# EDGAR Filing Document

**Accession Number:** 0000844779
**File Stem:** 0001193125-26-005862
**Filing Date:** 2026-1
**Character Count:** 1338688
**Document Hash:** 909f901ad8b3e0e6d2af427cfd3eb9ff
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-005862.hdr.sgml**: 20260107

**ACCESSION NUMBER**: 0001193125-26-005862

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 20

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20260107

**DATE AS OF CHANGE**: 20260107

**EFFECTIVENESS DATE**: 20260107

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05742
- **FILM NUMBER:** 26514729

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

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

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

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

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

## Series and Classes Contracts Data

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

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

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

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

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

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

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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

#### FORM N-CSR

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

811-05742

Name of Fund:

---

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

---

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

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

Registrant's telephone number, including area code:

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

Date of fiscal year end:

4/30/2026

Date of reporting period:

10/31/2025

Item 1 — Report to Stockholders

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

![TSR - BLK Retail Logo](g70581images_5389.jpg)

### BlackRock Advantage Emerging Markets Fund

### Institutional Shares \| BLSIX

#### Semi-Annual Shareholder Report — October 31, 2025

------

This semi-annual shareholder report contains important information about BlackRock Advantage Emerging Markets Fund (the "Fund") for the period of May 1, 2025 to October 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

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

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| Institutional Shares | $50 | 0.87%(a) |

---

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

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$55996878 |
| Number of Portfolio Holdings | &nbsp;&nbsp;257 |
| Portfolio Turnover Rate | &nbsp;&nbsp;116% |

---

#### What did the Fund invest in?
(as of October 31, 2025)

---

| | |
|:---|:---|
| **Geographic allocation** | **Geographic allocation** |
| *Country/Geographic Region* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| China | 28.3% |
| Taiwan | 19.5% |
| India | 13.3% |
| South Korea | 13.1% |
| United States | 5.3% |
| Brazil | 2.7% |
| Saudi Arabia | 2.4% |
| South Africa | 2.2% |
| Poland | 1.7% |
| Mexico | 1.6% |
| Other<sup>#</sup> | 9.0% |
| Other Assets Less Liabilities | 0.9% |

---

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

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g70581images_5388.jpg)

BlackRock Advantage Emerging Markets Fund

Institutional Shares \| BLSIX

Semi-Annual Shareholder Report — October 31, 2025

BLSIX-10/25-SAR

![TSR - BLK Retail Logo](g70581images_5389.jpg)

### BlackRock Advantage Emerging Markets Fund

### Investor A Shares \| BLSAX

#### Semi-Annual Shareholder Report — October 31, 2025

------

This semi-annual shareholder report contains important information about BlackRock Advantage Emerging Markets Fund (the "Fund") for the period of May 1, 2025 to October 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

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

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| Investor A Shares | $67 | 1.17%(a) |

---

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

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$55996878 |
| Number of Portfolio Holdings | &nbsp;&nbsp;257 |
| Portfolio Turnover Rate | &nbsp;&nbsp;116% |

---

#### What did the Fund invest in?
(as of October 31, 2025)

---

| | |
|:---|:---|
| **Geographic allocation** | **Geographic allocation** |
| *Country/Geographic Region* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| China | 28.3% |
| Taiwan | 19.5% |
| India | 13.3% |
| South Korea | 13.1% |
| United States | 5.3% |
| Brazil | 2.7% |
| Saudi Arabia | 2.4% |
| South Africa | 2.2% |
| Poland | 1.7% |
| Mexico | 1.6% |
| Other<sup>#</sup> | 9.0% |
| Other Assets Less Liabilities | 0.9% |

---

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

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g70581images_5388.jpg)

BlackRock Advantage Emerging Markets Fund

Investor A Shares \| BLSAX

Semi-Annual Shareholder Report — October 31, 2025

BLSAX-10/25-SAR

![TSR - BLK Retail Logo](g70581images_5389.jpg)

### BlackRock Advantage Emerging Markets Fund

### Investor C Shares \| BLSCX

#### Semi-Annual Shareholder Report — October 31, 2025

------

This semi-annual shareholder report contains important information about BlackRock Advantage Emerging Markets Fund (the "Fund") for the period of May 1, 2025 to October 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

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

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| Investor C Shares | $109 | 1.92%(a) |

---

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

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$55996878 |
| Number of Portfolio Holdings | &nbsp;&nbsp;257 |
| Portfolio Turnover Rate | &nbsp;&nbsp;116% |

---

#### What did the Fund invest in?
(as of October 31, 2025)

---

| | |
|:---|:---|
| **Geographic allocation** | **Geographic allocation** |
| *Country/Geographic Region* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| China | 28.3% |
| Taiwan | 19.5% |
| India | 13.3% |
| South Korea | 13.1% |
| United States | 5.3% |
| Brazil | 2.7% |
| Saudi Arabia | 2.4% |
| South Africa | 2.2% |
| Poland | 1.7% |
| Mexico | 1.6% |
| Other<sup>#</sup> | 9.0% |
| Other Assets Less Liabilities | 0.9% |

---

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

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g70581images_5388.jpg)

BlackRock Advantage Emerging Markets Fund

Investor C Shares \| BLSCX

Semi-Annual Shareholder Report — October 31, 2025

BLSCX-10/25-SAR

![TSR - BLK Retail Logo](g70581images_5389.jpg)

### BlackRock Advantage Emerging Markets Fund

### Class K Shares \| BLSKX

#### Semi-Annual Shareholder Report — October 31, 2025

------

This semi-annual shareholder report contains important information about BlackRock Advantage Emerging Markets Fund (the "Fund") for the period of May 1, 2025 to October 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

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

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| Class K Shares | $47 | 0.83%(a) |

---

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

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$55996878 |
| Number of Portfolio Holdings | &nbsp;&nbsp;257 |
| Portfolio Turnover Rate | &nbsp;&nbsp;116% |

---

#### What did the Fund invest in?
(as of October 31, 2025)

---

| | |
|:---|:---|
| **Geographic allocation** | **Geographic allocation** |
| *Country/Geographic Region* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| China | 28.3% |
| Taiwan | 19.5% |
| India | 13.3% |
| South Korea | 13.1% |
| United States | 5.3% |
| Brazil | 2.7% |
| Saudi Arabia | 2.4% |
| South Africa | 2.2% |
| Poland | 1.7% |
| Mexico | 1.6% |
| Other<sup>#</sup> | 9.0% |
| Other Assets Less Liabilities | 0.9% |

---

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

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g70581images_5388.jpg)

BlackRock Advantage Emerging Markets Fund

Class K Shares \| BLSKX

Semi-Annual Shareholder Report — October 31, 2025

BLSKX-10/25-SAR

![TSR - BLK Retail Logo](g70581images_5389.jpg)

### BlackRock Defensive Advantage Emerging Markets Fund

### Institutional Shares \| BIDEX

#### Semi-Annual Shareholder Report — October 31, 2025

------

This semi-annual shareholder report contains important information about BlackRock Defensive Advantage Emerging Markets Fund (the "Fund") for the period of May 1, 2025 to October 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

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

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| Institutional Shares | $45 | 0.86%(a) |

---

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

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$12155588 |
| Number of Portfolio Holdings | &nbsp;&nbsp;173 |
| Portfolio Turnover Rate | &nbsp;&nbsp;116% |

---

#### What did the Fund invest in?
(as of October 31, 2025)

---

| | |
|:---|:---|
| **Geographic allocation** | **Geographic allocation** |
| *Country/Geographic Region* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| China | 24.0% |
| India | 18.8% |
| Taiwan | 12.2% |
| Saudi Arabia | 7.4% |
| South Korea | 6.3% |
| United Arab Emirates | 5.5% |
| Malaysia | 5.1% |
| United States | 3.5% |
| Kuwait | 3.2% |
| Qatar | 3.1% |
| Other<sup>#</sup> | 12.0% |
| Liabilities in Excess of Other Assets | (1.1)% |

---

---

| | |
|:---|:---|
| **Ten largest holdings** | **Ten largest holdings** |
| *Security<sup>(a)</sup>* | *Percent of<br> Net Assets* |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 1.6% |
| Samsung Electronics Co. Ltd. | 1.5% |
| Etihad Etisalat Co. | 1.5% |
| Tata Consultancy Services Ltd. | 1.5% |
| Ooredoo QPSC | 1.5% |
| ASPEED Technology, Inc. | 1.5% |
| Industrial & Commercial Bank of China Ltd., Class H | 1.5% |
| KT Corp. | 1.4% |
| Bharti Airtel Ltd. | 1.4% |
| Malayan Banking Bhd. | 1.4% |

---

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

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g70581images_5388.jpg)

BlackRock Defensive Advantage Emerging Markets Fund

Institutional Shares \| BIDEX

Semi-Annual Shareholder Report — October 31, 2025

BIDEX-10/25-SAR

![TSR - BLK Retail Logo](g70581images_5389.jpg)

### BlackRock Defensive Advantage Emerging Markets Fund

### Investor A Shares \| BADEX

#### Semi-Annual Shareholder Report — October 31, 2025

------

This semi-annual shareholder report contains important information about BlackRock Defensive Advantage Emerging Markets Fund (the "Fund") for the period of May 1, 2025 to October 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

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

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| Investor A Shares | $58 | 1.11%(a) |

---

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

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$12155588 |
| Number of Portfolio Holdings | &nbsp;&nbsp;173 |
| Portfolio Turnover Rate | &nbsp;&nbsp;116% |

---

#### What did the Fund invest in?
(as of October 31, 2025)

---

| | |
|:---|:---|
| **Geographic allocation** | **Geographic allocation** |
| *Country/Geographic Region* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| China | 24.0% |
| India | 18.8% |
| Taiwan | 12.2% |
| Saudi Arabia | 7.4% |
| South Korea | 6.3% |
| United Arab Emirates | 5.5% |
| Malaysia | 5.1% |
| United States | 3.5% |
| Kuwait | 3.2% |
| Qatar | 3.1% |
| Other<sup>#</sup> | 12.0% |
| Liabilities in Excess of Other Assets | (1.1)% |

---

---

| | |
|:---|:---|
| **Ten largest holdings** | **Ten largest holdings** |
| *Security<sup>(a)</sup>* | *Percent of<br> Net Assets* |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 1.6% |
| Samsung Electronics Co. Ltd. | 1.5% |
| Etihad Etisalat Co. | 1.5% |
| Tata Consultancy Services Ltd. | 1.5% |
| Ooredoo QPSC | 1.5% |
| ASPEED Technology, Inc. | 1.5% |
| Industrial & Commercial Bank of China Ltd., Class H | 1.5% |
| KT Corp. | 1.4% |
| Bharti Airtel Ltd. | 1.4% |
| Malayan Banking Bhd. | 1.4% |

---

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

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g70581images_5388.jpg)

BlackRock Defensive Advantage Emerging Markets Fund

Investor A Shares \| BADEX

Semi-Annual Shareholder Report — October 31, 2025

BADEX-10/25-SAR

![TSR - BLK Retail Logo](g70581images_5389.jpg)

### BlackRock Defensive Advantage Emerging Markets Fund

### Class K Shares \| BKDEX

#### Semi-Annual Shareholder Report — October 31, 2025

------

This semi-annual shareholder report contains important information about BlackRock Defensive Advantage Emerging Markets Fund (the "Fund") for the period of May 1, 2025 to October 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

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

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| Class K Shares | $42 | 0.81%(a) |

---

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

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$12155588 |
| Number of Portfolio Holdings | &nbsp;&nbsp;173 |
| Portfolio Turnover Rate | &nbsp;&nbsp;116% |

---

#### What did the Fund invest in?
(as of October 31, 2025)

---

| | |
|:---|:---|
| **Geographic allocation** | **Geographic allocation** |
| *Country/Geographic Region* | &nbsp;&nbsp;*Percent of<br> Net Assets* |
| China | 24.0% |
| India | 18.8% |
| Taiwan | 12.2% |
| Saudi Arabia | 7.4% |
| South Korea | 6.3% |
| United Arab Emirates | 5.5% |
| Malaysia | 5.1% |
| United States | 3.5% |
| Kuwait | 3.2% |
| Qatar | 3.1% |
| Other<sup>#</sup> | 12.0% |
| Liabilities in Excess of Other Assets | (1.1)% |

---

---

| | |
|:---|:---|
| **Ten largest holdings** | **Ten largest holdings** |
| *Security<sup>(a)</sup>* | *Percent of<br> Net Assets* |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 1.6% |
| Samsung Electronics Co. Ltd. | 1.5% |
| Etihad Etisalat Co. | 1.5% |
| Tata Consultancy Services Ltd. | 1.5% |
| Ooredoo QPSC | 1.5% |
| ASPEED Technology, Inc. | 1.5% |
| Industrial & Commercial Bank of China Ltd., Class H | 1.5% |
| KT Corp. | 1.4% |
| Bharti Airtel Ltd. | 1.4% |
| Malayan Banking Bhd. | 1.4% |

---

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

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g70581images_5388.jpg)

BlackRock Defensive Advantage Emerging Markets Fund

Class K Shares \| BKDEX

Semi-Annual Shareholder Report — October 31, 2025

BKDEX-10/25-SAR

![TSR - BLK Retail Logo](g70581images_5389.jpg)

### BlackRock Global Equity Market Neutral Fund

### Institutional Shares \| BDMIX

#### Semi-Annual Shareholder Report — October 31, 2025

------

This semi-annual shareholder report contains important information about BlackRock Global Equity Market Neutral Fund (the "Fund") for the period of May 1, 2025 to October 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

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

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| Institutional Shares | $69 | 1.34%(a) |

---

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

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$7239483717 |
| Number of Portfolio Holdings | &nbsp;&nbsp;6364 |
| Portfolio Turnover Rate | &nbsp;&nbsp;68% |

---

#### What did the Fund invest in?
(as of October 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| **Geographic allocation** | **Geographic allocation** | **Geographic allocation** | **Geographic allocation** |
|  | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| *Country/Geographic Region* | &nbsp;&nbsp;*Long* | &nbsp;&nbsp;*Short* | &nbsp;&nbsp;*Total* |
| United States | 19.4% | 18.4% | 37.8% |
| Japan | 11.2% | 11.1% | 22.3% |
| United Kingdom | 3.4% | 2.6% | 6.0% |
| Canada | 2.7% | 2.7% | 5.4% |
| Australia | 2.2% | 2.3% | 4.5% |
| France | 2.0% | 1.6% | 3.6% |
| Germany | 1.7% | 1.5% | 3.2% |
| Switzerland | 1.1% | 1.3% | 2.4% |
| Italy | 1.5% | 0.7% | 2.2% |
| Netherlands | 0.5% | 1.4% | 1.9% |
| Other<sup>#</sup> | 4.6% | 6.1% | 10.7% |
|  | 50.3 | 49.7 | 100.0 |

---

---

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

---

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g70581images_5388.jpg)

BlackRock Global Equity Market Neutral Fund

Institutional Shares \| BDMIX

Semi-Annual Shareholder Report — October 31, 2025

BDMIX-10/25-SAR

![TSR - BLK Retail Logo](g70581images_5389.jpg)

### BlackRock Global Equity Market Neutral Fund

### Investor A Shares \| BDMAX

#### Semi-Annual Shareholder Report — October 31, 2025

------

This semi-annual shareholder report contains important information about BlackRock Global Equity Market Neutral Fund (the "Fund") for the period of May 1, 2025 to October 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

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

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| Investor A Shares | $82 | 1.59%(a) |

---

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

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$7239483717 |
| Number of Portfolio Holdings | &nbsp;&nbsp;6364 |
| Portfolio Turnover Rate | &nbsp;&nbsp;68% |

---

#### What did the Fund invest in?
(as of October 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| **Geographic allocation** | **Geographic allocation** | **Geographic allocation** | **Geographic allocation** |
|  | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| *Country/Geographic Region* | &nbsp;&nbsp;*Long* | &nbsp;&nbsp;*Short* | &nbsp;&nbsp;*Total* |
| United States | 19.4% | 18.4% | 37.8% |
| Japan | 11.2% | 11.1% | 22.3% |
| United Kingdom | 3.4% | 2.6% | 6.0% |
| Canada | 2.7% | 2.7% | 5.4% |
| Australia | 2.2% | 2.3% | 4.5% |
| France | 2.0% | 1.6% | 3.6% |
| Germany | 1.7% | 1.5% | 3.2% |
| Switzerland | 1.1% | 1.3% | 2.4% |
| Italy | 1.5% | 0.7% | 2.2% |
| Netherlands | 0.5% | 1.4% | 1.9% |
| Other<sup>#</sup> | 4.6% | 6.1% | 10.7% |
|  | 50.3 | 49.7 | 100.0 |

---

---

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

---

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g70581images_5388.jpg)

BlackRock Global Equity Market Neutral Fund

Investor A Shares \| BDMAX

Semi-Annual Shareholder Report — October 31, 2025

BDMAX-10/25-SAR

![TSR - BLK Retail Logo](g70581images_5389.jpg)

### BlackRock Global Equity Market Neutral Fund

### Investor C Shares \| BDMCX

#### Semi-Annual Shareholder Report — October 31, 2025

------

This semi-annual shareholder report contains important information about BlackRock Global Equity Market Neutral Fund (the "Fund") for the period of May 1, 2025 to October 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

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

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br>investment** | **Costs paid as a percentage of a<br>$10,000 investment** |
| Investor C Shares | $119 | 2.31%(a) |

---

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

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$7239483717 |
| Number of Portfolio Holdings | &nbsp;&nbsp;6364 |
| Portfolio Turnover Rate | &nbsp;&nbsp;68% |

---

#### What did the Fund invest in?
(as of October 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| **Geographic allocation** | **Geographic allocation** | **Geographic allocation** | **Geographic allocation** |
|  | &nbsp;&nbsp;*Percent of Total<br>Investments<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of Total<br>Investments<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of Total<br>Investments<sup>(a)</sup>* |
| *Country/Geographic Region* | &nbsp;&nbsp;*Long* | &nbsp;&nbsp;*Short* | &nbsp;&nbsp;*Total* |
| United States | 19.4% | 18.4% | 37.8% |
| Japan | 11.2% | 11.1% | 22.3% |
| United Kingdom | 3.4% | 2.6% | 6.0% |
| Canada | 2.7% | 2.7% | 5.4% |
| Australia | 2.2% | 2.3% | 4.5% |
| France | 2.0% | 1.6% | 3.6% |
| Germany | 1.7% | 1.5% | 3.2% |
| Switzerland | 1.1% | 1.3% | 2.4% |
| Italy | 1.5% | 0.7% | 2.2% |
| Netherlands | 0.5% | 1.4% | 1.9% |
| Other<sup>#</sup> | 4.6% | 6.1% | 10.7% |
|  | 50.3 | 49.7 | 100.0 |

---

---

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

---

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g70581images_5388.jpg)

BlackRock Global Equity Market Neutral Fund

Investor C Shares \| BDMCX

Semi-Annual Shareholder Report — October 31, 2025

BDMCX-10/25-SAR

![TSR - BLK Retail Logo](g70581images_5389.jpg)

### BlackRock Global Equity Market Neutral Fund

### Class K Shares \| BGCKX

#### Semi-Annual Shareholder Report — October 31, 2025

------

This semi-annual shareholder report contains important information about BlackRock Global Equity Market Neutral Fund (the "Fund") for the period of May 1, 2025 to October 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

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

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| Class K Shares | $65 | 1.26%(a) |

---

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

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$7239483717 |
| Number of Portfolio Holdings | &nbsp;&nbsp;6364 |
| Portfolio Turnover Rate | &nbsp;&nbsp;68% |

---

#### What did the Fund invest in?
(as of October 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| **Geographic allocation** | **Geographic allocation** | **Geographic allocation** | **Geographic allocation** |
|  | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| *Country/Geographic Region* | &nbsp;&nbsp;*Long* | &nbsp;&nbsp;*Short* | &nbsp;&nbsp;*Total* |
| United States | 19.4% | 18.4% | 37.8% |
| Japan | 11.2% | 11.1% | 22.3% |
| United Kingdom | 3.4% | 2.6% | 6.0% |
| Canada | 2.7% | 2.7% | 5.4% |
| Australia | 2.2% | 2.3% | 4.5% |
| France | 2.0% | 1.6% | 3.6% |
| Germany | 1.7% | 1.5% | 3.2% |
| Switzerland | 1.1% | 1.3% | 2.4% |
| Italy | 1.5% | 0.7% | 2.2% |
| Netherlands | 0.5% | 1.4% | 1.9% |
| Other<sup>#</sup> | 4.6% | 6.1% | 10.7% |
|  | 50.3 | 49.7 | 100.0 |

---

---

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

---

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK Retail Logo Footer](g70581images_5388.jpg)

BlackRock Global Equity Market Neutral Fund

Class K Shares \| BGCKX

Semi-Annual Shareholder Report — October 31, 2025

BGCKX-10/25-SAR

------

&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 Financial Statements and Financial Highlights for Open-End Management Investment Companies filed under Item 7 of this Form.

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

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

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

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

------

![](g70581img7df77dc51.jpg)

October 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp; 2025 Semi-Annual Financial <br> Statements and Additional <br> Information (Unaudited)<br>

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

---

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

---

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

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

------

**Table of Contents**

**Page**

------

---

| | |
|:---|:---|
| [Derivative Financial Instruments](#xx_19c4f094-5d88-4aa3-af4b-a77fedfd0ab6_RskDeriv-Footer-FundBookName-1165_1)  | 3 |
| [Schedule of Investments](#xx_19c4f094-5d88-4aa3-af4b-a77fedfd0ab6_SOI-Footer-FundBookName-1165_1)  | 4 |
| [Statement of Assets and Liabilities](#xx_19c4f094-5d88-4aa3-af4b-a77fedfd0ab6_FS-Footer-FundBookName-1165_1)  | 8 |
| [Statement of Operations](#xx_19c4f094-5d88-4aa3-af4b-a77fedfd0ab6_FS-Footer-FundBookName-1165_3)  | 10 |
| [Statements of Changes in Net Assets](#xx_19c4f094-5d88-4aa3-af4b-a77fedfd0ab6_FS-Footer-FundBookName-1165_4)  | 11 |
| [Financial Highlights](#xx_19c4f094-5d88-4aa3-af4b-a77fedfd0ab6_FIHI-Footer-FundBookName-1165_1)  | 12 |
| [Notes to Financial Statements](#xx_19c4f094-5d88-4aa3-af4b-a77fedfd0ab6_NTF-Footer-FundBookName-1165_1)  | 15 |
| [Additional Information](#xx_19c4f094-5d88-4aa3-af4b-a77fedfd0ab6_ADDInfo-Footer-FundBookName-1165_1)  | 24 |
| [Disclosure of Investment Advisory Agreement and Sub-Advisory Agreement](#xx_19c4f094-5d88-4aa3-af4b-a77fedfd0ab6_IAA1-Footer-FundBookName-1165_1)  | 26 |
| [Glossary of Terms Used in these Financial Statements](#xx_19c4f094-5d88-4aa3-af4b-a77fedfd0ab6_Terms-Footer-FundBookName-1165_1)  | 29 |

---

------

Derivative Financial Instruments

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

**BlackRock Defensive Advantage Emerging Markets Fund**

Derivative Financial Instruments

------

Schedule of Investments (unaudited)

October 31, 2025

**BlackRock Defensive Advantage Emerging Markets Fund** 

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

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

---

| | | |
|:---|:---|:---|
| *Security* | <br>*Shares*<br>| *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Brazil — 1.1%** | **Brazil — 1.1%** |  |
| CPFL Energia SA | 1399 | $10817 |
| Telefonica Brasil SA | 19800 | 117918 |
|  |  | 128735 |
| **Chile — 0.9%** | **Chile — 0.9%** |  |
| Banco de Chile, ADR | 3240 | 113108 |
| **China — 24.0%** | **China — 24.0%** |  |
| Agricultural Bank of China Ltd., Class H | 167000 | 127400 |
| APT Medical, Inc. | 929 | 36007 |
| Bank of China Ltd., Class H | 308000 | 174403 |
| Baoshan Iron & Steel Co. Ltd., Class A | 20300 | 21010 |
| Beijing-Shanghai High Speed Railway Co. Ltd., Class A | 40800 | 29709 |
| BOE Technology Group Co. Ltd., Class A | 154600 | 88123 |
| China Construction Bank Corp., Class A | 13500 | 17312 |
| China Construction Bank Corp., Class H | 42000 | 41582 |
| China Petroleum & Chemical Corp., Class A | 48900 | 37561 |
| China Petroleum & Chemical Corp., Class H | 132000 | 70211 |
| China Yangtze Power Co. Ltd., Class A | 25000 | 98626 |
| Chow Tai Fook Jewellery Group Ltd. | 20400 | 39927 |
| ENN Energy Holdings Ltd. | 7600 | 66221 |
| Fuyao Glass Industry Group Co. Ltd., Class A | 8700 | 82436 |
| Great Wall Motor Co. Ltd., Class A | 2500 | 7998 |
| Guangdong Investment Ltd. | 72000 | 68399 |
| Guangzhou Automobile Group Co. Ltd., Class H | 30000 | 12579 |
| Henan Shuanghui Investment & Development Co. Ltd., <br> Class A<br>| 22300 | 80577 |
| Hengan International Group Co. Ltd. | 30000 | 105069 |
| Huadian Power International Corp. Ltd., Class H | 148000 | 87246 |
| Industrial & Commercial Bank of China Ltd., Class H | 228000 | 176654 |
| Inner Mongolia Yili Industrial Group Co. Ltd., Class A | 15500 | 59671 |
| Innovent Biologics, Inc.<sup>(a)(b)</sup> | 4500 | 50479 |
| Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A | 11000 | 98955 |
| Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., <br> Class A<br>| 3800 | 19216 |
| Muyuan Foods Co. Ltd., Class A | 11100 | 78442 |
| NARI Technology Co. Ltd., Class A | 8400 | 28581 |
| NAURA Technology Group Co. Ltd., Class A | 1200 | 68559 |
| OmniVision Integrated Circuits Group, Inc., Class A | 1400 | 25686 |
| PetroChina Co. Ltd., Class H | 34000 | 35146 |
| Ping An Insurance Group Co. of China Ltd., Class A | 1600 | 12993 |
| SAIC Motor Corp. Ltd., Class A | 8800 | 20560 |
| SF Holding Co. Ltd., Class A | 1688 | 9555 |
| SF Holding Co. Ltd., Class H | 5800 | 26912 |
| Shanghai United Imaging Healthcare Co. Ltd., Class A | 2055 | 40348 |
| Shenzhen Goodix Technology Co. Ltd., Class A | 2600 | 30007 |
| Shenzhen Transsion Holdings Co. Ltd., Class A | 3052 | 32669 |
| Sino Biopharmaceutical Ltd. | 39000 | 35526 |
| Tencent Holdings Ltd. | 1800 | 146210 |
| Tingyi Cayman Islands Holding Corp. | 124000 | 170132 |
| Tsingtao Brewery Co. Ltd., Class H | 10000 | 67585 |
| Uni-President China Holdings Ltd. | 155000 | 167755 |
| Yunnan Baiyao Group Co. Ltd., Class A | 20063 | 159608 |
| Zijin Mining Group Co. Ltd., Class A | 8000 | 34181 |
| Zijin Mining Group Co. Ltd., Class H | 6000 | 24822 |
|  |  | 2912648 |
| **Greece — 1.3%** | **Greece — 1.3%** |  |
| OPAP SA, Class R | 7601 | 157265 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Hungary — 0.9%** | **Hungary — 0.9%** |  |
| OTP Bank Nyrt | 1177 | $112351 |
| **India — 18.8%** | **India — 18.8%** |  |
| Apollo Hospitals Enterprise Ltd. | 1257 | 108783 |
| Bharti Airtel Ltd. | 7570 | 175292 |
| Bosch Ltd., Class A | 33 | 13828 |
| Britannia Industries Ltd. | 153 | 10059 |
| Cipla Ltd./India | 956 | 16166 |
| City Union Bank Ltd. | 6455 | 16629 |
| Colgate-Palmolive India Ltd. | 211 | 5330 |
| Dalmia Bharat Ltd. | 540 | 12737 |
| Dr. Lal PathLabs Ltd.<sup>(b)</sup> | 1786 | 63078 |
| Eicher Motors Ltd. | 257 | 20268 |
| Fortis Healthcare Ltd. | 7155 | 82407 |
| Global Health Ltd. | 930 | 13715 |
| HCL Technologies Ltd. | 7308 | 126802 |
| HDFC Bank Ltd. | 3214 | 35736 |
| Hindustan Unilever Ltd. | 1935 | 53739 |
| ICICI Bank Ltd. | 1210 | 18335 |
| ICICI Bank Ltd., ADR | 2306 | 69872 |
| IndiaMart InterMesh Ltd.<sup>(b)</sup> | 148 | 4103 |
| Infosys Ltd. | 2879 | 47970 |
| Infosys Ltd., ADR<sup>(c)</sup> | 7783 | 128964 |
| ITC Ltd. | 23510 | 111285 |
| JK Cement Ltd. | 222 | 15532 |
| Larsen & Toubro Ltd. | 1505 | 68289 |
| Larsen & Toubro Ltd., GDR, Registered Shares<sup>(d)</sup> | 150 | 6763 |
| LTIMindtree Ltd.<sup>(b)</sup> | 1478 | 94543 |
| Lupin Ltd. | 2683 | 59395 |
| Marico Ltd. | 10897 | 88333 |
| Maruti Suzuki India Ltd. | 342 | 62284 |
| Nestle India Ltd. | 2103 | 30141 |
| Persistent Systems Ltd. | 525 | 34938 |
| Petronet LNG Ltd. | 17881 | 56619 |
| Power Grid Corp. of India Ltd. | 8078 | 26209 |
| PVR Inox Ltd.<sup>(a)</sup> | 490 | 6655 |
| Radico Khaitan Ltd. | 606 | 21362 |
| Ramco Cements Ltd. | 1000 | 11746 |
| Shree Cement Ltd. | 258 | 82215 |
| Sun Pharmaceutical Industries Ltd. | 2931 | 55873 |
| Tata Consultancy Services Ltd. | 5171 | 177969 |
| Tech Mahindra Ltd. | 5961 | 95548 |
| Titan Co. Ltd. | 238 | 10043 |
| Torrent Pharmaceuticals Ltd. | 1452 | 58230 |
| Wipro Ltd. | 22318 | 60441 |
| Wipro Ltd., ADR | 4847 | 12748 |
| Zydus Lifesciences Ltd. | 805 | 8843 |
|  |  | 2279817 |
| **Indonesia — 0.4%** | **Indonesia — 0.4%** |  |
| Bank Central Asia Tbk PT | 92500 | 47359 |
| **Kuwait — 3.2%** | **Kuwait — 3.2%** |  |
| Boubyan Bank KSCP | 57867 | 135070 |
| Kuwait Finance House KSCP | 27205 | 71216 |
| Mobile Telecommunications Co. KSCP | 21635 | 37390 |
| National Bank of Kuwait SAKP | 41905 | 143514 |
|  |  | 387190 |
| **Malaysia — 5.1%** | **Malaysia — 5.1%** |  |
| 99 Speed Mart Retail Holdings Bhd | 59600 | 44499 |
| Hong Leong Bank Bhd. | 3900 | 19138 |
| Malayan Banking Bhd. | 74100 | 174637 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**BlackRock Defensive Advantage Emerging Markets Fund** 

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

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Malaysia (continued)** | **Malaysia (continued)** |  |
| Maxis Bhd. | 47300 | $42922 |
| MISC Bhd. | 64800 | 120510 |
| Nestle Malaysia Bhd. | 1500 | 40468 |
| Petronas Dagangan Bhd. | 9100 | 49272 |
| Tenaga Nasional Bhd. | 42400 | 134334 |
|  |  | 625780 |
| **Mexico — 1.0%** | **Mexico — 1.0%** |  |
| America Movil SAB de CV, Series B | 56563 | 64514 |
| Wal-Mart de Mexico SAB de CV | 15661 | 51775 |
|  |  | 116289 |
| **Peru — 1.9%** | **Peru — 1.9%** |  |
| Credicorp Ltd. | 645 | 168345 |
| Intercorp Financial Services, Inc. | 1599 | 68805 |
|  |  | 237150 |
| **Philippines — 1.2%** | **Philippines — 1.2%** |  |
| Bank of the Philippine Islands | 14180 | 25396 |
| International Container Terminal Services, Inc. | 13480 | 121582 |
|  |  | 146978 |
| **Poland — 1.0%** | **Poland — 1.0%** |  |
| ORLEN SA | 4633 | 125572 |
| **Qatar — 3.1%** | **Qatar — 3.1%** |  |
| Barwa Real Estate Co. | 33136 | 23903 |
| Ooredoo QPSC | 47855 | 177892 |
| Qatar International Islamic Bank QSC | 9486 | 29006 |
| Qatar Islamic Bank QPSC | 13408 | 90291 |
| Qatar National Bank QPSC | 11310 | 57458 |
|  |  | 378550 |
| **Russia — 0.0%** | **Russia — 0.0%** |  |
| Alrosa PJSC<sup>(a)(e)</sup> | 37207 | 5 |
| **Saudi Arabia — 7.4%** | **Saudi Arabia — 7.4%** |  |
| Al Rajhi Bank | 3912 | 110569 |
| Aldrees Petroleum and Transport Services Co. | 107 | 4379 |
| Arabian Internet & Communications Services Co. | 1327 | 89125 |
| Etihad Etisalat Co. | 10131 | 182778 |
| Jarir Marketing Co. | 6959 | 26356 |
| Mobile Telecommunications Co. Saudi Arabia | 45700 | 139859 |
| Mouwasat Medical Services Co. | 1237 | 25355 |
| Nahdi Medical Co. | 4892 | 151441 |
| Saudi Arabian Oil Co.<sup>(b)</sup> | 2240 | 15477 |
| Saudi National Bank | 9079 | 96606 |
| Saudi Telecom Co. | 4538 | 54668 |
|  |  | 896613 |
| **South Korea — 6.3%** | **South Korea — 6.3%** |  |
| CJ ENM Co. Ltd.<sup>(a)</sup> | 229 | 11260 |
| E-MART, Inc. | 265 | 13423 |
| Hyundai Glovis Co. Ltd. | 396 | 52337 |
| Korea Electric Power Corp. | 1120 | 33526 |
| KT Corp., ADR | 9471 | 175687 |
| KT&G Corp. | 548 | 51573 |
| LG Uplus Corp. | 2953 | 31587 |
| Samsung Biologics Co. Ltd.<sup>(a)(b)</sup> | 17 | 14534 |
| Samsung E&A Co. Ltd. | 4288 | 77957 |
| Samsung Electronics Co. Ltd. | 2496 | 187889 |
| SK Hynix, Inc. | 176 | 68481 |
| SK Telecom Co. Ltd. | 1423 | 52099 |
|  |  | 770353 |
| **Taiwan — 12.2%** | **Taiwan — 12.2%** |  |
| Advantech Co. Ltd. | 3000 | 30472 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Taiwan (continued)** | **Taiwan (continued)** |  |
| Arcadyan Technology Corp. | 23000 | $150308 |
| ASPEED Technology, Inc. | 1000 | 177343 |
| Chunghwa Telecom Co. Ltd. | 40000 | 170438 |
| Chunghwa Telecom Co. Ltd., ADR | 129 | 5493 |
| Delta Electronics, Inc. | 5000 | 160819 |
| E.Sun Financial Holding Co. Ltd. | 153620 | 148389 |
| Far EasTone Telecommunications Co. Ltd. | 23000 | 69072 |
| First Financial Holding Co. Ltd. | 115000 | 106669 |
| Formosa Petrochemical Corp. | 10000 | 14540 |
| Getac Holdings Corp. | 7000 | 31357 |
| Hon Hai Precision Industry Co. Ltd. | 2000 | 16635 |
| Nanya Technology Corp.<sup>(a)</sup> | 18000 | 76869 |
| Taiwan High Speed Rail Corp. | 130000 | 115549 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 4000 | 193439 |
| Tripod Technology Corp. | 2000 | 22118 |
|  |  | 1489510 |
| **Thailand — 0.9%** | **Thailand — 0.9%** |  |
| Advanced Info Service PCL, NVDR | 11300 | 105555 |
| **Turkey — 1.4%** | **Turkey — 1.4%** |  |
| Aselsan Elektronik Sanayi Ve Ticaret AS, Class A | 12094 | 58469 |
| Turk Telekomunikasyon A/S, Class A<sup>(a)</sup> | 27559 | 33410 |
| Turkcell Iletisim Hizmetleri A/S, Class A | 7844 | 18572 |
| Turkiye Petrol Rafinerileri A/S, Class A | 11768 | 55239 |
|  |  | 165690 |
| **United Arab Emirates — 5.5%** | **United Arab Emirates — 5.5%** |  |
| Abu Dhabi Islamic Bank PJSC | 19078 | 109625 |
| Abu Dhabi National Oil Co. for Distribution PJSC | 103124 | 100795 |
| Dubai Electricity & Water Authority PJSC | 228415 | 172811 |
| Emirates Telecommunications Group Co. PJSC | 32285 | 170458 |
| First Abu Dhabi Bank PJSC | 24323 | 115461 |
|  |  | 669150 |
| **United States — 0.2%** | **United States — 0.2%** |  |
| BeOne Medicines Ltd., Class H<sup>(a)</sup> | 900 | 21638 |
| **Total Long-Term Investments — 97.8%** <br>**(Cost: $11,097,134)** | **Total Long-Term Investments — 97.8%** <br>**(Cost: $11,097,134)** | 11887306 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 3.3%** | **Money Market Funds — 3.3%** |  |
| BlackRock Cash Funds: Institutional, SL Agency Shares, <br> 4.27%<sup>(f)(g)(h)</sup><br>| 130834 | 130899 |
| BlackRock Liquidity Funds, T-Fund, Institutional Shares, <br> 3.94%<sup>(f)(g)</sup><br>| 270410 | 270410 |
| **Total Short-Term Securities — 3.3%** <br>**(Cost: $401,309)** | **Total Short-Term Securities — 3.3%** <br>**(Cost: $401,309)** | 401309 |
| **Total Investments — 101.1%** <br>**(Cost: $11,498,443)** | **Total Investments — 101.1%** <br>**(Cost: $11,498,443)** | 12288615 |
| **Liabilities in Excess of Other Assets — (1.1)%** | **Liabilities in Excess of Other Assets — (1.1)%** | (133027)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $12155588 |

---

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

<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> This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. 

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

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**BlackRock Defensive Advantage Emerging Markets Fund** 

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

<sup>(f)</sup> Affiliate of the Fund. <br> <sup>(g)</sup> Annualized 7-day yield as of period end. <br> <sup>(h)</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, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*04/30/25*<br>| *Proceeds* <br>*from Sales*<br>| *Net* <br>*Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*10/31/25*<br>| *Shares* <br>*Held at* <br>*10/31/25*<br>| *Income* | *Capital Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency Shares | $63897<br> $67002 <br><sup>(a)</sup><br>| &nbsp;&nbsp; $— | $— | $— | $130899 | 130834 | $1733 <br><sup>(b)</sup><br>| &nbsp;&nbsp; $— |
| BlackRock Liquidity Funds, T-Fund, Institutional Shares | 217418<br> 52992 <br><sup>(a)</sup><br>| &nbsp;&nbsp; — |  |  | 270410 | 270410 | 5600 | &nbsp;&nbsp; — |
|  |  |  | $— | $— | $401309 |  | $7333 | &nbsp;&nbsp; $— |

---

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

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

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

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

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of* <br>*Contracts*<br>| &nbsp;&nbsp;&nbsp; *Expiration* <br>*Date*<br>| &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)*<br>| &nbsp;&nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| Long Contracts  |  |  |  |  |
| MSCI Emerging Markets Index | &nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; $141 | &nbsp;&nbsp;&nbsp;&nbsp; $1780 |

---

**Derivative Financial Instruments Categorized by Risk Exposure**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Assets — Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts <br>Unrealized appreciation on futures contracts<sup>(a)</sup><br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1780 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1780 |

---

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

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

For the period ended October 31, 2025, the effect of derivative financial instruments in the Statement of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $35432 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $35432 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2850 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2850 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**BlackRock Defensive Advantage Emerging Markets Fund** 

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

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $163253 |

---

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

**Fair Value Hierarchy as of Period End**

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Common Stocks  |  |  |  |  |
| Brazil | &nbsp;&nbsp; $128735 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $128735 |
| Chile | &nbsp;&nbsp; 113108 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 113108 |
| China | &nbsp;&nbsp; 167755 | &nbsp;&nbsp;&nbsp;&nbsp; 2744893 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2912648 |
| Greece | &nbsp;&nbsp; 157265 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 157265 |
| Hungary | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 112351 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 112351 |
| India | &nbsp;&nbsp; 221643 | &nbsp;&nbsp;&nbsp;&nbsp; 2058174 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2279817 |
| Indonesia | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 47359 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 47359 |
| Kuwait | &nbsp;&nbsp; 206286 | &nbsp;&nbsp;&nbsp;&nbsp; 180904 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 387190 |
| Malaysia | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 625780 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 625780 |
| Mexico | &nbsp;&nbsp; 116289 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 116289 |
| Peru | &nbsp;&nbsp; 237150 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 237150 |
| Philippines | &nbsp;&nbsp; 25396 | &nbsp;&nbsp;&nbsp;&nbsp; 121582 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 146978 |
| Poland | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 125572 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 125572 |
| Qatar | &nbsp;&nbsp; 177892 | &nbsp;&nbsp;&nbsp;&nbsp; 200658 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 378550 |
| Russia | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp; 5 |
| Saudi Arabia | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 896613 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 896613 |
| South Korea | &nbsp;&nbsp; 207274 | &nbsp;&nbsp;&nbsp;&nbsp; 563079 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 770353 |
| Taiwan | &nbsp;&nbsp; 5493 | &nbsp;&nbsp;&nbsp;&nbsp; 1484017 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1489510 |
| Thailand | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 105555 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 105555 |
| Turkey | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 165690 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 165690 |
| United Arab Emirates | &nbsp;&nbsp; 100795 | &nbsp;&nbsp;&nbsp;&nbsp; 568355 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 669150 |
| United States | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 21638 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 21638 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 401309 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 401309 |
|  | &nbsp;&nbsp; $2266390 | &nbsp;&nbsp;&nbsp;&nbsp; $10022220 | &nbsp;&nbsp;&nbsp;&nbsp; $5 | &nbsp;&nbsp;&nbsp;&nbsp; $12288615 |
| Derivative Financial Instruments<sup>(a)</sup> <br>|  |  |  |  |
| Assets |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $1780 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1780 |

---

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

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

*See notes to financial statements.*

Schedule of Investments

------

Statement of Assets and Liabilities (unaudited)

October 31, 2025

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

---

| | |
|:---|:---|
|  | BlackRock <br>Defensive Advantage <br>Emerging Markets Fund<br>|
| **ASSETS** |  |
| Investments, at value — unaffiliated<sup>(a)(b)</sup> | $11887306 |
| Investments, at value — affiliated<sup>(c)</sup> | 401309 |
| Cash pledged for futures contracts | 5000 |
| Foreign currency, at value<sup>(d)</sup> | 29922 |
| Receivables: |  |
| Investments sold | 28 |
| Securities lending income — affiliated | 917 |
| Capital shares sold | 75 |
| Dividends — unaffiliated | 5429 |
| Dividends — affiliated | 745 |
| From the Manager | 15976 |
| Prepaid expenses | 22751 |
| Total assets | 12369458 |
| **LIABILITIES** |  |
| Collateral on securities loaned | 130900 |
| Payables: |  |
| Accounting services fees | 5155 |
| Administration fees | 14 |
| Custodian fees | 32479 |
| Deferred foreign capital gain tax | 15300 |
| Foreign taxes | 7 |
| Trustees' and Officer's fees | 2559 |
| Other accrued expenses | 2982 |
| Printing and postage fees | 23184 |
| Service fees | 69 |
| Transfer agent fees | 897 |
| Variation margin on futures contracts | 324 |
| Total liabilities | 213870 |
| **Commitments and contingent liabilities** |  |
| NET ASSETS | $12155588 |
| **NET ASSETS CONSIST OF** |  |
| Paid-in capital | $10646453 |
| Accumulated earnings | 1509135 |
| NET ASSETS | $12155588 |
| <sup>(a)</sup> Investments, at cost—unaffiliated | $11097134 |
| <sup>(b)</sup> Securities loaned, at value | $127589 |
| <sup>(c)</sup> Investments, at cost—affiliated | $401309 |
| <sup>(d)</sup> Foreign currency, at cost | $29931 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Statement of Assets and Liabilities (unaudited) (continued)

October 31, 2025

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

---

| | |
|:---|:---|
|  | BlackRock <br>Defensive Advantage <br>Emerging Markets Fund<br>|
| **NET ASSET VALUE** |  |
| **Institutional** |  |
| Net assets | $122190 |
| Shares outstanding | 10728 |
| Net asset value | $11.39 |
| Shares authorized | Unlimited |
| Par value | $0.001 |
| **Investor A** |  |
| Net assets | $326780 |
| Shares outstanding | 28740 |
| Net asset value | $11.37 |
| Shares authorized | Unlimited |
| Par value | $0.001 |
| **Class K** |  |
| Net assets | $11706618 |
| Shares outstanding | 1027531 |
| Net asset value | $11.39 |
| Shares authorized | Unlimited |
| Par value | $0.001 |

---

*See notes to financial statements.*

Statement of Assets and Liabilities

------

Statement of Operations (unaudited)

Six Months Ended October 31, 2025

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

---

| | |
|:---|:---|
|  | BlackRock <br>Defensive Advantage <br>Emerging Markets Fund<br>|
| **INVESTMENT INCOME** |  |
| Dividends — unaffiliated | &nbsp;&nbsp; $230865 |
| Dividends — affiliated | &nbsp;&nbsp; 5600 |
| Interest — unaffiliated | &nbsp;&nbsp; 176 |
| Securities lending income — affiliated — net | &nbsp;&nbsp; 1733 |
| Foreign taxes withheld | &nbsp;&nbsp; (22973)<br>|
| Total investment income | &nbsp;&nbsp; 215401 |
| EXPENSES |  |
| Professional | &nbsp;&nbsp; 59389 |
| Custodian | &nbsp;&nbsp; 55357 |
| Investment advisory | &nbsp;&nbsp; 47248 |
| Registration | &nbsp;&nbsp; 29353 |
| Printing and postage | &nbsp;&nbsp; 19604 |
| Accounting services | &nbsp;&nbsp; 7912 |
| Trustees and Officer | &nbsp;&nbsp; 3527 |
| Administration | &nbsp;&nbsp; 2510 |
| Administration — class specific | &nbsp;&nbsp; 1181 |
| Transfer agent — class specific | &nbsp;&nbsp; 620 |
| Service — class specific | &nbsp;&nbsp; 399 |
| Miscellaneous | &nbsp;&nbsp; 8665 |
| Total expenses | &nbsp;&nbsp; 235765 |
| Less: |  |
| Administration fees waived | &nbsp;&nbsp; (2510)<br>|
| Administration fees waived by the Manager — class specific | &nbsp;&nbsp; (1150)<br>|
| Fees waived and/or reimbursed by the Manager | &nbsp;&nbsp; (183260)<br>|
| Transfer agent fees waived and/or reimbursed by the Manager — class specific | &nbsp;&nbsp; (440)<br>|
| Total expenses after fees waived and/or reimbursed | &nbsp;&nbsp; 48405 |
| Net investment income | &nbsp;&nbsp; 166996 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| Net realized gain (loss) from: |  |
| Investments — unaffiliated<sup>(a)</sup> | &nbsp;&nbsp; 629525 |
| Foreign currency transactions | &nbsp;&nbsp; (15608)<br>|
| Futures contracts | &nbsp;&nbsp; 35432 |
|  | &nbsp;&nbsp; 649349 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments — unaffiliated<sup>(b)</sup> | &nbsp;&nbsp; 40369 |
| Foreign currency translations | &nbsp;&nbsp; (193)<br>|
| Futures contracts | &nbsp;&nbsp; 2850 |
|  | &nbsp;&nbsp; 43026 |
| Net realized and unrealized gain | &nbsp;&nbsp; 692375 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $859371 |
| <sup>(a)</sup> Net of foreign capital gain tax and capital gain tax refund, if applicable of | &nbsp;&nbsp; $(30617)<br>|
| <sup>(b)</sup> Net of reduction in deferred foreign capital gain tax of | &nbsp;&nbsp; $19959 |

---

*See notes to financial statements.*

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Statements of Changes in Net Assets

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

---

| | | |
|:---|:---|:---|
|  | BlackRock <br>Defensive Advantage <br>Emerging Markets Fund | BlackRock <br>Defensive Advantage <br>Emerging Markets Fund |
|  | Six Months Ended <br>10/31/25 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>04/30/25<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |
| **OPERATIONS** |  |  |
| Net investment income | &nbsp;&nbsp; $166996 | &nbsp;&nbsp;&nbsp; $277642 |
| Net realized gain | &nbsp;&nbsp; 649349 | &nbsp;&nbsp;&nbsp; 513921 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 43026 | &nbsp;&nbsp;&nbsp; 488743 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 859371 | &nbsp;&nbsp;&nbsp; 1280306 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |
| Institutional | &nbsp;&nbsp; (850)<br>| &nbsp;&nbsp;&nbsp; (2776)<br>|
| Investor A | &nbsp;&nbsp; (2052)<br>| &nbsp;&nbsp;&nbsp; (5891)<br>|
| Class K | &nbsp;&nbsp; (82039)<br>| &nbsp;&nbsp;&nbsp; (266951)<br>|
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (84941)<br>| &nbsp;&nbsp;&nbsp; (275618)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |
| Net increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp; 150805 | &nbsp;&nbsp;&nbsp; (12303)<br>|
| *NET ASSETS* |  |  |
| Total increase in net assets | &nbsp;&nbsp; 925235 | &nbsp;&nbsp;&nbsp; 992385 |
| Beginning of period | &nbsp;&nbsp; 11230353 | &nbsp;&nbsp;&nbsp; 10237968 |
| End of period | &nbsp;&nbsp; $12155588 | &nbsp;&nbsp;&nbsp; $11230353 |

---

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

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

*See notes to financial statements.*

Statements of Changes in Net Assets

------

Financial Highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Defensive Advantage Emerging Markets Fund | BlackRock Defensive Advantage Emerging Markets Fund | BlackRock Defensive Advantage Emerging Markets Fund | BlackRock Defensive Advantage Emerging Markets Fund | BlackRock Defensive Advantage Emerging Markets Fund | BlackRock Defensive Advantage Emerging Markets Fund |
|  | Institutional | Institutional | Institutional | Institutional | Institutional | Institutional |
|  | Six Months Ended <br>10/31/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>04/30/25 | &nbsp;&nbsp; Year Ended <br>04/30/24 | &nbsp;&nbsp; Year Ended <br>04/30/23 | &nbsp;&nbsp; Year Ended <br>04/30/22 | &nbsp;&nbsp; Period from <br>12/21/20<sup>(a)</sup> <br>to 04/30/21 |
|  | Six Months Ended <br>10/31/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>04/30/25 | &nbsp;&nbsp; Year Ended <br>04/30/24 | &nbsp;&nbsp; Year Ended <br>04/30/23 | &nbsp;&nbsp; Year Ended <br>04/30/22 | &nbsp;&nbsp; Period from <br>12/21/20<sup>(a)</sup> <br>to 04/30/21 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $10.66 | &nbsp;&nbsp;&nbsp; $9.70 | &nbsp;&nbsp;&nbsp; $9.23 | &nbsp;&nbsp;&nbsp; $9.42 | &nbsp;&nbsp;&nbsp; $10.81 | &nbsp;&nbsp;&nbsp; $10.00 |
| Net investment income<sup>(b)</sup> | 0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 |
| Net realized and unrealized gain (loss) | 0.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp;&nbsp; (0.80)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.79 |
| Net increase (decrease) from investment operations | 0.81 | &nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.81 |
| **Distributions**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp;&nbsp; (0.00 )<sup>(d)</sup><br>|
| From net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp;&nbsp; (0.78)<br>| &nbsp;&nbsp;&nbsp; (0.00)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $11.39 | &nbsp;&nbsp;&nbsp; $10.66 | &nbsp;&nbsp;&nbsp; $9.70 | &nbsp;&nbsp;&nbsp; $9.23 | &nbsp;&nbsp;&nbsp; $9.42 | &nbsp;&nbsp;&nbsp; $10.81 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 7.61 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.68<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp; (6.10)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.14 %<sup>(f)</sup><br>|
| **Ratios to Average Net Assets**<sup>(g)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 4.07 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.81<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.18 %<sup>(h)(i)</sup><br>|
| Total expenses after fees waived and/or reimbursed | 0.86 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.86<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.81<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.81 %<sup>(h)</sup><br>|
| Net investment income | 2.79 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.54<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.23<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.87<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.52 %<sup>(h)</sup><br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $122 | &nbsp;&nbsp;&nbsp; $115 | &nbsp;&nbsp;&nbsp; $104 | &nbsp;&nbsp;&nbsp; $97 | &nbsp;&nbsp;&nbsp; $97 | &nbsp;&nbsp;&nbsp; $108 |
| Portfolio turnover rate | &nbsp;&nbsp; 116<br> %<br>| &nbsp;&nbsp;&nbsp; 218<br> %<br>| &nbsp;&nbsp;&nbsp; 191<br> %<br>| &nbsp;&nbsp;&nbsp; 204<br> %<br>| &nbsp;&nbsp;&nbsp; 211<br> %<br>| &nbsp;&nbsp;&nbsp; 64<br> %<br>|

---

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

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

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

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

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

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

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

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

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

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

*See notes to financial statements.*

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Defensive Advantage Emerging Markets Fund (continued) | BlackRock Defensive Advantage Emerging Markets Fund (continued) | BlackRock Defensive Advantage Emerging Markets Fund (continued) | BlackRock Defensive Advantage Emerging Markets Fund (continued) | BlackRock Defensive Advantage Emerging Markets Fund (continued) | BlackRock Defensive Advantage Emerging Markets Fund (continued) |
|  | Investor A | Investor A | Investor A | Investor A | Investor A | Investor A |
|  | Six Months Ended <br>10/31/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>04/30/25 | &nbsp;&nbsp; Year Ended <br>04/30/24 | &nbsp;&nbsp; Year Ended <br>04/30/23 | &nbsp;&nbsp; Year Ended <br>04/30/22 | &nbsp;&nbsp; Period from <br>12/21/20<sup>(a)</sup> <br>to 04/30/21 |
|  | Six Months Ended <br>10/31/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>04/30/25 | &nbsp;&nbsp; Year Ended <br>04/30/24 | &nbsp;&nbsp; Year Ended <br>04/30/23 | &nbsp;&nbsp; Year Ended <br>04/30/22 | &nbsp;&nbsp; Period from <br>12/21/20<sup>(a)</sup> <br>to 04/30/21 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $10.64 | &nbsp;&nbsp;&nbsp; $9.69 | &nbsp;&nbsp;&nbsp; $9.22 | &nbsp;&nbsp;&nbsp; $9.41 | &nbsp;&nbsp;&nbsp; $10.81 | &nbsp;&nbsp;&nbsp; $10.00 |
| Net investment income<sup>(b)</sup> | 0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 |
| Net realized and unrealized gain (loss) | 0.66 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp;&nbsp; (0.82)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.80 |
| Net increase (decrease) from investment operations | 0.80 | &nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.81 |
| **Distributions**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp;&nbsp; (0.00 )<sup>(d)</sup><br>|
| From net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp;&nbsp; (0.75)<br>| &nbsp;&nbsp;&nbsp; (0.00)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $11.37 | &nbsp;&nbsp;&nbsp; $10.64 | &nbsp;&nbsp;&nbsp; $9.69 | &nbsp;&nbsp;&nbsp; $9.22 | &nbsp;&nbsp;&nbsp; $9.41 | &nbsp;&nbsp;&nbsp; $10.81 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 7.45 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp; (6.43)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.14 %<sup>(f)</sup><br>|
| **Ratios to Average Net Assets**<sup>(g)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 4.41 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.86<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.43 %<sup>(h)(i)</sup><br>|
| Total expenses after fees waived and/or reimbursed | 1.11 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.06 %<sup>(h)</sup><br>|
| Net investment income | 2.53 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.27<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.99<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.62<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.27 %<sup>(h)</sup><br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $327 | &nbsp;&nbsp;&nbsp; $294 | &nbsp;&nbsp;&nbsp; $298 | &nbsp;&nbsp;&nbsp; $105 | &nbsp;&nbsp;&nbsp; $97 | &nbsp;&nbsp;&nbsp; $108 |
| Portfolio turnover rate | &nbsp;&nbsp; 116<br> %<br>| &nbsp;&nbsp;&nbsp; 218<br> %<br>| &nbsp;&nbsp;&nbsp; 191<br> %<br>| &nbsp;&nbsp;&nbsp; 204<br> %<br>| &nbsp;&nbsp;&nbsp; 211<br> %<br>| &nbsp;&nbsp;&nbsp; 64<br> %<br>|

---

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

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

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

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

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

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

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

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

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

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

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Defensive Advantage Emerging Markets Fund (continued) | BlackRock Defensive Advantage Emerging Markets Fund (continued) | BlackRock Defensive Advantage Emerging Markets Fund (continued) | BlackRock Defensive Advantage Emerging Markets Fund (continued) | BlackRock Defensive Advantage Emerging Markets Fund (continued) | BlackRock Defensive Advantage Emerging Markets Fund (continued) |
|  | Class K | Class K | Class K | Class K | Class K | Class K |
|  | Six Months Ended <br>10/31/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>04/30/25 | &nbsp;&nbsp; Year Ended <br>04/30/24 | &nbsp;&nbsp; Year Ended <br>04/30/23 | &nbsp;&nbsp; Year Ended <br>04/30/22 | &nbsp;&nbsp; Period from <br>12/21/20<sup>(a)</sup> <br>to 04/30/21 |
|  | Six Months Ended <br>10/31/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>04/30/25 | &nbsp;&nbsp; Year Ended <br>04/30/24 | &nbsp;&nbsp; Year Ended <br>04/30/23 | &nbsp;&nbsp; Year Ended <br>04/30/22 | &nbsp;&nbsp; Period from <br>12/21/20<sup>(a)</sup> <br>to 04/30/21 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $10.66 | &nbsp;&nbsp;&nbsp; $9.70 | &nbsp;&nbsp;&nbsp; $9.23 | &nbsp;&nbsp;&nbsp; $9.42 | &nbsp;&nbsp;&nbsp; $10.81 | &nbsp;&nbsp;&nbsp; $10.00 |
| Net investment income<sup>(b)</sup> | 0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 |
| Net realized and unrealized gain (loss) | 0.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp;&nbsp; (0.80)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.79 |
| Net increase (decrease) from investment operations | 0.81 | &nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.81 |
| **Distributions**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp;&nbsp; (0.00 )<sup>(d)</sup><br>|
| From net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp;&nbsp; (0.78)<br>| &nbsp;&nbsp;&nbsp; (0.00)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $11.39 | &nbsp;&nbsp;&nbsp; $10.66 | &nbsp;&nbsp;&nbsp; $9.70 | &nbsp;&nbsp;&nbsp; $9.23 | &nbsp;&nbsp;&nbsp; $9.42 | &nbsp;&nbsp;&nbsp; $10.81 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 7.63 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.74<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp; (6.10)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.14 %<sup>(f)</sup><br>|
| **Ratios to Average Net Assets**<sup>(g)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 3.98 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.21<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.66<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.84 %<sup>(h)(i)</sup><br>|
| Total expenses after fees waived and/or reimbursed | 0.81 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.81<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.81<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.81<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.81<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.81 %<sup>(h)</sup><br>|
| Net investment income | 2.84 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.27<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.87<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.52 %<sup>(h)</sup><br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $11707 | &nbsp;&nbsp;&nbsp; $10822 | &nbsp;&nbsp;&nbsp; $9836 | &nbsp;&nbsp;&nbsp; $9358 | &nbsp;&nbsp;&nbsp; $9535 | &nbsp;&nbsp;&nbsp; $10598 |
| Portfolio turnover rate | &nbsp;&nbsp; 116<br> %<br>| &nbsp;&nbsp;&nbsp; 218<br> %<br>| &nbsp;&nbsp;&nbsp; 191<br> %<br>| &nbsp;&nbsp;&nbsp; 204<br> %<br>| &nbsp;&nbsp;&nbsp; 211<br> %<br>| &nbsp;&nbsp;&nbsp; 64<br> %<br>|

---

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

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

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

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

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

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

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

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

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

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

*See notes to financial statements.*

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Notes to Financial Statements (unaudited)

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

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

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

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

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

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

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

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

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

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

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

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

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

**Foreign Taxes:** The Fund may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Fund invests. These foreign taxes, if any, are paid by the Fund and are reflected in its Statement of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as "Foreign taxes withheld", and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of October 31, 2025, if any, are disclosed in the Statement of Assets and Liabilities.

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

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

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

Notes to Financial Statements

------

Notes to Financial Statements (unaudited) (continued)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Notes to Financial Statements (unaudited) (continued)

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

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

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

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

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

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

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

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

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

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

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

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

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

Securities lending transactions are entered into by the Fund under Master Securities Lending Agreements (each, an "MSLA"), which provide the right, in the event of default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Fund, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty's bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Fund can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties' obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party's net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

Notes to Financial Statements

------

Notes to Financial Statements (unaudited) (continued)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Fund Name/Counterparty* | *Securities* <br>*Loaned at Value*<br>| *Cash Collateral* <br>*Received*<sup>(a)</sup> <br>| *Non-Cash Collateral* <br>*Received, at Fair Value*<sup>(a)</sup> <br>| *Net* <br>*Amount*<br>|
| BlackRock Defensive Advantage Emerging Markets Fund |  |  |  |  |
| J.P. Morgan Securities LLC | &nbsp;&nbsp; $127589 | &nbsp;&nbsp; $(127589)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |

---

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

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

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

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

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

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

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

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

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

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

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

---

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

---

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

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

---

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

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Notes to Financial Statements (unaudited) (continued)

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

For the six months ended October 31, 2025, the following table shows the class specific service fees borne directly by each share class of the Fund:

---

| | |
|:---|:---|
| *Fund Name*  | *Investor A* |
| BlackRock Defensive Advantage Emerging Markets Fund | &nbsp;&nbsp; $399 |

---

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

---

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

---

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

For the six months ended October 31, 2025, the following table shows the class specific administration fees borne directly by each share class of the Fund:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Fund Name*  | *Institutional* | *Investor A* | *Class K* | *Total* |
| BlackRock Defensive Advantage Emerging Markets Fund | &nbsp;&nbsp; $12 | &nbsp;&nbsp; $32 | &nbsp;&nbsp; $1137 | &nbsp;&nbsp; $1181 |

---

**Transfer Agent:** Pursuant to written agreements, certain financial intermediaries, some of which may be affiliates, provide the Fund with sub-accounting, recordkeeping, sub-transfer agency and other administrative services with respect to servicing of underlying investor accounts. For these services, these entities receive an asset-based fee or an annual fee per shareholder account, which will vary depending on share class and/or net assets. For the six months ended October 31, 2025, the Fund did not pay any amounts to affiliates in return for these services.

The Manager maintains a call center that is responsible for providing certain shareholder services to the Fund. Shareholder services include responding to inquiries and processing purchases and sales based upon instructions from shareholders. For the six months ended October 31, 2025, the Fund reimbursed the Manager the following amounts for costs incurred in running the call center, which are included in transfer agent — class specific in the Statement of Operations:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Institutional* | *Investor A* | *Class K* | *Total* |
| Reimbursed amounts | &nbsp;&nbsp; $15 | $54 | $6 | $75 |

---

For the six months ended October 31, 2025, the following table shows the class specific transfer agent fees borne directly by each share class of the Fund:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Fund Name* | *Institutional* | *Investor A* | *Class K* | *Total* |
| BlackRock Defensive Advantage Emerging Markets Fund | &nbsp;&nbsp; $57 | $301 | $262 | $620 |

---

**Other Fees:** For the six months ended October 31, 2025, affiliates earned underwriting discounts, direct commissions and dealer concessions on sales of the Fund's Investor A Shares for a total of $1.

**Expense Limitations, Waivers and Reimbursements:** The Manager contractually agreed to waive its investment advisory fees by the amount of investment advisory fees the Fund pays to the Manager indirectly through its investment in affiliated money market funds (the "affiliated money market fund waiver") through June 30, 2027. The contractual agreement may be terminated upon 90 days' notice by a majority of the trustees who are not "interested persons" of the Trust, as defined in the 1940 Act ("Independent Trustees"), or by a vote of a majority of the outstanding voting securities of the Fund. The amount of waivers and/or reimbursements of fees and expenses made pursuant to the expense limitation described below will be reduced by the amount of the affiliated money market fund waiver. This amount is included in fees waived and/or reimbursed by the Manager in the Statement of Operations. For the six months ended October 31, 2025, the amount waived was $101.

The Manager has contractually agreed to waive its investment advisory fee with respect to any portion of the Fund's assets invested in affiliated equity and fixed-income mutual funds and affiliated exchange-traded funds that have a contractual management fee through June 30, 2027. The contractual agreement may be terminated upon 90 days' notice by a majority of the Independent Trustees, or by a vote of a majority of the outstanding voting securities of the Fund. For the six months ended October 31, 2025, there were no fees waived by the Manager pursuant to this arrangement.

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

---

| | |
|:---|:---|
| *Share Class* | *Expense Limitation* |
| Institutional | 0.86<br> % <br>|

---

Notes to Financial Statements

------

Notes to Financial Statements (unaudited) (continued)

---

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

---

The Manager has agreed not to reduce or discontinue the contractual expense limitations through June 30, 2027, unless approved by the Board, including a majority of the Independent Trustees, or by a vote of a majority of the outstanding voting securities of the Fund. For the six months ended October 31, 2025, amounts included in the Statement of Operations were as follows:

---

| | |
|:---|:---|
| *Fund Name* | *Fees Waived and/or Reimbursed* <br>*by the Manager*<br>|
| BlackRock Defensive Advantage Emerging Markets Fund | &nbsp;&nbsp; $183159 |

---

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

---

| | |
|:---|:---|
| *Fund Name* | *Administration* <br>*Fees Waived*<br>|
| BlackRock Defensive Advantage Emerging Markets Fund | &nbsp;&nbsp; $2510 |

---

In addition, these amounts waived and/or reimbursed by the Manager are included in administration fees waived by the Manager — class specific, transfer agent fees waived and/or reimbursed by the Manager — class specific, respectively, in the Statement of Operations. For the six months ended October 31, 2025, class specific expense waivers and/or reimbursements were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Institutional* | *Investor A* | *Class K* | *Total* |
| Administration fees waived by the Manager — class specific | &nbsp;&nbsp; $12 | &nbsp;&nbsp; $32 | &nbsp;&nbsp; $1106 | &nbsp;&nbsp; $1150 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Institutional* | *Investor A* | *Class K* | *Total* |
| Transfer agent fees waived and/or reimbursed by the Manager — class specific | &nbsp;&nbsp; $25 | &nbsp;&nbsp; $218 | &nbsp;&nbsp; $197 | &nbsp;&nbsp; $440 |

---

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

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

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

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

The share of securities lending income earned by the Fund is shown as securities lending income — affiliated — net in the Statement of Operations. For the six months ended October 31, 2025, the Fund paid BIM $357 for securities lending agent services.

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

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

For the six months ended October 31, 2025, purchases and sales of investments, excluding short-term securities, were $13,336,724 and $13,162,914, respectively.

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Notes to Financial Statements (unaudited) (continued)

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

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

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

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

Management has analyzed tax laws and regulations and their application to the Fund as of October 31, 2025, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Fund's financial statements. Management's analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of the date of these financial statements, all of which are subject to change, possibly with retroactive effect, which may impact the Fund's NAV.

As of April 30, 2025, the Fund had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

---

| | |
|:---|:---|
| *Fund Name* | *Non-Expiring* <br>*Capital Loss* <br>*Carryforwards*<sup>(a)</sup> <br>|
| BlackRock Defensive Advantage Emerging Markets Fund | &nbsp;&nbsp; $(34015)<br>|

---

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

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

As of October 31, 2025, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Fund Name* | *Tax Cost* | &nbsp;&nbsp; *Gross Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp; *Gross Unrealized* <br>*Depreciation*<br>| &nbsp;&nbsp; *Net Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| BlackRock Defensive Advantage Emerging Markets Fund | &nbsp;&nbsp; $11549329 | &nbsp;&nbsp; $1049675 | &nbsp;&nbsp; $(308609)<br>| &nbsp;&nbsp; $741066 |

---

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

The Trust, on behalf of the Fund, along with certain other funds managed by the Manager and its affiliates ("Participating Funds"), is party to a 364-day, $2.40 billion credit agreement with a group of lenders. Under this agreement, the Fund may borrow to fund shareholder redemptions. Excluding commitments designated for certain individual funds, the Participating Funds, including the Fund, can borrow up to an aggregate commitment amount of $1.75 billion at any time outstanding, subject to asset coverage and other limitations as specified in the agreement. The credit agreement has the following terms: a fee of 0.10% per annum on unused commitment amounts and interest at a rate equal to the higher of (a) Overnight Bank Funding Rate ("OBFR") (but, in any event, not less than 0.00%) on the date the loan is made plus 0.80% per annum, (b) the Fed Funds rate (but, in any event, not less than 0.00%) in effect from time to time plus 0.80% per annum on amounts borrowed or (c) the sum of (x) Daily Simple Secured Overnight Financing Rate ("SOFR") (but, in any event, not less than 0.00%) on the date the loan is made plus 0.10% and (y) 0.80% per annum. The agreement expires in April 2026 unless extended or renewed. These fees were allocated among such funds based upon portions of the aggregate commitment available to them and relative net assets of Participating Funds. During the six months ended October 31, 2025, the Fund did not borrow under the credit agreement.

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

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

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

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

Notes to Financial Statements

------

Notes to Financial Statements (unaudited) (continued)

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

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

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

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

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

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

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

The Fund invests a significant portion of its assets in securities of issuers located in Asia or with significant exposure to Asian issuers or countries. Certain Asian countries have developed increasingly strained relationships with the U.S. or China; if these relations were to worsen, they could adversely affect Asian issuers that rely on the U.S. or China for trade and the region as a whole. The Asian financial markets have experienced volatility and adverse trends due to concerns in several Asian countries regarding monetary policy, government intervention in the markets, rising government debt levels or economic downturns. These events may spread to other countries in Asia and may affect the value and liquidity of certain of the Fund's investments.

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

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Notes to Financial Statements (unaudited) (continued)

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

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

Transactions in capital shares for each class were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended <br>10/31/25 | Six Months Ended <br>10/31/25 | Year Ended <br>04/30/25 | Year Ended <br>04/30/25 |
| *Fund Name / Share Class*  | *Shares*  | *Amounts*  | *Shares*  | *Amounts*  |
| BlackRock Defensive Advantage Emerging Markets Fund  |  |  |  |  |
| Institutional |  |  |  |  |
| Shares sold | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; 39 | &nbsp;&nbsp;&nbsp; $410 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp; 107 |
| Shares redeemed | (39) | &nbsp;&nbsp;&nbsp;&nbsp;(430) | &nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp;&nbsp;&nbsp;(7) |
|  | (37) | &nbsp;&nbsp;&nbsp; $(399) | &nbsp;&nbsp;&nbsp; 49 | &nbsp;&nbsp;&nbsp; $510 |
| Investor A |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 3508 | &nbsp;&nbsp;&nbsp; $38879 | &nbsp;&nbsp;&nbsp; 2069 | &nbsp;&nbsp;&nbsp; $21438 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 118 | &nbsp;&nbsp;&nbsp; 1315 | &nbsp;&nbsp;&nbsp; 342 | &nbsp;&nbsp;&nbsp; 3504 |
| Shares redeemed | &nbsp;&nbsp; (2508) | &nbsp;&nbsp;&nbsp; (28060) | &nbsp;&nbsp;&nbsp; (5561) | &nbsp;&nbsp;&nbsp; (55616) |
|  | &nbsp;&nbsp; 1118 | &nbsp;&nbsp;&nbsp; $12134 | &nbsp;&nbsp;&nbsp; (3150) | &nbsp;&nbsp;&nbsp; $(30674) |
| Class K |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 14971 | &nbsp;&nbsp;&nbsp; $168853 | &nbsp;&nbsp;&nbsp; 1828 | &nbsp;&nbsp;&nbsp; $18820 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp; 292 |
| Shares redeemed | &nbsp;&nbsp; (2681) | &nbsp;&nbsp;&nbsp; (29803) | &nbsp;&nbsp;&nbsp;&nbsp;(126) | &nbsp;&nbsp;&nbsp; (1251) |
|  | &nbsp;&nbsp; 12292 | &nbsp;&nbsp;&nbsp; $139070 | &nbsp;&nbsp;&nbsp; 1730 | &nbsp;&nbsp;&nbsp; $17861 |
|  | &nbsp;&nbsp; 13373 | &nbsp;&nbsp;&nbsp; $150805 | &nbsp;&nbsp;&nbsp; (1371) | &nbsp;&nbsp;&nbsp; $(12303) |

---

As of October 31, 2025, shares owned by BlackRock Financial Management, Inc., an affiliate of the Fund, were as follows:

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

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

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

Notes to Financial Statements

------

Additional Information

**Changes in and Disagreements with Accountants**

Not applicable.

**Proxy Results**

Not applicable.

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

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

**General Information**

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

**Electronic Delivery**

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

To enroll in electronic delivery:

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

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

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

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

2. Select "Access Your Account"

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

**BlackRock's Mutual Fund Family**

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

**Shareholder Privileges**

**Account Information**

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

**Automatic Investment Plans**

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

**Systematic Withdrawal Plans**

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

**Retirement Plans**

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

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Additional Information (continued)

**Fund and Service Providers**

**Investment Adviser**

BlackRock Advisors, LLC

Wilmington, DE 19809

**Sub-Adviser**

BlackRock International Limited

Edinburgh, EH3 8BL

United Kingdom

**Accounting Agent and Custodian**

State Street Bank and Trust Company

Boston, MA 02114

**Transfer Agent**

BNY Mellon Investment Servicing (US) Inc.

Wilmington, DE 19809

**Distributor**

BlackRock Investments, LLC

New York, NY 10001

**Independent Registered Public Accounting Firm**

Deloitte & Touche LLP

Boston, MA 02110

**Legal Counsel**

Ropes & Gray LLP

New York, NY 10036

**Address of the Fund**

100 Bellevue Parkway

Wilmington, DE 19809

Additional Information

------

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 22, 2025 (the "April Meeting") and May 20-21, 2025 (the "May Meeting") to consider the approval to continue the investment advisory agreement (the "Advisory Agreement") between the Trust, on behalf of BlackRock Defensive Advantage Emerging Markets Fund (the "Fund"), and BlackRock Advisors, LLC (the "Manager"), the 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 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 the 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 the 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, as well as numerous ad hoc meetings and executive sessions throughout the year, as needed. The committees of the Board similarly met throughout the year. The Board also held the April Meeting to consider specific information regarding the renewal of the Agreements. In considering the renewal of the Agreements, 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, relevant benchmarks, and other performance metrics, as applicable, as well as BlackRock senior management's and portfolio managers' investment performance analyses, and 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 applicable; (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 the Fund's fees and expenses as compared with a peer group of funds as determined by Broadridge ("Expense Peers") and the investment performance of the 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 Fund; (g) a summary of aggregate amounts paid by the Fund to BlackRock; (h) sales and redemption data regarding the Fund's shares; and (i) various additional information requested by the Board as appropriate regarding BlackRock's and the Fund's 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, and such responses were reviewed by the Board Members.

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 the 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 Fund; (d) the 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 Fund; 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 evaluated the information available to it on a fund-by-fund basis. The following paragraphs provide more

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

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

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 the Fund. Throughout the year, the Board compared Fund performance to the performance of a comparable group of mutual funds, relevant benchmarks, 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 the 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 experience of the Fund's portfolio management team; research capabilities; investments by portfolio managers in the funds they manage; portfolio trading capabilities; use of certain trading, portfolio management, operations and/or information systems owned by BlackRock; 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 the 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 the Fund. BlackRock and its affiliates provide the Fund 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 Fund. In particular, BlackRock and its affiliates provide the Fund 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, the 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 Fund, such as tax reporting, expense management, fulfilling regulatory filing requirements, overseeing the 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 also considered the operation of BlackRock's business continuity plans.

The Board noted that the engagement of the Sub-Advisor with respect to the Fund facilitates the provision of investment advice and trading by investment personnel out of non-U.S. jurisdictions. The Board considered that this arrangement provides additional flexibility to the portfolio management team, which may benefit the Fund and its shareholders.

***B. The Investment Performance of the Fund***

The Board, including the Independent Board Members, reviewed and considered the performance history of the Fund throughout the year and at the April Meeting. The Board was provided with Fund performance reporting and analysis, relative to applicable performance metrics, by BlackRock throughout the year and at the April meeting. In preparation for the April Meeting, the Board was also provided with reports independently prepared by Broadridge, which included an analysis of the Fund's performance as of December 31, 2024, 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 the Fund as compared to its Performance Peers. The Board and its Performance Oversight Committee regularly review, and meet with Fund management to discuss the performance of the Fund throughout the year.

The Board 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-year, three-year and since-inception periods reported, the Fund ranked in the first quartile against its Performance Peers.

***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 Fund***

The Board, including the Independent Board Members, reviewed the 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 compared the 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 that the fee and expense information in the Broadridge report for the Fund reflected information for a specific period and that historical asset levels and expenses may differ from current levels, particularly in a period of market volatility. The Board also noted that while it found the expense comparison provided by Broadridge generally useful, it recognized that the comparison is subject to Broadridge's defined peer selection criteria and methodology. 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).

Disclosure of Investment Advisory Agreement and Sub-Advisory Agreement

------

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

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 the Fund. The Board reviewed BlackRock's estimated profitability with respect to the Fund and other funds the Board currently oversees for the year ended December 31, 2024 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 the limitations of calculating and comparing profitability at the individual fund level.

The Board received and reviewed statements relating to BlackRock's financial condition. 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 BlackRock's technology business, BlackRock's expense management, and the relative product mix. The Board noted that, in general, individual fund or product line profitability of other advisors is not publicly available.

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 and resources, assumption of risk, and liability profile in servicing the Fund, 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 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. The Board also noted that the 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 additionally noted that the breakpoints can, conversely, adjust the advisory fee rate upward as the size of the Fund decreases below certain contractually specified levels. 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.

***D. Economies of Scale***

The Board, including the Independent Board Members, considered the extent to which any economies of scale might benefit the Fund in a variety of ways as the assets of the Fund increase. The Board considered multiple factors, including the advisory fee rate and breakpoints, unitary fee structure, fee waivers, and/or expense caps, as applicable. The Board considered the 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 Fund, 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 Fund, including for administrative, distribution, securities lending and cash management services. With respect to securities lending, during the year the Board also considered information provided by independent third-party consultants related to the performance of each BlackRock affiliate as securities lending agent. 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 mutual fund marketplace, and that shareholders are able to redeem their Fund shares if they believe that the Fund's fees and expenses are too high or if they are dissatisfied with the performance of the Fund.

**Conclusion**

At the May Meeting, in a continuation 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 the Fund, for a one-year term ending June 30, 2026, and the Sub-Advisory Agreement between the Manager and the Sub-Advisor, with respect to the Fund, for a one-year term ending June 30, 2026. 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 the 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 advised by independent legal counsel throughout the deliberative process.

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Glossary of Terms Used in these Financial Statements

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

---

| | |
|:---|:---|
| **Portfolio Abbreviation**  | **Portfolio Abbreviation**  |
| ADR | American Depositary Receipt |
| GDR | Global Depositary Receipt |
| MSCI | Morgan Stanley Capital International |
| NVDR | Non-Voting Depositary Receipt |
| PCL | Public Company Limited |
| PJSC | Public Joint Stock Company |

---

Glossary of Terms Used in these Financial Statements

------

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Want to know more?

blackrock.com \| 800-441-7762

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

![](g70581imge0a669632.jpg)

![](g70581img7df77dc51.jpg)

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![](g70581img93d09a6e1.jpg)

October 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp; 2025 Semi-Annual Financial <br> Statements and Additional <br> Information (Unaudited)<br>

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

---

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

---

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

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

------

**Table of Contents**

**Page**

------

---

| | |
|:---|:---|
| [Derivative Financial Instruments](#xx_e3a950b7-db94-49d0-98e5-7ff0ed14e8aa_RskDeriv-Footer-FundBookName-837_1)  | 3 |
| [Schedules of Investments](#xx_e3a950b7-db94-49d0-98e5-7ff0ed14e8aa_SOI-Footer-FundBookName-837_1)  | 4 |
| [Statements of Assets and Liabilities](#xx_e3a950b7-db94-49d0-98e5-7ff0ed14e8aa_FS-Footer-FundBookName-837_1)  | 138 |
| [Statements of Operations](#xx_e3a950b7-db94-49d0-98e5-7ff0ed14e8aa_FS-Footer-FundBookName-837_4)  | 141 |
| [Statements of Changes in Net Assets](#xx_e3a950b7-db94-49d0-98e5-7ff0ed14e8aa_FS-Footer-FundBookName-837_6)  | 143 |
| [Financial Highlights](#xx_e3a950b7-db94-49d0-98e5-7ff0ed14e8aa_FIHI-Footer-FundBookName-837_1)  | 144 |
| [Notes to Financial Statements](#xx_e3a950b7-db94-49d0-98e5-7ff0ed14e8aa_NTF-Footer-FundBookName-837_1)  | 152 |
| [Additional Information](#xx_e3a950b7-db94-49d0-98e5-7ff0ed14e8aa_ADDInfo-Footer-FundBookName-837_1)  | 165 |
| [Disclosure of Investment Advisory Agreement and Sub-Advisory Agreement](#xx_e3a950b7-db94-49d0-98e5-7ff0ed14e8aa_IAA1-Footer-FundBookName-837_1)  | 167 |
| [Glossary of Terms Used in these Financial Statements](#xx_e3a950b7-db94-49d0-98e5-7ff0ed14e8aa_Terms-Footer-FundBookName-837_1)  | 171 |

---

------

Derivative Financial Instruments

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

Derivative Financial Instruments

------

Schedule of Investments (unaudited)

October 31, 2025

**BlackRock Advantage Emerging Markets Fund** 

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

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

---

| | | |
|:---|:---|:---|
| *Security* | <br>*Shares*<br>| *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Brazil — 1.6%** | **Brazil — 1.6%** |  |
| Cogna Educacao SA | 127385 | $88555 |
| Lojas Renner SA | 138037 | 380760 |
| NU Holdings Ltd./Cayman Islands, Class A<sup>(a)</sup> | 19076 | 307314 |
| Sendas Distribuidora SA | 32701 | 52273 |
| Vale SA | 990 | 12009 |
| YDUQS Participacoes SA | 25958 | 68563 |
|  |  | 909474 |
| **Chile — 0.6%** | **Chile — 0.6%** |  |
| Banco de Chile | 513240 | 90069 |
| Banco de Chile, ADR | 2068 | 72194 |
| Falabella SA | 28413 | 178307 |
|  |  | 340570 |
| **China — 28.3%** | **China — 28.3%** |  |
| Agricultural Bank of China Ltd., Class H | 234000 | 178513 |
| Alibaba Group Holding Ltd. | 85920 | 1828269 |
| Bank of China Ltd., Class H | 818000 | 463187 |
| Baoshan Iron & Steel Co. Ltd., Class A | 307600 | 318354 |
| Bilibili, Inc., Class Z<sup>(a)</sup> | 1200 | 36244 |
| BOE Technology Group Co. Ltd., Class A | 472800 | 269498 |
| BYD Co. Ltd., Class H | 11200 | 144704 |
| China Construction Bank Corp., Class H | 493000 | 488090 |
| China International Capital Corp. Ltd., Class A | 39900 | 206450 |
| China Life Insurance Co. Ltd., Class H | 90000 | 283814 |
| China Overseas Land & Investment Ltd. | 20000 | 33564 |
| China State Construction Engineering Corp. Ltd., Class A | 12900 | 9833 |
| Chow Tai Fook Jewellery Group Ltd. | 9400 | 18398 |
| CITIC Ltd. | 127000 | 196295 |
| CITIC Securities Co. Ltd., Class A | 29000 | 119694 |
| CMOC Group Ltd., Class H | 27000 | 58454 |
| Contemporary Amperex Technology Co. Ltd., Class A | 1300 | 70976 |
| Contemporary Amperex Technology Co. Ltd., Class H | 3500 | 250467 |
| Country Garden Services Holdings Co. Ltd. | 24000 | 19083 |
| CRRC Corp. Ltd., Class H | 21000 | 15935 |
| Fufeng Group Ltd. | 74000 | 76601 |
| Fuyao Glass Industry Group Co. Ltd., Class A | 26900 | 254887 |
| Geely Automobile Holdings Ltd. | 23000 | 54563 |
| Haier Smart Home Co. Ltd., Class H | 26800 | 87151 |
| Industrial & Commercial Bank of China Ltd., Class H | 540000 | 418391 |
| Industrial Bank Co. Ltd., Class A | 14100 | 40061 |
| InnoCare Pharma Ltd., Class H<sup>(a)(b)</sup> | 11000 | 20165 |
| Innovent Biologics, Inc.<sup>(a)(b)</sup> | 26000 | 291657 |
| JD.com, Inc., Class A | 17760 | 293217 |
| Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A | 27100 | 243788 |
| Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class H<sup>(a)</sup> | 4800 | 46521 |
| KE Holdings, Inc., Class A | 10999 | 62383 |
| Keymed Biosciences, Inc.<sup>(a)(b)</sup> | 10000 | 77436 |
| Kuaishou Technology<sup>(b)</sup> | 19000 | 176402 |
| Meituan, Class B<sup>(a)(b)</sup> | 32680 | 430159 |
| Midea Group Co. Ltd., Class A | 26100 | 279962 |
| NetEase, Inc. | 10770 | 302214 |
| New Oriental Education & Technology Group, Inc.<sup>(a)</sup> | 6300 | 37672 |
| PDD Holdings, Inc., ADR<sup>(a)</sup> | 2876 | 387886 |
| PetroChina Co. Ltd., Class H | 121700 | 125804 |
| PICC Property & Casualty Co. Ltd., Class H | 12000 | 28350 |
| Ping An Insurance Group Co. of China Ltd., Class A | 57800 | 469380 |
| Ping An Insurance Group Co. of China Ltd., Class H | 46000 | 332319 |
| Poly Property Services Co. Ltd., Class H | 22000 | 94908 |
| Pop Mart International Group Ltd.<sup>(b)</sup> | 1000 | 28445 |
| RiseSun Real Estate Development Co. Ltd., Class A<sup>(a)</sup> | 1 |  |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **China (continued)** | **China (continued)** |  |
| SAIC Motor Corp. Ltd., Class A | 150700 | $352087 |
| Sany Heavy Equipment International Holdings Co. Ltd. | 126000 | 118949 |
| Shenzhen Mindray Bio-Medical Electronics Co. Ltd., <br> Class A<br>| 4300 | 129816 |
| Simcere Pharmaceutical Group Ltd.<sup>(b)</sup> | 110000 | 175201 |
| Sino Biopharmaceutical Ltd. | 228000 | 207692 |
| TCL Electronics Holdings Ltd. | 103000 | 122294 |
| Tencent Holdings Ltd. | 39300 | 3192249 |
| Tencent Music Entertainment Group, ADR | 882 | 19686 |
| Topsports International Holdings Ltd.<sup>(b)</sup> | 14000 | 5549 |
| Trip.com Group Ltd. | 1050 | 73890 |
| Uni-President China Holdings Ltd. | 334000 | 361485 |
| Vipshop Holdings Ltd., ADR | 4484 | 78425 |
| Xiaomi Corp., Class B<sup>(a)(b)</sup> | 93400 | 518175 |
| Xtep International Holdings Ltd. | 216000 | 156409 |
| Zijin Mining Group Co. Ltd., Class H | 116000 | 479893 |
| ZMJ Group Co. Ltd., Class H | 58600 | 161764 |
|  |  | 15823708 |
| **Greece — 0.5%** | **Greece — 0.5%** |  |
| OPAP SA, Class R | 12191 | 252233 |
| Star Bulk Carriers Corp. | 2317 | 43606 |
|  |  | 295839 |
| **Hungary — 0.6%** | **Hungary — 0.6%** |  |
| OTP Bank Nyrt | 3463 | 330562 |
| **India — 13.3%** | **India — 13.3%** |  |
| Axis Bank Ltd. | 10532 | 146158 |
| Bajaj Finance Ltd. | 9037 | 106136 |
| Bharat Petroleum Corp. Ltd. | 8655 | 34721 |
| Bharti Airtel Ltd. | 20228 | 468403 |
| CESC Ltd. | 23091 | 46761 |
| Chambal Fertilisers and Chemicals Ltd. | 4732 | 25618 |
| Chennai Petroleum Corp. Ltd. | 3015 | 33240 |
| Coromandel International Ltd. | 1909 | 45649 |
| Dalmia Bharat Ltd. | 3240 | 76422 |
| Dr. Lal PathLabs Ltd.<sup>(b)</sup> | 3625 | 128027 |
| Engineers India Ltd. | 8725 | 19850 |
| Escorts Kubota Ltd. | 718 | 30606 |
| Firstsource Solutions Ltd. | 4348 | 17327 |
| Fortis Healthcare Ltd. | 19184 | 220949 |
| GAIL India Ltd. | 10763 | 22143 |
| GE Vernova T&D India Ltd. | 2873 | 98303 |
| Great Eastern Shipping Co. Ltd. | 3007 | 37161 |
| HCL Technologies Ltd. | 9454 | 164038 |
| HDFC Bank Ltd. | 59176 | 657969 |
| Hindalco Industries Ltd. | 13162 | 125537 |
| Hindustan Zinc Ltd. | 9380 | 50322 |
| Hitachi Energy India Ltd. | 168 | 33616 |
| ICICI Bank Ltd. | 27538 | 417273 |
| ICICI Bank Ltd., ADR | 3319 | 100566 |
| Indian Oil Corp. Ltd. | 13589 | 25359 |
| Indraprastha Gas Ltd. | 22856 | 54495 |
| Infosys Ltd. | 23271 | 387744 |
| Infosys Ltd., ADR<sup>(c)</sup> | 7148 | 118442 |
| IRB Infrastructure Developers Ltd. | 15275 | 7697 |
| ITC Ltd. | 37494 | 177479 |
| JK Cement Ltd. | 2359 | 165040 |
| KEC International Ltd. | 2453 | 22567 |
| Kotak Mahindra Bank Ltd. | 1461 | 34609 |
| L&T Finance Ltd. | 17297 | 52681 |
| Larsen & Toubro Ltd. | 8697 | 394621 |
| Larsen & Toubro Ltd., GDR, Registered Shares | 952 | 42921 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**BlackRock Advantage Emerging Markets Fund** 

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

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **India (continued)** | **India (continued)** |  |
| Laurus Labs Ltd.<sup>(b)</sup> | 3411 | $36635 |
| Life Insurance Corp. of India | 2562 | 25805 |
| LTIMindtree Ltd.<sup>(b)</sup> | 326 | 20853 |
| Mahanagar Gas Ltd. | 1741 | 25014 |
| Mahindra & Mahindra Ltd. | 3892 | 152831 |
| Maruti Suzuki India Ltd. | 440 | 80131 |
| National Aluminium Co. Ltd. | 51955 | 136800 |
| Navin Fluorine International Ltd. | 385 | 24673 |
| NBCC India Ltd. | 17855 | 23586 |
| NTPC Ltd. | 22656 | 85934 |
| Oil & Natural Gas Corp. Ltd. | 17973 | 51722 |
| One 97 Communications Ltd.<sup>(a)</sup> | 3055 | 44795 |
| Persistent Systems Ltd. | 148 | 9849 |
| Petronet LNG Ltd. | 16297 | 51604 |
| Power Grid Corp. of India Ltd. | 35953 | 116649 |
| PTC India Ltd. | 14197 | 26859 |
| PVR Inox Ltd.<sup>(a)</sup> | 13345 | 181261 |
| Radico Khaitan Ltd. | 2356 | 83050 |
| Reliance Industries Ltd. | 31974 | 535016 |
| Sagility Ltd.<sup>(a)</sup> | 97490 | 57576 |
| State Bank of India | 19645 | 207401 |
| Strides Pharma Science Ltd. | 3806 | 40054 |
| Sun Pharmaceutical Industries Ltd. | 3590 | 68436 |
| Syngene International Ltd.<sup>(b)</sup> | 1616 | 11834 |
| Tata Consultancy Services Ltd. | 9303 | 320179 |
| Tata Motors Ltd. | 21474 | 99114 |
| Tata Motors Ltd. /new<sup>(a)</sup> | 21474 | 63076 |
| Tata Steel Ltd. | 6175 | 12708 |
| Tech Mahindra Ltd. | 1477 | 23675 |
| Thermax Ltd. | 250 | 9062 |
| Titan Co. Ltd. | 777 | 32788 |
| Trent Ltd. | 187 | 9878 |
| TVS Motor Co. Ltd. | 230 | 9084 |
| VA Tech Wabag Ltd., Class B | 412 | 6554 |
| Vedanta Ltd. | 12293 | 68245 |
| Welspun Corp. Ltd. | 3240 | 35252 |
| Wipro Ltd. | 16764 | 45400 |
|  |  | 7423833 |
| **Indonesia — 1.2%** | **Indonesia — 1.2%** |  |
| Aneka Tambang Tbk | 419500 | 78030 |
| Bank Central Asia Tbk PT | 1162600 | 595241 |
| Bank Mandiri Persero Tbk. PT | 24000 | 6800 |
|  |  | 680071 |
| **Kuwait — 0.6%** | **Kuwait — 0.6%** |  |
| Kuwait Finance House KSCP | 127858 | 334702 |
| **Malaysia — 1.3%** | **Malaysia — 1.3%** |  |
| Malayan Banking Bhd. | 203500 | 479605 |
| Sime Darby Bhd. | 144900 | 70836 |
| Sunway Construction Group Bhd. | 112400 | 157669 |
|  |  | 708110 |
| **Mexico — 1.6%** | **Mexico — 1.6%** |  |
| America Movil SAB de CV, Series B | 19080 | 21762 |
| Gentera SAB de CV | 150119 | 357147 |
| Grupo Financiero Banorte SAB de CV, Class O | 33729 | 317438 |
| Grupo Mexico SAB de CV, Class B | 14910 | 128904 |
| Industrias Penoles SAB de CV<sup>(a)</sup> | 524 | 21692 |
| Southern Copper Corp. | 471 | 65375 |
|  |  | 912318 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **Monaco — 0.2%** | **Monaco — 0.2%** |  |
| Costamare, Inc. | 7684 | $93898 |
| **Philippines — 0.4%** | **Philippines — 0.4%** |  |
| International Container Terminal Services, Inc. | 24060 | 217006 |
| SM Investments Corp. | 1400 | 17343 |
|  |  | 234349 |
| **Poland — 1.7%** | **Poland — 1.7%** |  |
| Alior Bank SA | 474 | 13208 |
| Asseco Poland SA | 52 | 3025 |
| ORLEN SA | 9426 | 255481 |
| Powszechna Kasa Oszczednosci Bank Polski SA | 17305 | 354809 |
| Powszechny Zaklad Ubezpieczen SA | 17358 | 277540 |
| Tauron Polska Energia SA<sup>(a)</sup> | 23542 | 63731 |
|  |  | 967794 |
| **Qatar — 0.4%** | **Qatar — 0.4%** |  |
| Qatar National Bank QPSC | 45909 | 233230 |
| **Russia — 0.0%** | **Russia — 0.0%** |  |
| Alrosa PJSC<sup>(a)(d)</sup> | 1407496 | 174 |
| **Saudi Arabia — 2.4%** | **Saudi Arabia — 2.4%** |  |
| Al Rajhi Bank | 15843 | 447788 |
| Aldrees Petroleum and Transport Services Co. | 202 | 8268 |
| Etihad Etisalat Co. | 1295 | 23364 |
| Mobile Telecommunications Co. Saudi Arabia | 35046 | 107254 |
| Saudi Arabian Mining Co.<sup>(a)</sup> | 10824 | 186083 |
| Saudi Electricity Co. | 27034 | 115552 |
| Saudi National Bank | 41782 | 444584 |
|  |  | 1332893 |
| **South Africa — 2.2%** | **South Africa — 2.2%** |  |
| Capitec Bank Holdings Ltd. | 1502 | 332314 |
| FirstRand Ltd. | 93402 | 443276 |
| Gold Fields Ltd. | 4652 | 179363 |
| Gold Fields Ltd., ADR | 2077 | 79777 |
| Mr. Price Group Ltd. | 523 | 6249 |
| MTN Group Ltd. | 15841 | 158260 |
| Sasol Ltd.<sup>(a)</sup> | 2886 | 18056 |
|  |  | 1217295 |
| **South Korea — 13.1%** | **South Korea — 13.1%** |  |
| CJ Corp. | 337 | 40315 |
| CJ ENM Co. Ltd.<sup>(a)</sup> | 601 | 29550 |
| Coupang, Inc., Class A<sup>(a)(c)</sup> | 2608 | 83378 |
| Dongsung Finetec Co. Ltd. | 520 | 11588 |
| E-MART, Inc. | 2669 | 135194 |
| Hana Financial Group, Inc. | 423 | 25341 |
| Hanwha Aerospace Co. Ltd. | 40 | 27437 |
| HD Hyundai Electric Co. Ltd. | 35 | 21264 |
| HD Hyundai Heavy Industries Co. Ltd. | 188 | 79172 |
| HD Hyundai Infracore Co. Ltd. | 8311 | 88669 |
| HD Korea Shipbuilding and Offshore Engineering Co. Ltd. | 375 | 124643 |
| HDC Hyundai Development Co-Engineering & <br> Construction, Class E<br>| 6442 | 87017 |
| HL Mando Co. Ltd. | 4437 | 119631 |
| Hugel, Inc.<sup>(a)</sup> | 890 | 163303 |
| Hyundai Elevator Co. Ltd. | 6751 | 357829 |
| Hyundai Mobis Co. Ltd. | 407 | 90003 |
| Hyundai Motor Co. | 417 | 84563 |
| Hyundai Steel Co. | 15585 | 360061 |
| Kakao Corp. | 1402 | 63896 |
| KB Financial Group, Inc. | 1911 | 156002 |
| Korea Electric Power Corp. | 1267 | 37926 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**BlackRock Advantage Emerging Markets Fund** 

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

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **South Korea (continued)** | **South Korea (continued)** |  |
| KT Corp., ADR | 20014 | $371260 |
| LG Innotek Co. Ltd. | 1871 | 315623 |
| NCSoft Corp. | 163 | 25160 |
| PharmaResearch Co. Ltd. | 154 | 58306 |
| Samsung E&A Co. Ltd. | 27707 | 503721 |
| Samsung Electronics Co. Ltd. | 33768 | 2541926 |
| Samsung Electronics Co. Ltd., GDR, Registered Shares | 17 | 31728 |
| Samsung Securities Co. Ltd. | 2696 | 145912 |
| Shinhan Financial Group Co. Ltd. | 426 | 21880 |
| SK Hynix, Inc. | 2862 | 1113585 |
| SK Telecom Co. Ltd. | 281 | 10288 |
|  |  | 7326171 |
| **Taiwan — 19.5%** | **Taiwan — 19.5%** |  |
| Accton Technology Corp. | 3000 | 104330 |
| Arcadyan Technology Corp. | 46000 | 300617 |
| ASPEED Technology, Inc. | 3000 | 532029 |
| Bizlink Holding, Inc. | 4039 | 181546 |
| Chenbro Micom Co. Ltd. | 1000 | 29882 |
| Chunghwa Telecom Co. Ltd. | 20000 | 85219 |
| Compeq Manufacturing Co. Ltd. | 82000 | 231752 |
| Delta Electronics, Inc. | 20000 | 643277 |
| Formosa Petrochemical Corp. | 70000 | 101776 |
| Getac Holdings Corp. | 48000 | 215020 |
| Hon Hai Precision Industry Co. Ltd. | 70000 | 582217 |
| MediaTek, Inc. | 7000 | 296866 |
| Nanya Technology Corp.<sup>(a)</sup> | 52000 | 222066 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 133000 | 6431836 |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 692 | 207897 |
| Tripod Technology Corp. | 42000 | 464486 |
| United Integrated Services Co. Ltd. | 10000 | 278347 |
| WNC Corp. /Taiwan | 8000 | 32463 |
|  |  | 10941626 |
| **Thailand — 1.5%** | **Thailand — 1.5%** |  |
| Advanced Info Service PCL, NVDR | 17100 | 159734 |
| Bangkok Bank PCL, NVDR | 20900 | 102415 |
| Com7 PCL, NVDR | 21300 | 16447 |
| Delta Electronics Thailand PCL, NVDR | 23200 | 155180 |
| Global Power Synergy PCL, NVDR | 27200 | 34866 |
| Gulf Development PCL, NVDR<sup>(a)</sup> | 60700 | 82910 |
| Krungthai Card PCL, NVDR | 18000 | 15873 |
| PTT Oil & Retail Business PCL, NVDR | 505500 | 229468 |
| Thai Oil PCL, NVDR | 48600 | 53749 |
|  |  | 850642 |
| **Turkey — 0.4%** | **Turkey — 0.4%** |  |
| Turk Telekomunikasyon A/S, Class A<sup>(a)</sup> | 121173 | 146897 |
| Turkiye Garanti Bankasi A/S | 24000 | 76654 |
|  |  | 223551 |
| **United Arab Emirates — 1.1%** | **United Arab Emirates — 1.1%** |  |
| Emaar Development PJSC | 2128 | 8644 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **United Arab Emirates (continued)** | **United Arab Emirates (continued)** |  |
| Emaar Properties PJSC | 91626 | $354560 |
| First Abu Dhabi Bank PJSC | 52718 | 250253 |
|  |  | 613457 |
| **United Kingdom — 0.2%** | **United Kingdom — 0.2%** |  |
| Anglogold Ashanti PLC | 1837 | 125952 |
| **United States — 0.2%** | **United States — 0.2%** |  |
| BeOne Medicines Ltd., Class H<sup>(a)</sup> | 4500 | 108190 |
| **Total Common Stocks — 92.9%** <br>**(Cost: $39,928,917)** | **Total Common Stocks — 92.9%** <br>**(Cost: $39,928,917)** | 52028409 |
| **Preferred Securities** | **Preferred Securities** | **Preferred Securities** |
| **Preferred Stocks — 1.1%** | **Preferred Stocks — 1.1%** | **Preferred Stocks — 1.1%** |
| **Brazil — 1.1%** | **Brazil — 1.1%** |  |
| Banco Bradesco SA | 39944 | 134831 |
| Itau Unibanco Holding SA | 27801 | 203807 |
| Petroleo Brasileiro SA - Petrobras | 45083 | 249299 |
|  |  | 587937 |
| **Total Preferred Securities — 1.1%** <br>**(Cost: $469,163)** | **Total Preferred Securities — 1.1%** <br>**(Cost: $469,163)** | 587937 |
| **Total Long-Term Investments — 94.0%** <br>**(Cost: $40,398,080)** | **Total Long-Term Investments — 94.0%** <br>**(Cost: $40,398,080)** | 52616346 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 5.1%** | **Money Market Funds — 5.1%** |  |
| BlackRock Cash Funds: Institutional, SL Agency Shares, <br> 4.27%<sup>(e)(f)(g)</sup><br>| 119202 | 119261 |
| BlackRock Liquidity Funds, T-Fund, Institutional Shares, <br> 3.94%<sup>(e)(f)</sup><br>| 2730690 | 2730690 |
| **Total Short-Term Securities — 5.1%** <br>**(Cost: $2,849,951)** | **Total Short-Term Securities — 5.1%** <br>**(Cost: $2,849,951)** | 2849951 |
| **Total Investments — 99.1%** <br>**(Cost: $43,248,031)** | **Total Investments — 99.1%** <br>**(Cost: $43,248,031)** | 55466297 |
| **Other Assets Less Liabilities — 0.9%** | **Other Assets Less Liabilities — 0.9%** | 530581 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $55996878 |

---

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

<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. 

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**BlackRock Advantage Emerging Markets Fund** 

**Affiliates**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*04/30/25*<br>| *Purchases* <br>*at Cost*<br>| *Net* <br>*Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*10/31/25*<br>| *Shares* <br>*Held at* <br>*10/31/25*<br>| *Income* | *Capital Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency Shares | $229216 | $—<br> $(109956 )<sup>(a)</sup><br>| &nbsp;&nbsp; $20 | $(19)<br>| $119261 | 119202 | $1791 <br><sup>(b)</sup><br>| &nbsp;&nbsp; $— |
| BlackRock Liquidity Funds, T-Fund, Institutional Shares | 134352787 | —<br> (131622097 )<sup>(a)</sup><br>| &nbsp;&nbsp; — |  | 2730690 | 2730690 | 61861 | &nbsp;&nbsp; — |
|  |  |  | &nbsp;&nbsp; $20 | $(19)<br>| $2849951 |  | $63652 | &nbsp;&nbsp; $— |

---

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

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

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

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

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of* <br>*Contracts*<br>| &nbsp;&nbsp;&nbsp; *Expiration* <br>*Date*<br>| &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)*<br>| &nbsp;&nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| Long Contracts  |  |  |  |  |
| MSCI Emerging Markets Index | &nbsp;&nbsp; 44 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; $3097 | &nbsp;&nbsp;&nbsp;&nbsp; $104578 |

---

**Derivative Financial Instruments Categorized by Risk Exposure**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Assets — Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts <br>Unrealized appreciation on futures contracts<sup>(a)</sup><br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $104578 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $104578 |

---

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

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

For the period ended October 31, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2422733 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2422733 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1533041)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1533041)<br>|

---

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

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $2569958 |

---

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

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**BlackRock Advantage Emerging Markets Fund** 

**Fair Value Hierarchy as of Period End**

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Common Stocks  |  |  |  |  |
| Brazil | &nbsp;&nbsp; $909474 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $909474 |
| Chile | &nbsp;&nbsp; 340570 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 340570 |
| China | &nbsp;&nbsp; 847482 | &nbsp;&nbsp;&nbsp;&nbsp; 14976226 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15823708 |
| Greece | &nbsp;&nbsp; 295839 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 295839 |
| Hungary | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 330562 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 330562 |
| India | &nbsp;&nbsp; 317311 | &nbsp;&nbsp;&nbsp;&nbsp; 7106522 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7423833 |
| Indonesia | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 680071 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 680071 |
| Kuwait | &nbsp;&nbsp; 334702 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 334702 |
| Malaysia | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 708110 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 708110 |
| Mexico | &nbsp;&nbsp; 912318 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 912318 |
| Monaco | &nbsp;&nbsp; 93898 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 93898 |
| Philippines | &nbsp;&nbsp; 17343 | &nbsp;&nbsp;&nbsp;&nbsp; 217006 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 234349 |
| Poland | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 967794 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 967794 |
| Qatar | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 233230 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 233230 |
| Russia | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 174 | &nbsp;&nbsp;&nbsp;&nbsp; 174 |
| Saudi Arabia | &nbsp;&nbsp; 115552 | &nbsp;&nbsp;&nbsp;&nbsp; 1217341 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1332893 |
| South Africa | &nbsp;&nbsp; 79777 | &nbsp;&nbsp;&nbsp;&nbsp; 1137518 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1217295 |
| South Korea | &nbsp;&nbsp; 533810 | &nbsp;&nbsp;&nbsp;&nbsp; 6792361 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7326171 |
| Taiwan | &nbsp;&nbsp; 207897 | &nbsp;&nbsp;&nbsp;&nbsp; 10733729 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10941626 |
| Thailand | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 850642 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 850642 |
| Turkey | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 223551 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 223551 |
| United Arab Emirates | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 613457 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 613457 |
| United Kingdom | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 125952 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 125952 |
| United States | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 108190 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 108190 |
| Preferred Securities |  |  |  |  |
| Preferred Stocks | &nbsp;&nbsp; 587937 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 587937 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 2849951 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2849951 |
|  | &nbsp;&nbsp; $8443861 | &nbsp;&nbsp;&nbsp;&nbsp; $47022262 | &nbsp;&nbsp;&nbsp;&nbsp; $174 | &nbsp;&nbsp;&nbsp;&nbsp; $55466297 |
| Derivative Financial Instruments<sup>(a)</sup> <br>|  |  |  |  |
| Assets |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $104578 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $104578 |

---

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

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

*See notes to financial statements.*

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)

October 31, 2025

**BlackRock Global Equity Market Neutral Fund** 

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

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

---

| | | |
|:---|:---|:---|
| *Security* | <br>*Shares*<br>| *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Cayman Islands**<sup>(a)</sup> **— 0.1%** | **Cayman Islands**<sup>(a)</sup> **— 0.1%** |  |
| Accelerant Holdings, Class A | 146873 | $1706664 |
| Bullish | 128543 | 6500420 |
|  |  | 8207084 |
| **China**<sup>(a)</sup> **— 0.1%** | **China**<sup>(a)</sup> **— 0.1%** |  |
| CIG Shanghai Co. Ltd. | 58100 | 613110 |
| Fibocom Wireless, Inc. | 839800 | 2108538 |
| Sany Heavy Industry Co. Ltd. | 2529600 | 7611050 |
|  |  | 10332698 |
| **Hong Kong — 0.5%** | **Hong Kong — 0.5%** |  |
| Zijin Gold International Co. Ltd.<sup>(a)</sup> | 2122000 | 35883020 |
| **Japan — 0.2%** | **Japan — 0.2%** |  |
| Tekscend Photomask Corp.<sup>(a)</sup> | 504400 | 11389994 |
| **United Kingdom — 0.0%** | **United Kingdom — 0.0%** |  |
| Klarna Group PLC<sup>(a)</sup> | 38133 | 1432657 |
| **United States — 1.5%** | **United States — 1.5%** |  |
| Alliance Laundry Holdings, Inc.<sup>(a)</sup> | 356855 | 9456657 |
| Black Rock Coffee Bar, Inc., Class A<sup>(a)</sup> | 83798 | 2150257 |
| Citigroup, Inc. | 255000 | 25813650 |
| Figure Technology Solutions, Inc., Class A<sup>(a)</sup> | 73564 | 2913134 |
| Firefly Aerospace, Inc.<sup>(a)</sup> | 73527 | 1783765 |
| HeartFlow, Inc.<sup>(a)</sup> | 6646 | 246965 |
| Miami International Holdings, Inc.<sup>(a)</sup> | 48974 | 2140164 |
| Navan, Inc., Class A, Class A<sup>(a)</sup> | 463597 | 9399429 |
| Neptune Insurance Holdings, Inc., Class A<sup>(a)</sup> | 51271 | 1316639 |
| Netflix, Inc.<sup>(a)</sup> | 27000 | 30209220 |
| Netskope, Inc., Class A<sup>(a)</sup> | 155726 | 3681363 |
| Palantir Technologies, Inc., Class A<sup>(a)</sup> | 4 | 802 |
| Procter & Gamble Co. | 74000 | 11127380 |
| Via Transportation, Inc., Class A<sup>(a)</sup> | 52739 | 2817845 |
| WaterBridge Infrastructure LLC, Class A<sup>(a)</sup> | 193974 | 4655376 |
|  |  | 107712646 |
| **Total Common Stocks — 2.4%** <br>**(Cost: $121,857,085)** | **Total Common Stocks — 2.4%** <br>**(Cost: $121,857,085)** | 174958099 |
| **Preferred Securities** | **Preferred Securities** | **Preferred Securities** |
| **Preferred Stocks — 0.0%**<sup>(a)(b)</sup> | **Preferred Stocks — 0.0%**<sup>(a)(b)</sup> | **Preferred Stocks — 0.0%**<sup>(a)(b)</sup> |
| **United States — 0.0%** | **United States — 0.0%** |  |
| AliphCom |  |  |
| Series 6, (Acquired 12/15/15, Cost: $0)<sup>(c)</sup> | 8264 |  |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares*<br>| *Value* |
| **United States (continued)** | **United States (continued)** |  |
| AliphCom (continued) |  |  |
| Series 8 | 823530 | $8 |
| Illumio, Inc., Series C, (Acquired 03/10/15, Cost: <br> $1,500,001)<sup>(c)</sup><br>| 466730 | 1283508 |
|  |  | 1283516 |
| **Total Preferred Securities — 0.0%** <br>**(Cost: $3,250,010)** | **Total Preferred Securities — 0.0%** <br>**(Cost: $3,250,010)** | 1283516 |

---

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

---

| | | |
|:---|:---|:---|
|  | *Par* <br>*(000)*<br>|  |
| **U.S. Treasury Obligations** | **U.S. Treasury Obligations** | **U.S. Treasury Obligations** |
| U.S. Treasury Notes<sup>(d)(e)</sup> <br>|  |  |
| (3-mo. U.S. Treasury money market yield + 0.10%), <br> 3.86%, 01/31/27<br>| 87885 | 87791985 |
| (3-mo. U.S.Treasury money market yield + 0.16%), <br> 3.93%, 04/30/27<br>| 182520 | 182467706 |
| **Total U.S. Treasury Obligations — 3.8%** <br>**(Cost: $270,406,612)** | **Total U.S. Treasury Obligations — 3.8%** <br>**(Cost: $270,406,612)** | 270259691 |
| **Total Long-Term Investments — 6.2%** <br>**(Cost: $395,513,707)** | **Total Long-Term Investments — 6.2%** <br>**(Cost: $395,513,707)** | 446501306 |

---

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

---

| | |
|:---|:---|
|  | <br>*Shares*<br>|
| **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.9%** | **Money Market Funds — 0.9%** |
| BlackRock Liquidity Funds, T-Fund, Institutional <br> Shares, 3.94%<sup>(f)(g)</sup><br>| 61602496 |

---

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

---

| | | |
|:---|:---|:---|
|  | *Par* <br>*(000)*<br>|  |
| **U.S. Government Sponsored Agency Securities — 0.4%** | **U.S. Government Sponsored Agency Securities — 0.4%** |  |
| Federal Home Loan Bank<sup>(e)</sup> <br>|  |  |
| (1-day SOFR + 0.01%), 4.29%, 12/02/25 | 12855 | 12854826 |
| (1-day SOFR + 0.01%), 4.29%, 12/03/25 | 19285 | 19284725 |
|  |  | 32139551 |
| **U.S. Treasury Obligations — 94.1%** | **U.S. Treasury Obligations — 94.1%** |  |
| U.S. Treasury Bills<sup>(h)</sup> <br>|  |  |
| 4.21%, 11/04/25 | $171206 | 171187827 |
| 4.23%, 11/06/25 | 145251 | 145204426 |
| 4.26%, 11/12/25 - 01/22/26 | 780003 | 778097753 |
| 4.22%, 11/13/25 - 12/09/25 | 717417 | 715905855 |
| 4.35%, 11/18/25 | 198297 | 197977163 |
| 4.29%, 11/20/25 | 348319 | 347679570 |
| 4.34%, 11/25/25 | 415606 | 414620606 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**BlackRock Global Equity Market Neutral Fund** 

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

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **U.S. Treasury Obligations (continued)** | **U.S. Treasury Obligations (continued)** |  |
| U.S. Treasury Bills<sup>(h)</sup> (continued) |  |  |
| 4.31%, 11/28/25 | 219798 | $219208178 |
| 4.32%, 12/02/25 | 471282 | 469810111 |
| 4.01%, 12/04/25 - 03/05/26 | 335979 | 333422797 |
| 4.30%, 12/11/25 - 12/18/25<sup>(d)</sup> | 522049 | 519835533 |
| 4.14%, 12/16/25 | 388110 | 386324306 |
| 4.10%, 12/23/25 | 505393 | 502671388 |
| 4.13%, 12/30/25 | 228723 | 227328199 |
| 3.92%, 01/06/26 - 08/06/26 | 200054 | 198335526 |
| 4.27%, 01/15/26 - 01/29/26 | 342569 | 339834093 |
| 3.92%, 01/20/26 | 40000 | 39676863 |
| 3.89%, 02/03/26 | 105686 | 104671204 |
| 4.12%, 02/05/26 - 06/11/26 | 107906 | 106379851 |
| 3.88%, 02/10/26 | 91438 | 90493829 |
| 3.91%, 02/17/26 | 10912 | 10791385 |
| 3.83%, 02/24/26 | 20000 | 19763652 |
| 3.85%, 03/12/26 | 30554 | 30144580 |
| 3.84%, 03/19/26 - 04/02/26 | 85543 | 84304520 |
| 3.82%, 04/09/26 - 09/03/26 | 120474 | 116995981 |
| 3.78%, 04/23/26 | 66665 | 65492017 |
| 3.76%, 04/30/26 | 119328 | 117145699 |
| 4.11%, 05/14/26 | 36147 | 35449127 |
| U.S. Treasury Notes |  |  |
| 4.44%, 11/30/25 | 1100 | 1097044 |
| 4.23%, 12/31/25<sup>(d)</sup> | 2800 | 2801557 |
| 4.11%, 02/28/26 | 2400 | 2373734 |
| 4.12%, 02/28/26<sup>(d)</sup> | 2900 | 2906230 |
| 4.04%, 05/15/26<sup>(d)</sup> | 5800 | 5733413 |
| 4.15%, 06/30/26 | 7700 | 7740230 |
|  |  | 6811404247 |
| **Total Short-Term Securities — 95.4%** <br>**(Cost: $6,902,977,879)** | **Total Short-Term Securities — 95.4%** <br>**(Cost: $6,902,977,879)** | 6905146294 |
| **Options Purchased — 0.0%** <br>**(Cost: $3,160,275)** | **Options Purchased — 0.0%** <br>**(Cost: $3,160,275)** | 3393165 |
| **Total Investments Before Options Written — 101.6%** <br>**(Cost: $7,301,651,861)** | **Total Investments Before Options Written — 101.6%** <br>**(Cost: $7,301,651,861)** | 7355040765 |
| **Options Written — (0.0)%** <br>**(Premiums Received: $(332695))** | **Options Written — (0.0)%** <br>**(Premiums Received: $(332695))** | (144609)<br>|
| **Total Investments, Net of Options Written — 101.6%** <br>**(Cost: $7,301,319,166)** | **Total Investments, Net of Options Written — 101.6%** <br>**(Cost: $7,301,319,166)** | 7354896156 |
| **Liabilities in Excess of Other Assets — (1.6)%** | **Liabilities in Excess of Other Assets — (1.6)%** | (115412439)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $7239483717 |

---

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

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

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

<sup>(c)</sup> Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $1,283,508, representing less than 0.05% of its net assets as of period end, and an original cost of $1,500,001. 

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

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

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

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

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

**Affiliates**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*04/30/25*<br>| *Proceeds* <br>*from Sales*<br>| *Net* <br>*Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*10/31/25*<br>| *Shares* <br>*Held at* <br>*10/31/25*<br>| *Income* | *Capital Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Liquidity Funds, T-Fund, Institutional Shares | $14564679<br> $47037817 <br><sup>(a)</sup><br>| &nbsp;&nbsp; $— | $— | $— | $61602496 | 61602496 | $548751 | $— |

---

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

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

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**BlackRock Global Equity Market Neutral Fund** 

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

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of* <br>*Contracts*<br>| &nbsp;&nbsp;&nbsp; *Expiration* <br>*Date*<br>| &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)*<br>| &nbsp;&nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| Long Contracts  |  |  |  |  |
| MSCI Singapore Index | &nbsp;&nbsp; 470 | &nbsp;&nbsp;&nbsp;&nbsp; 11/27/25 | &nbsp;&nbsp;&nbsp;&nbsp; $16095 | &nbsp;&nbsp;&nbsp;&nbsp; $(99332)<br>|
| S&P/TSE 60 Index | &nbsp;&nbsp; 336 | &nbsp;&nbsp;&nbsp;&nbsp; 12/18/25 | &nbsp;&nbsp;&nbsp;&nbsp; 85361 | &nbsp;&nbsp;&nbsp;&nbsp; 309304 |
| 10-Year U.S. Treasury Note | &nbsp;&nbsp; 3661 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 412721 | &nbsp;&nbsp;&nbsp;&nbsp; 350850 |
| DAX Index | &nbsp;&nbsp; 198 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 137434 | &nbsp;&nbsp;&nbsp;&nbsp; 317633 |
| E-mini Russell 2000 Index | &nbsp;&nbsp; 181 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 22534 | &nbsp;&nbsp;&nbsp;&nbsp; 403609 |
| Euro Stoxx 50 Index | &nbsp;&nbsp; 328 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 21433 | &nbsp;&nbsp;&nbsp;&nbsp; 866542 |
| FTSE/MIB Index | &nbsp;&nbsp; 274 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 67678 | &nbsp;&nbsp;&nbsp;&nbsp; 1207207 |
| NASDAQ 100 E-Mini Index | &nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 10922 | &nbsp;&nbsp;&nbsp;&nbsp; 197693 |
| S&P 500 E-Mini Index | &nbsp;&nbsp; 931 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 319985 | &nbsp;&nbsp;&nbsp;&nbsp; 2632164 |
| S&P 500 Annual Dividend Index | &nbsp;&nbsp; 3238 | &nbsp;&nbsp;&nbsp;&nbsp; 12/18/26 | &nbsp;&nbsp;&nbsp;&nbsp; 64760 | &nbsp;&nbsp;&nbsp;&nbsp; 361903 |
| S&P 500 Annual Dividend Index | &nbsp;&nbsp; 1134 | &nbsp;&nbsp;&nbsp;&nbsp; 12/17/27 | &nbsp;&nbsp;&nbsp;&nbsp; 22482 | &nbsp;&nbsp;&nbsp;&nbsp; 124819 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 6672392 |
| Short Contracts  |  |  |  |  |
| CAC 40 Index | &nbsp;&nbsp; 959 | &nbsp;&nbsp;&nbsp;&nbsp; 11/21/25 | &nbsp;&nbsp;&nbsp;&nbsp; 90023 | &nbsp;&nbsp;&nbsp;&nbsp; (58298)<br>|
| IBEX 35 Index | &nbsp;&nbsp; 164 | &nbsp;&nbsp;&nbsp;&nbsp; 11/21/25 | &nbsp;&nbsp;&nbsp;&nbsp; 30287 | &nbsp;&nbsp;&nbsp;&nbsp; (560535)<br>|
| OMX Stockholm 30 Index | &nbsp;&nbsp; 3054 | &nbsp;&nbsp;&nbsp;&nbsp; 11/21/25 | &nbsp;&nbsp;&nbsp;&nbsp; 88817 | &nbsp;&nbsp;&nbsp;&nbsp; (532032)<br>|
| FTSE China A50 Index | &nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp; 11/27/25 | &nbsp;&nbsp;&nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp;&nbsp; 241 |
| TOPIX Index | &nbsp;&nbsp; 158 | &nbsp;&nbsp;&nbsp;&nbsp; 12/11/25 | &nbsp;&nbsp;&nbsp;&nbsp; 34136 | &nbsp;&nbsp;&nbsp;&nbsp; (826140)<br>|
| 10-Year Japanese Government Treasury Bonds | &nbsp;&nbsp; 194 | &nbsp;&nbsp;&nbsp;&nbsp; 12/15/25 | &nbsp;&nbsp;&nbsp;&nbsp; 171253 | &nbsp;&nbsp;&nbsp;&nbsp; 834281 |
| CBOE Volatility Index | &nbsp;&nbsp; 2945 | &nbsp;&nbsp;&nbsp;&nbsp; 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp; 58792 | &nbsp;&nbsp;&nbsp;&nbsp; (225006)<br>|
| SPI 200 Index | &nbsp;&nbsp; 476 | &nbsp;&nbsp;&nbsp;&nbsp; 12/18/25 | &nbsp;&nbsp;&nbsp;&nbsp; 69235 | &nbsp;&nbsp;&nbsp;&nbsp; 763788 |
| FTSE 100 Index | &nbsp;&nbsp; 375 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/25 | &nbsp;&nbsp;&nbsp;&nbsp; 48098 | &nbsp;&nbsp;&nbsp;&nbsp; (254950)<br>|
| 5-Year U.S. Treasury Note | &nbsp;&nbsp; 7353 | &nbsp;&nbsp;&nbsp;&nbsp; 12/31/25 | &nbsp;&nbsp;&nbsp;&nbsp; 803373 | &nbsp;&nbsp;&nbsp;&nbsp; 1213096 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 354445 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $7026837 |

---

**Forward Foreign Currency Exchange Contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Currency Purchased* | *Currency Purchased* | *Currency Sold* | *Currency Sold* | *Counterparty* | *Settlement Date* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| AUD | 5167000 | USD | 3363534 | HSBC Bank PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $18826 |
| CAD | 2200000 | USD | 1569863 | JPMorgan Chase Bank N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2259 |
| CHF | 980000 | EUR | 1054716 | Barclays Bank PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5276 |
| CHF | 827000 | EUR | 891624 | HSBC Bank PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2634 |
| CHF | 1065000 | EUR | 1150637 | JPMorgan Chase Bank N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 603 |
| CHF | 828000 | EUR | 893024 | Morgan Stanley & Co. International PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2266 |
| EUR | 852640 | SEK | 9316000 | JPMorgan Chase Bank N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2054 |
| SEK | 12337000 | EUR | 1117680 | JPMorgan Chase Bank N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10515 |
| SEK | 37340000 | EUR | 3384827 | Morgan Stanley & Co. International PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29539 |
| USD | 2686735 | AUD | 4070000 | HSBC Bank PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22480 |
| USD | 1123707 | AUD | 1714000 | JPMorgan Chase Bank N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1708 |
| USD | 1031045 | CAD | 1428000 | Goldman Sachs International | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10595 |
| USD | 2136728 | CAD | 2938000 | JPMorgan Chase Bank N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37231 |
| USD | 759847 | EUR | 652000 | Barclays Bank PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6485 |
| USD | 1276416 | EUR | 1090000 | Barclays Bank PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16963 |
| USD | 1354317 | EUR | 1148000 | Barclays Bank PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27846 |
| USD | 424230 | EUR | 360000 | BNP Paribas SA | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8264 |
| USD | 818101 | EUR | 708000 | BNP Paribas SA | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 |
| USD | 369852 | EUR | 314000 | Goldman Sachs International | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7037 |
| USD | 588119 | EUR | 503000 | Goldman Sachs International | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6922 |
| USD | 150229 | EUR | 127000 | HSBC Bank PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3486 |
| USD | 1430880 | EUR | 1222000 | HSBC Bank PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18905 |
| USD | 116728 | EUR | 98000 | JPMorgan Chase Bank N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3493 |
| USD | 354743 | EUR | 301000 | JPMorgan Chase Bank N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6949 |
| USD | 387929 | EUR | 333000 | JPMorgan Chase Bank N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3160 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**BlackRock Global Equity Market Neutral Fund** 

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Currency Purchased* | *Currency Purchased* | *Currency Sold* | *Currency Sold* | *Counterparty* | *Settlement Date* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized*<br> *Appreciation*<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| USD | 848710 | EUR | 725000 | JPMorgan Chase Bank N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $11000 |
| USD | 1132528 | EUR | 959000 | JPMorgan Chase Bank N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24439 |
| USD | 3898681 | EUR | 3313000 | JPMorgan Chase Bank N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70635 |
| USD | 7025987 | EUR | 5961509 | JPMorgan Chase Bank N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 137689 |
| USD | 8549167 | EUR | 7340000 | JPMorgan Chase Bank N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68075 |
| USD | 1048460 | GBP | 782000 | Goldman Sachs International | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21090 |
| USD | 1123463 | GBP | 833000 | HSBC Bank PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29091 |
| USD | 3042888 | GBP | 2283000 | HSBC Bank PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43547 |
| USD | 2175136 | GBP | 1605000 | JPMorgan Chase Bank N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66532 |
| USD | 5936550 | JPY | 891195000 | Barclays Bank PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 128775 |
| USD | 22930697 | JPY | 3344512715 | Barclays Bank PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1135044 |
| USD | 3004222 | JPY | 453000000 | BNP Paribas SA | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52094 |
| USD | 4139573 | JPY | 627864000 | Goldman Sachs International | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47885 |
| USD | 2679742 | SGD | 3412000 | BNP Paribas SA | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49782 |
| USD | 3734566 | SGD | 4826000 | Goldman Sachs International | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14699 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2155907 |
| CAD | 1522000 | USD | 1088884 | HSBC Bank PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1261)<br>|
| CHF | 2393000 | EUR | 2589321 | JPMorgan Chase Bank N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3151)<br>|
| EUR | 3117746 | CHF | 2892000 | JPMorgan Chase Bank N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9495)<br>|
| EUR | 893482 | CHF | 831000 | Morgan Stanley & Co. International PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5484)<br>|
| EUR | 2288497 | CHF | 2120000 | Morgan Stanley & Co. International PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3480)<br>|
| EUR | 2488343 | CHF | 2317000 | Morgan Stanley & Co. International PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (18606)<br>|
| EUR | 1136621 | SEK | 12497000 | HSBC Bank PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5516)<br>|
| EUR | 943053 | SEK | 10409000 | JPMorgan Chase Bank N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8825)<br>|
| EUR | 1356520 | SEK | 14928000 | JPMorgan Chase Bank N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7979)<br>|
| EUR | 2381614 | SEK | 26350000 | Morgan Stanley & Co. International PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (28912)<br>|
| EUR | 327000 | USD | 381882 | Barclays Bank PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4045)<br>|
| EUR | 735000 | USD | 872584 | Barclays Bank PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (23319)<br>|
| EUR | 797000 | USD | 930692 | Barclays Bank PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9788)<br>|
| EUR | 1125000 | USD | 1326580 | Barclays Bank PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (26685)<br>|
| EUR | 1527000 | USD | 1800470 | Barclays Bank PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (36079)<br>|
| EUR | 127502000 | USD | 150293505 | Barclays Bank PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2969766)<br>|
| EUR | 504000 | USD | 586764 | BNP Paribas SA | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4411)<br>|
| EUR | 560000 | USD | 658725 | BNP Paribas SA | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11666)<br>|
| EUR | 1086000 | USD | 1258991 | Goldman Sachs International | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4159)<br>|
| EUR | 20000 | USD | 23600 | HSBC Bank PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (490)<br>|
| EUR | 38000 | USD | 45029 | HSBC Bank PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1122)<br>|
| EUR | 444000 | USD | 520548 | JPMorgan Chase Bank N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7522)<br>|
| EUR | 1491000 | USD | 1732294 | JPMorgan Chase Bank N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9500)<br>|
| EUR | 4290000 | USD | 4990593 | JPMorgan Chase Bank N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (33660)<br>|
| EUR | 4303000 | USD | 5017119 | JPMorgan Chase Bank N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (45165)<br>|
| EUR | 7020000 | USD | 8194779 | JPMorgan Chase Bank N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (83435)<br>|
| EUR | 7815000 | USD | 9167640 | JPMorgan Chase Bank N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (137703)<br>|
| EUR | 8793000 | USD | 10321446 | JPMorgan Chase Bank N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (161467)<br>|
| EUR | 512000 | USD | 603887 | Morgan Stanley & Co. International PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12290)<br>|
| EUR | 3387000 | USD | 4036152 | Morgan Stanley & Co. International PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (122602)<br>|
| EUR | 148000 | USD | 176556 | UBS AG | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5548)<br>|
| EUR | 1068000 | USD | 1255770 | UBS AG | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (21737)<br>|
| EUR | 1992000 | USD | 2340986 | UBS AG | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (39306)<br>|
| EUR | 6291000 | USD | 7322674 | UBS AG | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (53661)<br>|
| GBP | 2518000 | USD | 3370086 | JPMorgan Chase Bank N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (62009)<br>|
| GBP | 871000 | USD | 1171261 | Morgan Stanley & Co. International PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (26966)<br>|
| JPY | 3344512715 | USD | 22943632 | HSBC Bank PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1147980)<br>|
| JPY | 2932303715 | USD | 20084482 | JPMorgan Chase Bank N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (975130)<br>|
| JPY | 497766000 | USD | 3310083 | UBS AG | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (66222)<br>|
| SGD | 4457000 | USD | 3453467 | Morgan Stanley & Co. International PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (18024)<br>|
| USD | 3401566 | AUD | 5235000 | JPMorgan Chase Bank N.A. | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (25307)<br>|
| USD | 2049967 | CAD | 2869000 | Morgan Stanley & Co. International PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (223)<br>|

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**BlackRock Global Equity Market Neutral Fund** 

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Currency Purchased* | *Currency Purchased* | *Currency Sold* | *Currency Sold* | *Counterparty* | *Settlement Date* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized*<br> *Appreciation*<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| USD | 3970874 | ZAR | 69269000 | Barclays Bank PLC | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(12660)<br>|
| USD | 1672489 | ZAR | 29451000 | Goldman Sachs International | 12/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (21185)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6273541)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(4117634)<br>|

---

**Exchange-Traded Options Purchased** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Exercise Price* | *Exercise Price* | &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)* | &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)* | *Value* |
| Call  |  |  |  |  |  |  |  |
| Euro Stoxx 50 | &nbsp;&nbsp; 1684 | &nbsp;&nbsp;&nbsp; 12/19/25 | EUR | 5800.00 | EUR | 95349 | &nbsp;&nbsp;&nbsp; $1240339 |
| FTSE 100 Index | &nbsp;&nbsp; 575 | &nbsp;&nbsp;&nbsp; 01/16/26 | GBP | 9625.00 | GBP | 55874 | &nbsp;&nbsp;&nbsp; 2152826 |
|  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp; $3393165 |

---

**Exchange-Traded Options Written** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Description* | *Number of* <br>*Contracts*<br>| &nbsp;&nbsp; *Expiration* <br>*Date*<br>| *Exercise Price* | *Exercise Price* | &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)* | &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)* | *Value* |
| Call  |  |  |  |  |  |  |  |
| Euro Stoxx 50 | &nbsp;&nbsp; 1684 | &nbsp;&nbsp;&nbsp; 12/19/25 | EUR | 6100.00 | EUR | 95349 | &nbsp;&nbsp;&nbsp; $(144609)<br>|

---

**OTC Total Return Swaps — Future** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | &nbsp;&nbsp; *Fixed Amount Paid (Received)* <br>*by the Fund*<sup>(a)</sup>  | &nbsp;&nbsp; *Fixed Amount Paid (Received)* <br>*by the Fund*<sup>(a)</sup>  | *Counterparty* | *Termination* <br>*Date*<br>| *Notional* <br>*Amount (000)* | *Notional* <br>*Amount (000)* | *Value* | *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)*<br>| *Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Amsterdam Index Future <br> November 2025<br>| EUR | (26491640) | HSBC Bank PLC | 11/21/25 | EUR | 26492 | $(780713) | $— | $(780713) |
| Amsterdam Index Future <br> November 2025<br>| EUR | (29984042) | HSBC Bank PLC | 11/21/25 | EUR | 29984 | (557889) |  | (557889) |
| Amsterdam Index Future <br> November 2025<br>| EUR | (195131) | HSBC Bank PLC | 11/21/25 | EUR | 195 | 1230 |  | 1230 |
| Amsterdam Index Future <br> November 2025<br>| EUR | (390903) | HSBC Bank PLC | 11/21/25 | EUR | 391 | 3198 |  | 3198 |
| Swiss Market Index Future <br> December 2025<br>| CHF | 358349 | HSBC Bank PLC | 12/19/25 | CHF | 358 | 10625 |  | 10625 |
| Swiss Market Index Future <br> December 2025<br>| CHF | 9351519 | HSBC Bank PLC | 12/19/25 | CHF | 9352 | 233465 |  | 233465 |
| Swiss Market Index Future <br> December 2025<br>| CHF | 1493168 | HSBC Bank PLC | 12/19/25 | CHF | 1493 | (31771) |  | (31771) |
| Swiss Market Index Future <br> December 2025<br>| CHF | 7308009 | HSBC Bank PLC | 12/19/25 | CHF | 7308 | (266678) |  | (266678) |
| Swiss Market Index Future <br> December 2025<br>| CHF | 11967889 | HSBC Bank PLC | 12/19/25 | CHF | 11968 | (434159) |  | (434159) |
| Swiss Market Index Future <br> December 2025<br>| CHF | 28705622 | HSBC Bank PLC | 12/19/25 | CHF | 28706 | (716523) |  | (716523) |
| Swiss Market Index Future <br> December 2025<br>| CHF | 17456280 | HSBC Bank PLC | 12/19/25 | CHF | 17456 | (263411) |  | (263411) |
| Swiss Market Index Future <br> December 2025<br>| CHF | 9357403 | HSBC Bank PLC | 12/19/25 | CHF | 9357 | (77792) |  | (77792) |
| Swiss Market Index Future <br> December 2025<br>| CHF | 6041793 | HSBC Bank PLC | 12/19/25 | CHF | 6042 | (61004) |  | (61004) |
| Nikkei Dividend XSIM Future <br> December 2025<br>| JPY | 131920000 | BNP Paribas SA | 03/31/26 | JPY | 131920 | 36182 |  | 36182 |
| Nikkei Dividend XSIM Future <br> December 2025<br>| JPY | 527800000 | BNP Paribas SA | 03/31/26 | JPY | 527800 | (13497) |  | (13497) |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**BlackRock Global Equity Market Neutral Fund** 

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | &nbsp;&nbsp; *Fixed Amount Paid* <br> *(Received)*<br> *by the Fund*<sup>(a)</sup> | &nbsp;&nbsp; *Fixed Amount Paid* <br> *(Received)*<br> *by the Fund*<sup>(a)</sup> | *Counterparty* | *Termination*<br> *Date*<br>| *Notional*<br> *Amount (000)* | *Notional*<br> *Amount (000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)*<br>| *Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Nikkei Dividend XSIM Future <br> December 2025<br>| JPY | 263340000 | BNP Paribas SA | 03/31/26 | JPY | 263340 | $23126 | $— | $23126 |
| Nikkei Dividend XSIM Future <br> December 2025<br>| JPY | 548080000 | BNP Paribas SA | 03/31/26 | JPY | 548080 | 12355 |  | 12355 |
| Nikkei Dividend XSIM Future <br> December 2025<br>| JPY | 476130000 | BNP Paribas SA | 03/31/26 | JPY | 476130 | 6891 |  | 6891 |
| Nikkei Dividend XSIM Future <br> December 2025<br>| JPY | 194400000 | JPMorgan Chase Bank N.A. | 03/31/26 | JPY | 194400 | (1869) |  | (1869) |
| Nikkei Dividend XSIM Future <br> December 2025<br>| JPY | 1262280000 | JPMorgan Chase Bank N.A. | 03/31/26 | JPY | 1262280 | 48900 |  | 48900 |
| FTSE 100 Dividend Index Future <br> December 2026<br>| GBP | 2800639 | HSBC Bank PLC | 12/17/26 | GBP | 2801 | 173893 |  | 173893 |
| FTSE 100 Dividend Index Future <br> December 2026<br>| GBP | 1054057 | HSBC Bank PLC | 12/17/26 | GBP | 1054 | 39787 |  | 39787 |
| FTSE 100 Dividend Index Future <br> December 2026<br>| GBP | 1102433 | HSBC Bank PLC | 12/17/26 | GBP | 1102 | 25215 |  | 25215 |
| FTSE 100 Dividend Index Future <br> December 2026<br>| GBP | 6801991 | &nbsp;&nbsp; Morgan Stanley & Co. <br> International PLC<br>| 12/17/26 | GBP | 6802 | 3073 |  | 3073 |
| FTSE 100 Dividend Index Future <br> December 2026<br>| GBP | 2942563 | &nbsp;&nbsp; Morgan Stanley & Co. <br> International PLC<br>| 12/17/26 | GBP | 2943 | 20102 |  | 20102 |
| FTSE 100 Dividend Index Future <br> December 2026<br>| GBP | 2042653 | &nbsp;&nbsp; Morgan Stanley & Co. <br> International PLC<br>| 12/17/26 | GBP | 2043 | 22712 |  | 22712 |
| Euro Stoxx 50 Dividend Future <br> December 2026<br>| EUR | 2729615 | HSBC Bank PLC | 12/18/26 | EUR | 2730 | 125506 |  | 125506 |
| Euro Stoxx 50 Dividend Future <br> December 2026<br>| EUR | 1526623 | HSBC Bank PLC | 12/18/26 | EUR | 1527 | 72544 |  | 72544 |
| Euro Stoxx 50 Dividend Future <br> December 2026<br>| EUR | 1215068 | HSBC Bank PLC | 12/18/26 | EUR | 1215 | 57739 |  | 57739 |
| Euro Stoxx 50 Dividend Future <br> December 2026<br>| EUR | 8234318 | HSBC Bank PLC | 12/18/26 | EUR | 8234 | 155841 |  | 155841 |
| Euro Stoxx 50 Dividend Future <br> December 2026<br>| EUR | 2999501 | &nbsp;&nbsp; Morgan Stanley & Co. <br> International PLC<br>| 12/18/26 | EUR | 3000 | 57471 |  | 57471 |
| Euro Stoxx 50 Dividend Future <br> December 2026<br>| EUR | 2416725 | &nbsp;&nbsp; Morgan Stanley & Co. <br> International PLC<br>| 12/18/26 | EUR | 2417 | 37456 |  | 37456 |
| Nikkei Dividend XSIM Future <br> March 2027<br>| JPY | 62720000 | BNP Paribas SA | 03/31/27 | JPY | 62720 | 45837 |  | 45837 |
| Nikkei Dividend XSIM Future <br> March 2027<br>| JPY | 562320000 | BNP Paribas SA | 03/31/27 | JPY | 562320 | 426552 |  | 426552 |
| Nikkei Dividend XSIM Future <br> March 2027<br>| JPY | 199625000 | BNP Paribas SA | 03/31/27 | JPY | 199625 | 119720 |  | 119720 |
| Nikkei Dividend XSIM Future <br> March 2027<br>| JPY | 533925000 | BNP Paribas SA | 03/31/27 | JPY | 533925 | 101382 |  | 101382 |
| Nikkei Dividend XSIM Future <br> March 2027<br>| JPY | 423850000 | BNP Paribas SA | 03/31/27 | JPY | 423850 | 23211 |  | 23211 |
| Nikkei Dividend XSIM Future <br> March 2027<br>| JPY | 252160000 | JPMorgan Chase Bank N.A. | 03/31/27 | JPY | 252160 | 175044 |  | 175044 |
| Nikkei Dividend XSIM Future <br> March 2027<br>| JPY | 1223040000 | JPMorgan Chase Bank N.A. | 03/31/27 | JPY | 1223040 | 384407 |  | 384407 |
| FTSE 100 Dividend Index Future <br> December 2027<br>| GBP | 5224128 | HSBC Bank PLC | 12/16/27 | GBP | 5224 | 47522 |  | 47522 |
| FTSE 100 Dividend Index Future <br> December 2027<br>| GBP | 697889 | &nbsp;&nbsp; Morgan Stanley & Co. <br> International PLC<br>| 12/16/27 | GBP | 698 | 5116 |  | 5116 |
| FTSE 100 Dividend Index Future <br> December 2027<br>| GBP | 6073393 | &nbsp;&nbsp; Morgan Stanley & Co. <br> International PLC<br>| 12/16/27 | GBP | 6073 | 23606 |  | 23606 |
| FTSE 100 Dividend Index Future <br> December 2027<br>| GBP | 2835746 | &nbsp;&nbsp; Morgan Stanley & Co. <br> International PLC<br>| 12/16/27 | GBP | 2836 | 39243 |  | 39243 |
| FTSE 100 Dividend Index Future <br> December 2027<br>| GBP | 1992658 | &nbsp;&nbsp; Morgan Stanley & Co. <br> International PLC<br>| 12/16/27 | GBP | 1993 | 14609 |  | 14609 |
| Euro Stoxx 50 Dividend Future <br> December 2027<br>| EUR | 5091390 | HSBC Bank PLC | 12/17/27 | EUR | 5091 | 193057 |  | 193057 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**BlackRock Global Equity Market Neutral Fund** 

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | &nbsp;&nbsp; *Fixed Amount Paid* <br> *(Received)*<br> *by the Fund*<sup>(a)</sup> | &nbsp;&nbsp; *Fixed Amount Paid* <br> *(Received)*<br> *by the Fund*<sup>(a)</sup> | *Counterparty* | *Termination*<br> *Date*<br>| *Notional*<br> *Amount (000)* | *Notional*<br> *Amount (000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)*<br>| *Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Euro Stoxx 50 Dividend Future <br> December 2027<br>| EUR | 8702149 | HSBC Bank PLC | 12/17/27 | EUR | 8702 | $256800 | $— | $256800 |
| Euro Stoxx 50 Dividend Future <br> December 2027<br>| EUR | 2888606 | &nbsp;&nbsp; Morgan Stanley & Co. <br> International PLC<br>| 12/17/27 | EUR | 2889 | 68611 |  | 68611 |
| Euro Stoxx 50 Dividend Future <br> December 2027<br>| EUR | 2461608 | &nbsp;&nbsp; Morgan Stanley & Co. <br> International PLC<br>| 12/17/27 | EUR | 2462 | 40853 |  | 40853 |
|  |  |  |  |  |  |  | $(72425) | $— | $(72425) |

---

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

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

**OTC Total Return Swaps** 

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund |  |  |  |  |  |  |  |  |
| *Rate/Reference* | *Frequency* | *Rate/Reference* | *Frequency* | *Counterparty* | *Effective* <br>*Date*<br>| *Termination* <br>*Date*<br>| *Notional* <br>*Amount (000)* | *Notional* <br>*Amount (000)* | *Value* | *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)*<br>| *Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| 1-day SOFR minus <br> 0.90%, 4.22%<br>| At Termination | Goldman Sachs <br> Most Shorted <br> Rolling Index<br>| At Termination | Goldman Sachs <br> International<br>| N/A | 12/01/25 | USD | 38400 | $816413 | $— | $816413 |
| 1-day SOFR minus <br> 0.90%, 4.22%<br>| At Termination | Goldman Sachs <br> Most Shorted <br> Rolling Index<br>| At Termination | Goldman Sachs <br> International<br>| N/A | 12/01/25 | USD | 42845 | 910928 |  | 910928 |
|  |  |  |  |  |  |  |  |  | $1727341 | $— | $1727341 |

---

**Equity Swap Contracts** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination* <br>*Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment* <br>*Frequency*<br>| *Value/ Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> | Long Contracts<sup>(a)</sup> |
| 10X Genomics, Inc., Class A | Barclays Bank PLC | $2097134 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; $236056 |
| 1st Source Corp. | Bank of America N.A. | 1492730 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (3758)<br>|
| 1st Source Corp. | UBS AG | 3841589 | 04/21/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (9670)<br>|
| 4imprint Group PLC | SG Americas Securities LLC | 7022189 | 12/08/25 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; 213373 |
| 4imprint Group PLC | UBS AG | 5305451 | 04/24/28 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; 474265 |
| 77 Bank Ltd. | Bank of America N.A. | 1802398 | 02/15/28 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; 272134 |
| 77 Bank Ltd. | BNP Paribas SA | 8191486 | 03/24/27 | 0.25% | 1D TONA | Monthly  | &nbsp;&nbsp; 796727 |
| 77 Bank Ltd. | Goldman Sachs Bank USA | 975678 | 08/19/26 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 147312 |
| A&D HOLON Holdings Co., Ltd. | SG Americas Securities LLC | 5131501 | 12/08/25 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; (82614)<br>|
| A10 Networks, Inc. | Barclays Bank PLC | 22526579 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 98698 |
| AAK AB | BNP Paribas SA | 2562029 | 11/17/25 | 0.25% | 1D STIBOR | Monthly  | &nbsp;&nbsp; 156025 |
| ABB Ltd., Class N, Registered <br> Shares<br>| BNP Paribas SA | 32914199 | 03/22/27 | 0.26% | SSARON | Monthly  | &nbsp;&nbsp; 149851 |
| ABB Ltd., Class N, Registered <br> Shares<br>| &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 24561978 | 01/04/27 | 0.26% | SSARON | Monthly  | &nbsp;&nbsp; 794391 |
| ABB Ltd., Class N, Registered <br> Shares<br>| &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 13750773 | 01/06/27 | 0.26% | SSARON | Monthly  | &nbsp;&nbsp; 517780 |
| Abercrombie & Fitch Co., Class A | Bank of America N.A. | 15536777 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 325918 |
| Aberdeen Group PLC | UBS AG | 7007039 | 04/24/28 | 0.05% | 1D SONIA | Monthly  | &nbsp;&nbsp; (161283)<br>|
| ABM Industries, Inc. | Barclays Bank PLC | 1375658 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (10881)<br>|
| Academy Sports & Outdoors, Inc. | Citibank N.A. | 4009920 | 06/25/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (77193)<br>|
| Academy Sports & Outdoors, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 7305596 | 02/08/27 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (137756)<br>|
| Acadian Asset Management, Inc. | SG Americas Securities LLC | 16815271 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1449501 |
| Accel Entertainment, Inc., Class A | Bank of America N.A. | 477948 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (6478)<br>|
| Accel Entertainment, Inc., Class A | Barclays Bank PLC | 909079 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (23466)<br>|
| Accel Entertainment, Inc., Class A | BNP Paribas SA | 99271 | 04/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (1345)<br>|

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination*<br> *Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) |
| Accel Entertainment, Inc., Class A | Goldman Sachs Bank USA | $282205 | 08/19/26 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; $(3825)<br>|
| Accel Entertainment, Inc., Class A | UBS AG | 167821 | 04/21/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (2274)<br>|
| Accelleron Industries AG | Barclays Bank PLC | 13952925 | 11/09/26 | 0.26% | SSARON | Monthly  | &nbsp;&nbsp; 656912 |
| Accelleron Industries AG | SG Americas Securities LLC | 7310931 | 12/08/25 | 0.26% | SSARON | Monthly  | &nbsp;&nbsp; 165389 |
| Accelleron Industries AG | SG Americas Securities LLC | 3774774 | 12/08/25 | 0.26% | SSARON | Monthly  | &nbsp;&nbsp; 84088 |
| Accenture PLC, Class A | SG Americas Securities LLC | 33789394 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (359777)<br>|
| Acciona SA | BNP Paribas SA | 9894699 | 03/22/27 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; 326211 |
| Accor SA | UBS AG | 1374726 | 09/03/29 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; 119715 |
| ACEA SpA | SG Americas Securities LLC | 131139 | 12/08/25 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; 4251 |
| ACS Actividades de Construccion y <br> Servicios SA<br>| Barclays Bank PLC | 12632642 | 08/17/26 | 0.10% | 1D ESTR | Monthly  | &nbsp;&nbsp; 217023 |
| ACS Actividades de Construccion y <br> Servicios SA<br>| Barclays Bank PLC | 32505596 | 12/10/26 | 0.10% | 1D ESTR | Monthly  | &nbsp;&nbsp; 644773 |
| Activia Properties, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 5221910 | 01/06/27 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 54713 |
| AddTech AB, Class B | Barclays Bank PLC | 5654797 | 08/17/26 | 0.26% | 1D STIBOR | Monthly  | &nbsp;&nbsp; 179924 |
| AddTech AB, Class B | Barclays Bank PLC | 6539726 | 01/18/27 | 0.28% | 1D STIBOR | Monthly  | &nbsp;&nbsp; 208081 |
| AddTech AB, Class B | BNP Paribas SA | 11465705 | 08/17/26 | 0.25% | 1D STIBOR | Monthly  | &nbsp;&nbsp; 702158 |
| AddTech AB, Class B | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 1198549 | 01/08/27 | 0.26% | 1D STIBOR | Monthly  | &nbsp;&nbsp; 38135 |
| Adidas AG, Class N | UBS AG | 12721456 | 04/18/28 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; (1700600)<br>|
| Adidas AG, Class N | UBS AG | 20266244 | 09/03/29 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; (2796734)<br>|
| Adient PLC | Goldman Sachs Bank USA | 1968394 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (1696)<br>|
| Adient PLC | SG Americas Securities LLC | 10638748 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (525149)<br>|
| Admiral Group PLC | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 21313094 | 01/04/27 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; (119092)<br>|
| Admiral Group PLC | SG Americas Securities LLC | 4767859 | 12/08/25 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; (38499)<br>|
| Adobe, Inc. | SG Americas Securities LLC | 42597865 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (1025935)<br>|
| Adtalem Global Education, Inc. | SG Americas Securities LLC | 27862254 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (9197286)<br>|
| ADTRAN Holdings, Inc. | Barclays Bank PLC | 6207310 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 777445 |
| ADTRAN Holdings, Inc. | SG Americas Securities LLC | 7973603 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1170010 |
| AECOM | Barclays Bank PLC | 11094649 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 356270 |
| AECOM | BNP Paribas SA | 9315692 | 04/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 108020 |
| AECOM | Goldman Sachs Bank USA | 2841072 | 08/19/26 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 32944 |
| AECOM | SG Americas Securities LLC | 6010714 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 77490 |
| AECOM | UBS AG | 5211464 | 04/18/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 60430 |
| Aercap Holdings NV | Barclays Bank PLC | 21095270 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1834524 |
| AeroVironment, Inc. | UBS AG | 12401114 | 04/18/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (259188)<br>|
| AES Corp. | Barclays Bank PLC | 776333 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (22817)<br>|
| Affirm Holdings, Inc., Class A | UBS AG | 646172 | 04/18/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 15915 |
| Ag Growth International, Inc. | Bank of America N.A. | 828479 | 02/15/28 | 0.20% | CABROVER | Monthly  | &nbsp;&nbsp; 26786 |
| Ag Growth International, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 1898924 | 01/04/27 | 0.20% | CABROVER | Monthly  | &nbsp;&nbsp; 10585 |
| Ageas SA/NV | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 24949039 | 01/04/27 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; 93844 |
| Ageas SA/NV | SG Americas Securities LLC | 26844 | 12/08/25 | 0.23% | 1D ESTR | Monthly  | &nbsp;&nbsp; (504)<br>|
| Agnico Eagle Mines Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 4421053 | 01/04/27 | 0.20% | CABROVER | Monthly  | &nbsp;&nbsp; (50184)<br>|
| Agnico Eagle Mines Ltd. | UBS AG | 1707053 | 04/18/28 | 0.25% | 1D CORRA | Monthly  | &nbsp;&nbsp; (124752)<br>|
| Agree Realty Corp. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 2949245 | 02/05/27 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (83602)<br>|
| AIA Group Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 25859177 | 01/06/27 | 0.30% | HONIA | Monthly  | &nbsp;&nbsp; 1698249 |
| AIA Group Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 22496150 | 01/11/27 | 0.30% | HONIA | Monthly  | &nbsp;&nbsp; 1527076 |
| Aichi Steel Corp. | Barclays Bank PLC | 1510269 | 05/12/27 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; 3090 |
| Air Liquide SA | Barclays Bank PLC | 19480720 | 08/17/26 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; (511589)<br>|
| Air Liquide SA | UBS AG | 5567274 | 04/18/28 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; (105994)<br>|
| Air Water, Inc. | SG Americas Securities LLC | 2017675 | 12/08/25 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; (117012)<br>|
| Airbnb, Inc., Class A | Barclays Bank PLC | 24612473 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (185317)<br>|

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination*<br> *Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) |
| Airtel Africa PLC | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | $10342203 | 01/04/27 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; $2268543 |
| Aisin Corp. | SG Americas Securities LLC | 602758 | 12/08/25 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 22605 |
| AJ Bell PLC | Barclays Bank PLC | 6405886 | 12/10/26 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; (207571)<br>|
| AJ Bell PLC | SG Americas Securities LLC | 1569541 | 12/08/25 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; (23018)<br>|
| Aker BP ASA | Bank of America N.A. | 22407352 | 02/15/28 | 0.00% | NOWA | Monthly  | &nbsp;&nbsp; 1043452 |
| Aker BP ASA | Bank of America N.A. | 14159602 | 02/15/28 | 0.00% | NOWA | Monthly  | &nbsp;&nbsp; 673460 |
| Alamos Gold, Inc., Class A | UBS AG | 7965183 | 04/18/28 | 0.25% | 1D CORRA | Monthly  | &nbsp;&nbsp; (1150093)<br>|
| Alarm.com Holdings, Inc. | BNP Paribas SA | 13754052 | 04/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (516382)<br>|
| Alarm.com Holdings, Inc. | SG Americas Securities LLC | 3375976 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (170622)<br>|
| Alaska Air Group, Inc. | Barclays Bank PLC | 19501913 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (2396410)<br>|
| Alaska Air Group, Inc. | BNP Paribas SA | 4166980 | 04/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (606618)<br>|
| Albemarle Corp. | Barclays Bank PLC | 18973390 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1446859 |
| Alcon AG | Barclays Bank PLC | 10441894 | 11/09/26 | 0.26% | SSARON | Monthly  | &nbsp;&nbsp; (159196)<br>|
| Alcon AG | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 2089795 | 01/06/27 | 0.26% | SSARON | Monthly  | &nbsp;&nbsp; (32182)<br>|
| ALEC Holdings PJSC | JPMorgan Chase Bank N.A. | 3934674 | 02/10/26 | 0.75% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (146520)<br>|
| Alfresa Holdings Corp. | Bank of America N.A. | 1738719 | 02/15/28 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 31565 |
| Alfresa Holdings Corp. | BNP Paribas SA | 7615192 | 03/24/27 | 0.25% | 1D TONA | Monthly  | &nbsp;&nbsp; 134217 |
| Alfresa Holdings Corp. | Goldman Sachs Bank USA | 1398746 | 08/19/26 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 25393 |
| Alfresa Holdings Corp. | SG Americas Securities LLC | 4898861 | 12/08/25 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 126600 |
| Algoma Steel Group, Inc. | UBS AG | 196903 | 04/21/28 | 0.25% | 1D CORRA | Monthly  | &nbsp;&nbsp; (10798)<br>|
| Align Technology, Inc. | Barclays Bank PLC | 5010088 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 84992 |
| Alignment Healthcare, Inc. | Barclays Bank PLC | 12329214 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (375761)<br>|
| Alkermes PLC | Barclays Bank PLC | 3107414 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (38980)<br>|
| Alkermes PLC | BNP Paribas SA | 2094595 | 04/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (99433)<br>|
| Alkermes PLC | SG Americas Securities LLC | 2237557 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (57519)<br>|
| Allient, Inc. | Bank of America N.A. | 631863 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 17517 |
| Allient, Inc. | BNP Paribas SA | 1275217 | 04/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 35353 |
| Allient, Inc. | Goldman Sachs Bank USA | 84543 | 08/19/26 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 2344 |
| Allient, Inc. | UBS AG | 544819 | 04/21/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 15104 |
| Alm Brand A/S | Citibank N.A. | 1854949 | 02/26/26 | 0.26% | DESTR | Monthly  | &nbsp;&nbsp; 19526 |
| Alm Brand A/S | SG Americas Securities LLC | 3044360 | 12/08/25 | 0.26% | DESTR | Monthly  | &nbsp;&nbsp; 17551 |
| Alpha Metallurgical Resources, Inc. | Bank of America N.A. | 6155535 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 803280 |
| Alphabet, Inc., Class A | Barclays Bank PLC | 14129224 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1468104 |
| Alphabet, Inc., Class C | Barclays Bank PLC | 9898711 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1009132 |
| Alphatec Holdings, Inc. | SG Americas Securities LLC | 2533512 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 898114 |
| Alphatec Holdings, Inc. | UBS AG | 1793504 | 04/21/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 640995 |
| Alps Alpine Co., Ltd. | SG Americas Securities LLC | 6263552 | 12/08/25 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; (41176)<br>|
| Altria Group, Inc. | SG Americas Securities LLC | 10948793 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (1088043)<br>|
| Altus Group Ltd. | UBS AG | 7967539 | 04/21/28 | 0.25% | 1D CORRA | Monthly  | &nbsp;&nbsp; 36117 |
| Amada Co. Ltd. | Bank of America N.A. | 7515963 | 02/15/28 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; (49950)<br>|
| Amada Co. Ltd. | Bank of America N.A. | 9237395 | 03/15/28 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; (61391)<br>|
| Amada Co. Ltd. | BNP Paribas SA | 8487120 | 09/07/26 | 0.25% | 1D TONA | Monthly  | &nbsp;&nbsp; (56405)<br>|
| Amada Co. Ltd. | BNP Paribas SA | 5798131 | 03/24/27 | 0.25% | 1D TONA | Monthly  | &nbsp;&nbsp; (38534)<br>|
| Amada Co. Ltd. | Goldman Sachs Bank USA | 1554571 | 08/19/26 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; (10332)<br>|
| Amada Co. Ltd. | Goldman Sachs Bank USA | 4993836 | 08/19/26 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; (33189)<br>|
| Amada Co. Ltd. | SG Americas Securities LLC | 5429588 | 12/08/25 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; (111202)<br>|
| Amada Co. Ltd. | SG Americas Securities LLC | 8356576 | 12/08/25 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; (209668)<br>|
| Amada Co. Ltd. | UBS AG | 5235124 | 04/18/28 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; (34792)<br>|
| Amada Co. Ltd. | UBS AG | 4552073 | 09/03/29 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; (30253)<br>|
| Amano Corp. | SG Americas Securities LLC | 1483893 | 12/08/25 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; (8729)<br>|
| Amazon.com, Inc. | SG Americas Securities LLC | 54281835 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 4970577 |
| Ambac Financial Group, Inc. | Barclays Bank PLC | 4387597 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (52799)<br>|
| Ambac Financial Group, Inc. | SG Americas Securities LLC | 3856845 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (196186)<br>|
| Ambarella, Inc. | Barclays Bank PLC | 2835657 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 193332 |
| Ambea AB | Barclays Bank PLC | 2192694 | 01/18/27 | 0.28% | 1D STIBOR | Monthly  | &nbsp;&nbsp; 126608 |
| Ambea AB | Goldman Sachs Bank USA | 122495 | 08/19/26 | 0.26% | 1D STIBOR | Monthly  | &nbsp;&nbsp; 2331 |
| Amer Sports, Inc. | SG Americas Securities LLC | 5179849 | 12/08/25 | 0.19% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (371928)<br>|
| Ameren Corp. | BNP Paribas SA | 1485351 | 04/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (28199)<br>|
| American Airlines Group, Inc. | JPMorgan Chase Bank N.A. | 261473 | 02/09/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 29225 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination*<br> *Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) |
| American Airlines Group, Inc. | UBS AG | $278850 | 04/18/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; $14054 |
| American Axle & Manufacturing <br> Holdings, Inc.<br>| UBS AG | 12750523 | 04/21/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1416725 |
| American Eagle Outfitters, Inc. | SG Americas Securities LLC | 15543841 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1242675 |
| American Healthcare REIT, Inc. | UBS AG | 2988975 | 04/18/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 116306 |
| American Tower Corp. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 26545197 | 02/05/27 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (1510012)<br>|
| American Water Works Co., Inc. | BNP Paribas SA | 256849 | 04/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (23877)<br>|
| Americold Realty Trust, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 15743954 | 02/08/27 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (856481)<br>|
| Ameriprise Financial, Inc. | Barclays Bank PLC | 17342361 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (732946)<br>|
| Ameriprise Financial, Inc. | UBS AG | 12144367 | 04/18/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (719169)<br>|
| AMETEK, Inc. | Barclays Bank PLC | 20028262 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1859442 |
| AMETEK, Inc. | BNP Paribas SA | 7170179 | 04/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 630256 |
| AMETEK, Inc. | Goldman Sachs Bank USA | 2851723 | 08/19/26 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 250666 |
| Amneal Pharmaceuticals, Inc., <br> Class A<br>| SG Americas Securities LLC | 826306 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 26808 |
| Amneal Pharmaceuticals, Inc., <br> Class A<br>| UBS AG | 4662488 | 04/21/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 495806 |
| AMP Ltd. | Barclays Bank PLC | 15435954 | 05/12/27 | 0.00% | 1D AONIA | Monthly  | &nbsp;&nbsp; (271069)<br>|
| Amphenol Corp., Class A | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 4164654 | 02/05/27 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 4538 |
| Amplifon SpA | Barclays Bank PLC | 20474689 | 08/17/26 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; (1163759)<br>|
| Amplifon SpA | Barclays Bank PLC | 7348591 | 12/10/26 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; (417686)<br>|
| Ampol Ltd. | Bank of America N.A. | 1470211 | 02/15/28 | 0.25% | 1D AONIA | Monthly  | &nbsp;&nbsp; 18130 |
| Ampol Ltd. | Barclays Bank PLC | 2664214 | 09/09/27 | 0.00% | 1D AONIA | Monthly  | &nbsp;&nbsp; 64341 |
| Ampol Ltd. | BNP Paribas SA | 8240250 | 03/22/27 | 0.25% | 1D AONIA | Monthly  | &nbsp;&nbsp; 89799 |
| Amrize Ltd. | Barclays Bank PLC | 11894657 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 954249 |
| ams-OSRAM AG | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 488653 | 01/04/27 | 0.26% | SSARON | Monthly  | &nbsp;&nbsp; (45895)<br>|
| Analog Devices, Inc. | Bank of America N.A. | 8903431 | 02/15/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (117000)<br>|
| Andersons, Inc. | Barclays Bank PLC | 4608176 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 41162 |
| Andersons, Inc. | SG Americas Securities LLC | 6435932 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 704653 |
| Anglo American PLC | Barclays Bank PLC | 3821658 | 12/10/26 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; (27463)<br>|
| ANI Pharmaceuticals, Inc. | Barclays Bank PLC | 4111001 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (138553)<br>|
| Antofagasta PLC | SG Americas Securities LLC | 2975011 | 12/08/25 | 0.10% | 1D SONIA | Monthly  | &nbsp;&nbsp; 23609 |
| Antofagasta PLC | UBS AG | 1171035 | 04/18/28 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; 63376 |
| Aon PLC, Class A | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 300639 | 02/05/27 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 13468 |
| AP Moller - Maersk A/S, Class A | Goldman Sachs Bank USA | 509999 | 08/19/26 | 0.26% | DETNT/N | Monthly  | &nbsp;&nbsp; 27962 |
| AP Moller - Maersk A/S, Class A | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 2707953 | 01/04/27 | 0.26% | DESTR | Monthly  | &nbsp;&nbsp; 93157 |
| AP Moller - Maersk A/S, Class A | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 8912930 | 01/06/27 | 0.26% | DESTR | Monthly  | &nbsp;&nbsp; 306617 |
| AP Moller - Maersk A/S, Class B | Barclays Bank PLC | 22709776 | 05/12/27 | 0.28% | DESTR | Monthly  | &nbsp;&nbsp; 785362 |
| Appian Corp., Class A | Barclays Bank PLC | 1917471 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (38914)<br>|
| Appian Corp., Class A | Citibank N.A. | 2497921 | 06/25/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (50694)<br>|
| Apple, Inc. | SG Americas Securities LLC | 6929154 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 346502 |
| Applied Digital Corp. | Barclays Bank PLC | 2579643 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 340358 |
| Applied Industrial Technologies, Inc. | Bank of America N.A. | 22755711 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 836924 |
| Aptiv PLC | Barclays Bank PLC | 9183832 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (330875)<br>|
| Arcadis NV | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 18286480 | 01/04/27 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; (2843188)<br>|
| ArcBest Corp. | Barclays Bank PLC | 1249514 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (24720)<br>|
| Arch Capital Group Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 701974 | 02/05/27 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 1366 |
| Archer Aviation, Inc., Class A | SG Americas Securities LLC | 347766 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (21960)<br>|
| Archrock, Inc. | Barclays Bank PLC | 12887006 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 15149 |
| Archrock, Inc. | Goldman Sachs Bank USA | 150223 | 08/19/26 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 5997 |
| Arcosa, Inc. | Barclays Bank PLC | 2060728 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 216320 |
| Arcosa, Inc. | Citibank N.A. | 2296396 | 06/25/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 241058 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination*<br> *Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) |
| Argan, Inc. | Barclays Bank PLC | $1032591 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; $38225 |
| Arista Networks, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 6095147 | 02/05/27 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 440000 |
| Aristocrat Leisure Ltd. | Barclays Bank PLC | 21511928 | 09/09/27 | 0.00% | 1D AONIA | Monthly  | &nbsp;&nbsp; (341889)<br>|
| Aristocrat Leisure Ltd. | Goldman Sachs Bank USA | 58900 | 08/19/26 | 0.30% | 1D AONIA | Monthly  | &nbsp;&nbsp; (2175)<br>|
| Aristocrat Leisure Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 8702035 | 01/06/27 | 0.29% | 1D AONIA | Monthly  | &nbsp;&nbsp; (138708)<br>|
| Aristocrat Leisure Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 34238131 | 01/07/27 | 0.29% | 1D AONIA | Monthly  | &nbsp;&nbsp; (545745)<br>|
| Aristocrat Leisure Ltd. | SG Americas Securities LLC | 13841972 | 12/08/25 | 0.30% | 1D AONIA | Monthly  | &nbsp;&nbsp; (749640)<br>|
| Aritzia, Inc. | BNP Paribas SA | 170006 | 08/17/26 | 0.20% | CABROVER | Monthly  | &nbsp;&nbsp; 18383 |
| Aritzia, Inc. | SG Americas Securities LLC | 17101268 | 12/08/25 | 0.20% | CABROVER | Monthly  | &nbsp;&nbsp; 3378028 |
| Arkema SA | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 234643 | 01/06/27 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; (5384)<br>|
| Artis Real Estate Investment Trust | Goldman Sachs Bank USA | 1109 | 08/19/26 | 0.20% | 1D CORRA | Monthly  | &nbsp;&nbsp; 9 |
| Artisan Partners Asset Management, <br> Inc., Class A<br>| Barclays Bank PLC | 6542068 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 19550 |
| Asahi Group Holdings Ltd. | Barclays Bank PLC | 18592746 | 05/12/27 | 0.21% | 1D P TONA | Monthly  | &nbsp;&nbsp; (855573)<br>|
| Asahi Group Holdings Ltd. | SG Americas Securities LLC | 5655068 | 12/08/25 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; (392462)<br>|
| Asahi Intecc Co., Ltd. | SG Americas Securities LLC | 4341678 | 12/08/25 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 47625 |
| Asahi Kasei Corp. | Barclays Bank PLC | 15314631 | 05/12/27 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; (424837)<br>|
| Asahi Kasei Corp. | Barclays Bank PLC | 14196518 | 09/09/27 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; (380953)<br>|
| Asahi Kasei Corp. | BNP Paribas SA | 5613194 | 09/07/26 | 0.25% | 1D TONA | Monthly  | &nbsp;&nbsp; (60457)<br>|
| Asahi Kasei Corp. | Goldman Sachs Bank USA | 682858 | 08/19/26 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 3668 |
| Asahi Kasei Corp. | UBS AG | 2247486 | 09/03/29 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 12073 |
| Ascendis Pharma A/S, ADR | BNP Paribas SA | 3761713 | 04/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (100254)<br>|
| Ascendis Pharma A/S, ADR | SG Americas Securities LLC | 4127373 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (167546)<br>|
| ASGN, Inc. | Barclays Bank PLC | 3133234 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (231443)<br>|
| ASGN, Inc. | Citibank N.A. | 10507909 | 06/25/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (776189)<br>|
| ASM International NV | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 4125661 | 01/06/27 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; 73012 |
| ASML Holding NV | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 1740696 | 01/06/27 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; (26798)<br>|
| ASML Holding NV | SG Americas Securities LLC | 22375657 | 12/08/25 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; (80175)<br>|
| Asmpt Ltd. | Barclays Bank PLC | 1990220 | 09/09/27 | 0.15% | HONIA | Monthly  | &nbsp;&nbsp; (41897)<br>|
| ASR Nederland NV | BNP Paribas SA | 7815951 | 08/17/26 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; 29576 |
| ASR Nederland NV | UBS AG | 7790972 | 04/18/28 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; 32731 |
| Astellas Pharma, Inc. | BNP Paribas SA | 1301882 | 09/07/26 | 0.15% | 1D TONA | Monthly  | &nbsp;&nbsp; 21226 |
| Astellas Pharma, Inc. | Goldman Sachs Bank USA | 5108626 | 08/19/26 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 87504 |
| Astellas Pharma, Inc. | SG Americas Securities LLC | 3030282 | 12/08/25 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; (65850)<br>|
| Astellas Pharma, Inc. | SG Americas Securities LLC | 10601709 | 12/08/25 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; (223057)<br>|
| AT&T, Inc. | SG Americas Securities LLC | 10458347 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (249838)<br>|
| Atco Ltd., Class I | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 16843727 | 01/04/27 | 0.20% | CABROVER | Monthly  | &nbsp;&nbsp; (482930)<br>|
| Athabasca Oil Corp. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 808189 | 01/04/27 | 0.20% | CABROVER | Monthly  | &nbsp;&nbsp; 29168 |
| AtriCure, Inc. | SG Americas Securities LLC | 4077910 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (61610)<br>|
| Aurizon Holdings Ltd. | Barclays Bank PLC | 4253243 | 09/09/27 | 0.00% | 1D AONIA | Monthly  | &nbsp;&nbsp; 10999 |
| Aurubis AG | UBS AG | 403562 | 04/18/28 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; 28931 |
| Auto1 Group SE | BNP Paribas SA | 1890215 | 03/24/27 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; 127635 |
| Autobacs Seven Co. Ltd. | BNP Paribas SA | 1819033 | 03/24/27 | 0.15% | 1D TONA | Monthly  | &nbsp;&nbsp; (23644)<br>|
| Autobacs Seven Co. Ltd. | SG Americas Securities LLC | 2601977 | 12/08/25 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; (9304)<br>|
| Autodesk, Inc. | UBS AG | 551585 | 04/18/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (6762)<br>|
| Autoliv, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 839134 | 02/05/27 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 3227 |
| AutoNation, Inc. | Barclays Bank PLC | 3029078 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (231897)<br>|
| AutoZone, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 515568 | 02/05/27 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (4822)<br>|
| Avio SpA | Barclays Bank PLC | 6897480 | 12/10/26 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; (959143)<br>|
| Aviva PLC | BNP Paribas SA | 260519 | 08/17/26 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; (1138)<br>|

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination*<br> *Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) |
| Aviva PLC | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | $354753 | 01/27/27 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; $2057 |
| Avon Technologies PLC | BNP Paribas SA | 1799552 | 03/17/27 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; (35032)<br>|
| AXA SA | Barclays Bank PLC | 16521171 | 08/17/26 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; (718420)<br>|
| AXA SA | UBS AG | 9062011 | 04/18/28 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; (532805)<br>|
| Axalta Coating Systems Ltd. | Barclays Bank PLC | 228519 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (7848)<br>|
| Axcelis Technologies, Inc. | BNP Paribas SA | 11543841 | 04/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (580155)<br>|
| Axcelis Technologies, Inc. | SG Americas Securities LLC | 13574245 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (789032)<br>|
| Axis Capital Holdings Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 405769 | 02/05/27 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 1091 |
| Ayvens SA | UBS AG | 2579244 | 04/24/28 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; 218639 |
| Azbil Corp. | Barclays Bank PLC | 15801536 | 05/12/27 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 1234982 |
| Azenta, Inc. | Bank of America N.A. | 8723946 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (503566)<br>|
| B2Gold Corp. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 1352649 | 01/04/27 | 0.20% | CABROVER | Monthly  | &nbsp;&nbsp; (207095)<br>|
| B2Gold Corp. | UBS AG | 2522605 | 04/18/28 | 0.25% | 1D CORRA | Monthly  | &nbsp;&nbsp; (571875)<br>|
| Babcock International Group PLC | Barclays Bank PLC | 8039059 | 08/17/26 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; 153752 |
| Babcock International Group PLC | Barclays Bank PLC | 441078 | 12/10/26 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; 848 |
| Badger Infrastructure Solutions Ltd. | UBS AG | 8489001 | 04/21/28 | 0.25% | 1D CORRA | Monthly  | &nbsp;&nbsp; 821153 |
| BAE Systems PLC | Barclays Bank PLC | 19076453 | 08/17/26 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; 42025 |
| BAE Systems PLC | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 34200429 | 01/27/27 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; 75343 |
| BAE Systems PLC | SG Americas Securities LLC | 8767805 | 12/08/25 | 0.21% | 1D SONIA | Monthly  | &nbsp;&nbsp; (664945)<br>|
| Balfour Beatty PLC | Bank of America N.A. | 35680813 | 02/15/28 | 0.00% | 1D SONIA | Monthly  | &nbsp;&nbsp; 548574 |
| Balfour Beatty PLC | Goldman Sachs Bank USA | 4823620 | 08/19/26 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; 78417 |
| Ball Corp. | UBS AG | 2166424 | 04/18/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (51142)<br>|
| Banca IFIS SpA | Bank of America N.A. | 556367 | 02/15/28 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; 4861 |
| Banca IFIS SpA | Goldman Sachs Bank USA | 751222 | 08/19/26 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; 6564 |
| Banca IFIS SpA | UBS AG | 1367788 | 04/24/28 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; 6618 |
| Banca Mediolanum SpA | Barclays Bank PLC | 1719603 | 08/17/26 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; 75324 |
| Banca Mediolanum SpA | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 3986520 | 01/04/27 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; 174621 |
| Banca Monte dei Paschi di Siena <br> SpA<br>| Bank of America N.A. | 11843005 | 02/15/28 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; 850771 |
| Banca Monte dei Paschi di Siena <br> SpA<br>| Barclays Bank PLC | 17259842 | 08/17/26 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; 1392294 |
| Banca Monte dei Paschi di Siena <br> SpA<br>| BNP Paribas SA | 5040970 | 08/17/26 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; 362130 |
| Banca Monte dei Paschi di Siena <br> SpA<br>| Citibank N.A. | 5666604 | 06/25/26 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; 457106 |
| Banca Monte dei Paschi di Siena <br> SpA<br>| Goldman Sachs Bank USA | 4867334 | 08/19/26 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; 349657 |
| Banca Monte dei Paschi di Siena <br> SpA<br>| &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 1987545 | 01/04/27 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; 160329 |
| Bandwidth, Inc., Class A | Bank of America N.A. | 158507 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 7289 |
| Bandwidth, Inc., Class A | Barclays Bank PLC | 2527472 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (1564)<br>|
| Bandwidth, Inc., Class A | Goldman Sachs Bank USA | 781357 | 08/19/26 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 35930 |
| Bandwidth, Inc., Class A | SG Americas Securities LLC | 65812 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (81)<br>|
| Bank Hapoalim BM | Barclays Bank PLC | 1476130 | 10/07/26 | 0.60% | SHIR | Monthly  | &nbsp;&nbsp; 28458 |
| Bank Hapoalim BM | BNP Paribas SA | 515301 | 07/19/27 | 0.70% | SHIR | Monthly  | &nbsp;&nbsp; 8803 |
| Bank Hapoalim BM | Citibank N.A. | 3354798 | 07/13/26 | 0.55% | SHIR | Monthly  | &nbsp;&nbsp; 64676 |
| Bank Leumi Le-Israel BM | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 1658264 | 05/23/27 | 0.75% | SHIR | Monthly  | &nbsp;&nbsp; 59303 |
| Bank of America Corp. | Barclays Bank PLC | 17254630 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 793510 |
| Bank of Queensland Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 6289399 | 01/06/27 | 0.29% | 1D AONIA | Monthly  | &nbsp;&nbsp; (197597)<br>|
| Bankinter SA | Barclays Bank PLC | 3212458 | 08/17/26 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; 15630 |
| Bankinter SA | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 1021383 | 01/06/27 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; 741 |
| Barclays PLC | SG Americas Securities LLC | 66931185 | 12/08/25 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; 4254316 |
| Barclays PLC | SG Americas Securities LLC | 21314114 | 12/08/25 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; 1418914 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination*<br> *Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) |
| Barco NV | Barclays Bank PLC | $4639045 | 12/10/26 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; $(182571)<br>|
| Barrick Mining Corp. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 23523693 | 01/04/27 | 0.20% | CABROVER | Monthly  | &nbsp;&nbsp; 972324 |
| Barrick Mining Corp. | UBS AG | 3382755 | 04/18/28 | 0.25% | 1D CORRA | Monthly  | &nbsp;&nbsp; (54764)<br>|
| Bath & Body Works, Inc. | SG Americas Securities LLC | 11213956 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (655585)<br>|
| Bausch Health Cos, Inc. | UBS AG | 757508 | 04/21/28 | 0.25% | 1D CORRA | Monthly  | &nbsp;&nbsp; 125060 |
| BAWAG Group AG | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 40344205 | 01/04/27 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; 1421784 |
| BAWAG Group AG | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 17712288 | 01/06/27 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; 624205 |
| BayCurrent, Inc. | SG Americas Securities LLC | 4876773 | 12/08/25 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; (716908)<br>|
| BE Semiconductor Industries NV | Barclays Bank PLC | 5555517 | 12/10/26 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; 325915 |
| Beach Energy Ltd. | Barclays Bank PLC | 166353 | 05/12/27 | 0.00% | 1D AONIA | Monthly  | &nbsp;&nbsp; 3675 |
| Beach Energy Ltd. | JPMorgan Chase Bank N.A. | 583540 | 02/10/26 | 0.25% | 1D AONIA | Monthly  | &nbsp;&nbsp; 49354 |
| Bega Cheese Ltd. | Bank of America N.A. | 1930782 | 02/15/28 | 0.25% | 1D AONIA | Monthly  | &nbsp;&nbsp; 50246 |
| Bega Cheese Ltd. | Goldman Sachs Bank USA | 847591 | 08/19/26 | 0.30% | 1D AONIA | Monthly  | &nbsp;&nbsp; 22057 |
| Beijer Ref AB, Class B | BNP Paribas SA | 230837 | 11/17/25 | 0.25% | 1D STIBOR | Monthly  | &nbsp;&nbsp; (1660)<br>|
| Beijer Ref AB, Class B | SG Americas Securities LLC | 375384 | 12/08/25 | 0.26% | 1D STIBOR | Monthly  | &nbsp;&nbsp; (8207)<br>|
| Belimo Holding AG, Registered <br> Shares<br>| Bank of America N.A. | 6268779 | 02/15/28 | 0.26% | SSARON | Monthly  | &nbsp;&nbsp; 535042 |
| Bellevue Gold Ltd. | Barclays Bank PLC | 449879 | 05/12/27 | 0.00% | 1D AONIA | Monthly  | &nbsp;&nbsp; 3479 |
| Bellway PLC | SG Americas Securities LLC | 2583449 | 12/08/25 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; 142593 |
| Benchmark Electronics, Inc. | Goldman Sachs Bank USA | 4972440 | 08/19/26 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 474868 |
| Benchmark Electronics, Inc. | SG Americas Securities LLC | 3024250 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 452210 |
| Bezeq The Israeli Telecommunication <br> Corp. Ltd.<br>| Barclays Bank PLC | 15174609 | 04/06/26 | 0.60% | SHIR | Monthly  | &nbsp;&nbsp; 120423 |
| BGC Group, Inc., Class A | Citibank N.A. | 1175604 | 06/25/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (20225)<br>|
| BGC Group, Inc., Class A | JPMorgan Chase Bank N.A. | 880883 | 02/10/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1932 |
| BGC Group, Inc., Class A | SG Americas Securities LLC | 598136 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 6274 |
| Bic Camera, Inc. | Bank of America N.A. | 218985 | 02/15/28 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; (3264)<br>|
| Bic Camera, Inc. | Barclays Bank PLC | 2237949 | 05/12/27 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; (57553)<br>|
| Bic Camera, Inc. | Goldman Sachs Bank USA | 2054776 | 08/19/26 | 0.05% | 1D P TONA | Monthly  | &nbsp;&nbsp; (30627)<br>|
| BioMarin Pharmaceutical, Inc. | Barclays Bank PLC | 2740763 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 10271 |
| BioMarin Pharmaceutical, Inc. | BNP Paribas SA | 1753563 | 04/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 15854 |
| BioMarin Pharmaceutical, Inc. | SG Americas Securities LLC | 1347890 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (27604)<br>|
| Bio-Rad Laboratories, Inc., Class A | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 9541857 | 02/05/27 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (411994)<br>|
| Bio-Techne Corp. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 3193136 | 02/05/27 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (61070)<br>|
| BIPROGY, Inc. | Barclays Bank PLC | 20283571 | 05/12/27 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; 445296 |
| Birchcliff Energy Ltd. | Barclays Bank PLC | 4600498 | 12/23/25 | 0.20% | CABROVER | Monthly  | &nbsp;&nbsp; 78702 |
| Birkenstock Holding Plc | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 1356378 | 02/05/27 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (100530)<br>|
| BJ's Wholesale Club Holdings, Inc. | SG Americas Securities LLC | 5739190 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (278896)<br>|
| Blackbaud, Inc. | BNP Paribas SA | 7160156 | 04/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 67719 |
| Block, Inc., Class A | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 511569 | 02/05/27 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (37)<br>|
| Bloom Energy Corp., Class A | UBS AG | 3863458 | 04/18/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 978885 |
| BlueLinx Holdings, Inc. | Bank of America N.A. | 862063 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (89806)<br>|
| BlueLinx Holdings, Inc. | Barclays Bank PLC | 3152219 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (278421)<br>|
| BlueLinx Holdings, Inc. | Goldman Sachs Bank USA | 507771 | 08/19/26 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (52897)<br>|
| BlueLinx Holdings, Inc. | SG Americas Securities LLC | 2568302 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (310818)<br>|
| BML, Inc. | BNP Paribas SA | 3170697 | 03/24/27 | 0.25% | 1D TONA | Monthly  | &nbsp;&nbsp; 72465 |
| BNP Paribas SA | Citibank N.A. | 7618321 | 06/25/26 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; (130383)<br>|
| BNP Paribas SA | Citibank N.A. | 18155090 | 07/06/26 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; (310714)<br>|
| BNP Paribas SA | JPMorgan Chase Bank N.A. | 9703486 | 02/10/26 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; (1032300)<br>|
| BNP Paribas SA | JPMorgan Chase Bank N.A. | 15502590 | 02/10/26 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; (1649235)<br>|
| BNP Paribas SA | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 19588581 | 01/04/27 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; (331294)<br>|
| BNP Paribas SA | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 1691553 | 01/06/27 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; 4389 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination*<br> *Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) |
| Boise Cascade Co. | Barclays Bank PLC | $11626785 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; $(77492)<br>|
| Boliden AB | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 525099 | 01/08/27 | 0.26% | 1D STIBOR | Monthly  | &nbsp;&nbsp; 18257 |
| Booking Holdings, Inc. | SG Americas Securities LLC | 12422708 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (129499)<br>|
| Boot Barn Holdings, Inc. | BNP Paribas SA | 1634676 | 04/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 12244 |
| Booz Allen Hamilton Holding Corp., <br> Class A<br>| SG Americas Securities LLC | 10692883 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (1638266)<br>|
| Booz Allen Hamilton Holding Corp., <br> Class A<br>| UBS AG | 12892883 | 04/18/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (1229741)<br>|
| BorgWarner, Inc. | SG Americas Securities LLC | 26810273 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 78906 |
| BorgWarner, Inc. | UBS AG | 40939562 | 04/18/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 612639 |
| Boston Scientific Corp. | Barclays Bank PLC | 8672776 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (152468)<br>|
| Box, Inc., Class A | BNP Paribas SA | 2189997 | 04/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (42823)<br>|
| Bravura Solutions Ltd. | Barclays Bank PLC | 2579232 | 05/12/27 | 0.00% | 1D AONIA | Monthly  | &nbsp;&nbsp; (146679)<br>|
| Bridgebio Pharma, Inc. | Barclays Bank PLC | 731881 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 65589 |
| Bridgestone Corp. | BNP Paribas SA | 12170537 | 03/24/27 | 0.15% | 1D TONA | Monthly  | &nbsp;&nbsp; 463256 |
| Bridgestone Corp. | SG Americas Securities LLC | 4353482 | 12/08/25 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; (22894)<br>|
| Bright Horizons Family Solutions, Inc. | Barclays Bank PLC | 843731 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 55341 |
| Brighthouse Financial, Inc. | Barclays Bank PLC | 4661750 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1051071 |
| Brighthouse Financial, Inc. | Citibank N.A. | 4413905 | 06/25/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 995190 |
| BrightSpring Health Services, Inc. | SG Americas Securities LLC | 11531155 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1660422 |
| Brightstar Lottery PLC | UBS AG | 1187669 | 04/18/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (14922)<br>|
| Brinker International, Inc. | SG Americas Securities LLC | 4651100 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (491487)<br>|
| Brink's Co. | Barclays Bank PLC | 18811034 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (418611)<br>|
| Bristol-Myers Squibb Co. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 34121919 | 02/05/27 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 1189261 |
| British American Tobacco PLC | Barclays Bank PLC | 1670214 | 08/17/26 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; 1716 |
| British American Tobacco PLC | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 2064527 | 01/27/27 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; 2121 |
| British Land Co PLC | BNP Paribas SA | 161877 | 03/22/27 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; (2784)<br>|
| Broadstone Net Lease, Inc. | Barclays Bank PLC | 1515605 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (7207)<br>|
| Brookdale Senior Living, Inc. | Bank of America N.A. | 1100580 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 57465 |
| Brookdale Senior Living, Inc. | Goldman Sachs Bank USA | 1266508 | 08/19/26 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 66129 |
| Brookdale Senior Living, Inc. | SG Americas Securities LLC | 1196108 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 169400 |
| Brookfield Infrastructure Corp., <br> Class A<br>| &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 68270129 | 01/04/27 | 0.20% | CABROVER | Monthly  | &nbsp;&nbsp; 2454670 |
| Brookfield Infrastructure Corp., <br> Class A<br>| &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 33867522 | 01/06/27 | 0.20% | CABROVER | Monthly  | &nbsp;&nbsp; 1223061 |
| Brother Industries Ltd. | JPMorgan Chase Bank N.A. | 316235 | 02/10/26 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 7159 |
| Brother Industries Ltd. | UBS AG | 899315 | 04/03/28 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 28314 |
| Brunswick Corp. | UBS AG | 15289477 | 04/21/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 715159 |
| Buckle, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 13004453 | 02/08/27 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (88531)<br>|
| Burberry Group PLC | Bank of America N.A. | 360737 | 02/15/28 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; 11745 |
| Burberry Group PLC | Barclays Bank PLC | 4446200 | 08/17/26 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; (10488)<br>|
| Burberry Group PLC | Barclays Bank PLC | 3581199 | 12/10/26 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; (8448)<br>|
| Bureau Veritas SA | Barclays Bank PLC | 17364295 | 08/17/26 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; 285659 |
| Bureau Veritas SA | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 7370952 | 01/04/27 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; 145081 |
| Bureau Veritas SA | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 10507186 | 01/06/27 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; 185133 |
| C3.ai, Inc., Class A | SG Americas Securities LLC | 6341504 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (362247)<br>|
| Cabot Corp. | Barclays Bank PLC | 8920777 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (447043)<br>|
| CACI International, Inc., Class A | Barclays Bank PLC | 6093674 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 493084 |
| CAE, Inc. | SG Americas Securities LLC | 3080337 | 12/08/25 | 0.20% | CABROVER | Monthly  | &nbsp;&nbsp; (39383)<br>|
| Cal-Maine Foods, Inc. | Bank of America N.A. | 4296119 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (242392)<br>|
| Camden Property Trust | UBS AG | 4260303 | 04/18/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (91196)<br>|
| Cameco Corp. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 13546428 | 01/04/27 | 0.20% | CABROVER | Monthly  | &nbsp;&nbsp; 3033203 |
| Campbell's Co. | Bank of America N.A. | 4366986 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (2897)<br>|
| Camtek Ltd/Israel | SG Americas Securities LLC | 2522353 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 144978 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination*<br> *Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) |
| Canada Goose Holdings, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | $1388561 | 01/04/27 | 0.20% | CABROVER | Monthly  | &nbsp;&nbsp; $91712 |
| Canadian Apartment Properties REIT | Barclays Bank PLC | 877860 | 10/23/26 | 0.20% | CABROVER | Monthly  | &nbsp;&nbsp; (22833)<br>|
| Canadian Apartment Properties REIT | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 17645131 | 01/04/27 | 0.20% | CABROVER | Monthly  | &nbsp;&nbsp; (458952)<br>|
| Canadian Apartment Properties REIT | UBS AG | 17624262 | 04/18/28 | 0.25% | 1D CORRA | Monthly  | &nbsp;&nbsp; (580312)<br>|
| Canadian National Railway Co. | UBS AG | 10396595 | 09/04/29 | 0.25% | 1D CORRA | Monthly  | &nbsp;&nbsp; 7814 |
| Canadian Natural Resources Ltd. | Barclays Bank PLC | 11441782 | 10/23/26 | 0.20% | CABROVER | Monthly  | &nbsp;&nbsp; 652276 |
| Canadian Natural Resources Ltd. | Goldman Sachs Bank USA | 11435101 | 08/18/26 | 0.20% | 1D CORRA | Monthly  | &nbsp;&nbsp; 398224 |
| Canadian Natural Resources Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 31201923 | 01/06/27 | 0.20% | CABROVER | Monthly  | &nbsp;&nbsp; 1778767 |
| Canadian Pacific Kansas City Ltd. | BNP Paribas SA | 268414 | 08/17/26 | 0.20% | CABROVER | Monthly  | &nbsp;&nbsp; (2803)<br>|
| Canon Marketing Japan, Inc. | Barclays Bank PLC | 7196802 | 05/12/27 | 0.24% | 1D P TONA | Monthly  | &nbsp;&nbsp; 315191 |
| Canon Marketing Japan, Inc. | SG Americas Securities LLC | 105680 | 12/08/25 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 6750 |
| Canon, Inc. | Barclays Bank PLC | 33906498 | 09/09/27 | 0.15% | 1D P TONA | Monthly  | &nbsp;&nbsp; (1041824)<br>|
| Canon, Inc. | SG Americas Securities LLC | 4677225 | 12/08/25 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; (73758)<br>|
| Canon, Inc. | SG Americas Securities LLC | 6912081 | 12/08/25 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; (157650)<br>|
| Capgemini SE | UBS AG | 12685330 | 04/18/28 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; 1101217 |
| Capri Holdings Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 3056777 | 02/08/27 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (230212)<br>|
| Cardinal Health, Inc. | Barclays Bank PLC | 25848461 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 5063719 |
| Cargojet, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 2903306 | 01/04/27 | 0.20% | CABROVER | Monthly  | &nbsp;&nbsp; 26524 |
| Cargojet, Inc. | SG Americas Securities LLC | 1659626 | 12/08/25 | 0.20% | CABROVER | Monthly  | &nbsp;&nbsp; (142201)<br>|
| Carl Zeiss Meditec AG | UBS AG | 1479737 | 04/24/28 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; (27597)<br>|
| Carlsberg A/S, Class B | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 1714011 | 01/06/27 | 0.26% | DESTR | Monthly  | &nbsp;&nbsp; (14281)<br>|
| CarMax, Inc. | SG Americas Securities LLC | 28304342 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (1563247)<br>|
| Carmila SA | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 3547528 | 01/04/27 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; (348003)<br>|
| Carnival Corp. | SG Americas Securities LLC | 5575287 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 21682 |
| Carnival PLC | Barclays Bank PLC | 3938695 | 08/17/26 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; (74039)<br>|
| Carnival PLC | Barclays Bank PLC | 4618179 | 12/10/26 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; (92025)<br>|
| Carnival PLC | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 3922567 | 01/04/27 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; (78513)<br>|
| Carnival PLC | SG Americas Securities LLC | 2897851 | 12/08/25 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; (12245)<br>|
| Carnival PLC | SG Americas Securities LLC | 2279229 | 12/08/25 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; (9631)<br>|
| Carpenter Technology Corp. | UBS AG | 3293543 | 04/18/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 333305 |
| Castle Biosciences, Inc. | Bank of America N.A. | 2589168 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 343919 |
| Castle Biosciences, Inc. | BNP Paribas SA | 2717475 | 04/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 360962 |
| Castle Biosciences, Inc. | Goldman Sachs Bank USA | 328623 | 08/19/26 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 43651 |
| Castle Biosciences, Inc. | UBS AG | 3730087 | 04/21/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 495467 |
| CBL & Associates Properties, Inc. | BNP Paribas SA | 2096016 | 04/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (14081)<br>|
| CBL & Associates Properties, Inc. | SG Americas Securities LLC | 589307 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 12413 |
| CCL Industries, Inc., Class B | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 5455853 | 01/04/27 | 0.20% | CABROVER | Monthly  | &nbsp;&nbsp; (93216)<br>|
| Celanese Corp., Class A | BNP Paribas SA | 15820954 | 04/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (688894)<br>|
| Cembra Money Bank AG | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 8868499 | 01/04/27 | 0.26% | SSARON | Monthly  | &nbsp;&nbsp; 139545 |
| Centene Corp. | UBS AG | 5504471 | 04/18/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (50417)<br>|
| Centerra Gold, Inc. | Bank of America N.A. | 409831 | 02/15/28 | 0.20% | CABROVER | Monthly  | &nbsp;&nbsp; (25717)<br>|
| Centerra Gold, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 12676711 | 01/04/27 | 0.20% | CABROVER | Monthly  | &nbsp;&nbsp; 780344 |
| Centerra Gold, Inc. | UBS AG | 13767565 | 04/21/28 | 0.25% | 1D CORRA | Monthly  | &nbsp;&nbsp; (863909)<br>|
| Central Garden & Pet Co., Class A | Barclays Bank PLC | 1059181 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (19282)<br>|
| Centuri Holdings, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 16042754 | 02/08/27 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 206461 |
| Century Communities, Inc. | Barclays Bank PLC | 8767816 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (184932)<br>|
| Century Communities, Inc. | SG Americas Securities LLC | 772134 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 8144 |
| Cerence, Inc. | SG Americas Securities LLC | 1862997 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (191596)<br>|

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination*<br> *Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) |
| CES Energy Solutions Corp. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | $2645348 | 01/04/27 | 0.20% | CABROVER | Monthly  | &nbsp;&nbsp; $120897 |
| CGI, Inc., Class A | Bank of America N.A. | 18493903 | 02/15/28 | 0.20% | CABROVER | Monthly  | &nbsp;&nbsp; 83446 |
| CGI, Inc., Class A | Bank of America N.A. | 5761970 | 02/15/28 | 0.20% | CABROVER | Monthly  | &nbsp;&nbsp; 26557 |
| CGI, Inc., Class A | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 5625149 | 01/04/27 | 0.20% | CABROVER | Monthly  | &nbsp;&nbsp; (21120)<br>|
| Charles River Laboratories <br> International, Inc.<br>| SG Americas Securities LLC | 4589669 | 12/08/25 | 0.16% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 174623 |
| Charles Schwab Corp. | SG Americas Securities LLC | 40065869 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 311847 |
| Charter Communications, Inc., <br> Class A<br>| Barclays Bank PLC | 9324220 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (369317)<br>|
| Charter Hall Retail REIT | Barclays Bank PLC | 4590143 | 05/12/27 | 0.00% | 1D AONIA | Monthly  | &nbsp;&nbsp; (22964)<br>|
| Charter Hall Social Infrastructure <br> REIT<br>| Bank of America N.A. | 1231767 | 02/15/28 | 0.25% | 1D AONIA | Monthly  | &nbsp;&nbsp; (30908)<br>|
| Charter Hall Social Infrastructure <br> REIT<br>| Goldman Sachs Bank USA | 597617 | 08/19/26 | 0.30% | 1D AONIA | Monthly  | &nbsp;&nbsp; (14996)<br>|
| Charter Hall Social Infrastructure <br> REIT<br>| &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 2458471 | 01/06/27 | 0.29% | 1D AONIA | Monthly  | &nbsp;&nbsp; (97355)<br>|
| Check Point Software Technologies <br> Ltd.<br>| UBS AG | 2446782 | 04/18/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 6653 |
| Cheesecake Factory, Inc. | Barclays Bank PLC | 5879342 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (712742)<br>|
| Chefs' Warehouse, Inc. | Bank of America N.A. | 7190747 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (18235)<br>|
| Chemed Corp. | UBS AG | 10116747 | 04/18/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (308554)<br>|
| Chemring Group PLC | Barclays Bank PLC | 1377495 | 12/10/26 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; 4380 |
| Chemtrade Logistics Income Fund | Bank of America N.A. | 3643036 | 02/15/28 | 0.20% | CABROVER | Monthly  | &nbsp;&nbsp; 30040 |
| Chemtrade Logistics Income Fund | SG Americas Securities LLC | 1145535 | 12/08/25 | 0.20% | CABROVER | Monthly  | &nbsp;&nbsp; — |
| Chipotle Mexican Grill, Inc. | Citibank N.A. | 10352901 | 02/24/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (2468175)<br>|
| Chipotle Mexican Grill, Inc. | JPMorgan Chase Bank N.A. | 1993718 | 02/09/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (451968)<br>|
| Chocoladefabriken Lindt & Spruengli <br> AG<br>| JPMorgan Chase Bank N.A. | 12696614 | 02/10/26 | 0.15% | SSARON | Monthly  | &nbsp;&nbsp; (29806)<br>|
| Chocoladefabriken Lindt & Spruengli <br> AG<br>| JPMorgan Chase Bank N.A. | 13590308 | 02/10/26 | 0.15% | SSARON | Monthly  | &nbsp;&nbsp; (31904)<br>|
| Chord Energy Corp. | Barclays Bank PLC | 9432759 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 163965 |
| Chubb Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 4872162 | 02/05/27 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (50082)<br>|
| Chugai Pharmaceutical Co. Ltd. | BNP Paribas SA | 331631 | 09/07/26 | 0.00% | 1D TONA | Monthly  | &nbsp;&nbsp; 11627 |
| Cie Financiere Richemont SA, <br> Class A, Registered Shares<br>| Barclays Bank PLC | 10186641 | 11/09/26 | 0.26% | SSARON | Monthly  | &nbsp;&nbsp; (64732)<br>|
| Cie Financiere Richemont SA, <br> Class A, Registered Shares<br>| &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 1578077 | 01/06/27 | 0.26% | SSARON | Monthly  | &nbsp;&nbsp; (14226)<br>|
| Cie Generale des Etablissements <br> Michelin SCA<br>| &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 1560307 | 01/04/27 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; (10092)<br>|
| Cigna Group | SG Americas Securities LLC | 16868426 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (3428564)<br>|
| Cimpress PLC | Bank of America N.A. | 1600590 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 109589 |
| Cimpress PLC | Barclays Bank PLC | 3869837 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 241791 |
| Cimpress PLC | Goldman Sachs Bank USA | 658956 | 08/19/26 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 45117 |
| Cimpress PLC | SG Americas Securities LLC | 286934 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 25064 |
| Cinemark Holdings, Inc. | Citibank N.A. | 2935512 | 06/25/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 78102 |
| Cintas Corp. | Bank of America N.A. | 17651417 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (393614)<br>|
| Citigroup, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 53401432 | 02/05/27 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 2733843 |
| Citizen Watch Co., Ltd. | SG Americas Securities LLC | 11722388 | 12/08/25 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 100042 |
| Citizen Watch Co., Ltd. | UBS AG | 7159806 | 04/03/28 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; (3613)<br>|
| Civitas Resources, Inc. | Barclays Bank PLC | 13090331 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 678157 |
| CK Asset Holdings Ltd. | SG Americas Securities LLC | 1127800 | 12/08/25 | 0.30% | 1D HIBOR | Monthly  | &nbsp;&nbsp; 19961 |
| Ck Hutchison Holdings Ltd. | Barclays Bank PLC | 6469175 | 09/09/27 | 0.00% | HONIA | Monthly  | &nbsp;&nbsp; 105928 |
| Ck Hutchison Holdings Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 3321039 | 01/06/27 | 0.30% | HONIA | Monthly  | &nbsp;&nbsp; 54380 |
| CKD Corp. | BNP Paribas SA | 1949971 | 03/24/27 | 0.25% | 1D TONA | Monthly  | &nbsp;&nbsp; 73557 |
| CKD Corp. | SG Americas Securities LLC | 3320226 | 12/08/25 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 103712 |
| Clarkson PLC | SG Americas Securities LLC | 1296489 | 12/08/25 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; 11988 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination*<br> *Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) |
| Clear Secure, Inc., Class A | Barclays Bank PLC | $144993 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; $(17)<br>|
| Cleveland-Cliffs, Inc. | UBS AG | 13287643 | 04/18/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (718178)<br>|
| CME Group, Inc., Class A | Barclays Bank PLC | 40950024 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (354744)<br>|
| CNA Financial Corp. | SG Americas Securities LLC | 2366371 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (103810)<br>|
| CNO Financial Group, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 17467228 | 02/08/27 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 216569 |
| Coca-Cola Bottlers Japan Holdings, <br> Inc.<br>| BNP Paribas SA | 12055882 | 03/24/27 | 0.25% | 1D TONA | Monthly  | &nbsp;&nbsp; (240880)<br>|
| Coca-Cola Bottlers Japan Holdings, <br> Inc.<br>| SG Americas Securities LLC | 20624107 | 12/08/25 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; (457148)<br>|
| Coca-Cola Bottlers Japan Holdings, <br> Inc.<br>| UBS AG | 3470116 | 04/03/28 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; (72683)<br>|
| Coca-Cola Co. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 11499575 | 02/05/27 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (95660)<br>|
| Coca-Cola HBC AG | Barclays Bank PLC | 7613410 | 08/17/26 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; (43354)<br>|
| Coca-Cola HBC AG | SG Americas Securities LLC | 14768077 | 12/08/25 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; 432207 |
| Codan Ltd. | BNP Paribas SA | 578654 | 03/22/27 | 0.25% | 1D AONIA | Monthly  | &nbsp;&nbsp; 37502 |
| Codan Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 2114284 | 01/06/27 | 0.29% | 1D AONIA | Monthly  | &nbsp;&nbsp; 116676 |
| Cogeco, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 5158816 | 01/04/27 | 0.20% | CABROVER | Monthly  | &nbsp;&nbsp; (255892)<br>|
| Cogent Communications Holdings, <br> Inc.<br>| UBS AG | 4259695 | 04/21/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (363632)<br>|
| Cognizant Technology Solutions <br> Corp., Class A<br>| Barclays Bank PLC | 4148807 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 274645 |
| Cognyte Software Ltd. | SG Americas Securities LLC | 1673603 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (35316)<br>|
| Cohu, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 1115949 | 02/08/27 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 104668 |
| Coles Group Ltd. | SG Americas Securities LLC | 7208097 | 12/08/25 | 0.30% | 1D AONIA | Monthly  | &nbsp;&nbsp; (320967)<br>|
| Coles Group Ltd. | UBS AG | 6859754 | 09/03/29 | 0.25% | 1D AONIA | Monthly  | &nbsp;&nbsp; (306579)<br>|
| Collegium Pharmaceutical, Inc. | Barclays Bank PLC | 481656 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 3912 |
| Colliers International Group, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 5360018 | 01/04/27 | 0.20% | CABROVER | Monthly  | &nbsp;&nbsp; (104753)<br>|
| Colliers International Group, Inc. | UBS AG | 238127 | 04/18/28 | 0.25% | 1D CORRA | Monthly  | &nbsp;&nbsp; 6753 |
| Comcast Corp., Class A | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 20888141 | 02/05/27 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (1111903)<br>|
| Comfort Systems USA, Inc. | SG Americas Securities LLC | 17010904 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 2387598 |
| ComfortDelGro Corp. Ltd. | Barclays Bank PLC | 3301175 | 12/24/27 | 0.00% | SORA | Monthly  | &nbsp;&nbsp; (23703)<br>|
| Commerce Bancshares, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 948816 | 02/05/27 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (10476)<br>|
| Commonwealth Bank of Australia | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 4082355 | 01/07/27 | 0.29% | 1D AONIA | Monthly  | &nbsp;&nbsp; (62387)<br>|
| Community Trust Bancorp, Inc. | SG Americas Securities LLC | 1530071 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (119700)<br>|
| Compass Group PLC | SG Americas Securities LLC | 4803712 | 12/08/25 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; (84207)<br>|
| Compass Group PLC | UBS AG | 3632166 | 04/18/28 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; (73174)<br>|
| Compass Minerals International, Inc. | SG Americas Securities LLC | 4347887 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (455664)<br>|
| Compass Minerals International, Inc. | UBS AG | 590450 | 04/21/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (66210)<br>|
| Compass, Inc., Class A | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 3454940 | 02/08/27 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 45400 |
| Computacenter PLC | Barclays Bank PLC | 5910930 | 12/10/26 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; 357720 |
| Computacenter PLC | SG Americas Securities LLC | 2902536 | 12/08/25 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; 90196 |
| Computershare Ltd. | JPMorgan Chase Bank N.A. | 3266301 | 02/10/26 | 0.25% | 1D AONIA | Monthly  | &nbsp;&nbsp; 14524 |
| COMSYS Holdings Corp. | Bank of America N.A. | 2501029 | 02/15/28 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 81240 |
| COMSYS Holdings Corp. | Barclays Bank PLC | 16481233 | 05/12/27 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; 56387 |
| Consolidated Edison, Inc. | Barclays Bank PLC | 23181666 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (1030145)<br>|
| Constellation Brands, Inc., Class A | BNP Paribas SA | 8320550 | 04/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (417912)<br>|
| Constellium SE, Class A | Goldman Sachs Bank USA | 91323 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (1033)<br>|
| Constellium SE, Class A | SG Americas Securities LLC | 12327781 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 505839 |
| Continental AG | Barclays Bank PLC | 18531729 | 08/17/26 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; 713977 |
| Continental AG | UBS AG | 2457268 | 04/18/28 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; 507130 |
| COPT Defense Properties | Barclays Bank PLC | 295318 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (604)<br>|

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination*<br> *Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) |
| CoreCivic, Inc. | Barclays Bank PLC | $282372 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; $1378 |
| Corteva, Inc. | Barclays Bank PLC | 292829 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (6519)<br>|
| Corteva, Inc. | Citibank N.A. | 12993694 | 02/24/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (345840)<br>|
| Corteva, Inc. | JPMorgan Chase Bank N.A. | 6064303 | 02/09/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (160472)<br>|
| Costco Wholesale Corp. | SG Americas Securities LLC | 26858490 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (188551)<br>|
| Coursera, Inc. | Bank of America N.A. | 1663985 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (297082)<br>|
| Coursera, Inc. | Barclays Bank PLC | 9162821 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (1779955)<br>|
| Coursera, Inc. | BNP Paribas SA | 4277510 | 04/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (763692)<br>|
| Coursera, Inc. | SG Americas Securities LLC | 2117833 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (355762)<br>|
| Coursera, Inc. | UBS AG | 3858479 | 04/21/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (688880)<br>|
| Covivio SA | UBS AG | 3243494 | 04/18/28 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; (81731)<br>|
| CRA International, Inc. | Bank of America N.A. | 1456957 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 96299 |
| CRA International, Inc. | SG Americas Securities LLC | 6400894 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 291972 |
| CRA International, Inc. | UBS AG | 1607048 | 04/21/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 106219 |
| Crane Co. | UBS AG | 3911282 | 04/18/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 198798 |
| Craneware PLC | Barclays Bank PLC | 1008642 | 12/10/26 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; 13630 |
| Craneware PLC | BNP Paribas SA | 669350 | 03/17/27 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; 12115 |
| Create SD Holdings Co. Ltd. | Bank of America N.A. | 3449627 | 02/15/28 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; (28036)<br>|
| Create SD Holdings Co. Ltd. | BNP Paribas SA | 3166692 | 03/24/27 | 0.25% | 1D TONA | Monthly  | &nbsp;&nbsp; (22807)<br>|
| Create SD Holdings Co. Ltd. | Goldman Sachs Bank USA | 311323 | 08/19/26 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; (2530)<br>|
| Credit Acceptance Corp. | Barclays Bank PLC | 3312182 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (357054)<br>|
| Credit Agricole SA | Barclays Bank PLC | 31689698 | 08/17/26 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; (1323685)<br>|
| Credit Agricole SA | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 41837225 | 01/06/27 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; (1701035)<br>|
| Credit Corp Group Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 386456 | 01/06/27 | 0.29% | 1D AONIA | Monthly  | &nbsp;&nbsp; (17060)<br>|
| Credit Corp Group Ltd. | UBS AG | 819208 | 04/03/28 | 0.25% | 1D AONIA | Monthly  | &nbsp;&nbsp; (31438)<br>|
| Credit Saison Co., Ltd. | Barclays Bank PLC | 5763091 | 09/09/27 | 0.19% | 1D P TONA | Monthly  | &nbsp;&nbsp; (99276)<br>|
| Credito Emiliano SpA | Bank of America N.A. | 283476 | 02/15/28 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; 15103 |
| Credito Emiliano SpA | BNP Paribas SA | 711096 | 03/17/27 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; 37887 |
| Credito Emiliano SpA | Goldman Sachs Bank USA | 106732 | 08/19/26 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; 5687 |
| Credito Emiliano SpA | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 797909 | 01/04/27 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; 26083 |
| Credito Emiliano SpA | UBS AG | 147570 | 04/24/28 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; 7862 |
| Credo Technology Group Holding <br> Ltd.<br>| UBS AG | 2093887 | 04/18/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 895650 |
| Crimson Wine Group Ltd. | Goldman Sachs Bank USA | 5 | 08/19/26 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; — |
| Crombie Real Estate Investment <br> Trust<br>| SG Americas Securities LLC | 752254 | 12/08/25 | 0.20% | CABROVER | Monthly  | &nbsp;&nbsp; (6494)<br>|
| Crombie Real Estate Investment <br> Trust<br>| UBS AG | 1864028 | 04/21/28 | 0.25% | 1D CORRA | Monthly  | &nbsp;&nbsp; (22205)<br>|
| Crown Castle, Inc. | Barclays Bank PLC | 442541 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (12)<br>|
| Crown Holdings, Inc. | Barclays Bank PLC | 3625266 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (63036)<br>|
| CSG Systems International, Inc. | Barclays Bank PLC | 5115369 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 859371 |
| CSL Ltd. | Barclays Bank PLC | 5719028 | 09/09/27 | 0.00% | 1D AONIA | Monthly  | &nbsp;&nbsp; (854569)<br>|
| CSX Corp. | Barclays Bank PLC | 3851502 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 17370 |
| CSX Corp. | Citibank N.A. | 1219664 | 02/24/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 3396 |
| CT Real Estate Investment Trust | UBS AG | 2155150 | 04/21/28 | 0.25% | 1D CORRA | Monthly  | &nbsp;&nbsp; 5298 |
| CubeSmart | SG Americas Securities LLC | 17561606 | 12/08/25 | 0.19% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (989820)<br>|
| CubeSmart | UBS AG | 12052959 | 04/18/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (1008567)<br>|
| Cullen/Frost Bankers, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 243004 | 02/05/27 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 74 |
| Currys PLC | SG Americas Securities LLC | 3438965 | 12/08/25 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; (36327)<br>|
| Currys PLC | UBS AG | 4881184 | 04/24/28 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; (128541)<br>|
| Curtiss-Wright Corp. | SG Americas Securities LLC | 22361871 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1556093 |
| CyberAgent, Inc. | BNP Paribas SA | 31367349 | 09/07/26 | 0.15% | 1D TONA | Monthly  | &nbsp;&nbsp; (1845352)<br>|
| CyberAgent, Inc. | Citibank N.A. | 8263549 | 02/26/26 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; (383640)<br>|
| CyberAgent, Inc. | UBS AG | 4307726 | 04/18/28 | 0.18% | 1D P TONA | Monthly  | &nbsp;&nbsp; (145978)<br>|
| D.R. Horton, Inc. | SG Americas Securities LLC | 6722239 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (219966)<br>|
| D/S Norden A/S | Barclays Bank PLC | 6930553 | 02/19/27 | 0.28% | DESTR | Monthly  | &nbsp;&nbsp; 353223 |
| Dai Nippon Printing Co. Ltd. | BNP Paribas SA | 671327 | 09/07/26 | 0.00% | 1D TONA | Monthly  | &nbsp;&nbsp; 1295 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination*<br> *Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) |
| Daido Steel Co. Ltd. | Barclays Bank PLC | $294047 | 05/12/27 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; $(728)<br>|
| Daihen Corp. | SG Americas Securities LLC | 134021 | 12/08/25 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 16482 |
| Dai-ichi Life Holdings, Inc. | Barclays Bank PLC | 2899872 | 09/09/27 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; (58582)<br>|
| Dai-ichi Life Holdings, Inc. | SG Americas Securities LLC | 14803416 | 12/08/25 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; (705063)<br>|
| Daiichi Sankyo Co., Ltd. | UBS AG | 8515451 | 09/03/29 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; (785257)<br>|
| Daiichikosho Co. Ltd. | SG Americas Securities LLC | 7202768 | 12/08/25 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; (190862)<br>|
| Daikin Industries Ltd. | SG Americas Securities LLC | 1796130 | 12/08/25 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 27896 |
| Daito Trust Construction Co., Ltd. | SG Americas Securities LLC | 1871708 | 12/08/25 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; (106800)<br>|
| Daito Trust Construction Co., Ltd. | UBS AG | 7731045 | 04/18/28 | 0.20% | 1D P TONA | Monthly  | &nbsp;&nbsp; (452670)<br>|
| Daiwa House Industry Co. Ltd. | Barclays Bank PLC | 3803106 | 05/12/27 | 0.23% | 1D P TONA | Monthly  | &nbsp;&nbsp; (74414)<br>|
| Daiwa House Industry Co. Ltd. | SG Americas Securities LLC | 13210696 | 12/08/25 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; (97506)<br>|
| Daiwa Securities Group, Inc. | BNP Paribas SA | 7403898 | 03/24/27 | 0.25% | 1D TONA | Monthly  | &nbsp;&nbsp; 282049 |
| Daiwa Securities Group, Inc. | SG Americas Securities LLC | 3223439 | 12/08/25 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; (8071)<br>|
| Daiwabo Holdings Co., Ltd. | SG Americas Securities LLC | 16051945 | 12/08/25 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; (71193)<br>|
| Dana, Inc. | Barclays Bank PLC | 370119 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 4091 |
| Dana, Inc. | Citibank N.A. | 6468794 | 06/25/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 207186 |
| Danaher Corp. | SG Americas Securities LLC | 21901206 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1113440 |
| Dassault Systemes SE | UBS AG | 3811249 | 09/03/29 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; (617466)<br>|
| Data#3 Ltd. | Bank of America N.A. | 550169 | 02/15/28 | 0.25% | 1D AONIA | Monthly  | &nbsp;&nbsp; 1307 |
| Data#3 Ltd. | BNP Paribas SA | 2026508 | 03/22/27 | 0.25% | 1D AONIA | Monthly  | &nbsp;&nbsp; 4813 |
| Data#3 Ltd. | Goldman Sachs Bank USA | 1015334 | 08/19/26 | 0.30% | 1D AONIA | Monthly  | &nbsp;&nbsp; 2411 |
| Dave & Buster's Entertainment, Inc. | Barclays Bank PLC | 1951054 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (344497)<br>|
| DaVita, Inc. | SG Americas Securities LLC | 2674469 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (146961)<br>|
| DCC PLC | BNP Paribas SA | 1970185 | 03/22/27 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; (9494)<br>|
| De' Longhi SpA | Bank of America N.A. | 805576 | 02/15/28 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; 103530 |
| De' Longhi SpA | BNP Paribas SA | 878058 | 03/17/27 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; 112845 |
| De' Longhi SpA | Goldman Sachs Bank USA | 744027 | 08/19/26 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; 95619 |
| De' Longhi SpA | UBS AG | 937731 | 04/24/28 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; 120514 |
| Delek U.S. Holdings, Inc. | Barclays Bank PLC | 11897738 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 732529 |
| Delek U.S. Holdings, Inc. | SG Americas Securities LLC | 2947186 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 266379 |
| Dell Technologies, Inc., Class C | Barclays Bank PLC | 2890440 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 161180 |
| Delta Air Lines, Inc. | SG Americas Securities LLC | 14719196 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 66999 |
| Denso Corp. | Barclays Bank PLC | 6564125 | 05/12/27 | 0.15% | 1D P TONA | Monthly  | &nbsp;&nbsp; (373229)<br>|
| Dentsu Group, Inc. | Citibank N.A. | 4390941 | 02/26/26 | 0.15% | 1D P TONA | Monthly  | &nbsp;&nbsp; (126958)<br>|
| Dentsu Group, Inc. | JPMorgan Chase Bank N.A. | 4218099 | 02/10/26 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; (132360)<br>|
| Dentsu Group, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 241640 | 01/07/27 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; (2001)<br>|
| Dentsu Group, Inc. | SG Americas Securities LLC | 8171967 | 12/08/25 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; (156947)<br>|
| Dentsu Soken, Inc. | SG Americas Securities LLC | 2384362 | 12/08/25 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 279937 |
| Descartes Systems Group, Inc. | Citibank N.A. | 4359090 | 02/24/28 | 0.20% | 1D CORRA | Monthly  | &nbsp;&nbsp; (377374)<br>|
| Descartes Systems Group, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 11306301 | 01/04/27 | 0.20% | CABROVER | Monthly  | &nbsp;&nbsp; (815659)<br>|
| Deutsche Bank AG, Class N, <br> Registered Shares<br>| &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 40367130 | 01/04/27 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; 2903925 |
| Deutsche Bank AG, Class N, <br> Registered Shares<br>| &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 2441759 | 01/06/27 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; 4646 |
| Deutsche Post AG, Class N | Barclays Bank PLC | 12790144 | 08/17/26 | 0.10% | 1D ESTR | Monthly  | &nbsp;&nbsp; 128913 |
| Deutsche Post AG, Class N | JPMorgan Chase Bank N.A. | 854255 | 02/10/26 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; 21115 |
| Deutsche Telekom AG, Class N, <br> Registered Shares<br>| Barclays Bank PLC | 19990082 | 08/17/26 | 0.15% | 1D ESTR | Monthly  | &nbsp;&nbsp; (2101518)<br>|
| Deutsche Telekom AG, Class N, <br> Registered Shares<br>| Citibank N.A. | 488647 | 07/06/26 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; (51370)<br>|
| Deutsche Telekom AG, Class N, <br> Registered Shares<br>| Goldman Sachs Bank USA | 27895374 | 08/19/26 | 0.05% | 1D ESTR | Monthly  | &nbsp;&nbsp; (2388993)<br>|
| Deutsche Telekom AG, Class N, <br> Registered Shares<br>| Goldman Sachs Bank USA | 20159667 | 08/19/26 | 0.05% | 1D ESTR | Monthly  | &nbsp;&nbsp; (1726498)<br>|
| Deutsche Telekom AG, Class N, <br> Registered Shares<br>| JPMorgan Chase Bank N.A. | 8295074 | 02/10/26 | 0.05% | 1D ESTR | Monthly  | &nbsp;&nbsp; (674097)<br>|
| Deutsche Telekom AG, Class N, <br> Registered Shares<br>| JPMorgan Chase Bank N.A. | 3315400 | 02/10/26 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; (269425)<br>|
| Devon Energy Corp. | Barclays Bank PLC | 22020488 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 54355 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination*<br> *Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) |
| Dexcom, Inc. | Barclays Bank PLC | $516281 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; $(86327)<br>|
| DHT Holdings, Inc. | Bank of America N.A. | 2001019 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 278015 |
| DiaSorin SpA | Barclays Bank PLC | 364859 | 12/10/26 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; (2507)<br>|
| DIC Corp. | Bank of America N.A. | 19715263 | 02/15/28 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 128282 |
| DIC Corp. | Goldman Sachs Bank USA | 3834431 | 08/19/26 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 26520 |
| Dicker Data Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 356365 | 01/06/27 | 0.29% | 1D AONIA | Monthly  | &nbsp;&nbsp; (8821)<br>|
| Dicker Data Ltd. | UBS AG | 1010337 | 04/03/28 | 0.25% | 1D AONIA | Monthly  | &nbsp;&nbsp; (20290)<br>|
| Digi International, Inc. | SG Americas Securities LLC | 3916892 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 12856 |
| Digi International, Inc. | UBS AG | 1341015 | 04/21/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (50319)<br>|
| DigiCo Infrastructure REIT | Bank of America N.A. | 1297727 | 02/15/28 | 0.25% | 1D AONIA | Monthly  | &nbsp;&nbsp; (155039)<br>|
| Digital Realty Trust, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 5687405 | 02/05/27 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (86028)<br>|
| Digital Turbine, Inc. | Barclays Bank PLC | 3611811 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 11614 |
| Digital Turbine, Inc. | Citibank N.A. | 1871617 | 06/25/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 6018 |
| Digitalbridge Group, Inc., Class A | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 2072177 | 02/08/27 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (10457)<br>|
| DigitalOcean Holdings, Inc. | SG Americas Securities LLC | 14112432 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1054439 |
| Diodes, Inc. | SG Americas Securities LLC | 1309347 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 19424 |
| Dios Fastigheter AB | Barclays Bank PLC | 388601 | 01/18/27 | 0.28% | 1D STIBOR | Monthly  | &nbsp;&nbsp; (32985)<br>|
| Diploma PLC | SG Americas Securities LLC | 242052 | 12/08/25 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; (372)<br>|
| DMG Mori Co. Ltd. | Barclays Bank PLC | 31020149 | 09/09/27 | 0.22% | 1D P TONA | Monthly  | &nbsp;&nbsp; (7675338)<br>|
| DMG Mori Co. Ltd. | BNP Paribas SA | 881652 | 09/07/26 | 0.15% | 1D TONA | Monthly  | &nbsp;&nbsp; (219399)<br>|
| DMG Mori Co. Ltd. | Goldman Sachs Bank USA | 14453 | 08/19/26 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; (3597)<br>|
| DMG Mori Co. Ltd. | SG Americas Securities LLC | 8614885 | 12/08/25 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; (1961335)<br>|
| DMG Mori Co. Ltd. | SG Americas Securities LLC | 19814320 | 12/08/25 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; (4517358)<br>|
| DNB Bank ASA | Citibank N.A. | 3402473 | 02/26/26 | 0.26% | NOWA | Monthly  | &nbsp;&nbsp; (13717)<br>|
| DNB Bank ASA | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 453233 | 01/06/27 | 0.26% | NOWA | Monthly  | &nbsp;&nbsp; 354 |
| DO & CO AG | Bank of America N.A. | 3265439 | 02/15/28 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; (179598)<br>|
| DocMorris AG | BNP Paribas SA | 106868 | 03/17/27 | 0.26% | SSARON | Monthly  | &nbsp;&nbsp; (10836)<br>|
| Dole PLC | SG Americas Securities LLC | 4764586 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (123850)<br>|
| Dole PLC | UBS AG | 943010 | 04/21/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (23106)<br>|
| Dollar General Corp. | UBS AG | 23730535 | 04/18/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (1505101)<br>|
| Dollarama, Inc. | Citibank N.A. | 10455677 | 02/24/28 | 0.20% | 1D CORRA | Monthly  | &nbsp;&nbsp; (50794)<br>|
| Dollarama, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 1096548 | 01/04/27 | 0.20% | CABROVER | Monthly  | &nbsp;&nbsp; (5327)<br>|
| Domino's Pizza, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 1184802 | 02/05/27 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (11337)<br>|
| dormakaba Holding AG | BNP Paribas SA | 5580459 | 03/17/27 | 0.26% | SSARON | Monthly  | &nbsp;&nbsp; (53141)<br>|
| dormakaba Holding AG | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 1106433 | 01/04/27 | 0.26% | SSARON | Monthly  | &nbsp;&nbsp; (10536)<br>|
| DoubleVerify Holdings, Inc. | BNP Paribas SA | 14217710 | 04/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 407616 |
| Doutor Nichires Holdings Co. Ltd. | Bank of America N.A. | 2119708 | 02/15/28 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; (46524)<br>|
| Doutor Nichires Holdings Co. Ltd. | BNP Paribas SA | 2118113 | 03/24/27 | 0.25% | 1D TONA | Monthly  | &nbsp;&nbsp; (46489)<br>|
| Doutor Nichires Holdings Co. Ltd. | SG Americas Securities LLC | 3502174 | 12/08/25 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; (288661)<br>|
| Dover Corp. | Bank of America N.A. | 2772865 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 320484 |
| Dover Corp. | Goldman Sachs Bank USA | 8384472 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 969065 |
| Dover Corp. | SG Americas Securities LLC | 12759558 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1294156 |
| Dow, Inc. | Barclays Bank PLC | 11959630 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1184940 |
| Dowa Holdings Co. Ltd. | Bank of America N.A. | 3353991 | 02/15/28 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; (36271)<br>|
| Dowa Holdings Co. Ltd. | Barclays Bank PLC | 1024867 | 05/12/27 | 0.15% | 1D P TONA | Monthly  | &nbsp;&nbsp; 1269 |
| Downer EDI Ltd. | BNP Paribas SA | 4242313 | 03/22/27 | 0.25% | 1D AONIA | Monthly  | &nbsp;&nbsp; 101126 |
| Downer EDI Ltd. | UBS AG | 3607515 | 04/03/28 | 0.25% | 1D AONIA | Monthly  | &nbsp;&nbsp; 85994 |
| Doximity, Inc., Class A | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 8355848 | 02/05/27 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (47834)<br>|
| DPM Metals, Inc. | UBS AG | 870259 | 04/18/28 | 0.25% | 1D CORRA | Monthly  | &nbsp;&nbsp; (113644)<br>|
| DraftKings, Inc., Class A | SG Americas Securities LLC | 8072410 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (455102)<br>|
| Dropbox, Inc., Class A | Barclays Bank PLC | 18732977 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (137220)<br>|
| Dropbox, Inc., Class A | SG Americas Securities LLC | 7437304 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (85746)<br>|
| DSM-Firmenich AG | UBS AG | 24215662 | 04/18/28 | 0.13% | 1D ESTR | Monthly  | &nbsp;&nbsp; (772561)<br>|

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination*<br> *Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) |
| DSM-Firmenich AG | UBS AG | $28913609 | 09/03/29 | 0.16% | 1D ESTR | Monthly  | &nbsp;&nbsp; $(1006347)<br>|
| DTS Corp. | SG Americas Securities LLC | 7038634 | 12/08/25 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; (289864)<br>|
| DTS Corp. | UBS AG | 3014709 | 04/03/28 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 4368 |
| Ducommun, Inc. | SG Americas Securities LLC | 1516770 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (88865)<br>|
| Duerr AG | BNP Paribas SA | 925115 | 03/24/27 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; 40921 |
| Dunelm Group PLC | BNP Paribas SA | 7746214 | 03/17/27 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; 32533 |
| Duolingo, Inc., Class A | UBS AG | 6487490 | 04/18/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (1078479)<br>|
| DuPont de Nemours, Inc. | BNP Paribas SA | 12866512 | 04/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 511187 |
| D-Wave Quantum, Inc. | Barclays Bank PLC | 3280394 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1174403 |
| DXC Technology Co. | SG Americas Securities LLC | 20293959 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1311682 |
| DXC Technology Co. | UBS AG | 9009473 | 04/21/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 756521 |
| DXP Enterprises, Inc. | BNP Paribas SA | 2601853 | 04/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (1738)<br>|
| DXP Enterprises, Inc. | Goldman Sachs Bank USA | 394031 | 08/19/26 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (263)<br>|
| DXP Enterprises, Inc. | SG Americas Securities LLC | 4299706 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (164842)<br>|
| Dycom Industries, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 526907 | 02/05/27 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 2627 |
| E.ON SE, Class N | Barclays Bank PLC | 5727375 | 12/10/26 | 0.10% | 1D ESTR | Monthly  | &nbsp;&nbsp; 13250 |
| Earth Corp. | BNP Paribas SA | 3856726 | 03/24/27 | 0.25% | 1D TONA | Monthly  | &nbsp;&nbsp; (34225)<br>|
| Easterly Government Properties, Inc. | Barclays Bank PLC | 205574 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (6000)<br>|
| EDION Corp. | SG Americas Securities LLC | 7346888 | 12/08/25 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; (257958)<br>|
| Edison International | BNP Paribas SA | 27125635 | 04/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (650174)<br>|
| EDP SA | Barclays Bank PLC | 1878958 | 12/10/26 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; (46834)<br>|
| EDP SA | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 13915906 | 01/04/27 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; (310627)<br>|
| Eiffage SA | Barclays Bank PLC | 3692295 | 08/17/26 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; (179225)<br>|
| Eiffage SA | Barclays Bank PLC | 7560347 | 12/10/26 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; (366982)<br>|
| Eisai Co., Ltd. | BNP Paribas SA | 354532 | 09/07/26 | 0.00% | 1D TONA | Monthly  | &nbsp;&nbsp; 1875 |
| Elastic NV | Bank of America N.A. | 27637002 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 3112135 |
| Elbit Systems Ltd. | Bank of America N.A. | 3475087 | 02/15/28 | 0.45% | SHIR | Monthly  | &nbsp;&nbsp; (327020)<br>|
| Elbit Systems Ltd. | SG Americas Securities LLC | 11364790 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (1005012)<br>|
| Elbit Systems Ltd. | UBS AG | 2862161 | 04/18/28 | 0.40% | SHIR | Monthly  | &nbsp;&nbsp; (291981)<br>|
| Elecnor SA | Barclays Bank PLC | 1087397 | 12/10/26 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; (8386)<br>|
| Elecom Co. Ltd. | Bank of America N.A. | 2647482 | 02/15/28 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 10555 |
| Elecom Co. Ltd. | Goldman Sachs Bank USA | 620813 | 08/19/26 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 2475 |
| EMCOR Group, Inc. | Barclays Bank PLC | 1874766 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 36340 |
| Emerson Electric Co. | UBS AG | 2390035 | 04/18/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 93753 |
| Emirates Integrated <br> Telecommunications Co PJSC<br>| Goldman Sachs Bank USA | 1349864 | 08/19/26 | 0.75% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 23311 |
| Empire Co., Ltd., Class A | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 7263014 | 01/06/27 | 0.20% | CABROVER | Monthly  | &nbsp;&nbsp; (139041)<br>|
| EMS-Chemie Holding AG, Registered <br> Shares<br>| SG Americas Securities LLC | 115572 | 12/08/25 | 0.26% | SSARON | Monthly  | &nbsp;&nbsp; (3244)<br>|
| Enagas SA | Barclays Bank PLC | 37457945 | 08/17/26 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; (1147479)<br>|
| Enagas SA | BNP Paribas SA | 5733978 | 08/17/26 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; (36812)<br>|
| Enagas SA | SG Americas Securities LLC | 41165461 | 12/08/25 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; 1173076 |
| Enagas SA | SG Americas Securities LLC | 9046534 | 12/08/25 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; 179265 |
| Encore Capital Group, Inc. | Barclays Bank PLC | 5002925 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (173075)<br>|
| Encore Capital Group, Inc. | SG Americas Securities LLC | 5589855 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (142792)<br>|
| Endeavour Mining PLC | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 32123914 | 01/04/27 | 0.20% | CABROVER | Monthly  | &nbsp;&nbsp; (803062)<br>|
| Endeavour Mining PLC | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 17864795 | 01/06/27 | 0.20% | CABROVER | Monthly  | &nbsp;&nbsp; (455450)<br>|
| Endeavour Silver Corp. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 1645943 | 01/04/27 | 0.20% | CABROVER | Monthly  | &nbsp;&nbsp; 42504 |
| ENEOS Holdings, Inc. | Bank of America N.A. | 72276716 | 02/15/28 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; 3437305 |
| ENEOS Holdings, Inc. | UBS AG | 51751560 | 09/03/29 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 2437131 |
| Enerflex Ltd. | Goldman Sachs Bank USA | 1236709 | 08/18/26 | 0.20% | 1D CORRA | Monthly  | &nbsp;&nbsp; 189020 |
| Enerflex Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 1316197 | 01/04/27 | 0.20% | CABROVER | Monthly  | &nbsp;&nbsp; 120468 |
| Enerflex Ltd. | SG Americas Securities LLC | 4676304 | 12/08/25 | 0.20% | CABROVER | Monthly  | &nbsp;&nbsp; 453389 |
| Engie SA | Barclays Bank PLC | 8021222 | 08/17/26 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; 308498 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination*<br> *Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) |
| Engie SA | Barclays Bank PLC | $13881922 | 12/10/26 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; $533901 |
| Engie SA | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 4048060 | 01/04/27 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; 155689 |
| Engie SA | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 8022304 | 01/06/27 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; 308539 |
| Enhabit, Inc. | Bank of America N.A. | 2685138 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 16616 |
| Enova International, Inc. | Bank of America N.A. | 503142 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 35401 |
| Enova International, Inc. | Goldman Sachs Bank USA | 2293853 | 08/19/26 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 161397 |
| Enova International, Inc. | SG Americas Securities LLC | 29447512 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 3091431 |
| Enovis Corp. | Barclays Bank PLC | 13245884 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (606867)<br>|
| Enphase Energy, Inc. | Barclays Bank PLC | 3115219 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (480925)<br>|
| Enpro, Inc. | Barclays Bank PLC | 3023829 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 38007 |
| Entain PLC | Barclays Bank PLC | 935725 | 12/10/26 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; (26903)<br>|
| Entain PLC | JPMorgan Chase Bank N.A. | 2609220 | 02/10/26 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; (105921)<br>|
| Entain PLC | SG Americas Securities LLC | 5729111 | 12/08/25 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; (179991)<br>|
| Entergy Corp. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 36606240 | 02/05/27 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 34318 |
| EOG Resources, Inc. | SG Americas Securities LLC | 4969413 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (70926)<br>|
| EPAM Systems, Inc. | SG Americas Securities LLC | 1820657 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 169624 |
| EPR Properties | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 30746026 | 02/08/27 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (2967324)<br>|
| Equifax, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 391164 | 02/05/27 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (22794)<br>|
| Equinix, Inc. | Bank of America N.A. | 35563524 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1028100 |
| Equinor ASA | Barclays Bank PLC | 275456 | 08/17/26 | (0.10)% | NOWA | Monthly  | &nbsp;&nbsp; 6044 |
| ESR-REIT | Barclays Bank PLC | 7219372 | 12/24/27 | 0.00% | SORA | Monthly  | &nbsp;&nbsp; 23178 |
| Essent Group Ltd. | Bank of America N.A. | 6853625 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 37545 |
| Essent Group Ltd. | SG Americas Securities LLC | 3755251 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 60477 |
| Etablissements Maurel et Prom SA | UBS AG | 1436348 | 04/24/28 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; 26562 |
| Ethan Allen Interiors, Inc. | Barclays Bank PLC | 2072019 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (249577)<br>|
| Ethan Allen Interiors, Inc. | SG Americas Securities LLC | 2797582 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (389549)<br>|
| Etsy, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 5478822 | 02/05/27 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (684114)<br>|
| Etsy, Inc. | SG Americas Securities LLC | 10179488 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (1181366)<br>|
| Eurofins Scientific SE | Bank of America N.A. | 7497122 | 02/15/28 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; (115789)<br>|
| Eurofins Scientific SE | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 1355873 | 01/04/27 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; (10805)<br>|
| Eutelsat Communications SACA | Barclays Bank PLC | 263195 | 12/10/26 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; (1837)<br>|
| Evercore, Inc., Class A | SG Americas Securities LLC | 7740120 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (570530)<br>|
| EverQuote, Inc., Class A | SG Americas Securities LLC | 2742862 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (89910)<br>|
| EverQuote, Inc., Class A | UBS AG | 226335 | 04/21/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 12414 |
| Everus Construction Group, Inc. | Barclays Bank PLC | 6700703 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 723738 |
| Evolution Ab | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 2485238 | 01/08/27 | 0.26% | 1D STIBOR | Monthly  | &nbsp;&nbsp; (118962)<br>|
| Evolution Ab | SG Americas Securities LLC | 6683738 | 12/08/25 | 0.10% | 1D STIBOR | Monthly  | &nbsp;&nbsp; (335401)<br>|
| Evolution Mining Ltd. | Barclays Bank PLC | 2907511 | 05/12/27 | 0.00% | 1D AONIA | Monthly  | &nbsp;&nbsp; 107261 |
| Evolution Mining Ltd. | UBS AG | 23174033 | 09/03/29 | 0.25% | 1D AONIA | Monthly  | &nbsp;&nbsp; (627243)<br>|
| Evonik Industries AG | Barclays Bank PLC | 11155407 | 12/10/26 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; (307343)<br>|
| Evonik Industries AG | Goldman Sachs Bank USA | 647631 | 08/19/26 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; (503)<br>|
| Evonik Industries AG | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 2582112 | 01/04/27 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; (71038)<br>|
| Evotec SE | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 3503317 | 01/04/27 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; 176765 |
| Exact Sciences Corp. | Barclays Bank PLC | 3907969 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 110574 |
| Exelixis, Inc. | Barclays Bank PLC | 5821544 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 417899 |
| EXEO Group, Inc. | Barclays Bank PLC | 17310991 | 05/12/27 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; 280445 |
| EXEO Group, Inc. | SG Americas Securities LLC | 6911150 | 12/08/25 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 235326 |
| ExlService Holdings, Inc. | BNP Paribas SA | 16217926 | 04/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (521153)<br>|
| eXp World Holdings, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 5983713 | 02/08/27 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (433602)<br>|

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination*<br> *Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) |
| Expeditors International of <br> Washington, Inc.<br>| Bank of America N.A. | $16857445 | 02/15/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; $487218 |
| Experian PLC | Barclays Bank PLC | 25621545 | 08/17/26 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; (101049)<br>|
| Experian PLC | Barclays Bank PLC | 28755186 | 12/10/26 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; (80918)<br>|
| Exponent, Inc. | Barclays Bank PLC | 2379315 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 57470 |
| Extendicare, Inc. | SG Americas Securities LLC | 88673 | 12/08/25 | 0.20% | CABROVER | Monthly  | &nbsp;&nbsp; 7225 |
| Extendicare, Inc. | UBS AG | 1593191 | 04/21/28 | 0.25% | 1D CORRA | Monthly  | &nbsp;&nbsp; 133303 |
| Extreme Networks, Inc. | Barclays Bank PLC | 2415146 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (174362)<br>|
| EZCORP, Inc., Class A | Bank of America N.A. | 3580911 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (141352)<br>|
| EZCORP, Inc., Class A | Goldman Sachs Bank USA | 2085725 | 08/19/26 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (82331)<br>|
| FactSet Research Systems, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 346960 | 02/05/27 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (120)<br>|
| Fastighets AB Balder, Class B | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 1293500 | 01/04/27 | 0.26% | 1D STIBOR | Monthly  | &nbsp;&nbsp; (77431)<br>|
| Federal Agricultural Mortgage Corp., <br> Class C<br>| Barclays Bank PLC | 132030 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (2738)<br>|
| Federated Hermes, Inc., Class B | SG Americas Securities LLC | 6406564 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (478138)<br>|
| Federated Hermes, Inc., Class B | UBS AG | 6440924 | 04/21/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (457862)<br>|
| Ferguson Enterprises, Inc. | JPMorgan Chase Bank N.A. | 2734238 | 02/09/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 158550 |
| Ferguson Enterprises, Inc. | UBS AG | 1429398 | 04/18/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 42468 |
| Ferrari NV | Barclays Bank PLC | 6315206 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 158497 |
| Fidelity National Information Services, <br> Inc.<br>| UBS AG | 17969630 | 04/18/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (1076726)<br>|
| Fifth Third Bancorp | SG Americas Securities LLC | 20069502 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (885012)<br>|
| First Citizens BancShares, Inc., <br> Class A<br>| Barclays Bank PLC | 11178898 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 516373 |
| First Citizens BancShares, Inc., <br> Class A<br>| Citibank N.A. | 5178680 | 02/24/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 244685 |
| First Financial Bankshares, Inc. | SG Americas Securities LLC | 13219769 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (989800)<br>|
| First Financial Corp. | UBS AG | 1407019 | 04/21/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (8915)<br>|
| First Majestic Silver Corp. | UBS AG | 472129 | 04/18/28 | 0.25% | 1D CORRA | Monthly  | &nbsp;&nbsp; (66510)<br>|
| First Quantum Minerals Ltd. | Citibank N.A. | 4557789 | 02/24/28 | 0.20% | 1D CORRA | Monthly  | &nbsp;&nbsp; (67843)<br>|
| First Quantum Minerals Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 42046 | 01/04/27 | 0.20% | CABROVER | Monthly  | &nbsp;&nbsp; (626)<br>|
| First Quantum Minerals Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 318851 | 01/06/27 | 0.20% | CABROVER | Monthly  | &nbsp;&nbsp; (14249)<br>|
| Firstgroup PLC | Bank of America N.A. | 1223959 | 02/15/28 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; (1165)<br>|
| Firstgroup PLC | BNP Paribas SA | 3194647 | 03/17/27 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; 6714 |
| Firstgroup PLC | Goldman Sachs Bank USA | 1334130 | 08/19/26 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; (1269)<br>|
| Firstgroup PLC | UBS AG | 1278557 | 04/24/28 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; (1217)<br>|
| Fiserv, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 15344686 | 02/05/27 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (6976291)<br>|
| Five Below, Inc. | SG Americas Securities LLC | 3540016 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 80811 |
| Five9, Inc. | Barclays Bank PLC | 12198264 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 740742 |
| flatexDEGIRO AG | Barclays Bank PLC | 10484241 | 12/10/26 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; 270758 |
| Flex Ltd. | Barclays Bank PLC | 26153697 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 495890 |
| Flex Ltd. | SG Americas Securities LLC | 24200612 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1083851 |
| Flight Centre Travel Group Ltd. | UBS AG | 3136209 | 04/03/28 | 0.25% | 1D AONIA | Monthly  | &nbsp;&nbsp; 64563 |
| Floor & Decor Holdings, Inc., Class A | UBS AG | 748064 | 04/18/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (91211)<br>|
| Flowserve Corp. | Barclays Bank PLC | 6977768 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 2221240 |
| Flowserve Corp. | BNP Paribas SA | 2536906 | 04/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 888971 |
| Flowserve Corp. | UBS AG | 1224180 | 04/18/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 428972 |
| Flughafen Zurich AG, Class N, <br> Registered Shares<br>| SG Americas Securities LLC | 1504225 | 12/08/25 | 0.26% | SSARON | Monthly  | &nbsp;&nbsp; (42362)<br>|
| Fluor Corp. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 320149 | 02/05/27 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (1194)<br>|
| Food & Life Cos. Ltd. | Barclays Bank PLC | 12992663 | 09/09/27 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; 341979 |
| Food & Life Cos. Ltd. | Citibank N.A. | 4167329 | 02/26/26 | 0.23% | 1D P TONA | Monthly  | &nbsp;&nbsp; 110096 |
| Food & Life Cos. Ltd. | JPMorgan Chase Bank N.A. | 394536 | 02/10/26 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 24915 |
| Food & Life Cos. Ltd. | SG Americas Securities LLC | 7885179 | 12/08/25 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 484332 |
| Fortescue Ltd. | SG Americas Securities LLC | 10686064 | 12/08/25 | 0.30% | 1D AONIA | Monthly  | &nbsp;&nbsp; 476419 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination*<br> *Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) |
| Fortrea Holdings, Inc. | Barclays Bank PLC | $1782646 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; $(10167)<br>|
| Fortuna Mining Corp. | UBS AG | 5761335 | 04/21/28 | 0.25% | 1D CORRA | Monthly  | &nbsp;&nbsp; (379668)<br>|
| Fortune Brands Innovations, Inc. | BNP Paribas SA | 10579481 | 04/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 231978 |
| Fortune Real Estate Investment Trust | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 1290071 | 01/06/27 | 0.30% | HONIA | Monthly  | &nbsp;&nbsp; (5229)<br>|
| Forvia SE | Barclays Bank PLC | 2699446 | 12/10/26 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; 213616 |
| Fox Corp., Class A | Barclays Bank PLC | 32180454 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 3334506 |
| Fox Corp., Class A | BNP Paribas SA | 1921166 | 04/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 218232 |
| Fox Corp., Class A | SG Americas Securities LLC | 15978135 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1192517 |
| Fox Corp., Class B | Barclays Bank PLC | 17182602 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1937912 |
| Franklin Electric Co., Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 7955189 | 02/08/27 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (277587)<br>|
| Franklin Resources, Inc. | Barclays Bank PLC | 8770467 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (1744)<br>|
| Freenet AG, Class N | Barclays Bank PLC | 343334 | 12/10/26 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; (76)<br>|
| Freeport-McMoRan, Inc. | Citibank N.A. | 13380000 | 02/24/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 301854 |
| Freeport-McMoRan, Inc. | JPMorgan Chase Bank N.A. | 11039446 | 02/09/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (296274)<br>|
| Freeport-McMoRan, Inc. | SG Americas Securities LLC | 1794815 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (48169)<br>|
| Frencken Group Ltd. | Barclays Bank PLC | 1635292 | 12/24/27 | 0.00% | SORA | Monthly  | &nbsp;&nbsp; 148472 |
| Freshworks, Inc., Class A | Bank of America N.A. | 7393573 | 02/15/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 19895 |
| Frontdoor, Inc. | Barclays Bank PLC | 5263375 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (107875)<br>|
| FTI Consulting, Inc. | BNP Paribas SA | 8830912 | 04/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 664753 |
| Fujitsu Ltd. | Bank of America N.A. | 26040031 | 03/15/28 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 1756032 |
| Fujitsu Ltd. | Barclays Bank PLC | 4534564 | 05/12/27 | 0.24% | 1D P TONA | Monthly  | &nbsp;&nbsp; 216254 |
| Fukuoka Financial Group, Inc. | Bank of America N.A. | 24838846 | 02/15/28 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 1289325 |
| Fukuoka Financial Group, Inc. | Bank of America N.A. | 12618484 | 03/15/28 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 694068 |
| Fulgent Genetics, Inc. | Barclays Bank PLC | 2404050 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (107415)<br>|
| Furukawa Co., Ltd. | SG Americas Securities LLC | 9597556 | 12/08/25 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 570399 |
| Galaxy Entertainment Group Ltd. | Citibank N.A. | 2097422 | 02/25/26 | 0.30% | HONIA | Monthly  | &nbsp;&nbsp; 59926 |
| Galaxy Entertainment Group Ltd. | UBS AG | 218677 | 09/03/29 | 0.25% | HONIA | Monthly  | &nbsp;&nbsp; 10510 |
| Galp Energia SGPS SA, Class B | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 133519 | 01/06/27 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; 5793 |
| Gamma Communications PLC | Barclays Bank PLC | 765956 | 12/10/26 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; (20275)<br>|
| Gap, Inc. | UBS AG | 7153322 | 04/18/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 293927 |
| Garrett Motion, Inc. | Barclays Bank PLC | 450247 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (3506)<br>|
| Gartner, Inc. | SG Americas Securities LLC | 27039926 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 493282 |
| GCM Grosvenor, Inc., Class A | SG Americas Securities LLC | 3311279 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (31666)<br>|
| GCM Grosvenor, Inc., Class A | UBS AG | 818751 | 04/21/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (6352)<br>|
| GE Vernova, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 6455881 | 02/05/27 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 19278 |
| GEA Group AG | Barclays Bank PLC | 11252296 | 08/17/26 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; (256068)<br>|
| GEA Group AG | Barclays Bank PLC | 15233717 | 12/10/26 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; (346673)<br>|
| GEA Group AG | SG Americas Securities LLC | 4164715 | 12/08/25 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; (55953)<br>|
| Gecina SA | Bank of America N.A. | 6549677 | 02/15/28 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; (116881)<br>|
| General Dynamics Corp. | Barclays Bank PLC | 8531565 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 163364 |
| Generali | Barclays Bank PLC | 49522823 | 08/17/26 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; 1629280 |
| Generali | SG Americas Securities LLC | 58541013 | 12/08/25 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; 631824 |
| Genmab A/S | Barclays Bank PLC | 4971605 | 11/09/26 | 0.26% | DESTR | Monthly  | &nbsp;&nbsp; (180634)<br>|
| Genmab A/S | Barclays Bank PLC | 5404431 | 05/12/27 | 0.28% | DESTR | Monthly  | &nbsp;&nbsp; (202732)<br>|
| Genmab A/S | BNP Paribas SA | 1655942 | 06/17/26 | 0.25% | DESTR | Monthly  | &nbsp;&nbsp; (181885)<br>|
| Genmab A/S | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 1409414 | 01/06/27 | 0.26% | DESTR | Monthly  | &nbsp;&nbsp; (52870)<br>|
| Gentherm, Inc. | SG Americas Securities LLC | 1226302 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 68617 |
| GEO Group, Inc. | Barclays Bank PLC | 353284 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (2481)<br>|
| George Weston Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 20510684 | 01/04/27 | 0.20% | CABROVER | Monthly  | &nbsp;&nbsp; (1008497)<br>|
| Georgia Capital PLC | SG Americas Securities LLC | 4078548 | 12/08/25 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; 398224 |
| Getty Realty Corp. | SG Americas Securities LLC | 4068151 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 218802 |
| GFL Environmental, Inc. | UBS AG | 13370030 | 04/18/28 | 0.25% | 1D CORRA | Monthly  | &nbsp;&nbsp; (438638)<br>|
| Gibson Energy, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 245041 | 01/06/27 | 0.20% | CABROVER | Monthly  | &nbsp;&nbsp; (51)<br>|
| G-III Apparel Group Ltd. | Barclays Bank PLC | 12763079 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (541657)<br>|

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination*<br> *Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) |
| Givaudan SA, Class N, Registered <br> Shares<br>| UBS AG | $18122093 | 04/02/30 | 0.15% | SSARON | Monthly  | &nbsp;&nbsp; $(764600)<br>|
| Gjensidige Forsikring ASA | BNP Paribas SA | 164770 | 08/17/26 | 0.25% | NOWA | Monthly  | &nbsp;&nbsp; (874)<br>|
| Glencore PLC | BNP Paribas SA | 380830 | 08/17/26 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; 12303 |
| Glencore PLC | BNP Paribas SA | 10144889 | 03/22/27 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; 327741 |
| Glencore PLC | SG Americas Securities LLC | 15210904 | 12/08/25 | 0.20% | 1D SONIA | Monthly  | &nbsp;&nbsp; 381057 |
| Global Industrial Co. | Bank of America N.A. | 543127 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (93239)<br>|
| Global Industrial Co. | Barclays Bank PLC | 2564359 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (451076)<br>|
| Global Industrial Co. | BNP Paribas SA | 1233204 | 04/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (211704)<br>|
| Global Industrial Co. | Goldman Sachs Bank USA | 420881 | 08/19/26 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (72253)<br>|
| Global Industrial Co. | SG Americas Securities LLC | 818644 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (152764)<br>|
| Global-e Online Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 353728 | 02/05/27 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 11227 |
| Globant SA | Barclays Bank PLC | 21022768 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 698407 |
| Globe Life, Inc. | Bank of America N.A. | 10746592 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (366245)<br>|
| Glory Ltd. | Bank of America N.A. | 3571466 | 02/15/28 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; 19860 |
| Glory Ltd. | BNP Paribas SA | 2069692 | 03/24/27 | 0.25% | 1D TONA | Monthly  | &nbsp;&nbsp; 11509 |
| Glory Ltd. | Goldman Sachs Bank USA | 762768 | 08/19/26 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 4242 |
| GMO Internet, Inc. | Barclays Bank PLC | 127573 | 05/12/27 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; (13450)<br>|
| GN Store Nord A/S | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 3531521 | 01/04/27 | 0.26% | DESTR | Monthly  | &nbsp;&nbsp; (99813)<br>|
| GN Store Nord A/S | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 6763780 | 01/06/27 | 0.26% | DESTR | Monthly  | &nbsp;&nbsp; (187539)<br>|
| GN Store Nord A/S | SG Americas Securities LLC | 20288240 | 12/08/25 | 0.26% | DESTR | Monthly  | &nbsp;&nbsp; (1003987)<br>|
| GoDaddy, Inc., Class A | Barclays Bank PLC | 16617075 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 100458 |
| Grab Holdings Ltd., Class A | SG Americas Securities LLC | 5890185 | 12/08/25 | 0.19% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (321264)<br>|
| GrainCorp Ltd., Class A | Barclays Bank PLC | 4965310 | 05/12/27 | 0.00% | 1D AONIA | Monthly  | &nbsp;&nbsp; 152138 |
| GrainCorp Ltd., Class A | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 1493479 | 01/06/27 | 0.29% | 1D AONIA | Monthly  | &nbsp;&nbsp; 47057 |
| Grainger PLC | Barclays Bank PLC | 12705347 | 12/10/26 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; (657271)<br>|
| Grainger PLC | BNP Paribas SA | 9414531 | 03/17/27 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; (284714)<br>|
| Grand City Properties SA | Bank of America N.A. | 7934 | 02/15/28 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; (205)<br>|
| Grand City Properties SA | BNP Paribas SA | 774172 | 03/24/27 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; (20005)<br>|
| Grand City Properties SA | Goldman Sachs Bank USA | 544174 | 08/19/26 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; (14062)<br>|
| Grand City Properties SA | UBS AG | 750448 | 04/24/28 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; (19392)<br>|
| Granite Construction, Inc. | SG Americas Securities LLC | 45363863 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (1693901)<br>|
| Great Lakes Dredge & Dock Corp. | BNP Paribas SA | 1704861 | 04/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; — |
| Green Plains, Inc. | Barclays Bank PLC | 843195 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 51340 |
| Greenbrier Cos, Inc. | Barclays Bank PLC | 22610102 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (1885416)<br>|
| Greenbrier Cos, Inc. | Goldman Sachs Bank USA | 4072492 | 08/19/26 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (364820)<br>|
| Greencore Group PLC | BNP Paribas SA | 5629486 | 03/17/27 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; (104250)<br>|
| Greencore Group PLC | SG Americas Securities LLC | 1040187 | 12/08/25 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; 9814 |
| Grifols SA, Class A | UBS AG | 475315 | 04/18/28 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; (6629)<br>|
| Grindr, Inc. | SG Americas Securities LLC | 5954793 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 321514 |
| Grocery Outlet Holding Corp. | Barclays Bank PLC | 4110768 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (470719)<br>|
| Group 1 Automotive, Inc. | UBS AG | 5008001 | 04/18/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (432316)<br>|
| Groupon, Inc. | JPMorgan Chase Bank N.A. | 4509516 | 02/10/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (405693)<br>|
| Groupon, Inc. | SG Americas Securities LLC | 3367264 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (262573)<br>|
| Guardant Health, Inc. | BNP Paribas SA | 4819514 | 04/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 2164614 |
| Guidewire Software, Inc. | Barclays Bank PLC | 9482974 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (629419)<br>|
| Gulf Keystone Petroleum Ltd. | Barclays Bank PLC | 1860453 | 12/10/26 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; 61520 |
| GungHo Online Entertainment, Inc. | Barclays Bank PLC | 134496 | 05/12/27 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; (901)<br>|
| Guotai Junan International Holdings <br> Ltd.<br>| BNP Paribas SA | 6833933 | 07/19/27 | 0.30% | HONIA | Monthly  | &nbsp;&nbsp; (677063)<br>|
| H&R Block, Inc. | SG Americas Securities LLC | 4376235 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (61588)<br>|
| H.U. Group Holdings, Inc. | Barclays Bank PLC | 814954 | 05/12/27 | 0.15% | 1D P TONA | Monthly  | &nbsp;&nbsp; (7302)<br>|
| Hachijuni Bank Ltd. | Barclays Bank PLC | 130883 | 05/12/27 | 0.15% | 1D P TONA | Monthly  | &nbsp;&nbsp; 7119 |
| Halma PLC | Barclays Bank PLC | 26048593 | 08/17/26 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; 487109 |
| Halma PLC | SG Americas Securities LLC | 3431745 | 12/08/25 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; (20089)<br>|
| Halma PLC | SG Americas Securities LLC | 26046936 | 12/08/25 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; (152475)<br>|
| Halozyme Therapeutics, Inc. | Barclays Bank PLC | 2769640 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (24424)<br>|

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination*<br> *Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) |
| Hamamatsu Photonics KK | JPMorgan Chase Bank N.A. | $5104248 | 02/10/26 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; $182308 |
| Hamamatsu Photonics KK | SG Americas Securities LLC | 7339391 | 12/08/25 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 335797 |
| Hamamatsu Photonics KK | UBS AG | 3242944 | 04/18/28 | 0.24% | 1D P TONA | Monthly  | &nbsp;&nbsp; 167630 |
| Hamilton Lane, Inc., Class A | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 547262 | 02/05/27 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (19628)<br>|
| Hammerson PLC | Barclays Bank PLC | 4429109 | 12/10/26 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; 27014 |
| Hammerson PLC | BNP Paribas SA | 8 | 08/17/26 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; — |
| Hammerson PLC | BNP Paribas SA | 4 | 03/22/27 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; — |
| Hammerson PLC | Goldman Sachs Bank USA | 4 | 08/19/26 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; — |
| Hammerson PLC | Goldman Sachs Bank USA | 12 | 08/19/26 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; — |
| Hammerson PLC | SG Americas Securities LLC | 617830 | 12/08/25 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; 43871 |
| Hancock Whitney Corp. | Barclays Bank PLC | 166322 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 2723 |
| Hanwa Co. Ltd. | BNP Paribas SA | 1406268 | 03/24/27 | 0.25% | 1D TONA | Monthly  | &nbsp;&nbsp; (4795)<br>|
| Hanwa Co. Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 1436792 | 01/06/27 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; (35318)<br>|
| Harbour Energy PLC | Barclays Bank PLC | 6897176 | 12/10/26 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; 735694 |
| Harbour Energy PLC | SG Americas Securities LLC | 2703784 | 12/08/25 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; 267967 |
| Harel Insurance Investments & <br> Financial Services Ltd.<br>| Bank of America N.A. | 2551262 | 02/15/28 | 0.45% | SHIR | Monthly  | &nbsp;&nbsp; 42654 |
| Harmony Biosciences Holdings, Inc. | Goldman Sachs Bank USA | 4534184 | 08/19/26 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 330316 |
| Harmony Biosciences Holdings, Inc. | SG Americas Securities LLC | 18979596 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1307361 |
| Hartford Insurance Group, Inc. | UBS AG | 764284 | 04/18/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (10636)<br>|
| Hasbro, Inc. | Citibank N.A. | 10873773 | 02/24/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 166376 |
| Hasbro, Inc. | JPMorgan Chase Bank N.A. | 9125380 | 02/09/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 89358 |
| Hasbro, Inc. | SG Americas Securities LLC | 190588 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1866 |
| Haseko Corp. | BNP Paribas SA | 1385187 | 03/24/27 | 0.15% | 1D TONA | Monthly  | &nbsp;&nbsp; 11701 |
| Haverty Furniture Cos, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 2631897 | 02/08/27 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 199957 |
| Hazama Ando Corp. | Barclays Bank PLC | 17807021 | 05/12/27 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; (21124)<br>|
| Hazama Ando Corp. | BNP Paribas SA | 6882208 | 03/24/27 | 0.15% | 1D TONA | Monthly  | &nbsp;&nbsp; 224319 |
| HCA Healthcare, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 456692 | 02/05/27 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (8504)<br>|
| Healthcare Realty Trust, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 172617 | 02/05/27 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (24)<br>|
| HealthEquity, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 15576989 | 02/05/27 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (146830)<br>|
| HEICO Corp. | BNP Paribas SA | 24575619 | 04/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 755416 |
| HEICO Corp., Class A | BNP Paribas SA | 14823453 | 04/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 396831 |
| Heidelberg Materials AG | Bank of America N.A. | 451 | 02/15/28 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; 19 |
| Heidelberger Druckmaschinen AG | SG Americas Securities LLC | 1882022 | 12/08/25 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; (168112)<br>|
| Heiwa Real Estate Co. Ltd. | Barclays Bank PLC | 8347861 | 05/12/27 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; (383165)<br>|
| Heiwado Co. Ltd. | Bank of America N.A. | 5451942 | 02/15/28 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 13132 |
| Heiwado Co. Ltd. | BNP Paribas SA | 2304826 | 03/24/27 | 0.25% | 1D TONA | Monthly  | &nbsp;&nbsp; 5552 |
| Heiwado Co. Ltd. | Goldman Sachs Bank USA | 271588 | 08/19/26 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 654 |
| Helix Energy Solutions Group, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 1355490 | 02/08/27 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 18400 |
| Henkel AG & Co KGaA | Barclays Bank PLC | 28715138 | 08/17/26 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; (912244)<br>|
| Henkel AG & Co KGaA | Barclays Bank PLC | 453404 | 08/17/26 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; (10366)<br>|
| Henkel AG & Co KGaA | Barclays Bank PLC | 19929804 | 12/10/26 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; (623055)<br>|
| Henkel AG & Co KGaA | BNP Paribas SA | 1272445 | 08/17/26 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; 13582 |
| Henkel AG & Co KGaA | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 1734062 | 01/04/27 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; (39646)<br>|
| Henkel AG & Co KGaA | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 7229824 | 01/04/27 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; (230635)<br>|
| Henkel AG & Co KGaA | SG Americas Securities LLC | 1585014 | 12/08/25 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; 19421 |
| Henry Schein, Inc. | Barclays Bank PLC | 8174494 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (31616)<br>|
| Hera SpA | Barclays Bank PLC | 914559 | 12/10/26 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; (17196)<br>|
| Herc Holdings, Inc. | Barclays Bank PLC | 8175914 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 769542 |
| Heritage Commerce Corp. | SG Americas Securities LLC | 1598859 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 92711 |
| Hermes International SCA | Citibank N.A. | 11266641 | 07/06/26 | 0.05% | 1D ESTR | Monthly  | &nbsp;&nbsp; (267671)<br>|
| Highwoods Properties, Inc. | Barclays Bank PLC | 950468 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (581)<br>|

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination*<br> *Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) |
| Hill & Smith PLC | SG Americas Securities LLC | $3382918 | 12/08/25 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; $70530 |
| Hilton Food Group PLC | Barclays Bank PLC | 386018 | 12/10/26 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; (22042)<br>|
| Hilton Food Group PLC | BNP Paribas SA | 1206782 | 03/17/27 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; (27468)<br>|
| Hinge Health, Inc., Class A | Barclays Bank PLC | 129114 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 2900 |
| Hirogin Holdings, Inc. | Barclays Bank PLC | 130495 | 05/12/27 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; 1239 |
| Hirose Electric Co., Ltd. | SG Americas Securities LLC | 6089203 | 12/08/25 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 515380 |
| Hitachi Construction Machinery Co., <br> Ltd.<br>| Barclays Bank PLC | 3693187 | 05/12/27 | 0.23% | 1D P TONA | Monthly  | &nbsp;&nbsp; 75751 |
| Hitachi Construction Machinery Co., <br> Ltd.<br>| UBS AG | 6578976 | 09/03/29 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 382818 |
| Hitachi Ltd. | Bank of America N.A. | 16685835 | 02/15/28 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 2812111 |
| Hitachi Ltd. | Barclays Bank PLC | 40160677 | 09/09/27 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; 7135846 |
| HK Electric Investments & HK Electric <br> Investments Ltd.<br>| BNP Paribas SA | 1156192 | 03/22/27 | 0.30% | HONIA | Monthly  | &nbsp;&nbsp; (1911)<br>|
| HNI Corp. | Barclays Bank PLC | 5085914 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (333711)<br>|
| HOCHTIEF AG | BNP Paribas SA | 1260530 | 08/17/26 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; (23393)<br>|
| Hollywood Bowl Group PLC | BNP Paribas SA | 1701547 | 03/17/27 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; (37057)<br>|
| Home BancShares, Inc. | Barclays Bank PLC | 10911370 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (133164)<br>|
| Honeywell International, Inc. | Barclays Bank PLC | 70490597 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (1742240)<br>|
| Hong Kong Exchanges & Clearing <br> Ltd.<br>| Barclays Bank PLC | 1570978 | 09/09/27 | 0.00% | HONIA | Monthly  | &nbsp;&nbsp; 4156 |
| Hongkong Land Holdings Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 263172 | 10/29/27 | 0.30% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (428)<br>|
| Hongkong Land Holdings Ltd. | SG Americas Securities LLC | 1936779 | 12/08/25 | 0.30% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (20583)<br>|
| Horizon Bancorp, Inc. | Goldman Sachs Bank USA | 1109863 | 08/19/26 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (8472)<br>|
| Hosiden Corp. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 2614658 | 01/06/27 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 36345 |
| Houlihan Lokey, Inc., Class A | Barclays Bank PLC | 12207337 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (944638)<br>|
| HSBC Holdings PLC | Barclays Bank PLC | 2281305 | 08/17/26 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; (8412)<br>|
| Hub Group, Inc., Class A | SG Americas Securities LLC | 5609899 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 116614 |
| HUB24 Ltd. | Barclays Bank PLC | 4229589 | 09/09/27 | 0.00% | 1D AONIA | Monthly  | &nbsp;&nbsp; 5085 |
| Hubbell, Inc. | JPMorgan Chase Bank N.A. | 285795 | 02/09/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 34275 |
| Hubbell, Inc. | SG Americas Securities LLC | 11327616 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 965234 |
| Huber + Suhner AG, Class N, <br> Registered Shares<br>| Citibank N.A. | 4208014 | 02/26/26 | 0.26% | SSARON | Monthly  | &nbsp;&nbsp; 184391 |
| HubSpot, Inc. | BNP Paribas SA | 10628198 | 04/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1109013 |
| Hudbay Minerals, Inc. | Citibank N.A. | 9593201 | 02/24/28 | 0.20% | 1D CORRA | Monthly  | &nbsp;&nbsp; 622581 |
| Hudbay Minerals, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 306154 | 01/06/27 | 0.20% | CABROVER | Monthly  | &nbsp;&nbsp; (68)<br>|
| HUGO BOSS AG | Barclays Bank PLC | 5499956 | 08/17/26 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; (368971)<br>|
| HUGO BOSS AG | SG Americas Securities LLC | 5000894 | 12/08/25 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; (291022)<br>|
| Hulic Co. Ltd. | Barclays Bank PLC | 13452910 | 05/12/27 | 0.15% | 1D P TONA | Monthly  | &nbsp;&nbsp; 137991 |
| Hulic Co. Ltd. | Barclays Bank PLC | 11862695 | 09/09/27 | 0.15% | 1D P TONA | Monthly  | &nbsp;&nbsp; 121680 |
| Hulic Co. Ltd. | SG Americas Securities LLC | 1645969 | 12/08/25 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 10148 |
| Hunting PLC | Bank of America N.A. | 1184151 | 02/15/28 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; 73664 |
| Hunting PLC | Goldman Sachs Bank USA | 717230 | 08/19/26 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; 44618 |
| Huntington Bancshares, Inc. | Bank of America N.A. | 6886068 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (266832)<br>|
| Huntington Ingalls Industries, Inc. | BNP Paribas SA | 5111897 | 04/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 664819 |
| Huntsman Corp. | SG Americas Securities LLC | 26760535 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (1961032)<br>|
| Husqvarna AB, Class B | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 9533295 | 01/04/27 | 0.26% | 1D STIBOR | Monthly  | &nbsp;&nbsp; (352243)<br>|
| Hypoport SE | Barclays Bank PLC | 2606586 | 12/10/26 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; (401690)<br>|
| IAC, Inc. | SG Americas Securities LLC | 5122753 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (164675)<br>|
| Iberdrola SA | Barclays Bank PLC | 27623510 | 08/17/26 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; 795454 |
| Iberdrola SA | Barclays Bank PLC | 13153518 | 12/10/26 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; 299780 |
| Ibiden Co. Ltd. | SG Americas Securities LLC | 825384 | 12/08/25 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 275873 |
| ICF International, Inc. | Barclays Bank PLC | 8366785 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (866947)<br>|
| ICF International, Inc. | SG Americas Securities LLC | 659497 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (87743)<br>|
| Ichigo Office REIT Investment Corp. | SG Americas Securities LLC | 807579 | 12/08/25 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 7881 |
| Idemitsu Kosan Co., Ltd. | Barclays Bank PLC | 11245354 | 09/09/27 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; 430688 |
| Idemitsu Kosan Co., Ltd. | UBS AG | 23599082 | 04/18/28 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 1314120 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination*<br> *Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) |
| IDP Education Ltd. | BNP Paribas SA | $1390003 | 03/22/27 | 0.25% | 1D AONIA | Monthly  | &nbsp;&nbsp; $(208304)<br>|
| IDP Education Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 5193725 | 01/06/27 | 0.29% | 1D AONIA | Monthly  | &nbsp;&nbsp; (253574)<br>|
| IDT Corp., Class B | Barclays Bank PLC | 3068943 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 63060 |
| IDT Corp., Class B | SG Americas Securities LLC | 435993 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 30281 |
| IES Holdings, Inc. | Barclays Bank PLC | 67683 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (3415)<br>|
| IG Group Holdings PLC | Bank of America N.A. | 2769780 | 02/15/28 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; 111787 |
| IG Group Holdings PLC | Barclays Bank PLC | 9142227 | 08/17/26 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; 258665 |
| IG Group Holdings PLC | Barclays Bank PLC | 13421188 | 12/10/26 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; 386959 |
| IG Group Holdings PLC | SG Americas Securities LLC | 5579177 | 12/08/25 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; 184293 |
| IG Group Holdings PLC | SG Americas Securities LLC | 3331770 | 12/08/25 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; 115158 |
| IGG, Inc. | Bank of America N.A. | 750410 | 02/15/28 | 0.30% | HONIA | Monthly  | &nbsp;&nbsp; (51152)<br>|
| IGG, Inc. | Goldman Sachs Bank USA | 214096 | 08/19/26 | 0.30% | HONIA | Monthly  | &nbsp;&nbsp; (14594)<br>|
| IGG, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 3938470 | 01/06/27 | 0.30% | HONIA | Monthly  | &nbsp;&nbsp; (178515)<br>|
| IGM Financial, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 1550647 | 01/04/27 | 0.20% | CABROVER | Monthly  | &nbsp;&nbsp; 12751 |
| IGM Financial, Inc. | UBS AG | 2180033 | 04/18/28 | 0.25% | 1D CORRA | Monthly  | &nbsp;&nbsp; (12455)<br>|
| IGO Ltd. | UBS AG | 6172630 | 04/03/28 | 0.25% | 1D AONIA | Monthly  | &nbsp;&nbsp; (46840)<br>|
| Illumina, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 2347 | 02/05/27 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; — |
| Imerys SA | Barclays Bank PLC | 815572 | 12/10/26 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; (15846)<br>|
| IMI PLC | SG Americas Securities LLC | 14329053 | 12/08/25 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; 515863 |
| Imperial Brands PLC | Barclays Bank PLC | 4558998 | 08/17/26 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; 29478 |
| Imperial Brands PLC | Barclays Bank PLC | 13554496 | 12/10/26 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; 136112 |
| Inaba Denki Sangyo Co. Ltd. | Bank of America N.A. | 1175469 | 02/15/28 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 102531 |
| Inaba Denki Sangyo Co. Ltd. | BNP Paribas SA | 1606114 | 03/24/27 | 0.25% | 1D TONA | Monthly  | &nbsp;&nbsp; 140094 |
| Inaba Denki Sangyo Co. Ltd. | Goldman Sachs Bank USA | 530857 | 08/19/26 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 46304 |
| Independent Bank Corp. | Bank of America N.A. | 411520 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (18841)<br>|
| Independent Bank Corp. | Goldman Sachs Bank USA | 847458 | 08/19/26 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (38801)<br>|
| Independent Bank Corp. | SG Americas Securities LLC | 233469 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (6970)<br>|
| Indivior PLC | Barclays Bank PLC | 146737 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (34)<br>|
| Indutrade AB | BNP Paribas SA | 9287980 | 08/17/26 | 0.25% | 1D STIBOR | Monthly  | &nbsp;&nbsp; 790698 |
| Infineon Technologies AG, Class N | Barclays Bank PLC | 1212539 | 08/17/26 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; 8018 |
| Infineon Technologies AG, Class N | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 3108162 | 01/06/27 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; 1935 |
| Infomart Corp. | JPMorgan Chase Bank N.A. | 166634 | 02/10/26 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 3124 |
| Infomart Corp. | SG Americas Securities LLC | 156428 | 12/08/25 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 2933 |
| INFRONEER Holdings, Inc. | Barclays Bank PLC | 7765334 | 05/12/27 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; (77595)<br>|
| Ingredion, Inc. | SG Americas Securities LLC | 4188105 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (213384)<br>|
| Innospec, Inc. | UBS AG | 5378850 | 04/21/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (96910)<br>|
| Innoviva, Inc. | Barclays Bank PLC | 3821718 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (31240)<br>|
| Insight Enterprises, Inc. | Barclays Bank PLC | 233606 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (6)<br>|
| Insperity, Inc. | Barclays Bank PLC | 2239845 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (151469)<br>|
| Inspire Medical Systems, Inc. | Barclays Bank PLC | 1770242 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (147289)<br>|
| Installed Building Products, Inc. | Citibank N.A. | 5246729 | 02/24/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (290320)<br>|
| Installed Building Products, Inc. | UBS AG | 286365 | 04/18/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (8843)<br>|
| Insulet Corp. | Barclays Bank PLC | 1466017 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (72183)<br>|
| Insulet Corp. | Citibank N.A. | 3139771 | 02/24/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (154595)<br>|
| Intact Financial Corp. | UBS AG | 4918009 | 04/18/28 | 0.25% | 1D CORRA | Monthly  | &nbsp;&nbsp; (4018)<br>|
| IntegraFin Holdings PLC | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 125589 | 01/04/27 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; (1191)<br>|
| Integral Ad Science Holding Corp. | Barclays Bank PLC | 1891209 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; — |
| Intel Corp. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 6487382 | 02/05/27 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (212232)<br>|
| Interactive Brokers Group, Inc., <br> Class A<br>| Bank of America N.A. | 13533660 | 02/15/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 116321 |
| Intercontinental Exchange, Inc. | UBS AG | 5148238 | 04/18/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (132100)<br>|
| InterContinental Hotels Group PLC | Bank of America N.A. | 26177021 | 02/15/28 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; 613425 |
| InterContinental Hotels Group PLC | Bank of America N.A. | 16031898 | 02/15/28 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; 375687 |
| Intertek Group PLC | SG Americas Securities LLC | 6879115 | 12/08/25 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; 178538 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination*<br> *Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) |
| Intertek Group PLC | UBS AG | $18718345 | 04/18/28 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; $850093 |
| Intertek Group PLC | UBS AG | 29210940 | 09/03/29 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; 1304060 |
| Intesa Sanpaolo SpA | Barclays Bank PLC | 36086844 | 08/17/26 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; 945064 |
| Intesa Sanpaolo SpA | SG Americas Securities LLC | 38254997 | 12/08/25 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; 331372 |
| Intrum AB | Barclays Bank PLC | 131237 | 01/18/27 | 0.28% | 1D STIBOR | Monthly  | &nbsp;&nbsp; (12604)<br>|
| Intuit, Inc. | SG Americas Securities LLC | 31105389 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 461048 |
| Intuitive Surgical, Inc. | UBS AG | 4525117 | 04/18/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1024984 |
| Investec PLC | SG Americas Securities LLC | 9519941 | 12/08/25 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; 276244 |
| Invitation Homes, Inc. | BNP Paribas SA | 14490725 | 04/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (159504)<br>|
| Ionis Pharmaceuticals, Inc. | BNP Paribas SA | 1011144 | 04/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 26679 |
| Ionis Pharmaceuticals, Inc. | SG Americas Securities LLC | 7974251 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 494686 |
| IONOS Group SE | SG Americas Securities LLC | 3437515 | 12/08/25 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; (222981)<br>|
| IonQ, Inc. | Barclays Bank PLC | 7645113 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 955467 |
| IPG Photonics Corp. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 2424205 | 02/08/27 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (5350)<br>|
| Ipsen SA | Barclays Bank PLC | 29560499 | 08/17/26 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; 699944 |
| Ipsen SA | Barclays Bank PLC | 6114891 | 12/10/26 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; 144791 |
| Ipsen SA | Goldman Sachs Bank USA | 3244139 | 08/19/26 | 0.18% | 1D ESTR | Monthly  | &nbsp;&nbsp; 222344 |
| Ipsen SA | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 6635459 | 01/04/27 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; 157117 |
| Ipsen SA | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 3390969 | 01/06/27 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; 80293 |
| iRadimed Corp. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 1273476 | 02/08/27 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (12640)<br>|
| Iren SpA | Bank of America N.A. | 4896881 | 02/15/28 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; (233236)<br>|
| Iren SpA | Goldman Sachs Bank USA | 1442449 | 08/19/26 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; (68703)<br>|
| Iren SpA | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 3086712 | 01/04/27 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; (211204)<br>|
| Iridium Communications, Inc. | Barclays Bank PLC | 14752964 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (339467)<br>|
| Ishihara Sangyo Kaisha Ltd. | Barclays Bank PLC | 160073 | 05/12/27 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; (32)<br>|
| Israel Discount Bank Ltd., Class A | BNP Paribas SA | 21856059 | 06/17/27 | 0.70% | SHIR | Monthly  | &nbsp;&nbsp; 41858 |
| Isuzu Motors Ltd. | Barclays Bank PLC | 3498032 | 05/12/27 | 0.24% | 1D P TONA | Monthly  | &nbsp;&nbsp; (73396)<br>|
| Isuzu Motors Ltd. | JPMorgan Chase Bank N.A. | 2219947 | 02/10/26 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; (35837)<br>|
| Isuzu Motors Ltd. | JPMorgan Chase Bank N.A. | 868024 | 02/10/26 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; (14013)<br>|
| Isuzu Motors Ltd. | SG Americas Securities LLC | 2122818 | 12/08/25 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; (25827)<br>|
| Italgas SpA | Barclays Bank PLC | 14925733 | 12/10/26 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; 782190 |
| Itoham Yonekyu Holdings, Inc. | SG Americas Securities LLC | 1948877 | 12/08/25 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; (3688)<br>|
| ITT, Inc. | BNP Paribas SA | 3002068 | 04/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 209636 |
| J D Wetherspoon PLC | Bank of America N.A. | 937673 | 02/15/28 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; 34307 |
| J D Wetherspoon PLC | Goldman Sachs Bank USA | 718324 | 08/19/26 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; 26282 |
| J D Wetherspoon PLC | UBS AG | 1170714 | 04/24/28 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; 42833 |
| J Sainsbury PLC | Barclays Bank PLC | 3337154 | 12/10/26 | 0.10% | 1D SONIA | Monthly  | &nbsp;&nbsp; (13873)<br>|
| J Sainsbury PLC | UBS AG | 11516132 | 04/18/28 | 0.13% | 1D SONIA | Monthly  | &nbsp;&nbsp; 138770 |
| J Sainsbury PLC | UBS AG | 14982840 | 09/03/29 | 0.18% | 1D SONIA | Monthly  | &nbsp;&nbsp; 155969 |
| Jabil, Inc. | Barclays Bank PLC | 7958594 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 399221 |
| Jabil, Inc. | Citibank N.A. | 443213 | 02/24/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 49372 |
| JAC Recruitment Co. Ltd. | Barclays Bank PLC | 4077273 | 05/12/27 | 0.24% | 1D P TONA | Monthly  | &nbsp;&nbsp; (78895)<br>|
| Jamf Holding Corp. | BNP Paribas SA | 6483305 | 04/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1898030 |
| Jamf Holding Corp. | SG Americas Securities LLC | 7642625 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1710492 |
| Japan Airlines Co., Ltd. | BNP Paribas SA | 1494966 | 09/07/26 | 0.00% | 1D TONA | Monthly  | &nbsp;&nbsp; (24910)<br>|
| Japan Airlines Co., Ltd. | UBS AG | 1101981 | 04/18/28 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; (55287)<br>|
| Japan Aviation Electronics Industry <br> Ltd.<br>| Barclays Bank PLC | 1449233 | 05/12/27 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; (226069)<br>|
| Japan Logistics Fund, Inc. | Barclays Bank PLC | 863650 | 05/12/27 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; (1202)<br>|
| Japan Metropolitan Fund Invest | Barclays Bank PLC | 31775638 | 05/12/27 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; 483858 |
| Japan Petroleum Exploration Co. Ltd. | Barclays Bank PLC | 10050561 | 05/12/27 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; 142264 |
| Japan Post Bank Co. Ltd. | Bank of America N.A. | 2990833 | 02/15/28 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 31176 |
| Japan Post Holdings Co. Ltd. | Barclays Bank PLC | 26015840 | 05/12/27 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; (97389)<br>|
| Japan Post Holdings Co. Ltd. | UBS AG | 11478134 | 09/03/29 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 89491 |
| Japan Tobacco, Inc. | Barclays Bank PLC | 26891978 | 05/12/27 | 0.20% | 1D P TONA | Monthly  | &nbsp;&nbsp; 2148197 |
| Japan Tobacco, Inc. | Citibank N.A. | 16508713 | 02/26/26 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 1318756 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination*<br> *Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) |
| Japan Tobacco, Inc. | JPMorgan Chase Bank N.A. | $1250837 | 02/10/26 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; $118095 |
| Japan Tobacco, Inc. | SG Americas Securities LLC | 716361 | 12/08/25 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 67379 |
| Jardine Matheson Holdings Ltd. | Bank of America N.A. | 3136002 | 02/15/28 | 0.30% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (112202)<br>|
| JB Hi-Fi Ltd. | Barclays Bank PLC | 6382225 | 09/09/27 | 0.00% | 1D AONIA | Monthly  | &nbsp;&nbsp; (571928)<br>|
| JB Hi-Fi Ltd. | BNP Paribas SA | 5035366 | 09/07/26 | 0.25% | 1D AONIA | Monthly  | &nbsp;&nbsp; (395980)<br>|
| JB Hi-Fi Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 4735611 | 01/06/27 | 0.29% | 1D AONIA | Monthly  | &nbsp;&nbsp; (424371)<br>|
| JB Hi-Fi Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 8425919 | 01/07/27 | 0.29% | 1D AONIA | Monthly  | &nbsp;&nbsp; (723914)<br>|
| JB Hi-Fi Ltd. | UBS AG | 8580590 | 04/18/28 | 0.25% | 1D AONIA | Monthly  | &nbsp;&nbsp; (701002)<br>|
| JB Hi-Fi Ltd. | UBS AG | 3061623 | 09/03/29 | 0.25% | 1D AONIA | Monthly  | &nbsp;&nbsp; (250123)<br>|
| JBG SMITH Properties | BNP Paribas SA | 417162 | 04/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (24574)<br>|
| JCDecaux SE | Barclays Bank PLC | 4762610 | 12/10/26 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; 62640 |
| JCR Pharmaceuticals Co., Ltd. | Bank of America N.A. | 1236942 | 02/15/28 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; (65836)<br>|
| Jefferies Financial Group, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 10820038 | 02/05/27 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (434453)<br>|
| Jenoptik AG | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 1073994 | 01/04/27 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; (20178)<br>|
| JET2 PLC | Barclays Bank PLC | 2095 | 12/10/26 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; 18 |
| JINS Holdings, Inc. | Barclays Bank PLC | 9484728 | 05/12/27 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; (493631)<br>|
| JINS Holdings, Inc. | UBS AG | 6584427 | 04/03/28 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; (67017)<br>|
| Joby Aviation, Inc., Class A | Barclays Bank PLC | 6132741 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 741320 |
| Johnson Matthey PLC | Barclays Bank PLC | 4522 | 12/10/26 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; (97)<br>|
| Joyful Honda Co., Ltd. | Citibank N.A. | 1585610 | 02/26/26 | 0.20% | 1D P TONA | Monthly  | &nbsp;&nbsp; (55274)<br>|
| Joyful Honda Co., Ltd. | SG Americas Securities LLC | 188860 | 12/08/25 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; (6331)<br>|
| JPMorgan Chase & Co. | SG Americas Securities LLC | 34937607 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 814747 |
| JTEKT Corp. | Barclays Bank PLC | 37505700 | 05/12/27 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; 898820 |
| Julius Baer Group Ltd., Class N | Barclays Bank PLC | 935960 | 11/09/26 | 0.26% | SSARON | Monthly  | &nbsp;&nbsp; 31843 |
| Julius Baer Group Ltd., Class N | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 341479 | 01/06/27 | 0.26% | SSARON | Monthly  | &nbsp;&nbsp; 9025 |
| Jumbo Interactive Ltd. | Bank of America N.A. | 4279940 | 02/15/28 | 0.25% | 1D AONIA | Monthly  | &nbsp;&nbsp; 407002 |
| Juroku Financial Group, Inc. | Barclays Bank PLC | 841815 | 05/12/27 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; (511)<br>|
| Juroku Financial Group, Inc. | JPMorgan Chase Bank N.A. | 152625 | 02/10/26 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 3982 |
| Jyske Bank A/S, Registered Shares | Barclays Bank PLC | 692612 | 02/19/27 | 0.28% | DESTR | Monthly  | &nbsp;&nbsp; 7205 |
| Kaga Electronics Co., Ltd. | Barclays Bank PLC | 8572634 | 05/12/27 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; 18357 |
| Kaiser Aluminum Corp. | UBS AG | 2341600 | 04/21/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 308213 |
| Kaken Pharmaceutical Co. Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 3462139 | 01/06/27 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; (29902)<br>|
| Kamigumi Co., Ltd. | SG Americas Securities LLC | 21428163 | 12/08/25 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 377068 |
| Kanadevia Corp. | Barclays Bank PLC | 157955 | 05/12/27 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; (870)<br>|
| Kanamoto Co. Ltd. | BNP Paribas SA | 6224437 | 03/24/27 | 0.25% | 1D TONA | Monthly  | &nbsp;&nbsp; (1310)<br>|
| Kaneka Corp. | UBS AG | 4592520 | 04/03/28 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 81155 |
| Kanematsu Corp. | UBS AG | 9784881 | 04/03/28 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 208465 |
| Kao Corp. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 5464429 | 01/07/27 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 54050 |
| Kawasaki Kisen Kaisha Ltd. | Barclays Bank PLC | 3193120 | 05/12/27 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; 129438 |
| KB Home | Barclays Bank PLC | 9617099 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (21522)<br>|
| KBR, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 2437992 | 02/05/27 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (27042)<br>|
| Keio Corp. | BNP Paribas SA | 1078947 | 03/24/27 | 0.15% | 1D TONA | Monthly  | &nbsp;&nbsp; (33002)<br>|
| Keiyo Bank Ltd. | UBS AG | 1119147 | 04/03/28 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 37515 |
| Keller Group PLC | Bank of America N.A. | 3897129 | 02/15/28 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; 95227 |
| Keller Group PLC | BNP Paribas SA | 1643384 | 03/17/27 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; 40156 |
| Keller Group PLC | SG Americas Securities LLC | 3266056 | 12/08/25 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; 97165 |
| Kelly Services, Inc., Class A | Bank of America N.A. | 4653670 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (446602)<br>|
| Kennedy-Wilson Holdings, Inc. | BNP Paribas SA | 2516966 | 04/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (77445)<br>|
| Kerry Group PLC, Class A | Barclays Bank PLC | 10424586 | 12/10/26 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; (78101)<br>|
| Kerry Group PLC, Class A | Citibank N.A. | 13000646 | 07/06/26 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; (25942)<br>|
| Kerry Group PLC, Class A | JPMorgan Chase Bank N.A. | 961429 | 02/10/26 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; 42386 |
| Kerry Group PLC, Class A | SG Americas Securities LLC | 6667733 | 12/08/25 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; 49272 |
| KeyCorp | UBS AG | 1479172 | 04/18/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 3753 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination*<br> *Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) |
| Keysight Technologies, Inc. | SG Americas Securities LLC | $7853605 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; $485712 |
| Kier Group PLC | Bank of America N.A. | 1846453 | 02/15/28 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; (80721)<br>|
| Kier Group PLC | SG Americas Securities LLC | 1676555 | 12/08/25 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; (87326)<br>|
| Kier Group PLC | UBS AG | 1573243 | 04/24/28 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; (68777)<br>|
| Killam Apartment Real Estate <br> Investment Trust<br>| &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 5853687 | 01/04/27 | 0.20% | CABROVER | Monthly  | &nbsp;&nbsp; (132063)<br>|
| Kimball Electronics, Inc. | BNP Paribas SA | 6763438 | 04/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 17492 |
| Kimco Realty Corp. | Bank of America N.A. | 3372583 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (163114)<br>|
| Kinaxis, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 155973 | 01/04/27 | 0.20% | CABROVER | Monthly  | &nbsp;&nbsp; (5)<br>|
| Kinden Corp. | Barclays Bank PLC | 2120223 | 05/12/27 | 0.22% | 1D P TONA | Monthly  | &nbsp;&nbsp; 323263 |
| Kingfisher PLC | BNP Paribas SA | 963767 | 08/17/26 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; (13350)<br>|
| Kirby Corp. | Citibank N.A. | 1289711 | 02/24/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 269940 |
| Kirby Corp. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 11010628 | 02/05/27 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 1753630 |
| Kissei Pharmaceutical Co. Ltd. | Bank of America N.A. | 4027896 | 02/15/28 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; (102950)<br>|
| Kissei Pharmaceutical Co. Ltd. | Goldman Sachs Bank USA | 908487 | 08/19/26 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; (23220)<br>|
| Ki-Star Real Estate Co. Ltd. | BNP Paribas SA | 1744416 | 03/24/27 | 0.25% | 1D TONA | Monthly  | &nbsp;&nbsp; (60631)<br>|
| Kite Realty Group Trust | Barclays Bank PLC | 142288 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (16)<br>|
| Klepierre SA | Barclays Bank PLC | 1586335 | 12/10/26 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; (4399)<br>|
| Klepierre SA | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 6972661 | 01/04/27 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; (55237)<br>|
| Knife River Corp. | Barclays Bank PLC | 3566074 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (85211)<br>|
| Knight-Swift Transportation Holdings, <br> Inc.<br>| SG Americas Securities LLC | 14792937 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (241873)<br>|
| Knorr-Bremse AG | Barclays Bank PLC | 16687641 | 08/17/26 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; 199169 |
| Knorr-Bremse AG | SG Americas Securities LLC | 316710 | 12/08/25 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; 2538 |
| Koei Tecmo Holdings Co. Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 2939087 | 01/06/27 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 1909 |
| Kojima Co., Ltd. | SG Americas Securities LLC | 131676 | 12/08/25 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 1038 |
| Komax Holding AG, Class N, <br> Registered Shares<br>| Barclays Bank PLC | 1131517 | 12/10/26 | 0.26% | SSARON | Monthly  | &nbsp;&nbsp; (6595)<br>|
| Kone Oyj, Class B | BNP Paribas SA | 492126 | 08/17/26 | 0.00% | 1D ESTR | Monthly  | &nbsp;&nbsp; (2653)<br>|
| Kongsberg Gruppen ASA | SG Americas Securities LLC | 6022403 | 12/08/25 | 0.26% | NOWA | Monthly  | &nbsp;&nbsp; (1004459)<br>|
| Konica Minolta, Inc. | Citibank N.A. | 3268973 | 02/26/26 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; (95323)<br>|
| Konica Minolta, Inc. | SG Americas Securities LLC | 259791 | 12/08/25 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; (1558)<br>|
| Koninklijke Ahold Delhaize NV | BNP Paribas SA | 361308 | 08/17/26 | 0.00% | 1D ESTR | Monthly  | &nbsp;&nbsp; (3698)<br>|
| Koninklijke Ahold Delhaize NV | BNP Paribas SA | 6392016 | 03/24/27 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; (84078)<br>|
| Koninklijke Ahold Delhaize NV | JPMorgan Chase Bank N.A. | 8247210 | 02/10/26 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; 132144 |
| Koninklijke BAM Groep NV | BNP Paribas SA | 5905371 | 03/24/27 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; (368816)<br>|
| Koninklijke BAM Groep NV | UBS AG | 3514751 | 04/24/28 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; (219512)<br>|
| Kontron AG | Bank of America N.A. | 532835 | 02/15/28 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; (59362)<br>|
| Kontron AG | Barclays Bank PLC | 4595861 | 12/10/26 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; (490309)<br>|
| Kontron AG | Goldman Sachs Bank USA | 955008 | 08/19/26 | (12.00)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (106395)<br>|
| Kontron AG | UBS AG | 1604711 | 04/24/28 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; (178776)<br>|
| Koppers Holdings, Inc. | Barclays Bank PLC | 141701 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (799)<br>|
| Koppers Holdings, Inc. | Citibank N.A. | 1328695 | 06/25/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (7491)<br>|
| Kratos Defense & Security Solutions, <br> Inc.<br>| SG Americas Securities LLC | 5459143 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (164297)<br>|
| Kroger Co. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 1015007 | 02/05/27 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (37078)<br>|
| Krones AG | Barclays Bank PLC | 195359 | 12/10/26 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; 291 |
| K's Holdings Corp. | Barclays Bank PLC | 8998166 | 05/12/27 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; (183277)<br>|
| Kubota Corp. | Barclays Bank PLC | 22463977 | 09/09/27 | 0.15% | 1D P TONA | Monthly  | &nbsp;&nbsp; (1211215)<br>|
| Kubota Corp. | SG Americas Securities LLC | 18520901 | 12/08/25 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 454456 |
| Kuehne & Nagel International AG, <br> Registered Shares<br>| &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 924845 | 01/06/27 | 0.26% | SSARON | Monthly  | &nbsp;&nbsp; (9737)<br>|
| Kumagai Gumi Co., Ltd. | Goldman Sachs Bank USA | 2500169 | 08/19/26 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 130189 |
| Kumagai Gumi Co., Ltd. | SG Americas Securities LLC | 13423035 | 12/08/25 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 545916 |
| Kureha Corp. | SG Americas Securities LLC | 17346651 | 12/08/25 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; (751132)<br>|
| Kurimoto Ltd. | SG Americas Securities LLC | 461676 | 12/08/25 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; (24898)<br>|

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination*<br> *Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) |
| Kyndryl Holdings, Inc. | UBS AG | $9226685 | 04/18/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; $413334 |
| Kyocera Corp. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 11237405 | 01/06/27 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; (402943)<br>|
| Kyocera Corp. | SG Americas Securities LLC | 17080705 | 12/08/25 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 206666 |
| Kyocera Corp. | UBS AG | 11628762 | 04/18/28 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 291137 |
| Kyoritsu Maintenance Co. Ltd. | BNP Paribas SA | 3249082 | 03/24/27 | 0.25% | 1D TONA | Monthly  | &nbsp;&nbsp; (22305)<br>|
| Kyoritsu Maintenance Co. Ltd. | SG Americas Securities LLC | 14520811 | 12/08/25 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; (769061)<br>|
| Kyowa Kirin Co. Ltd. | Barclays Bank PLC | 1288800 | 09/09/27 | 0.15% | 1D P TONA | Monthly  | &nbsp;&nbsp; 42827 |
| Kyushu Financial Group, Inc. | SG Americas Securities LLC | 4775385 | 12/08/25 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 68775 |
| L3Harris Technologies, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 12045960 | 02/05/27 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (15352)<br>|
| Lam Research Corp. | Citibank N.A. | 1958714 | 02/24/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 224784 |
| Lam Research Corp. | JPMorgan Chase Bank N.A. | 316581 | 02/09/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 33137 |
| Lam Research Corp. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 3893286 | 02/05/27 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (74094)<br>|
| Landstar System, Inc. | Citibank N.A. | 11628064 | 06/25/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (413043)<br>|
| Las Vegas Sands Corp. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 3809273 | 02/05/27 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 91624 |
| Lattice Semiconductor Corp. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 241842 | 02/05/27 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (2241)<br>|
| Lear Corp. | BNP Paribas SA | 11262800 | 04/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 492953 |
| LEG Immobilien SE | Barclays Bank PLC | 15755170 | 08/17/26 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; (862453)<br>|
| LEG Immobilien SE | UBS AG | 7610651 | 04/18/28 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; (291875)<br>|
| Legal & General Group PLC | SG Americas Securities LLC | 1469674 | 12/08/25 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; (6391)<br>|
| Legalzoom.com, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 4394076 | 02/08/27 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (157235)<br>|
| Leggett & Platt, Inc. | Bank of America N.A. | 7279621 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 464304 |
| Leidos Holdings, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 916048 | 02/05/27 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 7731 |
| LendingClub Corp. | Barclays Bank PLC | 3336115 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 175691 |
| Lendlease Corp. Ltd. | Bank of America N.A. | 13413004 | 02/15/28 | 0.00% | 1D AONIA | Monthly  | &nbsp;&nbsp; 291381 |
| Lendlease Corp. Ltd. | Barclays Bank PLC | 11 | 05/12/27 | 0.00% | 1D AONIA | Monthly  | &nbsp;&nbsp; — |
| Lendlease Corp. Ltd. | Barclays Bank PLC | 22 | 09/09/27 | 0.00% | 1D AONIA | Monthly  | &nbsp;&nbsp; — |
| Lennar Corp., Class A | Barclays Bank PLC | 7636028 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (202402)<br>|
| Leonardo SpA | Bank of America N.A. | 26716754 | 02/15/28 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; 472869 |
| Leonardo SpA | Barclays Bank PLC | 22288577 | 08/17/26 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; 237692 |
| Leopalace21 Corp. | Barclays Bank PLC | 1843162 | 05/12/27 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; (23817)<br>|
| LGI Homes, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 1212768 | 02/08/27 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (131425)<br>|
| Liberty Energy, Inc., Class A | Barclays Bank PLC | 761535 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 146391 |
| Liberty Energy, Inc., Class A | Citibank N.A. | 1786390 | 06/25/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 343401 |
| Liberty Global Ltd., Class A | Barclays Bank PLC | 8491609 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (53696)<br>|
| Liberty Latin America Ltd., Class A | Goldman Sachs Bank USA | 16 | 08/19/26 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; — |
| Life Corp. | Bank of America N.A. | 9296631 | 02/15/28 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 3435 |
| LifeStance Health Group, Inc. | Barclays Bank PLC | 15055777 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (618731)<br>|
| Light & Wonder, Inc., Class A | UBS AG | 6576156 | 04/18/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (250529)<br>|
| Lightspeed Commerce, Inc. | Bank of America N.A. | 8719101 | 02/15/28 | 0.20% | CABROVER | Monthly  | &nbsp;&nbsp; 349840 |
| Linamar Corp. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 6029440 | 01/04/27 | 0.20% | CABROVER | Monthly  | &nbsp;&nbsp; 184917 |
| Lincoln Electric Holdings, Inc. | SG Americas Securities LLC | 5572834 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (172747)<br>|
| Lindblad Expeditions Holdings, Inc. | SG Americas Securities LLC | 1500587 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (22067)<br>|
| Lindblad Expeditions Holdings, Inc. | UBS AG | 1648055 | 04/21/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (41301)<br>|
| Link REIT | Barclays Bank PLC | 7517040 | 09/09/27 | 0.31% | HONIA | Monthly  | &nbsp;&nbsp; 4839 |
| Link REIT | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 537080 | 01/06/27 | 0.30% | HONIA | Monthly  | &nbsp;&nbsp; 346 |
| Link REIT | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 2369502 | 01/11/27 | 0.30% | HONIA | Monthly  | &nbsp;&nbsp; 1525 |
| Link REIT | UBS AG | 8142636 | 04/18/28 | 0.25% | HONIA | Monthly  | &nbsp;&nbsp; (66651)<br>|
| Link REIT | UBS AG | 1398233 | 09/03/29 | 0.25% | HONIA | Monthly  | &nbsp;&nbsp; (11445)<br>|
| Lintec Corp. | BNP Paribas SA | 1995552 | 03/24/27 | 0.15% | 1D TONA | Monthly  | &nbsp;&nbsp; 85874 |
| Lintec Corp. | SG Americas Securities LLC | 2270800 | 12/08/25 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 123221 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination*<br> *Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) |
| Lion Corp. | BNP Paribas SA | $992 | 09/07/26 | 0.15% | 1D TONA | Monthly  | &nbsp;&nbsp; $(7)<br>|
| Lion Corp. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 13380029 | 01/06/27 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; (371733)<br>|
| Lithia Motors, Inc., Class A | UBS AG | 15872703 | 04/18/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 357067 |
| LivaNova PLC | SG Americas Securities LLC | 12563618 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (174200)<br>|
| LiveRamp Holdings, Inc. | Barclays Bank PLC | 14071283 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (302175)<br>|
| Lloyds Banking Group PLC | Bank of America N.A. | 23984986 | 02/15/28 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; 1241024 |
| Loblaw Cos Ltd. | Citibank N.A. | 9822450 | 02/24/28 | 0.20% | 1D CORRA | Monthly  | &nbsp;&nbsp; (512752)<br>|
| Loblaw Cos Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 24872452 | 01/04/27 | 0.20% | CABROVER | Monthly  | &nbsp;&nbsp; (1298392)<br>|
| Loblaw Cos Ltd. | UBS AG | 7528365 | 04/18/28 | 0.25% | 1D CORRA | Monthly  | &nbsp;&nbsp; (222810)<br>|
| Lockheed Martin Corp. | Bank of America N.A. | 41592363 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (627121)<br>|
| Logitech International SA, Class N, <br> Registered Shares<br>| Barclays Bank PLC | 24527724 | 11/09/26 | 0.26% | SSARON | Monthly  | &nbsp;&nbsp; 2612925 |
| Logitech International SA, Class N, <br> Registered Shares<br>| SG Americas Securities LLC | 25806214 | 12/08/25 | 0.23% | SSARON | Monthly  | &nbsp;&nbsp; 1702905 |
| London Stock Exchange Group PLC | Barclays Bank PLC | 34799170 | 08/17/26 | 0.05% | 1D SONIA | Monthly  | &nbsp;&nbsp; 3059549 |
| London Stock Exchange Group PLC | Barclays Bank PLC | 28947451 | 12/10/26 | 0.05% | 1D SONIA | Monthly  | &nbsp;&nbsp; 2086235 |
| Lonza Group AG, Registered Shares | Barclays Bank PLC | 2260180 | 11/09/26 | 0.26% | SSARON | Monthly  | &nbsp;&nbsp; (17334)<br>|
| Loomis Ab, Class B | SG Americas Securities LLC | 1650446 | 12/08/25 | 0.26% | 1D STIBOR | Monthly  | &nbsp;&nbsp; (42816)<br>|
| L'Oreal SA | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 767608 | 01/04/27 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; (21038)<br>|
| Lottery Corp. Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 327129 | 01/07/27 | 0.29% | 1D AONIA | Monthly  | &nbsp;&nbsp; (5987)<br>|
| Lululemon Athletica, Inc. | UBS AG | 2676608 | 04/18/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 55102 |
| Lundin Gold, Inc. | BNP Paribas SA | 3324794 | 08/17/26 | 0.20% | CABROVER | Monthly  | &nbsp;&nbsp; (215849)<br>|
| Lundin Gold, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 9334378 | 01/06/27 | 0.20% | CABROVER | Monthly  | &nbsp;&nbsp; (95921)<br>|
| LVMH Moet Hennessy Louis Vuitton <br> SE<br>| &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 6740105 | 01/04/27 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; (107988)<br>|
| LVMH Moet Hennessy Louis Vuitton <br> SE<br>| &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 8670793 | 01/06/27 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; 4041 |
| LY Corp. | Barclays Bank PLC | 7175156 | 09/09/27 | 0.15% | 1D P TONA | Monthly  | &nbsp;&nbsp; 72692 |
| LY Corp. | Goldman Sachs Bank USA | 155190 | 08/19/26 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 2314 |
| LY Corp. | Goldman Sachs Bank USA | 484100 | 08/19/26 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 7220 |
| LY Corp. | SG Americas Securities LLC | 4090380 | 12/08/25 | 0.16% | 1D P TONA | Monthly  | &nbsp;&nbsp; (101933)<br>|
| LY Corp. | SG Americas Securities LLC | 11047377 | 12/08/25 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; (352945)<br>|
| Lyft, Inc., Class A | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 288378 | 02/05/27 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (35)<br>|
| Lynas Rare Earths Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 328264 | 01/07/27 | 0.29% | 1D AONIA | Monthly  | &nbsp;&nbsp; 9847 |
| LyondellBasell Industries NV, Class A | JPMorgan Chase Bank N.A. | 1993028 | 02/09/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (92918)<br>|
| LyondellBasell Industries NV, Class A | UBS AG | 491503 | 04/18/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 3984 |
| M/I Homes, Inc. | Barclays Bank PLC | 12136482 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (569927)<br>|
| Macquarie Group Ltd. | Bank of America N.A. | 28213469 | 02/15/28 | 0.25% | 1D AONIA | Monthly  | &nbsp;&nbsp; 22755 |
| Macquarie Group Ltd. | Citibank N.A. | 5710852 | 02/25/26 | 0.30% | 1D AONIA | Monthly  | &nbsp;&nbsp; (271340)<br>|
| Macquarie Group Ltd. | UBS AG | 3470780 | 04/18/28 | 0.25% | 1D AONIA | Monthly  | &nbsp;&nbsp; 2799 |
| Macy's, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 15468721 | 02/08/27 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 775103 |
| Magna International, Inc. | BNP Paribas SA | 6925285 | 08/17/26 | 0.20% | CABROVER | Monthly  | &nbsp;&nbsp; 359512 |
| Magna International, Inc. | SG Americas Securities LLC | 8071249 | 12/08/25 | 0.20% | CABROVER | Monthly  | &nbsp;&nbsp; 220239 |
| Magna International, Inc. | UBS AG | 255050 | 04/18/28 | 0.25% | 1D CORRA | Monthly  | &nbsp;&nbsp; 13240 |
| Magnite, Inc. | Barclays Bank PLC | 282543 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 3984 |
| Maire SpA | Bank of America N.A. | 1901279 | 02/15/28 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; 55298 |
| Maire SpA | BNP Paribas SA | 4357538 | 03/17/27 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; 116022 |
| Maire SpA | Goldman Sachs Bank USA | 2267427 | 08/19/26 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; 65947 |
| Maire SpA | UBS AG | 2823989 | 04/24/28 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; 82135 |
| Malibu Boats, Inc., Class A | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 2084359 | 02/08/27 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (310044)<br>|
| Man Group PLC | Bank of America N.A. | 33 | 02/15/28 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; 3 |
| Man Group PLC | Bank of America N.A. | 60 | 02/15/28 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; 6 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination*<br> *Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) |
| ManpowerGroup, Inc. | Barclays Bank PLC | $15519305 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; $(1268874)<br>|
| Manulife Financial Corp. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 5116290 | 01/06/27 | 0.20% | CABROVER | Monthly  | &nbsp;&nbsp; 45850 |
| MARA Holdings, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 24677341 | 02/05/27 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (1065631)<br>|
| Marcus Corp. | Barclays Bank PLC | 3054865 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 172579 |
| Marriott Vacations Worldwide Corp. | UBS AG | 2969009 | 04/21/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (20297)<br>|
| Martinrea International, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 4612300 | 01/04/27 | 0.20% | CABROVER | Monthly  | &nbsp;&nbsp; 13713 |
| Marui Group Co., Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 43917559 | 01/06/27 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; (1007936)<br>|
| Marvell Technology, Inc. | Bank of America N.A. | 14657894 | 02/15/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 807612 |
| MasTec, Inc. | SG Americas Securities LLC | 9818343 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (661971)<br>|
| MasTec, Inc. | UBS AG | 27834684 | 04/18/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (54428)<br>|
| Materion Corp. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 20732417 | 02/08/27 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (2320547)<br>|
| Mativ Holdings, Inc. | UBS AG | 3882403 | 04/21/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (153620)<br>|
| Matson, Inc. | SG Americas Securities LLC | 3258014 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 218098 |
| Maxell Ltd. | Bank of America N.A. | 534872 | 02/15/28 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; 29018 |
| Maxell Ltd. | BNP Paribas SA | 903370 | 03/24/27 | 0.25% | 1D TONA | Monthly  | &nbsp;&nbsp; 49011 |
| Maxell Ltd. | Goldman Sachs Bank USA | 331373 | 08/19/26 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 17978 |
| Maximus, Inc. | Barclays Bank PLC | 4201573 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (171832)<br>|
| MaxLinear, Inc. | Barclays Bank PLC | 7799629 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (757652)<br>|
| MaxLinear, Inc. | BNP Paribas SA | 1209926 | 04/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (156456)<br>|
| Mcdonald S Holdings Co Japan Ltd. | Barclays Bank PLC | 20426539 | 05/12/27 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; (467540)<br>|
| Mcdonald S Holdings Co Japan Ltd. | Barclays Bank PLC | 331933 | 05/12/27 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; 586 |
| Mcdonald S Holdings Co Japan Ltd. | Barclays Bank PLC | 13328097 | 09/09/27 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; (305065)<br>|
| Mcdonald S Holdings Co Japan Ltd. | SG Americas Securities LLC | 7015539 | 12/08/25 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; (204755)<br>|
| MCJ Co., Ltd. | SG Americas Securities LLC | 1970496 | 12/08/25 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 72696 |
| McKesson Corp. | BNP Paribas SA | 15453722 | 04/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 378767 |
| Mediobanca Banca di Credito <br> Finanziario SpA<br>| Barclays Bank PLC | 42310010 | 08/17/26 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; 871790 |
| Mediobanca Banca di Credito <br> Finanziario SpA<br>| Barclays Bank PLC | 26553208 | 12/10/26 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; 469860 |
| Medpace Holdings, Inc. | SG Americas Securities LLC | 7794549 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 791345 |
| MEITEC Group Holdings, Inc. | BNP Paribas SA | 3102723 | 03/24/27 | 0.15% | 1D TONA | Monthly  | &nbsp;&nbsp; 47903 |
| MEITEC Group Holdings, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 7735276 | 01/06/27 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; (25774)<br>|
| MercadoLibre, Inc. | Barclays Bank PLC | 7237217 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 670812 |
| MercadoLibre, Inc. | Citibank N.A. | 16101689 | 02/24/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1783304 |
| MercadoLibre, Inc. | JPMorgan Chase Bank N.A. | 13545836 | 02/09/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 915757 |
| Mercedes-Benz Group AG, Class N | BNP Paribas SA | 864543 | 08/17/26 | 0.00% | 1D ESTR | Monthly  | &nbsp;&nbsp; (2293)<br>|
| Mercedes-Benz Group AG, Class N | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 6680627 | 01/06/27 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; (16596)<br>|
| Meritage Homes Corp. | Barclays Bank PLC | 4465638 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (210169)<br>|
| METAWATER Co. Ltd. | Bank of America N.A. | 7221299 | 02/15/28 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 900496 |
| Metro, Inc. | Bank of America N.A. | 7578593 | 02/15/28 | 0.20% | CABROVER | Monthly  | &nbsp;&nbsp; (75729)<br>|
| Metro, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 10946482 | 01/04/27 | 0.20% | CABROVER | Monthly  | &nbsp;&nbsp; (234143)<br>|
| Mettler-Toledo International, Inc. | Barclays Bank PLC | 22890461 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 577465 |
| MFE-MediaForEurope NV, Class A | Barclays Bank PLC | 2165770 | 12/10/26 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; (36162)<br>|
| MGIC Investment Corp. | Barclays Bank PLC | 10607964 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 23263 |
| MGIC Investment Corp. | SG Americas Securities LLC | 211550 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 3450 |
| MGM Resorts International | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 19891695 | 02/05/27 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (395643)<br>|
| Microchip Technology, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 10767856 | 02/05/27 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (256265)<br>|
| Microsoft Corp. | Barclays Bank PLC | 14817692 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (77712)<br>|
| Microsoft Corp. | Citibank N.A. | 32359890 | 02/24/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (169713)<br>|
| Mid-America Apartment Communities, <br> Inc.<br>| &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 738341 | 02/05/27 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (27690)<br>|

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination*<br> *Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) |
| Midland States Bancorp, Inc. | Bank of America N.A. | $326619 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; $(32179)<br>|
| Midland States Bancorp, Inc. | BNP Paribas SA | 207352 | 04/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (20429)<br>|
| Midland States Bancorp, Inc. | Goldman Sachs Bank USA | 242496 | 08/19/26 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (23891)<br>|
| Midland States Bancorp, Inc. | UBS AG | 115239 | 04/21/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (11354)<br>|
| Milbon Co. Ltd. | Barclays Bank PLC | 2388421 | 05/12/27 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; (118916)<br>|
| Milbon Co. Ltd. | Goldman Sachs Bank USA | 1085750 | 08/19/26 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; (49378)<br>|
| MillerKnoll, Inc. | SG Americas Securities LLC | 5991737 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (371036)<br>|
| Millicom International Cellular SA | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 732297 | 02/05/27 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (13351)<br>|
| MIRAIT ONE Corp. | Barclays Bank PLC | 13821024 | 05/12/27 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; 188775 |
| Mirvac Group | Barclays Bank PLC | 11491639 | 05/12/27 | 0.00% | 1D AONIA | Monthly  | &nbsp;&nbsp; (474887)<br>|
| Mitie Group PLC | Bank of America N.A. | 3425615 | 02/15/28 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; 193240 |
| Mitie Group PLC | BNP Paribas SA | 2719967 | 03/17/27 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; 103289 |
| Mitie Group PLC | Goldman Sachs Bank USA | 1860200 | 08/19/26 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; 104934 |
| Mitsubishi Electric Corp. | SG Americas Securities LLC | 5160197 | 12/08/25 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 390554 |
| Mitsubishi Heavy Industries Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 30122850 | 01/06/27 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 1669891 |
| Mitsubishi Logistics Corp. | SG Americas Securities LLC | 6613302 | 12/08/25 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; (242543)<br>|
| Mitsui & Co. Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 17862227 | 01/06/27 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 291307 |
| Mitsui & Co. Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 14598051 | 01/07/27 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 238073 |
| Mitsui Chemicals, Inc. | Barclays Bank PLC | 5822418 | 05/12/27 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; (113774)<br>|
| Mitsui Chemicals, Inc. | Barclays Bank PLC | 8078030 | 09/09/27 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; (154867)<br>|
| Mitsui Chemicals, Inc. | JPMorgan Chase Bank N.A. | 715567 | 02/10/26 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; (14382)<br>|
| Mitsui Fudosan Co. Ltd. | Barclays Bank PLC | 8405007 | 09/09/27 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; (145891)<br>|
| Mitsui Fudosan Co. Ltd. | SG Americas Securities LLC | 14628441 | 12/08/25 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; (664372)<br>|
| Mitsui Kinzoku Co. Ltd. | SG Americas Securities LLC | 3283601 | 12/08/25 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 362898 |
| Mobileye Global, Inc., Class A | SG Americas Securities LLC | 4320457 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (557151)<br>|
| Mobvista, Inc. | Barclays Bank PLC | 1270664 | 09/09/27 | 0.00% | HONIA | Monthly  | &nbsp;&nbsp; 131658 |
| Mobvista, Inc. | SG Americas Securities LLC | 37044 | 12/08/25 | 0.30% | 1D HIBOR | Monthly  | &nbsp;&nbsp; (2617)<br>|
| Moderna, Inc. | SG Americas Securities LLC | 9645776 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (137603)<br>|
| Monadelphous Group Ltd. | BNP Paribas SA | 3285938 | 03/22/27 | 0.25% | 1D AONIA | Monthly  | &nbsp;&nbsp; (29471)<br>|
| Monro, Inc. | Bank of America N.A. | 1819599 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (255214)<br>|
| Monster Beverage Corp. | BNP Paribas SA | 22278847 | 04/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (590641)<br>|
| MONY Group PLC | Bank of America N.A. | 3 | 02/15/28 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; — |
| MONY Group PLC | Bank of America N.A. | 3 | 02/15/28 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; — |
| MONY Group PLC | Goldman Sachs Bank USA | 3 | 08/19/26 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; — |
| MONY Group PLC | Goldman Sachs Bank USA | 5 | 08/19/26 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; — |
| Moody's Corp. | BNP Paribas SA | 8561149 | 04/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 24694 |
| Moog, Inc., Class A | SG Americas Securities LLC | 6430217 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (233094)<br>|
| Morgan Sindall Group PLC | Bank of America N.A. | 2197951 | 02/15/28 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; (101444)<br>|
| Morgan Sindall Group PLC | BNP Paribas SA | 2512850 | 03/17/27 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; (115978)<br>|
| Morgan Sindall Group PLC | Goldman Sachs Bank USA | 1466517 | 08/19/26 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; (67685)<br>|
| Morgan Sindall Group PLC | SG Americas Securities LLC | 1765476 | 12/08/25 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; (91203)<br>|
| Morgan Sindall Group PLC | UBS AG | 1592041 | 04/24/28 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; (73479)<br>|
| Morgan Stanley | Barclays Bank PLC | 5768218 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 214502 |
| Morgan Stanley | SG Americas Securities LLC | 21147699 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1134489 |
| Morinaga & Co. Ltd. | Goldman Sachs Bank USA | 293839 | 08/19/26 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 5977 |
| Morinaga & Co. Ltd. | SG Americas Securities LLC | 2174121 | 12/08/25 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 46925 |
| Mosaic Co. | BNP Paribas SA | 942993 | 04/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (37720)<br>|
| Mota-Engil SGPS SA | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 1229717 | 01/04/27 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; 47075 |
| Mota-Engil SGPS SA | UBS AG | 1053028 | 04/24/28 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; 46016 |
| Motorola Solutions, Inc. | Barclays Bank PLC | 5833757 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (524158)<br>|
| MP Materials Corp., Class A | Barclays Bank PLC | 38885387 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (3569624)<br>|
| MS&AD Insurance Group Holdings, <br> Inc.<br>| SG Americas Securities LLC | 2368285 | 12/08/25 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; (104817)<br>|
| Mullen Group Ltd. | SG Americas Securities LLC | 1895205 | 12/08/25 | 0.20% | CABROVER | Monthly  | &nbsp;&nbsp; (31719)<br>|
| Mullen Group Ltd. | UBS AG | 153078 | 04/21/28 | 0.25% | 1D CORRA | Monthly  | &nbsp;&nbsp; (1185)<br>|
| Munters Group AB | Bank of America N.A. | 1365845 | 02/15/28 | 0.26% | 1D STIBOR | Monthly  | &nbsp;&nbsp; 605530 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination*<br> *Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) |
| Murata Manufacturing Co., Ltd. | Barclays Bank PLC | $16513951 | 09/09/27 | 0.15% | 1D P TONA | Monthly  | &nbsp;&nbsp; $2086649 |
| Murata Manufacturing Co., Ltd. | Goldman Sachs Bank USA | 3789507 | 08/19/26 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 699475 |
| Murata Manufacturing Co., Ltd. | SG Americas Securities LLC | 29561782 | 12/08/25 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 4444090 |
| Murphy Oil Corp. | Bank of America N.A. | 11262392 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 202561 |
| Myers Industries, Inc. | Barclays Bank PLC | 3040093 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 53554 |
| MYR Group, Inc. | Citibank N.A. | 3422595 | 06/25/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 357331 |
| MYR Group, Inc. | JPMorgan Chase Bank N.A. | 1612737 | 02/10/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 83364 |
| Nabors Industries Ltd. | Barclays Bank PLC | 2318353 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 379165 |
| Nabors Industries Ltd. | SG Americas Securities LLC | 835601 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 104426 |
| Nabtesco Corp. | Barclays Bank PLC | 22285604 | 05/12/27 | 0.19% | 1D P TONA | Monthly  | &nbsp;&nbsp; 83722 |
| Nagase & Co., Ltd. | SG Americas Securities LLC | 10206583 | 12/08/25 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 461388 |
| Nakanishi, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 2284890 | 01/06/27 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; (55244)<br>|
| Nanto Bank Ltd. | JPMorgan Chase Bank N.A. | 127052 | 02/10/26 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 5986 |
| Nanto Bank Ltd. | SG Americas Securities LLC | 917304 | 12/08/25 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 20612 |
| Nasdaq, Inc. | UBS AG | 9565949 | 04/18/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (440832)<br>|
| Natera, Inc. | Bank of America N.A. | 2102802 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 228657 |
| Natera, Inc. | SG Americas Securities LLC | 3471399 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 541416 |
| Natera, Inc. | UBS AG | 3082436 | 04/18/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 335182 |
| National Beverage Corp. | Bank of America N.A. | 1852338 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (90483)<br>|
| National Storage Affiliates Trust | Bank of America N.A. | 10822261 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (897306)<br>|
| National Storage REIT | BNP Paribas SA | 585301 | 03/22/27 | 0.25% | 1D AONIA | Monthly  | &nbsp;&nbsp; (15322)<br>|
| Natural Grocers by Vitamin Cottage, <br> Inc., Class C<br>| Barclays Bank PLC | 1661963 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (345439)<br>|
| Naturgy Energy Group SA | Barclays Bank PLC | 1954466 | 12/10/26 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; 1405 |
| NatWest Group PLC | BNP Paribas SA | 360265 | 08/17/26 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; 341 |
| NatWest Group PLC | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 346430 | 01/27/27 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; 1127 |
| Navitas Semiconductor Corp. | Barclays Bank PLC | 905957 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (9656)<br>|
| NEC Corp. | Bank of America N.A. | 2025793 | 02/15/28 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; 335009 |
| NEC Corp. | Bank of America N.A. | 1097045 | 03/15/28 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 181420 |
| NEC Corp. | Goldman Sachs Bank USA | 8025258 | 08/19/26 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 1327151 |
| NEC Corp. | SG Americas Securities LLC | 17423775 | 12/08/25 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 1967493 |
| NEC Corp. | SG Americas Securities LLC | 16045116 | 12/08/25 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 1798917 |
| NEC Corp. | UBS AG | 20419996 | 04/18/28 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 3376892 |
| NEC Corp. | UBS AG | 11148096 | 09/03/29 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 1843581 |
| Nektar Therapeutics | JPMorgan Chase Bank N.A. | 302596 | 02/10/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 44780 |
| Nektar Therapeutics | UBS AG | 1441921 | 04/21/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 203925 |
| Nemetschek SE | BNP Paribas SA | 386825 | 03/24/27 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; (20992)<br>|
| Nemetschek SE | UBS AG | 15703678 | 09/03/29 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; (849890)<br>|
| Neste OYJ | Barclays Bank PLC | 7217600 | 12/10/26 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; 381083 |
| NETGEAR, Inc. | Bank of America N.A. | 2009641 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (6922)<br>|
| NetScout Systems, Inc. | Bank of America N.A. | 29651 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1847 |
| NetScout Systems, Inc. | Barclays Bank PLC | 14103736 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 736683 |
| NetScout Systems, Inc. | SG Americas Securities LLC | 5543807 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 285158 |
| Netwealth Group Ltd. | Bank of America N.A. | 9696466 | 02/15/28 | 0.25% | 1D AONIA | Monthly  | &nbsp;&nbsp; (242005)<br>|
| Netwealth Group Ltd. | Goldman Sachs Bank USA | 2348201 | 08/19/26 | 0.30% | 1D AONIA | Monthly  | &nbsp;&nbsp; (58606)<br>|
| Netwealth Group Ltd. | SG Americas Securities LLC | 21052461 | 12/08/25 | 0.30% | 1D AONIA | Monthly  | &nbsp;&nbsp; 71361 |
| Neurocrine Biosciences, Inc. | Barclays Bank PLC | 4690013 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 57684 |
| Newell Brands, Inc. | Bank of America N.A. | 360610 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (105178)<br>|
| Newell Brands, Inc. | SG Americas Securities LLC | 3967689 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (1285752)<br>|
| Newmont Corp. | UBS AG | 2421570 | 04/18/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (326309)<br>|
| Nexgen Energy Ltd. | SG Americas Securities LLC | 2580014 | 12/08/25 | 0.20% | CABROVER | Monthly  | &nbsp;&nbsp; 314584 |
| Nexi SpA | BNP Paribas SA | 19741139 | 08/17/26 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; (22590)<br>|
| NexPoint Residential Trust, Inc. | Barclays Bank PLC | 1186982 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (31643)<br>|
| Next PLC | Barclays Bank PLC | 11784365 | 08/17/26 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; 945561 |
| Next PLC | SG Americas Securities LLC | 9798565 | 12/08/25 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; 1359285 |
| NGK Insulators Ltd. | SG Americas Securities LLC | 14716266 | 12/08/25 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 316281 |
| NH Foods Ltd. | Barclays Bank PLC | 9709376 | 09/09/27 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; (88394)<br>|
| NH Foods Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 3184456 | 01/07/27 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; (26706)<br>|

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination*<br> *Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) |
| Nice Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | $3750243 | 05/23/27 | 0.75% | SHIR | Monthly  | &nbsp;&nbsp; $26892 |
| Nichicon Corp. | SG Americas Securities LLC | 285997 | 12/08/25 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 25038 |
| NIDEC Corp. | Barclays Bank PLC | 6234354 | 09/09/27 | 0.20% | 1D P TONA | Monthly  | &nbsp;&nbsp; (1048875)<br>|
| Nihon Kohden Corp. | Barclays Bank PLC | 13694836 | 05/12/27 | 0.22% | 1D P TONA | Monthly  | &nbsp;&nbsp; (362667)<br>|
| NIKE, Inc., Class B | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 3251745 | 02/05/27 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (15657)<br>|
| Nine Entertainment Co. Holdings Ltd. | Barclays Bank PLC | 3421147 | 05/12/27 | 0.00% | 1D AONIA | Monthly  | &nbsp;&nbsp; (87360)<br>|
| Nippon Ceramic Co., Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 1569217 | 01/06/27 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 55296 |
| Nippon Gas Co. Ltd. | Barclays Bank PLC | 9082916 | 05/12/27 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; 561596 |
| Nippon Gas Co. Ltd. | Citibank N.A. | 568926 | 02/26/26 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 41753 |
| Nippon Kayaku Co. Ltd. | SG Americas Securities LLC | 8146155 | 12/08/25 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 65524 |
| Nippon Light Metal Holdings Co. Ltd. | Barclays Bank PLC | 5430999 | 05/12/27 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; 361876 |
| Nippon REIT Investment Corp. | BNP Paribas SA | 2545782 | 03/24/27 | 0.25% | 1D TONA | Monthly  | &nbsp;&nbsp; 13406 |
| Nippon REIT Investment Corp. | SG Americas Securities LLC | 5660632 | 12/08/25 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 47498 |
| Nippon Yusen KK | Barclays Bank PLC | 8064451 | 05/12/27 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; 309883 |
| Nishimatsu Construction Co. Ltd. | BNP Paribas SA | 3996506 | 03/24/27 | 0.15% | 1D TONA | Monthly  | &nbsp;&nbsp; 70514 |
| Nishimatsu Construction Co. Ltd. | SG Americas Securities LLC | 10355301 | 12/08/25 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 35525 |
| Nishi-Nippon Financial Holdings, Inc. | Barclays Bank PLC | 8172301 | 05/12/27 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; 166774 |
| Nisshinbo Holdings, Inc. | UBS AG | 13424098 | 04/03/28 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 591503 |
| NMI Holdings, Inc., Class A | Barclays Bank PLC | 26757474 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (440660)<br>|
| NN Group NV | Barclays Bank PLC | 9958094 | 08/17/26 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; 118663 |
| NN Group NV | Barclays Bank PLC | 41332503 | 12/10/26 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; 530050 |
| NNN REIT, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 562877 | 02/05/27 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (16626)<br>|
| Nokia OYJ | Citibank N.A. | 9693003 | 06/25/26 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; 2426681 |
| Nokia OYJ | UBS AG | 12471837 | 09/03/29 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; 3007902 |
| Nomad Foods Ltd. | Barclays Bank PLC | 1910748 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (82453)<br>|
| Nomura Co. Ltd. | Bank of America N.A. | 2889962 | 02/15/28 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; (13595)<br>|
| Nomura Co. Ltd. | BNP Paribas SA | 3416260 | 03/24/27 | 0.25% | 1D TONA | Monthly  | &nbsp;&nbsp; (18370)<br>|
| Nomura Co. Ltd. | Goldman Sachs Bank USA | 403686 | 08/19/26 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; (1899)<br>|
| Nomura Holdings, Inc. | Barclays Bank PLC | 10092398 | 05/12/27 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; 256372 |
| Nomura Holdings, Inc. | Barclays Bank PLC | 11198233 | 09/09/27 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; 284463 |
| Nomura Holdings, Inc. | SG Americas Securities LLC | 2112098 | 12/08/25 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 13032 |
| Nomura Real Estate Holdings, Inc. | Barclays Bank PLC | 19113702 | 05/12/27 | 0.17% | 1D P TONA | Monthly  | &nbsp;&nbsp; (1158725)<br>|
| Nomura Real Estate Holdings, Inc. | Barclays Bank PLC | 26282684 | 09/09/27 | 0.17% | 1D P TONA | Monthly  | &nbsp;&nbsp; (1589450)<br>|
| Nomura Real Estate Holdings, Inc. | SG Americas Securities LLC | 14162284 | 12/08/25 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; (770864)<br>|
| Nomura Real Estate Holdings, Inc. | SG Americas Securities LLC | 5419605 | 12/08/25 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; (311802)<br>|
| Nordex SE | SG Americas Securities LLC | 5442155 | 12/08/25 | 0.10% | 1D ESTR | Monthly  | &nbsp;&nbsp; 485873 |
| Northland Power, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 2032057 | 01/06/27 | 0.20% | CABROVER | Monthly  | &nbsp;&nbsp; 65471 |
| Northrop Grumman Corp. | BNP Paribas SA | 2253260 | 04/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (22147)<br>|
| Norwegian Air Shuttle ASA | Barclays Bank PLC | 4180326 | 12/11/26 | 0.28% | NOWA | Monthly  | &nbsp;&nbsp; 44453 |
| NOV, Inc. | SG Americas Securities LLC | 11489330 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 790627 |
| Nova Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 809438 | 02/05/27 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 1500 |
| Nova Ltd. | SG Americas Securities LLC | 310016 | 12/08/25 | 0.70% | SHIR | Monthly  | &nbsp;&nbsp; 524 |
| Novocure Ltd. | Barclays Bank PLC | 3087509 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (233902)<br>|
| NRG Energy, Inc. | Barclays Bank PLC | 11648201 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 679832 |
| NRG Energy, Inc. | Citibank N.A. | 22657079 | 02/24/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1615740 |
| NRG Energy, Inc. | JPMorgan Chase Bank N.A. | 4221001 | 02/09/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 109355 |
| NRW Holdings Ltd. | Bank of America N.A. | 1269107 | 02/15/28 | 0.25% | 1D AONIA | Monthly  | &nbsp;&nbsp; (35050)<br>|
| NRW Holdings Ltd. | Barclays Bank PLC | 5255990 | 05/12/27 | 0.00% | 1D AONIA | Monthly  | &nbsp;&nbsp; 29092 |
| NRW Holdings Ltd. | BNP Paribas SA | 4764062 | 03/22/27 | 0.25% | 1D AONIA | Monthly  | &nbsp;&nbsp; (131573)<br>|
| NRW Holdings Ltd. | Goldman Sachs Bank USA | 560509 | 08/19/26 | 0.30% | 1D AONIA | Monthly  | &nbsp;&nbsp; (15480)<br>|
| NRW Holdings Ltd. | UBS AG | 1277031 | 04/03/28 | 0.25% | 1D AONIA | Monthly  | &nbsp;&nbsp; (35269)<br>|
| NS Solutions Corp. | BNP Paribas SA | 1823827 | 03/24/27 | 0.25% | 1D TONA | Monthly  | &nbsp;&nbsp; 217116 |
| NTN Corp. | Bank of America N.A. | 2039260 | 02/15/28 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; 41480 |
| NTN Corp. | BNP Paribas SA | 7911243 | 03/24/27 | 0.15% | 1D TONA | Monthly  | &nbsp;&nbsp; 151847 |
| NTN Corp. | Goldman Sachs Bank USA | 1604495 | 08/19/26 | 0.05% | 1D P TONA | Monthly  | &nbsp;&nbsp; 32636 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination*<br> *Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) |
| NTN Corp. | SG Americas Securities LLC | $7661359 | 12/08/25 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; $43853 |
| NTN Corp. | UBS AG | 5690455 | 04/03/28 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 115747 |
| NVIDIA Corp. | SG Americas Securities LLC | 41939496 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 2206968 |
| NVR, Inc. | Barclays Bank PLC | 10548497 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (655252)<br>|
| NVR, Inc. | BNP Paribas SA | 902136 | 04/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (51259)<br>|
| NVR, Inc. | Goldman Sachs Bank USA | 1567270 | 08/19/26 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (89052)<br>|
| NVR, Inc. | SG Americas Securities LLC | 7904210 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (556384)<br>|
| NVR, Inc. | UBS AG | 1307333 | 04/18/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (74282)<br>|
| Obayashi Corp. | Bank of America N.A. | 5532470 | 02/15/28 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 456304 |
| Obayashi Corp. | Bank of America N.A. | 1795709 | 03/15/28 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 148105 |
| Obayashi Corp. | Barclays Bank PLC | 9011654 | 09/09/27 | 0.19% | 1D P TONA | Monthly  | &nbsp;&nbsp; (11575)<br>|
| Obayashi Corp. | BNP Paribas SA | 4050447 | 09/07/26 | 0.25% | 1D TONA | Monthly  | &nbsp;&nbsp; 238124 |
| Obayashi Corp. | BNP Paribas SA | 8415716 | 03/24/27 | 0.25% | 1D TONA | Monthly  | &nbsp;&nbsp; 586054 |
| Obayashi Corp. | Goldman Sachs Bank USA | 1611293 | 08/19/26 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 132895 |
| Obayashi Corp. | Goldman Sachs Bank USA | 2236431 | 08/19/26 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 184455 |
| Obayashi Corp. | SG Americas Securities LLC | 8574094 | 12/08/25 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 622227 |
| Obayashi Corp. | SG Americas Securities LLC | 6699580 | 12/08/25 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 311008 |
| Obayashi Corp. | UBS AG | 6812933 | 04/18/28 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 530928 |
| Obayashi Corp. | UBS AG | 3974314 | 09/03/29 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 327791 |
| Obsidian Energy Ltd. | UBS AG | 120190 | 04/21/28 | 0.25% | 1D CORRA | Monthly  | &nbsp;&nbsp; (6167)<br>|
| Ocado Group PLC | Bank of America N.A. | 58848 | 02/15/28 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; (4732)<br>|
| Ocado Group PLC | Barclays Bank PLC | 321622 | 08/17/26 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; (37079)<br>|
| Ocado Group PLC | Goldman Sachs Bank USA | 378679 | 08/19/26 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; (30448)<br>|
| Ocado Group PLC | SG Americas Securities LLC | 728787 | 12/08/25 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; (47452)<br>|
| OceanaGold Corp. | Barclays Bank PLC | 11729516 | 10/23/26 | 0.20% | CABROVER | Monthly  | &nbsp;&nbsp; (107440)<br>|
| OceanaGold Corp. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 143881 | 01/04/27 | 0.20% | CABROVER | Monthly  | &nbsp;&nbsp; (1318)<br>|
| Oceaneering International, Inc. | Bank of America N.A. | 7723344 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 214727 |
| Oceaneering International, Inc. | Barclays Bank PLC | 5065896 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (289187)<br>|
| Oceaneering International, Inc. | SG Americas Securities LLC | 4609705 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (175173)<br>|
| Odfjell Drilling Ltd. | Goldman Sachs Bank USA | 705429 | 08/19/26 | 0.26% | NOWA | Monthly  | &nbsp;&nbsp; 32303 |
| Odfjell Drilling Ltd. | UBS AG | 5587130 | 04/24/28 | 0.25% | NOWA | Monthly  | &nbsp;&nbsp; 255844 |
| ODP Corp. | Barclays Bank PLC | 2488192 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 9856 |
| Ohsho Food Service Corp. | Barclays Bank PLC | 2989761 | 05/12/27 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; (95894)<br>|
| Okamura Corp. | Bank of America N.A. | 1936961 | 02/15/28 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; (13245)<br>|
| Okamura Corp. | Goldman Sachs Bank USA | 814555 | 08/19/26 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; (5570)<br>|
| Oki Electric Industry Co. Ltd. | Bank of America N.A. | 5720685 | 02/15/28 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 745220 |
| Oki Electric Industry Co. Ltd. | Goldman Sachs Bank USA | 1529533 | 08/19/26 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 199249 |
| Oklo, Inc., Class A | SG Americas Securities LLC | 5820042 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (86370)<br>|
| Old Dominion Freight Line, Inc. | BNP Paribas SA | 17144655 | 04/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 578035 |
| Olin Corp. | SG Americas Securities LLC | 10027493 | 12/08/25 | 0.19% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (1922491)<br>|
| Ollie's Bargain Outlet Holdings, Inc. | UBS AG | 3978562 | 04/18/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (32666)<br>|
| OmniAb, Inc., 12.50 Earnout Shares | Bank of America N.A. |  | 02/15/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; — |
| OmniAb, Inc., 15.00 Earnout Shares | Bank of America N.A. |  | 02/15/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; — |
| On Holding AG, Class A | Barclays Bank PLC | 8725427 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (1096192)<br>|
| ON Semiconductor Corp. | UBS AG | 2608900 | 04/18/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (14505)<br>|
| ONE Gas, Inc. | SG Americas Securities LLC | 10915722 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (109157)<br>|
| Ono Pharmaceutical Co. Ltd. | Barclays Bank PLC | 19524253 | 05/12/27 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 468596 |
| Ono Pharmaceutical Co. Ltd. | Barclays Bank PLC | 17694478 | 09/09/27 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 409282 |
| Ono Pharmaceutical Co. Ltd. | BNP Paribas SA | 2038436 | 09/07/26 | 0.25% | 1D TONA | Monthly  | &nbsp;&nbsp; 111805 |
| Ono Pharmaceutical Co. Ltd. | Goldman Sachs Bank USA | 1987624 | 08/19/26 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 107701 |
| Ono Pharmaceutical Co. Ltd. | SG Americas Securities LLC | 23280485 | 12/08/25 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 950609 |
| Ono Pharmaceutical Co. Ltd. | UBS AG | 819591 | 09/03/29 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 44410 |
| Onto Innovation, Inc. | UBS AG | 4605770 | 04/18/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 52375 |
| Open Up Group, Inc. | Barclays Bank PLC | 1287442 | 05/12/27 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; 6580 |
| OR Royalties, Inc. | UBS AG | 578733 | 04/18/28 | 0.25% | 1D CORRA | Monthly  | &nbsp;&nbsp; (32528)<br>|
| Orica Ltd. | Bank of America N.A. | 5005623 | 02/15/28 | 0.00% | 1D AONIA | Monthly  | &nbsp;&nbsp; 114307 |
| Orica Ltd. | UBS AG | 24585511 | 09/03/29 | 0.25% | 1D AONIA | Monthly  | &nbsp;&nbsp; 450075 |
| ORIX Corp. | Barclays Bank PLC | 4306120 | 09/09/27 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; (115774)<br>|
| ORIX Corp. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 15572922 | 01/07/27 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; (418693)<br>|

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination*<br> *Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) |
| Orla Mining Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | $4712873 | 01/04/27 | 0.20% | CABROVER | Monthly  | &nbsp;&nbsp; $(202604)<br>|
| Orla Mining Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 1956916 | 01/06/27 | 0.20% | CABROVER | Monthly  | &nbsp;&nbsp; (84127)<br>|
| Oscar Health, Inc., Class A | Barclays Bank PLC | 133900 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (52)<br>|
| Oshkosh Corp. | Barclays Bank PLC | 3957853 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (306250)<br>|
| OSI Systems, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 8830472 | 02/08/27 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 1280689 |
| Otsuka Corp. | Barclays Bank PLC | 8727251 | 09/09/27 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; (85758)<br>|
| Otsuka Corp. | BNP Paribas SA | 9395887 | 03/24/27 | 0.25% | 1D TONA | Monthly  | &nbsp;&nbsp; 176776 |
| Otsuka Corp. | SG Americas Securities LLC | 29802300 | 12/08/25 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; (196635)<br>|
| Otsuka Corp. | SG Americas Securities LLC | 1307520 | 12/08/25 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; (8627)<br>|
| Otsuka Holdings Co. Ltd. | SG Americas Securities LLC | 24060270 | 12/08/25 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 163848 |
| Otsuka Holdings Co. Ltd. | UBS AG | 8362890 | 04/18/28 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 399372 |
| Otter Tail Corp. | Barclays Bank PLC | 167882 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (2167)<br>|
| Oxford Industries, Inc. | Barclays Bank PLC | 140478 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (6160)<br>|
| Pacira BioSciences, Inc. | Bank of America N.A. | 1695740 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (149688)<br>|
| PagerDuty, Inc. | SG Americas Securities LLC | 8437270 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (139502)<br>|
| Palantir Technologies, Inc., Class A | Barclays Bank PLC | 25284534 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 3500553 |
| Palo Alto Networks, Inc. | Barclays Bank PLC | 5067496 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 180823 |
| Palomar Holdings, Inc. | Bank of America N.A. | 1596628 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (49398)<br>|
| Palomar Holdings, Inc. | Barclays Bank PLC | 10504906 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 86395 |
| Palomar Holdings, Inc. | Goldman Sachs Bank USA | 2084052 | 08/19/26 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (64479)<br>|
| PALTAC Corp. | Barclays Bank PLC | 4463799 | 05/12/27 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; (34029)<br>|
| Pan African Resources PLC | Barclays Bank PLC | 1220529 | 12/10/26 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; (10735)<br>|
| Pan American Silver Corp. | Citibank N.A. | 2758398 | 02/24/28 | 0.20% | 1D CORRA | Monthly  | &nbsp;&nbsp; (41794)<br>|
| Pan American Silver Corp. | SG Americas Securities LLC | 30711317 | 12/08/25 | 0.20% | CABROVER | Monthly  | &nbsp;&nbsp; (3395165)<br>|
| Pan American Silver Corp. | UBS AG | 3395536 | 04/18/28 | 0.25% | 1D CORRA | Monthly  | &nbsp;&nbsp; (131308)<br>|
| Pan Pacific International Holdings <br> Corp.<br>| Bank of America N.A. | 50381390 | 03/15/28 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; (2050737)<br>|
| Pan Pacific International Holdings <br> Corp.<br>| &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 11977991 | 01/07/27 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; (329427)<br>|
| Panasonic Holdings Corp. | BNP Paribas SA | 896298 | 09/07/26 | 0.00% | 1D TONA | Monthly  | &nbsp;&nbsp; (20208)<br>|
| Panasonic Holdings Corp. | SG Americas Securities LLC | 17191007 | 12/08/25 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 264555 |
| Pandora A/S | Bank of America N.A. | 7615938 | 02/15/28 | 0.26% | 1W CIBOR | Monthly  | &nbsp;&nbsp; 358524 |
| Pandora A/S | Barclays Bank PLC | 16730987 | 11/09/26 | 0.26% | DESTR | Monthly  | &nbsp;&nbsp; 45277 |
| Par Pacific Holdings, Inc. | Barclays Bank PLC | 20708415 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1740675 |
| Par Pacific Holdings, Inc. | SG Americas Securities LLC | 6269374 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 501279 |
| Paragon Banking Group PLC | Barclays Bank PLC | 370933 | 12/10/26 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; (1710)<br>|
| Park Hotels & Resorts, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 9683226 | 02/08/27 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (849858)<br>|
| Park Hotels & Resorts, Inc. | UBS AG | 11638876 | 04/21/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (820083)<br>|
| Parker-Hannifin Corp. | BNP Paribas SA | 18789605 | 04/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 890511 |
| Parkland Corp. | Bank of America N.A. | 20342907 | 02/15/28 | 0.20% | CABROVER | Monthly  | &nbsp;&nbsp; 143549 |
| Parkland Corp. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 8294765 | 01/06/27 | 0.20% | CABROVER | Monthly  | &nbsp;&nbsp; (16573)<br>|
| Partners Group Holding AG | BNP Paribas SA | 705583 | 03/22/27 | 0.26% | SSARON | Monthly  | &nbsp;&nbsp; 4695 |
| Patterson-UTI Energy, Inc. | UBS AG | 7217740 | 04/21/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 606524 |
| Paycom Software, Inc. | SG Americas Securities LLC | 1220613 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (47372)<br>|
| Paylocity Holding Corp. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 23223760 | 02/05/27 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (1636574)<br>|
| PBF Energy, Inc., Class A | SG Americas Securities LLC | 13689687 | 12/08/25 | 0.19% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 2018057 |
| PC Connection, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 3128556 | 02/08/27 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (82922)<br>|
| Pearson PLC | Bank of America N.A. | 29652507 | 02/15/28 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; (818136)<br>|
| Pearson PLC | UBS AG | 17608443 | 09/03/29 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; (477689)<br>|
| Pediatrix Medical Group, Inc. | BNP Paribas SA | 687577 | 04/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 21735 |
| Pediatrix Medical Group, Inc. | SG Americas Securities LLC | 17760795 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (165892)<br>|
| Peloton Interactive, Inc., Class A | Barclays Bank PLC | 5502039 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (367746)<br>|
| Penguin Solutions, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 3524483 | 02/08/27 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 121139 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination*<br> *Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) |
| Penn Entertainment, Inc. | Bank of America N.A. | $10629210 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; $(427648)<br>|
| Penske Automotive Group, Inc. | Citibank N.A. | 7192379 | 02/24/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (415336)<br>|
| Penta-Ocean Construction Co., Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 19310038 | 01/06/27 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 1886518 |
| Pepkor Holdings Ltd. | JPMorgan Chase Bank N.A. | 2769842 | 02/10/26 | 0.40% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 134290 |
| Per Aarsleff Holding A/S, Class B | UBS AG | 4256179 | 04/24/28 | 0.25% | DESTR | Monthly  | &nbsp;&nbsp; (30397)<br>|
| Perenti Ltd. | Bank of America N.A. | 16679826 | 02/15/28 | 0.00% | 1D AONIA | Monthly  | &nbsp;&nbsp; (677015)<br>|
| Perenti Ltd. | Goldman Sachs Bank USA | 2229000 | 08/19/26 | 0.30% | 1D AONIA | Monthly  | &nbsp;&nbsp; (96928)<br>|
| Pernod Ricard SA | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 2458839 | 01/04/27 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; (144113)<br>|
| Pernod Ricard SA | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 1042253 | 01/06/27 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; (35033)<br>|
| Perpetua Resources Corp. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 180980 | 01/04/27 | 0.20% | CABROVER | Monthly  | &nbsp;&nbsp; (27)<br>|
| Persol Holdings Co., Ltd. | Barclays Bank PLC | 26503125 | 05/12/27 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; (642581)<br>|
| Pfizer, Inc. | Barclays Bank PLC | 26842459 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (76010)<br>|
| PG&E Corp. | Barclays Bank PLC | 22656736 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (847236)<br>|
| Phibro Animal Health Corp., Class A | Barclays Bank PLC | 7024810 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 326857 |
| Philip Morris International, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 1725751 | 02/05/27 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (28719)<br>|
| Phreesia, Inc. | SG Americas Securities LLC | 5009769 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (114457)<br>|
| Picton Property Income Ltd. | UBS AG | 937816 | 04/24/28 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; 4828 |
| Pigeon Corp. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 9216693 | 01/06/27 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; (278283)<br>|
| Pilgrim's Pride Corp. | BNP Paribas SA | 237199 | 04/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1993 |
| Pinnacle Financial Partners, Inc. | Barclays Bank PLC | 109498 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (3)<br>|
| Pinnacle West Capital Corp. | BNP Paribas SA | 4018077 | 04/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (58932)<br>|
| Piper Sandler Cos. | Barclays Bank PLC | 11196211 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (471310)<br>|
| Planet Fitness, Inc., Class A | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 302187 | 02/05/27 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (8)<br>|
| Planet Labs PBC, Class A | SG Americas Securities LLC | 7866809 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (930859)<br>|
| Plexus Corp. | UBS AG | 20635092 | 04/21/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (1410594)<br>|
| Plus500 Ltd. | BNP Paribas SA | 30938077 | 03/17/27 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; 13153 |
| PNC Financial Services Group, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 13136045 | 02/05/27 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 82948 |
| Polaris, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 25898035 | 02/08/27 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (33965)<br>|
| Porsche Automobil Holding SE | SG Americas Securities LLC | 7015364 | 12/08/25 | 0.10% | 1D ESTR | Monthly  | &nbsp;&nbsp; (46352)<br>|
| Poste Italiane SpA | BNP Paribas SA | 248445 | 03/22/27 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; 8639 |
| Poste Italiane SpA | SG Americas Securities LLC | 3514975 | 12/08/25 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; 17342 |
| PostNL NV | UBS AG | 164095 | 04/24/28 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; (7504)<br>|
| Power Integrations, Inc. | Barclays Bank PLC | 1679831 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (19814)<br>|
| PPG Industries, Inc. | Bank of America N.A. | 23376176 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (431417)<br>|
| PRADA SpA | Bank of America N.A. | 1212053 | 02/15/28 | 0.30% | HONIA | Monthly  | &nbsp;&nbsp; 3607 |
| PRADA SpA | Goldman Sachs Bank USA | 2815964 | 08/19/26 | 0.30% | HONIA | Monthly  | &nbsp;&nbsp; 8381 |
| PRADA SpA | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 262631 | 01/06/27 | 0.30% | HONIA | Monthly  | &nbsp;&nbsp; (4746)<br>|
| PRADA SpA | UBS AG | 1010829 | 05/11/26 | 0.25% | HONIA | Monthly  | &nbsp;&nbsp; 3008 |
| Precision Drilling Corp. | UBS AG | 1159404 | 04/21/28 | 0.25% | 1D CORRA | Monthly  | &nbsp;&nbsp; 96741 |
| Primary Health Properties PLC | SG Americas Securities LLC | 6966823 | 12/08/25 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; 304617 |
| Principal Financial Group, Inc. | BNP Paribas SA | 12221644 | 04/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 474363 |
| Privia Health Group, Inc. | SG Americas Securities LLC | 16712534 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (156701)<br>|
| Pro Medicus Ltd. | Goldman Sachs Bank USA | 2562887 | 08/19/26 | 0.30% | 1D AONIA | Monthly  | &nbsp;&nbsp; (262728)<br>|
| Pro Medicus Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 5976401 | 01/06/27 | 0.29% | 1D AONIA | Monthly  | &nbsp;&nbsp; (461583)<br>|
| Pro Medicus Ltd. | SG Americas Securities LLC | 10473247 | 12/08/25 | 0.30% | 1D AONIA | Monthly  | &nbsp;&nbsp; (1232090)<br>|
| Pro Medicus Ltd. | SG Americas Securities LLC | 5388499 | 12/08/25 | 0.30% | 1D AONIA | Monthly  | &nbsp;&nbsp; (659918)<br>|
| Progress Software Corp. | Barclays Bank PLC | 19756227 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (1228422)<br>|
| Progress Software Corp. | BNP Paribas SA | 7265818 | 04/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (502048)<br>|
| Progress Software Corp. | SG Americas Securities LLC | 8165822 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (590400)<br>|

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination*<br> *Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) |
| Progressive Corp. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | $1074506 | 02/05/27 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; $(7838)<br>|
| Progyny, Inc. | Barclays Bank PLC | 24504700 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (584321)<br>|
| ProPetro Holding Corp. | Barclays Bank PLC | 151982 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 121427 |
| Prosperity Bancshares, Inc. | SG Americas Securities LLC | 10444884 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 71901 |
| Prosus NV, Class N | Barclays Bank PLC | 6245531 | 08/17/26 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; (109886)<br>|
| Prudential Financial, Inc. | UBS AG | 9681479 | 04/18/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 134041 |
| Prudential PLC | JPMorgan Chase Bank N.A. | 7593 | 02/10/26 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; 154 |
| PSP Swiss Property AG, Class N, <br> Registered Shares<br>| JPMorgan Chase Bank N.A. | 2704202 | 02/10/26 | 0.26% | SSARON | Monthly  | &nbsp;&nbsp; 86047 |
| PSP Swiss Property AG, Class N, <br> Registered Shares<br>| SG Americas Securities LLC | 1327174 | 12/08/25 | 0.26% | SSARON | Monthly  | &nbsp;&nbsp; 16753 |
| Public Storage | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 8864432 | 02/05/27 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (921572)<br>|
| Publicis Groupe SA | UBS AG | 14361380 | 04/18/28 | 0.15% | 1D ESTR | Monthly  | &nbsp;&nbsp; 142675 |
| Publicis Groupe SA | UBS AG | 22921996 | 09/03/29 | 0.15% | 1D ESTR | Monthly  | &nbsp;&nbsp; 227722 |
| PVH Corp. | UBS AG | 2198805 | 04/21/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (90162)<br>|
| Q2 Holdings, Inc. | Barclays Bank PLC | 697971 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 4240 |
| Qantas Airways Ltd. | BNP Paribas SA | 2915304 | 09/07/26 | 0.25% | 1D AONIA | Monthly  | &nbsp;&nbsp; (211854)<br>|
| Qantas Airways Ltd. | Goldman Sachs Bank USA | 1991895 | 08/19/26 | 0.30% | 1D AONIA | Monthly  | &nbsp;&nbsp; (144750)<br>|
| Qantas Airways Ltd. | Goldman Sachs Bank USA | 1463482 | 08/19/26 | 0.30% | 1D AONIA | Monthly  | &nbsp;&nbsp; (106351)<br>|
| Qantas Airways Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 13967133 | 01/06/27 | 0.29% | 1D AONIA | Monthly  | &nbsp;&nbsp; (626178)<br>|
| Qantas Airways Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 9128981 | 01/07/27 | 0.29% | 1D AONIA | Monthly  | &nbsp;&nbsp; (409273)<br>|
| QBE Insurance Group Ltd. | Barclays Bank PLC | 9850115 | 05/12/27 | 0.00% | 1D AONIA | Monthly  | &nbsp;&nbsp; (79807)<br>|
| QBE Insurance Group Ltd. | Barclays Bank PLC | 5052083 | 09/09/27 | 0.00% | 1D AONIA | Monthly  | &nbsp;&nbsp; (48659)<br>|
| QBE Insurance Group Ltd. | Citibank N.A. | 2949835 | 02/25/26 | 0.30% | 1D AONIA | Monthly  | &nbsp;&nbsp; (32411)<br>|
| QIAGEN NV | JPMorgan Chase Bank N.A. | 5355244 | 02/10/26 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; 9378 |
| QIAGEN NV | JPMorgan Chase Bank N.A. | 1271348 | 02/10/26 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; 2226 |
| QIAGEN NV | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 31971413 | 02/05/27 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (1151234)<br>|
| QIAGEN NV | SG Americas Securities LLC | 978614 | 12/08/25 | 0.10% | 1D ESTR | Monthly  | &nbsp;&nbsp; 1714 |
| QIAGEN NV | SG Americas Securities LLC | 106521 | 12/08/25 | 0.10% | 1D ESTR | Monthly  | &nbsp;&nbsp; 187 |
| Qualys, Inc. | BNP Paribas SA | 5806464 | 04/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (188396)<br>|
| Quanex Building Products Corp. | SG Americas Securities LLC | 1260643 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (23506)<br>|
| Quantum Computing, Inc. | Barclays Bank PLC | 21882594 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 2661806 |
| Qube Holdings Ltd. | Barclays Bank PLC | 544695 | 05/12/27 | 0.00% | 1D AONIA | Monthly  | &nbsp;&nbsp; (136)<br>|
| Quebecor, Inc., Class B | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 473412 | 01/04/27 | 0.20% | CABROVER | Monthly  | &nbsp;&nbsp; 7306 |
| Quest Diagnostics, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 298004 | 02/05/27 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 1991 |
| Quilter PLC | SG Americas Securities LLC | 16555229 | 12/08/25 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; 818677 |
| Quilter PLC | UBS AG | 6019990 | 04/24/28 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; 224640 |
| QuinStreet, Inc. | BNP Paribas SA | 6582904 | 04/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 117795 |
| QuinStreet, Inc. | SG Americas Securities LLC | 689641 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (15498)<br>|
| Radian Group, Inc. | Barclays Bank PLC | 468474 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1459 |
| Raiffeisen Bank International AG | Barclays Bank PLC | 40217384 | 12/10/26 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; 4451267 |
| Raito Kogyo Co. Ltd. | Bank of America N.A. | 9071230 | 02/15/28 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; (158061)<br>|
| Raito Kogyo Co. Ltd. | Goldman Sachs Bank USA | 856901 | 08/19/26 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; (15602)<br>|
| Rakuten Group, Inc. | BNP Paribas SA | 12224729 | 09/07/26 | 0.25% | 1D TONA | Monthly  | &nbsp;&nbsp; (21557)<br>|
| Rakuten Group, Inc. | SG Americas Securities LLC | 20596729 | 12/08/25 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 666740 |
| Rami Levy Chain Stores Hashikma <br> Marketing 2006 Ltd.<br>| Barclays Bank PLC | 979545 | 04/06/26 | 0.60% | SHIR | Monthly  | &nbsp;&nbsp; 36144 |
| Rapid7, Inc. | BNP Paribas SA | 5808263 | 04/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 44265 |
| Rapid7, Inc. | SG Americas Securities LLC | 12513825 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 40397 |
| Rational AG | Barclays Bank PLC | 1319819 | 08/17/26 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; (66099)<br>|
| RBC Bearings, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 156764 | 02/05/27 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 13791 |
| REA Group Ltd. | Barclays Bank PLC | 17650312 | 05/12/27 | 0.00% | 1D AONIA | Monthly  | &nbsp;&nbsp; (960812)<br>|
| REA Group Ltd. | Barclays Bank PLC | 24095153 | 09/09/27 | 0.00% | 1D AONIA | Monthly  | &nbsp;&nbsp; (1260058)<br>|

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination*<br> *Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) |
| Recruit Holdings Co. Ltd. | Barclays Bank PLC | $28977030 | 09/09/27 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; $(821001)<br>|
| Recruit Holdings Co. Ltd. | SG Americas Securities LLC | 25210481 | 12/08/25 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; (1170251)<br>|
| Redcare Pharmacy NV | Barclays Bank PLC | 13303720 | 12/10/26 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; (1233732)<br>|
| Reddit, Inc., Class A | Barclays Bank PLC | 11167318 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 435257 |
| Regal Rexnord Corp. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 2611375 | 02/05/27 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (74651)<br>|
| Regency Centers Corp. | UBS AG | 2522230 | 04/18/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (121184)<br>|
| Regeneron Pharmaceuticals, Inc. | SG Americas Securities LLC | 8395089 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1301739 |
| Regions Financial Corp. | BNP Paribas SA | 2893373 | 04/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (10572)<br>|
| Regis Resources Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 10176098 | 01/06/27 | 0.29% | 1D AONIA | Monthly  | &nbsp;&nbsp; 710337 |
| Reliance, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 4961165 | 02/05/27 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 146300 |
| RELX PLC | Barclays Bank PLC | 10114973 | 08/17/26 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; (411880)<br>|
| RELX PLC | SG Americas Securities LLC | 4663962 | 12/08/25 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; (113371)<br>|
| Remitly Global, Inc. | Barclays Bank PLC | 30797990 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (1217166)<br>|
| REN - Redes Energeticas Nacionais <br> SGPS SA<br>| Barclays Bank PLC | 132180 | 12/10/26 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; (1528)<br>|
| Renesas Electronics Corp. | Barclays Bank PLC | 1159270 | 09/09/27 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; (3350)<br>|
| Repsol SA | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 12319205 | 01/06/27 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; 682046 |
| Repsol SA | UBS AG | 8890545 | 09/03/29 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; 649688 |
| Republic Services, Inc. | UBS AG | 24501839 | 04/18/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (1417810)<br>|
| ResMed, Inc. | BNP Paribas SA | 15492360 | 04/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (1302438)<br>|
| ResMed, Inc. | SG Americas Securities LLC | 12910171 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (1621830)<br>|
| Resona Holdings, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 5695322 | 01/06/27 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 72933 |
| Resona Holdings, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 711842 | 01/07/27 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; (2259)<br>|
| Resorttrust, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 436434 | 01/06/27 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; (15738)<br>|
| REVOLUTION Medicines, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 7202896 | 02/05/27 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 796696 |
| Revolve Group, Inc., Class A | Barclays Bank PLC | 5030532 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (58442)<br>|
| RH | Barclays Bank PLC | 207853 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (3)<br>|
| Ricoh Co. Ltd. | Barclays Bank PLC | 11466630 | 09/09/27 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; (327939)<br>|
| Rigetti Computing, Inc. | SG Americas Securities LLC | 11062498 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 517826 |
| Rightmove PLC | Barclays Bank PLC | 14194270 | 08/17/26 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; (344475)<br>|
| RingCentral, Inc., Class A | BNP Paribas SA | 18661086 | 04/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 2406077 |
| RingCentral, Inc., Class A | SG Americas Securities LLC | 12079275 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1361323 |
| Rinnai Corp. | Barclays Bank PLC | 5914542 | 05/12/27 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; 73728 |
| RioCan Real Estate Investment Trust | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 7651307 | 01/04/27 | 0.20% | CABROVER | Monthly  | &nbsp;&nbsp; (225504)<br>|
| RioCan Real Estate Investment Trust | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 6760334 | 01/06/27 | 0.20% | CABROVER | Monthly  | &nbsp;&nbsp; (199245)<br>|
| RioCan Real Estate Investment Trust | SG Americas Securities LLC | 6786167 | 12/08/25 | 0.20% | CABROVER | Monthly  | &nbsp;&nbsp; (68005)<br>|
| Robert Half, Inc. | Barclays Bank PLC | 25414110 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (2773850)<br>|
| ROBLOX Corp., Class A | Barclays Bank PLC | 10746770 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (1229884)<br>|
| Roche Holding AG | BNP Paribas SA | 1028151 | 08/17/26 | 0.26% | SSARON | Monthly  | &nbsp;&nbsp; (83642)<br>|
| Roche Holding AG | Goldman Sachs Bank USA | 159171 | 08/19/26 | 0.26% | SSARON | Monthly  | &nbsp;&nbsp; (12949)<br>|
| Roche Holding AG | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 461200 | 01/04/27 | 0.26% | SSARON | Monthly  | &nbsp;&nbsp; (32032)<br>|
| Rockwell Automation, Inc. | Barclays Bank PLC | 27198429 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1394043 |
| Rohm Co. Ltd. | Barclays Bank PLC | 7657388 | 05/12/27 | 0.23% | 1D P TONA | Monthly  | &nbsp;&nbsp; 216536 |
| Rohm Co. Ltd. | Barclays Bank PLC | 13668485 | 09/09/27 | 0.23% | 1D P TONA | Monthly  | &nbsp;&nbsp; 329068 |
| Rohm Co. Ltd. | SG Americas Securities LLC | 69245 | 12/08/25 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 6019 |
| Roivant Sciences Ltd. | BNP Paribas SA | 5329797 | 04/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 941106 |
| Roku, Inc., Class A | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 437797 | 02/05/27 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (10)<br>|
| Rolls-Royce Holdings PLC | Barclays Bank PLC | 20788334 | 08/17/26 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; 1006801 |
| Rolls-Royce Holdings PLC | Barclays Bank PLC | 15206456 | 12/10/26 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; 950440 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination*<br> *Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) |
| Rotork PLC | SG Americas Securities LLC | $10155346 | 12/08/25 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; $38230 |
| Royal Gold, Inc. | BNP Paribas SA | 4730250 | 04/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (257549)<br>|
| Rush Street Interactive, Inc., Class A | BNP Paribas SA | 13746510 | 04/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (2345981)<br>|
| Ryerson Holding Corp. | SG Americas Securities LLC | 2235002 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (137846)<br>|
| Ryman Healthcare Ltd. | Barclays Bank PLC | 155034 | 06/14/27 | 0.00% | 1M BBR | Monthly  | &nbsp;&nbsp; 5131 |
| Ryohin Keikaku Co., Ltd. | Barclays Bank PLC | 11589715 | 09/09/27 | 0.23% | 1D P TONA | Monthly  | &nbsp;&nbsp; 110765 |
| S&P Global, Inc. | Barclays Bank PLC | 20226318 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 314943 |
| Saab AB, Class B | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 644868 | 01/08/27 | 0.26% | 1D STIBOR | Monthly  | &nbsp;&nbsp; 10607 |
| Saab AB, Class B | SG Americas Securities LLC | 2201296 | 12/08/25 | 0.26% | 1D STIBOR | Monthly  | &nbsp;&nbsp; 41527 |
| Sabra Health Care REIT, Inc. | Citibank N.A. | 7882175 | 06/25/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (185717)<br>|
| Safehold, Inc. | SG Americas Securities LLC | 2523249 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (160466)<br>|
| Safran SA | Barclays Bank PLC | 35694777 | 08/17/26 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; 479470 |
| Safran SA | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 22630705 | 01/06/27 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; 301540 |
| Sage Group PLC | Barclays Bank PLC | 34502802 | 08/17/26 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; (683497)<br>|
| Sage Group PLC | Barclays Bank PLC | 18344782 | 12/10/26 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; (308899)<br>|
| Sage Group PLC | BNP Paribas SA | 11893205 | 08/17/26 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; (57252)<br>|
| Saipem SpA | SG Americas Securities LLC | 795318 | 12/08/25 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; (4489)<br>|
| Saipem SpA | UBS AG | 5245715 | 04/18/28 | 0.10% | 1D ESTR | Monthly  | &nbsp;&nbsp; (39408)<br>|
| Saizeriya Co. Ltd. | Barclays Bank PLC | 162248 | 05/12/27 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; (8567)<br>|
| Sakata INX Corp. | Barclays Bank PLC | 5578547 | 05/12/27 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; (67978)<br>|
| Sakata Seed Corp. | SG Americas Securities LLC | 4155886 | 12/08/25 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 30941 |
| Salesforce, Inc. | SG Americas Securities LLC | 8149448 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 425072 |
| Salzgitter AG | Goldman Sachs Bank USA | 294890 | 08/19/26 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; (12688)<br>|
| Salzgitter AG | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 9729279 | 01/04/27 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; (106781)<br>|
| Samhallsbyggnadsbolaget i Norden <br> AB, Class B<br>| &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 4220815 | 01/04/27 | 0.26% | 1D STIBOR | Monthly  | &nbsp;&nbsp; (304937)<br>|
| Sampo Oyj, Class A | UBS AG | 10712689 | 04/18/28 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; (124703)<br>|
| San-A Co. Ltd. | Barclays Bank PLC | 2968562 | 05/12/27 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; (49738)<br>|
| Sandfire Resources Ltd. | JPMorgan Chase Bank N.A. | 3037659 | 02/10/26 | 0.25% | 1D AONIA | Monthly  | &nbsp;&nbsp; 74508 |
| Sandfire Resources Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 2521359 | 01/07/27 | 0.29% | 1D AONIA | Monthly  | &nbsp;&nbsp; 152870 |
| Sandfire Resources Ltd. | SG Americas Securities LLC | 2824420 | 12/08/25 | 0.30% | 1D AONIA | Monthly  | &nbsp;&nbsp; 71034 |
| San-In Godo Bank Ltd. | SG Americas Securities LLC | 4517970 | 12/08/25 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 26965 |
| San-In Godo Bank Ltd. | UBS AG | 3796450 | 04/03/28 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 97826 |
| Sanki Engineering Co. Ltd. | Bank of America N.A. | 558173 | 02/15/28 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 26049 |
| Sanki Engineering Co. Ltd. | BNP Paribas SA | 922627 | 03/24/27 | 0.25% | 1D TONA | Monthly  | &nbsp;&nbsp; 43058 |
| Sanki Engineering Co. Ltd. | SG Americas Securities LLC | 2026111 | 12/08/25 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 111455 |
| Sanki Engineering Co. Ltd. | UBS AG | 311920 | 04/03/28 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 14557 |
| Sanofi SA | Barclays Bank PLC | 9833350 | 08/17/26 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; 118539 |
| Sanrio Co., Ltd. | SG Americas Securities LLC | 9657188 | 12/08/25 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; (447795)<br>|
| Santen Pharmaceutical Co. Ltd. | SG Americas Securities LLC | 4943119 | 12/08/25 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; (214716)<br>|
| Santos Ltd. | Barclays Bank PLC | 22911807 | 05/12/27 | 0.00% | 1D AONIA | Monthly  | &nbsp;&nbsp; (22549)<br>|
| Santos Ltd. | SG Americas Securities LLC | 21692347 | 12/08/25 | 0.30% | 1D AONIA | Monthly  | &nbsp;&nbsp; (879027)<br>|
| SAP SE | Citibank N.A. | 12375597 | 07/06/26 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; (586257)<br>|
| SAP SE | SG Americas Securities LLC | 6005588 | 12/08/25 | 0.10% | 1D ESTR | Monthly  | &nbsp;&nbsp; (263971)<br>|
| SAP SE | UBS AG | 3457384 | 09/03/29 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; (166428)<br>|
| Sartorius AG | Bank of America N.A. | 18171005 | 02/15/28 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; 2186814 |
| Sawai Group Holdings Co. Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 9293816 | 01/06/27 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; (456544)<br>|
| ScanSource, Inc. | SG Americas Securities LLC | 9964307 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 196927 |
| Schaeffler AG | BNP Paribas SA | 2423096 | 03/24/27 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; 355510 |
| Schindler Holding AG | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 9324579 | 01/06/27 | 0.26% | SSARON | Monthly  | &nbsp;&nbsp; (468018)<br>|
| Schindler Holding AG | SG Americas Securities LLC | 149664 | 12/08/25 | 0.26% | SSARON | Monthly  | &nbsp;&nbsp; (7540)<br>|
| Schindler Holding AG, Class N, <br> Registered Shares<br>| &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 1524685 | 01/04/27 | 0.26% | SSARON | Monthly  | &nbsp;&nbsp; (87002)<br>|
| Schindler Holding AG, Class N, <br> Registered Shares<br>| UBS AG | 479950 | 04/18/28 | 0.26% | SSARON | Monthly  | &nbsp;&nbsp; (20216)<br>|

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination*<br> *Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) |
| Schroders PLC | Barclays Bank PLC | $9850484 | 12/10/26 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; $12962 |
| Schroders PLC | SG Americas Securities LLC | 2858095 | 12/08/25 | 0.16% | 1D SONIA | Monthly  | &nbsp;&nbsp; (5562)<br>|
| Schrodinger, Inc. | SG Americas Securities LLC | 340500 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 12846 |
| Sea Ltd., ADR | SG Americas Securities LLC | 24763941 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (4683159)<br>|
| Seaboard Corp. | Barclays Bank PLC | 6593367 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 153333 |
| Seadrill Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 3325775 | 02/08/27 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 100978 |
| Securitas AB, Class B | Citibank N.A. | 6696452 | 07/06/26 | 0.10% | TN STIBOR | Monthly  | &nbsp;&nbsp; (85186)<br>|
| Securitas AB, Class B | Citibank N.A. | 4146750 | 07/06/26 | 0.10% | TN STIBOR | Monthly  | &nbsp;&nbsp; (52751)<br>|
| SEEK Ltd. | Barclays Bank PLC | 7972164 | 09/09/27 | 0.00% | 1D AONIA | Monthly  | &nbsp;&nbsp; (149783)<br>|
| SEEK Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 674256 | 01/07/27 | 0.29% | 1D AONIA | Monthly  | &nbsp;&nbsp; (351)<br>|
| SEEK Ltd. | SG Americas Securities LLC | 9820077 | 12/08/25 | 0.30% | 1D AONIA | Monthly  | &nbsp;&nbsp; (287697)<br>|
| SEI Investments Co. | Barclays Bank PLC | 841569 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (13382)<br>|
| Seiko Epson Corp. | BNP Paribas SA | 17370624 | 09/07/26 | 0.15% | 1D TONA | Monthly  | &nbsp;&nbsp; 244054 |
| Seiko Epson Corp. | BNP Paribas SA | 9407085 | 03/24/27 | 0.15% | 1D TONA | Monthly  | &nbsp;&nbsp; 137683 |
| Seino Holdings Co. Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 6188347 | 01/06/27 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; (67797)<br>|
| Sekisui House Ltd. | SG Americas Securities LLC | 19327722 | 12/08/25 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 61399 |
| SentinelOne, Inc., Class A | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 231512 | 02/05/27 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 1537 |
| Serco Group PLC | SG Americas Securities LLC | 6579480 | 12/08/25 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; 407432 |
| Seria Co., Ltd. | Barclays Bank PLC | 9479917 | 05/12/27 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; (358858)<br>|
| Service Stream Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 9527542 | 01/06/27 | 0.29% | 1D AONIA | Monthly  | &nbsp;&nbsp; 73153 |
| ServiceTitan, Inc., Class A | UBS AG | 362310 | 04/18/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 7299 |
| Sesa SpA | BNP Paribas SA | 171766 | 03/17/27 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; (3977)<br>|
| SGS SA, Registered Shares | UBS AG | 18804973 | 04/18/28 | 0.05% | SSARON | Monthly  | &nbsp;&nbsp; 810881 |
| SGS SA, Registered Shares | UBS AG | 24048216 | 04/02/30 | 0.18% | SSARON | Monthly  | &nbsp;&nbsp; 1036973 |
| Shaftesbury Capital PLC | SG Americas Securities LLC | 12315304 | 12/08/25 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; 180788 |
| Sharp Corp. | Barclays Bank PLC | 5858998 | 05/12/27 | 0.15% | 1D P TONA | Monthly  | &nbsp;&nbsp; (56371)<br>|
| Sharplink Gaming, Inc. | Barclays Bank PLC | 1098935 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 32706 |
| Shell PLC | SG Americas Securities LLC | 621515 | 12/08/25 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; 32338 |
| Sheng Siong Group Ltd. | Goldman Sachs Bank USA | 780151 | 08/19/26 | 0.30% | SORA | Monthly  | &nbsp;&nbsp; 61370 |
| Sheng Siong Group Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 3764290 | 01/06/27 | 0.30% | SORA | Monthly  | &nbsp;&nbsp; 115651 |
| SHIFT, Inc. | Barclays Bank PLC | 1315891 | 05/12/27 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; (16546)<br>|
| Shimamura Co. Ltd. | Barclays Bank PLC | 777182 | 05/12/27 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; 9349 |
| Shimizu Corp. | Barclays Bank PLC | 8934475 | 09/09/27 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; 72459 |
| Shimizu Corp. | BNP Paribas SA | 9521557 | 09/07/26 | 0.25% | 1D TONA | Monthly  | &nbsp;&nbsp; 369963 |
| Shimizu Corp. | BNP Paribas SA | 14441059 | 03/24/27 | 0.25% | 1D TONA | Monthly  | &nbsp;&nbsp; 600924 |
| Shimizu Corp. | Goldman Sachs Bank USA | 240985 | 08/19/26 | 0.05% | 1D P TONA | Monthly  | &nbsp;&nbsp; 10028 |
| Shimizu Corp. | Goldman Sachs Bank USA | 2931770 | 08/19/26 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 121997 |
| Shimizu Corp. | SG Americas Securities LLC | 11778242 | 12/08/25 | 0.24% | 1D P TONA | Monthly  | &nbsp;&nbsp; 228766 |
| Shimizu Corp. | SG Americas Securities LLC | 9774154 | 12/08/25 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 188508 |
| Shimizu Corp. | UBS AG | 10247662 | 04/18/28 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 426428 |
| Shimizu Corp. | UBS AG | 2559338 | 09/03/29 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 106500 |
| Shinmaywa Industries Ltd. | Barclays Bank PLC | 5725002 | 05/12/27 | 0.23% | 1D P TONA | Monthly  | &nbsp;&nbsp; 257286 |
| Shizuoka Financial Group, Inc. | BNP Paribas SA | 13166445 | 09/07/26 | 0.15% | 1D TONA | Monthly  | &nbsp;&nbsp; 675568 |
| Shizuoka Financial Group, Inc. | BNP Paribas SA | 9577314 | 03/24/27 | 0.15% | 1D TONA | Monthly  | &nbsp;&nbsp; 492421 |
| Shoe Carnival, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 2011018 | 02/08/27 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (118720)<br>|
| Siemens AG, Class N, Registered <br> Shares<br>| SG Americas Securities LLC | 966226 | 12/08/25 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; 2426 |
| Siemens Energy AG | Bank of America N.A. | 29171210 | 02/15/28 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; 611281 |
| Siemens Energy AG | JPMorgan Chase Bank N.A. | 23774216 | 02/10/26 | 0.16% | 1D ESTR | Monthly  | &nbsp;&nbsp; (68872)<br>|
| Siemens Energy AG | JPMorgan Chase Bank N.A. | 68534575 | 02/10/26 | 0.15% | 1D ESTR | Monthly  | &nbsp;&nbsp; (198540)<br>|
| Siemens Energy AG | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 1687387 | 01/06/27 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; 216401 |
| Siemens Healthineers AG | SG Americas Securities LLC | 3685637 | 12/08/25 | 0.10% | 1D ESTR | Monthly  | &nbsp;&nbsp; 17471 |
| SIG Group AG | BNP Paribas SA | 978335 | 03/22/27 | 0.26% | SSARON | Monthly  | &nbsp;&nbsp; 27943 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination*<br> *Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) |
| SIGMAXYZ Holdings, Inc. | UBS AG | $2732801 | 04/03/28 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; $57256 |
| Sika AG, Registered Shares | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 2006467 | 01/06/27 | 0.26% | SSARON | Monthly  | &nbsp;&nbsp; (214159)<br>|
| Siltronic AG | BNP Paribas SA | 1440264 | 03/24/27 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; (34745)<br>|
| Siltronic AG | Citibank N.A. | 1135323 | 06/25/26 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; (31410)<br>|
| Sims Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 1117197 | 01/06/27 | 0.29% | 1D AONIA | Monthly  | &nbsp;&nbsp; 138061 |
| Sinch AB | Bank of America N.A. | 1470755 | 02/15/28 | 0.26% | 1D STIBOR | Monthly  | &nbsp;&nbsp; 130916 |
| Singapore Technologies Engineering <br> Ltd.<br>| Barclays Bank PLC | 14837919 | 09/09/27 | 0.00% | SORA | Monthly  | &nbsp;&nbsp; 68531 |
| Singapore Technologies Engineering <br> Ltd.<br>| UBS AG | 9090922 | 04/18/28 | 0.25% | SORA | Monthly  | &nbsp;&nbsp; 130490 |
| Sirius XM Holdings, Inc. | BNP Paribas SA | 3413652 | 04/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (29643)<br>|
| SiTime Corp. | SG Americas Securities LLC | 233029 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (17247)<br>|
| Six Flags Entertainment Corp. | JPMorgan Chase Bank N.A. | 940998 | 02/10/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 55047 |
| Six Flags Entertainment Corp. | UBS AG | 4935287 | 04/21/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 540433 |
| Sixt SE | Barclays Bank PLC | 330919 | 12/10/26 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; (34)<br>|
| Skanska AB, Class B | Barclays Bank PLC | 36572920 | 08/17/26 | 0.26% | 1D STIBOR | Monthly  | &nbsp;&nbsp; (255308)<br>|
| Skanska AB, Class B | SG Americas Securities LLC | 22512455 | 12/08/25 | 0.26% | 1D STIBOR | Monthly  | &nbsp;&nbsp; (469589)<br>|
| SKF AB, Class B | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 72127 | 01/08/27 | 0.26% | 1D STIBOR | Monthly  | &nbsp;&nbsp; (1434)<br>|
| SKY Perfect JSAT Holdings, Inc. | Barclays Bank PLC | 2418259 | 05/12/27 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; 54526 |
| Skylark Holdings Co. Ltd. | Barclays Bank PLC | 2176099 | 05/12/27 | 0.15% | 1D P TONA | Monthly  | &nbsp;&nbsp; (64882)<br>|
| Skylark Holdings Co. Ltd. | SG Americas Securities LLC | 595415 | 12/08/25 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; (9268)<br>|
| Skylark Holdings Co. Ltd. | SG Americas Securities LLC | 5461215 | 12/08/25 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; (323379)<br>|
| Skyworks Solutions, Inc. | Barclays Bank PLC | 1915801 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 82069 |
| Skyworks Solutions, Inc. | Citibank N.A. | 9288821 | 02/24/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 471568 |
| Skyworks Solutions, Inc. | JPMorgan Chase Bank N.A. | 8009829 | 02/09/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 170511 |
| SL Green Realty Corp. | Barclays Bank PLC | 160836 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (8)<br>|
| SLB Ltd. | UBS AG | 17051942 | 04/18/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1604276 |
| SM Energy Co. | Bank of America N.A. | 10911219 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (602066)<br>|
| SMA Solar Technology AG | Barclays Bank PLC | 2029872 | 12/10/26 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; 351386 |
| SmartCentres Real Estate Investment <br> Trust<br>| UBS AG | 1408068 | 04/21/28 | 0.25% | 1D CORRA | Monthly  | &nbsp;&nbsp; 11743 |
| SmartFinancial, Inc. | SG Americas Securities LLC | 970063 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (554)<br>|
| SMC Corp. | SG Americas Securities LLC | 15891506 | 12/08/25 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 676899 |
| SMC Corp. | SG Americas Securities LLC | 12805139 | 12/08/25 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 545435 |
| SMG Swiss Marketplace Group AG | JPMorgan Chase Bank N.A. | 703007 | 02/10/26 | 0.26% | SSARON | Monthly  | &nbsp;&nbsp; (5726)<br>|
| Smiths Group PLC | Barclays Bank PLC | 29500483 | 08/17/26 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; 679996 |
| Smiths Group PLC | BNP Paribas SA | 11359028 | 03/22/27 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; 742569 |
| Smiths Group PLC | Goldman Sachs Bank USA | 93868 | 08/19/26 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; 6136 |
| Smiths Group PLC | Goldman Sachs Bank USA | 9243547 | 08/19/26 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; 604274 |
| Smiths Group PLC | SG Americas Securities LLC | 8744652 | 12/08/25 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; 333764 |
| Smiths Group PLC | UBS AG | 4562049 | 04/18/28 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; 298233 |
| Snap, Inc., Class A | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 120618 | 02/05/27 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (1715)<br>|
| Societe Generale SA | Bank of America N.A. | 21843939 | 02/15/28 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; (195505)<br>|
| Societe Generale SA | Bank of America N.A. | 12876199 | 02/15/28 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; (120729)<br>|
| SoftBank Corp. | Barclays Bank PLC | 23256246 | 05/12/27 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; (106768)<br>|
| SoftBank Corp. | Barclays Bank PLC | 4940471 | 09/09/27 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; (22681)<br>|
| SoftBank Corp. | BNP Paribas SA | 11660168 | 03/24/27 | 0.25% | 1D TONA | Monthly  | &nbsp;&nbsp; 216391 |
| Softcat PLC | Barclays Bank PLC | 5699746 | 12/10/26 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; (112070)<br>|
| Sohgo Security Services Co. Ltd. | SG Americas Securities LLC | 23850059 | 12/08/25 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; (801577)<br>|
| SOITEC | JPMorgan Chase Bank N.A. | 1795306 | 02/10/26 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; (131169)<br>|
| SOITEC | UBS AG | 1298301 | 04/24/28 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; 56309 |
| SolarEdge Technologies, Inc. | SG Americas Securities LLC | 5510337 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (78932)<br>|
| Solarworld AG | BNP Paribas SA |  | 08/17/26 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; — |
| Solarworld AG | BNP Paribas SA |  | 03/24/27 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; — |
| Solstice Advanced Materials, Inc. | Barclays Bank PLC |  | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 3693892 |
| Sompo Holdings, Inc. | Bank of America N.A. | 3472969 | 03/15/28 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; (108477)<br>|
| Sompo Holdings, Inc. | BNP Paribas SA | 7656889 | 03/24/27 | 0.15% | 1D TONA | Monthly  | &nbsp;&nbsp; (239161)<br>|

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination*<br> *Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) |
| Sonae SGPS SA | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | $6676514 | 01/04/27 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; $14248 |
| Sonic Healthcare Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 9571598 | 01/07/27 | 0.29% | 1D AONIA | Monthly  | &nbsp;&nbsp; (171839)<br>|
| Sonova Holding AG, Registered <br> Shares<br>| BNP Paribas SA | 14383432 | 08/17/26 | 0.26% | SSARON | Monthly  | &nbsp;&nbsp; (68182)<br>|
| Sonova Holding AG, Registered <br> Shares<br>| &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 1504878 | 01/06/27 | 0.26% | SSARON | Monthly  | &nbsp;&nbsp; (54013)<br>|
| Sony Financial Group, Inc. | BNP Paribas SA | 1082658 | 09/07/26 | 0.25% | 1D TONA | Monthly  | &nbsp;&nbsp; 16265 |
| Sony Group Corp. | Bank of America N.A. | 22489030 | 02/15/28 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; (259496)<br>|
| Sony Group Corp. | BNP Paribas SA | 51278013 | 09/07/26 | 0.15% | 1D TONA | Monthly  | &nbsp;&nbsp; (647477)<br>|
| South32 Ltd. | Bank of America N.A. | 4600264 | 02/15/28 | 0.25% | 1D AONIA | Monthly  | &nbsp;&nbsp; (70563)<br>|
| South32 Ltd. | BNP Paribas SA | 2879475 | 09/07/26 | 0.25% | 1D AONIA | Monthly  | &nbsp;&nbsp; (44168)<br>|
| South32 Ltd. | BNP Paribas SA | 12838181 | 03/22/27 | 0.25% | 1D AONIA | Monthly  | &nbsp;&nbsp; (196924)<br>|
| South32 Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 6069259 | 01/06/27 | 0.29% | 1D AONIA | Monthly  | &nbsp;&nbsp; 1464 |
| South32 Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 9940402 | 01/07/27 | 0.29% | 1D AONIA | Monthly  | &nbsp;&nbsp; 2397 |
| South32 Ltd. | UBS AG | 3022821 | 09/03/29 | 0.25% | 1D AONIA | Monthly  | &nbsp;&nbsp; (46367)<br>|
| SpareBank 1 SMN | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 6771136 | 01/04/27 | 0.26% | NOWA | Monthly  | &nbsp;&nbsp; (114643)<br>|
| Sparebanken Norge | Barclays Bank PLC | 1901446 | 12/11/26 | 0.28% | NOWA | Monthly  | &nbsp;&nbsp; (10094)<br>|
| Spectrum Brands Holdings, Inc. | Barclays Bank PLC | 394167 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (9356)<br>|
| Spectrum Brands Holdings, Inc. | Goldman Sachs Bank USA | 2514897 | 08/19/26 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 115201 |
| SPIE SA | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 2523178 | 01/04/27 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; (142739)<br>|
| SPIE SA | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 2984183 | 01/06/27 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; (168819)<br>|
| Sportradar Group AG, Class A | UBS AG | 8662004 | 04/18/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (596595)<br>|
| Spotify Technology SA | BNP Paribas SA | 10536413 | 04/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (238060)<br>|
| Spotify Technology SA | Citibank N.A. | 9466787 | 02/24/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (284444)<br>|
| Sprott, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 151688 | 01/04/27 | 0.20% | CABROVER | Monthly  | &nbsp;&nbsp; 47 |
| Sprott, Inc. | SG Americas Securities LLC | 2288196 | 12/08/25 | 0.20% | CABROVER | Monthly  | &nbsp;&nbsp; (155041)<br>|
| Sprout Social, Inc., Class A | UBS AG | 2120416 | 04/21/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (177805)<br>|
| Sprouts Farmers Market, Inc. | Barclays Bank PLC | 18916419 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (5099209)<br>|
| SRG Global Ltd. | Citibank N.A. | 766269 | 02/25/26 | 0.30% | 1D AONIA | Monthly  | &nbsp;&nbsp; (24755)<br>|
| SRG Global Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 1106260 | 01/06/27 | 0.29% | 1D AONIA | Monthly  | &nbsp;&nbsp; (35738)<br>|
| SS&C Technologies Holdings, Inc. | BNP Paribas SA | 6388205 | 04/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 313341 |
| SSAB AB, Class B | SG Americas Securities LLC | 8514167 | 12/08/25 | 0.26% | 1D STIBOR | Monthly  | &nbsp;&nbsp; (917358)<br>|
| Standard Chartered PLC | BNP Paribas SA | 8846924 | 03/22/27 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; 90061 |
| Standard Chartered PLC | SG Americas Securities LLC | 6743852 | 12/08/25 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; 94428 |
| Standard Motor Products, Inc. | BNP Paribas SA | 9155643 | 04/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (498932)<br>|
| Standard Motor Products, Inc. | SG Americas Securities LLC | 6246193 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (388119)<br>|
| Stantec, Inc. | Bank of America N.A. | 734673 | 02/15/28 | 0.20% | CABROVER | Monthly  | &nbsp;&nbsp; (10537)<br>|
| Stantec, Inc. | BNP Paribas SA | 23006871 | 08/17/26 | 0.20% | CABROVER | Monthly  | &nbsp;&nbsp; (329963)<br>|
| Stantec, Inc. | Goldman Sachs Bank USA | 2587141 | 08/18/26 | 0.20% | 1D CORRA | Monthly  | &nbsp;&nbsp; (37105)<br>|
| Stantec, Inc. | Goldman Sachs Bank USA | 1211048 | 08/19/26 | 0.20% | 1D CORRA | Monthly  | &nbsp;&nbsp; (17369)<br>|
| Stantec, Inc. | SG Americas Securities LLC | 6097880 | 12/08/25 | 0.20% | CABROVER | Monthly  | &nbsp;&nbsp; (96595)<br>|
| Stantec, Inc. | UBS AG | 14600769 | 04/18/28 | 0.25% | 1D CORRA | Monthly  | &nbsp;&nbsp; (209403)<br>|
| Stantec, Inc. | UBS AG | 11176040 | 09/04/29 | 0.25% | 1D CORRA | Monthly  | &nbsp;&nbsp; (160286)<br>|
| Stifel Financial Corp. | Barclays Bank PLC | 4767837 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 71095 |
| Storebrand ASA | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 26455296 | 01/04/27 | 0.26% | NOWA | Monthly  | &nbsp;&nbsp; (255156)<br>|
| Storebrand ASA | UBS AG | 5264154 | 04/24/28 | 0.25% | NOWA | Monthly  | &nbsp;&nbsp; (44126)<br>|
| Storytel AB, Class B | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 2131669 | 01/04/27 | 0.26% | 1D STIBOR | Monthly  | &nbsp;&nbsp; 379561 |
| Strategic Education, Inc. | Barclays Bank PLC | 6116917 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (528132)<br>|
| Strategy, Inc., Class A | Barclays Bank PLC | 14699552 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (465381)<br>|
| Sumitomo Chemical Co., Ltd. | Barclays Bank PLC | 27354519 | 05/12/27 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; (516995)<br>|

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination*<br> *Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) |
| Sumitomo Chemical Co., Ltd. | Barclays Bank PLC | $44667177 | 09/09/27 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; $(931157)<br>|
| Sumitomo Corp. | BNP Paribas SA | 4260946 | 09/07/26 | 0.25% | 1D TONA | Monthly  | &nbsp;&nbsp; 18332 |
| Sumitomo Corp. | BNP Paribas SA | 5497808 | 03/24/27 | 0.25% | 1D TONA | Monthly  | &nbsp;&nbsp; 23653 |
| Sumitomo Corp. | Goldman Sachs Bank USA | 672019 | 08/19/26 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 2891 |
| Sumitomo Corp. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 13417916 | 01/06/27 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; (297900)<br>|
| Sumitomo Heavy Industries Ltd. | BNP Paribas SA | 6989020 | 03/24/27 | 0.25% | 1D TONA | Monthly  | &nbsp;&nbsp; 842118 |
| Sumitomo Mitsui Financial Group, <br> Inc.<br>| BNP Paribas SA | 26292700 | 09/07/26 | 0.25% | 1D TONA | Monthly  | &nbsp;&nbsp; 1430861 |
| Sumitomo Mitsui Financial Group, <br> Inc.<br>| BNP Paribas SA | 9687730 | 03/24/27 | 0.25% | 1D TONA | Monthly  | &nbsp;&nbsp; 527211 |
| Sumitomo Mitsui Financial Group, <br> Inc.<br>| SG Americas Securities LLC | 38236081 | 12/08/25 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 438828 |
| Sumitomo Mitsui Trust Group, Inc. | Bank of America N.A. | 407742 | 02/15/28 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 12496 |
| Sumitomo Mitsui Trust Group, Inc. | Barclays Bank PLC | 14198146 | 09/09/27 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; 276726 |
| Sumitomo Mitsui Trust Group, Inc. | Goldman Sachs Bank USA | 8221462 | 08/19/26 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 251969 |
| Sumitomo Mitsui Trust Group, Inc. | SG Americas Securities LLC | 10156207 | 12/08/25 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 20150 |
| Sumitomo Mitsui Trust Group, Inc. | UBS AG | 8685168 | 04/18/28 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 266180 |
| Sumitomo Rubber Industries Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 1717282 | 01/06/27 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; (49577)<br>|
| Sun Hung Kai Properties Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 4165558 | 01/11/27 | 0.30% | HONIA | Monthly  | &nbsp;&nbsp; 99601 |
| Suncor Energy, Inc. | Goldman Sachs Bank USA | 560019 | 08/18/26 | 0.20% | 1D CORRA | Monthly  | &nbsp;&nbsp; 9172 |
| Suncor Energy, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 34288581 | 01/04/27 | 0.20% | CABROVER | Monthly  | &nbsp;&nbsp; 740086 |
| Suncor Energy, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 27678132 | 01/06/27 | 0.20% | CABROVER | Monthly  | &nbsp;&nbsp; 597406 |
| Sundrug Co., Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 1828032 | 01/06/27 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; (30251)<br>|
| Suruga Bank Ltd. | Barclays Bank PLC | 5335659 | 05/12/27 | 0.24% | 1D P TONA | Monthly  | &nbsp;&nbsp; 93825 |
| Suruga Bank Ltd. | SG Americas Securities LLC | 2695542 | 12/08/25 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 31212 |
| Suzuken Co. Ltd. | Bank of America N.A. | 4115398 | 02/15/28 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; 8854 |
| Suzuken Co. Ltd. | Goldman Sachs Bank USA | 2857284 | 08/19/26 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 6147 |
| Suzuken Co. Ltd. | SG Americas Securities LLC | 5505281 | 12/08/25 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; (32862)<br>|
| Suzuki Motor Corp. | Barclays Bank PLC | 2033004 | 09/09/27 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; (1184)<br>|
| Swatch Group AG | BNP Paribas SA | 643763 | 03/22/27 | 0.26% | SSARON | Monthly  | &nbsp;&nbsp; (26417)<br>|
| Swatch Group AG | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 7533369 | 01/04/27 | 0.26% | SSARON | Monthly  | &nbsp;&nbsp; (158652)<br>|
| Swedish Orphan Biovitrum AB | BNP Paribas SA | 1826515 | 08/17/26 | 0.25% | 1D STIBOR | Monthly  | &nbsp;&nbsp; 159681 |
| Swedish Orphan Biovitrum AB | SG Americas Securities LLC | 1873578 | 12/08/25 | 0.26% | 1D STIBOR | Monthly  | &nbsp;&nbsp; 90705 |
| Swire Pacific Ltd., Class A | SG Americas Securities LLC | 3508028 | 12/08/25 | 0.30% | 1D HIBOR | Monthly  | &nbsp;&nbsp; 2183 |
| Synaptics, Inc. | Goldman Sachs Bank USA | 11176384 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 208634 |
| Synaptics, Inc. | SG Americas Securities LLC | 14090564 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 555638 |
| Synovus Financial Corp. | Barclays Bank PLC | 234607 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (4042)<br>|
| Sysco Corp. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 377703 | 02/05/27 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (64)<br>|
| Sysmex Corp. | Barclays Bank PLC | 41659322 | 09/09/27 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; (2747648)<br>|
| Sysmex Corp. | UBS AG | 5814934 | 04/18/28 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; (166465)<br>|
| T&D Holdings, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 346390 | 01/07/27 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; (634)<br>|
| Tadano Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 1215451 | 01/06/27 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; (31983)<br>|
| TAG Immobilien AG | SG Americas Securities LLC | 2159006 | 12/08/25 | 0.23% | 1D ESTR | Monthly  | &nbsp;&nbsp; (77002)<br>|
| Taikisha Ltd. | Bank of America N.A. | 771276 | 02/15/28 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 46376 |
| Taikisha Ltd. | BNP Paribas SA | 1152246 | 03/24/27 | 0.25% | 1D TONA | Monthly  | &nbsp;&nbsp; 69283 |
| Taikisha Ltd. | UBS AG | 881459 | 04/03/28 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 53001 |
| Takara Standard Co., Ltd. | Bank of America N.A. | 145649 | 02/15/28 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; (287)<br>|
| Takeda Pharmaceutical Co., Ltd. | Bank of America N.A. | 8907573 | 02/15/28 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; (82662)<br>|
| Takeda Pharmaceutical Co., Ltd. | Barclays Bank PLC | 11585525 | 05/12/27 | 0.15% | 1D P TONA | Monthly  | &nbsp;&nbsp; (364125)<br>|
| Takeda Pharmaceutical Co., Ltd. | SG Americas Securities LLC | 2189918 | 12/08/25 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; (44412)<br>|
| Takuma Co. Ltd. | Barclays Bank PLC | 7030738 | 05/12/27 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; 200779 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination*<br> *Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) |
| Talabat Holding PLC | Goldman Sachs Bank USA | $1395471 | 08/19/26 | 0.75% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; $(74483)<br>|
| Tandem Diabetes Care, Inc. | Bank of America N.A. | 1444881 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (73468)<br>|
| Tandem Diabetes Care, Inc. | Barclays Bank PLC | 12936765 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (830167)<br>|
| Tanger, Inc. | Barclays Bank PLC | 8707641 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (203718)<br>|
| Tanger, Inc. | SG Americas Securities LLC | 1858203 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (14721)<br>|
| Tapestry, Inc. | SG Americas Securities LLC | 21219941 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (1195912)<br>|
| Target Corp. | UBS AG | 4127810 | 04/18/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 86129 |
| Taylor Morrison Home Corp., Class A | Barclays Bank PLC | 13435395 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (288361)<br>|
| Taylor Morrison Home Corp., Class A | SG Americas Securities LLC | 10556251 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (618688)<br>|
| Taylor Morrison Home Corp., Class A | UBS AG | 483787 | 04/18/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (25808)<br>|
| Taylor Wimpey PLC | UBS AG | 8104456 | 04/18/28 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; (243521)<br>|
| Taylor Wimpey PLC | UBS AG | 12739047 | 09/03/29 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; (370777)<br>|
| TechMatrix Corp. | BNP Paribas SA | 1122705 | 03/24/27 | 0.15% | 1D TONA | Monthly  | &nbsp;&nbsp; 37007 |
| Technip Energies NV | JPMorgan Chase Bank N.A. | 43783558 | 02/10/26 | 0.05% | 1D ESTR | Monthly  | &nbsp;&nbsp; (5292549)<br>|
| Technip Energies NV | UBS AG | 3773974 | 04/24/28 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; (242550)<br>|
| TechnipFMC PLC | UBS AG | 8633088 | 04/18/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1402846 |
| Technology One Ltd. | Barclays Bank PLC | 7980601 | 05/12/27 | 0.00% | 1D AONIA | Monthly  | &nbsp;&nbsp; (434952)<br>|
| Technology One Ltd. | Barclays Bank PLC | 1629628 | 09/09/27 | 0.00% | 1D AONIA | Monthly  | &nbsp;&nbsp; (82663)<br>|
| Technology One Ltd. | Goldman Sachs Bank USA | 2899415 | 08/19/26 | 0.30% | 1D AONIA | Monthly  | &nbsp;&nbsp; (198222)<br>|
| Technology One Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 7888005 | 01/06/27 | 0.29% | 1D AONIA | Monthly  | &nbsp;&nbsp; (443173)<br>|
| Techtronic Industries Co. Ltd. | Goldman Sachs Bank USA | 592944 | 08/19/26 | 0.30% | HONIA | Monthly  | &nbsp;&nbsp; (9744)<br>|
| Techtronic Industries Co. Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 3875221 | 01/06/27 | 0.30% | HONIA | Monthly  | &nbsp;&nbsp; (212723)<br>|
| Techtronic Industries Co. Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 11730566 | 01/11/27 | 0.30% | HONIA | Monthly  | &nbsp;&nbsp; (643928)<br>|
| Techtronic Industries Co. Ltd. | SG Americas Securities LLC | 11379682 | 12/08/25 | 0.30% | 1D HIBOR | Monthly  | &nbsp;&nbsp; (491332)<br>|
| Teijin Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 5071468 | 01/06/27 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; (25318)<br>|
| Tel Aviv Stock Exchange Ltd. | Barclays Bank PLC | 3238185 | 04/06/26 | 0.60% | SHIR | Monthly  | &nbsp;&nbsp; 14730 |
| Tele2 AB, Class B | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 6991432 | 01/04/27 | 0.26% | 1D STIBOR | Monthly  | &nbsp;&nbsp; (26385)<br>|
| Tele2 AB, Class B | UBS AG | 8033903 | 04/18/28 | 0.25% | TN STIBOR | Monthly  | &nbsp;&nbsp; (429800)<br>|
| Telecom Italia SpA | Barclays Bank PLC | 3833549 | 12/10/26 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; 28340 |
| Telecom Plus PLC | SG Americas Securities LLC | 288542 | 12/08/25 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; (9502)<br>|
| Telefonaktiebolaget LM Ericsson, <br> Class B<br>| SG Americas Securities LLC | 5479122 | 12/08/25 | 0.26% | 1D STIBOR | Monthly  | &nbsp;&nbsp; 1097749 |
| Telefonica SA | JPMorgan Chase Bank N.A. | 24674517 | 02/10/26 | (0.10)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 258289 |
| Telefonica SA | SG Americas Securities LLC | 1396408 | 12/08/25 | 0.25% | 1D ESTR | Monthly  | &nbsp;&nbsp; (51279)<br>|
| Telefonica SA | UBS AG | 49324608 | 04/18/28 | 0.06% | 1D ESTR | Monthly  | &nbsp;&nbsp; (953568)<br>|
| Teleperformance SE | Barclays Bank PLC | 1437367 | 08/17/26 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; (120879)<br>|
| Television Francaise 1 SA | Barclays Bank PLC | 6269158 | 12/10/26 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; (355541)<br>|
| TELUS Corp. | BNP Paribas SA | 1450877 | 08/17/26 | 0.20% | CABROVER | Monthly  | &nbsp;&nbsp; (13166)<br>|
| TELUS Corp. | UBS AG | 19809521 | 04/18/28 | 0.25% | 1D CORRA | Monthly  | &nbsp;&nbsp; (492334)<br>|
| Temenos AG, Class N, Registered <br> Shares<br>| &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 1501153 | 01/04/27 | 0.26% | SSARON | Monthly  | &nbsp;&nbsp; 286654 |
| Temenos AG, Class N, Registered <br> Shares<br>| SG Americas Securities LLC | 3022364 | 12/08/25 | 0.26% | SSARON | Monthly  | &nbsp;&nbsp; 424085 |
| Tenable Holdings, Inc. | Barclays Bank PLC | 17904761 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (648163)<br>|
| Tenet Healthcare Corp. | Citibank N.A. | 6764652 | 02/24/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 45181 |
| Teradata Corp. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 10198155 | 02/08/27 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (156148)<br>|
| Terex Corp. | Citibank N.A. | 7242824 | 06/25/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (937210)<br>|
| Terumo Corp. | BNP Paribas SA | 35887822 | 09/07/26 | 0.25% | 1D TONA | Monthly  | &nbsp;&nbsp; (6570)<br>|
| Terumo Corp. | BNP Paribas SA | 5948456 | 03/24/27 | 0.25% | 1D TONA | Monthly  | &nbsp;&nbsp; 5927 |
| Tesla, Inc. | Barclays Bank PLC | 14663796 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 266173 |
| Tetra Tech, Inc. | JPMorgan Chase Bank N.A. | 274888 | 02/09/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (22565)<br>|
| Tetra Tech, Inc. | SG Americas Securities LLC | 4187652 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (220277)<br>|
| Texas Capital Bancshares, Inc. | SG Americas Securities LLC | 19457828 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (543691)<br>|
| Texas Instruments, Inc. | BNP Paribas SA | 13815762 | 04/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (984052)<br>|
| Textron, Inc. | BNP Paribas SA | 8499685 | 04/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (175124)<br>|

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination*<br> *Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) |
| TFI International, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | $7523864 | 01/04/27 | 0.20% | CABROVER | Monthly  | &nbsp;&nbsp; $(274913)<br>|
| TFI International, Inc. | SG Americas Securities LLC | 6140861 | 12/08/25 | 0.20% | CABROVER | Monthly  | &nbsp;&nbsp; (186144)<br>|
| Thales SA | Bank of America N.A. | 33298332 | 02/15/28 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; (268515)<br>|
| Thales SA | UBS AG | 26431514 | 09/03/29 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; (213141)<br>|
| Theravance Biopharma, Inc. | BNP Paribas SA | 2953959 | 04/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 161511 |
| THG PLC | SG Americas Securities LLC | 1744622 | 12/08/25 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; 432538 |
| THK Co., Ltd. | UBS AG | 7947726 | 04/18/28 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; (412139)<br>|
| THK Co., Ltd. | UBS AG | 1909701 | 09/03/29 | 0.19% | 1D P TONA | Monthly  | &nbsp;&nbsp; (99030)<br>|
| Thomson Reuters Corp. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 30678261 | 01/04/27 | 0.20% | CABROVER | Monthly  | &nbsp;&nbsp; (1796063)<br>|
| Thomson Reuters Corp. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 31004156 | 01/06/27 | 0.20% | CABROVER | Monthly  | &nbsp;&nbsp; (1815143)<br>|
| Tinexta SpA | SG Americas Securities LLC | 1849404 | 12/08/25 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; 7540 |
| TMC the metals Co., Inc. | SG Americas Securities LLC | 3068333 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (689702)<br>|
| T-Mobile US, Inc. | UBS AG | 12666504 | 04/18/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (631899)<br>|
| TMX Group Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 1649181 | 01/06/27 | 0.20% | CABROVER | Monthly  | &nbsp;&nbsp; 79885 |
| TMX Group Ltd. | SG Americas Securities LLC | 655010 | 12/08/25 | 0.20% | CABROVER | Monthly  | &nbsp;&nbsp; 3053 |
| TMX Group Ltd. | UBS AG | 8923272 | 09/04/29 | 0.25% | 1D CORRA | Monthly  | &nbsp;&nbsp; 133490 |
| Toa Corp. | Barclays Bank PLC | 13016730 | 05/12/27 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; 739515 |
| Toagosei Co., Ltd. | Barclays Bank PLC | 6804542 | 05/12/27 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; 39157 |
| Toda Corp. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 4181283 | 01/06/27 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; (40872)<br>|
| Tohoku Electric Power Co., Inc. | Bank of America N.A. | 5261525 | 02/15/28 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; (325550)<br>|
| Tohoku Electric Power Co., Inc. | UBS AG | 17580843 | 09/03/29 | 0.23% | 1D P TONA | Monthly  | &nbsp;&nbsp; (1080837)<br>|
| TOKAI Holdings Corp. | BNP Paribas SA | 4644102 | 03/24/27 | 0.25% | 1D TONA | Monthly  | &nbsp;&nbsp; 42499 |
| Tokai Rika Co. Ltd. | Barclays Bank PLC | 267597 | 05/12/27 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; (3520)<br>|
| Tokai Tokyo Financial Holdings, Inc. | Barclays Bank PLC | 259440 | 05/12/27 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; (2287)<br>|
| Tokio Marine Holdings, Inc. | Barclays Bank PLC | 1222624 | 09/09/27 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; (10596)<br>|
| Tokio Marine Holdings, Inc. | SG Americas Securities LLC | 2376538 | 12/08/25 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; (75549)<br>|
| Tokyo Century Corp. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 13055024 | 01/06/27 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; (360960)<br>|
| Tokyo Electric Power Co Holdings, <br> Inc.<br>| &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 1778791 | 01/07/27 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 90258 |
| Tokyo Electron Ltd. | Citibank N.A. | 11385913 | 02/26/26 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 1202936 |
| Tokyo Electron Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 7759763 | 01/07/27 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 750386 |
| Tokyo Electron Ltd. | SG Americas Securities LLC | 6447750 | 12/08/25 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; (10020)<br>|
| Tokyo Seimitsu Co. Ltd. | Barclays Bank PLC | 1394452 | 09/09/27 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; (11703)<br>|
| Tokyo Tatemono Co. Ltd. | SG Americas Securities LLC | 2461598 | 12/08/25 | 0.21% | 1D P TONA | Monthly  | &nbsp;&nbsp; (97947)<br>|
| Tokyo Tatemono Co. Ltd. | SG Americas Securities LLC | 11504958 | 12/08/25 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; (457780)<br>|
| Tokyu Construction Co. Ltd. | Barclays Bank PLC | 2889074 | 05/12/27 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; (103267)<br>|
| Tokyu Fudosan Holdings Corp. | Barclays Bank PLC | 1901884 | 09/09/27 | 0.15% | 1D P TONA | Monthly  | &nbsp;&nbsp; (1646)<br>|
| Tokyu Fudosan Holdings Corp. | SG Americas Securities LLC | 17928259 | 12/08/25 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; (29918)<br>|
| Tompkins Financial Corp. | SG Americas Securities LLC | 1375716 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (37535)<br>|
| TomTom NV | UBS AG | 4861698 | 04/24/28 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; (645197)<br>|
| Topgolf Callaway Brands Corp. | SG Americas Securities LLC | 8168687 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 306213 |
| Toridoll Holdings Corp. | Barclays Bank PLC | 18624474 | 05/12/27 | 0.21% | 1D P TONA | Monthly  | &nbsp;&nbsp; (817243)<br>|
| Toro Co. | Barclays Bank PLC | 10790945 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 109397 |
| Tosei Corp. | Bank of America N.A. | 3019207 | 02/15/28 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 55161 |
| Tosei Corp. | Goldman Sachs Bank USA | 1360210 | 08/19/26 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 24851 |
| Toshiba TEC Corp. | Goldman Sachs Bank USA | 451723 | 08/19/26 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 20591 |
| Toshiba TEC Corp. | SG Americas Securities LLC | 2073117 | 12/08/25 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; (6238)<br>|
| Tosoh Corp. | Bank of America N.A. | 20781482 | 02/15/28 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; (272005)<br>|
| Tosoh Corp. | BNP Paribas SA | 30440824 | 09/07/26 | 0.15% | 1D TONA | Monthly  | &nbsp;&nbsp; (307504)<br>|
| Tosoh Corp. | Goldman Sachs Bank USA | 2326713 | 08/19/26 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; (21268)<br>|
| Tosoh Corp. | Goldman Sachs Bank USA | 541029 | 08/19/26 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; (4945)<br>|
| TotalEnergies SE | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 1365360 | 01/06/27 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; 1405 |
| Totetsu Kogyo Co., Ltd. | Barclays Bank PLC | 5509292 | 05/12/27 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; (116117)<br>|

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination*<br> *Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) |
| TOTO Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | $6318565 | 01/06/27 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; $(233595)<br>|
| Towa Pharmaceutical Co. Ltd. | Bank of America N.A. | 4631386 | 02/15/28 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; (16127)<br>|
| Towa Pharmaceutical Co. Ltd. | Goldman Sachs Bank USA | 988349 | 08/19/26 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; (3442)<br>|
| Tower Semiconductor Ltd. | UBS AG | 1670678 | 04/18/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 188498 |
| Toyo Construction Co., Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 530364 | 01/06/27 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 3233 |
| Toyo Tire Corp. | BNP Paribas SA | 1207843 | 09/07/26 | 0.00% | 1D TONA | Monthly  | &nbsp;&nbsp; 11078 |
| Toyobo Co., Ltd. | BNP Paribas SA | 3296700 | 03/24/27 | 0.25% | 1D TONA | Monthly  | &nbsp;&nbsp; 83645 |
| Toyoda Gosei Co. Ltd. | Bank of America N.A. | 3146109 | 02/15/28 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; (72483)<br>|
| Toyoda Gosei Co. Ltd. | Goldman Sachs Bank USA | 4044983 | 08/19/26 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; (96485)<br>|
| Toyota Motor Corp. | Citibank N.A. | 7426155 | 02/26/26 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 90577 |
| Toyota Motor Corp. | JPMorgan Chase Bank N.A. | 900103 | 02/10/26 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 39743 |
| Toyota Motor Corp. | SG Americas Securities LLC | 14458273 | 12/08/25 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 638392 |
| TP ICAP Group PLC | BNP Paribas SA | 1537743 | 03/17/27 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; 30088 |
| TP ICAP Group PLC | Goldman Sachs Bank USA | 736140 | 08/19/26 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; 14403 |
| TP ICAP Group PLC | SG Americas Securities LLC | 1438205 | 12/08/25 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; (2525)<br>|
| Trade Desk, Inc., Class A | Bank of America N.A. | 19962950 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (289492)<br>|
| Trane Technologies PLC | UBS AG | 10067487 | 04/18/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 609486 |
| TransAlta Corp., Class A | SG Americas Securities LLC | 6461928 | 12/08/25 | 0.20% | CABROVER | Monthly  | &nbsp;&nbsp; 896418 |
| Transcontinental, Inc., Class A | Goldman Sachs Bank USA | 1401892 | 08/19/26 | 0.20% | 1D CORRA | Monthly  | &nbsp;&nbsp; 57825 |
| Transcontinental, Inc., Class A | UBS AG | 188257 | 04/21/28 | 0.25% | 1D CORRA | Monthly  | &nbsp;&nbsp; 7765 |
| Transcosmos, Inc. | SG Americas Securities LLC | 4213064 | 12/08/25 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 5105 |
| Traton SE | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 5843891 | 01/04/27 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; 291332 |
| Travelers Cos, Inc. | SG Americas Securities LLC | 6227961 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (249017)<br>|
| Travelers Cos, Inc. | UBS AG | 3908372 | 04/18/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (12039)<br>|
| Treasury Wine Estates Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 2843098 | 01/06/27 | 0.29% | 1D AONIA | Monthly  | &nbsp;&nbsp; (68544)<br>|
| Treasury Wine Estates Ltd. | SG Americas Securities LLC | 1698255 | 12/08/25 | 0.30% | 1D AONIA | Monthly  | &nbsp;&nbsp; (48234)<br>|
| Trelleborg AB, Class B | Bank of America N.A. | 3464006 | 02/15/28 | 0.26% | 1D STIBOR | Monthly  | &nbsp;&nbsp; 402442 |
| Trend Micro, Inc. | BNP Paribas SA | 154498 | 09/07/26 | 0.00% | 1D TONA | Monthly  | &nbsp;&nbsp; 3703 |
| Trend Micro, Inc. | SG Americas Securities LLC | 6539457 | 12/08/25 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 43727 |
| Tri Pointe Homes, Inc. | SG Americas Securities LLC | 12524448 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (185949)<br>|
| TriCo Bancshares | SG Americas Securities LLC | 1935543 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 27517 |
| TriNet Group, Inc. | Barclays Bank PLC | 22403964 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (631404)<br>|
| Triple Flag Precious Metals Corp. | UBS AG | 787476 | 04/18/28 | 0.25% | 1D CORRA | Monthly  | &nbsp;&nbsp; (111728)<br>|
| Trisura Group Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 144940 | 01/04/27 | 0.20% | CABROVER | Monthly  | &nbsp;&nbsp; 754 |
| Truist Financial Corp. | Bank of America N.A. | 7041395 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 210088 |
| Trupanion, Inc. | Barclays Bank PLC | 7443976 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (621042)<br>|
| Trupanion, Inc. | Citibank N.A. | 999912 | 06/25/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (83422)<br>|
| Trusco Nakayama Corp. | Barclays Bank PLC | 3672155 | 05/12/27 | 0.24% | 1D P TONA | Monthly  | &nbsp;&nbsp; (4839)<br>|
| Trustpilot Group PLC | BNP Paribas SA | 5242847 | 03/17/27 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; (220056)<br>|
| Tryg A/S | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 16438943 | 01/04/27 | 0.26% | DESTR | Monthly  | &nbsp;&nbsp; (217966)<br>|
| Tryg A/S | UBS AG | 17551623 | 04/18/28 | 0.25% | DESTR | Monthly  | &nbsp;&nbsp; (252031)<br>|
| TS Tech Co. Ltd. | Citibank N.A. | 4086881 | 02/26/26 | 0.21% | 1D P TONA | Monthly  | &nbsp;&nbsp; (71499)<br>|
| TSI Holdings Co. Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 6983664 | 01/06/27 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; (451477)<br>|
| Tsugami Corp. | Barclays Bank PLC | 1979316 | 05/12/27 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; (15477)<br>|
| Tsukishima Holdings Co., Ltd. | Barclays Bank PLC | 6787775 | 05/12/27 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; (69739)<br>|
| Tutor Perini Corp. | Goldman Sachs Bank USA | 3447571 | 08/19/26 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 221124 |
| Tutor Perini Corp. | SG Americas Securities LLC | 15805225 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 939663 |
| Tutor Perini Corp. | UBS AG | 7268866 | 04/21/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 466218 |
| U.S. Bancorp | Barclays Bank PLC | 29528761 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (405529)<br>|
| U.S. Bancorp | SG Americas Securities LLC | 22190370 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (146393)<br>|
| Ubisoft Entertainment SA, Class A | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 13532763 | 01/04/27 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; (617592)<br>|
| Ubisoft Entertainment SA, Class A | UBS AG | 8264603 | 04/24/28 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; (998495)<br>|
| UBS Group AG, Registered Shares | Citibank N.A. | 3793642 | 07/06/26 | 0.26% | SSARON | Monthly  | &nbsp;&nbsp; 75899 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination*<br> *Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) |
| UBS Group AG, Registered Shares | JPMorgan Chase Bank N.A. | $546205 | 02/10/26 | 0.26% | SSARON | Monthly  | &nbsp;&nbsp; $(33717)<br>|
| UBS Group AG, Registered Shares | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 438728 | 01/06/27 | 0.26% | SSARON | Monthly  | &nbsp;&nbsp; 826 |
| Udemy, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 5393164 | 02/08/27 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (1005440)<br>|
| UFP Industries, Inc. | Barclays Bank PLC | 9768696 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 37253 |
| UiPath, Inc., Class A | BNP Paribas SA | 6048957 | 04/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (300817)<br>|
| Ulvac, Inc. | Bank of America N.A. | 27127677 | 02/15/28 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 1444167 |
| Umicore SA | Barclays Bank PLC | 35389556 | 12/10/26 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; (732795)<br>|
| Umicore SA | BNP Paribas SA | 635679 | 03/24/27 | 0.25% | 1D ESTR | Monthly  | &nbsp;&nbsp; (46350)<br>|
| Under Armour, Inc., Class A | UBS AG | 3473986 | 04/21/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (137512)<br>|
| Unicharm Corp. | Bank of America N.A. | 37067704 | 03/15/28 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; (60569)<br>|
| Unicharm Corp. | BNP Paribas SA | 20228620 | 03/24/27 | 0.15% | 1D TONA | Monthly  | &nbsp;&nbsp; (35035)<br>|
| UniCredit SpA | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 8964503 | 01/06/27 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; 338346 |
| UniCredit SpA | UBS AG | 35347317 | 09/03/29 | 0.10% | 1D ESTR | Monthly  | &nbsp;&nbsp; 874147 |
| Union Pacific Corp. | Citibank N.A. | 13273618 | 02/24/28 | 0.10% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (286994)<br>|
| Union Pacific Corp. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 12815480 | 02/05/27 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (277088)<br>|
| UNIQA Insurance Group AG | Barclays Bank PLC | 8971402 | 12/10/26 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; 118192 |
| UNITE Group PLC/The | Barclays Bank PLC | 2507 | 12/10/26 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; (53)<br>|
| United Arrows Ltd. | UBS AG | 6301756 | 04/03/28 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; (71893)<br>|
| United Fire Group, Inc. | Barclays Bank PLC | 1569005 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (24524)<br>|
| United Fire Group, Inc. | SG Americas Securities LLC | 560310 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (15324)<br>|
| United Internet AG, Class N, <br> Registered Shares<br>| Barclays Bank PLC | 2439026 | 12/10/26 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; (105980)<br>|
| United Natural Foods, Inc. | BNP Paribas SA | 9271332 | 04/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (1161071)<br>|
| United Natural Foods, Inc. | SG Americas Securities LLC | 7575537 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (866081)<br>|
| United States Lime & Minerals, Inc. | Bank of America N.A. | 5288075 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (472443)<br>|
| United Therapeutics Corp. | Barclays Bank PLC | 4870364 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 274798 |
| United Therapeutics Corp. | SG Americas Securities LLC | 3584706 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (27947)<br>|
| Universal Corp. | Barclays Bank PLC | 27664615 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (1441263)<br>|
| Universal Display Corp. | UBS AG | 4742884 | 04/18/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 46662 |
| Universal Entertainment Corp. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 4137317 | 01/06/27 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; (337784)<br>|
| Universal Insurance Holdings, Inc. | BNP Paribas SA | 4807058 | 04/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 233892 |
| Universal Insurance Holdings, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 3807276 | 02/08/27 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 294096 |
| Universal Technical Institute, Inc. | Barclays Bank PLC | 8544072 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (802309)<br>|
| Univest Financial Corp. | Bank of America N.A. | 129293 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (1048)<br>|
| Univest Financial Corp. | BNP Paribas SA | 545114 | 04/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (4420)<br>|
| Univest Financial Corp. | Goldman Sachs Bank USA | 501306 | 08/19/26 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (4065)<br>|
| Univest Financial Corp. | SG Americas Securities LLC | 368070 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (5739)<br>|
| Unum Group | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 11968247 | 02/05/27 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (438150)<br>|
| UOL Group Ltd. | Barclays Bank PLC | 17158930 | 12/24/27 | 0.00% | SORA | Monthly  | &nbsp;&nbsp; (293231)<br>|
| UOL Group Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 10482318 | 01/06/27 | 0.30% | SORA | Monthly  | &nbsp;&nbsp; (179134)<br>|
| Upstart Holdings, Inc. | Barclays Bank PLC | 5327840 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (314528)<br>|
| Upwork, Inc. | Barclays Bank PLC | 9994835 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (43700)<br>|
| Urban Outfitters, Inc. | Barclays Bank PLC | 10421210 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (472304)<br>|
| USA Rare Earth, Inc., Class A | Barclays Bank PLC | 3072910 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (629406)<br>|
| Ushio, Inc. | UBS AG | 6687424 | 04/03/28 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 483302 |
| USS Co., Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 4911403 | 01/06/27 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; (27143)<br>|
| UT Group Co. Ltd. | BNP Paribas SA | 3722272 | 03/24/27 | 0.15% | 1D TONA | Monthly  | &nbsp;&nbsp; (2335)<br>|
| V2X, Inc. | Barclays Bank PLC | 4567857 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (86349)<br>|
| Valeo SE | Barclays Bank PLC | 999586 | 08/17/26 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; 181049 |
| Valeo SE | Barclays Bank PLC | 1362750 | 12/10/26 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; 246826 |
| Valeo SE | UBS AG | 10625131 | 04/18/28 | 0.16% | 1D ESTR | Monthly  | &nbsp;&nbsp; 2157330 |
| Valeo SE | UBS AG | 4406612 | 09/03/29 | 0.25% | 1D ESTR | Monthly  | &nbsp;&nbsp; 894720 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination*<br> *Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) |
| Var Energi ASA | Bank of America N.A. | $15593869 | 02/15/28 | 0.26% | NOWA | Monthly  | &nbsp;&nbsp; $680535 |
| Var Energi ASA | UBS AG | 751834 | 04/18/28 | 0.25% | NOWA | Monthly  | &nbsp;&nbsp; 32811 |
| Veeva Systems, Inc., Class A | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 6925714 | 02/05/27 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (14082)<br>|
| Ventas, Inc. | SG Americas Securities LLC | 4145552 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 352982 |
| Veolia Environnement SA | Barclays Bank PLC | 8077027 | 12/10/26 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; (271929)<br>|
| Veolia Environnement SA | UBS AG | 8463807 | 09/03/29 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; (257451)<br>|
| VeriSign, Inc. | Barclays Bank PLC | 22578863 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (1087987)<br>|
| VeriSign, Inc. | BNP Paribas SA | 6581583 | 04/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (642456)<br>|
| Verisk Analytics, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 19599397 | 02/05/27 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (1515820)<br>|
| Verizon Communications, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 5339477 | 02/05/27 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 68819 |
| Vermilion Energy, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 10931207 | 01/04/27 | 0.20% | CABROVER | Monthly  | &nbsp;&nbsp; 212463 |
| Vermilion Energy, Inc. | UBS AG | 13596598 | 04/21/28 | 0.25% | 1D CORRA | Monthly  | &nbsp;&nbsp; (141097)<br>|
| Vestas Wind Systems A/S | SG Americas Securities LLC | 5899055 | 12/08/25 | 0.23% | DESTR | Monthly  | &nbsp;&nbsp; 265189 |
| Vestis Corp. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 3222400 | 02/08/27 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 134267 |
| Viatris, Inc. | Barclays Bank PLC | 1569162 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (7537)<br>|
| Victory Capital Holdings, Inc., <br> Class A<br>| Barclays Bank PLC | 239998 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (10)<br>|
| Viking Holdings Ltd. | SG Americas Securities LLC | 2717663 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 52350 |
| Vinci SA | Barclays Bank PLC | 11972435 | 08/17/26 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; (606688)<br>|
| Visa, Inc., Class A | Barclays Bank PLC | 36971056 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (493817)<br>|
| Vistra Corp. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 2327607 | 02/05/27 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (31)<br>|
| Vodafone Group PLC | SG Americas Securities LLC | 34546107 | 12/08/25 | 0.10% | 1D SONIA | Monthly  | &nbsp;&nbsp; 3065192 |
| Vodafone Group PLC | UBS AG | 34662101 | 09/03/29 | 0.17% | 1D SONIA | Monthly  | &nbsp;&nbsp; 2692974 |
| Volution Group PLC | Barclays Bank PLC | 2340531 | 12/10/26 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; — |
| Volvo Car AB, Class B | Barclays Bank PLC | 10188652 | 01/18/27 | 0.28% | 1D STIBOR | Monthly  | &nbsp;&nbsp; 4293549 |
| Vonovia SE | SG Americas Securities LLC | 989074 | 12/08/25 | 0.10% | 1D ESTR | Monthly  | &nbsp;&nbsp; (48238)<br>|
| Voya Financial, Inc. | Barclays Bank PLC | 12431910 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 123088 |
| Wacom Co. Ltd. | Bank of America N.A. | 2128137 | 02/15/28 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 119519 |
| Wacom Co. Ltd. | BNP Paribas SA | 4496838 | 03/24/27 | 0.25% | 1D TONA | Monthly  | &nbsp;&nbsp; 227528 |
| Wacom Co. Ltd. | Goldman Sachs Bank USA | 517516 | 08/19/26 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 29064 |
| Walker & Dunlop, Inc. | SG Americas Securities LLC | 4556008 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 9342 |
| Wallenius Wilhelmsen ASA | Barclays Bank PLC | 134249 | 12/11/26 | 0.28% | NOWA | Monthly  | &nbsp;&nbsp; 3493 |
| Walmart, Inc. | SG Americas Securities LLC | 28259904 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (711119)<br>|
| Wartsila OYJ Abp | Goldman Sachs Bank USA | 925751 | 08/19/26 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; 77944 |
| Wartsila OYJ Abp | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 7543326 | 01/06/27 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; 820408 |
| Washington H Soul Pattinson & Co., <br> Ltd.<br>| Bank of America N.A. | 25 | 02/15/28 | 0.00% | 1D AONIA | Monthly  | &nbsp;&nbsp; (1)<br>|
| Waste Connections, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 4918647 | 02/05/27 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (292859)<br>|
| Waste Connections, Inc. | UBS AG | 12745110 | 04/21/28 | 0.25% | 1D CORRA | Monthly  | &nbsp;&nbsp; (149843)<br>|
| Wayfair, Inc., Class A | SG Americas Securities LLC | 2118211 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 51048 |
| Waystar Holding Corp. | SG Americas Securities LLC | 5486741 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (385609)<br>|
| WD-40 Co. | Barclays Bank PLC | 7489655 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (244565)<br>|
| WD-40 Co. | SG Americas Securities LLC | 3527260 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 34281 |
| WEB Travel Group Ltd. | SG Americas Securities LLC | 2519018 | 12/08/25 | 0.30% | 1D AONIA | Monthly  | &nbsp;&nbsp; (78549)<br>|
| Webuild SpA | Bank of America N.A. | 2262132 | 02/15/28 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; 23530 |
| Webuild SpA | BNP Paribas SA | 2453829 | 03/17/27 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; 25524 |
| Webuild SpA | Goldman Sachs Bank USA | 1242181 | 08/19/26 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; 12921 |
| Webuild SpA | UBS AG | 1703166 | 04/24/28 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; 17716 |
| Wells Fargo & Co. | Bank of America N.A. | 6079348 | 02/15/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 35860 |
| Wesfarmers Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 5087360 | 01/07/27 | 0.29% | 1D AONIA | Monthly  | &nbsp;&nbsp; (399825)<br>|
| Wesfarmers Ltd. | UBS AG | 17110290 | 09/03/29 | 0.25% | 1D AONIA | Monthly  | &nbsp;&nbsp; (888582)<br>|
| Western Digital Corp. | UBS AG | 7172788 | 04/18/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 839864 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination*<br> *Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) |
| Westinghouse Air Brake Technologies <br> Corp.<br>| Barclays Bank PLC | $8043593 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; $457840 |
| Westlake Corp. | SG Americas Securities LLC | 10016818 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (1623719)<br>|
| WH Group Ltd. | Bank of America N.A. | 7247778 | 02/15/28 | 0.30% | HONIA | Monthly  | &nbsp;&nbsp; (72362)<br>|
| WH Group Ltd. | Bank of America N.A. | 6384982 | 02/15/28 | 0.30% | HONIA | Monthly  | &nbsp;&nbsp; (63747)<br>|
| WH Group Ltd. | Barclays Bank PLC | 11209755 | 05/13/27 | 0.00% | HONIA | Monthly  | &nbsp;&nbsp; 252443 |
| WH Group Ltd. | Barclays Bank PLC | 9083232 | 09/09/27 | 0.00% | HONIA | Monthly  | &nbsp;&nbsp; 204554 |
| WH Group Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 2836305 | 01/06/27 | 0.30% | HONIA | Monthly  | &nbsp;&nbsp; 63874 |
| Wheaton Precious Metals Corp. | BNP Paribas SA | 17833220 | 08/17/26 | 0.20% | CABROVER | Monthly  | &nbsp;&nbsp; (1875123)<br>|
| Wheaton Precious Metals Corp. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 2216842 | 01/06/27 | 0.20% | CABROVER | Monthly  | &nbsp;&nbsp; (1239)<br>|
| Wheaton Precious Metals Corp. | SG Americas Securities LLC | 157562 | 12/08/25 | 0.20% | CABROVER | Monthly  | &nbsp;&nbsp; (14922)<br>|
| Wickes Group PLC | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 2123573 | 01/04/27 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; (28377)<br>|
| Wihlborgs Fastigheter AB | Barclays Bank PLC | 3484368 | 01/18/27 | 0.28% | 1D STIBOR | Monthly  | &nbsp;&nbsp; (207019)<br>|
| Willdan Group, Inc. | Goldman Sachs Bank USA | 4418699 | 08/18/26 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (72656)<br>|
| Willdan Group, Inc. | SG Americas Securities LLC | 3646269 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (29087)<br>|
| Winnebago Industries, Inc. | Barclays Bank PLC | 5056063 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (364524)<br>|
| Wix.com Ltd. | Barclays Bank PLC | 5712799 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 419675 |
| Wix.com Ltd. | BNP Paribas SA | 243374 | 04/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 17725 |
| Wix.com Ltd. | SG Americas Securities LLC | 2854916 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 221072 |
| Wolters Kluwer NV, Class C | Barclays Bank PLC | 17355291 | 08/17/26 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; (984973)<br>|
| Wolters Kluwer NV, Class C | SG Americas Securities LLC | 1280383 | 12/08/25 | 0.26% | 1D ESTR | Monthly  | &nbsp;&nbsp; (72793)<br>|
| Woodside Energy Group Ltd. | BNP Paribas SA | 54536 | 03/22/27 | 0.25% | 1D AONIA | Monthly  | &nbsp;&nbsp; 5684 |
| Woodward, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 24209571 | 02/05/27 | 0.20% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 1424525 |
| World Acceptance Corp. | UBS AG | 4477697 | 04/21/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (1294007)<br>|
| World Kinect Corp. | BNP Paribas SA | 2344837 | 04/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 63349 |
| Worley Ltd. | Citibank N.A. | 7260607 | 02/25/26 | 0.30% | 1D AONIA | Monthly  | &nbsp;&nbsp; 147007 |
| Worley Ltd. | JPMorgan Chase Bank N.A. | 4941824 | 02/10/26 | 0.25% | 1D AONIA | Monthly  | &nbsp;&nbsp; 22000 |
| Worley Ltd. | SG Americas Securities LLC | 12840903 | 12/08/25 | 0.30% | 1D AONIA | Monthly  | &nbsp;&nbsp; 142492 |
| Worley Ltd. | UBS AG | 18455041 | 04/18/28 | 0.25% | 1D AONIA | Monthly  | &nbsp;&nbsp; 662559 |
| WP Carey, Inc. | UBS AG | 2997646 | 04/18/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (43816)<br>|
| Xero Ltd. | BNP Paribas SA | 10716435 | 03/22/27 | 0.25% | 1D AONIA | Monthly  | &nbsp;&nbsp; (851479)<br>|
| Xero Ltd. | SG Americas Securities LLC | 2404669 | 12/08/25 | 0.30% | 1D AONIA | Monthly  | &nbsp;&nbsp; (158458)<br>|
| Xero Ltd. | UBS AG | 5162182 | 04/18/28 | 0.25% | 1D AONIA | Monthly  | &nbsp;&nbsp; (410163)<br>|
| XPO, Inc. | Barclays Bank PLC | 1756471 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 66793 |
| XPO, Inc. | Citibank N.A. | 5689556 | 02/24/28 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 547064 |
| Yamaguchi Financial Group, Inc. | SG Americas Securities LLC | 2955839 | 12/08/25 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 36688 |
| Yamaguchi Financial Group, Inc. | UBS AG | 2906779 | 04/03/28 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; 120119 |
| Yamaha Corp. | Citibank N.A. | 1946523 | 02/26/26 | 0.19% | 1D P TONA | Monthly  | &nbsp;&nbsp; (82410)<br>|
| Yamazen Corp. | Bank of America N.A. | 1471458 | 02/15/28 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; (39)<br>|
| Yamazen Corp. | BNP Paribas SA | 1387136 | 03/24/27 | 0.25% | 1D TONA | Monthly  | &nbsp;&nbsp; (36)<br>|
| Yamazen Corp. | Goldman Sachs Bank USA | 395663 | 08/19/26 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; (10)<br>|
| Yamazen Corp. | UBS AG | 1249998 | 04/03/28 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; (33)<br>|
| Yara International ASA | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 15802438 | 01/06/27 | 0.26% | NOWA | Monthly  | &nbsp;&nbsp; (134597)<br>|
| Yaskawa Electric Corp. | Bank of America N.A. | 6216663 | 03/15/28 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; (45295)<br>|
| Yaskawa Electric Corp. | Barclays Bank PLC | 16322052 | 05/12/27 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; (1195343)<br>|
| Yelp, Inc. | SG Americas Securities LLC | 13803745 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 584505 |
| Yoshinoya Holdings Co. Ltd. | Barclays Bank PLC | 288125 | 05/12/27 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; 2046 |
| Zealand Pharma A/S | Barclays Bank PLC | 2869910 | 11/09/26 | 0.26% | DESTR | Monthly  | &nbsp;&nbsp; 352178 |
| Zealand Pharma A/S | Citibank N.A. | 1500751 | 07/17/26 | 0.26% | DESTR | Monthly  | &nbsp;&nbsp; 184163 |
| Zealand Pharma A/S | SG Americas Securities LLC | 534309 | 12/08/25 | 0.26% | DESTR | Monthly  | &nbsp;&nbsp; 56491 |
| Zebra Technologies Corp., Class A | Barclays Bank PLC | 19097769 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (2106478)<br>|
| Zenkoku Hosho Co., Ltd. | Barclays Bank PLC | 131596 | 05/12/27 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; (57)<br>|
| Zeon Corp. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 13503751 | 01/06/27 | 0.25% | 1D P TONA | Monthly  | &nbsp;&nbsp; (601190)<br>|
| Zeta Global Holdings Corp., Class A | Barclays Bank PLC | 239985 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (88)<br>|
| Zigup PLC | Barclays Bank PLC | 2322744 | 12/10/26 | 0.25% | 1D SONIA | Monthly  | &nbsp;&nbsp; 94024 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination*<br> *Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) | Long Contracts<sup>(a)</sup> (continued) |
| ZIM Integrated Shipping Services <br> Ltd.<br>| Barclays Bank PLC | $5161731 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; $533206 |
| Zinzino AB, Class B | Citibank N.A. | 538 | 07/29/26 | 0.26% | TN STIBOR | Monthly  | &nbsp;&nbsp; (26)<br>|
| Zions Bancorp NA | Barclays Bank PLC | 11843213 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 96230 |
| ZipRecruiter, Inc., Class A | Barclays Bank PLC | 1360956 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 42247 |
| Zoetis, Inc., Class A | Barclays Bank PLC | 8488394 | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (174257)<br>|
| ZoomInfo Technologies, Inc., Class A | SG Americas Securities LLC | 9244465 | 12/08/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 719310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total long positions of equity swaps | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total long positions of equity swaps | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total long positions of equity swaps |  |  |  |  | &nbsp;&nbsp; 32107968 |
| Short Contracts<sup>(b)</sup> | Short Contracts<sup>(b)</sup> | Short Contracts<sup>(b)</sup> | Short Contracts<sup>(b)</sup> | Short Contracts<sup>(b)</sup> | Short Contracts<sup>(b)</sup> | Short Contracts<sup>(b)</sup> | Short Contracts<sup>(b)</sup> |
| 1&1 AG | Bank of America N.A. | (301452) | 02/15/28 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (18228)<br>|
| 1&1 AG | Barclays Bank PLC | (679376) | 12/10/26 | (1.03)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 10263 |
| 1&1 AG | BNP Paribas SA | (1191302) | 03/24/27 | (0.87)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (72035)<br>|
| 1&1 AG | Citibank N.A. | (122292) | 06/25/26 | (0.75)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 1847 |
| 1&1 AG | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (1860480) | 01/04/27 | (0.52)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 28105 |
| 1&1 AG | SG Americas Securities LLC | (2118410) | 12/08/25 | (0.67)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (152831)<br>|
| 1&1 AG | UBS AG | (910945) | 04/24/28 | 0.00% | 1D ESTR | Monthly  | &nbsp;&nbsp; (55082)<br>|
| 3i Group PLC | Barclays Bank PLC | (15906339) | 12/10/26 | (0.25)% | 1D SONIA | Monthly  | &nbsp;&nbsp; (146152)<br>|
| 3i Group PLC | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (137982) | 01/04/27 | (0.25)% | 1D SONIA | Monthly  | &nbsp;&nbsp; 1697 |
| A O Smith Corp. | Barclays Bank PLC | (403267) | 12/23/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 13068 |
| a2 Milk Co., Ltd. | Barclays Bank PLC | (8540788) | 09/09/27 | (0.25)% | 1D AONIA | Monthly  | &nbsp;&nbsp; (393540)<br>|
| A2A SpA | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (1994037) | 01/06/27 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (97051)<br>|
| Aalberts NV | BNP Paribas SA | (4288888) | 03/24/27 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (23942)<br>|
| Aalberts NV | Goldman Sachs Bank USA | (2219376) | 08/19/26 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (18364)<br>|
| Aalberts NV | SG Americas Securities LLC | (18392767) | 12/08/25 | (0.22)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 288491 |
| AAON, Inc. | Barclays Bank PLC | (13077243) | 12/23/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (92357)<br>|
| AAR Corp. | UBS AG | (400158) | 04/21/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (9187)<br>|
| Abbott Laboratories | SG Americas Securities LLC | (2514577) | 12/08/25 | (0.03)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 121665 |
| Abbott Laboratories | UBS AG | (49362003) | 04/18/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 2223101 |
| ABC-Mart, Inc. | Barclays Bank PLC | (985513) | 05/12/27 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 32985 |
| Abivax SA, ADR | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (590982) | 01/06/27 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (51397)<br>|
| ABN AMRO Bank NV | Bank of America N.A. | (50514128) | 02/15/28 | 0.00% | 1D ESTR | Monthly  | &nbsp;&nbsp; (936270)<br>|
| ABN AMRO Bank NV | Goldman Sachs Bank USA | (430520) | 08/19/26 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (7980)<br>|
| ABN AMRO Bank NV | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (2027059) | 01/06/27 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (93399)<br>|
| ABN AMRO Bank NV | SG Americas Securities LLC | (68860911) | 12/08/25 | 0.10% | 1D ESTR | Monthly  | &nbsp;&nbsp; 1357455 |
| AcadeMedia AB | Goldman Sachs Bank USA | (239) | 08/19/26 | (0.26)% | 1D STIBOR | Monthly  | &nbsp;&nbsp; (15)<br>|
| Acadia Realty Trust | SG Americas Securities LLC | (20050248) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 631344 |
| Accent Group Ltd. | Bank of America N.A. | (309427) | 02/15/28 | (0.30)% | 1D AONIA | Monthly  | &nbsp;&nbsp; 8352 |
| Accent Group Ltd. | Barclays Bank PLC | (740670) | 05/12/27 | (0.25)% | 1D AONIA | Monthly  | &nbsp;&nbsp; 3168 |
| Accent Group Ltd. | UBS AG | (46813) | 04/03/28 | 0.00% | 1D AONIA | Monthly  | &nbsp;&nbsp; 1264 |
| Acciona SA | BNP Paribas SA | (2787119) | 08/17/26 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (90548)<br>|
| Acciona SA | UBS AG | (802637) | 09/03/29 | 0.00% | 1D ESTR | Monthly  | &nbsp;&nbsp; (20312)<br>|
| ACCO Brands Corp. | Bank of America N.A. | (346996) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 4554 |
| Acerinox SA | Bank of America N.A. | (4673792) | 02/15/28 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 199293 |
| Acerinox SA | SG Americas Securities LLC | (10124137) | 12/08/25 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 1049566 |
| ACM Research, Inc., Class A | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (1062333) | 01/04/27 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (108125)<br>|
| Acuity, Inc. | SG Americas Securities LLC | (1244281) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (2365)<br>|
| Acushnet Holdings Corp. | Barclays Bank PLC | (6441650) | 12/23/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 170109 |
| Adamas Trust, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (1276514) | 01/04/27 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 58438 |
| Addus HomeCare Corp. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (3456067) | 01/04/27 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 131131 |
| Adecco Group AG, Class N, <br> Registered Shares<br>| Barclays Bank PLC | (2442593) | 12/11/26 | (0.26)% | SSARON | Monthly  | &nbsp;&nbsp; (26224)<br>|

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination*<br> *Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) |
| Adecco Group AG, Class N, <br> Registered Shares<br>| &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | $(2963586) | 01/04/27 | (0.26)% | SSARON | Monthly  | &nbsp;&nbsp; $(31817)<br>|
| Adecco Group AG, Class N, <br> Registered Shares<br>| SG Americas Securities LLC | (45811) | 12/08/25 | (0.26)% | SSARON | Monthly  | &nbsp;&nbsp; 2621 |
| Adecco Group AG, Class N, <br> Registered Shares<br>| SG Americas Securities LLC | (2277436) | 12/08/25 | (0.26)% | SSARON | Monthly  | &nbsp;&nbsp; 130298 |
| Adeia, Inc. | Bank of America N.A. | (611859) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 8149 |
| Adeia, Inc. | Barclays Bank PLC | (1880997) | 12/23/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (24603)<br>|
| Adeia, Inc. | BNP Paribas SA | (59253) | 04/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 789 |
| Adeia, Inc. | Goldman Sachs Bank USA | (436966) | 08/19/26 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 5819 |
| Adeia, Inc. | UBS AG | (1383085) | 04/21/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 18420 |
| ADEKA Corp. | Barclays Bank PLC | (1090585) | 05/12/27 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (19647)<br>|
| ADEKA Corp. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (845760) | 01/06/27 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (15236)<br>|
| Advance Residence Investment <br> Corp.<br>| Barclays Bank PLC | (863095) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 3714 |
| Advanced Drainage Systems, Inc. | Barclays Bank PLC | (687162) | 12/23/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (63)<br>|
| Advanced Micro Devices, Inc. | UBS AG | (7597725) | 04/18/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (38236)<br>|
| AdvanSix, Inc. | SG Americas Securities LLC | (1308566) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 126372 |
| Advantest Corp. | Barclays Bank PLC | (6557719) | 05/12/27 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (2292258)<br>|
| Adyen NV | JPMorgan Chase Bank N.A. | (600881) | 02/10/26 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 4589 |
| Adyen NV | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (1233229) | 01/06/27 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 4661 |
| Adyen NV | SG Americas Securities LLC | (6855243) | 12/08/25 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (36391)<br>|
| Adyen NV | UBS AG | (11900168) | 04/18/28 | 0.00% | 1D ESTR | Monthly  | &nbsp;&nbsp; (236441)<br>|
| Adyen NV | UBS AG | (7041311) | 09/03/29 | 0.00% | 1D ESTR | Monthly  | &nbsp;&nbsp; (139902)<br>|
| Aehr Test Systems | Barclays Bank PLC | (344876) | 12/23/25 | (1.88)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (33643)<br>|
| Aehr Test Systems | BNP Paribas SA | (3626269) | 04/16/26 | (1.67)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 404159 |
| Aehr Test Systems | Citibank N.A. | (320532) | 06/25/26 | (4.60)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (31268)<br>|
| Aehr Test Systems | SG Americas Securities LLC | (2558943) | 12/08/25 | (2.50)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (13859)<br>|
| Aena SME SA | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (118990) | 01/04/27 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (2257)<br>|
| Aeon Co., Ltd. | Barclays Bank PLC | (3372147) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (123344)<br>|
| Aeon Co., Ltd. | Barclays Bank PLC | (6005778) | 09/09/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (219676)<br>|
| Aeon Co., Ltd. | SG Americas Securities LLC | (470135) | 12/08/25 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (157788)<br>|
| AEON Financial Service Co., Ltd. | Bank of America N.A. | (12211313) | 02/15/28 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; (549261)<br>|
| AEON Financial Service Co., Ltd. | Barclays Bank PLC | (4594832) | 05/12/27 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (104064)<br>|
| AEON Financial Service Co., Ltd. | JPMorgan Chase Bank N.A. | (5758225) | 02/10/26 | (0.17)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (110505)<br>|
| AEON REIT Investment Corp. | Bank of America N.A. | (5601098) | 02/15/28 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; (55211)<br>|
| AEON REIT Investment Corp. | Barclays Bank PLC | (2207429) | 05/12/27 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 12975 |
| Aeroports de Paris SA | Bank of America N.A. | (10750487) | 02/15/28 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (231947)<br>|
| Aeroports de Paris SA | Bank of America N.A. | (3246175) | 02/15/28 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (70038)<br>|
| Aeroports de Paris SA | Barclays Bank PLC | (28281820) | 08/17/26 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 622706 |
| Aeroports de Paris SA | JPMorgan Chase Bank N.A. | (891755) | 02/10/26 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (57538)<br>|
| Aeroports de Paris SA | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (31496) | 01/06/27 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 767 |
| Aeroports de Paris SA | UBS AG | (6668664) | 04/18/28 | 0.00% | 1D ESTR | Monthly  | &nbsp;&nbsp; (143880)<br>|
| Aeva Technologies, Inc. | Bank of America N.A. | (2202513) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 327106 |
| Aeva Technologies, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (1562059) | 01/04/27 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 10445 |
| AFRY AB, Class B | Barclays Bank PLC | (4401271) | 01/18/27 | (0.26)% | 1D STIBOR | Monthly  | &nbsp;&nbsp; 166863 |
| AFRY AB, Class B | UBS AG | (5291249) | 04/24/28 | 0.00% | TN STIBOR | Monthly  | &nbsp;&nbsp; 102590 |
| AGCO Corp. | SG Americas Securities LLC | (12344883) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 672123 |
| AGCO Corp. | UBS AG | (8907833) | 04/18/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 320486 |
| Agilysys, Inc. | SG Americas Securities LLC | (3344442) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (457247)<br>|
| AGNC Investment Corp. | Bank of America N.A. | (1333582) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 2662 |
| AGNC Investment Corp. | Barclays Bank PLC | (26552762) | 12/23/25 | (0.38)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 520642 |
| AGNC Investment Corp. | SG Americas Securities LLC | (32675784) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 514654 |
| AGNC Investment Corp. | UBS AG | (2439939) | 04/18/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 6009 |
| AIB Group PLC | BNP Paribas SA | (20533243) | 08/17/26 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (1058737)<br>|
| AIB Group PLC | BNP Paribas SA | (377773) | 06/17/27 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (26151)<br>|

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination*<br> *Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) |
| Aica Kogyo Co., Ltd. | Barclays Bank PLC | $(349269) | 05/12/27 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; $(1614)<br>|
| Ain Holdings, Inc. | Bank of America N.A. | (161015) | 02/15/28 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 1798 |
| Ain Holdings, Inc. | Barclays Bank PLC | (1567452) | 05/12/27 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 59081 |
| Ain Holdings, Inc. | BNP Paribas SA | (466096) | 03/24/27 | (0.15)% | 1D TONA | Monthly  | &nbsp;&nbsp; 5205 |
| Air France-KLM | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (5693542) | 01/06/27 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 89318 |
| Air Products and Chemicals, Inc. | BNP Paribas SA | (7361669) | 04/16/26 | 0.08% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 423837 |
| Air Products and Chemicals, Inc. | SG Americas Securities LLC | (39033537) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 3777205 |
| Airbus SE | Barclays Bank PLC | (6054030) | 08/17/26 | 0.12% | 1D ESTR | Monthly  | &nbsp;&nbsp; (200244)<br>|
| Airbus SE | Barclays Bank PLC | (47544414) | 12/10/26 | 0.12% | 1D ESTR | Monthly  | &nbsp;&nbsp; (1810969)<br>|
| Airbus SE | UBS AG | (34810429) | 09/03/29 | 0.00% | 1D ESTR | Monthly  | &nbsp;&nbsp; (1846053)<br>|
| Ajinomoto Co., Inc. | Barclays Bank PLC | (9221368) | 05/12/27 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (209097)<br>|
| Ajinomoto Co., Inc. | Barclays Bank PLC | (7906803) | 09/09/27 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (179289)<br>|
| Ajinomoto Co., Inc. | Citibank N.A. | (1322885) | 02/26/26 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (29997)<br>|
| Ajinomoto Co., Inc. | JPMorgan Chase Bank N.A. | (288403) | 02/10/26 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (12237)<br>|
| Akzo Nobel NV | Barclays Bank PLC | (17992535) | 12/10/26 | 0.00% | 1D ESTR | Monthly  | &nbsp;&nbsp; 969929 |
| Akzo Nobel NV | SG Americas Securities LLC | (1326666) | 12/08/25 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 57897 |
| Akzo Nobel NV | UBS AG | (17898310) | 04/18/28 | 0.00% | 1D ESTR | Monthly  | &nbsp;&nbsp; 948067 |
| Akzo Nobel NV | UBS AG | (30575224) | 09/03/29 | 0.00% | 1D ESTR | Monthly  | &nbsp;&nbsp; 1619558 |
| Albany International Corp., Class A | BNP Paribas SA | (5820652) | 04/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 12319 |
| Albany International Corp., Class A | SG Americas Securities LLC | (7048163) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (4986)<br>|
| Alcoa Corp. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (761484) | 01/06/27 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (24350)<br>|
| Alexander's, Inc. | Bank of America N.A. | (342335) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 23091 |
| Alexander's, Inc. | Citibank N.A. | (1417615) | 06/25/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 77233 |
| Alexander's, Inc. | UBS AG | (709309) | 04/21/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 47844 |
| Alfa Laval AB | BNP Paribas SA | (207008) | 11/17/25 | (0.25)% | 1D STIBOR | Monthly  | &nbsp;&nbsp; 6109 |
| Alfa Laval AB | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (3455409) | 01/04/27 | (0.26)% | 1D STIBOR | Monthly  | &nbsp;&nbsp; 50193 |
| Alfa Laval AB | UBS AG | (28297) | 04/18/28 | 0.00% | TN STIBOR | Monthly  | &nbsp;&nbsp; (77)<br>|
| Algonquin Power & Utilities Corp. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (11287393) | 01/04/27 | (0.20)% | CABROVER | Monthly  | &nbsp;&nbsp; 587600 |
| Algonquin Power & Utilities Corp. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (3767374) | 01/06/27 | (0.20)% | CABROVER | Monthly  | &nbsp;&nbsp; 196122 |
| Alimentation Couche-Tard, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (17250437) | 01/04/27 | (0.20)% | CABROVER | Monthly  | &nbsp;&nbsp; 614304 |
| Alimentation Couche-Tard, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (22603426) | 01/06/27 | (0.20)% | CABROVER | Monthly  | &nbsp;&nbsp; 801366 |
| Alkami Technology, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (14571232) | 01/04/27 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 1815782 |
| Allegion plc | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (623902) | 01/06/27 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 34590 |
| Alleima AB | Bank of America N.A. | (3303607) | 02/15/28 | (0.26)% | 1D STIBOR | Monthly  | &nbsp;&nbsp; (300774)<br>|
| Alleima AB | Barclays Bank PLC | (2831272) | 01/18/27 | (0.26)% | 1D STIBOR | Monthly  | &nbsp;&nbsp; (87020)<br>|
| Alliant Energy Corp. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (25617718) | 01/06/27 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 650158 |
| Allied Properties Real Estate <br> Investment Trust<br>| &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (9593028) | 01/04/27 | (0.20)% | CABROVER | Monthly  | &nbsp;&nbsp; 1953752 |
| Allreal Holding AG, Class N, <br> Registered Shares<br>| Goldman Sachs Bank USA | (2468090) | 08/19/26 | (0.26)% | SSARON | Monthly  | &nbsp;&nbsp; (81416)<br>|
| Alnylam Pharmaceuticals, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (443979) | 01/06/27 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 8461 |
| ALS Ltd. | Barclays Bank PLC | (898662) | 05/12/27 | (0.25)% | 1D AONIA | Monthly  | &nbsp;&nbsp; 5827 |
| AltaGas Ltd. | Bank of America N.A. | (2436293) | 02/15/28 | (0.20)% | CABROVER | Monthly  | &nbsp;&nbsp; 63400 |
| AltaGas Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (3287302) | 01/04/27 | (0.20)% | CABROVER | Monthly  | &nbsp;&nbsp; 148660 |
| Alten SA | Bank of America N.A. | (7005198) | 02/15/28 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (217196)<br>|
| Alten SA | Goldman Sachs Bank USA | (703491) | 08/19/26 | (0.18)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (21812)<br>|
| Alten SA | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (362970) | 01/04/27 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 4560 |
| Altri SGPS SA | Bank of America N.A. | (79309) | 02/15/28 | (1.75)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 1191 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination*<br> *Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) |
| Altri SGPS SA | Barclays Bank PLC | $(885704) | 12/10/26 | (1.43)% | 1D ESTR | Monthly  | &nbsp;&nbsp; $17644 |
| Altri SGPS SA | BNP Paribas SA | (254803) | 03/17/27 | (1.47)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 3826 |
| Altri SGPS SA | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (14437) | 01/04/27 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 288 |
| Altri SGPS SA | SG Americas Securities LLC | (38675) | 12/08/25 | (1.70)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 118 |
| Altri SGPS SA | UBS AG | (52100) | 04/24/28 | 0.00% | 1D ESTR | Monthly  | &nbsp;&nbsp; 782 |
| Amadeus IT Group SA | BNP Paribas SA | (781931) | 03/22/27 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 18900 |
| Amadeus IT Group SA | Citibank N.A. | (19645809) | 06/25/26 | 0.00% | 1D ESTR | Monthly  | &nbsp;&nbsp; 747377 |
| Amadeus IT Group SA | Citibank N.A. | (15928974) | 07/06/26 | 0.00% | 1D ESTR | Monthly  | &nbsp;&nbsp; 605979 |
| Amadeus IT Group SA | SG Americas Securities LLC | (10962897) | 12/08/25 | (0.23)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 447562 |
| Ambu A/S, Class B | Bank of America N.A. | (2617816) | 02/15/28 | (0.26)% | 1W CIBOR | Monthly  | &nbsp;&nbsp; 21210 |
| Ambu A/S, Class B | Barclays Bank PLC | (2122358) | 02/19/27 | (0.26)% | DESTR | Monthly  | &nbsp;&nbsp; 110274 |
| Ambu A/S, Class B | UBS AG | (310573) | 04/24/28 | 0.00% | DESTR | Monthly  | &nbsp;&nbsp; 2516 |
| Amcor PLC | SG Americas Securities LLC | (4850741) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 42604 |
| Amentum Holdings, Inc. | SG Americas Securities LLC | (7889186) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 887338 |
| Amerant Bancorp, Inc., Class A | Bank of America N.A. | (67443) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 7474 |
| Amerant Bancorp, Inc., Class A | Barclays Bank PLC | (1074289) | 12/23/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 57020 |
| Amerant Bancorp, Inc., Class A | Goldman Sachs Bank USA | (717604) | 08/19/26 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 79522 |
| Ameresco, Inc., Class A | Barclays Bank PLC | (6107058) | 12/23/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (191244)<br>|
| Ameresco, Inc., Class A | SG Americas Securities LLC | (4851342) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (116915)<br>|
| American Battery Technology Co. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (469060) | 01/04/27 | (0.82)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 22693 |
| American Battery Technology Co. | SG Americas Securities LLC | (355915) | 12/08/25 | (0.75)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 8055 |
| American Financial Group, Inc. | UBS AG | (7478422) | 04/18/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 263016 |
| American States Water Co. | Bank of America N.A. | (5172384) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 276025 |
| American States Water Co. | SG Americas Securities LLC | (3392858) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 46921 |
| American Superconductor Corp. | Bank of America N.A. | (713409) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 79708 |
| American Superconductor Corp. | SG Americas Securities LLC | (5567128) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 142963 |
| American Woodmark Corp. | SG Americas Securities LLC | (6407402) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 373063 |
| AMG Critical Materials NV | Goldman Sachs Bank USA | (1451177) | 08/19/26 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 188294 |
| AMG Critical Materials NV | UBS AG | (322467) | 04/24/28 | 0.00% | 1D ESTR | Monthly  | &nbsp;&nbsp; 41841 |
| Amkor Technology, Inc. | Barclays Bank PLC | (875489) | 12/23/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (6400)<br>|
| Amotiv Ltd. | Bank of America N.A. | (353106) | 02/15/28 | (0.30)% | 1D AONIA | Monthly  | &nbsp;&nbsp; (111)<br>|
| Amotiv Ltd. | Barclays Bank PLC | (617984) | 05/12/27 | (0.25)% | 1D AONIA | Monthly  | &nbsp;&nbsp; 4630 |
| Amotiv Ltd. | BNP Paribas SA | (27107) | 03/22/27 | (0.50)% | 1D AONIA | Monthly  | &nbsp;&nbsp; (9)<br>|
| Amotiv Ltd. | Goldman Sachs Bank USA | (476547) | 08/19/26 | (0.30)% | 1D AONIA | Monthly  | &nbsp;&nbsp; (149)<br>|
| Amotiv Ltd. | UBS AG | (2638) | 04/03/28 | 0.00% | 1D AONIA | Monthly  | &nbsp;&nbsp; (1)<br>|
| Amphastar Pharmaceuticals, Inc. | SG Americas Securities LLC | (4127391) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 76257 |
| Amprius Technologies, Inc. | BNP Paribas SA | (999207) | 04/16/26 | (0.54)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 35564 |
| Amprius Technologies, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (4827651) | 01/04/27 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (1144395)<br>|
| Amprius Technologies, Inc. | SG Americas Securities LLC | (2337407) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (314289)<br>|
| Amrize Ltd. | BNP Paribas SA | (10740584) | 08/17/26 | (0.26)% | SSARON | Monthly  | &nbsp;&nbsp; (698418)<br>|
| Amrize Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (3540492) | 01/04/27 | (0.26)% | SSARON | Monthly  | &nbsp;&nbsp; (267230)<br>|
| and ST HD Co. Ltd. | Barclays Bank PLC | (821653) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 23501 |
| Andlauer Healthcare Group, Inc. | BNP Paribas SA | (134710) | 05/18/26 | (0.20)% | CABROVER | Monthly  | &nbsp;&nbsp; (7365)<br>|
| Andlauer Healthcare Group, Inc. | Citibank N.A. | (403534) | 02/24/28 | (0.20)% | 1D CORRA | Monthly  | &nbsp;&nbsp; (6788)<br>|
| Andlauer Healthcare Group, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (378320) | 01/04/27 | (1.50)% | CABROVER | Monthly  | &nbsp;&nbsp; (6364)<br>|
| Andlauer Healthcare Group, Inc. | SG Americas Securities LLC | (360243) | 12/08/25 | (1.35)% | CABROVER | Monthly  | &nbsp;&nbsp; (16917)<br>|
| Andlauer Healthcare Group, Inc. | UBS AG | (421304) | 04/21/28 | 0.00% | 1D CORRA | Monthly  | &nbsp;&nbsp; (23034)<br>|
| Angi, Inc., Class A | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (4603230) | 01/04/27 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 255553 |
| Anheuser-Busch InBev SA | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (3929274) | 01/04/27 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (33391)<br>|
| Anheuser-Busch InBev SA | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (15607611) | 01/06/27 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 87451 |
| Annaly Capital Management, Inc. | Barclays Bank PLC | (30131491) | 12/23/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 183901 |
| Ansell Ltd. | Barclays Bank PLC | (7877394) | 05/12/27 | (0.25)% | 1D AONIA | Monthly  | &nbsp;&nbsp; (677754)<br>|
| Ansell Ltd. | BNP Paribas SA | (16723058) | 03/22/27 | (0.25)% | 1D AONIA | Monthly  | &nbsp;&nbsp; (1248455)<br>|

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination*<br> *Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) |
| Antero Midstream Corp. | Barclays Bank PLC | $(12965298) | 12/23/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; $484267 |
| Anycolor, Inc. | Barclays Bank PLC | (7860697) | 05/12/27 | (4.55)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 335957 |
| Anycolor, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (1662605) | 01/06/27 | (2.33)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 71058 |
| Anycolor, Inc. | UBS AG | (1104542) | 04/03/28 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; (22803)<br>|
| ANZ Group Holdings Ltd. | Barclays Bank PLC | (37586322) | 05/12/27 | (0.25)% | 1D AONIA | Monthly  | &nbsp;&nbsp; 519844 |
| ANZ Group Holdings Ltd. | Barclays Bank PLC | (46957851) | 09/09/27 | (0.25)% | 1D AONIA | Monthly  | &nbsp;&nbsp; 564197 |
| ANZ Group Holdings Ltd. | BNP Paribas SA | (14999402) | 09/07/26 | (0.25)% | 1D AONIA | Monthly  | &nbsp;&nbsp; (127534)<br>|
| ANZ Group Holdings Ltd. | BNP Paribas SA | (28914112) | 03/22/27 | (0.25)% | 1D AONIA | Monthly  | &nbsp;&nbsp; (405764)<br>|
| Aozora Bank Ltd. | UBS AG | (12569640) | 04/03/28 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; 362049 |
| APA Corp. | SG Americas Securities LLC | (11657418) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 915316 |
| APA Group | Barclays Bank PLC | (2478526) | 05/12/27 | (0.25)% | 1D AONIA | Monthly  | &nbsp;&nbsp; (43738)<br>|
| APA Group | Barclays Bank PLC | (1935107) | 09/09/27 | (0.25)% | 1D AONIA | Monthly  | &nbsp;&nbsp; (34148)<br>|
| APA Group | BNP Paribas SA | (6202628) | 09/07/26 | (0.25)% | 1D AONIA | Monthly  | &nbsp;&nbsp; (102466)<br>|
| APA Group | BNP Paribas SA | (1895167) | 03/22/27 | (0.25)% | 1D AONIA | Monthly  | &nbsp;&nbsp; (31308)<br>|
| APA Group | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (7410725) | 01/07/27 | (0.30)% | 1D AONIA | Monthly  | &nbsp;&nbsp; (130775)<br>|
| Apollo Commercial Real Estate <br> Finance, Inc.<br>| Bank of America N.A. | (844262) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 33141 |
| Apollo Commercial Real Estate <br> Finance, Inc.<br>| Barclays Bank PLC | (1681259) | 12/23/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 87888 |
| Apollo Commercial Real Estate <br> Finance, Inc.<br>| BNP Paribas SA | (838392) | 04/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 32910 |
| Apollo Commercial Real Estate <br> Finance, Inc.<br>| Goldman Sachs Bank USA | (1400004) | 08/19/26 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 54956 |
| Apollo Commercial Real Estate <br> Finance, Inc.<br>| UBS AG | (1626436) | 04/21/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 63844 |
| Apollo Global Management, Inc. | SG Americas Securities LLC | (5579406) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 21506 |
| Appfolio, Inc., Class A | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (9945724) | 01/06/27 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (686143)<br>|
| Appier Group, Inc. | Bank of America N.A. | (431754) | 02/15/28 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 42268 |
| Appier Group, Inc. | Barclays Bank PLC | (12421014) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 1145237 |
| Appier Group, Inc. | Citibank N.A. | (1024528) | 02/26/26 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 94463 |
| Appier Group, Inc. | JPMorgan Chase Bank N.A. | (136539) | 02/10/26 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 19022 |
| Applied Materials, Inc. | UBS AG | (6580812) | 04/18/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (194006)<br>|
| Applied Optoelectronics, Inc. | Bank of America N.A. | (3588848) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (284276)<br>|
| Applied Optoelectronics, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (3242785) | 01/04/27 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (604202)<br>|
| AppLovin Corp., Class A | Bank of America N.A. | (11037750) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (641960)<br>|
| AppLovin Corp., Class A | SG Americas Securities LLC | (18923697) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (245277)<br>|
| Arbor Realty Trust, Inc. | Barclays Bank PLC | (10202658) | 12/23/25 | (1.00)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1463709 |
| ARC Resources Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (4800944) | 01/04/27 | (0.20)% | CABROVER | Monthly  | &nbsp;&nbsp; (59104)<br>|
| ARC Resources Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (1854383) | 01/06/27 | (0.20)% | CABROVER | Monthly  | &nbsp;&nbsp; (17266)<br>|
| ArcelorMittal SA | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (754264) | 01/04/27 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 7961 |
| ArcelorMittal SA | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (287866) | 01/06/27 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 3263 |
| Archer-Daniels-Midland Co. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (23703977) | 01/06/27 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 528372 |
| Arclands Corp. | Barclays Bank PLC | (2178314) | 05/12/27 | (0.19)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 60043 |
| Argenx SE | Bank of America N.A. | (16983) | 02/15/28 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (205)<br>|
| Argenx SE | JPMorgan Chase Bank N.A. | (112478) | 02/10/26 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (3744)<br>|
| Argenx SE | SG Americas Securities LLC | (4678955) | 12/08/25 | 0.06% | 1D ESTR | Monthly  | &nbsp;&nbsp; (147546)<br>|
| Argenx SE | SG Americas Securities LLC | (867318) | 12/08/25 | 0.10% | 1D ESTR | Monthly  | &nbsp;&nbsp; (4349)<br>|
| Argenx SE | UBS AG | (8712117) | 04/18/28 | 0.00% | 1D ESTR | Monthly  | &nbsp;&nbsp; (105228)<br>|
| Ariake Japan Co. Ltd. | Bank of America N.A. | (203783) | 02/15/28 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 10783 |
| Ariake Japan Co. Ltd. | Barclays Bank PLC | (957388) | 05/12/27 | (0.18)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 34499 |
| Ariake Japan Co. Ltd. | Goldman Sachs Bank USA | (166732) | 08/19/26 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 8823 |
| Aris Mining Corp. | BNP Paribas SA | (3582569) | 05/18/26 | (0.20)% | CABROVER | Monthly  | &nbsp;&nbsp; 380633 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination*<br> *Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) |
| Aris Mining Corp. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | $(9398641) | 01/04/27 | (0.20)% | CABROVER | Monthly  | &nbsp;&nbsp; $(271718)<br>|
| Aris Mining Corp. | UBS AG | (872771) | 04/21/28 | 0.00% | 1D CORRA | Monthly  | &nbsp;&nbsp; 92728 |
| Arkema SA | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (332516) | 01/04/27 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 1213 |
| Arlo Technologies, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (165124) | 01/04/27 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (9671)<br>|
| ARMOUR Residential REIT, Inc. | Bank of America N.A. | (6171285) | 02/15/28 | (1.28)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (253506)<br>|
| ARMOUR Residential REIT, Inc. | Barclays Bank PLC | (10469813) | 12/23/25 | (0.63)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (298758)<br>|
| ARMOUR Residential REIT, Inc. | BNP Paribas SA | (7207277) | 04/16/26 | (0.79)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (296063)<br>|
| ARMOUR Residential REIT, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (24229785) | 01/04/27 | (0.37)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (691402)<br>|
| ARMOUR Residential REIT, Inc. | SG Americas Securities LLC | (905968) | 12/08/25 | (0.90)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (18815)<br>|
| ARMOUR Residential REIT, Inc. | UBS AG | (1153154) | 04/21/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (47370)<br>|
| Armstrong World Industries, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (986174) | 01/06/27 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 53067 |
| Array Digital Infrastructure, Inc. | Barclays Bank PLC | (5052944) | 12/23/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 70997 |
| Array Digital Infrastructure, Inc. | BNP Paribas SA | (5124504) | 04/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 60822 |
| Array Digital Infrastructure, Inc. | SG Americas Securities LLC | (514510) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 5185 |
| Array Technologies, Inc. | Barclays Bank PLC | (3370725) | 12/23/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 112859 |
| Array Technologies, Inc. | SG Americas Securities LLC | (4587722) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (97381)<br>|
| Arrow Electronics, Inc. | BNP Paribas SA | (5138437) | 04/16/26 | 0.08% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 268387 |
| Artemis Gold, Inc. | Barclays Bank PLC | (199298) | 12/23/25 | (0.20)% | CABROVER | Monthly  | &nbsp;&nbsp; (2300)<br>|
| Artemis Gold, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (4166590) | 01/04/27 | (0.20)% | CABROVER | Monthly  | &nbsp;&nbsp; (48076)<br>|
| Arthur J Gallagher & Co. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (11887114) | 01/06/27 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 1409033 |
| Arthur J Gallagher & Co. | SG Americas Securities LLC | (54169999) | 12/08/25 | (0.07)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 10139006 |
| Arthur J Gallagher & Co. | UBS AG | (715819) | 04/18/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 112801 |
| Artience Co. Ltd. | Bank of America N.A. | (373110) | 02/15/28 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; (1902)<br>|
| Artience Co. Ltd. | Barclays Bank PLC | (810707) | 05/12/27 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 3616 |
| Artience Co. Ltd. | Citibank N.A. | (341889) | 02/26/26 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 1525 |
| Artience Co. Ltd. | JPMorgan Chase Bank N.A. | (59276) | 02/10/26 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 171 |
| Artivion, Inc. | SG Americas Securities LLC | (3637822) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (388721)<br>|
| Aryzta AG | Goldman Sachs Bank USA | (2035721) | 08/19/26 | (0.26)% | SSARON | Monthly  | &nbsp;&nbsp; (25912)<br>|
| Aryzta AG | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (3742521) | 01/04/27 | (0.26)% | SSARON | Monthly  | &nbsp;&nbsp; 165729 |
| Ashland, Inc. | SG Americas Securities LLC | (6911069) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (35078)<br>|
| Ashtead Group PLC | Barclays Bank PLC | (218852) | 12/10/26 | (0.25)% | 1D SONIA | Monthly  | &nbsp;&nbsp; 13926 |
| Asics Corp. | Bank of America N.A. | (10313026) | 02/15/28 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; (669668)<br>|
| Asics Corp. | Bank of America N.A. | (3008066) | 03/15/28 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (195326)<br>|
| Asics Corp. | Barclays Bank PLC | (2143923) | 05/12/27 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 40583 |
| Asics Corp. | Citibank N.A. | (1092726) | 02/26/26 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 20685 |
| ASP Isotopes, Inc. | Barclays Bank PLC | (828318) | 12/23/25 | (0.75)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (113417)<br>|
| ASP Isotopes, Inc. | BNP Paribas SA | (187192) | 04/16/26 | (0.70)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 36934 |
| ASP Isotopes, Inc. | SG Americas Securities LLC | (1377806) | 12/08/25 | (1.25)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (154266)<br>|
| Associated British Foods PLC | Bank of America N.A. | (123864) | 02/15/28 | (0.25)% | 1D SONIA | Monthly  | &nbsp;&nbsp; (7253)<br>|
| Associated British Foods PLC | BNP Paribas SA | (2347749) | 08/17/26 | (0.25)% | 1D SONIA | Monthly  | &nbsp;&nbsp; (114204)<br>|
| Associated British Foods PLC | BNP Paribas SA | (4176630) | 03/22/27 | (0.25)% | 1D SONIA | Monthly  | &nbsp;&nbsp; (244565)<br>|
| Associated British Foods PLC | Citibank N.A. | (25792079) | 07/06/26 | (0.20)% | 1D SONIA | Monthly  | &nbsp;&nbsp; (238718)<br>|
| Associated British Foods PLC | UBS AG | (8991197) | 04/18/28 | 0.00% | 1D SONIA | Monthly  | &nbsp;&nbsp; (526484)<br>|
| Assura PLC | UBS AG | (340914) | 04/24/28 | 0.00% | 1D SONIA | Monthly  | &nbsp;&nbsp; (8729)<br>|
| Astera Labs, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (2847939) | 01/06/27 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (311620)<br>|
| Aston Martin Lagonda Global <br> Holdings PLC<br>| Bank of America N.A. | (927985) | 02/15/28 | (5.00)% | 1D SONIA | Monthly  | &nbsp;&nbsp; (1047)<br>|
| Aston Martin Lagonda Global <br> Holdings PLC<br>| Barclays Bank PLC | (23616) | 12/10/26 | (1.14)% | 1D SONIA | Monthly  | &nbsp;&nbsp; 160 |
| Aston Martin Lagonda Global <br> Holdings PLC<br>| Goldman Sachs Bank USA | (456929) | 08/19/26 | (5.00)% | 1D SONIA | Monthly  | &nbsp;&nbsp; (515)<br>|

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination*<br> *Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) |
| Aston Martin Lagonda Global <br> Holdings PLC<br>| UBS AG | $(78897) | 04/24/28 | 0.00% | 1D SONIA | Monthly  | &nbsp;&nbsp; $(89)<br>|
| AstraZeneca PLC | Bank of America N.A. | (6524905) | 02/15/28 | (0.25)% | 1D SONIA | Monthly  | &nbsp;&nbsp; 45396 |
| AstraZeneca PLC | Barclays Bank PLC | (4349732) | 12/10/26 | 0.05% | 1D SONIA | Monthly  | &nbsp;&nbsp; (5404)<br>|
| Astronics Corp. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (2755681) | 01/04/27 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (89677)<br>|
| Astronics Corp. | SG Americas Securities LLC | (2327159) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (80841)<br>|
| Astronics Corp. | UBS AG | (4073562) | 04/21/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (18952)<br>|
| ASX Ltd. | Barclays Bank PLC | (1319066) | 05/12/27 | (0.25)% | 1D AONIA | Monthly  | &nbsp;&nbsp; 27453 |
| ASX Ltd. | BNP Paribas SA | (5401374) | 09/07/26 | (0.25)% | 1D AONIA | Monthly  | &nbsp;&nbsp; 143935 |
| ATI, Inc. | Goldman Sachs Bank USA | (1102324) | 08/19/26 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (207049)<br>|
| ATI, Inc. | SG Americas Securities LLC | (15431454) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (2765269)<br>|
| Atlanta Braves Holdings, Inc., <br> Class C<br>| SG Americas Securities LLC | (8742694) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (38818)<br>|
| Atlanta Braves Holdings, Inc., <br> Class C<br>| UBS AG | (5506101) | 04/21/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (93510)<br>|
| Atlantic Union Bankshares Corp. | Bank of America N.A. | (1259689) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 88254 |
| Atlantic Union Bankshares Corp. | SG Americas Securities LLC | (24624171) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 2441954 |
| Atlas Arteria Ltd. | Barclays Bank PLC | (7904737) | 05/12/27 | (0.25)% | 1D AONIA | Monthly  | &nbsp;&nbsp; 104029 |
| Atlas Arteria Ltd. | BNP Paribas SA | (7486396) | 03/22/27 | (0.25)% | 1D AONIA | Monthly  | &nbsp;&nbsp; 68784 |
| Atlas Copco AB, Class A | Barclays Bank PLC | (2670243) | 01/18/27 | (0.26)% | 1D STIBOR | Monthly  | &nbsp;&nbsp; 96162 |
| Atlas Copco AB, Class A | BNP Paribas SA | (3350226) | 08/17/26 | (0.25)% | 1D STIBOR | Monthly  | &nbsp;&nbsp; 136247 |
| Atlas Copco AB, Class B | BNP Paribas SA | (10452006) | 08/17/26 | (0.25)% | 1D STIBOR | Monthly  | &nbsp;&nbsp; 316531 |
| Atlas Copco AB, Class B | SG Americas Securities LLC | (751134) | 12/08/25 | 0.00% | 1D STIBOR | Monthly  | &nbsp;&nbsp; 16999 |
| Atlas Energy Solutions, Inc. | Barclays Bank PLC | (844417) | 12/23/25 | (0.88)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (187555)<br>|
| Atlas Energy Solutions, Inc. | BNP Paribas SA | (2790909) | 04/16/26 | (0.57)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (447278)<br>|
| Atlas Energy Solutions, Inc. | UBS AG | (1226549) | 04/21/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (196570)<br>|
| Atmus Filtration Technologies, Inc. | UBS AG | (823708) | 04/21/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (21311)<br>|
| ATS Corp. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (142099) | 01/04/27 | (0.20)% | CABROVER | Monthly  | &nbsp;&nbsp; (5311)<br>|
| Auckland International Airport Ltd. | Barclays Bank PLC | (3044105) | 05/13/27 | (0.40)% | 1M BBR | Monthly  | &nbsp;&nbsp; 7119 |
| Auckland International Airport Ltd. | Barclays Bank PLC | (563018) | 10/09/27 | (0.40)% | 1M BBR | Monthly  | &nbsp;&nbsp; 1851 |
| Auckland International Airport Ltd. | BNP Paribas SA | (813961) | 09/07/26 | (0.25)% | 1D NZOCO | Monthly  | &nbsp;&nbsp; (8409)<br>|
| Auckland International Airport Ltd. | BNP Paribas SA | (1542801) | 03/22/27 | (0.25)% | 1D NZOCO | Monthly  | &nbsp;&nbsp; (15939)<br>|
| Auckland International Airport Ltd. | UBS AG | (184218) | 04/18/28 | 0.00% | 1M BBR | Monthly  | &nbsp;&nbsp; (1903)<br>|
| Auction Technology Group PLC | Bank of America N.A. | (457932) | 02/15/28 | (0.25)% | 1D SONIA | Monthly  | &nbsp;&nbsp; (8285)<br>|
| Auction Technology Group PLC | BNP Paribas SA | (215174) | 03/17/27 | (0.25)% | 1D SONIA | Monthly  | &nbsp;&nbsp; (3893)<br>|
| Auction Technology Group PLC | Goldman Sachs Bank USA | (479333) | 08/19/26 | (0.25)% | 1D SONIA | Monthly  | &nbsp;&nbsp; (8672)<br>|
| Auction Technology Group PLC | UBS AG | (124522) | 04/24/28 | 0.00% | 1D SONIA | Monthly  | &nbsp;&nbsp; (2253)<br>|
| Aura Investments Ltd. | Barclays Bank PLC | (569673) | 04/06/26 | (3.00)% | SHIR | Monthly  | &nbsp;&nbsp; (2523)<br>|
| Aurora Innovation, Inc., Class A | SG Americas Securities LLC | (5211843) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 317567 |
| Aurora Innovation, Inc., Class A | UBS AG | (1446412) | 04/18/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 65866 |
| Austal Ltd. | Barclays Bank PLC | (3551578) | 05/12/27 | (0.25)% | 1D AONIA | Monthly  | &nbsp;&nbsp; 22426 |
| AustAsia Group Ltd. | Goldman Sachs Bank USA | 0 | 08/19/26 | (2.25)% | HONIA | Monthly  | &nbsp;&nbsp; (21)<br>|
| Auto Trader Group PLC | UBS AG | (6155791) | 04/18/28 | 0.00% | 1D SONIA | Monthly  | &nbsp;&nbsp; (47106)<br>|
| Automatic Data Processing, Inc. | Barclays Bank PLC | (36176981) | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 2350735 |
| AutoStore Holdings Ltd. | BNP Paribas SA | (1291176) | 03/17/27 | (0.25)% | NOWA | Monthly  | &nbsp;&nbsp; (53421)<br>|
| AutoStore Holdings Ltd. | UBS AG | (505545) | 04/24/28 | 0.00% | NOWA | Monthly  | &nbsp;&nbsp; (20916)<br>|
| AvalonBay Communities, Inc. | BNP Paribas SA | (242615) | 04/16/26 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (3)<br>|
| Avanos Medical, Inc. | SG Americas Securities LLC | (1252906) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 31872 |
| Avanos Medical, Inc. | UBS AG | (1382376) | 04/21/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 25645 |
| Avantor, Inc. | Bank of America N.A. | (3414877) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 504722 |
| Avantor, Inc. | Barclays Bank PLC | (1084590) | 12/23/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (41384)<br>|
| Avery Dennison Corp. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (6817626) | 01/06/27 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 152393 |
| Avient Corp. | UBS AG | (128670) | 04/21/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (765)<br>|
| Avis Budget Group, Inc. | Barclays Bank PLC | (130522) | 12/23/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (378)<br>|
| Avolta AG, Class N | Barclays Bank PLC | (41856) | 12/11/26 | (0.26)% | SSARON | Monthly  | &nbsp;&nbsp; (789)<br>|
| Avolta AG, Class N | BNP Paribas SA | (603208) | 08/17/26 | (0.26)% | SSARON | Monthly  | &nbsp;&nbsp; (11226)<br>|
| Axogen, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (192684) | 01/04/27 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (44515)<br>|

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination*<br> *Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) |
| Axogen, Inc. | SG Americas Securities LLC | $(1488922) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; $(439041)<br>|
| Axon Enterprise, Inc. | SG Americas Securities LLC | (1569117) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 29237 |
| AZ-COM MARUWA Holdings, Inc. | Barclays Bank PLC | (4048513) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 206960 |
| AZ-COM MARUWA Holdings, Inc. | SG Americas Securities LLC | (163010) | 12/08/25 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 6307 |
| Azelis Group NV | Bank of America N.A. | (5166808) | 02/15/28 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 281578 |
| Azelis Group NV | Barclays Bank PLC | (4304763) | 12/10/26 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 417667 |
| Azelis Group NV | Goldman Sachs Bank USA | (390120) | 08/19/26 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 21261 |
| Azelis Group NV | UBS AG | (4484142) | 04/24/28 | 0.00% | 1D ESTR | Monthly  | &nbsp;&nbsp; 244375 |
| Azimut Holding SpA | SG Americas Securities LLC | (133109) | 12/08/25 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 83 |
| Azrieli Group Ltd. | Goldman Sachs Bank USA | (3448508) | 08/19/26 | (0.54)% | SHIR | Monthly  | &nbsp;&nbsp; (10799)<br>|
| B&G Foods, Inc. | Bank of America N.A. | (40) | 02/15/28 | (0.46)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 4 |
| B&M European Value Retail SA | BNP Paribas SA | (4023442) | 03/22/27 | (0.25)% | 1D SONIA | Monthly  | &nbsp;&nbsp; 758603 |
| Bachem Holding AG, Class N | UBS AG | (1935243) | 04/02/30 | 0.00% | SSARON | Monthly  | &nbsp;&nbsp; (62876)<br>|
| Baker Hughes Co., Class A | BNP Paribas SA | (23818399) | 04/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (2110288)<br>|
| Bakkafrost P/F | Barclays Bank PLC | (2710535) | 12/11/26 | (0.26)% | NOWA | Monthly  | &nbsp;&nbsp; 91715 |
| Bakkafrost P/F | UBS AG | (342315) | 04/24/28 | 0.00% | NOWA | Monthly  | &nbsp;&nbsp; 9091 |
| Baldwin Insurance Group, Inc., <br> Class A<br>| Bank of America N.A. | (2175536) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 347424 |
| Baldwin Insurance Group, Inc., <br> Class A<br>| Barclays Bank PLC | (5650183) | 12/23/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 350139 |
| Baldwin Insurance Group, Inc., <br> Class A<br>| Goldman Sachs Bank USA | (1756340) | 08/19/26 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 280480 |
| Baldwin Insurance Group, Inc., <br> Class A<br>| SG Americas Securities LLC | (6684468) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1581644 |
| Baldwin Insurance Group, Inc., <br> Class A<br>| UBS AG | (3279820) | 04/21/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 523774 |
| Banca Mediolanum SpA | BNP Paribas SA | (40288) | 03/22/27 | 0.00% | 1D ESTR | Monthly  | &nbsp;&nbsp; (82)<br>|
| Banco Bilbao Vizcaya Argentaria SA | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (1654315) | 01/06/27 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (40896)<br>|
| Banco Comercial Portugues SA, <br> Class R<br>| Bank of America N.A. | (4949633) | 02/15/28 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (50946)<br>|
| Banco Comercial Portugues SA, <br> Class R<br>| Barclays Bank PLC | (2433982) | 12/10/26 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (29820)<br>|
| Banco Comercial Portugues SA, <br> Class R<br>| Citibank N.A. | (22217779) | 07/06/26 | 0.00% | 1D ESTR | Monthly  | &nbsp;&nbsp; (317876)<br>|
| Banco Comercial Portugues SA, <br> Class R<br>| &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (12962701) | 01/06/27 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (184835)<br>|
| Banco Comercial Portugues SA, <br> Class R<br>| SG Americas Securities LLC | (11466449) | 12/08/25 | (0.12)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (153019)<br>|
| Banco Comercial Portugues SA, <br> Class R<br>| SG Americas Securities LLC | (35806331) | 12/08/25 | 0.08% | 1D ESTR | Monthly  | &nbsp;&nbsp; (515587)<br>|
| Banco Santander SA | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (11963784) | 01/06/27 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (542438)<br>|
| Bancorp, Inc. | Citibank N.A. | (35253961) | 06/25/26 | 0.10% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 4419717 |
| Bancorp, Inc. | SG Americas Securities LLC | (4201228) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 616860 |
| Bandai Namco Holdings, Inc. | Barclays Bank PLC | (1113804) | 05/12/27 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 2734 |
| Bank First Corp. | Bank of America N.A. | (252740) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 16682 |
| Bank First Corp. | BNP Paribas SA | (372507) | 04/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 24587 |
| Bank First Corp. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (106016) | 01/04/27 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 8076 |
| Bank First Corp. | UBS AG | (656103) | 04/21/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 43305 |
| Bank of Ireland Group PLC | Bank of America N.A. | (420912) | 02/15/28 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (10778)<br>|
| Bank of Ireland Group PLC | BNP Paribas SA | (1003901) | 06/17/27 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (26418)<br>|
| Bank of Ireland Group PLC | JPMorgan Chase Bank N.A. | (678481) | 02/10/26 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 14050 |
| Bank of Ireland Group PLC | SG Americas Securities LLC | (14420258) | 12/08/25 | (0.02)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (387079)<br>|
| Bank of Montreal | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (15383746) | 01/06/27 | (0.20)% | CABROVER | Monthly  | &nbsp;&nbsp; 133916 |
| Bank of New York Mellon Corp. | SG Americas Securities LLC | (17334013) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (313945)<br>|
| Bank of Nova Scotia | BNP Paribas SA | (2103292) | 08/17/26 | (0.20)% | CABROVER | Monthly  | &nbsp;&nbsp; (32505)<br>|
| Bank of Nova Scotia | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (946210) | 01/04/27 | (0.20)% | CABROVER | Monthly  | &nbsp;&nbsp; (23832)<br>|

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination*<br> *Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) |
| Banner Corp. | UBS AG | $(2318130) | 04/21/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; $82552 |
| Banque Cantonale Vaudoise, <br> Registered Shares, Registered <br> Shares<br>| Goldman Sachs Bank USA | (1654825) | 08/19/26 | (0.26)% | SSARON | Monthly  | &nbsp;&nbsp; 1119 |
| Banque Cantonale Vaudoise, <br> Registered Shares, Registered <br> Shares<br>| Goldman Sachs Bank USA | (3377270) | 08/19/26 | (0.26)% | SSARON | Monthly  | &nbsp;&nbsp; 2284 |
| Banque Cantonale Vaudoise, <br> Registered Shares, Registered <br> Shares<br>| &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (1420207) | 01/04/27 | (0.26)% | SSARON | Monthly  | &nbsp;&nbsp; (3608)<br>|
| Banque Cantonale Vaudoise, <br> Registered Shares, Registered <br> Shares<br>| &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (2570803) | 01/06/27 | (0.26)% | SSARON | Monthly  | &nbsp;&nbsp; (6531)<br>|
| Bapcor Ltd. | Barclays Bank PLC | (155977) | 05/12/27 | (0.25)% | 1D AONIA | Monthly  | &nbsp;&nbsp; 2762 |
| Bapcor Ltd. | BNP Paribas SA | (1439518) | 03/22/27 | (0.50)% | 1D AONIA | Monthly  | &nbsp;&nbsp; 282174 |
| Barratt Redrow PLC | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (845649) | 01/04/27 | (0.25)% | 1D SONIA | Monthly  | &nbsp;&nbsp; 28195 |
| Barratt Redrow PLC | UBS AG | (10112388) | 04/18/28 | 0.00% | 1D SONIA | Monthly  | &nbsp;&nbsp; 264506 |
| Barratt Redrow PLC | UBS AG | (4757893) | 09/03/29 | 0.00% | 1D SONIA | Monthly  | &nbsp;&nbsp; 129324 |
| BASF SE | SG Americas Securities LLC | (6412423) | 12/08/25 | 0.10% | 1D ESTR | Monthly  | &nbsp;&nbsp; 50930 |
| Bausch & Lomb Corp. | Barclays Bank PLC | (4723274) | 12/23/25 | (0.63)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 231504 |
| Bausch & Lomb Corp. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (564020) | 01/04/27 | (0.67)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 27645 |
| Bausch & Lomb Corp. | SG Americas Securities LLC | (1288508) | 12/08/25 | (0.85)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (20147)<br>|
| Bausch & Lomb Corp. | UBS AG | (2511846) | 04/21/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 5034 |
| Bayerische Motoren Werke AG | Bank of America N.A. | (1018856) | 02/15/28 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (25885)<br>|
| Bayerische Motoren Werke AG | BNP Paribas SA | (5747804) | 08/17/26 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (146030)<br>|
| Bayerische Motoren Werke AG | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (1294393) | 01/04/27 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (2978)<br>|
| Bayerische Motoren Werke AG | SG Americas Securities LLC | (2152100) | 12/08/25 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (17055)<br>|
| Bayerische Motoren Werke AG | UBS AG | (1852425) | 04/18/28 | 0.00% | 1D ESTR | Monthly  | &nbsp;&nbsp; (47345)<br>|
| Bayerische Motoren Werke AG | UBS AG | (10497925) | 04/24/28 | 0.00% | 1D ESTR | Monthly  | &nbsp;&nbsp; (268311)<br>|
| Beacon Financial Corp. | BNP Paribas SA | (4804377) | 04/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 111819 |
| Beacon Financial Corp. | UBS AG | (4926594) | 04/21/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 89262 |
| Becton Dickinson & Co. | SG Americas Securities LLC | (15062349) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1182122 |
| Beiersdorf AG | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (2111440) | 01/04/27 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 1337 |
| Bekaert SA | Bank of America N.A. | (5467559) | 02/15/28 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (386145)<br>|
| Belimo Holding AG, Registered <br> Shares<br>| BNP Paribas SA | (35210) | 03/22/27 | 0.00% | SSARON | Monthly  | &nbsp;&nbsp; (395)<br>|
| Bendigo & Adelaide Bank Ltd. | Barclays Bank PLC | (8569008) | 05/12/27 | (0.25)% | 1D AONIA | Monthly  | &nbsp;&nbsp; (28885)<br>|
| Bendigo & Adelaide Bank Ltd. | BNP Paribas SA | (1357875) | 03/22/27 | (0.25)% | 1D AONIA | Monthly  | &nbsp;&nbsp; 17758 |
| Berkeley Group Holdings PLC | Citibank N.A. | (6645913) | 06/25/26 | (0.25)% | 1D SONIA | Monthly  | &nbsp;&nbsp; 234548 |
| Berkeley Group Holdings PLC | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (658166) | 01/04/27 | (0.25)% | 1D SONIA | Monthly  | &nbsp;&nbsp; 9650 |
| Best Buy Co., Inc. | SG Americas Securities LLC | (5269772) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 41972 |
| BHP Group Ltd. | Barclays Bank PLC | (7070602) | 05/12/27 | (0.25)% | 1D AONIA | Monthly  | &nbsp;&nbsp; (9836)<br>|
| BHP Group Ltd. | BNP Paribas SA | (6058248) | 03/22/27 | (0.25)% | 1D AONIA | Monthly  | &nbsp;&nbsp; (4248)<br>|
| Big Shopping Centers Ltd. | Barclays Bank PLC | (629543) | 04/06/26 | (1.50)% | SHIR | Monthly  | &nbsp;&nbsp; (12277)<br>|
| Big Shopping Centers Ltd. | BNP Paribas SA | (191441) | 06/17/27 | (1.75)% | SHIR | Monthly  | &nbsp;&nbsp; (4528)<br>|
| Big Shopping Centers Ltd. | Goldman Sachs Bank USA | (177454) | 08/19/26 | (1.26)% | SHIR | Monthly  | &nbsp;&nbsp; (4197)<br>|
| Big Shopping Centers Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (1639138) | 05/23/27 | (0.75)% | SHIR | Monthly  | &nbsp;&nbsp; (31965)<br>|
| Big Shopping Centers Ltd. | SG Americas Securities LLC | (3464930) | 12/08/25 | (1.21)% | SHIR | Monthly  | &nbsp;&nbsp; (143266)<br>|
| Bilfinger SE | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (2982828) | 01/04/27 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 43836 |
| Bill Holdings, Inc. | Goldman Sachs Bank USA | (2763880) | 08/19/26 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (22443)<br>|
| Bill Holdings, Inc. | SG Americas Securities LLC | (1708978) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 80974 |
| Biocartis Group NV | Goldman Sachs Bank USA | (9) | 08/19/26 | (14.14)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 9 |
| BioLife Solutions, Inc. | UBS AG | (411931) | 04/21/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (1270)<br>|
| Bird Construction, Inc. | BNP Paribas SA | (15636) | 05/18/26 | (0.20)% | CABROVER | Monthly  | &nbsp;&nbsp; (63)<br>|

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination*<br> *Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) |
| Bird Construction, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | $(185764) | 01/04/27 | (0.20)% | CABROVER | Monthly  | &nbsp;&nbsp; $(1242)<br>|
| BKW AG | SG Americas Securities LLC | (8738732) | 12/08/25 | (0.26)% | SSARON | Monthly  | &nbsp;&nbsp; (193871)<br>|
| BlackBerry Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (2547701) | 01/04/27 | (0.16)% | CABROVER | Monthly  | &nbsp;&nbsp; (213652)<br>|
| BlackSky Technology, Inc., Class A | Bank of America N.A. | (2047442) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 680323 |
| BlackSky Technology, Inc., Class A | BNP Paribas SA | (558481) | 04/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 64231 |
| BlackSky Technology, Inc., Class A | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (168743) | 01/04/27 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 4661 |
| BlackSky Technology, Inc., Class A | UBS AG | (269456) | 04/21/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 89535 |
| Blackstone Mortgage Trust, Inc., <br> Class A<br>| Bank of America N.A. | (10191791) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 16518 |
| Blackstone Mortgage Trust, Inc., <br> Class A<br>| Barclays Bank PLC | (7141356) | 12/23/25 | (0.38)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (42763)<br>|
| Blackstone Mortgage Trust, Inc., <br> Class A<br>| &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (3405302) | 01/04/27 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (20391)<br>|
| Blackstone Mortgage Trust, Inc., <br> Class A<br>| SG Americas Securities LLC | (9168978) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (39865)<br>|
| Bloomin' Brands, Inc. | BNP Paribas SA | (2396956) | 04/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 242850 |
| Bloomin' Brands, Inc. | SG Americas Securities LLC | (2019137) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 190131 |
| Blue Owl Capital, Inc., Class A | UBS AG | (223775) | 04/18/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 7316 |
| BlueScope Steel Ltd. | Barclays Bank PLC | (1192169) | 09/09/27 | (0.25)% | 1D AONIA | Monthly  | &nbsp;&nbsp; (72796)<br>|
| BlueScope Steel Ltd. | BNP Paribas SA | (4017573) | 09/07/26 | (0.25)% | 1D AONIA | Monthly  | &nbsp;&nbsp; (396907)<br>|
| Boardwalk Real Estate Investment <br> Trust<br>| &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (446246) | 01/04/27 | (0.20)% | CABROVER | Monthly  | &nbsp;&nbsp; 881 |
| BOC Hong Kong Holdings Ltd. | BNP Paribas SA | (6855129) | 12/15/25 | (0.10)% | HONIA | Monthly  | &nbsp;&nbsp; (301701)<br>|
| BOC Hong Kong Holdings Ltd. | Citibank N.A. | (1840346) | 02/25/26 | (0.05)% | HONIA | Monthly  | &nbsp;&nbsp; (58806)<br>|
| Bodycote PLC | Barclays Bank PLC | (2771602) | 12/10/26 | (0.25)% | 1D SONIA | Monthly  | &nbsp;&nbsp; 186449 |
| Bodycote PLC | SG Americas Securities LLC | (300648) | 12/08/25 | (0.25)% | 1D SONIA | Monthly  | &nbsp;&nbsp; 28853 |
| Boeing Co. | SG Americas Securities LLC | (2009979) | 12/08/25 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (9468)<br>|
| Bombardier, Inc., Class B | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (20187014) | 01/04/27 | (0.20)% | CABROVER | Monthly  | &nbsp;&nbsp; (377435)<br>|
| Bombardier, Inc., Class B | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (9934975) | 01/06/27 | (0.20)% | CABROVER | Monthly  | &nbsp;&nbsp; (205500)<br>|
| Boralex, Inc., Class A | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (25877991) | 01/04/27 | (0.20)% | CABROVER | Monthly  | &nbsp;&nbsp; 82443 |
| Boss Energy Ltd. | Bank of America N.A. | (697320) | 02/15/28 | (0.30)% | 1D AONIA | Monthly  | &nbsp;&nbsp; (21197)<br>|
| Boss Energy Ltd. | Barclays Bank PLC | (2231039) | 05/12/27 | (0.25)% | 1D AONIA | Monthly  | &nbsp;&nbsp; (418842)<br>|
| Boss Energy Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (243977) | 01/06/27 | (0.48)% | 1D AONIA | Monthly  | &nbsp;&nbsp; (45803)<br>|
| Bossard Holding AG, Class A | Barclays Bank PLC | (1305753) | 12/10/26 | (0.26)% | SSARON | Monthly  | &nbsp;&nbsp; (12632)<br>|
| Bossard Holding AG, Class A | BNP Paribas SA | (1242729) | 03/17/27 | (0.26)% | SSARON | Monthly  | &nbsp;&nbsp; 12135 |
| Boston Beer Co., Inc., Class A | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (1995324) | 01/04/27 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 107162 |
| Boston Omaha Corp., Class A | Bank of America N.A. | (1794510) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 173333 |
| Boston Omaha Corp., Class A | BNP Paribas SA | (1937901) | 04/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 187184 |
| Boston Omaha Corp., Class A | Goldman Sachs Bank USA | (367685) | 08/19/26 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 35515 |
| Boston Omaha Corp., Class A | UBS AG | (1311777) | 04/21/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 126706 |
| BOYD GROUP, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (12442548) | 01/04/27 | (0.20)% | CABROVER | Monthly  | &nbsp;&nbsp; (514150)<br>|
| BP PLC | Barclays Bank PLC | (2522246) | 12/10/26 | (0.25)% | 1D SONIA | Monthly  | &nbsp;&nbsp; (33612)<br>|
| BP PLC | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (11048001) | 01/04/27 | (0.25)% | 1D SONIA | Monthly  | &nbsp;&nbsp; (205198)<br>|
| BPER Banca SPA | SG Americas Securities LLC | (3150999) | 12/08/25 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (299463)<br>|
| Brady Corp., Class A | Barclays Bank PLC | (2807695) | 12/23/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 42977 |
| Brambles Ltd. | BNP Paribas SA | (1275309) | 09/07/26 | (0.25)% | 1D AONIA | Monthly  | &nbsp;&nbsp; (13232)<br>|
| Brambles Ltd. | BNP Paribas SA | (8746838) | 03/22/27 | (0.25)% | 1D AONIA | Monthly  | &nbsp;&nbsp; (45623)<br>|
| Braze, Inc., Class A | Bank of America N.A. | (1485363) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (138226)<br>|
| Braze, Inc., Class A | SG Americas Securities LLC | (1793192) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (47640)<br>|
| Brenntag SE, Class N | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (1939708) | 01/04/27 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 19901 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination*<br> *Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) |
| Brenntag SE, Class N | SG Americas Securities LLC | $(3240580) | 12/08/25 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; $208276 |
| Brenntag SE, Class N | UBS AG | (4991153) | 04/18/28 | 0.00% | 1D ESTR | Monthly  | &nbsp;&nbsp; (8666)<br>|
| Brightspire Capital, Inc., Class A | Barclays Bank PLC | (5206253) | 12/23/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 212895 |
| BrightView Holdings, Inc. | BNP Paribas SA | (1394888) | 04/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 107621 |
| BrightView Holdings, Inc. | UBS AG | (2758711) | 04/21/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 212844 |
| Broadcom, Inc. | BNP Paribas SA | (534481) | 04/16/26 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (4)<br>|
| Brookfield Asset Management Ltd., <br> Class A<br>| &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (1042058) | 01/06/27 | (0.20)% | CABROVER | Monthly  | &nbsp;&nbsp; 417 |
| Brookfield Corp., Class A | SG Americas Securities LLC | (4151540) | 12/08/25 | (0.20)% | CABROVER | Monthly  | &nbsp;&nbsp; (25453)<br>|
| Brookfield Wealth Solutions Ltd. | BNP Paribas SA | (3386717) | 05/18/26 | (1.09)% | CABROVER | Monthly  | &nbsp;&nbsp; (61858)<br>|
| Brookfield Wealth Solutions Ltd. | Citibank N.A. | (691830) | 02/24/28 | (1.31)% | 1D CORRA | Monthly  | &nbsp;&nbsp; (18339)<br>|
| Brookfield Wealth Solutions Ltd. | SG Americas Securities LLC | (3699533) | 12/08/25 | (1.35)% | CABROVER | Monthly  | &nbsp;&nbsp; (76092)<br>|
| Brookfield Wealth Solutions Ltd. | UBS AG | (1227635) | 04/21/28 | 0.00% | 1D CORRA | Monthly  | &nbsp;&nbsp; (22423)<br>|
| Brown & Brown, Inc. | Barclays Bank PLC | (1910307) | 12/23/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 202595 |
| Brown & Brown, Inc. | SG Americas Securities LLC | (22837819) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 3638021 |
| BRP, Inc. | Goldman Sachs Bank USA | (1134841) | 08/18/26 | (0.15)% | 1D CORRA | Monthly  | &nbsp;&nbsp; 77739 |
| BRP, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (5176796) | 01/04/27 | (0.20)% | CABROVER | Monthly  | &nbsp;&nbsp; 176198 |
| Brunello Cucinelli SpA | BNP Paribas SA | (8457485) | 08/17/26 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 210772 |
| Brunello Cucinelli SpA | JPMorgan Chase Bank N.A. | (468955) | 02/10/26 | (0.10)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 31232 |
| Brunello Cucinelli SpA | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (3033262) | 01/06/27 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 52000 |
| Brunello Cucinelli SpA | SG Americas Securities LLC | (211739) | 12/08/25 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 4177 |
| BT Group PLC | Bank of America N.A. | (4544410) | 02/15/28 | (0.25)% | 1D SONIA | Monthly  | &nbsp;&nbsp; (22829)<br>|
| BT Group PLC | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (4749864) | 01/04/27 | (0.25)% | 1D SONIA | Monthly  | &nbsp;&nbsp; 53626 |
| BT Group PLC | SG Americas Securities LLC | (17143700) | 12/08/25 | (0.25)% | 1D SONIA | Monthly  | &nbsp;&nbsp; (109456)<br>|
| BT Group PLC | SG Americas Securities LLC | (30182044) | 12/08/25 | (0.25)% | 1D SONIA | Monthly  | &nbsp;&nbsp; (192701)<br>|
| BT Group PLC | UBS AG | (8740240) | 09/03/29 | 0.00% | 1D SONIA | Monthly  | &nbsp;&nbsp; (41177)<br>|
| Bucher Industries AG, Registered <br> Shares, Registered Shares<br>| Barclays Bank PLC | (3369467) | 12/10/26 | (0.26)% | SSARON | Monthly  | &nbsp;&nbsp; 130720 |
| Bucher Industries AG, Registered <br> Shares, Registered Shares<br>| BNP Paribas SA | (8297182) | 03/17/27 | (0.26)% | SSARON | Monthly  | &nbsp;&nbsp; 443697 |
| Bufab AB | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (1397531) | 01/04/27 | (0.26)% | 1D STIBOR | Monthly  | &nbsp;&nbsp; (115582)<br>|
| Builders FirstSource, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (6827272) | 01/06/27 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 356486 |
| Bunge Global SA | Goldman Sachs Bank USA | (28593338) | 08/18/26 | (0.10)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (463809)<br>|
| Bunzl PLC | Barclays Bank PLC | (66656) | 12/10/26 | (0.25)% | 1D SONIA | Monthly  | &nbsp;&nbsp; 3763 |
| Bunzl PLC | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (4835031) | 01/04/27 | (0.25)% | 1D SONIA | Monthly  | &nbsp;&nbsp; 275133 |
| Burford Capital Ltd. | BNP Paribas SA | (2523872) | 04/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 303489 |
| Burford Capital Ltd. | SG Americas Securities LLC | (1180337) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 167019 |
| Burlington Stores, Inc. | SG Americas Securities LLC | (20507501) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (322821)<br>|
| Business First Bancshares, Inc. | Bank of America N.A. | (124692) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (3449)<br>|
| Business First Bancshares, Inc. | Barclays Bank PLC | (3672) | 12/23/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (177)<br>|
| Business First Bancshares, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (240660) | 01/04/27 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (11627)<br>|
| Business First Bancshares, Inc. | SG Americas Securities LLC | (455574) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (17760)<br>|
| Buzzi SpA | BNP Paribas SA | (130844) | 08/17/26 | (0.10)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (10185)<br>|
| BWX Technologies, Inc. | Bank of America N.A. | (7192196) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (345460)<br>|
| BWX Technologies, Inc. | UBS AG | (5312772) | 04/18/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (255186)<br>|
| BXP, Inc. | Barclays Bank PLC | (41951652) | 12/23/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1151951 |
| C&C Group PLC | Bank of America N.A. | (284097) | 02/15/28 | (0.25)% | 1D SONIA | Monthly  | &nbsp;&nbsp; (416)<br>|
| C&C Group PLC | Goldman Sachs Bank USA | (704194) | 08/19/26 | (0.25)% | 1D SONIA | Monthly  | &nbsp;&nbsp; (1031)<br>|
| Cactus, Inc., Class A | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (6085104) | 01/04/27 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (1040533)<br>|
| Cadeler A/S | Bank of America N.A. | (422764) | 02/15/28 | 0.00% | NOWA | Monthly  | &nbsp;&nbsp; 32318 |
| Cadeler A/S | Barclays Bank PLC | (762168) | 12/11/26 | (1.40)% | NOWA | Monthly  | &nbsp;&nbsp; 16889 |
| Cadeler A/S | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (610168) | 01/04/27 | (0.26)% | NOWA | Monthly  | &nbsp;&nbsp; 20312 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination*<br> *Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) |
| Cadeler A/S | SG Americas Securities LLC | $(1562459) | 12/08/25 | (1.38)% | NOWA | Monthly  | &nbsp;&nbsp; $177980 |
| Cadeler A/S | UBS AG | (298109) | 04/24/28 | 0.00% | NOWA | Monthly  | &nbsp;&nbsp; 22789 |
| Cadence Design Systems, Inc. | Barclays Bank PLC | (39446368) | 12/23/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (976283)<br>|
| Cadre Holdings, Inc. | BNP Paribas SA | (2572308) | 04/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (111800)<br>|
| Cadre Holdings, Inc. | Goldman Sachs Bank USA | (1638618) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (75492)<br>|
| Cadre Holdings, Inc. | UBS AG | (3747106) | 04/21/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (172631)<br>|
| CaixaBank SA | SG Americas Securities LLC | (40101372) | 12/08/25 | 0.10% | 1D ESTR | Monthly  | &nbsp;&nbsp; (456962)<br>|
| Calbee, Inc. | Barclays Bank PLC | (2355868) | 05/12/27 | (0.18)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 36971 |
| Caleres, Inc. | SG Americas Securities LLC | (2840305) | 12/08/25 | (0.13)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 527844 |
| Caleres, Inc. | UBS AG | (5875809) | 04/21/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 893556 |
| California Resources Corp. | JPMorgan Chase Bank N.A. | (314557) | 02/10/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 36490 |
| California Resources Corp. | UBS AG | (20454543) | 04/21/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 281916 |
| California Water Service Group | UBS AG | (4998994) | 04/21/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 380856 |
| Calix, Inc. | Barclays Bank PLC | (5987583) | 12/23/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (918527)<br>|
| Calumet, Inc. | BNP Paribas SA | (1153959) | 04/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (44737)<br>|
| Camden National Corp. | Bank of America N.A. | (357903) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (10626)<br>|
| Camden National Corp. | UBS AG | (392322) | 04/21/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (11648)<br>|
| Camurus AB | Bank of America N.A. | (371268) | 02/15/28 | (0.26)% | 1D STIBOR | Monthly  | &nbsp;&nbsp; 22873 |
| Camurus AB | Barclays Bank PLC | (2583775) | 01/18/27 | (0.26)% | 1D STIBOR | Monthly  | &nbsp;&nbsp; 120346 |
| Camurus AB | BNP Paribas SA | (262771) | 11/17/25 | (0.25)% | 1D STIBOR | Monthly  | &nbsp;&nbsp; 3580 |
| Camurus AB | Citibank N.A. | (178084) | 07/29/26 | (0.26)% | TN STIBOR | Monthly  | &nbsp;&nbsp; 8295 |
| Camurus AB | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (2124109) | 01/04/27 | (0.26)% | 1D STIBOR | Monthly  | &nbsp;&nbsp; 98936 |
| Camurus AB | SG Americas Securities LLC | (2687512) | 12/08/25 | (0.26)% | 1D STIBOR | Monthly  | &nbsp;&nbsp; 229806 |
| Camurus AB | UBS AG | (913307) | 04/24/28 | 0.00% | TN STIBOR | Monthly  | &nbsp;&nbsp; 56268 |
| Canadian National Railway Co. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (1357444) | 01/06/27 | (0.20)% | CABROVER | Monthly  | &nbsp;&nbsp; (8120)<br>|
| Canadian Tire Corp. Ltd., Class A | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (757539) | 01/04/27 | (0.20)% | CABROVER | Monthly  | &nbsp;&nbsp; 59457 |
| Canadian Utilities Ltd., Class A | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (4556428) | 01/04/27 | (0.20)% | CABROVER | Monthly  | &nbsp;&nbsp; 135072 |
| Canadian Utilities Ltd., Class A | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (11798043) | 01/06/27 | (0.20)% | CABROVER | Monthly  | &nbsp;&nbsp; 348100 |
| Canfor Corp. | SG Americas Securities LLC | (1344701) | 12/08/25 | (0.20)% | CABROVER | Monthly  | &nbsp;&nbsp; 45673 |
| Capcom Co. Ltd. | Barclays Bank PLC | (1917376) | 09/09/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 73791 |
| Capcom Co. Ltd. | UBS AG | (823173) | 09/03/29 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; 29335 |
| Capgemini SE | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (339910) | 01/04/27 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (9011)<br>|
| Capital One Financial Corp. | BNP Paribas SA | (20834586) | 04/16/26 | 0.05% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (473645)<br>|
| Capital Power Corp. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (2602204) | 01/04/27 | (0.20)% | CABROVER | Monthly  | &nbsp;&nbsp; (25537)<br>|
| Capital Power Corp. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (374664) | 01/06/27 | (0.20)% | CABROVER | Monthly  | &nbsp;&nbsp; (4243)<br>|
| CapitaLand Integrated Commercial <br> Trust<br>| Barclays Bank PLC | (152) | 02/22/27 | (0.30)% | SORA | Monthly  | &nbsp;&nbsp; 3 |
| CapitaLand Integrated Commercial <br> Trust<br>| Barclays Bank PLC | (10635580) | 09/09/27 | (0.30)% | SORA | Monthly  | &nbsp;&nbsp; 192875 |
| CapitaLand Integrated Commercial <br> Trust<br>| Goldman Sachs Bank USA | (67) | 08/19/26 | (0.30)% | SORA | Monthly  | &nbsp;&nbsp; — |
| CapitaLand Integrated Commercial <br> Trust<br>| Goldman Sachs Bank USA | (74106) | 08/19/26 | (0.30)% | SORA | Monthly  | &nbsp;&nbsp; (514)<br>|
| CapitaLand Integrated Commercial <br> Trust<br>| &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (1454273) | 01/06/27 | (0.30)% | SORA | Monthly  | &nbsp;&nbsp; 26373 |
| CapitaLand Integrated Commercial <br> Trust<br>| &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (130) | 01/07/27 | (0.30)% | SORA | Monthly  | &nbsp;&nbsp; 2 |
| Capitaland Investment Ltd. | Goldman Sachs Bank USA | (4144908) | 08/19/26 | (0.30)% | SORA | Monthly  | &nbsp;&nbsp; 35695 |
| CAR Group Ltd. | Barclays Bank PLC | (1935886) | 09/09/27 | (0.25)% | 1D AONIA | Monthly  | &nbsp;&nbsp; 26954 |
| CAR Group Ltd. | BNP Paribas SA | (4646255) | 09/07/26 | (0.25)% | 1D AONIA | Monthly  | &nbsp;&nbsp; 40511 |
| CAR Group Ltd. | BNP Paribas SA | (6792414) | 03/22/27 | (0.25)% | 1D AONIA | Monthly  | &nbsp;&nbsp; 60775 |
| CareTrust REIT, Inc. | SG Americas Securities LLC | (24002414) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (491220)<br>|
| CareTrust REIT, Inc. | UBS AG | (10004833) | 04/18/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (411858)<br>|

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination*<br> *Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) |
| Cargurus, Inc., Class A | Barclays Bank PLC | $(5167652) | 12/23/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; $143069 |
| Carriage Services, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (183620) | 01/04/27 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 2272 |
| Carrier Global Corp. | SG Americas Securities LLC | (4296869) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 22275 |
| Cars.com, Inc. | SG Americas Securities LLC | (3188443) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 92337 |
| Carvana Co., Class A | UBS AG | (1091878) | 04/18/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 68035 |
| Cascades, Inc. | BNP Paribas SA | (188326) | 05/18/26 | (0.20)% | CABROVER | Monthly  | &nbsp;&nbsp; (28044)<br>|
| Cascades, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (6505863) | 01/04/27 | (0.20)% | CABROVER | Monthly  | &nbsp;&nbsp; 182141 |
| Casella Waste Systems, Inc., <br> Class A<br>| BNP Paribas SA | (4052822) | 04/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (83308)<br>|
| Castellum AB | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (7978563) | 01/08/27 | (0.26)% | 1D STIBOR | Monthly  | &nbsp;&nbsp; 547567 |
| Castellum AB | SG Americas Securities LLC | (8055371) | 12/08/25 | (0.26)% | 1D STIBOR | Monthly  | &nbsp;&nbsp; (209528)<br>|
| Castellum AB | UBS AG | (1405813) | 09/03/29 | 0.00% | TN STIBOR | Monthly  | &nbsp;&nbsp; 46685 |
| Catena AB | Bank of America N.A. | (735) | 02/15/28 | (0.26)% | 1D STIBOR | Monthly  | &nbsp;&nbsp; 8 |
| Catena AB | BNP Paribas SA | (3333940) | 11/17/25 | (0.25)% | 1D STIBOR | Monthly  | &nbsp;&nbsp; 36530 |
| Caterpillar, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (6297477) | 01/06/27 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (539590)<br>|
| Cathay General Bancorp | SG Americas Securities LLC | (3400446) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 239262 |
| Cava Group, Inc. | Barclays Bank PLC | (17059571) | 12/23/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 2815426 |
| Cavco Industries, Inc. | SG Americas Securities LLC | (159439) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 13214 |
| CBIZ, Inc. | SG Americas Securities LLC | (41658994) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1320179 |
| CCC Intelligent Solutions Holdings, <br> Inc.<br>| Bank of America N.A. | (4554837) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 274861 |
| CCC Intelligent Solutions Holdings, <br> Inc.<br>| UBS AG | (22015696) | 04/18/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1328533 |
| CECO Environmental Corp. | BNP Paribas SA | (682562) | 04/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 47237 |
| CECO Environmental Corp. | Goldman Sachs Bank USA | (3368113) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 233091 |
| CECO Environmental Corp. | SG Americas Securities LLC | (4565893) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 275551 |
| CECO Environmental Corp. | UBS AG | (166137) | 04/21/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 11498 |
| Cellebrite Di Ltd. | SG Americas Securities LLC | (2339302) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 237749 |
| Cellnex Telecom SA | Bank of America N.A. | (659379) | 02/15/28 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 35157 |
| Cellnex Telecom SA | BNP Paribas SA | (2443192) | 08/17/26 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 129792 |
| Cellnex Telecom SA | BNP Paribas SA | (3568363) | 03/22/27 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 193589 |
| Celsius Holdings, Inc. | BNP Paribas SA | (13135969) | 04/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 597468 |
| Celsius Holdings, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (7304836) | 01/06/27 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 162461 |
| Cencora, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (9624155) | 01/06/27 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (100044)<br>|
| Cenovus Energy, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (6405063) | 01/04/27 | (0.20)% | CABROVER | Monthly  | &nbsp;&nbsp; (65525)<br>|
| Cenovus Energy, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (3723785) | 01/06/27 | (0.20)% | CABROVER | Monthly  | &nbsp;&nbsp; (21375)<br>|
| CenterPoint Energy, Inc. | BNP Paribas SA | (21033963) | 04/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 854868 |
| Centerspace | UBS AG | (6531295) | 04/21/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 57699 |
| Central Japan Railway Co. | Bank of America N.A. | (634394) | 02/15/28 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 76211 |
| Central Japan Railway Co. | Barclays Bank PLC | (35676938) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 3559379 |
| Central Japan Railway Co. | Barclays Bank PLC | (12522059) | 09/09/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 1228645 |
| Central Japan Railway Co. | Citibank N.A. | (405203) | 02/26/26 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 40426 |
| Centrica PLC | Barclays Bank PLC | (5743279) | 08/17/26 | (0.25)% | 1D SONIA | Monthly  | &nbsp;&nbsp; (86777)<br>|
| Centrica PLC | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (7292978) | 01/27/27 | (0.25)% | 1D SONIA | Monthly  | &nbsp;&nbsp; (113377)<br>|
| Centrica PLC | UBS AG | (3105613) | 09/03/29 | 0.00% | 1D SONIA | Monthly  | &nbsp;&nbsp; (97897)<br>|
| Centrus Energy Corp., Class A | UBS AG | (291684) | 04/18/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 45853 |
| Centuria Industrial REIT | Barclays Bank PLC | (1177534) | 05/12/27 | (0.25)% | 1D AONIA | Monthly  | &nbsp;&nbsp; (18025)<br>|
| Century Aluminum Co. | SG Americas Securities LLC | (4530847) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 209793 |
| Certara, Inc. | Bank of America N.A. | (299) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 9 |
| Certara, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (1017281) | 01/04/27 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 75797 |
| CF Industries Holdings, Inc. | Bank of America N.A. | (1572352) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 39566 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination*<br> *Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) |
| CF Industries Holdings, Inc. | SG Americas Securities LLC | $(17595583) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; $1435741 |
| CH Robinson Worldwide, Inc. | UBS AG | (17002160) | 04/18/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (3450638)<br>|
| Champion Homes, Inc. | UBS AG | (120274) | 04/21/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (3768)<br>|
| Champion Iron Ltd. | Bank of America N.A. | (667914) | 02/15/28 | (0.30)% | 1D AONIA | Monthly  | &nbsp;&nbsp; (87042)<br>|
| Champion Iron Ltd. | Barclays Bank PLC | (3782929) | 05/12/27 | (0.25)% | 1D AONIA | Monthly  | &nbsp;&nbsp; (564107)<br>|
| Change Holdings, Inc. | Barclays Bank PLC | (5913615) | 05/12/27 | (1.72)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 214104 |
| Change Holdings, Inc. | BNP Paribas SA | (300167) | 03/24/27 | (2.45)% | 1D TONA | Monthly  | &nbsp;&nbsp; (4745)<br>|
| Change Holdings, Inc. | Citibank N.A. | (444890) | 02/26/26 | (1.44)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 16107 |
| Change Holdings, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (3184196) | 01/06/27 | (1.74)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 115285 |
| Change Holdings, Inc. | UBS AG | (1537151) | 04/03/28 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; (29921)<br>|
| Charter Hall Long Wale REIT | Barclays Bank PLC | (5689180) | 05/12/27 | (0.25)% | 1D AONIA | Monthly  | &nbsp;&nbsp; 153509 |
| Chemometec A/S | Bank of America N.A. | (1911234) | 02/15/28 | (0.26)% | 1W CIBOR | Monthly  | &nbsp;&nbsp; (425920)<br>|
| Chemometec A/S | UBS AG | (473411) | 04/24/28 | 0.00% | DESTR | Monthly  | &nbsp;&nbsp; (105500)<br>|
| Chemours Co. | JPMorgan Chase Bank N.A. | (605300) | 02/10/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 66406 |
| Chemours Co. | UBS AG | (3182445) | 04/21/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 223643 |
| Chesapeake Utilities Corp. | Bank of America N.A. | (2539909) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 101351 |
| Chesapeake Utilities Corp. | Goldman Sachs Bank USA | (6499112) | 08/19/26 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 259337 |
| Chesapeake Utilities Corp. | UBS AG | (4172516) | 04/21/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 150723 |
| Chewy, Inc., Class A | BNP Paribas SA | (2627591) | 04/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 293493 |
| Chiba Bank Ltd. | Barclays Bank PLC | (13147536) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (125907)<br>|
| Chiba Bank Ltd. | Barclays Bank PLC | (15652380) | 09/09/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (148316)<br>|
| Chiba Bank Ltd. | SG Americas Securities LLC | (297571) | 12/08/25 | (0.05)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 2888 |
| Chiba Bank Ltd. | SG Americas Securities LLC | (675940) | 12/08/25 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 6559 |
| Chiba Kogyo Bank Ltd. | Bank of America N.A. | (165143) | 02/15/28 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (3886)<br>|
| Chiba Kogyo Bank Ltd. | Barclays Bank PLC | (165698) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 6059 |
| Chiba Kogyo Bank Ltd. | BNP Paribas SA | (207958) | 03/24/27 | (0.25)% | 1D TONA | Monthly  | &nbsp;&nbsp; (4893)<br>|
| Chiba Kogyo Bank Ltd. | Citibank N.A. | (54150) | 02/26/26 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 1980 |
| Chiba Kogyo Bank Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (70395) | 01/06/27 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 2574 |
| Chiba Kogyo Bank Ltd. | SG Americas Securities LLC | (211221) | 12/08/25 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 4630 |
| Chiba Kogyo Bank Ltd. | UBS AG | (70339) | 04/03/28 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; (1655)<br>|
| Chimera Investment Corp. | Goldman Sachs Bank USA | (781903) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 10280 |
| Chimera Investment Corp. | SG Americas Securities LLC | (8093923) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 179865 |
| Chiyoda Corp. | Bank of America N.A. | (892514) | 02/15/28 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; (31417)<br>|
| Chiyoda Corp. | Barclays Bank PLC | (4489187) | 05/12/27 | (0.16)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 154833 |
| Chiyoda Corp. | Citibank N.A. | (2011659) | 02/26/26 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 71958 |
| Chiyoda Corp. | JPMorgan Chase Bank N.A. | (394462) | 02/10/26 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (2794)<br>|
| Chiyoda Corp. | UBS AG | (1193684) | 04/03/28 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; (42019)<br>|
| Chocoladefabriken Lindt & Spruengli <br> AG, Class N, Registered Shares<br>| &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (4238832) | 01/04/27 | (0.26)% | SSARON | Monthly  | &nbsp;&nbsp; 256013 |
| Choice Hotels International, Inc. | Barclays Bank PLC | (485180) | 12/23/25 | (0.50)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 40738 |
| Choice Hotels International, Inc. | SG Americas Securities LLC | (971212) | 12/08/25 | (0.50)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 12701 |
| Choice Properties Real Estate <br> Investment Trust<br>| &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (2178133) | 01/04/27 | (0.20)% | CABROVER | Monthly  | &nbsp;&nbsp; 38921 |
| Christian Dior SE | Barclays Bank PLC | (12074685) | 12/10/26 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 106058 |
| Chugoku Electric Power Co., Inc. | Barclays Bank PLC | (12973462) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 192896 |
| Chugoku Electric Power Co., Inc. | Citibank N.A. | (595222) | 02/26/26 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 8850 |
| Chugoku Marine Paints Ltd. | Bank of America N.A. | (2050990) | 02/15/28 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; (205232)<br>|
| Chugoku Marine Paints Ltd. | Barclays Bank PLC | (2918376) | 05/12/27 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (241403)<br>|
| Chugoku Marine Paints Ltd. | BNP Paribas SA | (937690) | 03/24/27 | (0.15)% | 1D TONA | Monthly  | &nbsp;&nbsp; (94184)<br>|
| Chugoku Marine Paints Ltd. | JPMorgan Chase Bank N.A. | (130978) | 02/10/26 | (0.39)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (16051)<br>|
| Chugoku Marine Paints Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (1975213) | 01/06/27 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (163386)<br>|
| Chugoku Marine Paints Ltd. | SG Americas Securities LLC | (1349514) | 12/08/25 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (160871)<br>|
| Chugoku Marine Paints Ltd. | UBS AG | (504756) | 04/03/28 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; (51279)<br>|
| Church & Dwight Co., Inc. | Bank of America N.A. | (7099486) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (107668)<br>|
| Church & Dwight Co., Inc. | UBS AG | (18693755) | 04/18/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (283501)<br>|
| Cibus Nordic Real Estate AB | Goldman Sachs Bank USA | (200734) | 08/19/26 | (0.26)% | 1D STIBOR | Monthly  | &nbsp;&nbsp; 6029 |
| Cibus Nordic Real Estate AB | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (4036911) | 01/04/27 | (0.26)% | 1D STIBOR | Monthly  | &nbsp;&nbsp; 125857 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination*<br> *Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) |
| CIE Automotive SA | Bank of America N.A. | $(991895) | 02/15/28 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; $(101274)<br>|
| CIE Automotive SA | Barclays Bank PLC | (6226368) | 12/10/26 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (73207)<br>|
| Cie de Saint-Gobain SA | Citibank N.A. | (20543548) | 06/25/26 | 0.00% | 1D ESTR | Monthly  | &nbsp;&nbsp; 1249272 |
| Cie de Saint-Gobain SA | Goldman Sachs Bank USA | (7705361) | 08/19/26 | 0.00% | 1D ESTR | Monthly  | &nbsp;&nbsp; 519861 |
| Cie de Saint-Gobain SA | SG Americas Securities LLC | (744057) | 12/08/25 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 46181 |
| Cie de Saint-Gobain SA | SG Americas Securities LLC | (262127) | 12/08/25 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 16269 |
| Cie Financiere Richemont SA, <br> Registered Shares, Registered <br> Shares<br>| UBS AG | (3123817) | 04/02/30 | 0.00% | SSARON | Monthly  | &nbsp;&nbsp; 26578 |
| Ciena Corp. | UBS AG | (3815566) | 04/18/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (479285)<br>|
| Cincinnati Financial Corp. | UBS AG | (5219797) | 04/18/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 17535 |
| Citigroup, Inc. | Goldman Sachs Bank USA | (25443900) | 08/18/26 | 0.56% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (369750)<br>|
| Citizens Financial Group, Inc. | UBS AG | (2490389) | 04/18/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 39981 |
| City Developments Ltd. | Barclays Bank PLC | (6950759) | 12/24/27 | (0.30)% | SORA | Monthly  | &nbsp;&nbsp; (18973)<br>|
| CK Asset Holdings Ltd. | BNP Paribas SA | (2552324) | 12/15/25 | (0.30)% | HONIA | Monthly  | &nbsp;&nbsp; (79610)<br>|
| CK Asset Holdings Ltd. | Citibank N.A. | (26797) | 02/25/26 | (0.05)% | HONIA | Monthly  | &nbsp;&nbsp; (413)<br>|
| Clearfield, Inc. | Barclays Bank PLC | (2984051) | 12/23/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (37664)<br>|
| ClearPoint Neuro, Inc. | UBS AG | (858946) | 04/21/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 58692 |
| Clearwater Analytics Holdings, Inc., <br> Class A<br>| &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (7478196) | 01/06/27 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 233492 |
| Clorox Co. | Bank of America N.A. | (1328236) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 66210 |
| Clorox Co. | SG Americas Securities LLC | (12755181) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 623671 |
| Close Brothers Group PLC | Bank of America N.A. | (2148375) | 02/15/28 | (0.25)% | 1D SONIA | Monthly  | &nbsp;&nbsp; 137480 |
| Close Brothers Group PLC | SG Americas Securities LLC | (2722510) | 12/08/25 | (0.25)% | 1D SONIA | Monthly  | &nbsp;&nbsp; 540901 |
| Cloudflare, Inc., Class A | SG Americas Securities LLC | (19170165) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (2898598)<br>|
| CLP Holdings Ltd. | Bank of America N.A. | (535503) | 02/15/28 | 0.00% | HONIA | Monthly  | &nbsp;&nbsp; (1847)<br>|
| CLP Holdings Ltd. | Citibank N.A. | (2984924) | 02/25/26 | (0.14)% | HONIA | Monthly  | &nbsp;&nbsp; (21677)<br>|
| CLP Holdings Ltd. | Citibank N.A. | (10783831) | 02/25/26 | (0.15)% | HONIA | Monthly  | &nbsp;&nbsp; (78315)<br>|
| CLP Holdings Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (961103) | 01/06/27 | (0.30)% | HONIA | Monthly  | &nbsp;&nbsp; (6980)<br>|
| CLP Holdings Ltd. | SG Americas Securities LLC | (8528) | 12/08/25 | (0.30)% | 1D HIBOR | Monthly  | &nbsp;&nbsp; (2)<br>|
| CLP Holdings Ltd. | UBS AG | (2586584) | 04/18/28 | 0.00% | HONIA | Monthly  | &nbsp;&nbsp; (6343)<br>|
| CLP Holdings Ltd. | UBS AG | (11022691) | 09/03/29 | 0.00% | HONIA | Monthly  | &nbsp;&nbsp; (44159)<br>|
| CMS Energy Corp. | BNP Paribas SA | (3858884) | 04/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 90182 |
| CNH Industrial NV | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (6070458) | 01/06/27 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 68657 |
| Coastal Financial Corp. | Bank of America N.A. | (755965) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (2421)<br>|
| Coastal Financial Corp. | SG Americas Securities LLC | (66029) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 2768 |
| Coastal Financial Corp. | UBS AG | (1539532) | 04/21/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (4931)<br>|
| Coats Group PLC | BNP Paribas SA | (277550) | 03/17/27 | 0.00% | 1D SONIA | Monthly  | &nbsp;&nbsp; 2866 |
| Coca-Cola Consolidated, Inc. | Barclays Bank PLC | (6071660) | 12/23/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (54505)<br>|
| Coca-Cola Consolidated, Inc. | SG Americas Securities LLC | (24124755) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (2080712)<br>|
| Coca-Cola Europacific Partners PLC | SG Americas Securities LLC | (12941194) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (76132)<br>|
| Cochlear Ltd. | Barclays Bank PLC | (18908681) | 05/12/27 | (0.25)% | 1D AONIA | Monthly  | &nbsp;&nbsp; 121937 |
| Cochlear Ltd. | Barclays Bank PLC | (23209020) | 09/09/27 | (0.25)% | 1D AONIA | Monthly  | &nbsp;&nbsp; 115713 |
| Coeur Mining, Inc. | Bank of America N.A. | (15849079) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 3635044 |
| Coeur Mining, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (259077) | 01/06/27 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 24707 |
| Coherent Corp. | UBS AG | (10477136) | 04/18/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (2044944)<br>|
| Colgate-Palmolive Co. | BNP Paribas SA | (876801) | 04/16/26 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (28)<br>|
| Coloplast A/S, Class B | UBS AG | (1308605) | 09/03/29 | 0.00% | DESTR | Monthly  | &nbsp;&nbsp; (31057)<br>|
| Colowide Co. Ltd. | Bank of America N.A. | (434678) | 02/15/28 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; 13781 |
| Colowide Co. Ltd. | Barclays Bank PLC | (292754) | 05/12/27 | (1.12)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 13964 |
| Colowide Co. Ltd. | BNP Paribas SA | (500776) | 03/24/27 | (1.85)% | 1D TONA | Monthly  | &nbsp;&nbsp; 15877 |
| Colowide Co. Ltd. | Citibank N.A. | (309841) | 02/26/26 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 14779 |
| Colowide Co. Ltd. | JPMorgan Chase Bank N.A. | (969811) | 02/10/26 | (1.17)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 41235 |
| Colowide Co. Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (3113221) | 01/06/27 | (1.06)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 86671 |
| Colowide Co. Ltd. | UBS AG | (23877) | 04/03/28 | (1.60)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 12 |
| Columbia Banking System, Inc. | Barclays Bank PLC | (5014743) | 12/23/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (265420)<br>|

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination*<br> *Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) |
| Comet Holding AG, Class N, <br> Registered Shares<br>| BNP Paribas SA | $(2925133) | 03/17/27 | (0.26)% | SSARON | Monthly  | &nbsp;&nbsp; $140487 |
| Comforia Residential REIT, Inc. | Bank of America N.A. | (840727) | 02/15/28 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; (9153)<br>|
| Comforia Residential REIT, Inc. | Barclays Bank PLC | (1932178) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 8877 |
| Commerzbank AG | SG Americas Securities LLC | (1585592) | 12/08/25 | 0.10% | 1D ESTR | Monthly  | &nbsp;&nbsp; (100379)<br>|
| CommScope Holding Co., Inc. | SG Americas Securities LLC | (6617439) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (984267)<br>|
| Community Financial System, Inc. | Goldman Sachs Bank USA | (4106973) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 150473 |
| Community Financial System, Inc. | SG Americas Securities LLC | (9956756) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 414973 |
| CommVault Systems, Inc. | BNP Paribas SA | (246554) | 04/16/26 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (4)<br>|
| CompoSecure, Inc., Class A | Barclays Bank PLC | (846718) | 12/23/25 | (0.38)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (6011)<br>|
| CompoSecure, Inc., Class A | BNP Paribas SA | (584129) | 04/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 17960 |
| CompoSecure, Inc., Class A | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (1039007) | 01/04/27 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (7376)<br>|
| CompoSecure, Inc., Class A | SG Americas Securities LLC | (1167246) | 12/08/25 | (0.17)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (6142)<br>|
| CompoSecure, Inc., Class A | UBS AG | (1485075) | 04/21/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 33289 |
| CompuGroup Medical SE & Co. <br> KgaA, Class A<br>| BNP Paribas SA | (78758) | 03/24/27 | (0.45)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (1641)<br>|
| CompuGroup Medical SE & Co. <br> KgaA, Class A<br>| &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (3287435) | 01/04/27 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (40753)<br>|
| Comstock Resources, Inc. | SG Americas Securities LLC | (6456509) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 576978 |
| Conagra Brands, Inc. | SG Americas Securities LLC | (375180) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 18419 |
| Concentra Group Holdings Parent, <br> Inc.<br>| Barclays Bank PLC | (1267328) | 12/23/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 48343 |
| CONMED Corp. | Barclays Bank PLC | (1286699) | 12/23/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 125847 |
| CONMED Corp. | SG Americas Securities LLC | (304985) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 16521 |
| ConnectOne Bancorp, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (4779081) | 01/04/27 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 43303 |
| ConnectOne Bancorp, Inc. | SG Americas Securities LLC | (16422967) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 854150 |
| Consensus Cloud Solutions, Inc. | SG Americas Securities LLC | (635624) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (62895)<br>|
| Constellation Energy Corp. | SG Americas Securities LLC | (776423) | 12/08/25 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 11113 |
| Cooper Cos, Inc. | UBS AG | (12857707) | 04/18/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (215043)<br>|
| Core & Main, Inc., Class A | UBS AG | (5555436) | 04/18/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (14466)<br>|
| Core Laboratories, Inc. | Goldman Sachs Bank USA | (1970053) | 08/19/26 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (677725)<br>|
| Core Laboratories, Inc. | UBS AG | (301707) | 04/21/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (103791)<br>|
| Corning, Inc. | Citibank N.A. | (35293617) | 02/24/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (2072147)<br>|
| Corning, Inc. | UBS AG | (25781057) | 04/18/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (732180)<br>|
| Corp. ACCIONA Energias <br> Renovables SA<br>| UBS AG | (10554669) | 04/24/28 | 0.00% | 1D ESTR | Monthly  | &nbsp;&nbsp; 187890 |
| Corpay, Inc. | SG Americas Securities LLC | (521517) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 42994 |
| Cosmos Pharmaceutical Corp. | Bank of America N.A. | (868404) | 02/15/28 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; 76481 |
| Cosmos Pharmaceutical Corp. | Bank of America N.A. | (627998) | 03/15/28 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; 55308 |
| Cosmos Pharmaceutical Corp. | Barclays Bank PLC | (1878985) | 05/12/27 | (0.19)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 125123 |
| Cosmos Pharmaceutical Corp. | Barclays Bank PLC | (8784906) | 09/09/27 | (0.19)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 530120 |
| Cosmos Pharmaceutical Corp. | SG Americas Securities LLC | (850302) | 12/08/25 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 152336 |
| Cosmos Pharmaceutical Corp. | SG Americas Securities LLC | (1013821) | 12/08/25 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 181632 |
| CoStar Group, Inc. | BNP Paribas SA | (440299) | 04/16/26 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (16)<br>|
| Coterra Energy, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (455002) | 01/06/27 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (7030)<br>|
| Coty, Inc., Class A | Bank of America N.A. | (1227522) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 78168 |
| Coty, Inc., Class A | UBS AG | (174760) | 04/21/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 11129 |
| Cousins Properties, Inc. | BNP Paribas SA | (5150142) | 04/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 128097 |
| Cover Corp. | Barclays Bank PLC | (8082976) | 05/12/27 | (4.79)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 409243 |
| Crane NXT Co. | SG Americas Securities LLC | (14656881) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1203859 |
| Crescent Energy Co., Class A | Bank of America N.A. | (3723696) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (26693)<br>|
| Crescent Energy Co., Class A | SG Americas Securities LLC | (7167407) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 571202 |
| Crescent Energy Co., Class A | UBS AG | (6034285) | 04/21/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (43257)<br>|
| Crinetics Pharmaceuticals, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (130427) | 01/04/27 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (9904)<br>|
| Crocs, Inc. | UBS AG | (2251727) | 04/18/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 31393 |
| Croda International PLC | JPMorgan Chase Bank N.A. | (7578731) | 02/10/26 | 0.00% | 1D SONIA | Monthly  | &nbsp;&nbsp; (178877)<br>|
| Croda International PLC | UBS AG | (412421) | 04/18/28 | 0.00% | 1D SONIA | Monthly  | &nbsp;&nbsp; (33925)<br>|

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination*<br> *Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) |
| Croda International PLC | UBS AG | $(6885446) | 09/03/29 | 0.00% | 1D SONIA | Monthly  | &nbsp;&nbsp; $(566386)<br>|
| Crowdstrike Holdings, Inc., Class A | SG Americas Securities LLC | (11479994) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (744247)<br>|
| CSW Industrials, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (27889) | 01/06/27 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (1160)<br>|
| CSW Industrials, Inc. | SG Americas Securities LLC | (7043145) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (56012)<br>|
| CTO Realty Growth, Inc. | Barclays Bank PLC | (4669659) | 12/23/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (153246)<br>|
| CTO Realty Growth, Inc. | BNP Paribas SA | (3640526) | 04/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (176191)<br>|
| CTO Realty Growth, Inc. | UBS AG | (185383) | 04/21/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (8972)<br>|
| CTP NV | BNP Paribas SA | (2768409) | 03/24/27 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 108343 |
| CTP NV | SG Americas Securities LLC | (7296464) | 12/08/25 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 236617 |
| CTS Eventim AG & Co. KGaA | Bank of America N.A. | (6304213) | 02/15/28 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 125098 |
| CTS Eventim AG & Co. KGaA | Barclays Bank PLC | (1051957) | 12/10/26 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 22821 |
| CTS Eventim AG & Co. KGaA | SG Americas Securities LLC | (30630142) | 12/08/25 | (0.25)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 1119199 |
| CTS Eventim AG & Co. KGaA | SG Americas Securities LLC | (10660544) | 12/08/25 | (0.20)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 443456 |
| Cummins, Inc. | Bank of America N.A. | (15729785) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (530902)<br>|
| Cummins, Inc. | Citibank N.A. | (7189832) | 02/24/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (523403)<br>|
| Cummins, Inc. | SG Americas Securities LLC | (719926) | 12/08/25 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 380 |
| Curbline Properties Corp. | SG Americas Securities LLC | (7251082) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (66640)<br>|
| Customers Bancorp, Inc. | SG Americas Securities LLC | (4804103) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (186806)<br>|
| CVC Capital Partners PLC | Goldman Sachs Bank USA | (456825) | 08/19/26 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 16421 |
| CVC Capital Partners PLC | Goldman Sachs Bank USA | (55992) | 08/19/26 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 2013 |
| CVC Capital Partners PLC | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (6161300) | 01/04/27 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 112416 |
| CVC Capital Partners PLC | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (13331388) | 01/06/27 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 226345 |
| CVC Capital Partners PLC | SG Americas Securities LLC | (8567335) | 12/08/25 | (0.12)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 584155 |
| CVC Capital Partners PLC | UBS AG | (8666773) | 09/03/29 | 0.00% | 1D ESTR | Monthly  | &nbsp;&nbsp; 311532 |
| CVS Group PLC | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (2413809) | 01/04/27 | (0.25)% | 1D SONIA | Monthly  | &nbsp;&nbsp; 248523 |
| CVS Health Corp. | Barclays Bank PLC | (21787042) | 12/23/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1021102 |
| Cybozu, Inc. | Bank of America N.A. | (585582) | 02/15/28 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; 2552 |
| Cybozu, Inc. | Barclays Bank PLC | (4392701) | 05/12/27 | (0.16)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 176182 |
| Cybozu, Inc. | BNP Paribas SA | (29979) | 03/24/27 | (0.15)% | 1D TONA | Monthly  | &nbsp;&nbsp; 131 |
| Cybozu, Inc. | Citibank N.A. | (907527) | 02/26/26 | (0.22)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 45916 |
| Cybozu, Inc. | JPMorgan Chase Bank N.A. | (955383) | 02/10/26 | (0.22)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 34076 |
| Cybozu, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (2053987) | 01/06/27 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 103922 |
| Cybozu, Inc. | SG Americas Securities LLC | (350200) | 12/08/25 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 13913 |
| Daetwyler Holding AG | Bank of America N.A. | (793694) | 02/15/28 | (0.26)% | SSARON | Monthly  | &nbsp;&nbsp; (18592)<br>|
| Daetwyler Holding AG | Barclays Bank PLC | (215779) | 12/10/26 | (0.26)% | SSARON | Monthly  | &nbsp;&nbsp; (3843)<br>|
| Daetwyler Holding AG | BNP Paribas SA | (269009) | 03/17/27 | (0.26)% | SSARON | Monthly  | &nbsp;&nbsp; (6301)<br>|
| Daetwyler Holding AG | Goldman Sachs Bank USA | (434775) | 08/19/26 | (0.26)% | SSARON | Monthly  | &nbsp;&nbsp; (10184)<br>|
| Daicel Corp. | Barclays Bank PLC | (5930730) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 207286 |
| Daiei Kankyo Co. Ltd. | Barclays Bank PLC | (9489397) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 480179 |
| Daifuku Co., Ltd. | Bank of America N.A. | (3520477) | 02/15/28 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; (84787)<br>|
| Daifuku Co., Ltd. | Barclays Bank PLC | (2629893) | 05/12/27 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 54249 |
| Daikin Industries Ltd. | Barclays Bank PLC | (338181) | 05/12/27 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; 1259 |
| Daimler Truck Holding AG | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (1281882) | 01/04/27 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 3326 |
| Daio Paper Corp. | Barclays Bank PLC | (1793712) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 117095 |
| Daiseki Co. Ltd. | Barclays Bank PLC | (146700) | 05/12/27 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (4741)<br>|
| Daiseki Co. Ltd. | BNP Paribas SA | (1337159) | 03/24/27 | (0.25)% | 1D TONA | Monthly  | &nbsp;&nbsp; (23713)<br>|
| Daiwa House REIT Investment Corp. | Bank of America N.A. | (5392097) | 02/15/28 | (0.16)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (202377)<br>|
| Daiwa House REIT Investment Corp. | Barclays Bank PLC | (4455071) | 05/12/27 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (61355)<br>|
| Daiwa House REIT Investment Corp. | BNP Paribas SA | (73091) | 03/24/27 | (0.25)% | 1D TONA | Monthly  | &nbsp;&nbsp; (2743)<br>|
| Daktronics, Inc. | Bank of America N.A. | (1066143) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 62494 |
| Daktronics, Inc. | Goldman Sachs Bank USA | (511495) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 29982 |
| Daktronics, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (1059237) | 01/04/27 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 62090 |
| Daktronics, Inc. | SG Americas Securities LLC | (2935184) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 170667 |
| Danone SA | Barclays Bank PLC | (250992) | 12/10/26 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 2028 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination*<br> *Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) |
| Danske Bank A/S | Barclays Bank PLC | $(6473018) | 05/12/27 | (0.26)% | DESTR | Monthly  | &nbsp;&nbsp; $(397801)<br>|
| Danske Bank A/S | Goldman Sachs Bank USA | (3474810) | 08/19/26 | 0.00% | DETNT/N | Monthly  | &nbsp;&nbsp; (221675)<br>|
| Danske Bank A/S | UBS AG | (1731901) | 09/03/29 | 0.00% | DESTR | Monthly  | &nbsp;&nbsp; (110487)<br>|
| Dassault Aviation SA | Barclays Bank PLC | (2893860) | 08/17/26 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (4091)<br>|
| Dassault Aviation SA | Barclays Bank PLC | (10281) | 12/10/26 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (30)<br>|
| Dassault Aviation SA | Citibank N.A. | (1017828) | 06/25/26 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 6623 |
| Dassault Aviation SA | UBS AG | (2821105) | 09/03/29 | 0.00% | 1D ESTR | Monthly  | &nbsp;&nbsp; (85224)<br>|
| Dassault Systemes SE | Barclays Bank PLC | (645065) | 12/10/26 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (2092)<br>|
| Datadog, Inc., Class A | SG Americas Securities LLC | (497433) | 12/08/25 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (18186)<br>|
| Dave, Inc., Class A | Bank of America N.A. | (4306485) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (366717)<br>|
| Dave, Inc., Class A | SG Americas Securities LLC | (418847) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (50460)<br>|
| Davide Campari-Milano NV | BNP Paribas SA | (12719187) | 08/17/26 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (1372769)<br>|
| Davide Campari-Milano NV | BNP Paribas SA | (795502) | 03/22/27 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (88697)<br>|
| Davide Campari-Milano NV | SG Americas Securities LLC | (2001129) | 12/08/25 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (148390)<br>|
| Davide Campari-Milano NV | SG Americas Securities LLC | (2167351) | 12/08/25 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (158617)<br>|
| Davide Campari-Milano NV | UBS AG | (5042869) | 04/18/28 | 0.00% | 1D ESTR | Monthly  | &nbsp;&nbsp; (562273)<br>|
| Davide Campari-Milano NV | UBS AG | (13211489) | 09/03/29 | 0.00% | 1D ESTR | Monthly  | &nbsp;&nbsp; (1473062)<br>|
| DBS Group Holdings Ltd. | SG Americas Securities LLC | (1135157) | 12/08/25 | 0.00% | SORA | Monthly  | &nbsp;&nbsp; 728 |
| Deckers Outdoor Corp. | UBS AG | (1660888) | 04/18/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 130155 |
| Deep Yellow Ltd. | Bank of America N.A. | (429369) | 02/15/28 | (0.30)% | 1D AONIA | Monthly  | &nbsp;&nbsp; 110249 |
| Deep Yellow Ltd. | Barclays Bank PLC | (3086534) | 05/12/27 | (0.25)% | 1D AONIA | Monthly  | &nbsp;&nbsp; 32090 |
| Definity Financial Corp. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (675063) | 01/04/27 | (0.20)% | CABROVER | Monthly  | &nbsp;&nbsp; 7280 |
| Delivery Hero SE | BNP Paribas SA | (1569260) | 08/17/26 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 74054 |
| DeNA Co. Ltd. | Barclays Bank PLC | (5786241) | 05/12/27 | (0.19)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (116955)<br>|
| Denka Co., Ltd. | Barclays Bank PLC | (18054382) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 420634 |
| dentalcorp Holdings Ltd. | BNP Paribas SA | (1353435) | 05/18/26 | (0.20)% | CABROVER | Monthly  | &nbsp;&nbsp; (534)<br>|
| dentalcorp Holdings Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (579168) | 01/04/27 | (0.72)% | CABROVER | Monthly  | &nbsp;&nbsp; — |
| dentalcorp Holdings Ltd. | UBS AG | (1275929) | 04/21/28 | 0.00% | 1D CORRA | Monthly  | &nbsp;&nbsp; (223)<br>|
| Deutsche Boerse AG, Class N | SG Americas Securities LLC | (270388) | 12/08/25 | 0.00% | 1D ESTR | Monthly  | &nbsp;&nbsp; 434 |
| Deutsche Wohnen SE | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (3686802) | 01/04/27 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 172593 |
| Dexerials Corp. | Barclays Bank PLC | (5778446) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (271882)<br>|
| Diageo PLC | JPMorgan Chase Bank N.A. | (598029) | 02/10/26 | 0.05% | 1D SONIA | Monthly  | &nbsp;&nbsp; 14037 |
| Diageo PLC | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (2669719) | 01/04/27 | (0.25)% | 1D SONIA | Monthly  | &nbsp;&nbsp; 22494 |
| Diageo PLC | SG Americas Securities LLC | (9745589) | 12/08/25 | (0.25)% | 1D SONIA | Monthly  | &nbsp;&nbsp; 228755 |
| Diageo PLC | UBS AG | (14764022) | 09/03/29 | 0.00% | 1D SONIA | Monthly  | &nbsp;&nbsp; 204447 |
| Diamondback Energy, Inc. | SG Americas Securities LLC | (17723497) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 592961 |
| DiamondRock Hospitality Co. | BNP Paribas SA | (1086811) | 04/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (8403)<br>|
| DiamondRock Hospitality Co. | SG Americas Securities LLC | (2800960) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (43651)<br>|
| Dick's Sporting Goods, Inc. | SG Americas Securities LLC | (2508816) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 51606 |
| D'ieteren Group | Bank of America N.A. | (4241835) | 02/15/28 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (61935)<br>|
| D'ieteren Group | Bank of America N.A. | (1872817) | 02/15/28 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (27345)<br>|
| D'ieteren Group | UBS AG | (4388751) | 04/18/28 | 0.00% | 1D ESTR | Monthly  | &nbsp;&nbsp; (64080)<br>|
| D'ieteren Group | UBS AG | (4092399) | 09/03/29 | 0.00% | 1D ESTR | Monthly  | &nbsp;&nbsp; (59753)<br>|
| Digital Arts, Inc. | Barclays Bank PLC | (3484057) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 196436 |
| Digital Arts, Inc. | Citibank N.A. | (896937) | 02/26/26 | (0.18)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 50571 |
| Dillard's, Inc., Class A | Barclays Bank PLC | (10210347) | 12/23/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 92398 |
| Dime Community Bancshares, Inc. | UBS AG | (1102830) | 04/21/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 133654 |
| Dine Brands Global, Inc. | Bank of America N.A. | (783234) | 02/15/28 | (0.58)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 107438 |
| Dine Brands Global, Inc. | Goldman Sachs Bank USA | (5664793) | 08/19/26 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 777055 |
| dip Corp. | Barclays Bank PLC | (132828) | 05/12/27 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; (301)<br>|
| Distribution Solutions Group, Inc. | Barclays Bank PLC | (311296) | 12/23/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 23379 |
| Distribution Solutions Group, Inc. | BNP Paribas SA | (85899) | 04/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 4945 |
| Distribution Solutions Group, Inc. | Goldman Sachs Bank USA | (337067) | 08/19/26 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 19404 |
| Distribution Solutions Group, Inc. | UBS AG | (365323) | 04/21/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 21030 |
| DKSH Holding AG | SG Americas Securities LLC | (2492188) | 12/08/25 | (0.26)% | SSARON | Monthly  | &nbsp;&nbsp; (21571)<br>|
| DocuSign, Inc. | BNP Paribas SA | (4539783) | 04/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (349625)<br>|
| Dof Group ASA | BNP Paribas SA | (7576338) | 03/17/27 | (0.25)% | NOWA | Monthly  | &nbsp;&nbsp; 35528 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination*<br> *Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) |
| Dof Group ASA | SG Americas Securities LLC | $(1201) | 12/08/25 | (0.26)% | NOWA | Monthly  | &nbsp;&nbsp; $107 |
| Dometic Group AB | Bank of America N.A. | (1702630) | 02/15/28 | (0.26)% | 1D STIBOR | Monthly  | &nbsp;&nbsp; 105991 |
| Dominion Energy, Inc. | Barclays Bank PLC | (39030627) | 12/23/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1416382 |
| Domino's Pizza Group PLC | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (1509922) | 01/04/27 | (0.25)% | 1D SONIA | Monthly  | &nbsp;&nbsp; 51876 |
| Donnelley Financial Solutions, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (315629) | 01/04/27 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 36023 |
| Donnelley Financial Solutions, Inc. | UBS AG | (3384091) | 04/21/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 537167 |
| DoorDash, Inc., Class A | SG Americas Securities LLC | (12864716) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1101884 |
| Dorman Products, Inc. | JPMorgan Chase Bank N.A. | (655918) | 02/10/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 42273 |
| Dorman Products, Inc. | UBS AG | (12056595) | 04/21/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 687200 |
| Dowlais Group PLC | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (143503) | 01/04/27 | (0.25)% | 1D SONIA | Monthly  | &nbsp;&nbsp; (4466)<br>|
| Dowlais Group PLC | SG Americas Securities LLC | (604742) | 12/08/25 | (0.25)% | 1D SONIA | Monthly  | &nbsp;&nbsp; (23915)<br>|
| Dr Ing hc F Porsche AG | BNP Paribas SA | (19428491) | 08/17/26 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (2016659)<br>|
| Dr Ing hc F Porsche AG | BNP Paribas SA | (5721413) | 03/24/27 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (595922)<br>|
| Dr Ing hc F Porsche AG | SG Americas Securities LLC | (16901646) | 12/08/25 | (0.27)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (1109262)<br>|
| Dr Ing hc F Porsche AG | SG Americas Securities LLC | (360277) | 12/08/25 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 11035 |
| Dr Martens PLC | Goldman Sachs Bank USA | (2204099) | 08/19/26 | (0.25)% | 1D SONIA | Monthly  | &nbsp;&nbsp; (23278)<br>|
| Drax Group PLC | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (5936319) | 01/27/27 | (0.25)% | 1D SONIA | Monthly  | &nbsp;&nbsp; 41269 |
| Drax Group PLC | SG Americas Securities LLC | (12760450) | 12/08/25 | (0.02)% | 1D SONIA | Monthly  | &nbsp;&nbsp; (344203)<br>|
| Dream Finders Homes, Inc., Class A | Barclays Bank PLC | (4440997) | 12/23/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 626171 |
| Dream Finders Homes, Inc., Class A | SG Americas Securities LLC | (3269588) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 598885 |
| Dream Industrial Real Estate <br> Investment Trust<br>| &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (3462800) | 01/04/27 | (0.20)% | CABROVER | Monthly  | &nbsp;&nbsp; 51774 |
| Driven Brands Holdings, Inc. | SG Americas Securities LLC | (1484091) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 27408 |
| Driven Brands Holdings, Inc. | UBS AG | (3213809) | 04/21/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 389672 |
| DSV A/S | BNP Paribas SA | (1025193) | 08/17/26 | (0.25)% | DESTR | Monthly  | &nbsp;&nbsp; (71939)<br>|
| DSV A/S | Citibank N.A. | (18699998) | 07/17/26 | 0.00% | DESTR | Monthly  | &nbsp;&nbsp; (740429)<br>|
| DSV A/S | JPMorgan Chase Bank N.A. | (7904740) | 02/10/26 | 0.00% | DESTR | Monthly  | &nbsp;&nbsp; (483272)<br>|
| DSV A/S | JPMorgan Chase Bank N.A. | (13803178) | 02/10/26 | 0.00% | DESTR | Monthly  | &nbsp;&nbsp; (843885)<br>|
| DSV A/S | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (2491269) | 01/04/27 | (0.26)% | DESTR | Monthly  | &nbsp;&nbsp; (79020)<br>|
| DSV A/S | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (25480812) | 01/06/27 | (0.26)% | DESTR | Monthly  | &nbsp;&nbsp; (1008916)<br>|
| DTE Energy Co. | Bank of America N.A. | (7727173) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 375348 |
| DTE Energy Co. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (57504) | 01/06/27 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 2881 |
| DTE Energy Co. | SG Americas Securities LLC | (5473341) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 233500 |
| DTE Midstream LLC | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (7943602) | 01/06/27 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (129643)<br>|
| Duskin Co., Ltd. | Bank of America N.A. | (459040) | 02/15/28 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; 3381 |
| Duskin Co., Ltd. | Barclays Bank PLC | (5226085) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 61952 |
| Duskin Co., Ltd. | Citibank N.A. | (302537) | 02/26/26 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 3586 |
| Duskin Co., Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (1617598) | 01/06/27 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 19176 |
| Duskin Co., Ltd. | SG Americas Securities LLC | (373801) | 12/08/25 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 9756 |
| Dynex Capital, Inc. | Bank of America N.A. | (5902727) | 02/15/28 | (0.53)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 22207 |
| Dynex Capital, Inc. | Barclays Bank PLC | (11077353) | 12/23/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 107708 |
| Dynex Capital, Inc. | BNP Paribas SA | (9940016) | 04/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 37397 |
| Dynex Capital, Inc. | Citibank N.A. | (10483323) | 06/25/26 | (0.31)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 101932 |
| Dynex Capital, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (16338742) | 01/04/27 | (0.27)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 158866 |
| Dynex Capital, Inc. | UBS AG | (9042196) | 04/21/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 33276 |
| Eagle Materials, Inc. | SG Americas Securities LLC | (926992) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 96608 |
| East Japan Railway Co. | Bank of America N.A. | (930738) | 02/15/28 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; (38934)<br>|
| East Japan Railway Co. | Bank of America N.A. | (328220) | 03/15/28 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; (13730)<br>|
| East Japan Railway Co. | Barclays Bank PLC | (14715926) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (283462)<br>|
| East Japan Railway Co. | Barclays Bank PLC | (18152278) | 09/09/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (349654)<br>|
| East Japan Railway Co. | JPMorgan Chase Bank N.A. | (9322184) | 02/10/26 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (433158)<br>|

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination*<br> *Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) |
| Eastern Bankshares, Inc. | Barclays Bank PLC | $(16910396) | 12/23/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; $790807 |
| Eastern Bankshares, Inc. | BNP Paribas SA | (2508506) | 04/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 163220 |
| Eastern Bankshares, Inc. | UBS AG | (4442944) | 04/21/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 289088 |
| EastGroup Properties, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (9627543) | 01/06/27 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 327188 |
| easyJet PLC | Bank of America N.A. | (114616) | 02/15/28 | (0.25)% | 1D SONIA | Monthly  | &nbsp;&nbsp; (941)<br>|
| easyJet PLC | BNP Paribas SA | (4117748) | 03/22/27 | (0.25)% | 1D SONIA | Monthly  | &nbsp;&nbsp; (30895)<br>|
| easyJet PLC | JPMorgan Chase Bank N.A. | (291860) | 02/10/26 | (0.25)% | 1D SONIA | Monthly  | &nbsp;&nbsp; (8138)<br>|
| easyJet PLC | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (7137225) | 01/04/27 | (0.25)% | 1D SONIA | Monthly  | &nbsp;&nbsp; 110879 |
| Ebara Corp. | Barclays Bank PLC | (944611) | 05/12/27 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (12746)<br>|
| Ebara Corp. | Barclays Bank PLC | (743285) | 09/09/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (734)<br>|
| EchoStar Corp., Class A | Bank of America N.A. | (9726907) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (2599)<br>|
| EchoStar Corp., Class A | UBS AG | (2288763) | 04/18/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (612)<br>|
| Ecovyst, Inc. | Goldman Sachs Bank USA | (2826417) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 54159 |
| Ecovyst, Inc. | SG Americas Securities LLC | (2393509) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 40227 |
| Edenred SE | Barclays Bank PLC | (70158) | 12/10/26 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (35)<br>|
| Edenred SE | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (355829) | 01/04/27 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 15786 |
| Edgewell Personal Care Co. | SG Americas Securities LLC | (2880286) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 125044 |
| EDP Renovaveis SA | Bank of America N.A. | (6010490) | 02/15/28 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 243506 |
| EDP Renovaveis SA | Barclays Bank PLC | (4673097) | 08/17/26 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 196096 |
| EDP Renovaveis SA | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (5744879) | 01/04/27 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 224838 |
| EDP Renovaveis SA | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (18359) | 01/06/27 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 770 |
| EDP Renovaveis SA | UBS AG | (3437731) | 04/18/28 | 0.00% | 1D ESTR | Monthly  | &nbsp;&nbsp; 139274 |
| EDP Renovaveis SA | UBS AG | (12623521) | 09/03/29 | 0.00% | 1D ESTR | Monthly  | &nbsp;&nbsp; 515749 |
| Edwards Lifesciences Corp. | UBS AG | (1047596) | 04/18/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1635 |
| eGuarantee, Inc. | Bank of America N.A. | (1308799) | 02/15/28 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (46564)<br>|
| eGuarantee, Inc. | Barclays Bank PLC | (2269174) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 37054 |
| eGuarantee, Inc. | BNP Paribas SA | (837671) | 03/24/27 | (0.25)% | 1D TONA | Monthly  | &nbsp;&nbsp; (29803)<br>|
| eGuarantee, Inc. | SG Americas Securities LLC | (688550) | 12/08/25 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 14995 |
| Elanco Animal Health, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (16796602) | 01/06/27 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (393680)<br>|
| Elders Ltd. | Barclays Bank PLC | (3908306) | 05/12/27 | (0.25)% | 1D AONIA | Monthly  | &nbsp;&nbsp; 159466 |
| Elders Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (1067097) | 01/06/27 | (0.30)% | 1D AONIA | Monthly  | &nbsp;&nbsp; 43539 |
| Electric Power Development Co. Ltd., <br> Class D<br>| Barclays Bank PLC | (1202012) | 05/12/27 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 4651 |
| Element Fleet Management Corp. | Bank of America N.A. | (1499468) | 02/15/28 | (0.20)% | CABROVER | Monthly  | &nbsp;&nbsp; (16429)<br>|
| Element Fleet Management Corp. | Goldman Sachs Bank USA | (1306385) | 08/18/26 | (0.20)% | 1D CORRA | Monthly  | &nbsp;&nbsp; (14314)<br>|
| Element Fleet Management Corp. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (14434465) | 01/06/27 | (0.20)% | CABROVER | Monthly  | &nbsp;&nbsp; (244455)<br>|
| Element Fleet Management Corp. | SG Americas Securities LLC | (277655) | 12/08/25 | (0.20)% | CABROVER | Monthly  | &nbsp;&nbsp; (11623)<br>|
| Elevance Health, Inc. | BNP Paribas SA | (570000) | 04/16/26 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (8)<br>|
| elf Beauty, Inc. | Bank of America N.A. | (4344460) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 386880 |
| elf Beauty, Inc. | SG Americas Securities LLC | (6108172) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 965468 |
| Eli Lilly & Co. | BNP Paribas SA | (9125097) | 04/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (601061)<br>|
| Elia Group SA/NV | BNP Paribas SA | (7224958) | 08/17/26 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (5293)<br>|
| Elis SA | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (217477) | 01/04/27 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (52)<br>|
| Elkem ASA | BNP Paribas SA | (965075) | 03/17/27 | (0.25)% | NOWA | Monthly  | &nbsp;&nbsp; 69798 |
| Elkem ASA | UBS AG | (254972) | 04/24/28 | 0.00% | NOWA | Monthly  | &nbsp;&nbsp; 18441 |
| Elme Communities | Barclays Bank PLC | (1956804) | 12/23/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 41514 |
| Elme Communities | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (5411083) | 01/04/27 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 80773 |
| Embecta Corp. | Bank of America N.A. | (637453) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 24800 |
| Embecta Corp. | Barclays Bank PLC | (2323662) | 12/23/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 148388 |
| Embecta Corp. | BNP Paribas SA | (837977) | 04/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 32601 |
| Embecta Corp. | Goldman Sachs Bank USA | (1034601) | 08/19/26 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 40251 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination*<br> *Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) |
| Embecta Corp. | UBS AG | $(764885) | 04/21/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; $29758 |
| Embracer Group AB | SG Americas Securities LLC | (592029) | 12/08/25 | (0.25)% | 1D STIBOR | Monthly  | &nbsp;&nbsp; 23484 |
| Emera, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (18636166) | 01/04/27 | (0.20)% | CABROVER | Monthly  | &nbsp;&nbsp; 678658 |
| Emera, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (5303368) | 01/06/27 | (0.20)% | CABROVER | Monthly  | &nbsp;&nbsp; 193128 |
| Empire State Realty Trust, Inc., <br> Class A<br>| Bank of America N.A. | (1051222) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1421 |
| Empire State Realty Trust, Inc., <br> Class A<br>| BNP Paribas SA | (2737598) | 04/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 10600 |
| Empire State Realty Trust, Inc., <br> Class A<br>| UBS AG | (5243127) | 04/21/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 11879 |
| Enbridge, Inc. | Barclays Bank PLC | (534439) | 12/23/25 | (0.20)% | CABROVER | Monthly  | &nbsp;&nbsp; 10652 |
| Enbridge, Inc. | BNP Paribas SA | (527423) | 08/17/26 | (0.20)% | CABROVER | Monthly  | &nbsp;&nbsp; 11749 |
| Enbridge, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (31244846) | 01/04/27 | (0.20)% | CABROVER | Monthly  | &nbsp;&nbsp; 622743 |
| Enbridge, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (19237300) | 01/06/27 | (0.20)% | CABROVER | Monthly  | &nbsp;&nbsp; 383420 |
| Ence Energia y Celulosa SA | Bank of America N.A. | (682487) | 02/15/28 | 0.00% | 1D ESTR | Monthly  | &nbsp;&nbsp; 24907 |
| Ence Energia y Celulosa SA | BNP Paribas SA | (137014) | 03/17/27 | (0.78)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 5000 |
| Ence Energia y Celulosa SA | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (413336) | 01/04/27 | (0.55)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 12167 |
| Ence Energia y Celulosa SA | SG Americas Securities LLC | (380542) | 12/08/25 | (0.67)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 12011 |
| Endeavour Group Ltd. | Barclays Bank PLC | (260914) | 05/12/27 | 0.00% | 1D AONIA | Monthly  | &nbsp;&nbsp; 197 |
| Enel SpA | Bank of America N.A. | (4018984) | 02/15/28 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (161525)<br>|
| Enel SpA | JPMorgan Chase Bank N.A. | (8127749) | 02/10/26 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (544571)<br>|
| Enel SpA | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (12432669) | 01/06/27 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (432581)<br>|
| Enel SpA | UBS AG | (2587750) | 09/03/29 | 0.00% | 1D ESTR | Monthly  | &nbsp;&nbsp; (104003)<br>|
| Energy Fuels Inc/Canada | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (7813216) | 01/04/27 | (0.47)% | CABROVER | Monthly  | &nbsp;&nbsp; 723719 |
| Energy Fuels Inc/Canada | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (114509) | 01/06/27 | (0.47)% | CABROVER | Monthly  | &nbsp;&nbsp; 10607 |
| Energy Fuels Inc/Canada | UBS AG | (5629442) | 09/04/29 | 0.00% | 1D CORRA | Monthly  | &nbsp;&nbsp; 1003823 |
| Energy Recovery, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (3238669) | 01/04/27 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 20688 |
| Enerpac Tool Group Corp., Class A | SG Americas Securities LLC | (2587623) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (81290)<br>|
| Enerpac Tool Group Corp., Class A | UBS AG | (8501903) | 04/21/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (153966)<br>|
| Enlight Renewable Energy Ltd. | Bank of America N.A. | (3829881) | 02/15/28 | (2.00)% | SHIR | Monthly  | &nbsp;&nbsp; 47995 |
| Enlight Renewable Energy Ltd. | Barclays Bank PLC | (3112657) | 04/06/26 | (2.01)% | SHIR | Monthly  | &nbsp;&nbsp; (106956)<br>|
| Enlight Renewable Energy Ltd. | BNP Paribas SA | (225250) | 06/17/27 | (3.50)% | SHIR | Monthly  | &nbsp;&nbsp; 2823 |
| Enlight Renewable Energy Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (202638) | 05/23/27 | (0.75)% | SHIR | Monthly  | &nbsp;&nbsp; (6963)<br>|
| Enovix Corp. | Barclays Bank PLC | (5502090) | 12/23/25 | (0.50)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (380216)<br>|
| Enovix Corp. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (991283) | 01/04/27 | (0.57)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (68501)<br>|
| Enovix Corp. | SG Americas Securities LLC | (1206498) | 12/08/25 | (0.85)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 63851 |
| Ensign Group, Inc. | Bank of America N.A. | (3148292) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (38217)<br>|
| Ensign Group, Inc. | BNP Paribas SA | (3534066) | 04/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (42900)<br>|
| Entegris, Inc. | UBS AG | (19306766) | 04/18/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 500210 |
| Enviri Corp. | SG Americas Securities LLC | (5816060) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (231700)<br>|
| Enviri Corp. | UBS AG | (3142899) | 04/21/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 73634 |
| Envista Holdings Corp. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (3385619) | 01/04/27 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (74064)<br>|
| Eos Energy Enterprises, Inc., Class A | Barclays Bank PLC | (2149228) | 12/23/25 | (1.38)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (138430)<br>|
| Eos Energy Enterprises, Inc., Class A | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (4131786) | 01/04/27 | (1.17)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (266124)<br>|
| Eos Energy Enterprises, Inc., Class A | SG Americas Securities LLC | (557988) | 12/08/25 | (3.00)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (45558)<br>|
| Epiroc AB, Class B | BNP Paribas SA | (3382642) | 08/17/26 | (0.25)% | 1D STIBOR | Monthly  | &nbsp;&nbsp; 194236 |
| Epiroc AB, Class B | SG Americas Securities LLC | (609266) | 12/08/25 | (0.26)% | 1D STIBOR | Monthly  | &nbsp;&nbsp; 50434 |
| Epiroc AB, Class B | UBS AG | (4868553) | 09/03/29 | 0.00% | TN STIBOR | Monthly  | &nbsp;&nbsp; 279559 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination*<br> *Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) |
| EQB, Inc. | Barclays Bank PLC | $(78331) | 12/23/25 | (0.20)% | CABROVER | Monthly  | &nbsp;&nbsp; $(1472)<br>|
| EQB, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (4469049) | 01/04/27 | (0.20)% | CABROVER | Monthly  | &nbsp;&nbsp; (83966)<br>|
| EQT AB | Barclays Bank PLC | (2438718) | 01/18/27 | (0.26)% | 1D STIBOR | Monthly  | &nbsp;&nbsp; (46213)<br>|
| EQT AB | SG Americas Securities LLC | (16868841) | 12/08/25 | (0.26)% | 1D STIBOR | Monthly  | &nbsp;&nbsp; 862668 |
| EQT Corp. | SG Americas Securities LLC | (7107821) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 178694 |
| EQT Corp. | UBS AG | (10357088) | 04/18/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 331091 |
| Equinox Gold Corp. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (32716349) | 01/04/27 | (0.20)% | CABROVER | Monthly  | &nbsp;&nbsp; (20367)<br>|
| Equinox Gold Corp. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (25354809) | 01/06/27 | (0.20)% | CABROVER | Monthly  | &nbsp;&nbsp; (16464)<br>|
| Equity LifeStyle Properties, Inc. | UBS AG | (265335) | 04/18/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (1453)<br>|
| Equity Residential | Barclays Bank PLC | (1418208) | 12/23/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 23152 |
| Eramet SA | Bank of America N.A. | (1352533) | 02/15/28 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 131675 |
| Eramet SA | Barclays Bank PLC | (1427060) | 12/10/26 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (5888)<br>|
| ERG SpA | Barclays Bank PLC | (16465713) | 12/10/26 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 87939 |
| ERG SpA | BNP Paribas SA | (1281370) | 03/17/27 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 2296 |
| ERG SpA | SG Americas Securities LLC | (2419697) | 12/08/25 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 15060 |
| Erste Group Bank AG | BNP Paribas SA | (307699) | 08/17/26 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (22749)<br>|
| Erste Group Bank AG | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (11823090) | 01/06/27 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (1075174)<br>|
| Erste Group Bank AG | UBS AG | (2207379) | 09/03/29 | 0.00% | 1D ESTR | Monthly  | &nbsp;&nbsp; (177443)<br>|
| ES-Con Japan Ltd. | Bank of America N.A. | (650019) | 02/15/28 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; 10279 |
| ES-Con Japan Ltd. | Barclays Bank PLC | (1759655) | 05/12/27 | (0.19)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 67753 |
| ES-Con Japan Ltd. | BNP Paribas SA | (197975) | 03/24/27 | (0.25)% | 1D TONA | Monthly  | &nbsp;&nbsp; 3131 |
| ES-Con Japan Ltd. | JPMorgan Chase Bank N.A. | (125920) | 02/10/26 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 1869 |
| ES-Con Japan Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (621452) | 01/06/27 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 23928 |
| ES-Con Japan Ltd. | UBS AG | (252749) | 04/03/28 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; 3997 |
| Esquire Financial Holdings, Inc. | BNP Paribas SA | (193565) | 04/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 17409 |
| Esquire Financial Holdings, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (413939) | 01/04/27 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 31892 |
| Esquire Financial Holdings, Inc. | SG Americas Securities LLC | (316216) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 30876 |
| Esquire Financial Holdings, Inc. | UBS AG | (411043) | 04/21/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 36969 |
| Essex Property Trust, Inc. | Barclays Bank PLC | (13210207) | 12/23/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 622463 |
| EssilorLuxottica SA | Bank of America N.A. | (1432652) | 02/15/28 | 0.00% | 1D ESTR | Monthly  | &nbsp;&nbsp; (251954)<br>|
| EssilorLuxottica SA | Barclays Bank PLC | (2713012) | 12/10/26 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 7389 |
| EssilorLuxottica SA | UBS AG | (18631637) | 04/18/28 | 0.00% | 1D ESTR | Monthly  | &nbsp;&nbsp; (3276661)<br>|
| EssilorLuxottica SA | UBS AG | (21457075) | 09/03/29 | 0.00% | 1D ESTR | Monthly  | &nbsp;&nbsp; (3773558)<br>|
| Establishment Labs Holdings, Inc. | Barclays Bank PLC | (4592132) | 12/23/25 | (1.00)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 175026 |
| Establishment Labs Holdings, Inc. | BNP Paribas SA | (1452701) | 04/16/26 | (0.54)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (100063)<br>|
| Estee Lauder Cos, Inc., Class A | SG Americas Securities LLC | (20844941) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (202441)<br>|
| Everest Group Ltd. | Barclays Bank PLC | (14769175) | 12/23/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1436987 |
| Everest Group Ltd. | SG Americas Securities LLC | (33737230) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 4143100 |
| Evolus, Inc. | Barclays Bank PLC | (1759358) | 12/23/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 89473 |
| Evolv Technologies Holdings, Inc., <br> Class A<br>| BNP Paribas SA | (582586) | 04/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 36676 |
| Evolv Technologies Holdings, Inc., <br> Class A<br>| SG Americas Securities LLC | (558992) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 20188 |
| Exchange Income Corp. | BNP Paribas SA | (661288) | 05/18/26 | (0.85)% | CABROVER | Monthly  | &nbsp;&nbsp; 11418 |
| Exchange Income Corp. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (2836403) | 01/04/27 | (0.32)% | CABROVER | Monthly  | &nbsp;&nbsp; 7312 |
| Exchange Income Corp. | SG Americas Securities LLC | (49329) | 12/08/25 | (0.50)% | CABROVER | Monthly  | &nbsp;&nbsp; 624 |
| Exchange Income Corp. | UBS AG | (418894) | 04/21/28 | 0.00% | 1D CORRA | Monthly  | &nbsp;&nbsp; 7232 |
| Exelon Corp. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (8322919) | 01/06/27 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 209488 |
| EXOR NV | Bank of America N.A. | (27238526) | 02/15/28 | 0.00% | 1D ESTR | Monthly  | &nbsp;&nbsp; 239444 |
| EXOR NV | Bank of America N.A. | (7277549) | 02/15/28 | 0.00% | 1D ESTR | Monthly  | &nbsp;&nbsp; 63974 |
| EXOR NV | BNP Paribas SA | (820952) | 03/24/27 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 7995 |
| Expand Energy Corp. | SG Americas Securities LLC | (1257898) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (11369)<br>|
| Expro Group Holdings NV | Barclays Bank PLC | (2429787) | 12/23/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (12590)<br>|

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination*<br> *Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) |
| Expro Group Holdings NV | SG Americas Securities LLC | $(1037219) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; $(33917)<br>|
| Extra Space Storage, Inc. | UBS AG | (13896794) | 04/18/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1288615 |
| Exxon Mobil Corp. | UBS AG | (29446404) | 04/18/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (396409)<br>|
| Ezaki Glico Co., Ltd. | Barclays Bank PLC | (9902082) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 177752 |
| Ezaki Glico Co., Ltd. | JPMorgan Chase Bank N.A. | (1549744) | 02/10/26 | (0.23)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 9446 |
| Ezaki Glico Co., Ltd. | SG Americas Securities LLC | (302232) | 12/08/25 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 1842 |
| F&G Annuities & Life, Inc. | Barclays Bank PLC | (1514594) | 12/23/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (8734)<br>|
| F&G Annuities & Life, Inc. | BNP Paribas SA | (29) | 04/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; — |
| F&G Annuities & Life, Inc. | BNP Paribas SA | (2424908) | 04/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (22285)<br>|
| F&G Annuities & Life, Inc. | Goldman Sachs Bank USA | (517529) | 08/19/26 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (4756)<br>|
| Fabege AB | BNP Paribas SA | (1282121) | 11/17/25 | (0.25)% | 1D STIBOR | Monthly  | &nbsp;&nbsp; (31405)<br>|
| Fabrinet | Barclays Bank PLC | (1104259) | 12/23/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (18314)<br>|
| Fair Isaac Corp. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (4882860) | 01/06/27 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (245087)<br>|
| FANUC Corp. | Barclays Bank PLC | (736125) | 05/12/27 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; (38092)<br>|
| FANUC Corp. | Barclays Bank PLC | (423462) | 09/09/27 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; (20378)<br>|
| Farmland Partners, Inc. | BNP Paribas SA | (3749429) | 04/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 80476 |
| Fast Retailing Co. Ltd. | Bank of America N.A. | (646648) | 02/15/28 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (50879)<br>|
| Fast Retailing Co. Ltd. | Barclays Bank PLC | (25663558) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (512079)<br>|
| Fast Retailing Co. Ltd. | Barclays Bank PLC | (7763198) | 09/09/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (166589)<br>|
| Fast Retailing Co. Ltd. | Citibank N.A. | (16557135) | 02/26/26 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (330374)<br>|
| Fast Retailing Co. Ltd. | JPMorgan Chase Bank N.A. | (8122951) | 02/10/26 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (1715858)<br>|
| Fastenal Co. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (17927521) | 01/06/27 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 541810 |
| FB Financial Corp. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (11558622) | 01/04/27 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 108124 |
| FB Financial Corp. | UBS AG | (10036809) | 04/21/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 453598 |
| FDJ UNITED, Class A | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (4848529) | 01/04/27 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 195422 |
| FDJ UNITED, Class A | UBS AG | (698350) | 09/03/29 | 0.00% | 1D ESTR | Monthly  | &nbsp;&nbsp; 60131 |
| FedEx Corp. | SG Americas Securities LLC | (439357) | 12/08/25 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (8635)<br>|
| Ferrari NV | BNP Paribas SA | (13496013) | 03/22/27 | (0.10)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (525709)<br>|
| Ferrari NV | JPMorgan Chase Bank N.A. | (953673) | 02/10/26 | (0.10)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 161963 |
| Ferrari NV | JPMorgan Chase Bank N.A. | (11989656) | 02/10/26 | (0.10)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 2036212 |
| Ferrari NV | SG Americas Securities LLC | (27526888) | 12/08/25 | (0.12)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 4389086 |
| Ferrovial SE | Barclays Bank PLC | (66511726) | 08/17/26 | 0.10% | 1D ESTR | Monthly  | &nbsp;&nbsp; 1205161 |
| Ferrovial SE | SG Americas Securities LLC | (25393234) | 12/08/25 | 0.10% | 1D ESTR | Monthly  | &nbsp;&nbsp; (521845)<br>|
| Ferrovial SE | UBS AG | (30234754) | 04/18/28 | 0.00% | 1D ESTR | Monthly  | &nbsp;&nbsp; (577384)<br>|
| Fevertree Drinks PLC | Barclays Bank PLC | (3983277) | 12/10/26 | (0.25)% | 1D SONIA | Monthly  | &nbsp;&nbsp; 163339 |
| Fidelis Insurance Holdings Ltd. | Barclays Bank PLC | (1722587) | 12/23/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 12365 |
| Fidelis Insurance Holdings Ltd. | BNP Paribas SA | (738338) | 04/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 19588 |
| Fidelis Insurance Holdings Ltd. | UBS AG | (3514804) | 04/21/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 93246 |
| Fielmann Group AG | SG Americas Securities LLC | (8828370) | 12/08/25 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 450703 |
| Financial Institutions, Inc. | Citibank N.A. | (469354) | 06/25/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (31725)<br>|
| Financial Institutions, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (751046) | 01/04/27 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (50765)<br>|
| Financial Institutions, Inc. | SG Americas Securities LLC | (106213) | 12/08/25 | (0.75)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (5460)<br>|
| Financial Institutions, Inc. | UBS AG | (16889) | 04/21/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (908)<br>|
| Financiere de Tubize SA | BNP Paribas SA | (291381) | 03/24/27 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 25921 |
| Financiere de Tubize SA | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (1301717) | 01/04/27 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 86756 |
| Financiere de Tubize SA | UBS AG | (186646) | 04/24/28 | 0.00% | 1D ESTR | Monthly  | &nbsp;&nbsp; 17651 |
| Fincantieri SpA | Bank of America N.A. | (1592584) | 02/15/28 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 40265 |
| Fincantieri SpA | SG Americas Securities LLC | (488379) | 12/08/25 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 15673 |
| FinecoBank Banca Fineco SpA | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (2373528) | 01/04/27 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (48266)<br>|
| Firefly Aerospace, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (102835) | 01/04/27 | (1.52)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 7760 |
| First Advantage Corp. | BNP Paribas SA | (8768741) | 04/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1036743 |
| First Advantage Corp. | Goldman Sachs Bank USA | (3937898) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 471999 |
| First Advantage Corp. | SG Americas Securities LLC | (8380412) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1273789 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination*<br> *Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) |
| First Bank of Toyama Ltd. | Bank of America N.A. | $(37150) | 02/15/28 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; $274 |
| First Bank of Toyama Ltd. | Barclays Bank PLC | (25930) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 400 |
| First Bank of Toyama Ltd. | BNP Paribas SA | (37150) | 03/24/27 | (0.25)% | 1D TONA | Monthly  | &nbsp;&nbsp; 274 |
| First Bank of Toyama Ltd. | Citibank N.A. | (39374) | 02/26/26 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 607 |
| First Bank of Toyama Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (17286) | 01/06/27 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 267 |
| First Busey Corp. | Barclays Bank PLC | (939316) | 12/23/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 37895 |
| First Busey Corp. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (1346623) | 01/04/27 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 54327 |
| First Horizon Corp. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (210654) | 01/06/27 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (7560)<br>|
| First Solar, Inc. | SG Americas Securities LLC | (5370329) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (825615)<br>|
| First Solar, Inc. | UBS AG | (2247502) | 04/18/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (207278)<br>|
| FirstCash Holdings, Inc. | UBS AG | (17442592) | 04/18/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 32001 |
| FirstEnergy Corp. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (98600) | 01/06/27 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 3044 |
| Firstsun Capital Bancorp | UBS AG | (136231) | 04/21/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 22572 |
| Fixstars Corp. | Bank of America N.A. | (788035) | 02/15/28 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; (27600)<br>|
| Fixstars Corp. | Barclays Bank PLC | (650232) | 05/12/27 | (0.61)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (22080)<br>|
| Fixstars Corp. | BNP Paribas SA | (780481) | 03/24/27 | (1.20)% | 1D TONA | Monthly  | &nbsp;&nbsp; (27335)<br>|
| Fixstars Corp. | Citibank N.A. | (568323) | 02/26/26 | (0.68)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (19299)<br>|
| Fixstars Corp. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (197842) | 01/06/27 | (0.97)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (6718)<br>|
| Fixstars Corp. | UBS AG | (98190) | 04/03/28 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; (3439)<br>|
| Flagstar Bank NA | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (37341) | 01/06/27 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 260 |
| Fletcher Building Ltd. | Bank of America N.A. | (4033116) | 02/15/28 | (0.30)% | 1D AONIA | Monthly  | &nbsp;&nbsp; (123831)<br>|
| Fletcher Building Ltd. | Barclays Bank PLC | (3403472) | 05/12/27 | (0.25)% | 1D AONIA | Monthly  | &nbsp;&nbsp; (91880)<br>|
| Fletcher Building Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (315351) | 01/06/27 | (0.30)% | 1D AONIA | Monthly  | &nbsp;&nbsp; (9743)<br>|
| FLSmidth & Co A/S, Class B | Barclays Bank PLC | (1308498) | 02/19/27 | (0.26)% | DESTR | Monthly  | &nbsp;&nbsp; (36562)<br>|
| FLSmidth & Co A/S, Class B | UBS AG | (3881554) | 04/24/28 | 0.00% | DESTR | Monthly  | &nbsp;&nbsp; (280256)<br>|
| Fluence Energy, Inc., Class A | Barclays Bank PLC | (2410376) | 12/23/25 | (0.63)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (915373)<br>|
| Fluence Energy, Inc., Class A | BNP Paribas SA | (2486976) | 04/16/26 | (0.56)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 51039 |
| Flushing Financial Corp. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (245977) | 01/04/27 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (10116)<br>|
| Flutter Entertainment PLC | BNP Paribas SA | (615186) | 04/16/26 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (14)<br>|
| Flywire Corp. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (1162701) | 01/04/27 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 15503 |
| FMC Corp. | UBS AG | (38085) | 04/21/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (7)<br>|
| Ford Motor Co. | Barclays Bank PLC | (29549758) | 12/23/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (1650707)<br>|
| Fortinet, Inc. | UBS AG | (317416) | 04/18/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (8339)<br>|
| Fortis Inc/Canada | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (1034775) | 01/06/27 | (0.20)% | CABROVER | Monthly  | &nbsp;&nbsp; 25241 |
| Fortive Corp. | Barclays Bank PLC | (19278182) | 12/23/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (494917)<br>|
| Fortum OYJ | Bank of America N.A. | (1396019) | 02/15/28 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (175144)<br>|
| Fortum OYJ | BNP Paribas SA | (731687) | 03/24/27 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (87790)<br>|
| Fortum OYJ | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (22614100) | 01/04/27 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (2135153)<br>|
| Fortum OYJ | UBS AG | (16880148) | 04/18/28 | 0.00% | 1D ESTR | Monthly  | &nbsp;&nbsp; (2117778)<br>|
| Fortum OYJ | UBS AG | (2268247) | 09/03/29 | 0.00% | 1D ESTR | Monthly  | &nbsp;&nbsp; (257866)<br>|
| Franco-Nevada Corp. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (8734603) | 01/06/27 | (0.20)% | CABROVER | Monthly  | &nbsp;&nbsp; 105399 |
| Franklin BSP Realty Trust, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (3011634) | 01/04/27 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 197075 |
| Fraport AG Frankfurt Airport Services <br> Worldwide<br>| Bank of America N.A. | (8916886) | 02/15/28 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 282929 |
| Fraport AG Frankfurt Airport Services <br> Worldwide<br>| Barclays Bank PLC | (11593943) | 12/10/26 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (9856)<br>|
| Fraport AG Frankfurt Airport Services <br> Worldwide<br>| BNP Paribas SA | (2222560) | 03/24/27 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 70521 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination*<br> *Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) |
| Fraport AG Frankfurt Airport Services <br> Worldwide<br>| UBS AG | $(11511688) | 04/24/28 | 0.00% | 1D ESTR | Monthly  | &nbsp;&nbsp; $365262 |
| Frasers Group PLC | Barclays Bank PLC | (1101935) | 12/10/26 | (0.25)% | 1D SONIA | Monthly  | &nbsp;&nbsp; 11566 |
| Freee KK | Barclays Bank PLC | (183369) | 05/12/27 | (1.72)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 11482 |
| Freee KK | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (5410577) | 01/06/27 | (1.00)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 338800 |
| Freehold Royalties Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (2010716) | 01/04/27 | (0.20)% | CABROVER | Monthly  | &nbsp;&nbsp; (33006)<br>|
| Fresenius Medical Care AG | BNP Paribas SA | (2240637) | 08/17/26 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (26145)<br>|
| Fresenius SE & Co. KGaA | SG Americas Securities LLC | (39149625) | 12/08/25 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (665438)<br>|
| Fresenius SE & Co. KGaA | SG Americas Securities LLC | (1510095) | 12/08/25 | 0.00% | 1D ESTR | Monthly  | &nbsp;&nbsp; 6612 |
| Fresnillo PLC | Bank of America N.A. | (200425) | 02/15/28 | (0.25)% | 1D SONIA | Monthly  | &nbsp;&nbsp; 29879 |
| Fresnillo PLC | Barclays Bank PLC | (7032019) | 08/17/26 | (0.25)% | 1D SONIA | Monthly  | &nbsp;&nbsp; (490051)<br>|
| Fresnillo PLC | SG Americas Securities LLC | (2199008) | 12/08/25 | (0.25)% | 1D SONIA | Monthly  | &nbsp;&nbsp; (24291)<br>|
| FTAI Aviation Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (11340196) | 01/06/27 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 51036 |
| Fuji Corp/Aichi | BNP Paribas SA | (1778280) | 03/24/27 | (0.25)% | 1D TONA | Monthly  | &nbsp;&nbsp; (158517)<br>|
| Fuji Corp/Aichi | Citibank N.A. | (480431) | 02/26/26 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (14442)<br>|
| Fuji Electric Co., Ltd. | Barclays Bank PLC | (2890470) | 05/12/27 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (52090)<br>|
| Fuji Electric Co., Ltd. | Barclays Bank PLC | (17024881) | 09/09/27 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (366221)<br>|
| Fuji Electric Co., Ltd. | Citibank N.A. | (3436753) | 02/26/26 | (0.16)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (77178)<br>|
| Fuji Electric Co., Ltd. | Citibank N.A. | (9276439) | 02/26/26 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (208318)<br>|
| Fuji Electric Co., Ltd. | JPMorgan Chase Bank N.A. | (3256375) | 02/10/26 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (257556)<br>|
| Fuji Electric Co., Ltd. | JPMorgan Chase Bank N.A. | (3342418) | 02/10/26 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (264361)<br>|
| Fuji Kyuko Co., Ltd. | Barclays Bank PLC | (138450) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 150 |
| Fuji Media Holdings, Inc. | Barclays Bank PLC | (405519) | 09/09/27 | (1.00)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (2137)<br>|
| Fuji Media Holdings, Inc. | BNP Paribas SA | (177960) | 09/09/26 | (1.00)% | 1D TONA | Monthly  | &nbsp;&nbsp; (13616)<br>|
| Fuji Media Holdings, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (3035851) | 01/06/27 | (1.13)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (16002)<br>|
| Fuji Seal International, Inc. | Barclays Bank PLC | (1172952) | 05/12/27 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 14261 |
| Fuji Seal International, Inc. | UBS AG | (160140) | 04/03/28 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; 139 |
| FUJIFILM Holdings Corp. | Bank of America N.A. | (603047) | 02/15/28 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (11136)<br>|
| FUJIFILM Holdings Corp. | Barclays Bank PLC | (5397407) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 1875 |
| FUJIFILM Holdings Corp. | Barclays Bank PLC | (3959953) | 09/09/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 1376 |
| Fujikura Ltd. | Barclays Bank PLC | (6067630) | 05/12/27 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (632132)<br>|
| Fujikura Ltd. | Barclays Bank PLC | (1181141) | 09/09/27 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; 10044 |
| Fujita Kanko, Inc. | Bank of America N.A. | (1018493) | 02/15/28 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; (23998)<br>|
| Fujita Kanko, Inc. | Barclays Bank PLC | (1334891) | 05/12/27 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (4420)<br>|
| Fujita Kanko, Inc. | Goldman Sachs Bank USA | (374862) | 08/19/26 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (8832)<br>|
| Fujita Kanko, Inc. | JPMorgan Chase Bank N.A. | (332516) | 02/10/26 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (502)<br>|
| Fujita Kanko, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (1010188) | 01/06/27 | (0.26)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (3345)<br>|
| Fujita Kanko, Inc. | SG Americas Securities LLC | (549374) | 12/08/25 | (1.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (830)<br>|
| Fujita Kanko, Inc. | UBS AG | (297061) | 04/03/28 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; (6999)<br>|
| Fujitec Co., Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (7089990) | 01/06/27 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 8312 |
| Furukawa Electric Co. Ltd. | Barclays Bank PLC | (299726) | 05/12/27 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; 2426 |
| Furuno Electric Co., Ltd. | Barclays Bank PLC | (1268023) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 55498 |
| Furuno Electric Co., Ltd. | BNP Paribas SA | (1174161) | 03/24/27 | (0.25)% | 1D TONA | Monthly  | &nbsp;&nbsp; (189204)<br>|
| Furuno Electric Co., Ltd. | JPMorgan Chase Bank N.A. | (491960) | 02/10/26 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (111401)<br>|
| Furuno Electric Co., Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (1134547) | 01/06/27 | (0.26)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 49656 |
| Furuya Metal Co. Ltd. | Barclays Bank PLC | (11415920) | 05/12/27 | (0.19)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 293372 |
| Fuso Chemical Co. Ltd. | Barclays Bank PLC | (2347288) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (102681)<br>|
| Fuso Chemical Co. Ltd. | SG Americas Securities LLC | (93024) | 12/08/25 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 197 |
| Futu Holdings Ltd., ADR | Barclays Bank PLC | (2439816) | 12/23/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (104512)<br>|
| G Mining Ventures Corp. | Barclays Bank PLC | (1385197) | 12/23/25 | (1.50)% | CABROVER | Monthly  | &nbsp;&nbsp; 32818 |
| G Mining Ventures Corp. | Barclays Bank PLC | (758542) | 10/23/26 | (1.50)% | CABROVER | Monthly  | &nbsp;&nbsp; 17971 |
| G Mining Ventures Corp. | JPMorgan Chase Bank N.A. | (708869) | 02/10/26 | (0.71)% | CABROVER | Monthly  | &nbsp;&nbsp; 109974 |
| G Mining Ventures Corp. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (8167981) | 01/04/27 | (1.37)% | CABROVER | Monthly  | &nbsp;&nbsp; 135303 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination*<br> *Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) |
| G Mining Ventures Corp. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | $(6380668) | 01/06/27 | (1.37)% | CABROVER | Monthly  | &nbsp;&nbsp; $151169 |
| G Mining Ventures Corp. | UBS AG | (4909062) | 04/18/28 | 0.00% | 1D CORRA | Monthly  | &nbsp;&nbsp; 878756 |
| G Mining Ventures Corp. | UBS AG | (957593) | 09/04/29 | 0.00% | 1D CORRA | Monthly  | &nbsp;&nbsp; 136547 |
| Galaxy Digital, Inc., Class A | Citibank N.A. | (2268353) | 02/24/28 | (0.30)% | 1D CORRA | Monthly  | &nbsp;&nbsp; 133125 |
| Galaxy Digital, Inc., Class A | SG Americas Securities LLC | (985445) | 12/08/25 | (0.20)% | CABROVER | Monthly  | &nbsp;&nbsp; 149803 |
| Galderma Group AG | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (11145690) | 01/04/27 | (0.26)% | SSARON | Monthly  | &nbsp;&nbsp; (1075460)<br>|
| Galenica AG | Barclays Bank PLC | (8432329) | 12/10/26 | (0.26)% | SSARON | Monthly  | &nbsp;&nbsp; 288351 |
| Galenica AG | BNP Paribas SA | (13506428) | 03/17/27 | (0.26)% | SSARON | Monthly  | &nbsp;&nbsp; 314966 |
| Gates Industrial Corp PLC | Barclays Bank PLC | (151858) | 12/23/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 22911 |
| GATX Corp. | UBS AG | (3119739) | 04/21/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 257697 |
| Gaztransport Et Technigaz SA | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (9924191) | 01/04/27 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (468023)<br>|
| GE Healthcare, Inc. | SG Americas Securities LLC | (29218202) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 148995 |
| Geberit AG, Class N, Registered <br> Shares<br>| &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (7457443) | 01/06/27 | (0.26)% | SSARON | Monthly  | &nbsp;&nbsp; 277327 |
| Geberit AG, Class N, Registered <br> Shares<br>| SG Americas Securities LLC | (10281076) | 12/08/25 | (0.26)% | SSARON | Monthly  | &nbsp;&nbsp; 253622 |
| Geberit AG, Class N, Registered <br> Shares<br>| UBS AG | (7722384) | 04/18/28 | 0.00% | SSARON | Monthly  | &nbsp;&nbsp; 128509 |
| Gen Digital, Inc. | Citibank N.A. | (9181416) | 02/24/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 286814 |
| Gen Digital, Inc. | SG Americas Securities LLC | (19986445) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 539777 |
| Gen Digital, Inc. | UBS AG | (3495358) | 04/18/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 71141 |
| GENDA, Inc. | Barclays Bank PLC | (1153303) | 05/12/27 | (2.02)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (1460)<br>|
| GeneDx Holdings Corp., Class A | Barclays Bank PLC | (1143302) | 12/23/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (150223)<br>|
| GeneDx Holdings Corp., Class A | SG Americas Securities LLC | (7302631) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (846389)<br>|
| Generac Holdings, Inc. | BNP Paribas SA | (17712196) | 04/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 2071719 |
| General Mills, Inc. | SG Americas Securities LLC | (11495792) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 651556 |
| Genesis Minerals Ltd. | Barclays Bank PLC | (705075) | 05/12/27 | (0.25)% | 1D AONIA | Monthly  | &nbsp;&nbsp; 12121 |
| Genesis Minerals Ltd. | Barclays Bank PLC | (4801809) | 09/09/27 | (0.25)% | 1D AONIA | Monthly  | &nbsp;&nbsp; 68476 |
| Genesis Minerals Ltd. | BNP Paribas SA | (1186957) | 09/07/26 | (1.00)% | 1D AONIA | Monthly  | &nbsp;&nbsp; 114590 |
| Genesis Minerals Ltd. | BNP Paribas SA | (835206) | 03/22/27 | (1.00)% | 1D AONIA | Monthly  | &nbsp;&nbsp; 75812 |
| Genesis Minerals Ltd. | JPMorgan Chase Bank N.A. | (191287) | 02/10/26 | (0.25)% | 1D AONIA | Monthly  | &nbsp;&nbsp; 11013 |
| Genesis Minerals Ltd. | JPMorgan Chase Bank N.A. | (388738) | 02/10/26 | (0.25)% | 1D AONIA | Monthly  | &nbsp;&nbsp; 22382 |
| Genesis Minerals Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (1488111) | 01/06/27 | (0.30)% | 1D AONIA | Monthly  | &nbsp;&nbsp; 28919 |
| Genesis Minerals Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (941408) | 01/07/27 | (0.30)% | 1D AONIA | Monthly  | &nbsp;&nbsp; 18295 |
| Genesis Minerals Ltd. | SG Americas Securities LLC | (54066) | 12/08/25 | (0.30)% | 1D AONIA | Monthly  | &nbsp;&nbsp; 5523 |
| Genesis Minerals Ltd. | SG Americas Securities LLC | (19539) | 12/08/25 | (0.30)% | 1D AONIA | Monthly  | &nbsp;&nbsp; 504 |
| Genesis Minerals Ltd. | UBS AG | (672363) | 04/18/28 | 0.00% | 1D AONIA | Monthly  | &nbsp;&nbsp; 64408 |
| Genesis Minerals Ltd. | UBS AG | (4346105) | 09/03/29 | 0.00% | 1D AONIA | Monthly  | &nbsp;&nbsp; 454840 |
| Genky DrugStores Co., Ltd. | Barclays Bank PLC | (1628480) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (59217)<br>|
| Genky DrugStores Co., Ltd. | BNP Paribas SA | (669583) | 03/24/27 | (0.25)% | 1D TONA | Monthly  | &nbsp;&nbsp; (19476)<br>|
| Genky DrugStores Co., Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (423983) | 01/06/27 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (15418)<br>|
| Genky DrugStores Co., Ltd. | SG Americas Securities LLC | (106671) | 12/08/25 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (6508)<br>|
| Genuine Parts Co. | Barclays Bank PLC | (37473673) | 12/23/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1546282 |
| Genuit Group PLC | SG Americas Securities LLC | (182507) | 12/08/25 | 0.00% | 1D SONIA | Monthly  | &nbsp;&nbsp; (29)<br>|
| Georg Fischer AG, Registered <br> Shares, Registered Shares<br>| Barclays Bank PLC | (4524355) | 11/09/26 | (0.26)% | SSARON | Monthly  | &nbsp;&nbsp; 110845 |
| Georg Fischer AG, Registered <br> Shares, Registered Shares<br>| Goldman Sachs Bank USA | (377354) | 08/19/26 | (0.26)% | SSARON | Monthly  | &nbsp;&nbsp; 15763 |
| Georg Fischer AG, Registered <br> Shares, Registered Shares<br>| Goldman Sachs Bank USA | (132932) | 08/19/26 | (0.26)% | SSARON | Monthly  | &nbsp;&nbsp; 5553 |
| Georg Fischer AG, Registered <br> Shares, Registered Shares<br>| &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (804317) | 01/04/27 | (0.26)% | SSARON | Monthly  | &nbsp;&nbsp; 19705 |
| Georg Fischer AG, Registered <br> Shares, Registered Shares<br>| &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (2967113) | 01/06/27 | (0.26)% | SSARON | Monthly  | &nbsp;&nbsp; 72693 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination*<br> *Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) |
| Georg Fischer AG, Registered <br> Shares, Registered Shares<br>| SG Americas Securities LLC | $(995766) | 12/08/25 | (0.26)% | SSARON | Monthly  | &nbsp;&nbsp; $91895 |
| German American Bancorp, Inc. | BNP Paribas SA | (3605365) | 04/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 34827 |
| German American Bancorp, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (3640882) | 01/04/27 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 51228 |
| German American Bancorp, Inc. | SG Americas Securities LLC | (4483059) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 27758 |
| Gestamp Automocion SA | Bank of America N.A. | (775858) | 02/15/28 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (52549)<br>|
| Gestamp Automocion SA | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (498624) | 01/04/27 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (14827)<br>|
| Gestamp Automocion SA | SG Americas Securities LLC | (6868483) | 12/08/25 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (400464)<br>|
| Getlink SE | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (136441) | 01/04/27 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (4072)<br>|
| Getlink SE | UBS AG | (3446729) | 04/18/28 | 0.00% | 1D ESTR | Monthly  | &nbsp;&nbsp; (58856)<br>|
| Gibson Energy, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (1162504) | 01/04/27 | (0.20)% | CABROVER | Monthly  | &nbsp;&nbsp; 6767 |
| Gildan Activewear, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (20909725) | 01/04/27 | (0.20)% | CABROVER | Monthly  | &nbsp;&nbsp; 307311 |
| Gildan Activewear, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (14968890) | 01/06/27 | (0.20)% | CABROVER | Monthly  | &nbsp;&nbsp; 247564 |
| Glanbia PLC | Barclays Bank PLC | (3096914) | 12/10/26 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 40715 |
| Glanbia PLC | SG Americas Securities LLC | (8033720) | 12/08/25 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (422922)<br>|
| Glenveagh Properties PLC | Barclays Bank PLC | (158313) | 12/10/26 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (6748)<br>|
| Glenveagh Properties PLC | SG Americas Securities LLC | (1638711) | 12/08/25 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (88726)<br>|
| Global Business Travel Group I, <br> Class A<br>| SG Americas Securities LLC | (1438016) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (14787)<br>|
| Global Business Travel Group I, <br> Class A<br>| UBS AG | (4828567) | 04/21/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 113966 |
| Global Net Lease, Inc. | Barclays Bank PLC | (5713669) | 12/23/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (22584)<br>|
| Global Payments, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (2134769) | 01/06/27 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 213320 |
| Globalstar, Inc. | JPMorgan Chase Bank N.A. | (260432) | 02/10/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (50794)<br>|
| Globalstar, Inc. | UBS AG | (16190766) | 04/21/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (3574537)<br>|
| GMO Payment Gateway, Inc. | Barclays Bank PLC | (1268956) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 3389 |
| Godo Steel Ltd. | Barclays Bank PLC | (187989) | 05/12/27 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 12534 |
| Godo Steel Ltd. | BNP Paribas SA | (278729) | 03/24/27 | (0.25)% | 1D TONA | Monthly  | &nbsp;&nbsp; 17918 |
| Godo Steel Ltd. | Citibank N.A. | (127020) | 02/26/26 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 8469 |
| Godo Steel Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (134641) | 01/06/27 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 8977 |
| Godo Steel Ltd. | SG Americas Securities LLC | (74048) | 12/08/25 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 5288 |
| Gogo, Inc. | BNP Paribas SA | (78381) | 04/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 3142 |
| Golar LNG Ltd. | SG Americas Securities LLC | (6578386) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (488946)<br>|
| Goodman Group | Barclays Bank PLC | (24447892) | 05/12/27 | (0.25)% | 1D AONIA | Monthly  | &nbsp;&nbsp; 576625 |
| Goodman Group | Barclays Bank PLC | (24390747) | 09/09/27 | (0.25)% | 1D AONIA | Monthly  | &nbsp;&nbsp; 575277 |
| Graco, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (3239923) | 01/06/27 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (4711)<br>|
| Graham Holdings Co, Class B | Barclays Bank PLC | (1810085) | 12/23/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 32785 |
| Graphic Packaging Holding Co. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (45031) | 01/06/27 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 4624 |
| Graphic Packaging Holding Co. | SG Americas Securities LLC | (10518886) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1567476 |
| Great Portland Estates PLC | BNP Paribas SA | (278555) | 03/17/27 | (0.25)% | 1D SONIA | Monthly  | &nbsp;&nbsp; (1037)<br>|
| Green Brick Partners, Inc. | SG Americas Securities LLC | (7995522) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 480567 |
| Green Brick Partners, Inc. | UBS AG | (2289186) | 04/21/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 85113 |
| Greggs PLC | BNP Paribas SA | (556974) | 03/17/27 | (0.25)% | 1D SONIA | Monthly  | &nbsp;&nbsp; 15180 |
| GS Yuasa Corp. | Barclays Bank PLC | (4238491) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (427701)<br>|
| GS Yuasa Corp. | BNP Paribas SA | (14407238) | 03/24/27 | (0.25)% | 1D TONA | Monthly  | &nbsp;&nbsp; (1560021)<br>|
| GSK PLC | JPMorgan Chase Bank N.A. | (4835875) | 02/10/26 | 0.05% | 1D SONIA | Monthly  | &nbsp;&nbsp; (482698)<br>|
| GSK PLC | SG Americas Securities LLC | (2870509) | 12/08/25 | (0.25)% | 1D SONIA | Monthly  | &nbsp;&nbsp; (275765)<br>|
| Gulfport Energy Corp. | Barclays Bank PLC | (4621065) | 12/23/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (111216)<br>|
| Gunma Bank Ltd. | Barclays Bank PLC | (1150741) | 05/12/27 | (0.18)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (8259)<br>|
| Gunma Bank Ltd. | SG Americas Securities LLC | (151664) | 12/08/25 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (1137)<br>|
| GXO Logistics, Inc. | SG Americas Securities LLC | (11357600) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (341332)<br>|

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination*<br> *Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) |
| H & M Hennes & Mauritz AB, Class B | Bank of America N.A. | $(1562387) | 02/15/28 | (0.50)% | 1D STIBOR | Monthly  | &nbsp;&nbsp; $(56134)<br>|
| H & M Hennes & Mauritz AB, Class B | Bank of America N.A. | (259483) | 02/15/28 | (0.50)% | 1D STIBOR | Monthly  | &nbsp;&nbsp; (9323)<br>|
| H & M Hennes & Mauritz AB, Class B | Barclays Bank PLC | (409902) | 08/17/26 | (0.26)% | 1D STIBOR | Monthly  | &nbsp;&nbsp; (2004)<br>|
| H & M Hennes & Mauritz AB, Class B | Barclays Bank PLC | (1120007) | 01/18/27 | (0.26)% | 1D STIBOR | Monthly  | &nbsp;&nbsp; (5171)<br>|
| H & M Hennes & Mauritz AB, Class B | SG Americas Securities LLC | (3355055) | 12/08/25 | (0.60)% | 1D STIBOR | Monthly  | &nbsp;&nbsp; (134646)<br>|
| H & M Hennes & Mauritz AB, Class B | SG Americas Securities LLC | (1737206) | 12/08/25 | (0.60)% | 1D STIBOR | Monthly  | &nbsp;&nbsp; (69421)<br>|
| H2O America | Barclays Bank PLC | (1381133) | 12/23/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 111709 |
| H2O America | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (635743) | 01/04/27 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 51420 |
| Hakuhodo DY Holdings, Inc. | Barclays Bank PLC | (1602183) | 05/12/27 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 35803 |
| Haleon PLC | BNP Paribas SA | (269435) | 03/22/27 | 0.00% | 1D SONIA | Monthly  | &nbsp;&nbsp; 38 |
| Haleon PLC | UBS AG | (21856202) | 04/18/28 | 0.00% | 1D SONIA | Monthly  | &nbsp;&nbsp; (575371)<br>|
| Haleon PLC | UBS AG | (30763505) | 09/03/29 | 0.00% | 1D SONIA | Monthly  | &nbsp;&nbsp; (835525)<br>|
| Halliburton Co. | SG Americas Securities LLC | (646080) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (2454)<br>|
| Hamilton Insurance Group Ltd., <br> Class B<br>| &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (2923288) | 01/04/27 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 86296 |
| Hamilton Insurance Group Ltd., <br> Class B<br>| SG Americas Securities LLC | (8596551) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 338419 |
| Hammond Power Solutions, Inc., <br> Class A<br>| Bank of America N.A. | (22787) | 02/15/28 | (3.55)% | CABROVER | Monthly  | &nbsp;&nbsp; (12154)<br>|
| Hammond Power Solutions, Inc., <br> Class A<br>| Barclays Bank PLC | (22370) | 12/23/25 | (3.75)% | CABROVER | Monthly  | &nbsp;&nbsp; (12570)<br>|
| Hammond Power Solutions, Inc., <br> Class A<br>| BNP Paribas SA | (245081) | 05/18/26 | (0.20)% | CABROVER | Monthly  | &nbsp;&nbsp; (12320)<br>|
| Hammond Power Solutions, Inc., <br> Class A<br>| Citibank N.A. | (23640) | 02/24/28 | (4.00)% | 1D CORRA | Monthly  | &nbsp;&nbsp; (13284)<br>|
| Hammond Power Solutions, Inc., <br> Class A<br>| &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (1468916) | 01/04/27 | (2.52)% | CABROVER | Monthly  | &nbsp;&nbsp; (275980)<br>|
| Hammond Power Solutions, Inc., <br> Class A<br>| UBS AG | (287696) | 04/21/28 | 0.00% | 1D CORRA | Monthly  | &nbsp;&nbsp; (26159)<br>|
| Hang Seng Bank Ltd. | Bank of America N.A. | (8437295) | 02/15/28 | (0.30)% | HONIA | Monthly  | &nbsp;&nbsp; 17428 |
| Hang Seng Bank Ltd. | Bank of America N.A. | (3393281) | 02/15/28 | (0.30)% | HONIA | Monthly  | &nbsp;&nbsp; 7009 |
| Hang Seng Bank Ltd. | UBS AG | (3721474) | 04/18/28 | 0.00% | HONIA | Monthly  | &nbsp;&nbsp; 7687 |
| Hang Seng Bank Ltd. | UBS AG | (1404588) | 09/03/29 | 0.00% | HONIA | Monthly  | &nbsp;&nbsp; 2901 |
| Hankyu Hanshin Holdings, Inc. | Bank of America N.A. | (203499) | 02/15/28 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 4779 |
| Hankyu Hanshin Holdings, Inc. | Bank of America N.A. | (1421742) | 03/15/28 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 33391 |
| Hankyu Hanshin Holdings, Inc. | Barclays Bank PLC | (35623522) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 2649534 |
| Hankyu Hanshin Holdings, Inc. | Barclays Bank PLC | (27689129) | 09/09/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 1987196 |
| Hankyu Hanshin Holdings, Inc. | JPMorgan Chase Bank N.A. | (392981) | 02/10/26 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 19711 |
| Hankyu Hanshin Holdings, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (1073435) | 01/07/27 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 79838 |
| Hankyu Hanshin Holdings, Inc. | SG Americas Securities LLC | (2750867) | 12/08/25 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 137976 |
| Hankyu Hanshin REIT, Inc. | Barclays Bank PLC | (515698) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 6174 |
| Hankyu Hanshin REIT, Inc. | UBS AG | (222314) | 04/03/28 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; (3119)<br>|
| Hannover Rueck SE, Class N | Bank of America N.A. | (360632) | 02/15/28 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 15774 |
| Hannover Rueck SE, Class N | BNP Paribas SA | (131731) | 08/17/26 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 2409 |
| Hannover Rueck SE, Class N | SG Americas Securities LLC | (1001378) | 12/08/25 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 78712 |
| Hannover Rueck SE, Class N | UBS AG | (6695872) | 04/18/28 | 0.00% | 1D ESTR | Monthly  | &nbsp;&nbsp; 292876 |
| Hannover Rueck SE, Class N | UBS AG | (475867) | 09/03/29 | 0.00% | 1D ESTR | Monthly  | &nbsp;&nbsp; 20814 |
| HarborOne Bancorp, Inc. | Barclays Bank PLC | (1644221) | 12/23/25 | (0.28)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 205676 |
| HarborOne Bancorp, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (1138624) | 01/04/27 | (0.22)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 142431 |
| HarborOne Bancorp, Inc. | SG Americas Securities LLC | (511779) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 67552 |
| HarborOne Bancorp, Inc. | UBS AG | (518645) | 04/21/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 72300 |
| Harley-Davidson, Inc. | SG Americas Securities LLC | (21125292) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (39223)<br>|
| Harmonic Drive Systems, Inc. | Bank of America N.A. | (3721770) | 02/15/28 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; 411294 |
| Harmonic Drive Systems, Inc. | Barclays Bank PLC | (782967) | 05/12/27 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 103564 |
| Harrow, Inc. | Barclays Bank PLC | (601862) | 12/23/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 17333 |
| Harrow, Inc. | BNP Paribas SA | (214948) | 04/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 9102 |
| Harrow, Inc. | SG Americas Securities LLC | (352573) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 17478 |
| Harvey Norman Holdings Ltd. | Barclays Bank PLC | (2437831) | 05/12/27 | (0.25)% | 1D AONIA | Monthly  | &nbsp;&nbsp; 9035 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination*<br> *Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) |
| Hawaiian Electric Industries, Inc. | UBS AG | $(5776549) | 04/21/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; $(163584)<br>|
| Hayward Holdings, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (3545670) | 01/04/27 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (388027)<br>|
| HB Fuller Co. | SG Americas Securities LLC | (748350) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 19865 |
| HBX Group International PLC | SG Americas Securities LLC | (231152) | 12/08/25 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 11904 |
| HBX Group International PLC | UBS AG | (348447) | 04/24/28 | 0.00% | 1D ESTR | Monthly  | &nbsp;&nbsp; (12014)<br>|
| HCI Group, Inc. | Barclays Bank PLC | (3860111) | 12/23/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (52393)<br>|
| Healthpeak Properties, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (7971135) | 01/06/27 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 289181 |
| HealthStream, Inc. | Bank of America N.A. | (929404) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 53078 |
| HealthStream, Inc. | BNP Paribas SA | (1655880) | 04/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 94567 |
| HealthStream, Inc. | UBS AG | (112239) | 04/21/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 6410 |
| Hecla Mining Co. | BNP Paribas SA | (10104331) | 04/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 916412 |
| Hecla Mining Co. | SG Americas Securities LLC | (5271086) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 177178 |
| Heineken Holding NV | Bank of America N.A. | (4964289) | 02/15/28 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 76122 |
| Heineken Holding NV | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (3306584) | 01/06/27 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 166796 |
| Heineken NV | SG Americas Securities LLC | (904652) | 12/08/25 | 0.00% | 1D ESTR | Monthly  | &nbsp;&nbsp; 2255 |
| Heiwa Corp. | Barclays Bank PLC | (1393241) | 05/12/27 | (0.46)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 29607 |
| Heiwa Corp. | BNP Paribas SA | (428258) | 03/24/27 | (0.15)% | 1D TONA | Monthly  | &nbsp;&nbsp; 7078 |
| Helia Group Ltd. | BNP Paribas SA | (1978080) | 03/22/27 | (0.25)% | 1D AONIA | Monthly  | &nbsp;&nbsp; 10782 |
| Helios Technologies, Inc. | Barclays Bank PLC | (802663) | 12/23/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (33218)<br>|
| Helios Technologies, Inc. | Goldman Sachs Bank USA | (3915612) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (121793)<br>|
| Helvetia Holding AG, Registered <br> Shares<br>| &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (218265) | 01/04/27 | (0.26)% | SSARON | Monthly  | &nbsp;&nbsp; (2399)<br>|
| Hemnet Group AB | BNP Paribas SA | (79801) | 11/17/25 | (0.25)% | 1D STIBOR | Monthly  | &nbsp;&nbsp; 5266 |
| Hemnet Group AB | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (390044) | 01/04/27 | (0.26)% | 1D STIBOR | Monthly  | &nbsp;&nbsp; 39326 |
| Hensoldt AG | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (1593983) | 01/04/27 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 80510 |
| Hensoldt AG | SG Americas Securities LLC | (766069) | 12/08/25 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 131813 |
| Herbalife Ltd. | Barclays Bank PLC | (861779) | 12/23/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 73867 |
| Herbalife Ltd. | BNP Paribas SA | (1074165) | 04/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 89821 |
| Herbalife Ltd. | Goldman Sachs Bank USA | (2391077) | 08/19/26 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 199941 |
| Hertz Global Holdings, Inc. | BNP Paribas SA | (153314) | 04/16/26 | (0.84)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 12111 |
| Hertz Global Holdings, Inc. | UBS AG | (3559091) | 04/21/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 281149 |
| Hewlett Packard Enterprise Co. | SG Americas Securities LLC | (11847988) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 754128 |
| Hexagon AB, Class B | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (198784) | 01/04/27 | (0.26)% | 1D STIBOR | Monthly  | &nbsp;&nbsp; 1739 |
| Hexagon AB, Class B | SG Americas Securities LLC | (274043) | 12/08/25 | 0.00% | 1D STIBOR | Monthly  | &nbsp;&nbsp; 2398 |
| Hexatronic Group AB | Bank of America N.A. | (74172) | 02/15/28 | (0.26)% | 1D STIBOR | Monthly  | &nbsp;&nbsp; (9991)<br>|
| Hexatronic Group AB | Barclays Bank PLC | (528622) | 01/18/27 | (0.68)% | 1D STIBOR | Monthly  | &nbsp;&nbsp; (58269)<br>|
| Hexatronic Group AB | BNP Paribas SA | (1266308) | 11/17/25 | (0.80)% | 1D STIBOR | Monthly  | &nbsp;&nbsp; (170572)<br>|
| Hexatronic Group AB | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (237216) | 01/04/27 | (0.65)% | 1D STIBOR | Monthly  | &nbsp;&nbsp; (26148)<br>|
| Hexatronic Group AB | SG Americas Securities LLC | (443510) | 12/08/25 | (0.70)% | 1D STIBOR | Monthly  | &nbsp;&nbsp; (52197)<br>|
| Hexcel Corp. | Barclays Bank PLC | (7025) | 12/23/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (44)<br>|
| Hexpol AB, Class B | Barclays Bank PLC | (3637587) | 01/18/27 | (0.26)% | 1D STIBOR | Monthly  | &nbsp;&nbsp; (228325)<br>|
| Hiab Oyj, Class B | Bank of America N.A. | (121707) | 02/15/28 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 2418 |
| Hiab Oyj, Class B | Barclays Bank PLC | (2253494) | 12/10/26 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 36733 |
| HighPeak Energy, Inc. | Bank of America N.A. | (8589) | 02/15/28 | (10.38)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 429 |
| HighPeak Energy, Inc. | Barclays Bank PLC | (1418072) | 12/23/25 | (9.25)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 31281 |
| HighPeak Energy, Inc. | UBS AG | (34902) | 04/21/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1745 |
| Hikari Tsushin, Inc. | Barclays Bank PLC | (2518716) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 81762 |
| Hikari Tsushin, Inc. | Barclays Bank PLC | (1387818) | 09/09/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 10409 |
| Hikma Pharmaceuticals PLC | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (2595099) | 01/04/27 | (0.25)% | 1D SONIA | Monthly  | &nbsp;&nbsp; (84154)<br>|
| Hikma Pharmaceuticals PLC | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (9638578) | 01/27/27 | (0.25)% | 1D SONIA | Monthly  | &nbsp;&nbsp; (326479)<br>|
| Hikma Pharmaceuticals PLC | SG Americas Securities LLC | (8881858) | 12/08/25 | (0.20)% | 1D SONIA | Monthly  | &nbsp;&nbsp; (20918)<br>|
| Hillenbrand, Inc. | BNP Paribas SA | (1144976) | 04/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (2894)<br>|

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination*<br> *Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) |
| Hillenbrand, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | $(9852059) | 01/04/27 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; $(35423)<br>|
| Hillenbrand, Inc. | SG Americas Securities LLC | (1925972) | 12/08/25 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (1280)<br>|
| Hillenbrand, Inc. | UBS AG | (1003413) | 04/21/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (583)<br>|
| Hillman Solutions Corp. | Barclays Bank PLC | (6322768) | 12/23/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 218483 |
| Hilton Grand Vacations, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (1404408) | 01/04/27 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 141385 |
| Hims & Hers Health, Inc., Class A | Goldman Sachs Bank USA | (1953844) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 538584 |
| Hims & Hers Health, Inc., Class A | SG Americas Securities LLC | (682276) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 149076 |
| Hino Motors Ltd. | Barclays Bank PLC | (4088084) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 250074 |
| Hino Motors Ltd. | JPMorgan Chase Bank N.A. | (62326) | 02/10/26 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 5988 |
| Hiscox Ltd. | BNP Paribas SA | (2269709) | 08/17/26 | (0.25)% | 1D SONIA | Monthly  | &nbsp;&nbsp; 3073 |
| HKT Trust & HKT Ltd. | Bank of America N.A. | (138286) | 02/15/28 | (0.15)% | HONIA | Monthly  | &nbsp;&nbsp; 3950 |
| Hms Networks Ab | Bank of America N.A. | (2017159) | 02/15/28 | (0.26)% | 1D STIBOR | Monthly  | &nbsp;&nbsp; (390585)<br>|
| Hms Networks Ab | BNP Paribas SA | (3109632) | 11/17/25 | (0.25)% | 1D STIBOR | Monthly  | &nbsp;&nbsp; (602122)<br>|
| Hms Networks Ab | UBS AG | (721045) | 04/24/28 | 0.00% | TN STIBOR | Monthly  | &nbsp;&nbsp; (139617)<br>|
| Hochschild Mining PLC | Bank of America N.A. | (2090425) | 02/15/28 | (0.25)% | 1D SONIA | Monthly  | &nbsp;&nbsp; 478792 |
| Hochschild Mining PLC | BNP Paribas SA | (4458992) | 03/17/27 | (0.25)% | 1D SONIA | Monthly  | &nbsp;&nbsp; 1021289 |
| Hochschild Mining PLC | SG Americas Securities LLC | (1262158) | 12/08/25 | (0.25)% | 1D SONIA | Monthly  | &nbsp;&nbsp; 157283 |
| Hogy Medical Co., Ltd. | Barclays Bank PLC | (1157011) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 11401 |
| Hogy Medical Co., Ltd. | BNP Paribas SA | (1279375) | 03/24/27 | (0.25)% | 1D TONA | Monthly  | &nbsp;&nbsp; (1625)<br>|
| Hogy Medical Co., Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (262799) | 01/06/27 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 2433 |
| Hokuriku Electric Power Co. | Barclays Bank PLC | (290932) | 05/12/27 | (0.16)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 5629 |
| Holmen AB, Class B | SG Americas Securities LLC | (3363153) | 12/08/25 | (0.26)% | 1D STIBOR | Monthly  | &nbsp;&nbsp; (92979)<br>|
| Holmen AB, Class B | UBS AG | (8376469) | 09/03/29 | 0.00% | TN STIBOR | Monthly  | &nbsp;&nbsp; (289102)<br>|
| Home Depot, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (4408975) | 01/06/27 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 106322 |
| Honda Motor Co. Ltd. | Barclays Bank PLC | (306655) | 09/09/27 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; 405 |
| Hong Kong & China Gas Co. Ltd. | Bank of America N.A. | (4310730) | 02/15/28 | 0.00% | HONIA | Monthly  | &nbsp;&nbsp; (61473)<br>|
| Hong Kong & China Gas Co. Ltd. | Bank of America N.A. | (4892467) | 02/15/28 | (0.15)% | HONIA | Monthly  | &nbsp;&nbsp; (69769)<br>|
| Hong Kong & China Gas Co. Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (366829) | 01/06/27 | (0.30)% | HONIA | Monthly  | &nbsp;&nbsp; (2640)<br>|
| Hong Kong & China Gas Co. Ltd. | UBS AG | (413823) | 04/18/28 | 0.00% | HONIA | Monthly  | &nbsp;&nbsp; (5901)<br>|
| Hong Kong & China Gas Co. Ltd. | UBS AG | (4612609) | 09/03/29 | 0.00% | HONIA | Monthly  | &nbsp;&nbsp; (65778)<br>|
| Horiba Ltd. | Barclays Bank PLC | (1589984) | 05/12/27 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (128816)<br>|
| Hormel Foods Corp. | SG Americas Securities LLC | (5665149) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 497150 |
| Hoshizaki Corp. | Barclays Bank PLC | (13973362) | 05/12/27 | (0.17)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 581871 |
| Hoshizaki Corp. | Barclays Bank PLC | (14421273) | 09/09/27 | (0.17)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 600523 |
| Hoshizaki Corp. | SG Americas Securities LLC | (2724925) | 12/08/25 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 43812 |
| Hoshizaki Corp. | UBS AG | (594339) | 04/18/28 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; 3228 |
| Host Hotels & Resorts, Inc. | SG Americas Securities LLC | (4344567) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 61492 |
| House Foods Group, Inc. | Barclays Bank PLC | (386162) | 05/12/27 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 2010 |
| Howard Hughes Holdings, Inc. | JPMorgan Chase Bank N.A. | (224614) | 02/10/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 9211 |
| Howard Hughes Holdings, Inc. | UBS AG | (4653105) | 04/21/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 80077 |
| Howden Joinery Group PLC | BNP Paribas SA | (7642163) | 03/22/27 | (0.25)% | 1D SONIA | Monthly  | &nbsp;&nbsp; (425224)<br>|
| Howden Joinery Group PLC | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (349593) | 01/04/27 | (0.25)% | 1D SONIA | Monthly  | &nbsp;&nbsp; 4689 |
| Howmet Aerospace, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (5117828) | 01/06/27 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (155933)<br>|
| Hoya Corp. | Barclays Bank PLC | (11934601) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (588907)<br>|
| Hoya Corp. | Barclays Bank PLC | (12841387) | 09/09/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (689199)<br>|
| Hoya Corp. | Citibank N.A. | (5901548) | 02/26/26 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (514517)<br>|
| Hoya Corp. | JPMorgan Chase Bank N.A. | (747557) | 02/10/26 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (97089)<br>|
| HP, Inc. | BNP Paribas SA | (7135849) | 04/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 234453 |
| HSBC Holdings PLC | SG Americas Securities LLC | (14040225) | 12/08/25 | 0.01% | 1D SONIA | Monthly  | &nbsp;&nbsp; 4609 |
| HSBC Holdings PLC | UBS AG | (4938493) | 04/18/28 | 0.00% | 1D SONIA | Monthly  | &nbsp;&nbsp; (384361)<br>|
| Hufvudstaden AB, Class A | Bank of America N.A. | (869407) | 02/15/28 | (0.26)% | 1D STIBOR | Monthly  | &nbsp;&nbsp; 10412 |
| Hufvudstaden AB, Class A | Goldman Sachs Bank USA | (469606) | 08/19/26 | (0.26)% | 1D STIBOR | Monthly  | &nbsp;&nbsp; 5624 |
| Hufvudstaden AB, Class A | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (505587) | 01/04/27 | (0.26)% | 1D STIBOR | Monthly  | &nbsp;&nbsp; 16764 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination*<br> *Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) |
| Humana, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | $(15112608) | 01/06/27 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; $491498 |
| Hyatt Hotels Corp., Class A | Bank of America N.A. | (1665612) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 106009 |
| Hyatt Hotels Corp., Class A | SG Americas Securities LLC | (31535459) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1667197 |
| Hyatt Hotels Corp., Class A | UBS AG | (4660046) | 04/18/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 296592 |
| Hydro One Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (6620377) | 01/06/27 | (0.20)% | CABROVER | Monthly  | &nbsp;&nbsp; 147848 |
| Hyster-Yale, Inc., Class A | BNP Paribas SA | (1333730) | 04/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 25838 |
| Hyster-Yale, Inc., Class A | SG Americas Securities LLC | (245176) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 748 |
| I3 Verticals, Inc., Class A | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (2194319) | 01/04/27 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 63744 |
| I3 Verticals, Inc., Class A | UBS AG | (8613630) | 04/21/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 359684 |
| iA Financial Corp., Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (19190803) | 01/04/27 | (0.20)% | CABROVER | Monthly  | &nbsp;&nbsp; (801758)<br>|
| iA Financial Corp., Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (1419206) | 01/06/27 | (0.20)% | CABROVER | Monthly  | &nbsp;&nbsp; (11582)<br>|
| IAMGOLD Corp. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (26791719) | 01/04/27 | (0.20)% | CABROVER | Monthly  | &nbsp;&nbsp; 954574 |
| IAMGOLD Corp. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (28376400) | 01/06/27 | (0.20)% | CABROVER | Monthly  | &nbsp;&nbsp; 1011036 |
| Ibiden Co. Ltd. | Barclays Bank PLC | (7328087) | 05/12/27 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (3129150)<br>|
| Ibotta, Inc., Class A | Barclays Bank PLC | (2019782) | 12/23/25 | (0.63)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 36276 |
| Ibotta, Inc., Class A | BNP Paribas SA | (34113) | 04/16/26 | (0.47)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (1341)<br>|
| Ibstock PLC | Bank of America N.A. | (2786501) | 02/15/28 | (0.25)% | 1D SONIA | Monthly  | &nbsp;&nbsp; (266727)<br>|
| Ibstock PLC | BNP Paribas SA | (3222160) | 03/17/27 | (0.25)% | 1D SONIA | Monthly  | &nbsp;&nbsp; (258710)<br>|
| Ibstock PLC | Goldman Sachs Bank USA | (330059) | 08/19/26 | (0.25)% | 1D SONIA | Monthly  | &nbsp;&nbsp; (31594)<br>|
| Ibstock PLC | UBS AG | (448553) | 04/24/28 | 0.00% | 1D SONIA | Monthly  | &nbsp;&nbsp; (42936)<br>|
| ICADE | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (6323542) | 01/04/27 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 329075 |
| Ichibanya Co., Ltd. | Bank of America N.A. | (919541) | 02/15/28 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 35805 |
| Ichibanya Co., Ltd. | Barclays Bank PLC | (2938875) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 96210 |
| Ichibanya Co., Ltd. | BNP Paribas SA | (372311) | 03/24/27 | (0.25)% | 1D TONA | Monthly  | &nbsp;&nbsp; 14497 |
| Ichibanya Co., Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (1592544) | 01/06/27 | (0.26)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 52135 |
| Ichigo, Inc. | Bank of America N.A. | (316539) | 02/15/28 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (5740)<br>|
| Ichigo, Inc. | Barclays Bank PLC | (4392442) | 05/12/27 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 77507 |
| Ichigo, Inc. | BNP Paribas SA | (1246042) | 03/24/27 | (0.25)% | 1D TONA | Monthly  | &nbsp;&nbsp; (22597)<br>|
| Ichigo, Inc. | JPMorgan Chase Bank N.A. | (246883) | 02/10/26 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 4077 |
| Ichigo, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (1186701) | 01/06/27 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 22644 |
| Ichor Holdings Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (11941132) | 01/04/27 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (898062)<br>|
| ICL Group Ltd. | Bank of America N.A. | (1806043) | 02/15/28 | (1.50)% | SHIR | Monthly  | &nbsp;&nbsp; (24393)<br>|
| ICU Medical, Inc. | Barclays Bank PLC | (1222763) | 12/23/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 20061 |
| IDACORP, Inc. | SG Americas Securities LLC | (5654505) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 253985 |
| IDEXX Laboratories, Inc. | BNP Paribas SA | (22032285) | 04/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 316709 |
| IHI Corp. | Bank of America N.A. | (1481553) | 02/15/28 | (0.16)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (156140)<br>|
| IHI Corp. | Barclays Bank PLC | (15000247) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (832171)<br>|
| IHI Corp. | SG Americas Securities LLC | (3710150) | 12/08/25 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (115966)<br>|
| Iino Kaiun Kaisha Ltd. | Barclays Bank PLC | (7782218) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (588375)<br>|
| Iluka Resources Ltd. | BNP Paribas SA | (2492698) | 03/22/27 | (0.25)% | 1D AONIA | Monthly  | &nbsp;&nbsp; 36904 |
| IMCD NV | BNP Paribas SA | (1105567) | 03/24/27 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (14709)<br>|
| IMCD NV | Goldman Sachs Bank USA | (2144969) | 08/19/26 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (28538)<br>|
| IMCD NV | Goldman Sachs Bank USA | (3168316) | 08/19/26 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (42153)<br>|
| IMCD NV | JPMorgan Chase Bank N.A. | (14961294) | 02/10/26 | 0.00% | 1D ESTR | Monthly  | &nbsp;&nbsp; 319167 |
| IMCD NV | JPMorgan Chase Bank N.A. | (14255164) | 02/10/26 | 0.00% | 1D ESTR | Monthly  | &nbsp;&nbsp; 304103 |
| IMCD NV | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (1805502) | 01/04/27 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 47838 |
| IMCD NV | UBS AG | (6478368) | 04/18/28 | 0.00% | 1D ESTR | Monthly  | &nbsp;&nbsp; (86191)<br>|
| IMCD NV | UBS AG | (9352473) | 09/03/29 | 0.00% | 1D ESTR | Monthly  | &nbsp;&nbsp; (124429)<br>|
| Inchcape PLC | BNP Paribas SA | (130157) | 03/17/27 | 0.00% | 1D SONIA | Monthly  | &nbsp;&nbsp; 1179 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination*<br> *Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) |
| Independent Bank Corp. | SG Americas Securities LLC | $(20590833) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; $631340 |
| Indra Sistemas SA | Barclays Bank PLC | (1509884) | 08/17/26 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (136971)<br>|
| Indra Sistemas SA | BNP Paribas SA | (4421357) | 08/17/26 | (0.32)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (573916)<br>|
| Indra Sistemas SA | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (2315923) | 01/04/27 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (210092)<br>|
| Indra Sistemas SA | SG Americas Securities LLC | (1253223) | 12/08/25 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (93756)<br>|
| Industria de Diseno Textil SA | BNP Paribas SA | (12931900) | 08/17/26 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 4809 |
| Industria de Diseno Textil SA | SG Americas Securities LLC | (11689564) | 12/08/25 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 3716 |
| Infinity Natural Resources, Inc., <br> Class A<br>| UBS AG | (582917) | 04/21/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 44551 |
| Informa PLC | BNP Paribas SA | (2706671) | 08/17/26 | (0.25)% | 1D SONIA | Monthly  | &nbsp;&nbsp; (135073)<br>|
| Infratil Ltd. | Bank of America N.A. | (1999333) | 02/15/28 | (0.35)% | 1M BBR | Monthly  | &nbsp;&nbsp; (74079)<br>|
| Infratil Ltd. | Barclays Bank PLC | (4509000) | 05/13/27 | (0.40)% | 1M BBR | Monthly  | &nbsp;&nbsp; (4124)<br>|
| Infratil Ltd. | Barclays Bank PLC | (1426937) | 10/09/27 | (0.40)% | 1M BBR | Monthly  | &nbsp;&nbsp; (1305)<br>|
| Infratil Ltd. | BNP Paribas SA | (7736169) | 09/07/26 | (0.25)% | 1D NZOCO | Monthly  | &nbsp;&nbsp; (286639)<br>|
| Infratil Ltd. | BNP Paribas SA | (1140839) | 03/22/27 | (0.25)% | 1D NZOCO | Monthly  | &nbsp;&nbsp; (42270)<br>|
| Infratil Ltd. | Goldman Sachs Bank USA | (452944) | 08/19/26 | (0.40)% | 1D NZOCO | Monthly  | &nbsp;&nbsp; (16782)<br>|
| Infratil Ltd. | Goldman Sachs Bank USA | (242223) | 08/19/26 | (0.40)% | 1D NZOCO | Monthly  | &nbsp;&nbsp; (8975)<br>|
| Infratil Ltd. | JPMorgan Chase Bank N.A. | (103004) | 02/10/26 | (0.25)% | 1M BBR | Monthly  | &nbsp;&nbsp; 405 |
| Infratil Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (11156209) | 01/06/27 | (0.40)% | 1D NZOCO | Monthly  | &nbsp;&nbsp; (10299)<br>|
| Infratil Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (3344753) | 01/07/27 | (0.41)% | 1D NZOCO | Monthly  | &nbsp;&nbsp; (3059)<br>|
| Infratil Ltd. | SG Americas Securities LLC | (2978398) | 12/08/25 | (0.25)% | 1D NZOCO | Monthly  | &nbsp;&nbsp; 11701 |
| Infratil Ltd. | SG Americas Securities LLC | (1300231) | 12/08/25 | (0.25)% | 1D NZOCO | Monthly  | &nbsp;&nbsp; 5108 |
| ING Groep NV | SG Americas Securities LLC | (26315966) | 12/08/25 | 0.09% | 1D ESTR | Monthly  | &nbsp;&nbsp; (831478)<br>|
| ING Groep NV | SG Americas Securities LLC | (16109404) | 12/08/25 | 0.08% | 1D ESTR | Monthly  | &nbsp;&nbsp; (481939)<br>|
| ING Groep NV | UBS AG | (11663461) | 04/18/28 | 0.00% | 1D ESTR | Monthly  | &nbsp;&nbsp; (382479)<br>|
| ING Groep NV | UBS AG | (15254545) | 09/03/29 | 0.00% | 1D ESTR | Monthly  | &nbsp;&nbsp; (641493)<br>|
| Ingersoll Rand, Inc. | SG Americas Securities LLC | (29714340) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1709703 |
| Ingevity Corp. | UBS AG | (674921) | 04/21/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 13896 |
| Inmode Ltd. | Barclays Bank PLC | (815108) | 12/23/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 42873 |
| Inmode Ltd. | UBS AG | (1292880) | 04/21/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 42334 |
| Innodata, Inc. | Barclays Bank PLC | (359197) | 12/23/25 | (0.50)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (12659)<br>|
| Innodata, Inc. | BNP Paribas SA | (539466) | 04/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 26373 |
| Innodata, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (897199) | 01/04/27 | (0.42)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (31620)<br>|
| Innodata, Inc. | SG Americas Securities LLC | (1092733) | 12/08/25 | (0.36)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 78186 |
| Innodata, Inc. | UBS AG | (1205365) | 04/21/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 77635 |
| Innovex International, Inc. | Goldman Sachs Bank USA | (304434) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (36716)<br>|
| Innovex International, Inc. | SG Americas Securities LLC | (12232572) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (664430)<br>|
| Inpost SA | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (1910123) | 01/04/27 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (16026)<br>|
| Insource Co. Ltd. | Barclays Bank PLC | (1356399) | 05/12/27 | (0.16)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 56650 |
| Insource Co. Ltd. | BNP Paribas SA | (1856286) | 03/24/27 | (0.25)% | 1D TONA | Monthly  | &nbsp;&nbsp; 111603 |
| Insource Co. Ltd. | Citibank N.A. | (845738) | 02/26/26 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 59331 |
| Insource Co. Ltd. | Goldman Sachs Bank USA | (58949) | 08/19/26 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 3544 |
| Integer Holdings Corp. | UBS AG | (191452) | 04/21/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 2133 |
| Integra LifeSciences Holdings Corp. | Goldman Sachs Bank USA | (1588822) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 247870 |
| Integra LifeSciences Holdings Corp. | SG Americas Securities LLC | (4874415) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 921564 |
| InterDigital, Inc. | SG Americas Securities LLC | (5527332) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (181863)<br>|
| International Business Machines <br> Corp.<br>| SG Americas Securities LLC | (4049350) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 39494 |
| International Consolidated Airlines <br> Group SA<br>| BNP Paribas SA | (8199818) | 08/17/26 | (0.25)% | 1D SONIA | Monthly  | &nbsp;&nbsp; (320873)<br>|
| International Consolidated Airlines <br> Group SA<br>| &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (418169) | 01/27/27 | (0.25)% | 1D SONIA | Monthly  | &nbsp;&nbsp; (11803)<br>|
| International Flavors & Fragrances, <br> Inc.<br>| SG Americas Securities LLC | (6301674) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 181368 |
| International Paper Co. | Bank of America N.A. | (563413) | 02/15/28 | 0.00% | 1D SONIA | Monthly  | &nbsp;&nbsp; 80950 |
| International Paper Co. | Bank of America N.A. | (288540) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 51020 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination*<br> *Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) |
| International Paper Co. | Barclays Bank PLC | $(14357668) | 12/23/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; $2787693 |
| International Paper Co. | Barclays Bank PLC | (10719657) | 08/17/26 | (0.75)% | 1D SONIA | Monthly  | &nbsp;&nbsp; 1870744 |
| International Paper Co. | SG Americas Securities LLC | (38118467) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 6551867 |
| International Paper Co. | UBS AG | (7142860) | 04/18/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1263011 |
| International Paper Co. | UBS AG | (8656466) | 09/03/29 | 0.00% | 1D SONIA | Monthly  | &nbsp;&nbsp; 1243745 |
| International Seaways, Inc. | Barclays Bank PLC | (1233650) | 12/23/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (124611)<br>|
| International Workplace Group PLC | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (286325) | 01/04/27 | (0.25)% | 1D SONIA | Monthly  | &nbsp;&nbsp; 491 |
| Internet Initiative Japan, Inc. | Bank of America N.A. | (4009636) | 02/15/28 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (158181)<br>|
| Internet Initiative Japan, Inc. | Barclays Bank PLC | (1951808) | 05/12/27 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (34670)<br>|
| Interparfums SA | Barclays Bank PLC | (1868985) | 12/10/26 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 102865 |
| Interparfums SA | UBS AG | (2019714) | 04/24/28 | 0.00% | 1D ESTR | Monthly  | &nbsp;&nbsp; 49847 |
| Interparfums, Inc. | SG Americas Securities LLC | (13545064) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 816673 |
| Interpump Group SpA | Goldman Sachs Bank USA | (5663472) | 08/19/26 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (641451)<br>|
| Interpump Group SpA | SG Americas Securities LLC | (6937240) | 12/08/25 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (811173)<br>|
| InvenTrust Properties Corp. | SG Americas Securities LLC | (5081708) | 12/08/25 | (0.14)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 27668 |
| Invesco Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (513064) | 01/06/27 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (6985)<br>|
| Invesco Mortgage Capital, Inc. | Bank of America N.A. | (351014) | 02/15/28 | (2.32)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (13054)<br>|
| Invesco Mortgage Capital, Inc. | Barclays Bank PLC | (10164476) | 12/23/25 | (1.38)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (217587)<br>|
| Invesco Mortgage Capital, Inc. | BNP Paribas SA | (8325579) | 04/16/26 | (1.73)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (309629)<br>|
| Invesco Mortgage Capital, Inc. | Citibank N.A. | (2565637) | 06/25/26 | (2.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (55699)<br>|
| Invesco Mortgage Capital, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (12213807) | 01/04/27 | (2.27)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (265157)<br>|
| Invesco Mortgage Capital, Inc. | UBS AG | (2591472) | 04/21/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (96377)<br>|
| Investment AB Latour, Class B | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (502137) | 01/04/27 | (0.26)% | 1D STIBOR | Monthly  | &nbsp;&nbsp; 6002 |
| Investor AB, Class B | Bank of America N.A. | (14736808) | 02/15/28 | 0.00% | 1D STIBOR | Monthly  | &nbsp;&nbsp; (179443)<br>|
| Investor AB, Class B | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (1172190) | 01/04/27 | (0.26)% | 1D STIBOR | Monthly  | &nbsp;&nbsp; 10334 |
| Investor AB, Class B | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (1106204) | 01/08/27 | (0.26)% | 1D STIBOR | Monthly  | &nbsp;&nbsp; 12045 |
| Invincible Investment Corp. | Bank of America N.A. | (1560585) | 02/15/28 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (21957)<br>|
| Invincible Investment Corp. | Barclays Bank PLC | (1149517) | 05/12/27 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 5725 |
| Invincible Investment Corp. | JPMorgan Chase Bank N.A. | (1265499) | 02/10/26 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (23501)<br>|
| Inwido AB | Bank of America N.A. | (1542460) | 02/15/28 | (0.26)% | 1D STIBOR | Monthly  | &nbsp;&nbsp; 317937 |
| IPH Ltd. | Bank of America N.A. | (464497) | 02/15/28 | (0.30)% | 1D AONIA | Monthly  | &nbsp;&nbsp; (17684)<br>|
| IPH Ltd. | Barclays Bank PLC | (5118420) | 05/12/27 | (0.25)% | 1D AONIA | Monthly  | &nbsp;&nbsp; (240151)<br>|
| IPH Ltd. | BNP Paribas SA | (3932) | 03/22/27 | (0.50)% | 1D AONIA | Monthly  | &nbsp;&nbsp; (150)<br>|
| IPH Ltd. | JPMorgan Chase Bank N.A. | (2086046) | 02/10/26 | (0.25)% | 1D AONIA | Monthly  | &nbsp;&nbsp; (37546)<br>|
| IPH Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (575436) | 01/06/27 | (0.30)% | 1D AONIA | Monthly  | &nbsp;&nbsp; (26999)<br>|
| IPH Ltd. | UBS AG | (1293039) | 04/03/28 | 0.00% | 1D AONIA | Monthly  | &nbsp;&nbsp; (49228)<br>|
| IQVIA Holdings, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (6733961) | 01/06/27 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 69807 |
| IRESS Ltd. | Barclays Bank PLC | (1430768) | 05/12/27 | (0.25)% | 1D AONIA | Monthly  | &nbsp;&nbsp; (22931)<br>|
| IRESS Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (5323) | 01/06/27 | (0.30)% | 1D AONIA | Monthly  | &nbsp;&nbsp; (85)<br>|
| Iron Mountain, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (323077) | 01/06/27 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 3108 |
| Israel Corp. Ltd. | BNP Paribas SA | (44835) | 06/17/27 | (1.05)% | SHIR | Monthly  | &nbsp;&nbsp; (1546)<br>|
| Israel Corp. Ltd. | Goldman Sachs Bank USA | (2148637) | 08/19/26 | (0.64)% | SHIR | Monthly  | &nbsp;&nbsp; (74108)<br>|
| Israel Corp. Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (130120) | 05/23/27 | (0.75)% | SHIR | Monthly  | &nbsp;&nbsp; (1942)<br>|
| ITOCHU Corp. | Bank of America N.A. | (5818423) | 02/15/28 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (373572)<br>|
| ITOCHU Corp. | Barclays Bank PLC | (14036888) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (183270)<br>|
| ITOCHU Corp. | Barclays Bank PLC | (21190372) | 09/09/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (403417)<br>|
| ITOCHU Corp. | Citibank N.A. | (1437372) | 02/26/26 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (33879)<br>|
| ITOCHU Corp. | JPMorgan Chase Bank N.A. | (7566567) | 02/10/26 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (334165)<br>|
| ITOCHU Corp. | UBS AG | (234043) | 04/18/28 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; (15027)<br>|

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination*<br> *Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) |
| Itron, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | $(246074) | 01/06/27 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; $59660 |
| Ivanhoe Mines Ltd., Class A | Bank of America N.A. | (1324290) | 02/15/28 | (0.20)% | CABROVER | Monthly  | &nbsp;&nbsp; 152064 |
| Ivanhoe Mines Ltd., Class A | Barclays Bank PLC | (800778) | 10/23/26 | (0.20)% | CABROVER | Monthly  | &nbsp;&nbsp; 17857 |
| Ivanhoe Mines Ltd., Class A | Goldman Sachs Bank USA | (1669180) | 08/18/26 | (0.20)% | 1D CORRA | Monthly  | &nbsp;&nbsp; 191666 |
| Ivanhoe Mines Ltd., Class A | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (8034394) | 01/04/27 | (0.20)% | CABROVER | Monthly  | &nbsp;&nbsp; 179164 |
| Ivanhoe Mines Ltd., Class A | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (12868069) | 01/06/27 | (0.20)% | CABROVER | Monthly  | &nbsp;&nbsp; 286953 |
| Iwatani Corp. | Barclays Bank PLC | (4775362) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 82197 |
| Iyogin Holdings, Inc. | Barclays Bank PLC | (7697397) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (801520)<br>|
| Iyogin Holdings, Inc. | Citibank N.A. | (437304) | 02/26/26 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (45536)<br>|
| Izumi Co. Ltd. | Barclays Bank PLC | (2146138) | 05/12/27 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 47099 |
| Izumi Co. Ltd. | UBS AG | (523759) | 04/03/28 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; 20437 |
| J & J Snack Foods Corp. | SG Americas Securities LLC | (7269293) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 816423 |
| J Front Retailing Co. Ltd. | Bank of America N.A. | (1436257) | 02/15/28 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 69061 |
| J Front Retailing Co. Ltd. | Bank of America N.A. | (921163) | 03/15/28 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 44293 |
| J Front Retailing Co. Ltd. | Barclays Bank PLC | (3150976) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (19594)<br>|
| J Front Retailing Co. Ltd. | Barclays Bank PLC | (9945689) | 09/09/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (62364)<br>|
| J Front Retailing Co. Ltd. | Citibank N.A. | (1479122) | 02/26/26 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (9903)<br>|
| J Front Retailing Co. Ltd. | Citibank N.A. | (1405913) | 02/26/26 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (9413)<br>|
| J Front Retailing Co. Ltd. | JPMorgan Chase Bank N.A. | (3388541) | 02/10/26 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 255573 |
| J Front Retailing Co. Ltd. | JPMorgan Chase Bank N.A. | (4527273) | 02/10/26 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 341459 |
| J M Smucker Co. | UBS AG | (18958653) | 04/18/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (5494)<br>|
| Jack Henry & Associates, Inc. | Barclays Bank PLC | (18686454) | 12/23/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 959317 |
| Jacobs Solutions, Inc. | SG Americas Securities LLC | (3826523) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 37691 |
| James Hardie Industries PLC | UBS AG | (372359) | 04/21/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 10040 |
| James Hardie Industries PLC, CDI | BNP Paribas SA | (328155) | 09/07/26 | (0.25)% | 1D AONIA | Monthly  | &nbsp;&nbsp; 6494 |
| James Hardie Industries PLC, CDI | BNP Paribas SA | (2360791) | 03/22/27 | (0.25)% | 1D AONIA | Monthly  | &nbsp;&nbsp; 143411 |
| Jamieson Wellness, Inc. | Barclays Bank PLC | (81571) | 12/23/25 | (0.20)% | CABROVER | Monthly  | &nbsp;&nbsp; (306)<br>|
| Jamieson Wellness, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (443719) | 01/04/27 | (0.20)% | CABROVER | Monthly  | &nbsp;&nbsp; (1663)<br>|
| Janus International Group, Inc. | SG Americas Securities LLC | (220614) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 7974 |
| Janus International Group, Inc. | UBS AG | (3741175) | 04/21/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 146052 |
| Japan Airport Terminal Co. Ltd. | Barclays Bank PLC | (20088842) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 827665 |
| Japan Airport Terminal Co. Ltd. | Citibank N.A. | (756407) | 02/26/26 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 32443 |
| Japan Elevator Service Holdings Co. <br> Ltd.<br>| Barclays Bank PLC | (2963841) | 05/12/27 | (0.17)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 169138 |
| Japan Excellent, Inc. | Barclays Bank PLC | (1339308) | 05/12/27 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (2737)<br>|
| Japan Excellent, Inc. | UBS AG | (103862) | 04/03/28 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; (2089)<br>|
| Japan Exchange Group, Inc. | Barclays Bank PLC | (1167392) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 28859 |
| Japan Exchange Group, Inc. | Barclays Bank PLC | (7381502) | 09/09/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 243643 |
| Japan Investment Adviser Co., Ltd. | Bank of America N.A. | (1303420) | 02/15/28 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; 88612 |
| Japan Investment Adviser Co., Ltd. | Barclays Bank PLC | (1694665) | 05/12/27 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 117707 |
| Japan Investment Adviser Co., Ltd. | BNP Paribas SA | (40578) | 03/24/27 | (0.25)% | 1D TONA | Monthly  | &nbsp;&nbsp; 2759 |
| Japan Investment Adviser Co., Ltd. | Citibank N.A. | (94832) | 02/26/26 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 6587 |
| Japan Investment Adviser Co., Ltd. | Goldman Sachs Bank USA | (79927) | 08/19/26 | (0.48)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 5434 |
| Japan Investment Adviser Co., Ltd. | JPMorgan Chase Bank N.A. | (24374) | 02/10/26 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 2599 |
| Japan Investment Adviser Co., Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (870733) | 01/06/27 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 60479 |
| Japan Investment Adviser Co., Ltd. | SG Americas Securities LLC | (1268739) | 12/08/25 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 135300 |
| Japan Investment Adviser Co., Ltd. | UBS AG | (413159) | 04/03/28 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; 28088 |
| Japan Steel Works Ltd. | Bank of America N.A. | (7611018) | 02/15/28 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; (366051)<br>|
| Japan Steel Works Ltd. | Bank of America N.A. | (3255616) | 03/15/28 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; (156578)<br>|
| Japan Steel Works Ltd. | Barclays Bank PLC | (4505026) | 05/12/27 | (0.19)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 31842 |
| Japan Steel Works Ltd. | Barclays Bank PLC | (23421903) | 09/09/27 | (0.19)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 178375 |
| Japan Steel Works Ltd. | Citibank N.A. | (1840267) | 02/26/26 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 13007 |
| Japan Steel Works Ltd. | Citibank N.A. | (1002583) | 02/26/26 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 7086 |
| Japan Steel Works Ltd. | JPMorgan Chase Bank N.A. | (2117296) | 02/10/26 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 14965 |
| Japan Steel Works Ltd. | SG Americas Securities LLC | (712361) | 12/08/25 | (0.08)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 5035 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination*<br> *Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) |
| Jardine Cycle & Carriage Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | $(6105101) | 01/06/27 | (2.00)% | SORA | Monthly  | &nbsp;&nbsp; $(486866)<br>|
| JBT Marel Corp. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (1513888) | 01/06/27 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 38266 |
| JBT Marel Corp. | SG Americas Securities LLC | (18826684) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 2258531 |
| JD Sports Fashion PLC | Bank of America N.A. | (4240641) | 02/15/28 | (0.25)% | 1D SONIA | Monthly  | &nbsp;&nbsp; 77770 |
| JD Sports Fashion PLC | BNP Paribas SA | (989958) | 08/17/26 | (0.25)% | 1D SONIA | Monthly  | &nbsp;&nbsp; 57833 |
| JD Sports Fashion PLC | BNP Paribas SA | (1544041) | 03/22/27 | (0.25)% | 1D SONIA | Monthly  | &nbsp;&nbsp; 28317 |
| JD Sports Fashion PLC | Goldman Sachs Bank USA | (855392) | 08/19/26 | (0.25)% | 1D SONIA | Monthly  | &nbsp;&nbsp; 15687 |
| JD Sports Fashion PLC | Goldman Sachs Bank USA | (1700912) | 08/19/26 | (0.25)% | 1D SONIA | Monthly  | &nbsp;&nbsp; 31194 |
| JD Sports Fashion PLC | SG Americas Securities LLC | (262096) | 12/08/25 | (0.25)% | 1D SONIA | Monthly  | &nbsp;&nbsp; 16359 |
| JD Sports Fashion PLC | SG Americas Securities LLC | (5061764) | 12/08/25 | (0.12)% | 1D SONIA | Monthly  | &nbsp;&nbsp; 391653 |
| JD Sports Fashion PLC | UBS AG | (6159244) | 04/18/28 | 0.00% | 1D SONIA | Monthly  | &nbsp;&nbsp; 112956 |
| JD Sports Fashion PLC | UBS AG | (3391710) | 09/03/29 | 0.00% | 1D SONIA | Monthly  | &nbsp;&nbsp; 62202 |
| Jeol Ltd. | Barclays Bank PLC | (4096290) | 05/12/27 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 36545 |
| Jeol Ltd. | JPMorgan Chase Bank N.A. | (785828) | 02/10/26 | (0.21)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 6142 |
| Jeol Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (871884) | 01/06/27 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 18262 |
| Jeronimo Martins SGPS SA | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (8365797) | 01/04/27 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (837938)<br>|
| Jeronimo Martins SGPS SA, Class A | SG Americas Securities LLC | (2872608) | 12/08/25 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (213693)<br>|
| JFE Holdings, Inc. | Barclays Bank PLC | (10554598) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (27765)<br>|
| JFE Holdings, Inc. | Barclays Bank PLC | (20538052) | 09/09/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (54808)<br>|
| JGC Holdings Corp. | Bank of America N.A. | (5147809) | 02/15/28 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (232082)<br>|
| JGC Holdings Corp. | Barclays Bank PLC | (5536390) | 05/12/27 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 206060 |
| JMDC, Inc. | Bank of America N.A. | (1286553) | 02/15/28 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; (85711)<br>|
| JMDC, Inc. | Barclays Bank PLC | (19797207) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (7129)<br>|
| JMDC, Inc. | Citibank N.A. | (1389231) | 02/26/26 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 1121 |
| JTC PLC | BNP Paribas SA | (1191233) | 03/17/27 | (0.25)% | 1D SONIA | Monthly  | &nbsp;&nbsp; 10905 |
| Jungheinrich AG | SG Americas Securities LLC | (163385) | 12/08/25 | 0.10% | 1D ESTR | Monthly  | &nbsp;&nbsp; (6836)<br>|
| Justsystems Corp. | Barclays Bank PLC | (4109597) | 05/12/27 | (0.19)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (395936)<br>|
| JVCKenwood Corp. | Bank of America N.A. | (283282) | 02/15/28 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (25992)<br>|
| JVCKenwood Corp. | Barclays Bank PLC | (1138327) | 05/12/27 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (57907)<br>|
| JVCKenwood Corp. | BNP Paribas SA | (465287) | 03/24/27 | (0.15)% | 1D TONA | Monthly  | &nbsp;&nbsp; (42691)<br>|
| JVCKenwood Corp. | SG Americas Securities LLC | (362768) | 12/08/25 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (18616)<br>|
| Kadokawa Corp. | Bank of America N.A. | (1431713) | 02/15/28 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; 24026 |
| Kadokawa Corp. | Bank of America N.A. | (630228) | 03/15/28 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 10576 |
| Kadokawa Corp. | Barclays Bank PLC | (9252440) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 96859 |
| Kadokawa Corp. | Barclays Bank PLC | (20183979) | 09/09/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 202451 |
| Kadokawa Corp. | JPMorgan Chase Bank N.A. | (1572153) | 02/10/26 | (0.17)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 34249 |
| Kadokawa Corp. | JPMorgan Chase Bank N.A. | (2097734) | 02/10/26 | (0.18)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 45699 |
| Kadokawa Corp. | SG Americas Securities LLC | (2811514) | 12/08/25 | (0.32)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 61248 |
| Kadokawa Corp. | SG Americas Securities LLC | (2129866) | 12/08/25 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 46399 |
| Kagome Co. Ltd. | Barclays Bank PLC | (7367744) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 375859 |
| Karoon Energy Ltd. | Barclays Bank PLC | (15417905) | 05/12/27 | (0.25)% | 1D AONIA | Monthly  | &nbsp;&nbsp; (1864879)<br>|
| Katitas Co., Ltd. | Barclays Bank PLC | (1075207) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 31507 |
| Kawasaki Heavy Industries Ltd. | Bank of America N.A. | (134536) | 03/15/28 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (33625)<br>|
| Kawasaki Heavy Industries Ltd. | Barclays Bank PLC | (7055569) | 05/12/27 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (207378)<br>|
| Kawasaki Heavy Industries Ltd. | Barclays Bank PLC | (12014194) | 09/09/27 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (1614843)<br>|
| KBC Ancora | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (7443887) | 01/04/27 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (140506)<br>|
| KBC Group NV | Barclays Bank PLC | (7824215) | 08/17/26 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (222680)<br>|
| KBC Group NV | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (38263681) | 01/06/27 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (1040801)<br>|
| KBC Group NV | SG Americas Securities LLC | (41884610) | 12/08/25 | 0.10% | 1D ESTR | Monthly  | &nbsp;&nbsp; (1593886)<br>|
| Kearny Financial Corp. | SG Americas Securities LLC | (266117) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 12313 |
| KeePer Technical Laboratory Co. Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (1888602) | 01/06/27 | (2.19)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 51985 |
| Keisei Electric Railway Co. Ltd. | Barclays Bank PLC | (4469417) | 05/12/27 | (0.19)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 301478 |
| Keisei Electric Railway Co. Ltd. | SG Americas Securities LLC | (1135507) | 12/08/25 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 112279 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination*<br> *Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) |
| Kelt Exploration Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | $(1058810) | 01/04/27 | (0.20)% | CABROVER | Monthly  | &nbsp;&nbsp; $(78430)<br>|
| Kemira OYJ | BNP Paribas SA | (1135925) | 03/24/27 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (12430)<br>|
| Kemira OYJ | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (3983423) | 01/04/27 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 5317 |
| Kemira OYJ | SG Americas Securities LLC | (8684823) | 12/08/25 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (25427)<br>|
| Kennametal, Inc. | Barclays Bank PLC | (141686) | 12/23/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 3094 |
| Keppel DC REIT | BNP Paribas SA | (206881) | 03/22/27 | (0.30)% | SORA | Monthly  | &nbsp;&nbsp; (2485)<br>|
| Keppel Ltd. | Barclays Bank PLC | (6841790) | 02/22/27 | (0.30)% | SORA | Monthly  | &nbsp;&nbsp; (420184)<br>|
| Keppel Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (630316) | 01/06/27 | (0.30)% | SORA | Monthly  | &nbsp;&nbsp; (14863)<br>|
| Keppel Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (1327687) | 01/07/27 | (0.30)% | SORA | Monthly  | &nbsp;&nbsp; (81539)<br>|
| Kering SA | Citibank N.A. | (29097214) | 06/25/26 | 0.00% | 1D ESTR | Monthly  | &nbsp;&nbsp; 844825 |
| Kering SA | Citibank N.A. | (25114716) | 07/06/26 | 0.00% | 1D ESTR | Monthly  | &nbsp;&nbsp; 729195 |
| Kering SA | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (2307312) | 01/04/27 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 77888 |
| Kering SA | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (802790) | 01/06/27 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 23309 |
| Kesko OYJ, Class B | SG Americas Securities LLC | (58107) | 12/08/25 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 2565 |
| Keyence Corp. | Barclays Bank PLC | (1421837) | 05/12/27 | (0.19)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 48640 |
| KH Neochem Co. Ltd. | Barclays Bank PLC | (2037944) | 05/12/27 | (0.16)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 11809 |
| Kikkoman Corp. | Bank of America N.A. | (123949) | 02/15/28 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 5300 |
| Kikkoman Corp. | Barclays Bank PLC | (16889929) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 881842 |
| Kikkoman Corp. | Barclays Bank PLC | (38873645) | 09/09/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 1756353 |
| Kikkoman Corp. | BNP Paribas SA | (665499) | 03/24/27 | (0.25)% | 1D TONA | Monthly  | &nbsp;&nbsp; 28456 |
| Kikkoman Corp. | Goldman Sachs Bank USA | (70709) | 08/19/26 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 3023 |
| Kikkoman Corp. | SG Americas Securities LLC | (146542) | 12/08/25 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 9578 |
| Kikkoman Corp. | UBS AG | (148073) | 04/18/28 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; 6331 |
| Kilroy Realty Corp. | Goldman Sachs Bank USA | (1364212) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (57543)<br>|
| Kilroy Realty Corp. | SG Americas Securities LLC | (12097103) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (245389)<br>|
| Kingspan Group PLC | Barclays Bank PLC | (1273957) | 08/17/26 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 63475 |
| Kingspan Group PLC | BNP Paribas SA | (632452) | 06/17/27 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 44882 |
| Kinsale Capital Group, Inc. | Barclays Bank PLC | (2970414) | 12/23/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 348692 |
| Kintetsu Group Holdings Co. Ltd. | Barclays Bank PLC | (22902379) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 1116771 |
| KION Group AG | Barclays Bank PLC | (9162621) | 08/17/26 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (1144392)<br>|
| KION Group AG | BNP Paribas SA | (1869998) | 08/17/26 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (267177)<br>|
| KION Group AG | SG Americas Securities LLC | (8732465) | 12/08/25 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (784920)<br>|
| Kioxia Holdings Corp. | Barclays Bank PLC | (1811882) | 05/12/27 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; 12490 |
| Kioxia Holdings Corp. | Barclays Bank PLC | (968744) | 09/09/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (28593)<br>|
| Kirin Holdings Co. Ltd. | Barclays Bank PLC | (5229156) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 101889 |
| Kirin Holdings Co. Ltd. | Barclays Bank PLC | (10865722) | 09/09/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 218837 |
| Kiyo Bank Ltd. | Barclays Bank PLC | (1217176) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (19594)<br>|
| Kiyo Bank Ltd. | Goldman Sachs Bank USA | (374457) | 08/19/26 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (24816)<br>|
| KKR & Co., Inc., Class A | Bank of America N.A. | (8499498) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 418624 |
| KKR & Co., Inc., Class A | Citibank N.A. | (3077321) | 02/24/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 124041 |
| KKR & Co., Inc., Class A | SG Americas Securities LLC | (4939433) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 253446 |
| Klaviyo, Inc., Class A | Bank of America N.A. | (1698190) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (139984)<br>|
| Klaviyo, Inc., Class A | SG Americas Securities LLC | (2861914) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 14238 |
| Knowles Corp. | UBS AG | (562826) | 04/21/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (1288)<br>|
| Kobayashi Pharmaceutical Co., Ltd. | Barclays Bank PLC | (14666494) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 545185 |
| Kobe Steel Ltd. | Barclays Bank PLC | (5812929) | 09/09/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (115301)<br>|
| Kobe Steel Ltd. | Citibank N.A. | (207728) | 02/26/26 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (4120)<br>|
| Kobe Steel Ltd. | SG Americas Securities LLC | (64191) | 12/08/25 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (1718)<br>|
| Koito Manufacturing Co. Ltd. | Barclays Bank PLC | (2925778) | 05/12/27 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 13252 |
| Kokusai Electric Corp. | Bank of America N.A. | (2565704) | 02/15/28 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; (657250)<br>|
| Kokusai Electric Corp. | Barclays Bank PLC | (8904069) | 05/12/27 | (0.17)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (1345803)<br>|
| Kokusai Electric Corp. | Barclays Bank PLC | (2501393) | 09/09/27 | (0.17)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (378072)<br>|
| Kokusai Electric Corp. | UBS AG | (3834011) | 04/18/28 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; (982150)<br>|
| Komatsu Ltd. | Barclays Bank PLC | (14137750) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 780787 |
| Komatsu Ltd. | Barclays Bank PLC | (24569155) | 09/09/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 1738883 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination*<br> *Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) |
| Komatsu Ltd. | Citibank N.A. | $(304364) | 02/26/26 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; $23376 |
| Komatsu Ltd. | JPMorgan Chase Bank N.A. | (2282063) | 02/10/26 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 101062 |
| Komatsu Ltd. | JPMorgan Chase Bank N.A. | (5873163) | 02/10/26 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 260094 |
| Konami Group Corp. | Bank of America N.A. | (141912) | 03/15/28 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (24624)<br>|
| Konami Group Corp. | Barclays Bank PLC | (3831257) | 05/12/27 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (548618)<br>|
| Konami Group Corp. | Barclays Bank PLC | (484482) | 09/09/27 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (48431)<br>|
| Konami Group Corp. | BNP Paribas SA | (2284777) | 09/09/26 | (0.25)% | 1D TONA | Monthly  | &nbsp;&nbsp; (396439)<br>|
| Konami Group Corp. | BNP Paribas SA | (7563889) | 03/24/27 | (0.25)% | 1D TONA | Monthly  | &nbsp;&nbsp; (1312436)<br>|
| Konecranes Oyj | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (175152) | 01/04/27 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (38056)<br>|
| Konecranes Oyj | UBS AG | (253157) | 04/24/28 | 0.00% | 1D ESTR | Monthly  | &nbsp;&nbsp; (66359)<br>|
| Koninklijke Vopak NV | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (4878724) | 01/04/27 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 30124 |
| Koninklijke Vopak NV | SG Americas Securities LLC | (15518283) | 12/08/25 | (0.21)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (183823)<br>|
| Korn Ferry | UBS AG | (152298) | 04/21/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (6)<br>|
| Kose Corp. | Barclays Bank PLC | (141600) | 05/12/27 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; (149)<br>|
| Kotobuki Spirits Co., Ltd. | Barclays Bank PLC | (11596091) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 81711 |
| Kraft Heinz Co. | BNP Paribas SA | (34235880) | 04/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 625189 |
| Kraken Robotics, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (629632) | 01/04/27 | (0.20)% | CABROVER | Monthly  | &nbsp;&nbsp; 27695 |
| Krosaki Harima Corp. | Bank of America N.A. | (64318) | 02/15/28 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (43)<br>|
| Krosaki Harima Corp. | Barclays Bank PLC | (2780451) | 05/12/27 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 2202 |
| Krosaki Harima Corp. | BNP Paribas SA | (72357) | 03/24/27 | (0.15)% | 1D TONA | Monthly  | &nbsp;&nbsp; (49)<br>|
| Krosaki Harima Corp. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (800789) | 01/06/27 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 1640 |
| Krosaki Harima Corp. | UBS AG | (217072) | 04/03/28 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; (146)<br>|
| Krystal Biotech, Inc. | SG Americas Securities LLC | (1878986) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (100262)<br>|
| Kumiai Chemical Industry Co., Ltd. | Bank of America N.A. | (539227) | 02/15/28 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; 26501 |
| Kumiai Chemical Industry Co., Ltd. | Barclays Bank PLC | (2394452) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 98466 |
| Kumiai Chemical Industry Co., Ltd. | BNP Paribas SA | (1262950) | 03/24/27 | (0.25)% | 1D TONA | Monthly  | &nbsp;&nbsp; 36655 |
| Kumiai Chemical Industry Co., Ltd. | Citibank N.A. | (1421908) | 02/26/26 | (0.21)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 58472 |
| Kumiai Chemical Industry Co., Ltd. | JPMorgan Chase Bank N.A. | (120158) | 02/10/26 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 20621 |
| Kumiai Chemical Industry Co., Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (379571) | 01/06/27 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 16814 |
| Kura Sushi USA, Inc., Class A | Barclays Bank PLC | (283765) | 12/23/25 | (0.38)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 40617 |
| Kura Sushi USA, Inc., Class A | BNP Paribas SA | (1089507) | 04/16/26 | (0.35)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 113954 |
| Kura Sushi USA, Inc., Class A | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (642541) | 01/04/27 | (0.37)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 91971 |
| Kurabo Industries Ltd. | Bank of America N.A. | (245539) | 02/15/28 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (4543)<br>|
| Kurabo Industries Ltd. | Barclays Bank PLC | (369600) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 10391 |
| Kurabo Industries Ltd. | BNP Paribas SA | (187502) | 03/24/27 | (0.25)% | 1D TONA | Monthly  | &nbsp;&nbsp; (3469)<br>|
| Kurabo Industries Ltd. | Citibank N.A. | (154390) | 02/26/26 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 4341 |
| Kurabo Industries Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (60820) | 01/06/27 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 1710 |
| Kurabo Industries Ltd. | SG Americas Securities LLC | (200999) | 12/08/25 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 934 |
| Kurabo Industries Ltd. | UBS AG | (111609) | 04/03/28 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; (2065)<br>|
| Kuraray Co., Ltd. | Barclays Bank PLC | (6990373) | 05/12/27 | (0.18)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 52811 |
| Kuraray Co., Ltd. | JPMorgan Chase Bank N.A. | (3173157) | 02/10/26 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 151926 |
| Kusuri no Aoki Holdings Co. Ltd. | Barclays Bank PLC | (3717771) | 05/12/27 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 13236 |
| KYB Corp. | Bank of America N.A. | (1562767) | 02/15/28 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; (29772)<br>|
| KYB Corp. | Barclays Bank PLC | (5391902) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 43710 |
| KYB Corp. | BNP Paribas SA | (348388) | 03/24/27 | (0.15)% | 1D TONA | Monthly  | &nbsp;&nbsp; (6637)<br>|
| KYB Corp. | SG Americas Securities LLC | (138057) | 12/08/25 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 1119 |
| Kyoto Financial Group, Inc. | Bank of America N.A. | (9226101) | 03/15/28 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (183908)<br>|
| Kyoto Financial Group, Inc. | Barclays Bank PLC | (3737975) | 09/09/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 22592 |
| Kyoto Financial Group, Inc. | Citibank N.A. | (216044) | 02/26/26 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 1306 |
| Kyushu Electric Power Co., Inc. | Bank of America N.A. | (205304) | 02/15/28 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (1777)<br>|
| Kyushu Electric Power Co., Inc. | Bank of America N.A. | (152762) | 03/15/28 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (1322)<br>|
| Kyushu Electric Power Co., Inc. | Barclays Bank PLC | (1838330) | 05/12/27 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 3063 |
| Kyushu Electric Power Co., Inc. | Barclays Bank PLC | (6409578) | 09/09/27 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 10678 |
| Kyushu Electric Power Co., Inc. | JPMorgan Chase Bank N.A. | (206716) | 02/10/26 | (0.75)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 616 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination*<br> *Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) |
| Kyushu Railway Co. | Bank of America N.A. | $(892867) | 02/15/28 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; $(4906)<br>|
| Kyushu Railway Co. | Barclays Bank PLC | (2391919) | 05/12/27 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 35899 |
| Kyushu Railway Co. | JPMorgan Chase Bank N.A. | (150496) | 02/10/26 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 867 |
| Kyushu Railway Co. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (141756) | 01/06/27 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 2271 |
| L E Lundbergforetagen AB, Class B | Bank of America N.A. | (1160435) | 02/15/28 | (0.26)% | 1D STIBOR | Monthly  | &nbsp;&nbsp; (14981)<br>|
| L E Lundbergforetagen AB, Class B | Bank of America N.A. | (2219) | 02/15/28 | (0.26)% | 1D STIBOR | Monthly  | &nbsp;&nbsp; (29)<br>|
| L E Lundbergforetagen AB, Class B | BNP Paribas SA | (9534152) | 08/17/26 | (0.25)% | 1D STIBOR | Monthly  | &nbsp;&nbsp; (92742)<br>|
| L E Lundbergforetagen AB, Class B | SG Americas Securities LLC | (256722) | 12/08/25 | (0.23)% | 1D STIBOR | Monthly  | &nbsp;&nbsp; (6289)<br>|
| Laboratorios Farmaceuticos Rovi SA | Barclays Bank PLC | (14248873) | 12/10/26 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 695877 |
| Lamb Weston Holdings, Inc. | BNP Paribas SA | (10972270) | 04/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 423909 |
| Land Securities Group PLC | Bank of America N.A. | (106226) | 02/15/28 | (0.25)% | 1D SONIA | Monthly  | &nbsp;&nbsp; (189)<br>|
| Land Securities Group PLC | SG Americas Securities LLC | (13407453) | 12/08/25 | (0.25)% | 1D SONIA | Monthly  | &nbsp;&nbsp; (789721)<br>|
| Land Securities Group PLC | SG Americas Securities LLC | (5581134) | 12/08/25 | (0.25)% | 1D SONIA | Monthly  | &nbsp;&nbsp; (306365)<br>|
| Landis&Gyr Group AG | SG Americas Securities LLC | (5554196) | 12/08/25 | (0.26)% | SSARON | Monthly  | &nbsp;&nbsp; 438730 |
| Lantheus Holdings, Inc. | BNP Paribas SA | (1845265) | 04/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (38198)<br>|
| LANXESS AG | Barclays Bank PLC | (1992841) | 12/10/26 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 52609 |
| LANXESS AG | JPMorgan Chase Bank N.A. | (1374306) | 02/10/26 | 0.00% | 1D ESTR | Monthly  | &nbsp;&nbsp; 5313 |
| LANXESS AG | SG Americas Securities LLC | (8552645) | 12/08/25 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 33067 |
| Lasertec Corp. | Barclays Bank PLC | (13434371) | 09/09/27 | (0.16)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (6016117)<br>|
| Laurentian Bank of Canada | Bank of America N.A. | (1717366) | 02/15/28 | (0.20)% | CABROVER | Monthly  | &nbsp;&nbsp; (39031)<br>|
| Laurentian Bank of Canada | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (2021674) | 01/04/27 | (0.20)% | CABROVER | Monthly  | &nbsp;&nbsp; (67117)<br>|
| La-Z-Boy, Inc. | SG Americas Securities LLC | (4599243) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 181182 |
| LCI Industries | Barclays Bank PLC | (10186556) | 12/23/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (1409602)<br>|
| Legacy Housing Corp. | BNP Paribas SA | (569871) | 04/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 14469 |
| Legacy Housing Corp. | SG Americas Securities LLC | (63859) | 12/08/25 | (0.50)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 828 |
| Legacy Housing Corp. | UBS AG | (29722) | 04/21/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 755 |
| Legrand SA | Citibank N.A. | (21218897) | 06/25/26 | 0.00% | 1D ESTR | Monthly  | &nbsp;&nbsp; (682394)<br>|
| Legrand SA | Citibank N.A. | (19593508) | 07/06/26 | 0.00% | 1D ESTR | Monthly  | &nbsp;&nbsp; (630122)<br>|
| Legrand SA | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (1407220) | 01/04/27 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (45256)<br>|
| LendingTree, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (123815) | 01/04/27 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (9881)<br>|
| Lennox International, Inc. | SG Americas Securities LLC | (242094) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (5861)<br>|
| LENZ Therapeutics, Inc. | BNP Paribas SA | (124437) | 04/16/26 | (0.39)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 27758 |
| Leo Lithium Ltd. | Goldman Sachs Bank USA | (11164) | 08/19/26 | (1.27)% | 1D AONIA | Monthly  | &nbsp;&nbsp; 11164 |
| Levi Strauss & Co., Class A | Barclays Bank PLC | (3086860) | 12/23/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 140906 |
| Liberty Broadband Corp., Class C | SG Americas Securities LLC | (5624468) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 848374 |
| Liberty Media Corp.-Liberty Live, <br> Class C<br>| SG Americas Securities LLC | (19603231) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (725096)<br>|
| Liberty Media Corp-Liberty Formula <br> One, Class C<br>| UBS AG | (6390373) | 04/18/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 229528 |
| Life360, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (8431215) | 01/04/27 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (866576)<br>|
| Life360, Inc. | UBS AG | (4665467) | 04/21/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (57807)<br>|
| Lifedrink Co., Inc. | Barclays Bank PLC | (51683) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 2236 |
| Lifedrink Co., Inc. | BNP Paribas SA | (24972) | 03/24/27 | (0.15)% | 1D TONA | Monthly  | &nbsp;&nbsp; 1550 |
| Lifedrink Co., Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (51683) | 01/06/27 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 2236 |
| Lifenet Insurance Co. | Barclays Bank PLC | (128423) | 05/12/27 | (1.32)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 1601 |
| Lifenet Insurance Co. | BNP Paribas SA | (347456) | 03/24/27 | (1.25)% | 1D TONA | Monthly  | &nbsp;&nbsp; 20647 |
| Lifenet Insurance Co. | Citibank N.A. | (1312627) | 02/26/26 | (1.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 16365 |
| Lifenet Insurance Co. | JPMorgan Chase Bank N.A. | (421110) | 02/10/26 | (1.36)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 26012 |
| Lifenet Insurance Co. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (1512670) | 01/06/27 | (1.00)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 18859 |
| Lifestyle Communities Ltd. | Bank of America N.A. | (420709) | 02/15/28 | (0.30)% | 1D AONIA | Monthly  | &nbsp;&nbsp; 19209 |
| Lifestyle Communities Ltd. | Barclays Bank PLC | (1111959) | 05/12/27 | (0.25)% | 1D AONIA | Monthly  | &nbsp;&nbsp; 18492 |
| Lifestyle Communities Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (873207) | 01/06/27 | (1.50)% | 1D AONIA | Monthly  | &nbsp;&nbsp; 14522 |
| Ligand Pharmaceuticals, Inc. | JPMorgan Chase Bank N.A. | (238546) | 02/10/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (8818)<br>|

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination*<br> *Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) |
| Ligand Pharmaceuticals, Inc. | UBS AG | $(6430008) | 04/21/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; $(282869)<br>|
| Lincoln National Corp. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (13307719) | 01/06/27 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (870977)<br>|
| Lindab International AB | BNP Paribas SA | (1709280) | 11/17/25 | (0.25)% | 1D STIBOR | Monthly  | &nbsp;&nbsp; (223381)<br>|
| Lindab International AB | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (2244878) | 01/04/27 | (0.26)% | 1D STIBOR | Monthly  | &nbsp;&nbsp; (224576)<br>|
| Lindsay Corp. | UBS AG | (726583) | 04/21/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 121659 |
| Lineage, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (2863440) | 01/06/27 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 51738 |
| Lineage, Inc. | SG Americas Securities LLC | (177051) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 6410 |
| LINK Mobility Group Holding ASA | Barclays Bank PLC | (561288) | 12/11/26 | (0.48)% | NOWA | Monthly  | &nbsp;&nbsp; (35827)<br>|
| LINK Mobility Group Holding ASA | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (191930) | 01/04/27 | (1.00)% | NOWA | Monthly  | &nbsp;&nbsp; (12251)<br>|
| LINK Mobility Group Holding ASA | SG Americas Securities LLC | (400610) | 12/08/25 | (0.56)% | NOWA | Monthly  | &nbsp;&nbsp; (6079)<br>|
| LINK Mobility Group Holding ASA | UBS AG | (95826) | 04/24/28 | 0.00% | NOWA | Monthly  | &nbsp;&nbsp; (1956)<br>|
| Liquidia Corp. | Bank of America N.A. | (2517376) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (130434)<br>|
| Liquidia Corp. | Barclays Bank PLC | (5941993) | 12/23/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (537280)<br>|
| Liquidia Corp. | BNP Paribas SA | (3056425) | 04/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (158364)<br>|
| Liquidia Corp. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (2852505) | 01/04/27 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (257926)<br>|
| Live Nation Entertainment, Inc. | SG Americas Securities LLC | (1304832) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (2060)<br>|
| Lixil Corp. | Barclays Bank PLC | (24129240) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 1440051 |
| LKQ Corp. | SG Americas Securities LLC | (1716619) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (35972)<br>|
| Loar Holdings, Inc. | UBS AG | (14550674) | 04/18/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 318352 |
| Logista Integral SA | Barclays Bank PLC | (19577231) | 12/10/26 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 152137 |
| LondonMetric Property PLC | Bank of America N.A. | (2796993) | 02/15/28 | (0.25)% | 1D SONIA | Monthly  | &nbsp;&nbsp; (51447)<br>|
| LondonMetric Property PLC | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (8478095) | 01/04/27 | (0.25)% | 1D SONIA | Monthly  | &nbsp;&nbsp; 307219 |
| LondonMetric Property PLC | SG Americas Securities LLC | (7179195) | 12/08/25 | (0.18)% | 1D SONIA | Monthly  | &nbsp;&nbsp; (391143)<br>|
| LondonMetric Property PLC | SG Americas Securities LLC | (1655403) | 12/08/25 | (0.18)% | 1D SONIA | Monthly  | &nbsp;&nbsp; (90191)<br>|
| LondonMetric Property PLC | UBS AG | (6745722) | 09/03/29 | 0.00% | 1D SONIA | Monthly  | &nbsp;&nbsp; (124078)<br>|
| Lotus Bakeries NV | Barclays Bank PLC | (910686) | 12/10/26 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 73119 |
| Lotus Bakeries NV | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (11290423) | 01/04/27 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 855737 |
| Lotus Bakeries NV | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (5596923) | 01/06/27 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 449377 |
| Lotus Bakeries NV | SG Americas Securities LLC | (5207569) | 12/08/25 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 173444 |
| Lotus Bakeries NV | SG Americas Securities LLC | (4693130) | 12/08/25 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 156310 |
| Lotus Bakeries NV | UBS AG | (1759843) | 04/18/28 | 0.00% | 1D ESTR | Monthly  | &nbsp;&nbsp; 67260 |
| Lotus Bakeries NV | UBS AG | (3419901) | 09/03/29 | 0.00% | 1D ESTR | Monthly  | &nbsp;&nbsp; 130707 |
| LPL Financial Holdings, Inc. | BNP Paribas SA | (9406172) | 04/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (1187560)<br>|
| LTC Properties, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (12598627) | 01/04/27 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 99763 |
| Lumen Technologies, Inc. | SG Americas Securities LLC | (986564) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (454044)<br>|
| Lumen Technologies, Inc. | UBS AG | (9978969) | 04/18/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (4131595)<br>|
| Lumentum Holdings, Inc. | SG Americas Securities LLC | (810516) | 12/08/25 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (5802)<br>|
| Lumine Group, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (2057498) | 01/04/27 | (0.20)% | CABROVER | Monthly  | &nbsp;&nbsp; 158182 |
| LunR Royalties Corp. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | 0 | 01/04/27 | (2.92)% | CABROVER | Monthly  | &nbsp;&nbsp; (5741)<br>|
| Lynas Rare Earths Ltd. | Barclays Bank PLC | (135662) | 09/09/27 | (0.25)% | 1D AONIA | Monthly  | &nbsp;&nbsp; 358 |
| M&A Capital Partners Co., Ltd. | Barclays Bank PLC | (553007) | 05/12/27 | (0.17)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 35537 |
| M&A Capital Partners Co., Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (153897) | 01/06/27 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 12595 |
| M&A Research Institute Holdings, <br> Inc.<br>| Bank of America N.A. | (1525878) | 02/15/28 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; (181027)<br>|
| M&A Research Institute Holdings, <br> Inc.<br>| Barclays Bank PLC | (731248) | 05/12/27 | (0.90)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (103749)<br>|
| M&A Research Institute Holdings, <br> Inc.<br>| Citibank N.A. | (109903) | 02/26/26 | (1.00)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (15593)<br>|

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination*<br> *Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) |
| M&A Research Institute Holdings, <br> Inc.<br>| &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | $(491330) | 01/06/27 | (0.69)% | 1D P TONA | Monthly  | &nbsp;&nbsp; $(69710)<br>|
| M3, Inc. | Bank of America N.A. | (739965) | 02/15/28 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; 16799 |
| M3, Inc. | Bank of America N.A. | (516255) | 03/15/28 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 11720 |
| M3, Inc. | Barclays Bank PLC | (11127853) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 462553 |
| M3, Inc. | Barclays Bank PLC | (15042817) | 09/09/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 568281 |
| Macquarie Technology Group Ltd. | Bank of America N.A. | (122190) | 02/15/28 | (0.30)% | 1D AONIA | Monthly  | &nbsp;&nbsp; (617)<br>|
| Macquarie Technology Group Ltd. | Barclays Bank PLC | (474760) | 05/12/27 | (0.99)% | 1D AONIA | Monthly  | &nbsp;&nbsp; (2107)<br>|
| Macquarie Technology Group Ltd. | BNP Paribas SA | (139148) | 03/22/27 | (2.00)% | 1D AONIA | Monthly  | &nbsp;&nbsp; (702)<br>|
| Macquarie Technology Group Ltd. | JPMorgan Chase Bank N.A. | (45319) | 02/10/26 | (1.25)% | 1D AONIA | Monthly  | &nbsp;&nbsp; 332 |
| Macquarie Technology Group Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (437809) | 01/06/27 | (0.60)% | 1D AONIA | Monthly  | &nbsp;&nbsp; (1943)<br>|
| Macquarie Technology Group Ltd. | UBS AG | (366656) | 04/03/28 | 0.00% | 1D AONIA | Monthly  | &nbsp;&nbsp; (1851)<br>|
| Madison Square Garden <br> Entertainment Corp., Class A<br>| Barclays Bank PLC | (2533112) | 12/23/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 110803 |
| Madison Square Garden Sports <br> Corp., Class A<br>| BNP Paribas SA | (27571564) | 04/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1085180 |
| Madrigal Pharmaceuticals, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (9499419) | 01/06/27 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (52758)<br>|
| Maeda Kosen Co., Ltd. | Barclays Bank PLC | (420511) | 05/12/27 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 14475 |
| Maeda Kosen Co., Ltd. | SG Americas Securities LLC | (92843) | 12/08/25 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 1641 |
| Magellan Financial Group Ltd. | Barclays Bank PLC | (3141138) | 05/12/27 | (0.25)% | 1D AONIA | Monthly  | &nbsp;&nbsp; 318444 |
| Mainfreight Ltd. | BNP Paribas SA | (220896) | 03/22/27 | (0.25)% | 1D NZOCO | Monthly  | &nbsp;&nbsp; 6925 |
| Mainfreight Ltd. | Goldman Sachs Bank USA | (936406) | 08/19/26 | (0.40)% | 1D NZOCO | Monthly  | &nbsp;&nbsp; 29357 |
| Makita Corp. | Bank of America N.A. | (1290807) | 02/15/28 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 27137 |
| Makita Corp. | Bank of America N.A. | (7436034) | 03/15/28 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 156328 |
| Makita Corp. | Barclays Bank PLC | (2317972) | 05/12/27 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 74807 |
| Makita Corp. | Barclays Bank PLC | (1043517) | 09/09/27 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 36814 |
| Makita Corp. | BNP Paribas SA | (6555939) | 09/09/26 | (0.25)% | 1D TONA | Monthly  | &nbsp;&nbsp; 137826 |
| Makita Corp. | BNP Paribas SA | (4582672) | 03/24/27 | (0.25)% | 1D TONA | Monthly  | &nbsp;&nbsp; 96342 |
| Mandatum Oyj | Goldman Sachs Bank USA | (1046898) | 08/19/26 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (56834)<br>|
| Mandatum Oyj | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (3731484) | 01/04/27 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (186643)<br>|
| Maple Leaf Foods, Inc. | Barclays Bank PLC | (507678) | 12/23/25 | (0.20)% | CABROVER | Monthly  | &nbsp;&nbsp; 28106 |
| Maple Leaf Foods, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (5141249) | 01/04/27 | (0.20)% | CABROVER | Monthly  | &nbsp;&nbsp; 284624 |
| Maplebear, Inc. | Barclays Bank PLC | (4596479) | 12/23/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 303948 |
| Maplebear, Inc. | SG Americas Securities LLC | (19308321) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1358644 |
| Mapletree Industrial Trust | Barclays Bank PLC | (1344077) | 12/24/27 | (0.30)% | SORA | Monthly  | &nbsp;&nbsp; 31657 |
| Mapletree Logistics Trust | Goldman Sachs Bank USA | (3220) | 08/19/26 | (0.30)% | SORA | Monthly  | &nbsp;&nbsp; (176)<br>|
| Mapletree Logistics Trust | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (370667) | 01/06/27 | (0.43)% | SORA | Monthly  | &nbsp;&nbsp; (14202)<br>|
| Mapletree Logistics Trust | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (97226) | 01/07/27 | (0.30)% | SORA | Monthly  | &nbsp;&nbsp; (3725)<br>|
| Markel Group, Inc. | SG Americas Securities LLC | (9727767) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (95520)<br>|
| Marks & Spencer Group PLC | Bank of America N.A. | (7763593) | 02/15/28 | 0.00% | 1D SONIA | Monthly  | &nbsp;&nbsp; 117 |
| Marks & Spencer Group PLC | Bank of America N.A. | (23048496) | 02/15/28 | 0.00% | 1D SONIA | Monthly  | &nbsp;&nbsp; 348 |
| Marks & Spencer Group PLC | Barclays Bank PLC | (21172773) | 08/17/26 | (0.15)% | 1D SONIA | Monthly  | &nbsp;&nbsp; 422898 |
| Marks & Spencer Group PLC | BNP Paribas SA | (2870421) | 03/22/27 | (0.25)% | 1D SONIA | Monthly  | &nbsp;&nbsp; 3788 |
| Marqeta, Inc., Class A | Goldman Sachs Bank USA | (929404) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 48609 |
| Marqeta, Inc., Class A | SG Americas Securities LLC | (4435502) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 487992 |
| Marriott International, Inc., Class A | UBS AG | (463350) | 04/18/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 4469 |
| Marshalls PLC | Bank of America N.A. | (1144296) | 02/15/28 | (0.25)% | 1D SONIA | Monthly  | &nbsp;&nbsp; (12334)<br>|
| Martin Marietta Materials, Inc. | Barclays Bank PLC | (6187650) | 12/23/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 93436 |
| Marubeni Corp. | Bank of America N.A. | (2795782) | 03/15/28 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; (89443)<br>|
| Marubeni Corp. | Barclays Bank PLC | (232665) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (3265)<br>|
| Marubeni Corp. | Barclays Bank PLC | (833716) | 09/09/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (11699)<br>|
| Marubeni Corp. | BNP Paribas SA | (2409993) | 09/09/26 | (0.25)% | 1D TONA | Monthly  | &nbsp;&nbsp; (77100)<br>|
| Marubeni Corp. | BNP Paribas SA | (24347596) | 03/24/27 | (0.25)% | 1D TONA | Monthly  | &nbsp;&nbsp; (778928)<br>|
| Maruwa Co. Ltd. | Bank of America N.A. | (443560) | 02/15/28 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; (37093)<br>|
| Maruwa Co. Ltd. | Barclays Bank PLC | (22754461) | 05/12/27 | (0.19)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (2635325)<br>|

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination*<br> *Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) |
| Maruwa Co. Ltd. | Barclays Bank PLC | $(12973590) | 09/09/27 | (0.19)% | 1D P TONA | Monthly  | &nbsp;&nbsp; $(1502546)<br>|
| Maruwa Co. Ltd. | Citibank N.A. | (2204497) | 02/26/26 | (0.16)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (255315)<br>|
| Maruwa Co. Ltd. | Citibank N.A. | (1064240) | 02/26/26 | (0.24)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (123256)<br>|
| Maruwa Co. Ltd. | Goldman Sachs Bank USA | (521835) | 08/19/26 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (43639)<br>|
| Maruwa Co. Ltd. | SG Americas Securities LLC | (1411492) | 12/08/25 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (143562)<br>|
| Maruzen Showa Unyu Co., Ltd. | Bank of America N.A. | (261099) | 02/15/28 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (4392)<br>|
| Maruzen Showa Unyu Co., Ltd. | Barclays Bank PLC | (489157) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 3173 |
| Maruzen Showa Unyu Co., Ltd. | BNP Paribas SA | (168166) | 03/24/27 | (0.15)% | 1D TONA | Monthly  | &nbsp;&nbsp; (2829)<br>|
| Maruzen Showa Unyu Co., Ltd. | SG Americas Securities LLC | (190572) | 12/08/25 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (2922)<br>|
| Maruzen Showa Unyu Co., Ltd. | UBS AG | (119486) | 04/03/28 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; (2010)<br>|
| Masco Corp. | Bank of America N.A. | (60421) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 2461 |
| Masco Corp. | Citibank N.A. | (1422437) | 02/24/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 87021 |
| Masco Corp. | UBS AG | (9965293) | 04/18/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 445573 |
| Masterbrand, Inc. | SG Americas Securities LLC | (8521297) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 429268 |
| Matas A/S | Bank of America N.A. | (999898) | 02/15/28 | (0.26)% | 1W CIBOR | Monthly  | &nbsp;&nbsp; (25663)<br>|
| Matas A/S | BNP Paribas SA | (1530707) | 06/17/26 | (0.25)% | DESTR | Monthly  | &nbsp;&nbsp; (35795)<br>|
| Matas A/S | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (1687246) | 01/04/27 | (0.26)% | DESTR | Monthly  | &nbsp;&nbsp; (8153)<br>|
| Match Group, Inc. | SG Americas Securities LLC | (383748) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 9574 |
| Matsui Securities Co. Ltd. | Barclays Bank PLC | (8269838) | 05/12/27 | (0.17)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (127764)<br>|
| MatsukiyoCocokara & Co. | Barclays Bank PLC | (2738916) | 05/12/27 | (0.17)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 100619 |
| MatsukiyoCocokara & Co. | Barclays Bank PLC | (6416514) | 09/09/27 | (0.17)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 235722 |
| Mattel, Inc. | Barclays Bank PLC | (214750) | 12/23/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 8930 |
| Matthews International Corp., <br> Class A<br>| Goldman Sachs Bank USA | (668943) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (3445)<br>|
| Matthews International Corp., <br> Class A<br>| &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (1072947) | 01/04/27 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (5989)<br>|
| Max Co., Ltd. | Barclays Bank PLC | (90844) | 05/12/27 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 224 |
| Max Co., Ltd. | BNP Paribas SA | (43294) | 03/24/27 | (0.15)% | 1D TONA | Monthly  | &nbsp;&nbsp; (204)<br>|
| McCormick & Co., Inc. | Bank of America N.A. | (249772) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 4361 |
| McCormick & Co., Inc. | BNP Paribas SA | (9675026) | 04/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 211939 |
| McDonald's Corp. | SG Americas Securities LLC | (10470944) | 12/08/25 | 0.04% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 300151 |
| Mebuki Financial Group, Inc. | Barclays Bank PLC | (4558920) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (220622)<br>|
| Mebuki Financial Group, Inc. | Barclays Bank PLC | (11821125) | 09/09/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (572614)<br>|
| Mebuki Financial Group, Inc. | SG Americas Securities LLC | (590960) | 12/08/25 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (16154)<br>|
| Mebuki Financial Group, Inc. | SG Americas Securities LLC | (923792) | 12/08/25 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (25253)<br>|
| MediaAlpha, Inc., Class A | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (1202741) | 01/04/27 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (173825)<br>|
| MediaAlpha, Inc., Class A | SG Americas Securities LLC | (220805) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (39626)<br>|
| Medibank Pvt Ltd. | Barclays Bank PLC | (210418) | 05/12/27 | (0.25)% | 1D AONIA | Monthly  | &nbsp;&nbsp; (7956)<br>|
| Medical Properties Trust, Inc. | Bank of America N.A. | (1542679) | 02/15/28 | (0.79)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 26396 |
| Medical Properties Trust, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (2935357) | 01/04/27 | (1.03)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (63812)<br>|
| Medical Properties Trust, Inc. | SG Americas Securities LLC | (2438086) | 12/08/25 | (0.75)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 99514 |
| Medley, Inc. | Barclays Bank PLC | (12526196) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 850955 |
| Megachips Corp. | Barclays Bank PLC | (521984) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (17872)<br>|
| Megachips Corp. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (288865) | 01/06/27 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (9890)<br>|
| Megaport Ltd. | Barclays Bank PLC | (1582191) | 05/12/27 | (0.25)% | 1D AONIA | Monthly  | &nbsp;&nbsp; (143658)<br>|
| MEIJI Holdings Co. Ltd. | Bank of America N.A. | (963937) | 03/15/28 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; 3365 |
| MEIJI Holdings Co. Ltd. | Barclays Bank PLC | (8259731) | 09/09/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 236355 |
| Meiko Electronics Co. Ltd. | Barclays Bank PLC | (7796769) | 05/12/27 | (0.18)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (358514)<br>|
| Meiko Electronics Co. Ltd. | Citibank N.A. | (37726) | 02/26/26 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (1735)<br>|
| Melexis NV | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (1022616) | 01/04/27 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 3407 |
| Melia Hotels International SA | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (1789338) | 01/04/27 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 61565 |
| Melia Hotels International SA | SG Americas Securities LLC | (7029538) | 12/08/25 | (0.22)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 380477 |
| Melrose Industries PLC | Bank of America N.A. | (1734218) | 02/15/28 | (0.25)% | 1D SONIA | Monthly  | &nbsp;&nbsp; (21524)<br>|
| Melrose Industries PLC | Barclays Bank PLC | (1573106) | 12/10/26 | (0.25)% | 1D SONIA | Monthly  | &nbsp;&nbsp; 908 |
| Melrose Industries PLC | BNP Paribas SA | (8514666) | 08/17/26 | (0.25)% | 1D SONIA | Monthly  | &nbsp;&nbsp; (130736)<br>|

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination*<br> *Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) |
| Mercari, Inc. | Bank of America N.A. | $(27798) | 02/15/28 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; $1107 |
| Mercari, Inc. | Bank of America N.A. | (1091856) | 03/15/28 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; 43490 |
| Mercari, Inc. | Barclays Bank PLC | (11921360) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 534652 |
| Mercari, Inc. | Barclays Bank PLC | (15531888) | 09/09/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 641235 |
| Mercari, Inc. | SG Americas Securities LLC | (27345) | 12/08/25 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (829)<br>|
| Merck KGaA | Bank of America N.A. | (6462584) | 02/15/28 | 0.05% | 1D ESTR | Monthly  | &nbsp;&nbsp; 155636 |
| Merck KGaA | BNP Paribas SA | (18474114) | 08/17/26 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 189111 |
| Merck KGaA | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (2989745) | 01/06/27 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 19727 |
| Meridian Energy Ltd. | Barclays Bank PLC | (3993384) | 10/09/27 | (0.40)% | 1M BBR | Monthly  | &nbsp;&nbsp; 42807 |
| Meridian Energy Ltd. | BNP Paribas SA | (3388898) | 09/07/26 | (0.25)% | 1D NZOCO | Monthly  | &nbsp;&nbsp; (14900)<br>|
| Meridian Energy Ltd. | BNP Paribas SA | (612258) | 03/22/27 | (0.25)% | 1D NZOCO | Monthly  | &nbsp;&nbsp; (2692)<br>|
| Meridian Energy Ltd. | JPMorgan Chase Bank N.A. | (49938) | 02/10/26 | (0.25)% | 1M BBR | Monthly  | &nbsp;&nbsp; 370 |
| Meridian Energy Ltd. | SG Americas Securities LLC | (2129697) | 12/08/25 | (0.26)% | 1D NZOCO | Monthly  | &nbsp;&nbsp; 15759 |
| Meridian Energy Ltd. | SG Americas Securities LLC | (1959638) | 12/08/25 | (0.29)% | 1D NZOCO | Monthly  | &nbsp;&nbsp; 14501 |
| Meridian Energy Ltd. | UBS AG | (2498924) | 09/03/29 | 0.00% | 1M BBR | Monthly  | &nbsp;&nbsp; (10987)<br>|
| Merit Medical Systems, Inc. | UBS AG | (280852) | 04/21/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (9781)<br>|
| Merlin Properties Socimi SA | Bank of America N.A. | (3464273) | 02/15/28 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (66666)<br>|
| Merlin Properties Socimi SA | SG Americas Securities LLC | (13992283) | 12/08/25 | 0.10% | 1D ESTR | Monthly  | &nbsp;&nbsp; (156926)<br>|
| Metallus, Inc. | Bank of America N.A. | (645208) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (26343)<br>|
| Metallus, Inc. | Barclays Bank PLC | (1650420) | 12/23/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (27666)<br>|
| Metallus, Inc. | Goldman Sachs Bank USA | (773479) | 08/19/26 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (31580)<br>|
| Methanex Corp. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (338989) | 01/06/27 | (0.20)% | CABROVER | Monthly  | &nbsp;&nbsp; (44229)<br>|
| Metropole Television SA | Barclays Bank PLC | (5002307) | 12/10/26 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 118638 |
| Metropolitan Bank Holding Corp. | UBS AG | (1485965) | 04/21/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 233263 |
| Metso Oyj | SG Americas Securities LLC | (6343084) | 12/08/25 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (1356948)<br>|
| MFA Financial, Inc. | UBS AG | (3337142) | 04/21/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 54767 |
| MGE Energy, Inc. | BNP Paribas SA | (1201694) | 04/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 25686 |
| MGE Energy, Inc. | Goldman Sachs Bank USA | (5006197) | 08/19/26 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 107005 |
| MGP Ingredients, Inc. | Barclays Bank PLC | (2096091) | 12/23/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 31565 |
| Micron Technology, Inc. | SG Americas Securities LLC | (407918) | 12/08/25 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 432 |
| Micronics Japan Co. Ltd. | Barclays Bank PLC | (9199397) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (2567511)<br>|
| Mid Penn Bancorp, Inc. | Barclays Bank PLC | (388926) | 12/23/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (8236)<br>|
| Mid Penn Bancorp, Inc. | BNP Paribas SA | (470348) | 04/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (10997)<br>|
| Mid Penn Bancorp, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (54132) | 01/04/27 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (1146)<br>|
| Mid Penn Bancorp, Inc. | UBS AG | (273552) | 04/21/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (6396)<br>|
| Middleby Corp. | SG Americas Securities LLC | (5222312) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 422313 |
| Middlesex Water Co. | Bank of America N.A. | (1251414) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 20982 |
| Middlesex Water Co. | Barclays Bank PLC | (1076396) | 12/23/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 46247 |
| Middlesex Water Co. | Goldman Sachs Bank USA | (794394) | 08/19/26 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 13319 |
| Middlesex Water Co. | UBS AG | (898844) | 04/21/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 15070 |
| Millrose Properties, Inc., Class A | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (18965661) | 01/04/27 | (0.72)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 470840 |
| MinebeaMitsumi, Inc. | Bank of America N.A. | (3281222) | 02/15/28 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (171507)<br>|
| MinebeaMitsumi, Inc. | Bank of America N.A. | (1746730) | 03/15/28 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (91300)<br>|
| MinebeaMitsumi, Inc. | Barclays Bank PLC | (14668409) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (97096)<br>|
| MinebeaMitsumi, Inc. | Barclays Bank PLC | (16665286) | 09/09/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (116122)<br>|
| MinebeaMitsumi, Inc. | JPMorgan Chase Bank N.A. | (496881) | 02/10/26 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (13024)<br>|
| MinebeaMitsumi, Inc. | JPMorgan Chase Bank N.A. | (377476) | 02/10/26 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (9894)<br>|
| Minto Apartment REIT | Barclays Bank PLC | (359349) | 12/23/25 | (4.00)% | CABROVER | Monthly  | &nbsp;&nbsp; 3371 |
| Minto Apartment REIT | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (875081) | 01/04/27 | (2.00)% | CABROVER | Monthly  | &nbsp;&nbsp; 8208 |
| MISUMI Group, Inc. | Barclays Bank PLC | (131994) | 09/09/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (5207)<br>|
| Mitek Systems, Inc. | Bank of America N.A. | (1471741) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (10461)<br>|
| Mitek Systems, Inc. | BNP Paribas SA | (666460) | 04/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (4737)<br>|
| Mitsubishi Motors Corp. | Barclays Bank PLC | (5978110) | 09/09/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 366119 |
| Mitsubishi Motors Corp. | SG Americas Securities LLC | (7386) | 12/08/25 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 562 |
| Mitsubishi UFJ Financial Group, Inc. | Barclays Bank PLC | (4155811) | 09/09/27 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (87259)<br>|
| Mitsuboshi Belting Ltd. | Barclays Bank PLC | (851820) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 6664 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination*<br> *Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) |
| Mitsui E&S Co., Ltd. | Bank of America N.A. | $(84680) | 02/15/28 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; $(33220)<br>|
| Mitsui E&S Co., Ltd. | Bank of America N.A. | (508079) | 03/15/28 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (199318)<br>|
| Mitsui E&S Co., Ltd. | Barclays Bank PLC | (412854) | 05/12/27 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (95333)<br>|
| Mitsui E&S Co., Ltd. | Barclays Bank PLC | (8333054) | 09/09/27 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (1924197)<br>|
| Mitsui E&S Co., Ltd. | BNP Paribas SA | (251119) | 03/24/27 | (0.35)% | 1D TONA | Monthly  | &nbsp;&nbsp; (98513)<br>|
| Mitsui E&S Co., Ltd. | JPMorgan Chase Bank N.A. | (1180342) | 02/10/26 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (352351)<br>|
| Mitsui E&S Co., Ltd. | JPMorgan Chase Bank N.A. | (256732) | 02/10/26 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (76639)<br>|
| Mitsui E&S Co., Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (2483732) | 01/06/27 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (573522)<br>|
| Mitsui E&S Co., Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (482214) | 01/07/27 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (111349)<br>|
| Mitsui E&S Co., Ltd. | UBS AG | (440919) | 04/18/28 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; (172971)<br>|
| Mitsui E&S Co., Ltd. | UBS AG | (1620596) | 09/03/29 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; (635756)<br>|
| Mitsui Fudosan Accommodations <br> Fund, Inc.<br>| Barclays Bank PLC | (5267844) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 104424 |
| Mitsui Fudosan Logistics Park, Inc. | Bank of America N.A. | (6713595) | 02/15/28 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; (192214)<br>|
| Mitsui Fudosan Logistics Park, Inc. | Barclays Bank PLC | (15277634) | 05/12/27 | (0.19)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (69977)<br>|
| Mitsui High-Tec, Inc. | Barclays Bank PLC | (848106) | 05/12/27 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 6708 |
| Mitsui OSK Lines Ltd. | Barclays Bank PLC | (8738693) | 09/09/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (293638)<br>|
| Mitsui-Soko Holdings Co. Ltd. | Bank of America N.A. | (4178872) | 02/15/28 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (30547)<br>|
| Mitsui-Soko Holdings Co. Ltd. | Barclays Bank PLC | (4895620) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 24870 |
| MIXI, Inc. | Barclays Bank PLC | (1968540) | 05/12/27 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 13124 |
| MIXI, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (78288) | 01/06/27 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 1605 |
| Mizrahi Tefahot Bank Ltd. | Bank of America N.A. | (6541925) | 02/15/28 | (0.60)% | SHIR | Monthly  | &nbsp;&nbsp; 128464 |
| Mizrahi Tefahot Bank Ltd. | Citibank N.A. | (515584) | 07/20/26 | (0.55)% | SHIR | Monthly  | &nbsp;&nbsp; (7547)<br>|
| Mizrahi Tefahot Bank Ltd. | SG Americas Securities LLC | (2096541) | 12/08/25 | (0.70)% | SHIR | Monthly  | &nbsp;&nbsp; (9508)<br>|
| Mizuno Corp. | Bank of America N.A. | (1610901) | 02/15/28 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; 55846 |
| Mizuno Corp. | Barclays Bank PLC | (2357952) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 84901 |
| Mizuno Corp. | BNP Paribas SA | (2950827) | 03/24/27 | (0.25)% | 1D TONA | Monthly  | &nbsp;&nbsp; 102298 |
| Mizuno Corp. | Citibank N.A. | (2185784) | 02/26/26 | (0.16)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 78702 |
| Mizuno Corp. | JPMorgan Chase Bank N.A. | (14307) | 02/10/26 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (125)<br>|
| Mizuno Corp. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (900139) | 01/06/27 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 32411 |
| Mizuno Corp. | SG Americas Securities LLC | (382703) | 12/08/25 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (3355)<br>|
| Mizuno Corp. | UBS AG | (42982) | 04/03/28 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; 1490 |
| Modine Manufacturing Co. | Barclays Bank PLC | (6693076) | 12/23/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (221598)<br>|
| Modine Manufacturing Co. | SG Americas Securities LLC | (10098107) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 86906 |
| Mohawk Industries, Inc. | UBS AG | (10338260) | 04/18/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1029326 |
| Monarch Casino & Resort, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (160694) | 01/04/27 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 5413 |
| Moncler SpA | Citibank N.A. | (307423) | 06/25/26 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (383)<br>|
| Moncler SpA | SG Americas Securities LLC | (2282892) | 12/08/25 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 3836 |
| Moncler SpA | SG Americas Securities LLC | (18120) | 12/08/25 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (57)<br>|
| Mondelez International, Inc., Class A | SG Americas Securities LLC | (57075887) | 12/08/25 | (0.02)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 3887751 |
| Mondi PLC | Barclays Bank PLC | (4958739) | 08/17/26 | (0.25)% | 1D SONIA | Monthly  | &nbsp;&nbsp; (96652)<br>|
| Mondi PLC | Barclays Bank PLC | (767) | 12/10/26 | (0.25)% | 1D SONIA | Monthly  | &nbsp;&nbsp; (15)<br>|
| Mondi PLC | SG Americas Securities LLC | (8447270) | 12/08/25 | (0.25)% | 1D SONIA | Monthly  | &nbsp;&nbsp; (28563)<br>|
| Mondi PLC | SG Americas Securities LLC | (2698551) | 12/08/25 | (0.25)% | 1D SONIA | Monthly  | &nbsp;&nbsp; (9125)<br>|
| Money Forward, Inc. | Barclays Bank PLC | (21438376) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 2164203 |
| MongoDB, Inc., Class A | Barclays Bank PLC | (4674613) | 12/23/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (499239)<br>|
| MongoDB, Inc., Class A | Citibank N.A. | (21764470) | 02/24/28 | 0.05% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (2324400)<br>|
| Monolithic Power Systems, Inc. | Bank of America N.A. | (22781234) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 66224 |
| MonotaRO Co., Ltd. | Barclays Bank PLC | (5637022) | 05/12/27 | (0.16)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (321920)<br>|
| MonotaRO Co., Ltd. | Barclays Bank PLC | (6729846) | 09/09/27 | (0.16)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (384329)<br>|
| MonotaRO Co., Ltd. | JPMorgan Chase Bank N.A. | (280209) | 02/10/26 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 2562 |
| MonotaRO Co., Ltd. | SG Americas Securities LLC | (971579) | 12/08/25 | (0.09)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 8884 |
| MonotaRO Co., Ltd. | SG Americas Securities LLC | (658984) | 12/08/25 | (0.16)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 6026 |
| Montea NV | Barclays Bank PLC | (1527652) | 12/10/26 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 40814 |
| MONY Group PLC | BNP Paribas SA | (1003392) | 03/17/27 | (0.25)% | 1D SONIA | Monthly  | &nbsp;&nbsp; 2288 |
| Morgan Advanced Materials PLC | SG Americas Securities LLC | (2061984) | 12/08/25 | (0.25)% | 1D SONIA | Monthly  | &nbsp;&nbsp; 175685 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination*<br> *Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) |
| Morgan Advanced Materials PLC | UBS AG | $(1791446) | 04/24/28 | 0.00% | 1D SONIA | Monthly  | &nbsp;&nbsp; $(50565)<br>|
| Mori Hills REIT Investment Corp., <br> Class C<br>| Bank of America N.A. | (108641) | 02/15/28 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (2341)<br>|
| Mori Hills REIT Investment Corp., <br> Class C<br>| Barclays Bank PLC | (9171879) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (18739)<br>|
| MOS Food Services, Inc. | Barclays Bank PLC | (2809209) | 05/12/27 | (0.50)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 73029 |
| MOS Food Services, Inc. | BNP Paribas SA | (349994) | 03/24/27 | (0.25)% | 1D TONA | Monthly  | &nbsp;&nbsp; 6404 |
| MOS Food Services, Inc. | JPMorgan Chase Bank N.A. | (649562) | 02/10/26 | (0.56)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 2509 |
| MOS Food Services, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (333061) | 01/06/27 | (1.03)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 12042 |
| Mowi ASA | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (394427) | 01/04/27 | (0.26)% | NOWA | Monthly  | &nbsp;&nbsp; 8581 |
| Msa Safety, Inc. | BNP Paribas SA | (1634424) | 04/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 101340 |
| Msa Safety, Inc. | SG Americas Securities LLC | (15249935) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1438361 |
| MSCI, Inc., Class A | UBS AG | (11507070) | 04/18/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (791860)<br>|
| MTR Corp. Ltd. | Bank of America N.A. | (2995433) | 02/15/28 | (0.30)% | HONIA | Monthly  | &nbsp;&nbsp; (174314)<br>|
| MTR Corp. Ltd. | Bank of America N.A. | (1043548) | 02/15/28 | (0.30)% | HONIA | Monthly  | &nbsp;&nbsp; (60727)<br>|
| MTR Corp. Ltd. | Goldman Sachs Bank USA | (291223) | 08/19/26 | (0.27)% | HONIA | Monthly  | &nbsp;&nbsp; (16947)<br>|
| MTR Corp. Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (6553996) | 01/06/27 | (0.30)% | HONIA | Monthly  | &nbsp;&nbsp; (289942)<br>|
| MTR Corp. Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (1802305) | 01/11/27 | (0.30)% | HONIA | Monthly  | &nbsp;&nbsp; (79732)<br>|
| MTR Corp. Ltd. | SG Americas Securities LLC | (10131) | 12/08/25 | (0.30)% | 1D HIBOR | Monthly  | &nbsp;&nbsp; (876)<br>|
| MTR Corp. Ltd. | UBS AG | (8483516) | 04/18/28 | 0.00% | HONIA | Monthly  | &nbsp;&nbsp; (493763)<br>|
| MTR Corp. Ltd. | UBS AG | (6018183) | 09/03/29 | 0.00% | HONIA | Monthly  | &nbsp;&nbsp; (343322)<br>|
| MTU Aero Engines AG, Class N | SG Americas Securities LLC | (173901) | 12/08/25 | 0.10% | 1D ESTR | Monthly  | &nbsp;&nbsp; (4842)<br>|
| MTY Food Group, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (140138) | 01/04/27 | (0.20)% | CABROVER | Monthly  | &nbsp;&nbsp; 1960 |
| Mueller Water Products, Inc., Class A | UBS AG | (424270) | 04/21/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (2328)<br>|
| Muenchener Rueckversicherungs-<br> Gesellschaft AG in Muenchen, <br> Class N, Registered Shares<br>| SG Americas Securities LLC | (2232537) | 12/08/25 | 0.10% | 1D ESTR | Monthly  | &nbsp;&nbsp; 23181 |
| Musashi Seimitsu Industry Co., Ltd. | Bank of America N.A. | (2793206) | 02/15/28 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; (232098)<br>|
| Musashi Seimitsu Industry Co., Ltd. | Barclays Bank PLC | (3091792) | 05/12/27 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (283194)<br>|
| Musashi Seimitsu Industry Co., Ltd. | Citibank N.A. | (975485) | 02/26/26 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (89350)<br>|
| Musashi Seimitsu Industry Co., Ltd. | SG Americas Securities LLC | (3429255) | 12/08/25 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 56526 |
| Namura Shipbuilding Co. Ltd. | Barclays Bank PLC | (9264240) | 05/12/27 | (1.11)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (3345755)<br>|
| National Australia Bank Ltd. | Barclays Bank PLC | (36292649) | 05/12/27 | (0.25)% | 1D AONIA | Monthly  | &nbsp;&nbsp; 96883 |
| National Australia Bank Ltd. | Barclays Bank PLC | (6015791) | 09/09/27 | (0.25)% | 1D AONIA | Monthly  | &nbsp;&nbsp; 12001 |
| National Australia Bank Ltd. | BNP Paribas SA | (12863589) | 09/07/26 | (0.25)% | 1D AONIA | Monthly  | &nbsp;&nbsp; (4225)<br>|
| National Australia Bank Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (5669448) | 01/06/27 | (0.30)% | 1D AONIA | Monthly  | &nbsp;&nbsp; 15135 |
| National Bank of Canada | Goldman Sachs Bank USA | (1052546) | 08/18/26 | (0.20)% | 1D CORRA | Monthly  | &nbsp;&nbsp; (32974)<br>|
| National Bank of Canada | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (6992064) | 01/04/27 | (0.20)% | CABROVER | Monthly  | &nbsp;&nbsp; (210516)<br>|
| National Bank of Canada | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (8143916) | 01/06/27 | (0.20)% | CABROVER | Monthly  | &nbsp;&nbsp; (143068)<br>|
| National Grid PLC | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (23382053) | 01/04/27 | (0.25)% | 1D SONIA | Monthly  | &nbsp;&nbsp; 91745 |
| National Grid PLC | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (19075181) | 01/27/27 | (0.25)% | 1D SONIA | Monthly  | &nbsp;&nbsp; 77325 |
| National Grid PLC | UBS AG | (22409118) | 04/18/28 | 0.00% | 1D SONIA | Monthly  | &nbsp;&nbsp; (608627)<br>|
| National Grid PLC | UBS AG | (25772954) | 09/03/29 | 0.00% | 1D SONIA | Monthly  | &nbsp;&nbsp; (742480)<br>|
| National Presto Industries, Inc. | Bank of America N.A. | (345693) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 12160 |
| National Presto Industries, Inc. | SG Americas Securities LLC | (303670) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 21376 |
| National Vision Holdings, Inc. | SG Americas Securities LLC | (6317706) | 12/08/25 | (0.14)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 369919 |
| Navigator Co SA | Barclays Bank PLC | (9566001) | 12/10/26 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 319710 |
| Navigator Co SA | SG Americas Securities LLC | (297694) | 12/08/25 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (1026)<br>|
| Navigator Holdings Ltd. | Bank of America N.A. | (1341306) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (139626)<br>|
| Navigator Holdings Ltd. | Barclays Bank PLC | (268606) | 12/23/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (18699)<br>|
| Navigator Holdings Ltd. | Citibank N.A. | (150764) | 06/25/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (10496)<br>|

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination*<br> *Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) |
| Navigator Holdings Ltd. | UBS AG | $(1994084) | 04/21/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; $(207578)<br>|
| NB Bancorp, Inc. | Goldman Sachs Bank USA | (2869531) | 08/19/26 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (79981)<br>|
| NB Bancorp, Inc. | UBS AG | (199832) | 04/21/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (5570)<br>|
| NBT Bancorp, Inc. | Bank of America N.A. | (2010846) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 46595 |
| NBT Bancorp, Inc. | Barclays Bank PLC | (3616276) | 12/23/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 20436 |
| NBT Bancorp, Inc. | Goldman Sachs Bank USA | (899570) | 08/19/26 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 20844 |
| NCC Group PLC | Bank of America N.A. | (67374) | 02/15/28 | (0.25)% | 1D SONIA | Monthly  | &nbsp;&nbsp; (2002)<br>|
| nCino, Inc. | Barclays Bank PLC | (3863629) | 12/23/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (164570)<br>|
| NCR Atleos Corp. | Barclays Bank PLC | (11941647) | 12/23/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 333460 |
| NCR Voyix Corp. | Bank of America N.A. | (1316353) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 42427 |
| Nelnet, Inc., Class A | Goldman Sachs Bank USA | (3384680) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 29122 |
| Nelnet, Inc., Class A | SG Americas Securities LLC | (1487831) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (2309)<br>|
| Neogen Corp. | Bank of America N.A. | (648467) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (23977)<br>|
| Neogen Corp. | BNP Paribas SA | (848446) | 04/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (31371)<br>|
| Neogen Corp. | SG Americas Securities LLC | (3216865) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (193454)<br>|
| NeoGenomics, Inc. | SG Americas Securities LLC | (2715714) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (177691)<br>|
| Nestle SA, Class N, Registered <br> Shares<br>| &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (1528066) | 01/04/27 | (0.26)% | SSARON | Monthly  | &nbsp;&nbsp; 34452 |
| Nestle SA, Class N, Registered <br> Shares<br>| SG Americas Securities LLC | (17939655) | 12/08/25 | 0.10% | SSARON | Monthly  | &nbsp;&nbsp; (379943)<br>|
| Netflix, Inc. | Goldman Sachs Bank USA | (32488830) | 08/18/26 | 0.56% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 2279610 |
| New Jersey Resources Corp. | BNP Paribas SA | (11073020) | 04/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 424806 |
| New Wave Group AB, Class B | SG Americas Securities LLC | (10087552) | 12/08/25 | (0.26)% | 1D STIBOR | Monthly  | &nbsp;&nbsp; 219003 |
| New York Times Co., Class A | SG Americas Securities LLC | (241441) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1798 |
| Newmark Group, Inc., Class A | Bank of America N.A. | (249879) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 7872 |
| Newmark Group, Inc., Class A | SG Americas Securities LLC | (3780583) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (206864)<br>|
| NewMarket Corp. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (9787531) | 01/06/27 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (226653)<br>|
| Nexans SA | JPMorgan Chase Bank N.A. | (766655) | 02/10/26 | 0.00% | 1D ESTR | Monthly  | &nbsp;&nbsp; 40679 |
| Nexgen Energy Ltd. | Barclays Bank PLC | (2582581) | 10/23/26 | (0.20)% | CABROVER | Monthly  | &nbsp;&nbsp; (407891)<br>|
| Nexgen Energy Ltd. | Goldman Sachs Bank USA | (16730346) | 08/18/26 | (0.15)% | 1D CORRA | Monthly  | &nbsp;&nbsp; (685982)<br>|
| Nexgen Energy Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (271656) | 01/04/27 | (0.20)% | CABROVER | Monthly  | &nbsp;&nbsp; (42905)<br>|
| Nextage Co. Ltd. | Bank of America N.A. | (413886) | 02/15/28 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 56248 |
| Nextage Co. Ltd. | Barclays Bank PLC | (4942984) | 05/12/27 | (0.43)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 446965 |
| Nextage Co. Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (948286) | 01/06/27 | (0.64)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 85748 |
| NEXTDC Ltd. | Bank of America N.A. | (691474) | 02/15/28 | (0.30)% | 1D AONIA | Monthly  | &nbsp;&nbsp; 10280 |
| NEXTDC Ltd. | Barclays Bank PLC | (5309981) | 05/12/27 | (0.25)% | 1D AONIA | Monthly  | &nbsp;&nbsp; 188122 |
| NEXTDC Ltd. | Barclays Bank PLC | (17142940) | 09/09/27 | (0.25)% | 1D AONIA | Monthly  | &nbsp;&nbsp; 607341 |
| NextDecade Corp. | Bank of America N.A. | (32161) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1301 |
| NextDecade Corp. | Goldman Sachs Bank USA | (198903) | 08/19/26 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 8046 |
| NextNav, Inc. | Barclays Bank PLC | (886028) | 12/23/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (33760)<br>|
| NEXTracker, Inc., Class A | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (6536921) | 01/06/27 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (1020671)<br>|
| NFI Group, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (1256002) | 01/04/27 | (2.02)% | CABROVER | Monthly  | &nbsp;&nbsp; (25013)<br>|
| NFI Group, Inc. | UBS AG | (344522) | 04/21/28 | 0.00% | 1D CORRA | Monthly  | &nbsp;&nbsp; 9577 |
| NGEx Minerals Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (399039) | 01/04/27 | (0.20)% | CABROVER | Monthly  | &nbsp;&nbsp; 34609 |
| NHK Spring Co., Ltd. | Barclays Bank PLC | (5813809) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (131139)<br>|
| Nibe Industrier AB, Class B | Barclays Bank PLC | (4076238) | 01/18/27 | (0.26)% | 1D STIBOR | Monthly  | &nbsp;&nbsp; 14464 |
| Nibe Industrier AB, Class B | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (155472) | 01/04/27 | (0.26)% | 1D STIBOR | Monthly  | &nbsp;&nbsp; 5532 |
| Nichias Corp. | Barclays Bank PLC | (2938256) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (132708)<br>|
| Nichias Corp. | SG Americas Securities LLC | (164279) | 12/08/25 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (3635)<br>|
| Nick Scali Ltd. | Barclays Bank PLC | (8379289) | 05/12/27 | (0.25)% | 1D AONIA | Monthly  | &nbsp;&nbsp; (1343705)<br>|
| Nick Scali Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (65983) | 01/06/27 | (0.30)% | 1D AONIA | Monthly  | &nbsp;&nbsp; (10581)<br>|
| Nicolet Bankshares, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (585353) | 01/04/27 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 54668 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination*<br> *Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) |
| NIDEC Corp. | Bank of America N.A. | $(1972475) | 02/15/28 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; $516112 |
| NIDEC Corp. | Barclays Bank PLC | (1947432) | 05/12/27 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 549470 |
| Nifco Inc/Japan | Barclays Bank PLC | (1334475) | 05/12/27 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 27498 |
| Nihon M&A Center Holdings, Inc. | Barclays Bank PLC | (20638625) | 05/12/27 | (0.19)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (415541)<br>|
| Nikkon Holdings Co. Ltd. | Bank of America N.A. | (204046) | 02/15/28 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (3451)<br>|
| Nikkon Holdings Co. Ltd. | Barclays Bank PLC | (4765007) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 6102 |
| Nikkon Holdings Co. Ltd. | BNP Paribas SA | (261781) | 03/24/27 | (1.00)% | 1D TONA | Monthly  | &nbsp;&nbsp; (4356)<br>|
| Nikkon Holdings Co. Ltd. | JPMorgan Chase Bank N.A. | (746046) | 02/10/26 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 8529 |
| Nikkon Holdings Co. Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (1134900) | 01/06/27 | (0.29)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 9453 |
| Nikkon Holdings Co. Ltd. | UBS AG | (1601321) | 04/03/28 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; (27082)<br>|
| Nikon Corp. | Barclays Bank PLC | (769850) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 21106 |
| Nikon Corp. | Barclays Bank PLC | (6098844) | 09/09/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 167208 |
| Nikon Corp. | BNP Paribas SA | (9380183) | 09/09/26 | (0.25)% | 1D TONA | Monthly  | &nbsp;&nbsp; 13890 |
| Nikon Corp. | BNP Paribas SA | (12307183) | 03/24/27 | (0.25)% | 1D TONA | Monthly  | &nbsp;&nbsp; 18224 |
| Nintendo Co. Ltd. | Barclays Bank PLC | (11241847) | 05/12/27 | (0.19)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (33476)<br>|
| Nippon Building Fund, Inc. | Bank of America N.A. | (559491) | 03/15/28 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (15362)<br>|
| Nippon Building Fund, Inc. | Barclays Bank PLC | (7888425) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (72782)<br>|
| Nippon Building Fund, Inc. | Barclays Bank PLC | (47202101) | 09/09/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (413815)<br>|
| Nippon Building Fund, Inc. | BNP Paribas SA | (6396880) | 09/09/26 | (0.35)% | 1D TONA | Monthly  | &nbsp;&nbsp; (175637)<br>|
| Nippon Building Fund, Inc. | BNP Paribas SA | (4730081) | 03/24/27 | (0.35)% | 1D TONA | Monthly  | &nbsp;&nbsp; (129872)<br>|
| Nippon Building Fund, Inc. | Goldman Sachs Bank USA | (381675) | 08/19/26 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (10480)<br>|
| Nippon Building Fund, Inc. | SG Americas Securities LLC | (708262) | 12/08/25 | (0.24)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (14226)<br>|
| Nippon Building Fund, Inc. | SG Americas Securities LLC | (514688) | 12/08/25 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (10338)<br>|
| Nippon Building Fund, Inc. | UBS AG | (1118983) | 04/18/28 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; (30724)<br>|
| Nippon Building Fund, Inc. | UBS AG | (1376726) | 09/03/29 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; (37800)<br>|
| Nippon Carbon Co. Ltd. | Bank of America N.A. | (467484) | 02/15/28 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; 644 |
| Nippon Carbon Co. Ltd. | Barclays Bank PLC | (2142583) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (14445)<br>|
| Nippon Carbon Co. Ltd. | Goldman Sachs Bank USA | (211213) | 08/19/26 | (0.05)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 291 |
| Nippon Carbon Co. Ltd. | SG Americas Securities LLC | (442376) | 12/08/25 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 3658 |
| Nippon Densetsu Kogyo Co., Ltd. | Barclays Bank PLC | (105856) | 05/12/27 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (4213)<br>|
| Nippon Densetsu Kogyo Co., Ltd. | SG Americas Securities LLC | (62887) | 12/08/25 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (2408)<br>|
| Nippon Paint Holdings Co., Ltd. | Bank of America N.A. | (1984047) | 02/15/28 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; 94823 |
| Nippon Paint Holdings Co., Ltd. | Bank of America N.A. | (455596) | 03/15/28 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 21774 |
| Nippon Paint Holdings Co., Ltd. | Barclays Bank PLC | (24760038) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 917016 |
| Nippon Paint Holdings Co., Ltd. | Barclays Bank PLC | (24566591) | 09/09/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 907403 |
| Nippon Paint Holdings Co., Ltd. | Citibank N.A. | (967731) | 02/26/26 | (0.21)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 35841 |
| Nippon Paint Holdings Co., Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (369918) | 01/07/27 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 13700 |
| Nippon Paint Holdings Co., Ltd. | SG Americas Securities LLC | (6811862) | 12/08/25 | (0.19)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 328707 |
| Nippon Paint Holdings Co., Ltd. | SG Americas Securities LLC | (4255408) | 12/08/25 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 205345 |
| Nippon Paper Industries Co., Ltd. | Barclays Bank PLC | (2273718) | 05/12/27 | (0.17)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 53959 |
| Nippon Sanso Holdings Corp. | Barclays Bank PLC | (29992949) | 05/12/27 | (0.19)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (1554950)<br>|
| Nippon Sanso Holdings Corp. | Barclays Bank PLC | (14713880) | 09/09/27 | (0.19)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (762824)<br>|
| Nippon Sanso Holdings Corp. | BNP Paribas SA | (226338) | 03/24/27 | (0.25)% | 1D TONA | Monthly  | &nbsp;&nbsp; (6144)<br>|
| Nippon Sanso Holdings Corp. | Citibank N.A. | (5465606) | 02/26/26 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (283358)<br>|
| Nippon Sanso Holdings Corp. | Goldman Sachs Bank USA | (326574) | 08/19/26 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (8865)<br>|
| Nippon Sanso Holdings Corp. | JPMorgan Chase Bank N.A. | (671304) | 02/10/26 | (0.18)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 3747 |
| Nippon Sanso Holdings Corp. | SG Americas Securities LLC | (534372) | 12/08/25 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 2983 |
| Nippon Sanso Holdings Corp. | UBS AG | (226338) | 04/18/28 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; (6144)<br>|
| Nippon Steel Corp. | Barclays Bank PLC | (21115337) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (274275)<br>|
| Nippon Steel Corp. | Barclays Bank PLC | (29650831) | 09/09/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (385146)<br>|
| Nippon Steel Corp. | BNP Paribas SA | (547439) | 03/24/27 | (0.35)% | 1D TONA | Monthly  | &nbsp;&nbsp; (23874)<br>|
| Nippon Steel Corp. | SG Americas Securities LLC | (2298864) | 12/08/25 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (79545)<br>|
| Nippon Steel Corp. | UBS AG | (3035403) | 04/18/28 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; (132375)<br>|
| Nippon Steel Corp. | UBS AG | (14043429) | 09/03/29 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; (612440)<br>|
| Nippon Television Holdings, Inc. | Barclays Bank PLC | (28860958) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (171509)<br>|
| Nippon Television Holdings, Inc. | BNP Paribas SA | (477491) | 03/24/27 | (0.25)% | 1D TONA | Monthly  | &nbsp;&nbsp; (10185)<br>|
| Nippon Television Holdings, Inc. | SG Americas Securities LLC | (477415) | 12/08/25 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 11576 |
| Nippon Yakin Kogyo Co. Ltd. | Barclays Bank PLC | (6219934) | 05/12/27 | (0.19)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 135514 |
| Nippon Yakin Kogyo Co. Ltd. | BNP Paribas SA | (954782) | 03/24/27 | (0.25)% | 1D TONA | Monthly  | &nbsp;&nbsp; 9979 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination*<br> *Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) |
| Nippon Yakin Kogyo Co. Ltd. | SG Americas Securities LLC | $(317861) | 12/08/25 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; $4773 |
| Nishimatsuya Chain Co. Ltd. | Bank of America N.A. | (565213) | 02/15/28 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; 1914 |
| Nishimatsuya Chain Co. Ltd. | Barclays Bank PLC | (1938188) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 36887 |
| NiSource, Inc. | BNP Paribas SA | (12827391) | 04/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 395803 |
| Nissan Motor Co. Ltd. | Barclays Bank PLC | (8629677) | 05/12/27 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 581383 |
| Nissan Motor Co. Ltd. | Barclays Bank PLC | (9954359) | 09/09/27 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 670627 |
| Nissan Motor Co. Ltd. | BNP Paribas SA | (1423791) | 09/09/26 | (0.35)% | 1D TONA | Monthly  | &nbsp;&nbsp; (22393)<br>|
| Nisshin Oillio Group Ltd. | Barclays Bank PLC | (277034) | 05/12/27 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; (512)<br>|
| Nissin Foods Holdings Co., Ltd. | Barclays Bank PLC | (7158903) | 09/09/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 78967 |
| Nissui Corp. | Barclays Bank PLC | (1992437) | 05/12/27 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (10579)<br>|
| Niterra Co. Ltd. | Bank of America N.A. | (5777816) | 02/15/28 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; (359237)<br>|
| Niterra Co. Ltd. | Bank of America N.A. | (3506856) | 03/15/28 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (218040)<br>|
| Niterra Co. Ltd. | Barclays Bank PLC | (6231673) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (151518)<br>|
| Niterra Co. Ltd. | Barclays Bank PLC | (48118514) | 09/09/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (1100979)<br>|
| Niterra Co. Ltd. | JPMorgan Chase Bank N.A. | (994508) | 02/10/26 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (47478)<br>|
| Niterra Co. Ltd. | JPMorgan Chase Bank N.A. | (1061069) | 02/10/26 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (50656)<br>|
| Niterra Co. Ltd. | SG Americas Securities LLC | (3640968) | 12/08/25 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (178281)<br>|
| Nitori Holdings Co. Ltd. | Barclays Bank PLC | (7704065) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 105237 |
| Nitori Holdings Co. Ltd. | Barclays Bank PLC | (5041729) | 09/09/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 66036 |
| Nitori Holdings Co. Ltd. | BNP Paribas SA | (349084) | 03/24/27 | (0.25)% | 1D TONA | Monthly  | &nbsp;&nbsp; (5744)<br>|
| Nitori Holdings Co. Ltd. | UBS AG | (811342) | 04/18/28 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; (13350)<br>|
| Nitori Holdings Co. Ltd. | UBS AG | (908575) | 09/03/29 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; (14950)<br>|
| Nitto Boseki Co. Ltd. | Bank of America N.A. | (4269574) | 02/15/28 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; (776571)<br>|
| Nitto Boseki Co. Ltd. | Barclays Bank PLC | (4238077) | 05/12/27 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (757268)<br>|
| Nitto Boseki Co. Ltd. | BNP Paribas SA | (955162) | 03/24/27 | (0.25)% | 1D TONA | Monthly  | &nbsp;&nbsp; (173729)<br>|
| Nitto Boseki Co. Ltd. | Citibank N.A. | (756628) | 02/26/26 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (135196)<br>|
| Nitto Boseki Co. Ltd. | JPMorgan Chase Bank N.A. | (642788) | 02/10/26 | (0.18)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (74058)<br>|
| Nitto Boseki Co. Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (1278606) | 01/06/27 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (228464)<br>|
| Nitto Denko Corp. | Barclays Bank PLC | (18453142) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (88521)<br>|
| Nitto Denko Corp. | Barclays Bank PLC | (32406114) | 09/09/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (161961)<br>|
| Nitto Denko Corp. | Citibank N.A. | (2659001) | 02/26/26 | (0.19)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (13289)<br>|
| Nitto Denko Corp. | Citibank N.A. | (1796623) | 02/26/26 | (0.16)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (8979)<br>|
| Nitto Denko Corp. | JPMorgan Chase Bank N.A. | (4928635) | 02/10/26 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 146904 |
| Nitto Denko Corp. | JPMorgan Chase Bank N.A. | (549337) | 02/10/26 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 16374 |
| Nitto Denko Corp. | SG Americas Securities LLC | (138618) | 12/08/25 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 4132 |
| Nitto Kogyo Corp. | Bank of America N.A. | (188771) | 02/15/28 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (9992)<br>|
| Nitto Kogyo Corp. | Barclays Bank PLC | (2164190) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (70098)<br>|
| Nitto Kogyo Corp. | BNP Paribas SA | (574174) | 03/24/27 | (0.25)% | 1D TONA | Monthly  | &nbsp;&nbsp; (29299)<br>|
| Nitto Kogyo Corp. | Citibank N.A. | (89965) | 02/26/26 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (3430)<br>|
| Nitto Kogyo Corp. | JPMorgan Chase Bank N.A. | (218756) | 02/10/26 | (0.19)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (3954)<br>|
| Nitto Kogyo Corp. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (525949) | 01/06/27 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (20050)<br>|
| Nitto Kogyo Corp. | UBS AG | (476322) | 04/03/28 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; (21783)<br>|
| NKT A/S, Class B | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (5557525) | 01/04/27 | (0.26)% | DESTR | Monthly  | &nbsp;&nbsp; (5820)<br>|
| nLight, Inc. | Bank of America N.A. | (2343205) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (33845)<br>|
| nLight, Inc. | Barclays Bank PLC | (1258745) | 12/23/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (109420)<br>|
| nLight, Inc. | Goldman Sachs Bank USA | (1367949) | 08/19/26 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (19758)<br>|
| nLight, Inc. | UBS AG | (514880) | 04/21/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (7437)<br>|
| Noble Corp. PLC | Bank of America N.A. | (8706288) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (319835)<br>|
| Noble Corp. PLC | SG Americas Securities LLC | (10639903) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 25828 |
| NOF Corp. | Barclays Bank PLC | (648404) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (1097)<br>|
| Nojima Corp. | Bank of America N.A. | (2996403) | 02/15/28 | (0.24)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 347086 |
| Nojima Corp. | Barclays Bank PLC | (7689770) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 984518 |
| Nojima Corp. | Goldman Sachs Bank USA | (1340364) | 08/19/26 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 155260 |
| Nojima Corp. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (304847) | 01/06/27 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 39029 |
| Nomura Micro Science Co. Ltd. | Bank of America N.A. | (24483) | 02/15/28 | (4.05)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (3541)<br>|
| Nomura Micro Science Co. Ltd. | Barclays Bank PLC | (3584518) | 05/12/27 | (3.39)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (218997)<br>|
| Nomura Micro Science Co. Ltd. | BNP Paribas SA | (1475628) | 03/24/27 | (2.25)% | 1D TONA | Monthly  | &nbsp;&nbsp; (213408)<br>|

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination*<br> *Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) |
| Nomura Micro Science Co. Ltd. | Citibank N.A. | $(160859) | 02/26/26 | (4.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; $(9828)<br>|
| Nomura Micro Science Co. Ltd. | JPMorgan Chase Bank N.A. | (462501) | 02/10/26 | (2.61)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (62298)<br>|
| Nomura Real Estate Master Fund, <br> Inc.<br>| Barclays Bank PLC | (150872) | 05/12/27 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 426 |
| Nomura Real Estate Master Fund, <br> Inc.<br>| SG Americas Securities LLC | (4300230) | 12/08/25 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (80845)<br>|
| Nordea Bank Abp | BNP Paribas SA | (818777) | 08/17/26 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (12836)<br>|
| Nordea Bank Abp | UBS AG | (1019997) | 09/03/29 | 0.00% | 1D ESTR | Monthly  | &nbsp;&nbsp; (17377)<br>|
| Nordic Semiconductor ASA | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (126509) | 01/04/27 | (0.26)% | NOWA | Monthly  | &nbsp;&nbsp; 14116 |
| Nordic Semiconductor ASA | UBS AG | (18575) | 04/24/28 | 0.00% | NOWA | Monthly  | &nbsp;&nbsp; 2073 |
| Norsk Hydro ASA | BNP Paribas SA | (15643596) | 08/17/26 | (0.25)% | NOWA | Monthly  | &nbsp;&nbsp; 202536 |
| Norsk Hydro ASA | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (12408446) | 01/06/27 | (0.26)% | NOWA | Monthly  | &nbsp;&nbsp; 307576 |
| North American Construction Group <br> Ltd.<br>| &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (1833096) | 01/04/27 | (0.20)% | CABROVER | Monthly  | &nbsp;&nbsp; (29209)<br>|
| North American Construction Group <br> Ltd.<br>| SG Americas Securities LLC | (139650) | 12/08/25 | 0.00% | CABROVER | Monthly  | &nbsp;&nbsp; (1180)<br>|
| North West Co., Inc. | Barclays Bank PLC | (1331844) | 12/23/25 | (0.20)% | CABROVER | Monthly  | &nbsp;&nbsp; 40858 |
| North West Co., Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (11582227) | 01/04/27 | (0.20)% | CABROVER | Monthly  | &nbsp;&nbsp; 335060 |
| Northeast Bank | Barclays Bank PLC | (2710393) | 12/23/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 246581 |
| Northeast Bank | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (1257339) | 01/04/27 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 114388 |
| Northeast Bank | SG Americas Securities LLC | (2152891) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 208053 |
| Northeast Bank | UBS AG | (3137241) | 04/21/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 246429 |
| Northern Star Resources Ltd. | BNP Paribas SA | (14098938) | 09/07/26 | (0.25)% | 1D AONIA | Monthly  | &nbsp;&nbsp; 14880 |
| Northern Star Resources Ltd. | BNP Paribas SA | (374224) | 03/22/27 | 0.00% | 1D AONIA | Monthly  | &nbsp;&nbsp; (598)<br>|
| Northern Trust Corp. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (13104755) | 01/06/27 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (333154)<br>|
| Northwest Natural Holding Co. | SG Americas Securities LLC | (7467605) | 12/08/25 | (0.13)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (230835)<br>|
| Norwegian Cruise Line Holdings Ltd. | SG Americas Securities LLC | (7937114) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 423028 |
| Novagold Resources, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (4166827) | 01/04/27 | (0.20)% | CABROVER | Monthly  | &nbsp;&nbsp; 143915 |
| Novo Nordisk A/S, Class B | Barclays Bank PLC | (10024602) | 05/12/27 | (0.26)% | DESTR | Monthly  | &nbsp;&nbsp; 619975 |
| Novo Nordisk A/S, Class B | BNP Paribas SA | (14372824) | 08/17/26 | (0.25)% | DESTR | Monthly  | &nbsp;&nbsp; 651367 |
| Novo Nordisk A/S, Class B | UBS AG | (1412138) | 09/03/29 | 0.00% | DESTR | Monthly  | &nbsp;&nbsp; 174356 |
| Novonesis Novozymes B, Class B | Bank of America N.A. | (12853847) | 02/15/28 | (0.26)% | 1W CIBOR | Monthly  | &nbsp;&nbsp; 254491 |
| Novonesis Novozymes B, Class B | Barclays Bank PLC | (25931551) | 05/12/27 | (0.26)% | DESTR | Monthly  | &nbsp;&nbsp; 1347407 |
| Novonesis Novozymes B, Class B | UBS AG | (4953298) | 04/18/28 | 0.00% | DESTR | Monthly  | &nbsp;&nbsp; 98069 |
| Novonesis Novozymes B, Class B | UBS AG | (22650947) | 09/03/29 | 0.00% | DESTR | Monthly  | &nbsp;&nbsp; 448461 |
| NPR-RIKEN Corp. | Barclays Bank PLC | (3664882) | 05/12/27 | (0.18)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 34394 |
| NS United Kaiun Kaisha Ltd. | Barclays Bank PLC | (852404) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (27076)<br>|
| NS United Kaiun Kaisha Ltd. | Citibank N.A. | (609850) | 02/26/26 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (19371)<br>|
| NTT, Inc. | Barclays Bank PLC | (726316) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 7691 |
| NTT, Inc. | Barclays Bank PLC | (27779070) | 09/09/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 270517 |
| NTT, Inc. | BNP Paribas SA | (2663122) | 09/09/26 | (0.15)% | 1D TONA | Monthly  | &nbsp;&nbsp; 23704 |
| Nuix Ltd. | Barclays Bank PLC | (776068) | 05/12/27 | (0.25)% | 1D AONIA | Monthly  | &nbsp;&nbsp; 159301 |
| Nuix Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (503310) | 01/06/27 | (0.30)% | 1D AONIA | Monthly  | &nbsp;&nbsp; 103313 |
| Nutex Health, Inc. | Barclays Bank PLC | (390254) | 12/23/25 | (2.88)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (29872)<br>|
| NuVista Energy Ltd. | BNP Paribas SA | (3083433) | 05/18/26 | (0.20)% | CABROVER | Monthly  | &nbsp;&nbsp; (119037)<br>|
| NuVista Energy Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (5466878) | 01/04/27 | (0.20)% | CABROVER | Monthly  | &nbsp;&nbsp; (218130)<br>|
| nVent Electric PLC | SG Americas Securities LLC | (7008351) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (1104324)<br>|
| OBIC Business Consultants Co. Ltd. | Bank of America N.A. | (350586) | 02/15/28 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (9965)<br>|
| OBIC Business Consultants Co. Ltd. | Barclays Bank PLC | (2719768) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (33012)<br>|
| OBIC Business Consultants Co. Ltd. | Citibank N.A. | (424080) | 02/26/26 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (5147)<br>|
| Occidental Petroleum Corp. | Barclays Bank PLC | (3147151) | 12/23/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 39971 |
| Occidental Petroleum Corp. | SG Americas Securities LLC | (22453524) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1873712 |
| OCI NV | BNP Paribas SA | (1206460) | 03/24/27 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 62003 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination*<br> *Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) |
| OCI NV | SG Americas Securities LLC | $(963513) | 12/08/25 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; $44171 |
| Ocular Therapeutix, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (4844459) | 01/04/27 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (136704)<br>|
| Odakyu Electric Railway Co., Ltd. | Barclays Bank PLC | (4719693) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 88331 |
| Ogaki Kyoritsu Bank Ltd. | Barclays Bank PLC | (329408) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (12908)<br>|
| Ogaki Kyoritsu Bank Ltd. | Citibank N.A. | (886867) | 02/26/26 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (34751)<br>|
| OGE Energy Corp. | BNP Paribas SA | (6377433) | 04/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 391563 |
| O-I Glass, Inc. | BNP Paribas SA | (10691056) | 04/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 435999 |
| OKUMA Corp. | Barclays Bank PLC | (1073221) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 44681 |
| Old National Bancorp | Barclays Bank PLC | (15106520) | 12/23/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 275852 |
| Old National Bancorp | SG Americas Securities LLC | (25412977) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1694972 |
| Olympus Corp. | Barclays Bank PLC | (1445720) | 09/09/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 7037 |
| Omega Healthcare Investors, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (13155438) | 01/06/27 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (446605)<br>|
| Omnicom Group, Inc. | UBS AG | (8777166) | 04/18/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 471026 |
| Omron Corp. | Barclays Bank PLC | (626336) | 09/09/27 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 1718 |
| OMV AG | Barclays Bank PLC | (11972649) | 08/17/26 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (580364)<br>|
| OMV AG | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (15586923) | 01/04/27 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (755563)<br>|
| OMV AG | SG Americas Securities LLC | (9707351) | 12/08/25 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (579556)<br>|
| Ondas Holdings, Inc. | Barclays Bank PLC | (3099140) | 12/23/25 | (0.25)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 137944 |
| Ondas Holdings, Inc. | BNP Paribas SA | (3179488) | 04/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1026396 |
| ONEOK, Inc. | SG Americas Securities LLC | (3203973) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 238151 |
| OneSpaWorld Holdings Ltd. | Barclays Bank PLC | (14078285) | 12/23/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (1588941)<br>|
| Onestream, Inc., Class A | SG Americas Securities LLC | (6370771) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (134303)<br>|
| OPC Energy Ltd. | Bank of America N.A. | (1293695) | 02/15/28 | (1.00)% | SHIR | Monthly  | &nbsp;&nbsp; (28866)<br>|
| OPC Energy Ltd. | Barclays Bank PLC | (761552) | 04/06/26 | (1.00)% | SHIR | Monthly  | &nbsp;&nbsp; (35427)<br>|
| OPC Energy Ltd. | BNP Paribas SA | (100355) | 06/17/27 | (1.10)% | SHIR | Monthly  | &nbsp;&nbsp; (2239)<br>|
| OPC Energy Ltd. | Goldman Sachs Bank USA | (196193) | 08/19/26 | (2.64)% | SHIR | Monthly  | &nbsp;&nbsp; (4378)<br>|
| OPC Energy Ltd. | UBS AG | (202263) | 06/07/28 | 0.00% | SHIR | Monthly  | &nbsp;&nbsp; (4513)<br>|
| Open House Group Co., Ltd. | Bank of America N.A. | (2068107) | 02/15/28 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; (1179)<br>|
| Open House Group Co., Ltd. | Barclays Bank PLC | (7260369) | 05/12/27 | (0.16)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 133363 |
| Open House Group Co., Ltd. | Citibank N.A. | (2500195) | 02/26/26 | (0.19)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 45925 |
| Open Text Corp. | Goldman Sachs Bank USA | (719295) | 08/18/26 | (0.15)% | 1D CORRA | Monthly  | &nbsp;&nbsp; 15435 |
| Open Text Corp. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (3815442) | 01/04/27 | (0.20)% | CABROVER | Monthly  | &nbsp;&nbsp; 67561 |
| Open Text Corp. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (20742230) | 01/06/27 | (0.20)% | CABROVER | Monthly  | &nbsp;&nbsp; 367287 |
| Ora Banda Mining Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (6776523) | 01/06/27 | (1.00)% | 1D AONIA | Monthly  | &nbsp;&nbsp; 407883 |
| Ora Banda Mining Ltd. | UBS AG | (3065613) | 04/03/28 | 0.00% | 1D AONIA | Monthly  | &nbsp;&nbsp; 184521 |
| Oracle Corp. | BNP Paribas SA | (16938049) | 04/16/26 | 0.09% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 2287825 |
| Orange SA | Barclays Bank PLC | (3914211) | 08/17/26 | 0.00% | 1D ESTR | Monthly  | &nbsp;&nbsp; 53441 |
| Orange SA | JPMorgan Chase Bank N.A. | (1517238) | 02/10/26 | 0.00% | 1D ESTR | Monthly  | &nbsp;&nbsp; (55285)<br>|
| Orange SA | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (3732118) | 01/04/27 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 50955 |
| Orange SA | UBS AG | (9135146) | 09/03/29 | 0.00% | 1D ESTR | Monthly  | &nbsp;&nbsp; 102638 |
| Orchid Island Capital, Inc. | Barclays Bank PLC | (4683795) | 12/23/25 | (0.50)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 150483 |
| Orchid Island Capital, Inc. | BNP Paribas SA | (4372771) | 04/16/26 | (0.64)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 18069 |
| Orchid Island Capital, Inc. | Goldman Sachs Bank USA | (450817) | 08/18/26 | (0.58)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 1863 |
| Orchid Island Capital, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (10544850) | 01/04/27 | (0.42)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 323329 |
| Orchid Island Capital, Inc. | SG Americas Securities LLC | (6372310) | 12/08/25 | (0.44)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (15077)<br>|
| Orchid Island Capital, Inc. | UBS AG | (3962602) | 04/21/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 16374 |
| O'Reilly Automotive, Inc. | UBS AG | (10149403) | 04/18/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 656389 |
| Organo Corp. | Bank of America N.A. | (731335) | 02/15/28 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; (75365)<br>|
| Organo Corp. | Bank of America N.A. | (1610493) | 03/15/28 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; (165964)<br>|
| Organo Corp. | Barclays Bank PLC | (1781935) | 05/12/27 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (123251)<br>|
| Organo Corp. | Barclays Bank PLC | (5637722) | 09/09/27 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (369620)<br>|
| Organo Corp. | BNP Paribas SA | (7196645) | 09/09/26 | (0.25)% | 1D TONA | Monthly  | &nbsp;&nbsp; (741628)<br>|
| Organo Corp. | BNP Paribas SA | (3539971) | 03/24/27 | (0.25)% | 1D TONA | Monthly  | &nbsp;&nbsp; (364801)<br>|

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination*<br> *Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) |
| Organo Corp. | Citibank N.A. | $(602005) | 02/26/26 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; $(41639)<br>|
| Organo Corp. | Citibank N.A. | (939128) | 02/26/26 | (0.17)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (64956)<br>|
| Organo Corp. | UBS AG | (295646) | 04/18/28 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; (30467)<br>|
| Organo Corp. | UBS AG | (389008) | 09/03/29 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; (40088)<br>|
| Oriental Land Co., Ltd./Japan | Barclays Bank PLC | (54433856) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 6812601 |
| Oriental Land Co., Ltd./Japan | Barclays Bank PLC | (51721247) | 09/09/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 6463752 |
| Origin Energy Ltd. | Barclays Bank PLC | (6235695) | 09/09/27 | (0.25)% | 1D AONIA | Monthly  | &nbsp;&nbsp; 76473 |
| Origin Energy Ltd. | BNP Paribas SA | (8022638) | 03/22/27 | (0.25)% | 1D AONIA | Monthly  | &nbsp;&nbsp; 59858 |
| Orion OYJ, Class B | SG Americas Securities LLC | (4693213) | 12/08/25 | 0.00% | 1D ESTR | Monthly  | &nbsp;&nbsp; 621463 |
| Orion OYJ, Class B | SG Americas Securities LLC | (5564961) | 12/08/25 | (0.08)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 722046 |
| Orkla ASA | UBS AG | (1863147) | 09/03/29 | 0.00% | NOWA | Monthly  | &nbsp;&nbsp; 39429 |
| Orsted AS | Barclays Bank PLC | (67923) | 11/09/26 | (0.26)% | DESTR | Monthly  | &nbsp;&nbsp; 1104 |
| Orsted AS | BNP Paribas SA | (3657784) | 08/17/26 | (0.25)% | DESTR | Monthly  | &nbsp;&nbsp; 141429 |
| Orsted AS | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (142886) | 01/04/27 | (0.26)% | DESTR | Monthly  | &nbsp;&nbsp; 3535 |
| Orsted AS | UBS AG | (4876735) | 09/03/29 | 0.00% | DESTR | Monthly  | &nbsp;&nbsp; 188560 |
| Orsted AS, (Expires 10/18/25, Strike <br> Price DKK 66.60)<br>| Barclays Bank PLC | (5) | 11/09/26 | 0.00% | DESTR | Monthly  | &nbsp;&nbsp; (1)<br>|
| Orsted AS, (Expires 10/18/25, Strike <br> Price DKK 66.60)<br>| &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (170684) | 01/04/27 | 0.00% | DESTR | Monthly  | &nbsp;&nbsp; (35166)<br>|
| OrthoPediatrics Corp. | Bank of America N.A. | (216431) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 12246 |
| Osaka Gas Co. Ltd. | Bank of America N.A. | (1299220) | 02/15/28 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (217385)<br>|
| Osaka Gas Co. Ltd. | Barclays Bank PLC | (6811620) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (1045151)<br>|
| Osaka Gas Co. Ltd. | Barclays Bank PLC | (3791811) | 09/09/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (581802)<br>|
| Osaka Gas Co. Ltd. | JPMorgan Chase Bank N.A. | (1056070) | 02/10/26 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (130155)<br>|
| Osaka Soda Co. Ltd. | Bank of America N.A. | (1452338) | 02/15/28 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (39280)<br>|
| Osaka Soda Co. Ltd. | Barclays Bank PLC | (7626847) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (53169)<br>|
| Osaka Soda Co. Ltd. | Citibank N.A. | (6362) | 02/26/26 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (40)<br>|
| Osaka Soda Co. Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (1007268) | 01/06/27 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (6350)<br>|
| Osaka Soda Co. Ltd. | SG Americas Securities LLC | (1173019) | 12/08/25 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 11094 |
| Osaka Soda Co. Ltd. | UBS AG | (296077) | 04/03/28 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; (8008)<br>|
| OSB Group PLC | Barclays Bank PLC | (6964975) | 12/10/26 | (0.25)% | 1D SONIA | Monthly  | &nbsp;&nbsp; 132433 |
| OSG Corp. | Bank of America N.A. | (556290) | 02/15/28 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 6804 |
| OSG Corp. | Barclays Bank PLC | (7738680) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 129977 |
| OSG Corp. | Citibank N.A. | (818401) | 02/26/26 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 13746 |
| OSG Corp. | JPMorgan Chase Bank N.A. | (140235) | 02/10/26 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (399)<br>|
| OSG Corp. | SG Americas Securities LLC | (143126) | 12/08/25 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (407)<br>|
| Ouster, Inc. | SG Americas Securities LLC | (2595971) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (182817)<br>|
| Outfront Media, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (8151913) | 01/04/27 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 297483 |
| Outfront Media, Inc. | UBS AG | (23146826) | 04/21/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 142131 |
| Oversea-Chinese Banking Corp. Ltd. | Bank of America N.A. | (17786607) | 02/15/28 | (0.30)% | SORA | Monthly  | &nbsp;&nbsp; (218628)<br>|
| Oversea-Chinese Banking Corp. Ltd. | BNP Paribas SA | (7414963) | 09/07/26 | (0.30)% | SORA | Monthly  | &nbsp;&nbsp; (91143)<br>|
| Oversea-Chinese Banking Corp. Ltd. | Goldman Sachs Bank USA | (564716) | 08/19/26 | (0.30)% | SORA | Monthly  | &nbsp;&nbsp; (6941)<br>|
| Oversea-Chinese Banking Corp. Ltd. | Goldman Sachs Bank USA | (1757468) | 08/19/26 | (0.30)% | SORA | Monthly  | &nbsp;&nbsp; (21602)<br>|
| Owens & Minor, Inc. | Bank of America N.A. | (116877) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 11422 |
| Oxford Nanopore Technologies PLC | Barclays Bank PLC | (419743) | 12/10/26 | (2.26)% | 1D SONIA | Monthly  | &nbsp;&nbsp; 16792 |
| Oxford Nanopore Technologies PLC | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (225707) | 01/04/27 | (1.90)% | 1D SONIA | Monthly  | &nbsp;&nbsp; 9029 |
| Oxford Nanopore Technologies PLC | SG Americas Securities LLC | (2724389) | 12/08/25 | (0.25)% | 1D SONIA | Monthly  | &nbsp;&nbsp; 219351 |
| PACCAR, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (13273992) | 01/06/27 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 110236 |
| Pacific Industrial Co. Ltd. | BNP Paribas SA | (199385) | 03/24/27 | (0.15)% | 1D TONA | Monthly  | &nbsp;&nbsp; (47904)<br>|
| Pacific Industrial Co. Ltd. | Citibank N.A. | (222751) | 02/26/26 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (30521)<br>|
| Pacific Industrial Co. Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (868201) | 01/06/27 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (118958)<br>|
| Pacific Industrial Co. Ltd. | SG Americas Securities LLC | (116286) | 12/08/25 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (17329)<br>|
| Pacific Industrial Co. Ltd. | UBS AG | (168834) | 04/03/28 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; (40564)<br>|
| Packaging Corp. of America | BNP Paribas SA | (20562265) | 04/16/26 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1010735 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination*<br> *Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) |
| Packaging Corp. of America | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | $(5468116) | 01/06/27 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; $332156 |
| Pagaya Technologies Ltd., Class A | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (1539852) | 01/04/27 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 82898 |
| Pagegroup PLC | Goldman Sachs Bank USA | (1286912) | 08/19/26 | (0.25)% | 1D SONIA | Monthly  | &nbsp;&nbsp; 29398 |
| PAL GROUP Holdings Co. Ltd. | Barclays Bank PLC | (131743) | 09/09/27 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; (3365)<br>|
| Paladin Energy Ltd. | Bank of America N.A. | (1933521) | 02/15/28 | (0.30)% | 1D AONIA | Monthly  | &nbsp;&nbsp; 66659 |
| Paladin Energy Ltd. | Barclays Bank PLC | (8069806) | 05/12/27 | (0.25)% | 1D AONIA | Monthly  | &nbsp;&nbsp; (1173989)<br>|
| Pandox AB | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (10699918) | 01/04/27 | (0.26)% | 1D STIBOR | Monthly  | &nbsp;&nbsp; (94262)<br>|
| Pantoro Gold Ltd. | JPMorgan Chase Bank N.A. | (942936) | 02/10/26 | (0.32)% | 1D AONIA | Monthly  | &nbsp;&nbsp; 189729 |
| Pantoro Gold Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (143222) | 01/06/27 | (4.07)% | 1D AONIA | Monthly  | &nbsp;&nbsp; 13143 |
| Pantoro Gold Ltd. | UBS AG | (1144907) | 04/03/28 | 0.00% | 1D AONIA | Monthly  | &nbsp;&nbsp; 202342 |
| Papa John's International, Inc. | SG Americas Securities LLC | (4829047) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (387565)<br>|
| PAR Technology Corp. | SG Americas Securities LLC | (27163285) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1401202 |
| Paradox Interactive AB | Bank of America N.A. | (651009) | 02/15/28 | (0.26)% | 1D STIBOR | Monthly  | &nbsp;&nbsp; 27507 |
| Paradox Interactive AB | BNP Paribas SA | (173524) | 11/17/25 | (0.25)% | 1D STIBOR | Monthly  | &nbsp;&nbsp; 7332 |
| Paradox Interactive AB | Goldman Sachs Bank USA | (154658) | 08/19/26 | (0.26)% | 1D STIBOR | Monthly  | &nbsp;&nbsp; 6535 |
| Paramount Bed Holdings Co., Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (1751199) | 01/06/27 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 6157 |
| Paramount Bed Holdings Co., Ltd. | SG Americas Securities LLC | (517563) | 12/08/25 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 4585 |
| Paramount Bed Holdings Co., Ltd. | UBS AG | (115325) | 04/03/28 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; 821 |
| Paramount Resources Ltd., Class A | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (11737826) | 01/04/27 | (0.20)% | CABROVER | Monthly  | &nbsp;&nbsp; (330569)<br>|
| Paramount Skydance Corp., Class B | UBS AG | (222320) | 04/18/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 26020 |
| Park24 Co. Ltd. | Bank of America N.A. | (5422179) | 02/15/28 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; (1614)<br>|
| Park24 Co. Ltd. | Barclays Bank PLC | (9388839) | 05/12/27 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 46498 |
| Park24 Co. Ltd. | Citibank N.A. | (4016741) | 02/26/26 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 19893 |
| Park24 Co. Ltd. | JPMorgan Chase Bank N.A. | (2832694) | 02/10/26 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 52430 |
| Pason Systems, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (2120347) | 01/04/27 | (0.20)% | CABROVER | Monthly  | &nbsp;&nbsp; 12348 |
| Patrick Industries, Inc. | Goldman Sachs Bank USA | (1526040) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (74370)<br>|
| Patrick Industries, Inc. | SG Americas Securities LLC | (27136659) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (1634705)<br>|
| Paychex, Inc. | UBS AG | (19735270) | 04/18/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1417735 |
| PayPal Holdings, Inc. | SG Americas Securities LLC | (1794274) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (34593)<br>|
| Paysafe Ltd. | BNP Paribas SA | (3023083) | 04/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 330191 |
| Pennon Group PLC | Barclays Bank PLC | (21609354) | 12/10/26 | (0.25)% | 1D SONIA | Monthly  | &nbsp;&nbsp; 397710 |
| Pennon Group PLC | SG Americas Securities LLC | (10963757) | 12/08/25 | (0.25)% | 1D SONIA | Monthly  | &nbsp;&nbsp; (750217)<br>|
| PennyMac Financial Services, Inc., <br> Class A<br>| Barclays Bank PLC | (32099801) | 12/23/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 931506 |
| PennyMac Mortgage Investment <br> Trust<br>| Barclays Bank PLC | (9705855) | 12/23/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 489885 |
| PennyMac Mortgage Investment <br> Trust<br>| BNP Paribas SA | (2313817) | 04/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1920 |
| PennyMac Mortgage Investment <br> Trust<br>| SG Americas Securities LLC | (10769921) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 437662 |
| Penumbra, Inc. | SG Americas Securities LLC | (227358) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 27727 |
| Perella Weinberg Partners, Class A | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (2315463) | 01/04/27 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 105844 |
| Permian Resources Corp., Class A | Barclays Bank PLC | (5260962) | 12/23/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (25253)<br>|
| Perrigo Co. PLC | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (359677) | 01/04/27 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 6391 |
| Pets at Home Group Plc | Barclays Bank PLC | (3176247) | 12/10/26 | (0.25)% | 1D SONIA | Monthly  | &nbsp;&nbsp; 63487 |
| PEXA Group Ltd. | Bank of America N.A. | (286942) | 02/15/28 | (0.30)% | 1D AONIA | Monthly  | &nbsp;&nbsp; 8775 |
| PEXA Group Ltd. | Barclays Bank PLC | (4208383) | 05/12/27 | (0.25)% | 1D AONIA | Monthly  | &nbsp;&nbsp; 83772 |
| PEXA Group Ltd. | BNP Paribas SA | (101054) | 03/22/27 | (0.35)% | 1D AONIA | Monthly  | &nbsp;&nbsp; 3090 |
| PEXA Group Ltd. | Goldman Sachs Bank USA | (203629) | 08/19/26 | (0.30)% | 1D AONIA | Monthly  | &nbsp;&nbsp; 6227 |
| PEXA Group Ltd. | JPMorgan Chase Bank N.A. | (1036573) | 02/10/26 | (0.25)% | 1D AONIA | Monthly  | &nbsp;&nbsp; 51265 |
| PEXA Group Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (126088) | 01/06/27 | (0.30)% | 1D AONIA | Monthly  | &nbsp;&nbsp; 2510 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination*<br> *Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) |
| Peyto Exploration & Development <br> Corp.<br>| Barclays Bank PLC | $(2409675) | 12/23/25 | (0.19)% | CABROVER | Monthly  | &nbsp;&nbsp; $(50578)<br>|
| Peyto Exploration & Development <br> Corp.<br>| Goldman Sachs Bank USA | (15159026) | 08/18/26 | (0.20)% | 1D CORRA | Monthly  | &nbsp;&nbsp; (1030148)<br>|
| Peyto Exploration & Development <br> Corp.<br>| &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (5243746) | 01/04/27 | (0.20)% | CABROVER | Monthly  | &nbsp;&nbsp; (110064)<br>|
| Peyto Exploration & Development <br> Corp.<br>| &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (13535466) | 01/06/27 | (0.20)% | CABROVER | Monthly  | &nbsp;&nbsp; (284103)<br>|
| Phillips 66 | SG Americas Securities LLC | (893791) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (17530)<br>|
| Photronics, Inc. | SG Americas Securities LLC | (4712331) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (70035)<br>|
| Piaggio & C SpA | Bank of America N.A. | (1241949) | 02/15/28 | 0.00% | 1D ESTR | Monthly  | &nbsp;&nbsp; (15996)<br>|
| Piaggio & C SpA | Barclays Bank PLC | (229838) | 12/10/26 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 4214 |
| Piaggio & C SpA | BNP Paribas SA | (662183) | 03/17/27 | (0.47)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (8529)<br>|
| Piaggio & C SpA | Goldman Sachs Bank USA | (307623) | 08/19/26 | (0.28)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (3962)<br>|
| Piaggio & C SpA | SG Americas Securities LLC | (63609) | 12/08/25 | (0.60)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 3033 |
| Piaggio & C SpA | UBS AG | (591051) | 04/24/28 | 0.00% | 1D ESTR | Monthly  | &nbsp;&nbsp; (7612)<br>|
| Pilbara Minerals Ltd. | Barclays Bank PLC | (1695) | 05/12/27 | (0.25)% | 1D AONIA | Monthly  | &nbsp;&nbsp; (289)<br>|
| Pilbara Minerals Ltd. | Barclays Bank PLC | (1523898) | 09/09/27 | (0.25)% | 1D AONIA | Monthly  | &nbsp;&nbsp; (259595)<br>|
| Pilbara Minerals Ltd. | Goldman Sachs Bank USA | (725829) | 08/19/26 | (0.39)% | 1D AONIA | Monthly  | &nbsp;&nbsp; (151752)<br>|
| Pilbara Minerals Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (160422) | 01/06/27 | (0.30)% | 1D AONIA | Monthly  | &nbsp;&nbsp; (27328)<br>|
| PILLAR Corp. | Bank of America N.A. | (1884563) | 02/15/28 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; (99399)<br>|
| PILLAR Corp. | Barclays Bank PLC | (3322134) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 91109 |
| PILLAR Corp. | Goldman Sachs Bank USA | (89741) | 08/19/26 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (4733)<br>|
| PILLAR Corp. | UBS AG | (379904) | 04/03/28 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; (20038)<br>|
| Pirelli & C SpA | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (5662062) | 01/04/27 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (37764)<br>|
| PKSHA Technology, Inc. | Barclays Bank PLC | (2738232) | 05/12/27 | (0.79)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (329711)<br>|
| PKSHA Technology, Inc. | BNP Paribas SA | (89235) | 03/24/27 | (2.20)% | 1D TONA | Monthly  | &nbsp;&nbsp; (14959)<br>|
| PKSHA Technology, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (2811563) | 01/06/27 | (1.47)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (403989)<br>|
| PKSHA Technology, Inc. | UBS AG | (185906) | 04/03/28 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; (31165)<br>|
| Playtech Plc | SG Americas Securities LLC | (1651832) | 12/08/25 | 0.10% | 1D SONIA | Monthly  | &nbsp;&nbsp; 418807 |
| Plus Alpha Consulting Co., Ltd. | Barclays Bank PLC | (6877983) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 190983 |
| Plus Alpha Consulting Co., Ltd. | BNP Paribas SA | (744640) | 03/24/27 | (0.25)% | 1D TONA | Monthly  | &nbsp;&nbsp; 2662 |
| Porch Group, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (3073616) | 01/04/27 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; — |
| Porsche Automobil Holding SE | Bank of America N.A. | (8144391) | 02/15/28 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (176552)<br>|
| Portillo's, Inc., Class A | Bank of America N.A. | (2887242) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 325593 |
| Portillo's, Inc., Class A | Barclays Bank PLC | (3832) | 12/23/25 | (0.38)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 392 |
| Portillo's, Inc., Class A | BNP Paribas SA | (858461) | 04/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 96808 |
| Portillo's, Inc., Class A | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (822742) | 01/04/27 | (0.22)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 84207 |
| Post Holdings, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (265175) | 01/06/27 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 11378 |
| PotlatchDeltic Corp. | SG Americas Securities LLC | (1646754) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 72514 |
| Powell Industries, Inc. | UBS AG | (144105) | 04/21/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (23436)<br>|
| Power Assets Holdings Ltd. | Bank of America N.A. | (3531108) | 02/15/28 | (0.15)% | HONIA | Monthly  | &nbsp;&nbsp; 65687 |
| Power Assets Holdings Ltd. | BNP Paribas SA | (2022862) | 09/09/26 | (0.30)% | HONIA | Monthly  | &nbsp;&nbsp; 37630 |
| Power Corp. of Canada | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (250686) | 01/06/27 | (0.20)% | CABROVER | Monthly  | &nbsp;&nbsp; (19)<br>|
| Power Solutions International, Inc. | Bank of America N.A. | (746) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 61 |
| Power Solutions International, Inc. | Barclays Bank PLC | (621) | 12/23/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (64)<br>|
| Power Solutions International, Inc. | BNP Paribas SA | (746) | 04/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 61 |
| Power Solutions International, Inc. | Citibank N.A. | (698) | 06/25/26 | (2.68)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (72)<br>|
| Power Solutions International, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (621) | 01/04/27 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (64)<br>|
| Power Solutions International, Inc. | SG Americas Securities LLC | (703) | 12/08/25 | (2.75)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 18 |
| Power Solutions International, Inc. | UBS AG | (746) | 04/21/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 61 |
| Powerfleet, Inc. | UBS AG | (249840) | 04/21/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 4157 |
| Premier Foods PLC | Barclays Bank PLC | (551735) | 12/10/26 | (0.25)% | 1D SONIA | Monthly  | &nbsp;&nbsp; 11114 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination*<br> *Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) |
| Premier Foods PLC | SG Americas Securities LLC | $(2508927) | 12/08/25 | (0.21)% | 1D SONIA | Monthly  | &nbsp;&nbsp; $(19406)<br>|
| Premium Brands Holdings Corp. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (14294432) | 01/04/27 | (0.20)% | CABROVER | Monthly  | &nbsp;&nbsp; 50220 |
| Primerica, Inc. | Barclays Bank PLC | (4045560) | 12/23/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 82802 |
| PROCEPT BioRobotics Corp. | UBS AG | (735555) | 04/21/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 22865 |
| Procter & Gamble Co. | Goldman Sachs Bank USA | (10909080) | 08/18/26 | 0.56% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (218300)<br>|
| Prosus NV, Class N | SG Americas Securities LLC | (3114911) | 12/08/25 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (55483)<br>|
| Provident Financial Services, Inc. | SG Americas Securities LLC | (643852) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 28960 |
| Proximus SADP | UBS AG | (4939333) | 04/24/28 | 0.00% | 1D ESTR | Monthly  | &nbsp;&nbsp; 162066 |
| Prudential PLC | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (7122947) | 01/04/27 | (0.25)% | 1D SONIA | Monthly  | &nbsp;&nbsp; (284747)<br>|
| Prysmian SpA | Bank of America N.A. | (1248962) | 02/15/28 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (25871)<br>|
| Prysmian SpA | BNP Paribas SA | (25620559) | 03/22/27 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (530762)<br>|
| Prysmian SpA | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (16469755) | 01/04/27 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (829159)<br>|
| PTC, Inc. | Barclays Bank PLC | (15899685) | 12/23/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 351621 |
| Puig Brands SA, Class B | Bank of America N.A. | (4832013) | 02/15/28 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (418092)<br>|
| Puig Brands SA, Class B | BNP Paribas SA | (2524144) | 03/17/27 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (208521)<br>|
| Puma SE | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (117367) | 01/04/27 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 2058 |
| PureCycle Technologies, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (2055248) | 01/04/27 | (0.42)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 146146 |
| QinetiQ Group PLC | SG Americas Securities LLC | (1169899) | 12/08/25 | (0.25)% | 1D SONIA | Monthly  | &nbsp;&nbsp; 74776 |
| Quaker Chemical Corp. | Barclays Bank PLC | (2483993) | 12/23/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (106305)<br>|
| QUALCOMM, Inc. | SG Americas Securities LLC | (1739329) | 12/08/25 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (24)<br>|
| Quebecor, Inc., Class B | BNP Paribas SA | (2689094) | 04/16/26 | (0.20)% | CABROVER | Monthly  | &nbsp;&nbsp; (203670)<br>|
| Quebecor, Inc., Class B | Goldman Sachs Bank USA | (1612122) | 08/19/26 | (0.20)% | 1D CORRA | Monthly  | &nbsp;&nbsp; (122101)<br>|
| Quebecor, Inc., Class B | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (16040724) | 01/06/27 | (0.20)% | CABROVER | Monthly  | &nbsp;&nbsp; (247565)<br>|
| QXO, Inc. | BNP Paribas SA | (1917503) | 04/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 177273 |
| QXO, Inc. | SG Americas Securities LLC | (11976636) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1342105 |
| QXO, Inc. | UBS AG | (4050403) | 04/18/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 374459 |
| R&S Group Holding AG | SG Americas Securities LLC | (225892) | 12/08/25 | (0.26)% | SSARON | Monthly  | &nbsp;&nbsp; 11836 |
| RadNet, Inc. | Bank of America N.A. | (427511) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 4399 |
| RadNet, Inc. | BNP Paribas SA | (2687395) | 04/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 80482 |
| RAI Way SpA | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (71786) | 01/04/27 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 1242 |
| RAI Way SpA | SG Americas Securities LLC | (75440) | 12/08/25 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 812 |
| Raksul, Inc. | Bank of America N.A. | (1438107) | 02/15/28 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 27900 |
| Raksul, Inc. | Barclays Bank PLC | (1154394) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 26367 |
| Raksul, Inc. | Citibank N.A. | (765285) | 02/26/26 | (0.17)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 22420 |
| Raksul, Inc. | JPMorgan Chase Bank N.A. | (363609) | 02/10/26 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 29938 |
| Rakus Co. Ltd. | Barclays Bank PLC | (2933416) | 05/12/27 | (0.17)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 64343 |
| Rakus Co. Ltd. | Citibank N.A. | (711481) | 02/26/26 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 15606 |
| Rakuten Bank Ltd. | Bank of America N.A. | (1458981) | 02/15/28 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (94331)<br>|
| Rakuten Bank Ltd. | Bank of America N.A. | (170128) | 03/15/28 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (11000)<br>|
| Rakuten Bank Ltd. | Barclays Bank PLC | (15172926) | 05/12/27 | (0.16)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (157108)<br>|
| Rakuten Bank Ltd. | Barclays Bank PLC | (11099081) | 09/09/27 | (0.16)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (141846)<br>|
| Rakuten Bank Ltd. | Citibank N.A. | (239029) | 02/26/26 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (2475)<br>|
| Ramaco Resources, Inc., Class A | Barclays Bank PLC | (6360369) | 12/23/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1511027 |
| Ramelius Resources Ltd. | Barclays Bank PLC | (556289) | 09/09/27 | (0.25)% | 1D AONIA | Monthly  | &nbsp;&nbsp; 20684 |
| Ramsay Health Care Ltd. | BNP Paribas SA | (2157278) | 03/22/27 | (0.25)% | 1D AONIA | Monthly  | &nbsp;&nbsp; (26825)<br>|
| Randstad NV | Barclays Bank PLC | (7935679) | 08/17/26 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 139712 |
| Randstad NV | Barclays Bank PLC | (13741020) | 12/10/26 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 241918 |
| Randstad NV | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (5932675) | 01/04/27 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 107852 |
| Randstad NV | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (6132705) | 01/06/27 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 107970 |
| Randstad NV | SG Americas Securities LLC | (9358155) | 12/08/25 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 929451 |
| Raymond James Financial, Inc. | SG Americas Securities LLC | (35838) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1406 |
| Raymond James Financial, Inc. | UBS AG | (10770802) | 04/18/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 330316 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination*<br> *Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) |
| RB Global, Inc. | Goldman Sachs Bank USA | $(2702203) | 08/18/26 | (0.15)% | 1D CORRA | Monthly  | &nbsp;&nbsp; $156930 |
| RB Global, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (28628207) | 01/04/27 | (0.20)% | CABROVER | Monthly  | &nbsp;&nbsp; 153464 |
| RB Global, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (27418190) | 01/06/27 | (0.20)% | CABROVER | Monthly  | &nbsp;&nbsp; 146978 |
| RB Global, Inc. | SG Americas Securities LLC | (5362480) | 12/08/25 | (0.20)% | CABROVER | Monthly  | &nbsp;&nbsp; 304579 |
| RB Global, Inc. | UBS AG | (105) | 04/18/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 6 |
| Realty Income Corp. | SG Americas Securities LLC | (36959623) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 640835 |
| Red Cat Holdings, Inc. | SG Americas Securities LLC | (222256) | 12/08/25 | (3.75)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (3757)<br>|
| Red Rock Resorts, Inc., Class A | Barclays Bank PLC | (1075455) | 12/23/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 105693 |
| Redwire Corp. | Barclays Bank PLC | (3376628) | 12/23/25 | (3.38)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (101652)<br>|
| Redwire Corp. | BNP Paribas SA | (932987) | 04/16/26 | (3.49)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 111666 |
| Redwood Trust, Inc. | Bank of America N.A. | (972728) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 63364 |
| Redwood Trust, Inc. | UBS AG | (146953) | 04/21/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 9573 |
| Reliance Worldwide Corp. Ltd. | Barclays Bank PLC | (1070443) | 05/12/27 | (0.25)% | 1D AONIA | Monthly  | &nbsp;&nbsp; (46961)<br>|
| Reliance Worldwide Corp. Ltd. | BNP Paribas SA | (1545711) | 03/22/27 | (0.25)% | 1D AONIA | Monthly  | &nbsp;&nbsp; (58244)<br>|
| Relo Group, Inc. | Barclays Bank PLC | (16027244) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 308405 |
| Remy Cointreau SA | Barclays Bank PLC | (1960415) | 12/10/26 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 291790 |
| Remy Cointreau SA | UBS AG | (818683) | 04/24/28 | 0.00% | 1D ESTR | Monthly  | &nbsp;&nbsp; 24329 |
| RenaissanceRe Holdings Ltd. | SG Americas Securities LLC | (3891131) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 110017 |
| Renasant Corp. | SG Americas Securities LLC | (13711735) | 12/08/25 | (0.14)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 942424 |
| Renault SA | Barclays Bank PLC | (15027608) | 12/10/26 | 0.00% | 1D ESTR | Monthly  | &nbsp;&nbsp; 667507 |
| Renault SA | UBS AG | (2152998) | 04/18/28 | 0.00% | 1D ESTR | Monthly  | &nbsp;&nbsp; 30043 |
| Renault SA | UBS AG | (14310077) | 09/03/29 | 0.00% | 1D ESTR | Monthly  | &nbsp;&nbsp; 199685 |
| Renew Holdings PLC | Bank of America N.A. | (214721) | 02/15/28 | (0.25)% | 1D SONIA | Monthly  | &nbsp;&nbsp; 4317 |
| Renew Holdings PLC | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (635801) | 01/04/27 | (0.25)% | 1D SONIA | Monthly  | &nbsp;&nbsp; 6793 |
| Renew Holdings PLC | SG Americas Securities LLC | (879086) | 12/08/25 | (0.25)% | 1D SONIA | Monthly  | &nbsp;&nbsp; (21394)<br>|
| Rengo Co. Ltd. | Bank of America N.A. | (3872331) | 02/15/28 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; (86445)<br>|
| Rengo Co. Ltd. | Barclays Bank PLC | (13645225) | 05/12/27 | (0.16)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (75896)<br>|
| Rengo Co. Ltd. | Citibank N.A. | (2094792) | 02/26/26 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (11886)<br>|
| Renishaw PLC | SG Americas Securities LLC | (5862264) | 12/08/25 | (0.11)% | 1D SONIA | Monthly  | &nbsp;&nbsp; 240464 |
| RENOVA, Inc. | Barclays Bank PLC | (3149504) | 05/12/27 | (0.45)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 256744 |
| RENOVA, Inc. | BNP Paribas SA | (150659) | 03/24/27 | (0.25)% | 1D TONA | Monthly  | &nbsp;&nbsp; 18317 |
| RENOVA, Inc. | UBS AG | (609954) | 04/03/28 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; 74158 |
| Rentokil Initial PLC | BNP Paribas SA | (2941940) | 08/17/26 | (0.25)% | 1D SONIA | Monthly  | &nbsp;&nbsp; (85225)<br>|
| Rentokil Initial PLC | BNP Paribas SA | (478413) | 03/22/27 | (0.25)% | 1D SONIA | Monthly  | &nbsp;&nbsp; (22723)<br>|
| Rentokil Initial PLC | Goldman Sachs Bank USA | (7309878) | 08/19/26 | 0.09% | 1D SONIA | Monthly  | &nbsp;&nbsp; (347198)<br>|
| Rentokil Initial PLC | Goldman Sachs Bank USA | (5541490) | 08/19/26 | 0.09% | 1D SONIA | Monthly  | &nbsp;&nbsp; (263204)<br>|
| Rentokil Initial PLC | UBS AG | (28006407) | 04/18/28 | 0.00% | 1D SONIA | Monthly  | &nbsp;&nbsp; (1330222)<br>|
| Rentokil Initial PLC | UBS AG | (31913261) | 09/03/29 | 0.00% | 1D SONIA | Monthly  | &nbsp;&nbsp; (1515786)<br>|
| Repligen Corp. | BNP Paribas SA | (8052758) | 04/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 249318 |
| Resideo Technologies, Inc. | Barclays Bank PLC | (5120021) | 12/23/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (160386)<br>|
| Resideo Technologies, Inc. | SG Americas Securities LLC | (5907780) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (103266)<br>|
| Resonac Holdings Corp. | Bank of America N.A. | (5658322) | 02/15/28 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (68757)<br>|
| Resonac Holdings Corp. | Bank of America N.A. | (2917693) | 03/15/28 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (35454)<br>|
| Resonac Holdings Corp. | Barclays Bank PLC | (5075880) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (140827)<br>|
| Resonac Holdings Corp. | Barclays Bank PLC | (11425468) | 09/09/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (316992)<br>|
| Restaurant Brands International, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (2749084) | 01/04/27 | (0.20)% | CABROVER | Monthly  | &nbsp;&nbsp; 73200 |
| REX American Resources Corp. | Barclays Bank PLC | (160174) | 12/23/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (3788)<br>|
| Rexel SA | Bank of America N.A. | (10459775) | 02/15/28 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (462114)<br>|
| Rexel SA | Barclays Bank PLC | (26536741) | 08/17/26 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (1047272)<br>|
| Rexel SA | Barclays Bank PLC | (10360019) | 12/10/26 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (42474)<br>|
| Rexel SA | Citibank N.A. | (7365268) | 07/06/26 | 0.00% | 1D ESTR | Monthly  | &nbsp;&nbsp; (293498)<br>|
| Rexel SA | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (1179760) | 01/06/27 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (38303)<br>|
| Rexel SA | UBS AG | (10093525) | 04/18/28 | 0.00% | 1D ESTR | Monthly  | &nbsp;&nbsp; (445933)<br>|
| Rexford Industrial Realty, Inc. | SG Americas Securities LLC | (20342174) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 83349 |
| Reynolds Consumer Products, Inc. | Goldman Sachs Bank USA | (715976) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (20181)<br>|
| Reynolds Consumer Products, Inc. | SG Americas Securities LLC | (22318607) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (380801)<br>|

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination*<br> *Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) |
| Rheinmetall AG | Barclays Bank PLC | $(21277778) | 12/10/26 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; $731403 |
| Rheinmetall AG | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (4942033) | 01/06/27 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 176972 |
| Rhythm Pharmaceuticals, Inc. | Barclays Bank PLC | (4321660) | 12/23/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (173338)<br>|
| Rhythm Pharmaceuticals, Inc. | BNP Paribas SA | (977152) | 04/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (39408)<br>|
| Rhythm Pharmaceuticals, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (1482856) | 01/06/27 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (62346)<br>|
| Rhythm Pharmaceuticals, Inc. | SG Americas Securities LLC | (2324935) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (313842)<br>|
| Rigaku Holdings Corp. | Bank of America N.A. | (1602492) | 02/15/28 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; (154087)<br>|
| Rigaku Holdings Corp. | Barclays Bank PLC | (16227649) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (157700)<br>|
| Rigaku Holdings Corp. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (1051110) | 01/06/27 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (10263)<br>|
| Rigaku Holdings Corp. | UBS AG | (168844) | 04/03/28 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (796)<br>|
| Riken Keiki Co. Ltd. | Bank of America N.A. | (374528) | 02/15/28 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 7835 |
| Riken Keiki Co. Ltd. | Barclays Bank PLC | (1369345) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 21007 |
| Riken Keiki Co. Ltd. | Goldman Sachs Bank USA | (448968) | 08/19/26 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 9392 |
| Riken Keiki Co. Ltd. | UBS AG | (2281) | 04/03/28 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 3 |
| Riley Exploration Permian, Inc. | Bank of America N.A. | (254401) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 16032 |
| Riley Exploration Permian, Inc. | UBS AG | (849123) | 04/21/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 53510 |
| Rio Tinto Ltd. | Barclays Bank PLC | (127685) | 09/09/27 | 0.00% | 1D AONIA | Monthly  | &nbsp;&nbsp; 137 |
| Rio Tinto PLC | Citibank N.A. | (13110058) | 07/06/26 | 0.00% | 1D SONIA | Monthly  | &nbsp;&nbsp; (711677)<br>|
| Rio Tinto PLC | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (5580290) | 01/04/27 | (0.25)% | 1D SONIA | Monthly  | &nbsp;&nbsp; (179553)<br>|
| Rio Tinto PLC | SG Americas Securities LLC | (29356973) | 12/08/25 | 0.10% | 1D SONIA | Monthly  | &nbsp;&nbsp; (1931366)<br>|
| Robinhood Markets, Inc., Class A | UBS AG | (13848707) | 04/18/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (1303833)<br>|
| Roche Holding AG | SG Americas Securities LLC | (28840682) | 12/08/25 | 0.09% | SSARON | Monthly  | &nbsp;&nbsp; 2936786 |
| Rocket Cos, Inc., Class A | BNP Paribas SA | (9465533) | 04/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 39605 |
| Rocket Lab Corp. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (860992) | 01/06/27 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (34332)<br>|
| Rocket Lab Corp. | SG Americas Securities LLC | (2591566) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 92457 |
| Rockwool A/S, Class B | BNP Paribas SA | (5826958) | 08/17/26 | (0.25)% | DESTR | Monthly  | &nbsp;&nbsp; 249602 |
| Rogers Communications, Inc., <br> Class B<br>| &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (7484524) | 01/04/27 | (0.20)% | CABROVER | Monthly  | &nbsp;&nbsp; (379671)<br>|
| Rogers Communications, Inc., <br> Class B<br>| &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (2500540) | 01/06/27 | (0.20)% | CABROVER | Monthly  | &nbsp;&nbsp; (126846)<br>|
| Rogers Sugar, Inc. | Bank of America N.A. | (410709) | 02/15/28 | (1.97)% | CABROVER | Monthly  | &nbsp;&nbsp; 2641 |
| Rogers Sugar, Inc. | BNP Paribas SA | (510306) | 05/18/26 | (0.20)% | CABROVER | Monthly  | &nbsp;&nbsp; 3282 |
| Rogers Sugar, Inc. | Citibank N.A. | (306373) | 02/24/28 | (1.06)% | 1D CORRA | Monthly  | &nbsp;&nbsp; 6787 |
| Rogers Sugar, Inc. | SG Americas Securities LLC | (122723) | 12/08/25 | (1.00)% | CABROVER | Monthly  | &nbsp;&nbsp; 3097 |
| Rollins, Inc. | Bank of America N.A. | (2422473) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (68756)<br>|
| Rollins, Inc. | BNP Paribas SA | (7222732) | 04/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (206768)<br>|
| Root, Inc., Class A | SG Americas Securities LLC | (4310596) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 64696 |
| Roper Technologies, Inc. | UBS AG | (14320943) | 04/18/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1458884 |
| Rorze Corp. | Barclays Bank PLC | (19998772) | 05/12/27 | (0.17)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (388000)<br>|
| Round One Corp. | Barclays Bank PLC | (232618) | 05/12/27 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 8596 |
| Royal Caribbean Cruises Ltd. | Barclays Bank PLC | (7009869) | 12/23/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 686702 |
| Royal Caribbean Cruises Ltd. | SG Americas Securities LLC | (30097531) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 2096899 |
| Royal Gold, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (1054513) | 01/04/27 | (0.15)% | CABROVER | Monthly  | &nbsp;&nbsp; 73067 |
| Royal Unibrew A/S | Bank of America N.A. | (6037702) | 02/15/28 | (0.26)% | 1W CIBOR | Monthly  | &nbsp;&nbsp; 16228 |
| Royal Unibrew A/S | BNP Paribas SA | (2049727) | 06/17/26 | (0.25)% | DESTR | Monthly  | &nbsp;&nbsp; 5509 |
| RS Group PLC | SG Americas Securities LLC | (8748055) | 12/08/25 | (0.14)% | 1D SONIA | Monthly  | &nbsp;&nbsp; 60505 |
| RTL Group | Barclays Bank PLC | (989906) | 12/10/26 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 28761 |
| RTL Group | Goldman Sachs Bank USA | (11975) | 08/19/26 | (0.35)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 314 |
| RTL Group | UBS AG | (1252897) | 04/24/28 | 0.00% | 1D ESTR | Monthly  | &nbsp;&nbsp; 32866 |
| Rumble, Inc., Class A | Barclays Bank PLC | (3024702) | 12/23/25 | (1.38)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 34867 |
| Rumble, Inc., Class A | BNP Paribas SA | (361928) | 04/16/26 | (1.42)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 51575 |
| Rumble, Inc., Class A | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (2701728) | 01/04/27 | (1.47)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 31144 |
| Rumble, Inc., Class A | SG Americas Securities LLC | (173244) | 12/08/25 | (1.25)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 27956 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination*<br> *Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) |
| Rush Enterprises, Inc., Class A | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | $(12179104) | 01/04/27 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; $424168 |
| RWE AG | SG Americas Securities LLC | (25540329) | 12/08/25 | (0.05)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (1089048)<br>|
| RWE AG | SG Americas Securities LLC | (48061391) | 12/08/25 | (0.08)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (2412097)<br>|
| Ryan Specialty Holdings, Inc., <br> Class A<br>| Barclays Bank PLC | (10120978) | 12/23/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (349658)<br>|
| Ryan Specialty Holdings, Inc., <br> Class A<br>| SG Americas Securities LLC | (20494647) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1227077 |
| Ryanair Holdings PLC | Bank of America N.A. | (696809) | 02/15/28 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (37345)<br>|
| Ryanair Holdings PLC | Barclays Bank PLC | (98105) | 12/10/26 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (1229)<br>|
| Ryanair Holdings PLC | BNP Paribas SA | (8974181) | 08/17/26 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (375624)<br>|
| Ryanair Holdings PLC | JPMorgan Chase Bank N.A. | (1500637) | 02/10/26 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (37243)<br>|
| Ryanair Holdings PLC | UBS AG | (3198613) | 04/18/28 | 0.00% | 1D ESTR | Monthly  | &nbsp;&nbsp; (171426)<br>|
| Ryanair Holdings PLC | UBS AG | (790729) | 09/03/29 | 0.00% | 1D ESTR | Monthly  | &nbsp;&nbsp; (40155)<br>|
| Ryman Hospitality Properties, Inc. | Bank of America N.A. | (16473502) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 635979 |
| Ryman Hospitality Properties, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (11188921) | 01/06/27 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 256512 |
| Sable Offshore Corp., Class A | Barclays Bank PLC | (946203) | 12/23/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 108869 |
| Sable Offshore Corp., Class A | BNP Paribas SA | (1428585) | 04/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 371048 |
| Sable Offshore Corp., Class A | SG Americas Securities LLC | (6639759) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 3154968 |
| Sable Offshore Corp., Class A | UBS AG | (1313954) | 04/21/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 332565 |
| Sagax AB, Class B | BNP Paribas SA | (225016) | 11/17/25 | (0.25)% | 1D STIBOR | Monthly  | &nbsp;&nbsp; 4963 |
| Sagax AB, Class B | SG Americas Securities LLC | (6238878) | 12/08/25 | (0.26)% | 1D STIBOR | Monthly  | &nbsp;&nbsp; (415705)<br>|
| Sagax AB, Class B | UBS AG | (3876076) | 04/18/28 | 0.00% | TN STIBOR | Monthly  | &nbsp;&nbsp; 85485 |
| Saia, Inc. | BNP Paribas SA | (713398) | 04/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 13445 |
| Salmar ASA | BNP Paribas SA | (6393486) | 08/17/26 | (0.25)% | NOWA | Monthly  | &nbsp;&nbsp; 348553 |
| Salmar ASA | UBS AG | (2445031) | 09/03/29 | 0.00% | NOWA | Monthly  | &nbsp;&nbsp; 159109 |
| Samsara, Inc., Class A | UBS AG | (5895506) | 04/18/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (384591)<br>|
| Sandoz Group AG | Barclays Bank PLC | (35739357) | 11/09/26 | (0.26)% | SSARON | Monthly  | &nbsp;&nbsp; (4071887)<br>|
| Sandoz Group AG | SG Americas Securities LLC | (30495425) | 12/08/25 | (0.26)% | SSARON | Monthly  | &nbsp;&nbsp; (3215493)<br>|
| Sangetsu Corp. | Bank of America N.A. | (1505574) | 02/15/28 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; (11805)<br>|
| Sangetsu Corp. | Barclays Bank PLC | (1298067) | 05/12/27 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 21200 |
| Sangetsu Corp. | BNP Paribas SA | (54325) | 03/24/27 | (0.15)% | 1D TONA | Monthly  | &nbsp;&nbsp; (426)<br>|
| Sangetsu Corp. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (413704) | 01/06/27 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 8940 |
| Sanken Electric Co. Ltd. | Bank of America N.A. | (1106050) | 02/15/28 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; (76318)<br>|
| Sanken Electric Co. Ltd. | Barclays Bank PLC | (4068968) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 36420 |
| Sanlorenzo SpA | Bank of America N.A. | (279658) | 02/15/28 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 1474 |
| Sanlorenzo SpA | BNP Paribas SA | (1008143) | 03/17/27 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 5315 |
| Sansan, Inc. | Bank of America N.A. | (1224181) | 02/15/28 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; (53338)<br>|
| Sansan, Inc. | Barclays Bank PLC | (1623840) | 05/12/27 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 1874 |
| Sanyo Denki Co. Ltd. | Barclays Bank PLC | (2300467) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (200376)<br>|
| Sapporo Holdings Ltd. | Barclays Bank PLC | (6659718) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 277822 |
| Saputo, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (6817735) | 01/06/27 | (0.20)% | CABROVER | Monthly  | &nbsp;&nbsp; 251863 |
| Sartorius Stedim Biotech | Goldman Sachs Bank USA | (1650596) | 08/19/26 | (0.18)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (191248)<br>|
| Sartorius Stedim Biotech | Goldman Sachs Bank USA | (2010679) | 08/19/26 | (0.18)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (232969)<br>|
| Sartorius Stedim Biotech | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (2737754) | 01/04/27 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 26051 |
| Sartorius Stedim Biotech | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (1282876) | 01/06/27 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 11452 |
| Sartorius Stedim Biotech | UBS AG | (16867390) | 04/18/28 | 0.00% | 1D ESTR | Monthly  | &nbsp;&nbsp; (171039)<br>|
| Sartorius Stedim Biotech | UBS AG | (15301845) | 09/03/29 | 0.00% | 1D ESTR | Monthly  | &nbsp;&nbsp; (621099)<br>|
| Saul Centers, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (235705) | 01/04/27 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 9840 |
| SBI Holdings, Inc. | Barclays Bank PLC | (847120) | 09/09/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (24277)<br>|
| SBM Offshore NV | SG Americas Securities LLC | (653424) | 12/08/25 | 0.10% | 1D ESTR | Monthly  | &nbsp;&nbsp; (35977)<br>|
| Scandic Hotels Group AB | Barclays Bank PLC | (4030374) | 01/18/27 | (0.26)% | 1D STIBOR | Monthly  | &nbsp;&nbsp; (257336)<br>|
| Scandic Hotels Group AB | BNP Paribas SA | (531224) | 11/17/25 | (0.25)% | 1D STIBOR | Monthly  | &nbsp;&nbsp; (19140)<br>|
| Scandinavian Tobacco Group A/S, <br> Class A<br>| Bank of America N.A. | (957661) | 02/15/28 | (0.26)% | 1W CIBOR | Monthly  | &nbsp;&nbsp; 9947 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination*<br> *Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) |
| Scandinavian Tobacco Group A/S, <br> Class A<br>| Barclays Bank PLC | $(1828194) | 02/19/27 | (0.26)% | DESTR | Monthly  | &nbsp;&nbsp; $16902 |
| Scandinavian Tobacco Group A/S, <br> Class A<br>| BNP Paribas SA | (2562931) | 06/17/26 | (0.25)% | DESTR | Monthly  | &nbsp;&nbsp; 26620 |
| Scatec ASA | BNP Paribas SA | (4049068) | 03/17/27 | (0.25)% | NOWA | Monthly  | &nbsp;&nbsp; (81213)<br>|
| Scatec ASA | SG Americas Securities LLC | (1464569) | 12/08/25 | (0.28)% | NOWA | Monthly  | &nbsp;&nbsp; (55508)<br>|
| Scentre Group | BNP Paribas SA | (13018053) | 09/07/26 | (0.25)% | 1D AONIA | Monthly  | &nbsp;&nbsp; (31650)<br>|
| Schneider Electric SE | Barclays Bank PLC | (618980) | 08/17/26 | 0.00% | 1D ESTR | Monthly  | &nbsp;&nbsp; 19203 |
| Schneider Electric SE | JPMorgan Chase Bank N.A. | (18971027) | 02/10/26 | 0.00% | 1D ESTR | Monthly  | &nbsp;&nbsp; 122352 |
| Schneider Electric SE | JPMorgan Chase Bank N.A. | (50053605) | 02/10/26 | 0.00% | 1D ESTR | Monthly  | &nbsp;&nbsp; 322815 |
| Schneider Electric SE | UBS AG | (10605398) | 04/18/28 | 0.00% | 1D ESTR | Monthly  | &nbsp;&nbsp; (6241)<br>|
| Schneider Electric SE | UBS AG | (40898971) | 09/03/29 | 0.00% | 1D ESTR | Monthly  | &nbsp;&nbsp; (24069)<br>|
| Schott Pharma AG & Co. KGaA | Barclays Bank PLC | (606290) | 12/10/26 | (0.65)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 18700 |
| Scotts Miracle-Gro Co. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (262668) | 01/04/27 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 3150 |
| SCREEN Holdings Co. Ltd. | Barclays Bank PLC | (13713289) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (1435379)<br>|
| SCREEN Holdings Co. Ltd. | Barclays Bank PLC | (12229258) | 09/09/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (1288890)<br>|
| SCREEN Holdings Co. Ltd. | Citibank N.A. | (3029281) | 02/26/26 | (0.19)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (317077)<br>|
| SCREEN Holdings Co. Ltd. | SG Americas Securities LLC | (323542) | 12/08/25 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 1230 |
| SCSK Corp. | Bank of America N.A. | (1455428) | 02/15/28 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; (492143)<br>|
| SCSK Corp. | Barclays Bank PLC | (6133219) | 05/12/27 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (1921639)<br>|
| SCSK Corp. | Barclays Bank PLC | (6477373) | 09/09/27 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (2029468)<br>|
| SCSK Corp. | JPMorgan Chase Bank N.A. | (1143070) | 02/10/26 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (323120)<br>|
| SCSK Corp. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (36374) | 01/07/27 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (11397)<br>|
| Sealed Air Corp. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (10511957) | 01/06/27 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 268989 |
| SEB SA | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (8390561) | 01/04/27 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 382694 |
| Secure Waste Infrastructure Corp. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (2894593) | 01/04/27 | (0.20)% | CABROVER | Monthly  | &nbsp;&nbsp; 138586 |
| Sega Sammy Holdings, Inc. | Bank of America N.A. | (2888144) | 02/15/28 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; 58928 |
| Sega Sammy Holdings, Inc. | BNP Paribas SA | (995456) | 03/24/27 | (0.25)% | 1D TONA | Monthly  | &nbsp;&nbsp; 20311 |
| Segro PLC | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (338344) | 01/04/27 | (0.25)% | 1D SONIA | Monthly  | &nbsp;&nbsp; 3131 |
| Seibu Holdings, Inc. | Bank of America N.A. | (1306630) | 02/15/28 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; 27242 |
| Seibu Holdings, Inc. | Barclays Bank PLC | (15261921) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 85001 |
| Seibu Holdings, Inc. | Barclays Bank PLC | (17538131) | 09/09/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 97678 |
| Seibu Holdings, Inc. | Citibank N.A. | (837674) | 02/26/26 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 4665 |
| Seibu Holdings, Inc. | JPMorgan Chase Bank N.A. | (480825) | 02/10/26 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 23901 |
| Seibu Holdings, Inc. | SG Americas Securities LLC | (1472065) | 12/08/25 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 73174 |
| Sekisui Chemical Co., Ltd. | Barclays Bank PLC | (15707001) | 05/12/27 | (0.18)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 865287 |
| Sekisui Chemical Co., Ltd. | Barclays Bank PLC | (5575463) | 09/09/27 | (0.18)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 307148 |
| Sekisui Chemical Co., Ltd. | Citibank N.A. | (2497133) | 02/26/26 | (0.21)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 137565 |
| Sekisui House Reit, Inc. | Barclays Bank PLC | (6257617) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 187098 |
| Select Water Solutions, Inc., Class A | UBS AG | (2454392) | 04/21/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (10662)<br>|
| Sembcorp Industries Ltd. | Bank of America N.A. | (7473835) | 02/15/28 | (0.30)% | SORA | Monthly  | &nbsp;&nbsp; (226371)<br>|
| Sembcorp Industries Ltd. | Bank of America N.A. | (12636656) | 02/15/28 | (0.30)% | SORA | Monthly  | &nbsp;&nbsp; (382745)<br>|
| Sembcorp Industries Ltd. | Barclays Bank PLC | (14691374) | 02/22/27 | (0.30)% | SORA | Monthly  | &nbsp;&nbsp; (186439)<br>|
| Sembcorp Industries Ltd. | Barclays Bank PLC | (9270643) | 09/09/27 | (0.30)% | SORA | Monthly  | &nbsp;&nbsp; (113107)<br>|
| Sembcorp Industries Ltd. | BNP Paribas SA | (1292164) | 09/07/26 | (1.25)% | SORA | Monthly  | &nbsp;&nbsp; (39138)<br>|
| Sembcorp Industries Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (6005690) | 01/06/27 | (0.63)% | SORA | Monthly  | &nbsp;&nbsp; (76110)<br>|
| Sembcorp Industries Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (5605313) | 01/07/27 | (0.34)% | SORA | Monthly  | &nbsp;&nbsp; (71134)<br>|
| Semler Scientific, Inc. | BNP Paribas SA | (665684) | 04/16/26 | (6.50)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (25875)<br>|
| Semler Scientific, Inc. | Citibank N.A. | (155682) | 06/25/26 | (1.28)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (27156)<br>|
| Semler Scientific, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (2349316) | 01/04/27 | (6.02)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (409801)<br>|
| Sempra | SG Americas Securities LLC | (42341169) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 614292 |
| Semtech Corp. | BNP Paribas SA | (15141150) | 04/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 418719 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination*<br> *Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) |
| Senior PLC | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | $(1192144) | 01/04/27 | (0.25)% | 1D SONIA | Monthly  | &nbsp;&nbsp; $(3765)<br>|
| Senior PLC | SG Americas Securities LLC | (910921) | 12/08/25 | (0.25)% | 1D SONIA | Monthly  | &nbsp;&nbsp; 38451 |
| Sensata Technologies Holding PLC | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (164067) | 01/04/27 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (1194)<br>|
| Sensient Technologies Corp. | Barclays Bank PLC | (9311897) | 12/23/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 137197 |
| Serica Energy PLC | Bank of America N.A. | (303113) | 02/15/28 | (0.25)% | 1D SONIA | Monthly  | &nbsp;&nbsp; (58431)<br>|
| Serica Energy PLC | SG Americas Securities LLC | (1781741) | 12/08/25 | (0.25)% | 1D SONIA | Monthly  | &nbsp;&nbsp; (258095)<br>|
| Service Corp. International | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (21323142) | 01/06/27 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (355887)<br>|
| Servisfirst Bancshares, Inc. | BNP Paribas SA | (826924) | 04/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 71592 |
| Seven Bank Ltd. | Barclays Bank PLC | (931365) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 14148 |
| Severn Trent PLC | BNP Paribas SA | (3520956) | 08/17/26 | (0.25)% | 1D SONIA | Monthly  | &nbsp;&nbsp; (88996)<br>|
| Sezzle, Inc. | Barclays Bank PLC | (653689) | 12/23/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 74096 |
| Sezzle, Inc. | BNP Paribas SA | (4253809) | 04/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 678515 |
| Sezzle, Inc. | UBS AG | (2493418) | 04/21/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 397719 |
| SFS Group AG | Bank of America N.A. | (669787) | 02/15/28 | (0.26)% | SSARON | Monthly  | &nbsp;&nbsp; 382 |
| SFS Group AG | SG Americas Securities LLC | (4552326) | 12/08/25 | (0.26)% | SSARON | Monthly  | &nbsp;&nbsp; 60560 |
| SG Holdings Co. Ltd. | Bank of America N.A. | (2617589) | 02/15/28 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; 27428 |
| SG Holdings Co. Ltd. | Bank of America N.A. | (592627) | 03/15/28 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; 6210 |
| SG Holdings Co. Ltd. | Barclays Bank PLC | (24107240) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 1042123 |
| SG Holdings Co. Ltd. | Barclays Bank PLC | (36823727) | 09/09/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 1591840 |
| SG Holdings Co. Ltd. | BNP Paribas SA | (39013) | 03/24/27 | (0.25)% | 1D TONA | Monthly  | &nbsp;&nbsp; 409 |
| SG Holdings Co. Ltd. | Goldman Sachs Bank USA | (386415) | 08/19/26 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 4049 |
| SG Holdings Co. Ltd. | JPMorgan Chase Bank N.A. | (1203876) | 02/10/26 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 51263 |
| SG Holdings Co. Ltd. | SG Americas Securities LLC | (845785) | 12/08/25 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 36015 |
| SG Holdings Co. Ltd. | UBS AG | (319535) | 04/18/28 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; 3348 |
| Shake Shack, Inc., Class A | UBS AG | (419388) | 04/21/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (28033)<br>|
| SharkNinja, Inc. | BNP Paribas SA | (7133430) | 04/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 700239 |
| Shenandoah Telecommunications <br> Co.<br>| UBS AG | (2708609) | 04/21/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 258531 |
| Sherwin-Williams Co. | Barclays Bank PLC | (11270427) | 12/23/25 | 0.20% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (375782)<br>|
| Shibaura Mechatronics Corp. | Bank of America N.A. | (2210531) | 02/15/28 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (86350)<br>|
| Shibaura Mechatronics Corp. | Barclays Bank PLC | (2108961) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (164363)<br>|
| Shibaura Mechatronics Corp. | JPMorgan Chase Bank N.A. | (416021) | 02/10/26 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (90471)<br>|
| Shibaura Mechatronics Corp. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (819544) | 01/06/27 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (63872)<br>|
| Shift4 Payments, Inc., Class A | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (2147183) | 01/06/27 | (0.37)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 179145 |
| Shift4 Payments, Inc., Class A | UBS AG | (5359926) | 04/18/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 455001 |
| Shiga Bank Ltd. | Bank of America N.A. | (147174) | 02/15/28 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (2285)<br>|
| Shiga Bank Ltd. | Barclays Bank PLC | (4681396) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (64929)<br>|
| Shimano, Inc. | Bank of America N.A. | (246538) | 02/15/28 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 16053 |
| Shimano, Inc. | Barclays Bank PLC | (3605704) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 357963 |
| Shimano, Inc. | Barclays Bank PLC | (8030391) | 09/09/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 675829 |
| Shin Nippon Biomedical Laboratories <br> Ltd.<br>| Bank of America N.A. | (1119164) | 02/15/28 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 112751 |
| Shin Nippon Biomedical Laboratories <br> Ltd.<br>| Barclays Bank PLC | (5998796) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 506088 |
| Shin Nippon Biomedical Laboratories <br> Ltd.<br>| BNP Paribas SA | (360783) | 03/24/27 | (0.55)% | 1D TONA | Monthly  | &nbsp;&nbsp; 36347 |
| Shin Nippon Biomedical Laboratories <br> Ltd.<br>| JPMorgan Chase Bank N.A. | (635972) | 02/10/26 | (0.51)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 78850 |
| Shin Nippon Biomedical Laboratories <br> Ltd.<br>| SG Americas Securities LLC | (247262) | 12/08/25 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 30657 |
| Shin-Etsu Chemical Co. Ltd. | Barclays Bank PLC | (8867232) | 05/12/27 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 381596 |
| Shin-Etsu Chemical Co. Ltd. | Barclays Bank PLC | (16228643) | 09/09/27 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 952696 |
| Shiseido Co. Ltd. | Barclays Bank PLC | (275269) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 14189 |
| Shiseido Co. Ltd. | Barclays Bank PLC | (5912213) | 09/09/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 338582 |
| Shoals Technologies Group, Inc., <br> Class A<br>| SG Americas Securities LLC | (9211890) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (1740255)<br>|

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination*<br> *Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) |
| Shochiku Co., Ltd. | Barclays Bank PLC | $(4426747) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; $260130 |
| Shochiku Co., Ltd. | BNP Paribas SA | (553754) | 03/24/27 | (0.25)% | 1D TONA | Monthly  | &nbsp;&nbsp; 63090 |
| Shoei Co. Ltd. | Barclays Bank PLC | (7171599) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 188600 |
| Shopify, Inc., Class A | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (12448771) | 01/04/27 | (0.20)% | CABROVER | Monthly  | &nbsp;&nbsp; (481346)<br>|
| Shopify, Inc., Class A | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (26665208) | 01/06/27 | (0.20)% | CABROVER | Monthly  | &nbsp;&nbsp; (1201128)<br>|
| Shore Bancshares, Inc. | Barclays Bank PLC | (72595) | 12/23/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1414 |
| Shore Bancshares, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (19024) | 01/04/27 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 370 |
| Shurgard Self Storage Ltd. | Barclays Bank PLC | (903175) | 12/10/26 | (0.85)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 59534 |
| Shurgard Self Storage Ltd. | UBS AG | (1144817) | 04/24/28 | 0.00% | 1D ESTR | Monthly  | &nbsp;&nbsp; 77032 |
| Siegfried Holding AG, Registered <br> Shares, Registered Shares<br>| Barclays Bank PLC | (4190756) | 12/10/26 | (0.26)% | SSARON | Monthly  | &nbsp;&nbsp; 164626 |
| Siemens AG, Class N, Registered <br> Shares<br>| &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (6514931) | 01/06/27 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (77455)<br>|
| SIF Holding NV | Goldman Sachs Bank USA | (69) | 08/19/26 | (0.25)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 5 |
| Sigma Healthcare Ltd. | Bank of America N.A. | (2695684) | 02/15/28 | (0.30)% | 1D AONIA | Monthly  | &nbsp;&nbsp; (96357)<br>|
| Sigma Healthcare Ltd. | Bank of America N.A. | (3814215) | 02/15/28 | (0.30)% | 1D AONIA | Monthly  | &nbsp;&nbsp; (136339)<br>|
| Sigma Healthcare Ltd. | Barclays Bank PLC | (3467828) | 05/12/27 | (0.25)% | 1D AONIA | Monthly  | &nbsp;&nbsp; (52489)<br>|
| Sigma Healthcare Ltd. | Barclays Bank PLC | (9309086) | 09/09/27 | (0.25)% | 1D AONIA | Monthly  | &nbsp;&nbsp; (140702)<br>|
| Sigma Healthcare Ltd. | BNP Paribas SA | (4482123) | 09/07/26 | (0.35)% | 1D AONIA | Monthly  | &nbsp;&nbsp; (155467)<br>|
| Sigma Healthcare Ltd. | BNP Paribas SA | (301635) | 03/22/27 | (0.35)% | 1D AONIA | Monthly  | &nbsp;&nbsp; (10782)<br>|
| Sigma Healthcare Ltd. | JPMorgan Chase Bank N.A. | (2328025) | 02/10/26 | (0.25)% | 1D AONIA | Monthly  | &nbsp;&nbsp; (140822)<br>|
| Sigma Healthcare Ltd. | JPMorgan Chase Bank N.A. | (1902529) | 02/10/26 | (0.25)% | 1D AONIA | Monthly  | &nbsp;&nbsp; (115084)<br>|
| Sigma Healthcare Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (8792202) | 01/06/27 | (0.30)% | 1D AONIA | Monthly  | &nbsp;&nbsp; (133473)<br>|
| Sigma Healthcare Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (1882135) | 01/07/27 | (0.30)% | 1D AONIA | Monthly  | &nbsp;&nbsp; (29053)<br>|
| Sigma Healthcare Ltd. | SG Americas Securities LLC | (628436) | 12/08/25 | (0.30)% | 1D AONIA | Monthly  | &nbsp;&nbsp; (22868)<br>|
| Sigma Healthcare Ltd. | SG Americas Securities LLC | (72556) | 12/08/25 | (0.30)% | 1D AONIA | Monthly  | &nbsp;&nbsp; (2111)<br>|
| Sigma Healthcare Ltd. | UBS AG | (112350) | 04/18/28 | 0.00% | 1D AONIA | Monthly  | &nbsp;&nbsp; (4016)<br>|
| Sigma Healthcare Ltd. | UBS AG | (3002271) | 09/03/29 | 0.00% | 1D AONIA | Monthly  | &nbsp;&nbsp; (107316)<br>|
| SigmaRoc PLC | Bank of America N.A. | (24039) | 02/15/28 | (0.50)% | 1D SONIA | Monthly  | &nbsp;&nbsp; (379)<br>|
| SigmaRoc PLC | Barclays Bank PLC | (158459) | 12/10/26 | (0.25)% | 1D SONIA | Monthly  | &nbsp;&nbsp; 4537 |
| SigmaRoc PLC | BNP Paribas SA | (523534) | 03/17/27 | (0.25)% | 1D SONIA | Monthly  | &nbsp;&nbsp; (8249)<br>|
| SigmaRoc PLC | Goldman Sachs Bank USA | (415781) | 08/19/26 | (0.25)% | 1D SONIA | Monthly  | &nbsp;&nbsp; (6551)<br>|
| SigmaRoc PLC | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (1158002) | 01/04/27 | (0.25)% | 1D SONIA | Monthly  | &nbsp;&nbsp; 33154 |
| SigmaRoc PLC | SG Americas Securities LLC | (1314063) | 12/08/25 | (0.25)% | 1D SONIA | Monthly  | &nbsp;&nbsp; 28983 |
| Signet Jewelers Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (1214219) | 01/04/27 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 64989 |
| Signify NV | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (23994477) | 01/04/27 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 2385563 |
| Silgan Holdings, Inc. | SG Americas Securities LLC | (33833586) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 3685192 |
| SimilarWeb Ltd. | Bank of America N.A. | (891870) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 32176 |
| SimilarWeb Ltd. | Barclays Bank PLC | (166439) | 12/23/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 2493 |
| Simply Good Foods Co. | BNP Paribas SA | (8797230) | 04/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1735631 |
| Simply Good Foods Co. | SG Americas Securities LLC | (5266132) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 980968 |
| Simpson Manufacturing Co., Inc. | SG Americas Securities LLC | (13230797) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (259098)<br>|
| Sinclair, Inc., Class A | Bank of America N.A. | (569582) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (28917)<br>|
| Sinclair, Inc., Class A | UBS AG | (533767) | 04/21/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (27099)<br>|
| Sinfonia Technology Co., Ltd. | Barclays Bank PLC | (289581) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 507 |
| Sinfonia Technology Co., Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (54974) | 01/06/27 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (88)<br>|
| Singapore Airlines Ltd. | Barclays Bank PLC | (169259) | 02/22/27 | 0.00% | SORA | Monthly  | &nbsp;&nbsp; 1272 |
| Singapore Airlines Ltd. | Barclays Bank PLC | (5604718) | 09/09/27 | (0.30)% | SORA | Monthly  | &nbsp;&nbsp; 13295 |
| Sirius Real Estate Ltd. | BNP Paribas SA | (5499552) | 03/17/27 | (0.25)% | 1D SONIA | Monthly  | &nbsp;&nbsp; (70406)<br>|
| Sirius Real Estate Ltd. | SG Americas Securities LLC | (9572556) | 12/08/25 | (0.25)% | 1D SONIA | Monthly  | &nbsp;&nbsp; (354066)<br>|
| SITC International Holdings Co., Ltd. | Citibank N.A. | (70729) | 02/25/26 | (0.05)% | HONIA | Monthly  | &nbsp;&nbsp; (2934)<br>|
| SiteOne Landscape Supply, Inc. | Barclays Bank PLC | (1218069) | 12/23/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (67952)<br>|

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination*<br> *Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) |
| Skandinaviska Enskilda Banken AB, <br> Class A<br>| BNP Paribas SA | $(902518) | 08/17/26 | (0.25)% | 1D STIBOR | Monthly  | &nbsp;&nbsp; $(1774)<br>|
| Skandinaviska Enskilda Banken AB, <br> Class A<br>| Citibank N.A. | (23306609) | 07/06/26 | 0.00% | TN STIBOR | Monthly  | &nbsp;&nbsp; (20032)<br>|
| Skandinaviska Enskilda Banken AB, <br> Class A<br>| SG Americas Securities LLC | (39978821) | 12/08/25 | 0.10% | 1D STIBOR | Monthly  | &nbsp;&nbsp; 130574 |
| Skandinaviska Enskilda Banken AB, <br> Class A<br>| UBS AG | (10310269) | 09/03/29 | 0.00% | TN STIBOR | Monthly  | &nbsp;&nbsp; (20226)<br>|
| Skeena Resources Ltd. | Bank of America N.A. | (2669267) | 02/15/28 | (1.66)% | CABROVER | Monthly  | &nbsp;&nbsp; 504661 |
| Skeena Resources Ltd. | Goldman Sachs Bank USA | (1996733) | 08/19/26 | (0.15)% | 1D CORRA | Monthly  | &nbsp;&nbsp; 377510 |
| SMA Solar Technology AG | Barclays Bank PLC | (179) | 08/17/26 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (31)<br>|
| SMA Solar Technology AG | Barclays Bank PLC | (102) | 12/10/26 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (18)<br>|
| Smartstop Self Storage REIT, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (214647) | 01/04/27 | (0.27)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 19642 |
| Smith & Nephew PLC | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (763849) | 01/27/27 | (0.25)% | 1D SONIA | Monthly  | &nbsp;&nbsp; (5555)<br>|
| Smith Douglas Homes Corp., Class A | Bank of America N.A. | (48605) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (4766)<br>|
| Smith Douglas Homes Corp., Class A | UBS AG | (2053726) | 04/21/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (201371)<br>|
| SMS Co. Ltd. | Barclays Bank PLC | (2028609) | 05/12/27 | (0.19)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 313413 |
| Smurfit WestRock PLC | SG Americas Securities LLC | (299816) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 35690 |
| Snam SpA | UBS AG | (260534) | 09/03/29 | 0.00% | 1D ESTR | Monthly  | &nbsp;&nbsp; (2749)<br>|
| Snap-on, Inc. | UBS AG | (2558240) | 04/18/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 26851 |
| Snowflake, Inc., Class A | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (5155853) | 01/06/27 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (408542)<br>|
| Snowline Gold Corp. | Bank of America N.A. | (14515) | 02/15/28 | (0.88)% | CABROVER | Monthly  | &nbsp;&nbsp; 718 |
| Snowline Gold Corp. | Barclays Bank PLC | (99081) | 12/23/25 | (0.20)% | CABROVER | Monthly  | &nbsp;&nbsp; 1531 |
| Snowline Gold Corp. | BNP Paribas SA | (230901) | 05/18/26 | (0.20)% | CABROVER | Monthly  | &nbsp;&nbsp; 11418 |
| Snowline Gold Corp. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (236923) | 01/04/27 | (0.82)% | CABROVER | Monthly  | &nbsp;&nbsp; 3660 |
| Snowline Gold Corp. | UBS AG | (265373) | 04/21/28 | 0.00% | 1D CORRA | Monthly  | &nbsp;&nbsp; 13123 |
| Societe BIC SA | Bank of America N.A. | (4244488) | 02/15/28 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 421859 |
| Socionext, Inc. | Barclays Bank PLC | (16445202) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (2859199)<br>|
| Socionext, Inc. | Barclays Bank PLC | (4271381) | 09/09/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (742632)<br>|
| Sodexo SA | Bank of America N.A. | (494874) | 02/15/28 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 51357 |
| Sodexo SA | JPMorgan Chase Bank N.A. | (1721717) | 02/10/26 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 184413 |
| Sodexo SA | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (1583148) | 01/04/27 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 228732 |
| Sodexo SA | UBS AG | (1198757) | 09/03/29 | 0.00% | 1D ESTR | Monthly  | &nbsp;&nbsp; 124405 |
| SoFi Technologies, Inc. | SG Americas Securities LLC | (8796711) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (521147)<br>|
| Sofina SA, (Expires 10/16/25, Strike <br> Price EUR 223.00)<br>| Bank of America N.A. | (22004) | 02/15/28 | 0.00% | 1D ESTR | Monthly  | &nbsp;&nbsp; — |
| SoftBank Group Corp. | Barclays Bank PLC | (34970995) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (4930546)<br>|
| SoftBank Group Corp. | Barclays Bank PLC | (28270321) | 09/09/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (3331559)<br>|
| Softwareone Holding AG | BNP Paribas SA | (5008703) | 03/17/27 | (0.26)% | SSARON | Monthly  | &nbsp;&nbsp; 6435 |
| Solaria Energia y Medio Ambiente <br> SA<br>| Barclays Bank PLC | (10430977) | 12/10/26 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (402751)<br>|
| Solaris Energy Infrastructure, Inc., <br> Class A<br>| Goldman Sachs Bank USA | (206259) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 6274 |
| Solaris Energy Infrastructure, Inc., <br> Class A<br>| &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (520171) | 01/04/27 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (76697)<br>|
| Solaris Energy Infrastructure, Inc., <br> Class A<br>| SG Americas Securities LLC | (5377343) | 12/08/25 | (0.11)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (559931)<br>|
| Somnigroup International, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (33984651) | 01/06/27 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 1816407 |
| Sonoco Products Co. | SG Americas Securities LLC | (21391121) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 997272 |
| Sonos, Inc. | Barclays Bank PLC | (2087091) | 12/23/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (75574)<br>|
| Sopra Steria Group | Bank of America N.A. | (2669186) | 02/15/28 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 9191 |
| Sopra Steria Group | Goldman Sachs Bank USA | (394833) | 08/19/26 | (0.18)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 1360 |
| Sopra Steria Group | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (4684823) | 01/04/27 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 113958 |
| Sotetsu Holdings, Inc. | Bank of America N.A. | (1749368) | 02/15/28 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 37839 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination*<br> *Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) |
| Sotetsu Holdings, Inc. | Barclays Bank PLC | $(3545900) | 05/12/27 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; $64173 |
| South Bow Corp. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (10992171) | 01/04/27 | (0.20)% | CABROVER | Monthly  | &nbsp;&nbsp; 151965 |
| Southern Co. | UBS AG | (5698297) | 04/18/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 287705 |
| SouthState Bank Corp. | Barclays Bank PLC | (2744759) | 12/23/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 152633 |
| SpareBank 1 Nord Norge | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (127450) | 01/04/27 | (0.26)% | NOWA | Monthly  | &nbsp;&nbsp; 3231 |
| Spectris PLC | SG Americas Securities LLC | (20394309) | 12/08/25 | 0.10% | 1D SONIA | Monthly  | &nbsp;&nbsp; (82402)<br>|
| Sphere Entertainment Co., Class A | Barclays Bank PLC | (3612358) | 12/23/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (225877)<br>|
| Sphere Entertainment Co., Class A | SG Americas Securities LLC | (7935551) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (1230017)<br>|
| Spin Master Corp. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (4526372) | 01/04/27 | (0.20)% | CABROVER | Monthly  | &nbsp;&nbsp; (159728)<br>|
| Spirax Group PLC | BNP Paribas SA | (1235918) | 03/22/27 | (0.25)% | 1D SONIA | Monthly  | &nbsp;&nbsp; (81653)<br>|
| Spirax Group PLC | JPMorgan Chase Bank N.A. | (1170989) | 02/10/26 | (0.25)% | 1D SONIA | Monthly  | &nbsp;&nbsp; (23555)<br>|
| Spirax Group PLC | SG Americas Securities LLC | (3340157) | 12/08/25 | (0.25)% | 1D SONIA | Monthly  | &nbsp;&nbsp; (67188)<br>|
| Spirax Group PLC | SG Americas Securities LLC | (3653774) | 12/08/25 | (0.25)% | 1D SONIA | Monthly  | &nbsp;&nbsp; (73496)<br>|
| Spirax Group PLC | UBS AG | (2128428) | 09/03/29 | 0.00% | 1D SONIA | Monthly  | &nbsp;&nbsp; (140617)<br>|
| Spire Healthcare Group PLC | SG Americas Securities LLC | (1945455) | 12/08/25 | (0.25)% | 1D SONIA | Monthly  | &nbsp;&nbsp; 48535 |
| Spire, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (19534633) | 01/04/27 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 163667 |
| Sprinklr, Inc., Class A | BNP Paribas SA | (7288332) | 04/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (115079)<br>|
| SPX Technologies, Inc. | UBS AG | (2968061) | 04/18/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (487905)<br>|
| SSAB AB, Class B | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (158480) | 01/04/27 | (0.26)% | 1D STIBOR | Monthly  | &nbsp;&nbsp; 265 |
| SSE PLC | Bank of America N.A. | (127549) | 02/15/28 | (0.25)% | 1D SONIA | Monthly  | &nbsp;&nbsp; (5494)<br>|
| SSE PLC | BNP Paribas SA | (2318917) | 03/22/27 | (0.25)% | 1D SONIA | Monthly  | &nbsp;&nbsp; (99893)<br>|
| SSE PLC | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (504172) | 01/04/27 | (0.25)% | 1D SONIA | Monthly  | &nbsp;&nbsp; (4798)<br>|
| SSE PLC | UBS AG | (4345277) | 09/03/29 | 0.00% | 1D SONIA | Monthly  | &nbsp;&nbsp; (187183)<br>|
| SSP Group Plc | SG Americas Securities LLC | (11303524) | 12/08/25 | (0.06)% | 1D SONIA | Monthly  | &nbsp;&nbsp; 860973 |
| St Galler Kantonalbank AG, Class N, <br> Registered Shares<br>| Goldman Sachs Bank USA | (707220) | 08/19/26 | (0.26)% | SSARON | Monthly  | &nbsp;&nbsp; (7657)<br>|
| St Galler Kantonalbank AG, Class N, <br> Registered Shares<br>| &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (866774) | 01/04/27 | (0.26)% | SSARON | Monthly  | &nbsp;&nbsp; (11123)<br>|
| St Joe Co. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (2377187) | 01/04/27 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (298798)<br>|
| STAAR Surgical Co. | Barclays Bank PLC | (6483985) | 12/23/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (252589)<br>|
| STAAR Surgical Co. | SG Americas Securities LLC | (15120349) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 354891 |
| Standardaero, Inc. | Barclays Bank PLC | (856) | 12/23/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (11)<br>|
| Stanley Black & Decker, Inc. | BNP Paribas SA | (249266) | 04/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 192 |
| Stanmore Resources Ltd. | Bank of America N.A. | (919854) | 02/15/28 | (0.30)% | 1D AONIA | Monthly  | &nbsp;&nbsp; 68201 |
| Stanmore Resources Ltd. | Barclays Bank PLC | (323812) | 05/12/27 | (0.25)% | 1D AONIA | Monthly  | &nbsp;&nbsp; 303 |
| Stanmore Resources Ltd. | Goldman Sachs Bank USA | (829651) | 08/19/26 | (0.30)% | 1D AONIA | Monthly  | &nbsp;&nbsp; 61513 |
| Starbucks Corp. | Barclays Bank PLC | (32950845) | 12/23/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1784356 |
| Starbucks Corp. | UBS AG | (7926802) | 04/18/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 190373 |
| Starts Corp., Inc. | Bank of America N.A. | (490491) | 02/15/28 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (9637)<br>|
| Starts Corp., Inc. | Barclays Bank PLC | (930676) | 05/12/27 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (4346)<br>|
| Starts Corp., Inc. | SG Americas Securities LLC | (28120) | 12/08/25 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 162 |
| Starts Corp., Inc. | UBS AG | (179745) | 04/03/28 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; (3532)<br>|
| Starwood Property Trust, Inc. | SG Americas Securities LLC | (8730924) | 12/08/25 | (0.12)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 283441 |
| Starwood Property Trust, Inc. | UBS AG | (13111241) | 04/18/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 357771 |
| Steadfast Group Ltd. | Barclays Bank PLC | (3388348) | 05/12/27 | (0.25)% | 1D AONIA | Monthly  | &nbsp;&nbsp; 205331 |
| Steadfast Group Ltd. | BNP Paribas SA | (6340493) | 03/22/27 | (0.25)% | 1D AONIA | Monthly  | &nbsp;&nbsp; 511374 |
| Steel Dynamics, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (10418292) | 01/06/27 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (231407)<br>|
| Stella-Jones, Inc. | Goldman Sachs Bank USA | (4299775) | 08/18/26 | (0.20)% | 1D CORRA | Monthly  | &nbsp;&nbsp; 160657 |
| Stella-Jones, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (4863876) | 01/04/27 | (0.20)% | CABROVER | Monthly  | &nbsp;&nbsp; (92770)<br>|
| Stellantis NV | Barclays Bank PLC | (3855705) | 12/10/26 | (0.10)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 138961 |
| Stellantis NV | BNP Paribas SA | (13550508) | 08/17/26 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 834996 |
| Stepan Co. | SG Americas Securities LLC | (3245187) | 12/08/25 | (0.14)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 361242 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination*<br> *Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) |
| StepStone Group, Inc., Class A | Barclays Bank PLC | $(497227) | 12/23/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; $15057 |
| StepStone Group, Inc., Class A | SG Americas Securities LLC | (2840703) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 94284 |
| Stevanato Group SpA | Barclays Bank PLC | (3425635) | 12/23/25 | (0.38)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 88651 |
| Stevanato Group SpA | BNP Paribas SA | (1493041) | 04/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (80486)<br>|
| Steven Madden Ltd. | Bank of America N.A. | (2579926) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 104394 |
| Steven Madden Ltd. | SG Americas Securities LLC | (13912932) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 99490 |
| Stockland | Barclays Bank PLC | (1554985) | 09/09/27 | (0.25)% | 1D AONIA | Monthly  | &nbsp;&nbsp; 75224 |
| StoneX Group, Inc. | SG Americas Securities LLC | (6205748) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 432345 |
| Stora Enso OYJ, Class R | Barclays Bank PLC | (15641852) | 08/17/26 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (2130885)<br>|
| Stora Enso OYJ, Class R | BNP Paribas SA | (103241) | 03/24/27 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (15168)<br>|
| Stora Enso OYJ, Class R | UBS AG | (6298251) | 04/18/28 | 0.00% | 1D ESTR | Monthly  | &nbsp;&nbsp; (925338)<br>|
| Straumann Holding AG, Registered <br> Shares, Registered Shares<br>| Barclays Bank PLC | (6944256) | 12/11/26 | (0.26)% | SSARON | Monthly  | &nbsp;&nbsp; (909840)<br>|
| Straumann Holding AG, Registered <br> Shares, Registered Shares<br>| &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (3327392) | 01/04/27 | (0.26)% | SSARON | Monthly  | &nbsp;&nbsp; (355166)<br>|
| Strauss Group Ltd. | Bank of America N.A. | (216297) | 02/15/28 | (0.60)% | SHIR | Monthly  | &nbsp;&nbsp; 1016 |
| Strauss Group Ltd. | Citibank N.A. | (1117000) | 07/30/26 | (0.55)% | SHIR | Monthly  | &nbsp;&nbsp; (13639)<br>|
| Strauss Group Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (144998) | 05/23/27 | (0.75)% | SHIR | Monthly  | &nbsp;&nbsp; (1770)<br>|
| Strauss Group Ltd. | SG Americas Securities LLC | (441131) | 12/08/25 | (0.70)% | SHIR | Monthly  | &nbsp;&nbsp; 2263 |
| Stride, Inc. | SG Americas Securities LLC | (1722914) | 12/08/25 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (63)<br>|
| Strike Co. Ltd. | Barclays Bank PLC | (1548726) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 134659 |
| Strike Co. Ltd. | BNP Paribas SA | (238232) | 03/24/27 | (0.25)% | 1D TONA | Monthly  | &nbsp;&nbsp; 23905 |
| Strike Co. Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (613494) | 01/06/27 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 54272 |
| Subaru Corp. | Barclays Bank PLC | (302442) | 05/12/27 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; 363 |
| Subaru Corp. | Barclays Bank PLC | (7737616) | 09/09/27 | (0.19)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 62274 |
| Suedzucker AG | Bank of America N.A. | (4340607) | 02/15/28 | 0.00% | 1D ESTR | Monthly  | &nbsp;&nbsp; 72133 |
| Suedzucker AG | Barclays Bank PLC | (640234) | 12/10/26 | (0.81)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 14498 |
| Suedzucker AG | Citibank N.A. | (139826) | 06/25/26 | (0.75)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 3166 |
| Suedzucker AG | Goldman Sachs Bank USA | (520019) | 08/19/26 | (0.44)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 8642 |
| Suedzucker AG | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (631162) | 01/04/27 | (0.56)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 14293 |
| Suedzucker AG | SG Americas Securities LLC | (438001) | 12/08/25 | (0.70)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (840)<br>|
| Sulzer AG, Registered Shares | Barclays Bank PLC | (3239193) | 12/10/26 | (0.26)% | SSARON | Monthly  | &nbsp;&nbsp; (66203)<br>|
| Sulzer AG, Registered Shares | UBS AG | (1275203) | 04/02/30 | 0.00% | SSARON | Monthly  | &nbsp;&nbsp; (79511)<br>|
| SUMCO Corp. | Bank of America N.A. | (410016) | 02/15/28 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 27860 |
| SUMCO Corp. | Barclays Bank PLC | (5716910) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 542013 |
| Sumitomo Electric Industries Ltd. | Barclays Bank PLC | (377544) | 05/12/27 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; 2033 |
| Sumitomo Forestry Co., Ltd. | Barclays Bank PLC | (4668652) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 394153 |
| Sumitomo Forestry Co., Ltd. | Barclays Bank PLC | (5895749) | 09/09/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 497751 |
| Sumitomo Forestry Co., Ltd. | JPMorgan Chase Bank N.A. | (511760) | 02/10/26 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 40514 |
| Sumitomo Pharma Co., Ltd. | Bank of America N.A. | (382558) | 02/15/28 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 11891 |
| Sumitomo Pharma Co., Ltd. | Bank of America N.A. | (3189858) | 03/15/28 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 99151 |
| Sumitomo Pharma Co., Ltd. | Barclays Bank PLC | (5341639) | 05/12/27 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 108696 |
| Sumitomo Pharma Co., Ltd. | Barclays Bank PLC | (5567546) | 09/09/27 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 113293 |
| Sumitomo Pharma Co., Ltd. | Citibank N.A. | (3446470) | 02/26/26 | (0.18)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 70132 |
| Sumitomo Pharma Co., Ltd. | Citibank N.A. | (11319824) | 02/26/26 | (0.17)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 230345 |
| Sumitomo Pharma Co., Ltd. | JPMorgan Chase Bank N.A. | (299778) | 02/10/26 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 31590 |
| Sumitomo Realty & Development Co., <br> Ltd.<br>| Barclays Bank PLC | (503790) | 05/12/27 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 17044 |
| Sumitomo Warehouse Co., Ltd. | Barclays Bank PLC | (1107527) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 14969 |
| Summit Hotel Properties, Inc. | Bank of America N.A. | (164777) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 9657 |
| Summit Therapeutics, Inc. | Bank of America N.A. | (418161) | 02/15/28 | (5.25)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 68893 |
| Summit Therapeutics, Inc. | Barclays Bank PLC | (543358) | 12/23/25 | (3.25)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 7090 |
| Summit Therapeutics, Inc. | BNP Paribas SA | (95745) | 04/16/26 | (4.57)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 15774 |
| Summit Therapeutics, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (1282551) | 01/06/27 | (3.27)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 16735 |
| Summit Therapeutics, Inc. | SG Americas Securities LLC | (1225607) | 12/08/25 | (4.00)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 232624 |
| Summit Therapeutics, Inc. | UBS AG | (135116) | 04/18/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 22261 |
| Sun Corp. | Bank of America N.A. | (420479) | 02/15/28 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 118084 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination*<br> *Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) |
| Sun Corp. | Barclays Bank PLC | $(4718064) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; $596532 |
| Sun Corp. | BNP Paribas SA | (7787) | 03/24/27 | (0.40)% | 1D TONA | Monthly  | &nbsp;&nbsp; 2187 |
| Sun Corp. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (1603867) | 01/06/27 | (0.26)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 237490 |
| Sun Corp. | SG Americas Securities LLC | (680241) | 12/08/25 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 53052 |
| Sun Corp. | UBS AG | (2049564) | 04/03/28 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; 565589 |
| SunCoke Energy, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (940858) | 01/04/27 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (4722)<br>|
| Sunrise Communications AG, <br> Class A<br>| &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (2475040) | 01/04/27 | (0.26)% | SSARON | Monthly  | &nbsp;&nbsp; 70320 |
| Sunrun, Inc. | Bank of America N.A. | (4100560) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 102081 |
| Sunstone Hotel Investors, Inc. | Bank of America N.A. | (1337667) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 71533 |
| Sunstone Hotel Investors, Inc. | Goldman Sachs Bank USA | (2336649) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 124955 |
| Sunstone Hotel Investors, Inc. | SG Americas Securities LLC | (11755680) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 348030 |
| Suntory Beverage & Food Ltd. | Barclays Bank PLC | (373769) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 10533 |
| Suntory Beverage & Food Ltd. | Barclays Bank PLC | (7483097) | 09/09/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 260756 |
| Super Group SGHC Ltd. | UBS AG | (629036) | 04/21/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 107655 |
| Super Micro Computer, Inc. | SG Americas Securities LLC | (7066070) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 809202 |
| Superior Plus Corp. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (146728) | 01/04/27 | (0.20)% | CABROVER | Monthly  | &nbsp;&nbsp; (110)<br>|
| Surgery Partners, Inc. | SG Americas Securities LLC | (9792223) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (639812)<br>|
| SUSS MicroTec SE, Class N | BNP Paribas SA | (99534) | 03/24/27 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (5999)<br>|
| Suzuki Motor Corp. | Barclays Bank PLC | (26055995) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 54381 |
| Svenska Cellulosa AB SCA, Class B | Bank of America N.A. | (10190496) | 02/15/28 | (0.26)% | 1D STIBOR | Monthly  | &nbsp;&nbsp; (375280)<br>|
| Svenska Cellulosa AB SCA, Class B | Bank of America N.A. | (1031835) | 02/15/28 | (0.26)% | 1D STIBOR | Monthly  | &nbsp;&nbsp; (37999)<br>|
| Svenska Cellulosa AB SCA, Class B | BNP Paribas SA | (525688) | 11/17/25 | (0.25)% | 1D STIBOR | Monthly  | &nbsp;&nbsp; (10860)<br>|
| Svenska Cellulosa AB SCA, Class B | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (7357903) | 01/04/27 | (0.26)% | 1D STIBOR | Monthly  | &nbsp;&nbsp; (54089)<br>|
| Svenska Cellulosa AB SCA, Class B | SG Americas Securities LLC | (15564696) | 12/08/25 | (0.22)% | 1D STIBOR | Monthly  | &nbsp;&nbsp; (740182)<br>|
| Svenska Cellulosa AB SCA, Class B | UBS AG | (7123216) | 04/18/28 | 0.00% | TN STIBOR | Monthly  | &nbsp;&nbsp; (262323)<br>|
| SWCC Corp. | Barclays Bank PLC | (1448952) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (62067)<br>|
| SWCC Corp. | BNP Paribas SA | (1719447) | 03/24/27 | (0.25)% | 1D TONA | Monthly  | &nbsp;&nbsp; (39359)<br>|
| Sweco AB, Class B | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (1021718) | 01/04/27 | (0.26)% | 1D STIBOR | Monthly  | &nbsp;&nbsp; (97987)<br>|
| Swedbank AB, Class A | BNP Paribas SA | (33490327) | 08/17/26 | (0.25)% | 1D STIBOR | Monthly  | &nbsp;&nbsp; (57333)<br>|
| Swedbank AB, Class A | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (4567583) | 01/08/27 | (0.26)% | 1D STIBOR | Monthly  | &nbsp;&nbsp; 14923 |
| Sweetgreen, Inc., Class A | Bank of America N.A. | (3436710) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 554456 |
| Swire Pacific Ltd., Class A | Bank of America N.A. | (153322) | 02/15/28 | (0.15)% | HONIA | Monthly  | &nbsp;&nbsp; 525 |
| Swire Pacific Ltd., Class A | UBS AG | (222165) | 04/18/28 | 0.00% | HONIA | Monthly  | &nbsp;&nbsp; 3293 |
| Swiss Life Holding AG, Class N, <br> Registered Shares<br>| SG Americas Securities LLC | (46395554) | 12/08/25 | (0.10)% | SSARON | Monthly  | &nbsp;&nbsp; (330986)<br>|
| Swiss Life Holding AG, Class N, <br> Registered Shares<br>| SG Americas Securities LLC | (41945786) | 12/08/25 | (0.04)% | SSARON | Monthly  | &nbsp;&nbsp; (298923)<br>|
| Swiss Prime Site AG, Registered <br> Shares<br>| Bank of America N.A. | (3140487) | 02/15/28 | (0.26)% | SSARON | Monthly  | &nbsp;&nbsp; (49910)<br>|
| Swiss Prime Site AG, Registered <br> Shares<br>| BNP Paribas SA | (2993387) | 03/22/27 | (0.26)% | SSARON | Monthly  | &nbsp;&nbsp; (35535)<br>|
| Swiss Prime Site AG, Registered <br> Shares, Registered Shares<br>| &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (12650566) | 01/04/27 | (0.26)% | SSARON | Monthly  | &nbsp;&nbsp; 34246 |
| Swiss Re AG | BNP Paribas SA | (15177532) | 08/17/26 | (0.26)% | SSARON | Monthly  | &nbsp;&nbsp; 402297 |
| Swiss Re AG | SG Americas Securities LLC | (3845283) | 12/08/25 | (0.26)% | SSARON | Monthly  | &nbsp;&nbsp; 31276 |
| Swiss Re AG | UBS AG | (4570610) | 04/18/28 | 0.00% | SSARON | Monthly  | &nbsp;&nbsp; 121149 |
| Swisscom AG, Class N, Registered <br> Shares<br>| Citibank N.A. | (144184) | 07/06/26 | (0.26)% | SSARON | Monthly  | &nbsp;&nbsp; 609 |
| Swisscom AG, Class N, Registered <br> Shares<br>| &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (30419330) | 01/04/27 | (0.26)% | SSARON | Monthly  | &nbsp;&nbsp; 87763 |
| Swisscom AG, Class N, Registered <br> Shares<br>| &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (30132828) | 01/06/27 | (0.26)% | SSARON | Monthly  | &nbsp;&nbsp; 119175 |
| Syensqo SA | SG Americas Securities LLC | (3579295) | 12/08/25 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (260263)<br>|
| Syensqo SA | SG Americas Securities LLC | (10610839) | 12/08/25 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (771551)<br>|

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination*<br> *Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) |
| Syensqo SA | UBS AG | $(11825897) | 09/03/29 | 0.00% | 1D ESTR | Monthly  | &nbsp;&nbsp; $(886561)<br>|
| Sylvamo Corp. | SG Americas Securities LLC | (7907091) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 420654 |
| Symbotic, Inc., Class A | Bank of America N.A. | (6077256) | 02/15/28 | (0.71)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (450794)<br>|
| Symbotic, Inc., Class A | Barclays Bank PLC | (2714277) | 12/23/25 | (0.50)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (695418)<br>|
| Symbotic, Inc., Class A | BNP Paribas SA | (4780009) | 04/16/26 | (0.59)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (354568)<br>|
| Symbotic, Inc., Class A | UBS AG | (919920) | 04/18/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (68237)<br>|
| Symrise AG | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (941982) | 01/04/27 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 52637 |
| Synopsys, Inc. | SG Americas Securities LLC | (54446194) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 3954180 |
| Taihei Dengyo Kaisha Ltd. | Bank of America N.A. | (91349) | 02/15/28 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (1193)<br>|
| Taihei Dengyo Kaisha Ltd. | Barclays Bank PLC | (717478) | 05/12/27 | (0.17)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (4633)<br>|
| Taihei Dengyo Kaisha Ltd. | BNP Paribas SA | (352939) | 03/24/27 | (0.25)% | 1D TONA | Monthly  | &nbsp;&nbsp; (4611)<br>|
| Taihei Dengyo Kaisha Ltd. | JPMorgan Chase Bank N.A. | (366933) | 02/10/26 | (0.16)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (8846)<br>|
| Taihei Dengyo Kaisha Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (399837) | 01/06/27 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (2582)<br>|
| Taiyo Holdings Co., Ltd. | Barclays Bank PLC | (1548115) | 05/12/27 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (67386)<br>|
| Taiyo Holdings Co., Ltd. | Citibank N.A. | (471611) | 02/26/26 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (20528)<br>|
| Takara Holdings, Inc. | Barclays Bank PLC | (15934368) | 05/12/27 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 1497816 |
| Takara Leben Real Estate Investment <br> Corp.<br>| Bank of America N.A. | (1053501) | 02/15/28 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; 23136 |
| Takara Leben Real Estate Investment <br> Corp.<br>| Barclays Bank PLC | (5649361) | 05/12/27 | (0.19)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 209952 |
| Takara Leben Real Estate Investment <br> Corp.<br>| &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (849721) | 01/06/27 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 31579 |
| Takasago International Corp. | Barclays Bank PLC | (376359) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 3029 |
| Takasago International Corp. | BNP Paribas SA | (3924) | 03/24/27 | (0.25)% | 1D TONA | Monthly  | &nbsp;&nbsp; 15 |
| Takasago International Corp. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (77445) | 01/06/27 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 2192 |
| Takeuchi Manufacturing Co., Ltd. | Barclays Bank PLC | (1590215) | 05/12/27 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (34152)<br>|
| Talanx AG | Bank of America N.A. | (1155020) | 02/15/28 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 52747 |
| Talanx AG | BNP Paribas SA | (993736) | 08/17/26 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 45381 |
| Talanx AG | SG Americas Securities LLC | (254180) | 12/08/25 | 0.00% | 1D ESTR | Monthly  | &nbsp;&nbsp; 4305 |
| Talanx AG | UBS AG | (1482310) | 09/03/29 | 0.00% | 1D ESTR | Monthly  | &nbsp;&nbsp; 67693 |
| Talos Energy, Inc. | Barclays Bank PLC | (5969389) | 12/23/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (347731)<br>|
| Tamarack Valley Energy Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (1889946) | 01/04/27 | (0.20)% | CABROVER | Monthly  | &nbsp;&nbsp; (15291)<br>|
| Tamburi Investment Partners SpA | BNP Paribas SA | (951396) | 03/17/27 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (43972)<br>|
| Tamburi Investment Partners SpA | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (174666) | 01/04/27 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (1750)<br>|
| TBS Holdings, Inc. | Bank of America N.A. | (1580391) | 02/15/28 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (45858)<br>|
| TBS Holdings, Inc. | Barclays Bank PLC | (11561015) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (2271)<br>|
| TBS Holdings, Inc. | Citibank N.A. | (690416) | 02/26/26 | (0.18)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (136)<br>|
| TD SYNNEX Corp. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (1756856) | 01/06/27 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (26191)<br>|
| TDK Corp. | Bank of America N.A. | (668768) | 02/15/28 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (140195)<br>|
| TDK Corp. | Bank of America N.A. | (1356313) | 03/15/28 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (284327)<br>|
| TDK Corp. | Barclays Bank PLC | (2194727) | 05/12/27 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (174504)<br>|
| TDK Corp. | Barclays Bank PLC | (12531382) | 09/09/27 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (1088200)<br>|
| TeamViewer SE | SG Americas Securities LLC | (127386) | 12/08/25 | 0.00% | 1D ESTR | Monthly  | &nbsp;&nbsp; (947)<br>|
| Tecan Group AG, Class N, Registered <br> Shares<br>| Barclays Bank PLC | (8469940) | 12/10/26 | (0.26)% | SSARON | Monthly  | &nbsp;&nbsp; 264752 |
| Technoprobe SpA | Bank of America N.A. | (2880167) | 02/15/28 | 0.00% | 1D ESTR | Monthly  | &nbsp;&nbsp; (146122)<br>|
| Technoprobe SpA | BNP Paribas SA | (2400639) | 03/17/27 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (121793)<br>|
| Technoprobe SpA | Goldman Sachs Bank USA | (685816) | 08/19/26 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (34794)<br>|
| TEGNA, Inc. | Bank of America N.A. | (2440339) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 22129 |
| TEGNA, Inc. | Citibank N.A. | (3962030) | 06/25/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 47759 |
| TEGNA, Inc. | UBS AG | (2399011) | 04/21/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 21754 |
| Teleflex, Inc. | Barclays Bank PLC | (215504) | 12/23/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 10626 |
| Telenor ASA | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (11409988) | 01/04/27 | (0.26)% | NOWA | Monthly  | &nbsp;&nbsp; 858901 |
| Telephone and Data Systems, Inc. | Barclays Bank PLC | (2341664) | 12/23/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (33033)<br>|

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination*<br> *Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) |
| TELUS International CDA, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | $(955404) | 01/04/27 | (0.15)% | CABROVER | Monthly  | &nbsp;&nbsp; $28146 |
| TELUS International CDA, Inc. | SG Americas Securities LLC | (3671121) | 12/08/25 | (0.20)% | CABROVER | Monthly  | &nbsp;&nbsp; 183391 |
| Tempus AI, Inc., Class A | Barclays Bank PLC | (1817104) | 12/23/25 | (0.38)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (97600)<br>|
| Tempus AI, Inc., Class A | BNP Paribas SA | (1411094) | 04/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 31627 |
| Tempus AI, Inc., Class A | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (1689540) | 01/06/27 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (90748)<br>|
| Tempus AI, Inc., Class A | UBS AG | (6638384) | 04/18/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 148788 |
| Teradyne, Inc. | UBS AG | (26015663) | 04/18/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (7513422)<br>|
| Terna - Rete Elettrica Nazionale | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (7276832) | 01/06/27 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 166187 |
| Terreno Realty Corp. | SG Americas Securities LLC | (10259236) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 198986 |
| Terreno Realty Corp. | UBS AG | (4214028) | 04/18/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 167853 |
| Tesco PLC | SG Americas Securities LLC | (5667898) | 12/08/25 | 0.07% | 1D SONIA | Monthly  | &nbsp;&nbsp; (150273)<br>|
| Teva Pharmaceutical Industries Ltd., <br> ADR<br>| BNP Paribas SA | (8517248) | 04/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (301419)<br>|
| Texas Pacific Land Corp. | SG Americas Securities LLC | (11858514) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 115320 |
| Thermo Fisher Scientific, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (1388606) | 01/06/27 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (365)<br>|
| Thermon Group Holdings, Inc. | Barclays Bank PLC | (1049502) | 12/23/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (63125)<br>|
| Thermon Group Holdings, Inc. | BNP Paribas SA | (1729245) | 04/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (92582)<br>|
| Thermon Group Holdings, Inc. | SG Americas Securities LLC | (624116) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (49976)<br>|
| Thermon Group Holdings, Inc. | UBS AG | (513085) | 04/21/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (27470)<br>|
| Thryv Holdings, Inc. | UBS AG | (2657464) | 04/21/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 864896 |
| Thule Group AB | Bank of America N.A. | (3964797) | 02/15/28 | (0.26)% | 1D STIBOR | Monthly  | &nbsp;&nbsp; (216452)<br>|
| Thule Group AB | Barclays Bank PLC | (6040239) | 01/18/27 | (0.26)% | 1D STIBOR | Monthly  | &nbsp;&nbsp; 140580 |
| Tidewater, Inc. | SG Americas Securities LLC | (7595841) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 339920 |
| TietoEVRY Oyj | Barclays Bank PLC | (6877945) | 12/10/26 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (888827)<br>|
| Timken Co. | SG Americas Securities LLC | (3859362) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (70063)<br>|
| TIS, Inc. | Bank of America N.A. | (1151585) | 02/15/28 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; (98981)<br>|
| TIS, Inc. | Barclays Bank PLC | (11277342) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (604749)<br>|
| TIS, Inc. | Barclays Bank PLC | (9026051) | 09/09/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (482378)<br>|
| TIS, Inc. | Citibank N.A. | (2105714) | 02/26/26 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (112919)<br>|
| Titan America SA | Bank of America N.A. | (107077) | 02/15/28 | (1.38)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1573 |
| Titan America SA | Barclays Bank PLC | (100581) | 12/23/25 | (1.63)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 2589 |
| Titan America SA | UBS AG | (260083) | 04/21/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 3820 |
| TKH Group NV | Bank of America N.A. | (6121034) | 02/15/28 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (254922)<br>|
| TKH Group NV | Barclays Bank PLC | (3730335) | 12/10/26 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (18910)<br>|
| Tkms AG& Co KGaA | UBS AG | (98) | 04/18/28 | 0.00% | 1D ESTR | Monthly  | &nbsp;&nbsp; 3 |
| TKO Group Holdings, Inc., Class A | Citibank N.A. | (2792210) | 02/24/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (21356)<br>|
| TKO Group Holdings, Inc., Class A | SG Americas Securities LLC | (18438402) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 512895 |
| TKO Group Holdings, Inc., Class A | UBS AG | (516794) | 04/18/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (175)<br>|
| Toei Co., Ltd. | Barclays Bank PLC | (1021851) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 1602 |
| Toei Co., Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (266557) | 01/06/27 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (59)<br>|
| Toho Bank Ltd. | Bank of America N.A. | (227584) | 02/15/28 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; (12130)<br>|
| Toho Bank Ltd. | Barclays Bank PLC | (842126) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (11373)<br>|
| Toho Bank Ltd. | Goldman Sachs Bank USA | (835318) | 08/19/26 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (44520)<br>|
| Toho Co., Ltd. | Bank of America N.A. | (1503516) | 02/15/28 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; 131882 |
| Toho Co., Ltd. | Barclays Bank PLC | (14656445) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (44659)<br>|
| Toho Co., Ltd. | SG Americas Securities LLC | (3574176) | 12/08/25 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 279909 |
| Toho Gas Co., Ltd. | Barclays Bank PLC | (3441814) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (174230)<br>|
| Toho Titanium Co., Ltd. | Barclays Bank PLC | (813492) | 05/12/27 | (1.71)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (61783)<br>|
| Toho Titanium Co., Ltd. | Citibank N.A. | (585828) | 02/26/26 | (1.40)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (44493)<br>|
| Toho Titanium Co., Ltd. | JPMorgan Chase Bank N.A. | (212023) | 02/10/26 | (1.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 14215 |
| Toho Titanium Co., Ltd. | UBS AG | (718315) | 04/03/28 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; (23721)<br>|
| Tokmanni Group Corp. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (1251816) | 01/04/27 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 77256 |
| Tokmanni Group Corp. | SG Americas Securities LLC | (2528413) | 12/08/25 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 92067 |
| Tokuyama Corp. | Barclays Bank PLC | (5964639) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (194808)<br>|
| Tokyo Electron Device Ltd. | Barclays Bank PLC | (2147371) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (52611)<br>|

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination*<br> *Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) |
| Tokyo Gas Co. Ltd. | Barclays Bank PLC | $(3627518) | 05/12/27 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; $(99484)<br>|
| Tokyo Kiraboshi Financial Group, Inc. | Bank of America N.A. | (412303) | 02/15/28 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (16230)<br>|
| Tokyo Kiraboshi Financial Group, Inc. | Barclays Bank PLC | (1229550) | 05/12/27 | (0.18)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (13196)<br>|
| Tokyo Kiraboshi Financial Group, Inc. | BNP Paribas SA | (114529) | 03/24/27 | (0.25)% | 1D TONA | Monthly  | &nbsp;&nbsp; (4508)<br>|
| Tokyo Metro Co., Ltd. | Barclays Bank PLC | (6689864) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 40954 |
| Tokyo Metro Co., Ltd. | Barclays Bank PLC | (12657329) | 09/09/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 77486 |
| Tokyo Metro Co., Ltd. | BNP Paribas SA | (181296) | 09/09/26 | (2.50)% | 1D TONA | Monthly  | &nbsp;&nbsp; (564)<br>|
| Tokyo Metro Co., Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (2024411) | 01/06/27 | (1.51)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 12393 |
| Tokyo Metro Co., Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (511920) | 01/07/27 | (1.07)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 3134 |
| Tokyo Metro Co., Ltd. | UBS AG | (361544) | 09/03/29 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; (1124)<br>|
| Tokyo Ohka Kogyo Co., Ltd. | Bank of America N.A. | (3294169) | 02/15/28 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; (468313)<br>|
| Tokyo Ohka Kogyo Co., Ltd. | Bank of America N.A. | (1246097) | 03/15/28 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; (177151)<br>|
| Tokyo Ohka Kogyo Co., Ltd. | Barclays Bank PLC | (8734333) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (859815)<br>|
| Tokyo Ohka Kogyo Co., Ltd. | Barclays Bank PLC | (21807592) | 09/09/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (2146758)<br>|
| Tokyo Steel Manufacturing Co. Ltd. | Bank of America N.A. | (2061894) | 02/15/28 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 148038 |
| Tokyo Steel Manufacturing Co. Ltd. | Barclays Bank PLC | (2713394) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 75996 |
| Tokyu Corp. | Barclays Bank PLC | (8051239) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 111403 |
| Tokyu Corp. | Barclays Bank PLC | (6806598) | 09/09/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 94182 |
| Tokyu Corp. | Citibank N.A. | (47393) | 02/26/26 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 656 |
| Tomy Co., Ltd. | Barclays Bank PLC | (342805) | 05/12/27 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; (4858)<br>|
| Tootsie Roll Industries, Inc. | BNP Paribas SA | (1493726) | 04/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 274633 |
| Tootsie Roll Industries, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (1253030) | 01/04/27 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 212328 |
| Tootsie Roll Industries, Inc. | SG Americas Securities LLC | (2629728) | 12/08/25 | (0.17)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 478520 |
| Topaz Energy Corp. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (1667421) | 01/04/27 | (0.20)% | CABROVER | Monthly  | &nbsp;&nbsp; (11462)<br>|
| TOPPAN Holdings, Inc. | Bank of America N.A. | (4841029) | 02/15/28 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; (26080)<br>|
| TOPPAN Holdings, Inc. | Bank of America N.A. | (715207) | 03/15/28 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; (3853)<br>|
| TOPPAN Holdings, Inc. | Barclays Bank PLC | (5433808) | 05/12/27 | (0.18)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (3169)<br>|
| TOPPAN Holdings, Inc. | Barclays Bank PLC | (5734464) | 09/09/27 | (0.18)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (3344)<br>|
| TOPPAN Holdings, Inc. | BNP Paribas SA | (2401053) | 09/09/26 | (0.25)% | 1D TONA | Monthly  | &nbsp;&nbsp; (12935)<br>|
| TOPPAN Holdings, Inc. | BNP Paribas SA | (2169949) | 03/24/27 | (0.25)% | 1D TONA | Monthly  | &nbsp;&nbsp; (11690)<br>|
| TOPPAN Holdings, Inc. | Citibank N.A. | (2925896) | 02/26/26 | (0.16)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (1706)<br>|
| TOPPAN Holdings, Inc. | Citibank N.A. | (2815900) | 02/26/26 | (0.16)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (1642)<br>|
| Torex Gold Resources, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (136810) | 01/04/27 | (0.20)% | CABROVER | Monthly  | &nbsp;&nbsp; (5464)<br>|
| Toromont Industries Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (9669837) | 01/06/27 | (0.20)% | CABROVER | Monthly  | &nbsp;&nbsp; (511769)<br>|
| Toromont Industries Ltd. | SG Americas Securities LLC | (11292) | 12/08/25 | (0.20)% | CABROVER | Monthly  | &nbsp;&nbsp; (722)<br>|
| Toronto-Dominion Bank | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (8767542) | 01/06/27 | (0.20)% | CABROVER | Monthly  | &nbsp;&nbsp; (59106)<br>|
| Tourmaline Oil Corp. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (28720319) | 01/04/27 | (0.20)% | CABROVER | Monthly  | &nbsp;&nbsp; (152079)<br>|
| Tourmaline Oil Corp. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (333246) | 01/06/27 | (0.20)% | CABROVER | Monthly  | &nbsp;&nbsp; (7675)<br>|
| Towa Corp. | Barclays Bank PLC | (1721913) | 05/12/27 | (3.50)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (273706)<br>|
| Toyo Suisan Kaisha Ltd. | Bank of America N.A. | (1602132) | 02/15/28 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; (144755)<br>|
| Toyo Suisan Kaisha Ltd. | Bank of America N.A. | (2366634) | 03/15/28 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; (213829)<br>|
| Toyo Suisan Kaisha Ltd. | Barclays Bank PLC | (7957290) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (581433)<br>|
| Toyo Suisan Kaisha Ltd. | Barclays Bank PLC | (24800825) | 09/09/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (1808389)<br>|
| Toyo Suisan Kaisha Ltd. | Citibank N.A. | (4546058) | 02/26/26 | (0.16)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (332177)<br>|
| Toyo Suisan Kaisha Ltd. | Citibank N.A. | (8720596) | 02/26/26 | (0.17)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (637207)<br>|
| Toyo Suisan Kaisha Ltd. | JPMorgan Chase Bank N.A. | (154691) | 02/10/26 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (12024)<br>|
| Toyo Suisan Kaisha Ltd. | JPMorgan Chase Bank N.A. | (679297) | 02/10/26 | (0.68)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (52800)<br>|
| Toyo Suisan Kaisha Ltd. | SG Americas Securities LLC | (3335955) | 12/08/25 | (0.21)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (259297)<br>|
| Toyo Suisan Kaisha Ltd. | SG Americas Securities LLC | (1446029) | 12/08/25 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (112397)<br>|
| Toyo Tanso Co., Ltd. | Bank of America N.A. | (192749) | 02/15/28 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 4268 |
| Toyo Tanso Co., Ltd. | Barclays Bank PLC | (7364902) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 139821 |
| Toyo Tanso Co., Ltd. | BNP Paribas SA | (1232980) | 03/24/27 | (0.25)% | 1D TONA | Monthly  | &nbsp;&nbsp; 27304 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination*<br> *Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) |
| Toyo Tanso Co., Ltd. | Citibank N.A. | $(1193728) | 02/26/26 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; $23954 |
| Toyo Tanso Co., Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (2176799) | 01/06/27 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 43680 |
| Toyo Tanso Co., Ltd. | SG Americas Securities LLC | (2117987) | 12/08/25 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 44703 |
| Toyota Boshoku Corp. | Barclays Bank PLC | (6414614) | 05/12/27 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 220065 |
| Toyota Tsusho Corp. | Bank of America N.A. | (1750431) | 02/15/28 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (153844)<br>|
| Toyota Tsusho Corp. | Bank of America N.A. | (1382363) | 03/15/28 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (121495)<br>|
| Toyota Tsusho Corp. | Barclays Bank PLC | (8987485) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (613367)<br>|
| Toyota Tsusho Corp. | Barclays Bank PLC | (23785652) | 09/09/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (1731035)<br>|
| Toyota Tsusho Corp. | Citibank N.A. | (11992550) | 02/26/26 | (0.16)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (872775)<br>|
| Toyota Tsusho Corp. | Citibank N.A. | (923161) | 02/26/26 | (0.21)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (67184)<br>|
| Toyota Tsusho Corp. | JPMorgan Chase Bank N.A. | (2308528) | 02/10/26 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (142884)<br>|
| Toyota Tsusho Corp. | JPMorgan Chase Bank N.A. | (4047120) | 02/10/26 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (250492)<br>|
| TPG, Inc., Class A | BNP Paribas SA | (5088316) | 04/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 148806 |
| Transcat, Inc. | BNP Paribas SA | (1125369) | 04/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (21630)<br>|
| Transcat, Inc. | SG Americas Securities LLC | (389086) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (4168)<br>|
| TransUnion | UBS AG | (243838) | 04/18/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 6711 |
| Travel + Leisure Co. | SG Americas Securities LLC | (18867952) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (766870)<br>|
| TRE Holdings Corp. | Barclays Bank PLC | (6005257) | 05/12/27 | (0.19)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 87183 |
| TRE Holdings Corp. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (626353) | 01/06/27 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 9093 |
| TreeHouse Foods, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (1417374) | 01/04/27 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 84296 |
| Trex Co., Inc. | SG Americas Securities LLC | (2843763) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 278696 |
| Tri Chemical Laboratories, Inc. | Barclays Bank PLC | (15213961) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (474898)<br>|
| Tri Chemical Laboratories, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (607147) | 01/06/27 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (20175)<br>|
| Trigano SA | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (11181742) | 01/04/27 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 462429 |
| TripAdvisor, Inc. | SG Americas Securities LLC | (11153068) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (385801)<br>|
| Tritax Big Box REIT PLC | SG Americas Securities LLC | (206843) | 12/08/25 | 0.00% | 1D SONIA | Monthly  | &nbsp;&nbsp; 1778 |
| Triumph Financial, Inc. | Bank of America N.A. | (744929) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (102196)<br>|
| Triumph Financial, Inc. | BNP Paribas SA | (1088204) | 04/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (149290)<br>|
| Triumph Financial, Inc. | Goldman Sachs Bank USA | (307693) | 08/19/26 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (42212)<br>|
| Triumph Financial, Inc. | SG Americas Securities LLC | (3682966) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (446627)<br>|
| TrustCo Bank Corp. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (135903) | 01/04/27 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (2908)<br>|
| Tsuburaya Fields Holdings, Inc. | Barclays Bank PLC | (2241625) | 05/12/27 | (3.58)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 84684 |
| Tsuburaya Fields Holdings, Inc. | BNP Paribas SA | (381961) | 03/24/27 | (0.15)% | 1D TONA | Monthly  | &nbsp;&nbsp; 16378 |
| Tsuburaya Fields Holdings, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (420853) | 01/06/27 | (2.13)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 15899 |
| Tsuburaya Fields Holdings, Inc. | UBS AG | (484797) | 04/03/28 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; 20787 |
| Tsumura & Co. | Barclays Bank PLC | (1514096) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (12239)<br>|
| TTM Technologies, Inc. | SG Americas Securities LLC | (2342681) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (427908)<br>|
| TUI AG | UBS AG | (7008758) | 04/18/28 | 0.00% | 1D ESTR | Monthly  | &nbsp;&nbsp; 180654 |
| TUI AG | UBS AG | (3475048) | 09/03/29 | 0.00% | 1D ESTR | Monthly  | &nbsp;&nbsp; 89571 |
| TV Asahi Holdings Corp. | Barclays Bank PLC | (769321) | 05/12/27 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (3955)<br>|
| TV Asahi Holdings Corp. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (265213) | 01/06/27 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (1364)<br>|
| Two Harbors Investment Corp. | Citibank N.A. | (2263121) | 06/25/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 13884 |
| Two Harbors Investment Corp. | Goldman Sachs Bank USA | (344735) | 08/18/26 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 2814 |
| Two Harbors Investment Corp. | SG Americas Securities LLC | (14417185) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 319093 |
| Tyler Technologies, Inc. | UBS AG | (7158229) | 04/18/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 367714 |
| UBE Corp. | Bank of America N.A. | (1392771) | 02/15/28 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; (15587)<br>|
| UBE Corp. | Barclays Bank PLC | (21190703) | 05/12/27 | (0.19)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 221172 |
| UBE Corp. | SG Americas Securities LLC | (864537) | 12/08/25 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 4527 |
| Uber Technologies, Inc. | UBS AG | (266493) | 04/18/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (2066)<br>|
| UDR, Inc. | UBS AG | (18416336) | 04/18/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1193301 |
| U-Haul Holding Co. | BNP Paribas SA | (1798498) | 04/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 70557 |
| U-Haul Holding Co. | SG Americas Securities LLC | (6674596) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 260582 |
| UL Solutions, Inc., Class A | BNP Paribas SA | (156) | 04/16/26 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; — |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination*<br> *Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) |
| Ulta Beauty, Inc. | SG Americas Securities LLC | $(7980184) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; $647797 |
| UMB Financial Corp. | Barclays Bank PLC | (10415232) | 12/23/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 422593 |
| UMH Properties, Inc. | SG Americas Securities LLC | (13400379) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (332418)<br>|
| Unicaja Banco SA | SG Americas Securities LLC | (398465) | 12/08/25 | 0.10% | 1D ESTR | Monthly  | &nbsp;&nbsp; (8111)<br>|
| Unilever PLC | Goldman Sachs Bank USA | (2543476) | 08/19/26 | 0.09% | 1D SONIA | Monthly  | &nbsp;&nbsp; (34189)<br>|
| Unilever PLC | JPMorgan Chase Bank N.A. | (8497261) | 02/10/26 | 0.05% | 1D SONIA | Monthly  | &nbsp;&nbsp; (378098)<br>|
| Unilever PLC | JPMorgan Chase Bank N.A. | (27943898) | 02/10/26 | 0.05% | 1D SONIA | Monthly  | &nbsp;&nbsp; (1243405)<br>|
| Unilever PLC | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (1958980) | 01/27/27 | (0.25)% | 1D SONIA | Monthly  | &nbsp;&nbsp; 35962 |
| United Airlines Holdings, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (1480729) | 01/06/27 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 34300 |
| United Overseas Bank Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (9059554) | 01/06/27 | (0.30)% | SORA | Monthly  | &nbsp;&nbsp; (18157)<br>|
| United Overseas Bank Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (1040535) | 01/07/27 | (0.30)% | SORA | Monthly  | &nbsp;&nbsp; (2085)<br>|
| United Overseas Bank Ltd. | SG Americas Securities LLC | (11076022) | 12/08/25 | (0.30)% | SORA | Monthly  | &nbsp;&nbsp; 274797 |
| United Parcel Service, Inc., Class B | UBS AG | (2619999) | 04/18/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (150340)<br>|
| United Parks & Resorts, Inc. | SG Americas Securities LLC | (6908283) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 723925 |
| United Rentals, Inc. | BNP Paribas SA | (4148340) | 04/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 605251 |
| United States Antimony Corp. | BNP Paribas SA | (141986) | 04/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 22138 |
| UnitedHealth Group, Inc. | BNP Paribas SA | (453930) | 04/16/26 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (3)<br>|
| Uniti Group, Inc. | Barclays Bank PLC | (1406864) | 12/23/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (53233)<br>|
| Uniti Group, Inc. | SG Americas Securities LLC | (5303425) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 320109 |
| UPM-Kymmene OYJ | Bank of America N.A. | (2214668) | 02/15/28 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (114965)<br>|
| UPM-Kymmene OYJ | BNP Paribas SA | (9601437) | 03/24/27 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (331933)<br>|
| UPM-Kymmene OYJ | JPMorgan Chase Bank N.A. | (4116197) | 02/10/26 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (219553)<br>|
| UPM-Kymmene OYJ | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (126946) | 01/04/27 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (1286)<br>|
| UPM-Kymmene OYJ | UBS AG | (7534800) | 09/03/29 | 0.00% | 1D ESTR | Monthly  | &nbsp;&nbsp; (391139)<br>|
| Utz Brands, Inc., Class A | Bank of America N.A. | (347008) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 49935 |
| Utz Brands, Inc., Class A | Barclays Bank PLC | (218524) | 12/23/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 36334 |
| Valaris Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (1448906) | 01/04/27 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (126439)<br>|
| Valley National Bancorp | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (11159931) | 01/06/27 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (770546)<br>|
| Valmet Oyj | BNP Paribas SA | (1079640) | 03/24/27 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (40406)<br>|
| Valmet Oyj | SG Americas Securities LLC | (732) | 12/08/25 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (16)<br>|
| VAT Group AG | JPMorgan Chase Bank N.A. | (14581253) | 02/10/26 | (0.26)% | SSARON | Monthly  | &nbsp;&nbsp; 352423 |
| VAT Group AG | JPMorgan Chase Bank N.A. | (22296209) | 02/10/26 | (0.26)% | SSARON | Monthly  | &nbsp;&nbsp; 538890 |
| VAT Group AG | SG Americas Securities LLC | (4706131) | 12/08/25 | (0.25)% | SSARON | Monthly  | &nbsp;&nbsp; 41850 |
| VAT Group AG | UBS AG | (3361684) | 04/18/28 | 0.00% | SSARON | Monthly  | &nbsp;&nbsp; 65703 |
| Vault Minerals Ltd. | BNP Paribas SA | (255176) | 09/07/26 | (0.25)% | 1D AONIA | Monthly  | &nbsp;&nbsp; 7913 |
| Verbund AG | Bank of America N.A. | (447091) | 02/15/28 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (16685)<br>|
| Verbund AG | Barclays Bank PLC | (2943651) | 08/17/26 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (128892)<br>|
| Verbund AG | Barclays Bank PLC | (1996965) | 12/10/26 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (87440)<br>|
| Verbund AG | BNP Paribas SA | (6269280) | 08/17/26 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (225742)<br>|
| Verbund AG | JPMorgan Chase Bank N.A. | (1275535) | 02/10/26 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (63155)<br>|
| Verbund AG | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (987798) | 01/06/27 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (43252)<br>|
| Verbund AG | UBS AG | (704453) | 04/18/28 | 0.00% | 1D ESTR | Monthly  | &nbsp;&nbsp; (26289)<br>|
| Verbund AG | UBS AG | (4969486) | 09/03/29 | 0.00% | 1D ESTR | Monthly  | &nbsp;&nbsp; (184375)<br>|
| Vertex Pharmaceuticals, Inc. | SG Americas Securities LLC | (4407599) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (51098)<br>|
| Vertex, Inc., Class A | Barclays Bank PLC | (2253714) | 12/23/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 235949 |
| Vertiv Holdings Co., Class A | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (2522201) | 01/06/27 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (312648)<br>|
| Vesuvius PLC | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (2102240) | 01/04/27 | (0.25)% | 1D SONIA | Monthly  | &nbsp;&nbsp; (45751)<br>|
| VGP NV | SG Americas Securities LLC | (1600068) | 12/08/25 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (68707)<br>|
| VGP NV | UBS AG | (2053862) | 04/24/28 | 0.00% | 1D ESTR | Monthly  | &nbsp;&nbsp; 27764 |
| Viasat, Inc. | SG Americas Securities LLC | (6077101) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (695127)<br>|
| Viavi Solutions, Inc. | SG Americas Securities LLC | (151470) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (54169)<br>|

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination*<br> *Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) |
| Vicat SACA | Bank of America N.A. | $(643916) | 02/15/28 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; $(49467)<br>|
| Vicat SACA | Barclays Bank PLC | (4004906) | 12/10/26 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (149468)<br>|
| Vicat SACA | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (2863528) | 01/04/27 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (106870)<br>|
| Vicinity Ltd. | Barclays Bank PLC | (11652499) | 05/12/27 | (0.25)% | 1D AONIA | Monthly  | &nbsp;&nbsp; 336403 |
| Vicinity Ltd. | Barclays Bank PLC | (6448122) | 09/09/27 | (0.25)% | 1D AONIA | Monthly  | &nbsp;&nbsp; 186155 |
| Vicinity Ltd. | BNP Paribas SA | (10525093) | 09/07/26 | (0.25)% | 1D AONIA | Monthly  | &nbsp;&nbsp; 62409 |
| Vicinity Ltd. | BNP Paribas SA | (8339722) | 03/22/27 | (0.25)% | 1D AONIA | Monthly  | &nbsp;&nbsp; 49451 |
| Vicor Corp. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (235840) | 01/04/27 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (13667)<br>|
| Vicor Corp. | UBS AG | (2352404) | 04/21/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (1371791)<br>|
| Victrex PLC | Bank of America N.A. | (454456) | 02/15/28 | (0.25)% | 1D SONIA | Monthly  | &nbsp;&nbsp; (9318)<br>|
| Victrex PLC | SG Americas Securities LLC | (643570) | 12/08/25 | (0.25)% | 1D SONIA | Monthly  | &nbsp;&nbsp; 32131 |
| Vidrala SA | Bank of America N.A. | (3033906) | 02/15/28 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 98020 |
| Vidrala SA | BNP Paribas SA | (640624) | 03/17/27 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 20697 |
| Vidrala SA | Goldman Sachs Bank USA | (959656) | 08/19/26 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 31005 |
| Vidrala SA | UBS AG | (933865) | 04/24/28 | 0.00% | 1D ESTR | Monthly  | &nbsp;&nbsp; 30171 |
| Vidrala SA, (Expires 11/26/25) | Bank of America N.A. | 0 | 02/15/28 | 0.00% | 1D ESTR | Monthly  | &nbsp;&nbsp; (145656)<br>|
| Vidrala SA, (Expires 11/26/25) | BNP Paribas SA | 0 | 03/17/27 | 0.00% | 1D ESTR | Monthly  | &nbsp;&nbsp; (30756)<br>|
| Vidrala SA, (Expires 11/26/25) | Goldman Sachs Bank USA | 0 | 08/19/26 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (46072)<br>|
| Vidrala SA, (Expires 11/26/25) | UBS AG | 0 | 04/24/28 | 0.00% | 1D ESTR | Monthly  | &nbsp;&nbsp; (44834)<br>|
| Vimian Group AB | Barclays Bank PLC | (418844) | 01/18/27 | (1.25)% | 1D STIBOR | Monthly  | &nbsp;&nbsp; 34858 |
| Vimian Group AB | BNP Paribas SA | (664152) | 11/17/25 | (1.40)% | 1D STIBOR | Monthly  | &nbsp;&nbsp; (17609)<br>|
| Vimian Group AB | Goldman Sachs Bank USA | (387758) | 08/19/26 | (1.42)% | 1D STIBOR | Monthly  | &nbsp;&nbsp; (10281)<br>|
| Vimian Group AB | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (58179) | 01/04/27 | (1.50)% | 1D STIBOR | Monthly  | &nbsp;&nbsp; 4842 |
| Vimian Group AB | SG Americas Securities LLC | (277265) | 12/08/25 | (1.15)% | 1D STIBOR | Monthly  | &nbsp;&nbsp; (13111)<br>|
| Viper Energy, Inc., Class A | SG Americas Securities LLC | (20601022) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (201847)<br>|
| Virbac SA | Barclays Bank PLC | (1269074) | 12/10/26 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 4747 |
| Vishay Intertechnology, Inc. | SG Americas Securities LLC | (3867087) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (221527)<br>|
| Visional, Inc. | Bank of America N.A. | (4866537) | 02/15/28 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (111789)<br>|
| Visional, Inc. | Barclays Bank PLC | (11204008) | 05/12/27 | (0.19)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (391254)<br>|
| Vistry Group PLC | Barclays Bank PLC | (890696) | 08/17/26 | (0.25)% | 1D SONIA | Monthly  | &nbsp;&nbsp; 49332 |
| Vistry Group PLC | Barclays Bank PLC | (2120555) | 12/10/26 | (0.25)% | 1D SONIA | Monthly  | &nbsp;&nbsp; 117448 |
| Vistry Group PLC | SG Americas Securities LLC | (2482470) | 12/08/25 | (0.25)% | 1D SONIA | Monthly  | &nbsp;&nbsp; (63953)<br>|
| Vistry Group PLC | SG Americas Securities LLC | (4937672) | 12/08/25 | (0.25)% | 1D SONIA | Monthly  | &nbsp;&nbsp; (127204)<br>|
| Vitec Software Group AB, Class B | Barclays Bank PLC | (844410) | 01/18/27 | (0.26)% | 1D STIBOR | Monthly  | &nbsp;&nbsp; 47201 |
| Vitec Software Group AB, Class B | BNP Paribas SA | (2283426) | 11/17/25 | (0.25)% | 1D STIBOR | Monthly  | &nbsp;&nbsp; 260143 |
| Vitec Software Group AB, Class B | Goldman Sachs Bank USA | (355323) | 08/19/26 | (0.26)% | 1D STIBOR | Monthly  | &nbsp;&nbsp; 40481 |
| Vitec Software Group AB, Class B | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (290527) | 01/04/27 | (0.26)% | 1D STIBOR | Monthly  | &nbsp;&nbsp; 16240 |
| Vitesse Energy, Inc. | Barclays Bank PLC | (2904313) | 12/23/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (25455)<br>|
| Vivendi SE | Barclays Bank PLC | (3188975) | 12/10/26 | 0.00% | 1D ESTR | Monthly  | &nbsp;&nbsp; (10183)<br>|
| Volkswagen AG | Goldman Sachs Bank USA | (3959557) | 08/19/26 | (0.14)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (6387)<br>|
| Volkswagen AG | SG Americas Securities LLC | (30587033) | 12/08/25 | 0.01% | 1D ESTR | Monthly  | &nbsp;&nbsp; 222426 |
| Volkswagen AG | SG Americas Securities LLC | (16995570) | 12/08/25 | 0.02% | 1D ESTR | Monthly  | &nbsp;&nbsp; 104590 |
| Volkswagen AG | UBS AG | (5536767) | 04/18/28 | 0.00% | 1D ESTR | Monthly  | &nbsp;&nbsp; (8931)<br>|
| Volvo AB, Class B | BNP Paribas SA | (7892786) | 08/17/26 | (0.25)% | 1D STIBOR | Monthly  | &nbsp;&nbsp; 147029 |
| Vontier Corp. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (5066058) | 01/06/27 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 437588 |
| Vontobel Holding AG, Class N, <br> Registered Shares<br>| BNP Paribas SA | (2433060) | 03/17/27 | (0.26)% | SSARON | Monthly  | &nbsp;&nbsp; (33282)<br>|
| Vossloh AG | Bank of America N.A. | (2028268) | 02/15/28 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (23981)<br>|
| Vossloh AG | Barclays Bank PLC | (1690361) | 12/10/26 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 94309 |
| Vossloh AG | BNP Paribas SA | (2045845) | 03/24/27 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; (24189)<br>|
| Vossloh AG | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (1287186) | 01/04/27 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 71815 |
| Vossloh AG | SG Americas Securities LLC | (3396684) | 12/08/25 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 339104 |
| VSE Corp. | Bank of America N.A. | (4577192) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (676982)<br>|
| VSE Corp. | Goldman Sachs Bank USA | (3813802) | 08/19/26 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (564074)<br>|
| VSE Corp. | SG Americas Securities LLC | (6319664) | 12/08/25 | (0.14)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (626036)<br>|

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination*<br> *Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) |
| W.R. Berkley Corp. | BNP Paribas SA | $(21997341) | 04/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; $1454203 |
| W.W.Grainger, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (11280978) | 01/06/27 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (141015)<br>|
| Wacoal Holdings Corp. | Bank of America N.A. | (3028028) | 02/15/28 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; 161619 |
| Wacoal Holdings Corp. | Barclays Bank PLC | (12108572) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 928878 |
| Wacoal Holdings Corp. | BNP Paribas SA | (73802) | 03/24/27 | (0.25)% | 1D TONA | Monthly  | &nbsp;&nbsp; 4059 |
| Wacoal Holdings Corp. | Citibank N.A. | (905070) | 02/26/26 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 71650 |
| WaFd, Inc. | UBS AG | (766342) | 04/21/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 5785 |
| Wallenstam AB, Class B | Bank of America N.A. | (6064975) | 02/15/28 | (0.26)% | 1D STIBOR | Monthly  | &nbsp;&nbsp; 169149 |
| Wallenstam AB, Class B | Barclays Bank PLC | (3321001) | 01/18/27 | (0.26)% | 1D STIBOR | Monthly  | &nbsp;&nbsp; 122330 |
| Warner Bros Discovery, Inc., Class A | SG Americas Securities LLC | (9449203) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (2287725)<br>|
| Warrior Met Coal, Inc. | Goldman Sachs Bank USA | (3245929) | 08/19/26 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (109302)<br>|
| Warrior Met Coal, Inc. | SG Americas Securities LLC | (15790737) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (720502)<br>|
| Washington Trust Bancorp, Inc. | Bank of America N.A. | (558290) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (7267)<br>|
| Washington Trust Bancorp, Inc. | SG Americas Securities LLC | (1653642) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 17798 |
| Waters Corp. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (7454932) | 01/06/27 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 2509 |
| Watts Water Technologies, Inc., <br> Class A<br>| Bank of America N.A. | (2416599) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 44979 |
| Watts Water Technologies, Inc., <br> Class A<br>| &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (10653996) | 01/06/27 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 275841 |
| WaVe Life Sciences Ltd. | SG Americas Securities LLC | (569052) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (130843)<br>|
| WaVe Life Sciences Ltd. | UBS AG | (726126) | 04/21/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (85268)<br>|
| Webster Financial Corp. | SG Americas Securities LLC | (7092277) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 219299 |
| WEC Energy Group, Inc. | SG Americas Securities LLC | (774429) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 19246 |
| Welcia Holdings Co. Ltd. | UBS AG | (2239067) | 04/03/28 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; (124628)<br>|
| Welltower, Inc. | SG Americas Securities LLC | (9006918) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (34762)<br>|
| WESCO International, Inc. | BNP Paribas SA | (3937976) | 04/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (729412)<br>|
| West African Resources Ltd. | Barclays Bank PLC | (1603667) | 05/12/27 | (0.25)% | 1D AONIA | Monthly  | &nbsp;&nbsp; — |
| West Fraser Timber Co. Ltd. | BNP Paribas SA | (1055308) | 04/16/26 | (0.20)% | CABROVER | Monthly  | &nbsp;&nbsp; 118715 |
| West Fraser Timber Co. Ltd. | Goldman Sachs Bank USA | (790484) | 08/18/26 | (0.15)% | 1D CORRA | Monthly  | &nbsp;&nbsp; 88924 |
| West Fraser Timber Co. Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (17045796) | 01/04/27 | (0.20)% | CABROVER | Monthly  | &nbsp;&nbsp; 1483508 |
| West Fraser Timber Co. Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (8442712) | 01/06/27 | (0.20)% | CABROVER | Monthly  | &nbsp;&nbsp; 734775 |
| West Fraser Timber Co. Ltd. | SG Americas Securities LLC | (827086) | 12/08/25 | (0.20)% | CABROVER | Monthly  | &nbsp;&nbsp; 96903 |
| West Holdings Corp. | Bank of America N.A. | (626918) | 02/15/28 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; 106603 |
| West Holdings Corp. | Barclays Bank PLC | (7509279) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 680143 |
| West Holdings Corp. | Citibank N.A. | (1687052) | 02/26/26 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 159583 |
| West Holdings Corp. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (441570) | 01/06/27 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 41769 |
| West Holdings Corp. | UBS AG | (1578364) | 04/03/28 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; 269924 |
| West Pharmaceutical Services, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (483135) | 01/06/27 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (51)<br>|
| Western Alliance Bancorp | Barclays Bank PLC | (11695352) | 12/23/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 203540 |
| Westpac Banking Corp. | Barclays Bank PLC | (13128183) | 05/12/27 | (0.25)% | 1D AONIA | Monthly  | &nbsp;&nbsp; 189327 |
| Westpac Banking Corp. | Barclays Bank PLC | (12123676) | 09/09/27 | (0.25)% | 1D AONIA | Monthly  | &nbsp;&nbsp; 127918 |
| Westpac Banking Corp. | BNP Paribas SA | (7680967) | 09/07/26 | (0.25)% | 1D AONIA | Monthly  | &nbsp;&nbsp; 89856 |
| Westpac Banking Corp. | BNP Paribas SA | (17394234) | 03/22/27 | (0.25)% | 1D AONIA | Monthly  | &nbsp;&nbsp; 211440 |
| Westshore Terminals Investment <br> Corp.<br>| Bank of America N.A. | (306490) | 02/15/28 | (0.20)% | CABROVER | Monthly  | &nbsp;&nbsp; (6186)<br>|
| Westshore Terminals Investment <br> Corp.<br>| Goldman Sachs Bank USA | (1340082) | 08/19/26 | (0.20)% | 1D CORRA | Monthly  | &nbsp;&nbsp; (27046)<br>|
| Westshore Terminals Investment <br> Corp.<br>| &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (7284449) | 01/04/27 | (0.20)% | CABROVER | Monthly  | &nbsp;&nbsp; (79986)<br>|
| Weyerhaeuser Co. | UBS AG | (724142) | 04/18/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 13787 |
| WH Smith PLC | Bank of America N.A. | (241892) | 02/15/28 | (0.25)% | 1D SONIA | Monthly  | &nbsp;&nbsp; (14276)<br>|
| WH Smith PLC | SG Americas Securities LLC | (2994257) | 12/08/25 | 0.02% | 1D SONIA | Monthly  | &nbsp;&nbsp; (100576)<br>|
| Wharf Holdings Ltd. | Bank of America N.A. | (78193) | 02/15/28 | (0.30)% | HONIA | Monthly  | &nbsp;&nbsp; 4612 |
| Wharf Holdings Ltd. | Bank of America N.A. | (365830) | 02/15/28 | (0.30)% | HONIA | Monthly  | &nbsp;&nbsp; 21579 |
| Wharf Holdings Ltd. | Citibank N.A. | (144963) | 02/25/26 | (0.30)% | HONIA | Monthly  | &nbsp;&nbsp; 3058 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination*<br> *Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) |
| Wharf Holdings Ltd. | Goldman Sachs Bank USA | $(39096) | 08/19/26 | (0.30)% | HONIA | Monthly  | &nbsp;&nbsp; $2306 |
| Wharf Holdings Ltd. | Goldman Sachs Bank USA | (282052) | 08/19/26 | (0.30)% | HONIA | Monthly  | &nbsp;&nbsp; 16637 |
| Wharf Holdings Ltd. | UBS AG | (874082) | 04/18/28 | 0.00% | HONIA | Monthly  | &nbsp;&nbsp; 51559 |
| Wharf Holdings Ltd. | UBS AG | (3180766) | 09/03/29 | 0.00% | HONIA | Monthly  | &nbsp;&nbsp; 187621 |
| Whirlpool Corp. | Barclays Bank PLC | (10920471) | 12/23/25 | (0.75)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 206414 |
| Whirlpool Corp. | SG Americas Securities LLC | (977854) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 69729 |
| Whitbread PLC | Bank of America N.A. | (5392004) | 02/15/28 | (0.25)% | 1D SONIA | Monthly  | &nbsp;&nbsp; 545324 |
| Whitbread PLC | Barclays Bank PLC | (10753554) | 08/17/26 | (0.25)% | 1D SONIA | Monthly  | &nbsp;&nbsp; 873041 |
| Whitbread PLC | BNP Paribas SA | (9344703) | 03/22/27 | 0.00% | 1D SONIA | Monthly  | &nbsp;&nbsp; 945083 |
| White Mountains Insurance Group <br> Ltd.<br>| SG Americas Securities LLC | (408211) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 636 |
| Whitecap Resources, Inc. | Barclays Bank PLC | (1424293) | 10/23/26 | (0.20)% | CABROVER | Monthly  | &nbsp;&nbsp; (30660)<br>|
| Whitecap Resources, Inc. | BNP Paribas SA | (3721636) | 04/16/26 | (0.20)% | CABROVER | Monthly  | &nbsp;&nbsp; 59630 |
| Whitecap Resources, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (15112630) | 01/04/27 | (0.20)% | CABROVER | Monthly  | &nbsp;&nbsp; (325321)<br>|
| Whitecap Resources, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (8523402) | 01/06/27 | (0.20)% | CABROVER | Monthly  | &nbsp;&nbsp; (183478)<br>|
| Wienerberger AG | Bank of America N.A. | (3761726) | 02/15/28 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 35681 |
| Williams-Sonoma, Inc. | SG Americas Securities LLC | (2096668) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (35436)<br>|
| Willis Lease Finance Corp. | Bank of America N.A. | (60965) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 2809 |
| Willis Lease Finance Corp. | UBS AG | (69443) | 04/21/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 3199 |
| Willis Towers Watson PLC | Barclays Bank PLC | (66304062) | 12/23/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 4107999 |
| Wilmar International Ltd. | Bank of America N.A. | (4973402) | 02/15/28 | (0.30)% | SORA | Monthly  | &nbsp;&nbsp; (390813)<br>|
| Wilmar International Ltd. | Barclays Bank PLC | (4424880) | 02/22/27 | (0.30)% | SORA | Monthly  | &nbsp;&nbsp; (235225)<br>|
| Wilmar International Ltd. | Barclays Bank PLC | (1099603) | 09/09/27 | (0.30)% | SORA | Monthly  | &nbsp;&nbsp; (58454)<br>|
| Wilmar International Ltd. | BNP Paribas SA | (1402543) | 09/07/26 | (0.30)% | SORA | Monthly  | &nbsp;&nbsp; (110213)<br>|
| Wilmar International Ltd. | BNP Paribas SA | (5319860) | 03/22/27 | (0.30)% | SORA | Monthly  | &nbsp;&nbsp; (418038)<br>|
| Wilmar International Ltd. | Goldman Sachs Bank USA | (3017417) | 08/19/26 | (0.30)% | SORA | Monthly  | &nbsp;&nbsp; (237111)<br>|
| Wilmar International Ltd. | SG Americas Securities LLC | (4872101) | 12/08/25 | (0.30)% | SORA | Monthly  | &nbsp;&nbsp; (401036)<br>|
| Wilmar International Ltd. | SG Americas Securities LLC | (1650382) | 12/08/25 | (0.11)% | SORA | Monthly  | &nbsp;&nbsp; (135848)<br>|
| Wingstop , Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (5506009) | 01/06/27 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 940965 |
| Winmark Corp. | UBS AG | (141967) | 04/21/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 14969 |
| Wise PLC, Class A | BNP Paribas SA | (2833215) | 08/17/26 | (0.25)% | 1D SONIA | Monthly  | &nbsp;&nbsp; 36248 |
| WiseTech Global Ltd. | Barclays Bank PLC | (33181407) | 05/12/27 | (0.25)% | 1D AONIA | Monthly  | &nbsp;&nbsp; 6081300 |
| WiseTech Global Ltd. | Barclays Bank PLC | (32938647) | 09/09/27 | (0.25)% | 1D AONIA | Monthly  | &nbsp;&nbsp; 6033380 |
| WiseTech Global Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (1229704) | 01/06/27 | (0.30)% | 1D AONIA | Monthly  | &nbsp;&nbsp; 225373 |
| WiseTech Global Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (7124) | 01/07/27 | (0.30)% | 1D AONIA | Monthly  | &nbsp;&nbsp; 1306 |
| Woolworths Group Ltd. | Barclays Bank PLC | (9346943) | 05/12/27 | (0.25)% | 1D AONIA | Monthly  | &nbsp;&nbsp; (574872)<br>|
| Workiva, Inc., Class A | SG Americas Securities LLC | (1037030) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 29577 |
| Worthington Industries, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (1151482) | 01/04/27 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 9770 |
| Worthington Steel, Inc. | SG Americas Securities LLC | (2351349) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (36577)<br>|
| Worthington Steel, Inc. | UBS AG | (115565) | 04/21/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (4974)<br>|
| WPP PLC | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (18597709) | 01/04/27 | (0.25)% | 1D SONIA | Monthly  | &nbsp;&nbsp; 3951686 |
| WPP PLC | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (15367911) | 01/27/27 | (0.25)% | 1D SONIA | Monthly  | &nbsp;&nbsp; 3320051 |
| WPP PLC | SG Americas Securities LLC | (10938955) | 12/08/25 | (0.25)% | 1D SONIA | Monthly  | &nbsp;&nbsp; 2379559 |
| WSFS Financial Corp. | SG Americas Securities LLC | (175388) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 5575 |
| Wynn Resorts Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (10676093) | 01/06/27 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 35769 |
| Xcel Energy, Inc. | BNP Paribas SA | (23924518) | 04/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 170524 |
| Xior Student Housing NV | Barclays Bank PLC | (402946) | 12/10/26 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 12333 |
| Xior Student Housing NV | SG Americas Securities LLC | (75129) | 12/08/25 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 772 |
| Xometry, Inc., Class A | Goldman Sachs Bank USA | (834157) | 08/19/26 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; — |
| Xometry, Inc., Class A | SG Americas Securities LLC | (5875223) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 433629 |
| XPEL, Inc. | Bank of America N.A. | (815347) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 19146 |
| XPEL, Inc. | Barclays Bank PLC | (2441184) | 12/23/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 86988 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination*<br> *Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) |
| XPEL, Inc. | BNP Paribas SA | $(159654) | 04/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; $3749 |
| XPEL, Inc. | Goldman Sachs Bank USA | (720469) | 08/19/26 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 16918 |
| XPEL, Inc. | UBS AG | (612287) | 04/21/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 14378 |
| Xponential Fitness, Inc., Class A | Bank of America N.A. | (858735) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 63873 |
| Xponential Fitness, Inc., Class A | BNP Paribas SA | (49695) | 04/16/26 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 3696 |
| Xvivo Perfusion AB | Bank of America N.A. | (47105) | 02/15/28 | (0.26)% | 1D STIBOR | Monthly  | &nbsp;&nbsp; (8186)<br>|
| Xvivo Perfusion AB | Barclays Bank PLC | (932374) | 01/18/27 | (0.26)% | 1D STIBOR | Monthly  | &nbsp;&nbsp; (48012)<br>|
| Xvivo Perfusion AB | SG Americas Securities LLC | (2142594) | 12/08/25 | (0.26)% | 1D STIBOR | Monthly  | &nbsp;&nbsp; (194980)<br>|
| Xylem, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (543054) | 01/06/27 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (10566)<br>|
| Yakult Honsha Co. Ltd. | Barclays Bank PLC | (8434069) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 408220 |
| Yakult Honsha Co. Ltd. | Barclays Bank PLC | (7236844) | 09/09/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 350273 |
| Yamaha Motor Co., Ltd. | Barclays Bank PLC | (6532498) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 154842 |
| Yamaha Motor Co., Ltd. | Barclays Bank PLC | (33427161) | 09/09/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 963223 |
| Yamaha Motor Co., Ltd. | JPMorgan Chase Bank N.A. | (240940) | 02/10/26 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 6785 |
| Yamaha Motor Co., Ltd. | SG Americas Securities LLC | (1755525) | 12/08/25 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 49438 |
| Yamato Holdings Co., Ltd. | Barclays Bank PLC | (2673851) | 05/12/27 | (0.16)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 64020 |
| Yamato Holdings Co., Ltd. | Barclays Bank PLC | (3671490) | 09/09/27 | (0.16)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 87907 |
| Yamato Kogyo Co., Ltd. | Bank of America N.A. | (1637011) | 02/15/28 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; (14414)<br>|
| Yamato Kogyo Co., Ltd. | Barclays Bank PLC | (10334359) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (305356)<br>|
| Yangzijiang Shipbuilding Holdings <br> Ltd.<br>| Bank of America N.A. | (3359066) | 02/15/28 | 0.00% | SORA | Monthly  | &nbsp;&nbsp; (330977)<br>|
| Yangzijiang Shipbuilding Holdings <br> Ltd.<br>| &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (3788035) | 01/07/27 | (0.30)% | SORA | Monthly  | &nbsp;&nbsp; (284165)<br>|
| Yellow Cake PLC | Bank of America N.A. | (953689) | 02/15/28 | (0.25)% | 1D SONIA | Monthly  | &nbsp;&nbsp; (27824)<br>|
| Yellow Cake PLC | BNP Paribas SA | (3155520) | 03/17/27 | (0.25)% | 1D SONIA | Monthly  | &nbsp;&nbsp; (92064)<br>|
| Yellow Cake PLC | SG Americas Securities LLC | (3129845) | 12/08/25 | (0.25)% | 1D SONIA | Monthly  | &nbsp;&nbsp; (160216)<br>|
| YETI Holdings, Inc. | SG Americas Securities LLC | (18650201) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (141715)<br>|
| Yodoko Ltd. | Bank of America N.A. | (951544) | 02/15/28 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; 10622 |
| Yodoko Ltd. | Barclays Bank PLC | (4444475) | 05/12/27 | (0.17)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 61094 |
| Yodoko Ltd. | BNP Paribas SA | (992470) | 03/24/27 | (0.25)% | 1D TONA | Monthly  | &nbsp;&nbsp; 11079 |
| Yodoko Ltd. | JPMorgan Chase Bank N.A. | (930311) | 02/10/26 | (0.17)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 1193 |
| Yodoko Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (1628364) | 01/06/27 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 23064 |
| Yodoko Ltd. | SG Americas Securities LLC | (1129342) | 12/08/25 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 2091 |
| Yokogawa Electric Corp. | Bank of America N.A. | (2985821) | 02/15/28 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (161179)<br>|
| Yokogawa Electric Corp. | Barclays Bank PLC | (3932287) | 05/12/27 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (22403)<br>|
| Yokogawa Electric Corp. | Citibank N.A. | (633568) | 02/26/26 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (3610)<br>|
| Yokohama Rubber Co. Ltd. | Bank of America N.A. | (1357477) | 02/15/28 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (77221)<br>|
| Yokohama Rubber Co. Ltd. | Bank of America N.A. | (621333) | 03/15/28 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; (35345)<br>|
| Yokohama Rubber Co. Ltd. | Barclays Bank PLC | (557754) | 05/12/27 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 11712 |
| Yokohama Rubber Co. Ltd. | Barclays Bank PLC | (3816784) | 09/09/27 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 80145 |
| Yokohama Rubber Co. Ltd. | Citibank N.A. | (5209345) | 02/26/26 | (0.16)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 109386 |
| Yokohama Rubber Co. Ltd. | JPMorgan Chase Bank N.A. | (734230) | 02/10/26 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 9743 |
| Yokohama Rubber Co. Ltd. | JPMorgan Chase Bank N.A. | (1341869) | 02/10/26 | (0.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 17807 |
| Yonex Co. Ltd. | Bank of America N.A. | (1390383) | 02/15/28 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; (44824)<br>|
| Yonex Co. Ltd. | Barclays Bank PLC | (2302531) | 05/12/27 | (1.15)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 23689 |
| Yonex Co. Ltd. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (64970) | 01/06/27 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 668 |
| York Water Co. | Bank of America N.A. | (1481548) | 02/15/28 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 3330 |
| York Water Co. | Goldman Sachs Bank USA | (310435) | 08/19/26 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 698 |
| York Water Co. | SG Americas Securities LLC | (383804) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (5006)<br>|
| York Water Co. | UBS AG | (865412) | 04/21/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; 1945 |
| YouGov PLC | SG Americas Securities LLC | (932215) | 12/08/25 | (0.25)% | 1D SONIA | Monthly  | &nbsp;&nbsp; 95940 |
| YouGov PLC | UBS AG | (401882) | 04/24/28 | 0.00% | 1D SONIA | Monthly  | &nbsp;&nbsp; (16812)<br>|
| Ypsomed Holding AG, Registered <br> Shares<br>| Bank of America N.A. | (119938) | 02/15/28 | (0.26)% | SSARON | Monthly  | &nbsp;&nbsp; 574 |
| Ypsomed Holding AG, Registered <br> Shares, Registered Shares<br>| Barclays Bank PLC | (3406300) | 12/10/26 | (0.26)% | SSARON | Monthly  | &nbsp;&nbsp; (21496)<br>|
| Ypsomed Holding AG, Registered <br> Shares, Registered Shares<br>| &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (2045731) | 01/04/27 | (0.26)% | SSARON | Monthly  | &nbsp;&nbsp; (12910)<br>|

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Entity* | *Counterparty* | *Notional Amount* | &nbsp;&nbsp; *Termination*<br> *Date*<br>| *Spread* | *Reference Rate* | &nbsp;&nbsp; *Payment*<br> *Frequency*<br>| *Value/ Unrealized*<br> *Appreciation*<br> *(Depreciation)*<br>|
| Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) | Short Contracts<sup>(b)</sup> (continued) |
| Ypsomed Holding AG, Registered <br> Shares, Registered Shares<br>| SG Americas Securities LLC | $(4268891) | 12/08/25 | (0.26)% | SSARON | Monthly  | &nbsp;&nbsp; $212077 |
| Yum! Brands, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (26322598) | 01/06/27 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; 1571813 |
| Zalando SE | Bank of America N.A. | (427242) | 02/15/28 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 40250 |
| Zalando SE | Barclays Bank PLC | (1096587) | 08/17/26 | 0.05% | 1D ESTR | Monthly  | &nbsp;&nbsp; 90185 |
| Zalando SE | Barclays Bank PLC | (1749092) | 12/10/26 | 0.05% | 1D ESTR | Monthly  | &nbsp;&nbsp; 143847 |
| Zalando SE | SG Americas Securities LLC | (1873550) | 12/08/25 | (0.26)% | 1D ESTR | Monthly  | &nbsp;&nbsp; 246811 |
| Zalando SE | UBS AG | (15389519) | 04/18/28 | 0.00% | 1D ESTR | Monthly  | &nbsp;&nbsp; 1449831 |
| Zalando SE | UBS AG | (7720175) | 09/03/29 | 0.00% | 1D ESTR | Monthly  | &nbsp;&nbsp; 727310 |
| Zensho Holdings Co. Ltd. | Bank of America N.A. | (1808601) | 02/15/28 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; 121192 |
| Zensho Holdings Co. Ltd. | Barclays Bank PLC | (30645248) | 05/12/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 1156057 |
| Zensho Holdings Co. Ltd. | Barclays Bank PLC | (44801979) | 09/09/27 | (0.20)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 1614262 |
| Zensho Holdings Co. Ltd. | Citibank N.A. | (983547) | 02/26/26 | (0.17)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 37103 |
| Zensho Holdings Co. Ltd. | Citibank N.A. | (685894) | 02/26/26 | (0.19)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 25875 |
| Zensho Holdings Co. Ltd. | Goldman Sachs Bank USA | (180193) | 08/19/26 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 12074 |
| Zensho Holdings Co. Ltd. | JPMorgan Chase Bank N.A. | (1073023) | 02/10/26 | (0.21)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 58086 |
| Zensho Holdings Co. Ltd. | JPMorgan Chase Bank N.A. | (2560772) | 02/10/26 | (0.23)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 138623 |
| Zensho Holdings Co. Ltd. | SG Americas Securities LLC | (1033525) | 12/08/25 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 55948 |
| Zensho Holdings Co. Ltd. | SG Americas Securities LLC | (1040108) | 12/08/25 | (0.25)% | 1D P TONA | Monthly  | &nbsp;&nbsp; 56304 |
| Zensho Holdings Co. Ltd. | UBS AG | (86759) | 04/18/28 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; 5814 |
| Zensho Holdings Co. Ltd. | UBS AG | (1828622) | 09/03/29 | 0.00% | 1D P TONA | Monthly  | &nbsp;&nbsp; 122533 |
| Zoom Communications, Inc., Class A | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (3172803) | 01/06/27 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (201951)<br>|
| Zoom Communications, Inc., Class A | SG Americas Securities LLC | (9037902) | 12/08/25 | (0.15)% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (835313)<br>|
| Zscaler, Inc. | &nbsp;&nbsp; Morgan Stanley & Co. International <br> PLC | (11211914) | 01/06/27 | (0.15)% | 1D FEDL01 | Monthly  | &nbsp;&nbsp; (653164)<br>|
| Zurn Elkay Water Solutions Corp., <br> Class C<br>| UBS AG | (3513658) | 04/18/28 | 0.00% | 1D OBFR01 | Monthly  | &nbsp;&nbsp; (43194)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total short positions of equity swaps | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total short positions of equity swaps | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total short positions of equity swaps |  |  |  |  | &nbsp;&nbsp; 88751434 |
| Total long and short positions of equity swaps | Total long and short positions of equity swaps | Total long and short positions of equity swaps |  |  |  |  | &nbsp;&nbsp; 120859402 |
| Net dividends and financing fees | Net dividends and financing fees | Net dividends and financing fees |  |  |  |  | &nbsp;&nbsp; (12766082)<br>|
| Total equity swap contracts including dividends and financing fees | Total equity swap contracts including dividends and financing fees | Total equity swap contracts including dividends and financing fees |  |  |  |  | &nbsp;&nbsp; $108093320 |

---

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

<sup>(a)</sup> The Fund receives the total return on a reference entity and pays 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 position. 

<sup>(b)</sup> The Fund pays the total return on a reference entity and 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 position. 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Description* | <br>*Premiums* <br>*Paid*<br>| &nbsp;&nbsp; <br>*Premiums* <br>*Received*<br>| &nbsp;&nbsp; *Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp; *Unrealized* <br>*Depreciation*<br>| *Value* |
| OTC Swaps | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $924328926 | &nbsp;&nbsp;&nbsp; $(814580690)<br>| &nbsp;&nbsp;&nbsp; $— |
| Options Written | &nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp; (332695)<br>| &nbsp;&nbsp;&nbsp; 188086 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (144609)<br>|

---

**Derivative Financial Instruments Categorized by Risk Exposure**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Assets — Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts <br>Unrealized appreciation on futures contracts<sup>(a)</sup><br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $7184903 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2398227 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $9583130 |
| Forward foreign currency exchange contracts <br>Unrealized appreciation on forward foreign currency exchange <br> contracts<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2155907 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2155907 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**BlackRock Global Equity Market Neutral Fund** 

**Derivative Financial Instruments Categorized by Risk Exposure (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity*<br> *Contracts*<br>| *Credit*<br> *Contracts*<br>| *Equity*<br> *Contracts*<br>| *Foreign*<br> *Currency*<br> *Exchange*<br> *Contracts*<br>| *Interest*<br> *Rate*<br> *Contracts*<br>| *Other*<br> *Contracts*<br>| *Total* |
| Options purchased <br>Investments at value — unaffiliated<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3393165 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3393165 |
| Swaps — OTC <br>Unrealized appreciation on OTC swaps; Swap premiums paid<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 924328926 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 924328926 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $934906994 | &nbsp;&nbsp; $2155907 | &nbsp;&nbsp; $2398227 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $939461128 |
| **Liabilities — Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts <br>Unrealized depreciation on futures contracts<sup>(a)</sup><br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2556293 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2556293 |
| Forward foreign currency exchange contracts <br>Unrealized depreciation on forward foreign currency exchange <br> contracts<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6273541 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6273541 |
| Options written <br>Options written at value<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 144609 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 144609 |
| Swaps — OTC <br>Unrealized depreciation on OTC swaps; Swap premiums <br> received<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 814580690 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 814580690 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $817281592 | &nbsp;&nbsp; $6273541 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $823555133 |

---

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

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

For the period ended October 31, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $90837679 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1050769 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $91888448 |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 13416060 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 13416060 |
| Options purchased<sup>(a)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (9936920)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (9936920)<br>|
| Options written | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7363945 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7363945 |
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 53946230 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 53946230 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $142210934 | &nbsp;&nbsp; $13416060 | &nbsp;&nbsp; $1050769 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $156677763 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5497195 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3355965 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $8853160 |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (14442331)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (14442331)<br>|
| Options purchased<sup>(b)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 232890 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 232890 |
| Options written | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 188086 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 188086 |
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 44527939 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 44527939 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $50446110 | &nbsp;&nbsp; $(14442331)<br>| &nbsp;&nbsp; $3355965 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $39359744 |

---

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

<sup>(a)</sup> Options purchased are included in net realized gain (loss) from investments — unaffiliated. <br> <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: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $1094034975 |
| Average notional value of contracts — short | &nbsp;&nbsp; 1223537756 |
| Forward foreign currency exchange contracts: |  |
| Average amounts purchased — in USD | &nbsp;&nbsp; 164734619 |
| Average amounts sold — in USD | &nbsp;&nbsp; 303492778 |
| Options: |  |
| Average value of option contracts purchased | &nbsp;&nbsp; 4698297 |
| Average value of option contracts written | &nbsp;&nbsp; 1611335 |
| Total return swaps: |  |
| Average notional value | &nbsp;&nbsp; 286369802 |

---

Schedule of Investments

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**BlackRock Global Equity Market Neutral Fund** 

**Average Quarterly Balances of Outstanding Derivative Financial Instruments (continued)**

---

| | |
|:---|:---|
| Equity swaps: |  |
| Average notional value — long | &nbsp;&nbsp; $17502893682 |
| Average notional value — short | &nbsp;&nbsp; 17676376237 |

---

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

**Derivative Financial Instruments — Offsetting as of Period End**

The Fund's derivative assets and liabilities (by type) were as follows:

---

| | | |
|:---|:---|:---|
|  | *Assets* | *Liabilities* |
| Derivative Financial Instruments |  |  |
| Futures contracts | &nbsp;&nbsp; $2668419 | &nbsp;&nbsp;&nbsp;&nbsp; $2103989 |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; 2155907 | &nbsp;&nbsp;&nbsp;&nbsp; 6273541 |
| Options | &nbsp;&nbsp; 3393165 <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 144609 |
| Swaps — OTC<sup>(b)</sup> | &nbsp;&nbsp; 924328926 | &nbsp;&nbsp;&nbsp;&nbsp; 814580690 |
| Total derivative assets and liabilities in the Statements of Assets and Liabilities | &nbsp;&nbsp; 932546417 | &nbsp;&nbsp;&nbsp;&nbsp; 823102829 |
| Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA") | &nbsp;&nbsp; (6061584)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2248598)<br>|
| Total derivative assets and liabilities subject to an MNA | &nbsp;&nbsp; $926484833 | &nbsp;&nbsp;&nbsp;&nbsp; $820854231 |

---

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

<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 and liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral received and pledged by the Fund:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Counterparty* | *Derivative* <br>*Assets* <br>*Subject to* <br>*an MNA by* <br>*Counterparty*<br>| *Derivatives* <br>*Available* <br>*for Offset*<sup>(a)</sup><br>| *Non-Cash* <br>*Collateral* <br>*Received*<sup>(b)</sup><br>| *Cash* <br>*Collateral* <br>*Received*<sup>(b)</sup><br>| *Net Amount* <br>*of Derivative* <br>*Assets*<sup>(c)(d)</sup><br>|
| Bank of America N.A. | &nbsp;&nbsp; $60056286 | &nbsp;&nbsp; $(42251975)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $17804311 |
| Barclays Bank PLC | &nbsp;&nbsp; 277165676 | &nbsp;&nbsp; (247814429)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (29351247)<br>| &nbsp;&nbsp; — |
| BNP Paribas SA | &nbsp;&nbsp; 74103959 | &nbsp;&nbsp; (60079693)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 14024266 |
| Citibank N.A. | &nbsp;&nbsp; 26397135 | &nbsp;&nbsp; (24529333)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1867802 |
| Goldman Sachs Bank USA | &nbsp;&nbsp; 17703653 | &nbsp;&nbsp; (14885469)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (2818184)<br>| &nbsp;&nbsp; — |
| Goldman Sachs International | &nbsp;&nbsp; 1835569 | &nbsp;&nbsp; (25344)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1810225 |
| HSBC Bank PLC | &nbsp;&nbsp; 1535391 | &nbsp;&nbsp; (1535391)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 11136841 | &nbsp;&nbsp; (11136841)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 108195028 | &nbsp;&nbsp; (108195028)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| SG Americas Securities LLC | &nbsp;&nbsp; 248403743 | &nbsp;&nbsp; (168113304)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 80290439 |
| UBS AG | &nbsp;&nbsp; 99951552 | &nbsp;&nbsp; (99951552)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $926484833 | &nbsp;&nbsp; $(778518359)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(32169431)<br>| &nbsp;&nbsp; $115797043 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Counterparty* | *Derivative* <br>*Liabilities* <br>*Subject to* <br>*an MNA by* <br>*Counterparty*<br>| *Derivatives* <br>*Available* <br>*for Offset*<sup>(a)</sup><br>| *Non-Cash* <br>*Collateral* <br>*Pledged*<sup>(b)</sup><br>| *Cash* <br>*Collateral* <br>*Pledged*<sup>(b)</sup><br>| *Net Amount* <br>*of Derivative* <br>*Liabilities*<sup>(c)(e)</sup><br>|
| Bank of America N.A. | &nbsp;&nbsp; $42251975 | &nbsp;&nbsp; $(42251975)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Barclays Bank PLC | &nbsp;&nbsp; 247814429 | &nbsp;&nbsp; (247814429)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| BNP Paribas SA | &nbsp;&nbsp; 60079693 | &nbsp;&nbsp; (60079693)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Citibank N.A. | &nbsp;&nbsp; 24529333 | &nbsp;&nbsp; (24529333)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Goldman Sachs Bank USA | &nbsp;&nbsp; 14885469 | &nbsp;&nbsp; (14885469)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Goldman Sachs International | &nbsp;&nbsp; 25344 | &nbsp;&nbsp; (25344)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| HSBC Bank PLC | &nbsp;&nbsp; 4346309 | &nbsp;&nbsp; (1535391)<br>| &nbsp;&nbsp; (1510400)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 1300518 |
| JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 22925407 | &nbsp;&nbsp; (11136841)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (6150000)<br>| &nbsp;&nbsp; 5638566 |
| Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 109763207 | &nbsp;&nbsp; (108195028)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1568179)<br>| &nbsp;&nbsp; — |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Schedule of Investments (unaudited)(continued)

October 31, 2025

**BlackRock Global Equity Market Neutral Fund** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Counterparty* | *Derivative*<br> *Liabilities*<br> *Subject to*<br> *an MNA by*<br> *Counterparty*<br>| *Derivatives*<br> *Available*<br> *for Offset*<sup>(a)</sup><br>| *Non-Cash*<br> *Collateral*<br> *Pledged*<sup>(b)</sup><br>| *Cash*<br> *Collateral*<br> *Pledged*<sup>(b)</sup><br>| *Net Amount*<br> *of Derivative*<br> *Liabilities*<sup>(c)(e)</sup><br>|
| SG Americas Securities LLC | &nbsp;&nbsp; $168113304 | &nbsp;&nbsp; $(168113304)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| UBS AG | &nbsp;&nbsp; 113353679 | &nbsp;&nbsp; (99951552)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (13402127)<br>| &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $808088149 | &nbsp;&nbsp; $(778518359)<br>| &nbsp;&nbsp; $(1510400)<br>| &nbsp;&nbsp; $(21120306)<br>| &nbsp;&nbsp; $6939084 |

---

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

<sup>(a)</sup> The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA.

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

<sup>(c)</sup> Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized.

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

<sup>(e)</sup> Net amount represents the net amount payable due to the counterparty in the event of default. Net amount may be offset further by the options written receivable/payable on the Statements of Assets and Liabilities. 

**Fair Value Hierarchy as of Period End**

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $174958099 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $174958099 |
| Preferred Securities |  |  |  |  |
| Preferred Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1283516 | &nbsp;&nbsp;&nbsp;&nbsp; 1283516 |
| U.S. Treasury Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 270259691 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 270259691 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 61602496 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 61602496 |
| U.S. Government Sponsored Agency Securities | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 32139551 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 32139551 |
| U.S. Treasury Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6811404247 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6811404247 |
| Options Purchased  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; 3393165 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3393165 |
|  | &nbsp;&nbsp; $239953760 | &nbsp;&nbsp;&nbsp;&nbsp; $7113803489 | &nbsp;&nbsp;&nbsp;&nbsp; $1283516 | &nbsp;&nbsp;&nbsp;&nbsp; $7355040765 |
| Derivative Financial Instruments<sup>(a)</sup> <br>|  |  |  |  |
| Assets |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $6867029 | &nbsp;&nbsp;&nbsp;&nbsp; $924646800 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $931513829 |
| Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2155907 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2155907 |
| Interest Rate Contracts | &nbsp;&nbsp; 2398227 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2398227 |
| Liabilities |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; (369615)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (816911977)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (817281592)<br>|
| Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (6273541)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (6273541)<br>|
|  | &nbsp;&nbsp; $8895641 | &nbsp;&nbsp;&nbsp;&nbsp; $103617189 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $112512830 |

---

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

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

*See notes to financial statements.*

Schedule of Investments

------

Statements of Assets and Liabilities (unaudited)

October 31, 2025

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

---

| | | |
|:---|:---|:---|
|  | BlackRock <br>Advantage <br>Emerging Markets <br>Fund<br>| BlackRock <br>Global Equity <br>Market <br>Neutral Fund<br>|
| **ASSETS** |  |  |
| Investments, at value — unaffiliated<sup>(a)(b)</sup> | $52616346 | $7293438269 |
| Investments, at value — affiliated<sup>(c)</sup> | 2849951 | 61602496 |
| Cash |  | 4200930 |
| Cash pledged: |  |  |
| Collateral — OTC derivatives |  | 77893000 |
| Futures contracts | 106000 | 96846000 |
| Foreign currency, at value<sup>(d)</sup> | 627195 | 31881173 |
| Receivables: |  |  |
| Investments sold | 2465777 | 1474554 |
| Securities lending income — affiliated | 1214 |  |
| Swaps |  | 1713671861 |
| Capital shares sold | 5560 | 135603112 |
| Dividends — unaffiliated | 47691 | 78207 |
| Dividends — affiliated | 9367 | 194185 |
| Interest — unaffiliated |  | 3157864 |
| Due from broker |  | 17970055 |
| Variation margin on futures contracts |  | 2668419 |
| Unrealized appreciation on: |  |  |
| Forward foreign currency exchange contracts |  | 2155907 |
| OTC swaps |  | 924328926 |
| Prepaid expenses | 60565 | 179656 |
| Total assets | 58789666 | 10367344614 |
| **LIABILITIES** |  |  |
| Cash received as collateral for OTC derivatives |  | 145620000 |
| Collateral on securities loaned | 119262 |  |
| Options written, at value<sup>(e)</sup> |  | 144609 |
| Payables: |  |  |
| Investments purchased | 2489312 | 168971857 |
| Swaps |  | 1873437550 |
| Accounting services fees | 3035 | 22630 |
| Administration fees |  | 223599 |
| Capital shares redeemed | 99 | 108533338 |
| Custodian fees |  | 102377 |
| Deferred foreign capital gain tax | 126291 |  |
| Investment advisory fees | 12019 | 6780034 |
| Trustees' and Officer's fees | 2675 |  |
| Other accrued expenses | 26156 | 3411 |
| Professional fees | 177 | 19987 |
| Service and distribution fees | 1321 | 127093 |
| Transfer agent fees | 4784 | 916192 |
| Variation margin on futures contracts | 7657 | 2103989 |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Statements of Assets and Liabilities (unaudited) (continued)

October 31, 2025

---

| | | |
|:---|:---|:---|
|  | BlackRock<br> Advantage<br> Emerging Markets<br> Fund<br>| BlackRock<br> Global Equity<br> Market<br> Neutral Fund<br>|
| Unrealized depreciation on: |  |  |
| Forward foreign currency exchange contracts | $— | $6273541 |
| OTC swaps |  | 814580690 |
| Total liabilities | 2792788 | 3127860897 |
| **Commitments and contingent liabilities** |  |  |
| NET ASSETS | $55996878 | $7239483717 |
| **NET ASSETS CONSIST OF** |  |  |
| Paid-in capital | $80118528 | $6902611635 |
| Accumulated earnings (loss) | (24121650) | 336872082 |
| NET ASSETS | $55996878 | $7239483717 |
| <sup>(a)</sup> Investments, at cost—unaffiliated | $40398080 | $7240049365 |
| <sup>(b)</sup> Securities loaned, at value | $116246 | $— |
| <sup>(c)</sup> Investments, at cost—affiliated | $2849951 | $61602496 |
| <sup>(d)</sup> Foreign currency, at cost | $627594 | $32256740 |
| <sup>(e)</sup> Premiums received | $— | $332695 |

---

Statements of Assets and Liabilities

------

Statements of Assets and Liabilities (unaudited) (continued)

October 31, 2025

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

---

| | | |
|:---|:---|:---|
|  | BlackRock <br>Advantage <br>Emerging Markets <br>Fund<br>| BlackRock <br>Global Equity <br>Market <br>Neutral Fund<br>|
| **NET ASSET VALUE** |  |  |
| **Institutional** |  |  |
| Net assets | $6199132 | $5748615246 |
| Shares outstanding | 498506 | 397058208 |
| Net asset value | $12.44 | $14.48 |
| Shares authorized | Unlimited | Unlimited |
| Par value | $0.001 | $0.001 |
| **Investor A** |  |  |
| Net assets | $3890482 | $539752258 |
| Shares outstanding | 319766 | 38155825 |
| Net asset value | $12.17 | $14.15 |
| Shares authorized | Unlimited | Unlimited |
| Par value | $0.001 | $0.001 |
| **Investor C** |  |  |
| Net assets | $670450 | $21085072 |
| Shares outstanding | 58499 | 1633557 |
| Net asset value | $11.46 | $12.91 |
| Shares authorized | Unlimited | Unlimited |
| Par value | $0.001 | $0.001 |
| **Class K** |  |  |
| Net assets | $45236814 | $930031141 |
| Shares outstanding | 3637325 | 63970023 |
| Net asset value | $12.44 | $14.54 |
| Shares authorized | Unlimited | Unlimited |
| Par value | $0.001 | $0.001 |

---

*See notes to financial statements.*

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Statements of Operations (unaudited)

Six Months Ended October 31, 2025

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

---

| | | |
|:---|:---|:---|
|  | BlackRock <br>Advantage <br>Emerging Markets <br>Fund<br>| &nbsp;&nbsp; BlackRock <br>Global Equity <br>Market <br>Neutral Fund<br>|
| **INVESTMENT INCOME** |  |  |
| Dividends — unaffiliated | &nbsp;&nbsp; $861269 | &nbsp;&nbsp;&nbsp; $485468 |
| Dividends — affiliated | &nbsp;&nbsp; 61861 | &nbsp;&nbsp;&nbsp; 548751 |
| Interest — unaffiliated | &nbsp;&nbsp; 6107 | &nbsp;&nbsp;&nbsp; 124423730 |
| Securities lending income — affiliated — net | &nbsp;&nbsp; 1791 | &nbsp;&nbsp;&nbsp; — |
| Foreign taxes withheld | &nbsp;&nbsp; (96115)<br>| &nbsp;&nbsp;&nbsp; (3284)<br>|
| Total investment income | &nbsp;&nbsp; 834913 | &nbsp;&nbsp;&nbsp; 125454665 |
| EXPENSES |  |  |
| Investment advisory | &nbsp;&nbsp; 212547 | &nbsp;&nbsp;&nbsp; 35557527 |
| Custodian | &nbsp;&nbsp; 94445 | &nbsp;&nbsp;&nbsp; 273327 |
| Professional | &nbsp;&nbsp; 56031 | &nbsp;&nbsp;&nbsp; 102960 |
| Registration | &nbsp;&nbsp; 30224 | &nbsp;&nbsp;&nbsp; 515460 |
| Administration | &nbsp;&nbsp; 11292 | &nbsp;&nbsp;&nbsp; 1091645 |
| Transfer agent — class specific | &nbsp;&nbsp; 9383 | &nbsp;&nbsp;&nbsp; 3031199 |
| Accounting services | &nbsp;&nbsp; 9249 | &nbsp;&nbsp;&nbsp; 279186 |
| Printing and postage | &nbsp;&nbsp; 8209 | &nbsp;&nbsp;&nbsp; 18778 |
| Service and distribution — class specific | &nbsp;&nbsp; 7599 | &nbsp;&nbsp;&nbsp; 629329 |
| Administration — class specific | &nbsp;&nbsp; 5314 | &nbsp;&nbsp;&nbsp; 613615 |
| Trustees and Officer | &nbsp;&nbsp; 3889 | &nbsp;&nbsp;&nbsp; 19735 |
| Miscellaneous | &nbsp;&nbsp; 11839 | &nbsp;&nbsp;&nbsp; 81561 |
| Total expenses excluding interest expense | &nbsp;&nbsp; 460021 | &nbsp;&nbsp;&nbsp; 42214322 |
| Interest expense — unaffiliated | &nbsp;&nbsp; 6271 | &nbsp;&nbsp;&nbsp; 32643 |
| Total expenses | &nbsp;&nbsp; 466292 | &nbsp;&nbsp;&nbsp; 42246965 |
| Less: |  |  |
| Administration fees waived | &nbsp;&nbsp; (11292)<br>| &nbsp;&nbsp;&nbsp; — |
| Administration fees waived by the Manager — class specific | &nbsp;&nbsp; (5313)<br>| &nbsp;&nbsp;&nbsp; (392074)<br>|
| Fees waived and/or reimbursed by the Manager | &nbsp;&nbsp; (212450)<br>| &nbsp;&nbsp;&nbsp; (9973)<br>|
| Transfer agent fees waived and/or reimbursed by the Manager — class specific | &nbsp;&nbsp; (6365)<br>| &nbsp;&nbsp;&nbsp; (432695)<br>|
| Total expenses after fees waived and/or reimbursed | &nbsp;&nbsp; 230872 | &nbsp;&nbsp;&nbsp; 41412223 |
| Net investment income | &nbsp;&nbsp; 604041 | &nbsp;&nbsp;&nbsp; 84042442 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |
| Net realized gain (loss) from: |  |  |
| Investments — unaffiliated<sup>(a)</sup> | &nbsp;&nbsp; 5145267 | &nbsp;&nbsp;&nbsp; 2467884 |
| Investments — affiliated | &nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp; — |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 13416060 |
| Foreign currency transactions | &nbsp;&nbsp; 52791 | &nbsp;&nbsp;&nbsp; (2019091)<br>|
| Futures contracts | &nbsp;&nbsp; 2422733 | &nbsp;&nbsp;&nbsp; 91888448 |
| Options written | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 7363945 |
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 53946230 |
|  | &nbsp;&nbsp; 7620811 | &nbsp;&nbsp;&nbsp; 167063476 |

---

Statements of Operations

------

Statements of Operations (unaudited) (continued)

Six Months Ended October 31, 2025

---

| | | |
|:---|:---|:---|
|  | BlackRock<br> Advantage<br> Emerging Markets<br> Fund<br>| &nbsp;&nbsp; BlackRock<br> Global Equity<br> Market<br> Neutral Fund<br>|
| Net change in unrealized appreciation (depreciation) on: |  |  |
| Investments — unaffiliated<sup>(b)</sup> | &nbsp;&nbsp; $5259088 | &nbsp;&nbsp;&nbsp; $25628605 |
| Investments — affiliated | &nbsp;&nbsp; (19)<br>| &nbsp;&nbsp;&nbsp; — |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (14442331)<br>|
| Foreign currency translations | &nbsp;&nbsp; (5088)<br>| &nbsp;&nbsp;&nbsp; 893782 |
| Futures contracts | &nbsp;&nbsp; (1533041)<br>| &nbsp;&nbsp;&nbsp; 8853160 |
| Options written | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 188086 |
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 44527939 |
|  | &nbsp;&nbsp; 3720940 | &nbsp;&nbsp;&nbsp; 65649241 |
| Net realized and unrealized gain | &nbsp;&nbsp; 11341751 | &nbsp;&nbsp;&nbsp; 232712717 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $11945792 | &nbsp;&nbsp;&nbsp; $316755159 |
| <sup>(a)</sup> Net of foreign capital gain tax and capital gain tax refund, if applicable of | &nbsp;&nbsp; $(65656)<br>| &nbsp;&nbsp;&nbsp; $— |
| <sup>(b)</sup> Net of increase in deferred foreign capital gain tax of | &nbsp;&nbsp; $(54562)<br>| &nbsp;&nbsp;&nbsp; $— |

---

*See notes to financial statements.*

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Statements of Changes in Net Assets

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | BlackRock Advantage Emerging <br>Markets Fund | BlackRock Advantage Emerging <br>Markets Fund | BlackRock <br>Global Equity <br>Market <br>Neutral Fund | BlackRock <br>Global Equity <br>Market <br>Neutral Fund |
|  | Six Months Ended <br>10/31/25 <br>(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>04/30/25<br>| &nbsp;&nbsp; Six Months Ended <br>10/31/25 <br>&nbsp;&nbsp;&nbsp;&nbsp;(unaudited)<br>| &nbsp;&nbsp; Year Ended <br>04/30/25<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $604041 | &nbsp;&nbsp;&nbsp; $2746142 | &nbsp;&nbsp;&nbsp; $84042442 | &nbsp;&nbsp;&nbsp; $88942300 |
| Net realized gain (loss) | &nbsp;&nbsp; 7620811 | &nbsp;&nbsp;&nbsp; (2600772)<br>| &nbsp;&nbsp;&nbsp; 167063476 | &nbsp;&nbsp;&nbsp; 275095201 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 3720940 | &nbsp;&nbsp;&nbsp; 2979402 | &nbsp;&nbsp;&nbsp; 65649241 | &nbsp;&nbsp;&nbsp; 97387054 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 11945792 | &nbsp;&nbsp;&nbsp; 3124772 | &nbsp;&nbsp;&nbsp; 316755159 | &nbsp;&nbsp;&nbsp; 461424555 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| Institutional | &nbsp;&nbsp; (169555)<br>| &nbsp;&nbsp;&nbsp; (121001)<br>| &nbsp;&nbsp;&nbsp; (228511792)<br>| &nbsp;&nbsp;&nbsp; (245288129)<br>|
| Investor A | &nbsp;&nbsp; (110236)<br>| &nbsp;&nbsp;&nbsp; (84633)<br>| &nbsp;&nbsp;&nbsp; (19302108)<br>| &nbsp;&nbsp;&nbsp; (24168230)<br>|
| Investor C | &nbsp;&nbsp; (17362)<br>| &nbsp;&nbsp;&nbsp; (8427)<br>| &nbsp;&nbsp;&nbsp; (882821)<br>| &nbsp;&nbsp;&nbsp; (1361145)<br>|
| Class K | &nbsp;&nbsp; (1166725)<br>| &nbsp;&nbsp;&nbsp; (1947845)<br>| &nbsp;&nbsp;&nbsp; (44045885)<br>| &nbsp;&nbsp;&nbsp; (29600803)<br>|
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (1463878)<br>| &nbsp;&nbsp;&nbsp; (2161906)<br>| &nbsp;&nbsp;&nbsp; (292742606)<br>| &nbsp;&nbsp;&nbsp; (300418307)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp; (86966)<br>| &nbsp;&nbsp;&nbsp; (46585849)<br>| &nbsp;&nbsp;&nbsp; 2436434723 | &nbsp;&nbsp;&nbsp; 2771062032 |
| *NET ASSETS* |  |  |  |  |
| Total increase (decrease) in net assets | &nbsp;&nbsp; 10394948 | &nbsp;&nbsp;&nbsp; (45622983)<br>| &nbsp;&nbsp;&nbsp; 2460447276 | &nbsp;&nbsp;&nbsp; 2932068280 |
| Beginning of period | &nbsp;&nbsp; 45601930 | &nbsp;&nbsp;&nbsp; 91224913 | &nbsp;&nbsp;&nbsp; 4779036441 | &nbsp;&nbsp;&nbsp; 1846968161 |
| End of period | &nbsp;&nbsp; $55996878 | &nbsp;&nbsp;&nbsp; $45601930 | &nbsp;&nbsp;&nbsp; $7239483717 | &nbsp;&nbsp;&nbsp; $4779036441 |

---

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

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

*See notes to financial statements.*

Statements of Changes in Net Assets

------

Financial Highlights

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Advantage Emerging Markets Fund | BlackRock Advantage Emerging Markets Fund | BlackRock Advantage Emerging Markets Fund | BlackRock Advantage Emerging Markets Fund | BlackRock Advantage Emerging Markets Fund | BlackRock Advantage Emerging Markets Fund |
|  | Institutional | Institutional | Institutional | Institutional | Institutional | Institutional |
|  | Six Months Ended <br>10/31/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>04/30/25 | &nbsp;&nbsp; Year Ended <br>04/30/24 | &nbsp;&nbsp; Year Ended <br>04/30/23 | &nbsp;&nbsp; Year Ended <br>04/30/22 | &nbsp;&nbsp; Year Ended <br>04/30/21 |
|  | Six Months Ended <br>10/31/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>04/30/25 | &nbsp;&nbsp; Year Ended <br>04/30/24 | &nbsp;&nbsp; Year Ended <br>04/30/23 | &nbsp;&nbsp; Year Ended <br>04/30/22 | &nbsp;&nbsp; Year Ended <br>04/30/21 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $10.19 | &nbsp;&nbsp;&nbsp; $9.90 | &nbsp;&nbsp;&nbsp; $9.29 | &nbsp;&nbsp;&nbsp; $10.11 | &nbsp;&nbsp;&nbsp; $13.24 | &nbsp;&nbsp;&nbsp; $8.85 |
| Net investment income<sup>(a)</sup> | 0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 |
| Net realized and unrealized gain (loss) | 2.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp; (0.75)<br>| &nbsp;&nbsp;&nbsp; (3.17)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.43 |
| Net increase (decrease) from investment operations | 2.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp;&nbsp; (2.97)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.58 |
| Distributions from net investment income<sup>(b)</sup> | &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp;&nbsp; (0.19)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $12.44 | &nbsp;&nbsp;&nbsp; $10.19 | &nbsp;&nbsp;&nbsp; $9.90 | &nbsp;&nbsp;&nbsp; $9.29 | &nbsp;&nbsp;&nbsp; $10.11 | &nbsp;&nbsp;&nbsp; $13.24 |
| **Total Return**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 25.88 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.76<br> %<br>| &nbsp;&nbsp;&nbsp; (4.57)%<br>| &nbsp;&nbsp;&nbsp; (22.62)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 52.00<br> %<br>|
| **Ratios to Average Net Assets**<sup>(e)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 1.81 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.40<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.87 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> %<br>|
| Total expenses after fees waived and/or reimbursed and excluding interest expense | 0.85 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> %<br>|
| Net investment income | 2.21 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.14<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.62<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.29<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $6199 | &nbsp;&nbsp;&nbsp; $4753 | &nbsp;&nbsp;&nbsp; $5598 | &nbsp;&nbsp;&nbsp; $6362 | &nbsp;&nbsp;&nbsp; $9583 | &nbsp;&nbsp;&nbsp; $17216 |
| Portfolio turnover rate | &nbsp;&nbsp; 116<br> %<br>| &nbsp;&nbsp;&nbsp; 274<br> %<br>| &nbsp;&nbsp;&nbsp; 162<br> %<br>| &nbsp;&nbsp;&nbsp; 159<br> %<br>| &nbsp;&nbsp;&nbsp; 183<br> %<br>| &nbsp;&nbsp;&nbsp; 180 %<sup>(g)</sup><br>|

---

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

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

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

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

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

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

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

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

*See notes to financial statements.*

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Advantage Emerging Markets Fund (continued) | BlackRock Advantage Emerging Markets Fund (continued) | BlackRock Advantage Emerging Markets Fund (continued) | BlackRock Advantage Emerging Markets Fund (continued) | BlackRock Advantage Emerging Markets Fund (continued) | BlackRock Advantage Emerging Markets Fund (continued) |
|  | Investor A | Investor A | Investor A | Investor A | Investor A | Investor A |
|  | Six Months Ended <br>10/31/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>04/30/25 | &nbsp;&nbsp; Year Ended <br>04/30/24 | &nbsp;&nbsp; Year Ended <br>04/30/23 | &nbsp;&nbsp; Year Ended <br>04/30/22 | &nbsp;&nbsp; Year Ended <br>04/30/21 |
|  | Six Months Ended <br>10/31/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>04/30/25 | &nbsp;&nbsp; Year Ended <br>04/30/24 | &nbsp;&nbsp; Year Ended <br>04/30/23 | &nbsp;&nbsp; Year Ended <br>04/30/22 | &nbsp;&nbsp; Year Ended <br>04/30/21 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $9.98 | &nbsp;&nbsp;&nbsp; $9.70 | &nbsp;&nbsp;&nbsp; $9.11 | &nbsp;&nbsp;&nbsp; $9.93 | &nbsp;&nbsp;&nbsp; $13.00 | &nbsp;&nbsp;&nbsp; $8.69 |
| Net investment income<sup>(a)</sup> | 0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 |
| Net realized and unrealized gain (loss) | 2.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp; (0.72)<br>| &nbsp;&nbsp;&nbsp; (3.09)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.36 |
| Net increase (decrease) from investment operations | 2.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp;&nbsp; (2.94)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.47 |
| Distributions from net investment income<sup>(b)</sup> | &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp;&nbsp; (0.16)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $12.17 | &nbsp;&nbsp;&nbsp; $9.98 | &nbsp;&nbsp;&nbsp; $9.70 | &nbsp;&nbsp;&nbsp; $9.11 | &nbsp;&nbsp;&nbsp; $9.93 | &nbsp;&nbsp;&nbsp; $13.00 |
| **Total Return**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 25.58 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.38<br> %<br>| &nbsp;&nbsp;&nbsp; (4.84)%<br>| &nbsp;&nbsp;&nbsp; (22.83)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 51.62<br> %<br>|
| **Ratios to Average Net Assets**<sup>(e)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 2.19 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.77<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.87<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.52<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.74<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 1.17 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.14<br> %<br>|
| Total expenses after fees waived and/or reimbursed and excluding interest expense | 1.15 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.14<br> %<br>|
| Net investment income | 1.97 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.81<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.54<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.98<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $3890 | &nbsp;&nbsp;&nbsp; $3380 | &nbsp;&nbsp;&nbsp; $4256 | &nbsp;&nbsp;&nbsp; $4428 | &nbsp;&nbsp;&nbsp; $5246 | &nbsp;&nbsp;&nbsp; $7125 |
| Portfolio turnover rate | &nbsp;&nbsp; 116<br> %<br>| &nbsp;&nbsp;&nbsp; 274<br> %<br>| &nbsp;&nbsp;&nbsp; 162<br> %<br>| &nbsp;&nbsp;&nbsp; 159<br> %<br>| &nbsp;&nbsp;&nbsp; 183<br> %<br>| &nbsp;&nbsp;&nbsp; 180 %<sup>(g)</sup><br>|

---

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

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

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

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

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

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

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

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

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Advantage Emerging Markets Fund (continued) | BlackRock Advantage Emerging Markets Fund (continued) | BlackRock Advantage Emerging Markets Fund (continued) | BlackRock Advantage Emerging Markets Fund (continued) | BlackRock Advantage Emerging Markets Fund (continued) | BlackRock Advantage Emerging Markets Fund (continued) |
|  | Investor C | Investor C | Investor C | Investor C | Investor C | Investor C |
|  | Six Months Ended <br>10/31/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>04/30/25 | &nbsp;&nbsp; Year Ended <br>04/30/24 | &nbsp;&nbsp; Year Ended <br>04/30/23 | &nbsp;&nbsp; Year Ended <br>04/30/22 | &nbsp;&nbsp; Year Ended <br>04/30/21 |
|  | Six Months Ended <br>10/31/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>04/30/25 | &nbsp;&nbsp; Year Ended <br>04/30/24 | &nbsp;&nbsp; Year Ended <br>04/30/23 | &nbsp;&nbsp; Year Ended <br>04/30/22 | &nbsp;&nbsp; Year Ended <br>04/30/21 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $9.43 | &nbsp;&nbsp;&nbsp; $9.18 | &nbsp;&nbsp;&nbsp; $8.65 | &nbsp;&nbsp;&nbsp; $9.46 | &nbsp;&nbsp;&nbsp; $12.36 | &nbsp;&nbsp;&nbsp; $8.29 |
| Net investment income<sup>(a)</sup> | 0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 |
| Net realized and unrealized gain (loss) | 2.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp; (0.68)<br>| &nbsp;&nbsp;&nbsp; (2.96)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.14 |
| Net increase (decrease) from investment operations | 2.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp;&nbsp; (2.89)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.18 |
| Distributions from net investment income<sup>(b)</sup> | &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp; (0.11)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $11.46 | &nbsp;&nbsp;&nbsp; $9.43 | &nbsp;&nbsp;&nbsp; $9.18 | &nbsp;&nbsp;&nbsp; $8.65 | &nbsp;&nbsp;&nbsp; $9.46 | &nbsp;&nbsp;&nbsp; $12.36 |
| **Total Return**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 25.08 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.22<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.53<br> %<br>| &nbsp;&nbsp;&nbsp; (5.51)%<br>| &nbsp;&nbsp;&nbsp; (23.40)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 50.49<br> %<br>|
| **Ratios to Average Net Assets**<sup>(e)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 2.89 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.58<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.56<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 1.92 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.90<br> %<br>|
| Total expenses after fees waived and/or reimbursed and excluding interest expense | 1.90 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.90<br> %<br>|
| Net investment income | 1.20 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.72<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.61<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.43<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $670 | &nbsp;&nbsp;&nbsp; $558 | &nbsp;&nbsp;&nbsp; $562 | &nbsp;&nbsp;&nbsp; $430 | &nbsp;&nbsp;&nbsp; $282 | &nbsp;&nbsp;&nbsp; $550 |
| Portfolio turnover rate | &nbsp;&nbsp; 116<br> %<br>| &nbsp;&nbsp;&nbsp; 274<br> %<br>| &nbsp;&nbsp;&nbsp; 162<br> %<br>| &nbsp;&nbsp;&nbsp; 159<br> %<br>| &nbsp;&nbsp;&nbsp; 183<br> %<br>| &nbsp;&nbsp;&nbsp; 180 %<sup>(g)</sup><br>|

---

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

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

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

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

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

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

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

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

*See notes to financial statements.*

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Advantage Emerging Markets Fund (continued) | BlackRock Advantage Emerging Markets Fund (continued) | BlackRock Advantage Emerging Markets Fund (continued) | BlackRock Advantage Emerging Markets Fund (continued) | BlackRock Advantage Emerging Markets Fund (continued) | BlackRock Advantage Emerging Markets Fund (continued) |
|  | Class K | Class K | Class K | Class K | Class K | Class K |
|  | Six Months Ended <br>10/31/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>04/30/25 | &nbsp;&nbsp; Year Ended <br>04/30/24 | &nbsp;&nbsp; Year Ended <br>04/30/23 | &nbsp;&nbsp; Year Ended <br>04/30/22 | &nbsp;&nbsp; Year Ended <br>04/30/21 |
|  | Six Months Ended <br>10/31/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>04/30/25 | &nbsp;&nbsp; Year Ended <br>04/30/24 | &nbsp;&nbsp; Year Ended <br>04/30/23 | &nbsp;&nbsp; Year Ended <br>04/30/22 | &nbsp;&nbsp; Year Ended <br>04/30/21 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $10.17 | &nbsp;&nbsp;&nbsp; $9.90 | &nbsp;&nbsp;&nbsp; $9.29 | &nbsp;&nbsp;&nbsp; $10.11 | &nbsp;&nbsp;&nbsp; $13.24 | &nbsp;&nbsp;&nbsp; $8.84 |
| Net investment income<sup>(a)</sup> | 0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 |
| Net realized and unrealized gain (loss) | 2.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp; (0.76)<br>| &nbsp;&nbsp;&nbsp; (3.16)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.43 |
| Net increase (decrease) from investment operations | 2.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp;&nbsp; (2.96)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.59 |
| Distributions from net investment income<sup>(b)</sup> | &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp;&nbsp; (0.19)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $12.44 | &nbsp;&nbsp;&nbsp; $10.17 | &nbsp;&nbsp;&nbsp; $9.90 | &nbsp;&nbsp;&nbsp; $9.29 | &nbsp;&nbsp;&nbsp; $10.11 | &nbsp;&nbsp;&nbsp; $13.24 |
| **Total Return**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 25.77 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.80<br> %<br>| &nbsp;&nbsp;&nbsp; (4.53)%<br>| &nbsp;&nbsp;&nbsp; (22.59)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 52.19<br> %<br>|
| **Ratios to Average Net Assets**<sup>(e)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 1.70 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.23<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.36<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.83 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.81<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.81<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.81<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.81<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.81<br> %<br>|
| Total expenses after fees waived and/or reimbursed and excluding interest expense | 0.81 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.81<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.81<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.81<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.81<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.81<br> %<br>|
| Net investment income | 2.32 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.63<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.36<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $45237 | &nbsp;&nbsp;&nbsp; $36911 | &nbsp;&nbsp;&nbsp; $80809 | &nbsp;&nbsp;&nbsp; $73416 | &nbsp;&nbsp;&nbsp; $126023 | &nbsp;&nbsp;&nbsp; $150108 |
| Portfolio turnover rate | &nbsp;&nbsp; 116<br> %<br>| &nbsp;&nbsp;&nbsp; 274<br> %<br>| &nbsp;&nbsp;&nbsp; 162<br> %<br>| &nbsp;&nbsp;&nbsp; 159<br> %<br>| &nbsp;&nbsp;&nbsp; 183<br> %<br>| &nbsp;&nbsp;&nbsp; 180 %<sup>(g)</sup><br>|

---

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

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

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

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

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

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

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

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

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Global Equity Market Neutral Fund | BlackRock Global Equity Market Neutral Fund | BlackRock Global Equity Market Neutral Fund | BlackRock Global Equity Market Neutral Fund | BlackRock Global Equity Market Neutral Fund | BlackRock Global Equity Market Neutral Fund |
|  | Institutional | Institutional | Institutional | Institutional | Institutional | Institutional |
|  | Six Months Ended <br>10/31/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>04/30/25 | &nbsp;&nbsp; Year Ended <br>04/30/24 | &nbsp;&nbsp; Year Ended <br>04/30/23 | &nbsp;&nbsp; Year Ended <br>04/30/22 | &nbsp;&nbsp; Year Ended <br>04/30/21 |
|  | Six Months Ended <br>10/31/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>04/30/25 | &nbsp;&nbsp; Year Ended <br>04/30/24 | &nbsp;&nbsp; Year Ended <br>04/30/23 | &nbsp;&nbsp; Year Ended <br>04/30/22 | &nbsp;&nbsp; Year Ended <br>04/30/21 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $14.44 | &nbsp;&nbsp;&nbsp; $14.02 | &nbsp;&nbsp;&nbsp; $12.19 | &nbsp;&nbsp;&nbsp; $11.49 | &nbsp;&nbsp;&nbsp; $11.98 | &nbsp;&nbsp;&nbsp; $11.42 |
| Net investment income (loss)<sup>(a)</sup> | 0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp;&nbsp; (0.17)<br>|
| Net realized and unrealized gain (loss) | 0.55 | &nbsp;&nbsp;&nbsp;&nbsp;1.76 | &nbsp;&nbsp;&nbsp;&nbsp;2.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.76 |
| Net increase (decrease) from investment operations | 0.75 | &nbsp;&nbsp;&nbsp;&nbsp;2.21 | &nbsp;&nbsp;&nbsp;&nbsp;2.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.59 |
| **Distributions**<sup>(b)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp;&nbsp; (1.79)<br>| &nbsp;&nbsp;&nbsp; (0.94)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| From net realized gain | &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp; (0.03)<br>|
| Total distributions | &nbsp;&nbsp; (0.71)<br>| &nbsp;&nbsp;&nbsp; (1.79)<br>| &nbsp;&nbsp;&nbsp; (0.94)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp; (0.03)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $14.48 | &nbsp;&nbsp;&nbsp; $14.44 | &nbsp;&nbsp;&nbsp; $14.02 | &nbsp;&nbsp;&nbsp; $12.19 | &nbsp;&nbsp;&nbsp; $11.49 | &nbsp;&nbsp;&nbsp; $11.98 |
| **Total Return**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 5.45 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.96<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 23.64<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.09<br> %<br>| &nbsp;&nbsp;&nbsp; (2.94 )%<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.21 %<sup>(f)</sup><br>|
| **Ratios to Average Net Assets**<sup>(g)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 1.37 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.42<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.54<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.58<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.82<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 1.34 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.57<br> %<br>|
| Net investment income (loss) | 2.75 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.22<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.61<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.24<br> %<br>| &nbsp;&nbsp;&nbsp; (1.29)%<br>| &nbsp;&nbsp;&nbsp; (1.49)%<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $5748615 | &nbsp;&nbsp;&nbsp; $3748126 | &nbsp;&nbsp;&nbsp; $1502122 | &nbsp;&nbsp;&nbsp; $565027 | &nbsp;&nbsp;&nbsp; $565502 | &nbsp;&nbsp;&nbsp; $459420 |
| Portfolio turnover rate<sup>(i)</sup> | &nbsp;&nbsp; 68<br> %<br>| &nbsp;&nbsp;&nbsp; 44<br> %<br>| &nbsp;&nbsp;&nbsp; 27<br> %<br>| &nbsp;&nbsp;&nbsp; 79<br> %<br>| &nbsp;&nbsp;&nbsp; 31<br> %<br>| &nbsp;&nbsp;&nbsp; 43<br> %<br>|

---

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

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

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

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

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

*See notes to financial statements.*

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Global Equity Market Neutral Fund (continued) | BlackRock Global Equity Market Neutral Fund (continued) | BlackRock Global Equity Market Neutral Fund (continued) | BlackRock Global Equity Market Neutral Fund (continued) | BlackRock Global Equity Market Neutral Fund (continued) | BlackRock Global Equity Market Neutral Fund (continued) |
|  | Investor A | Investor A | Investor A | Investor A | Investor A | Investor A |
|  | Six Months Ended <br>10/31/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>04/30/25 | &nbsp;&nbsp; Year Ended <br>04/30/24 | &nbsp;&nbsp; Year Ended <br>04/30/23 | &nbsp;&nbsp; Year Ended <br>04/30/22 | &nbsp;&nbsp; Year Ended <br>04/30/21 |
|  | Six Months Ended <br>10/31/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>04/30/25 | &nbsp;&nbsp; Year Ended <br>04/30/24 | &nbsp;&nbsp; Year Ended <br>04/30/23 | &nbsp;&nbsp; Year Ended <br>04/30/22 | &nbsp;&nbsp; Year Ended <br>04/30/21 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $14.13 | &nbsp;&nbsp;&nbsp; $13.77 | &nbsp;&nbsp;&nbsp; $11.96 | &nbsp;&nbsp;&nbsp; $11.30 | &nbsp;&nbsp;&nbsp; $11.82 | &nbsp;&nbsp;&nbsp; $11.27 |
| Net investment income (loss)<sup>(a)</sup> | 0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp;&nbsp; (0.20)<br>|
| Net realized and unrealized gain (loss) | 0.54 | &nbsp;&nbsp;&nbsp;&nbsp;1.72 | &nbsp;&nbsp;&nbsp;&nbsp;2.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.75 |
| Net increase (decrease) from investment operations | 0.72 | &nbsp;&nbsp;&nbsp;&nbsp;2.13 | &nbsp;&nbsp;&nbsp;&nbsp;2.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.55 |
| **Distributions**<sup>(b)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.66)<br>| &nbsp;&nbsp;&nbsp; (1.77)<br>| &nbsp;&nbsp;&nbsp; (0.89)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| From net realized gain | &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp; (0.00 )<sup>(c)</sup><br>|
| Total distributions | &nbsp;&nbsp; (0.70)<br>| &nbsp;&nbsp;&nbsp; (1.77)<br>| &nbsp;&nbsp;&nbsp; (0.89)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp; (0.00)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $14.15 | &nbsp;&nbsp;&nbsp; $14.13 | &nbsp;&nbsp;&nbsp; $13.77 | &nbsp;&nbsp;&nbsp; $11.96 | &nbsp;&nbsp;&nbsp; $11.30 | &nbsp;&nbsp;&nbsp; $11.82 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 5.35 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.66<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 23.42<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.84<br> %<br>| &nbsp;&nbsp;&nbsp; (3.23 )%<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.92 %<sup>(g)</sup><br>|
| **Ratios to Average Net Assets**<sup>(h)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 1.65 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.79<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.83<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.86<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.07<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 1.59 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.61<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.82<br> %<br>|
| Net investment income (loss) | 2.50 %<sup>(i)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.97<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> %<br>| &nbsp;&nbsp;&nbsp; (1.54)%<br>| &nbsp;&nbsp;&nbsp; (1.75)%<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $539752 | &nbsp;&nbsp;&nbsp; $339098 | &nbsp;&nbsp;&nbsp; $118392 | &nbsp;&nbsp;&nbsp; $22462 | &nbsp;&nbsp;&nbsp; $25229 | &nbsp;&nbsp;&nbsp; $23390 |
| Portfolio turnover rate<sup>(j)</sup> | &nbsp;&nbsp; 68<br> %<br>| &nbsp;&nbsp;&nbsp; 44<br> %<br>| &nbsp;&nbsp;&nbsp; 27<br> %<br>| &nbsp;&nbsp;&nbsp; 79<br> %<br>| &nbsp;&nbsp;&nbsp; 31<br> %<br>| &nbsp;&nbsp;&nbsp; 43<br> %<br>|

---

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

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

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

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

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

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

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Global Equity Market Neutral Fund (continued) | BlackRock Global Equity Market Neutral Fund (continued) | BlackRock Global Equity Market Neutral Fund (continued) | BlackRock Global Equity Market Neutral Fund (continued) | BlackRock Global Equity Market Neutral Fund (continued) | BlackRock Global Equity Market Neutral Fund (continued) |
|  | Investor C | Investor C | Investor C | Investor C | Investor C | Investor C |
|  | Six Months Ended <br>10/31/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>04/30/25 | &nbsp;&nbsp; Year Ended <br>04/30/24 | &nbsp;&nbsp; Year Ended <br>04/30/23 | &nbsp;&nbsp; Year Ended <br>04/30/22 | &nbsp;&nbsp; Year Ended <br>04/30/21 |
|  | Six Months Ended <br>10/31/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>04/30/25 | &nbsp;&nbsp; Year Ended <br>04/30/24 | &nbsp;&nbsp; Year Ended <br>04/30/23 | &nbsp;&nbsp; Year Ended <br>04/30/22 | &nbsp;&nbsp; Year Ended <br>04/30/21 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $12.98 | &nbsp;&nbsp;&nbsp; $12.77 | &nbsp;&nbsp;&nbsp; $11.18 | &nbsp;&nbsp;&nbsp; $10.64 | &nbsp;&nbsp;&nbsp; $11.22 | &nbsp;&nbsp;&nbsp; $10.77 |
| Net investment income (loss)<sup>(a)</sup> | 0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp;&nbsp; (0.27)<br>|
| Net realized and unrealized gain (loss) | 0.49 | &nbsp;&nbsp;&nbsp;&nbsp;1.53 | &nbsp;&nbsp;&nbsp;&nbsp;2.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.72 |
| Net increase (decrease) from investment operations | 0.61 | &nbsp;&nbsp;&nbsp;&nbsp;1.88 | &nbsp;&nbsp;&nbsp;&nbsp;2.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.45 |
| **Distributions**<sup>(b)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp;&nbsp; (1.67)<br>| &nbsp;&nbsp;&nbsp; (0.82)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| From net realized gain | &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (0.68)<br>| &nbsp;&nbsp;&nbsp; (1.67)<br>| &nbsp;&nbsp;&nbsp; (0.82)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp; — |
| **Net asset value, end of period** | &nbsp;&nbsp; $12.91 | &nbsp;&nbsp;&nbsp; $12.98 | &nbsp;&nbsp;&nbsp; $12.77 | &nbsp;&nbsp;&nbsp; $11.18 | &nbsp;&nbsp;&nbsp; $10.64 | &nbsp;&nbsp;&nbsp; $11.22 |
| **Total Return**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 4.94 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.87<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 22.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.08<br> %<br>| &nbsp;&nbsp;&nbsp; (3.95 )%<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.18 %<sup>(f)</sup><br>|
| **Ratios to Average Net Assets**<sup>(g)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 2.31 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.37<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.51<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.63<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.64<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.86<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 2.31 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.36<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.57<br> %<br>|
| Net investment income (loss) | 1.77 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.79<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.88<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp; (2.30)%<br>| &nbsp;&nbsp;&nbsp; (2.44)%<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $21085 | &nbsp;&nbsp;&nbsp; $14265 | &nbsp;&nbsp;&nbsp; $9786 | &nbsp;&nbsp;&nbsp; $5281 | &nbsp;&nbsp;&nbsp; $4386 | &nbsp;&nbsp;&nbsp; $6817 |
| Portfolio turnover rate<sup>(i)</sup> | &nbsp;&nbsp; 68<br> %<br>| &nbsp;&nbsp;&nbsp; 44<br> %<br>| &nbsp;&nbsp;&nbsp; 27<br> %<br>| &nbsp;&nbsp;&nbsp; 79<br> %<br>| &nbsp;&nbsp;&nbsp; 31<br> %<br>| &nbsp;&nbsp;&nbsp; 43<br> %<br>|

---

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

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

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

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

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

*See notes to financial statements.*

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | BlackRock Global Equity Market Neutral Fund (continued) | BlackRock Global Equity Market Neutral Fund (continued) | BlackRock Global Equity Market Neutral Fund (continued) | BlackRock Global Equity Market Neutral Fund (continued) | BlackRock Global Equity Market Neutral Fund (continued) | BlackRock Global Equity Market Neutral Fund (continued) |
|  | Class K | Class K | Class K | Class K | Class K | Class K |
|  | Six Months Ended <br>10/31/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>04/30/25 | &nbsp;&nbsp; Year Ended <br>04/30/24 | &nbsp;&nbsp; Year Ended <br>04/30/23 | &nbsp;&nbsp; Year Ended <br>04/30/22 | &nbsp;&nbsp; Year Ended <br>04/30/21 |
|  | Six Months Ended <br>10/31/25 <br>(unaudited) | &nbsp;&nbsp; Year Ended <br>04/30/25 | &nbsp;&nbsp; Year Ended <br>04/30/24 | &nbsp;&nbsp; Year Ended <br>04/30/23 | &nbsp;&nbsp; Year Ended <br>04/30/22 | &nbsp;&nbsp; Year Ended <br>04/30/21 |
| **Net asset value, beginning of period** | &nbsp;&nbsp; $14.49 | &nbsp;&nbsp;&nbsp; $14.06 | &nbsp;&nbsp;&nbsp; $12.23 | &nbsp;&nbsp;&nbsp; $11.52 | &nbsp;&nbsp;&nbsp; $12.00 | &nbsp;&nbsp;&nbsp; $11.44 |
| Net investment income (loss)<sup>(a)</sup> | 0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp; (0.25)<br>|
| Net realized and unrealized gain (loss) | 0.55 | &nbsp;&nbsp;&nbsp;&nbsp;1.83 | &nbsp;&nbsp;&nbsp;&nbsp;2.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.85 |
| Net increase (decrease) from investment operations | 0.76 | &nbsp;&nbsp;&nbsp;&nbsp;2.23 | &nbsp;&nbsp;&nbsp;&nbsp;2.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.60 |
| **Distributions**<sup>(b)</sup> <br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp;&nbsp; (1.80)<br>| &nbsp;&nbsp;&nbsp; (0.95)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| From net realized gain | &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp; (0.04)<br>|
| Total distributions | &nbsp;&nbsp; (0.71)<br>| &nbsp;&nbsp;&nbsp; (1.80)<br>| &nbsp;&nbsp;&nbsp; (0.95)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp; (0.04)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $14.54 | &nbsp;&nbsp;&nbsp; $14.49 | &nbsp;&nbsp;&nbsp; $14.06 | &nbsp;&nbsp;&nbsp; $12.23 | &nbsp;&nbsp;&nbsp; $11.52 | &nbsp;&nbsp;&nbsp; $12.00 |
| **Total Return**<sup>(c)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | 5.51 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 23.66<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.16<br> %<br>| &nbsp;&nbsp;&nbsp; (2.85 )%<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.24 %<sup>(e)</sup><br>|
| **Ratios to Average Net Assets**<sup>(f)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 1.26 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.31<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.44<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.51<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.77<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 1.26 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.31<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.52<br> %<br>|
| Net investment income (loss) | 2.84 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.83<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.89<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.59<br> %<br>| &nbsp;&nbsp;&nbsp; (1.24)%<br>| &nbsp;&nbsp;&nbsp; (2.07)%<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $930031 | &nbsp;&nbsp;&nbsp; $677547 | &nbsp;&nbsp;&nbsp; $216669 | &nbsp;&nbsp;&nbsp; $123399 | &nbsp;&nbsp;&nbsp; $7080 | &nbsp;&nbsp;&nbsp; $5151 |
| Portfolio turnover rate<sup>(h)</sup> | &nbsp;&nbsp; 68<br> %<br>| &nbsp;&nbsp;&nbsp; 44<br> %<br>| &nbsp;&nbsp;&nbsp; 27<br> %<br>| &nbsp;&nbsp;&nbsp; 79<br> %<br>| &nbsp;&nbsp;&nbsp; 31<br> %<br>| &nbsp;&nbsp;&nbsp; 43<br> %<br>|

---

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

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

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

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

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

*See notes to financial statements.*

Financial Highlights

------

Notes to Financial Statements (unaudited)

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

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

BlackRock Funds<sup>SM</sup> (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust is organized as a Massachusetts business trust. The following, each of which is a series of the Trust, are referred to herein collectively as the "Funds" or individually as a "Fund":

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| | | |
|:---|:---|:---|
| *Fund Name*  | *Herein Referred To As*  | &nbsp;&nbsp; *Diversification* <br>*Classification* <br>|
| BlackRock Advantage Emerging Markets Fund | Advantage Emerging Markets | Diversified |
| BlackRock Global Equity Market Neutral Fund | Global Equity Market Neutral | Diversified |

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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).

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| | | | |
|:---|:---|:---|:---|
| *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 |

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

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

<sup>(b)</sup> A CDSC of 1.00% is assessed on certain redemptions of Investor C Shares made within one year after purchase.

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

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

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

**Investment Transactions and Income Recognition:** For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend dates. Non-cash dividends, if any, are recorded on the ex-dividend dates at fair value. Dividends from foreign securities where the ex-dividend dates may have passed are subsequently recorded when the Funds are informed of the ex-dividend dates. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis. Income, expenses and realized and unrealized gains and losses are allocated daily to each class based on its relative net assets.

Certain Russian securities held by BlackRock Advantage Emerging Markets Fund declared dividends during the period. However, there is no assurance these dividends can be collected by the Fund due to restrictions imposed by the Russian government. As a result, the Fund has not recognized investment income associated with these Russian securities. Any future recognition of these dividend payments, or other dividends of Russian securities declared in prior periods subject to the same or similar restrictions imposed by Russia or other government agencies, could have a material accretive effect on the Fund's net asset value per share.

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

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

**Foreign Taxes:** The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are

2025 BlackRock Semi-Annual Financial Statements and Additional Information

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Notes to Financial Statements (unaudited) (continued)

presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as "Foreign taxes withheld", and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of October 31, 2025, 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.

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

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

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

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Fixed-income investments for which market quotations are readily available are generally valued using the last available bid price provided by independent dealers or third-party pricing services. Pricing services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots of securities in certain asset classes may trade at lower prices than institutional round lots, and the value ultimately realized when the securities are sold could differ from the prices used by a fund. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data (e.g., recent representative bids and offers), market data, credit quality information, perceived market movements, news, and other relevant information. Certain fixed-income securities, including asset-backed and mortgage related securities may be valued based on valuation models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. The amortized cost method of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity unless the Manager determines such method does not represent fair value.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Forward foreign currency exchange contracts are valued at the mean between the bid and ask prices and are determined as of the close of trading on the NYSE based on that day's prevailing forward exchange rate for the underlying currencies.

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

Notes to Financial Statements

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Notes to Financial Statements (unaudited) (continued)

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;&nbsp;&nbsp;&nbsp;&nbsp;•Interest rate, credit default, inflation and currency swap agreements are valued utilizing quotes received daily by independent pricing services or through brokers, which are derived using daily swap curves and models that incorporate market data and discounted cash flows. Total return and equity swap agreements are valued utilizing quotes received daily by independent pricing services or through brokers, which are derived using models that incorporate market trades and fair value of the underlying reference instruments.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The

2025 BlackRock Semi-Annual Financial Statements and Additional Information

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Notes to Financial Statements (unaudited) (continued)

inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by Private Companies that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

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

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

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

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

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an "MSLA"), which provide the right, in the event of default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty's bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties' obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party's net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

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

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| | | | | |
|:---|:---|:---|:---|:---|
| *Fund Name/Counterparty* | *Securities* <br>*Loaned at Value*<br>| *Cash Collateral* <br>*Received*<sup>(a)</sup> <br>| *Non-Cash Collateral* <br>*Received, at Fair Value*<sup>(a)</sup> <br>| *Net* <br>*Amount*<br>|
| Advantage Emerging Markets |  |  |  |  |
| J.P. Morgan Securities LLC | &nbsp;&nbsp; $115990 | &nbsp;&nbsp; $(115990)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| SG Americas Securities LLC | &nbsp;&nbsp; 256 | &nbsp;&nbsp; (256)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $116246 | &nbsp;&nbsp; $(116246)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |

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

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

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

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

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

Notes to Financial Statements

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Notes to Financial Statements (unaudited) (continued)

**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.

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

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

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

**Options:** The Funds may purchase and write call and put options to increase or decrease their exposure to the risks of underlying instruments, including equity risk, interest rate risk and/or commodity price risk and/or, in the case of options written, to generate gains from options premiums.

A call option gives the purchaser (holder) of the option the right (but not the obligation) to buy, and obligates the seller (writer) to sell (when the option is exercised) the underlying instrument at the exercise or strike price at any time or at a specified time during the option period. A put option gives the holder the right to sell and obligates the writer to buy the underlying instrument at the exercise or strike price at any time or at a specified time during the option period.

Premiums paid on options purchased and premiums received on options written, as well as the daily fluctuation in market value, are included in investments at value – unaffiliated and options written at value, respectively, in the Statements of Assets and Liabilities. When an instrument is purchased or sold through the exercise of an option, the premium is offset against the cost or proceeds of the underlying instrument. When an option expires, a realized gain or loss is recorded in the Statements of Operations to the extent of the premiums received or paid. When an option is closed or sold, a gain or loss is recorded in the Statements of Operations to the extent the cost of the closing transaction exceeds the premiums received or paid. When the Funds write a call option, such option is typically "covered," meaning that they hold the underlying instrument subject to being called by the option counterparty. When the Funds write a put option, cash is segregated in an amount sufficient to cover the obligation. These amounts, which are considered restricted, are included in cash pledged as collateral for options written in the Statements of Assets and Liabilities.

In purchasing and writing options, the Funds bear the risk of an unfavorable change in the value of the underlying instrument or the risk that they may not be able to enter into a closing transaction due to an illiquid market. Exercise of a written option could result in the Funds purchasing or selling a security when they otherwise would not, or at a price different from the current market value.

**Swaps:** Swap contracts are entered into to manage exposure to issuers, markets and securities. Such contracts are agreements between the Funds and a counterparty to make periodic net payments on a specified notional amount or a net payment upon termination. Swap agreements are privately negotiated in the OTC market and may be entered into as a bilateral contract ("OTC swaps") or centrally cleared ("centrally cleared swaps").

For OTC swaps, any upfront premiums paid and any upfront fees received are shown as swap premiums paid and swap premiums received, respectively, in the Statements of Assets and Liabilities and amortized over the term of the contract. The daily fluctuation in market value is recorded as unrealized appreciation (depreciation) on OTC swaps in the Statements of Assets and Liabilities. Payments received or paid are recorded in the Statements of Operations as realized gains or losses, respectively. When an OTC swap is terminated, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the proceeds from (or cost of) the closing transaction and the Funds' basis in the contract, if any. Generally, the basis of the contract is the premium received or paid.

In a centrally cleared swap, immediately following execution of the swap contract, the swap contract is novated to a central counterparty (the "CCP") and the CCP becomes the Funds' counterparty on the swap. Each Fund is required to interface with the CCP through the broker. Upon entering into a centrally cleared swap, each Fund is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap. Securities deposited as initial margin are designated in the Schedules of Investments and cash deposited is shown as cash pledged for centrally cleared swaps in the Statements of Assets and Liabilities. Amounts pledged, which are considered restricted cash, are included in cash pledged for centrally cleared swaps in the Statements of Assets and Liabilities.

2025 BlackRock Semi-Annual Financial Statements and Additional Information

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Notes to Financial Statements (unaudited) (continued)

Pursuant to the contract, each Fund agrees to receive from or pay to the broker variation margin. Variation margin is recorded as unrealized appreciation (depreciation) and shown as variation margin receivable (or payable) on centrally cleared swaps in the Statements of Assets and Liabilities. Payments received from (paid to) the counterparty are amortized over the term of the contract and recorded as realized gains (losses) in the Statements of Operations, including those at termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Equity and Total return swaps — Equity and 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).

Equity swaps are designed to function as direct economic investments in long or short equity positions. This means that the Fund 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. Equity swaps incur interest charges and credits ("financing fees") related to the notional value of the position. These interest charges and credits are based on a specified benchmark rate plus or minus a specified spread.

Total return swaps are agreements in which there is an exchange of cash flows whereby one party commits to make payments based on the total return (distributions plus capital gains/losses) of an underlying instrument, or basket of underlying instruments, in exchange for fixed or floating rate interest payments. If the total return of the instrument(s) or index underlying the transaction exceeds or falls short of the offsetting fixed or floating interest rate obligation, the Funds receive payment from or make a payment to the counterparty.

Certain total return swaps are designed to function as a portfolio of direct investments in long and short equity positions. This means that the Fund has the ability to trade in and out of these long and short positions within the swap and will receive the economic benefits and risks equivalent to direct investment in these positions, subject to certain adjustments due to events related to the counterparty. Benefits and risks include capital appreciation (depreciation), corporate actions and dividends received and paid, all of which are reflected in the swap's market value. The market value also includes interest charges and credits ("financing fees") related to the notional values of the long and short positions and cash balances within the swap. These interest charges and credits are based on a specified benchmark rate plus or minus a specified spread determined based upon the country and/or currency of the positions in the portfolio.

Positions within the swap and financing fees are reset periodically. During a reset, any unrealized appreciation (depreciation) on positions and accrued financing fees become available for cash settlement between the Funds and the counterparty. The amounts that are available for cash settlement are recorded as realized gains or losses in the Statements of Operations. Cash settlement in and out of the swap may occur at a reset date or any other date, at the discretion of the Funds and the counterparty, over the life of the agreement. Certain swaps have no stated expiration and can be terminated by either party at any time.

Swap transactions involve, to varying degrees, elements of interest rate, credit and market risks in excess of the amounts recognized in the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates and/or market values associated with these transactions.

**Master Netting Arrangements:** In order to define its contractual rights and to secure rights that will help it mitigate its counterparty risk, a Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments' payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.

**Collateral Requirements:** For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Funds and the counterparty.

Cash collateral that has been pledged to cover obligations of the Funds and cash collateral received from the counterparty, if any, is reported separately in the Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Funds, if any, is noted in the Schedules of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Funds. Any additional required collateral is delivered to/pledged by the Funds on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. A Fund generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Funds from the counterparties are not fully collateralized, each Fund bears the risk of loss from counterparty non-performance. Likewise, to the extent the Funds have delivered collateral to a counterparty and stand ready to perform under the terms of their agreement with such counterparty, each Fund bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.

For financial reporting purposes, the Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statements of Assets and Liabilities.

Notes to Financial Statements

------

Notes to Financial Statements (unaudited) (continued)

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

***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, majority-owned subsidiary of BlackRock, Inc. ("BlackRock"), to provide investment advisory services. The Manager is responsible for the management of each Fund's portfolio and provides the personnel, facilities, equipment and certain other services necessary to the operations of each Fund.

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

---

| | | |
|:---|:---|:---|
|  | *Investment Advisory Fees* | *Investment Advisory Fees* |
| *Average Daily Net Assets* | *Advantage Emerging Markets* | *Global Equity Market Neutral* |
| First $1 billion | 0.80<br> % <br>| 1.25<br> % <br>|
| $1 billion — $3 billion | 0.75 | 1.18 |
| $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 each Fund, entered into a Distribution Agreement and a Distribution and Service Plan with BlackRock Investments, LLC ("BRIL"), an affiliate of the Manager. Pursuant to the Distribution and Service Plan and in accordance with Rule 12b-1 under the 1940 Act, each Fund pays BRIL ongoing service and distribution fees. The fees are accrued daily and paid monthly at annual rates based upon the average daily net assets of the relevant share class of each Fund as follows:

---

| | | |
|:---|:---|:---|
| *Share Class* | *Service Fees* | *Distribution Fees* |
| Investor A | 0.25<br> % <br>| &nbsp;&nbsp; N/A |
| Investor C | 0.25 | 0.75<br> % <br>|

---

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

For the six months ended October 31, 2025, the following table shows the class specific service and distribution fees borne directly by each share class of each Fund:

---

| | | | |
|:---|:---|:---|:---|
| *Fund Name*  | *Investor A* | *Investor C* | *Total* |
| Advantage Emerging Markets | &nbsp;&nbsp; $4483 | &nbsp;&nbsp; $3116 | &nbsp;&nbsp; $7599 |
| Global Equity Market Neutral | &nbsp;&nbsp; 539895 | &nbsp;&nbsp; 89434 | &nbsp;&nbsp; 629329 |

---

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

---

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

---

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

For the six months ended October 31, 2025, the following table shows the class specific administration fees borne directly by each share class of each Fund:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Fund Name*  | *Institutional* | *Investor A* | *Investor C* | *Class K* | *Total* |
| Advantage Emerging Markets | &nbsp;&nbsp; $562 | &nbsp;&nbsp; $359 | &nbsp;&nbsp; $62 | &nbsp;&nbsp; $4331 | &nbsp;&nbsp; $5314 |
| Global Equity Market Neutral | &nbsp;&nbsp; 480350 | &nbsp;&nbsp; 43191 | &nbsp;&nbsp; 1789 | &nbsp;&nbsp; 88285 | &nbsp;&nbsp; 613615 |

---

**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, 2025, the Funds did not pay any amounts to affiliates in return for these services.

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Notes to Financial Statements (unaudited) (continued)

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, 2025, each Fund reimbursed the Manager the following amounts for costs incurred in running the call center, which are included in transfer agent — class specific in the Statements of Operations:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Fund Name*  | *Institutional* | *Investor A* | *Investor C* | *Class K* | *Total* |
| Advantage Emerging Markets | &nbsp;&nbsp; $59 | $266 | $49 | $125 | $499 |
| Global Equity Market Neutral | &nbsp;&nbsp; 2209 | 818 | 41 | 432 | 3500 |

---

For the six months ended October 31, 2025, the following table shows the class specific transfer agent fees borne directly by each share class of each Fund:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Fund Name* | *Institutional* | *Investor A* | *Investor C* | *Class K* | *Total* |
| Advantage Emerging Markets | &nbsp;&nbsp; $3323 | $4270 | $626 | $1164 | $9383 |
| Global Equity Market Neutral | &nbsp;&nbsp; 2709514 | 314760 | 5039 | 1886 | 3031199 |

---

**Other Fees:** For the six months ended October 31, 2025, affiliates earned underwriting discounts, direct commissions and dealer concessions on sales of each Fund's Investor A Shares as follows:

---

| | |
|:---|:---|
| *Fund Name*  | *Investor A* |
| Advantage Emerging Markets | &nbsp;&nbsp; $251 |
| Global Equity Market Neutral | &nbsp;&nbsp; 11841 |

---

For the six months ended October 31, 2025, affiliates received CDSCs as follows:

---

| | |
|:---|:---|
| *Fund Name*  | *Investor C* |
| Advantage Emerging Markets | &nbsp;&nbsp; $200 |
| Global Equity Market Neutral | &nbsp;&nbsp; 2904 |

---

**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, 2027. The contractual agreement may be terminated upon 90 days' notice by a majority of the trustees who are not "interested persons" of the Trust, as defined in the 1940 Act ("Independent Trustees"), or by a vote of a majority of the outstanding voting securities of a Fund. The amount of waivers and/or reimbursements of fees and expenses made pursuant to the expense limitation described below will be reduced by the amount of the affiliated money market fund waiver. These amounts are included in fees waived and/or reimbursed by the Manager in the Statements of Operations. For the six months ended October 31, 2025, the amounts waived were as follows:

---

| | |
|:---|:---|
| *Fund Name* | *Fees Waived and/or Reimbursed* <br>*by the Manager*<br>|
| Advantage Emerging Markets | &nbsp;&nbsp; $1391 |
| Global Equity Market Neutral | &nbsp;&nbsp; 9973 |

---

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, 2027. 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, 2025, there were no fees waived by the Manager pursuant to this arrangement.

With respect to Advantage Emerging Markets, the Manager contractually agreed to waive and/or reimburse fees or expenses in order to limit other expenses ("expense limitation") through June 30, 2027. Other expenses include accounting, administration, transfer agency, custody, professional and registration fees and exclude dividend expense, interest expense, and certain other fund expenses that constitute extraordinary expenses not incurred in the ordinary course of the Fund's business. The expense limitations as a percentage of average daily net assets are as follows:

---

| | |
|:---|:---|
| *Fund Name/Share Class* | *Expense Limitation* |
| Advantage Emerging Markets |  |
| Institutional | 0.05<br> % <br>|
| Investor A | 0.10 |
| Investor C | 0.10 |
| Class K | 0.01 |

---

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

---

| | |
|:---|:---|
| *Fund Name/Share Class* | *Expense Limitation* |
| Global Equity Market Neutral |  |
| Institutional | 1.34<br> % <br>|
| Investor A | 1.59 |
| Investor C | 2.34 |
| Class K | 1.29 |

---

Notes to Financial Statements

------

Notes to Financial Statements (unaudited) (continued)

The Manager has agreed not to reduce or discontinue the contractual expense limitations through June 30, 2027, 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, 2025, amounts included in the Statements of Operations were as follows:

---

| | |
|:---|:---|
| *Fund Name* | *Fees Waived and/or Reimbursed* <br>*by the Manager*<br>|
| Advantage Emerging Markets | &nbsp;&nbsp; $211059 |

---

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

---

| | |
|:---|:---|
| *Fund Name* | *Administration* <br>*Fees Waived*<br>|
| Advantage Emerging Markets | &nbsp;&nbsp; $11292 |

---

In addition, these amounts waived and/or reimbursed by the Manager are included in administration fees waived by the Manager — class specific and transfer agent fees waived and/or reimbursed by the Manager— class specific, respectively, in the Statements of Operations. For the six months ended October 31, 2025, class specific expense waivers and/or reimbursements were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | *Administration Fees Waived by the Manager- Class Specific* | *Administration Fees Waived by the Manager- Class Specific* | *Administration Fees Waived by the Manager- Class Specific* | *Administration Fees Waived by the Manager- Class Specific* | *Administration Fees Waived by the Manager- Class Specific* |
| *Fund Name* | *Institutional* | *Investor A* | *Investor C* | *Class K* | *Total* |
| Advantage Emerging Markets | &nbsp;&nbsp; $562 | &nbsp;&nbsp; $359 | &nbsp;&nbsp; $62 | &nbsp;&nbsp; $4330 | &nbsp;&nbsp; $5313 |
| Global Equity Market Neutral | &nbsp;&nbsp; 348883 | &nbsp;&nbsp; 43191 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 392074 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | *Transfer Agent Fees Waived and/or* <br>*Reimbursed by the Manager - Class Specific* | *Transfer Agent Fees Waived and/or* <br>*Reimbursed by the Manager - Class Specific* | *Transfer Agent Fees Waived and/or* <br>*Reimbursed by the Manager - Class Specific* | *Transfer Agent Fees Waived and/or* <br>*Reimbursed by the Manager - Class Specific* | *Transfer Agent Fees Waived and/or* <br>*Reimbursed by the Manager - Class Specific* |
| *Fund Name*  | *Institutional* | *Investor A* | *Investor C* | *Class K* | *Total* |
| Advantage Emerging Markets | &nbsp;&nbsp; $2200 | &nbsp;&nbsp; $2656 | &nbsp;&nbsp; $346 | &nbsp;&nbsp; $1163 | &nbsp;&nbsp; $6365 |
| Global Equity Market Neutral | &nbsp;&nbsp; 341061 | &nbsp;&nbsp; 91634 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 432695 |

---

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

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

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

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

The share of securities lending income earned by the Advantage Emerging Markets is shown as securities lending income — affiliated — net in the Statements of Operations. For the six months ended October 31, 2025, the Advantage Emerging Markets paid BIM $359 for securities lending agent services.

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

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Notes to Financial Statements (unaudited) (continued)

**Other Transactions:** The Funds may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is due solely to having a common investment adviser, common officers, or common trustees. For the six months ended October 31, 2025, the purchase and sale transactions and any net realized gains (losses) with affiliated funds in compliance with Rule 17a-7 under the 1940 Act were as follows:

---

| | | | |
|:---|:---|:---|:---|
| *Fund Name* | *Purchases* | *Sales* | &nbsp;&nbsp; *Net Realized* <br>*Gain (Loss)*<br>|
| Advantage Emerging Markets | &nbsp;&nbsp;&nbsp; $1007623 | &nbsp;&nbsp;&nbsp; $790149 | &nbsp;&nbsp;&nbsp; $106611 |

---

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

For the six months ended October 31, 2025, purchases and sales of investments, excluding short-term securities, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | U.S. Government Securities  | U.S. Government Securities  | Other Securities  | Other Securities  |
| *Fund Name*  | *Purchases* | *Sales* | *Purchases* | *Sales* |
| Advantage Emerging Markets | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $57488749 | &nbsp;&nbsp; $56078246 |
| Global Equity Market Neutral | &nbsp;&nbsp; 264692939 | &nbsp;&nbsp; 361588689 | &nbsp;&nbsp; 158410437 | &nbsp;&nbsp; 96659831 |

---

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

As of April 30, 2025, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

---

| | |
|:---|:---|
| *Fund Name* | *Non-Expiring* <br>*Capital Loss* <br>*Carryforwards*<sup>(a)</sup> <br>|
| Advantage Emerging Markets | &nbsp;&nbsp; $(38699125)<br>|
| Global Equity Market Neutral | &nbsp;&nbsp; — |

---

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

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

As of October 31, 2025, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Fund Name* | *Tax Cost* | &nbsp;&nbsp; *Gross Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp; *Gross Unrealized* <br>*Depreciation*<br>| &nbsp;&nbsp; *Net Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Advantage Emerging Markets | &nbsp;&nbsp; $47480975 | &nbsp;&nbsp; $15382706 | &nbsp;&nbsp; $(7292806)<br>| &nbsp;&nbsp; $8089900 |
| Global Equity Market Neutral | &nbsp;&nbsp; 7301652645 | &nbsp;&nbsp; 998103398 | &nbsp;&nbsp; (831869753)<br>| &nbsp;&nbsp; 166233645 |

---

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

The Trust, on behalf of each Fund, along with certain other funds managed by the Manager and its affiliates ("Participating Funds"), is party to a 364-day, $2.40 billion credit agreement with a group of lenders. Under this agreement, the Funds may borrow to fund shareholder redemptions. Excluding commitments designated for certain individual funds, the Participating Funds, including the Funds, can borrow up to an aggregate commitment amount of $1.75 billion at any time outstanding, subject to asset coverage and other limitations as specified in the agreement. The credit agreement has the following terms: a fee of 0.10% per annum on unused commitment amounts and interest at a rate equal to the higher of (a) Overnight Bank Funding Rate ("OBFR") (but, in any event, not less than 0.00%) on the date the loan is made plus 0.80% per annum, (b) the Fed Funds rate (but, in any event, not less than 0.00%) in effect from time to time plus 0.80% per annum on amounts borrowed or (c) the sum of (x) Daily Simple Secured Overnight Financing Rate ("SOFR") (but, in any event, not less than 0.00%) on the date the loan is made plus 0.10% and (y) 0.80% per annum. The agreement expires in April 2026 unless extended or renewed. These fees were allocated among such funds based upon portions of the aggregate commitment available to them and relative net assets of Participating Funds. During the six months ended October 31, 2025, the Funds did not borrow under the credit agreement.

Notes to Financial Statements

------

Notes to Financial Statements (unaudited) (continued)

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

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

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

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

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

Each Fund may be exposed to prepayment risk, which is the risk that borrowers may exercise their option to prepay principal earlier than scheduled during periods of declining interest rates, which would force each Fund to reinvest in lower yielding securities. Each Fund may also be exposed to reinvestment risk, which is the risk that income from each Fund's portfolio will decline if each Fund invests the proceeds from matured, traded or called fixed-income securities at market interest rates that are below each Fund portfolio's current earnings rate.

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

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

**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, exchange-traded futures and centrally cleared swaps, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded options purchased, exchange-traded futures and centrally cleared swaps 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.

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Notes to Financial Statements (unaudited) (continued)

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

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

Certain Funds invest a significant portion of their assets in securities of issuers located in the United States. A decrease in imports or exports, changes in trade regulations, inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain securities. Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may constrain future economic growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative "debt ceiling." Such non-payment would result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries deteriorate, it could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to continue, they may have an adverse impact on the U.S. economy and the issuers in which the Funds invest.

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. Certain Asian countries have developed increasingly strained relationships with the U.S. or China; if these relations were to worsen, they could adversely affect Asian issuers that rely on the U.S. or China for trade and the region as a whole. The Asian financial markets have experienced volatility and adverse trends due to concerns in several Asian countries regarding monetary policy, government intervention in the markets, rising government debt levels or economic downturns. These events may spread to other countries in Asia and may affect the value and liquidity of certain of the Funds' investments.

Certain Funds invest a significant portion of their assets in securities of issuers located in China or with significant exposure to Chinese issuers. Investments in Chinese securities, including certain Hong Kong-listed securities, involve risks specific to China. China may be subject to considerable degrees of economic, political and social instability and demonstrates significantly higher volatility from time to time in comparison to developed markets. Chinese markets generally continue to experience inefficiency, volatility and pricing anomalies resulting from governmental influence, a lack of publicly available information and/or political and social instability. Internal social unrest or confrontations with other neighboring countries may disrupt economic development in China and result in a greater risk of currency fluctuations, currency non-convertibility, interest rate fluctuations and higher rates of inflation. Incidents involving China's or the region's security may cause uncertainty in Chinese markets and may adversely affect the Chinese economy and the Fund's investments. Reduction in spending on Chinese products and services, supply chain diversification, institution of tariffs, sanctions or other trade barriers, or a downturn in any of the economies of China's key trading partners may have an adverse impact on the Chinese economy. In addition, measures may be taken to limit the flow of capital and/or sanctions may be imposed, which could prohibit or restrict the ability to own or transfer fund assets and may also include retaliatory actions, such as seizure of fund assets.

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

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

Transactions in capital shares for each class were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended <br>10/31/25 | Six Months Ended <br>10/31/25 | Year Ended <br>04/30/25 | Year Ended <br>04/30/25 |
| *Fund Name / Share Class*  | *Shares*  | *Amounts*  | *Shares*  | *Amounts*  |
| Advantage Emerging Markets  |  |  |  |  |
| Institutional |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 82062 | &nbsp;&nbsp;&nbsp; $948965 | &nbsp;&nbsp;&nbsp; 17424 | &nbsp;&nbsp;&nbsp; $181690 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 15104 | &nbsp;&nbsp;&nbsp; 169164 | &nbsp;&nbsp;&nbsp; 11731 | &nbsp;&nbsp;&nbsp; 120708 |
| Shares redeemed | &nbsp;&nbsp; (65277) | &nbsp;&nbsp;&nbsp; (762250) | &nbsp;&nbsp;&nbsp; (128106) | &nbsp;&nbsp;&nbsp; (1299483) |
|  | &nbsp;&nbsp; 31889 | &nbsp;&nbsp;&nbsp; $355879 | &nbsp;&nbsp;&nbsp; (98951) | &nbsp;&nbsp;&nbsp; $(997085) |
| Investor A |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 39881 | &nbsp;&nbsp;&nbsp; $466327 | &nbsp;&nbsp;&nbsp; 46131 | &nbsp;&nbsp;&nbsp; $480989 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 9987 | &nbsp;&nbsp;&nbsp; 109565 | &nbsp;&nbsp;&nbsp; 8314 | &nbsp;&nbsp;&nbsp; 83881 |
| Shares redeemed | &nbsp;&nbsp; (68862) | &nbsp;&nbsp;&nbsp; (760056) | &nbsp;&nbsp;&nbsp; (154389) | &nbsp;&nbsp;&nbsp; (1556148) |
|  | &nbsp;&nbsp; (18994) | &nbsp;&nbsp;&nbsp; $(184164) | &nbsp;&nbsp;&nbsp; (99944) | &nbsp;&nbsp;&nbsp; $(991278) |

---

Notes to Financial Statements

------

Notes to Financial Statements (unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended<br> 10/31/25 | Six Months Ended<br> 10/31/25 | Year Ended<br> 04/30/25 | Year Ended<br> 04/30/25 |
| *Fund Name / Share Class (continued)* | *Shares*  | *Amounts*  | *Shares*  | *Amounts*  |
| Advantage Emerging Markets (continued) |  |  |  |  |
| Investor C |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 1930 | &nbsp;&nbsp;&nbsp; $20400 | &nbsp;&nbsp;&nbsp; 7575 | &nbsp;&nbsp;&nbsp; $72889 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 1676 | &nbsp;&nbsp;&nbsp; 17362 | &nbsp;&nbsp;&nbsp; 882 | &nbsp;&nbsp;&nbsp; 8427 |
| Shares redeemed and automatic conversion of shares | &nbsp;&nbsp; (4308) | &nbsp;&nbsp;&nbsp; (44933) | &nbsp;&nbsp;&nbsp; (10421) | &nbsp;&nbsp;&nbsp; (100275) |
|  | (702) | &nbsp;&nbsp;&nbsp; $(7171) | &nbsp;&nbsp;&nbsp; (1964) | &nbsp;&nbsp;&nbsp; $(18959) |
| Class K |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 971180 | &nbsp;&nbsp;&nbsp; $10357925 | &nbsp;&nbsp;&nbsp; 9512774 | &nbsp;&nbsp;&nbsp; $98615757 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 104169 | &nbsp;&nbsp;&nbsp; 1166691 | &nbsp;&nbsp;&nbsp; 189284 | &nbsp;&nbsp;&nbsp; 1947828 |
| Shares redeemed | &nbsp;&nbsp; (1067172) | &nbsp;&nbsp;&nbsp; (11776126) | &nbsp;&nbsp;&nbsp; (14235861) | &nbsp;&nbsp;&nbsp; (145142112) |
|  | &nbsp;&nbsp; 8177 | &nbsp;&nbsp;&nbsp; $(251510) | &nbsp;&nbsp;&nbsp; (4533803) | &nbsp;&nbsp;&nbsp; $(44578527) |
|  | &nbsp;&nbsp; 20370 | &nbsp;&nbsp;&nbsp; $(86966) | &nbsp;&nbsp;&nbsp; (4734662) | &nbsp;&nbsp;&nbsp; $(46585849) |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended <br>10/31/25 | Six Months Ended <br>10/31/25 | Year Ended <br>04/30/25 | Year Ended <br>04/30/25 |
| *Fund Name / Share Class*  | *Shares*  | *Amounts*  | *Shares*  | *Amounts*  |
| Global Equity Market Neutral  |  |  |  |  |
| Institutional |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 181788540 | &nbsp;&nbsp;&nbsp; $2626473842 | &nbsp;&nbsp;&nbsp; 199022323 | &nbsp;&nbsp;&nbsp; $2779255266 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 14925091 | &nbsp;&nbsp;&nbsp; 205070751 | &nbsp;&nbsp;&nbsp; 15230424 | &nbsp;&nbsp;&nbsp; 207511498 |
| Shares redeemed | &nbsp;&nbsp; (59257175) | &nbsp;&nbsp;&nbsp; (846667039) | &nbsp;&nbsp;&nbsp; (61818882) | &nbsp;&nbsp;&nbsp; (861867245) |
|  | &nbsp;&nbsp; 137456456 | &nbsp;&nbsp;&nbsp; $1984877554 | &nbsp;&nbsp;&nbsp; 152433865 | &nbsp;&nbsp;&nbsp; $2124899519 |
| Investor A |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 16272903 | &nbsp;&nbsp;&nbsp; $228239935 | &nbsp;&nbsp;&nbsp; 15346476 | &nbsp;&nbsp;&nbsp; $208878186 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 1427450 | &nbsp;&nbsp;&nbsp; 19170653 | &nbsp;&nbsp;&nbsp; 1794809 | &nbsp;&nbsp;&nbsp; 23968007 |
| Shares redeemed | &nbsp;&nbsp; (3543339) | &nbsp;&nbsp;&nbsp; (50310182) | &nbsp;&nbsp;&nbsp; (1743007) | &nbsp;&nbsp;&nbsp; (23787568) |
|  | &nbsp;&nbsp; 14157014 | &nbsp;&nbsp;&nbsp; $197100406 | &nbsp;&nbsp;&nbsp; 15398278 | &nbsp;&nbsp;&nbsp; $209058625 |
| Investor C |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 549553 | &nbsp;&nbsp;&nbsp; $7103891 | &nbsp;&nbsp;&nbsp; 450866 | &nbsp;&nbsp;&nbsp; $5664178 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 71199 | &nbsp;&nbsp;&nbsp; 874318 | &nbsp;&nbsp;&nbsp; 110469 | &nbsp;&nbsp;&nbsp; 1361145 |
| Shares redeemed and automatic conversion of shares | &nbsp;&nbsp; (86347) | &nbsp;&nbsp;&nbsp; (1110082) | &nbsp;&nbsp;&nbsp; (228207) | &nbsp;&nbsp;&nbsp; (2867206) |
|  | &nbsp;&nbsp; 534405 | &nbsp;&nbsp;&nbsp; $6868127 | &nbsp;&nbsp;&nbsp; 333128 | &nbsp;&nbsp;&nbsp; $4158117 |
| Class K |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 29953978 | &nbsp;&nbsp;&nbsp; $433282097 | &nbsp;&nbsp;&nbsp; 36592409 | &nbsp;&nbsp;&nbsp; $505709433 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 2384937 | &nbsp;&nbsp;&nbsp; 32888278 | &nbsp;&nbsp;&nbsp; 525446 | &nbsp;&nbsp;&nbsp; 7185430 |
| Shares redeemed | &nbsp;&nbsp; (15124204) | &nbsp;&nbsp;&nbsp; (218581739) | &nbsp;&nbsp;&nbsp; (5771944) | &nbsp;&nbsp;&nbsp; (79949092) |
|  | &nbsp;&nbsp; 17214711 | &nbsp;&nbsp;&nbsp; $247588636 | &nbsp;&nbsp;&nbsp; 31345911 | &nbsp;&nbsp;&nbsp; $432945771 |
|  | &nbsp;&nbsp; 169362586 | &nbsp;&nbsp;&nbsp; $2436434723 | &nbsp;&nbsp;&nbsp; 199511182 | &nbsp;&nbsp;&nbsp; $2771062032 |

---

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

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

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

Additional Information

**Changes in and Disagreements with Accountants**

Not applicable.

**Proxy Results**

Not applicable.

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

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

**General Information**

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

**Electronic Delivery**

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

To enroll in electronic delivery:

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

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

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

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

2. Select "Access Your Account"

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

**BlackRock's Mutual Fund Family**

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

**Shareholder Privileges**

**Account Information**

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

**Automatic Investment Plans**

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

**Systematic Withdrawal Plans**

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

**Retirement Plans**

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

Additional Information

------

Additional Information (continued)

**Fund and Service Providers**

**Investment Adviser and Administrator**

BlackRock Advisors, LLC

Wilmington, DE 19809

**Sub-Adviser**

BlackRock International Limited<sup>(a)</sup>

Edinburgh, EH3 8BL

United Kingdom

**Accounting Agent and Custodian**

State Street Bank and Trust Company

Boston, MA 02114

**Transfer Agent**

BNY Mellon Investment Servicing (US) Inc.

Wilmington, DE 19809

<sup>(a)</sup> For Global Equity Market Neutral.

**Distributor**

BlackRock Investments, LLC

New York, NY 10001

**Independent Registered Public Accounting Firm**

Deloitte & Touche LLP

Boston, MA 02110

**Legal Counsel**

Ropes & Gray LLP

New York, NY 10036

**Address of the Funds**

100 Bellevue Parkway

Wilmington, DE 19809

2025 BlackRock Semi-Annual Financial Statements and Additional Information

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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 22, 2025 (the "April Meeting") and May 20-21, 2025 (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, as well as numerous ad hoc meetings and executive sessions throughout the year, as needed. The committees of the Board similarly met throughout the year. The Board also held the April Meeting to consider specific information regarding the renewal of the Agreements. In considering the renewal of the Agreements, 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 for each Fund were: (a) investment performance for one-year, three-year, five-year, and/or since inception periods, as applicable, against peer funds, relevant benchmarks, and other performance metrics, as applicable, as well as BlackRock senior management's and portfolio managers' investment performance analyses, and 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 applicable; (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 Fund's 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, and such responses were reviewed by the Board Members.

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

Disclosure of Investment Advisory Agreement and Sub-Advisory Agreement

------

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

engage in open, candid discussions with the Board. The Board evaluated the information available to it on a fund-by-fund basis. The following paragraphs provide 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 Fund performance to the performance of a comparable group of mutual funds, relevant benchmarks, 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 for each Fund: the experience of the Fund's portfolio management team; research capabilities; investments by portfolio managers in the funds they manage; portfolio trading capabilities; use of certain trading portfolio management, operations and/or information systems owned by BlackRock; 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 also considered the operation of BlackRock's business continuity plans.

The Board noted that the engagement of the Sub-Advisor with respect to Global Equity Market Neutral Fund facilitates the provision of investment advice and trading by investment personnel out of non-U.S. jurisdictions. The Board considered that this arrangement provides additional flexibility to the portfolio management team, which may benefit the Fund and its shareholders.

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

The Board, including the Independent Board Members, reviewed and considered the performance history of each Fund throughout the year and at the April Meeting. The Board was provided with Fund performance reporting and analysis, relative to applicable performance metrics, by BlackRock throughout the year and at the April meeting. In preparation for the April Meeting, the Board was also provided with reports independently prepared by Broadridge, which included an analysis of the Fund's performance as of December 31, 2024, 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. The Board and its Performance Oversight Committee regularly review and meet with Fund management to discuss the performance of each Fund throughout the year.

The Board 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 the one-, three- and five-year periods reported, Global Equity Market Neutral Fund ranked in the first, first and second quartiles, respectively, against its Performance Peers.

The Board noted that for the one-, three- and five-year periods reported, Advantage Emerging Markets Fund ranked in the second, third and third quartiles, respectively, against its Performance Peers. The Board and BlackRock reviewed the Fund's underperformance relative to its Performance Peers 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 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

2025 BlackRock Semi-Annual Financial Statements and Additional Information

------

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

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 that the fee and expense information in the Broadridge report for the Fund reflected information for a specific period and that historical asset levels and expenses may differ from current levels, particularly in a period of market volatility. The Board also noted that while it found the expense comparison provided by Broadridge generally useful, it recognized that the comparison is subject to Broadridge's defined peer selection criteria and methodology. 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 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, 2024 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 the limitations of calculating and comparing profitability at the individual fund level.

The Board received and reviewed statements relating to BlackRock's financial condition. 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 BlackRock's technology business, BlackRock's expense management, and the relative product mix. The Board noted that, in general, individual fund or product line profitability of other advisors is not publicly available.

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 and resources, 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 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 ranked in the second and first quartiles, respectively, 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 Global Equity Market Neutral Fund's contractual management fee rate ranked in the second quartile, and that the actual management fee rate and total expense ratio ranked in the third and second quartiles, respectively, 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 previously 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 further 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 additionally noted that the breakpoints can, conversely, adjust the advisory fee rate upward as the size of the pertinent Fund decreases below certain contractually specified levels.

***D. Economies of Scale***

The Board, including the Independent Board Members, considered the extent to which any economies of scale might benefit the Funds in a variety of ways as the assets of the Funds increase. The Board considered multiple factors, including the advisory fee rate and breakpoints, unitary fee structure, fee waivers, and/or expense caps, as applicable. The Board considered the 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. With respect to securities lending, during the year the Board also considered information provided by independent third-party consultants related to the performance of each BlackRock affiliate as securities lending agent. 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 mutual 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.

Disclosure of Investment Advisory Agreement and Sub-Advisory Agreement

------

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

**Conclusion**

At the May Meeting, in a continuation 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, for a one-year term ending June 30, 2026, 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, 2026. 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 advised by independent legal counsel throughout the deliberative process.

2025 BlackRock Semi-Annual Financial Statements and Additional Information

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Glossary of Terms Used in these Financial Statements

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

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| | |
|:---|:---|
| **Currency Abbreviation**  | **Currency Abbreviation**  |
| AUD | Australian Dollar |
| CAD | Canadian Dollar |
| CHF | Swiss Franc |
| EUR | Euro |
| GBP | British Pound |
| JPY | Japanese Yen |
| SEK | Swedish Krona |
| SGD | Singapore Dollar |
| USD | United States Dollar |
| ZAR | South African Rand |

---

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

---

| | |
|:---|:---|
| **Portfolio Abbreviation**  | **Portfolio Abbreviation**  |
| 1D AONIA | AUD - 1D Overnight Reserve Bank of Australia Rate  |
| 1D CORRA | CAD - 1D Overnight Bank of Canada Repo Rate  |
| 1D ESTR | EUR - 1D Euro Short Term Rate |
| 1D FEDL01 | USD - 1D Overnight Fed Funds Effective Rate |
| 1D HIBOR | HKD - 1D Overnight Hong Kong Interbank Offer rate  |
| 1D NZOCO | NZD - 1D New Zealand Official Overnight Deposit Rate  |
| 1D OBFR01 | USD - 1D Overnight Bank Funding Rate |
| 1D P TONA | JPY - Provisional 1D Overnight Tokyo Average Rate  |
| 1D SONIA | GBP - 1D Sterling Overnight Index Average |
| 1D STIBOR | SEK - 1D Overnight Stockholm Interbank Offer Rate  |
| 1D TONA | JPY - 1D Overnight Tokyo Average Rate  |
| 1M BBR | NZD - 1M New Zealand Bank Bill Rate  |
| 1W CIBOR | DKK - 1W Copenhagen Interbank Swap Rate  |
| ADR | American Depositary Receipt |
| AMBAC | AMBAC Assurance Corp. |
| BAM | Build America Mutual Assurance Co. |
| BBR | Bank Bill Rate  |
| CABROVER | Bank of Canada Overnight Rate Target  |
| CDI | CREST Depository Interest  |
| CIBOR | Copenhagen Interbank Offered Rate  |
| CME | Chicago Mercantile Exchange  |
| CORRA | Overnight Bank of Canada Repo Rate |
| DESTR | DKK - Denmark Short-Term Rate  |
| DETNT/N | DKK - Danish Tom/Next Reference Rate  |
| DIP | Debtor-In-Possession |
| ESTR | Euro Short Term Rate |
| FTSE | Financial Times Stock Exchange |
| GDR | Global Depositary Receipt |
| HIBOR | Hong Kong Interbank Offered Rate |
| HONIA | HKD - Overnight Index Average  |
| MSCI | Morgan Stanley Capital International |
| NOWA | NOK - Norwegian Overnight Weighted Average |
| NVDR | Non-Voting Depositary Receipt |
| PCL | Public Company Limited |
| PJSC | Public Joint Stock Company |
| RB | Revenue Bonds |
| REIT | Real Estate Investment Trust |
| S&P | Standard & Poor's |
| SAB | Special Assessment Bonds |
| SAP | Subject to Appropriations |
| SCA | Societe en Commandite par Actions |
| SG | Syncora Guarantee  |
| SHIR | ILS - Shekel Overnight Interest Rate  |
| SOFR | Secured Overnight Financing Rate  |

---

Glossary of Terms Used in these Financial Statements

------

Glossary of Terms Used in these Financial Statements (continued)

---

| | |
|:---|:---|
| **Portfolio Abbreviation (continued)** | **Portfolio Abbreviation (continued)** |
| SONIA | Sterling Overnight Interbank Average Rate |
| SORA | Singapore Overnight Rate Average |
| SSARON | Swiss Average Overnight Rate |
| ST | Special Tax |
| STIBOR | Stockholm Interbank Offered Rate |
| TN STIBOR | SEK - TN Stockholm Interbank Offer Rate  |
| UT | Unlimited Tax |

---

2025 BlackRock Semi-Annual Financial Statements and Additional Information

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Want to know more?

blackrock.com \| 800-441-7762

This report is intended for current holders. It is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of the 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.

![](g70581img19128a6f2.jpg)

![](g70581img93d09a6e1.jpg)

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Item 8 – Changes in and Disagreements with Accountants for Open-End Management Investment Companies – See Item 7

Item 9 – Proxy Disclosures for Open-End Management Investment Companies – See Item 7

Item 10 – Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies – See Item 7

Item 11 – Statement Regarding Basis for Approval of Investment Advisory Contract – See Item 7

Item 12 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable

Item 13 – Portfolio Managers of Closed-End Management Investment Companies – Not Applicable

Item 14 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable

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| | |
|:---|:---|
| Item 15 – | Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures.  |

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Item 16 – Controls and Procedures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940

------

Act")) are effective as of a date within 90 days of the filing date of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the "Exchange Act").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

Item 17 – Disclosure of Securities Lending Activities for Closed-End Management Investment Companies – Not Applicable

Item 18 – Recovery of Erroneously Awarded Compensation – Not Applicable

Item 19 – Exhibits attached hereto

(a)(1) Code of Ethics – Not Applicable to this semi-annual report

(a)(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed – Not Applicable

[(a)(3) Section 302 Certifications are attached](d70581dex99cert.htm)

(a)(4) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable

(a)(5) Change in registrant's independent public accountant – Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(b) Section 906 Certifications are attached](d70581dex99906cert.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: | /s/ John M. Perlowski  |
|  | John M. Perlowski |
|  | Chief Executive Officer (principal executive officer) of |
|  | BlackRock Funds<sup>SM</sup> |

---

Date: December 22, 2025

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ John M. Perlowski  |
|  | John M. Perlowski |
|  | Chief Executive Officer (principal executive officer) of |
|  | BlackRock Funds<sup>SM</sup> |

---

Date: December 22, 2025

---

| | |
|:---|:---|
| By: | /s/ Trent Walker  |
|  | Trent Walker |
|  | Chief Financial Officer (principal financial officer) of |
|  | BlackRock Funds<sup>SM</sup> |

---

Date: December 22, 2025

## Ex-99.Cert

**EX-99. CERT** 

**CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE** 

**SARBANES-OXLEY ACT OF 2002** 

I, John M. Perlowski, Chief Executive Officer (principal executive officer) of BlackRock Funds<sup>SM</sup>, certify that:

1. I have reviewed this report on Form N-CSR of BlackRock Funds<sup>SM</sup>;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: December 22, 2025

<u>/s/ John M. Perlowski</u> 

John M. Perlowski

Chief Executive Officer (principal executive officer) of

BlackRock Funds<sup>SM</sup>

------

**EX-99. CERT** 

**CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE** 

**SARBANES-OXLEY ACT OF 2002** 

I, Trent Walker, Chief Financial Officer (principal financial officer) of BlackRock Funds<sup>SM</sup>, certify that:

1. I have reviewed this report on Form N-CSR of BlackRock Funds<sup>SM</sup>;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: December 22, 2025

<u>/s/ Trent Walker</u> 

Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock Funds<sup>SM</sup>

## Exhibit 99.906

Exhibit 99.906CERT

**Certification Pursuant to Rule 30a-2(b) under the 1940 Act and** 

**Section 906 of the Sarbanes-Oxley Act of 2002** 

Pursuant to 18 U.S.C. § 1350, the undersigned officer of BlackRock Funds<sup>SM</sup> (the "Registrant"), hereby certifies, to the best of their knowledge, that the Registrant's Report on Form N-CSR for the period ended October 31, 2025 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: December 22, 2025

<u>/s/ John M. Perlowski</u> 

John M. Perlowski

Chief Executive Officer (principal executive officer) of

BlackRock Funds<sup>SM</sup>

Pursuant to 18 U.S.C. § 1350, the undersigned officer of BlackRock Funds<sup>SM</sup> (the "Registrant"), hereby certifies, to the best of their knowledge, that the Registrant's Report on Form N-CSR for the period ended October 31, 2025 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: December 22, 2025

<u>/s/ Trent Walker</u> 

Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock Funds<sup>SM</sup>

This certification is being furnished pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Securities and Exchange Commission**.**