unrealized* <br>*Depreciation*<br>| &nbsp;&nbsp; *Net Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| BlackRock Defensive Advantage Emerging Markets Fund | &nbsp;&nbsp; $10595300 | &nbsp;&nbsp; $1010036 | &nbsp;&nbsp; $(291160)<br>| &nbsp;&nbsp; $718876 |

---

***9.*** ***BANK BORROWINGS*** 

The Trust, on behalf of the Fund, along with certain other funds managed by the Manager and its affiliates ("Participating Funds"), is party to a 364-day, $2.40 billion credit agreement with a group of lenders. Under this agreement, the Fund may borrow to fund shareholder redemptions. Excluding commitments designated for certain individual

Notes to Financial Statements

------

Notes to Financial Statements (continued)

funds, the Participating Funds, including the Fund, can borrow up to an aggregate commitment amount of $1.75 billion at any time outstanding, subject to asset coverage and other limitations as specified in the agreement. The credit agreement has the following terms: a fee of 0.10% per annum on unused commitment amounts and interest at a rate equal to the higher of (a) Overnight Bank Funding Rate ("OBFR") (but, in any event, not less than 0.00%) on the date the loan is made plus 0.80% per annum, (b) the Fed Funds rate (but, in any event, not less than 0.00%) in effect from time to time plus 0.80% per annum on amounts borrowed or (c) the sum of (x) Daily Simple Secured Overnight Financing Rate ("SOFR") (but, in any event, not less than 0.00%) on the date the loan is made plus 0.10% and (y) 0.80% per annum. The agreement expires in April 2026 unless extended or renewed. These fees were allocated among such funds based upon portions of the aggregate commitment available to them and relative net assets of Participating Funds. During the year ended April 30, 2025, the Fund did not borrow under the credit agreement.

***10.*** ***PRINCIPAL RISKS*** 

In the normal course of business, the Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation, tariffs or international tax treaties between various countries; or (iv) currency, interest rate and price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Fund and its investments. The Fund's prospectus provides details of the risks to which the Fund is subject.

The Fund may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to mandatory and discretionary liquidity fees under certain circumstances.

**Market Risk:** Investments in the securities of issuers domiciled in countries with emerging capital markets involve certain additional risks that do not generally apply to investments in securities of issuers in more developed capital markets, such as (i) low or nonexistent trading volume, resulting in a lack of liquidity and increased volatility in prices for such securities; (ii) lack of reliable settlement procedures and significant delays in registering the transfer of securities; (iii) uncertain national policies and social, political and economic instability, increasing the potential for expropriation of assets, confiscatory taxation, high rates of inflation or unfavorable diplomatic developments; (iv) lack of publicly available or reliable information about issuers as a result of not being subject to the same degree of regulatory requirements and accounting, auditing and financial reporting standards; and (v) possible fluctuations in exchange rates, differing legal systems and the existence or possible imposition of exchange controls, custodial restrictions or other foreign or U.S. governmental laws or restrictions applicable to such investments.

**Valuation Risk:** The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. The Fund may invest in illiquid investments. An illiquid investment is any investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. The Fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause the Fund's NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of the Fund may lose value, regardless of the individual results of the securities and other instruments in which the Fund invests. The Fund's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.

The price the Fund could receive upon the sale of any particular portfolio investment may differ from the Fund's valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Fund's results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by the Fund, and the Fund could realize a greater than expected loss or lesser than expected gain upon the sale of the investment.

**Counterparty Credit Risk:** The Fund may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Fund manages counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Fund to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Fund's exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statement of Assets and Liabilities, less any collateral held by the Fund.

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

With exchange-traded futures, there is less counterparty credit risk to the Fund since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, the Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker's customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker's customers, potentially resulting in losses to the Fund.

**Geographic/Asset Class Risk:** A diversified portfolio, where this is appropriate and consistent with a fund's objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within the Fund's portfolio are disclosed in its Schedule of Investments.

2025 BlackRock Annual Financial Statements and Additional Information

------

Notes to Financial Statements (continued)

The Fund invests a substantial amount of its assets in issuers located in a single country or a limited number of countries. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions in those countries may have a significant impact on their investment performance and could affect the income from, or the value or liquidity of, the Fund's portfolio. Unanticipated or sudden political or social developments may cause uncertainty in the markets and as a result adversely affect the Fund's investments. Foreign issuers may not be subject to the same uniform accounting, auditing and financial reporting standards and practices as used in the United States. Foreign securities markets may also be more volatile and less liquid than U.S. securities and may be less subject to governmental supervision not typically associated with investing in U.S. securities. Investment percentages in specific countries are presented in the Schedule of Investments.

The Fund invests a significant portion of its assets in securities of issuers located in Asia or with significant exposure to Asian issuers or countries. The Asian financial markets have recently experienced volatility and adverse trends due to concerns in several Asian countries regarding monetary policy, government intervention in the markets, rising government debt levels or economic downturns. These events may spread to other countries in Asia and may affect the value and liquidity of certain of the Fund's investments.

**Significant Shareholder Redemption Risk:** Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund's NAV, increase the fund's brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

***11.*** ***CAPITAL SHARE TRANSACTIONS*** 

Transactions in capital shares for each class were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended <br>04/30/25 | Year Ended <br>04/30/25 | Year Ended <br>04/30/24 | Year Ended <br>04/30/24 |
| *Fund Name / Share Class*  | *Shares*  | *Amounts*  | *Shares*  | *Amounts*  |
| BlackRock Defensive Advantage Emerging Markets Fund  |  |  |  |  |
| Institutional |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 39 | &nbsp;&nbsp;&nbsp; $410 | &nbsp;&nbsp;&nbsp; 206 | &nbsp;&nbsp;&nbsp; $1900 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp; 107 | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; 61 |
| Shares redeemed | (1) | &nbsp;&nbsp;&nbsp;&nbsp;(7) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; 49 | &nbsp;&nbsp;&nbsp; $510 | &nbsp;&nbsp;&nbsp; 213 | &nbsp;&nbsp;&nbsp; $1961 |
| Investor A |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 2069 | &nbsp;&nbsp;&nbsp; $21438 | &nbsp;&nbsp;&nbsp; 19326 | &nbsp;&nbsp;&nbsp; $180245 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 342 | &nbsp;&nbsp;&nbsp; 3504 | &nbsp;&nbsp;&nbsp; 63 | &nbsp;&nbsp;&nbsp; 571 |
| Shares redeemed | &nbsp;&nbsp; (5561) | &nbsp;&nbsp;&nbsp; (55616) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; (3150) | &nbsp;&nbsp;&nbsp; $(30674) | &nbsp;&nbsp;&nbsp; 19389 | &nbsp;&nbsp;&nbsp; $180816 |
| Class K |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 1828 | &nbsp;&nbsp;&nbsp; $18820 | &nbsp;&nbsp;&nbsp; 1859 | &nbsp;&nbsp;&nbsp; $17248 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp; 292 | &nbsp;&nbsp;&nbsp; 39 | &nbsp;&nbsp;&nbsp; 364 |
| Shares redeemed | (126) | &nbsp;&nbsp;&nbsp; (1251) | &nbsp;&nbsp;&nbsp; (2459) | &nbsp;&nbsp;&nbsp; (23364) |
|  | &nbsp;&nbsp; 1730 | &nbsp;&nbsp;&nbsp; $17861 | &nbsp;&nbsp;&nbsp;&nbsp;(561) | &nbsp;&nbsp;&nbsp; $(5752) |
|  | &nbsp;&nbsp; (1371) | &nbsp;&nbsp;&nbsp; $(12303) | &nbsp;&nbsp;&nbsp; 19041 | &nbsp;&nbsp;&nbsp; $177025 |

---

As of April 30, 2025, shares owned by BlackRock Financial Management, Inc., an affiliate of the Fund, were as follows:

<u> *Fund Name* </u> <u> *Institutional* </u> <u> *Investor A* </u> <u> *Class K* </u> <br> BlackRock Defensive Advantage Emerging Markets Fund 10,330 10,312 1,012,325

***12.*** ***SUBSEQUENT EVENTS***

Management has evaluated the impact of all subsequent events on the Fund through the date the financial statements were issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

Notes to Financial Statements

------

Report of Independent Registered Public Accounting Firm

To the Shareholders of BlackRock Defensive Advantage Emerging Markets Fund and the Board of Trustees of BlackRock Funds<sup>SM</sup>:

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statement of assets and liabilities of BlackRock Defensive Advantage Emerging Markets Fund of BlackRock Funds<sup>SM</sup> (the "Fund"), including the schedule of investments, as of April 30, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the four years in the period then ended and for the period from December 21, 2020 (commencement of operations) through April 30, 2021, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of April 30, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the four years in the period then ended and for the period from December 21, 2020 (commencement of operations) through April 30, 2021, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of April 30, 2025, by correspondence with custodians or counterparties; when replies were not received, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

June 25, 2025

We have served as the auditor of one or more BlackRock investment companies since 1992.

2025 BlackRock Annual Financial Statements and Additional Information

------

Important Tax Information (unaudited)

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended April 30, 2025:

---

| | |
|:---|:---|
| *Fund Name*  | *Qualified Dividend* <br>*Income*<br>|
| BlackRock Defensive Advantage Emerging Markets Fund | &nbsp;&nbsp; $180860 |

---

The Fund intend to pass through to their shareholders the following amounts, or maximum amounts allowable by law, of foreign source income earned and foreign taxes paid for the fiscal year ended April 30, 2025:

---

| | | |
|:---|:---|:---|
| *Fund Name*  | *Foreign Source* <br>*Income Earned*<br>| &nbsp;&nbsp; *Foreign* <br>*Taxes Paid*<br>|
| BlackRock Defensive Advantage Emerging Markets Fund | &nbsp;&nbsp; $311614 | &nbsp;&nbsp; $75122 |

---

The Fund hereby designates the following amount, or maximum amount allowable by law, of distributions from direct federal obligation interest for the fiscal year ended April 30, 2025:

---

| | |
|:---|:---|
| *Fund Name*  | *Federal Obligation* <br>*Interest*<br>|
| BlackRock Defensive Advantage Emerging Markets Fund | &nbsp;&nbsp; $4782 |

---

The law varies in each state as to whether and what percent of ordinary income dividends attributable to federal obligations is exempt from state income tax. Shareholders are advised to check with their tax advisers to determine if any portion of the dividends received is exempt from state income tax.

The Fund hereby designates the following amount, or maximum amount allowable by law, as interest income eligible to be treated as a Section 163(j) interest dividend for the fiscal year ended April 30, 2025:

---

| | |
|:---|:---|
| *Fund Name*  | *Interest* <br>*Dividends*<br>|
| BlackRock Defensive Advantage Emerging Markets Fund | &nbsp;&nbsp; $9843 |

---

The Fund hereby designates the following amount, or maximum amount allowable by law, as interest-related dividends eligible for exemption from U.S. withholding tax for nonresident aliens and foreign corporations for the fiscal year ended April 30, 2025:

---

| | |
|:---|:---|
| *Fund Name*  | *Interest-* <br>*Related* <br>*Dividends*<br>|
| BlackRock Defensive Advantage Emerging Markets Fund | &nbsp;&nbsp; $9639 |

---

Important Tax Information

------

Additional Information

**Changes in and Disagreements with Accountants**

Not applicable.

**Proxy Results**

Not applicable.

**Remuneration Paid to Trustees, Officers, and Others**

Compensation to the independent directors/trustees of the Trust is paid by the Trust, on behalf of the Fund.

**General Information**

Quarterly performance, shareholder reports, semi-annual and annual financial statements, current net asset value and other information regarding the Fund may be found on BlackRock's website, which can be accessed at **blackrock.com**. Any reference to BlackRock's website in this report is intended to allow investors public access to information regarding the Fund and does not, and is not intended to, incorporate BlackRock's website in this report.

**Electronic Delivery**

Shareholders can sign up for e-mail notifications of quarterly statements, annual and semi-annual shareholder reports and prospectuses by enrolling in the electronic delivery program.

To enroll in electronic delivery:

**Shareholders Who Hold Accounts with Investment Advisors, Banks or Brokerages:**

Please contact your financial advisor. Please note that not all investment advisors, banks or brokerages may offer this service.

**Shareholders Who Hold Accounts Directly with BlackRock:**

1. Access the BlackRock website at **blackrock.com**

2. Select "Access Your Account"

3. Next, select "eDelivery" in the "Related Resources" box and follow the sign-up instructions.

**BlackRock's Mutual Fund Family**

BlackRock offers a diverse lineup of open-end mutual funds crossing all investment styles and managed by experts in equity, fixed-income and tax-exempt investing. Visit **blackrock.com** for more information.

**Shareholder Privileges**

**Account Information**

Call us at (800) 441-7762 from 8:00 AM to 6:00 PM ET on any business day to get information about your account balances, recent transactions and share prices. You can also visit **blackrock.com** for more information.

**Automatic Investment Plans**

Investor class shareholders who want to invest regularly can arrange to have $50 or more automatically deducted from their checking or savings account and invested in any of the BlackRock funds.

**Systematic Withdrawal Plans**

Investor class shareholders can establish a systematic withdrawal plan and receive periodic payments of $50 or more from their BlackRock funds, as long as their account balance is at least $10,000.

**Retirement Plans**

Shareholders may make investments in conjunction with Traditional, Rollover, Roth, Coverdell, Simple IRAs, SEP IRAs and 403(b) Plans.

2025 BlackRock Annual Financial Statements and Additional Information

------

Additional Information (continued)

**Fund and Service Providers**

**Investment Adviser**

BlackRock Advisors, LLC

Wilmington, DE 19809

**Sub-Adviser**

BlackRock International Limited

Edinburgh, EH3 8BL

United Kingdom

**Accounting Agent and Custodian**

State Street Bank and Trust Company

Boston, MA 02114

**Transfer Agent**

BNY Mellon Investment Servicing (US) Inc.

Wilmington, DE 19809

**Distributor**

BlackRock Investments, LLC

New York, NY 10001

**Independent Registered Public Accounting Firm**

Deloitte & Touche LLP

Boston, MA 02110

**Legal Counsel**

Sidley Austin LLP

New York, NY 10019

**Address of the Fund**

100 Bellevue Parkway

Wilmington, DE 19809

Additional Information

------

Glossary of Terms Used in these Financial Statements

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

---

| | |
|:---|:---|
| **Portfolio Abbreviation**  | **Portfolio Abbreviation**  |
| ADR | American Depositary Receipt |
| JSC | Joint Stock Company  |
| MSCI | Morgan Stanley Capital International |
| NVDR | Non-Voting Depositary Receipt |
| PCL | Public Company Limited |
| PJSC | Public Joint Stock Company |
| SAB | Special Assessment Bonds |

---

2025 BlackRock Annual Financial Statements and Additional Information

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Want to know more?

blackrock.com \| 800-441-7762

This report is intended for current holders. It is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of the Fund unless preceded or accompanied by the Fund's current prospectus. Past performance results shown in this report should not be considered a representation of future performance. Investment returns and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Statements and other information herein are as dated and are subject to change.

![](g924842img6722d4922.jpg)

![](g924842img312fb8931.jpg)

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![](g924842img55ffe5591.jpg)

April 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp; 2025 Annual Financial Statements <br> and Additional Information<br>

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

---

| |
|:---|
| **BlackRock Funds**<sup>SM</sup> |
| • BlackRock Advantage Emerging Markets Fund |
| • BlackRock Global Equity Market Neutral Fund |

---

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

**Not FDIC Insured • May Lose Value • No Bank Guarantee**<br>

------

**Table of Contents**

**Page**

------

---

| | |
|:---|:---|
| [Derivative Financial Instruments](#xx_ac04dddb-0c78-45a1-a60d-003017342ea2_RskDeriv-Footer-FundBookName-837_1)  | 3 |
| [Schedules of Investments](#xx_ac04dddb-0c78-45a1-a60d-003017342ea2_SOI-Footer-FundBookName-837_1)  | 4 |
| [Statements of Assets and Liabilities](#xx_ac04dddb-0c78-45a1-a60d-003017342ea2_FS-Footer-FundBookName-837_1)  | 111 |
| [Statements of Operations](#xx_ac04dddb-0c78-45a1-a60d-003017342ea2_FS-Footer-FundBookName-837_4)  | 114 |
| [Statements of Changes in Net Assets](#xx_ac04dddb-0c78-45a1-a60d-003017342ea2_FS-Footer-FundBookName-837_5)  | 115 |
| [Financial Highlights](#xx_ac04dddb-0c78-45a1-a60d-003017342ea2_FIHI-Footer-FundBookName-837_1)  | 116 |
| [Notes to Financial Statements](#xx_ac04dddb-0c78-45a1-a60d-003017342ea2_NTF-Footer-FundBookName-837_1)  | 124 |
| [Report of Independent Registered Public Accounting Firm](#xx_ac04dddb-0c78-45a1-a60d-003017342ea2_AUDIT-1-Footer-FundBookName-837_1)  | 137 |
| [Important Tax Information](#xx_ac04dddb-0c78-45a1-a60d-003017342ea2_TAX-1-Footer-FundBookName-837_1)  | 138 |
| [Additional Information](#xx_ac04dddb-0c78-45a1-a60d-003017342ea2_ADDInfo-Footer-FundBookName-837_1)  | 139 |
| [Glossary of Terms Used in these Financial Statements](#xx_ac04dddb-0c78-45a1-a60d-003017342ea2_Terms-Footer-FundBookName-837_1)  | 141 |

---

------

Derivative Financial Instruments

The Funds may invest in various derivative financial instruments. These instruments are used to obtain exposure to a security, commodity, index, market, and/or other assets without owning or taking physical custody of securities, commodities and/or other referenced assets or to manage market, equity, credit, interest rate, foreign currency exchange rate, commodity and/or other risks. Derivative financial instruments may give rise to a form of economic leverage and involve risks, including the imperfect correlation between the value of a derivative financial instrument and the underlying asset, possible default of the counterparty to the transaction or illiquidity of the instrument. Pursuant to Rule 18f-4 under the 1940 Act, among other things, the Funds must either use derivative financial instruments with embedded leverage in a limited manner or comply with an outer limit on fund leverage risk based on value-at-risk. The Funds' successful use of a derivative financial instrument depends on the investment adviser's ability to predict pertinent market movements accurately, which cannot be assured. The use of these instruments may result in losses greater than if they had not been used, may limit the amount of appreciation a Fund can realize on an investment and/or may result in lower distributions paid to shareholders. The Funds' investments in these instruments, if any, are discussed in detail in the Notes to Financial Statements.

Derivative Financial Instruments

------

Schedule of Investments

April 30, 2025

**BlackRock Advantage Emerging Markets Fund** 

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

---

| | | |
|:---|:---|:---|
| *Security* | <br>*Shares*<br>| *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Australia — 0.1%** | **Australia — 0.1%** |  |
| BHP Group Ltd., Class DI | 2585 | $61236 |
| **Brazil — 0.6%** | **Brazil — 0.6%** |  |
| Ambev SA | 24657 | 63303 |
| Banco do Brasil SA | 1153 | 5878 |
| C&A MODAS SA | 11452 | 26858 |
| Gerdau SA, ADR, Preference Shares | 1757 | 4586 |
| Grupo SBF SA | 44972 | 84078 |
| Itau Unibanco Holding SA, ADR | 1273 | 8033 |
| Lojas Renner SA | 21791 | 56098 |
| Telefonica Brasil SA | 1565 | 7661 |
| Vale SA | 469 | 4368 |
|  |  | 260863 |
| **Chile — 0.1%** | **Chile — 0.1%** |  |
| Banco de Chile | 466812 | 68526 |
| **China — 27.2%** | **China — 27.2%** |  |
| 3SBio, Inc.<sup>(a)</sup> | 83000 | 127976 |
| Agricultural Bank of China Ltd., Class H | 114000 | 69565 |
| Alibaba Group Holding Ltd. | 94520 | 1411186 |
| Bank of China Ltd., Class H | 877000 | 489694 |
| BeiGene Ltd.<sup>(b)</sup> | 7800 | 157634 |
| BeiGene Ltd., ADR<sup>(b)</sup> | 268 | 69629 |
| Bilibili, Inc., Class Z<sup>(b)</sup> | 1140 | 20012 |
| BOE Technology Group Co. Ltd., Class A | 278200 | 147007 |
| BYD Co. Ltd., Class A | 2300 | 111843 |
| BYD Co. Ltd., Class H | 9500 | 451214 |
| Changchun High-Tech Industry Group Co. Ltd., <br> Class A<br>| 6700 | 81063 |
| China Construction Bank Corp., Class H | 669000 | 549535 |
| China Life Insurance Co. Ltd., Class H | 158000 | 288760 |
| China Medical System Holdings Ltd. | 14000 | 14943 |
| China Pacific Insurance Group Co. Ltd., Class H | 47000 | 127876 |
| China Petroleum & Chemical Corp., Class H | 58000 | 29607 |
| China Resources Land Ltd. | 19000 | 63928 |
| CITIC Securities Co. Ltd., Class H | 7500 | 18536 |
| CMOC Group Ltd., Class H | 6000 | 4710 |
| Contemporary Amperex Technology Co. Ltd., Class A | 500 | 15973 |
| East Money Information Co. Ltd., Class A | 28000 | 79353 |
| Geely Automobile Holdings Ltd. | 59000 | 123859 |
| Haier Smart Home Co. Ltd., Class H | 49000 | 142199 |
| Huatai Securities Co. Ltd., Class A | 184100 | 406930 |
| Industrial & Commercial Bank of China Ltd., Class H | 513000 | 351411 |
| JD Logistics, Inc.<sup>(a)(b)</sup> | 47800 | 74970 |
| JD.com, Inc., Class A | 24460 | 398244 |
| KE Holdings, Inc., ADR | 4114 | 83514 |
| KE Holdings, Inc., Class A | 400 | 2716 |
| Kweichow Moutai Co. Ltd., Class A | 300 | 63861 |
| Lenovo Group Ltd. | 14000 | 16192 |
| Meituan, Class B<sup>(a)(b)</sup> | 30280 | 501359 |
| Midea Group Co. Ltd., Class A | 6600 | 66858 |
| NetEase, Inc. | 9970 | 214319 |
| PDD Holdings, Inc., ADR<sup>(b)</sup> | 2161 | 228137 |
| PetroChina Co. Ltd., Class H | 417700 | 319181 |
| Ping An Insurance Group Co. of China Ltd., Class A | 48700 | 340005 |
| Ping An Insurance Group Co. of China Ltd., Class H | 48500 | 290274 |
| Pop Mart International Group Ltd.<sup>(a)</sup> | 800 | 19953 |
| RiseSun Real Estate Development Co. Ltd., <br> Class A<sup>(b)</sup><br>| 1 |  |
| Shanghai Pudong Development Bank Co. Ltd., <br> Class A<br>| 52500 | 79130 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **China (continued)** | **China (continued)** |  |
| SooChow Securities Co. Ltd., Class A | 101200 | $108835 |
| TAL Education Group, ADR<sup>(b)</sup> | 1409 | 12329 |
| Tencent Holdings Ltd. | 39400 | 2413287 |
| Tingyi Cayman Islands Holding Corp. | 36000 | 65028 |
| Topsports International Holdings Ltd.<sup>(a)</sup> | 388000 | 154252 |
| Trip.com Group Ltd. | 1000 | 60241 |
| Uni-President China Holdings Ltd. | 168000 | 201454 |
| Vipshop Holdings Ltd., ADR | 4101 | 55856 |
| Wuliangye Yibin Co. Ltd., Class A | 21301 | 377200 |
| Xiaomi Corp., Class B<sup>(a)(b)</sup> | 76000 | 486567 |
| Youngor Fashion Co. Ltd., Class A | 9000 | 9280 |
| Yunnan Baiyao Group Co. Ltd., Class A | 18400 | 144946 |
| Zhejiang NHU Co. Ltd., Class A | 32100 | 97676 |
| Zijin Mining Group Co. Ltd., Class H | 84000 | 183513 |
|  |  | 12423620 |
| **Greece — 0.7%** | **Greece — 0.7%** |  |
| Eurobank Ergasias Services and Holdings SA | 58854 | 167029 |
| Hellenic Telecommunications Organization SA | 1640 | 31122 |
| OPAP SA, Class R | 4605 | 102320 |
|  |  | 300471 |
| **Hungary — 0.0%** | **Hungary — 0.0%** |  |
| Alrosa PJSC<sup>(b)(c)</sup> | 1407496 | 172 |
| **India — 15.8%** | **India — 15.8%** |  |
| Ajanta Pharma Ltd. | 2202 | 70522 |
| Axis Bank Ltd. | 4027 | 56487 |
| Bharti Airtel Ltd. | 32018 | 706260 |
| Blue Star Ltd. | 4698 | 94949 |
| Chambal Fertilisers and Chemicals Ltd. | 35572 | 291653 |
| Coromandel International Ltd. | 11629 | 305242 |
| Dr. Lal PathLabs Ltd.<sup>(a)</sup> | 3161 | 103736 |
| Firstsource Solutions Ltd. | 7179 | 28829 |
| Fortis Healthcare Ltd. | 19834 | 160839 |
| GE Vernova T&D India Ltd. | 5589 | 103462 |
| Great Eastern Shipping Co. Ltd. | 15587 | 160398 |
| HCL Technologies Ltd. | 2876 | 53344 |
| HDFC Bank Ltd. | 15157 | 344275 |
| Hindustan Zinc Ltd. | 27636 | 143991 |
| Hitachi Energy India Ltd. | 106 | 18185 |
| ICICI Bank Ltd. | 27200 | 457212 |
| IndiaMart InterMesh Ltd.<sup>(a)</sup> | 243 | 6648 |
| Infosys Ltd. | 23296 | 411825 |
| Infosys Ltd., ADR | 16618 | 292477 |
| Jindal Saw Ltd. | 48338 | 142229 |
| KEC International Ltd. | 9493 | 78568 |
| L&T Technology Services Ltd.<sup>(a)</sup> | 2536 | 127417 |
| Larsen & Toubro Ltd. | 11440 | 452825 |
| LIC Housing Finance Ltd. | 10419 | 74279 |
| LTIMindtree Ltd.<sup>(a)</sup> | 240 | 13025 |
| Lupin Ltd. | 6895 | 171459 |
| Maruti Suzuki India Ltd. | 420 | 60881 |
| National Aluminium Co. Ltd. | 141158 | 261709 |
| PTC India Ltd. | 20581 | 42970 |
| Redington Ltd. | 10335 | 30048 |
| Reliance Industries Ltd. | 29941 | 497150 |
| Sagility India Ltd.<sup>(b)</sup> | 12843 | 6217 |
| State Bank of India | 8092 | 75576 |
| Strides Pharma Science Ltd. | 5895 | 45406 |
| Sun Pharmaceutical Industries Ltd. | 24359 | 528311 |
| Tata Consultancy Services Ltd. | 6895 | 281453 |
| Trent Ltd. | 403 | 24633 |
| Vedanta Ltd. | 10244 | 50867 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

April 30, 2025

**BlackRock Advantage Emerging Markets Fund** 

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

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **India (continued)** | **India (continued)** |  |
| Welspun Corp. Ltd. | 8247 | $75085 |
| Wipro Ltd. | 46777 | 133599 |
| Wipro Ltd., ADR<sup>(d)</sup> | 68928 | 197134 |
| Zee Entertainment Enterprises Ltd. | 22044 | 27720 |
|  |  | 7208895 |
| **Indonesia — 2.0%** | **Indonesia — 2.0%** |  |
| Aneka Tambang Tbk | 1597000 | 208737 |
| Astra International Tbk PT | 1182300 | 341715 |
| Bank Central Asia Tbk PT | 342100 | 181891 |
| Bank Mandiri Persero Tbk PT | 359100 | 106045 |
| Bank Rakyat Indonesia Persero Tbk PT | 302100 | 69969 |
|  |  | 908357 |
| **Kuwait — 0.6%** | **Kuwait — 0.6%** |  |
| Kuwait Finance House KSCP | 126009 | 297561 |
| **Malaysia — 1.8%** | **Malaysia — 1.8%** |  |
| KPJ Healthcare Bhd | 209400 | 139592 |
| Malayan Banking Bhd. | 198600 | 460217 |
| Maxis Bhd | 16700 | 14359 |
| Public Bank Bhd | 207800 | 215417 |
|  |  | 829585 |
| **Mexico — 2.6%** | **Mexico — 2.6%** |  |
| Alsea SAB de C.V. | 8930 | 20200 |
| America Movil SAB de C.V., Series B | 224135 | 193384 |
| America Movil SAB de C.V., Series B, ADR | 2424 | 41790 |
| Arca Continental SAB de C.V. | 29974 | 315430 |
| Coca-Cola Femsa SAB de C.V. | 4429 | 41716 |
| Coca-Cola Femsa SAB de C.V., ADR | 882 | 83023 |
| Fomento Economico Mexicano SAB de CV | 11921 | 125450 |
| Fomento Economico Mexicano SAB de CV, ADR | 688 | 72453 |
| Gentera SAB de C.V. | 3134 | 5472 |
| Grupo Aeroportuario del Sureste SAB de C.V., ADR | 63 | 19942 |
| Grupo Aeroportuario del Sureste SAB de C.V., <br> Class B<br>| 922 | 29207 |
| Grupo Financiero Banorte SAB de CV, Class O | 25722 | 221038 |
|  |  | 1169105 |
| **Philippines — 0.2%** | **Philippines — 0.2%** |  |
| International Container Terminal Services, Inc. | 19280 | 117920 |
| **Poland — 0.2%** | **Poland — 0.2%** |  |
| Powszechny Zaklad Ubezpieczen SA | 4774 | 74478 |
| **Qatar — 0.0%** | **Qatar — 0.0%** |  |
| Qatar National Bank QPSC | 3664 | 16788 |
| **Saudi Arabia — 3.0%** | **Saudi Arabia — 3.0%** |  |
| Al Hammadi Holding | 4560 | 48784 |
| Al Rajhi Bank | 19506 | 506726 |
| Aldrees Petroleum and Transport Services Co. | 3187 | 117137 |
| Banque Saudi Fransi | 7127 | 34911 |
| Riyadh Cables Group Co. | 1729 | 58663 |
| Saudi Awwal Bank | 4689 | 43877 |
| Saudi Electricity Co. | 31289 | 124949 |
| Saudi National Bank | 26566 | 253121 |
| Saudi Telecom Co. | 12756 | 161947 |
|  |  | 1350115 |
| **South Africa — 2.3%** | **South Africa — 2.3%** |  |
| AVI Ltd. | 16405 | 79727 |
| Capitec Bank Holdings Ltd. | 1985 | 368428 |
| FirstRand Ltd. | 52933 | 207251 |
| Life Healthcare Group Holdings Ltd. | 91685 | 72111 |
| Mr. Price Group Ltd. | 4272 | 54600 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **South Africa (continued)** | **South Africa (continued)** |  |
| MTN Group Ltd. | 4750 | $31437 |
| Naspers Ltd., Class N | 62 | 16302 |
| Sanlam Ltd. | 17926 | 81618 |
| Sasol Ltd.<sup>(b)</sup> | 2886 | 9968 |
| Sibanye Stillwater Ltd.<sup>(b)</sup> | 109621 | 125242 |
|  |  | 1046684 |
| **South Korea — 9.6%** | **South Korea — 9.6%** |  |
| CJ Corp. | 80 | 6993 |
| CJ Logistics Corp. | 654 | 38152 |
| Coupang, Inc.<sup>(b)</sup> | 3367 | 78687 |
| DL E&C Co. Ltd. | 1999 | 61099 |
| GS Engineering & Construction Corp. | 8900 | 114409 |
| Hankook Tire & Technology Co. Ltd. | 1399 | 40635 |
| Hanwha Corp. | 1312 | 44499 |
| HL Mando Co. Ltd. | 2577 | 67617 |
| Hyundai Engineering & Construction Co. Ltd. | 3599 | 105471 |
| Hyundai Marine & Fire Insurance Co. Ltd.<sup>(b)</sup> | 5352 | 83743 |
| Hyundai Mobis Co. Ltd. | 92 | 17269 |
| Hyundai Steel Co. | 11923 | 205258 |
| KB Financial Group, Inc. | 2088 | 131959 |
| KB Financial Group, Inc., ADR | 226 | 14233 |
| Kia Corp. | 7599 | 482941 |
| Korea Electric Power Corp. | 1267 | 22850 |
| Korea Shipbuilding & Offshore Engineering Co. Ltd. | 147 | 28121 |
| Korean Air Lines Co. Ltd. | 301 | 4438 |
| KT Corp., ADR | 6238 | 121391 |
| NAVER Corp. | 1256 | 176726 |
| Pan Ocean Co. Ltd. | 49865 | 117335 |
| Samsung E&A Co. Ltd. | 23497 | 317711 |
| Samsung Electronics Co. Ltd. | 33778 | 1317934 |
| Samsung Securities Co. Ltd. | 8050 | 295085 |
| Seegene, Inc. | 476 | 8802 |
| SK Hynix, Inc. | 1997 | 249172 |
| SK Telecom Co. Ltd. | 6449 | 246395 |
|  |  | 4398925 |
| **Taiwan — 16.2%** | **Taiwan — 16.2%** |  |
| Accton Technology Corp. | 7000 | 130384 |
| Advantech Co. Ltd. | 3000 | 31429 |
| Arcadyan Technology Corp. | 39000 | 288599 |
| ASE Technology Holding Co. Ltd. | 22000 | 93746 |
| Asia Cement Corp. | 13000 | 18311 |
| ASPEED Technology, Inc. | 2000 | 188153 |
| Bizlink Holding, Inc. | 11000 | 186210 |
| Chroma ATE, Inc. | 38000 | 347367 |
| CTBC Financial Holding Co. Ltd. | 260000 | 320382 |
| E.Sun Financial Holding Co. Ltd. | 81161 | 71988 |
| Fubon Financial Holding Co. Ltd. | 31000 | 82163 |
| Hon Hai Precision Industry Co. Ltd. | 64000 | 285139 |
| MediaTek, Inc. | 16000 | 679889 |
| Primax Electronics Ltd. | 79000 | 184575 |
| Realtek Semiconductor Corp. | 12000 | 197269 |
| Simplo Technology Co. Ltd. | 6000 | 65675 |
| TA Chen Stainless Pipe | 95000 | 124864 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 135000 | 3825165 |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 106 | 17669 |
| Tong Yang Industry Co. Ltd. | 12000 | 49377 |
| Wistron NeWeb Corp. | 47000 | 185356 |
|  |  | 7373710 |
| **Thailand — 2.7%** | **Thailand — 2.7%** |  |
| Advanced Info Service PCL, NVDR | 25500 | 224927 |
| Bangkok Bank PCL, NVDR | 92700 | 388256 |

---

Schedule of Investments

------

Schedule of Investments (continued)

April 30, 2025

**BlackRock Advantage Emerging Markets Fund** 

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

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Thailand (continued)** | **Thailand (continued)** |  |
| Carabao Group PCL, NVDR | 25100 | $46896 |
| CP ALL PCL, NVDR | 277900 | 427903 |
| PTT Exploration & Production PCL, NVDR | 17900 | 53272 |
| Thai Union Group PCL, NVDR | 266700 | 86161 |
|  |  | 1227415 |
| **Turkey — 0.5%** | **Turkey — 0.5%** |  |
| Arcelik A/S, Class A<sup>(b)</sup> | 10451 | 30973 |
| Migros Ticaret A/S, Class A | 10435 | 130126 |
| TAV Havalimanlari Holding A/S, Class A<sup>(b)</sup> | 8200 | 48811 |
|  |  | 209910 |
| **United Arab Emirates — 0.7%** | **United Arab Emirates — 0.7%** |  |
| Abu Dhabi Commercial Bank PJSC | 29686 | 94071 |
| Emaar Properties PJSC | 48302 | 172595 |
| First Abu Dhabi Bank PJSC | 14695 | 60126 |
|  |  | 326792 |
| **United States — 0.3%** | **United States — 0.3%** |  |
| GCC SAB de C.V. | 12026 | 100848 |
| JBS S/A | 2257 | 17530 |
|  |  | 118378 |
| **Total Common Stocks — 87.2%** <br>**(Cost: $32,975,724)** | **Total Common Stocks — 87.2%** <br>**(Cost: $32,975,724)** | 39789506 |
| **Preferred Securities** | **Preferred Securities** | **Preferred Securities** |
| **Preferred Stocks — 2.0%** | **Preferred Stocks — 2.0%** | **Preferred Stocks — 2.0%** |
| **Brazil — 2.0%** | **Brazil — 2.0%** |  |
| Banco Bradesco SA | 98174 | 237514 |
| Gerdau SA | 30812 | 81385 |
| Itau Unibanco Holding SA | 56766 | 355891 |
| Petroleo Brasileiro SA | 41002 | 216673 |
|  |  | 891463 |
| **Total Preferred Securities — 2.0%** <br>**(Cost: $800,629)** | **Total Preferred Securities — 2.0%** <br>**(Cost: $800,629)** | 891463 |
| **Total Long-Term Investments — 89.2%** <br>**(Cost: $33,776,353)** | **Total Long-Term Investments — 89.2%** <br>**(Cost: $33,776,353)** | 40680969 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 295.1%** | **Money Market Funds — 295.1%** |  |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 4.46%<sup>(e)(f)(g)</sup><br>| 229124 | $229216 |
| BlackRock Liquidity Funds, T-Fund, Institutional <br> Shares, 4.21%<sup>(e)(f)</sup><br>| 134352787 | 134352787 |
| **Total Short-Term Securities — 295.1%** <br>**(Cost: $134,581,984)** | **Total Short-Term Securities — 295.1%** <br>**(Cost: $134,581,984)** | 134582003 |
| **Total Investments — 384.3%** <br>**(Cost: $168,358,337)** | **Total Investments — 384.3%** <br>**(Cost: $168,358,337)** | 175262972 |
| **Liabilities in Excess of Other Assets — (284.3)%** | **Liabilities in Excess of Other Assets — (284.3)%** | (129661042)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $45601930 |

---

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

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

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

<sup>(c)</sup> Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. 

<sup>(d)</sup> All or a portion of this security is on loan.

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

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

<sup>(g)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities. 

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the year ended April 30, 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>*04/30/24*<br>| *Proceeds* <br>*from Sales*<br>| *Net* <br>*Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*04/30/25*<br>| *Shares* <br>*Held at* <br>*04/30/25*<br>| *Income* | *Capital Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares<br>| $—<br> $229225 <br><sup>(a)</sup><br>| &nbsp;&nbsp; $— | $(28)<br>| $19 | $229216 | 229124 | $455 <br><sup>(b)</sup><br>| &nbsp;&nbsp; $— |
| BlackRock Liquidity Funds, T-Fund, Institutional Shares | 4657734<br> 129695053 <br><sup>(a)</sup><br>| &nbsp;&nbsp; — |  |  | 134352787 | 134352787 | 327182 | &nbsp;&nbsp; — |
|  |  |  | $(28)<br>| $19 | $134582003 |  | $327637 | &nbsp;&nbsp; $— |

---

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

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

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities. 

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

April 30, 2025

**BlackRock Advantage Emerging Markets Fund** 

**Derivative Financial Instruments Outstanding as of Period End**

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of* <br>*Contracts*<br>| &nbsp;&nbsp;&nbsp; *Expiration* <br>*Date*<br>| &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)*<br>| &nbsp;&nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| Long Contracts  |  |  |  |  |
| MSCI Emerging Markets Index | &nbsp;&nbsp; 2572 | &nbsp;&nbsp;&nbsp;&nbsp; 06/20/25 | &nbsp;&nbsp;&nbsp;&nbsp; $142746 | &nbsp;&nbsp;&nbsp;&nbsp; $1637619 |

---

**Derivative Financial Instruments Categorized by Risk Exposure**

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Assets — Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts <br>Unrealized appreciation on futures contracts<sup>(a)</sup><br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1637619 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1637619 |

---

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

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). 

For the period ended April 30, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(293369)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(293369)<br>|
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1696445 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1696445 |

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $39206536 |

---

For more information about the Fund's investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

**Fair Value Hierarchy as of Period End**

Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Common Stocks  |  |  |  |  |
| Australia | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $61236 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $61236 |
| Brazil | &nbsp;&nbsp; 260863 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 260863 |
| Chile | &nbsp;&nbsp; 68526 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 68526 |
| China | &nbsp;&nbsp; 650919 | &nbsp;&nbsp;&nbsp;&nbsp; 11772701 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12423620 |
| Greece | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 300471 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 300471 |
| Hungary | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 172 | &nbsp;&nbsp;&nbsp;&nbsp; 172 |

---

Schedule of Investments

------

Schedule of Investments (continued)

April 30, 2025

**BlackRock Advantage Emerging Markets Fund** 

**Fair Value Hierarchy as of Period End (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Common Stocks (continued) |  |  |  |  |
| India | &nbsp;&nbsp; $489611 | &nbsp;&nbsp;&nbsp;&nbsp; $6719284 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $7208895 |
| Indonesia | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 908357 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 908357 |
| Kuwait | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 297561 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 297561 |
| Malaysia | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 829585 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 829585 |
| Mexico | &nbsp;&nbsp; 1169105 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1169105 |
| Philippines | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 117920 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 117920 |
| Poland | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 74478 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 74478 |
| Qatar | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 16788 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 16788 |
| Saudi Arabia | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1350115 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1350115 |
| South Africa | &nbsp;&nbsp; 151838 | &nbsp;&nbsp;&nbsp;&nbsp; 894846 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1046684 |
| South Korea | &nbsp;&nbsp; 214311 | &nbsp;&nbsp;&nbsp;&nbsp; 4184614 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4398925 |
| Taiwan | &nbsp;&nbsp; 17669 | &nbsp;&nbsp;&nbsp;&nbsp; 7356041 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7373710 |
| Thailand | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1227415 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1227415 |
| Turkey | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 209910 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 209910 |
| United Arab Emirates | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 326792 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 326792 |
| United States | &nbsp;&nbsp; 118378 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 118378 |
| Preferred Securities |  |  |  |  |
| Preferred Stocks | &nbsp;&nbsp; 891463 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 891463 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 134582003 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 134582003 |
|  | &nbsp;&nbsp; $138614686 | &nbsp;&nbsp;&nbsp;&nbsp; $36648114 | &nbsp;&nbsp;&nbsp;&nbsp; $172 | &nbsp;&nbsp;&nbsp;&nbsp; $175262972 |
| Derivative Financial Instruments<sup>(a)</sup> <br>|  |  |  |  |
| Assets |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $1637619 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1637619 |

---

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

<sup>(a)</sup> Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.*

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments

April 30, 2025

**BlackRock Global Equity Market Neutral Fund** 

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

---

| | | |
|:---|:---|:---|
| *Security* | <br>*Shares*<br>| *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Belgium — 0.2%** | **Belgium — 0.2%** |  |
| Elia Group SA/NV | 83924 | $9099001 |
| **United States — 1.4%** | **United States — 1.4%** |  |
| Beta Bionics, Inc.<sup>(a)</sup> | 62629 | 692050 |
| Citigroup, Inc. | 255000 | 17436900 |
| Flowco Holdings, Inc., Class A<sup>(a)</sup> | 53411 | 1031901 |
| Karman Holdings, Inc.<sup>(a)</sup> | 60704 | 2170167 |
| Metsera, Inc.<sup>(a)</sup> | 36302 | 875241 |
| Netflix, Inc.<sup>(a)</sup> | 27000 | 30556440 |
| Palantir Technologies, Inc., Class A<sup>(a)</sup> | 4 | 474 |
| Procter & Gamble Co. | 74000 | 12030180 |
| SailPoint, Inc.<sup>(a)</sup> | 29651 | 508811 |
| Sionna Therapeutics, Inc.<sup>(a)</sup> | 1314 | 15807 |
|  |  | 65317971 |
| **Total Common Stocks — 1.6%** <br>**(Cost: $45,847,984)** | **Total Common Stocks — 1.6%** <br>**(Cost: $45,847,984)** | 74416972 |
| **Preferred Securities** | **Preferred Securities** | **Preferred Securities** |
| **Preferred Stocks — 0.0%**<sup>(a)(b)</sup> | **Preferred Stocks — 0.0%**<sup>(a)(b)</sup> | **Preferred Stocks — 0.0%**<sup>(a)(b)</sup> |
| **United States — 0.0%** | **United States — 0.0%** |  |
| AliphCom |  |  |
| Series 6, (Acquired 12/15/15, Cost: $0)<sup>(c)</sup> | 8264 |  |
| Series 8 | 823530 | 8 |
| Illumio, Inc., Series C, (Acquired 03/10/15, Cost: <br> $1,500,001)<sup>(c)</sup><br>| 466730 | 2142291 |
|  |  | 2142299 |
| **Total Preferred Securities — 0.0%** <br>**(Cost: $3,250,010)** | **Total Preferred Securities — 0.0%** <br>**(Cost: $3,250,010)** | 2142299 |

---

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

---

| | | |
|:---|:---|:---|
|  | *Par* <br>*(000)*<br>|  |
| **U.S. Treasury Obligations** | **U.S. Treasury Obligations** | **U.S. Treasury Obligations** |
| U.S. Treasury Notes<sup>(d)(e)</sup> <br>|  |  |
| (3-mo. U.S. Treasury Money Market Yield + 0.10%), <br> 4.37%, 01/31/27<br>| 93785 | 93733772 |
| (3-mo. U.S. Treasury Money Market Yield + 0.18%), <br> 4.47%, 07/31/26<br>| 43370 | 43402361 |
| (3-mo. U.S. Treasury Money Market Yield + 0.21%), <br> 4.42%, 10/31/26<br>| 40200 | 40236164 |
| (3-mo.Treasury money market yield + 0.16%), <br> 4.43%, 04/30/27<br>| 120720 | 120752741 |
| **Total U.S. Treasury Obligations — 6.2%** <br>**(Cost: $298,092,424)** | **Total U.S. Treasury Obligations — 6.2%** <br>**(Cost: $298,092,424)** | 298125038 |
| **Total Long-Term Investments — 7.8%** <br>**(Cost: $347,190,418)** | **Total Long-Term Investments — 7.8%** <br>**(Cost: $347,190,418)** | 374684309 |

---

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

---

| | | |
|:---|:---|:---|
| *Security* | <br>*Shares*<br>| *Value* |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.3%** | **Money Market Funds — 0.3%** |  |
| BlackRock Liquidity Funds, T-Fund, Institutional <br> Shares, 4.21%<sup>(f)(g)</sup><br>| 14564679 | $14564679 |

---

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

---

| | | |
|:---|:---|:---|
|  | *Par* <br>*(000)*<br>|  |
| **U.S. Treasury Obligations — 91.5%** | **U.S. Treasury Obligations — 91.5%** |  |
| U.S. Treasury Bills<sup>(h)</sup> <br>|  |  |
| 4.36%, 05/01/25 | $248900 | 248900000 |
| 4.30%, 05/06/25 | 187500 | 187390521 |
| 4.41%, 05/08/25 | 271135 | 270913309 |
| 4.31%, 05/13/25 | 202297 | 202012673 |
| 4.33%, 05/15/25 | 240000 | 239606599 |
| 4.31%, 05/20/25 | 355300 | 354505855 |
| 4.35%, 05/22/25 | 210630 | 210108697 |
| 4.32%, 05/27/25 | 245200 | 244451480 |
| 4.46%, 05/29/25 | 282600 | 281672487 |
| 4.33%, 06/03/25 | 185000 | 184284599 |
| 4.31%, 06/05/25 | 181000 | 180255638 |
| 4.32%, 06/10/25 - 06/17/25 | 350000 | 348194966 |
| 4.32%, 06/12/25 | 328100 | 326480097 |
| 4.29%, 06/20/25 | 15000 | 14912115 |
| 4.31%, 06/24/25 | 293000 | 291143113 |
| 4.30%, 06/26/25 | 20000 | 19868156 |
| 4.29%, 07/01/25 | 25000 | 24821586 |
| 4.29%, 07/03/25 | 101400 | 100655598 |
| 4.38%, 07/10/25 | 121800 | 120806437 |
| 4.29%, 07/15/25 | 7100 | 7038038 |
| 4.30%, 08/05/25 | 3800 | 3757643 |
| 4.37%, 08/12/25 | 71230 | 70375225 |
| 4.33%, 08/26/25 | 44105 | 43505413 |
| 4.32%, 08/28/25 | 6800 | 6706575 |
| 4.31%, 09/02/25 | 74100 | 73073694 |
| 4.23%, 09/04/25 | 74100 | 73025659 |
| 4.24%, 09/18/25 | 14335 | 14106645 |
| 4.23%, 09/25/25 | 12900 | 12684219 |
| 4.21%, 10/02/25 | 9455 | 9289489 |
| 4.22%, 10/30/25 | 9000 | 8816407 |
| 4.31%, 11/28/25 | 7100 | 6937498 |
| 4.26%, 12/26/25 | 28800 | 28062319 |
| 4.11%, 03/19/26 | 60200 | 58181027 |
| U.S. Treasury Notes |  |  |
| (3-mo. U.S. Treasury Money Market Yield + <br> 0.13%), 4.35%, 07/31/25<sup>(e)</sup><br>| 12630 | 12630225 |
| (3-mo. U.S. Treasury Money Market Yield + <br> 0.17%), 4.46%, 10/31/25<sup>(e)</sup><br>| 15182 | 15187276 |
| 4.44%, 11/30/25 | 1100 | 1076530 |
| 4.21%, 12/31/25 | 2800 | 2803347 |
| (3-mo. U.S. Treasury Money Market Yield + <br> 0.25%), 4.49%, 01/31/26<sup>(e)</sup><br>| 47165 | 47220013 |
| 4.11%, 02/28/26 | 2400 | 2331937 |

---

Schedule of Investments

------

Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Equity Market Neutral Fund** 

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

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **U.S. Treasury Obligations (continued)** | **U.S. Treasury Obligations (continued)** |  |
| U.S. Treasury Notes (continued) |  |  |
| 4.12%, 02/28/26 | 2900 | $2914296 |
| (3-mo. U.S. Treasury Money Market Yield + <br> 0.15%), 4.41%, 04/30/26<sup>(d)(e)</sup><br>| 20300 | 20303686 |
|  |  | 4371011087 |
| **Total Short-Term Securities — 91.8%** <br>**(Cost: $4,385,309,358)** | **Total Short-Term Securities — 91.8%** <br>**(Cost: $4,385,309,358)** | 4385575766 |
| **Total Investments — 99.6%** <br>**(Cost: $4,732,499,776)** | **Total Investments — 99.6%** <br>**(Cost: $4,732,499,776)** | 4760260075 |
| **Other Assets Less Liabilities — 0.4%** | **Other Assets Less Liabilities — 0.4%** | 18776366 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $4779036441 |

---

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

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

<sup>(b)</sup> Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. 

<sup>(c)</sup> Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $2,142,291, representing less than 0.05% of its net assets as of period end, and an original cost of $1,500,001. 

<sup>(d)</sup> All or a portion of the security has been pledged as collateral in connection with outstanding OTC derivatives. 

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

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

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

<sup>(h)</sup> Rates are discount rates or a range of discount rates as of period end.

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the year ended April 30, 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>*04/30/24*<br>| *Proceeds* <br>*from Sales*<br>| *Net* <br>*Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*04/30/25*<br>| *Shares* <br>*Held at* <br>*04/30/25*<br>| *Income* | *Capital Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Liquidity Funds, T-Fund, Institutional Shares | $14255848<br> $308831 <br><sup>(a)</sup><br>| &nbsp;&nbsp; $— | $— | $— | $14564679 | 14564679 | $461462 | $— |

---

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

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

**Derivative Financial Instruments Outstanding as of Period End**

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of* <br>*Contracts*<br>| &nbsp;&nbsp;&nbsp; *Expiration* <br>*Date*<br>| &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)*<br>| &nbsp;&nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| Long Contracts  |  |  |  |  |
| CAC 40 Index | &nbsp;&nbsp; 756 | &nbsp;&nbsp;&nbsp;&nbsp; 05/16/25 | &nbsp;&nbsp;&nbsp;&nbsp; $64858 | &nbsp;&nbsp;&nbsp;&nbsp; $2333401 |
| CBOE Volatility Index | &nbsp;&nbsp; 165 | &nbsp;&nbsp;&nbsp;&nbsp; 05/21/25 | &nbsp;&nbsp;&nbsp;&nbsp; 3962 | &nbsp;&nbsp;&nbsp;&nbsp; (131874)<br>|
| 10-Year U.S. Treasury Note | &nbsp;&nbsp; 630 | &nbsp;&nbsp;&nbsp;&nbsp; 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp; 70816 | &nbsp;&nbsp;&nbsp;&nbsp; 185246 |
| SPI 200 Index | &nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp;&nbsp; 06/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 2477 | &nbsp;&nbsp;&nbsp;&nbsp; 34969 |
| DAX Index | &nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp;&nbsp; 06/20/25 | &nbsp;&nbsp;&nbsp;&nbsp; 10308 | &nbsp;&nbsp;&nbsp;&nbsp; 1193101 |
| Euro Stoxx 50 Index | &nbsp;&nbsp; 195 | &nbsp;&nbsp;&nbsp;&nbsp; 06/20/25 | &nbsp;&nbsp;&nbsp;&nbsp; 11354 | &nbsp;&nbsp;&nbsp;&nbsp; 436019 |
| NASDAQ 100 E-Mini Index | &nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp; 06/20/25 | &nbsp;&nbsp;&nbsp;&nbsp; 786 | &nbsp;&nbsp;&nbsp;&nbsp; (10439)<br>|
| S&P 500 E-Mini Index | &nbsp;&nbsp; 611 | &nbsp;&nbsp;&nbsp;&nbsp; 06/20/25 | &nbsp;&nbsp;&nbsp;&nbsp; 170683 | &nbsp;&nbsp;&nbsp;&nbsp; 2502307 |
| S&P 500 Annual Dividend Index | &nbsp;&nbsp; 273 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 5262 | &nbsp;&nbsp;&nbsp;&nbsp; 5584 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 6548314 |
| Short Contracts  |  |  |  |  |
| IBEX 35 Index | &nbsp;&nbsp; 160 | &nbsp;&nbsp;&nbsp;&nbsp; 05/16/25 | &nbsp;&nbsp;&nbsp;&nbsp; 24091 | &nbsp;&nbsp;&nbsp;&nbsp; (932218)<br>|
| OMX Stockholm 30 Index | &nbsp;&nbsp; 2420 | &nbsp;&nbsp;&nbsp;&nbsp; 05/16/25 | &nbsp;&nbsp;&nbsp;&nbsp; 60558 | &nbsp;&nbsp;&nbsp;&nbsp; (2183719)<br>|
| MSCI Singapore Index | &nbsp;&nbsp; 619 | &nbsp;&nbsp;&nbsp;&nbsp; 05/29/25 | &nbsp;&nbsp;&nbsp;&nbsp; 18285 | &nbsp;&nbsp;&nbsp;&nbsp; (371726)<br>|
| TOPIX Index | &nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp;&nbsp; 06/12/25 | &nbsp;&nbsp;&nbsp;&nbsp; 13066 | &nbsp;&nbsp;&nbsp;&nbsp; (501022)<br>|
| 10-Year Japanese Government Treasury Bonds | &nbsp;&nbsp; 54 | &nbsp;&nbsp;&nbsp;&nbsp; 06/13/25 | &nbsp;&nbsp;&nbsp;&nbsp; 53120 | &nbsp;&nbsp;&nbsp;&nbsp; (732975)<br>|
| S&P/TSE 60 Index | &nbsp;&nbsp; 103 | &nbsp;&nbsp;&nbsp;&nbsp; 06/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 22339 | &nbsp;&nbsp;&nbsp;&nbsp; (488882)<br>|
| E-mini Russell 2000 Index | &nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp;&nbsp; 06/20/25 | &nbsp;&nbsp;&nbsp;&nbsp; 4728 | &nbsp;&nbsp;&nbsp;&nbsp; 219771 |
| FTSE 100 Index | &nbsp;&nbsp; 657 | &nbsp;&nbsp;&nbsp;&nbsp; 06/20/25 | &nbsp;&nbsp;&nbsp;&nbsp; 74342 | &nbsp;&nbsp;&nbsp;&nbsp; (1068061)<br>|
| FTSE/MIB Index | &nbsp;&nbsp; 179 | &nbsp;&nbsp;&nbsp;&nbsp; 06/20/25 | &nbsp;&nbsp;&nbsp;&nbsp; 37752 | &nbsp;&nbsp;&nbsp;&nbsp; (1903500)<br>|

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Equity Market Neutral Fund** 

**Futures Contracts (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of*<br> *Contracts*<br>| &nbsp;&nbsp;&nbsp; *Expiration*<br> *Date*<br>| &nbsp;&nbsp;&nbsp; *Notional*<br> *Amount (000)*<br>| &nbsp;&nbsp;&nbsp; *Value/*<br> *Unrealized*<br> *Appreciation*<br> &nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| Short Contracts (continued) |  |  |  |  |
| 5-Year U.S. Treasury Note | &nbsp;&nbsp; 1427 | &nbsp;&nbsp;&nbsp;&nbsp; 06/30/25 | &nbsp;&nbsp;&nbsp;&nbsp; $156034 | &nbsp;&nbsp;&nbsp;&nbsp; $(410009)<br>|
| S&P 500 Annual Dividend Index | &nbsp;&nbsp; 79 | &nbsp;&nbsp;&nbsp;&nbsp; 12/18/26 | &nbsp;&nbsp;&nbsp;&nbsp; 1462 | &nbsp;&nbsp;&nbsp;&nbsp; (2296)<br>|
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (8374637)<br>|
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $(1826323)<br>|

---

**Forward Foreign Currency Exchange Contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Currency Purchased* | *Currency Purchased* | *Currency Sold* | *Currency Sold* | *Counterparty* | *Settlement Date* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| AUD | 1192000 | USD | 748163 | HSBC Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $15767 |
| CAD | 1619000 | USD | 1161087 | BNP Paribas SA | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16129 |
| CAD | 1767000 | USD | 1246185 | BNP Paribas SA | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38645 |
| CAD | 1698000 | USD | 1228693 | Morgan Stanley & Co. International PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5965 |
| CHF | 1037000 | EUR | 1092645 | Barclays Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21988 |
| CHF | 1668000 | EUR | 1781469 | Barclays Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8146 |
| CHF | 3275000 | EUR | 3509098 | Barclays Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3146 |
| CHF | 595000 | EUR | 624661 | Morgan Stanley & Co. International PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15190 |
| CHF | 905000 | EUR | 947512 | Morgan Stanley & Co. International PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26062 |
| CHF | 1430000 | EUR | 1501528 | UBS AG | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36233 |
| CHF | 1038000 | USD | 1189378 | UBS AG | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74975 |
| EUR | 1645126 | CHF | 1519000 | Barclays Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18473 |
| EUR | 1174562 | CHF | 1085000 | Morgan Stanley & Co. International PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12595 |
| EUR | 2666172 | CHF | 2453000 | Morgan Stanley & Co. International PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40616 |
| EUR | 735794 | SEK | 8033000 | Morgan Stanley & Co. International PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2474 |
| EUR | 1277700 | SEK | 13979000 | Morgan Stanley & Co. International PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1208 |
| EUR | 174000 | USD | 189742 | Bank of America N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7907 |
| EUR | 1326000 | USD | 1451394 | Barclays Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54824 |
| EUR | 3141000 | USD | 3450736 | Barclays Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 117158 |
| EUR | 3886000 | USD | 4279243 | Barclays Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 134905 |
| EUR | 1922000 | USD | 2109142 | BNP Paribas SA | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74078 |
| EUR | 169000 | USD | 183432 | Goldman Sachs International | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8537 |
| EUR | 951000 | USD | 1030764 | Goldman Sachs International | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49487 |
| EUR | 540609 | USD | 592580 | HSBC Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21503 |
| EUR | 21662000 | USD | 23790216 | HSBC Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 815876 |
| EUR | 145931000 | USD | 158148927 | HSBC Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7615619 |
| EUR | 543000 | USD | 591789 | Morgan Stanley & Co. International PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25010 |
| EUR | 662000 | USD | 715425 | Morgan Stanley & Co. International PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36547 |
| EUR | 1138000 | USD | 1246707 | Morgan Stanley & Co. International PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45959 |
| EUR | 2136000 | USD | 2400211 | Morgan Stanley & Co. International PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26093 |
| EUR | 636000 | USD | 690461 | UBS AG | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31978 |
| GBP | 1691000 | USD | 2210746 | Barclays Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43252 |
| GBP | 2472000 | USD | 3167231 | Barclays Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 127792 |
| JPY | 10169797000 | USD | 69488847 | Goldman Sachs International | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2015226 |
| JPY | 151505000 | USD | 1032220 | HSBC Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33015 |
| JPY | 229527000 | USD | 1574728 | Morgan Stanley & Co. International PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39082 |
| JPY | 292337000 | USD | 2034853 | Morgan Stanley & Co. International PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20575 |
| JPY | 6176828000 | USD | 41389221 | UBS AG | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2040197 |
| SEK | 7460000 | EUR | 675502 | Bank of America N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6572 |
| SEK | 7497000 | EUR | 681560 | Goldman Sachs International | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3529 |
| SEK | 8517000 | EUR | 763873 | Morgan Stanley & Co. International PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15841 |
| SEK | 1041000 | EUR | 94705 | UBS AG | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 414 |
| SGD | 4836000 | USD | 3618750 | Barclays Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92988 |
| SGD | 1020000 | USD | 775569 | HSBC Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7304 |
| SGD | 1215000 | USD | 913833 | UBS AG | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18707 |
| USD | 841019 | EUR | 737000 | Barclays Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3853 |
| USD | 1065289 | EUR | 937000 | Barclays Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 941 |
| USD | 1480700 | EUR | 1295000 | Barclays Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9696 |

---

Schedule of Investments

------

Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Equity Market Neutral Fund** 

**Forward Foreign Currency Exchange Contracts (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Currency Purchased* | *Currency Purchased* | *Currency Sold* | *Currency Sold* | *Counterparty* | *Settlement Date* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized*<br> *Appreciation*<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| USD | 1057481 | EUR | 927000 | BNP Paribas SA | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4492 |
| USD | 971626 | EUR | 850000 | Citibank N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6103 |
| USD | 453685 | EUR | 395000 | HSBC Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000 |
| USD | 22659938 | EUR | 19865000 | HSBC Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95077 |
| USD | 1652550 | EUR | 1449000 | Morgan Stanley & Co. International PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6615 |
| USD | 6035832 | JPY | 855470000 | Goldman Sachs International | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21003 |
| USD | 873426 | JPY | 123855000 | Morgan Stanley & Co. International PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2599 |
| USD | 1096137 | JPY | 155793000 | Morgan Stanley & Co. International PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 753 |
| USD | 630531 | ZAR | 11693000 | UBS AG | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4077 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14027796 |
| CHF | 3126000 | EUR | 3381110 | Barclays Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (32963)<br>|
| CHF | 2317000 | EUR | 2520120 | Morgan Stanley & Co. International PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (40371)<br>|
| EUR | 781787 | CHF | 746000 | Barclays Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (20637)<br>|
| EUR | 1218167 | CHF | 1144000 | Barclays Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9739)<br>|
| EUR | 1745566 | CHF | 1631000 | Barclays Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3859)<br>|
| EUR | 706306 | CHF | 663000 | HSBC Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5278)<br>|
| EUR | 1084711 | CHF | 1038000 | HSBC Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (32218)<br>|
| EUR | 627040 | CHF | 598000 | Morgan Stanley & Co. International PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16142)<br>|
| EUR | 643481 | CHF | 603000 | Morgan Stanley & Co. International PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3557)<br>|
| EUR | 663519 | SEK | 7355000 | HSBC Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9291)<br>|
| EUR | 904000 | USD | 1034558 | Barclays Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7695)<br>|
| EUR | 215000 | USD | 245449 | Goldman Sachs International | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1228)<br>|
| EUR | 471000 | USD | 538503 | HSBC Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3489)<br>|
| EUR | 146000 | USD | 168682 | Morgan Stanley & Co. International PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2839)<br>|
| EUR | 1253000 | USD | 1429219 | UBS AG | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5924)<br>|
| JPY | 394681000 | USD | 2781338 | Morgan Stanley & Co. International PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6327)<br>|
| SEK | 8431000 | EUR | 770822 | Barclays Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (975)<br>|
| USD | 1176366 | AUD | 1855000 | Morgan Stanley & Co. International PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12467)<br>|
| USD | 622849 | AUD | 990000 | UBS AG | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11623)<br>|
| USD | 194901 | CAD | 280000 | HSBC Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8695)<br>|
| USD | 605168 | CAD | 869000 | Morgan Stanley & Co. International PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (26704)<br>|
| USD | 1193481 | CAD | 1694000 | Morgan Stanley & Co. International PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (38269)<br>|
| USD | 2251572 | CAD | 3119000 | Morgan Stanley & Co. International PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16332)<br>|
| USD | 1713116 | CHF | 1495000 | HSBC Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (107894)<br>|
| USD | 382983 | EUR | 351000 | Bank of America N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15721)<br>|
| USD | 406729 | EUR | 372000 | Bank of America N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15830)<br>|
| USD | 423645 | EUR | 386000 | Bank of America N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14816)<br>|
| USD | 692189 | EUR | 637000 | Barclays Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (31386)<br>|
| USD | 2659713 | EUR | 2351000 | Barclays Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10812)<br>|
| USD | 4050067 | EUR | 3566000 | Barclays Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (589)<br>|
| USD | 70993471 | EUR | 63180000 | Barclays Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (773351)<br>|
| USD | 1575058 | EUR | 1434000 | BNP Paribas SA | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (53838)<br>|
| USD | 1613546 | EUR | 1467000 | BNP Paribas SA | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (52835)<br>|
| USD | 858756 | EUR | 792000 | HSBC Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (40885)<br>|
| USD | 1112704 | EUR | 1015060 | UBS AG | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (40314)<br>|
| USD | 926641 | GBP | 700000 | Bank of America N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6415)<br>|
| USD | 1608971 | GBP | 1260000 | Barclays Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (70531)<br>|
| USD | 2085215 | GBP | 1608000 | Barclays Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (58150)<br>|
| USD | 650408 | GBP | 503000 | HSBC Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (20060)<br>|
| USD | 1016523 | GBP | 790000 | Morgan Stanley & Co. International PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (36498)<br>|
| USD | 15178198 | JPY | 2168456000 | Citibank N.A. | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (68266)<br>|
| USD | 780820 | JPY | 114852000 | HSBC Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (26707)<br>|
| USD | 2898327 | JPY | 425781000 | HSBC Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (95349)<br>|
| USD | 47751471 | JPY | 7023860285 | HSBC Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1633450)<br>|
| USD | 946671 | JPY | 137270000 | Morgan Stanley & Co. International PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (18478)<br>|
| USD | 2467938 | JPY | 352608000 | Morgan Stanley & Co. International PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11257)<br>|
| USD | 103832 | SEK | 1041000 | Goldman Sachs International | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4159)<br>|
| USD | 698995 | SEK | 7008000 | Goldman Sachs International | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (27996)<br>|
| USD | 879343 | SGD | 1166000 | Barclays Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15588)<br>|
| USD | 1195743 | SGD | 1612000 | Goldman Sachs International | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (41503)<br>|
| USD | 745318 | SGD | 989000 | HSBC Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13761)<br>|

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Equity Market Neutral Fund** 

**Forward Foreign Currency Exchange Contracts (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Currency Purchased* | *Currency Purchased* | *Currency Sold* | *Currency Sold* | *Counterparty* | *Settlement Date* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized*<br> *Appreciation*<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| USD | 1885128 | SGD | 2537000 | HSBC Bank PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(62076)<br>|
| USD | 686222 | SGD | 910000 | Morgan Stanley & Co. International PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12223)<br>|
| USD | 1081073 | SGD | 1416000 | Morgan Stanley & Co. International PLC | 06/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5739)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3703099)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $10324697 |

---

**OTC Total Return Swaps — Future** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | &nbsp;&nbsp; *Fixed Amount Paid (Received)* <br>*by the Fund*<sup>(a)</sup>  | &nbsp;&nbsp; *Fixed Amount Paid (Received)* <br>*by the Fund*<sup>(a)</sup>  | *Counterparty* | *Termination* <br>*Date*<br>| *Notional* <br>*Amount (000)* | *Notional* <br>*Amount (000)* | *Value* | *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)*<br>| *Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Amsterdam Index Future May 2025 | EUR | 11928913 | HSBC Bank PLC | 05/16/25 | EUR | 13560 | $651232 | $— | $651232 |
| Amsterdam Index Future May 2025 | EUR | 4707632 | HSBC Bank PLC | 05/16/25 | EUR | 5351 | 53612 |  | 53612 |
| Amsterdam Index Future May 2025 | EUR | 13085054 | HSBC Bank PLC | 05/16/25 | EUR | 14874 | 139521 |  | 139521 |
| Swiss Market Index Future June <br> 2025<br>| CHF | 6838354 | HSBC Bank PLC | 06/20/25 | CHF | 8322 | (500702) |  | (500702) |
| Swiss Market Index Future June <br> 2025<br>| CHF | 6834350 | HSBC Bank PLC | 06/20/25 | CHF | 8317 | (495851) |  | (495851) |
| Swiss Market Index Future June <br> 2025<br>| CHF | 4513250 | HSBC Bank PLC | 06/20/25 | CHF | 5492 | (327449) |  | (327449) |
| Swiss Market Index Future June <br> 2025<br>| CHF | 7479100 | HSBC Bank PLC | 06/20/25 | CHF | 9101 | (542629) |  | (542629) |
| Swiss Market Index Future June <br> 2025<br>| CHF | 3352700 | HSBC Bank PLC | 06/20/25 | CHF | 4080 | (243247) |  | (243247) |
| Swiss Market Index Future June <br> 2025<br>| CHF | 8639650 | HSBC Bank PLC | 06/20/25 | CHF | 10514 | (626830) |  | (626830) |
| Swiss Market Index Future June <br> 2025<br>| CHF | 1934250 | HSBC Bank PLC | 06/20/25 | CHF | 2354 | (140335) |  | (140335) |
| Swiss Market Index Future June <br> 2025<br>| CHF | 5415900 | HSBC Bank PLC | 06/20/25 | CHF | 6591 | (392938) |  | (392938) |
| Swiss Market Index Future June <br> 2025<br>| CHF | 4492032 | HSBC Bank PLC | 06/20/25 | CHF | 5466 | (301741) |  | (301741) |
| Swiss Market Index Future June <br> 2025<br>| CHF | 2758547 | HSBC Bank PLC | 06/20/25 | CHF | 3357 | (110892) |  | (110892) |
| Swiss Market Index Future June <br> 2025<br>| CHF | 4999119 | HSBC Bank PLC | 06/20/25 | CHF | 6084 | (181726) |  | (181726) |
| Swiss Market Index Future June <br> 2025<br>| CHF | 7057753 | HSBC Bank PLC | 06/20/25 | CHF | 8589 | 996045 |  | 996045 |
| Swiss Market Index Future June <br> 2025<br>| CHF | 336506 | HSBC Bank PLC | 06/20/25 | CHF | 409 | 32930 |  | 32930 |
| Swiss Market Index Future June <br> 2025<br>| CHF | 358382 | HSBC Bank PLC | 06/20/25 | CHF | 436 | 6424 |  | 6424 |
| Swiss Market Index Future June <br> 2025<br>| CHF | 361128 | HSBC Bank PLC | 06/20/25 | CHF | 439 | 3098 |  | 3098 |
| FTSE 100 Dividend Index Future <br> December 2025<br>| GBP | 678964 | &nbsp;&nbsp; Morgan Stanley & Co. <br> International PLC<br>| 12/18/25 | GBP | 907 | 63593 |  | 63593 |
| FTSE 100 Dividend Index Future <br> December 2025<br>| GBP | 598440 | &nbsp;&nbsp; Morgan Stanley & Co. <br> International PLC<br>| 12/18/25 | GBP | 799 | (3332) |  | (3332) |
| FTSE 100 Dividend Index Future <br> December 2025<br>| GBP | 1291888 | &nbsp;&nbsp; Morgan Stanley & Co. <br> International PLC<br>| 12/18/25 | GBP | 1726 | (19823) |  | (19823) |
| FTSE 100 Dividend Index Future <br> December 2025<br>| GBP | 1018205 | &nbsp;&nbsp; Morgan Stanley & Co. <br> International PLC<br>| 12/18/25 | GBP | 1360 | 486 |  | 486 |
| FTSE 100 Dividend Index Future <br> December 2025<br>| GBP | 1327367 | &nbsp;&nbsp; Morgan Stanley & Co. <br> International PLC<br>| 12/18/25 | GBP | 1773 | 17987 |  | 17987 |
| Euro Stoxx 50 Dividend Future <br> December 2025<br>| EUR | 898570 | &nbsp;&nbsp; Morgan Stanley & Co. <br> International PLC<br>| 12/19/25 | EUR | 1021 | 201892 |  | 201892 |
| Euro Stoxx 50 Dividend Future <br> December 2025<br>| EUR | 582655 | &nbsp;&nbsp; Morgan Stanley & Co. <br> International PLC<br>| 12/19/25 | EUR | 662 | 15541 |  | 15541 |

---

Schedule of Investments

------

Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Equity Market Neutral Fund** 

**OTC Total Return Swaps — Future (continued)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | &nbsp;&nbsp; *Fixed Amount Paid* <br> *(Received)*<br> *by the Fund*<sup>(a)</sup> | &nbsp;&nbsp; *Fixed Amount Paid* <br> *(Received)*<br> *by the Fund*<sup>(a)</sup> | *Counterparty* | *Termination*<br> *Date*<br>| *Notional*<br> *Amount (000)* | *Notional*<br> *Amount (000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)*<br>| *Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Euro Stoxx 50 Dividend Future <br> December 2025<br>| EUR | 1498709 | &nbsp;&nbsp; Morgan Stanley & Co. <br> International PLC<br>| 12/19/25 | EUR | 1704 | $9958 | $— | $9958 |
| Euro Stoxx 50 Dividend Future <br> December 2025<br>| EUR | 1159738 | &nbsp;&nbsp; Morgan Stanley & Co. <br> International PLC<br>| 12/19/25 | EUR | 1318 | 18627 |  | 18627 |
| Euro Stoxx 50 Dividend Future <br> December 2025<br>| EUR | 1582194 | &nbsp;&nbsp; Morgan Stanley & Co. <br> International PLC<br>| 12/19/25 | EUR | 1799 | 46749 |  | 46749 |
| Nikkei Dividend XSIM Future <br> December 2025<br>| JPY | 406870000 | BNP Paribas SA | 03/31/26 | JPY | 2852 | 369143 |  | 369143 |
| Nikkei Dividend XSIM Future <br> December 2025<br>| JPY | 321640000 | BNP Paribas SA | 03/31/26 | JPY | 2255 | 133830 |  | 133830 |
| Nikkei Dividend XSIM Future <br> December 2025<br>| JPY | 194000000 | BNP Paribas SA | 03/31/26 | JPY | 1360 | 28850 |  | 28850 |
| FTSE 100 Dividend Index Future <br> December 2026<br>| GBP | 1409753 | &nbsp;&nbsp; Morgan Stanley & Co. <br> International PLC<br>| 12/17/26 | GBP | 1883 | (15892) |  | (15892) |
| FTSE 100 Dividend Index Future <br> December 2026<br>| GBP | 1351806 | &nbsp;&nbsp; Morgan Stanley & Co. <br> International PLC<br>| 12/17/26 | GBP | 1806 | (35490) |  | (35490) |
| FTSE 100 Dividend Index Future <br> December 2026<br>| GBP | 1250795 | &nbsp;&nbsp; Morgan Stanley & Co. <br> International PLC<br>| 12/17/26 | GBP | 1671 | (71283) |  | (71283) |
| FTSE 100 Dividend Index Future <br> December 2026<br>| GBP | 1015657 | &nbsp;&nbsp; Morgan Stanley & Co. <br> International PLC<br>| 12/17/26 | GBP | 1357 | (44511) |  | (44511) |
| Euro Stoxx 50 Dividend Future <br> December 2026<br>| EUR | 2609432 | &nbsp;&nbsp; Morgan Stanley & Co. <br> International PLC<br>| 12/18/26 | EUR | 2966 | (96623) |  | (96623) |
| Euro Stoxx 50 Dividend Future <br> December 2026<br>| EUR | 743293 | &nbsp;&nbsp; Morgan Stanley & Co. <br> International PLC<br>| 12/18/26 | EUR | 845 | (27523) |  | (27523) |
| Euro Stoxx 50 Dividend Future <br> December 2026<br>| EUR | 1458437 | &nbsp;&nbsp; Morgan Stanley & Co. <br> International PLC<br>| 12/18/26 | EUR | 1658 | (92479) |  | (92479) |
| Euro Stoxx 50 Dividend Future <br> December 2026<br>| EUR | 1145383 | &nbsp;&nbsp; Morgan Stanley & Co. <br> International PLC<br>| 12/18/26 | EUR | 1302 | (67108) |  | (67108) |
| Nikkei Dividend XSIM Future March <br> 2027<br>| JPY | 940800000 | BNP Paribas SA | 03/31/27 | JPY | 6596 | (170373) |  | (170373) |
|  |  |  |  |  |  |  | $(1719259) | $— | $(1719259) |

---

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

<sup>(a)</sup> At termination, the fixed amount paid (received) will be exchanged for the total return of the reference entity.

**OTC Total Return Swaps** 

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund |  |  |  |  |  |  |  |  |
| *Rate/Reference* | *Frequency* | *Rate/Reference* | *Frequency* | *Counterparty* | *Effective* <br>*Date*<br>| *Termination* <br>*Date*<br>| *Notional* <br>*Amount (000)* | *Notional* <br>*Amount (000)* | *Value* | *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)*<br>| *Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| 1-day SOFR minus <br> 1.50%, 4.41%<br>| Monthly | Goldman Sachs Most <br> Shorted Rolling <br> Index<br>| Monthly | Goldman Sachs <br> International<br>| N/A | 08/21/25 | USD | 6687 | $(4030)<br>| $— | $(4030)<br>|
| 1-day SOFR minus <br> 1.50%, 4.41%<br>| Monthly | Goldman Sachs Most <br> Shorted Rolling <br> Index<br>| Monthly | Goldman Sachs <br> International<br>| N/A | 08/21/25 | USD | 4077 | (2390)<br>|  | (2390)<br>|
|  |  |  |  |  |  |  |  |  | $(6420)<br>| $— | $(6420)<br>|

---

**OTC Total Return Swaps** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | &nbsp;&nbsp; *Payment* <br>*Frequency*<br>| *Counterparty*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Termination* <br>*Date*<br>| *Net Notional* | &nbsp;&nbsp; *Net Value of* <br>*Reference* <br>*Entity*<br>| &nbsp;&nbsp; *Gross* <br>*Notional* <br>*Amount* <br>*Net Asset* <br>*Percentage*<br>|
| Equity Securities Long/Short | Monthly | Bank of America N.A.<sup>(b)</sup> <br>| 02/16/28 – 02/20/28 | &nbsp;&nbsp; $(8388141)<br>&nbsp;&nbsp; $1632914 <br><sup>(c)</sup><br>| &nbsp;&nbsp; $(5303951)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.0<br> % <br>|
|  | Monthly | Bank of America N.A.<sup>(d)</sup> <br>| 02/16/28 – 02/17/28 | &nbsp;&nbsp; 33157572<br> &nbsp;&nbsp; 1114267 <br><sup>(e)</sup><br>| &nbsp;&nbsp; 37288632 | &nbsp;&nbsp;&nbsp;&nbsp;20.5 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Equity Market Neutral Fund** 

**Equity Securities Long/Short (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | &nbsp;&nbsp; *Payment*<br> *Frequency*<br>| *Counterparty*<sup>(a)</sup> | &nbsp;&nbsp; *Termination*<br> *Date*<br>| *Net Notional* | &nbsp;&nbsp; *Accrued*<br> *Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>| &nbsp;&nbsp; *Net Value of*<br> *Reference*<br> *Entity*<br>| &nbsp;&nbsp; *Gross*<br> *Notional*<br> *Amount*<br> *Net Asset*<br> *Percentage*<br>|
| Equity Securities Long/Short <br> (continued)<br>| Monthly | Bank of America N.A.<sup>(f)</sup> <br>| 02/16/28 – 03/17/28 | &nbsp;&nbsp; $1084337 | &nbsp;&nbsp; $(2680827 )<sup>(g)</sup><br>| &nbsp;&nbsp; $66936 | &nbsp;&nbsp;&nbsp;&nbsp; 12.0<br> % <br>|
|  | Monthly | Barclays Bank PLC<sup>(h)</sup> <br>| 10/17/25 – 09/07/27 | &nbsp;&nbsp; 1989123 | &nbsp;&nbsp; 1324406 <br><sup>(i)</sup><br>| &nbsp;&nbsp; 5834413 | &nbsp;&nbsp;&nbsp;&nbsp;38.1 |
|  | Monthly | Barclays Bank PLC<sup>(j)</sup> <br>| 11/10/25 – 06/10/27 | &nbsp;&nbsp; (1548818)<br>| &nbsp;&nbsp; 3614451 <br><sup>(k)</sup><br>| &nbsp;&nbsp; 10199175 | &nbsp;&nbsp;&nbsp;&nbsp;50.1 |
|  | Monthly | Barclays Bank PLC<sup>(l)</sup> <br>| 11/10/25 – 10/07/27 | &nbsp;&nbsp; (7933145)<br>| &nbsp;&nbsp; (977298 )<sup>(m)</sup><br>| &nbsp;&nbsp; (7031975)<br>| &nbsp;&nbsp;&nbsp;&nbsp;62.8 |
|  | Monthly | BNP Paribas SA<sup>(n)</sup> <br>| 11/17/25 – 04/12/27 | &nbsp;&nbsp; (6502830)<br>| &nbsp;&nbsp; 10361449 <br><sup>(o)</sup><br>| &nbsp;&nbsp; 2181095 | &nbsp;&nbsp;&nbsp;&nbsp;15.6 |
|  | Monthly | BNP Paribas SA<sup>(p)</sup> <br>| 11/17/25 – 03/24/27 | &nbsp;&nbsp; 1005387 | &nbsp;&nbsp; 3004605 <br><sup>(q)</sup><br>| &nbsp;&nbsp; 3594847 | &nbsp;&nbsp;&nbsp;&nbsp;15.4 |
|  | Monthly | BNP Paribas SA<sup>(r)</sup> <br>| 08/17/26 – 04/15/27 | &nbsp;&nbsp; (4569319)<br>| &nbsp;&nbsp; 1460762 <br><sup>(s)</sup><br>| &nbsp;&nbsp; (3119191)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.5 |
|  | Monthly | Goldman Sachs Bank USA<sup>(t)</sup> <br>| 08/18/26 – 08/19/26 | &nbsp;&nbsp; 14773122 | &nbsp;&nbsp; 6562444 <br><sup>(u)</sup><br>| &nbsp;&nbsp; 18866119 | &nbsp;&nbsp;&nbsp;&nbsp;10.1 |
|  | Monthly | Goldman Sachs Bank USA<sup>(v)</sup> <br>| 08/18/26 – 08/19/26 | &nbsp;&nbsp; 360324 | &nbsp;&nbsp; 207531 <br><sup>(w)</sup><br>| &nbsp;&nbsp; (1552548)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.8 |
|  | Monthly | Goldman Sachs Bank USA<sup>(x)</sup> <br>| 08/18/26 – 08/19/26 | &nbsp;&nbsp; (3126523)<br>| &nbsp;&nbsp; 9011969 <br><sup>(y)</sup><br>| &nbsp;&nbsp; 4182635 | &nbsp;&nbsp;&nbsp;&nbsp;14.5 |
|  | Monthly | Goldman Sachs Bank USA<sup>(z)</sup> <br>| 08/18/26 | &nbsp;&nbsp; (55230490)<br>| &nbsp;&nbsp; (4556099 )<sup>(aa)</sup><br>| &nbsp;&nbsp; (60023520)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.2 |
|  | Monthly | &nbsp;&nbsp; JPMorgan Chase Bank <br> N.A.<sup>(ab)</sup> <br>| 02/10/26 | &nbsp;&nbsp; (662241)<br>| &nbsp;&nbsp; (29770 )<sup>(ac)</sup><br>| &nbsp;&nbsp; (684809)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.0 |
|  | Monthly | &nbsp;&nbsp; JPMorgan Chase Bank <br> N.A.<sup>(ad)</sup> <br>| 02/10/26 | &nbsp;&nbsp; (839414)<br>| &nbsp;&nbsp; 14511 <br><sup>(ae)</sup><br>| &nbsp;&nbsp; (850427)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.0 |
|  | Monthly | JPMorgan Chase Bank N.A.<sup>(af)</sup> <br>| 02/10/26 | &nbsp;&nbsp; 719658 | &nbsp;&nbsp; 166536 <br><sup>(ag)</sup><br>| &nbsp;&nbsp; 878094 | &nbsp;&nbsp;&nbsp;&nbsp;0.0 |
|  | Monthly | &nbsp;&nbsp; Morgan Stanley & Co. <br> International PLC<sup>(ah)</sup> <br>| 01/07/27 – 02/08/27 | &nbsp;&nbsp; 3933266 | &nbsp;&nbsp; 10878672 <br><sup>(ai)</sup><br>| &nbsp;&nbsp; 14913405 | &nbsp;&nbsp;&nbsp;&nbsp;36.1 |
|  | Monthly | &nbsp;&nbsp; Morgan Stanley & Co. <br> International PLC<sup>(aj)</sup> <br>| 01/05/27 – 02/05/27 | &nbsp;&nbsp; (6867321)<br>| &nbsp;&nbsp; 8347498 <br><sup>(ak)</sup><br>| &nbsp;&nbsp; 639333 | &nbsp;&nbsp;&nbsp;&nbsp;22.6 |
|  | Monthly | &nbsp;&nbsp; Morgan Stanley & Co. <br> International PLC<sup>(al)</sup> <br>| 01/05/27 – 02/09/27 | &nbsp;&nbsp; 5009594 | &nbsp;&nbsp; (2929783 )<sup>(am)</sup><br>| &nbsp;&nbsp; 1187943 | &nbsp;&nbsp;&nbsp;&nbsp;19.9 |
|  | Monthly | &nbsp;&nbsp; SG Americas Securities <br> LLC<sup>(an)</sup> <br>| 02/08/28 | &nbsp;&nbsp; 4992652 | &nbsp;&nbsp; 12808268 <br><sup>(ao)</sup><br>| &nbsp;&nbsp; 11949336 | &nbsp;&nbsp;&nbsp;&nbsp;47.9 |
|  | Monthly | &nbsp;&nbsp; SG Americas Securities <br> LLC<sup>(ap)</sup> <br>| 02/08/28 | &nbsp;&nbsp; 18201532 | &nbsp;&nbsp; (2559999 )<sup>(aq)</sup><br>| &nbsp;&nbsp; 16612446 | &nbsp;&nbsp;&nbsp;&nbsp;64.0 |
|  | Monthly | &nbsp;&nbsp; SG Americas Securities <br> LLC<sup>(ar)</sup> <br>| 02/08/28 | &nbsp;&nbsp; 3641749 | &nbsp;&nbsp; (6867867 )<sup>(as)</sup><br>| &nbsp;&nbsp; (764730)<br>| &nbsp;&nbsp;&nbsp;&nbsp;20.9 |
|  | Monthly | UBS AG<sup>(at)</sup> <br>| 05/11/26 – 04/02/30 | &nbsp;&nbsp; (5674798)<br>| &nbsp;&nbsp; 4820762 <br><sup>(au)</sup><br>| &nbsp;&nbsp; (1298290)<br>| &nbsp;&nbsp;&nbsp;&nbsp;12.9 |
|  | Monthly | UBS AG<sup>(av)</sup> <br>| 04/18/28 | &nbsp;&nbsp; (41236243)<br>| &nbsp;&nbsp; 10610656 <br><sup>(aw)</sup><br>| &nbsp;&nbsp; (31127040)<br>| &nbsp;&nbsp;&nbsp;&nbsp;22.6 |
|  | Monthly | UBS AG<sup>(ax)</sup> <br>| 09/03/29 – 09/04/29 | &nbsp;&nbsp; (15532475)<br>| &nbsp;&nbsp; 1605918 <br><sup>(ay)</sup><br>| &nbsp;&nbsp; (14278507)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.5 |
|  |  |  |  |  | &nbsp;&nbsp; $66945976 | &nbsp;&nbsp; $2359421 |  |

---

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

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

<sup>(c)</sup> Amount includes $(1451276) of net dividends and financing fees.

<sup>(e)</sup> Amount includes $(3016793) of net dividends and financing fees.

<sup>(g)</sup> Amount includes $(1663426) of net dividends and financing fees.

<sup>(i)</sup> Amount includes $(2520884) of net dividends and financing fees.

<sup>(k)</sup> Amount includes $(8133542) of net dividends and financing fees.

<sup>(m)</sup> Amount includes $(1878468) of net dividends and financing fees.

<sup>(o)</sup> Amount includes $1,677,524 of net dividends and financing fees.

<sup>(q)</sup> Amount includes $415,145 of net dividends and financing fees.

<sup>(s)</sup> Amount includes $10,634 of net dividends and financing fees.

<sup>(u)</sup> Amount includes $2,469,447 of net dividends and financing fees.

<sup>(w)</sup> Amount includes $2,120,403 of net dividends and financing fees.

<sup>(y)</sup> Amount includes $1,702,811 of net dividends and financing fees.

<sup>(aa)</sup> Amount includes $236,931 of net dividends and financing fees.

<sup>(ac)</sup> Amount includes $(7202) of net dividends and financing fees.

<sup>(ae)</sup> Amount includes $25,524 of net dividends and financing fees.

<sup>(ag)</sup> Amount includes $8,100 of net dividends and financing fees.

<sup>(ai)</sup> Amount includes $(101467) of net dividends and financing fees.

<sup>(ak)</sup> Amount includes $840,844 of net dividends and financing fees.

<sup>(am)</sup> Amount includes $891,868 of net dividends and financing fees.

<sup>(ao)</sup> Amount includes $5,851,584 of net dividends and financing fees.

<sup>(aq)</sup> Amount includes $(970913) of net dividends and financing fees.

<sup>(as)</sup> Amount includes $(2461388) of net dividends and financing fees.

Schedule of Investments

------

Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Equity Market Neutral Fund** 

**Equity Securities Long/Short (continued)**

<sup>(au)</sup> Amount includes $444,254 of net dividends and financing fees.

<sup>(aw)</sup> Amount includes $501,453 of net dividends and financing fees.

<sup>(ay)</sup> Amount includes $351,950 of net dividends and financing fees.

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

---

| | | | |
|:---|:---|:---|:---|
| The following are the specified benchmarks (plus or minus a range) used in determining the variable rate of interest: | The following are the specified benchmarks (plus or minus a range) used in determining the variable rate of interest: | The following are the specified benchmarks (plus or minus a range) used in determining the variable rate of interest: | The following are the specified benchmarks (plus or minus a range) used in determining the variable rate of interest: |
|  | (b) | (d) | (f) |
| Range: <br>Benchmarks:<br>| 0-800 basis points <br>AUD - 1D Overnight Reserve Bank of Australia <br> Rate (AONIA) <br>Bank of Canada Overnight Rate Target <br> (CABROVER) <br>CHF - Swiss Average Rate O/N (SSARON) <br>DKK - 1W Copenhagen Interbank Swap Rate <br> (CIBOR) <br>EUR - 1D Euro Short Term Rate (ESTR) <br>GBP - 1D Sterling Overnight Index Average <br> (SONIA) <br>HKD - Overnight Index Average (HONIA) <br>ILS - 1M Tel Aviv Interbank Offer Rate (TELBOR) <br>JPY - Provisional 1D Overnight Tokyo Average Rate <br> (TONA) <br>NOK - Norwegian Overnight Weighted Average <br> (NOWA) <br>SEK - 1D Overnight Stockholm Interbank Offer <br> Rate (STIBOR) <br>SGD - Overnight Rate Average (SORA) <br>USD - 1D Overnight Bank Funding Rate (OBFR01)<br>| 0-507 basis points <br>AUD - 1D Overnight Reserve Bank of Australia <br> Rate (AONIA) <br>Bank of Canada Overnight Rate Target <br> (CABROVER) <br>CHF - Swiss Average Rate O/N (SSARON) <br>DKK - 1W Copenhagen Interbank Swap Rate <br> (CIBOR) <br>EUR - 1D Euro Short Term Rate (ESTR) <br>GBP - 1D Sterling Overnight Index Average <br> (SONIA) <br>HKD - Overnight Index Average (HONIA) <br>ILS - 1M Tel Aviv Interbank Offer Rate (TELBOR) <br>JPY - Provisional 1D Overnight Tokyo Average Rate <br> (TONA) <br>NOK - Norwegian Overnight Weighted Average <br> (NOWA) <br>SEK - 1D Overnight Stockholm Interbank Offer <br> Rate (STIBOR) <br>SGD - Overnight Rate Average (SORA) <br>USD - 1D Overnight Bank Funding Rate (OBFR01)<br>| 0-84 basis points <br>AUD - 1D Overnight Reserve Bank of Australia <br> Rate (AONIA) <br>Bank of Canada Overnight Rate Target <br> (CABROVER) <br>CHF - Swiss Average Rate O/N (SSARON) <br>DKK - 1W Copenhagen Interbank Swap Rate <br> (CIBOR) <br>EUR - 1D Euro Short Term Rate (ESTR) <br>GBP - 1D Sterling Overnight Index Average <br> (SONIA) <br>HKD - Overnight Index Average (HONIA) <br>ILS - 1M Tel Aviv Interbank Offer Rate (TELBOR) <br>JPY - Provisional 1D Overnight Tokyo Average Rate <br> (TONA) <br>NOK - Norwegian Overnight Weighted Average <br> (NOWA) <br>SEK - 1D Overnight Stockholm Interbank Offer <br> Rate (STIBOR) <br>SGD - Overnight Rate Average (SORA)<br>|
|  | (h) | (j) | (l) |
|  | 0-125 basis points <br>AUD - 1D Overnight Reserve Bank of Australia <br> Rate (AONIA) <br>Bank of Canada Overnight Rate Target <br> (CABROVER) <br>CHF - Swiss Average Rate O/N (SSARON) <br>DKK - Denmark Short-Term Rate <br>EUR - 1D Euro Short Term Rate (ESTR) <br>GBP - 1D Sterling Overnight Index Average <br> (SONIA) <br>HKD - Overnight Index Average (HONIA) <br>ILS - 1M Tel Aviv Interbank Offer Rate (TELBOR) <br>JPY - Provisional 1D Overnight Tokyo Average Rate <br> (TONA) <br>NOK - Norwegian Overnight Weighted Average <br> (NOWA) <br>NZD - 1M New Zealand Bank Bill Rate (BBR) <br>SEK - 1D Overnight Stockholm Interbank Offer <br> Rate (STIBOR) <br>SGD - Overnight Rate Average (SORA)<br>| 0-675 basis points <br>AUD - 1D Overnight Reserve Bank of Australia <br> Rate (AONIA) <br>Bank of Canada Overnight Rate Target <br> (CABROVER) <br>CHF - Swiss Average Rate O/N (SSARON) <br>DKK - Denmark Short-Term Rate <br>EUR - 1D Euro Short Term Rate (ESTR) <br>GBP - 1D Sterling Overnight Index Average <br> (SONIA) <br>HKD - Overnight Index Average (HONIA) <br>ILS - 1M Tel Aviv Interbank Offer Rate (TELBOR) <br>JPY - Provisional 1D Overnight Tokyo Average Rate <br> (TONA) <br>NOK - Norwegian Overnight Weighted Average <br> (NOWA) <br>NZD - 1M New Zealand Bank Bill Rate (BBR) <br>SEK - 1D Overnight Stockholm Interbank Offer <br> Rate (STIBOR) <br>SGD - Overnight Rate Average (SORA) <br>USD - 1D Overnight Bank Funding Rate (OBFR01)<br>| 0-500 basis points <br>AUD - 1D Overnight Reserve Bank of Australia <br> Rate (AONIA) <br>Bank of Canada Overnight Rate Target <br> (CABROVER) <br>CHF - Swiss Average Rate O/N (SSARON) <br>DKK - Denmark Short-Term Rate <br>EUR - 1D Euro Short Term Rate (ESTR) <br>GBP - 1D Sterling Overnight Index Average <br> (SONIA) <br>HKD - Overnight Index Average (HONIA) <br>JPY - Provisional 1D Overnight Tokyo Average Rate <br> (TONA) <br>NOK - Norwegian Overnight Weighted Average <br> (NOWA) <br>NZD - 1M New Zealand Bank Bill Rate (BBR) <br>SEK - 1D Overnight Stockholm Interbank Offer <br> Rate (STIBOR) <br>SGD - Overnight Rate Average (SORA) <br>USD - 1D Overnight Bank Funding Rate (OBFR01)<br>|
|  | (n) | (p) | (r) |
|  | 0-900 basis points <br>AUD - 1D Overnight Reserve Bank of Australia <br> Rate (AONIA) <br>Bank of Canada Overnight Rate Target <br> (CABROVER) <br>CHF - Swiss Average Rate O/N (SSARON) <br>DKK - Denmark Short-Term Rate <br>EUR - 1D Euro Short Term Rate (ESTR) <br>GBP - 1D Sterling Overnight Index Average <br> (SONIA) <br>HKD - Overnight Index Average (HONIA) <br>JPY - 1D Overnight Tokyo Average Rate (TONA) <br>NOK - Norwegian Overnight Weighted Average <br> (NOWA) <br>NZD - 1D New Zealand Official Overnight Deposit <br> Rate (NZOCO) <br>SEK - 1D Overnight Stockholm Interbank Offer <br> Rate (STIBOR) <br>SGD - Overnight Rate Average (SORA) <br>USD - 1D Overnight Bank Funding Rate (OBFR01)<br>| 15-5,000 basis points <br>AUD - 1D Overnight Reserve Bank of Australia <br> Rate (AONIA) <br>Bank of Canada Overnight Rate Target <br> (CABROVER) <br>CHF - Swiss Average Rate O/N (SSARON) <br>DKK - Denmark Short-Term Rate <br>EUR - 1D Euro Short Term Rate (ESTR) <br>GBP - 1D Sterling Overnight Index Average <br> (SONIA) <br>HKD - Overnight Index Average (HONIA) <br>ILS - 1M Tel Aviv Interbank Offer Rate (TELBOR) <br>JPY - 1D Overnight Tokyo Average Rate (TONA) <br>NOK - Norwegian Overnight Weighted Average <br> (NOWA) <br>NZD - 1D New Zealand Official Overnight Deposit <br> Rate (NZOCO) <br>SEK - 1D Overnight Stockholm Interbank Offer <br> Rate (STIBOR) <br>SGD - Overnight Rate Average (SORA) <br>USD - 1D Overnight Bank Funding Rate (OBFR01) <br>| 15-450 basis points <br>AUD - 1D Overnight Reserve Bank of Australia <br> Rate (AONIA) <br>Bank of Canada Overnight Rate Target <br> (CABROVER) <br>CHF - Swiss Average Rate O/N (SSARON) <br>DKK - Denmark Short-Term Rate <br>EUR - 1D Euro Short Term Rate (ESTR) <br>GBP - 1D Sterling Overnight Index Average <br> (SONIA) <br>HKD - Overnight Index Average (HONIA) <br>ILS - 1M Tel Aviv Interbank Offer Rate (TELBOR) <br>JPY - 1D Overnight Tokyo Average Rate (TONA) <br>NOK - Norwegian Overnight Weighted Average <br> (NOWA) <br>NZD - 1D New Zealand Official Overnight Deposit <br> Rate (NZOCO) <br>SEK - 1D Overnight Stockholm Interbank Offer <br> Rate (STIBOR) <br>SGD - Overnight Rate Average (SORA)<br>|

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Equity Market Neutral Fund** 

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

---

| | | |
|:---|:---|:---|
| (t) | (v) | (x) |
| 0-75 basis points <br>AUD - 1D Overnight Reserve Bank of Australia <br> Rate (AONIA) <br>CAD - 1D Overnight Bank of Canada Repo Rate <br> (CORRA) <br>CHF - Swiss Average Rate O/N (SSARON) <br>DKK - Danish Tom/Next Reference Rate <br> (DETNT/N) <br>EUR - 1D Euro Short Term Rate (ESTR) <br>GBP - 1D Sterling Overnight Index Average <br> (SONIA) <br>HKD - Overnight Index Average (HONIA) <br>JPY - Provisional 1D Overnight Tokyo Average Rate <br> (TONA) <br>NZD - 1D New Zealand Official Overnight Deposit <br> Rate (NZOCO) <br>SEK - 1D Overnight Stockholm Interbank Offer <br> Rate (STIBOR) <br>SGD - Overnight Rate Average (SORA) <br>USD - 1D Overnight Fed Funds Effective Rate <br> (FEDL01)<br>| 0-20 basis points <br>AUD - 1D Overnight Reserve Bank of Australia <br> Rate (AONIA) <br>CAD - 1D Overnight Bank of Canada Repo Rate <br> (CORRA) <br>CHF - Swiss Average Rate O/N (SSARON) <br>DKK - Danish Tom/Next Reference Rate <br> (DETNT/N) <br>EUR - 1D Euro Short Term Rate (ESTR) <br>GBP - 1D Sterling Overnight Index Average <br> (SONIA) <br>HKD - Overnight Index Average (HONIA) <br>ILS - Shekel Overnight Interest Rate (SHIR) <br>JPY - Provisional 1D Overnight Tokyo Average Rate <br> (TONA) <br>NOK - Norwegian Overnight Weighted Average <br> (NOWA) <br>NZD - 1D New Zealand Official Overnight Deposit <br> Rate (NZOCO) <br>SGD - Overnight Rate Average (SORA)<br>| 0-1,414 basis points <br>AUD - 1D Overnight Reserve Bank of Australia <br> Rate (AONIA) <br>CAD - 1D Overnight Bank of Canada Repo Rate <br> (CORRA) <br>CHF - Swiss Average Rate O/N (SSARON) <br>DKK - Danish Tom/Next Reference Rate <br> (DETNT/N) <br>EUR - 1D Euro Short Term Rate (ESTR) <br>GBP - 1D Sterling Overnight Index Average <br> (SONIA) <br>HKD - Overnight Index Average (HONIA) <br>ILS - Shekel Overnight Interest Rate (SHIR) <br>JPY - Provisional 1D Overnight Tokyo Average Rate <br> (TONA) <br>NOK - Norwegian Overnight Weighted Average <br> (NOWA) <br>NZD - 1D New Zealand Official Overnight Deposit <br> Rate (NZOCO) <br>SEK - 1D Overnight Stockholm Interbank Offer <br> Rate (STIBOR) <br>SGD - Overnight Rate Average (SORA) <br>USD - 1D Overnight Fed Funds Effective Rate <br> (FEDL01)<br>|
| (z) | (ab) | (ad) |
| 0-40 basis points <br>USD - 1D Overnight Fed Funds Effective Rate <br> (FEDL01)<br>| 19-225 basis points <br>AUD - 1D Overnight Reserve Bank of Australia <br> Rate (AONIA) <br>JPY - Provisional 1D Overnight Tokyo Average Rate <br> (TONA)<br>| 25-250 basis points <br>AUD - 1D Overnight Reserve Bank of Australia <br> Rate (AONIA)<br>|
| (af) | (ah) | (aj) |
| 25-25 basis points <br>AUD - 1D Overnight Reserve Bank of Australia <br> Rate (AONIA) <br>SEK - TN Stockholm Interbank Offer Rate <br> (STIBOR)<br>| 0-230 basis points <br>AUD - 1D Overnight Reserve Bank of Australia <br> Rate (AONIA) <br>Bank of Canada Overnight Rate Target <br> (CABROVER) <br>CHF - Swiss Average Rate O/N (SSARON) <br>DKK - Denmark Short-Term Rate <br>EUR - 1D Euro Short Term Rate (ESTR) <br>GBP - 1D Sterling Overnight Index Average <br> (SONIA) <br>HKD - Overnight Index Average (HONIA) <br>ILS - 1D Overnight Tel Aviv Interbank Offer Rate <br> (TELBOR) <br>JPY - Provisional 1D Overnight Tokyo Average Rate <br> (TONA) <br>NOK - Norwegian Overnight Weighted Average <br> (NOWA) <br>NZD - 1D New Zealand Official Overnight Deposit <br> Rate (NZOCO) <br>SEK - 1D Overnight Stockholm Interbank Offer <br> Rate (STIBOR) <br>SGD - Overnight Rate Average (SORA) <br>USD - 1D Overnight Fed Funds Effective Rate <br> (FEDL01)<br>| 0-144 basis points <br>AUD - 1D Overnight Reserve Bank of Australia <br> Rate (AONIA) <br>Bank of Canada Overnight Rate Target <br> (CABROVER) <br>CHF - Swiss Average Rate O/N (SSARON) <br>DKK - Denmark Short-Term Rate <br>EUR - 1D Euro Short Term Rate (ESTR) <br>GBP - 1D Sterling Overnight Index Average <br> (SONIA) <br>HKD - Overnight Index Average (HONIA) <br>ILS - 1D Overnight Tel Aviv Interbank Offer Rate <br> (TELBOR) <br>JPY - Provisional 1D Overnight Tokyo Average Rate <br> (TONA) <br>NOK - Norwegian Overnight Weighted Average <br> (NOWA) <br>NZD - 1D New Zealand Official Overnight Deposit <br> Rate (NZOCO) <br>SEK - 1D Overnight Stockholm Interbank Offer <br> Rate (STIBOR) <br>SGD - Overnight Rate Average (SORA) <br>USD - 1D Overnight Fed Funds Effective Rate <br> (FEDL01)<br>|

---

Schedule of Investments

------

Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Equity Market Neutral Fund** 

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

---

| | | |
|:---|:---|:---|
| (al) | (an) | (ap) |
| 15-788 basis points <br>AUD - 1D Overnight Reserve Bank of Australia <br> Rate (AONIA) <br>Bank of Canada Overnight Rate Target <br> (CABROVER) <br>CHF - Swiss Average Rate O/N (SSARON) <br>DKK - Denmark Short-Term Rate <br>EUR - 1D Euro Short Term Rate (ESTR) <br>GBP - 1D Sterling Overnight Index Average <br> (SONIA) <br>HKD - Overnight Index Average (HONIA) <br>ILS - 1D Overnight Tel Aviv Interbank Offer Rate <br> (TELBOR) <br>JPY - Provisional 1D Overnight Tokyo Average Rate <br> (TONA) <br>NOK - Norwegian Overnight Weighted Average <br> (NOWA) <br>NZD - 1D New Zealand Official Overnight Deposit <br> Rate (NZOCO) <br>SEK - 1D Overnight Stockholm Interbank Offer <br> Rate (STIBOR) <br>SGD - Overnight Rate Average (SORA) <br>USD - 1D Overnight Fed Funds Effective Rate <br> (FEDL01)<br>| 9-700 basis points <br>AUD - 1D Overnight Reserve Bank of Australia <br> Rate (AONIA) <br>Bank of Canada Overnight Rate Target <br> (CABROVER) <br>CHF - Swiss Average Rate O/N (SSARON) <br>DKK - Denmark Short-Term Rate <br>EUR - 1D Euro Short Term Rate (ESTR) <br>GBP - 1D Sterling Overnight Index Average <br> (SONIA) <br>HKD - 1D Overnight Hong Kong Interbank Offer <br> rate (HIBOR) <br>ILS - 1D Overnight Tel Aviv Interbank Offer Rate <br> (TELBOR) <br>JPY - Provisional 1D Overnight Tokyo Average Rate <br> (TONA) <br>NOK - Norwegian Overnight Weighted Average <br> (NOWA) <br>SEK - 1D Overnight Stockholm Interbank Offer <br> Rate (STIBOR) <br>SGD - 1D Overnight Singapore Assoc of Banks <br> Rate (SIBOR) <br>USD - 1D Overnight Bank Funding Rate (OBFR01)<br>| 0-129 basis points <br>AUD - 1D Overnight Reserve Bank of Australia <br> Rate (AONIA) <br>Bank of Canada Overnight Rate Target <br> (CABROVER) <br>CHF - Swiss Average Rate O/N (SSARON) <br>DKK - Denmark Short-Term Rate <br>EUR - 1D Euro Short Term Rate (ESTR) <br>GBP - 1D Sterling Overnight Index Average <br> (SONIA) <br>HKD - 1D Overnight Hong Kong Interbank Offer <br> rate (HIBOR) <br>JPY - Provisional 1D Overnight Tokyo Average Rate <br> (TONA) <br>NOK - Norwegian Overnight Weighted Average <br> (NOWA) <br>NZD - 1D New Zealand Official Overnight Deposit <br> Rate (NZOCO) <br>SEK - 1D Overnight Stockholm Interbank Offer <br> Rate (STIBOR) <br>SGD - 1D Overnight Singapore Assoc of Banks <br> Rate (SIBOR) <br>USD - 1D Overnight Bank Funding Rate (OBFR01)<br>|
| (ar) | (at) | (av) |
| 0-125 basis points <br>AUD - 1D Overnight Reserve Bank of Australia <br> Rate (AONIA) <br>Bank of Canada Overnight Rate Target <br> (CABROVER) <br>CHF - Swiss Average Rate O/N (SSARON) <br>DKK - Denmark Short-Term Rate <br>EUR - 1D Euro Short Term Rate (ESTR) <br>GBP - 1D Sterling Overnight Index Average <br> (SONIA) <br>HKD - 1D Overnight Hong Kong Interbank Offer <br> rate (HIBOR) <br>ILS - 1D Overnight Tel Aviv Interbank Offer Rate <br> (TELBOR) <br>JPY - Provisional 1D Overnight Tokyo Average Rate <br> (TONA) <br>NOK - Norwegian Overnight Weighted Average <br> (NOWA) <br>NZD - 1D New Zealand Official Overnight Deposit <br> Rate (NZOCO) <br>SEK - 1D Overnight Stockholm Interbank Offer <br> Rate (STIBOR) <br>SGD - 1D Overnight Singapore Assoc of Banks <br> Rate (SIBOR) <br>USD - 1D Overnight Bank Funding Rate (OBFR01)<br>| 0-730 basis points <br>AUD - 1D Overnight Reserve Bank of Australia <br> Rate (AONIA) <br>CAD - 1D Overnight Bank of Canada Repo Rate <br> (CORRA) <br>CHF - Swiss Average Rate O/N (SSARON) <br>DKK - Denmark Short-Term Rate <br>EUR - 1D Euro Short Term Rate (ESTR) <br>GBP - 1D Sterling Overnight Index Average <br> (SONIA) <br>HKD - Overnight Index Average (HONIA) <br>ILS - 1D Overnight Tel Aviv Interbank Offer Rate <br> (TELBOR) <br>JPY - Provisional 1D Overnight Tokyo Average Rate <br> (TONA) <br>NOK - Norwegian Overnight Weighted Average <br> (NOWA) <br>NZD - 1M New Zealand Bank Bill Rate (BBR) <br>SEK - TN Stockholm Interbank Offer Rate <br> (STIBOR) <br>USD - 1D Overnight Bank Funding Rate (OBFR01)<br>| 0-52 basis points <br>AUD - 1D Overnight Reserve Bank of Australia <br> Rate (AONIA) <br>CAD - 1D Overnight Bank of Canada Repo Rate <br> (CORRA) <br>CHF - Swiss Average Rate O/N (SSARON) <br>DKK - Denmark Short-Term Rate <br>EUR - 1D Euro Short Term Rate (ESTR) <br>GBP - 1D Sterling Overnight Index Average <br> (SONIA) <br>HKD - Overnight Index Average (HONIA) <br>JPY - Provisional 1D Overnight Tokyo Average Rate <br> (TONA) <br>NOK - Norwegian Overnight Weighted Average <br> (NOWA) <br>NZD - 1M New Zealand Bank Bill Rate (BBR) <br>SEK - TN Stockholm Interbank Offer Rate <br> (STIBOR) <br>USD - 1D Overnight Bank Funding Rate (OBFR01)<br>|
| (ax) |  |  |
| 0-39 basis points <br>AUD - 1D Overnight Reserve Bank of Australia <br> Rate (AONIA) <br>CAD - 1D Overnight Bank of Canada Repo Rate <br> (CORRA) <br>CHF - Swiss Average Rate O/N (SSARON) <br>DKK - Denmark Short-Term Rate <br>EUR - 1D Euro Short Term Rate (ESTR) <br>GBP - 1D Sterling Overnight Index Average <br> (SONIA) <br>HKD - Overnight Index Average (HONIA) <br>JPY - Provisional 1D Overnight Tokyo Average Rate <br> (TONA) <br>NOK - Norwegian Overnight Weighted Average <br> (NOWA) <br>SEK - TN Stockholm Interbank Offer Rate <br> (STIBOR) <br>USD - 1D Overnight Bank Funding Rate (OBFR01)<br>|  |  |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Equity Market Neutral Fund** 

The following table represents the individual long and short positions and related values of the equity securities underlying the total return swap with Bank of America N.A. as of period end, termination dates 02/16/28 – 02/20/28:

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of* <br>*Basket* <br>*Value*<br>|
| **Reference Entity — Long** |  |  |  |
| **Common Stocks**  |  |  |  |
| **Australia** |  |  |  |
| Bega Cheese Ltd. | 333952 | $1208032 | (22.8)% <br>|
| Charter Hall Social Infrastructure REIT | 158760 | 297353 | (5.6)<br>|
| Data#3 Ltd. | 74593 | 347387 | (6.5)<br>|
| DigiCo Infrastructure REIT | 720825 | 1245051 | (23.5)<br>|
| Jumbo Interactive Ltd. | 117289 | 766664 | (14.4)<br>|
| Netwealth Group Ltd. | 245480 | 4410550 | (83.2)<br>|
| NRW Holdings Ltd. | 319242 | 553336 | (10.4)<br>|
| Perenti Ltd. | 876804 | 766820 | (14.5)<br>|
| TPG Telecom Ltd. | 201049 | 651009 | (12.3)<br>|
| Vault Minerals Ltd. | 11670117 | 3211260 | (60.5)<br>|
| Ventia Services Group Pty Ltd. | 254144 | 688091 | (13.0)<br>|
|  |  | 14145553 |  |
| **Austria** |  |  |  |
| ANDRITZ AG | 7264 | 521989 | (9.8)<br>|
| CA Immobilien Anlagen AG | 5685 | 153909 | (2.9)<br>|
| DO & CO AG | 2017 | 322191 | (6.1)<br>|
| Kontron AG | 25731 | 625265 | (11.8)<br>|
|  |  | 1623354 |  |
| **Belgium** |  |  |  |
| Aedifica SA | 23994 | 1923507 | (36.3)<br>|
| Financiere de Tubize SA | 9149 | 1312674 | (24.7)<br>|
|  |  | 3236181 |  |
| **Canada** |  |  |  |
| ADENTRA, Inc. | 26246 | 514220 | (9.7)<br>|
| Ag Growth International, Inc. | 45648 | 1099976 | (20.8)<br>|
| B2Gold Corp. | 5 | 16 | (0.0)<br>|
| Centerra Gold, Inc. | 370214 | 2478656 | (46.7)<br>|
| Chemtrade Logistics Income Fund | 185555 | 1285398 | (24.2)<br>|
| Enghouse Systems Ltd. | 68647 | 1247358 | (23.5)<br>|
| Lightspeed Commerce, Inc. | 814139 | 7966586 | (150.2)<br>|
| Mullen Group Ltd. | 246568 | 2344775 | (44.2)<br>|
| North American Construction Group Ltd. | 34784 | 529859 | (10.0)<br>|
| Obsidian Energy Ltd. | 224968 | 948110 | (17.9)<br>|
| Russel Metals, Inc. | 27629 | 801654 | (15.1)<br>|
| Sprott, Inc. | 34322 | 1803237 | (34.0)<br>|
| Surge Energy, Inc. | 398035 | 1348341 | (25.4)<br>|
| Trican Well Service Ltd. | 71149 | 209019 | (4.0)<br>|
|  |  | 22577205 |  |
| **France** |  |  |  |
| Ayvens SA | 13469 | 136531 | (2.6)<br>|
| ICADE | 48615 | 1154839 | (21.7)<br>|
|  |  | 1291370 |  |
| **Germany** |  |  |  |
| Atoss Software SE | 3782 | 568533 | (10.7)<br>|
| Auto1 Group SE | 26230 | 630242 | (11.9)<br>|
| Bilfinger SE | 20846 | 1772950 | (33.4)<br>|
| Deutsche Pfandbriefbank AG | 52696 | 323205 | (6.1)<br>|
| Deutz AG | 148716 | 1154694 | (21.8)<br>|
| Duerr AG | 31851 | 754035 | (14.2)<br>|
| Grand City Properties SA | 23233 | 277291 | (5.3)<br>|

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **Germany (continued)** |  |  |  |
| Krones AG | 23267 | $3400894 | (64.1)% <br>|
| Lion Finance Group PLC | 25130 | 2015750 | (38.0)<br>|
| TBC Bank Group PLC | 24594 | 1555436 | (29.3)<br>|
|  |  | 12453030 |  |
| **Ireland** |  |  |  |
| Cimpress PLC | 26170 | 1099663 | (20.7)<br>|
| **Israel** |  |  |  |
| Harel Insurance Investments & Financial <br> Services Ltd.<br>| 74424 | 1237072 | (23.3)<br>|
| **Italy** |  |  |  |
| Banca IFIS SpA | 17001 | 425980 | (8.0)<br>|
| Credito Emiliano SpA | 19975 | 274612 | (5.2)<br>|
| De' Longhi SpA | 21758 | 673341 | (12.7)<br>|
| Hera SpA | 194290 | 919813 | (17.4)<br>|
| Iren SpA | 541392 | 1545636 | (29.1)<br>|
| Maire SpA | 59528 | 642935 | (12.1)<br>|
| PRADA SpA | 218200 | 1362409 | (25.7)<br>|
| Sesa SpA | 2182 | 184421 | (3.5)<br>|
| Webuild SpA | 403375 | 1463470 | (27.6)<br>|
|  |  | 7492617 |  |
| **Japan** |  |  |  |
| 77 Bank Ltd. | 26500 | 830532 | (15.7)<br>|
| Aisan Industry Co., Inc. | 4100 | 55412 | (1.0)<br>|
| Alfresa Holdings Corp. | 70100 | 1058239 | (20.0)<br>|
| Bic Camera, Inc. | 259700 | 2784915 | (52.5)<br>|
| COMSYS Holdings Corp. | 99100 | 2196458 | (41.4)<br>|
| Create SD Holdings Co., Inc. | 32200 | 686068 | (12.9)<br>|
| Dai-Dan Co., Inc. | 49800 | 1447603 | (27.3)<br>|
| DIC Corp. | 500 | 9757 | (0.2)<br>|
| Doutor Nichires Holdings Co., Inc. | 19200 | 359626 | (6.8)<br>|
| Dowa Holdings Co., Inc. | 129900 | 4167787 | (78.6)<br>|
| Elecom Co., Inc. | 49400 | 579628 | (10.9)<br>|
| Exedy Corp. | 42200 | 1267219 | (23.9)<br>|
| Glory Ltd. | 43900 | 772978 | (14.6)<br>|
| H2O Retailing Corp. | 348500 | 4766683 | (89.9)<br>|
| Hanwa Co., Inc. | 17200 | 570264 | (10.7)<br>|
| Heiwado Co., Inc. | 85000 | 1582539 | (29.8)<br>|
| Hiday Hidaka Corp. | 19300 | 420629 | (7.9)<br>|
| Inaba Denki Sangyo Co., Inc. | 25300 | 666483 | (12.6)<br>|
| Japan Airport Terminal Co., Inc. | 188200 | 5413187 | (102.1)<br>|
| JCR Pharmaceuticals Co., Inc. | 438700 | 1529178 | (28.8)<br>|
| Jeol Ltd. | 50300 | 1617710 | (30.5)<br>|
| Kandenko Co., Inc. | 228600 | 4531440 | (85.4)<br>|
| Kissei Pharmaceutical Co., Inc. | 20900 | 548500 | (10.3)<br>|
| Koshidaka Holdings Co., Inc. | 56200 | 400113 | (7.5)<br>|
| Kyoritsu Maintenance Co., Inc. | 84500 | 1793423 | (33.8)<br>|
| Maxell Ltd. | 41200 | 504979 | (9.5)<br>|
| Meidensha Corp. | 36900 | 1013735 | (19.1)<br>|
| METAWATER Co., Inc. | 42900 | 611925 | (11.5)<br>|
| Mitsubishi Shokuhin Co., Inc. | 8300 | 310724 | (5.9)<br>|
| Modec, Inc. | 56900 | 1726790 | (32.6)<br>|
| NHK Spring Co., Inc. | 178500 | 1983717 | (37.4)<br>|
| Nippon Shokubai Co., Inc. | 8600 | 100785 | (1.9)<br>|
| Nippon Soda Co., Inc. | 81300 | 1525362 | (28.8)<br>|
| Nishi-Nippon Railroad Co., Inc. | 62600 | 962390 | (18.1)<br>|
| Nissha Co., Inc. | 103300 | 885257 | (16.7)<br>|
| Nisshin Oillio Group Ltd. | 34200 | 1180559 | (22.3)<br>|
| Nomura Co., Inc. | 61700 | 372461 | (7.0)<br>|

---

Schedule of Investments

------

Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **Japan (continued)** |  |  |  |
| North Pacific Bank Ltd. | 620000 | $2167695 | (40.9)% <br>|
| NTN Corp. | 156300 | 240720 | (4.5)<br>|
| Okamura Corp. | 22800 | 316581 | (6.0)<br>|
| Oki Electric Industry Co., Inc. | 97300 | 648044 | (12.2)<br>|
| Okumura Corp. | 8800 | 272948 | (5.1)<br>|
| Onward Holdings Co., Inc. | 298100 | 1207048 | (22.8)<br>|
| Qol Holdings Co., Inc. | 8100 | 130251 | (2.5)<br>|
| Raito Kogyo Co., Inc. | 70200 | 1305684 | (24.6)<br>|
| San-Ai Obbli Co., Inc. | 29300 | 344079 | (6.5)<br>|
| Sanki Engineering Co., Inc. | 30400 | 776749 | (14.6)<br>|
| Senko Group Holdings Co., Inc. | 325400 | 3868219 | (72.9)<br>|
| Seria Co., Inc. | 5400 | 109632 | (2.1)<br>|
| Sumitomo Mitsui Construction Co., Inc. | 231600 | 820824 | (15.5)<br>|
| Suzuken Co. Ltd. | 78900 | 2850470 | (53.7)<br>|
| Taikisha Ltd. | 51400 | 841314 | (15.9)<br>|
| Tamron Co., Inc. | 86500 | 1955631 | (36.9)<br>|
| Tokai Rika Co., Inc. | 29500 | 439361 | (8.3)<br>|
| Tokai Tokyo Financial Holdings, Inc. | 597800 | 1974442 | (37.2)<br>|
| Tosei Corp. | 25200 | 424717 | (8.0)<br>|
| Towa Pharmaceutical Co., Inc. | 21800 | 404517 | (7.6)<br>|
| Toyoda Gosei Co., Inc. | 85100 | 1634061 | (30.8)<br>|
| TS Tech Co., Inc. | 8300 | 93812 | (1.8)<br>|
| Tsubakimoto Chain Co. | 44800 | 544245 | (10.3)<br>|
| Ulvac, Inc. | 122400 | 4151150 | (78.3)<br>|
| United Urban Investment Corp. | 1209 | 1272239 | (24.0)<br>|
| Wacom Co., Inc. | 40300 | 154274 | (2.9)<br>|
| YAMABIKO Corp. | 21100 | 315764 | (6.0)<br>|
| Yamazen Corp. | 44200 | 434593 | (8.2)<br>|
| Yaoko Co., Inc. | 7000 | 468845 | (8.8)<br>|
|  |  | 81402964 |  |
| **Netherlands** |  |  |  |
| Koninklijke BAM Groep NV | 209213 | 1417165 | (26.7)<br>|
| SBM Offshore NV | 63796 | 1341252 | (25.3)<br>|
| Wereldhave NV | 7804 | 147401 | (2.8)<br>|
|  |  | 2905818 |  |
| **Norway** |  |  |  |
| Elkem ASA | 316355 | 556492 | (10.5)<br>|
| Wallenius Wilhelmsen ASA | 83517 | 605289 | (11.4)<br>|
|  |  | 1161781 |  |
| **Singapore** |  |  |  |
| Frasers Centrepoint Trust | 1002010 | 1735883 | (32.7)<br>|
| IGG, Inc. | 806000 | 388307 | (7.3)<br>|
|  |  | 2124190 |  |
| **Spain** |  |  |  |
| Almirall SA | 14670 | 162775 | (3.1)<br>|
| **Sweden** |  |  |  |
| Munters Group AB | 135119 | 1729294 | (32.6)<br>|
| **Switzerland** |  |  |  |
| International Workplace Group PLC | 121886 | 301788 | (5.7)<br>|
| Sunrise Communications AG, Class A | 205046 | 11089592 | (209.1)<br>|
|  |  | 11391380 |  |
| **United Kingdom** |  |  |  |
| AG Barr PLC | 111269 | 1029602 | (19.4)<br>|
| Balfour Beatty PLC | 539380 | 3299050 | (62.2)<br>|
| Chemring Group PLC | 171399 | 915502 | (17.3)<br>|
| Deliveroo PLC | 171373 | 389156 | (7.3)<br>|
| Empiric Student Property PLC | 1261143 | 1532822 | (28.9)<br>|

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **United Kingdom (continued)** |  |  |  |
| Firstgroup PLC | 421244 | $969524 | (18.3)% <br>|
| Gamma Communications PLC | 254568 | 4525768 | (85.3)<br>|
| Hunting PLC | 296938 | 1024549 | (19.3)<br>|
| J D Wetherspoon PLC | 121340 | 1061074 | (20.0)<br>|
| Just Group PLC | 485207 | 915186 | (17.3)<br>|
| Keller Group PLC | 170678 | 3250086 | (61.3)<br>|
| Kier Group PLC | 535244 | 1040631 | (19.6)<br>|
| Mitie Group PLC | 1036659 | 1999058 | (37.7)<br>|
| Morgan Sindall Group PLC | 36348 | 1718145 | (32.4)<br>|
| Paragon Banking Group PLC | 69870 | 789327 | (14.9)<br>|
| Subsea 7 SA | 118413 | 1792895 | (33.8)<br>|
| TP ICAP Group PLC | 69525 | 238745 | (4.5)<br>|
|  |  | 26491120 |  |
| **United States** |  |  |  |
| 1-800-Flowers.com, Inc., Class A | 17768 | 98257 | (1.9)<br>|
| 1st Source Corp. | 2386 | 143041 | (2.7)<br>|
| Acadia Healthcare Co., Inc. | 438876 | 10269698 | (193.6)<br>|
| Accel Entertainment, Inc. | 49002 | 504721 | (9.5)<br>|
| Allient, Inc. | 12578 | 268540 | (5.1)<br>|
| Alpha Metallurgical Resources, Inc. | 39168 | 4753037 | (89.6)<br>|
| Aris Water Solutions, Inc., Class A | 62970 | 1571731 | (29.6)<br>|
| Arlo Technologies, Inc. | 236533 | 2325119 | (43.8)<br>|
| AvePoint, Inc. | 73747 | 1205763 | (22.7)<br>|
| Avista Corp. | 96781 | 4013508 | (75.7)<br>|
| Azenta, Inc. | 95675 | 2520079 | (47.5)<br>|
| Bandwidth, Inc., Class A | 10873 | 135043 | (2.5)<br>|
| BlueLinx Holdings, Inc. | 12729 | 829167 | (15.6)<br>|
| Bowman Consulting Group Ltd. | 4373 | 96731 | (1.8)<br>|
| Broadstone Net Lease, Inc. | 123516 | 1998489 | (37.7)<br>|
| Brookdale Senior Living, Inc. | 132307 | 867934 | (16.4)<br>|
| Carter's, Inc. | 24625 | 813856 | (15.3)<br>|
| Castle Biosciences, Inc. | 37392 | 749710 | (14.1)<br>|
| Central Garden & Pet Co., Class A | 19043 | 563101 | (10.6)<br>|
| Collegium Pharmaceutical, Inc. | 14531 | 392264 | (7.4)<br>|
| ConnectOne Bancorp, Inc. | 25000 | 563250 | (10.6)<br>|
| Core & Main, Inc., Class A | 4 | 211 | (0.0)<br>|
| Coursera, Inc. | 155847 | 1312232 | (24.7)<br>|
| CRA International, Inc. | 11722 | 1901308 | (35.8)<br>|
| Deluxe Corp. | 22330 | 326018 | (6.1)<br>|
| DHT Holdings, Inc. | 150287 | 1606568 | (30.3)<br>|
| El Pollo Loco Holdings, Inc. | 46458 | 434382 | (8.2)<br>|
| Energizer Holdings, Inc. | 149503 | 4042561 | (76.2)<br>|
| Enhabit, Inc. | 115714 | 924555 | (17.4)<br>|
| Enova International, Inc. | 103787 | 9526609 | (179.6)<br>|
| Exponent, Inc. | 55386 | 4357770 | (82.2)<br>|
| EZCORP, Inc., Class A | 181432 | 2970042 | (56.0)<br>|
| Farmland Partners, Inc. | 78334 | 788040 | (14.9)<br>|
| First Financial Corp. | 2164 | 106902 | (2.0)<br>|
| First Hawaiian, Inc. | 67744 | 1548628 | (29.2)<br>|
| Flushing Financial Corp. | 18122 | 216920 | (4.1)<br>|
| Global Industrial Co. | 16765 | 430525 | (8.1)<br>|
| Great Lakes Dredge & Dock Corp. | 37251 | 338612 | (6.4)<br>|
| Green Dot Corp., Class A | 204010 | 1707564 | (32.2)<br>|
| Groupon, Inc. | 223412 | 4068333 | (76.7)<br>|
| Hackett Group, Inc. | 11967 | 305637 | (5.8)<br>|
| Healthcare Services Group, Inc. | 36350 | 516533 | (9.7)<br>|
| HealthStream, Inc. | 17776 | 597807 | (11.3)<br>|
| Horizon Bancorp, Inc. | 33925 | 498019 | (9.4)<br>|
| ICF International, Inc. | 15084 | 1281537 | (24.2)<br>|
| ICU Medical, Inc. | 9692 | 1323830 | (25.0)<br>|
| Independent Bank Corp./MI | 13762 | 419191 | (7.9)<br>|

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **United States (continued)** |  |  |  |
| iRadimed Corp. | 3494 | $183121 | (3.5)% <br>|
| KinderCare Learning Cos, Inc. | 56311 | 690373 | (13.0)<br>|
| Korn Ferry | 89374 | 5514376 | (104.0)<br>|
| Lancaster Colony Corp. | 15135 | 2463675 | (46.5)<br>|
| Leggett & Platt, Inc. | 412179 | 3965162 | (74.8)<br>|
| LendingClub Corp. | 142577 | 1392977 | (26.3)<br>|
| LendingTree, Inc. | 122735 | 6331899 | (119.4)<br>|
| Light & Wonder, Inc., CDI | 2 | 169 | (0.0)<br>|
| LiveRamp Holdings, Inc. | 17666 | 462143 | (8.7)<br>|
| Midland States Bancorp, Inc. | 21301 | 346780 | (6.5)<br>|
| Monro, Inc. | 38253 | 533247 | (10.1)<br>|
| MRC Global, Inc. | 105706 | 1231475 | (23.2)<br>|
| Murphy Oil Corp. | 5273 | 108255 | (2.0)<br>|
| National Beverage Corp. | 43441 | 1928780 | (36.4)<br>|
| NetScout Systems, Inc. | 58027 | 1219728 | (23.0)<br>|
| Newell Brands, Inc. | 304349 | 1454788 | (27.4)<br>|
| NexPoint Residential Trust, Inc. | 34010 | 1267893 | (23.9)<br>|
| Oceaneering International, Inc. | 331736 | 5888314 | (111.0)<br>|
| OceanFirst Financial Corp. | 4807 | 79604 | (1.5)<br>|
| Olo, Inc., Class A | 520884 | 3229481 | (60.9)<br>|
| OmniAb, Inc., 12.50 Earnout Shares | 518 |  | 0.0 |
| OmniAb, Inc., 15.00 Earnout Shares | 518 |  | 0.0 |
| Pacira BioSciences, Inc. | 149615 | 4024643 | (75.9)<br>|
| PACS Group, Inc. | 55188 | 531460 | (10.0)<br>|
| Palomar Holdings, Inc. | 4280 | 620686 | (11.7)<br>|
| Paramount Group, Inc. | 768073 | 3295033 | (62.1)<br>|
| Pebblebrook Hotel Trust | 83644 | 756978 | (14.3)<br>|
| Pennant Group, Inc. | 7557 | 193610 | (3.7)<br>|
| Playtika Holding Corp. | 19567 | 103118 | (1.9)<br>|
| PRA Group, Inc. | 9013 | 164938 | (3.1)<br>|
| Privia Health Group, Inc. | 360824 | 8472148 | (159.7)<br>|
| Ramaco Resources, Inc. | 28365 | 285919 | (5.4)<br>|
| RealReal, Inc. | 139385 | 808433 | (15.2)<br>|
| REV Group, Inc. | 37494 | 1226054 | (23.1)<br>|
| REX American Resources Corp. | 19877 | 789514 | (14.9)<br>|
| Sonic Automotive, Inc., Class A | 4019 | 244034 | (4.6)<br>|
| Spire, Inc. | 145228 | 11115751 | (209.6)<br>|
| Tandem Diabetes Care, Inc. | 55040 | 927424 | (17.5)<br>|
| Tanger, Inc. | 324267 | 10217653 | (192.6)<br>|
| TFS Financial Corp. | 73794 | 956370 | (18.0)<br>|
| Tutor Perini Corp. | 56639 | 1215473 | (22.9)<br>|
| Ultra Clean Holdings, Inc. | 63206 | 1182268 | (22.3)<br>|
| United States Lime & Minerals, Inc. | 19576 | 1830552 | (34.5)<br>|
| Univest Financial Corp. | 15577 | 460145 | (8.7)<br>|
| Verint Systems, Inc. | 71140 | 1254910 | (23.7)<br>|
| Verra Mobility Corp. | 20594 | 448949 | (8.5)<br>|
| Visteon Corp. | 88113 | 6977668 | (131.6)<br>|
| Vitesse Energy, Inc. | 95438 | 1951707 | (36.8)<br>|
|  |  | 174581051 |  |
| **Total Reference Entity — Long** |  | 367106418 |  |
| **Reference Entity — Short** |  |  |  |
| **Common Stocks**  |  |  |  |
| **Australia** |  |  |  |
| ALS Ltd. | (50762)<br>| (556984)<br>| 10.5 |
| Amotiv Ltd. | (64207)<br>| (318379)<br>| 6.0 |
| Bellevue Gold Ltd. | (1085435)<br>| (631906)<br>| 11.9 |
| Boss Energy Ltd. | (1366198)<br>| (2793444)<br>| 52.7 |
| Brickworks Ltd. | (58995)<br>| (950313)<br>| 17.9 |
| Champion Iron Ltd. | (213970)<br>| (625492)<br>| 11.8 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **Australia (continued)** |  |  |  |
| Deep Yellow Ltd. | (657107)<br>| $(477925)<br>| 9.0<br> % <br>|
| Lifestyle Communities Ltd. | (125617)<br>| (573799)<br>| 10.8 |
| National Storage REIT | (2392385)<br>| (3517797)<br>| 66.3 |
| Orora Ltd. | (741954)<br>| (859644)<br>| 16.2 |
| PEXA Group Ltd. | (29748)<br>| (229208)<br>| 4.3 |
| Qube Holdings Ltd. | (63351)<br>| (160386)<br>| 3.0 |
| Silex Systems Ltd. | (88206)<br>| (174996)<br>| 3.3 |
| Stanmore Resources Ltd. | (641650)<br>| (796998)<br>| 15.1 |
| Westgold Resources Ltd. | (56687)<br>| (107690)<br>| 2.1 |
|  |  | (12774961)<br>|  |
| **Austria** |  |  |  |
| Raiffeisen Bank International AG | (96312)<br>| (2572617)<br>| 48.5 |
| Wienerberger AG | (216829)<br>| (7613277)<br>| 143.5 |
|  |  | (10185894)<br>|  |
| **Belgium** |  |  |  |
| Azelis Group NV | (50890)<br>| (788542)<br>| 14.9 |
| Bekaert SA | (31140)<br>| (1201582)<br>| 22.6 |
| KBC Ancora | (24440)<br>| (1601307)<br>| 30.2 |
| Ontex Group NV | (29736)<br>| (244110)<br>| 4.6 |
|  |  | (3835541)<br>|  |
| **Bermuda** |  |  |  |
| Conduit Holdings Ltd. | (45480)<br>| (209348)<br>| 3.9 |
| Teekay Corp. Ltd. | (33010)<br>| (238002)<br>| 4.5 |
|  |  | (447350)<br>|  |
| **Brazil** |  |  |  |
| ERO Copper Corp. | (84761)<br>| (1058744)<br>| 20.0 |
| Karoon Energy Ltd. | (685835)<br>| (631344)<br>| 11.9 |
|  |  | (1690088)<br>|  |
| **Canada** |  |  |  |
| Altus Group Ltd. | (49430)<br>| (1840807)<br>| 34.7 |
| Definity Financial Corp. | (42083)<br>| (2100487)<br>| 39.6 |
| Docebo, Inc. | (3636)<br>| (113885)<br>| 2.1 |
| EQB, Inc. | (45085)<br>| (3116967)<br>| 58.8 |
| First Capital Real Estate Investment Trust | (138556)<br>| (1716623)<br>| 32.4 |
| Fortuna Mining Corp. | (17647)<br>| (110086)<br>| 2.1 |
| G Mining Ventures Corp. | (51174)<br>| (709740)<br>| 13.4 |
| Laurentian Bank of Canada | (78332)<br>| (1554594)<br>| 29.3 |
| Pet Valu Holdings Ltd. | (103327)<br>| (2144339)<br>| 40.4 |
| Premium Brands Holdings Corp. | (62083)<br>| (3530166)<br>| 66.6 |
| Skeena Resources Ltd. | (169225)<br>| (2022942)<br>| 38.1 |
| Spin Master Corp. | (49917)<br>| (882763)<br>| 16.6 |
| StorageVault Canada, Inc. | (84625)<br>| (231420)<br>| 4.4 |
| Westshore Terminals Investment Corp. | (18012)<br>| (332776)<br>| 6.3 |
| Winpak Ltd. | (38407)<br>| (1189876)<br>| 22.4 |
|  |  | (21597471)<br>|  |
| **Denmark** |  |  |  |
| Cadeler A/S | (89172)<br>| (466281)<br>| 8.8 |
| Chemometec A/S | (28671)<br>| (2065688)<br>| 38.9 |
| Ringkjoebing Landbobank A/S | (11206)<br>| (2142543)<br>| 40.4 |
| Royal Unibrew A/S | (64480)<br>| (5122975)<br>| 96.6 |
| Scandinavian Tobacco Group A/S | (56521)<br>| (822695)<br>| 15.5 |
| Sydbank AS | (112319)<br>| (7192947)<br>| 135.6 |
|  |  | (17813129)<br>|  |
| **France** |  |  |  |
| Alten SA | (29458)<br>| (2496958)<br>| 47.1 |
| Eramet SA | (27913)<br>| (1547728)<br>| 29.2 |

---

Schedule of Investments

------

Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **France (continued)** |  |  |  |
| Forvia SE | (84452)<br>| $(652367)<br>| 12.3<br> % <br>|
| Louis Hachette Group | (133982)<br>| (211248)<br>| 4.0 |
| Vivendi SE | (1148906)<br>| (3582817)<br>| 67.5 |
|  |  | (8491118)<br>|  |
| **Germany** |  |  |  |
| Eckert & Ziegler SE | (11375)<br>| (777566)<br>| 14.6 |
| Fraport AG Frankfurt Airport Services <br> Worldwide<br>| (56875)<br>| (3769195)<br>| 71.1 |
| Sixt SE | (2042)<br>| (194140)<br>| 3.7 |
| SMA Solar Technology AG | (5124)<br>| (88867)<br>| 1.7 |
|  |  | (4829768)<br>|  |
| **Ireland** |  |  |  |
| C&C Group PLC | (167635)<br>| (307408)<br>| 5.8 |
| Dalata Hotel Group PLC | (174411)<br>| (999763)<br>| 18.8 |
|  |  | (1307171)<br>|  |
| **Israel** |  |  |  |
| Enlight Renewable Energy Ltd. | (115429)<br>| (1869582)<br>| 35.3 |
| First International Bank Of Israel Ltd. | (17209)<br>| (945194)<br>| 17.8 |
| OPC Energy Ltd. | (73312)<br>| (692469)<br>| 13.1 |
| Phoenix Financial Ltd. | (18623)<br>| (366744)<br>| 6.9 |
| SimilarWeb Ltd. | (106469)<br>| (802776)<br>| 15.1 |
|  |  | (4676765)<br>|  |
| **Italy** |  |  |  |
| Technoprobe SpA | (104064)<br>| (668594)<br>| 12.6 |
| **Japan** |  |  |  |
| ABC-Mart, Inc. | (96500)<br>| (1794705)<br>| 33.8 |
| AEON Financial Service Co., Inc. | (670100)<br>| (5545034)<br>| 104.5 |
| Aiful Corp. | (410500)<br>| (1025559)<br>| 19.3 |
| Air Water, Inc. | (205500)<br>| (2802281)<br>| 52.8 |
| Anycolor, Inc. | (16300)<br>| (420275)<br>| 7.9 |
| Appier Group, Inc. | (20600)<br>| (181754)<br>| 3.4 |
| Ariake Japan Co., Inc. | (5800)<br>| (243697)<br>| 4.6 |
| BIPROGY, Inc. | (19900)<br>| (649897)<br>| 12.3 |
| C Uyemura & Co., Inc. | (4300)<br>| (278279)<br>| 5.2 |
| Casio Computer Co., Inc. | (73100)<br>| (571684)<br>| 10.8 |
| Chiyoda Corp. | (171000)<br>| (409055)<br>| 7.7 |
| Cybozu, Inc. | (4900)<br>| (101632)<br>| 1.9 |
| Daido Steel Co., Inc. | (346200)<br>| (2608589)<br>| 49.2 |
| Daiei Kankyo Co., Inc. | (26400)<br>| (540858)<br>| 10.2 |
| Daiwa House REIT Investment Corp. | (1344)<br>| (2251163)<br>| 42.4 |
| Digital Garage, Inc. | (12700)<br>| (399251)<br>| 7.5 |
| Ferrotec Holdings Corp. | (42500)<br>| (733736)<br>| 13.8 |
| Freee KK | (7600)<br>| (214738)<br>| 4.0 |
| Fujita Kanko, Inc. | (14000)<br>| (884299)<br>| 16.7 |
| Fujitec Co., Inc. | (3400)<br>| (133206)<br>| 2.5 |
| Fukuoka REIT Corp. | (816)<br>| (892816)<br>| 16.8 |
| Fukuyama Transporting Co., Inc. | (9400)<br>| (233223)<br>| 4.4 |
| Future Corp. | (7900)<br>| (99612)<br>| 1.9 |
| G-Tekt Corp. | (9800)<br>| (112502)<br>| 2.1 |
| Gunze Ltd. | (21200)<br>| (381184)<br>| 7.2 |
| Haseko Corp. | (42900)<br>| (612724)<br>| 11.6 |
| Hino Motors Ltd. | (225700)<br>| (717696)<br>| 13.5 |
| HIS Co., Inc. | (28700)<br>| (342046)<br>| 6.5 |
| Hokuetsu Corp. | (78000)<br>| (596963)<br>| 11.3 |
| Hokuhoku Financial Group, Inc. | (29400)<br>| (527267)<br>| 9.9 |
| Hoshino Resorts REIT, Inc. | (684)<br>| (1052247)<br>| 19.8 |
| House Foods Group, Inc. | (5400)<br>| (105880)<br>| 2.0 |
| Ichibanya Co., Inc. | (37000)<br>| (246058)<br>| 4.6 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **Japan (continued)** |  |  |  |
| Idec Corp. | (15500)<br>| $(248327)<br>| 4.7<br> % <br>|
| Internet Initiative Japan, Inc. | (133200)<br>| (2469978)<br>| 46.6 |
| Invincible Investment Corp. | (8230)<br>| (3401523)<br>| 64.1 |
| Japan Investment Adviser Co., Inc. | (33600)<br>| (384870)<br>| 7.3 |
| Japan Logistics Fund, Inc. | (156)<br>| (102019)<br>| 1.9 |
| Japan Metropolitan Fund Invest | (2617)<br>| (1743653)<br>| 32.9 |
| JGC Holdings Corp. | (52900)<br>| (423089)<br>| 8.0 |
| JMDC, Inc. | (10000)<br>| (225617)<br>| 4.3 |
| JVCKenwood Corp. | (23300)<br>| (173890)<br>| 3.3 |
| Kanadevia Corp. | (101100)<br>| (648451)<br>| 12.2 |
| Kanto Denka Kogyo Co., Inc. | (64600)<br>| (391855)<br>| 7.4 |
| KOMEDA Holdings Co., Inc. | (146700)<br>| (2965380)<br>| 55.9 |
| Konica Minolta, Inc. | (166700)<br>| (511653)<br>| 9.6 |
| Kosaido Holdings Co., Inc. | (66900)<br>| (231679)<br>| 4.4 |
| Kusuri no Aoki Holdings Co., Inc. | (14800)<br>| (352475)<br>| 6.6 |
| KYB Corp. | (18100)<br>| (370000)<br>| 7.0 |
| Matsui Securities Co., Inc. | (32800)<br>| (169141)<br>| 3.2 |
| Medley, Inc. | (12300)<br>| (296744)<br>| 5.6 |
| Megachips Corp. | (3700)<br>| (120384)<br>| 2.3 |
| Megmilk Snow Brand Co., Inc. | (5700)<br>| (104810)<br>| 2.0 |
| Mitsui E&S Co., Inc. | (113300)<br>| (1445631)<br>| 27.3 |
| Mitsui Fudosan Logistics Park, Inc. | (1186)<br>| (846516)<br>| 16.0 |
| Mitsui-Soko Holdings Co., Inc. | (32400)<br>| (667805)<br>| 12.6 |
| Miura Co., Inc. | (61400)<br>| (1307847)<br>| 24.7 |
| Mori Hills REIT Investment Corp. | (1040)<br>| (957297)<br>| 18.1 |
| Musashi Seimitsu Industry Co., Inc. | (135600)<br>| (2332069)<br>| 44.0 |
| Nextage Co., Inc. | (25200)<br>| (314088)<br>| 5.9 |
| Nihon Kohden Corp. | (10500)<br>| (126835)<br>| 2.4 |
| Nippn Corp. | (67800)<br>| (1068668)<br>| 20.1 |
| Nippon Accommodations Fund, Inc. | (36)<br>| (29368)<br>| 0.6 |
| Nippon Carbon Co., Inc. | (3600)<br>| (105563)<br>| 2.0 |
| Nippon Light Metal Holdings Co., Inc. | (14200)<br>| (148048)<br>| 2.8 |
| Nippon Paper Industries Co., Inc. | (167200)<br>| (1292721)<br>| 24.4 |
| Nippon Pillar Packing Co. Ltd. | (16400)<br>| (417284)<br>| 7.9 |
| Nipro Corp. | (18100)<br>| (160397)<br>| 3.0 |
| Nishimatsuya Chain Co., Inc. | (54500)<br>| (843355)<br>| 15.9 |
| Nitto Boseki Co., Inc. | (18000)<br>| (478392)<br>| 9.0 |
| Nitto Kogyo Corp. | (21700)<br>| (455546)<br>| 8.6 |
| Nojima Corp. | (38300)<br>| (688623)<br>| 13.0 |
| Nomura Real Estate Master Fund, Inc. | (1591)<br>| (1583933)<br>| 29.9 |
| NPR-RIKEN Corp. | (5100)<br>| (84580)<br>| 1.6 |
| OBIC Business Consultants Co., Inc. | (16900)<br>| (812409)<br>| 15.3 |
| Ogaki Kyoritsu Bank Ltd. | (8700)<br>| (141190)<br>| 2.7 |
| Ohsho Food Service Corp. | (28000)<br>| (633382)<br>| 11.9 |
| OKUMA Corp. | (11500)<br>| (258365)<br>| 4.9 |
| Osaka Soda Co., Inc. | (39900)<br>| (415958)<br>| 7.8 |
| Osaka Steel Co., Inc. | (1100)<br>| (18467)<br>| 0.3 |
| OSG Corp. | (10000)<br>| (118869)<br>| 2.2 |
| Park24 Co., Inc. | (54700)<br>| (775001)<br>| 14.6 |
| Penta-Ocean Construction Co., Inc. | (55500)<br>| (318383)<br>| 6.0 |
| Piolax, Inc. | (23100)<br>| (354197)<br>| 6.7 |
| Pola Orbis Holdings, Inc. | (15900)<br>| (145978)<br>| 2.8 |
| Relo Group, Inc. | (3000)<br>| (39640)<br>| 0.7 |
| Rengo Co., Inc. | (117300)<br>| (654827)<br>| 12.3 |
| Riken Keiki Co., Inc. | (17100)<br>| (318910)<br>| 6.0 |
| Roland Corp. | (8300)<br>| (184254)<br>| 3.5 |
| Sangetsu Corp. | (93400)<br>| (1899648)<br>| 35.8 |
| Sansan, Inc. | (85200)<br>| (1163951)<br>| 21.9 |
| Senshu Ikeda Holdings, Inc. | (85300)<br>| (281682)<br>| 5.3 |
| Septeni Holdings Co., Inc. | (171800)<br>| (439730)<br>| 8.3 |
| Seven Bank Ltd. | (934000)<br>| (1680753)<br>| 31.7 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **Japan (continued)** |  |  |  |
| Shiga Bank Ltd. | (9800)<br>| $(394059)<br>| 7.4<br> % <br>|
| Simplex Holdings, Inc. | (8600)<br>| (182024)<br>| 3.4 |
| SKY Perfect JSAT Holdings, Inc. | (14500)<br>| (117220)<br>| 2.2 |
| Sotetsu Holdings, Inc. | (83800)<br>| (1277685)<br>| 24.1 |
| Stanley Electric Co., Inc. | (15600)<br>| (292327)<br>| 5.5 |
| Sumitomo Pharma Co., Inc. | (29500)<br>| (162834)<br>| 3.1 |
| Sundrug Co., Inc. | (7900)<br>| (263246)<br>| 5.0 |
| Takara Leben Real Estate Investment Corp | (1117)<br>| (664886)<br>| 12.5 |
| Teijin Ltd. | (13000)<br>| (109001)<br>| 2.1 |
| Toho Bank Ltd. | (85800)<br>| (211632)<br>| 4.0 |
| Tokuyama Corp. | (40300)<br>| (822620)<br>| 15.5 |
| Tokyo Steel Manufacturing Co., Inc. | (24000)<br>| (271363)<br>| 5.1 |
| TOMONY Holdings, Inc. | (51500)<br>| (197344)<br>| 3.7 |
| Toyo Construction Co., Inc. | (36200)<br>| (339562)<br>| 6.4 |
| Tsuburaya Fields Holdings, Inc. | (22000)<br>| (287196)<br>| 5.4 |
| Visional, Inc. | (115100)<br>| (6963398)<br>| 131.3 |
| Welcia Holdings Co., Inc. | (6800)<br>| (119892)<br>| 2.3 |
| West Holdings Corp. | (30300)<br>| (335487)<br>| 6.3 |
| Workman Co., Inc. | (14900)<br>| (469512)<br>| 8.9 |
| Yamada Holdings Co., Inc. | (56700)<br>| (182732)<br>| 3.4 |
| Yamaha Corp. | (46000)<br>| (336211)<br>| 6.3 |
| Yamato Kogyo Co., Inc. | (17600)<br>| (1048056)<br>| 19.8 |
| Yodogawa Steel Works Ltd. | (10700)<br>| (433222)<br>| 8.2 |
| Yonex Co., Inc. | (43400)<br>| (710144)<br>| 13.4 |
|  |  | (85247261)<br>|  |
| **Luxembourg** |  |  |  |
| RTL Group SA | (14341)<br>| (588132)<br>| 11.1 |
| **Netherlands** |  |  |  |
| AMG Critical Materials NV | (56439)<br>| (1005941)<br>| 19.0 |
| OCI NV | (6804)<br>| (56532)<br>| 1.1 |
| TKH Group NV | (35527)<br>| (1403677)<br>| 26.4 |
|  |  | (2466150)<br>|  |
| **New Zealand** |  |  |  |
| Fletcher Building Ltd. | (456148)<br>| (820729)<br>| 15.5 |
| **Norway** |  |  |  |
| Crayon Group Holding ASA | (169371)<br>| (2028611)<br>| 38.3 |
| FLEX LNG Ltd. | (26624)<br>| (628060)<br>| 11.8 |
| MPC Container Ships ASA | (87185)<br>| (128221)<br>| 2.4 |
| Protector Forsikring ASA | (26320)<br>| (926344)<br>| 17.5 |
| Schibsted ASA, Class A | (133204)<br>| (4053770)<br>| 76.4 |
| TOMRA Systems ASA | (154435)<br>| (2436562)<br>| 45.9 |
|  |  | (10201568)<br>|  |
| **Peru** |  |  |  |
| Hochschild Mining PLC | (140822)<br>| (530293)<br>| 10.0 |
| **Portugal** |  |  |  |
| REN - Redes Energeticas Nacionais SGPS SA | (280450)<br>| (920486)<br>| 17.4 |
| **Singapore** |  |  |  |
| Capitaland India Trust | (165600)<br>| (123549)<br>| 2.3 |
| Frasers Logistics & Commercial Trust | (1317300)<br>| (903586)<br>| 17.1 |
| Suntec Real Estate Investment Trust | (240900)<br>| (212393)<br>| 4.0 |
|  |  | (1239528)<br>|  |
| **Spain** |  |  |  |
| Acerinox SA | (339481)<br>| (3836571)<br>| 72.3 |
| Puig Brands SA, Class B | (55554)<br>| (1040182)<br>| 19.6 |
| Vidrala SA | (8194)<br>| (893129)<br>| 16.9 |
| Viscofan SA | (10792)<br>| (778551)<br>| 14.7 |
|  |  | (6548433)<br>|  |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **Sweden** |  |  |  |
| Alleima AB | (315956)<br>| $(2484149)<br>| 46.8<br> % <br>|
| Bravida Holding AB | (131035)<br>| (1248608)<br>| 23.5 |
| Catena AB | (4110)<br>| (193484)<br>| 3.6 |
| Clas Ohlson AB | (66644)<br>| (1887895)<br>| 35.6 |
| Dometic Group AB | (342851)<br>| (1236061)<br>| 23.3 |
| Elekta AB | (933102)<br>| (4751469)<br>| 89.6 |
| Hexatronic Group AB | (39157)<br>| (103616)<br>| 2.0 |
| Hms Networks Ab | (15290)<br>| (685360)<br>| 12.9 |
| Hufvudstaden AB | (68434)<br>| (833244)<br>| 15.7 |
| Paradox Interactive AB | (39674)<br>| (777841)<br>| 14.7 |
| Sdiptech AB, Class B | (5816)<br>| (130252)<br>| 2.5 |
| Thule Group AB | (78778)<br>| (1795659)<br>| 33.9 |
| Wallenstam AB | (376494)<br>| (1861519)<br>| 35.1 |
|  |  | (17989157)<br>|  |
| **Switzerland** |  |  |  |
| Comet Holding AG, Registered Shares | (3134)<br>| (809130)<br>| 15.2 |
| Daetwyler Holding AG | (4664)<br>| (673438)<br>| 12.7 |
| Garrett Motion, Inc. | (47374)<br>| (436788)<br>| 8.2 |
| Interroll Holding AG, Registered Shares | (232)<br>| (509153)<br>| 9.6 |
| VZ Holding AG | (323)<br>| (66650)<br>| 1.3 |
|  |  | (2495159)<br>|  |
| **United Kingdom** |  |  |  |
| Aston Martin Lagonda Global Holdings PLC | (1188209)<br>| (1071087)<br>| 20.2 |
| Auction Technology Group PLC | (121416)<br>| (943359)<br>| 17.8 |
| Baltic Classifieds Group PLC | (6942)<br>| (31487)<br>| 0.6 |
| Close Brothers Group PLC | (224436)<br>| (976005)<br>| 18.4 |
| Future PLC | (23069)<br>| (219389)<br>| 4.1 |
| Home Reit PLC | (319295)<br>| (42553)<br>| 0.8 |
| Ibstock PLC | (480059)<br>| (1151595)<br>| 21.7 |
| Jupiter Fund Management PLC | (157830)<br>| (152286)<br>| 2.9 |
| Marshalls PLC | (552293)<br>| (2068276)<br>| 39.0 |
| Mobico Group PLC | (892065)<br>| (370420)<br>| 7.0 |
| Moonpig Group PLC | (451567)<br>| (1382036)<br>| 26.0 |
| Renew Holdings PLC | (18314)<br>| (185377)<br>| 3.5 |
| SigmaRoc PLC | (153986)<br>| (186501)<br>| 3.5 |
| Spectris PLC | (90851)<br>| (2432109)<br>| 45.8 |
| Travis Perkins PLC | (462490)<br>| (3452288)<br>| 65.1 |
| Watches of Switzerland Group PLC | (521344)<br>| (2480453)<br>| 46.8 |
| Yellow Cake PLC | (134153)<br>| (772345)<br>| 14.6 |
|  |  | (17917566)<br>|  |
| **United States** |  |  |  |
| ACCO Brands Corp. | (96437)<br>| (372247)<br>| 7.0 |
| AdaptHealth Corp. | (36128)<br>| (307449)<br>| 5.8 |
| Adeia, Inc. | (37515)<br>| (461810)<br>| 8.7 |
| AdvanSix, Inc. | (7551)<br>| (161742)<br>| 3.1 |
| Alexander & Baldwin, Inc. | (7817)<br>| (134296)<br>| 2.5 |
| Amerant Bancorp, Inc. | (12577)<br>| (211797)<br>| 4.0 |
| American Superconductor Corp. | (2189)<br>| (43452)<br>| 0.8 |
| AMERISAFE, Inc. | (4155)<br>| (193166)<br>| 3.6 |
| Apollo Commercial Real Estate Finance, Inc. | (87730)<br>| (822030)<br>| 15.5 |
| Applied Optoelectronics, Inc. | (136032)<br>| (1739849)<br>| 32.8 |
| Arbor Realty Trust, Inc. | (15868)<br>| (182958)<br>| 3.5 |
| Arko Corp. | (28905)<br>| (116343)<br>| 2.2 |
| ARMOUR Residential REIT, Inc. | (381722)<br>| (6286961)<br>| 118.5 |
| Atlantic Union Bankshares Corp. | (183741)<br>| (5089626)<br>| 96.0 |
| Avadel Pharmaceuticals PLC | (147770)<br>| (1313675)<br>| 24.8 |
| Baldwin Insurance Group, Inc. | (39851)<br>| (1658599)<br>| 31.3 |
| Banner Corp. | (3811)<br>| (233005)<br>| 4.4 |
| Blackstone Mortgage Trust, Inc., Class A | (604364)<br>| (11513134)<br>| 217.1 |
| Blue Bird Corp. | (60774)<br>| (2119189)<br>| 40.0 |

---

Schedule of Investments

------

Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **United States (continued)** |  |  |  |
| Boston Omaha Corp., Class A | (42095)<br>| $(653735)<br>| 12.3<br> % <br>|
| Buckle, Inc. | (49843)<br>| (1732543)<br>| 32.7 |
| Business First Bancshares, Inc. | (5534)<br>| (127559)<br>| 2.4 |
| Calumet, Inc. | (146075)<br>| (1548395)<br>| 29.2 |
| CECO Environmental Corp. | (24593)<br>| (585067)<br>| 11.0 |
| Certara, Inc. | (27659)<br>| (383354)<br>| 7.2 |
| Cheesecake Factory, Inc. | (2679)<br>| (134941)<br>| 2.5 |
| Chesapeake Utilities Corp. | (5826)<br>| (767109)<br>| 14.5 |
| Clearwater Analytics Holdings, Inc., Class A | (93373)<br>| (2123302)<br>| 40.0 |
| CNO Financial Group, Inc. | (29548)<br>| (1121051)<br>| 21.1 |
| Coastal Financial Corp. | (5108)<br>| (419622)<br>| 7.9 |
| Coeur Mining, Inc. | (259408)<br>| (1439714)<br>| 27.1 |
| Community Healthcare Trust, Inc. | (4109)<br>| (70182)<br>| 1.3 |
| Crescent Energy Co., Class A | (567792)<br>| (4701318)<br>| 88.6 |
| CTS Corp. | (3603)<br>| (137202)<br>| 2.6 |
| Cushman & Wakefield PLC | (17701)<br>| (165858)<br>| 3.1 |
| Customers Bancorp, Inc. | (11569)<br>| (578450)<br>| 10.9 |
| Cytek Biosciences, Inc. | (25007)<br>| (92776)<br>| 1.7 |
| Daktronics, Inc. | (56559)<br>| (717734)<br>| 13.5 |
| Dana, Inc. | (42020)<br>| (577355)<br>| 10.9 |
| Dave, Inc. | (11152)<br>| (1057433)<br>| 19.9 |
| Dine Brands Global, Inc. | (28947)<br>| (576335)<br>| 10.9 |
| Easterly Government Properties, Inc. | (63274)<br>| (1276237)<br>| 24.1 |
| Eastern Bankshares, Inc. | (11427)<br>| (170491)<br>| 3.2 |
| Embecta Corp. | (48630)<br>| (592800)<br>| 11.2 |
| Employers Holdings, Inc. | (5080)<br>| (246837)<br>| 4.7 |
| Enovix Corp. | (76774)<br>| (514386)<br>| 9.7 |
| Excelerate Energy, Inc., Class A | (6736)<br>| (172307)<br>| 3.2 |
| First Commonwealth Financial Corp. | (73859)<br>| (1131520)<br>| 21.3 |
| First Community Bankshares, Inc. | (9534)<br>| (359241)<br>| 6.8 |
| Genworth Financial, Inc. | (135456)<br>| (929228)<br>| 17.5 |
| Guess?, Inc. | (169839)<br>| (1910689)<br>| 36.0 |
| Hawkins, Inc. | (2068)<br>| (251841)<br>| 4.7 |
| HighPeak Energy, Inc. | (1299)<br>| (10405)<br>| 0.2 |
| Hope Bancorp, Inc. | (9349)<br>| (93210)<br>| 1.8 |
| IAC, Inc. | (173233)<br>| (6052761)<br>| 114.1 |
| Invesco Mortgage Capital, Inc. | (21623)<br>| (158497)<br>| 3.0 |
| KKR Real Estate Finance Trust, Inc. | (54229)<br>| (501618)<br>| 9.5 |
| Leonardo DRS, Inc. | (26339)<br>| (973489)<br>| 18.4 |
| Limbach Holdings, Inc. | (1624)<br>| (155482)<br>| 2.9 |
| Lions Gate Entertainment Corp., Class B | (16982)<br>| (135516)<br>| 2.6 |
| LXP Industrial Trust | (36097)<br>| (284805)<br>| 5.4 |
| Macerich Co. | (563201)<br>| (8256527)<br>| 155.7 |
| MarineMax, Inc. | (5579)<br>| (119725)<br>| 2.3 |
| Medical Properties Trust, Inc. | (310552)<br>| (1714247)<br>| 32.3 |
| Merchants Bancorp. | (13068)<br>| (393085)<br>| 7.4 |
| MeridianLink, Inc. | (70922)<br>| (1199291)<br>| 22.6 |
| Metallus, Inc. | (40426)<br>| (511389)<br>| 9.6 |
| Metropolitan Bank Holding Corp. | (2890)<br>| (178978)<br>| 3.4 |
| Middlesex Water Co. | (14500)<br>| (915240)<br>| 17.3 |
| MidWestOne Financial Group, Inc. | (4184)<br>| (116064)<br>| 2.2 |
| Mitek Systems, Inc. | (247550)<br>| (2049714)<br>| 38.6 |
| NBT Bancorp, Inc. | (23841)<br>| (1009428)<br>| 19.0 |
| Neogen Corp. | (167596)<br>| (846360)<br>| 16.0 |
| Newmark Group, Inc., Class A | (11808)<br>| (129770)<br>| 2.4 |
| NextDecade Corp. | (5204)<br>| (38926)<br>| 0.7 |
| nLight, Inc. | (76249)<br>| (587880)<br>| 11.1 |
| Oklo, Inc. | (114781)<br>| (2724901)<br>| 51.4 |
| OrthoPediatrics Corp. | (4467)<br>| (93003)<br>| 1.8 |
| Owens & Minor, Inc. | (28173)<br>| (198901)<br>| 3.8 |
| Pathward Financial, Inc. | (450)<br>| (35717)<br>| 0.7 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **United States (continued)** |  |  |  |
| Payoneer Global, Inc. | (94574)<br>| $(664855)<br>| 12.5<br> % <br>|
| PC Connection, Inc. | (17700)<br>| (1098108)<br>| 20.7 |
| Pitney Bowes, Inc. | (104876)<br>| (910324)<br>| 17.2 |
| Playa Hotels & Resorts NV | (170777)<br>| (2291827)<br>| 43.2 |
| Portillo's, Inc., Class A | (463788)<br>| (4795568)<br>| 90.4 |
| PotlatchDeltic Corp. | (60410)<br>| (2319140)<br>| 43.7 |
| Radius Recycling, Inc. | (56948)<br>| (1670285)<br>| 31.5 |
| RCI Hospitality Holdings, Inc. | (13755)<br>| (545798)<br>| 10.3 |
| Ready Capital Corp. | (135870)<br>| (604621)<br>| 11.4 |
| Redwire Corp. | (139403)<br>| (1502764)<br>| 28.3 |
| Redwood Trust, Inc. | (21176)<br>| (131503)<br>| 2.5 |
| Rumble, Inc. | (14219)<br>| (109771)<br>| 2.1 |
| Selectquote, Inc. | (31602)<br>| (100178)<br>| 1.9 |
| Sensata Technologies Holding PLC | (9491)<br>| (203107)<br>| 3.8 |
| SiTime Corp. | (21812)<br>| (3203310)<br>| 60.4 |
| Smith Douglas Homes Corp. | (3235)<br>| (62921)<br>| 1.2 |
| SoundHound AI, Inc., Class A | (92751)<br>| (861657)<br>| 16.2 |
| Summit Hotel Properties, Inc. | (31956)<br>| (130061)<br>| 2.5 |
| Sun Country Airlines Holdings, Inc. | (10936)<br>| (107173)<br>| 2.0 |
| Sunstone Hotel Investors, Inc. | (108922)<br>| (908409)<br>| 17.1 |
| Sweetgreen, Inc., Class A | (510774)<br>| (9949878)<br>| 187.6 |
| Tarsus Pharmaceuticals, Inc. | (5135)<br>| (266558)<br>| 5.0 |
| Towne Bank | (21087)<br>| (694817)<br>| 13.1 |
| Triumph Financial, Inc. | (9460)<br>| (505353)<br>| 9.5 |
| Trupanion, Inc. | (16366)<br>| (598996)<br>| 11.3 |
| Trustmark Corp. | (4444)<br>| (149096)<br>| 2.8 |
| Universal Logistics Holdings, Inc. | (8319)<br>| (180855)<br>| 3.4 |
| Viavi Solutions, Inc. | (22197)<br>| (234844)<br>| 4.4 |
| Vimeo, Inc. | (75826)<br>| (382163)<br>| 7.2 |
| Vishay Intertechnology, Inc. | (116386)<br>| (1511854)<br>| 28.5 |
| VSE Corp. | (48832)<br>| (5592241)<br>| 105.4 |
| WaVe Life Sciences Ltd. | (14231)<br>| (109863)<br>| 2.1 |
| Westrock Coffee Co. | (8636)<br>| (50089)<br>| 0.9 |
| White Mountains Insurance Group Ltd. | (1295)<br>| (2288848)<br>| 43.2 |
| XPEL, Inc. | (24724)<br>| (708095)<br>| 13.4 |
| Xponential Fitness, Inc., Class A | (156227)<br>| (1307620)<br>| 24.7 |
| York Water Co. | (15508)<br>| (545882)<br>| 10.3 |
| Zeta Global Holdings Corp., Class A | (8940)<br>| (116756)<br>| 2.2 |
|  |  | (137128057)<br>|  |
| **Total Reference Entity — Short** |  | (372410369)<br>|  |
| **Net Value of Reference Entity — Bank of America N.A.** | **Net Value of Reference Entity — Bank of America N.A.** | $(5303951)<br>|  |

---

The following table represents the individual long and short positions and related values of the equity securities underlying the total return swap with Bank of America N.A. as of period end, termination dates 02/16/28 – 02/17/28:

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of* <br>*Basket* <br>*Value*<br>|
| **Reference Entity — Long** |  |  |  |
| **Common Stocks**  |  |  |  |
| **Australia** |  |  |  |
| AGL Energy Ltd. | 137143 | $934631 | 2.5<br> % <br>|
| ANZ Group Holdings Ltd. | 303124 | 5796415 | 15.6 |
| South32 Ltd. | 1935455 | 3335360 | 8.9 |
|  |  | 10066406 |  |
| **Canada** |  |  |  |
| Algonquin Power & Utilities Corp. | 153228 | 825826 | 2.2 |
| Canadian Tire Corp. Ltd., Class A | 18827 | 2060509 | 5.5 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **Canada (continued)** |  |  |  |
| CGI, Inc. | 163460 | $17332499 | 46.5<br> % <br>|
| FirstService Corp. | 12666 | 2223027 | 6.0 |
| Keyera Corp. | 63878 | 1982692 | 5.3 |
| Pembina Pipeline Corp. | 116079 | 4437374 | 11.9 |
| Power Corp. of Canada | 336471 | 12735425 | 34.1 |
|  |  | 41597352 |  |
| **China** |  |  |  |
| Budweiser Brewing Co APAC Ltd. | 1525600 | 1611991 | 4.3 |
| Prosus NV | 87272 | 4091712 | 11.0 |
|  |  | 5703703 |  |
| **France** |  |  |  |
| Gaztransport Et Technigaz SA | 8113 | 1322442 | 3.5 |
| LVMH Moet Hennessy Louis Vuitton SE | 4511 | 2498775 | 6.7 |
| Orange SA | 1765367 | 25612020 | 68.7 |
| Thales SA | 22900 | 6414801 | 17.2 |
| Vallourec SACA | 6406 | 118400 | 0.3 |
|  |  | 35966438 |  |
| **Germany** |  |  |  |
| E.ON SE | 676373 | 11829487 | 31.7 |
| Knorr-Bremse AG | 19670 | 1950807 | 5.2 |
| RWE AG | 99442 | 3861745 | 10.4 |
| Vonovia SE | 337911 | 11208540 | 30.1 |
|  |  | 28850579 |  |
| **Hong Kong** |  |  |  |
| WH Group Ltd. | 5861500 | 5241396 | 14.1 |
| **Israel** |  |  |  |
| Nova Ltd. | 1738 | 341013 | 0.9 |
| Wix.com Ltd. | 12622 | 2140565 | 5.8 |
|  |  | 2481578 |  |
| **Italy** |  |  |  |
| Leonardo SpA | 25658 | 1333916 | 3.6 |
| Saipem SpA | 4949823 | 11433940 | 30.6 |
|  |  | 12767856 |  |
| **Japan** |  |  |  |
| AGC, Inc. | 102800 | 3209610 | 8.6 |
| Amada Co., Inc. | 487300 | 4879348 | 13.1 |
| Daito Trust Construction Co., Inc. | 54900 | 6112403 | 16.4 |
| Daiwa House Industry Co., Inc. | 128800 | 4660360 | 12.5 |
| ENEOS Holdings, Inc. | 136400 | 656661 | 1.8 |
| Fukuoka Financial Group, Inc. | 92000 | 2430664 | 6.5 |
| Hitachi Ltd. | 52700 | 1302508 | 3.5 |
| J Front Retailing Co., Inc. | 5300 | 64873 | 0.2 |
| Japan Post Bank Co., Inc. | 793100 | 8154609 | 21.9 |
| Japan Post Insurance Co., Inc. | 40600 | 816188 | 2.2 |
| Komatsu Ltd. | 77100 | 2229698 | 6.0 |
| NEC Corp. | 191900 | 4671387 | 12.5 |
| Nexon Co., Inc. | 35600 | 558552 | 1.5 |
| Obayashi Corp. | 280800 | 4356661 | 11.7 |
| Skylark Holdings Co., Inc. | 155400 | 3225208 | 8.7 |
| Sony Group Corp. | 320400 | 8453044 | 22.7 |
| Sumitomo Mitsui Trust Group, Inc. | 125400 | 3102237 | 8.3 |
| Takeda Pharmaceutical Co., Inc. | 319700 | 9670478 | 25.9 |
| TDK Corp. | 591900 | 6316427 | 16.9 |
| Tohoku Electric Power Co., Inc. | 83900 | 602952 | 1.6 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **Japan (continued)** |  |  |  |
| Tosoh Corp. | 11600 | $163522 | 0.4<br> % <br>|
| Toyota Tsusho Corp. | 222300 | 4417706 | 11.8 |
|  |  | 80055096 |  |
| **Mexico** |  |  |  |
| Fresnillo PLC | 41013 | 549679 | 1.5 |
| **Netherlands** |  |  |  |
| Argenx SE | 5816 | 3759749 | 10.1 |
| **New Zealand** |  |  |  |
| Xero Ltd. | 28066 | 2955717 | 7.9 |
| **Sweden** |  |  |  |
| AddTech AB | 5027 | 169121 | 0.4 |
| Industrivarden AB | 2727 | 95763 | 0.3 |
| Trelleborg AB | 3958 | 136478 | 0.4 |
|  |  | 401362 |  |
| **Switzerland** |  |  |  |
| On Holding AG, Class A | 46110 | 2218352 | 5.9 |
| **United Kingdom** |  |  |  |
| Admiral Group PLC | 62142 | 2702709 | 7.2 |
| AstraZeneca PLC | 9090 | 1302295 | 3.5 |
| ConvaTec Group PLC | 845113 | 2938170 | 7.9 |
| InterContinental Hotels Group PLC | 24287 | 2591664 | 7.0 |
| International Consolidated Airlines Group SA | 967225 | 3360591 | 9.0 |
| Man Group PLC | 13 | 28 | 0.0 |
| MONY Group PLC | 1 | 3 | 0.0 |
| Pearson PLC | 205120 | 3288327 | 8.8 |
| St James's Place PLC | 99738 | 1257232 | 3.4 |
| Tesco PLC | 1898605 | 9396199 | 25.2 |
|  |  | 26837218 |  |
| **United States** |  |  |  |
| Advanced Drainage Systems, Inc. | 7773 | 882158 | 2.4 |
| Allison Transmission Holdings, Inc. | 9353 | 862721 | 2.3 |
| Allstate Corp. | 22667 | 4496906 | 12.1 |
| Altria Group, Inc. | 287450 | 17002668 | 45.6 |
| Amdocs Ltd. | 42830 | 3793881 | 10.2 |
| Analog Devices, Inc. | 42391 | 8262854 | 22.2 |
| Apple, Inc. | 25186 | 5352025 | 14.4 |
| Cal-Maine Foods, Inc. | 47136 | 4401088 | 11.8 |
| Chewy, Inc., Class A | 22083 | 828113 | 2.2 |
| Cirrus Logic, Inc. | 47490 | 4560940 | 12.2 |
| Clearwater Analytics Holdings, Inc., Class A | 63402 | 1441761 | 3.9 |
| CRH PLC | 53218 | 5078062 | 13.6 |
| Delta Air Lines, Inc. | 22035 | 917317 | 2.5 |
| Dover Corp. | 24161 | 4123075 | 11.1 |
| DT Midstream, Inc. | 23142 | 2249402 | 6.0 |
| Duke Energy Corp. | 82841 | 10108259 | 27.1 |
| Elastic NV | 137329 | 11837760 | 31.7 |
| Element Solutions, Inc. | 9735 | 198691 | 0.5 |
| EMCOR Group, Inc. | 6376 | 2554863 | 6.9 |
| Equinix, Inc. | 31450 | 27070587 | 72.6 |
| Essent Group Ltd. | 153569 | 8742683 | 23.4 |
| Flowserve Corp. | 43672 | 1975285 | 5.3 |
| FNB Corp/PA | 102269 | 1338701 | 3.6 |
| Garmin Ltd. | 15224 | 2844909 | 7.6 |
| Global Payments, Inc. | 42488 | 3242259 | 8.7 |
| Globe Life, Inc. | 88113 | 10867857 | 29.1 |
| Hologic, Inc. | 64929 | 3778868 | 10.1 |

---

Schedule of Investments

------

Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **United States (continued)** |  |  |  |
| Huntington Bancshares Inc. | 247962 | $3602888 | 9.7<br> % <br>|
| Interactive Brokers Group, Inc., Class A | 13238 | 2274950 | 6.1 |
| IQVIA Holdings, Inc. | 29250 | 4535798 | 12.2 |
| Jacobs Solutions, Inc. | 44136 | 5464037 | 14.7 |
| Kimco Realty Corp. | 36033 | 719939 | 1.9 |
| Labcorp Holdings, Inc. | 55117 | 13283748 | 35.6 |
| M&T Bank Corp. | 27558 | 4678246 | 12.5 |
| Marvell Technology, Inc. | 299297 | 17469966 | 46.8 |
| Medtronic PLC | 13665 | 1158245 | 3.1 |
| MetLife, Inc. | 15773 | 1188811 | 3.2 |
| Microchip Technology, Inc. | 104497 | 4815222 | 12.9 |
| Nasdaq, Inc. | 12358 | 941803 | 2.5 |
| Natera, Inc. | 15952 | 2407635 | 6.5 |
| Okta, Inc. | 13018 | 1460099 | 3.9 |
| Pegasystems, Inc. | 14064 | 1295013 | 3.5 |
| QUALCOMM, Inc. | 56203 | 8343897 | 22.4 |
| Reinsurance Group of America, Inc. | 10454 | 1958139 | 5.2 |
| Synovus Financial Corp. | 21343 | 924579 | 2.5 |
| TopBuild Corp. | 2010 | 594478 | 1.6 |
| Trade Desk, Inc., Class A | 85666 | 4594268 | 12.3 |
| TransUnion | 19243 | 1596399 | 4.3 |
| Trimble, Inc. | 25298 | 1572018 | 4.2 |
| Truist Financial Corp. | 372510 | 14282033 | 38.3 |
| Vertiv Holdings Co., Class A | 64805 | 5533051 | 14.8 |
| VF Corp. | 203376 | 2416107 | 6.5 |
| Walt Disney Co. | 89697 | 8157942 | 21.9 |
| WEX, Inc. | 48282 | 6294524 | 16.9 |
|  |  | 270377528 |  |
| **Total Reference Entity — Long** |  | 529830009 |  |
| **Reference Entity — Short** |  |  |  |
| **Common Stocks**  |  |  |  |
| **Australia** |  |  |  |
| APA Group | (113161)<br>| (595450)<br>| (1.6)<br>|
| Lottery Corp. Ltd. | (6885)<br>| (22944)<br>| (0.1)<br>|
| Origin Energy Ltd. | (13404)<br>| (91362)<br>| (0.3)<br>|
| QBE Insurance Group Ltd. | (5703)<br>| (78815)<br>| (0.2)<br>|
| SGH Ltd. | (62)<br>| (2028)<br>| (0.0)<br>|
| Sigma Healthcare Ltd. | (1102898)<br>| (2128231)<br>| (5.7)<br>|
| Stockland | (56084)<br>| (197092)<br>| (0.5)<br>|
| Vicinity Ltd. | (145536)<br>| (220102)<br>| (0.6)<br>|
|  |  | (3336024)<br>|  |
| **Belgium** |  |  |  |
| D'ieteren Group | (24497)<br>| (4892072)<br>| (13.1)<br>|
| **Canada** |  |  |  |
| AltaGas Ltd. | (217184)<br>| (6427613)<br>| (17.2)<br>|
| Brookfield Corp. | (4463)<br>| (239758)<br>| (0.7)<br>|
| Capstone Copper Corp. | (361878)<br>| (1742978)<br>| (4.7)<br>|
| Metro, Inc. | (10265)<br>| (791059)<br>| (2.1)<br>|
| Quebecor, Inc., Class B | (33070)<br>| (907230)<br>| (2.4)<br>|
|  |  | (10108638)<br>|  |
| **China** |  |  |  |
| Wharf Holdings Ltd.. | (27000)<br>| (67821)<br>| (0.2)<br>|
| Yangzijiang Shipbuilding Holdings Ltd. | (1550000)<br>| (2655093)<br>| (7.1)<br>|
|  |  | (2722914)<br>|  |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **Denmark** |  |  |  |
| Carlsberg AS, Class B | (35128)<br>| $(4786318)<br>| (12.8)% <br>|
| Novonesis Novozymes B, Class B | (54743)<br>| (3555959)<br>| (9.5)<br>|
| Zehnder Group AG | (22456)<br>| (1588225)<br>| (4.3)<br>|
|  |  | (9930502)<br>|  |
| **Finland** |  |  |  |
| Neste OYJ | (61645)<br>| (639464)<br>| (1.7)<br>|
| UPM-Kymmene OYJ | (368825)<br>| (9768736)<br>| (26.2)<br>|
|  |  | (10408200)<br>|  |
| **France** |  |  |  |
| Aeroports de Paris SA | (25006)<br>| (3126919)<br>| (8.4)<br>|
| Bouygues SA | (74855)<br>| (3290274)<br>| (8.8)<br>|
| Nexans SA | (3663)<br>| (402411)<br>| (1.1)<br>|
| Rexel SA | (102942)<br>| (2860102)<br>| (7.7)<br>|
| Sartorius Stedim Biotech | (50006)<br>| (11800962)<br>| (31.6)<br>|
| Teleperformance SE | (22521)<br>| (2469541)<br>| (6.6)<br>|
| Vinci SA | (27757)<br>| (3898951)<br>| (10.5)<br>|
|  |  | (27849160)<br>|  |
| **Germany** |  |  |  |
| BASF SE | (96233)<br>| (4914567)<br>| (13.2)<br>|
| Heidelberg Materials AG | (1788)<br>| (357445)<br>| (1.0)<br>|
| Renk Group AG | (30473)<br>| (1835820)<br>| (4.9)<br>|
|  |  | (7107832)<br>|  |
| **Hong Kong** |  |  |  |
| Hang Seng Bank Ltd. | (431900)<br>| (6028798)<br>| (16.2)<br>|
| Hong Kong & China Gas Co., Inc. | (2860000)<br>| (2573352)<br>| (6.9)<br>|
| MTR Corp. Ltd. | (864000)<br>| (2982810)<br>| (8.0)<br>|
| Power Assets Holdings Ltd. | (236500)<br>| (1564021)<br>| (4.2)<br>|
| Prudential PLC | (934100)<br>| (9932075)<br>| (26.6)<br>|
|  |  | (23081056)<br>|  |
| **Ireland** |  |  |  |
| Accenture PLC, Class A | (4736)<br>| (1416775)<br>| (3.8)<br>|
| Kingspan Group PLC | (84903)<br>| (7164490)<br>| (19.2)<br>|
|  |  | (8581265)<br>|  |
| **Israel** |  |  |  |
| ICL Group Ltd. | (38378)<br>| (256189)<br>| (0.7)<br>|
| Israel Discount Bank Ltd., Class A | (218756)<br>| (1633994)<br>| (4.4)<br>|
| Mizrahi Tefahot Bank Ltd. | (20114)<br>| (1018523)<br>| (2.7)<br>|
| Oddity Tech Ltd., Class A | (29813)<br>| (1831711)<br>| (4.9)<br>|
|  |  | (4740417)<br>|  |
| **Italy** |  |  |  |
| Iveco Group NV | (81156)<br>| (1296556)<br>| (3.5)<br>|
| Nexi SpA | (204225)<br>| (1192890)<br>| (3.2)<br>|
| Poste Italiane SpA | (60477)<br>| (1227514)<br>| (3.3)<br>|
| Ryanair Holdings PLC | (6372)<br>| (151682)<br>| (0.4)<br>|
|  |  | (3868642)<br>|  |
| **Japan** |  |  |  |
| Asics Corp. | (343000)<br>| (7372457)<br>| (19.8)<br>|
| Bandai Namco Holdings, Inc. | (103200)<br>| (3586460)<br>| (9.6)<br>|
| BayCurrent, Inc. | (49900)<br>| (2688790)<br>| (7.2)<br>|
| Bridgestone Corp. | (80500)<br>| (3366120)<br>| (9.0)<br>|
| Capcom Co., Inc. | (160400)<br>| (4643661)<br>| (12.5)<br>|
| Central Japan Railway Co. | (102700)<br>| (2161204)<br>| (5.8)<br>|
| Chugai Pharmaceutical Co., Inc. | (10400)<br>| (599139)<br>| (1.6)<br>|
| Cosmos Pharmaceutical Corp. | (17700)<br>| (1138811)<br>| (3.1)<br>|
| Daifuku Co., Inc. | (95800)<br>| (2534338)<br>| (6.8)<br>|

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **Japan (continued)** |  |  |  |
| Daiichi Sankyo Co., Inc. | (212400)<br>| $(5433322)<br>| (14.6)% <br>|
| Fast Retailing Co., Inc. | (4800)<br>| (1578935)<br>| (4.2)<br>|
| Food & Life Cos. Ltd. | (43500)<br>| (1609726)<br>| (4.3)<br>|
| Fujikura Ltd. | (59200)<br>| (2202647)<br>| (5.9)<br>|
| Furukawa Electric Co., Inc. | (10000)<br>| (315816)<br>| (0.8)<br>|
| Harmonic Drive Systems, Inc. | (5900)<br>| (138695)<br>| (0.4)<br>|
| Hoya Corp. | (74000)<br>| (8707290)<br>| (23.4)<br>|
| IHI Corp. | (8700)<br>| (681490)<br>| (1.8)<br>|
| ITOCHU Corp. | (125500)<br>| (6418438)<br>| (17.2)<br>|
| Japan Steel Works Ltd. | (33000)<br>| (1359770)<br>| (3.6)<br>|
| Kadokawa Corp. | (49900)<br>| (1341954)<br>| (3.6)<br>|
| Kajima Corp. | (64800)<br>| (1547271)<br>| (4.2)<br>|
| Kansai Paint Co., Inc. | (9600)<br>| (144704)<br>| (0.4)<br>|
| Kawasaki Kisen Kaisha Ltd. | (22600)<br>| (309943)<br>| (0.8)<br>|
| Kikkoman Corp. | (14900)<br>| (145859)<br>| (0.4)<br>|
| Kobe Bussan Co., Inc. | (60100)<br>| (1836664)<br>| (4.9)<br>|
| Kokusai Electric Corp. | (1600)<br>| (29544)<br>| (0.1)<br>|
| Kose Corp. | (1200)<br>| (51757)<br>| (0.1)<br>|
| Kyushu Railway Co. | (45300)<br>| (1172424)<br>| (3.1)<br>|
| M3, Inc. | (51600)<br>| (646682)<br>| (1.7)<br>|
| Makita Corp. | (34800)<br>| (1017693)<br>| (2.7)<br>|
| Marubeni Corp. | (27700)<br>| (491084)<br>| (1.3)<br>|
| Maruwa Co. Ltd. | (1700)<br>| (349565)<br>| (0.9)<br>|
| Mitsubishi Heavy Industries Ltd. | (269100)<br>| (5304726)<br>| (14.2)<br>|
| Nintendo Co., Inc. | (53200)<br>| (4416664)<br>| (11.8)<br>|
| Nippon Paint Holdings Co., Inc. | (218100)<br>| (1661653)<br>| (4.5)<br>|
| Nitori Holdings Co., Inc. | (14200)<br>| (1689583)<br>| (4.5)<br>|
| Oracle Corp. Japan | (2600)<br>| (312576)<br>| (0.8)<br>|
| Osaka Gas Co., Inc. | (59600)<br>| (1511340)<br>| (4.1)<br>|
| Rakus Co., Inc. | (52500)<br>| (797727)<br>| (2.1)<br>|
| Renesas Electronics Corp. | (123700)<br>| (1451651)<br>| (3.9)<br>|
| Ryohin Keikaku Co., Inc. | (139600)<br>| (4718556)<br>| (12.7)<br>|
| SCSK Corp. | (53000)<br>| (1386237)<br>| (3.7)<br>|
| Seibu Holdings, Inc. | (22400)<br>| (541378)<br>| (1.5)<br>|
| SG Holdings Co., Inc. | (76400)<br>| (804465)<br>| (2.2)<br>|
| Shizuoka Financial Group, Inc. | (8900)<br>| (98902)<br>| (0.3)<br>|
| SoftBank Group Corp. | (131300)<br>| (6639793)<br>| (17.8)<br>|
| Sumitomo Electric Industries Ltd. | (75400)<br>| (1211934)<br>| (3.3)<br>|
| Sumitomo Metal Mining Co., Inc. | (64800)<br>| (1437719)<br>| (3.9)<br>|
| Sumitomo Realty & Development Co., Inc. | (5900)<br>| (219753)<br>| (0.6)<br>|
| Suzuki Motor Corp. | (82000)<br>| (982660)<br>| (2.6)<br>|
| Taiheiyo Cement Corp. | (93400)<br>| (2514829)<br>| (6.7)<br>|
| Taisei Corp. | (3100)<br>| (168088)<br>| (0.5)<br>|
| TIS, Inc. | (29200)<br>| (842805)<br>| (2.3)<br>|
| Toho Co., Ltd. | (23400)<br>| (1335940)<br>| (3.6)<br>|
| Tokyo Electric Power Co Holdings, Inc. | (59700)<br>| (182631)<br>| (0.5)<br>|
| Tokyo Metro Co., Inc. | (7900)<br>| (100101)<br>| (0.3)<br>|
| Tokyo Ohka Kogyo Co., Inc. | (25400)<br>| (558797)<br>| (1.5)<br>|
| Tokyo Seimitsu Co., Inc. | (5000)<br>| (279015)<br>| (0.7)<br>|
| TOPPAN Holdings, Inc. | (6800)<br>| (190893)<br>| (0.5)<br>|
| Toyo Suisan Kaisha Ltd. | (10900)<br>| (704639)<br>| (1.9)<br>|
| Trend Micro, Inc. | (12300)<br>| (882532)<br>| (2.4)<br>|
| Yakult Honsha Co., Inc. | (4200)<br>| (86276)<br>| (0.2)<br>|
| Yamaha Motor Co., Inc. | (10900)<br>| (85606)<br>| (0.2)<br>|
| Yamato Holdings Co., Inc. | (26800)<br>| (380500)<br>| (1.0)<br>|
| Yamazaki Baking Co., Inc. | (14800)<br>| (354290)<br>| (1.0)<br>|
| Yokogawa Electric Corp. | (37700)<br>| (815833)<br>| (2.2)<br>|
| Zensho Holdings Co., Inc. | (27100)<br>| (1674599)<br>| (4.5)<br>|
|  |  | (111966944)<br>|  |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **Netherlands** |  |  |  |
| IMCD NV | (20681)<br>| $(2750173)<br>| (7.4)% <br>|
| JDE Peet's NV | (23207)<br>| (561816)<br>| (1.5)<br>|
| NXP Semiconductors NV | (8590)<br>| (1583223)<br>| (4.2)<br>|
|  |  | (4895212)<br>|  |
| **Norway** |  |  |  |
| Telenor ASA | (12405)<br>| (186323)<br>| (0.5)<br>|
| **Portugal** |  |  |  |
| Galp Energia SGPS SA | (288238)<br>| (4465894)<br>| (12.0)<br>|
| **Singapore** |  |  |  |
| Oversea-Chinese Banking Corp. Ltd. | (1380900)<br>| (17089692)<br>| (45.8)<br>|
| Sembcorp Industries Ltd. | (361600)<br>| (1829034)<br>| (4.9)<br>|
|  |  | (18918726)<br>|  |
| **Spain** |  |  |  |
| Banco Santander SA | (1367190)<br>| (9626194)<br>| (25.8)<br>|
| Cellnex Telecom SA | (52236)<br>| (2113957)<br>| (5.7)<br>|
| EDP Renovaveis SA | (130115)<br>| (1218495)<br>| (3.3)<br>|
| Repsol SA | (1056314)<br>| (12912030)<br>| (34.6)<br>|
|  |  | (25870676)<br>|  |
| **Sweden** |  |  |  |
| Epiroc AB, Class B | (28664)<br>| (562146)<br>| (1.5)<br>|
| Hexagon AB | (365310)<br>| (3555402)<br>| (9.5)<br>|
| L E Lundbergforetagen AB | (12349)<br>| (651583)<br>| (1.8)<br>|
| Skandinaviska Enskilda Banken AB, Class A | (1235920)<br>| (19611171)<br>| (52.6)<br>|
| Svenska Cellulosa AB SCA, Class B | (228760)<br>| (2957993)<br>| (7.9)<br>|
| Svenska Handelsbanken AB | (422111)<br>| (5525353)<br>| (14.8)<br>|
|  |  | (32863648)<br>|  |
| **United Kingdom** |  |  |  |
| BT Group PLC | (572732)<br>| (1329286)<br>| (3.6)<br>|
| JD Sports Fashion PLC | (1451873)<br>| (1528540)<br>| (4.1)<br>|
| LondonMetric Property PLC | (1150897)<br>| (2952868)<br>| (7.9)<br>|
| Schroders PLC | (47842)<br>| (210800)<br>| (0.6)<br>|
| Segro PLC | (369338)<br>| (3359740)<br>| (9.0)<br>|
| UNITE Group PLC/The | (247559)<br>| (2844212)<br>| (7.6)<br>|
| Whitbread PLC | (53202)<br>| (1847760)<br>| (5.0)<br>|
|  |  | (14073206)<br>|  |
| **United States** |  |  |  |
| 3M Co. | (9733)<br>| (1352011)<br>| (3.6)<br>|
| Affirm Holdings, Inc. | (26661)<br>| (1326651)<br>| (3.6)<br>|
| Aflac, Inc. | (1531)<br>| (166389)<br>| (0.4)<br>|
| AST SpaceMobile, Inc. | (12464)<br>| (289289)<br>| (0.8)<br>|
| Berkshire Hathaway, Inc., Class B | (795)<br>| (423934)<br>| (1.1)<br>|
| Broadcom, Inc. | (6693)<br>| (1288202)<br>| (3.5)<br>|
| Brown & Brown, Inc. | (28481)<br>| (3149999)<br>| (8.4)<br>|
| Champion Homes, Inc. | (37539)<br>| (3247123)<br>| (8.7)<br>|
| Choice Hotels International, Inc. | (8508)<br>| (1072944)<br>| (2.9)<br>|
| Chubb Ltd. | (7884)<br>| (2255455)<br>| (6.0)<br>|
| Cigna Group | (6706)<br>| (2280308)<br>| (6.1)<br>|
| Cloudflare, Inc., Class A | (21665)<br>| (2616699)<br>| (7.0)<br>|
| Coinbase Global, Inc., Class A | (5975)<br>| (1212268)<br>| (3.3)<br>|
| ConocoPhillips | (6803)<br>| (606283)<br>| (1.6)<br>|
| Coty, Inc., Class A | (320859)<br>| (1620338)<br>| (4.3)<br>|
| Eastman Chemical Co. | (22256)<br>| (1713712)<br>| (4.6)<br>|
| Ensign Group, Inc. | (11188)<br>| (1443140)<br>| (3.9)<br>|
| ExlService Holdings, Inc. | (13503)<br>| (654625)<br>| (1.8)<br>|
| FirstEnergy Corp. | (225391)<br>| (9664766)<br>| (25.9)<br>|
| Goldman Sachs Group, Inc. | (6441)<br>| (3526770)<br>| (9.5)<br>|
| GSK PLC | (240659)<br>| (4760884)<br>| (12.8)<br>|

---

Schedule of Investments

------

Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **United States (continued)** |  |  |  |
| Haleon PLC | (3949522)<br>| $(19873482)<br>| (53.3)% <br>|
| HubSpot, Inc. | (1431)<br>| (875057)<br>| (2.3)<br>|
| Insmed, Inc. | (14450)<br>| (1040400)<br>| (2.8)<br>|
| International Paper Co. PA | (6147)<br>| (279632)<br>| (0.7)<br>|
| Klaviyo, Inc., Class A | (21475)<br>| (653699)<br>| (1.8)<br>|
| L3Harris Technologies, Inc. | (9579)<br>| (2107572)<br>| (5.7)<br>|
| Leidos Holdings, Inc. | (2262)<br>| (332921)<br>| (0.9)<br>|
| McCormick & Co., Inc. | (13589)<br>| (1041733)<br>| (2.8)<br>|
| Modine Manufacturing Co. | (1875)<br>| (153075)<br>| (0.4)<br>|
| Mueller Industries, Inc. | (52992)<br>| (3898092)<br>| (10.5)<br>|
| Nestle SA, Registered Shares | (187179)<br>| (19922843)<br>| (53.4)<br>|
| Pinnacle Financial Partners, Inc. | (15378)<br>| (1541491)<br>| (4.1)<br>|
| PPL Corp. | (145114)<br>| (5296661)<br>| (14.2)<br>|
| Republic Services, Inc. | (20050)<br>| (5027537)<br>| (13.5)<br>|
| Rollins, Inc. | (8116)<br>| (463667)<br>| (1.2)<br>|
| Ryman Hospitality Properties, Inc. | (51449)<br>| (4524940)<br>| (12.1)<br>|
| Sempra | (9504)<br>| (705862)<br>| (1.9)<br>|
| SoFi Technologies, Inc. | (170508)<br>| (2133055)<br>| (5.7)<br>|
| STERIS PLC | (13779)<br>| (3096692)<br>| (8.3)<br>|
| Summit Therapeutics, Inc. | (1467)<br>| (35384)<br>| (0.1)<br>|
| Swiss Re AG | (78127)<br>| (14024125)<br>| (37.6)<br>|
| Symbotic, Inc. | (44713)<br>| (964907)<br>| (2.6)<br>|
| Sysco Corp. | (2225)<br>| (158865)<br>| (0.4)<br>|
| Tempus AI, Inc. | (14616)<br>| (755209)<br>| (2.0)<br>|
| TJX Cos, Inc. | (18719)<br>| (2408761)<br>| (6.5)<br>|
| Trex Co., Inc. | (32215)<br>| (1862671)<br>| (5.0)<br>|
| Venture Global, Inc., Class A | (872332)<br>| (7318865)<br>| (19.6)<br>|
| Vertex, Inc., Class A | (1846)<br>| (73895)<br>| (0.2)<br>|
| Vornado Realty Trust | (238553)<br>| (8416150)<br>| (22.6)<br>|
| W R Berkley Corp. | (28965)<br>| (2076501)<br>| (5.6)<br>|
| WEC Energy Group, Inc. | (46546)<br>| (5097718)<br>| (13.7)<br>|
|  |  | (160833252)<br>|  |
| **Preferred Stocks**  |  |  |  |
| **Germany** |  |  |  |
| Bayerische Motoren Werke AG | (22811)<br>| (1840774)<br>| (4.9)<br>|
| **Total Reference Entity — Short** |  | (492541377)<br>|  |
| **Net Value of Reference Entity — Bank of America N.A.** | **Net Value of Reference Entity — Bank of America N.A.** | $37288632 |  |

---

The following table represents the individual long and short positions and related values of the equity securities underlying the total return swap with Bank of America N.A. as of period end, termination dates 02/16/28 – 03/17/28:

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of* <br>*Basket* <br>*Value*<br>|
| **Reference Entity — Long** |  |  |  |
| **Common Stocks**  |  |  |  |
| **Australia** |  |  |  |
| AGL Energy Ltd. | 86416 | $588925 | 879.9<br> % <br>|
| Ampol Ltd. | 86271 | 1309957 | 1957.0 |
| ANZ Group Holdings Ltd. | 374721 | 7165511 | 10705.0 |
| Macquarie Group Ltd. | 19929 | 2462727 | 3679.2 |
| Northern Star Resources Ltd. | 276982 | 3402357 | 5083.0 |
| Sonic Healthcare Ltd. | 137811 | 2301025 | 3437.7 |
| South32 Ltd. | 2304612 | 3971527 | 5933.3 |
|  |  | 21202029 |  |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **Brazil** |  |  |  |
| Wheaton Precious Metals Corp. | 19333 | $1614262 | 2,411.7<br> % <br>|
| **Canada** |  |  |  |
| BCE, Inc. | 109067 | 2424063 | 3621.5 |
| CGI, Inc. | 245437 | 26024939 | 38880.3 |
| FirstService Corp. | 12089 | 2121757 | 3169.8 |
| Gildan Activewear, Inc. | 15797 | 727973 | 1087.6 |
| IGM Financial, Inc. | 216116 | 6867867 | 10260.3 |
| Keyera Corp. | 14541 | 451334 | 674.3 |
| Loblaw Cos Ltd. | 7883 | 1279715 | 1911.8 |
| Pembina Pipeline Corp. | 5708 | 218201 | 326.0 |
| Power Corp. of Canada | 31350 | 1186597 | 1772.7 |
| Secure Waste Infrastructure Corp. | 186036 | 1771836 | 2647.1 |
| Stantec, Inc. | 7726 | 678113 | 1013.1 |
|  |  | 43752395 |  |
| **China** |  |  |  |
| Budweiser Brewing Co APAC Ltd. | 627300 | 662823 | 990.2 |
| **Denmark** |  |  |  |
| Vestas Wind Systems A/S | 179659 | 2395250 | 3578.4 |
| **France** |  |  |  |
| Amundi SA | 14702 | 1161329 | 1735.0 |
| Gaztransport Et Technigaz SA | 4296 | 700260 | 1046.2 |
| Orange SA | 1783955 | 25881695 | 38666.3 |
| Societe Generale SA | 1795 | 93589 | 139.8 |
| Vallourec SACA | 98394 | 1818591 | 2716.9 |
|  |  | 29655464 |  |
| **Germany** |  |  |  |
| E.ON SE | 1346087 | 23542511 | 35171.7 |
| Vonovia SE | 176052 | 5839661 | 8724.2 |
|  |  | 29382172 |  |
| **Hong Kong** |  |  |  |
| WH Group Ltd. | 7731000 | 6913117 | 10328.0 |
| **Ireland** |  |  |  |
| AIB Group PLC | 1026099 | 6896473 | 10303.1 |
| **Italy** |  |  |  |
| Saipem SpA | 2495218 | 5763877 | 8611.0 |
| **Japan** |  |  |  |
| Aeon Co., Inc. | 350400 | 10361739 | 15480.1 |
| AGC, Inc. | 76000 | 2372864 | 3545.0 |
| Amada Co., Inc. | 524000 | 5246826 | 7838.6 |
| ANA Holdings, Inc. | 200000 | 3841885 | 5739.6 |
| Canon, Inc. | 27600 | 851728 | 1272.4 |
| Chugai Pharmaceutical Co., Inc. | 48200 | 2776778 | 4148.4 |
| Daito Trust Construction Co., Inc. | 34700 | 3863395 | 5771.8 |
| Daiwa House Industry Co., Inc. | 33000 | 1194036 | 1783.8 |
| Dentsu Group, Inc. | 10000 | 209661 | 313.2 |
| Fujitsu Ltd. | 46200 | 1026354 | 1533.3 |
| Fukuoka Financial Group, Inc. | 35400 | 935277 | 1397.3 |
| Hamamatsu Photonics KK | 342600 | 3168057 | 4733.0 |
| Horiba Ltd. | 72300 | 4941838 | 7382.9 |
| Hulic Co., Inc. | 65500 | 684927 | 1023.3 |
| J Front Retailing Co., Inc. | 37500 | 459006 | 685.7 |
| Kuraray Co., Inc. | 15200 | 177559 | 265.3 |
| Kyocera Corp. | 16500 | 195553 | 292.1 |
| Mitsubishi Chemical Group Corp. | 84400 | 410315 | 613.0 |
| NEC Corp. | 91500 | 2227368 | 3327.6 |
| Nexon Co., Inc. | 114300 | 1793330 | 2679.2 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **Japan (continued)** |  |  |  |
| NIPPON EXPRESS HOLDINGS, Inc. | 12400 | $221437 | 330.8<br> % <br>|
| Nissin Foods Holdings Co., Inc. | 112800 | 2487106 | 3715.6 |
| Obayashi Corp. | 159400 | 2473119 | 3694.8 |
| Ono Pharmaceutical Co., Inc. | 29100 | 334968 | 500.4 |
| Pan Pacific International Holdings Corp. | 74500 | 2293664 | 3426.7 |
| Rakuten Group, Inc. | 558500 | 3293099 | 4919.8 |
| Sankyo Co., Inc. | 65000 | 989335 | 1478.0 |
| Sanrio Co., Inc. | 53100 | 2115833 | 3161.0 |
| Secom Co., Inc. | 122900 | 4519086 | 6751.4 |
| Shionogi & Co., Inc. | 273700 | 4598300 | 6869.7 |
| Skylark Holdings Co., Inc. | 22800 | 473197 | 706.9 |
| SoftBank Corp. | 3089300 | 4674867 | 6984.1 |
| Subaru Corp. | 26100 | 472617 | 706.1 |
| Sumitomo Mitsui Trust Group, Inc. | 73500 | 1818297 | 2716.5 |
| Takashimaya Co., Inc. | 561300 | 4327706 | 6465.4 |
| TDK Corp. | 114100 | 1217612 | 1819.1 |
| Terumo Corp. | 191000 | 3655878 | 5461.7 |
| Tokyu Fudosan Holdings Corp. | 78700 | 551200 | 823.5 |
| Tomy Co., Inc. | 71200 | 1567610 | 2342.0 |
| TOTO Ltd. | 49400 | 1302602 | 1946.0 |
| Toyota Tsusho Corp. | 172600 | 3430032 | 5124.3 |
|  |  | 93556061 |  |
| **Mexico** |  |  |  |
| Fresnillo PLC | 35459 | 475242 | 710.0 |
| **Netherlands** |  |  |  |
| Argenx SE | 3684 | 2381519 | 3557.9 |
| **New Zealand** |  |  |  |
| Xero Ltd. | 36729 | 3868044 | 5778.7 |
| **Norway** |  |  |  |
| Var Energi ASA | 500424 | 1376023 | 2055.7 |
| **Spain** |  |  |  |
| Bankinter SA | 233968 | 2725478 | 4071.8 |
| **Sweden** |  |  |  |
| AddTech AB | 4278 | 143922 | 215.0 |
| **Switzerland** |  |  |  |
| Chocoladefabriken Lindt & Spruengli AG, <br> Registered Shares<br>| 4 | 566570 | 846.4 |
| Sika AG, Registered Shares | 233 | 58228 | 87.0 |
| Swatch Group AG | 34833 | 6044995 | 9031.0 |
|  |  | 6669793 |  |
| **United Kingdom** |  |  |  |
| Burberry Group PLC | 22883 | 222853 | 332.9 |
| HSBC Holdings PLC | 700812 | 7812217 | 11671.2 |
| IG Group Holdings PLC | 231103 | 3293905 | 4921.0 |
| InterContinental Hotels Group PLC | 13179 | 1406330 | 2101.0 |
| International Consolidated Airlines Group SA | 399255 | 1387198 | 2072.4 |
| Man Group PLC | 24 | 52 | 0.1 |
| MONY Group PLC | 1 | 3 | 0.0 |
| Ocado Group PLC | 198597 | 750311 | 1120.9 |
| St James's Place PLC | 107614 | 1356512 | 2026.6 |
| Tesco PLC | 171430 | 848407 | 1267.5 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **United Kingdom (continued)** |  |  |  |
| Vodafone Group PLC | 9204506 | $9045270 | 13,513.3<br> % <br>|
| Weir Group PLC | 4038 | 121720 | 181.9 |
|  |  | 26244778 |  |
| **United States** |  |  |  |
| Novartis AG, Registered Shares | 79988 | 9123208 | 13629.8 |
| QIAGEN NV | 2014 | 86432 | 129.1 |
|  |  | 9209640 |  |
| **Zambia** |  |  |  |
| First Quantum Minerals Ltd. | 233641 | 3137019 | 4686.6 |
| **Total Reference Entity — Long** |  | 298025381 |  |
| **Reference Entity — Short** |  |  |  |
| **Common Stocks**  |  |  |  |
| **Australia** |  |  |  |
| ASX Ltd. | (2177)<br>| (98579)<br>| (147.3)<br>|
| CAR Group Ltd. | (10008)<br>| (213614)<br>| (319.1)<br>|
| Cochlear Ltd. | (7992)<br>| (1399643)<br>| (2091.0)<br>|
| GPT Group | (29960)<br>| (88812)<br>| (132.7)<br>|
| Lottery Corp. Ltd. | (156211)<br>| (520577)<br>| (777.7)<br>|
| Lynas Rare Earths Ltd. | (529087)<br>| (2892388)<br>| (4321.1)<br>|
| NEXTDC Ltd. | (156538)<br>| (1188488)<br>| (1775.6)<br>|
| Pilbara Minerals Ltd. | (178958)<br>| (172415)<br>| (257.6)<br>|
| Reece Ltd. | (6890)<br>| (69481)<br>| (103.8)<br>|
| Sigma Healthcare Ltd. | (843217)<br>| (1627132)<br>| (2430.9)<br>|
| Stockland | (93675)<br>| (329196)<br>| (491.8)<br>|
| Vicinity Ltd. | (88244)<br>| (133456)<br>| (199.4)<br>|
|  |  | (8733781)<br>|  |
| **Belgium** |  |  |  |
| D'ieteren Group | (15290)<br>| (3053426)<br>| (4561.7)<br>|
| **Canada** |  |  |  |
| AltaGas Ltd. | (203145)<br>| (6012126)<br>| (8981.9)<br>|
| Capstone Copper Corp. | (1319784)<br>| (6356714)<br>| (9496.7)<br>|
| Element Fleet Management Corp. | (335189)<br>| (7340313)<br>| (10966.2)<br>|
| Metro, Inc. | (3616)<br>| (278662)<br>| (416.3)<br>|
| Quebecor, Inc., Class B | (42850)<br>| (1175531)<br>| (1756.2)<br>|
|  |  | (21163346)<br>|  |
| **China** |  |  |  |
| Wharf Holdings Ltd.. | (131000)<br>| (329059)<br>| (491.6)<br>|
| Wilmar International Ltd. | (2232200)<br>| (5235578)<br>| (7821.8)<br>|
|  |  | (5564637)<br>|  |
| **Congo** |  |  |  |
| Ivanhoe Mines Ltd., Class A | (117185)<br>| (1040435)<br>| (1554.4)<br>|
| **Denmark** |  |  |  |
| Novonesis Novozymes B, Class B | (3780)<br>| (245539)<br>| (366.8)<br>|
| Zehnder Group AG | (4585)<br>| (324279)<br>| (484.5)<br>|
|  |  | (569818)<br>|  |
| **Finland** |  |  |  |
| Neste OYJ | (197472)<br>| (2048443)<br>| (3060.3)<br>|
| **France** |  |  |  |
| Aeroports de Paris SA | (6394)<br>| (799549)<br>| (1194.5)<br>|
| Getlink SE | (98888)<br>| (1877707)<br>| (2805.2)<br>|
| Nexans SA | (1522)<br>| (167204)<br>| (249.8)<br>|

---

Schedule of Investments

------

Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **France (continued)** |  |  |  |
| Rexel SA | (30545)<br>| $(848651)<br>| (1,267.9)% <br>|
| Sartorius Stedim Biotech | (18716)<br>| (4416806)<br>| (6598.5)<br>|
| Unibail-Rodamco-Westfield | (152424)<br>| (12903460)<br>| (19277.3)<br>|
|  |  | (21013377)<br>|  |
| **Germany** |  |  |  |
| Renk Group AG | (77620)<br>| (4676150)<br>| (6986.0)<br>|
| **Hong Kong** |  |  |  |
| CK Asset Holdings Ltd. | (441500)<br>| (1803688)<br>| (2694.6)<br>|
| Hang Seng Bank Ltd. | (368600)<br>| (5145207)<br>| (7686.8)<br>|
| Hong Kong & China Gas Co., Inc. | (3039000)<br>| (2734412)<br>| (4085.1)<br>|
| MTR Corp. Ltd. | (301000)<br>| (1039150)<br>| (1552.4)<br>|
| Power Assets Holdings Ltd. | (545500)<br>| (3607499)<br>| (5389.5)<br>|
| Prudential PLC | (1807506)<br>| (19218803)<br>| (28712.2)<br>|
|  |  | (33548759)<br>|  |
| **Ireland** |  |  |  |
| Kingspan Group PLC | (38162)<br>| (3220278)<br>| (4811.0)<br>|
| **Israel** |  |  |  |
| Elbit Systems Ltd. | (4217)<br>| (1621352)<br>| (2422.2)<br>|
| ICL Group Ltd. | (325423)<br>| (2172337)<br>| (3245.4)<br>|
|  |  | (3793689)<br>|  |
| **Italy** |  |  |  |
| Iveco Group NV | (119869)<br>| (1915038)<br>| (2861.0)<br>|
| **Japan** |  |  |  |
| Asics Corp. | (320400)<br>| (6886692)<br>| (10288.5)<br>|
| Bandai Namco Holdings, Inc. | (46300)<br>| (1609041)<br>| (2403.8)<br>|
| Bridgestone Corp. | (7500)<br>| (313614)<br>| (468.5)<br>|
| Capcom Co., Inc. | (40500)<br>| (1172496)<br>| (1751.7)<br>|
| Central Japan Railway Co. | (27100)<br>| (570288)<br>| (852.0)<br>|
| Concordia Financial Group Ltd. | (21100)<br>| (136474)<br>| (203.9)<br>|
| Cosmos Pharmaceutical Corp. | (12800)<br>| (823547)<br>| (1230.3)<br>|
| Daifuku Co., Inc. | (5500)<br>| (145500)<br>| (217.4)<br>|
| Daiichi Sankyo Co., Inc. | (168500)<br>| (4310333)<br>| (6439.5)<br>|
| Food & Life Cos. Ltd. | (22600)<br>| (836318)<br>| (1249.4)<br>|
| Fujikura Ltd. | (3600)<br>| (133945)<br>| (200.1)<br>|
| Furukawa Electric Co., Inc. | (19800)<br>| (625316)<br>| (934.2)<br>|
| Harmonic Drive Systems, Inc. | (3600)<br>| (84628)<br>| (126.4)<br>|
| Hoya Corp. | (9300)<br>| (1094295)<br>| (1634.8)<br>|
| IHI Corp. | (2800)<br>| (219330)<br>| (327.7)<br>|
| ITOCHU Corp. | (18500)<br>| (946144)<br>| (1413.5)<br>|
| Japan Exchange Group, Inc. | (47900)<br>| (532924)<br>| (796.2)<br>|
| Japan Post Bank Co., Inc. | (63300)<br>| (650847)<br>| (972.3)<br>|
| Japan Post Holdings Co., Inc. | (217500)<br>| (2114157)<br>| (3158.5)<br>|
| Japan Steel Works Ltd. | (43100)<br>| (1775942)<br>| (2653.2)<br>|
| Japan Tobacco, Inc. | (278900)<br>| (8592361)<br>| (12836.7)<br>|
| Kadokawa Corp. | (7500)<br>| (201696)<br>| (301.3)<br>|
| Kajima Corp. | (94800)<br>| (2263600)<br>| (3381.7)<br>|
| Kawasaki Heavy Industries Ltd. | (23700)<br>| (1413744)<br>| (2112.1)<br>|
| Kawasaki Kisen Kaisha Ltd. | (162400)<br>| (2227203)<br>| (3327.4)<br>|
| Kyushu Railway Co. | (175600)<br>| (4544761)<br>| (6789.7)<br>|
| M3, Inc. | (44400)<br>| (556447)<br>| (831.3)<br>|
| Makita Corp. | (36200)<br>| (1058635)<br>| (1581.6)<br>|
| Marubeni Corp. | (105300)<br>| (1866828)<br>| (2789.0)<br>|
| Mitsubishi Heavy Industries Ltd. | (357500)<br>| (7047341)<br>| (10528.5)<br>|
| Nippon Building Fund, Inc. | (623)<br>| (578274)<br>| (863.9)<br>|
| Nippon Paint Holdings Co., Inc. | (49600)<br>| (377891)<br>| (564.6)<br>|
| Osaka Gas Co., Inc. | (17700)<br>| (448838)<br>| (670.5)<br>|
| Rakus Co., Inc. | (89300)<br>| (1356896)<br>| (2027.2)<br>|

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **Japan (continued)** |  |  |  |
| Renesas Electronics Corp. | (36200)<br>| $(424816)<br>| (634.7)% <br>|
| Ryohin Keikaku Co., Inc. | (98900)<br>| (3342874)<br>| (4994.1)<br>|
| SCSK Corp. | (36700)<br>| (959904)<br>| (1434.1)<br>|
| SG Holdings Co., Inc. | (64000)<br>| (673897)<br>| (1006.8)<br>|
| Shizuoka Financial Group, Inc. | (167400)<br>| (1860239)<br>| (2779.1)<br>|
| SoftBank Group Corp. | (137900)<br>| (6973552)<br>| (10418.2)<br>|
| Sompo Holdings, Inc. | (25700)<br>| (842217)<br>| (1258.2)<br>|
| Square Enix Holdings Co., Inc. | (4800)<br>| (277550)<br>| (414.6)<br>|
| Sumitomo Electric Industries Ltd. | (97500)<br>| (1567156)<br>| (2341.3)<br>|
| Sumitomo Forestry Co., Inc. | (300)<br>| (8638)<br>| (12.9)<br>|
| Sumitomo Metal Mining Co., Inc. | (74900)<br>| (1661808)<br>| (2482.7)<br>|
| Suzuki Motor Corp. | (35000)<br>| (419428)<br>| (626.6)<br>|
| T&D Holdings, Inc. | (11900)<br>| (253215)<br>| (378.3)<br>|
| Taiheiyo Cement Corp. | (3500)<br>| (94239)<br>| (140.8)<br>|
| Taisei Corp. | (2200)<br>| (119288)<br>| (178.2)<br>|
| TIS, Inc. | (15500)<br>| (447379)<br>| (668.4)<br>|
| Tokio Marine Holdings, Inc. | (11000)<br>| (440906)<br>| (658.7)<br>|
| Tokyo Ohka Kogyo Co., Inc. | (6900)<br>| (151799)<br>| (226.8)<br>|
| Tokyo Seimitsu Co., Inc. | (5600)<br>| (312497)<br>| (466.9)<br>|
| Toray Industries, Inc. | (27600)<br>| (176268)<br>| (263.3)<br>|
| Toyo Suisan Kaisha Ltd. | (3000)<br>| (193937)<br>| (289.7)<br>|
| Trend Micro, Inc. | (28400)<br>| (2037717)<br>| (3044.3)<br>|
| Yakult Honsha Co., Inc. | (1500)<br>| (30813)<br>| (46.0)<br>|
|  |  | (80786483)<br>|  |
| **Netherlands** |  |  |  |
| ABN AMRO Bank NV | (630853)<br>| (13073068)<br>| (19530.7)<br>|
| IMCD NV | (4810)<br>| (639637)<br>| (955.6)<br>|
| JDE Peet's NV | (8175)<br>| (197908)<br>| (295.7)<br>|
|  |  | (13910613)<br>|  |
| **Singapore** |  |  |  |
| CapitaLand Ascendas REIT | (116800)<br>| (237998)<br>| (355.6)<br>|
| Oversea-Chinese Banking Corp. Ltd. | (399500)<br>| (4944118)<br>| (7386.3)<br>|
| Sembcorp Industries Ltd. | (852400)<br>| (4311583)<br>| (6441.3)<br>|
|  |  | (9493699)<br>|  |
| **Spain** |  |  |  |
| Cellnex Telecom SA | (11158)<br>| (451557)<br>| (674.6)<br>|
| Iberdrola SA | (258475)<br>| (4659233)<br>| (6960.7)<br>|
| Repsol SA | (309740)<br>| (3786158)<br>| (5656.4)<br>|
|  |  | (8896948)<br>|  |
| **Sweden** |  |  |  |
| L E Lundbergforetagen AB | (42)<br>| (2216)<br>| (3.3)<br>|
| Skandinaviska Enskilda Banken AB, Class A | (139842)<br>| (2218967)<br>| (3315.1)<br>|
| Svenska Cellulosa AB SCA, Class B | (80317)<br>| (1038543)<br>| (1551.5)<br>|
|  |  | (3259726)<br>|  |
| **Switzerland** |  |  |  |
| SIG Group AG | (246591)<br>| (4756728)<br>| (7106.4)<br>|
| **United Kingdom** |  |  |  |
| BT Group PLC | (162778)<br>| (377801)<br>| (564.4)<br>|
| LondonMetric Property PLC | (17534)<br>| (44987)<br>| (67.2)<br>|
| Segro PLC | (752395)<br>| (6844278)<br>| (10225.1)<br>|
| UNITE Group PLC/The | (10723)<br>| (123197)<br>| (184.1)<br>|
|  |  | (7390263)<br>|  |
| **United States** |  |  |  |
| Haleon PLC | (5025651)<br>| (25288423)<br>| (37780.0)<br>|
| International Paper Co. PA | (12324)<br>| (560629)<br>| (837.6)<br>|

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **United States (continued)** |  |  |  |
| Nestle SA, Registered Shares | (259789)<br>| $(27651262)<br>| (41,310.0)% <br>|
| Swiss Re AG | (23923)<br>| (4294279)<br>| (6415.5)<br>|
|  |  | (57794593)<br>|  |
| **Preferred Stocks**  |  |  |  |
| **Germany** |  |  |  |
| Bayerische Motoren Werke AG | (7202)<br>| (581178)<br>| (868.3)<br>|
| Dr Ing hc F Porsche AG | (14860)<br>| (747037)<br>| (1116.0)<br>|
| **Total Reference Entity — Short** |  | (297958445)<br>|  |
| **Net Value of Reference Entity — Bank of** <br> **America N.A.**<br>|  | $66936 |  |

---

The following table represents the individual long and short positions and related values of the equity securities underlying the total return swap with Barclays Bank PLC as of period end, termination dates 10/17/25 – 09/07/27:

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of* <br>*Basket* <br>*Value*<br>|
| **Reference Entity — Long** |  |  |  |
| **Common Stocks**  |  |  |  |
| **Australia** |  |  |  |
| AGL Energy Ltd. | 426844 | $2908944 | 49.9<br> % <br>|
| Ampol Ltd. | 24244 | 368126 | 6.3 |
| Aristocrat Leisure Ltd. | 255637 | 10918013 | 187.1 |
| Commonwealth Bank of Australia | 112199 | 11959190 | 205.0 |
| Insurance Australia Group Ltd. | 374814 | 1968699 | 33.7 |
| JB Hi-Fi Ltd. | 38003 | 2518373 | 43.2 |
| Lendlease Corp. Ltd. | 6 | 20 | 0.0 |
| Mirvac Group | 834965 | 1217923 | 20.9 |
| REA Group Ltd. | 93109 | 14793134 | 253.5 |
| Santos Ltd. | 1067619 | 4104315 | 70.3 |
| SEEK Ltd. | 3867 | 52645 | 0.9 |
| Sonic Healthcare Ltd. | 433478 | 7237765 | 124.1 |
| Technology One Ltd. | 57336 | 1106709 | 19.0 |
|  |  | 59153856 |  |
| **Brazil** |  |  |  |
| Yara International ASA | 87972 | 2855003 | 48.9 |
| **Canada** |  |  |  |
| Brookfield Corp. | 100342 | 5390490 | 92.4 |
| TC Energy Corp. | 124871 | 6308766 | 108.1 |
| Teck Resources Ltd., Class B | 418463 | 14220943 | 243.7 |
| TransAlta Corp. | 420893 | 3752194 | 64.3 |
| Whitecap Resources, Inc. | 524118 | 2973018 | 51.0 |
|  |  | 32645411 |  |
| **Denmark** |  |  |  |
| AP Moller - Maersk A/S, Class B | 3716 | 6398522 | 109.6 |
| Genmab A/S | 10035 | 2127807 | 36.5 |
| Pandora A/S | 16067 | 2391780 | 41.0 |
|  |  | 10918109 |  |
| **Finland** |  |  |  |
| Elisa OYJ | 708 | 37770 | 0.7 |
| **France** |  |  |  |
| Air Liquide SA | 36165 | 7431118 | 127.4 |
| Amundi SA | 17220 | 1360228 | 23.3 |
| Biomerieux | 19094 | 2577315 | 44.2 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **France (continued)** |  |  |  |
| Bureau Veritas SA | 343880 | $10915802 | 187.1<br> % <br>|
| Capgemini SE | 65798 | 10504807 | 180.0 |
| Carrefour SA | 164600 | 2538743 | 43.5 |
| Eiffage SA | 23209 | 3158112 | 54.1 |
| Engie SA | 304486 | 6293218 | 107.9 |
| Gaztransport Et Technigaz SA | 75373 | 12286009 | 210.6 |
| Gecina SA | 4529 | 464941 | 8.0 |
| Hermes International SCA | 2422 | 6660936 | 114.2 |
| Ipsen SA | 7776 | 904373 | 15.5 |
| Safran SA | 60577 | 16120730 | 276.3 |
| Societe Generale SA | 36079 | 1881122 | 32.2 |
| Valeo SE | 147116 | 1461033 | 25.0 |
| Veolia Environnement SA | 159607 | 5829497 | 99.9 |
|  |  | 90387984 |  |
| **Germany** |  |  |  |
| Continental AG | 60419 | 4723234 | 80.9 |
| Deutsche Bank AG | 94539 | 2478845 | 42.5 |
| Evonik Industries AG | 67436 | 1515479 | 26.0 |
| Fresenius Medical Care AG | 198045 | 10075653 | 172.7 |
| GEA Group AG | 3672 | 239560 | 4.1 |
| Henkel AG & Co KGaA | 5933 | 418752 | 7.2 |
| HUGO BOSS AG | 99504 | 4150243 | 71.1 |
| Mercedes-Benz Group AG | 166490 | 9954239 | 170.6 |
| Merck KGaA | 62724 | 8732440 | 149.7 |
| Rational AG | 4877 | 4184632 | 71.7 |
| SAP SE | 58147 | 17013156 | 291.6 |
| Siemens AG, Registered Shares | 4030 | 927953 | 15.9 |
| Siemens Energy AG | 180602 | 13939524 | 238.9 |
| Symrise AG | 12777 | 1473590 | 25.3 |
|  |  | 79827300 |  |
| **Hong Kong** |  |  |  |
| Asmpt Ltd. | 200000 | 1345495 | 23.0 |
| Link REIT | 1444400 | 6762472 | 115.9 |
| Sun Hung Kai Properties Ltd. | 46000 | 436375 | 7.5 |
| WH Group Ltd. | 7424500 | 6639042 | 113.8 |
|  |  | 15183384 |  |
| **Ireland** |  |  |  |
| Kerry Group PLC, Class A | 101330 | 10726970 | 183.9 |
| **Israel** |  |  |  |
| Mizrahi Tefahot Bank Ltd. | 24198 | 1225326 | 21.0 |
| **Italy** |  |  |  |
| Amplifon SpA | 164234 | 3143266 | 53.9 |
| Banca Mediolanum SpA | 38822 | 580383 | 9.9 |
| Buzzi SpA | 1338 | 70115 | 1.2 |
| Coca-Cola HBC AG | 79878 | 4159545 | 71.3 |
| Ferrari NV | 342 | 156561 | 2.7 |
| Generali | 383144 | 14003046 | 240.0 |
| Infrastrutture Wireless Italiane SpA | 8824 | 105377 | 1.8 |
| Intesa Sanpaolo SpA | 2015925 | 10761582 | 184.5 |
| Italgas SpA | 92536 | 760277 | 13.0 |
| Saipem SpA | 379721 | 877144 | 15.0 |
| Unipol Assicurazioni SpA | 35336 | 633812 | 10.9 |
|  |  | 35251108 |  |
| **Japan** |  |  |  |
| AGC, Inc. | 60700 | 1895169 | 32.5 |
| Ajinomoto Co., Inc. | 430900 | 8813660 | 151.1 |
| Asahi Intecc Co., Inc. | 57100 | 877901 | 15.0 |
| Asahi Kasei Corp. | 829500 | 5780571 | 99.1 |

---

Schedule of Investments

------

Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **Japan (continued)** |  |  |  |
| Canon, Inc. | 232900 | $7187230 | 123.2<br> % <br>|
| Chubu Electric Power Co., Inc. | 164900 | 2141279 | 36.7 |
| Dai Nippon Printing Co., Inc. | 100600 | 1402236 | 24.0 |
| Daikin Industries Ltd. | 85700 | 9763220 | 167.3 |
| Daiwa House Industry Co., Inc. | 36500 | 1320677 | 22.6 |
| Denso Corp. | 631300 | 8151301 | 139.7 |
| DMG Mori Co., Inc. | 372700 | 6478163 | 111.0 |
| FANUC Corp. | 59600 | 1512628 | 25.9 |
| Fuji Media Holdings, Inc. | 59400 | 1230019 | 21.1 |
| Hitachi Ltd. | 313700 | 7753256 | 132.9 |
| Hulic Co., Inc. | 314800 | 3291833 | 56.4 |
| Japan Post Insurance Co., Inc. | 63900 | 1284592 | 22.0 |
| Keisei Electric Railway Co., Inc. | 188600 | 1954256 | 33.5 |
| Koito Manufacturing Co., Inc. | 40200 | 486924 | 8.3 |
| LY Corp. | 1279900 | 4840608 | 83.0 |
| Mazda Motor Corp. | 38600 | 230782 | 4.0 |
| McDonald's Holdings Co Japan Ltd. | 69600 | 2942923 | 50.4 |
| Mitsubishi Chemical Group Corp. | 143800 | 699092 | 12.0 |
| Mitsui Fudosan Co., Inc. | 272000 | 2695696 | 46.2 |
| Murata Manufacturing Co., Inc. | 495400 | 7057745 | 121.0 |
| Nexon Co., Inc. | 3100 | 48638 | 0.8 |
| NIPPON EXPRESS HOLDINGS, Inc. | 210400 | 3757292 | 64.4 |
| Nissan Chemical Corp. | 66800 | 1953808 | 33.5 |
| Nomura Holdings, Inc. | 2454900 | 13682534 | 234.5 |
| Nomura Real Estate Holdings, Inc. | 2690700 | 16002787 | 274.3 |
| Nomura Research Institute Ltd. | 26800 | 1014847 | 17.4 |
| Obayashi Corp. | 200400 | 3109241 | 53.3 |
| Olympus Corp. | 236500 | 3098857 | 53.1 |
| Ono Pharmaceutical Co., Inc. | 91400 | 1052099 | 18.0 |
| ORIX Corp. | 471900 | 9466328 | 162.3 |
| Otsuka Corp. | 101800 | 2257828 | 38.7 |
| Panasonic Holdings Corp. | 378500 | 4339867 | 74.4 |
| Recruit Holdings Co., Inc. | 350400 | 19417504 | 332.8 |
| Rohm Co., Inc. | 183900 | 1674407 | 28.7 |
| Sankyo Co., Inc. | 40200 | 611866 | 10.5 |
| Shimizu Corp. | 323100 | 3451706 | 59.2 |
| Shin-Etsu Chemical Co., Inc. | 328900 | 10008910 | 171.6 |
| Shionogi & Co., Inc. | 223900 | 3761635 | 64.5 |
| Skylark Holdings Co., Inc. | 865700 | 17966943 | 307.9 |
| SoftBank Corp. | 2076800 | 3142707 | 53.9 |
| Sojitz Corp. | 53000 | 1253865 | 21.5 |
| Sumitomo Chemical Co., Inc. | 7506900 | 18146494 | 311.0 |
| Sysmex Corp. | 74500 | 1382955 | 23.7 |
| Takashimaya Co., Inc. | 231900 | 1787983 | 30.6 |
| Takeda Pharmaceutical Co., Inc. | 69200 | 2093203 | 35.9 |
| TDK Corp. | 871100 | 9295893 | 159.3 |
| Tokyu Fudosan Holdings Corp. | 632800 | 4432014 | 76.0 |
| Ulvac, Inc. | 37500 | 1271799 | 21.8 |
| Unicharm Corp. | 427100 | 3965682 | 68.0 |
| USS Co., Inc. | 803200 | 8006089 | 137.2 |
| West Japan Railway Co. | 39700 | 835129 | 14.3 |
|  |  | 262082671 |  |
| **Luxembourg** |  |  |  |
| ArcelorMittal SA | 14734 | 435710 | 7.5 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **Netherlands** |  |  |  |
| NN Group NV | 58380 | $3579885 | 61.4<br> % <br>|
| Wolters Kluwer NV | 37451 | 6612309 | 113.3 |
|  |  | 10192194 |  |
| **Norway** |  |  |  |
| Aker BP ASA | 676517 | 14523131 | 248.9 |
| Kongsberg Gruppen ASA | 32182 | 5184800 | 88.9 |
|  |  | 19707931 |  |
| **Portugal** |  |  |  |
| Banco Comercial Portugues SA, Class R | 3957631 | 2531294 | 43.4 |
| **Singapore** |  |  |  |
| Seatrium Ltd. | 558900 | 820772 | 14.1 |
| Singapore Technologies Engineering Ltd. | 595800 | 3383096 | 58.0 |
| Singapore Telecommunications Ltd. | 6797300 | 19665909 | 337.1 |
| STMicroelectronics NV | 340973 | 7751377 | 132.8 |
|  |  | 31621154 |  |
| **Spain** |  |  |  |
| Acciona SA | 41353 | 6026096 | 103.3 |
| ACS Actividades de Construccion y Servicios <br> SA<br>| 163529 | 10245881 | 175.6 |
| Banco Santander SA | 518229 | 3648778 | 62.5 |
| Enagas SA | 431727 | 6731422 | 115.4 |
| Endesa SA | 109482 | 3288027 | 56.4 |
|  |  | 29940204 |  |
| **Sweden** |  |  |  |
| AddTech AB | 5859 | 197111 | 3.4 |
| Assa Abloy AB, Class B | 33296 | 1010666 | 17.3 |
| Atlas Copco AB, A Shares | 521756 | 8076103 | 138.4 |
| Atlas Copco AB, B Shares | 155720 | 2162284 | 37.1 |
| Evolution Ab | 50364 | 3488946 | 59.8 |
| Sandvik AB | 122419 | 2527270 | 43.3 |
| Securitas AB | 376090 | 5959804 | 102.1 |
| Skanska AB | 57452 | 1334991 | 22.9 |
| Telefonaktiebolaget LM Ericsson | 883296 | 7461536 | 127.9 |
|  |  | 32218711 |  |
| **Switzerland** |  |  |  |
| Accelleron Industries AG | 171122 | 9186586 | 157.5 |
| Belimo Holding AG, Registered Shares | 3975 | 3377404 | 57.9 |
| Chocoladefabriken Lindt & Spruengli AG | 213 | 3104261 | 53.2 |
| Clariant AG, Registered Shares | 70465 | 788717 | 13.5 |
| DSM-Firmenich AG | 85293 | 9265647 | 158.8 |
| Givaudan SA, Registered Shares | 2088 | 10073262 | 172.6 |
| Helvetia Holding AG, Registered Shares | 10179 | 2245462 | 38.5 |
| Logitech International SA, Registered Shares | 128513 | 9765712 | 167.4 |
| Sika AG, Registered Shares | 2211 | 552546 | 9.5 |
| UBS Group AG, Registered Shares | 217678 | 6607695 | 113.2 |
| Zurich Insurance Group AG | 14471 | 10263854 | 175.9 |
|  |  | 65231146 |  |
| **United Kingdom** |  |  |  |
| BAE Systems PLC | 84904 | 1968299 | 33.7 |
| Beazley PLC | 333201 | 3947988 | 67.7 |
| Burberry Group PLC | 110511 | 1076242 | 18.4 |
| Ck Hutchison Holdings Ltd. | 621000 | 3501867 | 60.0 |
| ConvaTec Group PLC | 2158062 | 7502846 | 128.6 |
| Halma PLC | 201838 | 7450169 | 127.7 |
| IG Group Holdings PLC | 501794 | 7152057 | 122.6 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **United Kingdom (continued)** |  |  |  |
| Imperial Brands PLC | 389417 | $15978969 | 273.9<br> % <br>|
| Lloyds Banking Group PLC | 2479856 | 2436403 | 41.8 |
| London Stock Exchange Group PLC | 140628 | 21897393 | 375.3 |
| Next PLC | 11754 | 1939134 | 33.2 |
| Ocado Group PLC | 27494 | 103874 | 1.8 |
| Rightmove PLC | 181872 | 1796196 | 30.8 |
| Rolls-Royce Holdings PLC | 1436429 | 14540211 | 249.2 |
| Sage Group PLC | 390161 | 6468339 | 110.9 |
| Smiths Group PLC | 194009 | 4834625 | 82.9 |
| Standard Chartered PLC | 794133 | 11438100 | 196.0 |
| Tesco PLC | 2264828 | 11208637 | 192.1 |
|  |  | 125241349 |  |
| **United States** |  |  |  |
| BP PLC | 952146 | 4396430 | 75.3 |
| Carnival PLC | 72199 | 1211861 | 20.8 |
| Experian PLC | 92440 | 4598987 | 78.8 |
| Holcim AG | 11733 | 1311138 | 22.5 |
| Roche Holding AG | 17259 | 5643458 | 96.7 |
| Schneider Electric SE | 17521 | 4093707 | 70.2 |
|  |  | 21255581 |  |
| **Preferred Stocks**  |  |  |  |
| **Germany** |  |  |  |
| Henkel AG & Co KGaA | 117333 | 9112827 | 156.2 |
| **Rights**  |  |  |  |
| **Italy** |  |  |  |
| DiaSorin SpA | 8635 |  | 0.0 |
| **Total Reference Entity — Long** |  | 947782993 |  |
| **Reference Entity — Short** |  |  |  |
| **Common Stocks**  |  |  |  |
| **Australia** |  |  |  |
| APA Group | (593504)<br>| (3123002)<br>| (53.5)<br>|
| ASX Ltd. | (19895)<br>| (900884)<br>| (15.4)<br>|
| BlueScope Steel Ltd. | (210692)<br>| (3227056)<br>| (55.3)<br>|
| CAR Group Ltd. | (81755)<br>| (1745003)<br>| (29.9)<br>|
| Cochlear Ltd. | (37937)<br>| (6643929)<br>| (113.9)<br>|
| Endeavour Group Ltd. | (272368)<br>| (696692)<br>| (11.9)<br>|
| Fortescue Ltd. | (311650)<br>| (3218624)<br>| (55.2)<br>|
| Goodman Group | (152482)<br>| (2919090)<br>| (50.0)<br>|
| GPT Group | (2268652)<br>| (6725085)<br>| (115.3)<br>|
| Lottery Corp. Ltd. | (1686693)<br>| (5620950)<br>| (96.3)<br>|
| Lynas Rare Earths Ltd. | (845040)<br>| (4619625)<br>| (79.2)<br>|
| National Australia Bank Ltd. | (141361)<br>| (3264125)<br>| (55.9)<br>|
| NEXTDC Ltd. | (870367)<br>| (6608116)<br>| (113.3)<br>|
| Origin Energy Ltd. | (524288)<br>| (3573550)<br>| (61.2)<br>|
| Pilbara Minerals Ltd. | (275632)<br>| (265554)<br>| (4.6)<br>|
| QBE Insurance Group Ltd. | (51396)<br>| (710289)<br>| (12.2)<br>|
| Reece Ltd. | (237664)<br>| (2396671)<br>| (41.1)<br>|
| Rio Tinto Ltd. | (23229)<br>| (1737929)<br>| (29.8)<br>|
| SGH Ltd. | (31746)<br>| (1038242)<br>| (17.8)<br>|
| Sigma Healthcare Ltd. | (1031559)<br>| (1990570)<br>| (34.1)<br>|
| Stockland | (525938)<br>| (1848270)<br>| (31.7)<br>|
| Telix Pharmaceuticals Ltd. | (7653)<br>| (133039)<br>| (2.3)<br>|
| Telstra Group Ltd. | (2835542)<br>| (8183647)<br>| (140.3)<br>|
| Treasury Wine Estates Ltd. | (2611776)<br>| (14928878)<br>| (255.9)<br>|
| Vicinity Ltd. | (3090416)<br>| (4673798)<br>| (80.1)<br>|

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **Australia (continued)** |  |  |  |
| Westpac Banking Corp. | (147297)<br>| $(3091051)<br>| (53.0)% <br>|
| WiseTech Global Ltd. | (167544)<br>| (9527042)<br>| (163.3)<br>|
| Woolworths Group Ltd. | (434318)<br>| (8765681)<br>| (150.2)<br>|
|  |  | (112176392)<br>|  |
| **Austria** |  |  |  |
| Mondi PLC | (285731)<br>| (4337149)<br>| (74.3)<br>|
| OMV AG | (144850)<br>| (7489268)<br>| (128.4)<br>|
| Verbund AG | (4005)<br>| (307788)<br>| (5.3)<br>|
|  |  | (12134205)<br>|  |
| **Belgium** |  |  |  |
| KBC Group NV | (193120)<br>| (17807355)<br>| (305.2)<br>|
| **Canada** |  |  |  |
| Metro, Inc. | (27370)<br>| (2109233)<br>| (36.1)<br>|
| Nexgen Energy Ltd. | (87325)<br>| (457338)<br>| (7.8)<br>|
| Onex Corp. | (14918)<br>| (1056250)<br>| (18.1)<br>|
| Peyto Exploration & Development Corp. | (59498)<br>| (744912)<br>| (12.8)<br>|
|  |  | (4367733)<br>|  |
| **China** |  |  |  |
| Wilmar International Ltd. | (161700)<br>| (379264)<br>| (6.5)<br>|
| **Congo** |  |  |  |
| Ivanhoe Mines Ltd., Class A | (78267)<br>| (694899)<br>| (11.9)<br>|
| **Denmark** |  |  |  |
| DSV A/S | (51261)<br>| (10865267)<br>| (186.2)<br>|
| Novonesis Novozymes B, Class B | (66528)<br>| (4321481)<br>| (74.1)<br>|
| Orsted AS | (24622)<br>| (979782)<br>| (16.8)<br>|
| ROCKWOOL A/S | (5130)<br>| (234185)<br>| (4.0)<br>|
|  |  | (16400715)<br>|  |
| **Finland** |  |  |  |
| Stora Enso OYJ | (46098)<br>| (428176)<br>| (7.3)<br>|
| UPM-Kymmene OYJ | (364768)<br>| (9661282)<br>| (165.6)<br>|
|  |  | (10089458)<br>|  |
| **France** |  |  |  |
| Aeroports de Paris SA | (24115)<br>| (3015502)<br>| (51.7)<br>|
| Air France-KLM | (51358)<br>| (448399)<br>| (7.7)<br>|
| Alstom SA | (50934)<br>| (1230013)<br>| (21.1)<br>|
| BNP Paribas SA | (24555)<br>| (2080532)<br>| (35.7)<br>|
| Bouygues SA | (36577)<br>| (1607753)<br>| (27.5)<br>|
| Kering SA | (43223)<br>| (8793834)<br>| (150.7)<br>|
| Klepierre SA | (73363)<br>| (2685318)<br>| (46.0)<br>|
| Nexans SA | (4399)<br>| (483267)<br>| (8.3)<br>|
| Publicis Groupe SA | (870)<br>| (88520)<br>| (1.5)<br>|
| Renault SA | (165173)<br>| (8772533)<br>| (150.4)<br>|
| Rexel SA | (120232)<br>| (3340481)<br>| (57.2)<br>|
| Unibail-Rodamco-Westfield | (76491)<br>| (6475349)<br>| (111.0)<br>|
|  |  | (39021501)<br>|  |
| **Germany** |  |  |  |
| Aurubis AG | (13980)<br>| (1220573)<br>| (20.9)<br>|
| Daimler Truck Holding AG | (62841)<br>| (2524730)<br>| (43.3)<br>|
| MTU Aero Engines AG | (43127)<br>| (14926492)<br>| (255.8)<br>|
| SMA Solar Technology AG | (7)<br>| (121)<br>| (0.0)<br>|
| TUI AG | (142598)<br>| (1097219)<br>| (18.8)<br>|

---

Schedule of Investments

------

Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **Germany (continued)** |  |  |  |
| Wacker Chemie AG | (1444)<br>| $(109160)<br>| (1.9)% <br>|
| Zalando SE | (33179)<br>| (1211574)<br>| (20.8)<br>|
|  |  | (21089869)<br>|  |
| **Ireland** |  |  |  |
| Kingspan Group PLC | (82947)<br>| (6999434)<br>| (120.0)<br>|
| **Italy** |  |  |  |
| Poste Italiane SpA | (38688)<br>| (785258)<br>| (13.5)<br>|
| UniCredit SpA | (35015)<br>| (2037203)<br>| (34.9)<br>|
|  |  | (2822461)<br>|  |
| **Japan** |  |  |  |
| Asics Corp. | (61100)<br>| (1313286)<br>| (22.5)<br>|
| Bandai Namco Holdings, Inc. | (123700)<br>| (4298886)<br>| (73.7)<br>|
| BayCurrent, Inc. | (142300)<br>| (7667632)<br>| (131.4)<br>|
| Bridgestone Corp. | (187200)<br>| (7827796)<br>| (134.2)<br>|
| Capcom Co., Inc. | (129700)<br>| (3754881)<br>| (64.4)<br>|
| Central Japan Railway Co. | (6400)<br>| (134681)<br>| (2.3)<br>|
| Chiba Bank Ltd. | (1064600)<br>| (9465868)<br>| (162.2)<br>|
| Cosmos Pharmaceutical Corp. | (99100)<br>| (6376053)<br>| (109.3)<br>|
| Daiichi Sankyo Co., Inc. | (69700)<br>| (1782969)<br>| (30.6)<br>|
| DeNA Co., Inc. | (88000)<br>| (2379138)<br>| (40.8)<br>|
| Disco Corp. | (14300)<br>| (2766756)<br>| (47.4)<br>|
| East Japan Railway Co. | (44800)<br>| (971124)<br>| (16.6)<br>|
| Fast Retailing Co., Inc. | (10800)<br>| (3552604)<br>| (60.9)<br>|
| Fujikura Ltd. | (61900)<br>| (2303105)<br>| (39.5)<br>|
| GMO Payment Gateway, Inc. | (39400)<br>| (2467751)<br>| (42.3)<br>|
| Hankyu Hanshin Holdings, Inc. | (130100)<br>| (3710735)<br>| (63.6)<br>|
| Hikari Tsushin, Inc. | (1000)<br>| (277378)<br>| (4.7)<br>|
| Hitachi Construction Machinery Co., Inc. | (108200)<br>| (3233544)<br>| (55.4)<br>|
| Honda Motor Co., Inc. | (146100)<br>| (1486529)<br>| (25.5)<br>|
| Hoshizaki Corp. | (216100)<br>| (9187730)<br>| (157.5)<br>|
| Ibiden Co., Inc. | (117400)<br>| (3254471)<br>| (55.8)<br>|
| Idemitsu Kosan Co., Inc. | (229300)<br>| (1420975)<br>| (24.4)<br>|
| IHI Corp. | (54900)<br>| (4300435)<br>| (73.7)<br>|
| Isuzu Motors Ltd. | (235600)<br>| (3168451)<br>| (54.3)<br>|
| ITOCHU Corp. | (42600)<br>| (2178689)<br>| (37.3)<br>|
| Japan Post Bank Co., Inc. | (162500)<br>| (1670816)<br>| (28.6)<br>|
| Japan Post Holdings Co., Inc. | (1592300)<br>| (15477575)<br>| (265.3)<br>|
| Japan Real Estate Investment Corp. | (18827)<br>| (14941346)<br>| (256.1)<br>|
| Japan Steel Works Ltd. | (217000)<br>| (8941518)<br>| (153.3)<br>|
| Japan Tobacco, Inc. | (6400)<br>| (197171)<br>| (3.4)<br>|
| JFE Holdings, Inc. | (624800)<br>| (7276432)<br>| (124.7)<br>|
| Kadokawa Corp. | (132100)<br>| (3552547)<br>| (60.9)<br>|
| Kajima Corp. | (8100)<br>| (193409)<br>| (3.3)<br>|
| Kawasaki Heavy Industries Ltd. | (45900)<br>| (2738011)<br>| (46.9)<br>|
| Kawasaki Kisen Kaisha Ltd. | (154300)<br>| (2116117)<br>| (36.3)<br>|
| Kikkoman Corp. | (847800)<br>| (8299260)<br>| (142.2)<br>|
| Kirin Holdings Co., Inc. | (438600)<br>| (6634562)<br>| (113.7)<br>|
| Kobayashi Pharmaceutical Co., Inc. | (177900)<br>| (6786870)<br>| (116.3)<br>|
| Kobe Bussan Co., Inc. | (306200)<br>| (9357510)<br>| (160.4)<br>|
| Kobe Steel Ltd. | (90300)<br>| (1059028)<br>| (18.1)<br>|
| Kokusai Electric Corp. | (210800)<br>| (3892452)<br>| (66.7)<br>|
| Konami Group Corp. | (6700)<br>| (956867)<br>| (16.4)<br>|
| Kyushu Railway Co. | (65400)<br>| (1692639)<br>| (29.0)<br>|
| Lasertec Corp. | (127800)<br>| (11881608)<br>| (203.6)<br>|
| Lixil Corp. | (10400)<br>| (122550)<br>| (2.1)<br>|
| M3, Inc. | (321600)<br>| (4030480)<br>| (69.1)<br>|
| Maruwa Co. Ltd. | (32400)<br>| (6662296)<br>| (114.2)<br>|
| MatsukiyoCocokara & Co. | (432800)<br>| (7944746)<br>| (136.2)<br>|
| Mebuki Financial Group, Inc. | (1498700)<br>| (7322836)<br>| (125.5)<br>|

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **Japan (continued)** |  |  |  |
| Mercari, Inc. | (381400)<br>| $(6180683)<br>| (105.9)% <br>|
| MINEBEA MITSUMI, Inc. | (118100)<br>| (1730876)<br>| (29.7)<br>|
| Mitsubishi Corp. | (668600)<br>| (12694427)<br>| (217.6)<br>|
| Mitsubishi Motors Corp. | (484500)<br>| (1341296)<br>| (23.0)<br>|
| Mitsui OSK Lines Ltd. | (352100)<br>| (11726275)<br>| (201.0)<br>|
| MonotaRO Co., Inc. | (251400)<br>| (4835143)<br>| (82.9)<br>|
| Nintendo Co., Inc. | (87900)<br>| (7297457)<br>| (125.1)<br>|
| Nippon Building Fund, Inc. | (3676)<br>| (3412097)<br>| (58.5)<br>|
| Nippon Paint Holdings Co., Inc. | (1612300)<br>| (12283738)<br>| (210.5)<br>|
| Nippon Sanso Holdings Corp. | (436200)<br>| (13959814)<br>| (239.3)<br>|
| Nippon Steel Corp. | (678800)<br>| (14287183)<br>| (244.9)<br>|
| Nippon Yusen KK | (92000)<br>| (3005907)<br>| (51.5)<br>|
| Nissan Motor Co., Inc. | (3925300)<br>| (9344681)<br>| (160.2)<br>|
| Niterra Co., Inc. | (52400)<br>| (1631571)<br>| (28.0)<br>|
| Nitori Holdings Co., Inc. | (82400)<br>| (9804342)<br>| (168.0)<br>|
| Nitto Denko Corp. | (405000)<br>| (7118609)<br>| (122.0)<br>|
| Omron Corp. | (38300)<br>| (1136933)<br>| (19.5)<br>|
| Oracle Corp. Japan | (1200)<br>| (144266)<br>| (2.5)<br>|
| Osaka Gas Co., Inc. | (35300)<br>| (895139)<br>| (15.3)<br>|
| Rakus Co., Inc. | (247000)<br>| (3753116)<br>| (64.3)<br>|
| Rakuten Bank Ltd. | (368000)<br>| (15477231)<br>| (265.3)<br>|
| Renesas Electronics Corp. | (891000)<br>| (10456115)<br>| (179.2)<br>|
| Resona Holdings, Inc. | (592700)<br>| (4754517)<br>| (81.5)<br>|
| Ricoh Co., Inc. | (107900)<br>| (1134904)<br>| (19.4)<br>|
| Ryohin Keikaku Co., Inc. | (10800)<br>| (365046)<br>| (6.3)<br>|
| Sanwa Holdings Corp. | (23200)<br>| (761486)<br>| (13.0)<br>|
| Sapporo Holdings Ltd. | (36100)<br>| (2004760)<br>| (34.4)<br>|
| SBI Holdings, Inc. | (18200)<br>| (478559)<br>| (8.2)<br>|
| SBI Sumishin Net Bank Ltd. | (520900)<br>| (15200009)<br>| (260.5)<br>|
| SCREEN Holdings Co., Inc. | (169800)<br>| (11291192)<br>| (193.5)<br>|
| SCSK Corp. | (429200)<br>| (11225908)<br>| (192.4)<br>|
| Seibu Holdings, Inc. | (284200)<br>| (6868739)<br>| (117.7)<br>|
| Seiko Epson Corp. | (128200)<br>| (1778528)<br>| (30.5)<br>|
| Sekisui Chemical Co., Inc. | (139300)<br>| (2434117)<br>| (41.7)<br>|
| SG Holdings Co., Inc. | (831800)<br>| (8758561)<br>| (150.1)<br>|
| Shimadzu Corp. | (110100)<br>| (2818276)<br>| (48.3)<br>|
| Shiseido Co., Inc. | (114800)<br>| (1887454)<br>| (32.3)<br>|
| Shizuoka Financial Group, Inc. | (124500)<br>| (1383511)<br>| (23.7)<br>|
| Socionext, Inc. | (307200)<br>| (3304111)<br>| (56.6)<br>|
| SoftBank Group Corp. | (175600)<br>| (8880028)<br>| (152.2)<br>|
| Sompo Holdings, Inc. | (77400)<br>| (2536483)<br>| (43.5)<br>|
| Square Enix Holdings Co., Inc. | (98400)<br>| (5689784)<br>| (97.5)<br>|
| SUMCO Corp. | (11500)<br>| (79305)<br>| (1.4)<br>|
| Sumitomo Electric Industries Ltd. | (66400)<br>| (1067274)<br>| (18.3)<br>|
| Sumitomo Forestry Co., Inc. | (167200)<br>| (4814392)<br>| (82.5)<br>|
| Sumitomo Metal Mining Co., Inc. | (131900)<br>| (2926468)<br>| (50.2)<br>|
| Sumitomo Realty & Development Co., Inc. | (262100)<br>| (9762248)<br>| (167.3)<br>|
| Suzuki Motor Corp. | (298300)<br>| (3574725)<br>| (61.3)<br>|
| T&D Holdings, Inc. | (29000)<br>| (617080)<br>| (10.6)<br>|
| TIS, Inc. | (30900)<br>| (891872)<br>| (15.3)<br>|
| Toho Co., Ltd. | (269200)<br>| (15369022)<br>| (263.4)<br>|
| Tokio Marine Holdings, Inc. | (276200)<br>| (11070746)<br>| (189.7)<br>|
| Tokyo Electric Power Co Holdings, Inc. | (26600)<br>| (81374)<br>| (1.4)<br>|
| Tokyo Metro Co., Inc. | (226000)<br>| (2863654)<br>| (49.1)<br>|
| Tokyo Seimitsu Co., Inc. | (1400)<br>| (78124)<br>| (1.3)<br>|
| Toray Industries, Inc. | (835800)<br>| (5337847)<br>| (91.5)<br>|
| Toyo Suisan Kaisha Ltd. | (71800)<br>| (4641565)<br>| (79.6)<br>|
| Toyota Industries Corp. | (35300)<br>| (4139803)<br>| (71.0)<br>|
| Trend Micro, Inc. | (11600)<br>| (832307)<br>| (14.3)<br>|
| Yakult Honsha Co., Inc. | (553300)<br>| (11365900)<br>| (194.8)<br>|
| Yamaha Motor Co., Inc. | (1550300)<br>| (12175643)<br>| (208.7)<br>|

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **Japan (continued)** |  |  |  |
| Yamato Holdings Co., Inc. | (166400)<br>| $(2362507)<br>| (40.5)% <br>|
| Yamazaki Baking Co., Inc. | (57200)<br>| (1369285)<br>| (23.5)<br>|
| Zensho Holdings Co., Inc. | (150700)<br>| (9312254)<br>| (159.6)<br>|
| ZOZO, Inc. | (163400)<br>| (1659406)<br>| (28.4)<br>|
|  |  | (575495786)<br>|  |
| **Jordan** |  |  |  |
| Hikma Pharmaceuticals PLC | (32297)<br>| (855856)<br>| (14.7)<br>|
| **Netherlands** |  |  |  |
| Adyen NV | (957)<br>| (1548629)<br>| (26.6)<br>|
| Akzo Nobel NV | (179514)<br>| (11333532)<br>| (194.3)<br>|
| IMCD NV | (13483)<br>| (1792978)<br>| (30.7)<br>|
| Randstad NV | (79824)<br>| (3204112)<br>| (54.9)<br>|
| Universal Music Group NV | (452244)<br>| (13298452)<br>| (227.9)<br>|
|  |  | (31177703)<br>|  |
| **New Zealand** |  |  |  |
| Auckland International Airport Ltd. | (306919)<br>| (1370970)<br>| (23.5)<br>|
| Infratil Ltd. | (152015)<br>| (952789)<br>| (16.3)<br>|
|  |  | (2323759)<br>|  |
| **Norway** |  |  |  |
| Equinor ASA | (69425)<br>| (1571478)<br>| (26.9)<br>|
| **Portugal** |  |  |  |
| EDP SA | (39582)<br>| (156019)<br>| (2.7)<br>|
| **Singapore** |  |  |  |
| CapitaLand Integrated Commercial Trust | (5640900)<br>| (9283230)<br>| (159.1)<br>|
| Capitaland Investment Ltd. | (472900)<br>| (996680)<br>| (17.1)<br>|
| Genting Singapore Ltd. | (2255000)<br>| (1278736)<br>| (21.9)<br>|
| Keppel Ltd. | (243500)<br>| (1224245)<br>| (21.0)<br>|
| Sembcorp Industries Ltd. | (991400)<br>| (5014668)<br>| (85.9)<br>|
|  |  | (17797559)<br>|  |
| **South Africa** |  |  |  |
| Anglo American PLC | (10041)<br>| (274103)<br>| (4.7)<br>|
| **South Korea** |  |  |  |
| Delivery Hero SE | (35431)<br>| (1001370)<br>| (17.2)<br>|
| **Spain** |  |  |  |
| EDP Renovaveis SA | (134979)<br>| (1264045)<br>| (21.7)<br>|
| **Sweden** |  |  |  |
| Epiroc AB, Class B | (20577)<br>| (403547)<br>| (6.9)<br>|
| Lifco AB | (8670)<br>| (335657)<br>| (5.7)<br>|
| Telia Co AB | (1022)<br>| (3839)<br>| (0.1)<br>|
|  |  | (743043)<br>|  |
| **Switzerland** |  |  |  |
| Georg Fischer AG, Registered Shares | (61169)<br>| (4422806)<br>| (75.8)<br>|
| Julius Baer Group Ltd. | (72563)<br>| (4705569)<br>| (80.7)<br>|
| Partners Group Holding AG | (5657)<br>| (7412205)<br>| (127.0)<br>|
| Sandoz Group AG | (24388)<br>| (1057822)<br>| (18.1)<br>|
| Schindler Holding AG | (607)<br>| (222007)<br>| (3.8)<br>|
| SIG Group AG | (23018)<br>| (444016)<br>| (7.6)<br>|
| Sonova Holding AG, Registered Shares | (14051)<br>| (4319473)<br>| (74.0)<br>|
| Swiss Life Holding AG, Registered Shares | (821)<br>| (819736)<br>| (14.1)<br>|
| VAT Group AG | (10823)<br>| (3906995)<br>| (67.0)<br>|
|  |  | (27310629)<br>|  |
| **United Kingdom** |  |  |  |
| M&G PLC | (77902)<br>| (216169)<br>| (3.7)<br>|

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **United Kingdom (continued)** |  |  |  |
| RELX PLC | (67090)<br>| $(3661446)<br>| (62.8)% <br>|
| Schroders PLC | (457486)<br>| (2015765)<br>| (34.5)<br>|
| Severn Trent PLC | (120662)<br>| (4488296)<br>| (76.9)<br>|
| Spectris PLC | (36737)<br>| (983461)<br>| (16.9)<br>|
| Vistry Group PLC | (40690)<br>| (343055)<br>| (5.9)<br>|
| Whitbread PLC | (14264)<br>| (495404)<br>| (8.5)<br>|
|  |  | (12203596)<br>|  |
| **United States** |  |  |  |
| CSL Ltd. | (4310)<br>| (691811)<br>| (11.9)<br>|
| International Paper Co. PA | (226036)<br>| (10282564)<br>| (176.2)<br>|
| Shell PLC | (43901)<br>| (1416762)<br>| (24.3)<br>|
| Swiss Re AG | (74569)<br>| (13385449)<br>| (229.4)<br>|
|  |  | (25776586)<br>|  |
| **Rights**  |  |  |  |
| **Spain** |  |  |  |
| EDP Renovaveis SA, (Expires 05/19/25, Strike <br> Price EUR<br>| (134979)<br>| (13762)<br>| (0.2)<br>|
| **Total Reference Entity — Short** |  | (941948580)<br>|  |
| **Net Value of Reference Entity — Barclays Bank PLC** | **Net Value of Reference Entity — Barclays Bank PLC** | $5834413 |  |

---

The following table represents the individual long and short positions and related values of the equity securities underlying the total return swap with Barclays Bank PLC as of period end, termination dates 11/10/25 – 06/10/27:

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of* <br>*Basket* <br>*Value*<br>|
| **Reference Entity — Long** |  |  |  |
| **Common Stocks**  |  |  |  |
| **Australia** |  |  |  |
| AMP Ltd. | 7664086 | $6330199 | 62.1<br> % <br>|
| AUB Group Ltd. | 196920 | 4020999 | 39.4 |
| Bravura Solutions Ltd. | 1072309 | 1507622 | 14.8 |
| Charter Hall Retail REIT | 45401 | 108445 | 1.1 |
| EBOS Group Ltd. | 91051 | 1979485 | 19.4 |
| GrainCorp Ltd., Class A | 486096 | 2069576 | 20.3 |
| IRESS Ltd. | 321222 | 1635784 | 16.0 |
| McMillan Shakespeare Ltd. | 158477 | 1552675 | 15.2 |
| Megaport Ltd. | 336669 | 2476733 | 24.3 |
| Metcash Ltd. | 927186 | 1909790 | 18.7 |
| Nanosonics Ltd. | 212640 | 652930 | 6.4 |
| NRW Holdings Ltd. | 53218 | 92241 | 0.9 |
| Ramelius Resources Ltd. | 1622297 | 2730010 | 26.8 |
| SmartGroup Corp. Ltd. | 339554 | 1702805 | 16.7 |
| Vault Minerals Ltd. | 6424263 | 1767761 | 17.3 |
|  |  | 30537055 |  |
| **Austria** |  |  |  |
| CPI Europe AG | 144935 | 2867200 | 28.1 |
| Kontron AG | 21281 | 517130 | 5.1 |
| UNIQA Insurance Group AG | 174143 | 2017912 | 19.8 |
|  |  | 5402242 |  |
| **Belgium** |  |  |  |
| Barco NV | 101956 | 1395046 | 13.7 |
| Colruyt Group N.V | 87534 | 4209306 | 41.3 |
| Fagron | 53077 | 1237281 | 12.1 |

---

Schedule of Investments

------

Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **Belgium (continued)** |  |  |  |
| Liberty Global Ltd., Class A | 1379166 | $15101868 | 148.1<br> % <br>|
| Umicore SA | 538798 | 4897694 | 48.0 |
| Warehouses De Pauw CVA | 324407 | 8286033 | 81.2 |
|  |  | 35127228 |  |
| **Canada** |  |  |  |
| ADENTRA, Inc. | 25192 | 493570 | 4.8 |
| Birchcliff Energy Ltd. | 1688449 | 6895378 | 67.6 |
|  |  | 7388948 |  |
| **Denmark** |  |  |  |
| Alm Brand A/S | 475960 | 1128319 | 11.0 |
| Ambu A/S, Class B | 6104 | 110180 | 1.1 |
| D/S Norden A/S | 6257 | 170392 | 1.7 |
|  |  | 1408891 |  |
| **France** |  |  |  |
| Coface SA | 194833 | 3993444 | 39.2 |
| Elior Group SA | 691252 | 2094036 | 20.5 |
| ICADE | 8574 | 203674 | 2.0 |
| JCDecaux SE | 123504 | 2149494 | 21.1 |
| Opmobility | 123590 | 1385102 | 13.6 |
| Technip Energies NV | 252940 | 8631359 | 84.6 |
| Television Francaise 1 SA | 136640 | 1305657 | 12.8 |
| VusionGroup | 17247 | 3458828 | 33.9 |
|  |  | 23221594 |  |
| **Germany** |  |  |  |
| CANCOM SE | 37102 | 1139193 | 11.2 |
| Deutz AG | 87943 | 682826 | 6.7 |
| Duerr AG | 2200 | 52082 | 0.5 |
| Hypoport SE | 13029 | 3029181 | 29.7 |
| Stroeer SE & Co KGaA | 45384 | 2709943 | 26.6 |
| TAG Immobilien AG | 234010 | 3809903 | 37.3 |
|  |  | 11423128 |  |
| **Hong Kong** |  |  |  |
| HKBN Ltd. | 4597500 | 3005357 | 29.5 |
| **Iraq** |  |  |  |
| Gulf Keystone Petroleum Ltd. | 855124 | 1752742 | 17.2 |
| **Ireland** |  |  |  |
| Cairn Homes PLC | 221308 | 487548 | 4.8 |
| Cimpress PLC | 66167 | 2780337 | 27.2 |
|  |  | 3267885 |  |
| **Israel** |  |  |  |
| Bezeq The Israeli Telecommunication Corp., <br> Ltd.<br>| 3826440 | 5818625 | 57.1 |
| Radware Ltd. | 57545 | 1373024 | 13.5 |
| Rami Levy Chain Stores Hashikma Marketing <br> 2006 Ltd.<br>| 10805 | 826697 | 8.1 |
| Tel Aviv Stock Exchange Ltd. | 118994 | 1463064 | 14.3 |
|  |  | 9481410 |  |
| **Italy** |  |  |  |
| ACEA SpA | 114056 | 2679476 | 26.3 |
| Ferrari NV | 33224 | 15342179 | 150.4 |
| Fincantieri SpA | 307321 | 4003815 | 39.2 |
| Lottomatica Group Spa | 7964 | 181530 | 1.8 |
| MFE-MediaForEurope NV, Class A | 593956 | 2160384 | 21.2 |
|  |  | 24367384 |  |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **Japan** |  |  |  |
| Adastria Co., Inc. | 157600 | $3220075 | 31.6<br> % <br>|
| ADEKA Corp. | 187100 | 3372838 | 33.1 |
| Aica Kogyo Co., Inc. | 160200 | 3714126 | 36.4 |
| Azbil Corp. | 1267000 | 10910505 | 107.0 |
| Bic Camera, Inc. | 52600 | 564061 | 5.5 |
| Calbee, Inc. | 5400 | 108620 | 1.1 |
| Canon Marketing Japan, Inc. | 91800 | 3249707 | 31.9 |
| Comforia Residential REIT, Inc. | 54 | 104977 | 1.0 |
| COMSYS Holdings Corp. | 221700 | 4913772 | 48.2 |
| Create Restaurants Holdings, Inc. | 204400 | 1992602 | 19.5 |
| Daiwa Securities Living Investments Corp. | 3773 | 2382217 | 23.4 |
| Dowa Holdings Co., Inc. | 19300 | 619232 | 6.1 |
| DyDo Group Holdings, Inc. | 69400 | 1418180 | 13.9 |
| EXEO Group, Inc. | 395000 | 4612471 | 45.2 |
| Global One Real Estate Investment Corp. | 2637 | 2201892 | 21.6 |
| H2O Retailing Corp. | 39900 | 545741 | 5.4 |
| Hakuhodo DY Holdings, Inc. | 512400 | 3852435 | 37.8 |
| Hazama Ando Corp. | 92900 | 925247 | 9.1 |
| Heiwa Real Estate Co., Inc. | 78900 | 2600057 | 25.5 |
| Hiday Hidaka Corp. | 15800 | 344349 | 3.4 |
| Iida Group Holdings Co., Inc. | 113300 | 1793403 | 17.6 |
| INFRONEER Holdings, Inc. | 384000 | 3275253 | 32.1 |
| Japan Aviation Electronics Industry Ltd. | 141600 | 2268299 | 22.2 |
| Japan Hotel REIT Investment Corp. | 5569 | 2753927 | 27.0 |
| Japan Petroleum Exploration Co., Inc. | 850900 | 6108050 | 59.9 |
| Japan Securities Finance Co., Inc. | 131200 | 1569906 | 15.4 |
| JINS Holdings, Inc. | 10700 | 671033 | 6.6 |
| JTEKT Corp. | 621700 | 4801429 | 47.1 |
| Kaga Electronics Co., Inc. | 97600 | 1748101 | 17.1 |
| Kandenko Co., Inc. | 265600 | 5264875 | 51.6 |
| KDX Realty Investment Corp. | 2949 | 3070992 | 30.1 |
| Kewpie Corp. | 275700 | 6270884 | 61.5 |
| Kinden Corp. | 178400 | 4617749 | 45.3 |
| Kohnan Shoji Co., Inc. | 71400 | 1881306 | 18.4 |
| K's Holdings Corp. | 426900 | 4088433 | 40.1 |
| Kyokuto Kaihatsu Kogyo Co., Inc. | 72300 | 1214476 | 11.9 |
| LaSalle Logiport REIT | 109 | 103980 | 1.0 |
| Maruha Nichiro Corp. | 36200 | 827151 | 8.1 |
| Medipal Holdings Corp. | 226900 | 3844974 | 37.7 |
| Modec, Inc. | 88500 | 2685781 | 26.3 |
| Mori Trust Reit, Inc. | 3614 | 1604138 | 15.7 |
| Nabtesco Corp. | 187200 | 2809696 | 27.5 |
| Nagoya Railroad Co., Inc. | 309700 | 3776850 | 37.0 |
| Nichicon Corp. | 192300 | 1573068 | 15.4 |
| Nisshin Seifun Group, Inc. | 18900 | 243842 | 2.4 |
| NS Solutions Corp. | 21200 | 502966 | 4.9 |
| Osaka Organic Chemical Industry Ltd. | 64900 | 1093886 | 10.7 |
| Persol Holdings Co., Inc. | 5566600 | 10082628 | 98.9 |
| Rinnai Corp. | 236500 | 5297231 | 51.9 |
| San-A Co., Inc. | 58600 | 1163642 | 11.4 |
| Shinmaywa Industries Ltd. | 151700 | 1429486 | 14.0 |
| Ship Healthcare Holdings, Inc. | 187100 | 2714348 | 26.6 |
| SHO-BOND Holdings Co., Inc. | 27100 | 972792 | 9.5 |
| Sumitomo Heavy Industries Ltd. | 35200 | 732928 | 7.2 |
| Suruga Bank Ltd. | 423000 | 3746893 | 36.7 |
| Takasago Thermal Engineering Co., Inc. | 99900 | 4419978 | 43.3 |
| Takuma Co., Inc. | 108300 | 1395460 | 13.7 |
| TechnoPro Holdings, Inc. | 50100 | 1117210 | 11.0 |
| Toa Corp. | 176900 | 1709113 | 16.8 |
| Toagosei Co., Inc. | 173800 | 1635180 | 16.0 |
| Tobu Railway Co., Inc. | 457800 | 8353909 | 81.9 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **Japan (continued)** |  |  |  |
| Tokai Rika Co., Inc. | 18600 | $277021 | 2.7<br> % <br>|
| Totetsu Kogyo Co., Inc. | 43900 | 968774 | 9.5 |
| Tsugami Corp. | 87700 | 1080342 | 10.6 |
| UACJ Corp. | 123900 | 4180180 | 41.0 |
| Zeon Corp. | 584100 | 5727812 | 56.2 |
|  |  | 179122479 |  |
| **Luxembourg** |  |  |  |
| APERAM SA | 31051 | 903504 | 8.9 |
| **Malaysia** |  |  |  |
| Frencken Group Ltd. | 1492900 | 1159683 | 11.4 |
| **Netherlands** |  |  |  |
| Eurocommercial Properties NV | 40670 | 1175217 | 11.5 |
| **Norway** |  |  |  |
| Aker Solutions ASA | 495592 | 1345088 | 13.2 |
| **Portugal** |  |  |  |
| NOS SGPS SA | 442957 | 1848644 | 18.1 |
| Sonae SGPS SA | 84197 | 106925 | 1.1 |
|  |  | 1955569 |  |
| **Singapore** |  |  |  |
| ComfortDelGro Corp. Ltd. | 3283100 | 3851659 | 37.8 |
| iFAST Corp. Ltd | 172600 | 822149 | 8.0 |
| UOL Group Ltd. | 567700 | 2511322 | 24.6 |
|  |  | 7185130 |  |
| **Spain** |  |  |  |
| Naturgy Energy Group SA | 54968 | 1637609 | 16.1 |
| **Sweden** |  |  |  |
| Ambea AB | 198604 | 2399244 | 23.5 |
| Billerud Aktiebolag | 138109 | 1457331 | 14.3 |
| INVISIO AB | 44530 | 1789685 | 17.5 |
| Loomis Ab | 112690 | 4690319 | 46.0 |
| NCC AB, Class B | 164335 | 3059498 | 30.0 |
| Nordnet AB publ | 9471 | 250718 | 2.5 |
| RaySearch Laboratories AB | 29006 | 785401 | 7.7 |
| Wihlborgs Fastigheter AB | 285799 | 2964412 | 29.1 |
|  |  | 17396608 |  |
| **Switzerland** |  |  |  |
| Kardex Holding AG, Registered Shares | 10278 | 2589267 | 25.4 |
| Komax Holding AG, Registered Shares | 12191 | 1518429 | 14.9 |
| u-blox Holding AG | 21241 | 2152933 | 21.1 |
|  |  | 6260629 |  |
| **Tanzania, United Republic Of** |  |  |  |
| Helios Towers PLC | 386397 | 555894 | 5.4 |
| **United Kingdom** |  |  |  |
| Aberdeen Group PLC | 5461477 | 10786453 | 105.8 |
| AJ Bell PLC | 828258 | 4713817 | 46.2 |
| Babcock International Group PLC | 959289 | 10334214 | 101.3 |
| Big Yellow Group PLC | 37392 | 503404 | 4.9 |
| Chemring Group PLC | 186202 | 994570 | 9.8 |
| Computacenter PLC | 168223 | 5440936 | 53.4 |
| Craneware PLC | 36629 | 878839 | 8.6 |
| Cranswick PLC | 101564 | 7029329 | 68.9 |
| Deliveroo PLC | 3987124 | 9054018 | 88.8 |
| Dunelm Group PLC | 49491 | 726785 | 7.1 |
| Fevertree Drinks PLC | 116218 | 1237483 | 12.1 |
| Grainger PLC | 525734 | 1508303 | 14.8 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **United Kingdom (continued)** |  |  |  |
| Greggs PLC | 195587 | $4869135 | 47.7<br> % <br>|
| Hammerson PLC | 1136889 | 3835768 | 37.6 |
| Harbour Energy PLC | 2581899 | 5276715 | 51.7 |
| Hilton Food Group PLC | 37246 | 441280 | 4.3 |
| JET2 PLC | 541119 | 11450880 | 112.3 |
| Just Group PLC | 301924 | 569482 | 5.6 |
| Lancashire Holdings Ltd. | 464458 | 3496021 | 34.3 |
| Softcat PLC | 313427 | 7000263 | 68.6 |
| Supermarket Income Reit PLC | 1104831 | 1142589 | 11.2 |
| Volution Group PLC | 460893 | 3488840 | 34.2 |
| WH Smith PLC | 12502 | 151288 | 1.5 |
| Zigup PLC | 473581 | 1977434 | 19.4 |
|  |  | 96907846 |  |
| **United States** |  |  |  |
| 10X Genomics, Inc., Class A | 697034 | 5764471 | 56.5 |
| 1-800-Flowers.com, Inc., Class A | 30619 | 169323 | 1.7 |
| A10 Networks, Inc. | 492410 | 8114917 | 79.6 |
| Accel Entertainment, Inc. | 92046 | 948074 | 9.3 |
| ACV Auctions, Inc., Class A | 16312 | 239623 | 2.3 |
| ADTRAN Holdings, Inc. | 329365 | 2522936 | 24.7 |
| Alignment Healthcare, Inc. | 916473 | 16239902 | 159.2 |
| Amalgamated Financial Corp. | 108418 | 3053051 | 29.9 |
| Ambac Financial Group, Inc. | 343486 | 2741018 | 26.9 |
| Ambarella, Inc. | 243170 | 11669728 | 114.4 |
| AMN Healthcare Services, Inc. | 554171 | 11321713 | 111.0 |
| Andersons, Inc. | 65709 | 2477886 | 24.3 |
| ANI Pharmaceuticals, Inc. | 108825 | 7706986 | 75.6 |
| ArcBest Corp. | 27828 | 1628495 | 16.0 |
| Archrock, Inc. | 505126 | 11885615 | 116.5 |
| Argan, Inc. | 17270 | 2644555 | 25.9 |
| Asana, Inc., Class A | 295525 | 4769773 | 46.8 |
| BancFirst Corp. | 36646 | 4317632 | 42.3 |
| Bandwidth, Inc., Class A | 165646 | 2057323 | 20.2 |
| Beazer Homes USA, Inc. | 126741 | 2479054 | 24.3 |
| Belden, Inc. | 107993 | 11135158 | 109.2 |
| Black Hills Corp. | 28189 | 1716710 | 16.8 |
| BlueLinx Holdings, Inc. | 46510 | 3029661 | 29.7 |
| Boston Beer Co., Inc., Class A | 46966 | 11544243 | 113.2 |
| Bowhead Specialty Holdings, Inc. | 54035 | 2171667 | 21.3 |
| Brink's Co. | 113982 | 10171754 | 99.7 |
| Burke & Herbert Financial Services Corp. | 1427 | 79784 | 0.8 |
| Calavo Growers, Inc. | 36969 | 1021084 | 10.0 |
| Calix, Inc. | 232526 | 9512639 | 93.3 |
| Cargurus, Inc. | 250218 | 6996095 | 68.6 |
| Centerspace | 26458 | 1597005 | 15.7 |
| Century Communities, Inc. | 65314 | 3562226 | 34.9 |
| Chatham Lodging Trust | 142779 | 980892 | 9.6 |
| Chemours Co. | 36245 | 448713 | 4.4 |
| Civitas Resources, Inc. | 313505 | 8543011 | 83.8 |
| Concentra Group Holdings Parent, Inc. | 55317 | 1203145 | 11.8 |
| Coursera, Inc. | 913250 | 7689565 | 75.4 |
| CSG Systems International, Inc. | 106051 | 6376847 | 62.5 |
| Delek US Holdings, Inc. | 489027 | 6367132 | 62.4 |
| Deluxe Corp. | 96191 | 1404389 | 13.8 |
| Dime Community Bancshares, Inc. | 1009 | 25921 | 0.2 |
| DNOW, Inc. | 228503 | 3626343 | 35.6 |
| Encore Capital Group, Inc. | 56511 | 1943978 | 19.1 |
| Ennis, Inc. | 2414 | 43331 | 0.4 |
| Enovis Corp. | 165142 | 5712262 | 56.0 |
| Ethan Allen Interiors, Inc. | 85878 | 2441512 | 23.9 |
| Euronet Worldwide, Inc. | 132722 | 13152750 | 129.0 |

---

Schedule of Investments

------

Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **United States (continued)** |  |  |  |
| Everus Construction Group, Inc. | 155320 | $6250077 | 61.3<br> % <br>|
| Evolent Health, Inc., Class A | 880132 | 8678101 | 85.1 |
| Exponent, Inc. | 47237 | 3716607 | 36.4 |
| Extreme Networks, Inc. | 444011 | 5843185 | 57.3 |
| Five9, Inc. | 880848 | 22144519 | 217.1 |
| Foot Locker, Inc. | 526707 | 6462695 | 63.4 |
| Fortrea Holdings, Inc. | 187859 | 1170362 | 11.5 |
| Frontdoor, Inc. | 201978 | 8303316 | 81.4 |
| Fulgent Genetics, Inc. | 134026 | 2325351 | 22.8 |
| Genco Shipping & Trading Ltd. | 198013 | 2566248 | 25.2 |
| G-III Apparel Group Ltd. | 289857 | 7310193 | 71.7 |
| Glacier Bancorp, Inc. | 16453 | 670624 | 6.6 |
| Global Industrial Co. | 4856 | 124702 | 1.2 |
| Goodyear Tire & Rubber Co. | 282159 | 3069890 | 30.1 |
| Goosehead Insurance, Inc., Class A | 23594 | 2293573 | 22.5 |
| GQG Partners, Inc., CDI | 1034372 | 1449970 | 14.2 |
| Greenbrier Cos, Inc. | 36584 | 1551893 | 15.2 |
| Griffon Corp. | 176088 | 11993354 | 117.6 |
| Grocery Outlet Holding Corp. | 210679 | 3537300 | 34.7 |
| Haemonetics Corp. | 105419 | 6643505 | 65.1 |
| Healthcare Services Group, Inc. | 65446 | 929988 | 9.1 |
| Heidrick & Struggles International, Inc. | 61988 | 2418772 | 23.7 |
| Hilltop Holdings, Inc. | 16173 | 477589 | 4.7 |
| Hilton Grand Vacations, Inc. | 49945 | 1679650 | 16.5 |
| Howard Hughes Holdings, Inc. | 4384 | 291667 | 2.9 |
| ICF International, Inc. | 93035 | 7904254 | 77.5 |
| IDT Corp., Class B | 43205 | 2171051 | 21.3 |
| Insperity, Inc. | 152103 | 9888216 | 96.9 |
| Interface, Inc. | 50520 | 949776 | 9.3 |
| International Seaways, Inc. | 213119 | 7237521 | 71.0 |
| Iridium Communications, Inc. | 787619 | 19005246 | 186.3 |
| JFrog Ltd. | 87585 | 2957745 | 29.0 |
| Kearny Financial Corp. | 304939 | 1908918 | 18.7 |
| Kemper Corp. | 8736 | 516472 | 5.1 |
| Kohl's Corp. | 894838 | 5995415 | 58.8 |
| LendingClub Corp. | 316936 | 3096465 | 30.4 |
| LendingTree, Inc. | 37994 | 1960110 | 19.2 |
| LifeStance Health Group, Inc. | 1135923 | 7463014 | 73.2 |
| LiveRamp Holdings, Inc. | 442911 | 11586552 | 113.6 |
| M/I Homes, Inc. | 113494 | 12107540 | 118.7 |
| ManpowerGroup, Inc. | 330279 | 14225116 | 139.5 |
| Marcus Corp. | 237373 | 3871554 | 38.0 |
| Matson, Inc. | 7144 | 779339 | 7.6 |
| Maximus, Inc. | 54649 | 3659297 | 35.9 |
| MaxLinear, Inc. | 402165 | 4017628 | 39.4 |
| Mercury General Corp. | 85484 | 4737523 | 46.4 |
| Mister Car Wash, Inc. | 11341 | 77799 | 0.8 |
| MRC Global, Inc. | 298046 | 3472236 | 34.0 |
| Myers Industries, Inc. | 206612 | 2169426 | 21.3 |
| Nabors Industries Ltd. | 53952 | 1448072 | 14.2 |
| NETGEAR, Inc. | 136958 | 3303427 | 32.4 |
| NetScout Systems, Inc. | 333702 | 7014416 | 68.8 |
| NewMarket Corp. | 18359 | 11296293 | 110.8 |
| NexPoint Residential Trust, Inc. | 61553 | 2294696 | 22.5 |
| NMI Holdings, Inc. | 359479 | 13002355 | 127.5 |
| Novocure Ltd. | 176571 | 3202998 | 31.4 |
| Oceaneering International, Inc. | 69481 | 1233288 | 12.1 |
| OceanFirst Financial Corp. | 172961 | 2864234 | 28.1 |
| Olympic Steel, Inc. | 77528 | 2500278 | 24.5 |
| Omnicell, Inc. | 291341 | 9107320 | 89.3 |
| Orrstown Financial Services, Inc. | 20718 | 620918 | 6.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **United States (continued)** |  |  |  |
| Orthofix Medical, Inc. | 13727 | $190943 | 1.9<br> % <br>|
| Outfront Media, Inc. | 23344 | 353195 | 3.5 |
| Palomar Holdings, Inc. | 30433 | 4413394 | 43.3 |
| Par Pacific Holdings, Inc. | 461571 | 6609697 | 64.8 |
| Peloton Interactive, Inc., Class A | 1177375 | 8112114 | 79.5 |
| Perella Weinberg Partners | 113489 | 1948606 | 19.1 |
| Perrigo Co PLC | 283187 | 7283570 | 71.4 |
| Phibro Animal Health Corp., Class A | 134410 | 2501370 | 24.5 |
| Piper Sandler Cos | 4484 | 1081182 | 10.6 |
| Power Integrations, Inc. | 97868 | 4807276 | 47.1 |
| PRA Group, Inc. | 51602 | 944317 | 9.3 |
| Premier, Inc., Class A | 764775 | 15563171 | 152.6 |
| PROCEPT BioRobotics Corp. | 14500 | 782710 | 7.7 |
| PROG Holdings, Inc. | 206173 | 5434720 | 53.3 |
| Progress Software Corp. | 259168 | 15539713 | 152.4 |
| Progyny, Inc. | 584330 | 13346097 | 130.8 |
| PROS Holdings, Inc. | 270508 | 4620277 | 45.3 |
| Revolve Group, Inc. | 457567 | 9096432 | 89.2 |
| Sabra Health Care REIT, Inc. | 708806 | 12652187 | 124.0 |
| Sally Beauty Holdings, Inc. | 445330 | 3624986 | 35.5 |
| Sanmina Corp. | 59533 | 4571539 | 44.8 |
| Seaboard Corp. | 2071 | 5355565 | 52.5 |
| Semtech Corp. | 83657 | 2614281 | 25.6 |
| Silicon Laboratories, Inc. | 65378 | 6652865 | 65.2 |
| SkyWest, Inc. | 150155 | 13389321 | 131.3 |
| SpartanNash Co. | 84479 | 1676063 | 16.4 |
| Strategic Education, Inc. | 77169 | 6295447 | 61.7 |
| Tandem Diabetes Care, Inc. | 250408 | 4219375 | 41.4 |
| Tanger, Inc. | 168120 | 5297461 | 51.9 |
| TriNet Group, Inc. | 81414 | 6377159 | 62.5 |
| Trinity Industries, Inc. | 64368 | 1615637 | 15.8 |
| TTM Technologies, Inc. | 387534 | 7758431 | 76.1 |
| Ultra Clean Holdings, Inc. | 131763 | 2464627 | 24.2 |
| United Fire Group, Inc. | 50023 | 1384136 | 13.6 |
| Universal Corp. | 14838 | 864610 | 8.5 |
| Universal Technical Institute, Inc. | 92255 | 2588675 | 25.4 |
| Urban Edge Properties | 142504 | 2575047 | 25.2 |
| Utz Brands, Inc. | 3456 | 45930 | 0.4 |
| V2X, Inc. | 95496 | 4751881 | 46.6 |
| Veradigm, Inc. | 53524 | 227477 | 2.2 |
| Victoria's Secret & Co. | 197215 | 3707642 | 36.3 |
| Visteon Corp. | 90030 | 7129476 | 69.9 |
| WD-40 Co. | 35324 | 8066589 | 79.1 |
| WesBanco, Inc. | 128247 | 3819196 | 37.4 |
| Winnebago Industries, Inc. | 83368 | 2652770 | 26.0 |
| World Kinect Corp. | 54947 | 1378620 | 13.5 |
| Worthington Enterprises, Inc. | 156271 | 7912001 | 77.6 |
| Xerox Holdings Corp. | 1400473 | 6176086 | 60.6 |
| ZipRecruiter, Inc., Class A | 319598 | 1649126 | 16.2 |
|  |  | 768922521 |  |
| **Total Reference Entity — Long** |  | 1240911641 |  |
| **Reference Entity — Short** |  |  |  |
| **Common Stocks**  |  |  |  |
| **Australia** |  |  |  |
| ALS Ltd. | (59235)<br>| (649954)<br>| (6.4)<br>|
| Amotiv Ltd. | (111494)<br>| (552858)<br>| (5.4)<br>|
| Ansell Ltd. | (68747)<br>| (1333661)<br>| (13.1)<br>|
| Atlas Arteria Ltd. | (1078500)<br>| (3572376)<br>| (35.0)<br>|
| Austal Ltd. | (509500)<br>| (1726202)<br>| (16.9)<br>|
| Bapcor Ltd. | (98219)<br>| (319126)<br>| (3.1)<br>|

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **Australia (continued)** |  |  |  |
| Bellevue Gold Ltd. | (3075277)<br>| $(1790329)<br>| (17.6)% <br>|
| Bendigo & Adelaide Bank Ltd. | (317709)<br>| (2272836)<br>| (22.3)<br>|
| Boss Energy Ltd. | (2471316)<br>| (5053061)<br>| (49.6)<br>|
| Breville Group Ltd. | (56020)<br>| (1027145)<br>| (10.1)<br>|
| Brickworks Ltd. | (75153)<br>| (1210592)<br>| (11.9)<br>|
| Capricorn Metals Ltd. | (290279)<br>| (1717425)<br>| (16.8)<br>|
| Champion Iron Ltd. | (1251139)<br>| (3657415)<br>| (35.9)<br>|
| Charter Hall Long Wale REIT | (1226038)<br>| (3012012)<br>| (29.5)<br>|
| Corporate Travel Management Ltd. | (394709)<br>| (3223236)<br>| (31.6)<br>|
| Deep Yellow Ltd. | (2524444)<br>| (1836071)<br>| (18.0)<br>|
| Deterra Royalties Ltd. | (552366)<br>| (1287865)<br>| (12.6)<br>|
| Elders Ltd. | (373389)<br>| (1512431)<br>| (14.8)<br>|
| Genesis Minerals Ltd. | (67424)<br>| (166500)<br>| (1.6)<br>|
| Harvey Norman Holdings Ltd. | (526797)<br>| (1761267)<br>| (17.3)<br>|
| HMC Capital Ltd. | (48744)<br>| (151827)<br>| (1.5)<br>|
| HomeCo Daily Needs REIT | (2800743)<br>| (2195736)<br>| (21.5)<br>|
| Insignia Financial Ltd. | (516179)<br>| (1243809)<br>| (12.2)<br>|
| Lifestyle Communities Ltd. | (342113)<br>| (1562720)<br>| (15.3)<br>|
| Magellan Financial Group Ltd. | (240478)<br>| (1178955)<br>| (11.6)<br>|
| National Storage REIT | (1050346)<br>| (1544444)<br>| (15.1)<br>|
| Nick Scali Ltd. | (291274)<br>| (3316967)<br>| (32.5)<br>|
| Nine Entertainment Co Holdings Ltd. | (1225652)<br>| (1123261)<br>| (11.0)<br>|
| Nuix Ltd. | (409099)<br>| (638018)<br>| (6.3)<br>|
| Orora Ltd. | (3620144)<br>| (4194379)<br>| (41.1)<br>|
| Paladin Energy Ltd. | (454093)<br>| (1703853)<br>| (16.7)<br>|
| Perpetual Ltd. | (277762)<br>| (2950750)<br>| (28.9)<br>|
| PEXA Group Ltd. | (132074)<br>| (1017629)<br>| (10.0)<br>|
| Premier Investments Ltd. | (148941)<br>| (1983929)<br>| (19.5)<br>|
| Qube Holdings Ltd. | (804813)<br>| (2037551)<br>| (20.0)<br>|
| Region RE Ltd. | (830872)<br>| (1231534)<br>| (12.1)<br>|
| Sandfire Resources Ltd. | (35432)<br>| (225663)<br>| (2.2)<br>|
| Silex Systems Ltd. | (57166)<br>| (113414)<br>| (1.1)<br>|
| Stanmore Resources Ltd. | (134949)<br>| (167621)<br>| (1.6)<br>|
| Westgold Resources Ltd. | (850326)<br>| (1615387)<br>| (15.8)<br>|
|  |  | (67879809)<br>|  |
| **Bahamas** |  |  |  |
| OneSpaWorld Holdings Ltd. | (473595)<br>| (7909036)<br>| (77.5)<br>|
| **Belgium** |  |  |  |
| Ackermans & van Haaren NV | (20224)<br>| (4946535)<br>| (48.5)<br>|
| **Bermuda** |  |  |  |
| Conduit Holdings Ltd. | (2036)<br>| (9372)<br>| (0.1)<br>|
| **Brazil** |  |  |  |
| Karoon Energy Ltd. | (3049977)<br>| (2807650)<br>| (27.5)<br>|
| **Canada** |  |  |  |
| Endeavour Silver Corp. | (1099682)<br>| (3988401)<br>| (39.1)<br>|
| First Capital Real Estate Investment Trust | (299890)<br>| (3715451)<br>| (36.4)<br>|
| First National Financial Corp. | (7356)<br>| (199774)<br>| (1.9)<br>|
| Minto Apartment Real Estate Investment Trust | (34246)<br>| (334114)<br>| (3.3)<br>|
| NGEx Minerals Ltd. | (10048)<br>| (88119)<br>| (0.9)<br>|
|  |  | (8325859)<br>|  |
| **Denmark** |  |  |  |
| Dfds A/S | (2475)<br>| (34421)<br>| (0.3)<br>|
| ISS A/S | (274558)<br>| (6889057)<br>| (67.6)<br>|

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **Denmark (continued)** |  |  |  |
| Jyske Bank A/S, Registered Shares | (11572)<br>| $(949117)<br>| (9.3)% <br>|
| Scandinavian Tobacco Group A/S | (25751)<br>| (374820)<br>| (3.7)<br>|
|  |  | (8247415)<br>|  |
| **Finland** |  |  |  |
| Nokian Renkaat Oyj | (200071)<br>| (1591526)<br>| (15.6)<br>|
| TietoEVRY Oyj | (222655)<br>| (3988871)<br>| (39.1)<br>|
|  |  | (5580397)<br>|  |
| **France** |  |  |  |
| Christian Dior SE | (4542)<br>| (2348753)<br>| (23.0)<br>|
| Eramet SA | (26118)<br>| (1448198)<br>| (14.2)<br>|
| Esso SA Francaise | (3317)<br>| (533185)<br>| (5.2)<br>|
| Metropole Television SA | (115882)<br>| (1820838)<br>| (17.9)<br>|
| SOITEC | (3123)<br>| (177247)<br>| (1.7)<br>|
| Verallia SA | (161499)<br>| (5400290)<br>| (53.0)<br>|
| Vicat SACA | (18661)<br>| (1044893)<br>| (10.2)<br>|
| Vivendi SE | (1598398)<br>| (4984540)<br>| (48.9)<br>|
|  |  | (17757944)<br>|  |
| **Germany** |  |  |  |
| Bechtle AG | (167573)<br>| (7149108)<br>| (70.1)<br>|
| Eckert & Ziegler SE | (6434)<br>| (439812)<br>| (4.3)<br>|
| Jenoptik AG | (113824)<br>| (2272474)<br>| (22.3)<br>|
| Schott Pharma AG & Co KGaA | (46781)<br>| (1319332)<br>| (12.9)<br>|
| Sixt SE | (3812)<br>| (362419)<br>| (3.6)<br>|
| Softwareone Holding AG | (286457)<br>| (1982912)<br>| (19.4)<br>|
|  |  | (13526057)<br>|  |
| **Indonesia** |  |  |  |
| Nickel Industries Ltd. | (5295101)<br>| (1912172)<br>| (18.8)<br>|
| **Ireland** |  |  |  |
| Glanbia PLC | (97739)<br>| (1265250)<br>| (12.4)<br>|
| Glenveagh Properties PLC | (2099)<br>| (3934)<br>| (0.0)<br>|
|  |  | (1269184)<br>|  |
| **Israel** |  |  |  |
| Big Shopping Centers Ltd. | (2869)<br>| (418907)<br>| (4.1)<br>|
| Enlight Renewable Energy Ltd. | (92625)<br>| (1500230)<br>| (14.7)<br>|
| OPC Energy Ltd. | (44178)<br>| (417284)<br>| (4.1)<br>|
| SimilarWeb Ltd. | (20304)<br>| (153092)<br>| (1.5)<br>|
|  |  | (2489513)<br>|  |
| **Italy** |  |  |  |
| ERG SpA | (43131)<br>| (882364)<br>| (8.7)<br>|
| Ermenegildo Zegna NV | (256391)<br>| (2038308)<br>| (20.0)<br>|
| Piaggio & C SpA | (148094)<br>| (290717)<br>| (2.8)<br>|
| Stevanato Group SpA | (313134)<br>| (6531975)<br>| (64.0)<br>|
|  |  | (9743364)<br>|  |
| **Japan** |  |  |  |
| ABC-Mart, Inc. | (131900)<br>| (2453074)<br>| (24.1)<br>|
| Advance Residence Investment Corp. | (124)<br>| (127770)<br>| (1.3)<br>|
| Aeon Mall Co., Inc. | (126000)<br>| (2417639)<br>| (23.7)<br>|
| AEON REIT Investment Corp. | (714)<br>| (624879)<br>| (6.1)<br>|
| Aichi Steel Corp. | (13300)<br>| (783910)<br>| (7.7)<br>|
| Aiful Corp. | (160400)<br>| (400730)<br>| (3.9)<br>|
| Ain Holdings, Inc. | (34600)<br>| (1333635)<br>| (13.1)<br>|
| Allegro MicroSystems, Inc. | (49736)<br>| (948466)<br>| (9.3)<br>|
| Anritsu Corp. | (12600)<br>| (125955)<br>| (1.2)<br>|
| Anycolor, Inc. | (274200)<br>| (7069906)<br>| (69.3)<br>|

---

Schedule of Investments

------

Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **Japan (continued)** |  |  |  |
| Aoyama Trading Co., Inc. | (9600)<br>| $(137858)<br>| (1.4)% <br>|
| Aozora Bank Ltd. | (448000)<br>| (6185550)<br>| (60.6)<br>|
| Appier Group, Inc. | (726200)<br>| (6407274)<br>| (62.8)<br>|
| Arclands Corp. | (174100)<br>| (2116391)<br>| (20.8)<br>|
| Ariake Japan Co., Inc. | (27900)<br>| (1172266)<br>| (11.5)<br>|
| ASKUL Corp. | (198000)<br>| (2107410)<br>| (20.7)<br>|
| Awa Bank Ltd. | (4800)<br>| (92283)<br>| (0.9)<br>|
| AZ-COM MARUWA Holdings, Inc. | (184300)<br>| (1704897)<br>| (16.7)<br>|
| Bank of Nagoya Ltd. | (5800)<br>| (305372)<br>| (3.0)<br>|
| Casio Computer Co., Inc. | (105900)<br>| (828199)<br>| (8.1)<br>|
| Change Holdings, Inc. | (139500)<br>| (1324519)<br>| (13.0)<br>|
| Chiyoda Corp. | (809500)<br>| (1936431)<br>| (19.0)<br>|
| Cover Corp. | (351012)<br>| (5381747)<br>| (52.8)<br>|
| CRE Logistics REIT, Inc. | (102)<br>| (102378)<br>| (1.0)<br>|
| Cybozu, Inc. | (14000)<br>| (290378)<br>| (2.8)<br>|
| Daicel Corp. | (305600)<br>| (2601317)<br>| (25.5)<br>|
| Daiei Kankyo Co., Inc. | (46200)<br>| (946501)<br>| (9.3)<br>|
| Daiichikosho Co., Inc. | (110000)<br>| (1286441)<br>| (12.6)<br>|
| Daio Paper Corp. | (261600)<br>| (1669010)<br>| (16.4)<br>|
| Daiwa House REIT Investment Corp. | (762)<br>| (1276329)<br>| (12.5)<br>|
| Denka Co., Inc. | (236300)<br>| (3224772)<br>| (31.6)<br>|
| Digital Arts, Inc. | (63700)<br>| (3152725)<br>| (30.9)<br>|
| Digital Garage, Inc. | (57900)<br>| (1820207)<br>| (17.8)<br>|
| Duskin Co., Inc. | (58100)<br>| (1527200)<br>| (15.0)<br>|
| Ezaki Glico Co., Inc. | (131400)<br>| (4335195)<br>| (42.5)<br>|
| Ferrotec Holdings Corp. | (525400)<br>| (9070708)<br>| (88.9)<br>|
| FP Corp. | (133100)<br>| (2870189)<br>| (28.1)<br>|
| Freee KK | (16500)<br>| (466207)<br>| (4.6)<br>|
| FUJI OIL Co., Inc. | (46300)<br>| (1015747)<br>| (10.0)<br>|
| Fujita Kanko, Inc. | (15900)<br>| (1004311)<br>| (9.8)<br>|
| Fujitec Co., Inc. | (25200)<br>| (987292)<br>| (9.7)<br>|
| Fujitsu General Ltd. | (45320)<br>| (889631)<br>| (8.7)<br>|
| Fukuoka REIT Corp. | (255)<br>| (279005)<br>| (2.7)<br>|
| Fukuyama Transporting Co., Inc. | (15900)<br>| (394494)<br>| (3.9)<br>|
| Furuno Electric Co., Inc. | (6700)<br>| (119388)<br>| (1.2)<br>|
| Furuya Metal Co., Inc. | (102600)<br>| (1847805)<br>| (18.1)<br>|
| Future Corp. | (103700)<br>| (1307569)<br>| (12.8)<br>|
| GENDA, Inc. | (273700)<br>| (2097721)<br>| (20.6)<br>|
| G-Tekt Corp. | (9800)<br>| (112502)<br>| (1.1)<br>|
| GungHo Online Entertainment, Inc. | (192900)<br>| (4081873)<br>| (40.0)<br>|
| Gunze Ltd. | (35400)<br>| (636506)<br>| (6.2)<br>|
| H.U. Group Holdings, Inc. | (100300)<br>| (1968033)<br>| (19.3)<br>|
| Hachijuni Bank Ltd. | (480800)<br>| (3629074)<br>| (35.6)<br>|
| Hankyu Hanshin REIT, Inc. | (86)<br>| (86897)<br>| (0.9)<br>|
| Haseko Corp. | (524600)<br>| (7492660)<br>| (73.5)<br>|
| Heiwa Corp. | (140100)<br>| (2180772)<br>| (21.4)<br>|
| Hino Motors Ltd. | (1930400)<br>| (6138412)<br>| (60.2)<br>|
| Hioki EE Corp. | (9200)<br>| (366830)<br>| (3.6)<br>|
| Hirogin Holdings, Inc. | (318600)<br>| (2648191)<br>| (26.0)<br>|
| HIS Co., Inc. | (258500)<br>| (3080799)<br>| (30.2)<br>|
| Hogy Medical Co., Inc. | (19700)<br>| (563851)<br>| (5.5)<br>|
| Hokuhoku Financial Group, Inc. | (38100)<br>| (683295)<br>| (6.7)<br>|
| Hoshino Resorts REIT, Inc. | (82)<br>| (126147)<br>| (1.2)<br>|
| House Foods Group, Inc. | (106700)<br>| (2092116)<br>| (20.5)<br>|
| Hyakugo Bank Ltd. | (264600)<br>| (1282643)<br>| (12.6)<br>|
| Ichibanya Co., Inc. | (99600)<br>| (662362)<br>| (6.5)<br>|
| Idec Corp. | (11300)<br>| (181039)<br>| (1.8)<br>|
| IDOM, Inc. | (36000)<br>| (277231)<br>| (2.7)<br>|
| Iino Kaiun Kaisha Ltd. | (186200)<br>| (1357085)<br>| (13.3)<br>|
| Insource Co., Inc. | (10500)<br>| (67233)<br>| (0.7)<br>|
| Internet Initiative Japan, Inc. | (41700)<br>| (773259)<br>| (7.6)<br>|
| Invincible Investment Corp. | (2467)<br>| (1019630)<br>| (10.0)<br>|

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **Japan (continued)** |  |  |  |
| Ishihara Sangyo Kaisha Ltd. | (10400)<br>| $(128154)<br>| (1.3)% <br>|
| Iwatani Corp. | (360000)<br>| (3446958)<br>| (33.8)<br>|
| Iyogin Holdings, Inc. | (358000)<br>| (4152518)<br>| (40.7)<br>|
| Izumi Co., Inc. | (39300)<br>| (904802)<br>| (8.9)<br>|
| Japan Elevator Service Holdings Co., Inc. | (203600)<br>| (4401662)<br>| (43.2)<br>|
| Japan Excellent, Inc. | (1025)<br>| (926098)<br>| (9.1)<br>|
| Japan Investment Adviser Co., Inc. | (63700)<br>| (729650)<br>| (7.2)<br>|
| Japan Logistics Fund, Inc. | (220)<br>| (143873)<br>| (1.4)<br>|
| JGC Holdings Corp. | (653500)<br>| (5226632)<br>| (51.2)<br>|
| JMDC, Inc. | (253700)<br>| (5723908)<br>| (56.1)<br>|
| Justsystems Corp. | (85800)<br>| (2053434)<br>| (20.1)<br>|
| JVCKenwood Corp. | (96400)<br>| (719440)<br>| (7.1)<br>|
| Kagome Co., Inc. | (276200)<br>| (5684898)<br>| (55.7)<br>|
| Kanadevia Corp. | (67900)<br>| (435508)<br>| (4.3)<br>|
| Kanto Denka Kogyo Co., Inc. | (11300)<br>| (68544)<br>| (0.7)<br>|
| Kasumigaseki Capital Co., Inc. | (34100)<br>| (2942942)<br>| (28.9)<br>|
| Katitas Co., Inc. | (98900)<br>| (1432968)<br>| (14.0)<br>|
| KeePer Technical Laboratory Co., Inc. | (27600)<br>| (801621)<br>| (7.9)<br>|
| Keihan Holdings Co., Inc. | (94800)<br>| (2321828)<br>| (22.8)<br>|
| Keikyu Corp. | (16300)<br>| (169629)<br>| (1.7)<br>|
| KH Neochem Co., Inc. | (115200)<br>| (2041651)<br>| (20.0)<br>|
| Kiyo Bank Ltd. | (57400)<br>| (975602)<br>| (9.6)<br>|
| Kobayashi Pharmaceutical Co., Inc. | (21200)<br>| (808778)<br>| (7.9)<br>|
| Koei Tecmo Holdings Co., Inc. | (693100)<br>| (11890359)<br>| (116.6)<br>|
| KOMEDA Holdings Co., Inc. | (14600)<br>| (295123)<br>| (2.9)<br>|
| Komeri Co., Inc. | (34200)<br>| (728793)<br>| (7.1)<br>|
| Konica Minolta, Inc. | (55400)<br>| (170040)<br>| (1.7)<br>|
| Kosaido Holdings Co., Inc. | (132600)<br>| (459203)<br>| (4.5)<br>|
| Kotobuki Spirits Co., Inc. | (521500)<br>| (7762200)<br>| (76.1)<br>|
| Krosaki Harima Corp. | (28800)<br>| (505556)<br>| (5.0)<br>|
| Kumiai Chemical Industry Co., Inc. | (260400)<br>| (1390382)<br>| (13.6)<br>|
| Kureha Corp. | (126500)<br>| (2214173)<br>| (21.7)<br>|
| Kusuri no Aoki Holdings Co., Inc. | (242800)<br>| (5782497)<br>| (56.7)<br>|
| KYB Corp. | (102900)<br>| (2103481)<br>| (20.6)<br>|
| Kyoei Steel Ltd. | (43000)<br>| (606098)<br>| (5.9)<br>|
| Leopalace21 Corp. | (677000)<br>| (2773499)<br>| (27.2)<br>|
| LIFENET INSURANCE CO. | (14700)<br>| (184009)<br>| (1.8)<br>|
| Macnica Holdings, Inc. | (11600)<br>| (161280)<br>| (1.6)<br>|
| Maruichi Steel Tube Ltd. | (96000)<br>| (2267895)<br>| (22.2)<br>|
| Matsui Securities Co., Inc. | (213700)<br>| (1101992)<br>| (10.8)<br>|
| Medley, Inc. | (309000)<br>| (7454795)<br>| (73.1)<br>|
| Micronics Japan Co., Inc. | (11600)<br>| (245763)<br>| (2.4)<br>|
| Mitsubishi Gas Chemical Co., Inc. | (179400)<br>| (2733421)<br>| (26.8)<br>|
| Mitsubishi Logisnext Co., Inc. | (51500)<br>| (723412)<br>| (7.1)<br>|
| Mitsubishi Pencil Co., Inc. | (6800)<br>| (105529)<br>| (1.0)<br>|
| Mitsuboshi Belting Ltd. | (27000)<br>| (677050)<br>| (6.6)<br>|
| Mitsui E&S Co., Inc. | (325900)<br>| (4158263)<br>| (40.8)<br>|
| Mitsui Fudosan Logistics Park, Inc. | (5251)<br>| (3747937)<br>| (36.7)<br>|
| Mitsui-Soko Holdings Co., Inc. | (141300)<br>| (2912370)<br>| (28.6)<br>|
| Miura Co., Inc. | (110200)<br>| (2347308)<br>| (23.0)<br>|
| Money Forward, Inc. | (361700)<br>| (10834578)<br>| (106.2)<br>|
| Monogatari Corp. | (52100)<br>| (1358431)<br>| (13.3)<br>|
| Mori Hills REIT Investment Corp. | (2164)<br>| (1991915)<br>| (19.5)<br>|
| MOS Food Services, Inc. | (54500)<br>| (1412711)<br>| (13.9)<br>|
| Musashi Seimitsu Industry Co., Inc. | (76100)<br>| (1308779)<br>| (12.8)<br>|
| Namura Shipbuilding Co., Inc. | (609900)<br>| (8606655)<br>| (84.4)<br>|
| Nankai Electric Railway Co., Inc. | (160300)<br>| (2538022)<br>| (24.9)<br>|
| Nextage Co., Inc. | (157900)<br>| (1968032)<br>| (19.3)<br>|
| Nihon Kohden Corp. | (377700)<br>| (4562450)<br>| (44.7)<br>|
| Nihon M&A Center Holdings, Inc. | (2350900)<br>| (9588703)<br>| (94.0)<br>|
| Nippon Accommodations Fund, Inc. | (4090)<br>| (3336505)<br>| (32.7)<br>|
| Nippon Carbon Co., Inc. | (22400)<br>| (656839)<br>| (6.4)<br>|

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **Japan (continued)** |  |  |  |
| Nippon Paper Industries Co., Inc. | (80900)<br>| $(625485)<br>| (6.1)% <br>|
| Nippon Pillar Packing Co. Ltd. | (20100)<br>| (511427)<br>| (5.0)<br>|
| Nippon Television Holdings, Inc. | (411700)<br>| (9534138)<br>| (93.5)<br>|
| Nippon Yakin Kogyo Co., Inc. | (88000)<br>| (2499127)<br>| (24.5)<br>|
| Nishimatsuya Chain Co., Inc. | (126300)<br>| (1954417)<br>| (19.2)<br>|
| Nissui Corp. | (310000)<br>| (1885493)<br>| (18.5)<br>|
| Nitto Kogyo Corp. | (36900)<br>| (774638)<br>| (7.6)<br>|
| Noevir Holdings Co., Inc. | (26700)<br>| (771918)<br>| (7.6)<br>|
| Nojima Corp. | (73600)<br>| (1323306)<br>| (13.0)<br>|
| Nomura Real Estate Master Fund, Inc. | (250)<br>| (248890)<br>| (2.4)<br>|
| NPR-RIKEN Corp. | (96600)<br>| (1602045)<br>| (15.7)<br>|
| NSK Ltd. | (55400)<br>| (241993)<br>| (2.4)<br>|
| NTT UD REIT Investment Corp. | (1244)<br>| (1168516)<br>| (11.5)<br>|
| Nxera Pharma Co., Inc. | (177100)<br>| (1109655)<br>| (10.9)<br>|
| OBIC Business Consultants Co., Inc. | (18200)<br>| (874902)<br>| (8.6)<br>|
| Ohsho Food Service Corp. | (56800)<br>| (1284861)<br>| (12.6)<br>|
| OKUMA Corp. | (42300)<br>| (950335)<br>| (9.3)<br>|
| Open House Group Co., Inc. | (129800)<br>| (5755579)<br>| (56.4)<br>|
| Orient Corp. | (371800)<br>| (2041087)<br>| (20.0)<br>|
| Osaka Soda Co., Inc. | (384500)<br>| (4008416)<br>| (39.3)<br>|
| Osaka Steel Co., Inc. | (60200)<br>| (1010652)<br>| (9.9)<br>|
| OSAKA Titanium Technologies Co., Inc. | (99900)<br>| (1156885)<br>| (11.3)<br>|
| OSG Corp. | (243100)<br>| (2889701)<br>| (28.3)<br>|
| Pasona Group, Inc. | (9900)<br>| (153579)<br>| (1.5)<br>|
| Penta-Ocean Construction Co., Inc. | (880200)<br>| (5049385)<br>| (49.5)<br>|
| Piolax, Inc. | (35400)<br>| (542795)<br>| (5.3)<br>|
| PKSHA Technology, Inc. | (63000)<br>| (1253265)<br>| (12.3)<br>|
| Plus Alpha Consulting Co., Inc. | (41100)<br>| (478240)<br>| (4.7)<br>|
| Pola Orbis Holdings, Inc. | (289300)<br>| (2656073)<br>| (26.0)<br>|
| Relo Group, Inc. | (64300)<br>| (849613)<br>| (8.3)<br>|
| Rengo Co., Inc. | (513400)<br>| (2866053)<br>| (28.1)<br>|
| RENOVA, Inc. | (537300)<br>| (2461170)<br>| (24.1)<br>|
| Riken Keiki Co., Inc. | (41100)<br>| (766502)<br>| (7.5)<br>|
| Roland Corp. | (16900)<br>| (375167)<br>| (3.7)<br>|
| Rorze Corp. | (958200)<br>| (9644091)<br>| (94.6)<br>|
| Ryoyo Ryosan Holdings, Inc. | (151412)<br>| (2542854)<br>| (24.9)<br>|
| Saizeriya Co., Inc. | (191900)<br>| (6186107)<br>| (60.7)<br>|
| Sangetsu Corp. | (34200)<br>| (695588)<br>| (6.8)<br>|
| Sanken Electric Co Ltd. | (49500)<br>| (2186208)<br>| (21.4)<br>|
| Sansan, Inc. | (249300)<br>| (3405786)<br>| (33.4)<br>|
| Sanyo Denki Co., Inc. | (32600)<br>| (2240433)<br>| (22.0)<br>|
| Seiko Group Corp. | (6500)<br>| (171579)<br>| (1.7)<br>|
| Septeni Holdings Co., Inc. | (45900)<br>| (117483)<br>| (1.2)<br>|
| Seven Bank Ltd. | (2551100)<br>| (4590758)<br>| (45.0)<br>|
| Shiga Bank Ltd. | (33000)<br>| (1326933)<br>| (13.0)<br>|
| Shochiku Co., Inc. | (25100)<br>| (2350541)<br>| (23.0)<br>|
| Shoei Co., Inc. | (189100)<br>| (2220970)<br>| (21.8)<br>|
| SOSiLA Logistics REIT, Inc. | (287)<br>| (222031)<br>| (2.2)<br>|
| Sotetsu Holdings, Inc. | (150900)<br>| (2300748)<br>| (22.6)<br>|
| Stanley Electric Co., Inc. | (319800)<br>| (5992702)<br>| (58.8)<br>|
| Star Asia Investment Corp. | (2035)<br>| (779830)<br>| (7.6)<br>|
| Sumitomo Osaka Cement Co., Inc. | (3900)<br>| (106503)<br>| (1.0)<br>|
| Sumitomo Pharma Co., Inc. | (357600)<br>| (1973882)<br>| (19.4)<br>|
| Sun Corp. | (4700)<br>| (256647)<br>| (2.5)<br>|
| Taiyo Holdings Co., Inc. | (5800)<br>| (214739)<br>| (2.1)<br>|
| Takara Holdings, Inc. | (439700)<br>| (3548844)<br>| (34.8)<br>|
| Takara Leben Real Estate Investment Corp | (1228)<br>| (730958)<br>| (7.2)<br>|
| Takeuchi Manufacturing Co., Inc. | (59300)<br>| (1856229)<br>| (18.2)<br>|
| Tama Home Co., Inc. | (43800)<br>| (1226118)<br>| (12.0)<br>|
| TBS Holdings, Inc. | (3900)<br>| (130827)<br>| (1.3)<br>|
| Toda Corp. | (206600)<br>| (1316232)<br>| (12.9)<br>|

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **Japan (continued)** |  |  |  |
| Toei Co., Inc. | (11000)<br>| $(403004)<br>| (4.0)% <br>|
| Toho Bank Ltd. | (305400)<br>| (753291)<br>| (7.4)<br>|
| Tokai Carbon Co., Inc. | (813000)<br>| (5246116)<br>| (51.4)<br>|
| Tokuyama Corp. | (331600)<br>| (6768753)<br>| (66.4)<br>|
| Tokyo Electron Device Ltd. | (5300)<br>| (109878)<br>| (1.1)<br>|
| Tokyo Steel Manufacturing Co., Inc. | (287300)<br>| (3248442)<br>| (31.8)<br>|
| Tokyu Construction Co., Inc. | (32700)<br>| (189854)<br>| (1.9)<br>|
| TOMONY Holdings, Inc. | (78600)<br>| (301189)<br>| (3.0)<br>|
| Torishima Pump Manufacturing Co., Inc. | (59200)<br>| (816550)<br>| (8.0)<br>|
| Toyo Construction Co., Inc. | (193400)<br>| (1814123)<br>| (17.8)<br>|
| Toyo Seikan Group Holdings Ltd. | (2000)<br>| (34917)<br>| (0.3)<br>|
| Toyo Tanso Co., Inc. | (8500)<br>| (238868)<br>| (2.3)<br>|
| Toyota Boshoku Corp. | (122900)<br>| (1763459)<br>| (17.3)<br>|
| TRE Holdings Corp. | (26700)<br>| (287740)<br>| (2.8)<br>|
| Tri Chemical Laboratories, Inc. | (19000)<br>| (339248)<br>| (3.3)<br>|
| Trial Holdings, Inc. | (50600)<br>| (803917)<br>| (7.9)<br>|
| Tsuburaya Fields Holdings, Inc. | (162400)<br>| (2120031)<br>| (20.8)<br>|
| Tsumura & Co. | (128900)<br>| (3876156)<br>| (38.0)<br>|
| UBE Corp. | (324900)<br>| (4766752)<br>| (46.7)<br>|
| Visional, Inc. | (76900)<br>| (4652349)<br>| (45.6)<br>|
| Wacoal Holdings Corp. | (132800)<br>| (4634987)<br>| (45.4)<br>|
| Welcia Holdings Co., Inc. | (175200)<br>| (3088974)<br>| (30.3)<br>|
| West Holdings Corp. | (100500)<br>| (1112755)<br>| (10.9)<br>|
| Yamada Holdings Co., Inc. | (2374400)<br>| (7652164)<br>| (75.0)<br>|
| Yamato Kogyo Co., Inc. | (130300)<br>| (7759187)<br>| (76.1)<br>|
| Yodogawa Steel Works Ltd. | (35100)<br>| (1421130)<br>| (13.9)<br>|
| Yokogawa Bridge Holdings Corp. | (72400)<br>| (1326438)<br>| (13.0)<br>|
| Yonex Co., Inc. | (93800)<br>| (1534827)<br>| (15.0)<br>|
| Yoshinoya Holdings Co., Inc. | (113400)<br>| (2485580)<br>| (24.4)<br>|
| Zenkoku Hosho Co., Inc. | (165300)<br>| (3586359)<br>| (35.2)<br>|
|  |  | (485132234)<br>|  |
| **Luxembourg** |  |  |  |
| RTL Group SA | (30508)<br>| (1251150)<br>| (12.3)<br>|
| **Netherlands** |  |  |  |
| Fugro NV | (155242)<br>| (1820618)<br>| (17.9)<br>|
| OCI NV | (156659)<br>| (1301621)<br>| (12.8)<br>|
| PostNL NV | (611027)<br>| (623870)<br>| (6.1)<br>|
| TKH Group NV | (7051)<br>| (278586)<br>| (2.7)<br>|
|  |  | (4024695)<br>|  |
| **New Zealand** |  |  |  |
| Ryman Healthcare Ltd. | (276628)<br>| (362839)<br>| (3.6)<br>|
| **Norway** |  |  |  |
| FLEX LNG Ltd. | (137327)<br>| (3239544)<br>| (31.8)<br>|
| Kitron ASA | (134444)<br>| (666075)<br>| (6.5)<br>|
|  |  | (3905619)<br>|  |
| **Portugal** |  |  |  |
| Navigator Co SA | (337466)<br>| (1280674)<br>| (12.6)<br>|
| **Singapore** |  |  |  |
| City Developments Ltd. | (1454800)<br>| (5539212)<br>| (54.3)<br>|
| Mapletree Pan Asia Commercial Trust | (932400)<br>| (873210)<br>| (8.6)<br>|
| UMS Integration Ltd. | (535200)<br>| (442579)<br>| (4.3)<br>|
|  |  | (6855001)<br>|  |
| **South Africa** |  |  |  |
| Pan African Resources PLC | (2993897)<br>| (1773541)<br>| (17.4)<br>|
| **Spain** |  |  |  |
| CIE Automotive SA | (45499)<br>| (1202798)<br>| (11.8)<br>|

---

Schedule of Investments

------

Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **Spain (continued)** |  |  |  |
| Laboratorios Farmaceuticos Rovi SA | (61058)<br>| $(3579520)<br>| (35.1)% <br>|
| Logista Integral SA | (179680)<br>| (6142954)<br>| (60.2)<br>|
| Solaria Energia y Medio Ambiente SA | (552954)<br>| (4167907)<br>| (40.9)<br>|
|  |  | (15093179)<br>|  |
| **Sweden** |  |  |  |
| Alleima AB | (66503)<br>| (522868)<br>| (5.1)<br>|
| Axfood AB | (167279)<br>| (4676511)<br>| (45.9)<br>|
| Hexatronic Group AB | (134932)<br>| (357052)<br>| (3.5)<br>|
| Hexpol AB | (327869)<br>| (2850973)<br>| (28.0)<br>|
| Thule Group AB | (56349)<br>| (1284415)<br>| (12.6)<br>|
| Wallenstam AB | (99011)<br>| (489545)<br>| (4.8)<br>|
| Xvivo Perfusion AB | (10943)<br>| (361440)<br>| (3.5)<br>|
|  |  | (10542804)<br>|  |
| **Switzerland** |  |  |  |
| Bossard Holding AG, Class A | (3191)<br>| (695861)<br>| (6.8)<br>|
| Bucher Industries AG, Registered Shares | (792)<br>| (342084)<br>| (3.4)<br>|
| Daetwyler Holding AG | (1261)<br>| (182077)<br>| (1.8)<br>|
| Galenica AG | (39374)<br>| (4124136)<br>| (40.4)<br>|
| Garrett Motion, Inc. | (343157)<br>| (3163907)<br>| (31.0)<br>|
| Interroll Holding AG, Registered Shares | (80)<br>| (175570)<br>| (1.7)<br>|
| Siegfried Holding AG, Registered Shares | (68350)<br>| (8137515)<br>| (79.8)<br>|
| Tecan Group AG, Registered Shares | (47625)<br>| (9275397)<br>| (91.0)<br>|
| Ypsomed Holding AG, Registered Shares | (4792)<br>| (2041719)<br>| (20.0)<br>|
|  |  | (28138266)<br>|  |
| **United Kingdom** |  |  |  |
| Alphawave IP Group PLC | (906968)<br>| (1544339)<br>| (15.1)<br>|
| Aston Martin Lagonda Global Holdings PLC | (30000)<br>| (27043)<br>| (0.3)<br>|
| Bodycote PLC | (337714)<br>| (2142341)<br>| (21.0)<br>|
| Breedon Group PLC | (110446)<br>| (633807)<br>| (6.2)<br>|
| Fidelis Insurance Holdings Ltd. | (100718)<br>| (1646739)<br>| (16.2)<br>|
| Judges Scientific PLC | (10228)<br>| (823304)<br>| (8.1)<br>|
| Man Group PLC | (2286388)<br>| (4990405)<br>| (48.9)<br>|
| OSB Group PLC | (903645)<br>| (5743792)<br>| (56.3)<br>|
| Pets at Home Group Plc | (1170078)<br>| (3705766)<br>| (36.3)<br>|
| Premier Foods PLC | (179603)<br>| (476799)<br>| (4.7)<br>|
| SigmaRoc PLC | (107329)<br>| (129992)<br>| (1.3)<br>|
| Soho House & Co., Inc. | (23915)<br>| (143729)<br>| (1.4)<br>|
|  |  | (22008056)<br>|  |
| **United States** |  |  |  |
| Acushnet Holdings Corp. | (252000)<br>| (16687440)<br>| (163.6)<br>|
| Adeia, Inc. | (118415)<br>| (1457689)<br>| (14.3)<br>|
| Alamo Group, Inc. | (19078)<br>| (3185644)<br>| (31.2)<br>|
| Allegiant Travel Co. | (32726)<br>| (1535831)<br>| (15.1)<br>|
| Alpha & Omega Semiconductor Ltd. | (122746)<br>| (2311307)<br>| (22.7)<br>|
| Amerant Bancorp, Inc. | (64231)<br>| (1081650)<br>| (10.6)<br>|
| Ameresco, Inc., Class A | (172428)<br>| (1832910)<br>| (18.0)<br>|
| Apollo Commercial Real Estate Finance, Inc. | (172337)<br>| (1614798)<br>| (15.8)<br>|
| Applied Optoelectronics, Inc. | (179313)<br>| (2293413)<br>| (22.5)<br>|
| Arbor Realty Trust, Inc. | (1227876)<br>| (14157410)<br>| (138.8)<br>|
| ARMOUR Residential REIT, Inc. | (13972)<br>| (230119)<br>| (2.3)<br>|
| Array Technologies, Inc. | (1370820)<br>| (6552520)<br>| (64.2)<br>|
| Atlas Energy Solutions, Inc. | (129100)<br>| (1746723)<br>| (17.1)<br>|
| Avadel Pharmaceuticals PLC | (38291)<br>| (340407)<br>| (3.3)<br>|
| B&G Foods, Inc. | (600198)<br>| (4135364)<br>| (40.5)<br>|
| Baldwin Insurance Group, Inc. | (86818)<br>| (3613365)<br>| (35.4)<br>|
| Bausch & Lomb Corp. | (238983)<br>| (2762643)<br>| (27.1)<br>|
| Bel Fuse, Inc. | (19272)<br>| (1267519)<br>| (12.4)<br>|
| Blackstone Mortgage Trust, Inc., Class A | (498371)<br>| (9493968)<br>| (93.1)<br>|

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **United States (continued)** |  |  |  |
| BrightSpire Capital, Inc. | (571935)<br>| $(2865394)<br>| (28.1)% <br>|
| Bumble, Inc., Class A | (1709738)<br>| (7215094)<br>| (70.7)<br>|
| Business First Bancshares, Inc. | (166)<br>| (3826)<br>| (0.0)<br>|
| Cadre Holdings, Inc. | (26813)<br>| (781599)<br>| (7.7)<br>|
| Cathay General Bancorp | (122298)<br>| (5098604)<br>| (50.0)<br>|
| CECO Environmental Corp. | (39846)<br>| (947936)<br>| (9.3)<br>|
| Centuri Holdings, Inc. | (22027)<br>| (395605)<br>| (3.9)<br>|
| Clearfield, Inc. | (94185)<br>| (2700284)<br>| (26.5)<br>|
| Cogent Communications Holdings, Inc. | (89544)<br>| (4866716)<br>| (47.7)<br>|
| Columbus McKinnon Corp. | (139017)<br>| (2064402)<br>| (20.2)<br>|
| CONMED Corp. | (90607)<br>| (4449710)<br>| (43.6)<br>|
| CVB Financial Corp. | (256045)<br>| (4747074)<br>| (46.5)<br>|
| Cytek Biosciences, Inc. | (2871)<br>| (10651)<br>| (0.1)<br>|
| Dave & Buster's Entertainment, Inc. | (104067)<br>| (1997046)<br>| (19.6)<br>|
| Distribution Solutions Group, Inc. | (11151)<br>| (290372)<br>| (2.8)<br>|
| Dream Finders Homes, Inc., Class A | (204011)<br>| (4622889)<br>| (45.3)<br>|
| Easterly Government Properties, Inc. | (139249)<br>| (2808652)<br>| (27.5)<br>|
| Eastern Bankshares, Inc. | (487682)<br>| (7276215)<br>| (71.3)<br>|
| Embecta Corp. | (125793)<br>| (1533417)<br>| (15.0)<br>|
| Enovix Corp. | (563432)<br>| (3774994)<br>| (37.0)<br>|
| Enpro, Inc. | (37702)<br>| (5632679)<br>| (55.2)<br>|
| EPR Properties | (366388)<br>| (18132542)<br>| (177.8)<br>|
| Excelerate Energy, Inc., Class A | (20834)<br>| (532934)<br>| (5.2)<br>|
| Expro Group Holdings NV | (190439)<br>| (1574931)<br>| (15.4)<br>|
| F&G Annuities & Life, Inc. | (39708)<br>| (1382235)<br>| (13.6)<br>|
| First Commonwealth Financial Corp. | (91328)<br>| (1399145)<br>| (13.7)<br>|
| Flywire Corp. | (134544)<br>| (1266059)<br>| (12.4)<br>|
| Fox Factory Holding Corp. | (36853)<br>| (748484)<br>| (7.3)<br>|
| Frontier Group Holdings, Inc. | (39739)<br>| (118422)<br>| (1.2)<br>|
| GeneDx Holdings Corp. | (43241)<br>| (2890661)<br>| (28.3)<br>|
| Gentherm, Inc. | (35109)<br>| (913185)<br>| (9.0)<br>|
| GEO Group, Inc. | (141746)<br>| (4433815)<br>| (43.5)<br>|
| Global Net Lease, Inc. | (1046909)<br>| (7904163)<br>| (77.5)<br>|
| GoodRx Holdings, Inc., Class A | (321901)<br>| (1490402)<br>| (14.6)<br>|
| Guess?, Inc. | (222932)<br>| (2507985)<br>| (24.6)<br>|
| Hecla Mining Co. | (168255)<br>| (962419)<br>| (9.4)<br>|
| Helios Technologies, Inc. | (34983)<br>| (953637)<br>| (9.4)<br>|
| Helmerich & Payne, Inc. | (322831)<br>| (6098278)<br>| (59.8)<br>|
| Herbalife Ltd. | (104287)<br>| (750866)<br>| (7.4)<br>|
| HighPeak Energy, Inc. | (220817)<br>| (1768744)<br>| (17.3)<br>|
| Highwoods Properties, Inc. | (599537)<br>| (17050832)<br>| (167.2)<br>|
| Hillenbrand, Inc. | (143283)<br>| (2898615)<br>| (28.4)<br>|
| Hillman Solutions Corp. | (701048)<br>| (4900326)<br>| (48.0)<br>|
| Home BancShares, Inc. | (73399)<br>| (2036822)<br>| (20.0)<br>|
| Honest Co., Inc. | (95738)<br>| (458585)<br>| (4.5)<br>|
| Ibotta, Inc., Class A | (133984)<br>| (6538419)<br>| (64.1)<br>|
| Inmode Ltd. | (34527)<br>| (486831)<br>| (4.8)<br>|
| Innodata, Inc. | (31809)<br>| (1203016)<br>| (11.8)<br>|
| Interparfums, Inc. | (103910)<br>| (11346972)<br>| (111.3)<br>|
| Jack in the Box, Inc. | (151703)<br>| (3950346)<br>| (38.7)<br>|
| JBG SMITH Properties | (47065)<br>| (657969)<br>| (6.5)<br>|
| Krispy Kreme, Inc. | (208197)<br>| (853608)<br>| (8.4)<br>|
| LCI Industries | (171550)<br>| (13223074)<br>| (129.7)<br>|
| Ligand Pharmaceuticals, Inc. | (8559)<br>| (940292)<br>| (9.2)<br>|
| LSI Industries, Inc. | (12160)<br>| (183494)<br>| (1.8)<br>|
| Macerich Co. | (580674)<br>| (8512681)<br>| (83.5)<br>|
| Metallus, Inc. | (101016)<br>| (1277852)<br>| (12.5)<br>|
| MGP Ingredients, Inc. | (78484)<br>| (2312923)<br>| (22.7)<br>|
| Middlesex Water Co. | (18980)<br>| (1198018)<br>| (11.7)<br>|
| Minerals Technologies, Inc. | (53368)<br>| (2753255)<br>| (27.0)<br>|
| National Storage Affiliates Trust | (53645)<br>| (1995594)<br>| (19.6)<br>|

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **United States (continued)** |  |  |  |
| Navient Corp. | (145267)<br>| $(1798405)<br>| (17.6)% <br>|
| NBT Bancorp, Inc. | (98018)<br>| (4150082)<br>| (40.7)<br>|
| nCino, Inc. | (553033)<br>| (12830366)<br>| (125.8)<br>|
| New Jersey Resources Corp. | (171812)<br>| (8408479)<br>| (82.4)<br>|
| nLight, Inc. | (36467)<br>| (281161)<br>| (2.8)<br>|
| ODP Corp. | (197062)<br>| (2695808)<br>| (26.4)<br>|
| Orchid Island Capital, Inc. | (306480)<br>| (2191332)<br>| (21.5)<br>|
| Oxford Industries, Inc. | (131273)<br>| (6379868)<br>| (62.6)<br>|
| PennyMac Mortgage Investment Trust | (238936)<br>| (3067938)<br>| (30.1)<br>|
| Phathom Pharmaceuticals, Inc. | (23954)<br>| (102763)<br>| (1.0)<br>|
| Phillips Edison & Co., Inc. | (215589)<br>| (7480938)<br>| (73.3)<br>|
| Playa Hotels & Resorts NV | (933011)<br>| (12521008)<br>| (122.8)<br>|
| PotlatchDeltic Corp. | (143481)<br>| (5508236)<br>| (54.0)<br>|
| PureCycle Technologies, Inc. | (58677)<br>| (393723)<br>| (3.9)<br>|
| Quaker Chemical Corp. | (46649)<br>| (4941995)<br>| (48.5)<br>|
| Ready Capital Corp. | (467520)<br>| (2080464)<br>| (20.4)<br>|
| Redwire Corp. | (57246)<br>| (617112)<br>| (6.1)<br>|
| Reliance Worldwide Corp. Ltd. | (324899)<br>| (873418)<br>| (8.6)<br>|
| Renasant Corp. | (15442)<br>| (495225)<br>| (4.9)<br>|
| Resideo Technologies, Inc. | (132854)<br>| (2229290)<br>| (21.9)<br>|
| RXO, Inc. | (112876)<br>| (1590423)<br>| (15.6)<br>|
| Sable Offshore Corp. | (75548)<br>| (1409726)<br>| (13.8)<br>|
| Safety Insurance Group, Inc. | (26071)<br>| (1994431)<br>| (19.6)<br>|
| Scholastic Corp. | (19154)<br>| (345347)<br>| (3.4)<br>|
| Sensient Technologies Corp. | (108818)<br>| (10223451)<br>| (100.2)<br>|
| Sezzle, Inc. | (80634)<br>| (4188936)<br>| (41.1)<br>|
| Shoals Technologies Group, Inc., Class A | (503166)<br>| (1816429)<br>| (17.8)<br>|
| Shoe Carnival, Inc. | (74700)<br>| (1298286)<br>| (12.7)<br>|
| SoundHound AI, Inc., Class A | (128488)<br>| (1193654)<br>| (11.7)<br>|
| Sphere Entertainment Co. | (58690)<br>| (1599303)<br>| (15.7)<br>|
| Standex International Corp. | (35301)<br>| (4992267)<br>| (48.9)<br>|
| Steven Madden Ltd. | (138579)<br>| (2910159)<br>| (28.5)<br>|
| Talos Energy, Inc. | (1478549)<br>| (10172417)<br>| (99.7)<br>|
| Target Hospitality Corp. | (15928)<br>| (108310)<br>| (1.1)<br>|
| Telephone and Data Systems, Inc. | (157826)<br>| (5916897)<br>| (58.0)<br>|
| Terex Corp. | (50488)<br>| (1777178)<br>| (17.4)<br>|
| Thermon Group Holdings, Inc. | (41007)<br>| (1075614)<br>| (10.5)<br>|
| Towne Bank | (72406)<br>| (2385778)<br>| (23.4)<br>|
| TreeHouse Foods, Inc. | (210938)<br>| (4912746)<br>| (48.2)<br>|
| TriMas Corp. | (115208)<br>| (2770752)<br>| (27.2)<br>|
| Trupanion, Inc. | (69710)<br>| (2551386)<br>| (25.0)<br>|
| Under Armour, Inc., Class A | (648276)<br>| (3708139)<br>| (36.4)<br>|
| United States Cellular Corp. | (96866)<br>| (6650820)<br>| (65.2)<br>|
| Uniti Group, Inc. | (445203)<br>| (2190399)<br>| (21.5)<br>|
| Uranium Energy Corp. | (1095295)<br>| (5750299)<br>| (56.4)<br>|
| Viant Technology, Inc., Class A | (4725)<br>| (67615)<br>| (0.7)<br>|
| Vishay Intertechnology, Inc. | (223184)<br>| (2899160)<br>| (28.4)<br>|
| Vital Energy, Inc. | (477943)<br>| (6777232)<br>| (66.5)<br>|
| Vontier Corp. | (424999)<br>| (13519218)<br>| (132.6)<br>|
| Waste Connections, Inc. | (28338)<br>| (5596683)<br>| (54.9)<br>|
| Weis Markets, Inc. | (12614)<br>| (1084678)<br>| (10.6)<br>|
| Wendy's Co. | (50025)<br>| (625313)<br>| (6.1)<br>|
| Werner Enterprises, Inc. | (494589)<br>| (12196565)<br>| (119.6)<br>|
| White Mountains Insurance Group Ltd. | (1930)<br>| (3411178)<br>| (33.4)<br>|

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **United States (continued)** |  |  |  |
| XPEL, Inc. | (73103)<br>| $(2093670)<br>| (20.5)% <br>|
| Ziff Davis, Inc. | (74064)<br>| (2187110)<br>| (21.4)<br>|
|  |  | (494031490)<br>|  |
| **Investment Companies**  |  |  |  |
| **Luxembourg** |  |  |  |
| BBGI Global Infrastructure SA | (2068300)<br>| (3908611)<br>| (38.3)<br>|
| **Total Reference Entity — Short** |  | (1230712466)<br>|  |
| **Net Value of Reference Entity — Barclays Bank PLC** | **Net Value of Reference Entity — Barclays Bank PLC** | $10199175 |  |

---

The following table represents the individual long and short positions and related values of the equity securities underlying the total return swap with Barclays Bank PLC as of period end, termination dates 11/10/25 – 10/07/27:

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of* <br>*Basket* <br>*Value*<br>|
| **Reference Entity — Long** |  |  |  |
| **Common Stocks**  |  |  |  |
| **Australia** |  |  |  |
| Ampol Ltd. | 116635 | $1771010 | (25.2)% <br>|
| Commonwealth Bank of Australia | 101364 | 10804297 | (153.6)<br>|
| Evolution Mining Ltd. | 607940 | 3048832 | (43.4)<br>|
| Lendlease Corp. Ltd. | 3 | 10 | (0.0)<br>|
| Mirvac Group | 4065126 | 5929603 | (84.3)<br>|
| REA Group Ltd. | 27844 | 4423847 | (62.9)<br>|
| Santos Ltd. | 2307005 | 8868965 | (126.1)<br>|
| SEEK Ltd. | 12638 | 172054 | (2.5)<br>|
| Technology One Ltd. | 156160 | 3014227 | (42.9)<br>|
|  |  | 38032845 |  |
| **Belgium** |  |  |  |
| Groupe Bruxelles Lambert NV | 5742 | 473681 | (6.7)<br>|
| UCB SA | 12621 | 2313923 | (32.9)<br>|
|  |  | 2787604 |  |
| **Denmark** |  |  |  |
| AP Moller - Maersk A/S, Class B | 6411 | 11039001 | (157.0)<br>|
| Genmab A/S | 15032 | 3187364 | (45.3)<br>|
|  |  | 14226365 |  |
| **France** |  |  |  |
| Air Liquide SA | 39000 | 8013649 | (114.0)<br>|
| Eiffage SA | 7033 | 957000 | (13.6)<br>|
| Engie SA | 902037 | 18643601 | (265.1)<br>|
| Gaztransport Et Technigaz SA | 27835 | 4537183 | (64.5)<br>|
| Gecina SA | 13386 | 1374188 | (19.6)<br>|
| Hermes International SCA | 540 | 1485097 | (21.1)<br>|
| Ipsen SA | 4690 | 545462 | (7.8)<br>|
| Societe Generale SA | 72074 | 3757864 | (53.4)<br>|
| Valeo SE | 115578 | 1147824 | (16.3)<br>|
| Veolia Environnement SA | 242124 | 8843353 | (125.8)<br>|
|  |  | 49305221 |  |
| **Germany** |  |  |  |
| Continental AG | 44932 | 3512543 | (50.0)<br>|

---

Schedule of Investments

------

Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **Germany (continued)** |  |  |  |
| Evonik Industries AG | 429372 | $9649211 | (137.2)% <br>|
| Fresenius Medical Care AG | 239424 | 12180833 | (173.2)<br>|
| GEA Group AG | 75769 | 4943146 | (70.3)<br>|
| Henkel AG & Co KGaA | 17107 | 1207414 | (17.2)<br>|
| Merck KGaA | 3615 | 503281 | (7.2)<br>|
| Siemens Energy AG | 342243 | 26415568 | (375.6)<br>|
| Symrise AG | 91161 | 10513730 | (149.5)<br>|
|  |  | 68925726 |  |
| **Hong Kong** |  |  |  |
| CK Infrastructure Holdings Ltd. | 102500 | 690814 | (9.8)<br>|
| Hongkong Land Holdings Ltd. | 93100 | 455632 | (6.5)<br>|
| WH Group Ltd. | 7472000 | 6681517 | (95.0)<br>|
|  |  | 7827963 |  |
| **Ireland** |  |  |  |
| Kerry Group PLC, Class A | 183905 | 19468502 | (276.9)<br>|
| **Israel** |  |  |  |
| Cellebrite Di Ltd. | 131970 | 2611686 | (37.1)<br>|
| Wix.com Ltd. | 43932 | 7450428 | (106.0)<br>|
|  |  | 10062114 |  |
| **Italy** |  |  |  |
| Banca Mediolanum SpA | 71345 | 1066598 | (15.2)<br>|
| Generali | 81051 | 2962230 | (42.1)<br>|
| Italgas SpA | 547114 | 4495098 | (63.9)<br>|
| Saipem SpA | 52408 | 121061 | (1.7)<br>|
| Telecom Italia SpA | 1838436 | 728084 | (10.4)<br>|
| Unipol Assicurazioni SpA | 46624 | 836281 | (11.9)<br>|
|  |  | 10209352 |  |
| **Japan** |  |  |  |
| AGC, Inc. | 19500 | 608827 | (8.7)<br>|
| Ajinomoto Co., Inc. | 75800 | 1550419 | (22.0)<br>|
| Asahi Intecc Co., Inc. | 18000 | 276746 | (3.9)<br>|
| Asahi Kasei Corp. | 1748000 | 12181359 | (173.2)<br>|
| Chubu Electric Power Co., Inc. | 361100 | 4688999 | (66.7)<br>|
| Daiwa House Industry Co., Inc. | 116000 | 4197219 | (59.7)<br>|
| Denso Corp. | 581200 | 7504413 | (106.7)<br>|
| Hulic Co., Inc. | 153900 | 1609317 | (22.9)<br>|
| Japan Exchange Group, Inc. | 19500 | 216952 | (3.1)<br>|
| Koito Manufacturing Co., Inc. | 134400 | 1627926 | (23.2)<br>|
| Mazda Motor Corp. | 246300 | 1472581 | (20.9)<br>|
| McDonald's Holdings Co Japan Ltd. | 145000 | 6131091 | (87.2)<br>|
| Mitsubishi Chemical Group Corp. | 495400 | 2408415 | (34.3)<br>|
| Nexon Co., Inc. | 3800 | 59621 | (0.8)<br>|
| Nichirei Corp. | 1700 | 23320 | (0.3)<br>|
| Nippon Telegraph & Telephone Corp. | 11090000 | 11592116 | (164.8)<br>|
| Nippon Yusen KK | 197900 | 6465967 | (92.0)<br>|
| Nissan Chemical Corp. | 91300 | 2670399 | (38.0)<br>|
| Nomura Holdings, Inc. | 1535700 | 8559317 | (121.7)<br>|
| Nomura Real Estate Holdings, Inc. | 2194400 | 13051071 | (185.6)<br>|
| Olympus Corp. | 32000 | 419296 | (6.0)<br>|
| Ono Pharmaceutical Co., Inc. | 218200 | 2511684 | (35.7)<br>|
| Rohm Co., Inc. | 493200 | 4490580 | (63.9)<br>|
| Sanrio Co., Inc. | 60000 | 2390772 | (34.0)<br>|
| Skylark Holdings Co., Inc. | 225900 | 4688382 | (66.7)<br>|
| SoftBank Corp. | 6347200 | 9604868 | (136.6)<br>|
| Sojitz Corp. | 198100 | 4686616 | (66.6)<br>|
| Sumitomo Chemical Co., Inc. | 6543800 | 15818384 | (225.0)<br>|
| Takashimaya Co., Inc. | 202500 | 1561305 | (22.2)<br>|
| Takeda Pharmaceutical Co., Inc. | 219900 | 6651667 | (94.6)<br>|

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **Japan (continued)** |  |  |  |
| Toyota Motor Corp. | 293800 | $5611407 | (79.8)% <br>|
| Yaskawa Electric Corp. | 23500 | 495128 | (7.0)<br>|
|  |  | 145826164 |  |
| **Luxembourg** |  |  |  |
| ArcelorMittal SA | 48055 | 1421070 | (20.2)<br>|
| **Macau** |  |  |  |
| Galaxy Entertainment Group Ltd. | 112000 | 404499 | (5.8)<br>|
| **Netherlands** |  |  |  |
| NN Group NV | 6657 | 408210 | (5.8)<br>|
| **Norway** |  |  |  |
| Aker BP ASA | 908701 | 19507543 | (277.4)<br>|
| **Portugal** |  |  |  |
| Banco Comercial Portugues SA, Class R | 2002562 | 1280835 | (18.2)<br>|
| **Singapore** |  |  |  |
| Seatrium Ltd. | 1611500 | 2366568 | (33.6)<br>|
| Singapore Telecommunications Ltd. | 2369300 | 6854845 | (97.5)<br>|
|  |  | 9221413 |  |
| **Spain** |  |  |  |
| Acciona SA | 21681 | 3159427 | (45.0)<br>|
| ACS Actividades de Construccion y Servicios <br> SA<br>| 154118 | 9656236 | (137.3)<br>|
| Endesa SA | 156450 | 4698597 | (66.8)<br>|
| Iberdrola SA | 173700 | 3131091 | (44.5)<br>|
| Industria de Diseno Textil SA | 5918 | 318240 | (4.5)<br>|
|  |  | 20963591 |  |
| **Sweden** |  |  |  |
| AddTech AB | 18856 | 634362 | (9.0)<br>|
| Assa Abloy AB, Class B | 105792 | 3211208 | (45.7)<br>|
| Atlas Copco AB | 58075 | 806413 | (11.5)<br>|
| Investment AB Latour | 170 | 4588 | (0.0)<br>|
| Swedbank AB | 162577 | 4058547 | (57.7)<br>|
|  |  | 8715118 |  |
| **Switzerland** |  |  |  |
| Chocoladefabriken Lindt & Spruengli AG | 521 | 7593051 | (108.0)<br>|
| Clariant AG, Registered Shares | 109664 | 1227472 | (17.5)<br>|
| DSM-Firmenich AG | 106590 | 11579208 | (164.7)<br>|
| Helvetia Holding AG, Registered Shares | 36927 | 8146005 | (115.8)<br>|
| Sika AG, Registered Shares | 12030 | 3006388 | (42.8)<br>|
| Swissquote Group Holding SA, Registered <br> Shares<br>| 140 | 72267 | (1.0)<br>|
| Zurich Insurance Group AG | 21291 | 15101079 | (214.7)<br>|
|  |  | 46725470 |  |
| **United Kingdom** |  |  |  |
| Beazley PLC | 73949 | 876197 | (12.5)<br>|
| Berkeley Group Holdings PLC | 303 | 16890 | (0.2)<br>|
| British American Tobacco PLC | 116249 | 5063614 | (72.0)<br>|
| IG Group Holdings PLC | 664802 | 9475405 | (134.7)<br>|
| Imperial Brands PLC | 373049 | 15307340 | (217.7)<br>|
| J Sainsbury PLC | 330614 | 1175039 | (16.7)<br>|
| London Stock Exchange Group PLC | 156115 | 24308897 | (345.7)<br>|
| Ocado Group PLC | 79279 | 299521 | (4.3)<br>|
| Rolls-Royce Holdings PLC | 1638722 | 16587916 | (235.9)<br>|
| Sage Group PLC | 257446 | 4268105 | (60.7)<br>|
| TechnipFMC PLC | 21311 | 600331 | (8.5)<br>|
|  |  | 77979255 |  |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **United States** |  |  |  |
| AbbVie, Inc. | 31664 | $6177646 | (87.9)% <br>|
| Abercrombie & Fitch Co., Class A | 9194 | 638247 | (9.1)<br>|
| AECOM | 84356 | 8321719 | (118.3)<br>|
| Airbnb, Inc., Class A | 190540 | 23230637 | (330.4)<br>|
| Alaska Air Group, Inc. | 267725 | 11852186 | (168.5)<br>|
| Albemarle Corp. | 69668 | 4079061 | (58.0)<br>|
| Alcoa Corp. | 106216 | 2605479 | (37.1)<br>|
| Alcon, Inc. | 2916 | 283320 | (4.0)<br>|
| Align Technology, Inc. | 61614 | 10677706 | (151.8)<br>|
| Alkermes PLC | 88031 | 2532652 | (36.0)<br>|
| Alphabet, Inc., Class C | 21141 | 3401376 | (48.4)<br>|
| Americold Realty Trust, Inc. | 552341 | 10682275 | (151.9)<br>|
| Ameriprise Financial, Inc. | 4021 | 1893971 | (26.9)<br>|
| AMETEK, Inc. | 59309 | 10057620 | (143.0)<br>|
| Aramark | 107754 | 3602216 | (51.2)<br>|
| Armstrong World Industries, Inc. | 6877 | 997303 | (14.2)<br>|
| AutoNation, Inc. | 4208 | 732823 | (10.4)<br>|
| Bank of America Corp. | 883471 | 35232824 | (501.0)<br>|
| Bank OZK | 10677 | 454840 | (6.5)<br>|
| Biogen, Inc. | 35609 | 4311538 | (61.3)<br>|
| BioMarin Pharmaceutical, Inc. | 36525 | 2326277 | (33.1)<br>|
| Block, Inc. | 70666 | 4131841 | (58.8)<br>|
| Booking Holdings, Inc. | 2272 | 11585564 | (164.8)<br>|
| Box, Inc., Class A | 49426 | 1543080 | (21.9)<br>|
| CACI International, Inc., Class A | 25159 | 11519551 | (163.8)<br>|
| Carnival PLC | 168710 | 2831800 | (40.3)<br>|
| CDW Corp. | 37400 | 6004944 | (85.4)<br>|
| Charter Communications, Inc., Class A | 778 | 304867 | (4.3)<br>|
| Chemed Corp. | 244 | 141888 | (2.0)<br>|
| Cheniere Energy, Inc. | 65895 | 15228993 | (216.6)<br>|
| Churchill Downs, Inc. | 6473 | 585224 | (8.3)<br>|
| Cisco Systems, Inc. | 9867 | 569622 | (8.1)<br>|
| Citigroup, Inc. | 380046 | 25987546 | (369.6)<br>|
| Cognex Corp. | 222948 | 6086480 | (86.6)<br>|
| Colgate-Palmolive Co. | 83003 | 7652047 | (108.8)<br>|
| Comcast Corp., Class A | 60608 | 2072794 | (29.5)<br>|
| D.R. Horton, Inc. | 62113 | 7847356 | (111.6)<br>|
| Devon Energy Corp. | 634240 | 19287238 | (274.3)<br>|
| Dropbox, Inc., Class A | 293365 | 8375571 | (119.1)<br>|
| Dycom Industries, Inc. | 5667 | 949506 | (13.5)<br>|
| Eagle Materials, Inc. | 14553 | 3294654 | (46.9)<br>|
| Elevance Health, Inc. | 9521 | 4004342 | (56.9)<br>|
| EOG Resources, Inc. | 58961 | 6505167 | (92.5)<br>|
| Etsy, Inc. | 75042 | 3262826 | (46.4)<br>|
| Exact Sciences Corp. | 122659 | 5598157 | (79.6)<br>|
| Exelixis, Inc. | 153120 | 5994648 | (85.2)<br>|
| Experian PLC | 340221 | 16926350 | (240.7)<br>|
| Fifth Third Bancorp | 48243 | 1733853 | (24.7)<br>|
| Flex Ltd. | 480389 | 16496558 | (234.6)<br>|
| Flowserve Corp. | 249370 | 11279005 | (160.4)<br>|
| Fox Corp., Class A | 310517 | 15460641 | (219.9)<br>|
| Fox Corp., Class B | 162219 | 7501007 | (106.7)<br>|
| Gap, Inc. | 41792 | 915245 | (13.0)<br>|
| Genpact Ltd. | 71116 | 3574290 | (50.8)<br>|
| Gilead Sciences, Inc. | 46540 | 4958372 | (70.5)<br>|
| Globus Medical, Inc., Class A | 7000 | 502390 | (7.1)<br>|
| GoDaddy, Inc., Class A | 30102 | 5669110 | (80.6)<br>|
| Group 1 Automotive, Inc. | 1085 | 437939 | (6.2)<br>|
| Guidewire Software, Inc. | 64314 | 13169578 | (187.3)<br>|
| Halozyme Therapeutics, Inc. | 6549 | 402240 | (5.7)<br>|
| Hartford Insurance Group, Inc. | 99107 | 12157456 | (172.9)<br>|
| Hasbro, Inc. | 39814 | 2464487 | (35.0)<br>|

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **United States (continued)** |  |  |  |
| Henry Schein, Inc. | 151761 | $9859912 | (140.2)% <br>|
| Hilton Worldwide Holdings, Inc. | 19025 | 4289757 | (61.0)<br>|
| Holcim AG | 61538 | 6876742 | (97.8)<br>|
| Houlihan Lokey, Inc. | 86513 | 14022027 | (199.4)<br>|
| Illinois Tool Works, Inc. | 59190 | 14200273 | (201.9)<br>|
| Incyte Corp. | 63134 | 3955976 | (56.3)<br>|
| Intercontinental Exchange, Inc. | 18267 | 3068308 | (43.6)<br>|
| Invesco Ltd. | 936411 | 13044205 | (185.5)<br>|
| IQVIA Holdings, Inc. | 37728 | 5850481 | (83.2)<br>|
| KB Home | 14595 | 788568 | (11.2)<br>|
| KLA Corp. | 15952 | 11209311 | (159.4)<br>|
| Lam Research Corp. | 199063 | 14266845 | (202.9)<br>|
| Lamar Advertising Co., Class A | 54954 | 6254315 | (88.9)<br>|
| Lennar Corp., Class A | 123107 | 13370651 | (190.1)<br>|
| LyondellBasell Industries NV, Class A | 65158 | 3792847 | (53.9)<br>|
| Masco Corp. | 14428 | 874481 | (12.4)<br>|
| Mattel, Inc. | 45370 | 720929 | (10.3)<br>|
| Merck & Co., Inc. | 76916 | 6553243 | (93.2)<br>|
| Merit Medical Systems, Inc. | 27756 | 2621554 | (37.3)<br>|
| Meta Platforms, Inc., Class A | 997 | 547353 | (7.8)<br>|
| Mettler-Toledo International, Inc. | 4974 | 5325015 | (75.7)<br>|
| MGIC Investment Corp. | 434473 | 10822722 | (153.9)<br>|
| Moody's Corp. | 42693 | 19345052 | (275.1)<br>|
| Morgan Stanley | 64934 | 7494682 | (106.6)<br>|
| Motorola Solutions, Inc. | 37061 | 16321294 | (232.1)<br>|
| Murphy USA, Inc. | 16694 | 8323128 | (118.4)<br>|
| National Fuel Gas Co. | 223278 | 17143285 | (243.8)<br>|
| Neurocrine Biosciences, Inc. | 40770 | 4390521 | (62.4)<br>|
| Nexstar Media Group, Inc. | 39699 | 5941352 | (84.5)<br>|
| Nucor Corp. | 81507 | 9729491 | (138.4)<br>|
| nVent Electric PLC | 121935 | 6695451 | (95.2)<br>|
| NVIDIA Corp. | 33738 | 3674743 | (52.3)<br>|
| NVR, Inc. | 1370 | 9762278 | (138.8)<br>|
| Old Republic International Corp. | 6012 | 226051 | (3.2)<br>|
| OneMain Holdings, Inc. | 8343 | 392705 | (5.6)<br>|
| PACCAR, Inc. | 2821 | 254482 | (3.6)<br>|
| Paramount Global, Class B | 155901 | 1830278 | (26.0)<br>|
| Paycom Software, Inc. | 14851 | 3362118 | (47.8)<br>|
| PepsiCo, Inc. | 16073 | 2179177 | (31.0)<br>|
| Pfizer, Inc. | 1221064 | 29806172 | (423.9)<br>|
| Pilgrim's Pride Corp. | 107737 | 5880285 | (83.6)<br>|
| Pinterest, Inc., Class A | 28287 | 716227 | (10.2)<br>|
| PulteGroup, Inc. | 104045 | 10672936 | (151.8)<br>|
| Qualys, Inc. | 78453 | 9862327 | (140.2)<br>|
| Ralph Lauren Corp. | 20586 | 4630821 | (65.9)<br>|
| Reliance, Inc. | 4768 | 1374281 | (19.5)<br>|
| Remitly Global, Inc. | 793272 | 16039960 | (228.1)<br>|
| Revvity, Inc. | 22514 | 2103483 | (29.9)<br>|
| Robert Half, Inc. | 156871 | 6949385 | (98.8)<br>|
| ROBLOX Corp., Class A | 282636 | 18950744 | (269.5)<br>|
| Schneider Electric SE | 2327 | 543694 | (7.7)<br>|
| SentinelOne, Inc., Class A | 11382 | 210567 | (3.0)<br>|
| Simon Property Group, Inc. | 14732 | 2318522 | (33.0)<br>|
| Spotify Technology SA | 4549 | 2792995 | (39.7)<br>|
| Sprouts Farmers Market, Inc. | 43789 | 7487919 | (106.5)<br>|
| SS&C Technologies Holdings, Inc. | 243420 | 18402552 | (261.7)<br>|
| Stifel Financial Corp. | 88363 | 7571825 | (107.7)<br>|
| Synchrony Financial | 146729 | 7622572 | (108.4)<br>|
| Target Corp. | 103179 | 9977409 | (141.9)<br>|
| Taylor Morrison Home Corp. | 244477 | 14020756 | (199.4)<br>|
| Toll Brothers, Inc. | 165046 | 16648190 | (236.8)<br>|
| Toro Co. | 40118 | 2739257 | (39.0)<br>|

---

Schedule of Investments

------

Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **United States (continued)** |  |  |  |
| Ubiquiti, Inc. | 7194 | $2348481 | (33.4)% <br>|
| UGI Corp. | 10637 | 348787 | (5.0)<br>|
| UiPath, Inc., Class A | 260245 | 3107325 | (44.2)<br>|
| United Parcel Service, Inc., Class B | 16878 | 1608473 | (22.9)<br>|
| United Therapeutics Corp. | 8081 | 2449270 | (34.8)<br>|
| Urban Outfitters, Inc. | 59851 | 3158936 | (44.9)<br>|
| US Bancorp | 461812 | 18629496 | (264.9)<br>|
| Veeva Systems, Inc., Class A | 58092 | 13575520 | (193.1)<br>|
| Veralto Corp. | 23763 | 2278872 | (32.4)<br>|
| VeriSign, Inc. | 31023 | 8752209 | (124.5)<br>|
| Viking Holdings Ltd. | 63812 | 2618206 | (37.2)<br>|
| Visa, Inc., Class A | 44617 | 15415174 | (219.2)<br>|
| Waters Corp. | 17566 | 6108225 | (86.9)<br>|
| Weyerhaeuser Co. | 229439 | 5944765 | (84.5)<br>|
| Williams Cos, Inc. | 90658 | 5309839 | (75.5)<br>|
| Zebra Technologies Corp., Class A | 12790 | 3201593 | (45.5)<br>|
| Zions Bancorp NA | 144009 | 6476085 | (92.1)<br>|
| Zoetis, Inc. | 57988 | 9069323 | (129.0)<br>|
| Zurn Elkay Water Solutions Corp. | 49829 | 1692193 | (24.1)<br>|
|  |  | 997903197 |  |
| **Total Reference Entity — Long** |  | 1551202057 |  |
| **Reference Entity — Short** |  |  |  |
| **Common Stocks**  |  |  |  |
| **Australia** |  |  |  |
| APA Group | (258775)<br>| (1361667)<br>| 19.4 |
| CAR Group Ltd. | (39322)<br>| (839301)<br>| 11.9 |
| Cochlear Ltd. | (15022)<br>| (2630812)<br>| 37.4 |
| Fortescue Ltd. | (645683)<br>| (6668412)<br>| 94.8 |
| Glencore PLC | (685245)<br>| (2246736)<br>| 32.0 |
| GPT Group | (586498)<br>| (1738587)<br>| 24.7 |
| Lottery Corp. Ltd. | (909941)<br>| (3032403)<br>| 43.1 |
| National Australia Bank Ltd. | (248171)<br>| (5730443)<br>| 81.5 |
| NEXTDC Ltd. | (286721)<br>| (2176881)<br>| 31.0 |
| Reece Ltd. | (5413)<br>| (54586)<br>| 0.8 |
| Sigma Healthcare Ltd. | (942595)<br>| (1818899)<br>| 25.9 |
| Suncorp Group Ltd. | (95212)<br>| (1238145)<br>| 17.6 |
| Treasury Wine Estates Ltd. | (1522037)<br>| (8699944)<br>| 123.7 |
| Vicinity Ltd. | (2630302)<br>| (3977943)<br>| 56.6 |
| Westpac Banking Corp. | (38529)<br>| (808537)<br>| 11.5 |
| WiseTech Global Ltd. | (160037)<br>| (9100172)<br>| 129.4 |
| Woolworths Group Ltd. | (607055)<br>| (12251969)<br>| 174.2 |
|  |  | (64375437)<br>|  |
| **Austria** |  |  |  |
| Mondi PLC | (75765)<br>| (1150047)<br>| 16.3 |
| Verbund AG | (16338)<br>| (1255591)<br>| 17.9 |
|  |  | (2405638)<br>|  |
| **Belgium** |  |  |  |
| Anheuser-Busch InBev SA | (56402)<br>| (3717397)<br>| 52.9 |
| Lotus Bakeries NV | (24)<br>| (230762)<br>| 3.3 |
|  |  | (3948159)<br>|  |
| **Bermuda** |  |  |  |
| RenaissanceRe Holdings Ltd. | (6918)<br>| (1673672)<br>| 23.8 |
| **Canada** |  |  |  |
| Metro, Inc. | (77697)<br>| (5987618)<br>| 85.2 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **Canada (continued)** |  |  |  |
| Onex Corp. | (42350)<br>| $(2998537)<br>| 42.6<br> % <br>|
| Peyto Exploration & Development Corp. | (168900)<br>| (2114619)<br>| 30.1 |
|  |  | (11100774)<br>|  |
| **China** |  |  |  |
| Wilmar International Ltd. | (458900)<br>| (1076340)<br>| 15.3 |
| **Denmark** |  |  |  |
| Coloplast A/S, Class B | (6648)<br>| (752308)<br>| 10.7 |
| Danske Bank A/S | (142931)<br>| (5015099)<br>| 71.3 |
| DSV A/S | (68700)<br>| (14561632)<br>| 207.1 |
| Novo Nordisk A/S, Class B | (67864)<br>| (4537490)<br>| 64.5 |
| Novonesis Novozymes B, Class B | (133778)<br>| (8689861)<br>| 123.6 |
| ROCKWOOL A/S | (14550)<br>| (664210)<br>| 9.4 |
|  |  | (34220600)<br>|  |
| **Finland** |  |  |  |
| Nordea Bank Abp | (583091)<br>| (8075197)<br>| 114.8 |
| **France** |  |  |  |
| Air France-KLM | (22396)<br>| (195536)<br>| 2.8 |
| Airbus SE | (4583)<br>| (777692)<br>| 11.1 |
| BNP Paribas SA | (200156)<br>| (16959113)<br>| 241.2 |
| Cie de Saint-Gobain SA | (1500)<br>| (163077)<br>| 2.3 |
| Kering SA | (57452)<br>| (11688761)<br>| 166.2 |
| Nexans SA | (22421)<br>| (2463135)<br>| 35.0 |
| Renault SA | (151116)<br>| (8025949)<br>| 114.1 |
| Unibail-Rodamco-Westfield | (49776)<br>| (4213790)<br>| 59.9 |
|  |  | (44487053)<br>|  |
| **Germany** |  |  |  |
| Beiersdorf AG | (11192)<br>| (1576930)<br>| 22.4 |
| Deutsche Lufthansa AG, Registered Shares | (76988)<br>| (553208)<br>| 7.9 |
| Deutsche Post AG | (154848)<br>| (6616345)<br>| 94.1 |
| MTU Aero Engines AG | (26120)<br>| (9040276)<br>| 128.5 |
| Puma SE | (79003)<br>| (2039924)<br>| 29.0 |
| SMA Solar Technology AG | (4)<br>| (69)<br>| 0.0 |
| Wacker Chemie AG | (5940)<br>| (449038)<br>| 6.4 |
|  |  | (20275790)<br>|  |
| **Ireland** |  |  |  |
| Bank of Ireland Group PLC | (266850)<br>| (3133208)<br>| 44.6 |
| **Israel** |  |  |  |
| Oddity Tech Ltd., Class A | (4002)<br>| (245883)<br>| 3.5 |
| **Italy** |  |  |  |
| DiaSorin SpA | (612)<br>| (69937)<br>| 1.0 |
| Ryanair Holdings PLC | (5556)<br>| (132258)<br>| 1.9 |
| UniCredit SpA | (136512)<br>| (7942386)<br>| 112.9 |
|  |  | (8144581)<br>|  |
| **Japan** |  |  |  |
| Advantest Corp. | (122600)<br>| (5129086)<br>| 72.9 |
| Asics Corp. | (50800)<br>| (1091897)<br>| 15.5 |
| Bandai Namco Holdings, Inc. | (201100)<br>| (6988731)<br>| 99.4 |
| BayCurrent, Inc. | (261000)<br>| (14063611)<br>| 200.0 |
| Bridgestone Corp. | (171700)<br>| (7179662)<br>| 102.1 |
| Capcom Co., Inc. | (29900)<br>| (865620)<br>| 12.3 |
| Central Japan Railway Co. | (355600)<br>| (7483195)<br>| 106.4 |
| Chiba Bank Ltd. | (507100)<br>| (4508869)<br>| 64.1 |
| Chugai Pharmaceutical Co., Inc. | (9300)<br>| (535768)<br>| 7.6 |
| Cosmos Pharmaceutical Corp. | (32300)<br>| (2078169)<br>| 29.6 |
| Disco Corp. | (48700)<br>| (9422450)<br>| 134.0 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **Japan (continued)** |  |  |  |
| Fast Retailing Co., Inc. | (42700)<br>| $(14045942)<br>| 199.7<br> % <br>|
| Food & Life Cos. Ltd. | (12100)<br>| (447763)<br>| 6.4 |
| FUJIFILM Holdings Corp. | (183300)<br>| (3754418)<br>| 53.4 |
| Fujikura Ltd. | (131800)<br>| (4903866)<br>| 69.7 |
| GMO Payment Gateway, Inc. | (16500)<br>| (1033449)<br>| 14.7 |
| Hankyu Hanshin Holdings, Inc. | (190700)<br>| (5439179)<br>| 77.4 |
| Hikari Tsushin, Inc. | (6700)<br>| (1858429)<br>| 26.4 |
| Hitachi Construction Machinery Co., Inc. | (29800)<br>| (890569)<br>| 12.7 |
| Honda Motor Co., Inc. | (1281800)<br>| (13041981)<br>| 185.5 |
| Hoshizaki Corp. | (138600)<br>| (5892732)<br>| 83.8 |
| Ibiden Co., Inc. | (237900)<br>| (6594877)<br>| 93.8 |
| IHI Corp. | (82300)<br>| (6446735)<br>| 91.7 |
| Isuzu Motors Ltd. | (307600)<br>| (4136738)<br>| 58.8 |
| ITOCHU Corp. | (13800)<br>| (705773)<br>| 10.0 |
| Japan Post Holdings Co., Inc. | (887600)<br>| (8627705)<br>| 122.7 |
| Japan Real Estate Investment Corp. | (13202)<br>| (10477275)<br>| 149.0 |
| Japan Steel Works Ltd. | (155700)<br>| (6415642)<br>| 91.2 |
| JFE Holdings, Inc. | (21700)<br>| (252719)<br>| 3.6 |
| Kadokawa Corp. | (43400)<br>| (1167150)<br>| 16.6 |
| Kajima Corp. | (10400)<br>| (248328)<br>| 3.5 |
| Kansai Paint Co., Inc. | (2800)<br>| (42205)<br>| 0.6 |
| Keisei Electric Railway Co., Inc. | (159700)<br>| (1654797)<br>| 23.5 |
| Kikkoman Corp. | (1131000)<br>| (11071553)<br>| 157.4 |
| Kirin Holdings Co., Inc. | (338000)<br>| (5112818)<br>| 72.7 |
| Kobe Bussan Co., Inc. | (353300)<br>| (10796892)<br>| 153.5 |
| Kokusai Electric Corp. | (244800)<br>| (4520267)<br>| 64.3 |
| Konami Group Corp. | (26300)<br>| (3756059)<br>| 53.4 |
| Kose Corp. | (8500)<br>| (366613)<br>| 5.2 |
| Kyushu Railway Co. | (69200)<br>| (1790988)<br>| 25.5 |
| Lasertec Corp. | (119200)<br>| (11082063)<br>| 157.6 |
| M3, Inc. | (358500)<br>| (4492933)<br>| 63.9 |
| Maruwa Co. Ltd. | (36600)<br>| (7525927)<br>| 107.0 |
| MatsukiyoCocokara & Co. | (306100)<br>| (5618962)<br>| 79.9 |
| Mebuki Financial Group, Inc. | (570600)<br>| (2788023)<br>| 39.7 |
| Mercari, Inc. | (146900)<br>| (2380551)<br>| 33.9 |
| MINEBEA MITSUMI, Inc. | (374400)<br>| (5487215)<br>| 78.0 |
| Mitsubishi Corp. | (195200)<br>| (3706180)<br>| 52.7 |
| Mitsubishi Motors Corp. | (100100)<br>| (277118)<br>| 3.9 |
| MonotaRO Co., Inc. | (99200)<br>| (1907901)<br>| 27.1 |
| NIDEC Corp. | (100000)<br>| (1777132)<br>| 25.3 |
| Nintendo Co., Inc. | (103100)<br>| (8559361)<br>| 121.7 |
| Nippon Building Fund, Inc. | (1157)<br>| (1073938)<br>| 15.3 |
| Nippon Paint Holdings Co., Inc. | (1123600)<br>| (8560447)<br>| 121.7 |
| Nippon Sanso Holdings Corp. | (315800)<br>| (10106624)<br>| 143.7 |
| Nippon Steel Corp. | (163800)<br>| (3447614)<br>| 49.0 |
| Nissan Motor Co., Inc. | (1612500)<br>| (3838764)<br>| 54.6 |
| Nitori Holdings Co., Inc. | (60400)<br>| (7186678)<br>| 102.2 |
| Nitto Denko Corp. | (796000)<br>| (13991142)<br>| 199.0 |
| NTT Data Group Corp. | (69600)<br>| (1382283)<br>| 19.7 |
| Omron Corp. | (93000)<br>| (2760699)<br>| 39.3 |
| Oracle Corp. Japan | (16200)<br>| (1947587)<br>| 27.7 |
| Oriental Land Co., Ltd./Japan | (164200)<br>| (3477673)<br>| 49.5 |
| Rakus Co., Inc. | (144900)<br>| (2201727)<br>| 31.3 |
| Rakuten Bank Ltd. | (341500)<br>| (14362702)<br>| 204.3 |
| Renesas Electronics Corp. | (995900)<br>| (11687143)<br>| 166.2 |
| Ricoh Co., Inc. | (48000)<br>| (504869)<br>| 7.2 |
| Ryohin Keikaku Co., Inc. | (18200)<br>| (615170)<br>| 8.8 |
| Sanwa Holdings Corp. | (86000)<br>| (2822751)<br>| 40.1 |
| Sapporo Holdings Ltd. | (9000)<br>| (499802)<br>| 7.1 |
| SBI Sumishin Net Bank Ltd. | (162000)<br>| (4727206)<br>| 67.2 |
| SCREEN Holdings Co., Inc. | (95400)<br>| (6343815)<br>| 90.2 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **Japan (continued)** |  |  |  |
| SCSK Corp. | (186900)<br>| $(4888449)<br>| 69.5<br> % <br>|
| Seibu Holdings, Inc. | (187100)<br>| (4521960)<br>| 64.3 |
| Seiko Epson Corp. | (90400)<br>| (1254126)<br>| 17.8 |
| SG Holdings Co., Inc. | (627600)<br>| (6608407)<br>| 94.0 |
| Shimadzu Corp. | (79200)<br>| (2027316)<br>| 28.8 |
| Shimamura Co., Inc. | (2400)<br>| (159694)<br>| 2.3 |
| Shimano, Inc. | (17800)<br>| (2507759)<br>| 35.7 |
| Socionext, Inc. | (415200)<br>| (4465713)<br>| 63.5 |
| SoftBank Group Corp. | (126500)<br>| (6397059)<br>| 91.0 |
| Sumitomo Metal Mining Co., Inc. | (130700)<br>| (2899843)<br>| 41.2 |
| Sumitomo Realty & Development Co., Inc. | (145800)<br>| (5430506)<br>| 77.2 |
| Suzuki Motor Corp. | (1229800)<br>| (14737502)<br>| 209.6 |
| Taiheiyo Cement Corp. | (20200)<br>| (543892)<br>| 7.7 |
| TIS, Inc. | (34300)<br>| (990007)<br>| 14.1 |
| Toho Co., Ltd. | (195000)<br>| (11132836)<br>| 158.3 |
| Tokyo Electric Power Co Holdings, Inc. | (853800)<br>| (2611906)<br>| 37.1 |
| Tokyo Metro Co., Inc. | (218200)<br>| (2764820)<br>| 39.3 |
| Tokyo Ohka Kogyo Co., Inc. | (20300)<br>| (446597)<br>| 6.4 |
| Tokyu Corp. | (168300)<br>| (2041151)<br>| 29.0 |
| TOPPAN Holdings, Inc. | (8800)<br>| (247038)<br>| 3.5 |
| Toray Industries, Inc. | (570300)<br>| (3642228)<br>| 51.8 |
| Toyo Suisan Kaisha Ltd. | (82800)<br>| (5352669)<br>| 76.1 |
| Toyota Industries Corp. | (46400)<br>| (5441554)<br>| 77.4 |
| Trend Micro, Inc. | (27900)<br>| (2001842)<br>| 28.5 |
| Unicharm Corp. | (8100)<br>| (75210)<br>| 1.1 |
| Yakult Honsha Co., Inc. | (275800)<br>| (5665489)<br>| 80.6 |
| Yamaha Motor Co., Inc. | (876200)<br>| (6881441)<br>| 97.9 |
| Yamato Holdings Co., Inc. | (50400)<br>| (715567)<br>| 10.2 |
| Yamazaki Baking Co., Inc. | (6200)<br>| (148419)<br>| 2.1 |
| Yokogawa Electric Corp. | (42900)<br>| (928362)<br>| 13.2 |
| Zensho Holdings Co., Inc. | (96600)<br>| (5969235)<br>| 84.9 |
|  |  | (465481117)<br>|  |
| **Netherlands** |  |  |  |
| Adyen NV | (2655)<br>| (4296355)<br>| 61.1 |
| Akzo Nobel NV | (110824)<br>| (6996821)<br>| 99.5 |
| IMCD NV | (13846)<br>| (1841250)<br>| 26.2 |
| Koninklijke Philips NV | (37037)<br>| (939993)<br>| 13.3 |
| Randstad NV | (145078)<br>| (5823388)<br>| 82.8 |
| Universal Music Group NV | (431097)<br>| (12676614)<br>| 180.3 |
|  |  | (32574421)<br>|  |
| **New Zealand** |  |  |  |
| Auckland International Airport Ltd. | (120572)<br>| (538580)<br>| 7.6 |
| Infratil Ltd. | (149954)<br>| (939871)<br>| 13.4 |
|  |  | (1478451)<br>|  |
| **Norway** |  |  |  |
| DNB Bank ASA | (138824)<br>| (3470337)<br>| 49.4 |
| **Singapore** |  |  |  |
| CapitaLand Integrated Commercial Trust | (1012400)<br>| (1666107)<br>| 23.7 |
| Capitaland Investment Ltd. | (427400)<br>| (900784)<br>| 12.8 |
| Keppel Ltd. | (740800)<br>| (3724520)<br>| 53.0 |
| Sembcorp Industries Ltd. | (772900)<br>| (3909458)<br>| 55.6 |
|  |  | (10200869)<br>|  |
| **Sweden** |  |  |  |
| Epiroc AB, Class B | (61543)<br>| (1206954)<br>| 17.2 |
| EQT AB | (153249)<br>| (4428517)<br>| 63.0 |
| Nibe Industrier AB | (318498)<br>| (1358203)<br>| 19.3 |
|  |  | (6993674)<br>|  |

---

Schedule of Investments

------

Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **Switzerland** |  |  |  |
| Adecco Group AG, Registered Shares | (25770)<br>| $(670695)<br>| 9.5<br> % <br>|
| Partners Group Holding AG | (7867)<br>| (10307905)<br>| 146.6 |
| SIG Group AG | (122438)<br>| (2361823)<br>| 33.6 |
| Straumann Holding AG, Registered Shares | (17841)<br>| (2175475)<br>| 30.9 |
| Swiss Life Holding AG, Registered Shares | (5086)<br>| (5078167)<br>| 72.2 |
| VAT Group AG | (30615)<br>| (11051710)<br>| 157.2 |
|  |  | (31645775)<br>|  |
| **Thailand** |  |  |  |
| Fabrinet | (8474)<br>| (1737678)<br>| 24.7 |
| **United Kingdom** |  |  |  |
| M&G PLC | (775644)<br>| (2152323)<br>| 30.6 |
| Vistry Group PLC | (105875)<br>| (892626)<br>| 12.7 |
|  |  | (3044949)<br>|  |
| **United States** |  |  |  |
| AAON, Inc. | (85551)<br>| (7808240)<br>| 111.0 |
| AGNC Investment Corp. | (2090282)<br>| (18457190)<br>| 262.5 |
| Air Lease Corp. | (108483)<br>| (5072665)<br>| 72.1 |
| Albertsons Cos, Inc., Class A | (21812)<br>| (479428)<br>| 6.8 |
| American Homes 4 Rent, Class A | (210973)<br>| (7888280)<br>| 112.2 |
| Annaly Capital Management, Inc. | (497231)<br>| (9745728)<br>| 138.6 |
| Antero Midstream Corp. | (1319438)<br>| (21836699)<br>| 310.5 |
| APA Corp. | (143260)<br>| (2226260)<br>| 31.7 |
| AptarGroup, Inc. | (9535)<br>| (1429773)<br>| 20.3 |
| Assurant, Inc. | (66206)<br>| (12760544)<br>| 181.5 |
| AST SpaceMobile, Inc. | (58113)<br>| (1348803)<br>| 19.2 |
| BJ's Wholesale Club Holdings, Inc. | (34414)<br>| (4045710)<br>| 57.5 |
| Builders FirstSource, Inc. | (21589)<br>| (2582692)<br>| 36.7 |
| BXP, Inc. | (364629)<br>| (23237806)<br>| 330.5 |
| Cadence Design Systems, Inc. | (61981)<br>| (18454223)<br>| 262.4 |
| Carnival Corp. | (14700)<br>| (269598)<br>| 3.8 |
| Carpenter Technology Corp. | (33340)<br>| (6521637)<br>| 92.7 |
| Casella Waste Systems, Inc., Class A | (219523)<br>| (25782976)<br>| 366.7 |
| Cava Group, Inc. | (138799)<br>| (12829192)<br>| 182.4 |
| Chart Industries, Inc. | (30473)<br>| (4113246)<br>| 58.5 |
| CNX Resources Corp. | (499382)<br>| (14696812)<br>| 209.0 |
| Consolidated Edison, Inc. | (33414)<br>| (3767428)<br>| 53.6 |
| Constellation Energy Corp. | (36650)<br>| (8189076)<br>| 116.5 |
| Core & Main, Inc., Class A | (9029)<br>| (475648)<br>| 6.8 |
| Crocs, Inc. | (55035)<br>| (5306475)<br>| 75.5 |
| CyberArk Software Ltd. | (8945)<br>| (3150071)<br>| 44.8 |
| Dayforce, Inc. | (33532)<br>| (1940497)<br>| 27.6 |
| Diamondback Energy, Inc. | (26802)<br>| (3538132)<br>| 50.3 |
| Dillard's, Inc., Class A | (13432)<br>| (4656337)<br>| 66.2 |
| Dominion Energy, Inc. | (112283)<br>| (6105950)<br>| 86.8 |
| Dutch Bros, Inc., Class A | (22338)<br>| (1334472)<br>| 19.0 |
| Edwards Lifesciences Corp. | (22948)<br>| (1732345)<br>| 24.6 |
| Electronic Arts, Inc. | (43687)<br>| (6338547)<br>| 90.1 |
| Eli Lilly & Co. | (48806)<br>| (43874154)<br>| 623.9 |
| Entegris, Inc. | (44393)<br>| (3512374)<br>| 50.0 |
| EQT Corp. | (70962)<br>| (3508361)<br>| 49.9 |
| Everest Group Ltd. | (30404)<br>| (10909867)<br>| 155.2 |
| FactSet Research Systems, Inc. | (13419)<br>| (5799960)<br>| 82.5 |
| Fidelity National Information Services, Inc. | (70296)<br>| (5544948)<br>| 78.9 |
| FirstCash Holdings, Inc. | (2706)<br>| (362496)<br>| 5.2 |
| Ford Motor Co. | (2630408)<br>| (26330384)<br>| 374.4 |
| Franklin Resources, Inc. | (92120)<br>| (1728171)<br>| 24.6 |
| GE HealthCare Technologies, Inc. | (15382)<br>| (1081816)<br>| 15.4 |
| Genuine Parts Co. | (147010)<br>| (17281025)<br>| 245.8 |
| Glaukos Corp. | (63582)<br>| (5992603)<br>| 85.2 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **United States (continued)** |  |  |  |
| Graphic Packaging Holding Co. | (54257)<br>| $(1373245)<br>| 19.5<br> % <br>|
| Hormel Foods Corp. | (111798)<br>| (3342760)<br>| 47.5 |
| Host Hotels & Resorts, Inc. | (531033)<br>| (7498186)<br>| 106.6 |
| Howmet Aerospace, Inc. | (23410)<br>| (3244158)<br>| 46.1 |
| IES Holdings, Inc. | (645)<br>| (126859)<br>| 1.8 |
| InterDigital, Inc. | (9086)<br>| (1826286)<br>| 26.0 |
| International Paper Co. | (38495)<br>| (1758452)<br>| 25.0 |
| International Paper Co. PA | (299430)<br>| (13621318)<br>| 193.7 |
| Intuitive Surgical, Inc. | (10094)<br>| (5206485)<br>| 74.0 |
| IonQ, Inc. | (3893)<br>| (106902)<br>| 1.5 |
| J M Smucker Co. | (57684)<br>| (6706919)<br>| 95.4 |
| Jack Henry & Associates, Inc. | (38126)<br>| (6612192)<br>| 94.0 |
| Kinsale Capital Group, Inc. | (5515)<br>| (2400459)<br>| 34.1 |
| Lamb Weston Holdings, Inc. | (91814)<br>| (4848697)<br>| 69.0 |
| Lantheus Holdings, Inc. | (114092)<br>| (11904359)<br>| 169.3 |
| Levi Strauss & Co., Class A | (64210)<br>| (1028002)<br>| 14.6 |
| Light & Wonder, Inc. | (15812)<br>| (1350029)<br>| 19.2 |
| Linde PLC | (49932)<br>| (22630680)<br>| 321.8 |
| Lowe's Cos, Inc. | (85047)<br>| (19013107)<br>| 270.4 |
| Lululemon Athletica, Inc. | (26077)<br>| (7060869)<br>| 100.4 |
| Lumentum Holdings, Inc. | (74437)<br>| (4394760)<br>| 62.5 |
| Maplebear, Inc. | (93959)<br>| (3748025)<br>| 53.3 |
| Marriott International, Inc., Class A | (25663)<br>| (6122679)<br>| 87.1 |
| Martin Marietta Materials, Inc. | (11060)<br>| (5795219)<br>| 82.4 |
| Mastercard, Inc., Class A | (2318)<br>| (1270403)<br>| 18.1 |
| Match Group, Inc. | (203539)<br>| (6036967)<br>| 85.9 |
| Micron Technology, Inc. | (43703)<br>| (3362946)<br>| 47.8 |
| Modine Manufacturing Co. | (47660)<br>| (3890962)<br>| 55.3 |
| Mosaic Co. | (10974)<br>| (333610)<br>| 4.7 |
| Mueller Industries, Inc. | (28682)<br>| (2109848)<br>| 30.0 |
| Netflix, Inc. | (2521)<br>| (2853066)<br>| 40.6 |
| NEXTracker, Inc., Class A | (194457)<br>| (7896899)<br>| 112.3 |
| Nordson Corp. | (41805)<br>| (7924974)<br>| 112.7 |
| Occidental Petroleum Corp. | (10440)<br>| (411440)<br>| 5.9 |
| Old National Bancorp | (566727)<br>| (11668909)<br>| 165.9 |
| Ollie's Bargain Outlet Holdings, Inc. | (49467)<br>| (5248943)<br>| 74.6 |
| Oshkosh Corp. | (53919)<br>| (4516255)<br>| 64.2 |
| Ovintiv, Inc. | (67498)<br>| (2266583)<br>| 32.2 |
| Palo Alto Networks, Inc. | (19102)<br>| (3570737)<br>| 50.8 |
| Paychex, Inc. | (55774)<br>| (8205471)<br>| 116.7 |
| PennyMac Financial Services, Inc. | (52714)<br>| (5136452)<br>| 73.0 |
| Permian Resources Corp. | (380922)<br>| (4494880)<br>| 63.9 |
| Pinnacle Financial Partners, Inc. | (10219)<br>| (1024353)<br>| 14.6 |
| Procore Technologies, Inc. | (29591)<br>| (1896487)<br>| 27.0 |
| PTC, Inc. | (71251)<br>| (11041767)<br>| 157.0 |
| Range Resources Corp. | (8405)<br>| (285182)<br>| 4.1 |
| Realty Income Corp. | (87196)<br>| (5045161)<br>| 71.7 |
| Reddit, Inc., Class A | (5887)<br>| (686248)<br>| 9.8 |
| Roche Holding AG | (8362)<br>| (2734260)<br>| 38.9 |
| Roivant Sciences Ltd. | (415481)<br>| (4827889)<br>| 68.7 |
| Royal Caribbean Cruises Ltd. | (15462)<br>| (3322938)<br>| 47.3 |
| Ryan Specialty Holdings, Inc. | (167572)<br>| (10977642)<br>| 156.1 |
| Ryder System, Inc. | (18303)<br>| (2519774)<br>| 35.8 |
| Sandisk Corp. | (40455)<br>| (1299010)<br>| 18.5 |
| Schlumberger NV | (449095)<br>| (14932409)<br>| 212.4 |
| SharkNinja, Inc. | (32791)<br>| (2639676)<br>| 37.5 |
| Sherwin-Williams Co. | (39420)<br>| (13912106)<br>| 197.8 |
| Shift4 Payments, Inc., Class A | (94438)<br>| (7725028)<br>| 109.9 |
| Simpson Manufacturing Co., Inc. | (67)<br>| (10297)<br>| 0.2 |
| Snap-on, Inc. | (3737)<br>| (1172708)<br>| 16.7 |
| Southern Co. | (71713)<br>| (6589708)<br>| 93.7 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **United States (continued)** |  |  |  |
| SouthState Corp. | (97763)<br>| $(8483873)<br>| 120.7<br> % <br>|
| StepStone Group, Inc., Class A | (37985)<br>| (1899630)<br>| 27.0 |
| Summit Therapeutics, Inc. | (9496)<br>| (229044)<br>| 3.3 |
| Symbotic, Inc. | (821)<br>| (17717)<br>| 0.3 |
| Tempus AI, Inc. | (55521)<br>| (2868770)<br>| 40.8 |
| Tesla, Inc. | (18091)<br>| (5104557)<br>| 72.6 |
| Textron, Inc. | (32933)<br>| (2317495)<br>| 33.0 |
| TKO Group Holdings, Inc. | (50119)<br>| (8164886)<br>| 116.1 |
| Ulta Beauty, Inc. | (20032)<br>| (7925460)<br>| 112.7 |
| UMB Financial Corp. | (71936)<br>| (6802988)<br>| 96.7 |
| United States Steel Corp. | (423019)<br>| (18490160)<br>| 262.9 |
| Venture Global, Inc., Class A | (743481)<br>| (6237806)<br>| 88.7 |
| Vertex, Inc., Class A | (10769)<br>| (431083)<br>| 6.1 |
| Watts Water Technologies, Inc., Class A | (17942)<br>| (3727451)<br>| 53.0 |
| Western Alliance Bancorp | (128960)<br>| (8989802)<br>| 127.8 |
| Whirlpool Corp. | (95983)<br>| (7321583)<br>| 104.1 |
| Wingstop, Inc. | (10134)<br>| (2674261)<br>| 38.0 |
| Wintrust Financial Corp. | (10885)<br>| (1210085)<br>| 17.2 |
| WW Grainger, Inc. | (3094)<br>| (3169215)<br>| 45.1 |
| Zimmer Biomet Holdings, Inc. | (35646)<br>| (3673320)<br>| 52.2 |
| Zoom Communications, Inc. | (117281)<br>| (9093969)<br>| 129.3 |
|  |  | (798444429)<br>|  |
| **Total Reference Entity — Short** |  | (1558234032)<br>|  |
| **Net Value of Reference Entity — Barclays Bank PLC** | **Net Value of Reference Entity — Barclays Bank PLC** | $(7031975)<br>|  |

---

The following table represents the individual long and short positions and related values of the equity securities underlying the total return swap with BNP Paribas SA as of period end, termination dates 11/17/25 – 04/12/27:

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of* <br>*Basket* <br>*Value*<br>|
| **Reference Entity — Long** |  |  |  |
| **Common Stocks**  |  |  |  |
| **Australia** |  |  |  |
| AGL Energy Ltd. | 424739 | $2894599 | 132.7<br> % <br>|
| BHP Group Ltd. | 282951 | 6743755 | 309.2 |
| Macquarie Group Ltd. | 30699 | 3793630 | 173.9 |
| South32 Ltd. | 430291 | 741518 | 34.0 |
|  |  | 14173502 |  |
| **Belgium** |  |  |  |
| Ageas SA/NV | 10143 | 636131 | 29.2 |
| **Canada** |  |  |  |
| Algonquin Power & Utilities Corp. | 13659 | 73615 | 3.4 |
| FirstService Corp. | 979 | 171826 | 7.9 |
| Keyera Corp. | 6396 | 198524 | 9.1 |
|  |  | 443965 |  |
| **Denmark** |  |  |  |
| AP Moller - Maersk A/S, Class B | 2023 | 3483372 | 159.7 |
| Ascendis Pharma A/S, ADR | 7941 | 1353464 | 62.0 |
| Genmab A/S | 4688 | 994037 | 45.6 |
|  |  | 5830873 |  |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **Germany** |  |  |  |
| Solarworld AG | 3 | $1 | 0.0<br> % <br>|
| TUI AG | 150000 | 1154173 | 52.9 |
|  |  | 1154174 |  |
| **Ireland** |  |  |  |
| Aercap Holdings NV | 13250 | 1404500 | 64.4 |
| **Israel** |  |  |  |
| Nova Ltd. | 3246 | 636898 | 29.2 |
| Wix.com Ltd. | 33145 | 5621060 | 257.7 |
|  |  | 6257958 |  |
| **Italy** |  |  |  |
| A2A SpA | 355204 | 903380 | 41.4 |
| **Japan** |  |  |  |
| Amada Co., Inc. | 216900 | 2171826 | 99.6 |
| Daiwa Securities Group, Inc. | 1166300 | 7669500 | 351.6 |
| Isetan Mitsukoshi Holdings Ltd. | 148900 | 1914030 | 87.8 |
| J Front Retailing Co., Inc. | 120100 | 1470042 | 67.4 |
| Mitsubishi Chemical Group Corp. | 501000 | 2435639 | 111.7 |
| Mitsubishi UFJ Financial Group, Inc. | 1020400 | 12856143 | 589.4 |
| Obayashi Corp. | 198300 | 3076659 | 141.1 |
| Otsuka Corp. | 75500 | 1674519 | 76.8 |
| Rakuten Group, Inc. | 1908800 | 11254911 | 516.0 |
| Shimizu Corp. | 622800 | 6653427 | 305.0 |
| SoftBank Corp. | 3008600 | 4552749 | 208.7 |
| Sumitomo Corp. | 94000 | 2295139 | 105.2 |
| Sumitomo Mitsui Financial Group, Inc. | 502300 | 11983478 | 549.4 |
| Tokio Marine Holdings, Inc. | 183900 | 7371145 | 338.0 |
| Tokyo Tatemono Co., Inc. | 46900 | 840838 | 38.6 |
|  |  | 78220045 |  |
| **Netherlands** |  |  |  |
| Koninklijke Ahold Delhaize NV | 138651 | 5692878 | 261.0 |
| **New Zealand** |  |  |  |
| Xero Ltd. | 46930 | 4942342 | 226.6 |
| **Singapore** |  |  |  |
| DBS Group Holdings Ltd. | 19000 | 617295 | 28.3 |
| **Sweden** |  |  |  |
| Evolution Ab | 2656 | 183993 | 8.4 |
| **Switzerland** |  |  |  |
| ABB Ltd., Registered Shares | 173964 | 9187168 | 421.2 |
| Galderma Group AG | 3964 | 460401 | 21.1 |
| SGS SA, Registered Shares | 79974 | 7810355 | 358.1 |
|  |  | 17457924 |  |
| **United Kingdom** |  |  |  |
| Hammerson PLC | 1 | 3 | 0.0 |
| Informa PLC | 41584 | 406231 | 18.6 |
| Melrose Industries PLC | 32637 | 189729 | 8.7 |
| Smiths Group PLC | 336225 | 8378590 | 384.2 |
| Tesco PLC | 2153448 | 10657418 | 488.6 |
|  |  | 19631971 |  |
| **United States** |  |  |  |
| ACI Worldwide, Inc. | 124856 | 6662316 | 305.5 |
| AECOM | 97775 | 9645504 | 442.2 |
| Alaska Air Group, Inc. | 78131 | 3458859 | 158.6 |
| Alkermes PLC | 39796 | 1144931 | 52.5 |
| Allegion plc | 5928 | 825178 | 37.8 |

---

Schedule of Investments

------

Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **United States (continued)** |  |  |  |
| AMETEK, Inc. | 24101 | $4087048 | 187.4<br> % <br>|
| Asbury Automotive Group, Inc. | 1479 | 322629 | 14.8 |
| AT&T, Inc. | 83225 | 2305332 | 105.7 |
| AutoNation, Inc. | 18685 | 3253993 | 149.2 |
| BioMarin Pharmaceutical, Inc. | 32602 | 2076421 | 95.2 |
| Bright Horizons Family Solutions, Inc. | 42983 | 5390928 | 247.2 |
| Citizens Financial Group, Inc. | 366624 | 13524759 | 620.1 |
| Comfort Systems USA, Inc. | 16553 | 6580645 | 301.7 |
| Datadog, Inc., Class A | 23571 | 2408013 | 110.4 |
| Duolingo, Inc. | 2311 | 900088 | 41.3 |
| Eaton Corp PLC | 23269 | 6849696 | 314.1 |
| Equifax, Inc. | 5087 | 1323281 | 60.7 |
| Flex Ltd. | 39141 | 1344102 | 61.6 |
| Flowserve Corp. | 127628 | 5772614 | 264.7 |
| Fox Corp., Class A | 80713 | 4018700 | 184.3 |
| Gartner, Inc. | 1103 | 464451 | 21.3 |
| Gen Digital, Inc. | 55690 | 1440700 | 66.1 |
| Guardant Health, Inc. | 10296 | 486280 | 22.3 |
| HEICO Corp. | 32608 | 8176782 | 374.9 |
| HEICO Corp., Class A | 61334 | 12323841 | 565.0 |
| Honeywell International, Inc. | 11252 | 2368546 | 108.6 |
| Illumina, Inc. | 44069 | 3419754 | 156.8 |
| Ingredion, Inc. | 52966 | 7034944 | 322.5 |
| Invesco Ltd. | 494531 | 6888817 | 315.8 |
| Invitation Homes, Inc. | 4551 | 155599 | 7.1 |
| Ionis Pharmaceuticals, Inc. | 63167 | 1939859 | 88.9 |
| ITT, Inc. | 42960 | 5886379 | 269.9 |
| KeyCorp | 298508 | 4429859 | 203.1 |
| Lamar Advertising Co., Class A | 43047 | 4899179 | 224.6 |
| MKS Instruments, Inc. | 25911 | 1817398 | 83.3 |
| Monster Beverage Corp. | 66252 | 3983070 | 182.6 |
| NNN REIT, Inc. | 9007 | 370278 | 17.0 |
| NVR, Inc. | 196 | 1396647 | 64.0 |
| Paramount Global, Class B | 255644 | 3001261 | 137.6 |
| Parker-Hannifin Corp. | 29798 | 18029578 | 826.6 |
| Performance Food Group Co. | 13775 | 1111092 | 50.9 |
| PNC Financial Services Group, Inc. | 88443 | 14211906 | 651.6 |
| Primo Brands Corp. | 13465 | 439902 | 20.2 |
| Principal Financial Group, Inc. | 54478 | 4039544 | 185.2 |
| Qualys, Inc. | 18791 | 2362217 | 108.3 |
| ResMed, Inc. | 60920 | 14413063 | 660.8 |
| Sarepta Therapeutics, Inc. | 10566 | 659318 | 30.2 |
| Sirius XM Holdings, Inc. | 91646 | 1963057 | 90.0 |
| United Therapeutics Corp. | 7094 | 2150120 | 98.6 |
| Veralto Corp. | 27466 | 2633989 | 120.8 |
| VeriSign, Inc. | 36357 | 10257037 | 470.3 |
| Waste Connections, Inc. | 18503 | 3656748 | 167.7 |
| Zoetis, Inc. | 17368 | 2716355 | 124.5 |
|  |  | 231022607 |  |
| **Total Reference Entity — Long** |  | 388573538 |  |
| **Reference Entity — Short** |  |  |  |
| **Common Stocks**  |  |  |  |
| **Australia** |  |  |  |
| APA Group | (248206)<br>| (1306053)<br>| (59.9)<br>|
| CAR Group Ltd. | (34645)<br>| (739473)<br>| (33.9)<br>|
| GPT Group | (346634)<br>| (1027545)<br>| (47.1)<br>|
| Northern Star Resources Ltd. | (22994)<br>| (282451)<br>| (12.9)<br>|
| Origin Energy Ltd. | (611469)<br>| (4167776)<br>| (191.1)<br>|

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **Australia (continued)** |  |  |  |
| QBE Insurance Group Ltd. | (69061)<br>| $(954418)<br>| (43.8)% <br>|
| Ramsay Health Care Ltd. | (32129)<br>| (684048)<br>| (31.4)<br>|
| Sigma Healthcare Ltd. | (229469)<br>| (442800)<br>| (20.3)<br>|
| Stockland | (1504786)<br>| (5288172)<br>| (242.5)<br>|
| Telstra Group Ltd. | (1082737)<br>| (3124883)<br>| (143.3)<br>|
| Treasury Wine Estates Ltd. | (241572)<br>| (1380822)<br>| (63.3)<br>|
| Vicinity Ltd. | (426083)<br>| (644388)<br>| (29.5)<br>|
| Westpac Banking Corp. | (190963)<br>| (4007389)<br>| (183.7)<br>|
|  |  | (24050218)<br>|  |
| **Canada** |  |  |  |
| Quebecor, Inc., Class B | (90685)<br>| (2487819)<br>| (114.1)<br>|
| **China** |  |  |  |
| BOC Hong Kong Holdings Ltd. | (63500)<br>| (263422)<br>| (12.1)<br>|
| Wilmar International Ltd. | (1032400)<br>| (2421473)<br>| (111.0)<br>|
|  |  | (2684895)<br>|  |
| **Denmark** |  |  |  |
| Coloplast A/S, Class B | (2551)<br>| (288679)<br>| (13.2)<br>|
| **Finland** |  |  |  |
| Metso Oyj | (11941)<br>| (129747)<br>| (6.0)<br>|
| Neste OYJ | (100113)<br>| (1038506)<br>| (47.6)<br>|
|  |  | (1168253)<br>|  |
| **Germany** |  |  |  |
| Aurubis AG | (3199)<br>| (279300)<br>| (12.8)<br>|
| Deutsche Boerse AG | (5701)<br>| (1836257)<br>| (84.2)<br>|
|  |  | (2115557)<br>|  |
| **Hong Kong** |  |  |  |
| CK Asset Holdings Ltd. | (11000)<br>| (44939)<br>| (2.1)<br>|
| Futu Holdings Ltd., ADR | (16428)<br>| (1516469)<br>| (69.5)<br>|
| Hong Kong Exchanges & Clearing Ltd. | (17200)<br>| (751462)<br>| (34.4)<br>|
|  |  | (2312870)<br>|  |
| **Israel** |  |  |  |
| Oddity Tech Ltd., Class A | (10571)<br>| (649482)<br>| (29.8)<br>|
| **Italy** |  |  |  |
| Banca Popolare di Sondrio SpA | (32764)<br>| (410562)<br>| (18.8)<br>|
| Eni SpA | (148220)<br>| (2122738)<br>| (97.3)<br>|
| Iveco Group NV | (184350)<br>| (2945192)<br>| (135.1)<br>|
| Nexi SpA | (212958)<br>| (1243900)<br>| (57.0)<br>|
| Prysmian SpA | (15126)<br>| (830905)<br>| (38.1)<br>|
|  |  | (7553297)<br>|  |
| **Japan** |  |  |  |
| Central Japan Railway Co. | (13400)<br>| (281988)<br>| (12.9)<br>|
| Hikari Tsushin, Inc. | (13100)<br>| (3633645)<br>| (166.6)<br>|
| Honda Motor Co., Inc. | (1030400)<br>| (10484052)<br>| (480.7)<br>|
| Hoya Corp. | (17800)<br>| (2094456)<br>| (96.0)<br>|
| Kikkoman Corp. | (80000)<br>| (783134)<br>| (35.9)<br>|
| Konami Group Corp. | (19900)<br>| (2842037)<br>| (130.3)<br>|
| Makita Corp. | (27400)<br>| (801287)<br>| (36.7)<br>|
| Marubeni Corp. | (15100)<br>| (267703)<br>| (12.3)<br>|
| Nippon Building Fund, Inc. | (5267)<br>| (4888878)<br>| (224.2)<br>|
| Nippon Sanso Holdings Corp. | (7000)<br>| (224023)<br>| (10.3)<br>|
| Nissan Motor Co., Inc. | (96200)<br>| (229016)<br>| (10.5)<br>|
| NTT Data Group Corp. | (122500)<br>| (2432898)<br>| (111.6)<br>|
| Rakus Co., Inc. | (5700)<br>| (86610)<br>| (4.0)<br>|
| Ricoh Co., Inc. | (236900)<br>| (2491741)<br>| (114.2)<br>|
| SG Holdings Co., Inc. | (4200)<br>| (44224)<br>| (2.0)<br>|

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **Japan (continued)** |  |  |  |
| Sumitomo Realty & Development Co., Inc. | (22100)<br>| $(823143)<br>| (37.7)% <br>|
| TOPPAN Holdings, Inc. | (89200)<br>| (2504071)<br>| (114.8)<br>|
| Tsuruha Holdings, Inc. | (6700)<br>| (538942)<br>| (24.7)<br>|
|  |  | (35451848)<br>|  |
| **Netherlands** |  |  |  |
| Adyen NV | (1522)<br>| (2462920)<br>| (112.9)<br>|
| IMCD NV | (6645)<br>| (883656)<br>| (40.5)<br>|
| JDE Peet's NV | (38475)<br>| (931438)<br>| (42.7)<br>|
|  |  | (4278014)<br>|  |
| **New Zealand** |  |  |  |
| Auckland International Airport Ltd. | (204113)<br>| (911748)<br>| (41.8)<br>|
| Infratil Ltd. | (117591)<br>| (737028)<br>| (33.8)<br>|
|  |  | (1648776)<br>|  |
| **Norway** |  |  |  |
| Equinor ASA | (184512)<br>| (4176544)<br>| (191.5)<br>|
| Orkla ASA | (13450)<br>| (150001)<br>| (6.9)<br>|
|  |  | (4326545)<br>|  |
| **Singapore** |  |  |  |
| Genting Singapore Ltd. | (51000)<br>| (28921)<br>| (1.3)<br>|
| Oversea-Chinese Banking Corp. Ltd. | (528500)<br>| (6540591)<br>| (299.9)<br>|
|  |  | (6569512)<br>|  |
| **Spain** |  |  |  |
| Repsol SA | (330516)<br>| (4040117)<br>| (185.2)<br>|
| **Sweden** |  |  |  |
| Epiroc AB, Class A | (184907)<br>| (4000409)<br>| (183.4)<br>|
| Epiroc AB, Class B | (59006)<br>| (1157200)<br>| (53.1)<br>|
| H & M Hennes & Mauritz AB | (16583)<br>| (240297)<br>| (11.0)<br>|
| Hexagon AB | (130365)<br>| (1268785)<br>| (58.2)<br>|
|  |  | (6666691)<br>|  |
| **Switzerland** |  |  |  |
| Baloise Holding AG, Registered Shares | (2084)<br>| (463633)<br>| (21.2)<br>|
| Sonova Holding AG, Registered Shares | (1743)<br>| (535822)<br>| (24.6)<br>|
| Swiss Life Holding AG, Registered Shares | (4483)<br>| (4476095)<br>| (205.2)<br>|
| Swisscom AG, Registered Shares | (6776)<br>| (4518800)<br>| (207.2)<br>|
|  |  | (9994350)<br>|  |
| **United Kingdom** |  |  |  |
| British Land Co PLC | (43695)<br>| (229873)<br>| (10.5)<br>|
| Centrica PLC | (93042)<br>| (199206)<br>| (9.1)<br>|
| Hiscox Ltd. | (121413)<br>| (1786916)<br>| (81.9)<br>|
| Howden Joinery Group PLC | (242259)<br>| (2491270)<br>| (114.2)<br>|
| JD Sports Fashion PLC | (847400)<br>| (892147)<br>| (40.9)<br>|
| Persimmon PLC | (156980)<br>| (2716691)<br>| (124.6)<br>|
| Rentokil Initial PLC | (1001940)<br>| (4590180)<br>| (210.5)<br>|
| Spirax Group PLC | (18022)<br>| (1420422)<br>| (65.1)<br>|
| Wise PLC, Class A | (261337)<br>| (3427800)<br>| (157.2)<br>|
|  |  | (17754505)<br>|  |
| **United States** |  |  |  |
| Air Lease Corp. | (45793)<br>| (2141281)<br>| (98.2)<br>|
| Air Products and Chemicals, Inc. | (59508)<br>| (16132024)<br>| (739.6)<br>|
| American International Group, Inc. | (76807)<br>| (6261307)<br>| (287.1)<br>|

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **United States (continued)** |  |  |  |
| Antero Midstream Corp. | (75488)<br>| $(1249326)<br>| (57.3)% <br>|
| Applied Industrial Technologies, Inc. | (3861)<br>| (939304)<br>| (43.1)<br>|
| Arch Capital Group Ltd. | (17536)<br>| (1590164)<br>| (72.9)<br>|
| ARM Holdings PLC, ADR | (67898)<br>| (7743767)<br>| (355.0)<br>|
| ATI, Inc. | (1624)<br>| (88313)<br>| (4.1)<br>|
| Blue Owl Capital, Inc. | (8727)<br>| (161711)<br>| (7.4)<br>|
| Boeing Co. | (184696)<br>| (33843695)<br>| (1551.7)<br>|
| Boyd Gaming Corp. | (216)<br>| (14934)<br>| (0.7)<br>|
| Brixmor Property Group, Inc. | (24502)<br>| (610345)<br>| (28.0)<br>|
| Caesars Entertainment, Inc. | (9610)<br>| (260047)<br>| (11.9)<br>|
| Carlisle Cos, Inc. | (1363)<br>| (517231)<br>| (23.7)<br>|
| Casey's General Stores, Inc. | (20663)<br>| (9558497)<br>| (438.2)<br>|
| Celsius Holdings, Inc. | (329928)<br>| (11534283)<br>| (528.8)<br>|
| CenterPoint Energy, Inc. | (676273)<br>| (26225867)<br>| (1202.4)<br>|
| CH Robinson Worldwide, Inc. | (7107)<br>| (634087)<br>| (29.1)<br>|
| Columbia Banking System, Inc. | (292)<br>| (6547)<br>| (0.3)<br>|
| Copart, Inc. | (213849)<br>| (13051204)<br>| (598.4)<br>|
| CoStar Group, Inc. | (76253)<br>| (5655685)<br>| (259.3)<br>|
| Coty, Inc., Class A | (364866)<br>| (1842573)<br>| (84.5)<br>|
| Credo Technology Group Holding Ltd. | (137514)<br>| (5919978)<br>| (271.4)<br>|
| CVS Health Corp. | (172091)<br>| (11480191)<br>| (526.4)<br>|
| DTE Energy Co. | (19473)<br>| (2667801)<br>| (122.3)<br>|
| F&G Annuities & Life, Inc. | (1)<br>| (35)<br>| (0.0)<br>|
| Ferguson Enterprises, Inc. | (30602)<br>| (5191935)<br>| (238.0)<br>|
| First Citizens BancShares, Inc., Class A | (9457)<br>| (16825327)<br>| (771.4)<br>|
| GE Vernova, Inc. | (8563)<br>| (3175332)<br>| (145.6)<br>|
| Healthcare Realty Trust, Inc. | (20449)<br>| (317573)<br>| (14.6)<br>|
| Joby Aviation, Inc. | (13872)<br>| (87394)<br>| (4.0)<br>|
| KBR, Inc. | (16391)<br>| (865609)<br>| (39.7)<br>|
| Kraft Heinz Co. | (682464)<br>| (19859702)<br>| (910.5)<br>|
| LKQ Corp. | (209649)<br>| (8010688)<br>| (367.3)<br>|
| Loar Holdings, Inc. | (18473)<br>| (1747176)<br>| (80.1)<br>|
| LPL Financial Holdings, Inc. | (7323)<br>| (2341822)<br>| (107.4)<br>|
| Mueller Industries, Inc. | (9899)<br>| (728170)<br>| (33.4)<br>|
| NuScale Power Corp. | (41733)<br>| (691516)<br>| (31.7)<br>|
| Omnicom Group, Inc. | (17073)<br>| (1300280)<br>| (59.6)<br>|
| Pinnacle Financial Partners, Inc. | (9052)<br>| (907372)<br>| (41.6)<br>|
| Pool Corp. | (457)<br>| (133965)<br>| (6.1)<br>|
| Range Resources Corp. | (16329)<br>| (554043)<br>| (25.4)<br>|
| Regency Centers Corp. | (18672)<br>| (1347745)<br>| (61.8)<br>|
| Rocket Cos, Inc., Class A | (205159)<br>| (2648603)<br>| (121.4)<br>|
| Rocket Lab USA, Inc. | (41081)<br>| (895155)<br>| (41.0)<br>|
| SBA Communications Corp. | (2563)<br>| (623834)<br>| (28.6)<br>|
| Shake Shack, Inc., Class A | (19710)<br>| (1729355)<br>| (79.3)<br>|
| SharkNinja, Inc. | (61173)<br>| (4924427)<br>| (225.8)<br>|
| Snap-on, Inc. | (9070)<br>| (2846257)<br>| (130.5)<br>|
| Solventum Corp. | (5707)<br>| (377347)<br>| (17.3)<br>|
| Summit Therapeutics, Inc. | (12)<br>| (289)<br>| (0.0)<br>|
| Symbotic, Inc. | (14388)<br>| (310493)<br>| (14.2)<br>|
| Teleflex, Inc. | (56235)<br>| (7707007)<br>| (353.4)<br>|

---

Schedule of Investments

------

Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **United States (continued)** |  |  |  |
| U-Haul Holding Co. | (35635)<br>| $(1952798)<br>| (89.5)% <br>|
| WP Carey, Inc. | (65977)<br>| (4119604)<br>| (188.9)<br>|
|  |  | (252351015)<br>|  |
| **Total Reference Entity — Short** |  | (386392443)<br>|  |
| **Net Value of Reference Entity — BNP Paribas SA**  | **Net Value of Reference Entity — BNP Paribas SA**  | $2181095 |  |

---

The following table represents the individual long and short positions and related values of the equity securities underlying the total return swap with BNP Paribas SA as of period end, termination dates 11/17/25 – 03/24/27:

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of* <br>*Basket* <br>*Value*<br>|
| **Reference Entity — Long** |  |  |  |
| **Common Stocks**  |  |  |  |
| **Australia** |  |  |  |
| Challenger Ltd. | 536279 | $2429968 | 67.6<br> % <br>|
| Codan Ltd. | 35503 | 357598 | 10.0 |
| Data#3 Ltd. | 160004 | 745155 | 20.7 |
| Domino's Pizza Enterprises Ltd. | 96069 | 1552596 | 43.2 |
| Downer EDI Ltd. | 512138 | 1870159 | 52.0 |
| HUB24 Ltd. | 64126 | 2962544 | 82.4 |
| IDP Education Ltd. | 111871 | 634460 | 17.7 |
| Monadelphous Group Ltd. | 231844 | 2397439 | 66.7 |
| Neuren Pharmaceuticals Ltd. | 32288 | 240763 | 6.7 |
| NRW Holdings Ltd. | 299392 | 518930 | 14.4 |
| Super Retail Group Ltd. | 19251 | 165103 | 4.6 |
| Ventia Services Group Pty Ltd. | 583215 | 1579046 | 43.9 |
|  |  | 15453761 |  |
| **Austria** |  |  |  |
| ANDRITZ AG | 22472 | 1614831 | 44.9 |
| Kontron AG | 12685 | 308247 | 8.6 |
|  |  | 1923078 |  |
| **Belgium** |  |  |  |
| Melexis NV | 16438 | 986419 | 27.4 |
| Umicore SA | 300899 | 2735184 | 76.1 |
|  |  | 3721603 |  |
| **Canada** |  |  |  |
| Innergex Renewable Energy, Inc. | 155866 | 1535369 | 42.7 |
| North American Construction Group Ltd. | 5843 | 89006 | 2.5 |
| Obsidian Energy Ltd. | 47959 | 202119 | 5.6 |
|  |  | 1826494 |  |
| **Finland** |  |  |  |
| Outokumpu OYJ | 859716 | 3309159 | 92.0 |
| Valmet Oyj | 34920 | 1066250 | 29.7 |
|  |  | 4375409 |  |
| **Germany** |  |  |  |
| AIXTRON SE | 1001 | 13593 | 0.4 |
| Auto1 Group SE | 147248 | 3538006 | 98.4 |
| Bilfinger SE | 7480 | 636173 | 17.7 |
| Deutsche Pfandbriefbank AG | 164718 | 1010279 | 28.1 |
| Duerr AG | 16674 | 394737 | 11.0 |
| Grand City Properties SA | 45859 | 547337 | 15.2 |
| HelloFresh SE | 243681 | 2537403 | 70.6 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **Germany (continued)** |  |  |  |
| Schaeffler AG | 378737 | $1634451 | 45.5<br> % <br>|
| TBC Bank Group PLC | 14345 | 907243 | 25.2 |
| TeamViewer SE | 57416 | 882066 | 24.5 |
|  |  | 12101288 |  |
| **Hong Kong** |  |  |  |
| HK Electric Investments & HK Electric <br> Investments Ltd.<br>| 2473000 | 1722176 | 47.9 |
| Time Interconnect Technology Ltd. | 239000 | 125454 | 3.5 |
|  |  | 1847630 |  |
| **Ireland** |  |  |  |
| Ardmore Shipping Corp. | 34693 | 330971 | 9.2 |
| Greencore Group PLC | 1619719 | 3993412 | 111.1 |
|  |  | 4324383 |  |
| **Israel** |  |  |  |
| Plus500 Ltd. | 218206 | 8944766 | 248.8 |
| **Italy** |  |  |  |
| Avio SpA | 18505 | 402164 | 11.2 |
| Banca IFIS SpA | 14287 | 357978 | 10.0 |
| Credito Emiliano SpA | 13705 | 188413 | 5.2 |
| De' Longhi SpA | 24441 | 756371 | 21.0 |
| Maire SpA | 54881 | 592745 | 16.5 |
| Sesa SpA | 1202 | 101592 | 2.8 |
| Webuild SpA | 382448 | 1387546 | 38.6 |
|  |  | 3786809 |  |
| **Japan** |  |  |  |
| 77 Bank Ltd. | 58000 | 1817767 | 50.6 |
| Aisan Industry Co., Inc. | 33400 | 451405 | 12.6 |
| Alfresa Holdings Corp. | 115500 | 1743603 | 48.5 |
| Autobacs Seven Co., Inc. | 62400 | 647555 | 18.0 |
| BML, Inc. | 6400 | 133493 | 3.7 |
| CKD Corp. | 35500 | 517454 | 14.4 |
| Coca-Cola Bottlers Japan Holdings, Inc. | 266000 | 4997290 | 139.0 |
| Create SD Holdings Co., Inc. | 32400 | 690329 | 19.2 |
| Doutor Nichires Holdings Co., Inc. | 25500 | 477629 | 13.3 |
| Earth Corp. | 54100 | 1948132 | 54.2 |
| Fuji Co., Inc. | 17900 | 261512 | 7.3 |
| Fuji Corp/Aichi | 103600 | 1540637 | 42.9 |
| Glory Ltd. | 25000 | 440192 | 12.2 |
| Gunma Bank Ltd. | 843400 | 7033750 | 195.7 |
| Hanwa Co., Inc. | 23300 | 772508 | 21.5 |
| Hazama Ando Corp. | 471400 | 4694957 | 130.6 |
| Heiwado Co., Inc. | 24100 | 448696 | 12.5 |
| Hiday Hidaka Corp. | 34000 | 741004 | 20.6 |
| Hisamitsu Pharmaceutical Co., Inc. | 29500 | 895118 | 24.9 |
| Hyakujushi Bank Ltd. | 47500 | 1103296 | 30.7 |
| Inaba Denki Sangyo Co., Inc. | 10500 | 276604 | 7.7 |
| Itochu Enex Co., Inc. | 35600 | 384225 | 10.7 |
| Kanamoto Co., Inc. | 85400 | 1914843 | 53.3 |
| Kojima Co., Inc. | 35100 | 259812 | 7.2 |
| Kyoritsu Maintenance Co., Inc. | 104600 | 2220024 | 61.8 |
| Kyushu Financial Group, Inc. | 313000 | 1580018 | 43.9 |
| Lintec Corp. | 127500 | 2438916 | 67.8 |
| Mabuchi Motor Co., Inc. | 279200 | 4078883 | 113.5 |
| Matsuyafoods Holdings Co., Inc. | 2800 | 116515 | 3.2 |
| Maxell Ltd. | 69600 | 853071 | 23.7 |
| MEITEC Group Holdings, Inc. | 148000 | 3037787 | 84.5 |
| Menicon Co., Inc. | 153600 | 1519778 | 42.3 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **Japan (continued)** |  |  |  |
| Modec, Inc. | 71200 | $2160764 | 60.1<br> % <br>|
| Nichias Corp. | 600 | 20185 | 0.6 |
| Nifco Inc/Japan | 9600 | 238040 | 6.6 |
| Nippon REIT Investment Corp. | 3540 | 2066206 | 57.5 |
| Nishimatsu Construction Co., Inc. | 5100 | 189757 | 5.3 |
| Nomura Co., Inc. | 24100 | 145483 | 4.0 |
| NS Solutions Corp. | 264500 | 6275208 | 174.6 |
| NTN Corp. | 714900 | 1101029 | 30.6 |
| Organo Corp. | 57700 | 2762035 | 76.8 |
| Royal Holdings Co., Inc. | 68300 | 1244375 | 34.6 |
| Sanki Engineering Co., Inc. | 31100 | 794635 | 22.1 |
| Seikitokyu Kogyo Co., Inc. | 56500 | 614637 | 17.1 |
| Sinko Industries Ltd. | 37000 | 312768 | 8.7 |
| Taikisha Ltd. | 40800 | 667814 | 18.6 |
| TechMatrix Corp. | 119500 | 1706524 | 47.5 |
| Tokyu REIT, Inc. | 308 | 385421 | 10.7 |
| Toyobo Co., Inc. | 229700 | 1425018 | 39.6 |
| Tsubakimoto Chain Co. | 41700 | 506585 | 14.1 |
| United Super Markets Holdings, Inc. | 18400 | 118341 | 3.3 |
| UT Group Co., Inc. | 166000 | 2333363 | 64.9 |
| Wacom Co., Inc. | 147200 | 563501 | 15.7 |
| YAMABIKO Corp. | 13800 | 206519 | 5.7 |
| Yamazen Corp. | 65400 | 643041 | 17.9 |
| Yaoko Co., Inc. | 8600 | 576009 | 16.0 |
|  |  | 77094061 |  |
| **Kazakhstan** |  |  |  |
| Freedom Holding Corp. | 10046 | 1434870 | 39.9 |
| **Malta** |  |  |  |
| Gambling.com Group Ltd. | 23994 | 308803 | 8.6 |
| **Netherlands** |  |  |  |
| Koninklijke BAM Groep NV | 401853 | 2722068 | 75.7 |
| **Norway** |  |  |  |
| Elkem ASA | 139284 | 245011 | 6.8 |
| Hoegh Autoliners ASA | 25715 | 206968 | 5.7 |
| Wallenius Wilhelmsen ASA | 89155 | 646150 | 18.0 |
|  |  | 1098129 |  |
| **Portugal** |  |  |  |
| Mota-Engil SGPS SA | 209770 | 832632 | 23.2 |
| **Spain** |  |  |  |
| Neinor Homes SA | 6776 | 117953 | 3.3 |
| **Sweden** |  |  |  |
| Peab AB | 83323 | 693087 | 19.3 |
| **Switzerland** |  |  |  |
| dormakaba Holding AG | 5320 | 4487724 | 124.8 |
| EFG International AG | 151759 | 2295859 | 63.9 |
| International Workplace Group PLC | 810224 | 2006103 | 55.8 |
| Stadler Rail AG | 44488 | 1173460 | 32.7 |
|  |  | 9963146 |  |
| **United Kingdom** |  |  |  |
| ASOS PLC | 16080 | 61504 | 1.7 |
| Bloomsbury Publishing PLC | 6751 | 53533 | 1.5 |
| Bytes Technology Group PLC | 69039 | 469475 | 13.1 |
| Craneware PLC | 24418 | 585861 | 16.3 |
| DiscoverIE Group PLC | 43514 | 328810 | 9.1 |
| Firstgroup PLC | 219668 | 505582 | 14.1 |
| Grainger PLC | 1136796 | 3261408 | 90.7 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **United Kingdom (continued)** |  |  |  |
| Hilton Food Group PLC | 171508 | $2031977 | 56.5<br> % <br>|
| Hollywood Bowl Group PLC | 497923 | 1944296 | 54.1 |
| Keller Group PLC | 39124 | 745007 | 20.7 |
| Mitie Group PLC | 898190 | 1732039 | 48.2 |
| Morgan Sindall Group PLC | 28058 | 1326282 | 36.9 |
| Target Healthcare REIT PLC | 108811 | 142991 | 4.0 |
| TP ICAP Group PLC | 523655 | 1798200 | 50.0 |
| Trustpilot Group PLC | 2017798 | 6050721 | 168.3 |
| Volex PLC | 76418 | 260010 | 7.2 |
|  |  | 21297696 |  |
| **United States** |  |  |  |
| 1-800-Flowers.com, Inc., Class A | 72597 | 401461 | 11.2 |
| Accel Entertainment, Inc. | 10178 | 104833 | 2.9 |
| Alarm.com Holdings, Inc. | 254529 | 13642754 | 379.5 |
| Allient, Inc. | 25384 | 541948 | 15.1 |
| Appian Corp., Class A | 4823 | 149754 | 4.2 |
| Axcelis Technologies, Inc. | 114154 | 5591263 | 155.5 |
| Balchem Corp. | 64278 | 10062721 | 279.9 |
| Beazer Homes USA, Inc. | 69083 | 1351264 | 37.6 |
| Brady Corp., Class A | 58918 | 4141346 | 115.2 |
| Build-A-Bear Workshop, Inc. | 9522 | 335936 | 9.3 |
| Carriage Services, Inc. | 42449 | 1696262 | 47.2 |
| Carter's, Inc. | 126038 | 4165556 | 115.9 |
| Castle Biosciences, Inc. | 42617 | 854471 | 23.8 |
| CBL & Associates Properties, Inc. | 80635 | 1892504 | 52.6 |
| ConnectOne Bancorp, Inc. | 29561 | 666009 | 18.5 |
| Coursera, Inc. | 286273 | 2410419 | 67.1 |
| CTO Realty Growth, Inc. | 93737 | 1712575 | 47.6 |
| Delek US Holdings, Inc. | 231902 | 3019364 | 84.0 |
| Deluxe Corp. | 30419 | 444117 | 12.4 |
| Dime Community Bancshares, Inc. | 10955 | 281434 | 7.8 |
| Diodes, Inc. | 20691 | 794534 | 22.1 |
| DoubleVerify Holdings, Inc. | 703940 | 9334244 | 259.7 |
| DXP Enterprises, Inc. | 29721 | 2629120 | 73.1 |
| Eagle Bancorp, Inc. | 4000 | 71800 | 2.0 |
| El Pollo Loco Holdings, Inc. | 65810 | 615324 | 17.1 |
| Energizer Holdings, Inc. | 28375 | 767260 | 21.3 |
| Figs, Inc., Class A | 59282 | 238907 | 6.6 |
| G-III Apparel Group Ltd. | 62464 | 1575342 | 43.8 |
| Global Industrial Co. | 13270 | 340774 | 9.5 |
| Golden Entertainment, Inc. | 1667 | 42842 | 1.2 |
| Great Lakes Dredge & Dock Corp. | 279212 | 2538037 | 70.6 |
| Hackett Group, Inc. | 18294 | 467229 | 13.0 |
| Healthcare Services Group, Inc. | 20351 | 289188 | 8.0 |
| Heidrick & Struggles International, Inc. | 24661 | 962272 | 26.8 |
| Hingham Institution For Savings | 1112 | 277511 | 7.7 |
| iRadimed Corp. | 7818 | 409741 | 11.4 |
| Jamf Holding Corp. | 44502 | 514888 | 14.3 |
| John B Sanfilippo & Son, Inc. | 43989 | 2915151 | 81.1 |
| Kennedy-Wilson Holdings, Inc. | 341758 | 2187251 | 60.8 |
| Kura Sushi USA, Inc., Class A | 18326 | 1079035 | 30.0 |
| Marriott Vacations Worldwide Corp. | 19467 | 1066986 | 29.7 |
| MaxLinear, Inc. | 63441 | 633776 | 17.6 |
| Mesa Laboratories, Inc. | 946 | 109027 | 3.0 |
| Midland States Bancorp, Inc. | 13523 | 220154 | 6.1 |
| Mind Medicine MindMed, Inc. | 27084 | 173067 | 4.8 |
| Navigator Holdings Ltd. | 49767 | 631543 | 17.6 |
| New Fortress Energy, Inc. | 260578 | 1414939 | 39.4 |
| Noble Corp. PLC | 102106 | 2219784 | 61.8 |
| Northfield Bancorp, Inc. | 21286 | 224567 | 6.3 |
| PagerDuty, Inc. | 27889 | 432558 | 12.0 |

---

Schedule of Investments

------

Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **United States (continued)** |  |  |  |
| Peapack-Gladstone Financial Corp. | 38534 | $1066621 | 29.7<br> % <br>|
| Pediatrix Medical Group, Inc. | 72407 | 932602 | 25.9 |
| Pennant Group, Inc. | 7644 | 195839 | 5.5 |
| Perimeter Solutions, Inc. | 97690 | 989600 | 27.5 |
| Powell Industries, Inc. | 9020 | 1651652 | 45.9 |
| PRA Group, Inc. | 28399 | 519702 | 14.5 |
| Prestige Consumer Healthcare, Inc. | 187337 | 15217385 | 423.3 |
| Primoris Services Corp. | 340532 | 20421704 | 568.1 |
| Progress Software Corp. | 78489 | 4706201 | 130.9 |
| QuantumScape Corp. | 332764 | 1301107 | 36.2 |
| QuinStreet, Inc. | 306658 | 5372648 | 149.5 |
| Rapid7, Inc. | 40907 | 966223 | 26.9 |
| REX American Resources Corp. | 9460 | 375751 | 10.5 |
| RingCentral, Inc., Class A | 591223 | 15076187 | 419.4 |
| Rush Street Interactive, Inc. | 461708 | 5600518 | 155.8 |
| Schrodinger, Inc. | 25524 | 654180 | 18.2 |
| Select Medical Holdings Corp. | 501323 | 9144132 | 254.4 |
| STAAR Surgical Co. | 46245 | 844434 | 23.5 |
| Standard Motor Products, Inc. | 43726 | 1184975 | 33.0 |
| Steelcase, Inc., Class A | 481051 | 4772026 | 132.7 |
| Stitch Fix, Inc., Class A | 35309 | 115460 | 3.2 |
| Stratasys Ltd. | 163549 | 1543903 | 43.0 |
| Supernus Pharmaceuticals, Inc. | 256886 | 8343657 | 232.1 |
| Theravance Biopharma, Inc. | 215025 | 2100794 | 58.4 |
| Tiptree, Inc. | 34855 | 777615 | 21.6 |
| Trevi Therapeutics, Inc. | 37172 | 256859 | 7.1 |
| Tri Pointe Homes, Inc. | 71168 | 2188416 | 60.9 |
| Tronox Holdings PLC | 8098 | 43810 | 1.2 |
| TTM Technologies, Inc. | 35710 | 714914 | 19.9 |
| United Natural Foods, Inc. | 308280 | 8234159 | 229.1 |
| Universal Health Realty Income Trust | 3340 | 127621 | 3.6 |
| Universal Insurance Holdings, Inc. | 66417 | 1609948 | 44.8 |
| Univest Financial Corp. | 19504 | 576148 | 16.0 |
| Urban Edge Properties | 97558 | 1762873 | 49.0 |
| Verint Systems, Inc. | 308128 | 5435378 | 151.2 |
|  |  | 213467884 |  |
| **Total Reference Entity — Long** |  | 387335550 |  |
| **Reference Entity — Short** |  |  |  |
| **Common Stocks**  |  |  |  |
| **Australia** |  |  |  |
| Amotiv Ltd. | (4929)<br>| (24441)<br>| (0.7)<br>|
| Ansell Ltd. | (300357)<br>| (5826790)<br>| (162.1)<br>|
| Atlas Arteria Ltd. | (1137088)<br>| (3766440)<br>| (104.8)<br>|
| Bapcor Ltd. | (825863)<br>| (2683335)<br>| (74.6)<br>|
| Beach Energy Ltd. | (326639)<br>| (245871)<br>| (6.8)<br>|
| Bendigo & Adelaide Bank Ltd. | (536145)<br>| (3835490)<br>| (106.7)<br>|
| nib holdings Ltd. | (37939)<br>| (165514)<br>| (4.6)<br>|
| Orora Ltd. | (1221420)<br>| (1415164)<br>| (39.4)<br>|
| Qube Holdings Ltd. | (1818646)<br>| (4604280)<br>| (128.1)<br>|
| Region RE Ltd. | (1449348)<br>| (2148250)<br>| (59.7)<br>|
| Steadfast Group Ltd. | (369845)<br>| (1389827)<br>| (38.7)<br>|
|  |  | (26105402)<br>|  |
| **Austria** |  |  |  |
| Voestalpine AG | (57878)<br>| (1525204)<br>| (42.4)<br>|
| **Belgium** |  |  |  |
| Ontex Group NV | (76976)<br>| (631914)<br>| (17.6)<br>|

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **Bermuda** |  |  |  |
| Conduit Holdings Ltd. | (45722)<br>| $(210462)<br>| (5.9)% <br>|
| **Brazil** |  |  |  |
| Karoon Energy Ltd. | (1819088)<br>| (1674558)<br>| (46.6)<br>|
| **Canada** |  |  |  |
| Brookfield Business Corp., Class A | (4256)<br>| (111633)<br>| (3.1)<br>|
| Cascades, Inc. | (8319)<br>| (53284)<br>| (1.5)<br>|
| EQB, Inc. | (26651)<br>| (1842526)<br>| (51.3)<br>|
| First National Financial Corp. | (12115)<br>| (329019)<br>| (9.2)<br>|
| Jamieson Wellness, Inc. | (52169)<br>| (1209052)<br>| (33.6)<br>|
| NuVista Energy Ltd. | (285136)<br>| (2430254)<br>| (67.6)<br>|
| Skeena Resources Ltd. | (163737)<br>| (1957338)<br>| (54.4)<br>|
| Spin Master Corp. | (35315)<br>| (624532)<br>| (17.4)<br>|
| Superior Plus Corp. | (754457)<br>| (3787061)<br>| (105.3)<br>|
| Winpak Ltd. | (9630)<br>| (298344)<br>| (8.3)<br>|
|  |  | (12643043)<br>|  |
| **Colombia** |  |  |  |
| Aris Mining Corp. | (123868)<br>| (677473)<br>| (18.8)<br>|
| **Costa Rica** |  |  |  |
| Establishment Labs Holdings, Inc. | (3701)<br>| (112325)<br>| (3.1)<br>|
| **Denmark** |  |  |  |
| FLSmidth & Co A/S | (19845)<br>| (939506)<br>| (26.1)<br>|
| ISS A/S | (155784)<br>| (3908846)<br>| (108.7)<br>|
| Jyske Bank A/S, Registered Shares | (39834)<br>| (3267121)<br>| (90.9)<br>|
| Netcompany Group A/S | (80230)<br>| (3621892)<br>| (100.8)<br>|
| Ringkjoebing Landbobank A/S | (6510)<br>| (1244686)<br>| (34.6)<br>|
| Royal Unibrew A/S | (21962)<br>| (1744894)<br>| (48.6)<br>|
| Scandinavian Tobacco Group A/S | (29876)<br>| (434862)<br>| (12.1)<br>|
|  |  | (15161807)<br>|  |
| **Finland** |  |  |  |
| Huhtamaki Oyj | (30184)<br>| (1111305)<br>| (30.9)<br>|
| QT Group Oyj | (21327)<br>| (1391629)<br>| (38.7)<br>|
|  |  | (2502934)<br>|  |
| **Germany** |  |  |  |
| CompuGroup Medical SE & Co KgaA | (636)<br>| (15851)<br>| (0.5)<br>|
| CompuGroup Medical SE & Co KgaA, Class A | (3015)<br>| (75926)<br>| (2.1)<br>|
| flatexDEGIRO AG | (5318)<br>| (139953)<br>| (3.9)<br>|
| KION Group AG | (2719)<br>| (115710)<br>| (3.2)<br>|
| Sirius Real Estate Ltd. | (40037)<br>| (49329)<br>| (1.4)<br>|
| Sixt SE | (13466)<br>| (1280257)<br>| (35.6)<br>|
| Thyssenkrupp Nucera AG & Co KGaa | (112396)<br>| (1169356)<br>| (32.5)<br>|
| United Internet AG | (5448)<br>| (123543)<br>| (3.4)<br>|
|  |  | (2969925)<br>|  |
| **Ireland** |  |  |  |
| Dalata Hotel Group PLC | (180777)<br>| (1036254)<br>| (28.8)<br>|
| **Israel** |  |  |  |
| Big Shopping Centers Ltd. | (1689)<br>| (246613)<br>| (6.9)<br>|
| OPC Energy Ltd. | (5687)<br>| (53717)<br>| (1.5)<br>|
|  |  | (300330)<br>|  |
| **Italy** |  |  |  |
| Ermenegildo Zegna NV | (98131)<br>| (780142)<br>| (21.7)<br>|
| Piaggio & C SpA | (135548)<br>| (266088)<br>| (7.4)<br>|
| Tamburi Investment Partners SpA | (104420)<br>| (893893)<br>| (24.9)<br>|
| Technoprobe SpA | (53872)<br>| (346119)<br>| (9.6)<br>|
|  |  | (2286242)<br>|  |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **Japan** |  |  |  |
| Ain Holdings, Inc. | (25800)<br>| $(994444)<br>| (27.7)% <br>|
| Air Water, Inc. | (40900)<br>| (557729)<br>| (15.5)<br>|
| Anycolor, Inc. | (11900)<br>| (306827)<br>| (8.5)<br>|
| Aozora Bank Ltd. | (25000)<br>| (345176)<br>| (9.6)<br>|
| Arclands Corp. | (14900)<br>| (181127)<br>| (5.0)<br>|
| Ariake Japan Co., Inc. | (2700)<br>| (113445)<br>| (3.2)<br>|
| CRE Logistics REIT, Inc. | (1271)<br>| (1275710)<br>| (35.5)<br>|
| Ferrotec Holdings Corp. | (18400)<br>| (317665)<br>| (8.8)<br>|
| Fuji Soft, Inc. | (20400)<br>| (1400936)<br>| (39.0)<br>|
| Furuya Metal Co., Inc. | (1900)<br>| (34219)<br>| (1.0)<br>|
| GS Yuasa Corp. | (267800)<br>| (4703877)<br>| (130.9)<br>|
| G-Tekt Corp. | (4600)<br>| (52807)<br>| (1.5)<br>|
| Hogy Medical Co., Inc. | (30400)<br>| (870105)<br>| (24.2)<br>|
| Hyakugo Bank Ltd. | (47300)<br>| (229286)<br>| (6.4)<br>|
| Insource Co., Inc. | (299100)<br>| (1915183)<br>| (53.3)<br>|
| JVCKenwood Corp. | (67100)<br>| (500772)<br>| (13.9)<br>|
| Kanto Denka Kogyo Co., Inc. | (44700)<br>| (271144)<br>| (7.5)<br>|
| Keihan Holdings Co., Inc. | (105600)<br>| (2586340)<br>| (72.0)<br>|
| LIFENET INSURANCE CO. | (15542)<br>| (194548)<br>| (5.4)<br>|
| Macnica Holdings, Inc. | (9900)<br>| (137644)<br>| (3.8)<br>|
| Mitsubishi Logisnext Co., Inc. | (10700)<br>| (150301)<br>| (4.2)<br>|
| Mitsuboshi Belting Ltd. | (15400)<br>| (386169)<br>| (10.7)<br>|
| Mitsui E&S Co., Inc. | (13400)<br>| (170975)<br>| (4.8)<br>|
| Money Forward, Inc. | (9700)<br>| (290560)<br>| (8.1)<br>|
| Namura Shipbuilding Co., Inc. | (113600)<br>| (1603076)<br>| (44.6)<br>|
| Osaka Steel Co., Inc. | (700)<br>| (11752)<br>| (0.3)<br>|
| PKSHA Technology, Inc. | (3800)<br>| (75594)<br>| (2.1)<br>|
| RENOVA, Inc. | (26200)<br>| (120012)<br>| (3.3)<br>|
| Shochiku Co., Inc. | (9000)<br>| (842823)<br>| (23.4)<br>|
| Simplex Holdings, Inc. | (136000)<br>| (2878514)<br>| (80.1)<br>|
| Tama Home Co., Inc. | (4100)<br>| (114774)<br>| (3.2)<br>|
| Timee, Inc. | (10000)<br>| (120083)<br>| (3.3)<br>|
| Topcon Corp. | (149800)<br>| (3402085)<br>| (94.6)<br>|
| Yoshinoya Holdings Co., Inc. | (6900)<br>| (151239)<br>| (4.2)<br>|
|  |  | (27306941)<br>|  |
| **Netherlands** |  |  |  |
| AMG Critical Materials NV | (6328)<br>| (112787)<br>| (3.1)<br>|
| PostNL NV | (95617)<br>| (97627)<br>| (2.7)<br>|
|  |  | (210414)<br>|  |
| **New Zealand** |  |  |  |
| Mainfreight Ltd. | (6571)<br>| (216665)<br>| (6.0)<br>|
| Ryman Healthcare Ltd. | (78789)<br>| (103344)<br>| (2.9)<br>|
|  |  | (320009)<br>|  |
| **Norway** |  |  |  |
| Crayon Group Holding ASA | (17544)<br>| (210130)<br>| (5.8)<br>|
| Dof Group ASA | (70690)<br>| (554365)<br>| (15.4)<br>|
| FLEX LNG Ltd. | (15829)<br>| (373406)<br>| (10.4)<br>|
| Golden Ocean Group Ltd. | (145676)<br>| (1124619)<br>| (31.3)<br>|
| MPC Container Ships ASA | (431321)<br>| (634332)<br>| (17.7)<br>|
| Norwegian Air Shuttle ASA | (233668)<br>| (308575)<br>| (8.6)<br>|
| SpareBank 1 Sor-Norge ASA | (83445)<br>| (1331553)<br>| (37.0)<br>|
|  |  | (4536980)<br>|  |
| **Peru** |  |  |  |
| Hochschild Mining PLC | (298834)<br>| (1125318)<br>| (31.3)<br>|

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **Portugal** |  |  |  |
| Altri SGPS SA | (79652)<br>| $(547990)<br>| (15.2)% <br>|
| **Singapore** |  |  |  |
| Frasers Logistics & Commercial Trust | (605700)<br>| (415472)<br>| (11.6)<br>|
| Venture Corp. Ltd | (172500)<br>| (1531285)<br>| (42.6)<br>|
|  |  | (1946757)<br>|  |
| **South Africa** |  |  |  |
| Scatec ASA | (21142)<br>| (161348)<br>| (4.5)<br>|
| **Spain** |  |  |  |
| Grenergy Renovables SA | (25362)<br>| (1456985)<br>| (40.5)<br>|
| Puig Brands SA, Class B | (89548)<br>| (1676679)<br>| (46.7)<br>|
|  |  | (3133664)<br>|  |
| **Sweden** |  |  |  |
| AddLife AB, Class B | (72096)<br>| (1368170)<br>| (38.1)<br>|
| Catena AB | (59406)<br>| (2796616)<br>| (77.8)<br>|
| Fabege AB | (195153)<br>| (1664721)<br>| (46.3)<br>|
| Hexatronic Group AB | (738214)<br>| (1953434)<br>| (54.3)<br>|
| Hms Networks Ab | (4704)<br>| (210853)<br>| (5.9)<br>|
| Hufvudstaden AB | (13882)<br>| (169025)<br>| (4.7)<br>|
| Lagercrantz Group AB | (26851)<br>| (611822)<br>| (17.0)<br>|
| Lindab International AB | (16468)<br>| (346234)<br>| (9.6)<br>|
| Paradox Interactive AB | (12926)<br>| (253425)<br>| (7.0)<br>|
| Vimian Group AB | (228491)<br>| (919755)<br>| (25.6)<br>|
| Vitec Software Group AB, Class B | (24928)<br>| (1138985)<br>| (31.7)<br>|
|  |  | (11433040)<br>|  |
| **Switzerland** |  |  |  |
| ALSO Holding AG, Registered Shares | (825)<br>| (251959)<br>| (7.0)<br>|
| Autoneum Holding AG | (1)<br>| (150)<br>| (0.0)<br>|
| Bossard Holding AG, Class A | (5243)<br>| (1143340)<br>| (31.8)<br>|
| Bucher Industries AG, Registered Shares | (7489)<br>| (3234679)<br>| (90.0)<br>|
| Comet Holding AG, Registered Shares | (23698)<br>| (6118302)<br>| (170.2)<br>|
| Daetwyler Holding AG | (1581)<br>| (228282)<br>| (6.4)<br>|
| Galenica AG | (47639)<br>| (4989834)<br>| (138.8)<br>|
| Garrett Motion, Inc. | (49522)<br>| (456593)<br>| (12.7)<br>|
| Implenia AG, Registered Shares | (1988)<br>| (112436)<br>| (3.1)<br>|
| OC Oerlikon Corp. AG Pfaffikon, Registered <br> Shares<br>| (211861)<br>| (898745)<br>| (25.0)<br>|
| Vontobel Holding AG, Registered Shares | (44746)<br>| (3233506)<br>| (89.9)<br>|
|  |  | (20667826)<br>|  |
| **United Kingdom** |  |  |  |
| Auction Technology Group PLC | (57051)<br>| (443266)<br>| (12.3)<br>|
| Baltic Classifieds Group PLC | (25959)<br>| (117742)<br>| (3.3)<br>|
| Coats Group PLC | (1309225)<br>| (1267887)<br>| (35.3)<br>|
| Crest Nicholson Holdings plc | (380077)<br>| (915435)<br>| (25.5)<br>|
| Fidelis Insurance Holdings Ltd. | (72408)<br>| (1183871)<br>| (32.9)<br>|
| Greatland Gold PLC | (33772154)<br>| (5986087)<br>| (166.5)<br>|
| Ibstock PLC | (247129)<br>| (592828)<br>| (16.5)<br>|
| Marex Group PLC | (48801)<br>| (2164324)<br>| (60.2)<br>|
| SigmaRoc PLC | (368168)<br>| (445910)<br>| (12.4)<br>|
| Travis Perkins PLC | (258014)<br>| (1925963)<br>| (53.6)<br>|
| Yellow Cake PLC | (449687)<br>| (2588935)<br>| (72.0)<br>|
|  |  | (17632248)<br>|  |
| **United States** |  |  |  |
| Adeia, Inc. | (46098)<br>| (567466)<br>| (15.8)<br>|
| Albany International Corp., Class A | (82508)<br>| (5425726)<br>| (150.9)<br>|

---

Schedule of Investments

------

Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **United States (continued)** |  |  |  |
| Apollo Commercial Real Estate Finance, Inc. | (121738)<br>| $(1140685)<br>| (31.7)% <br>|
| Arcosa, Inc. | (85907)<br>| (6878573)<br>| (191.3)<br>|
| Atlas Energy Solutions, Inc. | (276965)<br>| (3747336)<br>| (104.2)<br>|
| Avis Budget Group, Inc. | (12138)<br>| (1124343)<br>| (31.3)<br>|
| Bank of Hawaii Corp. | (16806)<br>| (1111045)<br>| (30.9)<br>|
| Blackbaud, Inc. | (31062)<br>| (1880493)<br>| (52.3)<br>|
| Bloomin' Brands, Inc. | (288293)<br>| (2312110)<br>| (64.3)<br>|
| Boston Omaha Corp., Class A | (20961)<br>| (325524)<br>| (9.1)<br>|
| BrightView Holdings, Inc. | (179044)<br>| (2456484)<br>| (68.3)<br>|
| Burford Capital Ltd. | (477651)<br>| (6486501)<br>| (180.4)<br>|
| Cable One, Inc. | (6529)<br>| (1745006)<br>| (48.5)<br>|
| Cadre Holdings, Inc. | (32165)<br>| (937610)<br>| (26.1)<br>|
| Calumet, Inc. | (85486)<br>| (906152)<br>| (25.2)<br>|
| CECO Environmental Corp. | (49545)<br>| (1178676)<br>| (32.8)<br>|
| Centuri Holdings, Inc. | (36089)<br>| (648158)<br>| (18.0)<br>|
| Cheesecake Factory, Inc. | (5252)<br>| (264543)<br>| (7.4)<br>|
| Clarivate PLC | (1197583)<br>| (5161583)<br>| (143.6)<br>|
| Concentrix Corp. | (112098)<br>| (5723724)<br>| (159.2)<br>|
| CorMedix, Inc. | (14991)<br>| (137767)<br>| (3.8)<br>|
| Cytek Biosciences, Inc. | (13924)<br>| (51658)<br>| (1.4)<br>|
| DENTSPLY SIRONA, Inc. | (731784)<br>| (10171798)<br>| (283.0)<br>|
| DiamondRock Hospitality Co. | (337023)<br>| (2473749)<br>| (68.8)<br>|
| Diebold Nixdorf, Inc. | (50463)<br>| (2237025)<br>| (62.2)<br>|
| Distribution Solutions Group, Inc. | (3135)<br>| (81635)<br>| (2.3)<br>|
| Eastern Bankshares, Inc. | (37543)<br>| (560142)<br>| (15.6)<br>|
| Embecta Corp. | (28857)<br>| (351767)<br>| (9.8)<br>|
| Empire State Realty Trust, Inc., Class A | (369560)<br>| (2631267)<br>| (73.2)<br>|
| Enovix Corp. | (12489)<br>| (83676)<br>| (2.3)<br>|
| Enterprise Financial Services Corp. | (10512)<br>| (546834)<br>| (15.2)<br>|
| F&G Annuities & Life, Inc. | (10924)<br>| (380264)<br>| (10.6)<br>|
| Federal Agricultural Mortgage Corp. | (22383)<br>| (3924411)<br>| (109.2)<br>|
| First Advantage Corp. | (161713)<br>| (2280153)<br>| (63.4)<br>|
| First Community Bankshares, Inc. | (4235)<br>| (159575)<br>| (4.4)<br>|
| First Merchants Corp. | (38772)<br>| (1381834)<br>| (38.4)<br>|
| Frontier Group Holdings, Inc. | (30541)<br>| (91012)<br>| (2.5)<br>|
| German American Bancorp, Inc. | (10314)<br>| (391004)<br>| (10.9)<br>|
| Greif, Inc., Class A | (79520)<br>| (4173210)<br>| (116.1)<br>|
| Guess?, Inc. | (102306)<br>| (1150942)<br>| (32.0)<br>|
| Harmonic, Inc. | (120597)<br>| (1082961)<br>| (30.1)<br>|
| Hawkins, Inc. | (5103)<br>| (621443)<br>| (17.3)<br>|
| Herbalife Ltd. | (188045)<br>| (1353924)<br>| (37.7)<br>|
| Hyster-Yale, Inc. | (38533)<br>| (1480823)<br>| (41.2)<br>|
| Ibotta, Inc., Class A | (2734)<br>| (133419)<br>| (3.7)<br>|
| Innodata, Inc. | (10527)<br>| (398131)<br>| (11.1)<br>|
| Integral Ad Science Holding Corp. | (242814)<br>| (1716695)<br>| (47.8)<br>|
| Invesco Mortgage Capital, Inc. | (110787)<br>| (812069)<br>| (22.6)<br>|
| Kennametal, Inc. | (544345)<br>| (10603841)<br>| (295.0)<br>|
| Legacy Housing Corp. | (26190)<br>| (637072)<br>| (17.7)<br>|
| Macy's, Inc. | (34535)<br>| (394390)<br>| (11.0)<br>|
| Madison Square Garden Sports Corp. | (68170)<br>| (13127497)<br>| (365.2)<br>|
| Marten Transport Ltd. | (77572)<br>| (996024)<br>| (27.7)<br>|
| MeridianLink, Inc. | (31626)<br>| (534796)<br>| (14.9)<br>|
| MGE Energy, Inc. | (7022)<br>| (634929)<br>| (17.7)<br>|
| MillerKnoll, Inc. | (90459)<br>| (1483528)<br>| (41.3)<br>|
| Mitek Systems, Inc. | (166831)<br>| (1381361)<br>| (38.4)<br>|
| MP Materials Corp. | (16426)<br>| (401780)<br>| (11.2)<br>|
| MSA Safety, Inc. | (88457)<br>| (13924901)<br>| (387.4)<br>|
| National Health Investors, Inc. | (29798)<br>| (2254815)<br>| (62.7)<br>|
| Neogen Corp. | (150991)<br>| (762505)<br>| (21.2)<br>|
| Novanta, Inc. | (37556)<br>| (4463906)<br>| (124.2)<br>|
| Nu Skin Enterprises, Inc., Class A | (24418)<br>| (154566)<br>| (4.3)<br>|

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **United States (continued)** |  |  |  |
| O-I Glass, Inc. | (959942)<br>| $(12152866)<br>| (338.1)% <br>|
| Ormat Technologies, Inc. | (46939)<br>| (3407771)<br>| (94.8)<br>|
| Otter Tail Corp. | (28453)<br>| (2258599)<br>| (62.8)<br>|
| Paysafe Ltd. | (162238)<br>| (2470885)<br>| (68.7)<br>|
| PennyMac Mortgage Investment Trust | (65919)<br>| (846400)<br>| (23.5)<br>|
| Photronics, Inc. | (67971)<br>| (1241830)<br>| (34.5)<br>|
| Portillo's, Inc., Class A | (44603)<br>| (461195)<br>| (12.8)<br>|
| PriceSmart, Inc. | (34587)<br>| (3510235)<br>| (97.7)<br>|
| Provident Financial Services, Inc. | (77908)<br>| (1275354)<br>| (35.5)<br>|
| Ranpak Holdings Corp. | (169970)<br>| (698577)<br>| (19.4)<br>|
| Ready Capital Corp. | (129178)<br>| (574842)<br>| (16.0)<br>|
| Reliance Worldwide Corp. Ltd. | (853014)<br>| (2293137)<br>| (63.8)<br>|
| Sable Offshore Corp. | (125356)<br>| (2339143)<br>| (65.1)<br>|
| Sezzle, Inc. | (54252)<br>| (2818391)<br>| (78.4)<br>|
| Simply Good Foods Co. | (414661)<br>| (14973409)<br>| (416.5)<br>|
| Six Flags Entertainment Corp. | (10690)<br>| (367843)<br>| (10.2)<br>|
| SoundHound AI, Inc., Class A | (35774)<br>| (332340)<br>| (9.2)<br>|
| Sprinklr, Inc., Class A | (1005714)<br>| (7733941)<br>| (215.1)<br>|
| Sprout Social, Inc., Class A | (53754)<br>| (1123996)<br>| (31.3)<br>|
| Tarsus Pharmaceuticals, Inc. | (6498)<br>| (337311)<br>| (9.4)<br>|
| Thermon Group Holdings, Inc. | (60367)<br>| (1583426)<br>| (44.1)<br>|
| Tidewater, Inc. | (10524)<br>| (380864)<br>| (10.6)<br>|
| Tootsie Roll Industries, Inc. | (29305)<br>| (937760)<br>| (26.1)<br>|
| Towne Bank | (24530)<br>| (808264)<br>| (22.5)<br>|
| Transcat, Inc. | (42454)<br>| (3367876)<br>| (93.7)<br>|
| Triumph Financial, Inc. | (12516)<br>| (668605)<br>| (18.6)<br>|
| Trupanion, Inc. | (48957)<br>| (1791826)<br>| (49.8)<br>|
| United States Cellular Corp. | (57054)<br>| (3917328)<br>| (109.0)<br>|
| Uranium Energy Corp. | (751461)<br>| (3945170)<br>| (109.7)<br>|
| Vita Coco Co., Inc. | (28926)<br>| (956004)<br>| (26.6)<br>|
| Western Union Co. | (11069)<br>| (109694)<br>| (3.1)<br>|
| Westrock Coffee Co. | (143788)<br>| (833970)<br>| (23.2)<br>|
| White Mountains Insurance Group Ltd. | (363)<br>| (641584)<br>| (17.9)<br>|
| WSFS Financial Corp. | (21015)<br>| (1083323)<br>| (30.1)<br>|
| XPEL, Inc. | (4841)<br>| (138646)<br>| (3.9)<br>|
| Xponential Fitness, Inc., Class A | (222348)<br>| (1861053)<br>| (51.8)<br>|
|  |  | (226880295)<br>|  |
| **Total Reference Entity — Short** |  | (383740703)<br>|  |
| **Net Value of Reference Entity — BNP Paribas SA** | **Net Value of Reference Entity — BNP Paribas SA** | $3594847 |  |

---

The following table represents the individual long and short positions and related values of the equity securities underlying the total return swap with BNP Paribas SA as of period end, termination dates 08/17/26 – 04/15/27:

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of* <br>*Basket* <br>*Value*<br>|
| **Reference Entity — Long** |  |  |  |
| **Common Stocks**  |  |  |  |
| **Australia** |  |  |  |
| AGL Energy Ltd. | 391083 | $2665233 | (85.4)% <br>|
| Computershare Ltd. | 121261 | 3168720 | (101.6)<br>|
| Glencore PLC | 2035808 | 6674874 | (214.0)<br>|
| JB Hi-Fi Ltd. | 57839 | 3832859 | (122.9)<br>|
| Mineral Resources Ltd. | 29829 | 392281 | (12.6)<br>|
| Qantas Airways Ltd. | 443551 | 2507802 | (80.4)<br>|

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **Australia (continued)** |  |  |  |
| Santos Ltd. | 575169 | $2211158 | (70.9)% <br>|
| South32 Ltd. | 213582 | 368065 | (11.8)<br>|
|  |  | 21820992 |  |
| **Canada** |  |  |  |
| First Majestic Silver Corp. | 57095 | 356585 | (11.4)<br>|
| FirstService Corp. | 3671 | 644302 | (20.7)<br>|
| Keyera Corp. | 12747 | 395651 | (12.7)<br>|
| MEG Energy Corp. | 62591 | 878072 | (28.1)<br>|
| Stantec, Inc. | 3296 | 289291 | (9.3)<br>|
|  |  | 2563901 |  |
| **Chile** |  |  |  |
| Lundin Mining Corp. | 26032 | 212999 | (6.8)<br>|
| **Denmark** |  |  |  |
| AP Moller - Maersk A/S, Class B | 1281 | 2205734 | (70.7)<br>|
| **Finland** |  |  |  |
| Wartsila OYJ Abp | 404436 | 7472493 | (239.6)<br>|
| **Germany** |  |  |  |
| Henkel AG & Co KGaA | 29930 | 2112463 | (67.7)<br>|
| HUGO BOSS AG | 6503 | 271236 | (8.7)<br>|
| Solarworld AG | 7 | 1 | (0.0)<br>|
|  |  | 2383700 |  |
| **Ireland** |  |  |  |
| Bank of Ireland Group PLC | 196119 | 2302723 | (73.8)<br>|
| **Israel** |  |  |  |
| Bank Hapoalim BM | 8777 | 128746 | (4.2)<br>|
| Israel Discount Bank Ltd., Class A | 200523 | 1497803 | (48.0)<br>|
|  |  | 1626549 |  |
| **Italy** |  |  |  |
| A2A SpA | 1472369 | 3744631 | (120.1)<br>|
| Banca Monte dei Paschi di Siena SpA | 243874 | 2062388 | (66.1)<br>|
| Mediobanca Banca di Credito Finanziario SpA | 138297 | 2828730 | (90.7)<br>|
|  |  | 8635749 |  |
| **Japan** |  |  |  |
| Amada Co., Inc. | 305100 | 3054975 | (97.9)<br>|
| Asahi Kasei Corp. | 335800 | 2340103 | (75.0)<br>|
| Astellas Pharma, Inc. | 357500 | 3580057 | (114.8)<br>|
| CyberAgent, Inc. | 203900 | 1745389 | (56.0)<br>|
| Daikin Industries Ltd. | 18000 | 2050618 | (65.7)<br>|
| Daito Trust Construction Co., Inc. | 93300 | 10387744 | (333.0)<br>|
| Daiwa Securities Group, Inc. | 614800 | 4042878 | (129.6)<br>|
| DMG Mori Co., Inc. | 11800 | 205104 | (6.6)<br>|
| Hulic Co., Inc. | 123400 | 1290382 | (41.4)<br>|
| Isetan Mitsukoshi Holdings Ltd. | 107200 | 1377999 | (44.2)<br>|
| J Front Retailing Co., Inc. | 471300 | 5768781 | (184.9)<br>|
| Kakaku.com, Inc. | 128500 | 2272634 | (72.9)<br>|
| KDDI Corp. | 41800 | 740847 | (23.8)<br>|
| Koito Manufacturing Co., Inc. | 92000 | 1114354 | (35.7)<br>|
| Kyowa Kirin Co., Inc. | 5800 | 90565 | (2.9)<br>|
| Lion Corp. | 159000 | 1948857 | (62.5)<br>|
| Mazda Motor Corp. | 505600 | 3022886 | (96.9)<br>|
| Mitsubishi Chemical Group Corp. | 173700 | 844452 | (27.1)<br>|
| Nichirei Corp. | 60000 | 823046 | (26.4)<br>|
| Nikon Corp. | 59000 | 567311 | (18.2)<br>|
| Obayashi Corp. | 183400 | 2845483 | (91.2)<br>|
| Ono Pharmaceutical Co., Inc. | 217900 | 2508231 | (80.4)<br>|
| Otsuka Corp. | 183300 | 4065421 | (130.3)<br>|

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **Japan (continued)** |  |  |  |
| Panasonic Holdings Corp. | 132700 | $1521533 | (48.8)% <br>|
| Rakuten Group, Inc. | 1426500 | 8411112 | (269.7)<br>|
| Rohto Pharmaceutical Co., Inc. | 40400 | 675779 | (21.7)<br>|
| Sega Sammy Holdings, Inc. | 51500 | 1080907 | (34.7)<br>|
| Shimizu Corp. | 412000 | 4401432 | (141.1)<br>|
| SoftBank Corp. | 4702100 | 7115429 | (228.1)<br>|
| Sojitz Corp. | 105100 | 2486438 | (79.7)<br>|
| Sony Group Corp. | 77800 | 2052581 | (65.8)<br>|
| Sumitomo Corp. | 3300 | 80574 | (2.6)<br>|
| Sumitomo Mitsui Financial Group, Inc. | 243500 | 5809232 | (186.2)<br>|
| Suntory Beverage & Food Ltd. | 8700 | 303985 | (9.7)<br>|
| Terumo Corp. | 72100 | 1380046 | (44.2)<br>|
| Tokyo Tatemono Co., Inc. | 67000 | 1201197 | (38.5)<br>|
| Tosoh Corp. | 48700 | 686510 | (22.0)<br>|
| Toyota Tsusho Corp. | 54700 | 1087038 | (34.9)<br>|
| Unicharm Corp. | 241900 | 2246075 | (72.0)<br>|
|  |  | 97227985 |  |
| **Netherlands** |  |  |  |
| EXOR NV | 22192 | 2095251 | (67.2)<br>|
| Koninklijke Ahold Delhaize NV | 41754 | 1714380 | (54.9)<br>|
|  |  | 3809631 |  |
| **New Zealand** |  |  |  |
| Xero Ltd. | 32173 | 3388237 | (108.6)<br>|
| **Norway** |  |  |  |
| Telenor ASA | 188850 | 2836524 | (90.9)<br>|
| **Singapore** |  |  |  |
| United Overseas Bank Ltd. | 3400 | 90300 | (2.9)<br>|
| **Spain** |  |  |  |
| Bankinter SA | 217934 | 2538699 | (81.4)<br>|
| Enagas SA | 161249 | 2514170 | (80.6)<br>|
|  |  | 5052869 |  |
| **Sweden** |  |  |  |
| AddTech AB | 287379 | 9668130 | (309.9)<br>|
| Industrivarden AB | 1295 | 45476 | (1.5)<br>|
| Investment AB Latour | 9355 | 252460 | (8.1)<br>|
| Swedbank AB | 243510 | 6078946 | (194.9)<br>|
| Swedish Orphan Biovitrum AB | 79133 | 2406807 | (77.2)<br>|
|  |  | 18451819 |  |
| **Switzerland** |  |  |  |
| ABB Ltd., Registered Shares | 37919 | 2002531 | (64.2)<br>|
| Chocoladefabriken Lindt & Spruengli AG | 167 | 2433857 | (78.0)<br>|
| Geberit AG, Registered Shares | 1061 | 734976 | (23.6)<br>|
| SGS SA, Registered Shares | 121314 | 11847668 | (379.8)<br>|
|  |  | 17019032 |  |
| **United Kingdom** |  |  |  |
| AstraZeneca PLC | 14432 | 2067626 | (66.3)<br>|
| Berkeley Group Holdings PLC | 46118 | 2570769 | (82.4)<br>|
| Hammerson PLC | 2 | 7 | (0.0)<br>|
| IMI PLC | 35207 | 835561 | (26.8)<br>|
| International Consolidated Airlines Group SA | 1065970 | 3703677 | (118.7)<br>|
| J Sainsbury PLC | 142804 | 507542 | (16.3)<br>|
| Sage Group PLC | 485913 | 8055777 | (258.3)<br>|
| Smiths Group PLC | 241495 | 6017957 | (192.9)<br>|
| Tesco PLC | 1108474 | 5485839 | (175.9)<br>|
|  |  | 29244755 |  |

---

Schedule of Investments

------

Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **United States** |  |  |  |
| Experian PLC | 17750 | $883081 | (28.3)% <br>|
| James Hardie Industries PLC, CDI | 184645 | 4334023 | (138.9)<br>|
| Roche Holding AG | 2784 | 968489 | (31.1)<br>|
|  |  | 6185593 |  |
| **Preferred Stocks**  |  |  |  |
| **Germany** |  |  |  |
| Porsche Automobil Holding SE | 28856 | 1189757 | (38.1)<br>|
| **Total Reference Entity — Long** |  | 233721342 |  |
| **Reference Entity — Short** |  |  |  |
| **Common Stocks**  |  |  |  |
| **Australia** |  |  |  |
| APA Group | (1245840)<br>| (6555577)<br>| 210.2 |
| BlueScope Steel Ltd. | (263004)<br>| (4028290)<br>| 129.2 |
| CAR Group Ltd. | (22716)<br>| (484857)<br>| 15.5 |
| Coles Group Ltd. | (70813)<br>| (961627)<br>| 30.8 |
| Endeavour Group Ltd. | (249848)<br>| (639088)<br>| 20.5 |
| Fortescue Ltd. | (300469)<br>| (3103150)<br>| 99.5 |
| GPT Group | (105967)<br>| (314124)<br>| 10.1 |
| Lynas Rare Earths Ltd. | (30572)<br>| (167130)<br>| 5.4 |
| National Australia Bank Ltd. | (4916)<br>| (113514)<br>| 3.6 |
| Northern Star Resources Ltd. | (135667)<br>| (1666489)<br>| 53.4 |
| Reece Ltd. | (44345)<br>| (447187)<br>| 14.3 |
| Scentre Group | (673246)<br>| (1559738)<br>| 50.0 |
| Sigma Healthcare Ltd. | (134783)<br>| (260087)<br>| 8.3 |
| Stockland | (1859522)<br>| (6534798)<br>| 209.5 |
| Vicinity Ltd. | (4383303)<br>| (6629099)<br>| 212.5 |
| Westpac Banking Corp. | (25355)<br>| (532079)<br>| 17.1 |
| Woodside Energy Group Ltd. | (283583)<br>| (3696542)<br>| 118.5 |
|  |  | (37693376)<br>|  |
| **Belgium** |  |  |  |
| Elia Group SA/NV | (15607)<br>| (1692104)<br>| 54.3 |
| **Canada** |  |  |  |
| Quebecor, Inc., Class B | (70352)<br>| (1930011)<br>| 61.9 |
| **China** |  |  |  |
| Wilmar International Ltd. | (127600)<br>| (299283)<br>| 9.6 |
| **Denmark** |  |  |  |
| Coloplast A/S, Class B | (43008)<br>| (4866917)<br>| 156.0 |
| DSV A/S | (28060)<br>| (5947589)<br>| 190.7 |
| Orsted AS | (81768)<br>| (3253791)<br>| 104.3 |
|  |  | (14068297)<br>|  |
| **Finland** |  |  |  |
| Neste OYJ | (25756)<br>| (267175)<br>| 8.6 |
| **Germany** |  |  |  |
| Deutsche Boerse AG | (14603)<br>| (4703537)<br>| 150.8 |
| Deutsche Lufthansa AG, Registered Shares | (162469)<br>| (1167444)<br>| 37.4 |
| Deutsche Post AG | (60716)<br>| (2594273)<br>| 83.2 |
| Hannover Rueck SE | (11921)<br>| (3826636)<br>| 122.7 |
| Heidelberg Materials AG | (18595)<br>| (3717391)<br>| 119.2 |
| K&S AG, Registered Shares | (6398)<br>| (111593)<br>| 3.6 |
| thyssenkrupp AG | (107307)<br>| (1230625)<br>| 39.4 |
| Wacker Chemie AG | (1790)<br>| (135316)<br>| 4.3 |
|  |  | (17486815)<br>|  |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **Hong Kong** |  |  |  |
| CK Asset Holdings Ltd. | (48500)<br>| $(198140)<br>| 6.4<br> % <br>|
| Hong Kong Exchanges & Clearing Ltd. | (45200)<br>| (1974774)<br>| 63.3 |
| Power Assets Holdings Ltd. | (493500)<br>| (3263612)<br>| 104.6 |
|  |  | (5436526)<br>|  |
| **Italy** |  |  |  |
| Eni SpA | (239092)<br>| (3424165)<br>| 109.8 |
| Iveco Group NV | (116298)<br>| (1857987)<br>| 59.6 |
| Nexi SpA | (436436)<br>| (2549249)<br>| 81.7 |
|  |  | (7831401)<br>|  |
| **Japan** |  |  |  |
| Hikari Tsushin, Inc. | (10000)<br>| (2773775)<br>| 88.9 |
| Honda Motor Co., Inc. | (2847000)<br>| (28967484)<br>| 928.7 |
| Hoya Corp. | (7300)<br>| (858962)<br>| 27.5 |
| Japan Post Bank Co., Inc. | (13800)<br>| (141891)<br>| 4.5 |
| Konami Group Corp. | (25800)<br>| (3684651)<br>| 118.1 |
| Makita Corp. | (53600)<br>| (1567481)<br>| 50.3 |
| Mebuki Financial Group, Inc. | (48600)<br>| (237466)<br>| 7.6 |
| Mizuho Financial Group, Inc. | (26400)<br>| (660069)<br>| 21.2 |
| Nippon Building Fund, Inc. | (7123)<br>| (6611635)<br>| 212.0 |
| Nippon Sanso Holdings Corp. | (10600)<br>| (339234)<br>| 10.9 |
| Nissan Motor Co., Inc. | (33900)<br>| (80703)<br>| 2.6 |
| NTT Data Group Corp. | (122400)<br>| (2430911)<br>| 77.9 |
| Ricoh Co., Inc. | (466100)<br>| (4902492)<br>| 157.2 |
| Sompo Holdings, Inc. | (105600)<br>| (3460628)<br>| 110.9 |
| TOPPAN Holdings, Inc. | (134200)<br>| (3767335)<br>| 120.8 |
|  |  | (60484717)<br>|  |
| **Netherlands** |  |  |  |
| Adyen NV | (282)<br>| (456336)<br>| 14.6 |
| IMCD NV | (38053)<br>| (5060313)<br>| 162.3 |
| JDE Peet's NV | (43719)<br>| (1058389)<br>| 33.9 |
| Koninklijke KPN NV | (238814)<br>| (1110928)<br>| 35.6 |
|  |  | (7685966)<br>|  |
| **New Zealand** |  |  |  |
| Auckland International Airport Ltd. | (176694)<br>| (789271)<br>| 25.3 |
| Infratil Ltd. | (702644)<br>| (4403980)<br>| 141.2 |
|  |  | (5193251)<br>|  |
| **Singapore** |  |  |  |
| CapitaLand Ascendas REIT | (899100)<br>| (1832058)<br>| 58.7 |
| Oversea-Chinese Banking Corp. Ltd. | (358500)<br>| (4436711)<br>| 142.3 |
|  |  | (6268769)<br>|  |
| **Spain** |  |  |  |
| Repsol SA | (96366)<br>| (1177946)<br>| 37.8 |
| **Sweden** |  |  |  |
| Epiroc AB, Class A | (328591)<br>| (7108971)<br>| 227.9 |
| Epiroc AB, Class B | (146846)<br>| (2879879)<br>| 92.3 |
| EQT AB | (133284)<br>| (3851577)<br>| 123.5 |
| H & M Hennes & Mauritz AB | (12815)<br>| (185697)<br>| 6.0 |
| L E Lundbergforetagen AB | (11026)<br>| (581776)<br>| 18.6 |
| Lifco AB | (33033)<br>| (1278864)<br>| 41.0 |
| Skandinaviska Enskilda Banken AB, Class A | (80803)<br>| (1282155)<br>| 41.1 |
| SSAB AB, Class B | (1235370)<br>| (7678926)<br>| 246.2 |
|  |  | (24847845)<br>|  |
| **Switzerland** |  |  |  |
| SIG Group AG | (67939)<br>| (1310540)<br>| 42.0 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **Switzerland (continued)** |  |  |  |
| Swiss Life Holding AG, Registered Shares | (1866)<br>| $(1863126)<br>| 59.7<br> % <br>|
| VAT Group AG | (14901)<br>| (5379113)<br>| 172.5 |
|  |  | (8552779)<br>|  |
| **United Kingdom** |  |  |  |
| British American Tobacco PLC | (38429)<br>| (1673904)<br>| 53.7 |
| Hiscox Ltd. | (110977)<br>| (1633322)<br>| 52.4 |
| JD Sports Fashion PLC | (177045)<br>| (186394)<br>| 6.0 |
| Just Eat Takeaway.com NV | (76722)<br>| (1679069)<br>| 53.8 |
| Rentokil Initial PLC | (2713087)<br>| (12429444)<br>| 398.5 |
| Severn Trent PLC | (86055)<br>| (3201010)<br>| 102.6 |
| Spirax Group PLC | (4526)<br>| (356721)<br>| 11.4 |
| Wise PLC, Class A | (170645)<br>| (2238248)<br>| 71.7 |
|  |  | (23398112)<br>|  |
| **United States** |  |  |  |
| Tenaris SA | (67395)<br>| (1123807)<br>| 36.0 |
| **Preferred Stocks**  |  |  |  |
| **Germany** |  |  |  |
| Bayerische Motoren Werke AG | (63526)<br>| (5126341)<br>| 164.3 |
| Dr Ing hc F Porsche AG | (124842)<br>| (6276012)<br>| 201.2 |
| **Total Reference Entity — Short** |  | (236840533)<br>|  |
| **Net Value of Reference Entity — BNP Paribas SA** | **Net Value of Reference Entity — BNP Paribas SA** | $(3119191)<br>|  |

---

The following table represents the individual long and short positions and related values of the equity securities underlying the total return swap with Goldman Sachs Bank USA as of period end, termination dates 08/18/26 – 08/19/26:

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of* <br>*Basket* <br>*Value*<br>|
| **Reference Entity — Long** |  |  |  |
| **Common Stocks**  |  |  |  |
| **Australia** |  |  |  |
| AGL Energy Ltd. | 134737 | $918233 | 4.9<br> % <br>|
| Aristocrat Leisure Ltd. | 22201 | 948184 | 5.0 |
| Qantas Airways Ltd. | 277260 | 1567606 | 8.3 |
|  |  | 3434023 |  |
| **Canada** |  |  |  |
| Algonquin Power & Utilities Corp. | 10930 | 58908 | 0.3 |
| Canadian Natural Resources Ltd. | 369887 | 10614195 | 56.3 |
| Finning International, Inc. | 53141 | 1499867 | 7.9 |
| FirstService Corp. | 8917 | 1565035 | 8.3 |
| Keyera Corp. | 127055 | 3943626 | 20.9 |
| Stantec, Inc. | 10779 | 946075 | 5.0 |
|  |  | 18627706 |  |
| **Finland** |  |  |  |
| Wartsila OYJ Abp | 213340 | 3941740 | 20.9 |
| **France** |  |  |  |
| AXA SA | 67224 | 3179419 | 16.9 |
| Gaztransport Et Technigaz SA | 7803 | 1271911 | 6.7 |
|  |  | 4451330 |  |
| **Germany** |  |  |  |
| Deutsche Telekom AG, Registered Shares | 1258780 | 45212273 | 239.6 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **Germany (continued)** |  |  |  |
| Douglas AG | 74652 | $889556 | 4.7<br> % <br>|
| Evonik Industries AG | 52763 | 1185735 | 6.3 |
| Siemens Healthineers AG | 54418 | 2933530 | 15.6 |
|  |  | 50221094 |  |
| **Israel** |  |  |  |
| Nova Ltd. | 5483 | 1075819 | 5.7 |
| Wix.com Ltd. | 9501 | 1611275 | 8.5 |
|  |  | 2687094 |  |
| **Italy** |  |  |  |
| A2A SpA | 316094 | 803912 | 4.2 |
| Banca Monte dei Paschi di Siena SpA | 871625 | 7371138 | 39.1 |
|  |  | 8175050 |  |
| **Japan** |  |  |  |
| Amada Co., Inc. | 129500 | 1296687 | 6.9 |
| Astellas Pharma, Inc. | 346500 | 3469901 | 18.4 |
| Horiba Ltd. | 62000 | 4237814 | 22.4 |
| J Front Retailing Co., Inc. | 34100 | 417389 | 2.2 |
| Kakaku.com, Inc. | 5300 | 93735 | 0.5 |
| Lixil Corp. | 235000 | 2769148 | 14.7 |
| LY Corp. | 105100 | 397490 | 2.1 |
| Mitsubishi Chemical Group Corp. | 611400 | 2972355 | 15.7 |
| Murata Manufacturing Co., Inc. | 602300 | 8580702 | 45.5 |
| NIPPON EXPRESS HOLDINGS, Inc. | 81200 | 1450058 | 7.7 |
| Nomura Holdings, Inc. | 523500 | 2917759 | 15.5 |
| Obayashi Corp. | 103100 | 1599615 | 8.5 |
| Rakuten Group, Inc. | 1258200 | 7418760 | 39.3 |
| Shimizu Corp. | 48300 | 515993 | 2.7 |
| Sumitomo Mitsui Financial Group, Inc. | 21600 | 515316 | 2.7 |
| Sumitomo Mitsui Trust Group, Inc. | 411000 | 10167618 | 53.9 |
| Tokyo Tatemono Co., Inc. | 35400 | 634663 | 3.4 |
| Tosoh Corp. | 294500 | 4151483 | 22.0 |
|  |  | 53606486 |  |
| **New Zealand** |  |  |  |
| Xero Ltd. | 20691 | 2179033 | 11.6 |
| **Puerto Rico** |  |  |  |
| Liberty Latin America Ltd., Class A | 2 | 11 | 0.0 |
| **Singapore** |  |  |  |
| Sea Ltd., ADR | 50586 | 6781053 | 36.0 |
| **Sweden** |  |  |  |
| Apotea Sverige AB | 9162 | 78445 | 0.4 |
| **United Arab Emirates** |  |  |  |
| Talabat Holding PLC | 22194063 | 8551142 | 45.3 |
| **United Kingdom** |  |  |  |
| Halma PLC | 30953 | 1142526 | 6.0 |
| Hammerson PLC | 1 | 3 | 0.0 |
| MONY Group PLC | 1 | 3 | 0.0 |
| Smiths Group PLC | 114165 | 2844945 | 15.1 |
| Taylor Wimpey PLC | 2905083 | 4564779 | 24.2 |
| Tesco PLC | 285306 | 1411980 | 7.5 |
|  |  | 9964236 |  |
| **United States** |  |  |  |
| AECOM | 61253 | 6042608 | 32.0 |
| Alkermes PLC | 28510 | 820233 | 4.3 |

---

Schedule of Investments

------

Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **United States (continued)** |  |  |  |
| AMETEK, Inc. | 18200 | $3086356 | 16.4<br> % <br>|
| AutoNation, Inc. | 1916 | 333671 | 1.8 |
| Bath & Body Works, Inc. | 2956 | 90188 | 0.5 |
| Citizens Financial Group, Inc. | 167992 | 6197225 | 32.8 |
| Crimson Wine Group Ltd. | 1 | 5 | 0.0 |
| Dover Corp. | 51546 | 8796325 | 46.6 |
| Evercore, Inc., Class A | 25644 | 5264457 | 27.9 |
| Flowserve Corp. | 71872 | 3250771 | 17.2 |
| Gap, Inc. | 37795 | 827711 | 4.4 |
| Gilead Sciences, Inc. | 12237 | 1303730 | 6.9 |
| Invesco Ltd. | 186635 | 2599826 | 13.8 |
| Lamar Advertising Co., Class A | 10878 | 1238025 | 6.6 |
| NVR, Inc. | 253 | 1802815 | 9.5 |
| Pentair PLC | 86676 | 7864113 | 41.7 |
| Qualys, Inc. | 2058 | 258711 | 1.4 |
| Regions Financial Corp. | 209667 | 4279303 | 22.7 |
| ResMed, Inc. | 33569 | 7942090 | 42.1 |
| Sarepta Therapeutics, Inc. | 15383 | 959899 | 5.1 |
| ServiceNow, Inc. | 5509 | 5261150 | 27.9 |
| Simon Property Group, Inc. | 137725 | 21675161 | 114.9 |
| SS&C Technologies Holdings, Inc. | 5525 | 417690 | 2.2 |
| United Therapeutics Corp. | 288 | 87290 | 0.5 |
| Zoetis, Inc. | 1076 | 168286 | 0.9 |
|  |  | 90567639 |  |
| **Total Reference Entity — Long** |  | 263266082 |  |
| **Reference Entity — Short** |  |  |  |
| **Common Stocks**  |  |  |  |
| **Bermuda** |  |  |  |
| RenaissanceRe Holdings Ltd. | (15221)<br>| (3682416)<br>| (19.5)<br>|
| **Canada** |  |  |  |
| AltaGas Ltd. | (92907)<br>| (2749605)<br>| (14.6)<br>|
| ATS Corp. | (14585)<br>| (367534)<br>| (1.9)<br>|
| CAE, Inc. | (272794)<br>| (6824797)<br>| (36.2)<br>|
| Canadian Pacific Kansas City Ltd. | (43958)<br>| (3192742)<br>| (16.9)<br>|
| Descartes Systems Group, Inc. | (3493)<br>| (367847)<br>| (2.0)<br>|
| Element Fleet Management Corp. | (48965)<br>| (1072286)<br>| (5.7)<br>|
| Nexgen Energy Ltd. | (408407)<br>| (2138908)<br>| (11.3)<br>|
| Onex Corp. | (57444)<br>| (4067249)<br>| (21.6)<br>|
| Open Text Corp. | (11208)<br>| (303411)<br>| (1.6)<br>|
| Quebecor, Inc., Class B | (54366)<br>| (1491457)<br>| (7.9)<br>|
| RB Global, Inc. | (140437)<br>| (14152700)<br>| (75.0)<br>|
|  |  | (36728536)<br>|  |
| **China** |  |  |  |
| Wharf Holdings Ltd.. | (14000)<br>| (35167)<br>| (0.2)<br>|
| **Denmark** |  |  |  |
| Danske Bank A/S | (82708)<br>| (2902021)<br>| (15.4)<br>|
| **Finland** |  |  |  |
| Neste OYJ | (7425)<br>| (77022)<br>| (0.4)<br>|
| **France** |  |  |  |
| Airbus SE | (101729)<br>| (17262445)<br>| (91.5)<br>|
| Cie de Saint-Gobain SA | (91514)<br>| (9949218)<br>| (52.7)<br>|
| EssilorLuxottica SA | (17120)<br>| (4933179)<br>| (26.2)<br>|
| Eurazeo SE | (10575)<br>| (773240)<br>| (4.1)<br>|

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **France (continued)** |  |  |  |
| Renault SA | (13706)<br>| $(727942)<br>| (3.9)% <br>|
| Sartorius Stedim Biotech | (7701)<br>| (1817366)<br>| (9.6)<br>|
|  |  | (35463390)<br>|  |
| **Germany** |  |  |  |
| Nemetschek SE | (14312)<br>| (1901847)<br>| (10.1)<br>|
| **Italy** |  |  |  |
| Nexi SpA | (534500)<br>| (3122046)<br>| (16.5)<br>|
| **Japan** |  |  |  |
| Kikkoman Corp. | (8500)<br>| (83208)<br>| (0.4)<br>|
| Maruwa Co. Ltd. | (2000)<br>| (411253)<br>| (2.2)<br>|
| Nippon Sanso Holdings Corp. | (10100)<br>| (323233)<br>| (1.7)<br>|
| SG Holdings Co., Inc. | (41600)<br>| (438033)<br>| (2.3)<br>|
| Zensho Holdings Co., Inc. | (2700)<br>| (166842)<br>| (0.9)<br>|
|  |  | (1422569)<br>|  |
| **Luxembourg** |  |  |  |
| CVC Capital Partners PLC | (26369)<br>| (470499)<br>| (2.5)<br>|
| **Netherlands** |  |  |  |
| ABN AMRO Bank NV | (23348)<br>| (483837)<br>| (2.5)<br>|
| IMCD NV | (20975)<br>| (2789269)<br>| (14.8)<br>|
| JDE Peet's NV | (59858)<br>| (1449097)<br>| (7.7)<br>|
|  |  | (4722203)<br>|  |
| **New Zealand** |  |  |  |
| Infratil Ltd. | (66362)<br>| (415939)<br>| (2.2)<br>|
| **Portugal** |  |  |  |
| Jeronimo Martins SGPS SA | (70387)<br>| (1703532)<br>| (9.0)<br>|
| **Singapore** |  |  |  |
| Capitaland Investment Ltd. | (487800)<br>| (1028083)<br>| (5.5)<br>|
| Oversea-Chinese Banking Corp. Ltd. | (470000)<br>| (5816609)<br>| (30.8)<br>|
|  |  | (6844692)<br>|  |
| **Spain** |  |  |  |
| Cellnex Telecom SA | (99441)<br>| (4024312)<br>| (21.3)<br>|
| **Sweden** |  |  |  |
| Investor AB | (12029)<br>| (356401)<br>| (1.9)<br>|
| **Switzerland** |  |  |  |
| Banque Cantonale Vaudoise, Registered <br> Shares<br>| (18115)<br>| (2229551)<br>| (11.8)<br>|
| Georg Fischer AG, Registered Shares | (5121)<br>| (370273)<br>| (2.0)<br>|
| Swiss Life Holding AG, Registered Shares | (6420)<br>| (6410112)<br>| (34.0)<br>|
|  |  | (9009936)<br>|  |
| **United Kingdom** |  |  |  |
| JD Sports Fashion PLC | (685258)<br>| (721444)<br>| (3.8)<br>|
| Rentokil Initial PLC | (1371880)<br>| (6284983)<br>| (33.3)<br>|
| Unilever PLC | (91100)<br>| (5800326)<br>| (30.8)<br>|
|  |  | (12806753)<br>|  |
| **United States** |  |  |  |
| AeroVironment, Inc. | (44417)<br>| (6730064)<br>| (35.7)<br>|
| Air Lease Corp. | (47630)<br>| (2227179)<br>| (11.8)<br>|
| Alliant Energy Corp. | (81047)<br>| (4947109)<br>| (26.2)<br>|
| Ameren Corp. | (25221)<br>| (2502932)<br>| (13.3)<br>|
| Antero Midstream Corp. | (83440)<br>| (1380932)<br>| (7.3)<br>|
| AptarGroup, Inc. | (37200)<br>| (5578140)<br>| (29.6)<br>|
| Arthur J Gallagher & Co. | (1639)<br>| (525611)<br>| (2.8)<br>|
| ATI, Inc. | (62950)<br>| (3423221)<br>| (18.1)<br>|

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **United States (continued)** |  |  |  |
| Bill Holdings, Inc. | (56108)<br>| $(2556842)<br>| (13.6)% <br>|
| Coty, Inc., Class A | (337663)<br>| (1705198)<br>| (9.0)<br>|
| First Citizens BancShares, Inc., Class A | (1948)<br>| (3465765)<br>| (18.4)<br>|
| Hims & Hers Health, Inc. | (37799)<br>| (1251147)<br>| (6.6)<br>|
| Kenvue, Inc. | (13884)<br>| (327662)<br>| (1.7)<br>|
| Kilroy Realty Corp. | (33651)<br>| (1060343)<br>| (5.6)<br>|
| Lantheus Holdings, Inc. | (35954)<br>| (3751440)<br>| (19.9)<br>|
| Lumentum Holdings, Inc. | (52081)<br>| (3074862)<br>| (16.3)<br>|
| Madrigal Pharmaceuticals, Inc. | (4440)<br>| (1482560)<br>| (7.9)<br>|
| McKesson Corp. | (14395)<br>| (10260612)<br>| (54.4)<br>|
| Mueller Industries, Inc. | (4159)<br>| (305936)<br>| (1.6)<br>|
| Penumbra, Inc. | (4973)<br>| (1456293)<br>| (7.7)<br>|
| Pinnacle Financial Partners, Inc. | (17062)<br>| (1710295)<br>| (9.1)<br>|
| Range Resources Corp. | (165389)<br>| (5611649)<br>| (29.7)<br>|
| RBC Bearings, Inc. | (23190)<br>| (7619538)<br>| (40.4)<br>|
| SouthState Corp. | (6576)<br>| (570665)<br>| (3.0)<br>|
| Starbucks Corp. | (299660)<br>| (23987783)<br>| (127.2)<br>|
| Super Micro Computer, Inc. | (23937)<br>| (762633)<br>| (4.0)<br>|
| Vertex, Inc., Class A | (8884)<br>| (355627)<br>| (1.9)<br>|
| Vistra Corp. | (3140)<br>| (407038)<br>| (2.2)<br>|
|  |  | (99039076)<br>|  |
| **Preferred Stocks**  |  |  |  |
| **Germany** |  |  |  |
| Volkswagen AG | (180788)<br>| (19671606)<br>| (104.2)<br>|
| **Total Reference Entity — Short** |  | (244399963)<br>|  |
| **Net Value of Reference Entity — Goldman Sachs Bank** <br> **USA** | **Net Value of Reference Entity — Goldman Sachs Bank** <br> **USA** | $18866119 |  |

---

The following table represents the individual long positions and related values of the equity securities underlying the total return swap with Goldman Sachs Bank USA as of period end, termination dates 08/18/26 – 08/19/26:

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of* <br>*Basket* <br>*Value*<br>|
| **Reference Entity — Long** |  |  |  |
| **Common Stocks**  |  |  |  |
| **Australia** |  |  |  |
| AGL Energy Ltd. | 149823 | $1021045 | (65.8)% <br>|
| Aristocrat Leisure Ltd. | 7700 | 328860 | (21.2)<br>|
| Pro Medicus Ltd. | 17662 | 2589785 | (166.8)<br>|
| Qantas Airways Ltd. | 288700 | 1632286 | (105.1)<br>|
| Technology One Ltd. | 197000 | 3802527 | (244.9)<br>|
|  |  | 9374503 |  |
| **Canada** |  |  |  |
| Canadian National Railway Co. | 18191 | 1761701 | (113.5)<br>|
| Canadian Utilities Ltd., Class A | 81694 | 2286792 | (147.3)<br>|
| CCL Industries, Inc., Class B | 36594 | 1912253 | (123.2)<br>|
| Colliers International Group, Inc. | 1565 | 187094 | (12.0)<br>|
| Empire Co., Inc. | 19836 | 736692 | (47.4)<br>|
| Finning International, Inc. | 18430 | 520174 | (33.5)<br>|
| FirstService Corp. | 22854 | 4011137 | (258.4)<br>|
| George Weston Ltd. | 67918 | 13232827 | (852.3)<br>|
| Great-West Lifeco, Inc. | 129738 | 5045157 | (325.0)<br>|
| Hudbay Minerals, Inc. | 489614 | 3562185 | (229.4)<br>|
| Keyera Corp. | 306065 | 9499870 | (611.9)<br>|

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **Canada (continued)** |  |  |  |
| Manulife Financial Corp. | 55366 | $1696804 | (109.3)% <br>|
| Stantec, Inc. | 23027 | 2021084 | (130.2)<br>|
| Suncor Energy, Inc. | 100378 | 3545194 | (228.3)<br>|
|  |  | 50018964 |  |
| **Denmark** |  |  |  |
| AP Moller - Maersk A/S, Class A | 1595 | 2725951 | (175.6)<br>|
| GN Store Nord AS | 2465 | 37217 | (2.4)<br>|
|  |  | 2763168 |  |
| **Finland** |  |  |  |
| Wartsila OYJ Abp | 73987 | 1367008 | (88.1)<br>|
| **France** |  |  |  |
| AXA SA | 17335 | 819874 | (52.8)<br>|
| Eiffage SA | 18803 | 2558576 | (164.8)<br>|
| Gaztransport Et Technigaz SA | 12767 | 2081057 | (134.0)<br>|
| Ipsen SA | 47423 | 5515441 | (355.3)<br>|
|  |  | 10974948 |  |
| **Germany** |  |  |  |
| Deutsche Telekom AG, Registered Shares | 932702 | 33500356 | (2157.8)<br>|
| HUGO BOSS AG | 13646 | 569165 | (36.6)<br>|
| SAP SE | 2078 | 608000 | (39.2)<br>|
|  |  | 34677521 |  |
| **Hong Kong** |  |  |  |
| Techtronic Industries Co., Inc. | 88000 | 885631 | (57.1)<br>|
| **Israel** |  |  |  |
| Nice Ltd. | 31564 | 4931053 | (317.6)<br>|
| **Italy** |  |  |  |
| A2A SpA | 1050323 | 2671255 | (172.1)<br>|
| Banca Monte dei Paschi di Siena SpA | 876158 | 7409472 | (477.2)<br>|
| Mediobanca Banca di Credito Finanziario SpA | 80494 | 1646426 | (106.1)<br>|
|  |  | 11727153 |  |
| **Japan** |  |  |  |
| Amada Co., Inc. | 416000 | 4165419 | (268.3)<br>|
| Asahi Kasei Corp. | 184000 | 1282248 | (82.6)<br>|
| Astellas Pharma, Inc. | 600100 | 6009489 | (387.1)<br>|
| DMG Mori Co., Inc. | 64400 | 1119382 | (72.1)<br>|
| Horiba Ltd. | 83300 | 5693708 | (366.7)<br>|
| Hulic Co., Inc. | 129500 | 1354169 | (87.2)<br>|
| J Front Retailing Co., Inc. | 227700 | 2787082 | (179.5)<br>|
| Kao Corp. | 27100 | 1160463 | (74.7)<br>|
| Kyushu Electric Power Co., Inc. | 34200 | 304818 | (19.6)<br>|
| LY Corp. | 365000 | 1380438 | (88.9)<br>|
| Mitsubishi Chemical Group Corp. | 1162700 | 5652531 | (364.1)<br>|
| Murata Manufacturing Co., Inc. | 61700 | 879013 | (56.6)<br>|
| NEC Corp. | 257500 | 6268276 | (403.7)<br>|
| NIPPON EXPRESS HOLDINGS, Inc. | 106500 | 1901861 | (122.5)<br>|
| Nomura Holdings, Inc. | 514200 | 2865925 | (184.6)<br>|
| Nomura Research Institute Ltd. | 84400 | 3196011 | (205.9)<br>|
| Obayashi Corp. | 143100 | 2220221 | (143.0)<br>|
| Olympus Corp. | 411800 | 5395812 | (347.5)<br>|
| Ono Pharmaceutical Co., Inc. | 304900 | 3509682 | (226.1)<br>|
| Otsuka Corp. | 47200 | 1046852 | (67.4)<br>|
| Rakuten Group, Inc. | 1265500 | 7461803 | (480.6)<br>|
| Rohm Co., Inc. | 14000 | 127470 | (8.2)<br>|
| Shimizu Corp. | 235900 | 2520140 | (162.3)<br>|
| Sojitz Corp. | 43700 | 1033847 | (66.6)<br>|
| Subaru Corp. | 15400 | 278862 | (18.0)<br>|

---

Schedule of Investments

------

Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **Japan (continued)** |  |  |  |
| Sumitomo Chemical Co., Inc. | 109500 | $264695 | (17.1)% <br>|
| Sumitomo Corp. | 42400 | 1035254 | (66.7)<br>|
| Sumitomo Mitsui Trust Group, Inc. | 337700 | 8354269 | (538.1)<br>|
| Tokyo Tatemono Co., Inc. | 84300 | 1511357 | (97.4)<br>|
| Tosoh Corp. | 102100 | 1439275 | (92.7)<br>|
|  |  | 82220372 |  |
| **New Zealand** |  |  |  |
| Xero Ltd. | 100694 | 10604394 | (683.0)<br>|
| **Norway** |  |  |  |
| Kongsberg Gruppen ASA | 47622 | 7672318 | (494.2)<br>|
| **Spain** |  |  |  |
| Bankinter SA | 204476 | 2381928 | (153.4)<br>|
| **Switzerland** |  |  |  |
| Chocoladefabriken Lindt & Spruengli AG | 108 | 1573992 | (101.4)<br>|
| **United Kingdom** |  |  |  |
| Halma PLC | 15 | 554 | (0.0)<br>|
| Hammerson PLC | 3 | 10 | (0.0)<br>|
| J Sainsbury PLC | 96407 | 342641 | (22.1)<br>|
| MONY Group PLC | 2 | 5 | (0.0)<br>|
| NatWest Group PLC | 143653 | 924018 | (59.5)<br>|
| Ocado Group PLC | 120912 | 456813 | (29.4)<br>|
| Smiths Group PLC | 408955 | 10190992 | (656.4)<br>|
| Tesco PLC | 51740 | 256061 | (16.5)<br>|
|  |  | 12171094 |  |
| **United States** |  |  |  |
| Roche Holding AG | 804 | 279693 | (18.0)<br>|
| **Total Reference Entity — Long** |  | 243623740 |  |
| **Reference Entity — Short** |  |  |  |
| **Common Stocks**  |  |  |  |
| **Australia** |  |  |  |
| Pilbara Minerals Ltd. | (1175873)<br>| (1132880)<br>| 73.0 |
| Reece Ltd. | (12000)<br>| (121012)<br>| 7.8 |
| Rio Tinto PLC | (42975)<br>| (2560856)<br>| 164.9 |
|  |  | (3814748)<br>|  |
| **Canada** |  |  |  |
| AltaGas Ltd. | (46006)<br>| (1361559)<br>| 87.7 |
| ATS Corp. | (63243)<br>| (1593690)<br>| 102.7 |
| Boyd Group Services, Inc. | (20312)<br>| (2917290)<br>| 187.9 |
| CAE, Inc. | (67557)<br>| (1690150)<br>| 108.9 |
| Cameco Corp. | (106564)<br>| (4810299)<br>| 309.8 |
| Capstone Copper Corp. | (353656)<br>| (1703377)<br>| 109.7 |
| Descartes Systems Group, Inc. | (23076)<br>| (2430127)<br>| 156.5 |
| Element Fleet Management Corp. | (470471)<br>| (10302858)<br>| 663.6 |
| Metro, Inc. | (45204)<br>| (3483587)<br>| 224.4 |
| National Bank of Canada | (9716)<br>| (853339)<br>| 55.0 |
| Nexgen Energy Ltd. | (1781712)<br>| (9331177)<br>| 601.0 |
| Onex Corp. | (68772)<br>| (4869313)<br>| 313.7 |
| Open Text Corp. | (36433)<br>| (986276)<br>| 63.5 |
| Peyto Exploration & Development Corp. | (1231616)<br>| (15419768)<br>| 993.2 |
| Quebecor, Inc., Class B | (423895)<br>| (11628978)<br>| 749.0 |
| RB Global, Inc. | (37587)<br>| (3787873)<br>| 244.0 |
| Rogers Communications, Inc., Class B | (158411)<br>| (4129763)<br>| 266.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **Canada (continued)** |  |  |  |
| Tourmaline Oil Corp. | (80809)<br>| $(3569758)<br>| 229.9<br> % <br>|
| West Fraser Timber Co., Inc. | (11495)<br>| (851077)<br>| 54.8 |
|  |  | (85720259)<br>|  |
| **China** |  |  |  |
| Wharf Holdings Ltd.. | (101000)<br>| (253702)<br>| 16.4 |
| Wilmar International Ltd. | (1354300)<br>| (3176482)<br>| 204.6 |
|  |  | (3430184)<br>|  |
| **Congo** |  |  |  |
| Ivanhoe Mines Ltd., Class A | (147704)<br>| (1311401)<br>| 84.5 |
| **Denmark** |  |  |  |
| Zehnder Group AG | (2378)<br>| (168187)<br>| 10.8 |
| **Finland** |  |  |  |
| Metso Oyj | (409409)<br>| (4448517)<br>| 286.5 |
| Neste OYJ | (35167)<br>| (364799)<br>| 23.5 |
|  |  | (4813316)<br>|  |
| **France** |  |  |  |
| Airbus SE | (76971)<br>| (13061248)<br>| 841.3 |
| Cie de Saint-Gobain SA | (227358)<br>| (24717905)<br>| 1592.1 |
| EssilorLuxottica SA | (18325)<br>| (5280403)<br>| 340.1 |
| Eurazeo SE | (3725)<br>| (272370)<br>| 17.5 |
| Renault SA | (90455)<br>| (4804172)<br>| 309.4 |
| Sartorius Stedim Biotech | (15755)<br>| (3718037)<br>| 239.5 |
|  |  | (51854135)<br>|  |
| **Hong Kong** |  |  |  |
| MTR Corp. Ltd. | (118000)<br>| (407374)<br>| 26.2 |
| Power Assets Holdings Ltd. | (126000)<br>| (833263)<br>| 53.7 |
|  |  | (1240637)<br>|  |
| **Israel** |  |  |  |
| Azrieli Group Ltd. | (32789)<br>| (2387183)<br>| 153.7 |
| Elbit Systems Ltd. | (302)<br>| (116113)<br>| 7.5 |
|  |  | (2503296)<br>|  |
| **Italy** |  |  |  |
| Iveco Group NV | (331157)<br>| (5290594)<br>| 340.8 |
| Nexi SpA | (383072)<br>| (2237546)<br>| 144.1 |
| Ryanair Holdings PLC | (650920)<br>| (15494826)<br>| 998.0 |
|  |  | (23022966)<br>|  |
| **Japan** |  |  |  |
| Nippon Building Fund, Inc. | (425)<br>| (394489)<br>| 25.4 |
| Nippon Sanso Holdings Corp. | (10300)<br>| (329633)<br>| 21.2 |
| SG Holdings Co., Inc. | (68100)<br>| (717069)<br>| 46.2 |
|  |  | (1441191)<br>|  |
| **Luxembourg** |  |  |  |
| CVC Capital Partners PLC | (3232)<br>| (57668)<br>| 3.7 |
| Eurofins Scientific SE | (9402)<br>| (593326)<br>| 38.2 |
|  |  | (650994)<br>|  |
| **Netherlands** |  |  |  |
| IMCD NV | (30982)<br>| (4120006)<br>| 265.4 |
| JDE Peet's NV | (39240)<br>| (949958)<br>| 61.2 |
|  |  | (5069964)<br>|  |
| **New Zealand** |  |  |  |
| Infratil Ltd. | (35489)<br>| (222435)<br>| 14.3 |
| **Singapore** |  |  |  |
| CapitaLand Ascendas REIT | (386700)<br>| (787962)<br>| 50.7 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **Singapore (continued)** |  |  |  |
| Capitaland Investment Ltd. | (5011600)<br>| $(10562404)<br>| 680.3<br> % <br>|
| Mapletree Logistics Trust | (3300)<br>| (2840)<br>| 0.2 |
| Oversea-Chinese Banking Corp. Ltd. | (356500)<br>| (4411960)<br>| 284.2 |
|  |  | (15765166)<br>|  |
| **Spain** |  |  |  |
| Cellnex Telecom SA | (35029)<br>| (1417601)<br>| 91.3 |
| Repsol SA | (406633)<br>| (4970546)<br>| 320.2 |
|  |  | (6388147)<br>|  |
| **Switzerland** |  |  |  |
| Banque Cantonale Vaudoise, Registered <br> Shares<br>| (30664)<br>| (3774052)<br>| 243.1 |
| Georg Fischer AG, Registered Shares | (1804)<br>| (130437)<br>| 8.4 |
| Swiss Life Holding AG, Registered Shares | (2261)<br>| (2257518)<br>| 145.4 |
|  |  | (6162007)<br>|  |
| **United Kingdom** |  |  |  |
| IAMGOLD Corp. | (260134)<br>| (1843544)<br>| 118.8 |
| JD Sports Fashion PLC | (1362607)<br>| (1434560)<br>| 92.4 |
| Rentokil Initial PLC | (1317330)<br>| (6035073)<br>| 388.7 |
| Unilever PLC | (32092)<br>| (2043294)<br>| 131.6 |
|  |  | (11356471)<br>|  |
| **United States** |  |  |  |
| BRP, Inc. | (16852)<br>| (570861)<br>| 36.8 |
| **Preferred Stocks**  |  |  |  |
| **Germany** |  |  |  |
| Sartorius AG | (5072)<br>| (1316663)<br>| 84.8 |
| Volkswagen AG | (168672)<br>| (18353260)<br>| 1182.2 |
| **Total Reference Entity — Short** |  | (245176288)<br>|  |
| **Net Value of Reference Entity — Goldman Sachs Bank** <br> **USA** | **Net Value of Reference Entity — Goldman Sachs Bank** <br> **USA** | $(1552548)<br>|  |

---

The following table represents the individual long and short positions and related values of the equity securities underlying the total return swap with Goldman Sachs Bank USA as of period end, termination dates 08/18/26 – 08/19/26:

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of* <br>*Basket* <br>*Value*<br>|
| **Reference Entity — Long** |  |  |  |
| **Common Stocks**  |  |  |  |
| **Australia** |  |  |  |
| Bega Cheese Ltd. | 265372 | $959952 | 23.0<br> % <br>|
| Challenger Ltd. | 443838 | 2011103 | 48.1 |
| Charter Hall Social Infrastructure REIT | 292250 | 547375 | 13.1 |
| Data#3 Ltd. | 187186 | 871744 | 20.8 |
| Downer EDI Ltd. | 24373 | 89002 | 2.1 |
| Netwealth Group Ltd. | 126262 | 2268555 | 54.2 |
| NRW Holdings Ltd. | 182185 | 315778 | 7.6 |
| Perenti Ltd. | 1274919 | 1114997 | 26.7 |
| Perseus Mining Ltd. | 3109041 | 6663327 | 159.3 |
| Ramelius Resources Ltd. | 1137007 | 1913361 | 45.8 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **Australia (continued)** |  |  |  |
| Vault Minerals Ltd. | 249061 | $68534 | 1.6<br> % <br>|
| Ventia Services Group Pty Ltd. | 902577 | 2443714 | 58.4 |
|  |  | 19267442 |  |
| **Austria** |  |  |  |
| ANDRITZ AG | 34491 | 2478513 | 59.2 |
| Kontron AG | 34385 | 835559 | 20.0 |
|  |  | 3314072 |  |
| **Canada** |  |  |  |
| ADENTRA, Inc. | 20347 | 398645 | 9.5 |
| Artis Real Estate Investment Trust | 194034 | 1017602 | 24.3 |
| Centerra Gold, Inc. | 350265 | 2345094 | 56.1 |
| CES Energy Solutions Corp. | 277475 | 1223740 | 29.3 |
| Enerflex Ltd. | 281650 | 1842799 | 44.1 |
| Enghouse Systems Ltd. | 35804 | 650580 | 15.5 |
| Innergex Renewable Energy, Inc. | 270377 | 2663368 | 63.7 |
| North American Construction Group Ltd. | 51105 | 778475 | 18.6 |
| Obsidian Energy Ltd. | 93249 | 392990 | 9.4 |
| Russel Metals, Inc. | 170449 | 4945568 | 118.2 |
| Sienna Senior Living, Inc. | 105811 | 1299420 | 31.1 |
| Transcontinental, Inc., Class A | 178721 | 2437222 | 58.3 |
| Wesdome Gold Mines Ltd. | 35363 | 435048 | 10.4 |
|  |  | 20430551 |  |
| **France** |  |  |  |
| Guerbet | 1 | 23 | 0.0 |
| ICADE | 42890 | 1018842 | 24.4 |
|  |  | 1018865 |  |
| **Germany** |  |  |  |
| Atoss Software SE | 6632 | 996963 | 23.8 |
| Auto1 Group SE | 141705 | 3404821 | 81.4 |
| Bilfinger SE | 17432 | 1482590 | 35.5 |
| Deutsche Pfandbriefbank AG | 27314 | 167527 | 4.0 |
| Deutz AG | 127749 | 991897 | 23.7 |
| Duerr AG | 25652 | 607281 | 14.5 |
| Grand City Properties SA | 44092 | 526248 | 12.6 |
| HOCHTIEF AG | 1577 | 298361 | 7.1 |
| Lion Finance Group PLC | 64522 | 5175496 | 123.7 |
| Salzgitter AG | 9210 | 227601 | 5.5 |
| TBC Bank Group PLC | 50443 | 3190243 | 76.3 |
|  |  | 17069028 |  |
| **Ireland** |  |  |  |
| Cimpress PLC | 15459 | 649587 | 15.5 |
| **Italy** |  |  |  |
| Banca IFIS SpA | 31937 | 800219 | 19.1 |
| Credito Emiliano SpA | 7521 | 103397 | 2.5 |
| De' Longhi SpA | 24363 | 753957 | 18.0 |
| Hera SpA | 920902 | 4359759 | 104.2 |
| Iren SpA | 493071 | 1407683 | 33.7 |
| Maire SpA | 162765 | 1757952 | 42.0 |
| PRADA SpA | 506900 | 3165009 | 75.7 |
| Sesa SpA | 7774 | 657053 | 15.7 |
| Webuild SpA | 428787 | 1555666 | 37.2 |
|  |  | 14560695 |  |
| **Japan** |  |  |  |
| 77 Bank Ltd. | 82800 | 2595020 | 62.0 |

---

Schedule of Investments

------

Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **Japan (continued)** |  |  |  |
| Aisan Industry Co., Inc. | 27300 | $368963 | 8.8<br> % <br>|
| Alfresa Holdings Corp. | 106800 | 1612267 | 38.5 |
| Amano Corp. | 25100 | 730815 | 17.5 |
| Artience Co., Inc. | 119500 | 2466086 | 59.0 |
| Bic Camera, Inc. | 225800 | 2421385 | 57.9 |
| Create SD Holdings Co., Inc. | 33800 | 720158 | 17.2 |
| DIC Corp. | 224100 | 4373286 | 104.6 |
| Doutor Nichires Holdings Co., Inc. | 48100 | 900939 | 21.5 |
| EDION Corp. | 139600 | 1862953 | 44.5 |
| Elecom Co., Inc. | 56500 | 662935 | 15.9 |
| FCC Co., Inc. | 84600 | 1735847 | 41.5 |
| Fujimi, Inc. | 10800 | 141364 | 3.4 |
| Glory Ltd. | 63400 | 1116327 | 26.7 |
| Hanwa Co., Inc. | 14900 | 494008 | 11.8 |
| Heiwado Co., Inc. | 31000 | 577161 | 13.8 |
| Hiday Hidaka Corp. | 37000 | 806387 | 19.3 |
| Ichigo, Inc. | 288000 | 776679 | 18.6 |
| Inaba Denki Sangyo Co., Inc. | 20800 | 547938 | 13.1 |
| Kissei Pharmaceutical Co., Inc. | 35900 | 942160 | 22.5 |
| Kumagai Gumi Co., Inc. | 93000 | 2771433 | 66.3 |
| Kyoritsu Maintenance Co., Inc. | 61300 | 1301028 | 31.1 |
| Maxell Ltd. | 25500 | 312548 | 7.5 |
| Meidensha Corp. | 12100 | 332417 | 7.9 |
| METAWATER Co., Inc. | 49000 | 698936 | 16.7 |
| Milbon Co., Inc. | 99400 | 1890083 | 45.2 |
| Mitsubishi Shokuhin Co., Inc. | 37600 | 1407618 | 33.7 |
| Mitsui Mining & Smelting Co., Inc. | 88600 | 2408767 | 57.6 |
| MIXI, Inc. | 37200 | 826572 | 19.8 |
| Modec, Inc. | 83200 | 2524938 | 60.4 |
| Morinaga & Co. Ltd. | 176700 | 3150536 | 75.3 |
| Nippon Kayaku Co., Inc. | 182000 | 1714733 | 41.0 |
| Nisshin Oillio Group Ltd. | 21100 | 728356 | 17.4 |
| Nisshinbo Holdings, Inc. | 420500 | 2513623 | 60.1 |
| Nomura Co., Inc. | 125000 | 754580 | 18.0 |
| North Pacific Bank Ltd. | 476600 | 1666328 | 39.8 |
| NTN Corp. | 776600 | 1196055 | 28.6 |
| Okamura Corp. | 58600 | 813670 | 19.5 |
| Oki Electric Industry Co., Inc. | 181200 | 1206840 | 28.9 |
| Onward Holdings Co., Inc. | 296400 | 1200164 | 28.7 |
| Pigeon Corp. | 387600 | 4693785 | 112.2 |
| Raito Kogyo Co., Inc. | 42600 | 792338 | 18.9 |
| Sanki Engineering Co., Inc. | 17100 | 436922 | 10.4 |
| Shibaura Mechatronics Corp. | 57200 | 2682809 | 64.1 |
| Shikoku Electric Power Co., Inc. | 297300 | 2443220 | 58.4 |
| Sumitomo Mitsui Construction Co., Inc. | 286400 | 1015043 | 24.3 |
| Suzuken Co. Ltd. | 111500 | 4028231 | 96.3 |
| Systena Corp. | 596100 | 1559219 | 37.3 |
| Taikisha Ltd. | 15600 | 255341 | 6.1 |
| Tamron Co., Inc. | 51700 | 1168857 | 27.9 |
| TOKAI Holdings Corp. | 142700 | 1000649 | 23.9 |
| Tokai Rika Co., Inc. | 73100 | 1088721 | 26.0 |
| Tokai Tokyo Financial Holdings, Inc. | 73300 | 242099 | 5.8 |
| Tosei Corp. | 68900 | 1161231 | 27.8 |
| Toshiba TEC Corp. | 24800 | 467453 | 11.2 |
| Towa Pharmaceutical Co., Inc. | 56700 | 1052116 | 25.2 |
| Toyoda Gosei Co., Inc. | 210100 | 4034268 | 96.5 |
| Tsubakimoto Chain Co. | 10100 | 122698 | 2.9 |
| Wacom Co., Inc. | 173900 | 665712 | 15.9 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **Japan (continued)** |  |  |  |
| YAMABIKO Corp. | 6500 | $97273 | 2.3<br> % <br>|
| Yamazen Corp. | 45200 | 444426 | 10.6 |
| Yaoko Co., Inc. | 15600 | 1044854 | 25.0 |
|  |  | 85769168 |  |
| **Netherlands** |  |  |  |
| Koninklijke BAM Groep NV | 76057 | 515194 | 12.3 |
| **New Zealand** |  |  |  |
| Spark New Zealand Ltd. | 628943 | 777071 | 18.6 |
| **Norway** |  |  |  |
| Aker Solutions ASA | 109312 | 296684 | 7.1 |
| Elkem ASA | 188131 | 330937 | 7.9 |
| Odfjell Drilling Ltd. | 206005 | 1072313 | 25.7 |
| Wallenius Wilhelmsen ASA | 59007 | 427653 | 10.2 |
|  |  | 2127587 |  |
| **Portugal** |  |  |  |
| Mota-Engil SGPS SA | 525107 | 2084287 | 49.8 |
| **Singapore** |  |  |  |
| Grindr, Inc. | 291770 | 6410187 | 153.3 |
| iFAST Corp. Ltd | 306000 | 1457576 | 34.8 |
| IGG, Inc. | 422000 | 203307 | 4.9 |
| Sheng Siong Group Ltd. | 681000 | 917531 | 21.9 |
|  |  | 8988601 |  |
| **Spain** |  |  |  |
| Inmobiliaria Colonial Socimi SA | 18989 | 123070 | 2.9 |
| **Sweden** |  |  |  |
| Ambea AB | 26533 | 320533 | 7.7 |
| **Switzerland** |  |  |  |
| DKSH Holding AG | 48439 | 3568472 | 85.3 |
| International Workplace Group PLC | 483219 | 1196444 | 28.6 |
|  |  | 4764916 |  |
| **United Kingdom** |  |  |  |
| Balfour Beatty PLC | 587429 | 3592936 | 85.9 |
| Bytes Technology Group PLC | 359003 | 2441272 | 58.4 |
| Chemring Group PLC | 672567 | 3592417 | 85.9 |
| Firstgroup PLC | 511688 | 1177688 | 28.2 |
| Hunting PLC | 179853 | 620561 | 14.8 |
| J D Wetherspoon PLC | 92955 | 812858 | 19.4 |
| Just Group PLC | 1321428 | 2492445 | 59.6 |
| Mitie Group PLC | 961335 | 1853806 | 44.3 |
| Morgan Sindall Group PLC | 24252 | 1146375 | 27.4 |
| Paragon Banking Group PLC | 279604 | 3158707 | 75.5 |
| Rotork PLC | 24415 | 99412 | 2.4 |
| TP ICAP Group PLC | 420738 | 1444789 | 34.5 |
|  |  | 22433266 |  |
| **United States** |  |  |  |
| 1-800-Flowers.com, Inc., Class A | 46433 | 256774 | 6.1 |
| Accel Entertainment, Inc. | 28933 | 298010 | 7.1 |
| Adient PLC | 89820 | 1136223 | 27.2 |
| Allient, Inc. | 9260 | 197701 | 4.7 |
| Archrock, Inc. | 316970 | 7458304 | 178.3 |
| Axogen, Inc. | 18474 | 300572 | 7.2 |
| Banc of California, Inc. | 769733 | 10376001 | 248.1 |
| Bandwidth, Inc., Class A | 53597 | 665675 | 15.9 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **United States (continued)** |  |  |  |
| Beazer Homes USA, Inc. | 38230 | $747779 | 17.9<br> % <br>|
| Benchmark Electronics, Inc. | 160479 | 5220382 | 124.8 |
| BlueLinx Holdings, Inc. | 11311 | 736798 | 17.6 |
| Brookdale Senior Living, Inc. | 152254 | 998786 | 23.9 |
| Camping World Holdings, Inc., Class A | 2361 | 28474 | 0.7 |
| Castle Biosciences, Inc. | 15462 | 310013 | 7.4 |
| CNA Financial Corp. | 114326 | 5505940 | 131.6 |
| ConnectOne Bancorp, Inc. | 22006 | 495795 | 11.9 |
| Constellium SE | 19566 | 197812 | 4.7 |
| CoreCivic, Inc. | 38632 | 874628 | 20.9 |
| Delek US Holdings, Inc. | 40358 | 525461 | 12.6 |
| Deluxe Corp. | 19590 | 286014 | 6.8 |
| Dime Community Bancshares, Inc. | 16363 | 420365 | 10.0 |
| DNOW, Inc. | 263456 | 4181047 | 100.0 |
| DXP Enterprises, Inc. | 44913 | 3973004 | 95.0 |
| Eagle Bancorp, Inc. | 9345 | 167743 | 4.0 |
| El Pollo Loco Holdings, Inc. | 14232 | 133069 | 3.2 |
| Enact Holdings, Inc. | 33481 | 1198285 | 28.6 |
| Enova International, Inc. | 76882 | 7056999 | 168.7 |
| EZCORP, Inc., Class A | 130379 | 2134304 | 51.0 |
| First Financial Bankshares, Inc. | 15183 | 508782 | 12.2 |
| Flushing Financial Corp. | 58382 | 698833 | 16.7 |
| Fulgent Genetics, Inc. | 11324 | 196471 | 4.7 |
| G-III Apparel Group Ltd. | 29508 | 744192 | 17.8 |
| Global Industrial Co. | 12992 | 333635 | 8.0 |
| Graham Holdings Co, Class B | 417 | 383661 | 9.2 |
| Greenbrier Cos, Inc. | 138149 | 5860281 | 140.1 |
| Hackett Group, Inc. | 25177 | 643021 | 15.4 |
| Harmony Biosciences Holdings, Inc. | 208378 | 6140900 | 146.8 |
| Haverty Furniture Cos, Inc. | 106309 | 1930571 | 46.2 |
| Healthcare Services Group, Inc. | 45845 | 651457 | 15.6 |
| HealthStream, Inc. | 42779 | 1438658 | 34.4 |
| Hilltop Holdings, Inc. | 230763 | 6814431 | 162.9 |
| Horizon Bancorp, Inc. | 79579 | 1168220 | 27.9 |
| Independent Bank Corp./MI | 28340 | 863236 | 20.6 |
| Innoviva, Inc. | 37094 | 693287 | 16.6 |
| iRadimed Corp. | 6580 | 344858 | 8.2 |
| LivaNova PLC | 188521 | 6975277 | 166.8 |
| Mercantile Bank Corp. | 11064 | 468118 | 11.2 |
| Midland States Bancorp, Inc. | 15814 | 257452 | 6.2 |
| MiNK Therapeutics, Inc. | 7 | 53 | 0.0 |
| Mueller Water Products, Inc., Class A | 266349 | 6988998 | 167.1 |
| OneSpan, Inc. | 161764 | 2405431 | 57.5 |
| Palomar Holdings, Inc. | 20801 | 3016561 | 72.1 |
| PBF Energy, Inc., Class A | 597389 | 10263143 | 245.4 |
| Pennant Group, Inc. | 7818 | 200297 | 4.8 |
| PRA Group, Inc. | 56919 | 1041618 | 24.9 |
| REX American Resources Corp. | 21452 | 852073 | 20.4 |
| RLJ Lodging Trust | 481522 | 3375469 | 80.7 |
| Signify NV | 85736 | 1777228 | 42.5 |
| Spectrum Brands Holdings, Inc. | 102791 | 6486112 | 155.1 |
| Synaptics, Inc. | 229470 | 12772300 | 305.4 |
| Texas Capital Bancshares, Inc. | 60051 | 4092476 | 97.8 |
| Trinity Industries, Inc. | 79726 | 2001123 | 47.8 |
| Tutor Perini Corp. | 173161 | 3716035 | 88.8 |
| Univest Financial Corp. | 17937 | 529859 | 12.7 |
| Verint Systems, Inc. | 89378 | 1576628 | 37.7 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **United States (continued)** |  |  |  |
| Washington Trust Bancorp, Inc. | 37888 | $1045709 | 25.0<br> % <br>|
| Willdan Group, Inc. | 75187 | 2947330 | 70.5 |
| Wolverine World Wide, Inc. | 73680 | 961524 | 23.0 |
|  |  | 159047266 |  |
| **Total Reference Entity — Long** |  | 363261199 |  |
| **Reference Entity — Short** |  |  |  |
| **Common Stocks**  |  |  |  |
| **Australia** |  |  |  |
| Amotiv Ltd. | (86653)<br>| (429681)<br>| (10.3)<br>|
| Bellevue Gold Ltd. | (80634)<br>| (46943)<br>| (1.1)<br>|
| Leo Lithium Ltd. | (33787)<br>| (4684)<br>| (0.1)<br>|
| PEXA Group Ltd. | (54112)<br>| (416932)<br>| (9.9)<br>|
| Silex Systems Ltd. | (86052)<br>| (170722)<br>| (4.1)<br>|
| Stanmore Resources Ltd. | (578728)<br>| (718842)<br>| (17.2)<br>|
|  |  | (1787804)<br>|  |
| **Austria** |  |  |  |
| Wienerberger AG | (54009)<br>| (1896358)<br>| (45.3)<br>|
| **Belgium** |  |  |  |
| Azelis Group NV | (47757)<br>| (739996)<br>| (17.7)<br>|
| Bekaert SA | (1891)<br>| (72967)<br>| (1.7)<br>|
| Biocartis Group NV | (30)<br>|  | 0.0 |
| Cofinimmo SA | (61463)<br>| (4914535)<br>| (117.5)<br>|
| Xior Student Housing NV | (38831)<br>| (1259402)<br>| (30.1)<br>|
|  |  | (6986900)<br>|  |
| **Bermuda** |  |  |  |
| Conduit Holdings Ltd. | (18152)<br>| (83555)<br>| (2.0)<br>|
| **Brazil** |  |  |  |
| ERO Copper Corp. | (135975)<br>| (1698455)<br>| (40.6)<br>|
| **Canada** |  |  |  |
| Altus Group Ltd. | (33290)<br>| (1239742)<br>| (29.6)<br>|
| Definity Financial Corp. | (48049)<br>| (2398268)<br>| (57.3)<br>|
| Docebo, Inc. | (28466)<br>| (891602)<br>| (21.3)<br>|
| Laurentian Bank of Canada | (47300)<br>| (938726)<br>| (22.5)<br>|
| Martinrea International, Inc. | (62847)<br>| (334613)<br>| (8.0)<br>|
| Minto Apartment Real Estate Investment Trust | (33310)<br>| (324981)<br>| (7.8)<br>|
| North West Co., Inc. | (71261)<br>| (2858504)<br>| (68.3)<br>|
| Sandstorm Gold Ltd. | (227509)<br>| (1978698)<br>| (47.3)<br>|
| Skeena Resources Ltd. | (204723)<br>| (2447291)<br>| (58.5)<br>|
| Spin Master Corp. | (34354)<br>| (607537)<br>| (14.5)<br>|
| SSR Mining, Inc. | (67081)<br>| (714311)<br>| (17.1)<br>|
| Stella-Jones, Inc. | (117023)<br>| (5738252)<br>| (137.2)<br>|
| StorageVault Canada, Inc. | (193482)<br>| (529107)<br>| (12.7)<br>|
| Westshore Terminals Investment Corp. | (78757)<br>| (1455056)<br>| (34.8)<br>|
|  |  | (22456688)<br>|  |
| **China** |  |  |  |
| AustAsia Group Ltd. | (1000)<br>| (206)<br>| (0.0)<br>|
| **Denmark** |  |  |  |
| Dfds A/S | (48625)<br>| (676244)<br>| (16.2)<br>|
| NKT A/S | (4466)<br>| (363630)<br>| (8.7)<br>|
|  |  | (1039874)<br>|  |

---

Schedule of Investments

------

Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **Faeroe Islands** |  |  |  |
| Bakkafrost P/F | (42868)<br>| $(2161649)<br>| (51.7)% <br>|
| **Finland** |  |  |  |
| Hiab Oyj | (41180)<br>| (1959457)<br>| (46.8)<br>|
| Mandatum Oyj | (367418)<br>| (2596738)<br>| (62.1)<br>|
| TietoEVRY Oyj | (53022)<br>| (949891)<br>| (22.7)<br>|
|  |  | (5506086)<br>|  |
| **France** |  |  |  |
| Alten SA | (9325)<br>| (790418)<br>| (18.9)<br>|
| Forvia SE | (157396)<br>| (1215838)<br>| (29.1)<br>|
| Remy Cointreau SA | (45754)<br>| (2480496)<br>| (59.3)<br>|
| Rubis SCA | (112861)<br>| (3673712)<br>| (87.8)<br>|
| Sopra Steria Group | (3539)<br>| (725633)<br>| (17.3)<br>|
| Verallia SA | (112399)<br>| (3758458)<br>| (89.9)<br>|
| Worldline SA/France | (1260484)<br>| (6983754)<br>| (167.0)<br>|
|  |  | (19628309)<br>|  |
| **Germany** |  |  |  |
| Eckert & Ziegler SE | (2508)<br>| (171441)<br>| (4.1)<br>|
| Fielmann Group AG | (29028)<br>| (1649512)<br>| (39.5)<br>|
| Freenet AG | (11463)<br>| (476667)<br>| (11.4)<br>|
| Sixt SE | (6325)<br>| (601338)<br>| (14.4)<br>|
| SMA Solar Technology AG | (7317)<br>| (126900)<br>| (3.0)<br>|
| Suedzucker AG | (49097)<br>| (661039)<br>| (15.8)<br>|
| Thyssenkrupp Nucera AG & Co KGaa | (9660)<br>| (100502)<br>| (2.4)<br>|
|  |  | (3787399)<br>|  |
| **Indonesia** |  |  |  |
| Nickel Industries Ltd. | (429921)<br>| (155253)<br>| (3.7)<br>|
| **Ireland** |  |  |  |
| C&C Group PLC | (415518)<br>| (761975)<br>| (18.2)<br>|
| Dalata Hotel Group PLC | (117629)<br>| (674276)<br>| (16.1)<br>|
|  |  | (1436251)<br>|  |
| **Israel** |  |  |  |
| Big Shopping Centers Ltd. | (812)<br>| (118561)<br>| (2.8)<br>|
| Israel Corp. Ltd. | (6278)<br>| (1976277)<br>| (47.3)<br>|
| OPC Energy Ltd. | (11118)<br>| (105015)<br>| (2.5)<br>|
|  |  | (2199853)<br>|  |
| **Italy** |  |  |  |
| ERG SpA | (47115)<br>| (963868)<br>| (23.1)<br>|
| Interpump Group SpA | (173585)<br>| (5953579)<br>| (142.3)<br>|
| Piaggio & C SpA | (144921)<br>| (284488)<br>| (6.8)<br>|
| Technoprobe SpA | (70511)<br>| (453022)<br>| (10.8)<br>|
|  |  | (7654957)<br>|  |
| **Japan** |  |  |  |
| Aiful Corp. | (180600)<br>| (451196)<br>| (10.8)<br>|
| Aozora Bank Ltd. | (111400)<br>| (1538103)<br>| (36.8)<br>|
| Ariake Japan Co., Inc. | (5400)<br>| (226890)<br>| (5.4)<br>|
| C Uyemura & Co., Inc. | (7800)<br>| (504784)<br>| (12.1)<br>|
| Daiei Kankyo Co., Inc. | (34500)<br>| (706803)<br>| (16.9)<br>|
| Fujita Kanko, Inc. | (5600)<br>| (353720)<br>| (8.5)<br>|
| Fukuyama Transporting Co., Inc. | (15400)<br>| (382089)<br>| (9.1)<br>|
| Future Corp. | (10100)<br>| (127352)<br>| (3.0)<br>|
| HIS Co., Inc. | (227800)<br>| (2714917)<br>| (64.9)<br>|
| Hokuetsu Corp. | (15900)<br>| (121689)<br>| (2.9)<br>|
| Idec Corp. | (19600)<br>| (314014)<br>| (7.5)<br>|
| Iino Kaiun Kaisha Ltd. | (24600)<br>| (179293)<br>| (4.3)<br>|
| Insource Co., Inc. | (10400)<br>| (66593)<br>| (1.6)<br>|
| Japan Investment Adviser Co., Inc. | (6900)<br>| (79036)<br>| (1.9)<br>|

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **Japan (continued)** |  |  |  |
| Kanto Denka Kogyo Co., Inc. | (13800)<br>| $(83709)<br>| (2.0)% <br>|
| KeePer Technical Laboratory Co., Inc. | (3200)<br>| (92942)<br>| (2.2)<br>|
| Keihan Holdings Co., Inc. | (900)<br>| (22043)<br>| (0.5)<br>|
| KH Neochem Co., Inc. | (12800)<br>| (226850)<br>| (5.4)<br>|
| Kiyo Bank Ltd. | (35300)<br>| (599978)<br>| (14.3)<br>|
| Komeri Co., Inc. | (23300)<br>| (496517)<br>| (11.9)<br>|
| Kosaido Holdings Co., Inc. | (62300)<br>| (215749)<br>| (5.2)<br>|
| Mitsuboshi Belting Ltd. | (7900)<br>| (198100)<br>| (4.7)<br>|
| Mitsui Fudosan Logistics Park, Inc. | (384)<br>| (274083)<br>| (6.6)<br>|
| Nankai Electric Railway Co., Inc. | (23400)<br>| (370491)<br>| (8.9)<br>|
| Nippon Carbon Co., Inc. | (7900)<br>| (231653)<br>| (5.5)<br>|
| Nippon Pillar Packing Co. Ltd. | (3200)<br>| (81421)<br>| (1.9)<br>|
| Nojima Corp. | (56700)<br>| (1019449)<br>| (24.4)<br>|
| Piolax, Inc. | (35300)<br>| (541261)<br>| (12.9)<br>|
| Riken Keiki Co., Inc. | (20400)<br>| (380454)<br>| (9.1)<br>|
| Roland Corp. | (15200)<br>| (337428)<br>| (8.1)<br>|
| SOSiLA Logistics REIT, Inc. | (1200)<br>| (928352)<br>| (22.2)<br>|
| Toho Bank Ltd. | (314800)<br>| (776477)<br>| (18.6)<br>|
| TRE Holdings Corp. | (54400)<br>| (586257)<br>| (14.0)<br>|
|  |  | (15229693)<br>|  |
| **Luxembourg** |  |  |  |
| RTL Group SA | (50226)<br>| (2059796)<br>| (49.3)<br>|
| **Netherlands** |  |  |  |
| Aalberts NV | (74791)<br>| (2483556)<br>| (59.4)<br>|
| AMG Critical Materials NV | (72137)<br>| (1285734)<br>| (30.7)<br>|
| Flow Traders Ltd. | (70957)<br>| (2100947)<br>| (50.2)<br>|
| SIF Holding NV | (9)<br>| (95)<br>| (0.0)<br>|
| TKH Group NV | (26205)<br>| (1035364)<br>| (24.8)<br>|
|  |  | (6905696)<br>|  |
| **New Zealand** |  |  |  |
| Mainfreight Ltd. | (27857)<br>| (918527)<br>| (22.0)<br>|
| **Norway** |  |  |  |
| Leroy Seafood Group ASA | (116187)<br>| (509261)<br>| (12.2)<br>|
| MPC Container Ships ASA | (224432)<br>| (330066)<br>| (7.9)<br>|
| Norwegian Air Shuttle ASA | (465251)<br>| (614395)<br>| (14.7)<br>|
|  |  | (1453722)<br>|  |
| **Spain** |  |  |  |
| Befesa SA | (42813)<br>| (1301819)<br>| (31.1)<br>|
| Solaria Energia y Medio Ambiente SA | (169970)<br>| (1281154)<br>| (30.7)<br>|
| Vidrala SA | (10370)<br>| (1130309)<br>| (27.0)<br>|
| Viscofan SA | (6916)<br>| (498930)<br>| (11.9)<br>|
|  |  | (4212212)<br>|  |
| **Sweden** |  |  |  |
| AcadeMedia AB | (24)<br>| (198)<br>| (0.0)<br>|
| Cibus Nordic Real Estate AB publ | (44990)<br>| (777568)<br>| (18.6)<br>|
| Dometic Group AB | (115707)<br>| (417152)<br>| (10.0)<br>|
| Hufvudstaden AB | (72531)<br>| (883128)<br>| (21.1)<br>|
| Paradox Interactive AB | (11522)<br>| (225898)<br>| (5.4)<br>|
| Vimian Group AB | (133402)<br>| (536989)<br>| (12.9)<br>|
| Vitec Software Group AB, Class B | (9552)<br>| (436440)<br>| (10.4)<br>|
|  |  | (3277373)<br>|  |
| **Switzerland** |  |  |  |
| Allreal Holding AG, Registered Shares | (23327)<br>| (5139871)<br>| (122.9)<br>|
| Aryzta AG | (1729798)<br>| (4338613)<br>| (103.7)<br>|
| Autoneum Holding AG | (2)<br>| (300)<br>| (0.0)<br>|
| Daetwyler Holding AG | (2555)<br>| (368918)<br>| (8.8)<br>|
| Garrett Motion, Inc. | (80961)<br>| (746460)<br>| (17.9)<br>|

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **Switzerland (continued)** |  |  |  |
| Interroll Holding AG, Registered Shares | (637)<br>| $(1397977)<br>| (33.4)% <br>|
| Mobimo Holding AG, Registered Shares | (6784)<br>| (2620262)<br>| (62.7)<br>|
| Siegfried Holding AG, Registered Shares | (8440)<br>| (1004837)<br>| (24.0)<br>|
| St Galler Kantonalbank AG, Registered Shares | (1398)<br>| (842170)<br>| (20.1)<br>|
|  |  | (16459408)<br>|  |
| **United Arab Emirates** |  |  |  |
| Finablr PLC | (44203)<br>| (1)<br>| (0.0)<br>|
| **United Kingdom** |  |  |  |
| Aston Martin Lagonda Global Holdings PLC | (585060)<br>| (527390)<br>| (12.6)<br>|
| Auction Technology Group PLC | (127090)<br>| (987444)<br>| (23.6)<br>|
| Crest Nicholson Holdings plc | (633802)<br>| (1526544)<br>| (36.5)<br>|
| Dr Martens PLC | (1975049)<br>| (1447682)<br>| (34.6)<br>|
| Elementis PLC | (530371)<br>| (891461)<br>| (21.3)<br>|
| Hays PLC | (3430454)<br>| (3277117)<br>| (78.4)<br>|
| Home Reit PLC | (350343)<br>| (46690)<br>| (1.1)<br>|
| Ibstock PLC | (213169)<br>| (511363)<br>| (12.2)<br>|
| Nomad Foods Ltd. | (66134)<br>| (1322019)<br>| (31.6)<br>|
| Pagegroup PLC | (428983)<br>| (1547195)<br>| (37.0)<br>|
| Playtech Plc | (379512)<br>| (3843897)<br>| (91.9)<br>|
| SigmaRoc PLC | (294490)<br>| (356674)<br>| (8.6)<br>|
|  |  | (16285476)<br>|  |
| **United States** |  |  |  |
| Adeia, Inc. | (85136)<br>| (1048024)<br>| (25.1)<br>|
| Amerant Bancorp, Inc. | (40289)<br>| (678467)<br>| (16.2)<br>|
| American Coastal Insurance Corp. | (1718)<br>| (19637)<br>| (0.5)<br>|
| Apollo Commercial Real Estate Finance, Inc. | (145479)<br>| (1363138)<br>| (32.6)<br>|
| Artivion, Inc. | (41115)<br>| (974014)<br>| (23.3)<br>|
| Atlas Energy Solutions, Inc. | (22200)<br>| (300366)<br>| (7.2)<br>|
| Avadel Pharmaceuticals PLC | (54638)<br>| (485732)<br>| (11.6)<br>|
| Baldwin Insurance Group, Inc. | (70713)<br>| (2943075)<br>| (70.4)<br>|
| Bancorp, Inc. | (193370)<br>| (9341705)<br>| (223.3)<br>|
| BJ's Restaurants, Inc. | (108394)<br>| (3608436)<br>| (86.3)<br>|
| Boston Omaha Corp., Class A | (27651)<br>| (429420)<br>| (10.3)<br>|
| Cadre Holdings, Inc. | (66096)<br>| (1926698)<br>| (46.1)<br>|
| CECO Environmental Corp. | (81703)<br>| (1943714)<br>| (46.5)<br>|
| Centuri Holdings, Inc. | (28305)<br>| (508358)<br>| (12.1)<br>|
| Chesapeake Utilities Corp. | (53140)<br>| (6996944)<br>| (167.3)<br>|
| Chimera Investment Corp. | (64032)<br>| (790155)<br>| (18.9)<br>|
| Clearfield, Inc. | (9280)<br>| (266058)<br>| (6.4)<br>|
| Climb Global Solutions, Inc. | (1361)<br>| (143449)<br>| (3.4)<br>|
| Community Financial System, Inc. | (78226)<br>| (4270357)<br>| (102.1)<br>|
| Core Laboratories, Inc. | (175888)<br>| (1999847)<br>| (47.8)<br>|
| Crane NXT Co. | (19843)<br>| (931034)<br>| (22.3)<br>|
| Cytek Biosciences, Inc. | (68078)<br>| (252569)<br>| (6.0)<br>|
| Daktronics, Inc. | (27135)<br>| (344343)<br>| (8.2)<br>|
| Dine Brands Global, Inc. | (257214)<br>| (5121131)<br>| (122.4)<br>|
| Distribution Solutions Group, Inc. | (12303)<br>| (320370)<br>| (7.7)<br>|
| Easterly Government Properties, Inc. | (65326)<br>| (1317625)<br>| (31.5)<br>|
| Ecovyst, Inc. | (358421)<br>| (2143358)<br>| (51.2)<br>|
| Embecta Corp. | (78927)<br>| (962120)<br>| (23.0)<br>|
| Energy Fuels, Inc. | (415204)<br>| (1888386)<br>| (45.1)<br>|
| ESCO Technologies, Inc. | (28243)<br>| (4418617)<br>| (105.6)<br>|
| Excelerate Energy, Inc., Class A | (14190)<br>| (362980)<br>| (8.7)<br>|
| F&G Annuities & Life, Inc. | (18652)<br>| (649276)<br>| (15.5)<br>|
| First Advantage Corp. | (290574)<br>| (4097093)<br>| (98.0)<br>|
| First Commonwealth Financial Corp. | (75383)<br>| (1154868)<br>| (27.6)<br>|
| First Community Bankshares, Inc. | (9827)<br>| (370281)<br>| (8.8)<br>|
| Hawkins, Inc. | (4112)<br>| (500759)<br>| (12.0)<br>|
| Helios Technologies, Inc. | (110139)<br>| (3002389)<br>| (71.8)<br>|

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **United States (continued)** |  |  |  |
| Herbalife Ltd. | (311236)<br>| $(2240899)<br>| (53.6)% <br>|
| Ingles Markets, Inc., Class A | (73650)<br>| (4543468)<br>| (108.6)<br>|
| Innodata, Inc. | (11024)<br>| (416928)<br>| (10.0)<br>|
| Innovex International, Inc. | (17999)<br>| (271785)<br>| (6.5)<br>|
| Integra LifeSciences Holdings Corp. | (118226)<br>| (1937724)<br>| (46.3)<br>|
| iRhythm Technologies, Inc. | (7010)<br>| (749299)<br>| (17.9)<br>|
| Kratos Defense & Security Solutions, Inc. | (182048)<br>| (6150492)<br>| (147.0)<br>|
| Krispy Kreme, Inc. | (379823)<br>| (1557274)<br>| (37.2)<br>|
| Limbach Holdings, Inc. | (11744)<br>| (1124371)<br>| (26.9)<br>|
| Live Oak Bancshares, Inc. | (37271)<br>| (974264)<br>| (23.3)<br>|
| Madison Square Garden Entertainment Corp. | (23500)<br>| (762340)<br>| (18.2)<br>|
| Marqeta, Inc., Class A | (205883)<br>| (860591)<br>| (20.6)<br>|
| Matthews International Corp., Class A | (30400)<br>| (621680)<br>| (14.9)<br>|
| Mercury Systems, Inc. | (38303)<br>| (1915150)<br>| (45.8)<br>|
| Metallus, Inc. | (48463)<br>| (613057)<br>| (14.7)<br>|
| MGE Energy, Inc. | (67607)<br>| (6113025)<br>| (146.1)<br>|
| Middlesex Water Co. | (14391)<br>| (908360)<br>| (21.7)<br>|
| MSC Industrial Direct Co., Inc., Class A | (12478)<br>| (954317)<br>| (22.8)<br>|
| MYR Group, Inc. | (6821)<br>| (834345)<br>| (19.9)<br>|
| Navient Corp. | (284402)<br>| (3520897)<br>| (84.2)<br>|
| NB Bancorp, Inc. | (180470)<br>| (3095060)<br>| (74.0)<br>|
| NBT Bancorp, Inc. | (22991)<br>| (973439)<br>| (23.3)<br>|
| Nelnet, Inc., Class A | (33921)<br>| (3598679)<br>| (86.0)<br>|
| NextDecade Corp. | (32185)<br>| (240744)<br>| (5.8)<br>|
| nLight, Inc. | (44514)<br>| (343203)<br>| (8.2)<br>|
| Orchid Island Capital, Inc. | (65752)<br>| (470127)<br>| (11.2)<br>|
| Ormat Technologies, Inc. | (151040)<br>| (10965504)<br>| (262.2)<br>|
| Papa John's International, Inc. | (149776)<br>| (5171765)<br>| (123.6)<br>|
| Patrick Industries, Inc. | (31271)<br>| (2407242)<br>| (57.5)<br>|
| Phathom Pharmaceuticals, Inc. | (4162)<br>| (17855)<br>| (0.4)<br>|
| Phillips Edison & Co., Inc. | (277440)<br>| (9627168)<br>| (230.2)<br>|
| Phinia, Inc. | (82484)<br>| (3311733)<br>| (79.2)<br>|
| PotlatchDeltic Corp. | (58212)<br>| (2234759)<br>| (53.4)<br>|
| RCI Hospitality Holdings, Inc. | (20172)<br>| (800425)<br>| (19.1)<br>|
| Ready Capital Corp. | (148181)<br>| (659405)<br>| (15.8)<br>|
| Reynolds Consumer Products, Inc. | (157499)<br>| (3622477)<br>| (86.6)<br>|
| Rogers Corp. | (19330)<br>| (1194787)<br>| (28.6)<br>|
| Sable Offshore Corp. | (3092)<br>| (57697)<br>| (1.4)<br>|
| Safety Insurance Group, Inc. | (7964)<br>| (609246)<br>| (14.6)<br>|
| Schneider National, Inc., Class B | (381375)<br>| (8195749)<br>| (195.9)<br>|
| Sezzle, Inc. | (1206)<br>| (62652)<br>| (1.5)<br>|
| Shoals Technologies Group, Inc., Class A | (709962)<br>| (2562963)<br>| (61.3)<br>|
| Skyward Specialty Insurance Group, Inc. | (16291)<br>| (864889)<br>| (20.7)<br>|
| Solaris Energy Infrastructure, Inc. | (13766)<br>| (291013)<br>| (7.0)<br>|
| Sunstone Hotel Investors, Inc. | (277587)<br>| (2315076)<br>| (55.3)<br>|
| Tarsus Pharmaceuticals, Inc. | (14270)<br>| (740756)<br>| (17.7)<br>|
| Towne Bank | (31163)<br>| (1026821)<br>| (24.5)<br>|
| TransMedics Group, Inc. | (51102)<br>| (4701895)<br>| (112.4)<br>|
| TreeHouse Foods, Inc. | (67829)<br>| (1579737)<br>| (37.8)<br>|
| Triumph Financial, Inc. | (6803)<br>| (363416)<br>| (8.7)<br>|
| Two Harbors Investment Corp. | (73735)<br>| (875234)<br>| (20.9)<br>|
| United Parks & Resorts, Inc. | (73250)<br>| (3197362)<br>| (76.4)<br>|
| Unitil Corp. | (34357)<br>| (2015382)<br>| (48.2)<br>|
| Upwork, Inc. | (10232)<br>| (134551)<br>| (3.2)<br>|
| Uranium Energy Corp. | (463123)<br>| (2431396)<br>| (58.1)<br>|
| Vishay Intertechnology, Inc. | (167844)<br>| (2180294)<br>| (52.1)<br>|
| Vita Coco Co., Inc. | (49593)<br>| (1639049)<br>| (39.2)<br>|
| VSE Corp. | (73105)<br>| (8371985)<br>| (200.2)<br>|
| Warrior Met Coal, Inc. | (180172)<br>| (8615825)<br>| (206.0)<br>|
| White Mountains Insurance Group Ltd. | (2827)<br>| (4996581)<br>| (119.5)<br>|

---

Schedule of Investments

------

Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **United States (continued)** |  |  |  |
| Xometry, Inc., Class A | (50343)<br>| $(1290794)<br>| (30.9)% <br>|
| XPEL, Inc. | (21847)<br>| (625698)<br>| (15.0)<br>|
| York Water Co. | (10556)<br>| (371571)<br>| (8.9)<br>|
|  |  | (213797063)<br>|  |
| **Rights**  |  |  |  |
| **Sweden** |  |  |  |
| AcadeMedia AB, (Expires 04/03/25) | (24)<br>|  | 0.0 |
| **Total Reference Entity — Short** |  | (359078564)<br>|  |
| **Net Value of Reference Entity — Goldman Sachs Bank** <br> **USA** | **Net Value of Reference Entity — Goldman Sachs Bank** <br> **USA** | $4182635 |  |

---

The following table represents the individual short positions and related values of the equity securities underlying the total return swap with Goldman Sachs Bank USA as of period end, termination date 08/18/26:

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of* <br>*Basket* <br>*Value*<br>|
| **Reference Entity — Short** |  |  |  |
| **Common Stocks**  |  |  |  |
| **United States** |  |  |  |
| Citigroup, Inc. | (255000)<br>| $(17436900)<br>| 29.1<br> % <br>|
| Netflix, Inc. | (27000)<br>| (30556440)<br>| 50.9 |
| Procter & Gamble Co. | (74000)<br>| (12030180)<br>| 20.0 |
| **Net Value of Reference Entity — Goldman Sachs Bank** <br> **USA** | **Net Value of Reference Entity — Goldman Sachs Bank** <br> **USA** | $(60023520)<br>|  |

---

The following table represents the individual long positions and related values of the equity securities underlying the total return swap with JPMorgan Chase Bank N.A. as of period end, termination date 02/10/26:

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of* <br>*Basket* <br>*Value*<br>|
| **Reference Entity — Short** |  |  |  |
| **Common Stocks**  |  |  |  |
| **Australia** |  |  |  |
| Silex Systems Ltd. | (280)<br>| $(555)<br>| 0.1<br> % <br>|
| **Japan** |  |  |  |
| Fujita Kanko, Inc. | (4900)<br>| (309505)<br>| 45.2 |
| Japan Investment Adviser Co., Inc. | (2000)<br>| (22909)<br>| 3.3 |
| Septeni Holdings Co., Inc. | (57000)<br>| (145894)<br>| 21.3 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **Japan (continued)** |  |  |  |
| Shochiku Co., Inc. | (1300)<br>| $(121741)<br>| 17.8<br> % <br>|
| Trial Holdings, Inc. | (5300)<br>| (84205)<br>| 12.3 |
|  |  | (684254)<br>|  |
|  |  | (684809)<br>|  |
| **Net Value of Reference Entity — JPMorgan Chase Bank N.A.** | **Net Value of Reference Entity — JPMorgan Chase Bank N.A.** | $(684809)<br>|  |

---

The following table represents the individual short positions and related values of the equity securities underlying the total return swap with JPMorgan Chase Bank N.A. as of period end, termination date 02/10/26:

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of* <br>*Basket* <br>*Value*<br>|
| **Reference Entity — Short** |  |  |  |
| **Common Stocks**  |  |  |  |
| **Australia** |  |  |  |
| Sigma Healthcare Ltd. | (440711)<br>| $(850427)<br>| 100.0<br> % <br>|
| **Net Value of Reference Entity — JPMorgan Chase Bank N.A.** | **Net Value of Reference Entity — JPMorgan Chase Bank N.A.** | $(850427)<br>|  |

---

The following table represents the individual long and short positions and related values of the equity securities underlying the total return swap with JPMorgan Chase Bank N.A. as of period end, termination date 02/10/26:

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of* <br>*Basket* <br>*Value*<br>|
| **Reference Entity — Long** |  |  |  |
| **Common Stocks**  |  |  |  |
| **Sweden** |  |  |  |
| Asker Healthcare Group AB | 192244 | $1700570 | 193.7<br> % <br>|
| **Total Reference Entity — Long** |  | 1700570 |  |
| **Reference Entity — Short** |  |  |  |
| **Common Stocks**  |  |  |  |
| **Australia** |  |  |  |
| Sigma Healthcare Ltd. | (426226)<br>| (822476)<br>| (93.7)<br>|
| **Total Reference Entity — Short** |  | (822476)<br>|  |
| **Net Value of Reference Entity — JPMorgan Chase** <br> **Bank N.A.**<br>|  | $878094 |  |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Equity Market Neutral Fund** 

The following table represents the individual long and short positions and related values of the equity securities underlying the total return swap with Morgan Stanley & Co, Inc. as of period end, termination dates 01/07/27 – 02/08/27:

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of* <br>*Basket* <br>*Value*<br>|
| **Reference Entity — Long** |  |  |  |
| **Common Stocks**  |  |  |  |
| **Australia** |  |  |  |
| AGL Energy Ltd. | 715567 | $4876593 | 32.7<br> % <br>|
| Aristocrat Leisure Ltd. | 230139 | 9829018 | 65.9 |
| BHP Group Ltd. | 86597 | 2063923 | 13.8 |
| Insurance Australia Group Ltd. | 1391540 | 7309021 | 49.0 |
| JB Hi-Fi Ltd. | 65801 | 4360483 | 29.2 |
| Qantas Airways Ltd. | 757624 | 4283545 | 28.7 |
| Santos Ltd. | 1640891 | 6308181 | 42.3 |
| Sonic Healthcare Ltd. | 74497 | 1243873 | 8.3 |
| South32 Ltd. | 1942918 | 3348221 | 22.5 |
| Technology One Ltd. | 65720 | 1268539 | 8.5 |
| Transurban Group | 424360 | 3824066 | 25.7 |
|  |  | 48715463 |  |
| **Austria** |  |  |  |
| BAWAG Group AG | 18999 | 2082442 | 14.0 |
| **Brazil** |  |  |  |
| Yara International ASA | 380063 | 12334391 | 82.7 |
| **Canada** |  |  |  |
| Aritzia, Inc. | 37170 | 1307394 | 8.8 |
| AtkinsRealis Group, Inc. | 889 | 44024 | 0.3 |
| BCE, Inc. | 94513 | 2100594 | 14.1 |
| Brookfield Infrastructure Corp., Class A | 548751 | 20555275 | 137.8 |
| Canadian Natural Resources Ltd. | 244508 | 7016347 | 47.0 |
| CCL Industries, Inc., Class B | 6293 | 328846 | 2.2 |
| Empire Co., Inc. | 130094 | 4831577 | 32.4 |
| Enbridge, Inc. | 70637 | 3303327 | 22.1 |
| Finning International, Inc. | 22173 | 625817 | 4.2 |
| First Majestic Silver Corp. | 239001 | 1492673 | 10.0 |
| FirstService Corp. | 68523 | 12026567 | 80.6 |
| Great-West Lifeco, Inc. | 402539 | 15653646 | 105.0 |
| Keyera Corp. | 58426 | 1813469 | 12.2 |
| Kinross Gold Corp. | 635237 | 9376957 | 62.9 |
| Magna International, Inc. | 303672 | 10551203 | 70.7 |
| Northland Power, Inc. | 442110 | 6006616 | 40.3 |
| Pan American Silver Corp. | 9182 | 231182 | 1.6 |
| RioCan Real Estate Investment Trust | 586263 | 7322972 | 49.1 |
| Sun Life Financial, Inc. | 133838 | 7975331 | 53.5 |
| Suncor Energy, Inc. | 198376 | 7006331 | 47.0 |
| Teck Resources Ltd., Class B | 65505 | 2226106 | 14.9 |
| TELUS Corp. | 501803 | 7723966 | 51.8 |
|  |  | 129520220 |  |
| **Denmark** |  |  |  |
| AP Moller - Maersk A/S, Class A | 1426 | 2437120 | 16.3 |
| Genmab A/S | 9527 | 2020092 | 13.6 |
| GN Store Nord AS | 139317 | 2103443 | 14.1 |
|  |  | 6560655 |  |
| **Finland** |  |  |  |
| Fortum OYJ | 510478 | 8558957 | 57.4 |
| Wartsila OYJ Abp | 267172 | 4936358 | 33.1 |
|  |  | 13495315 |  |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **France** |  |  |  |
| AXA SA | 47525 | $2247737 | 15.1<br> % <br>|
| Bureau Veritas SA | 831645 | 26398953 | 177.0 |
| Capgemini SE | 20288 | 3239028 | 21.7 |
| Danone SA | 144655 | 12447045 | 83.5 |
| Engie SA | 202650 | 4188438 | 28.1 |
| Gaztransport Et Technigaz SA | 3671 | 598383 | 4.0 |
| Gecina SA | 32557 | 3342256 | 22.4 |
| Ipsen SA | 7704 | 895999 | 6.0 |
| Safran SA | 24657 | 6561712 | 44.0 |
| SPIE SA | 7027 | 344411 | 2.3 |
| Veolia Environnement SA | 246541 | 9004680 | 60.4 |
|  |  | 69268642 |  |
| **Germany** |  |  |  |
| Adidas AG | 19752 | 4544768 | 30.5 |
| Deutsche Telekom AG, Registered Shares | 59025 | 2120032 | 14.2 |
| Henkel AG & Co KGaA | 42147 | 2974741 | 19.9 |
| Rational AG | 1980 | 1698908 | 11.4 |
| Rheinmetall AG | 5920 | 10082069 | 67.6 |
| Siemens Energy AG | 69368 | 5354076 | 35.9 |
| TUI AG | 18884 | 145303 | 1.0 |
|  |  | 26919897 |  |
| **Hong Kong** |  |  |  |
| AIA Group Ltd. | 845600 | 6336006 | 42.5 |
| Link REIT | 297400 | 1392384 | 9.3 |
| Sun Hung Kai Properties Ltd. | 362500 | 3438824 | 23.1 |
| Techtronic Industries Co., Inc. | 760000 | 7648626 | 51.3 |
| Wharf Real Estate Investment Co., Inc. | 69000 | 165017 | 1.1 |
|  |  | 18980857 |  |
| **Ireland** |  |  |  |
| Kerry Group PLC, Class A | 6528 | 691065 | 4.6 |
| **Israel** |  |  |  |
| Check Point Software Technologies Ltd. | 33727 | 7405100 | 49.7 |
| Nice Ltd. | 21995 | 3436146 | 23.0 |
|  |  | 10841246 |  |
| **Ivory Coast** |  |  |  |
| Endeavour Mining PLC | 88 | 2384 | 0.0 |
| **Japan** |  |  |  |
| Aeon Co., Inc. | 123700 | 3657954 | 24.5 |
| Aisin Corp. | 60300 | 765889 | 5.1 |
| Credit Saison Co., Inc. | 30600 | 714600 | 4.8 |
| Daikin Industries Ltd. | 38700 | 4408829 | 29.6 |
| FANUC Corp. | 180900 | 4591180 | 30.8 |
| Fuji Electric Co., Inc. | 37400 | 1663055 | 11.2 |
| Kansai Electric Power Co., Inc. | 262500 | 3234115 | 21.7 |
| Kao Corp. | 44300 | 1896994 | 12.7 |
| Lixil Corp. | 87300 | 1028709 | 6.9 |
| Mitsui & Co., Inc. | 219500 | 4438536 | 29.8 |
| Mitsui Fudosan Co., Inc. | 515200 | 5105965 | 34.2 |
| ORIX Corp. | 222300 | 4459344 | 29.9 |
| Resonac Holdings Corp. | 70700 | 1285889 | 8.6 |
| Sankyo Co., Inc. | 61500 | 936064 | 6.3 |
| Sumitomo Rubber Industries Ltd. | 218200 | 2747850 | 18.4 |
|  |  | 40934973 |  |
| **Macau** |  |  |  |
| Sands China Ltd. | 265600 | 475676 | 3.2 |

---

Schedule of Investments

------

Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **Netherlands** |  |  |  |
| Euronext NV | 64306 | $10748567 | 72.1<br> % <br>|
| **New Zealand** |  |  |  |
| Xero Ltd. | 135737 | 14294880 | 95.8 |
| **Singapore** |  |  |  |
| Singapore Telecommunications Ltd. | 141400 | 409098 | 2.7 |
| **Spain** |  |  |  |
| Bankinter SA | 193472 | 2253743 | 15.1 |
| Telefonica SA | 1012004 | 5198910 | 34.9 |
|  |  | 7452653 |  |
| **Sweden** |  |  |  |
| AddTech AB | 75218 | 2530517 | 17.0 |
| Alfa Laval AB | 1909 | 79177 | 0.5 |
| Fastighets AB Balder | 809219 | 5817020 | 39.0 |
| Sandvik AB | 130584 | 2695832 | 18.1 |
| Securitas AB | 208283 | 3300609 | 22.1 |
| Skanska AB | 49513 | 1150515 | 7.7 |
|  |  | 15573670 |  |
| **Switzerland** |  |  |  |
| ABB Ltd., Registered Shares | 51204 | 2704121 | 18.1 |
| Belimo Holding AG, Registered Shares | 12540 | 10654754 | 71.5 |
| Flughafen Zurich AG, Registered Shares | 11267 | 2839089 | 19.0 |
| Givaudan SA, Registered Shares | 1529 | 7376446 | 49.5 |
| PSP Swiss Property AG, Registered Shares | 12935 | 2303342 | 15.5 |
| Schindler Holding AG | 30232 | 11057199 | 74.1 |
| SGS SA, Registered Shares | 105359 | 10289484 | 69.0 |
| Temenos AG, Registered Shares | 41668 | 2984694 | 20.0 |
|  |  | 50209129 |  |
| **United Kingdom** |  |  |  |
| BAE Systems PLC | 122646 | 2843258 | 19.1 |
| Diploma PLC | 59840 | 3175203 | 21.3 |
| IMI PLC | 166497 | 3951441 | 26.5 |
| Vodafone Group PLC | 2345052 | 2304483 | 15.4 |
|  |  | 12274385 |  |
| **United States** |  |  |  |
| Agree Realty Corp. | 83403 | 6472907 | 43.4 |
| American Express Co. | 59591 | 15875638 | 106.5 |
| American Tower Corp. | 22655 | 5106664 | 34.2 |
| Aon PLC, Class A | 43118 | 15297835 | 102.6 |
| Bio-Rad Laboratories, Inc., Class A | 11496 | 2805944 | 18.8 |
| Bristol-Myers Squibb Co. | 266164 | 13361433 | 89.6 |
| Bruker Corp. | 55372 | 2218202 | 14.9 |
| Camden Property Trust | 19639 | 2234918 | 15.0 |
| Cencora, Inc. | 10643 | 3114887 | 20.9 |
| Chevron Corp. | 59198 | 8054480 | 54.0 |
| Ciena Corp. | 109034 | 7322723 | 49.1 |
| Cleveland-Cliffs, Inc. | 626529 | 5162599 | 34.6 |
| Costco Wholesale Corp. | 11600 | 11536200 | 77.4 |
| CSX Corp. | 316375 | 8880646 | 59.5 |
| Dexcom, Inc. | 106849 | 7626882 | 51.1 |
| DoorDash, Inc., Class A | 78160 | 15076282 | 101.1 |
| Doximity, Inc., Class A | 153554 | 8734152 | 58.6 |
| DraftKings, Inc., Class A | 235979 | 7855741 | 52.7 |
| Entergy Corp. | 509262 | 42355321 | 284.0 |
| Equity LifeStyle Properties, Inc. | 82291 | 5330811 | 35.7 |
| Extra Space Storage, Inc. | 29101 | 4263879 | 28.6 |
| Federal Realty Investment Trust | 39708 | 3733346 | 25.0 |
| FedEx Corp. | 50285 | 10576444 | 70.9 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **United States (continued)** |  |  |  |
| First American Financial Corp. | 169764 | $10323349 | 69.2<br> % <br>|
| Floor & Decor Holdings, Inc., Class A | 61792 | 4414421 | 29.6 |
| Fortinet, Inc. | 39713 | 4120621 | 27.6 |
| Globant SA | 46890 | 5512857 | 37.0 |
| HealthEquity, Inc. | 38842 | 3329536 | 22.3 |
| HF Sinclair Corp. | 44254 | 1330718 | 8.9 |
| Holcim AG | 65329 | 7300378 | 49.0 |
| Jefferies Financial Group, Inc. | 175245 | 8189199 | 54.9 |
| Life Time Group Holdings, Inc. | 94807 | 2906783 | 19.5 |
| Loews Corp. | 26016 | 2258969 | 15.1 |
| Magnolia Oil & Gas Corp., Class A | 48212 | 989792 | 6.6 |
| Molson Coors Beverage Co., Class B | 76646 | 4409444 | 29.6 |
| New York Times Co., Class A | 237419 | 12360033 | 82.9 |
| Nutanix, Inc., Class A | 52381 | 3598575 | 24.1 |
| Paylocity Holding Corp. | 47281 | 9082680 | 60.9 |
| PayPal Holdings, Inc. | 35623 | 2345418 | 15.7 |
| Philip Morris International, Inc., CDI | 94239 | 16148795 | 108.3 |
| Phillips 66 | 46960 | 4886658 | 32.8 |
| Pinnacle West Capital Corp. | 26797 | 2550539 | 17.1 |
| Post Holdings, Inc. | 20451 | 2314440 | 15.5 |
| Public Storage | 25293 | 7598776 | 51.0 |
| QIAGEN NV | 115676 | 4945149 | 33.2 |
| Qorvo, Inc. | 137152 | 9829684 | 65.9 |
| Rambus, Inc. | 131506 | 6416178 | 43.0 |
| Revolution Medicines, Inc. | 50890 | 2054938 | 13.8 |
| Rockwell Automation, Inc. | 34422 | 8525641 | 57.2 |
| T Rowe Price Group, Inc. | 43777 | 3876453 | 26.0 |
| Thor Industries, Inc. | 49043 | 3551694 | 23.8 |
| TPG, Inc. | 56987 | 2647046 | 17.8 |
| Union Pacific Corp. | 6786 | 1463469 | 9.8 |
| Unum Group | 85241 | 6619816 | 44.4 |
| Valvoline, Inc. | 72766 | 2492963 | 16.7 |
| Verizon Communications, Inc. | 44041 | 1940446 | 13.0 |
| Warner Music Group Corp., Class A | 72081 | 2194866 | 14.7 |
| Watsco, Inc. | 10042 | 4617713 | 31.0 |
| Workiva, Inc. | 18503 | 1392721 | 9.3 |
| XPO, Inc. | 34817 | 3694780 | 24.8 |
|  |  | 395233472 |  |
| **Preferred Stocks**  |  |  |  |
| **Germany** |  |  |  |
| Henkel AG & Co KGaA | 138983 | 10794304 | 72.4 |
| **Total Reference Entity — Long** |  | 897813384 |  |
| **Reference Entity — Short** |  |  |  |
| **Common Stocks**  |  |  |  |
| **Australia** |  |  |  |
| APA Group | (1595116)<br>| (8393458)<br>| (56.3)<br>|
| National Australia Bank Ltd. | (644433)<br>| (14880412)<br>| (99.8)<br>|
| Sigma Healthcare Ltd. | (991924)<br>| (1914087)<br>| (12.8)<br>|
| Treasury Wine Estates Ltd. | (13830)<br>| (79052)<br>| (0.5)<br>|
| Westpac Banking Corp. | (534741)<br>| (11221626)<br>| (75.2)<br>|
| WiseTech Global Ltd. | (129)<br>| (7335)<br>| (0.1)<br>|
|  |  | (36495970)<br>|  |
| **Austria** |  |  |  |
| OMV AG | (74822)<br>| (3868567)<br>| (25.9)<br>|

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **Belgium** |  |  |  |
| KBC Group NV | (224618)<br>| $(20711747)<br>| (138.9)% <br>|
| Lotus Bakeries NV | (357)<br>| (3432581)<br>| (23.0)<br>|
|  |  | (24144328)<br>|  |
| **Canada** |  |  |  |
| Agnico Eagle Mines Ltd. | (47501)<br>| (5582901)<br>| (37.4)<br>|
| Air Canada | (114657)<br>| (1161873)<br>| (7.8)<br>|
| Alimentation Couche-Tard, Inc. | (20033)<br>| (1045680)<br>| (7.0)<br>|
| AltaGas Ltd. | (232381)<br>| (6877372)<br>| (46.1)<br>|
| ATS Corp. | (25210)<br>| (635279)<br>| (4.3)<br>|
| BlackBerry Ltd. | (11709)<br>| (39749)<br>| (0.3)<br>|
| Bombardier, Inc., Class B | (11452)<br>| (756932)<br>| (5.1)<br>|
| Brookfield Asset Management Ltd., Class A | (3276)<br>| (174802)<br>| (1.2)<br>|
| CAE, Inc. | (32051)<br>| (801856)<br>| (5.4)<br>|
| Cameco Corp. | (119373)<br>| (5388497)<br>| (36.1)<br>|
| Canadian Pacific Kansas City Ltd. | (10345)<br>| (751374)<br>| (5.0)<br>|
| Cenovus Energy, Inc. | (906059)<br>| (10666863)<br>| (71.5)<br>|
| Descartes Systems Group, Inc. | (48462)<br>| (5103520)<br>| (34.2)<br>|
| Dollarama, Inc. | (96469)<br>| (11902928)<br>| (79.8)<br>|
| Element Fleet Management Corp. | (320335)<br>| (7015025)<br>| (47.0)<br>|
| Emera, Inc. | (12780)<br>| (575221)<br>| (3.9)<br>|
| Fairfax Financial Holdings Ltd. | (1143)<br>| (1784476)<br>| (12.0)<br>|
| Fortis, Inc. | (34260)<br>| (1696598)<br>| (11.4)<br>|
| Imperial Oil Ltd. | (88262)<br>| (5953491)<br>| (39.9)<br>|
| Intact Financial Corp. | (22828)<br>| (5069816)<br>| (34.0)<br>|
| Metro, Inc. | (119261)<br>| (9190692)<br>| (61.6)<br>|
| National Bank of Canada | (14195)<br>| (1246722)<br>| (8.4)<br>|
| Nexgen Energy Ltd. | (1254230)<br>| (6568650)<br>| (44.0)<br>|
| Nutrien Ltd. | (76941)<br>| (4392323)<br>| (29.5)<br>|
| Onex Corp. | (5688)<br>| (402732)<br>| (2.7)<br>|
| Open Text Corp. | (423813)<br>| (11473017)<br>| (76.9)<br>|
| Peyto Exploration & Development Corp. | (493388)<br>| (6177192)<br>| (41.4)<br>|
| Quebecor, Inc., Class B | (317897)<br>| (8721068)<br>| (58.5)<br>|
| RB Global, Inc. | (94507)<br>| (9524052)<br>| (63.9)<br>|
| Saputo, Inc. | (123088)<br>| (2401761)<br>| (16.1)<br>|
| Shopify, Inc., Class A | (48303)<br>| (4594146)<br>| (30.8)<br>|
| TMX Group Ltd. | (4432)<br>| (179614)<br>| (1.2)<br>|
| Toromont Industries Ltd. | (9651)<br>| (816548)<br>| (5.5)<br>|
| Toronto-Dominion Bank | (512361)<br>| (32738924)<br>| (219.5)<br>|
| Veren, Inc. | (284138)<br>| (1681827)<br>| (11.3)<br>|
| West Fraser Timber Co., Inc. | (7121)<br>| (527231)<br>| (3.5)<br>|
| WSP Global, Inc. | (45269)<br>| (8024034)<br>| (53.8)<br>|
|  |  | (181644786)<br>|  |
| **Chile** |  |  |  |
| Antofagasta PLC | (2334)<br>| (51221)<br>| (0.4)<br>|
| Lundin Mining Corp. | (292)<br>| (2389)<br>| (0.0)<br>|
|  |  | (53610)<br>|  |
| **China** |  |  |  |
| Yangzijiang Shipbuilding Holdings Ltd. | (1356700)<br>| (2323977)<br>| (15.6)<br>|
| **Congo** |  |  |  |
| Ivanhoe Mines Ltd., Class A | (418014)<br>| (3711368)<br>| (24.9)<br>|
| **Denmark** |  |  |  |
| DSV A/S | (41824)<br>| (8865003)<br>| (59.4)<br>|
| Pandora A/S | (1175)<br>| (174914)<br>| (1.2)<br>|
|  |  | (9039917)<br>|  |
| **France** |  |  |  |
| Air France-KLM | (322301)<br>| (2813962)<br>| (18.9)<br>|

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **France (continued)** |  |  |  |
| Eurazeo SE | (57868)<br>| $(4231283)<br>| (28.4)% <br>|
| Getlink SE | (140650)<br>| (2670692)<br>| (17.9)<br>|
| Kering SA | (11217)<br>| (2282128)<br>| (15.3)<br>|
| Legrand SA | (55701)<br>| (6121530)<br>| (41.0)<br>|
| L'Oreal SA | (27642)<br>| (12214050)<br>| (81.9)<br>|
| Pernod Ricard SA | (62383)<br>| (6762034)<br>| (45.3)<br>|
| Publicis Groupe SA | (1999)<br>| (203392)<br>| (1.4)<br>|
| Renault SA | (139887)<br>| (7429564)<br>| (49.8)<br>|
| Unibail-Rodamco-Westfield | (40717)<br>| (3446900)<br>| (23.1)<br>|
|  |  | (48175535)<br>|  |
| **Germany** |  |  |  |
| Bayer AG, Registered Shares | (506227)<br>| (13266785)<br>| (88.9)<br>|
| Birkenstock Holding Plc | (151157)<br>| (7774004)<br>| (52.1)<br>|
| Deutsche Lufthansa AG, Registered Shares | (246232)<br>| (1769335)<br>| (11.9)<br>|
| Nemetschek SE | (9162)<br>| (1217490)<br>| (8.2)<br>|
|  |  | (24027614)<br>|  |
| **Hong Kong** |  |  |  |
| Melco Resorts & Entertainment Ltd., CDI | (133458)<br>| (687309)<br>| (4.6)<br>|
| **Italy** |  |  |  |
| Terna - Rete Elettrica Nazionale | (541219)<br>| (5381778)<br>| (36.1)<br>|
| **Japan** |  |  |  |
| Kadokawa Corp. | (7300)<br>| (196318)<br>| (1.3)<br>|
| Kawasaki Kisen Kaisha Ltd. | (11400)<br>| (156343)<br>| (1.0)<br>|
| Kokusai Electric Corp. | (7300)<br>| (134796)<br>| (0.9)<br>|
| Nippon Paint Holdings Co., Inc. | (56000)<br>| (426651)<br>| (2.9)<br>|
| SBI Sumishin Net Bank Ltd. | (6600)<br>| (192590)<br>| (1.3)<br>|
| SCSK Corp. | (8000)<br>| (209243)<br>| (1.4)<br>|
|  |  | (1315941)<br>|  |
| **Jordan** |  |  |  |
| Hikma Pharmaceuticals PLC | (214125)<br>| (5674218)<br>| (38.0)<br>|
| **Luxembourg** |  |  |  |
| CVC Capital Partners PLC | (277083)<br>| (4943963)<br>| (33.2)<br>|
| **Netherlands** |  |  |  |
| ABN AMRO Bank NV | (987804)<br>| (20470109)<br>| (137.3)<br>|
| ING Groep NV | (38447)<br>| (746614)<br>| (5.0)<br>|
| Randstad NV | (30620)<br>| (1229078)<br>| (8.2)<br>|
|  |  | (22445801)<br>|  |
| **New Zealand** |  |  |  |
| Infratil Ltd. | (349812)<br>| (2192526)<br>| (14.7)<br>|
| **Portugal** |  |  |  |
| EDP SA | (42833)<br>| (168833)<br>| (1.1)<br>|
| **Singapore** |  |  |  |
| Capitaland Investment Ltd. | (295100)<br>| (621950)<br>| (4.2)<br>|
| Keppel Ltd. | (100100)<br>| (503273)<br>| (3.4)<br>|
| Sembcorp Industries Ltd. | (847200)<br>| (4285280)<br>| (28.7)<br>|
|  |  | (5410503)<br>|  |
| **South Africa** |  |  |  |
| Anglo American PLC | (57378)<br>| (1566326)<br>| (10.5)<br>|
| **Spain** |  |  |  |
| Banco Bilbao Vizcaya Argentaria SA | (937058)<br>| (12860220)<br>| (86.2)<br>|
| CaixaBank SA | (1052214)<br>| (8064385)<br>| (54.1)<br>|
|  |  | (20924605)<br>|  |

---

Schedule of Investments

------

Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **Sweden** |  |  |  |
| Beijer Ref AB | (73987)<br>| $(1128550)<br>| (7.6)% <br>|
| Castellum AB | (390683)<br>| (4754694)<br>| (31.9)<br>|
| Telia Co AB | (1541858)<br>| (5791942)<br>| (38.8)<br>|
|  |  | (11675186)<br>|  |
| **Switzerland** |  |  |  |
| Banque Cantonale Vaudoise, Registered <br> Shares<br>| (6353)<br>| (781912)<br>| (5.2)<br>|
| Georg Fischer AG, Registered Shares | (17079)<br>| (1234892)<br>| (8.3)<br>|
| Julius Baer Group Ltd. | (137771)<br>| (8934180)<br>| (59.9)<br>|
| Lonza Group AG, Registered Shares | (21343)<br>| (15335142)<br>| (102.8)<br>|
| Partners Group Holding AG | (414)<br>| (542452)<br>| (3.6)<br>|
| SIG Group AG | (90360)<br>| (1743040)<br>| (11.7)<br>|
| Swisscom AG, Registered Shares | (31251)<br>| (20840763)<br>| (139.8)<br>|
| VAT Group AG | (8338)<br>| (3009935)<br>| (20.2)<br>|
|  |  | (52422316)<br>|  |
| **United Kingdom** |  |  |  |
| Auto Trader Group PLC | (653288)<br>| (7339596)<br>| (49.2)<br>|
| B&M European Value Retail SA | (1139137)<br>| (5123132)<br>| (34.4)<br>|
| DCC PLC | (2779)<br>| (181629)<br>| (1.2)<br>|
| Drax Group PLC | (112180)<br>| (925368)<br>| (6.2)<br>|
| Games Workshop Group PLC | (1699)<br>| (349896)<br>| (2.4)<br>|
| IAMGOLD Corp. | (353450)<br>| (2504865)<br>| (16.8)<br>|
| Legal & General Group PLC | (417716)<br>| (1315422)<br>| (8.8)<br>|
| WPP PLC | (1871653)<br>| (14510092)<br>| (97.3)<br>|
|  |  | (32250000)<br>|  |
| **United States** |  |  |  |
| Amkor Technology, Inc. | (19827)<br>| (345981)<br>| (2.3)<br>|
| Appfolio, Inc., Class A | (35769)<br>| (7387014)<br>| (49.5)<br>|
| Archer-Daniels-Midland Co. | (184212)<br>| (8796123)<br>| (59.0)<br>|
| AST SpaceMobile, Inc. | (21822)<br>| (506489)<br>| (3.4)<br>|
| Automatic Data Processing, Inc. | (60048)<br>| (18050429)<br>| (121.0)<br>|
| Avery Dennison Corp. | (69075)<br>| (11819423)<br>| (79.3)<br>|
| Axon Enterprise, Inc. | (6995)<br>| (4290033)<br>| (28.8)<br>|
| Becton Dickinson & Co. | (45921)<br>| (9509780)<br>| (63.8)<br>|
| Bentley Systems, Inc., Class B | (73532)<br>| (3161141)<br>| (21.2)<br>|
| Bio-Techne Corp. | (162098)<br>| (8161634)<br>| (54.7)<br>|
| Boise Cascade Co. | (1582)<br>| (147569)<br>| (1.0)<br>|
| Brown-Forman Corp., Class B | (14678)<br>| (511381)<br>| (3.4)<br>|
| BRP, Inc. | (3228)<br>| (109348)<br>| (0.7)<br>|
| Bunge Global SA | (111965)<br>| (8813885)<br>| (59.1)<br>|
| Casey's General Stores, Inc. | (30912)<br>| (14299582)<br>| (95.9)<br>|
| Celsius Holdings, Inc. | (59012)<br>| (2063059)<br>| (13.8)<br>|
| Choice Hotels International, Inc. | (12024)<br>| (1516347)<br>| (10.2)<br>|
| Chord Energy Corp. | (31130)<br>| (2808860)<br>| (18.8)<br>|
| Clean Harbors, Inc. | (2444)<br>| (522869)<br>| (3.5)<br>|
| CME Group, Inc. | (7861)<br>| (2178126)<br>| (14.6)<br>|
| CNH Industrial NV | (72929)<br>| (843789)<br>| (5.7)<br>|
| Compass, Inc., Class A | (225165)<br>| (1738274)<br>| (11.7)<br>|
| Confluent, Inc., Class A | (7229)<br>| (172122)<br>| (1.2)<br>|
| Cousins Properties, Inc. | (143924)<br>| (3963667)<br>| (26.6)<br>|
| Darden Restaurants, Inc. | (88310)<br>| (17718518)<br>| (118.8)<br>|
| Dick's Sporting Goods, Inc. | (13850)<br>| (2600199)<br>| (17.4)<br>|
| EastGroup Properties, Inc. | (31964)<br>| (5223557)<br>| (35.0)<br>|
| EPAM Systems, Inc. | (13925)<br>| (2184972)<br>| (14.6)<br>|
| Erie Indemnity Co., Class A | (3509)<br>| (1258398)<br>| (8.4)<br>|
| Eversource Energy | (52094)<br>| (3098551)<br>| (20.8)<br>|
| Exxon Mobil Corp. | (207844)<br>| (21954562)<br>| (147.2)<br>|

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **United States (continued)** |  |  |  |
| Fastenal Co. | (324024)<br>| $(26236223)<br>| (175.9)% <br>|
| General Dynamics Corp. | (5228)<br>| (1422643)<br>| (9.5)<br>|
| Hexcel Corp. | (8608)<br>| (417230)<br>| (2.8)<br>|
| Home Depot, Inc. | (12783)<br>| (4608144)<br>| (30.9)<br>|
| Hubbell, Inc. | (5295)<br>| (1923038)<br>| (12.9)<br>|
| IDACORP, Inc. | (34648)<br>| (4091582)<br>| (27.4)<br>|
| IES Holdings, Inc. | (6258)<br>| (1230823)<br>| (8.2)<br>|
| Informatica, Inc., Class A | (144818)<br>| (2726923)<br>| (18.3)<br>|
| International Flavors & Fragrances, Inc. | (117897)<br>| (9250199)<br>| (62.0)<br>|
| International Paper Co. | (1603)<br>| (73225)<br>| (0.5)<br>|
| IonQ, Inc. | (11391)<br>| (312797)<br>| (2.1)<br>|
| Joby Aviation, Inc. | (287379)<br>| (1810488)<br>| (12.1)<br>|
| Kenvue, Inc. | (498388)<br>| (11761957)<br>| (78.9)<br>|
| Kirby Corp. | (1721)<br>| (165853)<br>| (1.1)<br>|
| Kite Realty Group Trust | (7490)<br>| (162158)<br>| (1.1)<br>|
| Lennox International, Inc. | (432)<br>| (236196)<br>| (1.6)<br>|
| Liberty Broadband Corp. | (62209)<br>| (5623071)<br>| (37.7)<br>|
| Lincoln National Corp. | (44329)<br>| (1412765)<br>| (9.5)<br>|
| Mastercard, Inc., Class A | (676)<br>| (370489)<br>| (2.5)<br>|
| MicroStrategy, Inc., Class A | (25464)<br>| (9679121)<br>| (64.9)<br>|
| Modine Manufacturing Co. | (281)<br>| (22941)<br>| (0.2)<br>|
| Monday.com Ltd. | (30294)<br>| (8512311)<br>| (57.1)<br>|
| Mondelez International, Inc., Class A | (201818)<br>| (13749860)<br>| (92.2)<br>|
| Monolithic Power Systems, Inc. | (16758)<br>| (9939170)<br>| (66.6)<br>|
| Northern Trust Corp. | (82299)<br>| (7734460)<br>| (51.9)<br>|
| NRG Energy, Inc. | (4748)<br>| (520286)<br>| (3.5)<br>|
| NuScale Power Corp. | (215891)<br>| (3577314)<br>| (24.0)<br>|
| Onestream, Inc. | (84907)<br>| (1817010)<br>| (12.2)<br>|
| Palantir Technologies, Inc., Class A | (20206)<br>| (2393199)<br>| (16.0)<br>|
| Parsons Corp. | (33258)<br>| (2223630)<br>| (14.9)<br>|
| Portland General Electric Co. | (6480)<br>| (272938)<br>| (1.8)<br>|
| Ross Stores, Inc. | (107595)<br>| (14955705)<br>| (100.3)<br>|
| RPM International, Inc. | (1716)<br>| (183183)<br>| (1.2)<br>|
| RTX Corp. | (1357)<br>| (171158)<br>| (1.1)<br>|
| Sealed Air Corp. | (484074)<br>| (13341079)<br>| (89.5)<br>|
| Service Corp. International | (64320)<br>| (5139168)<br>| (34.5)<br>|
| Somnigroup International, Inc. | (306453)<br>| (18712020)<br>| (125.5)<br>|
| StepStone Group, Inc., Class A | (3875)<br>| (193789)<br>| (1.3)<br>|
| Sterling Infrastructure, Inc. | (1732)<br>| (258813)<br>| (1.7)<br>|
| Summit Therapeutics, Inc. | (103788)<br>| (2503367)<br>| (16.8)<br>|
| Tradeweb Markets, Inc., Class A | (30043)<br>| (4154947)<br>| (27.9)<br>|
| TransDigm Group, Inc. | (525)<br>| (741862)<br>| (5.0)<br>|
| Unity Software, Inc. | (8183)<br>| (172416)<br>| (1.2)<br>|
| Valley National Bancorp | (32762)<br>| (281753)<br>| (1.9)<br>|
| Venture Global, Inc., Class A | (677819)<br>| (5686901)<br>| (38.1)<br>|
| Vertex, Inc., Class A | (91513)<br>| (3663265)<br>| (24.6)<br>|
| Voya Financial, Inc. | (4248)<br>| (251482)<br>| (1.7)<br>|
| Wynn Resorts Ltd. | (79997)<br>| (6424559)<br>| (43.1)<br>|
| Xylem, Inc. | (45436)<br>| (5478218)<br>| (36.7)<br>|
|  |  | (382347411)<br>|  |
| **Rights**  |  |  |  |
| **Spain** |  |  |  |
| EDP Renovaveis SA, (Expires 05/19/25, Strike <br> Price EUR<br>| (74454)<br>| (7591)<br>| (0.1)<br>|
| **Total Reference Entity — Short** |  | (882899979)<br>|  |
| **Net Value of Reference Entity — Morgan Stanley & Co,** <br> **Inc.** | **Net Value of Reference Entity — Morgan Stanley & Co,** <br> **Inc.** | $14913405 |  |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Equity Market Neutral Fund** 

The following table represents the individual long and short positions and related values of the equity securities underlying the total return swap with Morgan Stanley & Co, Inc. as of period end, termination dates 01/05/27 – 02/05/27:

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of* <br>*Basket* <br>*Value*<br>|
| **Reference Entity — Long** |  |  |  |
| **Common Stocks**  |  |  |  |
| **Australia** |  |  |  |
| AGL Energy Ltd. | 780257 | $5317456 | 831.7<br> % <br>|
| Aristocrat Leisure Ltd. | 108920 | 4651870 | 727.6 |
| Insurance Australia Group Ltd. | 622116 | 3267645 | 511.1 |
| JB Hi-Fi Ltd. | 25062 | 1660802 | 259.8 |
| Pro Medicus Ltd. | 34844 | 5109187 | 799.1 |
| Qantas Airways Ltd. | 2014456 | 11389572 | 1781.5 |
| Santos Ltd. | 2184785 | 8399107 | 1313.7 |
| Sonic Healthcare Ltd. | 90931 | 1518271 | 237.5 |
| South32 Ltd. | 3059905 | 5273119 | 824.8 |
| Technology One Ltd. | 302054 | 5830298 | 911.9 |
| Transurban Group | 88141 | 794271 | 124.2 |
| Wesfarmers Ltd. | 33892 | 1697862 | 265.6 |
|  |  | 54909460 |  |
| **Austria** |  |  |  |
| BAWAG Group AG | 84053 | 9212881 | 1441.0 |
| **Belgium** |  |  |  |
| Ageas SA/NV | 213608 | 13396689 | 2095.4 |
| **Brazil** |  |  |  |
| Yara International ASA | 110139 | 3574401 | 559.1 |
| **Canada** |  |  |  |
| Aritzia, Inc. | 12891 | 453420 | 70.9 |
| BCE, Inc. | 135281 | 3006681 | 470.3 |
| Brookfield Infrastructure Corp., Class A | 477034 | 17868878 | 2794.9 |
| CCL Industries, Inc., Class B | 107862 | 5636427 | 881.6 |
| Celestica, Inc. | 35097 | 2994676 | 468.4 |
| CGI, Inc. | 26508 | 2810779 | 439.6 |
| Colliers International Group, Inc. | 47188 | 5641270 | 882.4 |
| Empire Co., Inc. | 42874 | 1592303 | 249.1 |
| Finning International, Inc. | 112955 | 3188074 | 498.7 |
| FirstService Corp. | 66582 | 11685899 | 1827.8 |
| George Weston Ltd. | 23648 | 4607466 | 720.7 |
| Great-West Lifeco, Inc. | 214556 | 8343499 | 1305.0 |
| Hudbay Minerals, Inc. | 247547 | 1801027 | 281.7 |
| iA Financial Corp., Inc. | 19899 | 1933029 | 302.4 |
| IGM Financial, Inc. | 27604 | 877217 | 137.2 |
| Keyera Corp. | 11680 | 362532 | 56.7 |
| Kinross Gold Corp. | 743582 | 10976276 | 1716.8 |
| Magna International, Inc. | 543865 | 18896804 | 2955.7 |
| Northland Power, Inc. | 423671 | 5756099 | 900.3 |
| Osisko Gold Royalties Ltd. | 34390 | 824202 | 128.9 |
| Pan American Silver Corp. | 105240 | 2649703 | 414.4 |
| Pembina Pipeline Corp. | 302594 | 11567317 | 1809.3 |
| RioCan Real Estate Investment Trust | 433016 | 5408774 | 846.0 |
| Sun Life Financial, Inc. | 41678 | 2483569 | 388.5 |
| Suncor Energy, Inc. | 56174 | 1983978 | 310.3 |
| TELUS Corp. | 523800 | 8062553 | 1261.1 |
| TFI International, Inc. | 195997 | 15933109 | 2492.1 |
| Whitecap Resources, Inc. | 297403 | 1686995 | 263.9 |
|  |  | 159032556 |  |
| **Denmark** |  |  |  |
| AP Moller - Maersk A/S, Class A | 2006 | 3428375 | 536.2 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **Denmark (continued)** |  |  |  |
| AP Moller - Maersk A/S, Class B | 2064 | $3553969 | 555.9<br> % <br>|
| Danske Bank A/S | 2362 | 82877 | 13.0 |
| Demant A/S | 78525 | 2859635 | 447.3 |
| Genmab A/S | 3081 | 653291 | 102.2 |
| GN Store Nord AS | 103198 | 1558110 | 243.7 |
| Tryg A/S | 59324 | 1415349 | 221.4 |
| Vestas Wind Systems A/S | 357513 | 4766434 | 745.5 |
|  |  | 18318040 |  |
| **Finland** |  |  |  |
| Elisa OYJ | 75190 | 4011238 | 627.4 |
| Fortum OYJ | 297420 | 4986708 | 780.0 |
| Wartsila OYJ Abp | 256410 | 4737516 | 741.0 |
|  |  | 13735462 |  |
| **France** |  |  |  |
| Amundi SA | 2970 | 234604 | 36.7 |
| AXA SA | 85682 | 4052407 | 633.8 |
| Bureau Veritas SA | 571452 | 18139632 | 2837.3 |
| Capgemini SE | 8748 | 1396639 | 218.5 |
| Credit Agricole SA | 292531 | 5486883 | 858.2 |
| Engie SA | 615001 | 12711045 | 1988.2 |
| Gaztransport Et Technigaz SA | 1311 | 213697 | 33.4 |
| Gecina SA | 30960 | 3178310 | 497.1 |
| Ipsen SA | 33332 | 3876614 | 606.4 |
| LVMH Moet Hennessy Louis Vuitton SE | 10076 | 5581392 | 873.0 |
| SPIE SA | 42649 | 2090336 | 327.0 |
| TotalEnergies SE | 32861 | 1871605 | 292.7 |
|  |  | 58833164 |  |
| **Germany** |  |  |  |
| CTS Eventim AG & Co KGaA | 6971 | 825973 | 129.2 |
| Deutsche Bank AG | 121075 | 3174628 | 496.6 |
| Henkel AG & Co KGaA | 45132 | 3185422 | 498.2 |
| Merck KGaA | 7457 | 1038164 | 162.4 |
| Rational AG | 875 | 750780 | 117.4 |
|  |  | 8974967 |  |
| **Hong Kong** |  |  |  |
| AIA Group Ltd. | 587600 | 4402835 | 688.6 |
| Asmpt Ltd. | 30200 | 203170 | 31.8 |
| Link REIT | 103200 | 483168 | 75.6 |
| Sun Hung Kai Properties Ltd. | 295000 | 2798491 | 437.7 |
| Techtronic Industries Co., Inc. | 330000 | 3321114 | 519.5 |
| WH Group Ltd. | 2632500 | 2354001 | 368.2 |
| Wharf Real Estate Investment Co., Inc. | 24000 | 57397 | 9.0 |
|  |  | 13620176 |  |
| **Israel** |  |  |  |
| Bank Leumi Le-Israel BM | 25401 | 360720 | 56.4 |
| Nice Ltd. | 45863 | 7164900 | 1120.7 |
|  |  | 7525620 |  |
| **Italy** |  |  |  |
| Banca Mediolanum SpA | 500834 | 7487397 | 1171.1 |
| Banca Monte dei Paschi di Siena SpA | 69863 | 590816 | 92.4 |
| Mediobanca Banca di Credito Finanziario <br> SpA<br>| 3308 | 67662 | 10.6 |
| Prysmian SpA | 2903 | 159468 | 25.0 |
|  |  | 8305343 |  |
| **Ivory Coast** |  |  |  |
| Endeavour Mining PLC | 67554 | 1830220 | 286.3 |

---

Schedule of Investments

------

Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **Japan** |  |  |  |
| Brother Industries Ltd. | 28900 | $507876 | 79.4<br> % <br>|
| Daikin Industries Ltd. | 26600 | 3030358 | 474.0 |
| FANUC Corp. | 106800 | 2710548 | 424.0 |
| Fuji Electric Co., Inc. | 128100 | 5696187 | 891.0 |
| Kansai Electric Power Co., Inc. | 703000 | 8661267 | 1354.7 |
| Kintetsu Group Holdings Co., Inc. | 83600 | 1800116 | 281.6 |
| Mitsui & Co., Inc. | 284300 | 5748864 | 899.2 |
| Mitsui Fudosan Co., Inc. | 26000 | 257677 | 40.3 |
| Resonac Holdings Corp. | 41800 | 760257 | 118.9 |
| Sankyo Co., Inc. | 35200 | 535763 | 83.8 |
| Sumitomo Corp. | 2500 | 61041 | 9.5 |
| Sumitomo Rubber Industries Ltd. | 106900 | 1346220 | 210.6 |
| Yaskawa Electric Corp. | 87700 | 1847776 | 289.0 |
|  |  | 32963950 |  |
| **Luxembourg** |  |  |  |
| ArcelorMittal SA | 77283 | 2285392 | 357.5 |
| **Macau** |  |  |  |
| Sands China Ltd. | 86400 | 154738 | 24.2 |
| **Mexico** |  |  |  |
| Fresnillo PLC | 284219 | 3809263 | 595.8 |
| **Netherlands** |  |  |  |
| Euronext NV | 59878 | 10008439 | 1565.4 |
| EXOR NV | 64782 | 6116374 | 956.7 |
|  |  | 16124813 |  |
| **New Zealand** |  |  |  |
| Xero Ltd. | 38198 | 4022749 | 629.2 |
| **Norway** |  |  |  |
| Telenor ASA | 280631 | 4215073 | 659.3 |
| **Singapore** |  |  |  |
| DBS Group Holdings Ltd. | 372800 | 12111968 | 1894.5 |
| Singapore Telecommunications Ltd. | 2094400 | 6059506 | 947.8 |
| STMicroelectronics NV | 6557 | 149061 | 23.3 |
|  |  | 18320535 |  |
| **Spain** |  |  |  |
| Acciona SA | 8882 | 1294315 | 202.5 |
| Bankinter SA | 203637 | 2372154 | 371.0 |
| Telefonica SA | 2971270 | 15264135 | 2387.5 |
|  |  | 18930604 |  |
| **Sweden** |  |  |  |
| AddTech AB | 26086 | 877597 | 137.3 |
| Assa Abloy AB, Class B | 224144 | 6803661 | 1064.2 |
| Fastighets AB Balder | 908011 | 6527180 | 1020.9 |
| Getinge AB | 115074 | 2224036 | 347.9 |
| Industrivarden AB, Class A | 5105 | 179400 | 28.1 |
| Sandvik AB | 61129 | 1261973 | 197.4 |
| Securitas AB | 42409 | 672045 | 105.1 |
| Skanska AB | 309 | 7180 | 1.1 |
| Tele2 AB | 65147 | 961181 | 150.3 |
|  |  | 19514253 |  |
| **Switzerland** |  |  |  |
| ABB Ltd., Registered Shares | 261943 | 13833405 | 2163.7 |
| Belimo Holding AG, Registered Shares | 14786 | 12563093 | 1965.0 |
| Flughafen Zurich AG, Registered Shares | 5142 | 1295695 | 202.7 |
| Galderma Group AG | 1588 | 184439 | 28.9 |
| Helvetia Holding AG, Registered Shares | 25950 | 5724506 | 895.4 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **Switzerland (continued)** |  |  |  |
| PSP Swiss Property AG, Registered Shares | 594 | $105774 | 16.5<br> % <br>|
| Schindler Holding AG, Registered Shares | 10156 | 3600748 | 563.2 |
| SGS SA, Registered Shares | 79258 | 7740429 | 1210.7 |
| Temenos AG, Registered Shares | 16085 | 1152175 | 180.2 |
|  |  | 46200264 |  |
| **United Kingdom** |  |  |  |
| Ck Hutchison Holdings Ltd. | 104500 | 589284 | 92.2 |
| Diploma PLC | 7320 | 388410 | 60.7 |
| IMI PLC | 67852 | 1610319 | 251.9 |
| Rightmove PLC | 53695 | 530300 | 82.9 |
| Smith & Nephew PLC | 139836 | 1967853 | 307.8 |
|  |  | 5086166 |  |
| **United States** |  |  |  |
| Carnival PLC | 141176 | 2369641 | 370.7 |
| GSK PLC | 140486 | 2779191 | 434.7 |
| Holcim AG | 21381 | 2389282 | 373.7 |
| Roche Holding AG | 1265 | 440064 | 68.8 |
|  |  | 7978178 |  |
| **Preferred Stocks**  |  |  |  |
| **Germany** |  |  |  |
| Henkel AG & Co KGaA | 101752 | 7902707 | 1236.1 |
| **Total Reference Entity — Long** |  | 558777664 |  |
| **Reference Entity — Short** |  |  |  |
| **Common Stocks**  |  |  |  |
| **Australia** |  |  |  |
| APA Group | (1650320)<br>| (8683940)<br>| (1358.3)<br>|
| Coles Group Ltd. | (237327)<br>| (3222854)<br>| (504.1)<br>|
| Endeavour Group Ltd. | (68765)<br>| (175894)<br>| (27.5)<br>|
| National Australia Bank Ltd. | (420671)<br>| (9713589)<br>| (1519.3)<br>|
| Pilbara Minerals Ltd. | (87253)<br>| (84063)<br>| (13.1)<br>|
| Rio Tinto PLC | (5593)<br>| (333284)<br>| (52.1)<br>|
| SGH Ltd. | (40599)<br>| (1327777)<br>| (207.7)<br>|
| Sigma Healthcare Ltd. | (1127641)<br>| (2175977)<br>| (340.4)<br>|
| Westpac Banking Corp. | (484687)<br>| (10171234)<br>| (1590.9)<br>|
| WiseTech Global Ltd. | (22268)<br>| (1266224)<br>| (198.1)<br>|
| Woolworths Group Ltd. | (282822)<br>| (5708093)<br>| (892.8)<br>|
|  |  | (42862929)<br>|  |
| **Austria** |  |  |  |
| OMV AG | (37006)<br>| (1913344)<br>| (299.3)<br>|
| **Belgium** |  |  |  |
| D'ieteren Group | (2719)<br>| (542987)<br>| (84.9)<br>|
| KBC Group NV | (38721)<br>| (3570415)<br>| (558.5)<br>|
| Lotus Bakeries NV | (113)<br>| (1086503)<br>| (169.9)<br>|
|  |  | (5199905)<br>|  |
| **Canada** |  |  |  |
| Agnico Eagle Mines Ltd. | (41751)<br>| (4907090)<br>| (767.5)<br>|
| Air Canada | (262198)<br>| (2656975)<br>| (415.6)<br>|
| Algonquin Power & Utilities Corp. | (93681)<br>| (504896)<br>| (79.0)<br>|
| Alimentation Couche-Tard, Inc. | (21668)<br>| (1131024)<br>| (176.9)<br>|
| AltaGas Ltd. | (440313)<br>| (13031170)<br>| (2038.2)<br>|
| ATS Corp. | (147441)<br>| (3715436)<br>| (581.1)<br>|
| BlackBerry Ltd. | (135760)<br>| (460871)<br>| (72.1)<br>|
| Bombardier, Inc., Class B | (61165)<br>| (4042764)<br>| (632.3)<br>|
| Boyd Group Services, Inc. | (24011)<br>| (3448555)<br>| (539.4)<br>|
| Brookfield Asset Management Ltd., Class A | (2713)<br>| (144762)<br>| (22.6)<br>|
| Cameco Corp. | (25108)<br>| (1133375)<br>| (177.3)<br>|

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **Canada (continued)** |  |  |  |
| Canadian Imperial Bank of Commerce | (13575)<br>| $(856192)<br>| (133.9)% <br>|
| Canadian Natural Resources Ltd. | (68294)<br>| (1959749)<br>| (306.5)<br>|
| Canadian Pacific Kansas City Ltd. | (22450)<br>| (1630581)<br>| (255.0)<br>|
| Cenovus Energy, Inc. | (417783)<br>| (4918481)<br>| (769.3)<br>|
| Descartes Systems Group, Inc. | (24852)<br>| (2617157)<br>| (409.4)<br>|
| Dollarama, Inc. | (13413)<br>| (1654977)<br>| (258.9)<br>|
| Element Fleet Management Corp. | (234152)<br>| (5127701)<br>| (802.0)<br>|
| Emera, Inc. | (315173)<br>| (14185757)<br>| (2218.8)<br>|
| Enbridge, Inc. | (136887)<br>| (6401498)<br>| (1001.3)<br>|
| Equinox Gold Corp. | (55178)<br>| (371029)<br>| (58.0)<br>|
| Fairfax Financial Holdings Ltd. | (1470)<br>| (2294996)<br>| (359.0)<br>|
| Fortis, Inc. | (128223)<br>| (6349764)<br>| (993.2)<br>|
| Franco-Nevada Corp. | (1712)<br>| (294204)<br>| (46.0)<br>|
| Gibson Energy, Inc. | (19362)<br>| (304629)<br>| (47.7)<br>|
| Hydro One Ltd. | (12096)<br>| (465379)<br>| (72.8)<br>|
| Imperial Oil Ltd. | (57201)<br>| (3858350)<br>| (603.5)<br>|
| Intact Financial Corp. | (24785)<br>| (5504442)<br>| (861.0)<br>|
| Metro, Inc. | (185694)<br>| (14310264)<br>| (2238.3)<br>|
| National Bank of Canada | (59376)<br>| (5214889)<br>| (815.7)<br>|
| Nexgen Energy Ltd. | (1046293)<br>| (5479643)<br>| (857.1)<br>|
| Nutrien Ltd. | (194440)<br>| (11099977)<br>| (1736.2)<br>|
| Onex Corp. | (3097)<br>| (219279)<br>| (34.3)<br>|
| Open Text Corp. | (507069)<br>| (13726835)<br>| (2147.1)<br>|
| Peyto Exploration & Development Corp. | (2900)<br>| (36308)<br>| (5.7)<br>|
| Quebecor, Inc., Class B | (154164)<br>| (4229278)<br>| (661.5)<br>|
| RB Global, Inc. | (205082)<br>| (20667374)<br>| (3232.7)<br>|
| Restaurant Brands International, Inc. | (4062)<br>| (261735)<br>| (40.9)<br>|
| Royal Bank of Canada | (5085)<br>| (610340)<br>| (95.5)<br>|
| Saputo, Inc. | (365375)<br>| (7129398)<br>| (1115.1)<br>|
| Shopify, Inc., Class A | (4863)<br>| (462525)<br>| (72.4)<br>|
| South Bow Corp. | (24627)<br>| (608261)<br>| (95.1)<br>|
| Thomson Reuters Corp. | (36772)<br>| (6842537)<br>| (1070.3)<br>|
| Toromont Industries Ltd. | (3039)<br>| (257122)<br>| (40.2)<br>|
| Toronto-Dominion Bank | (334468)<br>| (21371889)<br>| (3342.8)<br>|
| Tourmaline Oil Corp. | (114698)<br>| (5066813)<br>| (792.5)<br>|
| Veren, Inc. | (439617)<br>| (2602114)<br>| (407.0)<br>|
| West Fraser Timber Co., Inc. | (25403)<br>| (1880810)<br>| (294.2)<br>|
| WSP Global, Inc. | (91301)<br>| (16183311)<br>| (2531.3)<br>|
|  |  | (232232506)<br>|  |
| **Congo** |  |  |  |
| Ivanhoe Mines Ltd., Class A | (950303)<br>| (8437334)<br>| (1319.7)<br>|
| **Denmark** |  |  |  |
| Carlsberg AS, Class B | (35476)<br>| (4833734)<br>| (756.1)<br>|
| DSV A/S | (31380)<br>| (6651296)<br>| (1040.3)<br>|
| Orsted AS | (12349)<br>| (491403)<br>| (76.9)<br>|
| ROCKWOOL A/S | (34600)<br>| (1579496)<br>| (247.0)<br>|
| Zehnder Group AG | (11605)<br>| (820776)<br>| (128.4)<br>|
|  |  | (14376705)<br>|  |
| **Finland** |  |  |  |
| Metso Oyj | (6874)<br>| (74691)<br>| (11.7)<br>|
| **France** |  |  |  |
| Accor SA | (67726)<br>| (3337021)<br>| (522.0)<br>|
| Air France-KLM | (132122)<br>| (1153537)<br>| (180.4)<br>|
| Cie de Saint-Gobain SA | (9217)<br>| (1002054)<br>| (156.7)<br>|
| Danone SA | (11281)<br>| (970690)<br>| (151.8)<br>|
| Dassault Aviation SA | (1939)<br>| (699139)<br>| (109.4)<br>|
| Edenred SE | (42629)<br>| (1329469)<br>| (208.0)<br>|

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **France (continued)** |  |  |  |
| EssilorLuxottica SA | (13498)<br>| $(3889489)<br>| (608.4)% <br>|
| Eurazeo SE | (59684)<br>| (4364068)<br>| (682.6)<br>|
| Getlink SE | (40715)<br>| (773105)<br>| (120.9)<br>|
| Kering SA | (1427)<br>| (290327)<br>| (45.4)<br>|
| L'Oreal SA | (7116)<br>| (3144316)<br>| (491.8)<br>|
| Pernod Ricard SA | (86298)<br>| (9354311)<br>| (1463.1)<br>|
| Renault SA | (266204)<br>| (14138409)<br>| (2211.4)<br>|
| Sartorius Stedim Biotech | (16514)<br>| (3897154)<br>| (609.6)<br>|
| Sodexo SA | (148092)<br>| (9400407)<br>| (1470.4)<br>|
| Unibail-Rodamco-Westfield | (10984)<br>| (929851)<br>| (145.4)<br>|
|  |  | (58673347)<br>|  |
| **Germany** |  |  |  |
| BASF SE | (23857)<br>| (1218364)<br>| (190.6)<br>|
| Bayer AG, Registered Shares | (234542)<br>| (6146686)<br>| (961.4)<br>|
| Commerzbank AG | (10726)<br>| (283891)<br>| (44.4)<br>|
| Daimler Truck Holding AG | (48671)<br>| (1955429)<br>| (305.9)<br>|
| Fresenius SE & Co KGaA | (48806)<br>| (2318134)<br>| (362.6)<br>|
| Hensoldt AG | (14198)<br>| (1099902)<br>| (172.0)<br>|
|  |  | (13022406)<br>|  |
| **Hong Kong** |  |  |  |
| Hong Kong & China Gas Co., Inc. | (1125000)<br>| (1012245)<br>| (158.3)<br>|
| MTR Corp. Ltd. | (1639500)<br>| (5660089)<br>| (885.3)<br>|
| Prudential PLC | (43415)<br>| (461622)<br>| (72.2)<br>|
|  |  | (7133956)<br>|  |
| **Italy** |  |  |  |
| Iveco Group NV | (64769)<br>| (1034756)<br>| (161.9)<br>|
| Moncler SpA | (49553)<br>| (3058454)<br>| (478.4)<br>|
| Nexi SpA | (77092)<br>| (450299)<br>| (70.4)<br>|
| Terna - Rete Elettrica Nazionale | (290629)<br>| (2889959)<br>| (452.0)<br>|
|  |  | (7433468)<br>|  |
| **Japan** |  |  |  |
| Nippon Paint Holdings Co., Inc. | (78300)<br>| (596549)<br>| (93.3)<br>|
| SBI Sumishin Net Bank Ltd. | (2400)<br>| (70033)<br>| (11.0)<br>|
| SCSK Corp. | (32200)<br>| (842205)<br>| (131.7)<br>|
| SG Holdings Co., Inc. | (9100)<br>| (95820)<br>| (15.0)<br>|
| Shinko Electric Industries Co., Inc. | (7073)<br>| (290523)<br>| (45.4)<br>|
|  |  | (1895130)<br>|  |
| **Jordan** |  |  |  |
| Hikma Pharmaceuticals PLC | (67565)<br>| (1790443)<br>| (280.1)<br>|
| **Luxembourg** |  |  |  |
| CVC Capital Partners PLC | (71267)<br>| (1271610)<br>| (198.9)<br>|
| Eurofins Scientific SE | (46486)<br>| (2933561)<br>| (458.8)<br>|
|  |  | (4205171)<br>|  |
| **Netherlands** |  |  |  |
| ABN AMRO Bank NV | (337439)<br>| (6992696)<br>| (1093.7)<br>|
| Adyen NV | (893)<br>| (1445064)<br>| (226.0)<br>|
| Randstad NV | (11349)<br>| (455545)<br>| (71.3)<br>|
|  |  | (8893305)<br>|  |
| **New Zealand** |  |  |  |
| Infratil Ltd. | (369690)<br>| (2317116)<br>| (362.4)<br>|
| **Portugal** |  |  |  |
| Galp Energia SGPS SA | (337803)<br>| (5233843)<br>| (818.6)<br>|
| **Singapore** |  |  |  |
| Capitaland Investment Ltd. | (103900)<br>| (218979)<br>| (34.3)<br>|

---

Schedule of Investments

------

Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **Singapore (continued)** |  |  |  |
| Keppel Ltd. | (1059400)<br>| $(5326344)<br>| (833.1)% <br>|
| Mapletree Logistics Trust | (228900)<br>| (196976)<br>| (30.8)<br>|
| Sembcorp Industries Ltd. | (660800)<br>| (3342438)<br>| (522.8)<br>|
|  |  | (9084737)<br>|  |
| **Spain** |  |  |  |
| Banco Bilbao Vizcaya Argentaria SA | (689877)<br>| (9467898)<br>| (1480.9)<br>|
| CaixaBank SA | (945101)<br>| (7243449)<br>| (1133.0)<br>|
| Indra Sistemas SA | (101117)<br>| (3224003)<br>| (504.3)<br>|
|  |  | (19935350)<br>|  |
| **Sweden** |  |  |  |
| Beijer Ref AB | (40521)<br>| (618081)<br>| (96.7)<br>|
| Castellum AB | (69951)<br>| (851318)<br>| (133.2)<br>|
| Svenska Cellulosa AB SCA, Class B | (5257)<br>| (67976)<br>| (10.6)<br>|
| Telia Co AB | (126947)<br>| (476873)<br>| (74.6)<br>|
|  |  | (2014248)<br>|  |
| **Switzerland** |  |  |  |
| Adecco Group AG, Registered Shares | (91015)<br>| (2368775)<br>| (370.5)<br>|
| Banque Cantonale Vaudoise, Registered <br> Shares<br>| (8732)<br>| (1074714)<br>| (168.1)<br>|
| Georg Fischer AG, Registered Shares | (5951)<br>| (430285)<br>| (67.3)<br>|
| Julius Baer Group Ltd. | (37270)<br>| (2416887)<br>| (378.0)<br>|
| Lonza Group AG, Registered Shares | (27512)<br>| (19767625)<br>| (3091.9)<br>|
| SIG Group AG | (35598)<br>| (686684)<br>| (107.4)<br>|
| Sonova Holding AG, Registered Shares | (6915)<br>| (2125767)<br>| (332.5)<br>|
| Straumann Holding AG, Registered Shares | (3257)<br>| (397148)<br>| (62.1)<br>|
| Swiss Life Holding AG, Registered Shares | (9745)<br>| (9729991)<br>| (1521.9)<br>|
| Swiss Prime Site AG, Registered Shares | (23341)<br>| (3291221)<br>| (514.8)<br>|
| Swisscom AG, Registered Shares | (30701)<br>| (20473978)<br>| (3202.4)<br>|
| VAT Group AG | (8128)<br>| (2934127)<br>| (459.0)<br>|
|  |  | (65697202)<br>|  |
| **United Kingdom** |  |  |  |
| Auto Trader Group PLC | (325075)<br>| (3652170)<br>| (571.2)<br>|
| B&M European Value Retail SA | (1443615)<br>| (6492485)<br>| (1015.5)<br>|
| BT Group PLC | (31661)<br>| (73484)<br>| (11.5)<br>|
| Compass Group PLC | (127598)<br>| (4301944)<br>| (672.9)<br>|
| DCC PLC | (4475)<br>| (292476)<br>| (45.8)<br>|
| Games Workshop Group PLC | (10874)<br>| (2239417)<br>| (350.3)<br>|
| IAMGOLD Corp. | (628801)<br>| (4456250)<br>| (697.0)<br>|
| Land Securities Group PLC | (246273)<br>| (1951539)<br>| (305.2)<br>|
| LondonMetric Property PLC | (1409221)<br>| (3615653)<br>| (565.5)<br>|
| Pennon Group PLC | (454083)<br>| (3039785)<br>| (475.5)<br>|
| QinetiQ Group PLC | (234660)<br>| (1235153)<br>| (193.2)<br>|
| Unilever PLC | (169780)<br>| (10809872)<br>| (1690.8)<br>|
| WPP PLC | (380029)<br>| (2946196)<br>| (460.8)<br>|
|  |  | (45106424)<br>|  |
| **United States** |  |  |  |
| BRP, Inc. | (9063)<br>| (307008)<br>| (48.0)<br>|
| International Paper Co. | (4310)<br>| (196881)<br>| (30.8)<br>|
|  |  | (503889)<br>|  |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **Preferred Stocks**  |  |  |  |
| **Germany** |  |  |  |
| Bayerische Motoren Werke AG | (1217)<br>| $(98208)<br>| (15.4)% <br>|
| **Rights**  |  |  |  |
| **Spain** |  |  |  |
| EDP Renovaveis SA, (Expires 05/19/25, <br> Strike Price EUR<br>| (26227)<br>| (2674)<br>| (0.4)<br>|
| **Total Reference Entity — Short** |  | (558138331)<br>|  |
| **Net Value of Reference Entity — Morgan** <br> **Stanley & Co, Inc.**<br>|  | $639333 |  |

---

The following table represents the individual long and short positions and related values of the equity securities underlying the total return swap with Morgan Stanley & Co, Inc. as of period end, termination dates 01/05/27 – 02/09/27:

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of* <br>*Basket* <br>*Value*<br>|
| **Reference Entity — Long** |  |  |  |
| **Common Stocks**  |  |  |  |
| **Australia** |  |  |  |
| Bank of Queensland Ltd. | 1864619 | $8907033 | 749.8<br> % <br>|
| BWP Trust | 47593 | 109122 | 9.2 |
| Challenger Ltd. | 119630 | 542063 | 45.6 |
| Charter Hall Social Infrastructure REIT | 271354 | 508238 | 42.8 |
| Cleanaway Waste Management Ltd. | 1115029 | 1855638 | 156.2 |
| Codan Ltd. | 80543 | 811256 | 68.3 |
| Credit Corp. Group Ltd. | 41703 | 360854 | 30.4 |
| Dicker Data Ltd. | 54989 | 297111 | 25.0 |
| EBOS Group Ltd. | 29720 | 646125 | 54.4 |
| Flight Centre Travel Group Ltd. | 987185 | 8100066 | 681.9 |
| G8 Education Ltd. | 1073495 | 863117 | 72.7 |
| Gold Road Resources Ltd. | 2215224 | 4297846 | 361.8 |
| GrainCorp Ltd., Class A | 136623 | 581679 | 49.0 |
| Helia Group Ltd. | 365717 | 1133506 | 95.4 |
| IDP Education Ltd. | 1340884 | 7604626 | 640.1 |
| Iluka Resources Ltd. | 1695766 | 4492760 | 378.2 |
| Perseus Mining Ltd. | 470322 | 1007999 | 84.8 |
| Pinnacle Investment Management Group Ltd. | 64776 | 747037 | 62.9 |
| Regis Resources Ltd. | 2933046 | 8479694 | 713.8 |
| Service Stream Ltd. | 1290883 | 1546066 | 130.1 |
| Super Retail Group Ltd. | 131032 | 1123773 | 94.6 |
| Ventia Services Group Pty Ltd. | 267838 | 725168 | 61.0 |
| West African Resources Ltd. | 1088791 | 1666297 | 140.3 |
|  |  | 56407074 |  |
| **Austria** |  |  |  |
| ANDRITZ AG | 16995 | 1221256 | 102.8 |
| **Belgium** |  |  |  |
| Montea NV | 2974 | 215925 | 18.2 |
| Solvay SA | 57752 | 2185482 | 183.9 |
|  |  | 2401407 |  |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **Canada** |  |  |  |
| ADENTRA, Inc. | 3645 | $71414 | 6.0<br> % <br>|
| Ag Growth International, Inc. | 59268 | 1428176 | 120.2 |
| Atco Ltd., Class I | 249980 | 9398276 | 791.1 |
| Birchcliff Energy Ltd. | 83970 | 342921 | 28.9 |
| Bird Construction, Inc. | 79815 | 1222178 | 102.9 |
| Centerra Gold, Inc. | 111286 | 745082 | 62.7 |
| CES Energy Solutions Corp. | 463188 | 2042785 | 172.0 |
| Enghouse Systems Ltd. | 10325 | 187612 | 15.8 |
| Freehold Royalties Ltd. | 273446 | 2263179 | 190.5 |
| Interfor Corp. | 29835 | 287399 | 24.2 |
| K92 Mining, Inc. | 541556 | 4981090 | 419.3 |
| MAG Silver Corp. | 82822 | 1286246 | 108.3 |
| Nexus Industrial REIT | 107151 | 520754 | 43.8 |
| North American Construction Group Ltd. | 5638 | 85883 | 7.2 |
| NorthWest Healthcare Properties Real Estate <br> Investment Trust<br>| 413220 | 1474715 | 124.1 |
| Novagold Resources, Inc. | 258078 | 1095137 | 92.2 |
| Orla Mining Ltd. | 269797 | 2970781 | 250.1 |
| Precision Drilling Corp. | 71453 | 2989561 | 251.7 |
| Richelieu Hardware Ltd. | 36958 | 874220 | 73.6 |
| Russel Metals, Inc. | 7030 | 203975 | 17.2 |
| Seabridge Gold, Inc. | 232467 | 2888553 | 243.1 |
| Sienna Senior Living, Inc. | 33778 | 414813 | 34.9 |
| SmartCentres Real Estate Investment Trust | 425323 | 7864125 | 662.0 |
| Surge Energy, Inc. | 50535 | 171187 | 14.4 |
| Topaz Energy Corp. | 259614 | 4336944 | 365.1 |
| Triple Flag Precious Metals Corp. | 364537 | 7565214 | 636.8 |
| Vermilion Energy, Inc. | 384172 | 2318520 | 195.2 |
| Wesdome Gold Mines Ltd. | 100964 | 1242093 | 104.6 |
|  |  | 61272833 |  |
| **Denmark** |  |  |  |
| ALK-Abello A/S | 4774 | 111284 | 9.4 |
| **Finland** |  |  |  |
| Kojamo Oyj | 14378 | 167359 | 14.1 |
| Konecranes Oyj | 3169 | 212317 | 17.9 |
|  |  | 379676 |  |
| **France** |  |  |  |
| Elis SA | 9772 | 250838 | 21.1 |
| ID Logistics Group SACA | 195 | 87831 | 7.4 |
| Nexity SA | 26957 | 282658 | 23.8 |
| Societe BIC SA | 26000 | 1682239 | 141.6 |
| Ubisoft Entertainment SA | 116744 | 1375514 | 115.8 |
|  |  | 3679080 |  |
| **Germany** |  |  |  |
| AIXTRON SE | 381616 | 5181923 | 436.2 |
| Aroundtown SA | 231070 | 690347 | 58.1 |
| Atoss Software SE | 1084 | 162953 | 13.7 |
| Deutsche Wohnen SE | 4387 | 111486 | 9.4 |
| HelloFresh SE | 96525 | 1005096 | 84.6 |
| HOCHTIEF AG | 56232 | 10638826 | 895.6 |
| Salzgitter AG | 95050 | 2348911 | 197.7 |
| Stroeer SE & Co KGaA | 16076 | 959921 | 80.8 |
| TeamViewer SE | 398438 | 6121094 | 515.3 |
|  |  | 27220557 |  |
| **Guatemala** |  |  |  |
| Millicom International Cellular SA | 213758 | 7383201 | 621.5 |
| **Hong Kong** |  |  |  |
| Fortune Real Estate Investment Trust | 2107000 | 1178977 | 99.2 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **Israel** |  |  |  |
| Clal Insurance Enterprises Holdings Ltd. | 466 | $12786 | 1.1<br> % <br>|
| Energean PLC | 12701 | 150464 | 12.6 |
| Perion Network Ltd. | 44333 | 413627 | 34.8 |
| ZIM Integrated Shipping Services Ltd. | 217607 | 3340268 | 281.2 |
|  |  | 3917145 |  |
| **Italy** |  |  |  |
| Credito Emiliano SpA | 55124 | 757834 | 63.8 |
| Hera SpA | 83627 | 395909 | 33.3 |
| Iren SpA | 153800 | 439088 | 37.0 |
| PRADA SpA | 46300 | 289090 | 24.3 |
|  |  | 1881921 |  |
| **Japan** |  |  |  |
| Activia Properties, Inc. | 1374 | 3294652 | 277.3 |
| ARE Holdings, Inc. | 179600 | 2231365 | 187.8 |
| As One Corp. | 45600 | 722698 | 60.8 |
| Bell System24 Holdings, Inc. | 136600 | 1130453 | 95.2 |
| Financial Partners Group Co., Inc. | 137800 | 2174637 | 183.1 |
| Frontier Real Estate Investment Corp | 3228 | 1792031 | 150.9 |
| Hanwa Co., Inc. | 20100 | 666413 | 56.1 |
| Hosiden Corp. | 122700 | 1647394 | 138.7 |
| Kaken Pharmaceutical Co., Inc. | 99000 | 2818706 | 237.3 |
| Kyudenko Corp. | 193600 | 6502838 | 547.4 |
| Marui Group Co., Inc. | 230000 | 4578264 | 385.4 |
| MEITEC Group Holdings, Inc. | 129200 | 2651905 | 223.2 |
| Menicon Co., Inc. | 15000 | 148416 | 12.5 |
| Mitsubishi Estate Logistics REIT Investment <br> Corp.<br>| 153 | 124922 | 10.5 |
| MIXI, Inc. | 116400 | 2586372 | 217.7 |
| Morinaga Milk Industry Co., Inc. | 79000 | 1877248 | 158.0 |
| Nakanishi, Inc. | 149000 | 1945260 | 163.7 |
| Nikkon Holdings Co., Inc. | 107900 | 2227173 | 187.5 |
| Nippon Electric Glass Co., Inc. | 61000 | 1395725 | 117.5 |
| Organo Corp. | 26400 | 1263738 | 106.4 |
| Orix JREIT, Inc. | 5577 | 7024093 | 591.3 |
| Pigeon Corp. | 416700 | 5046182 | 424.8 |
| Resorttrust, Inc. | 10600 | 109090 | 9.2 |
| Round One Corp. | 111700 | 693362 | 58.4 |
| Sawai Group Holdings Co., Inc. | 427500 | 6160024 | 518.5 |
| SHIFT, Inc. | 884400 | 8092428 | 681.2 |
| Sugi Holdings Co., Inc. | 8800 | 184851 | 15.6 |
| Sumitomo Bakelite Co., Inc. | 4900 | 113929 | 9.6 |
| Taiyo Yuden Co., Inc. | 57500 | 867230 | 73.0 |
| TOKAI Holdings Corp. | 52000 | 364637 | 30.7 |
| Tokyo Century Corp. | 142000 | 1495449 | 125.9 |
| Toridoll Holdings Corp. | 325800 | 9751447 | 820.9 |
| TSI Holdings Co., Inc. | 233200 | 1754963 | 147.7 |
| Yokohama Rubber Co., Inc.. | 10500 | 229581 | 19.3 |
|  |  | 83667476 |  |
| **Jersey** |  |  |  |
| JTC PLC | 12729 | 143140 | 12.1 |
| **Netherlands** |  |  |  |
| Arcadis NV | 194587 | 9435733 | 794.3 |
| **New Zealand** |  |  |  |
| Fisher & Paykel Healthcare Corp. Ltd. | 79782 | 1607494 | 135.3 |
| Spark New Zealand Ltd. | 2310771 | 2855003 | 240.4 |
|  |  | 4462497 |  |
| **Nigeria** |  |  |  |
| Airtel Africa PLC | 4531835 | 10371082 | 873.0 |

---

Schedule of Investments

------

Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **Norway** |  |  |  |
| Nordic Semiconductor ASA | 98110 | $983786 | 82.8<br> % <br>|
| Seadrill Ltd. | 347136 | 7130174 | 600.2 |
| SFL Corp. Ltd. | 13811 | 113526 | 9.6 |
| SpareBank 1 SMN | 32880 | 596700 | 50.2 |
| Storebrand ASA | 510657 | 6165472 | 519.0 |
| Wallenius Wilhelmsen ASA | 21796 | 157966 | 13.3 |
|  |  | 15147624 |  |
| **Portugal** |  |  |  |
| Mota-Engil SGPS SA | 224419 | 890778 | 75.0 |
| **Singapore** |  |  |  |
| IGG, Inc. | 1060000 | 510676 | 43.0 |
| Sheng Siong Group Ltd. | 534000 | 719474 | 60.5 |
| UOL Group Ltd. | 257500 | 1139097 | 95.9 |
|  |  | 2369247 |  |
| **Spain** |  |  |  |
| Fluidra SA | 195840 | 4534007 | 381.7 |
| Inmobiliaria Colonial Socimi SA | 1182103 | 7661325 | 644.9 |
| Merlin Properties Socimi SA | 32654 | 370305 | 31.2 |
|  |  | 12565637 |  |
| **Sweden** |  |  |  |
| Betsson AB, Class B | 7209 | 126079 | 10.6 |
| Camurus AB | 3692 | 237273 | 20.0 |
| Embracer Group AB | 198218 | 2501464 | 210.6 |
| Husqvarna AB | 283635 | 1319259 | 111.1 |
| Nyfosa AB | 11704 | 109865 | 9.2 |
| Peab AB | 118132 | 982631 | 82.7 |
| Storytel AB | 164025 | 1418582 | 119.4 |
| Sweco AB | 9268 | 163042 | 13.7 |
|  |  | 6858195 |  |
| **Switzerland** |  |  |  |
| Cembra Money Bank AG | 67737 | 8176448 | 688.3 |
| DKSH Holding AG | 24739 | 1822507 | 153.4 |
| dormakaba Holding AG | 826 | 696778 | 58.7 |
| EFG International AG | 85511 | 1293638 | 108.9 |
| SFS Group AG | 2644 | 357405 | 30.1 |
| Sulzer AG, Registered Shares | 7154 | 1210888 | 101.9 |
| Valiant Holding AG, Registered Shares | 1332 | 196174 | 16.5 |
|  |  | 13753838 |  |
| **United Kingdom** |  |  |  |
| Cohort PLC | 27647 | 509018 | 42.9 |
| Great Portland Estates PLC | 26476 | 109382 | 9.2 |
| IntegraFin Holdings PLC | 27664 | 112979 | 9.5 |
| MONY Group PLC | 472410 | 1278565 | 107.6 |
| Oxford Instruments PLC | 4647 | 102240 | 8.6 |
| Primary Health Properties PLC | 270673 | 369384 | 31.1 |
| Subsea 7 SA | 7371 | 111604 | 9.4 |
| Telecom Plus PLC | 8270 | 208526 | 17.6 |
| Trainline PLC | 168757 | 661028 | 55.6 |
| Warehouse Reit PLC | 1119799 | 1611745 | 135.7 |
| Wickes Group PLC | 620890 | 1572175 | 132.3 |
|  |  | 6646646 |  |
| **United States** |  |  |  |
| Alight, Inc., Class A | 2578780 | 13177566 | 1109.3 |
| A-Mark Precious Metals, Inc. | 20827 | 507346 | 42.7 |
| American Eagle Outfitters, Inc. | 150903 | 1589009 | 133.8 |
| Amplitude, Inc., Class A | 15282 | 140442 | 11.8 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **United States (continued)** |  |  |  |
| Apartment Investment and Management Co., <br> Class A<br>| 143987 | $1138937 | 95.9<br> % <br>|
| Assured Guaranty Ltd. | 72022 | 6318490 | 531.9 |
| BioLife Solutions, Inc. | 17173 | 414041 | 34.9 |
| Brandywine Realty Trust | 148905 | 589664 | 49.6 |
| Brunswick Corp. | 53097 | 2445117 | 205.8 |
| C3.ai, Inc., Class A | 178916 | 3937941 | 331.5 |
| Diamond Hill Investment Group, Inc. | 416 | 52408 | 4.4 |
| DigitalBridge Group, Inc. | 21007 | 176459 | 14.9 |
| elf Beauty, Inc. | 42242 | 2613512 | 220.0 |
| eXp World Holdings, Inc. | 546905 | 5009650 | 421.7 |
| FB Financial Corp. | 97484 | 4148919 | 349.3 |
| Gibraltar Industries, Inc. | 49788 | 2636275 | 221.9 |
| Harrow, Inc. | 95121 | 2356147 | 198.3 |
| Haverty Furniture Cos, Inc. | 19880 | 361021 | 30.4 |
| Helix Energy Solutions Group, Inc. | 190004 | 1157124 | 97.4 |
| HomeTrust Bancshares, Inc. | 1026 | 35028 | 2.9 |
| Innovative Industrial Properties, Inc. | 39469 | 2143561 | 180.4 |
| Laureate Education, Inc. | 177800 | 3568446 | 300.4 |
| Legalzoom.com, Inc. | 415131 | 3038759 | 255.8 |
| LSB Industries, Inc. | 86934 | 554639 | 46.7 |
| Magnera Corp. | 57307 | 840694 | 70.8 |
| Malibu Boats, Inc., Class A | 68356 | 1952247 | 164.3 |
| Materion Corp. | 2755 | 228692 | 19.3 |
| Moog, Inc., Class A | 70181 | 11737772 | 988.1 |
| NCR Atleos Corp. | 104969 | 2930734 | 246.7 |
| NV5 Global, Inc. | 10089 | 187151 | 15.8 |
| Organon & Co. | 11210 | 144945 | 12.2 |
| Oscar Health, Inc., Class A | 59656 | 776125 | 65.3 |
| Park Hotels & Resorts, Inc. | 845560 | 8404866 | 707.5 |
| Penguin Solutions, Inc. | 93428 | 1594816 | 134.2 |
| Polaris, Inc. | 221443 | 7520204 | 633.0 |
| RH | 115978 | 21343431 | 1796.7 |
| Shore Bancshares, Inc. | 947 | 13097 | 1.1 |
| Sinch AB | 210215 | 488702 | 41.1 |
| Sitio Royalties Corp., Class A | 55824 | 946775 | 79.7 |
| SJW Group | 25044 | 1420997 | 119.6 |
| SL Green Realty Corp. | 30112 | 1584192 | 133.4 |
| Smithfield Foods, Inc. | 6961 | 154604 | 13.0 |
| Stewart Information Services Corp. | 24086 | 1577151 | 132.8 |
| StoneX Group, Inc. | 12564 | 1112731 | 93.7 |
| SunCoke Energy, Inc. | 56284 | 509933 | 42.9 |
| TEGNA, Inc. | 61846 | 1003761 | 84.5 |
| Teradata Corp. | 595232 | 12797488 | 1077.3 |
| Third Coast Bancshares, Inc. | 12051 | 359120 | 30.2 |
| Turning Point Brands, Inc. | 69853 | 4287577 | 360.9 |
| Udemy, Inc. | 204487 | 1404826 | 118.3 |
| Universal Insurance Holdings, Inc. | 60714 | 1471707 | 123.9 |
| Vestis Corp. | 695436 | 6092019 | 512.8 |
| Victory Capital Holdings, Inc., Class A | 28810 | 1650525 | 138.9 |
| Virtus Investment Partners, Inc. | 10326 | 1585970 | 133.5 |
| Willis Lease Finance Corp. | 335 | 51831 | 4.4 |
|  |  | 154285184 |  |
| **Preferred Stocks**  |  |  |  |
| **Germany** |  |  |  |
| Jungheinrich AG | 35214 | 1279775 | 107.7 |
| **Total Reference Entity — Long** |  | 488931263 |  |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **Reference Entity — Short** |  |  |  |
| **Common Stocks**  |  |  |  |
| **Australia** |  |  |  |
| Austal Ltd. | (165866)<br>| $(561959)<br>| (47.3)% <br>|
| Bendigo & Adelaide Bank Ltd. | (38073)<br>| (272368)<br>| (22.9)<br>|
| Corporate Travel Management Ltd. | (137206)<br>| (1120439)<br>| (94.3)<br>|
| Domain Holdings Australia Ltd. | (156902)<br>| (431412)<br>| (36.3)<br>|
| Elders Ltd. | (233683)<br>| (946545)<br>| (79.7)<br>|
| Lifestyle Communities Ltd. | (67471)<br>| (308197)<br>| (26.0)<br>|
| National Storage REIT | (447557)<br>| (658094)<br>| (55.4)<br>|
| Nuix Ltd. | (265317)<br>| (413780)<br>| (34.8)<br>|
| Region RE Ltd. | (225868)<br>| (334786)<br>| (28.2)<br>|
| Silex Systems Ltd. | (82976)<br>| (164619)<br>| (13.9)<br>|
| Spartan Resources Ltd. | (1741831)<br>| (2259607)<br>| (190.2)<br>|
|  |  | (7471806)<br>|  |
| **Austria** |  |  |  |
| Wienerberger AG | (30643)<br>| (1075934)<br>| (90.6)<br>|
| **Belgium** |  |  |  |
| Titan America SA | (7482)<br>| (98987)<br>| (8.3)<br>|
| **Bermuda** |  |  |  |
| Conduit Holdings Ltd. | (39608)<br>| (182319)<br>| (15.3)<br>|
| Hamilton Insurance Group Ltd., Class B | (40898)<br>| (756613)<br>| (63.7)<br>|
|  |  | (938932)<br>|  |
| **Canada** |  |  |  |
| Advantage Energy Ltd. | (14055)<br>| (99810)<br>| (8.4)<br>|
| Artemis Gold, Inc. | (12479)<br>| (179228)<br>| (15.1)<br>|
| Athabasca Oil Corp. | (44768)<br>| (147430)<br>| (12.4)<br>|
| Boardwalk Real Estate Investment Trust | (49816)<br>| (2349150)<br>| (197.8)<br>|
| Boralex, Inc., Class A | (406818)<br>| (9035810)<br>| (760.6)<br>|
| Cascades, Inc. | (241008)<br>| (1543668)<br>| (129.9)<br>|
| Choice Properties Real Estate Investment <br> Trust<br>| (697063)<br>| (7382214)<br>| (621.4)<br>|
| Cogeco Communications, Inc. | (29083)<br>| (1430311)<br>| (120.4)<br>|
| Definity Financial Corp. | (86176)<br>| (4301299)<br>| (362.1)<br>|
| Docebo, Inc. | (13109)<br>| (410595)<br>| (34.6)<br>|
| Dream Industrial Real Estate Investment <br> Trust<br>| (728495)<br>| (5601369)<br>| (471.5)<br>|
| Dundee Precious Metals, Inc. | (111782)<br>| (1465183)<br>| (123.3)<br>|
| Endeavour Silver Corp. | (726581)<br>| (2635213)<br>| (221.8)<br>|
| First Capital Real Estate Investment Trust | (184112)<br>| (2281034)<br>| (192.0)<br>|
| First National Financial Corp. | (8026)<br>| (217970)<br>| (18.4)<br>|
| Fortuna Mining Corp. | (244174)<br>| (1523209)<br>| (128.2)<br>|
| Killam Apartment Real Estate Investment <br> Trust<br>| (111994)<br>| (1415157)<br>| (119.1)<br>|
| Laurentian Bank of Canada | (106522)<br>| (2114059)<br>| (178.0)<br>|
| Linamar Corp. | (80296)<br>| (2946594)<br>| (248.0)<br>|
| Minto Apartment Real Estate Investment <br> Trust<br>| (93766)<br>| (914807)<br>| (77.0)<br>|
| North West Co., Inc. | (36046)<br>| (1445919)<br>| (121.7)<br>|
| NuVista Energy Ltd. | (219118)<br>| (1867573)<br>| (157.2)<br>|
| Paramount Resources Ltd., Class A | (39455)<br>| (447897)<br>| (37.7)<br>|
| Premium Brands Holdings Corp. | (31026)<br>| (1764201)<br>| (148.5)<br>|
| Sandstorm Gold Ltd. | (373665)<br>| (3249850)<br>| (273.6)<br>|
| Skeena Resources Ltd. | (59913)<br>| (716209)<br>| (60.3)<br>|
| SSR Mining, Inc. | (588201)<br>| (6263449)<br>| (527.3)<br>|
| Stella-Jones, Inc. | (12813)<br>| (628289)<br>| (52.9)<br>|
| Tamarack Valley Energy Ltd. | (561024)<br>| (1452819)<br>| (122.3)<br>|

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **Canada (continued)** |  |  |  |
| Westshore Terminals Investment Corp. | (30275)<br>| $(559339)<br>| (47.1)% <br>|
| Winpak Ltd. | (4551)<br>| (140993)<br>| (11.9)<br>|
|  |  | (66530648)<br>|  |
| **Denmark** |  |  |  |
| Cadeler A/S | (134714)<br>| (704421)<br>| (59.3)<br>|
| FLSmidth & Co A/S | (5892)<br>| (278940)<br>| (23.5)<br>|
| NKT A/S | (99417)<br>| (8094721)<br>| (681.4)<br>|
|  |  | (9078082)<br>|  |
| **Finland** |  |  |  |
| Mandatum Oyj | (584637)<br>| (4131939)<br>| (347.8)<br>|
| **France** |  |  |  |
| Derichebourg SA | (81831)<br>| (562895)<br>| (47.4)<br>|
| Eramet SA | (6806)<br>| (377381)<br>| (31.8)<br>|
| Remy Cointreau SA | (41461)<br>| (2247756)<br>| (189.2)<br>|
| Rubis SCA | (81975)<br>| (2668349)<br>| (224.6)<br>|
| SEB SA | (44330)<br>| (4181603)<br>| (352.0)<br>|
| Sopra Steria Group | (16835)<br>| (3451830)<br>| (290.6)<br>|
| Trigano SA | (18352)<br>| (2180148)<br>| (183.5)<br>|
| Verallia SA | (1787)<br>| (59755)<br>| (5.0)<br>|
| Worldline SA/France | (126854)<br>| (702839)<br>| (59.2)<br>|
|  |  | (16432556)<br>|  |
| **Germany** |  |  |  |
| CompuGroup Medical SE & Co KgaA, <br> Class A<br>| (124792)<br>| (3142626)<br>| (264.5)<br>|
| Freenet AG | (250869)<br>| (10431912)<br>| (878.2)<br>|
| LANXESS AG | (35556)<br>| (1067533)<br>| (89.9)<br>|
| Sixt SE | (934)<br>| (88798)<br>| (7.5)<br>|
| SMA Solar Technology AG | (15856)<br>| (274994)<br>| (23.1)<br>|
| Suedzucker AG | (46180)<br>| (621764)<br>| (52.3)<br>|
|  |  | (15627627)<br>|  |
| **Hong Kong** |  |  |  |
| GigaCloud Technology, Inc., Class A | (187497)<br>| (2351212)<br>| (197.9)<br>|
| **Ireland** |  |  |  |
| COSMO Pharmaceuticals NV | (14880)<br>| (862948)<br>| (72.6)<br>|
| **Israel** |  |  |  |
| Big Shopping Centers Ltd. | (7470)<br>| (1090705)<br>| (91.8)<br>|
| Delek Group Ltd. | (1735)<br>| (276793)<br>| (23.3)<br>|
| Energix-Renewable Energies Ltd. | (57532)<br>| (170387)<br>| (14.4)<br>|
| Enlight Renewable Energy Ltd. | (6030)<br>| (97667)<br>| (8.2)<br>|
| Israel Corp. Ltd. | (373)<br>| (117418)<br>| (9.9)<br>|
| Shufersal Ltd. | (16999)<br>| (159159)<br>| (13.4)<br>|
|  |  | (1912129)<br>|  |
| **Italy** |  |  |  |
| Pirelli & C SpA | (481410)<br>| (2976317)<br>| (250.6)<br>|
| Tamburi Investment Partners SpA | (18507)<br>| (158430)<br>| (13.3)<br>|
|  |  | (3134747)<br>|  |
| **Japan** |  |  |  |
| Advance Residence Investment Corp. | (899)<br>| (926336)<br>| (78.0)<br>|
| Aeon Mall Co., Inc. | (164900)<br>| (3164037)<br>| (266.3)<br>|
| AEON REIT Investment Corp. | (437)<br>| (382454)<br>| (32.2)<br>|
| Anycolor, Inc. | (72300)<br>| (1864166)<br>| (156.9)<br>|
| Aozora Bank Ltd. | (19800)<br>| (273379)<br>| (23.0)<br>|
| ASKUL Corp. | (19400)<br>| (206484)<br>| (17.4)<br>|
| Change Holdings, Inc. | (36800)<br>| (349407)<br>| (29.4)<br>|
| Duskin Co., Inc. | (11200)<br>| (294400)<br>| (24.8)<br>|
| Freee KK | (174800)<br>| (4938967)<br>| (415.8)<br>|

---

Schedule of Investments

------

Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **Japan (continued)** |  |  |  |
| Fujita Kanko, Inc. | (13600)<br>| $(859033)<br>| (72.3)% <br>|
| Fujitsu General Ltd. | (298100)<br>| (5851697)<br>| (492.6)<br>|
| GENDA, Inc. | (22000)<br>| (168615)<br>| (14.2)<br>|
| Hankyu Hanshin REIT, Inc. | (630)<br>| (636572)<br>| (53.6)<br>|
| Hokuhoku Financial Group, Inc. | (43500)<br>| (780139)<br>| (65.7)<br>|
| Hyakugo Bank Ltd. | (29800)<br>| (144455)<br>| (12.2)<br>|
| Ichibanya Co., Inc. | (60900)<br>| (404999)<br>| (34.1)<br>|
| Iyogin Holdings, Inc. | (402000)<br>| (4662883)<br>| (392.5)<br>|
| Izumi Co., Inc. | (16300)<br>| (375274)<br>| (31.6)<br>|
| Japan Investment Adviser Co., Inc. | (44600)<br>| (510870)<br>| (43.0)<br>|
| Japan Logistics Fund, Inc. | (2265)<br>| (1481240)<br>| (124.7)<br>|
| KeePer Technical Laboratory Co., Inc. | (94800)<br>| (2753392)<br>| (231.8)<br>|
| Kumiai Chemical Industry Co., Inc. | (33400)<br>| (178336)<br>| (15.0)<br>|
| Kyoei Steel Ltd. | (13100)<br>| (184649)<br>| (15.5)<br>|
| LIFENET INSURANCE CO. | (164000)<br>| (2052885)<br>| (172.8)<br>|
| Maruichi Steel Tube Ltd. | (5700)<br>| (134656)<br>| (11.3)<br>|
| Matsui Securities Co., Inc. | (168200)<br>| (867361)<br>| (73.0)<br>|
| Mitsubishi Logisnext Co., Inc. | (25300)<br>| (355385)<br>| (29.9)<br>|
| Mitsuboshi Belting Ltd. | (8900)<br>| (223176)<br>| (18.8)<br>|
| Mitsui E&S Co., Inc. | (378300)<br>| (4826852)<br>| (406.3)<br>|
| Namura Shipbuilding Co., Inc. | (152700)<br>| (2154839)<br>| (181.4)<br>|
| Nextage Co., Inc. | (60800)<br>| (757798)<br>| (63.8)<br>|
| Nippon Paper Industries Co., Inc. | (59100)<br>| (456937)<br>| (38.5)<br>|
| Nomura Real Estate Master Fund, Inc. | (701)<br>| (697886)<br>| (58.8)<br>|
| Orient Corp. | (27300)<br>| (149870)<br>| (12.6)<br>|
| Osaka Soda Co., Inc. | (13500)<br>| (140738)<br>| (11.9)<br>|
| PKSHA Technology, Inc. | (75500)<br>| (1501928)<br>| (126.4)<br>|
| Sangetsu Corp. | (8600)<br>| (174914)<br>| (14.7)<br>|
| Senshu Ikeda Holdings, Inc. | (235200)<br>| (776688)<br>| (65.4)<br>|
| Septeni Holdings Co., Inc. | (238000)<br>| (609172)<br>| (51.3)<br>|
| Shiga Bank Ltd. | (22100)<br>| (888643)<br>| (74.8)<br>|
| Shochiku Co., Inc. | (1600)<br>| (149835)<br>| (12.6)<br>|
| Star Asia Investment Corp. | (1036)<br>| (397004)<br>| (33.4)<br>|
| Sundrug Co., Inc. | (28600)<br>| (953017)<br>| (80.2)<br>|
| Takeuchi Manufacturing Co., Inc. | (7300)<br>| (228507)<br>| (19.2)<br>|
| Tama Home Co., Inc. | (11100)<br>| (310729)<br>| (26.2)<br>|
| Tsuburaya Fields Holdings, Inc. | (30500)<br>| (398159)<br>| (33.5)<br>|
| Welcia Holdings Co., Inc. | (219100)<br>| (3862980)<br>| (325.2)<br>|
| Workman Co., Inc. | (44900)<br>| (1414838)<br>| (119.1)<br>|
| Yokogawa Bridge Holdings Corp. | (12800)<br>| (234508)<br>| (19.7)<br>|
| Yonex Co., Inc. | (2600)<br>| (42543)<br>| (3.6)<br>|
| Yoshinoya Holdings Co., Inc. | (5200)<br>| (113977)<br>| (9.6)<br>|
|  |  | (56267609)<br>|  |
| **Jersey** |  |  |  |
| Ithaca Energy PLC | (46250)<br>| (82100)<br>| (6.9)<br>|
| **Netherlands** |  |  |  |
| Fugro NV | (104621)<br>| (1226954)<br>| (103.3)<br>|
| Koninklijke Vopak NV | (7967)<br>| (329441)<br>| (27.7)<br>|
| PostNL NV | (581217)<br>| (593434)<br>| (49.9)<br>|
| Redcare Pharmacy NV | (22685)<br>| (3389946)<br>| (285.4)<br>|
| Topicus.com, Inc. | (7720)<br>| (923869)<br>| (77.8)<br>|
|  |  | (6463644)<br>|  |
| **Norway** |  |  |  |
| Leroy Seafood Group ASA | (88753)<br>| (389015)<br>| (32.8)<br>|

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **Norway (continued)** |  |  |  |
| Norwegian Air Shuttle ASA | (1349551)<br>| $(1782173)<br>| (150.0)% <br>|
| Protector Forsikring ASA | (24651)<br>| (867603)<br>| (73.0)<br>|
|  |  | (3038791)<br>|  |
| **Portugal** |  |  |  |
| REN - Redes Energeticas Nacionais SGPS <br> SA<br>| (17705)<br>| (58111)<br>| (4.9)<br>|
| **Singapore** |  |  |  |
| BW LPG Ltd. | (83162)<br>| (821641)<br>| (69.2)<br>|
| CapitaLand China Trust | (2345800)<br>| (1238489)<br>| (104.3)<br>|
| Capitaland India Trust | (942000)<br>| (702799)<br>| (59.2)<br>|
| Jardine Cycle & Carriage Ltd. | (331300)<br>| (6580186)<br>| (553.9)<br>|
| Suntec Real Estate Investment Trust | (540900)<br>| (476893)<br>| (40.1)<br>|
| UMS Integration Ltd. | (343800)<br>| (284302)<br>| (23.9)<br>|
|  |  | (10104310)<br>|  |
| **Spain** |  |  |  |
| Ence Energia y Celulosa SA | (167974)<br>| (541690)<br>| (45.6)<br>|
| Laboratorios Farmaceuticos Rovi SA | (3187)<br>| (186837)<br>| (15.7)<br>|
|  |  | (728527)<br>|  |
| **Sweden** |  |  |  |
| Asmodee Group AB, Class B | (494235)<br>| (5445763)<br>| (458.4)<br>|
| Avanza Bank Holding AB | (59956)<br>| (1992348)<br>| (167.7)<br>|
| Bufab AB | (29155)<br>| (1205062)<br>| (101.4)<br>|
| Cibus Nordic Real Estate AB publ | (146898)<br>| (2538856)<br>| (213.7)<br>|
| Dios Fastigheter AB | (87480)<br>| (607483)<br>| (51.1)<br>|
| Fabege AB | (65137)<br>| (555641)<br>| (46.8)<br>|
| Hexatronic Group AB | (79280)<br>| (209788)<br>| (17.7)<br>|
| Lindab International AB | (85013)<br>| (1787370)<br>| (150.5)<br>|
| Sectra AB | (74149)<br>| (2274943)<br>| (191.5)<br>|
| Vitec Software Group AB, Class B | (1458)<br>| (66617)<br>| (5.6)<br>|
|  |  | (16683871)<br>|  |
| **Switzerland** |  |  |  |
| Allreal Holding AG, Registered Shares | (4264)<br>| (939530)<br>| (79.1)<br>|
| Aryzta AG | (514268)<br>| (1289867)<br>| (108.6)<br>|
| Forbo Holding AG, Registered Shares | (1999)<br>| (1917945)<br>| (161.4)<br>|
| R&S Group Holding AG | (12928)<br>| (310848)<br>| (26.2)<br>|
| St Galler Kantonalbank AG, Registered <br> Shares<br>| (1466)<br>| (883133)<br>| (74.3)<br>|
| Vontobel Holding AG, Registered Shares | (5988)<br>| (432714)<br>| (36.4)<br>|
| Ypsomed Holding AG, Registered Shares | (3624)<br>| (1544071)<br>| (130.0)<br>|
|  |  | (7318108)<br>|  |
| **United Kingdom** |  |  |  |
| Alphawave IP Group PLC | (87967)<br>| (149786)<br>| (12.6)<br>|
| Assura PLC | (9818370)<br>| (6349275)<br>| (534.5)<br>|
| CVS Group PLC | (89931)<br>| (1292462)<br>| (108.8)<br>|
| Greatland Gold PLC | (1829708)<br>| (324314)<br>| (27.3)<br>|
| Renew Holdings PLC | (54751)<br>| (554198)<br>| (46.6)<br>|
| RS Group PLC | (309301)<br>| (2132632)<br>| (179.5)<br>|
| Senior PLC | (437259)<br>| (807671)<br>| (68.0)<br>|
| SigmaRoc PLC | (736339)<br>| (891823)<br>| (75.1)<br>|
| Urban Logistics REIT PLC | (173286)<br>| (336246)<br>| (28.3)<br>|
| Vesuvius PLC | (460951)<br>| (2102168)<br>| (177.0)<br>|
|  |  | (14940575)<br>|  |
| **United States** |  |  |  |
| ACM Research, Inc., Class A | (288462)<br>| (5616355)<br>| (472.8)<br>|

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **United States (continued)** |  |  |  |
| Addus HomeCare Corp. | (39849)<br>| $(4166213)<br>| (350.7)% <br>|
| Advanced Energy Industries, Inc. | (15870)<br>| (1545897)<br>| (130.1)<br>|
| Alexander's, Inc. | (751)<br>| (155006)<br>| (13.0)<br>|
| Alkami Technology, Inc. | (324710)<br>| (8666510)<br>| (729.5)<br>|
| American States Water Co. | (50884)<br>| (4127201)<br>| (347.4)<br>|
| Applied Optoelectronics, Inc. | (200113)<br>| (2559445)<br>| (215.5)<br>|
| ARMOUR Residential REIT, Inc. | (991412)<br>| (16328556)<br>| (1374.5)<br>|
| Atlas Energy Solutions, Inc. | (9523)<br>| (128846)<br>| (10.8)<br>|
| Atmus Filtration Technologies, Inc. | (125659)<br>| (4356598)<br>| (366.7)<br>|
| AvidXchange Holdings, Inc. | (309549)<br>| (2516633)<br>| (211.8)<br>|
| Avis Budget Group, Inc. | (8484)<br>| (785873)<br>| (66.2)<br>|
| Beta Bionics, Inc. | (2521)<br>| (27857)<br>| (2.3)<br>|
| Blue Bird Corp. | (162670)<br>| (5672303)<br>| (477.5)<br>|
| Brighthouse Financial, Inc. | (155605)<br>| (9059323)<br>| (762.6)<br>|
| Business First Bancshares, Inc. | (10895)<br>| (251130)<br>| (21.1)<br>|
| Cactus, Inc., Class A | (236973)<br>| (8990756)<br>| (756.8)<br>|
| California Resources Corp. | (68022)<br>| (2347439)<br>| (197.6)<br>|
| Capri Holdings Ltd. | (930289)<br>| (13991547)<br>| (1177.8)<br>|
| CECO Environmental Corp. | (9069)<br>| (215752)<br>| (18.2)<br>|
| Centuri Holdings, Inc. | (7512)<br>| (134916)<br>| (11.4)<br>|
| Cheesecake Factory, Inc. | (19456)<br>| (979999)<br>| (82.5)<br>|
| COPT Defense Properties | (116878)<br>| (3051685)<br>| (256.9)<br>|
| Daktronics, Inc. | (98775)<br>| (1253455)<br>| (105.5)<br>|
| Ducommun, Inc. | (7930)<br>| (454548)<br>| (38.3)<br>|
| Dynex Capital, Inc. | (146649)<br>| (1808182)<br>| (152.2)<br>|
| Elme Communities | (252467)<br>| (3930911)<br>| (330.9)<br>|
| Energy Fuels, Inc. | (2253966)<br>| (10251245)<br>| (862.9)<br>|
| Energy Recovery, Inc. | (26628)<br>| (411403)<br>| (34.6)<br>|
| Enovix Corp. | (95071)<br>| (636976)<br>| (53.6)<br>|
| Forward Air Corp. | (145600)<br>| (2143232)<br>| (180.4)<br>|
| Franklin BSP Realty Trust, Inc. | (192830)<br>| (2194405)<br>| (184.7)<br>|
| German American Bancorp, Inc. | (21545)<br>| (816771)<br>| (68.8)<br>|
| GMS, Inc. | (108066)<br>| (7916915)<br>| (666.4)<br>|
| Guess?, Inc. | (115442)<br>| (1298723)<br>| (109.3)<br>|
| Gulfport Energy Corp. | (19979)<br>| (3446378)<br>| (290.1)<br>|
| I3 Verticals, Inc., Class A | (3965)<br>| (99601)<br>| (8.4)<br>|
| Ibotta, Inc., Class A | (8074)<br>| (394011)<br>| (33.2)<br>|
| Ichor Holdings Ltd. | (70177)<br>| (1388101)<br>| (116.9)<br>|
| Innodata, Inc. | (17503)<br>| (661963)<br>| (55.7)<br>|
| Invesco Mortgage Capital, Inc. | (19265)<br>| (141212)<br>| (11.9)<br>|
| Kimball Electronics, Inc. | (46888)<br>| (672374)<br>| (56.6)<br>|
| Kontoor Brands, Inc. | (112354)<br>| (6758093)<br>| (568.9)<br>|
| LGI Homes, Inc. | (77376)<br>| (4225503)<br>| (355.7)<br>|
| Liquidia Corp. | (98428)<br>| (1375039)<br>| (115.8)<br>|
| Live Oak Bancshares, Inc. | (13552)<br>| (354249)<br>| (29.8)<br>|
| LSI Industries, Inc. | (15403)<br>| (232431)<br>| (19.6)<br>|
| LTC Properties, Inc. | (97454)<br>| (3495675)<br>| (294.3)<br>|
| Marcus & Millichap, Inc. | (33628)<br>| (1022291)<br>| (86.1)<br>|
| Matthews International Corp., Class A | (48781)<br>| (997571)<br>| (84.0)<br>|
| Medical Properties Trust, Inc. | (701453)<br>| (3872021)<br>| (325.9)<br>|
| Millrose Properties, Inc. | (655704)<br>| (16418828)<br>| (1382.1)<br>|
| MP Materials Corp. | (151798)<br>| (3712979)<br>| (312.6)<br>|
| National HealthCare Corp. | (3751)<br>| (354432)<br>| (29.8)<br>|
| New York Mortgage Trust, Inc. | (29514)<br>| (173247)<br>| (14.6)<br>|
| Nicolet Bankshares, Inc. | (11586)<br>| (1353361)<br>| (113.9)<br>|
| Orchid Island Capital, Inc. | (460043)<br>| (3289307)<br>| (276.9)<br>|
| Ovintiv, Inc. | (32739)<br>| (1098345)<br>| (92.5)<br>|
| PC Connection, Inc. | (44227)<br>| (2743843)<br>| (231.0)<br>|
| Penn Entertainment, Inc. | (426735)<br>| (6494907)<br>| (546.7)<br>|
| Porch Group, Inc. | (86342)<br>| (500784)<br>| (42.2)<br>|
| Portillo's, Inc., Class A | (146171)<br>| (1511408)<br>| (127.2)<br>|

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **United States (continued)** |  |  |  |
| Radius Recycling, Inc. | (112859)<br>| $(3310154)<br>| (278.6)% <br>|
| Ready Capital Corp. | (295249)<br>| (1313858)<br>| (110.6)<br>|
| Red Rock Resorts, Inc., Class A | (32848)<br>| (1402610)<br>| (118.1)<br>|
| Redwire Corp. | (193181)<br>| (2082491)<br>| (175.3)<br>|
| Rush Enterprises, Inc., Class A | (48146)<br>| (2454965)<br>| (206.7)<br>|
| Semler Scientific, Inc. | (7859)<br>| (254081)<br>| (21.4)<br>|
| Sezzle, Inc. | (9715)<br>| (504694)<br>| (42.5)<br>|
| Skyward Specialty Insurance Group, Inc. | (69256)<br>| (3676801)<br>| (309.5)<br>|
| Solaris Energy Infrastructure, Inc. | (42324)<br>| (894729)<br>| (75.3)<br>|
| St Joe Co. | (59569)<br>| (2520960)<br>| (212.2)<br>|
| Tarsus Pharmaceuticals, Inc. | (44964)<br>| (2334081)<br>| (196.5)<br>|
| Tennant Co. | (31544)<br>| (2276215)<br>| (191.6)<br>|
| Tootsie Roll Industries, Inc. | (15242)<br>| (487744)<br>| (41.1)<br>|
| Upbound Group, Inc. | (59488)<br>| (1183811)<br>| (99.7)<br>|
| US Physical Therapy, Inc. | (1261)<br>| (89670)<br>| (7.5)<br>|
| Valaris Ltd. | (37196)<br>| (1201803)<br>| (101.2)<br>|
| Vicor Corp. | (2912)<br>| (116203)<br>| (9.8)<br>|
| Waste Connections, Inc. | (98425)<br>| (19438688)<br>| (1636.3)<br>|
|  |  | (241124118)<br>|  |
| **Investment Companies**  |  |  |  |
| **Luxembourg** |  |  |  |
| BBGI Global Infrastructure SA | (680511)<br>| (1286009)<br>| (108.3)<br>|
| **Total Reference Entity — Short** |  | (487743320)<br>|  |
| **Net Value of Reference Entity — Morgan** <br> **Stanley & Co, Inc.**<br>|  | $1187943 |  |

---

The following table represents the individual long and short positions and related values of the equity securities underlying the total return swap with SG Americas Securities LLC as of period end, termination date 02/08/28:

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of* <br>*Basket* <br>*Value*<br>|
| **Reference Entity — Long** |  |  |  |
| **Common Stocks**  |  |  |  |
| **Australia** |  |  |  |
| Netwealth Group Ltd. | 107374 | $1929193 | 16.1<br> % <br>|
| **Belgium** |  |  |  |
| Liberty Global Ltd., Class A | 26418 | 289277 | 2.4 |
| **Canada** |  |  |  |
| Cardinal Energy Ltd. | 143015 | 595464 | 5.0 |
| Cargojet, Inc. | 86718 | 5365621 | 44.9 |
| Chemtrade Logistics Income Fund | 60785 | 421077 | 3.5 |
| Enerflex Ltd. | 390243 | 2553309 | 21.4 |
| Extendicare, Inc. | 22400 | 224227 | 1.9 |
| Innergex Renewable Energy, Inc. | 304778 | 3002238 | 25.1 |
| International Petroleum Corp. | 69 | 943 | 0.0 |
| Lithium Americas Corp. | 121006 | 347587 | 2.9 |
| Mattr Corp. | 46656 | 322186 | 2.7 |
| Mullen Group Ltd. | 14533 | 138204 | 1.2 |
|  |  | 12970856 |  |
| **Germany** |  |  |  |
| Georgia Capital PLC | 87983 | 1906204 | 15.9 |
| Lion Finance Group PLC | 10546 | 845925 | 7.1 |

---

Schedule of Investments

------

Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **Germany (continued)** |  |  |  |
| Nagarro SE | 5010 | $357169 | 3.0<br> % <br>|
| TBC Bank Group PLC | 17988 | 1137642 | 9.5 |
|  |  | 4246940 |  |
| **Hong Kong** |  |  |  |
| DFI Retail Group Holdings Ltd., Registered <br> Shares<br>| 174800 | 441220 | 3.7 |
| HKBN Ltd. | 741000 | 484387 | 4.1 |
|  |  | 925607 |  |
| **India** |  |  |  |
| WNS Holdings Ltd. | 126569 | 7659956 | 64.1 |
| **Indonesia** |  |  |  |
| First Resources Ltd. | 77500 | 89666 | 0.8 |
| **Ireland** |  |  |  |
| Ardmore Shipping Corp. | 23653 | 225650 | 1.9 |
| Cimpress PLC | 4774 | 200603 | 1.7 |
| Greencore Group PLC | 100481 | 247736 | 2.0 |
|  |  | 673989 |  |
| **Israel** |  |  |  |
| Cognyte Software Ltd. | 207797 | 2036411 | 17.1 |
| Ituran Location and Control Ltd. | 17417 | 625967 | 5.2 |
| Radware Ltd. | 96098 | 2292898 | 19.2 |
|  |  | 4955276 |  |
| **Japan** |  |  |  |
| Acom Co., Inc. | 771600 | 2162101 | 18.1 |
| Alfresa Holdings Corp. | 101400 | 1530748 | 12.8 |
| Alps Alpine Co., Inc. | 726700 | 7381993 | 61.8 |
| Amano Corp. | 90700 | 2640834 | 22.1 |
| Arcs Co., Inc. | 71300 | 1434465 | 12.0 |
| Autobacs Seven Co., Inc. | 98500 | 1022182 | 8.5 |
| Azbil Corp. | 16500 | 142086 | 1.2 |
| Canon Marketing Japan, Inc. | 3600 | 127440 | 1.1 |
| Chugoku Electric Power Co., Inc. | 731300 | 3887641 | 32.5 |
| Citizen Watch Co., Inc. | 41400 | 239480 | 2.0 |
| CKD Corp. | 139400 | 2031919 | 17.0 |
| Coca-Cola Bottlers Japan Holdings, Inc. | 307700 | 5780699 | 48.4 |
| Dai-Dan Co., Inc. | 124600 | 3621914 | 30.3 |
| Daiwabo Holdings Co., Inc. | 227100 | 3845488 | 32.2 |
| Dentsu Soken, Inc. | 93600 | 4098934 | 34.3 |
| Doutor Nichires Holdings Co., Inc. | 97500 | 1826227 | 15.3 |
| DTS Corp. | 44500 | 1265663 | 10.6 |
| EDION Corp. | 187500 | 2502175 | 20.9 |
| Electric Power Development Co., Inc. | 154800 | 2717583 | 22.7 |
| EXEO Group, Inc. | 3800 | 44373 | 0.4 |
| Fujimi, Inc. | 175400 | 2295856 | 19.2 |
| GLP J-REIT | 7830 | 6753739 | 56.5 |
| Goldwin, Inc. | 20300 | 1163845 | 9.7 |
| Gunma Bank Ltd. | 71600 | 597126 | 5.0 |
| Hirose Electric Co., Inc. | 107000 | 12103134 | 101.3 |
| Hokkaido Electric Power Co., Inc. | 442600 | 2102855 | 17.6 |
| Hokuriku Electric Power Co. | 717500 | 3687329 | 30.9 |
| Ichigo, Inc. | 113700 | 306626 | 2.6 |
| Industrial & Infrastructure Fund Investment <br> Corp.<br>| 6654 | 5443409 | 45.5 |
| INFRONEER Holdings, Inc. | 153800 | 1311807 | 11.0 |
| Ito En Ltd. | 238300 | 5701151 | 47.7 |
| Japan Lifeline Co., Inc. | 120500 | 1290195 | 10.8 |
| Japan Prime Realty Investment Corp. | 1293 | 3193282 | 26.7 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **Japan (continued)** |  |  |  |
| Kamigumi Co., Inc. | 151300 | $3703753 | 31.0<br> % <br>|
| Keio Corp. | 265800 | 7230296 | 60.5 |
| Kewpie Corp. | 66500 | 1512564 | 12.7 |
| Kinden Corp. | 186800 | 4835177 | 40.5 |
| Kumagai Gumi Co., Inc. | 7100 | 211583 | 1.8 |
| Kurita Water Industries Ltd. | 298200 | 9872701 | 82.6 |
| Kyokuto Kaihatsu Kogyo Co., Inc. | 33700 | 566084 | 4.7 |
| Kyoritsu Maintenance Co., Inc. | 103400 | 2194556 | 18.4 |
| Kyoto Financial Group, Inc. | 712700 | 12233145 | 102.4 |
| Kyushu Financial Group, Inc. | 788900 | 3982351 | 33.3 |
| Lintec Corp. | 18400 | 351969 | 2.9 |
| Makino Milling Machine Co., Inc. | 22000 | 1734733 | 14.5 |
| Mani, Inc. | 123100 | 991309 | 8.3 |
| MCJ Co., Inc. | 131800 | 1232171 | 10.3 |
| Medipal Holdings Corp. | 91600 | 1552224 | 13.0 |
| Meidensha Corp. | 57100 | 1568679 | 13.1 |
| Mitsubishi Logistics Corp. | 64800 | 447210 | 3.7 |
| Morinaga & Co. Ltd. | 55300 | 985991 | 8.2 |
| Nagase & Co., Inc. | 178600 | 3145789 | 26.3 |
| NGK Insulators Ltd. | 122900 | 1516587 | 12.7 |
| Nichias Corp. | 47100 | 1584532 | 13.3 |
| Nifco Inc/Japan | 191000 | 4736008 | 39.6 |
| Nippon Kayaku Co., Inc. | 176100 | 1659145 | 13.9 |
| Nippon REIT Investment Corp. | 670 | 391062 | 3.3 |
| Nishimatsu Construction Co., Inc. | 108900 | 4051872 | 33.9 |
| NOF Corp. | 363600 | 5473216 | 45.8 |
| North Pacific Bank Ltd. | 39700 | 138802 | 1.2 |
| NSD Co., Inc. | 106100 | 2497853 | 20.9 |
| NTN Corp. | 601800 | 926842 | 7.8 |
| Odakyu Electric Railway Co., Inc. | 598200 | 6604308 | 55.3 |
| Open Up Group, Inc. | 127900 | 1647528 | 13.8 |
| Royal Holdings Co., Inc. | 63900 | 1164210 | 9.7 |
| San-In Godo Bank Ltd. | 21900 | 194564 | 1.6 |
| Sanki Engineering Co., Inc. | 18100 | 462473 | 3.9 |
| Santen Pharmaceutical Co., Inc. | 665100 | 6736387 | 56.4 |
| Seino Holdings Co., Inc. | 256200 | 4032147 | 33.7 |
| Senko Group Holdings Co., Inc. | 12300 | 146217 | 1.2 |
| Shibaura Mechatronics Corp. | 99300 | 4657395 | 39.0 |
| Shikoku Electric Power Co., Inc. | 218700 | 1797283 | 15.0 |
| Sohgo Security Services Co., Inc. | 725500 | 5734106 | 48.0 |
| Sumitomo Heavy Industries Ltd. | 45200 | 941146 | 7.9 |
| Suruga Bank Ltd. | 242700 | 2149813 | 18.0 |
| Suzuken Co. Ltd. | 35600 | 1286144 | 10.8 |
| Tobu Railway Co., Inc. | 145300 | 2651426 | 22.2 |
| Toho Gas Co., Inc. | 141100 | 4220704 | 35.3 |
| Toshiba TEC Corp. | 26600 | 501381 | 4.2 |
| Transcosmos, Inc. | 58500 | 1278303 | 10.7 |
| Tsubakimoto Chain Co. | 85500 | 1038681 | 8.7 |
| Vision Inc/Tokyo Japan | 242500 | 2185664 | 18.3 |
| Yamaguchi Financial Group, Inc. | 174700 | 2063965 | 17.3 |
|  |  | 227076348 |  |
| **Monaco** |  |  |  |
| Scorpio Tankers, Inc. | 516463 | 19465490 | 162.9 |
| **Netherlands** |  |  |  |
| Van Lanschot Kempen NV | 17030 | 994339 | 8.3 |
| **Norway** |  |  |  |
| Grieg Seafood ASA | 13970 | 88149 | 0.7 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **Singapore** |  |  |  |
| Grindr, Inc. | 385079 | $8460186 | 70.8<br> % <br>|
| **Spain** |  |  |  |
| Aedas Homes SA | 19716 | 636297 | 5.3 |
| **Switzerland** |  |  |  |
| International Workplace Group PLC | 214315 | 530641 | 4.4 |
| **United Kingdom** |  |  |  |
| 4imprint Group PLC | 46828 | 2144897 | 18.0 |
| AJ Bell PLC | 15160 | 86279 | 0.7 |
| Ashmore Group PLC | 623048 | 1201497 | 10.1 |
| Clarkson PLC | 65541 | 2880754 | 24.1 |
| Computacenter PLC | 66581 | 2153468 | 18.0 |
| Currys PLC | 693019 | 1027081 | 8.6 |
| Derwent London PLC | 115912 | 3001469 | 25.1 |
| DiscoverIE Group PLC | 80520 | 608442 | 5.1 |
| Frasers Group PLC | 201457 | 1781288 | 14.9 |
| Global Ship Lease, Inc., Class A | 148955 | 3205512 | 26.8 |
| GlobalData PLC | 74855 | 177898 | 1.5 |
| Hammerson PLC | 104549 | 352740 | 3.0 |
| Harbour Energy PLC | 873216 | 1784621 | 14.9 |
| Hill & Smith PLC | 129255 | 3107322 | 26.0 |
| Inchcape PLC | 892795 | 7999965 | 67.0 |
| Keller Group PLC | 78446 | 1493785 | 12.5 |
| Kier Group PLC | 530369 | 1031153 | 8.6 |
| Lancashire Holdings Ltd. | 175580 | 1321608 | 11.1 |
| Marlowe PLC | 515621 | 2354544 | 19.7 |
| Morgan Sindall Group PLC | 13042 | 616486 | 5.2 |
| Quilter PLC | 559663 | 1006915 | 8.4 |
| Rotork PLC | 2184059 | 8892983 | 74.4 |
| Savills PLC | 154570 | 1916816 | 16.0 |
| Serco Group PLC | 3270073 | 7504708 | 62.8 |
| Shaftesbury Capital PLC | 4715541 | 8565701 | 71.7 |
| Softcat PLC | 40634 | 907544 | 7.6 |
| THG PLC | 3772814 | 1245444 | 10.4 |
| TP ICAP Group PLC | 440864 | 1513901 | 12.7 |
| Workspace Group PLC | 399647 | 2368133 | 19.8 |
|  |  | 72252954 |  |
| **United States** |  |  |  |
| 10X Genomics, Inc., Class A | 148144 | 1225151 | 10.3 |
| ABM Industries, Inc. | 184305 | 8983026 | 75.2 |
| Acadian Asset Management, Inc. | 154453 | 4160964 | 34.8 |
| Adient PLC | 253415 | 3205700 | 26.8 |
| Adtalem Global Education, Inc. | 33749 | 3584144 | 30.0 |
| ADTRAN Holdings, Inc. | 314691 | 2410533 | 20.2 |
| Advance Auto Parts, Inc. | 300119 | 9819894 | 82.2 |
| Alarm.com Holdings, Inc. | 31789 | 1703890 | 14.3 |
| Alphatec Holdings, Inc. | 17645 | 193742 | 1.6 |
| Ambac Financial Group, Inc. | 33485 | 267210 | 2.2 |
| Amneal Pharmaceuticals, Inc. | 56752 | 434720 | 3.6 |
| Andersons, Inc. | 98591 | 3717867 | 31.1 |
| ANI Pharmaceuticals, Inc. | 65654 | 4649616 | 38.9 |
| Anterix, Inc. | 11330 | 338200 | 2.8 |
| Arhaus, Inc. | 31106 | 244493 | 2.0 |
| Atkore, Inc. | 16495 | 1053536 | 8.8 |
| AtriCure, Inc. | 155733 | 4657974 | 39.0 |
| Avient Corp. | 86611 | 2885012 | 24.1 |
| Axcelis Technologies, Inc. | 138037 | 6761052 | 56.6 |
| Axogen, Inc. | 38976 | 634140 | 5.3 |
| Balchem Corp. | 28024 | 4387157 | 36.7 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **United States (continued)** |  |  |  |
| Banc of California, Inc. | 362168 | $4882025 | 40.9<br> % <br>|
| BancFirst Corp. | 37560 | 4425319 | 37.0 |
| Bandwidth, Inc., Class A | 4311 | 53543 | 0.4 |
| Bar Harbor Bankshares | 26913 | 797701 | 6.7 |
| Belden, Inc. | 55352 | 5707345 | 47.8 |
| Benchmark Electronics, Inc. | 64915 | 2111685 | 17.7 |
| Black Hills Corp. | 272056 | 16568210 | 138.7 |
| BlueLinx Holdings, Inc. | 34716 | 2261400 | 18.9 |
| BOK Financial Corp. | 5280 | 491938 | 4.1 |
| Boot Barn Holdings, Inc. | 137047 | 14299484 | 119.7 |
| Bowhead Specialty Holdings, Inc. | 51124 | 2054674 | 17.2 |
| BrightSpring Health Services, Inc. | 509182 | 8925960 | 74.7 |
| Brookdale Senior Living, Inc. | 138116 | 906041 | 7.6 |
| Calix, Inc. | 29137 | 1191995 | 10.0 |
| Camden National Corp. | 27761 | 1069354 | 8.9 |
| Camping World Holdings, Inc., Class A | 231776 | 2795219 | 23.4 |
| Cargurus, Inc. | 82783 | 2314613 | 19.4 |
| Carriage Services, Inc. | 13967 | 558121 | 4.7 |
| CBL & Associates Properties, Inc. | 21552 | 505825 | 4.2 |
| Century Communities, Inc. | 2889 | 157566 | 1.3 |
| Cerence, Inc. | 355943 | 3224844 | 27.0 |
| Clear Secure, Inc., Class A | 625435 | 15435736 | 129.2 |
| CNA Financial Corp. | 110227 | 5308532 | 44.4 |
| Cohen & Steers, Inc. | 67890 | 5181365 | 43.4 |
| Community Trust Bancorp, Inc. | 40089 | 1962757 | 16.4 |
| Compass Minerals International, Inc. | 247832 | 3330862 | 27.9 |
| ConnectOne Bancorp, Inc. | 3305 | 74462 | 0.6 |
| Constellium SE | 440137 | 4449785 | 37.2 |
| Construction Partners, Inc., Class A | 170980 | 14044297 | 117.5 |
| CoreCivic, Inc. | 27554 | 623823 | 5.2 |
| CorVel Corp. | 23583 | 2564887 | 21.5 |
| Coursera, Inc. | 57441 | 483653 | 4.0 |
| CRA International, Inc. | 9809 | 1591020 | 13.3 |
| Cracker Barrel Old Country Store, Inc. | 380217 | 16235266 | 135.9 |
| Delek US Holdings, Inc. | 219646 | 2859791 | 23.9 |
| Digi International, Inc. | 113468 | 3086330 | 25.8 |
| DigitalOcean Holdings, Inc. | 111166 | 3435029 | 28.7 |
| Diodes, Inc. | 42453 | 1630195 | 13.6 |
| DNOW, Inc. | 169035 | 2682585 | 22.4 |
| Dole PLC | 385792 | 5860180 | 49.0 |
| Dorian LPG Ltd. | 169750 | 3636045 | 30.4 |
| Dorman Products, Inc. | 115029 | 13032786 | 109.1 |
| DXC Technology Co. | 975535 | 15140303 | 126.7 |
| DXP Enterprises, Inc. | 36600 | 3237636 | 27.1 |
| Encore Capital Group, Inc. | 60430 | 2078792 | 17.4 |
| Energizer Holdings, Inc. | 44361 | 1199521 | 10.0 |
| EnerSys | 153532 | 13295871 | 111.3 |
| Enova International, Inc. | 23775 | 2182307 | 18.3 |
| Envista Holdings Corp. | 614704 | 9884440 | 82.7 |
| Ethan Allen Interiors, Inc. | 93588 | 2660707 | 22.3 |
| EverQuote, Inc., Class A | 182743 | 4338319 | 36.3 |
| Evolent Health, Inc., Class A | 288680 | 2846385 | 23.8 |
| Extreme Networks, Inc. | 97627 | 1284771 | 10.8 |
| EZCORP, Inc., Class A | 50540 | 827340 | 6.9 |
| FARO Technologies, Inc. | 97073 | 2854917 | 23.9 |
| Federated Hermes, Inc. | 89001 | 3614331 | 30.2 |
| First Financial Bankshares, Inc. | 391570 | 13121511 | 109.8 |
| Five9, Inc. | 152609 | 3836590 | 32.1 |
| Flushing Financial Corp. | 11280 | 135022 | 1.1 |
| Fortrea Holdings, Inc. | 44490 | 277173 | 2.3 |
| Frontdoor, Inc. | 68063 | 2798070 | 23.4 |

---

Schedule of Investments

------

Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **United States (continued)** |  |  |  |
| Fulgent Genetics, Inc. | 5010 | $86923 | 0.7<br> % <br>|
| GCM Grosvenor, Inc., Class A | 166821 | 2091935 | 17.5 |
| Genco Shipping & Trading Ltd. | 195730 | 2536661 | 21.2 |
| Getty Realty Corp. | 220427 | 6169752 | 51.6 |
| G-III Apparel Group Ltd. | 16361 | 412624 | 3.5 |
| Gladstone Commercial Corp. | 70548 | 996843 | 8.3 |
| Global Industrial Co. | 10963 | 281530 | 2.4 |
| Graham Holdings Co, Class B | 6709 | 6172615 | 51.7 |
| Granite Construction, Inc. | 328262 | 26684418 | 223.3 |
| Great Southern Bancorp, Inc. | 2739 | 150645 | 1.3 |
| Griffon Corp. | 68019 | 4632774 | 38.8 |
| Harmony Biosciences Holdings, Inc. | 199265 | 5872340 | 49.1 |
| HealthStream, Inc. | 5804 | 195189 | 1.6 |
| Helen of Troy Ltd. | 35536 | 990033 | 8.3 |
| Heritage Commerce Corp. | 98091 | 886743 | 7.4 |
| Horizon Bancorp, Inc. | 4597 | 67484 | 0.6 |
| Hub Group, Inc., Class A | 122092 | 3856886 | 32.3 |
| Huntsman Corp. | 305140 | 4061413 | 34.0 |
| ICF International, Inc. | 20432 | 1735903 | 14.5 |
| IDT Corp., Class B | 22142 | 1112635 | 9.3 |
| Independent Bank Corp./MI | 7938 | 241791 | 2.0 |
| Ingevity Corp. | 44983 | 1483539 | 12.4 |
| Innoviva, Inc. | 249841 | 4669528 | 39.1 |
| International Bancshares Corp. | 48678 | 2971305 | 24.9 |
| International Seaways, Inc. | 80728 | 2741523 | 22.9 |
| Itron, Inc. | 162681 | 18104768 | 151.5 |
| Jamf Holding Corp. | 140450 | 1625006 | 13.6 |
| John Wiley & Sons, Inc., Class A | 172405 | 7523754 | 63.0 |
| LendingClub Corp. | 342550 | 3346713 | 28.0 |
| LendingTree, Inc. | 7973 | 411327 | 3.4 |
| Lindblad Expeditions Holdings, Inc. | 88808 | 785063 | 6.6 |
| LivaNova PLC | 190531 | 7049647 | 59.0 |
| M/I Homes, Inc. | 11795 | 1258291 | 10.5 |
| ManpowerGroup, Inc. | 24060 | 1036264 | 8.7 |
| Marriott Vacations Worldwide Corp. | 92869 | 5090150 | 42.6 |
| Matson, Inc. | 71178 | 7764808 | 65.0 |
| MDA Space Ltd. | 312758 | 6104974 | 51.1 |
| MDU Resources Group, Inc. | 314168 | 5384840 | 45.1 |
| Mercantile Bank Corp. | 33278 | 1407992 | 11.8 |
| MRC Global, Inc. | 1776 | 20690 | 0.2 |
| Mueller Water Products, Inc., Class A | 510274 | 13389590 | 112.1 |
| N-able, Inc. | 270878 | 1912399 | 16.0 |
| Nabors Industries Ltd. | 33748 | 905796 | 7.6 |
| Navigator Holdings Ltd. | 53800 | 682722 | 5.7 |
| NetScout Systems, Inc. | 99883 | 2099541 | 17.6 |
| NETSTREIT Corp. | 715020 | 11633375 | 97.4 |
| Newell Brands, Inc. | 425259 | 2032738 | 17.0 |
| NewMarket Corp. | 7450 | 4583985 | 38.4 |
| Northfield Bancorp, Inc. | 40680 | 429174 | 3.6 |
| Northwestern Energy Group, Inc. | 117386 | 6835387 | 57.2 |
| Oceaneering International, Inc. | 154767 | 2747114 | 23.0 |
| OceanFirst Financial Corp. | 39828 | 659552 | 5.5 |
| Olin Corp. | 518581 | 11211721 | 93.8 |
| Omeros Corp. | 53547 | 393570 | 3.3 |
| Omnicell, Inc. | 94050 | 2940003 | 24.6 |
| ONE Gas, Inc. | 291471 | 22883388 | 191.5 |
| Orrstown Financial Services, Inc. | 12877 | 385924 | 3.2 |
| PagerDuty, Inc. | 748634 | 11611313 | 97.2 |
| Par Pacific Holdings, Inc. | 173309 | 2481785 | 20.8 |
| Park National Corp. | 32133 | 4823163 | 40.4 |
| PBF Energy, Inc., Class A | 1151451 | 19781928 | 165.5 |
| Peapack-Gladstone Financial Corp. | 33518 | 927778 | 7.8 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **United States (continued)** |  |  |  |
| Pebblebrook Hotel Trust | 54834 | $496248 | 4.2<br> % <br>|
| Pediatrix Medical Group, Inc. | 477395 | 6148848 | 51.5 |
| Pennant Group, Inc. | 6248 | 160074 | 1.3 |
| Perella Weinberg Partners | 111077 | 1907192 | 16.0 |
| Perimeter Solutions, Inc. | 42120 | 426676 | 3.6 |
| Phreesia, Inc. | 184607 | 4607791 | 38.6 |
| Plymouth Industrial REIT, Inc. | 64969 | 966089 | 8.1 |
| Power Integrations, Inc. | 34781 | 1708443 | 14.3 |
| Prestige Consumer Healthcare, Inc. | 17872 | 1451743 | 12.1 |
| Primoris Services Corp. | 123045 | 7379009 | 61.8 |
| Privia Health Group, Inc. | 230358 | 5408806 | 45.3 |
| PROG Holdings, Inc. | 32779 | 864054 | 7.2 |
| Progress Software Corp. | 51630 | 3095735 | 25.9 |
| PROS Holdings, Inc. | 103542 | 1768497 | 14.8 |
| Proto Labs, Inc. | 37972 | 1335096 | 11.2 |
| QCR Holdings, Inc. | 13880 | 901506 | 7.5 |
| Quanex Building Products Corp. | 92206 | 1515867 | 12.7 |
| QuinStreet, Inc. | 12341 | 216214 | 1.8 |
| Radian Group, Inc. | 146635 | 4683522 | 39.2 |
| Rapid7, Inc. | 581962 | 13745942 | 115.0 |
| Revolve Group, Inc. | 137481 | 2733122 | 22.9 |
| REX American Resources Corp. | 24965 | 991610 | 8.3 |
| RingCentral, Inc., Class A | 368576 | 9398688 | 78.7 |
| RLJ Lodging Trust | 509016 | 3568202 | 29.9 |
| Ryerson Holding Corp. | 85028 | 1987955 | 16.6 |
| Sabra Health Care REIT, Inc. | 754556 | 13468825 | 112.7 |
| Safehold, Inc. | 187304 | 2950038 | 24.7 |
| Sally Beauty Holdings, Inc. | 604390 | 4919735 | 41.2 |
| Savers Value Village, Inc. | 14806 | 141990 | 1.2 |
| ScanSource, Inc. | 45812 | 1511338 | 12.6 |
| Scotts Miracle-Gro Co. | 168621 | 8495126 | 71.1 |
| Select Medical Holdings Corp. | 88388 | 1612197 | 13.5 |
| Signet Jewelers Ltd. | 56059 | 3324299 | 27.8 |
| SITE Centers Corp. | 95144 | 1126505 | 9.4 |
| SkyWest, Inc. | 24252 | 2162551 | 18.1 |
| SmartFinancial, Inc. | 35391 | 1076594 | 9.0 |
| Sonos, Inc. | 259111 | 2386412 | 20.0 |
| Southwest Gas Holdings, Inc. | 106324 | 7677656 | 64.3 |
| STAAR Surgical Co. | 34142 | 623433 | 5.2 |
| Standard Motor Products, Inc. | 76492 | 2072933 | 17.3 |
| Stock Yards Bancorp, Inc. | 51492 | 3748103 | 31.4 |
| Stratasys Ltd. | 112801 | 1064841 | 8.9 |
| Strategic Education, Inc. | 24183 | 1972849 | 16.5 |
| Supernus Pharmaceuticals, Inc. | 100103 | 3251345 | 27.2 |
| Synaptics, Inc. | 75552 | 4205224 | 35.2 |
| Tandem Diabetes Care, Inc. | 12749 | 214821 | 1.8 |
| Tanger, Inc. | 85788 | 2703180 | 22.6 |
| Texas Capital Bancshares, Inc. | 243385 | 16586688 | 138.8 |
| Tiptree, Inc. | 4135 | 92252 | 0.8 |
| Tompkins Financial Corp. | 28492 | 1698123 | 14.2 |
| Topgolf Callaway Brands Corp. | 1473857 | 9742195 | 81.5 |
| Travel + Leisure Co. | 94482 | 4150594 | 34.7 |
| Tri Pointe Homes, Inc. | 545101 | 16761856 | 140.3 |
| TriCo Bancshares | 76733 | 2960359 | 24.8 |
| Tronox Holdings PLC | 68460 | 370369 | 3.1 |
| Tutor Perini Corp. | 60390 | 1295969 | 10.8 |
| Ultra Clean Holdings, Inc. | 15235 | 284971 | 2.4 |
| United Bankshares, Inc. | 98458 | 3376125 | 28.3 |
| United Fire Group, Inc. | 34323 | 949717 | 7.9 |
| United Natural Foods, Inc. | 212739 | 5682259 | 47.6 |
| Univest Financial Corp. | 13070 | 386088 | 3.2 |
| V2X, Inc. | 30820 | 1533603 | 12.8 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **United States (continued)** |  |  |  |
| Varex Imaging Corp. | 239645 | $1993846 | 16.7<br> % <br>|
| Verint Systems, Inc. | 94962 | 1675130 | 14.0 |
| Verra Mobility Corp. | 723880 | 15780584 | 132.1 |
| Visteon Corp. | 27210 | 2154760 | 18.0 |
| Walker & Dunlop, Inc. | 138159 | 10574690 | 88.5 |
| Washington Trust Bancorp, Inc. | 52545 | 1450242 | 12.1 |
| WD-40 Co. | 40856 | 9329876 | 78.1 |
| Willdan Group, Inc. | 23335 | 914732 | 7.7 |
| Winmark Corp. | 1821 | 655578 | 5.5 |
| WK Kellogg Co. | 84719 | 1519012 | 12.7 |
| Wolverine World Wide, Inc. | 44536 | 581195 | 4.9 |
| Yelp, Inc. | 401592 | 14087847 | 117.9 |
| ZoomInfo Technologies, Inc. | 1217296 | 10420054 | 87.2 |
|  |  | 892299178 |  |
| **Total Reference Entity — Long** |  | 1255544342 |  |
| **Reference Entity — Short** |  |  |  |
| **Common Stocks**  |  |  |  |
| **Belgium** |  |  |  |
| KBC Ancora | (2995)<br>| (196232)<br>| (1.6)<br>|
| **Bermuda** |  |  |  |
| Conduit Holdings Ltd. | (107082)<br>| (492907)<br>| (4.1)<br>|
| Hamilton Insurance Group Ltd., Class B | (265134)<br>| (4904979)<br>| (41.1)<br>|
|  |  | (5397886)<br>|  |
| **Canada** |  |  |  |
| Andlauer Healthcare Group, Inc. | (2913)<br>| (113046)<br>| (1.0)<br>|
| Canfor Corp. | (121539)<br>| (1161083)<br>| (9.7)<br>|
| Dream Industrial Real Estate Investment Trust | (70563)<br>| (542556)<br>| (4.5)<br>|
| Endeavour Silver Corp. | (117270)<br>| (425323)<br>| (3.6)<br>|
| Exchange Income Corp. | (100491)<br>| (3692785)<br>| (30.9)<br>|
|  |  | (5934793)<br>|  |
| **Denmark** |  |  |  |
| ISS A/S | (28422)<br>| (713149)<br>| (6.0)<br>|
| **Finland** |  |  |  |
| Kemira OYJ | (146068)<br>| (3013977)<br>| (25.2)<br>|
| QT Group Oyj | (11184)<br>| (729778)<br>| (6.1)<br>|
| Tokmanni Group Corp. | (81172)<br>| (1280718)<br>| (10.7)<br>|
|  |  | (5024473)<br>|  |
| **Germany** |  |  |  |
| Bechtle AG | (34140)<br>| (1456503)<br>| (12.2)<br>|
| DWS Group GmbH & Co KGaA | (29694)<br>| (1563194)<br>| (13.1)<br>|
| LANXESS AG | (256100)<br>| (7689143)<br>| (64.4)<br>|
| Schott Pharma AG & Co KGaA | (3792)<br>| (106943)<br>| (0.9)<br>|
| Sirius Real Estate Ltd. | (3612391)<br>| (4450761)<br>| (37.2)<br>|
| Suedzucker AG | (42133)<br>| (567276)<br>| (4.7)<br>|
|  |  | (15833820)<br>|  |
| **Hong Kong** |  |  |  |
| GigaCloud Technology, Inc., Class A | (5926)<br>| (74312)<br>| (0.6)<br>|
| **Ireland** |  |  |  |
| Glanbia PLC | (270488)<br>| (3501519)<br>| (29.3)<br>|
| Glenveagh Properties PLC | (831707)<br>| (1558826)<br>| (13.0)<br>|
|  |  | (5060345)<br>|  |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **Israel** |  |  |  |
| Big Shopping Centers Ltd. | (16129)<br>| $(2355018)<br>| (19.7)% <br>|
| **Italy** |  |  |  |
| Ferretti SpA | (66068)<br>| (189179)<br>| (1.6)<br>|
| Interpump Group SpA | (3907)<br>| (134001)<br>| (1.1)<br>|
|  |  | (323180)<br>|  |
| **Japan** |  |  |  |
| Aeon Delight Co., Inc. | (15500)<br>| (582883)<br>| (4.9)<br>|
| AEON REIT Investment Corp. | (1971)<br>| (1724980)<br>| (14.4)<br>|
| Air Water, Inc. | (170700)<br>| (2327734)<br>| (19.5)<br>|
| Aozora Bank Ltd. | (11500)<br>| (158781)<br>| (1.3)<br>|
| AZ-COM MARUWA Holdings, Inc. | (24100)<br>| (222941)<br>| (1.9)<br>|
| Daicel Corp. | (348800)<br>| (2969042)<br>| (24.8)<br>|
| Daiichikosho Co., Inc. | (6900)<br>| (80695)<br>| (0.7)<br>|
| Denka Co., Inc. | (160400)<br>| (2188969)<br>| (18.3)<br>|
| Ezaki Glico Co., Inc. | (7800)<br>| (257340)<br>| (2.2)<br>|
| Fujita Kanko, Inc. | (18100)<br>| (1143272)<br>| (9.6)<br>|
| Fujitec Co., Inc. | (8800)<br>| (344769)<br>| (2.9)<br>|
| Fujitsu General Ltd. | (58500)<br>| (1148354)<br>| (9.6)<br>|
| Gunze Ltd. | (9200)<br>| (165420)<br>| (1.4)<br>|
| Hachijuni Bank Ltd. | (251900)<br>| (1901339)<br>| (15.9)<br>|
| Hankyu Hanshin REIT, Inc. | (438)<br>| (442569)<br>| (3.7)<br>|
| Haseko Corp. | (40300)<br>| (575589)<br>| (4.8)<br>|
| Heiwa Corp. | (5300)<br>| (82499)<br>| (0.7)<br>|
| Hino Motors Ltd. | (67300)<br>| (214005)<br>| (1.8)<br>|
| House Foods Group, Inc. | (6000)<br>| (117645)<br>| (1.0)<br>|
| Hyakugo Bank Ltd. | (84900)<br>| (411551)<br>| (3.4)<br>|
| Idec Corp. | (20400)<br>| (326831)<br>| (2.7)<br>|
| Iwatani Corp. | (330700)<br>| (3166414)<br>| (26.5)<br>|
| Japan Excellent, Inc. | (101)<br>| (91254)<br>| (0.8)<br>|
| Japan Investment Adviser Co., Inc. | (83100)<br>| (951867)<br>| (8.0)<br>|
| JVCKenwood Corp. | (50400)<br>| (376139)<br>| (3.1)<br>|
| Kagome Co., Inc. | (7200)<br>| (148194)<br>| (1.2)<br>|
| KOMEDA Holdings Co., Inc. | (5100)<br>| (103091)<br>| (0.9)<br>|
| Kotobuki Spirits Co., Inc. | (27800)<br>| (413785)<br>| (3.5)<br>|
| Kureha Corp. | (11500)<br>| (201288)<br>| (1.7)<br>|
| Kusuri no Aoki Holdings Co., Inc. | (10900)<br>| (259593)<br>| (2.2)<br>|
| Kyoei Steel Ltd. | (31100)<br>| (438364)<br>| (3.7)<br>|
| Mitsubishi Logisnext Co., Inc. | (2600)<br>| (36522)<br>| (0.3)<br>|
| Mitsuboshi Belting Ltd. | (17600)<br>| (441336)<br>| (3.7)<br>|
| Mitsui Fudosan Logistics Park, Inc. | (133)<br>| (94930)<br>| (0.8)<br>|
| Mitsui-Soko Holdings Co., Inc. | (11100)<br>| (228785)<br>| (1.9)<br>|
| Monogatari Corp. | (1700)<br>| (44325)<br>| (0.4)<br>|
| Musashi Seimitsu Industry Co., Inc. | (246100)<br>| (4232464)<br>| (35.4)<br>|
| Namura Shipbuilding Co., Inc. | (150500)<br>| (2123793)<br>| (17.8)<br>|
| Nihon M&A Center Holdings, Inc. | (72300)<br>| (294893)<br>| (2.5)<br>|
| Nippon Carbon Co., Inc. | (6600)<br>| (193533)<br>| (1.6)<br>|
| Nippon Paper Industries Co., Inc. | (303100)<br>| (2343442)<br>| (19.6)<br>|
| Nippon Television Holdings, Inc. | (4600)<br>| (106527)<br>| (0.9)<br>|
| Nissui Corp. | (683300)<br>| (4155992)<br>| (34.8)<br>|
| Nomura Real Estate Master Fund, Inc. | (8100)<br>| (8064021)<br>| (67.5)<br>|
| NTT UD REIT Investment Corp. | (169)<br>| (158745)<br>| (1.3)<br>|
| Osaka Soda Co., Inc. | (51800)<br>| (540015)<br>| (4.5)<br>|
| Pasona Group, Inc. | (117500)<br>| (1822776)<br>| (15.3)<br>|
| Penta-Ocean Construction Co., Inc. | (421100)<br>| (2415696)<br>| (20.2)<br>|
| Relo Group, Inc. | (15200)<br>| (200842)<br>| (1.7)<br>|
| Seiko Group Corp. | (2200)<br>| (58073)<br>| (0.5)<br>|
| Seven Bank Ltd. | (559800)<br>| (1007372)<br>| (8.4)<br>|

---

Schedule of Investments

------

Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **Japan (continued)** |  |  |  |
| Stanley Electric Co., Inc. | (44900)<br>| $(841377)<br>| (7.0)% <br>|
| Sundrug Co., Inc. | (16500)<br>| (549818)<br>| (4.6)<br>|
| Takara Holdings, Inc. | (11100)<br>| (89589)<br>| (0.7)<br>|
| Takeuchi Manufacturing Co., Inc. | (8400)<br>| (262940)<br>| (2.2)<br>|
| Tokai Carbon Co., Inc. | (197400)<br>| (1273780)<br>| (10.7)<br>|
| Tokyo Steel Manufacturing Co., Inc. | (85500)<br>| (966731)<br>| (8.1)<br>|
| Topcon Corp. | (147400)<br>| (3347579)<br>| (28.0)<br>|
| Toyo Construction Co., Inc. | (41800)<br>| (392091)<br>| (3.3)<br>|
| Toyo Seikan Group Holdings Ltd. | (56700)<br>| (989908)<br>| (8.3)<br>|
| Tsumura & Co. | (50300)<br>| (1512573)<br>| (12.7)<br>|
| UBE Corp. | (43500)<br>| (638208)<br>| (5.3)<br>|
| Wacoal Holdings Corp. | (3800)<br>| (132628)<br>| (1.1)<br>|
| Welcia Holdings Co., Inc. | (47800)<br>| (842768)<br>| (7.0)<br>|
| Yamada Holdings Co., Inc. | (212200)<br>| (683873)<br>| (5.7)<br>|
| Yamato Kogyo Co., Inc. | (12600)<br>| (750313)<br>| (6.3)<br>|
| Yodogawa Steel Works Ltd. | (15700)<br>| (635662)<br>| (5.3)<br>|
| Yoshinoya Holdings Co., Inc. | (4200)<br>| (92058)<br>| (0.8)<br>|
| Zenkoku Hosho Co., Inc. | (11200)<br>| (242996)<br>| (2.0)<br>|
| ZIGExN Co., Inc. | (28500)<br>| (88679)<br>| (0.7)<br>|
|  |  | (66434850)<br>|  |
| **Jersey** |  |  |  |
| Ithaca Energy PLC | (60738)<br>| (107819)<br>| (0.9)<br>|
| **Luxembourg** |  |  |  |
| RTL Group SA | (5702)<br>| (233842)<br>| (2.0)<br>|
| **Netherlands** |  |  |  |
| Aalberts NV | (72530)<br>| (2408477)<br>| (20.2)<br>|
| Koninklijke Vopak NV | (130049)<br>| (5377614)<br>| (45.0)<br>|
| OCI NV | (238101)<br>| (1978292)<br>| (16.5)<br>|
| PostNL NV | (20000)<br>| (20420)<br>| (0.2)<br>|
|  |  | (9784803)<br>|  |
| **Norway** |  |  |  |
| Dof Group ASA | (39404)<br>| (309014)<br>| (2.6)<br>|
| FLEX LNG Ltd. | (11361)<br>| (268006)<br>| (2.3)<br>|
| Hexagon Composites ASA | (51922)<br>| (93629)<br>| (0.8)<br>|
| Norwegian Air Shuttle ASA | (1985493)<br>| (2621978)<br>| (21.9)<br>|
| SpareBank 1 Sor-Norge ASA | (50452)<br>| (805075)<br>| (6.7)<br>|
|  |  | (4097702)<br>|  |
| **Singapore** |  |  |  |
| Kulicke & Soffa Industries, Inc. | (188795)<br>| (6084863)<br>| (50.9)<br>|
| **South Africa** |  |  |  |
| Pan African Resources PLC | (881542)<br>| (522213)<br>| (4.4)<br>|
| Scatec ASA | (152657)<br>| (1165024)<br>| (9.7)<br>|
|  |  | (1687237)<br>|  |
| **Spain** |  |  |  |
| Ence Energia y Celulosa SA | (57435)<br>| (185219)<br>| (1.5)<br>|
| Gestamp Automocion SA | (326478)<br>| (975239)<br>| (8.2)<br>|
|  |  | (1160458)<br>|  |
| **Sweden** |  |  |  |
| AAK AB | (255493)<br>| (6681616)<br>| (55.9)<br>|
| Fortnox AB | (448937)<br>| (4065092)<br>| (34.0)<br>|
| Hexatronic Group AB | (28145)<br>| (74476)<br>| (0.6)<br>|
| New Wave Group AB | (104972)<br>| (1284526)<br>| (10.8)<br>|
| Truecaller AB, Class B | (64706)<br>| (486943)<br>| (4.1)<br>|
| Xvivo Perfusion AB | (31162)<br>| (1029259)<br>| (8.6)<br>|
|  |  | (13621912)<br>|  |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **Switzerland** |  |  |  |
| Bachem Holding AG | (72295)<br>| $(4430474)<br>| (37.1)% <br>|
| Emmi AG, Registered Shares | (1058)<br>| (1040718)<br>| (8.7)<br>|
| Landis&Gyr Group AG | (78408)<br>| (5042973)<br>| (42.2)<br>|
| LEM Holding SA, Registered Shares | (310)<br>| (258689)<br>| (2.2)<br>|
| Ypsomed Holding AG, Registered Shares | (6514)<br>| (2775408)<br>| (23.2)<br>|
|  |  | (13548262)<br>|  |
| **United Kingdom** |  |  |  |
| Advanced Medical Solutions Group PLC | (148313)<br>| (382141)<br>| (3.2)<br>|
| Alphawave IP Group PLC | (283482)<br>| (482699)<br>| (4.0)<br>|
| Assura PLC | (1442108)<br>| (932572)<br>| (7.8)<br>|
| Bodycote PLC | (35506)<br>| (225238)<br>| (1.9)<br>|
| Close Brothers Group PLC | (174490)<br>| (758805)<br>| (6.4)<br>|
| Coats Group PLC | (1272235)<br>| (1232065)<br>| (10.3)<br>|
| Crest Nicholson Holdings plc | (102254)<br>| (246284)<br>| (2.1)<br>|
| Domino's Pizza Group PLC | (326847)<br>| (1175718)<br>| (9.8)<br>|
| Dowlais Group PLC | (2645283)<br>| (2052277)<br>| (17.2)<br>|
| Elementis PLC | (311086)<br>| (522881)<br>| (4.4)<br>|
| ITV PLC | (1339159)<br>| (1443335)<br>| (12.1)<br>|
| Morgan Advanced Materials PLC | (87190)<br>| (228678)<br>| (1.9)<br>|
| Nomad Foods Ltd. | (294326)<br>| (5883577)<br>| (49.2)<br>|
| Oxford Nanopore Technologies PLC | (1582911)<br>| (2516657)<br>| (21.1)<br>|
| Playtech Plc | (60963)<br>| (617465)<br>| (5.2)<br>|
| Premier Foods PLC | (977146)<br>| (2594068)<br>| (21.7)<br>|
| Renew Holdings PLC | (78381)<br>| (793384)<br>| (6.6)<br>|
| Renishaw PLC | (75847)<br>| (2272025)<br>| (19.0)<br>|
| RS Group PLC | (911380)<br>| (6283968)<br>| (52.6)<br>|
| Safestore Holdings PLC | (269957)<br>| (2272113)<br>| (19.0)<br>|
| Senior PLC | (320966)<br>| (592864)<br>| (5.0)<br>|
| SigmaRoc PLC | (848069)<br>| (1027146)<br>| (8.6)<br>|
| Soho House & Co., Inc. | (42299)<br>| (254217)<br>| (2.1)<br>|
| Spire Healthcare Group PLC | (539191)<br>| (1394149)<br>| (11.7)<br>|
| SSP Group Plc | (2270478)<br>| (4496836)<br>| (37.6)<br>|
| Travis Perkins PLC | (67010)<br>| (500201)<br>| (4.2)<br>|
| Yellow Cake PLC | (341316)<br>| (1965022)<br>| (16.4)<br>|
|  |  | (43146385)<br>|  |
| **United States** |  |  |  |
| AAR Corp. | (18990)<br>| (1015205)<br>| (8.5)<br>|
| Academy Sports & Outdoors, Inc. | (363249)<br>| (13687222)<br>| (114.5)<br>|
| Acadia Realty Trust | (499673)<br>| (9543754)<br>| (79.9)<br>|
| Agilysys, Inc. | (71610)<br>| (5324204)<br>| (44.6)<br>|
| Albany International Corp., Class A | (60080)<br>| (3950861)<br>| (33.1)<br>|
| Allegiant Travel Co. | (8969)<br>| (420915)<br>| (3.5)<br>|
| Alpha & Omega Semiconductor Ltd. | (157068)<br>| (2957590)<br>| (24.8)<br>|
| Ameresco, Inc., Class A | (157747)<br>| (1676851)<br>| (14.0)<br>|
| American Assets Trust, Inc. | (210674)<br>| (3945924)<br>| (33.0)<br>|
| American Superconductor Corp. | (47413)<br>| (941148)<br>| (7.9)<br>|
| American Woodmark Corp. | (96135)<br>| (5671965)<br>| (47.5)<br>|
| Amphastar Pharmaceuticals, Inc. | (79839)<br>| (1948870)<br>| (16.3)<br>|
| Apogee Enterprises, Inc. | (47130)<br>| (1869647)<br>| (15.6)<br>|
| Apollo Commercial Real Estate Finance, Inc. | (17949)<br>| (168182)<br>| (1.4)<br>|
| Applied Optoelectronics, Inc. | (30565)<br>| (390926)<br>| (3.3)<br>|
| Arbor Realty Trust, Inc. | (15033)<br>| (173331)<br>| (1.5)<br>|
| Archer Aviation, Inc., Class A | (354826)<br>| (2955701)<br>| (24.7)<br>|
| Arcosa, Inc. | (34534)<br>| (2765137)<br>| (23.1)<br>|
| ARMOUR Residential REIT, Inc. | (358985)<br>| (5912483)<br>| (49.5)<br>|
| Array Technologies, Inc. | (1542823)<br>| (7374694)<br>| (61.7)<br>|
| Artivion, Inc. | (174147)<br>| (4125542)<br>| (34.5)<br>|
| ASGN, Inc. | (108535)<br>| (5467993)<br>| (45.8)<br>|
| Ashland, Inc. | (153735)<br>| (8361647)<br>| (70.0)<br>|
| Associated Banc-Corp | (281088)<br>| (6200801)<br>| (51.9)<br>|

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **United States (continued)** |  |  |  |
| Astrana Health, Inc. | (77284)<br>| $(2408942)<br>| (20.2)% <br>|
| Atlanta Braves Holdings, Inc. | (66995)<br>| (2670421)<br>| (22.3)<br>|
| Atlantic Union Bankshares Corp. | (446181)<br>| (12359214)<br>| (103.4)<br>|
| Atlas Energy Solutions, Inc. | (4765)<br>| (64470)<br>| (0.5)<br>|
| Avadel Pharmaceuticals PLC | (145229)<br>| (1291086)<br>| (10.8)<br>|
| Avanos Medical, Inc. | (102825)<br>| (1290454)<br>| (10.8)<br>|
| Avis Budget Group, Inc. | (92567)<br>| (8574481)<br>| (71.8)<br>|
| AZZ, Inc. | (33083)<br>| (2870281)<br>| (24.0)<br>|
| B&G Foods, Inc. | (311248)<br>| (2144499)<br>| (17.9)<br>|
| Baldwin Insurance Group, Inc. | (138563)<br>| (5766992)<br>| (48.3)<br>|
| Bancorp, Inc. | (87365)<br>| (4220603)<br>| (35.3)<br>|
| Bausch & Lomb Corp. | (92751)<br>| (1072202)<br>| (9.0)<br>|
| BJ's Restaurants, Inc. | (53545)<br>| (1782513)<br>| (14.9)<br>|
| Blackbaud, Inc. | (138136)<br>| (8362753)<br>| (70.0)<br>|
| BlackLine, Inc. | (86138)<br>| (4068298)<br>| (34.0)<br>|
| Blackstone Mortgage Trust, Inc., Class A | (150038)<br>| (2858224)<br>| (23.9)<br>|
| Bloomin' Brands, Inc. | (265115)<br>| (2126222)<br>| (17.8)<br>|
| Blue Bird Corp. | (212699)<br>| (7416814)<br>| (62.1)<br>|
| Braze, Inc. | (74680)<br>| (2324788)<br>| (19.5)<br>|
| Buckle, Inc. | (33134)<br>| (1151738)<br>| (9.6)<br>|
| Bumble, Inc., Class A | (229577)<br>| (968815)<br>| (8.1)<br>|
| Burford Capital Ltd. | (197582)<br>| (2683164)<br>| (22.5)<br>|
| Business First Bancshares, Inc. | (20440)<br>| (471142)<br>| (3.9)<br>|
| Caleres, Inc. | (206753)<br>| (3150916)<br>| (26.4)<br>|
| Calumet, Inc. | (3530)<br>| (37418)<br>| (0.3)<br>|
| Cavco Industries, Inc. | (2793)<br>| (1379323)<br>| (11.5)<br>|
| CBIZ, Inc. | (260528)<br>| (17741957)<br>| (148.5)<br>|
| CECO Environmental Corp. | (100197)<br>| (2383687)<br>| (19.9)<br>|
| Centuri Holdings, Inc. | (11510)<br>| (206720)<br>| (1.7)<br>|
| Cheesecake Factory, Inc. | (162540)<br>| (8187140)<br>| (68.5)<br>|
| Chefs' Warehouse, Inc. | (28689)<br>| (1634412)<br>| (13.7)<br>|
| Chimera Investment Corp. | (368720)<br>| (4550005)<br>| (38.1)<br>|
| Cinemark Holdings, Inc. | (201378)<br>| (6023216)<br>| (50.4)<br>|
| Columbus McKinnon Corp. | (18100)<br>| (268785)<br>| (2.2)<br>|
| CommScope Holding Co., Inc. | (228485)<br>| (854534)<br>| (7.2)<br>|
| Community Financial System, Inc. | (59907)<br>| (3270323)<br>| (27.4)<br>|
| Concentrix Corp. | (265761)<br>| (13569757)<br>| (113.6)<br>|
| CONMED Corp. | (77958)<br>| (3828517)<br>| (32.0)<br>|
| Consensus Cloud Solutions, Inc. | (6450)<br>| (128097)<br>| (1.1)<br>|
| Couchbase, Inc. | (180512)<br>| (3184232)<br>| (26.6)<br>|
| Crane NXT Co. | (257909)<br>| (12101090)<br>| (101.3)<br>|
| Crescent Energy Co., Class A | (1361209)<br>| (11270811)<br>| (94.3)<br>|
| Curbline Properties Corp. | (377866)<br>| (8649353)<br>| (72.4)<br>|
| Daktronics, Inc. | (166491)<br>| (2112771)<br>| (17.7)<br>|
| DENTSPLY SIRONA, Inc. | (857716)<br>| (11922252)<br>| (99.8)<br>|
| DiamondRock Hospitality Co. | (448507)<br>| (3292041)<br>| (27.5)<br>|
| Diebold Nixdorf, Inc. | (74643)<br>| (3308924)<br>| (27.7)<br>|
| Dine Brands Global, Inc. | (120205)<br>| (2393282)<br>| (20.0)<br>|
| Dream Finders Homes, Inc., Class A | (148476)<br>| (3364466)<br>| (28.2)<br>|
| Driven Brands Holdings, Inc. | (107487)<br>| (1775685)<br>| (14.9)<br>|
| Easterly Government Properties, Inc. | (102194)<br>| (2061253)<br>| (17.2)<br>|
| Eastern Bankshares, Inc. | (14818)<br>| (221085)<br>| (1.8)<br>|
| Ecovyst, Inc. | (304252)<br>| (1819427)<br>| (15.2)<br>|
| Edgewell Personal Care Co. | (196372)<br>| (5999165)<br>| (50.2)<br>|
| Empire State Realty Trust, Inc., Class A | (14954)<br>| (106472)<br>| (0.9)<br>|
| Enerpac Tool Group Corp. | (26602)<br>| (1073923)<br>| (9.0)<br>|
| Enovix Corp. | (369492)<br>| (2475596)<br>| (20.7)<br>|
| Enviri Corp. | (445071)<br>| (3057638)<br>| (25.6)<br>|
| ESCO Technologies, Inc. | (40509)<br>| (6337633)<br>| (53.0)<br>|
| Expro Group Holdings NV | (122906)<br>| (1016433)<br>| (8.5)<br>|
| First Advantage Corp. | (90176)<br>| (1271482)<br>| (10.6)<br>|
| First Busey Corp. | (233750)<br>| (4859663)<br>| (40.7)<br>|

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **United States (continued)** |  |  |  |
| First Commonwealth Financial Corp. | (17006)<br>| $(260532)<br>| (2.2)% <br>|
| First Interstate BancSystem, Inc., Class A | (280827)<br>| (7356263)<br>| (61.6)<br>|
| First Watch Restaurant Group, Inc. | (35703)<br>| (630515)<br>| (5.3)<br>|
| Flowers Foods, Inc. | (429927)<br>| (7562416)<br>| (63.3)<br>|
| Four Corners Property Trust, Inc. | (10711)<br>| (299372)<br>| (2.5)<br>|
| Fox Factory Holding Corp. | (13940)<br>| (283121)<br>| (2.4)<br>|
| Franklin Electric Co., Inc. | (110768)<br>| (9410849)<br>| (78.8)<br>|
| Fresh Del Monte Produce, Inc. | (219693)<br>| (7471759)<br>| (62.5)<br>|
| Frontier Group Holdings, Inc. | (284529)<br>| (847896)<br>| (7.1)<br>|
| GATX Corp. | (26298)<br>| (3838456)<br>| (32.1)<br>|
| GeneDx Holdings Corp. | (68300)<br>| (4565855)<br>| (38.2)<br>|
| Global Business Travel Group I | (128744)<br>| (863872)<br>| (7.2)<br>|
| Green Brick Partners, Inc. | (95807)<br>| (5651655)<br>| (47.3)<br>|
| Greif, Inc., Class A | (51819)<br>| (2719461)<br>| (22.8)<br>|
| Guess?, Inc. | (90382)<br>| (1016798)<br>| (8.5)<br>|
| Hanesbrands, Inc. | (2052324)<br>| (9420167)<br>| (78.8)<br>|
| Harley-Davidson, Inc. | (1149561)<br>| (25773158)<br>| (215.7)<br>|
| Harmonic, Inc. | (107540)<br>| (965709)<br>| (8.1)<br>|
| Hayward Holdings, Inc. | (344432)<br>| (4591279)<br>| (38.4)<br>|
| HB Fuller Co. | (60500)<br>| (3269420)<br>| (27.4)<br>|
| Hecla Mining Co. | (1402567)<br>| (8022683)<br>| (67.1)<br>|
| Hillenbrand, Inc. | (116700)<br>| (2360841)<br>| (19.8)<br>|
| Huron Consulting Group, Inc. | (15348)<br>| (2068757)<br>| (17.3)<br>|
| Hyster-Yale, Inc. | (7201)<br>| (276734)<br>| (2.3)<br>|
| Ibotta, Inc., Class A | (25269)<br>| (1233127)<br>| (10.3)<br>|
| Independent Bank Corp. | (116682)<br>| (6894739)<br>| (57.7)<br>|
| Ingles Markets, Inc., Class A | (9399)<br>| (579824)<br>| (4.9)<br>|
| Innodata, Inc. | (16267)<br>| (615218)<br>| (5.1)<br>|
| Innospec, Inc. | (16217)<br>| (1451097)<br>| (12.1)<br>|
| Innovex International, Inc. | (184768)<br>| (2789997)<br>| (23.3)<br>|
| Integer Holdings Corp. | (151995)<br>| (19198488)<br>| (160.7)<br>|
| Integra LifeSciences Holdings Corp. | (348507)<br>| (5712030)<br>| (47.8)<br>|
| Integral Ad Science Holding Corp. | (22582)<br>| (159655)<br>| (1.3)<br>|
| Interparfums, Inc. | (15068)<br>| (1645426)<br>| (13.8)<br>|
| InvenTrust Properties Corp. | (78726)<br>| (2193306)<br>| (18.4)<br>|
| IPG Photonics Corp. | (46823)<br>| (2804229)<br>| (23.5)<br>|
| iRhythm Technologies, Inc. | (27493)<br>| (2938727)<br>| (24.6)<br>|
| J & J Snack Foods Corp. | (67436)<br>| (8739031)<br>| (73.1)<br>|
| Jack in the Box, Inc. | (118509)<br>| (3085974)<br>| (25.8)<br>|
| Janus International Group, Inc. | (23454)<br>| (161364)<br>| (1.4)<br>|
| JBG SMITH Properties | (451428)<br>| (6310963)<br>| (52.8)<br>|
| JELD-WEN Holding, Inc. | (628144)<br>| (3467355)<br>| (29.0)<br>|
| JetBlue Airways Corp. | (1161834)<br>| (5065596)<br>| (42.4)<br>|
| Kadant, Inc. | (47522)<br>| (14018990)<br>| (117.3)<br>|
| Kennametal, Inc. | (63588)<br>| (1238694)<br>| (10.4)<br>|
| Knowles Corp. | (166089)<br>| (2614241)<br>| (21.9)<br>|
| Kodiak Gas Services, Inc. | (75639)<br>| (2572482)<br>| (21.5)<br>|
| Kratos Defense & Security Solutions, Inc. | (118996)<br>| (4020280)<br>| (33.6)<br>|
| Krispy Kreme, Inc. | (282469)<br>| (1158123)<br>| (9.7)<br>|
| La-Z-Boy, Inc. | (268691)<br>| (10613295)<br>| (88.8)<br>|
| Legacy Housing Corp. | (2972)<br>| (72294)<br>| (0.6)<br>|
| Lemonade, Inc. | (28782)<br>| (841010)<br>| (7.0)<br>|
| Liberty Energy, Inc. | (330958)<br>| (3806017)<br>| (31.9)<br>|
| Liberty Media Corp.-Liberty Live, Class C | (49654)<br>| (3550758)<br>| (29.7)<br>|
| Lindsay Corp. | (62669)<br>| (8088061)<br>| (67.7)<br>|
| Littelfuse, Inc. | (96157)<br>| (17530383)<br>| (146.7)<br>|
| LSI Industries, Inc. | (59752)<br>| (901658)<br>| (7.5)<br>|
| Macerich Co. | (390443)<br>| (5723894)<br>| (47.9)<br>|
| Madison Square Garden Entertainment Corp. | (161334)<br>| (5233675)<br>| (43.8)<br>|
| Madison Square Garden Sports Corp. | (3124)<br>| (601589)<br>| (5.0)<br>|
| Marqeta, Inc., Class A | (186335)<br>| (778880)<br>| (6.5)<br>|
| Marten Transport Ltd. | (16518)<br>| (212091)<br>| (1.8)<br>|

---

Schedule of Investments

------

Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **United States (continued)** |  |  |  |
| Masterbrand, Inc. | (678419)<br>| $(8242791)<br>| (69.0)% <br>|
| Medical Properties Trust, Inc. | (506957)<br>| (2798403)<br>| (23.4)<br>|
| Mercury Systems, Inc. | (46514)<br>| (2325700)<br>| (19.5)<br>|
| Miller Industries Inc. | (5148)<br>| (210090)<br>| (1.8)<br>|
| MillerKnoll, Inc. | (340162)<br>| (5578657)<br>| (46.7)<br>|
| MSA Safety, Inc. | (46468)<br>| (7314993)<br>| (61.2)<br>|
| MSC Industrial Direct Co., Inc., Class A | (363249)<br>| (27781284)<br>| (232.5)<br>|
| MYR Group, Inc. | (4844)<br>| (592518)<br>| (5.0)<br>|
| Napco Security Technologies, Inc. | (85862)<br>| (1961947)<br>| (16.4)<br>|
| National Health Investors, Inc. | (14517)<br>| (1098501)<br>| (9.2)<br>|
| National Storage Affiliates Trust | (145744)<br>| (5421677)<br>| (45.4)<br>|
| National Vision Holdings, Inc. | (216600)<br>| (2675010)<br>| (22.4)<br>|
| Nelnet, Inc., Class A | (13365)<br>| (1417893)<br>| (11.9)<br>|
| Neogen Corp. | (585267)<br>| (2955598)<br>| (24.7)<br>|
| NeoGenomics, Inc. | (313587)<br>| (2005389)<br>| (16.8)<br>|
| Northern Oil & Gas, Inc. | (77980)<br>| (1894914)<br>| (15.9)<br>|
| Northwest Natural Holding Co. | (132716)<br>| (5720060)<br>| (47.9)<br>|
| Novanta, Inc. | (29062)<br>| (3454309)<br>| (28.9)<br>|
| NPK International, Inc. | (116062)<br>| (670838)<br>| (5.6)<br>|
| ODP Corp. | (67310)<br>| (920801)<br>| (7.7)<br>|
| Orchid Island Capital, Inc. | (470418)<br>| (3363489)<br>| (28.1)<br>|
| Ormat Technologies, Inc. | (151942)<br>| (11030989)<br>| (92.3)<br>|
| OSI Systems, Inc. | (76507)<br>| (15664043)<br>| (131.1)<br>|
| Oxford Industries, Inc. | (37054)<br>| (1800824)<br>| (15.1)<br>|
| Papa John's International, Inc. | (174470)<br>| (6024449)<br>| (50.4)<br>|
| PAR Technology Corp. | (22229)<br>| (1298174)<br>| (10.9)<br>|
| Patrick Industries, Inc. | (213725)<br>| (16452551)<br>| (137.7)<br>|
| Patterson-UTI Energy, Inc. | (399913)<br>| (2255509)<br>| (18.9)<br>|
| PennyMac Mortgage Investment Trust | (279622)<br>| (3590346)<br>| (30.0)<br>|
| Phinia, Inc. | (58993)<br>| (2368569)<br>| (19.8)<br>|
| Photronics, Inc. | (277566)<br>| (5071131)<br>| (42.4)<br>|
| Planet Labs PBC | (200485)<br>| (659596)<br>| (5.5)<br>|
| PotlatchDeltic Corp. | (61539)<br>| (2362482)<br>| (19.8)<br>|
| PriceSmart, Inc. | (97558)<br>| (9901161)<br>| (82.9)<br>|
| PureCycle Technologies, Inc. | (152537)<br>| (1023523)<br>| (8.6)<br>|
| QuidelOrtho Corp. | (105116)<br>| (2921174)<br>| (24.4)<br>|
| RCI Hospitality Holdings, Inc. | (17774)<br>| (705272)<br>| (5.9)<br>|
| Renasant Corp. | (224460)<br>| (7198432)<br>| (60.2)<br>|
| Resideo Technologies, Inc. | (209899)<br>| (3522105)<br>| (29.5)<br>|
| Reynolds Consumer Products, Inc. | (276804)<br>| (6366492)<br>| (53.3)<br>|
| RLI Corp. | (238454)<br>| (17647981)<br>| (147.7)<br>|
| Rogers Corp. | (66683)<br>| (4121676)<br>| (34.5)<br>|
| Root Inc., Class A | (19483)<br>| (2721191)<br>| (22.8)<br>|
| Sable Offshore Corp. | (364228)<br>| (6796494)<br>| (56.9)<br>|
| Safety Insurance Group, Inc. | (2279)<br>| (174344)<br>| (1.5)<br>|
| Sezzle, Inc. | (31055)<br>| (1613307)<br>| (13.5)<br>|
| Shoals Technologies Group, Inc., Class A | (2260125)<br>| (8159051)<br>| (68.3)<br>|
| SI-BONE, Inc. | (4897)<br>| (66844)<br>| (0.6)<br>|
| SIGA Technologies, Inc. | (13237)<br>| (73068)<br>| (0.6)<br>|
| Simply Good Foods Co. | (206136)<br>| (7443571)<br>| (62.3)<br>|
| Solaris Energy Infrastructure, Inc. | (230678)<br>| (4876533)<br>| (40.8)<br>|
| Sonoco Products Co. | (371135)<br>| (15216535)<br>| (127.3)<br>|
| Sotera Health Co. | (896157)<br>| (10305806)<br>| (86.2)<br>|
| Sphere Entertainment Co. | (218121)<br>| (5943797)<br>| (49.7)<br>|
| Sprinklr, Inc., Class A | (26260)<br>| (201939)<br>| (1.7)<br>|
| Sprout Social, Inc., Class A | (49268)<br>| (1030194)<br>| (8.6)<br>|
| Standex International Corp. | (3027)<br>| (428078)<br>| (3.6)<br>|
| Stepan Co. | (80780)<br>| (4084237)<br>| (34.2)<br>|
| Sunstone Hotel Investors, Inc. | (1254611)<br>| (10463456)<br>| (87.6)<br>|
| Surgery Partners, Inc. | (199311)<br>| (4374876)<br>| (36.6)<br>|
| Sylvamo Corp. | (88732)<br>| (5290202)<br>| (44.3)<br>|

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **United States (continued)** |  |  |  |
| Tarsus Pharmaceuticals, Inc. | (121362)<br>| $(6299901)<br>| (52.7)% <br>|
| Thermon Group Holdings, Inc. | (9095)<br>| (238562)<br>| (2.0)<br>|
| Tidewater, Inc. | (212018)<br>| (7672931)<br>| (64.2)<br>|
| Tootsie Roll Industries, Inc. | (53207)<br>| (1702624)<br>| (14.2)<br>|
| Transcat, Inc. | (8446)<br>| (670021)<br>| (5.6)<br>|
| TransMedics Group, Inc. | (16940)<br>| (1558649)<br>| (13.0)<br>|
| TreeHouse Foods, Inc. | (38001)<br>| (885043)<br>| (7.4)<br>|
| TripAdvisor, Inc. | (706165)<br>| (8791754)<br>| (73.6)<br>|
| Triumph Financial, Inc. | (63703)<br>| (3403014)<br>| (28.5)<br>|
| Trupanion, Inc. | (63271)<br>| (2315719)<br>| (19.4)<br>|
| Two Harbors Investment Corp. | (774592)<br>| (9194407)<br>| (76.9)<br>|
| UMH Properties, Inc. | (207244)<br>| (3662001)<br>| (30.6)<br>|
| United Parks & Resorts, Inc. | (210614)<br>| (9193301)<br>| (76.9)<br>|
| Uniti Group, Inc. | (1482780)<br>| (7295278)<br>| (61.1)<br>|
| Uranium Energy Corp. | (1927980)<br>| (10121895)<br>| (84.7)<br>|
| Viasat, Inc. | (123614)<br>| (1145902)<br>| (9.6)<br>|
| Vishay Intertechnology, Inc. | (648930)<br>| (8429601)<br>| (70.5)<br>|
| Vital Farms, Inc. | (71644)<br>| (2453091)<br>| (20.5)<br>|
| VSE Corp. | (38877)<br>| (4452194)<br>| (37.3)<br>|
| Wabash National Corp. | (138504)<br>| (957063)<br>| (8.0)<br>|
| Warrior Met Coal, Inc. | (289316)<br>| (13835091)<br>| (115.8)<br>|
| WaVe Life Sciences Ltd. | (173898)<br>| (1342493)<br>| (11.2)<br>|
| Wendy's Co. | (839492)<br>| (10493650)<br>| (87.8)<br>|
| Werner Enterprises, Inc. | (12099)<br>| (298361)<br>| (2.5)<br>|
| White Mountains Insurance Group Ltd. | (828)<br>| (1463449)<br>| (12.2)<br>|
| Worthington Steel, Inc. | (79041)<br>| (2028192)<br>| (17.0)<br>|
| Xenia Hotels & Resorts, Inc. | (256339)<br>| (2737701)<br>| (22.9)<br>|
| Xometry, Inc., Class A | (188988)<br>| (4845652)<br>| (40.6)<br>|
| YETI Holdings, Inc. | (78481)<br>| (2240633)<br>| (18.8)<br>|
| York Water Co. | (13251)<br>| (466435)<br>| (3.9)<br>|
| Ziff Davis, Inc. | (129711)<br>| (3830366)<br>| (32.1)<br>|
|  |  | (1038518160)<br>|  |
| **Preferred Stocks**  |  |  |  |
| **Germany** |  |  |  |
| FUCHS SE | (84868)<br>| (4255505)<br>| (35.6)<br>|
| **Total Reference Entity — Short** |  | (1243595006)<br>|  |
| **Net Value of Reference Entity — SG Americas** <br> **Securities LLC**<br>|  | $11949336 |  |

---

The following table represents the individual long and short positions and related values of the equity securities underlying the total return swap with SG Americas Securities LLC as of period end, termination date 02/08/28:

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of* <br>*Basket* <br>*Value*<br>|
| **Reference Entity — Long** |  |  |  |
| **Common Stocks**  |  |  |  |
| **Australia** |  |  |  |
| Charter Hall Group | 87672 | $947904 | 5.7<br> % <br>|
| Goodman Group | 6080 | 116395 | 0.7 |
| Pro Medicus Ltd. | 21472 | 3148446 | 19.0 |
|  |  | 4212745 |  |
| **Brazil** |  |  |  |
| MercadoLibre, Inc. | 3664 | 8540234 | 51.4 |
| **Canada** |  |  |  |
| Capital Power Corp. | 210653 | 7997663 | 48.1 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **Canada (continued)** |  |  |  |
| Manulife Financial Corp. | 417124 | $12783613 | 77.0<br> % <br>|
| MEG Energy Corp. | 4396 | 61670 | 0.4 |
| TC Energy Corp. | 321526 | 16244223 | 97.8 |
| TFI International, Inc. | 66079 | 5371735 | 32.3 |
| TransAlta Corp. | 658158 | 5867374 | 35.3 |
|  |  | 48326278 |  |
| **Denmark** |  |  |  |
| Ascendis Pharma A/S, ADR | 10446 | 1780417 | 10.7 |
| Vestas Wind Systems A/S | 337629 | 4501337 | 27.1 |
|  |  | 6281754 |  |
| **Finland** |  |  |  |
| Amer Sports, Inc. | 316144 | 7666492 | 46.2 |
| **Germany** |  |  |  |
| Mercedes-Benz Group AG | 2451 | 146542 | 0.9 |
| **Ireland** |  |  |  |
| AIB Group PLC | 1016 | 6829 | 0.0 |
| **Israel** |  |  |  |
| Wix.com Ltd. | 22714 | 3852067 | 23.2 |
| **Italy** |  |  |  |
| Coca-Cola HBC AG | 118008 | 6145115 | 37.0 |
| Intesa Sanpaolo SpA | 76683 | 409356 | 2.5 |
|  |  | 6554471 |  |
| **Japan** |  |  |  |
| AGC, Inc. | 6700 | 209187 | 1.3 |
| Amada Co., Inc. | 242900 | 2432164 | 14.6 |
| Astellas Pharma, Inc. | 1042500 | 10439746 | 62.8 |
| Brother Industries Ltd. | 112900 | 1984056 | 12.0 |
| Canon, Inc. | 189600 | 5851004 | 35.2 |
| Dai Nippon Printing Co., Inc. | 2800 | 39028 | 0.2 |
| Dai-ichi Life Holdings, Inc. | 442600 | 3195770 | 19.2 |
| Daito Trust Construction Co., Inc. | 59100 | 6580018 | 39.6 |
| Daiwa Securities Group, Inc. | 440900 | 2899325 | 17.5 |
| Denso Corp. | 264500 | 3415205 | 20.6 |
| DMG Mori Co., Inc. | 147700 | 2567278 | 15.5 |
| East Japan Railway Co. | 6900 | 149570 | 0.9 |
| Hamamatsu Photonics KK | 300700 | 2780604 | 16.7 |
| Horiba Ltd. | 3700 | 252902 | 1.5 |
| Isetan Mitsukoshi Holdings Ltd. | 114900 | 1476979 | 8.9 |
| Japan Exchange Group, Inc. | 105200 | 1170430 | 7.1 |
| Kakaku.com, Inc. | 83700 | 1480307 | 8.9 |
| Koito Manufacturing Co., Inc. | 105800 | 1281507 | 7.7 |
| Kyocera Corp. | 228500 | 2708120 | 16.3 |
| Kyushu Electric Power Co., Inc. | 335400 | 2989359 | 18.0 |
| LY Corp. | 2294800 | 8678981 | 52.3 |
| Mazda Motor Corp. | 399100 | 2386143 | 14.4 |
| Mitsubishi UFJ Financial Group, Inc. | 1265000 | 15937888 | 95.9 |
| Mitsui Chemicals, Inc. | 12000 | 263697 | 1.6 |
| Mizuho Financial Group, Inc. | 794900 | 19874576 | 119.6 |
| MS&AD Insurance Group Holdings, Inc. | 119100 | 2707119 | 16.3 |
| Murata Manufacturing Co., Inc. | 675100 | 9617852 | 57.9 |
| NEC Corp. | 72500 | 1764854 | 10.6 |
| Nexon Co., Inc. | 6700 | 105121 | 0.6 |
| NIPPON EXPRESS HOLDINGS, Inc. | 524100 | 9359301 | 56.3 |
| Nomura Holdings, Inc. | 297800 | 1659806 | 10.0 |
| Nomura Real Estate Holdings, Inc. | 393500 | 2340319 | 14.1 |
| Obayashi Corp. | 274900 | 4265121 | 25.7 |
| Otsuka Corp. | 111800 | 2479619 | 14.9 |
| Panasonic Holdings Corp. | 1280800 | 14685605 | 88.4 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **Japan (continued)** |  |  |  |
| Rakuten Group, Inc. | 2053900 | $12110468 | 72.9<br> % <br>|
| Recruit Holdings Co., Inc. | 587000 | 32528753 | 195.8 |
| Rohm Co., Inc. | 129300 | 1177275 | 7.1 |
| Secom Co., Inc. | 15400 | 566265 | 3.4 |
| Sekisui House Ltd. | 470300 | 10812290 | 65.1 |
| Shimizu Corp. | 100200 | 1070445 | 6.5 |
| Shionogi & Co., Inc. | 135600 | 2278149 | 13.7 |
| Skylark Holdings Co., Inc. | 423800 | 8795646 | 53.0 |
| SMC Corp. | 21100 | 6828823 | 41.1 |
| Sumitomo Mitsui Financial Group, Inc. | 753300 | 17971639 | 108.2 |
| Sumitomo Mitsui Trust Group, Inc. | 78500 | 1941990 | 11.7 |
| Takashimaya Co., Inc. | 332500 | 2563624 | 15.4 |
| Takeda Pharmaceutical Co., Inc. | 101500 | 3070233 | 18.5 |
| Terumo Corp. | 119000 | 2277746 | 13.7 |
| Tokyo Tatemono Co., Inc. | 579400 | 10387668 | 62.5 |
| Tokyu Fudosan Holdings Corp. | 931900 | 6526855 | 39.3 |
| TOTO Ltd. | 9000 | 237316 | 1.4 |
| Toyota Tsusho Corp. | 71800 | 1426862 | 8.6 |
| USS Co., Inc. | 414000 | 4126644 | 24.8 |
|  |  | 276727252 |  |
| **Netherlands** |  |  |  |
| Aegon Ltd. | 51752 | 332866 | 2.0 |
| **Singapore** |  |  |  |
| Grab Holdings Ltd., Class A | 921587 | 4497344 | 27.1 |
| Sea Ltd., ADR | 119672 | 16042032 | 96.5 |
|  |  | 20539376 |  |
| **Spain** |  |  |  |
| Enagas SA | 587505 | 9160289 | 55.1 |
| **Sweden** |  |  |  |
| Essity AB, Class B | 80173 | 2318526 | 13.9 |
| Telefonaktiebolaget LM Ericsson | 827598 | 6991034 | 42.1 |
|  |  | 9309560 |  |
| **Switzerland** |  |  |  |
| Accelleron Industries AG | 41561 | 2231178 | 13.4 |
| Chocoladefabriken Lindt & Spruengli AG, <br> Registered Shares<br>| 1 | 141643 | 0.9 |
| Logitech International SA, Registered Shares | 28948 | 2199761 | 13.3 |
| Schindler Holding AG, Registered Shares | 19 | 6736 | 0.0 |
| Sunrise Communications AG | 205770 | 11095118 | 66.8 |
|  |  | 15674436 |  |
| **United Kingdom** |  |  |  |
| Barclays PLC | 2474566 | 9857783 | 59.3 |
| Ck Hutchison Holdings Ltd. | 58000 | 327067 | 2.0 |
| Flutter Entertainment PLC | 63588 | 15324072 | 92.2 |
| Halma PLC | 234268 | 8647213 | 52.1 |
| IG Group Holdings PLC | 182194 | 2596806 | 15.6 |
| International Consolidated Airlines Group SA | 3111211 | 10809799 | 65.1 |
| Intertek Group PLC | 36687 | 2253129 | 13.6 |
| Next PLC | 20666 | 3409404 | 20.5 |
| Reckitt Benckiser Group PLC | 16913 | 1091676 | 6.6 |
| Rightmove PLC | 28735 | 283791 | 1.7 |
| Smith & Nephew PLC | 241846 | 3403398 | 20.5 |
| Smiths Group PLC | 144728 | 3606563 | 21.7 |
| Taylor Wimpey PLC | 5522207 | 8677085 | 52.2 |
|  |  | 70287786 |  |
| **United States** |  |  |  |
| Abercrombie & Fitch Co., Class A | 2192 | 152169 | 0.9 |
| ACI Worldwide, Inc. | 160084 | 8542082 | 51.4 |

---

Schedule of Investments

------

Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **United States (continued)** |  |  |  |
| Adobe, Inc. | 107084 | $40154358 | 241.7<br> % <br>|
| Advanced Micro Devices, Inc. | 74150 | 7218503 | 43.5 |
| AECOM | 55133 | 5438870 | 32.7 |
| Alcoa Corp. | 112411 | 2757442 | 16.6 |
| Align Technology, Inc. | 5010 | 868233 | 5.2 |
| Alkermes PLC | 57084 | 1642307 | 9.9 |
| Allegion plc | 3613 | 502930 | 3.0 |
| Alphabet, Inc., Class A | 25595 | 4064486 | 24.5 |
| Amazon.com, Inc. | 88672 | 16352890 | 98.4 |
| American Airlines Group, Inc. | 543537 | 5408193 | 32.6 |
| Arista Networks, Inc. | 47263 | 3888327 | 23.4 |
| Atlassian Corp., Class A | 11498 | 2625108 | 15.8 |
| AutoNation, Inc. | 10892 | 1896842 | 11.4 |
| Badger Meter, Inc. | 31592 | 6976145 | 42.0 |
| Bank of America Corp. | 347805 | 13870463 | 83.5 |
| Bath & Body Works, Inc. | 358228 | 10929536 | 65.8 |
| Biogen, Inc. | 15374 | 1861484 | 11.2 |
| BioMarin Pharmaceutical, Inc. | 26077 | 1660844 | 10.0 |
| Booz Allen Hamilton Holding Corp. | 59850 | 7183197 | 43.2 |
| BorgWarner, Inc. | 379145 | 10760135 | 64.8 |
| Box, Inc., Class A | 360623 | 11258650 | 67.8 |
| Brinker International, Inc. | 10382 | 1394303 | 8.4 |
| CACI International, Inc., Class A | 18192 | 8329571 | 50.1 |
| CarMax, Inc. | 166546 | 10770530 | 64.8 |
| Carnival PLC | 111071 | 1864328 | 11.2 |
| Cboe Global Markets, Inc. | 30254 | 6710337 | 40.4 |
| CDW Corp. | 10593 | 1700812 | 10.2 |
| Centene Corp. | 480433 | 28753915 | 173.1 |
| Charles River Laboratories International, Inc. | 112883 | 13390181 | 80.6 |
| Charles Schwab Corp. | 105581 | 8594293 | 51.7 |
| Cheniere Energy, Inc. | 21301 | 4922874 | 29.6 |
| Cincinnati Financial Corp. | 110660 | 15404979 | 92.7 |
| Citizens Financial Group, Inc. | 184435 | 6803807 | 41.0 |
| Comfort Systems USA, Inc. | 25122 | 9987251 | 60.1 |
| Commerce Bancshares, Inc. | 55849 | 3392268 | 20.4 |
| Corcept Therapeutics, Inc. | 48102 | 3457572 | 20.8 |
| Coterra Energy, Inc. | 311976 | 7662131 | 46.1 |
| CubeSmart | 149633 | 6085574 | 36.6 |
| Curtiss-Wright Corp. | 6253 | 2156597 | 13.0 |
| Danaher Corp. | 24842 | 4951756 | 29.8 |
| Delta Air Lines, Inc. | 529770 | 22054325 | 132.8 |
| Devon Energy Corp. | 2155 | 65534 | 0.4 |
| Digital Realty Trust, Inc. | 66385 | 10657448 | 64.2 |
| Docusign, Inc. | 87849 | 7181656 | 43.2 |
| Dollar General Corp. | 62105 | 5818617 | 35.0 |
| Dover Corp. | 24083 | 4109764 | 24.7 |
| Dropbox, Inc., Class A | 70387 | 2009549 | 12.1 |
| DuPont de Nemours, Inc. | 42509 | 2805169 | 16.9 |
| Eaton Corp PLC | 71527 | 21055403 | 126.7 |
| Edison International | 327505 | 17524793 | 105.5 |
| Encompass Health Corp. | 129441 | 15143303 | 91.2 |
| Essent Group Ltd. | 70612 | 4019941 | 24.2 |
| Essential Properties Realty Trust, Inc. | 208596 | 6710533 | 40.4 |
| Etsy, Inc. | 543529 | 23632641 | 142.3 |
| Evercore, Inc., Class A | 127798 | 26235651 | 157.9 |
| Expedia Group, Inc. | 78809 | 12367496 | 74.5 |
| Expeditors International of Washington, Inc. | 3508 | 385564 | 2.3 |
| Fair Isaac Corp. | 6874 | 13677060 | 82.3 |
| Five Below, Inc. | 16983 | 1288840 | 7.8 |
| Flex Ltd. | 520142 | 17861676 | 107.5 |
| Flowserve Corp. | 38811 | 1755422 | 10.6 |
| FMC Corp. | 110205 | 4619794 | 27.8 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **United States (continued)** |  |  |  |
| Fox Corp., Class A | 153948 | $7665071 | 46.1<br> % <br>|
| Freeport-McMoRan, Inc. | 84768 | 3054191 | 18.4 |
| General Motors Co. | 3227 | 145989 | 0.9 |
| Guidewire Software, Inc. | 9347 | 1913985 | 11.5 |
| Hasbro, Inc. | 49070 | 3037433 | 18.3 |
| Healthpeak Properties, Inc. | 39891 | 711655 | 4.3 |
| Illumina, Inc. | 100231 | 7777926 | 46.8 |
| Incyte Corp. | 36954 | 2315538 | 13.9 |
| Ingredion, Inc. | 220432 | 29277778 | 176.2 |
| Insight Enterprises, Inc. | 80328 | 11107756 | 66.9 |
| Intuit, Inc. | 12592 | 7901102 | 47.6 |
| Invesco Ltd. | 371326 | 5172571 | 31.1 |
| Ionis Pharmaceuticals, Inc. | 141020 | 4330724 | 26.1 |
| Iron Mountain, Inc. | 128618 | 11533176 | 69.4 |
| Jabil, Inc. | 75427 | 11054581 | 66.5 |
| James Hardie Industries PLC, CDI | 348107 | 8170835 | 49.2 |
| Janus Henderson Group PLC | 351058 | 11658636 | 70.2 |
| Jazz Pharmaceuticals PLC | 95172 | 11131317 | 67.0 |
| Jones Lang LaSalle, Inc. | 65780 | 14959030 | 90.1 |
| JPMorgan Chase & Co. | 73631 | 18011615 | 108.4 |
| KB Home | 29118 | 1573246 | 9.5 |
| Keysight Technologies, Inc. | 72554 | 10549352 | 63.5 |
| KLA Corp. | 1860 | 1307003 | 7.9 |
| Knight-Swift Transportation Holdings, Inc. | 162274 | 6356273 | 38.3 |
| Kroger Co. | 64513 | 4658484 | 28.0 |
| Lam Research Corp. | 28944 | 2074417 | 12.5 |
| Lamar Advertising Co., Class A | 14139 | 1609160 | 9.7 |
| Lazard, Inc. | 109868 | 4273865 | 25.7 |
| Lincoln Electric Holdings, Inc. | 48254 | 8502355 | 51.2 |
| LyondellBasell Industries NV, Class A | 151561 | 8822366 | 53.1 |
| MACOM Technology Solutions Holdings, Inc. | 33684 | 3494715 | 21.0 |
| Marathon Petroleum Corp. | 170984 | 23494911 | 141.4 |
| MasTec, Inc. | 123400 | 15711288 | 94.6 |
| Medpace Holdings, Inc. | 21759 | 6710258 | 40.4 |
| MGIC Investment Corp. | 81901 | 2040154 | 12.3 |
| Molina Healthcare, Inc. | 32830 | 10735738 | 64.6 |
| Moody's Corp. | 45425 | 20582976 | 123.9 |
| Morgan Stanley | 175875 | 20299493 | 122.2 |
| Motorola Solutions, Inc. | 5980 | 2633532 | 15.9 |
| Natera, Inc. | 9212 | 1390367 | 8.4 |
| NOV, Inc. | 1352197 | 15699007 | 94.5 |
| Nucor Corp. | 18600 | 2220282 | 13.4 |
| nVent Electric PLC | 56459 | 3100164 | 18.7 |
| NVR, Inc. | 1019 | 7261139 | 43.7 |
| Packaging Corp. of America, Class A | 63296 | 11748371 | 70.7 |
| Pentair PLC | 191378 | 17363726 | 104.5 |
| PJT Partners, Inc., Class A | 75572 | 10709308 | 64.5 |
| PNC Financial Services Group, Inc. | 167930 | 26984672 | 162.4 |
| Prosperity Bancshares, Inc. | 42778 | 2904626 | 17.5 |
| Q2 Holdings, Inc. | 106958 | 8476422 | 51.0 |
| Qualys, Inc. | 10912 | 1371748 | 8.3 |
| Regeneron Pharmaceuticals, Inc. | 10223 | 6121124 | 36.8 |
| Regions Financial Corp. | 316295 | 6455581 | 38.9 |
| ResMed, Inc. | 13395 | 3169123 | 19.1 |
| Robert Half, Inc. | 282488 | 12514218 | 75.3 |
| Roku, Inc. | 52170 | 3556951 | 21.4 |
| Royal Gold, Inc. | 31721 | 5795744 | 34.9 |
| S&P Global, Inc. | 3567 | 1783678 | 10.7 |
| Salesforce, Inc. | 62011 | 16662976 | 100.3 |
| Sarepta Therapeutics, Inc. | 59981 | 3742814 | 22.5 |
| ServiceNow, Inc. | 3974 | 3795210 | 22.8 |
| Taylor Morrison Home Corp. | 186971 | 10722787 | 64.6 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **United States (continued)** |  |  |  |
| Tenet Healthcare Corp. | 43031 | $6151281 | 37.0<br> % <br>|
| Tetra Tech, Inc. | 211351 | 6592038 | 39.7 |
| Texas Roadhouse, Inc. | 60144 | 9981498 | 60.1 |
| Toll Brothers, Inc. | 35060 | 3536502 | 21.3 |
| Trane Technologies PLC | 45723 | 17526083 | 105.5 |
| Travelers Cos, Inc. | 66075 | 17452390 | 105.1 |
| Twilio, Inc., Class A | 29084 | 2812714 | 16.9 |
| United Airlines Holdings, Inc. | 100507 | 6916892 | 41.6 |
| United Therapeutics Corp. | 4919 | 1490900 | 9.0 |
| UnitedHealth Group, Inc. | 48785 | 20072100 | 120.8 |
| Universal Display Corp. | 47811 | 6006496 | 36.2 |
| Universal Health Services, Inc., Class B | 7383 | 1307308 | 7.9 |
| US Bancorp | 282101 | 11379954 | 68.5 |
| Varonis Systems, Inc. | 74582 | 3195093 | 19.2 |
| Ventas, Inc. | 131730 | 9231638 | 55.6 |
| Viking Holdings Ltd. | 260070 | 10670672 | 64.2 |
| Walmart, Inc. | 138880 | 13506080 | 81.3 |
| Waystar Holding Corp. | 187684 | 6976214 | 42.0 |
| WESCO International, Inc. | 20242 | 3298636 | 19.9 |
| Workday, Inc., Class A | 32721 | 8016645 | 48.3 |
| Zoetis, Inc. | 5388 | 842683 | 5.1 |
|  |  | 1210200802 |  |
| **Total Reference Entity — Long** |  | 1697819779 |  |
| **Reference Entity — Short** |  |  |  |
| **Common Stocks**  |  |  |  |
| **Austria** |  |  |  |
| Mondi PLC | (382779)<br>| (5810254)<br>| (35.0)<br>|
| **Belgium** |  |  |  |
| Lotus Bakeries NV | (206)<br>| (1980705)<br>| (11.9)<br>|
| Sofina SA | (4969)<br>| (1388300)<br>| (8.4)<br>|
| Syensqo SA | (2181)<br>| (156013)<br>| (0.9)<br>|
|  |  | (3525018)<br>|  |
| **Bermuda** |  |  |  |
| RenaissanceRe Holdings Ltd. | (27526)<br>| (6659365)<br>| (40.1)<br>|
| **Cameroon, United Republic Of** |  |  |  |
| Golar LNG Ltd. | (105852)<br>| (4499239)<br>| (27.1)<br>|
| **Canada** |  |  |  |
| Element Fleet Management Corp. | (10725)<br>| (234867)<br>| (1.4)<br>|
| Intact Financial Corp. | (4575)<br>| (1016051)<br>| (6.1)<br>|
|  |  | (1250918)<br>|  |
| **China** |  |  |  |
| Wilmar International Ltd. | (1368000)<br>| (3208615)<br>| (19.3)<br>|
| **Denmark** |  |  |  |
| Zehnder Group AG | (12477)<br>| (882450)<br>| (5.3)<br>|
| **Finland** |  |  |  |
| Orion OYJ, Class B | (36277)<br>| (2271359)<br>| (13.7)<br>|
| Valmet Oyj | (23)<br>| (702)<br>| (0.0)<br>|
|  |  | (2272061)<br>|  |
| **France** |  |  |  |
| Cie de Saint-Gobain SA | (7190)<br>| (781682)<br>| (4.7)<br>|
| **Germany** |  |  |  |
| Deutsche Lufthansa AG, Registered Shares | (339869)<br>| (2442177)<br>| (14.7)<br>|

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **Germany (continued)** |  |  |  |
| Muenchener Rueckversicherungs-<br> Gesellschaft AG in Muenchen, Registered <br> Shares<br>| (4051)<br>| $(2773353)<br>| (16.7)% <br>|
| Puma SE | (36447)<br>| (941092)<br>| (5.7)<br>|
| Zalando SE | (67798)<br>| (2475731)<br>| (14.9)<br>|
|  |  | (8632353)<br>|  |
| **Hong Kong** |  |  |  |
| Futu Holdings Ltd., ADR | (40437)<br>| (3732739)<br>| (22.5)<br>|
| **Italy** |  |  |  |
| UniCredit SpA | (473423)<br>| (27544157)<br>| (165.8)<br>|
| **Japan** |  |  |  |
| Asics Corp. | (125300)<br>| (2693204)<br>| (16.2)<br>|
| BayCurrent, Inc. | (44100)<br>| (2376265)<br>| (14.3)<br>|
| Chiba Bank Ltd. | (68600)<br>| (609955)<br>| (3.7)<br>|
| Cosmos Pharmaceutical Corp. | (18600)<br>| (1196716)<br>| (7.2)<br>|
| Disco Corp. | (15000)<br>| (2902192)<br>| (17.5)<br>|
| Food & Life Cos. Ltd. | (18700)<br>| (691997)<br>| (4.2)<br>|
| Fujikura Ltd. | (139300)<br>| (5182918)<br>| (31.2)<br>|
| Hoshizaki Corp. | (76200)<br>| (3239727)<br>| (19.5)<br>|
| Ibiden Co., Inc. | (6800)<br>| (188504)<br>| (1.1)<br>|
| IHI Corp. | (26400)<br>| (2067969)<br>| (12.4)<br>|
| Japan Real Estate Investment Corp. | (257)<br>| (203958)<br>| (1.2)<br>|
| Japan Steel Works Ltd. | (30100)<br>| (1240275)<br>| (7.5)<br>|
| Kadokawa Corp. | (92800)<br>| (2495657)<br>| (15.0)<br>|
| Keisei Electric Railway Co., Inc. | (128200)<br>| (1328397)<br>| (8.0)<br>|
| Kobe Bussan Co., Inc. | (218700)<br>| (6683499)<br>| (40.2)<br>|
| Kyushu Railway Co. | (10100)<br>| (261401)<br>| (1.6)<br>|
| Lasertec Corp. | (18600)<br>| (1729248)<br>| (10.4)<br>|
| Maruwa Co. Ltd. | (11600)<br>| (2385267)<br>| (14.3)<br>|
| MatsukiyoCocokara & Co. | (303200)<br>| (5565728)<br>| (33.5)<br>|
| Mebuki Financial Group, Inc. | (152100)<br>| (743180)<br>| (4.5)<br>|
| Mercari, Inc. | (59300)<br>| (960971)<br>| (5.8)<br>|
| MonotaRO Co., Inc. | (46800)<br>| (900098)<br>| (5.4)<br>|
| Nippon Building Fund, Inc. | (569)<br>| (528151)<br>| (3.2)<br>|
| Nippon Paint Holdings Co., Inc. | (693900)<br>| (5286663)<br>| (31.8)<br>|
| Nippon Sanso Holdings Corp. | (48700)<br>| (1558558)<br>| (9.4)<br>|
| Nitto Denko Corp. | (5400)<br>| (94915)<br>| (0.6)<br>|
| Renesas Electronics Corp. | (31400)<br>| (368487)<br>| (2.2)<br>|
| Ryohin Keikaku Co., Inc. | (171600)<br>| (5800174)<br>| (34.9)<br>|
| Sanwa Holdings Corp. | (26900)<br>| (882930)<br>| (5.3)<br>|
| Sapporo Holdings Ltd. | (6300)<br>| (349861)<br>| (2.1)<br>|
| SCREEN Holdings Co., Inc. | (44700)<br>| (2972416)<br>| (17.9)<br>|
| Seibu Holdings, Inc. | (48500)<br>| (1172181)<br>| (7.0)<br>|
| SG Holdings Co., Inc. | (259000)<br>| (2727179)<br>| (16.4)<br>|
| Shinko Electric Industries Co., Inc. | (13700)<br>| (562727)<br>| (3.4)<br>|
| Socionext, Inc. | (17000)<br>| (182845)<br>| (1.1)<br>|
| Sumitomo Electric Industries Ltd. | (239600)<br>| (3851186)<br>| (23.2)<br>|
| Sumitomo Realty & Development Co., Inc. | (129200)<br>| (4812218)<br>| (29.0)<br>|
| Suzuki Motor Corp. | (160500)<br>| (1923377)<br>| (11.6)<br>|
| TIS, Inc. | (12500)<br>| (360790)<br>| (2.2)<br>|
| Toho Co., Ltd. | (125300)<br>| (7153561)<br>| (43.1)<br>|
| TOPPAN Holdings, Inc. | (12600)<br>| (353714)<br>| (2.1)<br>|
| Toray Industries, Inc. | (90600)<br>| (578618)<br>| (3.5)<br>|
| Toyo Suisan Kaisha Ltd. | (21500)<br>| (1389884)<br>| (8.4)<br>|
| Toyota Industries Corp. | (46800)<br>| (5488464)<br>| (33.0)<br>|
| Trend Micro, Inc. | (16500)<br>| (1183885)<br>| (7.1)<br>|
| Yakult Honsha Co., Inc. | (22600)<br>| (464250)<br>| (2.8)<br>|

---

Schedule of Investments

------

Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **Japan (continued)** |  |  |  |
| Yamaha Motor Co., Inc. | (109400)<br>| $(859198)<br>| (5.2)% <br>|
| Zensho Holdings Co., Inc. | (13200)<br>| (815672)<br>| (4.9)<br>|
|  |  | (97369030)<br>|  |
| **Netherlands** |  |  |  |
| BE Semiconductor Industries NV | (7219)<br>| (781844)<br>| (4.7)<br>|
| ING Groep NV | (176305)<br>| (3423723)<br>| (20.6)<br>|
|  |  | (4205567)<br>|  |
| **New Zealand** |  |  |  |
| Infratil Ltd. | (41860)<br>| (262367)<br>| (1.6)<br>|
| Meridian Energy Ltd. | (257450)<br>| (838031)<br>| (5.0)<br>|
|  |  | (1100398)<br>|  |
| **Norway** |  |  |  |
| Equinor ASA | (5265)<br>| (119177)<br>| (0.7)<br>|
| Orkla ASA | (36030)<br>| (401823)<br>| (2.4)<br>|
|  |  | (521000)<br>|  |
| **Singapore** |  |  |  |
| United Overseas Bank Ltd. | (202700)<br>| (5383476)<br>| (32.4)<br>|
| **Sweden** |  |  |  |
| Beijer Ref AB | (128548)<br>| (1960787)<br>| (11.8)<br>|
| Epiroc AB, Class A | (160702)<br>| (3476741)<br>| (20.9)<br>|
| EQT AB | (185232)<br>| (5352746)<br>| (32.2)<br>|
| H & M Hennes & Mauritz AB | (440)<br>| (6376)<br>| (0.0)<br>|
| Investor AB | (679850)<br>| (20142908)<br>| (121.3)<br>|
| Saab AB, Class B | (112537)<br>| (5240229)<br>| (31.6)<br>|
|  |  | (36179787)<br>|  |
| **Switzerland** |  |  |  |
| Adecco Group AG, Registered Shares | (30826)<br>| (802284)<br>| (4.8)<br>|
| BKW AG | (2)<br>| (401)<br>| (0.0)<br>|
| Sonova Holding AG, Registered Shares | (48872)<br>| (15023934)<br>| (90.5)<br>|
| UBS Group AG, Registered Shares | (264384)<br>| (8025473)<br>| (48.3)<br>|
|  |  | (23852092)<br>|  |
| **United Kingdom** |  |  |  |
| Barratt Redrow PLC | (1268270)<br>| (7906635)<br>| (47.6)<br>|
| BT Group PLC | (7195510)<br>| (16700460)<br>| (100.5)<br>|
| DCC PLC | (145148)<br>| (9486562)<br>| (57.1)<br>|
| Drax Group PLC | (351705)<br>| (2901198)<br>| (17.5)<br>|
| Entain PLC | (57183)<br>| (488852)<br>| (2.9)<br>|
| Hiscox Ltd. | (207639)<br>| (3055961)<br>| (18.4)<br>|
| JD Sports Fashion PLC | (2286748)<br>| (2407501)<br>| (14.5)<br>|
| Land Securities Group PLC | (1313553)<br>| (10408976)<br>| (62.7)<br>|
| LondonMetric Property PLC | (3616369)<br>| (9278555)<br>| (55.8)<br>|
| M&G PLC | (2664685)<br>| (7394196)<br>| (44.5)<br>|
| National Grid PLC | (507342)<br>| (7323025)<br>| (44.1)<br>|
| QinetiQ Group PLC | (203006)<br>| (1068539)<br>| (6.4)<br>|
| Rentokil Initial PLC | (456065)<br>| (2089367)<br>| (12.6)<br>|
| Segro PLC | (69431)<br>| (631590)<br>| (3.8)<br>|
| Spirax Group PLC | (13505)<br>| (1064410)<br>| (6.4)<br>|
| Unilever PLC | (64392)<br>| (4099831)<br>| (24.7)<br>|
| Vistry Group PLC | (277052)<br>| (2335810)<br>| (14.1)<br>|
|  |  | (88641468)<br>|  |
| **United States** |  |  |  |
| A O Smith Corp. | (88774)<br>| (6024204)<br>| (36.3)<br>|
| Acuity, Inc. | (23044)<br>| (5613749)<br>| (33.8)<br>|
| AeroVironment, Inc. | (18866)<br>| (2858576)<br>| (17.2)<br>|
| Affirm Holdings, Inc. | (62781)<br>| (3123983)<br>| (18.8)<br>|
| Aflac, Inc. | (60670)<br>| (6593616)<br>| (39.7)<br>|

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **United States (continued)** |  |  |  |
| AGCO Corp. | (117067)<br>| $(9930794)<br>| (59.8)% <br>|
| AGNC Investment Corp. | (465655)<br>| (4111734)<br>| (24.7)<br>|
| Air Lease Corp. | (193290)<br>| (9038240)<br>| (54.4)<br>|
| Air Products and Chemicals, Inc. | (4751)<br>| (1287949)<br>| (7.8)<br>|
| Albertsons Cos, Inc., Class A | (302549)<br>| (6650027)<br>| (40.0)<br>|
| Amcor PLC | (65661)<br>| (604081)<br>| (3.6)<br>|
| Amentum Holdings, Inc. | (408108)<br>| (8904917)<br>| (53.6)<br>|
| American Electric Power Co., Inc. | (202939)<br>| (21986411)<br>| (132.3)<br>|
| American International Group, Inc. | (174824)<br>| (14251652)<br>| (85.8)<br>|
| American Water Works Co., Inc. | (30561)<br>| (4492773)<br>| (27.0)<br>|
| Amphenol Corp., Class A | (244918)<br>| (18846440)<br>| (113.4)<br>|
| Antero Midstream Corp. | (9295)<br>| (153832)<br>| (0.9)<br>|
| APA Corp. | (756608)<br>| (11757688)<br>| (70.8)<br>|
| Apollo Global Management, Inc. | (101229)<br>| (13815734)<br>| (83.2)<br>|
| Arrow Electronics, Inc. | (11181)<br>| (1245116)<br>| (7.5)<br>|
| Arthur J Gallagher & Co. | (70204)<br>| (22513721)<br>| (135.5)<br>|
| Assurant, Inc. | (24682)<br>| (4757209)<br>| (28.6)<br>|
| AST SpaceMobile, Inc. | (16158)<br>| (375027)<br>| (2.3)<br>|
| Astera Labs, Inc. | (66400)<br>| (4336584)<br>| (26.1)<br>|
| ATI, Inc. | (352989)<br>| (19195542)<br>| (115.5)<br>|
| Atmos Energy Corp. | (23107)<br>| (3711677)<br>| (22.3)<br>|
| Aurora Innovation, Inc. | (934022)<br>| (6762319)<br>| (40.7)<br>|
| AutoZone, Inc. | (1908)<br>| (7179041)<br>| (43.2)<br>|
| Ball Corp. | (134210)<br>| (6970867)<br>| (42.0)<br>|
| Bank of New York Mellon Corp. | (269337)<br>| (21657388)<br>| (130.4)<br>|
| Bill Holdings, Inc. | (22245)<br>| (1013705)<br>| (6.1)<br>|
| Bloom Energy Corp., Class A | (513859)<br>| (9413897)<br>| (56.7)<br>|
| Bridgebio Pharma, Inc. | (158532)<br>| (6081288)<br>| (36.6)<br>|
| Broadridge Financial Solutions, Inc. | (23048)<br>| (5586835)<br>| (33.6)<br>|
| Burlington Stores, Inc. | (24341)<br>| (5477699)<br>| (33.0)<br>|
| CareTrust REIT, Inc. | (79997)<br>| (2341512)<br>| (14.1)<br>|
| Carnival Corp. | (135828)<br>| (2491086)<br>| (15.0)<br>|
| Carrier Global Corp. | (57352)<br>| (3586794)<br>| (21.6)<br>|
| Casella Waste Systems, Inc., Class A | (16125)<br>| (1893881)<br>| (11.4)<br>|
| Celanese Corp. | (144200)<br>| (6418342)<br>| (38.6)<br>|
| CenterPoint Energy, Inc. | (60101)<br>| (2330717)<br>| (14.0)<br>|
| CF Industries Holdings, Inc. | (6878)<br>| (539029)<br>| (3.2)<br>|
| Chart Industries, Inc. | (14198)<br>| (1916446)<br>| (11.5)<br>|
| Cloudflare, Inc., Class A | (90067)<br>| (10878292)<br>| (65.5)<br>|
| Coherent Corp. | (40538)<br>| (2607404)<br>| (15.7)<br>|
| Columbia Sportswear Co. | (65128)<br>| (4049008)<br>| (24.4)<br>|
| Comstock Resources, Inc. | (269227)<br>| (4918777)<br>| (29.6)<br>|
| Conagra Brands, Inc. | (275037)<br>| (6796164)<br>| (40.9)<br>|
| Constellation Energy Corp. | (35533)<br>| (7939493)<br>| (47.8)<br>|
| Copart, Inc. | (318571)<br>| (19442388)<br>| (117.0)<br>|
| Core & Main, Inc., Class A | (119948)<br>| (6318861)<br>| (38.0)<br>|
| CoStar Group, Inc. | (305205)<br>| (22637055)<br>| (136.3)<br>|
| Coty, Inc., Class A | (1264914)<br>| (6387816)<br>| (38.5)<br>|
| Crowdstrike Holdings, Inc., Class A | (32477)<br>| (13928411)<br>| (83.8)<br>|
| Crown Castle, Inc. | (104653)<br>| (11068101)<br>| (66.6)<br>|
| CSW Industrials, Inc. | (1437)<br>| (449034)<br>| (2.7)<br>|
| CVS Health Corp. | (97658)<br>| (6514765)<br>| (39.2)<br>|
| Deere & Co. | (36728)<br>| (17025632)<br>| (102.5)<br>|
| Dell Technologies, Inc. | (74061)<br>| (6795837)<br>| (40.9)<br>|
| Diamondback Energy, Inc. | (59620)<br>| (7870436)<br>| (47.4)<br>|
| Dutch Bros, Inc., Class A | (3505)<br>| (209389)<br>| (1.3)<br>|
| Eastman Chemical Co. | (169956)<br>| (13086612)<br>| (78.8)<br>|
| EchoStar Corp., Class A | (81775)<br>| (1838302)<br>| (11.1)<br>|
| Ecolab, Inc. | (35061)<br>| (8815387)<br>| (53.1)<br>|
| Enphase Energy, Inc. | (11034)<br>| (492006)<br>| (3.0)<br>|
| Equity Residential | (80527)<br>| (5657827)<br>| (34.1)<br>|

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **United States (continued)** |  |  |  |
| Estee Lauder Cos, Inc., Class A | (215544)<br>| $(12924018)<br>| (77.8)% <br>|
| Everest Group Ltd. | (40236)<br>| (14437884)<br>| (86.9)<br>|
| Exelon Corp. | (433212)<br>| (20317643)<br>| (122.3)<br>|
| Ferrovial SE | (8131)<br>| (396650)<br>| (2.4)<br>|
| First Citizens BancShares, Inc., Class A | (592)<br>| (1053251)<br>| (6.3)<br>|
| First Solar, Inc. | (48650)<br>| (6121143)<br>| (36.8)<br>|
| Freshworks, Inc., Class A | (184540)<br>| (2725656)<br>| (16.4)<br>|
| FTAI Aviation Ltd. | (23346)<br>| (2500590)<br>| (15.1)<br>|
| FTI Consulting, Inc. | (10013)<br>| (1664962)<br>| (10.0)<br>|
| Gaming and Leisure Properties, Inc. | (43966)<br>| (2104213)<br>| (12.7)<br>|
| GE HealthCare Technologies, Inc. | (38069)<br>| (2677393)<br>| (16.1)<br>|
| General Electric Co. | (13814)<br>| (2784074)<br>| (16.8)<br>|
| General Mills, Inc. | (352507)<br>| (20001247)<br>| (120.4)<br>|
| Graco, Inc. | (52291)<br>| (4267468)<br>| (25.7)<br>|
| Graphic Packaging Holding Co. | (2339)<br>| (59200)<br>| (0.4)<br>|
| GXO Logistics, Inc. | (62044)<br>| (2248475)<br>| (13.5)<br>|
| Hamilton Lane, Inc., Class A | (6620)<br>| (1022724)<br>| (6.2)<br>|
| Healthcare Realty Trust, Inc. | (118753)<br>| (1844234)<br>| (11.1)<br>|
| Hewlett Packard Enterprise Co. | (614733)<br>| (9970969)<br>| (60.0)<br>|
| Hims & Hers Health, Inc. | (221353)<br>| (7326784)<br>| (44.1)<br>|
| Host Hotels & Resorts, Inc. | (1005353)<br>| (14195584)<br>| (85.5)<br>|
| Howmet Aerospace, Inc. | (19436)<br>| (2693441)<br>| (16.2)<br>|
| HP, Inc. | (18084)<br>| (462408)<br>| (2.8)<br>|
| Humana, Inc. | (24175)<br>| (6339652)<br>| (38.2)<br>|
| Hyatt Hotels Corp., Class A | (54046)<br>| (6089903)<br>| (36.7)<br>|
| IES Holdings, Inc. | (5451)<br>| (1072103)<br>| (6.5)<br>|
| Ingersoll Rand, Inc. | (103156)<br>| (7781057)<br>| (46.8)<br>|
| Insmed, Inc. | (51426)<br>| (3702672)<br>| (22.3)<br>|
| International Business Machines Corp. | (72813)<br>| (17607640)<br>| (106.0)<br>|
| International Game Technology PLC | (88450)<br>| (1450580)<br>| (8.7)<br>|
| International Paper Co. | (715970)<br>| (32705510)<br>| (196.9)<br>|
| Intuitive Surgical, Inc. | (4860)<br>| (2506788)<br>| (15.1)<br>|
| IonQ, Inc. | (167057)<br>| (4587385)<br>| (27.6)<br>|
| JBT Marel Corp. | (116545)<br>| (12267527)<br>| (73.8)<br>|
| Kilroy Realty Corp. | (125233)<br>| (3946092)<br>| (23.8)<br>|
| Kinetik Holdings, Inc. | (157257)<br>| (6501004)<br>| (39.1)<br>|
| KKR & Co., Inc. | (60582)<br>| (6922705)<br>| (41.7)<br>|
| Klaviyo, Inc., Class A | (53901)<br>| (1640746)<br>| (9.9)<br>|
| Lantheus Holdings, Inc. | (55364)<br>| (5776680)<br>| (34.8)<br>|
| Lear Corp. | (74285)<br>| (6369939)<br>| (38.3)<br>|
| LPL Financial Holdings, Inc. | (15201)<br>| (4861128)<br>| (29.3)<br>|
| Lumen Technologies, Inc. | (127498)<br>| (451343)<br>| (2.7)<br>|
| Madrigal Pharmaceuticals, Inc. | (6982)<br>| (2331360)<br>| (14.0)<br>|
| Manhattan Associates, Inc. | (63936)<br>| (11341607)<br>| (68.3)<br>|
| Maplebear, Inc. | (28903)<br>| (1152941)<br>| (6.9)<br>|
| Markel Group, Inc. | (4937)<br>| (8978428)<br>| (54.0)<br>|
| Marriott International, Inc., Class A | (63102)<br>| (15054875)<br>| (90.6)<br>|
| Marsh & McLennan Cos, Inc. | (29032)<br>| (6545845)<br>| (39.4)<br>|
| Mastercard, Inc., Class A | (15758)<br>| (8636329)<br>| (52.0)<br>|
| Matador Resources Co. | (61140)<br>| (2417476)<br>| (14.6)<br>|
| McKesson Corp. | (11774)<br>| (8392389)<br>| (50.5)<br>|
| MGM Resorts International | (151690)<br>| (4772167)<br>| (28.7)<br>|
| MicroStrategy, Inc., Class A | (28882)<br>| (10978337)<br>| (66.1)<br>|
| Mid-America Apartment Communities, Inc. | (28858)<br>| (4607180)<br>| (27.7)<br>|
| Middleby Corp. | (123863)<br>| (16517131)<br>| (99.4)<br>|
| Modine Manufacturing Co. | (71277)<br>| (5819054)<br>| (35.0)<br>|
| MongoDB, Inc. | (29495)<br>| (5078154)<br>| (30.6)<br>|
| News Corp., Class A | (335248)<br>| (9091926)<br>| (54.7)<br>|
| NEXTracker, Inc., Class A | (120552)<br>| (4895617)<br>| (29.5)<br>|
| NIKE, Inc., Class B | (226489)<br>| (12773980)<br>| (76.9)<br>|
| Norfolk Southern Corp. | (108354)<br>| (24276714)<br>| (146.1)<br>|
| Norwegian Cruise Line Holdings Ltd. | (271204)<br>| (4347400)<br>| (26.2)<br>|

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **United States (continued)** |  |  |  |
| NuScale Power Corp. | (36379)<br>| $(602800)<br>| (3.6)% <br>|
| Occidental Petroleum Corp. | (243535)<br>| (9597714)<br>| (57.8)<br>|
| Old National Bancorp | (335906)<br>| (6916305)<br>| (41.6)<br>|
| ON Semiconductor Corp. | (45371)<br>| (1801229)<br>| (10.8)<br>|
| Onestream, Inc. | (253751)<br>| (5430271)<br>| (32.7)<br>|
| Otis Worldwide Corp. | (133985)<br>| (12898736)<br>| (77.6)<br>|
| Paychex, Inc. | (129255)<br>| (19015996)<br>| (114.5)<br>|
| Pinnacle Financial Partners, Inc. | (5790)<br>| (580390)<br>| (3.5)<br>|
| Planet Fitness, Inc., Class A | (46878)<br>| (4434190)<br>| (26.7)<br>|
| Primerica, Inc. | (10569)<br>| (2769818)<br>| (16.7)<br>|
| Procore Technologies, Inc. | (122391)<br>| (7844039)<br>| (47.2)<br>|
| Progressive Corp. | (40221)<br>| (11331865)<br>| (68.2)<br>|
| Prologis, Inc. | (55535)<br>| (5675677)<br>| (34.2)<br>|
| Public Service Enterprise Group, Inc. | (111203)<br>| (8888456)<br>| (53.5)<br>|
| Pure Storage, Inc., Class A | (5873)<br>| (266399)<br>| (1.6)<br>|
| PVH Corp. | (25784)<br>| (1778580)<br>| (10.7)<br>|
| Quanta Services, Inc. | (22395)<br>| (6554793)<br>| (39.5)<br>|
| QXO, Inc. | (211701)<br>| (2824091)<br>| (17.0)<br>|
| RBC Bearings, Inc. | (13220)<br>| (4343695)<br>| (26.1)<br>|
| Realty Income Corp. | (394947)<br>| (22851633)<br>| (137.6)<br>|
| Regal Rexnord Corp. | (43189)<br>| (4571124)<br>| (27.5)<br>|
| Repligen Corp. | (27734)<br>| (3827015)<br>| (23.0)<br>|
| Rexford Industrial Realty, Inc. | (107885)<br>| (3570993)<br>| (21.5)<br>|
| Rocket Lab USA, Inc. | (176288)<br>| (3841316)<br>| (23.1)<br>|
| Roivant Sciences Ltd. | (13506)<br>| (156940)<br>| (0.9)<br>|
| Royal Caribbean Cruises Ltd. | (47901)<br>| (10294404)<br>| (62.0)<br>|
| Ryan Specialty Holdings, Inc. | (47815)<br>| (3132361)<br>| (18.9)<br>|
| Ryder System, Inc. | (14798)<br>| (2037241)<br>| (12.3)<br>|
| Samsara, Inc., Class A | (68818)<br>| (2729322)<br>| (16.4)<br>|
| Sandisk Corp. | (68561)<br>| (2201494)<br>| (13.3)<br>|
| Seagate Technology Holdings PLC | (152167)<br>| (13851762)<br>| (83.4)<br>|
| Shift4 Payments, Inc., Class A | (60616)<br>| (4958389)<br>| (29.8)<br>|
| Simpson Manufacturing Co., Inc. | (37536)<br>| (5768908)<br>| (34.7)<br>|
| Skechers USA, Inc., Class A | (120823)<br>| (5801920)<br>| (34.9)<br>|
| Skyworks Solutions, Inc. | (84033)<br>| (5401641)<br>| (32.5)<br>|
| SLM Corp. | (39173)<br>| (1132491)<br>| (6.8)<br>|
| SoFi Technologies, Inc. | (152524)<br>| (1908075)<br>| (11.5)<br>|
| SPS Commerce, Inc. | (12678)<br>| (1819420)<br>| (11.0)<br>|
| SPX Technologies, Inc. | (17282)<br>| (2318380)<br>| (14.0)<br>|
| STAG Industrial, Inc. | (107861)<br>| (3562649)<br>| (21.4)<br>|
| Standardaero, Inc. | (163465)<br>| (4416824)<br>| (26.6)<br>|
| Starwood Property Trust, Inc. | (803813)<br>| (15425171)<br>| (92.9)<br>|
| StepStone Group, Inc., Class A | (59244)<br>| (2962792)<br>| (17.8)<br>|
| Stryker Corp. | (70950)<br>| (26529624)<br>| (159.7)<br>|
| Summit Therapeutics, Inc. | (83099)<br>| (2004348)<br>| (12.1)<br>|
| Sun Communities, Inc. | (26338)<br>| (3277237)<br>| (19.7)<br>|
| Super Micro Computer, Inc. | (386703)<br>| (12320358)<br>| (74.2)<br>|
| Synopsys, Inc. | (1805)<br>| (828513)<br>| (5.0)<br>|
| Take-Two Interactive Software, Inc. | (65374)<br>| (15253062)<br>| (91.8)<br>|
| Talen Energy Corp. | (11662)<br>| (2508263)<br>| (15.1)<br>|
| Terreno Realty Corp. | (253160)<br>| (14260503)<br>| (85.8)<br>|
| Texas Pacific Land Corp. | (3466)<br>| (4467223)<br>| (26.9)<br>|
| Timken Co. | (27610)<br>| (1773942)<br>| (10.7)<br>|
| TKO Group Holdings, Inc. | (108472)<br>| (17671173)<br>| (106.4)<br>|
| Trex Co., Inc. | (234445)<br>| (13555610)<br>| (81.6)<br>|
| Uber Technologies, Inc. | (42569)<br>| (3448515)<br>| (20.8)<br>|
| UDR, Inc. | (93951)<br>| (3934668)<br>| (23.7)<br>|
| U-Haul Holding Co. | (132115)<br>| (7239902)<br>| (43.6)<br>|
| Upstart Holdings, Inc. | (27815)<br>| (1329557)<br>| (8.0)<br>|
| Vail Resorts, Inc. | (1027)<br>| (142958)<br>| (0.9)<br>|
| Vaxcyte, Inc. | (89802)<br>| (3218504)<br>| (19.4)<br>|
| Venture Global, Inc., Class A | (81195)<br>| (681226)<br>| (4.1)<br>|

---

Schedule of Investments

------

Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **United States (continued)** |  |  |  |
| Vertex Pharmaceuticals, Inc. | (12093)<br>| $(6161383)<br>| (37.1)% <br>|
| Vertex, Inc., Class A | (143189)<br>| (5731856)<br>| (34.5)<br>|
| Vistra Corp. | (73613)<br>| (9542453)<br>| (57.4)<br>|
| Webster Financial Corp. | (102955)<br>| (4869771)<br>| (29.3)<br>|
| Western Alliance Bancorp | (13823)<br>| (963601)<br>| (5.8)<br>|
| Western Digital Corp. | (96752)<br>| (4243543)<br>| (25.5)<br>|
| Whirlpool Corp. | (18768)<br>| (1431623)<br>| (8.6)<br>|
| Williams-Sonoma, Inc. | (15254)<br>| (2356285)<br>| (14.2)<br>|
| Woodward, Inc. | (38810)<br>| (7279592)<br>| (43.8)<br>|
| Zillow Group, Inc., Class C | (115746)<br>| (7793178)<br>| (46.9)<br>|
| Zimmer Biomet Holdings, Inc. | (26922)<br>| (2774312)<br>| (16.7)<br>|
| Zscaler, Inc. | (15079)<br>| (3410417)<br>| (20.5)<br>|
|  |  | (1351059003)<br>|  |
| **Preferred Stocks**  |  |  |  |
| **Germany** |  |  |  |
| Sartorius AG | (15781)<br>| (4096661)<br>| (24.7)<br>|
| **Total Reference Entity — Short** |  | (1681207333)<br>|  |
| **Net Value of Reference Entity — SG** <br> **Americas Securities LLC**<br>|  | $16612446 |  |

---

The following table represents the individual long and short positions and related values of the equity securities underlying the total return swap with SG Americas Securities LLC as of period end, termination date 02/08/28:

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of* <br>*Basket* <br>*Value*<br>|
| **Reference Entity — Long** |  |  |  |
| **Common Stocks**  |  |  |  |
| **Australia** |  |  |  |
| Aristocrat Leisure Ltd. | 100013 | $4271460 | (558.6)% <br>|
| Glencore PLC | 2976154 | 9758018 | (1276.0)<br>|
| Northern Star Resources Ltd. | 44388 | 545248 | (71.3)<br>|
| Pro Medicus Ltd. | 8575 | 1257355 | (164.4)<br>|
| SEEK Ltd. | 40658 | 553518 | (72.4)<br>|
|  |  | 16385599 |  |
| **Canada** |  |  |  |
| Aritzia, Inc. | 180917 | 6363460 | (832.1)<br>|
| Capital Power Corp. | 260482 | 9889473 | (1293.2)<br>|
| Empire Co., Inc. | 164119 | 6095236 | (797.0)<br>|
| Keyera Corp. | 153941 | 4778134 | (624.8)<br>|
| Loblaw Cos Ltd. | 8240 | 1337670 | (174.9)<br>|
| Manulife Financial Corp. | 457612 | 14024450 | (1833.9)<br>|
| MEG Energy Corp. | 59707 | 837613 | (109.5)<br>|
| Methanex Corp. | 114698 | 3594192 | (470.0)<br>|
| Power Corp. of Canada | 93450 | 3537082 | (462.5)<br>|
| RioCan Real Estate Investment Trust | 269797 | 3370016 | (440.7)<br>|
| Stantec, Inc. | 20842 | 1829307 | (239.2)<br>|
| TC Energy Corp. | 109301 | 5522135 | (722.1)<br>|
| TFI International, Inc. | 31067 | 2525518 | (330.3)<br>|
| TransAlta Corp. | 525801 | 4687432 | (613.0)<br>|
|  |  | 68391718 |  |
| **Denmark** |  |  |  |
| Genmab A/S | 1721 | 364918 | (47.7)<br>|

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **Denmark (continued)** |  |  |  |
| GN Store Nord AS | 403743 | $6095815 | (797.1)% <br>|
| Novo Nordisk A/S, Class B | 42029 | 2810122 | (367.5)<br>|
| Vestas Wind Systems A/S | 49276 | 656958 | (85.9)<br>|
|  |  | 9927813 |  |
| **Germany** |  |  |  |
| Continental AG | 7903 | 617814 | (80.8)<br>|
| GEA Group AG | 38914 | 2538737 | (332.0)<br>|
| Siemens AG, Registered Shares | 3418 | 787034 | (102.9)<br>|
| Siemens Energy AG | 15554 | 1200515 | (157.0)<br>|
|  |  | 5144100 |  |
| **Hong Kong** |  |  |  |
| Techtronic Industries Co., Inc. | 795000 | 8000865 | (1046.2)<br>|
| Wharf Real Estate Investment Co., Inc. | 38000 | 90879 | (11.9)<br>|
|  |  | 8091744 |  |
| **Italy** |  |  |  |
| A2A SpA | 109459 | 278384 | (36.4)<br>|
| Azimut Holding SpA | 139095 | 3865328 | (505.4)<br>|
| Italgas SpA | 260234 | 2138087 | (279.6)<br>|
| Recordati Industria Chimica e Farmaceutica <br> SpA<br>| 92970 | 5486004 | (717.4)<br>|
| Unipol Assicurazioni SpA | 70306 | 1261058 | (164.9)<br>|
|  |  | 13028861 |  |
| **Japan** |  |  |  |
| AGC, Inc. | 189800 | 5925915 | (774.9)<br>|
| Amada Co., Inc. | 74400 | 744969 | (97.4)<br>|
| Asahi Group Holdings Ltd. | 85800 | 1185952 | (155.1)<br>|
| Asahi Intecc Co., Inc. | 173400 | 2665989 | (348.6)<br>|
| Astellas Pharma, Inc. | 560600 | 5613930 | (734.1)<br>|
| Brother Industries Ltd. | 24900 | 437582 | (57.2)<br>|
| Canon, Inc. | 207900 | 6415737 | (839.0)<br>|
| Chubu Electric Power Co., Inc. | 405200 | 5261652 | (688.0)<br>|
| Dai Nippon Printing Co., Inc. | 374100 | 5214478 | (681.9)<br>|
| Daito Trust Construction Co., Inc. | 44800 | 4987899 | (652.2)<br>|
| Daiwa Securities Group, Inc. | 198700 | 1306636 | (170.9)<br>|
| Denso Corp. | 87000 | 1123338 | (146.9)<br>|
| DMG Mori Co., Inc. | 134300 | 2334364 | (305.3)<br>|
| Hamamatsu Photonics KK | 93300 | 862755 | (112.8)<br>|
| Horiba Ltd. | 6500 | 444287 | (58.1)<br>|
| Hulic Co., Inc. | 148000 | 1547622 | (202.4)<br>|
| Isetan Mitsukoshi Holdings Ltd. | 68800 | 884387 | (115.6)<br>|
| Kakaku.com, Inc. | 598800 | 10590296 | (1384.8)<br>|
| Keyence Corp. | 12300 | 5142526 | (672.5)<br>|
| Koito Manufacturing Co., Inc. | 26300 | 318560 | (41.7)<br>|
| Kyocera Corp. | 173300 | 2053904 | (268.6)<br>|
| Kyushu Electric Power Co., Inc. | 656700 | 5853047 | (765.4)<br>|
| LY Corp. | 1025500 | 3878462 | (507.2)<br>|
| Mazda Motor Corp. | 1611800 | 9636646 | (1260.1)<br>|
| McDonald's Holdings Co Japan Ltd. | 178400 | 7543355 | (986.4)<br>|
| MISUMI Group, Inc. | 187400 | 2625334 | (343.3)<br>|
| MS&AD Insurance Group Holdings, Inc. | 323400 | 7350816 | (961.2)<br>|
| Murata Manufacturing Co., Inc. | 644000 | 9174784 | (1199.7)<br>|
| NEC Corp. | 59600 | 1450832 | (189.7)<br>|
| Nexon Co., Inc. | 5500 | 86293 | (11.3)<br>|
| NIPPON EXPRESS HOLDINGS, Inc. | 425900 | 7605660 | (994.6)<br>|
| Nippon Telegraph & Telephone Corp. | 6277300 | 6561514 | (858.0)<br>|
| Nissan Chemical Corp. | 97000 | 2837116 | (371.0)<br>|

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **Japan (continued)** |  |  |  |
| Nomura Holdings, Inc. | 265200 | $1478108 | (193.3)% <br>|
| Nomura Real Estate Holdings, Inc. | 382700 | 2276087 | (297.6)<br>|
| Nomura Research Institute Ltd. | 149200 | 5649821 | (738.8)<br>|
| Obayashi Corp. | 102200 | 1585651 | (207.4)<br>|
| Obic Co., Inc. | 23200 | 812267 | (106.2)<br>|
| Olympus Corp. | 572200 | 7497532 | (980.4)<br>|
| Ono Pharmaceutical Co., Inc. | 141500 | 1628796 | (213.0)<br>|
| ORIX Corp. | 226100 | 4535573 | (593.1)<br>|
| Otsuka Corp. | 39100 | 867201 | (113.4)<br>|
| Otsuka Holdings Co., Inc. | 34400 | 1677027 | (219.3)<br>|
| Panasonic Holdings Corp. | 783200 | 8980142 | (1174.3)<br>|
| Rakuten Group, Inc. | 394000 | 2323153 | (303.8)<br>|
| Resonac Holdings Corp. | 102900 | 1871541 | (244.7)<br>|
| Rohm Co., Inc. | 193400 | 1760904 | (230.3)<br>|
| Sankyo Co., Inc. | 31100 | 473359 | (61.9)<br>|
| Sega Sammy Holdings, Inc. | 50200 | 1053622 | (137.8)<br>|
| Sekisui House Ltd. | 330900 | 7607456 | (994.8)<br>|
| Shimamura Co., Inc. | 11800 | 785160 | (102.7)<br>|
| Shimizu Corp. | 196800 | 2102432 | (274.9)<br>|
| Shionogi & Co., Inc. | 185500 | 3116495 | (407.5)<br>|
| Skylark Holdings Co., Inc. | 229300 | 4758946 | (622.3)<br>|
| SMC Corp. | 33300 | 10777242 | (1409.3)<br>|
| Sojitz Corp. | 125500 | 2969057 | (388.3)<br>|
| Subaru Corp. | 28900 | 523319 | (68.4)<br>|
| Takashimaya Co., Inc. | 502400 | 3873578 | (506.5)<br>|
| Takeda Pharmaceutical Co., Inc. | 178600 | 5402400 | (706.4)<br>|
| TDK Corp. | 394900 | 4214152 | (551.1)<br>|
| Terumo Corp. | 95300 | 1824111 | (238.5)<br>|
| Tokyo Tatemono Co., Inc. | 795200 | 14256599 | (1864.3)<br>|
| Tokyu Fudosan Holdings Corp. | 838500 | 5872698 | (767.9)<br>|
| TOTO Ltd. | 18100 | 477269 | (62.4)<br>|
| Toyota Tsusho Corp. | 313700 | 6234073 | (815.2)<br>|
| USS Co., Inc. | 362800 | 3616296 | (472.9)<br>|
|  |  | 252548704 |  |
| **Netherlands** |  |  |  |
| ASML Holding NV | 20775 | 13907655 | (1818.6)<br>|
| **New Zealand** |  |  |  |
| Xero Ltd. | 115903 | 12206101 | (1596.1)<br>|
| **Spain** |  |  |  |
| Enagas SA | 149441 | 2330061 | (304.7)<br>|
| **Sweden** |  |  |  |
| Hexagon AB | 49723 | 483932 | (63.3)<br>|
| Securitas AB | 118947 | 1884924 | (246.5)<br>|
| Swedish Orphan Biovitrum AB | 25896 | 787619 | (103.0)<br>|
| Telefonaktiebolaget LM Ericsson | 487825 | 4120843 | (538.8)<br>|
|  |  | 7277318 |  |
| **Switzerland** |  |  |  |
| Accelleron Industries AG | 31462 | 1689019 | (220.9)<br>|
| Clariant AG, Registered Shares | 638898 | 7151202 | (935.1)<br>|
| Flughafen Zurich AG, Registered Shares | 37961 | 9565513 | (1250.8)<br>|
| Swissquote Group Holding SA, Registered <br> Shares<br>| 2921 | 1507811 | (197.2)<br>|
| Temenos AG, Registered Shares | 25118 | 1799212 | (235.3)<br>|
|  |  | 21712757 |  |
| **United Kingdom** |  |  |  |
| Admiral Group PLC | 74027 | 3219617 | (421.0)<br>|
| BAE Systems PLC | 132598 | 3073971 | (402.0)<br>|
| Barclays PLC | 8163198 | 32519251 | (4252.4)<br>|

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **United Kingdom (continued)** |  |  |  |
| Berkeley Group Holdings PLC | 214885 | $11978396 | (1,566.4)% <br>|
| Drax Group PLC | 191655 | 1580953 | (206.7)<br>|
| Halma PLC | 69836 | 2577761 | (337.1)<br>|
| IG Group Holdings PLC | 242607 | 3457871 | (452.2)<br>|
| IMI PLC | 407999 | 9682963 | (1266.2)<br>|
| International Consolidated Airlines Group SA | 2628824 | 9133762 | (1194.4)<br>|
| NatWest Group PLC | 898466 | 5779192 | (755.7)<br>|
| Ocado Group PLC | 236571 | 893779 | (116.9)<br>|
| Smith & Nephew PLC | 36001 | 506627 | (66.2)<br>|
| Smiths Group PLC | 3079 | 76727 | (10.0)<br>|
| Taylor Wimpey PLC | 4766824 | 7490146 | (979.4)<br>|
|  |  | 91971016 |  |
| **United States** |  |  |  |
| Carnival PLC | 88572 | 1486682 | (194.4)<br>|
| Holcim AG | 111186 | 12424802 | (1624.8)<br>|
| Stellantis NV | 593853 | 5526056 | (722.6)<br>|
|  |  | 19437540 |  |
| **Total Reference Entity — Long** |  | 542360987 |  |
| **Reference Entity — Short** |  |  |  |
| **Common Stocks**  |  |  |  |
| **Austria** |  |  |  |
| Mondi PLC | (464870)<br>| (7056324)<br>| 922.7 |
| **Belgium** |  |  |  |
| Lotus Bakeries NV | (249)<br>| (2394153)<br>| 313.1 |
| **Canada** |  |  |  |
| BlackBerry Ltd. | (411300)<br>| (1396260)<br>| 182.6 |
| **China** |  |  |  |
| Wilmar International Ltd. | (481900)<br>| (1130286)<br>| 147.8 |
| **Finland** |  |  |  |
| Kesko OYJ | (32566)<br>| (747677)<br>| 97.8 |
| Kone Oyj, Class B | (28376)<br>| (1757377)<br>| 229.8 |
| Metso Oyj | (752100)<br>| (8172096)<br>| 1068.6 |
| Orion OYJ, Class B | (23386)<br>| (1464233)<br>| 191.5 |
| Sampo Oyj, Class A | (240373)<br>| (2408202)<br>| 314.9 |
| UPM-Kymmene OYJ | (297478)<br>| (7879032)<br>| 1030.3 |
|  |  | (22428617)<br>|  |
| **France** |  |  |  |
| Cie de Saint-Gobain SA | (2533)<br>| (275383)<br>| 36.0 |
| **Germany** |  |  |  |
| BASF SE | (458809)<br>| (23431129)<br>| 3064.0 |
| Bayerische Motoren Werke AG | (69620)<br>| (5904993)<br>| 772.1 |
| Brenntag SE | (12051)<br>| (804812)<br>| 105.2 |
| Deutsche Lufthansa AG, Registered Shares | (93118)<br>| (669113)<br>| 87.5 |
| Hensoldt AG | (5950)<br>| (460939)<br>| 60.3 |
| LEG Immobilien SE | (17825)<br>| (1511011)<br>| 197.6 |
| Muenchener Rueckversicherungs-<br> Gesellschaft AG in Muenchen, Registered <br> Shares<br>| (1763)<br>| (1206966)<br>| 157.8 |
| Puma SE | (13233)<br>| (341687)<br>| 44.7 |
| Zalando SE | (55931)<br>| (2042392)<br>| 267.1 |
|  |  | (36373042)<br>|  |
| **Hong Kong** |  |  |  |
| Hong Kong & China Gas Co., Inc. | (1205000)<br>| (1084227)<br>| 141.8 |
| Power Assets Holdings Ltd. | (140000)<br>| (925847)<br>| 121.1 |
|  |  | (2010074)<br>|  |

---

Schedule of Investments

------

Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **Ireland** |  |  |  |
| Kingspan Group PLC | (70740)<br>| $(5969354)<br>| 780.6<br> % <br>|
| **Israel** |  |  |  |
| Elbit Systems Ltd. | (514)<br>| (197623)<br>| 25.8 |
| **Italy** |  |  |  |
| Davide Campari-Milano NV | (59650)<br>| (400266)<br>| 52.3 |
| Snam SpA | (575579)<br>| (3303524)<br>| 432.0 |
| Terna - Rete Elettrica Nazionale | (437474)<br>| (4350157)<br>| 568.9 |
| UniCredit SpA | (125919)<br>| (7326076)<br>| 958.0 |
|  |  | (15380023)<br>|  |
| **Japan** |  |  |  |
| Asics Corp. | (133600)<br>| (2871604)<br>| 375.5 |
| BayCurrent, Inc. | (45200)<br>| (2435537)<br>| 318.5 |
| Capcom Co., Inc. | (9800)<br>| (283715)<br>| 37.1 |
| Chiba Bank Ltd. | (191200)<br>| (1700051)<br>| 222.3 |
| Cosmo Energy Holdings Co., Inc. | (28900)<br>| (1186115)<br>| 155.1 |
| Cosmos Pharmaceutical Corp. | (15600)<br>| (1003698)<br>| 131.2 |
| Disco Corp. | (10400)<br>| (2012186)<br>| 263.1 |
| East Japan Railway Co. | (82800)<br>| (1794845)<br>| 234.7 |
| Food & Life Cos. Ltd. | (38500)<br>| (1424700)<br>| 186.3 |
| Fujikura Ltd. | (169900)<br>| (6321448)<br>| 826.6 |
| Furukawa Electric Co., Inc. | (20500)<br>| (647423)<br>| 84.7 |
| Honda Motor Co., Inc. | (250800)<br>| (2551825)<br>| 333.7 |
| Hoshizaki Corp. | (96900)<br>| (4119810)<br>| 538.7 |
| Ibiden Co., Inc. | (8200)<br>| (227314)<br>| 29.7 |
| Idemitsu Kosan Co., Inc. | (32300)<br>| (200163)<br>| 26.2 |
| IHI Corp. | (75400)<br>| (5906244)<br>| 772.3 |
| Isuzu Motors Ltd. | (37900)<br>| (509696)<br>| 66.7 |
| Japan Real Estate Investment Corp. | (1564)<br>| (1241210)<br>| 162.3 |
| Japan Steel Works Ltd. | (56600)<br>| (2332212)<br>| 305.0 |
| JFE Holdings, Inc. | (167000)<br>| (1944885)<br>| 254.3 |
| Kadokawa Corp. | (163900)<br>| (4407740)<br>| 576.4 |
| Kawasaki Heavy Industries Ltd. | (27700)<br>| (1652351)<br>| 216.1 |
| Kawasaki Kisen Kaisha Ltd. | (36900)<br>| (506058)<br>| 66.2 |
| Kikkoman Corp. | (17200)<br>| (168374)<br>| 22.0 |
| Kirin Holdings Co., Inc. | (105900)<br>| (1601915)<br>| 209.5 |
| Kobe Bussan Co., Inc. | (103900)<br>| (3175197)<br>| 415.2 |
| Kobe Steel Ltd. | (16700)<br>| (195856)<br>| 25.6 |
| Kyushu Railway Co. | (9100)<br>| (235520)<br>| 30.8 |
| Lasertec Corp. | (12100)<br>| (1124941)<br>| 147.1 |
| Maruwa Co. Ltd. | (11900)<br>| (2446955)<br>| 320.0 |
| MatsukiyoCocokara & Co. | (362500)<br>| (6654276)<br>| 870.1 |
| Mebuki Financial Group, Inc. | (97300)<br>| (475420)<br>| 62.2 |
| Mercari, Inc. | (181800)<br>| (2946115)<br>| 385.3 |
| Mitsubishi Motors Corp. | (298900)<br>| (827478)<br>| 108.2 |
| MonotaRO Co., Inc. | (113400)<br>| (2181007)<br>| 285.2 |
| Nintendo Co., Inc. | (64000)<br>| (5313279)<br>| 694.8 |
| Nippon Building Fund, Inc. | (301)<br>| (279391)<br>| 36.5 |
| Nippon Paint Holdings Co., Inc. | (1037800)<br>| (7906756)<br>| 1033.9 |
| Nippon Sanso Holdings Corp. | (33500)<br>| (1072109)<br>| 140.2 |
| Niterra Co., Inc. | (93300)<br>| (2905067)<br>| 379.9 |
| Nitori Holdings Co., Inc. | (5000)<br>| (594924)<br>| 77.8 |
| Nitto Denko Corp. | (69100)<br>| (1214558)<br>| 158.8 |
| NTT Data Group Corp. | (42500)<br>| (844067)<br>| 110.4 |
| Oracle Corp. Japan | (6000)<br>| (721329)<br>| 94.3 |
| Osaka Gas Co., Inc. | (4900)<br>| (124254)<br>| 16.2 |
| Renesas Electronics Corp. | (11100)<br>| (130261)<br>| 17.0 |
| Ricoh Co., Inc. | (13000)<br>| (136735)<br>| 17.9 |
| Ryohin Keikaku Co., Inc. | (300400)<br>| (10153684)<br>| 1327.7 |
| Sanwa Holdings Corp. | (9500)<br>| (311815)<br>| 40.8 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **Japan (continued)** |  |  |  |
| Sapporo Holdings Ltd. | (67300)<br>| $(3737405)<br>| 488.7<br> % <br>|
| SCREEN Holdings Co., Inc. | (36200)<br>| (2407192)<br>| 314.8 |
| SCSK Corp. | (45300)<br>| (1184841)<br>| 154.9 |
| Seibu Holdings, Inc. | (35500)<br>| (857988)<br>| 112.2 |
| Sekisui Chemical Co., Inc. | (3800)<br>| (66401)<br>| 8.7 |
| SG Holdings Co., Inc. | (460300)<br>| (4846797)<br>| 633.8 |
| Shinko Electric Industries Co., Inc. | (17200)<br>| (706490)<br>| 92.4 |
| Socionext, Inc. | (15900)<br>| (171014)<br>| 22.4 |
| Square Enix Holdings Co., Inc. | (38000)<br>| (2197274)<br>| 287.3 |
| Sumitomo Electric Industries Ltd. | (379300)<br>| (6096639)<br>| 797.2 |
| Sumitomo Metal Mining Co., Inc. | (2400)<br>| (53249)<br>| 7.0 |
| Sumitomo Realty & Development Co., Inc. | (159800)<br>| (5951954)<br>| 778.3 |
| Suzuki Motor Corp. | (56600)<br>| (678275)<br>| 88.7 |
| TIS, Inc. | (7000)<br>| (202042)<br>| 26.4 |
| Toho Co., Ltd. | (159300)<br>| (9094670)<br>| 1189.3 |
| TOPPAN Holdings, Inc. | (19500)<br>| (547415)<br>| 71.6 |
| Toray Industries, Inc. | (343600)<br>| (2194406)<br>| 287.0 |
| Toyo Suisan Kaisha Ltd. | (49600)<br>| (3206429)<br>| 419.3 |
| Toyota Industries Corp. | (6400)<br>| (750559)<br>| 98.1 |
| Trend Micro, Inc. | (18900)<br>| (1356086)<br>| 177.3 |
| Yakult Honsha Co., Inc. | (26200)<br>| (538201)<br>| 70.4 |
| Yamaha Motor Co., Inc. | (367700)<br>| (2887818)<br>| 377.6 |
| Yamato Holdings Co., Inc. | (18100)<br>| (256979)<br>| 33.6 |
| Yamazaki Baking Co., Inc. | (29000)<br>| (694218)<br>| 90.8 |
| Zensho Holdings Co., Inc. | (12700)<br>| (784775)<br>| 102.6 |
|  |  | (152491230)<br>|  |
| **Jordan** |  |  |  |
| Hikma Pharmaceuticals PLC | (429568)<br>| (11383362)<br>| 1488.6 |
| **Luxembourg** |  |  |  |
| CVC Capital Partners PLC | (110896)<br>| (1978706)<br>| 258.7 |
| **Netherlands** |  |  |  |
| Randstad NV | (32591)<br>| (1308193)<br>| 171.1 |
| **New Zealand** |  |  |  |
| Infratil Ltd. | (42904)<br>| (268910)<br>| 35.2 |
| **Norway** |  |  |  |
| Equinor ASA | (1854)<br>| (41966)<br>| 5.5 |
| **Portugal** |  |  |  |
| Jeronimo Martins SGPS SA | (38310)<br>| (927193)<br>| 121.2 |
| **Singapore** |  |  |  |
| Oversea-Chinese Banking Corp. Ltd. | (157500)<br>| (1949183)<br>| 254.9 |
| **Spain** |  |  |  |
| Cellnex Telecom SA | (73150)<br>| (2960333)<br>| 387.1 |
| Repsol SA | (174863)<br>| (2137467)<br>| 279.5 |
|  |  | (5097800)<br>|  |
| **Sweden** |  |  |  |
| Beijer Ref AB | (348492)<br>| (5315670)<br>| 695.1 |
| Boliden AB | (81327)<br>| (2491862)<br>| 325.9 |
| Castellum AB | (126367)<br>| (1537913)<br>| 201.1 |
| Epiroc AB, Class A | (46572)<br>| (1007572)<br>| 131.8 |
| Epiroc AB, Class B | (8280)<br>| (162384)<br>| 21.2 |
| EQT AB | (114039)<br>| (3295445)<br>| 430.9 |
| Essity AB, Class B | (260940)<br>| (7546133)<br>| 986.8 |
| H & M Hennes & Mauritz AB | (15645)<br>| (226705)<br>| 29.6 |
| Investor AB | (436752)<br>| (12940289)<br>| 1692.1 |
| Lifco AB | (6789)<br>| (262834)<br>| 34.4 |
| Nibe Industrier AB | (293553)<br>| (1251828)<br>| 163.7 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **Sweden (continued)** |  |  |  |
| Saab AB, Class B | (205784)<br>| $(9582229)<br>| 1,253.0<br> % <br>|
| Sagax AB, Class B | (16308)<br>| (370669)<br>| 48.5 |
| Skandinaviska Enskilda Banken AB, Class A | (721552)<br>| (11449349)<br>| 1497.2 |
| SKF AB | (91921)<br>| (1801778)<br>| 235.6 |
| SSAB AB, Class B | (236828)<br>| (1472097)<br>| 192.5 |
| Svenska Cellulosa AB SCA, Class B | (119489)<br>| (1545059)<br>| 202.0 |
| Svenska Handelsbanken AB | (206266)<br>| (2699983)<br>| 353.1 |
| Telia Co AB | (2264450)<br>| (8506337)<br>| 1112.3 |
|  |  | (73466136)<br>|  |
| **Switzerland** |  |  |  |
| Adecco Group AG, Registered Shares | (38110)<br>| (991858)<br>| 129.7 |
| Baloise Holding AG, Registered Shares | (4050)<br>| (901013)<br>| 117.8 |
| Georg Fischer AG, Registered Shares | (8164)<br>| (590296)<br>| 77.2 |
| Sonova Holding AG, Registered Shares | (7631)<br>| (2345876)<br>| 306.8 |
|  |  | (4829043)<br>|  |
| **United Kingdom** |  |  |  |
| Aviva PLC | (303992)<br>| (2277630)<br>| 297.8 |
| Barratt Redrow PLC | (2039222)<br>| (12712895)<br>| 1662.4 |
| British Land Co PLC | (125980)<br>| (662763)<br>| 86.7 |
| BT Group PLC | (5135199)<br>| (11918569)<br>| 1558.5 |
| Croda International PLC | (32508)<br>| (1283211)<br>| 167.8 |
| DCC PLC | (146708)<br>| (9588521)<br>| 1253.8 |
| Diageo PLC | (198501)<br>| (5573985)<br>| 728.9 |
| easyJet PLC | (304884)<br>| (2021395)<br>| 264.3 |
| Entain PLC | (91188)<br>| (779558)<br>| 101.9 |
| Hiscox Ltd. | (143171)<br>| (2107143)<br>| 275.5 |
| JD Sports Fashion PLC | (84987)<br>| (89475)<br>| 11.7 |
| Just Eat Takeaway.com NV | (1738)<br>| (38036)<br>| 5.0 |
| Land Securities Group PLC | (550731)<br>| (4364153)<br>| 570.7 |
| Legal & General Group PLC | (2192012)<br>| (6902824)<br>| 902.6 |
| LondonMetric Property PLC | (3141013)<br>| (8058929)<br>| 1053.8 |
| M&G PLC | (4410008)<br>| (12237267)<br>| 1600.2 |
| Melrose Industries PLC | (156002)<br>| (906889)<br>| 118.6 |
| National Grid PLC | (1401385)<br>| (20227732)<br>| 2645.1 |
| Pearson PLC | (275902)<br>| (4423049)<br>| 578.4 |
| Persimmon PLC | (335213)<br>| (5801186)<br>| 758.6 |
| QinetiQ Group PLC | (1087782)<br>| (5725634)<br>| 748.7 |
| Reckitt Benckiser Group PLC | (83464)<br>| (5387312)<br>| 704.5 |
| Rentokil Initial PLC | (689623)<br>| (3159364)<br>| 413.1 |
| Schroders PLC | (2312664)<br>| (10190012)<br>| 1332.5 |
| Severn Trent PLC | (101475)<br>| (3774592)<br>| 493.6 |
| Spirax Group PLC | (46452)<br>| (3661160)<br>| 478.8 |
| Tritax Big Box REIT PLC | (1281241)<br>| (2450869)<br>| 320.5 |
| Unilever PLC | (156215)<br>| (9946190)<br>| 1300.6 |
| Vistry Group PLC | (226828)<br>| (1912374)<br>| 250.1 |
| Wise PLC, Class A | (84806)<br>| (1112349)<br>| 145.5 |
| WPP PLC | (137413)<br>| (1065302)<br>| 139.3 |
|  |  | (160360368)<br>|  |
| **United States** |  |  |  |
| Ferrovial SE | (31564)<br>| (1539771)<br>| 201.3 |
| International Paper Co. | (96307)<br>| (4399304)<br>| 575.3 |
| Nestle SA, Registered Shares | (68281)<br>| (7267651)<br>| 950.4 |
| Shell PLC | (33854)<br>| (1092528)<br>| 142.9 |
| Swiss Re AG | (57017)<br>| (10234791)<br>| 1338.3 |
| Tenaris SA | (200752)<br>| (3347527)<br>| 437.7 |
|  |  | (27881572)<br>|  |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **Preferred Stocks**  |  |  |  |
| **Germany** |  |  |  |
| Dr Ing hc F Porsche AG | (20637)<br>| $(1037456)<br>| 135.7<br> % <br>|
| Sartorius AG | (3330)<br>| (864450)<br>| 113.0 |
| Volkswagen AG | (42542)<br>| (4629010)<br>| 605.3 |
| **Total Reference Entity — Short** |  | (543125717)<br>|  |
| **Net Value of Reference Entity — SG** <br> **Americas Securities LLC**<br>|  | $(764730)<br>|  |

---

The following table represents the individual long and short positions and related values of the equity securities underlying the total return swap with UBS AG as of period end, termination dates 05/11/26 – 04/02/30:

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of* <br>*Basket* <br>*Value*<br>|
| **Reference Entity — Long** |  |  |  |
| **Common Stocks**  |  |  |  |
| **Australia** |  |  |  |
| Challenger Ltd. | 253277 | $1147640 | (88.4)% <br>|
| Cleanaway Waste Management Ltd. | 1227524 | 2042853 | (157.3)<br>|
| Credit Corp. Group Ltd. | 88936 | 769560 | (59.3)<br>|
| Dicker Data Ltd. | 156648 | 846386 | (65.2)<br>|
| Downer EDI Ltd. | 186820 | 682205 | (52.5)<br>|
| Flight Centre Travel Group Ltd. | 179666 | 1474198 | (113.5)<br>|
| Guzman y Gomez Ltd. | 17439 | 359001 | (27.7)<br>|
| IGO Ltd. | 301254 | 754821 | (58.1)<br>|
| MAC Copper Ltd. | 28002 | 251738 | (19.4)<br>|
| NRW Holdings Ltd. | 227519 | 394354 | (30.4)<br>|
| Pinnacle Investment Management Group Ltd. | 160934 | 1855991 | (143.0)<br>|
| Ventia Services Group Pty Ltd. | 178538 | 483389 | (37.2)<br>|
| WEB Travel Group Ltd. | 415757 | 1143271 | (88.1)<br>|
|  |  | 12205407 |  |
| **Austria** |  |  |  |
| ANDRITZ AG | 8157 | 586160 | (45.1)<br>|
| Kontron AG | 16452 | 399785 | (30.8)<br>|
|  |  | 985945 |  |
| **Canada** |  |  |  |
| Algoma Steel Group, Inc. | 90872 | 465368 | (35.9)<br>|
| Bird Construction, Inc. | 136702 | 2093268 | (161.2)<br>|
| Canada Goose Holdings, Inc. | 97587 | 816882 | (62.9)<br>|
| Centerra Gold, Inc. | 643530 | 4308561 | (331.9)<br>|
| Cineplex, Inc. | 34715 | 248540 | (19.1)<br>|
| CT Real Estate Investment Trust | 31678 | 341229 | (26.3)<br>|
| Doman Building Materials Group Ltd. | 38554 | 192406 | (14.8)<br>|
| Extendicare, Inc. | 175056 | 1752338 | (135.0)<br>|
| Freehold Royalties Ltd. | 430371 | 3561971 | (274.4)<br>|
| Headwater Exploration, Inc. | 115367 | 468631 | (36.1)<br>|
| Innergex Renewable Energy, Inc. | 277079 | 2729387 | (210.2)<br>|
| North American Construction Group Ltd. | 50501 | 769274 | (59.3)<br>|
| Obsidian Energy Ltd. | 138590 | 584077 | (45.0)<br>|
| SunOpta, Inc. | 156089 | 679337 | (52.3)<br>|
| Surge Energy, Inc. | 279903 | 948170 | (73.0)<br>|
| Transcontinental, Inc., Class A | 24204 | 330071 | (25.4)<br>|
| Vermilion Energy, Inc. | 1407352 | 8493521 | (654.2)<br>|
|  |  | 28783031 |  |
| **China** |  |  |  |
| Silvercorp Metals, Inc. | 311277 | 1162829 | (89.6)<br>|

---

Schedule of Investments

------

Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **Denmark** |  |  |  |
| Svitzer A/S | 13478 | $565184 | (43.5)% <br>|
| **France** |  |  |  |
| Eutelsat Communications SACA | 247716 | 1011643 | (77.9)<br>|
| ICADE | 23688 | 562703 | (43.3)<br>|
| Societe BIC SA | 1087 | 70331 | (5.4)<br>|
| Ubisoft Entertainment SA | 497700 | 5864058 | (451.7)<br>|
|  |  | 7508735 |  |
| **Germany** |  |  |  |
| Aroundtown SA | 295382 | 882486 | (68.0)<br>|
| Deutsche Pfandbriefbank AG | 52146 | 319831 | (24.6)<br>|
| Duerr AG | 17299 | 409534 | (31.6)<br>|
| Grand City Properties SA | 25977 | 310041 | (23.9)<br>|
| Hapag-Lloyd AG | 14067 | 2214855 | (170.6)<br>|
| TBC Bank Group PLC | 13595 | 859809 | (66.2)<br>|
|  |  | 4996556 |  |
| **Israel** |  |  |  |
| Ituran Location and Control Ltd. | 43708 | 1570865 | (121.0)<br>|
| Melisron Ltd. | 1950 | 165901 | (12.8)<br>|
|  |  | 1736766 |  |
| **Italy** |  |  |  |
| Banca IFIS SpA | 22300 | 558753 | (43.1)<br>|
| Credito Emiliano SpA | 10398 | 142950 | (11.0)<br>|
| De' Longhi SpA | 30706 | 950252 | (73.2)<br>|
| Hera SpA | 760896 | 3602254 | (277.5)<br>|
| Maire SpA | 37515 | 405183 | (31.2)<br>|
| PRADA SpA | 182000 | 1136381 | (87.5)<br>|
| Salvatore Ferragamo SpA | 17565 | 110051 | (8.5)<br>|
| Sesa SpA | 587 | 49613 | (3.8)<br>|
| Webuild SpA | 450989 | 1636217 | (126.0)<br>|
|  |  | 8591654 |  |
| **Japan** |  |  |  |
| Aisan Industry Co., Inc. | 24800 | 335175 | (25.8)<br>|
| Alpen Co., Inc. | 9600 | 159989 | (12.3)<br>|
| Alps Alpine Co., Inc. | 255400 | 2594414 | (199.8)<br>|
| Citizen Watch Co., Inc. | 566900 | 3279259 | (252.6)<br>|
| Coca-Cola Bottlers Japan Holdings, Inc. | 152000 | 2855594 | (220.0)<br>|
| Dai-Dan Co., Inc. | 34000 | 988323 | (76.1)<br>|
| DTS Corp. | 22500 | 639942 | (49.3)<br>|
| Hokuriku Electric Power Co. | 45800 | 235372 | (18.1)<br>|
| Ito En Ltd. | 62300 | 1490481 | (114.8)<br>|
| Itochu Enex Co., Inc. | 9300 | 100373 | (7.7)<br>|
| Japan Eyewear Holdings Co., Inc. | 8200 | 132732 | (10.2)<br>|
| JINS Holdings, Inc. | 44900 | 2815830 | (216.9)<br>|
| Kaneka Corp. | 133100 | 3252862 | (250.6)<br>|
| Kanematsu Corp. | 302800 | 5258587 | (405.0)<br>|
| Keiyo Bank Ltd. | 244500 | 1424922 | (109.8)<br>|
| Konoike Transport Co., Inc. | 15900 | 291919 | (22.5)<br>|
| Kyoritsu Maintenance Co., Inc. | 124200 | 2636014 | (203.0)<br>|
| Maruha Nichiro Corp. | 87900 | 2008470 | (154.7)<br>|
| Mitsui Mining & Smelting Co., Inc. | 253400 | 6889181 | (530.6)<br>|
| Nippon Shinyaku Co., Inc. | 261800 | 6750353 | (519.9)<br>|
| Nippon Shokubai Co., Inc. | 73500 | 861356 | (66.4)<br>|
| Nisshinbo Holdings, Inc. | 25600 | 153029 | (11.8)<br>|
| NTN Corp. | 442800 | 681964 | (52.5)<br>|
| PHC Holdings Corp. | 44700 | 301595 | (23.2)<br>|
| Ringer Hut Co., Inc. | 34400 | 536859 | (41.4)<br>|
| San-In Godo Bank Ltd. | 260600 | 2315220 | (178.3)<br>|
| Sanki Engineering Co., Inc. | 10300 | 263175 | (20.3)<br>|

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **Japan (continued)** |  |  |  |
| Seino Holdings Co., Inc. | 147200 | $2316675 | (178.4)% <br>|
| Sekisui House Reit, Inc. | 2530 | 1364883 | (105.1)<br>|
| Senko Group Holdings Co., Inc. | 42100 | 500467 | (38.6)<br>|
| SHO-BOND Holdings Co., Inc. | 45100 | 1618927 | (124.7)<br>|
| Siix Corp. | 147200 | 1083934 | (83.5)<br>|
| Sumitomo Warehouse Co., Inc.. | 5900 | 114603 | (8.8)<br>|
| Taikisha Ltd. | 35600 | 582700 | (44.9)<br>|
| Toho Gas Co., Inc. | 57700 | 1725972 | (132.9)<br>|
| Toho Holdings Co., Inc. | 205500 | 6718086 | (517.5)<br>|
| Tokyotokeiba Co., Inc. | 54500 | 1601655 | (123.4)<br>|
| YAMABIKO Corp. | 17500 | 261890 | (20.2)<br>|
| Yamaguchi Financial Group, Inc. | 259100 | 3061095 | (235.8)<br>|
| Yamazen Corp. | 29400 | 289073 | (22.3)<br>|
| Yaoko Co., Inc. | 2700 | 180840 | (13.9)<br>|
|  |  | 70673790 |  |
| **Monaco** |  |  |  |
| Scorpio Tankers, Inc. | 49665 | 1871874 | (144.2)<br>|
| **Netherlands** |  |  |  |
| Koninklijke BAM Groep NV | 154100 | 1043841 | (80.4)<br>|
| Koninklijke Heijmans N.V | 26473 | 1355922 | (104.4)<br>|
|  |  | 2399763 |  |
| **Norway** |  |  |  |
| Aker Solutions ASA | 123577 | 335401 | (25.8)<br>|
| Elkem ASA | 141522 | 248948 | (19.2)<br>|
| Odfjell Drilling Ltd. | 33060 | 172086 | (13.2)<br>|
| Storebrand ASA | 38166 | 460801 | (35.5)<br>|
| Wallenius Wilhelmsen ASA | 128396 | 930549 | (71.7)<br>|
|  |  | 2147785 |  |
| **Portugal** |  |  |  |
| Mota-Engil SGPS SA | 427041 | 1695037 | (130.6)<br>|
| **Sweden** |  |  |  |
| MIPS AB | 3751 | 132205 | (10.2)<br>|
| Yubico AB | 3526 | 70639 | (5.4)<br>|
|  |  | 202844 |  |
| **Switzerland** |  |  |  |
| International Workplace Group PLC | 400432 | 991464 | (76.4)<br>|
| **United Kingdom** |  |  |  |
| 4imprint Group PLC | 63816 | 2923011 | (225.1)<br>|
| Ashmore Group PLC | 532071 | 1026055 | (79.0)<br>|
| Currys PLC | 2105657 | 3120666 | (240.4)<br>|
| Firstgroup PLC | 229358 | 527884 | (40.7)<br>|
| Global Ship Lease, Inc., Class A | 174985 | 3765677 | (290.1)<br>|
| Grafton Group PLC, CDI | 23298 | 282024 | (21.7)<br>|
| J D Wetherspoon PLC | 151497 | 1324786 | (102.0)<br>|
| Kier Group PLC | 419963 | 816500 | (62.9)<br>|
| Morgan Sindall Group PLC | 17963 | 849099 | (65.4)<br>|
| Picton Property Income Ltd. | 431814 | 438630 | (33.8)<br>|
| PRS REIT PLC | 137291 | 212419 | (16.4)<br>|
| Quilter PLC | 1683802 | 3029406 | (233.3)<br>|
| Savills PLC | 98962 | 1227223 | (94.5)<br>|
| TP ICAP Group PLC | 262240 | 900517 | (69.4)<br>|
|  |  | 20443897 |  |
| **United States** |  |  |  |
| 1-800-Flowers.com, Inc., Class A | 23190 | 128241 | (9.9)<br>|
| 1st Source Corp. | 53379 | 3200071 | (246.5)<br>|
| ABM Industries, Inc. | 144812 | 7058137 | (543.6)<br>|
| Accel Entertainment, Inc. | 17206 | 177222 | (13.7)<br>|

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **United States (continued)** |  |  |  |
| Adaptive Biotechnologies Corp. | 15706 | $115596 | (8.9)% <br>|
| Advance Auto Parts, Inc. | 146820 | 4803950 | (370.0)<br>|
| Allient, Inc. | 10845 | 231541 | (17.8)<br>|
| Alphatec Holdings, Inc. | 150051 | 1647560 | (126.9)<br>|
| Amneal Pharmaceuticals, Inc. | 523143 | 4007275 | (308.7)<br>|
| Angi, Inc. | 97186 | 1113752 | (85.8)<br>|
| Anterix, Inc. | 16072 | 479749 | (37.0)<br>|
| Atkore, Inc. | 88789 | 5670953 | (436.8)<br>|
| AtriCure, Inc. | 30540 | 913451 | (70.4)<br>|
| BOK Financial Corp. | 104524 | 9738501 | (750.1)<br>|
| Camden National Corp. | 17678 | 680957 | (52.4)<br>|
| Castle Biosciences, Inc. | 32321 | 648036 | (49.9)<br>|
| Cohen & Steers, Inc. | 21773 | 1661715 | (128.0)<br>|
| Compass Minerals International, Inc. | 106644 | 1433295 | (110.4)<br>|
| ConnectOne Bancorp, Inc. | 10887 | 245284 | (18.9)<br>|
| CorVel Corp. | 5894 | 641031 | (49.4)<br>|
| Coursera, Inc. | 293073 | 2467675 | (190.1)<br>|
| CRA International, Inc. | 6721 | 1090146 | (84.0)<br>|
| Deluxe Corp. | 32223 | 470456 | (36.2)<br>|
| Digi International, Inc. | 42283 | 1150098 | (88.6)<br>|
| Dime Community Bancshares, Inc. | 18150 | 466274 | (35.9)<br>|
| Dole PLC | 50387 | 765379 | (59.0)<br>|
| Douglas Dynamics, Inc. | 6021 | 144384 | (11.1)<br>|
| DXC Technology Co. | 252340 | 3916317 | (301.7)<br>|
| Eagle Bancorp, Inc. | 6755 | 121252 | (9.3)<br>|
| El Pollo Loco Holdings, Inc. | 58532 | 547274 | (42.2)<br>|
| Enliven Therapeutics, Inc. | 20608 | 390316 | (30.1)<br>|
| Envista Holdings Corp. | 190171 | 3057950 | (235.5)<br>|
| EverQuote, Inc., Class A | 217672 | 5167533 | (398.0)<br>|
| Federated Hermes, Inc. | 380749 | 15462217 | (1191.0)<br>|
| First Financial Corp. | 34060 | 1682564 | (129.6)<br>|
| Fluence Energy, Inc. | 28487 | 116512 | (9.0)<br>|
| Fulgent Genetics, Inc. | 59036 | 1024275 | (78.9)<br>|
| GCM Grosvenor, Inc., Class A | 40098 | 502829 | (38.7)<br>|
| Gladstone Commercial Corp. | 124826 | 1763791 | (135.9)<br>|
| Hackett Group, Inc. | 22708 | 579962 | (44.7)<br>|
| Healthcare Services Group, Inc. | 54705 | 777358 | (59.9)<br>|
| HealthStream, Inc. | 25299 | 850805 | (65.5)<br>|
| Heartland Express, Inc. | 14977 | 113825 | (8.8)<br>|
| Heidrick & Struggles International, Inc. | 19475 | 759915 | (58.5)<br>|
| Kaiser Aluminum Corp. | 27176 | 1751765 | (134.9)<br>|
| Kforce, Inc. | 83766 | 3199861 | (246.5)<br>|
| LeMaitre Vascular, Inc. | 4012 | 364049 | (28.0)<br>|
| Lindblad Expeditions Holdings, Inc. | 126770 | 1120647 | (86.3)<br>|
| M/I Homes, Inc. | 43641 | 4655622 | (358.6)<br>|
| MDU Resources Group, Inc. | 337545 | 5785521 | (445.6)<br>|
| Midland States Bancorp, Inc. | 7515 | 122344 | (9.4)<br>|
| Monarch Casino & Resort, Inc. | 796 | 62239 | (4.8)<br>|
| Park Hotels & Resorts, Inc. | 1008995 | 10029410 | (772.5)<br>|
| Paymentus Holdings, Inc., Class A | 23547 | 764336 | (58.9)<br>|
| Pennant Group, Inc. | 8500 | 217770 | (16.8)<br>|
| Plexus Corp. | 77673 | 9509505 | (732.5)<br>|
| PRA Group, Inc. | 23060 | 421998 | (32.5)<br>|
| Proto Labs, Inc. | 49457 | 1738908 | (133.9)<br>|
| REX American Resources Corp. | 11571 | 459600 | (35.4)<br>|
| RMR Group, Inc., Class A | 6813 | 100015 | (7.7)<br>|
| Saul Centers, Inc. | 32124 | 1050455 | (80.9)<br>|
| SEMrush Holdings, Inc., Class A | 17462 | 179509 | (13.8)<br>|
| Shutterstock, Inc. | 173703 | 2772300 | (213.5)<br>|
| Simulations Plus, Inc. | 4505 | 154747 | (11.9)<br>|
| SITE Centers Corp. | 504996 | 5979153 | (460.5)<br>|

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **United States (continued)** |  |  |  |
| SkyWater Technology, Inc. | 27501 | $194982 | (15.0)% <br>|
| Southern Missouri Bancorp, Inc. | 571 | 30063 | (2.3)<br>|
| Travel + Leisure Co. | 23851 | 1047774 | (80.7)<br>|
| TTM Technologies, Inc. | 45050 | 901901 | (69.5)<br>|
| Tutor Perini Corp. | 87898 | 1886291 | (145.3)<br>|
| UFP Technologies, Inc. | 1596 | 332830 | (25.6)<br>|
| Univest Financial Corp. | 6814 | 201286 | (15.5)<br>|
| Walker & Dunlop, Inc. | 3607 | 276080 | (21.3)<br>|
| Warby Parker, Inc., Class A | 131597 | 2172666 | (167.3)<br>|
| WK Kellogg Co. | 14146 | 253638 | (19.5)<br>|
| World Acceptance Corp. | 26452 | 3415482 | (263.1)<br>|
|  |  | 149138171 |  |
| **Total Reference Entity — Long** |  | 316100732 |  |
| **Reference Entity — Short** |  |  |  |
| **Common Stocks**  |  |  |  |
| **Australia** |  |  |  |
| Amotiv Ltd. | (480)<br>| (2380)<br>| 0.2 |
| Silex Systems Ltd. | (96114)<br>| (190684)<br>| 14.7 |
|  |  | (193064)<br>|  |
| **Belgium** |  |  |  |
| Azelis Group NV | (96550)<br>| (1496046)<br>| 115.2 |
| Cofinimmo SA | (4149)<br>| (331751)<br>| 25.6 |
| Proximus SADP | (176893)<br>| (1358649)<br>| 104.6 |
| Shurgard Self Storage Ltd. | (30595)<br>| (1269419)<br>| 97.8 |
| Titan America SA | (39490)<br>| (522453)<br>| 40.2 |
|  |  | (4978318)<br>|  |
| **Bermuda** |  |  |  |
| Conduit Holdings Ltd. | (50644)<br>| (233118)<br>| 18.0 |
| **Canada** |  |  |  |
| EQB, Inc. | (2994)<br>| (206991)<br>| 16.0 |
| First Capital Real Estate Investment Trust | (6498)<br>| (80506)<br>| 6.2 |
| First National Financial Corp. | (3819)<br>| (103717)<br>| 8.0 |
| G Mining Ventures Corp. | (62728)<br>| (869984)<br>| 67.0 |
| goeasy Ltd. | (280)<br>| (31613)<br>| 2.4 |
| Skeena Resources Ltd. | (100559)<br>| (1202098)<br>| 92.6 |
|  |  | (2494909)<br>|  |
| **Colombia** |  |  |  |
| Aris Mining Corp. | (83462)<br>| (456480)<br>| 35.2 |
| **Denmark** |  |  |  |
| Chemometec A/S | (12814)<br>| (923223)<br>| 71.1 |
| FLSmidth & Co A/S | (60735)<br>| (2875330)<br>| 221.5 |
| Ringkjoebing Landbobank A/S | (4865)<br>| (930169)<br>| 71.6 |
|  |  | (4728722)<br>|  |
| **Faeroe Islands** |  |  |  |
| Bakkafrost P/F | (4237)<br>| (213654)<br>| 16.5 |
| **Finland** |  |  |  |
| Nokian Renkaat Oyj | (206359)<br>| (1641546)<br>| 126.4 |
| **France** |  |  |  |
| Canal+ SA | (68653)<br>| (155960)<br>| 12.0 |
| Interparfums SA | (33402)<br>| (1323949)<br>| 102.0 |
| SOITEC | (33422)<br>| (1896877)<br>| 146.1 |
|  |  | (3376786)<br>|  |
| **Germany** |  |  |  |
| Bayerische Motoren Werke AG | (115462)<br>| (9793195)<br>| 754.3 |

---

Schedule of Investments

------

Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **Germany (continued)** |  |  |  |
| Eckert & Ziegler SE | (5135)<br>| $(351015)<br>| 27.1<br> % <br>|
| Fraport AG Frankfurt Airport Services <br> Worldwide<br>| (96822)<br>| (6416546)<br>| 494.2 |
| Sixt SE | (12537)<br>| (1191934)<br>| 91.8 |
|  |  | (17752690)<br>|  |
| **Israel** |  |  |  |
| OPC Energy Ltd. | (11462)<br>| (108264)<br>| 8.3 |
| **Italy** |  |  |  |
| Ermenegildo Zegna NV | (18211)<br>| (144777)<br>| 11.1 |
| Piaggio & C SpA | (74453)<br>| (146156)<br>| 11.3 |
| Stevanato Group SpA | (64100)<br>| (1337126)<br>| 103.0 |
|  |  | (1628059)<br>|  |
| **Japan** |  |  |  |
| Aeon Delight Co., Inc. | (24100)<br>| (906289)<br>| 69.8 |
| Aeon Mall Co., Inc. | (32500)<br>| (623597)<br>| 48.0 |
| Aichi Steel Corp. | (300)<br>| (17682)<br>| 1.4 |
| Anycolor, Inc. | (106100)<br>| (2735657)<br>| 210.7 |
| Aozora Bank Ltd. | (210100)<br>| (2900857)<br>| 223.4 |
| C Uyemura & Co., Inc. | (3500)<br>| (226506)<br>| 17.4 |
| Chiyoda Corp. | (494400)<br>| (1182670)<br>| 91.1 |
| Cover Corp. | (22500)<br>| (344972)<br>| 26.6 |
| Daiei Kankyo Co., Inc. | (13600)<br>| (278624)<br>| 21.5 |
| Fujita Kanko, Inc. | (4000)<br>| (252657)<br>| 19.5 |
| Fukuyama Transporting Co., Inc. | (16400)<br>| (406900)<br>| 31.3 |
| Future Corp. | (3900)<br>| (49176)<br>| 3.8 |
| Hokuetsu Corp. | (15400)<br>| (117862)<br>| 9.1 |
| Iino Kaiun Kaisha Ltd. | (21500)<br>| (156699)<br>| 12.1 |
| Japan Excellent, Inc. | (495)<br>| (447238)<br>| 34.4 |
| Japan Investment Adviser Co., Inc. | (11800)<br>| (135163)<br>| 10.4 |
| Krosaki Harima Corp. | (5600)<br>| (98302)<br>| 7.6 |
| Kumiai Chemical Industry Co., Inc. | (22000)<br>| (117467)<br>| 9.0 |
| LIFENET INSURANCE CO. | (3000)<br>| (37553)<br>| 2.9 |
| Mitsui E&S Co., Inc. | (104800)<br>| (1337177)<br>| 103.0 |
| Namura Shipbuilding Co., Inc. | (164300)<br>| (2318533)<br>| 178.6 |
| Nippon Pillar Packing Co. Ltd. | (1100)<br>| (27988)<br>| 2.1 |
| Nitto Kogyo Corp. | (16300)<br>| (342184)<br>| 26.4 |
| Ohsho Food Service Corp. | (5500)<br>| (124414)<br>| 9.6 |
| PKSHA Technology, Inc. | (2500)<br>| (49733)<br>| 3.8 |
| RENOVA, Inc. | (105900)<br>| (485088)<br>| 37.4 |
| Roland Corp. | (400)<br>| (8880)<br>| 0.7 |
| Septeni Holdings Co., Inc. | (30300)<br>| (77554)<br>| 6.0 |
| Tama Home Co., Inc. | (24400)<br>| (683043)<br>| 52.6 |
| TOMONY Holdings, Inc. | (59800)<br>| (229149)<br>| 17.6 |
| Torishima Pump Manufacturing Co., Inc. | (4600)<br>| (63448)<br>| 4.9 |
| Tsuburaya Fields Holdings, Inc. | (34900)<br>| (455598)<br>| 35.1 |
| Workman Co., Inc. | (81400)<br>| (2564984)<br>| 197.6 |
|  |  | (19803644)<br>|  |
| **Jersey** |  |  |  |
| Ithaca Energy PLC | (24480)<br>| (43456)<br>| 3.3 |
| **Netherlands** |  |  |  |
| AMG Critical Materials NV | (63788)<br>| (1136925)<br>| 87.6 |
| Flow Traders Ltd. | (3952)<br>| (117014)<br>| 9.0 |
| Fugro NV | (120909)<br>| (1417974)<br>| 109.2 |
| PostNL NV | (157885)<br>| (161204)<br>| 12.4 |
| Redcare Pharmacy NV | (25829)<br>| (3859771)<br>| 297.3 |
|  |  | (6692888)<br>|  |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **New Zealand** |  |  |  |
| Ryman Healthcare Ltd. | (807908)<br>| $(1059691)<br>| 81.6<br> % <br>|
| **Norway** |  |  |  |
| AutoStore Holdings Ltd. | (1958637)<br>| (882692)<br>| 68.0 |
| FLEX LNG Ltd. | (55727)<br>| (1314600)<br>| 101.3 |
| Norwegian Air Shuttle ASA | (161657)<br>| (213479)<br>| 16.4 |
|  |  | (2410771)<br>|  |
| **Portugal** |  |  |  |
| Altri SGPS SA | (183095)<br>| (1259657)<br>| 97.0 |
| REN - Redes Energeticas Nacionais SGPS <br> SA<br>| (288033)<br>| (945375)<br>| 72.8 |
|  |  | (2205032)<br>|  |
| **Singapore** |  |  |  |
| Kulicke & Soffa Industries, Inc. | (36891)<br>| (1188997)<br>| 91.6 |
| **Spain** |  |  |  |
| Acerinox SA | (182842)<br>| (2066349)<br>| 159.1 |
| Mapfre SA | (668472)<br>| (2379760)<br>| 183.3 |
| Sacyr SA | (605159)<br>| (2219805)<br>| 171.0 |
| Vidrala SA | (3335)<br>| (363508)<br>| 28.0 |
| Viscofan SA | (14971)<br>| (1080030)<br>| 83.2 |
|  |  | (8109452)<br>|  |
| **Sweden** |  |  |  |
| AFRY AB | (138514)<br>| (2399676)<br>| 184.8 |
| Axfood AB | (62015)<br>| (1733713)<br>| 133.6 |
| Hms Networks Ab | (5075)<br>| (227482)<br>| 17.5 |
| Sectra AB | (27042)<br>| (829667)<br>| 63.9 |
| SiriusPoint Ltd. | (309801)<br>| (5204657)<br>| 400.9 |
| Thule Group AB | (18067)<br>| (411818)<br>| 31.7 |
|  |  | (10807013)<br>|  |
| **Switzerland** |  |  |  |
| Cie Financiere Richemont SA, Registered <br> Shares<br>| (15658)<br>| (2766850)<br>| 213.1 |
| Garrett Motion, Inc. | (110484)<br>| (1018663)<br>| 78.5 |
|  |  | (3785513)<br>|  |
| **United Kingdom** |  |  |  |
| Aston Martin Lagonda Global Holdings PLC | (101022)<br>| (91064)<br>| 7.0 |
| Auction Technology Group PLC | (33016)<br>| (256523)<br>| 19.8 |
| Breedon Group PLC | (432459)<br>| (2481713)<br>| 191.1 |
| Fidelis Insurance Holdings Ltd. | (221369)<br>| (3619383)<br>| 278.8 |
| Ibstock PLC | (39934)<br>| (95796)<br>| 7.4 |
| ITV PLC | (3054292)<br>| (3291893)<br>| 253.5 |
| Mobico Group PLC | (512206)<br>| (212688)<br>| 16.4 |
| Morgan Advanced Materials PLC | (626710)<br>| (1643707)<br>| 126.6 |
| OSB Group PLC | (203391)<br>| (1292804)<br>| 99.6 |
| Watches of Switzerland Group PLC | (72226)<br>| (343637)<br>| 26.5 |
|  |  | (13329208)<br>|  |
| **United States** |  |  |  |
| AAR Corp. | (52143)<br>| (2787565)<br>| 214.7 |
| Adeia, Inc. | (84801)<br>| (1043900)<br>| 80.4 |
| Apollo Commercial Real Estate Finance, Inc. | (221368)<br>| (2074218)<br>| 159.8 |
| Apple Hospitality REIT, Inc. | (123390)<br>| (1452300)<br>| 111.9 |
| Archer Aviation, Inc., Class A | (259654)<br>| (2162918)<br>| 166.6 |
| Astrana Health, Inc. | (113660)<br>| (3542782)<br>| 272.9 |
| Astronics Corp. | (6714)<br>| (152341)<br>| 11.7 |
| Atlanta Braves Holdings, Inc. | (132490)<br>| (5281051)<br>| 406.8 |
| Atlas Energy Solutions, Inc. | (121721)<br>| (1646885)<br>| 126.8 |
| Avanos Medical, Inc. | (129307)<br>| (1622803)<br>| 125.0 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **United States (continued)** |  |  |  |
| Avis Budget Group, Inc. | (6145)<br>| $(569211)<br>| 43.8<br> % <br>|
| Baldwin Insurance Group, Inc. | (52067)<br>| (2167029)<br>| 166.9 |
| Barrett Business Services, Inc. | (3799)<br>| (154087)<br>| 11.9 |
| Bausch & Lomb Corp. | (16211)<br>| (187399)<br>| 14.4 |
| BGC Group, Inc., Class A | (62636)<br>| (567482)<br>| 43.7 |
| Boston Omaha Corp., Class A | (27726)<br>| (430585)<br>| 33.2 |
| Bread Financial Holdings, Inc. | (94442)<br>| (4481273)<br>| 345.2 |
| BrightView Holdings, Inc. | (230524)<br>| (3162789)<br>| 243.6 |
| Bristow Group, Inc. | (3981)<br>| (115608)<br>| 8.9 |
| Cadre Holdings, Inc. | (55392)<br>| (1614677)<br>| 124.4 |
| Caleres, Inc. | (343901)<br>| (5241051)<br>| 403.7 |
| California Water Service Group | (26086)<br>| (1321256)<br>| 101.8 |
| Cavco Industries, Inc. | (2857)<br>| (1410930)<br>| 108.7 |
| CECO Environmental Corp. | (50046)<br>| (1190594)<br>| 91.7 |
| Centuri Holdings, Inc. | (52057)<br>| (934944)<br>| 72.0 |
| Century Aluminum Co. | (7079)<br>| (116166)<br>| 8.9 |
| Coastal Financial Corp. | (10042)<br>| (824950)<br>| 63.5 |
| Columbus McKinnon Corp. | (17887)<br>| (265622)<br>| 20.5 |
| Core Laboratories, Inc. | (17207)<br>| (195644)<br>| 15.1 |
| CorMedix, Inc. | (39184)<br>| (360101)<br>| 27.7 |
| Crescent Energy Co., Class A | (863791)<br>| (7152190)<br>| 550.9 |
| Cytek Biosciences, Inc. | (34109)<br>| (126544)<br>| 9.7 |
| Daktronics, Inc. | (15939)<br>| (202266)<br>| 15.6 |
| DiamondRock Hospitality Co. | (218947)<br>| (1607071)<br>| 123.8 |
| Distribution Solutions Group, Inc. | (13334)<br>| (347217)<br>| 26.7 |
| Donnelley Financial Solutions, Inc. | (4357)<br>| (210007)<br>| 16.2 |
| Driven Brands Holdings, Inc. | (224313)<br>| (3705651)<br>| 285.4 |
| Eastern Bankshares, Inc. | (256663)<br>| (3829412)<br>| 295.0 |
| Edgewell Personal Care Co. | (37500)<br>| (1145625)<br>| 88.2 |
| Embecta Corp. | (39537)<br>| (481956)<br>| 37.1 |
| Energy Fuels, Inc. | (64145)<br>| (291737)<br>| 22.5 |
| Enerpac Tool Group Corp. | (222147)<br>| (8968074)<br>| 690.8 |
| Enviri Corp. | (9171)<br>| (63005)<br>| 4.8 |
| ePlus, Inc. | (14337)<br>| (894055)<br>| 68.9 |
| Federal Agricultural Mortgage Corp. | (6192)<br>| (1085643)<br>| 83.6 |
| First Busey Corp. | (59391)<br>| (1234739)<br>| 95.1 |
| First Commonwealth Financial Corp. | (54342)<br>| (832519)<br>| 64.1 |
| First Community Bankshares, Inc. | (195)<br>| (7348)<br>| 0.6 |
| Fiverr International Ltd. | (25870)<br>| (658392)<br>| 50.7 |
| Flowco Holdings, Inc., Class A | (5579)<br>| (107786)<br>| 8.3 |
| Four Corners Property Trust, Inc. | (361870)<br>| (10114267)<br>| 779.0 |
| Franklin Electric Co., Inc. | (30268)<br>| (2571569)<br>| 198.1 |
| GEO Group, Inc. | (13547)<br>| (423750)<br>| 32.6 |
| Global Business Travel Group I | (410362)<br>| (2753529)<br>| 212.1 |
| Green Brick Partners, Inc. | (13209)<br>| (779199)<br>| 60.0 |
| Guess?, Inc. | (205429)<br>| (2311076)<br>| 178.0 |
| Hanesbrands, Inc. | (1705019)<br>| (7826037)<br>| 602.8 |
| Hawaiian Electric Industries, Inc. | (19950)<br>| (209475)<br>| 16.1 |
| HB Fuller Co. | (175302)<br>| (9473320)<br>| 729.7 |
| HCI Group, Inc. | (1583)<br>| (231593)<br>| 17.8 |
| HighPeak Energy, Inc. | (5280)<br>| (42293)<br>| 3.3 |
| HNI Corp. | (39749)<br>| (1681383)<br>| 129.5 |
| Horace Mann Educators Corp. | (47473)<br>| (1972028)<br>| 151.9 |
| Huron Consulting Group, Inc. | (17161)<br>| (2313131)<br>| 178.2 |
| I3 Verticals, Inc., Class A | (161856)<br>| (4065823)<br>| 313.2 |
| Ibotta, Inc., Class A | (42510)<br>| (2074488)<br>| 159.8 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **United States (continued)** |  |  |  |
| IMAX Corp. | (13070)<br>| $(317993)<br>| 24.5<br> % <br>|
| Inmode Ltd. | (87927)<br>| (1239771)<br>| 95.5 |
| Innodata, Inc. | (29011)<br>| (1097196)<br>| 84.5 |
| Innospec, Inc. | (4208)<br>| (376532)<br>| 29.0 |
| International Money Express, Inc. | (116349)<br>| (1445055)<br>| 111.3 |
| iRhythm Technologies, Inc. | (377)<br>| (40298)<br>| 3.1 |
| Janus International Group, Inc. | (444442)<br>| (3057761)<br>| 235.5 |
| Knowles Corp. | (111527)<br>| (1755435)<br>| 135.2 |
| Legacy Housing Corp. | (1366)<br>| (33228)<br>| 2.6 |
| Lemonade, Inc. | (79531)<br>| (2323896)<br>| 179.0 |
| Liberty Media Corp.-Liberty Live, Class C | (28138)<br>| (2012148)<br>| 155.0 |
| Limbach Holdings, Inc. | (8312)<br>| (795791)<br>| 61.3 |
| Liquidity Services, Inc. | (3622)<br>| (115107)<br>| 8.9 |
| Live Oak Bancshares, Inc. | (97253)<br>| (2542193)<br>| 195.8 |
| Marten Transport Ltd. | (198421)<br>| (2547726)<br>| 196.2 |
| MeridianLink, Inc. | (15484)<br>| (261834)<br>| 20.2 |
| MFA Financial, Inc. | (264941)<br>| (2601721)<br>| 200.4 |
| Middlesex Water Co. | (12601)<br>| (795375)<br>| 61.3 |
| Mirion Technologies, Inc. | (211907)<br>| (3343893)<br>| 257.6 |
| NBT Bancorp, Inc. | (12390)<br>| (524593)<br>| 40.4 |
| nLight, Inc. | (7114)<br>| (54849)<br>| 4.2 |
| NPK International, Inc. | (362098)<br>| (2092926)<br>| 161.2 |
| Nu Skin Enterprises, Inc., Class A | (161258)<br>| (1020763)<br>| 78.6 |
| OPENLANE, Inc. | (217326)<br>| (4022704)<br>| 309.8 |
| Perdoceo Education Corp. | (4667)<br>| (117235)<br>| 9.0 |
| Phathom Pharmaceuticals, Inc. | (17351)<br>| (74436)<br>| 5.7 |
| Playa Hotels & Resorts NV | (17074)<br>| (229133)<br>| 17.6 |
| Pursuit Attractions and Hospitality, Inc. | (7765)<br>| (227437)<br>| 17.5 |
| Rayonier, Inc. | (325626)<br>| (7964812)<br>| 613.5 |
| RCI Hospitality Holdings, Inc. | (7563)<br>| (300100)<br>| 23.1 |
| Ready Capital Corp. | (223666)<br>| (995314)<br>| 76.7 |
| RXO, Inc. | (159405)<br>| (2246017)<br>| 173.0 |
| Sable Offshore Corp. | (170865)<br>| (3188341)<br>| 245.6 |
| Select Water Solutions, Inc. | (225794)<br>| (1923765)<br>| 148.2 |
| Sezzle, Inc. | (26057)<br>| (1353661)<br>| 104.3 |
| Smith Douglas Homes Corp. | (136684)<br>| (2658504)<br>| 204.8 |
| Sonoco Products Co. | (181698)<br>| (7449618)<br>| 573.8 |
| Sweetgreen, Inc., Class A | (97279)<br>| (1894995)<br>| 146.0 |
| Tarsus Pharmaceuticals, Inc. | (16611)<br>| (862277)<br>| 66.4 |
| Teladoc Health, Inc. | (134946)<br>| (970262)<br>| 74.7 |
| Thermon Group Holdings, Inc. | (19923)<br>| (522580)<br>| 40.2 |
| Towne Bank | (39827)<br>| (1312300)<br>| 101.1 |
| TreeHouse Foods, Inc. | (42465)<br>| (989010)<br>| 76.2 |
| TriMas Corp. | (101368)<br>| (2437900)<br>| 187.8 |
| Trupanion, Inc. | (12610)<br>| (461526)<br>| 35.5 |
| Vicor Corp. | (18823)<br>| (751132)<br>| 57.9 |
| WaVe Life Sciences Ltd. | (95040)<br>| (733709)<br>| 56.5 |
| Westrock Coffee Co. | (4968)<br>| (28814)<br>| 2.2 |
| White Mountains Insurance Group Ltd. | (1666)<br>| (2944572)<br>| 226.8 |
| Worthington Steel, Inc. | (3990)<br>| (102383)<br>| 7.9 |
| Xenia Hotels & Resorts, Inc. | (307356)<br>| (3282562)<br>| 252.8 |

---

Schedule of Investments

------

Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **United States (continued)** |  |  |  |
| Xometry, Inc., Class A | (12187)<br>| $(312475)<br>| 24.1<br> % <br>|
| XPEL, Inc. | (18566)<br>| (531730)<br>| 41.0 |
|  |  | (210157747)<br>|  |
| **Total Reference Entity — Short** |  | (317399022)<br>|  |
| **Net Value of Reference Entity — UBS AG** | **Net Value of Reference Entity — UBS AG** | $(1298290)<br>|  |

---

The following table represents the individual long and short positions and related values of the equity securities underlying the total return swap with UBS AG as of period end, termination date 04/18/28:

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of* <br>*Basket* <br>*Value*<br>|
| **Reference Entity — Long** |  |  |  |
| **Common Stocks**  |  |  |  |
| **Australia** |  |  |  |
| AGL Energy Ltd. | 106169 | $723542 | (2.3)% <br>|
| JB Hi-Fi Ltd. | 73023 | 4839069 | (15.6)<br>|
| Worley Ltd. | 21007 | 167364 | (0.5)<br>|
|  |  | 5729975 |  |
| **Canada** |  |  |  |
| Alamos Gold, Inc., Class A | 30178 | 862698 | (2.8)<br>|
| Algonquin Power & Utilities Corp. | 135601 | 730825 | (2.3)<br>|
| Aritzia, Inc. | 8725 | 306888 | (1.0)<br>|
| Barrick Gold Corp. | 182603 | 3482252 | (11.2)<br>|
| BCE, Inc. | 137962 | 3066267 | (9.8)<br>|
| Constellation Software, Inc. | 49 | 176592 | (0.6)<br>|
| FirstService Corp. | 9866 | 1731595 | (5.6)<br>|
| George Weston Ltd. | 13066 | 2545719 | (8.2)<br>|
| Keyera Corp. | 140685 | 4366684 | (14.0)<br>|
| Loblaw Cos Ltd. | 5836 | 947408 | (3.0)<br>|
| Lundin Gold, Inc. | 15424 | 629110 | (2.0)<br>|
| Restaurant Brands International, Inc. | 12149 | 782820 | (2.5)<br>|
| Royal Bank of Canada | 24804 | 2977164 | (9.6)<br>|
| Secure Waste Infrastructure Corp. | 22475 | 214055 | (0.7)<br>|
| Stantec, Inc. | 34870 | 3060547 | (9.8)<br>|
|  |  | 25880624 |  |
| **Denmark** |  |  |  |
| Tryg A/S | 99806 | 2381166 | (7.7)<br>|
| **Finland** |  |  |  |
| Sampo Oyj, Class A | 14476 | 145029 | (0.5)<br>|
| **France** |  |  |  |
| Capgemini SE | 17505 | 2794715 | (9.0)<br>|
| Carrefour SA | 285143 | 4397963 | (14.1)<br>|
| Gaztransport Et Technigaz SA | 11950 | 1947883 | (6.2)<br>|
| Valeo SE | 977263 | 9705362 | (31.2)<br>|
|  |  | 18845923 |  |
| **Germany** |  |  |  |
| Adidas AG | 81622 | 18780531 | (60.4)<br>|
| E.ON SE | 778032 | 13607461 | (43.7)<br>|
| SAP SE | 15750 | 4608272 | (14.8)<br>|
| Siemens AG, Registered Shares | 10930 | 2516758 | (8.1)<br>|
| thyssenkrupp AG | 14216 | 163033 | (0.5)<br>|
|  |  | 39676055 |  |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **Hong Kong** |  |  |  |
| Link REIT | 1226503 | $5742309 | (18.4)% <br>|
| **Italy** |  |  |  |
| A2A SpA | 192230 | 488893 | (1.6)<br>|
| Saipem SpA | 478546 | 1105427 | (3.5)<br>|
| Unipol Assicurazioni SpA | 31583 | 566495 | (1.8)<br>|
|  |  | 2160815 |  |
| **Japan** |  |  |  |
| Amada Co., Inc. | 178500 | 1787325 | (5.7)<br>|
| Astellas Pharma, Inc. | 110600 | 1107564 | (3.6)<br>|
| Dentsu Group, Inc. | 7200 | 150956 | (0.5)<br>|
| Ebara Corp. | 149900 | 2251765 | (7.2)<br>|
| J Front Retailing Co., Inc. | 44300 | 542239 | (1.7)<br>|
| Kyocera Corp. | 169200 | 2005312 | (6.4)<br>|
| Mitsubishi Chemical Group Corp. | 187600 | 912028 | (2.9)<br>|
| Mitsubishi HC Capital, Inc. | 237700 | 1681522 | (5.4)<br>|
| NEC Corp. | 443300 | 10791171 | (34.7)<br>|
| NIPPON EXPRESS HOLDINGS, Inc. | 84400 | 1507203 | (4.8)<br>|
| Obayashi Corp. | 170100 | 2639131 | (8.5)<br>|
| Oji Holdings Corp. | 155200 | 732627 | (2.4)<br>|
| Resona Holdings, Inc. | 22200 | 178084 | (0.6)<br>|
| SBI Holdings, Inc. | 38200 | 1004449 | (3.2)<br>|
| Shimizu Corp. | 290500 | 3103437 | (10.0)<br>|
| Shin-Etsu Chemical Co., Inc. | 63500 | 1932398 | (6.2)<br>|
| Sumitomo Mitsui Trust Group, Inc. | 153100 | 3787500 | (12.2)<br>|
| THK Co., Inc. | 14500 | 357207 | (1.2)<br>|
| Tokyo Gas Co., Inc. | 25600 | 850504 | (2.7)<br>|
|  |  | 37322422 |  |
| **Netherlands** |  |  |  |
| ASML Holding NV | 4236 | 2835756 | (9.1)<br>|
| Wolters Kluwer NV | 1870 | 330165 | (1.1)<br>|
|  |  | 3165921 |  |
| **New Zealand** |  |  |  |
| Xero Ltd. | 50131 | 5279450 | (17.0)<br>|
| **Norway** |  |  |  |
| Var Energi ASA | 300970 | 827581 | (2.7)<br>|
| **Spain** |  |  |  |
| ACS Actividades de Construccion y Servicios SA | 152278 | 9540951 | (30.6)<br>|
| Telefonica SA | 1755358 | 9017700 | (29.0)<br>|
|  |  | 18558651 |  |
| **Sweden** |  |  |  |
| Alfa Laval AB | 107292 | 4450024 | (14.3)<br>|
| Atlas Copco AB | 111993 | 1733506 | (5.6)<br>|
| Tele2 AB | 89947 | 1327081 | (4.2)<br>|
|  |  | 7510611 |  |
| **Switzerland** |  |  |  |
| Givaudan SA, Registered Shares | 4344 | 20957017 | (67.3)<br>|
| Sportradar Group AG, Class A | 9471 | 218875 | (0.7)<br>|
|  |  | 21175892 |  |
| **United Kingdom** |  |  |  |
| HSBC Holdings PLC | 176611 | 1968750 | (6.3)<br>|
| Intertek Group PLC | 326079 | 20026111 | (64.3)<br>|
| J Sainsbury PLC | 3326814 | 11823873 | (38.0)<br>|
| Just Eat Takeaway.com NV | 200779 | 4394069 | (14.1)<br>|
| Kingfisher PLC | 239970 | 922324 | (3.0)<br>|
| Smiths Group PLC | 132036 | 3290283 | (10.6)<br>|

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **United Kingdom (continued)** |  |  |  |
| TechnipFMC PLC | 1012335 | $28517477 | (91.6)% <br>|
| United Utilities Group PLC | 26367 | 396411 | (1.3)<br>|
|  |  | 71339298 |  |
| **United States** |  |  |  |
| AECOM | 39240 | 3871026 | (12.4)<br>|
| Agilent Technologies, Inc. | 45767 | 4924529 | (15.8)<br>|
| Alexandria Real Estate Equities, Inc. | 8235 | 598355 | (1.9)<br>|
| American Airlines Group, Inc. | 833189 | 8290231 | (26.6)<br>|
| Ameriprise Financial, Inc. | 24347 | 11467924 | (36.8)<br>|
| Antero Resources Corp. | 64912 | 2260885 | (7.3)<br>|
| AutoNation, Inc. | 5888 | 1025395 | (3.3)<br>|
| BellRing Brands, Inc. | 4133 | 318820 | (1.0)<br>|
| Booz Allen Hamilton Holding Corp. | 128480 | 15420170 | (49.5)<br>|
| BorgWarner, Inc. | 688048 | 19526802 | (62.7)<br>|
| Boston Scientific Corp. | 16258 | 1672460 | (5.4)<br>|
| BP PLC | 109748 | 506749 | (1.6)<br>|
| Carvana Co. | 5686 | 1389374 | (4.5)<br>|
| CBRE Group, Inc., Class A | 13665 | 1669590 | (5.4)<br>|
| Chipotle Mexican Grill, Inc. | 40267 | 2034289 | (6.5)<br>|
| Church & Dwight Co., Inc. | 2358 | 234244 | (0.8)<br>|
| Citigroup, Inc. | 5494 | 375680 | (1.2)<br>|
| Comerica, Inc. | 11334 | 609203 | (2.0)<br>|
| Crane Co. | 3673 | 591280 | (1.9)<br>|
| Crown Holdings, Inc. | 150899 | 14536101 | (46.7)<br>|
| CubeSmart | 74997 | 3050128 | (9.8)<br>|
| Dynatrace, Inc. | 30766 | 1445079 | (4.6)<br>|
| Encompass Health Corp. | 60107 | 7031918 | (22.6)<br>|
| Essent Group Ltd. | 39795 | 2265529 | (7.3)<br>|
| Flowserve Corp. | 68328 | 3090475 | (9.9)<br>|
| Freeport-McMoRan, Inc. | 213316 | 7685775 | (24.7)<br>|
| GFL Environmental, Inc. | 67407 | 3363505 | (10.8)<br>|
| Gitlab, Inc., Class A | 22557 | 1052735 | (3.4)<br>|
| Insulet Corp. | 3015 | 760654 | (2.4)<br>|
| Invesco Ltd. | 119632 | 1666474 | (5.4)<br>|
| Jazz Pharmaceuticals PLC | 48627 | 5687414 | (18.3)<br>|
| Johnson Controls International PLC | 41894 | 3514907 | (11.3)<br>|
| Jones Lang LaSalle, Inc. | 15533 | 3532360 | (11.3)<br>|
| Kyndryl Holdings, Inc. | 48655 | 1577395 | (5.1)<br>|
| Lamar Advertising Co., Class A | 15713 | 1788297 | (5.7)<br>|
| Lazard, Inc. | 36207 | 1408452 | (4.5)<br>|
| Lincoln Electric Holdings, Inc. | 17186 | 3028173 | (9.7)<br>|
| Lithia Motors, Inc. | 2722 | 796893 | (2.6)<br>|
| MarketAxess Holdings, Inc. | 1122 | 248624 | (0.8)<br>|
| MasTec, Inc. | 230254 | 29315939 | (94.2)<br>|
| Medpace Holdings, Inc. | 3914 | 1207038 | (3.9)<br>|
| Natera, Inc. | 14012 | 2114831 | (6.8)<br>|
| New York Times Co., Class A | 40624 | 2114885 | (6.8)<br>|
| NiSource, Inc. | 50190 | 1962931 | (6.3)<br>|
| NVR, Inc. | 171 | 1218503 | (3.9)<br>|
| Onto Innovation, Inc. | 13278 | 1619518 | (5.2)<br>|
| PPG Industries, Inc. | 6291 | 684838 | (2.2)<br>|
| Qualys, Inc. | 14 | 1760 | (0.0)<br>|
| S&P Global, Inc. | 20071 | 10036504 | (32.2)<br>|
| Sarepta Therapeutics, Inc. | 4882 | 304637 | (1.0)<br>|
| Taylor Morrison Home Corp. | 21203 | 1215992 | (3.9)<br>|
| Tenable Holdings, Inc. | 53867 | 1646714 | (5.3)<br>|
| Tenet Healthcare Corp. | 5243 | 749487 | (2.4)<br>|
| TG Therapeutics, Inc. | 14765 | 671955 | (2.2)<br>|
| Tractor Supply Co. | 171463 | 8679457 | (27.9)<br>|

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **United States (continued)** |  |  |  |
| Trane Technologies PLC | 7685 | $2945737 | (9.5)% <br>|
| Travelers Cos, Inc. | 76454 | 20193795 | (64.9)<br>|
| Universal Health Services, Inc., Class B | 69173 | 12248463 | (39.4)<br>|
| US Foods Holding Corp. | 49587 | 3255882 | (10.5)<br>|
| Valero Energy Corp. | 28414 | 3298581 | (10.6)<br>|
| VeriSign, Inc. | 15486 | 4368910 | (14.0)<br>|
| Verisk Analytics, Inc. | 6432 | 1906638 | (6.1)<br>|
| Warner Bros Discovery, Inc. | 226403 | 1962914 | (6.3)<br>|
| West Pharmaceutical Services, Inc. | 12634 | 2669438 | (8.6)<br>|
| Williams Cos, Inc. | 168204 | 9851708 | (31.7)<br>|
| WillScot Holdings Corp. | 82231 | 2065643 | (6.6)<br>|
| Yum! Brands, Inc. | 19438 | 2924253 | (9.4)<br>|
|  |  | 275554845 |  |
| **Preferred Stocks**  |  |  |  |
| **Germany** |  |  |  |
| Henkel AG & Co KGaA | 64730 | 5027343 | (16.1)<br>|
| **Total Reference Entity — Long** |  | 546323910 |  |
| **Reference Entity — Short** |  |  |  |
| **Common Stocks**  |  |  |  |
| **Australia** |  |  |  |
| Sigma Healthcare Ltd. | (633)<br>| (1221)<br>| 0.0 |
| **Belgium** |  |  |  |
| D'ieteren Group | (7854)<br>| (1568451)<br>| 5.0 |
| **Canada** |  |  |  |
| RB Global, Inc. | (1)<br>| (101)<br>| 0.0 |
| **China** |  |  |  |
| Wharf Holdings Ltd.. | (6000)<br>| (15071)<br>| 0.1 |
| **Denmark** |  |  |  |
| Coloplast A/S, Class B | (5178)<br>| (585958)<br>| 1.9 |
| Novonesis Novozymes B, Class B | (22232)<br>| (1444131)<br>| 4.6 |
| Orsted AS | (20245)<br>| (805609)<br>| 2.6 |
| ROCKWOOL A/S | (11337)<br>| (517536)<br>| 1.7 |
|  |  | (3353234)<br>|  |
| **Finland** |  |  |  |
| Neste OYJ | (97869)<br>| (1015228)<br>| 3.3 |
| Stora Enso OYJ | (89005)<br>| (826713)<br>| 2.6 |
|  |  | (1841941)<br>|  |
| **France** |  |  |  |
| Accor SA | (51879)<br>| (2556202)<br>| 8.2 |
| Alstom SA | (43885)<br>| (1059786)<br>| 3.4 |
| Amundi SA | (899)<br>| (71013)<br>| 0.2 |
| Bollore SE | (29481)<br>| (182352)<br>| 0.6 |
| Edenred SE | (30985)<br>| (966328)<br>| 3.1 |
| EssilorLuxottica SA | (118987)<br>| (34286459)<br>| 110.2 |
| Sartorius Stedim Biotech | (13039)<br>| (3077086)<br>| 9.9 |
| Sodexo SA | (27437)<br>| (1741613)<br>| 5.6 |
|  |  | (43940839)<br>|  |
| **Germany** |  |  |  |
| Bayerische Motoren Werke AG | (91655)<br>| (7773946)<br>| 25.0 |
| Hannover Rueck SE | (9363)<br>| (3005519)<br>| 9.7 |
| Muenchener Rueckversicherungs-Gesellschaft <br> AG in Muenchen, Registered Shares<br>| (21979)<br>| (15047032)<br>| 48.3 |

---

Schedule of Investments

------

Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **Germany (continued)** |  |  |  |
| Nordex SE | (6819)<br>| $(127674)<br>| 0.4<br> % <br>|
| Puma SE | (80864)<br>| (2087977)<br>| 6.7 |
|  |  | (28042148)<br>|  |
| **Hong Kong** |  |  |  |
| Hang Seng Bank Ltd. | (162900)<br>| (2273886)<br>| 7.3 |
| Hong Kong & China Gas Co., Inc. | (168000)<br>| (151162)<br>| 0.5 |
| MTR Corp. Ltd. | (1306000)<br>| (4508738)<br>| 14.5 |
|  |  | (6933786)<br>|  |
| **Israel** |  |  |  |
| Oddity Tech Ltd., Class A | (11041)<br>| (678359)<br>| 2.2 |
| Teva Pharmaceutical Industries Ltd., ADR | (79198)<br>| (1228361)<br>| 3.9 |
|  |  | (1906720)<br>|  |
| **Italy** |  |  |  |
| Davide Campari-Milano NV | (155174)<br>| (1041254)<br>| 3.3 |
| Nexi SpA | (272327)<br>| (1590678)<br>| 5.1 |
| Ryanair Holdings PLC | (1024623)<br>| (24390639)<br>| 78.4 |
|  |  | (27022571)<br>|  |
| **Japan** |  |  |  |
| Hoshizaki Corp. | (16800)<br>| (714271)<br>| 2.3 |
| JFE Holdings, Inc. | (104900)<br>| (1221667)<br>| 3.9 |
| Kikkoman Corp. | (17800)<br>| (174247)<br>| 0.6 |
| Nippon Building Fund, Inc. | (594)<br>| (551356)<br>| 1.8 |
| Nippon Sanso Holdings Corp. | (7000)<br>| (224023)<br>| 0.7 |
| Nitori Holdings Co., Inc. | (600)<br>| (71391)<br>| 0.2 |
| Rakus Co., Inc. | (21700)<br>| (329727)<br>| 1.1 |
| SG Holdings Co., Inc. | (34400)<br>| (362220)<br>| 1.2 |
| Tokyo Metro Co., Inc. | (108700)<br>| (1377341)<br>| 4.4 |
|  |  | (5026243)<br>|  |
| **Netherlands** |  |  |  |
| ASM International NV | (12624)<br>| (6170447)<br>| 19.8 |
| Heineken Holding NV | (2036)<br>| (159195)<br>| 0.5 |
| Heineken NV | (78)<br>| (6982)<br>| 0.0 |
| IMCD NV | (12608)<br>| (1676620)<br>| 5.4 |
| JDE Peet's NV | (26013)<br>| (629746)<br>| 2.0 |
| NXP Semiconductors NV | (21169)<br>| (3901658)<br>| 12.6 |
|  |  | (12544648)<br>|  |
| **New Zealand** |  |  |  |
| Auckland International Airport Ltd. | (39888)<br>| (178175)<br>| 0.6 |
| **Singapore** |  |  |  |
| STMicroelectronics NV | (116689)<br>| (2652704)<br>| 8.5 |
| **Spain** |  |  |  |
| Amadeus IT Group SA | (81869)<br>| (6444155)<br>| 20.7 |
| **Sweden** |  |  |  |
| Autoliv, Inc. | (18997)<br>| (1771090)<br>| 5.7 |
| Epiroc AB, Class A | (13497)<br>| (292004)<br>| 0.9 |
| Epiroc AB, Class B | (85903)<br>| (1684692)<br>| 5.4 |
| Sagax AB, Class B | (20626)<br>| (468814)<br>| 1.5 |
|  |  | (4216600)<br>|  |
| **Switzerland** |  |  |  |
| Cie Financiere Richemont SA, Registered Shares | (139377)<br>| (24628640)<br>| 79.1 |
| **United Kingdom** |  |  |  |
| 3i Group PLC | (23095)<br>| (1309279)<br>| 4.2 |
| Associated British Foods PLC | (54102)<br>| (1491330)<br>| 4.8 |
| Croda International PLC | (67120)<br>| (2649475)<br>| 8.5 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **United Kingdom (continued)** |  |  |  |
| easyJet PLC | (1073764)<br>| $(7119104)<br>| 22.9<br> % <br>|
| JD Sports Fashion PLC | (2527142)<br>| (2660589)<br>| 8.5 |
| Severn Trent PLC | (8496)<br>| (316028)<br>| 1.0 |
|  |  | (15545805)<br>|  |
| **United States** |  |  |  |
| Abbott Laboratories | (205291)<br>| (26841798)<br>| 86.2 |
| AGCO Corp. | (142277)<br>| (12069358)<br>| 38.8 |
| Air Lease Corp. | (76367)<br>| (3570921)<br>| 11.5 |
| Akamai Technologies, Inc. | (37109)<br>| (2990243)<br>| 9.6 |
| Alliant Energy Corp. | (38310)<br>| (2338442)<br>| 7.5 |
| Amentum Holdings, Inc. | (254829)<br>| (5560369)<br>| 17.9 |
| Antero Midstream Corp. | (68162)<br>| (1128081)<br>| 3.6 |
| ATI, Inc. | (83411)<br>| (4535890)<br>| 14.6 |
| Aurora Innovation, Inc. | (197418)<br>| (1429306)<br>| 4.6 |
| Berkshire Hathaway, Inc., Class B | (58143)<br>| (31004755)<br>| 99.6 |
| CCC Intelligent Solutions Holdings, Inc. | (11424)<br>| (105786)<br>| 0.3 |
| Coca-Cola Consolidated, Inc. | (572)<br>| (775523)<br>| 2.5 |
| CommVault Systems, Inc. | (1158)<br>| (193537)<br>| 0.6 |
| Cooper Cos, Inc. | (39795)<br>| (3250058)<br>| 10.4 |
| Core & Main, Inc., Class A | (6635)<br>| (349532)<br>| 1.1 |
| Corteva, Inc. | (139770)<br>| (8664342)<br>| 27.8 |
| Coty, Inc., Class A | (639823)<br>| (3231106)<br>| 10.4 |
| Dolby Laboratories, Inc., Class A | (21507)<br>| (1651523)<br>| 5.3 |
| Dollar Tree, Inc. | (53704)<br>| (4391376)<br>| 14.1 |
| Essential Utilities, Inc. | (10744)<br>| (441901)<br>| 1.4 |
| Expand Energy Corp. | (117731)<br>| (12232251)<br>| 39.3 |
| F5, Inc. | (10942)<br>| (2896785)<br>| 9.3 |
| First Solar, Inc. | (30715)<br>| (3864561)<br>| 12.4 |
| Fiserv, Inc. | (45980)<br>| (8486529)<br>| 27.3 |
| Fortune Brands Innovations, Inc. | (9224)<br>| (496436)<br>| 1.6 |
| Freshpet, Inc. | (204)<br>| (15002)<br>| 0.0 |
| Hamilton Lane, Inc., Class A | (107128)<br>| (16550205)<br>| 53.2 |
| Hancock Whitney Corp. | (22402)<br>| (1166920)<br>| 3.8 |
| Hormel Foods Corp. | (32769)<br>| (979793)<br>| 3.1 |
| HP, Inc. | (728936)<br>| (18638894)<br>| 59.9 |
| Huntington Ingalls Industries, Inc. | (7778)<br>| (1791585)<br>| 5.8 |
| Inspire Medical Systems, Inc. | (1235)<br>| (195599)<br>| 0.6 |
| International Paper Co. | (139218)<br>| (6359478)<br>| 20.4 |
| Johnson & Johnson | (114938)<br>| (17965959)<br>| 57.7 |
| Knife River Corp. | (2981)<br>| (278366)<br>| 0.9 |
| Lantheus Holdings, Inc. | (16656)<br>| (1737887)<br>| 5.6 |
| Las Vegas Sands Corp. | (144743)<br>| (5307726)<br>| 17.1 |
| Lumen Technologies, Inc. | (584987)<br>| (2070854)<br>| 6.7 |
| McDonald's Corp. | (68883)<br>| (22018451)<br>| 70.7 |
| Mohawk Industries, Inc. | (34107)<br>| (3627279)<br>| 11.7 |
| NetApp, Inc. | (39184)<br>| (3516764)<br>| 11.3 |
| Pinnacle Financial Partners, Inc. | (563)<br>| (56435)<br>| 0.2 |
| Procore Technologies, Inc. | (18065)<br>| (1157786)<br>| 3.7 |
| Procter & Gamble Co. | (32132)<br>| (5223699)<br>| 16.8 |
| Pure Storage, Inc., Class A | (178385)<br>| (8091544)<br>| 26.0 |
| Raymond James Financial, Inc. | (39327)<br>| (5389372)<br>| 17.3 |
| Robinhood Markets, Inc., Class A | (264240)<br>| (12976826)<br>| 41.7 |
| Rocket Lab USA, Inc. | (84084)<br>| (1832190)<br>| 5.9 |
| Roper Technologies, Inc. | (58025)<br>| (32498642)<br>| 104.4 |
| Shift4 Payments, Inc., Class A | (21065)<br>| (1723117)<br>| 5.5 |
| Smurfit WestRock PLC | (509905)<br>| (21426208)<br>| 68.8 |
| Snap, Inc., Class A | (376)<br>| (2993)<br>| 0.0 |
| Starwood Property Trust, Inc. | (442078)<br>| (8483477)<br>| 27.3 |
| Summit Therapeutics, Inc. | (4799)<br>| (115752)<br>| 0.4 |
| TD SYNNEX Corp. | (16429)<br>| (1820333)<br>| 5.8 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **United States (continued)** |  |  |  |
| Terreno Realty Corp. | (105425)<br>| $(5938590)<br>| 19.1<br> % <br>|
| Upstart Holdings, Inc. | (21042)<br>| (1005808)<br>| 3.2 |
| WW Grainger, Inc. | (26937)<br>| (27591838)<br>| 88.6 |
| Xcel Energy, Inc. | (61874)<br>| (4374492)<br>| 14.1 |
|  |  | (384430273)<br>|  |
| **Preferred Stocks**  |  |  |  |
| **Germany** |  |  |  |
| Porsche Automobil Holding SE | (30720)<br>| (1266611)<br>| 4.1 |
| Volkswagen AG | (53937)<br>| (5868904)<br>| 18.8 |
| **Rights**  |  |  |  |
| **Spain** |  |  |  |
| EDP Renovaveis SA, (Expires 05/19/25, Strike <br> Price EUR<br>| (216844)<br>| (22109)<br>| 0.1 |
| **Total Reference Entity — Short** |  | (577450950)<br>|  |
| **Net Value of Reference Entity — UBS AG** | **Net Value of Reference Entity — UBS AG** | $(31127040)<br>|  |

---

The following table represents the individual long positions and related values of the equity securities underlying the total return swap with UBS AG as of period end, termination dates 09/03/29 – 09/04/29:

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of* <br>*Basket* <br>*Value*<br>|
| **Reference Entity — Long** |  |  |  |
| **Common Stocks**  |  |  |  |
| **Australia** |  |  |  |
| AGL Energy Ltd. | 83017 | $565761 | (4.0)% <br>|
| Computershare Ltd. | 60744 | 1587326 | (11.1)<br>|
| Evolution Mining Ltd. | 32470 | 162838 | (1.1)<br>|
| JB Hi-Fi Ltd. | 30045 | 1991014 | (13.9)<br>|
| South32 Ltd. | 990920 | 1707648 | (12.0)<br>|
|  |  | 6014587 |  |
| **Austria** |  |  |  |
| Erste Group Bank AG | 5209 | 352762 | (2.5)<br>|
| **Belgium** |  |  |  |
| Groupe Bruxelles Lambert NV | 2124 | 175218 | (1.2)<br>|
| UCB SA | 7299 | 1338192 | (9.4)<br>|
|  |  | 1513410 |  |
| **Canada** |  |  |  |
| Alamos Gold, Inc., Class A | 48609 | 1389584 | (9.7)<br>|
| Aritzia, Inc. | 11481 | 403825 | (2.8)<br>|
| Canadian National Railway Co. | 4043 | 391543 | (2.8)<br>|
| Canadian Utilities Ltd., Class A | 61627 | 1725073 | (12.1)<br>|
| CGI, Inc. | 20821 | 2207757 | (15.5)<br>|
| Constellation Software, Inc. | 295 | 1063153 | (7.5)<br>|
| Empire Co., Inc. | 23904 | 887774 | (6.2)<br>|
| Finning International, Inc. | 235488 | 6646481 | (46.6)<br>|
| FirstService Corp. | 23938 | 4201392 | (29.4)<br>|
| Keyera Corp. | 88444 | 2745190 | (19.2)<br>|
| Kinaxis, Inc. | 675 | 91144 | (0.6)<br>|
| Lundin Gold, Inc. | 38168 | 1556787 | (10.9)<br>|
| MEG Energy Corp. | 48006 | 673463 | (4.7)<br>|
| Pembina Pipeline Corp. | 10300 | 393740 | (2.8)<br>|

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **Canada (continued)** |  |  |  |
| Stantec, Inc. | 63756 | $5595877 | (39.2)% <br>|
| Sun Life Financial, Inc. | 24037 | 1432351 | (10.0)<br>|
|  |  | 31405134 |  |
| **Chile** |  |  |  |
| Antofagasta PLC | 4675 | 102595 | (0.7)<br>|
| **Denmark** |  |  |  |
| Vestas Wind Systems A/S | 261319 | 3483957 | (24.4)<br>|
| **France** |  |  |  |
| Dassault Systemes SE | 3429 | 128506 | (0.9)<br>|
| Eiffage SA | 18436 | 2508637 | (17.6)<br>|
| Gaztransport Et Technigaz SA | 2394 | 390229 | (2.7)<br>|
| Thales SA | 2809 | 786863 | (5.5)<br>|
| Valeo SE | 1340914 | 13316841 | (93.3)<br>|
|  |  | 17131076 |  |
| **Germany** |  |  |  |
| Adidas AG | 115482 | 26571431 | (186.1)<br>|
| GEA Group AG | 28588 | 1865072 | (13.1)<br>|
| HUGO BOSS AG | 22870 | 953892 | (6.7)<br>|
| Nemetschek SE | 3139 | 417125 | (2.9)<br>|
| Rational AG | 2665 | 2286661 | (16.0)<br>|
| Rheinmetall AG | 6670 | 11359359 | (79.6)<br>|
| Scout24 SE | 2571 | 306403 | (2.1)<br>|
|  |  | 43759943 |  |
| **Hong Kong** |  |  |  |
| Hongkong Land Holdings Ltd. | 30700 | 150246 | (1.1)<br>|
| Link REIT | 266300 | 1246778 | (8.7)<br>|
|  |  | 1397024 |  |
| **Italy** |  |  |  |
| A2A SpA | 628562 | 1598603 | (11.2)<br>|
| BPER Banca SPA | 561375 | 4559535 | (31.9)<br>|
| Leonardo SpA | 1653 | 85937 | (0.6)<br>|
| Mediobanca Banca di Credito Finanziario SpA | 78784 | 1611449 | (11.3)<br>|
| Prysmian SpA | 36355 | 1997060 | (14.0)<br>|
| Saipem SpA | 245259 | 566541 | (4.0)<br>|
| Unipol Assicurazioni SpA | 313335 | 5620199 | (39.3)<br>|
|  |  | 16039324 |  |
| **Japan** |  |  |  |
| Amada Co., Inc. | 253000 | 2533296 | (17.8)<br>|
| Asahi Intecc Co., Inc. | 418000 | 6426664 | (45.0)<br>|
| Asahi Kasei Corp. | 294900 | 2055082 | (14.4)<br>|
| Astellas Pharma, Inc. | 228500 | 2288232 | (16.0)<br>|
| Dai Nippon Printing Co., Inc. | 83100 | 1158308 | (8.1)<br>|
| Ebara Corp. | 125400 | 1883731 | (13.2)<br>|
| ENEOS Holdings, Inc. | 226400 | 1089941 | (7.6)<br>|
| Hulic Co., Inc. | 89000 | 930664 | (6.5)<br>|
| Inpex Corp. | 84000 | 1050797 | (7.4)<br>|
| J Front Retailing Co., Inc. | 134200 | 1642628 | (11.5)<br>|
| Japan Airlines Co., Inc. | 65900 | 1193937 | (8.4)<br>|
| Kao Corp. | 5000 | 214108 | (1.5)<br>|
| Kyocera Corp. | 396700 | 4701580 | (32.9)<br>|
| MISUMI Group, Inc. | 3400 | 47631 | (0.3)<br>|
| Mitsubishi Chemical Group Corp. | 672400 | 3268910 | (22.9)<br>|
| Mitsubishi UFJ Financial Group, Inc. | 91100 | 1147780 | (8.0)<br>|
| NEC Corp. | 156000 | 3797480 | (26.6)<br>|
| Nexon Co., Inc. | 60400 | 947656 | (6.6)<br>|
| NIPPON EXPRESS HOLDINGS, Inc. | 121500 | 2169729 | (15.2)<br>|
| Nissan Chemical Corp. | 35900 | 1050026 | (7.4)<br>|

---

Schedule of Investments

------

Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **Japan (continued)** |  |  |  |
| Obayashi Corp. | 220600 | $3422648 | (24.0)% <br>|
| Ono Pharmaceutical Co., Inc. | 48300 | 555978 | (3.9)<br>|
| Shimizu Corp. | 343500 | 3669641 | (25.7)<br>|
| Sumitomo Mitsui Trust Group, Inc. | 127900 | 3164084 | (22.2)<br>|
| Takashimaya Co., Inc. | 483700 | 3729399 | (26.1)<br>|
| Takeda Pharmaceutical Co., Inc. | 89700 | 2713300 | (19.0)<br>|
| THK Co., Inc. | 3300 | 81295 | (0.6)<br>|
| Tohoku Electric Power Co., Inc. | 127100 | 913411 | (6.4)<br>|
| Tokyo Electron Ltd. | 900 | 134009 | (0.9)<br>|
| Tokyo Gas Co., Inc. | 47000 | 1561471 | (10.9)<br>|
| Tokyu Fudosan Holdings Corp. | 234700 | 1643795 | (11.5)<br>|
|  |  | 61187211 |  |
| **Macau** |  |  |  |
| Galaxy Entertainment Group Ltd. | 179000 | 646476 | (4.5)<br>|
| **New Zealand** |  |  |  |
| Xero Ltd. | 58618 | 6173241 | (43.2)<br>|
| **Norway** |  |  |  |
| Salmar ASA | 2136 | 105551 | (0.8)<br>|
| **Spain** |  |  |  |
| ACS Actividades de Construccion y Servicios SA | 116152 | 7277483 | (51.0)<br>|
| Telefonica SA | 949512 | 4877874 | (34.1)<br>|
|  |  | 12155357 |  |
| **Sweden** |  |  |  |
| Alfa Laval AB | 249336 | 10341416 | (72.4)<br>|
| Assa Abloy AB, Class B | 59347 | 1801417 | (12.6)<br>|
| Trelleborg AB | 2661 | 91756 | (0.7)<br>|
|  |  | 12234589 |  |
| **Switzerland** |  |  |  |
| Givaudan SA, Registered Shares | 2679 | 12924458 | (90.5)<br>|
| **United Kingdom** |  |  |  |
| Berkeley Group Holdings PLC | 8820 | 491656 | (3.4)<br>|
| Centrica PLC | 96761 | 207168 | (1.5)<br>|
| Informa PLC | 8106 | 79187 | (0.6)<br>|
| Intertek Group PLC | 443417 | 27232413 | (190.7)<br>|
| J Sainsbury PLC | 4185993 | 14877492 | (104.2)<br>|
| Kingfisher PLC | 53017 | 203771 | (1.4)<br>|
|  |  | 43091687 |  |
| **United States** |  |  |  |
| Experian PLC | 40556 | 2017703 | (14.1)<br>|
| Sanofi SA | 14483 | 1584322 | (11.1)<br>|
|  |  | 3602025 |  |
| **Zambia** |  |  |  |
| First Quantum Minerals Ltd. | 159849 | 2146239 | (15.0)<br>|
| **Preferred Stocks**  |  |  |  |
| **Germany** |  |  |  |
| Henkel AG & Co KGaA | 12260 | 952190 | (6.7)<br>|
| **Total Reference Entity — Long** |  | 276418836 |  |
| **Reference Entity — Short** |  |  |  |
| **Common Stocks**  |  |  |  |
| **Australia** |  |  |  |
| Sigma Healthcare Ltd. | (87704)<br>| (169240)<br>| 1.2 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **Belgium** |  |  |  |
| D'ieteren Group | (40103)<br>| $(8008604)<br>| 56.1<br> % <br>|
| Lotus Bakeries NV | (119)<br>| (1144194)<br>| 8.0 |
| Syensqo SA | (40623)<br>| (2905876)<br>| 20.4 |
|  |  | (12058674)<br>|  |
| **Canada** |  |  |  |
| Onex Corp. | (17826)<br>| (1262147)<br>| 8.8 |
| **China** |  |  |  |
| Wharf Holdings Ltd.. | (234000)<br>| (587784)<br>| 4.1 |
| **Denmark** |  |  |  |
| Carlsberg AS, Class B | (45328)<br>| (6176105)<br>| 43.2 |
| Coloplast A/S, Class B | (33004)<br>| (3734833)<br>| 26.2 |
| Novonesis Novozymes B, Class B | (178925)<br>| (11622490)<br>| 81.4 |
| Orsted AS | (96965)<br>| (3858525)<br>| 27.0 |
| ROCKWOOL A/S | (102642)<br>| (4685624)<br>| 32.8 |
| Zehnder Group AG | (8196)<br>| (579671)<br>| 4.1 |
|  |  | (30657248)<br>|  |
| **Finland** |  |  |  |
| Neste OYJ | (69066)<br>| (716445)<br>| 5.0 |
| **France** |  |  |  |
| Airbus SE | (5448)<br>| (924474)<br>| 6.5 |
| Cie Generale des Etablissements Michelin SCA | (191036)<br>| (6985373)<br>| 48.9 |
| EssilorLuxottica SA | (103548)<br>| (29837665)<br>| 209.0 |
| Eurazeo SE | (18588)<br>| (1359146)<br>| 9.5 |
| Getlink SE | (76798)<br>| (1458257)<br>| 10.2 |
| Legrand SA | (16699)<br>| (1835217)<br>| 12.8 |
| Pernod Ricard SA | (14968)<br>| (1622463)<br>| 11.4 |
| Sartorius Stedim Biotech | (29144)<br>| (6877719)<br>| 48.2 |
| Vinci SA | (59592)<br>| (8370729)<br>| 58.6 |
|  |  | (59271043)<br>|  |
| **Germany** |  |  |  |
| BASF SE | (75457)<br>| (3853548)<br>| 27.0 |
| Bayerische Motoren Werke AG | (4598)<br>| (389991)<br>| 2.7 |
| Beiersdorf AG | (39266)<br>| (5532500)<br>| 38.8 |
| Daimler Truck Holding AG | (117052)<br>| (4702737)<br>| 32.9 |
| Muenchener Rueckversicherungs-Gesellschaft <br> AG in Muenchen, Registered Shares<br>| (31485)<br>| (21554929)<br>| 151.0 |
| Nordex SE | (71607)<br>| (1340722)<br>| 9.4 |
| Puma SE | (42517)<br>| (1097825)<br>| 7.7 |
|  |  | (38472252)<br>|  |
| **Hong Kong** |  |  |  |
| Hang Seng Bank Ltd. | (71900)<br>| (1003636)<br>| 7.0 |
| Hong Kong & China Gas Co., Inc. | (1415000)<br>| (1273180)<br>| 8.9 |
| MTR Corp. Ltd. | (1261500)<br>| (4355110)<br>| 30.5 |
| Sino Land Co., Inc. | (80000)<br>| (82216)<br>| 0.6 |
|  |  | (6714142)<br>|  |
| **Italy** |  |  |  |
| Davide Campari-Milano NV | (1205665)<br>| (8090299)<br>| 56.7 |
| DiaSorin SpA | (6031)<br>| (689203)<br>| 4.8 |
| Nexi SpA | (367385)<br>| (2145917)<br>| 15.0 |
| Ryanair Holdings PLC | (226023)<br>| (5380365)<br>| 37.7 |
| Telecom Italia SpA | (2298229)<br>| (910178)<br>| 6.4 |
|  |  | (17215962)<br>|  |
| **Japan** |  |  |  |
| Nippon Building Fund, Inc. | (1276)<br>| (1184395)<br>| 8.3 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **Japan (continued)** |  |  |  |
| Nippon Sanso Holdings Corp. | (14600)<br>| $(467247)<br>| 3.3<br> % <br>|
| Rakus Co., Inc. | (37900)<br>| (575883)<br>| 4.0 |
| SG Holdings Co., Inc. | (69000)<br>| (726546)<br>| 5.1 |
|  |  | (2954071)<br>|  |
| **Luxembourg** |  |  |  |
| CVC Capital Partners PLC | (185080)<br>| (3302363)<br>| 23.1 |
| **Netherlands** |  |  |  |
| Adyen NV | (2104)<br>| (3404720)<br>| 23.9 |
| Akzo Nobel NV | (105387)<br>| (6653558)<br>| 46.6 |
| IMCD NV | (28585)<br>| (3801252)<br>| 26.6 |
| JDE Peet's NV | (69804)<br>| (1689879)<br>| 11.8 |
| Koninklijke Philips NV | (105879)<br>| (2687190)<br>| 18.8 |
|  |  | (18236599)<br>|  |
| **Norway** |  |  |  |
| Equinor ASA | (250239)<br>| (5664316)<br>| 39.7 |
| Gjensidige Forsikring ASA | (3133)<br>| (73309)<br>| 0.5 |
| Norsk Hydro ASA | (36652)<br>| (194417)<br>| 1.4 |
|  |  | (5932042)<br>|  |
| **Portugal** |  |  |  |
| Jeronimo Martins SGPS SA | (434147)<br>| (10507385)<br>| 73.6 |
| **Spain** |  |  |  |
| Amadeus IT Group SA | (49024)<br>| (3858826)<br>| 27.0 |
| EDP Renovaveis SA | (492544)<br>| (4612554)<br>| 32.3 |
| Iberdrola SA | (229395)<br>| (4135041)<br>| 29.0 |
| Redeia Corp SA | (151676)<br>| (3180689)<br>| 22.3 |
|  |  | (15787110)<br>|  |
| **Sweden** |  |  |  |
| Beijer Ref AB | (37398)<br>| (570445)<br>| 4.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value*<br>|
| **Sweden (continued)** |  |  |  |
| Epiroc AB, Class A | (191728)<br>| $(4147979)<br>| 29.0<br> % <br>|
| Epiroc AB, Class B | (187686)<br>| (3680815)<br>| 25.8 |
| Holmen AB | (15566)<br>| (615464)<br>| 4.3 |
| Lifco AB | (14948)<br>| (578708)<br>| 4.1 |
| Skandinaviska Enskilda Banken AB, Class A | (166936)<br>| (2648885)<br>| 18.5 |
|  |  | (12242296)<br>|  |
| **Switzerland** |  |  |  |
| Cie Financiere Richemont SA, Registered Shares | (119111)<br>| (21047533)<br>| 147.4 |
| **United Kingdom** |  |  |  |
| BT Group PLC | (1605702)<br>| (3726763)<br>| 26.1 |
| Bunzl PLC | (26052)<br>| (818671)<br>| 5.7 |
| DCC PLC | (47454)<br>| (3101492)<br>| 21.7 |
| Howden Joinery Group PLC | (46995)<br>| (483273)<br>| 3.4 |
| JD Sports Fashion PLC | (2717112)<br>| (2860591)<br>| 20.1 |
| LondonMetric Property PLC | (2186459)<br>| (5609820)<br>| 39.3 |
| Marks & Spencer Group PLC | (143186)<br>| (744072)<br>| 5.2 |
| Spirax Group PLC | (20669)<br>| (1629048)<br>| 11.4 |
| Wise PLC, Class A | (449803)<br>| (5899795)<br>| 41.3 |
|  |  | (24873525)<br>|  |
| **United States** |  |  |  |
| International Paper Co. PA | (189350)<br>| (8613688)<br>| 60.3 |
| **Rights**  |  |  |  |
| **Spain** |  |  |  |
| EDP Renovaveis SA, (Expires 05/19/25, Strike <br> Price EUR<br>| (743395)<br>| (75794)<br>| 0.5 |
| **Total Reference Entity — Short** |  | (290697343)<br>|  |
| **Net Value of Reference Entity — UBS AG** | **Net Value of Reference Entity — UBS AG** | $(14278507)<br>|  |

---

**Balances Reported in the Statements of Assets and Liabilities for OTC Swaps** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | <br>*Premiums* <br>*Paid*<br>| &nbsp;&nbsp; <br>*Premiums* <br>*Received*<br>| &nbsp;&nbsp; *Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp; *Unrealized* <br>*Depreciation*<br>|
| OTC Swaps | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $90322626 | &nbsp;&nbsp;&nbsp; $(25102329)<br>|

---

**Derivative Financial Instruments Categorized by Risk Exposure**

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Assets — Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts <br>Unrealized appreciation on futures contracts<sup>(a)</sup><br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6725152 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $185246 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6910398 |
| Forward foreign currency exchange contracts <br>Unrealized appreciation on forward foreign currency exchange <br> contracts<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 14027796 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 14027796 |
| Swaps — OTC <br>Unrealized appreciation on OTC swaps; Swap premiums paid<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 90322626 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 90322626 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $97047778 | &nbsp;&nbsp; $14027796 | &nbsp;&nbsp; $185246 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $111260820 |
| **Liabilities — Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts <br>Unrealized depreciation on futures contracts<sup>(a)</sup><br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $7593737 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1142984 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $8736721 |

---

Schedule of Investments

------

Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Equity Market Neutral Fund** 

**Derivative Financial Instruments Categorized by Risk Exposure (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity*<br> *Contracts*<br>| *Credit*<br> *Contracts*<br>| *Equity*<br> *Contracts*<br>| *Foreign*<br> *Currency*<br> *Exchange*<br> *Contracts*<br>| *Interest*<br> *Rate*<br> *Contracts*<br>| *Other*<br> *Contracts*<br>| *Total* |
| Forward foreign currency exchange contracts <br>Unrealized depreciation on forward foreign currency exchange <br> contracts<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3703099 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3703099 |
| Swaps — OTC <br>Unrealized depreciation on OTC swaps; Swap premiums <br> received<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 25102329 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 25102329 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $32696066 | &nbsp;&nbsp; $3703099 | &nbsp;&nbsp; $1142984 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $37542149 |

---

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

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). 

For the period ended April 30, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $13071648 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(6466326)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $6605322 |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (3135302)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (3135302)<br>|
| Options purchased<sup>(a)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (984365)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (984365)<br>|
| Options written | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 233226 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 233226 |
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 267000360 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 267000360 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $279320869 | &nbsp;&nbsp; $(3135302)<br>| &nbsp;&nbsp; $(6466326)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $269719241 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1180063)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(957738)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(2137801)<br>|
| Forward foreign currency exchange contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 10324697 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 10324697 |
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 73237947 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 73237947 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $72057884 | &nbsp;&nbsp; $10324697 | &nbsp;&nbsp; $(957738)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $81424843 |

---

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

<sup>(a)</sup> Options purchased are included in net realized gain (loss) from investments — unaffiliated.

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $442442814 |
| Average notional value of contracts — short | &nbsp;&nbsp; 277097144 |
| Forward foreign currency exchange contracts: |  |
| Average amounts purchased — in USD | &nbsp;&nbsp; 91329433 |
| Average amounts sold — in USD | &nbsp;&nbsp; 126773680 |
| Options: |  |
| Average value of option contracts purchased | &nbsp;&nbsp; 145031 |
| Average value of option contracts written | &nbsp;&nbsp; 23625 |
| Total return swaps: |  |
| Average notional value | &nbsp;&nbsp; 68145058 |

---

For more information about the Fund's investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

**Derivative Financial Instruments — Offsetting as of Period End**

The Fund's derivative assets and liabilities (by type) were as follows:

---

| | | |
|:---|:---|:---|
|  | *Assets* | *Liabilities* |
| Derivative Financial Instruments |  |  |
| Futures contracts | &nbsp;&nbsp; $2101545 | &nbsp;&nbsp;&nbsp;&nbsp; $649260 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | |
|:---|:---|:---|
|  | *Assets* | *Liabilities* |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; $14027796 | &nbsp;&nbsp;&nbsp;&nbsp; $3703099 |
| Swaps — OTC<sup>(a)</sup> | &nbsp;&nbsp; 90322626 | &nbsp;&nbsp;&nbsp;&nbsp; 25102329 |
| Total derivative assets and liabilities in the Statements of Assets and Liabilities | &nbsp;&nbsp; 106451967 | &nbsp;&nbsp;&nbsp;&nbsp; 29454688 |
| Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA") | &nbsp;&nbsp; (2101545)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (649260)<br>|
| Total derivative assets and liabilities subject to an MNA | &nbsp;&nbsp; $104350422 | &nbsp;&nbsp;&nbsp;&nbsp; $28805428 |

---

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

<sup>(a)</sup> Includes unrealized appreciation (depreciation) on OTC swaps and swap premiums paid/(received) in the Statements of Assets and Liabilities.

The following table presents the Fund's derivative assets and liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral received and pledged by the Fund:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Counterparty* | *Derivative* <br>*Assets* <br>*Subject to* <br>*an MNA by* <br>*Counterparty*<br>| *Derivatives* <br>*Available* <br>*for Offset*<sup>(a)</sup><br>| *Non-Cash* <br>*Collateral* <br>*Received*<sup>(b)</sup><br>| *Cash* <br>*Collateral* <br>*Received*<sup>(b)</sup><br>| *Net Amount* <br>*of Derivative* <br>*Assets*<sup>(c)(d)</sup><br>|
| Bank of America N.A. | &nbsp;&nbsp; $2761660 | &nbsp;&nbsp; $(2733609)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $28051 |
| Barclays Bank PLC | &nbsp;&nbsp; 5576019 | &nbsp;&nbsp; (2013573)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (3562446)<br>| &nbsp;&nbsp; — |
| BNP Paribas SA | &nbsp;&nbsp; 15491983 | &nbsp;&nbsp; (277046)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 15214937 |
| Citibank N.A. | &nbsp;&nbsp; 6103 | &nbsp;&nbsp; (6103)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Goldman Sachs Bank USA | &nbsp;&nbsp; 15781944 | &nbsp;&nbsp; (4556099)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 11225845 |
| Goldman Sachs International | &nbsp;&nbsp; 2097782 | &nbsp;&nbsp; (81306)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (2016476)<br>| &nbsp;&nbsp; — |
| HSBC Bank PLC | &nbsp;&nbsp; 10492023 | &nbsp;&nbsp; (5923493)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4568530 |
| JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 181047 | &nbsp;&nbsp; (29770)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (151277)<br>| &nbsp;&nbsp; — |
| Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 19924187 | &nbsp;&nbsp; (3651050)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (3320000)<br>| &nbsp;&nbsp; 12953137 |
| SG Americas Securities LLC | &nbsp;&nbsp; 12808268 | &nbsp;&nbsp; (9427866)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3380402 |
| UBS AG | &nbsp;&nbsp; 19243917 | &nbsp;&nbsp; (57861)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 19186056 |
|  | &nbsp;&nbsp; $104364933 | &nbsp;&nbsp; $(28757776)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(9050199)<br>| &nbsp;&nbsp; $66556958 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Counterparty* | *Derivative* <br>*Liabilities* <br>*Subject to* <br>*an MNA by* <br>*Counterparty*<br>| *Derivatives* <br>*Available* <br>*for Offset*<sup>(a)</sup><br>| *Non-Cash* <br>*Collateral* <br>*Pledged*<sup>(b)</sup><br>| *Cash* <br>*Collateral* <br>*Pledged*<sup>(b)</sup><br>| *Net Amount* <br>*of Derivative* <br>*Liabilities*<sup>(c)(e)</sup><br>|
| Bank of America N.A. | &nbsp;&nbsp; $2733609 | &nbsp;&nbsp; $(2733609)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Barclays Bank PLC | &nbsp;&nbsp; 2013573 | &nbsp;&nbsp; (2013573)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| BNP Paribas SA | &nbsp;&nbsp; 277046 | &nbsp;&nbsp; (277046)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Citibank N.A. | &nbsp;&nbsp; 68266 | &nbsp;&nbsp; (6103)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 62163 |
| Goldman Sachs Bank USA | &nbsp;&nbsp; 4556099 | &nbsp;&nbsp; (4556099)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Goldman Sachs International | &nbsp;&nbsp; 81306 | &nbsp;&nbsp; (81306)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| HSBC Bank PLC | &nbsp;&nbsp; 5923493 | &nbsp;&nbsp; (5923493)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 29770 | &nbsp;&nbsp; (29770)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 3651050 | &nbsp;&nbsp; (3651050)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| SG Americas Securities LLC | &nbsp;&nbsp; 9427866 | &nbsp;&nbsp; (9427866)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| UBS AG | &nbsp;&nbsp; 57861 | &nbsp;&nbsp; (57861)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $28819939 | &nbsp;&nbsp; $(28757776)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $62163 |

---

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

<sup>(a)</sup> The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA.

<sup>(b)</sup> Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.

<sup>(c)</sup> Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized.

<sup>(d)</sup> Net amount represents the net amount receivable from the counterparty in the event of default.

<sup>(e)</sup> Net amount represents the net amount payable due to the counterparty in the event of default. 

Schedule of Investments

------

Schedule of Investments (continued)

April 30, 2025

**BlackRock Global Equity Market Neutral Fund** 

**Fair Value Hierarchy as of Period End**

Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Common Stocks  |  |  |  |  |
| Belgium | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $9099001 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $9099001 |
| United States | &nbsp;&nbsp; 65317971 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 65317971 |
| Preferred Securities |  |  |  |  |
| Preferred Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2142299 | &nbsp;&nbsp;&nbsp;&nbsp; 2142299 |
| U.S. Treasury Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 298125038 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 298125038 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 14564679 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14564679 |
| U.S. Treasury Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4371011087 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4371011087 |
|  | &nbsp;&nbsp; $79882650 | &nbsp;&nbsp;&nbsp;&nbsp; $4678235126 | &nbsp;&nbsp;&nbsp;&nbsp; $2142299 | &nbsp;&nbsp;&nbsp;&nbsp; $4760260075 |
| Derivative Financial Instruments<sup>(a)</sup> <br>|  |  |  |  |
| Assets |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $2762631 | &nbsp;&nbsp;&nbsp;&nbsp; $94299658 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $97062289 |
| Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14027796 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14027796 |
| Interest Rate Contracts | &nbsp;&nbsp; 185246 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 185246 |
| Liabilities |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; (633491)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (32077086)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (32710577)<br>|
| Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (3703099)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (3703099)<br>|
| Interest Rate Contracts | &nbsp;&nbsp; (1142984)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1142984)<br>|
|  | &nbsp;&nbsp; $1171402 | &nbsp;&nbsp;&nbsp;&nbsp; $72547269 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $73718671 |

---

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

<sup>(a)</sup> Derivative financial instruments are swaps, futures contracts and forward foreign currency exchange contracts. Swaps, futures contracts and forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.*

2025 BlackRock Annual Financial Statements and Additional Information

------

Statements of Assets and Liabilities

April 30, 2025

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

---

| | | |
|:---|:---|:---|
|  | BlackRock <br>Advantage <br>Emerging Markets <br>Fund<br>| BlackRock <br>Global Equity <br>Market <br>Neutral Fund<br>|
| **ASSETS** |  |  |
| Investments, at value — unaffiliated<sup>(a)(b)</sup> | $40680969 | $4745695396 |
| Investments, at value — affiliated<sup>(c)</sup> | 134582003 | 14564679 |
| Cash |  | 9545406 |
| Cash pledged: |  |  |
| Collateral — OTC derivatives |  | 36637620 |
| Futures contracts | 6492999 | 52284000 |
| Foreign currency, at value<sup>(d)</sup> | 4692271 | 13959517 |
| Receivables: |  |  |
| Investments sold | 3647988 |  |
| Securities lending income — affiliated | 29 |  |
| Swaps |  | 1428253131 |
| Capital shares sold | 238 | 34734568 |
| Dividends — unaffiliated | 303214 | 78207 |
| Dividends — affiliated | 68964 | 32775 |
| Interest — unaffiliated |  | 375268 |
| Variation margin on futures contracts | 295747 | 2101545 |
| Unrealized appreciation on: |  |  |
| Forward foreign currency exchange contracts |  | 14027796 |
| OTC swaps |  | 90322626 |
| Prepaid expenses | 34742 | 115858 |
| Total assets | 190799164 | 6442728392 |
| **LIABILITIES** |  |  |
| Due to custodian | 4770852 |  |
| Cash received as collateral for OTC derivatives |  | 29770000 |
| Collateral on securities loaned | 229214 |  |
| Payables: |  |  |
| Investments purchased |  | 310754614 |
| Swaps |  | 1270383885 |
| Accounting services fees | 16023 | 179489 |
| Administration fees |  | 145825 |
| Capital shares redeemed | 139842429 | 17615484 |
| Custodian fees | 60040 | 284158 |
| Deferred foreign capital gain tax | 71729 |  |
| Dividends on short sales | 1809 |  |
| Foreign taxes | 2506 |  |
| Investment advisory fees | 72170 | 4340274 |
| Trustees' and Officer's fees | 1778 | 2678 |
| Other accrued expenses | 39384 | 33814 |
| Professional fees | 84522 | 111093 |
| Service and distribution fees | 1098 | 77617 |
| Transfer agent fees | 3680 | 538332 |
| Variation margin on futures contracts |  | 649260 |

---

Statements of Assets and Liabilities

------

Statements of Assets and Liabilities (continued)

April 30, 2025

---

| | | |
|:---|:---|:---|
|  | BlackRock<br> Advantage<br> Emerging Markets<br> Fund<br>| BlackRock<br> Global Equity<br> Market<br> Neutral Fund<br>|
| Unrealized depreciation on: |  |  |
| Forward foreign currency exchange contracts | $— | $3703099 |
| OTC swaps |  | 25102329 |
| Total liabilities | 145197234 | 1663691951 |
| **Commitments and contingent liabilities** |  |  |
| NET ASSETS | $45601930 | $4779036441 |
| **NET ASSETS CONSIST OF** |  |  |
| Paid-in capital | $80205494 | $4466176912 |
| Accumulated earnings (loss) | (34603564) | 312859529 |
| NET ASSETS | $45601930 | $4779036441 |
| <sup>(a)</sup> Investments, at cost—unaffiliated | $33776353 | $4717935097 |
| <sup>(b)</sup> Securities loaned, at value | $146827 | $— |
| <sup>(c)</sup> Investments, at cost—affiliated | $134581984 | $14564679 |
| <sup>(d)</sup> Foreign currency, at cost | $4691621 | $15092181 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Statements of Assets and Liabilities (continued)

April 30, 2025

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

---

| | | |
|:---|:---|:---|
|  | BlackRock <br>Advantage <br>Emerging Markets <br>Fund<br>| BlackRock <br>Global Equity <br>Market <br>Neutral Fund<br>|
| **NET ASSET VALUE** |  |  |
| **Institutional** |  |  |
| Net assets | $4752553 | $3748126443 |
| Shares outstanding | 466617 | 259601752 |
| Net asset value | $10.19 | $14.44 |
| Shares authorized | Unlimited | Unlimited |
| Par value | $0.001 | $0.001 |
| **Investor A** |  |  |
| Net assets | $3380137 | $339097608 |
| Shares outstanding | 338760 | 23998811 |
| Net asset value | $9.98 | $14.13 |
| Shares authorized | Unlimited | Unlimited |
| Par value | $0.001 | $0.001 |
| **Investor C** |  |  |
| Net assets | $558268 | $14264909 |
| Shares outstanding | 59201 | 1099152 |
| Net asset value | $9.43 | $12.98 |
| Shares authorized | Unlimited | Unlimited |
| Par value | $0.001 | $0.001 |
| **Class K** |  |  |
| Net assets | $36910972 | $677547481 |
| Shares outstanding | 3629148 | 46755312 |
| Net asset value | $10.17 | $14.49 |
| Shares authorized | Unlimited | Unlimited |
| Par value | $0.001 | $0.001 |

---

*See notes to financial statements.*

Statements of Assets and Liabilities

------

Statements of Operations

Year Ended April 30, 2025

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

---

| | | |
|:---|:---|:---|
|  | BlackRock <br>Advantage <br>Emerging Markets <br>Fund<br>| &nbsp;&nbsp; BlackRock <br>Global Equity <br>Market <br>Neutral Fund<br>|
| **INVESTMENT INCOME** |  |  |
| Dividends — unaffiliated | &nbsp;&nbsp; $3746784 | &nbsp;&nbsp;&nbsp; $881349 |
| Dividends — affiliated | &nbsp;&nbsp; 327182 | &nbsp;&nbsp;&nbsp; 461462 |
| Interest — unaffiliated | &nbsp;&nbsp; 6881 | &nbsp;&nbsp;&nbsp; 126030000 |
| Securities lending income — affiliated — net | &nbsp;&nbsp; 455 | &nbsp;&nbsp;&nbsp; — |
| Foreign taxes withheld | &nbsp;&nbsp; (415910)<br>| &nbsp;&nbsp;&nbsp; — |
| Total investment income | &nbsp;&nbsp; 3665392 | &nbsp;&nbsp;&nbsp; 127372811 |
| EXPENSES |  |  |
| Investment advisory | &nbsp;&nbsp; 891252 | &nbsp;&nbsp;&nbsp; 33900911 |
| Custodian | &nbsp;&nbsp; 124992 | &nbsp;&nbsp;&nbsp; 393310 |
| Professional | &nbsp;&nbsp; 114324 | &nbsp;&nbsp;&nbsp; 176066 |
| Registration | &nbsp;&nbsp; 64524 | &nbsp;&nbsp;&nbsp; 357033 |
| Administration | &nbsp;&nbsp; 47348 | &nbsp;&nbsp;&nbsp; 1075172 |
| Printing and postage | &nbsp;&nbsp; 44070 | &nbsp;&nbsp;&nbsp; 57174 |
| Accounting services | &nbsp;&nbsp; 27879 | &nbsp;&nbsp;&nbsp; 332576 |
| Administration — class specific | &nbsp;&nbsp; 22281 | &nbsp;&nbsp;&nbsp; 565123 |
| Transfer agent — class specific | &nbsp;&nbsp; 17614 | &nbsp;&nbsp;&nbsp; 2653125 |
| Service and distribution — class specific | &nbsp;&nbsp; 15655 | &nbsp;&nbsp;&nbsp; 679442 |
| Trustees and Officer | &nbsp;&nbsp; 8048 | &nbsp;&nbsp;&nbsp; 29166 |
| Miscellaneous | &nbsp;&nbsp; 18565 | &nbsp;&nbsp;&nbsp; 97951 |
| Total expenses excluding interest expense | &nbsp;&nbsp; 1396552 | &nbsp;&nbsp;&nbsp; 40317049 |
| Interest expense — unaffiliated | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 74949 |
| Total expenses | &nbsp;&nbsp; 1396552 | &nbsp;&nbsp;&nbsp; 40391998 |
| Less: |  |  |
| Administration fees waived | &nbsp;&nbsp; (47348)<br>| &nbsp;&nbsp;&nbsp; — |
| Administration fees waived by the Manager — class specific | &nbsp;&nbsp; (22281)<br>| &nbsp;&nbsp;&nbsp; (527629)<br>|
| Fees waived and/or reimbursed by the Manager | &nbsp;&nbsp; (396233)<br>| &nbsp;&nbsp;&nbsp; (366358)<br>|
| Transfer agent fees waived and/or reimbursed by the Manager — class specific | &nbsp;&nbsp; (11440)<br>| &nbsp;&nbsp;&nbsp; (1067500)<br>|
| Total expenses after fees waived and/or reimbursed | &nbsp;&nbsp; 919250 | &nbsp;&nbsp;&nbsp; 38430511 |
| Net investment income | &nbsp;&nbsp; 2746142 | &nbsp;&nbsp;&nbsp; 88942300 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |
| Net realized gain (loss) from: |  |  |
| Investments — unaffiliated<sup>(a)</sup> | &nbsp;&nbsp; (2107458)<br>| &nbsp;&nbsp;&nbsp; 5455338 |
| Investments — affiliated | &nbsp;&nbsp; (28)<br>| &nbsp;&nbsp;&nbsp; — |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (3135302)<br>|
| Foreign currency transactions | &nbsp;&nbsp; (199917)<br>| &nbsp;&nbsp;&nbsp; (1063743)<br>|
| Futures contracts | &nbsp;&nbsp; (293369)<br>| &nbsp;&nbsp;&nbsp; 6605322 |
| Options written | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 233226 |
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 267000360 |
|  | &nbsp;&nbsp; (2600772)<br>| &nbsp;&nbsp;&nbsp; 275095201 |
| Net change in unrealized appreciation (depreciation) on: |  |  |
| Investments — unaffiliated<sup>(b)</sup> | &nbsp;&nbsp; 1273595 | &nbsp;&nbsp;&nbsp; 17138889 |
| Investments — affiliated | &nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp; — |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 10324697 |
| Foreign currency translations | &nbsp;&nbsp; 9343 | &nbsp;&nbsp;&nbsp; (1176678)<br>|
| Futures contracts | &nbsp;&nbsp; 1696445 | &nbsp;&nbsp;&nbsp; (2137801)<br>|
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 73237947 |
|  | &nbsp;&nbsp; 2979402 | &nbsp;&nbsp;&nbsp; 97387054 |
| Net realized and unrealized gain | &nbsp;&nbsp; 378630 | &nbsp;&nbsp;&nbsp; 372482255 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $3124772 | &nbsp;&nbsp;&nbsp; $461424555 |
| <sup>(a)</sup> Net of foreign capital gain tax and capital gain tax refund, if applicable of | &nbsp;&nbsp; $(278674)<br>| &nbsp;&nbsp;&nbsp; $— |
| <sup>(b)</sup> Net of reduction in deferred foreign capital gain tax of | &nbsp;&nbsp; $156453 | &nbsp;&nbsp;&nbsp; $— |

---

*See notes to financial statements.*

2025 BlackRock Annual Financial Statements and Additional Information

------

Statements of Changes in Net Assets

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | BlackRock Advantage Emerging <br>Markets Fund | BlackRock Advantage Emerging <br>Markets Fund | BlackRock <br>Global Equity <br>Market <br>Neutral Fund | BlackRock <br>Global Equity <br>Market <br>Neutral Fund |
|  | Year Ended <br>04/30/25 | &nbsp;&nbsp; Year Ended <br>04/30/24 | &nbsp;&nbsp; Year Ended <br>04/30/25 | &nbsp;&nbsp; Year Ended <br>04/30/24 |
|  | Year Ended <br>04/30/25 | &nbsp;&nbsp; Year Ended <br>04/30/24 | &nbsp;&nbsp; Year Ended <br>04/30/25 | &nbsp;&nbsp; Year Ended <br>04/30/24 |
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $2746142 | &nbsp;&nbsp;&nbsp; $1818943 | &nbsp;&nbsp;&nbsp; $88942300 | &nbsp;&nbsp;&nbsp; $38470485 |
| Net realized gain (loss) | &nbsp;&nbsp; (2600772)<br>| &nbsp;&nbsp;&nbsp; 343558 | &nbsp;&nbsp;&nbsp; 275095201 | &nbsp;&nbsp;&nbsp; 198304324 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 2979402 | &nbsp;&nbsp;&nbsp; 5076966 | &nbsp;&nbsp;&nbsp; 97387054 | &nbsp;&nbsp;&nbsp; 1535786 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 3124772 | &nbsp;&nbsp;&nbsp; 7239467 | &nbsp;&nbsp;&nbsp; 461424555 | &nbsp;&nbsp;&nbsp; 238310595 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| Institutional | &nbsp;&nbsp; (121001)<br>| &nbsp;&nbsp;&nbsp; (111738)<br>| &nbsp;&nbsp;&nbsp; (245288129)<br>| &nbsp;&nbsp;&nbsp; (62401555)<br>|
| Investor A | &nbsp;&nbsp; (84633)<br>| &nbsp;&nbsp;&nbsp; (74639)<br>| &nbsp;&nbsp;&nbsp; (24168230)<br>| &nbsp;&nbsp;&nbsp; (1876567)<br>|
| Investor C | &nbsp;&nbsp; (8427)<br>| &nbsp;&nbsp;&nbsp; (7037)<br>| &nbsp;&nbsp;&nbsp; (1361145)<br>| &nbsp;&nbsp;&nbsp; (566373)<br>|
| Class K | &nbsp;&nbsp; (1947845)<br>| &nbsp;&nbsp;&nbsp; (1535767)<br>| &nbsp;&nbsp;&nbsp; (29600803)<br>| &nbsp;&nbsp;&nbsp; (12296861)<br>|
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (2161906)<br>| &nbsp;&nbsp;&nbsp; (1729181)<br>| &nbsp;&nbsp;&nbsp; (300418307)<br>| &nbsp;&nbsp;&nbsp; (77141356)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp; (46585849)<br>| &nbsp;&nbsp;&nbsp; 1078587 | &nbsp;&nbsp;&nbsp; 2771062032 | &nbsp;&nbsp;&nbsp; 969630326 |
| *NET ASSETS* |  |  |  |  |
| Total increase (decrease) in net assets | &nbsp;&nbsp; (45622983)<br>| &nbsp;&nbsp;&nbsp; 6588873 | &nbsp;&nbsp;&nbsp; 2932068280 | &nbsp;&nbsp;&nbsp; 1130799565 |
| Beginning of year | &nbsp;&nbsp; 91224913 | &nbsp;&nbsp;&nbsp; 84636040 | &nbsp;&nbsp;&nbsp; 1846968161 | &nbsp;&nbsp;&nbsp; 716168596 |
| End of year | &nbsp;&nbsp; $45601930 | &nbsp;&nbsp;&nbsp; $91224913 | &nbsp;&nbsp;&nbsp; $4779036441 | &nbsp;&nbsp;&nbsp; $1846968161 |

---

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

<sup>(a)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

*See notes to financial statements.*

Statements of Changes in Net Assets

------

Financial Highlights

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | BlackRock Advantage Emerging Markets Fund | BlackRock Advantage Emerging Markets Fund | BlackRock Advantage Emerging Markets Fund | BlackRock Advantage Emerging Markets Fund | BlackRock Advantage Emerging Markets Fund |
|  | Institutional | Institutional | Institutional | Institutional | Institutional |
|  | Year Ended <br>04/30/25 | &nbsp;&nbsp; Year Ended <br>04/30/24 | &nbsp;&nbsp; Year Ended <br>04/30/23 | &nbsp;&nbsp; Year Ended <br>04/30/22 | &nbsp;&nbsp; Year Ended <br>04/30/21 |
|  | Year Ended <br>04/30/25 | &nbsp;&nbsp; Year Ended <br>04/30/24 | &nbsp;&nbsp; Year Ended <br>04/30/23 | &nbsp;&nbsp; Year Ended <br>04/30/22 | &nbsp;&nbsp; Year Ended <br>04/30/21 |
| **Net asset value, beginning of year** | &nbsp;&nbsp; $9.90 | &nbsp;&nbsp;&nbsp; $9.29 | &nbsp;&nbsp;&nbsp; $10.11 | &nbsp;&nbsp;&nbsp; $13.24 | &nbsp;&nbsp;&nbsp; $8.85 |
| Net investment income<sup>(a)</sup> | 0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 |
| Net realized and unrealized gain (loss) | 0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp; (0.75)<br>| &nbsp;&nbsp;&nbsp; (3.17)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.43 |
| Net increase (decrease) from investment operations | 0.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp;&nbsp; (2.97)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.58 |
| Distributions from net investment income<sup>(b)</sup> | &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp;&nbsp; (0.19)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $10.19 | &nbsp;&nbsp;&nbsp; $9.90 | &nbsp;&nbsp;&nbsp; $9.29 | &nbsp;&nbsp;&nbsp; $10.11 | &nbsp;&nbsp;&nbsp; $13.24 |
| **Total Return**<sup>(c)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 5.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.76<br> %<br>| &nbsp;&nbsp;&nbsp; (4.57)%<br>| &nbsp;&nbsp;&nbsp; (22.62)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 52.00<br> %<br>|
| **Ratios to Average Net Assets**<sup>(d)</sup> <br>|  |  |  |  |  |
| Total expenses | 1.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.40<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> %<br>|
| Net investment income | 2.43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.14<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.62<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.29<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $4753 | &nbsp;&nbsp;&nbsp; $5598 | &nbsp;&nbsp;&nbsp; $6362 | &nbsp;&nbsp;&nbsp; $9583 | &nbsp;&nbsp;&nbsp; $17216 |
| Portfolio turnover rate | &nbsp;&nbsp; 274<br> %<br>| &nbsp;&nbsp;&nbsp; 162<br> %<br>| &nbsp;&nbsp;&nbsp; 159<br> %<br>| &nbsp;&nbsp;&nbsp; 183<br> %<br>| &nbsp;&nbsp;&nbsp; 180 %<sup>(e)</sup><br>|

---

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

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(d)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(e)</sup> Excludes underlying investments in total return swaps.

*See notes to financial statements.*

2025 BlackRock Annual Financial Statements and Additional Information

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | BlackRock Advantage Emerging Markets Fund (continued) | BlackRock Advantage Emerging Markets Fund (continued) | BlackRock Advantage Emerging Markets Fund (continued) | BlackRock Advantage Emerging Markets Fund (continued) | BlackRock Advantage Emerging Markets Fund (continued) |
|  | Investor A | Investor A | Investor A | Investor A | Investor A |
|  | Year Ended <br>04/30/25 | &nbsp;&nbsp; Year Ended <br>04/30/24 | &nbsp;&nbsp; Year Ended <br>04/30/23 | &nbsp;&nbsp; Year Ended <br>04/30/22 | &nbsp;&nbsp; Year Ended <br>04/30/21 |
|  | Year Ended <br>04/30/25 | &nbsp;&nbsp; Year Ended <br>04/30/24 | &nbsp;&nbsp; Year Ended <br>04/30/23 | &nbsp;&nbsp; Year Ended <br>04/30/22 | &nbsp;&nbsp; Year Ended <br>04/30/21 |
| **Net asset value, beginning of year** | &nbsp;&nbsp; $9.70 | &nbsp;&nbsp;&nbsp; $9.11 | &nbsp;&nbsp;&nbsp; $9.93 | &nbsp;&nbsp;&nbsp; $13.00 | &nbsp;&nbsp;&nbsp; $8.69 |
| Net investment income<sup>(a)</sup> | 0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 |
| Net realized and unrealized gain (loss) | 0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp; (0.72)<br>| &nbsp;&nbsp;&nbsp; (3.09)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.36 |
| Net increase (decrease) from investment operations | 0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp;&nbsp; (2.94)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.47 |
| Distributions from net investment income<sup>(b)</sup> | &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp;&nbsp; (0.16)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $9.98 | &nbsp;&nbsp;&nbsp; $9.70 | &nbsp;&nbsp;&nbsp; $9.11 | &nbsp;&nbsp;&nbsp; $9.93 | &nbsp;&nbsp;&nbsp; $13.00 |
| **Total Return**<sup>(c)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 5.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.38<br> %<br>| &nbsp;&nbsp;&nbsp; (4.84)%<br>| &nbsp;&nbsp;&nbsp; (22.83)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 51.62<br> %<br>|
| **Ratios to Average Net Assets**<sup>(d)</sup> <br>|  |  |  |  |  |
| Total expenses | 1.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.77<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.87<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.52<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.74<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 1.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.14<br> %<br>|
| Net investment income | 2.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.81<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.54<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.98<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $3380 | &nbsp;&nbsp;&nbsp; $4256 | &nbsp;&nbsp;&nbsp; $4428 | &nbsp;&nbsp;&nbsp; $5246 | &nbsp;&nbsp;&nbsp; $7125 |
| Portfolio turnover rate | &nbsp;&nbsp; 274<br> %<br>| &nbsp;&nbsp;&nbsp; 162<br> %<br>| &nbsp;&nbsp;&nbsp; 159<br> %<br>| &nbsp;&nbsp;&nbsp; 183<br> %<br>| &nbsp;&nbsp;&nbsp; 180 %<sup>(e)</sup><br>|

---

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

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.

<sup>(d)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(e)</sup> Excludes underlying investments in total return swaps.

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | BlackRock Advantage Emerging Markets Fund (continued) | BlackRock Advantage Emerging Markets Fund (continued) | BlackRock Advantage Emerging Markets Fund (continued) | BlackRock Advantage Emerging Markets Fund (continued) | BlackRock Advantage Emerging Markets Fund (continued) |
|  | Investor C | Investor C | Investor C | Investor C | Investor C |
|  | Year Ended <br>04/30/25 | &nbsp;&nbsp; Year Ended <br>04/30/24 | &nbsp;&nbsp; Year Ended <br>04/30/23 | &nbsp;&nbsp; Year Ended <br>04/30/22 | &nbsp;&nbsp; Year Ended <br>04/30/21 |
|  | Year Ended <br>04/30/25 | &nbsp;&nbsp; Year Ended <br>04/30/24 | &nbsp;&nbsp; Year Ended <br>04/30/23 | &nbsp;&nbsp; Year Ended <br>04/30/22 | &nbsp;&nbsp; Year Ended <br>04/30/21 |
| **Net asset value, beginning of year** | &nbsp;&nbsp; $9.18 | &nbsp;&nbsp;&nbsp; $8.65 | &nbsp;&nbsp;&nbsp; $9.46 | &nbsp;&nbsp;&nbsp; $12.36 | &nbsp;&nbsp;&nbsp; $8.29 |
| Net investment income<sup>(a)</sup> | 0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 |
| Net realized and unrealized gain (loss) | 0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp; (0.68)<br>| &nbsp;&nbsp;&nbsp; (2.96)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.14 |
| Net increase (decrease) from investment operations | 0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp;&nbsp; (2.89)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.18 |
| Distributions from net investment income<sup>(b)</sup> | &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp; (0.11)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $9.43 | &nbsp;&nbsp;&nbsp; $9.18 | &nbsp;&nbsp;&nbsp; $8.65 | &nbsp;&nbsp;&nbsp; $9.46 | &nbsp;&nbsp;&nbsp; $12.36 |
| **Total Return**<sup>(c)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 4.22<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.53<br> %<br>| &nbsp;&nbsp;&nbsp; (5.51)%<br>| &nbsp;&nbsp;&nbsp; (23.40)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 50.49<br> %<br>|
| **Ratios to Average Net Assets**<sup>(d)</sup> <br>|  |  |  |  |  |
| Total expenses | 2.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.58<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.56<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 1.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.90<br> %<br>|
| Net investment income | 1.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.72<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.61<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.43<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $558 | &nbsp;&nbsp;&nbsp; $562 | &nbsp;&nbsp;&nbsp; $430 | &nbsp;&nbsp;&nbsp; $282 | &nbsp;&nbsp;&nbsp; $550 |
| Portfolio turnover rate | &nbsp;&nbsp; 274<br> %<br>| &nbsp;&nbsp;&nbsp; 162<br> %<br>| &nbsp;&nbsp;&nbsp; 159<br> %<br>| &nbsp;&nbsp;&nbsp; 183<br> %<br>| &nbsp;&nbsp;&nbsp; 180 %<sup>(e)</sup><br>|

---

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

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.

<sup>(d)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(e)</sup> Excludes underlying investments in total return swaps.

*See notes to financial statements.*

2025 BlackRock Annual Financial Statements and Additional Information

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | BlackRock Advantage Emerging Markets Fund (continued) | BlackRock Advantage Emerging Markets Fund (continued) | BlackRock Advantage Emerging Markets Fund (continued) | BlackRock Advantage Emerging Markets Fund (continued) | BlackRock Advantage Emerging Markets Fund (continued) |
|  | Class K | Class K | Class K | Class K | Class K |
|  | Year Ended <br>04/30/25 | &nbsp;&nbsp; Year Ended <br>04/30/24 | &nbsp;&nbsp; Year Ended <br>04/30/23 | &nbsp;&nbsp; Year Ended <br>04/30/22 | &nbsp;&nbsp; Year Ended <br>04/30/21 |
|  | Year Ended <br>04/30/25 | &nbsp;&nbsp; Year Ended <br>04/30/24 | &nbsp;&nbsp; Year Ended <br>04/30/23 | &nbsp;&nbsp; Year Ended <br>04/30/22 | &nbsp;&nbsp; Year Ended <br>04/30/21 |
| **Net asset value, beginning of year** | &nbsp;&nbsp; $9.90 | &nbsp;&nbsp;&nbsp; $9.29 | &nbsp;&nbsp;&nbsp; $10.11 | &nbsp;&nbsp;&nbsp; $13.24 | &nbsp;&nbsp;&nbsp; $8.84 |
| Net investment income<sup>(a)</sup> | 0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 |
| Net realized and unrealized gain (loss) | 0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp; (0.76)<br>| &nbsp;&nbsp;&nbsp; (3.16)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.43 |
| Net increase (decrease) from investment operations | 0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp;&nbsp; (2.96)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.59 |
| Distributions from net investment income<sup>(b)</sup> | &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp;&nbsp; (0.19)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $10.17 | &nbsp;&nbsp;&nbsp; $9.90 | &nbsp;&nbsp;&nbsp; $9.29 | &nbsp;&nbsp;&nbsp; $10.11 | &nbsp;&nbsp;&nbsp; $13.24 |
| **Total Return**<sup>(c)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 5.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.80<br> %<br>| &nbsp;&nbsp;&nbsp; (4.53)%<br>| &nbsp;&nbsp;&nbsp; (22.59)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 52.19<br> %<br>|
| **Ratios to Average Net Assets**<sup>(d)</sup> <br>|  |  |  |  |  |
| Total expenses | 1.23<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.36<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.81<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.81<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.81<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.81<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.81<br> %<br>|
| Net investment income | 2.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.63<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.36<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $36911 | &nbsp;&nbsp;&nbsp; $80809 | &nbsp;&nbsp;&nbsp; $73416 | &nbsp;&nbsp;&nbsp; $126023 | &nbsp;&nbsp;&nbsp; $150108 |
| Portfolio turnover rate | &nbsp;&nbsp; 274<br> %<br>| &nbsp;&nbsp;&nbsp; 162<br> %<br>| &nbsp;&nbsp;&nbsp; 159<br> %<br>| &nbsp;&nbsp;&nbsp; 183<br> %<br>| &nbsp;&nbsp;&nbsp; 180 %<sup>(e)</sup><br>|

---

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

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(d)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(e)</sup> Excludes underlying investments in total return swaps.

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | BlackRock Global Equity Market Neutral Fund | BlackRock Global Equity Market Neutral Fund | BlackRock Global Equity Market Neutral Fund | BlackRock Global Equity Market Neutral Fund | BlackRock Global Equity Market Neutral Fund |
|  | Institutional | Institutional | Institutional | Institutional | Institutional |
|  | Year Ended <br>04/30/25 | &nbsp;&nbsp; Year Ended <br>04/30/24 | &nbsp;&nbsp; Year Ended <br>04/30/23 | &nbsp;&nbsp; Year Ended <br>04/30/22 | &nbsp;&nbsp; Year Ended <br>04/30/21 |
|  | Year Ended <br>04/30/25 | &nbsp;&nbsp; Year Ended <br>04/30/24 | &nbsp;&nbsp; Year Ended <br>04/30/23 | &nbsp;&nbsp; Year Ended <br>04/30/22 | &nbsp;&nbsp; Year Ended <br>04/30/21 |
| **Net asset value, beginning of year** | &nbsp;&nbsp; $14.02 | &nbsp;&nbsp;&nbsp; $12.19 | &nbsp;&nbsp;&nbsp; $11.49 | &nbsp;&nbsp;&nbsp; $11.98 | &nbsp;&nbsp;&nbsp; $11.42 |
| Net investment income (loss)<sup>(a)</sup> | 0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp;&nbsp; (0.17)<br>|
| Net realized and unrealized gain (loss) | 1.76 | &nbsp;&nbsp;&nbsp;&nbsp;2.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.76 |
| Net increase (decrease) from investment operations | 2.21 | &nbsp;&nbsp;&nbsp;&nbsp;2.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.59 |
| **Distributions**<sup>(b)</sup> <br>|  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (1.79)<br>| &nbsp;&nbsp;&nbsp; (0.94)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| From net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp; (0.03)<br>|
| Total distributions | &nbsp;&nbsp; (1.79)<br>| &nbsp;&nbsp;&nbsp; (0.94)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp; (0.03)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $14.44 | &nbsp;&nbsp;&nbsp; $14.02 | &nbsp;&nbsp;&nbsp; $12.19 | &nbsp;&nbsp;&nbsp; $11.49 | &nbsp;&nbsp;&nbsp; $11.98 |
| **Total Return**<sup>(c)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 16.96<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 23.64<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.09<br> %<br>| &nbsp;&nbsp;&nbsp; (2.94 )%<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.21 %<sup>(e)</sup><br>|
| **Ratios to Average Net Assets**<sup>(f)</sup> <br>|  |  |  |  |  |
| Total expenses | 1.42<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.54<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.58<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.82<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 1.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.57<br> %<br>|
| Net investment income (loss) | 3.22<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.61<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.24<br> %<br>| &nbsp;&nbsp;&nbsp; (1.29)%<br>| &nbsp;&nbsp;&nbsp; (1.49)%<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $3748126 | &nbsp;&nbsp;&nbsp; $1502122 | &nbsp;&nbsp;&nbsp; $565027 | &nbsp;&nbsp;&nbsp; $565502 | &nbsp;&nbsp;&nbsp; $459420 |
| Portfolio turnover rate<sup>(g)</sup> | &nbsp;&nbsp; 44<br> %<br>| &nbsp;&nbsp;&nbsp; 27<br> %<br>| &nbsp;&nbsp;&nbsp; 79<br> %<br>| &nbsp;&nbsp;&nbsp; 31<br> %<br>| &nbsp;&nbsp;&nbsp; 43<br> %<br>|

---

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

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(d)</sup> Includes payment from an affiliate, which had no impact on the Fund's total return.

<sup>(e)</sup> Includes payments from an affiliate, which impacted the Fund's total return. Excluding the payments, the Fund's total return would have been 5.12%.

<sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(g)</sup> Excludes underlying investments in total return swaps.

*See notes to financial statements.*

2025 BlackRock Annual Financial Statements and Additional Information

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | BlackRock Global Equity Market Neutral Fund (continued) | BlackRock Global Equity Market Neutral Fund (continued) | BlackRock Global Equity Market Neutral Fund (continued) | BlackRock Global Equity Market Neutral Fund (continued) | BlackRock Global Equity Market Neutral Fund (continued) |
|  | Investor A | Investor A | Investor A | Investor A | Investor A |
|  | Year Ended <br>04/30/25 | &nbsp;&nbsp; Year Ended <br>04/30/24 | &nbsp;&nbsp; Year Ended <br>04/30/23 | &nbsp;&nbsp; Year Ended <br>04/30/22 | &nbsp;&nbsp; Year Ended <br>04/30/21 |
|  | Year Ended <br>04/30/25 | &nbsp;&nbsp; Year Ended <br>04/30/24 | &nbsp;&nbsp; Year Ended <br>04/30/23 | &nbsp;&nbsp; Year Ended <br>04/30/22 | &nbsp;&nbsp; Year Ended <br>04/30/21 |
| **Net asset value, beginning of year** | &nbsp;&nbsp; $13.77 | &nbsp;&nbsp;&nbsp; $11.96 | &nbsp;&nbsp;&nbsp; $11.30 | &nbsp;&nbsp;&nbsp; $11.82 | &nbsp;&nbsp;&nbsp; $11.27 |
| Net investment income (loss)<sup>(a)</sup> | 0.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp;&nbsp; (0.20)<br>|
| Net realized and unrealized gain (loss) | 1.72 | &nbsp;&nbsp;&nbsp;&nbsp;2.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.75 |
| Net increase (decrease) from investment operations | 2.13 | &nbsp;&nbsp;&nbsp;&nbsp;2.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.55 |
| **Distributions**<sup>(b)</sup> <br>|  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (1.77)<br>| &nbsp;&nbsp;&nbsp; (0.89)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| From net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp; (0.00 )<sup>(c)</sup><br>|
| Total distributions | &nbsp;&nbsp; (1.77)<br>| &nbsp;&nbsp;&nbsp; (0.89)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp; (0.00)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $14.13 | &nbsp;&nbsp;&nbsp; $13.77 | &nbsp;&nbsp;&nbsp; $11.96 | &nbsp;&nbsp;&nbsp; $11.30 | &nbsp;&nbsp;&nbsp; $11.82 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 16.66<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 23.42<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.84<br> %<br>| &nbsp;&nbsp;&nbsp; (3.23 )%<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.92 %<sup>(f)</sup><br>|
| **Ratios to Average Net Assets**<sup>(g)</sup> <br>|  |  |  |  |  |
| Total expenses | 1.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.79<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.83<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.86<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.07<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 1.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.61<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.82<br> %<br>|
| Net investment income (loss) | 2.97<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> %<br>| &nbsp;&nbsp;&nbsp; (1.54)%<br>| &nbsp;&nbsp;&nbsp; (1.75)%<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $339098 | &nbsp;&nbsp;&nbsp; $118392 | &nbsp;&nbsp;&nbsp; $22462 | &nbsp;&nbsp;&nbsp; $25229 | &nbsp;&nbsp;&nbsp; $23390 |
| Portfolio turnover rate<sup>(h)</sup> | &nbsp;&nbsp; 44<br> %<br>| &nbsp;&nbsp;&nbsp; 27<br> %<br>| &nbsp;&nbsp;&nbsp; 79<br> %<br>| &nbsp;&nbsp;&nbsp; 31<br> %<br>| &nbsp;&nbsp;&nbsp; 43<br> %<br>|

---

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

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> Amount is greater than $(0.005) per share.

<sup>(d)</sup> Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.

<sup>(e)</sup> Includes payment from an affiliate, which had no impact on the Fund's total return.

<sup>(f)</sup> Includes payments received from an affiliate, which impacted the Fund's total return. Excluding the payments, the Fund's total return would have been 4.83%.

<sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(h)</sup> Excludes underlying investments in total return swaps.

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | BlackRock Global Equity Market Neutral Fund (continued) | BlackRock Global Equity Market Neutral Fund (continued) | BlackRock Global Equity Market Neutral Fund (continued) | BlackRock Global Equity Market Neutral Fund (continued) | BlackRock Global Equity Market Neutral Fund (continued) |
|  | Investor C | Investor C | Investor C | Investor C | Investor C |
|  | Year Ended <br>04/30/25 | &nbsp;&nbsp; Year Ended <br>04/30/24 | &nbsp;&nbsp; Year Ended <br>04/30/23 | &nbsp;&nbsp; Year Ended <br>04/30/22 | &nbsp;&nbsp; Year Ended <br>04/30/21 |
|  | Year Ended <br>04/30/25 | &nbsp;&nbsp; Year Ended <br>04/30/24 | &nbsp;&nbsp; Year Ended <br>04/30/23 | &nbsp;&nbsp; Year Ended <br>04/30/22 | &nbsp;&nbsp; Year Ended <br>04/30/21 |
| **Net asset value, beginning of year** | &nbsp;&nbsp; $12.77 | &nbsp;&nbsp;&nbsp; $11.18 | &nbsp;&nbsp;&nbsp; $10.64 | &nbsp;&nbsp;&nbsp; $11.22 | &nbsp;&nbsp;&nbsp; $10.77 |
| Net investment income (loss)<sup>(a)</sup> | 0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp;&nbsp; (0.27)<br>|
| Net realized and unrealized gain (loss) | 1.53 | &nbsp;&nbsp;&nbsp;&nbsp;2.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.72 |
| Net increase (decrease) from investment operations | 1.88 | &nbsp;&nbsp;&nbsp;&nbsp;2.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.45 |
| **Distributions**<sup>(b)</sup> <br>|  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (1.67)<br>| &nbsp;&nbsp;&nbsp; (0.82)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| From net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (1.67)<br>| &nbsp;&nbsp;&nbsp; (0.82)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp; — |
| **Net asset value, end of year** | &nbsp;&nbsp; $12.98 | &nbsp;&nbsp;&nbsp; $12.77 | &nbsp;&nbsp;&nbsp; $11.18 | &nbsp;&nbsp;&nbsp; $10.64 | &nbsp;&nbsp;&nbsp; $11.22 |
| **Total Return**<sup>(c)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 15.87<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 22.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.08<br> %<br>| &nbsp;&nbsp;&nbsp; (3.95 )%<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.18 %<sup>(e)</sup><br>|
| **Ratios to Average Net Assets**<sup>(f)</sup> <br>|  |  |  |  |  |
| Total expenses | 2.37<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.51<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.63<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.64<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.86<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 2.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.57<br> %<br>|
| Net investment income (loss) | 2.79<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.88<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp; (2.30)%<br>| &nbsp;&nbsp;&nbsp; (2.44)%<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $14265 | &nbsp;&nbsp;&nbsp; $9786 | &nbsp;&nbsp;&nbsp; $5281 | &nbsp;&nbsp;&nbsp; $4386 | &nbsp;&nbsp;&nbsp; $6817 |
| Portfolio turnover rate<sup>(g)</sup> | &nbsp;&nbsp; 44<br> %<br>| &nbsp;&nbsp;&nbsp; 27<br> %<br>| &nbsp;&nbsp;&nbsp; 79<br> %<br>| &nbsp;&nbsp;&nbsp; 31<br> %<br>| &nbsp;&nbsp;&nbsp; 43<br> %<br>|

---

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

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.

<sup>(d)</sup> Includes payment from an affiliate, which had no impact on the Fund's total return.

<sup>(e)</sup> Includes payments received from an affiliate, which impacted the Fund's total return. Excluding the payments, the Fund's total return would have been 4.09%.

<sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(g)</sup> Excludes underlying investments in total return swaps.

*See notes to financial statements.*

2025 BlackRock Annual Financial Statements and Additional Information

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | BlackRock Global Equity Market Neutral Fund (continued) | BlackRock Global Equity Market Neutral Fund (continued) | BlackRock Global Equity Market Neutral Fund (continued) | BlackRock Global Equity Market Neutral Fund (continued) | BlackRock Global Equity Market Neutral Fund (continued) |
|  | Class K | Class K | Class K | Class K | Class K |
|  | Year Ended <br>04/30/25 | &nbsp;&nbsp; Year Ended <br>04/30/24 | &nbsp;&nbsp; Year Ended <br>04/30/23 | &nbsp;&nbsp; Year Ended <br>04/30/22 | &nbsp;&nbsp; Year Ended <br>04/30/21 |
|  | Year Ended <br>04/30/25 | &nbsp;&nbsp; Year Ended <br>04/30/24 | &nbsp;&nbsp; Year Ended <br>04/30/23 | &nbsp;&nbsp; Year Ended <br>04/30/22 | &nbsp;&nbsp; Year Ended <br>04/30/21 |
| **Net asset value, beginning of year** | &nbsp;&nbsp; $14.06 | &nbsp;&nbsp;&nbsp; $12.23 | &nbsp;&nbsp;&nbsp; $11.52 | &nbsp;&nbsp;&nbsp; $12.00 | &nbsp;&nbsp;&nbsp; $11.44 |
| Net investment income (loss)<sup>(a)</sup> | 0.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp; (0.25)<br>|
| Net realized and unrealized gain (loss) | 1.83 | &nbsp;&nbsp;&nbsp;&nbsp;2.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.85 |
| Net increase (decrease) from investment operations | 2.23 | &nbsp;&nbsp;&nbsp;&nbsp;2.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.60 |
| **Distributions**<sup>(b)</sup> <br>|  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (1.80)<br>| &nbsp;&nbsp;&nbsp; (0.95)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| From net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp; (0.04)<br>|
| Total distributions | &nbsp;&nbsp; (1.80)<br>| &nbsp;&nbsp;&nbsp; (0.95)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp; (0.04)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $14.49 | &nbsp;&nbsp;&nbsp; $14.06 | &nbsp;&nbsp;&nbsp; $12.23 | &nbsp;&nbsp;&nbsp; $11.52 | &nbsp;&nbsp;&nbsp; $12.00 |
| **Total Return**<sup>(c)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 17.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 23.66<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.16<br> %<br>| &nbsp;&nbsp;&nbsp; (2.85 )%<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.24 %<sup>(d)</sup><br>|
| **Ratios to Average Net Assets**<sup>(e)</sup> <br>|  |  |  |  |  |
| Total expenses | 1.31<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.44<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.51<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.77<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 1.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.31<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.52<br> %<br>|
| Net investment income (loss) | 2.83<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.89<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.59<br> %<br>| &nbsp;&nbsp;&nbsp; (1.24)%<br>| &nbsp;&nbsp;&nbsp; (2.07)%<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $677547 | &nbsp;&nbsp;&nbsp; $216669 | &nbsp;&nbsp;&nbsp; $123399 | &nbsp;&nbsp;&nbsp; $7080 | &nbsp;&nbsp;&nbsp; $5151 |
| Portfolio turnover rate<sup>(f)</sup> | &nbsp;&nbsp; 44<br> %<br>| &nbsp;&nbsp;&nbsp; 27<br> %<br>| &nbsp;&nbsp;&nbsp; 79<br> %<br>| &nbsp;&nbsp;&nbsp; 31<br> %<br>| &nbsp;&nbsp;&nbsp; 43<br> %<br>|

---

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

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(d)</sup> Includes payment from an affiliate, which had no impact on the Fund's total return.

<sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(f)</sup> Excludes underlying investments in total return swaps.

*See notes to financial statements.*

Financial Highlights

------

Notes to Financial Statements

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

***1.*** ***ORGANIZATION***

BlackRock Funds<sup>SM</sup> (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust is organized as a Massachusetts business trust. The following, each of which is a series of the Trust, are referred to herein collectively as the "Funds" or individually as a "Fund":

---

| | | |
|:---|:---|:---|
| *Fund Name*  | *Herein Referred To As*  | &nbsp;&nbsp; *Diversification* <br>*Classification* <br>|
| BlackRock Advantage Emerging Markets Fund | Advantage Emerging Markets | Diversified |
| BlackRock Global Equity Market Neutral Fund | Global Equity Market Neutral | Diversified |

---

Each Fund offers multiple classes of shares. All classes of shares have identical voting, dividend, liquidation and other rights and are subject to the same terms and conditions, except that certain classes bear expenses related to the shareholder servicing and distribution of such shares. Institutional and Class K Shares are sold without a sales charge and only to certain eligible investors. Investor A and Investor C Shares bear certain expenses related to shareholder servicing of such shares, and Investor C Shares also bear certain expenses related to the distribution of such shares. Investor A and Investor C Shares are generally available through financial intermediaries. Each class has exclusive voting rights with respect to matters relating to its shareholder servicing and distribution expenditures (except that Investor C shareholders may vote on material changes to the Investor A Shares distribution and service plan).

---

| | | | |
|:---|:---|:---|:---|
| *Share Class* | *Initial Sales Charge* | *CDSC* | *Conversion Privilege* |
| Institutional and Class K Shares | No | No |  |
| Investor A Shares | Yes | No<sup>(a)</sup> |  |
| Investor C Shares | No | Yes<sup>(b)</sup> | To Investor A Shares after approximately 8 years |

---

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

<sup>(a)</sup> Investor A Shares may be subject to a contingent deferred sales charge ("CDSC") for certain redemptions where no initial sales charge was paid at the time of purchase.

<sup>(b)</sup> A CDSC of 1.00% is assessed on certain redemptions of Investor C Shares made within one year after purchase.

The Funds, together with certain other registered investment companies advised by BlackRock Advisors, LLC (the "Manager") or its affiliates, are included in a complex of funds referred to as the BlackRock Multi-Asset Complex.

***2.*** ***SIGNIFICANT ACCOUNTING POLICIES*** 

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

**Investment Transactions and Income Recognition:** For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend dates. Non-cash dividends, if any, are recorded on the ex-dividend dates at fair value. Dividends from foreign securities where the ex-dividend dates may have passed are subsequently recorded when the Funds are informed of the ex-dividend dates. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis. Income, expenses and realized and unrealized gains and losses are allocated daily to each class based on its relative net assets.

**Foreign Currency Translation:** Each Fund's books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates determined as of the close of trading on the New York Stock Exchange ("NYSE"). Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

**Foreign Taxes:** The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as "Foreign taxes withheld", and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of April 30, 2025, if any, are disclosed in the Statements of Assets and Liabilities.

2025 BlackRock Annual Financial Statements and Additional Information

------

Notes to Financial Statements (continued)

The Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction's applicable laws, payment history and market convention. The Statements of Operations include tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

**Cash:** The Funds may maintain cash at their custodian which, at times may exceed United States federally insured limits. The Funds may, at times, have outstanding cash disbursements that exceed deposited cash amounts at the custodian during the reporting period. The Funds are obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the Statements of Operations.

**Collateralization:** If required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.

**Distributions:** Distributions paid by the Funds are recorded on the ex-dividend dates. Distributions of capital gains are recorded on the ex-dividend dates and made at least annually. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

**Indemnifications:** In the normal course of business, a Fund enters into contracts that contain a variety of representations that provide general indemnification. A Fund's maximum exposure under these arrangements is unknown because it involves future potential claims against a Fund, which cannot be predicted with any certainty.

**Other:** Expenses directly related to a Fund or its classes are charged to that Fund or the applicable class. Expenses directly related to the Funds and other shared expenses prorated to the Funds are allocated daily to each class based on their relative net assets or other appropriate methods. Other operating expenses shared by several funds, including other funds managed by the Manager, are prorated among those funds on the basis of relative net assets or other appropriate methods.

**Segment Reporting:** The Funds adopted Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures ("ASU 2023-07") during the period. The Funds' adoption of the new standard impacted financial statement disclosures only and did not affect each Fund's financial position or results of operations.

The Chief Financial Officer acts as the Funds' Chief Operating Decision Maker ("CODM') and is responsible for assessing performance and allocating resources with respect to each Fund. The CODM has concluded that each Fund operates as a single operating segment since each Fund has a single investment strategy as disclosed in their prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within the Funds' financial statements.

***3.*** ***INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS***

**Investment Valuation Policies:** Each Fund's investments are valued at fair value (also referred to as "market value" within the financial statements) each day that the Fund is open for business and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Trustees of each Fund (the "Board") has approved the designation of each Fund's Manager as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under the Manager's policies. If a security's market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with the Manager's policies and procedures as reflecting fair value. The Manager has formed a committee (the "Valuation Committee") to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

**Fair Value Inputs and Methodologies:** The following methods and inputs are used to establish the fair value of each Fund's assets and liabilities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Equity investments traded on a recognized securities exchange are valued at that day's official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day may be valued at the last trade or last available bid (long positions) or ask (short positions) price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Fixed-income investments for which market quotations are readily available are generally valued using the last available bid price provided by independent dealers or third-party pricing services. Pricing services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots of securities in certain asset classes may trade at lower prices than institutional round lots, and the value ultimately realized when the securities are sold could differ from the prices used by a fund. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data (e.g., recent representative bids and offers), market data, credit quality information,perceived market movements, news, and other relevant information. Certain fixed-income securities, including asset-backed and mortgage related securities may be valued based on valuation models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. The amortized cost method of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity unless the Manager determines such method does not represent fair value.

&nbsp;&nbsp;&nbsp;&nbsp;•Investments in open-end U.S. mutual funds (including money market funds) are valued at that day's net asset value ("NAV").

&nbsp;&nbsp;&nbsp;&nbsp;•Futures contracts are valued based on that day's last reported settlement or trade price on the exchange where the contract is traded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Forward foreign currency exchange contracts are valued at the mean between the bid and ask prices and are determined as of the close of trading on the NYSE based on that day's prevailing forward exchange rate for the underlying currencies.

Notes to Financial Statements

------

Notes to Financial Statements (continued)

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Interest rate, credit default, inflation and currency swap agreements are valued utilizing quotes received daily by independent pricing services or through brokers, which are derived using daily swap curves and models that incorporate market data and discounted cash flows. Total return swap agreements are valued utilizing quotes received daily by independent pricing services or through brokers, which are derived using models that incorporate market trades and fair value of the underlying reference instruments.

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the NYSE. Each business day, the Funds use current market factors supplied by independent pricing services to value certain foreign instruments ("Systematic Fair Value Price"). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which occurs after the close of the local markets.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee in accordance with the Manager's policies and procedures as reflecting fair value ("Fair Valued Investments"). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm's-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement as of the measurement date.

For investments in equity or debt issued by privately held companies or funds ("Private Company" or collectively, the "Private Companies") and other Fair Valued Investments, the fair valuation approaches that are used by the Valuation Committee and third-party pricing services utilized by the Valuation Committee include one or a combination of, but not limited to, the following inputs:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) recent market transactions, including secondary market transactions, merger or acquisition activity and subsequent rounds of financing in the underlying investment or comparable issuers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) recapitalizations and other transactions across the capital structure

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) market or relevant indices multiples of comparable issuers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) future cash flows discounted to present and adjusted as appropriate for liquidity, credit, and/or market risks

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) quoted prices for similar investments or assets in active markets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) other risk factors, such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, recovery rates, liquidation amounts and/or default rates

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) audited or unaudited financial statements, investor communications and Private Company financial or operational metrics

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) relevant market news and other public sources.

Investments in series of preferred stock issued by Private Companies are typically valued utilizing a market approach to determine the enterprise value of the company. Such investments often contain rights and preferences that differ from other series of preferred and common stock of the same issuer. Enterprise valuation techniques such as an option pricing model ("OPM"), a probability weighted expected return model ("PWERM"), current value method or a hybrid of those techniques are used as deemed appropriate under the circumstances. The use of these valuation techniques involves a determination of the exit scenarios of the investment in order to appropriately allocate the enterprise value of the company among the various parts of its capital structure.

Private Companies are not subject to public company disclosure, timing, and reporting standards applicable to other investments held by a Fund. Certain information made available by a Private Company is as of a date that is earlier than the date a Fund is calculating its NAV. This factor may result in a difference between the value of the investment and the price a Fund could receive upon the sale of the investment.

**Fair Value Hierarchy:** 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 each 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 Private Companies that may

2025 BlackRock Annual Financial Statements and Additional Information

------

Notes to Financial Statements (continued)

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.

***4.*** ***SECURITIES AND OTHER INVESTMENTS***

**Preferred Stocks:** Preferred stock has a preference over common stock in liquidation (and generally in receiving dividends as well), but is subordinated to the liabilities of the issuer in all respects. As a general rule, the market value of preferred stock with a fixed dividend rate and no conversion element varies inversely with interest rates and perceived credit risk, while the market price of convertible preferred stock generally also reflects some element of conversion value. Because preferred stock is junior to debt securities and other obligations of the issuer, deterioration in the credit quality of the issuer will cause greater changes in the value of a preferred stock than in a more senior debt security with similar stated yield characteristics. Unlike interest payments on debt securities, preferred stock dividends are payable only if declared by the issuer's board of directors. Preferred stock also may be subject to optional or mandatory redemption provisions.

**Securities Lending:** Certain Funds may lend their securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Funds collateral consisting of cash, an irrevocable letter of credit issued by a bank, or securities issued or guaranteed by the U.S. Government. The initial collateral received by each Fund is required to have a value of at least 102% of the current value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current market value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund, or excess collateral returned by the Fund, on the next business day. During the term of the loan, the Funds are entitled to all distributions made on or in respect of the loaned securities, but do not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested by the securities lending agent, BlackRock Investment Management, LLC ("BIM"), if any, is disclosed in the Schedules of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are disclosed in the Funds' Schedules of Investments. The market value of any securities on loan and the value of related collateral, if any, are shown separately in the Statements of Assets and Liabilities as a component of investments at value – unaffiliated and collateral on securities loaned, respectively.

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an "MSLA"), which provide the right, in the event of default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty's bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties' obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party's net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

As of period end, the following table is a summary of the Funds' securities on loan by counterparty which are subject to offset under an MSLA:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Fund Name/Counterparty* | *Securities* <br>*Loaned at Value*<br>| *Cash Collateral* <br>*Received*<sup>(a)</sup> <br>| *Non-Cash Collateral* <br>*Received, at Fair Value*<sup>(a)</sup> <br>| *Net* <br>*Amount*<br>|
| Advantage Emerging Markets |  |  |  |  |
| J.P. Morgan Securities LLC | &nbsp;&nbsp; $39291 | &nbsp;&nbsp; $(39291)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| SG Americas Securities LLC | &nbsp;&nbsp; 107536 | &nbsp;&nbsp; (107536)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $146827 | &nbsp;&nbsp; $(146827)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |

---

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

<sup>(a)</sup> Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund's Statements of Assets and Liabilities. 

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BIM. BIM's indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value on the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.

***5.*** ***DERIVATIVE FINANCIAL INSTRUMENTS***

The Funds engage in various portfolio investment strategies using derivative contracts both to increase the returns of the Funds and/or to manage their exposure to certain risks such as credit risk, equity risk, interest rate risk, foreign currency exchange rate risk, commodity price risk or other risks (e.g., inflation risk). Derivative financial instruments categorized by risk exposure are included in the Schedules of Investments. These contracts may be transacted on an exchange or OTC.

**Futures Contracts:** Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).

Notes to Financial Statements

------

Notes to Financial Statements (continued)

Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract's size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.

Securities deposited as initial margin are designated in the Schedules of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statements of Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract ("variation margin"). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

**Forward Foreign Currency Exchange Contracts**: Forward foreign currency exchange contracts are entered into to gain or reduce exposure to foreign currencies (foreign currency exchange rate risk).

A forward foreign currency exchange contract is an agreement between two parties to buy and sell a currency at a set exchange rate on a specified date. These contracts help to manage the overall exposure to the currencies in which some of the investments held by the Funds are denominated and in some cases, may be used to obtain exposure to a particular market. The contracts are traded OTC and not on an organized exchange.

The contract is marked-to-market daily and the change in market value is recorded as unrealized appreciation (depreciation) in the Statements of Assets and Liabilities. When a contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the value at the time it was opened and the value at the time it was closed. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency. The use of forward foreign currency exchange contracts involves the risk that the value of a forward foreign currency exchange contract changes unfavorably due to movements in the value of the referenced foreign currencies, and such value may exceed the amount(s) reflected in the Statements of Assets and Liabilities. Cash amounts pledged for forward foreign currency exchange contracts are considered restricted and are included in cash pledged as collateral for OTC derivatives in the Statements of Assets and Liabilities. The Fund's risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund.

**Options:** The Funds may purchase and write call and put options to increase or decrease their exposure to the risks of underlying instruments, including equity risk, interest rate risk and/or commodity price risk and/or, in the case of options written, to generate gains from options premiums.

A call option gives the purchaser (holder) of the option the right (but not the obligation) to buy, and obligates the seller (writer) to sell (when the option is exercised) the underlying instrument at the exercise or strike price at any time or at a specified time during the option period. A put option gives the holder the right to sell and obligates the writer to buy the underlying instrument at the exercise or strike price at any time or at a specified time during the option period.

Premiums paid on options purchased and premiums received on options written, as well as the daily fluctuation in market value, are included in investments at value – unaffiliated and options written at value, respectively, in the Statements of Assets and Liabilities. When an instrument is purchased or sold through the exercise of an option, the premium is offset against the cost or proceeds of the underlying instrument. When an option expires, a realized gain or loss is recorded in the Statements of Operations to the extent of the premiums received or paid. When an option is closed or sold, a gain or loss is recorded in the Statements of Operations to the extent the cost of the closing transaction exceeds the premiums received or paid. When the Funds write a call option, such option is typically "covered," meaning that they hold the underlying instrument subject to being called by the option counterparty. When the Funds write a put option, cash is segregated in an amount sufficient to cover the obligation. These amounts, which are considered restricted, are included in cash pledged as collateral for options written in the Statements of Assets and Liabilities.

In purchasing and writing options, the Funds bear the risk of an unfavorable change in the value of the underlying instrument or the risk that they may not be able to enter into a closing transaction due to an illiquid market. Exercise of a written option could result in the Funds purchasing or selling a security when they otherwise would not, or at a price different from the current market value.

**Swaps:** Swap contracts are entered into to manage exposure to issuers, markets and securities. Such contracts are agreements between the Funds and a counterparty to make periodic net payments on a specified notional amount or a net payment upon termination. Swap agreements are privately negotiated in the OTC market and may be entered into as a bilateral contract ("OTC swaps") or centrally cleared ("centrally cleared swaps").

For OTC swaps, any upfront premiums paid and any upfront fees received are shown as swap premiums paid and swap premiums received, respectively, in the Statements of Assets and Liabilities and amortized over the term of the contract. The daily fluctuation in market value is recorded as unrealized appreciation (depreciation) on OTC swaps in the Statements of Assets and Liabilities. Payments received or paid are recorded in the Statements of Operations as realized gains or losses, respectively. When an OTC swap is terminated, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the proceeds from (or cost of) the closing transaction and the Funds' basis in the contract, if any. Generally, the basis of the contract is the premium received or paid.

In a centrally cleared swap, immediately following execution of the swap contract, the swap contract is novated to a central counterparty (the "CCP") and the CCP becomes the Funds' counterparty on the swap. Each Fund is required to interface with the CCP through the broker. Upon entering into a centrally cleared swap, each Fund is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap. Securities deposited as initial margin are designated in the Schedules of Investments and cash deposited is shown as cash pledged for centrally cleared swaps in the Statements of Assets and Liabilities. Amounts pledged, which are considered restricted cash, are included in cash pledged for centrally cleared swaps in the Statements of Assets and Liabilities. Pursuant to the contract, each Fund agrees to receive from or pay to the broker variation margin. Variation margin is recorded as unrealized appreciation (depreciation) and shown as variation margin receivable (or payable) on centrally cleared swaps in the Statements of Assets and Liabilities. Payments received from (paid to) the counterparty are amortized over the term of the contract and recorded as realized gains (losses) in the Statements of Operations, including those at termination.

2025 BlackRock Annual Financial Statements and Additional Information

------

Notes to Financial Statements (continued)

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Total return swaps — Total return swaps are entered into to obtain exposure to a security or market without owning such security or investing directly in such market or to exchange the risk/return of one security or market (e.g., fixed-income) with another security or market (e.g., equity or commodity prices) (equity risk, commodity price risk and/or interest rate risk).

Total return swaps are agreements in which there is an exchange of cash flows whereby one party commits to make payments based on the total return (distributions plus capital gains/losses) of an underlying instrument, or basket of underlying instruments, in exchange for fixed or floating rate interest payments. If the total return of the instrument(s) or index underlying the transaction exceeds or falls short of the offsetting fixed or floating interest rate obligation, the Funds receive payment from or make a payment to the counterparty.

Certain total return swaps are designed to function as a portfolio of direct investments in long and short equity positions. This means that the Fund has the ability to trade in and out of these long and short positions within the swap and will receive the economic benefits and risks equivalent to direct investment in these positions, subject to certain adjustments due to events related to the counterparty. Benefits and risks include capital appreciation (depreciation), corporate actions and dividends received and paid, all of which are reflected in the swap's market value. The market value also includes interest charges and credits ("financing fees") related to the notional values of the long and short positions and cash balances within the swap. These interest charges and credits are based on a specified benchmark rate plus or minus a specified spread determined based upon the country and/or currency of the positions in the portfolio.

Positions within the swap and financing fees are reset periodically. During a reset, any unrealized appreciation (depreciation) on positions and accrued financing fees become available for cash settlement between the Funds and the counterparty. The amounts that are available for cash settlement are recorded as realized gains or losses in the Statements of Operations. Cash settlement in and out of the swap may occur at a reset date or any other date, at the discretion of the Funds and the counterparty, over the life of the agreement. Certain swaps have no stated expiration and can be terminated by either party at any time.

Swap transactions involve, to varying degrees, elements of interest rate, credit and market risks in excess of the amounts recognized in the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates and/or market values associated with these transactions.

**Master Netting Arrangements:** In order to define its contractual rights and to secure rights that will help it mitigate its counterparty risk, a Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments' payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.

**Collateral Requirements:** For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Funds and the counterparty.

Cash collateral that has been pledged to cover obligations of the Funds and cash collateral received from the counterparty, if any, is reported separately in the Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Funds, if any, is noted in the Schedules of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Funds. Any additional required collateral is delivered to/pledged by the Funds on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. A Fund generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Funds from the counterparties are not fully collateralized, each Fund bears the risk of loss from counterparty non-performance. Likewise, to the extent the Funds have delivered collateral to a counterparty and stand ready to perform under the terms of their agreement with such counterparty, each Fund bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.

For financial reporting purposes, the Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statements of Assets and Liabilities.

***6.*** ***INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES***

**Investment Advisory:** The Trust, on behalf of each Fund, entered into an Investment Advisory Agreement with the Manager, the Funds' investment adviser and an indirect, wholly-owned subsidiary of BlackRock, Inc. ("BlackRock"), to provide investment advisory services. The Manager is responsible for the management of each Fund's portfolio and provides the personnel, facilities, equipment and certain other services necessary to the operations of each Fund.

For such services, each Fund pays the Manager a monthly fee at an annual rate equal to the following percentages of the average daily value of each Fund's net assets:

---

| | | |
|:---|:---|:---|
|  | *Investment Advisory Fees* | *Investment Advisory Fees* |
| *Average Daily Net Assets* | *Advantage Emerging Markets* | *Global Equity Market Neutral* |
| First $1 billion | 0.80<br> % <br>| 1.25<br> % <br>|
| $1 billion — $3 billion | 0.75 | 1.18 |

---

Notes to Financial Statements

------

Notes to Financial Statements (continued)

---

| | | |
|:---|:---|:---|
|  | *Investment Advisory Fees* | *Investment Advisory Fees* |
| *Average Daily Net Assets* | *Advantage Emerging Markets* | *Global Equity Market Neutral* |
| $3 billion — $5 billion | 0.72<br> % <br>| 1.13<br> % <br>|
| $5 billion — $10 billion | 0.70 | 1.09 |
| Greater than $10 billion | 0.68 | 1.06 |

---

With respect to Global Equity Market Neutral, the Manager entered into a sub-advisory agreement with BlackRock International Limited ("BIL"), an affiliate of the Manager. The Manager pays BIL for services it provides for that portion of the Fund for which BIL acts as sub-adviser, a monthly fee that is equal to a percentage of the investment advisory fees paid by Global Equity Market Neutral to the Manager.

**Service and Distribution Fees:** The Trust, on behalf of each Fund, entered into a Distribution Agreement and a Distribution and Service Plan with BlackRock Investments, LLC ("BRIL"), an affiliate of the Manager. Pursuant to the Distribution and Service Plan and in accordance with Rule 12b-1 under the 1940 Act, each Fund pays BRIL ongoing service and distribution fees. The fees are accrued daily and paid monthly at annual rates based upon the average daily net assets of the relevant share class of each Fund as follows:

---

| | | |
|:---|:---|:---|
| *Share Class* | *Service Fees* | *Distribution Fees* |
| Investor A | 0.25<br> % <br>| &nbsp;&nbsp; N/A |
| Investor C | 0.25 | 0.75<br> % <br>|

---

BRIL and broker-dealers, pursuant to sub-agreements with BRIL, provide shareholder servicing and distribution services to the Funds. The ongoing service and/or distribution fee compensates/reimburses BRIL and each broker-dealer for providing shareholder servicing and/or distribution related services to shareholders.

For the year ended April 30, 2025, the following table shows the class specific service and distribution fees borne directly by each share class of each Fund:

---

| | | | |
|:---|:---|:---|:---|
| *Fund Name*  | *Investor A* | *Investor C* | *Total* |
| Advantage Emerging Markets | &nbsp;&nbsp; $9894 | &nbsp;&nbsp; $5761 | &nbsp;&nbsp; $15655 |
| Global Equity Market Neutral | &nbsp;&nbsp; 566488 | &nbsp;&nbsp; 112954 | &nbsp;&nbsp; 679442 |

---

**Administration:** The Trust, on behalf of each Fund, entered into an Administration Agreement with the Manager, an indirect, wholly-owned subsidiary of BlackRock, to provide administrative services. For these services, the Manager receives an administration fee computed daily and payable monthly, based on a percentage of the average daily net assets of each Fund. The administration fee, which is shown as administration in the Statements of Operations, is paid at the annual rates below.

---

| | |
|:---|:---|
| *Average Daily Net Assets* | *Administration Fees* |
| First $500 million | 0.0425<br> % <br>|
| $500 million — $1 billion | 0.0400 |
| $1 billion — $2 billion | 0.0375 |
| $2 billion — $4 billion | 0.0350 |
| $4 billion — $13 billion | 0.0325 |
| Greater than $13 billion | 0.0300 |

---

In addition, the Manager charges each of the share classes an administration fee, which is shown as administration – class specific in the Statements of Operations, at an annual rate of 0.02% of the average daily net assets of each respective class.

For the year ended April 30, 2025, the following table shows the class specific administration fees borne directly by each share class of each Fund:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Fund Name*  | *Institutional* | *Investor A* | *Investor C* | *Class K* | *Total* |
| Advantage Emerging Markets | &nbsp;&nbsp; $1046 | &nbsp;&nbsp; $791 | &nbsp;&nbsp; $115 | &nbsp;&nbsp; $20329 | &nbsp;&nbsp; $22281 |
| Global Equity Market Neutral | &nbsp;&nbsp; 448049 | &nbsp;&nbsp; 45319 | &nbsp;&nbsp; 2259 | &nbsp;&nbsp; 69496 | &nbsp;&nbsp; 565123 |

---

**Transfer Agent:** Pursuant to written agreements, certain financial intermediaries, some of which may be affiliates, provide the Funds with sub-accounting, recordkeeping, sub-transfer agency and other administrative services with respect to servicing of underlying investor accounts. For these services, these entities receive an asset-based fee or an annual fee per shareholder account, which will vary depending on share class and/or net assets. For the year ended April 30, 2025, the Funds did not pay any amounts to affiliates in return for these services.

The Manager maintains a call center that is responsible for providing certain shareholder services to the Funds. Shareholder services include responding to inquiries and processing purchases and sales based upon instructions from shareholders. For the year ended April 30, 2025, each Fund reimbursed the Manager the following amounts for costs incurred in running the call center, which are included in transfer agent — class specific in the Statements of Operations:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Fund Name*  | *Institutional* | *Investor A* | *Investor C* | *Class K* | *Total* |
| Advantage Emerging Markets | &nbsp;&nbsp; $183 | $845 | $136 | $275 | $1439 |
| Global Equity Market Neutral | &nbsp;&nbsp; 4241 | 1383 | 331 | 554 | 6509 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Notes to Financial Statements (continued)

For the year ended April 30, 2025, the following table shows the class specific transfer agent fees borne directly by each share class of each Fund:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Fund Name* | *Institutional* | *Investor A* | *Investor C* | *Class K* | *Total* |
| Advantage Emerging Markets | &nbsp;&nbsp; $5365 | $8217 | $1294 | $2738 | $17614 |
| Global Equity Market Neutral | &nbsp;&nbsp; 2318933 | 323161 | 6499 | 4532 | 2653125 |

---

**Other Fees:** For the year ended April 30, 2025, affiliates earned underwriting discounts, direct commissions and dealer concessions on sales of each Fund's Investor A Shares as follows:

---

| | |
|:---|:---|
| *Fund Name*  | *Investor A* |
| Advantage Emerging Markets | &nbsp;&nbsp; $393 |
| Global Equity Market Neutral | &nbsp;&nbsp; 12664 |

---

For the year ended April 30, 2025, affiliates received CDSCs as follows:

---

| | | |
|:---|:---|:---|
| *Fund Name*  | *Investor A* | *Investor C* |
| Advantage Emerging Markets | &nbsp;&nbsp; $— | &nbsp;&nbsp; $200 |
| Global Equity Market Neutral | &nbsp;&nbsp; 1483 | &nbsp;&nbsp; 9524 |

---

**Expense Limitations, Waivers and Reimbursements:** With respect to each Fund, the Manager contractually agreed to waive its investment advisory fees by the amount of investment advisory fees each Fund pays to the Manager indirectly through its investment in affiliated money market funds (the "affiliated money market fund waiver") through June 30, 2026. The contractual agreement may be terminated upon 90 days' notice by a majority of the trustees who are not "interested persons" of the Trust, as defined in the 1940 Act ("Independent Trustees"), or by a vote of a majority of the outstanding voting securities of a Fund. The amount of waivers and/or reimbursements of fees and expenses made pursuant to the expense limitation described below will be reduced by the amount of the affiliated money market fund waiver. These amounts are included in fees waived and/or reimbursed by the Manager in the Statements of Operations. For the year ended April 30, 2025, the amounts waived were as follows:

---

| | |
|:---|:---|
| *Fund Name* | *Fees Waived and/or Reimbursed* <br>*by the Manager*<br>|
| Advantage Emerging Markets | &nbsp;&nbsp; $5160 |
| Global Equity Market Neutral | &nbsp;&nbsp; 7453 |

---

The Manager has contractually agreed to waive its investment advisory fee with respect to any portion of each Fund's assets invested in affiliated equity and fixed-income mutual funds and affiliated exchange-traded funds that have a contractual management fee through June 30, 2026. The contractual agreement may be terminated upon 90 days' notice by a majority of the Independent Trustees, or by a vote of a majority of the outstanding voting securities of a Fund. For the year ended April 30, 2025, there were no fees waived by the Manager pursuant to this arrangement.

With respect to Advantage Emerging Markets, the Manager contractually agreed to waive and/or reimburse fees or expenses in order to limit other expenses ("expense limitation") through June 30, 2026. Other expenses include accounting, administration, transfer agency, custody, professional and registration fees and exclude dividend expense, interest expense, and certain other fund expenses that constitute extraordinary expenses not incurred in the ordinary course of the Fund's business. The expense limitations as a percentage of average daily net assets are as follows:

---

| | |
|:---|:---|
| *Fund Name/Share Class* | *Expense Limitation* |
| Advantage Emerging Markets |  |
| Institutional | 0.05<br> % <br>|
| Investor A | 0.10 |
| Investor C | 0.10 |
| Class K | 0.01 |

---

With respect to Global Equity Market Neutral, the Manager contractually agreed to waive and/or reimburse fees or expenses in order to limit expenses, excluding interest expense, dividend expense, tax expense, acquired fund fees and expenses, and certain other fund expenses, which constitute extraordinary expenses not incurred in the ordinary course of the Fund's business ("expense limitation"). The expense limitations as a percentage of average daily net assets are as follows:

---

| | |
|:---|:---|
| *Fund Name/Share Class* | *Expense Limitation* |
| Global Equity Market Neutral |  |
| Institutional | 1.34<br> % <br>|
| Investor A | 1.59 |
| Investor C | 2.34 |
| Class K | 1.29 |

---

The Manager has agreed not to reduce or discontinue the contractual expense limitations through June 30, 2026, unless approved by the Board, including a majority of the Independent Trustees, or by a vote of a majority of the outstanding voting securities of a Fund. For the year ended April 30, 2025, amounts included in the Statements of Operations were as follows:

---

| | |
|:---|:---|
| *Fund Name* | *Fees Waived and/or Reimbursed* <br>*by the Manager*<br>|
| Advantage Emerging Markets | &nbsp;&nbsp; $391073 |

---

Notes to Financial Statements

------

Notes to Financial Statements (continued)

---

| | |
|:---|:---|
| *Fund Name* | *Fees Waived and/or Reimbursed*<br> *by the Manager*<br>|
| Global Equity Market Neutral | &nbsp;&nbsp; $358905 |

---

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

---

| | |
|:---|:---|
| *Fund Name* | *Administration* <br>*Fees Waived*<br>|
| Advantage Emerging Markets | &nbsp;&nbsp; $47348 |

---

In addition, these amounts waived and/or reimbursed by the Manager are included in administration fees waived by the Manager — class specific and transfer agent fees waived and/or reimbursed by the Manager— class specific, respectively, in the Statements of Operations. For the year ended April 30, 2025, class specific expense waivers and/or reimbursements were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | *Administration Fees Waived by the Manager- Class Specific* | *Administration Fees Waived by the Manager- Class Specific* | *Administration Fees Waived by the Manager- Class Specific* | *Administration Fees Waived by the Manager- Class Specific* | *Administration Fees Waived by the Manager- Class Specific* |
| *Fund Name* | *Institutional* | *Investor A* | *Investor C* | *Class K* | *Total* |
| Advantage Emerging Markets | &nbsp;&nbsp; $1046 | &nbsp;&nbsp; $791 | &nbsp;&nbsp; $115 | &nbsp;&nbsp; $20329 | &nbsp;&nbsp; $22281 |
| Global Equity Market Neutral | &nbsp;&nbsp; 448049 | &nbsp;&nbsp; 45319 | &nbsp;&nbsp; 1560 | &nbsp;&nbsp; 32701 | &nbsp;&nbsp; 527629 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | *Transfer Agent Fees Waived and/or* <br>*Reimbursed by the Manager - Class Specific* | *Transfer Agent Fees Waived and/or* <br>*Reimbursed by the Manager - Class Specific* | *Transfer Agent Fees Waived and/or* <br>*Reimbursed by the Manager - Class Specific* | *Transfer Agent Fees Waived and/or* <br>*Reimbursed by the Manager - Class Specific* | *Transfer Agent Fees Waived and/or* <br>*Reimbursed by the Manager - Class Specific* |
| *Fund Name*  | *Institutional* | *Investor A* | *Investor C* | *Class K* | *Total* |
| Advantage Emerging Markets | &nbsp;&nbsp; $3273 | &nbsp;&nbsp; $4655 | &nbsp;&nbsp; $776 | &nbsp;&nbsp; $2736 | &nbsp;&nbsp; $11440 |
| Global Equity Market Neutral | &nbsp;&nbsp; 888189 | &nbsp;&nbsp; 177393 | &nbsp;&nbsp; 271 | &nbsp;&nbsp; 1647 | &nbsp;&nbsp; 1067500 |

---

**Securities Lending:** The U.S. Securities and Exchange Commission ("SEC") has issued an exemptive order which permits BIM, an affiliate of the Manager, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BIM bears all operational costs directly related to securities lending. The Funds are responsible for fees in connection with the investment of cash collateral received for securities on loan (the "collateral investment fees"). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional, managed by the Manager or its affiliates. However, BIM has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees the Funds bear to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been reinvested may impose a discretionary liquidity fee of up to 2% on all redemptions. Discretionary liquidity fees may be imposed or terminated at any time at the discretion of the board of directors of the money market fund, or its delegate, if it is determined that such fee would be, or would not be, respectively, in the best interest of the money market fund. Additionally, the money market fund will impose a mandatory liquidity fee if the money market fund's total net redemptions on a single day exceed 5% of the money market fund's net assets, unless the amount of the fee is less than 0.01% of the value of the shares redeemed. The money market fund will determine the size of the mandatory liquidity fee by making a good faith estimate of certain costs the money market fund would incur if it were to sell a pro rata amount of each security in the portfolio to satisfy the amount of net redemptions on that day. There is no limit to the size of a mandatory liquidity fee. If the money market fund cannot estimate the costs of selling a pro rata amount of each portfolio security in good faith and supported by data, it is required to apply a default liquidity fee of 1% on the value of shares redeemed on that day.

Securities lending income is generally equal to the total of income earned from the reinvestment of cash collateral (and excludes collateral investment fees), and any fees or other payments to and from borrowers of securities. Each Fund retains a portion of the securities lending income and remits the remaining portion to BIM as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, Advantage Emerging Markets retains 82% of securities lending income (which excludes collateral investment fees), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income earned across the BlackRock Multi-Asset Complex in a calendar year exceeds specified thresholds, Advantage Emerging Markets, pursuant to the securities lending agreement, will retain for the remainder of that calendar year securities lending income in an amount equal to 85% of securities lending income (which excludes collateral investment fees), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by each Fund is shown as securities lending income — affiliated — net in the Statements of Operations. For the year ended April 30, 2025, each Fund paid BIM the following amounts for securities lending agent services:

---

| | |
|:---|:---|
| *Fund Name*  | *Amounts* |
| Advantage Emerging Markets | &nbsp;&nbsp; $97 |

---

**Interfund Lending:** In accordance with an exemptive order (the "Order") from the SEC, each Fund participated in a joint lending and borrowing facility for temporary purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by each Fund's investment policies and restrictions. Effective March 3, 2025, the Interfund Lending Program was not renewed but remains available for renewal in the future.

During the period ended March 3, 2025, the Funds did not participate in the Interfund Lending Program.

**Trustees and Officers:** Certain trustees and/or officers of the Trust are directors and/or officers of BlackRock or its affiliates. The Funds reimburse the Manager for a portion of the compensation paid to the Trust's Chief Compliance Officer, which is included in Trustees and Officer in the Statements of Operations.

2025 BlackRock Annual Financial Statements and Additional Information

------

Notes to Financial Statements (continued)

**Other Transactions:** The Funds may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is due solely to having a common investment adviser, common officers, or common trustees. For the year ended April 30, 2025, the purchase and sale transactions and any net realized gains (losses) with affiliated funds in compliance with Rule 17a-7 under the 1940 Act were as follows:

---

| | | | |
|:---|:---|:---|:---|
| *Fund Name* | *Purchases* | *Sales* | &nbsp;&nbsp; *Net Realized* <br>*Gain (Loss)*<br>|
| Advantage Emerging Markets | &nbsp;&nbsp;&nbsp; $3684835 | &nbsp;&nbsp;&nbsp; $4000004 | &nbsp;&nbsp;&nbsp; $(327065)<br>|
| Global Equity Market Neutral | &nbsp;&nbsp;&nbsp; 52326680 | &nbsp;&nbsp;&nbsp; 52326680 | &nbsp;&nbsp;&nbsp; — |

---

***7.*** ***PURCHASES AND SALES*** 

For the year ended April 30, 2025, purchases and sales of investments, excluding short-term securities, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | U.S. Government Securities  | U.S. Government Securities  | Other Securities  | Other Securities  |
| *Fund Name*  | *Purchases* | *Sales* | *Purchases* | *Sales* |
| Advantage Emerging Markets | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $264877376 | &nbsp;&nbsp; $310080895 |
| Global Equity Market Neutral | &nbsp;&nbsp; 344373315 | &nbsp;&nbsp; 54715000 | &nbsp;&nbsp; 31304897 | &nbsp;&nbsp; 51623850 |

---

***8.*** ***INCOME TAX INFORMATION*** 

It is each Fund's policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

Each Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on each Fund's U.S. federal tax returns generally remains open for a period of three years after they are filed. The statutes of limitations on each Fund's state and local tax returns may remain open for an additional year depending upon the jurisdiction.

Management has analyzed tax laws and regulations and their application to the Funds as of April 30, 2025, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds' financial statements. Management's analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of the date of these financial statements, all of which are subject to change, possibly with retroactive effect which may impact the Funds' NAV.

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
| *Fund Name* | *Year Ended* <br>*04/30/25*<br>| &nbsp;&nbsp; *Year Ended* <br>*04/30/24*<br>|
| Advantage Emerging Markets |  |  |
| Ordinary income | &nbsp;&nbsp; $2161906 | &nbsp;&nbsp;&nbsp; $1729181 |
| Global Equity Market Neutral |  |  |
| Ordinary income | &nbsp;&nbsp; $300418307 | &nbsp;&nbsp;&nbsp; $77141356 |

---

As of April 30, 2025, the tax components of accumulated earnings (loss) were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Fund Name* | *Undistributed* <br>*Ordinary Income*<br>| *Non-Expiring* <br>*Capital Loss* <br>*Carryforwards*<sup>(a)</sup> <br>| *Net Unrealized* <br>*Gains (Losses)*<sup>(b)</sup> <br>| *Total* |
| Advantage Emerging Markets | &nbsp;&nbsp; $1463874 | &nbsp;&nbsp; $(38699125)<br>| &nbsp;&nbsp; $2631687 | &nbsp;&nbsp; $(34603564)<br>|
| Global Equity Market Neutral | &nbsp;&nbsp; 292742169 | &nbsp;&nbsp; — | &nbsp;&nbsp; 20117360 | &nbsp;&nbsp; 312859529 |

---

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

<sup>(a)</sup> Amounts available to offset future realized capital gains.

<sup>(b)</sup> The difference between book-basis and tax-basis net unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales, the realization for tax purposes of unrealized gains (losses) on certain futures and foreign currency exchange contracts, the realization for tax purposes of unrealized gains on investments in passive foreign investment companies, the accounting for swap agreements, the characterization of corporate actions and the realization for tax purposes of unrealized gains on constructive sales. 

During the year ended April 30, 2025, the Fund utilized the following amount of its capital loss carryforward:

---

| | |
|:---|:---|
| *Fund Name*  | *Utilized* |
| Global Equity Market Neutral | &nbsp;&nbsp; $6454537 |

---

Notes to Financial Statements

------

Notes to Financial Statements (continued)

As of April 30, 2025, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Fund Name* | *Tax Cost* | &nbsp;&nbsp; *Gross Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp; *Gross Unrealized* <br>*Depreciation*<br>| &nbsp;&nbsp; *Net Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Advantage Emerging Markets | &nbsp;&nbsp; $172591281 | &nbsp;&nbsp; $7538981 | &nbsp;&nbsp; $(4840239)<br>| &nbsp;&nbsp; $2698742 |
| Global Equity Market Neutral | &nbsp;&nbsp; 4732500560 | &nbsp;&nbsp; 794751786 | &nbsp;&nbsp; (773487980)<br>| &nbsp;&nbsp; 21263806 |

---

***9.*** ***BANK BORROWINGS*** 

The Trust, on behalf of each Fund, along with certain other funds managed by the Manager and its affiliates ("Participating Funds"), is party to a 364-day, $2.40 billion credit agreement with a group of lenders. Under this agreement, the Funds may borrow to fund shareholder redemptions. Excluding commitments designated for certain individual funds, the Participating Funds, including the Funds, can borrow up to an aggregate commitment amount of $1.75 billion at any time outstanding, subject to asset coverage and other limitations as specified in the agreement. The credit agreement has the following terms: a fee of 0.10% per annum on unused commitment amounts and interest at a rate equal to the higher of (a) Overnight Bank Funding Rate ("OBFR") (but, in any event, not less than 0.00%) on the date the loan is made plus 0.80% per annum, (b) the Fed Funds rate (but, in any event, not less than 0.00%) in effect from time to time plus 0.80% per annum on amounts borrowed or (c) the sum of (x) Daily Simple Secured Overnight Financing Rate ("SOFR") (but, in any event, not less than 0.00%) on the date the loan is made plus 0.10% and (y) 0.80% per annum. The agreement expires in April 2026 unless extended or renewed. These fees were allocated among such funds based upon portions of the aggregate commitment available to them and relative net assets of Participating Funds. During the year ended April 30, 2025, the Funds did not borrow under the credit agreement.

***10.*** ***PRINCIPAL RISKS*** 

In the normal course of business, the Funds invest in securities or other instruments and may enter into certain transactions, and such activities subject each Fund to various risks, including among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation, tariffs or international tax treaties between various countries; or (iv) currency, interest rate and price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund's prospectus provides details of the risks to which each Fund is subject.

The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to mandatory and discretionary liquidity fees under certain circumstances.

**Market Risk:** Investments in the securities of issuers domiciled in countries with emerging capital markets involve certain additional risks that do not generally apply to investments in securities of issuers in more developed capital markets, such as (i) low or nonexistent trading volume, resulting in a lack of liquidity and increased volatility in prices for such securities; (ii) lack of reliable settlement procedures and significant delays in registering the transfer of securities; (iii) uncertain national policies and social, political and economic instability, increasing the potential for expropriation of assets, confiscatory taxation, high rates of inflation or unfavorable diplomatic developments; (iv) lack of publicly available or reliable information about issuers as a result of not being subject to the same degree of regulatory requirements and accounting, auditing and financial reporting standards; and (v) possible fluctuations in exchange rates, differing legal systems and the existence or possible imposition of exchange controls, custodial restrictions or other foreign or U.S. governmental laws or restrictions applicable to such investments.

Each Fund may be exposed to prepayment risk, which is the risk that borrowers may exercise their option to prepay principal earlier than scheduled during periods of declining interest rates, which would force each Fund to reinvest in lower yielding securities. Each Fund may also be exposed to reinvestment risk, which is the risk that income from each Fund's portfolio will decline if each Fund invests the proceeds from matured, traded or called fixed-income securities at market interest rates that are below each Fund portfolio's current earnings rate.

**Valuation Risk:** The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A Fund may invest in illiquid investments. An illiquid investment is any investment that a Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A Fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause each Fund's NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a Fund may lose value, regardless of the individual results of the securities and other instruments in which a Fund invests. A Fund's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.

The price a Fund could receive upon the sale of any particular portfolio investment may differ from a Fund's valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs may significantly impact the resulting fair value and therefore a Fund's results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by a Fund, and a Fund could realize a greater than expected loss or lesser than expected gain upon the sale of the investment.

2025 BlackRock Annual Financial Statements and Additional Information

------

Notes to Financial Statements (continued)

**Counterparty Credit Risk:** The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds' exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker's customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker's customers, potentially resulting in losses to the Funds.

**Geographic/Asset Class Risk:** A diversified portfolio, where this is appropriate and consistent with a fund's objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund's portfolio are disclosed in its Schedule of Investments.

Certain Funds invest a substantial amount of their assets in issuers located in a single country or a limited number of countries. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions in those countries may have a significant impact on their investment performance and could affect the income from, or the value or liquidity of, the Fund's portfolio. Unanticipated or sudden political or social developments may cause uncertainty in the markets and as a result adversely affect the Fund's investments. Foreign issuers may not be subject to the same uniform accounting, auditing and financial reporting standards and practices as used in the United States. Foreign securities markets may also be more volatile and less liquid than U.S. securities and may be less subject to governmental supervision not typically associated with investing in U.S. securities. Investment percentages in specific countries are presented in the Schedules of Investments.

Certain Funds invest a significant portion of their assets in securities of issuers located in Asia or with significant exposure to Asian issuers or countries. The Asian financial markets have recently experienced volatility and adverse trends due to concerns in several Asian countries regarding monetary policy, government intervention in the markets, rising government debt levels or economic downturns. These events may spread to other countries in Asia and may affect the value and liquidity of certain of the Funds' investments.

Certain Funds invest a significant portion of their assets in securities of issuers located in China or with significant exposure to Chinese issuers. Investments in Chinese securities, including certain Hong Kong-listed securities, involve risks specific to China. China may be subject to considerable degrees of economic, political and social instability and demonstrates significantly higher volatility from time to time in comparison to developed markets. Chinese markets generally continue to experience inefficiency, volatility and pricing anomalies resulting from governmental influence, a lack of publicly available information and/or political and social instability. Internal social unrest or confrontations with other neighboring countries may disrupt economic development in China and result in a greater risk of currency fluctuations, currency non-convertibility, interest rate fluctuations and higher rates of inflation. Incidents involving China's or the region's security may cause uncertainty in Chinese markets and may adversely affect the Chinese economy and the Fund's investments. Reduction in spending on Chinese products and services, supply chain diversification, institution of tariffs, sanctions or other trade barriers, or a downturn in any of the economies of China's key trading partners may have an adverse impact on the Chinese economy. In addition, measures may be taken to limit the flow of capital and/or sanctions may be imposed, which could prohibit or restrict the ability to own or transfer fund assets and may also include retaliatory actions, such as seizure of fund assets.

**Significant Shareholder Redemption Risk:** Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund's NAV, increase the fund's brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

***11.*** ***CAPITAL SHARE TRANSACTIONS*** 

Transactions in capital shares for each class were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended <br>04/30/25 | Year Ended <br>04/30/25 | Year Ended <br>04/30/24 | Year Ended <br>04/30/24 |
| *Fund Name / Share Class*  | *Shares*  | *Amounts*  | *Shares*  | *Amounts*  |
| Advantage Emerging Markets  |  |  |  |  |
| Institutional |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 17424 | &nbsp;&nbsp;&nbsp; $181690 | &nbsp;&nbsp;&nbsp; 160440 | &nbsp;&nbsp;&nbsp; $1504678 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 11731 | &nbsp;&nbsp;&nbsp; 120708 | &nbsp;&nbsp;&nbsp; 11924 | &nbsp;&nbsp;&nbsp; 111037 |
| Shares redeemed | &nbsp;&nbsp; (128106) | &nbsp;&nbsp;&nbsp; (1299483) | &nbsp;&nbsp;&nbsp; (291314) | &nbsp;&nbsp;&nbsp; (2727003) |
|  | &nbsp;&nbsp; (98951) | &nbsp;&nbsp;&nbsp; $(997085) | &nbsp;&nbsp;&nbsp; (118950) | &nbsp;&nbsp;&nbsp; $(1111288) |

---

Notes to Financial Statements

------

Notes to Financial Statements (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended<br> 04/30/25 | Year Ended<br> 04/30/25 | Year Ended<br> 04/30/24 | Year Ended<br> 04/30/24 |
| *Fund Name / Share Class (continued)* | *Shares*  | *Amounts*  | *Shares*  | *Amounts*  |
| Advantage Emerging Markets (continued) |  |  |  |  |
| Investor A |  |  |  |  |
| Shares sold and automatic conversion of shares | &nbsp;&nbsp; 46131 | &nbsp;&nbsp;&nbsp; $480989 | &nbsp;&nbsp;&nbsp; 16326 | &nbsp;&nbsp;&nbsp; $150304 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 8314 | &nbsp;&nbsp;&nbsp; 83881 | &nbsp;&nbsp;&nbsp; 8086 | &nbsp;&nbsp;&nbsp; 73733 |
| Shares redeemed | &nbsp;&nbsp; (154389) | &nbsp;&nbsp;&nbsp; (1556148) | &nbsp;&nbsp;&nbsp; (71668) | &nbsp;&nbsp;&nbsp; (664639) |
|  | &nbsp;&nbsp; (99944) | &nbsp;&nbsp;&nbsp; $(991278) | &nbsp;&nbsp;&nbsp; (47256) | &nbsp;&nbsp;&nbsp; $(440602) |
| Investor C |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 7575 | &nbsp;&nbsp;&nbsp; $72889 | &nbsp;&nbsp;&nbsp; 15335 | &nbsp;&nbsp;&nbsp; $130898 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 882 | &nbsp;&nbsp;&nbsp; 8427 | &nbsp;&nbsp;&nbsp; 812 | &nbsp;&nbsp;&nbsp; 7037 |
| Shares redeemed and automatic conversion of shares | &nbsp;&nbsp; (10421) | &nbsp;&nbsp;&nbsp; (100275) | &nbsp;&nbsp;&nbsp; (4683) | &nbsp;&nbsp;&nbsp; (41770) |
|  | &nbsp;&nbsp; (1964) | &nbsp;&nbsp;&nbsp; $(18959) | &nbsp;&nbsp;&nbsp; 11464 | &nbsp;&nbsp;&nbsp; $96165 |
| Class K |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 9512774 | &nbsp;&nbsp;&nbsp; $98615757 | &nbsp;&nbsp;&nbsp; 357504 | &nbsp;&nbsp;&nbsp; $3394062 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 189284 | &nbsp;&nbsp;&nbsp; 1947828 | &nbsp;&nbsp;&nbsp; 165239 | &nbsp;&nbsp;&nbsp; 1535767 |
| Shares redeemed | &nbsp;&nbsp; (14235861) | &nbsp;&nbsp;&nbsp; (145142112) | &nbsp;&nbsp;&nbsp; (258564) | &nbsp;&nbsp;&nbsp; (2395517) |
|  | &nbsp;&nbsp; (4533803) | &nbsp;&nbsp;&nbsp; $(44578527) | &nbsp;&nbsp;&nbsp; 264179 | &nbsp;&nbsp;&nbsp; $2534312 |
|  | &nbsp;&nbsp; (4734662) | &nbsp;&nbsp;&nbsp; $(46585849) | &nbsp;&nbsp;&nbsp; 109437 | &nbsp;&nbsp;&nbsp; $1078587 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended <br>04/30/25 | Year Ended <br>04/30/25 | Year Ended <br>04/30/24 | Year Ended <br>04/30/24 |
| *Fund Name / Share Class*  | *Shares*  | *Amounts*  | *Shares*  | *Amounts*  |
| Global Equity Market Neutral  |  |  |  |  |
| Institutional |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 199022323 | &nbsp;&nbsp;&nbsp; $2779255266 | &nbsp;&nbsp;&nbsp; 89868197 | &nbsp;&nbsp;&nbsp; $1183723613 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 15230424 | &nbsp;&nbsp;&nbsp; 207511498 | &nbsp;&nbsp;&nbsp; 3860172 | &nbsp;&nbsp;&nbsp; 48746374 |
| Shares redeemed | &nbsp;&nbsp; (61818882) | &nbsp;&nbsp;&nbsp; (861867245) | &nbsp;&nbsp;&nbsp; (32923949) | &nbsp;&nbsp;&nbsp; (426006298) |
|  | &nbsp;&nbsp; 152433865 | &nbsp;&nbsp;&nbsp; $2124899519 | &nbsp;&nbsp;&nbsp; 60804420 | &nbsp;&nbsp;&nbsp; $806463689 |
| Investor A |  |  |  |  |
| Shares sold and automatic conversion of shares | &nbsp;&nbsp; 15346476 | &nbsp;&nbsp;&nbsp; $208878186 | &nbsp;&nbsp;&nbsp; 7889248 | &nbsp;&nbsp;&nbsp; $106689999 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 1794809 | &nbsp;&nbsp;&nbsp; 23968007 | &nbsp;&nbsp;&nbsp; 144097 | &nbsp;&nbsp;&nbsp; 1788531 |
| Shares redeemed | &nbsp;&nbsp; (1743007) | &nbsp;&nbsp;&nbsp; (23787568) | &nbsp;&nbsp;&nbsp; (1310381) | &nbsp;&nbsp;&nbsp; (16438705) |
|  | &nbsp;&nbsp; 15398278 | &nbsp;&nbsp;&nbsp; $209058625 | &nbsp;&nbsp;&nbsp; 6722964 | &nbsp;&nbsp;&nbsp; $92039825 |
| Investor C |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 450866 | &nbsp;&nbsp;&nbsp; $5664178 | &nbsp;&nbsp;&nbsp; 414956 | &nbsp;&nbsp;&nbsp; $4778122 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 110469 | &nbsp;&nbsp;&nbsp; 1361145 | &nbsp;&nbsp;&nbsp; 48999 | &nbsp;&nbsp;&nbsp; 566373 |
| Shares redeemed and automatic conversion of shares | &nbsp;&nbsp; (228207) | &nbsp;&nbsp;&nbsp; (2867206) | &nbsp;&nbsp;&nbsp; (170331) | &nbsp;&nbsp;&nbsp; (1981485) |
|  | &nbsp;&nbsp; 333128 | &nbsp;&nbsp;&nbsp; $4158117 | &nbsp;&nbsp;&nbsp; 293624 | &nbsp;&nbsp;&nbsp; $3363010 |
| Class K |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 36592409 | &nbsp;&nbsp;&nbsp; $505709433 | &nbsp;&nbsp;&nbsp; 7156848 | &nbsp;&nbsp;&nbsp; $91515973 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 525446 | &nbsp;&nbsp;&nbsp; 7185430 | &nbsp;&nbsp;&nbsp; 183985 | &nbsp;&nbsp;&nbsp; 2331425 |
| Shares redeemed | &nbsp;&nbsp; (5771944) | &nbsp;&nbsp;&nbsp; (79949092) | &nbsp;&nbsp;&nbsp; (2023828) | &nbsp;&nbsp;&nbsp; (26083596) |
|  | &nbsp;&nbsp; 31345911 | &nbsp;&nbsp;&nbsp; $432945771 | &nbsp;&nbsp;&nbsp; 5317005 | &nbsp;&nbsp;&nbsp; $67763802 |
|  | &nbsp;&nbsp; 199511182 | &nbsp;&nbsp;&nbsp; $2771062032 | &nbsp;&nbsp;&nbsp; 73138013 | &nbsp;&nbsp;&nbsp; $969630326 |

---

***12.*** ***SUBSEQUENT EVENTS***

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

2025 BlackRock Annual Financial Statements and Additional Information

------

Report of Independent Registered Public Accounting Firm

To the Shareholders of BlackRock Advantage Emerging Markets Fund and BlackRock Global Equity Market Neutral Fund and the Board of Trustees of BlackRock Funds<sup>SM</sup>:

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statements of assets and liabilities of BlackRock Advantage Emerging Markets Fund and BlackRock Global Equity Market Neutral Fund of BlackRock Funds<sup>SM</sup> (the "Funds"), including the schedules of investments, as of April 30, 2025, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of April 30, 2025, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of April 30, 2025, by correspondence with custodians or counterparties; when replies were not received, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

June 26, 2025

We have served as the auditor of one or more BlackRock investment companies since 1992.

Report of Independent Registered Public Accounting Firm

------

Important Tax Information (unaudited)

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended April 30, 2025:

---

| | |
|:---|:---|
| *Fund Name*  | *Qualified Dividend* <br>*Income*<br>|
| Advantage Emerging Markets | &nbsp;&nbsp; $1707077 |
| Global Equity Market Neutral | &nbsp;&nbsp; 873421 |

---

The following amount, or maximum amount allowable by law, is hereby designated as qualified business income for individuals for the fiscal year ended April 30, 2025:

---

| | |
|:---|:---|
| *Fund Name*  | *Qualified Business* <br>*Income*<br>|
| Global Equity Market Neutral | &nbsp;&nbsp; $6353 |

---

The Funds hereby designate the following amounts, or maximum amounts allowable by law, of distributions from direct federal obligation interest for the fiscal year ended April 30, 2025:

---

| | |
|:---|:---|
| *Fund Name*  | *Federal Obligation* <br>*Interest*<br>|
| Advantage Emerging Markets | &nbsp;&nbsp; $123637 |
| Global Equity Market Neutral | &nbsp;&nbsp; 114865807 |

---

The law varies in each state as to whether and what percent of ordinary income dividends attributable to federal obligations is exempt from state income tax. Shareholders are advised to check with their tax advisers to determine if any portion of the dividends received is exempt from state income tax.

The following percentage, or maximum percentage allowable by law, of ordinary income distributions paid during the fiscal year ended April 30, 2025 qualified for the dividends-received deduction for corporate shareholders:

---

| | |
|:---|:---|
| *Fund Name*  | *Dividends-Received* <br>*Deduction*<br>|
| Global Equity Market Neutral | 0.20<br> % <br>|

---

The Funds hereby designate the following amounts, or maximum amounts allowable by law, as interest income eligible to be treated as a Section 163(j) interest dividend for the fiscal year ended April 30, 2025:&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| *Fund Name*  | *Interest* <br>*Dividends*<br>|
| Advantage Emerging Markets | &nbsp;&nbsp; $254459 |
| Global Equity Market Neutral | &nbsp;&nbsp; 116066917 |

---

The Funds hereby designate the following amounts, or maximum amounts allowable by law, as interest-related dividends eligible for exemption from U.S. withholding tax for nonresident aliens and foreign corporations for the fiscal year ended April 30, 2025:

---

| | |
|:---|:---|
| *Fund Name*  | *Interest-* <br>*Related* <br>*Dividends*<br>|
| Advantage Emerging Markets | &nbsp;&nbsp; $249217 |
| Global Equity Market Neutral | &nbsp;&nbsp; 116121616 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Additional Information

**Changes in and Disagreements with Accountants**

Not applicable.

**Proxy Results**

Not applicable.

**Remuneration Paid to Trustees, Officers, and Others**

Compensation to the independent directors/trustees of the Trust is paid by the Trust, on behalf of the Funds.

**General Information**

Quarterly performance, shareholder reports, semi-annual and annual financial statements, current net asset value and other information regarding the Funds may be found on BlackRock's website, which can be accessed at **blackrock.com**. Any reference to BlackRock's website in this report is intended to allow investors public access to information regarding the Funds and does not, and is not intended to, incorporate BlackRock's website in this report.

**Electronic Delivery**

Shareholders can sign up for e-mail notifications of quarterly statements, annual and semi-annual shareholder reports and prospectuses by enrolling in the electronic delivery program.

To enroll in electronic delivery:

**Shareholders Who Hold Accounts with Investment Advisors, Banks or Brokerages:**

Please contact your financial advisor. Please note that not all investment advisors, banks or brokerages may offer this service.

**Shareholders Who Hold Accounts Directly with BlackRock:**

1. Access the BlackRock website at **blackrock.com**

2. Select "Access Your Account"

3. Next, select "eDelivery" in the "Related Resources" box and follow the sign-up instructions.

**BlackRock's Mutual Fund Family**

BlackRock offers a diverse lineup of open-end mutual funds crossing all investment styles and managed by experts in equity, fixed-income and tax-exempt investing. Visit **blackrock.com** for more information.

**Shareholder Privileges**

**Account Information**

Call us at (800) 441-7762 from 8:00 AM to 6:00 PM ET on any business day to get information about your account balances, recent transactions and share prices. You can also visit **blackrock.com** for more information.

**Automatic Investment Plans**

Investor class shareholders who want to invest regularly can arrange to have $50 or more automatically deducted from their checking or savings account and invested in any of the BlackRock funds.

**Systematic Withdrawal Plans**

Investor class shareholders can establish a systematic withdrawal plan and receive periodic payments of $50 or more from their BlackRock funds, as long as their account balance is at least $10,000.

**Retirement Plans**

Shareholders may make investments in conjunction with Traditional, Rollover, Roth, Coverdell, Simple IRAs, SEP IRAs and 403(b) Plans.

Additional Information

------

Additional Information (continued)

**Fund and Service Providers**

**Investment Adviser and Administrator**

BlackRock Advisors, LLC

Wilmington, DE 19809

**Sub-Adviser**

BlackRock International Limited<sup>(a)</sup>

Edinburgh, EH3 8BL

United Kingdom

**Accounting Agent and Custodian**

State Street Bank and Trust Company

Boston, MA 02114

**Transfer Agent**

BNY Mellon Investment Servicing (US) Inc.

Wilmington, DE 19809

<sup>(a)</sup> For Global Equity Market Neutral.

**Distributor**

BlackRock Investments, LLC

New York, NY 10001

**Independent Registered Public Accounting Firm**

Deloitte & Touche LLP

Boston, MA 02110

**Legal Counsel**

Sidley Austin LLP

New York, NY 10019

**Address of the Funds**

100 Bellevue Parkway

Wilmington, DE 19809

2025 BlackRock Annual Financial Statements and Additional Information

------

Glossary of Terms Used in these Financial Statements

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

---

| | |
|:---|:---|
| **Currency Abbreviation**  | **Currency Abbreviation**  |
| AUD | Australian Dollar |
| CAD | Canadian Dollar |
| CHF | Swiss Franc |
| EUR | Euro |
| GBP | British Pound |
| JPY | Japanese Yen |
| SEK | Swedish Krona |
| SGD | Singapore Dollar |
| USD | United States Dollar |
| ZAR | South African Rand |

---

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

---

| | |
|:---|:---|
| **Portfolio Abbreviation**  | **Portfolio Abbreviation**  |
| ADR | American Depositary Receipt |
| AGC | Assured Guaranty Corp. |
| AMBAC | AMBAC Assurance Corp. |
| BAM | Build America Mutual Assurance Co. |
| CDI | CREST Depository Interest  |
| CPI | Consumer Price Index |
| CVA | Certificaten Van Aandelen (Dutch Certificate) |
| FTSE | Financial Times Stock Exchange |
| MSCI | Morgan Stanley Capital International |
| NVDR | Non-Voting Depositary Receipt |
| PCL | Public Company Limited |
| PIPE | Private Investment in Public Equity |
| PJSC | Public Joint Stock Company |
| REIT | Real Estate Investment Trust |
| S&P | Standard & Poor's |
| SAB | Special Assessment Bonds |
| SAP | Subject to Appropriations |
| SAW | State Aid Withholding |
| SCA | Societe en Commandite par Actions |
| SG | Syncora Guarantee  |
| SOFR | Secured Overnight Financing Rate  |
| ST | Special Tax |
| TA | Tax Allocation |
| UT | Unlimited Tax |

---

Glossary of Terms Used in these Financial Statements

------

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Want to know more?

blackrock.com \| 800-441-7762

This report is intended for current holders. It is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of the Funds unless preceded or accompanied by the Funds' current prospectus. Past performance results shown in this report should not be considered a representation of future performance. Investment returns and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Statements and other information herein are as dated and are subject to change.

![](g924842img0bb33a9c2.jpg)

![](g924842img55ffe5591.jpg)

------

Item 8 – Changes in and Disagreements with Accountants for Open-End Management Investment Companies – See Item 7

Item 9 – Proxy Disclosures for Open-End Management Investment Companies – See Item 7

Item 10 – Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies – See Item 7

Item 11 – Statement Regarding Basis for Approval of Investment Advisory Contract – See Item 7

Item 12 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable

Item 13 – Portfolio Managers of Closed-End Management Investment Companies – Not Applicable

Item 14 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable

---

| | |
|:---|:---|
| Item 15 – | Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures.  |

---

Item 16 – Controls and Procedures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act")) are effective as of a date within 90 days of the filing date of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

Item 17 – Disclosure of Securities Lending Activities for Closed-End Management Investment Companies – Not Applicable

Item 18 – Recovery of Erroneously Awarded Compensation – Not Applicable

Item 19 – Exhibits attached hereto

[(a)(1) Code of Ethics – See Item 2](#item2)

(a)(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed – Not Applicable

[(a)(3) Section 302 Certifications are attached](d924842dex99cert.htm)

(a)(4) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable

(a)(5) Change in Registrant's independent public accountant – Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(b) Section 906 Certifications are attached](d924842dex99906cert.htm)

#### 4

------

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

BlackRock Funds<sup>SM</sup>

---

| | |
|:---|:---|
| By: | /s/ John M. Perlowski  |
|  | John M. Perlowski |
|  | Chief Executive Officer (principal executive officer) of |
|  | BlackRock Funds<sup>SM</sup> |

---

Date: June 25, 2025

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ John M. Perlowski  |
|  | John M. Perlowski |
|  | Chief Executive Officer (principal executive officer) of |
|  | BlackRock Funds<sup>SM</sup> |

---

Date: June 25, 2025

---

| | |
|:---|:---|
| By: | /s/ Trent Walker  |
|  | Trent Walker |
|  | Chief Financial Officer (principal financial officer) of |
|  | BlackRock Funds<sup>SM</sup> |

---

Date: June 25, 2025

#### 5

## Ex-99.Cert

**EX-99. CERT** 

**CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE** 

**SARBANES-OXLEY ACT OF 2002** 

I, John M. Perlowski, Chief Executive Officer (principal executive officer) of BlackRock Funds<sup>SM</sup>, certify that:

1. I have reviewed this report on Form N-CSR of BlackRock Funds<sup>SM</sup>;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: June 25, 2025

<u>/s/ John M. Perlowski</u> 

John M. Perlowski

Chief Executive Officer (principal executive officer) of

BlackRock Funds<sup>SM</sup> 

------

**EX-99. CERT** 

**CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE** 

**SARBANES-OXLEY ACT OF 2002** 

I, Trent Walker, Chief Financial Officer (principal financial officer) of BlackRock Funds<sup>SM</sup>, certify that:

1. I have reviewed this report on Form N-CSR of BlackRock Funds<sup>SM</sup>;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: June 25, 2025

<u>/s/ Trent Walker</u> 

Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock Funds<sup>SM</sup>

## Exhibit 99.906

Exhibit 99.906CERT

**Certification Pursuant to Rule 30a-2(b) under the 1940 Act and** 

**Section 906 of the Sarbanes-Oxley Act of 2002** 

Pursuant to 18 U.S.C. § 1350, the undersigned officer of BlackRock Funds<sup>SM</sup> (the "Registrant"), hereby certifies, to the best of their knowledge, that the Registrant's Report on Form N-CSR for the period ended April 30, 2025 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: June 25, 2025

<u>/s/ John M. Perlowski</u> 

John M. Perlowski

Chief Executive Officer (principal executive officer) of

BlackRock Funds<sup>SM</sup>

Pursuant to 18 U.S.C. § 1350, the undersigned officer of BlackRock Funds<sup>SM</sup> (the "Registrant"), hereby certifies, to the best of their knowledge, that the Registrant's Report on Form N-CSR for the period ended April 30, 2025 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: June 25, 2025

<u>/s/ Trent Walker</u> 

Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock Funds<sup>SM</sup>

This certification is being furnished pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Securities and Exchange Commission**.**