# EDGAR Filing Document

**Accession Number:** 0000844779
**File Stem:** 0001193125-23-000535
**Filing Date:** 2023-1
**Character Count:** 972645
**Document Hash:** b78632da746f56d72b4031304342b5b2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-000535.hdr.sgml**: 20230103

**ACCESSION NUMBER**: 0001193125-23-000535

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 8

**CONFORMED PERIOD OF REPORT**: 20221031

**FILED AS OF DATE**: 20230103

**DATE AS OF CHANGE**: 20230103

**EFFECTIVENESS DATE**: 20230103

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BLACKROCK FUNDS
- **CENTRAL INDEX KEY:** 0000844779
- **IRS NUMBER:** 510318674
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05742
- **FILM NUMBER:** 23501281

**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              |  |

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>

BlackRock Advantage Emerging Markets Fund

BlackRock Global Equity Market Neutral Fund (Formerly BlackRock Global Long/Short Equity 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>,

55 East 52<sup>nd</sup> Street, New York, NY 10055

Registrant's telephone number, including area code: (800) 441-7762

Date of fiscal year end: 04/30/2023

Date of reporting period: 10/31/2022

------

Item 1 – Report to Stockholders

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

------

---

| | |
|:---|:---|
| ![LOGO](g430847g42l24.jpg)  | **OCTOBER 31, 2022** |

---

**2022 Semi-Annual Report**<br> **(Unaudited)**<br>

**BlackRock Funds<sup>SM</sup>** 

· BlackRock Advantage Emerging Markets Fund

· BlackRock Global Equity Market Neutral Fund

&nbsp;&nbsp;&nbsp; **Not FDIC Insured • May Lose Value • No Bank Guarantee** 

------

The Markets in Review

Dear Shareholder,

Significant economic headwinds emerged during the 12-month reporting period ended October 31, 2022, disrupting the economic recovery and strong financial markets of 2021. The U.S. economy shrank in the first half of 2022 before returning to moderate growth in the third quarter, marking a shift to a more challenging post-reopening economic environment. Changes in consumer spending patterns and a tight labor market led to elevated inflation, which reached a 40-year high. Moreover, while the foremost effect of Russia's invasion of Ukraine has been a severe humanitarian crisis, the ongoing war continued to present challenges for both investors and policymakers.

Equity prices fell as interest rates rose, particularly weighing on relatively high-valuation growth stocks as inflation decreased the value of future cash flows and investors shifted focus to balance sheet resilience. Both large- and small-capitalization U.S. stocks fell, although declines for small-capitalization U.S. stocks were slightly steeper. Emerging market stocks and international equities from developed markets also declined significantly, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield rose notably during the reporting period, driving its price down, as investors reacted to higher inflation and attempted to anticipate its impact on future interest rate changes. The corporate bond market also faced inflationary headwinds, and increasing uncertainty led to higher corporate bond spreads (the difference in yield between U.S. Treasuries and similarly-dated corporate bonds).

The U.S. Federal Reserve (the "Fed"), acknowledging that inflation has been more persistent than expected, raised interest rates five times while indicating that additional rate hikes were likely. Furthermore, the Fed wound down its bond-buying programs and is accelerating the reduction of its balance sheet. As investors attempted to assess the Fed's future trajectory, the Fed's statements late in the reporting period led markets to believe that additional tightening is likely in the near term.

The pandemic's restructuring of the economy brought an ongoing mismatch between supply and demand, contributing to the current inflationary regime. While growth has slowed in 2022, we believe that taming inflation requires a more dramatic economic decline to bring demand back to a lower level that is more in line with the economy's capacity. The Fed has been raising interest rates at the fastest pace in decades, and seems set to overtighten in its effort to get inflation back to target. With this in mind, we believe the possibility of a U.S. recession in the near-term is high, and the outlook for Europe and the U.K. is also troubling. Investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt to rapidly changing conditions.

In this environment, while we favor an overweight to equities in the long-term, the market's concerns over excessive rate hikes from central banks moderate our outlook. Rising input costs and a deteriorating economic backdrop in China and Europe are likely to challenge corporate earnings, so we are underweight equities overall in the near term. However, we see better opportunities in credit, where higher spreads provide income opportunities and partially compensate for inflation risk. We believe that investment-grade corporates, local-currency emerging market debt, and inflation-protected bonds (particularly in Europe) offer strong opportunities for a six- to twelve-month horizon.

Overall, our view is that investors need to think globally, position themselves to be prepared for a decarbonizing economy, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit **blackrock.com** for further insight about investing in today's markets.

Sincerely,

![LOGO](g430847sig_01mips.jpg)

Rob Kapito

President, BlackRock Advisors, LLC

![LOGO](g430847photo_01mips.jpg)

Rob Kapito

President, BlackRock Advisors, LLC

---

| | | |
|:---|:---|:---|
| **Total Returns as of October 31, 2022** | **Total Returns as of October 31, 2022** | **Total Returns as of October 31, 2022** |
|  | *6-Month* | *12-Month* |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. large cap equities<br>(S&P 500<sup>®</sup> Index) | (5.50)% | (14.61)% |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. small cap equities<br>(Russell 2000<sup>®</sup> Index) | (0.20) | (18.54) |
| &nbsp;&nbsp;&nbsp;&nbsp; International equities<br>(MSCI Europe, Australasia, Far East Index) | (12.70) | (23.00) |
| &nbsp;&nbsp;&nbsp;&nbsp; Emerging market equities<br>(MSCI Emerging Markets Index) | (19.66) | (31.03) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3-month Treasury bills<br>(ICE BofA 3-Month U.S. Treasury Bill Index) | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury securities<br>(ICE BofA 10-Year U.S. Treasury Index) | (8.24) | (17.68) |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. investment grade bonds<br>(Bloomberg U.S. Aggregate Bond Index) | (6.86) | (15.68) |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax-exempt municipal bonds<br>(Bloomberg Municipal Bond Index) | (4.43) | (11.98) |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. high yield bonds<br>(Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index) | (4.71) | (11.76) |
| Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index. | Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index. | Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index. |

---

2 T H I S P A G E I S N O T P A R T O F Y O U R F U N D R E P O R T

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**Table of Contents**

---

| | |
|:---|:---|
|  | **Page** |
|  [The Markets in Review](#tx430847_1) | 2 |
|  **Semi-Annual Report:** |  |
|  [Fund Summary](#tx430847_2) | 4 |
|  [About Fund Performance](#tx430847_3) | 8 |
|  [Disclosure of Expenses](#tx430847_4) | 8 |
|  [Derivative Financial Instruments](#tx430847_5) | 8 |
|  Financial Statements: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Schedules of Investments](#tx430847_6) | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statements of Assets and Liabilities](#tx430847_7) | 124 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statements of Operations](#tx430847_8) | 126 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statements of Changes in Net Assets](#tx430847_9) | 127 |
|  [Financial Highlights](#tx430847_10) | 128 |
|  [Notes to Financial Statements](#tx430847_11) | 136 |
|  [Disclosure of Investment Advisory Agreement and Sub-Advisory Agreement](#tx430847_12) | 149 |
|  [Additional Information](#tx430847_13) | 153 |
|  [Glossary of Terms Used in this Report](#tx430847_14) | 155 |

---

![LOGO](g430847g33m01.jpg)

3.0 ------

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| | |
|:---|:---|
| Fund Summary as of October 31, 2022 | **BlackRock Advantage Emerging Markets Fund** |

---

**Investment Objective** 

**BlackRock Advantage Emerging Markets Fund's (the "Fund")** investment objective is to seek long-term capital appreciation.

**Portfolio Management Commentary** 

**How did the Fund perform?** 

During the six-month period ended October 31, 2022, the Fund outperformed its benchmark, the MSCI Emerging Markets Index.

**What factors influenced performance?** 

Emerging market ("EM") equities fell during the period, as investor skepticism about risk assets deepened. Early in the period, inflationary pressures benefited commodities markets, but as fears of a United States recession intensified, equities in commodity-driven markets came under pressure. Interest rate increases in the United States, coupled with more hawkish commentary from the Fed, continued to lead the retreat in the EM benchmark. Asia drove losses as concerns about the property sector and ongoing COVID-19 lockdowns weighed on China, and Korea and Taiwan also struggled amid global recessionary fears and continued tech weakness. Commodity outperformance provided a tailwind for Latin America and for parts of Europe, the Middle East, and Africa, but parts of Eastern Europe continued to struggle as the Russian invasion of Ukraine continued. Performance in all sectors was negative, with information technology ("IT"), communication services, and financials faring the worst. Defensive sectors and beneficiaries of higher commodity prices performed better.

Despite struggling in the summer months, positive performance at the end of the period drove the Fund's relative outperformance. Stock selection insights and macro-thematic positioning contributed to performance.

With respect to stock selection, trending sentiment measures helped position the portfolio amid the changeable market backdrop. Measures that captured forward-looking views of company fundamentals across comments from informed investors were additive. Other faster-moving insights tracking online sales trends and mobile app usage helped to correctly identify consumer intent across consumer staples stocks.

Meanwhile, fundamental stock selection measures also contributed to performance in the aggregate. Nontraditional fundamental quality measures, such as ESG insights, were key contributors, highlighting the diversifying nature of these insights against more traditional lenses of stock selection. The top-performing insight captured company "green" patent filings successfully to the Fund's benefit.

Overweight portfolio positioning to India and Brazil benefited performance amid favorable commodity import/export dynamics. Meanwhile, an underweight to Korean equities also contributed, as IT stocks remained weak there.

Conversely, despite overall outperformance from macro-thematic positioning in the aggregate, select country-specific stock selection insights detracted from performance. Measures using China-specific data designed to track consumer intent as well as China-specific job trends both struggled. Moreover, select fundamental measures also detracted from performance even as the aggregate contribution was positive. Surprisingly, stability-related metrics with a preference for lower-volatility stocks performed poorly amid the risk-off market tone. Elsewhere, insights designed to track institutional investor interest detracted from performance as they failed to reflect the market environment during the period.

The Fund's cash balance at period-end was 5.6%. The cash balance did not materially affect relative performance during the period.

**Describe recent portfolio activity.** 

Over the course of the period, the portfolio maintained a balanced allocation of risk across all major return drivers. There were, however, several new signals added within the stock selection model. The Fund built upon its alternative data capabilities with enhanced data sets that capture informed-investor positioning as well as news flow. Additionally, the Fund added to its complex of consumer intent insights with a measure that looks toward social media activity as a measure of potential revenue growth.

**Describe portfolio positioning at period end.** 

Relative to the benchmark, the Fund ended the period with largely neutral positioning from a sector and country positioning perspective. The Fund had slight overweight positions in the IT and healthcare sectors and maintained slight underweights in financials and communication services stocks. From a geographical perspective, the Fund had slight overweights to South Africa and maintained a slight underweight position to Korea.

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.

4 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Fund Summary as of October 31, 2022 (continued) | **BlackRock Advantage Emerging Markets Fund** |

---

**Performance** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | Average Annual Total Returns<sup>(a)(b)</sup> | Average Annual Total Returns<sup>(a)(b)</sup> | Average Annual Total Returns<sup>(a)(b)</sup> | Average Annual Total Returns<sup>(a)(b)</sup> | Average Annual Total Returns<sup>(a)(b)</sup> | Average Annual Total Returns<sup>(a)(b)</sup> |
|  | | 1 Year | 1 Year | 5 Years | 5 Years | 10 Years | 10 Years |
|  | *6-Month<br>Total<br>Returns* | *Without<br>Sales<br>Charge* | *With<br>Sales<br>Charge* | *Without<br>Sales<br>Charge* | *With<br>Sales<br>Charge* | *Without<br>Sales<br>Charge* | *With<br>Sales<br>Charge* |
|  Institutional | (18.89)% | (31.88)% | N/A | (4.00)% | N/A | (1.77)% | N/A |
|  Investor A | (19.03) | (32.11) | (35.67)% | (4.28) | (5.30)% | (2.03) | (2.55)% |
|  Investor C | (19.35) | (32.60) | (33.27) | (5.00) | (5.00) | (2.62) | (2.62) |
|  Class K | (18.89) | (31.86) | N/A | (3.97) | N/A | (1.76) | N/A |
|  **MSCI Emerging Markets Index<sup>(c)</sup>** | (19.66) | (31.03) | N/A | (3.09) | N/A | 0.79 | N/A |

---

<sup>(a)</sup> Assuming maximum sales charges, if any. Average annual total returns with and without sales charges reflect reductions for distribution and service fees. See "About Fund Performance" for a detailed description of share classes, including any related sales charges and fees, and how performance was calculated for certain share classes. 

<sup>(b)</sup> Under normal circumstances, the Fund seeks to invest at least 80% of its net assets plus the amount of any borrowings for investment purposes in equity securities issued by, or tied economically to, companies in emerging markets and derivatives that have similar economic characteristics to such securities. The Fund's total returns 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. 

<sup>(c)</sup> An index that captures large- and mid-cap representation across Emerging Markets (EM) countries. The index covers approximately 85% of the free float-adjusted market capitalization in each country. 

N/A — Not applicable as the share class and index do not have a sales charge.

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.

**Expense Example** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Actual | Actual | Actual | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return | |
|  | *Beginning<br>Account Value<br>(05/01/22)* | *Ending<br>Account Value<br>(10/31/22)* | *Expenses<br>Paid During<br>the Period* *<br><sup>(a)</sup>* | *Beginning<br>Account Value<br>(05/01/22)* | *Ending<br>Account Value<br>(10/31/22)* | *Expenses<br>Paid During<br>the Period* *<br><sup>(a)</sup>* | *Annualized<br>Expense<br>Ratio* |
|  Institutional | $1000.00 | $811.10 | $3.88 | $1000.00 | $1020.92 | $4.33 | 0.85% |
|  Investor A | 1000.00 | 809.70 | 5.25 | 1000.00 | 1019.41 | 5.85 | 1.15 |
|  Investor C | 1000.00 | 806.50 | 8.65 | 1000.00 | 1015.63 | 9.65 | 1.90 |
|  Class K | 1000.00 | 811.10 | 3.70 | 1000.00 | 1021.12 | 4.13 | 0.81 |

---

<sup>(a)</sup> For each class of the Fund, expenses are equal to the annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown).

See "Disclosure of Expenses" for further information on how expenses were calculated.

**Portfolio Information** 

---

| | |
|:---|:---|
| **GEOGRAPHIC ALLOCATION** | **GEOGRAPHIC ALLOCATION** |
|  *Country/Geographic Region*<br>| *Percent of<br>Net Assets*  |
|  China | 26.8% |
|  Taiwan | 14.5 |
|  India | 14.0 |
|  South Korea | 9.0 |
|  Brazil | 7.3 |
|  South Africa | 6.0 |
|  Saudi Arabia | 5.0 |
|  United States | 4.4 |
|  Indonesia | 3.8 |
|  Thailand | 2.9 |
|  Mexico | 2.6 |
|  Malaysia | 1.4 |
|  United Arab Emirates | 1.1 |
|  Other<sup>#</sup> | 2.9 |
|  Liabilities in Excess of Other Assets | (1.7) |

---

---

| | |
|:---|:---|
| <sup>#</sup> | Includes holdings within countries/geographic regions that are less than 1.0% of net assets. Please refer to the Schedule of Investments for such countries/geographic regions.  |

---

F U N D S U M M A R Y 5

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| | |
|:---|:---|
| Fund Summary as of October 31, 2022 | **BlackRock Global Equity Market Neutral Fund** |

---

**Investment Objective** 

**BlackRock Global Equity Market Neutral Fund's (the "Fund")** (formerly known as BlackRock Global Long/Short Equity Fund) investment objective is to seek total return over the long term.

On May 10, 2022, the Board of Trustees (the "Board") of BlackRock Funds<sup>SM</sup> (the "Trust") approved a change in the name of the Fund to BlackRock Global Equity Market Neutral Fund. While the Fund's investment process and investment strategy were not changed in connection with the name change, certain updates were made to the Fund's investment process and investment strategy disclosure in order to align the disclosure with the Fund's new name. These changes were effective as of September 1, 2022.

**Portfolio Management Commentary** 

**How did the Fund perform?** 

For the six-month period ended October 31, 2022, the Fund underperformed its benchmark, the ICE BofA 3-Month US Treasury Bill Index.

**What factors influenced performance?** 

Overall, markets continued to be volatile as equities tested new lows. The focus remained on monetary policy normalization and inflation, as investors weighed the impact of rising rates on risk assets as well as the direction of future policy decisions. The Fed made three consecutive three-quarter percentage point rate hikes, and central banks around the world tightened their monetary policy to combat inflation. Simultaneously, inflationary pressures evolved, as price increases in goods moderated but increases in services accelerated, led by labor market tightness, which is a key focus of the Fed. Fed policy resulted in a persistently inverted yield curve, which is often a precursor to an imminent recession.

Despite concerns about a recession, equities staged a bear-market rally during the summer, as investors interpreted softening economic data as an indication that policymakers would make a dovish pivot. The resulting growth rally during July and August 2022 helped equities recover half their losses. However, central banks reaffirmed their singular focus on inflation after the Fed's annual symposium in Jackson Hole, prompting a sharp selloff in September 2022. Toward the end of the period, though, signs of peak inflation in the United States combined with robust corporate earnings and a still-strong labor market boosted the potential for an economic soft landing, resulting in an October 2022 rally.

Unsurprisingly, the Fund struggled against the back-and-forth movements of the markets during the period. Both top-down macro and bottom-up fundamental insights drove a conservative stance that proved overly defensive at times. Specifically, within macro measures, regime timing insights that compare the current market environment to historical observations, particularly with respect to the inverted yield curve, motivated a defensive stance in the latter half of the period. This prompted long positions in high-quality large-cap stocks within traditionally defensive sectors such as technology, healthcare, and consumer staples, which detracted from performance during the summer and October 2022 market rallies. Additionally, top-down insights that focused on capturing industries likely to benefit from a stagflation environment and a continued rise in short-term rates struggled amid the shifting market sentiment.

Similarly, fundamental quality measures focused on profitability and stability detracted from performance, as investor attention shifted away from corporate financial results and more toward the macroeconomic environment. Notably, however, these measures performed well in September 2022, as the defensive posture led to outperformance in the market decline.

Despite the Fund's slight underperformance, it navigated the highly volatile market backdrop well. Stock selection from sentiment-based measures provided persistent gains during the period, as these faster-moving insights were able to correctly capture emerging and evolving market trends. Notably, insights that capture forward-looking views for company fundamentals across corporate management and sell-side stock analysts performed well. Collectively, these insights drove gains across consumer discretionary stocks, as evidence emerged revealing different spending behavior across income cohorts. Specifically, long positions in luxury brands and short positions across companies exposed to lower-income households drove gains.

Additionally, the Fund's net exposure was additive, as its net short posture provided differentiated gains in September as the market experienced a sharp selloff.

The Fund was fully invested throughout the period. The Fund's cash exposure had no material impact on performance, as cash was principally held in conjunction with the Fund taking long and short positions via the use of derivatives, such as total return swap contracts. The use of derivatives marginally contributed to performance.

**Describe recent portfolio activity.** 

Over the course of the period, the portfolio maintained a balanced allocation of risk across all major return drivers. There were, however, several new signals added within the stock selection group of insights. The Fund built upon its alternative data capabilities with enhanced data sets that capture informed-investor positioning as well as news flow. Additionally, the Fund added to its complex of consumer intent insights with a measure that looks toward social media activity as a measure of potential revenue growth.

**Describe portfolio positioning at period end.** 

Although market-timing models and top-down measures continued to point to further downside at period-end, the Fund closed the net-short market position it held during the third quarter of 2022. Elsewhere, strong top-down and bottom-up trends across the commodity complex resulted in the portfolio adding both value and momentum exposure on the long side via additions to positions in stocks in the oil and diversified metal industries. This has moderated the more universally defensive stance that existed at the end of the third quarter. At the same time, this enhanced cyclical stance remained largely hedged by a short position in financials. Elsewhere, the Fund was long defensive-oriented investments in areas likely to remain resilient even if inflation and interest rates remain higher for longer periods of time, including defense contractors, food retailers and producers, and pharmaceutical 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.

6 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Fund Summary as of October 31, 2022 (continued) | **BlackRock Global Equity Market Neutral Fund** |

---

**Performance** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | Average Annual Total Returns<sup>(a)(b)</sup> | Average Annual Total Returns<sup>(a)(b)</sup> | Average Annual Total Returns<sup>(a)(b)</sup> | Average Annual Total Returns<sup>(a)(b)</sup> | Average Annual Total Returns<sup>(a)(b)</sup> | Average Annual Total Returns<sup>(a)(b)</sup> |
|  | | 1 Year | 1 Year | 5 Years | 5 Years | Since<br> Inception<sup>(c)</sup> | Since<br> Inception<sup>(c)</sup> |
|  | *6-Month*<br> *Total*<br> *Returns* | *Without*<br> *Sales*<br> *Charge* | *With*<br> *Sales*<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Charge* | *Without*<br> *Sales*<br> *Charge* | *With*<br> *Sales*<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Charge* | *Without*<br> *Sales*<br> *Charge* | *With*<br> *Sales*<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Charge* |
|  Institutional | (0.52)% | (1.13)% | N/A | 0.82% | N/A | 2.62% | N/A |
|  Investor A | (0.62) | (1.41) | (6.58)% | 0.55 | (0.53)% | 2.35 | 1.79% |
|  Investor C | (1.03) | (2.14) | (3.12) | (0.21) | (0.21) | 1.74 | 1.74 |
|  Class K | (0.52) | (1.12) | N/A | 0.85 | N/A | 2.65 | N/A |
|  **ICE BofA 3-Month U.S. Treasury Bill Index<sup>(d)</sup>** | 0.72 | 0.79 | N/A | 1.17 | N/A | 0.71 | N/A |

---

<sup>(a)</sup> Assuming maximum sales charges, if any. Average annual total returns with and without sales charges reflect reductions for distribution and service fees. See "About Fund Performance" for a detailed description of share classes, including any related sales charges and fees, and how performance was calculated for certain share classes. 

<sup>(b)</sup> Under normal conditions, the Fund invests at least 80% of its total assets in equity instruments and related derivative instruments issued by, or tied economically to, companies located in developed markets. 

<sup>(c)</sup> The Fund commenced operations on December 20, 2012.

<sup>(d)</sup> An unmanaged index that measures returns of 3-month Treasury Bills. On March 31, 2021, the Fund began to track the 4pm pricing variant of the ICE BofA 3-Month U.S. Treasury Bill Index (the "Index"). Historical index data prior to March 31, 2021, is for the 3pm pricing variant of the lndex. Index data on and after March 31, 2021 is for the 4pm pricing variant of the Index. 

N/A — Not applicable as the share class and index do not have a sales charge.

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.

**Expense Example** 

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Actual | Actual | Actual | Actual | Actual |  | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return | | |  |
|  | <br>| *Beginning*<br> *Account Value*<br> *(05/01/22)* | <br>| *Ending*<br> *Account Value*<br> *(10/31/22)* | *Expenses*<br> *Paid During*<br> *the Period* | <br>*<sup>(a)</sup>*  | <br>| *Beginning*<br> *Account Value*<br> *(05/01/22)* | <br>| *Ending*<br> *Account Value*<br> *(10/31/22)* | *Expenses*<br> *Paid During*<br> *the Period* | <br>| *Annualized*<br> *Expense*<br> *Ratio* | <br>|
|  Institutional |  | $1000.00 |  | $994.80 | $6.74 |  |  | $1000.00 |  | $1018.45 | $6.82 |  | 1.34 | % |
|  Investor A |  | 1000.00 |  | 993.80 | 7.99 |  |  | 1000.00 |  | 1017.19 | 8.08 |  | 1.59 |  |
|  Investor C |  | 1000.00 |  | 989.70 | 11.74 |  |  | 1000.00 |  | 1013.41 | 11.88 |  | 2.34 |  |
|  Class K |  | 1000.00 |  | 994.80 | 6.49 |  |  | 1000.00 |  | 1018.70 | 6.56 |  | 1.29 |  |

---

<sup>(a)</sup> For each class of the Fund, expenses are equal to the annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown).

See "Disclosure of Expenses" for further information on how expenses were calculated.

**Portfolio Information** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **GEOGRAPHIC ALLOCATION** | **GEOGRAPHIC ALLOCATION** | **GEOGRAPHIC ALLOCATION** | **GEOGRAPHIC ALLOCATION** | **GEOGRAPHIC ALLOCATION** |
|  | <br>| *Percent of* <br> *Total Investments<sup>(a)</sup>* | *Percent of* <br> *Total Investments<sup>(a)</sup>* | *Percent of* <br> *Total Investments<sup>(a)</sup>* |
| *Country/Geographic Region* | *Long* | *Long* | *Short* | *Total* |
|  United States |  | 25.7% | 24.6% | 50.3% |
|  Japan |  | 8.1 | 7.9 | 16.0 |
|  United Kingdom |  | 3.1 | 2.8 | 5.9 |
|  Canada |  | 2.2 | 2.2 | 4.4 |
|  Germany |  | 1.5 | 1.6 | 3.1 |
|  France |  | 1.7 | 1.3 | 3.0 |
|  Australia |  | 1.4 | 1.6 | 3.0 |
|  Switzerland |  | 0.9 | 1.3 | 2.2 |
|  Other<sup>#</sup> |  | 6.0 | 6.1 | 12.1 |
|  |  | 50.6% | 49.4% | 100.0% |

---

<sup>(a)</sup> Total investments include the gross values of long and short equity securities of the underlying derivative contracts utilized by the Fund and exclude short-term securities. 

---

| | |
|:---|:---|
| <sup>#</sup> | Includes holdings within countries/geographic regions that are less than 1.0% of net assets. Please refer to the Schedule of Investments for such countries/geographic regions.  |

---

F U N D S U M M A R Y 7

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About Fund Performance

**Institutional and Class K Shares** are not subject to any sales charge. These shares bear no ongoing distribution or service fees and are available only to certain eligible investors. Class K Shares performance of BlackRock Global Equity Market Neutral Fund shown prior to the Class K Shares inception date of March 28, 2016 is that of Institutional Shares. Class K Shares performance of BlackRock Advantage Emerging Markets Fund shown prior to the Class K Shares inception date of January 25, 2018 is that of Institutional Shares. The performance of each Fund's 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.

**Investor A Shares** are subject to a maximum initial sales charge (front-end load) of 5.25% and a service fee of 0.25% per year (but no distribution fee). Certain redemptions of these shares may be subject to a contingent deferred sales charge ("CDSC") where no initial sales charge was paid at the time of purchase. These shares are generally available through financial intermediaries.

**Investor C Shares** are subject to a 1.00% CDSC if redeemed within one year of purchase. In addition, these shares are subject to a distribution fee of 0.75% per year and a service fee of 0.25% per year. These shares are generally available through financial intermediaries. These shares automatically convert to Investor A Shares after approximately eight years.

Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time and may continue to affect adversely the value and liquidity of each Fund's investments. As a result, current performance may be lower or higher than the performance data quoted. Refer to **blackrock.com** to obtain performance data current to the most recent month-end. Performance results do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Figures shown in the performance table(s) assume reinvestment of all distributions, if any, at net asset value ("NAV") on the ex-dividend date or payable date, as applicable. Investment return and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Distributions paid to each class of shares will vary because of the different levels of service, distribution and transfer agency fees applicable to each class, which are deducted from the income available to be paid to shareholders.

BlackRock Advisors, LLC (the "Manager"), each Fund's investment adviser, has contractually and/or voluntarily agreed to waive and/or reimburse a portion of each Fund's expenses. Without such waiver(s) and/or reimbursement(s), each Fund's performance would have been lower. With respect to each Fund's voluntary waiver(s), if any, the Manager is under no obligation to waive and/or reimburse or to continue waiving and/or reimbursing its fees and such voluntary waiver(s) may be reduced or discontinued at any time. With respect to each Fund's contractual waiver(s), if any, the Manager is under no obligation to continue waiving and/or reimbursing its fees after the applicable termination date of such agreement. See the Notes to Financial Statements for additional information on waivers and/or reimbursements.

Disclosure of Expenses

Shareholders of each Fund may incur the following charges: (a) transactional expenses, such as sales charges; and (b) operating expenses, including investment advisory fees, administration fees, service and distribution fees, including 12b-1 fees, acquired fund fees and expenses, and other fund expenses. The expense examples shown (which are based on a hypothetical investment of $1,000 invested at the beginning of the period and held through the end of the period) are intended to assist shareholders both in calculating expenses based on an investment in each Fund and in comparing these expenses with similar costs of investing in other mutual funds.

The expense examples provide information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number corresponding to their Fund and share class under the heading entitled "Expenses Paid During the Period."

The expense examples also provide information about hypothetical account values and hypothetical expenses based on a Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in these Funds and other funds, compare the 5% hypothetical examples with the 5% hypothetical examples that appear in shareholder reports of other funds.

The expenses shown in the expense examples are intended to highlight shareholders' ongoing costs only and do not reflect transactional expenses, such as sales charges, if any. Therefore, the hypothetical examples are useful in comparing ongoing expenses only and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.

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 of 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.

8 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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---

| | |
|:---|:---|
| Schedule of Investments (unaudited) <br> October 31, 2022 | **BlackRock Advantage Emerging Markets Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Common Stocks** |  |  |
| **Brazil — 4.6%** |  |  |
|  Ambev SA | 183140 | $567271 |
|  B3 SA - Brasil Bolsa Balcao | 45389 | 132156 |
|  Banco do Brasil SA | 19720 | 141329 |
|  Cia de Saneamento de Minas Gerais-COPASA | 97326 | 289406 |
|  Cia Energetica de Minas Gerais, ADR | 43228 | 94669 |
|  Cielo SA | 77364 | 89113 |
|  Cogna Educacao<sup>(a)</sup> | 174247 | 110981 |
|  CPFL Energia SA | 14018 | 96122 |
|  CSN Mineracao SA | 142127 | 90798 |
|  Embraer SA<sup>(a)</sup> | 27101 | 72140 |
|  Fleury SA | 57140 | 205750 |
|  Iochpe Maxion SA | 36170 | 99572 |
|  JBS SA | 20021 | 96743 |
|  Light SA | 131289 | 144366 |
|  Neoenergia SA | 16584 | 53263 |
|  Qualicorp Consultoria e Corretora de Seguros SA | 22722 | 34663 |
|  Raia Drogasil SA | 10599 | 53985 |
|  Sao Martinho SA | 26697 | 139390 |
|  Telefonica Brasil SA | 7450 | 59580 |
|  Ultrapar Participacoes SA | 15405 | 39992 |
|  Usinas Siderurgicas de Minas Gerais SA Usiminas, Class A | 65408 | 91550 |
|  Vale SA | 42662 | 554428 |
|  |  | 3257267 |
| **China — 26.8%** |  |  |
|  3SBio, Inc.<sup>(b)</sup> | 295500 | 208684 |
|  Agricultural Bank of China Ltd., Class H | 97000 | 27687 |
|  Alibaba Group Holding Ltd.<sup>(a)</sup> | 198820 | 1545807 |
|  Aluminum Corp. of China Ltd., Class H | 102000 | 29078 |
|  Angang Steel Co. Ltd., Class H | 314000 | 65151 |
|  Anhui Gujing Distillery Co. Ltd., Class A | 2300 | 61952 |
|  ANTA Sports Products Ltd. | 13600 | 119566 |
|  Autohome, Inc., ADR | 1109 | 28967 |
|  Avary Holding Shenzhen Co. Ltd., Class A | 41714 | 169559 |
|  BAIC Motor Corp. Ltd., Class H<sup>(b)</sup> | 721000 | 159734 |
|  Baidu, Inc., Class A<sup>(a)</sup> | 40992 | 392990 |
|  Bank of China Ltd., Class H | 1054000 | 339469 |
|  Bank of Communications Co. Ltd., Class H | 96000 | 46840 |
|  BeiGene Ltd., ADR<sup>(a)</sup> | 527 | 89005 |
|  Beijing Enterprises Holdings Ltd. | 80000 | 202952 |
|  Bilibili, Inc., Class Z<sup>(a)</sup> | 2320 | 20674 |
|  BYD Co. Ltd., Class A | 10700 | 360396 |
|  BYD Co. Ltd., Class H | 18000 | 403256 |
|  China Construction Bank Corp., Class H | 1192000 | 632580 |
|  China Hongqiao Group Ltd. | 140000 | 99085 |
|  China Meidong Auto Holdings Ltd. | 28000 | 36775 |
|  China Mengniu Dairy Co. Ltd. | 18000 | 57621 |
|  China Merchants Bank Co. Ltd., Class H | 195500 | 640047 |
|  China Minsheng Banking Corp. Ltd., Class H | 69500 | 20185 |
|  China Petroleum & Chemical Corp., Class H | 857000 | 339652 |
|  China Railway Group Ltd., Class H | 64000 | 27828 |
|  China Resources Gas Group Ltd. | 8000 | 20489 |
|  China Resources Pharmaceutical<br>Group Ltd.<sup>(b)</sup> | 256000 | 172693 |
|  China State Construction Engineering Corp. Ltd., Class A | 50400 | 32602 |
|  China Vanke Co. Ltd., Class H | 28900 | 37088 |
|  China Yongda Automobiles Services Holdings Ltd. | 325500 | 146002 |
|  CITIC Ltd. | 92000 | 82326 |
|  Contemporary Amperex Technology Co. Ltd., Class A | 11000 | 561559 |
|  CSPC Pharmaceutical Group Ltd. | 52720 | 54152 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **China (continued)** |  |  |
|  Dongfeng Motor Group Co. Ltd., Class H | 76000 | $34383 |
|  ENN Energy Holdings Ltd. | 20400 | 202818 |
|  Eve Energy Co. Ltd., Class A | 40200 | 456353 |
|  Fosun International Ltd. | 311000 | 190053 |
|  Ganfeng Lithium Group Co. Ltd., Class A | 3100 | 33387 |
|  Geely Automobile Holdings Ltd. | 71000 | 76409 |
|  Great Wall Motor Co. Ltd., Class H | 178000 | 194448 |
|  Gree Electric Appliances, Inc. of Zhuhai, Class A | 107700 | 421909 |
|  Guangzhou Automobile Group Co. Ltd., Class A | 24300 | 37578 |
|  Guangzhou Automobile Group Co. Ltd., Class H | 62000 | 37783 |
|  H World Group Ltd., ADR | 1400 | 37912 |
|  Haitong Securities Co. Ltd., Class H | 48400 | 23659 |
|  Industrial & Commercial Bank of China Ltd., Class H | 698000 | 303047 |
|  JD.com, Inc., Class A | 26860 | 489134 |
|  Joincare Pharmaceutical Group Industry Co. Ltd., Class A | 67783 | 108015 |
|  Jonjee Hi-Tech Industrial And Commercial Holding Co. Ltd., Class A | 11123 | 41188 |
|  KE Holdings, Inc., ADR<sup>(a)</sup> | 8416 | 85675 |
|  Kunlun Energy Co. Ltd. | 162000 | 96823 |
|  Li Auto, Inc., ADR<sup>(a)(c)</sup> | 5553 | 75632 |
|  LONGi Green Energy Technology Co. Ltd., Class A | 46800 | 307455 |
|  Luxshare Precision Industry Co. Ltd., Class A | 73200 | 283313 |
|  Meituan, Class B<sup>(a)(b)</sup> | 28700 | 459502 |
|  NetEase, Inc. | 29970 | 332525 |
|  New China Life Insurance Co. Ltd., Class H | 12400 | 19692 |
|  New Oriental Education & Technology Group, Inc.<sup>(a)</sup> | 18900 | 44257 |
|  NIO, Inc., ADR<sup>(a)</sup> | 13627 | 131773 |
|  People's Insurance Co. Group of China Ltd., Class H | 195000 | 53890 |
|  PetroChina Co. Ltd., ADR<sup>(c)</sup> | 9837 | 375452 |
|  PetroChina Co. Ltd., Class A | 280200 | 182615 |
|  PetroChina Co. Ltd., Class H | 552000 | 211155 |
|  Pinduoduo, Inc., ADR<sup>(a)(c)</sup> | 6512 | 357053 |
|  Ping An Insurance Group Co. of China Ltd., Class H | 183500 | 734622 |
|  Postal Savings Bank of China Co. Ltd., Class H<sup>(b)</sup> | 83000 | 38492 |
|  Qinghai Salt Lake Industry Co. Ltd., Class A<sup>(a)</sup> | 82400 | 242059 |
|  RiseSun Real Estate Development Co. Ltd., Class A<sup>(a)</sup> | 1 |  |
|  SF Holding Co. Ltd., Class A | 32800 | 216124 |
|  Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H | 27500 | 69444 |
|  Shanghai Pharmaceuticals Holding Co. Ltd., Class H | 124800 | 169137 |
|  Shanghai Putailai New Energy Technology Co. Ltd., Class A | 17800 | 121203 |
|  Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A | 1800 | 80043 |
|  Sinopharm Group Co. Ltd., Class H | 9600 | 18212 |
|  Sunac China Holdings Ltd.<sup>(a)(d)</sup> | 254000 | 31951 |
|  Sunwoda Electronic Co. Ltd., Class A | 41200 | 130688 |
|  TAL Education Group, ADR<sup>(a)</sup> | 7971 | 37543 |
|  Tencent Holdings Ltd. | 93700 | 2462134 |
|  Tencent Music Entertainment Group, ADR<sup>(a)(c)</sup> | 12110 | 43717 |
|  Tongwei Co. Ltd., Class A | 11800 | 70187 |
|  Trip.com Group Ltd., ADR<sup>(a)</sup> | 7391 | 167258 |
|  Vipshop Holdings Ltd., ADR<sup>(a)</sup> | 8129 | 56659 |
|  Want Want China Holdings Ltd. | 75000 | 49266 |
|  Weichai Power Co. Ltd., Class H | 24000 | 22988 |
|  Wens Foodstuffs Group Co. Ltd., Class A<sup>(a)</sup> | 38400 | 93885 |
|  WuXi AppTec Co. Ltd., Class H<sup>(b)</sup> | 9280 | 74483 |
|  Wuxi Biologics Cayman, Inc.<sup>(a)(b)</sup> | 29500 | 132740 |
|  YTO Express Group Co. Ltd., Class A | 44558 | 114693 |
|  Yum China Holdings, Inc. | 5091 | 210513 |
|  Zhongsheng Group Holdings Ltd. | 24000 | 91087 |
|  Zijin Mining Group Co. Ltd., Class H | 48000 | 45784 |

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

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---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Advantage Emerging Markets Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **China (continued)** |  |  |
|  Zoomlion Heavy Industry Science & Technology Co. Ltd., Class H | 155000 | $49952 |
|  ZTE Corp., Class A | 99200 | 300629 |
|  ZTE Corp., Class H | 98000 | 174817 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18987649 |
| **Greece — 0.6%** |  |  |
|  Hellenic Telecommunications Organization SA | 18143 | 284928 |
|  OPAP SA | 11276 | 138166 |
|  |  | 423094 |
| **Hong Kong — 0.5%** |  |  |
|  Bosideng International Holdings Ltd. | 60000 | 25914 |
|  China Gas Holdings Ltd. | 104000 | 92298 |
|  China Resources Beer Holdings Co. Ltd. | 16000 | 75497 |
|  Shougang Fushan Resources Group Ltd. | 434000 | 117569 |
|  Sun Art Retail Group Ltd. | 381000 | 60616 |
|  |  | 371894 |
| **India — 14.0%** |  |  |
|  ABB India Ltd. | 1801 | 66347 |
|  Aditya Birla Fashion and Retail Ltd.<sup>(a)</sup> | 42781 | 182998 |
|  Asian Paints Ltd. | 9886 | 372139 |
|  Avenue Supermarts Ltd.<sup>(a)(b)</sup> | 634 | 33113 |
|  Axis Bank Ltd. | 56435 | 618893 |
|  Bajaj Finance Ltd. | 4624 | 399699 |
|  Bajaj Finserv Ltd. | 7913 | 161472 |
|  Coromandel International Ltd. | 15339 | 178317 |
|  Cummins India Ltd. | 4717 | 76807 |
|  Dalmia Bharat Ltd. | 3502 | 67836 |
|  Dr Reddy's Laboratories Ltd. | 995 | 53558 |
|  HCL Technologies Ltd. | 15376 | 193563 |
|  HDFC Bank Ltd. | 20910 | 379484 |
|  HDFC Bank Ltd., ADR | 2484 | 154778 |
|  ICICI Bank Ltd. | 75574 | 830963 |
|  ICICI Bank Ltd., ADR | 18165 | 400357 |
|  Infosys Ltd. | 58586 | 1091929 |
|  Infosys Ltd., ADR | 11676 | 218691 |
|  InterGlobe Aviation Ltd.<sup>(a)(b)</sup> | 2028 | 43763 |
|  ITC Ltd. | 51510 | 217183 |
|  Kotak Mahindra Bank Ltd. | 21563 | 496490 |
|  Lemon Tree Hotels Ltd.<sup>(a)(b)</sup> | 82256 | 83857 |
|  Mahindra & Mahindra Ltd. | 9963 | 162606 |
|  Nestle India Ltd. | 825 | 203156 |
|  Praj Industries Ltd. | 9927 | 49608 |
|  Reliance Industries Ltd. | 31084 | 959151 |
|  State Bank of India | 34029 | 236316 |
|  Sun Pharmaceutical Industries Ltd. | 22447 | 275801 |
|  Tata Consultancy Services Ltd. | 23765 | 917141 |
|  UltraTech Cement Ltd. | 1105 | 89768 |
|  Varun Beverages Ltd. | 41658 | 528592 |
|  Voltas Ltd. | 14003 | 148369 |
|  Zydus Lifesciences Ltd. | 9096 | 47667 |
|  |  | 9940412 |
| **Indonesia — 3.8%** |  |  |
|  AKR Corporindo Tbk PT | 958600 | 95962 |
|  Bank Central Asia Tbk PT | 1601600 | 905348 |
|  Bank Mandiri Persero Tbk PT | 341800 | 230904 |
|  Bank Rakyat Indonesia Persero Tbk PT | 2682100 | 800159 |
|  Perusahaan Gas Negara Tbk PT | 3418200 | 433119 |
|  Telkom Indonesia Persero Tbk PT | 614000 | 172443 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Indonesia (continued)** |  |  |
|  Timah Tbk PT | 630200 | $54807 |
|  XL Axiata Tbk PT | 270000 | 43644 |
|  |  | 2736386 |
| **Kuwait — 0.3%** |  |  |
|  Kuwait Finance House KSCP | 52120 | 136310 |
|  National Bank of Kuwait SAKP | 33819 | 117694 |
|  |  | 254004 |
| **Malaysia — 1.4%** |  |  |
|  Axiata Group Bhd | 165700 | 99720 |
|  CIMB Group Holdings Bhd | 96100 | 112257 |
|  DiGi.Com Bhd | 63800 | 51175 |
|  IHH Healthcare Bhd | 199500 | 251122 |
|  Malaysia Airports Holdings Bhd<sup>(a)</sup> | 53300 | 67391 |
|  Maxis Bhd | 96400 | 78469 |
|  PPB Group Bhd | 14800 | 52260 |
|  Public Bank Bhd | 203000 | 191977 |
|  Telekom Malaysia Bhd | 54200 | 63745 |
|  |  | 968116 |
| **Mexico — 2.6%** |  |  |
|  Alsea SAB de CV<sup>(a)</sup> | 170509 | 326939 |
|  America Movil SAB de CV, Series L | 151279 | 143163 |
|  Coca-Cola Femsa SAB de CV | 14842 | 93496 |
|  Coca-Cola Femsa SAB de CV, ADR | 4161 | 261269 |
|  Fomento Economico Mexicano SAB de CV | 26177 | 187915 |
|  Fomento Economico Mexicano SAB de CV, ADR | 1286 | 92103 |
|  Grupo Aeroportuario del Pacifico SAB de CV, Class B | 4096 | 63446 |
|  Grupo Bimbo SAB de CV, Series A | 66512 | 257514 |
|  Grupo Financiero Banorte SAB de CV, Class O | 7833 | 63671 |
|  Grupo Mexico SAB de CV, Series B | 6490 | 23529 |
|  Wal-Mart de Mexico SAB de CV | 78448 | 303014 |
|  |  | 1816059 |
| **Peru — 0.5%** |  |  |
|  Southern Copper Corp. | 7401 | 347625 |
| **Philippines — 0.5%** |  |  |
|  International Container Terminal Services, Inc. | 29050 | 87082 |
|  Manila Electric Co. | 5100 | 26591 |
|  SM Investments Corp. | 11430 | 162905 |
|  Universal Robina Corp. | 41190 | 87141 |
|  |  | 363719 |
| **Qatar — 0.0%** |  |  |
|  Qatar National Bank QPSC | 20 | 108 |
| **Russia<sup>(d)</sup> — 0.0%** |  |  |
|  Alrosa PJSC<sup>(a)</sup> | 1407496 | 227 |
|  Lukoil PJSC | 23527 | 4 |
|  Novatek PJSC | 29650 | 4 |
|  |  | 235 |
| **Saudi Arabia — 5.0%** |  |  |
|  Abdullah Al Othaim Markets Co. | 5137 | 155187 |
|  ACWA Power Co. | 3010 | 139334 |
|  Al Hammadi Holding | 19584 | 234249 |
|  Al Rajhi Bank<sup>(a)</sup> | 46025 | 1043657 |
|  Alinma Bank | 12348 | 123183 |
|  Dr Sulaiman Al Habib Medical Services Group Co. | 561 | 33841 |
|  Rabigh Refining & Petrochemical Co.<sup>(a)</sup> | 10289 | 37301 |
|  Saudi Arabian Mining Co.<sup>(a)</sup> | 22394 | 498451 |
|  Saudi Arabian Oil Co.<sup>(b)</sup> | 17838 | 165546 |
|  Saudi Basic Industries Corp. | 31986 | 751048 |

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10 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Advantage Emerging Markets Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Saudi Arabia (continued)** |  |  |
|  Saudi Electricity Co. | 4842 | $34768 |
|  Saudi National Bank | 21507 | 339923 |
|  |  | 3556488 |
| **South Africa — 6.0%** |  |  |
|  Anglo American Platinum Ltd. | 7356 | 585729 |
|  AngloGold Ashanti Ltd. | 5931 | 77457 |
|  Aspen Pharmacare Holdings Ltd. | 11864 | 97592 |
|  AVI Ltd. | 65462 | 262208 |
|  Capitec Bank Holdings Ltd. | 4374 | 452914 |
|  FirstRand Ltd. | 179161 | 626343 |
|  Gold Fields Ltd. | 27096 | 217061 |
|  Gold Fields Ltd., ADR | 15705 | 123756 |
|  Impala Platinum Holdings Ltd. | 9405 | 96295 |
|  Life Healthcare Group Holdings Ltd. | 246827 | 265387 |
|  MTN Group Ltd. | 39826 | 281468 |
|  Sasol Ltd. | 7654 | 128664 |
|  Shoprite Holdings Ltd. | 4197 | 53422 |
|  Sibanye Stillwater Ltd. | 89888 | 210538 |
|  Standard Bank Group Ltd. | 36639 | 342034 |
|  Truworths International Ltd. | 124867 | 355354 |
|  Woolworths Holdings Ltd. | 28310 | 97080 |
|  |  | 4273302 |
| **South Korea — 9.0%** |  |  |
|  CJ Logistics Corp.<sup>(a)</sup> | 1077 | 66327 |
|  Daewoo Engineering & Construction Co. Ltd.<sup>(a)</sup> | 38875 | 114484 |
|  Eugene Technology Co. Ltd. | 2827 | 42650 |
|  Green Cross Corp. | 346 | 30904 |
|  GS Retail Co. Ltd. | 3379 | 60168 |
|  Hite Jinro Co. Ltd. | 5325 | 95747 |
|  Hugel, Inc.<sup>(a)</sup> | 3334 | 261176 |
|  Hyundai Construction Equipment Co. Ltd. | 2942 | 88596 |
|  Hyundai Department Store Co. Ltd. | 2192 | 83138 |
|  Hyundai Glovis Co. Ltd. | 780 | 95072 |
|  Hyundai Mobis Co. Ltd. | 4301 | 659685 |
|  Hyundai Motor Co. | 690 | 79515 |
|  Hyundai Wia Corp. | 1880 | 80425 |
|  KB Financial Group, Inc. | 5402 | 181772 |
|  KCC Corp. | 770 | 131508 |
|  Kia Corp. | 5641 | 262142 |
|  Korea Gas Corp. | 14693 | 358569 |
|  Korean Air Lines Co. Ltd.<sup>(a)</sup> | 15242 | 246829 |
|  LG Chem Ltd. | 118 | 51783 |
|  POSCO Holdings, Inc. | 3437 | 599037 |
|  Samsung Electronics Co. Ltd. | 56061 | 2333249 |
|  Shinhan Financial Group Co. Ltd. | 8520 | 216549 |
|  Shinsegae, Inc. | 1546 | 230191 |
|  |  | 6369516 |
| **Taiwan — 14.5%** |  |  |
|  ASE Technology Holding Co. Ltd. | 219000 | 540744 |
|  Bizlink Holding, Inc. | 5000 | 38129 |
|  Cathay Financial Holding Co. Ltd. | 42000 | 49153 |
|  Chailease Holding Co. Ltd. | 30000 | 138381 |
|  Chicony Electronics Co. Ltd. | 92000 | 228245 |
|  Chroma ATE, Inc. | 48000 | 262062 |
|  Delta Electronics, Inc. | 64000 | 509236 |
|  Evergreen Marine Corp. Taiwan Ltd. | 5000 | 21272 |
|  FLEXium Interconnect, Inc. | 85000 | 240799 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Taiwan (continued)** |  |  |
|  Formosa Sumco Technology Corp. | 9000 | $40461 |
|  Hiwin Technologies Corp. | 68969 | 354341 |
|  Hon Hai Precision Industry Co. Ltd. | 304000 | 965527 |
|  Kinsus Interconnect Technology Corp. | 25000 | 80557 |
|  Largan Precision Co. Ltd. | 2000 | 114424 |
|  Makalot Industrial Co. Ltd. | 74000 | 458231 |
|  MediaTek, Inc. | 35000 | 637987 |
|  President Chain Store Corp. | 8000 | 66520 |
|  Primax Electronics Ltd. | 221000 | 370233 |
|  Realtek Semiconductor Corp. | 19000 | 149782 |
|  Simplo Technology Co. Ltd. | 18000 | 143024 |
|  Taiwan Semiconductor Manufacturing Co. Ltd. | 306000 | 3678794 |
|  Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 7273 | 447653 |
|  Uni-President Enterprises Corp. | 16000 | 32492 |
|  United Microelectronics Corp. | 198000 | 238087 |
|  Wistron NeWeb Corp. | 189000 | 490039 |
|  |  | 10296173 |
| **Thailand — 2.9%** |  |  |
|  Bangchak Corp. PCL, NVDR | 676100 | 543347 |
|  Bangkok Dusit Medical Services PCL, NVDR | 511100 | 396690 |
|  Bumrungrad Hospital PCL, NVDR | 38400 | 228903 |
|  Esso Thailand PCL, NVDR | 202700 | 77396 |
|  Home Product Center PCL, NVDR | 313100 | 120318 |
|  Minor International PCL, NVDR<sup>(a)</sup> | 44500 | 33056 |
|  PTT Exploration & Production PCL, NVDR | 132700 | 634473 |
|  PTT PCL, NVDR | 20700 | 19590 |
|  |  | 2053773 |
| **Turkey — 0.4%** |  |  |
|  Anadolu Efes Biracilik Ve Malt Sanayii A/S | 15693 | 40380 |
|  Migros Ticaret A/S<sup>(a)</sup> | 41668 | 270859 |
|  |  | 311239 |
| **United Arab Emirates — 1.1%** |  |  |
|  Abu Dhabi Commercial Bank PJSC | 41574 | 107018 |
|  Abu Dhabi Islamic Bank PJSC | 21409 | 55394 |
|  Aldar Properties PJSC | 170706 | 200797 |
|  Dubai Islamic Bank PJSC | 40928 | 64841 |
|  Emirates NBD Bank PJSC | 36398 | 131431 |
|  Emirates Telecommunications Group Co. PJSC | 575 | 4041 |
|  First Abu Dhabi Bank PJSC | 39223 | 191281 |
|  |  | 754803 |
|  **Total Common Stocks — 94.5%<br>(Cost: $77,745,604)** |  | 67081862 |
|  **Preferred Securities** |  |  |
|  **Preferred Stocks — 2.8%** |  |  |
| **Brazil — 2.8%** |  |  |
|  Azul SA, Preference Shares<sup>(a)</sup> | 34941 | 109108 |
|  Banco Bradesco SA, Preference Shares | 84073 | 323239 |
|  Centrais Eletricas Brasileiras SA, Preference B Shares | 15645 | 161493 |
|  Cia Energetica de Minas Gerais, Preference Shares | 19798 | 43578 |
|  Gerdau SA, Preference Shares | 23853 | 118907 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Advantage Emerging Markets Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Brazil (continued)** |  |  |
|  Itau Unibanco Holding SA, Preference Shares | 60540 | $356290 |
|  Petroleo Brasileiro SA, Preference Shares | 145095 | 837340 |
|  |  | 1949955 |
|  **Total Preferred Securities — 2.8%<br>(Cost: $1,860,433)** |  | 1949955 |
|  **Rights** |  |  |
|  **Brazil — 0.0%** |  |  |
|  Fleury SA, (Expires 12/09/22, Strike Price BRL 17.27) | 12706 | 3198 |
|  **Total Rights — 0.0%<br>(Cost: $—)** |  | 3198 |
|  **Total Long-Term Investments — 97.3%<br>(Cost: $79,606,037)** |  | 69035015 |
|  **Short-Term Securities** |  |  |
|  **Money Market Funds — 4.4%** |  |  |
|  BlackRock Liquidity Funds, T-Fund, Institutional Class, 2.92%<sup>(e)(f)</sup> | 2872279 | 2872279 |
|  SL Liquidity Series, LLC, Money Market Series, 3.37%<sup>(e)(f)(g)</sup> | 230794 | 230633 |
|  **Total Short-Term Securities — 4.4%<br>(Cost: $3,102,929)** |  | 3102912 |
|  **Total Investments — 101.7%<br>(Cost: $82,708,966)** |  | 72137927 |
|  **Liabilities in Excess of Other Assets — (1.7)%** |  | (1184216) |
|  **Net Assets — 100.0%** |  | $70953711 |

---

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

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

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

<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 six months ended October 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at<br>04/30/22* | *Purchases*<br> *at Cost* | *Proceeds*<br> *from Sales* | *Net<br>Realized<br>Gain (Loss)* | *Change in<br>Unrealized<br>Appreciation<br>(Depreciation)* | *Value at<br>10/31/22* | *Shares<br>Held at<br>10/31/22* | *Income* | *Capital Gain<br>Distributions<br>from<br>Underlying<br>Funds* |
|  BlackRock Liquidity Funds, T-Fund, Institutional Class | $7133591 | $— | $(4261312)<sup>(a)</sup> | $— | $— | $2872279 | 2872279 | $48472 | $— |
|  SL Liquidity Series, LLC, Money Market Series | 254881 |  | (24064)<sup>(a)</sup> | (166) | (18) | 230633 | 230794 | 4015 <sup>(b)</sup> |  |
|  |  |  |  | $(166) | $(18) | $3102912 |  | $52487 | $— |

---

<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 fees and collateral investment expenses, and other payments to and from borrowers of securities.

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

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of<br>Contracts* | *Expiration<br>Date* | *Notional<br>Amount (000)* | *Value/<br>Unrealized<br>Appreciation<br>(Depreciation)* |
|  Long Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; MSCI Emerging Markets Index | 84 | 12/16/22 | $3585 | $(238091) |

---

12 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Advantage Emerging Markets Fund** |

---

**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* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Liabilities — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Futures contracts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on futures contracts<sup>(a)</sup> | $— | $— | $238091 | $— | $— | $— | $238091 |

---

<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 October 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $(1833718) | $— | $— | $— | $(1833718) |
|  **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $144946 | $— | $— | $— | $144946 |

---

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

---

| | |
|:---|:---|
|  Futures contracts: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $5437085 |

---

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. 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 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brazil | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3257267 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3257267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China | 1321707 | 17633991 | 31951 | 18987649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Greece |  | 423094 |  | 423094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hong Kong |  | 371894 |  | 371894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; India | 773826 | 9166586 |  | 9940412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indonesia |  | 2736386 |  | 2736386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kuwait |  | 254004 |  | 254004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Malaysia |  | 968116 |  | 968116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mexico | 1816059 |  |  | 1816059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Peru | 347625 |  |  | 347625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Philippines |  | 363719 |  | 363719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Qatar |  | 108 |  | 108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Russia |  |  | 235 | 235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saudi Arabia |  | 3556488 |  | 3556488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Africa | 389143 | 3884159 |  | 4273302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Korea |  | 6369516 |  | 6369516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan | 447653 | 9848520 |  | 10296173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thailand |  | 2053773 |  | 2053773 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Advantage Emerging Markets Fund** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks (continued) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Turkey | $270859 | $40380 | $— | $311239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Arab Emirates |  | 754803 |  | 754803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Stocks | 1949955 |  |  | 1949955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rights | 3198 |  |  | 3198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 2872279 |  |  | 2872279 |
|  | $13449571 | $58425537 | $32186 | 71907294 |
|  Investments Valued at NAV<sup>(a)</sup> |  |  |  | 230633 |
|  |  |  |  | $72137927 |
|  Derivative Financial Instruments<sup>(b)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | $(238091) | $— | $— | $(238091) |

---

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

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

*See notes to financial statements.* 

14 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) <br> October 31, 2022 | **BlackRock Global Equity Market Neutral Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Common Stocks** |  |  |
| **Canada — 0.1%** |  |  |
|  Bausch & Lomb Corp.<sup>(a)</sup> | 39934 | $569459 |
| **Netherlands — 0.0%** |  |  |
|  Climate Transition Capital Acquisition I BV<sup>(a)</sup> | 40590 | 395114 |
| **United States — 0.0%** |  |  |
|  Palantir Technologies, Inc., Class A<sup>(a)</sup> | 4 | 35 |
|  **Total Common Stocks — 0.1%<br>(Cost: $1,200,192)** |  | 964608 |
|  **Preferred Securities** |  |  |
| **Preferred Stocks — 0.6%<sup>(b)</sup>** |  |  |
| **United States — 0.6%** |  |  |
|  AliphCom, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 6, (Acquired 12/15/15, Cost: $—)<sup>(c)</sup> | 8264 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 8, | 823530 | 8 |
|  Illumio, Inc., Series C, (Acquired 03/10/15,<br>Cost: $1,500,001)<sup>(c)</sup> | 466730 | 3682500 |
|  |  | 3682508 |
|  **Total Preferred Securities — 0.6%<br>(Cost: $3,250,010)** |  | 3682508 |
|  | *Par*<br> *(000)* |  |
|  **U.S. Treasury Obligations** |  |  |
|  U.S. Cash Management Bills<sup>(d)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.68%, 01/31/23<sup>(e)</sup> | $2510 | 2484659 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.79%, 02/07/23 | 15000 | 14833053 |
|  U.S. Treasury Cash Management Bills,<br>3.68%, 01/31/23<sup>(d)(e)</sup> | 13000 | 12868753 |
|  U.S. Treasury Floating Rate Notes,<br>3.95%, 10/31/24 | 6000 | 5998931 |
|  **Total U.S. Treasury Obligations — 5.4%<br>(Cost: $36,218,798)** |  | 36185396 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Warrants** |  |  |
| **Netherlands — 0.0%** |  |  |
|  Climate Transition Capital Acquisition I BV, (Issued 06/29/21, Exercisable 06/29/22, 1 Share for 1 Warrant, Expires 06/29/26, Strike Price EUR 11.50)<sup>(a)</sup> | 13530 | $1070 |
|  **Total Warrants — 0.0%<br>(Cost: $—)** |  | 1070 |
|  **Total Long-Term Investments — 6.1%<br>(Cost: $40,669,000)** |  | 40833582 |
|  **Short-Term Securities** |  |  |
| **Money Market Funds — 2.2%** |  |  |
|  BlackRock Liquidity Funds, T-Fund, Institutional Class, 2.92%<sup>(f)(g)</sup> | 14605760 | 14605760 |

---

---

| | | |
|:---|:---|:---|
|  | *Par*<br> *(000)* |  |
| **U.S. Treasury Obligations — 94.7%** | **U.S. Treasury Obligations — 94.7%** | **U.S. Treasury Obligations — 94.7%** |
|  U.S. Treasury Bills<sup>(d)(e)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.23%, 11/01/22 | $30000 | 30000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.74%, 11/01/22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | 5000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.40%, 11/03/22 | 1990 | 1989763 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 11/03/22 | 20000 | 19997621 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.28%, 11/08/22 | 10000 | 9994811 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.58%, 11/08/22 | 15000 | 14992216 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.68%, 11/08/22 | 20000 | 19989622 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/22/22 | 5000 | 4990356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.03%, 11/22/22 | 5000 | 4990356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.06%, 11/22/22 | 20000 | 19961422 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.62%, 11/29/22<sup>(h)</sup> | 95000 | 94736586 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 12/06/22 - 01/12/23 | 23265 | 23148706 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.28%, 12/06/22 - 01/10/23 | 47000 | 46729219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.82%, 12/13/22 | 600 | 597538 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.83%, 12/13/22 | 4000 | 3983585 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.84%, 12/13/22 | 24430 | 24329745 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.56%, 12/13/22 | 60000 | 59753775 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.74%, 12/20/22 | 30240 | 30087509 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.76%, 12/20/22 | 17000 | 16914274 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.04%, 12/27/22<sup>(h)</sup> | 30000 | 29821617 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 12/27/22<sup>(h)</sup> | 40000 | 39762156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.57%, 01/05/23 | 11000 | 10924726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.59%, 01/12/23 | 14760 | 14643957 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.64%, 01/26/23 | 2475 | 2451424 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 01/26/23 | 13500 | 13371403 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.17%, 02/02/23<sup>(h)</sup> | 15000 | 14845679 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.17%, 02/23/23 | 2165 | 2136914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.18%, 05/18/23 | 2080 | 2032367 |
|  U.S. Treasury Cash Management Bills<sup>(d)(e)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.18%, 01/03/23 | 14985 | 14885087 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Global Equity Market Neutral Fund**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
| **U.S. Treasury Obligations (continued)** | **U.S. Treasury Obligations (continued)** | **U.S. Treasury Obligations (continued)** | **U.S. Treasury Obligations (continued)** |
|  U.S. Treasury Cash Management Bills<sup>(d)(e)</sup> (continued)<br>3.73%, 01/03/23 | $| 5000 | $4966662 |
|  U.S. Treasury Floating Rate Notes<sup>(i)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (3 mo.Treasury money market yield + 0.05%), 4.09%, 01/31/23 |  | 14633 | 14643837 |
| &nbsp;&nbsp;&nbsp;&nbsp; (3 mo.Treasury money market yield + 0.03%), 4.07%, 07/31/23 |  | 10000 | 10008126 |
| &nbsp;&nbsp;&nbsp;&nbsp; (3 mo.Treasury money market yield + 0.04%), 4.08%, 10/31/23 |  | 3130 | 3132646 |
| &nbsp;&nbsp;&nbsp;&nbsp; (3 mo.Treasury money market yield - 0.02%), 4.03%, 01/31/24 |  | 3395 | 3394406 |
| &nbsp;&nbsp;&nbsp;&nbsp; (3 mo.Treasury money market yield - 0.08%), 3.97%, 04/30/24 |  | 4885 | 4877549 |
|  U.S. Treasury Notes |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 12/15/22 |  | 2000 | 1995163 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 02/15/23 |  | 4515 | 4478670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 02/28/23 - 04/30/23 |  | 14245 | 14035066 |
|  |  |  | 638594559 |
|  **Total Short-Term Securities — 96.9%<br>(Cost: $653,617,027)** |  |  | 653200319 |
|  **Options Purchased — 0.2%<br>(Cost: $1,589,137)** |  |  | 1193270 |
|  **Total Investments Before Options Written — 103.2%<br>(Cost: $695,875,164)** | **Total Investments Before Options Written — 103.2%<br>(Cost: $695,875,164)** | **Total Investments Before Options Written — 103.2%<br>(Cost: $695,875,164)** | 695227171 |
|  **Options Written — (0.1)%<br>(Premiums Received: $(629259))** |  |  | (344280) |
|  **Total Investments, Net of Options Written — 103.1%<br>(Cost: $695,245,905)** | **Total Investments, Net of Options Written — 103.1%<br>(Cost: $695,245,905)** | **Total Investments, Net of Options Written — 103.1%<br>(Cost: $695,245,905)** | 694882891 |
|  **Liabilities in Excess of Other Assets — (3.1)%** |  |  | (20848308) |
|  **Net Assets — 100.0%** |  |  | $674034583 |

---

<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 $3,682,500, representing 0.6% of its net assets as of period end, and an original cost of $1,500,001. 

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

<sup>(e)</sup> Zero-coupon bond.

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

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

<sup>(i)</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.

**Affiliates** 

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended October 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at<br>04/30/22* | *Purchases<br>at Cost* | *Proceeds<br>from Sales* | *Net<br>Realized<br>Gain (Loss)* | *Value at<br>10/31/22* | *Shares*<br> *Held at<br>10/31/22* | *Income* | *Capital Gain<br>Distributions<br>from<br>Underlying<br>Funds* |
|  BlackRock Liquidity Funds, T-Fund, Institutional Class | $36355831 | $– $| (21750071)<sup>(a)</sup> | $– $– $| 14605760 | 14605760 | $248620 | $— |

---

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

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

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of<br>Contracts* | *Expiration<br>Date* | *Notional<br>Amount (000)* | *Value/<br>Unrealized<br>Appreciation<br>(Depreciation)* |
|  Long Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; E-Mini Dow Jones Industrial Average Index | 215 | 12/16/22 | $35233 | $296021 |
|  Short Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; NASDAQ 100 E-Mini Index | 143 | 12/16/22 | 32739 | 3929552 |
|  |  |  |  | $4225573 |

---

16 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Global Equity Market Neutral Fund** |

---

**Exchange-Traded Options Purchased** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Description* | *Number of<br>Contracts* | *Expiration<br>Date* | *Exercise Price* | *Notional<br>Amount (000)* | *Value* |
|  Call |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P 500 Index | 77439600 | 11/18/22 | USD 3,950.00 | USD 77,440 | $1121000 |
|  Put |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P 500 Index | 56530908 | 11/18/22 | USD 3,450.00 | USD 56,531 | 72270 |
|  |  |  |  |  | $1193270 |

---

**Exchange-Traded Options Written** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Description* | *Number of<br>Contracts* | *Expiration<br>Date* | *Exercise Price* | *Notional<br>Amount (000)* | *Value* |
|  Call |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P 500 Index | 200 | 11/18/22 | USD 4,100.00 | USD 77,440 | $(318000) |
|  Put |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P 500 Index | 146 | 11/18/22 | USD 3,250.00 | USD 56,531 | (26280) |
|  |  |  |  |  | $(344280) |

---

**OTC Total Return Swaps** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Payment*<br> *Frequency* | *Counterparty<sup>(a)</sup>* | *Termination*<br> *Date* | *Net Notional* | *Accrued<br>Unrealized<br>Appreciation<br>(Depreciation)* | *Net Value of<br>Reference<br>Entity* | *Gross<br>Notional<br>Amount<br>Net Asset<br>Percentage* |
|  Equity Securities Long/Short | At Termination | Bank of America N.A.<sup>(b)</sup> | 01/17/23 – 06/15/23 | $(5251301) | $3799421 <sup>(c)</sup> | $567946 | 49.0% |
|  | At Termination | Bank of America N.A.<sup>(d)</sup> | 02/15/23 – 11/15/23 | (6587804) | 1117896 <sup>(e)</sup> | (1142933) | 64.2 |
|  | At Termination | BNP Paribas SA<sup>(f)</sup> | 12/12/22 – 12/19/22 | (10327295) | 11515639 <sup>(g)</sup> | (321745) | 128.3 |
|  | At Termination | Goldman Sachs & Co.<sup>(h)</sup> | 02/27/23 – 02/28/23 | (5965591) | 8615700 <sup>(i)</sup> | 830033 | 68.7 |
|  | At Termination | Goldman Sachs & Co.<sup>(j)</sup> | 02/27/23 – 02/28/23 | (14597633) | 15541014 <sup>(k)</sup> | (1424596) | 137.6 |
|  | At Termination | UBS AG<sup>(l)</sup> | 07/05/23 | (8374159) | 767400 <sup>(m)</sup> | (1416985) | 79.0 |
|  |  |  |  |  | $41357070 | $(2908280) |  |

---

<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 $(2019826) of net dividends and financing fees. 

<sup>(e)</sup> Amount includes $(4326975) of net dividends and financing fees. 

<sup>(g)</sup> Amount includes $1,510,089 of net dividends and financing fees. 

<sup>(i)</sup> Amount includes $1,820,076 of net dividends and financing fees. 

<sup>(k)</sup> Amount includes $2,367,977 of net dividends and financing fees. 

<sup>(m)</sup> Amount includes $(6189774) of net dividends and financing fees. 

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

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Global Equity Market Neutral Fund** |

---

**OTC Total Return Swaps (continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  | (b) | (d) | (f) |
| Range: | 0-975 basis points | 0-550 basis points | 0-500 basis points |
| Benchmarks: | AUD - 1D Overnight Reserve Bank of Australia Rate (AONIA) | AUD - 1D Overnight Reserve Bank of Australia Rate (AONIA) | AUD - 1D Overnight Reserve Bank of Australia Rate (AONIA) |
|  | Bank of Canada Overnight Rate Target (CABROVER) | Bank of Canada Overnight Rate Target (CABROVER) | Bank of Canada Overnight Rate Target (CABROVER) |
|  | CHF - Swiss Average Rate O/N (SSARON) | CHF - Swiss Average Rate O/N (SSARON) | CHF - Swiss Average Rate O/N (SSARON) |
|  | DKK - 1W Copenhagen Interbank Swap Rate (CIBOR) | DKK - 1W Copenhagen Interbank Swap Rate (CIBOR) | DKK - Annualized Overnight Deposit MID Rate<br> EUR - 1D Euro Short Term Rate (ESTR) |
|  | EUR - 1D Euro Short Term Rate (ESTR)<br> GBP - 1D Sterling Overnight Index Average (SONIA) | EUR - 1D Euro Short Term Rate (ESTR)<br> GBP - 1D Sterling Overnight Index Average (SONIA) | GBP - 1D Sterling Overnight Index Average (SONIA)<br> HKD - Overnight Index Average (HONIA) |
|  | HKD - Overnight Index Average (HONIA)<br> ILS - 1M Tel Aviv Interbank Offer Rate (TELBOR)<br> JPY - Provisional 1D Overnight Tokyo Average Rate (TONA) | HKD - Overnight Index Average (HONIA)<br> ILS - 1M Tel Aviv Interbank Offer Rate (TELBOR)<br> JPY - Provisional 1D Overnight Tokyo Average Rate (TONA) | ILS - 1M Tel Aviv Interbank Offer Rate (TELBOR)<br> JPY - 1D Overnight Tokyo Average Rate (TONA)<br> NOK - Norwegian Overnight Weighted Average (NOWA) |
|  | NOK - 1W Norway Interbank Offer Rate (NIBOR)<br> NZD - 1M New Zealand Bank Bill Rate (BBR) | NOK - 1W Norway Interbank Offer Rate (NIBOR)<br> NZD - 1M New Zealand Bank Bill Rate (BBR) | NZD - 1D New Zealand Official Overnight Deposit Rate (NZOCO) |
|  | SEK - 1W Stockholm Interbank Offer Rate (STIBOR)<br> SGD - Overnight Rate Average (SORA) | SEK - 1W Stockholm Interbank Offer Rate (STIBOR)<br> SGD - Overnight Rate Average (SORA) | SEK - 1W Stockholm Interbank Offer Rate (STIBOR)<br> SGD - Overnight Rate Average (SORA) |
|  | USD - 1D Overnight Bank Funding Rate (OBFR01) | USD - 1D Overnight Bank Funding Rate (OBFR01) | USD - 1D Overnight Bank Funding Rate (OBFR01) |

---

---

| | | |
|:---|:---|:---|
| (h) | (j) | (l) |
| 0-1,350 basis points | 15-150 basis points | 20-180 basis points |
| AUD - 1D Overnight Reserve Bank of Australia Rate (AONIA) | AUD - 1D Overnight Reserve Bank of Australia Rate (AONIA) | AUD - 1D Overnight Reserve Bank of Australia Rate (AONIA) |
| CAD - 1D Overnight Bank of Canada Repo Rate (CORRA) | CAD - 1D Overnight Bank of Canada Repo Rate (CORRA) | CAD - 1D Overnight Bank of Canada Repo Rate (CORRA) |
| CHF - Swiss Average Rate O/N (SSARON) | CHF - Swiss Average Rate O/N (SSARON) | CHF - Swiss Average Rate O/N (SSARON) |
| DKK - Danish Tom/Next Reference Rate (DETNT/N) | DKK - Danish Tom/Next Reference Rate (DETNT/N) | DKK - 1W Copenhagen Interbank Swap Rate (CIBOR) |
| EUR - 1D Euro Short Term Rate (ESTR) | EUR - 1D Euro Short Term Rate (ESTR) | EUR - 1D Euro Short Term Rate (ESTR) |
| GBP - 1D Sterling Overnight Index Average (SONIA) | GBP - 1D Sterling Overnight Index Average (SONIA) | GBP - 1D Sterling Overnight Index Average (SONIA) |
| HKD - Overnight Index Average (HONIA) | HKD - Overnight Index Average (HONIA) | HKD - Overnight Index Average (HONIA) |
| ILS - 1D Overnight Tel Aviv Interbank Offer Rate (TELBOR) | ILS - 1D Overnight Tel Aviv Interbank Offer Rate (TELBOR) | ILS - 1D Overnight Tel Aviv Interbank Offer Rate (TELBOR) |
| JPY - Provisional 1D Overnight Tokyo Average Rate (TONA) | JPY - Provisional 1D Overnight Tokyo Average Rate (TONA) | JPY - Provisional 1D Overnight Tokyo Average Rate (TONA) |
| NOK - Norwegian Overnight Weighted Average (NOWA) | NOK - Norwegian Overnight Weighted Average (NOWA) | NOK - Norwegian Overnight Weighted Average (NOWA) |
| NZD - 1D New Zealand Official Overnight Deposit Rate (NZOCO) | NZD - 1D New Zealand Official Overnight Deposit Rate (NZOCO) | NZD - 1M New Zealand Bank Bill Rate (BBR)<br> SEK - TN Stockholm Interbank Offer Rate (STIBOR) |
| SEK - 1D Overnight Stockholm Interbank Offer Rate (STIBOR) | SEK - 1D Overnight Stockholm Interbank Offer Rate (STIBOR) | SGD - Overnight Rate Average (SORA) |
| SGD - Overnight Rate Average (SORA) | SGD - Overnight Rate Average (SORA) | USD - 1D Overnight Bank Funding Rate (OBFR01) |
| USD - 1D Overnight Fed Funds Effective Rate (FEDL01) | USD - 1D Overnight Fed Funds Effective Rate (FEDL01) |  |

---

18 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **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 January 17, 2023 and June 15, 2023:

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
|  **Reference Entity — Long** |  |  |  |
| **Common Stocks** |  |  |  |
| **Australia** |  |  |  |
|  Abacus Property Group | 59457 | $106589 | 18.8% |
|  ARB Corp. Ltd. | 1577 | 29280 | 5.2 |
|  Arena REIT | 5865 | 14771 | 2.6 |
|  Australian Ethical Investment Ltd. | 56549 | 167251 | 29.5 |
|  Charter Hall Education Trust | 86804 | 192763 | 33.9 |
|  Charter Hall Retail REIT | 70833 | 182392 | 32.1 |
|  Clinuvel Pharmaceuticals Ltd. | 518 | 6468 | 1.1 |
|  Coronado Global Resources, Inc. | 67626 | 80687 | 14.2 |
|  Credit Corp. Group Ltd. | 8120 | 96524 | 17.0 |
|  De Grey Mining Ltd. | 11471 | 7760 | 1.4 |
|  Dexus Industria REIT | 35266 | 59762 | 10.5 |
|  Growthpoint Properties Australia Ltd. | 53378 | 113632 | 20.0 |
|  GWA Group Ltd. | 45145 | 58611 | 10.3 |
|  Imdex Ltd. | 122844 | 160351 | 28.2 |
|  Johns Lyng Group Ltd. | 22022 | 91565 | 16.1 |
|  Jumbo Interactive Ltd. | 15448 | 134504 | 23.7 |
|  Kogan.com Ltd. | 4668 | 9791 | 1.7 |
|  Lifestyle Communities Ltd. | 8291 | 93073 | 16.4 |
|  Lovisa Holdings Ltd. | 17489 | 272278 | 47.9 |
|  Monadelphous Group Ltd. | 11852 | 103613 | 18.3 |
|  Nanosonics Ltd. | 51525 | 135062 | 23.8 |
|  National Storage REIT | 38994 | 65250 | 11.5 |
|  Netwealth Group Ltd. | 10773 | 83662 | 14.7 |
|  Nick Scali Ltd. | 11342 | 73045 | 12.9 |
|  Nine Entertainment Co. Holdings Ltd. | 100347 | 132520 | 23.3 |
|  NRW Holdings Ltd. | 4551 | 7427 | 1.3 |
|  Objective Corp. Ltd. | 8957 | 85014 | 15.0 |
|  Pendal Group Ltd. | 62423 | 196074 | 34.5 |
|  Perenti Global Ltd. | 75374 | 46192 | 8.1 |
|  Pinnacle Investment Management Group Ltd. | 46841 | 243443 | 42.9 |
|  PWR Holdings Ltd. | 5134 | 32980 | 5.8 |
|  Ramelius Resources Ltd. | 17644 | 8281 | 1.5 |
|  Technology One Ltd. | 38836 | 298766 | 52.6 |
|  Viva Energy Group Ltd. | 142273 | 258259 | 45.5 |
|  Waypoint REIT Ltd. | 66113 | 115433 | 20.3 |
|  Webjet Ltd. | 37872 | 127893 | 22.5 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3890966 |  |
| **Austria** |  |  |  |
|  AT&S Austria Technologie & Systemtechnik AG | 2988 | 92284 | 16.2 |
|  EVN AG | 4262 | 70904 | 12.5 |
|  IMMOFINANZ AG | 1015 | 11967 | 2.1 |
|  Kontron AG | 3983 | 57648 | 10.2 |
|  Oesterreichische Post AG | 435 | 12377 | 2.2 |
|  Palfinger AG | 2064 | 47693 | 8.4 |
|  Porr AG | 976 | 10070 | 1.8 |
|  Schoeller-Bleckmann Oilfield Equipment AG | 1027 | 56495 | 9.9 |
|  UNIQA Insurance Group AG | 1142 | 7401 | 1.3 |
|  Vienna Insurance Group AG Wiener Versicherung Gruppe | 1041 | 23283 | 4.1 |
|  Wienerberger AG | 9416 | 215238 | 37.9 |
|  |  | 605360 |  |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **Belgium** |  |  |  |
|  AGFA-Gevaert NV | 18591 | $56207 | 9.9% |
|  Barco NV | 3829 | 82669 | 14.6 |
|  Econocom Group SA | 5297 | 14396 | 2.5 |
|  Euronav NV | 10280 | 179219 | 31.5 |
|  Ion Beam Applications | 814 | 11359 | 2.0 |
|  Melexis NV | 6903 | 474762 | 83.6 |
|  |  | 818612 |  |
| **Bermuda** |  |  |  |
|  Argo Group International Holdings Ltd. | 10428 | 259344 | 45.6 |
|  Hafnia Ltd. | 57873 | 298039 | 52.5 |
|  SiriusPoint Ltd. | 20771 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133350 | 23.5 |
|  |  | 690733 |  |
| **Canada** |  |  |  |
|  Aecon Group, Inc. | 16042 | 113749 | 20.0 |
|  Altius Minerals Corp. | 26619 | 416572 | 73.3 |
|  Boardwalk Real Estate Investment Trust | 7151 | 254472 | 44.8 |
|  BSR Real Estate Investment Trust | 6458 | 91058 | 16.0 |
|  Canaccord Genuity Group, Inc. | 850 | 4355 | 0.8 |
|  Canada Goose Holdings, Inc. | 9987 | 163402 | 28.8 |
|  Canadian Western Bank | 16166 | 281230 | 49.5 |
|  Cardinal Energy Ltd. | 7160 | 48562 | 8.5 |
|  Centerra Gold, Inc. | 9652 | 44847 | 7.9 |
|  Crew Energy, Inc. | 1892 | 8360 | 1.5 |
|  CT Real Estate Investment Trust | 17086 | 194394 | 34.2 |
|  Eldorado Gold Corp. | 73808 | 412287 | 72.6 |
|  Enghouse Systems Ltd. | 3023 | 67212 | 11.8 |
|  EQB, Inc. | 8977 | 318134 | 56.0 |
|  Evertz Technologies Ltd. | 7733 | 67093 | 11.8 |
|  Home Capital Group, Inc. | 5891 | 113898 | 20.1 |
|  Hudbay Minerals, Inc. | 65143 | 247212 | 43.5 |
|  IAMGOLD Corp. | 7477 | 10977 | 1.9 |
|  Jamieson Wellness, Inc. | 1152 | 28184 | 5.0 |
|  Kelt Exploration Ltd. | 26312 | 113758 | 20.0 |
|  Killam Apartment Real Estate Investment Trust | 439 | 5088 | 0.9 |
|  Labrador Iron Ore Royalty Corp. | 820 | 16998 | 3.0 |
|  Laurentian Bank of Canada | 6081 | 135694 | 23.9 |
|  Morguard North American Residential Real Estate Investment Trust | 1423 | 16608 | 2.9 |
|  Novagold Resources, Inc. | 69242 | 319692 | 56.3 |
|  Park Lawn Corp. | 1684 | 26144 | 4.6 |
|  Pason Systems, Inc. | 7693 | 81710 | 14.4 |
|  PrairieSky Royalty Ltd. | 8393 | 130360 | 23.0 |
|  Precision Drilling Corp. | 2300 | 169670 | 29.9 |
|  Richelieu Hardware Ltd. | 6763 | 181541 | 32.0 |
|  Sandstorm Gold Ltd. | 33079 | 162924 | 28.7 |
|  Secure Energy Services, Inc. | 9702 | 50919 | 9.0 |
|  Silvercorp Metals, Inc. | 104153 | 253817 | 44.7 |
|  Slate Grocery REIT | 11633 | 120911 | 21.3 |
|  Sleep Country Canada Holdings, Inc. | 9253 | 152275 | 26.8 |
|  Spin Master Corp. | 226 | 6984 | 1.2 |
|  SunOpta, Inc. | 4729 | 53179 | 9.4 |
|  Surge Energy, Inc. | 3181 | 23886 | 4.2 |
|  Topaz Energy Corp. | 17481 | 295638 | 52.1 |
|  Torex Gold Resources, Inc. | 1201 | 8181 | 1.4 |
|  |  | 5211975 |  |
| **Denmark** |  |  |  |
|  ALK-Abello A/S | 1471 | 24321 | 4.3 |
|  Chemometec A/S | 70 | 6598 | 1.2 |
|  D/S Norden A/S | 4575 | 236779 | 41.7 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Global Equity Market Neutral Fund** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **Denmark (continued)** |  |  |  |
|  Dfds A/S | 2569 | $77962 | 13.7% |
|  FLSmidth & Co. A/S | 844 | 19508 | 3.4 |
|  Sydbank A/S | 2016 | 61388 | 10.8 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;426556 |  |
| **Finland** |  |  |  |
|  Citycon OYJ | 27598 | 171943 | 30.3 |
|  Konecranes OYJ | 2811 | 70726 | 12.4 |
|  Musti Group OYJ | 3621 | 68028 | 12.0 |
|  Rovio Entertainment OYJ | 8456 | 48198 | 8.5 |
|  Talenom OYJ | 344 | 3060 | 0.5 |
|  YIT OYJ | 68761 | 172430 | 30.4 |
|  |  | 534385 |  |
| **France** |  |  |  |
|  Atos SE | 18848 | 183925 | 32.4 |
|  Cie des Alpes | 2759 | 34007 | 6.0 |
|  Coface SA | 7482 | 83291 | 14.7 |
|  Esker SA | 526 | 69016 | 12.1 |
|  Eutelsat Communications SA | 29169 | 292803 | 51.6 |
|  Imerys SA | 2748 | 112480 | 19.8 |
|  Kaufman & Broad SA | 808 | 19633 | 3.5 |
|  Metropole Television SA | 3948 | 40832 | 7.2 |
|  Nexity SA | 15497 | 310409 | 54.6 |
|  SES-imagotag SA | 460 | 52203 | 9.2 |
|  SMCP SA | 18009 | 113203 | 19.9 |
|  Television Francaise 1 | 7794 | 49477 | 8.7 |
|  Vicat SA | 9939 | 227834 | 40.1 |
|  Vilmorin & Cie SA | 77 | 3412 | 0.6 |
|  Wavestone | 325 | 14003 | 2.5 |
|  |  | 1606528 |  |
| **Germany** |  |  |  |
|  Adesso SE | 908 | 89898 | 15.8 |
|  Atoss Software AG | 783 | 95333 | 16.8 |
|  Bilfinger SE | 23676 | 658640 | 116.0 |
|  CANCOM SE | 7010 | 173230 | 30.5 |
|  Datagroup SE | 179 | 9747 | 1.7 |
|  Deutsche Pfandbriefbank AG | 62924 | 468666 | 82.5 |
|  Deutz AG | 78110 | 294897 | 51.9 |
|  Eckert & Ziegler Strahlen- und Medizintechnik AG | 3446 | 136233 | 24.0 |
|  ElringKlinger AG | 11713 | 83839 | 14.8 |
|  flatexDEGIRO AG | 5571 | 48691 | 8.6 |
|  GFT Technologies SE | 2669 | 87015 | 15.3 |
|  Heidelberger Druckmaschinen AG | 53435 | 73755 | 13.0 |
|  Hypoport AG | 192 | 18754 | 3.3 |
|  Norma Group SE | 4405 | 69831 | 12.3 |
|  Pfeiffer Vacuum Technology AG | 255 | 36024 | 6.3 |
|  Software AG | 676 | 14789 | 2.6 |
|  Steico SE | 1047 | 46026 | 8.1 |
|  TAG Immobilien AG | 64506 | 403988 | 71.1 |
|  TBC Bank Group PLC | 7932 | 171376 | 30.2 |
|  Vitesco Technologies Group AG | 1080 | 57789 | 10.2 |
|  |  | 3038521 |  |
| **Hong Kong** |  |  |  |
|  Cowell e Holdings, Inc. | 5000 | 6118 | 1.1 |
|  EC Healthcare | 60000 | 30950 | 5.4 |
|  Health & Happiness H&H International Holdings Ltd. | 137000 | 129170 | 22.7 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **Hong Kong (continued)** |  |  |  |
|  Luk Fook Holdings International Ltd. | 18000 | $39103 | 6.9% |
|  Nissin Foods Co. Ltd. | 118000 | 94666 | 16.7 |
|  SA Sa International Holdings Ltd. | 218000 | 23057 | 4.1 |
|  |  | 323064 |  |
| **Indonesia** |  |  |  |
|  Bumitama Agri Ltd. | 66900 | 28074 | 4.9 |
| **Ireland** |  |  |  |
|  Cimpress PLC | 1742 | 40554 | 7.1 |
|  Dalata Hotel Group PLC | 15076 | 48366 | 8.5 |
|  Grafton Group PLC | 48887 | 387051 | 68.2 |
|  Keywords Studios PLC | 2524 | 69796 | 12.3 |
|  Origin Enterprises PLC | 4826 | 17899 | 3.2 |
|  Uniphar PLC | 5918 | 20469 | 3.6 |
|  |  | 584135 |  |
| **Israel** |  |  |  |
|  Cellcom Israel Ltd. | 12857 | 64365 | 11.3 |
|  Delek Automotive Systems Ltd. | 2279 | 29345 | 5.2 |
|  Fiverr International Ltd. | 6977 | 215938 | 38 |
|  Hilan Ltd. | 970 | 50792 | 8.9 |
|  Isras Investment Co. Ltd. | 222 | 41800 | 7.4 |
|  Matrix IT Ltd. | 5490 | 118433 | 20.9 |
|  Neto Malinda Trading Ltd. | 1498 | 50438 | 8.9 |
|  Nova Ltd. | 302 | 22102 | 3.9 |
|  Partner Communications Co. Ltd. | 1969 | 14843 | 2.6 |
|  Plus500 Ltd. | 11555 | 239186 | 42.1 |
|  Radware Ltd. | 50 | 1151 | 0.2 |
|  Retailors Ltd. | 283 | 5443 | 1 |
|  Taboola.com Ltd. | 16559 | 29144 | 5.1 |
|  YH Dimri Construction & Development Ltd. | 508 | 30886 | 5.4 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;913866 |  |
| **Italy** |  |  |  |
|  Biesse SpA | 3671 | 44214 | 7.8 |
|  Brunello Cucinelli SpA | 1534 | 88920 | 15.7 |
|  Datalogic SpA | 10266 | 78119 | 13.8 |
|  El.En. SpA | 1217 | 14886 | 2.6 |
|  Iren SpA | 98697 | 146672 | 25.8 |
|  Maire Tecnimont SpA | 54316 | 168532 | 29.7 |
|  MFE-MediaForEurope NV | 105878 | 52880 | 9.3 |
|  OVS SpA | 14329 | 26750 | 4.7 |
|  Pharmanutra SpA | 719 | 48184 | 8.5 |
|  Sanlorenzo SpA/Ameglia | 1494 | 47924 | 8.4 |
|  Tinexta SpA | 1669 | 33599 | 5.9 |
|  Webuild SpA | 163701 | 222762 | 39.2 |
|  Wiit SpA | 2922 | 44495 | 7.8 |
|  |  | 1017937 |  |
| **Ivory Coast** |  |  |  |
|  Fabrinet | 745 | 85228 | 15 |
| **Japan** |  |  |  |
|  Adastria Co. Ltd. | 5600 | 76049 | 13.4 |
|  Aeon Delight Co. Ltd. | 21800 | 435734 | 76.7 |
|  Ai Holdings Corp. | 20200 | 299010 | 52.6 |
|  Anicom Holdings, Inc. | 19000 | 75913 | 13.4 |
|  Arata Corp. | 4100 | 113204 | 19.9 |
|  Arcland Service Holdings Co. Ltd. | 22200 | 325425 | 57.3 |
|  Arcs Co. Ltd. | 3500 | 46652 | 8.2 |

---

20 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Global Equity Market Neutral Fund** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **Japan (continued)** |  |  |  |
|  Autobacs Seven Co. Ltd. | 23300 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221621 | 39.0% |
|  Avex, Inc. | 7100 | 79588 | 14.0 |
|  Bell System24 Holdings, Inc. | 29600 | 274958 | 48.4 |
|  BeNext-Yumeshin Group Co. | 11300 | 136277 | 24.0 |
|  Bunka Shutter Co. Ltd. | 24800 | 178316 | 31.4 |
|  Canon Electronics, Inc. | 16500 | 174221 | 30.7 |
|  Chudenko Corp. | 6400 | 88336 | 15.6 |
|  Comture Corp. | 12400 | 201750 | 35.5 |
|  Create SD Holdings Co. Ltd. | 11600 | 247117 | 43.5 |
|  Daihen Corp. | 12000 | 309441 | 54.5 |
|  Daiken Corp. | 12700 | 170044 | 29.9 |
|  Digital Arts, Inc. | 3300 | 138679 | 24.4 |
|  Digital Garage, Inc. | 6900 | 165218 | 29.1 |
|  Direct Marketing MiX, Inc. | 9600 | 108477 | 19.1 |
|  Doshisha Co. Ltd. | 15800 | 160600 | 28.3 |
|  Doutor Nichires Holdings Co. Ltd. | 33800 | 377078 | 66.4 |
|  Earth Corp. | 1700 | 58843 | 10.4 |
|  EDION Corp. | 10500 | 83341 | 14.7 |
|  Eiken Chemical Co. Ltd. | 12100 | 149453 | 26.3 |
|  Eizo Corp. | 3000 | 72980 | 12.8 |
|  Elan Corp. | 28000 | 215041 | 37.9 |
|  Elecom Co. Ltd. | 900 | 8337 | 1.5 |
|  en-japan, Inc. | 900 | 15634 | 2.8 |
|  FCC Co. Ltd. | 10200 | 99174 | 17.5 |
|  Fuji Co. Ltd/Ehime | 1900 | 23498 | 4.1 |
|  Fuji Corp. | 16600 | 219189 | 38.6 |
|  Fujimi, Inc. | 6800 | 283908 | 50.0 |
|  Fujimori Kogyo Co. Ltd. | 600 | 12533 | 2.2 |
|  Fukuoka REIT Corp. | 60 | 70037 | 12.3 |
|  FULLCAST Holdings Co. Ltd. | 5800 | 116010 | 20.4 |
|  Funai Soken Holdings, Inc. | 8200 | 146168 | 25.7 |
|  Fuso Chemical Co. Ltd. | 5800 | 131009 | 23.1 |
|  Future Corp. | 5900 | 66213 | 11.7 |
|  Global One Real Estate Investment Corp. | 20 | 15439 | 2.7 |
|  Gunma Bank Ltd. | 70200 | 191468 | 33.7 |
|  Gunze Ltd. | 600 | 15412 | 2.7 |
|  H2O Retailing Corp. | 21900 | 184298 | 32.4 |
|  Halows Co. Ltd. | 3700 | 74319 | 13.1 |
|  Hazama Ando Corp. | 8200 | 47524 | 8.4 |
|  Hiday Hidaka Corp. | 1200 | 15055 | 2.6 |
|  Hitachi Zosen Corp. | 1900 | 10954 | 1.9 |
|  Hoshino Resorts REIT, Inc. | 25 | 118664 | 20.9 |
|  IBJ Leasing Co. Ltd. | 7700 | 167770 | 29.5 |
|  Ichigo Office REIT Investment | 78 | 44052 | 7.8 |
|  Ichigo, Inc. | 31100 | 69992 | 12.3 |
|  Infocom Corp. | 14400 | 206688 | 36.4 |
|  Infomart Corp. | 101900 | 329649 | 58.0 |
|  Invincible Investment Corp. | 331 | 103905 | 18.3 |
|  JAC Recruitment Co. Ltd. | 6100 | 103785 | 18.3 |
|  Jafco Co. Ltd. | 20200 | 309934 | 54.6 |
|  Japan Excellent, Inc. | 140 | 129465 | 22.8 |
|  Japan Lifeline Co. Ltd. | 46700 | 314913 | 55.4 |
|  Japan Petroleum Exploration Co. Ltd. | 2000 | 51966 | 9.1 |
|  JCU Corp. | 10300 | 194787 | 34.3 |
|  JINS Holdings, Inc. | 5200 | 156373 | 27.5 |
|  Joyful Honda Co. Ltd. | 5000 | 60946 | 10.7 |
|  Kanamoto Co. Ltd. | 19900 | 287277 | 50.6 |
|  Kanematsu Corp. | 6200 | 61345 | 10.8 |
|  KeePer Technical Laboratory Co. Ltd. | 4200 | 115821 | 20.4 |
|  Keihanshin Building Co. Ltd. | 3300 | 29307 | 5.2 |
|  Kissei Pharmaceutical Co. Ltd. | 12400 | 219038 | 38.6 |
|  KOMEDA Holdings Co. Ltd. | 5500 | 91857 | 16.2 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **Japan (continued)** |  |  |  |
|  Konoike Transport Co. Ltd. | 24700 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259934 | 45.8% |
|  Koshidaka Holdings Co. Ltd. | 10400 | 78160 | 13.8 |
|  Kumagai Gumi Co. Ltd. | 23500 | 397274 | 69.9 |
|  Kumiai Chemical Industry Co. Ltd. | 16100 | 105811 | 18.6 |
|  Kyokuto Kaihatsu Kogyo Co. Ltd. | 38700 | 359618 | 63.3 |
|  Life Corp. | 6500 | 96882 | 17.1 |
|  Link And Motivation, Inc. | 1500 | 9056 | 1.6 |
|  M&A Capital Partners Co. Ltd. | 4600 | 117046 | 20.6 |
|  Maeda Kosen Co. Ltd. | 8900 | 180770 | 31.8 |
|  Mandom Corp. | 33100 | 334870 | 59.0 |
|  Maruzen Showa Unyu Co. Ltd. | 2200 | 44898 | 7.9 |
|  Matsuda Sangyo Co. Ltd. | 2300 | 34312 | 6.0 |
|  Megachips Corp. | 1900 | 32523 | 5.7 |
|  Megmilk Snow Brand Co. Ltd. | 7800 | 84944 | 15.0 |
|  Meidensha Corp. | 10100 | 134373 | 23.7 |
|  Meitec Corp. | 9900 | 166753 | 29.4 |
|  METAWATER Co. Ltd. | 9300 | 119017 | 21.0 |
|  Milbon Co. Ltd. | 8600 | 354610 | 62.4 |
|  MIRAIT ONE corp. | 34100 | 327688 | 57.7 |
|  Mitsubishi Pencil Co. Ltd. | 11300 | 109982 | 19.4 |
|  Mitsubishi Shokuhin Co. Ltd. | 12300 | 248968 | 43.8 |
|  Mitsui-Soko Holdings Co. Ltd. | 1000 | 20846 | 3.7 |
|  Mixi, Inc. | 8600 | 134822 | 23.7 |
|  Mochida Pharmaceutical Co. Ltd. | 1500 | 34541 | 6.1 |
|  Monogatari Corp. | 5500 | 251979 | 44.4 |
|  Morita Holdings Corp. | 10900 | 93479 | 16.5 |
|  MOS Food Services, Inc. | 13700 | 290643 | 51.2 |
|  Nakanishi, Inc. | 17800 | 324779 | 57.2 |
|  Nichiha Corp. | 4700 | 89002 | 15.7 |
|  Nihon Parkerizing Co. Ltd. | 4800 | 31203 | 5.5 |
|  Nikkiso Co. Ltd. | 1200 | 7997 | 1.4 |
|  Nippon Ceramic Co. Ltd. | 7800 | 135525 | 23.9 |
|  Nippon Gas Co. Ltd. | 3200 | 46486 | 8.2 |
|  Nippon Paper Industries Co. Ltd. | 54400 | 316698 | 55.8 |
|  NIPPON REIT Investment Corp. | 63 | 155524 | 27.4 |
|  Nippon Road Co. Ltd. | 1700 | 69967 | 12.3 |
|  Nippon Soda Co. Ltd. | 1100 | 32816 | 5.8 |
|  Nippon Suisan Kaisha Ltd. | 1800 | 6412 | 1.1 |
|  Nishimatsu Construction Co. Ltd. | 18000 | 438244 | 77.2 |
|  Nishimatsuya Chain Co. Ltd. | 2200 | 20168 | 3.5 |
|  Nissan Shatai Co. Ltd. | 36700 | 211310 | 37.2 |
|  Nissin Electric Co. Ltd. | 3600 | 33416 | 5.9 |
|  Nohmi Bosai Ltd. | 4700 | 50700 | 8.9 |
|  Nomura Co. Ltd. | 25500 | 186262 | 32.8 |
|  Noritake Co. Ltd. | 300 | 8328 | 1.5 |
|  NSD Co. Ltd. | 13900 | 237531 | 41.8 |
|  NTN Corp. | 4700 | 8376 | 1.5 |
|  Obara Group, Inc. | 4900 | 113627 | 20.0 |
|  Oiles Corp. | 1700 | 17082 | 3.0 |
|  Okamura Corp. | 10700 | 98496 | 17.3 |
|  Oki Electric Industry Co. Ltd. | 94000 | 465995 | 82.0 |
|  Okinawa Cellular Telephone Co. | 9800 | 185324 | 32.6 |
|  Okinawa Electric Power Co., Inc. | 15300 | 106180 | 18.7 |
|  Okumura Corp. | 4600 | 86985 | 15.3 |
|  Osaka Organic Chemical Industry Ltd. | 10100 | 134954 | 23.8 |
|  Outsourcing, Inc. | 12100 | 94260 | 16.6 |
|  Prestige International, Inc. | 66300 | 320236 | 56.4 |
|  Relia, Inc. | 20400 | 136896 | 24.1 |
|  Ricoh Leasing Co. Ltd. | 8000 | 195338 | 34.4 |
|  Riso Kyoiku Co. Ltd. | 23600 | 48824 | 8.6 |
|  Saizeriya Co. Ltd. | 6100 | 113808 | 20.0 |
|  Sakai Moving Service Co. Ltd. | 4700 | 148561 | 26.2 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Global Equity Market Neutral Fund** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **Japan (continued)** |  |  |  |
|  Sakata Seed Corp. | 300 | $9888 | 1.7% |
|  Sanken Electric Co. Ltd. | 1700 | 58232 | 10.3 |
|  Sato Holdings Corp. | 14900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183810 | 32.4 |
|  Seiren Co. Ltd. | 5800 | 90846 | 16.0 |
|  Sekisui Jushi Corp. | 3200 | 36641 | 6.4 |
|  Septeni Holdings Co. Ltd. | 8700 | 25943 | 4.6 |
|  Seria Co. Ltd. | 900 | 14703 | 2.6 |
|  Shibaura Machine Co. Ltd. | 400 | 7765 | 1.4 |
|  Shinmaywa Industries Ltd. | 3400 | 23187 | 4.1 |
|  Shizuoka Gas Co. Ltd. | 7000 | 51275 | 9.0 |
|  Shoei Co. Ltd. | 4900 | 180704 | 31.8 |
|  Sosei Group Corp. | 1200 | 16377 | 2.9 |
|  S-Pool, Inc. | 5700 | 36399 | 6.4 |
|  Starts Corp., Inc. | 600 | 10612 | 1.9 |
|  Strike Co. Ltd. | 6100 | 188024 | 33.1 |
|  Sumitomo Mitsui Construction Co. Ltd. | 126200 | 370737 | 65.3 |
|  Sumitomo Osaka Cement Co. Ltd. | 1100 | 23420 | 4.1 |
|  Sumitomo Warehouse Co. Ltd. | 10000 | 135727 | 23.9 |
|  Sun Frontier Fudousan Co. Ltd. | 9600 | 74121 | 13.0 |
|  Systena Corp. | 87100 | 244131 | 43.0 |
|  Tadano Ltd. | 6600 | 40344 | 7.1 |
|  Taikisha Ltd. | 4700 | 110891 | 19.5 |
|  Takamatsu Construction Group Co. Ltd. | 14700 | 191690 | 33.7 |
|  Takara Standard Co. Ltd. | 900 | 7728 | 1.4 |
|  Takuma Co. Ltd. | 21900 | 181819 | 32.0 |
|  Tamron Co. Ltd. | 3300 | 73305 | 12.9 |
|  TechMatrix Corp. | 4200 | 47702 | 8.4 |
|  Toa Corp. | 1300 | 21254 | 3.7 |
|  Tocalo Co. Ltd. | 2900 | 23170 | 4.1 |
|  Toho Titanium Co. Ltd. | 4700 | 70828 | 12.5 |
|  Tokai Corp. | 1200 | 15237 | 2.7 |
|  Tokai Rika Co. Ltd. | 14500 | 151315 | 26.6 |
|  Token Corp. | 4400 | 231944 | 40.8 |
|  Tokyotokeiba Co. Ltd. | 5800 | 161479 | 28.4 |
|  Tokyu Construction Co. Ltd. | 73800 | 309715 | 54.5 |
|  Tokyu REIT, Inc. | 114 | 162375 | 28.6 |
|  Topcon Corp. | 8500 | 92976 | 16.4 |
|  Tosei Corp. | 3500 | 33380 | 5.9 |
|  Tosho Co. Ltd. | 5800 | 44416 | 7.8 |
|  Totetsu Kogyo Co. Ltd. | 12100 | 200876 | 35.4 |
|  Towa Pharmaceutical Co. Ltd. | 13200 | 198685 | 35.0 |
|  Toyo Construction Co. Ltd. | 6600 | 39879 | 7.0 |
|  Toyo Ink SC Holdings Co. Ltd. | 19900 | 256229 | 45.1 |
|  Toyobo Co. Ltd. | 23900 | 166947 | 29.4 |
|  Tri Chemical Laboratories, Inc. | 12500 | 186928 | 32.9 |
|  Trusco Nakayama Corp. | 34000 | 455415 | 80.2 |
|  TV Asahi Holdings Corp. | 7000 | 65568 | 11.5 |
|  United Arrows Ltd. | 9100 | 123649 | 21.8 |
|  UT Group Co. Ltd. | 15300 | 249408 | 43.9 |
|  Valor Holdings Co. Ltd. | 45600 | 527292 | 92.8 |
|  ValueCommerce Co. Ltd. | 17400 | 253828 | 44.7 |
|  Vector, Inc. | 6300 | 46818 | 8.2 |
|  Vision, Inc. | 7100 | 60022 | 10.6 |
|  VT Holdings Co. Ltd. | 4900 | 15875 | 2.8 |
|  Wacoal Holdings Corp. | 1200 | 19323 | 3.4 |
|  Wacom Co. Ltd. | 18300 | 79409 | 14.0 |
|  Wakita & Co. Ltd. | 20200 | 159467 | 28.1 |
|  Weathernews, Inc. | 1500 | 78125 | 13.8 |
|  Workman Co. Ltd. | 15700 | 535599 | 94.3 |
|  Yamazen Corp. | 3100 | 19273 | 3.4 |
|  Yellow Hat Ltd. | 26100 | 312923 | 55.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **Japan (continued)** |  |  |  |
|  Yokogawa Bridge Holdings Corp. | 8000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106317 | 18.7% |
|  Yuasa Trading Co. Ltd. | 1700 | 42314 | 7.4 |
|  Yurtec Corp. | 7000 | 33505 | 5.9 |
|  Zenrin Co. Ltd. | 13600 | 80050 | 14.1 |
|  Zuken, Inc. | 5400 | 121722 | 21.4 |
|  |  | 27187744 |  |
| **Jersey** |  |  |  |
|  Centamin PLC | 129273 | 131418 | 23.1 |
| **Luxembourg** |  |  |  |
|  Perimeter Solutions SA | 6604 | 52766 | 9.3 |
|  SES SA | 91690 | 650352 | 114.5 |
|  |  | 703118 |  |
| **Malta** |  |  |  |
|  Kambi Group PLC | 2970 | 46961 | 8.3 |
| **Netherlands** |  |  |  |
|  AMG Advanced Metallurgical Group NV | 376 | 11747 | 2.1 |
|  Basic-Fit NV | 3543 | 89234 | 15.7 |
|  Koninklijke BAM Groep NV | 7374 | 16093 | 2.8 |
|  Shop Apotheke Europe NV | 2157 | 89320 | 15.7 |
|  TomTom NV | 24839 | 194168 | 34.2 |
|  uniQure NV | 5969 | 111143 | 19.6 |
|  Wereldhave NV | 13199 | 161644 | 28.5 |
|  |  | 673349 |  |
| **New Zealand** |  |  |  |
|  a2 Milk Co. Ltd. | 38739 | 130506 | 23.0 |
|  Summerset Group Holdings Ltd. | 19685 | 110755 | 19.5 |
|  |  | 241261 |  |
| **Norway** |  |  |  |
|  Borregaard ASA | 12083 | 162460 | 28.6 |
|  DNO ASA | 69493 | 90392 | 15.9 |
|  Elkem ASA | 38553 | 128083 | 22.6 |
|  Frontline Ltd. | 11516 | 143918 | 25.4 |
|  Scatec ASA | 17183 | 121718 | 21.4 |
|  Selvaag Bolig ASA | 13392 | 43347 | 7.6 |
|  SpareBank 1 SMN | 2321 | 25053 | 4.4 |
|  |  | 714971 |  |
| **Portugal** |  |  |  |
|  Altri SGPS SA | 37387 | 208045 | 36.6 |
|  Greenvolt-Energias Renovaveis SA | 3627 | 27860 | 4.9 |
|  Navigator Co. SA | 15566 | 59304 | 10.4 |
|  REN - Redes Energeticas Nacionais SGPS SA | 216900 | 561385 | 98.9 |
|  |  | 856594 |  |
| **Singapore** |  |  |  |
|  AIMS APAC REIT | 99100 | 86083 | 15.2 |
|  Ascendas India Trust | 318000 | 251662 | 44.3 |
|  BW LPG Ltd. | 4406 | 35648 | 6.3 |
|  Far East Hospitality Trust | 372600 | 151259 | 26.6 |
|  First Resources Ltd. | 109400 | 114939 | 20.2 |
|  Frasers Centrepoint Trust | 117200 | 172238 | 30.3 |
|  Hour Glass Ltd. | 6900 | 9513 | 1.7 |
|  IGG, Inc. | 91000 | 23658 | 4.2 |
|  Kulicke & Soffa Industries, Inc. | 1946 | 81615 | 14.4 |
|  Lendlease Global Commercial REIT | 35800 | 17720 | 3.1 |
|  Sasseur Real Estate Investment Trust | 211900 | 106321 | 18.7 |
|  Sheng Siong Group Ltd. | 62800 | 69264 | 12.2 |
|  |  | 1119920 |  |

---

22 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Global Equity Market Neutral Fund** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **South Africa** |  |  |  |
|  Investec PLC | 876 | $4390 | 0.8% |
| **South Sandwich Islands** |  |  |  |
|  Balanced Commercial Property Trust Ltd. | 481412 | 460990 | 81.2 |
|  UK Commercial Property REIT Ltd. | 739414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;517763 | 91.1 |
|  |  | 978753 |  |
| **Spain** |  |  |  |
|  Almirall SA | 8982 | 83690 | 14.7 |
|  Cia de Distribucion Integral Logista Holdings SA | 31970 | 661187 | 116.4 |
|  Ence Energia y Celulosa SA | 115680 | 396188 | 69.8 |
|  Indra Sistemas SA | 13857 | 123932 | 21.8 |
|  Melia Hotels International SA | 31318 | 145606 | 25.7 |
|  Sacyr SA | 8044 | 19733 | 3.5 |
|  Unicaja Banco SA | 265353 | 235232 | 41.4 |
|  |  | 1665568 |  |
| **Sweden** |  |  |  |
|  AddTech AB, B Shares | 28114 | 339711 | 59.8 |
|  AFRY AB | 15110 | 202909 | 35.7 |
|  Bilia AB, A Shares | 2758 | 29213 | 5.1 |
|  Biotage AB | 18451 | 302844 | 53.3 |
|  Bufab AB | 2152 | 40672 | 7.2 |
|  Bure Equity AB | 694 | 13393 | 2.4 |
|  Corem Property Group AB, B Shares | 8853 | 5511 | 1 |
|  Elekta AB, B Shares | 10989 | 55855 | 9.8 |
|  Fabege AB | 6361 | 46181 | 8.1 |
|  Fortnox AB | 12520 | 53207 | 9.4 |
|  HMS Networks AB | 2058 | 52949 | 9.3 |
|  Intrum AB | 8042 | 101186 | 17.8 |
|  MIPS AB | 10314 | 333577 | 58.7 |
|  NCC AB, B Shares | 4406 | 36713 | 6.5 |
|  Nolato AB, B Shares | 6735 | 28407 | 5 |
|  Nyfosa AB | 12008 | 71761 | 12.6 |
|  OX2 AB | 18880 | 130263 | 22.9 |
|  Peab AB | 1502 | 7793 | 1.4 |
|  Scandic Hotels Group AB | 41310 | 131003 | 23.1 |
|  Sectra AB, B Shares | 7656 | 101495 | 17.9 |
|  Troax Group AB | 1025 | 15213 | 2.7 |
|  |  | 2099856 |  |
| **Switzerland** |  |  |  |
|  Allreal Holding AG, Registered Shares, Registered Shares | 341 | 48847 | 8.6 |
|  Basilea Pharmaceutica AG, Registered Shares | 5322 | 244806 | 43.1 |
|  Burckhardt Compression Holding AG | 783 | 338724 | 59.7 |
|  Burkhalter Holding AG | 229 | 17838 | 3.2 |
|  Ferrexpo PLC | 3398 | 3985 | 0.7 |
|  Gurit Holding AG | 1400 | 129352 | 22.8 |
|  Implenia AG, Registered Shares | 1131 | 42459 | 7.5 |
|  Inficon Holding AG, Registered Shares | 86 | 68380 | 12 |
|  IWG PLC | 419017 | 633363 | 111.5 |
|  Medartis Holding AG | 784 | 60924 | 10.7 |
|  Stadler Rail AG | 4292 | 126295 | 22.2 |
|  Sulzer AG, Registered Shares | 3188 | 212623 | 37.4 |
|  Swissquote Group Holding SA, Registered Shares | 1326 | 157066 | 27.7 |
|  u-Blox Holding AG | 384 | 39316 | 6.9 |
|  Ypsomed Holding AG, Registered Shares | 2180 | 350619 | 61.7 |
|  |  | 2474597 |  |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **Ukraine** |  |  |  |
|  Network International Holdings PLC | 7235 | $26966 | 4.7% |
| **United Kingdom** |  |  |  |
|  AG Barr PLC | 1549 | 7982 | 1.4 |
|  AJ Bell PLC | 2687 | 9994 | 1.8 |
|  Alliance Pharma PLC | 19164 | 13630 | 2.4 |
|  Ascential PLC | 39348 | 86666 | 15.3 |
|  Babcock International Group PLC | 35256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111362 | 19.6 |
|  Bank of Georgia Group PLC | 3766 | 91776 | 16.2 |
|  Big Yellow Group PLC | 6440 | 82867 | 14.6 |
|  Bodycote PLC | 5444 | 30941 | 5.4 |
|  boohoo Group PLC | 91622 | 42580 | 7.5 |
|  Bytes Technology Group PLC | 74150 | 305446 | 53.8 |
|  Ceres Power Holdings PLC | 27251 | 102550 | 18.1 |
|  Chemring Group PLC | 40394 | 140031 | 24.6 |
|  Clarkson PLC | 1482 | 46907 | 8.3 |
|  CLS Holdings PLC | 71820 | 117866 | 20.7 |
|  ContourGlobal PLC | 68588 | 198551 | 35.0 |
|  Craneware PLC | 6871 | 145774 | 25.7 |
|  Dunelm Group PLC | 11451 | 113854 | 20.0 |
|  EnQuest PLC | 131182 | 40682 | 7.2 |
|  FD Technologies PLC | 473 | 7274 | 1.3 |
|  Fevertree Drinks PLC | 9285 | 101501 | 17.9 |
|  Forterra PLC | 10922 | 27368 | 4.8 |
|  Frontier Developments PLC | 1698 | 25802 | 4.5 |
|  Gamma Communications PLC | 4637 | 56771 | 10.0 |
|  Grainger PLC | 15650 | 40741 | 7.2 |
|  Gulf Keystone Petroleum Ltd. | 3230 | 7743 | 1.4 |
|  Hammerson PLC | 4264051 | 934809 | 164.6 |
|  Helical PLC | 6351 | 24035 | 4.2 |
|  Hill & Smith Holdings PLC | 4982 | 56316 | 9.9 |
|  Hunting PLC | 42791 | 131270 | 23.1 |
|  Impax Asset Management Group PLC | 7032 | 53942 | 9.5 |
|  Indivior PLC | 25314 | 479483 | 84.4 |
|  IntegraFin Holdings PLC | 40433 | 116849 | 20.6 |
|  JET2 PLC | 8107 | 79064 | 13.9 |
|  Judges Scientific PLC | 2471 | 196662 | 34.6 |
|  Jupiter Fund Management PLC | 63229 | 75227 | 13.2 |
|  Kainos Group PLC | 1694 | 24053 | 4.2 |
|  Lancashire Holdings Ltd. | 71615 | 406425 | 71.6 |
|  Learning Technologies Group PLC | 49425 | 60988 | 10.7 |
|  Luceco PLC | 34452 | 30950 | 5.4 |
|  Luxfer Holdings PLC | 2719 | 39344 | 6.9 |
|  Membership Collective Group, Inc., Class A | 882 | 4040 | 0.7 |
|  Moneysupermarket.com Group PLC | 59618 | 125406 | 22.1 |
|  Morgan Advanced Materials PLC | 47300 | 133439 | 23.5 |
|  Morgan Sindall Group PLC | 305 | 5382 | 0.9 |
|  National Express Group PLC | 202622 | 392785 | 69.2 |
|  Next Fifteen Communications Group PLC | 2071 | 20853 | 3.7 |
|  OSB Group PLC | 69228 | 329911 | 58.1 |
|  Paragon Banking Group PLC | 53423 | 261373 | 46.0 |
|  PZ Cussons PLC | 53506 | 122685 | 21.6 |
|  Restaurant Group PLC | 202433 | 73805 | 13.0 |
|  RWS Holdings PLC | 33111 | 116411 | 20.5 |
|  Safestore Holdings PLC | 13197 | 136726 | 24.1 |
|  Shaftesbury PLC | 24458 | 102711 | 18.1 |
|  SIG PLC | 199367 | 71334 | 12.6 |
|  Smart Metering Systems PLC | 39149 | 328639 | 57.9 |
|  Softcat PLC | 21231 | 272785 | 48.0 |
|  Spire Healthcare Group PLC | 10449 | 25957 | 4.6 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Global Equity Market Neutral Fund** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **United Kingdom (continued)** |  |  |  |
|  SThree PLC | 30136 | $128563 | 22.6% |
|  Telecom Plus PLC | 802 | 19497 | 3.4 |
|  Trainline PLC | 44492 | 169755 | 29.9 |
|  Tyman PLC | 16828 | 37028 | 6.5 |
|  Vesuvius PLC | 35411 | 137747 | 24.2 |
|  Watkin Jones PLC | 12038 | 12922 | 2.3 |
|  Wickes Group PLC | 49507 | 71990 | 12.7 |
|  YouGov PLC | 14637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149821 | 26.4 |
|  |  | 7917641 |  |
| **United States** |  |  |  |
|  1-800-Flowers.com, Inc., Class A | 8043 | 58633 | 10.3 |
|  2U, Inc. | 18319 | 113395 | 20.0 |
|  8x8, Inc. | 111239 | 470541 | 82.9 |
|  A10 Networks, Inc. | 17432 | 292858 | 51.6 |
|  ACADIA Pharmaceuticals, Inc. | 6292 | 100861 | 17.8 |
|  Acadia Realty Trust | 5839 | 81571 | 14.4 |
|  ACCO Brands Corp. | 17631 | 81103 | 14.3 |
|  ACI Worldwide, Inc. | 22276 | 541975 | 95.4 |
|  Advanced Energy Industries, Inc. | 698 | 54898 | 9.7 |
|  AdvanSix, Inc. | 5642 | 205256 | 36.1 |
|  AerSale Corp. | 2566 | 54399 | 9.6 |
|  Agios Pharmaceuticals, Inc. | 9939 | 273720 | 48.2 |
|  Alarm.com Holdings, Inc. | 1163 | 68431 | 12.1 |
|  Alector, Inc. | 11438 | 105230 | 18.5 |
|  Alexander & Baldwin, Inc. | 2675 | 52109 | 9.2 |
|  Alignment Healthcare, Inc. | 2536 | 33577 | 5.9 |
|  Allegiant Travel Co. | 7473 | 560849 | 98.8 |
|  Allegro MicroSystems, Inc. | 4828 | 122679 | 21.6 |
|  Allison Transmission Holdings, Inc. | 4774 | 201701 | 35.5 |
|  Allogene Therapeutics, Inc. | 17179 | 176944 | 31.2 |
|  Allscripts Healthcare Solutions, Inc. | 55109 | 810102 | 142.6 |
|  Alto Ingredients, Inc. | 9082 | 37509 | 6.6 |
|  Altra Industrial Motion Corp. | 2335 | 140427 | 24.7 |
|  Amalgamated Financial Corp. | 4372 | 100512 | 17.7 |
|  American Assets Trust, Inc. | 2537 | 69717 | 12.3 |
|  American Axle & Manufacturing Holdings, Inc. | 21919 | 212395 | 37.4 |
|  American Vanguard Corp. | 14088 | 327828 | 57.7 |
|  AMERISAFE, Inc. | 1242 | 72545 | 12.8 |
|  Amneal Pharmaceuticals, Inc. | 39996 | 87991 | 15.5 |
|  Amphastar Pharmaceuticals, Inc. | 10419 | 321947 | 56.7 |
|  AnaptysBio, Inc. | 1798 | 51872 | 9.1 |
|  Anika Therapeutics, Inc. | 4161 | 118256 | 20.8 |
|  Anterix, Inc. | 373 | 14305 | 2.5 |
|  Apartment Investment & Management Co., Class A | 1328 | 10544 | 1.9 |
|  Apogee Enterprises, Inc. | 1208 | 55423 | 9.8 |
|  Apollo Medical Holdings, Inc. | 1346 | 47729 | 8.4 |
|  ArcBest Corp. | 788 | 62591 | 11.0 |
|  Archrock, Inc. | 1163 | 8734 | 1.5 |
|  Arcus Biosciences, Inc. | 6213 | 158307 | 27.9 |
|  Arlo Technologies, Inc. | 3473 | 17886 | 3.2 |
|  Armada Hoffler Properties, Inc. | 7414 | 86670 | 15.3 |
|  Artisan Partners Asset Management, Inc., Class A | 6416 | 182920 | 32.2 |
|  Artivion, Inc. | 6560 | 73210 | 12.9 |
|  Arvinas, Inc. | 5011 | 249097 | 43.9 |
|  Associated Banc-Corp. | 4811 | 117148 | 20.6 |
|  Assured Guaranty Ltd. | 7765 | 459610 | 80.9 |
|  Atlantic Union Bankshares Corp. | 4120 | 142305 | 25.1 |
|  AtriCure, Inc. | 2403 | 101214 | 17.8 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value* |
| **United States (continued)** |  |  |  |
|  Avanos Medical, Inc. | 18116 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;401269 | 70.7% |
|  Avient Corp. | 15479 | 533871 | 94.0 |
|  Axcelis Technologies, Inc. | 1945 | 112810 | 19.9 |
|  Axos Financial, Inc. | 14182 | 552531 | 97.3 |
|  BancFirst Corp. | 82 | 7857 | 1.4 |
|  Bandwidth, Inc., Class A | 19456 | 230943 | 40.7 |
|  Bar Harbor Bankshares | 1722 | 51677 | 9.1 |
|  Berry Corp. | 17081 | 151508 | 26.7 |
|  Big Lots, Inc. | 884 | 16681 | 2.9 |
|  BJ's Restaurants, Inc. | 918 | 30156 | 5.3 |
|  Boise Cascade Co. | 3417 | 228153 | 40.2 |
|  Bread Financial Holdings, Inc. | 6556 | 236737 | 41.7 |
|  Bridgebio Pharma, Inc. | 1257 | 13111 | 2.3 |
|  Brigham Minerals, Inc., Class A | 4133 | 128123 | 22.6 |
|  Broadstone Net Lease, Inc. | 1247 | 21374 | 3.8 |
|  Brookdale Senior Living, Inc. | 38174 | 170638 | 30.0 |
|  Buckle, Inc. | 6905 | 271574 | 47.8 |
|  Byline Bancorp, Inc. | 1967 | 45477 | 8.0 |
|  C4 Therapeutics, Inc. | 1941 | 18672 | 3.3 |
|  Cal-Maine Foods, Inc. | 612 | 34584 | 6.1 |
|  Camden National Corp. | 2340 | 101837 | 17.9 |
|  Cannae Holdings, Inc. | 12020 | 278383 | 49.0 |
|  Capital City Bank Group, Inc. | 1203 | 42610 | 7.5 |
|  Cara Therapeutics, Inc. | 7146 | 67172 | 11.8 |
|  Cardiovascular Systems, Inc. | 20920 | 302085 | 53.2 |
|  CareDx, Inc. | 7913 | 157548 | 27.7 |
|  CareTrust REIT, Inc. | 11813 | 220667 | 38.9 |
|  Cargurus, Inc. | 13791 | 200797 | 35.4 |
|  Carriage Services, Inc. | 2384 | 58193 | 10.2 |
|  Casa Systems, Inc. | 23552 | 74189 | 13.1 |
|  Catalyst Pharmaceuticals, Inc. | 14878 | 206358 | 36.3 |
|  Cavco Industries, Inc. | 1448 | 328218 | 57.8 |
|  CBL & Associates Properties, Inc. | 1565 | 44962 | 7.9 |
|  CBTX, Inc. | 2445 | 80294 | 14.1 |
|  Central Garden & Pet Co., Class A | 7044 | 275702 | 48.5 |
|  Century Aluminum Co. | 7672 | 55315 | 9.7 |
|  Cerence, Inc. | 4893 | 84160 | 14.8 |
|  Certara, Inc. | 2691 | 32911 | 5.8 |
|  Cerus Corp. | 4815 | 17623 | 3.1 |
|  CEVA, Inc. | 4122 | 114015 | 20.1 |
|  Chase Corp. | 1195 | 112581 | 19.8 |
|  Chatham Lodging Trust | 25954 | 336623 | 59.3 |
|  Cheesecake Factory, Inc. | 10639 | 380983 | 67.1 |
|  Chefs' Warehouse, Inc. | 221 | 8095 | 1.4 |
|  Chegg, Inc. | 27958 | 603054 | 106.2 |
|  Chico's FAS, Inc. | 31132 | 183056 | 32.2 |
|  Chimera Investment Corp. | 54918 | 370696 | 65.3 |
|  Chuy's Holdings, Inc. | 4674 | 136948 | 24.1 |
|  Cinemark Holdings, Inc. | 17174 | 182216 | 32.1 |
|  Clean Energy Fuels Corp. | 37383 | 250840 | 44.2 |
|  Clearwater Paper Corp. | 5149 | 229028 | 40.3 |
|  Clearway Energy, Inc., Class A | 635 | 20530 | 3.6 |
|  CNO Financial Group, Inc. | 15031 | 331584 | 58.4 |
|  Coca-Cola Consolidated, Inc. | 634 | 308764 | 54.4 |
|  Codexis, Inc. | 43381 | 243801 | 42.9 |
|  Coeur Mining, Inc. | 11308 | 42744 | 7.5 |
|  Cogent Communications Holdings, Inc. | 2892 | 151859 | 26.7 |
|  Coherus Biosciences, Inc. | 22704 | 197525 | 34.8 |
|  Community Health Systems, Inc. | 10671 | 30626 | 5.4 |
|  CommVault Systems, Inc. | 4340 | 264263 | 46.5 |
|  Compass Minerals International, Inc. | 7588 | 300030 | 52.8 |

---

24 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Global Equity Market Neutral Fund** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **United States (continued)** |  |  |  |
|  ConnectOne Bancorp, Inc. | 10494 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262875 | 46.3% |
|  Corcept Therapeutics, Inc. | 5396 | 154326 | 27.2 |
|  CoreCivic, Inc. | 15625 | 163594 | 28.8 |
|  CorVel Corp. | 591 | 97048 | 17.1 |
|  Cracker Barrel Old Country Store, Inc. | 1975 | 225584 | 39.7 |
|  CrossFirst Bankshares, Inc. | 6869 | 95548 | 16.8 |
|  Dana, Inc. | 3374 | 53849 | 9.5 |
|  Deciphera Pharmaceuticals, Inc. | 8814 | 142963 | 25.2 |
|  Delek U.S. Holdings, Inc. | 10940 | 324480 | 57.1 |
|  Deluxe Corp. | 9857 | 181172 | 31.9 |
|  Denali Therapeutics, Inc. | 1290 | 36997 | 6.5 |
|  Dime Community Bancshares, Inc. | 4950 | 170923 | 30.1 |
|  Diodes, Inc. | 783 | 56118 | 9.9 |
|  Diversified Healthcare Trust | 42121 | 57285 | 10.1 |
|  Dorian LPG Ltd. | 16940 | 306106 | 53.9 |
|  Duckhorn Portfolio, Inc. | 23880 | 349126 | 61.5 |
|  Ducommun, Inc. | 3391 | 160089 | 28.2 |
|  Dyne Therapeutics, Inc. | 11349 | 129379 | 22.8 |
|  Eagle Bulk Shipping, Inc. | 1661 | 80359 | 14.2 |
|  Eagle Pharmaceuticals, Inc. | 1450 | 45631 | 8.0 |
|  EchoStar Corp., Class A | 15852 | 299127 | 52.7 |
|  Ecovyst, Inc. | 59936 | 596363 | 105.0 |
|  Editas Medicine, Inc. | 21733 | 272749 | 48.0 |
|  elf Beauty, Inc. | 5716 | 247274 | 43.5 |
|  Emergent BioSolutions, Inc. | 5681 | 118506 | 20.9 |
|  Energy Recovery, Inc. | 4369 | 112414 | 19.8 |
|  Ennis, Inc. | 6067 | 136872 | 24.1 |
|  EnPro Industries, Inc. | 700 | 74550 | 13.1 |
|  EPR Properties | 1542 | 59521 | 10.5 |
|  Essential Properties Realty Trust, Inc. | 12125 | 260930 | 45.9 |
|  Ethan Allen Interiors, Inc. | 13653 | 349380 | 61.5 |
|  Eventbrite, Inc., Class A | 67333 | 442378 | 77.9 |
|  Everbridge, Inc. | 1341 | 42014 | 7.4 |
|  Everi Holdings, Inc. | 44769 | 849716 | 149.6 |
|  Evolent Health, Inc., Class A | 4278 | 136083 | 24.0 |
|  EW Scripps Co., Class A | 21051 | 298714 | 52.6 |
|  eXp World Holdings, Inc. | 52696 | 696114 | 122.6 |
|  Expensify, Inc., Class A | 397 | 5197 | 0.9 |
|  Exponent, Inc. | 1199 | 114217 | 20.1 |
|  Farmland Partners, Inc. | 11844 | 165934 | 29.2 |
|  Fate Therapeutics, Inc. | 6471 | 135373 | 23.8 |
|  FB Financial Corp. | 5850 | 245466 | 43.2 |
|  Federal Agricultural Mortgage Corp. | 638 | 73498 | 12.9 |
|  FibroGen, Inc. | 11315 | 184208 | 32.4 |
|  Financial Institutions, Inc. | 2 | 48 | 0.0 |
|  First Advantage Corp. | 8039 | 112948 | 19.9 |
|  First Bancshares, Inc. | 16617 | 544041 | 95.8 |
|  First Busey Corp. | 9620 | 254064 | 44.7 |
|  First Foundation, Inc. | 14440 | 230462 | 40.6 |
|  First of Long Island Corp. | 6395 | 112424 | 19.8 |
|  Flushing Financial Corp. | 12687 | 249934 | 44.0 |
|  FormFactor, Inc. | 1854 | 37469 | 6.6 |
|  Forrester Research, Inc. | 1428 | 60433 | 10.6 |
|  Forward Air Corp. | 3857 | 408341 | 71.9 |
|  Fox Factory Holding Corp. | 6770 | 594744 | 104.7 |
|  Franklin Covey Co. | 5834 | 295200 | 52.0 |
|  GATX Corp. | 928 | 97171 | 17.1 |
|  Genco Shipping & Trading Ltd. | 7377 | 98852 | 17.4 |
|  Gibraltar Industries, Inc. | 4980 | 254378 | 44.8 |
|  GMS, Inc. | 2455 | 115876 | 20.4 |
|  Golden Entertainment, Inc. | 9505 | 401301 | 70.7 |
|  GoodRx Holdings, Inc., Class A | 4073 | 21872 | 3.9 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **United States (continued)** |  |  |  |
|  Goosehead Insurance, Inc., Class A | 3809 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158112 | 27.8% |
|  GoPro, Inc., Class A | 110889 | 604345 | 106.4 |
|  Gossamer Bio, Inc. | 3041 | 33755 | 5.9 |
|  Granite Construction, Inc. | 1545 | 52113 | 9.2 |
|  Gray Television, Inc. | 7473 | 105743 | 18.6 |
|  Group 1 Automotive, Inc. | 1688 | 292024 | 51.4 |
|  Guess?, Inc. | 21152 | 359161 | 63.2 |
|  Gulfport Energy Corp. | 3739 | 334678 | 58.9 |
|  H&E Equipment Services, Inc. | 13187 | 497941 | 87.7 |
|  Hackett Group, Inc. | 15219 | 332383 | 58.5 |
|  Hain Celestial Group, Inc. | 25021 | 468143 | 82.4 |
|  Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 14316 | 389109 | 68.5 |
|  Harmony Biosciences Holdings, Inc. | 6596 | 342992 | 60.4 |
|  Harsco Corp. | 19045 | 100748 | 17.7 |
|  Haverty Furniture Cos., Inc. | 12333 | 327811 | 57.7 |
|  Hawaiian Holdings, Inc. | 14090 | 203319 | 35.8 |
|  Hawkins, Inc. | 1337 | 60205 | 10.6 |
|  HealthStream, Inc. | 1154 | 28504 | 5 |
|  Heartland Express, Inc. | 4055 | 60338 | 10.6 |
|  Heartland Financial USA, Inc. | 6162 | 303910 | 53.5 |
|  Hecla Mining Co. | 8433 | 38539 | 6.8 |
|  Heidrick & Struggles International, Inc. | 2627 | 73976 | 13 |
|  Helix Energy Solutions Group, Inc. | 91780 | 642460 | 113.1 |
|  Herbalife Nutrition Ltd. | 832 | 17688 | 3.1 |
|  Heritage-Crystal Clean, Inc. | 13706 | 376504 | 66.3 |
|  Heron Therapeutics, Inc. | 25993 | 100073 | 17.6 |
|  Heska Corp. | 1317 | 94508 | 16.6 |
|  Holley, Inc. | 1494 | 5946 | 1 |
|  Horizon Bancorp, Inc. | 20909 | 311753 | 54.9 |
|  Howard Hughes Corp. | 1196 | 73375 | 12.9 |
|  Hub Group, Inc., Class A | 3969 | 307994 | 54.2 |
|  Hudson Pacific Properties, Inc. | 17873 | 197318 | 34.7 |
|  I3 Verticals, Inc., Class A | 3215 | 69958 | 12.3 |
|  IDT Corp., Class B | 5691 | 148307 | 26.1 |
|  IGM Biosciences, Inc. | 2567 | 51340 | 9 |
|  ImmunoGen, Inc. | 16116 | 95729 | 16.9 |
|  Independent Bank Corp. | 21903 | 506616 | 89.2 |
|  Industrial Logistics Properties Trust | 3982 | 18636 | 3.3 |
|  Infinera Corp. | 79851 | 447964 | 78.9 |
|  Ingles Markets, Inc., Class A | 902 | 85122 | 15 |
|  Innoviva, Inc. | 12912 | 175087 | 30.8 |
|  Inogen, Inc. | 729 | 16519 | 2.9 |
|  Insmed, Inc. | 1778 | 30795 | 5.4 |
|  Insperity, Inc. | 1236 | 145873 | 25.7 |
|  Installed Building Products, Inc. | 3368 | 289648 | 51 |
|  Intercept Pharmaceuticals, Inc. | 17094 | 237094 | 41.7 |
|  InterDigital, Inc. | 667 | 33263 | 5.9 |
|  International Money Express, Inc. | 4040 | 109201 | 19.2 |
|  International Seaways, Inc. | 4392 | 186265 | 32.8 |
|  Ironwood Pharmaceuticals, Inc. | 13169 | 144069 | 25.4 |
|  iStar, Inc. | 10407 | 109065 | 19.2 |
|  Itron, Inc. | 9402 | 459664 | 80.9 |
|  J & J Snack Foods Corp. | 550 | 81185 | 14.3 |
|  Jamf Holding Corp. | 10643 | 251920 | 44.4 |
|  Janus International Group, Inc. | 13986 | 134685 | 23.7 |
|  JetBlue Airways Corp. | 57391 | 461424 | 81.2 |
|  Joint Corp. | 5350 | 88382 | 15.6 |
|  Kadant, Inc. | 874 | 155528 | 27.4 |
|  KAR Auction Services, Inc. | 20459 | 297269 | 52.3 |
|  Karyopharm Therapeutics, Inc. | 7872 | 37471 | 6.6 |
|  KB Home | 3202 | 92282 | 16.2 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Global Equity Market Neutral Fund** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **United States (continued)** |  |  |  |
|  Kearny Financial Corp. | 15449 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156653 | 27.6% |
|  Kemper Corp. | 9449 | 450434 | 79.3 |
|  Kforce, Inc. | 5790 | 366333 | 64.5 |
|  Knowles Corp. | 56161 | 772214 | 136.0 |
|  Kodiak Sciences, Inc. | 3393 | 24362 | 4.3 |
|  Korn Ferry | 1857 | 103231 | 18.2 |
|  Kratos Defense & Security Solutions, Inc. | 1373 | 15213 | 2.7 |
|  Kronos Worldwide, Inc. | 875 | 8313 | 1.5 |
|  Kura Oncology, Inc. | 1659 | 25748 | 4.5 |
|  Kyndryl Holdings, Inc. | 19949 | 192907 | 34.0 |
|  Ladder Capital Corp. | 4318 | 46073 | 8.1 |
|  Lakeland Bancorp, Inc. | 16259 | 303230 | 53.4 |
|  Laureate Education, Inc. | 4932 | 62340 | 11.0 |
|  LCI Industries | 2249 | 238641 | 42.0 |
|  LeMaitre Vascular, Inc. | 8536 | 370462 | 65.2 |
|  LendingClub Corp. | 762 | 8108 | 1.4 |
|  LendingTree, Inc. | 5556 | 140178 | 24.7 |
|  LGI Homes, Inc. | 1964 | 180786 | 31.8 |
|  Liberty Latin America Ltd. | 17069 | 132968 | 23.4 |
|  Liberty Latin America Ltd., Class A | 5252 | 40861 | 7.2 |
|  Liberty Media Corp.-Liberty Braves, Class A | 1269 | 40468 | 7.1 |
|  Ligand Pharmaceuticals, Inc. | 1367 | 119818 | 21.1 |
|  Lions Gate Entertainment Corp., Class A | 21627 | 174314 | 30.7 |
|  Lions Gate Entertainment Corp., Class B | 2381 | 18072 | 3.2 |
|  Live Oak Bancshares, Inc. | 2074 | 67343 | 11.9 |
|  LivePerson, Inc. | 39956 | 422335 | 74.4 |
|  LiveRamp Holdings, Inc. | 21247 | 390095 | 68.7 |
|  LSB Industries, Inc. | 15266 | 269140 | 47.4 |
|  Luther Burbank Corp. | 8706 | 109957 | 19.4 |
|  M/I Homes, Inc. | 296 | 12281 | 2.2 |
|  Magnite, Inc. | 2204 | 16067 | 2.8 |
|  Malibu Boats, Inc., Class A | 4449 | 235352 | 41.4 |
|  Marcus & Millichap, Inc. | 9328 | 343644 | 60.5 |
|  Marcus Corp. | 17290 | 260042 | 45.8 |
|  MarineMax, Inc. | 3926 | 126849 | 22.3 |
|  Marten Transport Ltd. | 9006 | 169043 | 29.8 |
|  Masonite International Corp. | 240 | 17167 | 3.0 |
|  McGrath RentCorp | 144 | 13543 | 2.4 |
|  Medifast, Inc. | 508 | 59431 | 10.5 |
|  Mercantile Bank Corp. | 717 | 25059 | 4.4 |
|  Merchants Bancorp | 5293 | 126767 | 22.3 |
|  Mercury General Corp. | 14253 | 413337 | 72.8 |
|  Merit Medical Systems, Inc. | 10122 | 696090 | 122.6 |
|  Metropolitan Bank Holding Corp. | 611 | 40326 | 7.1 |
|  MFA Financial, Inc. | 41004 | 408400 | 71.9 |
|  MGE Energy, Inc. | 1919 | 130665 | 23.0 |
|  Midland States Bancorp, Inc. | 17489 | 490392 | 86.3 |
|  MidWestOne Financial Group, Inc. | 7493 | 251765 | 44.3 |
|  MillerKnoll, Inc. | 4095 | 86732 | 15.3 |
|  Mister Car Wash, Inc. | 5801 | 51223 | 9.0 |
|  Model N, Inc. | 6154 | 233852 | 41.2 |
|  ModivCare, Inc. | 1331 | 129426 | 22.8 |
|  Moelis & Co., Class A | 7698 | 326857 | 57.6 |
|  Momentive Global, Inc. | 5555 | 43107 | 7.6 |
|  Monarch Casino & Resort, Inc. | 7447 | 591366 | 104.1 |
|  Monro, Inc. | 6689 | 319400 | 56.2 |
|  Montauk Renewables, Inc. | 1116 | 16707 | 2.9 |
|  MRC Global, Inc. | 9478 | 95064 | 16.7 |
|  Mueller Industries, Inc. | 1549 | 97029 | 17.1 |
|  Multiplan Corp. | 2083 | 5978 | 1.1 |
|  Myers Industries, Inc. | 1041 | 21122 | 3.7 |
|  Nabors Industries Ltd. | 774 | 134699 | 23.7 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **United States (continued)** |  |  |  |
|  Napco Security Technologies, Inc. | 3103 | $88187 | 15.5% |
|  National Beverage Corp. | 7192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;341045 | 60 |
|  National Research Corp. | 165 | 6720 | 1.2 |
|  Nektar Therapeutics | 13589 | 51095 | 9 |
|  NeoGenomics, Inc. | 7874 | 59882 | 10.5 |
|  NETGEAR, Inc. | 11985 | 235505 | 41.5 |
|  Nevro Corp. | 15192 | 582461 | 102.6 |
|  New York Mortgage Trust, Inc. | 20918 | 56269 | 9.9 |
|  NexPoint Residential Trust, Inc. | 1237 | 56407 | 9.9 |
|  NextEra Energy Partners LP | 5422 | 401608 | 70.7 |
|  NextGen Healthcare, Inc. | 11337 | 227193 | 40 |
|  Northfield Bancorp, Inc. | 1774 | 28455 | 5 |
|  NOW, Inc. | 1665 | 21195 | 3.7 |
|  Nurix Therapeutics, Inc. | 770 | 9802 | 1.7 |
|  NuVasive, Inc. | 4245 | 187332 | 33 |
|  NV5 Global, Inc. | 2712 | 393104 | 69.2 |
|  Oceaneering International, Inc. | 11497 | 160843 | 28.3 |
|  OceanFirst Financial Corp. | 31403 | 709080 | 124.9 |
|  Old Second Bancorp, Inc. | 13722 | 219552 | 38.7 |
|  Organogenesis Holdings, Inc. | 3191 | 10466 | 1.8 |
|  Orthofix Medical, Inc. | 6515 | 104631 | 18.4 |
|  Oscar Health, Inc., Class A | 4821 | 17982 | 3.2 |
|  Overstock.com, Inc. | 1348 | 31341 | 5.5 |
|  Ovintiv, Inc. | 22030 | 1115819 | 196.5 |
|  Oxford Industries, Inc. | 3940 | 400816 | 70.6 |
|  Pacira BioSciences, Inc. | 4133 | 213924 | 37.7 |
|  Pactiv Evergreen, Inc. | 836 | 9121 | 1.6 |
|  PagerDuty, Inc. | 8796 | 219372 | 38.6 |
|  Palomar Holdings, Inc. | 741 | 65919 | 11.6 |
|  Par Pacific Holdings, Inc. | 6629 | 151672 | 26.7 |
|  Patrick Industries, Inc. | 2080 | 95077 | 16.7 |
|  Paya Holdings, Inc. | 5946 | 47806 | 8.4 |
|  Pebblebrook Hotel Trust | 24742 | 396862 | 69.9 |
|  PennyMac Financial Services, Inc. | 4716 | 251457 | 44.3 |
|  Peoples Bancorp, Inc. | 3679 | 111363 | 19.6 |
|  PetIQ, Inc. | 6364 | 52312 | 9.2 |
|  PetMed Express, Inc. | 3880 | 82722 | 14.6 |
|  PGT Innovations, Inc. | 20585 | 438666 | 77.2 |
|  Photronics, Inc. | 11239 | 182297 | 32.1 |
|  Phreesia, Inc. | 6644 | 181514 | 32 |
|  Piper Sandler Cos | 242 | 30969 | 5.5 |
|  Plains GP Holdings LP, Class A | 29794 | 373617 | 65.8 |
|  Playa Hotels & Resorts NV | 26059 | 160784 | 28.3 |
|  PowerSchool Holdings, Inc., Class A | 5644 | 112880 | 19.9 |
|  Premier Financial Corp. | 19259 | 555622 | 97.8 |
|  Prestige Consumer Healthcare, Inc. | 1100 | 59928 | 10.6 |
|  Primerica, Inc. | 2603 | 376654 | 66.3 |
|  Primoris Services Corp. | 3984 | 80437 | 14.2 |
|  PROG Holdings, Inc. | 18913 | 312443 | 55 |
|  ProPetro Holding Corp. | 6002 | 71064 | 12.5 |
|  PROS Holdings, Inc. | 4311 | 107559 | 18.9 |
|  Protagonist Therapeutics, Inc. | 2588 | 20963 | 3.7 |
|  Proto Labs, Inc. | 9300 | 355167 | 62.5 |
|  Q2 Holdings, Inc. | 10348 | 321202 | 56.6 |
|  Quanex Building Products Corp. | 5241 | 116141 | 20.5 |
|  Qurate Retail, Inc. | 35103 | 82141 | 14.5 |
|  Rambus, Inc. | 7447 | 224602 | 39.5 |
|  Ranpak Holdings Corp. | 8228 | 31266 | 5.5 |
|  RE/MAX Holdings, Inc., Class A | 16241 | 316050 | 55.6 |
|  Reata Pharmaceuticals, Inc., Class A | 5733 | 184603 | 32.5 |
|  Redfin Corp. | 4022 | 19346 | 3.4 |
|  Repay Holdings Corp. | 1349 | 8215 | 1.4 |

---

26 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Global Equity Market Neutral Fund** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **United States (continued)** |  |  |  |
|  Republic Bancorp, Inc., Class A | 1910 | $88528 | 15.6% |
|  Revolve Group, Inc. | 3524 | 84576 | 14.9 |
|  REX American Resources Corp. | 1153 | 34578 | 6.1 |
|  RLJ Lodging Trust | 10216 | 124329 | 21.9 |
|  RMR Group, Inc., Class A | 10700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292859 | 51.6 |
|  Rocket Pharmaceuticals, Inc. | 717 | 13379 | 2.4 |
|  RPT Realty | 7407 | 68885 | 12.1 |
|  Rush Enterprises, Inc. | 5412 | 290191 | 51.1 |
|  Rush Enterprises, Inc., Class A | 7948 | 396526 | 69.8 |
|  Sabra Health Care REIT, Inc. | 14109 | 192729 | 33.9 |
|  Sabre Corp. | 12376 | 71905 | 12.7 |
|  Safehold, Inc. | 5110 | 149467 | 26.3 |
|  Sage Therapeutics, Inc. | 7741 | 291526 | 51.3 |
|  Sana Biotechnology, Inc. | 9170 | 53186 | 9.4 |
|  Sandy Spring Bancorp, Inc. | 9280 | 328883 | 57.9 |
|  Sangamo Therapeutics, Inc. | 22322 | 97994 | 17.3 |
|  ScanSource, Inc. | 2617 | 81075 | 14.3 |
|  Schneider National, Inc. | 11400 | 253536 | 44.6 |
|  Scholastic Corp. | 4416 | 168426 | 29.7 |
|  Select Medical Holdings Corp. | 5599 | 143782 | 25.3 |
|  Semtech Corp. | 45869 | 1270113 | 223.6 |
|  Sensient Technologies Corp. | 6974 | 498362 | 87.7 |
|  Shutterstock, Inc. | 5663 | 283320 | 49.9 |
|  Shyft Group, Inc. | 12265 | 281850 | 49.6 |
|  SIGA Technologies, Inc. | 1691 | 15540 | 2.7 |
|  Signet Jewelers Ltd. | 155 | 10112 | 1.8 |
|  Simply Good Foods Co. | 8424 | 322639 | 56.8 |
|  Simpson Manufacturing Co., Inc. | 5751 | 491595 | 86.6 |
|  Simulations Plus, Inc. | 4904 | 203516 | 35.8 |
|  Sleep Number Corp. | 889 | 24661 | 4.3 |
|  SMART Global Holdings, Inc. | 2852 | 38588 | 6.8 |
|  Sorrento Therapeutics, Inc. | 57299 | 89959 | 15.8 |
|  Sotera Health Co. | 11221 | 77200 | 13.6 |
|  SP Plus Corp. | 1371 | 50768 | 8.9 |
|  Spectrum Brands Holdings, Inc. | 1486 | 68564 | 12.1 |
|  Sportsman's Warehouse Holdings, Inc. | 1756 | 15769 | 2.8 |
|  Standard Motor Products, Inc. | 3335 | 126497 | 22.3 |
|  Standex International Corp. | 2837 | 281005 | 49.5 |
|  Steelcase, Inc., Class A | 1394 | 10831 | 1.9 |
|  Stitch Fix, Inc., Class A | 7808 | 31232 | 5.5 |
|  Summit Hotel Properties, Inc. | 9269 | 80084 | 14.1 |
|  Summit Materials, Inc., Class A | 9521 | 250878 | 44.2 |
|  SunCoke Energy, Inc. | 3058 | 22201 | 3.9 |
|  Sunnova Energy International, Inc. | 4965 | 92051 | 16.2 |
|  Supernus Pharmaceuticals, Inc. | 10257 | 351507 | 61.9 |
|  Surgery Partners, Inc. | 5246 | 142639 | 25.1 |
|  Syndax Pharmaceuticals, Inc. | 11720 | 269091 | 47.4 |
|  Tactile Systems Technology, Inc. | 5470 | 40697 | 7.2 |
|  Tanger Factory Outlet Centers, Inc. | 6954 | 125242 | 22.1 |
|  Taylor Morrison Home Corp. | 8780 | 231265 | 40.7 |
|  TG Therapeutics, Inc. | 2983 | 17361 | 3.1 |
|  Titan Machinery, Inc. | 8655 | 297559 | 52.4 |
|  Tootsie Roll Industries, Inc. | 6364 | 257042 | 45.3 |
|  TPG RE Finance Trust, Inc. | 23567 | 199612 | 35.1 |
|  TPI Composites, Inc. | 646 | 6434 | 1.1 |
|  Transocean Ltd. | 116649 | 429268 | 75.6 |
|  TravelCenters of America, Inc. | 1851 | 117687 | 20.7 |
|  Travere Therapeutics, Inc. | 4507 | 97712 | 17.2 |
|  Tri Pointe Homes, Inc. | 13949 | 233646 | 41.1 |
|  TriNet Group, Inc. | 5986 | 388970 | 68.5 |
|  Trinity Industries, Inc. | 5136 | 146530 | 25.8 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **United States (continued)** |  |  |  |
|  Triumph Bancorp, Inc. | 3975 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204712 | 36.0% |
|  TrueBlue, Inc. | 4826 | 94879 | 16.7 |
|  TrueCar, Inc. | 22080 | 39744 | 7.0 |
|  Trupanion, Inc. | 1269 | 64046 | 11.3 |
|  Turning Point Brands, Inc. | 14755 | 347628 | 61.2 |
|  Tutor Perini Corp. | 16300 | 120946 | 21.3 |
|  U.S. Cellular Corp. | 4893 | 152515 | 26.9 |
|  U.S. Lime & Minerals, Inc. | 129 | 16273 | 2.9 |
|  U.S. Silica Holdings, Inc. | 20036 | 288318 | 50.8 |
|  Under Armour, Inc. | 3178 | 20848 | 3.7 |
|  United Fire Group, Inc. | 679 | 18401 | 3.2 |
|  Unitil Corp. | 4279 | 225546 | 39.7 |
|  Univest Financial Corp. | 16386 | 461102 | 81.2 |
|  Upland Software, Inc. | 23396 | 188104 | 33.1 |
|  Upwork, Inc. | 15901 | 213868 | 37.7 |
|  Urban Edge Properties | 7054 | 99602 | 17.5 |
|  USANA Health Sciences, Inc. | 1614 | 84751 | 14.9 |
|  UWM Holdings Corp. | 2438 | 7997 | 1.4 |
|  V2X, Inc. | 2100 | 86079 | 15.2 |
|  Vanda Pharmaceuticals, Inc. | 19433 | 203464 | 35.8 |
|  Varex Imaging Corp. | 12161 | 268880 | 47.3 |
|  Vector Group Ltd. | 3270 | 34727 | 6.1 |
|  Veeco Instruments, Inc. | 12818 | 233672 | 41.1 |
|  Verint Systems, Inc. | 12408 | 439615 | 77.4 |
|  Veritex Holdings, Inc. | 9942 | 313968 | 55.3 |
|  Vertex, Inc., Class A | 7636 | 137601 | 24.2 |
|  Viavi Solutions, Inc. | 9875 | 149112 | 26.3 |
|  Vicor Corp. | 1005 | 48009 | 8.5 |
|  ViewRay, Inc. | 11534 | 49481 | 8.7 |
|  Vishay Intertechnology, Inc. | 26778 | 559928 | 98.6 |
|  Visteon Corp. | 317 | 41359 | 7.3 |
|  Walker & Dunlop, Inc. | 819 | 73677 | 13.0 |
|  Warrior Met Coal, Inc. | 4244 | 157622 | 27.8 |
|  Washington Federal, Inc. | 5920 | 229104 | 40.3 |
|  Watts Water Technologies, Inc., Class A | 871 | 127480 | 22.4 |
|  Whitestone REIT | 718 | 6756 | 1.2 |
|  Winmark Corp. | 1508 | 379473 | 66.8 |
|  World Fuel Services Corp. | 363 | 9253 | 1.6 |
|  Xencor, Inc. | 13535 | 378980 | 66.7 |
|  Xometry, Inc., Class A | 2328 | 139820 | 24.6 |
|  Yelp, Inc. | 8247 | 316767 | 55.8 |
|  Yext, Inc. | 14637 | 77869 | 13.7 |
|  Zeta Global Holdings Corp., Class A | 9168 | 76461 | 13.5 |
|  ZipRecruiter, Inc., Class A | 34155 | 572779 | 100.9 |
|  Zumiez, Inc. | 5314 | 119193 | 21.0 |
|  Zuora, Inc., Class A | 26713 | 205423 | 36.2 |
|  |  | 86111287 |  |
| **Total Reference Entity — Long** |  | 152730334 |  |
|  **Reference Entity — Short** | **Reference Entity — Short** | **Reference Entity — Short** | **Reference Entity — Short** |
| **Common Stocks** |  |  |  |
| **Australia** |  |  |  |
|  Australian Clinical Labs Ltd. | (50439) | (109170) | (19.2) |
|  Bega Cheese Ltd. | (30244) | (62116) | (10.9) |
|  Bellevue Gold Ltd. | (254068) | (119934) | (21.1) |
|  Capricorn Metals Ltd. | (4759) | (10322) | (1.8) |
|  Centuria Capital Group | (16637) | (17928) | (3.2) |
|  Centuria Industrial REIT | (17252) | (33527) | (5.9) |
|  Charter Hall Long Wale REIT | (8337) | (23246) | (4.1) |
|  Corporate Travel Management Ltd. | (2873) | (32076) | (5.7) |
|  Cromwell Property Group | (191469) | (85871) | (15.1) |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Global Equity Market Neutral Fund** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value* |
| **Australia (continued)** |  |  |  |
|  Elders Ltd. | (1772) | $(14774) | (2.6)% |
|  EML Payments Ltd. | (11472) | (2957) | (0.5) |
|  G8 Education Ltd. | (23430) | (14463) | (2.5) |
|  GUD Holdings Ltd. | (12453) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(64053) | (11.3) |
|  HomeCo Daily Needs REIT | (30118) | (24645) | (4.3) |
|  Ingenia Communities Group | (3418) | (8577) | (1.5) |
|  Inghams Group Ltd. | (133018) | (215200) | (37.9) |
|  Integral Diagnostics Ltd. | (4712) | (7924) | (1.4) |
|  InvoCare Ltd. | (2442) | (15970) | (2.8) |
|  IPH Ltd. | (3760) | (23913) | (4.2) |
|  IRESS Ltd. | (396) | (2570) | (0.5) |
|  Kelsian Group Ltd. | (1847) | (5528) | (1.0) |
|  Megaport Ltd. | (8292) | (32164) | (5.7) |
|  OceanaGold Corp. | (15727) | (22857) | (4.0) |
|  Omni Bridgeway Ltd. | (5260) | (15143) | (2.7) |
|  Regis Resources Ltd. | (103251) | (100671) | (17.7) |
|  Select Harvests Ltd. | (13225) | (44871) | (7.9) |
|  Sigma Healthcare Ltd. | (78283) | (31723) | (5.6) |
|  SolGold PLC | (237644) | (43605) | (7.7) |
|  Super Retail Group Ltd. | (15946) | (104848) | (18.5) |
|  United Malt Group Ltd. | (111952) | (222744) | (39.2) |
|  Vulcan Steel Ltd. | (554) | (2658) | (0.5) |
|  West African Resources Ltd. | (24411) | (16163) | (2.8) |
|  Westgold Resources Ltd. | (62962) | (29407) | (5.2) |
|  |  | (1561618) |  |
| **Austria** |  |  |  |
|  CA Immobilien Anlagen AG | (22359) | (706194) | (124.3) |
|  FACC AG | (1883) | (12096) | (2.1) |
|  Rhi Magnesita NV | (2970) | (63130) | (11.1) |
|  Semperit AG Holding | (17139) | (338886) | (59.7) |
|  Strabag SE | (1060) | (40697) | (7.2) |
|  |  | (1161003) |  |
| **Bahamas** |  |  |  |
|  OneSpaWorld Holdings Ltd. | (14871) | (134880) | (23.8) |
| **Belgium** |  |  |  |
|  bpost SA | (30212) | (149341) | (26.3) |
|  Fagron | (1453) | (18089) | (3.2) |
|  Gimv NV | (8995) | (384030) | (67.6) |
|  KBC Ancora | (7233) | (257117) | (45.3) |
|  Kinepolis Group NV | (6541) | (246575) | (43.4) |
|  Orange Belgium SA | (1790) | (30297) | (5.3) |
|  Telenet Group Holding NV | (3026) | (46135) | (8.1) |
|  VGP NV | (3106) | (235510) | (41.5) |
|  X-Fab Silicon Foundries SE | (1916) | (9919) | (1.8) |
|  |  | (1377013) |  |
| **Bermuda** |  |  |  |
|  Enstar Group Ltd. | (346) | (69380) | (12.2) |
|  James River Group Holdings Ltd. | (317) | (8011) | (1.4) |
|  |  | (77391) |  |
| **Canada** |  |  |  |
|  Absolute Software Corp. | (5237) | (62889) | (11.1) |
|  Ag Growth International, Inc. | (2964) | (75930) | (13.4) |
|  Allied Properties Real Estate Investment Trust | (6981) | (135229) | (23.8) |
|  Altus Group Ltd. | (1145) | (40687) | (7.2) |
|  Aurinia Pharmaceuticals, Inc. | (19781) | (160820) | (28.3) |
|  Badger Infrastructure Solutions Ltd. | (1175) | (24822) | (4.4) |
|  Brookfield Asset Management Reinsurance Partners Ltd., Class A | (3957) | (156409) | (27.5) |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value* |
| **Canada (continued)** |  |  |  |
|  Cascades, Inc. | (11557) | $(74991) | (13.2)% |
|  Choice Properties Real Estate Investment Trust | (18458) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(177352) | (31.2) |
|  Chorus Aviation, Inc. | (8678) | (16434) | (2.9) |
|  City Office REIT, Inc. | (4363) | (46335) | (8.2) |
|  Cogeco, Inc. | (7520) | (320263) | (56.4) |
|  Converge Technology Solutions Corp. | (40540) | (166046) | (29.2) |
|  Dye & Durham Ltd. | (14623) | (161756) | (28.5) |
|  ERO Copper Corp. | (949) | (10804) | (1.9) |
|  Exchange Income Corp. | (2905) | (97022) | (17.1) |
|  Extendicare, Inc. | (127328) | (655169) | (115.4) |
|  Filo Mining Corp. | (29430) | (352551) | (62.1) |
|  Frontera Energy Corp. | (3341) | (27957) | (4.9) |
|  GDI Integrated Facility Services, Inc. | (3490) | (119941) | (21.1) |
|  Hardwoods Distribution, Inc. | (6318) | (116079) | (20.4) |
|  Headwater Exploration, Inc. | (2377) | (12597) | (2.2) |
|  HLS Therapeutics, Inc. | (30956) | (217000) | (38.2) |
|  Interfor Corp. | (5613) | (99706) | (17.5) |
|  InterRent Real Estate Investment Trust | (875) | (7367) | (1.3) |
|  Lassonde Industries, Inc., Class A | (1172) | (101160) | (17.8) |
|  Lundin Gold, Inc. | (6615) | (47779) | (8.4) |
|  Maple Leaf Foods, Inc. | (18972) | (281165) | (49.5) |
|  Martinrea International, Inc. | (13748) | (88098) | (15.5) |
|  Minto Apartment Real Estate Investment Trust | (2469) | (24158) | (4.2) |
|  MTY Food Group, Inc. | (6366) | (258032) | (45.4) |
|  Neighbourly Pharmacy, Inc. | (920) | (15674) | (2.8) |
|  North West Co., Inc. | (27363) | (712018) | (125.4) |
|  NorthWest Healthcare Properties Real Estate Investment Trust | (1239) | (9768) | (1.7) |
|  Orla Mining Ltd. | (3021) | (9535) | (1.7) |
|  Pet Valu Holdings Ltd. | (3474) | (93560) | (16.5) |
|  Premium Brands Holdings Corp. | (3602) | (212495) | (37.4) |
|  Primaris Real Estate Investment Trust | (19557) | (201405) | (35.5) |
|  Recipe Un Ltd. Corp. | (11165) | (169809) | (29.9) |
|  Sienna Senior Living, Inc. | (21204) | (182880) | (32.2) |
|  Sierra Wireless, Inc. | (785) | (23319) | (4.1) |
|  SilverCrest Metals, Inc. | (2205) | (11055) | (1.9) |
|  Spartan Delta Corp. | (5045) | (46438) | (8.2) |
|  Stella-Jones, Inc. | (19079) | (574604) | (101.2) |
|  StorageVault Canada, Inc. | (5281) | (24227) | (4.3) |
|  Summit Industrial Income REIT | (12554) | (160432) | (28.2) |
|  Superior Plus Corp. | (74590) | (567220) | (99.9) |
|  Timbercreek Financial Corp. | (34067) | (192297) | (33.9) |
|  Transcontinental, Inc., Class A | (2693) | (30738) | (5.4) |
|  Uni-Select, Inc. | (9217) | (249986) | (44.0) |
|  Wesdome Gold Mines Ltd. | (5406) | (32420) | (5.7) |
|  Winpak Ltd. | (10027) | (305590) | (53.8) |
|  Xenon Pharmaceuticals, Inc. | (5826) | (213057) | (37.5) |
|  |  | (8175075) |  |
| **Cayman Islands** |  |  |  |
|  Theravance Biopharma, Inc. | (7145) | (71236) | (12.5) |
| **Costa Rica** |  |  |  |
|  Establishment Labs Holdings, Inc. | (3870) | (218229) | (38.4) |
| **Cyprus** |  |  |  |
|  Atalaya Mining PLC | (9375) | (29673) | (5.2) |
| **Denmark** |  |  |  |
|  Netcompany Group A/S | (9327) | (319772) | (56.3) |
|  Nilfisk Holding A/S | (662) | (12316) | (2.2) |
|  Ringkjoebing Landbobank A/S | (7115) | (773846) | (136.2) |

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28 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Global Equity Market Neutral Fund** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value* |
| **Denmark (continued)** |  |  |  |
|  Scandinavian Tobacco Group A/S | (5424) | $(90856) | (16.0)% |
|  Topdanmark A/S | (9730) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(449070) | (79.1) |
|  Zealand Pharma A/S | (5649) | (145491) | (25.6) |
|  |  | (1791351) |  |
| **Finland** |  |  |  |
|  Aktia Bank OYJ | (15971) | (158780) | (28.0) |
|  Kamux Corp. | (2359) | (11409) | (2.0) |
|  Kemira OYJ | (9501) | (125455) | (22.1) |
|  Metsa Board OYJ, Class B | (18956) | (142595) | (25.1) |
|  Remedy Entertainment OYJ | (477) | (8949) | (1.6) |
|  Sanoma OYJ | (32613) | (381782) | (67.2) |
|  TietoEVRY OYJ | (3355) | (79981) | (14.1) |
|  Tokmanni Group Corp. | (17389) | (210253) | (37.0) |
|  |  | (1119204) |  |
| **France** |  |  |  |
|  ABC arbitrage | (5141) | (33227) | (5.8) |
|  Altarea SCA | (370) | (49288) | (8.7) |
|  Antin Infrastructure Partners SA | (7889) | (171675) | (30.2) |
|  Aramis Group SAS | (15529) | (71317) | (12.6) |
|  Chargeurs SA | (2248) | (29715) | (5.2) |
|  Cie Plastic Omnium SA | (5819) | (81536) | (14.4) |
|  Derichebourg SA | (22979) | (100342) | (17.7) |
|  Elis SA | (5135) | (58806) | (10.4) |
|  Fnac Darty SA | (5632) | (173991) | (30.6) |
|  IPSOS | (1501) | (72659) | (12.8) |
|  Maisons du Monde SA | (12818) | (125646) | (22.1) |
|  Mercialys SA | (58852) | (509617) | (89.7) |
|  Quadient SA | (1314) | (18487) | (3.3) |
|  Societe BIC SA | (6790) | (389787) | (68.6) |
|  Sopra Steria Group SACA | (2152) | (284844) | (50.2) |
|  Trigano SA | (2981) | (305127) | (53.7) |
|  Verallia SA | (11709) | (331773) | (58.4) |
|  Virbac SA | (1540) | (377375) | (66.4) |
|  Voltalia SA | (13824) | (263273) | (46.4) |
|  |  | (3448485) |  |
| **Germany** |  |  |  |
|  About You Holding SE | (33401) | (163092) | (28.7) |
|  AURELIUS Equity Opportunities SE & Co. KGaA | (771) | (16302) | (2.9) |
|  Auto1 Group SE | (25545) | (171802) | (30.2) |
|  BayWa AG | (4826) | (217767) | (38.3) |
|  CECONOMY AG | (74720) | (121600) | (21.4) |
|  Cewe Stiftung & Co. KGAA | (139) | (10888) | (1.9) |
|  CompuGroup Medical SE & Co. KgaA | (623) | (19683) | (3.5) |
|  Energiekontor AG | (293) | (26018) | (4.6) |
|  Gerresheimer AG | (9527) | (545789) | (96.1) |
|  Grand City Properties SA | (8545) | (83122) | (14.6) |
|  Hamborner REIT AG | (26993) | (192568) | (33.9) |
|  Hamburger Hafen und Logistik AG | (12411) | (145363) | (25.6) |
|  Indus Holding AG | (7139) | (140876) | (24.8) |
|  Instone Real Estate Group AG | (8091) | (58891) | (10.4) |
|  Jenoptik AG | (4011) | (87933) | (15.5) |
|  JOST Werke AG | (3600) | (153630) | (27.0) |
|  Kloeckner & Co. SE | (29327) | (229840) | (40.5) |
|  Medios AG | (325) | (6000) | (1.1) |
|  PATRIZIA SE | (1750) | (12844) | (2.3) |
|  SGL Carbon SE | (7117) | (50480) | (8.9) |
|  Stroeer SE & Co. KGaA | (8421) | (343315) | (60.4) |
|  Suedzucker AG | (10732) | (136768) | (24.1) |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value* |
| **Germany (continued)** |  |  |  |
|  Synlab AG | (629) | $(8099) | (1.4)% |
|  Takkt AG | (7952) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(102987) | (18.1) |
|  Wuestenrot & Wuerttembergische AG | (4783) | (67481) | (11.9) |
|  |  | (3113138) |  |
| **Hong Kong** |  |  |  |
|  Prosperity REIT | (20000) | (4230) | (0.7) |
|  SUNeVision Holdings Ltd. | (1000) | (530) | (0.1) |
|  |  | (4760) |  |
| **Ireland** |  |  |  |
|  C&C Group PLC | (248002) | (465320) | (82.0) |
|  Cairn Homes PLC | (130333) | (126186) | (22.2) |
|  COSMO Pharmaceuticals NV | (1263) | (73758) | (13.0) |
|  Irish Residential Properties REIT PLC | (73629) | (79604) | (14.0) |
|  |  | (744868) |  |
| **Israel** |  |  |  |
|  Clal Insurance Enterprises Holdings Ltd. | (510) | (8801) | (1.6) |
|  Cognyte Software Ltd. | (2940) | (7997) | (1.4) |
|  Danel Adir Yeoshua Ltd. | (78) | (9050) | (1.6) |
|  Doral Group Renewable Energy Resources Ltd. | (104434) | (319799) | (56.3) |
|  Electra Consumer Products 1970 Ltd. | (460) | (15922) | (2.8) |
|  Gilat Satellite Networks Ltd. | (8726) | (52304) | (9.2) |
|  Innovid Corp. | (18679) | (69859) | (12.3) |
|  Isracard Ltd. | (20487) | (60577) | (10.7) |
|  JFrog Ltd. | (39939) | (1014451) | (178.6) |
|  Migdal Insurance & Financial Holdings Ltd. | (37397) | (44857) | (7.9) |
|  Naphtha Israel Petroleum Corp. Ltd. | (29630) | (154231) | (27.2) |
|  Perion Network Ltd. | (7534) | (172819) | (30.4) |
|  RADA Electronic Industries Ltd. | (12903) | (148384) | (26.1) |
|  |  | (2079051) |  |
| **Italy** |  |  |  |
|  Ariston Holding NV | (4881) | (41668) | (7.3) |
|  Arnoldo Mondadori Editore SpA | (7419) | (12501) | (2.2) |
|  Banca Popolare di Sondrio SCPA | (78780) | (282588) | (49.8) |
|  Credito Emiliano SpA | (42024) | (249162) | (43.9) |
|  doValue SpA | (49661) | (286023) | (50.4) |
|  Enav SpA | (34127) | (131970) | (23.2) |
|  Fila SpA | (2179) | (14855) | (2.6) |
|  Freni Brembo SpA | (7800) | (81544) | (14.4) |
|  Gruppo MutuiOnline SpA | (3732) | (82544) | (14.5) |
|  GVS SpA | (39565) | (202987) | (35.7) |
|  Illimity Bank SpA | (8645) | (58793) | (10.3) |
|  MFE-MediaForEurope NV, Class A | (618047) | (216813) | (38.2) |
|  RAI Way SpA | (34301) | (164318) | (28.9) |
|  Technogym SpA | (24127) | (165873) | (29.2) |
|  Tod's SpA | (1232) | (38446) | (6.8) |
|  Zignago Vetro SpA | (171) | (2153) | (0.4) |
|  |  | (2032238) |  |
| **Japan** |  |  |  |
|  ADEKA Corp. | (8400) | (125583) | (22.1) |
|  Aeon Hokkaido Corp. | (41900) | (331060) | (58.3) |
|  Aichi Corp. | (800) | (4248) | (0.7) |
|  Aiful Corp. | (45700) | (124467) | (21.9) |
|  Airtrip Corp. | (17900) | (298495) | (52.6) |
|  Alpen Co. Ltd. | (18500) | (251427) | (44.3) |
|  Alpha Systems, Inc. | (1200) | (34636) | (6.1) |
|  Appier Group, Inc. | (18800) | (179498) | (31.6) |
|  Arcland Corp. | (36600) | (363008) | (63.9) |

---

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

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---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Global Equity Market Neutral Fund** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **Japan (continued)** |  |  |  |
|  ARTERIA Networks Corp. | (6100) | $(49256) | (8.7)% |
|  Asahi Holdings, Inc. | (11300) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(144112) | (25.4) |
|  Atom Corp. | (25100) | (133348) | (23.5) |
|  Awa Bank Ltd. | (9700) | (121937) | (21.5) |
|  Axial Retailing, Inc. | (3900) | (88812) | (15.6) |
|  BML, Inc. | (20000) | (452109) | (79.6) |
|  Bushiroad, Inc. | (23600) | (141071) | (24.8) |
|  Cawachi Ltd. | (900) | (12456) | (2.2) |
|  CellSource Co. Ltd. | (7500) | (221207) | (38.9) |
|  Central Glass Co. Ltd. | (7700) | (181817) | (32.0) |
|  Chiyoda Corp. | (159700) | (395596) | (69.7) |
|  Chofu Seisakusho Co. Ltd. | (2000) | (27313) | (4.8) |
|  Citizen Watch Co. Ltd. | (13500) | (56696) | (10.0) |
|  Comforia Residential REIT, Inc. | (112) | (237770) | (41.9) |
|  CONEXIO Corp. | (9900) | (75772) | (13.3) |
|  Create Restaurants Holdings, Inc. | (1800) | (11362) | (2.0) |
|  CYBERDYNE, Inc. | (2100) | (4676) | (0.8) |
|  Cybozu, Inc. | (5200) | (66435) | (11.7) |
|  Daiho Corp. | (1900) | (53881) | (9.5) |
|  Daiki Aluminium Industry Co. Ltd. | (26600) | (229041) | (40.3) |
|  Daikokutenbussan Co. Ltd. | (4700) | (143356) | (25.2) |
|  Daishi Hokuetsu Financial Group, Inc. | (14600) | (257853) | (45.4) |
|  Daiwabo Holdings Co. Ltd. | (21000) | (270970) | (47.7) |
|  DCM Holdings Co. Ltd. | (6000) | (46750) | (8.2) |
|  Demae-Can Co. Ltd. | (66400) | (215685) | (38.0) |
|  Dip Corp. | (800) | (22397) | (3.9) |
|  DTS Corp. | (8700) | (206839) | (36.4) |
|  Duskin Co. Ltd. | (3900) | (74784) | (13.2) |
|  DyDo Group Holdings, Inc. | (4500) | (137313) | (24.2) |
|  EM Systems Co. Ltd. | (31700) | (209712) | (36.9) |
|  ES-Con Japan Ltd. | (9100) | (49593) | (8.7) |
|  Exedy Corp. | (10800) | (126613) | (22.3) |
|  Ferrotec Holdings Corp. | (3900) | (66086) | (11.6) |
|  Fuji Soft, Inc. | (5900) | (320973) | (56.5) |
|  Fujicco Co. Ltd. | (7200) | (92072) | (16.2) |
|  Fujio Food Group, Inc. | (4900) | (46017) | (8.1) |
|  Fujitec Co. Ltd. | (5300) | (105276) | (18.5) |
|  Fukushima Galilei Co. Ltd. | (6100) | (167752) | (29.5) |
|  Fukuyama Transporting Co. Ltd. | (800) | (17455) | (3.1) |
|  Genky DrugStores Co. Ltd. | (700) | (17821) | (3.1) |
|  GLOBERIDE, Inc. | (8700) | (135981) | (23.9) |
|  Glory Ltd. | (33600) | (518066) | (91.2) |
|  GMO Financial Gate, Inc. | (900) | (83984) | (14.8) |
|  GMO Financial Holdings, Inc. | (23700) | (91029) | (16.0) |
|  GNI Group Ltd. | (3500) | (33316) | (5.9) |
|  G-Tekt Corp. | (2400) | (21453) | (3.8) |
|  Hankyu Hanshin REIT, Inc. | (184) | (191007) | (33.6) |
|  Hanwa Co. Ltd. | (3300) | (79807) | (14.1) |
|  Hioki EE Corp. | (200) | (9547) | (1.7) |
|  Hirata Corp. | (2700) | (78985) | (13.9) |
|  Hogy Medical Co. Ltd. | (2100) | (46576) | (8.2) |
|  Hokuetsu Corp. | (126000) | (653620) | (115.1) |
|  Hokuhoku Financial Group, Inc. | (12000) | (72093) | (12.7) |
|  Hokuto Corp. | (11300) | (145856) | (25.7) |
|  Hosiden Corp. | (2600) | (27424) | (4.8) |
|  Hyakugo Bank Ltd. | (178800) | (395787) | (69.7) |
|  Ichibanya Co. Ltd. | (5200) | (160452) | (28.3) |
|  Idec Corp. | (6700) | (143506) | (25.3) |
|  Inaba Denki Sangyo Co. Ltd. | (4700) | (87734) | (15.4) |
|  Inageya Co. Ltd. | (21000) | (159031) | (28.0) |
|  IR Japan Holdings Ltd. | (3400) | (49713) | (8.8) |
|  Iriso Electronics Co. Ltd. | (1400) | (40561) | (7.1) |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **Japan (continued)** |  |  |  |
|  Itochu Advance Logistics Investment Corp. | (383) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(374548) | (65.9)% |
|  Itochu-Shokuhin Co. Ltd. | (2800) | (91863) | (16.2) |
|  Jaccs Co. Ltd. | (10900) | (264316) | (46.5) |
|  Japan Elevator Service Holdings Co. Ltd. | (4200) | (49541) | (8.7) |
|  Japan Material Co. Ltd. | (1700) | (22381) | (3.9) |
|  J-Oil Mills, Inc. | (10000) | (106368) | (18.7) |
|  Kameda Seika Co. Ltd. | (12600) | (389339) | (68.6) |
|  Kanto Denka Kogyo Co. Ltd. | (32600) | (207953) | (36.6) |
|  Kappa Create Co. Ltd. | (21100) | (199340) | (35.1) |
|  Katakura Industries Co. Ltd. | (13400) | (183341) | (32.3) |
|  Keiyo Bank Ltd. | (32400) | (113806) | (20.0) |
|  Keiyo Co. Ltd. | (73200) | (445981) | (78.5) |
|  KH Neochem Co. Ltd. | (8900) | (151909) | (26.7) |
|  Kisoji Co. Ltd. | (18000) | (266327) | (46.9) |
|  Kiyo Bank Ltd. | (36700) | (353420) | (62.2) |
|  Koa Corp. | (25300) | (364381) | (64.2) |
|  Kohnan Shoji Co. Ltd. | (4900) | (102597) | (18.1) |
|  Komeri Co. Ltd. | (15800) | (275646) | (48.5) |
|  Konishi Co. Ltd. | (10400) | (121488) | (21.4) |
|  KYB Corp. | (20200) | (441894) | (77.8) |
|  Kyoei Steel Ltd. | (900) | (7947) | (1.4) |
|  KYORIN Holdings, Inc. | (7000) | (86617) | (15.3) |
|  Kyoritsu Maintenance Co. Ltd. | (3400) | (140066) | (24.7) |
|  LITALICO, Inc. | (2100) | (44379) | (7.8) |
|  Macnica Holdings, Inc. | (1400) | (28001) | (4.9) |
|  Management Solutions Co. Ltd. | (9700) | (191202) | (33.7) |
|  Maruha Nichiro Corp. | (37100) | (572074) | (100.7) |
|  MARUKA FURUSATO Corp. | (800) | (19877) | (3.5) |
|  Maruwa Co. Ltd/Aichi | (400) | (46997) | (8.3) |
|  Medley, Inc. | (28600) | (693519) | (122.1) |
|  MedPeer, Inc. | (11800) | (121273) | (21.4) |
|  Meiko Electronics Co. Ltd. | (9600) | (170185) | (30.0) |
|  Micronics Japan Co. Ltd. | (6200) | (57317) | (10.1) |
|  Mie Kotsu Group Holdings, Inc. | (47000) | (162575) | (28.6) |
|  Mitani Sekisan Co. Ltd. | (3200) | (82270) | (14.5) |
|  Mitsubishi Estate Logistics REIT Investment Corp. | (105) | (310766) | (54.7) |
|  Mitsuuroko Group Holdings Co. Ltd. | (2100) | (14457) | (2.5) |
|  Mizuno Corp. | (3500) | (59920) | (10.6) |
|  Modec, Inc. | (17100) | (186084) | (32.8) |
|  Mori Trust Hotel Reit, Inc. | (39) | (36997) | (6.5) |
|  Musashi Seimitsu Industry Co. Ltd. | (25800) | (297764) | (52.4) |
|  Musashino Bank Ltd. | (12300) | (142040) | (25.0) |
|  Nafco Co. Ltd. | (16800) | (178197) | (31.4) |
|  Nagawa Co. Ltd. | (200) | (9982) | (1.8) |
|  Nanto Bank Ltd. | (7100) | (101739) | (17.9) |
|  Nichiden Corp. | (8300) | (98119) | (17.3) |
|  Nippon Carbon Co. Ltd. | (11400) | (322706) | (56.8) |
|  Nippon Steel Trading Corp. | (2100) | (72255) | (12.7) |
|  Nishi-Nippon Financial Holdings, Inc. | (31200) | (159126) | (28.0) |
|  Nissha Co. Ltd. | (17400) | (204857) | (36.1) |
|  Nojima Corp. | (13400) | (111600) | (19.6) |
|  Noritsu Koki Co. Ltd. | (6500) | (117015) | (20.6) |
|  Noritz Corp. | (5600) | (57481) | (10.1) |
|  NS United Kaiun Kaisha Ltd. | (4000) | (99553) | (17.5) |
|  Ogaki Kyoritsu Bank Ltd. | (19000) | (224300) | (39.5) |
|  Ohsho Food Service Corp. | (2500) | (106595) | (18.8) |
|  Oisix ra daichi, Inc. | (10900) | (122962) | (21.6) |
|  Okasan Securities Group, Inc. | (28900) | (68742) | (12.1) |
|  One REIT, Inc. | (99) | (164992) | (29.1) |
|  Open Door, Inc. | (9100) | (109065) | (19.2) |
|  Optorun Co. Ltd. | (16700) | (237134) | (41.8) |

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30 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Global Equity Market Neutral Fund** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value* |
| **Japan (continued)** |  |  |  |
|  Organo Corp. | (2400) | $(41408) | (7.3)% |
|  Osaka Soda Co. Ltd. | (2700) | (65620) | (11.6) |
|  PAL GROUP Holdings Co. Ltd. | (7800) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(111378) | (19.6) |
|  Paramount Bed Holdings Co. Ltd. | (3600) | (64087) | (11.3) |
|  Pasona Group, Inc. | (7800) | (107293) | (18.9) |
|  Pharma Foods International Co. Ltd. | (2900) | (25636) | (4.5) |
|  Pilot Corp. | (8500) | (330474) | (58.2) |
|  Piolax, Inc. | (1700) | (21138) | (3.7) |
|  PKSHA Technology, Inc. | (3300) | (43164) | (7.6) |
|  Raksul, Inc. | (7200) | (141604) | (24.9) |
|  Retail Partners Co. Ltd. | (2000) | (16477) | (2.9) |
|  Riken Keiki Co. Ltd. | (7300) | (200718) | (35.3) |
|  Riso Kagaku Corp. | (7400) | (117543) | (20.7) |
|  Roland Corp. | (5300) | (150392) | (26.5) |
|  Rorze Corp. | (6000) | (301508) | (53.1) |
|  RS Technologies Co. Ltd. | (5600) | (277726) | (48.9) |
|  Ryosan Co. Ltd. | (5500) | (97262) | (17.1) |
|  Saibu Gas Co. Ltd. | (17700) | (205239) | (36.1) |
|  Sakata INX Corp. | (2200) | (15744) | (2.8) |
|  San-A Co. Ltd. | (4500) | (131249) | (23.1) |
|  SanBio Co. Ltd. | (22300) | (130991) | (23.1) |
|  Sangetsu Corp. | (600) | (6353) | (1.1) |
|  Sanki Engineering Co. Ltd. | (15200) | (164539) | (29.0) |
|  Sansan, Inc. | (5300) | (52555) | (9.3) |
|  Sanyo Denki Co. Ltd. | (5000) | (183022) | (32.2) |
|  SBS Holdings, Inc. | (8200) | (159661) | (28.1) |
|  Seiko Holdings Corp. | (2300) | (48717) | (8.6) |
|  Senko Group Holdings Co. Ltd. | (42600) | (284564) | (50.1) |
|  Shibuya Corp. | (4300) | (74212) | (13.1) |
|  Shiga Bank Ltd. | (9100) | (154050) | (27.1) |
|  Shima Seiki Manufacturing Ltd. | (8000) | (111614) | (19.7) |
|  Shoei Foods Corp. | (2700) | (74514) | (13.1) |
|  Showa Sangyo Co. Ltd. | (3500) | (59489) | (10.5) |
|  Simplex Holdings, Inc. | (19700) | (314009) | (55.3) |
|  SOSiLA Logistics REIT, Inc. | (206) | (197459) | (34.8) |
|  Star Micronics Co. Ltd. | (4700) | (53839) | (9.5) |
|  Starts Proceed Investment Corp. | (51) | (81283) | (14.3) |
|  Taiyo Holdings Co. Ltd. | (3900) | (68782) | (12.1) |
|  Takasago International Corp. | (6900) | (129648) | (22.8) |
|  Takeuchi Manufacturing Co. Ltd. | (13000) | (262171) | (46.2) |
|  Tenma Corp. | (1500) | (20854) | (3.7) |
|  T-Gaia Corp. | (16200) | (180323) | (31.7) |
|  TKP Corp. | (6900) | (139797) | (24.6) |
|  Toagosei Co. Ltd. | (5200) | (39953) | (7.0) |
|  TOC Co. Ltd. | (9100) | (47295) | (8.3) |
|  Toei Co. Ltd. | (1100) | (135115) | (23.8) |
|  Toho Bank Ltd. | (91600) | (126265) | (22.2) |
|  TOKAI Holdings Corp. | (15100) | (90182) | (15.9) |
|  Tokai Tokyo Financial Holdings, Inc. | (103100) | (236340) | (41.6) |
|  Tokushu Tokai Paper Co. Ltd. | (12000) | (236021) | (41.6) |
|  Tokuyama Corp. | (16600) | (193562) | (34.1) |
|  Tokyo Seimitsu Co. Ltd. | (9900) | (297738) | (52.4) |
|  Tokyo Steel Manufacturing Co. Ltd. | (4700) | (40353) | (7.1) |
|  TOMONY Holdings, Inc. | (115700) | (251378) | (44.3) |
|  Tomy Co. Ltd. | (38600) | (338941) | (59.7) |
|  Topre Corp. | (8800) | (69583) | (12.3) |
|  Toyo Tanso Co. Ltd. | (7400) | (185194) | (32.6) |
|  Trancom Co. Ltd. | (1300) | (66608) | (11.7) |
|  Transcosmos, Inc. | (3200) | (73566) | (13.0) |
|  TRE Holdings Corp. | (2700) | (29120) | (5.1) |
|  United Super Markets Holdings, Inc. | (17800) | (125331) | (22.1) |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value* |
| **Japan (continued)** |  |  |  |
|  West Holdings Corp. | (10600) | $(316766) | (55.8)% |
|  Yodogawa Steel Works Ltd. | (500) | (8128) | (1.4) |
|  Yokowo Co. Ltd. | (30000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(408905) | (72.0) |
|  Yonex Co. Ltd. | (900) | (8338) | (1.5) |
|  Yoshinoya Holdings Co. Ltd. | (10900) | (171314) | (30.2) |
|  Zojirushi Corp. | (10600) | (106881) | (18.8) |
|  |  | (29824103) |  |
| **Luxembourg** |  |  |  |
|  Befesa SA | (4135) | (143618) | (25.3) |
| **Netherlands** |  |  |  |
|  Corbion NV | (2682) | (71419) | (12.6) |
|  Core Laboratories NV | (9636) | (187517) | (33.0) |
|  Flow Traders | (16141) | (388575) | (68.4) |
|  NSI NV | (5854) | (139968) | (24.6) |
|  PostNL NV | (39012) | (61081) | (10.8) |
|  TKH Group NV | (2693) | (95230) | (16.8) |
|  Van Lanschot Kempen NV | (5206) | (112355) | (19.8) |
|  |  | (1056145) |  |
| **New Zealand** |  |  |  |
|  Synlait Milk Ltd. | (60776) | (110134) | (19.4) |
| **Norway** |  |  |  |
|  Aker Carbon Capture ASA | (42177) | (47463) | (8.4) |
|  Aker Solutions ASA | (84491) | (322591) | (56.8) |
|  Bonheur ASA | (5196) | (147841) | (26.0) |
| **Crayon Group Holding ASA** | (20192) | (167404) | (29.5) |
|  Europris ASA | (29314) | (174540) | (30.7) |
|  Hexagon Composites ASA | (9085) | (20874) | (3.7) |
|  Hexagon Purus Holding | (54964) | (106628) | (18.8) |
| **Kahoot! ASA** | (73312) | (156316) | (27.5) |
|  Norway Royal Salmon ASA | (369) | (4685) | (0.8) |
|  SpareBank 1 SR-Bank ASA | (14043) | (143003) | (25.2) |
|  Wallenius Wilhelmsen ASA | (4061) | (28872) | (5.1) |
|  |  | (1320217) |  |
| **Peru** |  |  |  |
|  Hochschild Mining PLC | (178775) | (109234) | (19.2) |
| **Portugal** |  |  |  |
|  CTT-Correios de Portugal SA | (97905) | (302204) | (53.2) |
|  NOS SGPS SA | (7271) | (28479) | (5.0) |
|  |  | (330683) |  |
| **Puerto Rico** |  |  |  |
|  First BanCorp | (45036) | (711118) | (125.2) |
| **Singapore** |  |  |  |
|  BW Energy Ltd. | (40302) | (101553) | (17.9) |
|  TDCX, Inc., ADR | (27093) | (350584) | (61.7) |
|  Yangzijiang Financial Holding Ltd. | (41500) | (9087) | (1.6) |
|  Yanlord Land Group Ltd. | (1600) | (978) | (0.2) |
|  |  | (462202) |  |
| **South Africa** |  |  |  |
|  Mediclinic International PLC | (66892) | (380530) | (67.0) |
| **South Sandwich Islands** |  |  |  |
|  Burford Capital Ltd. | (43008) | (347691) | (61.2) |
| **Spain** |  |  |  |
|  Atresmedia Corp. de Medios de Comunicacion SA | (4495) | (12972) | (2.3) |
|  CIE Automotive SA | (11927) | (303819) | (53.5) |

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Global Equity Market Neutral Fund** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **Spain (continued)** |  |  |  |
|  Construcciones y Auxiliar de Ferrocarriles SA | (7439) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(194222) | (34.2)% |
|  Corp. Financiera Alba SA | (1565) | (69597) | (12.2) |
|  Ebro Foods SA | (4226) | (65897) | (11.6) |
|  Faes Farma SA | (8515) | (32140) | (5.7) |
|  Gestamp Automocion SA | (50191) | (176737) | (31.1) |
|  Global Dominion Access SA | (16299) | (59759) | (10.5) |
|  Grupo Catalana Occidente SA | (827) | (22461) | (3.9) |
|  Soltec Power Holdings SA | (54560) | (229814) | (40.5) |
|  Talgo SA | (10590) | (29385) | (5.2) |
|  |  | (1196803) |  |
| **Sweden** |  |  |  |
|  AcadeMedia AB | (24573) | (105181) | (18.5) |
|  AddLife AB, Class B | (1222) | (11424) | (2.0) |
|  Ambea AB | (3216) | (11376) | (2.0) |
|  Attendo AB | (2672) | (5516) | (1.0) |
|  BHG Group AB | (173100) | (290079) | (51.1) |
|  BICO Group AB, Class B | (6095) | (23371) | (4.1) |
|  Bonava AB, B Shares | (5578) | (16315) | (2.9) |
|  Boozt AB | (47183) | (344092) | (60.6) |
|  Bravida Holding AB | (9824) | (92040) | (16.2) |
|  Catena AB | (436) | (14808) | (2.6) |
|  Cint Group AB | (30384) | (160026) | (28.2) |
|  Clas Ohlson AB, B Shares | (14147) | (94475) | (16.6) |
|  Coor Service Management Holding AB | (8547) | (45410) | (8.0) |
|  Dios Fastigheter AB | (8404) | (55187) | (9.7) |
|  Duni AB | (7137) | (48027) | (8.5) |
|  Dustin Group AB | (6752) | (28094) | (5.0) |
|  Electrolux Professional AB, Class B | (17398) | (65683) | (11.6) |
|  Granges AB | (34063) | (230188) | (40.5) |
|  Hemnet Group AB | (885) | (10995) | (1.9) |
|  Hexpol AB | (29020) | (286431) | (50.4) |
|  Hufvudstaden AB | (23927) | (285133) | (50.2) |
|  Instalco AB | (9038) | (36254) | (6.4) |
|  Inwido AB | (12337) | (110824) | (19.5) |
|  JM AB | (1251) | (18836) | (3.3) |
|  Lindab International AB | (3114) | (33124) | (5.8) |
|  Mekonomen AB | (6035) | (57030) | (10.0) |
|  Munters Group AB | (16234) | (126655) | (22.3) |
|  New Wave Group AB, B Shares | (2417) | (33592) | (5.9) |
|  Nobia AB | (2862) | (4766) | (0.8) |
|  Nordic Entertainment Group AB, Class B | (3786) | (69118) | (12.2) |
|  Nordnet AB publ | (5788) | (71701) | (12.6) |
|  Ratos AB, B Shares | (13273) | (49682) | (8.8) |
|  Resurs Holding AB | (5698) | (12382) | (2.2) |
|  Rvrc Holding AB | (14676) | (36367) | (6.4) |
|  Samhallsbyggnadsbolaget i Norden AB | (27947) | (45951) | (8.1) |
|  Sedana Medical AB | (395) | (716) | (0.1) |
|  SSAB AB, B Shares | (62118) | (288626) | (50.8) |
|  Stillfront Group AB | (29971) | (58334) | (10.3) |
|  Storskogen Group AB, Class B | (205553) | (150084) | (26.4) |
|  Wallenstam AB, B Shares | (44871) | (158309) | (27.9) |
|  Wihlborgs Fastigheter AB | (14656) | (96015) | (16.9) |
|  |  | (3682217) |  |
| **Switzerland** |  |  |  |
|  ALSO Holding AG, Registered Shares | (2663) | (418536) | (73.7) |
|  Bobst Group SA, Registered Shares | (6119) | (376019) | (66.2) |
|  Bossard Holding AG | (38) | (7544) | (1.3) |
|  Bucher Industries AG, Registered Shares | (740) | (249502) | (43.9) |
|  Conzzeta AG | (223) | (128090) | (22.6) |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **Switzerland (continued)** |  |  |  |
|  Daetwyler Holding AG | (173) | $(30703) | (5.4)% |
|  dormakaba Holding AG | (865) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(274565) | (48.3) |
|  EFG International AG | (13522) | (110668) | (19.5) |
|  Forbo Holding AG, Registered Shares | (176) | (213052) | (37.5) |
|  Huber & Suhner AG, Registered Shares | (550) | (48989) | (8.6) |
|  Interroll Holding AG, Registered Shares | (36) | (75841) | (13.4) |
|  Kardex Holding AG, Registered Shares | (253) | (38689) | (6.8) |
|  Komax Holding AG, Registered Shares | (241) | (56562) | (10.0) |
|  Metall Zug AG, Registered Shares | (5) | (9263) | (1.6) |
|  Mobilezone Holding AG, Registered Shares | (3258) | (51671) | (9.1) |
|  Mobimo Holding AG, Registered Shares | (45) | (10497) | (1.8) |
|  Peach Property Group AG | (4060) | (86387) | (15.2) |
|  PolyPeptide Group AG | (1571) | (45679) | (8.0) |
|  SFS Group AG | (2297) | (207714) | (36.6) |
|  Siegfried Holding AG, Registered Shares | (56) | (33336) | (5.9) |
|  Softwareone Holding AG | (18193) | (204748) | (36.0) |
|  St Galler Kantonalbank AG, Registered Shares | (582) | (273992) | (48.2) |
|  TX Group AG | (252) | (35015) | (6.2) |
|  Valiant Holding AG, Registered Shares | (2108) | (206473) | (36.4) |
|  Valora Holding AG, Registered Shares | (173) | (44753) | (7.9) |
|  Vontobel Holding AG, Registered Shares | (157) | (8834) | (1.6) |
|  Zehnder Group AG | (1640) | (88320) | (15.6) |
|  |  | (3335442) |  |
| **United Kingdom** |  |  |  |
|  Abcam PLC | (6839) | (105863) | (18.6) |
|  AO World PLC | (330364) | (169351) | (29.8) |
|  Argo Blockchain PLC | (841422) | (75680) | (13.3) |
|  ASOS PLC | (5323) | (34276) | (6.0) |
|  Assura PLC | (173856) | (111392) | (19.6) |
|  Auction Technology Group PLC | (11527) | (98651) | (17.4) |
|  Balfour Beatty PLC | (19434) | (66549) | (11.7) |
|  Biffa PLC | (63703) | (300546) | (52.9) |
|  Bridgepoint Group PLC | (122402) | (279744) | (49.3) |
|  Britvic PLC | (14070) | (117386) | (20.7) |
|  Close Brothers Group PLC | (38838) | (437552) | (77.0) |
|  CMC Markets PLC | (35266) | (99264) | (17.5) |
|  Cranswick PLC | (6571) | (224346) | (39.5) |
|  Crest Nicholson Holdings PLC | (38736) | (89789) | (15.8) |
|  Deliveroo PLC | (114892) | (114840) | (20.2) |
|  Domino's Pizza Group PLC | (130818) | (338333) | (59.6) |
|  Elementis PLC | (83065) | (87813) | (15.5) |
|  EMIS Group PLC | (1562) | (33282) | (5.9) |
|  Empiric Student Property PLC | (54921) | (51646) | (9.1) |
|  Energean PLC | (11804) | (193712) | (34.1) |
|  Essentra PLC | (44217) | (113835) | (20.0) |
|  Euromoney Institutional Investor PLC | (1717) | (28514) | (5.0) |
|  Firstgroup PLC | (167374) | (200946) | (35.4) |
|  GB Group PLC | (10671) | (46582) | (8.2) |
|  Genus PLC | (3949) | (115412) | (20.3) |
|  Great Portland Estates PLC | (49830) | (293737) | (51.7) |
|  Halfords Group PLC | (87051) | (176000) | (31.0) |
|  Helios Towers PLC | (14031) | (20160) | (3.6) |
|  Home Reit PLC | (233898) | (225585) | (39.7) |
|  Hotel Chocolat Group PLC | (6082) | (10253) | (1.8) |
|  Ibstock PLC | (65006) | (115894) | (20.4) |
|  IP Group PLC | (118320) | (79738) | (14.0) |
|  John Wood Group PLC | (4504) | (7242) | (1.3) |
|  Just Group PLC | (126320) | (83906) | (14.8) |
|  Kape Technologies PLC | (112196) | (283066) | (49.8) |
|  Keller Group PLC | (15208) | (109527) | (19.3) |

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32 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Global Equity Market Neutral Fund** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **United Kingdom (continued)** |  |  |  |
|  Liontrust Asset Management PLC | (7161) | $(70132) | (12.4)% |
|  Marston's PLC | (55610) | (22359) | (3.9) |
|  Mitie Group PLC | (369504) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(303362) | (53.4) |
|  NCC Group PLC | (31436) | (71741) | (12.6) |
|  On the Beach Group PLC | (121692) | (144175) | (25.4) |
|  Oxford Biomedica PLC | (50680) | (188018) | (33.1) |
|  Oxford Nanopore Technologies PLC | (23297) | (70178) | (12.4) |
|  Petro Rio SA | (572006) | (706486) | (124.4) |
|  Pets at Home Group PLC | (29655) | (98052) | (17.3) |
|  Primary Health Properties PLC | (65957) | (84035) | (14.8) |
|  PRS REIT PLC | (37914) | (38262) | (6.7) |
|  Quilter PLC | (54561) | (60481) | (10.7) |
|  Rank Group PLC | (73882) | (44397) | (7.8) |
|  Rathbone Brothers PLC | (9885) | (212439) | (37.4) |
|  Renewi PLC | (8427) | (51054) | (9.0) |
|  S4 Capital PLC | (32943) | (66362) | (11.7) |
|  Saga PLC | (160496) | (158105) | (27.8) |
|  Savills PLC | (19498) | (184217) | (32.4) |
|  Spirent Communications PLC | (5325) | (15807) | (2.8) |
|  Target Healthcare REIT PLC | (21992) | (21866) | (3.9) |
|  TI Fluid Systems PLC | (122991) | (195292) | (34.4) |
|  Tronox Holdings PLC | (7487) | (89844) | (15.8) |
|  Trustpilot Group PLC | (47178) | (58666) | (10.3) |
|  Tullow Oil PLC | (483205) | (224569) | (39.5) |
|  Urban Logistics REIT PLC | (58569) | (88324) | (15.6) |
|  Victrex PLC | (6612) | (125580) | (22.1) |
|  Volex PLC | (11611) | (32956) | (5.8) |
|  Volution Group PLC | (16423) | (58133) | (10.2) |
|  Wincanton PLC | (30071) | (113971) | (20.1) |
|  Yellow Cake PLC | (92356) | (454931) | (80.1) |
|  |  | (8994206) |  |
| **United States** |  |  |  |
|  23andMe Holding Co., Class A | (5094) | (15995) | (2.8) |
|  3D Systems Corp. | (10974) | (96900) | (17.1) |
|  4D Molecular Therapeutics, Inc. | (820) | (7101) | (1.3) |
|  908 Devices, Inc. | (7325) | (117127) | (20.6) |
|  AAON, Inc. | (250) | (16123) | (2.8) |
|  Aaron's Co., Inc. | (4099) | (42712) | (7.5) |
|  ABM Industries, Inc. | (2366) | (105311) | (18.5) |
|  Accolade, Inc. | (20545) | (221475) | (39.0) |
|  Aclaris Therapeutics, Inc. | (1150) | (17952) | (3.2) |
|  ACM Research, Inc., Class A | (13593) | (86995) | (15.3) |
|  Acushnet Holdings Corp. | (8366) | (389605) | (68.6) |
|  ACV Auctions, Inc., Class A | (47041) | (429014) | (75.5) |
|  AdaptHealth Corp. | (7870) | (179436) | (31.6) |
|  Addus HomeCare Corp. | (337) | (34516) | (6.1) |
|  Adicet Bio, Inc. | (2963) | (48860) | (8.6) |
|  Adtalem Global Education, Inc. | (8693) | (362498) | (63.8) |
|  ADTRAN Holdings, Inc. | (2755) | (61877) | (10.9) |
|  Aerojet Rocketdyne Holdings, Inc. | (2545) | (123305) | (21.7) |
|  AeroVironment, Inc. | (1077) | (98546) | (17.4) |
|  Aeva Technologies, Inc. | (62334) | (124668) | (22.0) |
|  AEye, Inc. | (5200) | (4527) | (0.8) |
|  Agiliti, Inc. | (23420) | (409147) | (72.0) |
|  Air Transport Services Group, Inc. | (2067) | (60356) | (10.6) |
|  Akero Therapeutics, Inc. | (1241) | (52445) | (9.2) |
|  Alamo Group, Inc. | (506) | (76952) | (13.5) |
|  Albany International Corp., Class A | (3228) | (295749) | (52.1) |
|  Alexander's, Inc. | (1595) | (374650) | (66.0) |
|  Alkami Technology, Inc. | (3663) | (58059) | (10.2) |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value* |
| **United States (continued)** |  |  |  |
|  Allovir, Inc. | (3597) | $(24927) | (4.4)% |
|  Alpha & Omega Semiconductor Ltd. | (1694) | (55479) | (9.8) |
|  Altair Engineering, Inc., Class A | (1694) | (83091) | (14.6) |
|  ALX Oncology Holdings, Inc. | (649) | (7879) | (1.4) |
|  A-Mark Precious Metals, Inc. | (2997) | (91139) | (16.0) |
|  Ambac Financial Group, Inc. | (4935) | (69337) | (12.2) |
|  AMC Networks, Inc., Class A | (3195) | (71919) | (12.7) |
|  Amerant Bancorp, Inc. | (6454) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(194265) | (34.2) |
|  American Equity Investment Life Holding Co. | (3348) | (144232) | (25.4) |
|  American Finance Trust, Inc. | (19730) | (134953) | (23.8) |
|  American States Water Co. | (6615) | (598393) | (105.4) |
|  American Well Corp., Class A | (2140) | (8753) | (1.5) |
|  America's Car-Mart, Inc. | (1629) | (111358) | (19.6) |
|  Amplitude, Inc., Class A | (23922) | (401890) | (70.8) |
|  Anavex Life Sciences Corp. | (1064) | (12949) | (2.3) |
|  ANI Pharmaceuticals, Inc. | (198) | (7641) | (1.3) |
|  Anywhere Real Estate, Inc. | (33429) | (248377) | (43.7) |
|  Appfolio, Inc., Class A | (493) | (61807) | (10.9) |
|  Applied Industrial Technologies, Inc. | (2626) | (326622) | (57.5) |
|  Arcturus Therapeutics Holdings, Inc. | (4968) | (87934) | (15.5) |
|  Arcutis Biotherapeutics, Inc. | (3485) | (61615) | (10.8) |
|  Ares Commercial Real Estate Corp. | (706) | (8712) | (1.5) |
|  Argan, Inc. | (9640) | (334219) | (58.8) |
|  Argonaut Gold, Inc. | (134573) | (39512) | (7.0) |
|  Arko Corp. | (22125) | (226781) | (39.9) |
|  Astra Space, Inc. | (33267) | (20972) | (3.7) |
|  Atea Pharmaceuticals, Inc. | (9793) | (58758) | (10.3) |
|  Atlanticus Holdings Corp. | (464) | (13252) | (2.3) |
|  Atlas Air Worldwide Holdings, Inc. | (1422) | (143821) | (25.3) |
|  Avid Technology, Inc. | (5648) | (155264) | (27.3) |
|  AZZ, Inc. | (2941) | (118228) | (20.8) |
|  B Riley Financial, Inc. | (582) | (23676) | (4.2) |
|  Babcock & Wilcox Enterprises, Inc. | (15275) | (69654) | (12.3) |
|  Balchem Corp. | (1203) | (168179) | (29.6) |
|  Bally's Corp. | (13907) | (313464) | (55.2) |
|  Bank of Hawaii Corp. | (2114) | (160558) | (28.3) |
|  Banner Corp. | (20699) | (1547250) | (272.4) |
|  BARK, Inc. | (14017) | (25651) | (4.5) |
|  Barnes Group, Inc. | (5337) | (188770) | (33.2) |
|  Barrett Business Services, Inc. | (174) | (15176) | (2.7) |
|  Beauty Health Co. | (24973) | (285441) | (50.3) |
|  BellRing Brands, Inc. | (7811) | (189182) | (33.3) |
|  Benchmark Electronics, Inc. | (2223) | (63111) | (11.1) |
|  Berkshire Hills Bancorp, Inc. | (7009) | (205013) | (36.1) |
|  BigCommerce Holdings, Inc. | (18079) | (268654) | (47.3) |
|  BioCryst Pharmaceuticals, Inc. | (10120) | (135102) | (23.8) |
|  BioLife Solutions, Inc. | (406) | (9549) | (1.7) |
|  Bioventus, Inc., Class A | (681) | (5543) | (1.0) |
|  Bioxcel Therapeutics, Inc. | (4070) | (51241) | (9.0) |
|  Bloomin' Brands, Inc. | (19699) | (472973) | (83.3) |
|  Blue Bird Corp. | (2616) | (23989) | (4.2) |
|  BlueLinx Holdings, Inc. | (884) | (62287) | (11.0) |
|  Boston Omaha Corp., Class A | (10477) | (291994) | (51.4) |
|  Brady Corp., Class A | (2375) | (108656) | (19.1) |
|  Brightsphere Investment Group, Inc. | (26363) | (496152) | (87.4) |
|  Brinker International, Inc. | (2599) | (86781) | (15.3) |
|  Broadmark Realty Capital, Inc. | (30473) | (177353) | (31.2) |
|  BRP Group, Inc., Class A | (11405) | (323332) | (56.9) |
|  C3.AI, Inc., Class A | (8978) | (117702) | (20.7) |
|  Calavo Growers, Inc. | (1909) | (66032) | (11.6) |
|  Caleres, Inc. | (3602) | (98443) | (17.3) |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Global Equity Market Neutral Fund** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **United States (continued)** |  |  |  |
|  California Resources Corp. | (18187) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(820416) | (144.5)% |
|  Callon Petroleum Co. | (9920) | (436083) | (76.8) |
|  Cano Health, Inc. | (3520) | (12602) | (2.2) |
|  Cardlytics, Inc. | (10774) | (101599) | (17.9) |
|  CareMax, Inc. | (1694) | (11926) | (2.1) |
|  Caribou Biosciences, Inc. | (7909) | (77034) | (13.6) |
|  Cathay General Bancorp | (4584) | (209030) | (36.8) |
|  CCC Intelligent Solutions Holdings, Inc. | (14004) | (130657) | (23.0) |
|  Celldex Therapeutics, Inc. | (6150) | (216050) | (38.0) |
|  Centerspace | (3340) | (231462) | (40.8) |
|  Centrus Energy Corp., Class A | (3165) | (149736) | (26.4) |
|  Century Communities, Inc. | (734) | (32670) | (5.8) |
|  Cerevel Therapeutics Holdings, Inc. | (12356) | (345474) | (60.8) |
|  Chesapeake Utilities Corp. | (68) | (8458) | (1.5) |
|  Children's Place, Inc. | (5942) | (240532) | (42.4) |
|  City Holding Co. | (2857) | (288128) | (50.7) |
|  Clarus Corp. | (3353) | (40605) | (7.1) |
|  Clearfield, Inc. | (1856) | (225448) | (39.7) |
|  Columbia Financial, Inc. | (5082) | (104384) | (18.4) |
|  Comfort Systems USA, Inc. | (505) | (62256) | (11.0) |
|  CommScope Holding Co., Inc. | (6037) | (79930) | (14.1) |
|  Community Healthcare Trust, Inc. | (2521) | (87227) | (15.4) |
|  Community Trust Bancorp, Inc. | (2306) | (109051) | (19.2) |
|  Computer Programs and Systems, Inc. | (455) | (14697) | (2.6) |
|  Comtech Telecommunications Corp. | (1095) | (12100) | (2.1) |
|  Conduent, Inc. | (11818) | (48690) | (8.6) |
|  CONMED Corp. | (3161) | (252027) | (44.4) |
|  Consensus Cloud Solutions, Inc. | (2821) | (158371) | (27.9) |
|  Core & Main, Inc., Class A | (850) | (20043) | (3.5) |
|  Corporate Office Properties Trust | (5800) | (154570) | (27.2) |
|  Coursera, Inc. | (13658) | (176052) | (31.0) |
|  Credo Technology Group Holding Ltd. | (5291) | (72698) | (12.8) |
|  Crinetics Pharmaceuticals, Inc. | (9352) | (172638) | (30.4) |
|  Cross Country Healthcare, Inc. | (4503) | (167016) | (29.4) |
|  CryoPort, Inc. | (3992) | (110818) | (19.5) |
|  CS Disco, Inc. | (3936) | (42194) | (7.4) |
|  CSG Systems International, Inc. | (5268) | (340682) | (60.0) |
|  CSW Industrials, Inc. | (87) | (11216) | (2.0) |
|  CTS Corp. | (4244) | (167723) | (29.5) |
|  Cullinan Oncology, Inc. | (11877) | (156064) | (27.5) |
|  Curo Group Holdings Corp. | (1527) | (7895) | (1.4) |
|  Cytek Biosciences, Inc. | (3229) | (50114) | (8.8) |
|  Denny's Corp. | (465) | (5268) | (0.9) |
|  DermTech, Inc. | (2125) | (6843) | (1.2) |
|  Designer Brands, Inc., Class A | (9033) | (137573) | (24.2) |
|  Diebold Nixdorf, Inc. | (9191) | (22886) | (4.0) |
|  Digi International, Inc. | (5497) | (221694) | (39.0) |
|  DigitalBridge Group, Inc. | (14904) | (190771) | (33.6) |
|  Dine Brands Global, Inc. | (2860) | (206177) | (36.3) |
|  DMC Global, Inc. | (2451) | (53040) | (9.3) |
|  DocGo, Inc. | (1097) | (10860) | (1.9) |
|  Doma Holdings, Inc. | (57470) | (31183) | (5.5) |
|  Donnelley Financial Solutions, Inc. | (5606) | (226651) | (39.9) |
|  Douglas Elliman, Inc. | (63105) | (291545) | (51.3) |
|  Driven Brands Holdings, Inc. | (5043) | (161275) | (28.4) |
|  Duck Creek Technologies, Inc. | (10885) | (129967) | (22.9) |
|  Dynavax Technologies Corp. | (19026) | (217848) | (38.4) |
|  Dynex Capital, Inc. | (18479) | (220639) | (38.8) |
|  E2open Parent Holdings, Inc. | (46764) | (272634) | (48.0) |
|  Easterly Government Properties, Inc. | (12213) | (212384) | (37.4) |
|  Eastern Bankshares, Inc. | (23160) | (443977) | (78.2) |
|  Eastman Kodak Co. | (9598) | (51349) | (9.0) |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **United States (continued)** |  |  |  |
|  Edgewell Personal Care Co. | (6759) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(264885) | (46.6)% |
|  Edgio, Inc. | (2596) | (6983) | (1.2) |
|  Ellington Financial, Inc. | (32198) | (430809) | (75.9) |
|  Elme Communities | (10865) | (207413) | (36.5) |
|  Embark Technology, Inc. | (814) | (4917) | (0.9) |
|  Embecta Corp. | (21208) | (655751) | (115.5) |
|  Empire State Realty Trust, Inc., Class A | (24260) | (178796) | (31.5) |
|  Encore Capital Group, Inc. | (9434) | (480379) | (84.6) |
|  Energizer Holdings, Inc. | (10225) | (295400) | (52.0) |
|  EnerSys | (5260) | (348685) | (61.4) |
|  Enhabit, Inc. | (1181) | (14668) | (2.6) |
|  Enovix Corp. | (8867) | (167320) | (29.5) |
|  Enterprise Financial Services Corp. | (4973) | (265906) | (46.8) |
|  Esab Corp. | (6780) | (252894) | (44.5) |
|  ESCO Technologies, Inc. | (1840) | (158553) | (27.9) |
|  ESS Tech, Inc. | (1946) | (8232) | (1.4) |
|  EverQuote, Inc., Class A | (1485) | (9044) | (1.6) |
|  Evolus, Inc. | (15897) | (136078) | (24.0) |
|  Expro Group Holdings NV | (23575) | (446275) | (78.6) |
|  Fastly, Inc., Class A | (17419) | (147887) | (26.0) |
|  Federal Signal Corp. | (7762) | (362097) | (63.8) |
|  Federated Investors, Inc. | (4871) | (169267) | (29.8) |
|  Figs, Inc., Class A | (21031) | (155209) | (27.3) |
|  First Financial Bankshares, Inc. | (4872) | (187523) | (33.0) |
|  First Financial Corp. | (619) | (30015) | (5.3) |
|  First Hawaiian, Inc. | (10346) | (264651) | (46.6) |
|  First Merchants Corp. | (11648) | (522995) | (92.1) |
|  FirstCash Holdings, Inc. | (2230) | (219544) | (38.7) |
|  Forestar Group, Inc. | (4472) | (51786) | (9.1) |
|  Franklin Electric Co., Inc. | (131) | (10734) | (1.9) |
|  Franklin Street Properties Corp. | (25793) | (74284) | (13.1) |
|  Fresh Del Monte Produce, Inc. | (310) | (8085) | (1.4) |
|  Freshpet, Inc. | (6750) | (397912) | (70.1) |
|  fuboTV, Inc. | (73409) | (268677) | (47.3) |
|  Fulton Financial Corp. | (13839) | (252285) | (44.4) |
|  Funko, Inc., Class A | (10530) | (217445) | (38.3) |
|  Gannett Co., Inc. | (123702) | (179368) | (31.6) |
|  Gates Industrial Corp. PLC | (6939) | (77370) | (13.6) |
|  Genesco, Inc. | (3982) | (187313) | (33.0) |
|  Gentherm, Inc. | (1291) | (75420) | (13.3) |
|  Genworth Financial, Inc., Class A | (8822) | (41199) | (7.3) |
|  German American Bancorp, Inc. | (2234) | (87774) | (15.5) |
|  Geron Corp. | (24930) | (55345) | (9.7) |
|  Getty Realty Corp. | (4249) | (133801) | (23.6) |
|  Glacier Bancorp, Inc. | (9011) | (516150) | (90.9) |
|  Glaukos Corp. | (1624) | (91058) | (16.0) |
|  Global Net Lease, Inc. | (11148) | (136563) | (24.0) |
|  Globalstar, Inc. | (194858) | (422842) | (74.5) |
|  Graham Holdings Co., Class B | (1067) | (665669) | (117.2) |
|  Grand Canyon Education, Inc. | (1679) | (168958) | (29.7) |
|  Great Southern Bancorp, Inc. | (641) | (39729) | (7.0) |
|  Green Plains, Inc. | (4289) | (123909) | (21.8) |
|  Grid Dynamics Holdings, Inc. | (2828) | (38489) | (6.8) |
|  Griffon Corp. | (6084) | (195540) | (34.4) |
|  Hagerty, Inc., Class A | (1883) | (17116) | (3.0) |
|  Hamilton Lane, Inc., Class A | (659) | (39421) | (6.9) |
|  Hawaiian Electric Industries, Inc. | (2554) | (97154) | (17.1) |
|  Hayward Holdings, Inc. | (8998) | (83232) | (14.7) |
|  HCI Group, Inc. | (920) | (33709) | (5.9) |
|  Heritage Financial Corp. | (547) | (18428) | (3.2) |
|  Hillman Solutions Corp. | (30743) | (240103) | (42.3) |
|  Hims & Hers Health, Inc. | (6878) | (31226) | (5.5) |

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34 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Global Equity Market Neutral Fund** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **United States (continued)** |  |  |  |
|  Hippo Holdings, Inc. | (3946) | $(68187) | (12.0)% |
|  HNI Corp. | (1600) | (46384) | (8.2) |
|  Honest Co., Inc. | (51331) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(169906) | (29.9) |
|  Horace Mann Educators Corp. | (4180) | (164943) | (29.0) |
|  Hostess Brands, Inc. | (34952) | (925529) | (163.0) |
|  Hovnanian Enterprises, Inc., Class A | (2834) | (114295) | (20.1) |
|  Huron Consulting Group, Inc. | (3507) | (258220) | (45.5) |
|  Hydrofarm Holdings Group, Inc. | (23545) | (60746) | (10.7) |
|  Hyliion Holdings Corp. | (43590) | (124232) | (21.9) |
|  Hyster-Yale Materials Handling, Inc. | (1951) | (56891) | (10.0) |
|  ICF International, Inc. | (547) | (65438) | (11.5) |
|  Ichor Holdings Ltd. | (11104) | (282486) | (49.7) |
|  Ideaya Biosciences, Inc. | (747) | (12617) | (2.2) |
|  IES Holdings, Inc. | (423) | (13976) | (2.5) |
|  iHeartMedia, Inc., Class A | (16294) | (134914) | (23.8) |
|  Imago Biosciences, Inc. | (5821) | (98957) | (17.4) |
|  ImmunityBio, Inc. | (13812) | (75966) | (13.4) |
|  Immunovant, Inc. | (4981) | (55787) | (9.8) |
|  Impinj, Inc. | (888) | (101791) | (17.9) |
|  Independent Bank Corp. | (5611) | (488213) | (86.0) |
|  Indus Realty Trust, Inc. | (5550) | (287434) | (50.6) |
|  Inhibrx, Inc. | (4230) | (136121) | (24.0) |
|  Innospec, Inc. | (3947) | (394661) | (69.5) |
|  Inseego Corp. | (2285) | (5164) | (0.9) |
|  Insight Enterprises, Inc. | (1810) | (171063) | (30.1) |
|  Insteel Industries, Inc. | (2234) | (58866) | (10.4) |
|  Integer Holdings Corp. | (1771) | (110386) | (19.4) |
|  International Bancshares Corp. | (6014) | (298294) | (52.5) |
|  IonQ, Inc. | (10569) | (62251) | (11.0) |
|  Iovance Biotherapeutics, Inc. | (11162) | (104253) | (18.4) |
|  IVERIC bio, Inc. | (1758) | (42051) | (7.4) |
|  Jack in the Box, Inc. | (9141) | (806510) | (142.0) |
|  John B Sanfilippo & Son, Inc. | (1878) | (156644) | (27.6) |
|  John Wiley & Sons, Inc., Class A | (11412) | (481472) | (84.8) |
|  Kennedy-Wilson Holdings, Inc. | (31689) | (526354) | (92.7) |
|  Keros Therapeutics, Inc. | (2473) | (124491) | (21.9) |
|  Kezar Life Sciences, Inc. | (8803) | (66155) | (11.6) |
|  Kiniksa Pharmaceuticals Ltd., Class A | (1153) | (13167) | (2.3) |
|  KKR Real Estate Finance Trust, Inc. | (43442) | (756760) | (133.2) |
|  Kontoor Brands, Inc. | (5299) | (189174) | (33.3) |
|  Kosmos Energy Ltd. | (1315) | (8534) | (1.5) |
|  Krystal Biotech, Inc. | (5080) | (388620) | (68.4) |
|  Lakeland Financial Corp. | (824) | (68104) | (12.0) |
|  Laredo Petroleum, Inc. | (6508) | (420742) | (74.1) |
|  Latch, Inc. | (7304) | (9787) | (1.7) |
|  Latham Group, Inc. | (2532) | (11191) | (2.0) |
|  La-Z-Boy, Inc. | (9654) | (239130) | (42.1) |
|  Liberty Media Corp-Liberty Braves, Class C | (2246) | (69985) | (12.3) |
|  Life Time Group Holdings, Inc. | (13568) | (142328) | (25.1) |
|  Lordstown Motors Corp., Class A | (86575) | (156701) | (27.6) |
|  Loyalty Ventures, Inc. | (13930) | (16437) | (2.9) |
|  Lumber Liquidators Holdings, Inc. | (5714) | (47540) | (8.4) |
|  Madison Square Garden Entertainment Corp. | (1305) | (63984) | (11.3) |
|  Markforged Holding Corp. | (47375) | (103278) | (18.2) |
|  Matterport, Inc. | (29031) | (101318) | (17.8) |
|  Matthews International Corp., Class A | (17515) | (470803) | (82.9) |
|  MaxCyte, Inc. | (11740) | (81241) | (14.3) |
|  Mercury Systems, Inc. | (2488) | (120419) | (21.2) |
|  Mersana Therapeutics, Inc. | (11703) | (91986) | (16.2) |
|  Mesa Laboratories, Inc. | (1615) | (213519) | (37.6) |
|  MGP Ingredients, Inc. | (1477) | (165498) | (29.1) |
|  Minerals Technologies, Inc. | (5940) | (326759) | (57.5) |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *%of<br>Basket<br>Value* |
| **United States (continued)** |  |  |  |
|  Mirion Technologies, Inc. | (57246) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(462548) | (81.4)% |
|  Mission Produce, Inc. | (8972) | (149294) | (26.3) |
|  Monte Rosa Therapeutics, Inc. | (642) | (5906) | (1.0) |
|  Montrose Environmental Group, Inc. | (9118) | (399186) | (70.3) |
|  Movado Group, Inc. | (1737) | (57443) | (10.1) |
|  MSA Safety, Inc. | (1932) | (259352) | (45.7) |
|  MYR Group, Inc. | (519) | (45418) | (8.0) |
|  Myriad Genetics, Inc. | (2487) | (51580) | (9.1) |
|  N-able, Inc. | (697) | (7549) | (1.3) |
|  NanoString Technologies, Inc. | (2407) | (25177) | (4.4) |
|  National HealthCare Corp. | (2932) | (178617) | (31.4) |
|  National Presto Industries, Inc. | (708) | (49907) | (8.8) |
|  National Vision Holdings, Inc. | (343) | (12705) | (2.2) |
|  Navient Corp. | (8532) | (129174) | (22.7) |
|  Navitas Semiconductor Corp. | (3017) | (12702) | (2.2) |
|  NBT Bancorp, Inc. | (12595) | (596877) | (105.1) |
|  Nelnet, Inc., Class A | (1393) | (124102) | (21.9) |
|  Neogen Corp. | (8824) | (116477) | (20.5) |
|  NETSTREIT Corp. | (7757) | (145987) | (25.7) |
|  New Jersey Resources Corp. | (11632) | (519252) | (91.4) |
|  Newmark Group, Inc., Class A | (31567) | (258534) | (45.5) |
|  NexTier Oilfield Solutions, Inc. | (6774) | (68282) | (12.0) |
|  Nicolet Bankshares, Inc. | (185) | (14114) | (2.5) |
|  nLight, Inc. | (3152) | (33947) | (6.0) |
|  Northern Oil and Gas, Inc. | (6803) | (232254) | (40.9) |
|  Northwest Bancshares, Inc. | (19707) | (296787) | (52.3) |
|  Novanta, Inc. | (1916) | (270922) | (47.7) |
|  Nuvation Bio, Inc. | (2316) | (5095) | (0.9) |
|  ODP Corp. | (7746) | (306509) | (54.0) |
|  Offerpad Solutions, Inc. | (51353) | (50044) | (8.8) |
|  Office Properties Income Trust | (2250) | (34425) | (6.1) |
|  O-I Glass, Inc. | (9652) | (157424) | (27.7) |
|  Olo, Inc., Class A | (23250) | (204833) | (36.1) |
|  ON24, Inc. | (38985) | (317338) | (55.9) |
|  OneSpan, Inc. | (5225) | (57423) | (10.1) |
|  Open Lending Corp., Class A | (7762) | (55654) | (9.8) |
|  Opendoor Technologies, Inc. | (201398) | (521621) | (91.8) |
|  OptimizeRx Corp. | (3498) | (53922) | (9.5) |
|  Orion Office REIT, Inc. | (30666) | (287340) | (50.6) |
|  Ouster, Inc. | (56526) | (70658) | (12.4) |
|  Outset Medical, Inc. | (10920) | (169697) | (29.9) |
|  Owens & Minor, Inc. | (5775) | (98175) | (17.3) |
|  Pacific Biosciences of California, Inc. | (4757) | (40149) | (7.1) |
|  PAR Technology Corp. | (1419) | (40839) | (7.2) |
|  Park National Corp. | (211) | (31123) | (5.5) |
|  Party City Holdco, Inc. | (78074) | (131945) | (23.2) |
|  Patterson Cos., Inc. | (222) | (5765) | (1.0) |
|  Paymentus Holdings, Inc., Class A | (38695) | (402428) | (70.9) |
|  Pegasystems, Inc. | (369) | (13730) | (2.4) |
|  PennyMac Mortgage Investment Trust | (4819) | (66840) | (11.8) |
|  Piedmont Lithium, Inc. | (1679) | (104467) | (18.4) |
|  Piedmont Office Realty Trust, Inc., Class A | (18169) | (189866) | (33.4) |
|  Pitney Bowes, Inc. | (1113) | (3461) | (0.6) |
|  PJT Partners, Inc., Class A | (701) | (52154) | (9.2) |
|  Planet Labs PBC | (17206) | (90332) | (15.9) |
|  Plexus Corp. | (165) | (16236) | (2.9) |
|  Plymouth Industrial REIT, Inc. | (15656) | (288697) | (50.8) |
|  Porch Group, Inc. | (84672) | (115154) | (20.3) |
|  PRA Group, Inc. | (1916) | (64186) | (11.3) |
|  Praxis Precision Medicines, Inc. | (8723) | (17184) | (3.0) |
|  PriceSmart, Inc. | (3279) | (209758) | (36.9) |
|  ProAssurance Corp. | (1278) | (28384) | (5.0) |

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

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| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Global Equity Market Neutral Fund** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **United States (continued)** |  |  |  |
|  Progress Software Corp. | (6645) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(339094) | (59.7)% |
|  Prometheus Biosciences, Inc. | (2924) | (153568) | (27.0) |
|  PubMatic, Inc., Class A | (7581) | (131909) | (23.2) |
|  Pulmonx Corp. | (15929) | (212811) | (37.5) |
|  Quanterix Corp. | (2195) | (24299) | (4.3) |
|  Rackspace Technology, Inc. | (19724) | (101579) | (17.9) |
|  Ranger Oil Corp., Class A | (1569) | (64172) | (11.3) |
|  Ready Capital Corp. | (69448) | (841710) | (148.2) |
|  RealReal, Inc. | (134238) | (226862) | (39.9) |
|  Redwood Trust, Inc. | (1689) | (12043) | (2.1) |
|  Relay Therapeutics, Inc. | (4153) | (92280) | (16.2) |
|  Relmada Therapeutics, Inc. | (13273) | (84814) | (14.9) |
|  Remitly Global, Inc. | (8682) | (100885) | (17.8) |
|  Rent-A-Center, Inc. | (4015) | (83713) | (14.7) |
|  Replimune Group, Inc. | (994) | (18250) | (3.2) |
|  Retail Opportunity Investments Corp. | (6956) | (100723) | (17.7) |
|  REV Group, Inc. | (20389) | (280145) | (49.3) |
|  Revance Therapeutics, Inc. | (2064) | (46048) | (8.1) |
|  Reynolds Consumer Products, Inc. | (6371) | (194570) | (34.3) |
|  Rhythm Pharmaceuticals, Inc. | (9494) | (238964) | (42.1) |
|  Rimini Street, Inc. | (6144) | (34468) | (6.1) |
|  RLI Corp. | (3797) | (493876) | (87.0) |
|  Rocket Lab USA, Inc. | (65561) | (333705) | (58.8) |
|  Rush Street Interactive, Inc. | (63380) | (263027) | (46.3) |
|  Ryan Specialty Holdings, Inc. | (214) | (9598) | (1.7) |
|  Safety Insurance Group, Inc. | (1293) | (112426) | (19.8) |
|  Sally Beauty Holdings, Inc. | (18986) | (241312) | (42.5) |
|  Sanmina Corp. | (719) | (40300) | (7.1) |
|  Saul Centers, Inc. | (676) | (27682) | (4.9) |
|  Schnitzer Steel Industries, Inc., Class A | (2378) | (64182) | (11.3) |
|  Schrodinger, Inc. | (4732) | (113426) | (20.0) |
|  Schweitzer-Mauduit International, Inc. | (2632) | (62484) | (11.0) |
|  Seer, Inc. | (2152) | (16850) | (3.0) |
|  Selectquote, Inc. | (37417) | (25219) | (4.4) |
|  Sema4 Holdings Corp. | (20730) | (21352) | (3.8) |
|  Seres Therapeutics, Inc. | (4679) | (41456) | (7.3) |
|  ServisFirst Bancshares, Inc. | (2417) | (182073) | (32.1) |
|  Shenandoah Telecommunications Co. | (6681) | (151391) | (26.7) |
|  Shoe Carnival, Inc. | (529) | (12685) | (2.2) |
|  SI-BONE, Inc. | (19895) | (386759) | (68.1) |
|  Silgan Holdings, Inc. | (8766) | (415158) | (73.1) |
|  Silk Road Medical, Inc. | (3314) | (146081) | (25.7) |
|  Silvergate Capital Corp., Class A | (2956) | (167783) | (29.5) |
|  Sinclair Broadcast Group, Inc., Class A | (10868) | (193559) | (34.1) |
|  SITE Centers Corp. | (1778) | (22012) | (3.9) |
|  SiTime Corp. | (1253) | (112532) | (19.8) |
|  SJW Group | (1812) | (128072) | (22.6) |
|  SomaLogic, Inc. | (23103) | (80167) | (14.1) |
|  Sonos, Inc. | (2085) | (33610) | (5.9) |
|  Southside Bancshares, Inc. | (1979) | (67761) | (11.9) |
|  Sprout Social, Inc., Class A | (1473) | (88866) | (15.6) |
|  St Joe Co. | (353) | (12542) | (2.2) |
|  Stem, Inc. | (2909) | (39562) | (7.0) |
|  StepStone Group, Inc., Class A | (8973) | (264883) | (46.6) |
|  Stericycle, Inc. | (5410) | (241178) | (42.5) |
|  Stock Yards Bancorp, Inc. | (5416) | (423477) | (74.6) |
|  StoneX Group, Inc. | (723) | (67470) | (11.9) |
|  Stride, Inc. | (2133) | (71477) | (12.6) |
|  Sumo Logic, Inc. | (13461) | (103784) | (18.3) |

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| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **United States (continued)** |  |  |  |
|  Sun Country Airlines Holdings, Inc. | (14254) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(232055) | (40.9)% |
|  Sunstone Hotel Investors, Inc. | (28166) | (314051) | (55.3) |
|  Talos Energy, Inc. | (2326) | (49497) | (8.7) |
|  TaskUS, Inc., Class A | (17917) | (361744) | (63.7) |
|  Tejon Ranch Co. | (4246) | (71927) | (12.7) |
|  Telephone and Data Systems, Inc. | (7304) | (124168) | (21.9) |
|  Telos Corp. | (16718) | (177211) | (31.2) |
|  Tennant Co. | (1507) | (87783) | (15.5) |
|  TFS Financial Corp. | (939) | (13193) | (2.3) |
|  ThredUp, Inc., Class A | (18659) | (22951) | (4.0) |
|  Thryv Holdings, Inc. | (3120) | (63835) | (11.2) |
|  Tidewater, Inc. | (7669) | (259979) | (45.8) |
|  TimkenSteel Corp. | (6610) | (115278) | (20.3) |
|  Towne Bank | (1120) | (36893) | (6.5) |
|  Traeger, Inc. | (2810) | (11662) | (2.1) |
|  TransMedics Group, Inc. | (2419) | (116644) | (20.5) |
|  Treace Medical Concepts, Inc. | (9194) | (225069) | (39.6) |
|  Tredegar Corp. | (4762) | (51858) | (9.1) |
|  TreeHouse Foods, Inc. | (5134) | (257932) | (45.4) |
|  TriCo Bancshares | (5056) | (292793) | (51.6) |
|  Trinseo PLC | (17840) | (335749) | (59.1) |
|  Triumph Group, Inc. | (6505) | (58870) | (10.4) |
|  Trustmark Corp. | (11657) | (426296) | (75.1) |
|  TTM Technologies, Inc. | (15007) | (229757) | (40.5) |
|  Tupperware Brands Corp. | (22350) | (172766) | (30.4) |
|  Twist Bioscience Corp. | (9643) | (316580) | (55.7) |
|  Two Harbors Investment Corp. | (65092) | (231728) | (40.8) |
|  Ultra Clean Holdings, Inc. | (571) | (17764) | (3.1) |
|  UMH Properties, Inc. | (2350) | (41219) | (7.3) |
|  UniFirst Corp. | (155) | (28522) | (5.0) |
|  Unisys Corp. | (3921) | (33329) | (5.9) |
|  Uniti Group, Inc. | (61382) | (476324) | (83.9) |
|  Universal Health Realty Income Trust | (4838) | (235465) | (41.5) |
|  Urstadt Biddle Properties, Inc., Class A | (8746) | (163900) | (28.9) |
|  Velo3D, Inc. | (7344) | (28935) | (5.1) |
|  Velodyne Lidar, Inc. | (16195) | (15993) | (2.8) |
|  Vericel Corp. | (2655) | (71366) | (12.6) |
|  Veritiv Corp. | (1272) | (147883) | (26.0) |
|  Verra Mobility Corp. | (9545) | (162933) | (28.7) |
|  ViaSat, Inc. | (4963) | (203284) | (35.8) |
|  Victoria's Secret & Co. | (2425) | (91180) | (16.1) |
|  Vista Outdoor, Inc. | (13146) | (381760) | (67.2) |
|  Volta, Inc. | (62212) | (69055) | (12.2) |
|  W&T Offshore, Inc. | (19639) | (149060) | (26.2) |
|  WD-40 Co. | (572) | (91612) | (16.1) |
|  Werner Enterprises, Inc. | (42) | (1646) | (0.3) |
|  WesBanco, Inc. | (1184) | (47881) | (8.4) |
|  Wheels Up Experience, Inc. | (16020) | (28355) | (5.0) |
|  White Mountains Insurance Group Ltd. | (666) | (943156) | (166.1) |
|  WideOpenWest, Inc. | (8105) | (111120) | (19.6) |
|  Wolverine World Wide, Inc. | (4524) | (77496) | (13.6) |
|  Worthington Industries, Inc. | (1375) | (65395) | (11.5) |
|  WSFS Financial Corp. | (9249) | (430633) | (75.8) |
|  WW International, Inc. | (17634) | (79706) | (14.0) |
|  Xenia Hotels & Resorts, Inc. | (14270) | (243732) | (42.9) |
|  XPEL, Inc. | (724) | (50094) | (8.8) |

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36 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Global Equity Market Neutral Fund** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **United States (continued)** |  |  |  |
|  Zentalis Pharmaceuticals, Inc. | (5735) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(143891) | (25.3)% |
|  Zimvie, Inc. | (4062) | (35624) | (6.3) |
|  |  | (72872956) |  |
| **Preferred Stocks** |  |  |  |
| **Germany** |  |  |  |
|  Jungheinrich AG | (5870) | (145876) | (25.7) |
|  **Total Reference Entity — Short** | **Total Reference Entity — Short** | (152162388) |  |
|  **Net Value of Reference Entity — Bank of America N.A** | **Net Value of Reference Entity — Bank of America N.A** | $567946 |  |

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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 February 15, 2023 and November 15, 2023:

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| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value* |
|  **Reference Entity — Long** | **Reference Entity — Long** | **Reference Entity — Long** | **Reference Entity — Long** |
| **Common Stocks** |  |  |  |
| **Australia** |  |  |  |
|  Allkem Ltd. | 10395 | $96046 | (8.4)% |
|  Aristocrat Leisure Ltd. | 3632 | 86209 | (7.5) |
|  ASX Ltd. | 1723 | 74655 | (6.5) |
|  Bank of Queensland Ltd. | 31720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149378 | (13.1) |
|  Bendigo & Adelaide Bank Ltd. | 8531 | 49246 | (4.3) |
|  BHP Group Ltd. | 17932 | 430730 | (37.7) |
|  Boral Ltd. | 165505 | 304955 | (26.7) |
|  carsales.com Ltd. | 5320 | 68914 | (6.0) |
|  Coles Group Ltd. | 6175 | 64564 | (5.7) |
|  CSR Ltd. | 46177 | 136789 | (12.0) |
|  Deterra Royalties Ltd. | 39957 | 104845 | (9.2) |
|  Domain Holdings Australia Ltd. | 65142 | 138829 | (12.1) |
|  Domino's Pizza Enterprises Ltd. | 2502 | 102016 | (8.9) |
|  Flight Centre Travel Group Ltd. | 6691 | 71215 | (6.2) |
|  GPT Group | 106211 | 293521 | (25.7) |
|  Harvey Norman Holdings Ltd. | 58573 | 155821 | (13.6) |
|  IGO Ltd. | 5227 | 51120 | (4.5) |
|  Iluka Resources Ltd. | 28278 | 156675 | (13.7) |
|  Insignia Financial Ltd. | 111617 | 225009 | (19.7) |
|  Magellan Financial Group Ltd. | 6312 | 40023 | (3.5) |
|  Medibank Pvt Ltd. | 27697 | 49873 | (4.4) |
|  Mineral Resources Ltd. | 1808 | 84762 | (7.4) |
|  National Australia Bank Ltd. | 1304 | 27087 | (2.4) |
|  Orora Ltd. | 59868 | 116175 | (10.2) |
|  OZ Minerals Ltd. | 1070 | 16568 | (1.5) |
|  Pilbara Minerals Ltd. | 94563 | 307353 | (26.9) |
|  Pro Medicus Ltd. | 968 | 34487 | (3.0) |
|  REA Group Ltd. | 2680 | 207716 | (18.2) |
|  Scentre Group | 17974 | 33450 | (2.9) |
|  SEEK Ltd. | 23181 | 319107 | (27.9) |
|  Shopping Centres Australasia Property Group | 47431 | 82611 | (7.2) |
|  Star Entertainment Group Ltd. | 65336 | 122905 | (10.8) |
|  Steadfast Group Ltd. | 18815 | 60956 | (5.3) |
|  Stockland | 49175 | 113304 | (9.9) |
|  Treasury Wine Estates Ltd. | 4706 | 38998 | (3.4) |

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| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value* |
| **Australia (continued)** |  |  |  |
|  Westpac Banking Corp. | 24607 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379956 | (33.2)% |
|  WiseTech Global Ltd. | 3892 | 143938 | (12.6) |
|  |  | 4939806 |  |
| **Austria** |  |  |  |
|  Andritz AG | 3500 | 162668 | (14.2) |
|  Erste Group Bank AG | 37657 | 928054 | (81.2) |
|  |  | 1090722 |  |
| **Belgium** |  |  |  |
|  Ackermans & van Haaren NV | 2253 | 313891 | (27.5) |
|  Anheuser-Busch InBev SA | 231 | 11555 | (1.0) |
|  Etablissements Franz Colruyt NV | 22671 | 546464 | (47.8) |
|  Solvay SA | 4577 | 413033 | (36.1) |
|  Warehouses De Pauw CVA | 12607 | 323570 | (28.3) |
|  |  | 1608513 |  |
| **Bermuda** |  |  |  |
|  Axis Capital Holdings Ltd. | 11122 | 608040 | (53.2) |
|  Hiscox Ltd. | 34784 | 358335 | (31.4) |
|  Triton International Ltd. | 641 | 38902 | (3.4) |
|  |  | 1005277 |  |
| **Canada** |  |  |  |
|  Air Canada | 2893 | 41643 | (3.6) |
|  Alamos Gold, Inc., Class A | 43116 | 340219 | (29.8) |
|  Algonquin Power & Utilities Corp. | 9139 | 101161 | (8.8) |
|  ARC Resources Ltd. | 22425 | 315713 | (27.6) |
|  Bombardier, Inc., Class B | 1818 | 53392 | (4.7) |
|  Boralex, Inc., Class A | 4656 | 132023 | (11.6) |
|  Brookfield Infrastructure Corp., Class A | 9301 | 401301 | (35.1) |
|  Canada Goose Holdings, Inc. | 7145 | 116892 | (10.2) |
|  Canadian Natural Resources Ltd. | 10982 | 658670 | (57.6) |
|  Canadian Tire Corp. Ltd., Class A | 1132 | 126873 | (11.1) |
|  Capital Power Corp. | 2878 | 96331 | (8.4) |
|  Cargojet, Inc. | 1209 | 117852 | (10.3) |
|  CGI, Inc. | 6 | 483 | (0.0) |
|  Colliers International Group, Inc. | 531 | 49836 | (4.4) |
|  Crescent Point Energy Corp. | 7403 | 57872 | (5.1) |
|  Emera, Inc. | 1901 | 70453 | (6.2) |
|  First Majestic Silver Corp. | 18253 | 153543 | (13.4) |
|  George Weston Ltd. | 1309 | 144078 | (12.6) |
|  GFL Environmental, Inc. | 11935 | 322127 | (28.2) |
|  Great-West Lifeco, Inc. | 15644 | 362177 | (31.7) |
|  Hydro One Ltd. | 8441 | 211652 | (18.5) |
|  IGM Financial, Inc. | 3215 | 86065 | (7.5) |
|  Imperial Oil Ltd. | 713 | 38786 | (3.4) |
|  Ivanhoe Mines Ltd., Class A | 14883 | 103237 | (9.0) |
|  Keyera Corp. | 4940 | 105882 | (9.3) |
|  Lithium Americas Corp. | 605 | 15054 | (1.3) |
|  Lululemon Athletica, Inc. | 4250 | 1398420 | (122.4) |
|  Lundin Mining Corp. | 4298 | 22526 | (2.0) |
|  Methanex Corp. | 1099 | 38358 | (3.4) |
|  Northland Power, Inc. | 1040 | 30261 | (2.6) |
|  Parex Resources, Inc. | 6443 | 98275 | (8.6) |
|  RioCan Real Estate Investment Trust | 824 | 11740 | (1.0) |
|  Stantec, Inc. | 7174 | 351025 | (30.7) |
|  TC Energy Corp. | 810 | 35578 | (3.1) |
|  TELUS Corp. | 38035 | 794286 | (69.5) |
|  Toronto-Dominion Bank | 7926 | 507262 | (44.4) |
|  Wheaton Precious Metals Corp. | 21263 | 695630 | (60.9) |

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

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| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Global Equity Market Neutral Fund** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value* |
| **Canada (continued)** |  |  |  |
|  Whitecap Resources, Inc. | 15738 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121990 | (10.7)% |
|  WSP Global, Inc. | 1800 | 221229 | (19.4) |
|  |  | 8549895 |  |
| **China** |  |  |  |
|  Budweiser Brewing Co. APAC Ltd. | 24900 | 52408 | (4.6) |
|  Chow Tai Fook Jewellery Group Ltd. | 55400 | 94849 | (8.3) |
|  NXP Semiconductors NV | 2017 | 294643 | (25.8) |
|  |  | 441900 |  |
| **Denmark** |  |  |  |
|  AP Moller - Maersk A/S, Class A | 28 | 56019 | (4.9) |
|  AP Moller - Maersk A/S, Class B | 15 | 31338 | (2.7) |
|  Coloplast A/S, Class B | 2306 | 257050 | (22.5) |
|  Demant A/S | 1075 | 29355 | (2.6) |
|  Genmab A/S | 144 | 55470 | (4.9) |
|  GN Store Nord A/S | 2586 | 54956 | (4.8) |
|  H Lundbeck A/S | 25361 | 94893 | (8.3) |
|  Novozymes A/S, B Shares | 1652 | 86714 | (7.6) |
|  SimCorp A/S | 1118 | 66757 | (5.8) |
|  Tryg A/S | 1658 | 35861 | (3.1) |
|  Vestas Wind Systems A/S | 6309 | 124374 | (10.9) |
|  |  | 892787 |  |
| **Finland** |  |  |  |
|  Kone OYJ, Class B | 4060 | 166240 | (14.5) |
|  Nokia OYJ | 42610 | 189355 | (16.6) |
|  Nokian Renkaat OYJ | 42583 | 480201 | (42.0) |
|  Outokumpu OYJ | 33362 | 133894 | (11.7) |
|  Stora Enso OYJ | 2288 | 29833 | (2.6) |
|  Valmet OYJ | 19378 | 440718 | (38.6) |
|  Wartsila OYJ Abp | 48115 | 328013 | (28.7) |
|  |  | 1768254 |  |
| **France** |  |  |  |
|  Accor SA | 29628 | 709930 | (62.1) |
|  Air France-KLM | 128721 | 169257 | (14.8) |
|  Air Liquide SA | 1415 | 185101 | (16.2) |
|  BioMerieux | 592 | 52379 | (4.6) |
|  Bouygues SA | 10070 | 287309 | (25.1) |
|  Carrefour SA | 14065 | 226382 | (19.8) |
|  Cie de Saint-Gobain | 11963 | 489059 | (42.8) |
|  Cie Generale des Etablissements Michelin SCA | 7647 | 194877 | (17.0) |
|  Danone SA | 5333 | 265047 | (23.2) |
|  Dassault Aviation SA | 461 | 68467 | (6.0) |
|  Dassault Systemes SE | 905 | 30334 | (2.7) |
|  Edenred | 4540 | 232748 | (20.4) |
|  Eiffage SA | 3419 | 309152 | (27.0) |
|  Engie SA | 9322 | 121124 | (10.6) |
|  Eramet SA | 616 | 40355 | (3.5) |
|  Eurazeo SE | 4878 | 278365 | (24.4) |
|  Faurecia SE | 14196 | 211933 | (18.5) |
|  Gecina SA | 1586 | 141398 | (12.4) |
|  Hermes International | 64 | 82841 | (7.2) |
|  ICADE | 5348 | 198940 | (17.4) |
|  Ipsen SA | 638 | 65566 | (5.7) |
|  JCDecaux SE | 878 | 11085 | (1.0) |
|  Klepierre SA | 20082 | 403613 | (35.3) |
|  La Francaise des Jeux SAEM | 11881 | 387185 | (33.9) |
|  Neoen SA | 878 | 30625 | (2.7) |
|  Nexans SA | 326 | 30441 | (2.7) |
|  Pernod Ricard SA | 579 | 101621 | (8.9) |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value* |
| **France (continued)** |  |  |  |
|  Remy Cointreau SA | 477 | $72951 | (6.4)% |
|  Societe Generale SA | 2740 | 62847 | (5.5) |
|  Teleperformance | 645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172815 | (15.1) |
|  Ubisoft Entertainment SA | 5028 | 137948 | (12.1) |
|  Wendel SE | 900 | 70472 | (6.2) |
|  |  | 5842167 |  |
| **Germany** |  |  |  |
|  1&1 AG | 3138 | 41339 | (3.6) |
|  AIXTRON SE | 1834 | 45068 | (3.9) |
|  Beiersdorf AG | 725 | 69596 | (6.1) |
|  Commerzbank AG | 4175 | 33357 | (2.9) |
|  Daimler Truck Holding AG | 5434 | 144939 | (12.7) |
|  Deutsche Lufthansa AG, Registered Shares | 13013 | 88970 | (7.8) |
|  Deutsche Telekom AG, Registered Shares | 31630 | 597032 | (52.2) |
|  E.ON SE | 13112 | 109800 | (9.6) |
|  Encavis AG | 1955 | 36398 | (3.2) |
|  Evonik Industries AG | 766 | 14111 | (1.2) |
|  Fraport AG Frankfurt Airport Services Worldwide | 1886 | 72660 | (6.4) |
|  Freenet AG | 41983 | 825225 | (72.2) |
|  HelloFresh SE | 1788 | 35741 | (3.1) |
|  K&S AG, Registered Shares | 692 | 15279 | (1.3) |
|  Knorr-Bremse AG | 2832 | 127499 | (11.2) |
|  LEG Immobilien SE | 712 | 46483 | (4.1) |
|  Mercedes-Benz Group AG | 536 | 31024 | (2.7) |
|  METRO AG | 43 | 328 | (0.0) |
|  Nemetschek SE | 5273 | 251401 | (22.0) |
|  Nordex SE | 28622 | 266819 | (23.4) |
|  ProSiebenSat.1 Media SE | 2224 | 15113 | (1.3) |
|  Rational AG | 755 | 425594 | (37.2) |
|  Rheinmetall AG | 1008 | 163852 | (14.3) |
|  Siemens AG, Registered Shares | 972 | 106151 | (9.3) |
|  Talanx AG | 7816 | 293525 | (25.7) |
|  TeamViewer AG | 11458 | 110031 | (9.6) |
|  Traton SE | 2476 | 30877 | (2.7) |
|  Vantage Towers AG | 1037 | 29165 | (2.6) |
|  VERBIO Vereinigte BioEnergie AG | 2463 | 194018 | (17.0) |
|  Volkswagen AG | 793 | 135549 | (11.9) |
|  Wacker Chemie AG | 116 | 13505 | (1.2) |
|  |  | 4370449 |  |
| **Hong Kong** |  |  |  |
|  ASMPT Ltd. | 24000 | 132012 | (11.6) |
|  Bank of East Asia Ltd. | 53000 | 50794 | (4.4) |
|  Cathay Pacific Airways Ltd. | 235000 | 213105 | (18.6) |
|  Dah Sing Banking Group Ltd. | 264800 | 157891 | (13.8) |
|  DFI Retail Group Holdings Ltd. | 93000 | 208497 | (18.2) |
|  Haitong International Securities Group Ltd. | 174900 | 12693 | (1.1) |
|  HK Electric Investments & HK Electric Investments Ltd. | 62500 | 39738 | (3.5) |
|  Hutchison Port Holdings Trust | 686400 | 112106 | (9.8) |
|  Hysan Development Co. Ltd. | 47000 | 102441 | (9.0) |
|  Kerry Properties Ltd. | 27500 | 43502 | (3.8) |
|  Link REIT | 9800 | 57924 | (5.1) |
|  New World Development Co. Ltd. | 20000 | 40909 | (3.6) |
|  Pacific Basin Shipping Ltd. | 119000 | 28810 | (2.5) |
|  Shangri-La Asia Ltd. | 16000 | 8853 | (0.8) |
|  SITC International Holdings Co. Ltd. | 70000 | 114646 | (10.0) |
|  SJM Holdings Ltd. | 145000 | 45247 | (4.0) |
|  Sun Hung Kai Properties Ltd. | 18000 | 193434 | (16.9) |
|  Swire Pacific Ltd., Class A | 73500 | 487563 | (42.7) |

---

38 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Global Equity Market Neutral Fund** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value* |
| **Hong Kong (continued)** |  |  |  |
|  Swire Properties Ltd. | 14800 | $28444 | (2.5)% |
|  WH Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121500 | 61359 | (5.4) |
|  Yue Yuen Industrial Holdings Ltd. | 38500 | 39141 | (3.4) |
|  |  | 2179109 |  |
| **Ireland** |  |  |  |
|  Accenture PLC, Class A | 3380 | 959582 | (84.0) |
|  Adient PLC | 4255 | 148840 | (13.0) |
|  Alkermes PLC | 4569 | 103716 | (9.1) |
|  Allegion PLC | 1891 | 198120 | (17.3) |
|  Experian PLC | 3476 | 110833 | (9.7) |
|  Glanbia PLC | 31749 | 366678 | (32.1) |
|  Icon PLC | 1177 | 232858 | (20.4) |
|  James Hardie Industries PLC | 750 | 16375 | (1.4) |
|  Kingspan Group PLC | 1472 | 74213 | (6.5) |
|  Medtronic PLC | 736 | 64282 | (5.6) |
|  |  | 2275497 |  |
| **Israel** |  |  |  |
|  Airport City Ltd. | 5107 | 84557 | (7.4) |
|  Alony Hetz Properties & Investments Ltd. | 9160 | 107440 | (9.4) |
|  Big Shopping Centers Ltd. | 527 | 59093 | (5.2) |
|  Elbit Systems Ltd. | 254 | 51393 | (4.5) |
|  Harel Insurance Investments & Financial Services Ltd. | 9222 | 88771 | (7.8) |
|  Israel Corp. Ltd. | 238 | 103019 | (9.0) |
|  Melisron Ltd. | 167 | 12390 | (1.1) |
|  Nice Ltd. | 93 | 17528 | (1.5) |
|  Nova Measuring Instruments Ltd. | 3499 | 257911 | (22.6) |
|  OPC Energy Ltd. | 16665 | 204899 | (17.9) |
|  Paz Oil Co. Ltd. | 1196 | 142878 | (12.5) |
|  Phoenix Holdings Ltd. | 12858 | 139279 | (12.2) |
|  SolarEdge Technologies, Inc. | 664 | 152740 | (13.3) |
|  Wix.com Ltd. | 745 | 62654 | (5.5) |
|  |  | 1484552 |  |
| **Italy** |  |  |  |
|  Amplifon SpA | 5001 | 124245 | (10.9) |
|  Azimut Holding SpA | 418 | 6731 | (0.6) |
|  Banca Mediolanum SpA | 26003 | 194552 | (17.0) |
|  Buzzi Unicem SpA | 5833 | 96809 | (8.5) |
|  De' Longhi SpA | 5271 | 90945 | (8.0) |
|  Enel SpA | 62765 | 280393 | (24.5) |
|  Ferrari NV | 1698 | 334741 | (29.3) |
|  Italgas SpA | 64436 | 331990 | (29.0) |
|  Leonardo SpA | 10772 | 86543 | (7.6) |
|  Moncler SpA | 1217 | 52506 | (4.6) |
|  PRADA SpA | 30200 | 137587 | (12.0) |
|  Reply SpA | 3409 | 370809 | (32.4) |
|  Snam SpA | 23632 | 105080 | (9.2) |
|  UnipolSai Assicurazioni SpA | 64518 | 145473 | (12.7) |
|  |  | 2358404 |  |
| **Japan** |  |  |  |
|  ABC-Mart, Inc. | 13500 | 601731 | (52.6) |
|  Acom Co. Ltd. | 81900 | 178923 | (15.7) |
|  AEON Financial Service Co. Ltd. | 27000 | 264238 | (23.1) |
|  Aica Kogyo Co. Ltd. | 9200 | 197732 | (17.3) |
|  Air Water, Inc. | 1300 | 14514 | (1.3) |
|  Alfresa Holdings Corp. | 9100 | 104767 | (9.2) |
|  Amada Co. Ltd. | 54000 | 379813 | (33.2) |
|  Amano Corp. | 4700 | 80428 | (7.0) |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *%of<br>Basket<br>Value* |
| **Japan (continued)** |  |  |  |
|  ANA Holdings, Inc. | 8700 | $169117 | (14.8)% |
|  Anritsu Corp. | 10300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103668 | (9.1) |
|  Aozora Bank Ltd. | 18200 | 313072 | (27.4) |
|  Asahi Kasei Corp. | 7400 | 47448 | (4.1) |
|  Astellas Pharma, Inc. | 14700 | 202833 | (17.7) |
|  Azbil Corp. | 10800 | 293497 | (25.7) |
|  AZ-COM MARUWA Holdings, Inc. | 19400 | 184331 | (16.1) |
|  Bandai Namco Holdings, Inc. | 4400 | 290853 | (25.4) |
|  BayCurrent Consulting, Inc. | 3000 | 84172 | (7.4) |
|  Benesse Holdings, Inc. | 13800 | 203584 | (17.8) |
|  Capcom Co. Ltd. | 15700 | 436695 | (38.2) |
|  Central Japan Railway Co. | 700 | 81044 | (7.1) |
|  Chugai Pharmaceutical Co. Ltd. | 1600 | 37075 | (3.2) |
|  Chugin Financial Group, Inc. | 7600 | 45813 | (4.0) |
|  Chugoku Electric Power Co., Inc. | 19000 | 89140 | (7.8) |
|  Coca-Cola Bottlers Japan Holdings, Inc. | 14100 | 127393 | (11.1) |
|  COMSYS Holdings Corp. | 27100 | 443976 | (38.8) |
|  Cosmos Pharmaceutical Corp. | 2100 | 203101 | (17.8) |
|  Daifuku Co. Ltd. | 1300 | 59507 | (5.2) |
|  Daito Trust Construction Co. Ltd. | 900 | 89121 | (7.8) |
|  Daiwa House Industry Co. Ltd. | 8300 | 167223 | (14.6) |
|  Daiwa Securities Group, Inc. | 13600 | 53063 | (4.6) |
|  DeNA Co. Ltd. | 3500 | 45649 | (4.0) |
|  Disco Corp. | 400 | 95672 | (8.4) |
|  DMG Mori Co. Ltd. | 3100 | 35875 | (3.1) |
|  Ebara Corp. | 6500 | 211199 | (18.5) |
|  Electric Power Development Co. Ltd. | 9600 | 133514 | (11.7) |
|  EXEO Group, Inc. | 51000 | 747229 | (65.4) |
|  FP Corp. | 8500 | 202219 | (17.7) |
|  Fuji Media Holdings, Inc. | 13600 | 94589 | (8.3) |
|  FUJIFILM Holdings Corp. | 2600 | 118950 | (10.4) |
|  Fujitsu Ltd. | 700 | 80541 | (7.0) |
|  Furukawa Electric Co. Ltd. | 5500 | 84853 | (7.4) |
|  GMO Payment Gateway, Inc. | 2600 | 186955 | (16.4) |
|  H.U. Group Holdings, Inc. | 6000 | 111689 | (9.8) |
|  Hamamatsu Photonics KK | 3000 | 135724 | (11.9) |
|  Hirose Electric Co. Ltd. | 2200 | 285387 | (25.0) |
|  Honda Motor Co. Ltd. | 5900 | 134535 | (11.8) |
|  Hulic Co. Ltd. | 8200 | 59568 | (5.2) |
|  Information Services International-Dentsu Ltd. | 5600 | 171274 | (15.0) |
|  Internet Initiative Japan, Inc. | 2800 | 43950 | (3.8) |
|  ITOCHU Corp. | 2100 | 54274 | (4.7) |
|  Itochu Techno-Solutions Corp. | 10900 | 252703 | (22.1) |
|  Izumi Co. Ltd. | 3300 | 66571 | (5.8) |
|  J Front Retailing Co. Ltd. | 17600 | 142261 | (12.4) |
|  Japan Exchange Group, Inc. | 2000 | 26284 | (2.3) |
|  Japan Post Bank Co. Ltd. | 5000 | 33316 | (2.9) |
|  Japan Post Holdings Co. Ltd. | 19900 | 133819 | (11.7) |
|  Kajima Corp. | 14000 | 131785 | (11.5) |
|  Kakaku.com, Inc. | 21900 | 370394 | (32.4) |
|  Kamigumi Co. Ltd. | 10800 | 205380 | (18.0) |
|  Kandenko Co. Ltd. | 43700 | 245635 | (21.5) |
|  Kansai Electric Power Co., Inc. | 12900 | 97721 | (8.5) |
|  Kawasaki Kisen Kaisha Ltd. | 2700 | 40941 | (3.6) |
|  Keio Corp. | 7000 | 245424 | (21.5) |
|  Keisei Electric Railway Co. Ltd. | 9100 | 241533 | (21.1) |
|  Kewpie Corp. | 2700 | 42626 | (3.7) |
|  Kinden Corp. | 12700 | 129227 | (11.3) |
|  Kintetsu Group Holdings Co. Ltd. | 11000 | 371744 | (32.5) |
|  Kobe Bussan Co. Ltd. | 800 | 17352 | (1.5) |
|  Kokuyo Co. Ltd. | 7100 | 88065 | (7.7) |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Global Equity Market Neutral Fund** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value* |
| **Japan (continued)** |  |  |  |
|  Kuraray Co. Ltd. | 13300 | $91458 | (8.0)% |
|  Kusuri no Aoki Holdings Co. Ltd. | 6300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303678 | (26.6) |
|  Kyocera Corp. | 300 | 14528 | (1.3) |
|  Kyudenko Corp. | 6900 | 146352 | (12.8) |
|  Kyushu Electric Power Co., Inc. | 24200 | 119816 | (10.5) |
|  Kyushu Railway Co. | 2700 | 56467 | (4.9) |
|  Lawson, Inc. | 2200 | 70283 | (6.1) |
|  Lion Corp. | 90000 | 909602 | (79.6) |
|  Lixil Corp. | 3800 | 57400 | (5.0) |
|  Mani, Inc. | 13600 | 198119 | (17.3) |
|  Marubeni Corp. | 12800 | 112050 | (9.8) |
|  Maruichi Steel Tube Ltd. | 3000 | 56627 | (5.0) |
|  Mazda Motor Corp. | 1500 | 10099 | (0.9) |
|  McDonald's Holdings Co. Japan Ltd. | 6300 | 218719 | (19.1) |
|  Medipal Holdings Corp. | 1800 | 22334 | (2.0) |
|  Mitsubishi Estate Co. Ltd. | 28500 | 358396 | (31.4) |
|  Mitsubishi HC Capital, Inc. | 32700 | 140318 | (12.3) |
|  Mitsubishi Materials Corp. | 10000 | 130705 | (11.4) |
|  Mitsui Chemicals, Inc. | 1300 | 24062 | (2.1) |
|  Mitsui Fudosan Co. Ltd. | 9000 | 172335 | (15.1) |
|  Mitsui Mining & Smelting Co. Ltd. | 5600 | 113106 | (9.9) |
|  MonotaRO Co. Ltd. | 13700 | 207964 | (18.2) |
|  MS&AD Insurance Group Holdings, Inc. | 4000 | 105925 | (9.3) |
|  Murata Manufacturing Co. Ltd. | 100 | 4734 | (0.4) |
|  Nagoya Railroad Co. Ltd. | 6800 | 104169 | (9.1) |
|  Nankai Electric Railway Co. Ltd. | 16000 | 323669 | (28.3) |
|  NEC Corp. | 4000 | 132404 | (11.6) |
|  NEC Networks & System Integration Corp. | 5600 | 60010 | (5.2) |
|  NET One Systems Co. Ltd. | 2100 | 43131 | (3.8) |
|  Nichirei Corp. | 17900 | 278389 | (24.4) |
|  Nihon Kohden Corp. | 6400 | 143310 | (12.5) |
|  Nippon Telegraph & Telephone Corp. | 15100 | 416468 | (36.4) |
|  Nippon Television Holdings, Inc. | 16200 | 120808 | (10.6) |
|  Nipro Corp. | 5000 | 37691 | (3.3) |
|  Nitori Holdings Co. Ltd. | 2900 | 262789 | (23.0) |
|  Nitto Denko Corp. | 6200 | 326651 | (28.6) |
|  NSK Ltd. | 9500 | 50210 | (4.4) |
|  NTT Data Corp. | 3200 | 46348 | (4.1) |
|  Obayashi Corp. | 51200 | 328636 | (28.8) |
|  OBIC Business Consultants Co. Ltd. | 2200 | 63239 | (5.5) |
|  Obic Co. Ltd. | 3000 | 450189 | (39.4) |
|  Odakyu Electric Railway Co. Ltd. | 1700 | 20209 | (1.8) |
|  Omron Corp. | 3800 | 177226 | (15.5) |
|  Oracle Corp. Japan | 300 | 15981 | (1.4) |
|  Oriental Land Co. Ltd. | 100 | 13393 | (1.2) |
|  Otsuka Corp. | 10100 | 318071 | (27.8) |
|  PALTAC Corp. | 3900 | 110783 | (9.7) |
|  Panasonic Holdings Corp. | 15700 | 111825 | (9.8) |
|  Park24 Co. Ltd. | 29300 | 390509 | (34.2) |
|  Penta-Ocean Construction Co. Ltd. | 38300 | 190474 | (16.7) |
|  Pigeon Corp. | 31500 | 412620 | (36.1) |
|  Pola Orbis Holdings, Inc. | 10000 | 110452 | (9.7) |
|  Rakuten Group, Inc. | 31400 | 140181 | (12.3) |
|  Recruit Holdings Co. Ltd. | 600 | 18463 | (1.6) |
|  Resona Holdings, Inc. | 13600 | 51258 | (4.5) |
|  Resorttrust, Inc. | 9500 | 146219 | (12.8) |
|  Ricoh Co. Ltd. | 20700 | 151685 | (13.3) |
|  Rinnai Corp. | 500 | 34033 | (3.0) |
|  Rohm Co. Ltd. | 2900 | 203767 | (17.8) |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *%of<br>Basket<br>Value* |
| **Japan (continued)** |  |  |  |
|  Sankyu, Inc. | 5000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149083 | (13.0)% |
|  Sanrio Co. Ltd. | 1700 | 45331 | (4.0) |
|  Santen Pharmaceutical Co. Ltd. | 5800 | 39689 | (3.5) |
|  Sawai Group Holdings Co. Ltd. | 6200 | 178964 | (15.7) |
|  SBI Holdings, Inc. | 900 | 16258 | (1.4) |
|  SCSK Corp. | 13600 | 200647 | (17.6) |
|  Secom Co. Ltd. | 1200 | 68365 | (6.0) |
|  Sega Sammy Holdings, Inc. | 16700 | 213615 | (18.7) |
|  Seino Holdings Co. Ltd. | 9400 | 72228 | (6.3) |
|  Sekisui House Ltd. | 11200 | 185951 | (16.3) |
|  Sekisui House REIT, Inc. | 353 | 190213 | (16.6) |
|  SG Holdings Co. Ltd. | 6800 | 90107 | (7.9) |
|  Shimadzu Corp. | 600 | 15806 | (1.4) |
|  Shimizu Corp. | 49300 | 246006 | (21.5) |
|  Skylark Co. Ltd. | 1800 | 19201 | (1.7) |
|  SMS Co. Ltd. | 4000 | 91763 | (8.0) |
|  Sohgo Security Services Co. Ltd. | 11400 | 284172 | (24.9) |
|  Sojitz Corp. | 3800 | 56019 | (4.9) |
|  Sompo Holdings, Inc. | 400 | 16677 | (1.5) |
|  Sotetsu Holdings, Inc. | 5700 | 86322 | (7.6) |
|  Square Enix Holdings Co. Ltd. | 1500 | 66933 | (5.9) |
|  Sugi Holdings Co. Ltd. | 1000 | 40105 | (3.5) |
|  Sumitomo Chemical Co. Ltd. | 4400 | 14816 | (1.3) |
|  Sumitomo Corp. | 15400 | 195792 | (17.1) |
|  Sumitomo Forestry Co. Ltd. | 22400 | 350416 | (30.7) |
|  Sumitomo Mitsui Trust Holdings, Inc. | 12900 | 371120 | (32.5) |
|  Sumitomo Pharma Co. Ltd. | 12300 | 85681 | (7.5) |
|  Sundrug Co. Ltd. | 12600 | 292987 | (25.6) |
|  Sysmex Corp. | 2000 | 107648 | (9.4) |
|  Taisei Corp. | 1700 | 46309 | (4.1) |
|  Takara Bio, Inc. | 3000 | 35099 | (3.1) |
|  Takashimaya Co. Ltd. | 12400 | 153393 | (13.4) |
|  Takeda Pharmaceutical Co. Ltd. | 16400 | 433108 | (37.9) |
|  TBS Holdings, Inc. | 4300 | 44543 | (3.9) |
|  Teijin Ltd. | 4800 | 43579 | (3.8) |
|  Terumo Corp. | 1900 | 57663 | (5.0) |
|  TIS, Inc. | 600 | 16177 | (1.4) |
|  Tobu Railway Co. Ltd. | 4700 | 108723 | (9.5) |
|  Tohoku Electric Power Co., Inc. | 20700 | 86948 | (7.6) |
|  Tokio Marine Holdings, Inc. | 31700 | 573933 | (50.2) |
|  TOTO Ltd. | 3400 | 96977 | (8.5) |
|  Toyota Industries Corp. | 1600 | 82424 | (7.2) |
|  Toyota Tsusho Corp. | 1900 | 63775 | (5.6) |
|  TS Tech Co. Ltd. | 6900 | 72158 | (6.3) |
|  Tsumura & Co. | 5700 | 119052 | (10.4) |
|  Tsuruha Holdings, Inc. | 3900 | 226573 | (19.8) |
|  Ulvac, Inc. | 2400 | 94610 | (8.3) |
|  Yakult Honsha Co. Ltd. | 4400 | 243755 | (21.3) |
|  Yamaguchi Financial Group, Inc. | 42100 | 221710 | (19.4) |
|  Yamaha Motor Co. Ltd. | 11200 | 231197 | (20.2) |
|  Yaoko Co. Ltd. | 8000 | 348024 | (30.4) |
|  Yaskawa Electric Corp. | 2300 | 63685 | (5.6) |
|  Z Holdings Corp. | 2100 | 5420 | (0.5) |
|  Zenkoku Hosho Co. Ltd. | 5300 | 174883 | (15.3) |
|  ZOZO, Inc. | 1200 | 25462 | (2.2) |
|  |  | 28375731 |  |

---

40 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Global Equity Market Neutral Fund** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **Luxembourg** |  |  |  |
|  L'Occitane International SA | 45250 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111099 | (9.7)% |
|  RTL Group SA | 4414 | 149837 | (13.1) |
|  |  | 260936 |  |
| **Macau** |  |  |  |
|  MGM China Holdings Ltd. | 108400 | 43644 | (3.8) |
|  Wynn Macau Ltd. | 90000 | 35879 | (3.2) |
|  |  | 79523 |  |
| **Netherlands** |  |  |  |
|  ABN AMRO Bank NV, GDR | 18876 | 185563 | (16.2) |
|  Aegon NV | 4810 | 22266 | (1.9) |
|  Alfen Beheer BV | 350 | 37127 | (3.2) |
|  ASR Nederland NV | 46660 | 2054574 | (179.8) |
|  IMCD NV | 593 | 76909 | (6.7) |
|  JDE Peet's NV | 2861 | 81896 | (7.2) |
|  Koninklijke DSM NV | 658 | 77401 | (6.8) |
|  Koninklijke KPN NV | 30859 | 86316 | (7.5) |
|  Koninklijke Vopak NV | 940 | 19206 | (1.7) |
|  OCI NV | 9793 | 374562 | (32.8) |
|  QIAGEN NV | 2257 | 97464 | (8.5) |
|  Signify NV | 2045 | 56657 | (5.0) |
|  Wolters Kluwer NV | 1211 | 128679 | (11.3) |
|  |  | 3298620 |  |
| **New Zealand** |  |  |  |
|  a2 Milk Co. Ltd. | 7039 | 23654 | (2.0) |
|  Air New Zealand Ltd. | 62777 | 28475 | (2.5) |
|  Fisher & Paykel Healthcare Corp. Ltd. | 5400 | 61371 | (5.4) |
|  |  | 113500 |  |
| **Norway** |  |  |  |
|  Adevinta ASA | 9167 | 62752 | (5.5) |
|  Aker BP ASA | 1759 | 55877 | (4.9) |
|  Equinor ASA | 16100 | 586583 | (51.3) |
|  Golden Ocean Group Ltd. | 4619 | 37916 | (3.3) |
|  Kongsberg Gruppen ASA | 3071 | 110127 | (9.6) |
|  NEL ASA | 20336 | 24857 | (2.2) |
|  Norsk Hydro ASA | 12497 | 79310 | (6.9) |
|  Telenor ASA | 7706 | 70047 | (6.1) |
|  Var Energi ASA | 21100 | 71719 | (6.3) |
|  Yara International ASA | 633 | 28252 | (2.5) |
|  |  | 1127440 |  |
| **Portugal** |  |  |  |
|  EDP - Energias de Portugal SA | 27709 | 121069 | (10.6) |
| **Puerto Rico** |  |  |  |
|  Popular, Inc. | 5620 | 397446 | (34.8) |
| **Singapore** |  |  |  |
|  CapLand Ascendas REIT | 25400 | 46995 | (4.1) |
|  City Developments Ltd. | 2900 | 15636 | (1.4) |
|  ComfortDelGro Corp. Ltd. | 94400 | 84742 | (7.4) |
|  Jardine Cycle & Carriage Ltd. | 1400 | 29405 | (2.6) |
|  Keppel Corp. Ltd. | 62100 | 305657 | (26.7) |
|  Mapletree Pan Asia Commercial Trust | 244200 | 274043 | (24.0) |
|  NetLink NBN Trust | 26200 | 15826 | (1.4) |
|  Oversea-Chinese Banking Corp. Ltd. | 4600 | 39487 | (3.4) |
|  SATS Ltd. | 400 | 772 | (0.1) |
|  SIA Engineering Co. Ltd. | 4600 | 7023 | (0.6) |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **Singapore (continued)** |  |  |  |
|  Singapore Airlines Ltd. | 94400 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350159 | (30.6)% |
|  StarHub Ltd. | 95300 | 72046 | (6.3) |
|  |  | 1241791 |  |
| **Spain** |  |  |  |
|  Banco Bilbao Vizcaya Argentaria SA | 39444 | 203483 | (17.8) |
|  Banco de Sabadell SA | 111241 | 87463 | (7.6) |
|  Bankinter SA | 9826 | 59437 | (5.2) |
|  Corp. ACCIONA Energias Renovables SA | 1333 | 52415 | (4.6) |
|  Iberdrola SA | 5020 | 51050 | (4.5) |
|  Mapfre SA | 58699 | 100680 | (8.8) |
|  Merlin Properties Socimi SA | 13802 | 116994 | (10.2) |
|  Naturgy Energy Group SA | 737 | 18913 | (1.7) |
|  Solaria Energia y Medio Ambiente SA | 7377 | 116676 | (10.2) |
|  |  | 807111 |  |
| **Sweden** |  |  |  |
|  Atlas Copco AB, B Shares | 32965 | 318810 | (27.9) |
|  Autoliv, Inc. | 417 | 33506 | (2.9) |
|  Avanza Bank Holding AB | 1873 | 37361 | (3.3) |
|  Axfood AB | 2994 | 74127 | (6.5) |
|  Castellum AB | 5715 | 65346 | (5.7) |
|  Epiroc AB, Class A | 8836 | 135265 | (11.8) |
|  Epiroc AB, Class B | 8234 | 110559 | (9.7) |
|  Holmen AB, B Shares | 9364 | 339823 | (29.7) |
|  Industrivarden AB | 13349 | 299757 | (26.2) |
|  Industrivarden AB, A Shares | 3702 | 83842 | (7.3) |
|  Indutrade AB | 3773 | 66058 | (5.8) |
|  Investment AB Latour, B Shares | 2975 | 50255 | (4.4) |
|  Kinnevik AB | 3279 | 40507 | (3.5) |
|  Lifco AB, B Shares | 7341 | 106076 | (9.3) |
|  Spotify Technology SA | 3078 | 248025 | (21.7) |
|  SSAB AB, A Shares | 5226 | 25137 | (2.2) |
|  Storskogen Group AB, Class B | 28741 | 20985 | (1.8) |
|  Svenska Cellulosa AB SCA, Class B | 7563 | 89227 | (7.8) |
|  Tele2 AB, B Shares | 1636 | 13409 | (1.2) |
|  Telefonaktiebolaget LM Ericsson, B Shares | 1950 | 10841 | (1.0) |
|  Telia Co. AB | 17017 | 45091 | (4.0) |
|  Vitrolife AB | 1136 | 18360 | (1.6) |
|  |  | 2232367 |  |
| **Switzerland** |  |  |  |
|  Accelleron Industries AG | 985 | 16703 | (1.5) |
|  Banque Cantonale Vaudoise, Registered Shares | 1437 | 127886 | (11.2) |
|  Barry Callebaut AG, Registered Shares | 151 | 285679 | (25.0) |
|  Belimo Holding AG, Registered Shares | 31 | 12626 | (1.1) |
|  BKW AG | 2794 | 325956 | (28.5) |
|  Chocoladefabriken Lindt & Spruengli AG | 20 | 191941 | (16.8) |
|  DKSH Holding AG | 1672 | 120619 | (10.6) |
|  Dufry AG, Registered Shares | 727 | 23982 | (2.1) |
|  Emmi AG, Registered Shares | 41 | 32716 | (2.9) |
|  Flughafen Zurich AG, Registered Shares | 3216 | 498918 | (43.6) |
|  Geberit AG, Registered Shares | 664 | 295173 | (25.8) |
|  Givaudan SA, Registered Shares | 151 | 451028 | (39.5) |
|  Roche Holding AG | 1629 | 661195 | (57.8) |
|  Siemens Energy AG | 2832 | 33014 | (2.9) |
|  SIG Group AG | 11547 | 221969 | (19.4) |
|  Swiss Prime Site AG, Registered Shares | 576 | 46479 | (4.1) |
|  UBS Group AG, Registered Shares | 890 | 14110 | (1.2) |
|  VAT Group AG | 2178 | 497240 | (43.5) |
|  |  | 3857234 |  |

---

S C H E D U L E O F I N V E S T M E N T S 41

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Global Equity Market Neutral Fund** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **United Kingdom** |  |  |  |
|  3i Group PLC | 9743 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129761 | (11.4)% |
|  Atlantica Sustainable Infrastructure PLC | 10955 | 303563 | (26.6) |
|  Auto Trader Group PLC | 34793 | 208263 | (18.2) |
|  BAE Systems PLC | 1605 | 15012 | (1.3) |
|  Barclays PLC | 130257 | 221339 | (19.4) |
|  Beazley PLC | 13955 | 100083 | (8.8) |
|  British American Tobacco PLC | 1186 | 46839 | (4.1) |
|  Bunzl PLC | 4195 | 136696 | (12.0) |
|  Burberry Group PLC | 34280 | 714296 | (62.5) |
|  Centrica PLC | 175115 | 153875 | (13.5) |
|  ConvaTec Group PLC | 81057 | 202823 | (17.7) |
|  Dechra Pharmaceuticals PLC | 1339 | 40253 | (3.5) |
|  Diageo PLC | 7539 | 310248 | (27.1) |
|  Direct Line Insurance Group PLC | 121869 | 281571 | (24.6) |
|  Dr. Martens PLC | 5927 | 16856 | (1.5) |
|  Drax Group PLC | 1532 | 9149 | (0.8) |
|  easyJet PLC | 29556 | 117683 | (10.3) |
|  Ferguson PLC | 2767 | 301765 | (26.4) |
|  Hargreaves Lansdown PLC | 11172 | 97639 | (8.5) |
|  IG Group Holdings PLC | 6635 | 60520 | (5.3) |
|  IMI PLC | 2987 | 42077 | (3.7) |
|  Intermediate Capital Group PLC | 12261 | 149299 | (13.1) |
|  Intertek Group PLC | 16384 | 686374 | (60.1) |
|  J Sainsbury PLC | 20246 | 45130 | (3.9) |
|  Johnson Matthey PLC | 7862 | 174517 | (15.3) |
|  Liberty Global PLC, Class A | 28134 | 474339 | (41.5) |
|  Liberty Global PLC, Class C | 14251 | 251673 | (22.0) |
|  LivaNova PLC | 2789 | 131362 | (11.5) |
|  Moneysupermarket.com Group PLC | 2 | 4 | (0.0) |
|  NatWest Group PLC | 389374 | 1048701 | (91.8) |
|  Nomad Foods Ltd. | 55264 | 851066 | (74.5) |
|  Pennon Group PLC | 8000 | 76878 | (6.7) |
|  Reckitt Benckiser Group PLC | 2928 | 194314 | (17.0) |
|  Renishaw PLC | 883 | 35432 | (3.1) |
|  Rightmove PLC | 19789 | 111436 | (9.7) |
|  Rolls-Royce Holdings PLC | 53829 | 48277 | (4.2) |
|  RS GROUP PLC | 24919 | 274194 | (24.0) |
|  Sage Group PLC | 17974 | 149808 | (13.1) |
|  Shell PLC | 9634 | 266877 | (23.3) |
|  Spectris PLC | 187 | 6481 | (0.6) |
|  SSE PLC | 20786 | 371464 | (32.5) |
|  SSP Group PLC | 50684 | 117853 | (10.3) |
|  St. James's Place PLC | 15820 | 193187 | (16.9) |
|  Tate & Lyle PLC | 2775 | 22298 | (1.9) |
|  Travis Perkins PLC | 38055 | 358668 | (31.4) |
|  Tritax Big Box REIT PLC | 93000 | 149539 | (13.1) |
|  United Utilities Group PLC | 24016 | 258801 | (22.6) |
|  WPP PLC | 75164 | 661454 | (57.9) |
|  |  | 10619737 |  |
| **United States** |  |  |  |
|  3M Co. | 234 | 29435 | (2.6) |
|  A O Smith Corp. | 4005 | 219394 | (19.2) |
|  ABIOMED, Inc. | 2738 | 690195 | (60.4) |
|  AECOM | 10061 | 757392 | (66.3) |
|  Agilent Technologies, Inc. | 634 | 87714 | (7.7) |
|  AGNC Investment Corp. | 43903 | 360883 | (31.6) |
|  Akamai Technologies, Inc. | 1257 | 111031 | (9.7) |
|  Alaska Air Group, Inc. | 5454 | 242485 | (21.2) |
|  Albertsons Cos., Inc., Class A | 670 | 13742 | (1.2) |
|  Alcoa Corp. | 14582 | 569135 | (49.8) |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
|  Align Technology, Inc. | 650 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126295 | (11.1)% |
|  Allstate Corp. | 4751 | 599814 | (52.5) |
|  Ally Financial, Inc. | 19533 | 538329 | (47.1) |
|  Alnylam Pharmaceuticals, Inc. | 1021 | 211612 | (18.5) |
|  Amazon.com, Inc. | 3589 | 367657 | (32.2) |
|  Amcor PLC | 13574 | 157187 | (13.8) |
|  Amedisys, Inc. | 6363 | 620965 | (54.3) |
|  American Airlines Group, Inc. | 9019 | 127889 | (11.2) |
|  American Express Co. | 5588 | 829539 | (72.6) |
|  American Financial Group, Inc. | 5506 | 798976 | (69.9) |
|  American Water Works Co., Inc. | 634 | 92146 | (8.1) |
|  Annaly Capital Management, Inc. | 32114 | 595715 | (52.1) |
|  ANSYS, Inc. | 4191 | 926882 | (81.1) |
|  Antero Resources Corp. | 10764 | 394608 | (34.5) |
|  Aon PLC, Class A | 979 | 275579 | (24.1) |
|  APA Corp. | 10108 | 459510 | (40.2) |
|  AptarGroup, Inc. | 941 | 93300 | (8.2) |
|  Aptiv PLC | 3434 | 312734 | (27.4) |
|  Arch Capital Group Ltd. | 605 | 34788 | (3.0) |
|  Arrow Electronics, Inc. | 4002 | 405243 | (35.5) |
|  ASGN, Inc. | 382 | 32386 | (2.8) |
|  Ashland, Inc. | 429 | 45011 | (3.9) |
|  AT&T, Inc. | 4323 | 78808 | (6.9) |
|  Autodesk, Inc. | 17 | 3643 | (0.3) |
|  AutoNation, Inc. | 3528 | 375062 | (32.8) |
|  AutoZone, Inc. | 321 | 813054 | (71.1) |
|  Avangrid, Inc. | 8873 | 360954 | (31.6) |
|  Avnet, Inc. | 6327 | 254282 | (22.2) |
|  Axalta Coating Systems Ltd. | 2415 | 56318 | (4.9) |
|  Axon Enterprise, Inc. | 530 | 77083 | (6.7) |
|  AZEK Co., Inc. | 4382 | 76729 | (6.7) |
|  Azenta, Inc. | 1983 | 88045 | (7.7) |
|  Baker Hughes Co. | 16986 | 469833 | (41.1) |
|  Bank of New York Mellon Corp. | 4622 | 194632 | (17.0) |
|  Bank OZK | 14357 | 617064 | (54.0) |
|  Berry Global Group, Inc. | 1350 | 63882 | (5.6) |
|  Best Buy Co., Inc. | 5056 | 345881 | (30.3) |
|  Bill.com Holdings, Inc. | 40 | 5334 | (0.5) |
|  BioMarin Pharmaceutical, Inc. | 630 | 54577 | (4.8) |
|  Bio-Rad Laboratories, Inc., Class A | 591 | 207861 | (18.2) |
|  Black Hills Corp. | 4482 | 292988 | (25.6) |
|  Blackstone Mortgage Trust, Inc., Class A | 4044 | 100938 | (8.8) |
|  Boeing Co. | 4061 | 578733 | (50.6) |
|  Booking Holdings, Inc. | 246 | 459892 | (40.2) |
|  BorgWarner, Inc. | 14084 | 528573 | (46.2) |
|  Boston Beer Co., Inc., Class A | 593 | 221361 | (19.4) |
|  Box, Inc., Class A | 36204 | 1051726 | (92.0) |
|  Boyd Gaming Corp. | 10325 | 596372 | (52.2) |
|  Brighthouse Financial, Inc. | 8983 | 512660 | (44.9) |
|  Bristol-Myers Squibb Co. | 11825 | 916083 | (80.2) |
|  Brixmor Property Group, Inc. | 5763 | 122810 | (10.7) |
|  Broadridge Financial Solutions, Inc. | 3789 | 568577 | (49.7) |
|  Bruker Corp. | 254 | 15707 | (1.4) |
|  Builders FirstSource, Inc. | 11706 | 721792 | (63.2) |
|  CACI International, Inc., Class A | 1134 | 344770 | (30.2) |
|  Capital One Financial Corp. | 3152 | 334175 | (29.2) |
|  Cardinal Health, Inc. | 16256 | 1233830 | (108.0) |
|  Cboe Global Markets, Inc. | 2759 | 343496 | (30.1) |
|  CDW Corp. | 1814 | 313477 | (27.4) |
|  Ceridian HCM Holding, Inc. | 544 | 36007 | (3.2) |
|  CH Robinson Worldwide, Inc. | 3584 | 350228 | (30.6) |

---

42 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Global Equity Market Neutral Fund** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
|  Charles River Laboratories International, Inc. | 452 | $95937 | (8.4)% |
|  Chemed Corp. | 459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214293 | (18.8) |
|  Cheniere Energy, Inc. | 87 | 15348 | (1.3) |
|  Chevron Corp. | 6675 | 1207507 | (105.7) |
|  Chewy, Inc., Class A | 3799 | 147135 | (12.9) |
|  Chord Energy Corp. | 958 | 146660 | (12.8) |
|  Ciena Corp. | 14338 | 686790 | (60.1) |
|  Cigna Corp. | 3818 | 1233443 | (107.9) |
|  Cirrus Logic, Inc. | 2511 | 168538 | (14.7) |
|  Cisco Systems, Inc. | 22364 | 1015997 | (88.9) |
|  Citigroup, Inc. | 5540 | 254064 | (22.2) |
|  Clearway Energy, Inc., Class C | 23632 | 820976 | (71.8) |
|  CMS Energy Corp. | 975 | 55624 | (4.9) |
|  Coca-Cola Co. | 5385 | 322292 | (28.2) |
|  Coca-Cola Europacific Partners PLC | 4374 | 205797 | (18.0) |
|  Cognizant Technology Solutions Corp., Class A | 17511 | 1090060 | (95.4) |
|  Coherent Corp. | 462 | 15528 | (1.4) |
|  Colgate-Palmolive Co. | 22155 | 1635925 | (143.1) |
|  Commercial Metals Co. | 8212 | 373646 | (32.7) |
|  Cooper Cos., Inc. | 13 | 3554 | (0.3) |
|  Copart, Inc. | 1930 | 221989 | (19.4) |
|  Costco Wholesale Corp. | 97 | 48646 | (4.3) |
|  Crowdstrike Holdings, Inc., Class A | 3792 | 611270 | (53.5) |
|  Danaher Corp. | 899 | 226251 | (19.8) |
|  Deckers Outdoor Corp. | 2144 | 750250 | (65.6) |
|  Dell Technologies, Inc., Class C | 6619 | 254170 | (22.2) |
|  Digital Realty Trust, Inc. | 9362 | 938540 | (82.1) |
|  DocuSign, Inc. | 1347 | 65060 | (5.7) |
|  Dolby Laboratories, Inc., Class A | 4098 | 273910 | (24.0) |
|  Domino's Pizza, Inc. | 3552 | 1180116 | (103.3) |
|  DoorDash, Inc., Class A | 1167 | 50800 | (4.4) |
|  Dynatrace, Inc. | 1421 | 50076 | (4.4) |
|  eBay, Inc. | 9380 | 373699 | (32.7) |
|  Edison International | 14786 | 887751 | (77.7) |
|  Edwards Lifesciences Corp. | 9236 | 668963 | (58.5) |
|  Eli Lilly & Co. | 117 | 42365 | (3.7) |
|  Equifax, Inc. | 339 | 57474 | (5.0) |
|  Equinix, Inc. | 154 | 87232 | (7.6) |
|  Equity LifeStyle Properties, Inc. | 5671 | 362717 | (31.7) |
|  Erie Indemnity Co., Class A | 168 | 43178 | (3.8) |
|  Essent Group Ltd. | 15338 | 607078 | (53.1) |
|  Essential Utilities, Inc. | 6679 | 295345 | (25.8) |
|  Essex Property Trust, Inc. | 2269 | 504263 | (44.1) |
|  Estee Lauder Cos., Inc., Class A | 3864 | 774693 | (67.8) |
|  Everest Re Group Ltd. | 2526 | 815039 | (71.3) |
|  Exact Sciences Corp. | 4163 | 144789 | (12.7) |
|  Exelixis, Inc. | 3699 | 61329 | (5.4) |
|  Expedia Group, Inc. | 10899 | 1018730 | (89.1) |
|  Expeditors International of Washington, Inc. | 7666 | 750118 | (65.6) |
|  F5, Inc. | 508 | 72598 | (6.4) |
|  Fair Isaac Corp. | 354 | 169509 | (14.8) |
|  FedEx Corp. | 89 | 14265 | (1.2) |
|  First American Financial Corp. | 15535 | 782964 | (68.5) |
|  Flex Ltd. | 12570 | 246121 | (21.5) |
|  Fluor Corp. | 3956 | 119709 | (10.5) |
|  FMC Corp. | 8 | 951 | (0.1) |
|  Fortune Brands Home & Security, Inc. | 7851 | 473572 | (41.4) |
|  Fox Corp., Class A | 7378 | 213003 | (18.6) |
|  Fox Corp., Class B | 8243 | 224210 | (19.6) |
|  Freeport-McMoRan, Inc. | 3439 | 108982 | (9.5) |
|  Gaming & Leisure Properties, Inc. | 14455 | 724485 | (63.4) |
|  Gap, Inc. | 2315 | 26090 | (2.3) |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
|  Garmin Ltd. | 3335 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293613 | (25.7)% |
|  Gartner, Inc. | 1331 | 401856 | (35.2) |
|  Generac Holdings, Inc. | 1184 | 137237 | (12.0) |
|  Gentex Corp. | 8675 | 229801 | (20.1) |
|  Globus Medical, Inc., Class A | 1971 | 132057 | (11.6) |
|  Goodyear Tire & Rubber Co. | 16338 | 207493 | (18.2) |
|  Graphic Packaging Holding Co. | 5529 | 126946 | (11.1) |
|  Grocery Outlet Holding Corp. | 1214 | 41968 | (3.7) |
|  Guidewire Software, Inc. | 1690 | 100403 | (8.8) |
|  H&R Block, Inc. | 8493 | 349487 | (30.6) |
|  Halozyme Therapeutics, Inc. | 639 | 30551 | (2.7) |
|  Hanover Insurance Group, Inc. | 1447 | 211971 | (18.5) |
|  Hartford Financial Services Group, Inc. | 10626 | 769429 | (67.3) |
|  Healthpeak Properties, Inc. | 38391 | 911018 | (79.7) |
|  HEICO Corp. | 3186 | 518171 | (45.3) |
|  Hess Corp. | 6036 | 851559 | (74.5) |
|  Hewlett Packard Enterprise Co. | 86865 | 1239564 | (108.5) |
|  Hexcel Corp. | 4019 | 223858 | (19.6) |
|  HF Sinclair Corp. | 1299 | 79460 | (7.0) |
|  Horizon Therapeutics PLC | 4357 | 271528 | (23.8) |
|  HubSpot, Inc. | 762 | 225979 | (19.8) |
|  Huntington Ingalls Industries, Inc. | 1078 | 277121 | (24.2) |
|  Huntsman Corp. | 13961 | 373596 | (32.7) |
|  Hyatt Hotels Corp., Class A | 2955 | 278391 | (24.4) |
|  ICU Medical, Inc. | 564 | 83703 | (7.3) |
|  IDACORP, Inc. | 976 | 102187 | (8.9) |
|  Illinois Tool Works, Inc. | 306 | 65340 | (5.7) |
|  Inari Medical, Inc. | 1577 | 121319 | (10.6) |
|  Incyte Corp. | 668 | 49659 | (4.3) |
|  Insulet Corp. | 515 | 133287 | (11.7) |
|  Integra LifeSciences Holdings Corp. | 4239 | 213010 | (18.6) |
|  Intel Corp. | 28606 | 813269 | (71.2) |
|  Intercontinental Exchange, Inc. | 294 | 28098 | (2.5) |
|  Intuit, Inc. | 869 | 371497 | (32.5) |
|  Intuitive Surgical, Inc. | 52 | 12816 | (1.1) |
|  Invesco Ltd. | 43789 | 670847 | (58.7) |
|  Ionis Pharmaceuticals, Inc. | 2324 | 102721 | (9.0) |
|  IPG Photonics Corp. | 3201 | 274198 | (24.0) |
|  Iridium Communications, Inc. | 1145 | 59002 | (5.2) |
|  Jabil, Inc. | 3025 | 194356 | (17.0) |
|  Jacobs Solutions, Inc. | 7906 | 910929 | (79.7) |
|  JB Hunt Transport Services, Inc. | 2111 | 361129 | (31.6) |
|  Jefferies Financial Group, Inc. | 3394 | 116788 | (10.2) |
|  Johnson Controls International PLC | 15454 | 893859 | (78.2) |
|  Juniper Networks, Inc. | 1733 | 53030 | (4.6) |
|  KeyCorp | 24400 | 436028 | (38.2) |
|  Kimberly-Clark Corp. | 945 | 117615 | (10.3) |
|  KLA Corp. | 740 | 234173 | (20.5) |
|  Knight-Swift Transportation Holdings, Inc. | 15065 | 723572 | (63.3) |
|  Kroger Co. | 425 | 20098 | (1.8) |
|  Laboratory Corp. of America Holdings | 2447 | 542891 | (47.5) |
|  Lam Research Corp. | 2088 | 845181 | (73.9) |
|  Lamar Advertising Co., Class A | 3954 | 364677 | (31.9) |
|  Lattice Semiconductor Corp. | 7416 | 359750 | (31.5) |
|  Lear Corp. | 666 | 92381 | (8.1) |
|  Leidos Holdings, Inc. | 4897 | 497486 | (43.5) |
|  Lennar Corp., Class A | 217 | 17512 | (1.5) |
|  Lennox International, Inc. | 996 | 232636 | (20.4) |
|  Leslie's, Inc. | 33251 | 466844 | (40.8) |
|  Liberty Broadband Corp., Class C | 770 | 65011 | (5.7) |
|  Liberty Media Corp.-Liberty Formula One, Class C | 9026 | 521071 | (45.6) |

---

S C H E D U L E O F I N V E S T M E N T S 43

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| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Global Equity Market Neutral Fund** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
|  Liberty Media Corp.-Liberty SiriusXM, Class A | 3711 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157495 | (13.8)% |
|  Liberty Media Corp.-Liberty SiriusXM, Class C | 5585 | 235631 | (20.6) |
|  Life Storage, Inc. | 2388 | 264137 | (23.1) |
|  Lincoln National Corp. | 310 | 16700 | (1.5) |
|  Lithia Motors, Inc. | 409 | 81043 | (7.1) |
|  Livent Corp. | 1002 | 31633 | (2.8) |
|  Lockheed Martin Corp. | 4549 | 2213907 | (193.7) |
|  Lumen Technologies, Inc. | 1427 | 10503 | (0.9) |
|  Lumentum Holdings, Inc. | 9367 | 697373 | (61.0) |
|  MACOM Technology Solutions Holdings, Inc. | 4525 | 261862 | (22.9) |
|  Macy's, Inc. | 21454 | 447316 | (39.1) |
|  Manhattan Associates, Inc. | 1275 | 155129 | (13.6) |
|  ManpowerGroup, Inc. | 1282 | 100432 | (8.8) |
|  Marathon Oil Corp. | 68547 | 2087256 | (182.6) |
|  Martin Marietta Materials, Inc. | 939 | 315485 | (27.6) |
|  Marvell Technology, Inc. | 10764 | 427116 | (37.4) |
|  Masco Corp. | 7888 | 364978 | (31.9) |
|  Match Group, Inc. | 4091 | 176731 | (15.5) |
|  Mattel, Inc. | 14060 | 266578 | (23.3) |
|  MaxLinear, Inc. | 3781 | 116757 | (10.2) |
|  McCormick & Co., Inc. | 22758 | 1789689 | (156.6) |
|  Medical Properties Trust, Inc. | 17695 | 202608 | (17.7) |
|  Meritage Homes Corp. | 3735 | 284458 | (24.9) |
|  Meta Platforms, Inc., Class A | 1857 | 172998 | (15.1) |
|  MGIC Investment Corp. | 37756 | 515369 | (45.1) |
|  Mid-America Apartment Communities, Inc. | 5 | 787 | (0.1) |
|  Mohawk Industries, Inc. | 2508 | 237633 | (20.8) |
|  MongoDB, Inc. | 1212 | 221832 | (19.4) |
|  Monolithic Power Systems, Inc. | 663 | 225055 | (19.7) |
|  Moody's Corp. | 241 | 63834 | (5.6) |
|  MSC Industrial Direct Co., Inc., Class A | 1507 | 125051 | (10.9) |
|  Murphy Oil Corp. | 975 | 47297 | (4.1) |
|  National Retail Properties, Inc. | 8762 | 368267 | (32.2) |
|  National Storage Affiliates Trust | 5764 | 245892 | (21.5) |
|  New York Community Bancorp, Inc. | 33471 | 311615 | (27.3) |
|  New York Times Co., Class A | 16441 | 476131 | (41.7) |
|  Newmont Corp. | 29462 | 1246832 | (109.1) |
|  Northern Trust Corp. | 1676 | 141371 | (12.4) |
|  Northrop Grumman Corp. | 63 | 34588 | (3.0) |
|  NOV, Inc. | 24 | 538 | (0.0) |
|  Novocure Ltd. | 1034 | 73062 | (6.4) |
|  Nutanix, Inc., Class A | 3333 | 91324 | (8.0) |
|  NVR, Inc. | 90 | 381397 | (33.4) |
|  Old Dominion Freight Line, Inc. | 1261 | 346271 | (30.3) |
|  Ollie's Bargain Outlet Holdings, Inc. | 758 | 42448 | (3.7) |
|  Omega Healthcare Investors, Inc. | 12735 | 404718 | (35.4) |
|  Outfront Media, Inc. | 24768 | 447062 | (39.1) |
|  Ovintiv, Inc. | 413 | 20915 | (1.8) |
|  Owens Corning | 2967 | 254005 | (22.2) |
|  PacWest Bancorp | 10191 | 253348 | (22.2) |
|  Palo Alto Networks, Inc. | 6816 | 1169557 | (102.3) |
|  Papa John's International, Inc. | 10682 | 775834 | (67.9) |
|  Park Hotels & Resorts, Inc. | 3547 | 46395 | (4.1) |
|  Patterson-UTI Energy, Inc. | 24015 | 423865 | (37.1) |
|  Paylocity Holding Corp. | 168 | 38941 | (3.4) |
|  PDC Energy, Inc. | 505 | 36431 | (3.2) |
|  Penn Entertainment, Inc. | 6233 | 206312 | (18.1) |
|  Penske Automotive Group, Inc. | 3634 | 405627 | (35.5) |
|  Pentair PLC | 2204 | 94662 | (8.3) |
|  Petco Health & Wellness Co., Inc. | 12019 | 126560 | (11.1) |
|  Philip Morris International, Inc. | 147 | 13502 | (1.2) |
|  Physicians Realty Trust | 9049 | 136278 | (11.9) |

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<FAILED TO PARSE TABLE>

44 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Global Equity Market Neutral Fund** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
|  Varonis Systems, Inc. | 557 | $14911 | (1.3)% |
|  Veeva Systems, Inc., Class A | 2578 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;432949 | (37.9) |
|  VeriSign, Inc. | 1985 | 397913 | (34.8) |
|  Viatris, Inc. | 40411 | 409363 | (35.8) |
|  Virtu Financial, Inc., Class A | 12007 | 268717 | (23.5) |
|  Vistra Corp. | 10563 | 242632 | (21.2) |
|  Walgreens Boots Alliance, Inc. | 7165 | 261523 | (22.9) |
|  Walmart, Inc. | 2868 | 408202 | (35.7) |
|  Waters Corp. | 979 | 292887 | (25.6) |
|  Watsco, Inc. | 784 | 212433 | (18.6) |
|  Welltower, Inc. | 5277 | 322108 | (28.2) |
|  West Pharmaceutical Services, Inc. | 2221 | 511052 | (44.7) |
|  Westrock Co. | 5191 | 176805 | (15.5) |
|  WeWork, Inc., Class A | 51 | 131 | (0.0) |
|  Whirlpool Corp. | 2046 | 282839 | (24.7) |
|  Williams Cos., Inc. | 4087 | 133768 | (11.7) |
|  Wintrust Financial Corp. | 1133 | 106071 | (9.3) |
|  Workday, Inc., Class A | 122 | 19010 | (1.7) |
|  World Wrestling Entertainment, Inc., Class A | 1733 | 136716 | (12.0) |
|  Xylem, Inc. | 2609 | 267240 | (23.4) |
|  Yum! Brands, Inc. | 2652 | 313599 | (27.4) |
|  Zillow Group, Inc., Class C | 2517 | 77675 | (6.8) |
|  |  | 109991354 |  |
| **Preferred Stocks** |  |  |  |
| **Germany** |  |  |  |
|  Fuchs Petrolub SE | 7462 | 213704 | (18.7) |
|  Sartorius AG | 386 | 136100 | (11.9) |
|  Volkswagen AG | 953 | 121985 | (10.7) |
|  |  | 471789 |  |
| **Warrants** |  |  |  |
| **Australia** |  |  |  |
|  Magellan Financial Group Ltd. (Issued/Exercisable 04/14/22, 1 Share for 1 Warrant, Expires 04/16/27, Strike Price AUD 35.00) | 679 | 135 | (0.0) |
|  **Total Reference Entity — Long** |  | 201803115 |  |
|  **Reference Entity — Short** |  |  |  |
| **Common Stocks** |  |  |  |
| **Argentina** |  |  |  |
|  Globant SA | (1909) | (360190) | 31.5 |
| **Australia** |  |  |  |
|  Adbri Ltd. | (6944) | (7001) | 0.6 |
|  Champion Iron Ltd. | (17846) | (53679) | 4.7 |
|  Endeavour Group Ltd. | (13898) | (63615) | 5.6 |
|  IDP Education Ltd. | (4912) | (92674) | 8.1 |
|  Newcrest Mining Ltd. | (5530) | (61009) | 5.3 |
|  Seven Group Holdings Ltd. | (20200) | (236874) | 20.7 |
|  |  | (514852) |  |
| **Austria** |  |  |  |
|  ams-OSRAM AG | (35678) | (201950) | 17.7 |
|  BAWAG Group AG | (5811) | (280531) | 24.5 |
|  Telekom Austria AG | (6448) | (37482) | 3.3 |
|  Voestalpine AG | (6228) | (135211) | 11.8 |
|  |  | (655174) |  |
| **Belgium** |  |  |  |
|  Ageas SA | (546) | (18902) | 1.6 |
|  D'ieteren Group | (659) | (109676) | 9.6 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **Belgium (continued)** | **Belgium (continued)** | **Belgium (continued)** | **Belgium (continued)** |
|  Galapagos NV | (2640) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(120411) | 10.5% |
|  KBC Group NV | (3763) | (188585) | 16.5 |
|  Proximus SADP | (9162) | (96052) | 8.4 |
|  Sofina SA | (2607) | (508362) | 44.5 |
|  UCB SA | (2875) | (216682) | 19.0 |
|  |  | (1258670) |  |
| **Canada** |  |  |  |
|  Alimentation Couche-Tard, Inc. | (7079) | (316966) | 27.7 |
|  AltaGas Ltd. | (3088) | (55692) | 4.9 |
|  Aritzia, Inc. | (4068) | (157781) | 13.8 |
|  Atco Ltd. | (6863) | (213091) | 18.6 |
|  ATS Automation Tooling Systems, Inc. | (1682) | (53213) | 4.7 |
|  Boyd Group Services, Inc. | (336) | (47812) | 4.2 |
|  Brookfield Asset Management, Inc., Class A | (13955) | (552628) | 48.4 |
|  Canadian Apartment Properties REIT | (12618) | (390761) | 34.2 |
|  Canadian National Railway Co. | (784) | (92882) | 8.1 |
|  CCL Industries, Inc., Class B | (750) | (35233) | 3.1 |
|  Constellation Software, Inc. | (275) | (397636) | 34.8 |
|  Dollarama, Inc. | (15580) | (925754) | 81.0 |
|  Element Fleet Management Corp. | (39080) | (520646) | 45.6 |
|  Empire Co. Ltd. | (10897) | (279954) | 24.5 |
|  Fairfax Financial Holdings Ltd. | (60) | (29468) | 2.6 |
|  Finning International, Inc. | (17515) | (372452) | 32.6 |
|  Franco-Nevada Corp. | (417) | (51524) | 4.5 |
|  H&R Real Estate Investment Trust | (15325) | (126101) | 11.0 |
|  iA Financial Corp., Inc. | (16652) | (926748) | 81.1 |
|  Intact Financial Corp. | (2783) | (422879) | 37.0 |
|  Lightspeed Commerce, Inc. | (832) | (15946) | 1.4 |
|  Linamar Corp. | (358) | (15323) | 1.3 |
|  Loblaw Cos. Ltd. | (2690) | (220397) | 19.3 |
|  Metro, Inc. | (2106) | (110328) | 9.7 |
|  National Bank of Canada | (3751) | (255399) | 22.3 |
|  Nuvei Corp. | (3574) | (107560) | 9.4 |
|  Onex Corp. | (4632) | (233138) | 20.4 |
|  Paramount Resources Ltd., Class A | (1265) | (26798) | 2.3 |
|  Parkland Corp. | (16647) | (336520) | 29.4 |
|  Peyto Exploration & Development Corp. | (1648) | (15387) | 1.3 |
|  Saputo, Inc. | (16977) | (413225) | 36.2 |
|  SmartCentres Real Estate Investment Trust | (6818) | (133622) | 11.7 |
|  Stelco Holdings, Inc. | (12836) | (323267) | 28.3 |
|  Tamarack Valley Energy Ltd. | (12564) | (48417) | 4.2 |
|  TMX Group Ltd. | (3422) | (329000) | 28.8 |
|  Toromont Industries Ltd. | (5478) | (420998) | 36.8 |
|  Vermilion Energy, Inc. | (10988) | (256401) | 22.4 |
|  |  | (9230947) |  |
| **Denmark** |  |  |  |
|  Ambu A/S, Class B | (16813) | (188034) | 16.5 |
|  Carlsberg A/S, Class B | (2130) | (250798) | 22.0 |
|  Chr Hansen Holding A/S | (410) | (22772) | 2.0 |
|  Danske Bank A/S | (5298) | (85462) | 7.5 |
|  Jyske Bank A/S, Registered Shares | (788) | (42527) | 3.7 |
|  Orsted A/S | (227) | (18729) | 1.6 |
|  Pandora A/S | (5153) | (271066) | 23.7 |
|  Rockwool A/S, B Shares | (1242) | (247349) | 21.6 |
|  Royal Unibrew A/S | (2616) | (149437) | 13.1 |
|  |  | (1276174) |  |
| **Finland** |  |  |  |
|  Elisa OYJ | (718) | (34698) | 3.0 |
|  Fortum OYJ | (1133) | (15946) | 1.4 |

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S C H E D U L E O F I N V E S T M E N T S 45

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| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Global Equity Market Neutral Fund** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **Finland (continued)** | **Finland (continued)** | **Finland (continued)** | **Finland (continued)** |
|  Kesko OYJ, B Shares | (10275) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(199958) | 17.5% |
|  Kojamo OYJ | (9658) | (125695) | 11.0 |
|  Orion OYJ, Class B | (18863) | (868042) | 76.0 |
|  |  | (1244339) |  |
| **France** |  |  |  |
|  Aeroports de Paris | (113) | (15281) | 1.3 |
|  Amundi SA | (763) | (35998) | 3.2 |
|  BNP Paribas SA | (2888) | (135429) | 11.9 |
|  Bollore SE | (31034) | (155218) | 13.6 |
|  Bureau Veritas SA | (3376) | (83523) | 7.3 |
|  Capgemini SE | (120) | (19667) | 1.7 |
|  Constellium SE | (14619) | (161101) | 14.1 |
|  Credit Agricole SA | (3950) | (35841) | 3.1 |
|  Gaztransport Et Technigaz SA | (1219) | (141817) | 12.4 |
|  Kering SA | (31) | (14197) | 1.2 |
|  LVMH Moet Hennessy Louis Vuitton SE | (415) | (261863) | 22.9 |
|  Safran SA | (279) | (31072) | 2.7 |
|  Sartorius Stedim Biotech | (593) | (188182) | 16.5 |
|  SEB SA | (1104) | (71872) | 6.3 |
|  Sodexo SA | (5513) | (488354) | 42.7 |
|  Technip Energies NV | (1539) | (19867) | 1.7 |
|  Unibail-Rodamco-Westfield | (1070) | (50568) | 4.4 |
|  Veolia Environnement SA | (944) | (21066) | 1.9 |
|  Worldline SA | (8036) | (350743) | 30.7 |
|  |  | (2281659) |  |
| **Germany** |  |  |  |
|  Allianz SE, Registered Shares | (696) | (125213) | 11.0 |
|  Bechtle AG | (6009) | (207590) | 18.2 |
|  Brenntag AG | (411) | (24938) | 2.2 |
|  Carl Zeiss Meditec AG | (3450) | (417599) | 36.5 |
|  Continental AG | (3218) | (166678) | 14.6 |
|  CTS Eventim AG & Co. KGaA | (276) | (13175) | 1.1 |
|  Deutsche Post AG, Registered Shares | (1203) | (42526) | 3.7 |
|  Deutsche Wohnen SE | (4257) | (85865) | 7.5 |
|  Evotec SE | (3017) | (57543) | 5.0 |
|  Fielmann AG | (4238) | (135008) | 11.8 |
|  Fresenius Medical Care AG & Co. KGaA | (6152) | (170168) | 14.9 |
|  Fresenius SE & Co. KGaA | (7383) | (169906) | 14.9 |
|  GEA Group AG | (2557) | (89379) | 7.8 |
|  Hannover Rueck SE | (93) | (15133) | 1.3 |
|  Henkel AG & Co. KGaA | (662) | (38863) | 3.4 |
|  HUGO BOSS AG | (2438) | (112288) | 9.8 |
|  Symrise AG | (2371) | (242014) | 21.2 |
|  Telefonica Deutschland Holding AG | (21107) | (45990) | 4.0 |
|  United Internet AG, Registered Shares | (15508) | (289892) | 25.4 |
|  Vonovia SE | (3880) | (85789) | 7.5 |
|  Zalando SE | (5598) | (129024) | 11.3 |
|  |  | (2664581) |  |
| **Hong Kong** |  |  |  |
|  Guotai Junan International Holdings Ltd. | (17000) | (1211) | 0.1 |
|  Hongkong Land Holdings Ltd. | (64200) | (247163) | 21.6 |
|  Sino Land Co. Ltd. | (12077) | (12896) | 1.2 |
|  |  | (261270) |  |
| **Ireland** |  |  |  |
|  AerCap Holdings NV | (2958) | (157987) | 13.8 |
|  AIB Group PLC | (5684) | (16443) | 1.4 |
|  DCC PLC | (9627) | (534306) | 46.8 |
|  Jazz Pharmaceuticals PLC | (3130) | (450063) | 39.4 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **Ireland (continued)** | **Ireland (continued)** | **Ireland (continued)** | **Ireland (continued)** |
|  Smurfit Kappa Group PLC | (3291) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(108942) | 9.5% |
|  Trane Technologies PLC | (850) | (135685) | 11.9 |
|  |  | (1403426) |  |
| **Isle of Man** |  |  |  |
|  Entain PLC | (12553) | (181599) | 15.9 |
| **Israel** |  |  |  |
|  Ashtrom Group Ltd. | (4262) | (92758) | 8.1 |
|  Check Point Software Technologies Ltd. | (129) | (16671) | 1.5 |
|  Mivne Real Estate KD Ltd. | (53463) | (166220) | 14.5 |
|  Shikun & Binui Ltd. | (33436) | (132727) | 11.6 |
|  Teva Pharmaceutical Industries Ltd. | (6855) | (61290) | 5.4 |
|  |  | (469666) |  |
| **Italy** |  |  |  |
|  Banco BPM SpA | (70302) | (212700) | 18.6 |
|  DiaSorin SpA | (1243) | (162505) | 14.2 |
|  FinecoBank Banca Fineco SpA | (31508) | (424589) | 37.2 |
|  Hera SpA | (12052) | (28716) | 2.5 |
|  Interpump Group SpA | (2945) | (114017) | 10.0 |
|  Poste Italiane SpA | (17673) | (154007) | 13.5 |
|  Prysmian SpA | (455) | (14809) | 1.3 |
|  Terna Rete Elettrica Nazionale SpA | (36258) | (240451) | 21.0 |
|  |  | (1351794) |  |
| **Japan** |  |  |  |
|  Advance Residence Investment Corp. | (99) | (230488) | 20.2 |
|  Advantest Corp. | (2100) | (110547) | 9.7 |
|  Aeon Mall Co. Ltd. | (20500) | (223010) | 19.5 |
|  Ain Holdings, Inc. | (3200) | (134432) | 11.8 |
|  Aisin Corp. | (1800) | (46206) | 4.0 |
|  Ajinomoto Co., Inc. | (1100) | (30254) | 2.6 |
|  Alps Alpine Co. Ltd. | (2000) | (17181) | 1.5 |
|  Ariake Japan Co. Ltd. | (5700) | (197472) | 17.3 |
|  Asahi Intecc Co. Ltd. | (5200) | (88583) | 7.7 |
|  Asics Corp. | (10400) | (159367) | 13.9 |
|  ASKUL Corp. | (10900) | (113836) | 10.0 |
|  Bank of Kyoto Ltd. | (1600) | (57657) | 5.0 |
|  Benefit One, Inc. | (8800) | (121740) | 10.7 |
|  Bic Camera, Inc. | (29400) | (228576) | 20.0 |
|  BIPROGY, Inc. | (10700) | (231135) | 20.2 |
|  Canon Marketing Japan, Inc. | (5100) | (107620) | 9.4 |
|  Chiba Bank Ltd. | (63100) | (345732) | 30.2 |
|  Concordia Financial Group Ltd. | (133600) | (407643) | 35.7 |
|  Credit Saison Co. Ltd. | (13500) | (144293) | 12.6 |
|  CyberAgent, Inc. | (13500) | (110905) | 9.7 |
|  Daicel Corp. | (6100) | (34805) | 3.0 |
|  Daido Steel Co. Ltd. | (3800) | (98523) | 8.6 |
|  Daiichi Sankyo Co. Ltd. | (9200) | (294499) | 25.8 |
|  Daiichikosho Co. Ltd. | (3000) | (86018) | 7.5 |
|  Daikin Industries Ltd. | (700) | (104851) | 9.2 |
|  Daio Paper Corp. | (8100) | (59762) | 5.2 |
|  Daiwa Office Investment Corp. | (89) | (420460) | 36.8 |
|  Denka Co. Ltd. | (13500) | (312742) | 27.4 |
|  Denso Corp. | (4600) | (228233) | 20.0 |
|  Descente Ltd. | (2600) | (62403) | 5.5 |
|  Dexerials Corp. | (2800) | (65214) | 5.7 |
|  Dowa Holdings Co. Ltd. | (2700) | (85730) | 7.5 |
|  ENEOS Holdings, Inc. | (26100) | (86095) | 7.5 |
|  Ezaki Glico Co. Ltd. | (4200) | (94492) | 8.3 |
|  Food and Life Cos. Ltd. | (2700) | (45417) | 4.0 |

---

46 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Global Equity Market Neutral Fund** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
|  Fuji Electric Co. Ltd. | (1600) | $(61864) | 5.4% |
|  Fuji Oil Holdings, Inc. | (14700) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(231432) | 20.2 |
|  Fukuoka Financial Group, Inc. | (23500) | (399867) | 35.0 |
|  GLP J-Reit | (86) | (89189) | 7.8 |
|  GMO internet, Inc. | (9700) | (167236) | 14.6 |
|  Goldwin, Inc. | (1800) | (94002) | 8.2 |
|  GS Yuasa Corp. | (27000) | (411051) | 36.0 |
|  GungHo Online Entertainment, Inc. | (49800) | (736099) | 64.4 |
|  Hachijuni Bank Ltd. | (223500) | (712776) | 62.4 |
|  Hakuhodo DY Holdings, Inc. | (13700) | (115433) | 10.1 |
|  Hankyu Hanshin Holdings, Inc. | (14300) | (424721) | 37.2 |
|  Heiwa Corp. | (5300) | (85506) | 7.5 |
|  Hikari Tsushin, Inc. | (600) | (72477) | 6.3 |
|  Hino Motors Ltd. | (39600) | (164569) | 14.4 |
|  Hirogin Holdings, Inc. | (131000) | (540434) | 47.3 |
|  Hitachi Ltd. | (6600) | (299467) | 26.2 |
|  Horiba Ltd. | (4700) | (192829) | 16.9 |
|  House Foods Group, Inc. | (10600) | (198245) | 17.3 |
|  Hoya Corp. | (1400) | (130146) | 11.4 |
|  Ibiden Co. Ltd. | (5700) | (192132) | 16.8 |
|  Idemitsu Kosan Co. Ltd. | (4100) | (89709) | 7.8 |
|  IHI Corp. | (1100) | (24534) | 2.1 |
|  Iida Group Holdings Co. Ltd. | (1700) | (23605) | 2.1 |
|  Industrial & Infrastructure Fund Investment Corp. | (319) | (336909) | 29.5 |
|  Inpex Corp. | (17400) | (175608) | 15.4 |
|  Isuzu Motors Ltd. | (1800) | (21167) | 1.9 |
|  Ito En Ltd. | (4800) | (169058) | 14.8 |
|  Itoham Yonekyu Holdings, Inc. | (12600) | (56345) | 4.9 |
|  Iwatani Corp. | (3300) | (121511) | 10.6 |
|  Iyogin Holdings, Inc. | (32500) | (152483) | 13.3 |
|  Japan Airport Terminal Co. Ltd. | (11600) | (496490) | 43.4 |
|  Japan Aviation Electronics Industry Ltd. | (13800) | (214782) | 18.8 |
|  Japan Hotel REIT Investment Corp. | (1506) | (793446) | 69.4 |
|  Japan Logistics Fund, Inc. | (64) | (137119) | 12.0 |
|  Japan Real Estate Investment Corp. | (116) | (486073) | 42.5 |
|  Japan Retail Fund Investment Corp. | (918) | (676317) | 59.2 |
|  JCR Pharmaceuticals Co. Ltd. | (8600) | (127818) | 11.2 |
|  Jeol Ltd. | (400) | (14637) | 1.3 |
|  JFE Holdings, Inc. | (17800) | (163068) | 14.3 |
|  JGC Holdings Corp. | (1000) | (12028) | 1.1 |
|  JTEKT Corp. | (20400) | (144021) | 12.6 |
|  Justsystems Corp. | (1900) | (39962) | 3.5 |
|  Kadokawa Dwango | (18100) | (324069) | 28.4 |
|  Kagome Co. Ltd. | (15600) | (311795) | 27.3 |
|  Kaken Pharmaceutical Co. Ltd. | (1200) | (30714) | 2.7 |
|  Kaneka Corp. | (2700) | (66953) | 5.9 |
|  Kao Corp. | (12900) | (481840) | 42.2 |
|  Kawasaki Heavy Industries Ltd. | (17100) | (290826) | 25.4 |
|  Keihan Holdings Co. Ltd. | (6800) | (174942) | 15.3 |
|  Kenedix Office Investment Corp. | (54) | (123012) | 10.8 |
|  Kikkoman Corp. | (8400) | (455196) | 39.8 |
|  Kobayashi Pharmaceutical Co. Ltd. | (300) | (15920) | 1.4 |
|  Kobe Steel Ltd. | (31000) | (127128) | 11.1 |
|  Koei Tecmo Holdings Co. Ltd. | (9400) | (141836) | 12.4 |
|  Koito Manufacturing Co. Ltd. | (2000) | (28394) | 2.5 |
|  Komatsu Ltd. | (12500) | (244877) | 21.4 |
|  Kose Corp. | (900) | (89838) | 7.9 |
|  Kotobuki Spirits Co. Ltd. | (4900) | (251193) | 22.0 |
|  K's Holdings Corp. | (3300) | (25860) | 2.3 |
|  Kubota Corp. | (10800) | (150656) | 13.2 |
|  Kurita Water Industries Ltd. | (4500) | (164722) | 14.4 |
|  Kyushu Financial Group, Inc. | (84400) | (213416) | 18.7 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
|  LaSalle Logiport REIT | (175) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(186779) | 16.3% |
|  Lasertec Corp. | (1200) | (168613) | 14.8 |
|  Lintec Corp. | (11800) | (177042) | 15.5 |
|  Mabuchi Motor Co. Ltd. | (10400) | (282198) | 24.7 |
|  Marui Group Co. Ltd. | (7800) | (127611) | 11.2 |
|  Matsui Securities Co. Ltd. | (48700) | (259345) | 22.7 |
|  Matsumotokiyoshi Holdings Co. Ltd. | (8500) | (309473) | 27.1 |
|  MEIJI Holdings Co. Ltd. | (3000) | (123447) | 10.8 |
|  Menicon Co. Ltd. | (8500) | (145129) | 12.7 |
|  Mercari, Inc. | (4700) | (78025) | 6.8 |
|  MINEBEA MITSUMI, Inc. | (23300) | (344337) | 30.1 |
|  Mitsubishi Electric Corp. | (6600) | (58071) | 5.1 |
|  Mitsubishi Motors Corp. | (30400) | (102410) | 9 |
|  Mitsubishi UFJ Financial Group, Inc. | (179000) | (845569) | 74 |
|  Mitsui Fudosan Logistics Park, Inc. | (15) | (49768) | 4.4 |
|  Mitsui OSK Lines Ltd. | (2600) | (51467) | 4.5 |
|  Miura Co. Ltd. | (17400) | (354358) | 31 |
|  Money Forward, Inc. | (3000) | (84873) | 7.4 |
|  Mori Hills REIT Investment Corp. | (438) | (479773) | 42 |
|  Morinaga & Co. Ltd. | (9400) | (235114) | 20.6 |
|  Morinaga Milk Industry Co. Ltd. | (1800) | (51067) | 4.5 |
|  Nabtesco Corp. | (8400) | (178419) | 15.6 |
|  Nagase & Co. Ltd. | (4500) | (61309) | 5.4 |
|  Nexon Co. Ltd. | (5200) | (87018) | 7.6 |
|  NGK Insulators Ltd. | (2700) | (31498) | 2.8 |
|  NH Foods Ltd. | (8900) | (212100) | 18.6 |
|  NHK Spring Co. Ltd. | (21300) | (118004) | 10.3 |
|  Nidec Corp. | (1100) | (60482) | 5.3 |
|  Nifco, Inc. | (1900) | (44126) | 3.9 |
|  Nippon Accommodations Fund, Inc. | (83) | (353440) | 30.9 |
|  Nippon Building Fund, Inc. | (127) | (564546) | 49.4 |
|  Nippon Electric Glass Co. Ltd. | (38600) | (668382) | 58.5 |
|  Nippon Shinyaku Co. Ltd. | (1800) | (99659) | 8.7 |
|  Nippon Shokubai Co. Ltd. | (3600) | (129135) | 11.3 |
|  Nippon Steel Corp. | (23900) | (327873) | 28.7 |
|  Nishi-Nippon Railroad Co. Ltd. | (19900) | (390314) | 34.1 |
|  Nissan Chemical Corp. | (300) | (13505) | 1.2 |
|  Nissan Motor Co. Ltd. | (4800) | (15299) | 1.3 |
|  Nisshin Seifun Group, Inc. | (11500) | (124265) | 10.9 |
|  Noevir Holdings Co. Ltd. | (5900) | (218099) | 19.1 |
|  NOF Corp. | (4300) | (147905) | 12.9 |
|  Nomura Real Estate Holdings, Inc. | (8400) | (189872) | 16.6 |
|  Nomura Real Estate Master Fund, Inc. | (290) | (330841) | 28.9 |
|  NS Solutions Corp. | (3100) | (71251) | 6.2 |
|  OKUMA Corp. | (4900) | (164026) | 14.4 |
|  Ono Pharmaceutical Co. Ltd. | (1700) | (40007) | 3.5 |
|  Open House Co. Ltd. | (12200) | (433947) | 38 |
|  Orient Corp. | (89200) | (722507) | 63.2 |
|  Orix JREIT, Inc. | (457) | (613119) | 53.6 |
|  Osaka Gas Co. Ltd. | (36700) | (543442) | 47.5 |
|  OSG Corp. | (4100) | (52124) | 4.6 |
|  Rakus Co. Ltd. | (1900) | (21102) | 1.8 |
|  Relo Group, Inc. | (1600) | (22551) | 2 |
|  Renesas Electronics Corp. | (31600) | (264358) | 23.1 |
|  Rengo Co. Ltd. | (66500) | (369448) | 32.3 |
|  RENOVA, Inc. | (1900) | (41700) | 3.6 |
|  Rohto Pharmaceutical Co. Ltd. | (1800) | (55994) | 4.9 |
|  Sankyo Co. Ltd. | (6100) | (201433) | 17.6 |
|  Sanwa Holdings Corp. | (3700) | (31872) | 2.8 |
|  Sapporo Holdings Ltd. | (4000) | (88227) | 7.7 |
|  Sekisui Chemical Co. Ltd. | (900) | (11239) | 1 |
|  Seven & i Holdings Co. Ltd. | (2100) | (78390) | 6.9 |

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S C H E D U L E O F I N V E S T M E N T S 47

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Global Equity Market Neutral Fund** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
|  Sharp Corp. | (52600) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(315499) | 27.6% |
|  SHIFT, Inc. | (1500) | (234217) | 20.5 |
|  Shikoku Electric Power Co., Inc. | (48500) | (233326) | 20.4 |
|  Shimano, Inc. | (700) | (108320) | 9.5 |
|  Shinko Electric Industries Co. Ltd. | (800) | (19225) | 1.7 |
|  Shinsei Bank Ltd. | (21800) | (324399) | 28.4 |
|  Shizuoka Financial Group, Inc. | (46600) | (294271) | 25.7 |
|  SHO-BOND Holdings Co. Ltd. | (7300) | (315798) | 27.6 |
|  Shochiku Co. Ltd. | (1800) | (142881) | 12.5 |
|  Showa Denko KK | (31900) | (465694) | 40.7 |
|  Sony Corp. | (3700) | (249508) | 21.8 |
|  Stanley Electric Co. Ltd. | (17400) | (295809) | 25.9 |
|  Subaru Corp. | (9400) | (146930) | 12.9 |
|  SUMCO Corp. | (7700) | (97596) | 8.5 |
|  Sumitomo Bakelite Co. Ltd. | (2600) | (70372) | 6.2 |
|  Sumitomo Rubber Industries Ltd. | (6400) | (54905) | 4.8 |
|  Suzuken Co. Ltd. | (4200) | (93508) | 8.2 |
|  Taiyo Nippon Sanso Corp. | (4900) | (78015) | 6.8 |
|  Taiyo Yuden Co. Ltd. | (2600) | (70750) | 6.2 |
|  Takara Holdings, Inc. | (19300) | (134249) | 11.7 |
|  TechnoPro Holdings, Inc. | (10300) | (247101) | 21.6 |
|  THK Co. Ltd. | (6200) | (108127) | 9.5 |
|  Toda Corp. | (12600) | (62978) | 5.5 |
|  Toho Gas Co. Ltd. | (6300) | (117380) | 10.3 |
|  Tokai Carbon Co. Ltd. | (63300) | (413090) | 36.1 |
|  Tokyo Electric Power Co. Holdings, Inc. | (69900) | (227704) | 19.9 |
|  Tokyo Electron Ltd. | (800) | (210477) | 18.4 |
|  Tokyo Ohka Kogyo Co. Ltd. | (2200) | (94846) | 8.3 |
|  Tokyu Corp. | (6500) | (74948) | 6.6 |
|  TOPPAN, Inc. | (12700) | (189410) | 16.6 |
|  Toshiba TEC Corp. | (1300) | (33656) | 2.9 |
|  Toyo Suisan Kaisha Ltd. | (600) | (22510) | 2.0 |
|  Toyo Tire Corp. | (5500) | (64523) | 5.6 |
|  Toyoda Gosei Co. Ltd. | (2100) | (33572) | 2.9 |
|  Toyota Boshoku Corp. | (11000) | (139970) | 12.2 |
|  UBE Corp. | (2500) | (32244) | 2.8 |
|  Unicharm Corp. | (500) | (15196) | 1.3 |
|  United Urban Investment Corp. | (144) | (152356) | 13.3 |
|  Ushio, Inc. | (2900) | (30115) | 2.6 |
|  USS Co. Ltd. | (4900) | (73935) | 6.5 |
|  Welcia Holdings Co. Ltd. | (1100) | (22992) | 2.0 |
|  Yokogawa Electric Corp. | (15700) | (262521) | 23.0 |
|  Yokohama Rubber Co. Ltd. | (1100) | (17201) | 1.5 |
|  Zeon Corp. | (12700) | (107052) | 9.4 |
|  |  | (37901746) |  |
| **Luxembourg** |  |  |  |
|  APERAM SA | (599) | (15641) | 1.4 |
|  ArcelorMittal SA | (2149) | (48038) | 4.2 |
|  Aroundtown SA | (9659) | (19147) | 1.7 |
|  Eurofins Scientific SE | (3198) | (204719) | 17.9 |
|  Tenaris SA | (70567) | (1104454) | 96.6 |
|  |  | (1391999) |  |
| **Netherlands** |  |  |  |
|  Aalberts NV | (2237) | (77605) | 6.8 |
|  Akzo Nobel NV | (2163) | (133534) | 11.7 |
|  Argenx SE | (1127) | (437558) | 38.3 |
|  BE Semiconductor Industries NV | (1963) | (100044) | 8.7 |
|  Euronext NV | (2125) | (134871) | 11.8 |
|  Heineken Holding NV | (279) | (19037) | 1.7 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **Netherlands (continued)** | **Netherlands (continued)** | **Netherlands (continued)** | **Netherlands (continued)** |
|  Heineken NV | (200) | $(16707) | 1.5% |
|  ING Groep NV | (1945) | (19138) | 1.7 |
|  Iveco Group NV | (30521) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(164925) | 14.4 |
|  Just Eat Takeaway.com NV | (18955) | (325269) | 28.4 |
|  NN Group NV | (2569) | (108778) | 9.5 |
|  SBM Offshore NV | (17449) | (236145) | 20.7 |
|  Stellantis NV | (65984) | (890228) | 77.9 |
|  |  | (2663839) |  |
| **Norway** |  |  |  |
|  Gjensidige Forsikring ASA | (7561) | (138206) | 12.1 |
|  Nordic Semiconductor ASA | (2808) | (39641) | 3.5 |
|  Schibsted ASA, Class A | (9754) | (150543) | 13.2 |
|  Storebrand ASA | (7142) | (55560) | 4.8 |
|  TOMRA Systems ASA | (7099) | (114660) | 10.0 |
|  |  | (498610) |  |
| **Poland** |  |  |  |
|  InPost SA | (15342) | (97799) | 8.6 |
| **Portugal** |  |  |  |
|  Galp Energia SGPS SA | (3293) | (33434) | 2.9 |
|  Jeronimo Martins SGPS SA | (888) | (18375) | 1.6 |
|  |  | (51809) |  |
| **Singapore** |  |  |  |
|  Capitaland Investment Ltd. | (103300) | (219682) | 19.2 |
|  DBS Group Holdings Ltd. | (14500) | (350556) | 30.7 |
|  Grab Holdings Ltd., Class A | (55683) | (144776) | 12.7 |
|  Kenon Holdings Ltd. | (5846) | (223971) | 19.6 |
|  Singapore Telecommunications Ltd. | (188200) | (331372) | 29.0 |
|  United Overseas Bank Ltd. | (25900) | (508127) | 44.4 |
|  UOL Group Ltd. | (38000) | (165976) | 14.5 |
|  |  | (1944460) |  |
| **Spain** |  |  |  |
|  Acerinox SA | (26754) | (234473) | 20.5 |
|  Amadeus IT Group SA | (814) | (42454) | 3.7 |
|  Cellnex Telecom SA | (1889) | (61828) | 5.4 |
|  Endesa SA | (1251) | (20902) | 1.8 |
|  Fluidra SA | (6465) | (87800) | 7.7 |
|  Grifols SA | (3291) | (27999) | 2.4 |
|  Industria de Diseno Textil SA | (6076) | (137914) | 12.1 |
|  Red Electrica Corp. SA | (14172) | (229242) | 20.1 |
|  |  | (842612) |  |
| **Sweden** |  |  |  |
|  Alfa Laval AB | (3028) | (74535) | 6.5 |
|  Assa Abloy AB, Class B | (7629) | (154045) | 13.5 |
|  Beijer Ref AB, Class B | (3769) | (58429) | 5.1 |
|  Boliden AB | (2189) | (63658) | 5.6 |
|  Embracer Group AB, Class B | (19115) | (91957) | 8.0 |
|  EQT AB | (2813) | (55360) | 4.8 |
|  Evolution AB | (625) | (58302) | 5.1 |
|  Fastighets AB Balder, B Shares | (25036) | (93976) | 8.2 |
|  Hennes & Mauritz AB, B Shares | (26162) | (263508) | 23.1 |
|  Hexatronic Group AB | (1943) | (26295) | 2.3 |
|  Investor AB | (14325) | (243593) | 21.3 |
|  L E Lundbergforetagen AB, B Shares | (2218) | (87539) | 7.7 |
|  Nibe Industrier AB, B Shares | (46895) | (374071) | 32.7 |
|  Sandvik AB | (5808) | (90760) | 7.9 |
|  Skandinaviska Enskilda Banken AB, Class A | (30414) | (320667) | 28.1 |
|  SKF AB, B Shares | (3953) | (57222) | 5.0 |

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48 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Global Equity Market Neutral Fund** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **Sweden (continued)** | **Sweden (continued)** | **Sweden (continued)** | **Sweden (continued)** |
|  Svenska Handelsbanken AB | (62428) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(580020) | 50.8% |
|  Sweco AB, B Shares | (12195) | (91629) | 8.0 |
|  Swedbank AB, A Shares | (11727) | (174827) | 15.3 |
|  Swedish Orphan Biovitrum AB | (21484) | (395722) | 34.6 |
|  Trelleborg AB, B Shares | (968) | (21314) | 1.9 |
|  Volvo AB | (29828) | (509511) | 44.6 |
|  Volvo AB, B Shares | (53056) | (868364) | 76.0 |
|  |  | (4755304) |  |
| **Switzerland** |  |  |  |
|  Adecco Group AG, Registered Shares | (7272) | (227584) | 19.9 |
|  Alcon, Inc. | (3918) | (238549) | 20.9 |
|  Bachem Holding AG | (3300) | (236630) | 20.7 |
|  Baloise Holding AG, Registered Shares | (1981) | (270649) | 23.7 |
|  Chocoladefabriken Lindt & Spruengli AG, Registered Shares | (1) | (97189) | 8.5 |
|  Cie Financiere Richemont SA | (1350) | (131940) | 11.5 |
|  Clariant AG, Registered Shares | (3195) | (51346) | 4.5 |
|  Coca-Cola HBC AG | (15007) | (327803) | 28.7 |
|  Credit Suisse Group AG, Registered Shares | (197515) | (818198) | 71.6 |
|  Galenica AG | (301) | (21626) | 1.9 |
|  Helvetia Holding AG, Registered Shares | (2437) | (242000) | 21.2 |
|  Julius Baer Group Ltd. | (621) | (29795) | 2.6 |
|  Kuehne & Nagel International AG, Registered Shares | (942) | (200520) | 17.5 |
|  LafargeHolcim Ltd. | (2642) | (120032) | 10.5 |
|  Lonza Group AG, Registered Shares | (3067) | (1578842) | 138.1 |
|  Novartis AG, Registered Shares | (2907) | (235149) | 20.6 |
|  Partners Group Holding AG | (841) | (754867) | 66.0 |
|  Roche Holding AG | (1670) | (554103) | 48.5 |
|  Schindler Holding AG | (3056) | (498330) | 43.6 |
|  Schindler Holding AG, Registered Shares | (992) | (156161) | 13.7 |
|  SGS SA, Registered Shares | (316) | (696625) | 60.9 |
|  Sonova Holding AG, Registered Shares | (1084) | (256218) | 22.4 |
|  STMicroelectronics NV | (730) | (22699) | 2.0 |
|  Straumann Holding AG, Registered Shares | (1479) | (140758) | 12.3 |
|  Swatch Group AG | (435) | (97749) | 8.6 |
|  Swatch Group AG, Registered Shares | (12416) | (518724) | 45.4 |
|  Swiss Re AG | (6985) | (518879) | 45.4 |
|  Swisscom AG, Registered Shares | (644) | (318000) | 27.8 |
|  Tecan Group AG, Registered Shares | (625) | (229271) | 20.1 |
|  Temenos AG | (1090) | (64919) | 5.7 |
|  |  | (9655155) |  |
| **United Kingdom** |  |  |  |
|  Airtel Africa PLC | (7882) | (10203) | 0.9 |
|  Ashtead Group PLC | (8400) | (437581) | 38.3 |
|  Associated British Foods PLC | (34810) | (539530) | 47.2 |
|  AVEVA Group PLC | (5903) | (211258) | 18.5 |
|  Barratt Developments PLC | (77354) | (333634) | 29.2 |
|  Bellway PLC | (797) | (16950) | 1.5 |
|  Berkeley Group Holdings PLC | (2270) | (90317) | 7.9 |
|  British Land Co. PLC | (9551) | (40065) | 3.5 |
|  BT Group PLC | (78329) | (116728) | 10.2 |
|  CNH Industrial NV | (37031) | (479073) | 41.9 |
|  DS Smith PLC | (159708) | (532614) | 46.6 |
|  Farfetch Ltd., Class A | (1684) | (14280) | 1.3 |
|  Future PLC | (34046) | (477141) | 41.8 |
|  Greggs PLC | (13277) | (307780) | 26.9 |
|  Harbour Energy PLC | (90618) | (393267) | 34.4 |
|  Howden Joinery Group PLC | (83535) | (492071) | 43.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
|  Inchcape PLC | (7367) | $(62847) | 5.5% |
|  InterContinental Hotels Group PLC | (4343) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(233352) | 20.4 |
|  ITV PLC | (19974) | (15379) | 1.4 |
|  Janus Henderson Group PLC | (9052) | (206114) | 18.0 |
|  JD Sports Fashion PLC | (301776) | (337214) | 29.5 |
|  Land Securities Group PLC | (74512) | (487225) | 42.6 |
|  Linde PLC | (58) | (17246) | 1.5 |
|  Marks & Spencer Group PLC | (46632) | (56475) | 4.9 |
|  Mondi PLC | (957) | (16057) | 1.4 |
|  Next PLC | (5460) | (308379) | 27.0 |
|  Persimmon PLC | (26290) | (393400) | 34.4 |
|  Prudential PLC | (1758) | (16331) | 1.4 |
|  Rio Tinto PLC | (87) | (4547) | 0.4 |
|  Royal Mail PLC | (17297) | (40015) | 3.5 |
|  Smith & Nephew PLC | (1058) | (12502) | 1.1 |
|  Standard Life Aberdeen PLC | (23967) | (43672) | 3.8 |
|  Taylor Wimpey PLC | (217027) | (233332) | 20.4 |
|  UNITE Group PLC | (13063) | (133438) | 11.7 |
|  Vodafone Group PLC | (1233524) | (1440018) | 126.0 |
|  Weir Group PLC | (3346) | (58300) | 5.1 |
|  Whitbread PLC | (18081) | (532162) | 46.6 |
|  Wise PLC, Class A | (75841) | (577665) | 50.5 |
|  |  | (9718162) |  |
| **United States** |  |  |  |
|  Acadia Healthcare Co., Inc. | (3764) | (306013) | 26.8 |
|  AES Corp. | (6073) | (158870) | 13.9 |
|  Affiliated Managers Group, Inc. | (1439) | (178666) | 15.6 |
|  Aflac, Inc. | (2066) | (134517) | 11.8 |
|  AGCO Corp. | (2325) | (288695) | 25.3 |
|  Agree Realty Corp. | (3767) | (258793) | 22.6 |
|  Air Products & Chemicals, Inc. | (37) | (9265) | 0.8 |
|  Airbnb, Inc., Class A | (8628) | (922420) | 80.7 |
|  Alexandria Real Estate Equities, Inc. | (1597) | (232044) | 20.3 |
|  Alight, Inc., Class A | (1656) | (13728) | 1.2 |
|  Amdocs Ltd. | (4475) | (386237) | 33.8 |
|  AMERCO | (85) | (48891) | 4.3 |
|  Ameren Corp. | (4604) | (375318) | 32.8 |
|  American Electric Power Co., Inc. | (9938) | (873749) | 76.4 |
|  AMETEK, Inc. | (1128) | (146256) | 12.8 |
|  Amgen, Inc. | (370) | (100030) | 8.8 |
|  Amkor Technology, Inc. | (8782) | (182578) | 16.0 |
|  Apartment Income REIT Corp. | (14839) | (570263) | 49.9 |
|  Apellis Pharmaceuticals, Inc. | (1725) | (104345) | 9.1 |
|  Apollo Global Management, Inc. | (14564) | (806263) | 70.5 |
|  Appian Corp., Class A | (2297) | (112140) | 9.8 |
|  AppLovin Corp., Class A | (5460) | (92602) | 8.1 |
|  Aramark | (7933) | (289555) | 25.3 |
|  Archer-Daniels-Midland Co. | (3740) | (362705) | 31.7 |
|  Arista Networks, Inc. | (6226) | (752474) | 65.8 |
|  Arrowhead Pharmaceuticals, Inc. | (1077) | (37490) | 3.3 |
|  Asana, Inc., Class A | (10588) | (218113) | 19.1 |
|  Aspen Technology, Inc. | (473) | (114206) | 10.0 |
|  Assurant, Inc. | (563) | (76489) | 6.7 |
|  ATI, Inc. | (1297) | (38599) | 3.4 |
|  Atkore, Inc. | (198) | (18869) | 1.7 |
|  Atmos Energy Corp. | (6344) | (675953) | 59.1 |
|  Beacon Roofing Supply, Inc. | (3484) | (196323) | 17.2 |
|  Beam Therapeutics, Inc. | (1574) | (69350) | 6.1 |
|  Bentley Systems, Inc., Class B | (4380) | (154526) | 13.5 |
|  Berkshire Hathaway, Inc., Class B | (792) | (233711) | 20.4 |

---

S C H E D U L E O F I N V E S T M E N T S 49

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Global Equity Market Neutral Fund** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
|  Blue Owl Capital, Inc. | (19593) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(196322) | 17.2% |
|  Bright Horizons Family Solutions, Inc. | (1659) | (108366) | 9.5 |
|  Broadcom, Inc. | (2028) | (953403) | 83.4 |
|  Brown & Brown, Inc. | (11) | (647) | 0.1 |
|  Brunswick Corp. | (4838) | (341901) | 29.9 |
|  Bumble, Inc., Class A | (1819) | (46203) | 4 |
|  Bunge Ltd. | (427) | (42145) | 3.7 |
|  Burlington Stores, Inc. | (3262) | (466336) | 40.8 |
|  BWX Technologies, Inc. | (2659) | (151510) | 13.3 |
|  Cable One, Inc. | (178) | (152979) | 13.4 |
|  Cabot Corp. | (7147) | (525162) | 45.9 |
|  Cactus, Inc., Class A | (750) | (38790) | 3.4 |
|  Cadence Bank | (3572) | (98766) | 8.6 |
|  Cadence Design Systems, Inc. | (588) | (89017) | 7.8 |
|  Caesars Entertainment, Inc. | (6617) | (289361) | 25.3 |
|  Calix, Inc. | (1771) | (130416) | 11.4 |
|  Camden Property Trust | (5552) | (641534) | 56.1 |
|  CarMax, Inc. | (1967) | (123941) | 10.8 |
|  Carnival Corp. | (23074) | (209050) | 18.3 |
|  Celanese Corp. | (4370) | (420044) | 36.8 |
|  Celsius Holdings, Inc. | (1616) | (147185) | 12.9 |
|  CenterPoint Energy, Inc. | (4586) | (131205) | 11.5 |
|  ChampionX Corp. | (6349) | (181708) | 15.9 |
|  Charles Schwab Corp. | (2612) | (208098) | 18.2 |
|  Charter Communications, Inc., Class A | (1482) | (544813) | 47.7 |
|  Chemours Co. | (7919) | (226721) | 19.8 |
|  Choice Hotels International, Inc. | (129) | (16749) | 1.5 |
|  Churchill Downs, Inc. | (688) | (143042) | 12.5 |
|  Citizens Financial Group, Inc. | (436) | (17832) | 1.6 |
|  Civitas Resources, Inc. | (2438) | (170441) | 14.9 |
|  Clean Harbors, Inc. | (2997) | (367013) | 32.1 |
|  Cleveland-Cliffs, Inc. | (59902) | (778127) | 68.1 |
|  Cloudflare, Inc., Class A | (7776) | (437944) | 38.3 |
|  Columbia Sportswear Co. | (184) | (13708) | 1.2 |
|  Commerce Bancshares, Inc. | (3247) | (230017) | 20.1 |
|  Concentrix Corp. | (1421) | (173689) | 15.2 |
|  Confluent, Inc., Class A | (4724) | (126981) | 11.1 |
|  Constellation Energy Corp. | (1651) | (156086) | 13.7 |
|  Corteva, Inc. | (2466) | (161128) | 14.1 |
|  Coty, Inc., Class A | (173431) | (1163722) | 101.8 |
|  Coupa Software, Inc. | (3321) | (176777) | 15.5 |
|  Cousins Properties, Inc. | (23250) | (552420) | 48.3 |
|  Crane Holdings Co. | (3594) | (360622) | 31.6 |
|  Cullen/Frost Bankers, Inc. | (1040) | (161252) | 14.1 |
|  Cummins, Inc. | (1831) | (447698) | 39.2 |
|  Curtiss-Wright Corp. | (3083) | (517420) | 45.3 |
|  CVB Financial Corp. | (4183) | (120136) | 10.5 |
|  Cytokinetics, Inc. | (269) | (11745) | 1 |
|  Darling Ingredients, Inc. | (2796) | (219430) | 19.2 |
|  Datadog, Inc., Class A | (504) | (40577) | 3.6 |
|  DaVita, Inc. | (2602) | (189972) | 16.6 |
|  Delta Air Lines, Inc. | (2628) | (89168) | 7.8 |
|  Denbury, Inc. | (3266) | (298545) | 26.1 |
|  DENTSPLY SIRONA, Inc. | (14539) | (448092) | 39.2 |
|  DISH Network Corp., Class A | (10541) | (157166) | 13.8 |
|  Dollar General Corp. | (5787) | (1475974) | 129.1 |
|  DoubleVerify Holdings, Inc. | (2877) | (84095) | 7.4 |
|  Douglas Emmett, Inc. | (19369) | (340701) | 29.8 |
|  Dover Corp. | (756) | (98802) | 8.6 |
|  Dr. Horton, Inc. | (7873) | (605276) | 53 |
|  DraftKings, Inc., Class A | (894) | (14125) | 1.2 |
|  Duke Energy Corp. | (27363) | (2549684) | 223.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
|  Duolingo, Inc. | (808) | $(66127) | 5.8% |
|  DXC Technology Co. | (1675) | (48156) | 4.2 |
|  East West Bancorp, Inc. | (5885) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(421189) | 36.9 |
|  Electronic Arts, Inc. | (1067) | (134399) | 11.8 |
|  EMCOR Group, Inc. | (6241) | (880605) | 77.0 |
|  Encompass Health Corp. | (4869) | (265068) | 23.2 |
|  Endeavor Group Holdings, Inc., Class A | (8947) | (195402) | 17.1 |
|  Enovis Corp. | (3619) | (178960) | 15.7 |
|  Enphase Energy, Inc. | (2812) | (863284) | 75.5 |
|  Ensign Group, Inc. | (371) | (33308) | 2.9 |
|  Entegris, Inc. | (352) | (27928) | 2.4 |
|  Envista Holdings Corp. | (3380) | (111574) | 9.8 |
|  EPAM Systems, Inc. | (94) | (32900) | 2.9 |
|  Equitable Holdings, Inc. | (18226) | (558080) | 48.8 |
|  Etsy, Inc. | (3685) | (346058) | 30.3 |
|  Euronet Worldwide, Inc. | (350) | (29404) | 2.6 |
|  Evercore, Inc., Class A | (3516) | (369532) | 32.3 |
|  Evergy, Inc. | (3728) | (227893) | 19.9 |
|  Evoqua Water Technologies Corp. | (6059) | (237392) | 20.8 |
|  Exelon Corp. | (3458) | (133444) | 11.7 |
|  ExlService Holdings, Inc. | (890) | (161847) | 14.2 |
|  Extra Space Storage, Inc. | (1520) | (269709) | 23.6 |
|  Federal Realty OP LP | (1351) | (133722) | 11.7 |
|  Fidelity National Information Services, Inc. | (989) | (82077) | 7.2 |
|  Fifth Third Bancorp | (2822) | (100717) | 8.8 |
|  First Citizens BancShares, Inc., Class A | (361) | (296785) | 26.0 |
|  First Republic Bank | (1175) | (141118) | 12.3 |
|  FirstEnergy Corp. | (13037) | (491625) | 43.0 |
|  Fiserv, Inc. | (5068) | (520686) | 45.6 |
|  Five Below, Inc. | (4026) | (589205) | 51.6 |
|  Five9, Inc. | (509) | (30672) | 2.7 |
|  Floor & Decor Holdings, Inc., Class A | (3013) | (221064) | 19.3 |
|  Flowserve Corp. | (5014) | (143802) | 12.6 |
|  FNB Corp. | (44924) | (649152) | 56.8 |
|  Ford Motor Co. | (4355) | (58226) | 5.1 |
|  Fortinet, Inc. | (4435) | (253505) | 22.2 |
|  Fortive Corp. | (5492) | (350939) | 30.7 |
|  Franklin Resources, Inc. | (39899) | (935632) | 81.9 |
|  Frontier Communications Parent, Inc. | (970) | (22717) | 2.0 |
|  FTI Consulting, Inc. | (1535) | (238892) | 20.9 |
|  General Mills, Inc. | (8177) | (667080) | 58.4 |
|  General Motors Co. | (823) | (32303) | 2.8 |
|  Genuine Parts Co. | (973) | (173058) | 15.1 |
|  Global Payments, Inc. | (4446) | (508000) | 44.4 |
|  GoDaddy, Inc., Class A | (4076) | (327710) | 28.7 |
|  Goldman Sachs Group, Inc. | (4237) | (1459689) | 127.7 |
|  Graco, Inc. | (6806) | (473561) | 41.4 |
|  GXO Logistics, Inc. | (2546) | (93031) | 8.1 |
|  Haemonetics Corp. | (661) | (56152) | 4.9 |
|  Hancock Whitney Corp. | (4116) | (229961) | 20.1 |
|  Hanesbrands, Inc. | (10639) | (72558) | 6.3 |
|  Hasbro, Inc. | (1802) | (117581) | 10.3 |
|  HCA Healthcare, Inc. | (974) | (211816) | 18.5 |
|  Healthcare Realty Trust, Inc. | (14095) | (286551) | 25.1 |
|  HealthEquity, Inc. | (1711) | (133304) | 11.7 |
|  Helmerich & Payne, Inc. | (823) | (40747) | 3.6 |
|  Hershey Co. | (1352) | (322817) | 28.2 |
|  Hilton Grand Vacations, Inc. | (13915) | (546025) | 47.8 |
|  Hologic, Inc. | (7699) | (521992) | 45.7 |
|  Home BancShares, Inc. | (8178) | (208457) | 18.2 |
|  Houlihan Lokey, Inc. | (2107) | (188197) | 16.5 |
|  Hubbell, Inc. | (4554) | (1081484) | 94.6 |

---

50 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Global Equity Market Neutral Fund** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
|  Huntington Bancshares, Inc. | (33913) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(514799) | 45.0% |
|  IAA, Inc. | (4760) | (231717) | 20.3 |
|  IAA, Inc. | (9596) | (363976) | 31.8 |
|  IDEX Corp. | (1786) | (397046) | 34.7 |
|  Independence Realty Trust, Inc. | (22142) | (371100) | 32.5 |
|  Ingersoll Rand, Inc. | (10115) | (510808) | 44.7 |
|  Ingredion, Inc. | (3299) | (294007) | 25.7 |
|  Inspire Medical Systems, Inc. | (176) | (34311) | 3.0 |
|  Intellia Therapeutics, Inc. | (1109) | (58533) | 5.1 |
|  Interactive Brokers Group, Inc., Class A | (2990) | (239649) | 21.0 |
|  Interpublic Group of Cos., Inc. | (2078) | (61904) | 5.4 |
|  Intra-Cellular Therapies, Inc. | (6522) | (297860) | 26.1 |
|  iRhythm Technologies, Inc. | (2864) | (365131) | 31.9 |
|  ITT, Inc. | (4227) | (322901) | 28.3 |
|  J2 Global, Inc. | (1973) | (152690) | 13.4 |
|  JPMorgan Chase & Co. | (3208) | (403823) | 35.3 |
|  Karuna Therapeutics, Inc. | (750) | (164505) | 14.4 |
|  Keurig Dr Pepper, Inc. | (115451) | (4484117) | 392.3 |
|  Kimco Realty Corp. | (5372) | (114853) | 10.1 |
|  Kirby Corp. | (4196) | (292671) | 25.6 |
|  Kite Realty Group Trust | (31947) | (627439) | 54.9 |
|  Lancaster Colony Corp. | (1000) | (180280) | 15.8 |
|  Lantheus Holdings, Inc. | (5031) | (372244) | 32.6 |
|  Las Vegas Sands Corp. | (15243) | (579386) | 50.7 |
|  Leggett & Platt, Inc. | (12455) | (420356) | 36.8 |
|  Lincoln Electric Holdings, Inc. | (1545) | (219390) | 19.2 |
|  Littelfuse, Inc. | (530) | (116733) | 10.2 |
|  LKQ Corp. | (5750) | (319930) | 28.0 |
|  Loews Corp. | (8632) | (492197) | 43.1 |
|  LPL Financial Holdings, Inc. | (1297) | (331578) | 29.0 |
|  Lyft, Inc., Class A | (7321) | (107179) | 9.4 |
|  Magnolia Oil & Gas Corp., Class A | (11059) | (283995) | 24.8 |
|  Maravai LifeSciences Holdings, Inc., Class A | (3098) | (51427) | 4.5 |
|  Marqeta, Inc., Class A | (7135) | (56224) | 4.9 |
|  MasTec, Inc. | (2604) | (200716) | 17.6 |
|  Maximus, Inc. | (5456) | (336472) | 29.4 |
|  McDonald's Corp. | (806) | (219764) | 19.2 |
|  MDU Resources Group, Inc. | (4354) | (124002) | 10.9 |
|  Medpace Holdings, Inc. | (2878) | (638858) | 55.9 |
|  Micron Technology, Inc. | (27183) | (1470600) | 128.7 |
|  Middleby Corp. | (969) | (135524) | 11.9 |
|  Mirati Therapeutics, Inc. | (4078) | (274531) | 24.0 |
|  Molina Healthcare, Inc. | (903) | (324051) | 28.4 |
|  Monster Beverage Corp. | (749) | (70196) | 6.1 |
|  Morgan Stanley | (6110) | (502059) | 43.9 |
|  Mosaic Co. | (6250) | (335938) | 29.4 |
|  Motorola Solutions, Inc. | (1940) | (484437) | 42.4 |
|  Murphy USA, Inc. | (1548) | (486862) | 42.6 |
|  Nasdaq, Inc. | (2697) | (167861) | 14.7 |
|  Natera, Inc. | (1031) | (48416) | 4.2 |
|  National Instruments Corp. | (2686) | (102551) | 9.0 |
|  nCino, Inc. | (12990) | (408925) | 35.8 |
|  NCR Corp. | (1062) | (22578) | 2.0 |
|  Netflix, Inc. | (2677) | (781363) | 68.4 |
|  New Fortress Energy, Inc. | (11327) | (623778) | 54.6 |
|  Nexstar Broadcasting Group, Inc. | (1462) | (250441) | 21.9 |
|  NextEra Energy, Inc. | (17198) | (1332845) | 116.6 |
|  NIKE, Inc. | (1408) | (130493) | 11.4 |
|  NiSource, Inc. | (3775) | (96980) | 8.5 |
|  Nordson Corp. | (883) | (198675) | 17.4 |
|  Norfolk Southern Corp. | (742) | (169228) | 14.8 |
|  NortonLifeLock, Inc. | (7868) | (177266) | 15.5 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
|  Norwegian Cruise Line Holdings Ltd. | (15111) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(255225) | 22.3% |
|  NRG Energy, Inc. | (235) | (10434) | 0.9 |
|  nVent Electric PLC | (1798) | (65627) | 5.7 |
|  OGE Energy Corp. | (13752) | (503736) | 44.1 |
|  Old Republic International Corp. | (12588) | (292167) | 25.6 |
|  Olin Corp. | (6890) | (364826) | 31.9 |
|  Omnicell, Inc. | (1722) | (133145) | 11.7 |
|  Omnicom Group, Inc. | (301) | (21898) | 1.9 |
|  ON Semiconductor Corp. | (286) | (17569) | 1.5 |
|  ONE Gas, Inc. | (2314) | (179289) | 15.7 |
|  OneMain Holdings, Inc. | (1607) | (61966) | 5.4 |
|  ONEOK, Inc. | (4786) | (283906) | 24.8 |
|  Onto Innovation, Inc. | (5827) | (389477) | 34.1 |
|  Option Care Health, Inc. | (1746) | (52834) | 4.6 |
|  Oracle Corp. | (20992) | (1638845) | 143.4 |
|  Organon & Co. | (9334) | (244364) | 21.4 |
|  Packaging Corp. of America | (2754) | (331058) | 29.0 |
|  Palantir Technologies, Inc., Class A | (22772) | (200166) | 17.5 |
|  Parker-Hannifin Corp. | (2446) | (710857) | 62.2 |
|  Paycom Software, Inc. | (950) | (328700) | 28.8 |
|  Peloton Interactive, Inc., Class A | (6196) | (52046) | 4.6 |
|  Performance Food Group Co. | (14624) | (761033) | 66.6 |
|  PerkinElmer, Inc. | (2068) | (276243) | 24.2 |
|  Pfizer, Inc. | (9505) | (442458) | 38.7 |
|  PG&E Corp. | (73338) | (1094936) | 95.8 |
|  Phillips 66 | (981) | (102309) | 9.0 |
|  Phillips Edison & Co., Inc. | (1632) | (49188) | 4.3 |
|  Pilgrim's Pride Corp. | (927) | (21367) | 1.9 |
|  Pinnacle Financial Partners, Inc. | (1150) | (95439) | 8.4 |
|  Pinterest, Inc., Class A | (12510) | (307746) | 26.9 |
|  Plug Power, Inc. | (16336) | (261049) | 22.8 |
|  Polaris, Inc. | (466) | (47346) | 4.1 |
|  Privia Health Group, Inc. | (3387) | (113397) | 9.9 |
|  Procore Technologies, Inc. | (1166) | (63734) | 5.6 |
|  Procter & Gamble Co. | (942) | (126859) | 11.1 |
|  Progyny, Inc. | (471) | (20945) | 1.8 |
|  PTC Therapeutics, Inc. | (500) | (18910) | 1.7 |
|  PTC, Inc. | (704) | (82952) | 7.3 |
|  Public Storage | (3898) | (1207406) | 105.6 |
|  QUALCOMM, Inc. | (575) | (67655) | 5.9 |
|  Qualtrics International, Inc., Class A | (15493) | (185451) | 16.2 |
|  Quanta Services, Inc. | (3933) | (558643) | 48.9 |
|  R1 RCM, Inc. | (1973) | (34843) | 3.0 |
|  Raymond James Financial, Inc. | (2200) | (259908) | 22.7 |
|  Rayonier, Inc. | (3446) | (116130) | 10.2 |
|  RBC Bearings, Inc. | (1460) | (370154) | 32.4 |
|  Realty Income Corp. | (775) | (48259) | 4.2 |
|  Red Rock Resorts, Inc., Class A | (556) | (23157) | 2.0 |
|  Regal Beloit Corp. | (1060) | (134132) | 11.7 |
|  Regeneron Pharmaceuticals, Inc. | (1073) | (803409) | 70.3 |
|  Regions Financial Corp. | (9509) | (208723) | 18.3 |
|  Republic Services, Inc. | (2991) | (396666) | 34.7 |
|  RH | (1463) | (371500) | 32.5 |
|  Rivian Automotive, Inc., Class A | (1024) | (35809) | 3.1 |
|  Rockwell Automation, Inc. | (148) | (37784) | 3.3 |
|  Rollins, Inc. | (1394) | (58660) | 5.1 |
|  Roper Industries, Inc. | (1033) | (428220) | 37.5 |
|  Ross Stores, Inc. | (5101) | (488115) | 42.7 |
|  RPM International, Inc. | (8826) | (834675) | 73.0 |
|  Ryman Hospitality Properties, Inc. | (221) | (19651) | 1.7 |
|  Sarepta Therapeutics, Inc. | (570) | (64991) | 5.7 |
|  Scientific Games Corp. | (6727) | (377654) | 33.0 |

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S C H E D U L E O F I N V E S T M E N T S 51

------

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| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Global Equity Market Neutral Fund** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
|  Seagate Technology Holdings PLC | (2676) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(132890) | 11.6% |
|  SEI Investments Co. | (16787) | (911534) | 79.8 |
|  Selective Insurance Group, Inc. | (3889) | (381433) | 33.4 |
|  Sensata Technologies Holding PLC | (9872) | (396953) | 34.7 |
|  SentinelOne, Inc., Class A | (695) | (15874) | 1.4 |
|  Shoals Technologies Group, Inc., Class A | (3945) | (91169) | 8.0 |
|  Shockwave Medical, Inc. | (346) | (101430) | 8.9 |
|  Signature Bank | (348) | (55168) | 4.8 |
|  Skechers U.S.A., Inc., Class A | (27078) | (932296) | 81.6 |
|  Skyworks Solutions, Inc. | (7336) | (630969) | 55.2 |
|  SLM Corp. | (5877) | (97499) | 8.5 |
|  Smartsheet, Inc., Class A | (173) | (6041) | 0.5 |
|  Sonoco Products Co. | (4665) | (289603) | 25.3 |
|  South State Corp. | (2351) | (212601) | 18.6 |
|  Southern Co. | (4786) | (313387) | 27.4 |
|  Southwest Gas Holdings, Inc. | (7520) | (549486) | 48.1 |
|  Spire, Inc. | (717) | (50054) | 4.4 |
|  Spirit AeroSystems Holdings, Inc., Class A | (2918) | (67581) | 5.9 |
|  Spirit Realty Capital, Inc. | (1607) | (62400) | 5.5 |
|  SS&C Technologies Holdings, Inc. | (6402) | (329191) | 28.8 |
|  STAG Industrial, Inc. | (24735) | (781379) | 68.4 |
|  Stanley Black & Decker, Inc. | (5476) | (429811) | 37.6 |
|  Starbucks Corp. | (273) | (23639) | 2.1 |
|  State Street Corp. | (3833) | (283642) | 24.8 |
|  Steel Dynamics, Inc. | (3623) | (340743) | 29.8 |
|  STERIS PLC | (1784) | (307883) | 26.9 |
|  Stryker Corp. | (467) | (107055) | 9.4 |
|  Synopsys, Inc. | (853) | (249545) | 21.8 |
|  Synovus Financial Corp. | (924) | (36821) | 3.2 |
|  T Rowe Price Group, Inc. | (3082) | (327185) | 28.6 |
|  Target Corp. | (1100) | (180675) | 15.8 |
|  Teledyne Technologies, Inc. | (136) | (54125) | 4.7 |
|  Tenet Healthcare Corp. | (1752) | (77719) | 6.8 |
|  Teradata Corp. | (535) | (16901) | 1.5 |
|  Terreno Realty Corp. | (5056) | (288900) | 25.3 |
|  T-Mobile U.S., Inc. | (7127) | (1080168) | 94.5 |
|  Toast, Inc., Class A | (13304) | (293885) | 25.7 |
|  Toro Co. | (762) | (80338) | 7.0 |
|  Trade Desk, Inc., Class A | (1190) | (63356) | 5.5 |
|  TransUnion | (1367) | (81022) | 7.1 |
|  Travelers Cos., Inc. | (1401) | (258428) | 22.6 |
|  Trimble, Inc. | (10325) | (621152) | 54.3 |
|  Twilio, Inc., Class A | (7212) | (536356) | 46.9 |
|  UFP Industries, Inc. | (1082) | (77071) | 6.7 |
|  UGI Corp. | (8303) | (293345) | 25.7 |
|  UiPath, Inc., Class A | (22826) | (288749) | 25.3 |
|  United Bankshares, Inc. | (22194) | (939916) | 82.2 |
|  Universal Health Services, Inc., Class B | (3933) | (455717) | 39.9 |
|  Valley National Bancorp | (20161) | (239311) | 20.9 |
|  Valmont Industries, Inc. | (454) | (144926) | 12.7 |
|  Verisk Analytics, Inc. | (1880) | (343720) | 30.1 |
|  Verizon Communications, Inc. | (2605) | (97349) | 8.5 |
|  Vertiv Holdings Co. | (12745) | (182381) | 16.0 |
|  Vontier Corp. | (1566) | (29911) | 2.6 |
|  Vulcan Materials Co. | (2962) | (484879) | 42.4 |
|  Warner Music Group Corp., Class A | (6181) | (160830) | 14.1 |
|  Waste Connections, Inc. | (2231) | (294291) | 25.7 |
|  Waste Management, Inc. | (1169) | (185135) | 16.2 |
|  Webster Financial Corp. | (489) | (26533) | 2.3 |
|  WEC Energy Group, Inc. | (5370) | (490442) | 42.9 |
|  Wendy's Co. | (8403) | (174614) | 15.3 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of*<br> *Basket*<br> *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
|  Western Alliance Bancorp | (1977) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(132795) | 11.6% |
|  Westinghouse Air Brake Technologies Corp. | (2928) | (273124) | 23.9 |
|  Westlake Chemical Corp. | (3660) | (353739) | 31.0 |
|  Wolfspeed, Inc. | (1526) | (120173) | 10.5 |
|  Workiva, Inc. | (957) | (74464) | 6.5 |
|  WW Grainger, Inc. | (727) | (424822) | 37.2 |
|  Wynn Resorts Ltd. | (2440) | (155916) | 13.6 |
|  XPO Logistics, Inc. | (11400) | (589836) | 51.6 |
|  YETI Holdings, Inc. | (516) | (16553) | 1.4 |
|  Zebra Technologies Corp., Class A | (977) | (276706) | 24.2 |
|  Zimmer Biomet Holdings, Inc. | (11411) | (1293437) | 113.2 |
|  Zoom Video Communications, Inc., Class A | (3041) | (253741) | 22.2 |
|  ZoomInfo Technologies, Inc. | (1945) | (86611) | 7.6 |
|  Zurn Elkay Water Solutions Corp. | (10449) | (245447) | 21.5 |
|  |  | (109987275) |  |
|  **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** |
|  **Germany** | **Germany** | **Germany** | **Germany** |
|  Porsche Automobil Holding SE | (5064) | (282937) | 24.8 |
|  **Total Reference Entity — Short** | **Total Reference Entity — Short** | (202946048) |  |
|  **Net Value of Reference Entity — Bank of America N.A** | **Net Value of Reference Entity — Bank of America N.A** | $(1142933) |  |

---

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 December 12, 2022 and December 19, 2022:

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
|  **Reference Entity — Long** | **Reference Entity — Long** | **Reference Entity — Long** | **Reference Entity — Long** |
| **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Argentina** | **Argentina** | **Argentina** | **Argentina** |
|  MercadoLibre, Inc. | 10 | $9016 | (2.8)% |
| **Australia** | **Australia** | **Australia** | **Australia** |
|  AGL Energy Ltd. | 51957 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226366 | (70.4) |
|  Allkem Ltd. | 1471 | 13592 | (4.2) |
|  Alumina Ltd. | 624148 | 539418 | (167.7) |
|  Aristocrat Leisure Ltd. | 38844 | 921999 | (286.6) |
|  ASX Ltd. | 1310 | 56760 | (17.6) |
|  Australia & New Zealand Banking Group Ltd. | 5000 | 81919 | (25.5) |
|  Bank of Queensland Ltd. | 14355 | 67602 | (21.0) |
|  Bendigo & Adelaide Bank Ltd. | 3087 | 17820 | (5.5) |
|  Boral Ltd. | 94339 | 173827 | (54.0) |
|  carsales.com Ltd. | 7837 | 101519 | (31.5) |
|  Challenger Ltd. | 7936 | 35659 | (11.1) |
|  Commonwealth Bank of Australia | 13653 | 915389 | (284.5) |
|  Computershare Ltd. | 9876 | 159873 | (49.7) |
|  CSR Ltd. | 137055 | 405994 | (126.2) |
|  Deterra Royalties Ltd. | 64344 | 168835 | (52.5) |
|  Domain Holdings Australia Ltd. | 78226 | 166713 | (51.8) |
|  Domino's Pizza Enterprises Ltd. | 2479 | 101078 | (31.4) |
|  Flight Centre Travel Group Ltd. | 76745 | 816823 | (253.9) |
|  Goodman Group | 4998 | 54382 | (16.9) |
|  GPT Group | 51209 | 141519 | (44.0) |
|  Harvey Norman Holdings Ltd. | 81719 | 217396 | (67.6) |
|  IGO Ltd. | 32137 | 314298 | (97.7) |
|  Iluka Resources Ltd. | 51293 | 284190 | (88.3) |
|  Insignia Financial Ltd. | 121170 | 244267 | (75.9) |
|  Magellan Financial Group Ltd. | 3716 | 23562 | (7.3) |

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52 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Global Equity Market Neutral Fund** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **Australia (continued)** | **Australia (continued)** | **Australia (continued)** | **Australia (continued)** |
|  Medibank Pvt Ltd. | 123943 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223180 | (69.4)% |
|  Metcash Ltd. | 186359 | 489216 | (152.0) |
|  Mineral Resources Ltd. | 2483 | 116407 | (36.2) |
|  Mirvac Group | 36250 | 48030 | (14.9) |
|  National Australia Bank Ltd. | 639 | 13273 | (4.1) |
|  Orora Ltd. | 41238 | 80023 | (24.9) |
|  OZ Minerals Ltd. | 1067 | 16521 | (5.1) |
|  Perpetual Ltd. | 21135 | 336790 | (104.7) |
|  Pilbara Minerals Ltd. | 64165 | 208552 | (64.8) |
|  Platinum Asset Management Ltd. | 191023 | 218691 | (68.0) |
|  Pro Medicus Ltd. | 5202 | 185334 | (57.6) |
|  REA Group Ltd. | 1450 | 112384 | (34.9) |
|  Scentre Group | 79771 | 148456 | (46.1) |
|  SEEK Ltd. | 16620 | 228789 | (71.1) |
|  Shopping Centres Australasia Property Group | 14712 | 25624 | (8.0) |
|  South32 Ltd. | 143826 | 329975 | (102.6) |
|  Star Entertainment Group Ltd. | 74807 | 140722 | (43.7) |
|  Steadfast Group Ltd. | 56473 | 182958 | (56.9) |
|  Stockland | 61779 | 142345 | (44.2) |
|  Telstra Group Ltd. | 76632 | 192149 | (59.7) |
|  Treasury Wine Estates Ltd. | 7489 | 62060 | (19.3) |
|  Westpac Banking Corp. | 27727 | 428132 | (133.1) |
|  WiseTech Global Ltd. | 4411 | 163132 | (50.7) |
|  |  | 10343543 |  |
| **Austria** | **Austria** | **Austria** | **Austria** |
|  Andritz AG | 6734 | 312973 | (97.3) |
|  Erste Group Bank AG | 6726 | 165762 | (51.5) |
|  Raiffeisen Bank International AG | 6644 | 92400 | (28.7) |
|  Verbund AG | 219 | 17155 | (5.4) |
|  |  | 588290 |  |
| **Belgium** | **Belgium** | **Belgium** | **Belgium** |
|  Ackermans & van Haaren NV | 690 | 96132 | (29.9) |
|  Anheuser-Busch InBev SA | 2378 | 118948 | (36.9) |
|  Etablissements Franz Colruyt NV | 9807 | 236389 | (73.5) |
|  Solvay SA | 2238 | 201959 | (62.8) |
|  Umicore SA | 874 | 28812 | (8.9) |
|  Warehouses De Pauw CVA | 10779 | 276653 | (86.0) |
|  |  | 958893 |  |
| **Bermuda** | **Bermuda** | **Bermuda** | **Bermuda** |
|  Axis Capital Holdings Ltd. | 18766 | 1025937 | (318.8) |
|  Hiscox Ltd. | 36258 | 373520 | (116.1) |
|  RenaissanceRe Holdings Ltd. | 4085 | 631868 | (196.4) |
|  Triton International Ltd. | 2873 | 174362 | (54.2) |
|  |  | 2205687 |  |
| **Canada** | **Canada** | **Canada** | **Canada** |
|  Air Canada | 4259 | 61305 | (19.1) |
|  Alamos Gold, Inc., Class A | 69169 | 545797 | (169.6) |
|  Algonquin Power & Utilities Corp. | 7238 | 80118 | (24.9) |
|  ARC Resources Ltd. | 12551 | 176701 | (54.9) |
|  Bank of Montreal | 362 | 33345 | (10.4) |
|  Bank of Nova Scotia | 12894 | 623239 | (193.7) |
|  Baytex Energy Corp. | 29520 | 160346 | (49.8) |
|  BCE, Inc. | 537 | 24222 | (7.5) |
|  Bombardier, Inc., Class B | 1424 | 41821 | (13.0) |
|  Boralex, Inc., Class A | 4740 | 134405 | (41.8) |
|  Brookfield Infrastructure Corp., Class A | 6506 | 280708 | (87.3) |
|  BRP, Inc. | 2102 | 140545 | (43.7) |
|  CAE, Inc. | 7301 | 139337 | (43.3) |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **Canada (continued)** | **Canada (continued)** | **Canada (continued)** | **Canada (continued)** |
|  Canada Goose Holdings, Inc. | 11732 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191936 | (59.7)% |
|  Canadian Imperial Bank of Commerce | 16658 | 756509 | (235.1) |
|  Canadian Tire Corp. Ltd., Class A | 2504 | 280644 | (87.2) |
|  Canadian Utilities Ltd., Class A | 14230 | 378638 | (117.7) |
|  Capital Power Corp. | 2656 | 88901 | (27.6) |
|  Cargojet, Inc. | 3114 | 303548 | (94.3) |
|  CGI, Inc. | 11339 | 913379 | (283.9) |
|  CI Financial Corp. | 10730 | 107430 | (33.4) |
|  Colliers International Group, Inc. | 382 | 35852 | (11.1) |
|  Crescent Point Energy Corp. | 42270 | 330440 | (102.7) |
|  Descartes Systems Group, Inc. | 5857 | 404124 | (125.6) |
|  Emera, Inc. | 11052 | 409598 | (127.3) |
|  Enerplus Corp. | 23862 | 413712 | (128.6) |
|  First Capital Real Estate Investment Trust | 1688 | 19639 | (6.1) |
|  First Majestic Silver Corp. | 23682 | 199211 | (61.9) |
|  First Quantum Minerals Ltd. | 5265 | 92867 | (28.9) |
|  FirstService Corp. | 1420 | 177517 | (55.2) |
|  George Weston Ltd. | 1468 | 161579 | (50.2) |
|  GFL Environmental, Inc. | 5942 | 160375 | (49.9) |
|  Gibson Energy, Inc. | 7457 | 127262 | (39.6) |
|  Great-West Lifeco, Inc. | 13596 | 314763 | (97.8) |
|  Hydro One Ltd. | 9999 | 250718 | (77.9) |
|  IGM Financial, Inc. | 12221 | 327155 | (101.7) |
|  Imperial Oil Ltd. | 4052 | 220423 | (68.5) |
|  Ivanhoe Mines Ltd., Class A | 15001 | 104055 | (32.3) |
|  Keyera Corp. | 23563 | 505039 | (157.0) |
|  Kinaxis, Inc. | 3309 | 353185 | (109.8) |
|  Lithium Americas Corp. | 611 | 15204 | (4.7) |
|  Lululemon Athletica, Inc. | 2423 | 797264 | (247.8) |
|  Lundin Mining Corp. | 15682 | 82188 | (25.5) |
|  Methanex Corp. | 774 | 27015 | (8.4) |
|  NexGen Energy Ltd. | 40600 | 170464 | (53.0) |
|  Northland Power, Inc. | 8364 | 243366 | (75.6) |
|  NuVista Energy Ltd. | 5486 | 54403 | (16.9) |
|  Osisko Gold Royalties Ltd. | 38408 | 411892 | (128.0) |
|  Parex Resources, Inc. | 7109 | 108434 | (33.7) |
|  Royal Bank of Canada | 4233 | 391654 | (121.7) |
|  Stantec, Inc. | 8098 | 396236 | (123.2) |
|  TC Energy Corp. | 21956 | 964398 | (299.7) |
|  Teck Resources Ltd. | 28612 | 870951 | (270.7) |
|  TELUS Corp. | 17277 | 360796 | (112.1) |
|  Toronto-Dominion Bank | 8334 | 533374 | (165.8) |
|  Tourmaline Oil Corp. | 1937 | 109138 | (33.9) |
|  Wheaton Precious Metals Corp. | 18271 | 597745 | (185.8) |
|  Whitecap Resources, Inc. | 12190 | 94489 | (29.4) |
|  WSP Global, Inc. | 2170 | 266704 | (82.9) |
|  |  | 16566103 |  |
| **China** | **China** | **China** | **China** |
|  Budweiser Brewing Co. APAC Ltd. | 6800 | 14312 | (4.4) |
|  Chow Tai Fook Jewellery Group Ltd. | 15200 | 26024 | (8.1) |
|  NXP Semiconductors NV | 3867 | 564891 | (175.6) |
|  |  | 605227 |  |
| **Denmark** | **Denmark** | **Denmark** | **Denmark** |
|  AP Moller - Maersk A/S, Class A | 7 | 14005 | (4.4) |
|  Coloplast A/S, Class B | 4303 | 479656 | (149.1) |
|  Demant A/S | 1359 | 37110 | (11.5) |
|  DSV A/S | 2268 | 306471 | (95.3) |
|  Genmab A/S | 22 | 8475 | (2.6) |
|  GN Store Nord A/S | 5162 | 109699 | (34.1) |
|  H Lundbeck A/S | 64431 | 241081 | (74.9) |

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S C H E D U L E O F I N V E S T M E N T S 53

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| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Global Equity Market Neutral Fund** |

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---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **Denmark (continued)** |  |  |  |
|  Novo Nordisk A/S, Class B | 234 | $25443 | (7.9)% |
|  Novozymes A/S, B Shares | 1513 | 79418 | (24.7) |
|  SimCorp A/S | 2393 | 142888 | (44.4) |
|  Tryg A/S | 7368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159364 | (49.5) |
|  Vestas Wind Systems A/S | 2010 | 39624 | (12.3) |
|  |  | 1643234 |  |
| **Finland** | **Finland** | **Finland** | **Finland** |
|  Kone OYJ, Class B | 542 | 22193 | (6.9) |
|  Nokia OYJ | 167379 | 743818 | (231.2) |
|  Nokian Renkaat OYJ | 5607 | 63229 | (19.7) |
|  Outokumpu OYJ | 62721 | 251722 | (78.2) |
|  Stora Enso OYJ | 3743 | 48804 | (15.2) |
|  Valmet OYJ | 8495 | 193204 | (60.0) |
|  Wartsila OYJ Abp | 45927 | 313097 | (97.3) |
|  |  | 1636067 |  |
| **Germany** | **Germany** | **Germany** | **Germany** |
|  1&1 AG | 5272 | 69452 | (21.6) |
|  AIXTRON SE | 2135 | 52465 | (16.3) |
|  Bayerische Motoren Werke AG | 20673 | 1622662 | (504.3) |
|  Beiersdorf AG | 2948 | 282994 | (88.0) |
|  Commerzbank AG | 126794 | 1013046 | (314.9) |
|  Daimler Truck Holding AG | 10796 | 287957 | (89.5) |
|  Deutsche Bank AG | 237127 | 2260233 | (702.5) |
|  Deutsche Lufthansa AG, Registered Shares | 3124 | 21359 | (6.6) |
|  Deutsche Telekom AG, Registered Shares | 1105 | 20857 | (6.5) |
|  DWS Group GmbH & Co. KGaA | 1071 | 28956 | (9.0) |
|  E.ON SE | 130063 | 1089145 | (338.5) |
|  Encavis AG | 2951 | 54941 | (17.1) |
|  Evonik Industries AG | 6343 | 116849 | (36.3) |
|  Fraport AG Frankfurt Airport Services Worldwide | 20499 | 789747 | (245.5) |
|  Freenet AG | 14263 | 280356 | (87.1) |
|  HelloFresh SE | 4841 | 96767 | (30.1) |
|  Hochtief AG | 3473 | 184499 | (57.3) |
|  K&S AG, Registered Shares | 5360 | 118343 | (36.8) |
|  Knorr-Bremse AG | 2398 | 107960 | (33.6) |
|  LEG Immobilien SE | 2804 | 183060 | (56.9) |
|  Mercedes-Benz Group AG | 718 | 41559 | (12.9) |
|  Nemetschek SE | 2796 | 133305 | (41.4) |
|  Nordex SE | 27252 | 254047 | (79.0) |
|  ProSiebenSat.1 Media SE | 1961 | 13326 | (4.1) |
|  Puma SE | 1184 | 52346 | (16.3) |
|  Rational AG | 228 | 128524 | (39.9) |
|  Rheinmetall AG | 1174 | 190836 | (59.3) |
|  RWE AG | 4863 | 187202 | (58.2) |
|  Scout24 SE | 5595 | 286716 | (89.1) |
|  Siemens AG, Registered Shares | 5263 | 574767 | (178.6) |
|  Solarworld AG | 10 | 3 | (0.0) |
|  Talanx AG | 2332 | 87577 | (27.2) |
|  TeamViewer AG | 11376 | 109244 | (34.0) |
|  Traton SE | 6693 | 83466 | (25.9) |
|  Vantage Towers AG | 1221 | 34340 | (10.7) |
|  VERBIO Vereinigte BioEnergie AG | 1073 | 84523 | (26.3) |
|  Volkswagen AG | 381 | 65125 | (20.2) |
|  Wacker Chemie AG | 3648 | 424720 | (132.0) |
|  |  | 11433274 |  |
| **Hong Kong** | **Hong Kong** | **Hong Kong** | **Hong Kong** |
|  AIA Group Ltd. | 60200 | 456002 | (141.7) |
|  ASMPT Ltd. | 1600 | 8801 | (2.7) |
|  Bank of East Asia Ltd. | 21200 | 20318 | (6.3) |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **Hong Kong (continued)** |  |  |  |
|  Cafe de Coral Holdings Ltd. | 10000 | $11670 | (3.6)% |
|  Dah Sing Banking Group Ltd. | 114400 | 68212 | (21.2) |
|  Dah Sing Financial Holdings Ltd. | 86800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171760 | (53.4) |
|  DFI Retail Group Holdings Ltd. | 44900 | 100661 | (31.3) |
|  First Pacific Co. Ltd. | 146000 | 38662 | (12.0) |
|  Haitong International Securities Group Ltd. | 113300 | 8223 | (2.6) |
|  Hang Lung Group Ltd. | 40000 | 51883 | (16.1) |
|  Hang Lung Properties Ltd. | 93000 | 116991 | (36.4) |
|  HK Electric Investments & HK Electric Investments Ltd. | 95500 | 60720 | (18.9) |
|  Hutchison Port Holdings Trust | 139800 | 22833 | (7.1) |
|  Hysan Development Co. Ltd. | 79000 | 172188 | (53.5) |
|  Jardine Matheson Holdings Ltd. | 1600 | 73709 | (22.9) |
|  Johnson Electric Holdings Ltd. | 8000 | 8242 | (2.6) |
|  New World Development Co. Ltd. | 61000 | 124774 | (38.8) |
|  Pacific Basin Shipping Ltd. | 690000 | 167051 | (51.9) |
|  Shangri-La Asia Ltd. | 38000 | 21026 | (6.5) |
|  SITC International Holdings Co. Ltd. | 9000 | 14740 | (4.6) |
|  SJM Holdings Ltd. | 115000 | 35886 | (11.1) |
|  Sun Hung Kai Properties Ltd. | 11500 | 123583 | (38.4) |
|  Swire Pacific Ltd., Class A | 97500 | 646767 | (201.0) |
|  Swire Properties Ltd. | 284400 | 546592 | (169.9) |
|  Techtronic Industries Co., Ltd. | 49500 | 468704 | (145.7) |
|  United Energy Group Ltd. | 1746000 | 168915 | (52.5) |
|  WH Group Ltd. | 423500 | 213872 | (66.5) |
|  Xinyi Glass Holdings Ltd. | 10000 | 12852 | (4.0) |
|  Yue Yuen Industrial Holdings Ltd. | 391500 | 398017 | (123.7) |
|  |  | 4333654 |  |
| **Ireland** | **Ireland** | **Ireland** | **Ireland** |
|  Accenture PLC, Class A | 6882 | 1953800 | (607.2) |
|  Adient PLC | 12275 | 429380 | (133.4) |
|  Alkermes PLC | 4803 | 109028 | (33.9) |
|  Allegion PLC | 2694 | 282250 | (87.7) |
|  Bank of Ireland Group PLC | 32207 | 231910 | (72.1) |
|  Experian PLC | 7988 | 254700 | (79.2) |
|  Flutter Entertainment PLC | 337 | 44507 | (13.8) |
|  Glanbia PLC | 24562 | 283673 | (88.2) |
|  Icon PLC | 1807 | 357497 | (111.1) |
|  James Hardie Industries PLC | 12845 | 280445 | (87.2) |
|  Kingspan Group PLC | 5693 | 287022 | (89.2) |
|  Medtronic PLC | 7865 | 686929 | (213.5) |
|  |  | 5201141 |  |
| **Israel** | **Israel** | **Israel** | **Israel** |
|  Airport City Ltd. | 10183 | 168601 | (52.4) |
|  Alony Hetz Properties & Investments Ltd. | 1385 | 16245 | (5.0) |
|  Amot Investments Ltd. | 128 | 774 | (0.2) |
|  Bezeq The Israeli Telecommunication Corp. Ltd. | 148911 | 263608 | (81.9) |
|  Big Shopping Centers Ltd. | 672 | 75352 | (23.4) |
|  Elbit Systems Ltd. | 710 | 143658 | (44.7) |
|  Energix-Renewable Energies Ltd. | 2921 | 10198 | (3.2) |
|  Gav-Yam Lands Corp. Ltd. | 10950 | 92868 | (28.9) |
|  Harel Insurance Investments & Financial Services Ltd. | 4563 | 43923 | (13.7) |
|  Israel Corp. Ltd. | 340 | 147170 | (45.7) |
|  Melisron Ltd. | 818 | 60690 | (18.9) |
|  Nice Ltd. | 96 | 18093 | (5.6) |
|  Nova Measuring Instruments Ltd. | 2056 | 151548 | (47.1) |
|  OPC Energy Ltd. | 17656 | 217083 | (67.5) |
|  Paz Oil Co. Ltd. | 836 | 99871 | (31.0) |
|  Phoenix Holdings Ltd. | 9470 | 102580 | (31.9) |

---

54 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Global Equity Market Neutral Fund** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **Israel (continued)** | **Israel (continued)** | **Israel (continued)** | **Israel (continued)** |
|  SolarEdge Technologies, Inc. | 686 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157801 | (49.0)% |
|  Teva Pharmaceutical Industries Ltd., ADR | 11742 | 104739 | (32.6) |
|  Wix.com Ltd. | 5004 | 420836 | (130.8) |
|  |  | 2295638 |  |
| **Italy** | **Italy** | **Italy** | **Italy** |
|  Amplifon SpA | 3475 | 86333 | (26.8) |
|  Atlantia SpA | 143 | 3190 | (1.0) |
|  Azimut Holding SpA | 5099 | 82104 | (25.5) |
|  Banca Mediolanum SpA | 64459 | 482276 | (149.9) |
|  Davide Campari-Milano NV | 7995 | 71798 | (22.3) |
|  De' Longhi SpA | 5612 | 96828 | (30.1) |
|  Enel SpA | 96045 | 429066 | (133.4) |
|  Ferrari NV | 1354 | 266925 | (83.0) |
|  Infrastrutture Wireless Italiane SpA | 2514 | 22189 | (6.9) |
|  Italgas SpA | 8870 | 45700 | (14.2) |
|  Leonardo SpA | 7617 | 61196 | (19.0) |
|  Moncler SpA | 8003 | 345283 | (107.3) |
|  Reply SpA | 2284 | 248439 | (77.2) |
|  Snam SpA | 25694 | 114249 | (35.5) |
|  UnipolSai Assicurazioni SpA | 77927 | 175708 | (54.6) |
|  |  | 2531284 |  |
| **Japan** | **Japan** | **Japan** | **Japan** |
|  ABC-Mart, Inc. | 8500 | 378868 | (117.8) |
|  Acom Co. Ltd. | 113600 | 248177 | (77.1) |
|  Activia Properties, Inc. | 40 | 118482 | (36.8) |
|  AEON Financial Service Co. Ltd. | 37200 | 364062 | (113.2) |
|  Aica Kogyo Co. Ltd. | 13100 | 281553 | (87.5) |
|  Alfresa Holdings Corp. | 14000 | 161180 | (50.1) |
|  Amada Co. Ltd. | 42700 | 300333 | (93.3) |
|  Amano Corp. | 5600 | 95829 | (29.8) |
|  ANA Holdings, Inc. | 3400 | 66092 | (20.5) |
|  Anritsu Corp. | 25700 | 258667 | (80.4) |
|  Aozora Bank Ltd. | 14700 | 252866 | (78.6) |
|  Asahi Kasei Corp. | 67500 | 432804 | (134.5) |
|  Astellas Pharma, Inc. | 21000 | 289762 | (90.1) |
|  Azbil Corp. | 8900 | 241863 | (75.2) |
|  AZ-COM MARUWA Holdings, Inc. | 21800 | 207135 | (64.4) |
|  Bandai Namco Holdings, Inc. | 2200 | 145426 | (45.2) |
|  BayCurrent Consulting, Inc. | 5000 | 140286 | (43.6) |
|  Benesse Holdings, Inc. | 43100 | 635832 | (197.6) |
|  Capcom Co. Ltd. | 200 | 5563 | (1.7) |
|  Casio Computer Co. Ltd. | 15300 | 132984 | (41.3) |
|  Central Japan Railway Co. | 1400 | 162087 | (50.4) |
|  Chubu Electric Power Co., Inc. | 25200 | 205126 | (63.8) |
|  Chugai Pharmaceutical Co. Ltd. | 14200 | 329040 | (102.3) |
|  Chugin Financial Group, Inc. | 24300 | 146480 | (45.5) |
|  Chugoku Electric Power Co., Inc. | 33600 | 157637 | (49.0) |
|  Coca-Cola Bottlers Japan Holdings, Inc. | 14800 | 133717 | (41.6) |
|  COMSYS Holdings Corp. | 31600 | 517699 | (160.9) |
|  Cosmos Pharmaceutical Corp. | 2600 | 251458 | (78.2) |
|  Daifuku Co. Ltd. | 1800 | 82395 | (25.6) |
|  Daito Trust Construction Co. Ltd. | 3000 | 297071 | (92.3) |
|  Daiwa House Industry Co. Ltd. | 32000 | 644715 | (200.4) |
|  Daiwa Securities Group, Inc. | 4300 | 16777 | (5.2) |
|  DeNA Co. Ltd. | 3000 | 39127 | (12.2) |
|  Dentsu Group, Inc. | 2300 | 71538 | (22.2) |
|  Disco Corp. | 900 | 215262 | (66.9) |
|  DMG Mori Co. Ltd. | 42400 | 490679 | (152.5) |
|  Ebara Corp. | 8600 | 279432 | (86.9) |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
|  Electric Power Development Co. Ltd. | 20500 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285108 | (88.6)% |
|  EXEO Group, Inc. | 32500 | 476175 | (148.0) |
|  FP Corp. | 4300 | 102299 | (31.8) |
|  Fuji Media Holdings, Inc. | 25700 | 178746 | (55.6) |
|  FUJIFILM Holdings Corp. | 3400 | 155550 | (48.3) |
|  Fujitsu Ltd. | 6500 | 747880 | (232.4) |
|  Furukawa Electric Co. Ltd. | 4600 | 70968 | (22.1) |
|  GMO Payment Gateway, Inc. | 200 | 14381 | (4.5) |
|  H.U. Group Holdings, Inc. | 3200 | 59567 | (18.5) |
|  Hamamatsu Photonics KK | 3500 | 158344 | (49.2) |
|  Hirose Electric Co. Ltd. | 1200 | 155666 | (48.4) |
|  Hisamitsu Pharmaceutical Co., Inc. | 37400 | 922721 | (286.8) |
|  Hitachi Construction Machinery Co. Ltd. | 4400 | 86082 | (26.8) |
|  Hitachi Transport System Ltd. | 3100 | 185523 | (57.7) |
|  Honda Motor Co. Ltd. | 8000 | 182420 | (56.7) |
|  Hulic Co. Ltd. | 10200 | 74096 | (23.0) |
|  Information Services International-Dentsu Ltd. | 1700 | 51994 | (16.2) |
|  INFRONEER Holdings, Inc. | 14100 | 97746 | (30.4) |
|  Internet Initiative Japan, Inc. | 36400 | 571350 | (177.6) |
|  ITOCHU Corp. | 500 | 12922 | (4.0) |
|  Itochu Techno-Solutions Corp. | 13400 | 310662 | (96.6) |
|  Izumi Co. Ltd. | 700 | 14121 | (4.4) |
|  J Front Retailing Co. Ltd. | 60200 | 486598 | (151.2) |
|  Japan Post Bank Co. Ltd. | 90500 | 603013 | (187.4) |
|  Japan Post Holdings Co. Ltd. | 5800 | 39003 | (12.1) |
|  Japan Prime Realty Investment Corp. | 24 | 65180 | (20.3) |
|  Japan Tobacco, Inc. | 69000 | 1155573 | (359.2) |
|  Kajima Corp. | 8500 | 80012 | (24.9) |
|  Kakaku.com, Inc. | 25100 | 424516 | (131.9) |
|  Kamigumi Co. Ltd. | 18100 | 344202 | (107.0) |
|  Kandenko Co. Ltd. | 59100 | 332198 | (103.2) |
|  Kansai Electric Power Co., Inc. | 3100 | 23483 | (7.3) |
|  Keio Corp. | 5900 | 206857 | (64.3) |
|  Keisei Electric Railway Co. Ltd. | 10800 | 286654 | (89.1) |
|  Kewpie Corp. | 9200 | 145243 | (45.1) |
|  Kinden Corp. | 34500 | 351050 | (109.1) |
|  Kintetsu Group Holdings Co. Ltd. | 4800 | 162215 | (50.4) |
|  Kobe Bussan Co. Ltd. | 7600 | 164849 | (51.2) |
|  Kokuyo Co. Ltd. | 17100 | 212100 | (65.9) |
|  Konica Minolta, Inc. | 126600 | 385745 | (119.9) |
|  Kuraray Co. Ltd. | 38700 | 266122 | (82.7) |
|  Kusuri no Aoki Holdings Co. Ltd. | 3300 | 159070 | (49.4) |
|  Kyocera Corp. | 2500 | 121066 | (37.6) |
|  Kyowa Kirin Co. Ltd. | 8100 | 190769 | (59.3) |
|  Kyudenko Corp. | 14800 | 313914 | (97.6) |
|  Kyushu Electric Power Co., Inc. | 5700 | 28221 | (8.8) |
|  Kyushu Railway Co. | 700 | 14640 | (4.6) |
|  Lawson, Inc. | 11200 | 357807 | (111.2) |
|  Lion Corp. | 48600 | 491185 | (152.7) |
|  M3, Inc. | 500 | 14900 | (4.6) |
|  Mani, Inc. | 17800 | 259303 | (80.6) |
|  Maruichi Steel Tube Ltd. | 1800 | 33976 | (10.6) |
|  Mazda Motor Corp. | 12200 | 82142 | (25.5) |
|  McDonald's Holdings Co. Japan Ltd. | 500 | 17359 | (5.4) |
|  Mitsubishi Chemical Group Corp. | 4500 | 20328 | (6.3) |
|  Mitsubishi Corp. | 29200 | 790995 | (245.8) |
|  Mitsubishi Estate Co. Ltd. | 74800 | 940632 | (292.4) |
|  Mitsubishi Gas Chemical Co., Inc. | 2500 | 31768 | (9.9) |
|  Mitsubishi HC Capital, Inc. | 98900 | 424386 | (131.9) |
|  Mitsubishi Materials Corp. | 9000 | 117634 | (36.6) |
|  Mitsui & Co. Ltd. | 15300 | 338576 | (105.2) |

---

S C H E D U L E O F I N V E S T M E N T S 55

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Global Equity Market Neutral Fund** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
|  Mitsui Chemicals, Inc. | 1600 | $29614 | (9.2)% |
|  Mitsui Fudosan Co. Ltd. | 48200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;922951 | (286.9) |
|  Mitsui Mining & Smelting Co. Ltd. | 6100 | 123205 | (38.3) |
|  Mizuho Financial Group, Inc. | 30200 | 326627 | (101.5) |
|  MonotaRO Co. Ltd. | 4800 | 72863 | (22.6) |
|  MS&AD Insurance Group Holdings, Inc. | 2200 | 58259 | (18.1) |
|  Murata Manufacturing Co. Ltd. | 3500 | 165688 | (51.5) |
|  Nagoya Railroad Co. Ltd. | 1200 | 18383 | (5.7) |
|  Nankai Electric Railway Co. Ltd. | 2800 | 56642 | (17.6) |
|  NEC Corp. | 6600 | 218466 | (67.9) |
|  NEC Networks & System Integration Corp. | 11000 | 117876 | (36.6) |
|  NET One Systems Co. Ltd. | 25000 | 513467 | (159.6) |
|  Nichirei Corp. | 10300 | 160190 | (49.8) |
|  Nihon Kohden Corp. | 12300 | 275423 | (85.6) |
|  Nikon Corp. | 3400 | 32882 | (10.2) |
|  Nintendo Co. Ltd. | 9000 | 365392 | (113.6) |
|  Nippon Express Holdings, Inc. | 2300 | 115570 | (35.9) |
|  Nippon Telegraph & Telephone Corp. | 6800 | 187549 | (58.3) |
|  Nippon Television Holdings, Inc. | 21300 | 158840 | (49.4) |
|  Nipro Corp. | 22300 | 168104 | (52.2) |
|  Nitori Holdings Co. Ltd. | 5100 | 462147 | (143.6) |
|  Nitto Denko Corp. | 3700 | 194937 | (60.6) |
|  NOK Corp. | 3800 | 31085 | (9.7) |
|  Nomura Research Institute Ltd. | 12000 | 265562 | (82.5) |
|  NSK Ltd. | 12600 | 66594 | (20.7) |
|  NTT Data Corp. | 17700 | 256364 | (79.7) |
|  Obayashi Corp. | 109400 | 702202 | (218.2) |
|  OBIC Business Consultants Co. Ltd. | 5400 | 155223 | (48.2) |
|  Obic Co. Ltd. | 1400 | 210088 | (65.3) |
|  Odakyu Electric Railway Co. Ltd. | 7400 | 87971 | (27.3) |
|  Omron Corp. | 3300 | 153907 | (47.8) |
|  Oriental Land Co. Ltd. | 800 | 107142 | (33.3) |
|  Otsuka Corp. | 13900 | 437741 | (136.1) |
|  Otsuka Holdings Co. Ltd. | 4500 | 144245 | (44.8) |
|  PALTAC Corp. | 400 | 11362 | (3.5) |
|  Panasonic Holdings Corp. | 13800 | 98292 | (30.6) |
|  Park24 Co. Ltd. | 18400 | 245234 | (76.2) |
|  Penta-Ocean Construction Co. Ltd. | 49500 | 246173 | (76.5) |
|  PeptiDream, Inc. | 5300 | 57984 | (18.0) |
|  Pigeon Corp. | 17400 | 227924 | (70.8) |
|  Pola Orbis Holdings, Inc. | 41400 | 457270 | (142.1) |
|  Rakuten Group, Inc. | 31500 | 140628 | (43.7) |
|  Recruit Holdings Co. Ltd. | 7800 | 240015 | (74.6) |
|  Resorttrust, Inc. | 3000 | 46174 | (14.4) |
|  Ricoh Co. Ltd. | 64900 | 475573 | (147.8) |
|  Rinnai Corp. | 3800 | 258648 | (80.4) |
|  Rohm Co. Ltd. | 3900 | 274032 | (85.2) |
|  Sankyu, Inc. | 400 | 11927 | (3.7) |
|  Sanrio Co. Ltd. | 700 | 18666 | (5.8) |
|  Santen Pharmaceutical Co. Ltd. | 24400 | 166969 | (51.9) |
|  Sawai Group Holdings Co. Ltd. | 7000 | 202056 | (62.8) |
|  SCREEN Holdings Co. Ltd. | 3400 | 186615 | (58.0) |
|  SCSK Corp. | 16800 | 247858 | (77.0) |
|  Secom Co. Ltd. | 900 | 51273 | (15.9) |
|  Sega Sammy Holdings, Inc. | 9500 | 121517 | (37.8) |
|  Seino Holdings Co. Ltd. | 28200 | 216683 | (67.3) |
|  Sekisui House Ltd. | 10000 | 166028 | (51.6) |
|  Sekisui House REIT, Inc. | 288 | 155188 | (48.2) |
|  SG Holdings Co. Ltd. | 3600 | 47704 | (14.8) |
|  Shimadzu Corp. | 12500 | 329286 | (102.3) |
|  Shimizu Corp. | 53000 | 264469 | (82.2) |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
|  Skylark Co. Ltd. | 4400 | $46937 | (14.6)% |
|  SMS Co. Ltd. | 4100 | 94057 | (29.2) |
|  SoftBank Corp. | 52100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;513935 | (159.7) |
|  Sohgo Security Services Co. Ltd. | 7600 | 189448 | (58.9) |
|  Sojitz Corp. | 11500 | 169533 | (52.7) |
|  Sompo Holdings, Inc. | 10500 | 437769 | (136.1) |
|  Sotetsu Holdings, Inc. | 6500 | 98437 | (30.6) |
|  Square Enix Holdings Co. Ltd. | 3100 | 138328 | (43.0) |
|  Sugi Holdings Co. Ltd. | 1200 | 48126 | (15.0) |
|  Sumitomo Chemical Co. Ltd. | 133400 | 449192 | (139.6) |
|  Sumitomo Corp. | 21200 | 269532 | (83.8) |
|  Sumitomo Forestry Co. Ltd. | 13600 | 212753 | (66.1) |
|  Sumitomo Mitsui Trust Holdings, Inc. | 9000 | 258921 | (80.5) |
|  Sundrug Co. Ltd. | 8100 | 188349 | (58.5) |
|  Suntory Beverage & Food Ltd. | 400 | 13383 | (4.2) |
|  Sysmex Corp. | 7600 | 409061 | (127.1) |
|  Taisei Corp. | 500 | 13620 | (4.2) |
|  Takeda Pharmaceutical Co. Ltd. | 700 | 18486 | (5.7) |
|  TBS Holdings, Inc. | 3100 | 32113 | (10.0) |
|  Teijin Ltd. | 27000 | 245133 | (76.2) |
|  Terumo Corp. | 12400 | 376328 | (117.0) |
|  Tobu Railway Co. Ltd. | 2900 | 67084 | (20.9) |
|  Tohoku Electric Power Co., Inc. | 40800 | 171377 | (53.3) |
|  Tokio Marine Holdings, Inc. | 36400 | 659028 | (204.8) |
|  Tokyo Tatemono Co. Ltd. | 3000 | 41257 | (12.8) |
|  TOTO Ltd. | 3200 | 91273 | (28.4) |
|  Toyota Industries Corp. | 300 | 15455 | (4.8) |
|  Toyota Tsusho Corp. | 3200 | 107411 | (33.4) |
|  Tsumura & Co. | 3900 | 81457 | (25.3) |
|  Tsuruha Holdings, Inc. | 13200 | 766862 | (238.3) |
|  Ulvac, Inc. | 1100 | 43363 | (13.5) |
|  Yakult Honsha Co. Ltd. | 1700 | 94178 | (29.3) |
|  Yamada Holdings Co. Ltd. | 185700 | 598421 | (186.0) |
|  Yamaguchi Financial Group, Inc. | 22200 | 116911 | (36.3) |
|  Yaoko Co. Ltd. | 3600 | 156611 | (48.7) |
|  Yaskawa Electric Corp. | 1000 | 27689 | (8.6) |
|  Z Holdings Corp. | 102700 | 265044 | (82.4) |
|  Zenkoku Hosho Co. Ltd. | 2200 | 72593 | (22.6) |
|  Zensho Holdings Co. Ltd. | 900 | 22462 | (7.0) |
|  ZOZO, Inc. | 8800 | 186720 | (58.0) |
|  |  | 44332993 |  |
| **Luxembourg** | **Luxembourg** | **Luxembourg** | **Luxembourg** |
|  L'Occitane International SA | 23000 | 56470 | (17.6) |
|  RTL Group SA | 4734 | 160700 | (49.9) |
|  |  | 217170 |  |
| **Macau** | **Macau** | **Macau** | **Macau** |
|  MGM China Holdings Ltd. | 104800 | 42195 | (13.1) |
|  Wynn Macau Ltd. | 131200 | 52303 | (16.3) |
|  |  | 94498 |  |
| **Netherlands** | **Netherlands** | **Netherlands** | **Netherlands** |
|  ABN AMRO Bank NV, GDR | 29508 | 290082 | (90.2) |
|  Aegon NV | 7914 | 36635 | (11.4) |
|  Alfen Beheer BV | 427 | 45296 | (14.1) |
|  ASML Holding NV | 212 | 99446 | (30.9) |
|  ASR Nederland NV | 11187 | 492596 | (153.1) |
|  IMCD NV | 499 | 64718 | (20.1) |
|  Koninklijke Ahold Delhaize NV | 9426 | 262875 | (81.7) |
|  Koninklijke DSM NV | 3516 | 413588 | (128.5) |
|  Koninklijke KPN NV | 67492 | 188782 | (58.7) |
|  Koninklijke Vopak NV | 3783 | 77294 | (24.0) |

---

56 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Global Equity Market Neutral Fund** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **Netherlands (continued)** | **Netherlands (continued)** | **Netherlands (continued)** | **Netherlands (continued)** |
|  OCI NV | 3430 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131190 | (40.8)% |
|  QIAGEN NV | 1525 | 65854 | (20.5) |
|  Randstad NV | 500 | 24920 | (7.7) |
|  Signify NV | 3202 | 88712 | (27.6) |
|  Wolters Kluwer NV | 985 | 104665 | (32.5) |
|  |  | 2386653 |  |
| **New Zealand** | **New Zealand** | **New Zealand** | **New Zealand** |
|  a2 Milk Co. Ltd. | 63364 | 212932 | (66.2) |
|  Air New Zealand Ltd. | 92334 | 41882 | (13.0) |
|  Contact Energy Ltd. | 58064 | 254692 | (79.2) |
|  Fisher & Paykel Healthcare Corp. Ltd. | 6806 | 77350 | (24.0) |
|  Infratil Ltd. | 90102 | 457517 | (142.2) |
|  |  | 1044373 |  |
| **Norway** | **Norway** | **Norway** | **Norway** |
|  Adevinta ASA | 12084 | 82719 | (25.7) |
|  Aker BP ASA | 473 | 15025 | (4.7) |
|  Equinor ASA | 4216 | 153605 | (47.7) |
|  Golden Ocean Group Ltd. | 8784 | 72106 | (22.4) |
|  Kongsberg Gruppen ASA | 3478 | 124722 | (38.8) |
|  NEL ASA | 40956 | 50062 | (15.6) |
|  Norsk Hydro ASA | 22166 | 140673 | (43.7) |
|  Var Energi ASA | 3974 | 13508 | (4.2) |
|  Yara International ASA | 3042 | 135769 | (42.2) |
|  |  | 788189 |  |
| **Portugal** | **Portugal** | **Portugal** | **Portugal** |
|  EDP - Energias de Portugal SA | 154066 | 673163 | (209.2) |
| **Puerto Rico** | **Puerto Rico** | **Puerto Rico** | **Puerto Rico** |
|  Popular, Inc. | 5760 | 407347 | (126.6) |
| **Singapore** | **Singapore** | **Singapore** | **Singapore** |
|  City Developments Ltd. | 17600 | 94892 | (29.5) |
|  ComfortDelGro Corp. Ltd. | 260700 | 234028 | (72.7) |
|  Keppel Corp. Ltd. | 25700 | 126496 | (39.3) |
|  Mapletree Pan Asia Commercial Trust | 76700 | 86073 | (26.8) |
|  NetLink NBN Trust | 777900 | 469888 | (146.1) |
|  Oversea-Chinese Banking Corp. Ltd. | 17000 | 145929 | (45.4) |
|  SATS Ltd. | 32900 | 63506 | (19.7) |
|  Sembcorp Marine Ltd. | 165700 | 14849 | (4.6) |
|  SIA Engineering Co. Ltd. | 36600 | 55875 | (17.4) |
|  Singapore Airlines Ltd. | 26200 | 97184 | (30.2) |
|  Singapore Post Ltd. | 1063700 | 406180 | (126.2) |
|  StarHub Ltd. | 158800 | 120052 | (37.3) |
|  |  | 1914952 |  |
| **Spain** | **Spain** | **Spain** | **Spain** |
|  Banco Bilbao Vizcaya Argentaria SA | 67285 | 347109 | (107.9) |
|  Bankinter SA | 3410 | 20627 | (6.4) |
|  EDP Renovaveis SA | 10352 | 217832 | (67.7) |
|  Iberdrola SA | 85681 | 871314 | (270.8) |
|  Mapfre SA | 146089 | 250570 | (77.9) |
|  Merlin Properties Socimi SA | 28182 | 238887 | (74.3) |
|  Naturgy Energy Group SA | 2950 | 75704 | (23.5) |
|  Repsol SA | 7397 | 100632 | (31.3) |
|  Siemens Gamesa Renewable Energy SA | 16069 | 284882 | (88.5) |
|  Solaria Energia y Medio Ambiente SA | 9899 | 156564 | (48.7) |
|  |  | 2564121 |  |
| **Sweden** | **Sweden** | **Sweden** | **Sweden** |
|  Atlas Copco AB | 3175 | 33888 | (10.5) |
|  Atlas Copco AB, B Shares | 15721 | 152040 | (47.3) |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **Sweden (continued)** | **Sweden (continued)** | **Sweden (continued)** | **Sweden (continued)** |
|  Autoliv, Inc. | 17810 | $1431034 | (444.8)% |
|  Avanza Bank Holding AB | 3746 | 74722 | (23.2) |
|  Axfood AB | 3628 | 89824 | (27.9) |
|  Castellum AB | 5609 | 64134 | (19.9) |
|  Epiroc AB, Class A | 3227 | 49400 | (15.4) |
|  Epiroc AB, Class B | 23014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309013 | (96.0) |
|  Essity AB, Class B | 23456 | 495587 | (154.0) |
|  Holmen AB, B Shares | 16168 | 586743 | (182.4) |
|  Industrivarden AB | 2322 | 52141 | (16.2) |
|  Industrivarden AB, A Shares | 4240 | 96027 | (29.8) |
|  Indutrade AB | 9543 | 167078 | (51.9) |
|  Investment AB Latour, B Shares | 9336 | 157706 | (49.0) |
|  Kinnevik AB | 1643 | 20297 | (6.3) |
|  Lifco AB, B Shares | 467 | 6748 | (2.1) |
|  Saab AB, Class B | 3034 | 107203 | (33.3) |
|  Spotify Technology SA | 5467 | 440531 | (136.9) |
|  SSAB AB, A Shares | 12141 | 58399 | (18.2) |
|  Svenska Cellulosa AB SCA, Class B | 2968 | 35016 | (10.9) |
|  Tele2 AB, B Shares | 23618 | 193574 | (60.2) |
|  Telefonaktiebolaget LM Ericsson, B Shares | 2636 | 14654 | (4.6) |
|  Thule Group AB | 686 | 13515 | (4.2) |
|  Vitrolife AB | 629 | 10166 | (3.2) |
|  |  | 4659440 |  |
| **Switzerland** | **Switzerland** | **Switzerland** | **Switzerland** |
|  ABB Ltd., Registered Shares | 7454 | 207000 | (64.3) |
|  Accelleron Industries AG | 628 | 10649 | (3.3) |
|  Banque Cantonale Vaudoise, Registered Shares | 1303 | 115961 | (36.0) |
|  Barry Callebaut AG, Registered Shares | 487 | 921361 | (286.4) |
|  BKW AG | 1493 | 174177 | (54.1) |
|  Chocoladefabriken Lindt & Spruengli AG | 62 | 595016 | (184.9) |
|  CRISPR Therapeutics AG | 1048 | 54852 | (17.0) |
|  DKSH Holding AG | 2431 | 175374 | (54.5) |
|  Dufry AG, Registered Shares | 1141 | 37639 | (11.7) |
|  Emmi AG, Registered Shares | 91 | 72614 | (22.6) |
|  EMS-Chemie Holding AG, Registered Shares | 243 | 152796 | (47.5) |
|  Flughafen Zurich AG, Registered Shares | 5207 | 807794 | (251.1) |
|  Geberit AG, Registered Shares | 1005 | 446760 | (138.9) |
|  Givaudan SA, Registered Shares | 988 | 2951096 | (917.2) |
|  Idorsia Ltd. | 6205 | 96067 | (29.9) |
|  Logitech International SA, Registered Shares | 5169 | 257064 | (79.9) |
|  Nestle SA, Registered Shares | 6479 | 705296 | (219.2) |
|  Roche Holding AG | 1234 | 500868 | (155.7) |
|  Siemens Energy AG | 6322 | 73699 | (22.9) |
|  SIG Group AG | 9269 | 178179 | (55.4) |
|  Sika AG, Registered Shares | 5562 | 1254096 | (389.8) |
|  Swiss Prime Site AG, Registered Shares | 1096 | 88440 | (27.5) |
|  UBS Group AG, Registered Shares | 55087 | 873358 | (271.4) |
|  VAT Group AG | 98 | 22374 | (7.0) |
|  |  | 10772530 |  |
| **United Kingdom** | **United Kingdom** | **United Kingdom** | **United Kingdom** |
|  3i Group PLC | 2655 | 35360 | (11.0) |
|  AstraZeneca PLC | 1375 | 161332 | (50.1) |
|  Atlantica Sustainable Infrastructure PLC | 26743 | 741048 | (230.3) |
|  Auto Trader Group PLC | 26249 | 157121 | (48.8) |
|  B&M European Value Retail SA | 8706 | 32174 | (10.0) |
|  BAE Systems PLC | 30961 | 289596 | (90.0) |
|  Beazley PLC | 178370 | 1279236 | (397.6) |
|  BP PLC, ADR | 265286 | 1467722 | (456.2) |
|  British American Tobacco PLC | 4433 | 175074 | (54.4) |

---

S C H E D U L E O F I N V E S T M E N T S 57

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Global Equity Market Neutral Fund** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **United Kingdom (continued)** |  |  |  |
|  Bunzl PLC | 4676 | $152370 | (47.4)% |
|  Burberry Group PLC | 2062 | 42966 | (13.4) |
|  Centrica PLC | 310211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272586 | (84.7) |
|  Clarivate PLC | 12315 | 127214 | (39.5) |
|  ConvaTec Group PLC | 67059 | 167797 | (52.2) |
|  Croda International PLC | 17747 | 1374852 | (427.3) |
|  Dechra Pharmaceuticals PLC | 3420 | 102813 | (32.0) |
|  Direct Line Insurance Group PLC | 125436 | 289812 | (90.1) |
|  Dr. Martens PLC | 5372 | 15277 | (4.7) |
|  Drax Group PLC | 37272 | 222574 | (69.2) |
|  easyJet PLC | 9873 | 39311 | (12.2) |
|  Endeavour Mining PLC | 6072 | 107993 | (33.6) |
|  Ferguson PLC | 270 | 29446 | (9.2) |
|  GSK PLC | 19975 | 327212 | (101.7) |
|  Halma PLC | 1317 | 31936 | (9.9) |
|  Hammerson PLC | 40 | 9 | (0.0) |
|  Hargreaves Lansdown PLC | 55317 | 483449 | (150.3) |
|  IG Group Holdings PLC | 22339 | 203760 | (63.3) |
|  IMI PLC | 5489 | 77323 | (24.0) |
|  Imperial Brands PLC | 42485 | 1034895 | (321.7) |
|  Intermediate Capital Group PLC | 1128 | 13735 | (4.3) |
|  International Consolidated Airlines Group SA | 65051 | 90495 | (28.1) |
|  Intertek Group PLC | 4990 | 209046 | (65.0) |
|  Johnson Matthey PLC | 4023 | 89301 | (27.8) |
|  Kingfisher PLC | 100833 | 253336 | (78.7) |
|  Liberty Global PLC, Class A | 45215 | 762325 | (236.9) |
|  Liberty Global PLC, Class C | 36657 | 647363 | (201.2) |
|  LivaNova PLC | 4039 | 190237 | (59.1) |
|  London Stock Exchange Group PLC | 2304 | 199715 | (62.1) |
|  LXI REIT PLC | 15346 | 21423 | (6.7) |
|  NatWest Group PLC | 167347 | 450716 | (140.1) |
|  Nomad Foods Ltd. | 23188 | 357095 | (111.0) |
|  Ocado Group PLC | 5168 | 28017 | (8.7) |
|  Pennon Group PLC | 10147 | 97510 | (30.3) |
|  Renishaw PLC | 1613 | 64724 | (20.1) |
|  Rentokil Initial PLC | 6558 | 40923 | (12.7) |
|  Rightmove PLC | 96208 | 541765 | (168.4) |
|  RS GROUP PLC | 9468 | 104180 | (32.4) |
|  Sage Group PLC | 25021 | 208543 | (64.8) |
|  Segro PLC | 109793 | 988137 | (307.1) |
|  Severn Trent PLC | 10212 | 293081 | (91.1) |
|  Spectris PLC | 42773 | 1482468 | (460.8) |
|  Spirax-Sarco Engineering PLC | 5217 | 642909 | (199.8) |
|  SSE PLC | 6715 | 120003 | (37.3) |
|  SSP Group PLC | 240379 | 558940 | (173.7) |
|  St. James's Place PLC | 29385 | 358836 | (111.5) |
|  Standard Chartered PLC | 12190 | 72832 | (22.6) |
|  Tate & Lyle PLC | 3049 | 24499 | (7.6) |
|  Travis Perkins PLC | 56340 | 531004 | (165.0) |
|  Tritax Big Box REIT PLC | 135016 | 217098 | (67.5) |
|  United Utilities Group PLC | 53192 | 573207 | (178.2) |
|  WPP PLC | 18111 | 159379 | (49.5) |
|  |  | 19835100 |  |
| **United States** | **United States** | **United States** | **United States** |
|  3M Co. | 15686 | 1973142 | (613.3) |
|  ABIOMED, Inc. | 2338 | 589363 | (183.2) |
|  Adobe, Inc. | 2971 | 946264 | (294.1) |
|  Advanced Drainage Systems, Inc. | 7563 | 876400 | (272.4) |
|  Advanced Micro Devices, Inc. | 10425 | 626126 | (194.6) |
|  AECOM | 2355 | 177284 | (55.1) |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **United States (continued)** |  |  |  |
|  Agilent Technologies, Inc. | 9165 | $1267978 | (394.1)% |
|  AGNC Investment Corp. | 29644 | 243674 | (75.7) |
|  Akamai Technologies, Inc. | 5948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525387 | (163.3) |
|  Alaska Air Group, Inc. | 11405 | 507066 | (157.6) |
|  Albemarle Corp. | 770 | 215500 | (67.0) |
|  Albertsons Cos., Inc., Class A | 5879 | 120578 | (37.5) |
|  Alcoa Corp. | 3988 | 155652 | (48.4) |
|  Align Technology, Inc. | 3924 | 762433 | (237.0) |
|  Allstate Corp. | 1874 | 236593 | (73.5) |
|  Ally Financial, Inc. | 20091 | 553708 | (172.1) |
|  Alnylam Pharmaceuticals, Inc. | 1231 | 255137 | (79.3) |
|  Alphabet, Inc., Class A | 7431 | 702304 | (218.3) |
|  Altice USA, Inc., Class A | 45808 | 302791 | (94.1) |
|  Altria Group, Inc. | 43648 | 2019593 | (627.7) |
|  Amazon.com, Inc. | 6603 | 676411 | (210.2) |
|  Amcor PLC | 9876 | 114364 | (35.5) |
|  Amedisys, Inc. | 2752 | 268568 | (83.5) |
|  American Airlines Group, Inc. | 60639 | 859861 | (267.2) |
|  American Express Co. | 1154 | 171311 | (53.2) |
|  American Financial Group, Inc. | 2129 | 308939 | (96.0) |
|  American Homes 4 Rent, Class A | 18190 | 580989 | (180.6) |
|  American International Group, Inc. | 4846 | 276222 | (85.9) |
|  American Tower Corp. | 4157 | 861289 | (267.7) |
|  American Water Works Co., Inc. | 3356 | 487761 | (151.6) |
|  Analog Devices, Inc. | 131 | 18683 | (5.8) |
|  Annaly Capital Management, Inc. | 17235 | 319709 | (99.4) |
|  ANSYS, Inc. | 1916 | 423743 | (131.7) |
|  Antero Midstream Corp. | 37710 | 401612 | (124.8) |
|  Antero Resources Corp. | 12340 | 452384 | (140.6) |
|  Aon PLC, Class A | 1161 | 326810 | (101.6) |
|  APA Corp. | 2363 | 107422 | (33.4) |
|  Apple, Inc. | 12306 | 1887002 | (586.5) |
|  AptarGroup, Inc. | 5857 | 580722 | (180.5) |
|  Aptiv PLC | 7121 | 648509 | (201.6) |
|  Arch Capital Group Ltd. | 1434 | 82455 | (25.6) |
|  Arrow Electronics, Inc. | 4884 | 494554 | (153.7) |
|  Arthur J Gallagher & Co. | 1603 | 299889 | (93.2) |
|  Asbury Automotive Group, Inc. | 2235 | 352571 | (109.6) |
|  Ashland, Inc. | 1589 | 166718 | (51.8) |
|  AT&T, Inc. | 15944 | 290659 | (90.3) |
|  Autodesk, Inc. | 1998 | 428171 | (133.1) |
|  AutoNation, Inc. | 1131 | 120237 | (37.4) |
|  AutoZone, Inc. | 164 | 415392 | (129.1) |
|  AvalonBay Communities, Inc. | 2405 | 421164 | (130.9) |
|  Avangrid, Inc. | 5028 | 204539 | (63.6) |
|  Avis Budget Group, Inc. | 297 | 70229 | (21.8) |
|  Avnet, Inc. | 14382 | 578013 | (179.6) |
|  Axalta Coating Systems Ltd. | 18437 | 429951 | (133.6) |
|  Axon Enterprise, Inc. | 6628 | 963976 | (299.6) |
|  AZEK Co., Inc. | 5247 | 91875 | (28.6) |
|  Azenta, Inc. | 2387 | 105983 | (32.9) |
|  Baker Hughes Co. | 13307 | 368072 | (114.4) |
|  Ball Corp. | 6120 | 302267 | (93.9) |
|  Bank of America Corp. | 12633 | 455293 | (141.5) |
|  Bank of New York Mellon Corp. | 18531 | 780340 | (242.5) |
|  Bank OZK | 743 | 31934 | (9.9) |
|  Berry Global Group, Inc. | 1991 | 94214 | (29.3) |
|  Best Buy Co., Inc. | 5710 | 390621 | (121.4) |
|  Bill.com Holdings, Inc. | 1656 | 220844 | (68.6) |
|  BioMarin Pharmaceutical, Inc. | 4976 | 431071 | (134.0) |
|  Bio-Rad Laboratories, Inc., Class A | 98 | 34468 | (10.7) |

---

58 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Global Equity Market Neutral Fund** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **United States (continued)** |  |  |  |
|  BJ's Wholesale Club Holdings, Inc. | 4342 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336071 | (104.5)% |
|  Black Hills Corp. | 2107 | 137735 | (42.8) |
|  Blackline, Inc. | 7166 | 401296 | (124.7) |
|  Blackstone Mortgage Trust, Inc., Class A | 1754 | 43780 | (13.6) |
|  Block, Inc. | 3373 | 202616 | (63.0) |
|  Blueprint Medicines Corp. | 2708 | 140383 | (43.6) |
|  Boeing Co. | 9721 | 1385340 | (430.6) |
|  Booking Holdings, Inc. | 557 | 1041300 | (323.6) |
|  Booz Allen Hamilton Holding Corp. | 8827 | 960819 | (298.6) |
|  BorgWarner, Inc. | 26796 | 1005654 | (312.6) |
|  Boston Beer Co., Inc., Class A | 1910 | 712984 | (221.6) |
|  Boston Scientific Corp. | 9507 | 409847 | (127.4) |
|  Box, Inc., Class A | 6916 | 200910 | (62.4) |
|  Boyd Gaming Corp. | 9097 | 525443 | (163.3) |
|  Brighthouse Financial, Inc. | 11172 | 637586 | (198.2) |
|  Bristol-Myers Squibb Co. | 13149 | 1018653 | (316.6) |
|  Brixmor Property Group, Inc. | 24179 | 515254 | (160.1) |
|  Broadridge Financial Solutions, Inc. | 1443 | 216537 | (67.3) |
|  Bruker Corp. | 14363 | 888208 | (276.1) |
|  Builders FirstSource, Inc. | 3796 | 234061 | (72.7) |
|  CACI International, Inc., Class A | 2773 | 843075 | (262.0) |
|  Capital One Financial Corp. | 11595 | 1229302 | (382.1) |
|  Capri Holdings Ltd. | 9181 | 419388 | (130.3) |
|  Cardinal Health, Inc. | 3308 | 251077 | (78.0) |
|  Carlisle Cos., Inc. | 1821 | 434855 | (135.2) |
|  Carnival PLC | 7663 | 60885 | (18.9) |
|  Carrier Global Corp. | 392 | 15586 | (4.8) |
|  Cboe Global Markets, Inc. | 4363 | 543194 | (168.8) |
|  CDW Corp. | 2262 | 390896 | (121.5) |
|  Ceridian HCM Holding, Inc. | 6175 | 408723 | (127.0) |
|  CH Robinson Worldwide, Inc. | 3868 | 377981 | (117.5) |
|  Charles River Laboratories International, Inc. | 3463 | 735022 | (228.4) |
|  Chemed Corp. | 253 | 118118 | (36.7) |
|  Cheniere Energy, Inc. | 3068 | 541226 | (168.2) |
|  Chesapeake Energy Corp. | 34277 | 3505509 | (1089.5) |
|  Chevron Corp. | 6813 | 1232472 | (383.1) |
|  Chewy, Inc., Class A | 758 | 29357 | (9.1) |
|  Chord Energy Corp. | 1185 | 181412 | (56.4) |
|  Ciena Corp. | 15340 | 734786 | (228.4) |
|  Cigna Corp. | 2480 | 801189 | (249.0) |
|  Cirrus Logic, Inc. | 4545 | 305060 | (94.8) |
|  Citigroup, Inc. | 8117 | 372246 | (115.7) |
|  Clearway Energy, Inc., Class C | 11272 | 391589 | (121.7) |
|  Clorox Co. | 4525 | 660831 | (205.4) |
|  CMS Energy Corp. | 16326 | 931398 | (289.5) |
|  CNX Resources Corp. | 3770 | 63374 | (19.7) |
|  Coca-Cola Co. | 23121 | 1383792 | (430.1) |
|  Coca-Cola Europacific Partners PLC | 9663 | 454644 | (141.3) |
|  Cognex Corp. | 8117 | 375249 | (116.6) |
|  Cognizant Technology Solutions Corp., Class A | 3933 | 244829 | (76.1) |
|  Coherent Corp. | 3449 | 115921 | (36.0) |
|  Colgate-Palmolive Co. | 17013 | 1256240 | (390.4) |
|  Commercial Metals Co. | 10944 | 497952 | (154.8) |
|  Comstock Resources, Inc. | 1312 | 24639 | (7.7) |
|  Conagra Brands, Inc. | 17518 | 642911 | (199.8) |
|  Consolidated Edison, Inc. | 10926 | 961051 | (298.7) |
|  Cooper Cos., Inc. | 1179 | 322327 | (100.2) |
|  Copart, Inc. | 3972 | 456859 | (142.0) |
|  CoStar Group, Inc. | 5143 | 425429 | (132.2) |
|  Costco Wholesale Corp. | 4007 | 2009510 | (624.6) |
|  Crocs, Inc. | 8614 | 609441 | (189.4) |
|  Crowdstrike Holdings, Inc., Class A | 3555 | 573066 | (178.1) |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **United States (continued)** |  |  |  |
|  Crown Castle, Inc. | 8421 | $1122182 | (348.8)% |
|  Crown Holdings, Inc. | 688 | 47190 | (14.7) |
|  CubeSmart | 6925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289950 | (90.1) |
|  CVS Health Corp. | 9725 | 920958 | (286.2) |
|  Deckers Outdoor Corp. | 1809 | 633023 | (196.7) |
|  Dell Technologies, Inc., Class C | 11631 | 446630 | (138.8) |
|  DexCom, Inc. | 2023 | 244338 | (75.9) |
|  Dick's Sporting Goods, Inc. | 1839 | 209205 | (65.0) |
|  Digital Realty Trust, Inc. | 5779 | 579345 | (180.1) |
|  DocuSign, Inc. | 24246 | 1171082 | (364.0) |
|  Dolby Laboratories, Inc., Class A | 6730 | 449833 | (139.8) |
|  Donaldson Co., Inc. | 257 | 14765 | (4.6) |
|  DoorDash, Inc., Class A | 7246 | 315418 | (98.0) |
|  DT Midstream, Inc. | 13134 | 784100 | (243.7) |
|  Dynatrace, Inc. | 2371 | 83554 | (26.0) |
|  EastGroup Properties, Inc. | 703 | 110153 | (34.2) |
|  eBay, Inc. | 43459 | 1731407 | (538.1) |
|  Ecolab, Inc. | 1745 | 274087 | (85.2) |
|  Edison International | 7903 | 474496 | (147.5) |
|  Edwards Lifesciences Corp. | 13140 | 951730 | (295.8) |
|  Elastic NV | 3583 | 229133 | (71.2) |
|  Elevance Health, Inc. | 150 | 82016 | (25.5) |
|  Eli Lilly & Co. | 3246 | 1175344 | (365.3) |
|  Equinix, Inc. | 2866 | 1623417 | (504.6) |
|  Equity LifeStyle Properties, Inc. | 3297 | 210876 | (65.5) |
|  Equity Residential | 3800 | 239476 | (74.4) |
|  Erie Indemnity Co., Class A | 2011 | 516847 | (160.6) |
|  Essent Group Ltd. | 18870 | 746875 | (232.1) |
|  Essential Utilities, Inc. | 14091 | 623104 | (193.7) |
|  Essex Property Trust, Inc. | 3526 | 783618 | (243.6) |
|  Estee Lauder Cos., Inc., Class A | 103 | 20650 | (6.4) |
|  Everest Re Group Ltd. | 2720 | 877635 | (272.8) |
|  Eversource Energy | 7667 | 584839 | (181.8) |
|  Exact Sciences Corp. | 1234 | 42919 | (13.3) |
|  Exelixis, Inc. | 21492 | 356337 | (110.8) |
|  Expedia Group, Inc. | 4847 | 453049 | (140.8) |
|  Expeditors International of Washington, Inc. | 5838 | 571248 | (177.5) |
|  F5, Inc. | 1663 | 237659 | (73.9) |
|  Fair Isaac Corp. | 464 | 222182 | (69.1) |
|  FedEx Corp. | 5394 | 864550 | (268.7) |
|  Fidelity National Financial, Inc. | 13923 | 548288 | (170.4) |
|  First American Financial Corp. | 11732 | 591293 | (183.8) |
|  First Industrial Realty Trust, Inc. | 5406 | 257488 | (80.0) |
|  First Solar, Inc. | 4289 | 624350 | (194.0) |
|  Flex Ltd. | 15232 | 298243 | (92.7) |
|  Flowers Foods, Inc. | 32563 | 934884 | (290.6) |
|  Fluor Corp. | 3236 | 97921 | (30.4) |
|  FMC Corp. | 729 | 86678 | (26.9) |
|  Fortune Brands Home & Security, Inc. | 7340 | 442749 | (137.6) |
|  Fox Corp., Class A | 28772 | 830648 | (258.2) |
|  Fox Corp., Class B | 25995 | 707064 | (219.8) |
|  Freeport-McMoRan, Inc. | 2193 | 69496 | (21.6) |
|  Gaming & Leisure Properties, Inc. | 7732 | 387528 | (120.4) |
|  Gap, Inc. | 39215 | 441953 | (137.4) |
|  Garmin Ltd. | 10783 | 949335 | (295.1) |
|  Gartner, Inc. | 3352 | 1012036 | (314.5) |
|  Generac Holdings, Inc. | 1368 | 158565 | (49.3) |
|  General Dynamics Corp. | 12567 | 3139237 | (975.7) |
|  General Electric Co. | 29110 | 2265049 | (704.0) |
|  Gentex Corp. | 13864 | 367257 | (114.1) |
|  Gilead Sciences, Inc. | 5621 | 441024 | (137.1) |
|  Globus Medical, Inc., Class A | 9267 | 620889 | (193.0) |

---

S C H E D U L E O F I N V E S T M E N T S 59

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Global Equity Market Neutral Fund** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
|  Goodyear Tire & Rubber Co. | 71506 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;908126 | (282.2)% |
|  Graphic Packaging Holding Co. | 8752 | 200946 | (62.5) |
|  Grocery Outlet Holding Corp. | 8312 | 287346 | (89.3) |
|  Guidewire Software, Inc. | 10544 | 626419 | (194.7) |
|  H&R Block, Inc. | 4295 | 176739 | (54.9) |
|  Hanover Insurance Group, Inc. | 1172 | 171686 | (53.4) |
|  Harley-Davidson, Inc. | 18211 | 783073 | (243.4) |
|  Hartford Financial Services Group, Inc. | 15147 | 1096794 | (340.9) |
|  Healthpeak Properties, Inc. | 36569 | 867782 | (269.7) |
|  HEICO Corp. | 6727 | 1094079 | (340.0) |
|  Herc Holdings, Inc. | 1973 | 232045 | (72.1) |
|  Hess Corp. | 3730 | 526228 | (163.6) |
|  Hewlett Packard Enterprise Co. | 61088 | 871726 | (270.9) |
|  Hexcel Corp. | 4710 | 262347 | (81.5) |
|  HF Sinclair Corp. | 1401 | 85699 | (26.6) |
|  Home Depot, Inc. | 2951 | 873880 | (271.6) |
|  Horizon Therapeutics PLC | 1654 | 103077 | (32.0) |
|  Hormel Foods Corp. | 11374 | 528322 | (164.2) |
|  HubSpot, Inc. | 1622 | 481020 | (149.5) |
|  Humana, Inc. | 1219 | 680300 | (211.4) |
|  Huntington Ingalls Industries, Inc. | 4921 | 1265041 | (393.2) |
|  Huntsman Corp. | 24589 | 658002 | (204.5) |
|  Hyatt Hotels Corp., Class A | 3090 | 291109 | (90.5) |
|  ICU Medical, Inc. | 447 | 66339 | (20.6) |
|  IDACORP, Inc. | 682 | 71405 | (22.2) |
|  IDEXX Laboratories, Inc. | 5125 | 1843360 | (572.9) |
|  Illinois Tool Works, Inc. | 3837 | 819315 | (254.6) |
|  Inari Medical, Inc. | 881 | 67775 | (21.1) |
|  Incyte Corp. | 4068 | 302415 | (94.0) |
|  Insulet Corp. | 221 | 57197 | (17.8) |
|  Integra LifeSciences Holdings Corp. | 6211 | 312103 | (97.0) |
|  Intel Corp. | 1909 | 54273 | (16.9) |
|  Intercontinental Exchange, Inc. | 1076 | 102833 | (32.0) |
|  International Game Technology PLC | 41061 | 823273 | (255.9) |
|  Intuit, Inc. | 622 | 265905 | (82.6) |
|  Intuitive Surgical, Inc. | 185 | 45597 | (14.2) |
|  Invesco Ltd. | 9634 | 147593 | (45.9) |
|  Ionis Pharmaceuticals, Inc. | 2020 | 89284 | (27.7) |
|  IPG Photonics Corp. | 3994 | 342126 | (106.3) |
|  Iridium Communications, Inc. | 2085 | 107440 | (33.4) |
|  Iron Mountain, Inc. | 2771 | 138744 | (43.1) |
|  J M Smucker Co. | 4678 | 704787 | (219.1) |
|  Jabil, Inc. | 6618 | 425207 | (132.2) |
|  Jacobs Solutions, Inc. | 2134 | 245879 | (76.4) |
|  JB Hunt Transport Services, Inc. | 3086 | 527922 | (164.1) |
|  Jefferies Financial Group, Inc. | 7437 | 255907 | (79.5) |
|  Johnson & Johnson | 12980 | 2258131 | (701.8) |
|  Johnson Controls International PLC | 20478 | 1184448 | (368.1) |
|  Jones Lang LaSalle, Inc. | 6232 | 991449 | (308.1) |
|  Juniper Networks, Inc. | 12423 | 380144 | (118.1) |
|  KeyCorp. | 46550 | 831849 | (258.5) |
|  Keysight Technologies, Inc. | 1484 | 258439 | (80.3) |
|  Kimberly-Clark Corp. | 5556 | 691500 | (214.9) |
|  Kinder Morgan, Inc. | 71933 | 1303426 | (405.1) |
|  KLA Corp. | 1611 | 509801 | (158.4) |
|  Knight-Swift Transportation Holdings, Inc. | 16573 | 796001 | (247.4) |
|  Kraft Heinz Co. | 29097 | 1119362 | (347.9) |
|  Kroger Co. | 22981 | 1086771 | (337.8) |
|  L3Harris Technologies, Inc. | 1801 | 443892 | (138.0) |
|  Laboratory Corp. of America Holdings | 638 | 141547 | (44.0) |
|  Lam Research Corp. | 2697 | 1091692 | (339.3) |
|  Lamar Advertising Co., Class A | 7006 | 646163 | (200.8) |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
|  Lattice Semiconductor Corp. | 10373 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;503194 | (156.4)% |
|  Lear Corp. | 3539 | 490895 | (152.6) |
|  Leidos Holdings, Inc. | 7726 | 784884 | (243.9) |
|  Lennar Corp., Class A | 4711 | 380178 | (118.2) |
|  Lennox International, Inc. | 2621 | 612187 | (190.3) |
|  Leslie's, Inc. | 19700 | 276588 | (86.0) |
|  Levi Strauss & Co., Class A | 21352 | 319426 | (99.3) |
|  Liberty Broadband Corp., Class C | 1258 | 106213 | (33.0) |
|  Liberty Media Corp.-Liberty Formula One, Class C | 1363 | 78686 | (24.5) |
|  Liberty Media Corp.-Liberty SiriusXM, Class A | 5912 | 250905 | (78.0) |
|  Liberty Media Corp.-Liberty SiriusXM, Class C | 11804 | 498011 | (154.8) |
|  Lincoln National Corp. | 38387 | 2067908 | (642.7) |
|  Lithia Motors, Inc. | 2376 | 470804 | (146.3) |
|  Live Nation Entertainment, Inc. | 2601 | 207066 | (64.4) |
|  Livent Corp. | 9813 | 309796 | (96.3) |
|  Lockheed Martin Corp. | 2192 | 1066803 | (331.6) |
|  Lowe's Cos., Inc. | 5979 | 1165606 | (362.3) |
|  Lumen Technologies, Inc. | 37537 | 276272 | (85.9) |
|  Lumentum Holdings, Inc. | 6698 | 498666 | (155.0) |
|  MACOM Technology Solutions Holdings, Inc. | 7682 | 444557 | (138.2) |
|  Macy's, Inc. | 42386 | 883748 | (274.7) |
|  Manhattan Associates, Inc. | 4628 | 563089 | (175.0) |
|  ManpowerGroup, Inc. | 1366 | 107012 | (33.3) |
|  Marathon Oil Corp. | 9270 | 282272 | (87.7) |
|  Marathon Petroleum Corp. | 7579 | 861126 | (267.6) |
|  MarketAxess Holdings, Inc. | 395 | 96396 | (30.0) |
|  Marriott International, Inc., Class A | 6855 | 1097554 | (341.1) |
|  Marsh & McLennan Cos., Inc. | 5909 | 954244 | (296.6) |
|  Martin Marietta Materials, Inc. | 1353 | 454581 | (141.3) |
|  Marvell Technology, Inc. | 11800 | 468224 | (145.5) |
|  Masco Corp. | 3797 | 175687 | (54.6) |
|  Masimo Corp. | 5242 | 689847 | (214.4) |
|  Match Group, Inc. | 7199 | 310997 | (96.7) |
|  Mattel, Inc. | 37332 | 707815 | (220.0) |
|  MaxLinear, Inc. | 4455 | 137570 | (42.8) |
|  McCormick & Co., Inc. | 6231 | 490006 | (152.3) |
|  Medical Properties Trust, Inc. | 23716 | 271548 | (84.4) |
|  Meritage Homes Corp. | 3072 | 233964 | (72.7) |
|  Meta Platforms, Inc., Class A | 2027 | 188835 | (58.7) |
|  MetLife, Inc. | 29071 | 2128288 | (661.5) |
|  Mettler-Toledo International, Inc. | 482 | 609696 | (189.5) |
|  MGIC Investment Corp. | 43483 | 593543 | (184.5) |
|  Microsoft Corp. | 7128 | 1654623 | (514.3) |
|  Mid-America Apartment Communities, Inc. | 2193 | 345288 | (107.3) |
|  MKS Instruments, Inc. | 1274 | 104659 | (32.5) |
|  Molson Coors Beverage Co., Class B | 5245 | 264505 | (82.2) |
|  MongoDB, Inc. | 404 | 73944 | (23.0) |
|  Monolithic Power Systems, Inc. | 491 | 166670 | (51.8) |
|  Moody's Corp. | 4772 | 1263960 | (392.8) |
|  Morningstar, Inc. | 4128 | 958439 | (297.9) |
|  MSC Industrial Direct Co., Inc., Class A | 2589 | 214835 | (66.8) |
|  MSCI, Inc. | 1662 | 779245 | (242.2) |
|  Murphy Oil Corp. | 3682 | 178614 | (55.5) |
|  National Retail Properties, Inc. | 1441 | 60565 | (18.8) |
|  National Storage Affiliates Trust | 7019 | 299431 | (93.1) |
|  Neurocrine Biosciences, Inc. | 2561 | 294822 | (91.6) |
|  New Relic, Inc. | 622 | 36847 | (11.5) |
|  New York Community Bancorp, Inc. | 55237 | 514256 | (159.8) |
|  New York Times Co., Class A | 5287 | 153112 | (47.6) |
|  Newell Brands, Inc. | 80540 | 1112257 | (345.7) |
|  Newmont Corp. | 27719 | 1173068 | (364.6) |

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60 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Global Equity Market Neutral Fund** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
|  News Corp., Class A | 14238 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240195 | (74.7)% |
|  Northern Trust Corp. | 6744 | 568856 | (176.8) |
|  Northrop Grumman Corp. | 1302 | 714811 | (222.2) |
|  NOV, Inc. | 2933 | 65699 | (20.4) |
|  Novocure Ltd. | 2818 | 199120 | (61.9) |
|  Nutanix, Inc., Class A | 20004 | 548110 | (170.4) |
|  NVR, Inc. | 57 | 241552 | (75.1) |
|  Okta, Inc. | 1820 | 102138 | (31.7) |
|  Old Dominion Freight Line, Inc. | 260 | 71396 | (22.2) |
|  Old National Bancorp | 29 | 567 | (0.2) |
|  Ollie's Bargain Outlet Holdings, Inc. | 504 | 28224 | (8.8) |
|  Omega Healthcare Investors, Inc. | 5363 | 170436 | (53.0) |
|  Ormat Technologies, Inc. | 6477 | 585845 | (182.1) |
|  Otis Worldwide Corp. | 7155 | 505429 | (157.1) |
|  Outfront Media, Inc. | 7559 | 136440 | (42.4) |
|  Owens Corning | 9525 | 815435 | (253.4) |
|  PacWest Bancorp | 28093 | 698392 | (217.1) |
|  Palo Alto Networks, Inc. | 3060 | 525065 | (163.2) |
|  Papa John's International, Inc. | 5619 | 408108 | (126.8) |
|  Park Hotels & Resorts, Inc. | 7451 | 97459 | (30.3) |
|  Patterson-UTI Energy, Inc. | 10554 | 186278 | (57.9) |
|  Paylocity Holding Corp. | 2671 | 619111 | (192.4) |
|  PBF Energy, Inc., Class A | 1253 | 55445 | (17.2) |
|  PDC Energy, Inc. | 1946 | 140384 | (43.6) |
|  Penn Entertainment, Inc. | 12857 | 425567 | (132.3) |
|  Penske Automotive Group, Inc. | 7623 | 850879 | (264.5) |
|  Pentair PLC | 6734 | 289225 | (89.9) |
|  Penumbra, Inc. | 2691 | 461426 | (143.4) |
|  PepsiCo, Inc. | 4867 | 883750 | (274.7) |
|  Perrigo Co. PLC | 21501 | 866060 | (269.2) |
|  Petco Health & Wellness Co., Inc. | 4415 | 46490 | (14.4) |
|  Philip Morris International, Inc. | 15783 | 1449669 | (450.6) |
|  Physicians Realty Trust | 29312 | 441439 | (137.2) |
|  Pinnacle West Capital Corp. | 6040 | 405948 | (126.2) |
|  Planet Fitness, Inc., Class A | 1488 | 97434 | (30.3) |
|  PNC Financial Services Group, Inc. | 5081 | 822258 | (255.6) |
|  Pool Corp. | 1014 | 308489 | (95.9) |
|  Portland General Electric Co. | 5392 | 242316 | (75.3) |
|  Power Integrations, Inc. | 8047 | 536815 | (166.8) |
|  PPG Industries, Inc. | 3761 | 429431 | (133.5) |
|  Prologis, Inc. | 6157 | 681888 | (211.9) |
|  Prudential Financial, Inc. | 18575 | 1953904 | (607.3) |
|  PulteGroup, Inc. | 24009 | 960120 | (298.4) |
|  Qorvo, Inc. | 1069 | 92020 | (28.6) |
|  Qualys, Inc. | 1301 | 185471 | (57.6) |
|  Radian Group, Inc. | 20022 | 417859 | (129.9) |
|  Ralph Lauren Corp. | 28404 | 2632767 | (818.3) |
|  Range Resources Corp. | 16857 | 480087 | (149.2) |
|  Rapid7, Inc. | 2327 | 105343 | (32.7) |
|  Regency Centers Corp. | 1128 | 68255 | (21.2) |
|  Reinsurance Group of America, Inc. | 579 | 85211 | (26.5) |
|  Reliance Steel & Aluminum Co. | 4411 | 888728 | (276.2) |
|  Repligen Corp. | 326 | 59492 | (18.5) |
|  Rexford Industrial Realty, Inc. | 5557 | 307191 | (95.5) |
|  RingCentral, Inc., Class A | 15848 | 562921 | (175.0) |
|  Robert Half International, Inc. | 3290 | 251553 | (78.2) |
|  ROBLOX Corp., Class A | 2332 | 104334 | (32.4) |
|  Rocket Cos., Inc., Class A | 11081 | 76459 | (23.8) |
|  Roku, Inc. | 6457 | 358622 | (111.5) |
|  Royal Caribbean Cruises Ltd. | 13616 | 726822 | (225.9) |
|  Royal Gold, Inc. | 3540 | 336158 | (104.5) |
|  S&P Global, Inc. | 5428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1743745 | (542.0) |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
|  Saia, Inc. | 1260 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250564 | (77.9)% |
|  Salesforce, Inc. | 3408 | 554107 | (172.2) |
|  SBA Communications Corp. | 5453 | 1471765 | (457.4) |
|  Schlumberger NV | 35296 | 1836451 | (570.8) |
|  Science Applications International Corp. | 679 | 73563 | (22.9) |
|  Scotts Miracle-Gro Co. | 4612 | 211737 | (65.8) |
|  Seagen, Inc. | 184 | 23397 | (7.3) |
|  Sealed Air Corp. | 18173 | 865398 | (269.0) |
|  Service Corp. International | 21610 | 1309782 | (407.1) |
|  ServiceNow, Inc. | 1618 | 680757 | (211.6) |
|  Sherwin-Williams Co. | 2006 | 451410 | (140.3) |
|  Silicon Laboratories, Inc. | 1497 | 172035 | (53.5) |
|  Sirius XM Holdings, Inc. | 231494 | 1398224 | (434.6) |
|  SiteOne Landscape Supply, Inc. | 2258 | 261634 | (81.3) |
|  Snap, Inc., Class A | 52678 | 522039 | (162.3) |
|  Snap-on, Inc. | 894 | 198513 | (61.7) |
|  Splunk, Inc. | 2403 | 199713 | (62.1) |
|  STAAR Surgical Co. | 379 | 26860 | (8.3) |
|  Stifel Financial Corp. | 7664 | 474172 | (147.4) |
|  SunPower Corp. | 9018 | 166743 | (51.8) |
|  SVB Financial Group | 1457 | 336509 | (104.6) |
|  Synchrony Financial | 6583 | 234091 | (72.8) |
|  Syneos Health, Inc. | 11968 | 602948 | (187.4) |
|  Take-Two Interactive Software, Inc. | 3478 | 412073 | (128.1) |
|  Tandem Diabetes Care, Inc. | 3257 | 182881 | (56.8) |
|  TD SYNNEX Corp. | 4949 | 452883 | (140.8) |
|  Teleflex, Inc. | 3570 | 765979 | (238.1) |
|  Tempur Sealy International, Inc. | 12963 | 348575 | (108.3) |
|  Tenable Holdings, Inc. | 2796 | 113629 | (35.3) |
|  Teradyne, Inc. | 6719 | 546591 | (169.9) |
|  Tesla, Inc. | 2187 | 497630 | (154.7) |
|  Tetra Tech, Inc. | 2206 | 311664 | (96.9) |
|  Texas Instruments, Inc. | 5087 | 817125 | (254.0) |
|  Texas Roadhouse, Inc. | 3080 | 304766 | (94.7) |
|  Textron, Inc. | 26383 | 1805653 | (561.2) |
|  Timken Co. | 12904 | 919926 | (285.9) |
|  Toll Brothers, Inc. | 11021 | 474785 | (147.6) |
|  TopBuild Corp. | 2376 | 404253 | (125.6) |
|  Topgolf Callaway Brands Corp. | 6802 | 127333 | (39.6) |
|  Tractor Supply Co. | 1695 | 372510 | (115.8) |
|  Travel & Leisure Co. | 19230 | 730355 | (227.0) |
|  Trex Co., Inc. | 2308 | 110992 | (34.5) |
|  TripAdvisor, Inc. | 8301 | 196070 | (60.9) |
|  Tyler Technologies, Inc. | 913 | 295200 | (91.7) |
|  U.S. Bancorp | 23088 | 980086 | (304.6) |
|  Uber Technologies, Inc. | 3023 | 80321 | (25.0) |
|  UDR, Inc. | 40502 | 1610360 | (500.5) |
|  Ultragenyx Pharmaceutical, Inc. | 1015 | 41067 | (12.8) |
|  Umpqua Holdings Corp. | 7903 | 157112 | (48.8) |
|  United Rentals, Inc. | 6700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2115257 | (657.4) |
|  United Therapeutics Corp. | 1002 | 230991 | (71.8) |
|  UnitedHealth Group, Inc. | 1667 | 925435 | (287.6) |
|  Universal Display Corp. | 4314 | 410779 | (127.7) |
|  Valaris Ltd. | 2812 | 188207 | (58.5) |
|  Valero Energy Corp. | 6377 | 800632 | (248.8) |
|  Valvoline, Inc. | 6373 | 187111 | (58.2) |
|  Varonis Systems, Inc. | 2291 | 61330 | (19.1) |
|  Veeva Systems, Inc., Class A | 2683 | 450583 | (140.0) |
|  VeriSign, Inc. | 1432 | 287059 | (89.2) |
|  Vertex Pharmaceuticals, Inc. | 1514 | 472368 | (146.8) |
|  Viatris, Inc. | 35779 | 362441 | (112.6) |
|  Virtu Financial, Inc., Class A | 14188 | 317527 | (98.7) |

---

S C H E D U L E O F I N V E S T M E N T S 61

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Global Equity Market Neutral Fund** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
|  Visa, Inc., A Shares | 7625 | $1579595 | (490.9)% |
|  Vistra Corp. | 42239 | 970230 | (301.6) |
|  Walgreens Boots Alliance, Inc. | 9592 | 350108 | (108.8) |
|  Walmart, Inc. | 5013 | 713500 | (221.8) |
|  Waters Corp. | 2123 | 635138 | (197.4) |
|  Watsco, Inc. | 2899 | 785513 | (244.1) |
|  Wells Fargo & Co. | 6744 | 310157 | (96.4) |
|  Welltower, Inc. | 3578 | 218401 | (67.9) |
|  West Pharmaceutical Services, Inc. | 7815 | 1798232 | (558.9) |
|  Western Digital Corp. | 6569 | 225777 | (70.2) |
|  Western Union Co. | 26038 | 351773 | (109.3) |
|  Westrock Co. | 21847 | 744109 | (231.3) |
|  Whirlpool Corp. | 7627 | 1054356 | (327.7) |
|  Williams Cos., Inc. | 10023 | 328053 | (102.0) |
|  Willis Towers Watson PLC | 1197 | 261197 | (81.2) |
|  Wingstop, Inc. | 1055 | 167101 | (51.9) |
|  Wintrust Financial Corp. | 4829 | 452091 | (140.5) |
|  Workday, Inc., Class A | 2078 | 323794 | (100.6) |
|  World Wrestling Entertainment, Inc., Class A | 4849 | 382538 | (118.9) |
|  WP Carey, Inc. | 3251 | 248051 | (77.1) |
|  Xcel Energy, Inc. | 3331 | 216881 | (67.4) |
|  Xylem, Inc. | 4218 | 432050 | (134.3) |
|  Yum! Brands, Inc. | 5209 | 615964 | (191.4) |
|  Zillow Group, Inc., Class C | 3267 | 100820 | (31.3) |
|  Zscaler, Inc. | 4357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;671414 | (208.7) |
|  |  | 247865209 |  |
|  **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** |
| **Germany** | **Germany** | **Germany** | **Germany** |
|  Fuchs Petrolub SE | 15295 | 438034 | (136.1) |
|  Sartorius AG | 194 | 68402 | (21.3) |
|  Volkswagen AG | 4337 | 555142 | (172.5) |
|  |  | 1061578 |  |
| **Warrants** | **Warrants** | **Warrants** | **Warrants** |
| **Australia** | **Australia** | **Australia** | **Australia** |
|  Magellan Financial Group Ltd. (Issued/Exercisable 04/14/22, 1 Share for 1 Warrant, Expires 04/16/27, Strike Price AUD 35.00) | 464 | 92 | (0.0) |
|  **Total Reference Entity — Long** | **Total Reference Entity — Long** | 398968459 |  |
|  **Reference Entity — Short** | **Reference Entity — Short** | **Reference Entity — Short** | **Reference Entity — Short** |
|  **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** |
|  **Argentina** | **Argentina** | **Argentina** | **Argentina** |
|  Globant SA | (1421) | (268114) | 83.3 |
| **Australia** | **Australia** | **Australia** | **Australia** |
|  Adbri Ltd. | (84939) | (85635) | 26.6 |
|  AMP Ltd. | (24641) | (19871) | 6.2 |
|  Beach Energy Ltd. | (1174750) | (1201253) | 373.4 |
|  BlueScope Steel Ltd. | (2210) | (22255) | 6.9 |
|  Brambles Ltd. | (48623) | (364027) | 113.1 |
|  Cochlear Ltd. | (73) | (9325) | 2.9 |
|  EBOS Group Ltd. | (539) | (11751) | 3.6 |
|  Endeavour Group Ltd. | (38738) | (177316) | 55.1 |
|  Evolution Mining Ltd. | (102984) | (136613) | 42.5 |
|  Fortescue Metals Group Ltd. | (59465) | (560220) | 174.1 |
|  Glencore PLC | (245315) | (1406408) | 437.1 |
|  IDP Education Ltd. | (766) | (14452) | 4.5 |
|  Incitec Pivot Ltd. | (6725) | (16173) | 5.0 |
|  Insurance Australia Group Ltd. | (4709) | (14781) | 4.6 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **Australia (continued)** | **Australia (continued)** | **Australia (continued)** | **Australia (continued)** |
|  JB Hi-Fi Ltd. | (1364) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37390) | 11.6% |
|  Lendlease Group | (8538) | (47478) | 14.8 |
|  Lottery Corp. Ltd. | (2658) | (7292) | 2.3 |
|  Newcrest Mining Ltd. | (13589) | (149919) | 46.6 |
|  Newcrest Mining Ltd. | (98124) | (1086750) | 337.8 |
|  Northern Star Resources Ltd. | (79615) | (444339) | 138.1 |
|  Orica Ltd. | (11813) | (105079) | 32.7 |
|  Origin Energy Ltd. | (11223) | (40095) | 12.5 |
|  Reece Ltd. | (56802) | (564037) | 175.3 |
|  Rio Tinto Ltd. | (761) | (43186) | 13.4 |
|  Santos Ltd. | (3253) | (15880) | 4.9 |
|  Seven Group Holdings Ltd. | (77925) | (913781) | 284.0 |
|  Tabcorp Holdings Ltd. | (383561) | (236803) | 73.6 |
|  TPG Telecom Ltd. | (158681) | (497782) | 154.7 |
|  Vicinity Centres | (1278070) | (1593323) | 495.2 |
|  Woodside Energy Group Ltd. | (47420) | (1096277) | 340.7 |
|  |  | (10919491) |  |
| **Austria** | **Austria** | **Austria** | **Austria** |
|  ams-OSRAM AG | (65894) | (372983) | 115.9 |
|  BAWAG Group AG | (7494) | (361779) | 112.4 |
|  OMV AG | (12881) | (593084) | 184.3 |
|  Telekom Austria AG | (6015) | (34965) | 10.9 |
|  Voestalpine AG | (3124) | (67823) | 21.1 |
|  |  | (1430634) |  |
| **Belgium** | **Belgium** | **Belgium** | **Belgium** |
|  D'ieteren Group | (476) | (79220) | 24.6 |
|  Galapagos NV | (4151) | (189327) | 58.9 |
|  Groupe Bruxelles Lambert SA | (191) | (14082) | 4.4 |
|  Proximus SADP | (19095) | (200187) | 62.2 |
|  |  | (482816) |  |
| **Canada** | **Canada** | **Canada** | **Canada** |
|  Alimentation Couche-Tard, Inc. | (5622) | (251728) | 78.2 |
|  AltaGas Ltd. | (1578) | (28459) | 8.9 |
|  Aritzia, Inc. | (3940) | (152817) | 47.5 |
|  Atco Ltd. | (36303) | (1127182) | 350.3 |
|  ATS Automation Tooling Systems, Inc. | (2184) | (69094) | 21.5 |
|  Brookfield Asset Management, Inc., Class A | (13706) | (542767) | 168.7 |
|  Canadian Apartment Properties REIT | (23665) | (732871) | 227.8 |
|  Canadian National Railway Co. | (4304) | (509902) | 158.5 |
|  Canadian Solar, Inc. | (1344) | (45562) | 14.2 |
|  CCL Industries, Inc., Class B | (3192) | (149953) | 46.6 |
|  Constellation Software, Inc. | (707) | (1022287) | 317.7 |
|  Dollarama, Inc. | (1977) | (117472) | 36.5 |
|  Element Fleet Management Corp. | (19823) | (264093) | 82.1 |
|  Empire Co. Ltd. | (6696) | (172026) | 53.5 |
|  Fairfax Financial Holdings Ltd. | (95) | (46657) | 14.5 |
|  Finning International, Inc. | (5739) | (122038) | 37.9 |
|  Franco-Nevada Corp. | (1191) | (147158) | 45.7 |
|  H&R Real Estate Investment Trust | (44824) | (368831) | 114.6 |
|  iA Financial Corp., Inc. | (6397) | (356018) | 110.7 |
|  Intact Financial Corp. | (1910) | (290226) | 90.2 |
|  Loblaw Cos. Ltd. | (7677) | (628992) | 195.5 |
|  Manulife Financial Corp. | (839) | (13906) | 4.3 |
|  MEG Energy Corp. | (25653) | (383566) | 119.2 |
|  Metro, Inc. | (16560) | (867536) | 269.6 |
|  National Bank of Canada | (5020) | (341803) | 106.2 |
|  Nutrien Ltd. | (2216) | (187238) | 58.2 |
|  Nuvei Corp. | (7197) | (216594) | 67.3 |
|  Onex Corp. | (4465) | (224733) | 69.9 |
|  Parkland Corp. | (23715) | (479400) | 149.0 |

---

62 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Global Equity Market Neutral Fund** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **Canada (continued)** | **Canada (continued)** | **Canada (continued)** | **Canada (continued)** |
|  Saputo, Inc. | (19562) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(476145) | 148.0% |
|  SmartCentres Real Estate Investment Trust | (19147) | (375252) | 116.6 |
|  Stelco Holdings, Inc. | (6145) | (154758) | 48.1 |
|  Sun Life Financial, Inc. | (4482) | (190354) | 59.2 |
|  TMX Group Ltd. | (4972) | (478022) | 148.6 |
|  Toromont Industries Ltd. | (10891) | (837001) | 260.1 |
|  Vermilion Energy, Inc. | (2875) | (67087) | 20.9 |
|  |  | (12439528) |  |
| **China** | **China** | **China** | **China** |
|  Futu Holdings Ltd., ADR | (8288) | (280632) | 87.2 |
|  Yangzijiang Shipbuilding Holdings Ltd. | (216700) | (183702) | 57.1 |
|  |  | (464334) |  |
| **Denmark** | **Denmark** | **Denmark** | **Denmark** |
|  Ambu A/S, Class B | (9138) | (102198) | 31.8 |
|  Carlsberg A/S, Class B | (1703) | (200521) | 62.3 |
|  Danske Bank A/S | (7394) | (119273) | 37.1 |
|  Orsted A/S | (6168) | (508895) | 158.2 |
|  Pandora A/S | (486) | (25565) | 7.9 |
|  Royal Unibrew A/S | (2993) | (170973) | 53.1 |
|  |  | (1127425) |  |
| **Finland** | **Finland** | **Finland** | **Finland** |
|  Elisa OYJ | (9157) | (442524) | 137.6 |
|  Kojamo OYJ | (7561) | (98403) | 30.6 |
|  Neste OYJ | (1419) | (62193) | 19.3 |
|  Nordea Bank Abp | (17232) | (164685) | 51.2 |
|  Orion OYJ, Class B | (2568) | (118175) | 36.7 |
|  Sampo OYJ, A Shares | (2669) | (122047) | 37.9 |
|  UPM-Kymmene OYJ | (52125) | (1752309) | 544.6 |
|  |  | (2760336) |  |
| **France** | **France** | **France** | **France** |
|  Constellium SE | (26074) | (287335) | 89.3 |
|  Unibail-Rodamco-Westfield | (3631) | (171600) | 53.3 |
|  |  | (458935) |  |
| **Germany** | **Germany** | **Germany** | **Germany** |
|  Allianz SE, Registered Shares | (339) | (60988) | 19.0 |
|  Aurubis AG | (1863) | (117556) | 36.5 |
|  BASF SE | (15562) | (698277) | 217.0 |
|  Bayer AG, Registered Shares | (10481) | (551102) | 171.3 |
|  Bechtle AG | (4499) | (155425) | 48.3 |
|  Brenntag AG | (259) | (15715) | 4.9 |
|  Carl Zeiss Meditec AG | (682) | (82551) | 25.7 |
|  Continental AG | (3190) | (165228) | 51.3 |
|  Deutsche Boerse AG | (229) | (37240) | 11.6 |
|  Deutsche Wohnen SE | (5480) | (110533) | 34.4 |
|  Evotec SE | (5233) | (99809) | 31.0 |
|  Fielmann AG | (6702) | (213502) | 66.4 |
|  Fresenius Medical Care AG & Co. KGaA | (18310) | (506465) | 157.4 |
|  Fresenius SE & Co. KGaA | (16591) | (381811) | 118.7 |
|  GEA Group AG | (2918) | (101997) | 31.7 |
|  HeidelbergCement AG | (5601) | (257572) | 80.1 |
|  Hella GmbH & Co. KGaA | (3254) | (254035) | 79.0 |
|  Henkel AG & Co. KGaA | (290) | (17025) | 5.3 |
|  HUGO BOSS AG | (2316) | (106669) | 33.1 |
|  Infineon Technologies AG | (22185) | (538329) | 167.3 |
|  Merck KGaA | (3990) | (650230) | 202.1 |
|  MTU Aero Engines AG | (858) | (153546) | 47.7 |
|  Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered Shares | (693) | (182935) | 56.9 |
|  SAP SE | (8081) | (777819) | 241.7 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **Germany (continued)** | **Germany (continued)** | **Germany (continued)** | **Germany (continued)** |
|  Siemens Healthineers AG | (3717) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(170285) | 52.9% |
|  SUSE SA | (14369) | (253870) | 78.9 |
|  Telefonica Deutschland Holding AG | (60920) | (132739) | 41.3 |
|  Uniper SE | (6669) | (19963) | 6.2 |
|  United Internet AG, Registered Shares | (3189) | (59612) | 18.5 |
|  Vonovia SE | (23122) | (511241) | 158.9 |
|  Zalando SE | (3134) | (72233) | 22.4 |
|  |  | (7456302) |  |
| **Hong Kong** |  |  |  |
|  Hongkong Land Holdings Ltd. | (20600) | (79307) | 24.6 |
|  Vitasoy International Holdings Ltd. | (188000) | (321034) | 99.8 |
|  |  | (400341) |  |
| **Ireland** |  |  |  |
|  AerCap Holdings NV | (5906) | (315440) | 98.1 |
|  DCC PLC | (13920) | (772571) | 240.1 |
|  Jazz Pharmaceuticals PLC | (1553) | (223306) | 69.4 |
|  Smurfit Kappa Group PLC | (959) | (31777) | 9.9 |
|  Trane Technologies PLC | (1792) | (286057) | 88.9 |
|  |  | (1629151) |  |
| **Israel** |  |  |  |
|  Ashtrom Group Ltd. | (40084) | (872384) | 271.1 |
|  Check Point Software Technologies Ltd. | (729) | (94209) | 29.3 |
|  Global-e Online Ltd. | (7704) | (194834) | 60.6 |
|  Inmode Ltd. | (13408) | (460162) | 143.0 |
|  Shikun & Binui Ltd. | (5539) | (21988) | 6.8 |
|  |  | (1643577) |  |
| **Italy** |  |  |  |
|  A2A SpA | (32362) | (35884) | 11.1 |
|  DiaSorin SpA | (2098) | (274283) | 85.2 |
|  FinecoBank Banca Fineco SpA | (24559) | (330947) | 102.9 |
|  Hera SpA | (22013) | (52450) | 16.3 |
|  Interpump Group SpA | (3737) | (144680) | 45.0 |
|  Intesa Sanpaolo SpA | (1162006) | (2215396) | 688.6 |
|  Nexi SpA | (9320) | (80576) | 25.0 |
|  Prysmian SpA | (2966) | (96538) | 30.0 |
|  Recordati Industria Chimica e Farmaceutica SpA | (1302) | (48918) | 15.2 |
|  UniCredit SpA | (185006) | (2294308) | 713.1 |
|  |  | (5573980) |  |
| **Japan** |  |  |  |
|  Advance Residence Investment Corp. | (18) | (41907) | 13.0 |
|  Aeon Mall Co. Ltd. | (28000) | (304599) | 94.7 |
|  AEON REIT Investment Corp. | (100) | (107663) | 33.5 |
|  AGC, Inc. | (1800) | (56403) | 17.5 |
|  Ain Holdings, Inc. | (7900) | (331878) | 103.1 |
|  Aisin Corp. | (7400) | (189956) | 59.0 |
|  Ajinomoto Co., Inc. | (2700) | (74259) | 23.1 |
|  Ariake Japan Co. Ltd. | (1300) | (45038) | 14.0 |
|  Asahi Intecc Co. Ltd. | (4700) | (80065) | 24.9 |
|  Asics Corp. | (5200) | (79683) | 24.8 |
|  ASKUL Corp. | (15300) | (159789) | 49.7 |
|  Bank of Kyoto Ltd. | (500) | (18018) | 5.6 |
|  Benefit One, Inc. | (14800) | (204745) | 63.6 |
|  BIPROGY, Inc. | (12300) | (265697) | 82.6 |
|  Bridgestone Corp. | (2300) | (83183) | 25.8 |
|  Brother Industries Ltd. | (12000) | (204431) | 63.5 |
|  Canon Marketing Japan, Inc. | (2700) | (56975) | 17.7 |
|  Chiba Bank Ltd. | (18900) | (103555) | 32.2 |
|  Concordia Financial Group Ltd. | (82700) | (252336) | 78.4 |

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S C H E D U L E O F I N V E S T M E N T S 63

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---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Global Equity Market Neutral Fund** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
|  Credit Saison Co. Ltd. | (25400) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(271484) | 84.4% |
|  Dai Nippon Printing Co. Ltd. | (6100) | (122187) | 38.0 |
|  Daicel Corp. | (16700) | (95287) | 29.6 |
|  Daido Steel Co. Ltd. | (1600) | (41483) | 12.9 |
|  Dai-ichi Life Holdings, Inc. | (21000) | (333538) | 103.7 |
|  Daiichikosho Co. Ltd. | (1200) | (34407) | 10.7 |
|  Daikin Industries Ltd. | (1700) | (254638) | 79.1 |
|  Daio Paper Corp. | (5900) | (43530) | 13.5 |
|  Daiwa House REIT Investment Corp. | (115) | (232104) | 72.1 |
|  Daiwa Securities Living Investments Corp. | (20) | (15524) | 4.8 |
|  Denka Co. Ltd. | (3400) | (78765) | 24.5 |
|  Descente Ltd. | (2900) | (69603) | 21.6 |
|  Dexerials Corp. | (2600) | (60556) | 18.8 |
|  DIC Corp. | (8000) | (134323) | 41.7 |
|  Dowa Holdings Co. Ltd. | (500) | (15876) | 4.9 |
|  ENEOS Holdings, Inc. | (34900) | (115123) | 35.8 |
|  Ezaki Glico Co. Ltd. | (5100) | (114740) | 35.7 |
|  Fancl Corp. | (9800) | (185662) | 57.7 |
|  FANUC Corp. | (400) | (52341) | 16.3 |
|  Food and Life Cos. Ltd. | (3200) | (53827) | 16.7 |
|  Fuji Electric Co. Ltd. | (7400) | (286121) | 88.9 |
|  Fuji Kyuko Co. Ltd. | (18100) | (559688) | 173.9 |
|  Fuji Oil Holdings, Inc. | (6700) | (105483) | 32.8 |
|  Fujitsu General Ltd. | (3100) | (70748) | 22.0 |
|  Fukuoka Financial Group, Inc. | (11100) | (188873) | 58.7 |
|  GLP J-Reit | (66) | (68447) | 21.3 |
|  GMO internet, Inc. | (7000) | (120686) | 37.5 |
|  Goldwin, Inc. | (5900) | (308118) | 95.8 |
|  GS Yuasa Corp. | (5100) | (77643) | 24.1 |
|  Hachijuni Bank Ltd. | (114000) | (363564) | 113.0 |
|  Hakuhodo DY Holdings, Inc. | (11900) | (100266) | 31.2 |
|  Hankyu Hanshin Holdings, Inc. | (1700) | (50491) | 15.7 |
|  Haseko Corp. | (19000) | (195666) | 60.8 |
|  Heiwa Corp. | (7700) | (124225) | 38.6 |
|  Hikari Tsushin, Inc. | (1400) | (169112) | 52.6 |
|  Hino Motors Ltd. | (14000) | (58181) | 18.1 |
|  Horiba Ltd. | (4800) | (196932) | 61.2 |
|  Hoshizaki Corp. | (2200) | (63030) | 19.6 |
|  House Foods Group, Inc. | (12800) | (239390) | 74.4 |
|  Hoya Corp. | (400) | (37185) | 11.6 |
|  Ibiden Co. Ltd. | (6000) | (202244) | 62.9 |
|  Idemitsu Kosan Co. Ltd. | (7200) | (157538) | 49.0 |
|  IHI Corp. | (2500) | (55760) | 17.3 |
|  Iida Group Holdings Co. Ltd. | (9600) | (133299) | 41.4 |
|  Industrial & Infrastructure Fund Investment Corp. | (72) | (76042) | 23.6 |
|  Inpex Corp. | (19800) | (199829) | 62.1 |
|  Isuzu Motors Ltd. | (4800) | (56446) | 17.5 |
|  Ito En Ltd. | (900) | (31698) | 9.8 |
|  Iwatani Corp. | (10500) | (386625) | 120.2 |
|  Iyogin Holdings, Inc. | (20000) | (93836) | 29.2 |
|  Japan Airlines Co. Ltd. | (18400) | (343678) | 106.8 |
|  Japan Airport Terminal Co. Ltd. | (11000) | (470810) | 146.3 |
|  Japan Aviation Electronics Industry Ltd. | (41000) | (638119) | 198.3 |
|  Japan Hotel REIT Investment Corp. | (554) | (291879) | 90.7 |
|  Japan Logistics Fund, Inc. | (36) | (77129) | 24.0 |
|  Japan Post Insurance Co. Ltd. | (54500) | (806772) | 250.7 |
|  Japan Real Estate Investment Corp. | (27) | (113138) | 35.2 |
|  Japan Retail Fund Investment Corp. | (225) | (165764) | 51.5 |
|  JCR Pharmaceuticals Co. Ltd. | (5500) | (81744) | 25.4 |
|  Jeol Ltd. | (3800) | (139054) | 43.2 |
|  JFE Holdings, Inc. | (42800) | (392096) | 121.9 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
|  JGC Holdings Corp. | (6600) | $(79382) | 24.7% |
|  JSR Corp. | (1200) | (22801) | 7.1 |
|  Justsystems Corp. | (21500) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(452201) | 140.5 |
|  Kagome Co. Ltd. | (5200) | (103932) | 32.3 |
|  Kaken Pharmaceutical Co. Ltd. | (4500) | (115179) | 35.8 |
|  Kaneka Corp. | (2900) | (71912) | 22.3 |
|  Kao Corp. | (22100) | (825478) | 256.6 |
|  Kawasaki Heavy Industries Ltd. | (1800) | (30613) | 9.5 |
|  Keihan Holdings Co. Ltd. | (1900) | (48881) | 15.2 |
|  Kenedix Office Investment Corp. | (24) | (54672) | 17.0 |
|  Kikkoman Corp. | (8500) | (460615) | 143.2 |
|  Kobayashi Pharmaceutical Co. Ltd. | (1100) | (58373) | 18.1 |
|  Kobe Steel Ltd. | (24000) | (98421) | 30.6 |
|  Kotobuki Spirits Co. Ltd. | (6000) | (307584) | 95.6 |
|  K's Holdings Corp. | (13700) | (107359) | 33.4 |
|  Kurita Water Industries Ltd. | (3900) | (142759) | 44.4 |
|  Kyushu Financial Group, Inc. | (8900) | (22505) | 7.0 |
|  Lintec Corp. | (6000) | (90022) | 28.0 |
|  Mabuchi Motor Co. Ltd. | (2300) | (62409) | 19.4 |
|  Marui Group Co. Ltd. | (6400) | (104706) | 32.5 |
|  Matsui Securities Co. Ltd. | (25000) | (133134) | 41.4 |
|  MEIJI Holdings Co. Ltd. | (10400) | (427951) | 133.0 |
|  Menicon Co. Ltd. | (1600) | (27318) | 8.5 |
|  MINEBEA MITSUMI, Inc. | (11300) | (166996) | 51.9 |
|  Mitsubishi Electric Corp. | (18200) | (160135) | 49.8 |
|  Mitsubishi Motors Corp. | (11000) | (37056) | 11.5 |
|  Mitsui Fudosan Logistics Park, Inc. | (77) | (255475) | 79.4 |
|  Miura Co. Ltd. | (4200) | (85535) | 26.6 |
|  Mori Hills REIT Investment Corp. | (44) | (48196) | 15.0 |
|  Morinaga & Co. Ltd. | (4500) | (112555) | 35.0 |
|  Morinaga Milk Industry Co. Ltd. | (8800) | (249659) | 77.6 |
|  Nagase & Co. Ltd. | (6200) | (84471) | 26.3 |
|  NGK Insulators Ltd. | (15800) | (184324) | 57.3 |
|  NGK Spark Plug Co. Ltd. | (4900) | (89396) | 27.8 |
|  NH Foods Ltd. | (7400) | (176353) | 54.8 |
|  NHK Spring Co. Ltd. | (21200) | (117450) | 36.5 |
|  Nidec Corp. | (9800) | (538843) | 167.5 |
|  Nifco, Inc. | (1000) | (23224) | 7.2 |
|  Nippon Accommodations Fund, Inc. | (7) | (29808) | 9.3 |
|  Nippon Building Fund, Inc. | (94) | (417853) | 129.9 |
|  Nippon Kayaku Co. Ltd. | (93600) | (743474) | 231.1 |
|  Nippon Shinyaku Co. Ltd. | (2400) | (132879) | 41.3 |
|  Nippon Shokubai Co. Ltd. | (600) | (21522) | 6.7 |
|  Nippon Steel Corp. | (3600) | (49387) | 15.3 |
|  Nishi-Nippon Railroad Co. Ltd. | (3200) | (62764) | 19.5 |
|  Nissan Motor Co. Ltd. | (23200) | (73945) | 23.0 |
|  Nisshin Seifun Group, Inc. | (9400) | (101573) | 31.6 |
|  Noevir Holdings Co. Ltd. | (700) | (25876) | 8.0 |
|  NOF Corp. | (1100) | (37836) | 11.8 |
|  Nomura Holdings, Inc. | (214500) | (694113) | 215.7 |
|  Nomura Real Estate Master Fund, Inc. | (65) | (74154) | 23.0 |
|  NS Solutions Corp. | (1600) | (36775) | 11.4 |
|  Oji Holdings Corp. | (40200) | (139362) | 43.3 |
|  OKUMA Corp. | (5200) | (174068) | 54.1 |
|  Ono Pharmaceutical Co. Ltd. | (2300) | (54127) | 16.8 |
|  Open House Co. Ltd. | (9900) | (352137) | 109.4 |
|  Orient Corp. | (4120) | (33371) | 10.4 |
|  ORIX Corp. | (3500) | (51407) | 16.0 |
|  Orix JREIT, Inc. | (64) | (85863) | 26.7 |
|  Osaka Gas Co. Ltd. | (2800) | (41462) | 12.9 |
|  OSG Corp. | (4000) | (50853) | 15.8 |
|  Pan Pacific International Holdings Corp. | (11300) | (185441) | 57.6 |

---

64 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Global Equity Market Neutral Fund** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
|  Persol Holdings Co. Ltd. | (1600) | $(32036) | 10.0% |
|  Relo Group, Inc. | (1500) | (21142) | 6.6 |
|  Renesas Electronics Corp. | (7800) | (65253) | 20.3 |
|  Rengo Co. Ltd. | (37600) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(208891) | 64.9 |
|  Rohto Pharmaceutical Co. Ltd. | (6400) | (199092) | 61.9 |
|  Sankyo Co. Ltd. | (11200) | (369845) | 114.9 |
|  Sanwa Holdings Corp. | (14100) | (121459) | 37.7 |
|  Sapporo Holdings Ltd. | (600) | (13234) | 4.1 |
|  Seibu Holdings, Inc. | (7400) | (66239) | 20.6 |
|  Seven & i Holdings Co. Ltd. | (500) | (18664) | 5.8 |
|  Sharp Corp. | (5200) | (31190) | 9.7 |
|  SHIFT, Inc. | (300) | (46843) | 14.6 |
|  Shikoku Electric Power Co., Inc. | (14900) | (71682) | 22.3 |
|  Shimamura Co. Ltd. | (600) | (48520) | 15.1 |
|  Shimano, Inc. | (1700) | (263063) | 81.8 |
|  Shinko Electric Industries Co. Ltd. | (18800) | (451788) | 140.4 |
|  Shinsei Bank Ltd. | (200) | (2976) | 0.9 |
|  Shizuoka Financial Group, Inc. | (18800) | (118719) | 36.9 |
|  SHO-BOND Holdings Co. Ltd. | (900) | (38934) | 12.1 |
|  Shochiku Co. Ltd. | (1500) | (119068) | 37.0 |
|  Showa Denko KK | (1000) | (14599) | 4.5 |
|  SMC Corp. | (700) | (280981) | 87.3 |
|  Stanley Electric Co. Ltd. | (6700) | (113903) | 35.4 |
|  SUMCO Corp. | (4000) | (50699) | 15.8 |
|  Sumitomo Bakelite Co. Ltd. | (4400) | (119092) | 37.0 |
|  Sumitomo Electric Industries Ltd. | (31300) | (327095) | 101.7 |
|  Sumitomo Metal Mining Co. Ltd. | (9300) | (260687) | 81.0 |
|  Suzuken Co. Ltd. | (2200) | (48980) | 15.2 |
|  T&D Holdings, Inc. | (14300) | (141430) | 44.0 |
|  Taiyo Nippon Sanso Corp. | (10800) | (171951) | 53.4 |
|  Taiyo Yuden Co. Ltd. | (1700) | (46260) | 14.4 |
|  Takara Holdings, Inc. | (10300) | (71646) | 22.3 |
|  TechnoPro Holdings, Inc. | (2600) | (62375) | 19.4 |
|  THK Co. Ltd. | (18700) | (326126) | 101.4 |
|  Toda Corp. | (22000) | (109962) | 34.2 |
|  Toho Gas Co. Ltd. | (800) | (14905) | 4.6 |
|  Tokai Carbon Co. Ltd. | (2900) | (18925) | 5.9 |
|  Tokyo Electric Power Co. Holdings, Inc. | (277400) | (903648) | 280.9 |
|  Tokyo Gas Co. Ltd. | (7300) | (130462) | 40.5 |
|  Tokyu Corp. | (16400) | (189100) | 58.8 |
|  Tokyu Fudosan Holdings Corp. | (43200) | (219178) | 68.1 |
|  Toray Industries, Inc. | (37800) | (183608) | 57.1 |
|  Toshiba TEC Corp. | (1200) | (31067) | 9.7 |
|  Toyo Suisan Kaisha Ltd. | (4200) | (157572) | 49.0 |
|  Toyo Tire Corp. | (18800) | (220552) | 68.5 |
|  Toyoda Gosei Co. Ltd. | (9300) | (148677) | 46.2 |
|  Toyota Boshoku Corp. | (13900) | (176872) | 55.0 |
|  UBE Corp. | (9600) | (123819) | 38.5 |
|  Unicharm Corp. | (600) | (18235) | 5.7 |
|  United Urban Investment Corp. | (200) | (211606) | 65.8 |
|  Ushio, Inc. | (2400) | (24923) | 7.7 |
|  USS Co. Ltd. | (6700) | (101095) | 31.4 |
|  West Japan Railway Co. | (3100) | (123024) | 38.2 |
|  Yamato Holdings Co. Ltd. | (53800) | (796739) | 247.6 |
|  Yamato Kogyo Co. Ltd. | (7600) | (220703) | 68.6 |
|  Yamazaki Baking Co. Ltd. | (1800) | (18341) | 5.7 |
|  Yokogawa Electric Corp. | (18700) | (312685) | 97.2 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
|  Yokohama Rubber Co. Ltd. | (2300) | $(35965) | 11.2% |
|  Zeon Corp. | (7900) | (66591) | 20.7 |
|  |  | (32033168) |  |
| **Luxembourg** | **Luxembourg** | **Luxembourg** | **Luxembourg** |
|  ArcelorMittal SA | (1596) | (35677) | 11.1 |
|  Aroundtown SA | (20768) | (41167) | 12.8 |
|  Tenaris SA | (57803) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(904683) | 281.2 |
|  |  | (981527) |  |
| **Malaysia** | **Malaysia** | **Malaysia** | **Malaysia** |
|  Lynas Rare Earths Ltd. | (17656) | (94173) | 29.3 |
| **Mexico** | **Mexico** | **Mexico** | **Mexico** |
|  Fresnillo PLC | (8700) | (72737) | 22.6 |
| **Netherlands** | **Netherlands** | **Netherlands** | **Netherlands** |
|  Akzo Nobel NV | (320) | (19755) | 6.1 |
|  ASM International NV | (1921) | (424963) | 132.1 |
|  BE Semiconductor Industries NV | (6813) | (347223) | 107.9 |
|  EXOR NV | (1854) | (124591) | 38.7 |
|  Heineken Holding NV | (392) | (26748) | 8.3 |
|  Heineken NV | (495) | (41349) | 12.9 |
|  ING Groep NV | (7390) | (72715) | 22.6 |
|  Iveco Group NV | (24157) | (130536) | 40.6 |
|  Just Eat Takeaway.com NV | (2529) | (43398) | 13.5 |
|  NN Group NV | (6711) | (284160) | 88.3 |
|  SBM Offshore NV | (20456) | (276840) | 86.0 |
|  Universal Music Group NV | (6415) | (125961) | 39.2 |
|  |  | (1918239) |  |
| **New Zealand** | **New Zealand** | **New Zealand** | **New Zealand** |
|  Auckland International Airport Ltd. | (198171) | (885907) | 275.3 |
|  Fletcher Building Ltd. | (238000) | (710652) | 220.9 |
|  Kiwi Property Group Ltd. | (73548) | (38613) | 12.0 |
|  Mercury NZ Ltd. | (54272) | (183510) | 57.0 |
|  Meridian Energy Ltd. | (49550) | (140454) | 43.7 |
|  Spark New Zealand Ltd. | (210179) | (625653) | 194.5 |
|  |  | (2584789) |  |
| **Norway** | **Norway** | **Norway** | **Norway** |
|  Aker ASA, A Shares | (167) | (11784) | 3.7 |
|  DNB Bank ASA | (3631) | (64221) | 20.0 |
|  Gjensidige Forsikring ASA | (17583) | (321395) | 99.9 |
|  Mowi ASA | (14914) | (222603) | 69.2 |
|  Salmar Asa | (2990) | (101366) | 31.5 |
|  Schibsted ASA, Class A | (10387) | (160313) | 49.8 |
|  Storebrand ASA | (47991) | (373339) | 116.0 |
|  TOMRA Systems ASA | (7328) | (118359) | 36.8 |
|  |  | (1373380) |  |
| **Poland** | **Poland** | **Poland** | **Poland** |
|  InPost SA | (2796) | (17823) | 5.5 |
| **Portugal** | **Portugal** | **Portugal** | **Portugal** |
|  Banco Comercial Portugues SA | (530871) | (75636) | 23.5 |
|  Galp Energia SGPS SA | (106000) | (1076228) | 334.5 |
|  Jeronimo Martins SGPS SA | (2649) | (54816) | 17.0 |
|  |  | (1206680) |  |
| **Singapore** | **Singapore** | **Singapore** | **Singapore** |
|  CapitaLand Integrated Commercial Trust | (564469) | (749137) | 232.8 |
|  Capitaland Investment Ltd. | (156300) | (332394) | 103.3 |

---

S C H E D U L E O F I N V E S T M E N T S 65

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Global Equity Market Neutral Fund** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **Singapore (continued)** | **Singapore (continued)** | **Singapore (continued)** | **Singapore (continued)** |
|  DBS Group Holdings Ltd. | (18800) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(454514) | 141.3% |
|  Frasers Logistics & Commercial Trust | (480400) | (373360) | 116.0 |
|  Genting Singapore Ltd. | (841000) | (478253) | 148.6 |
|  Grab Holdings Ltd., Class A | (64782) | (168433) | 52.3 |
|  Keppel DC REIT | (379300) | (471405) | 146.5 |
|  Mapletree Logistics Trust | (343100) | (368239) | 114.5 |
|  Sea Ltd., ADR | (8391) | (416865) | 129.6 |
|  Sembcorp Industries Ltd. | (459000) | (943545) | 293.3 |
|  Singapore Telecommunications Ltd. | (290300) | (511144) | 158.9 |
|  United Overseas Bank Ltd. | (22500) | (441423) | 137.2 |
|  UOL Group Ltd. | (18200) | (79494) | 24.7 |
|  Venture Corp. Ltd. | (40300) | (453510) | 141.0 |
|  |  | (6241716) |  |
| **Spain** | **Spain** | **Spain** | **Spain** |
|  Acerinox SA | (21949) | (192362) | 59.8 |
|  ACS Actividades de Construccion y Servicios SA | (13564) | (348069) | 108.2 |
|  Aena SME SA | (437) | (51361) | 16.0 |
|  Amadeus IT Group SA | (2305) | (120218) | 37.4 |
|  CaixaBank SA | (33014) | (109476) | 34.0 |
|  Cellnex Telecom SA | (4603) | (150657) | 46.8 |
|  Ferrovial SA | (12137) | (296608) | 92.2 |
|  Fluidra SA | (10217) | (138756) | 43.1 |
|  Industria de Diseno Textil SA | (9420) | (213817) | 66.4 |
|  Inmobiliaria Colonial Socimi SA | (857) | (4520) | 1.4 |
|  Red Electrica Corp. SA | (13952) | (225683) | 70.1 |
|  Telefonica SA | (99185) | (341910) | 106.3 |
|  |  | (2193437) |  |
| **Sweden** | **Sweden** | **Sweden** | **Sweden** |
|  Assa Abloy AB, Class B | (5943) | (120002) | 37.3 |
|  Beijer Ref AB, Class B | (5692) | (88240) | 27.4 |
|  BillerudKorsnas AB | (1115) | (14394) | 4.5 |
|  EQT AB | (7829) | (154074) | 47.9 |
|  Evolution AB | (4834) | (450928) | 140.1 |
|  Fastighets AB Balder, B Shares | (29232) | (109727) | 34.1 |
|  Hennes & Mauritz AB, B Shares | (1481) | (14917) | 4.6 |
|  Investor AB | (30874) | (525005) | 163.2 |
|  Investor AB, B Shares | (5459) | (89094) | 27.7 |
|  Nibe Industrier AB, B Shares | (5515) | (43992) | 13.7 |
|  Sandvik AB | (6319) | (98745) | 30.7 |
|  Skandinaviska Enskilda Banken AB, Class A | (48797) | (514486) | 159.9 |
|  Svenska Handelsbanken AB | (4384) | (40732) | 12.7 |
|  Sweco AB, B Shares | (13073) | (98226) | 30.5 |
|  Swedbank AB, A Shares | (2142) | (31933) | 9.9 |
|  Swedish Orphan Biovitrum AB | (8412) | (154944) | 48.2 |
|  Trelleborg AB, B Shares | (539) | (11868) | 3.7 |
|  Volvo AB | (7940) | (135628) | 42.1 |
|  Volvo AB, B Shares | (61514) | (1006795) | 312.9 |
|  |  | (3703730) |  |
| **Switzerland** | **Switzerland** | **Switzerland** | **Switzerland** |
|  Adecco Group AG, Registered Shares | (5491) | (171846) | 53.4 |
|  Alcon, Inc. | (2565) | (156171) | 48.5 |
|  Bachem Holding AG | (1263) | (90565) | 28.2 |
|  Baloise Holding AG, Registered Shares | (2098) | (286633) | 89.1 |
|  Chocoladefabriken Lindt & Spruengli AG, Registered Shares | (1) | (97189) | 30.2 |
|  Cie Financiere Richemont SA | (5014) | (490036) | 152.3 |
|  Clariant AG, Registered Shares | (9981) | (160403) | 49.9 |
|  Coca-Cola HBC AG | (1107) | (24180) | 7.5 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **Switzerland (continued)** | **Switzerland (continued)** | **Switzerland (continued)** | **Switzerland (continued)** |
|  Credit Suisse Group AG, Registered Shares | (293596) | $(1216210) | 378.0% |
|  Galenica AG | (3591) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(258006) | 80.2 |
|  Georg Fischer AG, Registered Shares | (12306) | (681565) | 211.8 |
|  Helvetia Holding AG, Registered Shares | (3521) | (349643) | 108.7 |
|  Julius Baer Group Ltd. | (1355) | (65011) | 20.2 |
|  Kuehne & Nagel International AG, Registered Shares | (1079) | (229683) | 71.4 |
|  LafargeHolcim Ltd. | (10861) | (493440) | 153.4 |
|  Lonza Group AG, Registered Shares | (2001) | (1030083) | 320.2 |
|  Novartis AG, Registered Shares | (5418) | (438266) | 136.2 |
|  Partners Group Holding AG | (502) | (450587) | 140.0 |
|  PSP Swiss Property AG, Registered Shares | (191) | (20404) | 6.3 |
|  Roche Holding AG | (5648) | (1873996) | 582.4 |
|  Schindler Holding AG | (2873) | (468488) | 145.6 |
|  Schindler Holding AG, Registered Shares | (1066) | (167810) | 52.2 |
|  SGS SA, Registered Shares | (127) | (279973) | 87.0 |
|  Sonova Holding AG, Registered Shares | (1873) | (442709) | 137.6 |
|  Straumann Holding AG, Registered Shares | (11486) | (1093138) | 339.8 |
|  Swatch Group AG | (112) | (25167) | 7.8 |
|  Swatch Group AG, Registered Shares | (708) | (29579) | 9.2 |
|  Swiss Life Holding AG, Registered Shares | (683) | (330724) | 102.8 |
|  Swiss Re AG | (465) | (34542) | 10.7 |
|  Swisscom AG, Registered Shares | (3001) | (1481861) | 460.6 |
|  Tecan Group AG, Registered Shares | (386) | (141598) | 44.0 |
|  Temenos AG | (1075) | (64026) | 19.9 |
|  Zurich Insurance Group AG | (1500) | (639261) | 198.7 |
|  |  | (13782793) |  |
| **United Kingdom** | **United Kingdom** | **United Kingdom** | **United Kingdom** |
|  Airtel Africa PLC | (41207) | (53339) | 16.6 |
|  Associated British Foods PLC | (6929) | (107394) | 33.4 |
|  Bellway PLC | (7840) | (166734) | 51.8 |
|  Berkeley Group Holdings PLC | (6259) | (249029) | 77.4 |
|  Compass Group PLC | (52325) | (1102059) | 342.5 |
|  DS Smith PLC | (5524) | (18422) | 5.7 |
|  Farfetch Ltd., Class A | (1587) | (13458) | 4.2 |
|  Future PLC | (5232) | (73324) | 22.8 |
|  Greggs PLC | (16086) | (372896) | 115.9 |
|  Haleon PLC | (490999) | (1505625) | 468.0 |
|  Harbour Energy PLC | (53072) | (230324) | 71.6 |
|  Howden Joinery Group PLC | (132144) | (778407) | 241.9 |
|  Informa PLC | (18750) | (119473) | 37.1 |
|  InterContinental Hotels Group PLC | (10096) | (542465) | 168.6 |
|  Janus Henderson Group PLC | (8310) | (189219) | 58.8 |
|  JD Sports Fashion PLC | (39236) | (43843) | 13.6 |
|  Land Securities Group PLC | (111446) | (728733) | 226.5 |
|  Legal & General Group PLC | (132041) | (353244) | 109.8 |
|  Linde PLC | (5138) | (1527784) | 474.8 |
|  M&G PLC | (58384) | (117330) | 36.5 |
|  Man Group PLC | (46262) | (115082) | 35.8 |
|  Melrose Industries PLC | (252119) | (338188) | 105.1 |
|  National Grid PLC | (40660) | (442995) | 137.7 |
|  Next PLC | (21782) | (1230239) | 382.4 |
|  Persimmon PLC | (78157) | (1169531) | 363.5 |
|  Prudential PLC | (70607) | (655915) | 203.9 |
|  Smiths Group PLC | (26787) | (479823) | 149.1 |
|  Unilever PLC | (34899) | (1586311) | 493.0 |
|  Whitbread PLC | (19324) | (568746) | 176.8 |
|  |  | (14879932) |  |
| **United States** | **United States** | **United States** | **United States** |
|  10X Genomics, Inc., Class A | (6396) | (173843) | 54.0 |

---

66 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Global Equity Market Neutral Fund** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
|  Abbott Laboratories | (9264) | $(916580) | 284.9% |
|  AbbVie, Inc. | (2731) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(399818) | 124.3 |
|  Acadia Healthcare Co., Inc. | (5394) | (438532) | 136.3 |
|  Acuity Brands, Inc. | (3620) | (664523) | 206.5 |
|  Advance Auto Parts, Inc. | (4176) | (793106) | 246.5 |
|  AES Corp. | (11574) | (302776) | 94.1 |
|  Affiliated Managers Group, Inc. | (444) | (55127) | 17.1 |
|  Affirm Holdings, Inc. | (15615) | (313393) | 97.4 |
|  Aflac, Inc. | (14784) | (962585) | 299.2 |
|  AGCO Corp. | (3035) | (376856) | 117.1 |
|  Agree Realty Corp. | (1958) | (134515) | 41.8 |
|  Air Products & Chemicals, Inc. | (5004) | (1253002) | 389.4 |
|  Alexandria Real Estate Equities, Inc. | (5574) | (809902) | 251.7 |
|  Alight, Inc., Class A | (53005) | (439411) | 136.6 |
|  Alliant Energy Corp. | (13626) | (710868) | 220.9 |
|  Alphabet, Inc. | (6223) | (589069) | 183.1 |
|  Alteryx, Inc., Class A | (3593) | (175087) | 54.4 |
|  Amdocs Ltd. | (4171) | (359999) | 111.9 |
|  AMERCO | (877) | (504442) | 156.8 |
|  Ameren Corp. | (5534) | (451132) | 140.2 |
|  American Electric Power Co., Inc. | (14041) | (1234485) | 383.7 |
|  Americold Realty Trust, Inc. | (29800) | (722650) | 224.6 |
|  Ameriprise Financial, Inc. | (3845) | (1188566) | 369.4 |
|  AmerisourceBergen Corp. | (1948) | (306265) | 95.2 |
|  AMETEK, Inc. | (2205) | (285900) | 88.9 |
|  Amgen, Inc. | (1977) | (534482) | 166.1 |
|  Amkor Technology, Inc. | (13080) | (271933) | 84.5 |
|  Amphenol Corp., Class A | (3090) | (234315) | 72.8 |
|  Apartment Income REIT Corp. | (15668) | (602121) | 187.1 |
|  Apellis Pharmaceuticals, Inc. | (3607) | (218187) | 67.8 |
|  Apollo Global Management, Inc. | (9161) | (507153) | 157.6 |
|  Appian Corp., Class A | (6351) | (310056) | 96.4 |
|  Apple Hospitality REIT, Inc. | (1681) | (28779) | 8.9 |
|  Applied Materials, Inc. | (2582) | (227965) | 70.9 |
|  AppLovin Corp., Class A | (39822) | (675381) | 209.9 |
|  Aramark | (37415) | (1365648) | 424.4 |
|  Archer-Daniels-Midland Co. | (24052) | (2332563) | 725.0 |
|  Arista Networks, Inc. | (9928) | (1199898) | 372.9 |
|  Armstrong World Industries, Inc. | (5024) | (379664) | 118.0 |
|  Arrowhead Pharmaceuticals, Inc. | (4783) | (166496) | 51.7 |
|  Asana, Inc., Class A | (6569) | (135321) | 42.1 |
|  Aspen Technology, Inc. | (1487) | (359036) | 111.6 |
|  Assurant, Inc. | (1176) | (159771) | 49.7 |
|  ATI, Inc. | (594) | (17677) | 5.5 |
|  Atkore, Inc. | (1445) | (137709) | 42.8 |
|  Atlassian Corp., Class A | (1426) | (289093) | 89.9 |
|  Atmos Energy Corp. | (4409) | (469779) | 146.0 |
|  Avery Dennison Corp. | (3113) | (527809) | 164.0 |
|  Bath & Body Works, Inc. | (21985) | (733859) | 228.1 |
|  Baxter International, Inc. | (5849) | (317893) | 98.8 |
|  Beacon Roofing Supply, Inc. | (1896) | (106840) | 33.2 |
|  Beam Therapeutics, Inc. | (717) | (31591) | 9.8 |
|  Bentley Systems, Inc., Class B | (11012) | (388503) | 120.7 |
|  Berkshire Hathaway, Inc., Class B | (5838) | (1722735) | 535.4 |
|  Biogen, Inc. | (1012) | (286841) | 89.2 |
|  Bio-Techne Corp. | (1366) | (404691) | 125.8 |
|  Bloom Energy Corp., Class A | (9023) | (168820) | 52.5 |
|  Blue Owl Capital, Inc. | (64911) | (650408) | 202.1 |
|  Boston Properties, Inc. | (33793) | (2456751) | 763.6 |
|  Bright Horizons Family Solutions, Inc. | (5032) | (328690) | 102.2 |
|  Broadcom, Inc. | (5068) | (2382568) | 740.5 |
|  Brown-Forman Corp., Class B | (7584) | (515712) | 160.3 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
|  Brunswick Corp. | (14633) | $(1034114) | 321.4% |
|  Bumble, Inc., Class A | (18185) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(461899) | 143.6 |
|  Bunge Ltd. | (13535) | (1335905) | 415.2 |
|  Burlington Stores, Inc. | (4422) | (632169) | 196.5 |
|  BWX Technologies, Inc. | (923) | (52593) | 16.3 |
|  Cable One, Inc. | (249) | (213998) | 66.5 |
|  Cabot Corp. | (8646) | (635308) | 197.5 |
|  Cadence Bank | (11870) | (328206) | 102.0 |
|  Cadence Design Systems, Inc. | (1724) | (260996) | 81.1 |
|  Caesars Entertainment, Inc. | (14589) | (637977) | 198.3 |
|  Calix, Inc. | (1439) | (105968) | 32.9 |
|  Camden Property Trust | (9155) | (1057860) | 328.8 |
|  CarMax, Inc. | (10330) | (650893) | 202.3 |
|  Carnival Corp. | (2218) | (20095) | 6.2 |
|  Casey's General Stores, Inc. | (560) | (130318) | 40.5 |
|  Catalent, Inc. | (1509) | (99187) | 30.8 |
|  Caterpillar, Inc. | (9656) | (2090138) | 649.6 |
|  CBRE Group, Inc., Class A | (4155) | (294756) | 91.6 |
|  Celanese Corp. | (2855) | (274423) | 85.3 |
|  Celsius Holdings, Inc. | (4086) | (372153) | 115.7 |
|  Centene Corp. | (12340) | (1050504) | 326.5 |
|  CenterPoint Energy, Inc. | (46016) | (1316518) | 409.2 |
|  CF Industries Holdings, Inc. | (10191) | (1082896) | 336.6 |
|  Charles Schwab Corp. | (2676) | (213197) | 66.3 |
|  Chart Industries, Inc. | (1768) | (394052) | 122.5 |
|  Charter Communications, Inc., Class A | (711) | (261378) | 81.2 |
|  Chemours Co. | (8169) | (233878) | 72.7 |
|  Choice Hotels International, Inc. | (687) | (89200) | 27.7 |
|  Church & Dwight Co., Inc. | (7687) | (569837) | 177.1 |
|  Churchill Downs, Inc. | (895) | (186079) | 57.8 |
|  Cincinnati Financial Corp. | (2879) | (297458) | 92.5 |
|  Cintas Corp. | (435) | (185984) | 57.8 |
|  Citizens Financial Group, Inc. | (12128) | (496035) | 154.2 |
|  Civitas Resources, Inc. | (4160) | (290826) | 90.4 |
|  Clean Harbors, Inc. | (4419) | (541151) | 168.2 |
|  Clear Secure, Inc., Class A | (696) | (18806) | 5.8 |
|  Cleveland-Cliffs, Inc. | (30910) | (401521) | 124.8 |
|  Cloudflare, Inc., Class A | (2421) | (136351) | 42.4 |
|  CME Group, Inc. | (8217) | (1424006) | 442.6 |
|  Columbia Sportswear Co. | (10008) | (745596) | 231.7 |
|  Comcast Corp., Class A | (23904) | (758713) | 235.8 |
|  Comerica, Inc. | (2813) | (198317) | 61.6 |
|  Commerce Bancshares, Inc. | (9993) | (707904) | 220.0 |
|  Concentrix Corp. | (3011) | (368035) | 114.4 |
|  Confluent, Inc., Class A | (1281) | (34433) | 10.7 |
|  ConocoPhillips | (5826) | (734600) | 228.3 |
|  Constellation Brands, Inc., Class A | (2330) | (575696) | 178.9 |
|  Constellation Energy Corp. | (2142) | (202505) | 62.9 |
|  Corning, Inc. | (28553) | (918550) | 285.5 |
|  Corteva, Inc. | (27619) | (1804625) | 560.9 |
|  Coterra Energy, Inc. | (32809) | (1021344) | 317.4 |
|  Coty, Inc., Class A | (57115) | (383242) | 119.1 |
|  Coupa Software, Inc. | (2684) | (142869) | 44.4 |
|  Cousins Properties, Inc. | (114028) | (2709305) | 842.1 |
|  Crane Holdings Co. | (10402) | (1043737) | 324.4 |
|  CSX Corp. | (47252) | (1373143) | 426.8 |
|  Cullen/Frost Bankers, Inc. | (9242) | (1432972) | 445.4 |
|  Cummins, Inc. | (1308) | (319819) | 99.4 |
|  Curtiss-Wright Corp. | (5557) | (932631) | 289.9 |
|  CVB Financial Corp. | (1098) | (31535) | 9.8 |
|  Cytokinetics, Inc. | (282) | (12312) | 3.8 |
|  Darling Ingredients, Inc. | (3231) | (253569) | 78.8 |

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S C H E D U L E O F I N V E S T M E N T S 67

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| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Global Equity Market Neutral Fund** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
|  Datadog, Inc., Class A | (6889) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(554633) | 172.4% |
|  DaVita, Inc. | (4992) | (364466) | 113.3 |
|  Deere & Co. | (8004) | (3168143) | 984.7 |
|  Delta Air Lines, Inc. | (42554) | (1443857) | 448.8 |
|  Denbury, Inc. | (780) | (71300) | 22.2 |
|  DENTSPLY SIRONA, Inc. | (13930) | (429323) | 133.4 |
|  Diamondback Energy, Inc. | (2827) | (444150) | 138.0 |
|  DigitalOcean Holdings, Inc. | (22300) | (801016) | 249.0 |
|  Dillard's, Inc., Class A | (115) | (37811) | 11.8 |
|  Discover Financial Services | (871) | (90985) | 28.3 |
|  DISH Network Corp., Class A | (25462) | (379638) | 118.0 |
|  Dollar General Corp. | (2072) | (528464) | 164.2 |
|  Dominion Energy, Inc. | (9365) | (655269) | 203.7 |
|  Douglas Emmett, Inc. | (109247) | (1921655) | 597.3 |
|  Dover Corp. | (3866) | (505248) | 157.0 |
|  Dow, Inc. | (55310) | (2585189) | 803.5 |
|  Doximity, Inc., Class A | (8013) | (212104) | 65.9 |
|  Dr. Horton, Inc. | (1144) | (87951) | 27.3 |
|  DraftKings, Inc., Class A | (9697) | (153213) | 47.6 |
|  Dropbox, Inc., Class A | (4417) | (96070) | 29.9 |
|  DTE Energy Co. | (930) | (104262) | 32.4 |
|  Duke Energy Corp. | (13536) | (1261284) | 392.0 |
|  Dun & Bradstreet Holdings, Inc. | (45560) | (585446) | 182.0 |
|  Duolingo, Inc. | (247) | (20214) | 6.3 |
|  DXC Technology Co. | (2638) | (75843) | 23.6 |
|  Eagle Materials, Inc. | (8985) | (1098955) | 341.6 |
|  East West Bancorp, Inc. | (2028) | (145144) | 45.1 |
|  Eastman Chemical Co. | (15188) | (1166590) | 362.6 |
|  Eaton Corp. PLC | (6855) | (1028730) | 319.7 |
|  Electronic Arts, Inc. | (7293) | (918626) | 285.5 |
|  Element Solutions, Inc. | (6102) | (104954) | 32.6 |
|  EMCOR Group, Inc. | (6920) | (976412) | 303.5 |
|  Emerson Electric Co. | (9666) | (837076) | 260.2 |
|  Encompass Health Corp. | (11289) | (614573) | 191.0 |
|  Enovis Corp. | (7208) | (356436) | 110.8 |
|  Enphase Energy, Inc. | (342) | (104994) | 32.6 |
|  Entegris, Inc. | (1845) | (146382) | 45.5 |
|  Envista Holdings Corp. | (6115) | (201856) | 62.7 |
|  EOG Resources, Inc. | (3146) | (429492) | 133.5 |
|  EPAM Systems, Inc. | (348) | (121800) | 37.9 |
|  Equitable Holdings, Inc. | (14260) | (436641) | 135.7 |
|  Euronet Worldwide, Inc. | (956) | (80314) | 25.0 |
|  Evercore, Inc., Class A | (7959) | (836491) | 260.0 |
|  Evergy, Inc. | (14768) | (902768) | 280.6 |
|  Evoqua Water Technologies Corp. | (6850) | (268383) | 83.4 |
|  Exelon Corp. | (1505) | (58078) | 18.0 |
|  ExlService Holdings, Inc. | (2060) | (374611) | 116.4 |
|  Extra Space Storage, Inc. | (5254) | (932270) | 289.8 |
|  FactSet Research Systems, Inc. | (702) | (298694) | 92.8 |
|  Fastenal Co. | (5352) | (258662) | 80.4 |
|  Federal Realty OP LP | (4541) | (449468) | 139.7 |
|  Fidelity National Information Services, Inc. | (5983) | (496529) | 154.3 |
|  Fifth Third Bancorp | (5698) | (203362) | 63.2 |
|  First Citizens BancShares, Inc., Class A | (518) | (425858) | 132.4 |
|  First Republic Bank | (5016) | (602422) | 187.2 |
|  FirstEnergy Corp. | (33538) | (1264718) | 393.1 |
|  Fiserv, Inc. | (1534) | (157603) | 49.0 |
|  Five Below, Inc. | (4298) | (629012) | 195.5 |
|  Five9, Inc. | (1040) | (62670) | 19.5 |
|  FleetCor Technologies, Inc. | (5416) | (1008026) | 313.3 |
|  Floor & Decor Holdings, Inc., Class A | (1122) | (82321) | 25.6 |
|  Flowserve Corp. | (17059) | (489252) | 152.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
|  FNB Corp. | (31689) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(457906) | 142.3% |
|  Ford Motor Co. | (43348) | (579563) | 180.1 |
|  Fortinet, Inc. | (3089) | (176567) | 54.9 |
|  Fortive Corp. | (15896) | (1015754) | 315.7 |
|  Franklin Resources, Inc. | (22240) | (521528) | 162.1 |
|  Freshworks, Inc., Class A | (1205) | (16376) | 5.1 |
|  FTI Consulting, Inc. | (1803) | (280601) | 87.2 |
|  General Mills, Inc. | (8841) | (721249) | 224.2 |
|  General Motors Co. | (23559) | (924691) | 287.4 |
|  Genuine Parts Co. | (8795) | (1564279) | 486.2 |
|  Gitlab, Inc., Class A | (3258) | (157883) | 49.1 |
|  Global Payments, Inc. | (4962) | (566958) | 176.2 |
|  Globe Life, Inc. | (7051) | (814532) | 253.2 |
|  GoDaddy, Inc., Class A | (3813) | (306565) | 95.3 |
|  Goldman Sachs Group, Inc. | (1027) | (353812) | 110.0 |
|  Graco, Inc. | (2720) | (189258) | 58.8 |
|  Guardant Health, Inc. | (5538) | (274131) | 85.2 |
|  GXO Logistics, Inc. | (10825) | (395546) | 122.9 |
|  Haemonetics Corp. | (1188) | (100921) | 31.4 |
|  Halliburton Co. | (8622) | (314013) | 97.6 |
|  Hanesbrands, Inc. | (48132) | (328260) | 102.0 |
|  Hasbro, Inc. | (7611) | (496618) | 154.3 |
|  HashiCorp, Inc., Class A | (457) | (14044) | 4.4 |
|  HCA Healthcare, Inc. | (3132) | (681116) | 211.7 |
|  Healthcare Realty Trust, Inc. | (18727) | (380720) | 118.3 |
|  HealthEquity, Inc. | (1294) | (100816) | 31.3 |
|  Helmerich & Payne, Inc. | (1655) | (81939) | 25.5 |
|  Henry Schein, Inc. | (6405) | (438486) | 136.3 |
|  Hershey Co. | (2331) | (556573) | 173.0 |
|  Hertz Global Holdings, Inc. | (30969) | (569830) | 177.1 |
|  Highwoods Properties, Inc. | (66510) | (1877577) | 583.6 |
|  Hilton Grand Vacations, Inc. | (12853) | (504352) | 156.8 |
|  Hologic, Inc. | (5480) | (371544) | 115.5 |
|  Home BancShares, Inc. | (5212) | (132854) | 41.3 |
|  Honeywell International, Inc. | (721) | (147098) | 45.7 |
|  Host Hotels & Resorts, Inc. | (19720) | (372314) | 115.7 |
|  Houlihan Lokey, Inc. | (1014) | (90570) | 28.1 |
|  Howmet Aerospace, Inc. | (16540) | (587997) | 182.8 |
|  HP, Inc. | (7941) | (219330) | 68.2 |
|  Hubbell, Inc. | (3152) | (748537) | 232.6 |
|  Huntington Bancshares, Inc. | (35349) | (536598) | 166.8 |
|  IAA, Inc. | (10284) | (500625) | 155.6 |
|  IAA, Inc. | (22095) | (838063) | 260.5 |
|  IDEX Corp. | (2102) | (467296) | 145.2 |
|  Independence Realty Trust, Inc. | (22561) | (378122) | 117.5 |
|  Ingersoll Rand, Inc. | (10572) | (533886) | 165.9 |
|  Ingredion, Inc. | (9610) | (856443) | 266.2 |
|  Innovative Industrial Properties, Inc. | (10295) | (1112890) | 345.9 |
|  Inspire Medical Systems, Inc. | (406) | (79150) | 24.6 |
|  Intellia Therapeutics, Inc. | (1771) | (93473) | 29.1 |
|  Interactive Brokers Group, Inc., Class A | (1078) | (86402) | 26.9 |
|  International Business Machines Corp. | (11158) | (1543040) | 479.6 |
|  International Paper Co. | (12620) | (424158) | 131.8 |
|  Interpublic Group of Cos., Inc. | (13175) | (392483) | 122.0 |
|  Intra-Cellular Therapies, Inc. | (12664) | (578365) | 179.8 |
|  iRhythm Technologies, Inc. | (1951) | (248733) | 77.3 |
|  ITT, Inc. | (8636) | (659704) | 205.0 |
|  J2 Global, Inc. | (1851) | (143249) | 44.5 |
|  Jack Henry & Associates, Inc. | (3262) | (649334) | 201.8 |
|  JPMorgan Chase & Co. | (13223) | (1664511) | 517.3 |
|  Karuna Therapeutics, Inc. | (1222) | (268033) | 83.3 |
|  KBR, Inc. | (4019) | (200026) | 62.2 |

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68 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Global Equity Market Neutral Fund** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
|  Kellogg Co. | (16319) | $(1253626) | 389.6% |
|  Kilroy Realty Corp. | (25981) | (1110428) | 345.1 |
|  Kimco Realty Corp. | (7001) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(149681) | 46.5 |
|  Kinsale Capital Group, Inc. | (3538) | (1115071) | 346.6 |
|  Kirby Corp. | (2599) | (181280) | 56.3 |
|  Kite Realty Group Trust | (21084) | (414090) | 128.7 |
|  Lamb Weston Holdings, Inc. | (3811) | (328584) | 102.1 |
|  Lancaster Colony Corp. | (1189) | (214353) | 66.6 |
|  Landstar System, Inc. | (1688) | (263699) | 82.0 |
|  Lantheus Holdings, Inc. | (4273) | (316159) | 98.3 |
|  Las Vegas Sands Corp. | (13144) | (499603) | 155.3 |
|  Leggett & Platt, Inc. | (25718) | (867983) | 269.8 |
|  Lincoln Electric Holdings, Inc. | (401) | (56942) | 17.7 |
|  Littelfuse, Inc. | (681) | (149990) | 46.6 |
|  LKQ Corp. | (7517) | (418246) | 130.0 |
|  Loews Corp. | (8982) | (512154) | 159.2 |
|  Louisiana-Pacific Corp. | (15139) | (857624) | 266.6 |
|  LPL Financial Holdings, Inc. | (769) | (196595) | 61.1 |
|  Lyft, Inc., Class A | (10740) | (157234) | 48.9 |
|  LyondellBasell Industries NV, Class A | (15758) | (1204699) | 374.4 |
|  M&T Bank Corp. | (5613) | (945061) | 293.7 |
|  Magnolia Oil & Gas Corp., Class A | (14793) | (379884) | 118.1 |
|  Maravai LifeSciences Holdings, Inc., Class A | (12570) | (208662) | 64.9 |
|  Markel Corp. | (271) | (326853) | 101.6 |
|  Marqeta, Inc., Class A | (62948) | (496030) | 154.2 |
|  Marriott Vacations Worldwide Corp. | (1496) | (221049) | 68.7 |
|  MasTec, Inc. | (2754) | (212278) | 66.0 |
|  Matador Resources Co. | (5936) | (394447) | 122.6 |
|  Matson, Inc. | (2487) | (182993) | 56.9 |
|  Maximus, Inc. | (14673) | (904884) | 281.2 |
|  McDonald's Corp. | (237) | (64620) | 20.1 |
|  MDU Resources Group, Inc. | (34445) | (980994) | 304.9 |
|  Medpace Holdings, Inc. | (3942) | (875045) | 272.0 |
|  Merck & Co., Inc. | (3372) | (341246) | 106.1 |
|  MGM Resorts International | (6259) | (222633) | 69.2 |
|  Microchip Technology, Inc. | (19085) | (1178308) | 366.2 |
|  Micron Technology, Inc. | (15746) | (851859) | 264.8 |
|  Middleby Corp. | (726) | (101538) | 31.6 |
|  Mirati Therapeutics, Inc. | (3332) | (224310) | 69.7 |
|  Moderna, Inc. | (2528) | (380034) | 118.1 |
|  Molina Healthcare, Inc. | (501) | (179789) | 55.9 |
|  Mondelez International, Inc., Class A | (9053) | (556578) | 173.0 |
|  Monster Beverage Corp. | (7549) | (707492) | 219.9 |
|  Morgan Stanley | (25786) | (2118836) | 658.5 |
|  Mosaic Co. | (4035) | (216881) | 67.4 |
|  Motorola Solutions, Inc. | (4146) | (1035298) | 321.8 |
|  MP Materials Corp. | (26958) | (809818) | 251.7 |
|  Murphy USA, Inc. | (1612) | (506990) | 157.6 |
|  Nasdaq, Inc. | (8746) | (544351) | 169.2 |
|  Natera, Inc. | (5477) | (257200) | 79.9 |
|  National Fuel Gas Co. | (12951) | (874063) | 271.7 |
|  National Instruments Corp. | (2795) | (106713) | 33.2 |
|  nCino, Inc. | (951) | (29937) | 9.3 |
|  NetApp, Inc. | (3757) | (260247) | 80.9 |
|  Netflix, Inc. | (2331) | (680372) | 211.5 |
|  New Fortress Energy, Inc. | (621) | (34198) | 10.6 |
|  New Residential Investment Corp. | (61989) | (522567) | 162.4 |
|  Nexstar Broadcasting Group, Inc. | (853) | (146119) | 45.4 |
|  NextEra Energy, Inc. | (14654) | (1135685) | 353.0 |
|  NIKE, Inc. | (18050) | (1672874) | 519.9 |
|  NiSource, Inc. | (22391) | (575225) | 178.8 |
|  Nordson Corp. | (1617) | (363825) | 113.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
|  Nordstrom, Inc. | (6153) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(125152) | 38.9% |
|  Norfolk Southern Corp. | (5197) | (1185280) | 368.4 |
|  NortonLifeLock, Inc. | (8148) | (183574) | 57.1 |
|  Norwegian Cruise Line Holdings Ltd. | (12459) | (210433) | 65.4 |
|  NRG Energy, Inc. | (13859) | (615340) | 191.2 |
|  Nucor Corp. | (6153) | (808381) | 251.2 |
|  nVent Electric PLC | (31171) | (1137742) | 353.6 |
|  Occidental Petroleum Corp. | (6376) | (462898) | 143.9 |
|  OGE Energy Corp. | (9188) | (336556) | 104.6 |
|  Old Republic International Corp. | (81320) | (1887437) | 586.6 |
|  Olin Corp. | (7367) | (390083) | 121.2 |
|  Omnicell, Inc. | (6851) | (529719) | 164.6 |
|  Omnicom Group, Inc. | (594) | (43214) | 13.4 |
|  ON Semiconductor Corp. | (12518) | (768981) | 239.0 |
|  ONE Gas, Inc. | (5893) | (456590) | 141.9 |
|  ONEOK, Inc. | (1592) | (94437) | 29.4 |
|  Onto Innovation, Inc. | (2920) | (195173) | 60.7 |
|  Oracle Corp. | (11034) | (861424) | 267.7 |
|  Organon & Co. | (6664) | (174464) | 54.2 |
|  Oshkosh Corp. | (3588) | (315744) | 98.1 |
|  PACCAR, Inc. | (4200) | (406686) | 126.4 |
|  Packaging Corp. of America | (3171) | (381186) | 118.5 |
|  Palantir Technologies, Inc., Class A | (94035) | (826568) | 256.9 |
|  Parker-Hannifin Corp. | (5165) | (1501052) | 466.5 |
|  Paychex, Inc. | (3820) | (451944) | 140.5 |
|  Paycom Software, Inc. | (435) | (150510) | 46.8 |
|  PayPal Holdings, Inc. | (10450) | (873411) | 271.5 |
|  Peloton Interactive, Inc., Class A | (5437) | (45671) | 14.2 |
|  Performance Food Group Co. | (8919) | (464145) | 144.3 |
|  PerkinElmer, Inc. | (4989) | (666431) | 207.1 |
|  Pfizer, Inc. | (7883) | (366954) | 114.0 |
|  PG&E Corp. | (44800) | (668864) | 207.9 |
|  Phillips 66 | (9829) | (1025066) | 318.6 |
|  Phillips Edison & Co., Inc. | (2540) | (76556) | 23.8 |
|  Pilgrim's Pride Corp. | (3487) | (80375) | 25.0 |
|  Pinnacle Financial Partners, Inc. | (1170) | (97098) | 30.2 |
|  Pinterest, Inc., Class A | (22663) | (557510) | 173.3 |
|  Plug Power, Inc. | (4467) | (71383) | 22.2 |
|  Polaris, Inc. | (4656) | (473050) | 147.0 |
|  Post Holdings, Inc. | (15694) | (1419051) | 441.0 |
|  PPL Corp. | (12747) | (337668) | 104.9 |
|  Principal Financial Group, Inc. | (18715) | (1649353) | 512.6 |
|  Privia Health Group, Inc. | (2099) | (70275) | 21.8 |
|  Procore Technologies, Inc. | (7702) | (420991) | 130.8 |
|  Procter & Gamble Co. | (7244) | (975549) | 303.2 |
|  Progyny, Inc. | (4947) | (219993) | 68.4 |
|  Prosperity Bancshares, Inc. | (10933) | (782475) | 243.2 |
|  PTC, Inc. | (1226) | (144460) | 44.9 |
|  Public Service Enterprise Group, Inc. | (6879) | (385706) | 119.9 |
|  Public Storage | (875) | (271031) | 84.2 |
|  Pure Storage, Inc., Class A | (9034) | (278789) | 86.6 |
|  PVH Corp. | (1195) | (61327) | 19.1 |
|  QUALCOMM, Inc. | (8636) | (1016112) | 315.8 |
|  Qualtrics International, Inc., Class A | (28115) | (336537) | 104.6 |
|  Quanta Services, Inc. | (2283) | (324277) | 100.8 |
|  R1 RCM, Inc. | (33397) | (589791) | 183.3 |
|  Raymond James Financial, Inc. | (7214) | (852262) | 264.9 |
|  Rayonier, Inc. | (4438) | (149561) | 46.5 |
|  RBC Bearings, Inc. | (5301) | (1343963) | 417.7 |
|  Red Rock Resorts, Inc., Class A | (3156) | (131447) | 40.9 |
|  Regal Beloit Corp. | (2092) | (264722) | 82.3 |
|  Regeneron Pharmaceuticals, Inc. | (71) | (53161) | 16.5 |

---

S C H E D U L E O F I N V E S T M E N T S 69

------

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| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Global Equity Market Neutral Fund** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
|  Regions Financial Corp. | (6844) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(150226) | 46.7% |
|  RH | (1168) | (296590) | 92.2 |
|  Rivian Automotive, Inc., Class A | (21595) | (755177) | 234.7 |
|  Robinhood Markets, Inc., Class A | (1427) | (16667) | 5.2 |
|  Rockwell Automation, Inc. | (6936) | (1770761) | 550.4 |
|  Rollins, Inc. | (7662) | (322417) | 100.2 |
|  Roper Industries, Inc. | (870) | (360650) | 112.1 |
|  Ross Stores, Inc. | (6556) | (627344) | 195.0 |
|  RPM International, Inc. | (9583) | (906264) | 281.7 |
|  Ryman Hospitality Properties, Inc. | (366) | (32545) | 10.1 |
|  Sarepta Therapeutics, Inc. | (848) | (96689) | 30.0 |
|  Scientific Games Corp. | (6575) | (369121) | 114.7 |
|  Seagate Technology Holdings PLC | (13979) | (694197) | 215.8 |
|  SeaWorld Entertainment, Inc. | (1801) | (104746) | 32.6 |
|  SEI Investments Co. | (14505) | (787622) | 244.8 |
|  Selective Insurance Group, Inc. | (2121) | (208028) | 64.7 |
|  Sempra Energy | (4264) | (643608) | 200.0 |
|  Sensata Technologies Holding PLC | (9952) | (400170) | 124.4 |
|  SentinelOne, Inc., Class A | (24847) | (567505) | 176.4 |
|  Shift4 Payments, Inc., Class A | (17424) | (800981) | 248.9 |
|  Shoals Technologies Group, Inc., Class A | (939) | (21700) | 6.7 |
|  Shockwave Medical, Inc. | (295) | (86479) | 26.9 |
|  Signature Bank | (4920) | (779968) | 242.4 |
|  Simon Property Group, Inc. | (12788) | (1393636) | 433.1 |
|  Skechers U.S.A., Inc., Class A | (15647) | (538726) | 167.4 |
|  Skyworks Solutions, Inc. | (4537) | (390227) | 121.3 |
|  SL Green Realty Corp. | (8855) | (351366) | 109.2 |
|  SLM Corp. | (13375) | (221891) | 69.0 |
|  SM Energy Co. | (4132) | (185857) | 57.8 |
|  Smartsheet, Inc., Class A | (5787) | (202082) | 62.8 |
|  Snowflake, Inc., Class A | (543) | (87043) | 27.1 |
|  Sonoco Products Co. | (2964) | (184005) | 57.2 |
|  South State Corp. | (4897) | (442836) | 137.6 |
|  Southern Co. | (20290) | (1328589) | 412.9 |
|  Southwest Airlines Co. | (2397) | (87131) | 27.1 |
|  Southwest Gas Holdings, Inc. | (7582) | (554017) | 172.2 |
|  Southwestern Energy Co. | (65257) | (452231) | 140.6 |
|  Spire, Inc. | (1849) | (129079) | 40.1 |
|  Spirit AeroSystems Holdings, Inc., Class A | (3475) | (80481) | 25.0 |
|  Spirit Realty Capital, Inc. | (12284) | (476988) | 148.2 |
|  SS&C Technologies Holdings, Inc. | (30925) | (1590164) | 494.2 |
|  STAG Industrial, Inc. | (17061) | (538957) | 167.5 |
|  Stanley Black & Decker, Inc. | (7839) | (615283) | 191.2 |
|  Starbucks Corp. | (10401) | (900623) | 279.9 |
|  Starwood Property Trust, Inc. | (51208) | (1057957) | 328.8 |
|  State Street Corp. | (1915) | (141710) | 44.0 |
|  Steel Dynamics, Inc. | (4115) | (387016) | 120.3 |
|  STERIS PLC | (4931) | (850992) | 264.5 |
|  Stryker Corp. | (1496) | (342943) | 106.6 |
|  Synaptics, Inc. | (1913) | (169492) | 52.7 |
|  Synopsys, Inc. | (940) | (274997) | 85.5 |
|  Synovus Financial Corp. | (2518) | (100342) | 31.2 |
|  Sysco Corp. | (22708) | (1965604) | 610.9 |
|  T Rowe Price Group, Inc. | (7633) | (810319) | 251.8 |
|  Tapestry, Inc. | (1900) | (60192) | 18.7 |
|  Target Corp. | (1288) | (211554) | 65.8 |
|  Teledyne Technologies, Inc. | (257) | (102281) | 31.8 |
|  Tenet Healthcare Corp. | (5201) | (230716) | 71.7 |
|  Teradata Corp. | (3238) | (102288) | 31.8 |
|  Terreno Realty Corp. | (13769) | (786761) | 244.5 |
|  Texas Pacific Land Corp. | (27) | (62204) | 19.3 |
|  Thor Industries, Inc. | (3561) | (290115) | 90.2 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
|  TJX Cos., Inc. | (36116) | $(2603964) | 809.3% |
|  T-Mobile U.S., Inc. | (8164) | (1237336) | 384.6 |
|  Toast, Inc., Class A | (29786) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(657973) | 204.5 |
|  Toro Co. | (10564) | (1113763) | 346.2 |
|  Trade Desk, Inc., Class A | (3680) | (195923) | 60.9 |
|  Tradeweb Markets, Inc., Class A | (358) | (19719) | 6.1 |
|  TransDigm Group, Inc. | (998) | (574608) | 178.6 |
|  TransUnion | (2264) | (134187) | 41.7 |
|  Travelers Cos., Inc. | (1694) | (312475) | 97.1 |
|  Trimble, Inc. | (7616) | (458179) | 142.4 |
|  Truist Financial Corp. | (18464) | (827003) | 257.0 |
|  Twilio, Inc., Class A | (10821) | (804758) | 250.1 |
|  UFP Industries, Inc. | (4555) | (324453) | 100.8 |
|  UGI Corp. | (15163) | (535709) | 166.5 |
|  UiPath, Inc., Class A | (24735) | (312898) | 97.2 |
|  Ulta Salon Cosmetics & Fragrance, Inc. | (544) | (228137) | 70.9 |
|  Union Pacific Corp. | (9092) | (1792397) | 557.1 |
|  United Airlines Holdings, Inc. | (24485) | (1054814) | 327.8 |
|  United Bankshares, Inc. | (48838) | (2068289) | 642.8 |
|  United Parcel Service, Inc., Class B | (3160) | (530153) | 164.8 |
|  Unity Software, Inc. | (10897) | (321462) | 99.9 |
|  Univar Solutions, Inc. | (19810) | (504759) | 156.9 |
|  Universal Health Services, Inc., Class B | (2201) | (255030) | 79.3 |
|  Unum Group | (9581) | (436798) | 135.8 |
|  Vail Resorts, Inc. | (1546) | (338775) | 105.3 |
|  Valley National Bancorp | (51563) | (612053) | 190.2 |
|  Valmont Industries, Inc. | (2114) | (674831) | 209.7 |
|  Ventas, Inc. | (1813) | (70943) | 22.0 |
|  Verisk Analytics, Inc. | (2445) | (447019) | 138.9 |
|  Vertiv Holdings Co. | (6217) | (88965) | 27.6 |
|  VF Corp. | (52411) | (1480611) | 460.2 |
|  Vontier Corp. | (17755) | (339121) | 105.4 |
|  Vornado Realty Trust | (112940) | (2664255) | 828.1 |
|  Voya Financial, Inc. | (11347) | (775681) | 241.1 |
|  Vulcan Materials Co. | (1026) | (167956) | 52.2 |
|  W R Berkley Corp. | (6656) | (495073) | 153.9 |
|  Walt Disney Co. | (5453) | (580963) | 180.6 |
|  Warner Bros Discovery, Inc. | (9818) | (127634) | 39.7 |
|  Warner Music Group Corp., Class A | (18659) | (485507) | 150.9 |
|  Waste Connections, Inc. | (4331) | (571302) | 177.6 |
|  Waste Management, Inc. | (3892) | (616376) | 191.6 |
|  Webster Financial Corp. | (10566) | (573311) | 178.2 |
|  WEC Energy Group, Inc. | (7431) | (678673) | 210.9 |
|  Wendy's Co. | (21191) | (440349) | 136.9 |
|  WESCO International, Inc. | (2195) | (302405) | 94.0 |
|  Western Alliance Bancorp | (1568) | (105323) | 32.7 |
|  Westinghouse Air Brake Technologies Corp. | (4332) | (404089) | 125.6 |
|  Westlake Chemical Corp. | (4158) | (401871) | 124.9 |
|  WEX, Inc. | (2426) | (398204) | 123.8 |
|  Williams-Sonoma, Inc. | (892) | (110456) | 34.3 |
|  WillScot Mobile Mini Holdings Corp. | (320) | (13610) | 4.2 |
|  Wolfspeed, Inc. | (4185) | (329569) | 102.4 |
|  Woodward, Inc. | (11768) | (1079126) | 335.4 |
|  Workiva, Inc. | (4029) | (313496) | 97.4 |
|  WW Grainger, Inc. | (219) | (127973) | 39.8 |
|  Wyndham Hotels & Resorts, Inc. | (7593) | (576536) | 179.2 |
|  Wynn Resorts Ltd. | (11369) | (726479) | 225.8 |
|  XPO Logistics, Inc. | (9128) | (472283) | 146.8 |
|  YETI Holdings, Inc. | (3576) | (114718) | 35.7 |
|  Zebra Technologies Corp., Class A | (1588) | (449753) | 139.8 |
|  Zimmer Biomet Holdings, Inc. | (7242) | (820881) | 255.1 |
|  Zions Bancorp NA | (9881) | (513219) | 159.5 |

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70 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Global Equity Market Neutral Fund** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
|  Zoetis, Inc. | (2298) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(346492) | 107.7% |
|  Zoom Video Communications, Inc., Class A | (3688) | (307727) | 95.6 |
|  ZoomInfo Technologies, Inc. | (325) | (14472) | 4.5 |
|  Zurn Elkay Water Solutions Corp. | (9909) | (232762) | 72.3 |
|  |  | (270963443) |  |
| **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** |
| **Germany** | **Germany** | **Germany** | **Germany** |
|  Henkel AG & Co. KGaA | (2979) | (187673) | 58.3 |
|  **Total Reference Entity — Short** |  | (399290204) |  |
|  **Net Value of Reference Entity — BNP Paribas SA** | **Net Value of Reference Entity — BNP Paribas SA** | $(321745) |  |

---

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 & Co. as of period end, termination dates February 27, 2023 and February 28, 2023:

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
|  **Reference Entity — Long** |  |  |  |
| **Common Stocks** |  |  |  |
| **Australia** |  |  |  |
|  Abacus Property Group | 68126 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122130 | 14.7% |
|  ARB Corp. Ltd. | 1983 | 36819 | 4.4 |
|  Arena REIT | 36669 | 92349 | 11.1 |
|  Australian Ethical Investment Ltd. | 42877 | 126815 | 15.3 |
|  Charter Hall Education Trust | 63154 | 140244 | 16.9 |
|  Charter Hall Retail REIT | 104953 | 270249 | 32.6 |
|  Clinuvel Pharmaceuticals Ltd. | 2438 | 30440 | 3.7 |
|  Collins Foods Ltd. | 3290 | 19754 | 2.4 |
|  Coronado Global Resources, Inc. | 33078 | 39466 | 4.7 |
|  Credit Corp. Group Ltd. | 15349 | 182457 | 22.0 |
|  Dexus Industria REIT | 46278 | 78423 | 9.4 |
|  Growthpoint Properties Australia Ltd. | 32670 | 69548 | 8.4 |
|  GWA Group Ltd. | 140675 | 182637 | 22.0 |
|  Imdex Ltd. | 143562 | 187395 | 22.6 |
|  Johns Lyng Group Ltd. | 99242 | 412637 | 49.7 |
|  Jumbo Interactive Ltd. | 26678 | 232282 | 28.0 |
|  Kogan.com Ltd. | 31744 | 66586 | 8.0 |
|  Lifestyle Communities Ltd. | 11659 | 130882 | 15.8 |
|  Lovisa Holdings Ltd. | 21575 | 335891 | 40.5 |
|  Monadelphous Group Ltd. | 43760 | 382559 | 46.1 |
|  Nanosonics Ltd. | 55744 | 146121 | 17.6 |
|  National Storage REIT | 108038 | 180784 | 21.8 |
|  Netwealth Group Ltd. | 14226 | 110478 | 13.3 |
|  Nick Scali Ltd. | 10424 | 67133 | 8.1 |
|  Nine Entertainment Co. Holdings Ltd. | 186323 | 246061 | 29.6 |
|  Objective Corp. Ltd. | 4574 | 43414 | 5.2 |
|  Pendal Group Ltd. | 59245 | 186092 | 22.4 |
|  Perenti Global Ltd. | 41732 | 25575 | 3.1 |
|  Pinnacle Investment Management Group Ltd. | 56483 | 293554 | 35.4 |
|  PWR Holdings Ltd. | 6643 | 42674 | 5.1 |
|  St Barbara Ltd. | 363527 | 118351 | 14.3 |
|  Technology One Ltd. | 30111 | 231644 | 27.9 |
|  Viva Energy Group Ltd. | 104093 | 188953 | 22.8 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **Australia (continued)** |  |  |  |
|  Waypoint REIT Ltd. | 96441 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168385 | 20.3% |
|  Webjet Ltd. | 30073 | 101556 | 12.2 |
|  |  | 5290338 |  |
| **Austria** | **Austria** | **Austria** | **Austria** |
|  AT&S Austria Technologie & Systemtechnik AG | 8173 | 252423 | 30.4 |
|  EVN AG | 9634 | 160274 | 19.3 |
|  IMMOFINANZ AG | 676 | 7970 | 1 |
|  Kontron AG | 18259 | 264271 | 31.8 |
|  Oesterreichische Post AG | 6517 | 185429 | 22.3 |
|  Palfinger AG | 1833 | 42355 | 5.1 |
|  Porr AG | 6646 | 68569 | 8.3 |
|  Schoeller-Bleckmann Oilfield Equipment AG | 800 | 44008 | 5.3 |
|  Vienna Insurance Group AG Wiener Versicherung Gruppe | 2543 | 56876 | 6.9 |
|  Wienerberger AG | 37070 | 847376 | 102.1 |
|  |  | 1929551 |  |
| **Belgium** |  |  |  |
|  Aedifica SA | 921 | 70238 | 8.5 |
|  AGFA-Gevaert NV | 12223 | 36954 | 4.5 |
|  Barco NV | 6064 | 130923 | 15.8 |
|  Econocom Group SA | 4224 | 11480 | 1.4 |
|  Ion Beam Applications | 447 | 6238 | 0.7 |
|  Melexis NV | 5061 | 348076 | 41.9 |
|  Shurgard Self Storage SA | 10568 | 460141 | 55.4 |
|  |  | 1064050 |  |
| **Bermuda** |  |  |  |
|  Argo Group International Holdings Ltd. | 7363 | 183118 | 22.1 |
|  Hafnia Ltd. | 91105 | 469179 | 56.5 |
|  SiriusPoint Ltd. | 76152 | 488896 | 58.9 |
|  |  | 1141193 |  |
| **Canada** |  |  |  |
|  Aecon Group, Inc. | 20640 | 146352 | 17.6 |
|  Altius Minerals Corp. | 24170 | 378247 | 45.6 |
|  Boardwalk Real Estate Investment Trust | 5819 | 207072 | 24.9 |
|  Canada Goose Holdings, Inc. | 26425 | 432351 | 52.1 |
|  Canadian Western Bank | 28125 | 489274 | 58.9 |
|  Cardinal Energy Ltd. | 11614 | 78771 | 9.5 |
|  Centerra Gold, Inc. | 5839 | 27130 | 3.3 |
|  Crew Energy, Inc. | 2986 | 13195 | 1.6 |
|  CT Real Estate Investment Trust | 16658 | 189525 | 22.8 |
|  Eldorado Gold Corp. | 46023 | 257082 | 31 |
|  Enerflex Ltd. | 2373 | 12263 | 1.5 |
|  Enghouse Systems Ltd. | 1775 | 39465 | 4.8 |
|  EQB, Inc. | 5530 | 195976 | 23.6 |
|  Evertz Technologies Ltd. | 6500 | 56395 | 6.8 |
|  Fortuna Silver Mines, Inc. | 7478 | 20804 | 2.5 |
|  Freehold Royalties Ltd. | 63673 | 792203 | 95.4 |
|  Home Capital Group, Inc. | 5718 | 110553 | 13.3 |
|  Hudbay Minerals, Inc. | 45242 | 171689 | 20.7 |
|  Innergex Renewable Energy, Inc. | 19108 | 210386 | 25.3 |
|  Jamieson Wellness, Inc. | 1860 | 45505 | 5.5 |
|  Kelt Exploration Ltd. | 25127 | 108634 | 13.1 |
|  Killam Apartment Real Estate Investment Trust | 37243 | 431656 | 52 |
|  Labrador Iron Ore Royalty Corp. | 2821 | 58476 | 7 |
|  Laurentian Bank of Canada | 7016 | 156558 | 18.9 |
|  Major Drilling Group International, Inc. | 1211 | 7289 | 0.9 |
|  Morguard Corp. | 2464 | 202550 | 24.4 |

---

S C H E D U L E O F I N V E S T M E N T S 71

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Global Equity Market Neutral Fund** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **Canada (continued)** | **Canada (continued)** | **Canada (continued)** | **Canada (continued)** |
|  Morguard North American Residential Real Estate |  |  |  |
|  Investment Trust | 1012 | $11811 | 1.4% |
|  Novagold Resources, Inc. | 9504 | 43880 | 5.3 |
|  Pason Systems, Inc. | 6193 | 65778 | 7.9 |
|  PrairieSky Royalty Ltd. | 48414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;751966 | 90.6 |
|  Precision Drilling Corp. | 3831 | 282611 | 34.1 |
|  Richelieu Hardware Ltd. | 5989 | 160765 | 19.4 |
|  Russel Metals, Inc. | 541 | 11206 | 1.4 |
|  Sandstorm Gold Ltd. | 63334 | 311940 | 37.6 |
|  Silvercorp Metals, Inc. | 103524 | 252284 | 30.4 |
|  Slate Grocery REIT | 18370 | 190934 | 23.0 |
|  Sleep Country Canada Holdings, Inc. | 7454 | 122669 | 14.8 |
|  SunOpta, Inc. | 7455 | 83834 | 10.1 |
|  Surge Energy, Inc. | 3455 | 25944 | 3.1 |
|  Topaz Energy Corp. | 22305 | 377221 | 45.4 |
|  Torex Gold Resources, Inc. | 1517 | 10333 | 1.2 |
|  |  | 7542577 |  |
| **Denmark** | **Denmark** | **Denmark** | **Denmark** |
|  ALK-Abello A/S | 9193 | 151996 | 18.3 |
|  Chemometec A/S | 175 | 16495 | 2.0 |
|  D/S Norden A/S | 3357 | 173742 | 20.9 |
|  Dfds A/S | 2162 | 65610 | 7.9 |
|  FLSmidth & Co. A/S | 3273 | 75650 | 9.1 |
|  Per Aarsleff Holding A/S | 2784 | 77782 | 9.4 |
|  Sydbank AS | 3270 | 99573 | 12.0 |
|  |  | 660848 |  |
| **Finland** | **Finland** | **Finland** | **Finland** |
|  Citycon OYJ | 47881 | 298311 | 35.9 |
|  Konecranes OYJ | 4948 | 124494 | 15.0 |
|  Musti Group OYJ | 2276 | 42760 | 5.2 |
|  Revenio Group OYJ | 413 | 15361 | 1.9 |
|  Rovio Entertainment OYJ | 4114 | 23449 | 2.8 |
|  YIT OYJ | 46327 | 116173 | 14.0 |
|  |  | 620548 |  |
| **France** | **France** | **France** | **France** |
|  Atos SE | 16790 | 163842 | 19.7 |
|  Cie des Alpes | 3612 | 44521 | 5.4 |
|  Coface SA | 18981 | 211299 | 25.5 |
|  Esker SA | 860 | 112840 | 13.6 |
|  Eutelsat Communications SA | 29259 | 293706 | 35.4 |
|  Guerbet | 1 | 17 | 0.0 |
|  ID Logistics Group | 605 | 162541 | 19.6 |
|  Imerys SA | 7574 | 310017 | 37.3 |
|  Interparfums SA | 10580 | 510054 | 61.4 |
|  Kaufman & Broad SA | 1841 | 44734 | 5.4 |
|  Manitou BF SA | 4598 | 93833 | 11.3 |
|  Metropole Television SA | 3427 | 35444 | 4.3 |
|  Nexity SA | 18721 | 374986 | 45.2 |
|  Pharmagest Interactive | 83 | 5828 | 0.7 |
|  SES-imagotag SA | 965 | 109513 | 13.2 |
|  SMCP SA | 33193 | 208649 | 25.1 |
|  Television Francaise 1 | 4715 | 29931 | 3.6 |
|  Vicat SA | 18556 | 425364 | 51.2 |
|  Vilmorin & Cie SA | 522 | 23130 | 2.8 |
|  |  | 3160249 |  |
| **Germany** | **Germany** | **Germany** | **Germany** |
|  Adesso SE | 1055 | 104452 | 12.6 |
|  Atoss Software AG | 291 | 35430 | 4.3 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **Germany (continued)** | **Germany (continued)** | **Germany (continued)** | **Germany (continued)** |
|  Bilfinger SE | 9114 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253541 | 30.5% |
|  CANCOM SE | 6335 | 156550 | 18.9 |
|  Datagroup SE | 720 | 39206 | 4.7 |
|  Deutsche Pfandbriefbank AG | 55046 | 409990 | 49.4 |
|  Deutz AG | 76881 | 290257 | 35 |
|  Duerr AG | 5825 | 153971 | 18.6 |
|  Eckert & Ziegler Strahlen- und Medizintechnik AG | 4818 | 190473 | 22.9 |
|  Elmos Semiconductor AG | 176 | 8045 | 1 |
|  ElringKlinger AG | 11418 | 81727 | 9.8 |
|  flatexDEGIRO AG | 7992 | 69851 | 8.4 |
|  GFT Technologies SE | 3346 | 109087 | 13.1 |
|  Heidelberger Druckmaschinen AG | 36211 | 49981 | 6 |
|  Hensoldt AG | 8787 | 206450 | 24.9 |
|  Hypoport AG | 641 | 62610 | 7.5 |
|  Krones AG | 890 | 82426 | 9.9 |
|  MLP SE | 34066 | 158229 | 19.1 |
|  Nagarro SE | 959 | 95404 | 11.5 |
|  Norma Group SE | 4255 | 67453 | 8.1 |
|  Pfeiffer Vacuum Technology AG | 613 | 86598 | 10.4 |
|  SMA Solar Technology AG | 1661 | 80360 | 9.7 |
|  Software AG | 10728 | 234696 | 28.3 |
|  Steico SE | 904 | 39740 | 4.8 |
|  TAG Immobilien AG | 28828 | 180544 | 21.8 |
|  TBC Bank Group PLC | 10149 | 219276 | 26.4 |
|  Vitesco Technologies Group AG | 5732 | 306711 | 37 |
|  |  | 3773058 |  |
| **Hong Kong** | **Hong Kong** | **Hong Kong** | **Hong Kong** |
|  EC Healthcare | 127000 | 65511 | 7.9 |
|  Health & Happiness H&H International Holdings Ltd. | 193000 | 181969 | 21.9 |
|  Luk Fook Holdings International Ltd. | 55000 | 119481 | 14.4 |
|  Melco Resorts & Entertainment Ltd., ADR | 20566 | 112496 | 13.6 |
|  Nissin Foods Co. Ltd. | 50000 | 40113 | 4.8 |
|  PAX Global Technology Ltd. | 51000 | 40082 | 4.8 |
|  SA Sa International Holdings Ltd. | 2468000 | 261038 | 31.4 |
|  SmarTone Telecommunications Holdings Ltd. | 16000 | 7909 | 1 |
|  |  | 828599 |  |
| **Indonesia** | **Indonesia** | **Indonesia** | **Indonesia** |
|  Bumitama Agri Ltd. | 157900 | 66262 | 8 |
| **Ireland** | **Ireland** | **Ireland** | **Ireland** |
|  Cimpress PLC | 5010 | 116633 | 14.1 |
|  Dalata Hotel Group PLC | 7536 | 24177 | 2.9 |
|  Grafton Group PLC | 72507 | 574056 | 69.2 |
|  Keywords Studios PLC | 7988 | 220893 | 26.6 |
|  Origin Enterprises PLC | 44035 | 163317 | 19.7 |
|  Uniphar PLC | 19790 | 68451 | 8.2 |
|  |  | 1167527 |  |
| **Israel** | **Israel** | **Israel** | **Israel** |
|  Cellcom Israel Ltd. | 9245 | 46283 | 5.6 |
|  Delek Automotive Systems Ltd. | 3094 | 39838 | 4.8 |
|  Hilan Ltd. | 483 | 25291 | 3 |
|  Isras Investment Co. Ltd. | 345 | 64960 | 7.8 |
|  Matrix IT Ltd. | 1061 | 22888 | 2.8 |
|  Neto Malinda Trading Ltd. | 1446 | 48687 | 5.9 |
|  Nova Ltd. | 547 | 40033 | 4.8 |
|  Oil Refineries Ltd. | 21281 | 7925 | 1 |
|  Partner Communications Co. Ltd. | 8011 | 60389 | 7.3 |
|  Plus500 Ltd. | 10462 | 216561 | 26.1 |

---

72 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Global Equity Market Neutral Fund** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **Israel (continued)** | **Israel (continued)** | **Israel (continued)** | **Israel (continued)** |
|  Radware Ltd. | 2904 | $66850 | 8.0% |
|  Taboola.com Ltd. | 14151 | 24906 | 3.0 |
|  YH Dimri Construction & Development Ltd. | 769 | 46755 | 5.6 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;711366 |  |
| **Italy** | **Italy** | **Italy** | **Italy** |
|  ACEA SpA | 1163 | 14654 | 1.8 |
|  Biesse SpA | 7104 | 85561 | 10.3 |
|  Brunello Cucinelli SpA | 16456 | 953887 | 114.9 |
|  Datalogic SpA | 5819 | 44279 | 5.3 |
|  El.En. SpA | 5014 | 61332 | 7.4 |
|  Iren SpA | 176052 | 261628 | 31.5 |
|  Maire Tecnimont SpA | 91287 | 283245 | 34.1 |
|  MFE-MediaForEurope NV | 153745 | 76787 | 9.2 |
|  OVS SpA | 129706 | 242143 | 29.2 |
|  Pharmanutra SpA | 536 | 35920 | 4.3 |
|  Sanlorenzo SpA/Ameglia | 1782 | 57162 | 6.9 |
|  Sesa SpA | 4516 | 489067 | 58.9 |
|  Tinexta SpA | 15648 | 315019 | 38.0 |
|  Unipol Gruppo SpA | 2054 | 8840 | 1.1 |
|  Webuild SpA | 216346 | 294401 | 35.5 |
|  Wiit SpA | 2657 | 40460 | 4.9 |
|  |  | 3264385 |  |
| **Ivory Coast** | **Ivory Coast** | **Ivory Coast** | **Ivory Coast** |
|  Fabrinet | 260 | 29744 | 3.6 |
| **Japan** | **Japan** | **Japan** | **Japan** |
|  Adastria Co. Ltd. | 38100 | 517403 | 62.3 |
|  Aeon Delight Co. Ltd. | 26700 | 533675 | 64.3 |
|  Ai Holdings Corp. | 20300 | 300490 | 36.2 |
|  Anicom Holdings, Inc. | 64700 | 258503 | 31.1 |
|  AOKI Holdings, Inc. | 76100 | 367824 | 44.3 |
|  Arata Corp. | 4200 | 115965 | 14.0 |
|  Arcland Service Holdings Co. Ltd. | 30800 | 451490 | 54.4 |
|  Arcs Co. Ltd. | 3400 | 45320 | 5.5 |
|  Avex, Inc. | 17400 | 195046 | 23.5 |
|  Bell System24 Holdings, Inc. | 27100 | 251735 | 30.3 |
|  Belluna Co. Ltd. | 32500 | 156624 | 18.9 |
|  BeNext-Yumeshin Group Co. | 17000 | 205019 | 24.7 |
|  Bengo4.com, Inc. | 6700 | 142771 | 17.2 |
|  Bunka Shutter Co. Ltd. | 44500 | 319962 | 38.5 |
|  Canon Electronics, Inc. | 12400 | 130930 | 15.8 |
|  Chudenko Corp. | 3700 | 51069 | 6.2 |
|  CI Takiron Corp. | 43900 | 151685 | 18.3 |
|  Comture Corp. | 14000 | 227782 | 27.4 |
|  Create SD Holdings Co. Ltd. | 6300 | 134210 | 16.2 |
|  Daihen Corp. | 7300 | 188244 | 22.7 |
|  Daiken Corp. | 17500 | 234313 | 28.2 |
|  Daiseki Co. Ltd. | 15100 | 466582 | 56.2 |
|  Digital Arts, Inc. | 9900 | 416038 | 50.1 |
|  Digital Garage, Inc. | 3700 | 88595 | 10.7 |
|  Direct Marketing MiX, Inc. | 9400 | 106217 | 12.8 |
|  Doshisha Co. Ltd. | 33900 | 344579 | 41.5 |
|  Doutor Nichires Holdings Co. Ltd. | 42000 | 468558 | 56.5 |
|  Earth Corp. | 800 | 27691 | 3.3 |
|  EDION Corp. | 12600 | 100009 | 12.0 |
|  Eiken Chemical Co. Ltd. | 15100 | 186507 | 22.5 |
|  Eizo Corp. | 900 | 21894 | 2.6 |
|  Elan Corp. | 4500 | 34560 | 4.2 |
|  Elecom Co. Ltd. | 2700 | 25012 | 3.0 |
|  en-japan, Inc. | 38900 | 675730 | 81.4 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
|  FCC Co. Ltd. | 62400 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;606711 | 73.1% |
|  Fuji Co. Ltd/Ehime | 4100 | 50705 | 6.1 |
|  Fuji Corp. | 16300 | 215228 | 25.9 |
|  Fuji Seal International, Inc. | 40800 | 477967 | 57.6 |
|  Fujimi, Inc. | 5700 | 237981 | 28.7 |
|  Fujimori Kogyo Co. Ltd. | 1500 | 31333 | 3.8 |
|  Fukuoka REIT Corp. | 93 | 108557 | 13.1 |
|  FULLCAST Holdings Co. Ltd. | 2200 | 44004 | 5.3 |
|  Funai Soken Holdings, Inc. | 15200 | 270945 | 32.6 |
|  Fuso Chemical Co. Ltd. | 5500 | 124233 | 15.0 |
|  Future Corp. | 10200 | 114469 | 13.8 |
|  Giken Ltd. | 22600 | 486932 | 58.7 |
|  Goldcrest Co. Ltd. | 25100 | 294593 | 35.5 |
|  Gunma Bank Ltd. | 45500 | 124100 | 15.0 |
|  Gunze Ltd. | 7100 | 182377 | 22.0 |
|  H2O Retailing Corp. | 21000 | 176724 | 21.3 |
|  Halows Co. Ltd. | 4100 | 82353 | 9.9 |
|  Hazama Ando Corp. | 18300 | 106060 | 12.8 |
|  Heiwa Real Estate REIT, Inc. | 9 | 9327 | 1.1 |
|  Heiwado Co. Ltd. | 8500 | 107565 | 13.0 |
|  Hiday Hidaka Corp. | 700 | 8789 | 1.1 |
|  Hitachi Zosen Corp. | 1300 | 7495 | 0.9 |
|  Hokkaido Electric Power Co., Inc. | 2900 | 8825 | 1.1 |
|  Hoshino Resorts REIT, Inc. | 45 | 213596 | 25.7 |
|  IBJ Leasing Co. Ltd. | 6500 | 141624 | 17.1 |
|  Ichigo Office REIT Investment | 59 | 33321 | 4.0 |
|  Ichigo, Inc. | 24500 | 55138 | 6.6 |
|  Infocom Corp. | 12600 | 180852 | 21.8 |
|  Infomart Corp. | 127700 | 413113 | 49.8 |
|  Invincible Investment Corp. | 1012 | 317680 | 38.3 |
|  JAC Recruitment Co. Ltd. | 4400 | 74861 | 9.0 |
|  Jafco Co. Ltd. | 10800 | 165708 | 20.0 |
|  Japan Excellent, Inc. | 135 | 124841 | 15.0 |
|  Japan Lifeline Co. Ltd. | 33100 | 223204 | 26.9 |
|  Japan Petroleum Exploration Co. Ltd. | 2100 | 54564 | 6.6 |
|  JCU Corp. | 11600 | 219372 | 26.4 |
|  JINS Holdings, Inc. | 9600 | 288689 | 34.8 |
|  Joyful Honda Co. Ltd. | 14900 | 181620 | 21.9 |
|  Kanamoto Co. Ltd. | 15000 | 216540 | 26.1 |
|  Kanematsu Corp. | 5600 | 55408 | 6.7 |
|  Kanematsu Electronics Ltd. | 300 | 8918 | 1.1 |
|  KeePer Technical Laboratory Co. Ltd. | 2800 | 77214 | 9.3 |
|  Keihanshin Building Co. Ltd. | 3000 | 26643 | 3.2 |
|  Kissei Pharmaceutical Co. Ltd. | 8800 | 155446 | 18.7 |
|  KOMEDA Holdings Co. Ltd. | 19600 | 327346 | 39.4 |
|  Konoike Transport Co. Ltd. | 21900 | 230468 | 27.8 |
|  Koshidaka Holdings Co. Ltd. | 6600 | 49602 | 6.0 |
|  Kumagai Gumi Co. Ltd. | 45100 | 762428 | 91.9 |
|  Kumiai Chemical Industry Co. Ltd. | 23800 | 156416 | 18.8 |
|  Kura Sushi, Inc. | 8800 | 205850 | 24.8 |
|  Kyokuto Kaihatsu Kogyo Co. Ltd. | 21600 | 200717 | 24.2 |
|  Life Corp. | 26200 | 390510 | 47.0 |
|  M&A Capital Partners Co. Ltd. | 2900 | 73790 | 8.9 |
|  Maeda Kosen Co. Ltd. | 7200 | 146241 | 17.6 |
|  Mandom Corp. | 26000 | 263040 | 31.7 |
|  Maruzen Showa Unyu Co. Ltd. | 1400 | 28571 | 3.4 |
|  Matsuda Sangyo Co. Ltd. | 4600 | 68624 | 8.3 |
|  Megachips Corp. | 3100 | 53064 | 6.4 |
|  Megmilk Snow Brand Co. Ltd. | 9700 | 105636 | 12.7 |
|  Meidensha Corp. | 9000 | 119739 | 14.4 |
|  Meitec Corp. | 10400 | 175175 | 21.1 |

---

S C H E D U L E O F I N V E S T M E N T S 73

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Global Equity Market Neutral Fund** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
|  METAWATER Co. Ltd. | 7100 | $90862 | 10.9% |
|  Milbon Co. Ltd. | 7300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301006 | 36.3 |
|  MIRAIT ONE corp. | 27900 | 268109 | 32.3 |
|  Mitsubishi Pencil Co. Ltd. | 13800 | 134315 | 16.2 |
|  Mitsubishi Shokuhin Co. Ltd. | 12800 | 259088 | 31.2 |
|  Mitsui-Soko Holdings Co. Ltd. | 1500 | 31269 | 3.8 |
|  Mixi, Inc. | 17900 | 280619 | 33.8 |
|  Mochida Pharmaceutical Co. Ltd. | 3400 | 78294 | 9.4 |
|  Monogatari Corp. | 4500 | 206165 | 24.8 |
|  Mori Trust Sogo REIT, Inc. | 21 | 20956 | 2.5 |
|  Morita Holdings Corp. | 21100 | 180955 | 21.8 |
|  MOS Food Services, Inc. | 12100 | 256699 | 30.9 |
|  Nakanishi, Inc. | 14900 | 271866 | 32.8 |
|  Nichiha Corp. | 4200 | 79533 | 9.6 |
|  Nihon Parkerizing Co. Ltd. | 8600 | 55906 | 6.7 |
|  Nikkon Holdings Co. Ltd. | 500 | 7818 | 0.9 |
|  Nippon Ceramic Co. Ltd. | 8500 | 147687 | 17.8 |
|  Nippon Gas Co. Ltd. | 5100 | 74088 | 8.9 |
|  Nippon Paper Industries Co. Ltd. | 48600 | 282932 | 34.1 |
|  NIPPON REIT Investment Corp. | 123 | 303642 | 36.6 |
|  Nippon Road Co. Ltd. | 1400 | 57620 | 6.9 |
|  Nippon Soda Co. Ltd. | 2900 | 86515 | 10.4 |
|  Nippon Suisan Kaisha Ltd. | 19600 | 69819 | 8.4 |
|  Nishimatsu Construction Co. Ltd. | 8400 | 204514 | 24.6 |
|  Nissin Electric Co. Ltd. | 3900 | 36200 | 4.4 |
|  Nitto Kogyo Corp. | 8400 | 139022 | 16.8 |
|  Nohmi Bosai Ltd. | 5500 | 59329 | 7.1 |
|  Nomura Co. Ltd. | 47700 | 348419 | 42 |
|  Noritake Co. Ltd. | 2500 | 69402 | 8.4 |
|  NSD Co. Ltd. | 8700 | 148670 | 17.9 |
|  NTN Corp. | 12300 | 21896 | 2.6 |
|  Obara Group, Inc. | 15000 | 347839 | 41.9 |
|  Oiles Corp. | 16900 | 169817 | 20.5 |
|  Okamura Corp. | 16900 | 155568 | 18.7 |
|  Oki Electric Industry Co. Ltd. | 89600 | 444183 | 53.5 |
|  Okinawa Cellular Telephone Co. | 6200 | 117246 | 14.1 |
|  Okinawa Electric Power Co., Inc. | 20600 | 142962 | 17.2 |
|  Okumura Corp. | 9800 | 185316 | 22.3 |
|  Osaka Organic Chemical Industry Ltd. | 12000 | 160341 | 19.3 |
|  Outsourcing, Inc. | 4600 | 35835 | 4.3 |
|  Prestige International, Inc. | 131400 | 634676 | 76.5 |
|  Relia, Inc. | 26200 | 175818 | 21.2 |
|  Ricoh Leasing Co. Ltd. | 5600 | 136737 | 16.5 |
|  Riso Kyoiku Co. Ltd. | 17800 | 36825 | 4.4 |
|  Round One Corp. | 4500 | 19147 | 2.3 |
|  Saizeriya Co. Ltd. | 9400 | 175376 | 21.1 |
|  Sakai Moving Service Co. Ltd. | 6400 | 202296 | 24.4 |
|  Sakata Seed Corp. | 300 | 9888 | 1.2 |
|  Sanken Electric Co. Ltd. | 400 | 13702 | 1.7 |
|  Sanyo Chemical Industries Ltd. | 300 | 8504 | 1 |
|  Sato Holdings Corp. | 14800 | 182576 | 22 |
|  Seiren Co. Ltd. | 13300 | 208319 | 25.1 |
|  Sekisui Jushi Corp. | 7400 | 84733 | 10.2 |
|  Seria Co. Ltd. | 31300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;511333 | 61.6 |
|  Shinmaywa Industries Ltd. | 1100 | 7502 | 0.9 |
|  Shizuoka Gas Co. Ltd. | 11800 | 86434 | 10.4 |
|  Shoei Co. Ltd. | 12300 | 453605 | 54.7 |
|  Siix Corp. | 13600 | 104854 | 12.6 |
|  Sosei Group Corp. | 12900 | 176054 | 21.2 |
|  S-Pool, Inc. | 36900 | 235633 | 28.4 |
|  Strike Co. Ltd. | 13600 | 419200 | 50.5 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
|  Sumitomo Densetsu Co. Ltd. | 3600 | $63332 | 7.6% |
|  Sumitomo Mitsui Construction Co. Ltd. | 171000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502346 | 60.5 |
|  Sumitomo Osaka Cement Co. Ltd. | 6000 | 127745 | 15.4 |
|  Sumitomo Warehouse Co. Ltd. | 9500 | 128941 | 15.5 |
|  Sun Frontier Fudousan Co. Ltd. | 1500 | 11581 | 1.4 |
|  Systena Corp. | 28900 | 81003 | 9.8 |
|  Taikisha Ltd. | 3900 | 92016 | 11.1 |
|  Takara Standard Co. Ltd. | 2000 | 17174 | 2.1 |
|  Takuma Co. Ltd. | 37200 | 308844 | 37.2 |
|  Tamron Co. Ltd. | 4700 | 104404 | 12.6 |
|  TechMatrix Corp. | 3100 | 35209 | 4.2 |
|  Toa Corp. | 6100 | 99731 | 12.0 |
|  Tocalo Co. Ltd. | 10100 | 80695 | 9.7 |
|  Toei Animation Co. Ltd. | 800 | 82086 | 9.9 |
|  Toho Titanium Co. Ltd. | 13300 | 200428 | 24.1 |
|  Tokai Corp. | 12700 | 161254 | 19.4 |
|  Tokai Rika Co. Ltd. | 8600 | 89745 | 10.8 |
|  Token Corp. | 4000 | 210858 | 25.4 |
|  Tokyotokeiba Co. Ltd. | 7700 | 214378 | 25.8 |
|  Tokyu Construction Co. Ltd. | 72500 | 304260 | 36.7 |
|  Tokyu REIT, Inc. | 129 | 183740 | 22.1 |
|  Topcon Corp. | 3400 | 37190 | 4.5 |
|  Tosei Corp. | 36900 | 351916 | 42.4 |
|  Tosho Co. Ltd. | 11600 | 88833 | 10.7 |
|  Totetsu Kogyo Co. Ltd. | 13200 | 219137 | 26.4 |
|  Towa Pharmaceutical Co. Ltd. | 13800 | 207716 | 25.0 |
|  Toyo Construction Co. Ltd. | 3800 | 22961 | 2.8 |
|  Toyo Ink SC Holdings Co. Ltd. | 19200 | 247216 | 29.8 |
|  Toyobo Co. Ltd. | 27900 | 194888 | 23.5 |
|  Tri Chemical Laboratories, Inc. | 17400 | 260203 | 31.3 |
|  Trusco Nakayama Corp. | 46000 | 616150 | 74.2 |
|  TV Asahi Holdings Corp. | 15200 | 142376 | 17.2 |
|  United Arrows Ltd. | 9800 | 133160 | 16.0 |
|  UT Group Co. Ltd. | 6300 | 102697 | 12.4 |
|  Valor Holdings Co. Ltd. | 29700 | 343434 | 41.4 |
|  ValueCommerce Co. Ltd. | 13900 | 202771 | 24.4 |
|  Vector, Inc. | 7200 | 53506 | 6.4 |
|  Vision, Inc. | 3500 | 29588 | 3.6 |
|  VT Holdings Co. Ltd. | 12700 | 41145 | 5.0 |
|  Wacoal Holdings Corp. | 28200 | 454079 | 54.7 |
|  Wacom Co. Ltd. | 18700 | 81145 | 9.8 |
|  Wakita & Co. Ltd. | 23500 | 185518 | 22.4 |
|  Weathernews, Inc. | 2000 | 104166 | 12.6 |
|  Workman Co. Ltd. | 20800 | 709583 | 85.5 |
|  Yellow Hat Ltd. | 26100 | 312923 | 37.7 |
|  Yokogawa Bridge Holdings Corp. | 30500 | 405333 | 48.8 |
|  Yuasa Trading Co. Ltd. | 9400 | 233969 | 28.2 |
|  Yurtec Corp. | 44600 | 213472 | 25.7 |
|  Zenrin Co. Ltd. | 11200 | 65924 | 7.9 |
|  Zuken, Inc. | 15600 | 351641 | 42.4 |
|  |  | 38132818 |  |
| **Jersey** | **Jersey** | **Jersey** | **Jersey** |
|  Centamin PLC | 736312 | 748530 | 90.2 |
| **Luxembourg** | **Luxembourg** | **Luxembourg** | **Luxembourg** |
|  Millicom International Cellular SA, SDR | 65571 | 711669 | 85.8 |
|  Perimeter Solutions SA | 14986 | 119738 | 14.4 |
|  SES SA | 89993 | 638316 | 76.9 |
|  |  | 1469723 |  |

---

74 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Global Equity Market Neutral Fund** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **Malta** | **Malta** | **Malta** | **Malta** |
|  Kambi Group PLC | 4728 | $74757 | 9.0% |
| **Netherlands** | **Netherlands** | **Netherlands** | **Netherlands** |
|  AMG Advanced Metallurgical Group NV | 1428 | 44615 | 5.4 |
|  Basic-Fit NV | 4874 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122756 | 14.8 |
|  Fugro NV | 1363 | 17704 | 2.1 |
|  Koninklijke BAM Groep NV | 5327 | 11626 | 1.4 |
|  Pharming Group NV | 6853 | 7090 | 0.8 |
|  Shop Apotheke Europe NV | 3741 | 154913 | 18.7 |
|  TomTom NV | 37826 | 295688 | 35.6 |
|  uniQure NV | 19329 | 359906 | 43.4 |
|  Wereldhave NV | 8059 | 98696 | 11.9 |
|  |  | 1112994 |  |
| **New Zealand** | **New Zealand** | **New Zealand** | **New Zealand** |
|  a2 Milk Co. Ltd. | 25218 | 84956 | 10.2 |
| **Norway** | **Norway** | **Norway** | **Norway** |
|  Borregaard ASA | 13538 | 182023 | 21.9 |
|  DNO ASA | 230523 | 299849 | 36.1 |
|  Elkem ASA | 28996 | 96332 | 11.6 |
|  Frontline Ltd. | 5121 | 63998 | 7.7 |
|  Scatec ASA | 43450 | 307784 | 37.1 |
|  Selvaag Bolig ASA | 6026 | 19505 | 2.4 |
|  SpareBank 1 SMN | 4596 | 49610 | 6.0 |
|  TGS ASA | 11606 | 158014 | 19.0 |
|  |  | 1177115 |  |
| **Portugal** |  |  |  |
|  Altri SGPS SA | 36040 | 200550 | 24.2 |
|  Greenvolt-Energias Renovaveis SA | 5970 | 45858 | 5.5 |
|  Navigator Co. SA | 22982 | 87558 | 10.5 |
|  REN - Redes Energeticas Nacionais SGPS SA | 248155 | 642279 | 77.4 |
|  |  | 976245 |  |
| **Puerto Rico** | **Puerto Rico** | **Puerto Rico** | **Puerto Rico** |
|  EVERTEC, Inc. | 7923 | 283723 | 34.2 |
| **Singapore** | **Singapore** | **Singapore** | **Singapore** |
|  AIMS APAC REIT | 66400 | 57678 | 6.9 |
|  Ascendas India Trust | 435800 | 344888 | 41.5 |
|  BW LPG Ltd. | 4888 | 39548 | 4.8 |
|  ESR-REIT | 24300 | 5833 | 0.7 |
|  Far East Hospitality Trust | 145000 | 58864 | 7.1 |
|  First Resources Ltd. | 144200 | 151501 | 18.2 |
|  Frasers Centrepoint Trust | 95400 | 140200 | 16.9 |
|  Hour Glass Ltd. | 45000 | 62039 | 7.5 |
|  IGG, Inc. | 252000 | 65515 | 7.9 |
|  Kulicke & Soffa Industries, Inc. | 375 | 15728 | 1.9 |
|  Lendlease Global Commercial REIT | 47900 | 23709 | 2.9 |
|  Parkway Life Real Estate Investment Trust | 1900 | 5367 | 0.6 |
|  Raffles Medical Group Ltd. | 15000 | 14093 | 1.7 |
|  Sasseur Real Estate Investment Trust | 117800 | 59106 | 7.1 |
|  Sheng Siong Group Ltd. | 138900 | 153196 | 18.5 |
|  |  | 1197265 |  |
| **South Africa** | **South Africa** | **South Africa** | **South Africa** |
|  Investec PLC | 880 | 4410 | 0.5 |
| **South Sandwich Islands** | **South Sandwich Islands** | **South Sandwich Islands** | **South Sandwich Islands** |
|  Balanced Commercial Property Trust Ltd. | 153394 | 146886 | 17.7 |
|  UK Commercial Property REIT Ltd. | 928210 | 649965 | 78.3 |
|  |  | 796851 |  |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **Spain** | **Spain** | **Spain** | **Spain** |
|  Almirall SA | 14815 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138038 | 16.6% |
|  Cia de Distribucion Integral Logista Holdings SA | 15987 | 330635 | 39.8 |
|  Ence Energia y Celulosa SA | 79648 | 272783 | 32.9 |
|  Indra Sistemas SA | 32711 | 292556 | 35.3 |
|  Laboratorios Farmaceuticos Rovi SA | 3530 | 160552 | 19.3 |
|  Melia Hotels International SA | 26262 | 122099 | 14.7 |
|  Miquel y Costas & Miquel SA | 1 | 11 | 0 |
|  Sacyr SA | 31035 | 76133 | 9.2 |
|  Unicaja Banco SA | 132211 | 117204 | 14.1 |
|  |  | 1510011 |  |
| **Sweden** | **Sweden** | **Sweden** | **Sweden** |
|  AddTech AB, B Shares | 29141 | 352120 | 42.4 |
|  AFRY AB | 16338 | 219400 | 26.4 |
|  Arjo AB, B Shares | 30324 | 120962 | 14.6 |
|  Betsson AB, Class B | 18403 | 133831 | 16.1 |
|  Bilia AB, A Shares | 4287 | 45409 | 5.5 |
|  Biotage AB | 24238 | 397828 | 47.9 |
|  Bufab AB | 1747 | 33018 | 4 |
|  Bure Equity AB | 434 | 8375 | 1 |
|  Cellavision AB | 238 | 4463 | 0.5 |
|  Corem Property Group AB, B Shares | 27855 | 17340 | 2.1 |
|  Elekta AB, B Shares | 39110 | 198787 | 23.9 |
|  Fabege AB | 21271 | 154427 | 18.6 |
|  Fortnox AB | 27191 | 115556 | 13.9 |
|  HMS Networks AB | 2892 | 74407 | 9 |
|  Intrum AB | 5335 | 67126 | 8.1 |
|  Loomis AB, Class B | 301 | 8428 | 1 |
|  MIPS AB | 4867 | 157409 | 19 |
|  NCC AB, B Shares | 6077 | 50636 | 6.1 |
|  Nolato AB, B Shares | 14863 | 62690 | 7.6 |
|  Nyfosa AB | 21121 | 126222 | 15.2 |
|  OX2 AB | 11340 | 78240 | 9.4 |
|  Peab AB | 24259 | 125871 | 15.2 |
|  Scandic Hotels Group AB | 135305 | 429083 | 51.7 |
|  Sectra AB, B Shares | 12874 | 170669 | 20.6 |
|  Troax Group AB | 8286 | 122980 | 14.8 |
|  |  | 3275277 |  |
| **Switzerland** | **Switzerland** | **Switzerland** | **Switzerland** |
|  Allreal Holding AG, Registered Shares, Registered Shares | 488 | 69904 | 8.4 |
|  Aryzta AG | 467783 | 479524 | 57.8 |
|  Basilea Pharmaceutica AG, Registered Shares | 2042 | 93930 | 11.3 |
|  Burckhardt Compression Holding AG | 652 | 282054 | 34 |
|  Burkhalter Holding AG | 770 | 59979 | 7.2 |
|  Comet Holding AG, Registered Shares | 3035 | 483165 | 58.2 |
|  Ferrexpo PLC | 9486 | 11126 | 1.3 |
|  Gurit Holding AG | 1220 | 112721 | 13.6 |
|  Implenia AG, Registered Shares | 2156 | 80939 | 9.7 |
|  Inficon Holding AG, Registered Shares | 317 | 252051 | 30.4 |
|  IWG PLC | 166093 | 251057 | 30.2 |
|  Medartis Holding AG | 636 | 49423 | 6 |
|  Sensirion Holding AG | 3546 | 322623 | 38.9 |
|  Stadler Rail AG | 2663 | 78361 | 9.4 |
|  Sulzer AG, Registered Shares | 3248 | 216624 | 26.1 |
|  Swissquote Group Holding SA, Registered Shares | 663 | 78533 | 9.5 |
|  u-Blox Holding AG | 3185 | 326094 | 39.3 |
|  Ypsomed Holding AG, Registered Shares | 2009 | 323116 | 38.9 |
|  |  | 3571224 |  |

---

S C H E D U L E O F I N V E S T M E N T S 75

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Global Equity Market Neutral Fund** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **Ukraine** | **Ukraine** | **Ukraine** | **Ukraine** |
|  Network International Holdings PLC | 171637 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;639708 | 77.1% |
| **United Kingdom** | **United Kingdom** | **United Kingdom** | **United Kingdom** |
|  AJ Bell PLC | 3033 | 11281 | 1.4 |
|  Alliance Pharma PLC | 5033 | 3580 | 0.4 |
|  Ascential PLC | 54253 | 119495 | 14.4 |
|  Ashmore Group PLC | 72353 | 171340 | 20.6 |
|  Babcock International Group PLC | 4758 | 15029 | 1.8 |
|  Bank of Georgia Group PLC | 12751 | 310735 | 37.4 |
|  Big Yellow Group PLC | 7882 | 101422 | 12.2 |
|  Bodycote PLC | 5313 | 30197 | 3.6 |
|  boohoo Group PLC | 75304 | 34996 | 4.2 |
|  Bytes Technology Group PLC | 85949 | 354050 | 42.7 |
|  Capital & Counties Properties PLC | 68664 | 84335 | 10.2 |
|  Ceres Power Holdings PLC | 24160 | 90918 | 10.9 |
|  Chemring Group PLC | 42074 | 145855 | 17.6 |
|  Clarkson PLC | 918 | 29056 | 3.5 |
|  CLS Holdings PLC | 67621 | 110975 | 13.4 |
|  Craneware PLC | 1242 | 26350 | 3.2 |
|  CVS Group PLC | 24609 | 531943 | 64.1 |
|  Diploma PLC | 13546 | 385287 | 46.4 |
|  Dunelm Group PLC | 36224 | 360166 | 43.4 |
|  EnQuest PLC | 163548 | 50719 | 6.1 |
|  Fevertree Drinks PLC | 45202 | 494133 | 59.5 |
|  Forterra PLC | 7089 | 17763 | 2.1 |
|  Frontier Developments PLC | 1571 | 23872 | 2.9 |
|  Gamma Communications PLC | 3166 | 38762 | 4.7 |
|  Grainger PLC | 21243 | 55301 | 6.7 |
|  Gulf Keystone Petroleum Ltd. | 10311 | 24719 | 3 |
|  Hammerson PLC | 357202 | 78309 | 9.4 |
|  Helical PLC | 3803 | 14392 | 1.7 |
|  Hill & Smith Holdings PLC | 12104 | 136823 | 16.5 |
|  Hunting PLC | 53825 | 165118 | 19.9 |
|  Impax Asset Management Group PLC | 6560 | 50322 | 6.1 |
|  Indivior PLC | 62537 | 1184559 | 142.7 |
|  IntegraFin Holdings PLC | 31956 | 92351 | 11.1 |
|  JET2 PLC | 13909 | 135649 | 16.3 |
|  Judges Scientific PLC | 1559 | 124077 | 14.9 |
|  Jupiter Fund Management PLC | 48386 | 57568 | 6.9 |
|  Kainos Group PLC | 3589 | 50959 | 6.1 |
|  Lancashire Holdings Ltd. | 4922 | 27933 | 3.4 |
|  Learning Technologies Group PLC | 91943 | 113454 | 13.7 |
|  Luceco PLC | 35780 | 32143 | 3.9 |
|  Luxfer Holdings PLC | 1798 | 26017 | 3.1 |
|  Moneysupermarket.com Group PLC | 64268 | 135188 | 16.3 |
|  Morgan Advanced Materials PLC | 44044 | 124254 | 15 |
|  Morgan Sindall Group PLC | 502 | 8858 | 1.1 |
|  National Express Group PLC | 177530 | 344144 | 41.5 |
|  Next Fifteen Communications Group PLC | 15711 | 158192 | 19.1 |
|  OSB Group PLC | 75618 | 360363 | 43.4 |
|  Pagegroup PLC | 19184 | 92531 | 11.1 |
|  Paragon Banking Group PLC | 57280 | 280244 | 33.8 |
|  Premier Foods PLC | 7903 | 9389 | 1.1 |
|  PZ Cussons PLC | 40358 | 92537 | 11.1 |
|  Restaurant Group PLC | 518523 | 189049 | 22.8 |
|  RWS Holdings PLC | 69596 | 244685 | 29.5 |
|  Safestore Holdings PLC | 29896 | 309734 | 37.3 |
|  Shaftesbury PLC | 22276 | 93548 | 11.3 |
|  SIG PLC | 159924 | 57221 | 6.9 |
|  Smart Metering Systems PLC | 45108 | 378662 | 45.6 |
|  Softcat PLC | 26593 | 341679 | 41.2 |
|  Spire Healthcare Group PLC | 23680 | 58825 | 7.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
|  SThree PLC | 51254 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218654 | 26.3% |
|  Telecom Plus PLC | 2526 | 61407 | 7.4 |
|  TP ICAP Group PLC | 198501 | 418859 | 50.5 |
|  Trainline PLC | 42868 | 163559 | 19.7 |
|  Tyman PLC | 9689 | 21320 | 2.6 |
|  Vesuvius PLC | 97308 | 378523 | 45.6 |
|  Vistry Group PLC | 1023 | 7074 | 0.8 |
|  Watkin Jones PLC | 11666 | 12522 | 1.5 |
|  WH Smith PLC | 775 | 10478 | 1.3 |
|  Wickes Group PLC | 34686 | 50438 | 6.1 |
|  YouGov PLC | 10210 | 104507 | 12.6 |
|  |  | 10638397 |  |
| **United States** | **United States** | **United States** | **United States** |
|  1-800-Flowers.com, Inc., Class A | 24999 | 182243 | 22.0 |
|  1st Source Corp. | 1310 | 76190 | 9.2 |
|  2U, Inc. | 24791 | 153456 | 18.5 |
|  8x8, Inc. | 140520 | 594400 | 71.6 |
|  A10 Networks, Inc. | 10068 | 169142 | 20.4 |
|  ACADIA Pharmaceuticals, Inc. | 18457 | 295866 | 35.6 |
|  Acadia Realty Trust | 17075 | 238538 | 28.7 |
|  Accel Entertainment, Inc. | 15626 | 153447 | 18.5 |
|  ACCO Brands Corp. | 70438 | 324015 | 39.0 |
|  ACI Worldwide, Inc. | 34421 | 837463 | 100.9 |
|  Adaptive Biotechnologies Corp. | 10374 | 80710 | 9.7 |
|  Advanced Energy Industries, Inc. | 128 | 10067 | 1.2 |
|  AdvanSix, Inc. | 2736 | 99536 | 12.0 |
|  AerSale Corp. | 2190 | 46428 | 5.6 |
|  Agios Pharmaceuticals, Inc. | 4987 | 137342 | 16.5 |
|  Alarm.com Holdings, Inc. | 1889 | 111149 | 13.4 |
|  Alector, Inc. | 41956 | 385995 | 46.5 |
|  Alexander & Baldwin, Inc. | 5652 | 110101 | 13.3 |
|  Alignment Healthcare, Inc. | 4607 | 60997 | 7.3 |
|  Allegiant Travel Co. | 5181 | 388834 | 46.8 |
|  Allegro MicroSystems, Inc. | 4618 | 117343 | 14.1 |
|  Allogene Therapeutics, Inc. | 18255 | 188026 | 22.7 |
|  Alpha Metallurgical Resources, Inc. | 1132 | 191138 | 23.0 |
|  Alto Ingredients, Inc. | 6845 | 28270 | 3.4 |
|  Altra Industrial Motion Corp. | 996 | 59899 | 7.2 |
|  Amalgamated Financial Corp. | 631 | 14507 | 1.7 |
|  American Assets Trust, Inc. | 11592 | 318548 | 38.4 |
|  American Axle & Manufacturing Holdings, Inc. | 9095 | 88131 | 10.6 |
|  American Vanguard Corp. | 8097 | 188417 | 22.7 |
|  American Woodmark Corp. | 8722 | 395543 | 47.7 |
|  AMERISAFE, Inc. | 2894 | 169039 | 20.4 |
|  Amneal Pharmaceuticals, Inc. | 9382 | 20640 | 2.5 |
|  Amphastar Pharmaceuticals, Inc. | 5711 | 176470 | 21.3 |
|  AnaptysBio, Inc. | 1857 | 53574 | 6.5 |
|  Anika Therapeutics, Inc. | 5113 | 145311 | 17.5 |
|  Apogee Enterprises, Inc. | 1571 | 72077 | 8.7 |
|  Apollo Medical Holdings, Inc. | 1139 | 40389 | 4.9 |
|  ArcBest Corp. | 1088 | 86420 | 10.4 |
|  Archrock, Inc. | 4113 | 30889 | 3.7 |
|  Arcus Biosciences, Inc. | 7877 | 200706 | 24.2 |
|  Arlo Technologies, Inc. | 3718 | 19148 | 2.3 |
|  Armada Hoffler Properties, Inc. | 27195 | 317910 | 38.3 |
|  Artisan Partners Asset Management, Inc., Class A | 7302 | 208180 | 25.1 |
|  Artivion, Inc. | 3921 | 43758 | 5.3 |
|  Arvinas, Inc. | 3560 | 176968 | 21.3 |
|  Aspen Aerogels, Inc. | 797 | 10106 | 1.2 |
|  Assetmark Financial Holdings, Inc. | 28352 | 587170 | 70.7 |

---

76 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Global Equity Market Neutral Fund** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
|  Associated Banc-Corp. | 34406 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;837786 | 100.9% |
|  Assured Guaranty Ltd. | 10095 | 597523 | 72 |
|  Astec Industries, Inc. | 2477 | 108121 | 13 |
|  Atlantic Union Bankshares Corp. | 4103 | 141718 | 17.1 |
|  AtriCure, Inc. | 1258 | 52987 | 6.4 |
|  Avanos Medical, Inc. | 13028 | 288570 | 34.8 |
|  Avid Bioservices, Inc. | 465 | 7877 | 0.9 |
|  AvidXchange Holdings, Inc. | 920 | 8372 | 1 |
|  Avient Corp. | 12683 | 437437 | 52.7 |
|  Axcelis Technologies, Inc. | 1107 | 64206 | 7.7 |
|  Axos Financial, Inc. | 9337 | 363770 | 43.8 |
|  Badger Meter, Inc. | 4704 | 529106 | 63.7 |
|  Bandwidth, Inc., Class A | 17604 | 208959 | 25.2 |
|  Bar Harbor Bankshares | 1558 | 46756 | 5.6 |
|  Berry Corp. | 20735 | 183919 | 22.2 |
|  Big Lots, Inc. | 1164 | 21965 | 2.6 |
|  BJ's Restaurants, Inc. | 12132 | 398536 | 48 |
|  Boise Cascade Co. | 3551 | 237100 | 28.6 |
|  Bread Financial Holdings, Inc. | 6398 | 231032 | 27.8 |
|  Bridgebio Pharma, Inc. | 6991 | 72916 | 8.8 |
|  Brigham Minerals, Inc., Class A | 11805 | 365955 | 44.1 |
|  Broadstone Net Lease, Inc. | 3660 | 62732 | 7.6 |
|  Brookdale Senior Living, Inc. | 69404 | 310236 | 37.4 |
|  Buckle, Inc. | 9053 | 356054 | 42.9 |
|  Byline Bancorp, Inc. | 8839 | 204358 | 24.6 |
|  Cal-Maine Foods, Inc. | 1827 | 103244 | 12.4 |
|  Camden National Corp. | 2063 | 89782 | 10.8 |
|  Cannae Holdings, Inc. | 12795 | 296332 | 35.7 |
|  Capital City Bank Group, Inc. | 18836 | 667171 | 80.4 |
|  Cara Therapeutics, Inc. | 5620 | 52828 | 6.4 |
|  Cardiovascular Systems, Inc. | 20282 | 292872 | 35.3 |
|  CareDx, Inc. | 4197 | 83562 | 10.1 |
|  CareTrust REIT, Inc. | 15829 | 295686 | 35.6 |
|  Cargurus, Inc. | 19632 | 285842 | 34.4 |
|  Carriage Services, Inc. | 9521 | 232408 | 28 |
|  Casa Systems, Inc. | 7973 | 25115 | 3 |
|  Casella Waste Systems, Inc., Class A | 2417 | 197735 | 23.8 |
|  Catalyst Pharmaceuticals, Inc. | 12240 | 169769 | 20.5 |
|  Cavco Industries, Inc. | 1393 | 315751 | 38 |
|  CBL & Associates Properties, Inc. | 3568 | 102509 | 12.3 |
|  CBTX, Inc. | 5228 | 171688 | 20.7 |
|  Central Garden & Pet Co., Class A | 3360 | 131510 | 15.8 |
|  Century Aluminum Co. | 6045 | 43584 | 5.2 |
|  Cerence, Inc. | 12781 | 219833 | 26.5 |
|  Certara, Inc. | 995 | 12169 | 1.5 |
|  Cerus Corp. | 9508 | 34799 | 4.2 |
|  CEVA, Inc. | 1831 | 50645 | 6.1 |
|  Chase Corp. | 1135 | 106928 | 12.9 |
|  Chatham Lodging Trust | 26157 | 339256 | 40.9 |
|  Cheesecake Factory, Inc. | 9654 | 345710 | 41.6 |
|  Chefs' Warehouse, Inc. | 3275 | 119963 | 14.5 |
|  Chegg, Inc. | 23601 | 509074 | 61.3 |
|  Chico's FAS, Inc. | 27600 | 162288 | 19.6 |
|  Chimera Investment Corp. | 30892 | 208521 | 25.1 |
|  Chuy's Holdings, Inc. | 6045 | 177118 | 21.3 |
|  Cinemark Holdings, Inc. | 24226 | 257038 | 31 |
|  Clean Energy Fuels Corp. | 34124 | 228972 | 27.6 |
|  Clear Channel Outdoor Holdings, Inc. | 46740 | 66838 | 8.1 |
|  Clearwater Paper Corp. | 3239 | 144071 | 17.4 |
|  Clearway Energy, Inc., Class A | 9211 | 297792 | 35.9 |
|  CNO Financial Group, Inc. | 33821 | 746091 | 89.9 |
|  Coca-Cola Consolidated, Inc. | 621 | 302433 | 36.4 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
|  Codexis, Inc. | 36684 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206164 | 24.8% |
|  Coeur Mining, Inc. | 64669 | 244449 | 29.4 |
|  Cogent Communications Holdings, Inc. | 3606 | 189351 | 22.8 |
|  Coherus Biosciences, Inc. | 36366 | 316384 | 38.1 |
|  Community Health Systems, Inc. | 8362 | 23999 | 2.9 |
|  CommVault Systems, Inc. | 16336 | 994699 | 119.8 |
|  Compass Minerals International, Inc. | 1830 | 72358 | 8.7 |
|  ConnectOne Bancorp, Inc. | 10418 | 260971 | 31.4 |
|  Corcept Therapeutics, Inc. | 30295 | 866437 | 104.4 |
|  CoreCivic, Inc. | 1829 | 19150 | 2.3 |
|  CorVel Corp. | 214 | 35141 | 4.2 |
|  CrossFirst Bankshares, Inc. | 6131 | 85282 | 10.3 |
|  Dana, Inc. | 3491 | 55716 | 6.7 |
|  Dave & Buster's Entertainment, Inc. | 6875 | 273969 | 33.0 |
|  Deciphera Pharmaceuticals, Inc. | 7229 | 117254 | 14.1 |
|  Delek U.S. Holdings, Inc. | 14923 | 442616 | 53.3 |
|  Deluxe Corp. | 11407 | 209661 | 25.3 |
|  Denali Therapeutics, Inc. | 1383 | 39664 | 4.8 |
|  DiamondRock Hospitality Co. | 987 | 9219 | 1.1 |
|  Dime Community Bancshares, Inc. | 2359 | 81456 | 9.8 |
|  Diodes, Inc. | 1610 | 115389 | 13.9 |
|  Diversified Healthcare Trust | 38287 | 52070 | 6.3 |
|  Donegal Group, Inc., Class A | 20077 | 293927 | 35.4 |
|  Dorian LPG Ltd. | 9027 | 163118 | 19.7 |
|  Duckhorn Portfolio, Inc. | 25465 | 372298 | 44.9 |
|  Ducommun, Inc. | 3095 | 146115 | 17.6 |
|  DXP Enterprises, Inc. | 8913 | 255001 | 30.7 |
|  Dyne Therapeutics, Inc. | 11002 | 125423 | 15.1 |
|  Eagle Bulk Shipping, Inc. | 2668 | 129078 | 15.6 |
|  Earthstone Energy, Inc., Class A | 4671 | 75483 | 9.1 |
|  EchoStar Corp., Class A | 18509 | 349265 | 42.1 |
|  Ecovyst, Inc. | 42285 | 420736 | 50.7 |
|  Editas Medicine, Inc. | 20856 | 261743 | 31.5 |
|  elf Beauty, Inc. | 10241 | 443026 | 53.4 |
|  Emergent BioSolutions, Inc. | 16899 | 352513 | 42.5 |
|  Enanta Pharmaceuticals, Inc. | 5174 | 233399 | 28.1 |
|  Energy Recovery, Inc. | 17951 | 461879 | 55.6 |
|  Ennis, Inc. | 3773 | 85119 | 10.3 |
|  Enova International, Inc. | 419 | 15708 | 1.9 |
|  EnPro Industries, Inc. | 459 | 48884 | 5.9 |
|  EPR Properties | 4173 | 161078 | 19.4 |
|  Essential Properties Realty Trust, Inc. | 21580 | 464402 | 55.9 |
|  Ethan Allen Interiors, Inc. | 16788 | 429605 | 51.8 |
|  Eventbrite, Inc., Class A | 25877 | 170012 | 20.5 |
|  Everbridge, Inc. | 6031 | 188951 | 22.8 |
|  Everi Holdings, Inc. | 37428 | 710383 | 85.6 |
|  Evolent Health, Inc., Class A | 941 | 29933 | 3.6 |
|  EW Scripps Co., Class A | 23585 | 334671 | 40.3 |
|  eXp World Holdings, Inc. | 37485 | 495177 | 59.7 |
|  Exponent, Inc. | 4922 | 468870 | 56.5 |
|  Farmland Partners, Inc. | 6891 | 96543 | 11.6 |
|  Fate Therapeutics, Inc. | 6589 | 137842 | 16.6 |
|  FB Financial Corp. | 7322 | 307231 | 37.0 |
|  Federal Agricultural Mortgage Corp. | 84 | 9677 | 1.2 |
|  FibroGen, Inc. | 29002 | 472153 | 56.9 |
|  First Advantage Corp. | 9565 | 134388 | 16.2 |
|  First Bancshares, Inc. | 19548 | 640002 | 77.1 |
|  First Busey Corp. | 7568 | 199871 | 24.1 |
|  First Foundation, Inc. | 32183 | 513641 | 61.9 |
|  First of Long Island Corp. | 6639 | 116714 | 14.1 |
|  Flushing Financial Corp. | 8746 | 172296 | 20.8 |
|  FormFactor, Inc. | 2730 | 55173 | 6.6 |

---

S C H E D U L E O F I N V E S T M E N T S 77

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| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Global Equity Market Neutral Fund** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
|  Forrester Research, Inc. | 10488 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;443852 | 53.5% |
|  Forward Air Corp. | 163 | 17257 | 2.1 |
|  Franklin Covey Co. | 4280 | 216568 | 26.1 |
|  Frontdoor, Inc. | 2725 | 60114 | 7.2 |
|  Frontier Group Holdings, Inc. | 6696 | 87785 | 10.6 |
|  FRP Holdings, Inc. | 3217 | 195047 | 23.5 |
|  GATX Corp. | 3051 | 319470 | 38.5 |
|  Genco Shipping & Trading Ltd. | 3094 | 41460 | 5 |
|  Gibraltar Industries, Inc. | 3798 | 194002 | 23.4 |
|  G-III Apparel Group Ltd. | 5657 | 110311 | 13.3 |
|  Gladstone Land Corp. | 4840 | 98494 | 11.9 |
|  Global Medical REIT, Inc. | 809 | 7394 | 0.9 |
|  GMS, Inc. | 4475 | 211220 | 25.4 |
|  Gogo, Inc. | 581 | 8262 | 1 |
|  Golden Entertainment, Inc. | 4183 | 176606 | 21.3 |
|  GoodRx Holdings, Inc., Class A | 1158 | 6218 | 0.7 |
|  Goosehead Insurance, Inc., Class A | 2576 | 106930 | 12.9 |
|  GoPro, Inc., Class A | 76278 | 415715 | 50.1 |
|  Gossamer Bio, Inc. | 10803 | 119913 | 14.4 |
|  Granite Construction, Inc. | 5278 | 178027 | 21.4 |
|  Gray Television, Inc. | 14645 | 207227 | 25 |
|  Group 1 Automotive, Inc. | 2408 | 416584 | 50.2 |
|  Guess?, Inc. | 10377 | 176201 | 21.2 |
|  Gulfport Energy Corp. | 5202 | 465631 | 56.1 |
|  H&E Equipment Services, Inc. | 16066 | 606652 | 73.1 |
|  Hackett Group, Inc. | 6488 | 141698 | 17.1 |
|  Hain Celestial Group, Inc. | 40683 | 761179 | 91.7 |
|  Hannon Armstrong Sustainable Infrastructure |  |  |  |
|  Capital, Inc. | 7103 | 193060 | 23.3 |
|  Harmony Biosciences Holdings, Inc. | 8501 | 442052 | 53.3 |
|  Harsco Corp. | 15382 | 81371 | 9.8 |
|  Haverty Furniture Cos., Inc. | 14458 | 384294 | 46.3 |
|  Hawaiian Holdings, Inc. | 26462 | 381847 | 46 |
|  Hawkins, Inc. | 764 | 34403 | 4.1 |
|  HealthStream, Inc. | 810 | 20007 | 2.4 |
|  Heartland Express, Inc. | 2369 | 35251 | 4.2 |
|  Heartland Financial USA, Inc. | 7465 | 368174 | 44.4 |
|  Hecla Mining Co. | 67830 | 309983 | 37.3 |
|  Heidrick & Struggles International, Inc. | 5271 | 148431 | 17.9 |
|  Helix Energy Solutions Group, Inc. | 101425 | 709975 | 85.5 |
|  Herbalife Nutrition Ltd. | 12244 | 260307 | 31.4 |
|  Heritage-Crystal Clean, Inc. | 11624 | 319311 | 38.5 |
|  Heron Therapeutics, Inc. | 35996 | 138585 | 16.7 |
|  Heska Corp. | 1584 | 113668 | 13.7 |
|  Hilltop Holdings, Inc. | 16253 | 470524 | 56.7 |
|  Holley, Inc. | 25099 | 99894 | 12 |
|  Horizon Bancorp, Inc. | 13789 | 205594 | 24.8 |
|  Howard Hughes Corp. | 5155 | 316259 | 38.1 |
|  Hub Group, Inc., Class A | 2494 | 193534 | 23.3 |
|  Hudson Pacific Properties, Inc. | 12442 | 137360 | 16.5 |
|  I3 Verticals, Inc., Class A | 3718 | 80904 | 9.7 |
|  IDT Corp., Class B | 7274 | 189560 | 22.8 |
|  IGM Biosciences, Inc. | 4385 | 87700 | 10.6 |
|  ImmunoGen, Inc. | 8706 | 51714 | 6.2 |
|  Independent Bank Corp. | 17463 | 403919 | 48.7 |
|  Industrial Logistics Properties Trust | 14641 | 68520 | 8.3 |
|  Ingles Markets, Inc., Class A | 207 | 19535 | 2.4 |
|  Innoviva, Inc. | 37090 | 502940 | 60.6 |
|  Inogen, Inc. | 2738 | 62043 | 7.5 |
|  Insmed, Inc. | 1841 | 31886 | 3.8 |
|  Insperity, Inc. | 5981 | 705878 | 85 |
|  Installed Building Products, Inc. | 1906 | 163916 | 19.7 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
|  Intercept Pharmaceuticals, Inc. | 22042 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305723 | 36.8% |
|  InterDigital, Inc. | 3256 | 162377 | 19.6 |
|  International Money Express, Inc. | 11582 | 313061 | 37.7 |
|  International Seaways, Inc. | 7855 | 333131 | 40.1 |
|  Ironwood Pharmaceuticals, Inc. | 53680 | 587259 | 70.8 |
|  iStar, Inc. | 5191 | 54402 | 6.6 |
|  Itron, Inc. | 3635 | 177715 | 21.4 |
|  J & J Snack Foods Corp. | 939 | 138606 | 16.7 |
|  Jamf Holding Corp. | 12185 | 288419 | 34.7 |
|  Janus International Group, Inc. | 9691 | 93324 | 11.2 |
|  JetBlue Airways Corp. | 96905 | 779116 | 93.9 |
|  Joint Corp. | 2917 | 48189 | 5.8 |
|  Kadant, Inc. | 247 | 43954 | 5.3 |
|  Kaman Corp. | 564 | 18104 | 2.2 |
|  KAR Auction Services, Inc. | 18529 | 269226 | 32.4 |
|  Karyopharm Therapeutics, Inc. | 6462 | 30759 | 3.7 |
|  KB Home | 2329 | 67122 | 8.1 |
|  Kearny Financial Corp. | 15891 | 161135 | 19.4 |
|  Kemper Corp. | 9208 | 438945 | 52.9 |
|  Kennametal, Inc. | 5701 | 152274 | 18.3 |
|  Kforce, Inc. | 7126 | 450862 | 54.3 |
|  Knowles Corp. | 37807 | 519846 | 62.6 |
|  Kodiak Sciences, Inc. | 2527 | 18144 | 2.2 |
|  Korn Ferry | 681 | 37857 | 4.6 |
|  Kratos Defense & Security Solutions, Inc. | 4208 | 46625 | 5.6 |
|  Kyndryl Holdings, Inc. | 9303 | 89960 | 10.8 |
|  Ladder Capital Corp. | 4211 | 44931 | 5.4 |
|  Lakeland Bancorp, Inc. | 18898 | 352448 | 42.5 |
|  Laureate Education, Inc. | 14596 | 184493 | 22.2 |
|  LCI Industries | 6367 | 675602 | 81.4 |
|  LeMaitre Vascular, Inc. | 7798 | 338433 | 40.8 |
|  LendingTree, Inc. | 11563 | 291734 | 35.1 |
|  LGI Homes, Inc. | 1776 | 163481 | 19.7 |
|  Liberty Latin America Ltd. | 5384 | 41941 | 5.1 |
|  Liberty Latin America Ltd., Class A | 2529 | 19676 | 2.4 |
|  Liberty Media Corp.-Liberty Braves, Class A | 1680 | 53575 | 6.5 |
|  Lions Gate Entertainment Corp., Class A | 22149 | 178521 | 21.5 |
|  Lions Gate Entertainment Corp., Class B | 12286 | 93251 | 11.2 |
|  Liquidity Services, Inc. | 348 | 5979 | 0.7 |
|  LivePerson, Inc. | 35429 | 374485 | 45.1 |
|  LiveRamp Holdings, Inc. | 1630 | 29927 | 3.6 |
|  LSB Industries, Inc. | 27486 | 484578 | 58.4 |
|  Luther Burbank Corp. | 18855 | 238139 | 28.7 |
|  M/I Homes, Inc. | 9330 | 387102 | 46.6 |
|  Madison Square Garden Sports Corp. | 1129 | 176813 | 21.3 |
|  Malibu Boats, Inc., Class A | 18081 | 956485 | 115.2 |
|  Marcus & Millichap, Inc. | 7664 | 282342 | 34.0 |
|  Marcus Corp. | 30583 | 459968 | 55.4 |
|  MarineMax, Inc. | 20257 | 654504 | 78.9 |
|  Marten Transport Ltd. | 12697 | 238323 | 28.7 |
|  Masonite International Corp. | 3260 | 233188 | 28.1 |
|  McGrath RentCorp | 988 | 92921 | 11.2 |
|  MDC Holdings, Inc. | 7523 | 229151 | 27.6 |
|  Medifast, Inc. | 659 | 77096 | 9.3 |
|  Mercantile Bank Corp. | 1044 | 36488 | 4.4 |
|  Merchants Bancorp | 1787 | 42799 | 5.2 |
|  Mercury General Corp. | 17321 | 502309 | 60.5 |
|  Merit Medical Systems, Inc. | 7133 | 490536 | 59.1 |
|  Metropolitan Bank Holding Corp. | 1092 | 72072 | 8.7 |
|  MFA Financial, Inc. | 9106 | 90696 | 10.9 |
|  MGE Energy, Inc. | 1305 | 88857 | 10.7 |
|  Midland States Bancorp, Inc. | 38295 | 1073792 | 129.4 |

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78 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Global Equity Market Neutral Fund** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
|  MidWestOne Financial Group, Inc. | 5212 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175123 | 21.1% |
|  MillerKnoll, Inc. | 4111 | 87071 | 10.5 |
|  Mister Car Wash, Inc. | 31104 | 274648 | 33.1 |
|  Mitek Systems, Inc. | 7307 | 82642 | 10 |
|  Model N, Inc. | 19146 | 727548 | 87.7 |
|  Modine Manufacturing Co. | 9780 | 175258 | 21.1 |
|  ModivCare, Inc. | 2323 | 225889 | 27.2 |
|  Moelis & Co., Class A | 6482 | 275226 | 33.2 |
|  Momentive Global, Inc. | 8845 | 68637 | 8.3 |
|  Monarch Casino & Resort, Inc. | 5382 | 427385 | 51.5 |
|  Monro, Inc. | 10873 | 519186 | 62.5 |
|  MRC Global, Inc. | 72528 | 727456 | 87.6 |
|  Mueller Industries, Inc. | 3056 | 191428 | 23.1 |
|  Myers Industries, Inc. | 2511 | 50948 | 6.1 |
|  Nabors Industries Ltd. | 3113 | 541755 | 65.3 |
|  Napco Security Technologies, Inc. | 5033 | 143038 | 17.2 |
|  National Beverage Corp. | 8740 | 414451 | 49.9 |
|  National Research Corp. | 215 | 8757 | 1.1 |
|  Nektar Therapeutics | 46800 | 175968 | 21.2 |
|  NeoGenomics, Inc. | 7217 | 54885 | 6.6 |
|  NETGEAR, Inc. | 9343 | 183590 | 22.1 |
|  Nevro Corp. | 232 | 8895 | 1.1 |
|  New York Mortgage Trust, Inc. | 27310 | 73464 | 8.8 |
|  NexPoint Residential Trust, Inc. | 18547 | 845743 | 101.9 |
|  NextGen Healthcare, Inc. | 19222 | 385209 | 46.4 |
|  NMI Holdings, Inc., Class A | 3135 | 68751 | 8.3 |
|  Northfield Bancorp, Inc. | 2381 | 38191 | 4.6 |
|  Northwest Natural Holding Co. | 1476 | 70981 | 8.6 |
|  Nurix Therapeutics, Inc. | 430 | 5474 | 0.7 |
|  NV5 Global, Inc. | 159 | 23047 | 2.8 |
|  Oceaneering International, Inc. | 14229 | 199064 | 24 |
|  Old Second Bancorp, Inc. | 34080 | 545280 | 65.7 |
|  Omega Flex, Inc. | 58 | 5475 | 0.7 |
|  Organogenesis Holdings, Inc. | 7774 | 25499 | 3.1 |
|  Origin Bancorp, Inc. | 17420 | 719969 | 86.7 |
|  Orthofix Medical, Inc. | 7643 | 122747 | 14.8 |
|  Oscar Health, Inc., Class A | 8852 | 33018 | 4 |
|  Overstock.com, Inc. | 17598 | 409153 | 49.3 |
|  Ovintiv, Inc. | 2780 | 140807 | 17 |
|  Oxford Industries, Inc. | 1298 | 132046 | 15.9 |
|  Pacira BioSciences, Inc. | 2046 | 105901 | 12.8 |
|  Pactiv Evergreen, Inc. | 918 | 10015 | 1.2 |
|  PagerDuty, Inc. | 3193 | 79633 | 9.6 |
|  Palomar Holdings, Inc. | 917 | 81576 | 9.8 |
|  Par Pacific Holdings, Inc. | 8482 | 194068 | 23.4 |
|  Patrick Industries, Inc. | 2482 | 113452 | 13.7 |
|  Paya Holdings, Inc. | 4816 | 38721 | 4.7 |
|  Pebblebrook Hotel Trust | 68306 | 1095628 | 132 |
|  PennyMac Financial Services, Inc. | 4113 | 219305 | 26.4 |
|  Peoples Bancorp, Inc. | 19936 | 603463 | 72.7 |
|  PetIQ, Inc. | 6963 | 57236 | 6.9 |
|  PetMed Express, Inc. | 1861 | 39677 | 4.8 |
|  PGT Innovations, Inc. | 25239 | 537843 | 64.8 |
|  Photronics, Inc. | 4432 | 71887 | 8.7 |
|  Phreesia, Inc. | 4097 | 111930 | 13.5 |
|  Piper Sandler Cos | 990 | 126690 | 15.3 |
|  Plains GP Holdings LP, Class A | 20002 | 250825 | 30.2 |
|  Playa Hotels & Resorts NV | 11630 | 71757 | 8.6 |
|  PotlatchDeltic Corp. | 5851 | 260311 | 31.4 |
|  PowerSchool Holdings, Inc., Class A | 7884 | 157680 | 19 |
|  Premier Financial Corp. | 16673 | 481016 | 58 |
|  Prestige Consumer Healthcare, Inc. | 4202 | 228925 | 27.6 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
|  Primerica, Inc. | 722 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104473 | 12.6% |
|  Primoris Services Corp. | 14470 | 292149 | 35.2 |
|  PROG Holdings, Inc. | 5018 | 82897 | 10.0 |
|  ProPetro Holding Corp. | 7631 | 90351 | 10.9 |
|  PROS Holdings, Inc. | 6643 | 165743 | 20.0 |
|  Proto Labs, Inc. | 4030 | 153906 | 18.5 |
|  Q2 Holdings, Inc. | 13225 | 410504 | 49.5 |
|  Quaker Chemical Corp. | 2524 | 410503 | 49.5 |
|  Quanex Building Products Corp. | 2973 | 65882 | 7.9 |
|  QuinStreet, Inc. | 26538 | 302799 | 36.5 |
|  Qurate Retail, Inc. | 31441 | 73572 | 8.9 |
|  Rambus, Inc. | 2183 | 65839 | 7.9 |
|  Ranpak Holdings Corp. | 13913 | 52869 | 6.4 |
|  RE/MAX Holdings, Inc., Class A | 6712 | 130616 | 15.7 |
|  Reata Pharmaceuticals, Inc., Class A | 2460 | 79212 | 9.5 |
|  Redfin Corp. | 13796 | 66359 | 8.0 |
|  Repay Holdings Corp. | 4895 | 29811 | 3.6 |
|  Republic Bancorp, Inc., Class A | 1701 | 78841 | 9.5 |
|  Revolve Group, Inc. | 1651 | 39624 | 4.8 |
|  REX American Resources Corp. | 1800 | 53982 | 6.5 |
|  Rigel Pharmaceuticals, Inc. | 39217 | 28574 | 3.4 |
|  RLJ Lodging Trust | 66185 | 805471 | 97.0 |
|  RMR Group, Inc., Class A | 18135 | 496355 | 59.8 |
|  Rocket Pharmaceuticals, Inc. | 13069 | 243868 | 29.4 |
|  RPT Realty | 17038 | 158453 | 19.1 |
|  Rush Enterprises, Inc. | 6768 | 362900 | 43.7 |
|  Rush Enterprises, Inc., Class A | 9952 | 496505 | 59.8 |
|  Ruth's Hospitality Group, Inc. | 375 | 7793 | 0.9 |
|  Sabra Health Care REIT, Inc. | 35750 | 488345 | 58.8 |
|  Sabre Corp. | 35892 | 208533 | 25.1 |
|  Safehold, Inc. | 1933 | 56540 | 6.8 |
|  Sage Therapeutics, Inc. | 3716 | 139945 | 16.9 |
|  Sana Biotechnology, Inc. | 4854 | 28153 | 3.4 |
|  Sandy Spring Bancorp, Inc. | 8971 | 317932 | 38.3 |
|  Sangamo Therapeutics, Inc. | 34132 | 149839 | 18.1 |
|  ScanSource, Inc. | 1245 | 38570 | 4.6 |
|  Schneider National, Inc. | 10781 | 239769 | 28.9 |
|  Scholastic Corp. | 4914 | 187420 | 22.6 |
|  Select Medical Holdings Corp. | 11028 | 283199 | 34.1 |
|  Semtech Corp. | 17248 | 477597 | 57.5 |
|  Sensient Technologies Corp. | 4673 | 333933 | 40.2 |
|  Shake Shack, Inc., Class A | 9574 | 532027 | 64.1 |
|  Shutterstock, Inc. | 3552 | 177707 | 21.4 |
|  Shyft Group, Inc. | 5746 | 132043 | 15.9 |
|  SIGA Technologies, Inc. | 2025 | 18610 | 2.2 |
|  Simply Good Foods Co. | 11458 | 438841 | 52.9 |
|  Simpson Manufacturing Co., Inc. | 3469 | 296530 | 35.7 |
|  Simulations Plus, Inc. | 4450 | 184675 | 22.2 |
|  SkyWest, Inc. | 14581 | 257792 | 31.1 |
|  Sleep Number Corp. | 1280 | 35507 | 4.3 |
|  SMART Global Holdings, Inc. | 3965 | 53646 | 6.5 |
|  Sotera Health Co. | 19007 | 130768 | 15.8 |
|  SP Plus Corp. | 906 | 33549 | 4.0 |
|  Spectrum Brands Holdings, Inc. | 1328 | 61274 | 7.4 |
|  Sportsman's Warehouse Holdings, Inc. | 2578 | 23150 | 2.8 |
|  Sprouts Farmers Market, Inc. | 13220 | 389990 | 47.0 |
|  Standard Motor Products, Inc. | 2946 | 111742 | 13.5 |
|  Standex International Corp. | 2769 | 274269 | 33.0 |
|  Steelcase, Inc., Class A | 7849 | 60987 | 7.3 |
|  Steven Madden Ltd. | 4143 | 123751 | 14.9 |
|  Stitch Fix, Inc., Class A | 48776 | 195104 | 23.5 |
|  Stoke Therapeutics, Inc. | 10440 | 155034 | 18.7 |

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S C H E D U L E O F I N V E S T M E N T S 79

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| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Global Equity Market Neutral Fund** |

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---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
|  Summit Hotel Properties, Inc. | 11477 | $99161 | 11.9% |
|  Summit Materials, Inc., Class A | 27477 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;724019 | 87.2 |
|  SunCoke Energy, Inc. | 6538 | 47466 | 5.7 |
|  Sunnova Energy International, Inc. | 20267 | 375750 | 45.3 |
|  Super Micro Computer, Inc. | 979 | 68129 | 8.2 |
|  Supernus Pharmaceuticals, Inc. | 17013 | 583036 | 70.2 |
|  Surgery Partners, Inc. | 4086 | 111098 | 13.4 |
|  Syndax Pharmaceuticals, Inc. | 5531 | 126992 | 15.3 |
|  Tactile Systems Technology, Inc. | 15345 | 114167 | 13.8 |
|  Tanger Factory Outlet Centers, Inc. | 15932 | 286935 | 34.6 |
|  Taylor Morrison Home Corp. | 9244 | 243487 | 29.3 |
|  TechTarget, Inc. | 3160 | 203978 | 24.6 |
|  Texas Capital Bancshares, Inc. | 4505 | 270300 | 32.6 |
|  TG Therapeutics, Inc. | 4699 | 27348 | 3.3 |
|  Titan Machinery, Inc. | 3030 | 104171 | 12.5 |
|  Tootsie Roll Industries, Inc. | 5006 | 202192 | 24.4 |
|  TPI Composites, Inc. | 1231 | 12261 | 1.5 |
|  Transocean Ltd. | 204009 | 750753 | 90.4 |
|  Travere Therapeutics, Inc. | 1586 | 34384 | 4.1 |
|  Tri Pointe Homes, Inc. | 21174 | 354664 | 42.7 |
|  TriNet Group, Inc. | 8452 | 549211 | 66.2 |
|  Trinity Industries, Inc. | 14814 | 422643 | 50.9 |
|  Triumph Bancorp, Inc. | 1473 | 75859 | 9.1 |
|  TrueBlue, Inc. | 9191 | 180695 | 21.8 |
|  TrueCar, Inc. | 6260 | 11268 | 1.4 |
|  Trupanion, Inc. | 2192 | 110630 | 13.3 |
|  Turning Point Brands, Inc. | 9527 | 224456 | 27.0 |
|  Tutor Perini Corp. | 24413 | 181144 | 21.8 |
|  U.S. Cellular Corp. | 31964 | 996318 | 120.0 |
|  U.S. Silica Holdings, Inc. | 25227 | 363017 | 43.7 |
|  Under Armour, Inc. | 1481 | 9715 | 1.2 |
|  United Fire Group, Inc. | 17609 | 477204 | 57.5 |
|  Unitil Corp. | 3533 | 186224 | 22.4 |
|  Univest Financial Corp. | 13069 | 367762 | 44.3 |
|  Upland Software, Inc. | 32162 | 258582 | 31.2 |
|  Upwork, Inc. | 19223 | 258549 | 31.1 |
|  Urban Edge Properties | 12890 | 182007 | 21.9 |
|  Urban Outfitters, Inc. | 4900 | 116914 | 14.1 |
|  USANA Health Sciences, Inc. | 3125 | 164094 | 19.8 |
|  V2X, Inc. | 6982 | 286192 | 34.5 |
|  Vanda Pharmaceuticals, Inc. | 24155 | 252903 | 30.5 |
|  Varex Imaging Corp. | 6725 | 148690 | 17.9 |
|  Vector Group Ltd. | 7594 | 80648 | 9.7 |
|  Veeco Instruments, Inc. | 8430 | 153679 | 18.5 |
|  Verint Systems, Inc. | 9169 | 324858 | 39.1 |
|  Veritex Holdings, Inc. | 12337 | 389602 | 46.9 |
|  Vertex, Inc., Class A | 6175 | 111273 | 13.4 |
|  Viavi Solutions, Inc. | 12024 | 181562 | 21.9 |
|  Vicor Corp. | 458 | 21879 | 2.6 |
|  Victory Capital Holdings, Inc., Class A | 10046 | 290530 | 35.0 |
|  ViewRay, Inc. | 8106 | 34775 | 4.2 |
|  Vishay Intertechnology, Inc. | 25718 | 537763 | 64.8 |
|  Walker & Dunlop, Inc. | 2278 | 204929 | 24.7 |
|  Warrior Met Coal, Inc. | 2023 | 75134 | 9.1 |
|  Washington Federal, Inc. | 345 | 13352 | 1.6 |
|  Watts Water Technologies, Inc., Class A | 398 | 58251 | 7.0 |
|  Weis Markets, Inc. | 1895 | 177505 | 21.4 |
|  Winmark Corp. | 1669 | 419987 | 50.6 |
|  World Fuel Services Corp. | 348 | 8871 | 1.1 |
|  Xencor, Inc. | 6069 | 169932 | 20.5 |
|  Xerox Holdings Corp. | 26172 | 382896 | 46.1 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
|  Xometry, Inc., Class A | 1187 | $71291 | 8.6% |
|  Xperi, Inc. | 1 | 17 | 0.0 |
|  Yelp, Inc. | 9090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349147 | 42.1 |
|  Yext, Inc. | 44833 | 238512 | 28.7 |
|  Zeta Global Holdings Corp., Class A | 25599 | 213496 | 25.7 |
|  ZipRecruiter, Inc., Class A | 21349 | 358023 | 43.1 |
|  Zumiez, Inc. | 3080 | 69084 | 8.3 |
|  Zuora, Inc., Class A | 71909 | 552980 | 66.6 |
|  |  | 108949335 |  |
|  **Preferred Stocks** |  |  |  |
|  **Germany** | **Germany** |  |  |
|  Schaeffler AG | 78278 | 402214 | 48.4 |
|  **Total Reference Entity — Long** | **Total Reference Entity — Long** | 206295848 |  |
|  **Reference Entity — Short** | **Reference Entity — Short** |  |  |
| **Common Stocks** |  |  |  |
| **Australia** |  |  |  |
|  AUB Group Ltd. | (638) | (8442) | (1.0) |
|  Aussie Broadband Ltd. | (5487) | (8202) | (1.0) |
|  Austal Ltd. | (43217) | (68808) | (8.3) |
|  Australian Clinical Labs Ltd. | (10194) | (22064) | (2.7) |
|  Bapcor Ltd. | (2780) | (11756) | (1.4) |
|  Bega Cheese Ltd. | (157237) | (322935) | (38.9) |
|  Bellevue Gold Ltd. | (181880) | (85857) | (10.3) |
|  Brickworks Ltd. | (12694) | (179730) | (21.7) |
|  BWP Trust | (10115) | (26459) | (3.2) |
|  Centuria Capital Group | (85838) | (92496) | (11.1) |
|  Centuria Industrial REIT | (29691) | (57700) | (7.0) |
|  Charter Hall Long Wale REIT | (30825) | (85950) | (10.4) |
|  City Chic Collective Ltd. | (9679) | (8051) | (1.0) |
|  Core Lithium Ltd. | (38317) | (33878) | (4.1) |
|  Corporate Travel Management Ltd. | (3019) | (33706) | (4.1) |
|  Cromwell Property Group | (1176970) | (527852) | (63.6) |
|  Dicker Data Ltd. | (3531) | (24336) | (2.9) |
|  Elders Ltd. | (20113) | (167688) | (20.2) |
|  EML Payments Ltd. | (13487) | (3477) | (0.4) |
|  G8 Education Ltd. | (156544) | (96633) | (11.6) |
|  Grange Resources Ltd. | (744) | (295) | (0.0) |
|  GUD Holdings Ltd. | (26118) | (134339) | (16.2) |
|  Hansen Technologies Ltd. | (20544) | (64696) | (7.8) |
|  Healius Ltd. | (121039) | (265150) | (31.9) |
|  HomeCo Daily Needs REIT | (91932) | (75225) | (9.1) |
|  HUB24 Ltd. | (4782) | (77537) | (9.3) |
|  Imugene Ltd. | (1689376) | (188339) | (22.7) |
|  Ingenia Communities Group | (2974) | (7463) | (0.9) |
|  Inghams Group Ltd. | (441802) | (714758) | (86.1) |
|  Integral Diagnostics Ltd. | (4946) | (8318) | (1.0) |
|  InvoCare Ltd. | (97080) | (634862) | (76.5) |
|  IPH Ltd. | (18760) | (119310) | (14.4) |
|  IRESS Ltd. | (89541) | (581185) | (70.0) |
|  Karoon Energy Ltd. | (340542) | (463071) | (55.8) |
|  Kelsian Group Ltd. | (56377) | (168720) | (20.3) |
|  Link Administration Holdings Ltd. | (28897) | (63195) | (7.6) |
|  Mayne Pharma Group Ltd. | (32773) | (5661) | (0.7) |
|  Megaport Ltd. | (8067) | (31292) | (3.8) |
|  nib holdings Ltd. | (48510) | (207577) | (25.0) |
|  OceanaGold Corp. | (153228) | (222697) | (26.8) |
|  Omni Bridgeway Ltd. | (92238) | (265551) | (32.0) |
|  Pact Group Holdings Ltd. | (12956) | (11886) | (1.4) |
|  Paladin Energy Ltd. | (784018) | (424460) | (51.1) |

---

80 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Global Equity Market Neutral Fund** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **Australia (continued)** |  |  |  |
|  Perseus Mining Ltd. | (55283) | $(64388) | (7.8)% |
|  PointsBet Holdings, Ltd. | (203975) | (265488) | (32.0) |
|  Regis Resources Ltd. | (75215) | (73336) | (8.8) |
|  Sayona Mining Ltd. | (1593034) | (239291) | (28.8) |
|  Select Harvests Ltd. | (19120) | (64872) | (7.8) |
|  Sigma Healthcare Ltd. | (274831) | (111370) | (13.4) |
|  SolGold PLC | (470494) | (86330) | (10.4) |
|  Super Retail Group Ltd. | (39162) | (257498) | (31.0) |
|  Tassal Group Ltd. | (31700) | (105262) | (12.7) |
|  Telix Pharmaceuticals Ltd. | (28466) | (126186) | (15.2) |
|  United Malt Group Ltd. | (121227) | (241198) | (29.1) |
|  Vulcan Steel Ltd. | (987) | (4736) | (0.6) |
|  West African Resources Ltd. | (240422) | (159192) | (19.2) |
|  Westgold Resources Ltd. | (91601) | (42784) | (5.2) |
|  |  | (8443538) |  |
| **Austria** |  |  |  |
|  FACC AG | (32072) | (206018) | (24.8) |
|  Immofinanz AG | (34134) | (0) | 0.0 |
|  Rhi Magnesita NV | (1945) | (41343) | (5.0) |
|  Semperit AG Holding | (9711) | (192014) | (23.1) |
|  Strabag SE | (382) | (14666) | (1.8) |
|  |  | (454041) |  |
| **Bahamas** |  |  |  |
|  OneSpaWorld Holdings Ltd. | (4001) | (36289) | (4.4) |
| **Belgium** |  |  |  |
|  Biocartis NV | (21) | (25) | (0.0) |
|  bpost SA | (75359) | (372506) | (44.9) |
|  Cofinimmo SA | (4128) | (342357) | (41.2) |
|  Fagron | (4713) | (58673) | (7.1) |
|  Gimv NV | (7846) | (334975) | (40.4) |
|  KBC Ancora | (7011) | (249226) | (30.0) |
|  Kinepolis Group NV | (4893) | (184450) | (22.2) |
|  Telenet Group Holding NV | (3848) | (58668) | (7.1) |
|  Tessenderlo Group SA | (244) | (7396) | (0.9) |
|  VGP NV | (748) | (56717) | (6.8) |
|  X-Fab Silicon Foundries SE | (923) | (4778) | (0.6) |
|  |  | (1669771) |  |
| **Bermuda** |  |  |  |
|  Enstar Group Ltd. | (627) | (125726) | (15.2) |
| **Canada** |  |  |  |
|  Absolute Software Corp. | (4474) | (53727) | (6.5) |
|  Ag Growth International, Inc. | (6075) | (155626) | (18.7) |
|  Algoma Steel Group, Inc. | (11739) | (79532) | (9.6) |
|  Allied Properties Real Estate Investment Trust | (6425) | (124458) | (15.0) |
|  Altus Group Ltd. | (1189) | (42250) | (5.1) |
|  Badger Infrastructure Solutions Ltd. | (730) | (15421) | (1.9) |
|  BELLUS Health, Inc. | (2726) | (25292) | (3.0) |
|  Brookfield Asset Management Reinsurance |  |  |  |
|  Partners Ltd., Class A | (1656) | (65457) | (7.9) |
|  Cascades, Inc. | (952) | (6177) | (0.7) |
|  Choice Properties Real Estate Investment Trust | (59780) | (574390) | (69.2) |
|  City Office REIT, Inc. | (2274) | (24150) | (2.9) |
|  Cogeco Communications, Inc. | (1444) | (73644) | (8.9) |
|  Cogeco, Inc. | (4055) | (172695) | (20.8) |
|  Converge Technology Solutions Corp. | (41673) | (170687) | (20.6) |
|  Denison Mines Corp. | (91178) | (115115) | (13.9) |
|  Dye & Durham Ltd. | (19053) | (210760) | (25.4) |
|  Equinox Gold Corp. | (113955) | (375570) | (45.2) |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **Canada (continued)** |  |  |  |
|  ERO Copper Corp. | (19874) | $(226260) | (27.3)% |
|  Fiera Capital Corp. | (4498) | (28625) | (3.4) |
|  Frontera Energy Corp. | (6037) | (50517) | (6.1) |
|  Hardwoods Distribution, Inc. | (11090) | (203753) | (24.5) |
|  Interfor Corp. | (1822) | (32365) | (3.9) |
|  Lassonde Industries, Inc., Class A | (53) | (4575) | (0.6) |
|  Lundin Gold, Inc. | (2858) | (20643) | (2.5) |
|  Maple Leaf Foods, Inc. | (34312) | (508503) | (61.3) |
|  Martinrea International, Inc. | (7928) | (50803) | (6.1) |
|  Mercer International, Inc. | (12383) | (166180) | (20.0) |
|  Minto Apartment Real Estate Investment Trust | (23096) | (225984) | (27.2) |
|  New Gold, Inc. | (375384) | (338916) | (40.8) |
|  North West Co., Inc. | (4259) | (110824) | (13.4) |
|  NorthWest Healthcare Properties Real Estate |  |  |  |
|  Investment Trust | (2802) | (22089) | (2.7) |
|  Obsidian Energy Ltd. | (990) | (9004) | (1.1) |
|  Orla Mining Ltd. | (17222) | (54358) | (6.5) |
|  Pipestone Energy Corp. | (7557) | (22798) | (2.7) |
|  Pollard Banknote Ltd. | (7921) | (97156) | (11.7) |
|  Premium Brands Holdings Corp. | (7647) | (451125) | (54.4) |
|  Primaris Real Estate Investment Trust | (10046) | (103458) | (12.5) |
|  Seabridge Gold, Inc. | (584) | (6237) | (0.8) |
|  Sierra Wireless, Inc. | (7321) | (217478) | (26.2) |
|  SilverCrest Metals, Inc. | (27548) | (138109) | (16.6) |
|  Skeena Resources Ltd. | (9840) | (44348) | (5.3) |
|  Spartan Delta Corp. | (4978) | (45821) | (5.5) |
|  Stella-Jones, Inc. | (13748) | (414050) | (49.9) |
|  Summit Industrial Income REIT | (4097) | (52357) | (6.3) |
|  Superior Plus Corp. | (43629) | (331777) | (40.0) |
|  Transcontinental, Inc., Class A | (1037) | (11836) | (1.4) |
|  Uni-Select, Inc. | (9464) | (256685) | (30.9) |
|  Wesdome Gold Mines Ltd. | (5406) | (32420) | (3.9) |
|  Winpak Ltd. | (1753) | (53426) | (6.4) |
|  Xenon Pharmaceuticals, Inc. | (4056) | (148328) | (17.9) |
|  |  | (6765759) |  |
| **Cayman Islands** |  |  |  |
|  Theravance Biopharma, Inc. | (5083) | (50677) | (6.1) |
| **China** |  |  |  |
|  E-Commodities Holdings Ltd. | (118000) | (15628) | (1.9) |
|  Fosun Tourism Group | (160200) | (139945) | (16.8) |
|  |  | (155573) |  |
| **Costa Rica** |  |  |  |
|  Establishment Labs Holdings, Inc. | (3325) | (187497) | (22.6) |
| **Cyprus** |  |  |  |
|  Atalaya Mining PLC | (1386) | (4387) | (0.5) |
| **Denmark** |  |  |  |
|  NTG Nordic Transport Group A/S | (3288) | (106651) | (12.9) |
| **Finland** |  |  |  |
|  Aktia Bank OYJ | (9113) | (90600) | (10.9) |
|  Kamux Corp. | (16162) | (78167) | (9.4) |
|  Kemira OYJ | (14058) | (185627) | (22.4) |
|  Metsa Board OYJ, Class B | (37828) | (284558) | (34.3) |
|  Puuilo OYJ | (17825) | (89840) | (10.8) |
|  Remedy Entertainment OYJ | (2911) | (54616) | (6.6) |
|  Sanoma OYJ | (16182) | (189433) | (22.8) |

---

S C H E D U L E O F I N V E S T M E N T S 81

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Global Equity Market Neutral Fund** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **Finland (continued)** |  |  |  |
|  Spinnova OYJ | (1870) | $(7292) | (0.9)% |
|  Tokmanni Group Corp. | (15318) | (185212) | (22.3) |
|  |  | (1165345) |  |
| **France** |  |  |  |
|  ABC arbitrage | (7452) | (48163) | (5.8) |
|  Altarea SCA | (1823) | (242845) | (29.3) |
|  Antin Infrastructure Partners SA | (8465) | (184209) | (22.2) |
|  Aramis Group SAS | (23773) | (109178) | (13.1) |
|  Boiron SA | (145) | (6620) | (0.8) |
|  CGG SA | (21779) | (18501) | (2.2) |
|  Chargeurs SA | (2452) | (32411) | (3.9) |
|  Cie Plastic Omnium SA | (4955) | (69429) | (8.4) |
|  Derichebourg SA | (11769) | (51392) | (6.2) |
|  Elis SA | (12137) | (138992) | (16.7) |
|  Fnac Darty SA | (2415) | (74607) | (9.0) |
|  IPSOS | (2415) | (116903) | (14.1) |
|  LNA Sante SA | (215) | (6268) | (0.8) |
|  Maisons du Monde SA | (5549) | (54393) | (6.5) |
|  Mercialys SA | (23227) | (201130) | (24.2) |
|  Quadient SA | (1895) | (26661) | (3.2) |
|  Societe BIC SA | (5296) | (304023) | (36.6) |
|  Sopra Steria Group SACA | (2080) | (275314) | (33.2) |
|  Trigano SA | (1483) | (151796) | (18.3) |
|  Verallia SA | (19359) | (548535) | (66.1) |
|  Virbac SA | (972) | (238187) | (28.7) |
|  |  | (2899557) |  |
| **Germany** |  |  |  |
|  About You Holding SE | (2018) | (9853) | (1.2) |
|  AURELIUS Equity Opportunities SE & Co. KGaA | (1120) | (23681) | (2.9) |
|  BayWa AG | (5745) | (259236) | (31.2) |
|  Bike24 Holding AG | (136) | (394) | (0.0) |
|  CECONOMY AG | (21772) | (35432) | (4.3) |
|  Cewe Stiftung & Co. KGAA | (1528) | (119691) | (14.4) |
|  CompuGroup Medical SE & Co. KgaA | (1280) | (40440) | (4.9) |
|  Energiekontor AG | (596) | (52923) | (6.4) |
|  Grand City Properties SA | (9332) | (90778) | (10.9) |
|  Hamborner REIT AG | (15532) | (110805) | (13.3) |
|  Hamburger Hafen und Logistik AG | (2911) | (34095) | (4.1) |
|  Indus Holding AG | (2821) | (55667) | (6.7) |
|  Instone Real Estate Group AG | (6345) | (46183) | (5.6) |
|  Jenoptik AG | (9870) | (216381) | (26.1) |
|  JOST Werke AG | (2059) | (87868) | (10.6) |
|  Kloeckner & Co. SE | (17166) | (134533) | (16.2) |
|  Medios AG | (4469) | (82500) | (9.9) |
|  OHB SE | (181) | (5078) | (0.6) |
|  PATRIZIA SE | (13158) | (96573) | (11.6) |
|  PNE AG | (13331) | (253715) | (30.6) |
|  Salzgitter AG | (4297) | (96032) | (11.6) |
|  SGL Carbon SE | (26807) | (190138) | (22.9) |
|  Stroeer SE & Co. KGaA | (9006) | (367165) | (44.2) |
|  Suedzucker AG | (14777) | (188317) | (22.7) |
|  Synlab AG | (11151) | (143581) | (17.3) |
|  Takkt AG | (16266) | (210662) | (25.4) |
|  Vossloh AG | (200) | (7177) | (0.9) |
|  Wuestenrot & Wuerttembergische AG | (4652) | (65633) | (7.9) |
|  |  | (3024531) |  |
| **Hong Kong** |  |  |  |
|  CK Life Sciences Int'l Holdings, Inc. | (486000) | (36505) | (4.4) |
|  Fortune Real Estate Investment Trust | (334000) | (213197) | (25.7) |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **Hong Kong (continued)** |  |  |  |
|  Lifestyle International Holdings Ltd. | (18000) | $(10673) | (1.3)% |
|  Pacific Textiles Holdings Ltd. | (40000) | (11927) | (1.4) |
|  Prosperity REIT | (692000) | (146369) | (17.6) |
|  Sun Hung Kai & Co. Ltd. | (34000) | (11873) | (1.4) |
|  SUNeVision Holdings Ltd. | (160000) | (84762) | (10.2) |
|  Theme International Holdings Ltd. | (130000) | (12412) | (1.5) |
|  Viva China Holdings Ltd. | (104000) | (12989) | (1.6) |
|  |  | (540707) |  |
| **Ireland** |  |  |  |
|  C&C Group PLC | (285731) | (536110) | (64.6) |
|  Cairn Homes PLC | (80431) | (77872) | (9.4) |
|  COSMO Pharmaceuticals NV | (2931) | (171168) | (20.6) |
|  Greencore Group PLC | (367230) | (282163) | (34.0) |
|  Irish Residential Properties REIT PLC | (46003) | (49736) | (6.0) |
|  |  | (1117049) |  |
| **Israel** |  |  |  |
|  Camtek Ltd. | (2148) | (48449) | (5.8) |
|  Innovid Corp. | (7537) | (28188) | (3.4) |
|  Isracard Ltd. | (6206) | (18350) | (2.2) |
|  Ituran Location and Control Ltd. | (3451) | (82755) | (10.0) |
|  JFrog Ltd. | (585) | (14859) | (1.8) |
|  Perion Network Ltd. | (4089) | (93796) | (11.3) |
|  RADA Electronic Industries Ltd. | (12234) | (140691) | (17.0) |
|  Taro Pharmaceutical Industries Ltd. | (2004) | (59980) | (7.2) |
|  |  | (487068) |  |
| **Italy** |  |  |  |
|  Ariston Holding NV | (2749) | (23468) | (2.8) |
|  Carel Industries SpA | (504) | (10977) | (1.3) |
|  doValue SpA | (5973) | (34402) | (4.2) |
|  Enav SpA | (8219) | (31783) | (3.8) |
|  Fila SpA | (9028) | (61547) | (7.4) |
|  Gruppo MutuiOnline SpA | (803) | (17761) | (2.1) |
|  GVS SpA | (4019) | (20619) | (2.5) |
|  Illimity Bank SpA | (7048) | (47932) | (5.8) |
|  Immobiliare Grande Distribuzione SIIQ SpA | (1750) | (5041) | (0.6) |
|  Italmobiliare SpA | (263) | (6723) | (0.8) |
|  MFE-MediaForEurope NV, Class A | (375795) | (131830) | (15.9) |
|  RAI Way SpA | (18885) | (90468) | (10.9) |
|  Technogym SpA | (25044) | (172178) | (20.7) |
|  Tod's SpA | (522) | (16290) | (2.0) |
|  |  | (671019) |  |
| **Japan** |  |  |  |
|  ADEKA Corp. | (13000) | (194355) | (23.4) |
|  Aeon Hokkaido Corp. | (5700) | (45037) | (5.4) |
|  Aichi Corp. | (5400) | (28672) | (3.5) |
|  Aiful Corp. | (242300) | (659919) | (79.5) |
|  Airtrip Corp. | (8800) | (146746) | (17.7) |
|  Alpen Co. Ltd. | (1500) | (20386) | (2.5) |
|  Alpha Systems, Inc. | (3600) | (103908) | (12.5) |
|  Appier Group, Inc. | (26500) | (253016) | (30.5) |
|  Arcland Corp. | (56000) | (555422) | (66.9) |
|  ARTERIA Networks Corp. | (13900) | (112238) | (13.5) |
|  Asahi Holdings, Inc. | (19600) | (249965) | (30.1) |
|  Atom Corp. | (45800) | (243321) | (29.3) |
|  Awa Bank Ltd. | (26500) | (333127) | (40.1) |
|  Axial Retailing, Inc. | (1800) | (40990) | (4.9) |
|  Bushiroad, Inc. | (2000) | (11955) | (1.4) |
|  C Uyemura & Co. Ltd. | (100) | (4574) | (0.5) |
|  Cawachi Ltd. | (1300) | (17992) | (2.2) |

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82 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Global Equity Market Neutral Fund** |

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| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **Japan (continued)** |  |  |  |
|  CellSource Co. Ltd. | (1000) | $(29494) | (3.6)% |
|  Central Glass Co. Ltd. | (11700) | (276268) | (33.3) |
|  Chofu Seisakusho Co. Ltd. | (2900) | (39604) | (4.8) |
|  Citizen Watch Co. Ltd. | (11800) | (49557) | (6.0) |
|  COLOPL, Inc. | (91100) | (429090) | (51.7) |
|  Colowide Co. Ltd. | (16500) | (202473) | (24.4) |
|  Comforia Residential REIT, Inc. | (50) | (106147) | (12.8) |
|  CONEXIO Corp. | (6400) | (48984) | (5.9) |
|  Create Restaurants Holdings, Inc. | (39600) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(249969) | (30.1) |
|  Cybozu, Inc. | (4300) | (54937) | (6.6) |
|  Daiho Corp. | (2300) | (65224) | (7.9) |
|  Daiki Aluminium Industry Co. Ltd. | (57600) | (495968) | (59.8) |
|  Daishi Hokuetsu Financial Group, Inc. | (35600) | (628737) | (75.7) |
|  Daiwabo Holdings Co. Ltd. | (15100) | (194840) | (23.5) |
|  DCM Holdings Co. Ltd. | (3300) | (25713) | (3.1) |
|  DTS Corp. | (9500) | (225859) | (27.2) |
|  Duskin Co. Ltd. | (19100) | (366252) | (44.1) |
|  DyDo Group Holdings, Inc. | (1700) | (51874) | (6.2) |
|  eRex Co. Ltd. | (20900) | (353699) | (42.6) |
|  ES-Con Japan Ltd. | (4300) | (23434) | (2.8) |
|  Exedy Corp. | (20000) | (234468) | (28.2) |
|  Fuji Soft, Inc. | (2900) | (157767) | (19.0) |
|  Fujicco Co. Ltd. | (4600) | (58824) | (7.1) |
|  Fujio Food Group, Inc. | (28500) | (267650) | (32.2) |
|  Fujitec Co. Ltd. | (36000) | (715082) | (86.1) |
|  Fukushima Galilei Co. Ltd. | (2800) | (77001) | (9.3) |
|  Fukuyama Transporting Co. Ltd. | (400) | (8727) | (1.0) |
|  GLOBERIDE, Inc. | (19900) | (311037) | (37.5) |
|  Glory Ltd. | (48900) | (753971) | (90.8) |
|  GMO Financial Holdings, Inc. | (42100) | (161701) | (19.5) |
|  GMO GlobalSign Holdings KK | (300) | (9325) | (1.1) |
|  GNI Group Ltd. | (15400) | (146589) | (17.7) |
|  G-Tekt Corp. | (4900) | (43801) | (5.3) |
|  Hankyu Hanshin REIT, Inc. | (130) | (134951) | (16.3) |
|  Hanwa Co. Ltd. | (1500) | (36276) | (4.4) |
|  Hioki EE Corp. | (200) | (9547) | (1.1) |
|  Hirata Corp. | (6300) | (184297) | (22.2) |
|  HIS Co. Ltd. | (17600) | (243850) | (29.4) |
|  Hogy Medical Co. Ltd. | (5100) | (113113) | (13.6) |
|  Hokkoku Financial Holdings, Inc. | (6300) | (192364) | (23.2) |
|  Hokuetsu Corp. | (38000) | (197123) | (23.7) |
|  Hokuhoku Financial Group, Inc. | (25400) | (152597) | (18.4) |
|  Hokuto Corp. | (29300) | (378192) | (45.6) |
|  Hosiden Corp. | (17700) | (186697) | (22.5) |
|  Hyakugo Bank Ltd. | (119000) | (263415) | (31.7) |
|  Ichibanya Co. Ltd. | (2100) | (64798) | (7.8) |
|  Idec Corp. | (2200) | (47121) | (5.7) |
|  Inaba Denki Sangyo Co. Ltd. | (4400) | (82134) | (9.9) |
|  Inageya Co. Ltd. | (3000) | (22719) | (2.7) |
|  IR Japan Holdings Ltd. | (4400) | (64334) | (7.7) |
|  Iriso Electronics Co. Ltd. | (1900) | (55047) | (6.6) |
|  Itochu Advance Logistics Investment Corp. | (151) | (147668) | (17.8) |
|  Itochu-Shokuhin Co. Ltd. | (1000) | (32808) | (4.0) |
|  Japan Display, Inc. | (412800) | (138220) | (16.6) |
|  Japan Elevator Service Holdings Co. Ltd. | (5600) | (66055) | (8.0) |
|  Japan Material Co. Ltd. | (8900) | (117174) | (14.1) |
|  J-Oil Mills, Inc. | (10800) | (114877) | (13.8) |
|  Kameda Seika Co. Ltd. | (1500) | (46350) | (5.6) |
|  Kanto Denka Kogyo Co. Ltd. | (36700) | (234107) | (28.2) |
|  Kappa Create Co. Ltd. | (6600) | (62353) | (7.5) |
|  Katakura Industries Co. Ltd. | (30700) | (420042) | (50.6) |
|  Keiyo Bank Ltd. | (19900) | (69899) | (8.4) |

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| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **Japan (continued)** |  |  |  |
|  KH Neochem Co. Ltd. | (9900) | $(168977) | (20.4)% |
|  Kisoji Co. Ltd. | (8400) | (124286) | (15.0) |
|  Kiyo Bank Ltd. | (45700) | (440090) | (53.0) |
|  Koa Corp. | (21400) | (308212) | (37.1) |
|  Kohnan Shoji Co. Ltd. | (11800) | (247069) | (29.8) |
|  Komeri Co. Ltd. | (13700) | (239010) | (28.8) |
|  Konishi Co. Ltd. | (9400) | (109806) | (13.2) |
|  Kureha Corp. | (6100) | (391678) | (47.2) |
|  KYB Corp. | (19000) | (415643) | (50.1) |
|  KYORIN Holdings, Inc. | (30900) | (382354) | (46.1) |
|  Kyoritsu Maintenance Co. Ltd. | (8100) | (333687) | (40.2) |
|  Leopalace21 Corp. | (141500) | (269250) | (32.4) |
|  LITALICO, Inc. | (900) | (19019) | (2.3) |
|  Macnica Holdings, Inc. | (5800) | (116006) | (14.0) |
|  Management Solutions Co. Ltd. | (6400) | (126154) | (15.2) |
|  Maruha Nichiro Corp. | (21900) | (337693) | (40.7) |
|  Maruwa Co. Ltd/Aichi | (3100) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(364224) | (43.9) |
|  Medley, Inc. | (500) | (12124) | (1.5) |
|  MedPeer, Inc. | (32100) | (329904) | (39.7) |
|  Meiko Electronics Co. Ltd. | (5200) | (92184) | (11.1) |
|  Micronics Japan Co. Ltd. | (9400) | (86900) | (10.5) |
|  Mitani Sekisan Co. Ltd. | (4400) | (113121) | (13.6) |
|  Mitsubishi Estate Logistics REIT Investment Corp. | (145) | (429154) | (51.7) |
|  Mitsuuroko Group Holdings Co. Ltd. | (12000) | (82609) | (10.0) |
|  Mizuno Corp. | (2900) | (49648) | (6.0) |
|  Modec, Inc. | (9400) | (102292) | (12.3) |
|  Mori Trust Hotel Reit, Inc. | (46) | (43638) | (5.3) |
|  Musashi Seimitsu Industry Co. Ltd. | (3600) | (41548) | (5.0) |
|  Musashino Bank Ltd. | (6400) | (73907) | (8.9) |
|  Nafco Co. Ltd. | (2600) | (27578) | (3.3) |
|  Nagawa Co. Ltd. | (5400) | (269513) | (32.5) |
|  Nanto Bank Ltd. | (13300) | (190581) | (23.0) |
|  Nichias Corp. | (500) | (7714) | (0.9) |
|  Nippon Carbon Co. Ltd. | (24600) | (696366) | (83.9) |
|  Nippon Steel Trading Corp. | (6000) | (206442) | (24.9) |
|  Nishi-Nippon Financial Holdings, Inc. | (44800) | (228489) | (27.5) |
|  Nishio Rent All Co. Ltd. | (400) | (8043) | (1.0) |
|  Nissha Co. Ltd. | (35000) | (412068) | (49.6) |
|  Nojima Corp. | (14200) | (118262) | (14.2) |
|  Noritsu Koki Co. Ltd. | (5700) | (102614) | (12.4) |
|  Noritz Corp. | (11900) | (122148) | (14.7) |
|  North Pacific Bank Ltd. | (98100) | (155827) | (18.8) |
|  NS United Kaiun Kaisha Ltd. | (8500) | (211550) | (25.5) |
|  Ogaki Kyoritsu Bank Ltd. | (15100) | (178260) | (21.5) |
|  Ohsho Food Service Corp. | (2300) | (98068) | (11.8) |
|  Oisix ra daichi, Inc. | (31100) | (350835) | (42.3) |
|  Okasan Securities Group, Inc. | (18200) | (43291) | (5.2) |
|  Okinawa Financial Group, Inc. | (6800) | (94175) | (11.3) |
|  One REIT, Inc. | (244) | (406648) | (49.0) |
|  Open Door, Inc. | (19700) | (236108) | (28.4) |
|  Optorun Co. Ltd. | (7900) | (112177) | (13.5) |
|  Organo Corp. | (4800) | (82817) | (10.0) |
|  Osaka Soda Co. Ltd. | (3100) | (75342) | (9.1) |
|  Pacific Metals Co. Ltd. | (4700) | (58048) | (7.0) |
|  PAL GROUP Holdings Co. Ltd. | (13400) | (191343) | (23.1) |
|  Paramount Bed Holdings Co. Ltd. | (3300) | (58746) | (7.1) |
|  Pasona Group, Inc. | (7600) | (104542) | (12.6) |
|  Pharma Foods International Co. Ltd. | (45100) | (398692) | (48.0) |
|  Pilot Corp. | (8200) | (318810) | (38.4) |
|  Piolax, Inc. | (6600) | (82067) | (9.9) |
|  PKSHA Technology, Inc. | (17400) | (227590) | (27.4) |

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S C H E D U L E O F I N V E S T M E N T S 83

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| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Global Equity Market Neutral Fund** |

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| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **Japan (continued)** |  |  |  |
|  Plus Alpha Consulting Co. Ltd. | (500) | $(7915) | (1.0)% |
|  Raksul, Inc. | (24900) | (489712) | (59.0) |
|  Riken Keiki Co. Ltd. | (7600) | (208966) | (25.2) |
|  Roland Corp. | (6100) | (173093) | (20.9) |
|  Rorze Corp. | (7700) | (386936) | (46.6) |
|  RS Technologies Co. Ltd. | (1400) | (69431) | (8.4) |
|  Ryosan Co. Ltd. | (7500) | (132630) | (16.0) |
|  Saibu Gas Co. Ltd. | (8000) | (92764) | (11.2) |
|  Sakata INX Corp. | (1200) | (8587) | (1.0) |
|  San-A Co. Ltd. | (4700) | (137082) | (16.5) |
|  SanBio Co. Ltd. | (8400) | (49342) | (5.9) |
|  Sangetsu Corp. | (3100) | (32825) | (4.0) |
|  Sanki Engineering Co. Ltd. | (17500) | (189436) | (22.8) |
|  Sansan, Inc. | (36400) | (360945) | (43.5) |
|  Sanyo Denki Co. Ltd. | (7100) | (259891) | (31.3) |
|  Sanyo Special Steel Co. Ltd. | (600) | (7699) | (0.9) |
|  SBS Holdings, Inc. | (6900) | (134349) | (16.2) |
|  Seiko Holdings Corp. | (4000) | (84725) | (10.2) |
|  Senko Group Holdings Co. Ltd. | (24800) | (165662) | (20.0) |
|  Shibuya Corp. | (4000) | (69035) | (8.3) |
|  Shiga Bank Ltd. | (13100) | (221764) | (26.7) |
|  Shima Seiki Manufacturing Ltd. | (2400) | (33484) | (4.0) |
|  Shoei Foods Corp. | (400) | (11039) | (1.3) |
|  Showa Sangyo Co. Ltd. | (4500) | (76485) | (9.2) |
|  Simplex Holdings, Inc. | (16700) | (266190) | (32.1) |
|  SOSiLA Logistics REIT, Inc. | (211) | (202252) | (24.4) |
|  Star Micronics Co. Ltd. | (21200) | (242847) | (29.3) |
|  Starts Proceed Investment Corp. | (45) | (71720) | (8.6) |
|  T Hasegawa Co. Ltd. | (13700) | (291426) | (35.1) |
|  Takeuchi Manufacturing Co. Ltd. | (6300) | (127052) | (15.3) |
|  Tenma Corp. | (19700) | (273881) | (33.0) |
|  T-Gaia Corp. | (11100) | (123554) | (14.9) |
|  TKC Corp. | (600) | (15316) | (1.8) |
|  TKP Corp. | (1500) | (30391) | (3.7) |
|  Toagosei Co. Ltd. | (7600) | (58393) | (7.0) |
|  TOC Co. Ltd. | (2200) | (11434) | (1.4) |
|  Toei Co. Ltd. | (800) | (98265) | (11.8) |
|  Toho Bank Ltd. | (263500) | (363219) | (43.8) |
|  TOKAI Holdings Corp. | (60200) | (359532) | (43.3) |
|  Tokai Tokyo Financial Holdings, Inc. | (91800) | (210437) | (25.4) |
|  Tokushu Tokai Paper Co. Ltd. | (11600) | (228153) | (27.5) |
|  Tokuyama Corp. | (11500) | (134094) | (16.2) |
|  Tokyo Seimitsu Co. Ltd. | (8700) | (261649) | (31.5) |
|  Tokyo Steel Manufacturing Co. Ltd. | (17400) | (149391) | (18.0) |
|  TOMONY Holdings, Inc. | (102000) | (221613) | (26.7) |
|  Tomy Co. Ltd. | (44600) | (391626) | (47.2) |
|  Topre Corp. | (3500) | (27675) | (3.3) |
|  Toyo Tanso Co. Ltd. | (10000) | (250262) | (30.1) |
|  Trancom Co. Ltd. | (3800) | (194702) | (23.5) |
|  TRE Holdings Corp. | (6100) | (65791) | (7.9) |
|  United Super Markets Holdings, Inc. | (2800) | (19715) | (2.4) |
|  WDB Holdings Co. Ltd. | (800) | (13797) | (1.7) |
|  WealthNavi, Inc. | (12800) | (119157) | (14.4) |
|  Yokowo Co. Ltd. | (5500) | (74966) | (9.0) |
|  Yonex Co. Ltd. | (800) | (7411) | (0.9) |
|  Yoshinoya Holdings Co. Ltd. | (31700) | (498224) | (60.0) |
|  Zojirushi Corp. | (5200) | (52432) | (6.3) |
|  |  | (34349122) |  |

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| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **Liechtenstein** |  |  |  |
|  Implantica AG, SDR | (7960) | $(34389) | (4.1)% |
| **Luxembourg** |  |  |  |
|  Befesa SA | (7110) | (246947) | (29.7) |
|  Solutions 30 SE | (3362) | (6480) | (0.8) |
|  |  | (253427) |  |
| **Macau** |  |  |  |
|  MECOM Power and Construction Ltd. | (102000) | (20809) | (2.5) |
| **Malta** |  |  |  |
|  Kindred Group PLC, SDR | (41025) | (355885) | (42.9) |
| **Netherlands** |  |  |  |
|  Core Laboratories NV | (4873) | (94829) | (11.4) |
|  Flow Traders | (13157) | (316739) | (38.2) |
|  NSI NV | (2357) | (56356) | (6.8) |
|  PostNL NV | (62376) | (97661) | (11.8) |
|  SIF Holding NV | (9) | (92) | (0.0) |
|  TKH Group NV | (3496) | (123626) | (14.9) |
|  |  | (689303) |  |
| **New Zealand** |  |  |  |
|  Pushpay Holdings Ltd. | (22198) | (16102) | (1.9) |
| **Norway** |  |  |  |
|  Aker Carbon Capture ASA | (44605) | (50195) | (6.1) |
|  Aker Solutions ASA | (36785) | (140447) | (16.9) |
|  Crayon Group Holding ASA | (5199) | (43103) | (5.2) |
|  Europris ASA | (25415) | (151325) | (18.2) |
|  Hexagon Composites ASA | (34845) | (80061) | (9.6) |
|  Hexagon Purus Holding | (6508) | (12625) | (1.5) |
|  Kahoot! ASA | (86578) | (184602) | (22.2) |
|  LINK Mobility Group Holding ASA | (6936) | (5385) | (0.7) |
|  Nykode Therapeutics | (4807) | (11547) | (1.4) |
|  SpareBank 1 SR-Bank ASA | (11211) | (114164) | (13.8) |
|  Wallenius Wilhelmsen ASA | (2226) | (15826) | (1.9) |
|  |  | (809280) |  |
| **Peru** |  |  |  |
|  Hochschild Mining PLC | (158215) | (96672) | (11.7) |
| **Portugal** |  |  |  |
|  Corticeira Amorim SGPS SA | (1521) | (14700) | (1.8) |
|  CTT-Correios de Portugal SA | (189187) | (583966) | (70.4) |
|  NOS SGPS SA | (102398) | (401070) | (48.3) |
|  |  | (999736) |  |
| **Puerto Rico** |  |  |  |
|  First BanCorp | (25937) | (409545) | (49.3) |
| **Singapore** |  |  |  |
|  AEM Holdings Ltd. | (113900) | (258300) | (31.1) |
|  BW Energy Ltd. | (6037) | (15212) | (1.8) |
|  CapitaLand China Trust | (18500) | (12676) | (1.5) |
|  Japfa Ltd. | (1268400) | (456871) | (55.1) |
|  Maxeon Solar Technologies Ltd. | (1179) | (20373) | (2.5) |
|  OUE Commercial Real Estate Investment Trust | (329900) | (75743) | (9.1) |
|  OUE Ltd. | (110200) | (98087) | (11.8) |
|  Starhill Global REIT | (394800) | (143730) | (17.3) |
|  TDCX, Inc., ADR | (5937) | (76825) | (9.3) |
|  Yangzijiang Financial Holding Ltd. | (74900) | (16401) | (2.0) |
|  Yanlord Land Group Ltd. | (414500) | (253329) | (30.5) |
|  |  | (1427547) |  |

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84 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Global Equity Market Neutral Fund** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **South Africa** | **South Africa** | **South Africa** | **South Africa** |
|  Mediclinic International PLC | (103763) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(590279) | (71.1)% |
| **South Sandwich Islands** | **South Sandwich Islands** | **South Sandwich Islands** | **South Sandwich Islands** |
|  Burford Capital Ltd. | (10583) | (85556) | (10.3) |
| **Spain** | **Spain** | **Spain** | **Spain** |
|  Atresmedia Corp. de Medios de Comunicacion SA | (5727) | (16527) | (2.0) |
|  CIE Automotive SA | (4780) | (121762) | (14.7) |
|  Construcciones y Auxiliar de Ferrocarriles SA | (2766) | (72217) | (8.7) |
|  Corp. Financiera Alba SA | (1238) | (55055) | (6.6) |
|  Ebro Foods SA | (3465) | (54030) | (6.5) |
|  Faes Farma SA | (15041) | (56772) | (6.8) |
|  Gestamp Automocion SA | (21357) | (75204) | (9.1) |
|  Grupo Catalana Occidente SA | (493) | (13390) | (1.6) |
|  Talgo SA | (9272) | (25728) | (3.1) |
|  |  | (490685) |  |
| **Sweden** | **Sweden** | **Sweden** | **Sweden** |
|  AAK AB | (8506) | (123996) | (14.9) |
|  AcadeMedia AB | (48161) | (206145) | (24.8) |
|  AddLife AB, Class B | (467) | (4366) | (0.5) |
|  Attendo AB | (4788) | (9884) | (1.2) |
|  BHG Group AB | (132600) | (222210) | (26.8) |
|  BICO Group AB, Class B | (11656) | (44694) | (5.4) |
|  BioArctic AB, Class B | (1418) | (29543) | (3.6) |
|  Bonava AB, B Shares | (4681) | (13692) | (1.7) |
|  Boozt AB | (11271) | (82196) | (9.9) |
|  Bravida Holding AB | (2923) | (27385) | (3.3) |
|  Calliditas Therapeutics AB, Class B | (15367) | (116934) | (14.1) |
|  Camurus AB | (2676) | (62087) | (7.5) |
|  Catena AB | (686) | (23299) | (2.8) |
|  Cint Group AB | (15377) | (80987) | (9.8) |
|  Clas Ohlson AB, B Shares | (56607) | (378027) | (45.6) |
|  Coor Service Management Holding AB | (20767) | (110335) | (13.3) |
|  Dios Fastigheter AB | (13322) | (87482) | (10.5) |
|  Duni AB | (5969) | (40167) | (4.8) |
|  Dustin Group AB | (26340) | (109596) | (13.2) |
|  Electrolux Professional AB, Class B | (18557) | (70059) | (8.4) |
|  Granges AB | (15992) | (108069) | (13.0) |
|  Hexpol AB | (25551) | (252192) | (30.4) |
|  Hufvudstaden AB | (43978) | (524077) | (63.1) |
|  Instalco AB | (10367) | (41585) | (5.0) |
|  Inwido AB | (3001) | (26958) | (3.3) |
|  JM AB | (2479) | (37326) | (4.5) |
|  K-fast Holding AB, Class B | (3812) | (7832) | (0.9) |
|  Lindab International AB | (2644) | (28125) | (3.4) |
|  Mekonomen AB | (5108) | (48270) | (5.8) |
|  Modern Times Group MTG AB, B Shares | (1132) | (8486) | (1.0) |
|  Munters Group AB | (7727) | (60285) | (7.3) |
|  New Wave Group AB, B Shares | (5667) | (78762) | (9.5) |
|  Nordic Entertainment Group AB, Class B | (2560) | (46736) | (5.6) |
|  Nordnet AB publ | (1876) | (23240) | (2.8) |
|  Paradox Interactive AB | (17781) | (307116) | (37.0) |
|  PowerCell Sweden AB | (26131) | (287010) | (34.6) |
|  Ratos AB, B Shares | (5617) | (21025) | (2.5) |
|  Re:NewCell AB | (12890) | (67425) | (8.1) |
|  Resurs Holding AB | (38482) | (83620) | (10.1) |
|  Rvrc Holding AB | (6144) | (15225) | (1.8) |
|  Samhallsbyggnadsbolaget i Norden AB | (21376) | (35147) | (4.2) |
|  Sedana Medical AB | (4027) | (7299) | (0.9) |
|  SSAB AB, B Shares | (51464) | (239123) | (28.8) |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **Sweden (continued)** | **Sweden (continued)** | **Sweden (continued)** | **Sweden (continued)** |
|  Stillfront Group AB | (38276) | $(74499) | (9.0)% |
|  Surgical Science Sweden AB | (4702) | (67781) | (8.2) |
|  Wallenstam AB, B Shares | (21747) | (76725) | (9.3) |
|  Wihlborgs Fastigheter AB | (1314) | (8608) | (1.0) |
|  |  | (4425630) |  |
| **Switzerland** | **Switzerland** | **Switzerland** | **Switzerland** |
|  ALSO Holding AG, Registered Shares | (1776) | (279129) | (33.6) |
|  Bucher Industries AG, Registered Shares | (448) | (151050) | (18.2) |
|  Conzzeta AG | (90) | (51696) | (6.2) |
|  Daetwyler Holding AG | (210) | (37270) | (4.5) |
|  dormakaba Holding AG | (1169) | (371059) | (44.7) |
|  EFG International AG | (6778) | (55473) | (6.7) |
|  Forbo Holding AG, Registered Shares | (159) | (192473) | (23.2) |
|  Huber & Suhner AG, Registered Shares | (414) | (36876) | (4.4) |
|  Interroll Holding AG, Registered Shares | (96) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(202241) | (24.4) |
|  Kardex Holding AG, Registered Shares | (45) | (6881) | (0.8) |
|  Komax Holding AG, Registered Shares | (173) | (40602) | (4.9) |
|  Meyer Burger Technology AG | (413853) | (198253) | (23.9) |
|  Mobilezone Holding AG, Registered Shares | (13447) | (213265) | (25.7) |
|  Mobimo Holding AG, Registered Shares | (1683) | (392573) | (47.3) |
|  Peach Property Group AG | (8566) | (182264) | (21.9) |
|  PolyPeptide Group AG | (1959) | (56961) | (6.9) |
|  SFS Group AG | (2751) | (248769) | (30.0) |
|  Siegfried Holding AG, Registered Shares | (118) | (70243) | (8.5) |
|  Softwareone Holding AG | (12497) | (140644) | (16.9) |
|  St Galler Kantonalbank AG, Registered Shares | (820) | (386036) | (46.5) |
|  TX Group AG | (234) | (32514) | (3.9) |
|  Valiant Holding AG, Registered Shares | (1294) | (126744) | (15.3) |
|  Zehnder Group AG | (527) | (28381) | (3.4) |
|  |  | (3501397) |  |
| **United Kingdom** | **United Kingdom** | **United Kingdom** | **United Kingdom** |
|  Abcam PLC | (6269) | (97040) | (11.7) |
|  AO World PLC | (6714) | (3442) | (0.4) |
|  ASOS PLC | (11016) | (70934) | (8.5) |
|  Assura PLC | (565360) | (362234) | (43.6) |
|  Auction Technology Group PLC | (5721) | (48962) | (5.9) |
|  Avacta Group PLC | (33738) | (48750) | (5.9) |
|  Balfour Beatty PLC | (165347) | (566205) | (68.2) |
|  Biffa PLC | (52746) | (248852) | (30.0) |
|  Bridgepoint Group PLC | (50493) | (115399) | (13.9) |
|  Britvic PLC | (34859) | (290827) | (35.0) |
|  Close Brothers Group PLC | (12752) | (143665) | (17.3) |
|  CMC Markets PLC | (40132) | (112961) | (13.6) |
|  Countryside Properties PLC | (83012) | (202238) | (24.4) |
|  Cranswick PLC | (4094) | (139777) | (16.8) |
|  Crest Nicholson Holdings PLC | (63240) | (146588) | (17.7) |
|  Domino's Pizza Group PLC | (78808) | (203820) | (24.6) |
|  Elementis PLC | (170360) | (180098) | (21.7) |
|  EMIS Group PLC | (31316) | (667267) | (80.4) |
|  Empiric Student Property PLC | (125872) | (118367) | (14.3) |
|  Energean PLC | (8453) | (138720) | (16.7) |
|  Essentra PLC | (92481) | (238089) | (28.7) |
|  Euromoney Institutional Investor PLC | (1469) | (24395) | (2.9) |
|  Finablr PLC | (44203) | (0) | 0.0 |
|  Firstgroup PLC | (96686) | (116079) | (14.0) |
|  Frasers Group PLC | (39583) | (293712) | (35.4) |
|  GB Group PLC | (5919) | (25838) | (3.1) |
|  Genus PLC | (2723) | (79581) | (9.6) |
|  Great Portland Estates PLC | (55638) | (327974) | (39.5) |
|  Gym Group PLC | (4581) | (6073) | (0.7) |

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S C H E D U L E O F I N V E S T M E N T S 85

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| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Global Equity Market Neutral Fund** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
|  Halfords Group PLC | (108161) | $(218681) | (26.3)% |
|  Helios Towers PLC | (9518) | (13675) | (1.7) |
|  Home Reit PLC | (283440) | (273366) | (32.9) |
|  Ibstock PLC | (83746) | (149304) | (18.0) |
|  IP Group PLC | (64754) | (43639) | (5.3) |
|  John Wood Group PLC | (97778) | (157214) | (18.9) |
|  Kape Technologies PLC | (5774) | (14568) | (1.8) |
|  Keller Group PLC | (1509) | (10868) | (1.3) |
|  Liontrust Asset Management PLC | (7332) | (71807) | (8.7) |
|  Marston's PLC | (140492) | (56487) | (6.8) |
|  Mitie Group PLC | (112087) | (92023) | (11.1) |
|  NCC Group PLC | (15422) | (35195) | (4.2) |
|  On the Beach Group PLC | (157910) | (187084) | (22.5) |
|  Oxford Biomedica PLC | (31052) | (115200) | (13.9) |
|  Oxford Nanopore Technologies PLC | (152291) | (458749) | (55.3) |
|  Petrofac Ltd. | (394082) | (486732) | (58.6) |
|  PRS REIT PLC | (50204) | (50665) | (6.1) |
|  Quilter PLC | (140783) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(156057) | (18.8) |
|  Rank Group PLC | (22568) | (13562) | (1.6) |
|  Rathbone Brothers PLC | (10931) | (234918) | (28.3) |
|  Redde Northgate PLC | (25939) | (99057) | (11.9) |
|  Renewi PLC | (16379) | (99230) | (12.0) |
|  Rotork PLC | (2676) | (7844) | (0.9) |
|  S4 Capital PLC | (26133) | (52643) | (6.3) |
|  Saga PLC | (45511) | (44833) | (5.4) |
|  Savills PLC | (9740) | (92024) | (11.1) |
|  Serica Energy PLC | (26417) | (91255) | (11.0) |
|  Spirent Communications PLC | (3967) | (11776) | (1.4) |
|  Supermarket Income REIT PLC | (30615) | (35991) | (4.3) |
|  Synthomer PLC | (19151) | (24776) | (3.0) |
|  Target Healthcare REIT PLC | (69073) | (68678) | (8.3) |
|  TI Fluid Systems PLC | (171859) | (272888) | (32.9) |
|  Trustpilot Group PLC | (105780) | (131537) | (15.9) |
|  Tullow Oil PLC | (892152) | (414627) | (50.0) |
|  Urban Logistics REIT PLC | (10986) | (16567) | (2.0) |
|  Victrex PLC | (6930) | (131620) | (15.9) |
|  Virgin Money UK PLC | (88975) | (138675) | (16.7) |
|  Volex PLC | (12542) | (35598) | (4.3) |
|  Volution Group PLC | (42078) | (148945) | (17.9) |
|  Wincanton PLC | (14103) | (53451) | (6.4) |
|  Yellow Cake PLC | (101924) | (502062) | (60.5) |
|  |  | (10331758) |  |
| **United States** | **United States** | **United States** | **United States** |
|  23andMe Holding Co., Class A | (10729) | (33689) | (4.1) |
|  3D Systems Corp. | (2637) | (23285) | (2.8) |
|  908 Devices, Inc. | (3072) | (49121) | (5.9) |
|  AAON, Inc. | (3248) | (209464) | (25.2) |
|  Aaron's Co., Inc. | (3306) | (34449) | (4.2) |
|  Abercrombie & Fitch Co., Class A | (6792) | (119403) | (14.4) |
|  ABM Industries, Inc. | (12289) | (546983) | (65.9) |
|  Accolade, Inc. | (11651) | (125598) | (15.1) |
|  Aclaris Therapeutics, Inc. | (5066) | (79080) | (9.5) |
|  ACM Research, Inc., Class A | (14357) | (91885) | (11.1) |
|  Acushnet Holdings Corp. | (10519) | (489870) | (59.0) |
|  ACV Auctions, Inc., Class A | (12670) | (115550) | (13.9) |
|  AdaptHealth Corp. | (5506) | (125537) | (15.1) |
|  Addus HomeCare Corp. | (1231) | (126079) | (15.2) |
|  Adicet Bio, Inc. | (5006) | (82549) | (9.9) |
|  Adtalem Global Education, Inc. | (5954) | (248282) | (29.9) |
|  ADTRAN Holdings, Inc. | (5929) | (133165) | (16.0) |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
|  Aerojet Rocketdyne Holdings, Inc. | (5940) | $(287793) | (34.7)% |
|  AeroVironment, Inc. | (213) | (19490) | (2.3) |
|  Aeva Technologies, Inc. | (21530) | (43060) | (5.2) |
|  AEye, Inc. | (60229) | (52429) | (6.3) |
|  Agenus, Inc. | (50827) | (127576) | (15.4) |
|  Agiliti, Inc. | (13193) | (230482) | (27.8) |
|  Air Transport Services Group, Inc. | (5467) | (159636) | (19.2) |
|  Akero Therapeutics, Inc. | (9593) | (405400) | (48.8) |
|  Alamo Group, Inc. | (966) | (146909) | (17.7) |
|  Albany International Corp., Class A | (8241) | (755040) | (91.0) |
|  Alexander's, Inc. | (2010) | (472129) | (56.9) |
|  Alkami Technology, Inc. | (20142) | (319251) | (38.5) |
|  Allbirds, Inc., Class A | (142906) | (491597) | (59.2) |
|  ALLETE, Inc. | (164) | (9228) | (1.1) |
|  Allovir, Inc. | (1174) | (8136) | (1.0) |
|  Alpha & Omega Semiconductor Ltd. | (13928) | (456142) | (55.0) |
|  Altair Engineering, Inc., Class A | (2008) | (98492) | (11.9) |
|  ALX Oncology Holdings, Inc. | (472) | (5730) | (0.7) |
|  A-Mark Precious Metals, Inc. | (961) | (29224) | (3.5) |
|  AMC Networks, Inc., Class A | (5666) | (127542) | (15.4) |
|  Amerant Bancorp, Inc. | (8735) | (262924) | (31.7) |
|  Ameresco, Inc., Class A | (118) | (7137) | (0.9) |
|  American Equity Investment Life Holding Co. | (5445) | (234571) | (28.3) |
|  American Finance Trust, Inc. | (13030) | (89125) | (10.7) |
|  American Public Education, Inc. | (26276) | (336596) | (40.6) |
|  American States Water Co. | (3503) | (316881) | (38.2) |
|  America's Car-Mart, Inc. | (1578) | (107872) | (13.0) |
|  Amplitude, Inc., Class A | (24375) | (409500) | (49.3) |
|  Anavex Life Sciences Corp. | (35663) | (434019) | (52.3) |
|  ANI Pharmaceuticals, Inc. | (177) | (6830) | (0.8) |
|  API Group Corp. | (9703) | (160002) | (19.3) |
|  Appfolio, Inc., Class A | (445) | (55790) | (6.7) |
|  Arbor Realty Trust, Inc. | (6811) | (93787) | (11.3) |
|  Arcturus Therapeutics Holdings, Inc. | (7512) | (132962) | (16.0) |
|  Arcutis Biotherapeutics, Inc. | (5114) | (90416) | (10.9) |
|  Ares Commercial Real Estate Corp. | (1452) | (17918) | (2.2) |
|  Argan, Inc. | (5733) | (198763) | (23.9) |
|  Arko Corp. | (26463) | (271246) | (32.7) |
|  ARMOUR Residential REIT, Inc. | (14811) | (78795) | (9.5) |
|  Array Technologies, Inc. | (5775) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(104528) | (12.6) |
|  Astra Space, Inc. | (93009) | (58633) | (7.1) |
|  Atea Pharmaceuticals, Inc. | (12206) | (73236) | (8.8) |
|  Atlanticus Holdings Corp. | (894) | (25533) | (3.1) |
|  Atlas Air Worldwide Holdings, Inc. | (3990) | (403549) | (48.6) |
|  AvePoint, Inc. | (32429) | (141715) | (17.1) |
|  Avid Technology, Inc. | (4052) | (111389) | (13.4) |
|  Avidity Biosciences, Inc. | (534) | (7626) | (0.9) |
|  Axonics, Inc. | (2213) | (161859) | (19.5) |
|  AZZ, Inc. | (789) | (31718) | (3.8) |
|  B Riley Financial, Inc. | (6356) | (258562) | (31.2) |
|  Babcock & Wilcox Enterprises, Inc. | (9144) | (41697) | (5.0) |
|  Balchem Corp. | (1159) | (162028) | (19.5) |
|  Bank of Hawaii Corp. | (1433) | (108836) | (13.1) |
|  BARK, Inc. | (146628) | (268329) | (32.3) |
|  Barnes Group, Inc. | (10656) | (376903) | (45.4) |
|  Barrett Business Services, Inc. | (550) | (47971) | (5.8) |
|  Beauty Health Co. | (1106) | (12642) | (1.5) |
|  BellRing Brands, Inc. | (8398) | (203400) | (24.5) |
|  Benchmark Electronics, Inc. | (2454) | (69669) | (8.4) |
|  Benson Hill, Inc. | (36984) | (125376) | (15.1) |
|  Berkshire Hills Bancorp, Inc. | (5273) | (154235) | (18.6) |

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86 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Global Equity Market Neutral Fund** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
|  BioCryst Pharmaceuticals, Inc. | (11405) | $(152257) | (18.3)% |
|  BioLife Solutions, Inc. | (351) | (8256) | (1.0) |
|  Bionano Genomics, Inc. | (346560) | (810950) | (97.7) |
|  Bioxcel Therapeutics, Inc. | (9560) | (120360) | (14.5) |
|  Bloomin' Brands, Inc. | (12970) | (311410) | (37.5) |
|  Blue Bird Corp. | (16834) | (154368) | (18.6) |
|  BlueLinx Holdings, Inc. | (555) | (39105) | (4.7) |
|  Boston Omaha Corp., Class A | (4655) | (129735) | (15.6) |
|  Brady Corp., Class A | (4588) | (209901) | (25.3) |
|  Brightsphere Investment Group, Inc. | (20155) | (379317) | (45.7) |
|  BrightSpire Capital, Inc. | (28899) | (221944) | (26.7) |
|  Brinker International, Inc. | (11329) | (378275) | (45.6) |
|  Bristow Group, Inc. | (14158) | (423891) | (51.1) |
|  Broadmark Realty Capital, Inc. | (47084) | (274029) | (33.0) |
|  BRP Group, Inc., Class A | (16365) | (463948) | (55.9) |
|  Butterfly Network, Inc. | (85576) | (419322) | (50.5) |
|  C3.AI, Inc., Class A | (12849) | (168450) | (20.3) |
|  Calavo Growers, Inc. | (973) | (33656) | (4.1) |
|  Caleres, Inc. | (7919) | (216426) | (26.1) |
|  California Resources Corp. | (4667) | (210528) | (25.4) |
|  California Water Service Group | (1674) | (103888) | (12.5) |
|  Callon Petroleum Co. | (7018) | (308511) | (37.2) |
|  Cano Health, Inc. | (39428) | (141152) | (17.0) |
|  Canoo, Inc. | (29541) | (40471) | (4.9) |
|  Cardlytics, Inc. | (18224) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(171852) | (20.7) |
|  Caribou Biosciences, Inc. | (9483) | (92364) | (11.1) |
|  Carpenter Technology Corp. | (8215) | (307241) | (37.0) |
|  Cars.com, Inc. | (17923) | (248771) | (30.0) |
|  Cathay General Bancorp. | (3179) | (144962) | (17.5) |
|  CCC Intelligent Solutions Holdings, Inc. | (22088) | (206081) | (24.8) |
|  Celldex Therapeutics, Inc. | (14121) | (496071) | (59.8) |
|  Centerspace | (4589) | (318018) | (38.3) |
|  Centrus Energy Corp., Class A | (15500) | (733305) | (88.3) |
|  Cerevel Therapeutics Holdings, Inc. | (7124) | (199187) | (24.0) |
|  Children's Place, Inc. | (5653) | (228833) | (27.6) |
|  CinCor Pharma, Inc. | (1829) | (61528) | (7.4) |
|  Cipher Mining, Inc. | (35802) | (36160) | (4.4) |
|  CIRCOR International, Inc. | (7973) | (164802) | (19.9) |
|  City Holding Co. | (2018) | (203515) | (24.5) |
|  Clarus Corp. | (14825) | (179531) | (21.6) |
|  Clearfield, Inc. | (2206) | (267963) | (32.3) |
|  Clearwater Analytics Holdings, Inc., Class A | (1967) | (32042) | (3.9) |
|  Collegium Pharmaceutical, Inc. | (12293) | (220536) | (26.6) |
|  Columbia Financial, Inc. | (11142) | (228857) | (27.6) |
|  Comfort Systems USA, Inc. | (721) | (88885) | (10.7) |
|  CommScope Holding Co., Inc. | (4290) | (56800) | (6.8) |
|  Community Bank System, Inc. | (18510) | (1155579) | (139.2) |
|  Community Healthcare Trust, Inc. | (343) | (11868) | (1.4) |
|  Community Trust Bancorp, Inc. | (322) | (15227) | (1.8) |
|  Computer Programs and Systems, Inc. | (339) | (10950) | (1.3) |
|  Comtech Telecommunications Corp. | (604) | (6674) | (0.8) |
|  Conduent, Inc. | (9003) | (37092) | (4.5) |
|  CONMED Corp. | (2173) | (173253) | (20.9) |
|  Consensus Cloud Solutions, Inc. | (1479) | (83031) | (10.0) |
|  Construction Partners, Inc., Class A | (286) | (8906) | (1.1) |
|  ContextLogic, Inc., Class A | (342715) | (268346) | (32.3) |
|  Core & Main, Inc., Class A | (3966) | (93518) | (11.3) |
|  Corporate Office Properties Trust | (60488) | (1612005) | (194.2) |
|  Couchbase, Inc. | (28701) | (367373) | (44.3) |
|  Coursera, Inc. | (24587) | (316926) | (38.2) |
|  Credo Technology Group Holding Ltd. | (902) | (12393) | (1.5) |
|  Crescent Energy, Inc., Class A | (9522) | (131213) | (15.8) |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
|  Crinetics Pharmaceuticals, Inc. | (10767) | $(198759) | (23.9)% |
|  Cross Country Healthcare, Inc. | (9563) | (354692) | (42.7) |
|  CryoPort, Inc. | (4329) | (120173) | (14.5) |
|  CS Disco, Inc. | (22607) | (242347) | (29.2) |
|  CSG Systems International, Inc. | (11624) | (751724) | (90.6) |
|  CTS Corp. | (5191) | (205148) | (24.7) |
|  Cullinan Oncology, Inc. | (7603) | (99903) | (12.0) |
|  Cytek Biosciences, Inc. | (12026) | (186644) | (22.5) |
|  Cyxtera Technologies, Inc. | (3676) | (8896) | (1.1) |
|  Denny's Corp. | (9356) | (106003) | (12.8) |
|  DermTech, Inc. | (25889) | (83363) | (10.0) |
|  Designer Brands, Inc., Class A | (3402) | (51812) | (6.2) |
|  Diebold Nixdorf, Inc. | (27808) | (69242) | (8.3) |
|  Digi International, Inc. | (5270) | (212539) | (25.6) |
|  DigitalBridge Group, Inc. | (26236) | (335821) | (40.5) |
|  Dine Brands Global, Inc. | (4242) | (305806) | (36.8) |
|  DMC Global, Inc. | (1873) | (40532) | (4.9) |
|  DocGo, Inc. | (24467) | (242223) | (29.2) |
|  Doma Holdings, Inc. | (141658) | (76864) | (9.3) |
|  Donnelley Financial Solutions, Inc. | (6845) | (276743) | (33.3) |
|  Dorman Products, Inc. | (2302) | (187889) | (22.6) |
|  Douglas Elliman, Inc. | (30555) | (141164) | (17.0) |
|  Dril-Quip, Inc. | (279) | (6942) | (0.8) |
|  Driven Brands Holdings, Inc. | (739) | (23633) | (2.8) |
|  Duck Creek Technologies, Inc. | (30817) | (367955) | (44.3) |
|  Dycom Industries, Inc. | (578) | (68308) | (8.2) |
|  Dynavax Technologies Corp. | (14337) | (164159) | (19.8) |
|  Dynex Capital, Inc. | (21235) | (253546) | (30.5) |
|  E2open Parent Holdings, Inc. | (41808) | (243741) | (29.4) |
|  Easterly Government Properties, Inc. | (6442) | (112026) | (13.5) |
|  Eastern Bankshares, Inc. | (44079) | (844994) | (101.8) |
|  Eastman Kodak Co. | (123818) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(662426) | (79.8) |
|  Edgewell Personal Care Co. | (21819) | (855087) | (103.0) |
|  El Pollo Loco Holdings, Inc. | (30117) | (302375) | (36.4) |
|  Ellington Financial, Inc. | (28277) | (378346) | (45.6) |
|  Elme Communities | (6790) | (129621) | (15.6) |
|  Embark Technology, Inc. | (1228) | (7417) | (0.9) |
|  Embecta Corp. | (12381) | (382821) | (46.1) |
|  Empire State Realty Trust, Inc., Class A | (18542) | (136655) | (16.5) |
|  Employers Holdings, Inc. | (6558) | (285994) | (34.5) |
|  Encore Capital Group, Inc. | (7963) | (405476) | (48.9) |
|  Energizer Holdings, Inc. | (4362) | (126018) | (15.2) |
|  EnerSys. | (8347) | (553323) | (66.7) |
|  Enhabit, Inc. | (584) | (7253) | (0.9) |
|  Enovix Corp. | (17461) | (329489) | (39.7) |
|  Enterprise Financial Services Corp. | (2124) | (113570) | (13.7) |
|  EQRx, Inc. | (25957) | (133419) | (16.1) |
|  ESCO Technologies, Inc. | (3828) | (329859) | (39.7) |
|  ESS Tech, Inc. | (9947) | (42076) | (5.1) |
|  European Wax Center, Inc., Class A | (1457) | (20952) | (2.5) |
|  EverQuote, Inc., Class A | (820) | (4994) | (0.6) |
|  Evolus, Inc. | (13988) | (119737) | (14.4) |
|  Evolv Technologies Holdings, Inc. | (50394) | (147654) | (17.8) |
|  Expro Group Holdings NV | (13320) | (252148) | (30.4) |
|  Fastly, Inc., Class A | (25410) | (215731) | (26.0) |
|  Federal Signal Corp. | (5096) | (237728) | (28.6) |
|  Federated Investors, Inc. | (4253) | (147792) | (17.8) |
|  Figs, Inc., Class A | (5479) | (40435) | (4.9) |
|  First Financial Bankshares, Inc. | (12065) | (464382) | (55.9) |
|  First Hawaiian, Inc. | (6406) | (163865) | (19.7) |
|  First Merchants Corp. | (12733) | (571712) | (68.9) |
|  FirstCash Holdings, Inc. | (4287) | (422055) | (50.8) |

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S C H E D U L E O F I N V E S T M E N T S 87

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| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Global Equity Market Neutral Fund** |

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---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
|  Foot Locker, Inc. | (9255) | $(293384) | (35.3)% |
|  Forestar Group, Inc. | (1376) | (15934) | (1.9) |
|  Franklin Electric Co., Inc. | (1260) | (103244) | (12.4) |
|  Franklin Street Properties Corp. | (6232) | (17948) | (2.2) |
|  Fresh Del Monte Produce, Inc. | (16505) | (430450) | (51.9) |
|  Freshpet, Inc. | (2988) | (176143) | (21.2) |
|  fuboTV, Inc. | (20300) | (74298) | (9.0) |
|  FuelCell Energy, Inc. | (18032) | (56260) | (6.8) |
|  Fulton Financial Corp. | (3209) | (58500) | (7.0) |
|  Funko, Inc., Class A | (21872) | (451657) | (54.4) |
|  Gannett Co., Inc. | (38592) | (55958) | (6.7) |
|  Gates Industrial Corp. PLC | (2768) | (30863) | (3.7) |
|  Genesco, Inc. | (5227) | (245878) | (29.6) |
|  Gentherm, Inc. | (6320) | (369214) | (44.5) |
|  Genworth Financial, Inc., Class A | (6328) | (29552) | (3.6) |
|  German American Bancorp, Inc. | (1400) | (55006) | (6.6) |
|  Getty Realty Corp. | (3307) | (104137) | (12.5) |
|  Gevo, Inc. | (89966) | (202424) | (24.4) |
|  Glacier Bancorp, Inc. | (12193) | (698415) | (84.1) |
|  Gladstone Commercial Corp. | (5467) | (96165) | (11.6) |
|  Glatfelter Corp. | (3263) | (9234) | (1.1) |
|  Glaukos Corp. | (561) | (31455) | (3.8) |
|  Global Industrial Co. | (2860) | (90776) | (10.9) |
|  Global Net Lease, Inc. | (16933) | (207429) | (25.0) |
|  Globalstar, Inc. | (8460) | (18358) | (2.2) |
|  GrafTech International Ltd. | (34057) | (173350) | (20.9) |
|  Graham Holdings Co., Class B | (2065) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1288292) | (155.2) |
|  Grand Canyon Education, Inc. | (3326) | (334695) | (40.3) |
|  Great Southern Bancorp, Inc. | (1846) | (114415) | (13.8) |
|  Green Plains, Inc. | (3601) | (104033) | (12.5) |
|  Grid Dynamics Holdings, Inc. | (2566) | (34923) | (4.2) |
|  Griffon Corp. | (2582) | (82985) | (10.0) |
|  Hagerty, Inc., Class A | (8797) | (79965) | (9.6) |
|  Hamilton Lane, Inc., Class A | (664) | (39720) | (4.8) |
|  Harmonic, Inc. | (1057) | (16331) | (2.0) |
|  Hawaiian Electric Industries, Inc. | (14623) | (556259) | (67.0) |
|  Hayward Holdings, Inc. | (5302) | (49044) | (5.9) |
|  HB Fuller Co. | (4161) | (290063) | (34.9) |
|  HCI Group, Inc. | (6257) | (229256) | (27.6) |
|  Heritage Financial Corp. | (249) | (8389) | (1.0) |
|  Hibbett, Inc. | (8913) | (556349) | (67.0) |
|  Hillenbrand, Inc. | (11351) | (501487) | (60.4) |
|  Hillman Solutions Corp. | (15927) | (124390) | (15.0) |
|  Hippo Holdings, Inc. | (5211) | (90038) | (10.8) |
|  HNI Corp. | (6922) | (200669) | (24.2) |
|  Horace Mann Educators Corp. | (3732) | (147265) | (17.7) |
|  Hostess Brands, Inc. | (19298) | (511011) | (61.6) |
|  Hovnanian Enterprises, Inc., Class A | (732) | (29522) | (3.6) |
|  Huron Consulting Group, Inc. | (2283) | (168097) | (20.3) |
|  Hydrofarm Holdings Group, Inc. | (36153) | (93275) | (11.2) |
|  Hyliion Holdings Corp. | (18754) | (53449) | (6.4) |
|  Hyster-Yale Materials Handling, Inc. | (2560) | (74650) | (9.0) |
|  ICF International, Inc. | (690) | (82545) | (9.9) |
|  Ichor Holdings Ltd. | (14782) | (376054) | (45.3) |
|  Ideaya Biosciences, Inc. | (1673) | (28257) | (3.4) |
|  Imago Biosciences, Inc. | (3592) | (61064) | (7.4) |
|  ImmunityBio, Inc. | (28173) | (154952) | (18.7) |
|  Immunovant, Inc. | (10583) | (118530) | (14.3) |
|  Impinj, Inc. | (3668) | (420463) | (50.7) |
|  Independent Bank Corp. | (7242) | (630126) | (75.9) |
|  indie Semiconductor, Inc., Class A | (27486) | (214941) | (25.9) |
|  Indus Realty Trust, Inc. | (7045) | (364861) | (44.0) |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
|  Inhibrx, Inc. | (5291) | $(170264) | (20.5)% |
|  Innospec, Inc. | (2544) | (254375) | (30.6) |
|  Inseego Corp. | (34911) | (78899) | (9.5) |
|  Insight Enterprises, Inc. | (5586) | (527933) | (63.6) |
|  Insteel Industries, Inc. | (4393) | (115756) | (13.9) |
|  Integer Holdings Corp. | (1073) | (66880) | (8.1) |
|  Interface, Inc. | (25850) | (292364) | (35.2) |
|  International Bancshares Corp. | (6671) | (330882) | (39.9) |
|  Intrepid Potash, Inc. | (1656) | (74934) | (9.0) |
|  InvenTrust Properties Corp. | (297) | (7484) | (0.9) |
|  Invesco Mortgage Capital, Inc. | (9895) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(115870) | (14.0) |
|  IonQ, Inc. | (20008) | (117847) | (14.2) |
|  Iovance Biotherapeutics, Inc. | (4441) | (41479) | (5.0) |
|  IVERIC bio, Inc. | (28265) | (676099) | (81.5) |
|  Jack in the Box, Inc. | (5176) | (456678) | (55.0) |
|  JBG SMITH Properties | (40398) | (795033) | (95.8) |
|  John B Sanfilippo & Son, Inc. | (1985) | (165569) | (19.9) |
|  Kennedy-Wilson Holdings, Inc. | (31120) | (516903) | (62.3) |
|  Keros Therapeutics, Inc. | (2165) | (108986) | (13.1) |
|  Kezar Life Sciences, Inc. | (5879) | (44181) | (5.3) |
|  Kimball Electronics, Inc. | (26769) | (553315) | (66.7) |
|  Kinetik Holdings, Inc. | (10009) | (368131) | (44.4) |
|  Kiniksa Pharmaceuticals Ltd., Class A | (1479) | (16890) | (2.0) |
|  KKR Real Estate Finance Trust, Inc. | (34399) | (599231) | (72.2) |
|  Kontoor Brands, Inc. | (10359) | (369816) | (44.6) |
|  Kosmos Energy Ltd. | (18128) | (117651) | (14.2) |
|  Krispy Kreme, Inc. | (13576) | (194816) | (23.5) |
|  Krystal Biotech, Inc. | (3450) | (263925) | (31.8) |
|  Lakeland Financial Corp. | (551) | (45540) | (5.5) |
|  Laredo Petroleum, Inc. | (2566) | (165892) | (20.0) |
|  Latch, Inc. | (81676) | (109446) | (13.2) |
|  Latham Group, Inc. | (4985) | (22034) | (2.7) |
|  La-Z-Boy, Inc. | (6058) | (150057) | (18.1) |
|  Lemonade, Inc. | (14319) | (346520) | (41.7) |
|  Lexicon Pharmaceuticals, Inc. | (69502) | (149429) | (18.0) |
|  Liberty Media Corp-Liberty Braves,<br>Class C | (4315) | (134455) | (16.2) |
|  Lindsay Corp. | (2264) | (383295) | (46.2) |
|  Lordstown Motors Corp., Class A | (128769) | (233072) | (28.1) |
|  Loyalty Ventures, Inc. | (103950) | (122661) | (14.8) |
|  LTC Properties, Inc. | (9661) | (373591) | (45.0) |
|  Lumber Liquidators Holdings, Inc. | (1582) | (13162) | (1.6) |
|  Madison Square Garden Entertainment Corp. | (1328) | (65112) | (7.8) |
|  Madrigal Pharmaceuticals, Inc. | (1830) | (129601) | (15.6) |
|  Markforged Holding Corp. | (40965) | (89304) | (10.8) |
|  Materion Corp. | (1198) | (102681) | (12.4) |
|  Matterport, Inc. | (96852) | (338013) | (40.7) |
|  Matthews International Corp., Class A | (17383) | (467255) | (56.3) |
|  Maxar Technologies, Inc. | (11798) | (263567) | (31.8) |
|  MBIA, Inc. | (651) | (7005) | (0.8) |
|  Mercury Systems, Inc. | (340) | (16456) | (2.0) |
|  Mersana Therapeutics, Inc. | (7004) | (55051) | (6.6) |
|  Mesa Laboratories, Inc. | (3154) | (416990) | (50.2) |
|  Methode Electronics, Inc. | (13446) | (554379) | (66.8) |
|  MGP Ingredients, Inc. | (1637) | (183426) | (22.1) |
|  Minerals Technologies, Inc. | (4867) | (267734) | (32.3) |
|  Mission Produce, Inc. | (14577) | (242561) | (29.2) |
|  Monte Rosa Therapeutics, Inc. | (469) | (4315) | (0.5) |
|  Montrose Environmental Group, Inc. | (4493) | (196704) | (23.7) |
|  Movado Group, Inc. | (2291) | (75763) | (9.1) |
|  Mr Cooper Group, Inc. | (1497) | (59117) | (7.1) |
|  MSA Safety, Inc. | (1754) | (235457) | (28.4) |
|  Mueller Water Products, Inc., Class A | (38827) | (454276) | (54.7) |

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88 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Global Equity Market Neutral Fund** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
|  MYR Group, Inc. | (2001) | $(175108) | (21.1)% |
|  Myriad Genetics, Inc. | (3148) | (65290) | (7.9) |
|  N-able, Inc. | (2885) | (31245) | (3.8) |
|  NanoString Technologies, Inc. | (8518) | (89098) | (10.7) |
|  National Health Investors, Inc. | (1507) | (85447) | (10.3) |
|  National HealthCare Corp. | (3750) | (228450) | (27.5) |
|  National Presto Industries, Inc. | (2539) | (178974) | (21.6) |
|  National Vision Holdings, Inc. | (1783) | (66042) | (8.0) |
|  Navient Corp. | (5929) | (89765) | (10.8) |
|  Navitas Semiconductor Corp. | (15428) | (64952) | (7.8) |
|  NBT Bancorp, Inc. | (3603) | (170746) | (20.6) |
|  Nelnet, Inc., Class A | (14348) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1278263) | (154.0) |
|  Neogen Corp. | (1182) | (15602) | (1.9) |
|  NetScout Systems, Inc. | (13339) | (479137) | (57.7) |
|  NETSTREIT Corp. | (28626) | (538741) | (64.9) |
|  New Jersey Resources Corp. | (13137) | (586436) | (70.7) |
|  Newmark Group, Inc., Class A | (32118) | (263046) | (31.7) |
|  NextDecade Corp. | (21467) | (150269) | (18.1) |
|  Nextdoor Holdings, Inc. | (141236) | (382750) | (46.1) |
|  nLight, Inc. | (1192) | (12838) | (1.5) |
|  Northern Oil and Gas, Inc. | (4553) | (155439) | (18.7) |
|  Northwest Bancshares, Inc. | (39477) | (594524) | (71.6) |
|  Novanta, Inc. | (1691) | (239107) | (28.8) |
|  Nu Skin Enterprises, Inc., Class A | (8748) | (334086) | (40.3) |
|  Nuvation Bio, Inc. | (4406) | (9693) | (1.2) |
|  ODP Corp. | (15885) | (628569) | (75.7) |
|  Offerpad Solutions, Inc. | (57686) | (56215) | (6.8) |
|  Office Properties Income Trust | (2774) | (42442) | (5.1) |
|  O-I Glass, Inc. | (17300) | (282163) | (34.0) |
|  Olo, Inc., Class A | (28755) | (253332) | (30.5) |
|  One Liberty Properties, Inc. | (7793) | (175654) | (21.2) |
|  OneSpan, Inc. | (11604) | (127528) | (15.4) |
|  Open Lending Corp., Class A | (4562) | (32710) | (3.9) |
|  Opendoor Technologies, Inc. | (41365) | (107135) | (12.9) |
|  Oportun Financial Corp. | (2506) | (13783) | (1.7) |
|  OptimizeRx Corp. | (1328) | (20471) | (2.5) |
|  OraSure Technologies, Inc. | (2264) | (9871) | (1.2) |
|  Orion Office REIT, Inc. | (28732) | (269219) | (32.4) |
|  Ouster, Inc. | (63588) | (79485) | (9.6) |
|  Outset Medical, Inc. | (29760) | (462470) | (55.7) |
|  Owens & Minor, Inc. | (8347) | (141899) | (17.1) |
|  PAR Technology Corp. | (3135) | (90225) | (10.9) |
|  Paragon 28, Inc. | (1492) | (29795) | (3.6) |
|  Parsons Corp. | (12844) | (602127) | (72.5) |
|  Party City Holdco, Inc. | (63360) | (107078) | (12.9) |
|  Patterson Cos., Inc. | (15770) | (409547) | (49.3) |
|  Pegasystems, Inc. | (397) | (14772) | (1.8) |
|  PennyMac Mortgage Investment Trust | (2519) | (34939) | (4.2) |
|  Perdoceo Education Corp. | (8574) | (98001) | (11.8) |
|  Perella Weinberg Partners | (31132) | (245320) | (29.6) |
|  Phathom Pharmaceuticals, Inc. | (2327) | (24666) | (3.0) |
|  Piedmont Lithium, Inc. | (1003) | (62407) | (7.5) |
|  Piedmont Office Realty Trust, Inc., Class A | (60821) | (635579) | (76.6) |
|  Pitney Bowes, Inc. | (31877) | (99137) | (11.9) |
|  PJT Partners, Inc., Class A | (445) | (33108) | (4.0) |
|  Planet Labs PBC | (45780) | (240345) | (29.0) |
|  Plexus Corp. | (8572) | (843485) | (101.6) |
|  Plymouth Industrial REIT, Inc. | (18658) | (344054) | (41.5) |
|  Porch Group, Inc. | (10473) | (14243) | (1.7) |
|  Portillo's, Inc., Class A | (8222) | (176280) | (21.2) |
|  PRA Group, Inc. | (1699) | (56917) | (6.9) |
|  Praxis Precision Medicines, Inc. | (23323) | (45946) | (5.5) |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
|  Premier, Inc., Class A | (12513) | $(436453) | (52.6)% |
|  PriceSmart, Inc. | (2240) | (143293) | (17.3) |
|  ProAssurance Corp. | (8088) | (179634) | (21.6) |
|  PROCEPT BioRobotics Corp. | (1925) | (87453) | (10.5) |
|  Progress Software Corp. | (8978) | (458147) | (55.2) |
|  Prometheus Biosciences, Inc. | (1719) | (90282) | (10.9) |
|  Proterra, Inc. | (94257) | (588164) | (70.9) |
|  Provention Bio, Inc. | (72162) | (500804) | (60.3) |
|  PubMatic, Inc., Class A | (8605) | (149727) | (18.0) |
|  Pulmonx Corp. | (12278) | (164034) | (19.8) |
|  Purple Innovation, Inc. | (153609) | (540704) | (65.1) |
|  Quotient Technology, Inc. | (47377) | (116547) | (14.0) |
|  Rackspace Technology, Inc. | (91631) | (471900) | (56.9) |
|  Ranger Oil Corp., Class A | (2244) | (91780) | (11.1) |
|  RAPT Therapeutics, Inc. | (301) | (6568) | (0.8) |
|  Ready Capital Corp. | (26065) | (315908) | (38.1) |
|  RealReal, Inc. | (68269) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(115375) | (13.9) |
|  REC Silicon ASA | (38379) | (73736) | (8.9) |
|  Recursion Pharmaceuticals, Inc., Class A | (31715) | (334593) | (40.3) |
|  Relay Therapeutics, Inc. | (2606) | (57905) | (7.0) |
|  Reliance Worldwide Corp. Ltd. | (37171) | (76371) | (9.2) |
|  Relmada Therapeutics, Inc. | (8999) | (57504) | (6.9) |
|  Rent-A-Center, Inc. | (16484) | (343691) | (41.4) |
|  Resideo Technologies, Inc. | (15989) | (377660) | (45.5) |
|  Retail Opportunity Investments Corp. | (3695) | (53504) | (6.4) |
|  REV Group, Inc. | (29872) | (410441) | (49.4) |
|  Revance Therapeutics, Inc. | (3999) | (89218) | (10.7) |
|  Reynolds Consumer Products, Inc. | (14725) | (449702) | (54.2) |
|  Rimini Street, Inc. | (38355) | (215172) | (25.9) |
|  Riot Blockchain, Inc. | (35875) | (247179) | (29.8) |
|  RLI Corp. | (6927) | (900995) | (108.6) |
|  Rocket Lab USA, Inc. | (106371) | (541428) | (65.2) |
|  Roivant Sciences Ltd. | (3777) | (19414) | (2.3) |
|  Rover Group, Inc. | (29783) | (130747) | (15.8) |
|  Rush Street Interactive, Inc. | (21761) | (90308) | (10.9) |
|  Safety Insurance Group, Inc. | (9507) | (826634) | (99.6) |
|  Sally Beauty Holdings, Inc. | (7154) | (90927) | (11.0) |
|  Sanmina Corp. | (11581) | (649115) | (78.2) |
|  Saul Centers, Inc. | (357) | (14619) | (1.8) |
|  Schnitzer Steel Industries, Inc., Class A | (1159) | (31281) | (3.8) |
|  Scholar Rock Holding Corp. | (1469) | (14337) | (1.7) |
|  Schrodinger, Inc. | (4442) | (106475) | (12.8) |
|  Schweitzer-Mauduit International, Inc. | (23033) | (546803) | (65.9) |
|  Seaboard Corp. | (140) | (524493) | (63.2) |
|  Seer, Inc. | (28783) | (225371) | (27.2) |
|  Selectquote, Inc. | (85669) | (57741) | (7.0) |
|  Sema4 Holdings Corp. | (73073) | (75265) | (9.1) |
|  Seres Therapeutics, Inc. | (1462) | (12953) | (1.6) |
|  ServisFirst Bancshares, Inc. | (331) | (24934) | (3.0) |
|  SES AI Corp. | (25718) | (154565) | (18.6) |
|  Shenandoah Telecommunications Co. | (5356) | (121367) | (14.6) |
|  Shoe Carnival, Inc. | (6438) | (154383) | (18.6) |
|  SI-BONE, Inc. | (13534) | (263101) | (31.7) |
|  Silgan Holdings, Inc. | (73991) | (3504214) | (422.2) |
|  Silk Road Medical, Inc. | (1429) | (62990) | (7.6) |
|  Silvergate Capital Corp., Class A | (661) | (37518) | (4.5) |
|  Simmons First National Corp., Class A | (12959) | (309331) | (37.3) |
|  Sinclair Broadcast Group, Inc., Class A | (4562) | (81249) | (9.8) |
|  SiTime Corp. | (452) | (40594) | (4.9) |
|  SJW Group | (2511) | (177477) | (21.4) |
|  Skillsoft Corp. | (5289) | (9467) | (1.1) |
|  Skillz, Inc. | (121301) | (124940) | (15.1) |

---

S C H E D U L E O F I N V E S T M E N T S 89

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Global Equity Market Neutral Fund** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
|  SmartRent, Inc. | (2117) | $(5822) | (0.7)% |
|  Snap One Holdings Corp. | (2305) | (27476) | (3.3) |
|  Solid Power, Inc. | (65429) | (367057) | (44.2) |
|  SomaLogic, Inc. | (79406) | (275539) | (33.2) |
|  Sonic Automotive, Inc., Class A | (152) | (7106) | (0.9) |
|  Sonos, Inc. | (1047) | (16878) | (2.0) |
|  Southside Bancshares, Inc. | (4277) | (146444) | (17.6) |
|  Sovos Brands, Inc. | (3472) | (48122) | (5.8) |
|  SpringWorks Therapeutics, Inc. | (4148) | (99593) | (12.0) |
|  Sprinklr, Inc., Class A | (9072) | (83916) | (10.1) |
|  Sprout Social, Inc., Class A | (1590) | (95925) | (11.6) |
|  Stem, Inc. | (28377) | (385927) | (46.5) |
|  Stepan Co. | (3160) | (330030) | (39.8) |
|  StepStone Group, Inc., Class A | (8995) | (265532) | (32.0) |
|  Stericycle, Inc. | (5981) | (266633) | (32.1) |
|  Sterling Construction Co., Inc. | (4848) | (130848) | (15.8) |
|  Stock Yards Bancorp, Inc. | (3565) | (278747) | (33.6) |
|  StoneX Group, Inc. | (198) | (18477) | (2.2) |
|  Strategic Education, Inc. | (234) | (16146) | (1.9) |
|  Stride, Inc. | (3243) | (108673) | (13.1) |
|  Sumo Logic, Inc. | (16541) | (127531) | (15.4) |
|  Sun Country Airlines Holdings, Inc. | (9893) | (161058) | (19.4) |
|  Sunstone Hotel Investors, Inc. | (13762) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(153446) | (18.5) |
|  Talos Energy, Inc. | (2475) | (52668) | (6.3) |
|  TaskUS, Inc., Class A | (11233) | (226794) | (27.3) |
|  Tejon Ranch Co. | (2869) | (48601) | (5.9) |
|  Telephone and Data Systems, Inc. | (1188) | (20196) | (2.4) |
|  Telos Corp. | (15138) | (160463) | (19.3) |
|  Tennant Co. | (3120) | (181740) | (21.9) |
|  Terex Corp. | (4592) | (186160) | (22.4) |
|  TFS Financial Corp. | (19819) | (278457) | (33.5) |
|  ThredUp, Inc., Class A | (123841) | (152324) | (18.4) |
|  Thryv Holdings, Inc. | (6954) | (142279) | (17.1) |
|  TimkenSteel Corp. | (2247) | (39188) | (4.7) |
|  Towne Bank | (982) | (32347) | (3.9) |
|  TPG, Inc. | (7464) | (229518) | (27.7) |
|  Traeger, Inc. | (23197) | (96268) | (11.6) |
|  TransMedics Group, Inc. | (5452) | (262895) | (31.7) |
|  Treace Medical Concepts, Inc. | (2191) | (53636) | (6.5) |
|  Tredegar Corp. | (64120) | (698267) | (84.1) |
|  TreeHouse Foods, Inc. | (3484) | (175036) | (21.1) |
|  TriCo Bancshares | (4713) | (272930) | (32.9) |
|  Trinseo PLC | (11169) | (210201) | (25.3) |
|  Triumph Group, Inc. | (2691) | (24354) | (2.9) |
|  Trustmark Corp. | (8058) | (294681) | (35.5) |
|  TTM Technologies, Inc. | (15741) | (240995) | (29.0) |
|  Tupperware Brands Corp. | (38767) | (299669) | (36.1) |
|  Twist Bioscience Corp. | (6772) | (222325) | (26.8) |
|  Two Harbors Investment Corp. | (98922) | (352162) | (42.4) |
|  Ultra Clean Holdings, Inc. | (1710) | (53198) | (6.4) |
|  UMB Financial Corp. | (975) | (81140) | (9.8) |
|  UMH Properties, Inc. | (2624) | (46025) | (5.5) |
|  UniFirst Corp. | (4945) | (909929) | (109.6) |
|  Unisys Corp. | (24098) | (204833) | (24.7) |
|  United Community Banks, Inc. | (19750) | (760375) | (91.6) |
|  United Natural Foods, Inc. | (12455) | (528217) | (63.6) |
|  Uniti Group, Inc. | (64623) | (501475) | (60.4) |
|  Universal Corp. | (7243) | (366568) | (44.2) |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
|  Universal Health Realty Income Trust | (5316) | $(258730) | (31.2)% |
|  Uranium Energy Corp. | (85524) | (360056) | (43.4) |
|  Urstadt Biddle Properties, Inc., Class A | (8123) | (152225) | (18.3) |
|  Vaxart, Inc. | (74630) | (124632) | (15.0) |
|  Velodyne Lidar, Inc. | (197401) | (194934) | (23.5) |
|  Vera Therapeutics, Inc. | (1691) | (31520) | (3.8) |
|  Vericel Corp. | (1157) | (31100) | (3.7) |
|  Veritiv Corp. | (325) | (37785) | (4.6) |
|  Veritone, Inc. | (14559) | (107882) | (13.0) |
|  Verra Mobility Corp. | (14589) | (249034) | (30.0) |
|  Vesync Co. Ltd. | (42000) | (11193) | (1.3) |
|  ViaSat, Inc. | (6742) | (276152) | (33.3) |
|  Victoria's Secret & Co. | (17666) | (664242) | (80.0) |
|  Vimeo, Inc. | (16200) | (61560) | (7.4) |
|  Viridian Therapeutics, Inc. | (5118) | (101848) | (12.3) |
|  Vista Outdoor, Inc. | (5742) | (166748) | (20.1) |
|  Vivint Smart Home, Inc. | (12071) | (92343) | (11.1) |
|  Vobile Group Ltd. | (168000) | (40048) | (4.8) |
|  Volta, Inc. | (23515) | (26102) | (3.1) |
|  W&T Offshore, Inc. | (9307) | (70640) | (8.5) |
|  WD-40 Co. | (2811) | (450210) | (54.2) |
|  Werner Enterprises, Inc. | (2740) | (107408) | (12.9) |
|  WesBanco, Inc. | (1188) | (48043) | (5.8) |
|  Westamerica BanCorp | (1853) | (116239) | (14.0) |
|  WeWork, Inc., Class A | (118015) | (303299) | (36.5) |
|  Wheels Up Experience, Inc. | (71976) | (127398) | (15.3) |
|  White Mountains Insurance Group Ltd. | (983) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1392075) | (167.7) |
|  WideOpenWest, Inc. | (5356) | (73431) | (8.8) |
|  Wolverine World Wide, Inc. | (13511) | (231443) | (27.9) |
|  Workhorse Group, Inc. | (324190) | (875313) | (105.5) |
|  World Acceptance Corp. | (190) | (15432) | (1.9) |
|  Worthington Industries, Inc. | (1723) | (81946) | (9.9) |
|  WSFS Financial Corp. | (8272) | (385144) | (46.4) |
|  WW International, Inc. | (30516) | (137932) | (16.6) |
|  Xenia Hotels & Resorts, Inc. | (8762) | (149655) | (18.0) |
|  XPEL, Inc. | (117) | (8095) | (1.0) |
|  Zentalis Pharmaceuticals, Inc. | (10871) | (272753) | (32.9) |
|  |  | (118484041) |  |
|  **Preferred Stocks** |  |  |  |
| **Germany** |  |  |  |
|  Einhell Germany AG | (174) | (23861) | (2.9) |
|  Jungheinrich AG | (6660) | (165508) | (19.9) |
| **Rights** |  |  |  |
| **Switzerland** |  |  |  |
|  Meyer Burger Technology AG (Expires 11/16/22, Strike Price CHF 0.27) | (61343) |  | 0.0 |
| **United Kingdom** |  |  |  |
|  Avacta Group PLC, (Expires 11/15/22) | (277) | (98) | (0.0) |

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90 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Global Equity Market Neutral Fund** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
|  **United Kingdom (continued)** |  |  |  |
|  **Warrants** |  |  |  |
|  **Australia** |  |  |  |
|  PointsBet Holdings Ltd. (Issued/Exercisable<br>06/20/22, 1 Share for 1 Warrant, Expires<br>07/08/24, Strike Price AUD 10.00) | (9593) | $(0) | 0.0% |
|  **Total Reference Entity — Short** |  | (205465815) |  |
|  **Net Value of Reference Entity — Goldman Sachs & Co.** | **Net Value of Reference Entity — Goldman Sachs & Co.** | $830033 |  |

---

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 & Co. as of period end, termination dates February 27, 2023 and February 28, 2023:

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| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
|  **Reference Entity — Long** | **Reference Entity — Long** | **Reference Entity — Long** | **Reference Entity — Long** |
| **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Argentina** | **Argentina** | **Argentina** | **Argentina** |
|  MercadoLibre, Inc. | 669 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;603184 | (42.3)% |
| **Australia** | **Australia** | **Australia** | **Australia** |
|  AGL Energy Ltd. | 100553 | 438088 | (30.7) |
|  Allkem Ltd. | 14754 | 136322 | (9.6) |
|  Alumina Ltd. | 31169 | 26938 | (1.9) |
|  Aristocrat Leisure Ltd. | 13864 | 329075 | (23.1) |
|  ASX Ltd. | 1528 | 66206 | (4.6) |
|  Aurizon Holdings Ltd. | 47958 | 111136 | (7.8) |
|  Australia & New Zealand Banking Group Ltd. | 29985 | 491266 | (34.5) |
|  Bank of Queensland Ltd. | 21610 | 101768 | (7.1) |
|  Bendigo & Adelaide Bank Ltd. | 7059 | 40749 | (2.9) |
|  Boral Ltd. | 152032 | 280130 | (19.7) |
|  carsales.com Ltd. | 8770 | 113605 | (8.0) |
|  Challenger Ltd. | 28609 | 128550 | (9.0) |
|  Charter Hall Group | 21621 | 179473 | (12.6) |
|  Coles Group Ltd. | 1121 | 11721 | (0.8) |
|  Commonwealth Bank of Australia | 374 | 25076 | (1.8) |
|  CSR Ltd. | 35462 | 105048 | (7.4) |
|  Deterra Royalties Ltd. | 36802 | 96566 | (6.8) |
|  Domain Holdings Australia Ltd. | 12250 | 26107 | (1.8) |
|  Domino's Pizza Enterprises Ltd. | 3065 | 124971 | (8.8) |
|  Flight Centre Travel Group Ltd. | 10081 | 107295 | (7.5) |
|  Goodman Group | 62646 | 681633 | (47.8) |
|  GPT Group | 23095 | 63825 | (4.5) |
|  Harvey Norman Holdings Ltd. | 30878 | 82144 | (5.8) |
|  IGO Ltd. | 25537 | 249751 | (17.5) |
|  Iluka Resources Ltd. | 44760 | 247994 | (17.4) |
|  Insignia Financial Ltd. | 244212 | 492307 | (34.6) |
|  Magellan Financial Group Ltd. | 12642 | 80161 | (5.6) |
|  Medibank Pvt Ltd. | 15467 | 27851 | (2.0) |
|  Metcash Ltd. | 141637 | 371815 | (26.1) |
|  Mineral Resources Ltd. | 3555 | 166665 | (11.7) |
|  Mirvac Group | 88790 | 117644 | (8.3) |
|  National Australia Bank Ltd. | 6987 | 145134 | (10.2) |
|  Orora Ltd. | 73054 | 141763 | (9.9) |
|  OZ Minerals Ltd. | 4465 | 69136 | (4.8) |
|  Perpetual Ltd. | 7359 | 117267 | (8.2) |
|  Pilbara Minerals Ltd. | 47614 | 154757 | (10.9) |
|  Platinum Asset Management Ltd. | 113256 | 129660 | (9.1) |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
|  **Australia (continued)** |  |  |  |
|  Pro Medicus Ltd. | 3571 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127225 | (8.9)% |
|  REA Group Ltd. | 1634 | 126645 | (8.9) |
|  Scentre Group | 22326 | 41549 | (2.9) |
|  SEEK Ltd. | 14750 | 203047 | (14.2) |
|  Shopping Centres Australasia Property Group | 23934 | 41686 | (2.9) |
|  South32 Ltd. | 190133 | 436216 | (30.6) |
|  Star Entertainment Group Ltd. | 88278 | 166062 | (11.7) |
|  Steadfast Group Ltd. | 14124 | 45758 | (3.2) |
|  Stockland | 230716 | 531592 | (37.3) |
|  Telstra Group Ltd. | 350868 | 879776 | (61.8) |
|  Treasury Wine Estates Ltd. | 4489 | 37199 | (2.6) |
|  Wesfarmers Ltd. | 5150 | 149448 | (10.5) |
|  Westpac Banking Corp. | 33359 | 515095 | (36.2) |
|  WiseTech Global Ltd. | 255 | 9431 | (0.7) |
|  |  | 9590326 |  |
| **Austria** | **Austria** | **Austria** | **Austria** |
|  Andritz AG | 1500 | 69715 | (4.9) |
|  Erste Group Bank AG | 3364 | 82905 | (5.8) |
|  Raiffeisen Bank International AG | 16697 | 232209 | (16.3) |
|  |  | 384829 |  |
| **Belgium** | **Belgium** | **Belgium** | **Belgium** |
|  Ackermans & van Haaren NV | 5057 | 704549 | (49.5) |
|  Anheuser-Busch InBev SA | 8941 | 447232 | (31.4) |
|  Elia Group SA | 278 | 35148 | (2.5) |
|  Etablissements Franz Colruyt NV | 420 | 10124 | (0.7) |
|  Solvay SA | 4022 | 362949 | (25.5) |
|  Umicore SA | 2053 | 67679 | (4.7) |
|  Warehouses De Pauw CVA. | 11949 | 306682 | (21.5) |
|  |  | 1934363 |  |
| **Bermuda** | **Bermuda** | **Bermuda** | **Bermuda** |
|  Axis Capital Holdings Ltd. | 6026 | 329441 | (23.1) |
|  Hiscox Ltd. | 14034 | 144574 | (10.2) |
|  RenaissanceRe Holdings Ltd. | 7666 | 1185777 | (83.2) |
|  Triton International Ltd. | 1101 | 66820 | (4.7) |
|  |  | 1726612 |  |
| **Canada** | **Canada** | **Canada** | **Canada** |
|  Air Canada | 7823 | 112606 | (7.9) |
|  Alamos Gold, Inc., Class A | 10911 | 86096 | (6.1) |
|  Algonquin Power & Utilities Corp. | 4694 | 51958 | (3.7) |
|  ARC Resources Ltd. | 22932 | 322851 | (22.7) |
|  Bank of Montreal | 748 | 68900 | (4.8) |
|  Bank of Nova Scotia | 11413 | 551654 | (38.7) |
|  Barrick Gold Corp. | 25273 | 380111 | (26.7) |
|  Bombardier, Inc., Class B | 2764 | 81174 | (5.7) |
|  Brookfield Infrastructure Corp., Class A | 9413 | 406134 | (28.5) |
|  BRP, Inc. | 1289 | 86186 | (6.1) |
|  CAE, Inc. | 6716 | 128173 | (9.0) |
|  Canada Goose Holdings, Inc. | 13700 | 224132 | (15.7) |
|  Canadian Imperial Bank of Commerce | 4887 | 221939 | (15.6) |
|  Canadian Natural Resources Ltd. | 5893 | 353446 | (24.8) |
|  Canadian Tire Corp.. Ltd., Class A | 693 | 77670 | (5.5) |
|  Capital Power Corp. | 1690 | 56567 | (4.0) |
|  Cargojet, Inc. | 1480 | 144268 | (10.1) |
|  CGI, Inc. | 2611 | 210321 | (14.8) |
|  Colliers International Group, Inc. | 769 | 72173 | (5.1) |
|  Crescent Point Energy Corp. | 87135 | 681167 | (47.8) |
|  Descartes Systems Group, Inc. | 4591 | 316772 | (22.2) |
|  Emera, Inc. | 200 | 7412 | (0.5) |
|  Enbridge, Inc. | 24984 | 973429 | (68.3) |

---

S C H E D U L E O F I N V E S T M E N T S 91

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Global Equity Market Neutral Fund** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **Canada (continued)** | **Canada (continued)** | **Canada (continued)** | **Canada (continued)** |
|  First Capital Real Estate Investment Trust | 1540 | $17917 | (1.3)% |
|  First Majestic Silver Corp. | 3466 | 29156 | (2.1) |
|  First Quantum Minerals Ltd. | 966 | 17039 | (1.2) |
|  FirstService Corp. | 3268 | 408539 | (28.7) |
|  George Weston Ltd. | 2696 | 296741 | (20.8) |
|  GFL Environmental, Inc. | 16163 | 436241 | (30.6) |
|  Gibson Energy, Inc. | 7938 | 135471 | (9.5) |
|  Great-West Lifeco, Inc. | 6684 | 154742 | (10.9) |
|  Hydro One Ltd. | 7936 | 198990 | (14.0) |
|  IGM Financial, Inc. | 6499 | 173978 | (12.2) |
|  Imperial Oil Ltd. | 7491 | 407500 | (28.6) |
|  Ivanhoe Mines Ltd., Class A | 27580 | 191310 | (13.4) |
|  Keyera Corp. | 17303 | 370865 | (26.0) |
|  Kinaxis, Inc. | 3686 | 393424 | (27.6) |
|  Kinross Gold Corp. | 24828 | 90028 | (6.3) |
|  Lithium Americas Corp. | 5423 | 134943 | (9.5) |
|  Lululemon Athletica, Inc. | 2638 | 868008 | (60.9) |
|  Lundin Mining Corp. | 2815 | 14753 | (1.0) |
|  Methanex Corp. | 409 | 14275 | (1.0) |
|  NexGen Energy Ltd. | 20883 | 87680 | (6.2) |
|  Northland Power, Inc. | 2602 | 75710 | (5.3) |
|  Parex Resources, Inc. | 7633 | 116427 | (8.2) |
|  RioCan Real Estate Investment Trust | 9414 | 134125 | (9.4) |
|  Royal Bank of Canada | 10442 | 966135 | (67.8) |
|  Stantec, Inc. | 2891 | 141457 | (9.9) |
|  TC Energy Corp. | 551 | 24202 | (1.7) |
|  Teck Resources Ltd. | 21215 | 645786 | (45.3) |
|  TELUS Corp. | 24170 | 504743 | (35.4) |
|  Toronto-Dominion Bank | 2266 | 145023 | (10.2) |
|  Tourmaline Oil Corp. | 8143 | 458808 | (32.2) |
|  Wheaton Precious Metals Corp. | 5626 | 184058 | (12.9) |
|  Whitecap Resources, Inc. | 2625 | 20347 | (1.4) |
|  WSP Global, Inc. | 4703 | 578023 | (40.6) |
|  |  | 14051583 |  |
| **China** | **China** | **China** | **China** |
|  Budweiser Brewing Co. APAC Ltd. | 229900 | 483876 | (34.0) |
|  Chow Tai Fook Jewellery Group Ltd. | 46000 | 78756 | (5.5) |
|  NXP Semiconductors NV | 1980 | 289238 | (20.3) |
|  |  | 851870 |  |
| **Denmark** | **Denmark** | **Denmark** | **Denmark** |
|  AP Moller - Maersk A/S, Class A | 12 | 24008 | (1.7) |
|  AP Moller - Maersk A/S, Class B | 49 | 102370 | (7.2) |
|  Coloplast A/S, Class B | 1751 | 195184 | (13.7) |
|  Demant A/S | 6311 | 172336 | (12.1) |
|  DSV A/S | 117 | 15810 | (1.1) |
|  Genmab A/S | 178 | 68567 | (4.8) |
|  GN Store Nord A/S | 829 | 17618 | (1.2) |
|  H Lundbeck A/S | 12036 | 45035 | (3.2) |
|  Novo Nordisk A/S, Class B | 1551 | 168642 | (11.8) |
|  Novozymes A/S, B Shares | 5227 | 274368 | (19.3) |
|  SimCorp A/S | 2027 | 121034 | (8.5) |
|  Tryg A/S | 7066 | 152832 | (10.7) |
|  Vestas Wind Systems A/S | 2346 | 46248 | (3.3) |
|  |  | 1404052 |  |
| **Finland** | **Finland** | **Finland** | **Finland** |
|  Kone OYJ, Class B | 6455 | 264305 | (18.6) |
|  Nokia OYJ | 116084 | 515867 | (36.2) |
|  Nokian Renkaat OYJ | 34676 | 391035 | (27.5) |
|  Outokumpu OYJ | 77433 | 310767 | (21.8) |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **Finland (continued)** | **Finland (continued)** | **Finland (continued)** | **Finland (continued)** |
|  Stora Enso OYJ | 2540 | $33119 | (2.3)% |
|  Valmet OYJ | 2003 | 45555 | (3.2) |
|  Wartsila OYJ Abp | 29774 | 202977 | (14.2) |
|  |  | 1763625 |  |
| **France** | **France** | **France** | **France** |
|  Accor SA | 45224 | 1083633 | (76.1) |
|  Air France-KLM | 202251 | 265942 | (18.7) |
|  Air Liquide SA | 11059 | 1446669 | (101.5) |
|  ALD SA | 78505 | 837576 | (58.8) |
|  Bouygues SA | 10316 | 294327 | (20.7) |
|  Carrefour SA | 98273 | 1581748 | (111.0) |
|  Cie de Saint-Gobain | 16693 | 682425 | (47.9) |
|  Cie Generale des Etablissements Michelin SCA | 7540 | 192150 | (13.5) |
|  Danone SA | 10734 | 533474 | (37.4) |
|  Dassault Aviation SA | 249 | 36981 | (2.6) |
|  Dassault Systemes SE | 4897 | 164141 | (11.5) |
|  Edenred | 4469 | 229109 | (16.1) |
|  Eiffage SA | 3855 | 348576 | (24.5) |
|  Engie SA | 106989 | 1390146 | (97.6) |
|  Eramet SA | 980 | 64201 | (4.5) |
|  Eurazeo SE | 10301 | 587831 | (41.3) |
|  Faurecia SE | 21259 | 317377 | (22.3) |
|  Gecina SA | 4520 | 402976 | (28.3) |
|  Hermes International | 1115 | 1443239 | (101.3) |
|  ICADE. | 9739 | 362280 | (25.4) |
|  Ipsen SA | 220 | 22609 | (1.6) |
|  Klepierre SA | 21654 | 435208 | (30.5) |
|  La Francaise des Jeux SAEM. | 8491 | 276710 | (19.4) |
|  Legrand SA | 2337 | 178090 | (12.5) |
|  Neoen SA | 440 | 15347 | (1.1) |
|  Nexans SA | 402 | 37538 | (2.6) |
|  Orange SA | 21159 | 201601 | (14.2) |
|  Pernod Ricard SA | 826 | 144972 | (10.2) |
|  Publicis Groupe SA | 1626 | 91063 | (6.4) |
|  Remy Cointreau SA | 6081 | 930015 | (65.3) |
|  Renault SA | 11385 | 350535 | (24.6) |
|  Rexel SA | 6081 | 108517 | (7.6) |
|  Schneider Electric SE | 7127 | 901254 | (63.3) |
|  Societe Generale SA | 54600 | 1252361 | (87.9) |
|  Teleperformance | 246 | 65911 | (4.6) |
|  Thales SA | 2880 | 366278 | (25.7) |
|  Ubisoft Entertainment SA | 3194 | 87630 | (6.1) |
|  VInci SA | 28071 | 2583569 | (181.4) |
|  Wendel SE | 5629 | 440762 | (30.9) |
|  |  | 20754771 |  |
| **Germany** | **Germany** | **Germany** | **Germany** |
|  1&1 AG | 6591 | 86828 | (6.1) |
|  AIXTRON SE | 2594 | 63744 | (4.5) |
|  Bayerische Motoren Werke AG | 14431 | 1132716 | (79.5) |
|  Beiersdorf AG | 3344 | 321008 | (22.5) |
|  Commerzbank AG | 32614 | 260576 | (18.3) |
|  Daimler Truck Holding AG | 3217 | 85806 | (6.0) |
|  Deutsche Bank AG | 54156 | 516201 | (36.2) |
|  Deutsche Telekom AG, Registered Shares | 53250 | 1005120 | (70.6) |
|  E.ON SE | 64083 | 536630 | (37.7) |
|  Encavis AG | 3636 | 67694 | (4.7) |
|  Evonik Industries AG | 8351 | 153840 | (10.8) |
|  Fraport AG Frankfurt Airport Services Worldwide | 2069 | 79710 | (5.6) |
|  Freenet AG | 24438 | 480358 | (33.7) |
|  HelloFresh SE | 1391 | 27805 | (1.9) |

---

92 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Global Equity Market Neutral Fund** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **Germany (continued)** | **Germany (continued)** | **Germany (continued)** | **Germany (continued)** |
|  Hochtief AG | 9287 | $493362 | (34.6)% |
|  K&S AG, Registered Shares | 5326 | 117593 | (8.3) |
|  Knorr-Bremse AG | 2988 | 134522 | (9.4) |
|  LEG Immobilien SE | 798 | 52097 | (3.7) |
|  Mercedes-Benz Group AG | 1196 | 69226 | (4.9) |
|  Nemetschek SE | 3765 | 179504 | (12.6) |
|  Nordex SE | 17828 | 166195 | (11.7) |
|  ProSiebenSat.1 Media SE | 1877 | 12755 | (0.9) |
|  Puma SE | 581 | 25686 | (1.8) |
|  Rational AG | 384 | 216461 | (15.2) |
|  Rheinmetall AG | 71 | 11541 | (0.8) |
|  RWE AG | 11124 | 428220 | (30.1) |
|  Scout24 SE | 5550 | 284409 | (20.0) |
|  Siemens AG, Registered Shares | 2013 | 219838 | (15.4) |
|  Talanx AG | 7556 | 283761 | (19.9) |
|  TeamViewer AG | 2955 | 28377 | (2.0) |
|  Traton SE | 2734 | 34095 | (2.4) |
|  Vantage Towers AG | 1892 | 53212 | (3.7) |
|  VERBIO Vereinigte BioEnergie AG | 316 | 24892 | (1.7) |
|  Volkswagen AG | 1148 | 196230 | (13.8) |
|  Wacker Chemie AG | 1532 | 178364 | (12.5) |
|  |  | 8028376 |  |
| **Hong Kong** | **Hong Kong** | **Hong Kong** | **Hong Kong** |
|  AIA Group Ltd. | 91400 | 692336 | (48.6) |
|  ASMPT Ltd. | 17500 | 96259 | (6.8) |
|  Bank of East Asia Ltd. | 155200 | 148741 | (10.4) |
|  Cafe de Coral Holdings Ltd. | 60000 | 70022 | (4.9) |
|  Cathay Pacific Airways Ltd. | 285000 | 258446 | (18.1) |
|  Dah Sing Banking Group Ltd. | 216000 | 128793 | (9.0) |
|  DFI Retail Group Holdings Ltd. | 50100 | 112319 | (7.9) |
|  First Pacific Co. Ltd. | 310000 | 82090 | (5.8) |
|  Haitong International Securities Group Ltd. | 53900 | 3912 | (0.3) |
|  Hang Lung Group Ltd. | 7000 | 9080 | (0.6) |
|  Hang Lung Properties Ltd. | 58000 | 72962 | (5.1) |
|  HK Electric Investments & HK Electric Investments Ltd. | 196000 | 124619 | (8.8) |
|  Hysan Development Co. Ltd. | 6000 | 13078 | (0.9) |
|  Link REIT | 61800 | 365276 | (25.6) |
|  New World Development Co. Ltd. | 5000 | 10227 | (0.7) |
|  Pacific Basin Shipping Ltd. | 98000 | 23726 | (1.7) |
|  Shangri-La Asia Ltd. | 18000 | 9960 | (0.7) |
|  SITC International Holdings Co. Ltd. | 72000 | 117921 | (8.3) |
|  SJM Holdings Ltd. | 323000 | 100792 | (7.1) |
|  Swire Pacific Ltd., Class A | 54000 | 358209 | (25.1) |
|  Swire Properties Ltd. | 112800 | 216792 | (15.2) |
|  United Energy Group Ltd. | 2804000 | 271270 | (19.0) |
|  WH Group Ltd. | 75000 | 37876 | (2.7) |
|  Xinyi Glass Holdings Ltd. | 87000 | 111809 | (7.9) |
|  Yue Yuen Industrial Holdings Ltd. | 176500 | 179438 | (12.6) |
|  |  | 3615953 |  |
| **Ireland** | **Ireland** | **Ireland** | **Ireland** |
|  Accenture PLC, Class A | 1547 | 439193 | (30.8) |
|  Adient PLC | 21370 | 747523 | (52.5) |
|  Alkermes PLC | 4736 | 107507 | (7.5) |
|  Allegion PLC | 3410 | 357266 | (25.1) |
|  Bank of Ireland Group PLC | 2468 | 17771 | (1.2) |
|  Experian PLC | 9065 | 289040 | (20.3) |
|  Flutter Entertainment PLC | 858 | 113315 | (8.0) |
|  Glanbia PLC | 20904 | 241426 | (16.9) |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **Ireland (continued)** | **Ireland (continued)** | **Ireland (continued)** | **Ireland (continued)** |
|  Icon PLC | 2064 | $408342 | (28.7)% |
|  James Hardie Industries PLC | 2651 | 57879 | (4.1) |
|  Kingspan Group PLC | 4036 | 203482 | (14.3) |
|  Medtronic PLC | 8777 | 766583 | (53.8) |
|  |  | 3749327 |  |
| **Israel** | **Israel** | **Israel** | **Israel** |
|  Airport City Ltd. | 2114 | 35002 | (2.5) |
|  Alony Hetz Properties & Investments Ltd. | 3396 | 39832 | (2.8) |
|  Amot Investments Ltd. | 24923 | 150764 | (10.6) |
|  Bezeq The Israeli Telecommunication Corp. Ltd. | 527183 | 933238 | (65.5) |
|  Big Shopping Centers Ltd. | 462 | 51804 | (3.6) |
|  CyberArk Software Ltd. | 224 | 35148 | (2.5) |
|  Elbit Systems Ltd. | 333 | 67378 | (4.7) |
|  Gav-Yam Lands Corp. Ltd. | 7600 | 64456 | (4.5) |
|  Harel Insurance Investments & Financial Services Ltd. | 5946 | 57236 | (4.0) |
|  Israel Corp. Ltd. | 292 | 126393 | (8.9) |
|  Melisron Ltd. | 1532 | 113665 | (8.0) |
|  Nova Measuring Instruments Ltd. | 3748 | 276265 | (19.4) |
|  OPC Energy Ltd. | 9861 | 121243 | (8.5) |
|  Phoenix Holdings Ltd. | 18261 | 197805 | (13.9) |
|  SolarEdge Technologies, Inc. | 1689 | 388521 | (27.3) |
|  Teva Pharmaceutical Industries Ltd., ADR | 42051 | 375095 | (26.3) |
|  Wix.com Ltd. | 2710 | 227911 | (16.0) |
|  |  | 3261756 |  |
| **Italy** | **Italy** | **Italy** | **Italy** |
|  Amplifon SpA | 1258 | 31254 | (2.2) |
|  Atlantia SpA | 17391 | 387950 | (27.2) |
|  Azimut Holding SpA | 6053 | 97466 | (6.8) |
|  Banca Mediolanum SpA | 30582 | 228812 | (16.1) |
|  Buzzi Unicem SpA | 6119 | 101556 | (7.1) |
|  Davide Campari-Milano NV | 70667 | 634612 | (44.6) |
|  De' Longhi SpA | 3500 | 60388 | (4.2) |
|  Enel SpA | 329797 | 1473318 | (103.4) |
|  Ferrari NV | 37 | 7294 | (0.5) |
|  Italgas SpA | 19781 | 101917 | (7.2) |
|  Leonardo SpA | 3801 | 30537 | (2.1) |
|  Moncler SpA | 1633 | 70454 | (5.0) |
|  Pirelli & C SpA | 4462 | 16831 | (1.2) |
|  PRADA SpA | 176400 | 803651 | (56.4) |
|  Reply SpA | 4107 | 446733 | (31.4) |
|  UnipolSai Assicurazioni SpA | 48937 | 110342 | (7.7) |
|  |  | 4603115 |  |
| **Japan** | **Japan** | **Japan** | **Japan** |
|  ABC-Mart, Inc. | 1800 | 80231 | (5.6) |
|  Acom Co. Ltd. | 71200 | 155547 | (10.9) |
|  Activia Properties, Inc. | 18 | 53317 | (3.7) |
|  AEON Financial Service Co. Ltd. | 15200 | 148756 | (10.4) |
|  Aica Kogyo Co. Ltd. | 1700 | 36537 | (2.6) |
|  Alfresa Holdings Corp. | 22000 | 253283 | (17.8) |
|  Amada Co. Ltd. | 90500 | 636538 | (44.7) |
|  Amano Corp. | 3800 | 65027 | (4.6) |
|  ANA Holdings, Inc. | 5100 | 99137 | (7.0) |
|  Anritsu Corp. | 25800 | 259674 | (18.2) |
|  Aozora Bank Ltd. | 16400 | 282109 | (19.8) |
|  Asahi Group Holdings Ltd. | 14200 | 397326 | (27.9) |
|  Asahi Kasei Corp. | 2500 | 16030 | (1.1) |
|  Astellas Pharma, Inc. | 16700 | 230430 | (16.2) |
|  Azbil Corp. | 7400 | 201100 | (14.1) |

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S C H E D U L E O F I N V E S T M E N T S 93

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---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Global Equity Market Neutral Fund** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
|  AZ-COM MARUWA Holdings, Inc. | 13400 | $127322 | (8.9)% |
|  Bandai Namco Holdings, Inc. | 1100 | 72713 | (5.1) |
|  BayCurrent Consulting, Inc. | 6000 | 168343 | (11.8) |
|  Benesse Holdings, Inc. | 32600 | 480931 | (33.8) |
|  Calbee, Inc. | 7500 | 150653 | (10.6) |
|  Capcom Co. Ltd. | 6900 | 191923 | (13.5) |
|  Chubu Electric Power Co., Inc. | 2400 | 19536 | (1.4) |
|  Chugai Pharmaceutical Co. Ltd. | 2500 | 57930 | (4.1) |
|  Chugin Financial Group, Inc. | 10000 | 60280 | (4.2) |
|  Chugoku Electric Power Co., Inc. | 34400 | 161390 | (11.3) |
|  Coca-Cola Bottlers Japan Holdings, Inc. | 35800 | 323451 | (22.7) |
|  COMSYS Holdings Corp. | 55000 | 901058 | (63.3) |
|  Cosmo Energy Holdings Co. Ltd. | 4800 | 123645 | (8.7) |
|  Cosmos Pharmaceutical Corp. | 4000 | 386859 | (27.2) |
|  Daifuku Co. Ltd. | 6100 | 279227 | (19.6) |
|  Daito Trust Construction Co. Ltd. | 600 | 59414 | (4.2) |
|  Daiwa House Industry Co. Ltd. | 15900 | 320343 | (22.5) |
|  DeNA Co. Ltd. | 5800 | 75646 | (5.3) |
|  Dentsu Group, Inc. | 18900 | 587854 | (41.3) |
|  Disco Corp. | 500 | 119590 | (8.4) |
|  DMG Mori Co. Ltd. | 50400 | 583260 | (40.9) |
|  East Japan Railway Co. | 3000 | 159856 | (11.2) |
|  Ebara Corp. | 9800 | 318423 | (22.4) |
|  Electric Power Development Co. Ltd. | 2300 | 31988 | (2.2) |
|  EXEO Group, Inc. | 35000 | 512804 | (36.0) |
|  FP Corp. | 12700 | 302139 | (21.2) |
|  Fuji Media Holdings, Inc. | 6600 | 45904 | (3.2) |
|  FUJIFILM Holdings Corp. | 10500 | 480374 | (33.7) |
|  Fujikura Ltd. | 2300 | 13618 | (1.0) |
|  Fujitsu Ltd. | 5200 | 598304 | (42.0) |
|  Furukawa Electric Co. Ltd. | 12700 | 195934 | (13.8) |
|  GMO Payment Gateway, Inc. | 3100 | 222908 | (15.6) |
|  H.U. Group Holdings, Inc. | 15800 | 294114 | (20.6) |
|  Hamamatsu Photonics KK | 1700 | 76910 | (5.4) |
|  Hirose Electric Co. Ltd. | 1000 | 129721 | (9.1) |
|  Hisamitsu Pharmaceutical Co., Inc. | 13100 | 323199 | (22.7) |
|  Hitachi Construction Machinery Co. Ltd. | 15000 | 293460 | (20.6) |
|  Honda Motor Co. Ltd. | 22800 | 519896 | (36.5) |
|  Hulic Co. Ltd. | 5900 | 42860 | (3.0) |
|  Information Services International-Dentsu Ltd. | 3700 | 113163 | (7.9) |
|  INFRONEER Holdings, Inc. | 17200 | 119236 | (8.4) |
|  Internet Initiative Japan, Inc. | 5600 | 87900 | (6.2) |
|  ITOCHU Corp. | 18600 | 480708 | (33.7) |
|  Itochu Techno-Solutions Corp. | 10300 | 238793 | (16.8) |
|  Izumi Co. Ltd. | 2700 | 54467 | (3.8) |
|  J Front Retailing Co. Ltd. | 30800 | 248957 | (17.5) |
|  Japan Exchange Group, Inc. | 2800 | 36797 | (2.6) |
|  Japan Post Bank Co. Ltd. | 35200 | 234542 | (16.5) |
|  Japan Prime Realty Investment Corp. | 75 | 203688 | (14.3) |
|  Japan Tobacco, Inc. | 115000 | 1925954 | (135.2) |
|  Kajima Corp. | 16000 | 150611 | (10.6) |
|  Kakaku.com, Inc. | 7400 | 125156 | (8.8) |
|  Kamigumi Co. Ltd. | 26800 | 509647 | (35.8) |
|  Kandenko Co. Ltd. | 35400 | 198981 | (14.0) |
|  Kansai Electric Power Co., Inc. | 1300 | 9848 | (0.7) |
|  Keisei Electric Railway Co. Ltd. | 5300 | 140673 | (9.9) |
|  Kewpie Corp. | 12900 | 203657 | (14.3) |
|  Kinden Corp. | 59800 | 608487 | (42.7) |
|  Kintetsu Group Holdings Co. Ltd. | 11000 | 371744 | (26.1) |
|  Kobe Bussan Co. Ltd. | 600 | 13014 | (0.9) |
|  Kokuyo Co. Ltd. | 26000 | 322491 | (22.6) |
|  Kuraray Co. Ltd. | 146400 | 1006724 | (70.7) |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
|  Kusuri no Aoki Holdings Co. Ltd. | 7300 | $351881 | (24.7)% |
|  Kyocera Corp. | 8400 | 406782 | (28.6) |
|  Kyowa Kirin Co. Ltd. | 9600 | 226096 | (15.9) |
|  Kyudenko Corp. | 13300 | 282099 | (19.8) |
|  Kyushu Railway Co. | 800 | 16731 | (1.2) |
|  Lawson, Inc. | 40900 | 1306633 | (91.7) |
|  Lion Corp. | 40800 | 412353 | (28.9) |
|  Lixil Corp. | 2200 | 33232 | (2.3) |
|  M3, Inc. | 1500 | 44700 | (3.1) |
|  Mani, Inc. | 21600 | 314660 | (22.1) |
|  Marubeni Corp. | 7900 | 69156 | (4.9) |
|  Maruichi Steel Tube Ltd. | 2900 | 54739 | (3.8) |
|  Mazda Motor Corp. | 2600 | 17506 | (1.2) |
|  McDonald's Holdings Co. Japan Ltd. | 5000 | 173586 | (12.2) |
|  Mebuki Financial Group, Inc. | 10400 | 20225 | (1.4) |
|  MISUMI Group, Inc. | 800 | 17040 | (1.2) |
|  Mitsubishi Chemical Group Corp. | 94800 | 428245 | (30.1) |
|  Mitsubishi Corp. | 35800 | 969782 | (68.1) |
|  Mitsubishi Estate Co. Ltd. | 49400 | 621220 | (43.6) |
|  Mitsubishi HC Capital, Inc. | 94000 | 403359 | (28.3) |
|  Mitsubishi Logistics Corp. | 5300 | 116300 | (8.2) |
|  Mitsubishi Materials Corp. | 4800 | 62738 | (4.4) |
|  Mitsui & Co. Ltd. | 13500 | 298744 | (21.0) |
|  Mitsui Chemicals, Inc. | 8600 | 159177 | (11.2) |
|  Mitsui Fudosan Co. Ltd. | 15600 | 298715 | (21.0) |
|  Mitsui Mining & Smelting Co. Ltd. | 3500 | 70692 | (5.0) |
|  MonotaRO Co. Ltd. | 4000 | 60719 | (4.3) |
|  MS&AD Insurance Group Holdings, Inc. | 39900 | 1056600 | (74.2) |
|  Murata Manufacturing Co. Ltd. | 8000 | 378715 | (26.6) |
|  Nagoya Railroad Co. Ltd. | 9600 | 147063 | (10.3) |
|  Nankai Electric Railway Co. Ltd. | 14400 | 291302 | (20.4) |
|  NEC Corp. | 18300 | 605746 | (42.5) |
|  NEC Networks & System Integration Corp. | 3500 | 37506 | (2.6) |
|  NET One Systems Co. Ltd. | 3000 | 61616 | (4.3) |
|  Nichirei Corp. | 12200 | 189740 | (13.3) |
|  Nihon Kohden Corp. | 17800 | 398580 | (28.0) |
|  Nihon M&A Center Holdings, Inc. | 8500 | 95912 | (6.7) |
|  Nikon Corp. | 17500 | 169245 | (11.9) |
|  Nippon Express Holdings, Inc. | 2800 | 140694 | (9.9) |
|  Nippon Telegraph & Telephone Corp. | 30800 | 849485 | (59.6) |
|  Nippon Television Holdings, Inc. | 121200 | 903824 | (63.4) |
|  Nipro Corp. | 16800 | 126643 | (8.9) |
|  Nitori Holdings Co. Ltd. | 1200 | 108740 | (7.6) |
|  Nitto Denko Corp. | 4200 | 221280 | (15.5) |
|  NOK Corp. | 21400 | 175056 | (12.3) |
|  Nomura Research Institute Ltd. | 5000 | 110651 | (7.8) |
|  NSK Ltd. | 52400 | 276946 | (19.4) |
|  NTT Data Corp. | 6600 | 95593 | (6.7) |
|  Obayashi Corp. | 193700 | 1243295 | (87.3) |
|  OBIC Business Consultants Co. Ltd. | 2500 | 71862 | (5.0) |
|  Obic Co. Ltd. | 1300 | 195082 | (13.7) |
|  Odakyu Electric Railway Co. Ltd. | 6100 | 72517 | (5.1) |
|  Omron Corp. | 23900 | 1114656 | (78.2) |
|  Oriental Land Co. Ltd. | 1100 | 147320 | (10.3) |
|  Otsuka Corp. | 9200 | 289728 | (20.3) |
|  Otsuka Holdings Co. Ltd. | 1100 | 35260 | (2.5) |
|  PALTAC Corp. | 2200 | 62493 | (4.4) |
|  Panasonic Holdings Corp. | 39200 | 279206 | (19.6) |
|  Penta-Ocean Construction Co. Ltd. | 27300 | 135768 | (9.5) |
|  PeptiDream, Inc. | 5400 | 59078 | (4.1) |
|  Pigeon Corp. | 14800 | 193866 | (13.6) |
|  Pola Orbis Holdings, Inc. | 10700 | 118183 | (8.3) |

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94 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Global Equity Market Neutral Fund** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
|  Rakuten Group, Inc. | 7700 | $34376 | (2.4)% |
|  Recruit Holdings Co. Ltd. | 1000 | 30771 | (2.2) |
|  Resona Holdings, Inc. | 35100 | 132290 | (9.3) |
|  Resorttrust, Inc. | 12100 | 186237 | (13.1) |
|  Ricoh Co. Ltd. | 55800 | 408891 | (28.7) |
|  Rinnai Corp. | 5100 | 347133 | (24.4) |
|  Rohm Co. Ltd. | 3800 | 267005 | (18.7) |
|  Sankyu, Inc. | 12400 | 369727 | (26.0) |
|  Santen Pharmaceutical Co. Ltd. | 39600 | 270983 | (19.0) |
|  Sawai Group Holdings Co. Ltd. | 3600 | 103915 | (7.3) |
|  SBI Holdings, Inc. | 29800 | 538309 | (37.8) |
|  SCREEN Holdings Co. Ltd. | 1500 | 82330 | (5.8) |
|  SCSK Corp. | 9200 | 135732 | (9.5) |
|  Secom Co. Ltd. | 2300 | 131032 | (9.2) |
|  Sega Sammy Holdings, Inc. | 12700 | 162450 | (11.4) |
|  Seiko Epson Corp. | 25200 | 342119 | (24.0) |
|  Seino Holdings Co. Ltd. | 20500 | 157518 | (11.1) |
|  Sekisui House Ltd. | 22900 | 380204 | (26.7) |
|  Sekisui House REIT, Inc. | 245 | 132017 | (9.3) |
|  SG Holdings Co. Ltd. | 26200 | 347179 | (24.4) |
|  Shimadzu Corp. | 3100 | 81663 | (5.7) |
|  Shimizu Corp. | 83600 | 417163 | (29.3) |
|  Skylark Co. Ltd. | 6400 | 68272 | (4.8) |
|  SMS Co. Ltd. | 1000 | 22941 | (1.6) |
|  SoftBank Corp. | 5400 | 53268 | (3.7) |
|  Sohgo Security Services Co. Ltd. | 900 | 22435 | (1.6) |
|  Sojitz Corp. | 4500 | 66339 | (4.7) |
|  Sompo Holdings, Inc. | 5700 | 237646 | (16.7) |
|  Sotetsu Holdings, Inc. | 7900 | 119639 | (8.4) |
|  Square Enix Holdings Co. Ltd. | 2300 | 102631 | (7.2) |
|  Sugi Holdings Co. Ltd. | 400 | 16042 | (1.1) |
|  Sumitomo Chemical Co. Ltd. | 280900 | 945863 | (66.4) |
|  Sumitomo Corp. | 14300 | 181807 | (12.8) |
|  Sumitomo Forestry Co. Ltd. | 10200 | 159564 | (11.2) |
|  Sumitomo Mitsui Financial Group, Inc. | 15800 | 443689 | (31.1) |
|  Sumitomo Mitsui Trust Holdings, Inc. | 1700 | 48907 | (3.4) |
|  Sumitomo Pharma Co. Ltd. | 4300 | 29953 | (2.1) |
|  Sundrug Co. Ltd. | 13100 | 304614 | (21.4) |
|  Suntory Beverage & Food Ltd. | 32300 | 1080651 | (75.9) |
|  Sysmex Corp. | 900 | 48442 | (3.4) |
|  Taisei Corp. | 37300 | 1016075 | (71.3) |
|  Takara Bio, Inc. | 8500 | 99446 | (7.0) |
|  Takashimaya Co. Ltd. | 11500 | 142260 | (10.0) |
|  TBS Holdings, Inc. | 1200 | 12431 | (0.9) |
|  Teijin Ltd. | 6600 | 59921 | (4.2) |
|  Terumo Corp. | 13100 | 397572 | (27.9) |
|  Tobu Railway Co. Ltd. | 600 | 13880 | (1.0) |
|  Tohoku Electric Power Co., Inc. | 11900 | 49985 | (3.5) |
|  Tokio Marine Holdings, Inc. | 16600 | 300546 | (21.1) |
|  Tokyo Tatemono Co. Ltd. | 2100 | 28880 | (2.0) |
|  Tosoh Corp. | 11700 | 127290 | (8.9) |
|  TOTO Ltd. | 700 | 19966 | (1.4) |
|  Toyota Industries Corp. | 2000 | 103030 | (7.2) |
|  Toyota Motor Corp. | 8100 | 112384 | (7.9) |
|  Toyota Tsusho Corp. | 8200 | 275240 | (19.3) |
|  Trend Micro, Inc. | 16900 | 852157 | (59.8) |
|  TS Tech Co. Ltd. | 8500 | 88890 | (6.2) |
|  Tsumura & Co. | 3300 | 68925 | (4.8) |
|  Tsuruha Holdings, Inc. | 9600 | 557718 | (39.1) |
|  Ulvac, Inc. | 1100 | 43363 | (3.0) |
|  Yakult Honsha Co. Ltd. | 3500 | 193896 | (13.6) |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
|  Yamada Holdings Co. Ltd. | 120800 | $389280 | (27.3)% |
|  Yamaguchi Financial Group, Inc. | 19400 | 102165 | (7.2) |
|  Yamaha Corp. | 11000 | 415297 | (29.2) |
|  Yamaha Motor Co. Ltd. | 4100 | 84634 | (5.9) |
|  Yaoko Co. Ltd. | 7600 | 330623 | (23.2) |
|  Yaskawa Electric Corp. | 3100 | 85837 | (6.0) |
|  Z Holdings Corp. | 170700 | 440535 | (30.9) |
|  Zenkoku Hosho Co. Ltd. | 500 | 16498 | (1.2) |
|  Zensho Holdings Co. Ltd. | 4400 | 109812 | (7.7) |
|  ZOZO, Inc. | 4300 | 91238 | (6.4) |
|  |  | 53471942 |  |
| **Luxembourg** | **Luxembourg** | **Luxembourg** | **Luxembourg** |
|  RTL Group SA | 6930 | 235245 | (16.5) |
| **Macau** | **Macau** | **Macau** | **Macau** |
|  Wynn Macau Ltd. | 59600 | 23760 | (1.7) |
| **Netherlands** | **Netherlands** | **Netherlands** | **Netherlands** |
|  ABN AMRO Bank NV, GDR | 29932 | 294250 | (20.6) |
|  Aegon NV | 5223 | 24178 | (1.7) |
|  Alfen Beheer BV | 740 | 78498 | (5.5) |
|  ASML Holding NV | 119 | 55821 | (3.9) |
|  ASR Nederland NV | 3132 | 137911 | (9.7) |
|  IMCD NV | 2810 | 364441 | (25.6) |
|  JDE Peet's NV | 1759 | 50352 | (3.5) |
|  Koninklijke Ahold Delhaize NV | 585 | 16315 | (1.1) |
|  Koninklijke KPN NV | 49780 | 139240 | (9.8) |
|  Koninklijke Vopak NV | 14766 | 301699 | (21.2) |
|  OCI NV | 7103 | 271675 | (19.1) |
|  Prosus NV | 1498 | 64776 | (4.5) |
|  QIAGEN NV | 1277 | 55145 | (3.9) |
|  Randstad NV | 4800 | 239228 | (16.8) |
|  Signify NV | 2815 | 77990 | (5.5) |
|  Wolters Kluwer NV | 3030 | 321963 | (22.6) |
|  |  | 2493482 |  |
| **New Zealand** | **New Zealand** | **New Zealand** | **New Zealand** |
|  a2 Milk Co. Ltd. | 59369 | 199507 | (14.0) |
|  Air New Zealand Ltd. | 85618 | 38835 | (2.7) |
|  Fisher & Paykel Healthcare Corp. Ltd. | 8596 | 97694 | (6.9) |
|  Infratil Ltd. | 62942 | 319605 | (22.4) |
|  |  | 655641 |  |
| **Norway** | **Norway** | **Norway** | **Norway** |
|  Adevinta ASA | 2819 | 19297 | (1.4) |
|  Aker BP ASA | 10913 | 346666 | (24.3) |
|  Equinor ASA | 854 | 31244 | (2.2) |
|  Golden Ocean Group Ltd. | 2453 | 20136 | (1.4) |
|  Kongsberg Gruppen ASA | 5724 | 205265 | (14.4) |
|  NEL ASA | 51755 | 63262 | (4.5) |
|  Norsk Hydro ASA | 35651 | 226253 | (15.9) |
|  Var Energi ASA | 51256 | 174219 | (12.2) |
|  Yara International ASA | 9779 | 436451 | (30.6) |
|  |  | 1522793 |  |
| **Portugal** | **Portugal** | **Portugal** | **Portugal** |
|  EDP - Energias de Portugal SA | 368901 | 1611844 | (113.1) |
| **Singapore** | **Singapore** | **Singapore** | **Singapore** |
|  CapLand Ascendas REIT | 42600 | 78818 | (5.5) |
|  ComfortDelGro Corp. Ltd. | 139000 | 124779 | (8.8) |
|  Jardine Cycle & Carriage Ltd. | 8000 | 168029 | (11.8) |
|  Keppel Corp. Ltd. | 44200 | 217553 | (15.3) |
|  NetLink NBN Trust | 297600 | 179764 | (12.6) |

---

S C H E D U L E O F I N V E S T M E N T S 95

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---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Global Equity Market Neutral Fund** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **Singapore (continued)** | **Singapore (continued)** | **Singapore (continued)** | **Singapore (continued)** |
|  Oversea-Chinese Banking Corp. Ltd. | 28300 | $242930 | (17.0)% |
|  SATS Ltd. | 75200 | 145156 | (10.2) |
|  SIA Engineering Co. Ltd. | 66800 | 101979 | (7.2) |
|  Singapore Airlines Ltd. | 70100 | 260023 | (18.2) |
|  Singapore Post Ltd. | 815400 | 311365 | (21.9) |
|  StarHub Ltd. | 83100 | 62823 | (4.4) |
|  |  | 1893219 |  |
| **Spain** | **Spain** | **Spain** | **Spain** |
|  Banco Bilbao Vizcaya Argentaria SA | 5720 | 29508 | (2.1) |
|  Bankinter SA | 5888 | 35616 | (2.5) |
|  Corp. ACCIONA Energias Renovables SA | 1898 | 74631 | (5.2) |
|  EDP Renovaveis SA | 7053 | 148413 | (10.4) |
|  Iberdrola SA | 50640 | 514972 | (36.2) |
|  Mapfre SA | 62981 | 108025 | (7.6) |
|  Merlin Properties Socimi SA | 31167 | 264189 | (18.5) |
|  Naturgy Energy Group SA | 2234 | 57330 | (4.0) |
|  Repsol SA | 1496 | 20352 | (1.4) |
|  Solaria Energia y Medio Ambiente SA | 14103 | 223055 | (15.7) |
|  |  | 1476091 |  |
| **Sweden** | **Sweden** | **Sweden** | **Sweden** |
|  Atlas Copco AB, B Shares | 28730 | 277852 | (19.5) |
|  Autoliv, Inc. | 384 | 30854 | (2.2) |
|  Avanza Bank Holding AB | 6616 | 131970 | (9.3) |
|  Castellum AB | 662 | 7569 | (0.5) |
|  Epiroc AB, Class A | 9479 | 145109 | (10.2) |
|  Epiroc AB, Class B | 12981 | 174298 | (12.2) |
|  Holmen AB, B Shares | 5096 | 184936 | (13.0) |
|  Industrivarden AB | 18151 | 407588 | (28.6) |
|  Industrivarden AB, A Shares | 7937 | 179756 | (12.6) |
|  Indutrade AB | 25926 | 453911 | (31.9) |
|  Investment AB Latour, B Shares | 7717 | 130358 | (9.2) |
|  Kinnevik AB | 4878 | 60260 | (4.2) |
|  Lifco AB, B Shares | 5165 | 74633 | (5.2) |
|  Saab AB, Class B | 10720 | 378781 | (26.6) |
|  Skanska AB, B Shares | 3345 | 52019 | (3.7) |
|  Spotify Technology SA | 4179 | 336744 | (23.6) |
|  SSAB AB, A Shares | 29339 | 141123 | (9.9) |
|  Svenska Cellulosa AB SCA, Class B | 8992 | 106086 | (7.4) |
|  Tele2 AB, B Shares | 6838 | 56044 | (3.9) |
|  Telefonaktiebolaget LM Ericsson, B Shares | 84681 | 470771 | (33.0) |
|  Telia Co. AB | 9012 | 23880 | (1.7) |
|  Thule Group AB | 1486 | 29275 | (2.1) |
|  Vitrolife AB | 843 | 13625 | (1.0) |
|  |  | 3867442 |  |
| **Switzerland** | **Switzerland** | **Switzerland** | **Switzerland** |
|  ABB Ltd., Registered Shares | 34048 | 945523 | (66.4) |
|  Accelleron Industries AG | 1844 | 31269 | (2.2) |
|  Banque Cantonale Vaudoise, Registered Shares | 1632 | 145241 | (10.2) |
|  Barry Callebaut AG, Registered Shares | 155 | 293246 | (20.6) |
|  BKW AG | 2960 | 345322 | (24.2) |
|  Chocoladefabriken Lindt & Spruengli AG | 63 | 604613 | (42.4) |
|  DKSH Holding AG | 2353 | 169747 | (11.9) |
|  Emmi AG, Registered Shares | 71 | 56655 | (4.0) |
|  EMS-Chemie Holding AG, Registered Shares | 202 | 127016 | (8.9) |
|  Flughafen Zurich AG, Registered Shares | 847 | 131400 | (9.2) |
|  Geberit AG, Registered Shares | 1167 | 518775 | (36.4) |
|  Givaudan SA, Registered Shares | 301 | 899069 | (63.1) |
|  Idorsia Ltd. | 12093 | 187225 | (13.1) |
|  Logitech International SA, Registered Shares | 5117 | 254478 | (17.9) |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **Switzerland (continued)** | **Switzerland (continued)** | **Switzerland (continued)** | **Switzerland (continued)** |
|  Nestle SA, Registered Shares | 10872 | $1183513 | (83.1)% |
|  Roche Holding AG | 1092 | 443232 | (31.1) |
|  Siemens Energy AG | 9036 | 105338 | (7.4) |
|  SIG Group AG | 13864 | 266509 | (18.7) |
|  Sika AG, Registered Shares | 4869 | 1097841 | (77.1) |
|  Swiss Prime Site AG, Registered Shares | 1617 | 130481 | (9.2) |
|  UBS Group AG, Registered Shares | 15343 | 243250 | (17.1) |
|  VAT Group AG | 1425 | 325329 | (22.8) |
|  |  | 8505072 |  |
| **United Kingdom** | **United Kingdom** | **United Kingdom** | **United Kingdom** |
|  3i Group PLC | 9319 | 124114 | (8.7) |
|  AstraZeneca PLC | 3529 | 414065 | (29.1) |
|  Atlantica Sustainable Infrastructure PLC | 25562 | 708323 | (49.7) |
|  Auto Trader Group PLC | 41038 | 245644 | (17.2) |
|  B&M European Value Retail SA | 3820 | 14117 | (1.0) |
|  BAE Systems PLC | 4875 | 45599 | (3.2) |
|  Barclays PLC | 80525 | 136832 | (9.6) |
|  Beazley PLC | 12062 | 86506 | (6.1) |
|  BP PLC, ADR | 146428 | 810128 | (56.9) |
|  British American Tobacco PLC | 34052 | 1344831 | (94.4) |
|  Bunzl PLC | 1119 | 36463 | (2.6) |
|  Burberry Group PLC | 33387 | 695688 | (48.8) |
|  Centrica PLC | 359457 | 315859 | (22.2) |
|  Clarivate PLC | 4380 | 45245 | (3.2) |
|  ConvaTec Group PLC | 48194 | 120592 | (8.5) |
|  Croda International PLC | 14008 | 1085193 | (76.2) |
|  Dechra Pharmaceuticals PLC | 4045 | 121602 | (8.5) |
|  Diageo PLC | 19510 | 802885 | (56.4) |
|  Direct Line Insurance Group PLC | 105128 | 242892 | (17.1) |
|  Dr. Martens PLC | 19024 | 54102 | (3.8) |
|  Drax Group PLC | 24790 | 148036 | (10.4) |
|  Endeavour Mining PLC | 9881 | 175738 | (12.3) |
|  Ferguson PLC | 731 | 79722 | (5.6) |
|  GSK PLC | 4419 | 72388 | (5.1) |
|  Halma PLC | 9671 | 234515 | (16.5) |
|  Hammerson PLC | 45 | 10 | (0.0) |
|  Hargreaves Lansdown PLC | 62579 | 546916 | (38.4) |
|  IG Group Holdings PLC | 10508 | 95846 | (6.7) |
|  IMI PLC | 973 | 13707 | (1.0) |
|  Intermediate Capital Group PLC | 4440 | 54065 | (3.8) |
|  Intertek Group PLC | 2313 | 96898 | (6.8) |
|  J Sainsbury PLC | 78859 | 175784 | (12.3) |
|  Johnson Matthey PLC | 1929 | 42819 | (3.0) |
|  Kingfisher PLC | 11463 | 28800 | (2.0) |
|  Liberty Global PLC, Class A | 13601 | 229313 | (16.1) |
|  Liberty Global PLC, Class C | 21165 | 373774 | (26.2) |
|  LivaNova PLC | 3275 | 154252 | (10.8) |
|  London Stock Exchange Group PLC | 2221 | 192521 | (13.5) |
|  LXI REIT PLC | 9769 | 13638 | (1.0) |
|  Moneysupermarket.com Group PLC | 3 | 6 | (0.0) |
|  NatWest Group PLC | 62340 | 167900 | (11.8) |
|  Nomad Foods Ltd. | 42127 | 648756 | (45.5) |
|  Ocado Group PLC | 6855 | 37163 | (2.6) |
|  Pennon Group PLC | 14368 | 138072 | (9.7) |
|  Renishaw PLC | 372 | 14927 | (1.0) |
|  Rentokil Initial PLC | 3823 | 23856 | (1.7) |
|  Rightmove PLC | 2498 | 14067 | (1.0) |
|  RS GROUP PLC | 5364 | 59022 | (4.1) |
|  Sage Group PLC | 37397 | 311694 | (21.9) |
|  Segro PLC | 60474 | 544266 | (38.2) |
|  Severn Trent PLC | 1906 | 54702 | (3.8) |

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96 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Global Equity Market Neutral Fund** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
|  Shell PLC | 2951 | $81747 | (5.7)% |
|  Spectris PLC | 81 | 2807 | (0.2) |
|  Spirax-Sarco Engineering PLC | 5420 | 667925 | (46.9) |
|  SSE PLC | 39892 | 712905 | (50.0) |
|  SSP Group PLC | 100750 | 234268 | (16.4) |
|  St. James's Place PLC | 51065 | 623583 | (43.8) |
|  Tate & Lyle PLC | 101157 | 812815 | (57.1) |
|  TechnipFMC PLC | 9409 | 99641 | (7.0) |
|  Travis Perkins PLC | 37746 | 355756 | (25.0) |
|  Tritax Big Box REIT PLC | 204187 | 328321 | (23.0) |
|  Unilever PLC | 603 | 27522 | (1.9) |
|  United Utilities Group PLC | 15928 | 171643 | (12.1) |
|  WPP PLC | 20222 | 177957 | (12.5) |
|  |  | 16490743 |  |
| **United States** | **United States** | **United States** | **United States** |
|  3M Co. | 1257 | 158118 | (11.1) |
|  A O Smith Corp. | 5130 | 281021 | (19.7) |
|  ABIOMED, Inc. | 6589 | 1660955 | (116.6) |
|  Adobe, Inc. | 3357 | 1069204 | (75.1) |
|  Advanced Drainage Systems, Inc. | 5794 | 671409 | (47.1) |
|  Advanced Micro Devices, Inc. | 4724 | 283723 | (19.9) |
|  AECOM | 19864 | 1495362 | (105.0) |
|  Agilent Technologies, Inc. | 9368 | 1296063 | (91.0) |
|  AGNC Investment Corp. | 126837 | 1042600 | (73.2) |
|  Akamai Technologies, Inc. | 2843 | 251122 | (17.6) |
|  Alaska Air Group, Inc. | 11606 | 516003 | (36.2) |
|  Albemarle Corp. | 1002 | 280430 | (19.7) |
|  Albertsons Cos., Inc., Class A | 4854 | 99556 | (7.0) |
|  Alcoa Corp. | 13587 | 530301 | (37.2) |
|  Align Technology, Inc. | 2528 | 491190 | (34.5) |
|  Allstate Corp. | 9000 | 1136250 | (79.8) |
|  Ally Financial, Inc. | 20461 | 563905 | (39.6) |
|  Alnylam Pharmaceuticals, Inc. | 1631 | 338041 | (23.7) |
|  Altria Group, Inc. | 29848 | 1381067 | (96.9) |
|  Amazon.com, Inc. | 5549 | 568440 | (39.9) |
|  Amcor PLC | 40691 | 471202 | (33.1) |
|  Amedisys, Inc. | 5286 | 515861 | (36.2) |
|  American Airlines Group, Inc. | 10728 | 152123 | (10.7) |
|  American Express Co. | 6851 | 1017031 | (71.4) |
|  American Financial Group, Inc. | 2922 | 424011 | (29.8) |
|  American Homes 4 Rent, Class A | 11009 | 351627 | (24.7) |
|  American International Group, Inc. | 14548 | 829236 | (58.2) |
|  American Water Works Co., Inc. | 997 | 144904 | (10.2) |
|  AMN Healthcare Services, Inc. | 2607 | 327178 | (23.0) |
|  Analog Devices, Inc. | 5389 | 768579 | (53.9) |
|  Annaly Capital Management, Inc. | 29260 | 542773 | (38.1) |
|  ANSYS, Inc. | 2733 | 604430 | (42.4) |
|  Antero Midstream Corp. | 28939 | 308200 | (21.6) |
|  Antero Resources Corp. | 73 | 2676 | (0.2) |
|  Aon PLC, Class A | 2385 | 671354 | (47.1) |
|  APA Corp. | 9398 | 427233 | (30.0) |
|  AptarGroup, Inc. | 8058 | 798951 | (56.1) |
|  Aptiv PLC | 6731 | 612992 | (43.0) |
|  Arch Capital Group Ltd. | 11442 | 657915 | (46.2) |
|  Arrow Electronics, Inc. | 6989 | 707706 | (49.7) |
|  Asbury Automotive Group, Inc. | 2911 | 459210 | (32.2) |
|  ASGN, Inc. | 4733 | 401264 | (28.2) |
|  Ashland, Inc. | 1623 | 170285 | (12.0) |
|  AT&T, Inc. | 49059 | 894346 | (62.8) |
|  Autodesk, Inc. | 2547 | 545822 | (38.3) |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
|  AutoNation, Inc. | 4506 | $479033 | (33.6)% |
|  AutoZone, Inc. | 409 | 1035948 | (72.7) |
|  AvalonBay Communities, Inc. | 2721 | 476502 | (33.4) |
|  Avangrid, Inc. | 2812 | 114392 | (8.0) |
|  Avantor, Inc. | 16687 | 336577 | (23.6) |
|  Avis Budget Group, Inc. | 218 | 51548 | (3.6) |
|  Avnet, Inc. | 10044 | 403668 | (28.3) |
|  Axalta Coating Systems Ltd. | 17010 | 396673 | (27.8) |
|  Axon Enterprise, Inc. | 1161 | 168856 | (11.9) |
|  AZEK Co., Inc. | 11666 | 204272 | (14.3) |
|  Azenta, Inc. | 1824 | 80986 | (5.7) |
|  Baker Hughes Co. | 31323 | 866394 | (60.8) |
|  Ball Corp. | 8688 | 429100 | (30.1) |
|  Bank of New York Mellon Corp. | 12756 | 537155 | (37.7) |
|  Bank OZK | 7088 | 304642 | (21.4) |
|  Becton Dickinson & Co. | 2128 | 502144 | (35.2) |
|  Berry Global Group, Inc. | 7809 | 369522 | (25.9) |
|  Best Buy Co., Inc. | 10531 | 720426 | (50.6) |
|  Bill.com Holdings, Inc. | 1468 | 195772 | (13.7) |
|  BioMarin Pharmaceutical, Inc. | 4273 | 370170 | (26.0) |
|  Bio-Rad Laboratories, Inc., Class A | 1187 | 417480 | (29.3) |
|  BJ's Wholesale Club Holdings, Inc. | 143 | 11068 | (0.8) |
|  Black Hills Corp. | 4963 | 324431 | (22.8) |
|  Blackline, Inc. | 683 | 38248 | (2.7) |
|  Blackstone Mortgage Trust, Inc., Class A | 18520 | 462259 | (32.4) |
|  Blueprint Medicines Corp. | 6557 | 339915 | (23.9) |
|  Boeing Co. | 2646 | 377081 | (26.5) |
|  Booking Holdings, Inc. | 933 | 1744225 | (122.4) |
|  Booz Allen Hamilton Holding Corp. | 20532 | 2234908 | (156.9) |
|  BorgWarner, Inc. | 7208 | 270516 | (19.0) |
|  Boston Beer Co., Inc., Class A | 597 | 222854 | (15.6) |
|  Boston Scientific Corp. | 17926 | 772790 | (54.2) |
|  Box, Inc., Class A | 22997 | 668063 | (46.9) |
|  Boyd Gaming Corp. | 8319 | 480505 | (33.7) |
|  Brighthouse Financial, Inc. | 27784 | 1585633 | (111.3) |
|  Bristol-Myers Squibb Co. | 9644 | 747121 | (52.4) |
|  Brixmor Property Group, Inc. | 17364 | 370027 | (26.0) |
|  Broadridge Financial Solutions, Inc. | 6619 | 993247 | (69.7) |
|  Builders FirstSource, Inc. | 5256 | 324085 | (22.7) |
|  CACI International, Inc., Class A | 5021 | 1526535 | (107.2) |
|  Campbell Soup Co. | 3402 | 180000 | (12.6) |
|  Capital One Financial Corp. | 4832 | 512289 | (36.0) |
|  Capri Holdings Ltd. | 8658 | 395497 | (27.8) |
|  Cardinal Health, Inc. | 16321 | 1238764 | (87.0) |
|  Carlisle Cos., Inc. | 2975 | 710430 | (49.9) |
|  Carnival PLC | 19187 | 152447 | (10.7) |
|  Carrier Global Corp. | 25107 | 998254 | (70.1) |
|  Cboe Global Markets, Inc. | 3250 | 404625 | (28.4) |
|  CDW Corp. | 3110 | 537439 | (37.7) |
|  Ceridian HCM Holding, Inc. | 477 | 31573 | (2.2) |
|  CH Robinson Worldwide, Inc. | 3515 | 343486 | (24.1) |
|  Charles River Laboratories International, Inc. | 3412 | 724197 | (50.8) |
|  Chemed Corp. | 559 | 260980 | (18.3) |
|  Cheniere Energy, Inc. | 2745 | 484245 | (34.0) |
|  Chevron Corp. | 8063 | 1458597 | (102.4) |
|  Chewy, Inc., Class A | 1185 | 45895 | (3.2) |
|  Chipotle Mexican Grill, Inc. | 499 | 747667 | (52.5) |
|  Chord Energy Corp. | 810 | 124003 | (8.7) |
|  Ciena Corp. | 3488 | 167075 | (11.7) |
|  Cigna Corp. | 2792 | 901984 | (63.3) |
|  Cirrus Logic, Inc. | 12783 | 857995 | (60.2) |

---

S C H E D U L E O F I N V E S T M E N T S 97

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Global Equity Market Neutral Fund** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
|  Cisco Systems, Inc. | 17665 | $802521 | (56.3)% |
|  Citigroup, Inc. | 21422 | 982413 | (69.0) |
|  Clearway Energy, Inc., Class C | 19353 | 672323 | (47.2) |
|  CMS Energy Corp. | 13104 | 747583 | (52.5) |
|  CNX Resources Corp. | 19317 | 324719 | (22.8) |
|  Coca-Cola Co. | 37743 | 2258919 | (158.6) |
|  Coca-Cola Europacific Partners PLC | 13067 | 614802 | (43.2) |
|  Cognex Corp. | 4439 | 205215 | (14.4) |
|  Cognizant Technology Solutions Corp., Class A | 32055 | 1995424 | (140.1) |
|  Coherent Corp. | 5363 | 180250 | (12.7) |
|  Colgate-Palmolive Co. | 17036 | 1257938 | (88.3) |
|  Commercial Metals Co. | 10118 | 460369 | (32.3) |
|  Comstock Resources, Inc. | 5068 | 95177 | (6.7) |
|  Conagra Brands, Inc. | 188 | 6900 | (0.5) |
|  Copart, Inc. | 6240 | 717725 | (50.4) |
|  CoStar Group, Inc. | 9415 | 778809 | (54.7) |
|  Costco Wholesale Corp. | 1215 | 609322 | (42.8) |
|  Credit Acceptance Corp. | 75 | 34921 | (2.4) |
|  Crimson Wine Group Ltd. | 1 | 6 | (0.0) |
|  Crocs, Inc. | 8149 | 576542 | (40.5) |
|  Crowdstrike Holdings, Inc., Class A | 2279 | 367375 | (25.8) |
|  Crown Holdings, Inc. | 14085 | 966090 | (67.8) |
|  CubeSmart | 3920 | 164130 | (11.5) |
|  CVS Health Corp. | 5200 | 492440 | (34.6) |
|  Danaher Corp. | 5374 | 1352475 | (94.9) |
|  Deckers Outdoor Corp. | 1420 | 496901 | (34.9) |
|  Dell Technologies, Inc., Class C | 3926 | 150758 | (10.6) |
|  DexCom, Inc. | 2814 | 339875 | (23.9) |
|  Dick's Sporting Goods, Inc. | 12127 | 1379568 | (96.8) |
|  Digital Realty Trust, Inc. | 8679 | 870070 | (61.1) |
|  DocuSign, Inc. | 1944 | 93895 | (6.6) |
|  Dolby Laboratories, Inc., Class A | 4865 | 325177 | (22.8) |
|  Domino's Pizza, Inc. | 2840 | 943562 | (66.2) |
|  Donaldson Co., Inc. | 5629 | 323386 | (22.7) |
|  DoorDash, Inc., Class A | 1405 | 61160 | (4.3) |
|  DT Midstream, Inc. | 14189 | 847083 | (59.5) |
|  Dynatrace, Inc. | 2842 | 100152 | (7.0) |
|  EastGroup Properties, Inc. | 1501 | 235192 | (16.5) |
|  eBay, Inc. | 25376 | 1010980 | (71.0) |
|  Edison International | 16566 | 994623 | (69.8) |
|  Edwards Lifesciences Corp. | 14817 | 1073195 | (75.3) |
|  Elanco Animal Health, Inc. | 12635 | 166656 | (11.7) |
|  Elastic NV | 580 | 37091 | (2.6) |
|  Elevance Health, Inc. | 2639 | 1442926 | (101.3) |
|  Eli Lilly & Co. | 4198 | 1520054 | (106.7) |
|  EQT Corp. | 32264 | 1349926 | (94.8) |
|  Equifax, Inc. | 1872 | 317379 | (22.3) |
|  Equinix, Inc. | 998 | 565307 | (39.7) |
|  Equity LifeStyle Properties, Inc. | 5282 | 337837 | (23.7) |
|  Equity Residential | 16881 | 1063841 | (74.7) |
|  Erie Indemnity Co., Class A | 5083 | 1306382 | (91.7) |
|  Essent Group Ltd. | 9396 | 371894 | (26.1) |
|  Essential Utilities, Inc. | 4243 | 187625 | (13.2) |
|  Essex Property Trust, Inc. | 5160 | 1146758 | (80.5) |
|  Estee Lauder Cos., Inc., Class A | 4399 | 881955 | (61.9) |
|  Everest Re Group Ltd. | 2705 | 872795 | (61.3) |
|  Eversource Energy | 2191 | 167129 | (11.7) |
|  Exact Sciences Corp. | 3840 | 133555 | (9.4) |
|  Exelixis, Inc. | 18370 | 304575 | (21.4) |
|  Expedia Group, Inc. | 8897 | 831603 | (58.4) |
|  Expeditors International of Washington, Inc. | 4492 | 439542 | (30.9) |
|  Exxon Mobil Corp. | 7356 | 815118 | (57.2) |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
|  F5, Inc. | 2483 | $354846 | (24.9)% |
|  Fair Isaac Corp. | 922 | 441490 | (31.0) |
|  FedEx Corp. | 4022 | 644646 | (45.2) |
|  Fidelity National Financial, Inc. | 22354 | 880301 | (61.8) |
|  First American Financial Corp. | 7567 | 381377 | (26.8) |
|  First Industrial Realty Trust, Inc. | 16030 | 763509 | (53.6) |
|  First Interstate BancSystem, Inc., Class A | 28643 | 1306407 | (91.7) |
|  First Solar, Inc. | 274 | 39886 | (2.8) |
|  Flex Ltd. | 9575 | 187478 | (13.2) |
|  Flowers Foods, Inc. | 55340 | 1588811 | (111.5) |
|  Fluor Corp. | 20008 | 605442 | (42.5) |
|  FMC Corp. | 1029 | 122348 | (8.6) |
|  Fortune Brands Home & Security, Inc. | 3212 | 193748 | (13.6) |
|  Fox Corp., Class A | 72732 | 2099773 | (147.4) |
|  Fox Corp., Class B | 3561 | 96859 | (6.8) |
|  Freeport-McMoRan, Inc. | 45120 | 1429853 | (100.4) |
|  Gaming & Leisure Properties, Inc. | 8235 | 412738 | (29.0) |
|  Gap, Inc. | 51116 | 576077 | (40.4) |
|  Garmin Ltd. | 15087 | 1328259 | (93.2) |
|  Gartner, Inc. | 1156 | 349020 | (24.5) |
|  Generac Holdings, Inc. | 3210 | 372071 | (26.1) |
|  General Dynamics Corp. | 15434 | 3855413 | (270.6) |
|  General Electric Co. | 8545 | 664886 | (46.7) |
|  Gentex Corp. | 10138 | 268556 | (18.9) |
|  Gilead Sciences, Inc. | 1103 | 86541 | (6.1) |
|  Globus Medical, Inc., Class A | 9716 | 650972 | (45.7) |
|  Goodyear Tire & Rubber Co. | 3288 | 41758 | (2.9) |
|  Graphic Packaging Holding Co. | 11129 | 255522 | (17.9) |
|  Grocery Outlet Holding Corp. | 8390 | 290042 | (20.4) |
|  Guidewire Software, Inc. | 7241 | 430188 | (30.2) |
|  H&R Block, Inc. | 8651 | 355989 | (25.0) |
|  Halozyme Therapeutics, Inc. | 4366 | 208738 | (14.7) |
|  Hanover Insurance Group, Inc. | 1391 | 203768 | (14.3) |
|  Harley-Davidson, Inc. | 16168 | 695224 | (48.8) |
|  Hartford Financial Services Group, Inc. | 12511 | 905921 | (63.6) |
|  Healthpeak Properties, Inc. | 26461 | 627920 | (44.1) |
|  HEICO Corp. | 4598 | 747819 | (52.5) |
|  HEICO Corp., Class A | 14776 | 1880985 | (132.0) |
|  Herc Holdings, Inc. | 5500 | 646855 | (45.4) |
|  Hess Corp. | 3819 | 538785 | (37.8) |
|  Hewlett Packard Enterprise Co. | 65211 | 930561 | (65.3) |
|  Hexcel Corp. | 9516 | 530041 | (37.2) |
|  HF Sinclair Corp. | 4903 | 299917 | (21.1) |
|  Hilton Worldwide Holdings, Inc. | 1912 | 258617 | (18.2) |
|  Home Depot, Inc. | 1630 | 482692 | (33.9) |
|  Horizon Therapeutics PLC | 1904 | 118657 | (8.3) |
|  Hormel Foods Corp. | 12998 | 603757 | (42.4) |
|  HubSpot, Inc. | 2064 | 612100 | (43.0) |
|  Humana, Inc. | 1085 | 605517 | (42.5) |
|  Huntington Ingalls Industries, Inc. | 1046 | 268895 | (18.9) |
|  Huntsman Corp. | 25204 | 674459 | (47.3) |
|  Hyatt Hotels Corp., Class A | 1930 | 181825 | (12.8) |
|  ICU Medical, Inc. | 367 | 54466 | (3.8) |
|  IDACORP, Inc. | 3697 | 387076 | (27.2) |
|  Illinois Tool Works, Inc. | 2907 | 620732 | (43.6) |
|  Inari Medical, Inc. | 1077 | 82854 | (5.8) |
|  Incyte Corp. | 6758 | 502390 | (35.3) |
|  Insulet Corp. | 244 | 63150 | (4.4) |
|  Integra LifeSciences Holdings Corp. | 11299 | 567775 | (39.9) |
|  Intel Corp. | 30175 | 857875 | (60.2) |
|  Intercontinental Exchange, Inc. | 11445 | 1093799 | (76.8) |
|  International Game Technology PLC | 24113 | 483466 | (33.9) |

---

98 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Global Equity Market Neutral Fund** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
|  Intuit, Inc. | 2163 | $924682 | (64.9)% |
|  Intuitive Surgical, Inc. | 2408 | 593500 | (41.7) |
|  Invesco Ltd. | 39582 | 606396 | (42.6) |
|  Invitation Homes, Inc. | 16878 | 534864 | (37.5) |
|  Ionis Pharmaceuticals, Inc. | 14898 | 658492 | (46.2) |
|  IQVIA Holdings, Inc. | 1163 | 243846 | (17.1) |
|  Iridium Communications, Inc. | 10365 | 534108 | (37.5) |
|  Iron Mountain, Inc. | 7639 | 382485 | (26.8) |
|  J M Smucker Co. | 1262 | 190133 | (13.3) |
|  Jabil, Inc. | 6133 | 394045 | (27.7) |
|  Jacobs Solutions, Inc. | 8664 | 998266 | (70.1) |
|  JB Hunt Transport Services, Inc. | 2542 | 434860 | (30.5) |
|  Jefferies Financial Group, Inc. | 2544 | 87539 | (6.1) |
|  Johnson Controls International PLC | 2240 | 129562 | (9.1) |
|  Jones Lang LaSalle, Inc. | 8856 | 1408901 | (98.9) |
|  Juniper Networks, Inc. | 16325 | 499545 | (35.1) |
|  KeyCorp. | 13970 | 249644 | (17.5) |
|  Keysight Technologies, Inc. | 5277 | 918990 | (64.5) |
|  Kinder Morgan, Inc. | 42981 | 778816 | (54.7) |
|  KLA Corp. | 125 | 39556 | (2.8) |
|  Knight-Swift Transportation Holdings, Inc. | 4328 | 207874 | (14.6) |
|  Kroger Co. | 8444 | 399317 | (28.0) |
|  L3Harris Technologies, Inc. | 3344 | 824196 | (57.9) |
|  Laboratory Corp. of America Holdings | 3004 | 666467 | (46.8) |
|  Lam Research Corp. | 286 | 115767 | (8.1) |
|  Lamar Advertising Co., Class A | 3834 | 353610 | (24.8) |
|  Lattice Semiconductor Corp. | 6777 | 328752 | (23.1) |
|  Lear Corp. | 4273 | 592708 | (41.6) |
|  Leidos Holdings, Inc. | 5260 | 534363 | (37.5) |
|  Lennar Corp., Class A | 693 | 55925 | (3.9) |
|  Lennox International, Inc. | 1582 | 369508 | (25.9) |
|  Leslie's, Inc. | 19709 | 276714 | (19.4) |
|  Levi Strauss & Co., Class A | 2486 | 37191 | (2.6) |
|  Liberty Broadband Corp., Class C | 7644 | 645383 | (45.3) |
|  Liberty Latin America Ltd., Class A | 2 | 16 | (0.0) |
|  Liberty Media Corp.-Liberty Formula One, Class C . | 2202 | 127121 | (8.9) |
|  Liberty Media Corp.-Liberty SiriusXM, Class A | 7681 | 325982 | (22.9) |
|  Liberty Media Corp.-Liberty SiriusXM, Class C | 10812 | 456158 | (32.0) |
|  Lincoln National Corp. | 18701 | 1007423 | (70.7) |
|  Lithia Motors, Inc. | 2151 | 426221 | (29.9) |
|  Live Nation Entertainment, Inc. | 7657 | 609574 | (42.8) |
|  Livent Corp. | 6791 | 214392 | (15.0) |
|  Lockheed Martin Corp. | 4014 | 1953534 | (137.1) |
|  Lowe's Cos., Inc. | 8815 | 1718484 | (120.6) |
|  Lumen Technologies, Inc. | 54998 | 404785 | (28.4) |
|  Lumentum Holdings, Inc. | 2218 | 165130 | (11.6) |
|  MACOM Technology Solutions Holdings, Inc. | 14370 | 831592 | (58.4) |
|  Macy's, Inc. | 28425 | 592661 | (41.6) |
|  Manhattan Associates, Inc. | 4592 | 558709 | (39.2) |
|  ManpowerGroup, Inc. | 12936 | 1013406 | (71.1) |
|  MarketAxess Holdings, Inc. | 5381 | 1313179 | (92.2) |
|  Marriott International, Inc., Class A | 9871 | 1580446 | (110.9) |
|  Marsh & McLennan Cos., Inc. | 864 | 139527 | (9.8) |
|  Martin Marietta Materials, Inc. | 1574 | 528833 | (37.1) |
|  Marvell Technology, Inc. | 8057 | 319702 | (22.4) |
|  Masco Corp. | 2840 | 131407 | (9.2) |
|  Masimo Corp. | 2599 | 342028 | (24.0) |
|  Mastercard, Inc., Class A | 4257 | 1397062 | (98.1) |
|  Match Group, Inc. | 1080 | 46656 | (3.3) |
|  Mattel, Inc. | 4755 | 90155 | (6.3) |
|  MaxLinear, Inc. | 6710 | 207205 | (14.5) |
|  McCormick & Co., Inc. | 10013 | 787422 | (55.3) |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
|  Medical Properties Trust, Inc. | 57969 | $663745 | (46.6)% |
|  Meritage Homes Corp. | 862 | 65650 | (4.6) |
|  Meta Platforms, Inc., Class A | 6581 | 613086 | (43.0) |
|  Mettler-Toledo International, Inc. | 647 | 818410 | (57.4) |
|  MGIC Investment Corp. | 37704 | 514660 | (36.1) |
|  Microsoft Corp. | 5298 | 1229825 | (86.3) |
|  Mid-America Apartment Communities, Inc. | 2932 | 461643 | (32.4) |
|  MKS Instruments, Inc. | 1053 | 86504 | (6.1) |
|  Mohawk Industries, Inc. | 16673 | 1579767 | (110.9) |
|  Molson Coors Beverage Co., Class B | 2425 | 122293 | (8.6) |
|  MongoDB, Inc. | 551 | 100850 | (7.1) |
|  Monolithic Power Systems, Inc. | 1050 | 356422 | (25.0) |
|  Moody's Corp. | 3050 | 807853 | (56.7) |
|  Morningstar, Inc. | 665 | 154400 | (10.8) |
|  MSC Industrial Direct Co., Inc., Class A | 3034 | 251761 | (17.7) |
|  MSCI, Inc. | 2704 | 1267797 | (89.0) |
|  Murphy Oil Corp. | 7652 | 371199 | (26.1) |
|  National Retail Properties, Inc. | 4357 | 183125 | (12.9) |
|  National Storage Affiliates Trust | 7481 | 319139 | (22.4) |
|  Neurocrine Biosciences, Inc. | 4858 | 559253 | (39.3) |
|  New Relic, Inc. | 3385 | 200527 | (14.1) |
|  New York Community Bancorp, Inc. | 89349 | 831839 | (58.4) |
|  New York Times Co., Class A | 2229 | 64552 | (4.5) |
|  Newmont Corp. | 2424 | 102584 | (7.2) |
|  Northrop Grumman Corp. | 1222 | 670890 | (47.1) |
|  NOV, Inc. | 8457 | 189437 | (13.3) |
|  Novocure Ltd. | 750 | 52995 | (3.7) |
|  Nutanix, Inc., Class A | 1876 | 51402 | (3.6) |
|  NVIDIA Corp. | 3724 | 502628 | (35.3) |
|  NVR, Inc. | 51 | 216125 | (15.2) |
|  Okta, Inc. | 1801 | 101072 | (7.1) |
|  Old Dominion Freight Line, Inc. | 1819 | 499497 | (35.1) |
|  Old National Bancorp. | 32152 | 628893 | (44.1) |
|  Ollie's Bargain Outlet Holdings, Inc. | 1342 | 75152 | (5.3) |
|  Omega Healthcare Investors, Inc. | 15698 | 498882 | (35.0) |
|  Ormat Technologies, Inc. | 5798 | 524429 | (36.8) |
|  Otis Worldwide Corp. | 1090 | 76998 | (5.4) |
|  Outfront Media, Inc. | 24059 | 434265 | (30.5) |
|  Owens Corning | 622 | 53249 | (3.7) |
|  PacWest Bancorp | 13305 | 330762 | (23.2) |
|  Palo Alto Networks, Inc. | 1910 | 327737 | (23.0) |
|  Papa John's International, Inc. | 11904 | 864588 | (60.7) |
|  Park Hotels & Resorts, Inc. | 27108 | 354573 | (24.9) |
|  Patterson-UTI Energy, Inc. | 9876 | 174311 | (12.2) |
|  Paylocity Holding Corp. | 2120 | 491395 | (34.5) |
|  PBF Energy, Inc., Class A | 18722 | 828448 | (58.2) |
|  PDC Energy, Inc. | 2964 | 213823 | (15.0) |
|  Penn Entertainment, Inc. | 2490 | 82419 | (5.8) |
|  Penske Automotive Group, Inc. | 4310 | 481082 | (33.8) |
|  Pentair PLC | 8386 | 360179 | (25.3) |
|  Penumbra, Inc. | 4748 | 814140 | (57.1) |
|  PepsiCo, Inc. | 8177 | 1484780 | (104.2) |
|  Perrigo Co. PLC | 3380 | 136146 | (9.6) |
|  Petco Health & Wellness Co., Inc. | 11632 | 122485 | (8.6) |
|  Philip Morris International, Inc. | 1952 | 179291 | (12.6) |
|  Physicians Realty Trust. | 3298 | 49668 | (3.5) |
|  Pinnacle West Capital Corp. | 4491 | 301840 | (21.2) |
|  Planet Fitness, Inc., Class A | 6099 | 399363 | (28.0) |
|  PNC Financial Services Group, Inc. | 1458 | 235948 | (16.6) |
|  Portland General Electric Co. | 4881 | 219352 | (15.4) |
|  Power Integrations, Inc. | 3660 | 244159 | (17.1) |
|  PPG Industries, Inc. | 4561 | 520775 | (36.6) |

---

S C H E D U L E O F I N V E S T M E N T S 99

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Global Equity Market Neutral Fund** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
|  Progressive Corp. | 5961 | $765392 | (53.7)% |
|  Prologis, Inc. | 11188 | 1239071 | (87.0) |
|  PulteGroup, Inc. | 16592 | 663514 | (46.6) |
|  Qorvo, Inc. | 3486 | 300075 | (21.1) |
|  Qualys, Inc. | 1963 | 279845 | (19.6) |
|  Radian Group, Inc. | 15384 | 321064 | (22.5) |
|  Ralph Lauren Corp. | 5395 | 500063 | (35.1) |
|  Range Resources Corp. | 21202 | 603833 | (42.4) |
|  Rapid7, Inc. | 1434 | 64917 | (4.6) |
|  Raytheon Technologies Corp. | 19180 | 1818648 | (127.7) |
|  Regency Centers Corp. | 12569 | 760550 | (53.4) |
|  Reinsurance Group of America, Inc. | 3181 | 468148 | (32.9) |
|  Reliance Steel & Aluminum Co. | 10356 | 2086527 | (146.5) |
|  Repligen Corp. | 1941 | 354213 | (24.9) |
|  RingCentral, Inc., Class A | 13901 | 493764 | (34.7) |
|  Robert Half International, Inc. | 2562 | 195891 | (13.7) |
|  ROBLOX Corp., Class A | 2579 | 115384 | (8.1) |
|  Roku, Inc. | 5709 | 317078 | (22.3) |
|  Royal Caribbean Cruises Ltd. | 14608 | 779775 | (54.7) |
|  Royal Gold, Inc. | 7117 | 675830 | (47.4) |
|  Saia, Inc. | 260 | 51704 | (3.6) |
|  Salesforce, Inc. | 1123 | 182589 | (12.8) |
|  SBA Communications Corp. | 5899 | 1592140 | (111.8) |
|  Schlumberger NV | 6526 | 339548 | (23.8) |
|  Science Applications International Corp. | 3575 | 387315 | (27.2) |
|  Scotts Miracle-Gro Co. | 4738 | 217522 | (15.3) |
|  Seagen, Inc. | 3931 | 499866 | (35.1) |
|  Sealed Air Corp. | 3743 | 178242 | (12.5) |
|  Service Corp. International | 8150 | 493971 | (34.7) |
|  ServiceNow, Inc. | 2132 | 897018 | (63.0) |
|  Sherwin-Williams Co. | 4985 | 1121775 | (78.7) |
|  Silicon Laboratories, Inc. | 6775 | 778583 | (54.7) |
|  Sirius XM Holdings, Inc. | 40278 | 243279 | (17.1) |
|  SiteOne Landscape Supply, Inc. | 6736 | 780500 | (54.8) |
|  Snap, Inc., Class A | 36525 | 361963 | (25.4) |
|  Snap-on, Inc. | 5919 | 1314314 | (92.3) |
|  Splunk, Inc. | 3451 | 286813 | (20.1) |
|  SPS Commerce, Inc. | 209 | 26443 | (1.9) |
|  STAAR Surgical Co. | 181 | 12827 | (0.9) |
|  Stifel Financial Corp. | 8760 | 541981 | (38.0) |
|  Sun Communities, Inc. | 3160 | 426126 | (29.9) |
|  Sunrun, Inc. | 7041 | 158493 | (11.1) |
|  Synchrony Financial | 5534 | 196789 | (13.8) |
|  Syneos Health, Inc. | 2174 | 109526 | (7.7) |
|  Take-Two Interactive Software, Inc. | 6649 | 787774 | (55.3) |
|  Tandem Diabetes Care, Inc. | 1529 | 85853 | (6.0) |
|  TD SYNNEX Corp. | 4650 | 425521 | (29.9) |
|  Teleflex, Inc. | 6463 | 1386701 | (97.3) |
|  Tenable Holdings, Inc. | 824 | 33487 | (2.3) |
|  Teradyne, Inc. | 14512 | 1180551 | (82.9) |
|  Tetra Tech, Inc. | 2699 | 381315 | (26.8) |
|  Texas Instruments, Inc. | 2363 | 379569 | (26.6) |
|  Texas Roadhouse, Inc. | 4176 | 413215 | (29.0) |
|  Textron, Inc. | 40468 | 2769630 | (194.4) |
|  Thermo Fisher Scientific, Inc. | 806 | 414260 | (29.1) |
|  Timken Co. | 6417 | 457468 | (32.1) |
|  Toll Brothers, Inc. | 11641 | 501494 | (35.2) |
|  TopBuild Corp. | 2481 | 422117 | (29.6) |
|  Topgolf Callaway Brands Corp. | 25199 | 471725 | (33.1) |
|  Tractor Supply Co. | 278 | 61096 | (4.3) |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
|  Travel & Leisure Co. | 42468 | $1612935 | (113.2)% |
|  Trex Co., Inc. | 6410 | 308257 | (21.6) |
|  TripAdvisor, Inc. | 7171 | 169379 | (11.9) |
|  Tyler Technologies, Inc. | 548 | 177185 | (12.4) |
|  Tyson Foods, Inc., Class A | 3987 | 272511 | (19.1) |
|  U.S. Bancorp | 25515 | 1083112 | (76.0) |
|  Uber Technologies, Inc. | 6420 | 170579 | (12.0) |
|  UDR, Inc. | 20856 | 829235 | (58.2) |
|  Ultragenyx Pharmaceutical, Inc. | 8146 | 329587 | (23.1) |
|  Umpqua Holdings Corp. | 3008 | 59799 | (4.2) |
|  United Rentals, Inc. | 2327 | 734657 | (51.6) |
|  United Therapeutics Corp. | 2408 | 555116 | (39.0) |
|  UnitedHealth Group, Inc. | 1967 | 1091980 | (76.7) |
|  Universal Display Corp. | 3744 | 356504 | (25.0) |
|  Valaris Ltd. | 6188 | 414163 | (29.1) |
|  Valero Energy Corp. | 10849 | 1362092 | (95.6) |
|  Valvoline, Inc. | 5913 | 173606 | (12.2) |
|  Varonis Systems, Inc. | 5341 | 142979 | (10.0) |
|  Veeva Systems, Inc., Class A | 7376 | 1238725 | (87.0) |
|  VeriSign, Inc. | 2054 | 411745 | (28.9) |
|  Vertex Pharmaceuticals, Inc. | 1238 | 386256 | (27.1) |
|  Viatris, Inc. | 99837 | 1011349 | (71.0) |
|  Virtu Financial, Inc., Class A | 10214 | 228589 | (16.0) |
|  Visa, Inc., A Shares | 8962 | 1856568 | (130.3) |
|  Vistra Corp. | 26518 | 609118 | (42.8) |
|  Walgreens Boots Alliance, Inc. | 7247 | 264515 | (18.6) |
|  Waters Corp. | 1410 | 421830 | (29.6) |
|  Watsco, Inc. | 706 | 191298 | (13.4) |
|  Wells Fargo & Co. | 13236 | 608724 | (42.7) |
|  Welltower, Inc. | 8149 | 497415 | (34.9) |
|  West Pharmaceutical Services, Inc. | 1178 | 271058 | (19.0) |
|  Westrock Co. | 18224 | 620709 | (43.6) |
|  Whirlpool Corp. | 3105 | 429235 | (30.1) |
|  Williams Cos., Inc. | 51287 | 1678623 | (117.8) |
|  Willis Towers Watson PLC | 3925 | 856474 | (60.1) |
|  Wintrust Financial Corp. | 4715 | 441418 | (31.0) |
|  Workday, Inc., Class A | 6164 | 960474 | (67.4) |
|  World Wrestling Entertainment, Inc., Class A | 10444 | 823927 | (57.8) |
|  WP Carey, Inc. | 2704 | 206315 | (14.5) |
|  Xcel Energy, Inc. | 10582 | 688994 | (48.4) |
|  Xylem, Inc. | 2345 | 240198 | (16.9) |
|  Yum! Brands, Inc. | 10984 | 1298858 | (91.2) |
|  Zillow Group, Inc., Class C | 4065 | 125446 | (8.8) |
|  Zscaler, Inc. | 237 | 36522 | (2.6) |
|  |  | 257382858 |  |
| **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** |
| **Germany** | **Germany** | **Germany** | **Germany** |
|  Fuchs Petrolub SE | 5585 | 159949 | (11.2) |
|  Sartorius AG | 213 | 75102 | (5.3) |
|  Volkswagen AG | 270 | 34560 | (2.4) |
|  |  | 269611 |  |
| **United States** | **United States** | **United States** | **United States** |
|  AMC Entertainment Holdings, Inc. | 48841 | 100124 | (7.1) |

---

100 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Global Equity Market Neutral Fund** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
|  **Warrants** |  |  |  |
|  **Australia** |  |  |  |
|  Magellan Financial Group Ltd. (Issued/Exercisable 04/14/22, 1 Share for 1 Warrant, Expires 04/16/27, Strike Price AUD 35.00) | 1580 | $313 | (0.0)% |
|  **Total Reference Entity — Long** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;426323922 |  |
|  **Reference Entity — Short** | **Reference Entity — Short** | **Reference Entity — Short** | **Reference Entity — Short** |
|  **Common Stocks** |  |  |  |
|  **Argentina** |  |  |  |
|  Globant SA | (806) | (152076) | 10.7 |
|  **Australia** |  |  |  |
|  Adbri Ltd. | (206705) | (208398) | 14.6 |
|  ALS Ltd. | (125934) | (921210) | 64.7 |
|  AMP Ltd. | (365032) | (294372) | 20.7 |
|  Ampol Ltd. | (9479) | (165331) | 11.6 |
|  Ansell Ltd. | (14070) | (254007) | 17.8 |
|  APA Group | (127979) | (861604) | 60.5 |
|  Atlas Arteria Ltd. | (27261) | (114913) | 8.1 |
|  Beach Energy Ltd. | (548343) | (560714) | 39.4 |
|  BlueScope Steel Ltd. | (136902) | (1378600) | 96.8 |
|  Brambles Ltd. | (151394) | (1133446) | 79.6 |
|  Champion Iron Ltd. | (141064) | (424309) | 29.8 |
|  Cleanaway Waste Management Ltd. | (827301) | (1431007) | 100.4 |
|  Cochlear Ltd. | (7724) | (986692) | 69.3 |
|  CSL Ltd. | (4793) | (858021) | 60.2 |
|  Downer EDI Ltd. | (94933) | (272831) | 19.1 |
|  Endeavour Group Ltd. | (333082) | (1524617) | 107.0 |
|  Fortescue Metals Group Ltd. | (15144) | (142672) | 10.0 |
|  Incitec Pivot Ltd. | (122865) | (295484) | 20.7 |
|  Insurance Australia Group Ltd. | (298618) | (937343) | 65.8 |
|  Lendlease Group | (75417) | (419376) | 29.4 |
|  Lottery Corp. Ltd. | (144595) | (396677) | 27.8 |
|  Macquarie Group Ltd. | (2805) | (304294) | 21.4 |
|  Newcrest Mining Ltd. | (2318) | (25573) | 1.8 |
|  Newcrest Mining Ltd. | (49612) | (549467) | 38.6 |
|  NEXTDC Ltd. | (59597) | (316232) | 22.2 |
|  Northern Star Resources Ltd. | (389182) | (2172063) | 152.5 |
|  Orica Ltd. | (43037) | (382824) | 26.9 |
|  Origin Energy Ltd. | (217555) | (777232) | 54.6 |
|  Qantas Airways Ltd. | (282308) | (1054919) | 74.0 |
|  QBE Insurance Group Ltd. | (43606) | (341651) | 24.0 |
|  Qube Holdings Ltd. | (399037) | (694705) | 48.8 |
|  Ramsay Health Care Ltd. | (17443) | (654272) | 45.9 |
|  Reece Ltd. | (34426) | (341846) | 24.0 |
|  Rio Tinto Ltd. | (19188) | (1088911) | 76.4 |
|  Santos Ltd. | (468571) | (2287403) | 160.6 |
|  Seven Group Holdings Ltd. | (52697) | (617947) | 43.4 |
|  Sonic Healthcare Ltd. | (12896) | (269984) | 18.9 |
|  Suncorp Group Ltd. | (259950) | (1901537) | 133.5 |
|  Tabcorp Holdings Ltd. | (650612) | (401675) | 28.2 |
|  TPG Telecom Ltd. | (40950) | (128460) | 9.0 |
|  Transurban Group | (88567) | (751309) | 52.7 |
|  Vicinity Centres | (13778) | (17177) | 1.2 |
|  Woodside Energy Group Ltd. | (1) | (23) | 0.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **Australia (continued)** | **Australia (continued)** | **Australia (continued)** | **Australia (continued)** |
|  Woolworths Group Ltd. | (57297) | $(1209985) | 84.9% |
|  Worley Ltd. | (31651) | (289104) | 20.3 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30160217) |  |
| **Austria** |  |  |  |
|  ams-OSRAM AG | (41301) | (233778) | 16.4 |
|  BAWAG Group AG | (2984) | (144055) | 10.1 |
|  OMV AG | (9605) | (442246) | 31.1 |
|  Telekom Austria AG | (1641) | (9539) | 0.7 |
|  Voestalpine AG | (1996) | (43334) | 3 |
|  |  | (872952) |  |
| **Belgium** |  |  |  |
|  D'ieteren Group | (464) | (77222) | 5.4 |
|  Galapagos NV | (310) | (14139) | 1 |
|  Groupe Bruxelles Lambert SA | (2474) | (182399) | 12.8 |
|  KBC Group NV | (7550) | (378374) | 26.5 |
|  Proximus SADP | (14818) | (155348) | 10.9 |
|  Sofina SA | (2652) | (517137) | 36.3 |
|  UCB SA | (3529) | (265973) | 18.7 |
|  |  | (1590592) |  |
| **Canada** |  |  |  |
|  Agnico Eagle Mines Ltd. | (50972) | (2242267) | 157.4 |
|  Alimentation Couche-Tard, Inc. | (1078) | (48268) | 3.4 |
|  Aritzia, Inc. | (794) | (30796) | 2.2 |
|  Atco Ltd. | (17981) | (558297) | 39.2 |
|  ATS Automation Tooling Systems, Inc. | (3806) | (120409) | 8.4 |
|  B2Gold Corp. | (33186) | (101335) | 7.1 |
|  BlackBerry Ltd. | (2562) | (11904) | 0.8 |
|  Cameco Corp. | (8503) | (201660) | 14.2 |
|  Canadian Apartment Properties REIT | (13371) | (414080) | 29.1 |
|  Canadian National Railway Co. | (15390) | (1823280) | 128 |
|  Canadian Pacific Railway Ltd. | (29462) | (2196323) | 154.2 |
|  Canadian Solar, Inc. | (10975) | (372052) | 26.1 |
|  CCL Industries, Inc., Class B | (941) | (44206) | 3.1 |
|  Cenovus Energy, Inc. | (30749) | (621593) | 43.6 |
|  Constellation Software, Inc. | (54) | (78081) | 5.5 |
|  Dollarama, Inc. | (17788) | (1056952) | 74.2 |
|  Empire Co. Ltd. | (5671) | (145693) | 10.2 |
|  Fairfax Financial Holdings Ltd. | (44) | (21610) | 1.5 |
|  Finning International, Inc. | (16908) | (359544) | 25.2 |
|  Fortis, Inc. | (37761) | (1473188) | 103.4 |
|  Franco-Nevada Corp. | (3189) | (394028) | 27.7 |
|  Gildan Activewear, Inc. | (6914) | (218177) | 15.3 |
|  H&R Real Estate Investment Trust | (63334) | (521139) | 36.6 |
|  iA Financial Corp., Inc. | (279) | (15527) | 1.1 |
|  Intact Financial Corp. | (1706) | (259228) | 18.2 |
|  Lightspeed Commerce, Inc. | (56078) | (1074758) | 75.4 |
|  Loblaw Cos. Ltd. | (15785) | (1293296) | 90.8 |
|  Magna International, Inc. | (12925) | (720275) | 50.6 |
|  Manulife Financial Corp. | (70134) | (1162422) | 81.6 |
|  Metro, Inc. | (8289) | (434239) | 30.5 |
|  National Bank of Canada | (5333) | (363115) | 25.5 |
|  Nutrien Ltd. | (17066) | (1441970) | 101.2 |
|  Nuvei Corp. | (564) | (16974) | 1.2 |
|  Onex Corp. | (1036) | (52144) | 3.7 |
|  Open Text Corp. | (21065) | (610140) | 42.8 |
|  Pan American Silver Corp. | (73130) | (1167525) | 82 |
|  Parkland Corp. | (11128) | (224953) | 15.8 |

---

S C H E D U L E O F I N V E S T M E N T S 101

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---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Global Equity Market Neutral Fund** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **Canada (continued)** | **Canada (continued)** | **Canada (continued)** | **Canada (continued)** |
|  Pembina Pipeline Corp. | (17677) | $(583632) | 41.0% |
|  Quebecor, Inc. | (6581) | (124050) | 8.7 |
|  Restaurant Brands International, Inc. | (25820) | (1534209) | 107.7 |
|  Ritchie Bros Auctioneers, Inc. | (11187) | (730828) | 51.3 |
|  Rogers Communications, Inc., Class B | (29438) | (1225404) | 86.0 |
|  Saputo, Inc. | (11120) | (270664) | 19.0 |
|  Shaw Communications, Inc., Class B | (60497) | (1553778) | 109.1 |
|  Shopify, Inc., Class A | (28632) | (981687) | 68.9 |
|  SmartCentres Real Estate Investment Trust | (776) | (15208) | 1.1 |
|  SSR Mining, Inc. | (31934) | (439742) | 30.9 |
|  Stelco Holdings, Inc. | (10240) | (257889) | 18.1 |
|  Sun Life Financial, Inc. | (36005) | (1529159) | 107.3 |
|  Suncor Energy, Inc. | (6942) | (238780) | 16.8 |
|  TFI International, Inc. | (2574) | (234302) | 16.4 |
|  Thomson Reuters Corp. | (10453) | (1111708) | 78.0 |
|  Toromont Industries Ltd. | (6506) | (500002) | 35.1 |
|  TransAlta Corp. | (1844) | (16243) | 1.1 |
|  Tricon Residential, Inc. | (46730) | (393776) | 27.6 |
|  Turquoise Hill Resources Ltd. | (5339) | (150331) | 10.5 |
|  West Fraser Timber Co. Ltd. | (13167) | (988624) | 69.4 |
|  |  | (34771464) |  |
| **China** |  |  |  |
|  BOC Hong Kong Holdings Ltd. | (226500) | (703805) | 49.4 |
| **Denmark** |  |  |  |
|  Ambu A/S, Class B | (3482) | (38942) | 2.7 |
|  Bavarian Nordic A/S | (1588) | (50531) | 3.6 |
|  |  | (89473) |  |
| **Finland** |  |  |  |
|  Elisa OYJ | (7778) | (375882) | 26.4 |
|  Fortum OYJ | (31476) | (443002) | 31.1 |
|  Huhtamaki OYJ | (6668) | (239644) | 16.8 |
|  Kesko OYJ, B Shares | (619) | (12046) | 0.9 |
|  Kojamo OYJ | (13501) | (175710) | 12.3 |
|  Metso Outotec OYJ | (2380) | (18062) | 1.3 |
|  Neste OYJ | (2118) | (92829) | 6.5 |
|  Orion OYJ, Class B | (2301) | (105888) | 7.4 |
|  |  | (1463063) |  |
| **France** |  |  |  |
|  Aeroports de Paris | (753) | (101829) | 7.1 |
|  Airbus SE | (12081) | (1307209) | 91.8 |
|  BNP Paribas SA | (12937) | (606666) | 42.6 |
|  Bollore SE | (46064) | (230391) | 16.2 |
|  Bureau Veritas SA | (7814) | (193320) | 13.6 |
|  Capgemini SE | (8567) | (1404052) | 98.6 |
|  Constellium SE | (9731) | (107236) | 7.5 |
|  Credit Agricole SA | (6634) | (60195) | 4.2 |
|  EssilorLuxottica SA | (3925) | (620653) | 43.6 |
|  Gaztransport Et Technigaz SA | (1620) | (188468) | 13.2 |
|  Getlink SE | (63346) | (1002418) | 70.4 |
|  Kering SA | (208) | (95256) | 6.7 |
|  L'Oreal SA | (2533) | (795372) | 55.8 |
|  LVMH Moet Hennessy Louis Vuitton SE | (889) | (560954) | 39.4 |
|  Safran SA | (2638) | (293794) | 20.6 |
|  Sartorius Stedim Biotech | (752) | (238639) | 16.7 |
|  SEB SA | (6418) | (417822) | 29.3 |
|  Sodexo SA | (363) | (32155) | 2.3 |
|  SOITEC | (1340) | (171580) | 12.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **France (continued)** | **France (continued)** | **France (continued)** | **France (continued)** |
|  TOTAL SE | (36979) | $(2017328) | 141.6% |
|  Unibail-Rodamco-Westfield | (5323) | (251563) | 17.7 |
|  Vallourec SA, Class A | (30934) | (329128) | 23.1 |
|  Veolia Environnement SA | (8637) | (192743) | 13.5 |
|  Worldline SA | (7187) | (313687) | 22.0 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11532458) |  |
| **Germany** |  |  |  |
|  adidas AG | (4876) | (475971) | 33.4 |
|  Allianz SE, Registered Shares | (1706) | (306917) | 21.5 |
|  Aurubis AG | (667) | (42088) | 3.0 |
|  BASF SE | (37960) | (1703289) | 119.6 |
|  Bayer AG, Registered Shares | (728) | (38279) | 2.7 |
|  Bechtle AG | (5930) | (204861) | 14.4 |
|  Brenntag AG | (306) | (18567) | 1.3 |
|  Carl Zeiss Meditec AG | (474) | (57374) | 4.0 |
|  Continental AG | (1941) | (100535) | 7.1 |
|  CTS Eventim AG & Co. KGaA | (1564) | (74660) | 5.2 |
|  Delivery Hero SE | (9000) | (296180) | 20.8 |
|  Deutsche Wohnen SE | (908) | (18315) | 1.3 |
|  Fresenius Medical Care AG & Co. KGaA | (6781) | (187566) | 13.2 |
|  Fresenius SE & Co. KGaA | (23793) | (547552) | 38.4 |
|  HeidelbergCement AG | (5133) | (236050) | 16.6 |
|  Hella GmbH & Co. KGaA | (2008) | (156762) | 11.0 |
|  Henkel AG & Co. KGaA | (195) | (11447) | 0.8 |
|  HUGO BOSS AG | (1720) | (79219) | 5.6 |
|  Infineon Technologies AG | (6163) | (149548) | 10.5 |
|  KION Group AG | (1719) | (38111) | 2.7 |
|  Merck KGaA | (3179) | (518066) | 36.4 |
|  Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered Shares | (379) | (100047) | 7.0 |
|  Siemens Healthineers AG | (1833) | (83974) | 5.9 |
|  Sixt SE | (2180) | (204470) | 14.3 |
|  Symrise AG | (227) | (23170) | 1.6 |
|  Telefonica Deutschland Holding AG | (73644) | (160463) | 11.3 |
|  ThyssenKrupp AG | (2298) | (12097) | 0.8 |
|  Uniper SE | (7290) | (21822) | 1.5 |
|  United Internet AG, Registered Shares | (12375) | (231327) | 16.2 |
|  Vonovia SE | (16486) | (364515) | 25.6 |
|  Zalando SE | (5234) | (120634) | 8.5 |
|  |  | (6583876) |  |
| **Hong Kong** |  |  |  |
|  Champion REIT | (306000) | (91586) | 6.4 |
|  CK Asset Holdings Ltd. | (195500) | (1080835) | 75.9 |
|  CK Hutchison Holdings Ltd. | (197500) | (983121) | 69.0 |
|  CK Infrastructure Holdings Ltd. | (127500) | (605717) | 42.5 |
|  CLP Holdings Ltd. | (218500) | (1466529) | 102.9 |
|  Galaxy Entertainment Group Ltd. | (132000) | (603061) | 42.3 |
|  Guotai Junan International Holdings Ltd. | (259000) | (18457) | 1.3 |
|  Hang Seng Bank Ltd. | (18800) | (264662) | 18.6 |
|  Henderson Land Development Co. Ltd. | (130000) | (318274) | 22.3 |
|  HKT Trust & HKT Ltd. | (560000) | (633328) | 44.5 |
|  Hong Kong & China Gas Co. Ltd. | (460000) | (354554) | 24.9 |
|  Hong Kong Exchanges & Clearing Ltd. | (12100) | (321177) | 22.6 |
|  Hongkong Land Holdings Ltd. | (71100) | (273727) | 19.2 |
|  JS Global Lifestyle Co. Ltd. | (260000) | (209434) | 14.7 |
|  Kerry Logistics Network Ltd. | (80500) | (127782) | 9.0 |
|  Man Wah Holdings Ltd. | (371200) | (207123) | 14.5 |
|  NWS Holdings Ltd. | (497000) | (352448) | 24.7 |
|  PCCW Ltd. | (1783000) | (681198) | 47.8 |

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102 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Global Equity Market Neutral Fund** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **Hong Kong (continued)** | **Hong Kong (continued)** | **Hong Kong (continued)** | **Hong Kong (continued)** |
|  Power Assets Holdings Ltd. | (155500) | $(743531) | 52.2% |
|  Sino Land Co. Ltd. | (752025) | (803024) | 56.4 |
|  VTech Holdings Ltd. | (48600) | (258708) | 18.2 |
|  |  | (10398276) |  |
| **Ireland** |  |  |  |
|  AerCap Holdings NV | (30514) | (1629753) | 114.4 |
|  DCC PLC | (11442) | (635041) | 44.6 |
|  Jazz Pharmaceuticals PLC | (1342) | (192966) | 13.6 |
|  Kerry Group PLC, Class A | (2705) | (234942) | 16.5 |
|  Smurfit Kappa Group PLC | (4880) | (161542) | 11.3 |
|  Trane Technologies PLC | (5465) | (872378) | 61.2 |
|  |  | (3726622) |  |
| **Isle of Man** |  |  |  |
|  Entain PLC | (1533) | (22177) | 1.5 |
| **Israel** |  |  |  |
|  Azrieli Group Ltd. | (7028) | (520672) | 36.5 |
|  Bank Hapoalim BM | (19803) | (190886) | 13.4 |
|  Bank Leumi Le-Israel BM | (44304) | (422649) | 29.7 |
|  Check Point Software Technologies Ltd. | (400) | (51692) | 3.6 |
|  First International Bank Of Israel Ltd. | (33910) | (1464280) | 102.8 |
|  Global-e Online Ltd. | (8607) | (217671) | 15.3 |
|  ICL Ltd. | (12675) | (114298) | 8 |
|  Inmode Ltd. | (14534) | (498807) | 35 |
|  Maytronics Ltd. | (13307) | (143483) | 10.1 |
|  Mizrahi Tefahot Bank Ltd. | (6406) | (242157) | 17 |
|  Shufersal Ltd. | (127906) | (873156) | 61.3 |
|  Strauss Group Ltd. | (23718) | (593366) | 41.6 |
|  Teva Pharmaceutical Industries Ltd. | (99089) | (885946) | 62.2 |
|  |  | (6219063) |  |
| **Italy** |  |  |  |
|  Banco BPM SpA | (5547) | (16783) | 1.2 |
|  DiaSorin SpA | (3122) | (408157) | 28.6 |
|  Eni SpA | (24417) | (320686) | 22.5 |
|  FinecoBank Banca Fineco SpA | (21410) | (288512) | 20.3 |
|  Interpump Group SpA | (414) | (16028) | 1.1 |
|  Intesa Sanpaolo SpA | (1013175) | (1931646) | 135.6 |
|  Nexi SpA | (11352) | (98143) | 6.9 |
|  Poste Italiane SpA | (30522) | (265977) | 18.7 |
|  Prysmian SpA | (9885) | (321738) | 22.6 |
|  Recordati Industria Chimica e Farmaceutica SpA | (3907) | (146792) | 10.3 |
|  |  | (3814462) |  |
| **Japan** |  |  |  |
|  Advance Residence Investment Corp. | (56) | (130377) | 9.2 |
|  Advantest Corp. | (4100) | (215830) | 15.2 |
|  Aeon Co. Ltd. | (20300) | (378607) | 26.6 |
|  Aeon Mall Co. Ltd. | (52100) | (566772) | 39.8 |
|  Ain Holdings, Inc. | (4100) | (172241) | 12.1 |
|  Aisin Corp. | (7400) | (189956) | 13.3 |
|  Ajinomoto Co., Inc. | (500) | (13752) | 1 |
|  Ariake Japan Co. Ltd. | (1600) | (55431) | 3.9 |
|  Asahi Intecc Co. Ltd. | (8300) | (141392) | 9.9 |
|  Asics Corp. | (8100) | (124122) | 8.7 |
|  ASKUL Corp. | (8400) | (87727) | 6.2 |
|  Bank of Kyoto Ltd. | (15600) | (562159) | 39.5 |
|  Benefit One, Inc. | (11700) | (161859) | 11.4 |
|  BIPROGY, Inc. | (9400) | (203053) | 14.3 |
|  Brother Industries Ltd. | (6600) | (112437) | 7.9 |
|  Canon Marketing Japan, Inc. | (6400) | (135053) | 9.5 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **Japan (continued)** |  |  |  |
|  Chiba Bank Ltd. | (8900) | $(48764) | 3.4% |
|  Credit Saison Co. Ltd. | (12100) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(129329) | 9.1 |
|  CyberAgent, Inc. | (17300) | (142123) | 10 |
|  Daido Steel Co. Ltd. | (2000) | (51854) | 3.6 |
|  Dai-ichi Life Holdings, Inc. | (16000) | (254124) | 17.8 |
|  Daiichi Sankyo Co. Ltd. | (12100) | (387330) | 27.2 |
|  Daikin Industries Ltd. | (400) | (59915) | 4.2 |
|  Daio Paper Corp. | (2000) | (14756) | 1 |
|  Daiwa House REIT Investment Corp. | (183) | (369348) | 25.9 |
|  Daiwa Office Investment Corp. | (13) | (61415) | 4.3 |
|  Denka Co. Ltd. | (2200) | (50965) | 3.6 |
|  Denso Corp. | (1400) | (69462) | 4.9 |
|  Descente Ltd. | (1700) | (40802) | 2.9 |
|  Dexerials Corp. | (3100) | (72202) | 5.1 |
|  ENEOS Holdings, Inc. | (35200) | (115948) | 8.1 |
|  Ezaki Glico Co. Ltd. | (3700) | (83243) | 5.8 |
|  FANUC Corp. | (900) | (117766) | 8.3 |
|  Food and Life Cos. Ltd. | (4500) | (75695) | 5.3 |
|  Fuji Electric Co. Ltd. | (3500) | (135327) | 9.5 |
|  Fuji Oil Holdings, Inc. | (7900) | (124375) | 8.7 |
|  Fujitsu General Ltd. | (24600) | (561422) | 39.4 |
|  Fukuoka Financial Group, Inc. | (3700) | (62958) | 4.4 |
|  Fuyo General Lease Co. Ltd. | (2400) | (133383) | 9.4 |
|  GLP J-Reit | (75) | (77781) | 5.5 |
|  GMO internet, Inc. | (3800) | (65515) | 4.6 |
|  Goldwin, Inc. | (8500) | (443899) | 31.2 |
|  GS Yuasa Corp. | (5800) | (88300) | 6.2 |
|  Hachijuni Bank Ltd. | (100300) | (319872) | 22.5 |
|  Hakuhodo DY Holdings, Inc. | (5600) | (47184) | 3.3 |
|  Haseko Corp. | (19500) | (200815) | 14.1 |
|  Heiwa Corp. | (1500) | (24200) | 1.7 |
|  Hikari Tsushin, Inc. | (600) | (72477) | 5.1 |
|  Hino Motors Ltd. | (16800) | (69817) | 4.9 |
|  Hirogin Holdings, Inc. | (122500) | (505367) | 35.5 |
|  Hitachi Ltd. | (7800) | (353916) | 24.8 |
|  Horiba Ltd. | (2300) | (94363) | 6.6 |
|  Hoshizaki Corp. | (1100) | (31515) | 2.2 |
|  House Foods Group, Inc. | (10500) | (196375) | 13.8 |
|  Ibiden Co. Ltd. | (7000) | (235951) | 16.6 |
|  Idemitsu Kosan Co. Ltd. | (13900) | (304135) | 21.3 |
|  Iida Group Holdings Co. Ltd. | (8100) | (112471) | 7.9 |
|  Industrial & Infrastructure Fund Investment Corp. | (120) | (126737) | 8.9 |
|  Inpex Corp. | (5600) | (56517) | 4 |
|  Isetan Mitsukoshi Holdings Ltd. | (5900) | (52405) | 3.7 |
|  Ito En Ltd. | (2000) | (70441) | 4.9 |
|  Itoham Yonekyu Holdings, Inc. | (14900) | (66630) | 4.7 |
|  Iwatani Corp. | (8800) | (324028) | 22.7 |
|  Iyogin Holdings, Inc. | (34900) | (163744) | 11.5 |
|  Japan Airlines Co. Ltd. | (37700) | (704166) | 49.4 |
|  Japan Aviation Electronics Industry Ltd. | (3100) | (48248) | 3.4 |
|  Japan Hotel REIT Investment Corp. | (42) | (22128) | 1.6 |
|  Japan Logistics Fund, Inc. | (30) | (64275) | 4.5 |
|  Japan Post Insurance Co. Ltd. | (23100) | (341953) | 24 |
|  Japan Real Estate Investment Corp. | (71) | (297510) | 20.9 |
|  Japan Retail Fund Investment Corp. | (189) | (139242) | 9.8 |
|  Japan Steel Works Ltd. | (33700) | (695853) | 48.8 |
|  Jeol Ltd. | (1100) | (40252) | 2.8 |
|  JFE Holdings, Inc. | (18300) | (167648) | 11.8 |
|  JGC Holdings Corp. | (5500) | (66152) | 4.6 |
|  JSR Corp. | (1900) | (36102) | 2.5 |
|  JTEKT Corp. | (13600) | (96014) | 6.7 |

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S C H E D U L E O F I N V E S T M E N T S 103

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| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Global Equity Market Neutral Fund** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **Japan (continued)** |  |  |  |
|  Justsystems Corp. | (6900) | $(145125) | 10.2% |
|  Kaneka Corp. | (7600) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(188459) | 13.2 |
|  Kao Corp. | (3600) | (134467) | 9.4 |
|  Keihan Holdings Co. Ltd. | (15600) | (401337) | 28.2 |
|  Kenedix Office Investment Corp. | (104) | (236912) | 16.6 |
|  Keyence Corp. | (400) | (151505) | 10.6 |
|  Kikkoman Corp. | (4000) | (216760) | 15.2 |
|  Kirin Holdings Co. Ltd. | (15500) | (227849) | 16 |
|  Kobayashi Pharmaceutical Co. Ltd. | (1600) | (84907) | 6 |
|  Koei Tecmo Holdings Co. Ltd. | (25200) | (380241) | 26.7 |
|  Kose Corp. | (800) | (79856) | 5.6 |
|  Kotobuki Spirits Co. Ltd. | (3800) | (194803) | 13.7 |
|  K's Holdings Corp. | (10000) | (78364) | 5.5 |
|  Kubota Corp. | (12600) | (175765) | 12.3 |
|  Kurita Water Industries Ltd. | (400) | (14642) | 1 |
|  Kyushu Financial Group, Inc. | (41900) | (105950) | 7.4 |
|  LaSalle Logiport REIT | (53) | (56567) | 4 |
|  Lasertec Corp. | (3200) | (449635) | 31.6 |
|  Lintec Corp. | (4300) | (64515) | 4.5 |
|  Mabuchi Motor Co. Ltd. | (7600) | (206222) | 14.5 |
|  Matsui Securities Co. Ltd. | (43200) | (230056) | 16.1 |
|  Matsumotokiyoshi Holdings Co. Ltd. | (2300) | (83740) | 5.9 |
|  MEIJI Holdings Co. Ltd. | (6300) | (259239) | 18.2 |
|  Menicon Co. Ltd. | (400) | (6830) | 0.5 |
|  MINEBEA MITSUMI, Inc. | (2000) | (29557) | 2.1 |
|  Mitsubishi Electric Corp. | (16500) | (145177) | 10.2 |
|  Mitsubishi Heavy Industries Ltd. | (9100) | (313441) | 22 |
|  Mitsubishi Motors Corp. | (17100) | (57605) | 4 |
|  Mitsubishi UFJ Financial Group, Inc. | (93500) | (441680) | 31 |
|  Mitsui Fudosan Logistics Park, Inc. | (174) | (577307) | 40.5 |
|  Mitsui OSK Lines Ltd. | (2100) | (41570) | 2.9 |
|  Miura Co. Ltd. | (7700) | (156814) | 11 |
|  Mori Hills REIT Investment Corp. | (99) | (108442) | 7.6 |
|  Morinaga & Co. Ltd. | (3700) | (92545) | 6.5 |
|  Morinaga Milk Industry Co. Ltd. | (9500) | (269518) | 18.9 |
|  Nabtesco Corp. | (2100) | (44605) | 3.1 |
|  Nagase & Co. Ltd. | (3200) | (43598) | 3.1 |
|  Nexon Co. Ltd. | (900) | (15061) | 1.1 |
|  NGK Spark Plug Co. Ltd. | (6800) | (124060) | 8.7 |
|  NH Foods Ltd. | (3300) | (78644) | 5.5 |
|  NHK Spring Co. Ltd. | (19700) | (109140) | 7.7 |
|  Nifco, Inc. | (5000) | (116122) | 8.2 |
|  Nippon Accommodations Fund, Inc. | (13) | (55358) | 3.9 |
|  Nippon Building Fund, Inc. | (36) | (160029) | 11.2 |
|  Nippon Electric Glass Co. Ltd. | (1600) | (27705) | 1.9 |
|  Nippon Kayaku Co. Ltd. | (63000) | (500415) | 35.1 |
|  Nippon Shinyaku Co. Ltd. | (1100) | (60903) | 4.3 |
|  Nippon Shokubai Co. Ltd. | (1900) | (68154) | 4.8 |
|  Nippon Steel Corp. | (4300) | (59066) | 4.1 |
|  Nissan Motor Co. Ltd. | (4800) | (15299) | 1.1 |
|  Nisshin Seifun Group, Inc. | (19000) | (205307) | 14.4 |
|  Nissin Foods Holdings Co. Ltd. | (1300) | (84148) | 5.9 |
|  Noevir Holdings Co. Ltd. | (2200) | (81325) | 5.7 |
|  NOF Corp. | (2600) | (89431) | 6.3 |
|  Nomura Holdings, Inc. | (235600) | (762392) | 53.5 |
|  Nomura Real Estate Holdings, Inc. | (4700) | (106238) | 7.5 |
|  NS Solutions Corp. | (6600) | (151695) | 10.6 |
|  Oji Holdings Corp. | (119300) | (413580) | 29 |
|  OKUMA Corp. | (2200) | (73644) | 5.2 |
|  Ono Pharmaceutical Co. Ltd. | (20200) | (475378) | 33.4 |
|  Open House Co. Ltd. | (1700) | (60468) | 4.2 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **Japan (continued)** |  |  |  |
|  Orient Corp. | (5190) | $(42038) | 3.0% |
|  ORIX Corp. | (19600) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(287879) | 20.2 |
|  Orix JREIT, Inc. | (32) | (42932) | 3.0 |
|  Osaka Gas Co. Ltd. | (1800) | (26654) | 1.9 |
|  OSG Corp. | (8500) | (108063) | 7.6 |
|  Pan Pacific International Holdings Corp. | (11200) | (183800) | 12.9 |
|  Persol Holdings Co. Ltd. | (22500) | (450503) | 31.6 |
|  Renesas Electronics Corp. | (8100) | (67763) | 4.8 |
|  Rengo Co. Ltd. | (45800) | (254447) | 17.9 |
|  Rohto Pharmaceutical Co. Ltd. | (5200) | (161762) | 11.4 |
|  Ryohin Keikaku Co. Ltd. | (4600) | (43286) | 3.0 |
|  Sankyo Co. Ltd. | (1200) | (39626) | 2.8 |
|  Sanwa Holdings Corp. | (16900) | (145579) | 10.2 |
|  Sapporo Holdings Ltd. | (600) | (13234) | 0.9 |
|  Seibu Holdings, Inc. | (9300) | (83246) | 5.8 |
|  Sekisui Chemical Co. Ltd. | (3100) | (38713) | 2.7 |
|  Seven & i Holdings Co. Ltd. | (8500) | (317291) | 22.3 |
|  Sharp Corp. | (31500) | (188940) | 13.3 |
|  Shikoku Electric Power Co., Inc. | (9400) | (45222) | 3.2 |
|  Shimamura Co. Ltd. | (1700) | (137475) | 9.7 |
|  Shimano, Inc. | (1200) | (185692) | 13.0 |
|  Shinko Electric Industries Co. Ltd. | (500) | (12016) | 0.8 |
|  Shinsei Bank Ltd. | (16100) | (239579) | 16.8 |
|  Shionogi & Co. Ltd. | (600) | (27862) | 2.0 |
|  Shizuoka Financial Group, Inc. | (38800) | (245015) | 17.2 |
|  SHO-BOND Holdings Co. Ltd. | (4300) | (186018) | 13.1 |
|  Shochiku Co. Ltd. | (2900) | (230197) | 16.2 |
|  Showa Denko KK | (19400) | (283212) | 19.9 |
|  SMC Corp. | (700) | (280981) | 19.7 |
|  Sony Corp. | (3600) | (242765) | 17.0 |
|  Stanley Electric Co. Ltd. | (17700) | (300909) | 21.1 |
|  SUMCO Corp. | (8800) | (111538) | 7.8 |
|  Sumitomo Bakelite Co. Ltd. | (1300) | (35186) | 2.5 |
|  Sumitomo Metal Mining Co. Ltd. | (5800) | (162579) | 11.4 |
|  Sumitomo Realty & Development Co. Ltd. | (18800) | (431157) | 30.3 |
|  Sumitomo Rubber Industries Ltd. | (3000) | (25737) | 1.8 |
|  Suzuken Co. Ltd. | (7900) | (175884) | 12.3 |
|  Taiyo Nippon Sanso Corp. | (3600) | (57317) | 4.0 |
|  Taiyo Yuden Co. Ltd. | (7500) | (204086) | 14.3 |
|  TDK Corp. | (500) | (15619) | 1.1 |
|  TechnoPro Holdings, Inc. | (4200) | (100759) | 7.1 |
|  Toda Corp. | (9500) | (47483) | 3.3 |
|  Toho Co. Ltd. | (6300) | (224018) | 15.7 |
|  Toho Gas Co. Ltd. | (3700) | (68938) | 4.8 |
|  Tokai Carbon Co. Ltd. | (116900) | (762879) | 53.6 |
|  Tokyu Fudosan Holdings Corp. | (60300) | (305936) | 21.5 |
|  TOPPAN, Inc. | (25800) | (384785) | 27.0 |
|  Toray Industries, Inc. | (52700) | (255982) | 18.0 |
|  Toshiba TEC Corp. | (6400) | (165691) | 11.6 |
|  Toyo Suisan Kaisha Ltd. | (1000) | (37517) | 2.6 |
|  Toyo Tire Corp. | (9500) | (111449) | 7.8 |
|  Toyoda Gosei Co. Ltd. | (3900) | (62348) | 4.4 |
|  Toyota Boshoku Corp. | (3800) | (48353) | 3.4 |
|  UBE Corp. | (4200) | (54171) | 3.8 |
|  Unicharm Corp. | (6600) | (200583) | 14.1 |
|  Ushio, Inc. | (10700) | (111113) | 7.8 |
|  USS Co. Ltd. | (3600) | (54319) | 3.8 |
|  Yamato Holdings Co. Ltd. | (8500) | (125879) | 8.8 |
|  Yamato Kogyo Co. Ltd. | (3400) | (98735) | 6.9 |
|  Yamazaki Baking Co. Ltd. | (14200) | (144688) | 10.2 |
|  Yokogawa Electric Corp. | (21300) | (356159) | 25.0 |

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104 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Global Equity Market Neutral Fund** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **Japan (continued)** |  |  |  |
|  Yokohama Rubber Co. Ltd. | (1200) | $(18765) | 1.3% |
|  Zeon Corp. | (11500) | (96937) | 6.8 |
|  |  | (33595728) |  |
| **Luxembourg** |  |  |  |
|  ArcelorMittal SA | (16438) | (367449) | 25.8 |
|  Aroundtown SA | (21380) | (42381) | 3 |
|  Eurofins Scientific SE | (1445) | (92501) | 6.5 |
|  |  | (502331) |  |
| **Macau** |  |  |  |
|  Sands China Ltd. | (173600) | (303492) | 21.3 |
| **Malaysia** |  |  |  |
|  Lynas Rare Earths Ltd. | (42742) | (227977) | 16 |
| **Mexico** |  |  |  |
|  Fresnillo PLC | (24436) | (204298) | 14.3 |
| **Netherlands** |  |  |  |
|  Akzo Nobel NV | (4174) | (257684) | 18.1 |
|  BE Semiconductor Industries NV | (7907) | (402979) | 28.3 |
|  Heineken NV | (941) | (78606) | 5.5 |
|  ING Groep NV | (20520) | (201908) | 14.2 |
|  Iveco Group NV | (33697) | (182087) | 12.8 |
|  Koninklijke Philips NV | (13654) | (173199) | 12.2 |
|  NN Group NV | (4250) | (179955) | 12.6 |
|  SBM Offshore NV | (12255) | (165852) | 11.6 |
|  Stellantis NV | (152386) | (2055926) | 144.3 |
|  |  | (3698196) |  |
| **New Zealand** |  |  |  |
|  Xero Ltd. | (3172) | (157517) | 11.1 |
| **Poland** |  |  |  |
|  InPost SA | (73607) | (469217) | 32.9 |
| **Portugal** |  |  |  |
|  Banco Comercial Portugues SA | (725024) | (103298) | 7.2 |
|  Jeronimo Martins SGPS SA | (670) | (13864) | 1 |
|  |  | (117162) |  |
| **Singapore** |  |  |  |
|  Ascott Residence Trust | (95700) | (64522) | 4.5 |
|  CapitaLand Integrated Commercial Trust | (88800) | (117851) | 8.3 |
|  Capitaland Investment Ltd. | (39400) | (83790) | 5.9 |
|  DBS Group Holdings Ltd. | (27800) | (672101) | 47.2 |
|  Genting Singapore Ltd. | (701300) | (398810) | 28 |
|  Mapletree Logistics Trust | (176300) | (189217) | 13.3 |
|  Sea Ltd., ADR | (12678) | (629843) | 44.2 |
|  Singapore Technologies Engineering Ltd. | (58600) | (136616) | 9.6 |
|  Singapore Telecommunications Ltd. | (140900) | (248089) | 17.4 |
|  Suntec Real Estate Investment Trust | (26700) | (24350) | 1.7 |
|  United Overseas Bank Ltd. | (6200) | (121637) | 8.5 |
|  UOL Group Ltd. | (26300) | (114873) | 8.1 |
|  Venture Corp. Ltd. | (8500) | (95654) | 6.7 |
|  |  | (2897353) |  |
| **Spain** |  |  |  |
|  Acciona SA | (117) | (21067) | 1.5 |
|  ACS Actividades de Construccion y Servicios SA | (64473) | (1654458) | 116.1 |
|  Amadeus IT Group SA | (9892) | (515920) | 36.2 |
|  Banco Santander SA | (45868) | (118958) | 8.4 |
|  Cellnex Telecom SA | (3660) | (119793) | 8.4 |
|  Endesa SA | (10797) | (180397) | 12.7 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **Spain (continued)** |  |  |  |
|  Ferrovial SA | (14730) | $(359977) | 25.3% |
|  Fluidra SA | (14097) | (191449) | 13.4 |
|  Grifols SA | (1695) | (14420) | 1 |
|  Inmobiliaria Colonial Socimi SA | (1071) | (5648) | 0.4 |
|  |  | (3182087) |  |
| **Switzerland** |  |  |  |
|  Adecco Group AG, Registered Shares | (7219) | (225926) | 15.9 |
|  Alcon, Inc. | (2892) | (176080) | 12.4 |
|  Bachem Holding AG | (1286) | (92214) | 6.5 |
|  Baloise Holding AG, Registered Shares | (1061) | (144956) | 10.2 |
|  Cie Financiere Richemont SA | (5502) | (537730) | 37.7 |
|  Clariant AG, Registered Shares | (2519) | (40482) | 2.8 |
|  Coca-Cola HBC AG | (6618) | (144559) | 10.2 |
|  Galenica AG | (6047) | (434465) | 30.5 |
|  Helvetia Holding AG, Registered Shares | (1610) | (159877) | 11.2 |
|  Julius Baer Group Ltd. | (1400) | (67170) | 4.7 |
|  Kuehne & Nagel International AG, Registered |  |  |  |
|  Shares | (82) | (17455) | 1.2 |
|  LafargeHolcim Ltd. | (21092) | (958258) | 67.3 |
|  Lonza Group AG, Registered Shares | (1266) | (651716) | 45.8 |
|  Novartis AG, Registered Shares | (2837) | (229487) | 16.1 |
|  Partners Group Holding AG | (147) | (131945) | 9.3 |
|  PSP Swiss Property AG, Registered Shares | (5279) | (563954) | 39.6 |
|  Roche Holding AG | (1185) | (393181) | 27.6 |
|  Schindler Holding AG | (4937) | (805056) | 56.5 |
|  Schindler Holding AG, Registered Shares | (3796) | (597567) | 42 |
|  SGS SA, Registered Shares | (240) | (529083) | 37.1 |
|  Sonova Holding AG, Registered Shares | (985) | (232818) | 16.3 |
|  STMicroelectronics NV | (1284) | (39925) | 2.8 |
|  Straumann Holding AG, Registered Shares | (5324) | (506692) | 35.6 |
|  Swatch Group AG | (62) | (13932) | 1 |
|  Swatch Group AG, Registered Shares | (2298) | (96007) | 6.7 |
|  Swiss Life Holding AG, Registered Shares | (419) | (202889) | 14.2 |
|  Swiss Re AG | (905) | (67228) | 4.7 |
|  Swisscom AG, Registered Shares | (2441) | (1205339) | 84.6 |
|  Tecan Group AG, Registered Shares | (296) | (108583) | 7.6 |
|  Temenos AG | (1727) | (102858) | 7.2 |
|  Zurich Insurance Group AG | (505) | (215218) | 15.1 |
|  |  | (9692650) |  |
| **United Kingdom** |  |  |  |
|  Ashtead Group PLC | (23466) | (1222415) | 85.8 |
|  Associated British Foods PLC | (16105) | (249616) | 17.5 |
|  AVEVA Group PLC | (11799) | (422265) | 29.6 |
|  Berkeley Group Holdings PLC | (41188) | (1638761) | 115 |
|  BT Group PLC | (72464) | (107988) | 7.6 |
|  CNH Industrial NV | (6478) | (83806) | 5.9 |
|  Derwent London PLC | (28789) | (712507) | 50 |
|  DS Smith PLC | (224139) | (747486) | 52.5 |
|  Farfetch Ltd., Class A | (20088) | (170346) | 12 |
|  Future PLC | (10371) | (145345) | 10.2 |
|  Greggs PLC | (17289) | (400784) | 28.1 |
|  Haleon PLC | (141125) | (432753) | 30.4 |
|  Harbour Energy PLC | (110855) | (481092) | 33.8 |
|  Howden Joinery Group PLC | (38776) | (228414) | 16 |
|  Informa PLC | (63927) | (407338) | 28.6 |
|  InterContinental Hotels Group PLC | (15567) | (836426) | 58.7 |
|  Janus Henderson Group PLC | (3647) | (83042) | 5.8 |
|  Land Securities Group PLC | (47546) | (310898) | 21.8 |
|  Linde PLC | (4617) | (1372865) | 96.4 |
|  Lloyds Banking Group PLC | (3183113) | (1528744) | 107.3 |

---

S C H E D U L E O F I N V E S T M E N T S 105

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Global Equity Market Neutral Fund** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **United Kingdom (continued)** |  |  |  |
|  Man Group PLC | (64067) | $(159373) | 11.2% |
|  Marks & Spencer Group PLC | (260463) | (315440) | 22.1 |
|  Next PLC | (16144) | (911807) | 64.0 |
|  Persimmon PLC | (25904) | (387624) | 27.2 |
|  Prudential PLC | (70204) | (652171) | 45.8 |
|  RELX PLC | (9404) | (252596) | 17.7 |
|  Rio Tinto PLC | (5352) | (279704) | 19.6 |
|  Royal Mail PLC | (11622) | (26886) | 1.9 |
|  Smith & Nephew PLC | (7171) | (84739) | 6.0 |
|  Taylor Wimpey PLC | (365331) | (392778) | 27.6 |
|  Tesco PLC | (49661) | (122657) | 8.6 |
|  UNITE Group PLC | (29544) | (301790) | 21.2 |
|  Weir Group PLC | (1922) | (33489) | 2.4 |
|  Whitbread PLC | (10523) | (309714) | 21.7 |
|  |  | (15813659) |  |
| **United States** |  |  |  |
|  10X Genomics, Inc., Class A | (16406) | (445915) | 31.3 |
|  Abbott Laboratories | (8159) | (807251) | 56.7 |
|  AbbVie, Inc. | (2750) | (402600) | 28.3 |
|  Academy Sports & Outdoors, Inc. | (3212) | (141424) | 9.9 |
|  Acadia Healthcare Co., Inc. | (6749) | (548694) | 38.5 |
|  Acuity Brands, Inc. | (2552) | (468471) | 32.9 |
|  Advance Auto Parts, Inc. | (2918) | (554187) | 38.9 |
|  AES Corp. | (5137) | (134384) | 9.4 |
|  Aflac, Inc. | (3458) | (225150) | 15.8 |
|  AGCO Corp. | (3531) | (438444) | 30.8 |
|  agilon health, Inc. | (13022) | (258487) | 18.1 |
|  Air Lease Corp. | (8728) | (308011) | 21.6 |
|  Air Products & Chemicals, Inc. | (2538) | (635515) | 44.6 |
|  Airbnb, Inc., Class A | (951) | (101671) | 7.1 |
|  Alexandria Real Estate Equities, Inc. | (3150) | (457695) | 32.1 |
|  Alight, Inc., Class A | (46838) | (388287) | 27.3 |
|  Alliant Energy Corp. | (17606) | (918505) | 64.5 |
|  Alteryx, Inc., Class A | (3553) | (173138) | 12.2 |
|  Amdocs Ltd. | (12966) | (1119095) | 78.6 |
|  Ameren Corp. | (12286) | (1001555) | 70.3 |
|  American Electric Power Co., Inc. | (8659) | (761299) | 53.4 |
|  Americold Realty Trust, Inc. | (48741) | (1181969) | 83.0 |
|  Ameriprise Financial, Inc. | (4329) | (1338180) | 93.9 |
|  AmerisourceBergen Corp. | (1493) | (234729) | 16.5 |
|  AMETEK, Inc. | (4033) | (522919) | 36.7 |
|  Amkor Technology, Inc. | (5432) | (112931) | 7.9 |
|  Apartment Income REIT Corp. | (11877) | (456433) | 32.0 |
|  Apellis Pharmaceuticals, Inc. | (1900) | (114931) | 8.1 |
|  Apollo Global Management, Inc. | (22648) | (1253793) | 88.0 |
|  Appian Corp., Class A | (1000) | (48820) | 3.4 |
|  AppLovin Corp., Class A | (22678) | (384619) | 27.0 |
|  Aramark | (18283) | (667329) | 46.8 |
|  Archer-Daniels-Midland Co. | (15390) | (1492522) | 104.8 |
|  Arista Networks, Inc. | (4860) | (587380) | 41.2 |
|  Armstrong World Industries, Inc. | (2765) | (208951) | 14.7 |
|  Arrowhead Pharmaceuticals, Inc. | (3978) | (138474) | 9.7 |
|  Asana, Inc., Class A | (12200) | (251320) | 17.6 |
|  Aspen Technology, Inc. | (2506) | (605074) | 42.5 |
|  Assurant, Inc. | (7994) | (1086065) | 76.2 |
|  ATI, Inc. | (3278) | (97553) | 6.8 |
|  Atkore, Inc. | (5170) | (492701) | 34.6 |
|  Atlassian Corp, Class A | (484) | (98121) | 6.9 |
|  Atmos Energy Corp. | (9036) | (962786) | 67.6 |
|  Automatic Data Processing, Inc. | (4063) | (982027) | 68.9 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **United States (continued)** |  |  |  |
|  Avery Dennison Corp. | (3417) | $(579352) | 40.7% |
|  Bath & Body Works, Inc. | (24042) | (802522) | 56.3 |
|  Bausch Health Cos., Inc. | (28944) | (188236) | 13.2 |
|  Beacon Roofing Supply, Inc. | (2066) | (116419) | 8.2 |
|  Bentley Systems, Inc., Class B | (9453) | (333502) | 23.4 |
|  Berkshire Hathaway, Inc., Class B | (1377) | (406339) | 28.5 |
|  Biogen, Inc. | (1547) | (438482) | 30.8 |
|  Bio-Techne Corp. | (946) | (280262) | 19.7 |
|  Bloom Energy Corp., Class A | (827) | (15473) | 1.1 |
|  Blue Owl Capital, Inc. | (30032) | (300921) | 21.1 |
|  Bright Horizons Family Solutions, Inc. | (8925) | (582981) | 40.9 |
|  Broadcom, Inc. | (1704) | (801084) | 56.2 |
|  Brown & Brown, Inc. | (18994) | (1116657) | 78.4 |
|  Brunswick Corp. | (8944) | (632072) | 44.4 |
|  Bumble, Inc., Class A | (27665) | (702691) | 49.3 |
|  Bunge Ltd. | (10247) | (1011379) | 71.0 |
|  Burlington Stores, Inc. | (2366) | (338243) | 23.7 |
|  BWX Technologies, Inc. | (1403) | (79943) | 5.6 |
|  Cable One, Inc. | (738) | (634259) | 44.5 |
|  Cabot Corp. | (1703) | (125136) | 8.8 |
|  Cactus, Inc., Class A | (1022) | (52858) | 3.7 |
|  Cadence Bank | (1694) | (46839) | 3.3 |
|  Cadence Design Systems, Inc. | (7109) | (1076232) | 75.5 |
|  Caesars Entertainment, Inc. | (3934) | (172034) | 12.1 |
|  Calix, Inc. | (4395) | (323648) | 22.7 |
|  Camden Property Trust | (3991) | (461160) | 32.4 |
|  CarMax, Inc. | (8711) | (548880) | 38.5 |
|  Carnival Corp. | (25435) | (230441) | 16.2 |
|  Carter's, Inc. | (3478) | (236052) | 16.6 |
|  Carvana Co. | (6727) | (91016) | 6.4 |
|  Casey's General Stores, Inc. | (1559) | (362795) | 25.5 |
|  Catalent, Inc. | (4882) | (320894) | 22.5 |
|  Caterpillar, Inc. | (3482) | (753714) | 52.9 |
|  CBRE Group, Inc., Class A | (6814) | (483385) | 33.9 |
|  Celanese Corp. | (4411) | (423985) | 29.8 |
|  Celsius Holdings, Inc. | (3353) | (305391) | 21.4 |
|  Centene Corp. | (3634) | (309362) | 21.7 |
|  CenterPoint Energy, Inc. | (16168) | (462566) | 32.5 |
|  ChampionX Corp. | (4712) | (134857) | 9.5 |
|  Charles Schwab Corp. | (8893) | (708505) | 49.7 |
|  Chart Industries, Inc. | (5913) | (1317889) | 92.5 |
|  Charter Communications, Inc., Class A | (368) | (135284) | 9.5 |
|  Chemours Co. | (10629) | (304308) | 21.4 |
|  Choice Hotels International, Inc. | (1743) | (226311) | 15.9 |
|  Chubb Ltd. | (2020) | (434078) | 30.5 |
|  Church & Dwight Co., Inc. | (6105) | (452564) | 31.8 |
|  Cincinnati Financial Corp. | (3788) | (391376) | 27.5 |
|  Cintas Corp. | (532) | (227457) | 16.0 |
|  Citizens Financial Group, Inc. | (706) | (28875) | 2.0 |
|  Civitas Resources, Inc. | (6579) | (459938) | 32.3 |
|  Clean Harbors, Inc. | (5958) | (729617) | 51.2 |
|  Cleveland-Cliffs, Inc. | (32024) | (415992) | 29.2 |
|  Columbia Sportswear Co. | (12744) | (949428) | 66.6 |
|  Comcast Corp., Class A | (9308) | (295436) | 20.7 |
|  Comerica, Inc. | (763) | (53792) | 3.8 |
|  Commerce Bancshares, Inc. | (7528) | (533284) | 37.4 |
|  Concentrix Corp. | (6630) | (810385) | 56.9 |
|  Confluent, Inc., Class A | (24679) | (663372) | 46.6 |
|  ConocoPhillips | (1957) | (246758) | 17.3 |
|  Constellation Energy Corp. | (3459) | (327014) | 23.0 |
|  Corebridge Financial, Inc. | (15949) | (361564) | 25.4 |

---

106 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Global Equity Market Neutral Fund** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **United States (continued)** |  |  |  |
|  Corning, Inc. | (23045) | $(741358) | 52.0% |
|  Corteva, Inc. | (8133) | (531410) | 37.3 |
|  Coty, Inc., Class A | (42336) | (284075) | 19.9 |
|  Cousins Properties, Inc. | (60767) | (1443824) | 101.3 |
|  Crane Holdings Co. | (8997) | (902759) | 63.4 |
|  CSX Corp. | (40311) | (1171438) | 82.2 |
|  Cullen/Frost Bankers, Inc. | (4974) | (771219) | 54.1 |
|  Cummins, Inc. | (661) | (161621) | 11.3 |
|  Curtiss-Wright Corp. | (4762) | (799206) | 56.1 |
|  CVB Financial Corp. | (6876) | (197479) | 13.9 |
|  Cytokinetics, Inc. | (305) | (13316) | 0.9 |
|  Darden Restaurants, Inc. | (11882) | (1700789) | 119.4 |
|  Darling Ingredients, Inc. | (3728) | (292573) | 20.5 |
|  Datadog, Inc., Class A | (1382) | (111265) | 7.8 |
|  DaVita, Inc. | (1873) | (136748) | 9.6 |
|  Deere & Co. | (1337) | (529211) | 37.1 |
|  Delta Air Lines, Inc. | (20948) | (710766) | 49.9 |
|  DENTSPLY SIRONA, Inc. | (8983) | (276856) | 19.4 |
|  Devon Energy Corp. | (5531) | (427823) | 30.0 |
|  Diamondback Energy, Inc. | (6082) | (955543) | 67.1 |
|  Discover Financial Services | (8251) | (861899) | 60.5 |
|  Dollar General Corp. | (1332) | (339727) | 23.8 |
|  Dollar Tree, Inc. | (10147) | (1608299) | 112.9 |
|  Dominion Energy, Inc. | (11827) | (827535) | 58.1 |
|  Douglas Emmett, Inc. | (30150) | (530339) | 37.2 |
|  Dover Corp. | (2205) | (288171) | 20.2 |
|  Dow, Inc. | (7774) | (363357) | 25.5 |
|  Dr. Horton, Inc. | (3923) | (301600) | 21.2 |
|  Dropbox, Inc., Class A | (3056) | (66468) | 4.7 |
|  DTE Energy Co. | (3720) | (417049) | 29.3 |
|  Duke Energy Corp. | (10852) | (1011189) | 71.0 |
|  DXC Technology Co. | (1194) | (34328) | 2.4 |
|  Eagle Materials, Inc. | (4171) | (510155) | 35.8 |
|  East West Bancorp, Inc. | (4432) | (317198) | 22.3 |
|  Eastman Chemical Co. | (4825) | (370608) | 26.0 |
|  Eaton Corp. PLC | (4073) | (611235) | 42.9 |
|  Electronic Arts, Inc. | (5800) | (730568) | 51.3 |
|  Element Solutions, Inc. | (43144) | (742077) | 52.1 |
|  EMCOR Group, Inc. | (2210) | (311831) | 21.9 |
|  Emerson Electric Co. | (10717) | (928092) | 65.1 |
|  Encompass Health Corp. | (34388) | (1872083) | 131.4 |
|  Endeavor Group Holdings, Inc., Class A | (1934) | (42239) | 3.0 |
|  Enovis Corp. | (4578) | (226382) | 15.9 |
|  Entegris, Inc. | (2381) | (188909) | 13.3 |
|  Envista Holdings Corp. | (5040) | (166370) | 11.7 |
|  Equitable Holdings, Inc. | (39636) | (1213654) | 85.2 |
|  Equitrans Midstream Corp. | (2198) | (18507) | 1.3 |
|  Euronet Worldwide, Inc. | (2312) | (194231) | 13.6 |
|  Evercore, Inc., Class A | (8737) | (918259) | 64.5 |
|  Evergy, Inc. | (2771) | (169391) | 11.9 |
|  Evoqua Water Technologies Corp. | (5021) | (196723) | 13.8 |
|  Exelon Corp. | (21150) | (816178) | 57.3 |
|  ExlService Holdings, Inc. | (2021) | (367519) | 25.8 |
|  Extra Space Storage, Inc. | (3917) | (695032) | 48.8 |
|  Fastenal Co. | (16740) | (809044) | 56.8 |
|  Federal Realty OP LP | (4394) | (434918) | 30.5 |
|  Fidelity National Information Services, Inc. | (5810) | (482172) | 33.8 |
|  Fifth Third Bancorp | (14115) | (503764) | 35.4 |
|  First Citizens BancShares, Inc., Class A | (1514) | (1244690) | 87.4 |
|  First Republic Bank | (8770) | (1053277) | 73.9 |
|  FirstEnergy Corp. | (6522) | (245945) | 17.3 |
|  Fiserv, Inc. | (13733) | (1410928) | 99.0 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **United States (continued)** |  |  |  |
|  Five Below, Inc. | (892) | $(130544) | 9.2% |
|  Five9, Inc. | (4072) | (245379) | 17.2 |
|  Floor & Decor Holdings, Inc., Class A | (2011) | (147547) | 10.4 |
|  Flowserve Corp. | (24993) | (716799) | 50.3 |
|  FNB Corp. | (14702) | (212444) | 14.9 |
|  Ford Motor Co. | (20750) | (277428) | 19.5 |
|  Fortinet, Inc. | (295) | (16862) | 1.2 |
|  Fortive Corp. | (7831) | (500401) | 35.1 |
|  Franklin Resources, Inc. | (20350) | (477208) | 33.5 |
|  Freshworks, Inc., Class A | (57414) | (780256) | 54.8 |
|  Frontier Communications Parent, Inc. | (8909) | (208649) | 14.6 |
|  FTI Consulting, Inc. | (1228) | (191114) | 13.4 |
|  General Mills, Inc. | (6432) | (524723) | 36.8 |
|  General Motors Co. | (17401) | (682989) | 47.9 |
|  Genuine Parts Co. | (5053) | (898727) | 63.1 |
|  Gitlab, Inc., Class A | (636) | (30821) | 2.2 |
|  Global Payments, Inc. | (2672) | (305303) | 21.4 |
|  Globe Life, Inc. | (3681) | (425229) | 29.8 |
|  GoDaddy, Inc., Class A | (7027) | (564971) | 39.7 |
|  Graco, Inc. | (18600) | (1294188) | 90.8 |
|  Guardant Health, Inc. | (13407) | (663647) | 46.6 |
|  GXO Logistics, Inc. | (2611) | (95406) | 6.7 |
|  Haemonetics Corp. | (698) | (59295) | 4.2 |
|  Halliburton Co. | (7757) | (282510) | 19.8 |
|  Hancock Whitney Corp. | (2935) | (163978) | 11.5 |
|  Hanesbrands, Inc. | (7374) | (50291) | 3.5 |
|  Hasbro, Inc. | (7900) | (515475) | 36.2 |
|  HCA Healthcare, Inc. | (2634) | (572816) | 40.2 |
|  Healthcare Realty Trust, Inc. | (16538) | (336218) | 23.6 |
|  HealthEquity, Inc. | (4089) | (318574) | 22.4 |
|  Helmerich & Payne, Inc. | (2679) | (132637) | 9.3 |
|  Henry Schein, Inc. | (4254) | (291229) | 20.4 |
|  Hershey Co. | (4023) | (960572) | 67.4 |
|  Highwoods Properties, Inc. | (74044) | (2090262) | 146.7 |
|  Hilton Grand Vacations, Inc. | (10523) | (412923) | 29.0 |
|  Hologic, Inc. | (874) | (59257) | 4.2 |
|  Home BancShares, Inc. | (2767) | (70531) | 4.9 |
|  Honeywell International, Inc. | (1003) | (204632) | 14.4 |
|  Host Hotels & Resorts, Inc. | (18940) | (357587) | 25.1 |
|  Houlihan Lokey, Inc. | (1378) | (123083) | 8.6 |
|  Howmet Aerospace, Inc. | (42831) | (1522642) | 106.9 |
|  HP, Inc. | (4539) | (125367) | 8.8 |
|  Hubbell, Inc. | (709) | (168373) | 11.8 |
|  Huntington Bancshares, Inc. | (6417) | (97410) | 6.8 |
|  IAA, Inc. | (19290) | (731670) | 51.4 |
|  IAA, Inc. | (15989) | (778345) | 54.6 |
|  IDEX Corp. | (6078) | (1351200) | 94.8 |
|  Independence Realty Trust, Inc. | (49031) | (821760) | 57.7 |
|  Ingersoll Rand, Inc. | (11595) | (585548) | 41.1 |
|  Ingredion, Inc. | (7768) | (692284) | 48.6 |
|  Innovative Industrial Properties, Inc. | (2668) | (288411) | 20.2 |
|  Inspire Medical Systems, Inc. | (1834) | (357538) | 25.1 |
|  Intellia Therapeutics, Inc. | (1020) | (53836) | 3.8 |
|  Interactive Brokers Group, Inc., Class A | (1764) | (141385) | 9.9 |
|  International Business Machines Corp. | (14527) | (2008939) | 141.0 |
|  International Paper Co. | (29137) | (979295) | 68.7 |
|  Interpublic Group of Cos., Inc. | (3995) | (119011) | 8.4 |
|  Intra-Cellular Therapies, Inc. | (15006) | (685324) | 48.1 |
|  iRhythm Technologies, Inc. | (1122) | (143044) | 10.0 |
|  ITT, Inc. | (6295) | (480875) | 33.8 |
|  J2 Global, Inc. | (2130) | (164841) | 11.6 |
|  Jack Henry & Associates, Inc. | (2011) | (400310) | 28.1 |

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S C H E D U L E O F I N V E S T M E N T S 107

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| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Global Equity Market Neutral Fund** |

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| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
|  JPMorgan Chase & Co. | (6489) | $(816835) | 57.3% |
|  KBR, Inc. | (11296) | (562202) | 39.5 |
|  Kellogg Co. | (8594) | (660191) | 46.3 |
|  Kilroy Realty Corp. | (20066) | (857621) | 60.2 |
|  Kimco Realty Corp. | (1268) | (27110) | 1.9 |
|  Kinsale Capital Group, Inc. | (2772) | (873651) | 61.3 |
|  Kirby Corp. | (2418) | (168656) | 11.8 |
|  Kite Realty Group Trust | (13560) | (266318) | 18.7 |
|  Lamb Weston Holdings, Inc. | (3736) | (322118) | 22.6 |
|  Lancaster Colony Corp. | (874) | (157565) | 11.1 |
|  Landstar System, Inc. | (2431) | (379771) | 26.7 |
|  Lantheus Holdings, Inc. | (1652) | (122231) | 8.6 |
|  Las Vegas Sands Corp. | (8381) | (318562) | 22.4 |
|  Leggett & Platt, Inc. | (58997) | (1991149) | 139.8 |
|  Lincoln Electric Holdings, Inc. | (1335) | (189570) | 13.3 |
|  Littelfuse, Inc. | (1259) | (277295) | 19.5 |
|  LKQ Corp. | (6451) | (358934) | 25.2 |
|  Loews Corp. | (18466) | (1052931) | 73.9 |
|  Louisiana-Pacific Corp. | (2128) | (120551) | 8.5 |
|  LPL Financial Holdings, Inc. | (382) | (97658) | 6.9 |
|  M&T Bank Corp. | (881) | (148334) | 10.4 |
|  Magnolia Oil & Gas Corp., Class A | (21857) | (561288) | 39.4 |
|  Maravai LifeSciences Holdings, Inc., Class A | (6816) | (113146) | 7.9 |
|  Markel Corp. | (746) | (899751) | 63.2 |
|  Marqeta, Inc., Class A | (35857) | (282553) | 19.8 |
|  Marriott Vacations Worldwide Corp. | (1059) | (156478) | 11.0 |
|  MasTec, Inc. | (1363) | (105060) | 7.4 |
|  Matador Resources Co. | (4099) | (272379) | 19.1 |
|  Maximus, Inc. | (16793) | (1035624) | 72.7 |
|  McDonald's Corp. | (2399) | (654111) | 45.9 |
|  McKesson Corp. | (650) | (253091) | 17.8 |
|  MDU Resources Group, Inc. | (27674) | (788156) | 55.3 |
|  Medpace Holdings, Inc. | (831) | (184465) | 12.9 |
|  MGM Resorts International | (22321) | (793958) | 55.7 |
|  Microchip Technology, Inc. | (8022) | (495278) | 34.8 |
|  Micron Technology, Inc. | (12412) | (671489) | 47.1 |
|  Mirati Therapeutics, Inc. | (1579) | (106298) | 7.5 |
|  Moderna, Inc. | (3171) | (476696) | 33.5 |
|  Molina Healthcare, Inc. | (379) | (136008) | 9.5 |
|  Monster Beverage Corp. | (2600) | (243672) | 17.1 |
|  Morgan Stanley | (2457) | (201892) | 14.2 |
|  Mosaic Co. | (847) | (45526) | 3.2 |
|  Motorola Solutions, Inc. | (8629) | (2154748) | 151.3 |
|  Murphy USA, Inc. | (1595) | (501643) | 35.2 |
|  Nasdaq, Inc. | (18692) | (1163390) | 81.7 |
|  Natera, Inc. | (3817) | (179246) | 12.6 |
|  National Fuel Gas Co. | (9453) | (637983) | 44.8 |
|  National Instruments Corp. | (2508) | (95755) | 6.7 |
|  nCino, Inc. | (20084) | (632244) | 44.4 |
|  NCR Corp. | (14609) | (310587) | 21.8 |
|  Netflix, Inc. | (1797) | (524508) | 36.8 |
|  New Fortress Energy, Inc. | (17992) | (990819) | 69.5 |
|  New Residential Investment Corp. | (75517) | (636608) | 44.7 |
|  Nexstar Broadcasting Group, Inc. | (530) | (90789) | 6.4 |
|  NextEra Energy, Inc. | (12090) | (936975) | 65.8 |
|  NIKE, Inc. | (17046) | (1579823) | 110.9 |
|  NiSource, Inc. | (11153) | (286521) | 20.1 |
|  Nordson Corp. | (1394) | (313650) | 22.0 |
|  Nordstrom, Inc. | (1701) | (34598) | 2.4 |
|  Norfolk Southern Corp. | (6579) | (1500473) | 105.3 |
|  NortonLifeLock, Inc. | (6815) | (153542) | 10.8 |
|  NRG Energy, Inc. | (10447) | (463847) | 32.6 |

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| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
|  Nucor Corp. | (2292) | $(301123) | 21.1% |
|  nVent Electric PLC | (26849) | (979988) | 68.8 |
|  Oak Street Health, Inc. | (13744) | (278041) | 19.5 |
|  OGE Energy Corp. | (24734) | (906006) | 63.6 |
|  Old Republic International Corp. | (29690) | (689105) | 48.4 |
|  Olin Corp. | (15822) | (837775) | 58.8 |
|  Omnicell, Inc. | (1791) | (138480) | 9.7 |
|  Omnicom Group, Inc. | (20045) | (1458274) | 102.4 |
|  ON Semiconductor Corp. | (16925) | (1039703) | 73.0 |
|  ONE Gas, Inc. | (4097) | (317436) | 22.3 |
|  OneMain Holdings, Inc. | (4140) | (159638) | 11.2 |
|  ONEOK, Inc. | (10884) | (645639) | 45.3 |
|  Onto Innovation, Inc. | (13586) | (908088) | 63.7 |
|  Option Care Health, Inc. | (872) | (26387) | 1.9 |
|  Oracle Corp. | (5425) | (423530) | 29.7 |
|  O'Reilly Automotive, Inc. | (1325) | (1109250) | 77.9 |
|  Organon & Co. | (13867) | (363038) | 25.5 |
|  Oshkosh Corp. | (3076) | (270688) | 19.0 |
|  PACCAR, Inc. | (6619) | (640918) | 45.0 |
|  Packaging Corp. of America | (1817) | (218422) | 15.3 |
|  Palantir Technologies, Inc., Class A | (43875) | (385661) | 27.1 |
|  Parker-Hannifin Corp. | (1835) | (533288) | 37.4 |
|  Paycom Software, Inc. | (492) | (170232) | 11.9 |
|  PayPal Holdings, Inc. | (6116) | (511175) | 35.9 |
|  Peloton Interactive, Inc., Class A | (26563) | (223129) | 15.7 |
|  Performance Food Group Co. | (5876) | (305787) | 21.5 |
|  PerkinElmer, Inc. | (433) | (57840) | 4.1 |
|  Pfizer, Inc. | (15449) | (719151) | 50.5 |
|  PG&E Corp. | (56419) | (842336) | 59.1 |
|  Phillips 66 | (6575) | (685707) | 48.1 |
|  Phillips Edison & Co., Inc. | (8483) | (255678) | 17.9 |
|  Pilgrim's Pride Corp. | (655) | (15098) | 1.1 |
|  Pinnacle Financial Partners, Inc. | (1326) | (110045) | 7.7 |
|  Pinterest, Inc., Class A | (23097) | (568186) | 39.9 |
|  Pioneer Natural Resources Co. | (7082) | (1815896) | 127.5 |
|  Plug Power, Inc. | (27166) | (434113) | 30.5 |
|  Polaris, Inc. | (4788) | (486461) | 34.1 |
|  Post Holdings, Inc. | (261) | (23600) | 1.7 |
|  PPL Corp. | (21300) | (564237) | 39.6 |
|  Primo Water Corp. | (36983) | (539129) | 37.8 |
|  Principal Financial Group, Inc. | (29077) | (2562556) | 179.9 |
|  Procore Technologies, Inc. | (19349) | (1057616) | 74.2 |
|  Progyny, Inc. | (10601) | (471426) | 33.1 |
|  Prosperity Bancshares, Inc. | (46697) | (3342104) | 234.6 |
|  PTC, Inc. | (827) | (97445) | 6.8 |
|  Public Service Enterprise Group, Inc. | (296) | (16597) | 1.2 |
|  Public Storage | (5358) | (1659640) | 116.5 |
|  PVH Corp. | (1522) | (78109) | 5.5 |
|  QUALCOMM, Inc. | (8979) | (1056469) | 74.2 |
|  Qualtrics International, Inc., Class A | (25414) | (304206) | 21.4 |
|  Quanta Services, Inc. | (3490) | (495720) | 34.8 |
|  R1 RCM, Inc. | (33419) | (590180) | 41.4 |
|  Raymond James Financial, Inc. | (455) | (53754) | 3.8 |
|  Rayonier, Inc. | (10641) | (358602) | 25.2 |
|  RBC Bearings, Inc. | (6249) | (1584309) | 111.2 |
|  Realty Income Corp. | (54871) | (3416817) | 239.8 |
|  Red Rock Resorts, Inc., Class A | (4775) | (198879) | 14.0 |
|  Regal Beloit Corp. | (6924) | (876163) | 61.5 |
|  Regions Financial Corp. | (25134) | (551691) | 38.7 |
|  Republic Services, Inc. | (612) | (81163) | 5.7 |
|  RH | (593) | (150580) | 10.6 |
|  Rockwell Automation, Inc. | (1831) | (467454) | 32.8 |

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108 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Global Equity Market Neutral Fund** |

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| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
|  Rollins, Inc. | (2180) | $(91734) | 6.4% |
|  Roper Industries, Inc. | (1726) | (715496) | 50.2 |
|  Ross Stores, Inc. | (9971) | (954125) | 67 |
|  RPM International, Inc. | (7452) | (704736) | 49.5 |
|  Ryman Hospitality Properties, Inc. | (1141) | (101458) | 7.1 |
|  Sarepta Therapeutics, Inc. | (128) | (14595) | 1 |
|  Seagate Technology Holdings PLC | (7045) | (349855) | 24.6 |
|  SeaWorld Entertainment, Inc. | (9819) | (571073) | 40.1 |
|  SEI Investments Co. | (18077) | (981581) | 68.9 |
|  Selective Insurance Group, Inc. | (737) | (72285) | 5.1 |
|  Sempra Energy | (9378) | (1415515) | 99.4 |
|  Sensata Technologies Holding PLC | (5734) | (230564) | 16.2 |
|  SentinelOne, Inc., Class A | (26369) | (602268) | 42.3 |
|  Shift4 Payments, Inc., Class A | (6124) | (281520) | 19.8 |
|  Shoals Technologies Group, Inc., Class A | (6206) | (143421) | 10.1 |
|  Shockwave Medical, Inc. | (253) | (74167) | 5.2 |
|  Signature Bank | (1652) | (261892) | 18.4 |
|  Simon Property Group, Inc. | (6922) | (754360) | 53 |
|  Sims Ltd. | (15786) | (123420) | 8.7 |
|  Skechers U.S.A., Inc., Class A | (7010) | (241354) | 16.9 |
|  Skyworks Solutions, Inc. | (5611) | (482602) | 33.9 |
|  SL Green Realty Corp. | (22631) | (897998) | 63 |
|  SLM Corp. | (13236) | (219585) | 15.4 |
|  SM Energy Co. | (1164) | (52357) | 3.7 |
|  Smartsheet, Inc., Class A | (6188) | (216085) | 15.2 |
|  Snowflake, Inc., Class A | (5213) | (835644) | 58.7 |
|  Sonoco Products Co. | (2762) | (171465) | 12 |
|  South State Corp. | (8267) | (747585) | 52.5 |
|  Southern Co. | (3566) | (233502) | 16.4 |
|  Southwest Airlines Co. | (13063) | (474840) | 33.3 |
|  Southwest Gas Holdings, Inc. | (4037) | (294984) | 20.7 |
|  Southwestern Energy Co. | (6646) | (46057) | 3.2 |
|  Spire, Inc. | (275) | (19198) | 1.3 |
|  Spirit AeroSystems Holdings, Inc., Class A | (4450) | (103062) | 7.2 |
|  Spirit Realty Capital, Inc. | (9813) | (381039) | 26.7 |
|  SS&C Technologies Holdings, Inc. | (21601) | (1110723) | 78 |
|  STAG Industrial, Inc. | (8713) | (275244) | 19.3 |
|  Stanley Black & Decker, Inc. | (6585) | (516857) | 36.3 |
|  Starbucks Corp. | (22196) | (1921952) | 134.9 |
|  Starwood Property Trust, Inc. | (23601) | (487597) | 34.2 |
|  State Street Corp. | (7493) | (554482) | 38.9 |
|  Steel Dynamics, Inc. | (3674) | (345540) | 24.3 |
|  STERIS PLC | (6103) | (1053256) | 73.9 |
|  Stryker Corp. | (4132) | (947220) | 66.5 |
|  Synopsys, Inc. | (1627) | (475979) | 33.4 |
|  Synovus Financial Corp. | (18939) | (754719) | 53 |
|  Sysco Corp. | (2497) | (216140) | 15.2 |
|  T Rowe Price Group, Inc. | (8540) | (906606) | 63.6 |
|  Tapestry, Inc. | (6130) | (194198) | 13.6 |
|  Target Corp. | (4989) | (819443) | 57.5 |
|  TE Connectivity Ltd. | (3063) | (374390) | 26.3 |
|  Teledyne Technologies, Inc. | (6800) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2706264) | 190 |
|  Tenet Healthcare Corp. | (15392) | (682789) | 47.9 |
|  Teradata Corp. | (2461) | (77743) | 5.5 |
|  Terreno Realty Corp. | (17298) | (988408) | 69.4 |
|  Texas Pacific Land Corp. | (137) | (315630) | 22.2 |
|  Thor Industries, Inc. | (502) | (40898) | 2.9 |
|  TJX Cos., Inc. | (2270) | (163667) | 11.5 |
|  T-Mobile U.S., Inc. | (5707) | (864953) | 60.7 |

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| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
|  Toast, Inc., Class A | (4251) | $(93905) | 6.6% |
|  Toro Co. | (4763) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(502163) | 35.2 |
|  Trade Desk, Inc., Class A | (10328) | (549863) | 38.6 |
|  Tradeweb Markets, Inc., Class A | (5012) | (276061) | 19.4 |
|  TransUnion | (2069) | (122630) | 8.6 |
|  Travelers Cos., Inc. | (3279) | (604844) | 42.5 |
|  Trimble, Inc. | (10842) | (652255) | 45.8 |
|  Truist Financial Corp. | (16373) | (733347) | 51.5 |
|  Twilio, Inc., Class A | (4308) | (320386) | 22.5 |
|  UFP Industries, Inc. | (5609) | (399529) | 28.0 |
|  UGI Corp. | (16372) | (578423) | 40.6 |
|  UiPath, Inc., Class A | (19456) | (246118) | 17.3 |
|  United Airlines Holdings, Inc. | (9152) | (394268) | 27.7 |
|  United Bankshares, Inc. | (11935) | (505447) | 35.5 |
|  United Parcel Service, Inc., Class B | (1082) | (181527) | 12.7 |
|  Univar Solutions, Inc. | (8555) | (217981) | 15.3 |
|  Universal Health Services, Inc., Class B | (5498) | (637053) | 44.7 |
|  Valley National Bancorp | (36247) | (430252) | 30.2 |
|  Valmont Industries, Inc. | (1119) | (357207) | 25.1 |
|  Ventas, Inc. | (4164) | (162937) | 11.4 |
|  Verisk Analytics, Inc. | (1498) | (273879) | 19.2 |
|  Verizon Communications, Inc. | (16016) | (598518) | 42.0 |
|  ViacomCBS, Inc., Class B | (9877) | (180947) | 12.7 |
|  Vir Biotechnology, Inc. | (738) | (16221) | 1.1 |
|  Vontier Corp. | (6189) | (118210) | 8.3 |
|  Vornado Realty Trust | (57655) | (1360081) | 95.5 |
|  Voya Financial, Inc. | (430) | (29395) | 2.1 |
|  Vulcan Materials Co. | (4623) | (756785) | 53.1 |
|  W R Berkley Corp. | (7261) | (540073) | 37.9 |
|  Warner Bros Discovery, Inc. | (17375) | (225875) | 15.9 |
|  Warner Music Group Corp., Class A | (9253) | (240763) | 16.9 |
|  Waste Connections, Inc. | (3532) | (465906) | 32.7 |
|  Waste Management, Inc. | (7687) | (1217390) | 85.5 |
|  Webster Financial Corp. | (9654) | (523826) | 36.8 |
|  WEC Energy Group, Inc. | (10445) | (953942) | 67.0 |
|  Wendy's Co. | (25107) | (521723) | 36.6 |
|  WESCO International, Inc. | (2903) | (399946) | 28.1 |
|  Western Alliance Bancorp | (3107) | (208697) | 14.6 |
|  Westinghouse Air Brake Technologies Corp. | (4495) | (419294) | 29.4 |
|  Westlake Chemical Corp. | (3134) | (302901) | 21.3 |
|  WEX, Inc. | (846) | (138862) | 9.7 |
|  Weyerhaeuser Co. | (39491) | (1221457) | 85.7 |
|  Williams-Sonoma, Inc. | (1956) | (242211) | 17.0 |
|  WillScot Mobile Mini Holdings Corp. | (19225) | (817639) | 57.4 |
|  Wolfspeed, Inc. | (2645) | (208294) | 14.6 |
|  Woodward, Inc. | (4395) | (403022) | 28.3 |
|  Workiva, Inc. | (2941) | (228839) | 16.1 |
|  WW Grainger, Inc. | (1067) | (623501) | 43.8 |
|  Wynn Resorts Ltd. | (11282) | (720920) | 50.6 |
|  XPO Logistics, Inc. | (3148) | (162878) | 11.4 |
|  YETI Holdings, Inc. | (1846) | (59220) | 4.2 |
|  Zebra Technologies Corp., Class A | (446) | (126316) | 8.9 |
|  Zimmer Biomet Holdings, Inc. | (8486) | (961888) | 67.5 |
|  Zions Bancorp NA | (922) | (47889) | 3.4 |
|  Zoetis, Inc. | (5655) | (852661) | 59.9 |
|  Zoom Video Communications, Inc., Class A | (707) | (58992) | 4.1 |

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S C H E D U L E O F I N V E S T M E N T S 109

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| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Global Equity Market Neutral Fund** |

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| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** | **United States (continued)** |
|  ZoomInfo Technologies, Inc. | (24428) | $(1087779) | 76.4% |
|  Zurn Elkay Water Solutions Corp. | (5413) | (127151) | 8.9 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(243585712) |  |
| **Preferred Stocks** |  |  |  |
| **Germany** |  |  |  |
|  Henkel AG & Co. KGaA | (19057) | (1200563) | 84.3 |
|  **Total Reference Entity — Short** |  | (427748518) |  |
|  **Net Value of Reference Entity — Goldman Sachs & Co.** |  | $(1424596) |  |

---

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 July 5, 2023:

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
|  **Reference Entity — Long** | **Reference Entity — Long** | **Reference Entity — Long** | **Reference Entity — Long** |
|  **Common Stocks** |  |  |  |
|  **Australia** |  |  |  |
|  AGL Energy Ltd. | 23645 | $103016 | (7.3)% |
|  Allkem Ltd. | 21133 | 195262 | (13.8) |
|  Aristocrat Leisure Ltd. | 2924 | 69404 | (4.9) |
|  ASX Ltd. | 4680 | 202777 | (14.3) |
|  Australia & New Zealand Banking Group Ltd. | 7051 | 115522 | (8.1) |
|  Bank of Queensland Ltd. | 91542 | 431097 | (30.4) |
|  BHP Group Ltd. | 13235 | 316281 | (22.3) |
|  carsales.com Ltd. | 11884 | 153943 | (10.9) |
|  Challenger Ltd. | 33710 | 151470 | (10.7) |
|  Charter Hall Group | 4579 | 38010 | (2.7) |
|  Coles Group Ltd. | 18973 | 198375 | (14.0) |
|  Commonwealth Bank of Australia | 5361 | 359438 | (25.4) |
|  CSR Ltd. | 45719 | 135432 | (9.6) |
|  Deterra Royalties Ltd. | 145091 | 380711 | (26.9) |
|  Domain Holdings Australia Ltd. | 115927 | 247061 | (17.4) |
|  Domino's Pizza Enterprises Ltd. | 3940 | 160648 | (11.3) |
|  Flight Centre Travel Group Ltd. | 1042 | 11090 | (0.8) |
|  Goodman Group | 50566 | 550194 | (38.8) |
|  GPT Group | 210816 | 582604 | (41.1) |
|  Harvey Norman Holdings Ltd. | 12237 | 32554 | (2.3) |
|  IGO Ltd. | 38167 | 373271 | (26.3) |
|  Iluka Resources Ltd. | 75114 | 416171 | (29.4) |
|  Magellan Financial Group Ltd. | 20117 | 127558 | (9.0) |
|  Medibank Pvt Ltd. | 102764 | 185044 | (13.1) |
|  Mineral Resources Ltd. | 26095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1223380 | (86.3) |
|  National Australia Bank Ltd. | 34560 | 717882 | (50.7) |
|  Orora Ltd. | 27016 | 52425 | (3.7) |
|  OZ Minerals Ltd. | 15874 | 245793 | (17.3) |
|  Pilbara Minerals Ltd. | 209471 | 680833 | (48.0) |
|  Pro Medicus Ltd. | 8980 | 319934 | (22.6) |
|  REA Group Ltd. | 2189 | 169660 | (12.0) |
|  Scentre Group | 85289 | 158725 | (11.2) |
|  SEEK Ltd. | 4689 | 64548 | (4.6) |
|  Shopping Centres Australasia Property Group | 155805 | 271368 | (19.1) |
|  Steadfast Group Ltd. | 93552 | 303085 | (21.4) |
|  Stockland. | 12012 | 27677 | (2.0) |
|  Telstra Group Ltd. | 157694 | 395406 | (27.9) |
|  Treasury Wine Estates Ltd. | 31828 | 263751 | (18.6) |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **Australia (continued)** | **Australia (continued)** | **Australia (continued)** | **Australia (continued)** |
|  Wesfarmers Ltd. | 32247 | $935777 | (66.0)% |
|  Westpac Banking Corp. | 70390 | 1086889 | (76.7) |
|  WiseTech Global Ltd. | 7342 | 271529 | (19.2) |
|  |  | 12725595 |  |
| **Austria** |  |  |  |
|  Andritz AG | 1609 | 74781 | (5.3) |
|  Erste Group Bank AG | 61097 | 1505731 | (106.2) |
|  Raiffeisen Bank International AG | 7124 | 99075 | (7.0) |
|  |  | 1679587 |  |
| **Belgium** |  |  |  |
|  Ackermans & van Haaren NV | 3478 | 484560 | (34.2) |
|  Anheuser-Busch InBev SA | 12863 | 643412 | (45.4) |
|  Elia Group SA | 3002 | 379550 | (26.8) |
|  Etablissements Franz Colruyt NV | 15463 | 372722 | (26.3) |
|  Solvay SA | 3083 | 278212 | (19.6) |
|  Umicore SA | 5881 | 193872 | (13.7) |
|  Warehouses De Pauw CVA | 17988 | 461679 | (32.6) |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2814007 |  |
| **Bermuda** |  |  |  |
|  Hiscox Ltd. | 88494 | 911639 | (64.3) |
| **Canada** |  |  |  |
|  Air Canada | 62663 | 901987 | (63.7) |
|  Alamos Gold, Inc., Class A | 7703 | 60783 | (4.3) |
|  Algonquin Power & Utilities Corp. | 51799 | 573369 | (40.5) |
|  ARC Resources Ltd. | 10448 | 147093 | (10.4) |
|  Ballard Power Systems, Inc. | 4573 | 25914 | (1.8) |
|  Bank of Montreal | 9454 | 870835 | (61.5) |
|  Bank of Nova Scotia | 19282 | 932007 | (65.8) |
|  Baytex Energy Corp. | 84945 | 461403 | (32.6) |
|  BCE, Inc. | 10871 | 490346 | (34.6) |
|  Birchcliff Energy Ltd. | 1608 | 12500 | (0.9) |
|  Bombardier, Inc., Class B | 2690 | 79001 | (5.6) |
|  CAE, Inc. | 47246 | 901674 | (63.6) |
|  Canadian Imperial Bank of Commerce | 12555 | 570175 | (40.2) |
|  Canadian Natural Resources Ltd. | 6850 | 410844 | (29.0) |
|  Canadian Tire Corp. Ltd., Class A | 2852 | 319648 | (22.6) |
|  Capital Power Corp. | 6835 | 228778 | (16.1) |
|  Cargojet, Inc. | 1947 | 189791 | (13.4) |
|  CGI, Inc. | 4570 | 368123 | (26.0) |
|  Colliers International Group, Inc. | 2140 | 200844 | (14.2) |
|  Crescent Point Energy Corp. | 34078 | 266400 | (18.8) |
|  Descartes Systems Group, Inc. | 2131 | 147036 | (10.4) |
|  Emera, Inc. | 17089 | 633335 | (44.7) |
|  Enbridge, Inc. | 194 | 7559 | (0.5) |
|  Enerplus Corp. | 1372 | 23787 | (1.7) |
|  First Majestic Silver Corp. | 55207 | 464398 | (32.8) |
|  First Quantum Minerals Ltd. | 20586 | 363109 | (25.6) |
|  FirstService Corp. | 3992 | 499048 | (35.2) |
|  George Weston Ltd. | 2926 | 322056 | (22.7) |
|  GFL Environmental, Inc. | 6432 | 173600 | (12.3) |
|  Gibson Energy, Inc. | 3576 | 61028 | (4.3) |
|  Great-West Lifeco, Inc. | 37549 | 869303 | (61.3) |
|  Hydro One Ltd. | 13535 | 339381 | (23.9) |
|  IGM Financial, Inc. | 7232 | 193600 | (13.7) |
|  Imperial Oil Ltd. | 897 | 48796 | (3.4) |
|  Ivanhoe Mines Ltd., Class A | 43239 | 299929 | (21.2) |
|  Keyera Corp. | 7562 | 162081 | (11.4) |
|  Kinaxis, Inc. | 1266 | 135126 | (9.5) |

---

110 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Global Equity Market Neutral Fund** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **Canada (continued)** |  |  |  |
|  Kinross Gold Corp. | 19442 | $70498 | (5.0)% |
|  Lithium Americas Corp. | 7258 | 180604 | (12.7) |
|  Methanex Corp. | 1315 | 45897 | (3.2) |
|  Northland Power, Inc. | 16564 | 481959 | (34.0) |
|  NuVista Energy Ltd. | 1611 | 15976 | (1.1) |
|  Parex Resources, Inc. | 16496 | 251614 | (17.8) |
|  Power Corp. of Canada | 3550 | 88154 | (6.2) |
|  RioCan Real Estate Investment Trust | 11467 | 163375 | (11.5) |
|  Stantec, Inc. | 38663 | 1891787 | (133.5) |
|  TC Energy Corp. | 32663 | 1434693 | (101.2) |
|  TELUS Corp. | 40483 | 845408 | (59.7) |
|  Toronto-Dominion Bank | 11547 | 739005 | (52.2) |
|  Tourmaline Oil Corp. | 6556 | 369390 | (26.1) |
|  Wheaton Precious Metals Corp. | 8962 | 293197 | (20.7) |
|  Whitecap Resources, Inc. | 15351 | 118990 | (8.4) |
|  WSP Global, Inc. | 4108 | 504895 | (35.6) |
|  |  | 20250129 |  |
| **China** |  |  |  |
|  Budweiser Brewing Co. APAC Ltd. | 212700 | 447674 | (31.6) |
|  Chow Tai Fook Jewellery Group Ltd. | 18200 | 31160 | (2.2) |
|  |  | 478834 |  |
| **Denmark** |  |  |  |
|  AP Moller - Maersk A/S, Class A | 70 | 140048 | (9.9) |
|  AP Moller - Maersk A/S, Class B | 164 | 342624 | (24.2) |
|  Coloplast A/S, Class B | 4333 | 483000 | (34.1) |
|  DSV A/S | 2493 | 336875 | (23.8) |
|  Genmab A/S | 178 | 68567 | (4.8) |
|  GN Store Nord A/S | 473 | 10052 | (0.7) |
|  H Lundbeck A/S | 76392 | 285835 | (20.2) |
|  Novo Nordisk A/S, Class B | 7068 | 768512 | (54.2) |
|  Novozymes A/S, B Shares | 10624 | 557659 | (39.3) |
|  SimCorp. A/S | 3004 | 179371 | (12.7) |
|  Tryg A/S | 35349 | 764572 | (54.0) |
|  Vestas Wind Systems A/S | 37201 | 733368 | (51.7) |
|  |  | 4670483 |  |
| **Finland** |  |  |  |
|  Kone OYJ, Class B | 20267 | 829848 | (58.6) |
|  Nokia OYJ | 329682 | 1465078 | (103.4) |
|  Nokian Renkaat OYJ | 69069 | 778879 | (55.0) |
|  Outokumpu OYJ | 116410 | 467196 | (33.0) |
|  Stora Enso OYJ | 51244 | 668161 | (47.1) |
|  Valmet OYJ | 19903 | 452659 | (31.9) |
|  Wartsila OYJ Abp | 76669 | 522673 | (36.9) |
|  |  | 5184494 |  |
| **France** |  |  |  |
|  Accor SA | 38910 | 932340 | (65.8) |
|  Air France-KLM | 91946 | 120901 | (8.5) |
|  Air Liquide SA | 17745 | 2321289 | (163.8) |
|  ALD SA | 2004 | 21381 | (1.5) |
|  Arkema SA | 716 | 56663 | (4.0) |
|  BioMerieux | 1879 | 166251 | (11.7) |
|  Bouygues SA | 36500 | 1041387 | (73.5) |
|  Carrefour SA | 8387 | 134992 | (9.5) |
|  Cie de L'Odet SE | 12 | 14339 | (1.0) |
|  Cie de Saint-Gobain | 19032 | 778046 | (54.9) |
|  Cie Generale des Etablissements Michelin SCA | 14771 | 376425 | (26.6) |
|  Danone SA | 38148 | 1895936 | (133.8) |
|  Dassault Aviation SA | 5131 | 762047 | (53.8) |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **France (continued)** |  |  |  |
|  Dassault Systemes SE | 21855 | $732553 | (51.7)% |
|  Edenred | 6410 | 328616 | (23.2) |
|  Eiffage SA | 10799 | 976465 | (68.9) |
|  Engie SA | 258144 | 3354156 | (236.7) |
|  Eramet SA | 3454 | 226277 | (16.0) |
|  Eurazeo SE | 6956 | 396947 | (28.0) |
|  Faurecia SE | 1875 | 27992 | (2.0) |
|  Gecina SA | 10893 | 971155 | (68.5) |
|  Hermes International | 351 | 454329 | (32.1) |
|  ICADE | 21048 | 782962 | (55.3) |
|  Ipsen SA | 355 | 36482 | (2.6) |
|  JCDecaux SE | 1672 | 21110 | (1.5) |
|  Klepierre SA | 36790 | 739415 | (52.2) |
|  La Francaise des Jeux SAEM | 20476 | 667283 | (47.1) |
|  Legrand SA | 3183 | 242559 | (17.1) |
|  Neoen SA | 1205 | 42030 | (3.0) |
|  Nexans SA | 897 | 83761 | (5.9) |
|  Orange SA | 74852 | 713183 | (50.3) |
|  Pernod Ricard SA | 7205 | 1264558 | (89.2) |
|  Publicis Groupe SA | 2531 | 141747 | (10.0) |
|  Remy Cointreau SA | 2946 | 450555 | (31.8) |
|  Rexel SA | 34072 | 608025 | (42.9) |
|  Schneider Electric SE | 1141 | 144287 | (10.2) |
|  Teleperformance | 1810 | 484953 | (34.2) |
|  Thales SA | 10374 | 1319364 | (93.1) |
|  Ubisoft Entertainment SA | 2767 | 75915 | (5.4) |
|  Valeo | 2797 | 46075 | (3.2) |
|  Vinci SA | 996 | 91669 | (6.5) |
|  |  | 24046420 |  |
| **Germany** |  |  |  |
|  1&1 AG | 18186 | 239579 | (16.9) |
|  AIXTRON SE | 6887 | 169239 | (11.9) |
|  Bayerische Motoren Werke AG | 16971 | 1332085 | (94.0) |
|  Beiersdorf AG | 13574 | 1303039 | (92.0) |
|  Commerzbank AG | 8105 | 64757 | (4.6) |
|  Daimler Truck Holding AG | 30322 | 808766 | (57.1) |
|  Deutsche Lufthansa AG, Registered Shares | 37609 | 257133 | (18.1) |
|  E.ON SE | 116971 | 979513 | (69.1) |
|  Encavis AG | 30959 | 576386 | (40.7) |
|  Evonik Industries AG | 22816 | 420310 | (29.7) |
|  Fraport AG Frankfurt Airport Services Worldwide | 2792 | 107565 | (7.6) |
|  Freenet AG | 26203 | 515051 | (36.3) |
|  HelloFresh SE | 10159 | 203070 | (14.3) |
|  K&S AG, Registered Shares | 897 | 19805 | (1.4) |
|  Knorr-Bremse AG | 40788 | 1836306 | (129.6) |
|  LEG Immobilien SE | 12618 | 823768 | (58.1) |
|  Mercedes-Benz Group AG | 26061 | 1508451 | (106.5) |
|  METRO AG | 20408 | 155680 | (11.0) |
|  Nemetschek SE | 6713 | 320055 | (22.6) |
|  Nordex SE | 16608 | 154823 | (10.9) |
|  ProSiebenSat.1 Media SE | 6702 | 45544 | (3.2) |
|  Puma SE | 3272 | 144658 | (10.2) |
|  Rational AG | 309 | 174183 | (12.3) |
|  Rheinmetall AG | 111 | 18043 | (1.3) |
|  RWE AG | 15010 | 577812 | (40.8) |
|  Siemens AG, Registered Shares | 22059 | 2409040 | (170.0) |
|  Talanx AG | 13066 | 490685 | (34.6) |
|  Traton SE | 8900 | 110989 | (7.8) |
|  Vantage Towers AG | 5774 | 162391 | (11.5) |

---

S C H E D U L E O F I N V E S T M E N T S 111

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Global Equity Market Neutral Fund** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **Germany (continued)** |  |  |  |
|  VERBIO Vereinigte BioEnergie AG | 2635 | $207567 | (14.7)% |
|  Volkswagen AG | 5908 | 1009865 | (71.3) |
|  Wacker Chemie AG | 2984 | 347413 | (24.5) |
|  |  | 17493571 |  |
| **Hong Kong** |  |  |  |
|  ASMPT Ltd. | 13600 | 74807 | (5.3) |
|  Bank of East Asia Ltd. | 76000 | 72837 | (5.1) |
|  Cafe de Coral Holdings Ltd. | 26000 | 30343 | (2.1) |
|  Dah Sing Banking Group Ltd. | 28000 | 16695 | (1.2) |
|  Dah Sing Financial Holdings Ltd. | 41600 | 82318 | (5.8) |
|  DFI Retail Group Holdings Ltd. | 67600 | 151553 | (10.7) |
|  First Pacific Co. Ltd. | 262000 | 69379 | (4.9) |
|  Haitong International Securities Group Ltd. | 105600 | 7664 | (0.5) |
|  Hang Lung Group Ltd. | 49000 | 63557 | (4.5) |
|  Hang Lung Properties Ltd. | 58000 | 72962 | (5.2) |
|  HK Electric Investments & HK Electric Investments Ltd. | 333000 | 211726 | (14.9) |
|  Hutchison Port Holdings Trust | 433000 | 70719 | (5.0) |
|  Hysan Development Co. Ltd. | 94000 | 204882 | (14.5) |
|  Jardine Matheson Holdings Ltd. | 4400 | 202699 | (14.3) |
|  Kerry Properties Ltd. | 93500 | 147906 | (10.4) |
|  Link REIT | 45300 | 267751 | (18.9) |
|  New World Development Co. Ltd. | 135000 | 276139 | (19.5) |
|  Pacific Basin Shipping Ltd. | 261000 | 63189 | (4.5) |
|  Shangri-La Asia Ltd. | 130000 | 71931 | (5.1) |
|  SITC International Holdings Co. Ltd. | 5000 | 8189 | (0.6) |
|  SJM Holdings Ltd. | 365000 | 113898 | (8.0) |
|  Sun Hung Kai Properties Ltd. | 51000 | 548062 | (38.7) |
|  Swire Pacific Ltd., Class A | 68000 | 451079 | (31.8) |
|  Yue Yuen Industrial Holdings Ltd. | 13000 | 13217 | (0.9) |
|  |  | 3293502 |  |
| **Ireland** |  |  |  |
|  Bank of Ireland Group PLC | 141431 | 1018391 | (71.9) |
|  Experian PLC | 41711 | 1329966 | (93.8) |
|  Glanbia PLC | 18430 | 212853 | (15.0) |
|  James Hardie Industries PLC | 14387 | 314111 | (22.2) |
|  Kingspan Group PLC | 18602 | 937852 | (66.2) |
|  |  | 3813173 |  |
| **Israel** |  |  |  |
|  Airport City Ltd. | 3433 | 56841 | (4.0) |
|  Alony Hetz Properties & Investments Ltd. | 4231 | 49626 | (3.5) |
|  Big Shopping Centers Ltd. | 468 | 52477 | (3.7) |
|  Elbit Systems Ltd. | 1950 | 394554 | (27.9) |
|  Gav-Yam Lands Corp. Ltd. | 18706 | 158648 | (11.2) |
|  Israel Corp. Ltd. | 940 | 406881 | (28.7) |
|  Melisron Ltd. | 2895 | 214790 | (15.2) |
|  Nice Ltd. | 1520 | 286473 | (20.2) |
|  OPC Energy Ltd. | 3388 | 41656 | (2.9) |
|  Paz Oil Co. Ltd. | 1273 | 152076 | (10.7) |
|  Phoenix Holdings Ltd. | 20158 | 218354 | (15.4) |
|  |  | 2032376 |  |
| **Italy** |  |  |  |
|  Amplifon SpA | 11209 | 278476 | (19.7) |
|  Atlantia SpA | 32022 | 714331 | (50.4) |
|  Azimut Holding SpA | 7952 | 128044 | (9.0) |
|  De' Longhi SpA | 6423 | 110821 | (7.8) |
|  Enel SpA | 491126 | 2194030 | (154.8) |
|  Ferrari NV | 4415 | 870365 | (61.4) |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **Italy (continued)** |  |  |  |
|  Italgas SpA | 42547 | $219213 | (15.5)% |
|  Reply SpA | 1063 | 115626 | (8.2) |
|  Snam SpA | 39322 | 174846 | (12.3) |
|  UnipolSai Assicurazioni SpA | 193178 | 435573 | (30.8) |
|  |  | 5241325 |  |
| **Japan** |  |  |  |
|  Acom Co. Ltd. | 276200 | 603402 | (42.6) |
|  AEON Financial Service Co. Ltd. | 43400 | 424739 | (30.0) |
|  Aica Kogyo Co. Ltd. | 6100 | 131105 | (9.3) |
|  Alfresa Holdings Corp. | 24600 | 283217 | (20.0) |
|  Amada Co. Ltd. | 66900 | 470546 | (33.2) |
|  Amano Corp. | 19800 | 338825 | (23.9) |
|  ANA Holdings, Inc. | 31700 | 616207 | (43.5) |
|  Anritsu Corp. | 1200 | 12078 | (0.8) |
|  Anycolor, Inc. | 500 | 41562 | (2.9) |
|  Aozora Bank Ltd. | 54600 | 939216 | (66.3) |
|  Astellas Pharma, Inc. | 84600 | 1167326 | (82.4) |
|  Azbil Corp. | 31800 | 864186 | (61.0) |
|  AZ-COM MARUWA Holdings, Inc. | 32800 | 311653 | (22.0) |
|  Bandai Namco Holdings, Inc. | 1900 | 125595 | (8.9) |
|  Benesse Holdings, Inc. | 60300 | 889575 | (62.8) |
|  Capcom Co. Ltd. | 6200 | 172453 | (12.2) |
|  Central Japan Railway Co. | 6500 | 752547 | (53.1) |
|  Chugai Pharmaceutical Co. Ltd. | 3400 | 78784 | (5.6) |
|  Chugin Financial Group, Inc. | 33400 | 201334 | (14.2) |
|  Chugoku Electric Power Co., Inc. | 84500 | 396438 | (28.0) |
|  Coca-Cola Bottlers Japan Holdings, Inc. | 5000 | 45175 | (3.2) |
|  COMSYS Holdings Corp. | 41300 | 676613 | (47.7) |
|  Cosmo Energy Holdings Co. Ltd. | 2700 | 69550 | (4.9) |
|  Cosmos Pharmaceutical Corp. | 10400 | 1005833 | (71.0) |
|  Daifuku Co. Ltd. | 2800 | 128170 | (9.0) |
|  Daiwa House Industry Co. Ltd. | 54900 | 1106089 | (78.1) |
|  Daiwa Securities Group, Inc. | 48300 | 188451 | (13.3) |
|  DeNA Co. Ltd. | 6100 | 79559 | (5.6) |
|  Disco Corp. | 2500 | 597951 | (42.2) |
|  DMG Mori Co. Ltd. | 10700 | 123827 | (8.7) |
|  East Japan Railway Co. | 31100 | 1657175 | (116.9) |
|  Ebara Corp. | 8000 | 259937 | (18.3) |
|  EXEO Group, Inc. | 125000 | 1831444 | (129.2) |
|  FP Corp. | 8400 | 199840 | (14.1) |
|  Fuji Media Holdings, Inc. | 50500 | 351232 | (24.8) |
|  FUJIFILM Holdings Corp. | 12000 | 548999 | (38.7) |
|  Fujikura Ltd. | 2100 | 12434 | (0.9) |
|  Fujitsu Ltd. | 8400 | 966492 | (68.2) |
|  Furukawa Electric Co. Ltd. | 19300 | 297757 | (21.0) |
|  GMO Payment Gateway, Inc. | 1200 | 86287 | (6.1) |
|  H.U. Group Holdings, Inc. | 2200 | 40953 | (2.9) |
|  Hamamatsu Photonics KK | 600 | 27145 | (1.9) |
|  Hirose Electric Co. Ltd. | 2600 | 337275 | (23.8) |
|  Hitachi Transport System Ltd. | 11300 | 676261 | (47.7) |
|  Honda Motor Co. Ltd. | 53400 | 1217652 | (85.9) |
|  Hulic Co. Ltd. | 28000 | 203402 | (14.4) |
|  Information Services International-Dentsu Ltd. | 9000 | 275262 | (19.4) |
|  INFRONEER Holdings, Inc. | 24800 | 171921 | (12.1) |
|  ITOCHU Corp. | 32000 | 827025 | (58.4) |
|  Itochu Techno-Solutions Corp. | 31400 | 727969 | (51.4) |
|  Izumi Co. Ltd. | 15100 | 304613 | (21.5) |
|  J Front Retailing Co. Ltd. | 5800 | 46882 | (3.3) |
|  Japan Exchange Group, Inc. | 5800 | 76222 | (5.4) |
|  Japan Post Bank Co. Ltd. | 23100 | 153918 | (10.9) |

---

112 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Global Equity Market Neutral Fund** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
|  Japan Post Holdings Co. Ltd. | 72000 | $484170 | (34.2)% |
|  Kajima Corp. | 60700 | 571380 | (40.3) |
|  Kakaku.com, Inc. | 1800 | 30443 | (2.1) |
|  Kamigumi Co. Ltd. | 23300 | 443089 | (31.3) |
|  Kandenko Co. Ltd. | 48100 | 270367 | (19.1) |
|  Kansai Electric Power Co., Inc. | 10800 | 81813 | (5.8) |
|  Kawasaki Kisen Kaisha Ltd. | 11900 | 180442 | (12.7) |
|  KDDI Corp. | 7900 | 233500 | (16.5) |
|  Keio Corp. | 9300 | 326063 | (23.0) |
|  Keisei Electric Railway Co. Ltd. | 8800 | 233570 | (16.5) |
|  Kewpie Corp. | 18700 | 295223 | (20.8) |
|  Kinden Corp. | 85200 | 866941 | (61.2) |
|  Kintetsu Group Holdings Co. Ltd. | 2900 | 98005 | (6.9) |
|  Kokuyo Co. Ltd. | 27900 | 346058 | (24.4) |
|  Kuraray Co. Ltd. | 35400 | 243429 | (17.2) |
|  Kusuri no Aoki Holdings Co. Ltd. | 19500 | 939956 | (66.3) |
|  Kyocera Corp. | 5500 | 266345 | (18.8) |
|  Kyudenko Corp. | 6600 | 139989 | (9.9) |
|  Kyushu Electric Power Co., Inc. | 40200 | 199033 | (14.0) |
|  Kyushu Railway Co. | 10500 | 219594 | (15.5) |
|  Lawson, Inc. | 15100 | 482400 | (34.0) |
|  Lion Corp. | 36800 | 371926 | (26.2) |
|  Lixil Corp. | 11400 | 172200 | (12.2) |
|  M3, Inc. | 12400 | 369522 | (26.1) |
|  Mani, Inc. | 11500 | 167527 | (11.8) |
|  Marubeni Corp. | 38800 | 339652 | (24.0) |
|  Maruichi Steel Tube Ltd. | 2900 | 54739 | (3.9) |
|  Mazda Motor Corp. | 26100 | 175730 | (12.4) |
|  McDonald's Holdings Co. Japan Ltd. | 4000 | 138869 | (9.8) |
|  Medipal Holdings Corp. | 2700 | 33475 | (2.4) |
|  Mitsubishi Chemical Group Corp. | 4700 | 21232 | (1.5) |
|  Mitsubishi Corp. | 10300 | 279015 | (19.7) |
|  Mitsubishi Estate Co. Ltd. | 156400 | 1966776 | (138.8) |
|  Mitsubishi Gas Chemical Co., Inc. | 5800 | 73702 | (5.2) |
|  Mitsubishi HC Capital, Inc. | 81000 | 347576 | (24.5) |
|  Mitsubishi Materials Corp. | 8400 | 109792 | (7.7) |
|  Mitsui & Co. Ltd. | 30800 | 681579 | (48.1) |
|  Mitsui Chemicals, Inc. | 43800 | 810691 | (57.2) |
|  Mitsui Fudosan Co. Ltd. | 115500 | 2211636 | (156.1) |
|  Mitsui Mining & Smelting Co. Ltd. | 6200 | 125225 | (8.8) |
|  MonotaRO Co. Ltd. | 35100 | 532813 | (37.6) |
|  MS&AD Insurance Group Holdings, Inc. | 8700 | 230387 | (16.3) |
|  Murata Manufacturing Co. Ltd. | 200 | 9468 | (0.7) |
|  Nagoya Railroad Co. Ltd. | 24500 | 375316 | (26.5) |
|  NEC Corp. | 22800 | 754700 | (53.3) |
|  NEC Networks & System Integration Corp. | 11400 | 122163 | (8.6) |
|  NET One Systems Co. Ltd. | 4700 | 96532 | (6.8) |
|  Nichirei Corp. | 29500 | 458797 | (32.4) |
|  Nihon Kohden Corp. | 5500 | 123157 | (8.7) |
|  Nihon M&A Center Holdings, Inc. | 3800 | 42878 | (3.0) |
|  Nintendo Co. Ltd. | 400 | 16240 | (1.1) |
|  Nippon Telegraph & Telephone Corp. | 84500 | 2330569 | (164.5) |
|  Nippon Television Holdings, Inc. | 6000 | 44744 | (3.2) |
|  Nipro Corp. | 59000 | 444758 | (31.4) |
|  Nitori Holdings Co. Ltd. | 1900 | 172172 | (12.1) |
|  Nitto Denko Corp. | 8100 | 426754 | (30.1) |
|  Nomura Research Institute Ltd. | 5200 | 115077 | (8.1) |
|  NSK Ltd. | 21600 | 114161 | (8.1) |
|  NTT Data Corp. | 3600 | 52142 | (3.7) |
|  Obayashi Corp. | 129900 | 833784 | (58.8) |
|  OBIC Business Consultants Co. Ltd. | 1300 | 37368 | (2.6) |
|  Obic Co. Ltd. | 1000 | 150063 | (10.6) |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
|  Odakyu Electric Railway Co. Ltd. | 8400 | $99859 | (7.0)% |
|  Omron Corp. | 9600 | 447728 | (31.6) |
|  Oracle Corp. Japan | 800 | 42617 | (3.0) |
|  Oriental Land Co. Ltd. | 2500 | 334819 | (23.6) |
|  Otsuka Corp. | 32500 | 1023494 | (72.2) |
|  Otsuka Holdings Co. Ltd. | 1100 | 35260 | (2.5) |
|  PALTAC Corp. | 7100 | 201681 | (14.2) |
|  Panasonic Holdings Corp. | 45000 | 320518 | (22.6) |
|  Park24 Co. Ltd. | 16200 | 215913 | (15.2) |
|  Penta-Ocean Construction Co. Ltd. | 49500 | 246173 | (17.4) |
|  Pigeon Corp. | 14000 | 183387 | (12.9) |
|  Pola Orbis Holdings, Inc. | 11400 | 125915 | (8.9) |
|  Rakuten Group, Inc. | 95500 | 426347 | (30.1) |
|  Resona Holdings, Inc. | 149400 | 563081 | (39.7) |
|  Resorttrust, Inc. | 32900 | 506380 | (35.7) |
|  Ricoh Co. Ltd. | 74000 | 542256 | (38.3) |
|  Rinnai Corp. | 7100 | 483264 | (34.1) |
|  Rohm Co. Ltd. | 6600 | 463746 | (32.7) |
|  Sankyu, Inc. | 8100 | 241515 | (17.0) |
|  Sanrio Co. Ltd. | 1700 | 45331 | (3.2) |
|  Santen Pharmaceutical Co. Ltd. | 22800 | 156020 | (11.0) |
|  Sawai Group Holdings Co. Ltd. | 7200 | 207829 | (14.7) |
|  SBI Holdings, Inc. | 800 | 14451 | (1.0) |
|  SCREEN Holdings Co. Ltd. | 1200 | 65864 | (4.6) |
|  SCSK Corp. | 12600 | 185894 | (13.1) |
|  Secom Co. Ltd. | 9900 | 564008 | (39.8) |
|  Sega Sammy Holdings, Inc. | 66200 | 846785 | (59.8) |
|  Seiko Epson Corp. | 1100 | 14934 | (1.1) |
|  Seino Holdings Co. Ltd. | 35300 | 271238 | (19.1) |
|  Sekisui House Ltd. | 27300 | 453256 | (32.0) |
|  Sekisui House REIT, Inc. | 234 | 126090 | (8.9) |
|  Shimadzu Corp. | 7800 | 205474 | (14.5) |
|  Shimizu Corp. | 154400 | 770454 | (54.4) |
|  Skylark Co. Ltd. | 18600 | 198415 | (14.0) |
|  SMS Co. Ltd. | 6200 | 142233 | (10.0) |
|  Sohgo Security Services Co. Ltd. | 18000 | 448693 | (31.7) |
|  Sojitz Corp. | 55500 | 818179 | (57.7) |
|  Sompo Holdings, Inc. | 16400 | 683754 | (48.3) |
|  Sotetsu Holdings, Inc. | 2300 | 34832 | (2.5) |
|  Square Enix Holdings Co. Ltd. | 2200 | 98169 | (6.9) |
|  Sugi Holdings Co. Ltd. | 6200 | 248652 | (17.5) |
|  Sumitomo Chemical Co. Ltd. | 59800 | 201362 | (14.2) |
|  Sumitomo Corp. | 98900 | 1257391 | (88.7) |
|  Sumitomo Forestry Co. Ltd. | 20200 | 316000 | (22.3) |
|  Sumitomo Mitsui Financial Group, Inc. | 500 | 14041 | (1.0) |
|  Sumitomo Mitsui Trust Holdings, Inc. | 9400 | 270429 | (19.1) |
|  Sundrug Co. Ltd. | 36900 | 858034 | (60.6) |
|  Sysmex Corp. | 1500 | 80736 | (5.7) |
|  Taisei Corp. | 2100 | 57205 | (4.0) |
|  Taisho Pharmaceutical Holdings Co. Ltd. | 2500 | 90170 | (6.4) |
|  Takara Bio, Inc. | 13400 | 156774 | (11.1) |
|  Takashimaya Co. Ltd. | 34000 | 420594 | (29.7) |
|  Takeda Pharmaceutical Co. Ltd. | 70000 | 1848630 | (130.5) |
|  TBS Holdings, Inc. | 22000 | 227895 | (16.1) |
|  Teijin Ltd. | 18400 | 167054 | (11.8) |
|  Terumo Corp. | 900 | 27314 | (1.9) |
|  TIS, Inc. | 1300 | 35050 | (2.5) |
|  Tobu Railway Co. Ltd. | 29100 | 673155 | (47.5) |
|  Tohoku Electric Power Co., Inc. | 9100 | 38224 | (2.7) |
|  Tokio Marine Holdings, Inc. | 3900 | 70610 | (5.0) |
|  Tokyo Tatemono Co. Ltd. | 900 | 12377 | (0.9) |
|  TOTO Ltd. | 1300 | 37079 | (2.6) |

---

S C H E D U L E O F I N V E S T M E N T S 113

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Global Equity Market Neutral Fund** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
|  Toyota Industries Corp. | 6600 | $340000 | (24.0)% |
|  Toyota Motor Corp. | 123900 | 1719063 | (121.3) |
|  Toyota Tsusho Corp. | 14000 | 469922 | (33.2) |
|  TS Tech Co. Ltd. | 9800 | 102485 | (7.2) |
|  Tsumura & Co. | 11900 | 248548 | (17.5) |
|  Tsuruha Holdings, Inc. | 25000 | 1452389 | (102.5) |
|  Ulvac, Inc. | 8000 | 315368 | (22.3) |
|  Yakult Honsha Co. Ltd. | 9000 | 498590 | (35.2) |
|  Yamaguchi Financial Group, Inc. | 59100 | 311236 | (22.0) |
|  Yamaha Motor Co. Ltd. | 22700 | 468586 | (33.1) |
|  Yaoko Co. Ltd. | 8000 | 348024 | (24.6) |
|  Yaskawa Electric Corp. | 11600 | 321196 | (22.7) |
|  Z Holdings Corp. | 184900 | 477182 | (33.7) |
|  Zenkoku Hosho Co. Ltd. | 6000 | 197981 | (14.0) |
|  Zensho Holdings Co. Ltd. | 13700 | 341915 | (24.1) |
|  ZOZO, Inc. | 18400 | 390415 | (27.6) |
|  |  | 74994352 |  |
| **Luxembourg** | **Luxembourg** | **Luxembourg** | **Luxembourg** |
|  L'Occitane International SA | 31750 | 77953 | (5.5) |
|  RTL Group SA | 24 | 815 | (0.1) |
|  |  | 78768 |  |
| **Macau** | **Macau** | **Macau** | **Macau** |
|  MGM China Holdings Ltd. | 380000 | 152996 | (10.8) |
|  Wynn Macau Ltd. | 262400 | 104607 | (7.4) |
|  |  | 257603 |  |
| **Netherlands** | **Netherlands** | **Netherlands** | **Netherlands** |
|  ABN AMRO Bank NV, GDR | 46770 | 459779 | (32.4) |
|  Aegon NV | 66801 | 309232 | (21.8) |
|  Alfen Beheer BV | 1245 | 132068 | (9.3) |
|  ASML Holding NV | 2647 | 1241672 | (87.6) |
|  ASR Nederland NV | 2270 | 99955 | (7.1) |
|  IMCD NV | 1954 | 253423 | (17.9) |
|  JDE Peet's NV | 5704 | 163278 | (11.5) |
|  Koninklijke Ahold Delhaize NV | 13349 | 372280 | (26.3) |
|  Koninklijke DSM NV | 7017 | 825412 | (58.3) |
|  Koninklijke KPN NV | 310574 | 868708 | (61.3) |
|  Koninklijke Vopak NV | 10400 | 212493 | (15.0) |
|  OCI NV | 7118 | 272248 | (19.2) |
|  Prosus NV | 1123 | 48560 | (3.4) |
|  QIAGEN NV | 19898 | 859258 | (60.6) |
|  Randstad NV | 1208 | 60206 | (4.3) |
|  Signify NV | 13229 | 366512 | (25.9) |
|  Wolters Kluwer NV | 5010 | 532355 | (37.6) |
|  |  | 7077439 |  |
| **New Zealand** | **New Zealand** | **New Zealand** | **New Zealand** |
|  a2 Milk Co. Ltd. | 127128 | 427208 | (30.2) |
|  Air New Zealand Ltd. | 129039 | 58530 | (4.1) |
|  Contact Energy Ltd. | 94647 | 415160 | (29.3) |
|  Fisher & Paykel Healthcare Corp. Ltd. | 10925 | 124163 | (8.8) |
|  Infratil Ltd. | 69855 | 354708 | (25.0) |
|  |  | 1379769 |  |
| **Norway** | **Norway** | **Norway** | **Norway** |
|  Adevinta ASA | 43781 | 299697 | (21.2) |
|  Aker BP ASA | 10475 | 332753 | (23.5) |
|  Equinor ASA | 29725 | 1082992 | (76.4) |
|  Golden Ocean Group Ltd. | 11797 | 96839 | (6.8) |
|  Kongsberg Gruppen ASA | 22265 | 798432 | (56.4) |
|  NEL ASA | 140387 | 171599 | (12.1) |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **Norway (continued)** | **Norway (continued)** | **Norway (continued)** | **Norway (continued)** |
|  Norsk Hydro ASA | 61889 | $392768 | (27.7)% |
|  Var Energi ASA | 329122 | 1118686 | (79.0) |
|  Yara International ASA | 5314 | 237171 | (16.7) |
|  |  | 4530937 |  |
| **Portugal** | **Portugal** | **Portugal** | **Portugal** |
|  EDP - Energias de Portugal SA | 638692 | 2790646 | (196.9) |
| **Singapore** | **Singapore** | **Singapore** | **Singapore** |
|  CapLand Ascendas REIT | 223500 | 413518 | (29.2) |
|  City Developments Ltd. | 15000 | 80874 | (5.7) |
|  ComfortDelGro Corp. Ltd. | 39100 | 35100 | (2.5) |
|  Keppel Corp. Ltd. | 86800 | 427231 | (30.2) |
|  Mapletree Pan Asia Commercial Trust | 436800 | 490181 | (34.6) |
|  NetLink NBN Trust | 417900 | 252431 | (17.8) |
|  Oversea-Chinese Banking Corp. Ltd. | 66600 | 571700 | (40.3) |
|  SATS Ltd. | 43900 | 84739 | (6.0) |
|  Singapore Airlines Ltd. | 92500 | 343111 | (24.2) |
|  StarHub Ltd. | 129400 | 97826 | (6.9) |
|  Wilmar International Ltd. | 41100 | 112595 | (7.9) |
|  |  | 2909306 |  |
| **Spain** | **Spain** | **Spain** | **Spain** |
|  Banco Bilbao Vizcaya Argentaria SA | 95988 | 495182 | (34.9) |
|  Bankinter SA | 55617 | 336425 | (23.7) |
|  Corp. ACCIONA Energias Renovables SA | 9135 | 359196 | (25.4) |
|  EDP Renovaveis SA | 31981 | 672959 | (47.5) |
|  Iberdrola SA | 94942 | 965491 | (68.1) |
|  Mapfre SA | 360193 | 617800 | (43.6) |
|  Merlin Properties Socimi SA | 75683 | 641533 | (45.3) |
|  Naturgy Energy Group SA | 2969 | 76192 | (5.4) |
|  Repsol SA | 2710 | 36868 | (2.6) |
|  Solaria Energia y Medio Ambiente SA | 9582 | 151550 | (10.7) |
|  |  | 4353196 |  |
| **Sweden** | **Sweden** | **Sweden** | **Sweden** |
|  Atlas Copco AB | 40152 | 428552 | (30.2) |
|  Atlas Copco AB, B Shares | 53797 | 520279 | (36.7) |
|  Avanza Bank Holding AB | 15677 | 312710 | (22.1) |
|  Axfood AB | 12798 | 316861 | (22.4) |
|  Castellum AB | 185 | 2115 | (0.1) |
|  Epiroc AB, Class A | 22761 | 348436 | (24.6) |
|  Epiroc AB, Class B | 27641 | 371140 | (26.2) |
|  Holmen AB, B Shares | 6719 | 243835 | (17.2) |
|  Industrivarden AB | 52339 | 1175294 | (82.9) |
|  Industrivarden AB, A Shares | 16047 | 363431 | (25.6) |
|  Kinnevik AB | 7180 | 88698 | (6.3) |
|  Lifco AB, B Shares | 17047 | 246326 | (17.4) |
|  Saab AB, Class B | 3476 | 122821 | (8.7) |
|  Skanska AB, B Shares | 4469 | 69499 | (4.9) |
|  Svenska Cellulosa AB SCA, Class B | 32142 | 379204 | (26.8) |
|  Tele2 AB, B Shares | 46195 | 378615 | (26.7) |
|  Telefonaktiebolaget LM Ericsson, B Shares | 28824 | 160243 | (11.3) |
|  Telia Co. AB | 222281 | 588992 | (41.6) |
|  Thule Group AB | 4307 | 84851 | (6.0) |
|  Vitrolife AB | 2008 | 32453 | (2.3) |
|  |  | 6234355 |  |
| **Switzerland** | **Switzerland** | **Switzerland** | **Switzerland** |
|  Siemens Energy AG | 10334 | 120470 | (8.5) |
| **United Kingdom** | **United Kingdom** | **United Kingdom** | **United Kingdom** |
|  3i Group PLC | 36766 | 489663 | (34.6) |
|  AstraZeneca PLC | 5819 | 682756 | (48.2) |

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114 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Global Equity Market Neutral Fund** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
|  Auto Trader Group PLC | 180321 | $1079361 | (76.2)% |
|  B&M European Value Retail SA | 47018 | 173759 | (12.3) |
|  BAE Systems PLC | 100219 | 937405 | (66.2) |
|  Barclays PLC | 559448 | 950643 | (67.1) |
|  Beazley PLC | 41750 | 299423 | (21.1) |
|  BP PLC, ADR | 171376 | 948155 | (66.9) |
|  British American Tobacco PLC | 39261 | 1550552 | (109.4) |
|  Bunzl PLC | 13956 | 454763 | (32.1) |
|  Burberry Group PLC | 27337 | 569624 | (40.2) |
|  Centrica PLC | 803861 | 706362 | (49.9) |
|  ConvaTec Group PLC | 404606 | 1012415 | (71.4) |
|  Croda International PLC | 7749 | 600311 | (42.4) |
|  Dechra Pharmaceuticals PLC | 4554 | 136903 | (9.7) |
|  Diageo PLC | 29473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1212886 | (85.6) |
|  Direct Line Insurance Group PLC | 438065 | 1012121 | (71.4) |
|  Dr. Martens PLC | 153912 | 437710 | (30.9) |
|  Drax Group PLC | 85093 | 508143 | (35.9) |
|  easyJet PLC | 65849 | 262190 | (18.5) |
|  Endeavour Mining PLC | 4741 | 84321 | (6.0) |
|  Ferguson PLC | 6788 | 740290 | (52.2) |
|  GSK PLC | 31917 | 522835 | (36.9) |
|  Hargreaves Lansdown PLC | 9761 | 85307 | (6.0) |
|  IG Group Holdings PLC | 65174 | 594469 | (42.0) |
|  IMI PLC | 4060 | 57193 | (4.0) |
|  Intermediate Capital Group PLC | 12981 | 158066 | (11.2) |
|  International Consolidated Airlines Group SA | 86636 | 120523 | (8.5) |
|  Intertek Group PLC | 14760 | 618340 | (43.6) |
|  J Sainsbury PLC | 25721 | 57334 | (4.0) |
|  Johnson Matthey PLC | 18332 | 406926 | (28.7) |
|  Kingfisher PLC | 549459 | 1380479 | (97.4) |
|  London Stock Exchange Group PLC | 15314 | 1327448 | (93.7) |
|  LXI REIT PLC | 145889 | 203661 | (14.4) |
|  NatWest Group PLC | 390112 | 1050689 | (74.1) |
|  Ocado Group PLC | 42824 | 232161 | (16.4) |
|  Pennon Group PLC | 82477 | 792579 | (55.9) |
|  QinetiQ Group PLC | 6429 | 26499 | (1.9) |
|  Reckitt Benckiser Group PLC | 9549 | 633709 | (44.7) |
|  Renishaw PLC | 7063 | 283415 | (20.0) |
|  Rentokil Initial PLC | 92170 | 575150 | (40.6) |
|  Rightmove PLC | 77610 | 437037 | (30.8) |
|  Rolls-Royce Holdings PLC | 86401 | 77490 | (5.5) |
|  RS GROUP PLC | 51038 | 561592 | (39.6) |
|  Sage Group PLC | 60879 | 507410 | (35.8) |
|  Segro PLC | 156573 | 1409157 | (99.4) |
|  Severn Trent PLC | 24118 | 692180 | (48.8) |
|  Shell PLC | 44064 | 1220643 | (86.1) |
|  Spectris PLC | 29830 | 1033877 | (73.0) |
|  Spirax-Sarco Engineering PLC | 7433 | 915994 | (64.6) |
|  SSE PLC | 107616 | 1923192 | (135.7) |
|  SSP Group PLC | 131326 | 305365 | (21.6) |
|  St. James's Place PLC | 59557 | 727283 | (51.3) |
|  Standard Chartered PLC | 52808 | 315514 | (22.3) |
|  Tate & Lyle PLC | 33502 | 269195 | (19.0) |
|  Travis Perkins PLC | 78903 | 743660 | (52.5) |
|  Tritax Big Box REIT PLC | 745664 | 1198985 | (84.6) |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
|  Unilever PLC | 420 | $19170 | (1.4)% |
|  United Utilities Group PLC | 98273 | 1059009 | (74.7) |
|  |  | 37393292 |  |
| **United States** | **United States** | **United States** | **United States** |
|  Carnival PLC | 18441 | 146520 | (10.4) |
|  Ovintiv, Inc. | 3751 | 189952 | (13.4) |
|  |  | 336472 |  |
| **Preferred Stocks** |  |  |  |
| **Germany** |  |  |  |
|  Fuchs Petrolub SE | 12568 | 359935 | (25.4) |
|  Sartorius AG | 376 | 132574 | (9.3) |
|  Volkswagen AG | 3317 | 424581 | (30.0) |
| **Warrants** |  |  |  |
| **Australia** |  |  |  |
|  Magellan Financial Group Ltd. (Issued/Exercisable 04/14/22, 1 Share for 1 Warrant, Expires 04/16/27, Strike Price AUD 35.00) | 3393 | 673 | (0.0) |
|  **Total Reference Entity — Long** |  | 248009503 |  |
|  **Reference Entity — Short** |  |  |  |
| **Common Stocks** |  |  |  |
| **Australia** |  |  |  |
|  Adbri Ltd. | (34380) | (34662) | 2.4 |
|  EBOS Group Ltd. | (126) | (2747) | 0.2 |
|  Insurance Australia Group Ltd. | (28299) | (88829) | 6.3 |
|  Lottery Corp. Ltd. | (5024) | (13783) | 1 |
|  Newcrest Mining Ltd. | (3852) | (42662) | 3 |
|  Reece Ltd. | (1249) | (12402) | 0.9 |
|  TPG Telecom Ltd. | (4266) | (13382) | 0.9 |
|  |  | (208467) |  |
| **Austria** |  |  |  |
|  BAWAG Group AG | (12002) | (579406) | 40.9 |
|  OMV AG | (5303) | (244168) | 17.2 |
|  Telekom Austria AG | (7470) | (43423) | 3.1 |
|  Voestalpine AG | (35788) | (776967) | 54.8 |
|  |  | (1643964) |  |
| **Belgium** |  |  |  |
|  Ageas SA | (11008) | (381077) | 26.9 |
|  D'ieteren Group | (1685) | (280431) | 19.8 |
|  Galapagos NV | (9658) | (440502) | 31.1 |
|  Groupe Bruxelles Lambert SA | (10067) | (742204) | 52.4 |
|  KBC Group NV | (9038) | (452946) | 32 |
|  Proximus SADP | (110528) | (1158745) | 81.8 |
|  Sofina SA | (193) | (37635) | 2.6 |
|  UCB SA | (17113) | (1289769) | 91 |
|  |  | (4783309) |  |
| **Chile** |  |  |  |
|  Antofagasta PLC | (66148) | (891371) | 62.9 |
| **Denmark** |  |  |  |
|  Ambu A/S, Class B | (2090) | (23374) | 1.6 |
|  Carlsberg A/S, Class B | (21625) | (2546249) | 179.7 |

---

S C H E D U L E O F I N V E S T M E N T S 115

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Global Equity Market Neutral Fund** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **Denmark (continued)** | **Denmark (continued)** | **Denmark (continued)** | **Denmark (continued)** |
|  Chr Hansen Holding A/S | (9188) | $(510311) | 36.0% |
|  Danske Bank A/S | (35377) | (570666) | 40.3 |
|  Jyske Bank A/S, Registered Shares | (3846) | (207565) | 14.6 |
|  Orsted A/S | (2587) | (213442) | 15.1 |
|  Pandora A/S | (12190) | (641237) | 45.3 |
|  Royal Unibrew A/S | (2833) | (161833) | 11.4 |
|  |  | (4874677) |  |
| **Finland** |  |  |  |
|  Elisa OYJ | (3405) | (164551) | 11.6 |
|  Fortum OYJ | (158231) | (2226987) | 157.2 |
|  Huhtamaki OYJ | (7034) | (252798) | 17.8 |
|  Kesko OYJ, B Shares | (30184) | (587400) | 41.4 |
|  Kojamo OYJ | (4432) | (57681) | 4.1 |
|  Metso Outotec OYJ | (10030) | (76119) | 5.4 |
|  Neste OYJ | (27111) | (1188233) | 83.9 |
|  Orion OYJ, Class B | (14465) | (665653) | 47 |
|  Sampo OYJ, A Shares | (12956) | (592449) | 41.8 |
|  |  | (5811871) |  |
| **France** |  |  |  |
|  Aeroports de Paris | (2058) | (278305) | 19.6 |
|  Airbus SE | (8847) | (957278) | 67.6 |
|  Amundi SA | (11697) | (551863) | 38.9 |
|  AXA SA | (81731) | (2018337) | 142.4 |
|  BNP Paribas SA | (26187) | (1228010) | 86.7 |
|  Bollore SE | (533039) | (2666016) | 188.1 |
|  Bureau Veritas SA | (17389) | (430208) | 30.4 |
|  Capgemini SE | (2676) | (438572) | 30.9 |
|  Covivio | (5389) | (288535) | 20.4 |
|  Credit Agricole SA | (106663) | (967824) | 68.3 |
|  Electricite de France SA | (16862) | (199139) | 14 |
|  EssilorLuxottica SA | (16447) | (2600734) | 183.5 |
|  Euroapi SA | (777) | (13597) | 1 |
|  Gaztransport Et Technigaz SA | (2153) | (250477) | 17.7 |
|  Kering SA | (3223) | (1476008) | 104.2 |
|  L'Oreal SA | (3586) | (1126019) | 79.5 |
|  LVMH Moet Hennessy Louis Vuitton SE | (2005) | (1265144) | 89.3 |
|  Safran SA | (4349) | (484348) | 34.2 |
|  Sanofi | (9312) | (801370) | 56.6 |
|  Sartorius Stedim Biotech | (438) | (138994) | 9.8 |
|  SCOR SE | (2056) | (30918) | 2.2 |
|  SEB SA | (966) | (62888) | 4.4 |
|  Sodexo SA | (6852) | (606966) | 42.8 |
|  SOITEC | (13) | (1665) | 0.1 |
|  TOTAL SE | (17306) | (944100) | 66.6 |
|  Unibail-Rodamco-Westfield | (24004) | (1134419) | 80.1 |
|  Vallourec SA, Class A | (8353) | (88873) | 6.3 |
|  Veolia Environnement SA | (101649) | (2268400) | 160.1 |
|  Worldline SA | (30197) | (1317992) | 93 |
|  |  | (24636999) |  |
| **Germany** |  |  |  |
|  adidas AG | (5033) | (491297) | 34.7 |
|  Allianz SE, Registered Shares | (4496) | (808850) | 57.1 |
|  Aurubis AG | (5611) | (354056) | 25 |
|  Bayer AG, Registered Shares | (16801) | (883414) | 62.3 |
|  Bechtle AG | (10438) | (360597) | 25.4 |
|  Brenntag AG | (2000) | (121353) | 8.6 |
|  Carl Zeiss Meditec AG | (2670) | (323185) | 22.8 |
|  Continental AG | (11747) | (608444) | 42.9 |
|  Covestro AG | (6336) | (215082) | 15.2 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **Germany (continued)** | **Germany (continued)** | **Germany (continued)** | **Germany (continued)** |
|  CTS Eventim AG & Co. KGaA | (8183) | $(390628) | 27.6% |
|  Delivery Hero SE | (384) | (12637) | 0.9 |
|  Deutsche Boerse AG | (7004) | (1138988) | 80.4 |
|  Deutsche Post AG, Registered Shares | (38257) | (1352377) | 95.4 |
|  Deutsche Wohnen SE | (5811) | (117209) | 8.3 |
|  Evotec SE | (7536) | (143734) | 10.1 |
|  Fielmann AG | (4384) | (139659) | 9.9 |
|  Fresenius Medical Care AG & Co. KGaA | (75874) | (2098718) | 148.1 |
|  Fresenius SE & Co. KGaA | (88770) | (2042876) | 144.2 |
|  GEA Group AG | (11566) | (404283) | 28.5 |
|  Hannover Rueck SE | (3183) | (517950) | 36.6 |
|  HeidelbergCement AG | (24732) | (1137345) | 80.3 |
|  Henkel AG & Co. KGaA | (3207) | (188267) | 13.3 |
|  HUGO BOSS AG | (17946) | (826545) | 58.3 |
|  Infineon Technologies AG | (27551) | (668538) | 47.2 |
|  LANXESS AG | (7485) | (253126) | 17.9 |
|  Merck KGaA | (6185) | (1007938) | 71.1 |
|  MTU Aero Engines AG | (1792) | (320693) | 22.6 |
|  Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered Shares | (2946) | (777673) | 54.9 |
|  SAP SE | (25837) | (2486883) | 175.5 |
|  Siemens Healthineers AG | (11821) | (541550) | 38.2 |
|  Symrise AG | (2976) | (303768) | 21.4 |
|  Telefonica Deutschland Holding AG | (467289) | (1018175) | 71.9 |
|  ThyssenKrupp AG | (40935) | (215479) | 15.2 |
|  Uniper SE | (17917) | (53633) | 3.8 |
|  United Internet AG, Registered Shares | (5268) | (98475) | 6.9 |
|  Vonovia SE | (62329) | (1378132) | 97.3 |
|  Zalando SE | (46749) | (1077479) | 76.0 |
|  |  | (24879036) |  |
| **Hong Kong** |  |  |  |
|  Champion REIT | (72000) | (21550) | 1.5 |
|  ESR Group Ltd. | (225400) | (384386) | 27.1 |
|  Hang Seng Bank Ltd. | (37700) | (530732) | 37.5 |
|  Henderson Land Development Co. Ltd. | (164000) | (401515) | 28.3 |
|  Hong Kong & China Gas Co. Ltd. | (308000) | (237397) | 16.8 |
|  MTR Corp. Ltd. | (332000) | (1460863) | 103.1 |
|  Wharf Real Estate Investment Co. Ltd. | (19000) | (74861) | 5.3 |
|  |  | (3111304) |  |
| **Ireland** |  |  |  |
|  AIB Group PLC | (63751) | (184426) | 13.0 |
|  CRH PLC | (34539) | (1244019) | 87.8 |
|  DCC PLC | (11461) | (636095) | 44.9 |
|  Kerry Group PLC, Class A | (7451) | (647155) | 45.7 |
|  Ryanair Holdings PLC | (86034) | (1044902) | 73.7 |
|  Smurfit Kappa Group PLC | (14013) | (463872) | 32.7 |
|  |  | (4220469) |  |
| **Isle of Man** |  |  |  |
|  Entain PLC | (17430) | (252152) | 17.8 |
| **Italy** |  |  |  |
|  A2A SpA | (142030) | (157488) | 11.1 |
|  Assicurazioni Generali SpA | (2246) | (33706) | 2.4 |
|  Banco BPM SpA | (247854) | (749886) | 52.9 |
|  BPER Banca | (66054) | (122220) | 8.6 |
|  Eni SpA | (23956) | (314631) | 22.2 |
|  FinecoBank Banca Fineco SpA | (126835) | (1709176) | 120.6 |
|  Hera SpA | (92378) | (220107) | 15.5 |
|  Interpump Group SpA | (10526) | (407519) | 28.8 |
|  Mediobanca Banca di Credito Finanziario SpA | (33095) | (299827) | 21.2 |

---

116 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Global Equity Market Neutral Fund** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **Italy (continued)** |  |  |  |
|  Nexi SpA | (2003) | $(17317) | 1.2% |
|  Prysmian SpA | (2696) | (87750) | 6.2 |
|  UniCredit SpA | (9449) | (117180) | 8.3 |
|  |  | (4236807) |  |
| **Japan** |  |  |  |
|  Advance Residence Investment Corp. | (241) | (561087) | 39.6 |
|  Advantest Corp. | (10800) | (568529) | 40.1 |
|  Aeon Co. Ltd. | (30600) | (570708) | 40.3 |
|  Aeon Mall Co. Ltd. | (66300) | (721248) | 50.9 |
|  AEON REIT Investment Corp. | (621) | (668584) | 47.2 |
|  AGC, Inc. | (11700) | (366619) | 25.9 |
|  Aisin Corp. | (36900) | (947213) | 66.8 |
|  Ajinomoto Co., Inc. | (42900) | (1179888) | 83.3 |
|  Alps Alpine Co. Ltd. | (13600) | (116832) | 8.2 |
|  Ariake Japan Co. Ltd. | (4100) | (142042) | 10.0 |
|  Asahi Intecc Co. Ltd. | (20300) | (345813) | 24.4 |
|  Asics Corp. | (55800) | (855064) | 60.3 |
|  ASKUL Corp. | (24600) | (256915) | 18.1 |
|  Bank of Kyoto Ltd. | (1300) | (46847) | 3.3 |
|  Benefit One, Inc. | (28300) | (391506) | 27.6 |
|  Bic Camera, Inc. | (6500) | (50535) | 3.6 |
|  Bridgestone Corp. | (36200) | (1309225) | 92.4 |
|  Brother Industries Ltd. | (9800) | (166952) | 11.8 |
|  Canon Marketing Japan, Inc. | (5300) | (111841) | 7.9 |
|  Canon, Inc. | (14900) | (315842) | 22.3 |
|  Chiba Bank Ltd. | (39600) | (216973) | 15.3 |
|  Credit Saison Co. Ltd. | (114900) | (1228092) | 86.7 |
|  Daicel Corp. | (113300) | (646469) | 45.6 |
|  Daido Steel Co. Ltd. | (4800) | (124450) | 8.8 |
|  Dai-ichi Life Holdings, Inc. | (10900) | (173122) | 12.2 |
|  Daiichi Sankyo Co. Ltd. | (900) | (28810) | 2.0 |
|  Daiichikosho Co. Ltd. | (6100) | (174903) | 12.3 |
|  Daikin Industries Ltd. | (5800) | (868766) | 61.3 |
|  Daio Paper Corp. | (29100) | (214699) | 15.2 |
|  Daiwa House REIT Investment Corp. | (275) | (555031) | 39.2 |
|  Daiwa Office Investment Corp. | (86) | (406287) | 28.7 |
|  Denka Co. Ltd. | (18400) | (426255) | 30.1 |
|  Denso Corp. | (18600) | (922856) | 65.1 |
|  Descente Ltd. | (14500) | (348014) | 24.6 |
|  Dexerials Corp. | (16100) | (374982) | 26.5 |
|  DIC Corp. | (3900) | (65482) | 4.6 |
|  Dowa Holdings Co. Ltd. | (1000) | (31752) | 2.2 |
|  Eisai Co. Ltd. | (5300) | (319607) | 22.6 |
|  ENEOS Holdings, Inc. | (263100) | (867876) | 61.2 |
|  Ezaki Glico Co. Ltd. | (19000) | (427462) | 30.2 |
|  FANUC Corp. | (7800) | (1020643) | 72.0 |
|  Fast Retailing Co. Ltd. | (500) | (278571) | 19.7 |
|  Food and Life Cos. Ltd. | (11400) | (191760) | 13.5 |
|  Frontier Real Estate Investment Corp. | (5) | (17652) | 1.2 |
|  Fuji Electric Co. Ltd. | (16300) | (630239) | 44.5 |
|  Fuji Oil Holdings, Inc. | (3700) | (58252) | 4.1 |
|  Fukuoka Financial Group, Inc. | (43000) | (731671) | 51.6 |
|  GLP J-Reit | (297) | (308013) | 21.7 |
|  GMO internet, Inc. | (12000) | (206890) | 14.6 |
|  Goldwin, Inc. | (5200) | (271562) | 19.2 |
|  GS Yuasa Corp. | (53900) | (820579) | 57.9 |
|  Hakuhodo DY Holdings, Inc. | (5600) | (47184) | 3.3 |
|  Harmonic Drive Systems, Inc. | (500) | (16689) | 1.2 |
|  Haseko Corp. | (56100) | (577730) | 40.8 |
|  Heiwa Corp. | (18400) | (296850) | 20.9 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
|  Hikari Tsushin, Inc. | (500) | $(60397) | 4.3% |
|  Hino Motors Ltd. | (3700) | (15376) | 1.1 |
|  Hitachi Ltd. | (14500) | (657920) | 46.4 |
|  Hitachi Metals Ltd. | (31691) | (462822) | 32.7 |
|  Horiba Ltd. | (2500) | (102569) | 7.2 |
|  Hoshizaki Corp. | (5500) | (157575) | 11.1 |
|  House Foods Group, Inc. | (61300) | (1146454) | 80.9 |
|  Hoya Corp. | (2600) | (241699) | 17.1 |
|  Ibiden Co. Ltd. | (45300) | (1526943) | 107.8 |
|  Idemitsu Kosan Co. Ltd. | (43000) | (940850) | 66.4 |
|  IHI Corp. | (9200) | (205197) | 14.5 |
|  Iida Group Holdings Co. Ltd. | (2800) | (38879) | 2.7 |
|  Industrial & Infrastructure Fund Investment Corp. | (557) | (588270) | 41.5 |
|  Inpex Corp. | (72700) | (733717) | 51.8 |
|  Isetan Mitsukoshi Holdings Ltd. | (31700) | (281564) | 19.9 |
|  Isuzu Motors Ltd. | (99000) | (1164206) | 82.2 |
|  Ito En Ltd. | (9600) | (338115) | 23.9 |
|  Iwatani Corp. | (800) | (29457) | 2.1 |
|  Iyogin Holdings, Inc. | (56900) | (266963) | 18.8 |
|  Japan Airlines Co. Ltd. | (24200) | (452011) | 31.9 |
|  Japan Airport Terminal Co. Ltd. | (2900) | (124123) | 8.8 |
|  Japan Aviation Electronics Industry Ltd. | (47300) | (736172) | 52 |
|  Japan Hotel REIT Investment Corp. | (266) | (140144) | 9.9 |
|  Japan Logistics Fund, Inc. | (277) | (593468) | 41.9 |
|  Japan Post Insurance Co. Ltd. | (53400) | (790488) | 55.8 |
|  Japan Real Estate Investment Corp. | (46) | (192753) | 13.6 |
|  Japan Retail Fund Investment Corp. | (414) | (305006) | 21.5 |
|  Japan Steel Works Ltd. | (500) | (10324) | 0.7 |
|  JCR Pharmaceuticals Co. Ltd. | (36300) | (539509) | 38.1 |
|  Jeol Ltd. | (12600) | (461074) | 32.5 |
|  JFE Holdings, Inc. | (150600) | (1379664) | 97.4 |
|  JGC Holdings Corp. | (17100) | (205671) | 14.5 |
|  JMDC, Inc. | (10100) | (357686) | 25.2 |
|  JSR Corp. | (17300) | (328718) | 23.2 |
|  JTEKT Corp. | (28500) | (201205) | 14.2 |
|  Justsystems Corp. | (1300) | (27342) | 1.9 |
|  Kagome Co. Ltd. | (11000) | (219855) | 15.5 |
|  Kaken Pharmaceutical Co. Ltd. | (12900) | (330179) | 23.3 |
|  Kansai Paint Co. Ltd. | (1100) | (14354) | 1 |
|  Kao Corp. | (32200) | (1202732) | 84.9 |
|  Kawasaki Heavy Industries Ltd. | (17000) | (289126) | 20.4 |
|  Keihan Holdings Co. Ltd. | (13800) | (355029) | 25.1 |
|  Kenedix Office Investment Corp. | (46) | (104788) | 7.4 |
|  Keyence Corp. | (2600) | (980369) | 69.2 |
|  Kikkoman Corp. | (29200) | (1582349) | 111.7 |
|  Kirin Holdings Co. Ltd. | (200) | (2940) | 0.2 |
|  Kobayashi Pharmaceutical Co. Ltd. | (600) | (31840) | 2.2 |
|  Kobe Steel Ltd. | (10700) | (43880) | 3.1 |
|  Koito Manufacturing Co. Ltd. | (8800) | (124932) | 8.8 |
|  Komatsu Ltd. | (58900) | (1153862) | 81.4 |
|  Konami Holdings Corp. | (800) | (35065) | 2.5 |
|  Kose Corp. | (8600) | (858456) | 60.6 |
|  Kotobuki Spirits Co. Ltd. | (2500) | (128160) | 9 |
|  K's Holdings Corp. | (25700) | (201396) | 14.2 |
|  Kubota Corp. | (20700) | (288757) | 20.4 |
|  Kurita Water Industries Ltd. | (17900) | (655229) | 46.2 |
|  Kyushu Financial Group, Inc. | (135900) | (343641) | 24.3 |
|  LaSalle Logiport REIT | (567) | (605164) | 42.7 |
|  Lasertec Corp. | (6300) | (885218) | 62.5 |
|  Lintec Corp. | (1300) | (19505) | 1.4 |
|  Mabuchi Motor Co. Ltd. | (11000) | (298479) | 21.1 |

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S C H E D U L E O F I N V E S T M E N T S 117

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| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Global Equity Market Neutral Fund** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
|  Makita Corp. | (2200) | $(40202) | 2.8% |
|  Marui Group Co. Ltd. | (44700) | (731309) | 51.6 |
|  Matsui Securities Co. Ltd. | (19300) | (102779) | 7.3 |
|  Matsumotokiyoshi Holdings Co. Ltd. | (2400) | (87381) | 6.2 |
|  MEIJI Holdings Co. Ltd. | (7100) | (292159) | 20.6 |
|  Menicon Co. Ltd. | (7200) | (122932) | 8.7 |
|  MINEBEA MITSUMI, Inc. | (10400) | (153696) | 10.8 |
|  Mitsubishi Electric Corp. | (13900) | (122301) | 8.6 |
|  Mitsubishi Motors Corp. | (234100) | (788621) | 55.7 |
|  Mitsubishi UFJ Financial Group, Inc. | (109100) | (515372) | 36.4 |
|  Mitsui Fudosan Logistics Park, Inc. | (15) | (49768) | 3.5 |
|  Mitsui OSK Lines Ltd. | (11700) | (231604) | 16.3 |
|  Miura Co. Ltd. | (18400) | (374724) | 26.4 |
|  Money Forward, Inc. | (19100) | (540359) | 38.1 |
|  Mori Hills REIT Investment Corp. | (63) | (69008) | 4.9 |
|  Morinaga & Co. Ltd. | (13300) | (332662) | 23.5 |
|  Morinaga Milk Industry Co. Ltd. | (5600) | (158874) | 11.2 |
|  Nabtesco Corp. | (12500) | (265505) | 18.7 |
|  Nagase & Co. Ltd. | (14600) | (198915) | 14.0 |
|  Nexon Co. Ltd. | (18600) | (311257) | 22.0 |
|  Nextage Co. Ltd. | (1100) | (21202) | 1.5 |
|  NGK Insulators Ltd. | (30700) | (358148) | 25.3 |
|  NGK Spark Plug Co. Ltd. | (12000) | (218929) | 15.5 |
|  NH Foods Ltd. | (11700) | (278828) | 19.7 |
|  NHK Spring Co. Ltd. | (55700) | (308583) | 21.8 |
|  Nidec Corp. | (2200) | (120965) | 8.5 |
|  Nifco, Inc. | (7200) | (167216) | 11.8 |
|  Nippon Accommodations Fund, Inc. | (55) | (234207) | 16.5 |
|  Nippon Building Fund, Inc. | (117) | (520093) | 36.7 |
|  Nippon Electric Glass Co. Ltd. | (32200) | (557562) | 39.3 |
|  Nippon Kayaku Co. Ltd. | (3700) | (29389) | 2.1 |
|  Nippon Paint Holdings Co. Ltd. | (3900) | (24855) | 1.8 |
|  Nippon Shinyaku Co. Ltd. | (4300) | (238075) | 16.8 |
|  Nippon Shokubai Co. Ltd. | (7100) | (254682) | 18.0 |
|  Nippon Steel Corp. | (95500) | (1310119) | 92.5 |
|  Nippon Yusen KK | (11200) | (202882) | 14.3 |
|  Nissan Chemical Corp. | (3700) | (166557) | 11.8 |
|  Nissan Motor Co. Ltd. | (178800) | (569890) | 40.2 |
|  Nisshin Seifun Group, Inc. | (56100) | (606195) | 42.8 |
|  Nissin Foods Holdings Co. Ltd. | (5300) | (343063) | 24.2 |
|  Noevir Holdings Co. Ltd. | (7200) | (266155) | 18.8 |
|  NOF Corp. | (10500) | (361163) | 25.5 |
|  Nomura Holdings, Inc. | (105900) | (342688) | 24.2 |
|  Nomura Real Estate Holdings, Inc. | (20000) | (452076) | 31.9 |
|  Nomura Real Estate Master Fund, Inc. | (139) | (158576) | 11.2 |
|  NS Solutions Corp. | (5100) | (117219) | 8.3 |
|  OKUMA Corp. | (19200) | (642714) | 45.4 |
|  Olympus Corp. | (12100) | (255122) | 18.0 |
|  Ono Pharmaceutical Co. Ltd. | (14900) | (350650) | 24.7 |
|  Open House Co. Ltd. | (500) | (17785) | 1.3 |
|  Orient Corp. | (41870) | (339141) | 23.9 |
|  ORIX Corp. | (39400) | (578695) | 40.8 |
|  Orix JREIT, Inc. | (337) | (452125) | 31.9 |
|  Osaka Gas Co. Ltd. | (7200) | (106615) | 7.5 |
|  OSG Corp. | (25500) | (324188) | 22.9 |
|  Pan Pacific International Holdings Corp. | (39100) | (641659) | 45.3 |
|  Persol Holdings Co. Ltd. | (3100) | (62069) | 4.4 |
|  Rakus Co. Ltd. | (4500) | (49979) | 3.5 |
|  Relo Group, Inc. | (3400) | (47921) | 3.4 |
|  Renesas Electronics Corp. | (93900) | (785544) | 55.4 |
|  Rengo Co. Ltd. | (30500) | (169446) | 12.0 |
|  Rohto Pharmaceutical Co. Ltd. | (21700) | (675044) | 47.6 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
|  Ryohin Keikaku Co. Ltd. | (22800) | $(214549) | 15.1% |
|  Sanwa Holdings Corp. | (59000) | (508233) | 35.9 |
|  Sapporo Holdings Ltd. | (3400) | (74993) | 5.3 |
|  Seibu Holdings, Inc. | (12100) | (108310) | 7.6 |
|  Sekisui Chemical Co. Ltd. | (4600) | (57445) | 4.1 |
|  Seven & i Holdings Co. Ltd. | (17500) | (653246) | 46.1 |
|  Seven Bank Ltd. | (21600) | (38962) | 2.8 |
|  Sharp Corp. | (95000) | (569818) | 40.2 |
|  SHIFT, Inc. | (4600) | (718265) | 50.7 |
|  Shikoku Electric Power Co., Inc. | (50000) | (240542) | 17 |
|  Shimamura Co. Ltd. | (400) | (32347) | 2.3 |
|  Shimano, Inc. | (5900) | (912985) | 64.4 |
|  Shin-Etsu Chemical Co. Ltd. | (9500) | (987334) | 69.7 |
|  Shinko Electric Industries Co. Ltd. | (29500) | (708923) | 50 |
|  Shinsei Bank Ltd. | (85200) | (1267833) | 89.5 |
|  Shionogi & Co. Ltd. | (19600) | (910170) | 64.2 |
|  Ship Healthcare Holdings, Inc. | (800) | (15343) | 1.1 |
|  SHO-BOND Holdings Co. Ltd. | (7900) | (341754) | 24.1 |
|  Shochiku Co. Ltd. | (500) | (39689) | 2.8 |
|  Showa Denko KK | (94300) | (1376643) | 97.2 |
|  SMC Corp. | (100) | (40140) | 2.8 |
|  SoftBank Group Corp. | (11400) | (489359) | 34.5 |
|  Sony Corp. | (23600) | (1591457) | 112.3 |
|  Stanley Electric Co. Ltd. | (9400) | (159805) | 11.3 |
|  Subaru Corp. | (23600) | (368887) | 26 |
|  SUMCO Corp. | (55900) | (708523) | 50 |
|  Sumitomo Bakelite Co. Ltd. | (8700) | (235477) | 16.6 |
|  Sumitomo Electric Industries Ltd. | (1300) | (13585) | 1 |
|  Sumitomo Metal Mining Co. Ltd. | (11800) | (330764) | 23.3 |
|  Sumitomo Rubber Industries Ltd. | (40800) | (350019) | 24.7 |
|  Suzuken Co. Ltd. | (6200) | (138035) | 9.7 |
|  Suzuki Motor Corp. | (10200) | (344860) | 24.3 |
|  T&D Holdings, Inc. | (23400) | (231431) | 16.3 |
|  Taiheiyo Cement Corp. | (1300) | (17666) | 1.2 |
|  Taiyo Nippon Sanso Corp. | (23200) | (369377) | 26.1 |
|  Taiyo Yuden Co. Ltd. | (19700) | (536066) | 37.8 |
|  Takara Holdings, Inc. | (48200) | (335275) | 23.7 |
|  TDK Corp. | (2300) | (71848) | 5.1 |
|  TechnoPro Holdings, Inc. | (49700) | (1192320) | 84.1 |
|  Toho Co. Ltd. | (1200) | (42670) | 3 |
|  Toho Gas Co. Ltd. | (900) | (16769) | 1.2 |
|  Tokai Carbon Co. Ltd. | (40800) | (266257) | 18.8 |
|  Tokyo Electric Power Co. Holdings, Inc. | (109300) | (356052) | 25.1 |
|  Tokyo Electron Ltd. | (2200) | (578812) | 40.8 |
|  Tokyo Gas Co. Ltd. | (32200) | (575462) | 40.6 |
|  Tokyo Ohka Kogyo Co. Ltd. | (3800) | (163824) | 11.6 |
|  Tokyu Fudosan Holdings Corp. | (2500) | (12684) | 0.9 |
|  TOPPAN, Inc. | (32300) | (481728) | 34 |
|  Toray Industries, Inc. | (147900) | (718402) | 50.7 |
|  Toshiba TEC Corp. | (6200) | (160514) | 11.3 |
|  Toyo Seikan Group Holdings Ltd. | (33500) | (383154) | 27 |
|  Toyo Suisan Kaisha Ltd. | (3800) | (142565) | 10.1 |
|  Toyo Tire Corp. | (20600) | (241668) | 17.1 |
|  Toyoda Gosei Co. Ltd. | (17300) | (276570) | 19.5 |
|  Toyota Boshoku Corp. | (44400) | (564971) | 39.9 |
|  UBE Corp. | (23000) | (296649) | 20.9 |
|  Unicharm Corp. | (25900) | (787138) | 55.6 |
|  United Urban Investment Corp. | (329) | (348091) | 24.6 |
|  Ushio, Inc. | (24800) | (257533) | 18.2 |
|  Welcia Holdings Co. Ltd. | (11000) | (229915) | 16.2 |
|  Yamato Holdings Co. Ltd. | (19900) | (294704) | 20.8 |
|  Yokogawa Electric Corp. | (35800) | (598615) | 42.2 |

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118 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Global Equity Market Neutral Fund** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
|  Yokohama Rubber Co. Ltd. | (36800) | $(575446) | 40.6% |
|  Zeon Corp. | (19700) | (166056) | 11.7 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(95205068) |  |
| **Luxembourg** | **Luxembourg** | **Luxembourg** | **Luxembourg** |
|  APERAM SA | (756) | (19740) | 1.4 |
|  ArcelorMittal SA | (20105) | (449420) | 31.7 |
|  Aroundtown SA | (79296) | (157184) | 11.1 |
|  Eurofins Scientific SE | (12273) | (785654) | 55.4 |
|  Tenaris SA | (101443) | (1587699) | 112.1 |
|  |  | (2999697) |  |
| **Mexico** | **Mexico** | **Mexico** | **Mexico** |
|  Fresnillo PLC | (114158) | (954420) | 67.3 |
| **Netherlands** | **Netherlands** | **Netherlands** | **Netherlands** |
|  Aalberts NV | (2176) | (75489) | 5.3 |
|  Adyen NV | (91) | (129911) | 9.2 |
|  Akzo Nobel NV | (28095) | (1734457) | 122.4 |
|  Argenx SE | (1071) | (415816) | 29.3 |
|  ASM International NV | (5262) | (1164058) | 82.2 |
|  BE Semiconductor Industries NV | (14352) | (731446) | 51.6 |
|  EXOR NV | (13460) | (904525) | 63.8 |
|  Heineken Holding NV | (5644) | (385114) | 27.2 |
|  Heineken NV | (6961) | (581482) | 41.0 |
|  ING Groep NV | (122927) | (1209551) | 85.4 |
|  Iveco Group NV | (101946) | (550882) | 38.9 |
|  Just Eat Takeaway.com NV | (28395) | (487261) | 34.4 |
|  Koninklijke Philips NV | (41443) | (525699) | 37.1 |
|  NN Group NV | (1040) | (44036) | 3.1 |
|  SBM Offshore NV | (5339) | (72255) | 5.1 |
|  Stellantis NV | (92194) | (1243841) | 87.8 |
|  Universal Music Group NV | (1666) | (32713) | 2.3 |
|  |  | (10288536) |  |
| **New Zealand** | **New Zealand** | **New Zealand** | **New Zealand** |
|  Kiwi Property Group Ltd. | (192850) | (101247) | 7.1 |
|  Mainfreight Ltd. | (213) | (9413) | 0.7 |
|  Mercury NZ Ltd. | (8921) | (30165) | 2.1 |
|  Meridian Energy Ltd. | (125895) | (356862) | 25.2 |
|  |  | (497687) |  |
| **Norway** | **Norway** | **Norway** | **Norway** |
|  Aker ASA, A Shares | (856) | (60403) | 4.3 |
|  DNB Bank ASA | (14572) | (257733) | 18.2 |
|  Mowi ASA | (1966) | (29344) | 2.1 |
|  Nordic Semiconductor ASA | (21913) | (309352) | 21.8 |
|  Orkla ASA | (7266) | (49010) | 3.4 |
|  Salmar Asa | (745) | (25257) | 1.8 |
|  Schibsted ASA, Class A | (12324) | (190209) | 13.4 |
|  Storebrand ASA | (120987) | (941200) | 66.4 |
|  |  | (1862508) |  |
| **Poland** | **Poland** | **Poland** | **Poland** |
|  InPost SA | (17682) | (112716) | 7.9 |
| **Portugal** | **Portugal** | **Portugal** | **Portugal** |
|  Banco Comercial Portugues SA | (3423995) | (487834) | 34.4 |
|  Galp Energia SGPS SA | (39903) | (405139) | 28.6 |
|  Jeronimo Martins SGPS SA | (50974) | (1054805) | 74.5 |
|  |  | (1947778) |  |
| **Singapore** | **Singapore** | **Singapore** | **Singapore** |
|  Ascott Residence Trust | (201400) | (135786) | 9.6 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **Singapore (continued)** | **Singapore (continued)** | **Singapore (continued)** | **Singapore (continued)** |
|  Golden Agri-Resources Ltd. | (995900) | $(204218) | 14.4% |
|  Keppel REIT | (668200) | (422450) | 29.8 |
|  SembCorp. Industries Ltd. | (15000) | (30835) | 2.2 |
|  Suntec Real Estate Investment Trust | (203100) | (185227) | 13.1 |
|  |  | (978516) |  |
| **Spain** | **Spain** | **Spain** | **Spain** |
|  Acciona SA | (3198) | (575837) | 40.6 |
|  Acerinox SA | (55616) | (487421) | 34.4 |
|  Aena SME SA | (1771) | (208148) | 14.7 |
|  Amadeus IT Group SA | (16713) | (871671) | 61.5 |
|  Banco Santander SA | (50983) | (132223) | 9.3 |
|  CaixaBank SA | (102907) | (341244) | 24.1 |
|  Cellnex Telecom SA | (35709) | (1168764) | 82.5 |
|  Endesa SA | (63148) | (1055079) | 74.5 |
|  Ferrovial SA | (12855) | (314155) | 22.2 |
|  Fluidra SA | (12857) | (174609) | 12.3 |
|  Grifols SA | (41226) | (350733) | 24.7 |
|  Industria de Diseno Textil SA | (41063) | (932056) | 65.8 |
|  Inmobiliaria Colonial Socimi SA | (85406) | (450415) | 31.8 |
|  Red Electrica Corp. SA | (682) | (11032) | 0.8 |
|  Telefonica SA | (93646) | (322816) | 22.8 |
|  |  | (7396203) |  |
| **Sweden** |  |  |  |
|  Alfa Laval AB | (15800) | (388922) | 27.5 |
|  Assa Abloy AB, Class B | (14743) | (297692) | 21.0 |
|  Beijer Ref AB, Class B | (36123) | (559994) | 39.5 |
|  BillerudKorsnas AB | (3384) | (43686) | 3.1 |
|  Boliden AB | (11869) | (345161) | 24.4 |
|  Embracer Group AB, Class B | (37674) | (181240) | 12.8 |
|  EQT AB | (17248) | (339440) | 24.0 |
|  Evolution AB | (5175) | (482738) | 34.1 |
|  Fastighets AB Balder, B Shares | (151056) | (567010) | 40.0 |
|  Getinge AB, B Shares | (6222) | (126263) | 8.9 |
|  Hennes & Mauritz AB, B Shares | (64638) | (651044) | 45.9 |
|  Hexagon AB, B Shares | (40356) | (398955) | 28.2 |
|  Investor AB | (27750) | (471882) | 33.3 |
|  Investor AB, B Shares | (95136) | (1552678) | 109.6 |
|  L E Lundbergforetagen AB, B Shares | (8130) | (320872) | 22.6 |
|  Nibe Industrier AB, B Shares | (11200) | (89340) | 6.3 |
|  Sagax AB, Class B | (864) | (15921) | 1.1 |
|  Sandvik AB | (65015) | (1015973) | 71.7 |
|  Skandinaviska Enskilda Banken AB, Class A | (78241) | (824925) | 58.2 |
|  SKF AB, B Shares | (7774) | (112533) | 7.9 |
|  Svenska Handelsbanken AB | (148054) | (1375574) | 97.1 |
|  Sweco AB, B Shares | (13450) | (101058) | 7.1 |
|  Swedbank AB, A Shares | (31777) | (473733) | 33.4 |
|  Swedish Orphan Biovitrum AB | (9215) | (169735) | 12.0 |
|  Trelleborg AB, B Shares | (5359) | (118000) | 8.3 |
|  Volvo AB | (21695) | (370586) | 26.2 |
|  Volvo AB, B Shares | (34653) | (567163) | 40.0 |
|  |  | (11962118) |  |
| **Switzerland** | **Switzerland** | **Switzerland** | **Switzerland** |
|  Bachem Holding AG | (131) | (9393) | 0.6 |
|  Coca-Cola HBC AG | (62977) | (1375626) | 97.1 |
|  STMicroelectronics NV | (23271) | (723587) | 51.1 |
|  Swatch Group AG, Registered Shares | (918) | (38353) | 2.7 |
|  |  | (2146959) |  |
| **United Kingdom** | **United Kingdom** | **United Kingdom** | **United Kingdom** |
|  Admiral Group PLC | (18704) | (432542) | 30.5 |

---

S C H E D U L E O F I N V E S T M E N T S 119

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---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Global Equity Market Neutral Fund** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
|  Airtel Africa PLC | (106830) | $(138281) | 9.8% |
|  Anglo American PLC | (6519) | (195271) | 13.8 |
|  Ashtead Group PLC | (6580) | (342772) | 24.2 |
|  Associated British Foods PLC | (153662) | (2381649) | 168.1 |
|  AVEVA Group PLC | (38609) | (1381746) | 97.5 |
|  Aviva PLC | (53241) | (255377) | 18.0 |
|  Barratt Developments PLC | (236958) | (1022020) | 72.1 |
|  Bellway PLC | (5698) | (121180) | 8.6 |
|  Berkeley Group Holdings PLC | (16473) | (655417) | 46.3 |
|  British Land Co. PLC | (72863) | (305652) | 21.6 |
|  BT Group PLC | (246751) | (367716) | 26.0 |
|  CNH Industrial NV | (46905) | (606814) | 42.8 |
|  Compass Group PLC | (7662) | (161376) | 11.4 |
|  Derwent London PLC | (35211) | (871447) | 61.5 |
|  DS Smith PLC | (24827) | (82796) | 5.8 |
|  Greggs PLC | (49517) | (1147875) | 81.0 |
|  Harbour Energy PLC | (19405) | (84214) | 5.9 |
|  Hays PLC | (24351) | (30702) | 2.2 |
|  Inchcape PLC | (35513) | (302958) | 21.4 |
|  Informa PLC | (207908) | (1324773) | 93.5 |
|  InterContinental Hotels Group PLC | (13098) | (703765) | 49.7 |
|  ITV PLC | (252069) | (194082) | 13.7 |
|  JD Sports Fashion PLC | (938020) | (1048172) | 74.0 |
|  Legal & General Group PLC | (92577) | (247667) | 17.5 |
|  Lloyds Banking Group PLC | (2267199) | (1088861) | 76.8 |
|  M&G PLC | (585495) | (1176625) | 83.0 |
|  Man Group PLC | (33033) | (82173) | 5.8 |
|  Marks & Spencer Group PLC | (254957) | (308772) | 21.8 |
|  Melrose Industries PLC | (84625) | (113515) | 8.0 |
|  Mondi PLC | (72803) | (1221523) | 86.2 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *% of<br>Basket<br>Value* |
| **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
|  National Grid PLC | (126217) | $(1375149) | 97.1% |
|  Next PLC | (7436) | (419982) | 29.6 |
|  Persimmon PLC | (37575) | (562267) | 39.7 |
|  Phoenix Group Holdings PLC | (28524) | (177533) | 12.5 |
|  Prudential PLC | (158991) | (1476972) | 104.2 |
|  RELX PLC | (37567) | (1009068) | 71.2 |
|  Rio Tinto PLC | (29032) | (1517259) | 107.1 |
|  Royal Mail PLC | (34598) | (80038) | 5.7 |
|  Schroders PLC | (82202) | (369087) | 26.0 |
|  Smith & Nephew PLC | (55096) | (651064) | 45.9 |
|  Smiths Group PLC | (87424) | (1565986) | 110.5 |
|  Standard Life Aberdeen PLC | (20837) | (37969) | 2.7 |
|  Subsea 7 SA | (3308) | (33004) | 2.3 |
|  Taylor Wimpey PLC | (256413) | (275677) | 19.5 |
|  Tesco PLC | (220379) | (544310) | 38.4 |
|  Unilever PLC | (6086) | (276635) | 19.5 |
|  UNITE Group PLC | (33666) | (343896) | 24.3 |
|  Vodafone Group PLC | (144717) | (168943) | 11.9 |
|  Weir Group PLC | (11794) | (205496) | 14.5 |
|  Whitbread PLC | (64820) | (1907788) | 134.6 |
|  |  | (31395856) |  |
| **Preferred Stocks** |  |  |  |
| **Germany** | **Germany** | **Germany** | **Germany** |
|  Henkel AG & Co. KGaA | (28232) | (1778575) | 125.5 |
|  Porsche Automobil Holding SE | (6254) | (349425) | 24.7 |
|  **Total Reference Entity — Short** | **Total Reference Entity — Short** | (249426488) |  |
|  **Net Value of Reference Entity — UBS AG** | **Net Value of Reference Entity — UBS AG** | $(1416985) |  |

---

**Balances Reported in the Statements of Assets and Liabilities for OTC Swaps and Options Written** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Description* | *Swap<br>Premiums<br>Paid* | *Swap<br>Premiums<br>Received* | *Unrealized<br>Appreciation* | *Unrealized<br>Depreciation* | *Value* |
|  OTC Swaps | $— | $— | $41357070 | $— | $— |
|  Options Written | N/A | N/A | 343886 | (58907) | (344280) |

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120 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Global Equity Market Neutral Fund** |

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**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* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Assets — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Futures contracts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on futures contracts<sup>(a)</sup>  | $— | $— | $4225573 | $— | $— | $— | $4225573 |
|  Options purchased |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value — unaffiliated<sup>(b)</sup>  |  |  | 1193270 |  |  |  | 1193270 |
|  Swaps — OTC |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on OTC swaps; Swap<br> premiums paid |  |  | 41357070 |  |  |  | 41357070 |
|  | $— | $— | $46775913 | $— | $— | $— | $46775913 |
|  **Liabilities — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Options written |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Options written at value | $— | $— | $344280 | $— | $— | $— | $344280 |

---

<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). 

<sup>(b)</sup> Includes options purchased at value as reported in the Schedule of Investments.

For the period ended October 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $(1780507) | $— | $— | $— | $(1780507) |
|  Options purchased<sup>(a)</sup>  |  |  | 3621207 |  |  |  | 3621207 |
|  Options written |  |  | (1856118) |  |  |  | (1856118) |
|  Swaps |  |  | (11245235) |  |  |  | (11245235) |
|  | $— | $— | $(11260653) | $— | $— | $— | $(11260653) |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $4836913 | $— | $— | $— | $4836913 |
|  Options purchased<sup>(b)</sup>  |  |  | (395867) |  |  |  | (395867) |
|  Options written |  |  | 284979 |  |  |  | 284979 |
|  Swaps |  |  | 3739703 |  |  |  | 3739703 |
|  | $— | $— | $8465728 | $— | $— | $— | $8465728 |

---

<sup>(a)</sup> Options purchased are included in net realized gain (loss) from investments — unaffiliated.

<sup>(b)</sup> Options purchased are included in net change in unrealized appreciation (depreciation) on investments — unaffiliated.

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

---

| | |
|:---|:---|
|  Futures contracts: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $35342063 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — short | $40008728 |
|  Options: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average value of option contracts purchased | $596635 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average value of option contracts written | $172140 |
|  Total return swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value | $(50032549) |

---

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

S C H E D U L E O F I N V E S T M E N T S 121

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Global Equity Market Neutral Fund** |

---

**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 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | $399685 | $126737 |
| &nbsp;&nbsp;&nbsp;&nbsp; Options | 1193270 <sup>(a)</sup> | 344280 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps — OTC<sup>(b)</sup>  | 41357070 |  |
|  Total derivative assets and liabilities in the Statements of Assets and Liabilities | 42950025 | 471017 |
|  Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA") | (1592955) | (471017) |
|  Total derivative assets and liabilities subject to an MNA | $41357070 | $— |

---

<sup>(a)</sup> Includes options purchased at value which is included in Investments at value — unaffiliated in the Statements of Assets and Liabilities and reported in the Schedule of Investments.

<sup>(b)</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 by counterparty net of amounts available for offset under an MNA and net of the related collateral received by the Fund:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  *Counterparty* | *Derivative<br>Assets<br>Subject to*<br> *an MNA by<br>Counterparty* | *Derivatives<br>Available for<br>Offset* | *Non-Cash<br>Collateral<br>Received* | *Cash<br>Collateral<br>Received <br><sup>(a)</sup>* | *Net Amount<br>of Derivative<br>Assets* | *<br><sup>(b)</sup>* |
|  Bank of America N.A | $4917317 | $— | $— | $— | $4917317 |  |
|  BNP Paribas SA | 11515639 |  |  | (11515639) |  |  |
|  Goldman Sachs & Co. | 24156714 |  |  | (24100000) | 56714 |  |
|  UBS AG | 767400 |  |  |  | 767400 |  |
|  | $41357070 | $— | $— | $(35615639) | $5741431 |  |

---

<sup>(a)</sup> Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.

<sup>(b)</sup> Net amount represents the net amount receivable from the counterparty in the event of default. 

**Fair Value Hierarchy as of Period End** 

Various inputs are used in determining the fair value of financial instruments. 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 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $964608 | $— | $— | $964608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Stocks |  |  | 3682508 | 3682508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations |  | 36185396 |  | 36185396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warrants | 1070 |  |  | 1070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 14605760 |  |  | 14605760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations |  | 638594559 |  | 638594559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options Purchased |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | 1193270 |  |  | 1193270 |
|  | $16764708 | $674779955 | $3682508 | $695227171 |
|  Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | $4225573 | $41357070 | $— | $45582643 |

---

122 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **BlackRock Global Equity Market Neutral Fund** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | $(344280) | $— | $— | $(344280) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3881293 | $&nbsp;&nbsp;&nbsp;&nbsp;41357070 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;45238363 |

---

<sup>(a)</sup> Derivative financial instruments are swaps, futures contracts and options written. Swaps and futures contracts are valued at the unrealized appreciation (depreciation) on the instrument and options written are shown at value.

*See notes to financial statements.* 

S C H E D U L E O F I N V E S T M E N T S 123

------

Statements of Assets and Liabilities (unaudited)

October 31, 2022

---

| | | |
|:---|:---|:---|
| | BlackRock<br>Advantage<br>Emerging Markets<br>Fund | BlackRock<br>Global Equity<br>Market<br> Neutral Fund |
|  **ASSETS** |  |  |
|  Investments, at value — unaffiliated<sup>(a)</sup>  | $69035015 | $680621411 |
|  Investments, at value — affiliated<sup>(b)</sup>  | 3102912 | 14605760 |
|  Cash |  | 13798675 |
|  Cash pledged: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateral — exchange-traded options written |  | 500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateral — OTC derivatives |  | 11080000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 183000 | 1521000 |
|  Foreign currency, at value<sup>(c)</sup>  | 731615 | 2218784 |
|  Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 21530 | 94888224 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income — affiliated | 312 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold | 810 | 6670824 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — unaffiliated | 197792 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | 9335 | 59136 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest — unaffiliated |  | 3975 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts |  | 399685 |
|  Unrealized appreciation on OTC swaps |  | 41357070 |
|  Prepaid expenses | 44895 | 66106 |
|  Total assets | 73327216 | 867790650 |
|  **LIABILITIES** |  |  |
|  Cash received as collateral for OTC derivatives |  | 35800000 |
|  Collateral on securities loaned | 230816 |  |
|  Options written, at value<sup>(d)</sup>  |  | 344280 |
|  Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments purchased |  | 149344488 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounting services fees | 21763 | 104345 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration fees |  | 23596 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares redeemed | 1871655 | 6508228 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 75313 | 153112 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deferred foreign capital gain tax | 14835 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 20983 | 623471 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' and Officer's fees | 2790 | 2083 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other accrued expenses | 32354 | 62842 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 86295 | 98191 |
| &nbsp;&nbsp;&nbsp;&nbsp; Service and distribution fees | 1134 | 7395 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 4774 | 62756 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 10793 | 126737 |
|  Other liabilities |  | 494543 |
|  Total liabilities | 2373505 | 193756067 |
|  NET ASSETS | $70953711 | $674034583 |
|  **NET ASSETS CONSIST OF** |  |  |
|  Paid-in capital | $121486986 | $727441344 |
|  Accumulated loss | (50533275) | (53406761) |
|  NET ASSETS | $70953711 | $674034583 |
|  <sup>(a) </sup>Investments, at cost — unaffiliated | $79606036 | $681269404 |
|  <sup>(b) </sup>Investments, at cost — affiliated | $3102930 | $14605760 |
|  <sup>(c)</sup> Foreign currency, at cost | $742534 | $2282930 |
|  <sup>(d) </sup>Premiums received | $— | $629259 |

---

124 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

Statements of Assets and Liabilities (unaudited) (continued)

October 31, 2022

---

| | | |
|:---|:---|:---|
| | BlackRock<br>Advantage<br>Emerging Markets<br>Fund | BlackRock<br>Global Equity<br>Market<br> Neutral Fund |
|  **NET ASSET VALUE** |  |  |
| **Institutional** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | $5834345 | $545298993 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 711634 | 47727393 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $8.20 | $11.43 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | Unlimited | Unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | $0.001 | $0.001 |
| **Investor A** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | $4085006 | $24066532 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 508104 | 2143029 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $8.04 | $11.23 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | Unlimited | Unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | $0.001 | $0.001 |
| **Investor C** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | $272118 | $2980111 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 35656 | 282970 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $7.63 | $10.53 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | Unlimited | Unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | $0.001 | $0.001 |
| **Class K** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets | $60762242 | $101688947 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 7410080 | 8873232 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $8.20 | $11.46 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | Unlimited | Unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value | $0.001 | $0.001 |

---

*See notes to financial statements.* 

F I N A N C I A L S T A T E M E N T S 125

------

Statements of Operations (unaudited)

Six Months Ended October 31, 2022

---

| | | |
|:---|:---|:---|
| | BlackRock<br>Advantage<br>Emerging Markets<br>Fund | BlackRock<br> Global Equity<br>Market<br> Neutral Fund |
|  **INVESTMENT INCOME** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — unaffiliated | $3250116 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | 48472 | 248620 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest — unaffiliated | 1752 | 4701497 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income — affiliated — net | 4015 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign taxes withheld | (302071) |  |
|  Total investment income | 3002284 | 4950117 |
|  EXPENSES |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory | 519222 | 3938792 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian | 80755 | 195082 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional | 80362 | 81456 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration | 34495 | 60401 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration | 27584 | 132341 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accounting services | 21166 | 108110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration — class specific | 12981 | 63020 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent — class specific | 8994 | 229348 |
| &nbsp;&nbsp;&nbsp;&nbsp; Service and distribution — class specific | 7538 | 47400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees and Officer | 4285 | 6217 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 29913 | 79484 |
|  Total expenses | 827295 | 4941651 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration fees waived | (27584) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration fees waived — class specific | (12981) | (63020) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fees waived and/or reimbursed by the Manager | (246593) | (536506) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees waived and/or reimbursed by the Manager — class specific | (5019) | (91345) |
|  Total expenses after fees waived and/or reimbursed | 535118 | 4250780 |
|  Net investment income | 2467166 | 699337 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated<sup>(a)</sup>  | (18447857) | 3719784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | (166) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (264392) | (1263372) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (1833718) | (1780507) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written |  | (1856118) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps |  | (11245235) |
|  | (20546133) | (12425448) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated<sup>(b)</sup>  | (7368475) | (650072) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | (18) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 2548 | 495054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 144946 | 4836913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written |  | 284979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps |  | 3739703 |
|  | (7220999) | 8706577 |
|  Net realized and unrealized loss | (27767132) | (3718871) |
|  NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | $(25299966) | $(3019534) |
|  <sup>(a)</sup> Net of foreign capital gain tax and capital gain tax refund, if applicable of | $(585) | $— |
|  <sup>(b)</sup> Net of increase in deferred foreign capital gain tax of | $(14835) | $— |

---

*See notes to financial statements.*

126 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | 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 |
| | Six Months Ended<br>10/31/22<br>(unaudited) | Year Ended<br>04/30/22 | Six Months Ended<br>10/31/22<br>(unaudited) | Year Ended<br>04/30/22 |
|  *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
|  **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $2467166 | $2683808 | $699337 | $(7192302) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized loss | (20546133) | (10303637) | (12425448) | (40824333) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (7220999) | (32996826) | 8706577 | 31625594 |
|  Net decrease in net assets resulting from operations | (25299966) | (40616655) | (3019534) | (16391041) |
|  **DISTRIBUTIONS TO SHAREHOLDERS<sup>(a)</sup>**  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional |  | (211822) |  | (5694760) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor A |  | (69700) |  | (289045) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor C |  | (451) |  | (83551) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (1901) | (2045863) |  | (64174) |
|  Decrease in net assets resulting from distributions to shareholders | (1901) | (2327836) |  | (6131530) |
|  **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
|  Net increase (decrease) in net assets derived from capital share transactions | (44878710) | 9079203 | 74857300 | 129941298 |
|  *NET ASSETS* |  |  |  |  |
|  Total increase (decrease) in net assets | (70180577) | (33865288) | 71837766 | 107418727 |
|  Beginning of period | 141134288 | 174999576 | 602196817 | 494778090 |
|  End of period | $70953711 | $141134288 | $674034583 | $602196817 |

---

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

*See notes to financial statements.* 

F I N A N C I A L S T A T E M E N T S 127

------

Financial Highlights

(For a share outstanding throughout each period)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | 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 | BlackRock Advantage Emerging Markets Fund | BlackRock Advantage Emerging Markets Fund |
|  | Institutional | Institutional | Institutional | Institutional | Institutional | Institutional | Institutional |
|  | | Year Ended<br>04/30/22 | | Period from<br> 08/01/19<br> to 04/30/20 | Year Ended<br> 07/31/19 | Year Ended<br> 07/31/18 | Year Ended<br> 07/31/17 |
| | Six Months Ended<br>10/31/22<br>(unaudited) | Year Ended<br>04/30/22 | Year Ended<br>04/30/21 | Period from<br> 08/01/19<br> to 04/30/20 | Year Ended<br> 07/31/19 | Year Ended<br> 07/31/18 | Year Ended<br> 07/31/17 |
|  **Net asset value, beginning of period** | $10.11 | $13.24 | $8.85 | $10.25 | $10.59 | $10.10 | $9.76 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(a)</sup>  | 0.18 | 0.20 | 0.15 | 0.10 | 0.18 | 0.07 | (0.12) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (2.09) | (3.17) | 4.43 | (1.27) | (0.52) | 0.42 | 0.46 |
|  Net increase (decrease) from investment operations | (1.91) | (2.97) | 4.58 | (1.17) | (0.34) | 0.49 | 0.34 |
|  Distributions from net investment income<sup>(b)</sup>  |  | (0.16) | (0.19) | (0.23) |  |  |  |
|  **Net asset value, end of period** | $8.20 | $10.11 | $13.24 | $8.85 | $10.25 | $10.59 | $10.10 |
|  **Total Return<sup>(c)</sup>**  | **Total Return<sup>(c)</sup>**  | **Total Return<sup>(c)</sup>**  | **Total Return<sup>(c)</sup>**  | **Total Return<sup>(c)</sup>**  |  |  |  |
|  Based on net asset value | (18.89)%<sup>(d)</sup> | (22.62)% | 52.00% | (11.78)%<sup>(d)</sup> | (3.21)%<sup>(e)</sup> | 4.85% | 3.48 %<sup>(f)</sup> |
|  **Ratios to Average Net Assets<sup>(g)</sup>**  | **Ratios to Average Net Assets<sup>(g)</sup>**  | **Ratios to Average Net Assets<sup>(g)</sup>**  | **Ratios to Average Net Assets<sup>(g)</sup>**  | **Ratios to Average Net Assets<sup>(g)</sup>**  |  |  |  |
|  Total expenses | 1.33 %<sup>(h)</sup> | 1.19% | 1.40% | 1.38 %<sup>(h)(i)</sup> | 1.42 %<sup>(j)(k)</sup> | 1.28 %<sup>(j)</sup> | 1.91 %<sup>(j)</sup> |
|  Total expenses after fees waived and/or reimbursed | 0.85 %<sup>(h)</sup> | 0.85% | 0.85% | 0.81 %<sup>(h)</sup> | 0.92 %<sup>(k)</sup> | 0.94% | 1.70% |
|  Net investment income (loss) | 3.81 %<sup>(h)</sup> | 1.62% | 1.29% | 1.38 %<sup>(h)</sup> | 1.83% | 0.67% | (1.29)% |
|  **Supplemental Data** | **Supplemental Data** | **Supplemental Data** | **Supplemental Data** | **Supplemental Data** |  |  |  |
|  Net assets, end of period (000) | $5834 | $9583 | $17216 | $9689 | $15904 | $32775 | $106243 |
|  Portfolio turnover rate | 86% | 183% | 180 %<sup>(l)</sup> | 141 %<sup>(l)</sup> | 128 %<sup>(l)</sup> | 111 %<sup>(l)</sup> | 7 %<sup>(l)</sup> |

---

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

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

<sup>(e)</sup> Includes payment from an affiliate, which had no impact on the Fund's total return. 

<sup>(f)</sup> The Fund's total return includes a reimbursement by an affiliate for a realized investment loss. Excluding this payment, the Fund's total return would have been 3.38%. 

<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 and tax costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, total expenses would have been 1.42%. 

<sup>(j)</sup> Includes recoupment of past waived and/or reimbursed fees. Excluding the recoupment of past waived and/or reimbursed fees, the expense ratios were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | Six Months Ended<br> 10/31/22<br> (unaudited) | <br>Year Ended<br>04/30/22 | Year Ended<br> 04/30/21 | Period from<br> 08/01/19<br> to 04/30/20 | Year Ended<br> 07/31/19 | Year Ended<br> 07/31/18 | Year Ended<br> 07/31/17 |
|  Expense ratios | N/A | N/A | N/A | N/A | 1.39% | 1.28% | 1.90% |

---

<sup>(k)</sup> Includes non-recurring expenses of offering costs. Without these costs, total expenses and total expenses after fees waived and/or reimbursed would have been 1.40% and 0.90%, respectively. 

<sup>(l)</sup> Excludes underlying investments in total return swaps. 

*See notes to financial statements.* 

128 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | 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) | BlackRock Advantage Emerging Markets Fund (continued) | BlackRock Advantage Emerging Markets Fund (continued) |
| | Investor A | Investor A | Investor A | Investor A | Investor A | Investor A | Investor A |
| | Six Months Ended<br>10/31/22<br>(unaudited) |<br>Year Ended<br>04/30/22 |<br>Year Ended<br>04/30/21 | Period from<br>08/01/19<br>to 04/30/20 |<br>Year Ended<br>07/31/19 |<br>Year Ended<br>07/31/18 |<br>Year Ended<br>07/31/17 |
|  **Net asset value, beginning of period** | $9.93 | $13.00 | $8.69 | $10.07 | $10.43 | $9.97 | $9.67 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(a)</sup>  | 0.16 | 0.15 | 0.11 | 0.07 | 0.17 | 0.14 | (0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (2.05) | (3.09) | 4.36 | (1.25) | (0.53) | 0.32 | 0.45 |
|  Net increase (decrease) from investment operations | (1.89) | (2.94) | 4.47 | (1.18) | (0.36) | 0.46 | 0.30 |
|  Distributions from net investment income<sup>(b)</sup>  |  | (0.13) | (0.16) | (0.20) |  |  |  |
|  **Net asset value, end of period** | $8.04 | $9.93 | $13.00 | $8.69 | $10.07 | $10.43 | $9.97 |
|  **Total Return<sup>(c)</sup>**  |  |  |  |  |  |  |  |
|  Based on net asset value | (19.03)%<sup>(d)</sup> | (22.83)% | 51.62% | (12.05)%<sup>(d)</sup> | (3.45)%<sup>(e)</sup> | 4.61% | 3.10 %<sup>(e)</sup> |
|  **Ratios to Average Net Assets<sup>(f)</sup>**  |  |  |  |  |  |  |  |
|  Total expenses | 1.69 %<sup>(g)</sup> | 1.52% | 1.74% | 1.70 %<sup>(g)(h)</sup> | 1.69 %<sup>(i)(j)</sup> | 1.57 %<sup>(i)</sup> | 2.22 %<sup>(i)</sup> |
|  Total expenses after fees waived and/or reimbursed | 1.15 %<sup>(g)</sup> | 1.15% | 1.14% | 1.12 %<sup>(g)</sup> | 1.17 %<sup>(j)</sup> | 1.19% | 1.99% |
|  Net investment income (loss) | 3.40 %<sup>(g)</sup> | 1.29% | 0.98% | 1.02 %<sup>(g)</sup> | 1.74% | 1.32% | (1.62)% |
|  **Supplemental Data** |  |  |  |  |  |  |  |
|  Net assets, end of period (000) | $4085 | $5246 | $7125 | $5224 | $3817 | $5454 | $3272 |
|  Portfolio turnover rate | 86% | 183% | 180 %<sup>(k)</sup> | 141 %<sup>(k)</sup> | 128 %<sup>(k)</sup> | 111 %<sup>(k)</sup> | 7 %<sup>(k)</sup> |

---

<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> Not annualized.

<sup>(e)</sup> Includes payment from an affiliate, which had no impact on the Fund's total return. 

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

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

<sup>(h)</sup> Audit, printing and tax costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, total expenses would have been 1.74%. 

<sup>(i)</sup> Includes recoupment of past waived and/or reimbursed fees. Excluding the recoupment of past waived and/or reimbursed fees, the expense ratios were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | Six Months Ended<br>10/31/22<br>(unaudited) |<br>Year Ended<br>04/30/22 |<br>Year Ended<br>04/30/21 | Period from<br>08/01/19<br>to 04/30/20 |<br>Year Ended<br>07/31/19 |<br>Year Ended<br>07/31/18 |<br>Year Ended<br>07/31/17 |
| Expense ratios | N/A | N/A | N/A | N/A | 1.67% | 1.55% | 2.21% |

---

<sup>(j)</sup> Includes non-recurring expenses of offering costs. Without these costs, total expenses and total expenses after fees waived and/or reimbursed would have been 1.67% and 1.15%, respectively. 

<sup>(k)</sup> Excludes underlying investments in total return swaps. 

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 129

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | 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) | BlackRock Advantage Emerging Markets Fund (continued) | BlackRock Advantage Emerging Markets Fund (continued) |
| | Investor C | Investor C | Investor C | Investor C | Investor C | Investor C | Investor C |
| | Six Months Ended<br>10/31/22<br>(unaudited) |<br>Year Ended<br>04/30/22 |<br>Year Ended<br>04/30/21 | Period from<br>08/01/19<br>to 04/30/20 |<br>Year Ended<br>07/31/19 |<br>Year Ended<br>07/31/18 |<br>Year Ended<br>07/31/17 |
|  **Net asset value, beginning of period** | $9.46 | $12.36 | $8.29 | $9.53 | $9.95 | $9.58 | $9.36 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(a)</sup>  | 0.11 | 0.07 | 0.04 | 0.02 | 0.08 | 0.03 | (0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (1.94) | (2.96) | 4.14 | (1.21) | (0.50) | 0.34 | 0.43 |
|  Net increase (decrease) from investment operations | (1.83) | (2.89) | 4.18 | (1.19) | (0.42) | 0.37 | 0.22 |
|  Distributions from net investment income<sup>(b)</sup>  |  | (0.01) | (0.11) | (0.05) |  |  |  |
|  **Net asset value, end of period** | $7.63 | $9.46 | $12.36 | $8.29 | $9.53 | $9.95 | $9.58 |
|  **Total Return<sup>(c)</sup>**  |  |  |  |  |  |  |  |
|  Based on net asset value | (19.35)%<sup>(d)</sup> | (23.40)% | 50.49% | (12.57)%<sup>(d)</sup> | (4.22)%<sup>(e)</sup> | 3.86% | 2.35 %<sup>(e)</sup> |
|  **Ratios to Average Net Assets<sup>(f)</sup>**  |  |  |  |  |  |  |  |
|  Total expenses | 2.56 %<sup>(g)</sup> | 2.43% | 2.56% | 2.53 %<sup>(g)(h)</sup> | 2.53 %<sup>(i)</sup> | 2.38% | 2.91 %<sup>(j)</sup> |
|  Total expenses after fees waived and/or reimbursed | 1.90 %<sup>(g)</sup> | 1.90% | 1.90% | 1.90 %<sup>(g)</sup> | 1.92 %<sup>(i)</sup> | 1.94% | 2.71% |
|  Net investment income (loss) | 2.54 %<sup>(g)</sup> | 0.61% | 0.43% | 0.26 %<sup>(g)</sup> | 0.81% | 0.25% | (2.30)% |
|  **Supplemental Data** |  |  |  |  |  |  |  |
|  Net assets, end of period (000) | $272 | $282 | $550 | $1164 | $2280 | $3240 | $3823 |
|  Portfolio turnover rate | 86% | 183% | 180 %<sup>(k)</sup> | 141 %<sup>(k)</sup> | 128 %<sup>(k)</sup> | 111 %<sup>(k)</sup> | 7 %<sup>(k)</sup> |

---

<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> Not annualized.

<sup>(e)</sup> Includes payment from an affiliate, which had no impact on the Fund's total return. 

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

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

<sup>(h)</sup> Audit, printing and tax costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, total expenses would have been 2.57%. 

<sup>(i)</sup> Includes non-recurring expenses of offering costs. Without these costs, total expenses and total expenses after fees waived and/or reimbursed would have been 2.51% and 1.90%, respectively. 

<sup>(j)</sup> Includes recoupment of past waived and/or reimbursed fees with no financial impact to the expense ratio.

<sup>(k)</sup> Excludes underlying investments in total return swaps. 

*See notes to financial statements.* 

130 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 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) | BlackRock Advantage Emerging Markets Fund (continued) |
|  | Class K | Class K | Class K | Class K | Class K | Class K |
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Six Months Ended<br>10/31/22<br>(unaudited) |<br>Year Ended<br>04/30/22 |<br>Year Ended<br>04/30/21 | Period from<br>08/01/19<br>to 04/30/20 |<br>Year Ended<br>07/31/19 | Period from<br>01/25/18<sup>(a)</sup><br>to 07/31/18 |
|  **Net asset value, beginning of period** | $10.11 | $13.24 | $8.84 | $10.26 | $10.59 | $12.14 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup>  | 0.18 | 0.20 | 0.16 | 0.10 | 0.19 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (2.09) | (3.16) | 4.43 | (1.28) | (0.52) | (1.68) |
|  Net increase (decrease) from investment operations | (1.91) | (2.96) | 4.59 | (1.18) | (0.33) | (1.55) |
|  Distributions from net investment income<sup>(c)</sup>  | (0.00)<sup>(d)</sup> | (0.17) | (0.19) | (0.24) |  |  |
|  **Net asset value, end of period** | $8.20 | $10.11 | $13.24 | $8.84 | $10.26 | $10.59 |
|  **Total Return<sup>(e)</sup>**  |  |  |  |  |  |  |
|  Based on net asset value | (18.89)%<sup>(f)</sup> | (22.59)% | 52.19% | (11.87)%<sup>(f)</sup> | (3.12)%<sup>(g)</sup> | (12.77)%<sup>(f)</sup> |
|  **Ratios to Average Net Assets<sup>(h)</sup>**  |  |  |  |  |  |  |
|  Total expenses | 1.25 %<sup>(i)</sup> | 1.13% | 1.36% | 1.41 %<sup>(i)(j)</sup> | 1.37 %<sup>(k)</sup> | 1.32 %<sup>(i)(l)</sup> |
|  Total expenses after fees waived and/or reimbursed | 0.81 %<sup>(i)</sup> | 0.81% | 0.81% | 0.81 %<sup>(i)</sup> | 0.87 %<sup>(k)</sup> | 0.89 %<sup>(i)</sup> |
|  Net investment income | 3.82 %<sup>(i)</sup> | 1.63% | 1.36% | 1.33 %<sup>(i)</sup> | 1.93% | 2.33 %<sup>(i)</sup> |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $60762 | $126023 | $150108 | $85164 | $80529 | $145476 |
|  Portfolio turnover rate | 86% | 183% | 180 %<sup>(m)</sup> | 141 %<sup>(m)</sup> | 128 %<sup>(m)</sup> | 111 %<sup>(m)(n)</sup> |

---

<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. (d) 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> Includes payment from an affiliate, which had no impact on the Fund's total return. 

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

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

<sup>(j)</sup> Audit, printing and tax costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 1.45%. 

<sup>(k)</sup> Includes non-recurring expenses of offering costs. Without these costs, total expenses and total expenses after fees waived and/or reimbursed would have been 1.34%and 0.84%, respectively. 

<sup>(l)</sup> Offering costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 1.31%. 

<sup>(m)</sup> Excludes underlying investments in total return swaps. 

<sup>(n)</sup> Portfolio turnover rate is representative of the Fund for the entire year.

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 131

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | 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 | BlackRock Global Equity Market Neutral Fund | BlackRock Global Equity Market Neutral Fund |
|  | Institutional | Institutional | Institutional | Institutional | Institutional | Institutional | Institutional |
| | Six Months Ended<br> 10/31/22<br>(unaudited) | Year Ended<br>04/30/22 | Year Ended<br>04/30/21 | Period from<br> 08/01/19<br>to 04/30/20 | Year Ended<br>07/31/19 | Year Ended<br>07/31/18 | Year Ended<br>07/31/17 |
|  **Net asset value, beginning of period** | $11.49 | $11.98 | $11.42 | $12.67 | $12.17 | $11.62 | $10.56 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(a)</sup>  | 0.01 | (0.15) | (0.17) | (0.01) | 0.05 | (0.06) | (0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.07) | (0.20) | 0.76 | (0.46) | 0.57 | 0.61 | 1.20 |
|  Net increase (decrease) from investment operations | (0.06) | (0.35) | 0.59 | (0.47) | 0.62 | 0.55 | 1.06 |
|  **Distributions<sup>(b)</sup>**  | **Distributions<sup>(b)</sup>**  | **Distributions<sup>(b)</sup>**  | **Distributions<sup>(b)</sup>**  | **Distributions<sup>(b)</sup>**  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income |  |  |  | (0.04) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain |  | (0.14) | (0.03) | (0.74) | (0.12) |  |  |
|  Total distributions |  | (0.14) | (0.03) | (0.78) | (0.12) |  |  |
|  **Net asset value, end of period** | $11.43 | $11.49 | $11.98 | $11.42 | $12.67 | $12.17 | $11.62 |
|  **Total Return<sup>(c)</sup>**  | **Total Return<sup>(c)</sup>**  | **Total Return<sup>(c)</sup>**  | **Total Return<sup>(c)</sup>**  | **Total Return<sup>(c)</sup>**  |  |  |  |
|  Based on net asset value | (0.52)%<sup>(d)</sup> | (2.94)%<sup>(e)</sup> | 5.21 %<sup>(f)</sup> | (3.80)%<sup>(d)</sup> | 5.09% | 4.73% | 10.04% |
|  **Ratios to Average Net Assets<sup>(g)</sup>**  | **Ratios to Average Net Assets<sup>(g)</sup>**  | **Ratios to Average Net Assets<sup>(g)</sup>**  | **Ratios to Average Net Assets<sup>(g)</sup>**  | **Ratios to Average Net Assets<sup>(g)</sup>**  |  |  |  |
|  Total expenses | 1.56 %<sup>(h)</sup> | 1.58% | 1.82% | 1.80 %<sup>(h)</sup> | 1.76% | 1.73 %<sup>(i)</sup> | 1.78 %<sup>(i)</sup> |
|  Total expenses after fees waived and/or reimbursed | 1.34<sup></sup> %<sup>(h)</sup> | 1.36% | 1.57% | 1.57 %<sup>(h)</sup> | 1.63% | 1.66% | 1.70% |
|  Net investment income (loss) | 0.19 %(h) | (1.29)% | (1.49)% | (0.09)%(h) | 0.36% | (0.51)% | (1.28)% |
|  **Supplemental Data** | **Supplemental Data** | **Supplemental Data** | **Supplemental Data** | **Supplemental Data** |  |  |  |
|  Net assets, end of period (000) | $545299 | $565502 | $459420 | $492021 | $546561 | $559028 | $544301 |
|  Portfolio turnover rate | 23 %<sup>(j)</sup> | 31 %<sup>(j)</sup> | 43 %<sup>(j)</sup> | 53 %<sup>(j)</sup> | 7 %<sup>(j)</sup> | 20 %<sup>(j)</sup> | — % |

---

<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> Not annualized.

<sup>(e)</sup> Includes payment from an affiliate, which had no impact on the Fund's total return. 

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

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

<sup>(i)</sup> Includes recoupment of past waived and/or reimbursed fees. Excluding the recoupment of past waived and/or reimbursed fees, the expense ratios were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | Six Months Ended<br>10/31/22<br>(unaudited) | Year Ended<br>04/30/22 | Year Ended<br>04/30/21 | Period from<br>08/01/19<br>to 04/30/20 | Year Ended<br>07/31/19 | Year Ended<br>07/31/18 | Year Ended<br>07/31/17 |
|  Expense ratios | N/A | N/A | N/A | N/A | N/A | 1.71% | 1.78% |

---

<sup>(j)</sup> Excludes underlying investments in total return swaps. 

*See notes to financial statements.* 

132 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | 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) | BlackRock Global Equity Market Neutral Fund (continued) | BlackRock Global Equity Market Neutral Fund (continued) |
| | Investor A | Investor A | Investor A | Investor A | Investor A | Investor A | Investor A |
| | Six Months Ended<br>10/31/22<br>(unaudited) |<br>Year Ended<br>04/30/22 |<br>Year Ended<br>04/30/21 | Period from<br>08/01/19<br>to 04/30/20 |<br>Year Ended<br>07/31/19 |<br>Year Ended<br>07/31/18 |<br>Year Ended<br>07/31/17 |
|  **Net asset value, beginning of period** | $11.30 | $11.82 | $11.27 | $12.50 | $12.03 | $11.52 | $10.49 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(a)</sup>  |  | (0.18) | (0.20) | (0.02) | 0.01 | (0.10) | (0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.07) | (0.20) | 0.75 | (0.46) | 0.56 | 0.61 | 1.20 |
|  Net increase (decrease) from investment operations | (0.07) | (0.38) | 0.55 | (0.48) | 0.57 | 0.51 | 1.03 |
|  **Distributions<sup>(b)</sup>**  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income |  |  |  | (0.01) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain |  | (0.14) | (0.00)<sup>(c)</sup> | (0.74) | (0.10) |  |  |
|  Total distributions |  | (0.14) | (0.00) | (0.75) | (0.10) |  |  |
|  **Net asset value, end of period** | $11.23 | $11.30 | $11.82 | $11.27 | $12.50 | $12.03 | $11.52 |
|  **Total Return<sup>(d)</sup>**  |  |  |  |  |  |  |  |
|  Based on net asset value | (0.62)%<sup>(e)</sup> | (3.23)%<sup>(f)</sup> | 4.92 %<sup>(g)</sup> | (3.94)%<sup>(e)</sup> | 4.79% | 4.43% | 9.82% |
|  **Ratios to Average Net Assets<sup>(h)</sup>**  |  |  |  |  |  |  |  |
|  Total expenses | 1.83 %<sup>(i)</sup> | 1.86% | 2.07% | 2.07 %<sup>(i)</sup> | 2.04% | 2.03 %<sup>(j)</sup> | 2.10 %<sup>(j)</sup> |
|  Total expenses after fees waived and/or reimbursed | 1.59 %<sup>(i)</sup> | 1.61% | 1.82% | 1.82 %(i) | 1.88% | 1.96% | 1.98% |
|  Net investment income (loss) | (0.05)%<sup>(i)</sup> | (1.54)% | (1.75)% | (0.28)%<sup>(i)</sup> | 0.12% | (0.84)% | (1.60)% |
|  **Supplemental Data** |  |  |  |  |  |  |  |
|  Net assets, end of period (000) | $24067 | $25229 | $23390 | $23509 | $49514 | $49180 | $35658 |
|  Portfolio turnover rate | 23 %<sup>(k)</sup> | 31 %<sup>(k)</sup> | 43 %<sup>(k)</sup> | 53 %<sup>(k)</sup> | 7 %<sup>(k)</sup> | 20 %<sup>(k)</sup> | — % |

---

<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> Not annualized.

<sup>(f)</sup> Includes payment from an affiliate, which had no impact on the Fund's total return. 

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

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

<sup>(j)</sup> Includes recoupment of past waived and/or reimbursed fees. Excluding the recoupment of past waived and/or reimbursed fees, the expense ratios were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Six Months<br>Ended<br> 10/31/22<br> (unaudited) | Year Ended<br> 04/30/22 | Year Ended<br>04/30/21 | Period from<br>08/01/19<br>to 04/30/20 | Year Ended<br>07/31/19 | Year Ended<br>07/31/18 | Year Ended<br>07/31/17 |
|  Expense ratios | N/A | N/A | N/A | N/A | N/A | 1.95% | 2.10% |

---

<sup>(k)</sup> Excludes underlying investments in total return swaps. 

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 133

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | 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) | BlackRock Global Equity Market Neutral Fund (continued) | BlackRock Global Equity Market Neutral Fund (continued) |
| | Investor C | Investor C | Investor C | Investor C | Investor C | Investor C | Investor C |
| | Six Months Ended<br>10/31/22<br>(unaudited) |<br>Year Ended<br>04/30/22 |<br>Year Ended<br>04/30/21 | Period from<br>08/01/19<br>to 04/30/20 |<br>Year Ended<br>07/31/19 |<br>Year Ended<br>07/31/18 |<br>Year Ended<br>07/31/17 |
|  **Net asset value, beginning of period** | $10.64 | $11.22 | $10.77 | $11.99 | $11.59 | $11.18 | $10.26 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment loss<sup>(a)</sup>  | (0.05) | (0.25) | (0.27) | (0.09) | (0.08) | (0.18) | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.06) | (0.19) | 0.72 | (0.44) | 0.54 | 0.59 | 1.16 |
|  Net increase (decrease) from investment operations | (0.11) | (0.44) | 0.45 | (0.53) | 0.46 | 0.41 | 0.92 |
|  Distributions from net realized gain<sup>(b)</sup>  |  | (0.14) |  | (0.69) | (0.06) |  |  |
|  **Net asset value, end of period** | $10.53 | $10.64 | $11.22 | $10.77 | $11.99 | $11.59 | $11.18 |
|  **Total Return<sup>(c)</sup>**  |  |  |  |  |  |  |  |
|  Based on net asset value | (1.03)%<sup>(d)</sup> | (3.95)%<sup>(e)</sup> | 4.18 %<sup>(f)</sup> | (4.51)%<sup>(d)</sup> | 4.02% | 3.67% | 8.97% |
|  **Ratios to Average Net Assets<sup>(g)</sup>**  |  |  |  |  |  |  |  |
|  Total expenses | 2.63 %<sup>(h)</sup> | 2.64% | 2.86% | 2.83 %<sup>(h)</sup> | 2.79% | 2.76 %(i) | 2.81 %(i) |
|  Total expenses after fees waived and/or reimbursed | 2.34 %<sup>(h)</sup> | 2.36% | 2.57% | 2.57 %<sup>(h)</sup> | 2.63% | 2.69% | 2.72% |
|  Net investment loss | (0.89)%<sup>(h)</sup> | (2.30)% | (2.44)% | (1.04)%<sup>(h)</sup> | (0.64)% | (1.58)% | (2.32)% |
|  **Supplemental Data** |  |  |  |  |  |  |  |
|  Net assets, end of period (000) | $2980 | $4386 | $6817 | $11539 | $17282 | $21168 | $25857 |
|  Portfolio turnover rate | 23 %<sup>(j)</sup> | 31 %<sup>(j)</sup> | 43 %<sup>(j)</sup> | 53 %<sup>(j)</sup> | 7 %<sup>(j)</sup> | 20 %<sup>(j)</sup> | — % |

---

<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> Not annualized.

<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 4.09%. 

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

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

<sup>(i)</sup> Includes recoupment of past waived and/or reimbursed fees. Excluding the recoupment of past waived and/or reimbursed fees, the expense ratios were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | Six Months Ended<br>10/31/22<br>(unaudited) |<br>Year Ended<br>04/30/22 |<br>Year Ended<br>04/30/21 | Period from<br>08/01/19<br>to 04/30/20 |<br>Year Ended<br>07/31/19 |<br>Year Ended<br>07/31/18 |<br>Year Ended<br>07/31/17 |
| Expense ratios | N/A | N/A | N/A | N/A | N/A | 2.72% | 2.81% |

---

<sup>(j)</sup> Excludes underlying investments in total return swaps. 

*See notes to financial statements.* 

134 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | 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) | BlackRock Global Equity Market Neutral Fund (continued) | BlackRock Global Equity Market Neutral Fund (continued) |
|  | Class K | Class K | Class K | Class K | Class K | Class K | Class K |
|  | | Year Ended<br>04/30/22 | Year Ended<br>04/30/21 | Period from<br>08/01/19<br>to 04/30/20 | Year Ended<br>07/31/19 | Year Ended<br>07/31/18 | Year Ended<br>07/31/17 |
| | Six Months Ended<br>10/31/22<br>(unaudited) | Year Ended<br>04/30/22 | Year Ended<br>04/30/21 | Period from<br>08/01/19<br>to 04/30/20 | Year Ended<br>07/31/19 | Year Ended<br>07/31/18 | Year Ended<br>07/31/17 |
|  **Net asset value, beginning of period** | $11.52 | $12.00 | $11.44 | $12.69 | $12.19 | $11.63 | $10.56 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(a)</sup>  | 0.03 | (0.14) | (0.25) | (0.01) | 0.06 | (0.01) | (0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.09) | (0.20) | 0.85 | (0.46) | 0.56 | 0.57 | 1.21 |
|  Net increase (decrease) from investment operations | (0.06) | (0.34) | 0.60 | (0.47) | 0.62 | 0.56 | 1.07 |
|  **Distributions<sup>(b)</sup>**  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income |  |  |  | (0.04) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain |  | (0.14) | (0.04) | (0.74) | (0.12) |  |  |
|  Total distributions |  | (0.14) | (0.04) | (0.78) | (0.12) |  |  |
|  **Net asset value, end of period** | $11.46 | $11.52 | $12.00 | $11.44 | $12.69 | $12.19 | $11.63 |
|  **Total Return<sup>(c)</sup>**  |  |  |  |  |  |  |  |
|  Based on net asset value | (0.52)%<sup>(d)</sup> | (2.85)%<sup>(e)</sup> | 5.24 %<sup>(e)</sup> | (3.77)%<sup>(d)</sup> | 5.11% | 4.82% | 10.13% |
|  **Ratios to Average Net Assets<sup>(f)</sup>**  |  |  |  |  |  |  |  |
|  Total expenses | 1.48 %<sup>(g)</sup> | 1.51% | 1.77% | 1.76 %<sup>(g)</sup> | 1.72% | 1.65 %<sup>(h)</sup> | 1.70% |
|  Total expenses after fees waived and/or reimbursed | 1.29 %<sup>(g)</sup> | 1.31% | 1.52% | 1.52 %<sup>(g)</sup> | 1.57% | 1.58% | 1.63% |
|  Net investment income (loss) | 0.60 %<sup>(g)</sup> | (1.24)% | (2.07)% | (0.07)%<sup>(g)</sup> | 0.45% | (0.04)% | (1.32)% |
|  **Supplemental Data** |  |  |  |  |  |  |  |
|  Net assets, end of period (000) | $101689 | $7080 | $5151 | $325 | $453 | $217 | $108 |
|  Portfolio turnover rate | 23 %<sup>(i)</sup> | 31 %<sup>(i)</sup> | 43 %<sup>(i)</sup> | 53 %<sup>(i)</sup> | 7 %<sup>(i)</sup> | 20 %<sup>(i)</sup> | —% |

---

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

<sup>(e)</sup> Includes payment from an affiliate, which had no impact on the Fund's total return. 

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

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

<sup>(h)</sup> Includes recoupment of past waived and/or reimbursed fees. Excluding the recoupment of past waived and/or reimbursed fees for the year ended July 31, 2018, the expense ratio would have been 1.64%. 

---

| | |
|:---|:---|
| <sup>(</sup><sup>i)</sup> | Excludes underlying investments in total return swaps.  |

---

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 135

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Notes to Financial Statements (unaudited)

***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* | *Herein Referred To As* | *Diversification*<br> *Classification* | *Diversification*<br> *Classification* |
|  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 |

---

<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.

On May 10, 2022, the Board of Trustees of the Trust (the "Board"), approved a change in the name of BlackRock Global Long/Short Equity Fund to BlackRock Global Equity Market Neutral Fund. While the Fund's investment process and investment strategy were not changed in connection with the name change, certain updates were made to the Fund's investment process and investment strategy disclosure in order to align the disclosure with the Fund's new name. These changes were effective as of September 1, 2022.

***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.

**ForeignTaxes:** 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

136 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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Notes to Financial Statements (unaudited) (continued)

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 October 31, 2022, if any, are disclosed in the Statements of Assets and Liabilities.

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.

**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.

***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 each Fund 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;• 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 available bid (long positions) or ask (short positions) price.

&nbsp;&nbsp;&nbsp;&nbsp;• Fixed-income investments for which market quotations are readily available are generally valued using the last available
bid price or current market quotations 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 may trade at lower prices than institutional round lots. 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 published net asset value ("NAV").

&nbsp;&nbsp;&nbsp;&nbsp;• The Funds value their investment in SL Liquidity Series, LLC, Money Market Series (the "Money Market Series")
at fair value, which is ordinarily based upon their pro rata ownership in the underlying fund's net assets.

&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;• Exchange-traded options are valued at the mean between the last bid and ask prices at the close of the options market in
which the options trade. An exchange-traded option for which there is no mean price is valued at the last bid (long positions) or ask (short positions) price. If no bid or ask price is available, the prior day's price will be used, unless it is
determined that the prior day's price no longer reflects the fair value of the option. Over-the-counter ("OTC") options and options on swaps
("swaptions") are valued by an independent pricing service using a mathematical model, which incorporates a number of market data factors, such as the trades and prices of the underlying instruments.

&nbsp;&nbsp;&nbsp;&nbsp;• 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 a number of market data factors, such as discounted cash flows, trades and values of the underlying reference instruments.

N O T E S T O F I N A N C I A L S T A T E M E N T S 137

------

Notes to Financial Statements (unaudited) (continued)

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 follows 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.

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.

---

| | | |
|:---|:---|:---|
|  | *Standard Inputs Generally Considered By The Valuation Committee And Third-Party Pricing Services* | *Standard Inputs Generally Considered By The Valuation Committee And Third-Party Pricing Services* |
|  Market approach | (i) | recent market transactions, including subsequent rounds of financing, in the underlying investment or comparable issuers; |
|  | (ii) | recapitalizations and other transactions across the capital structure; and |
|  | (iii) | market multiples of comparable issuers. |
|  Income approach | (i) | future cash flows discounted to present and adjusted as appropriate for liquidity, credit, and/or market risks; |
|  | (ii) | quoted prices for similar investments or assets in active markets; and |
|  | (iii) | other risk factors, such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, recovery rates, liquidation amounts and/or default rates. |
|  Cost approach | (i) | audited or unaudited financial statements, investor communications and financial or operational metrics issued by the Private Company; |
|  | (ii) | changes in the valuation of relevant indices or publicly traded companies comparable to the Private Company; |
|  | (iii) | relevant news and other public sources; and |
|  | (iv) | known secondary market transactions in the Private Company's interests and merger or acquisition activity in companies comparable to the Private Company. |

---

Investments in series of preferred stock issued by Private Companies are typically valued utilizing market approach in determining 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 involve 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.

The Private Companies are not subject to the public company disclosure, timing, and reporting standards applicable to other investments held by a Fund. Typically, the most recently available information 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. 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 for identical assets or liabilities that each
Fund has the ability to access;

&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or
liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield
curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market–corroborated inputs); and

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

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

As of October 31, 2022, certain investments of the Funds were fair valued using NAV per share as no quoted market value is available and therefore have been excluded from the fair value hierarchy.

138 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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Notes to Financial Statements (unaudited) (continued)

***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.

**Warrants:** Warrants entitle a fund to purchase a specified number of shares of common stock and are non-income producing. The purchase price and number of shares are subject to adjustment under certain conditions until the expiration date of the warrants, if any. If the price of the underlying stock does not rise above the strike price before the warrant expires, the warrant generally expires without any value and a fund will lose any amount it paid for the warrant. Thus, investments in warrants may involve more risk than investments in common stock. Warrants may trade in the same markets as their underlying stock; however, the price of the warrant does not necessarily move with the price of the underlying stock.

**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 any related collateral 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 Advantage Emerging Markets's securities on loan by counterparty which are subject to offset under an MSLA:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  *Fund Name/Counterparty* | *Securities<br>Loaned at Value* | *Cash Collateral<br>Received <br><sup>(a)</sup>* | *Non-Cash Collateral<br>Received, at Fair Value* | *<br><sup>(a)</sup>* | *Net<br>Amount* | *<br><sup>(b)</sup>* |
|  Advantage Emerging Markets |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup Global Markets, Inc. | $87728 | $(80079) | $— |  | $7649 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; J.P. Morgan Securities LLC | 13718 | (13205) |  |  | 513 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; SG Americas Securities LLC | 45801 | (45801) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Toronto-Dominion Bank | 72186 | (72186) |  |  |  |  |
|  | $219433 | $(211271) | $— |  | $8162 |  |

---

<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. 

<sup>(b)</sup> The market value of the loaned securities is determined as of October 31, 2022. Additional collateral is delivered to each Fund on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by the counterparty. 

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 Funds benefit 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 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 Funds.

N O T E S T O F I N A N C I A L S T A T E M E N T S 139

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Notes to Financial Statements (unaudited) (continued)

***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).

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.

**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 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 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.

140 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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Notes to Financial Statements (unaudited) (continued)

&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 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% | 1.25% |
| $1 billion — $3 billion | 0.75 | 1.18 |

---

N O T E S T O F I N A N C I A L S T A T E M E N T S 141

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Notes to Financial Statements (unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | Investment Advisory Fees | Investment Advisory Fees |
| *Average Daily Net Assets* | *Advantage Emerging Markets* | *Global Equity Market Neutral* |
|  $3 billion — $5 billion  | 0.72% | 1.13% |
|  $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 the Funds, 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% | N/A |
|  Investor C | 0.25 | 0.75% |

---

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 six months ended October 31, 2022, 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 | $6038 | $1500 | $7538 |
|  Global Equity Market Neutral | 30111 | 17289 | 47400 |

---

**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% |
|  $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 six months ended October 31, 2022, 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 | $833 | $483 | $30 | $11635 | $12981 |
|  Global Equity Market Neutral | 52446 | 2409 | 346 | 7819 | 63020 |

---

**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 six months ended October 31, 2022, 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 six months ended October 31, 2022, 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 | $153 | $422 | $49 | $157 | $781 |
|  Global Equity Market Neutral | 424 | 182 | 170 |  | 776 |

---

142 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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Notes to Financial Statements (unaudited) (continued)

For the six months ended October 31, 2022, 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 | $3488 | $4514 | $449 | $543 | $8994 |
|  Global Equity Market Neutral | 214584 | 11862 | 2629 | 273 | 229348 |

---

**Other Fees:** For the six months ended October 31, 2022, 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 | $4 |
|  Global Equity Market Neutral | 112 |

---

For the six months ended October 31, 2022, affiliates received CDSCs as follows:

---

| | | |
|:---|:---|:---|
| *Fund Name* | *Investor A* | *Investor C* |
|  Advantage Emerging Markets | $— | $— |
|  Global Equity Market Neutral | 232 | 225 |

---

**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, 2023. 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 ("IndependentTrustees"), 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. This amount is included in fees waived and/or reimbursed by the Manager in the Statements of Operations. For the six months ended October 31, 2022, the amounts waived were as follows:

---

| | |
|:---|:---|
| *Fund Name* | *Fees Waived and/or Reimbursed*<br> *by the Manager* |
|  Advantage Emerging Markets | $2140 |
|  Global Equity Market Neutral | 11287 |

---

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, 2024. 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 six months ended October 31, 2022, 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, 2024. 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% |
|  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% |
|  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, 2024, 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 six months ended October 31, 2022, amounts included in the Statements of Operations were as follows:

---

| | |
|:---|:---|
| *Fund Name* | *Fees Waived and/or Reimbursed<br>by the Manager* |
|  Advantage Emerging Markets | $244453 |

---

N O T E S T O F I N A N C I A L S T A T E M E N T S 143

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Notes to Financial Statements (unaudited) (continued)

---

| | |
|:---|:---|
| *Fund Name* | *Fees Waived and/or Reimbursed*<br> *by the Manager* |
|  Global Equity Market Neutral | $525219 |

---

---

| | |
|:---|:---|
| *Fund Name* | *Administration<br>Fees Waived* |
|  Advantage Emerging Markets | $27584 |

---

In addition, these amounts waived and/or reimbursed by the Manager are included in Administration fees waived — class specific and transfer agent fees waived and/or reimbursed — class specific, respectively, in the Statements of Operations. For the six months ended October 31, 2022, class specific expense waivers and/or reimbursements are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Administration Fees Waived - Class Specific | Administration Fees Waived - Class Specific | Administration Fees Waived - Class Specific | Administration Fees Waived - Class Specific | Administration Fees Waived - Class Specific |
| *Fund Name* | *Institutional* | *Investor A* | *Investor C* | *Class K* | *Total* |
|  Advantage Emerging Markets | $833 | $483 | $30 | $11635 | $12981 |
|  Global Equity Market Neutral | 52446 | 2409 | 346 | 7819 | 63020 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 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 | $1822 | $2340 | $314 | $543 | $5019 |
|  Global Equity Market Neutral | 83467 | 5840 | 1765 | 273 | 91345 |

---

**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 expenses in connection with the investment of cash collateral received for securities on loan (the "collateral investment expenses"). The cash collateral is invested in a private investment company, Money Market Series, managed by the Manager or its affiliates. However, BIM has agreed to cap the collateral investment expenses of the Money Market Series to an annual rate of 0.04%. The investment adviser to the Money Market Series will not charge any advisory fees with respect to shares purchased by the Funds. The Money Market Series may, under certain circumstances, impose a liquidity fee of up to 2% of the value withdrawn or temporarily restrict withdrawals for up to 10 business days during a 90 day period, in the event that the private investment company's weekly liquid assets fall below certain thresholds. The Money Market Series seeks current income consistent with maintaining liquidity and preserving capital. Although the Money Market Series is not registered under the 1940 Act, its investments may follow the parameters of investments by a money market fund that is subject to Rule 2a-7 under the 1940 Act.

Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment expenses. Each Fund retains a portion of securities lending income and remits a 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 expenses), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment expenses.

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 a specified threshold, 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 expenses), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment expenses.

Pursuant to the current securities lending agreement, Global Equity Market Neutral retains 81% of securities lending income (which excludes collateral investment expenses), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment expenses.

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 a specified threshold, Global Equity Market Neutral, pursuant to the securities lending agreement, will retain for the remainder of that calendar year securities lending income in an amount equal to 81% of securities lending income (which excludes collateral investment expenses), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment expenses.

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 six months ended October 31, 2022, each Fund paid BIM the following amounts for securities lending agent services:

---

| | |
|:---|:---|
| *Fund Name* | *Amounts* |
|  Advantage Emerging Markets | $850 |

---

**Interfund Lending:** In accordance with an exemptive order (the "Order") from the SEC, each Fund may participate 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. Each Fund is currently permitted to borrow and lend under the Interfund Lending Program.

A lending BlackRock fund may lend in aggregate up to 15% of its net assets but may not lend more than 5% of its net assets to any one borrowing fund through the Interfund Lending Program. A borrowing BlackRock fund may not borrow through the Interfund Lending Program or from any other source more than 33 1/3% of its total assets (or any

144 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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Notes to Financial Statements (unaudited) (continued)

lower threshold provided for by the fund's investment restrictions). If a borrowing BlackRock fund's total outstanding borrowings exceed 10% of its total assets, each of its outstanding interfund loans will be subject to collateralization of at least 102% of the outstanding principal value of the loan. All interfund loans are for temporary or emergency purposes and the interest rate to be charged will be the average of the highest current overnight repurchase agreement rate available to a lending fund and the bank loan rate, as calculated according to a formula established by the Board.

During the period ended October 31, 2022, 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.

**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 six months ended October 31, 2022, 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:

---

| | | | |
|:---|:---|:---|:---|
|  | *Net Realized* | *Net Realized* | *Net Realized* |
| *Fund Name* | *Purchases* | *Sales* | *Gain (Loss)* |
|  Advantage Emerging Markets | $1312620 | $1603228 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(200040) |

---

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

For the six months ended October 31, 2022, 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 | $— | $— | $101354267 | $137702620 |
|  Global Equity Market Neutral | 10878856 | 20325000 | 718812 | 47571 |

---

***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 October 31, 2022, 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.

As of April 30, 2022, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

---

| | |
|:---|:---|
| *Fund Name* | *Non-Expiring* |
|  Advantage Emerging Markets | $18689323 |
|  Global Equity Market Neutral | 7778325 |

---

As of October 31, 2022, 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* | *Gross Unrealized<br>Appreciation* | *Gross Unrealized<br>Depreciation* | *Net Unrealized<br>Appreciation<br>(Depreciation)* |
|  Advantage Emerging Markets | $86025639 | $5455399 | $(19581202) | $(14125803) |
|  Global Equity Market Neutral | 695887887 | 295853562 | (250646656) | 45206906 |

---

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

The Trust, on behalf of the Funds, along with certain other funds managed by the Manager and its affiliates ("Participating Funds"), is a party to a 364-day, $2.50 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

N O T E S T O F I N A N C I A L S T A T E M E N T S 145

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Notes to Financial Statements (unaudited) (continued)

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 2023 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 six months ended October 31, 2022, 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 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 redemption gates or 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) 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; (iii) 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 (iv) 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.

An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund's investments. Although vaccines have been developed and approved for use by various governments, the duration of this pandemic and its effects cannot be determined with certainty.

**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.

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. 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.

**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.

For OTC options purchased, each Fund bears the risk of loss in the amount of the premiums paid plus the positive change in market values net of any collateral held by the Funds should the counterparty fail to perform under the contracts. Options written by the Funds do not typically give rise to counterparty credit risk, as options written generally obligate the Funds, and not the counterparty, to perform. The Funds may be exposed to counterparty credit risk with respect to options written to the extent each Fund deposits collateral with its counterparty to a written option.

With exchange-traded options purchased and 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

146 2 0 2 2 B L A C K R O C K S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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Notes to Financial Statements (unaudited) (continued)

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.

**Concentration 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 Europe or with significant exposure to European issuers or countries. The European financial markets have recently experienced volatility and adverse trends due to concerns about economic downturns in, or rising government debt levels of, several European countries as well as acts of war in the region. These events may spread to other countries in Europe and may affect the value and liquidity of certain of the Funds' investments.

Responses to the financial problems by European governments, central banks and others, including austerity measures and reforms, may not work, may result in social unrest and may limit future growth and economic recovery or have other unintended consequences. Further defaults or restructurings by governments and others of their debt could have additional adverse effects on economies, financial markets and asset valuations around the world. The United Kingdom has withdrawn from the European Union, and one or more other countries may withdraw from the European Union and/or abandon the Euro, the common currency of the European Union. The impact of these actions, especially if they occur in a disorderly fashion, is not clear but could be significant and far reaching. In addition, Russia launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration of the military action, resulting sanctions and resulting future market disruptions in the region are impossible to predict, but could be significant and have a severe adverse effect on the region, including significant negative impacts on the economy and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors.

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, institution of tariffs 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.

**LIBOR Transition Risk:** The United Kingdom's Financial Conduct Authority announced a phase out of the London Interbank Offered Rate ("LIBOR"). Although many LIBOR rates ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

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

Transactions in capital shares for each class were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended 10/31/22 | Six Months Ended 10/31/22 | Year Ended<br> 04/30/22 | Year Ended<br> 04/30/22 |
| *Fund Name / Share Class* | *Shares* | *Amounts* | *Shares* | *Amounts* |
|  Advantage Emerging Markets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 50251 | $488086 | 172173 | $2149062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions |  |  | 15307 | 189748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (286521) | (2632242) | (540197) | (6345580) |
|  | (236270) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2144156) | (352717) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4006770) |

---

N O T E S T O F I N A N C I A L S T A T E M E N T S 147

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Notes to Financial Statements (unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended<br> 10/31/22 | Six Months Ended<br> 10/31/22 | Year Ended<br> 04/30/22 | Year Ended<br> 04/30/22 |
| *Fund Name / Share Class (continued)* | *Shares* | *Amounts* | *Shares* | *Amounts* |
|  Advantage Emerging Markets (continued) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 31097 | $293888 | 60578 | $730563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions |  |  | 5633 | 68598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (51306) | (474243) | (85864) | (1000083) |
|  | (20209) | $(180355) | (19653) | $(200922) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 23687 | $216351 | 494 | $5613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions |  |  | 36 | 450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (17817) | (159713) | (15259) | (175008) |
|  | 5870 | $56638 | (14729) | $(168945) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class K |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 1063622 | $10159476 | 2518212 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29836376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 207 | 1901 | 165545 | 2045863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (6119058) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(52772214) | (1558201) | (18426399) |
|  | (5055229) | $(42610837) | 1125556 | $13455840 |
|  | (5305838) | $(44878710) | 738457 | $9079203 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended<br> 10/31/22 | Six Months Ended<br> 10/31/22 | Year Ended<br> 04/30/22 | Year Ended<br> 04/30/22 |
| *Fund Name / Share Class* | *Shares* | *Amounts* | *Shares* | *Amounts* |
|  Global Equity Market Neutral |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 15213415 | $172953682 | 21428123 | $249500008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions |  |  | 338212 | 4007822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (16721844) | (189622759) | (10894979) | (126513641) |
|  | (1508429) | $(16669077) | 10871356 | $126994189 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 380716 | $4255454 | 798505 | $9148217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions |  |  | 23726 | 277350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (469665) | (5238802) | (569722) | (6530854) |
|  | (88949) | $(983348) | 252509 | $2894713 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor C |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 26944 | $284200 | 70815 | $760368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions |  |  | 7514 | 83179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (156130) | (1637787) | (274027) | (2959803) |
|  | (129186) | $(1353587) | (195698) | $(2116256) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class K |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 9516876 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108181139 | 215060 | $2517495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions |  |  | 5402 | 64174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (1258350) | (14317827) | (34941) | (413017) |
|  | 8258526 | $93863312 | 185521 | $2168652 |
|  | 6531962 | $74857300 | 11113688 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129941298 |

---

***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.

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Disclosure of Investment Advisory Agreement and Sub-Advisory Agreement

The Board of Trustees (the "Board," the members of which are referred to as "Board Members") of BlackRock Funds (the "Trust") met on April 20, 2022 (the "April Meeting") and May 10-11, 2022 (the "May Meeting") to consider the approval to continue the investment advisory agreement (the "Advisory Agreement") between the Trust, on behalf of BlackRock Advantage Emerging Markets Fund (the "Advantage Emerging Markets Fund") and BlackRock Global Equity Market Neutral Fund (the "Global Equity Market Neutral Fund") (each a "Fund" and collectively, the "Funds"), and BlackRock Advisors, LLC (the "Manager"), each Fund's investment advisor. The Board also considered the approval to continue the sub-advisory agreement (the "Sub-Advisory Agreement") between the Manager and BlackRock International Limited (the "Sub-Advisor") with respect to the Global Equity Market Neutral Fund. The Manager and the Sub-Advisor are referred to herein as "BlackRock." The Advisory Agreement and the Sub-Advisory Agreement are referred to herein as the "Agreements."

**The Approval Process** 

Consistent with the requirements of the Investment Company Act of 1940 (the "1940 Act"), the Board considers the approval of the continuation of the Agreements for each Fund on an annual basis. The Board members who are not "interested persons" of the Trust, as defined in the 1940 Act, are considered independent Board members (the "Independent Board Members"). The Board's consideration entailed a year-long deliberative process during which the Board and its committees assessed BlackRock's various services to each Fund, including through the review of written materials and oral presentations, and the review of additional information provided in response to requests from the Independent Board Members. The Board had four quarterly meetings per year, each typically extending for two days, as well as additional ad hoc meetings and executive sessions throughout the year, as needed. The committees of the Board similarly met throughout the year. The Board also had an additional one-day meeting to consider specific information surrounding the renewal of the Agreements. In particular, the Board assessed, among other things, the nature, extent and quality of the services provided to the Fund by BlackRock, BlackRock's personnel and affiliates, including (as applicable): investment management services; accounting oversight; administrative and shareholder services; oversight of the Fund's service providers; risk management and oversight; and legal, regulatory and compliance services. Throughout the year, including during the contract renewal process, the Independent Board Members were advised by independent legal counsel, and met with independent legal counsel in various executive sessions outside of the presence of BlackRock's management.

During the year, the Board, acting directly and through its committees, considered information that was relevant to its annual consideration of the renewal of the Agreements, including the services and support provided by BlackRock to the Fund and its shareholders. BlackRock also furnished additional information to the Board in response to specific questions from the Board. Among the matters the Board considered were: (a) investment performance for one-year, three-year, five-year, and/or since inception periods, as applicable, against peer funds, an applicable benchmark, and other performance metrics, as applicable, as well as BlackRock senior management's and portfolio managers' analyses of the reasons for any outperformance or underperformance relative to its peers, benchmarks, and other performance metrics, as applicable; (b) fees, including advisory, administration, if applicable, and other amounts paid to BlackRock and its affiliates by the Fund for services; (c) Fund operating expenses and how BlackRock allocates expenses to the Fund; (d) the resources devoted to risk oversight of, and compliance reports relating to, implementation of the Fund's investment objective, policies and restrictions, and meeting regulatory requirements; (e) BlackRock's and the Fund's adherence to applicable compliance policies and procedures; (f) the nature, character and scope of non-investment management services provided by BlackRock and its affiliates and the estimated cost of such services, as available; (g) BlackRock's and other service providers' internal controls and risk and compliance oversight mechanisms; (h) BlackRock's implementation of the proxy voting policies approved by the Board; (i) the use of brokerage commissions and execution quality of portfolio transactions; (j) BlackRock's implementation of the Fund's valuation and liquidity procedures; (k) an analysis of management fees paid to BlackRock for products with similar investment mandates across the open-end fund, exchange-traded fund ("ETF"), closed-end fund, sub-advised mutual fund, separately managed account, collective investment trust, and institutional separate account product channels, as applicable, and the similarities and differences between these products and the services provided as compared to the Fund; (l) BlackRock's compensation methodology for its investment professionals and the incentives and accountability it creates, along with investment professionals' investments in the fund(s) they manage; and (m) periodic updates on BlackRock's business.

Prior to and in preparation for the April Meeting, the Board received and reviewed materials specifically relating to the renewal of the Agreements. The Independent Board Members continuously engaged in a process with their independent legal counsel and BlackRock to review the nature and scope of the information provided to the Board to better assist its deliberations. The materials provided in connection with the April Meeting included, among other things: (a) information independently compiled and prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), based on either a Lipper classification or Morningstar category, regarding each Fund's fees and expenses as compared with a peer group of funds as determined by Broadridge ("Expense Peers") and the investment performance of each Fund as compared with a peer group of funds ("Performance Peers"); (b) information on the composition of the Expense Peers and Performance Peers and a description of Broadridge's methodology; (c) information on the estimated profits realized by BlackRock and its affiliates pursuant to the Agreements and a discussion of fall-out benefits to BlackRock and its affiliates; (d) a general analysis provided by BlackRock concerning investment management fees received in connection with other types of investment products, such as institutional accounts, sub-advised mutual funds, ETFs, closed-end funds, open-end funds, and separately managed accounts under similar investment mandates, as well as the performance of such other products, as applicable; (e) a review of non-management fees; (f) the existence, impact and sharing of potential economies of scale, if any, with the Funds; (g) a summary of aggregate amounts paid by each Fund to BlackRock; (h) sales and redemption data regarding each Fund's shares; and (i) various additional information requested by the Board as appropriate regarding BlackRock's and the Funds' operations.

At the April Meeting, the Board reviewed materials relating to its consideration of the Agreements and the Independent Board Members presented BlackRock with questions and requests for additional information. BlackRock responded to these questions and requests with additional written information in advance of the May Meeting.

At the May Meeting, the Board concluded its assessment of, among other things: (a) the nature, extent and quality of the services provided by BlackRock; (b) the investment performance of each Fund as compared to its Performance Peers and to other metrics, as applicable; (c) the advisory fee and the estimated cost of the services and estimated profits realized by BlackRock and its affiliates from their relationship with the Funds; (d) each Fund's fees and expenses compared to its Expense Peers; (e) the existence and sharing of potential economies of scale; (f) any fall-out benefits to BlackRock and its affiliates as a result of BlackRock's relationship with the Funds; and (g) other factors deemed relevant by the Board Members.

The Board also considered other matters it deemed important to the approval process, such as other payments made to BlackRock or its affiliates relating to securities lending and cash management, and BlackRock's services related to the valuation and pricing of Fund portfolio holdings. The Board noted the willingness of BlackRock's personnel to engage in open, candid discussions with the Board. The Board Members evaluated the information available to it on a fund-by-fund basis. The following paragraphs provide

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Disclosure of Investment Advisory Agreement and Sub-Advisory Agreement (continued)

more information about some of the primary factors that were relevant to the Board's decision. The Board Members did not identify any particular information, or any single factor as determinative, and each Board Member may have attributed different weights to the various items and factors considered.

***A. Nature, Extent and Quality of the Services Provided by BlackRock***

The Board, including the Independent Board Members, reviewed the nature, extent and quality of services provided by BlackRock, including the investment advisory services, and the resulting performance of each Fund. Throughout the year, the Board compared each Fund's performance to the performance of a comparable group of mutual funds, relevant benchmark, and performance metrics, as applicable. The Board met with BlackRock's senior management personnel responsible for investment activities, including the senior investment officers. The Board also reviewed the materials provided by each Fund's portfolio management team discussing the Fund's performance, investment strategies and outlook.

The Board considered, among other factors, with respect to BlackRock: the number, education and experience of investment personnel generally and each Fund's portfolio management team; research capabilities; investments by portfolio managers in the funds they manage; portfolio trading capabilities; use of technology; commitment to compliance; credit analysis capabilities; risk analysis and oversight capabilities; and the approach to training and retaining portfolio managers and other research, advisory and management personnel. The Board also considered BlackRock's overall risk management program, including the continued efforts of BlackRock and its affiliates to address cybersecurity risks and the role of BlackRock's Risk & Quantitative Analysis Group. The Board engaged in a review of BlackRock's compensation structure with respect to each Fund's portfolio management team and BlackRock's ability to attract and retain high-quality talent and create performance incentives.

In addition to investment advisory services, the Board considered the nature and quality of the administrative and other non-investment advisory services provided to each Fund. BlackRock and its affiliates provide the Funds with certain administrative, shareholder and other services (in addition to any such services provided to the Fund by third parties) and officers and other personnel as are necessary for the operations of the Funds. In particular, BlackRock and its affiliates provide the Funds with administrative services including, among others: (i) responsibility for disclosure documents, such as the prospectus, the summary prospectus (as applicable), the statement of additional information and periodic shareholder reports; (ii) oversight of daily accounting and pricing; (iii) responsibility for periodic filings with regulators; (iv) overseeing and coordinating the activities of third-party service providers, including, among others, each Fund's custodian, fund accountant, transfer agent, and auditor; (v) organizing Board meetings and preparing the materials for such Board meetings; (vi) providing legal and compliance support; (vii) furnishing analytical and other support to assist the Board in its consideration of strategic issues such as the merger, consolidation or repurposing of certain open-end funds; and (viii) performing or managing administrative functions necessary for the operation of the Funds, such as tax reporting, expense management, fulfilling regulatory filing requirements, overseeing each Fund's distribution partners, and shareholder call center and other services. The Board reviewed the structure and duties of BlackRock's fund administration, shareholder services, and legal and compliance departments and considered BlackRock's policies and procedures for assuring compliance with applicable laws and regulations. The Board considered the operation of BlackRock's business continuity plans, including in light of the ongoing COVID-19 pandemic.

***B. The Investment Performance of the Funds and BlackRock***

The Board, including the Independent Board Members, reviewed and considered the performance history of the Fund throughout the year and at the April Meeting. In preparation for the April Meeting, the Board was provided with reports independently prepared by Broadridge, which included an analysis of the Fund's performance as of December 31, 2021, as compared to its Performance Peers. Broadridge ranks funds in quartiles, ranging from first to fourth, where first is the most desirable quartile position and fourth is the least desirable. In connection with its review, the Board received and reviewed information regarding the investment performance of each Fund as compared to its Performance Peers and, with respect to the Global Equity Market Neutral Fund, in light of the Fund's outcome-oriented investment objective, certain performance metrics ("Outcome-Oriented Performance Metrics"). The Board and its Performance Oversight Committee regularly review and meet with Fund management to discuss the performance of each Fund throughout the year.

In evaluating performance, the Board focused particular attention on funds with less favorable performance records. The Board also noted that while it found the data provided by Broadridge generally useful, it recognized the limitations of such data, including in particular, that notable differences may exist between a fund and its Performance Peers (for example, the investment objectives and strategies). Further, the Board recognized that the performance data reflects a snapshot of a period as of a particular date and that selecting a different performance period could produce significantly different results. The Board also acknowledged that long-term performance could be impacted by even one period of significant outperformance or underperformance, and that a single investment theme could have the ability to disproportionately affect long-term performance.

The Board noted that for each of the one-, three- and five-year periods reported, the Advantage Emerging Markets Fund ranked in the fourth quartile against its Performance Peers. The Board and BlackRock reviewed the Fund's underperformance relative to its Performance Peers during the applicable periods. The Board was informed that, among other things, underperformance in 2021 was broad across both stock selection and macro thematic positioning. The one-year performance also impacted the long-term performance periods.

The Board and BlackRock discussed BlackRock's strategy for improving the Fund's investment performance. Discussions covered topics such as performance attribution, the Fund's investment personnel, and the resources appropriate to support the Fund's investment processes.

The Board reviewed and considered the Global Equity Market Neutral Fund's performance relative to the Fund's Outcome-Oriented Performance Metrics including a total return target. The Board noted that for each of the one-, three- and five-year periods reported, the Fund underperformed its total return target. The Board noted that BlackRock believes that the Outcome-Oriented Performance Metrics are an appropriate performance metric for the Fund, and that BlackRock has explained its rationale for this belief to the Board. The Board and BlackRock reviewed the Fund's underperformance relative to its total return target during the applicable periods.

***C. Consideration of the Advisory/Management Fees and the Estimated Cost of the Services and Estimated Profits Realized by BlackRock and its Affiliates from their Relationship with the Funds***

The Board, including the Independent Board Members, reviewed each Fund's contractual management fee rate compared with those of its Expense Peers. The contractual management fee rate represents a combination of the advisory fee and any administrative fees, before taking into account any reimbursements or fee waivers. The Board also

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Disclosure of Investment Advisory Agreement and Sub-Advisory Agreement (continued)

compared each Fund's total expense ratio, as well as its actual management fee rate, to those of its Expense Peers. The total expense ratio represents a fund's total net operating expenses, including any 12b-1 or non-12b-1 service fees. The total expense ratio gives effect to any expense reimbursements or fee waivers, and the actual management fee rate gives effect to any management fee reimbursements or waivers. The Board considered the services provided and the fees charged by BlackRock and its affiliates to other types of clients with similar investment mandates, as applicable, including institutional accounts and sub-advised mutual funds (including mutual funds sponsored by third parties).

The Board received and reviewed statements relating to BlackRock's financial condition. The Board reviewed BlackRock's profitability methodology and was also provided with an estimated profitability analysis that detailed the revenues earned and the expenses incurred by BlackRock for services provided to each Fund. The Board reviewed BlackRock's estimated profitability with respect to each Fund and other funds the Board currently oversees for the year ended December 31, 2021 compared to available aggregate estimated profitability data provided for the prior two years. The Board reviewed BlackRock's estimated profitability with respect to certain other U.S. fund complexes managed by the Manager and/or its affiliates. The Board reviewed BlackRock's assumptions and methodology of allocating expenses in the estimated profitability analysis, noting the inherent limitations in allocating costs among various advisory products. The Board recognized that profitability may be affected by numerous factors including, among other things, fee waivers and expense reimbursements by the Manager, the types of funds managed, precision of expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at the individual fund level is difficult.

The Board noted that, in general, individual fund or product line profitability of other advisors is not publicly available. The Board reviewed BlackRock's overall operating margin, in general, compared to that of certain other publicly traded asset management firms. The Board considered the differences between BlackRock and these other firms, including the contribution of technology at BlackRock, BlackRock's expense management, and the relative product mix.

The Board considered whether BlackRock has the financial resources necessary to attract and retain high quality investment management personnel to perform its obligations under the Agreements and to continue to provide the high quality of services that is expected by the Board. The Board further considered factors including but not limited to BlackRock's commitment of time, assumption of risk, and liability profile in servicing the Funds, including in contrast to what is required of BlackRock with respect to other products with similar investment mandates across the open-end fund, ETF, closed-end fund, sub-advised mutual fund, separately managed account, collective investment trust, and institutional separate account product channels, as applicable.

The Board noted that the Advantage Emerging Markets Fund's contractual management fee rate ranked in the second quartile, and that the actual management fee rate and total expense ratio each ranked in the first quartile relative to the Fund's Expense Peers. In addition, the Board noted that, the Fund is party to an expense limitation agreement pursuant to which BlackRock has contractually agreed to waive and/or reimburse certain operating and other expenses to a specified amount of the Fund's average daily net assets on a class-by-class basis.

The Board noted that the Global Equity Market Neutral Fund's contractual management fee rate ranked in the third quartile, and that the actual management fee rate and total expense ratio each ranked in the third quartile relative to the Fund's Expense Peers. The Board further noted that BlackRock and the Board have contractually agreed to a cap on the Fund's total expenses as a percentage of the Fund's average daily net assets on a class-by-class basis. In addition, the Board noted that BlackRock and the Board agreed to a lower contractual expense cap, on a class-by-class basis. After discussions between the Board, including Independent Board Members, and BlackRock, the Board and BlackRock agreed to a continuation of the contractual cap.

The Board also noted that each Fund has an advisory fee arrangement that includes breakpoints that adjust the fee rate downward as the size of the Fund increases above certain contractually specified levels. The Board noted that if the size of the pertinent Fund were to decrease, the Fund could lose the benefit of one or more breakpoints.

***D. Economies of Scale***

The Board, including the Independent Board Members, considered the extent to which economies of scale might be realized as the assets of the Funds increase, including the existence of fee waivers and/or expense caps, as applicable, noting that any contractual fee waivers and contractual expense caps had been approved by the Board. In its consideration, the Board further considered the continuation and/or implementation of fee waivers and/or expense caps, as applicable. The Board also considered the extent to which the Funds benefit from such economies of scale in a variety of ways, and whether there should be changes in the advisory fee rate or breakpoint structure in order to enable the Funds to more fully participate in these economies of scale. The Board considered each Fund's asset levels and whether the current fee schedule was appropriate.

***E. Other Factors Deemed Relevant by the Board Members***

The Board, including the Independent Board Members, also took into account other ancillary or "fall-out" benefits that BlackRock or its affiliates may derive from BlackRock's respective relationships with the Funds, both tangible and intangible, such as BlackRock's ability to leverage its investment professionals who manage other portfolios and its risk management personnel, an increase in BlackRock's profile in the investment advisory community, and the engagement of BlackRock's affiliates as service providers to the Funds, including for administrative, distribution, securities lending and cash management services. The Board also considered BlackRock's overall operations and its efforts to expand the scale of, and improve the quality of, its operations. The Board also noted that, subject to applicable law, BlackRock may use and benefit from third-party research obtained by soft dollars generated by certain registered fund transactions to assist in managing all or a number of its other client accounts.

In connection with its consideration of the Agreements, the Board also received information regarding BlackRock's brokerage and soft dollar practices. The Board received reports from BlackRock which included information on brokerage commissions and trade execution practices throughout the year.

The Board noted the competitive nature of the open-end fund marketplace, and that shareholders are able to redeem their Fund shares if they believe that the pertinent Fund's fees and expenses are too high or if they are dissatisfied with the performance of the Fund.

**Conclusion** 

At the May Meeting, as a result of the discussions that occurred during the April Meeting, and as a culmination of the Board's year-long deliberative process, the Board, including the Independent Board Members, unanimously approved the continuation of the Advisory Agreement between the Manager and the Trust, on behalf of each Fund,

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Disclosure of Investment Advisory Agreement and Sub-Advisory Agreement (continued)

for a one-year term ending June 30, 2023, and the Sub-Advisory Agreement between the Manager and the Sub-Advisor with respect to with respect to the Global Equity Market Neutral Fund, for a one-year term ending June 30, 2023. Based upon its evaluation of all of the aforementioned factors in their totality, as well as other information, the Board, including the Independent Board Members, was satisfied that the terms of the Agreements were fair and reasonable and, in the best interest of each Fund and its shareholders. In arriving at its decision to approve the Agreements, the Board did not identify any single factor or group of factors as all-important or controlling, but considered all factors together, and different Board Members may have attributed different weights to the various factors considered. The Independent Board Members were also assisted by the advice of independent legal counsel in making this determination.

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Additional Information

**General Information** 

Quarterly performance, semi-annual and annual reports, 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.

**Householding** 

The Funds will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports, Rule 30e-3 notices 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 Funds at (800) 441-7762.

**Availability of Quarterly Schedule of Investments** 

The Funds file their complete schedules of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds' Forms N-PORT are available on the SEC's website at **sec.gov**. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at **blackrock.com/fundreports**.

**Availability of Proxy Voting Policies, Procedures and Voting Records** 

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities and information about how the Funds voted proxies relating to securities held in the Funds' portfolios during the most recent 12-month period ended June 30 is available without charge, upon request (1) by calling (800) 441-7762; (2) on the BlackRock website at **blackrock.com**; and (3) on the SEC's website at **sec.gov**.

**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 8:00AM 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.

**BlackRock Privacy Principles** 

BlackRock is committed to maintaining the privacy of its current and former fund investors and individual clients (collectively, "Clients") and to safeguarding their non-public personal information. The following information is provided to help you understand what personal information BlackRock collects, how we protect that information and why in certain cases we share such information with select parties.

If you are located in a jurisdiction where specific laws, rules or regulations require BlackRock to provide you with additional or different privacy-related rights beyond what is set forth below, then BlackRock will comply with those specific laws, rules or regulations.

BlackRock obtains or verifies personal non-public information from and about you from different sources, including the following: (i) information we receive from you or, if applicable, your financial intermediary, on applications, forms or other documents; (ii) information about your transactions with us, our affiliates, or others; (iii) information we receive from a consumer reporting agency; and (iv) from visits to our websites.

A D D I T I O N A L I N F O R M A T I O N 153

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Additional Information (continued)

**BlackRock Privacy Principles (continued)** 

BlackRock does not sell or disclose to non-affiliated third parties any non-public personal information about its Clients, except as permitted by law or as is necessary to respond to regulatory requests or to service Client accounts. These non-affiliated third parties are required to protect the confidentiality and security of this information and to use it only for its intended purpose.

We may share information with our affiliates to service your account or to provide you with information about other BlackRock products or services that may be of interest to you. In addition, BlackRock restricts access to non-public personal information about its Clients to those BlackRock employees with a legitimate business need for the information. BlackRock maintains physical, electronic and procedural safeguards that are designed to protect the non-public personal information of its Clients, including procedures relating to the proper storage and disposal of such information.

**Fund and Service Providers** 

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| | |
|:---|:---|
| **Investment Adviser and Administrator** | **Distributor** |
| BlackRock Advisors, LLC | BlackRock Investments, LLC |
| Wilmington, DE 19809 | New York, NY 10022 |
| **Sub-Adviser** | **Independent Registered Public Accounting Firm** |
| BlackRock International Limited <sup>(a)</sup>  | Deloitte & Touche LLP |
| Edinburgh, EH3 8BL | Boston, MA 02116 |
| United Kingdom |  |
|  | **Legal Counsel** |
| **Accounting Agent and Custodian** | Sidley Austin LLP |
| State Street Bank and Trust Company | New York, NY 10019 |
| Boston, MA 02111 |  |
|  | **Address of the Funds** |
| **Transfer Agent** | 100 Bellevue Parkway |
| BNY Mellon Investment Servicing (US) Inc. | Wilmington, DE 19809 |
| Wilmington, DE 19809 |  |

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<sup>(a)</sup> For Global Equity Market Neutral.

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Glossary of Terms Used in this Report

**Currency Abbreviation** 

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| | |
|:---|:---|
| USD | United States Dollar |
| **Portfolio Abbreviation** | **Portfolio Abbreviation** |
| ADR | American Depositary Receipt |
| AGC | Assured Guaranty Corp. |
| AMBAC | AMBAC Assurance Corp. |
| ARB | Airport Revenue Bonds |
| BAM | Build America Mutual Assurance Co. |
| CVA | Certificaten Van Aandelen (Dutch Certificate) |
| DIP | Debtor-In-Possession |
| GDR | Global Depositary Receipt |
| LP | Limited Partnership |
| MSCI | Morgan Stanley Capital International |
| NVDR | Non-Voting Depositary Receipt |
| PCL | Public Company Limited |
| PILOT | Payment in Lieu of Taxes |
| PJSC | Public Joint Stock Company |
| REIT | Real Estate Investment Trust |
| S&P | Standard & Poor's |
| SAP | Subject to Appropriations |
| SCA | Societe en Commandite par Actions |
| SDR | Swedish Depositary Receipt |
| SEB | SEB Securities Inc. |
| SG | Syncora Guarantee |
| ST | Special Tax |
| UT | Unlimited Tax |

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G L O S S A R Y O F T E R M S U S E D I N T H I S R E P O R T 155

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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.

EMLSGLS-10/22-SAR

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| | |
|:---|:---|
| ![LOGO](g430847g42l24.jpg)  | ![LOGO](g430847leaf.jpg) |

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

Item 2 – Code of Ethics – Not Applicable to this semi-annual report

Item 3 – Audit Committee Financial Expert – Not Applicable to this semi-annual report

Item 4 – Principal Accountant Fees and Services – Not Applicable to this semi-annual report

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 Report to Stockholders filed under Item 1(a) 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 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable

Item 8 – Portfolio Managers of Closed-End Management Investment Companies – Not Applicable

Item 9 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable

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| | |
|:---|:---|
| Item 10 – | Submission of Matters to a Vote of Security Holders –There have been no material changes to these procedures.  |

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Item 11 – 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 of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 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 12 – Disclosure of Securities Lending Activities for Closed-End Management Investment Companies – Not Applicable

Item 13 – Exhibits attached hereto

(a)(1) Code of Ethics – Not Applicable to this semi-annual report

[(a)(2) Section 302 Certifications are attached](d430847dex99cert.htm)

(a)(3) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable

------

(a)(4) 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](d430847dex99906cert.htm)

------

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: | <u>/s/ John M. Perlowski</u> |
|  | John M. Perlowski |
|  | Chief Executive Officer (principal executive officer) of |
|  | BlackRock Funds<sup>SM</sup> |

---

Date: December 21, 2022

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: | <u>/s/ John M. Perlowski</u> |
|  | John M. Perlowski |
|  | Chief Executive Officer (principal executive officer) of |
|  | BlackRock Funds<sup>SM</sup> |

---

Date: December 21, 2022

---

| | |
|:---|:---|
| By: | <u>/s/ Trent Walker</u> |
|  | Trent Walker |
|  | Chief Financial Officer (principal financial officer) of |
|  | BlackRock Funds<sup>SM</sup> |

---

Date: December 21, 2022

## 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 directors (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: December 21, 2022

---

| |
|:---|
| <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 directors (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: December 21, 2022

---

| |
|:---|
| <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 his knowledge, that the registrant's Report on Form N-CSR for the period ended October 31, 2022 (the "Report") fully complies with the requirements of Section 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: December 21, 2022

<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 his knowledge, that the registrant's Report on Form N-CSR for the period ended October 31, 2022 (the "Report") fully complies with the requirements of Section 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: December 21, 2022

<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**.**