BlackRock 20/80 Target Allocation Fund, Investor A (BACPX) N-CSRS Certified semi-annual shareholder report (management investment company)

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^SM

BlackRock Advantage Emerging Markets Fund

BlackRock Global Long/Short Equity Fund

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Funds^SM, 55 East 52^nd Street, New York, NY 10055

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

Date of fiscal year end: 04/30/2022

Date of reporting period: 10/31/2021

Item 1 – Report to Stockholders

(a) The Report to Shareholders is attached herewith.

OCTOBER 31, 2021

2021 Semi-Annual Report

(Unaudited)

BlackRock Funds^SM

·   BlackRock Advantage Emerging Markets Fund

·   BlackRock Global Long/Short Equity Fund

    Not FDIC Insured • May Lose Value • No Bank Guarantee        

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of October 31, 2021 was a remarkable period of adaptation and recovery, as the global economy dealt with the implications of the coronavirus (or “COVID-19”) pandemic. The United States began the reporting period as the initial reopening-led economic rebound was beginning to slow. Nonetheless, the economy continued to grow at a solid pace for the reporting period, eventually regaining the output lost from the pandemic. However, a rapid rebound in consumer spending pushed up against supply constraints and led to elevated inflation.

Equity prices rose with the broader economy, as the implementation of mass vaccination campaigns and passage of two additional fiscal stimulus packages further boosted stocks, and many equity indices neared or surpassed all-time highs late in the reporting period. In the United States, returns of small-capitalization stocks, which benefited the most from the resumption of in-person activities, outpaced large-capitalization stocks. International equities also gained, as both developed and emerging markets continued to recover from the effects of the pandemic.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) had fallen sharply prior to the beginning of the reporting period, which meant bonds were priced for extreme risk avoidance and economic disruption. Despite expectations of doom and gloom, the economy expanded rapidly, stoking inflation concerns in early 2021, which led to higher yields and a negative overall return for most U.S. Treasuries. In the corporate bond market, support from the U.S. Federal Reserve (the “Fed”) assuaged credit concerns and led to solid returns for high-yield corporate bonds, outpacing investment-grade corporate bonds.

The Fed remained committed to accommodative monetary policy by maintaining near-zero interest rates and by reiterating that inflation could exceed its 2% target for a sustained period without triggering a rate increase. In response to rising inflation late in the period, the Fed changed its market guidance, raising the possibility of higher rates in 2022 and reducing bond purchasing beginning in late 2021.

Looking ahead, we believe that the global expansion will continue to broaden as Europe and other developed market economies gain momentum, although the Delta variant of the coronavirus remains a threat, particularly in emerging markets. While we expect inflation to remain elevated in the medium-term as the expansion continues, we believe the recent uptick owes more to temporary supply disruptions than a lasting change in fundamentals. The change in Fed policy also means that moderate inflation is less likely to be followed by interest rate hikes that could threaten the economic expansion.

Overall, we favor a moderately positive stance toward risk, with an overweight in equities. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and health care, are particularly attractive in the long-term. U.S. small-capitalization stocks and European equities are likely to benefit from the continuing vaccine-led restart, while Chinese equities stand to gain from a more accommodative monetary and fiscal environment as the Chinese economy slows. We are underweight long-term credit, but inflation-protected U.S. Treasuries, Asian fixed income, and emerging market local-currency bonds offer potential opportunities. We believe that international diversification and a focus on sustainability can help provide portfolio resilience, and the disruption created by the coronavirus appears to be accelerating the shift toward sustainable investments.

In this environment, our view is that investors need to think globally, extend their scope across a broad array of asset classes, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit blackrock.com for further insight about investing in today’s markets.

Sincerely,

Rob Kapito

President, BlackRock Advisors, LLC

Rob Kapito

President, BlackRock Advisors, LLC

Total Returns as of October 31, 2021
	6-Month	12-Month
U.S. large cap equities (S&P 500® Index)	10.91%	42.91%
U.S. small cap equities (Russell 2000® Index)	1.85	50.80
International equities (MSCI Europe, Australasia, Far East Index)	4.14	34.18
Emerging market equities (MSCI Emerging Markets Index)	(4.87)	16.96
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.01	0.06
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	1.59	(4.77)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	1.06	(0.48)
Tax-exempt municipal bonds (S&P Municipal Bond Index)	0.33	2.76
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	2.36	10.53
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

2 THIS   PAGE   IS   NOT   PART   OF   YOUR   FUND   REPORT

Table of Contents

	Page
The Markets in Review		2
Semi-Annual Report:
Fund Summary		4
About Fund Performance		9
Disclosure of Expenses		9
Derivative Financial Instruments		9
Financial Statements:
Schedules of Investments		10
Statements of Assets and Liabilities		68
Statements of Operations		70
Statements of Changes in Net Assets		71
Financial Highlights		72
Notes to Financial Statements		80
Disclosure of Investment Advisory Agreement and Sub-Advisory Agreement		93
Additional Information		97
Glossary of Terms Used in this Report		99

3

Fund Summary     as of October 31, 2021 BlackRock Advantage Emerging Markets Fund

Investment Objective

BlackRock Advantage Emerging Markets Fund’s (the “Fund”) investment objective is to seek long-term capital appreciation.

Portfolio Management Commentary

How did the Fund perform?

For the six-month period ending October 31, 2021, the Fund underperformed its benchmark, the MSCI Emerging Markets Index.

What factors influenced performance?

Overall, the Fund struggled against a highly volatile macroeconomic and market backdrop during the period. The continuation of the strong reflationary market tone from the broad-based economic reopening early in 2021 produced strong equity performance early in the period, but this reversed in the third quarter of 2021, as emerging market (“EM”) equities struggled amid macroeconomic and policy concerns related to China. Electricity shortages, a potential debt default from Chinese real estate developer Evergrande, and ongoing regulatory uncertainty kept EM markets under pressure. The period also saw considerable volatility across market style preferences. Early in the period, investors preferred value styles. However, a surprisingly hawkish pivot from the Fed in June 2021 prompted a market rotation back toward secular growth positions. This pro-growth theme persisted until another sharp market rotation in September 2021, with a more hawkish Fed prompting investors back toward value stocks. In particular, the announcement of the expected tapering of Fed bond purchases resulted in a sharp spike in bond yields, which supported cyclical market exposure. The simultaneous sharp rise in commodities prices put further pressure on inflation and compounded the impact on the bond market. Ultimately, though, this final rotation proved short-lived, as the market returned to a pro-growth stance in October 2021.

Both stock selection and macro thematic positioning proved to be substantial detractors from relative performance. Unsurprisingly, China-specific insights, such as measures that evaluate hiring trends, drove losses in the period, as the pro-growth quality positioning struggled amid eroding economic expectations. Similarly, the Fund’s environmental, social and governance (“ESG”) related measures, which lean in a pro-growth direction, declined during the value rotation in September 2021. Environmental measures especially struggled, given their negative sensitivity to the sharp run-up in commodities prices. The Fund’s macro positioning detracted as well, as an overweight position in Taiwan and to Asia EM more broadly suffered from heightened political volatility. An underweight to energy also detracted amid the strong oil-price environment.

Despite these factors, select sentiment measures proved to be key contributors to performance, providing some portfolio ballast. Specifically, an insight designed to gauge sentiment from company chief financial officers was a top contributor. Stock-specific insights designed to track Taiwan sales measures and China-specific online sales trends benefitted performance even with the Fund’s generally negative macro thematic positioning in these markets. Also, certain fundamental measures aided performance. Specifically, traditional value metrics that evaluate dividends relative to price performed well in the context of the value style preference seen at various times during the period.

The Fund used derivatives to equitize cash and cash equivalents to be fully invested in the stock market while maintaining some liquidity. The derivative position had a negative impact on Fund performance over the period.

The investment adviser kept a higher average cash balance over the period, which was hedged by MSCI Emerging Markets Index futures to manage client flows. The Fund’s cash exposure had no material impact on Fund performance.

Describe recent portfolio activity.

Over the course of the period, the portfolio maintained a balanced allocation of risk across all major return drivers. There were, however, several new signals added within the stock selection model. The Fund built upon its alternative data capabilities by adding an insight that captures brand sentiment among retail names. Additionally, given the dynamic nature of the current market environment, the Fund instituted enhanced signal constructs to identify emerging trends such as sentiment around supply chain disruptions and wage inflation.

Describe portfolio positioning at period end.

Relative to the benchmark, the Fund ended the period with largely neutral positioning from sector and country positioning perspectives. The Fund had slight overweight positions in the information technology and financial sectors and maintained slight underweights in consumer discretionary and energy stocks. From a geographical perspective, the Fund had slight overweight positions to Taiwan and maintained an underweight position to Russia.

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

4 2 0 2 1  BLACK ROCK  SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Fund Summary   as of October 31, 2021 (continued) BlackRock Advantage Emerging Markets Fund

Performance

				Average Annual Total Returns(a)(b)
				1 Year						5 Years						10 Years
	6-Month Total Returns			Without Sales Charge			With Sales Charge			Without Sales Charge			With Sales Charge			Without Sales Charge			With Sales Charge
Institutional		(7.87	)%		12.57	%		N/A			5.54	%		N/A			2.73	%		N/A
Investor A		(7.97	)		12.28			6.38	%		5.25			4.12	%		2.47			1.92	%
Investor C		(8.34	)		11.35			10.35			4.44			4.44			1.84			1.84
Class K		(7.86	)		12.61			N/A			5.57			N/A			2.74			N/A
MSCI Emerging Markets Index(c)		(4.87	)		16.96			N/A			9.39			N/A			4.88			N/A

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

^(b) Under normal circumstances, the Fund seeks to invest at least 80% of its net assets plus the amount of any borrowings for investment purposes in equity securities issued by, or tied economically to, companies in emerging markets and derivatives that have similar economic characteristics to such securities. The Fund’s total returns prior to June 12, 2017 are the returns of the Fund when it followed different investment strategies under the name BlackRock Emerging Markets Long/Short Equity Fund.

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

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

Past performance is not an indication of future results.

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

Expense Example

	Actual					Hypothetical(a)
		Beginning Account Value (05/01/21)	Ending Account Value (10/31/21)	Expenses Paid During the Period	(b)		Beginning Account Value (05/01/21)	Ending Account Value (10/31/21)	Expenses Paid During the Period	(b)	Annualized Expense Ratio
Institutional		$       1,000.00	$          921.30	$          4.12			$       1,000.00	$       1,020.92	$          4.33		0.85	%
Investor A		1,000.00	920.30	5.57			1,000.00	1,019.41	5.85		1.15
Investor C		1,000.00	916.60	9.18			1,000.00	1,015.63	9.65		1.90
Class K		1,000.00	921.40	3.92			1,000.00	1,021.12	4.13		0.81

^(a) Hypothetical 5% annual return before expenses is calculated by prorating the number of days in the most recent fiscal half year divided by 365.

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

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

FUND   SUMMARY 5

Fund Summary   as of October 31, 2021 (continued) BlackRock Advantage Emerging Markets Fund

Portfolio Information

GEOGRAPHIC ALLOCATION
Country/Geographic Region	Percent of Net Assets
China		32	%
Taiwan		17
South Korea		11
India		10
South Africa		5
Brazil		5
United States		5
Saudi Arabia		3
Russia		3
Malaysia		2
Mexico		2
Chile		2
Thailand		1
United Arab Emirates		1
Hong Kong		1
Other#		—	(a)
Other Assets Less Liabilities		—	(a)

^(a) Rounds to less than 1% of net assets.

^#  Includes holdings within countries/geographic regions that are 1% or less of net assets. Please refer to the Schedule of Investments for such countries/geographic regions.

6 2 0 2 1  BLACK ROCK  SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Fund Summary   as of October 31, 2021  BlackRock Global Long/Short Equity Fund

Investment Objective

BlackRock Global Long/Short Equity Fund’s (the “Fund”) investment objective is to seek total return over the long term.

Portfolio Management Commentary

How did the Fund perform?

For the six-month period ended October 31, 2021, the Fund underperformed its benchmark, the ICE BofA 3-Month U.S. Treasury Bill Index.

What factors influenced performance?

Overall, the Fund struggled against a highly volatile macroeconomic and market backdrop during the period. The continuation of the strong reflationary market tone from the broad-based economic reopening early in 2021 led to an investor preference for value styles early in the period. However, a surprisingly hawkish pivot from the Fed in June 2021 prompted a market rotation back toward secular growth positions. This led to a return to themes that were predominant in 2020, and declining bond yields and concerns about the COVID-19 Delta variant further supported pro-growth trends. This persisted until another sharp market rotation in September 2021, with a more hawkish Fed prompting investors back toward value stocks. In particular, the announcement of the expected tapering of Fed bond purchases resulted in a sharp spike in bond yields, which supported cyclical market exposure. The simultaneous sharp rise in commodities prices put further pressure on inflation and compounded the impact on the bond market. Ultimately, though, this final rotation proved short-lived, as the market returned to a pro-growth stance in October 2021.

Unsurprisingly, these multiple inflection points during the period proved challenging. Quality- and value-based fundamental insights and macro thematic insights were the most significant detractors from relative performance during the period. One theme that adversely affected returns was poor performance from the more nuanced differentiated insights that the Fund has made a point of emphasis over the past five years. These insights failed to maintain their historically strong performance in relation to generic quantitative insights. Among fundamental insights, valuation-based measures came under pressure in June and throughout the summer as the market rotated toward a pro-growth stance. Quality measures also declined, as environmental, social and governance (“ESG”) related insights worked against the sharp rise in commodity prices during the period. Specifically, environmental transition measures, including identifying companies that stand to benefit from the European Union’s green stimulus package, detracted from performance. Elsewhere, European luxury goods companies, which were favored quality long positions, sharply declined in the second half of the period. These stocks proved overly sensitive to regulatory uncertainty in China and the resulting concerns about Chinese consumption. Finally, macro thematic insights failed to keep pace with the speed of market rotations. Style-timing insights in particular were acutely sensitive to the rotations in June and September 2021, maintaining a pro-value reopening stance that benefited performance early in 2021 but detracted after June 2021.

Conversely, sentiment-based stock selection was the most significant contributor to the Fund’s relative performance, as it provided much-needed ballast against weakness elsewhere. Of note, trend-based sentiment measures correctly captured evolving themes that contributed to gains. These measures included recently added research that seeks to identify company sensitivity to several emerging economic reopening themes, such as vaccine rollouts, supply chain challenges, and consumerist trends. Another contributor was a measure that seeks to capture inflationary pressure by evaluating tight labor conditions and wage growth trends across companies and industries. Finally, a slight net-long exposure of 10% added to returns, as it benefited from positive performance in the broader stock market.

The Fund used derivatives in the form of total return swap contracts to efficiently implement its stock selection strategy. The Fund’s use of derivatives contributed positively to Fund performance over the period.

The Fund was fully invested throughout the period. The Fund’s cash exposure had no material impact on performance, as cash was principally held in conjunction with the Fund taking long and short positions via the use of derivatives.

Describe recent portfolio activity.

Over the course of the period, the portfolio maintained a balanced allocation of risk across all major return drivers. There were, however, several new signals added within the stock selection group of insights. The Fund built upon its alternative data capabilities by adding an insight that captures brand sentiment among retail names. Additionally, given the dynamic nature of the current market environment, the Fund instituted enhanced signal constructs to identify emerging trends such as sentiment around supply chain disruptions and wage inflation.

Describe portfolio positioning at period end.

Escalating concerns about the path of future interest rate increases have added another layer of uncertainty to an already volatile environment. The Fund therefore maintained its emphasis on stock selection, with a balance between value and growth styles given the elevated level of volatility in the market’s views toward these factors. Long positions in capital goods, oil exploration, and insurance stocks, in conjunction with short positions in food producers, telecommunication services providers, and semiconductor companies underpinned this view.

With respect to country-based positioning, the Fund retained long positions in Canada and the United States, with short positions in Japan and Europe. The Fund also maintained its favorable view toward market beta in justifying its net-long position, as real bond yields drove further into negative territory.

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

FUND   SUMMARY 7

Fund Summary   as of October 31, 2021 (continued) BlackRock Global Long/Short Equity Fund

Performance

				Average Annual Total Returns(a)(b)
				1 Year						5 Years						Since Inception(c)
	6-Month Total Returns			Without Sales Charge			With Sales     Charge			Without Sales Charge			With Sales     Charge			Without Sales Charge			With Sales     Charge
Institutional		(2.43	)%		3.17	%		N/A			3.30	%		N/A			3.04	%		N/A
Investor A		(2.55	)		2.94			(2.46	)%		3.02			1.92	%		2.77			2.15	%
Investor C		(2.86	)		2.24			1.24			2.28			2.28			2.09			2.09
Class K		(2.34	)		3.25			N/A			3.34			N/A			3.08			N/A
ICE BofA 3-Month U.S. Treasury Bill Index(d)		0.01			0.06			N/A			1.15			N/A			0.70			N/A

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

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

^(c) The Fund commenced operations on December 20, 2012.

^(d) ICE BofA 3-Month U.S. Treasury Bill Index is an unmanaged index that measures returns of three-month Treasury Bills. On 3/1/2021 the Fund began to track the 4pm pricing variant of the ICE BofA 3-Month U.S. Treasury Bill Index (the “Index”). Historical index data prior to 3/1/2021 is for the 3pm pricing variant of the Index. Index data on and after 3/1/2021 is for the 4pm pricing variant of the Index.

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

Past performance is not an indication of future results.

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

Expense Example

	Actual					Hypothetical(a)
		Beginning Account Value (05/01/21)	Ending Account Value (10/31/21)	Expenses Paid During the Period	(b)		Beginning Account Value (05/01/21)	Ending Account Value (10/31/21)	Expenses Paid During the Period	(b)	Annualized Expense Ratio
Institutional		$       1,000.00	$          975.70	$          6.87			$       1,000.00	$       1,018.25	$          7.02		1.38	%
Investor A		1,000.00	974.50	8.11			1,000.00	1,016.99	8.29		1.63
Investor C		1,000.00	971.40	11.83			1,000.00	1,013.21	12.08		2.38
Class K		1,000.00	976.60	6.63			1,000.00	1,018.50	6.77		1.33

^(a) Hypothetical 5% annual return before expenses is calculated by prorating the number of days in the most recent fiscal half year divided by 365.

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

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

Portfolio Information

GEOGRAPHIC ALLOCATION
	Percent of    Total Investments(a)
Country/Geographic Region	Long	Short	Total
United States	23%	21%	44%
Japan	10	11	21
United Kingdom	3	3	6
Canada	3	2	5
France	2	2	4
Australia	1	2	3
Germany	2	1	3
Switzerland	1	1	2
Sweden	1	1	2
Other#	5	5	10
	51%	49%	100%

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

^# Includes holdings within countries/geographic regions that are 1% or less of net assets. Please refer to the Schedule of Investments for such countries/geographic regions.

8 2 0 2 1  BLACK ROCK  SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

About Fund Performance

Institutional and Class K Shares are not subject to any sales charge. These shares bear no ongoing distribution or service fees and are available only to certain eligible investors. Class K Shares performance of BlackRock Global Long/Short Equity Fund shown prior to the Class K Shares inception date of March 28, 2016 is that of Institutional Shares. Class K Shares performance of BlackRock Advantage Emerging Markets Fund shown prior to the Class K Shares inception date of January 25, 2018 is that of Institutional Shares. The performance of each Fund’s Class K Shares would be substantially similar to Institutional Shares because Class K Shares and Institutional Shares invest in the same portfolio of securities and performance would only differ to the extent that Class K Shares and Institutional Shares have different expenses. The actual returns of Class K Shares would have been higher than those of the Institutional Shares because Class K Shares have lower expenses than the Institutional Shares.

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

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

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

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

Disclosure of Expenses

Shareholders of each Fund may incur the following charges: (a) transactional expenses, such as sales charges; and (b) operating expenses, including investment advisory fees, administration fees, service and distribution fees, including 12b-1 fees, acquired fund fees and expenses, and other fund expenses. The expense examples shown (which are based on a hypothetical investment of $1,000 invested on May 1, 2021 and held through October 31, 2021) are intended to assist shareholders both in calculating expenses based on an investment in each Fund and in comparing these expenses with similar costs of investing in other mutual funds.

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

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

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

Derivative Financial Instruments

The Funds may invest in various derivative financial instruments. These instruments are used to obtain exposure to a security, commodity, index, market, and/or other assets without owning or taking physical custody of securities, commodities and/or other referenced assets or to manage market, equity, credit, interest rate, foreign currency exchange rate, commodity and/or other risks. Derivative financial instruments may give rise to a form of economic leverage and involve risks, including the imperfect correlation between the value of a derivative financial instrument and the underlying asset, possible default of the counterparty to the transaction or illiquidity of the instrument. 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.

ABOUT  FUND   PERFORMANCE / DISCLOSURE   OF   EXPENSES / DERIVATIVE   FINANCIAL  INSTRUMENTS 9

Schedule of Investments (unaudited)  October 31, 2021 BlackRock Advantage Emerging Markets Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Brazil — 3.8%
Ambev SA		620,035	$	1,866,543
Ambev SA, ADR		240,504		711,892
Banco Bradesco SA, ADR		250,668		877,338
Banco do Brasil SA		106,431		537,454
Cia de Saneamento de Minas Gerais-COPASA		160,990		388,227
CPFL Energia SA		144,177		672,117
Energisa SA		38,726		271,860
Marfrig Global Foods SA		72,200		339,009
Telefonica Brasil SA		7,143		57,612
Ultrapar Participacoes SA		220,338		509,481
Ultrapar Participacoes SA, ADR		32,120		74,840
				6,306,373
Chile — 1.7%
Banco de Chile		2,949,577		255,863
Banco de Chile, ADR		8,206		141,800
Banco Santander Chile		14,147,439		619,113
Banco Santander Chile, ADR		29,680		525,930
Empresas CMPC SA		130,540		240,861
Enel Americas SA		1,061,861		120,835
Enel Americas SA, ADR		85,333		482,985
Enel Chile SA		5,001,510		205,252
Falabella SA		68,637		189,804
				2,782,443
China — 31.7%
3SBio, Inc.(a)(b)		881,500		806,668
51job, Inc., ADR(a)		5,504		327,818
Alibaba Group Holding Ltd.(a)		303,920		6,249,403
Aluminum Corp. of China Ltd., Class A(a)		69,900		67,132
Aluminum Corp. of China Ltd., Class H(a)		82,000		49,347
Angang Steel Co. Ltd., Class H		1,118,000		600,957
Anta Sports Products Ltd.		49,400		765,390
Autohome, Inc., ADR		1,514		59,576
BAIC Motor Corp. Ltd., Class H(b)		168,500		55,816
Baidu, Inc., ADR(a)(c)		10,025		1,626,456
Baidu, Inc., Class A(a)		47,550		971,643
Beijing Enterprises Holdings Ltd.		140,000		538,145
Brii Biosciences Ltd.(a)		59,000		185,840
BYD Co. Ltd., Class A		39,100		1,908,550
BYD Co. Ltd., Class H		27,000		1,032,685
China Hongqiao Group Ltd.		211,000		234,432
China Life Insurance Co. Ltd., Class H		49,000		85,126
China Merchants Bank Co. Ltd., Class A		11,000		92,534
China Merchants Bank Co. Ltd., Class H		55,500		465,098
China Molybdenum Co. Ltd., Class H		300,000		185,461
China Pacific Insurance Group Co. Ltd., Class H		49,000		149,836
China Petroleum & Chemical Corp., Class A		322,800		214,199
China Petroleum & Chemical Corp., Class H		142,000		69,187
China Resources Cement Holdings Ltd.		262,000		220,317
China Resources Gas Group Ltd.		12,000		64,469
China Resources Land Ltd.		18,000		69,938
China Resources Pharmaceutical Group Ltd.(b)		532,500		256,157
China Yongda Automobiles Services Holdings Ltd.		328,500		522,668
CITIC Securities Co. Ltd., Class A		289,300		1,167,990
Contemporary Amperex Technology Co. Ltd., Class A		27,587		2,759,845
COSCO SHIPPING Energy Transportation Co. Ltd., Class H		94,000		41,541
COSCO SHIPPING Holdings Co. Ltd., Class H(a)		288,200		446,395
Country Garden Services Holdings Co. Ltd.		43,000		331,035
CSPC Pharmaceutical Group Ltd.		422,720		441,108

Security	Shares		Value
China (continued)
Dali Foods Group Co. Ltd.(b)		111,000	$	61,774
Dynagreen Environmental Protection Group Co. Ltd., Class H		96,000		48,989
Ganfeng Lithium Co. Ltd., Class H(b)		10,600		198,598
G-bits Network Technology Xiamen Co. Ltd., Class A		1,300		69,306
Great Wall Motor Co. Ltd., Class H		63,500		285,721
Haier Smart Home Co. Ltd., Class H		134,800		501,954
Hangzhou Robam Appliances Co. Ltd., Class A		11,124		54,349
Huatai Securities Co. Ltd., Class H(b)		360,800		536,550
Industrial & Commercial Bank of China Ltd., Class H		407,000		223,102
Industrial Bank Co. Ltd., Class A		128,900		374,652
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A		9,500		275,259
Jinxin Fertility Group Ltd.(a)(b)		121,000		170,661
Joinn Laboratories China Co. Ltd., Class H(b)		20		257
Lenovo Group Ltd.		1,826,000		1,982,978
Li Ning Co. Ltd.		75,000		827,629
Lufax Holding Ltd., ADR(a)		20,974		132,346
Luye Pharma Group Ltd.(a)(b)		129,500		61,714
Maanshan Iron & Steel Co. Ltd.		822,000		349,543
Meituan, Class B(a)(b)		29,600		1,007,247
MMG Ltd.(a)		220,000		101,618
NetEase, Inc.		29,700		576,111
NetEase, Inc., ADR		8,753		854,205
New China Life Insurance Co. Ltd., Class H		50,500		145,687
People’s Insurance Co. Group of China Ltd., Class H		521,000		162,512
Pharmaron Beijing Co. Ltd., Class H(b)		2,200		47,601
Ping An Insurance Group Co. of China Ltd., Class H		481,000		3,445,273
Powerlong Real Estate Holdings Ltd.		42,000		28,773
RiseSun Real Estate Development Co. Ltd., Class A		1		1
SG Micro Corp., Class A		2,000		101,117
Shandong Nanshan Aluminum Co. Ltd., Class A		356,000		240,330
Shanghai Junshi Biosciences Co. Ltd., Class H(a)(b)		9,800		49,256
Shanghai Putailai New Energy Technology Co. Ltd., Class A		4,100		113,841
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A		5,800		272,872
Shenzhen Inovance Technology Co. Ltd., Class A		73,350		746,375
Sinopharm Group Co. Ltd., Class H		56,000		132,973
Sinotrans Ltd., Class H		57,000		18,737
Sunac China Holdings Ltd.		653,000		1,396,457
Sunac Services Holdings Ltd.(a)(b)		22,000		44,399
TCL Technology Group Corp., Class A		507,700		480,671
Tencent Holdings Ltd.		113,300		6,892,015
Times China Holdings Ltd.		193,000		131,328
Tingyi Cayman Islands Holding Corp.		210,000		391,961
Uni-President China Holdings Ltd.		62,000		52,842
Vipshop Holdings Ltd., ADR(a)		50,333		561,716
West China Cement Ltd.		1,328,000		232,054
Wuliangye Yibin Co. Ltd., Class A		5,400		182,236
WuXi AppTec Co. Ltd., Class H(b)		84,280		1,799,476
Wuxi Biologics Cayman, Inc.(a)(b)		60,500		916,391
Xiabuxiabu Catering Management China Holdings Co. Ltd.(b)		118,500		86,345
Xiaomi Corp., Class B(a)(b)		127,400		348,255
XPeng, Inc., ADR(a)		4,915		229,186
XPeng, Inc., Class A, -A Shares Class A(a)		4,700		109,057
Xtep International Holdings Ltd.		114,000		149,089
Yum China Holdings, Inc.		3,621		206,687
Zhaojin Mining Industry Co. Ltd., Class H		106,500		75,823
Zhejiang Weixing New Building Materials Co. Ltd., Class A		53,505		150,147
ZhongAn Online P&C Insurance Co. Ltd., Class H(a)(b)		12,900		46,923
Zhuzhou Kibing Group Co. Ltd., Class A		40,600		100,629

10 2 0 2 1  BLACK ROCK  SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2021 BlackRock Advantage Emerging Markets Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
Zijin Mining Group Co. Ltd., Class H		74,000	$	102,908
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H		556,400		400,765
ZTE Corp., Class A		21,600		109,843
ZTE Corp., Class H		20,800		62,438
				52,522,314
Hong Kong — 0.6%
Kingboard Laminates Holdings Ltd.		42,500		66,623
Nine Dragons Paper Holdings Ltd.		369,000		464,018
Sino Biopharmaceutical Ltd.		347,000		255,872
Sun Art Retail Group Ltd.		228,000		133,667
				920,180
Hungary — 0.3%
MOL Hungarian Oil & Gas PLC		59,794		510,959
India — 9.7%
Alkem Laboratories Ltd.		2,116		102,084
Amara Raja Batteries Ltd.		53,306		485,463
Apollo Hospitals Enterprise Ltd.		4,956		282,708
Asian Paints Ltd.		23,020		954,025
Axis Bank Ltd.(a)		27,858		277,214
Bank of Baroda(a)		119,662		156,347
Bharat Forge Ltd.		12,266		126,111
Birlasoft Ltd.		11,070		60,295
Cadila Healthcare Ltd		11,607		78,084
Container Corp. Of India Ltd.		50,784		445,383
Dabur India Ltd.		26,023		203,828
Havells India Ltd.		36,375		614,764
HDFC Bank Ltd.		46,384		982,591
HDFC Life Insurance Co. Ltd.(b)		62,776		570,905
Housing Development Finance Corp. Ltd.		47,365		1,805,869
ICICI Bank Ltd.		101,466		1,092,495
Indian Hotels Co. Ltd.		17,648		46,554
IndusInd Bank Ltd.		19,251		294,480
Infosys Ltd.		69,693		1,559,647
Infosys Ltd., ADR		69,402		1,546,276
ITC Ltd.		70,908		211,715
Jubilant Foodworks Ltd.		1,106		54,663
Kalpataru Power Transmission Ltd.		14,373		80,870
Kotak Mahindra Bank Ltd.		33,779		918,856
Mphasis Ltd.		2,989		129,639
Persistent Systems Ltd.		1,128		59,230
PVR Ltd.(a)		3,023		68,072
Reliance Industries Ltd.		10,500		356,319
Tata Chemicals Ltd.		9,143		110,530
Tata Consultancy Services Ltd.		43,552		1,979,634
Tata Motors Ltd.(a)		19,133		123,083
Tech Mahindra Ltd.		7,691		152,236
Thermax Ltd.		4,666		86,041
UPL Ltd.		12,445		123,377
				16,139,388
Malaysia — 2.4%
CIMB Group Holdings BHD		937,100		1,182,370
IHH Healthcare BHD		186,800		295,019
Malayan Banking BHD		490,400		953,325
Public Bank BHD		1,019,100		1,026,237
RHB Bank BHD		264,900		357,427
Sime Darby BHD		425,900		233,469
				4,047,847

Security	Shares			Value
Mexico — 2.0%
Arca Continental SAB de CV		109,038		$	664,831
Cemex SAB de CV(a)		309,641			199,128
Coca-Cola Femsa SAB de CV		60,696			327,094
Coca-Cola Femsa SAB de CV, ADR		9,950			534,813
Fomento Economico Mexicano SAB de CV		39,777			327,018
Fomento Economico Mexicano SAB de CV, ADR		15,133			1,243,781
Grupo Bimbo SAB de CV, Series A		22,349			66,153
					3,362,818
Peru — 0.1%
Hochschild Mining PLC		60,787			118,629
Romania — 0.3%
NEPI Rockcastle PLC		70,022			469,411
Russia — 2.9%
Alrosa AO(a)		779,001			1,375,346
LUKOIL PJSC		11,087			1,131,449
LUKOIL PJSC, ADR		19,862			2,024,550
Novatek PJSC, GDR, Registered Shares		734			186,341
PhosAgro PJSC, GDR, Registered Shares		6,689			160,001
					4,877,687
Saudi Arabia — 3.2%
Al Rajhi Bank		84,647			3,127,803
Saudi Basic Industries Corp		61,746			2,128,165
					5,255,968
South Africa — 5.2%
Absa Group Ltd.		50,173			458,963
AngloGold Ashanti Ltd.		8,332			153,715
Aspen Pharmacare Holdings Ltd.		8,389			133,592
AVI Ltd.		73,961			382,999
Capitec Bank Holdings Ltd.		5,991			669,415
Clicks Group Ltd.		5,531			100,967
FirstRand Ltd.		235,730			895,461
Foschini Group Ltd.(a)		28,064			238,291
Gold Fields Ltd.		18,236			169,453
Mr Price Group Ltd.		18,465			241,719
Naspers Ltd., N Shares		8,739			1,479,983
Nedbank Group Ltd.		29,484			335,971
Netcare Ltd.(a)		321,294			355,685
Old Mutual Ltd.		534,133			545,148
Sanlam Ltd		74,192			304,782
Shoprite Holdings Ltd.		26,355			313,137
Standard Bank Group Ltd.		171,285			1,517,829
Telkom SA SOC Ltd.(a)		27,064			89,883
Truworths International Ltd.		52,933			186,851
					8,573,844
South Korea — 10.6%
CJ CheilJedang Corp.		1,840			598,007
CJ Logistics Corp.(a)		1,340			162,932
Doosan Bobcat, Inc.(a)		8,132			265,776
Doosan Co. Ltd.		2,757			243,936
Hyundai Construction Equipment Co. Ltd.(a)		8,750			302,859
Hyundai Mobis Co. Ltd.		2,188			472,978
Korea Gas Corp.(a)		22,766			864,870
KT Corp., ADR		52,794			676,291
LG Display Co. Ltd.(a)		4,578			77,370
LG Electronics, Inc.		3,274			338,708
LG Hausys Ltd.		308	��		18,365
LS Electric Co. Ltd.		10,382			525,441
Mando Corp.(a)		2,306			123,777
NAVER Corp.		4,051			1,408,462

SCHEDULE   OF  INVESTMENTS 11

Schedule of Investments (unaudited) (continued) October 31, 2021 BlackRock Advantage Emerging Markets Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
South Korea (continued)
POSCO		3,283	$	832,673
Samsung Electro-Mechanics Co. Ltd.		10,444		1,422,334
Samsung Electronics Co. Ltd.		114,044		6,828,169
Samsung Electronics Co. Ltd., Registered Shares, GDR		15		22,460
Seah Besteel Corp.		4,261		79,057
Shinhan Financial Group Co. Ltd.		18,225		594,990
SK Innovation Co. Ltd.(a)		365		76,121
S-Oil Corp		18,997		1,662,193
			17,597,769
Taiwan — 16.6%
AU Optronics Corp.		411,000		282,449
Bizlink Holding, Inc.		9,000		83,193
China Steel Corp.		681,000		821,052
ChipMOS Technologies, Inc.		50,000		83,143
CTBC Financial Holding Co. Ltd.		2,142,000		1,788,696
E.Sun Financial Holding Co. Ltd.		231,000		220,726
Elite Material Co. Ltd.		14,000		121,246
Eva Airways Corp.(a)		391,000		265,375
Evergreen Marine Corp. Taiwan Ltd.		54,000		194,329
Formosa Plastics Corp.		31,000		120,077
Gigabyte Technology Co. Ltd.		55,000		223,339
Gourmet Master Co. Ltd.		44,000		207,660
Hiwin Technologies Corp.		26,180		291,533
Kinsus Interconnect Technology Corp.		29,000		255,217
MediaTek, Inc.		35,000		1,151,944
Nan Ya Plastics Corp.		585,000		1,795,283
Nanya Technology Corp.		548,000		1,313,952
Novatek Microelectronics Corp.		20,000		299,979
Primax Electronics Ltd.		236,000		438,004
Realtek Semiconductor Corp.		125,000		2,248,454
Sitronix Technology Corp.		9,000		86,415
Taiwan Business Bank		1,401,000		476,615
Taiwan Semiconductor Manufacturing Co. Ltd.		490,000		10,397,942
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		20,676		2,350,861
TCI Co. Ltd.		13,000		105,652
Unimicron Technology Corp.		55,000		377,016
United Microelectronics Corp.		324,000		672,616
USI Corp.		118,000		146,170
Vanguard International Semiconductor Corp.		45,000		234,485
Visual Photonics Epitaxy Co. Ltd.		56,000		284,272
Voltronic Power Technology Corp.		3,000		175,695
			27,513,390
Thailand — 0.7%
Siam Cement PCL, NVDR		103,200		1,228,471
Turkey — 0.3%
Arcelik AS		21,712		76,174
KOC Holding A/S		22,481		55,139
Sok Marketler Ticaret		57,341		66,204
Turkcell Iletisim Hizmetleri A/S		27,428		43,621
Turkiye Garanti Bankasi A/S		250,185		256,326
			497,464
United Arab Emirates — 0.6%
Abu Dhabi Commercial Bank PJSC		56,786		128,316
Aldar Properties PJSC		221,657		243,887
Dubai Islamic Bank PJSC		33,388		46,551
Emaar Properties PJSC		47,249		51,725
Emirates Telecommunications Group Co. PJSC		34,352		239,620
First Abu Dhabi Bank PJSC		52,648		255,535
			965,634

Security	Shares		Value
United States — 0.0%
Genpact Ltd.		1,630	$	80,440
Total Common Stocks — 92.7% (Cost: $140,527,113)				153,771,029
Preferred Securities
Preferred Stocks — 1.9%
Brazil — 1.3%
Banco Bradesco SA, Preference Shares		598,317		2,109,662
Gerdau SA, Preference Shares		23,443		111,736
				2,221,398
Chile — 0.1%
Embotelladora Andina SA, Preference Shares		31,414		64,874
Sociedad Quimica y Minera de Chile SA, Preference Shares Class B		2,270		123,525
				188,399
South Korea — 0.5%
LG Electronics, Inc., Preference Shares		14,632		805,299
Total Preferred Securities — 1.9% (Cost: $3,302,316)				3,215,096
Rights
Brazil — 0.0%
Ultrapar Participacoes (a)		15,793		—
Total Rights — 0.0% (Cost: $ — )				—
Total Long-Term Investments — 94.6% (Cost: $143,829,429)				156,986,125
Short-Term Securities
Money Market Funds — 5.0%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.01%(d)(e)		8,012,366		8,012,366
SL Liquidity Series, LLC, Money Market Series, 0.08%(d)(e)(f)		190,037		190,075
Total Short-Term Securities — 5.0% (Cost: $8,202,441)				8,202,441
Total Investments — 99.6% (Cost: $152,031,870)				165,188,566
Other Assets Less Liabilities — 0.4%				710,981
Net Assets — 100.0%			$	165,899,547

^(a) Non-income producing security.

^(b) 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.

^(c) All or a portion of this security is on loan.

^(d) Affiliate of the Fund.

^(e) Annualized 7-day yield as of period end.

^(f) All or a portion of this security was purchased with the cash collateral from loaned securities.

12 2 0 2 1  BLACK ROCK  SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2021 BlackRock Advantage Emerging Markets Fund

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended October 31, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 04/30/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 10/31/21		Shares Held at 10/31/21		Income			Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, T-Fund, Institutional Class	$	13,397,402	$	—		$	(5,385,036	)(a)	$	—	$	—	$	8,012,366		8,012,366	$	216		$	—
SL Liquidity Series, LLC, Money Market Series		—		190,075	(a)		—			—		—		190,075		190,037		1,789	(b)		—
									$	—	$	—	$	8,202,441			$	2,005		$	—

^(a) Represents net amount purchased (sold).

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
MSCI Emerging Markets Index		132		12/17/21	$	8,329	$	(144,167	)

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 Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	144,167	$	—	$	—	$	—	$	144,167

(a) 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, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from:
Futures contracts	$	—	$	—	$	(357,384	)	$	—	$	—	$	—	$	(357,384	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	(205,374	)	$	—	$	—	$	—	$	(205,374	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	10,297,560

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

SCHEDULE   OF  INVESTMENTS 13

Schedule of Investments (unaudited) (continued) October 31, 2021 BlackRock Advantage Emerging Markets Fund

Fair Value Hierarchy as of Period End

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

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

	Level 1			Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks
Brazil	$	6,306,373		$	—	$	—	$	6,306,373
Chile		2,200,493			581,950		—		2,782,443
China		4,930,901			47,591,413		—		52,522,314
Hong Kong		—			920,180		—		920,180
Hungary		—			510,959		—		510,959
India		1,546,276			14,593,112		—		16,139,388
Malaysia		2,508,050			1,539,797		—		4,047,847
Mexico		3,362,818			—		—		3,362,818
Peru		118,629			—		—		118,629
Romania		469,411			—		—		469,411
Russia		160,001			4,717,686		—		4,877,687
Saudi Arabia		3,127,803			2,128,165		—		5,255,968
South Africa		3,562,469			5,011,375		—		8,573,844
South Korea		676,291			16,921,478		—		17,597,769
Taiwan		2,350,861			25,162,529		—		27,513,390
Thailand		—			1,228,471		—		1,228,471
Turkey		421,290			76,174		—		497,464
United Arab Emirates		128,316			837,318		—		965,634
United States		80,440			—		—		80,440
Preferred Securities
Preferred Stocks
Brazil		2,221,398			—		—		2,221,398
Chile		64,874			123,525		—		188,399
South Korea		—			805,299		—		805,299
Rights		—			—		—		—
Short-Term Securities
Money Market Funds		8,012,366			—		—		8,012,366
	$	42,249,060		$	122,749,431	$	—		164,998,491
Investments Valued at NAV									190,075
								$	165,188,566
Derivative Financial Instruments(a)
Liabilities
Equity Contracts	$	(144,167	)	$	—	$	—	$	(144,167	)

^(a) Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

14 2 0 2 1  BLACK ROCK  SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) October 31, 2021 BlackRock Global Long/Short Equity Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Netherlands — 0.1%
Climate Transition Capital(a)		40,590	$	450,451
United Kingdom — 0.1%
Revolution Beauty Group Ltd.(a)		347,548		599,303
United States(a) — 0.5%
Fluence Energy, Inc.		23,868		848,984
GGlobalfoundries, Inc.		18,818		917,189
Gitlab, Inc., Class A		1,440		161,568
Informatica, Inc., Class A, Class A		17,144		508,491
Palantir Technologies, Inc., Class A		4		104
Udemy, Inc.		16,215		445,912
				2,882,248
Total Common Stocks — 0.7% (Cost: $3,885,189)				3,932,002
Preferred Securities
Preferred Stocks — 0.6%(b)(c)
United States — 0.6%
AliphCom
Series 6, (Acquired 12/15/15, Cost: $—)		8,264		—
Series 8, (Acquired 08/31/15, Cost: $1,750,010)		823,530		9
Illumio Inc., Series C, (Acquired 03/10/15, Cost: $1,500,001)		466,730		3,299,781
				3,299,790
Total Preferred Securities — 0.6% (Cost: $3,250,011)				3,299,790
	Par (000)
U.S. Treasury Obligations
U.S. Treasury Notes(d)
(3 mo.Treasury money market yield + 0.04%), 1.00%, 10/31/23	$	3,500		3,499,997
(3 mo.Treasury money market yield + 0.06%), 0.11%, 10/31/22		20,000		20,009,502
Total U.S. Treasury Obligations — 4.2% (Cost: $23,499,556)				23,509,499
	Shares
Warrants
Netherlands — 0.0%
Climate Transition Capital Acquisition I BV(a)		13,530		2,815
Total Warrants — 0.0% (Cost: $ — )				2,815
Total Long-Term Investments — 5.5% (Cost: $30,634,756)				30,744,106
Short-Term Securities
Money Market Funds — 3.5%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 0.01%(e)(f)		19,401,600		19,401,600

Security	Par (000)		Value
U.S. Treasury Obligations — 78.3%
U.S. Treasury Bills(g)
0.01%, 11/02/21 - 12/02/21	$	40,000	$	39,998,380
0.05%, 11/12/21 - 02/10/22		103,391		103,386,687
0.04%, 11/16/21 - 12/23/21		68,581		68,577,821
0.06%, 11/16/21 - 02/03/22		81,755		81,747,383
0.11%, 12/02/21 - 12/30/21		14,446		14,444,729
0.09%, 12/16/21		10,000		9,999,031
0.08%, 09/08/22		1,362		1,360,574
U.S. Treasury Cash Management Bill(g)
0.01%, 11/23/21		6,350		6,349,777
0.05%, 12/14/21 - 01/11/22		90,925		90,915,041
U.S. Treasury Floating Rate Note, (3 mo.Treasury money market yield + 0.05%), 0.10%, 01/31/23(d)		14,633		14,637,017
U.S. Treasury Notes
(3 mo.Treasury money market yield + 0.15%), 0.21%, 01/31/22(d)		4,925		4,926,805
2.13%, 05/15/22		730		737,984
0.13%, 06/30/22		325		325,051
				437,406,280
Total Short-Term Securities — 81.8% (Cost: $456,808,049)				456,807,880
Options Purchased — 0.3% (Cost: $1,629,204)				1,577,645
Total Investments Before Options Written — 87.6% (Cost: $489,072,009)				489,129,631
Options Written — (0.2)% (Premiums Received: $(955,900))				(937,830	)
Total Investments, Net of Options Written — 87.4% (Cost: $488,116,109)				488,191,801
Other Assets Less Liabilities — 12.6%				70,223,393
Net Assets — 100.0%			$	558,415,194

^(a) Non-income producing security.

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

^(c) Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $3,299,790, representing 0.6% of its net assets as of period end, and an original cost of $3,250,011.

^(d) 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.

^(e) Affiliate of the Fund.

^(f) Annualized 7-day yield as of period end.

^(g) Rates are discount rates or a range of discount rates as of period end.

SCHEDULE   OF  INVESTMENTS 15

Schedule of Investments (unaudited) (continued) October 31, 2021 BlackRock Global Long/Short Equity Fund

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended October 31, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 04/30/21		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 10/31/21		Shares Held at 10/31/21		Income		Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, T-Fund, Institutional Class	$	18,454,009	$	947,591	(a)	$	—	$	—	$	—	$	19,401,600		19,401,600	$	505	$	—

^(a) Represents net amount purchased (sold).

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
IBEX 35 Index		74		11/19/21	$	7,738	$	52,120
OMX Stockholm 30 Index		169		11/19/21		4,501		(24,396	)
MSCI Singapore Index		246		11/29/21		6,713		(17,691	)
TOPIX Index		48		12/09/21		8,391		73,102
S&P/TSE 60 Index		128		12/16/21		26,074		(90,048	)
DAX Index		1		12/17/21		453		5,575
FTSE 100 Index		129		12/17/21		12,753		62,631
FTSE/MIB Index		223		12/17/21		34,475		1,622,088
NASDAQ 100 E-Mini Index		20		12/17/21		6,335		183,665
S&P 500 E-Mini Index		49		12/17/21		11,263		566,438
								2,433,484
Short Contracts
Amsterdam Index		117		11/19/21		21,876		(254,563	)
CAC 40 Index		396		11/19/21		31,250		(1,359,598	)
SPI 200 Index		6		12/16/21		821		2,748
								(1,611,413	)
							$	822,071

Exchange-Traded Options Purchased

Description	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Put
S&P 500 Index		191		11/12/21	USD	4,450.00	USD	87,963	$	235,885
Russell 2000 Index		176		12/17/21	USD	2,200.00	USD	40,431		617,760
S&P 500 Index		160		12/17/21	USD	4,400.00	USD	73,686		724,000
									$	1,577,645

Exchange-Traded Options Written

Description	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Put
S&P 500 Index		191		11/12/21	USD	4,325.00	USD	87,963	$	(108,870	)
Russell 2000 Index		176		12/17/21	USD	2,120.00	USD	40,431		(371,360	)
S&P 500 Index		160		12/17/21	USD	4,250.00	USD	73,686		(457,600	)
									$	(937,830	)

16 2 0 2 1  BLACK ROCK  SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2021 BlackRock Global Long/Short Equity Fund

OTC Total Return Swaps — Future

Reference Entity	Fixed Amount Paid (Received) by the Fund		Counterparty	Termination Date		Notional Amount (000)		Value			Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
Swiss Market Index Future December 2021	CHF	(821,504)	HSBC Bank PLC		12/17/21	CHF	822	$	(27,311	)	$	—	$	(27,311	)
Swiss Market Index Future December 2021	CHF	(3,514,635)	HSBC Bank PLC		12/17/21	CHF	3,515		8,372			—		8,372
Swiss Market Index Future December 2021	CHF	(2,910,777)	HSBC Bank PLC		12/17/21	CHF	2,911		9,236			—		9,236
								$	(9,703	)	$	—	$	(9,703	)

OTC Total Return Swaps

Reference Entity	Payment Frequency	Counterparty(a)	Termination Date		Net Notional			Accrued Unrealized Appreciation (Depreciation)			Net Value of Reference Entity			Gross Notional Amount Net Asset Percentage
Equity Securities Long/Short	At Termination	Bank of America N.A.(b)		02/15/23	$	(2,286,537	)	$	(379,134	)(c)	$	(1,252,743	)		36.4	%
	At Termination	Bank of America N.A.(d)		02/15/23		(2,234,307	)		1,013,620	(e)		(803,120	)		31.4
	At Termination	Deutsche Bank A.G.(f)		02/22/22 – 01/05/26		854,115			806,926	(g)		(894,116	)		96.0
	At Termination	Goldman Sachs & Co.(h)		02/27/23 – 02/28/23		(1,250,378	)		4,350,935	(i)		920,287			102.2
	At Termination	Goldman Sachs & Co.(j)		02/27/23 – 02/28/23		(751,279	)		1,404,851	(k)		199,286			53.9
	At Termination	UBS AG(l)		07/08/22		(1,554,038	)		(508,452	)(m)		(1,470,615	)		19.6
								$	6,688,746		$	(3,301,021	)

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

^(c) Amount includes $(1,412,928) of net dividends and financing fees.

^(e) Amount includes $(417,567) of net dividends and financing fees.

^(g) Amount includes $2,555,157 of net dividends and financing fees.

⁽ⁱ⁾ Amount includes $2,180,270 of net dividends and financing fees.

^(k) Amount includes $454,286 of net dividends and financing fees.

^(m) Amount includes $(591,875) of net dividends and financing fees.

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

	(b)	(d)	(f)
Range:	0-200 basis points	0-795 basis points	18-525 basis points
Benchmarks:	AUD - 1D Overnight Reserve Bank of Australia Rate (AONIA)	AUD - 1D Overnight Reserve Bank of Australia Rate (AONIA)	AUD - 1D Overnight Reserve Bank of Australia Rate (AONIA)
	Bank of Canada Overnight Rate Target (CABROVER)	Bank of Canada Overnight Rate Target (CABROVER)	Bank of Canada Overnight Rate Target (CABROVER)
	CHF - Swiss Average Rate O/N (SSARON)	CHF - Swiss Average Rate O/N (SSARON)	CHF - Swiss Average Rate O/N (SSARON)
	DKK - 1W Copenhagen Interbank Swap Rate (CIBOR)	DKK - 1W Copenhagen Interbank Swap Rate (CIBOR)	DKK - Annualized Overnight Deposit MID Rate EUR - 1D Euro Short Term Rate (ESTR)
	EUR - 1D Euro Short Term Rate (ESTR) GBP - 1D Sterling Overnight Index Average (SONIA)	EUR - 1D Euro Short Term Rate (ESTR) GBP - 1D Sterling Overnight Index Average (SONIA)	GBP - 1D Sterling Overnight Index Average (SONIA) HKD - 1D Overnight Index Swap Rate (HKDONOIS)
	HKD - 1D Overnight Index Swap Rate (HKDONOIS) ILS - 1M Tel Aviv Interbank Offer Rate (TELBOR)	HKD - 1D Overnight Index Swap Rate (HKDONOIS) ILS - 1M Tel Aviv Interbank Offer Rate (TELBOR)	ILS - 1M Tel Aviv Interbank Offer Rate (TELBOR) JPY - Provisional 1D Overnight Tokyo Average Rate (TONA)
	JPY - Provisional 1D Overnight Tokyo Average Rate (TONA)	JPY - Provisional 1D Overnight Tokyo Average Rate (TONA)	NOK - Norwegian Overnight Weighted Average (NOWA)
	NOK - 1W Norway Interbank Offer Rate (NIBOR) NZD - 1M New Zealand Bank Bill Rate (BBR)	NOK - 1W Norway Interbank Offer Rate (NIBOR) NZD - 1M New Zealand Bank Bill Rate (BBR)	NZD - 1D New Zealand Official Overnight Deposit Rate (NZOCO)
	SEK - 1W Stockholm Interbank Offer Rate (STIBOR) SGD - Overnight Rate Average (SORA)	SEK - 1W Stockholm Interbank Offer Rate (STIBOR) SGD - Overnight Rate Average (SORA)	SEK - 1W Stockholm Interbank Offer Rate (STIBOR)
	USD - 1D Overnight Bank Funding Rate (OBFR01)	USD - 1D Overnight Bank Funding Rate (OBFR01)	SGD - 1M Association of Bank in Singapore Swap Offer Rate
			USD - 1D Overnight Bank Funding Rate (OBFR01)

SCHEDULE   OF  INVESTMENTS 17

Schedule of Investments (unaudited) (continued) October 31, 2021 BlackRock Global Long/Short Equity Fund

OTC Total Return Swaps (continued)

(h)	(j)	(l)
0-1,375 basis points	15-1,350 basis points	20-500 basis points
AUD - 1D Overnight Reserve Bank of Australia Rate (AONIA)	AUD - 1D Overnight Reserve Bank of Australia Rate (AONIA)	AUD - 1D Overnight Reserve Bank of Australia Rate (AONIA)
CAD - 1D Overnight Bank of Canada Repo Rate (CORRA)	CAD - 1D Overnight Bank of Canada Repo Rate (CORRA)	CAD - 1D Overnight Bank of Canada Repo Rate (CORRA)
CHF - Swiss Average Rate O/N (SSARON)	CHF - Swiss Average Rate O/N (SSARON)	CHF - Swiss Average Rate O/N (SSARON)
DKK - Danish Tom/Next Reference Rate (DETNT/N)	DKK - Danish Tom/Next Reference Rate (DETNT/N)	DKK - 1W Copenhagen Interbank Swap Rate (CIBOR)
EUR - 1D Euro Short Term Rate (ESTR)	EUR - 1D Euro Short Term Rate (ESTR)	EUR - 1D Euro Short Term Rate (ESTR)
GBP - 1D Sterling Overnight Index Average (SONIA)	GBP - 1D Sterling Overnight Index Average (SONIA)	GBP - 1D Sterling Overnight Index Average (SONIA)
HKD - 1D Overnight Index Swap Rate (HKDONOIS)	HKD - 1D Overnight Index Swap Rate (HKDONOIS)	HKD - 1D Overnight Index Swap Rate (HKDONOIS)
ILS - 1D Overnight Tel Aviv Interbank Offer Rate (TELBOR)	ILS - 1D Overnight Tel Aviv Interbank Offer Rate (TELBOR)	ILS - 1D Overnight Tel Aviv Interbank Offer Rate (TELBOR)
JPY - Provisional 1D Overnight Tokyo Average Rate (TONA)	JPY - Provisional 1D Overnight Tokyo Average Rate (TONA)	JPY - Provisional 1D Overnight Tokyo Average Rate (TONA)
NOK - Norwegian Overnight Weighted Average (NOWA)	NOK - Norwegian Overnight Weighted Average (NOWA)	NOK - Norwegian Overnight Weighted Average (NOWA)
SEK - 1D Overnight Stockholm Interbank Offer Rate (STIBOR)	SEK - 1D Overnight Stockholm Interbank Offer Rate (STIBOR)	NZD - 1M New Zealand Bank Bill Rate (BBR) SEK - TN Stockholm Interbank Offer Rate (STIBOR)
SGD - Overnight Rate Average (SORA) USD - 1D Overnight Fed Funds Effective Rate (FEDL01)	SGD - Overnight Rate Average (SORA) USD - 1D Overnight Fed Funds Effective Rate (FEDL01)	SGD - Overnight Rate Average (SORA) USD - 1D Overnight Bank Funding Rate (OBFR01)

The following table represents the individual long and short positions and related values of the equity securities underlying the total return swap with Bank of America N.A. as of period end, termination date February 15, 2023:

Security	Shares		Value		% of Basket Value
Reference Entity — Long
Common Stocks
Australia
Alumina Ltd.		190,469	$	287,860		(23.0	)%
Aristocrat Leisure Ltd.		23,069		818,182		(65.3	)
Aurizon Holdings Ltd.		59,733		152,287		(12.1	)
CSR Ltd.		18,322		82,251		(6.6	)
Domain Holdings Australia Ltd.		1,902		8,262		(0.7	)
Domino’s Pizza Enterprises Ltd.		624		64,009		(5.1	)
Flight Centre Travel Group Ltd.		32,488		491,609		(39.2	)
Fortescue Metals Group Ltd.		3,876		40,388		(3.2	)
Harvey Norman Holdings Ltd.		2,435		9,135		(0.7	)
JB Hi-Fi Ltd.		7,575		289,209		(23.1	)
Metcash Ltd.		31,988		98,586		(7.9	)
Mineral Resources Ltd.		17,247		507,032		(40.5	)
Nufarm Ltd.		72,183		237,716		(19.0	)
Orocobre Ltd.		14,010		94,615		(7.5	)
Platinum Asset Management Ltd.		76,313		176,228		(14.1	)
South32 Ltd.		5,692		15,355		(1.2	)
Woodside Petroleum Ltd.		4,808		84,051		(6.7	)
				3,456,775
Austria
ams AG		5,498		108,851		(8.7	)
Erste Group Bank AG		12,461		534,399		(42.7	)
			643,250

Security	Shares		Value		% of Basket Value
Belgium
Groupe Bruxelles Lambert SA		3,013	$	349,602		(27.9	)%
Telenet Group Holding NV		20,229		726,747		(58.0	)
				1,076,349
Bermuda
Hiscox Ltd.		5,820		66,216		(5.3	)
Canada
Agnico Eagle Mines Ltd.		301		15,977		(1.3	)
Alimentation Couche-Tard, Inc., Class B		617		23,142		(1.8	)
Boralex, Inc.		1,326		41,036		(3.3	)
Canadian Western Bank		4,708		150,606		(12.0	)
Crescent Point Energy Corp.		346,168		1,739,791		(138.9	)
Descartes Systems Group, Inc.		724		59,126		(4.7	)
Franco-Nevada Corp.		157		22,402		(1.8	)
GFL Environmental, Inc.		7,833		322,092		(25.7	)
Great-West Lifeco, Inc.		2,453		72,167		(5.8	)
Imperial Oil Ltd.		6,233		211,024		(16.8	)
Innergex Renewable Energy Inc.		18,450		307,102		(24.5	)
Keyera Corp.		24,873		637,501		(50.9	)
Kinaxis, Inc.		388		60,219		(4.8	)
Lightspeed Commerce, Inc.		171		16,668		(1.3	)
Lithium Americas Corp.		826		23,960		(1.9	)
Parkland Corp./Canada		22		640		(0.0	)
Stantec, Inc.		2,960		163,594		(13.1	)
Topicus.com Inc.		311		34,706		(2.8	)
Tourmaline Oil Corp.		653		23,601		(1.9	)
Wheaton Precious Metals Corp.		32,523		1,312,903		(104.8	)
			5,238,257
Denmark
FLSmidth & Co. A/S		339		12,889		(1.0	)
Novozymes A/S, B Shares		172		12,652		(1.0	)
				25,541

18 2 0 2 1  BLACK ROCK  SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2021 BlackRock Global Long/Short Equity Fund

Security	Shares		Value		% of Basket Value
Finland
Kone Oyj, Class B		4,135	$	282,003		(22.5	)%
Nokia OYJ		193,565		1,110,967		(88.7	)
QT Group OYJ		74		11,973		(1.0	)
				1,404,943
France
ALD SA		11,295		168,358		(13.4	)
Antin Infrastructure Partners SA		15,072		573,224		(45.8	)
Arkema SA		875		119,695		(9.6	)
Bouygues SA		8,774		355,481		(28.4	)
Carrefour SA		2,678		48,482		(3.9	)
Constellium SE		6,803		125,243		(10.0	)
Elis SA		9,321		176,983		(14.1	)
Engie SA		49,384		702,495		(56.1	)
Eurazeo SE		1,616		151,474		(12.1	)
Exclusive Networks SA		41,466		975,471		(77.9	)
JCDecaux SA		3,245		84,663		(6.8	)
L’Oreal SA		5,546		2,537,044		(202.5	)
Rexel SA		6,207		123,372		(9.8	)
Rubis SCA		42,211		1,352,833		(108.0	)
Societe Generale SA		13,704		457,767		(36.5	)
Sodexo SA		3		292		(0.0	)
Teleperformance		509		212,615		(17.0	)
Unibail-Rodamco-Westfield		340		24,278		(1.9	)
Valeo SA		11,055		324,819		(25.9	)
Wendel SE		2,264		301,586		(24.1	)
				8,816,175
Germany
Adidas AG		1,767		578,341		(46.2	)
Bayerische Motoren Werke AG		14,124		1,427,033		(113.9	)
Beiersdorf AG		1,008		107,184		(8.6	)
Fraport AG Frankfurt Airport Services Worldwide		1,229		87,961		(7.0	)
Gerresheimer AG		907		83,220		(6.6	)
HUGO BOSS AG		434		27,176		(2.2	)
MTU Aero Engines AG		3,640		810,764		(64.7	)
ProSiebenSat.1 Media SE		15,633		261,864		(20.9	)
Rheinmetall AG		2,457		238,395		(19.0	)
Scout24 AG		2,157		150,227		(12.0	)
Siemens AG		3,199		520,100		(41.5	)
thyssenkrupp AG		2,483		25,847		(2.1	)
Vitesco Technologies Group AG		306		17,545		(1.4	)
Wacker Chemie AG		1,693		305,937		(24.4	)
				4,641,594
Hong Kong
ASM Pacific Technology Ltd.		25,600		277,002		(22.1	)
Bank of East Asia Ltd.		11,600		19,050		(1.5	)
Dah Sing Banking Group Ltd.		276,800		264,827		(21.1	)
Dah Sing Financial Holdings Ltd.		8,000		24,798		(2.0	)
Hutchison Port Holdings Trust		645,100		138,961		(11.1	)
Melco Resorts & Entertainment Ltd.		2,971		32,176		(2.6	)
Pacific Basin Shipping Ltd.		80,000		36,921		(3.0	)
SITC International Holdings Co. Ltd.		68,000		229,829		(18.3	)
Swire Pacific Ltd., Class A		19,000		119,445		(9.5	)
Swire Properties Ltd.		143,600		384,987		(30.7	)
United Energy Group Ltd.		1,914,000		169,740		(13.6	)
Yue Yuen Industrial Holdings Ltd.		50,500		107,197		(8.6	)
				1,804,933
Ireland
AIB Group PLC		61,927		167,604		(13.4	)

Security	Shares		Value		% of Basket Value
Ireland (continued)
Alkermes PLC		6,979	$	211,394		(16.9	)%
Bank of Ireland Group PLC		3,954		23,555		(1.9	)
Medtronic PLC		384		46,026		(3.6	)
				448,579
Israel
JFrog Ltd.		5,530		180,776		(14.4	)
Paz Oil Co. Ltd.		1,196		152,435		(12.2	)
Playtika Holding Corp.		850		24,038		(1.9	)
Wix.com Ltd.		161		29,939		(2.4	)
				387,188
Italy
PRADA SpA		67,100		422,935		(33.7	)
Saipem SpA		6,705		14,690		(1.2	)
				437,625
Japan
Advantest Corp.		600		49,193		(3.9	)
Alps Alpine Co. Ltd.		25,100		245,254		(19.6	)
Amada Co. Ltd.		6,500		64,217		(5.1	)
Amano Corp.		500		12,373		(1.0	)
Benesse Holdings, Inc.		11,200		256,236		(20.5	)
Bridgestone Corp.		7,800		345,066		(27.5	)
Calbee, Inc.		16,400		422,554		(33.7	)
Canon, Inc.		21,500		488,896		(39.0	)
Casio Computer Co. Ltd.		4,700		66,510		(5.3	)
COMSYS Holdings Corp.		12,100		299,608		(23.9	)
Daikin Industries Ltd.		2,300		503,734		(40.2	)
Dentsu Group, Inc.		1,800		65,779		(5.3	)
DMG Mori Co. Ltd.		2,000		34,442		(2.8	)
Ebara Corp.		400		21,827		(1.7	)
Ezaki Glico Co. Ltd.		4,500		163,320		(13.0	)
FANUC Corp.		1,600		316,194		(25.2	)
Fuji Media Holdings, Inc.		58,700		608,454		(48.6	)
Fuji Oil Holdings, Inc.		2,400		56,323		(4.5	)
Hisamitsu Pharmaceutical Co., Inc.		3,400		115,996		(9.3	)
Honda Motor Co. Ltd.		5,500		162,678		(13.0	)
Hoshizaki Corp.		1,400		117,727		(9.4	)
Hulic Co. Ltd.		14,300		137,502		(11.0	)
IHI Corp.		4,700		109,782		(8.8	)
Japan Post Insurance Co. Ltd.		2,300		37,317		(3.0	)
JGC Holdings Corp.		7,500		70,480		(5.6	)
Kamigumi Co. Ltd.		2,600		52,351		(4.2	)
Kansai Paint Co. Ltd.		2,700		62,521		(5.0	)
Keyence Corp.		600		362,169		(28.9	)
Koito Manufacturing Co. Ltd.		6,300		357,450		(28.5	)
Konica Minolta, Inc.		16,300		80,680		(6.4	)
Kuraray Co. Ltd.		59,800		541,133		(43.2	)
Lawson, Inc.		39,000		1,886,024		(150.6	)
Marubeni Corp.		54,700		464,147		(37.1	)
Maruwa Unyu Kikan Co. Ltd.		4,500		63,021		(5.0	)
Mitsubishi Heavy Industries Ltd.		3,300		84,390		(6.7	)
Mitsubishi Motors Corp.		236,300		756,283		(60.4	)
Money Forward, Inc.		700		47,567		(3.8	)
MS&AD Insurance Group Holdings, Inc.		9,000		290,766		(23.2	)
NEC Corp.		800		40,962		(3.3	)
Nihon Kohden Corp.		4,400		140,005		(11.2	)
Nikon Corp.		13,600		149,950		(12.0	)
Nippon Television Holdings, Inc.		78,900		850,041		(67.9	)
Nissan Motor Co. Ltd.		39,100		199,013		(15.9	)
Nitori Holdings Co. Ltd.		2,900		532,760		(42.5	)

SCHEDULE   OF  INVESTMENTS 19

Schedule of Investments (unaudited) (continued) October 31, 2021 BlackRock Global Long/Short Equity Fund

Security	Shares		Value		% of Basket Value
Japan (continued)
Obayashi Corp.		130,900	$	1,105,088		(88.2	)%
Omron Corp.		500		47,817		(3.8	)
PeptiDream, Inc.		1,300		31,424		(2.5	)
Rakus Co. Ltd.		9,200		291,589		(23.3	)
Recruit Holdings Co. Ltd.		7,400		492,241		(39.3	)
Ricoh Co. Ltd.		9,700		94,457		(7.5	)
Sega Sammy Holdings, Inc.		26,000		369,731		(29.5	)
Seiko Epson Corp.		5,400		96,153		(7.7	)
Sekisui House Ltd.		9,300		193,354		(15.4	)
SG Holdings Co. Ltd.		600		15,067		(1.2	)
Shimadzu Corp.		300		12,188		(1.0	)
Skylark Co. Ltd.		10,700		144,981		(11.6	)
Sohgo Security Services Co. Ltd.		400		17,113		(1.4	)
Subaru Corp.		50,700		994,470		(79.4	)
Sumitomo Chemical Co. Ltd.		39,200		193,112		(15.4	)
Sumitomo Corp.		2,400		34,199		(2.7	)
Sumitomo Mitsui Financial Group, Inc.		3,700		120,064		(9.6	)
Suntory Beverage & Food Ltd.		23,200		900,216		(71.9	)
Taisei Corp.		26,400		828,409		(66.1	)
Tokyo Electron Ltd.		100		46,603		(3.7	)
Toppan, Inc.		2,500		40,355		(3.2	)
Toray Industries, Inc.		16,900		105,313		(8.4	)
TV Asahi Holdings Corp.		2,000		30,350		(2.4	)
Welcia Holdings Co. Ltd.		3,700		138,126		(11.0	)
Yamaguchi Financial Group, Inc.		106,900		596,771		(47.6	)
Yamazaki Baking Co. Ltd.		30,700		466,358		(37.2	)
				19,138,244
Luxembourg
L’Occitane International SA		45,250		161,846		(12.9	)
SES SA		1,806		16,220		(1.3	)
				178,066
Macau
MGM China Holdings Ltd.		22,400		16,435		(1.3	)
Netherlands
ABN AMRO Bank NV		15,247		224,249		(17.9	)
Koninklijke KPN NV		50,125		149,770		(12.0	)
Koninklijke Vopak NV		2,322		92,411		(7.4	)
Randstad NV		5,515		396,238		(31.6	)
				862,668
New Zealand
a2 Milk Co. Ltd.		4,339		20,577		(1.6	)
Mercury NZ Ltd.		7,906		34,770		(2.8	)
Xero Ltd.		840		95,779		(7.7	)
				151,126
Norway
AutoStore Holdings Ltd.		198,723		783,210		(62.5	)
Norsk Hydro ASA		7,734		56,810		(4.6	)
				840,020
Portugal
Galp Energia SGPS SA		108,298		1,124,993		(89.8	)

Security	Shares		Value		% of Basket Value
Singapore
Jardine Cycle & Carriage Ltd.		6,600	$	110,334		(8.8	)%
Singapore Telecommunications Ltd.		103,200		191,460		(15.3	)
				301,794
Spain
Banco de Sabadell SA		445,466		358,510		(28.6	)
Fluidra SA		10,298		393,311		(31.4	)
				751,821
Sweden
Acast AB		4,973		13,388		(1.1	)
Cint Group AB		20,549		310,101		(24.7	)
Electrolux AB		1,622		36,810		(2.9	)
Husqvarna AB, B Shares		20,365		290,220		(23.2	)
Investment AB Latour, B Shares		1,780		64,656		(5.2	)
Saab AB		6,095		169,918		(13.6	)
Samhallsbyggnadsbolaget i Norden AB		14,162		94,985		(7.6	)
Storskogen Group AB		129,332		601,782		(48.0	)
				1,581,860
Switzerland
Clariant AG		17,284		363,872		(29.0	)
Dufry AG		938		49,664		(4.0	)
Idorsia Ltd.		77		1,585		(0.1	)
SKAN Group AG		1,258		99,228		(7.9	)
Swatch Group AG		268		73,765		(5.9	)
				588,114
United Kingdom
ASOS PLC		8,250		280,094		(22.4	)
Associated British Foods PLC		6,171		150,917		(12.1	)
Aston Martin Lagonda Global Holdings PLC		15,452		360,683		(28.8	)
Babcock International Group PLC		18,691		81,627		(6.5	)
Bellway PLC		2,420		109,805		(8.8	)
boohoo Group PLC		288,319		717,124		(57.2	)
BT Group PLC		238,653		453,400		(36.2	)
Capri Holdings Ltd.		14,799		787,899		(62.9	)
Coca-Cola European Partners PLC		2,625		138,206		(11.0	)
easyJet PLC		23,831		203,138		(16.2	)
HomeServe PLC		9,838		115,115		(9.2	)
Inchcape PLC		1,969		22,258		(1.8	)
Intertek Group PLC		2,708		181,349		(14.5	)
ITV PLC		208,034		306,184		(24.4	)
John Wood Group PLC		26,437		77,091		(6.2	)
Marks & Spencer Group PLC		58,785		147,771		(11.8	)
Moneysupermarket.com Group PLC		2		6		(0.0	)
Next PLC		2,761		300,920		(24.0	)
Phoenix Group Holdings PLC		86,283		774,694		(61.8	)
Rightmove PLC		18,849		178,171		(14.2	)
Rolls-Royce Holdings PLC		40,854		73,735		(5.9	)
Sage Group PLC		1,946		18,926		(1.5	)
Smiths Group PLC		14,184		263,369		(21.0	)
Spirax-Sarco Engineering PLC		172		36,717		(2.9	)
Trainline PLC		6,951		30,137		(2.4	)
Travis Perkins PLC		20,957		443,049		(35.4	)
Virgin Money UK PLC		41,161		114,835		(9.2	)
				6,367,220

20 2 0 2 1  BLACK ROCK  SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2021 BlackRock Global Long/Short Equity Fund

Security	Shares		Value		% of Basket Value
United States
Agilent Technologies, Inc.		3,238	$	509,952		(40.7	)%
Alcoa Corp.		11,747		539,775		(43.1	)
Altice USA, Inc., Class A		12,023		195,975		(15.6	)
American Airlines Group, Inc.		30,677		588,998		(47.0	)
American Eagle Outfitters, Inc.		18,397		436,745		(34.9	)
American Homes 4 Rent, Class A		450		18,270		(1.5	)
Amgen, Inc.		104		21,525		(1.7	)
Antero Midstream Corp.		1,346		14,321		(1.1	)
Arrow Electronics, Inc.		1,200		138,900		(11.1	)
AutoNation, Inc.		656		79,455		(6.3	)
Avnet, Inc.		29,465		1,122,911		(89.6	)
Axon Enterprise, Inc.		4,553		819,358		(65.4	)
Biogen, Inc.		1,512		403,220		(32.2	)
Booz Allen Hamilton Holding Corp.		4,405		382,618		(30.5	)
BorgWarner, Inc.		9,314		419,782		(33.5	)
Bridgebio Pharma, Inc.		624		30,813		(2.5	)
Brighthouse Financial, Inc.		6,366		319,764		(25.5	)
Bruker Corp.		1,807		145,102		(11.6	)
C3.AI, Inc., Class A		5,451		245,949		(19.6	)
Cabot Oil & Gas Corp.		1,978		42,171		(3.4	)
Campbell Soup Co.		3,488		139,346		(11.1	)
Cardinal Health, Inc.		5,888		281,505		(22.5	)
Casey’s General Stores, Inc.		1,295		248,044		(19.8	)
Cigna Corp.		3,243		692,737		(55.3	)
Consensus Cloud Solutions, Inc.		1		85		(0.0	)
Continental Resources, Inc.		2,172		106,015		(8.5	)
Corteva, Inc.		7,147		308,393		(24.6	)
D.R. Horton, Inc.		1,776		158,544		(12.7	)
Discovery, Inc., Class A		15,121		354,436		(28.3	)
Discovery, Inc., Class C		17,919		404,253		(32.3	)
Donaldson Co., Inc.		312		18,723		(1.5	)
EOG Resources, Inc.		4,626		427,720		(34.1	)
Equinix, Inc.		897		750,852		(59.9	)
Equity Residential		2,125		183,600		(14.7	)
Erie Indemnity Co., Class A		881		181,319		(14.5	)
Estee Lauder Cos., Inc., Class A		724		234,815		(18.7	)
Euronet Worldwide, Inc.		1,005		112,751		(9.0	)
Expeditors International of Washington, Inc.		3,466		427,219		(34.1	)
FactSet Research Systems, Inc.		156		69,247		(5.5	)
Fidelity National Information Services, Inc.		769		85,159		(6.8	)
FTI Consulting, Inc.		785		112,977		(9.0	)
Hewlett Packard Enterprise Co.		2,473		36,229		(2.9	)
Highwoods Properties, Inc.		10,591		474,900		(37.9	)
HollyFrontier Corp.		677		22,883		(1.8	)
Host Hotels & Resorts, Inc.		12,103		203,694		(16.3	)
Huntington Ingalls Industries, Inc.		621		125,895		(10.0	)
IDACORP, Inc.		160		16,691		(1.3	)
Illumina, Inc.		56		23,243		(1.9	)
Invitation Homes, Inc.		16,615		685,369		(54.7	)
Itron, Inc.		3,591		279,272		(22.3	)
Keysight Technologies, Inc.		2,469		444,469		(35.5	)
Kohl’s Corp.		656		31,836		(2.5	)
Lear Corp.		680		116,858		(9.3	)
Life Storage, Inc.		1,424		190,545		(15.2	)
Lincoln National Corp.		2,604		187,879		(15.0	)
Lockheed Martin Corp.		394		130,934		(10.5	)
M&T Bank Corp.		1,384		203,614		(16.3	)
Manhattan Associates, Inc.		3,932		713,815		(57.0	)
ManpowerGroup, Inc.		8,248		797,169		(63.6	)
Markel Corp.		336		441,212		(35.2	)
Marsh & McLennan Cos., Inc.		4,155		693,054		(55.3	)
MasTec, Inc.		9,599		855,559		(68.3	)

Security	Shares		Value		% of Basket Value
United States (continued)
McKesson Corp.		5,932	$	1,233,144		(98.4	)%
Mettler-Toledo International, Inc.		131		193,995		(15.5	)
Mid-America Apartment Communities, Inc.		372		75,966		(6.1	)
Moody’s Corp.		1,304		527,012		(42.1	)
Morningstar, Inc.		584		184,982		(14.8	)
Murphy USA, Inc.		591		96,303		(7.7	)
National Storage Affiliates Trust		5,500		343,530		(27.4	)
Nexstar Media Group, Inc., Class A		314		47,078		(3.8	)
Nordstrom, Inc.	��	27,331		785,220		(62.7	)
Norwegian Cruise Line Holdings Ltd.		23,409		602,079		(48.1	)
Nutanix, Inc., Class A		16,931		580,903		(46.4	)
OGE Energy Corp.		352		11,993		(1.0	)
Otis Worldwide Corp.		19,561		1,570,944		(125.4	)
PagerDuty, Inc.		14,677		612,765		(48.9	)
Papa John’s International, Inc.		3,854		478,204		(38.2	)
Paylocity Holding Corp.		174		53,094		(4.2	)
Peloton Interactive, Inc., Class A		73		6,675		(0.5	)
Penske Automotive Group, Inc.		3,561		377,644		(30.1	)
Penumbra, Inc.		315		87,113		(7.0	)
Perrigo Co. PLC		6,083		274,647		(21.9	)
Phillips 66		3,720		278,182		(22.2	)
PTC, Inc.		150		19,103		(1.5	)
Pure Storage, Inc., Class A		16,977		456,002		(36.4	)
PVH Corp.		399		43,623		(3.5	)
Qualys, Inc.		149		18,548		(1.5	)
Ralph Lauren Corp.		13,656		1,736,634		(138.6	)
Reinsurance Group of America, Inc.		6,736		795,387		(63.5	)
Reliance Steel & Aluminum Co.		5,354		782,541		(62.5	)
Reliance Worldwide Corp. Ltd.		6,195		27,240		(2.2	)
RingCentral, Inc., Class A		386		94,099		(7.5	)
Roku, Inc.		556		169,524		(13.5	)
S&P Global, Inc.		269		127,549		(10.2	)
Sabre Corp.		7,731		80,248		(6.4	)
SailPoint Technologies Holding, Inc.		14,650		702,907		(56.1	)
SBA Communications Corp.		1,766		609,853		(48.7	)
Shake Shack, Inc., Class A		7,000		484,190		(38.7	)
Silicon Laboratories, Inc.		3,783		714,079		(57.0	)
Sirius XM Holdings, Inc.		76,594		466,457		(37.2	)
SiteOne Landscape Supply, Inc.		358		84,116		(6.7	)
Six Flags Entertainment Corp.		3,345		137,580		(11.0	)
SL Green Realty Corp.		997		69,860		(5.6	)
Smartsheet, Inc., Class A		541		37,334		(3.0	)
Spirit Realty Capital, Inc.		2,295		112,294		(9.0	)
Stifel Financial Corp.		1,780		129,709		(10.4	)
Sun Communities, Inc.		797		156,196		(12.5	)
Syneos Health, Inc.		2,877		268,539		(21.4	)
Sysco Corp.		3,094		237,929		(19.0	)
Tandem Diabetes Care, Inc.		126		17,178		(1.4	)
Tapestry, Inc.		19,103		744,635		(59.4	)
Teradata Corp.		2,665		150,732		(12.0	)
Terminix Global Holdings, Inc.		843		34,125		(2.7	)
Travel + Leisure Co.		332		18,041		(1.4	)
Travelers Cos., Inc.		1,434		230,702		(18.4	)
Trupanion, Inc.		1,363		139,571		(11.1	)
UGI Corp.		12,883		559,251		(44.6	)
Valero Energy Corp.		9,293		718,628		(57.4	)
Valvoline, Inc.		17,089		580,342		(46.3	)
Vulcan Materials Co.		5,611		1,066,763		(85.2	)
W.R. Berkley Corp.		1,935		154,026		(12.3	)
Waste Connections, Inc.		375		51,004		(4.1	)
Westrock Co.		689		33,141		(2.6	)
Workday, Inc., Class A		425		123,242		(9.8	)

SCHEDULE   OF  INVESTMENTS 21

Schedule of Investments (unaudited) (continued) October 31, 2021 BlackRock Global Long/Short Equity Fund

Security	Shares			Value			% of Basket Value
United States (continued)
WP Carey, Inc.		3,675		$	283,379			(22.6	)%
Zillow Group, Inc., Class A		68			7,189			(0.6	)
Zimmer Biomet Holdings, Inc.		1,290			184,625			(14.7	)
					40,528,052
Total Reference Entity — Long					100,877,838
Reference Entity — Short
Common Stocks
Austria
BAWAG Group AG		(7,598	)		(477,878	)		38.1
Voestalpine AG		(775	)		(29,435	)		2.4
					(507,313	)
Belgium
Cofinimmo SA		(279	)		(45,012	)		3.6
Warehouses De Pauw CVA		(8,965	)		(408,235	)		32.6
					(453,247	)
Canada
Allied Properties Real Estate Investment Trust		(508	)		(17,556	)		1.4
Atco Ltd., Class I		(15,323	)		(520,011	)		41.5
Boyd Group Services, Inc.		(860	)		(166,914	)		13.3
Dollarama, Inc.		(6,584	)		(297,599	)		23.8
Dye & Durham Ltd.		(2,919	)		(89,320	)		7.1
Metro, Inc.		(36,793	)		(1,851,245	)		147.8
Power Corp. of Canada		(19,123	)		(636,918	)		50.8
SmartCentres Real Estate Investment Trust		(469	)		(11,820	)		1.0
Stelco Holdings, Inc.		(11,231	)		(389,945	)		31.1
					(3,981,328	)
China
Futu Holdings Ltd.		(895	)		(47,900	)		3.8
Denmark
H Lundbeck A/S		(2,419	)		(67,368	)		5.4
Vestas Wind Systems A/S		(19,326	)		(835,455	)		66.7
					(902,823	)
Finland
Elisa Oyj		(3,283	)		(198,130	)		15.8
Kojamo OYJ		(32,819	)		(735,295	)		58.7
Stora Enso OYJ		(9,157	)		(152,368	)		12.1
TietoEVRY OYJ		(1,048	)		(32,139	)		2.6
					(1,117,932	)
France
Accor SA		(21,946	)		(785,369	)		62.7
BNP Paribas SA		(3,985	)		(266,745	)		21.3
Danone SA		(8,533	)		(556,230	)		44.4
Dassault Aviation SA		(2,940	)		(307,241	)		24.5
Edenred		(13,134	)		(710,697	)		56.7
Eramet		(136	)		(11,365	)		0.9
Faurecia SE		(3,572	)		(186,558	)		14.9
Sanofi		(219	)		(21,881	)		1.8
SEB SA		(2,864	)		(448,758	)		35.8
SOITEC		(463	)		(123,274	)		9.8
Worldline SA		(15,506	)		(904,250	)		72.2
					(4,322,368	)
Germany
1&1 Drillisch AG		(384	)		(11,176	)		0.9
CTS Eventim AG & Co. KGaA		(2,782	)		(202,336	)		16.1
Deutsche Telekom AG		(14,913	)		(277,339	)		22.1

Security	Shares			Value			% of Basket Value
Germany (continued)
Eckert & Ziegler Strahlen- und Medizintechnik AG		(2,927	)	$	(438,281	)		35.0	%
Flatex AG		(1,642	)		(37,299	)		3.0
Fresenius Medical Care AG & Co. KGaA		(6,697	)		(444,876	)		35.5
Fresenius SE & Co. KGaA		(456	)		(20,698	)		1.7
Porsche Automobil Holding SE		(8,562	)		(891,102	)		71.1
Puma SE		(916	)		(113,630	)		9.1
TAG Immobilien AG		(537	)		(16,315	)		1.3
Vantage Towers AG		(8,655	)		(297,554	)		23.8
					(2,750,606	)
Hong Kong
Sino Land Co. Ltd.		(12,000	)		(15,773	)		1.3
Ireland
Flutter Entertainment PLC		(7,358	)		(1,392,918	)		111.2
Grafton Group PLC		(2,222	)		(40,813	)		3.3
Kingspan Group PLC		(7,685	)		(884,735	)		70.6
					(2,318,466	)
Isle of Man
GVC Holdings PLC		(4,131	)		(115,755	)		9.2
Israel
Azrieli Group Ltd.		(1,281	)		(119,803	)		9.6
Shapir Engineering and Industry Ltd.		(10,167	)		(83,224	)		6.6
Shikun & Binui Ltd.		(55,453	)		(329,820	)		26.3
					(532,847	)
Italy
A2A SpA		(9,495	)		(19,981	)		1.6
Assicurazioni Generali SpA		(29,540	)		(643,239	)		51.4
Buzzi Unicem SpA		(6,416	)		(149,643	)		11.9
DiaSorin SpA		(320	)		(72,341	)		5.8
FinecoBank Banca Fineco SpA		(4,317	)		(82,445	)		6.6
Infrastrutture Wireless Italiane SpA		(53,975	)		(596,321	)		47.6
Moncler SpA		(9,423	)		(678,120	)		54.1
Unipol Gruppo SpA		(2,350	)		(13,497	)		1.1
					(2,255,587	)
Japan
A/S One Corp.		(300	)		(41,125	)		3.3
Advance Residence Investment Corp.		(7	)		(22,970	)		1.8
Aeon Mall Co Ltd.		(60,400	)		(884,842	)		70.6
Ain Holdings, Inc.		(7,500	)		(442,683	)		35.3
Ariake Japan Co. Ltd.		(300	)		(19,532	)		1.6
Asahi Group Holdings Ltd.		(5,900	)		(267,743	)		21.4
Bandai Namco Holdings, Inc.		(600	)		(45,851	)		3.7
Bank of Kyoto Ltd.		(13,800	)		(620,630	)		49.5
Central Japan Railway Co.		(8,800	)		(1,305,397	)		104.2
Chiba Bank Ltd.		(2,600	)		(16,115	)		1.3
Concordia Financial Group Ltd.		(213,200	)		(847,400	)		67.6
Credit Saison Co. Ltd.		(7,000	)		(85,818	)		6.8
Daio Paper Corp.		(2,800	)		(49,270	)		3.9
Daiwa House Industry Co. Ltd.		(33,000	)		(1,088,676	)		86.9
Daiwa House REIT Investment Corp.		(10	)		(28,696	)		2.3
DeNA Co. Ltd.		(21,200	)		(391,610	)		31.3
East Japan Railway Co.		(10,200	)		(635,322	)		50.7
ENEOS Holdings, Inc.		(42,400	)		(170,967	)		13.6
Fancl Corp.		(7,100	)		(215,258	)		17.2
Fast Retailing Co. Ltd.		(2,000	)		(1,327,635	)		106.0
Freee KK		(5,600	)		(401,945	)		32.1
Fujitsu General Ltd.		(1,800	)		(44,140	)		3.5
Fukuoka Financial Group, Inc.		(700	)		(12,576	)		1.0
Fukuyama Transporting Co. Ltd.		(5,900	)		(235,026	)		18.8

22 2 0 2 1  BLACK ROCK  SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2021 BlackRock Global Long/Short Equity Fund

Security	Shares			Value			% of Basket Value
Japan (continued)
Goldwin, Inc.		(13,200	)	$	(798,723	)		63.8	%
GS Yuasa Corp.		(9,900	)		(215,519	)		17.2
GungHo Online Entertainment, Inc.		(38,000	)		(712,913	)		56.9
Hachijuni Bank Ltd.		(238,300	)		(796,444	)		63.6
Hino Motors Ltd.		(29,900	)		(282,844	)		22.6
Hirogin Holdings, Inc.		(137,100	)		(755,317	)		60.3
Hirose Electric Co. Ltd.		(600	)		(100,338	)		8.0
Hitachi Construction Machinery Co. Ltd.		(7,200	)		(229,723	)		18.3
Hitachi Transport System Ltd.		(400	)		(15,723	)		1.3
Ibiden Co. Ltd.		(6,100	)		(366,524	)		29.3
Ichigo, Inc.		(4,100	)		(12,231	)		1.0
Idemitsu Kosan Co. Ltd.		(2,400	)		(65,550	)		5.2
Industrial & Infrastructure Fund Investment Corp.		(6	)		(11,001	)		0.9
INFRONEER Holdings, Inc.		(234,612	)		(1,943,178	)		155.1
Invincible Investment Corp.		(452	)		(178,698	)		14.3
IR Japan Holdings Ltd.		(3,700	)		(341,216	)		27.2
Ito En Ltd.		(200	)		(13,301	)		1.1
Iwatani Corp.		(6,800	)		(401,645	)		32.1
J Front Retailing Co. Ltd.		(2,300	)		(21,319	)		1.7
Japan Airport Terminal Co. Ltd.		(9,900	)		(491,115	)		39.2
Japan Exchange Group, Inc.		(37,200	)		(880,824	)		70.3
Japan Hotel REIT Investment Corp.		(1,317	)		(795,348	)		63.5
Japan Real Estate Investment Corp.		(86	)		(527,114	)		42.1
Japan Retail Fund Investment Corp.		(213	)		(195,645	)		15.6
Japan Steel Works Ltd.		(6,100	)		(179,201	)		14.3
JCR Pharmaceuticals Co. Ltd.		(1,800	)		(44,177	)		3.5
Jeol Ltd.		(2,400	)		(181,892	)		14.5
JFE Holdings, Inc.		(5,100	)		(77,930	)		6.2
Justsystems Corp.		(5,900	)		(304,949	)		24.3
Kadokawa Dwango		(7,700	)		(406,564	)		32.4
Kagome Co. Ltd.		(3,900	)		(98,966	)		7.9
Kansai Electric Power Co., Inc.		(20,200	)		(185,984	)		14.8
Keikyu Corp.		(28,600	)		(322,791	)		25.8
Keio Corp.		(2,500	)		(126,194	)		10.1
Kirin Holdings Co Ltd.		(1,700	)		(29,590	)		2.4
Koei Tecmo Holdings Co. Ltd.		(4,700	)		(218,777	)		17.5
Konami Holdings Corp.		(1,600	)		(88,049	)		7.0
Kotobuki Spirits Co. Ltd.		(6,400	)		(427,913	)		34.2
Kyowa Kirin Co. Ltd.		(3,500	)		(115,108	)		9.2
Kyushu Railway Co.		(3,800	)		(85,061	)		6.8
Mabuchi Motor Co. Ltd.		(400	)		(13,791	)		1.1
Marui Group Co. Ltd.		(3,300	)		(64,758	)		5.2
Matsui Securities Co. Ltd.		(31,000	)		(222,395	)		17.7
Medipal Holdings Corp.		(800	)		(14,474	)		1.2
Mercari, Inc.		(1,500	)		(81,164	)		6.5
MINEBEA MITSUMI, Inc.		(50,300	)		(1,273,446	)		101.6
Miraca Holdings, Inc.		(700	)		(17,227	)		1.4
Mitsubishi UFJ Financial Group, Inc.		(85,100	)		(466,645	)		37.2
Mitsui Fudosan Co. Ltd.		(59,700	)		(1,364,971	)		109.0
Mitsui Fudosan Logistics Park, Inc.		(47	)		(249,897	)		19.9
Mitsui High-Tec, Inc.		(4,300	)		(332,136	)		26.5
Mori Hills REIT Investment Corp.		(102	)		(138,296	)		11.0
Murata Manufacturing Co. Ltd.		(6,200	)		(459,907	)		36.7
Nagase & Co. Ltd.		(800	)		(13,541	)		1.1
Nidec Corp.		(11,700	)		(1,295,867	)		103.4
Nippon Building Fund, Inc.		(90	)		(584,725	)		46.7
Nippon Electric Glass Co. Ltd.		(9,700	)		(247,670	)		19.8
Nippon Kayaku Co. Ltd.		(76,400	)		(804,651	)		64.2
Nippon Steel Corp.		(20,700	)		(362,928	)		29.0
Nishi-Nippon Railroad Co. Ltd.		(48,700	)		(1,199,642	)		95.8
Nomura Holdings, Inc.		(45,100	)		(214,789	)		17.1

Security	Shares			Value			% of Basket Value
Japan (continued)
Nomura Real Estate Master Fund, Inc.		(54	)	$	(80,863	)		6.4	%
Odakyu Electric Railway Co. Ltd.		(8,800	)		(190,779	)		15.2
Oji Holdings Corp.		(64,000	)		(317,231	)		25.3
Open House Co. Ltd.		(1,900	)		(121,169	)		9.7
Orient Corp.		(832,000	)		(1,141,785	)		91.1
ORIX Corp.		(68,800	)		(1,367,489	)		109.2
Osaka Gas Co. Ltd.		(1,200	)		(19,342	)		1.5
Otsuka Holdings Co. Ltd.		(1,200	)		(47,459	)		3.8
Rohto Pharmaceutical Co. Ltd.		(2,800	)		(85,550	)		6.8
Ryohin Keikaku Co. Ltd.		(32,800	)		(646,365	)		51.6
Sansan, Inc.		(5,800	)		(673,893	)		53.8
Sapporo Holdings Ltd.		(24,700	)		(535,919	)		42.8
SBI Holdings, Inc.		(19,800	)		(513,205	)		41.0
Sekisui House REIT, Inc.		(17	)		(12,852	)		1.0
Shinko Electric Industries Co. Ltd.		(10,600	)		(427,044	)		34.1
Shinsei Bank Ltd.		(3,800	)		(62,756	)		5.0
Shionogi & Co. Ltd.		(13,000	)		(847,603	)		67.7
Ship Healthcare Holdings, Inc.		(1,700	)		(44,653	)		3.6
Shizuoka Bank Ltd.		(7,800	)		(62,809	)		5.0
Shochiku Co. Ltd.		(8,000	)		(870,499	)		69.5
Showa Denko KK		(2,600	)		(65,208	)		5.2
Sony Corp.		(15,000	)		(1,736,944	)		138.6
Square Enix Holdings Co. Ltd.		(2,000	)		(109,560	)		8.7
Sumitomo Dainippon Pharma Co. Ltd.		(23,300	)		(329,498	)		26.3
Sumitomo Realty & Development Co. Ltd.		(8,500	)		(307,189	)		24.5
Suzuki Motor Corp.		(12,900	)		(575,300	)		45.9
Taiyo Nippon Sanso Corp.		(31,900	)		(753,113	)		60.1
Toho Co. Ltd.		(19,900	)		(934,985	)		74.6
Toho Gas Co. Ltd.		(21,000	)		(622,071	)		49.7
Tokai Carbon Co. Ltd.		(58,900	)		(770,455	)		61.5
Tokyo Electric Power Co. Holdings, Inc.		(92,600	)		(256,502	)		20.5
Tokyo Tatemono Co. Ltd.		(30,400	)		(446,831	)		35.7
Tokyu Corp.		(18,200	)		(256,587	)		20.5
Tokyu Fudosan Holdings Corp.		(201,000	)		(1,164,677	)		93.0
Tosoh Corp.		(17,300	)		(291,350	)		23.3
Toyota Motor Corp.		(38,900	)		(686,358	)		54.8
Ushio, Inc.		(1,600	)		(28,625	)		2.3
Yamato Holdings Co. Ltd.		(3,700	)		(90,958	)		7.3
					(49,165,022	)
Luxembourg
ArcelorMittal		(61,087	)		(2,065,971	)		164.9
Aroundtown SA		(73,342	)		(509,691	)		40.7
Grand City Properties SA		(15,146	)		(387,944	)		31.0
					(2,963,606	)
Netherlands
Aalberts NV		(607	)		(33,597	)		2.7
Aegon NV		(64,738	)		(328,370	)		26.2
Alfen Beheer BV		(2,335	)		(263,033	)		21.0
Argenx SE		(644	)		(193,882	)		15.5
BE Semiconductor Industries NV		(333	)		(30,425	)		2.4
Just Eat Takeaway.com NV		(1,959	)		(140,725	)		11.2
NN Group NV		(6,600	)		(352,815	)		28.1
QIAGEN NV		(3,500	)		(192,549	)		15.4
Shop Apotheke Europe NV		(2,327	)		(352,890	)		28.2
					(1,888,286	)
New Zealand
Fletcher Building Ltd.		(4,004	)		(20,594	)		1.6

SCHEDULE   OF  INVESTMENTS 23

Schedule of Investments (unaudited) (continued) October 31, 2021 BlackRock Global Long/Short Equity Fund

Security	Shares			Value			% of Basket Value
Norway
Adevinta ASA		(6,301	)	$	(104,082	)		8.3	%
Kahoot! ASA		(66,847	)		(400,763	)		32.0
Salmar Asa		(4,476	)		(341,476	)		27.3
					(846,321	)
Singapore
CapitaLand Integrated Commercial Trust		(20,914	)		(33,304	)		2.7
Wilmar International Ltd.		(170,200	)		(544,154	)		43.4
					(577,458	)
Spain
Amadeus IT Group SA		(4,207	)		(281,439	)		22.5
Pharma Mar SA		(651	)		(50,527	)		4.0
Solaria Energia y Medio Ambiente SA		(7,880	)		(157,696	)		12.6
Telefonica SA		(225,938	)		(981,397	)		78.3
					(1,471,059	)
Sweden
Atlas Copco AB		(5,530	)		(299,692	)		23.9
Embracer Group AB		(87,343	)		(814,617	)		65.0
Epiroc AB		(2,293	)		(48,712	)		3.9
Holmen AB		(5,562	)		(246,931	)		19.7
Investor AB		(8,102	)		(186,945	)		14.9
Securitas AB		(12,402	)		(205,460	)		16.4
Sinch AB		(8,816	)		(167,811	)		13.4
Skandinaviska Enskilda Banken AB		(60,630	)		(948,121	)		75.7
Stillfront Group AB		(60,640	)		(270,792	)		21.6
Svenska Cellulosa AB SCA, Class B		(21,930	)		(342,658	)		27.4
Swedish Orphan Biovitrum AB		(3,566	)		(96,907	)		7.7
Thule Group AB		(2,744	)		(158,550	)		12.7
Volvo AB		(18,449	)		(436,155	)		34.8
Volvo AB		(78,530	)		(1,831,253	)		146.2
					(6,054,604	)
Switzerland
Ferrexpo PLC		(87,265	)		(372,263	)		29.7
Galenica AG		(4,706	)		(344,700	)		27.5
Nestle SA		(804	)		(106,053	)		8.5
Novartis AG		(2,289	)		(189,330	)		15.1
Siegfried Holding AG		(1,031	)		(991,659	)		79.2
Swatch Group AG		(12,237	)		(650,999	)		52.0
Swiss Life Holding AG		(116	)		(63,634	)		5.1
Swiss Re AG		(2,393	)		(231,823	)		18.5
Zur Rose Group AG		(189	)		(67,087	)		5.3
					(3,017,548	)
United Kingdom
3i Group PLC		(8,262	)		(154,293	)		12.3
Avast PLC		(88,532	)		(678,014	)		54.1
B&M European Value Retail SA		(14,474	)		(125,399	)		10.0
BAE Systems PLC		(11,535	)		(86,976	)		6.9
Berkeley Group Holdings PLC		(15,089	)		(900,038	)		71.9
Ceres Power Holdings PLC		(51,329	)		(874,850	)		69.8
GlaxoSmithKline PLC		(25,122	)		(521,553	)		41.6
Greggs PLC		(12,240	)		(511,594	)		40.8
HSBC Holdings PLC		(16,129	)		(97,180	)		7.8
Imperial Brands PLC		(1,846	)		(38,953	)		3.1
J Sainsbury PLC		(88,723	)		(363,397	)		29.0
Land Securities Group PLC		(253,241	)		(2,379,067	)		189.9
London Stock Exchange Group PLC		(2,975	)		(289,598	)		23.1
Ocado Group PLC		(22,962	)		(566,716	)		45.2
Segro PLC		(57,602	)		(1,018,089	)		81.3

Security	Shares			Value			% of Basket Value
United Kingdom (continued)
Severn Trent PLC		(5,669	)	$	(212,317	)		17.0	%
Tesco PLC		(126,890	)		(468,512	)		37.4
Unilever PLC		(2,426	)		(129,893	)		10.4
UNITE Group PLC		(44,090	)		(658,298	)		52.6
Weir Group PLC		(37,759	)		(895,672	)		71.5
Whitbread PLC		(1,933	)		(86,478	)		6.9
Wickes Group PLC		(56,778	)		(166,596	)		13.3
					(11,223,483	)
United States
Beam Therapeutics, Inc.		(572	)		(50,776	)		4.1
BigCommerce Holdings, Inc.		(3,949	)		(182,483	)		14.6
DISH Network Corp., Class A		(14,041	)		(576,664	)		46.0
Fastly, Inc., Class A		(31,739	)		(1,606,311	)		128.2
Fisker, Inc.		(12,264	)		(196,837	)		15.7
Jackson Financial, Inc.		(0	)		(11	)		0.0
Nikola Corp.		(547	)		(6,455	)		0.5
Oak Street Health, Inc.		(968	)		(45,719	)		3.7
Open Lending Corp., Class A		(12,359	)		(389,556	)		31.1
RH		(1,957	)		(1,290,896	)		103.0
Rocket Cos., Inc., Class A		(3,151	)		(51,928	)		4.1
SoFi Technologies, Inc.		(38,779	)		(779,070	)		62.2
Unity Software, Inc.		(1,531	)		(231,656	)		18.5
UWM Holdings Corp.		(23,585	)		(160,378	)		12.8
Vertiv Holdings Co.		(464	)		(11,915	)		1.0
					(5,580,655	)
Total Reference Entity — Short					(102,130,581	)
Net Value of Reference Entity — Bank of America N.A.				$	(1,252,743	)

The following table represents the individual long and short positions and related values of the equity securities underlying the total return swap with Bank of America N.A. as of period end, termination date February 15, 2023:

Security	Shares		Value		% of Basket Value
Reference Entity — Long
Common Stocks
Australia
AUB Group Ltd.		5,581	$	91,982		(11.5	)%
Cedar Woods Properties Ltd.		8,868		39,950		(5.0	)
Centuria Office REIT		21,624		39,243		(4.9	)
Charter Hall Long Wale REIT		34,950		128,218		(16.0	)
Coronado Global Resources, Inc.		101,712		104,813		(13.1	)
Data#3 Ltd.		1,658		7,105		(0.9	)
Dicker Data Ltd.		4,051		45,935		(5.7	)
GUD Holdings Ltd.		11,397		105,484		(13.1	)
GWA Group Ltd.		80,762		165,786		(20.6	)
HUB24 Ltd.		350		8,409		(1.0	)
Inghams Group Ltd.		12,991		36,441		(4.5	)
Johns Lyng Group Ltd.		82,466		403,064		(50.2	)
Jumbo Interactive Ltd.		554		6,990		(0.9	)
Kogan.com Ltd.		11,831		89,185		(11.1	)
Link Administration Holdings Ltd.		12,237		40,291		(5.0	)
Netwealth Group Ltd.		3,944		51,835		(6.5	)
Objective Corp. Ltd.		8,408		132,191		(16.5	)
Pinnacle Investment Management Group Ltd.		51,494		669,729		(83.4	)
Rural Funds Group		75,466		158,417		(19.7	)

24 2 0 2 1  BLACK ROCK  SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2021 BlackRock Global Long/Short Equity Fund

Security	Shares		Value		% of Basket Value
Australia (continued)
SeaLink Travel Group Ltd.		1,067	$	5,911		(0.7	)%
St Barbara Ltd.		14,619		16,075		(2.0	)
United Malt Grp Ltd.		4,593		14,056		(1.7	)
				2,361,110
Austria
Rhi Magnesita NV		304		13,971		(1.7	)
S&T AG		696		16,725		(2.1	)
				30,696
Belgium
Barco NV		24,664		555,915		(69.2	)
Bekaert SA		208		9,111		(1.1	)
Kinepolis Group NV		2,669		168,122		(20.9	)
Melexis NV		53		6,113		(0.8	)
				739,261
Canada
Altius Minerals Corp.		13,135		167,796		(20.9	)
Cogeco Communications Inc.		1,059		90,951		(11.3	)
Converge Technology Solutions Corp.		4,505		43,245		(5.4	)
CT Real Estate Investment Trust		14,313		205,281		(25.6	)
Evertz Technologies Ltd.		5,695		65,205		(8.1	)
First National Financial Corp.		1,491		50,178		(6.2	)
Freehold Royalties Ltd.		105,447		1,007,949		(125.5	)
Killam Apartment Real Estate Investment Trust		14,780		271,572		(33.8	)
MAG Silver Corp.		1,921		38,262		(4.8	)
Maverix Metals Inc.		29,031		139,103		(17.3	)
Morguard Corp.		2,589		285,656		(35.6	)
Novagold Resources Inc.		14,807		108,157		(13.5	)
Paramount Resources Ltd.		720		12,037		(1.5	)
Pason Systems Inc.		5,553		41,280		(5.1	)
Peyto Exploration & Development Corp.		1,944		15,331		(1.9	)
PrairieSky Royalty Ltd.		62,313		766,829		(95.5	)
Sandstorm Gold Ltd.		229,254		1,450,435		(180.6	)
Savaria Corp.		24,714		390,000		(48.6	)
Silvercorp Metals Inc.		7,202		30,493		(3.8	)
Topaz Energy Corp.		3,633		53,221		(6.6	)
Vermilion Energy Inc.		19,950		216,329		(26.9	)
Village Farms International, Inc.		11,661		88,475		(11.0	)
Zymeworks, Inc.		1,517		33,753		(4.2	)
				5,571,538
Denmark
Alm Brand AS		17,419		134,385		(16.7	)
Chemometec AS		1,277		193,640		(24.1	)
Netcompany Group AS		1,387		157,941		(19.7	)
Nilfisk Holding A/S		7,528		262,569		(32.7	)
Topdanmark AS		27,188		1,442,893		(179.7	)
				2,191,428
Finland
Rovio Entertainment Oyj		5,605		45,971		(5.7	)
Uponor OYJ		2,377		58,062		(7.2	)
YIT OYJ		12,625		74,408		(9.3	)
				178,441
France
Aubay		590		36,558		(4.6	)
Elior Group SA		19,315		152,816		(19.0	)

Security	Shares		Value		% of Basket Value
France (continued)
ID Logistics Group		42	$	15,415		(1.9	)%
Manitou BF SA		5,935		202,052		(25.2	)
				406,841
Germany
Adesso SE		756		168,320		(21.0	)
Amadeus Fire AG		589		136,041		(16.9	)
Deutsche Beteiligungs AG		3,501		161,774		(20.1	)
Duerr AG		14,350		650,384		(81.0	)
Hypoport AG		394		242,559		(30.2	)
MLP SE		2,392		23,034		(2.9	)
SMA Solar Technology AG		3,326		175,855		(21.9	)
Steico SE		1,166		152,644		(19.0	)
STO SE & Co. KGaA		1,259		283,222		(35.3	)
				1,993,833
Gibraltar
888 Holdings PLC		24,495		128,325		(16.0	)
Hong Kong
CITIC Telecom International Holdings Ltd.		461,000		163,322		(20.3	)
EC Healthcare		57,000		81,987		(10.2	)
Health & Happiness H&H International Holdings Ltd.		31,000		72,753		(9.1	)
Luk Fook Holdings International Ltd.		16,000		43,606		(5.4	)
SA Sa International Holdings Ltd.		862,000		188,346		(23.5	)
United Laboratories International Holdings Ltd.		22,000		13,940		(1.7	)
				563,954
Ireland
C&C Group PLC		56,255		199,552		(24.9	)
Cimpress PLC		991		88,516		(11.0	)
Greencore Group PLC		15,997		28,285		(3.5	)
Uniphar PLC		13,143		67,003		(8.3	)
				383,356
Israel
Caesarstone Ltd.		6,292		78,524		(9.8	)
Danel Adir Yeoshua Ltd.		713		150,818		(18.8	)
Nova Measuring Instruments Ltd.		1,470		156,972		(19.5	)
Radware Ltd.		11,267		399,190		(49.7	)
				785,504
Italy
Arnoldo Mondadori Editore SpA		36,254		83,829		(10.4	)
Banca Farmafactoring SpA		2,667		23,880		(3.0	)
Danieli & C Officine Meccaniche SpA		2,466		83,013		(10.3	)
Datalogic SpA		1,079		19,614		(2.4	)
El.En. SpA		458		9,160		(1.1	)
Gruppo MutuiOnline SpA		1,384		67,585		(8.4	)
Maire Tecnimont SpA		92,909		400,351		(49.9	)
Sanlorenzo SpA/Ameglia		797		33,470		(4.2	)
Sesa SpA		997		195,600		(24.4	)
Tinexta SpA		8,650		383,437		(47.8	)
Webuild SpA		157,351		389,543		(48.5	)
				1,689,482
Japan
Adastria Co. Ltd.		33,100		614,012		(76.4	)
Aichi Steel Corp.		9,900		230,638		(28.7	)
Anicom Holdings, Inc.		32,200		251,047		(31.3	)
AOKI Holdings Inc.		105,400		643,515		(80.1	)
Arcland Service Holdings Co. Ltd.		3,400		67,481		(8.4	)

SCHEDULE   OF  INVESTMENTS 25

Schedule of Investments (unaudited) (continued) October 31, 2021 BlackRock Global Long/Short Equity Fund

Security	Shares		Value		% of Basket Value
Japan (continued)
Aruhi Corp.		25,800	$	299,116		(37.2	)%
Belc Co. Ltd.		100		4,937		(0.6	)
Bengo4.com Inc.		2,400		144,326		(18.0	)
Canon Electronics Inc.		11,500		158,293		(19.7	)
Cawachi Ltd.		3,500		68,270		(8.5	)
Chubu Shiryo Co. Ltd.		22,300		213,129		(26.5	)
CI Takiron Corp.		38,200		203,724		(25.4	)
Computer Engineering & Consulting Ltd.		2,400		28,574		(3.6	)
Comture Corp.		15,100		409,483		(51.0	)
CRE Logistics REIT, Inc.		26		50,584		(6.3	)
Create Restaurants Holdings, Inc.		1,000		6,875		(0.9	)
Cybozu, Inc.		13,100		310,808		(38.7	)
Daiken Corp.		12,400		270,973		(33.7	)
Dainichiseika Color & Chemicals Manufacturing Co. Ltd.		7,000		161,806		(20.1	)
Dexerials Corp.		9,200		186,109		(23.2	)
Dip Corp.		8,200		294,210		(36.6	)
Direct Marketing MiX, Inc.		200		7,671		(1.0	)
Doshisha Co. Ltd.		23,700		371,345		(46.2	)
Ebase Co. Ltd.		2,000		13,323		(1.7	)
en-japan, Inc.		2,800		111,193		(13.8	)
FCC Co. Ltd.		37,500		519,180		(64.6	)
Fukui Computer Holdings, Inc.		800		28,857		(3.6	)
Fukuoka REIT Corp.		8		11,874		(1.5	)
Geo Holdings Corp.		3,000		31,872		(4.0	)
Giken Ltd.		3,500		133,553		(16.6	)
Glory Ltd.		25,300		544,589		(67.8	)
Goldcrest Co. Ltd.		26,700		382,557		(47.6	)
Gunze Ltd.		1,200		46,251		(5.8	)
H2O Retailing Corp.		35,800		285,905		(35.6	)
Heiwado Co. Ltd.		7,600		131,557		(16.4	)
Ichibanya Co. Ltd.		700		28,300		(3.5	)
Inaba Denki Sangyo Co. Ltd.		3,800		91,153		(11.3	)
Infocom Corp.		2,800		53,761		(6.7	)
Itochu Advance Logistics Investment Corp.		16		22,785		(2.8	)
Itochu Enex Co. Ltd.		42,000		370,583		(46.1	)
JAC Recruitment Co. Ltd.		3,100		60,823		(7.6	)
Jafco Co. Ltd.		9,300		589,222		(73.4	)
Japan Lifeline Co. Ltd.		31,000		333,812		(41.6	)
Japan Petroleum Exploration Co. Ltd.		600		10,919		(1.4	)
Japan Wool Textile Co. Ltd.		47,200		376,956		(46.9	)
JSP Corp.		23,100		310,845		(38.7	)
Kamei Corp.		16,300		166,103		(20.7	)
Kanematsu Corp.		2,000		23,226		(2.9	)
KeePer Technical Laboratory Co. Ltd.		6,200		178,789		(22.3	)
KOMEDA Holdings Co. Ltd.		23,000		417,158		(51.9	)
Komori Corp.		19,500		127,368		(15.9	)
Konoike Transport Co. Ltd.		19,000		207,969		(25.9	)
Kumagai Gumi Co. Ltd.		1,100		27,227		(3.4	)
Kura Sushi, Inc.		4,400		142,365		(17.7	)
LITALICO, Inc.		4,000		120,779		(15.0	)
Maeda Kosen Co. Ltd.		5,200		150,826		(18.8	)
Makino Milling Machine Co. Ltd.		4,100		147,510		(18.4	)
Mandom Corp.		27,000		392,494		(48.9	)
Maruzen Showa Unyu Co. Ltd.		2,500		76,349		(9.5	)
Medical Data Vision Co. Ltd.		3,600		46,443		(5.8	)
Medley, Inc.		400		11,795		(1.5	)
Meisei Industrial Co. Ltd.		21,400		127,525		(15.9	)
METAWATER Co. Ltd.		7,500		126,905		(15.8	)
Mimasu Semiconductor Industry Co. Ltd.		1,200		26,256		(3.3	)
Mitsui DM Sugar Holdings Co. Ltd.		19,800		351,849		(43.8	)

Security	Shares		Value		% of Basket Value
Japan (continued)
Mochida Pharmaceutical Co. Ltd.		3,900	$	113,730		(14.2	)%
Monogatari Corp. (The)		100		6,221		(0.8	)
Morita Holdings Corp.		20,500		257,927		(32.1	)
MOS Food Services Inc.		12,400		345,767		(43.0	)
Nichicon Corp.		5,400		51,103		(6.4	)
Nippon Gas Co. Ltd.		36,700		455,212		(56.7	)
Nippon Light Metal Holdings Co. Ltd.		80,980		1,344,046		(167.3	)
Nippon Paper Industries Co. Ltd.		35,600		364,910		(45.4	)
Nishimatsuya Chain Co. Ltd.		7,600		96,971		(12.1	)
Nissan Shatai Co. Ltd.		54,700		387,966		(48.3	)
Nitto Boseki Co. Ltd.		9,300		298,088		(37.1	)
Nitto Kogyo Corp.		21,400		318,419		(39.6	)
Nitto Kohki Co. Ltd.		6,900		114,644		(14.3	)
Noritsu Koki Co. Ltd.		2,700		56,153		(7.0	)
Oiles Corp.		17,900		265,957		(33.1	)
Oki Electric Industry Co. Ltd.		51,500		423,028		(52.7	)
Optim Corp.		6,300		99,058		(12.3	)
Osaka Soda Co. Ltd.		1,000		25,413		(3.2	)
Piolax Inc.		12,100		174,063		(21.7	)
Prestige International, Inc.		8,600		58,973		(7.3	)
Round One Corp.		10,100		121,531		(15.1	)
Ryobi Ltd.		6,400		67,094		(8.4	)
Saizeriya Co. Ltd.		6,100		164,661		(20.5	)
Sakai Moving Service Co. Ltd.		3,200		131,772		(16.4	)
SAMTY Co. Ltd.		1,000		22,237		(2.8	)
Sanken Electric Co. Ltd.		1,200		63,089		(7.9	)
SBS Holdings, Inc.		900		32,021		(4.0	)
Shinnihonseiyaku Co. Ltd.		16,700		247,517		(30.8	)
S-Pool, Inc.		900		10,064		(1.2	)
Strike Co. Ltd.		15,600		588,713		(73.3	)
Sumitomo Densetsu Co. Ltd.		3,800		72,943		(9.1	)
Sumitomo Mitsui Construction Co. Ltd.		15,300		64,928		(8.1	)
Sumitomo Osaka Cement Co. Ltd.		5,300		148,511		(18.5	)
Sumitomo Seika Chemicals Co. Ltd.		8,300		236,397		(29.4	)
Takamatsu Construction Group Co. Ltd.		19,200		336,892		(41.9	)
Takuma Co. Ltd.		24,600		321,803		(40.1	)
Toa Corp/Tokyo		1,900		41,697		(5.2	)
Toho Titanium Co. Ltd.		500		5,265		(0.7	)
Tokai Tokyo Financial Holdings, Inc.		8,500		29,467		(3.7	)
Tokyotokeiba Co. Ltd.		2,400		95,092		(11.8	)
Toyo Gosei Co. Ltd.		100		13,913		(1.7	)
Toyobo Co. Ltd.		6,300		75,646		(9.4	)
TPR Co. Ltd.		35,000		445,993		(55.5	)
Tri Chemical Laboratories, Inc.		2,700		80,760		(10.1	)
Trusco Nakayama Corp.		16,500		398,969		(49.7	)
Trust Tech, Inc.		18,700		243,791		(30.4	)
Tsukishima Kikai Co. Ltd.		2,000		20,448		(2.5	)
UACJ Corp.		5,500		127,475		(15.9	)
Unipres Corp.		53,400		435,674		(54.2	)
Uzabase, Inc.		10,700		191,734		(23.9	)
Wacoal Holdings Corp.		19,600		392,515		(48.9	)
Xebio Holdings Co. Ltd.		20,300		188,654		(23.5	)
Yuasa Trading Co. Ltd.		5,300		141,645		(17.6	)
Yurtec Corp.		33,400		195,647		(24.4	)
ZIGExN Co. Ltd.		58,300		207,500		(25.8	)
				23,575,439
Netherlands
Core Laboratories NV		588		15,294		(1.9	)

26 2 0 2 1  BLACK ROCK  SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2021 BlackRock Global Long/Short Equity Fund

Security	Shares		Value		% of Basket Value
Netherlands (continued)
TKH Group NV		145	$	8,260		(1.0	)%
TomTom NV		1,787		15,357		(1.9	)
				38,911
Norway
Aker Solutions ASA		5,113		14,510		(1.8	)
Borregaard ASA		320		7,771		(1.0	)
Elkem ASA		1,511		6,006		(0.8	)
Fjordkraft Holding ASA		9,952		59,252		(7.4	)
FLEX Liquified Natural Gas Ltd.		4,689		94,780		(11.8	)
Golden Ocean Group Ltd.		20,094		181,734		(22.6	)
Grieg Seafood ASA		4,982		55,346		(6.9	)
Selvaag Bolig ASA		13,392		82,274		(10.2	)
SpareBank 1 Nord Norge		4,051		49,121		(6.1	)
Sparebank 1 Oestlandet		8,932		147,177		(18.3	)
TGS ASA		4,494		41,447		(5.2	)
				739,418
Peru
Hochschild Mining PLC		16,803		32,792		(4.1	)
Portugal
Altri SGPS SA		4,265		27,635		(3.4	)
CTT-Correios de Portugal SA		22,148		121,715		(15.2	)
			149,350
Singapore
iFAST Corp. Ltd.		11,500		73,965		(9.2	)
Keppel Pacific Oak US REIT		384,300		305,519		(38.0	)
Razer, Inc.		267,000		67,059		(8.4	)
				446,543
Spain
Laboratorios Farmaceuticos Rovi SA		6,763		473,773		(59.0	)
Miquel y Costas & Miquel SA		567		7,852		(1.0	)
Tecnicas Reunidas SA		3,513		31,770		(3.9	)
Unicaja Banco SA		5,823		6,230		(0.8	)
				519,625
Sweden
AcadeMedia AB		3,874		27,785		(3.5	)
AddTech AB		16,903		378,157		(47.1	)
AF AB		521		15,503		(1.9	)
Betsson AB		3,734		26,063		(3.3	)
Bonava AB		9,433		93,191		(11.6	)
Cellavision AB		267		12,144		(1.5	)
Fagerhult AB		745		5,977		(0.7	)
GARO AB		257		6,461		(0.8	)
Hexatronic Group AB		426		18,696		(2.3	)
New Wave Group AB		4,693		79,565		(9.9	)
Pandox AB		3,334		58,776		(7.3	)
Scandic Hotels Group AB		6,211		30,043		(3.7	)
SSAB AB		139,288		696,183		(86.7	)
SwedenCare AB		1,668		27,396		(3.4	)
Troax Group AB		5,479		224,570		(28.0	)
Vitrolife AB		748		48,682		(6.1	)
				1,749,192
Switzerland
Basilea Pharmaceutica AG		155		7,252		(0.9	)
Cembra Money Bank AG		11,121		742,376		(92.4	)
EFG International AG		1,676		11,755		(1.5	)
Gurit Holding AG		5		8,672		(1.1	)
Inficon Holding AG		17		21,813		(2.7	)

Security	Shares		Value		% of Basket Value
Switzerland (continued)
Komax Holding AG		303	$	77,173		(9.6	)%
Landis+Gyr Group AG		4,359		299,671		(37.3	)
Medacta Group SA		2,873		481,971		(60.0	)
Medartis Holding AG		394		51,896		(6.5	)
Sensirion Holding AG		1,013		145,995		(18.2	)
u-Blox Holding AG		3,340		244,408		(30.4	)
Zehnder Group AG		149		16,038		(2.0	)
				2,109,020
Ukraine
Network International Holdings PLC		65,733		290,747		(36.2	)
United Kingdom
AG Barr PLC		1,083		7,359		(0.9	)
Brewin Dolphin Holdings PLC		20,127		103,706		(12.9	)
Capita PLC		15,569		10,105		(1.3	)
Cineworld Group PLC		596,489		499,514		(62.2	)
CMC Markets PLC		1,640		5,635		(0.7	)
Craneware PLC		6,871		214,396		(26.7	)
Domino’s Pizza Group PLC		24,495		129,761		(16.2	)
dotdigital group PLC		31,175		102,608		(12.8	)
Go-Ahead Group PLC		620		6,661		(0.8	)
Hammerson PLC		443,412		194,692		(24.2	)
Hunting PLC		43,493		100,831		(12.6	)
Indivior PLC		179,728		598,191		(74.5	)
J D Wetherspoon PLC		4,263		59,831		(7.4	)
Judges Scientific PLC		1,160		117,284		(14.6	)
Kainos Group PLC		5,470		148,222		(18.5	)
Liontrust Asset Management PLC		788		23,510		(2.9	)
Luceco PLC		50,041		260,238		(32.4	)
Micro Focus International PLC		49,043		240,334		(29.9	)
Moneysupermarket.com Group plc		89,847		260,848		(32.5	)
Morgan Advanced Materials PLC		15,870		75,147		(9.4	)
Ninety One PLC		48,199		172,031		(21.4	)
Pets at Home Group PLC		11,780		77,770		(9.7	)
Rathbone Brothers PLC		3		81		(0.0	)
Sabre Insurance Group PLC		58,876		157,706		(19.6	)
Serica Energy PLC		11,647		32,835		(4.1	)
SIG PLC		218,770		155,537		(19.4	)
Softcat PLC		19,824		527,139		(65.6	)
Subsea 7 SA		39,217		352,031		(43.8	)
TechnipFMC PLC		8,573		63,183		(7.9	)
TP ICAP Group PLC		40,536		86,154		(10.7	)
Tullow Oil PLC		31,919		20,045		(2.5	)
Victrex PLC		482		15,072		(1.9	)
Volex PLC		3,840		23,649		(2.9	)
				4,842,106
United States
2U, Inc.		1,771		52,315		(6.5	)
AAR Corp.		8,858		313,307		(39.0	)
ACADIA Pharmaceuticals, Inc.		20,951		376,070		(46.8	)
ACCO Brands Corp.		33,430		276,466		(34.4	)
ACI Worldwide, Inc.		13,931		427,403		(53.2	)
Advantage Solutions, Inc.		662		5,653		(0.7	)
Akero Therapeutics, Inc.		288		6,189		(0.8	)
Akouos, Inc.		2,400		22,368		(2.8	)
Alarm.com Holdings, Inc.		411		34,631		(4.3	)
Allovir, Inc.		416		9,988		(1.2	)
Ameresco, Inc., Class A		809		66,443		(8.3	)
American Finance Trust, Inc.		10,334		85,566		(10.7	)
American Woodmark Corp.		388		26,671		(3.3	)
America’s Car-Mart, Inc.		308		36,803		(4.6	)

SCHEDULE   OF  INVESTMENTS 27

Schedule of Investments (unaudited) (continued) October 31, 2021 BlackRock Global Long/Short Equity Fund

Security	Shares		Value		% of Basket Value
United States (continued)
Amicus Therapeutics, Inc.		11,647	$	122,294		(15.2	)%
Andersons, Inc.		3,056		104,087		(13.0	)
Angi, Inc.		10,826		135,650		(16.9	)
Annexon, Inc.		1,719		28,037		(3.5	)
Antares Pharma, Inc.		30,653		114,642		(14.3	)
Apartment Investment and Management Co., Class A		39,638		300,456		(37.4	)
Applied Molecular Transport, Inc.		2,201		49,567		(6.2	)
Apria, Inc.		3,981		149,009		(18.6	)
Arbor Realty Trust, Inc.		1,401		28,174		(3.5	)
Arconic Corp.		7,256		213,472		(26.6	)
Assetmark Financial Holdings, Inc.		14,433		370,062		(46.1	)
Astec Industries, Inc.		726		38,754		(4.8	)
Avanos Medical, Inc.		2,234		70,460		(8.8	)
Avrobio, Inc.		7,043		39,582		(4.9	)
Bandwidth, Inc., Class A		4,743		404,483		(50.4	)
Bar Harbor Bankshares		512		15,206		(1.9	)
BellRing Brands, Inc., Class A		12,142		325,648		(40.6	)
BioAtla, Inc.		4,391		128,349		(16.0	)
Black Diamond Therapeutics, Inc.		2,509		19,219		(2.4	)
Bloomin’ Brands, Inc.		4,290		92,750		(11.6	)
Box, Inc., Class A		23,210		599,514		(74.7	)
BRP Group, Inc., Class A		5,575		203,488		(25.3	)
Byline Bancorp, Inc.		856		22,051		(2.7	)
C4 Therapeutics, Inc.		4,499		199,846		(24.9	)
Calavo Growers, Inc.		1,214		48,803		(6.1	)
Capital City Bank Group, Inc.		2,030		54,546		(6.8	)
Cardiovascular Systems, Inc.		1,855		65,073		(8.1	)
Castle Biosciences, Inc.		142		8,854		(1.1	)
Centennial Resource Development, Inc., Class A		69,486		500,299		(62.3	)
Centerspace		2,065		209,061		(26.0	)
Central Garden & Pet Co., Class A		147		6,791		(0.8	)
Century Aluminum Co.		25,672		339,127		(42.2	)
ChannelAdvisor Corp.		258		6,582		(0.8	)
Chuy’s Holdings, Inc.		205		5,978		(0.7	)
Citi Trends, Inc.		138		10,676		(1.3	)
CNX Resources Corp.		7,383		107,866		(13.4	)
Cohu, Inc.		204		6,536		(0.8	)
Computer Programs & Systems, Inc.		649		23,429		(2.9	)
Comstock Resources, Inc.		51,262		505,956		(63.0	)
Corcept Therapeutics, Inc.		3,132		56,376		(7.0	)
Corporate Office Properties Trust		13,033		353,455		(44.0	)
Cowen, Inc., Class A		1,401		52,860		(6.6	)
CryoLife, Inc.		5,221		107,761		(13.4	)
Dave & Buster’s Entertainment, Inc.		18,006		668,563		(83.2	)
Deluxe Corp.		3,545		126,450		(15.7	)
Denny’s Corp.		463		7,362		(0.9	)
Designer Brands, Inc., Class A		5,545		75,024		(9.3	)
Dril-Quip, Inc.		1,488		35,057		(4.4	)
Ducommun, Inc.		115		5,565		(0.7	)
Dyne Therapeutics, Inc.		8,264		119,911		(14.9	)
Eargo, Inc.		4,285		37,708		(4.7	)
EchoStar Corp., Class A		284		6,663		(0.8	)
elf Beauty, Inc.		26,588		859,058		(107.0	)
Emergent BioSolutions, Inc.		1,775		84,614		(10.5	)
Energizer Holdings, Inc.		4,661		169,987		(21.2	)
Energy Fuels, Inc.		4,198		33,106		(4.1	)
Enova International, Inc.		20,027		649,676		(80.9	)
ESCO Technologies, Inc.		161		13,614		(1.7	)
Essential Properties Realty Trust, Inc.		1,030		30,684		(3.8	)
EverQuote, Inc., Class A		13,967		192,605		(24.0	)
Evolent Health, Inc., Class A		2,145		62,784		(7.8	)

Security	Shares		Value		% of Basket Value
United States (continued)
EW Scripps Co., Class A		16,000	$	297,600		(37.1	)%
Expro Group Holdings NV		7,139		122,442		(15.3	)
FibroGen, Inc.		1,040		11,565		(1.4	)
Financial Institutions, Inc.		2		64		(0.0	)
First Busey Corp.		20,273		516,759		(64.3	)
First Financial Corp.		4,120		176,542		(22.0	)
First Interstate Bancsystem, Inc., Class A		13,549		563,232		(70.1	)
First Merchants Corp.		3,403		141,497		(17.6	)
Fluor Corp.		18,255		354,877		(44.2	)
Forma Therapeutics Holdings, Inc.		1,905		35,357		(4.4	)
Forrester Research, Inc.		5,339		284,302		(35.4	)
Franklin Street Properties Corp.		35,021		157,595		(19.6	)
Frequency Therapeutics, Inc.		10,888		68,377		(8.5	)
FRP Holdings, Inc.		3,814		218,161		(27.2	)
Gates Industrial Corp. PLC		11,381		187,104		(23.3	)
Getty Realty Corp.		6,979		224,165		(27.9	)
Gevo, Inc.		21,611		156,248		(19.5	)
Glaukos Corp.		4,674		213,649		(26.6	)
Global Medical REIT, Inc.		4,580		75,936		(9.5	)
GMS, Inc.		248		12,283		(1.5	)
Golden Entertainment, Inc.		2,099		109,085		(13.6	)
Graham Holdings Co., Class B		155		90,807		(11.3	)
Granite Point Mortgage Trust, Inc.		664		8,898		(1.1	)
Green Brick Partners, Inc.		226		5,887		(0.7	)
Grocery Outlet Holding Corp.		23,667		525,171		(65.4	)
Group 1 Automotive, Inc.		741		133,232		(16.6	)
Hanover Insurance Group, Inc.		1,774		223,524		(27.8	)
Hawaiian Holdings, Inc.		3,435		66,467		(8.3	)
Heartland Express, Inc.		5,921		96,690		(12.0	)
Heartland Financial USA, Inc.		562		28,167		(3.5	)
Hecla Mining Co.		12,286		71,013		(8.8	)
Hemisphere Media Group, Inc.		8,395		92,765		(11.6	)
Heron Therapeutics, Inc.		13,147		144,748		(18.0	)
Houghton Mifflin Harcourt Co.		5,456		77,421		(9.6	)
Huron Consulting Group, Inc.		4,100		205,656		(25.6	)
I3 Verticals, Inc., Class A		373		8,351		(1.0	)
ICF International, Inc.		4,205		422,560		(52.6	)
iHeartMedia, Inc., Class A		53,209		1,031,190		(128.4	)
Independent Bank Corp.		2,150		48,440		(6.0	)
Intercept Pharmaceuticals, Inc.		4,936		83,221		(10.4	)
J&J Snack Foods Corp.		46		6,787		(0.8	)
Johnson Outdoors, Inc., Class A		678		71,990		(9.0	)
Kaiser Aluminum Corp.		481		46,724		(5.8	)
KAR Auction Services, Inc.		29,306		429,919		(53.5	)
Kinnate Biopharma, Inc.		2,317		55,075		(6.9	)
Kirby Corp.		7,062		370,119		(46.1	)
Kura Oncology, Inc.		13,202		216,777		(27.0	)
LendingTree, Inc.		1,402		226,269		(28.2	)
Liberty Latin America Ltd., Class A		716		8,606		(1.1	)
Lions Gate Entertainment Corp., Class A		37,680		487,956		(60.8	)
Luther Burbank Corp.		10,106		146,638		(18.3	)
Marcus Corp.		1,427		26,499		(3.3	)
MarineMax, Inc.		5,489		284,275		(35.4	)
Marten Transport Ltd.		13,582		225,869		(28.1	)
MDC Holdings, Inc.		4,222		206,794		(25.8	)
Mercury Systems, Inc.		6,061		312,384		(38.9	)
Merit Medical Systems, Inc.		1,002		67,395		(8.4	)
Midland States Bancorp, Inc.		676		17,346		(2.2	)
Mitek Systems, Inc.		16,854		317,361		(39.5	)
Model N, Inc.		13,676		443,239		(55.2	)
MRC Global, Inc.		12,958		107,551		(13.4	)
Multiplan Corp.		3,448		14,861		(1.9	)

28 2 0 2 1  BLACK ROCK  SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2021 BlackRock Global Long/Short Equity Fund

Security	Shares		Value		% of Basket Value
United States (continued)
N-Able, Inc.		677	$	9,004		(1.1	)%
Nabors Industries Ltd.		350		35,875		(4.5	)
NanoString Technologies, Inc.		8,767		423,446		(52.7	)
NextGen Healthcare, Inc.		29,289		482,097		(60.0	)
NGM Biopharmaceuticals, Inc.		5,653		104,411		(13.0	)
Nkarta, Inc.		2,270		35,594		(4.4	)
Northern Oil and Gas, Inc.		828		19,176		(2.4	)
NorthWestern Corp.		1,053		59,874		(7.5	)
ORIC Pharmaceuticals, Inc.		463		6,778		(0.8	)
Origin Bancorp, Inc.		1,202		53,609		(6.7	)
Ortho Clinical Diagnostics Holdings PLC		9,439		186,609		(23.2	)
Outfront Media, Inc.		23,880		594,373		(74.0	)
Ovintiv, Inc.		2,469		92,637		(11.5	)
Palomar Holdings, Inc.		2,671		244,263		(30.4	)
Passage Bio, Inc.		28,908		252,078		(31.4	)
Patterson Cos., Inc.		1,940		60,644		(7.6	)
PC Connection, Inc.		301		13,861		(1.7	)
Peoples Bancorp, Inc.		5,256		167,982		(20.9	)
Perficient, Inc.		103		12,731		(1.6	)
Personalis, Inc.		2,826		55,446		(6.9	)
PetIQ, Inc.		3,969		99,423		(12.4	)
Phibro Animal Health Corp., Class A		1,115		24,463		(3.1	)
Ping Identity Holding Corp.		30,531		864,943		(107.7	)
Plains GP Holdings LP, Class A		525		5,723		(0.7	)
PMV Pharmaceuticals, Inc.		6,804		160,710		(20.0	)
Primoris Services Corp.		903		24,336		(3.0	)
Progress Software Corp.		2,437		125,286		(15.6	)
ProPetro Holding Corp.		979		9,389		(1.2	)
PROS Holdings, Inc.		2,302		69,060		(8.6	)
Proto Labs, Inc.		3,027		181,045		(22.5	)
PTC Therapeutics, Inc.		5,405		205,012		(25.5	)
Pulmonx Corp.		1,151		44,808		(5.6	)
QuinStreet, Inc.		17,866		250,124		(31.1	)
Quotient Technology, Inc.		37,148		239,233		(29.8	)
RadNet, Inc.		1,594		49,557		(6.2	)
Ranpak Holdings Corp.		5,084		175,195		(21.8	)
RealReal, Inc.		9,193		119,785		(14.9	)
Revolution Medicines, Inc.		1,969		57,948		(7.2	)
REX American Resources Corp.		262		23,043		(2.9	)
Rocket Pharmaceuticals, Inc.		1,946		57,816		(7.2	)
Rush Enterprises, Inc., Class B		5,072		262,273		(32.7	)
Sally Beauty Holdings, Inc.		5,820		88,813		(11.1	)
Sangamo Therapeutics, Inc.		1,093		8,875		(1.1	)
Select Medical Holdings Corp.		1,340		44,515		(5.5	)
Seres Therapeutics, Inc.		2,382		14,483		(1.8	)
Silk Road Medical, Inc.		739		43,387		(5.4	)
SM Energy Co.		471		16,165		(2.0	)
SpartanNash Co.		1,033		23,904		(3.0	)
Spirit Airlines, Inc.		11,411		249,330		(31.0	)
SPS Commerce, Inc.		2,840		433,753		(54.0	)
Steelcase, Inc., Class A		6,252		74,399		(9.3	)
Stoke Therapeutics, Inc.		6,469		147,687		(18.4	)
Surgery Partners, Inc.		1,450		59,653		(7.4	)
Tactile Systems Technology, Inc.		3,980		137,270		(17.1	)
Talos Energy, Inc.		5,384		69,830		(8.7	)
Taylor Morrison Home Corp.		721		22,012		(2.7	)
TCR2 Therapeutics, Inc.		4,505		28,382		(3.5	)
TechTarget, Inc.		389		36,687		(4.6	)
Texas Capital Bancshares, Inc.		4,074		246,884		(30.7	)
TPG RE Finance Trust, Inc.		606		7,920		(1.0	)
Tri Pointe Homes, Inc.		9,985		241,537		(30.1	)

Security	Shares			Value			% of Basket Value
United States (continued)
Trico Bancshares		21,352		$	935,858			(116.5	)%
TriNet Group, Inc.		3,126			316,507			(39.4	)
Trinity Industries, Inc.		1,573			44,123			(5.5	)
TrueCar, Inc.		39,801			166,766			(20.8	)
Turning Point Brands, Inc.		2,484			94,814			(11.8	)
UMH Properties, Inc.		1,880			45,007			(5.6	)
United Fire Group, Inc.		1,500			30,645			(3.8	)
United States Cellular Corp.		2,075			63,433			(7.9	)
Universal Insurance Holdings, Inc.		1,396			20,619			(2.6	)
Urban Outfitters, Inc.		6,979			222,839			(27.8	)
Urstadt Biddle Properties, Inc., Class A		6,246			122,671			(15.3	)
Varex Imaging Corp.		673			18,070			(2.3	)
Vectrus, Inc.		611			29,591			(3.7	)
Verint Systems, Inc.		4,694			218,740			(27.2	)
Verra Mobility Corp.		3,245			48,286			(6.0	)
Vertex, Inc.		3,327			69,268			(8.6	)
ViaSat, Inc.		7,697			459,434			(57.2	)
Viavi Solutions, Inc.		4,723			72,734			(9.1	)
Victory Capital Holdings, Inc., Class A		28,446			1,078,103			(134.2	)
Vocera Communications, Inc.		7,035			398,040			(49.6	)
Warrior Met Coal, Inc.		2,975			71,311			(8.9	)
Wolverine World Wide, Inc.		15,106			501,066			(62.4	)
XPEL, Inc.		4,880			370,392			(46.1	)
					35,898,078
Rights
Spain
Miquel y Costas & Miquel SA		567			2,848			(0.4	)
Total Reference Entity — Long					87,417,838
Reference Entity — Short
Common Stocks
Australia
OceanaGold Corp.		(228,087	)		(425,728	)		53.0
SolGold PLC		(372,290	)		(141,127	)		17.6
					(566,855	)
Austria
CA Immobilien Anlagen AG		(17,842	)		(765,582	)		95.3
DO & Co. AG		(488	)		(44,115	)		5.5
FACC AG		(2,776	)		(28,434	)		3.5
IMMOFINANZ AG		(10,485	)		(251,140	)		31.3
Semperit AG Holding		(6,068	)		(204,476	)		25.5
					(1,293,747	)
Belgium
Ontex Group NV		(114,692	)		(1,081,506	)		134.6
VGP NV		(263	)		(68,020	)		8.5
					(1,149,526	)
Canada
Calibre Mining Corp.		(31,666	)		(37,868	)		4.7
Canacol Energy Ltd.		(7,318	)		(22,943	)		2.9
Capstone Mining Corp.		(100,459	)		(421,285	)		52.5
Cogeco, Inc.		(1,795	)		(119,483	)		14.9
Extendicare, Inc.		(48,653	)		(284,622	)		35.4
IMAX Corp.		(3,600	)		(67,860	)		8.4
Largo Resources Ltd.		(5,958	)		(74,331	)		9.3
Lassonde Industries, Inc., Class A		(2,194	)		(311,993	)		38.8
LifeWorks, Inc.		(41,439	)		(1,071,132	)		133.4
New Gold, Inc.		(123,908	)		(174,208	)		21.7
North West Co., Inc.		(18,549	)		(504,042	)		62.8
Rogers Sugar, Inc.		(28,340	)		(129,151	)		16.1

SCHEDULE   OF  INVESTMENTS 29

Schedule of Investments (unaudited) (continued) October 31, 2021 BlackRock Global Long/Short Equity Fund

Security	Shares			Value			% of Basket Value
Canada (continued)
Russel Metals, Inc.		(3,536	)	$	(93,228	)		11.6	%
Sabina Gold & Silver Corp.		(43,055	)		(49,053	)		6.1
Seabridge Gold, Inc.		(5,931	)		(109,505	)		13.6
Sienna Senior Living, Inc.		(36,531	)		(418,855	)		52.2
Sleep Country Canada Holdings, Inc.		(11,369	)		(319,041	)		39.7
Superior Plus Corp.		(49,553	)		(551,345	)		68.6
Timbercreek Financial Corp.		(5,406	)		(42,502	)		5.3
Winpak Ltd.		(24,233	)		(758,358	)		94.4
					(5,560,805	)
Denmark
Brodrene Hartmann A/S		(381	)		(22,795	)		2.8
NKT A/S		(1,190	)		(57,364	)		7.2
Ringkjoebing Landbobank A/S		(22,386	)		(2,842,170	)		353.9
Zealand Pharma A/S		(1,961	)		(62,926	)		7.8
					(2,985,255	)
Finland
Aktia Bank OYJ		(476	)		(6,815	)		0.9
Finnair OYJ		(333,571	)		(254,827	)		31.7
Sanoma OYJ		(9,703	)		(151,043	)		18.8
					(412,685	)
France
Nacon SA		(9,626	)		(53,691	)		6.7
Germany
Aareal Bank AG		(5,057	)		(161,649	)		20.1
CECONOMY AG		(60,540	)		(295,371	)		36.8
Home24 SE		(4,790	)		(62,516	)		7.8
Hornbach Holding AG & Co. KGaA		(49	)		(6,196	)		0.8
KWS Saat SE & Co. KGaA		(81	)		(6,910	)		0.8
Sirius Real Estate Ltd.		(46,786	)		(86,423	)		10.8
Westwing Group AG		(16,051	)		(503,462	)		62.7
					(1,122,527	)
Hong Kong
Hongkong & Shanghai Hotels Ltd.		(40,500	)		(36,837	)		4.6
Prosperity REIT		(207,000	)		(81,343	)		10.1
Sunlight Real Estate Investment Trust		(313,000	)		(181,029	)		22.6
Television Broadcasts Ltd.		(48,500	)		(37,714	)		4.7
					(336,923	)
Ireland
Glenveagh Properties PLC		(22,921	)		(28,881	)		3.6
Irish Residential Properties REIT PLC		(8,643	)		(16,286	)		2.0
					(45,167	)
Israel
AudioCodes Ltd.		(541	)		(18,834	)		2.3
Cellcom Israel Ltd.		(54,953	)		(207,943	)		25.9
Clal Insurance Enterprises Holdings Ltd.		(245	)		(6,054	)		0.8
Doral Group Renewable Energy Resources Ltd.		(24,848	)		(120,592	)		15.0
Magic Software Enterprises Ltd.		(3,557	)		(75,592	)		9.4
Nano Dimension Ltd.		(61,418	)		(361,138	)		45.0
Nano-X Imaging Ltd.		(256	)		(5,798	)		0.7
Naphtha Israel Petroleum Corp. Ltd.		(32,103	)		(198,966	)		24.8
					(994,917	)
Italy
Banca Popolare di Sondrio SCPA		(99,657	)		(433,061	)		53.9
Credito Emiliano SpA		(77,675	)		(589,320	)		73.4

Security	Shares			Value			% of Basket Value
Italy (continued)
doValue SpA		(25,866	)	$	(248,032	)		30.9	%
Fila SpA		(2,179	)		(26,291	)		3.3
RAI Way SpA		(6,915	)		(41,887	)		5.2
					(1,338,591	)
Japan
ADEKA Corp.		(24,200	)		(538,338	)		67.0
Aeon Delight Co. Ltd.		(13,500	)		(414,611	)		51.6
Aeon Hokkaido Corp.		(19,500	)		(225,203	)		28.0
Aiful Corp.		(123,100	)		(410,113	)		51.1
Alpen Co. Ltd.		(8,100	)		(197,579	)		24.6
Alpha Systems, Inc.		(1,200	)		(45,816	)		5.7
Aomori Bank Ltd.		(15,400	)		(265,591	)		33.1
Awa Bank Ltd.		(17,700	)		(329,705	)		41.1
Bank of Nagoya Ltd.		(22,700	)		(482,876	)		60.1
BML, Inc.		(40,200	)		(1,413,023	)		175.9
Bushiroad, Inc.		(6,900	)		(96,241	)		12.0
COLOPL, Inc.		(27,500	)		(198,679	)		24.7
Daibiru Corp.		(10,300	)		(143,332	)		17.9
Daiichi Jitsugyo Co. Ltd.		(11,700	)		(544,220	)		67.8
Daishi Hokuetsu Financial Group, Inc.		(9,600	)		(214,996	)		26.8
DCM Holdings Co. Ltd.		(700	)		(6,825	)		0.9
Descente Ltd.		(10,700	)		(405,584	)		50.5
DyDo Group Holdings, Inc.		(1,000	)		(47,646	)		5.9
Eagle Industry Co. Ltd.		(11,500	)		(122,839	)		15.3
Earth Corp.		(1,700	)		(104,321	)		13.0
Edulab, Inc.		(700	)		(9,889	)		1.2
EM Systems Co. Ltd.		(48,500	)		(321,506	)		40.0
Enigmo, Inc.		(51,400	)		(488,160	)		60.8
eRex Co. Ltd.		(2,500	)		(57,248	)		7.1
ESPEC Corp.		(13,400	)		(271,815	)		33.8
Frontier Real Estate Investment Corp.		(109	)		(482,231	)		60.0
Fujicco Co. Ltd.		(2,700	)		(45,328	)		5.6
Fujitec Co. Ltd.		(43,800	)		(994,943	)		123.9
Fukushima Galilei Co. Ltd.		(6,100	)		(242,511	)		30.2
giftee, Inc.		(10,900	)		(368,467	)		45.9
GMO Financial Gate, Inc.		(100	)		(25,971	)		3.2
GNI Group Ltd.		(11,400	)		(159,737	)		19.9
Grace Technology, Inc.		(47,100	)		(431,088	)		53.7
Gree, Inc.		(1,400	)		(11,807	)		1.5
Hankyu Hanshin REIT, Inc.		(210	)		(309,717	)		38.6
Heiwa Real Estate REIT, Inc.		(9	)		(12,565	)		1.6
Hirata Corp.		(4,600	)		(280,469	)		34.9
Hitachi Zosen Corp.		(3,900	)		(30,580	)		3.8
Hokuetsu Corp.		(61,500	)		(406,361	)		50.6
Hoshino Resorts REIT, Inc.		(34	)		(222,005	)		27.6
Hosokawa Micron Corp.		(4,900	)		(135,563	)		16.9
Hyakugo Bank Ltd.		(62,500	)		(181,175	)		22.6
Inageya Co. Ltd.		(13,900	)		(168,000	)		20.9
Itochu-Shokuhin Co. Ltd.		(2,800	)		(129,399	)		16.1
Jaccs Co. Ltd.		(33,600	)		(896,125	)		111.6
Japan Securities Finance Co. Ltd.		(10,300	)		(78,630	)		9.8
Juroku Financial Group, Inc.		(2,800	)		(50,854	)		6.3
Kamakura Shinsho Ltd.		(7,700	)		(62,213	)		7.8
Kameda Seika Co. Ltd.		(15,400	)		(602,304	)		75.0
Kanto Denka Kogyo Co. Ltd.		(89,900	)		(826,919	)		103.0
Kappa Create Co. Ltd.		(31,400	)		(381,607	)		47.5
Katakura Industries Co. Ltd.		(6,500	)		(98,814	)		12.3
Keiyo Bank Ltd.		(26,200	)		(102,049	)		12.7

30 2 0 2 1  BLACK ROCK  SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2021 BlackRock Global Long/Short Equity Fund

Security	Shares			Value			% of Basket Value
Japan (continued)
Keiyo Co. Ltd.		(154,900	)		$    (1,128,120	)		140.5	%
Key Coffee, Inc.		(15,000	)		(293,473	)		36.5
KFC Holdings Japan Ltd.		(11,500	)		(291,607	)		36.3
Kisoji Co. Ltd.		(18,900	)		(354,949	)		44.2
Kiyo Bank Ltd.		(45,100	)		(592,257	)		73.7
Koa Corp.		(3,500	)		(47,314	)		5.9
Kohnan Shoji Co. Ltd.		(7,200	)		(225,168	)		28.0
KYB Corp.		(3,000	)		(80,282	)		10.0
KYORIN Holdings, Inc.		(2,600	)		(39,938	)		5.0
LEC, Inc.		(19,300	)		(176,473	)		22.0
Leopalace21 Corp.		(115,300	)		(248,378	)		30.9
Macnica Fuji Electronics Holdings, Inc.		(6,600	)		(155,164	)		19.3
Maruwa Co. Ltd/Aichi		(3,200	)		(358,678	)		44.7
Marvelous, Inc.		(1,000	)		(6,348	)		0.8
Matsuya Co. Ltd.		(77,500	)		(740,138	)		92.2
Matsuyafoods Holdings Co. Ltd.		(1,200	)		(38,379	)		4.8
MCJ Co. Ltd.		(9,100	)		(102,454	)		12.8
MedPeer, Inc.		(6,800	)		(204,327	)		25.4
Meiko Electronics Co. Ltd.		(15,700	)		(435,689	)		54.3
Melco Holdings, Inc.		(1,700	)		(70,256	)		8.8
Mie Kotsu Group Holdings, Inc.		(47,000	)		(205,426	)		25.6
Mitani Sekisan Co. Ltd.		(10,200	)		(647,231	)		80.6
Mitsubishi Logisnext Co. Ltd.		(800	)		(7,357	)		0.9
Mitsuuroko Group Holdings Co. Ltd.		(2,100	)		(25,129	)		3.1
Mori Trust Hotel REIT, Inc.		(74	)		(91,879	)		11.4
Mori Trust Sogo REIT, Inc.		(98	)		(126,610	)		15.8
MTI Ltd.		(1,000	)		(6,405	)		0.8
Musashi Seimitsu Industry Co. Ltd.		(3,000	)		(56,463	)		7.0
Musashino Bank Ltd.		(4,300	)		(67,543	)		8.4
Nagatanien Holdings Co. Ltd.		(9,700	)		(177,613	)		22.1
Nanto Bank Ltd.		(400	)		(6,896	)		0.9
Nichiden Corp.		(9,800	)		(197,175	)		24.6
Nippon Carbon Co. Ltd.		(4,000	)		(154,423	)		19.2
Nippon Ceramic Co. Ltd.		(700	)		(18,185	)		2.3
Nippon Road Co. Ltd.		(1,500	)		(108,507	)		13.5
Nippon Suisan Kaisha Ltd.		(62,100	)		(352,933	)		43.9
Nishi-Nippon Financial Holdings, Inc.		(1,300	)		(7,580	)		0.9
Nissha Co. Ltd.		(2,500	)		(40,955	)		5.1
Nissin Electric Co. Ltd.		(42,500	)		(526,706	)		65.6
Nitta Corp.		(4,900	)		(112,333	)		14.0
Nittoku Co. Ltd.		(22,100	)		(768,317	)		95.7
Nomura Co. Ltd.		(700	)		(6,902	)		0.9
North Pacific Bank Ltd.		(102,800	)		(212,752	)		26.5
NSD Co. Ltd.		(400	)		(7,598	)		0.9
Okamura Corp.		(64,000	)		(844,601	)		105.2
Okinawa Financial Group, Inc.		(24,200	)		(531,996	)		66.2
Open Door, Inc.		(300	)		(6,631	)		0.8
Organo Corp.		(2,300	)		(146,115	)		18.2
Pasona Group, Inc.		(400	)		(11,170	)		1.4
Pilot Corp.		(600	)		(22,004	)		2.7
PR Times, Inc.		(1,200	)		(38,603	)		4.8
Pressance Corp.		(20,600	)		(341,424	)		42.5
Prima Meat Packers Ltd.		(32,400	)		(761,512	)		94.8
Qol Holdings Co. Ltd.		(30,900	)		(459,018	)		57.2
Raito Kogyo Co. Ltd.		(16,100	)		(286,293	)		35.7
Raksul, Inc.		(400	)		(22,007	)		2.7
Relia, Inc.		(11,000	)		(112,721	)		14.0
Riken Keiki Co. Ltd.		(700	)		(19,424	)		2.4
Riso Kagaku Corp.		(7,400	)		(156,178	)		19.4
Rorze Corp.		(1,000	)		(95,848	)		11.9
RS Technologies Co. Ltd.		(5,200	)		(282,781	)		35.2

Security	Shares			Value			% of Basket Value
Japan (continued)
Saibu Gas Co. Ltd.		(22,300	)	$	(455,348	)		56.7	%
San-Ai Oil Co. Ltd.		(25,900	)		(337,551	)		42.0
SanBio Co. Ltd.		(9,100	)		(96,053	)		12.0
Sanrio Co. Ltd.		(400	)		(8,962	)		1.1
Sanyo Chemical Industries Ltd.		(1,000	)		(49,515	)		6.2
Seiren Co. Ltd.		(26,900	)		(542,904	)		67.6
Septeni Holdings Co. Ltd.		(35,100	)		(148,138	)		18.4
Shiga Bank Ltd.		(400	)		(6,473	)		0.8
Shima Seiki Manufacturing Ltd.		(14,700	)		(282,660	)		35.2
Shizuoka Gas Co. Ltd.		(39,800	)		(419,826	)		52.3
Starts Proceed Investment Corp.		(81	)		(170,171	)		21.2
Suruga Bank Ltd.		(13,100	)		(48,056	)		6.0
T Hasegawa Co. Ltd.		(18,600	)		(454,222	)		56.6
Tadano Ltd.		(37,300	)		(407,319	)		50.7
Taiyo Holdings Co. Ltd.		(5,000	)		(133,672	)		16.6
Takasago International Corp.		(7,200	)		(187,646	)		23.4
Takasago Thermal Engineering Co. Ltd.		(8,500	)		(155,497	)		19.4
Taki Chemical Co. Ltd.		(4,200	)		(232,486	)		29.0
Tama Home Co. Ltd.		(1,100	)		(22,671	)		2.8
Tenma Corp.		(11,900	)		(283,408	)		35.3
Toei Co. Ltd.		(9,600	)		(1,883,155	)		234.5
Token Corp.		(6,800	)		(554,476	)		69.0
TOMONY Holdings, Inc.		(114,900	)		(306,972	)		38.2
Tomy Co. Ltd.		(38,600	)		(366,362	)		45.6
Torii Pharmaceutical Co. Ltd.		(3,400	)		(88,270	)		11.0
Toyo Tanso Co. Ltd.		(5,700	)		(154,957	)		19.3
Tsugami Corp.		(27,300	)		(375,325	)		46.7
Uchida Yoko Co. Ltd.		(1,700	)		(71,917	)		9.0
Union Tool Co.		(5,700	)		(192,530	)		24.0
V Technology Co. Ltd.		(1,400	)		(52,795	)		6.6
V-Cube, Inc.		(13,500	)		(204,140	)		25.4
Vector, Inc.		(15,500	)		(175,875	)		21.9
WealthNavi, Inc.		(6,600	)		(180,982	)		22.5
Yamashin-Filter Corp.		(1,100	)		(6,630	)		0.8
Yodogawa Steel Works Ltd.		(300	)		(6,538	)		0.8
Yokowo Co. Ltd.		(26,700	)		(593,392	)		73.9
Yonex Co. Ltd.		(17,000	)		(111,927	)		13.9
Zojirushi Corp.		(15,100	)		(209,439	)		26.1
					(38,732,484	)
Liechtenstein
Liechtensteinische Landesbank AG		(412	)		(24,299	)		3.0
Luxembourg
Befesa SA		(1,314	)		(97,761	)		12.2
Global Fashion Group SA		(11,137	)		(100,098	)		12.4
					(197,859	)
Netherlands
Accell Group NV		(5,001	)		(206,182	)		25.7
Boskalis Westminster		(13,978	)		(416,883	)		51.9
Intertrust NV		(432	)		(6,532	)		0.8
Pharming Group NV		(6,448	)		(5,419	)		0.7
SIF Holding NV		(672	)		(10,953	)		1.3
Van Lanschot Kempen NV		(985	)		(27,328	)		3.4
Wereldhave NV		(570	)		(8,848	)		1.1
					(682,145	)
New Zealand
Synlait Milk Ltd.		(84,534	)		(218,077	)		27.2
Norway
Aker BioMarine ASA		(21,441	)		(108,247	)		13.5
Aker Horizons Holding ASA		(260,076	)		(1,075,843	)		134.0

SCHEDULE   OF  INVESTMENTS 31

Schedule of Investments (unaudited) (continued) October 31, 2021 BlackRock Global Long/Short Equity Fund

Security	Shares			Value			% of Basket Value
Norway (continued)
Bank Norwegian ASA		(46,066	)	$	(570,379	)		71.0	%
Bonheur ASA		(4,984	)		(196,755	)		24.5
Hexagon Purus Holding		(3,778	)		(13,794	)		1.7
Sbanken ASA		(45,042	)		(527,842	)		65.7
Veidekke ASA		(18,831	)		(271,055	)		33.7
					(2,763,915	)
Portugal
NOS SGPS SA		(43,154	)		(168,315	)		21.0
S.Georgia/S.San
Burford Capital Ltd.		(75,433	)		(773,738	)		96.3
Singapore
OUE Ltd.		(10,500	)		(10,756	)		1.3
Starhill Global REIT		(43,400	)		(20,783	)		2.6
Yanlord Land Group Ltd.		(1,600	)		(1,330	)		0.2
					(32,869	)
South Africa
Mediclinic International PLC		(28,818	)		(131,852	)		16.4
Spain
CIE Automotive SA		(13,641	)		(371,306	)		46.2
Grupo Catalana Occidente SA		(2	)		(71	)		0.0
Metrovacesa SA		(338	)		(2,954	)		0.4
Sacyr SA		(293,241	)		(835,867	)		104.1
Solarpack Corp. Tecnologica SA		(1,293	)		(39,577	)		4.9
					(1,249,775	)
Sweden
BHG Group AB		(13,995	)		(161,374	)		20.1
BillerudKorsnas AB		(772	)		(16,170	)		2.0
Boozt AB		(9,330	)		(157,175	)		19.6
Bravida Holding AB		(9,326	)		(140,276	)		17.5
Cint Group AB		(1,487	)		(22,440	)		2.8
Collector AB		(4,737	)		(23,334	)		2.9
Desenio Group AB		(13,094	)		(28,664	)		3.6
Duni AB		(9,082	)		(126,691	)		15.8
Hexpol AB		(516	)		(6,039	)		0.7
Karo Pharma AB		(52,078	)		(343,225	)		42.7
Lindab International AB		(1,069	)		(35,023	)		4.4
Mekonomen AB		(15,811	)		(325,867	)		40.6
NCC AB		(17,613	)		(305,169	)		38.0
Nolato AB		(12,981	)		(171,407	)		21.3
Nordic Entertainment Group AB, Class B		(2,812	)		(163,062	)		20.3
Sedana Medical AB		(7,521	)		(75,085	)		9.3
Veoneer, Inc.		(22,415	)		(789,008	)		98.2
Wallenstam AB		(3,019	)		(52,987	)		6.6
					(2,942,996	)
Switzerland
ALSO Holding AG		(33	)		(9,793	)		1.2
Autoneum Holding AG		(637	)		(99,714	)		12.4
Emmi AG		(464	)		(483,713	)		60.2
Forbo Holding AG		(271	)		(527,229	)		65.6
Implenia AG		(2,546	)		(51,943	)		6.5
Interroll Holding AG		(3	)		(14,555	)		1.8
Meyer Burger Technology AG		(477,354	)		(227,807	)		28.4
Mobilezone Holding AG		(12,748	)		(171,544	)		21.4
					(1,586,298	)
United Kingdom
AB Dynamics PLC		(1,359	)		(34,035	)		4.2

Security	Shares			Value			% of Basket Value
United Kingdom (continued)
Advanced Medical Solutions Group PLC		(1,418	)	$	(6,324	)		0.8	%
AO World PLC		(148,141	)		(296,606	)		36.9
Avacta Group PLC		(32,972	)		(52,795	)		6.6
Blue Prism Group PLC		(907	)		(14,014	)		1.7
Bodycote PLC		(929	)		(10,176	)		1.3
Capital & Counties Properties PLC		(202,424	)		(456,552	)		56.8
Coats Group PLC		(134,370	)		(118,427	)		14.7
ContourGlobal PLC		(25,588	)		(69,646	)		8.7
Dunelm Group PLC		(30,046	)		(525,918	)		65.5
Energean PLC		(36,364	)		(446,650	)		55.6
Eurasia Mining PLC		(1,043,799	)		(343,768	)		42.8
Firstgroup PLC		(341,333	)		(470,869	)		58.6
Frasers Group PLC		(32,061	)		(282,604	)		35.2
Frontier Developments PLC		(2,172	)		(73,272	)		9.1
GCP Student Living PLC		(213,192	)		(613,837	)		76.4
Greatland Gold PLC		(1,442,033	)		(343,359	)		42.8
Halfords Group PLC		(50,588	)		(184,435	)		23.0
Hays PLC		(19,124	)		(43,340	)		5.4
Hill & Smith Holdings PLC		(602	)		(15,110	)		1.9
IG Design Group PLC		(714	)		(2,462	)		0.3
IP Group PLC		(166,272	)		(274,427	)		34.2
Just Group PLC		(325,038	)		(406,689	)		50.6
Keller Group PLC		(2,525	)		(31,688	)		3.9
Marston’s PLC		(87,955	)		(95,695	)		11.9
Mitchells & Butlers PLC		(41,786	)		(144,796	)		18.0
Mitie Group PLC		(34,075	)		(30,498	)		3.8
Moonpig Group PLC		(32,360	)		(147,473	)		18.4
OSB Group PLC		(170,199	)		(1,176,276	)		146.5
Provident Financial PLC		(24,339	)		(122,960	)		15.3
Reach PLC		(55,868	)		(242,292	)		30.2
Redrow PLC		(962	)		(8,470	)		1.1
Restaurant Group PLC		(170,067	)		(205,514	)		25.6
Rotork PLC		(2,261	)		(10,930	)		1.4
Shaftesbury PLC		(99,387	)		(848,282	)		105.6
Victoria PLC		(6,399	)		(94,579	)		11.8
Watkin Jones PLC		(4,573	)		(15,114	)		1.9
					(8,259,882	)
United States
Ambac Financial Group, Inc.		(91,084	)		(1,540,433	)		191.8
Apollo Medical Holdings, Inc.		(3,294	)		(226,067	)		28.1
Arko Corp.		(3,663	)		(35,128	)		4.4
Bionano Genomics, Inc.		(1,281	)		(6,507	)		0.8
Canoo, Inc.		(64,701	)		(518,902	)		64.6
CarLotz, Inc.		(102,844	)		(370,238	)		46.1
CuriosityStream, Inc.		(978	)		(9,751	)		1.2
CytomX Therapeutics, Inc.		(6,964	)		(41,297	)		5.1
Danimer Scientific, Inc.		(2,330	)		(34,391	)		4.3
DermTech, Inc.		(2,751	)		(75,240	)		9.4
Desktop Metal, Inc.		(30,274	)		(211,615	)		26.3
Eastman Kodak Co.		(15,465	)		(105,007	)		13.1
Esperion Therapeutics, Inc.		(25,261	)		(225,833	)		28.1
Extraction Oil & Gas, Inc.		(2,818	)		(187,763	)		23.4
Fulgent Genetics, Inc.		(2,503	)		(207,549	)		25.8
Glatfelter Corp.		(2,535	)		(41,650	)		5.2
Guess?, Inc.		(7,457	)		(154,434	)		19.2
Healthcare Services Group, Inc.		(4,944	)		(94,875	)		11.8
Hilltop Holdings, Inc.		(11,711	)		(415,038	)		51.7
Hyliion Holdings Corp.		(37,198	)		(300,932	)		37.5
Ideanomics, Inc.		(99,023	)		(196,066	)		24.4
Inovio Pharmaceuticals, Inc.		(29,074	)		(207,588	)		25.8

32 2 0 2 1  BLACK ROCK  SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2021 BlackRock Global Long/Short Equity Fund

Security	Shares			Value			% of Basket Value
United States (continued)
Inseego Corp.		(49,244	)	$	(305,313	)		38.0	%
InterDigital, Inc.		(21,122	)		(1,414,118	)		176.1
Iovance Biotherapeutics, Inc.		(745	)		(18,111	)		2.3
John Wiley & Sons, Inc., Class A		(22,202	)		(1,202,682	)		149.8
Koppers Holdings, Inc.		(2,690	)		(94,392	)		11.8
Landec Corp.		(1,942	)		(18,876	)		2.3
Ligand Pharmaceuticals, Inc.		(668	)		(97,488	)		12.1
Loral Space & Communications, Inc.		(2,143	)		(106,764	)		13.3
Lordstown Motors Corp., Class A		(13,603	)		(70,327	)		8.8
Meta Financial Group, Inc.		(14,624	)		(810,755	)		101.0
MetroMile, Inc.		(19,877	)		(61,022	)		7.6
MicroVision, Inc.		(58,191	)		(442,833	)		55.1
ModivCare, Inc.		(831	)		(135,262	)		16.8
Northfield Bancorp, Inc.		(3,703	)		(64,988	)		8.1
NV5 Global, Inc.		(2,417	)		(251,682	)		31.3
Ocugen, Inc.		(30,802	)		(364,696	)		45.4
Plantronics, Inc.		(20	)		(535	)		0.1
PLBY Group, Inc.		(8,994	)		(252,552	)		31.4
Plexus Corp.		(1,711	)		(149,405	)		18.6
Rayonier, Inc.		(8,926	)		(333,208	)		41.5
Rekor Systems, Inc.		(36,656	)		(498,522	)		62.1
Renalytix PLC		(723	)		(8,685	)		1.1
Romeo Power, Inc.		(91,569	)		(397,409	)		49.5
Senseonics Holdings, Inc.		(67,498	)		(236,243	)		29.4
Seritage Growth Properties		(6,604	)		(101,702	)		12.7
SIGA Technologies, Inc.		(23,755	)		(171,274	)		21.3
Sinclair Broadcast Group, Inc.		(11,547	)		(301,723	)		37.6
TherapeuticsMD, Inc.		(212,317	)		(154,567	)		19.2
Tredegar Corp.		(2,320	)		(27,979	)		3.5
Unisys Corp.		(12,297	)		(314,434	)		39.2
Vaxart, Inc.		(10,653	)		(71,482	)		8.9
Velodyne Lidar, Inc.		(10,240	)		(62,464	)		7.8
Veritone, Inc.		(1,988	)		(59,461	)		7.4
Veru, Inc.		(30,316	)		(247,682	)		30.8
XL Fleet Corp.		(96,524	)		(528,952	)		65.9
ZIOPHARM Oncology, Inc.		(3,584	)		(5,376	)		0.7
Zomedica Corp.		(12,729	)		(6,497	)		0.8
					(14,595,765	)
Total Reference Entity — Short					(88,220,958	)
Net Value of Reference Entity — Bank of America N.A.				$	(803,120	)

The following table represents the individual long and short positions and related values of the equity securities underlying the total return swap with Deutsche Bank A.G. as of period end, termination dates February 22, 2022 and January 05, 2026:

Security	Shares		Value		% of Basket Value
Reference Entity — Long
Common Stocks
Australia
Alumina Ltd.		1,463,189	$	2,211,347		(247.3	)%
APA Group		2,066		12,744		(1.4	)
Aristocrat Leisure Ltd.		54,607		1,936,731		(216.6	)
Aurizon Holdings Ltd.		5,768		14,705		(1.7	)
Beach Energy Ltd.		97,883		102,827		(11.5	)
Challenger Ltd.		25,215		132,450		(14.8	)
CSR Ltd.		94,320		423,421		(47.4	)

Security	Shares		Value		% of Basket Value
Australia (continued)
Domain Holdings Australia Ltd.		32,086	$	139,373		(15.6	)%
Flight Centre Travel Group Ltd.		9,388		142,060		(15.9	)
Glencore PLC		72,148		360,782		(40.4	)
Harvey Norman Holdings Ltd.		97,387		365,358		(40.9	)
Iluka Resources Ltd.		31,759		226,581		(25.3	)
JB Hi-Fi Ltd.		13,292		507,480		(56.8	)
Magellan Financial Group Ltd.		13,524		355,763		(39.8	)
Medibank Pvt Ltd.		134,634		338,353		(37.8	)
Metcash Ltd.		24,474		75,428		(8.4	)
Mineral Resources Ltd.		11,971		351,927		(39.4	)
Nufarm Ltd.		41,373		136,251		(15.2	)
Orocobre Ltd.		16,980		114,673		(12.8	)
Perpetual Ltd.		21,135		604,092		(67.6	)
Pilbara Minerals Ltd.		25,791		43,253		(4.8	)
Platinum Asset Management Ltd.		238,286		550,270		(61.5	)
South32 Ltd.		6,276		16,930		(1.9	)
Woodside Petroleum Ltd.		12,534		219,114		(24.5	)
				9,381,913
Austria
ams AG		7,854		155,496		(17.4	)
ANDRITZ AG		15,934		905,027		(101.2	)
Erste Group Bank AG		33,125		1,420,589		(158.9	)
				2,481,112
Belgium
Galapagos NV		2,982		158,137		(17.7	)
Groupe Bruxelles Lambert SA		171		19,841		(2.2	)
Telenet Group Holding NV		8,421		302,533		(33.8	)
				480,511
Bermuda
Hiscox Ltd.		28,863		328,386		(36.7	)
Canada
Agnico Eagle Mines Ltd.		5,970		316,879		(35.4	)
Alimentation Couche-Tard, Inc., Class B		1,874		70,290		(7.9	)
Boralex Inc.		2,325		71,952		(8.1	)
Canadian Western Bank		11,655		372,836		(41.7	)
Crescent Point Energy Corp.		105,388		529,665		(59.2	)
Descartes Systems Group, Inc.		2,838		231,768		(25.9	)
Docebo, Inc.		253		18,938		(2.1	)
Great-West Lifeco, Inc.		15,867		466,805		(52.2	)
Hydro One Ltd.		22,073		527,390		(59.0	)
IGM Financial, Inc.		3,965		157,434		(17.6	)
Imperial Oil Ltd.		2,603		88,127		(9.9	)
Innergex Renewable Energy, Inc.		11,854		197,311		(22.1	)
Keyera Corp.		8,358		214,218		(24.0	)
Kinaxis, Inc.		78		12,106		(1.4	)
Lightspeed Commerce, Inc.		150		14,621		(1.6	)
NexGen Energy Ltd.		612,063		3,382,766		(378.3	)
Osisko Gold Royalties Ltd.		81,093		1,024,146		(114.5	)
Parex Resources, Inc.		3,473		67,434		(7.5	)
Parkland Corp./Canada		3,480		101,256		(11.3	)
Pembina Pipeline Corp.		1,865		61,740		(6.9	)
Shopify, Inc., Class A		10		14,601		(1.6	)
Stantec, Inc.		1,793		99,096		(11.1	)
Topicus.com Inc.		1,194		133,244		(14.9	)
Tourmaline Oil Corp.		21,455		775,438		(86.7	)
Wheaton Precious Metals Corp.		70,515		2,846,582		(318.4	)

SCHEDULE   OF  INVESTMENTS 33

Schedule of Investments (unaudited) (continued) October 31, 2021 BlackRock Global Long/Short Equity Fund

Security	Shares		Value		% of Basket Value
Canada (continued)
Whitecap Resources, Inc.		99,923	$	599,893		(67.1	)%
Yamana Gold, Inc.		74,868		294,003		(32.9	)
				12,690,539
Denmark
Chr Hansen Holding A/S		848		67,471		(7.5	)
FLSmidth & Co. A/S		16,176		615,016		(68.8	)
Novozymes A/S, B Shares		4,787		352,126		(39.4	)
				1,034,613
Finland
Fortum OYJ		4,501		133,860		(15.0	)
Kone Oyj, Class B		15,538		1,059,677		(118.5	)
Nokia OYJ		225,668		1,295,222		(144.9	)
				2,488,759
France
Airbus SE		9,553		1,225,478		(137.1	)
ALD SA		62,348		929,330		(103.9	)
Constellium SE		32,406		596,594		(66.7	)
Elis SA		2,699		51,248		(5.7	)
Engie SA		69,009		981,663		(109.8	)
JCDecaux SA		4,168		108,744		(12.2	)
L’Oreal SA		1,567		716,832		(80.2	)
Rubis SCA		16,882		541,056		(60.5	)
Societe Generale SA		35,854		1,197,664		(134.0	)
Teleperformance		84		35,088		(3.9	)
Wendel SE		1,590		211,803		(23.7	)
				6,595,500
Germany
Adidas AG		2,982		976,012		(109.2	)
Bayerische Motoren Werke AG		11,658		1,177,878		(131.7	)
Beiersdorf AG		2,569		273,170		(30.5	)
Covestro AG		3,681		235,726		(26.4	)
Deutsche Lufthansa AG		9,103		60,108		(6.7	)
Fraport AG Frankfurt Airport Services Worldwide		2,171		155,382		(17.4	)
HelloFresh SE		436		35,333		(3.9	)
Hochtief AG		4,188		323,105		(36.1	)
HUGO BOSS AG		3,380		211,646		(23.7	)
MTU Aero Engines AG		12,350		2,750,808		(307.7	)
ProSiebenSat.1 Media SE		21,312		356,992		(39.9	)
Rheinmetall AG		2,055		199,390		(22.3	)
SAP SE		23,085		3,342,964		(373.9	)
Scout24 AG		4,847		337,574		(37.8	)
Siemens AG		15,165		2,465,554		(275.8	)
Solarworld AG		10		4		(0.0	)
TeamViewer AG		1,719		25,657		(2.9	)
thyssenkrupp AG		2,857		29,740		(3.3	)
Wacker Chemie AG		2,514		454,297		(50.8	)
				13,411,340
Hong Kong
AIA Group Ltd.		223,000		2,499,163		(279.5	)
ASM Pacific Technology Ltd.		1,600		17,313		(1.9	)
Dah Sing Banking Group Ltd.		125,600		120,167		(13.4	)
Dah Sing Financial Holdings Ltd.		86,800		269,059		(30.1	)
Hutchison Port Holdings Trust		139,800		30,114		(3.4	)
Pacific Basin Shipping Ltd.		690,000		318,440		(35.6	)
Shun Tak Holdings Ltd.		458,000		125,204		(14.0	)
Swire Pacific Ltd., Class A		38,000		238,890		(26.7	)
Swire Properties Ltd.		284,400		762,467		(85.3	)

Security	Shares		Value		% of Basket Value
Hong Kong (continued)
Techtronic Industries Co. Ltd.		81,500	$	1,674,438		(187.3	)%
United Energy Group Ltd.		1,582,000		140,297		(15.7	)
Xinyi Glass Holdings Ltd.		63,000		177,531		(19.9	)
Yue Yuen Industrial Holdings Ltd.		391,500		831,041		(92.9	)
				7,204,124
Ireland
AIB Group PLC		71,358		193,129		(21.6	)
Alkermes PLC		379		11,480		(1.3	)
Bank of Ireland Group PLC		128,477		765,361		(85.6	)
Experian PLC		12,257		561,998		(62.9	)
Medtronic PLC		3,784		453,550		(50.7	)
				1,985,518
Israel
JFrog Ltd.		4,625		151,191		(16.9	)
Paz Oil Co. Ltd.		752		95,845		(10.7	)
Wix.com Ltd.		111		20,642		(2.3	)
				267,678
Italy
BPER Banca		404,482		886,854		(99.2	)
Pirelli & C SpA		9,296		57,174		(6.4	)
UnipolSai Assicurazioni SpA		132,009		382,258		(42.7	)
				1,326,286
Japan
Ajinomoto Co., Inc.		2,300		68,733		(7.7	)
Alfresa Holdings Corp.		2,700		38,062		(4.3	)
Alps Alpine Co. Ltd.		78,600		768,005		(85.9	)
Amada Co. Ltd.		6,100		60,265		(6.7	)
Amano Corp.		700		17,322		(1.9	)
Asahi Kasei Corp.		49,800		523,166		(58.5	)
ASKUL Corp.		6,800		92,363		(10.3	)
Azbil Corp.		5,500		234,481		(26.2	)
Benesse Holdings, Inc.		36,100		825,902		(92.4	)
Bridgestone Corp.		10,400		460,089		(51.5	)
Calbee, Inc.		17,500		450,896		(50.4	)
Canon, Inc.		5,900		134,162		(15.0	)
Casio Computer Co. Ltd.		65,600		928,312		(103.8	)
COMSYS Holdings Corp.		11,200		277,324		(31.0	)
Daikin Industries Ltd.		2,700		591,340		(66.1	)
Dentsu Group, Inc.		600		21,926		(2.5	)
DIC Corp.		3,600		95,316		(10.7	)
Disco Corp.		1,900		512,236		(57.3	)
DMG Mori Co. Ltd.		4,800		82,660		(9.2	)
Ezaki Glico Co. Ltd.		31,800		1,154,132		(129.1	)
FANUC Corp.		4,600		909,057		(101.7	)
Fuji Media Holdings, Inc.		71,000		735,950		(82.3	)
Fuji Oil Holdings, Inc.		5,400		126,727		(14.2	)
Hikari Tsushin, Inc.		2,300		354,554		(39.7	)
Hisamitsu Pharmaceutical Co., Inc.		4,300		146,701		(16.4	)
Honda Motor Co. Ltd.		134,600		3,981,180		(445.3	)
Hoshizaki Corp.		1,100		92,500		(10.3	)
Hulic Co. Ltd.		14,800		142,309		(15.9	)
Japan Post Insurance Co. Ltd.		700		11,357		(1.3	)
Japan Tobacco, Inc.		39,200		769,542		(86.1	)
JGC Holdings Corp.		6,900		64,841		(7.2	)
Kamigumi Co. Ltd.		7,700		155,039		(17.3	)
Kansai Paint Co. Ltd.		22,000		509,432		(57.0	)
Keyence Corp.		2,200		1,327,952		(148.5	)
Konica Minolta, Inc.		255,000		1,262,170		(141.2	)
Kuraray Co. Ltd.		46,700		422,591		(47.3	)

34 2 0 2 1  BLACK ROCK  SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2021 BlackRock Global Long/Short Equity Fund

Security	Shares		Value		% of Basket Value
Japan (continued)
Lawson, Inc.		29,800	$	1,441,116		(161.2	)%
Marubeni Corp.		150,900		1,280,435		(143.2	)
Maruichi Steel Tube Ltd.		4,200		95,431		(10.7	)
Maruwa Unyu Kikan Co. Ltd.		3,200		44,815		(5.0	)
Mitsubishi Heavy Industries Ltd.		6,400		163,666		(18.3	)
Mitsubishi Motors Corp.		492,800		1,577,217		(176.4	)
Mitsui OSK Lines Ltd.		5,800		365,699		(40.9	)
MS&AD Insurance Group Holdings, Inc.		14,300		461,995		(51.7	)
NEC Corp.		2,100		107,524		(12.0	)
Nihon Kohden Corp.		11,600		369,103		(41.3	)
Nikon Corp.		26,800		295,490		(33.0	)
Nippon Shinyaku Co. Ltd.		100		8,012		(0.9	)
Nippon Television Holdings, Inc.		33,200		357,685		(40.0	)
Nissan Motor Co. Ltd.		96,800		492,698		(55.1	)
Nitori Holdings Co. Ltd.		4,900		900,181		(100.7	)
NOK Corp.		7,000		81,254		(9.1	)
Obayashi Corp.		104,400		881,369		(98.6	)
Omron Corp.		500		47,817		(5.3	)
Rakus Co. Ltd.		1,900		60,219		(6.7	)
Recruit Holdings Co. Ltd.		46,400		3,086,482		(345.2	)
Ricoh Co. Ltd.		64,000		623,222		(69.7	)
Sega Sammy Holdings, Inc.		12,400		176,333		(19.7	)
Seiko Epson Corp.		12,600		224,356		(25.1	)
Sekisui House Ltd.		23,700		492,741		(55.1	)
SG Holdings Co. Ltd.		600		15,003		(1.7	)
Shimadzu Corp.		30,400		1,235,068		(138.1	)
Skylark Co. Ltd.		7,600		102,977		(11.5	)
Sohgo Security Services Co. Ltd.		1,900		81,289		(9.1	)
Subaru Corp.		111,900		2,194,895		(245.5	)
Sumitomo Chemical Co. Ltd.		385,600		1,899,587		(212.5	)
Sumitomo Mitsui Financial Group, Inc.		103,500		3,358,537		(375.6	)
Sundrug Co. Ltd.		1,900		55,606		(6.2	)
Suntory Beverage & Food Ltd.		10,600		411,306		(46.0	)
Sysmex Corp.		12,900		1,599,481		(178.9	)
Taisei Corp.		2,600		81,586		(9.1	)
Takara Bio, Inc.		7,100		185,288		(20.7	)
Tokyo Electron Ltd.		800		372,826		(41.7	)
Toppan, Inc.		700		11,300		(1.3	)
Toray Industries, Inc.		5,500		34,273		(3.8	)
Toyoda Gosei Co. Ltd.		6,800		139,144		(15.6	)
Trend Micro, Inc.		19,900		1,124,755		(125.8	)
TV Asahi Holdings Corp.		1,600		24,280		(2.7	)
Welcia Holdings Co. Ltd.		13,000		485,308		(54.3	)
Yamaguchi Financial Group, Inc.		15,500		86,529		(9.7	)
Yamazaki Baking Co. Ltd.		62,300		946,387		(105.8	)
Yokogawa Electric Corp.		32,900		657,416		(73.5	)
ZOZO, Inc.		14,700		471,849		(52.8	)
				47,558,144
Luxembourg
L’Occitane International SA		23,000		82,264		(9.2	)
RTL Group SA		12,107		699,280		(78.2	)
SES SA		121,791		1,093,830		(122.3	)
				1,875,374
Macau
MGM China Holdings Ltd.		76,800		56,350		(6.3	)
Netherlands
ABN AMRO Bank NV		6,832		100,483		(11.2	)
Koninklijke KPN NV		270,719		808,891		(90.5	)

Security	Shares		Value		% of Basket Value
Netherlands (continued)
Koninklijke Vopak NV		7,001	$	278,625		(31.2	)%
Randstad NV		1,747		125,517		(14.0	)
Wolters Kluwer NV		10,754		1,126,142		(126.0	)
				2,439,658
New Zealand
a2 Milk Co. Ltd.		7,706		36,545		(4.1	)
Mercury NZ Ltd.		7,839		34,475		(3.8	)
				71,020
Norway
Equinor ASA		132,587		3,359,533		(375.7	)
Norsk Hydro ASA		9,805		72,022		(8.1	)
Orkla ASA		12,231		118,964		(13.3	)
				3,550,519
Portugal
Galp Energia SGPS SA		18,652		193,756		(21.7	)
Singapore
SIA Engineering Co. Ltd.		11,300		18,198		(2.1	)
Singapore Post Ltd.		1,268,800		616,781		(69.0	)
Singapore Telecommunications Ltd.		412,700		765,655		(85.6	)
				1,400,634
Spain
Banco de Sabadell SA		180,237		145,054		(16.2	)
Fluidra SA		21,730		829,934		(92.8	)
Industria de Diseno Textil SA		8,860		320,947		(35.9	)
				1,295,935
Sweden
Electrolux AB		2,851		64,702		(7.2	)
Elekta AB		49,035		570,985		(63.9	)
Hexagon AB, B Shares		2,698		43,421		(4.9	)
Husqvarna AB, B Shares		8,813		125,593		(14.0	)
Investment AB Latour, B Shares		2,889		104,938		(11.7	)
Saab AB, Class B		3,430		95,622		(10.7	)
Swedish Match AB		34,942		308,091		(34.5	)
				1,313,352
Switzerland
Adecco Group AG		2,368		119,300		(13.4	)
Cie Financiere Richemont SA, Class A		1,506		186,368		(20.9	)
Clariant AG		4,381		92,231		(10.3	)
Dufry AG		2,877		152,326		(17.0	)
Idorsia Ltd.		54		1,112		(0.1	)
Schindler Holding AG		103		26,820		(3.0	)
Sika AG		11,230		3,804,495		(425.5	)
Swatch Group AG		2,082		573,059		(64.1	)
				4,955,711
United Kingdom
Ashmore Group PLC		95,041		439,121		(49.1	)
Ashtead Group PLC		8,421		705,765		(78.9	)
ASOS PLC		13,255		450,018		(50.3	)
Associated British Foods PLC		45,712		1,117,926		(125.0	)
Aston Martin Lagonda Global Holdings PLC		12,517		292,174		(32.7	)
Atlantica Sustainable Infrastructure PLC		3,441		135,403		(15.1	)
Babcock International Group PLC		49,769		217,351		(24.3	)
Bellway PLC		511		23,186		(2.6	)
boohoo Group PLC		82,794		205,930		(23.0	)
BT Group PLC		28,022		53,237		(6.0	)
Capri Holdings Ltd.		24,232		1,290,112		(144.3	)

SCHEDULE   OF  INVESTMENTS 35

Schedule of Investments (unaudited) (continued) October 31, 2021 BlackRock Global Long/Short Equity Fund

Security	Shares		Value		% of Basket Value
United Kingdom (continued)
Centrica PLC		971,642	$	802,077		(89.7	)%
Farfetch Ltd., Class A		2,545		99,789		(11.2	)
Hammerson PLC		40		18		(0.0	)
Hargreaves Lansdown PLC		18,619		391,799		(43.8	)
HomeServe PLC		30,747		359,774		(40.2	)
Inchcape PLC		54,380		614,724		(68.8	)
Intertek Group PLC		2,584		173,045		(19.4	)
ITV PLC		155,072		228,235		(25.5	)
John Wood Group PLC		79,991		233,257		(26.1	)
Marks & Spencer Group PLC		22,759		57,210		(6.4	)
Next PLC		5,980		651,757		(72.9	)
Nomad Foods Ltd.		986		26,849		(3.0	)
Phoenix Group Holdings PLC		121,798		1,093,566		(122.3	)
Rightmove PLC		64,597		610,607		(68.3	)
Rolls-Royce Holdings PLC		50,040		90,314		(10.1	)
Smiths Group PLC		14,704		273,025		(30.5	)
Spirax-Sarco Engineering PLC		4,109		877,146		(98.1	)
Taylor Wimpey PLC		1,442,616		3,052,301		(341.4	)
Trainline PLC		13,169		57,095		(6.4	)
Travis Perkins PLC		41,994		887,789		(99.3	)
Virgin Money UK PLC		38,652		107,835		(12.1	)
				15,618,435
United States
Agilent Technologies, Inc.		4,325		681,144		(76.2	)
Alaska Air Group, Inc.		22,532		1,189,690		(133.1	)
Alcoa Corp.		19,816		910,545		(101.8	)
Allstate Corp.		2,340		289,388		(32.4	)
Ally Financial, Inc.		449		21,435		(2.4	)
Altice USA, Inc., Class A		104,130		1,697,319		(189.8	)
American Airlines Group, Inc.		29,493		566,266		(63.3	)
American Eagle Outfitters, Inc.		14,322		340,004		(38.0	)
American Homes 4 Rent, Class A		52,017		2,111,890		(236.2	)
Aon PLC, Class A		106		33,912		(3.8	)
Apple, Inc.		19,148		2,868,370		(320.8	)
Arrow Electronics, Inc.		257		29,748		(3.3	)
AutoNation, Inc.		5,049		611,535		(68.4	)
Avnet, Inc.		51,159		1,949,669		(218.1	)
Axon Enterprise, Inc.		7,883		1,418,625		(158.7	)
BioMarin Pharmaceutical, Inc.		5,966		472,686		(52.9	)
Booz Allen Hamilton Holding Corp.		4,582		397,993		(44.5	)
BorgWarner, Inc.		10,919		492,119		(55.0	)
Bridgebio Pharma, Inc.		526		25,974		(2.9	)
Brighthouse Financial, Inc.		18,405		924,483		(103.4	)
Brixmor Property Group, Inc.		58,808		1,378,460		(154.2	)
Brown & Brown, Inc.		11,472		723,998		(81.0	)
Bruker Corp.		1,163		93,389		(10.4	)
C3.AI, Inc., Class A		3,612		162,973		(18.2	)
Cabot Oil & Gas Corp.		12,806		273,024		(30.5	)
Campbell Soup Co.		39,901		1,594,045		(178.3	)
Cardinal Health, Inc.		45,587		2,179,514		(243.8	)
Carnival Corp.		14,816		328,323		(36.7	)
Carnival PLC		25,584		516,430		(57.8	)
Carvana Co.		82		24,861		(2.8	)
Casey’s General Stores, Inc.		877		167,981		(18.8	)
CDW Corp.		780		145,587		(16.3	)
ChampionX Corp.		1,147		30,086		(3.4	)
Cigna Corp.		3,428		732,255		(81.9	)
Citigroup, Inc.		1,948		134,724		(15.1	)
Clean Harbors, Inc.		6,858		771,799		(86.3	)
CMC Materials, Inc.		239		30,680		(3.4	)

Security	Shares		Value		% of Basket Value
United States (continued)
Cognex Corp.		189	$	16,554		(1.8	)%
Colgate-Palmolive Co.		208		15,848		(1.8	)
Comcast Corp., Class A		24,078		1,238,332		(138.5	)
Continental Resources, Inc.		1,139		55,595		(6.2	)
Corteva, Inc.		2,909		125,523		(14.0	)
Crown Castle International Corp.		5,233		943,510		(105.5	)
CubeSmart		223		12,267		(1.4	)
Devon Energy Corp.		5,525		221,442		(24.8	)
Discovery, Inc., Class A		9,585		224,672		(25.1	)
Donaldson Co., Inc.		942		56,529		(6.3	)
DTE Energy Co.		1,202		136,247		(15.2	)
EOG Resources, Inc.		16,743		1,548,058		(173.1	)
EQT Corp.		2,051		40,835		(4.6	)
Equinix, Inc.		518		433,602		(48.5	)
Equity Residential		15,961		1,379,030		(154.2	)
Erie Indemnity Co., Class A		1,597		328,679		(36.8	)
Estee Lauder Cos., Inc., Class A		2,398		777,743		(87.0	)
Etsy, Inc.		2,027		508,149		(56.8	)
Euronet Worldwide, Inc.		3,175		356,203		(39.8	)
Everest Re Group Ltd.		156		40,794		(4.6	)
Exelixis, Inc.		16,518		355,302		(39.7	)
Expedia Group, Inc.		9,713		1,596,914		(178.6	)
Expeditors International of Washington, Inc.		3,752		462,472		(51.7	)
FactSet Research Systems, Inc.		1,156		513,137		(57.4	)
Federal Realty Investment Trust		1,647		198,216		(22.2	)
Fidelity National Financial, Inc.		9,639		461,804		(51.6	)
First Citizens BancShares, Inc., Class A		44		35,812		(4.0	)
Foot Locker, Inc.		84,737		4,039,413		(451.8	)
Fox Corp., Class A		18,467		733,879		(82.1	)
FTI Consulting, Inc.		389		55,985		(6.3	)
Gap, Inc.		20,288		460,335		(51.5	)
Harley-Davidson, Inc.		25,112		916,337		(102.5	)
Hess Corp.		2,584		213,361		(23.9	)
Hewlett Packard Enterprise Co.		26,309		385,427		(43.1	)
Highwoods Properties, Inc.		9,821		440,374		(49.2	)
Host Hotels & Resorts, Inc.		4,950		83,308		(9.3	)
Hudson Pacific Properties, Inc.		484		12,463		(1.4	)
IDACORP, Inc.		404		42,145		(4.7	)
IDEXX Laboratories, Inc.		1,088		724,760		(81.1	)
Incyte Corp.		2,817		188,683		(21.1	)
International Game Technology PLC		30,882		910,710		(101.9	)
Intuit, Inc.		4,202		2,630,410		(294.2	)
Invitation Homes, Inc.		4,074		168,052		(18.8	)
Iron Mountain, Inc.		4,100		187,124		(20.9	)
Itron, Inc.		2,132		165,806		(18.5	)
Keysight Technologies, Inc.		7,058		1,270,581		(142.1	)
Kimco Realty Corp.		6,201		140,143		(15.7	)
Kohl’s Corp.		13,383		649,477		(72.6	)
Leggett & Platt, Inc.		545		25,533		(2.9	)
LGI Homes, Inc.		1,371		204,690		(22.9	)
Life Storage, Inc.		7,170		959,418		(107.3	)
Lockheed Martin Corp.		21,167		7,034,217		(786.7	)
M&T Bank Corp.		1,454		213,912		(23.9	)
Manhattan Associates, Inc.		1,513		274,670		(30.7	)
ManpowerGroup, Inc.		3,216		310,826		(34.8	)
Marsh & McLennan Cos., Inc.		11,073		1,846,976		(206.6	)
Martin Marietta Materials, Inc.		1,606		630,901		(70.6	)
Masco Corp.		5,474		358,821		(40.1	)
MasTec, Inc.		8,307		740,403		(82.8	)
McKesson Corp.		18,025		3,747,037		(419.1	)
MDU Resources Group, Inc.		1,074		33,004		(3.7	)

36 2 0 2 1  BLACK ROCK  SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2021 BlackRock Global Long/Short Equity Fund

Security	Shares		Value		% of Basket Value
United States (continued)
Molson Coors Beverage Co., Class B		22,123	$	975,403		(109.1	)%
Monolithic Power Systems, Inc.		433		227,524		(25.4	)
Moody’s Corp.		421		170,147		(19.0	)
Morningstar, Inc.		1,441		456,437		(51.0	)
Murphy USA, Inc.		3,308		539,039		(60.3	)
National Storage Affiliates Trust		6,666		416,358		(46.6	)
New York Community Bancorp, Inc.		7,665		95,276		(10.7	)
Nordstrom, Inc.		43,336		1,245,043		(139.2	)
Norwegian Cruise Line Holdings Ltd.		9,004		231,583		(25.9	)
NOV, Inc.		7,883		110,520		(12.4	)
Nutanix, Inc., Class A		31,270		1,072,874		(120.0	)
Occidental Petroleum Corp.		40,766		1,366,884		(152.9	)
Ollie’s Bargain Outlet Holdings, Inc.		678		45,873		(5.1	)
Otis Worldwide Corp.		39,443		3,167,667		(354.3	)
Ovintiv, Inc.		650		24,385		(2.7	)
PagerDuty, Inc.		11,574		483,214		(54.0	)
Papa John’s International, Inc.		4,965		616,057		(68.9	)
Paychex, Inc.		1,811		223,260		(25.0	)
Paylocity Holding Corp.		2,888		881,244		(98.6	)
Peloton Interactive, Inc., Class A		1,964		179,588		(20.1	)
Penske Automotive Group, Inc.		13,950		1,479,397		(165.5	)
Penumbra, Inc.		613		169,525		(19.0	)
Perrigo Co. PLC		17,893		807,869		(90.4	)
Phillips 66		10,813		808,596		(90.4	)
PTC, Inc.		652		83,032		(9.3	)
Pure Storage, Inc., Class A		15,652		420,413		(47.0	)
Ralph Lauren Corp.		31,923		4,059,648		(454.0	)
Realty Income Corp.		1,783		127,360		(14.2	)
Regency Centers Corp.		77		5,422		(0.6	)
Reinsurance Group of America, Inc.		22,391		2,643,929		(295.7	)
Reliance Steel & Aluminum Co.		6,230		910,577		(101.8	)
Reliance Worldwide Corp. Ltd.		17,959		78,968		(8.8	)
RingCentral, Inc., Class A		716		174,546		(19.5	)
Roku, Inc.		280		85,372		(9.5	)
Royal Caribbean Cruises Ltd.		4,931		416,324		(46.6	)
Ryder System, Inc.		6,680		567,466		(63.5	)
S&P Global, Inc.		4,111		1,949,272		(218.0	)
Sabre Corp.		10,223		106,115		(11.9	)
SailPoint Technologies Holding, Inc.		50,257		2,411,331		(269.7	)
SBA Communications Corp.		1,911		659,926		(73.8	)
Service Corp. International		40,355		2,763,914		(309.1	)
ServiceNow, Inc.		946		660,081		(73.8	)
Shake Shack, Inc., Class A		12,621		872,995		(97.6	)
Silicon Laboratories, Inc.		3,696		697,657		(78.0	)
Sims Ltd.		2,081		22,654		(2.5	)
Sirius XM Holdings, Inc.		562,362		3,424,785		(383.0	)
SiteOne Landscape Supply, Inc.		1,710		401,782		(44.9	)
Six Flags Entertainment Corp.		14,976		615,963		(68.9	)
SL Green Realty Corp.		838		58,719		(6.6	)
SLM Corp.		746		13,689		(1.5	)
Snap-on, Inc.		2,141		435,115		(48.7	)
Spirit Realty Capital, Inc.		16,723		818,256		(91.5	)
Stifel Financial Corp.		1,151		83,873		(9.4	)
Stitch Fix, Inc., Class A		4,828		167,049		(18.7	)
Sun Communities, Inc.		5,101		999,694		(111.8	)
Sunnova Energy International, Inc.		15,556		693,175		(77.5	)
Syneos Health, Inc.		4,910		458,299		(51.3	)
Sysco Corp.		2,890		222,241		(24.9	)
Take-Two Interactive Software, Inc.		2,028		367,068		(41.0	)
Tapestry, Inc.		15,255		594,640		(66.5	)
Terminix Global Holdings, Inc.		1,083		43,840		(4.9	)

Security	Shares			Value			% of Basket Value
United States (continued)
Tesla, Inc.		832		$	926,848			(103.7	)%
Travel + Leisure Co.		932			50,645			(5.7	)
Travelers Cos., Inc.		1,231			198,043			(22.1	)
TripAdvisor, Inc.		5,316			175,269			(19.6	)
Trupanion, Inc.		3,877			397,005			(44.4	)
UDR, Inc.		24,052			1,335,608			(149.4	)
UGI Corp.		6,399			277,781			(31.1	)
Ulta Beauty, Inc.		611			224,457			(25.1	)
Ultragenyx Pharmaceutical, Inc.		1,884			158,105			(17.7	)
Universal Display Corp.		2,826			517,723			(57.9	)
Valero Energy Corp.		6,012			464,908			(52.0	)
Valvoline, Inc.		91,162			3,095,862			(346.2	)
Varonis Systems, Inc.		4,444			287,705			(32.2	)
VMware, Inc., Class A		7,837			1,188,873			(133.0	)
Voya Financial, Inc.		5,272			367,827			(41.1	)
Vulcan Materials Co.		6,009			1,142,431			(127.8	)
W.R. Berkley Corp.		2,298			182,921			(20.5	)
Walgreens Boots Alliance, Inc.		20,189			949,287			(106.2	)
Walmart, Inc.		14,291			2,135,361			(238.8	)
Waste Connections, Inc.		967			131,522			(14.7	)
Westrock Co.		1,382			66,474			(7.4	)
Willis Towers Watson PLC		103			24,955			(2.8	)
Wintrust Financial Corp.		3,827			338,689			(37.9	)
Workday, Inc., Class A		280			81,194			(9.1	)
World Wrestling Entertainment, Inc., Class A		435			26,574			(3.0	)
WP Carey, Inc.		3,754			289,471			(32.4	)
XPO Logistics, Inc.		6,901			592,106			(66.2	)
Zillow Group, Inc., Class A		3,948			417,383			(46.7	)
Zimmer Biomet Holdings, Inc.		232			33,204			(3.7	)
					130,190,558
Total Reference Entity — Long					270,195,725
Reference Entity — Short
Common Stocks
Australia
Crown Resorts Ltd.		(32,985	)		(248,641	)		27.8
Orica Ltd.		(3,502	)		(40,201	)		4.5
TPG Telecom Ltd.		(6,665	)		(34,024	)		3.8
Vicinity Centres		(1,300,346	)		(1,698,231	)		189.9
					(2,021,097	)
Austria
BAWAG Group AG		(8,908	)		(560,271	)		62.6
OMV AG		(12,653	)		(766,054	)		85.7
					(1,326,325	)
Belgium
Warehouses De Pauw CVA		(4,214	)		(191,891	)		21.5
Canada
Dollarama, Inc.		(12,037	)		(544,077	)		60.8
Kinross Gold Corp.		(116,895	)		(702,730	)		78.6
Metro, Inc.		(38,537	)		(1,938,994	)		216.9
Power Corp. of Canada		(59,997	)		(1,998,284	)		223.5
Stelco Holdings, Inc.		(738	)		(25,624	)		2.9
					(5,209,709	)
China
Futu Holdings Ltd.		(4,102	)		(219,539	)		24.6
Denmark
AP Moller - Maersk A/S		(43	)		(118,063	)		13.2

SCHEDULE   OF  INVESTMENTS 37

Schedule of Investments (unaudited) (continued) October 31, 2021 BlackRock Global Long/Short Equity Fund

Security	Shares			Value			% of Basket Value
Finland
Kojamo OYJ		(2,378	)	$	(53,278	)		5.9	%
Orion OYJ, Class B		(314	)		(13,597	)		1.5
TietoEVRY OYJ		(4,274	)		(131,072	)		14.7
					(197,947	)
France
Bollore SA		(30,473	)		(177,115	)		19.8
Danone SA		(10,910	)		(711,177	)		79.5
Dassault Aviation SA		(1,767	)		(184,658	)		20.7
Edenred		(9,685	)		(524,067	)		58.6
Getlink SE		(10,900	)		(167,763	)		18.8
SEB SA		(4,920	)		(770,911	)		86.2
SOITEC		(15,768	)		(4,198,246	)		469.5
					(6,733,937	)
Germany
Deutsche Telekom AG		(262,539	)		(4,882,477	)		546.1
Flatex AG		(28,752	)		(653,120	)		73.0
Fresenius Medical Care AG & Co. KGaA		(972	)		(64,569	)		7.2
Infineon Technologies AG		(23,453	)		(1,098,335	)		122.8
Porsche Automobil Holding SE		(6,149	)		(639,966	)		71.6
Uniper SE		(10,245	)		(452,897	)		50.7
Vantage Towers AG		(617	)		(21,212	)		2.4
					(7,812,576	)
Hong Kong
Jardine Matheson Holdings Ltd.		(8,700	)		(505,323	)		56.5
WH Group Ltd.		(867,896	)		(608,407	)		68.1
					(1,113,730	)
Ireland
Flutter Entertainment PLC		(6,193	)		(1,172,375	)		131.1
Kingspan Group PLC		(1,556	)		(179,135	)		20.1
					(1,351,510	)
Israel
Big Shopping Centers Ltd.		(1,640	)		(245,971	)		27.5
Melisron Ltd.		(23,366	)		(1,977,487	)		221.2
Phoenix Holdings Ltd.		(109,908	)		(1,389,229	)		155.4
Shapir Engineering and Industry Ltd.		(13,207	)		(108,108	)		12.1
Shikun & Binui Ltd.		(11,623	)		(69,131	)		7.7
Shufersal Ltd.		(1,488	)		(12,324	)		1.4
SolarEdge Technologies, Inc.		(1,539	)		(545,852	)		61.0
					(4,348,102	)
Italy
Assicurazioni Generali SpA		(28,664	)		(624,164	)		69.8
Buzzi Unicem SpA		(14,601	)		(340,545	)		38.1
DiaSorin SpA		(906	)		(204,814	)		22.9
Infrastrutture Wireless Italiane SpA		(32,900	)		(363,483	)		40.6
Moncler SpA		(13,836	)		(995,699	)		111.4
Unipol Gruppo SpA		(6,213	)		(35,684	)		4.0
					(2,564,389	)
Japan
Ain Holdings, Inc.		(7,700	)		(454,488	)		50.8
Asahi Group Holdings Ltd.		(3,300	)		(149,755	)		16.7
Bank of Kyoto Ltd.		(6,500	)		(292,326	)		32.7
Central Japan Railway Co.		(3,600	)		(534,026	)		59.7
Chubu Electric Power Co., Inc.		(100,400	)		(1,039,253	)		116.2
Concordia Financial Group Ltd.		(89,400	)		(355,336	)		39.7
Cosmo Energy Holdings Co. Ltd.		(19,900	)		(406,808	)		45.5
DeNA Co. Ltd.		(5,600	)		(103,444	)		11.6
East Japan Railway Co.		(19,500	)		(1,214,586	)		135.8

Security	Shares			Value			% of Basket Value
Japan (continued)
Fancl Corp.		(16,700	)	$	(506,310	)		56.6	%
Fast Retailing Co. Ltd.		(1,800	)		(1,194,872	)		133.6
Fuji Kyuko Co. Ltd.		(22,400	)		(902,426	)		100.9
Fujitsu General Ltd.		(31,100	)		(762,636	)		85.3
Goldwin, Inc.		(4,500	)		(272,292	)		30.5
GS Yuasa Corp.		(1,600	)		(34,831	)		3.9
GungHo Online Entertainment, Inc.		(1,600	)		(30,017	)		3.4
Hachijuni Bank Ltd.		(92,300	)		(308,484	)		34.5
Hirogin Holdings, Inc.		(8,100	)		(44,625	)		5.0
Ibiden Co. Ltd.		(2,800	)		(168,241	)		18.8
Invincible Investment Corp.		(1,304	)		(515,534	)		57.7
IR Japan Holdings Ltd.		(2,700	)		(248,996	)		27.8
Iwatani Corp.		(12,600	)		(744,224	)		83.2
Japan Airport Terminal Co. Ltd.		(9,400	)		(466,311	)		52.2
Japan Aviation Electronics Industry Ltd.		(32,100	)		(532,243	)		59.5
Japan Exchange Group, Inc.		(24,200	)		(573,009	)		64.1
Japan Hotel REIT Investment Corp.		(554	)		(334,565	)		37.4
Japan Retail Fund Investment Corp.		(225	)		(206,667	)		23.1
Justsystems Corp.		(19,100	)		(987,208	)		110.4
Kadokawa Dwango		(1,400	)		(73,921	)		8.3
Kansai Electric Power Co., Inc.		(16,200	)		(149,155	)		16.7
Keikyu Corp.		(3,400	)		(38,374	)		4.3
Koei Tecmo Holdings Co. Ltd.		(300	)		(13,964	)		1.6
Kotobuki Spirits Co. Ltd.		(6,200	)		(414,541	)		46.4
Kyowa Kirin Co. Ltd.		(3,300	)		(108,531	)		12.1
MINEBEA MITSUMI, Inc.		(8,400	)		(212,663	)		23.8
Mitsubishi UFJ Financial Group, Inc.		(126,500	)		(693,662	)		77.6
Mitsui Fudosan Co. Ltd.		(16,400	)		(374,967	)		41.9
Mitsui Fudosan Logistics Park, Inc.		(69	)		(366,870	)		41.0
Mitsui High-Tec, Inc.		(300	)		(23,172	)		2.6
Mizuho Financial Group, Inc.		(25,600	)		(337,868	)		37.8
Morinaga Milk Industry Co. Ltd.		(21,300	)		(1,248,280	)		139.6
Murata Manufacturing Co. Ltd.		(11,000	)		(815,964	)		91.3
Nidec Corp.		(24,700	)		(2,735,718	)		306.0
Nippon Building Fund, Inc.		(3	)		(19,491	)		2.2
Nippon Kayaku Co. Ltd.		(103,700	)		(1,092,176	)		122.2
Nishi-Nippon Railroad Co. Ltd.		(7,300	)		(179,823	)		20.1
Oji Holdings Corp.		(106,900	)		(529,875	)		59.3
Open House Co. Ltd.		(6,900	)		(440,034	)		49.2
ORIX Corp.		(18,700	)		(371,687	)		41.6
Rohto Pharmaceutical Co. Ltd.		(800	)		(24,443	)		2.7
Ryohin Keikaku Co. Ltd.		(6,300	)		(124,149	)		13.9
Sapporo Holdings Ltd.		(600	)		(13,018	)		1.5
SBI Holdings, Inc.		(14,600	)		(378,424	)		42.3
Sekisui Chemical Co. Ltd.		(25,400	)		(417,290	)		46.7
Shinko Electric Industries Co. Ltd.		(64,300	)		(2,590,464	)		289.7
Shionogi & Co. Ltd.		(3,100	)		(202,121	)		22.6
Shizuoka Bank Ltd.		(2,600	)		(20,936	)		2.3
Shochiku Co. Ltd.		(1,500	)		(163,219	)		18.3
Sony Corp.		(24,900	)		(2,883,328	)		322.5
Square Enix Holdings Co. Ltd.		(400	)		(21,912	)		2.4
Suzuki Motor Corp.		(16,700	)		(744,768	)		83.3
Tokyo Electric Power Co. Holdings, Inc.		(761,300	)		(2,108,802	)		235.9
Tokyo Tatemono Co. Ltd.		(38,800	)		(570,298	)		63.8
Tokyu Corp.		(8,800	)		(124,064	)		13.9
Tokyu Fudosan Holdings Corp.		(87,400	)		(506,432	)		56.6
Tosoh Corp.		(5,600	)		(94,310	)		10.5
Toyota Motor Corp.		(230,000	)		(4,058,156	)		453.9
Yamato Kogyo Co. Ltd.		(29,900	)		(1,002,556	)		112.1
					(39,672,939	)

38 2 0 2 1  BLACK ROCK  SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2021 BlackRock Global Long/Short Equity Fund

Security	Shares			Value			% of Basket Value
Jersey
Novocure Ltd.		(6,974	)		$    (715,323	)		80.0	%
Luxembourg
ArcelorMittal		(33,339	)		(1,127,529	)		126.1
Aroundtown SA		(8,441	)		(58,661	)		6.5
Tenaris SA		(61,720	)		(687,332	)		76.9
					(1,873,522	)
Netherlands
Aegon NV		(50,057	)		(253,904	)		28.4
Alfen Beheer BV		(179	)		(20,164	)		2.3
Prosus NV		(34,638	)		(3,051,018	)		341.2
QIAGEN NV		(2,126	)		(116,960	)		13.1
					(3,442,046	)
New Zealand
Fletcher Building Ltd.		(26,834	)		(138,016	)		15.4
Spark New Zealand Ltd.		(41,119	)		(134,610	)		15.1
					(272,626	)
Norway
Adevinta ASA		(10,754	)		(177,637	)		19.9
NEL ASA		(18,020	)		(38,153	)		4.2
Salmar Asa		(4,361	)		(332,703	)		37.2
					(548,493	)
Russia
Evraz PLC		(194,880	)		(1,655,310	)		185.1
Singapore
CapitaLand Integrated Commercial Trust		(200,269	)		(318,920	)		35.7
Sembcorp Industries Ltd.		(459,000	)		(685,047	)		76.6
Venture Corp. Ltd.		(11,100	)		(155,048	)		17.4
Wilmar International Ltd.		(30,300	)		(96,873	)		10.8
					(1,255,888	)
Spain
Solaria Energia y Medio Ambiente SA		(5,710	)		(114,269	)		12.8
Telefonica SA		(232,108	)		(1,008,198	)		112.7
					(1,122,467	)
Sweden
Autoliv, Inc.		(247	)		(23,922	)		2.7
Embracer Group AB		(73,730	)		(687,654	)		76.9
Holmen AB		(5,296	)		(235,122	)		26.3
Investor AB		(4,154	)		(95,849	)		10.7
Securitas AB		(53,476	)		(885,919	)		99.1
Sinch AB		(40,859	)		(777,742	)		87.0
Skandinaviska Enskilda Banken AB		(73,841	)		(1,154,713	)		129.2
Svenska Cellulosa AB SCA, Class B		(27,579	)		(430,923	)		48.2
Thule Group AB		(29,435	)		(1,700,769	)		190.2
Volvo AB		(3,029	)		(71,609	)		8.0
Volvo AB		(78,003	)		(1,818,964	)		203.4
					(7,883,186	)
Switzerland
CRISPR Therapeutics AG		(4,087	)		(373,266	)		41.8
Georg Fischer AG		(2,426	)		(3,670,664	)		410.5
Novartis AG		(15,710	)		(1,299,417	)		145.3
Roche Holding AG		(290	)		(112,344	)		12.6
Siegfried Holding AG		(308	)		(296,247	)		33.1
Swatch Group AG		(239	)		(12,715	)		1.4

Security	Shares			Value			% of Basket Value
Switzerland (continued)
Swiss Life Holding AG		(118	)	$	(64,731	)		7.2	%
Zur Rose Group AG		(379	)		(134,529	)		15.1
					(5,963,913	)
United Kingdom
Avast PLC		(45,509	)		(348,527	)		39.0
B&M European Value Retail SA		(133,032	)		(1,152,552	)		128.9
Berkeley Group Holdings PLC		(1,758	)		(104,862	)		11.7
Burberry Group PLC		(24,515	)		(647,909	)		72.5
Clarivate PLC		(22,859	)		(536,044	)		59.9
GlaxoSmithKline PLC		(22,143	)		(459,707	)		51.4
Greggs PLC		(22,176	)		(926,889	)		103.7
HSBC Holdings PLC		(132,338	)		(797,359	)		89.2
Land Securities Group PLC		(99,286	)		(932,740	)		104.3
Man Group PLC		(6,978	)		(22,222	)		2.5
Mondi PLC		(3,295	)		(82,289	)		9.2
Ocado Group PLC		(23,252	)		(573,873	)		64.2
Paysafe Ltd.		(28,411	)		(221,606	)		24.8
Segro PLC		(40,090	)		(708,572	)		79.2
Severn Trent PLC		(1,016	)		(38,051	)		4.2
Tesco PLC		(712,575	)		(2,631,017	)		294.3
UNITE Group PLC		(26,870	)		(401,190	)		44.9
Weir Group PLC		(2,393	)		(56,820	)		6.3
Wise PLC		(3,948	)		(44,316	)		5.0
					(10,686,545	)
United States
10X Genomics, Inc., Class A		(550	)		(88,699	)		9.9
3D Systems Corp.		(5,859	)		(164,989	)		18.5
Activision Blizzard, Inc.		(30,018	)		(2,347,107	)		262.5
Acuity Brands, Inc.		(1,528	)		(313,897	)		35.1
Advanced Drainage Systems, Inc.		(12,573	)		(1,418,234	)		158.6
Affirm Holdings, Inc.		(3,343	)		(543,238	)		60.8
AGNC Investment Corp.		(64,803	)		(1,031,664	)		115.4
Air Lease Corp.		(31,876	)		(1,276,634	)		142.8
Air Products & Chemicals, Inc.		(1,361	)		(408,041	)		45.6
Albemarle Corp.		(1,423	)		(356,419	)		39.9
Albertsons Cos., Inc., Class A		(22,655	)		(701,172	)		78.4
Alight, Inc., Class A		(17,117	)		(186,233	)		20.8
Allakos, Inc.		(1,045	)		(105,106	)		11.8
Alliant Energy Corp.		(273	)		(15,444	)		1.7
Allison Transmission Holdings, Inc.		(1,289	)		(43,001	)		4.8
Altria Group, Inc.		(10,117	)		(446,261	)		49.9
Ameriprise Financial, Inc.		(2,355	)		(711,516	)		79.6
Amphenol Corp., Class A		(56,011	)		(4,299,964	)		480.9
Annaly Capital Management, Inc.		(4,564	)		(38,611	)		4.3
Antero Resources Corp.		(37,822	)		(751,523	)		84.1
AO Smith Corp.		(3,422	)		(250,046	)		28.0
Aramark		(5,548	)		(202,391	)		22.6
Archer-Daniels-Midland Co.		(28,251	)		(1,814,844	)		203.0
Arrowhead Pharmaceuticals, Inc.		(6,369	)		(406,470	)		45.5
Aspen Technology, Inc.		(3,882	)		(608,271	)		68.0
Autodesk, Inc.		(145	)		(46,053	)		5.2
Avangrid, Inc.		(1,092	)		(57,548	)		6.4
Avis Budget Group, Inc.		(4,195	)		(727,035	)		81.3
AZEK Co., Inc.		(6,294	)		(230,927	)		25.8
Bank of New York Mellon Corp.		(32,769	)		(1,939,925	)		217.0
Best Buy Co., Inc.		(1,902	)		(232,500	)		26.0
Biohaven Pharmaceutical Holding Co. Ltd.		(394	)		(56,074	)		6.3
Blueprint Medicines Corp.		(3,694	)		(415,538	)		46.5
Boeing Co.		(1,404	)		(290,670	)		32.5

SCHEDULE   OF  INVESTMENTS 39

Schedule of Investments (unaudited) (continued) October 31, 2021 BlackRock Global Long/Short Equity Fund

Security	Shares			Value			% of Basket Value
United States (continued)
Boston Beer Co., Inc.		(562	)		$      (276,774	)		31.0	%
Bright Horizons Family Solutions, Inc.		(1,072	)		(177,952	)		19.9
Broadcom, Inc.		(14,303	)		(7,604,476	)		850.5
Brooks Automation, Inc.		(4,246	)		(494,447	)		55.3
Brunswick Corp.		(5,539	)		(515,626	)		57.7
Bumble, Inc.		(8,176	)		(429,404	)		48.0
Burlington Stores, Inc.		(2,578	)		(712,276	)		79.7
Caesars Entertainment, Inc.		(23,786	)		(2,603,616	)		291.2
Callaway Golf Co.		(4,938	)		(133,573	)		14.9
Camping World Holdings, Inc.		(1,072	)		(39,932	)		4.5
CareDx, Inc.		(4,042	)		(206,142	)		23.1
Celanese Corp.		(3,006	)		(485,499	)		54.3
Celsius Holdings, Inc.		(8,589	)		(829,010	)		92.7
ChargePoint Holdings, Inc.		(49,231	)		(1,219,944	)		136.4
Chipotle Mexican Grill, Inc.		(46	)		(81,835	)		9.2
Choice Hotels International, Inc.		(11,360	)		(1,597,443	)		178.7
Citrix Systems, Inc.		(10,752	)		(1,018,537	)		113.9
Cloudflare, Inc., Class A		(3,120	)		(607,526	)		67.9
Clover Health Investments Corp.		(7,243	)		(54,323	)		6.1
Coherent, Inc.		(129	)		(32,818	)		3.7
Coinbase Global, Inc., Class A		(2,956	)		(944,206	)		105.6
Colfax Corp.		(29,150	)		(1,504,723	)		168.3
Columbia Sportswear Co.		(7,570	)		(786,069	)		87.9
Comerica, Inc.		(2,505	)		(213,150	)		23.8
Conagra Brands, Inc.		(2,896	)		(93,251	)		10.4
Confluent, Inc., Class A		(1,810	)		(122,990	)		13.8
ConocoPhillips		(9,507	)		(708,176	)		79.2
Constellation Brands, Inc.		(5,625	)		(1,219,556	)		136.4
ContextLogic, Inc.		(9,395	)		(47,915	)		5.4
Corning, Inc.		(68,790	)		(2,446,860	)		273.7
Crown Holdings, Inc.		(1,099	)		(114,285	)		12.8
Darden Restaurants, Inc.		(13,626	)		(1,964,052	)		219.7
Datadog, Inc., Class A		(3,006	)		(502,152	)		56.2
DaVita, Inc.		(4,100	)		(423,284	)		47.3
Deckers Outdoor Corp.		(466	)		(184,214	)		20.6
Denali Therapeutics, Inc.		(773	)		(37,375	)		4.2
Dick’s Sporting Goods, Inc.		(104	)		(12,918	)		1.4
Digital Turbine, Inc.		(5,060	)		(435,464	)		48.7
DISH Network Corp.		(12,459	)		(511,691	)		57.2
DoorDash, Inc., Class A		(3,575	)		(696,410	)		77.9
Dover Corp.		(482	)		(81,497	)		9.1
Dun & Bradstreet Holdings, Inc.		(40,685	)		(766,505	)		85.7
Dutch Bros, Inc., Class A		(16,100	)		(1,227,464	)		137.3
eBay, Inc.		(27,219	)		(2,088,242	)		233.6
Element Solutions, Inc.		(40,604	)		(922,117	)		103.1
Encompass Health Corp.		(628	)		(39,916	)		4.5
Enphase Energy, Inc.		(177	)		(40,999	)		4.6
Eversource Energy		(22,460	)		(1,906,854	)		213.3
Exelon Corp.		(3,608	)		(191,910	)		21.5
eXp World Holdings, Inc.		(1,810	)		(93,396	)		10.4
Facebook, Inc., Class A		(2,948	)		(953,884	)		106.7
Fastenal Co.		(34,931	)		(1,993,861	)		223.0
Fifth Third Bancorp		(25,547	)		(1,112,061	)		124.4
Figs, Inc., Class A		(769	)		(25,846	)		2.9
First Solar, Inc.		(2,136	)		(255,444	)		28.6
Fiserv, Inc.		(5,076	)		(499,935	)		55.9
Five Below, Inc.		(5,433	)		(1,071,931	)		119.9
Freshpet, Inc.		(8,238	)		(1,284,387	)		143.6
Frontier Communications Parent, Inc.		(72,716	)		(2,251,287	)		251.8
Generac Holdings, Inc.		(710	)		(353,978	)		39.6
General Electric Co.		(2,729	)		(286,190	)		32.0
General Motors Co.		(67,522	)		(3,675,222	)		411.0

Security	Shares			Value				% of Basket Value
United States (continued)
Graco, Inc.		(349	)	$	(26,238	)			2.9	%
Graphic Packaging Holding Co.		(7,513	)		(149,734	)			16.7
Guardant Health, Inc.		(4,934	)		(576,242	)			64.4
GXO Logistics, Inc.		(9,128	)		(810,566	)			90.7
HCA Healthcare, Inc.		(3,833	)		(960,013	)			107.4
Healthcare Trust of America, Inc., Class A		(33,390	)		(1,114,892	)			124.7
Helen of Troy Ltd.		(300	)		(67,485	)			7.5
Hershey Co.		(13,098	)		(2,296,734	)			256.9
Hilton Grand Vacations, Inc.		(270	)		(13,576	)			1.5
Howmet Aerospace Inc.		(4,710	)		(139,840	)			15.6
Huntsman Corp.		(32,576	)		(1,061,326	)			118.7
IAC/InterActiveCorp.		(20,313	)		(3,095,092	)			346.2
Inari Medical, Inc.		(1,969	)		(178,234	)			19.9
Innovative Industrial Properties, Inc.		(3,735	)		(982,641	)			109.9
International Business Machines Corp.		(24,384	)		(3,050,438	)			341.2
International Flavors & Fragrances, Inc.		(15,227	)		(2,245,221	)			251.1
Intuitive Surgical, Inc.		(288	)		(104,005	)			11.6
Jacobs Engineering Group, Inc.		(8,072	)		(1,133,470	)			126.8
Jefferies Financial Group, Inc.		(9,546	)		(410,478	)			45.9
Jones Lang LaSalle, Inc.		(802	)		(207,100	)			23.2
Kimberly-Clark Corp.		(13,780	)		(1,784,372	)			199.6
Kodiak Sciences, Inc.		(955	)		(111,821	)			12.5
Kraft Heinz Co.		(8,604	)		(308,798	)			34.5
Las Vegas Sands Corp.		(35,878	)		(1,392,425	)			155.7
Lemonade, Inc.		(2,591	)		(161,057	)			18.0
Lennar Corp., Class A		(1,435	)		(143,400	)			16.0
Lennox International, Inc.		(54	)		(16,161	)			1.8
Liberty Broadband Corp.		(6,619	)		(1,064,137	)			119.0
Liberty Broadband Corp., Class C		(525	)		(85,286	)			9.5
Liberty Media Corp-Liberty Formula One		(1,229	)		(68,578	)			7.7
Loews Corp.		(1,385	)		(77,657	)			8.7
Lucid Group, Inc.		(3,855	)		(142,596	)			15.9
Lumen Technologies, Inc.		(19,709	)		(233,749	)			26.1
Luminar Technologies, Inc.		(12,935	)		(212,005	)			23.7
Macy’s, Inc.		(4,808	)		(127,268	)			14.2
Madison Square Garden Co.		(21,214	)		(4,020,265	)			449.6
Magnite, Inc.		(3,610	)		(97,578	)			10.9
Marathon Digital Holdings, Inc.		(3,970	)		(207,393	)			23.2
Maravai LifeSciences Holdings, Inc.		(1,051	)		(44,447	)			5.0
Match Group, Inc.		(4,531	)		(683,184	)			76.4
MGIC Investment Corp.		(1,764	)		(28,506	)			3.2
MGM Resorts International		(56,142	)		(2,647,657	)			296.1
Mirati Therapeutics, Inc.		(249	)		(47,066	)			5.3
Mohawk Industries, Inc.		(3,040	)		(538,718	)			60.3
MongoDB, Inc.		(1,091	)		(568,727	)			63.6
Morgan Stanley		(32,581	)		(3,348,675	)			374.5
Nasdaq, Inc.		(2,674	)		(561,192	)			62.8
National Beverage Corp.		(868	)		(48,955	)			5.5
nCino, Inc.		(2,817	)		(204,683	)	��		22.9
Netflix, Inc.		(3,810	)		(2,630,081	)			294.2
Nielsen Holdings PLC		(1,901	)		(38,495	)			4.3
Nikola Corp.		(15,559	)		(183,596	)			20.5
Nordson Corp.		(206	)		(52,367	)			5.9
Northern Trust Corp.		(1,599	)		(196,741	)			22.0
Novavax, Inc.		(1,623	)		(241,551	)			27.0
Nucor Corp.		(9,732	)		(1,086,578	)			121.5
Oak Street Health, Inc.		(9,548	)		(450,952	)			50.4
Olaplex Holdings, Inc.		(1,516	)		(42,312	)			4.7
Omega Healthcare Investors, Inc.		(1,497	)		(43,952	)			4.9
Open Lending Corp., Class A		(419	)		(13,207	)			1.5
Opendoor Technologies, Inc.		(24,650	)		(584,452	)			65.4
PACCAR, Inc.		(58,852	)		(5,274,316	)			589.9

40 2 0 2 1  BLACK ROCK  SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2021 BlackRock Global Long/Short Equity Fund

Security	Shares			Value			% of Basket Value
United States (continued)
Pacific Biosciences of California, Inc.		(1,096	)	$	(29,022	)		3.2	%
Palantir Technologies, Inc.		(20,698	)		(535,664	)		59.9
Penn National Gaming, Inc.		(1,809	)		(129,524	)		14.5
PennyMac Financial Services, Inc.		(13,606	)		(844,388	)		94.4
PepsiCo, Inc.		(6,153	)		(994,325	)		111.2
PG&E Corp.		(68,034	)		(789,194	)		88.3
Pinterest, Inc., Class A		(5,253	)		(234,494	)		26.2
Planet Fitness, Inc., Class A		(13,522	)		(1,075,675	)		120.3
Plug Power, Inc.		(6,749	)		(258,284	)		28.9
PPL Corp.		(6,330	)		(182,304	)		20.4
Procore Technologies, Inc.		(6,615	)		(604,942	)		67.7
Progressive Corp.		(5,180	)		(491,478	)		55.0
QuantumScape Corp.		(7,851	)		(227,208	)		25.4
Quidel Corp.		(2,392	)		(317,586	)		35.5
Range Resources Corp.		(14,090	)		(328,579	)		36.7
Reata Pharmaceuticals, Inc.		(5,290	)		(507,893	)		56.8
Redfin Corp.		(1,135	)		(58,271	)		6.5
Regal Beloit Corp.		(1	)		(116	)		0.0
RH		(211	)		(139,182	)		15.6
ROBLOX Corp., Class A		(1,784	)		(149,892	)		16.8
Rocket Cos., Inc., Class A		(49,693	)		(818,941	)		91.6
Ross Stores, Inc.		(35,509	)		(4,019,619	)		449.6
Schrodinger, Inc.		(1,769	)		(96,552	)		10.8
SentinelOne, Inc., Class A		(843	)		(55,975	)		6.3
Shift4 Payments, Inc., Class A		(22,695	)		(1,432,735	)		160.2
Shoals Technologies Group, Inc., Class A		(17,185	)		(532,563	)		59.6
Shockwave Medical, Inc.		(57	)		(12,181	)		1.4
Skyworks Solutions, Inc.		(484	)		(80,891	)		9.0
Southwest Airlines Co.		(21,375	)		(1,010,610	)		113.0
State Street Corp.		(443	)		(43,658	)		4.9
STERIS PLC		(6,190	)		(1,446,851	)		161.8
SVB Financial Group		(43	)		(30,848	)		3.4
SYNNEX Corp.		(4,774	)		(501,270	)		56.1
TaskUS, Inc.		(6,874	)		(398,005	)		44.5
Texas Pacific Land Corp.		(530	)		(675,045	)		75.5
Texas Roadhouse, Inc.		(145	)		(12,877	)		1.4
TG Therapeutics, Inc.		(9,297	)		(290,252	)		32.5
Thor Industries, Inc.		(1,611	)		(164,258	)		18.4
Toro Co.		(1,274	)		(121,629	)		13.6
Trade Desk, Inc., Class A		(7,939	)		(594,710	)		66.5
TuSimple Holdings, Inc.		(5,426	)		(212,265	)		23.7
Tyson Foods, Inc., Class A		(12,781	)		(1,022,097	)		114.3
Universal Health Services, Inc.		(1,166	)		(144,701	)		16.2
UWM Holdings Corp.		(60,751	)		(413,107	)		46.2
Vail Resorts, Inc.		(8,428	)		(2,905,216	)		324.9
Verizon Communications, Inc.		(131,548	)		(6,970,729	)		779.6
Vertiv Holdings Co.		(54,923	)		(1,410,423	)		157.7
Virgin Galactic Holdings, Inc.		(13,653	)		(255,994	)		28.6
Vobile Group Ltd.		(440,000	)		(387,134	)		43.3
Wayfair, Inc., Class A		(3,893	)		(969,746	)		108.5
Westinghouse Air Brake Technologies Corp.		(27,284	)		(2,475,477	)		276.9
Workiva, Inc.		(213	)		(31,854	)		3.6
Wyndham Hotels & Resorts, Inc.		(1,646	)		(139,038	)		15.5
Wynn Resorts Ltd.		(618	)		(55,496	)		6.2

Security	Shares			Value			% of Basket Value
United States (continued)
ZoomInfo Technologies, Inc., Class A		(3,243	)	$	(217,994	)		24.4	%
Zurn Water Solutions Corp		(21,027	)		(762,860	)		85.3
					(162,788,768	)
Total Reference Entity — Short					(271,089,841	)
Net Value of Reference Entity — Deutsche Bank A.G				$	(894,116	)

The following table represents the individual long and short positions and related values of the equity securities underlying the total return swap with Goldman Sachs & Co. as of period end, termination date February 27, 2023 and February 28, 2023:

Security	Shares		Value		% of Basket Value
Reference Entity — Long
Common Stocks
Australia
Alumina Ltd.		705,846	$	1,066,759		115.9	%
Aristocrat Leisure Ltd.		17,188		609,602		66.2
CSR Ltd.		15,694		70,453		7.7
Domino’s Pizza Enterprises Ltd.		2,916		299,118		32.5
Flight Centre Travel Group Ltd.		10,178		154,014		16.7
Glencore PLC		61,102		305,545		33.2
Harvey Norman Holdings Ltd.		481,937		1,808,038		196.5
JB Hi-Fi Ltd.		2,134		81,475		8.8
Magellan Financial Group Ltd.		8,423		221,576		24.1
Metcash Ltd.		28,525		87,913		9.5
Mineral Resources Ltd.		836		24,577		2.7
Nufarm Ltd.		109,384		360,228		39.1
Orocobre Ltd.		5,843		39,460		4.3
Perpetual Ltd.		7,760		221,801		24.1
Platinum Asset Management Ltd.		126,556		292,254		31.8
South32 Ltd.		17,144		46,041		5.0
Woodside Petroleum Ltd.		3,406		59,542		6.5
				5,748,396
Austria
ANDRITZ AG		52,341		2,972,890		323.0
Erste Group Bank AG		36,191		1,552,076		168.7
				4,524,966
Belgium
Azelis Group NV		29,193		944,919		102.7
Galapagos NV		3,248		172,243		18.7
Solvay SA		1,287		152,989		16.6
Telenet Group Holding NV		44,131		1,585,450		172.3
				2,855,601
Bermuda
Hiscox Ltd.		8,588		97,709		10.6
Canada
Air Canada		16,195		290,374		31.6
Alimentation Couche-Tard, Inc., Class B		2,495		93,583		10.2
Boralex Inc.		4,028		124,654		13.5
Canadian Western Bank		10,602		339,151		36.9
CGI, Inc.		2,289		204,486		22.2
Crescent Point Energy Corp.		125,808		632,293		68.7
Descartes Systems Group, Inc.		2,463		201,144		21.9

SCHEDULE   OF  INVESTMENTS 41

Schedule of Investments (unaudited) (continued) October 31, 2021 BlackRock Global Long/Short Equity Fund

Security	Shares		Value		% of Basket Value
Canada (continued)
Docebo Inc.		3,659	$	273,893		29.8	%
Franco-Nevada Corp.		789		112,580		12.2
GFL Environmental, Inc.		9,038		371,642		40.4
Great-West Lifeco, Inc.		27,580		811,399		88.2
Hydro One Ltd.		10,184		243,327		26.4
IGM Financial, Inc.		732		29,065		3.2
Imperial Oil Ltd.		362		12,256		1.3
Innergex Renewable Energy Inc.		25,800		429,444		46.7
Keyera Corp.		12,652		324,274		35.2
Lithium Americas Corp.		5,714		165,750		18.0
NexGen Energy Ltd.		13,998		77,365		8.4
Parex Resources, Inc.		1,945		37,765		4.1
Parkland Corp./Canada		6,624		192,736		20.9
Pembina Pipeline Corp.		4,002		132,484		14.4
Stantec, Inc.		3,430		189,570		20.6
Topicus.com Inc.		126		14,061		1.5
Tourmaline Oil Corp.		80,831		2,921,437		317.4
Wheaton Precious Metals Corp.		86,473		3,490,781		379.3
				11,715,514
Denmark
Chr Hansen Holding A/S		2,686		213,711		23.2
FLSmidth & Co. A/S		16,158		614,332		66.8
				828,043
Finland
Fortum OYJ		3,380		100,521		11.0
Kone Oyj, Class B		5,400		368,275		40.0
Nokia OYJ		135,193		775,941		84.3
Outokumpu OYJ		4,123		25,682		2.8
				1,270,419
France
Airbus SE		47,897		6,144,324		667.7
ALD SA		34,207		509,873		55.4
Arkema SA		184		25,170		2.7
Bouygues SA		79,809		3,233,486		351.4
CNP Assurances		8,758		219,433		23.8
Constellium SE		66,500		1,224,265		133.0
Elis SA		3,413		64,805		7.0
Engie SA		200,663		2,854,461		310.2
Eurazeo SE		2,946		276,140		30.0
L’Oreal SA		5,432		2,484,894		270.0
Rexel SA		4,965		98,685		10.7
Rubis SCA		4,413		141,433		15.4
Societe Generale SA		87,408		2,919,770		317.3
Sodexo SA		2,476		240,888		26.2
Teleperformance		1,433		598,581		65.0
Unibail-Rodamco-Westfield		8,764		625,791		68.0
Valeo SA		19,313		567,456		61.7
Wendel SE		3,174		422,807		45.9
				22,652,262
Germany
Adidas AG		2,108		689,951		75.0
Bayerische Motoren Werke AG		10,744		1,085,531		118.0
Beiersdorf AG		1,748		185,871		20.2
Covestro AG		7,378		472,477		51.3
Fraport AG Frankfurt Airport Services Worldwide		335		23,976		2.6
GEA Group AG		255		12,559		1.4
HelloFresh SE		332		26,905		2.9
Hochtief AG		7,012		540,977		58.8

Security	Shares		Value		% of Basket Value
Germany (continued)
HUGO BOSS AG		3,152	$	197,369		21.4	%
MTU Aero Engines AG		13,053		2,907,392		315.9
ProSiebenSat.1 Media SE		12,689		212,550		23.1
Rheinmetall AG		1,276		123,806		13.4
SAP SE		6,295		911,586		99.1
Scout24 AG		2,864		199,466		21.7
Siemens AG		11,964		1,945,130		211.4
TeamViewer AG		3,069		45,806		5.0
thyssenkrupp AG		2,214		23,047		2.5
Wacker Chemie AG		2,100		379,485		41.2
				9,983,884
Hong Kong
AIA Group Ltd.		209,400		2,346,748		255.0
ASM Pacific Technology Ltd.		10,900		117,942		12.8
Bank of East Asia Ltd.		122,600		201,342		21.9
Dah Sing Banking Group Ltd.		192,400		184,078		20.0
Pacific Basin Shipping Ltd.		98,000		45,228		4.9
Shun Tak Holdings Ltd.		70,000		19,136		2.1
SITC International Holdings Co. Ltd.		72,000		243,349		26.4
Swire Properties Ltd.		112,800		302,413		32.9
United Energy Group Ltd.		2,464,000		218,516		23.7
Xinyi Glass Holdings Ltd.		174,000		490,322		53.3
Yue Yuen Industrial Holdings Ltd.		176,500		374,658		40.7
				4,543,732
Ireland
AIB Group PLC		40,791		110,400		12.0
Alkermes PLC		536		16,235		1.8
Bank of Ireland Group PLC		139,704		832,243		90.4
Experian PLC		3,489		159,975		17.4
Medtronic PLC		136		16,301		1.8
				1,135,154
Israel
CyberArk Software Ltd.		806		145,168		15.8
JFrog Ltd.		1,630		53,285		5.8
Wix.com Ltd.		2,500		464,900		50.5
				663,353
Italy
Banca Mediolanum SpA		1,334		13,443		1.5
BPER Banca		600,337		1,316,279		143.0
Pirelli & C SpA		5,788		35,598		3.9
PRADA SpA		187,600		1,182,453		128.5
UnipolSai Assicurazioni SpA		16,563		47,961		5.2
				2,595,734
Japan
Advantest Corp.		600		49,193		5.3
Alfresa Holdings Corp.		900		12,687		1.4
Alps Alpine Co. Ltd.		18,700		182,719		19.9
Amada Co. Ltd.		57,400		567,081		61.6
Amano Corp.		600		14,847		1.6
ASKUL Corp.		10,200		138,544		15.1
Azbil Corp.		29,500		1,257,668		136.7
Benesse Holdings, Inc.		22,900		523,910		56.9
Bridgestone Corp.		23,500		1,039,623		113.0
Calbee, Inc.		36,300		935,287		101.6
Canon, Inc.		9,900		225,120		24.5
Casio Computer Co. Ltd.		9,500		134,435		14.6
COMSYS Holdings Corp.		28,100		695,785		75.6
Daikin Industries Ltd.		1,300		284,719		30.9

42 2 0 2 1  BLACK ROCK  SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2021 BlackRock Global Long/Short Equity Fund

Security	Shares		Value		% of Basket Value
Japan (continued)
Dentsu Group, Inc.		12,500	$	456,796		49.6	%
DIC Corp.		6,500		172,099		18.7
DMG Mori Co. Ltd.		700		12,055		1.3
Ezaki Glico Co. Ltd.		2,000		72,587		7.9
FANUC Corp.		4,200		830,009		90.2
Fuji Media Holdings, Inc.		49,600		514,128		55.9
Hamamatsu Photonics KK		300		17,806		1.9
Hikari Tsushin, Inc.		1,800		277,477		30.2
Hisamitsu Pharmaceutical Co., Inc.		5,500		187,641		20.4
Honda Motor Co. Ltd.		98,800		2,922,293		317.5
Hoya Corp.		100		14,721		1.6
Hulic Co. Ltd.		13,600		130,771		14.2
IHI Corp.		1,500		35,037		3.8
Japan Tobacco, Inc.		47,800		938,370		102.0
JGC Holdings Corp.		16,200		152,236		16.5
Kajima Corp.		1,400		17,238		1.9
Kamigumi Co. Ltd.		8,000		161,080		17.5
Kansai Paint Co. Ltd.		23,500		544,166		59.1
Keyence Corp.		900		543,253		59.0
Kobe Steel Ltd.		3,800		22,326		2.4
Koito Manufacturing Co. Ltd.		5,500		312,060		33.9
Konica Minolta, Inc.		98,100		485,564		52.8
Kuraray Co. Ltd.		124,800		1,129,322		122.7
Lawson, Inc.		48,400		2,340,605		254.3
Marubeni Corp.		167,000		1,417,048		154.0
Maruichi Steel Tube Ltd.		3,500		79,526		8.6
Maruwa Unyu Kikan Co. Ltd.		2,200		30,810		3.3
Mazda Motor Corp.		14,500		130,417		14.2
Mitsubishi Heavy Industries Ltd.		4,200		107,406		11.7
Mitsubishi Motors Corp.		158,500		507,283		55.1
Mitsui OSK Lines Ltd.		8,000		504,412		54.8
MS&AD Insurance Group Holdings, Inc.		8,400		271,382		29.5
NEC Corp.		6,600		337,933		36.7
Nihon Kohden Corp.		14,900		474,107		51.5
Nikon Corp.		106,100		1,169,832		127.1
Nippon Shinyaku Co. Ltd.		1,400		112,163		12.2
Nippon Television Holdings, Inc.		125,500		1,352,092		146.9
Nissan Motor Co. Ltd.		198,600		1,010,846		109.8
Nitori Holdings Co. Ltd.		3,000		551,131		59.9
NOK Corp.		11,200		130,007		14.1
Obayashi Corp.		135,100		1,140,546		123.9
Obic Co. Ltd.		2,200		406,832		44.2
Omron Corp.		26,000		2,486,501		270.2
Rakus Co. Ltd.		2,700		85,575		9.3
Recruit Holdings Co. Ltd.		16,900		1,124,171		122.2
Ricoh Co. Ltd.		54,900		534,607		58.1
Sega Sammy Holdings, Inc.		5,800		82,478		9.0
Seiko Epson Corp.		14,100		251,066		27.3
Sekisui House Ltd.		37,000		769,259		83.6
Shimadzu Corp.		600		24,376		2.6
Shimizu Corp.		2,000		14,654		1.6
Skylark Co. Ltd.		8,000		108,397		11.8
SMC Corp.		300		179,030		19.5
Sohgo Security Services Co. Ltd.		300		12,835		1.4
Subaru Corp.		81,800		1,604,490		174.3
Sumitomo Chemical Co. Ltd.		554,600		2,732,134		296.9
Sumitomo Mitsui Financial Group, Inc.		48,900		1,586,787		172.4
Sundrug Co. Ltd.		3,700		108,284		11.8
Suntory Beverage & Food Ltd.		43,400		1,684,025		183.0
Taisei Corp.		35,300		1,107,683		120.4
Takara Bio Inc.		2,400		62,632		6.8

Security	Shares		Value		% of Basket Value
Japan (continued)
Tokyo Electron Ltd.		300	$	139,810		15.2	%
Toppan Inc.		2,900		46,812		5.1
Toray Industries, Inc.		44,900		279,795		30.4
Trend Micro, Inc.		52,000		2,939,059		319.4
TV Asahi Holdings Corp.		5,700		86,498		9.4
Yamaguchi Financial Group, Inc.		28,500		159,102		17.3
Yamazaki Baking Co. Ltd.		45,400		689,662		74.9
				46,984,753
Luxembourg
Majorel Group Luxembourg SA		24,918		892,961		97.0
RTL Group SA		15,035		868,396		94.4
SES SA		62,742		563,499		61.2
				2,324,856
Netherlands
ABN AMRO Bank NV		7,805		114,794		12.5
ASML Holding NV		1,572		1,277,878		138.8
Koninklijke KPN NV		495,791		1,481,391		161.0
Koninklijke Vopak NV		4,515		179,688		19.5
Randstad NV		10,332		742,327		80.7
Wolters Kluwer NV		14,517		1,520,197		165.2
				5,316,275
Norway
Equinor ASA		2,855		72,341		7.9
Norsk Hydro ASA		2,071		15,212		1.6
Orkla ASA		3,331		32,399		3.5
				119,952
Portugal
Galp Energia SGPS SA		9,139		94,935		10.3
Singapore
Jardine Cycle & Carriage Ltd.		4,200		70,212		7.6
SIA Engineering Co. Ltd.		58,600		94,371		10.2
Singapore Post Ltd.		847,300		411,884		44.8
Singapore Telecommunications Ltd.		138,800		257,507		28.0
				833,974
Spain
Aena SME SA		1,270		208,580		22.7
Banco de Sabadell SA		1,566,109		1,260,399		136.9
Fluidra SA		4,961		189,476		20.6
Industria de Diseno Textil SA		42,372		1,534,893		166.8
				3,193,348
Sweden
Elekta AB		30,173		351,347		38.2
Husqvarna AB, B Shares		24,274		345,927		37.6
Industrivarden AB, A Shares		770		25,401		2.8
Investment AB Latour, B Shares		2,335		84,815		9.2
Saab AB		31,271		871,779		94.7
Samhallsbyggnadsbolaget i Norden AB		22,427		150,419		16.3
				1,829,688
Switzerland
Adecco Group AG		433		21,815		2.4
Cie Financiere Richemont SA, Class A		1,180		146,025		15.9
Clariant AG		18,420		387,788		42.1
Idorsia Ltd.		235		4,838		0.5
Schindler Holding AG		1,283		334,077		36.3
Swatch Group AG		1,905		524,341		57.0
				1,418,884

SCHEDULE   OF  INVESTMENTS 43

Schedule of Investments (unaudited) (continued) October 31, 2021 BlackRock Global Long/Short Equity Fund

Security	Shares		Value		% of Basket Value
United Kingdom
Ashmore Group PLC		68,185	$	315,038		34.2	%
ASOS PLC		2,399		81,448		8.9
Associated British Foods PLC		30,416		743,849		80.8
Aston Martin Lagonda Global Holdings PLC		12,865		300,297		32.6
Atlantica Sustainable Infrastructure PLC		30,246		1,190,180		129.3
Bellway PLC		4,763		216,116		23.5
boohoo Group PLC		79,828		198,553		21.6
British Land Co. PLC		4,719		31,863		3.5
BT Group PLC		105,856		201,108		21.9
Capri Holdings Ltd.		20,590		1,096,212		119.1
Centrica PLC		930,889		768,436		83.5
Coca-Cola European Partners PLC		738		38,856		4.2
ConvaTec Group PLC		216,785		634,304		68.9
Hammerson PLC		45		20		0.0
HomeServe PLC		241,059		2,820,657		306.5
Inchcape PLC		109,785		1,241,035		134.9
Informa PLC		5,479		38,977		4.2
Intertek Group PLC		5,969		399,731		43.4
ITV PLC		2,007,743		2,954,993		321.1
John Wood Group PLC		123,453		359,994		39.1
Marks & Spencer Group PLC		153,281		385,309		41.9
Melrose Industries PLC		9,046		19,517		2.1
Moneysupermarket.com Group PLC		3		9		0.0
Next PLC		2,246		244,790		26.6
Oxford Nanopore Technologies PLC		43,028		328,878		35.8
Phoenix Group Holdings PLC		24,738		222,111		24.1
Rightmove PLC		133,066		1,257,815		136.7
Rolls-Royce Holdings PLC		9,442		17,041		1.9
Smiths Group PLC		24,786		460,228		50.0
Spirax-Sarco Engineering PLC		1,169		249,546		27.1
Taylor Wimpey PLC		814,751		1,723,858		187.3
Trainline PLC		19,230		83,373		9.1
Travis Perkins PLC		38,435		812,549		88.3
Virgin Money UK PLC		47,258		131,845		14.3
				19,568,536
United States
Agilent Technologies, Inc.		12,034		1,895,235		205.9
Alaska Air Group, Inc.		7,198		380,054		41.3
Alcoa Corp.		33,579		1,542,955		167.7
Ambarella, Inc.		9,386		1,744,200		189.5
American Airlines Group, Inc.		32,505		624,096		67.8
American Eagle Outfitters, Inc.		1,326		31,479		3.4
American Homes 4 Rent, Class A		43,464		1,764,638		191.7
Aon PLC, Class A		327		104,614		11.4
Apple, Inc.		32,351		4,846,180		526.6
Arch Capital Group Ltd.		409		17,104		1.9
Arista Networks, Inc.		201		82,348		8.9
Arrow Electronics, Inc.		2,266		262,290		28.5
AutoNation, Inc.		3,168		383,708		41.7
Avnet, Inc.		11,559		440,513		47.9
Axon Enterprise, Inc.		5,097		917,256		99.7
Biogen, Inc.		299		79,737		8.7
BioMarin Pharmaceutical, Inc.		210		16,638		1.8
Booz Allen Hamilton Holding Corp.		2,261		196,390		21.3
BorgWarner, Inc.		7,585		341,856		37.1
Brighthouse Financial, Inc.		30,626		1,538,344		167.2
Bruker Corp.		803		64,481		7.0
C.H. Robinson Worldwide, Inc.		1,457		141,314		15.4
C3.AI, Inc., Class A		1,074		48,459		5.3
Cabot Oil & Gas Corp.		149,247		3,181,946		345.8

Security	Shares		Value		% of Basket Value
United States (continued)
Camden Property Trust		469	$	76,494		8.3	%
Campbell Soup Co.		18,854		753,217		81.8
Cardinal Health, Inc.		18,727		895,338		97.3
Carnival PLC		1,818		36,698		4.0
Casey’s General Stores, Inc.		3,493		669,049		72.7
CDW Corp.		1,336		249,364		27.1
CF Industries Holdings, Inc.		676		38,397		4.2
ChampionX Corp.		2,502		65,627		7.1
Cigna Corp.		866		184,986		20.1
Cirrus Logic, Inc.		201		16,243		1.8
Clean Harbors, Inc.		6,588		741,414		80.6
CMC Materials, Inc.		629		80,745		8.8
Colgate-Palmolive Co.		94,173		7,175,041		779.7
Comcast Corp., Class A		12,846		660,670		71.8
Continental Resources, Inc.		226		11,031		1.2
Crimson Wine Group Ltd.		1		9		0.0
Crown Castle International Corp.		7,568		1,364,510		148.3
CubeSmart		2,409		132,519		14.4
Devon Energy Corp.		14,241		570,779		62.0
Discovery, Inc., Class C		5,130		115,733		12.6
Donaldson Co., Inc.		576		34,566		3.8
DTE Energy Co.		2,627		297,770		32.4
Envista Holdings Corp.		559		21,857		2.4
EOG Resources, Inc.		17,252		1,595,120		173.3
EQT Corp.		16,254		323,617		35.2
Equifax, Inc.		1,592		441,669		48.0
Equinix, Inc.		5,734		4,799,759		521.6
Equity Residential		27,667		2,390,429		259.7
Erie Indemnity Co., Class A		3,667		754,705		82.0
Estee Lauder Cos., Inc., Class A		845		274,059		29.8
Etsy, Inc.		4,835		1,212,086		131.7
Euronet Worldwide, Inc.		827		92,781		10.1
Everest Re Group Ltd.		1,411		368,977		40.1
Exelixis, Inc.		786		16,907		1.8
Expedia Group, Inc.		27,159		4,465,211		485.2
Expeditors International of Washington, Inc.		2,915		359,303		39.0
FactSet Research Systems, Inc.		1,407		624,553		67.9
Federal Realty Investment Trust		8,620		1,037,417		112.7
FedEx Corp.		634		149,326		16.2
Fidelity National Financial, Inc.		11,048		529,310		57.5
Fidelity National Information Services, Inc.		3,118		345,287		37.5
Foot Locker, Inc.		16,229		773,636		84.1
Fox Corp., Class A		20,526		815,703		88.6
FTI Consulting, Inc.		2,604		374,768		40.7
Gap, Inc.		36,629		831,112		90.3
General Dynamics Corp.		827		167,674		18.2
Hewlett Packard Enterprise Co.		1,304		19,104		2.1
Highwoods Properties, Inc.		7,255		325,314		35.3
Host Hotels & Resorts, Inc.		9,014		151,706		16.5
IDACORP, Inc.		136		14,188		1.5
IDEXX Laboratories, Inc.		323		215,163		23.4
Illumina, Inc.		294		122,028		13.3
Incyte Corp.		1,623		108,709		11.8
International Game Technology PLC		26,776		789,624		85.8
Intuit, Inc.		2,909		1,821,005		197.9
Invitation Homes, Inc.		15,962		658,433		71.5
Iridium Communications, Inc.		300		12,165		1.3
Iron Mountain, Inc.		46,483		2,121,484		230.5
Itron, Inc.		2,543		197,769		21.5
Keysight Technologies, Inc.		9,897		1,781,658		193.6
Kimco Realty Corp.		60,683		1,371,436		149.0

44 2 0 2 1  BLACK ROCK  SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2021 BlackRock Global Long/Short Equity Fund

Security	Shares		Value		% of Basket Value
United States (continued)
Kinder Morgan, Inc.		8,895	$	148,991		16.2	%
Kohl’s Corp.		15,940		773,568		84.1
Landstar System, Inc.		2,161		379,925		41.3
LGI Homes, Inc.		70		10,451		1.1
Liberty Latin America Ltd., Class A		2		24		0.0
Life Storage, Inc.		939		125,648		13.7
Lincoln National Corp.		1,632		117,749		12.8
Lockheed Martin Corp.		1,176		390,808		42.5
M&T Bank Corp.		766		112,694		12.2
Manhattan Associates, Inc.		7,372		1,338,313		145.4
ManpowerGroup, Inc.		9,329		901,648		98.0
Markel Corp.		171		224,545		24.4
Marsh & McLennan Cos., Inc.		31,080		5,184,144		563.3
Masco Corp.		12,697		832,288		90.4
MasTec, Inc.		6,716		598,597		65.0
McDonald’s Corp.		1,858		456,232		49.6
McKesson Corp.		13,940		2,897,847		314.9
MDU Resources Group, Inc.		9,246		284,130		30.9
Mettler-Toledo International, Inc.		33		48,869		5.3
Molson Coors Beverage Co., Class B		10,377		457,522		49.7
Monolithic Power Systems, Inc.		105		55,173		6.0
Moody’s Corp.		549		221,878		24.1
Morningstar, Inc.		2,686		850,791		92.4
Murphy USA, Inc.		5,265		857,932		93.2
National Storage Affiliates Trust		8,301		518,480		56.3
New York Community Bancorp, Inc.		1,144		14,220		1.5
Nordstrom, Inc.		10,112		290,518		31.6
Northrop Grumman Corp.		491		175,395		19.1
Norwegian Cruise Line Holdings Ltd.		19,550		502,826		54.6
NOV, Inc.		8,794		123,292		13.4
Nutanix, Inc., Class A		12,736		436,972		47.5
NVIDIA Corp.		333		85,138		9.3
OGE Energy Corp.		2,158		73,523		8.0
Okta, Inc.		53		13,101		1.4
Otis Worldwide Corp.		34,745		2,790,371		303.2
Ovintiv Inc.		14,118		529,653		57.6
PagerDuty, Inc.		8,464		353,372		38.4
Papa John’s International, Inc.		4,094		507,984		55.2
Park Hotels & Resorts, Inc.		1,682		31,167		3.4
Paylocity Holding Corp.		307		93,678		10.2
Peloton Interactive, Inc., Class A		1,826		166,969		18.1
Penske Automotive Group, Inc.		8,997		954,132		103.7
Penumbra, Inc.		1,299		359,238		39.0
Perrigo Co. PLC		12,212		551,372		59.9
Phillips 66		11,330		847,257		92.1
Pure Storage, Inc., Class A		9,584		257,426		28.0
PVH Corp.		470		51,385		5.6
Ralph Lauren Corp.		9,358		1,190,057		129.3
Regency Centers Corp.		9,891		696,425		75.7
Reinsurance Group of America, Inc.		14,912		1,760,809		191.3
Reliance Steel & Aluminum Co.		7,857		1,148,379		124.8
RingCentral, Inc., Class A		493		120,184		13.1
Roku, Inc.		6,731		2,052,282		223.0
Royal Caribbean Cruises Ltd.		1,868		157,715		17.1
Ryder System, Inc.		10,726		911,174		99.0
S&P Global, Inc.		2,695		1,277,861		138.9
SailPoint Technologies Holding, Inc.		52,617		2,524,564		274.3
SBA Communications Corp.		846		292,149		31.7
Service Corp. International		10,663		730,309		79.4
ServiceNow, Inc.		1,156		806,611		87.6
Shake Shack, Inc., Class A		14,961		1,034,852		112.4

Security	Shares			Value			% of Basket Value
United States (continued)
Silicon Laboratories, Inc.		5,200		$	981,552			106.7	%
Sims Ltd.		84,217			916,790			99.6
Sirius XM Holdings, Inc.		219,716			1,338,070			145.4
SiteOne Landscape Supply, Inc.		5,507			1,293,925			140.6
Six Flags Entertainment Corp.		29,318			1,205,849			131.0
Skechers USA, Inc., Class A		12,759			589,593			64.1
Smartsheet, Inc., Class A		192			13,250			1.4
Spirit Realty Capital, Inc.		6,959			340,504			37.0
Stifel Financial Corp.		756			55,090			6.0
Stitch Fix, Inc., Class A		13,362			462,325			50.2
Sun Communities, Inc.		5,156			1,010,473			109.8
Sunnova Energy International, Inc.		2,023			90,145			9.8
Syneos Health, Inc.		2,954			275,726			30.0
Sysco Corp.		46,038			3,540,322			384.7
Tapestry, Inc.		1,967			76,674			8.3
Teradyne, Inc.		942			130,222			14.2
Travel + Leisure Co.		884			48,037			5.2
Travelers Cos., Inc.		662			106,503			11.6
TripAdvisor, Inc.		9,861			325,117			35.3
Trupanion, Inc.		2,901			297,062			32.3
UDR, Inc.		5,558			308,636			33.5
UGI Corp.		2,515			109,176			11.9
Ulta Beauty, Inc.		441			162,006			17.6
United Rentals, Inc.		463			175,528			19.1
United Therapeutics Corp.		698			133,150			14.5
Valero Energy Corp.		7,641			590,879			64.2
Valvoline, Inc.		59,259			2,012,436			218.7
Varonis Systems, Inc.		10,821			700,552			76.1
Voya Financial, Inc.		387			27,001			2.9
Vulcan Materials Co.		5,964			1,133,876			123.2
Walgreens Boots Alliance, Inc.		21,634			1,017,231			110.5
Walmart, Inc.		37,669			5,628,502			611.6
Waste Connections, Inc.		597			81,198			8.8
Westrock Co.		485			23,329			2.5
Willis Towers Watson PLC		1,031			249,791			27.1
Wintrust Financial Corp.		8,304			734,904			79.9
Workday, Inc., Class A		2,565			743,799			80.8
World Wrestling Entertainment, Inc., Class A		1,088			66,466			7.2
WP Carey, Inc.		1,328			102,402			11.1
Zillow Group, Inc., Class A		6,778			716,570			77.9
Zillow Group, Inc., Class C		14,208			1,472,375			160.0
Zimmer Biomet Holdings, Inc.		3,068			439,092			47.7
					138,717,822
Total Reference Entity — Long					289,017,790
Reference Entity — Short
Common Stocks
Australia
Afterpay Ltd.		(13,802	)		(1,278,609	)		(138.9	)
Altium Ltd.		(29,687	)		(826,980	)		(89.9	)
Ampol Ltd.		(3,413	)		(78,947	)		(8.6	)
Appen Ltd.		(3,207	)		(26,132	)		(2.8	)
BlueScope Steel Ltd.		(2,676	)		(41,815	)		(4.5	)
Chalice Mining Ltd.		(193,851	)		(978,213	)		(106.3	)
CIMIC Group Ltd.		(121,380	)		(1,829,051	)		(198.7	)
Cleanaway Waste Management Ltd.		(474,470	)		(964,957	)		(104.9	)
Cochlear Ltd.		(4,510	)		(754,352	)		(82.0	)
Crown Resorts Ltd.		(104,940	)		(791,038	)		(86.0	)
Endeavour Group Ltd.		(122,024	)		(627,016	)		(68.1	)
Goodman Group.		(222,209	)		(3,679,088	)		(399.8	)
GPT Group.		(45,695	)		(178,395	)		(19.4	)

SCHEDULE   OF  INVESTMENTS 45

Schedule of Investments (unaudited) (continued) October 31, 2021 BlackRock Global Long/Short Equity Fund

Security	Shares			Value			% of Basket Value
Australia (continued)
Insurance Australia Group Ltd.		(29,702	)	$	(107,624	)		(11.7	)%
Lendlease Group		(82,633	)		(654,636	)		(71.1	)
Macquarie Group Ltd.		(8,829	)		(1,390,188	)		(151.1	)
National Australia Bank Ltd.		(763	)		(16,589	)		(1.8	)
Northern Star Resources Ltd.		(131,802	)		(912,443	)		(99.1	)
Ramsay Health Care Ltd.		(59,778	)		(3,194,900	)		(347.2	)
Rio Tinto Ltd.		(29,551	)		(2,024,620	)		(220.0	)
Santos Ltd.		(95,761	)		(502,848	)		(54.6	)
Scentre Group		(340,246	)		(776,062	)		(84.3	)
Shopping Centres Australasia Property Group		(224,237	)		(471,090	)		(51.2	)
Suncorp Group Ltd.		(42,767	)		(378,438	)		(41.1	)
Tabcorp Holdings Ltd.		(124,370	)		(468,297	)		(50.9	)
Telstra Corp. Ltd.		(73,583	)		(212,690	)		(23.1	)
Westpac Banking Corp.		(31,378	)		(610,463	)		(66.3	)
Woolworths Group Ltd.		(93,978	)		(2,707,019	)		(294.2	)
Worley Ltd.		(1,870	)		(15,364	)		(1.7	)
Zip Co. Ltd.		(13,321	)		(65,837	)		(7.2	)
					(26,563,701	)
Austria
OMV AG		(7,565	)		(458,010	)		(49.8	)
Belgium
UCB SA		(3,740	)		(447,026	)		(48.6	)
Warehouses De Pauw CVA		(2,633	)		(119,898	)		(13.0	)
					(566,924	)
Canada
Brookfield Asset Management Reinsurance Partners Ltd., Class A		(22,312	)		(1,374,488	)		(149.4	)
Cameco Corp.		(119,608	)		(2,906,119	)		(315.8	)
Canadian Imperial Bank of Commerce		(8,641	)		(1,048,496	)		(113.9	)
Canadian Solar, Inc.		(17,350	)		(720,893	)		(78.3	)
Centerra Gold, Inc.		(298,876	)		(2,241,087	)		(243.5	)
Dollarama, Inc.		(11,517	)		(520,573	)		(56.6	)
Dye & Durham Ltd.		(12,209	)		(373,590	)		(40.6	)
Kinross Gold Corp.		(592,479	)		(3,561,768	)		(387.0	)
Metro, Inc.		(16,617	)		(836,086	)		(90.8	)
Power Corp. of Canada		(20,357	)		(678,018	)		(73.7	)
Restaurant Brands International, Inc.		(32,588	)		(1,845,056	)		(200.5	)
RioCan Real Estate Investment Trust		(1,900	)		(34,220	)		(3.7	)
Royal Bank of Canada		(12,663	)		(1,318,073	)		(143.2	)
Sun Life Financial, Inc.		(35,172	)		(2,004,429	)		(217.8	)
Turquoise Hill Resources Ltd.		(6,086	)		(77,108	)		(8.4	)
West Fraser Timber Co. Ltd.		(15,915	)		(1,274,255	)		(138.5	)
					(20,814,259	)
China
Yangzijiang Shipbuilding Holdings Ltd.		(11,500	)		(12,110	)		(1.3	)
Finland
Stora Enso OYJ		(2,424	)		(40,334	)		(4.4	)
France
Accor SA		(6,738	)		(241,129	)		(26.2	)
BNP Paribas SA		(46,586	)		(3,118,337	)		(338.8	)
Bollore SA		(272,209	)		(1,582,133	)		(171.9	)
Danone SA		(80,003	)		(5,215,054	)		(566.7	)
Getlink SE		(17,153	)		(264,004	)		(28.7	)
LVMH Moet Hennessy Louis Vuitton SE		(2,938	)		(2,303,749	)		(250.3	)
Sanofi		(3,211	)		(322,526	)		(35.1	)
SEB SA		(6,642	)		(1,040,730	)		(113.1	)
SOITEC		(4,239	)		(1,128,638	)		(122.6	)

Security	Shares			Value			% of Basket Value
France (continued)
Ubisoft Entertainment SA		(9,248	)	$	(484,260	)		(52.6	)%
Worldline SA		(26,604	)		(1,551,443	)		(168.6	)
					(17,252,003	)
Germany
Deutsche Bank AG		(180,012	)		(2,312,309	)		(251.3	)
Deutsche Telekom AG		(95,023	)		(1,767,157	)		(192.0	)
Flatex AG		(15,236	)		(346,095	)		(37.6	)
Infineon Technologies AG		(47,044	)		(2,203,133	)		(239.4	)
Porsche Automobil Holding SE		(18,386	)		(1,913,549	)		(207.9	)
Uniper SE		(45,903	)		(2,029,217	)		(220.5	)
Vantage Towers AG		(3,536	)		(121,566	)		(13.2	)
					(10,693,026	)
Hong Kong
Champion REIT		(77,000	)		(40,389	)		(4.4	)
CK Asset Holdings Ltd.		(8,000	)		(49,416	)		(5.4	)
CK Hutchison Holdings Ltd.		(262,500	)		(1,759,910	)		(191.2	)
CLP Holdings Ltd.		(611,000	)		(5,982,252	)		(650.0	)
Hang Lung Properties Ltd.		(5,000	)		(11,604	)		(1.3	)
Henderson Land Development Co. Ltd.		(4,000	)		(16,749	)		(1.8	)
Hongkong Land Holdings Ltd.		(21,500	)		(118,729	)		(12.9	)
Hysan Development Co. Ltd.		(4,000	)		(13,907	)		(1.5	)
Jardine Matheson Holdings Ltd.		(37,508	)		(2,178,116	)		(236.7	)
Melco International Development Ltd.		(988,000	)		(1,283,221	)		(139.4	)
New World Development Co. Ltd.		(9,000	)		(39,037	)		(4.2	)
Sino Land Co. Ltd.		(132,000	)		(173,499	)		(18.9	)
SJM Holdings Ltd.		(215,000	)		(159,900	)		(17.4	)
WH Group Ltd.		(624,682	)		(437,911	)		(47.6	)
					(12,264,640	)
Ireland
Flutter Entertainment PLC.		(2,046	)		(387,321	)		(42.1	)
Grafton Group PLC		(3,270	)		(60,062	)		(6.5	)
Kingspan Group PLC		(264	)		(30,408	)		(3.3	)
					(477,791	)
Israel
Azrieli Group Ltd.		(16,361	)		(1,530,135	)		(166.3	)
First International Bank Of Israel Ltd.		(303	)		(12,151	)		(1.3	)
ICL Ltd.		(86,046	)		(737,414	)		(80.1	)
Maytronics Ltd.		(20,609	)		(487,160	)		(52.9	)
Riskified Ltd.		(660	)		(12,764	)		(1.4	)
Shapir Engineering and Industry Ltd.		(24,111	)		(197,365	)		(21.4	)
SolarEdge Technologies, Inc.		(2,194	)		(778,168	)		(84.6	)
					(3,755,157	)
Italy
Assicurazioni Generali SpA		(984	)		(21,427	)		(2.3	)
Buzzi Unicem SpA		(34,092	)		(795,142	)		(86.4	)
Infrastrutture Wireless Italiane SpA		(8,705	)		(96,174	)		(10.5	)
Moncler SpA		(4,292	)		(308,871	)		(33.6	)
					(1,221,614	)
Japan
Ain Holdings, Inc.		(4,600	)		(271,512	)		(29.5	)
Asahi Group Holdings Ltd.		(5,200	)		(235,977	)		(25.6	)
Bank of Kyoto Ltd.		(18,100	)		(814,015	)		(88.4	)
Central Japan Railway Co.		(4,000	)		(593,362	)		(64.5	)
Cosmo Energy Holdings Co. Ltd.		(14,300	)		(292,330	)		(31.8	)
Credit Saison Co. Ltd.		(3,000	)		(36,779	)		(4.0	)
DeNA Co. Ltd.		(2,600	)		(48,028	)		(5.2	)
East Japan Railway Co.		(3,800	)		(236,689	)		(25.7	)

46 2 0 2 1  BLACK ROCK  SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2021 BlackRock Global Long/Short Equity Fund

Security	Shares			Value			% of Basket Value
Japan (continued)
ENEOS Holdings, Inc.		(374,900	)	$	(1,511,690	)		(164.3	)%
Fujitsu General Ltd.		(40,400	)		(990,691	)		(107.6	)
Fukuyama Transporting Co. Ltd.		(300	)		(11,950	)		(1.3	)
Goldwin, Inc.		(8,200	)		(496,176	)		(53.9	)
GS Yuasa Corp.		(1,500	)		(32,654	)		(3.5	)
Hachijuni Bank Ltd.		(100,500	)		(335,890	)		(36.5	)
Hino Motors Ltd.		(2,800	)		(26,487	)		(2.9	)
Hirogin Holdings, Inc.		(133,800	)		(737,137	)		(80.1	)
Ibiden Co. Ltd.		(200	)		(12,017	)		(1.3	)
Iida Group Holdings Co. Ltd.		(32,400	)		(798,806	)		(86.8	)
INFRONEER Holdings, Inc.		(5,696	)		(47,177	)		(5.1	)
Invincible Investment Corp.		(832	)		(328,930	)		(35.7	)
Iwatani Corp.		(11,200	)		(661,532	)		(71.9	)
Japan Real Estate Investment Corp.		(45	)		(275,815	)		(30.0	)
Japan Steel Works Ltd.		(39,300	)		(1,154,526	)		(125.5	)
Justsystems Corp.		(5,300	)		(273,937	)		(29.8	)
Kadokawa Dwango		(1,300	)		(68,641	)		(7.5	)
Kagome Co. Ltd.		(1,000	)		(25,376	)		(2.8	)
Kansai Electric Power Co., Inc.		(2,800	)		(25,780	)		(2.8	)
Keio Corp.		(3,900	)		(196,863	)		(21.4	)
Kirin Holdings Co Ltd.		(800	)		(13,925	)		(1.5	)
Kotobuki Spirits Co. Ltd.		(2,900	)		(193,898	)		(21.1	)
MINEBEA MITSUMI, Inc.		(9,100	)		(230,385	)		(25.0	)
Mitsubishi UFJ Financial Group, Inc.		(46,500	)		(254,982	)		(27.7	)
Mitsui Fudosan Co. Ltd.		(31,600	)		(722,497	)		(78.5	)
Mitsui Fudosan Logistics Park, Inc.		(159	)		(845,396	)		(91.9	)
Mitsui High-Tec, Inc.		(6,600	)		(509,790	)		(55.4	)
Morinaga Milk Industry Co. Ltd.		(17,500	)		(1,025,583	)		(111.4	)
Murata Manufacturing Co. Ltd.		(15,800	)		(1,172,021	)		(127.4	)
Nidec Corp.		(16,100	)		(1,783,201	)		(193.8	)
Nippon Building Fund, Inc.		(11	)		(71,466	)		(7.8	)
Nippon Kayaku Co. Ltd.		(74,300	)		(782,533	)		(85.0	)
Nippon Steel Corp.		(12,500	)		(219,160	)		(23.8	)
Nishi-Nippon Railroad Co. Ltd.		(5,300	)		(130,557	)		(14.2	)
Oji Holdings Corp.		(207,900	)		(1,030,506	)		(112.0	)
ORIX Corp.		(11,700	)		(232,553	)		(25.3	)
Ryohin Keikaku Co. Ltd.		(31,700	)		(624,688	)		(67.9	)
Sapporo Holdings Ltd.		(62,700	)		(1,360,411	)		(147.8	)
Shochiku Co. Ltd.		(2,900	)		(315,556	)		(34.3	)
Sony Corp.		(12,100	)		(1,401,135	)		(152.2	)
Square Enix Holdings Co. Ltd.		(14,400	)		(788,833	)		(85.7	)
Sumitomo Realty & Development Co. Ltd.		(42,400	)		(1,532,332	)		(166.5	)
Suzuki Motor Corp.		(12,000	)		(535,162	)		(58.1	)
Taiyo Nippon Sanso Corp.		(25,800	)		(609,101	)		(66.2	)
Toho Co. Ltd.		(9,800	)		(460,445	)		(50.0	)
Tokai Carbon Co. Ltd.		(135,200	)		(1,768,515	)		(192.2	)
Tokyo Electric Power Co. Holdings, Inc.		(69,000	)		(191,130	)		(20.8	)
Tokyo Tatemono Co. Ltd.		(82,500	)		(1,212,618	)		(131.8	)
Tokyu Corp.		(4,100	)		(57,803	)		(6.3	)
Tokyu Fudosan Holdings Corp.		(65,400	)		(378,955	)		(41.2	)
Toyota Motor Corp.		(130,000	)		(2,293,740	)		(249.2	)
Ube Industries Ltd.		(5,700	)		(106,199	)		(11.5	)
Yamato Holdings Co. Ltd.		(500	)		(12,292	)		(1.3	)
Yamato Kogyo Co. Ltd.		(16,500	)		(553,250	)		(60.1	)
					(33,961,385	)

Security	Shares			Value			% of Basket Value
Jersey
Novocure Ltd.		(2,656	)	$	(272,426	)		(29.6	)%
Luxembourg
ArcelorMittal		(14,452	)		(488,769	)		(53.1	)
Tenaris SA		(1,857	)		(20,680	)		(2.3	)
				(509,449)
Malaysia
Lynas Rare Earths Ltd.		(255,100	)		(1,423,076	)		(154.6	)
Netherlands
Aegon NV		(11,869	)		(60,203	)		(6.5	)
Prosus NV		(6,338	)		(558,270	)		(60.7	)
QIAGEN NV		(521	)		(28,662	)		(3.1	)
Shop Apotheke Europe NV		(6,894	)		(1,045,478	)		(113.6	)
				(1,692,613)
Norway
Adevinta ASA		(34,322	)		(566,939	)		(61.6	)
NEL ASA		(114,429	)		(242,277	)		(26.3	)
				(809,216)
Poland
InPost SA		(68,283	)		(974,930	)		(105.9	)
Russia
Evraz PLC		(128,128	)		(1,088,319	)		(118.3	)
Singapore
City Developments Ltd.		(391,800	)		(2,126,871	)		(231.1	)
Keppel DC REIT		(287,000	)		(508,185	)		(55.2	)
Sembcorp Marine Ltd.		(2,200	)		(129	)		(0.0	)
Singapore Airlines Ltd.		(486,800	)		(1,875,177	)		(203.8	)
Venture Corp. Ltd.		(17,900	)		(250,033	)		(27.2	)
Wilmar International Ltd.		(117,800	)		(376,623	)		(40.9	)
				(5,137,018)
Spain
Telefonica SA		(172,711	)		(750,198	)		(81.5	)
Switzerland
Credit Suisse Group AG		(44,138	)		(459,110	)		(49.9	)
CRISPR Therapeutics AG		(1,011	)		(92,335	)		(10.0	)
Ferrexpo PLC		(92,516	)		(394,663	)		(42.9	)
Georg Fischer AG		(617	)		(933,553	)		(101.5	)
Logitech International SA		(19,283	)		(1,613,080	)		(175.3	)
Novartis AG		(25,414	)		(2,102,061	)		(228.4	)
Siegfried Holding AG		(2,123	)		(2,041,991	)		(221.9	)
STMicroelectronics NV		(7,797	)		(370,192	)		(40.2	)
Swatch Group AG		(1,281	)		(68,148	)		(7.4	)
Zur Rose Group AG		(552	)		(195,937	)		(21.3	)
				(8,271,070)
United Kingdom
Avast PLC		(46,597	)		(356,859	)		(38.8	)
Berkeley Group Holdings PLC		(2,924	)		(174,413	)		(19.0	)
Clarivate PLC		(22,698	)		(532,268	)		(57.8	)
Countryside Properties PLC		(88,787	)		(571,534	)		(62.1	)
Greggs PLC		(12,353	)		(516,318	)		(56.1	)
Harbour Energy PLC		(160,922	)		(770,229	)		(83.7	)
HSBC Holdings PLC		(182,594	)		(1,100,160	)		(119.5	)

SCHEDULE   OF  INVESTMENTS 47

Schedule of Investments (unaudited) (continued) October 31, 2021 BlackRock Global Long/Short Equity Fund

Security	Shares			Value			% of Basket Value
United Kingdom (continued)
J Sainsbury PLC		(270,357	)	$	(1,107,344	)		(120.3	)%
Land Securities Group PLC		(37,549	)		(352,753	)		(38.3	)
London Stock Exchange Group PLC		(1,609	)		(156,626	)		(17.0	)
Mondi PLC		(15,349	)		(383,322	)		(41.7	)
Ocado Group PLC		(96,714	)		(2,386,959	)		(259.4	)
Rio Tinto PLC		(31,600	)		(1,970,306	)		(214.1	)
Segro PLC		(39,917	)		(705,515	)		(76.7	)
Tesco PLC		(520,593	)		(1,922,168	)		(208.9	)
Unilever PLC		(3,645	)		(195,160	)		(21.2	)
UNITE Group PLC		(71,828	)		(1,072,449	)		(116.5	)
					(14,274,383	)
United States
10X Genomics, Inc., Class A		(1,697	)		(273,675	)		(29.7	)
3D Systems Corp.		(1,710	)		(48,154	)		(5.2	)
Acuity Brands, Inc.		(318	)		(65,327	)		(7.1	)
Advanced Drainage Systems, Inc.		(1,907	)		(215,110	)		(23.4	)
Affirm Holdings, Inc.		(1,610	)		(261,625	)		(28.4	)
AGNC Investment Corp.		(9,942	)		(158,277	)		(17.2	)
Air Lease Corp.		(38,515	)		(1,542,526	)		(167.6	)
Airbnb, Inc., Class A		(3,606	)		(615,400	)		(66.9	)
Albemarle Corp.		(2,139	)		(535,755	)		(58.2	)
Alight, Inc., Class A		(10,762	)		(117,091	)		(12.7	)
Alliant Energy Corp.		(7,040	)		(398,253	)		(43.3	)
Amazon.com, Inc.		(75	)		(252,932	)		(27.5	)
AMERCO		(17	)		(12,529	)		(1.4	)
Americold Realty Trust		(29,544	)		(870,662	)		(94.6	)
Ameriprise Financial, Inc.		(798	)		(241,100	)		(26.2	)
Amphenol Corp., Class A		(26,591	)		(2,041,391	)		(221.8	)
Antero Resources Corp.		(4,646	)		(92,316	)		(10.0	)
AO Smith Corp.		(6,776	)		(495,122	)		(53.8	)
Aramark		(4,118	)		(150,225	)		(16.3	)
Archer-Daniels-Midland Co.		(8,089	)		(519,637	)		(56.5	)
Arrowhead Pharmaceuticals, Inc.		(418	)		(26,677	)		(2.9	)
Aspen Technology, Inc.		(1,741	)		(272,797	)		(29.6	)
Assurant, Inc.		(78	)		(12,582	)		(1.4	)
Avis Budget Group, Inc.		(6,182	)		(1,071,402	)		(116.4	)
AZEK Co., Inc.		(9,074	)		(332,925	)		(36.2	)
Bank of New York Mellon Corp.		(8,236	)		(487,571	)		(53.0	)
Best Buy Co., Inc.		(738	)		(90,213	)		(9.8	)
Biohaven Pharmaceutical Holding Co. Ltd.		(2,986	)		(424,968	)		(46.2	)
Black Knight, Inc.		(7,477	)		(524,212	)		(57.0	)
Blueprint Medicines Corp.		(566	)		(63,669	)		(6.9	)
Boeing Co.		(159	)		(32,918	)		(3.6	)
Bright Horizons Family Solutions, Inc.		(1,029	)		(170,814	)		(18.6	)
Broadcom, Inc.		(351	)		(186,616	)		(20.3	)
Brooks Automation, Inc.		(1,816	)		(211,473	)		(23.0	)
Brunswick Corp.		(2,157	)		(200,795	)		(21.8	)
Bumble, Inc.		(3,565	)		(187,234	)		(20.3	)
Caesars Entertainment, Inc.		(2,995	)		(327,833	)		(35.6	)
Callaway Golf Co.		(2,093	)		(56,616	)		(6.2	)
Camping World Holdings, Inc.		(9,379	)		(349,368	)		(38.0	)
CareDx, Inc.		(577	)		(29,427	)		(3.2	)
Carlisle Cos., Inc.		(132	)		(29,425	)		(3.2	)
Celanese Corp.		(5,764	)		(930,944	)		(101.2	)
Celsius Holdings, Inc.		(580	)		(55,982	)		(6.1	)
Ceridian HCM Holding, Inc.		(1,105	)		(138,401	)		(15.0	)
Chipotle Mexican Grill, Inc.		(1,696	)		(3,017,235	)		(327.9	)
Choice Hotels International, Inc.		(6,553	)		(921,483	)		(100.1	)
Churchill Downs, Inc.		(12,272	)		(2,822,560	)		(306.7	)
Citrix Systems, Inc.		(11,827	)		(1,120,372	)		(121.7	)

Security	Shares			Value			% of Basket Value
United States (continued)
Clear Secure, Inc., Class A		(9,323	)	$	(416,645	)		(45.3	)%
Cleveland-Cliffs, Inc.		(54,372	)		(1,310,909	)		(142.4	)
Coherent, Inc.		(133	)		(33,835	)		(3.7	)
Colfax Corp.		(10,192	)		(526,111	)		(57.2	)
Columbia Sportswear Co.		(2,825	)		(293,348	)		(31.9	)
Comerica, Inc.		(2,532	)		(215,448	)		(23.4	)
ConocoPhillips		(1,684	)		(125,441	)		(13.6	)
Constellation Brands, Inc.		(4,094	)		(887,620	)		(96.5	)
Corning, Inc.		(147,814	)		(5,257,744	)		(571.3	)
Crown Holdings, Inc.		(354	)		(36,812	)		(4.0	)
Darden Restaurants, Inc.		(3,065	)		(441,789	)		(48.0	)
Datadog, Inc., Class A		(1,292	)		(215,829	)		(23.5	)
DaVita, Inc.		(3,137	)		(323,864	)		(35.2	)
Deckers Outdoor Corp.		(242	)		(95,665	)		(10.4	)
Denali Therapeutics, Inc.		(761	)		(36,794	)		(4.0	)
Dick’s Sporting Goods, Inc.		(1,832	)		(227,553	)		(24.7	)
Digital Turbine, Inc.		(2,582	)		(222,207	)		(24.1	)
DoorDash, Inc., Class A		(515	)		(100,322	)		(10.9	)
Dover Corp.		(1,373	)		(232,147	)		(25.2	)
Dun & Bradstreet Holdings, Inc.		(36,120	)		(680,501	)		(73.9	)
eBay, Inc.		(4,742	)		(363,806	)		(39.5	)
Element Solutions, Inc.		(49,127	)		(1,115,674	)		(121.2	)
Encompass Health Corp.		(990	)		(62,924	)		(6.8	)
Eversource Energy		(8,883	)		(754,167	)		(82.0	)
Exelon Corp.		(2,313	)		(123,028	)		(13.4	)
eXp World Holdings, Inc.		(367	)		(18,937	)		(2.1	)
Facebook, Inc., Class A		(864	)		(279,564	)		(30.4	)
Fastenal Co.		(12,259	)		(699,744	)		(76.0	)
Fifth Third Bancorp		(134,357	)		(5,848,560	)		(635.5	)
First Solar, Inc.		(953	)		(113,969	)		(12.4	)
Fiserv, Inc.		(3,427	)		(337,525	)		(36.7	)
Five Below, Inc.		(1,157	)		(228,276	)		(24.8	)
Freshpet, Inc.		(3,702	)		(577,179	)		(62.7	)
Frontier Communications Parent, Inc.		(32,704	)		(1,012,516	)		(110.0	)
Generac Holdings, Inc.		(2,067	)		(1,030,524	)		(112.0	)
General Electric Co.		(2,774	)		(290,909	)		(31.6	)
General Motors Co.		(68,818	)		(3,745,764	)		(407.0	)
Gentex Corp.		(20,980	)		(742,482	)		(80.7	)
Graphic Packaging Holding Co.		(108,073	)		(2,153,895	)		(234.0	)
Guardant Health, Inc.		(3,148	)		(367,655	)		(40.0	)
GXO Logistics, Inc.		(7,788	)		(691,574	)		(75.1	)
Hasbro, Inc.		(931	)		(89,153	)		(9.7	)
HCA Healthcare, Inc.		(5,028	)		(1,259,313	)		(136.8	)
Healthcare Trust of America, Inc., Class A		(61,242	)		(2,044,870	)		(222.2	)
Helen of Troy Ltd.		(601	)		(135,195	)		(14.7	)
Hershey Co.		(27,528	)		(4,827,035	)		(524.5	)
Home Depot, Inc.		(1,571	)		(584,004	)		(63.5	)
Howmet Aerospace Inc.		(903	)		(26,810	)		(2.9	)
Huntsman Corp.		(4,598	)		(149,803	)		(16.3	)
IAC/InterActiveCorp.		(6,010	)		(915,744	)		(99.5	)
Inari Medical, Inc.		(2,021	)		(182,941	)		(19.9	)
Innovative Industrial Properties, Inc.		(2,895	)		(761,646	)		(82.8	)
International Business Machines Corp.		(10,560	)		(1,321,056	)		(143.5	)
International Flavors & Fragrances, Inc.		(7,956	)		(1,173,112	)		(127.5	)
Intuitive Surgical, Inc.		(149	)		(53,808	)		(5.8	)
Jacobs Engineering Group, Inc.		(2,735	)		(384,049	)		(41.7	)
Jefferies Financial Group, Inc.		(13,402	)		(576,286	)		(62.6	)
Jones Lang LaSalle, Inc.		(1,319	)		(340,605	)		(37.0	)
Kimberly-Clark Corp.		(559	)		(72,385	)		(7.9	)
Kodiak Sciences, Inc.		(817	)		(95,663	)		(10.4	)
Kraft Heinz Co.		(6,892	)		(247,354	)		(26.9	)

48 2 0 2 1  BLACK ROCK  SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2021 BlackRock Global Long/Short Equity Fund

Security	Shares			Value			% of Basket Value
United States (continued)
Lennar Corp., Class A		(1,339	)	$	(133,806	)		(14.5	)%
Liberty Broadband Corp.		(3,490	)		(561,087	)		(61.0	)
Liberty Media Corp-Liberty Formula One		(7,514	)		(419,281	)		(45.6	)
Loews Corp.		(71,206	)		(3,992,520	)		(433.8	)
Lumen Technologies, Inc.		(15,648	)		(185,585	)		(20.2	)
Madison Square Garden Co.		(10,320	)		(1,955,743	)		(212.5	)
Maravai LifeSciences Holdings, Inc.		(484	)		(20,468	)		(2.2	)
Marriott International, Inc., Class A		(3,081	)		(493,022	)		(53.6	)
Medical Properties Trust, Inc.		(2,942	)		(62,753	)		(6.8	)
MGIC Investment Corp.		(1,206	)		(19,489	)		(2.1	)
MGM Resorts International		(15,730	)		(741,827	)		(80.6	)
MicroStrategy, Inc., Class A		(496	)		(354,670	)		(38.5	)
Mirati Therapeutics, Inc.		(2,282	)		(431,344	)		(46.9	)
Mohawk Industries, Inc.		(1,935	)		(342,901	)		(37.3	)
MongoDB, Inc.		(696	)		(362,818	)		(39.4	)
Morgan Stanley		(21,838	)		(2,244,510	)		(243.9	)
Nasdaq, Inc.		(5,583	)		(1,171,704	)		(127.3	)
National Beverage Corp.		(3,415	)		(192,606	)		(20.9	)
nCino, Inc.		(3,361	)		(244,210	)		(26.5	)
Netflix, Inc.		(3,298	)		(2,276,642	)		(247.4	)
New Residential Investment Corp.		(1,317	)		(14,961	)		(1.6	)
NIKE, Inc., Class B		(48,608	)		(8,131,632	)		(883.6	)
Nordson Corp.		(56	)		(14,236	)		(1.5	)
Northern Trust Corp.		(5,619	)		(691,362	)		(75.1	)
Novavax, Inc.		(1,577	)		(234,705	)		(25.5	)
Nucor Corp.		(8,190	)		(914,413	)		(99.4	)
Oak Street Health, Inc.		(15,728	)		(742,833	)		(80.7	)
Omnicom Group, Inc.		(2,700	)		(183,816	)		(20.0	)
Opendoor Technologies, Inc.		(32,088	)		(760,806	)		(82.7	)
Overstock.com, Inc.		(3,227	)		(307,307	)		(33.4	)
PACCAR, Inc.		(4,351	)		(389,937	)		(42.4	)
Pacific Biosciences of California, Inc.		(3,045	)		(80,632	)		(8.8	)
Palantir Technologies, Inc.		(36,808	)		(952,591	)		(103.5	)
PennyMac Financial Services, Inc.		(3,945	)		(244,827	)		(26.6	)
PepsiCo, Inc.		(3,418	)		(552,349	)		(60.0	)
PG&E Corp.		(56,701	)		(657,732	)		(71.5	)
Pinterest, Inc., Class A		(22,680	)		(1,012,435	)		(110.0	)
Planet Fitness, Inc., Class A		(6,266	)		(498,460	)		(54.2	)
Plug Power, Inc.		(21,765	)		(832,947	)		(90.5	)
Polaris, Inc.		(7,500	)		(862,125	)		(93.7	)
PPG Industries, Inc.		(2,003	)		(321,622	)		(34.9	)
PPL Corp.		(10,727	)		(308,938	)		(33.6	)
Procore Technologies, Inc.		(579	)		(52,950	)		(5.8	)
Progressive Corp.		(4,126	)		(391,475	)		(42.5	)
Quidel Corp.		(3,031	)		(402,426	)		(43.7	)
Range Resources Corp.		(11,079	)		(258,362	)		(28.1	)
Regal Beloit Corp.		(0	)		(74	)		(0.0	)
Revolve Group, Inc.		(582	)		(43,673	)		(4.7	)
ROBLOX Corp., Class A		(704	)		(59,150	)		(6.4	)
Rocket Cos., Inc., Class A		(76,033	)		(1,253,024	)		(136.2	)
Schrodinger, Inc.		(1,200	)		(65,496	)		(7.1	)
SeaWorld Entertainment, Inc.		(243	)		(15,430	)		(1.7	)
SentinelOne, Inc., Class A		(1,413	)		(93,823	)		(10.2	)
Shift4 Payments, Inc., Class A		(6,572	)		(414,890	)		(45.1	)
Shoals Technologies Group, Inc., Class A		(9,622	)		(298,186	)		(32.4	)
Shockwave Medical, Inc.		(188	)		(40,176	)		(4.4	)
Skyworks Solutions, Inc.		(612	)		(102,284	)		(11.1	)
Snowflake, Inc., Class A		(1,212	)		(428,854	)		(46.6	)
Southwest Airlines Co.		(16,940	)		(800,923	)		(87.0	)
Southwestern Energy Co.		(22,421	)		(109,414	)		(11.9	)
Spirit AeroSystems Holdings, Inc., Class A		(1,387	)		(57,269	)		(6.2	)

Security	Shares			Value			% of Basket Value
United States (continued)
State Street Corp.		(423	)	$	(41,687	)		(4.5	)%
STERIS PLC		(2,638	)		(616,606	)		(67.0	)
SVB Financial Group		(245	)		(175,763	)		(19.1	)
SYNNEX Corp.		(3,942	)		(413,910	)		(45.0	)
TaskUS, Inc.		(373	)		(21,597	)		(2.3	)
Texas Pacific Land Corp.		(193	)		(245,818	)		(26.7	)
Texas Roadhouse, Inc.		(394	)		(34,991	)		(3.8	)
TG Therapeutics, Inc.		(2,770	)		(86,479	)		(9.4	)
Thor Industries, Inc.		(351	)		(35,788	)		(3.9	)
Toast, Inc., Class A		(640	)		(34,061	)		(3.7	)
Toro Co.		(1,588	)		(151,606	)		(16.5	)
Trade Desk, Inc., Class A		(12,402	)		(929,034	)		(101.0	)
Uber Technologies, Inc.		(41,403	)		(1,814,279	)		(197.1	)
Universal Health Services, Inc.		(979	)		(121,494	)		(13.2	)
Upstart Holdings, Inc.		(1,053	)		(339,108	)		(36.8	)
UWM Holdings Corp.		(53,957	)		(366,908	)		(39.9	)
Vail Resorts, Inc.		(8,295	)		(2,859,369	)		(310.7	)
Verizon Communications, Inc.		(15,567	)		(824,895	)		(89.6	)
Vertiv Holdings Co.		(63,665	)		(1,634,917	)		(177.7	)
Vimeo, Inc.		(518	)		(17,472	)		(1.9	)
Virgin Galactic Holdings, Inc.		(5,447	)		(102,131	)		(11.1	)
Wayfair, Inc., Class A		(2,583	)		(643,425	)		(69.9	)
Wyndham Hotels & Resorts, Inc.		(4,344	)		(366,938	)		(39.9	)
Wynn Resorts Ltd.		(475	)		(42,655	)		(4.6	)
ZoomInfo Technologies, Inc., Class A		(7,648	)		(514,099	)		(55.9	)
Zurn Water Solutions Corp.		(57,596	)		(2,089,583	)		(227.1	)
					(124,813,851	)
Total Reference Entity — Short					(288,097,503	)
Net Value of Reference Entity — Goldman Sachs & Co.				$	920,287

The following table represents the individual long and short positions and related values of the equity securities underlying the total return swap with Goldman Sachs & Co. as of period end, termination date February 27, 2023 and February 28, 2023:

Security	Shares		Value		% of Basket Value
Reference Entity — Long
Common Stocks
Australia
AUB Group Ltd.		13,843	$	228,151		114.5	%
Austal Ltd.		157,675		224,102		112.5
Cedar Woods Properties Ltd.		5,192		23,390		11.7
Centuria Office REIT		97,154		176,315		88.5
Charter Hall Long Wale REIT		25,286		92,764		46.6
Coronado Global Resources, Inc.		68,466		70,553		35.4
Dicker Data Ltd.		9,580		108,628		54.5
GUD Holdings Ltd.		17,899		165,663		83.1
GWA Group Ltd.		140,675		288,774		144.9
Inghams Group Ltd.		37,185		104,307		52.3
Johns Lyng Group Ltd.		85,635		418,553		210.0
Jumbo Interactive Ltd.		13,332		168,201		84.4
Kogan.com Ltd.		28,243		212,904		106.8
Link Administration Holdings Ltd.		2,978		9,805		4.9
Netwealth Group Ltd.		12,626		165,941		83.3
Objective Corp. Ltd.		4,574		71,913		36.1
Pinnacle Investment Management Group Ltd.		26,302		342,083		171.7
Regis Resources Ltd.		10,056		15,129		7.6

SCHEDULE   OF  INVESTMENTS 49

Schedule of Investments (unaudited) (continued) October 31, 2021 BlackRock Global Long/Short Equity Fund

Security	Shares		Value		% of Basket Value
Australia (continued)
Rural Funds Group		63,942	$	134,226		67.4	%
St Barbara Ltd.		11,247		12,395		6.2
Viva Energy Group Ltd.		5,133		9,044		4.5
				3,042,841
Belgium
Barco NV		57,584		1,297,918		651.3
Bekaert SA		227		9,943		5.0
Kinepolis Group NV		2,889		181,980		91.3
Melexis NV		305		35,177		17.6
				1,525,018
Canada
Altius Minerals Corp.		5,187		66,262		33.3
Cogeco Communications, Inc.		2,652		227,764		114.3
Converge Technology Solutions Corp.		8,019		76,976		38.6
CT Real Estate Investment Trust		10,127		145,244		72.9
Evertz Technologies Ltd.		5,690		65,148		32.7
First National Financial Corp.		20,060		675,096		338.8
Freehold Royalties Ltd.		131,855		1,260,379		632.4
Killam Apartment Real Estate Investment Trust		19,815		364,086		182.7
MAG Silver Corp.		355		7,071		3.5
Maverix Metals Inc.		5,312		25,453		12.8
Morguard Corp.		4,289		473,225		237.5
Pason Systems Inc.		26,646		198,080		99.4
Peyto Exploration & Development Corp.		3,329		26,253		13.2
PrairieSky Royalty Ltd.		73,233		901,211		452.2
Real Matters Inc.		50,742		371,053		186.2
Sandstorm Gold Ltd.		181,516		1,148,408		576.3
Savaria Corp.		90,308		1,425,109		715.1
Silvercorp Metals Inc.		7,687		32,547		16.3
Spin Master Corp.		191		6,612		3.3
Topaz Energy Corp.		46,836		686,116		344.3
Vermilion Energy Inc.		2,876		31,186		15.6
Village Farms International, Inc.		21,646		164,234		82.4
Zymeworks, Inc.		2,646		58,873		29.5
				8,436,386
Denmark
Alm Brand AS		38,027		293,372		147.2
Chemometec AS		5,287		801,704		402.3
Drilling Co.		200		7,169		3.6
Netcompany Group AS		2,314		263,501		132.2
Nilfisk Holding A/S		6,256		218,203		109.5
Topdanmark AS		10,195		541,058		271.5
				2,125,007
Faeroe Islands
Bakkafrost P/F		1,589		146,989		73.8
Finland
Rovio Entertainment Oyj		1,327		10,884		5.5
Uponor OYJ		3,154		77,041		38.6
YIT OYJ		3,583		21,117		10.6
				109,042
France
Aubay		658		40,771		20.5
CGG SA		213,829		154,640		77.6
Elior Group SA		3,062		24,226		12.2
Guerbet		1		44		0.0
ID Logistics Group		464		170,302		85.5
Interparfums SA		13,652		1,104,513		554.2

Security	Shares		Value		% of Basket Value
France (continued)
Manitou BF SA		8,789	$	299,215		150.1	%
SMCP SA		3,165		25,989		13.0
Sopra Steria Group		1,013		199,174		99.9
				2,018,874
Germany
Adesso SE		839		186,800		93.7
ADVA Optical Networking SE		494		6,549		3.3
Amadeus Fire AG		294		67,905		34.1
Deutsche Beteiligungs AG		5,605		258,996		130.0
Deutsche Pfandbriefbank AG		53,333		661,748		332.1
Duerr AG		15,774		714,924		358.7
Hypoport AG		179		110,198		55.3
MLP SE		36,450		350,995		176.1
SMA Solar Technology AG		1,887		99,771		50.1
STO SE & Co. KGaA		1,400		314,941		158.0
				2,772,827
Gibraltar
888 Holdings PLC		102,443		536,680		269.3
Hong Kong
CITIC Telecom International Holdings Ltd.		1,595,000		565,073		283.5
EC Healthcare		59,000		84,863		42.6
Health & Happiness H&H International Holdings Ltd.		60,000		140,814		70.6
Luk Fook Holdings International Ltd.		44,000		119,917		60.2
SA Sa International Holdings Ltd.		2,590,000		565,911		284.0
Texhong Textile Group Ltd.		133,500		199,722		100.2
				1,676,300
Ireland
C&C Group PLC		74,143		263,006		132.0
Cimpress PLC		3,186		284,574		142.8
Greencore Group PLC		15,698		27,757		13.9
Uniphar PLC		16,409		83,652		42.0
				658,989
Israel
Caesarstone Ltd.		50,004		624,050		313.1
Danel Adir Yeoshua Ltd.		1,774		375,246		188.3
Nova Measuring Instruments Ltd.		1,474		157,399		79.0
Radware Ltd.		27,948		990,198		496.9
				2,146,893
Italy
Arnoldo Mondadori Editore SpA		9,226		21,333		10.7
Banca Farmafactoring SpA		7,135		63,887		32.1
Brunello Cucinelli SpA		8,134		493,491		247.6
Danieli & C Officine Meccaniche SpA		2,145		72,208		36.2
Datalogic SpA		2,028		36,866		18.5
Gruppo MutuiOnline SpA		245		11,964		6.0
Maire Tecnimont SpA		78,648		338,899		170.1
Sanlorenzo SpA/Ameglia		712		29,900		15.0
Sesa SpA		2,744		538,341		270.2
Tinexta SpA		14,648		649,317		325.8
Webuild SpA		161,168		398,992		200.2
				2,655,198
Japan
Adastria Co. Ltd.		45,600		845,889		424.5
Aichi Steel Corp.		12,300		286,550		143.8
Anicom Holdings, Inc.		52,200		406,977		204.2
AOKI Holdings Inc.		93,600		571,470		286.8

50 2 0 2 1  BLACK ROCK  SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2021 BlackRock Global Long/Short Equity Fund

Security	Shares		Value		% of Basket Value
Japan (continued)
Arcland Service Holdings Co. Ltd.		4,800	$	95,268		47.8	%
Aruhi Corp.		28,700		332,738		167.0
Asahi Holdings, Inc.		39,800		710,355		356.5
Belc Co. Ltd.		1,500		74,050		37.2
Bengo4.com, Inc.		4,900		294,666		147.9
Canon Electronics Inc.		8,400		115,623		58.0
Cawachi Ltd.		57,800		1,127,424		565.7
Chubu Shiryo Co. Ltd.		25,900		247,535		124.2
CI Takiron Corp.		104,000		554,641		278.3
Computer Engineering & Consulting Ltd.		1,900		22,621		11.4
Comture Corp.		12,300		333,552		167.4
CRE Logistics REIT, Inc.		55		107,005		53.7
Create Restaurants Holdings, Inc.		4,900		33,688		16.9
Cybozu, Inc.		16,900		400,967		201.2
Daiken Corp.		10,200		222,897		111.8
Dainichiseika Color & Chemicals Manufacturing Co. Ltd.		15,600		360,597		180.9
Dexerials Corp.		3,200		64,734		32.5
Dip Corp.		11,900		426,964		214.2
Doshisha Co. Ltd.		28,400		444,988		223.3
Ebase Co. Ltd.		9,700		64,619		32.4
EDION Corp.		112,300		1,065,803		534.8
en-japan, Inc.		1,200		47,654		23.9
FCC Co. Ltd.		54,500		754,542		378.6
Financial Products Group Co. Ltd.		14,900		86,242		43.3
Fujikura Ltd.		21,600		116,507		58.5
Geo Holdings Corp.		4,800		50,995		25.6
Giken Ltd.		18,900		721,185		361.9
Glory Ltd.		50,700		1,091,330		547.6
Goldcrest Co. Ltd.		31,200		447,033		224.3
Gunze Ltd.		1,100		42,396		21.3
H2O Retailing Corp.		28,000		223,613		112.2
Heiwado Co. Ltd.		12,300		212,915		106.8
Ichibanya Co. Ltd.		600		24,257		12.2
Inaba Denki Sangyo Co. Ltd.		2,200		52,773		26.5
Infocom Corp.		1,400		26,880		13.5
Itochu Advance Logistics Investment Corp.		4		5,696		2.9
Itochu Enex Co. Ltd.		28,100		247,938		124.4
JAC Recruitment Co. Ltd.		7,100		139,305		69.9
Jafco Co. Ltd.		1,400		88,700		44.5
Japan Lifeline Co. Ltd.		8,000		86,145		43.2
Japan Petroleum Exploration Co. Ltd.		500		9,112		4.6
Japan Wool Textile Co. Ltd.		30,500		243,584		122.2
JSP Corp.		23,600		317,573		159.4
Kamei Corp.		25,200		256,798		128.9
KeePer Technical Laboratory Co. Ltd.		7,600		219,161		110.0
KOMEDA Holdings Co. Ltd.		22,900		415,344		208.4
Komori Corp.		49,100		320,706		160.9
Konoike Transport Co. Ltd.		16,500		180,605		90.6
Kumagai Gumi Co. Ltd.		1,900		47,028		23.6
Kura Sushi, Inc.		3,900		126,187		63.3
Kyoei Steel Ltd.		11,900		146,833		73.7
LITALICO, Inc.		2,600		78,506		39.4
Maeda Kosen Co. Ltd.		3,800		110,219		55.3
Makino Milling Machine Co. Ltd.		24,100		867,072		435.1
Mandom Corp.		9,800		142,461		71.5
Maruzen Showa Unyu Co. Ltd.		1,900		58,025		29.1
Maxell Ltd.		600		7,220		3.6
Medical Data Vision Co. Ltd.		10,100		130,297		65.4
Medley, Inc.		700		20,641		10.4
Meisei Industrial Co. Ltd.		19,900		118,587		59.5
METAWATER Co. Ltd.		1,800		30,457		15.3

Security	Shares		Value		% of Basket Value
Japan (continued)
Mimasu Semiconductor Industry Co. Ltd.		1,600	$	35,008		17.6	%
Mitsuboshi Belting Ltd.		13,700		243,503		122.2
Mitsui DM Sugar Holdings Co. Ltd.		18,800		334,079		167.6
Mochida Pharmaceutical Co. Ltd.		2,100		61,239		30.7
Monogatari Corp. (The)		100		6,229		3.1
Morita Holdings Corp.		20,700		260,444		130.7
MOS Food Services, Inc.		9,500		264,902		132.9
Nichicon Corp.		4,500		42,586		21.4
Nihon Chouzai Co. Ltd.		25,200		363,130		182.2
Nihon Nohyaku Co. Ltd.		46,700		219,536		110.2
Nippon Gas Co. Ltd.		61,700		765,301		384.0
Nippon Light Metal Holdings Co. Ltd.		55,170		915,671		459.5
Nippon Paper Industries Co. Ltd.		50,400		516,615		259.2
Nishimatsuya Chain Co. Ltd.		10,000		127,593		64.0
Nitto Boseki Co. Ltd.		2,200		70,516		35.4
Nitto Kogyo Corp.		14,900		221,703		111.2
Nitto Kohki Co. Ltd.		7,600		126,275		63.4
Noritsu Koki Co. Ltd.		1,100		22,877		11.5
Obara Group Inc.		4,100		131,484		66.0
Oiles Corp.		21,400		317,960		159.5
Oki Electric Industry Co. Ltd.		46,700		383,600		192.5
Optim Corp.		2,600		40,881		20.5
Osaka Soda Co. Ltd.		4,500		114,359		57.4
Piolax Inc.		22,900		329,426		165.3
Prestige International, Inc.		36,800		252,349		126.6
Ricoh Leasing Co. Ltd.		5,500		174,377		87.5
Round One Corp.		9,400		113,108		56.8
Ryobi Ltd.		9,800		102,737		51.6
Saizeriya Co. Ltd.		5,000		134,968		67.7
Sakai Moving Service Co. Ltd.		3,500		144,126		72.3
SAMTY Co. Ltd.		600		13,343		6.7
Samty Residential Investment Corp.		108		113,970		57.2
Sanken Electric Co. Ltd.		4,300		226,069		113.4
SBS Holdings, Inc.		1,700		60,483		30.3
Seria Co. Ltd.		400		13,205		6.6
Shinnihonseiyaku Co. Ltd.		13,800		204,535		102.6
Starzen Co. Ltd.		4,800		90,462		45.4
Strike Co. Ltd.		12,800		483,047		242.4
Sumitomo Densetsu Co. Ltd.		4,600		88,299		44.3
Sumitomo Mitsui Construction Co. Ltd.		4,700		19,945		10.0
Sumitomo Osaka Cement Co. Ltd.		37,600		1,053,585		528.7
Sumitomo Seika Chemicals Co. Ltd.		11,000		313,297		157.2
Sun Frontier Fudousan Co. Ltd.		24,400		228,973		114.9
Taikisha Ltd.		800		22,848		11.5
Takeuchi Manufacturing Co. Ltd.		15,000		385,115		193.2
Takuma Co. Ltd.		20,100		262,936		131.9
Toa Corp/Tokyo		3,800		83,394		41.8
Toho Titanium Co. Ltd.		25,500		268,509		134.7
Tokai Tokyo Financial Holdings, Inc.		4,400		15,253		7.7
Tokyotokeiba Co. Ltd.		2,100		83,205		41.8
Toyo Ink SC Holdings Co. Ltd.		3,800		66,922		33.6
Toyobo Co. Ltd.		17,100		205,325		103.0
TPR Co. Ltd.		23,600		300,727		150.9
Trancom Co. Ltd.		100		7,016		3.5
Tri Chemical Laboratories, Inc.		4,200		125,626		63.0
Trusco Nakayama Corp.		20,400		493,271		247.5
Trust Tech, Inc.		8,600		112,118		56.3
Tsukishima Kikai Co. Ltd.		7,700		78,725		39.5
UACJ Corp.		6,100		141,381		70.9
Unipres Corp.		21,700		177,044		88.8
United Arrows Ltd.		3,400		68,105		34.2
Uzabase, Inc.		2,500		44,798		22.5

SCHEDULE   OF  INVESTMENTS 51

Schedule of Investments (unaudited) (continued) October 31, 2021 BlackRock Global Long/Short Equity Fund

Security	Shares		Value		% of Basket Value
Japan (continued)
Wacoal Holdings Corp.		33,900	$	678,890		340.7	%
Xebio Holdings Co. Ltd.		20,900		194,230		97.5
Yuasa Trading Co. Ltd.		7,000		187,078		93.9
Yurtec Corp.		58,700		343,847		172.5
ZIGExN Co. Ltd.		45,100		160,519		80.5
				31,776,820
Netherlands
Core Laboratories NV		4,952		128,801		64.6
TKH Group NV		924		52,638		26.4
				181,439
Norway
Aker Carbon Capture ASA		3,234		11,719		5.9
Aker Solutions ASA		23,188		65,802		33.0
Fjordkraft Holding ASA		15,641		93,124		46.7
FLEX Liquified Natural Gas Ltd.		5,648		114,164		57.3
Golden Ocean Group Ltd.		39,191		354,451		177.9
Grieg Seafood ASA		28,878		320,813		161.0
Selvaag Bolig ASA		6,026		37,021		18.6
SpareBank 1 Nord Norge		722		8,755		4.4
Sparebank 1 Oestlandet		15,195		250,375		125.6
SpareBank 1 SMN		2,958		49,270		24.7
TGS ASA		6,070		55,981		28.1
				1,361,475
Peru
Hochschild Mining PLC		38,974		76,060		38.2
Portugal
Altri SGPS SA		5,958		38,606		19.4
CTT-Correios de Portugal SA		29,139		160,134		80.3
Sonae SGPS SA		10,433		11,484		5.8
				210,224
Singapore
iFAST Corp. Ltd.		7,900		50,811		25.5
Keppel Pacific Oak US REIT		182,800		145,326		72.9
Razer, Inc.		113,000		28,381		14.3
				224,518
Spain
Almirall SA		15,310		227,670		114.2
Laboratorios Farmaceuticos Rovi SA		1,189		83,294		41.8
Miquel y Costas & Miquel SA		119		1,648		0.8
Tecnicas Reunidas SA		6,314		57,100		28.7
Unicaja Banco SA		27,167		29,068		14.6
				398,780
Sweden
AcadeMedia AB		21,374		153,300		76.9
AddTech AB		14,384		321,802		161.5
AF AB		1,389		41,333		20.7
Betsson AB		2,182		15,230		7.6
Bonava AB		3,483		34,409		17.3
Intrum AB		18,301		519,464		260.7
New Wave Group AB		6,015		101,978		51.2
Scandic Hotels Group AB		20,649		99,879		50.1
SSAB AB		24,873		124,319		62.4
SwedenCare AB		1,212		19,906		10.0

Security	Shares		Value		% of Basket Value
Sweden (continued)
Troax Group AB		19,124	$	783,844		393.3	%
Vitrolife AB		6,957		452,782		227.2
				2,668,246
Switzerland
Cembra Money Bank AG		8,914		595,049		298.6
Gurit Holding AG		26		45,094		22.6
Inficon Holding AG		265		340,023		170.6
Komax Holding AG		431		109,774		55.1
Landis+Gyr Group AG		15,558		1,069,575		536.7
Medacta Group SA		2,476		415,371		208.4
Medartis Holding AG		161		21,207		10.7
Sensirion Holding AG		5,655		815,005		409.0
u-Blox Holding AG		3,341		244,481		122.7
Zehnder Group AG		328		35,306		17.7
				3,690,885
Ukraine
Network International Holdings PLC		149,678		662,049		332.2
United Kingdom
Alliance Pharma PLC		14		20		0.0
Brewin Dolphin Holdings PLC		30,218		155,701		78.1
Bytes Technology Group PLC		921		6,731		3.4
Capita PLC		112,905		73,282		36.8
Cineworld Group PLC		196,884		164,875		82.7
Clipper Logistics PLC		36,747		360,817		181.1
Craneware PLC		1,242		38,754		19.4
CVS Group PLC		16,967		578,244		290.2
Domino’s Pizza Group PLC		209,500		1,109,819		556.9
dotdigital group PLC		45,797		150,735		75.6
Hammerson PLC		188,002		82,547		41.4
Hotel Chocolat Group Ltd.		6,231		45,025		22.6
Hunting PLC		35,947		83,337		41.8
Indivior PLC		126,482		420,972		211.2
J D Wetherspoon PLC		4,482		62,905		31.6
Jupiter Fund Management PLC		14,648		50,170		25.2
Kainos Group PLC		5,935		160,822		80.7
Lancashire Holdings Ltd.		1,858		12,866		6.5
Liontrust Asset Management PLC		205		6,116		3.1
Luceco PLC		35,780		186,074		93.4
Micro Focus International PLC		200,843		984,225		493.9
Moneysupermarket.com Group plc		222,608		646,285		324.3
Morgan Advanced Materials PLC		13,366		63,290		31.8
Ninety One PLC		167,064		596,282		299.2
Pets at Home Group PLC		158,430		1,045,937		524.8
S4 Capital PLC		2,592		25,742		12.9
Sabre Insurance Group PLC		95,762		256,510		128.7
Serica Energy PLC		3,583		10,101		5.1
SIG PLC		159,924		113,700		57.0
Softcat PLC		9,713		258,278		129.6
Subsea 7 SA		8,165		73,293		36.8
TP ICAP Group PLC		17,277		36,720		18.4
Tullow Oil PLC		91,562		57,500		28.8
Victrex PLC		17,276		540,229		271.1
Virgin Money UK PLC		197,630		549,077		275.5
Volex PLC		8,884		54,712		27.5
				9,061,693
United States
2U, Inc.		8,815		260,395		130.7

52 2 0 2 1  BLACK ROCK  SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2021 BlackRock Global Long/Short Equity Fund

Security	Shares		Value		% of Basket Value
United States (continued)
4D Molecular Therapeutics, Inc.		742	$	17,830		8.9	%
AAON, Inc.		4,501		322,497		161.8
AAR Corp.		11,220		396,851		199.1
Academy Sports & Outdoors, Inc.		19,243		823,216		413.1
ACADIA Pharmaceuticals, Inc.		5,673		101,830		51.1
Accel Entertainment, Inc.		15,626		190,325		95.5
ACCO Brands Corp.		56,345		465,973		233.8
ACI Worldwide, Inc.		4,962		152,234		76.4
ACM Research, Inc., Class A		828		87,909		44.1
Advantage Solutions, Inc.		4,435		37,875		19.0
Akouos, Inc.		31,499		293,571		147.3
Allovir, Inc.		370		8,884		4.5
Ameresco, Inc., Class A		5,005		411,061		206.3
American Woodmark Corp.		7,605		522,768		262.3
America’s Car-Mart, Inc.		378		45,167		22.7
Amicus Therapeutics, Inc.		7,410		77,805		39.0
Andersons, Inc.		4,650		158,379		79.5
Annexon, Inc.		2,155		35,148		17.6
Antares Pharma, Inc.		2,147		8,030		4.0
Apartment Investment and Management Co., Class A		10,327		78,279		39.3
Applied Molecular Transport, Inc.		3,361		75,690		38.0
Apria, Inc.		5,167		193,401		97.0
Arbor Realty Trust, Inc.		11,636		234,000		117.4
Arconic Corp.		7,489		220,326		110.6
Assetmark Financial Holdings, Inc.		33,474		858,273		430.7
Astec Industries, Inc.		399		21,299		10.7
Avanos Medical, Inc.		2,319		73,141		36.7
Avrobio, Inc.		11,692		65,709		33.0
Bandwidth, Inc., Class A		11,953		1,019,352		511.5
Bank of Hawaii Corp.		4,621		390,474		195.9
Bank of Marin Bancorp		7,456		284,148		142.6
BellRing Brands, Inc., Class A		7,299		195,759		98.2
BioAtla, Inc.		1,503		43,933		22.0
BJ’s Restaurants, Inc.		8,765		292,050		146.5
Black Diamond Therapeutics, Inc.		4,188		32,080		16.1
Black Hills Corp.		8,770		582,153		292.1
Bloomin’ Brands, Inc.		16,987		367,259		184.3
Bottomline Technologies DE, Inc.		3,452		159,828		80.2
Box, Inc., Class A		32,057		828,032		415.5
BrightView Holdings, Inc.		16,331		259,010		130.0
BRP Group, Inc., Class A		10,376		378,724		190.0
BTRS Holdings, Inc.		757		6,503		3.3
Byline Bancorp, Inc.		1,175		30,268		15.2
C4 Therapeutics, Inc.		5,913		262,655		131.8
Cactus, Inc., Class A		4,144		180,264		90.5
Calavo Growers, Inc.		20,421		820,924		411.9
Capital City Bank Group, Inc.		19,347		519,854		260.9
Cardiovascular Systems, Inc.		2,081		73,001		36.6
Centennial Resource Development, Inc., Class A		88,064		634,061		318.2
Centerspace		3,005		304,226		152.7
Century Aluminum Co.		7,872		103,989		52.2
Cheesecake Factory, Inc.		2,414		98,105		49.2
ChemoCentryx, Inc.		6,248		217,493		109.1
Citi Trends, Inc.		602		46,571		23.4
Clear Channel Outdoor Holdings, Inc.		111,593		323,620		162.4
CNX Resources Corp.		9,645		140,913		70.7
Codexis, Inc.		2,209		76,807		38.5
Cogent Communications Holdings, Inc.		16,823		1,288,474		646.5
Comstock Resources, Inc.		31,532		311,221		156.2
Corcept Therapeutics, Inc.		6,983		125,694		63.1

Security	Shares		Value		% of Basket Value
United States (continued)
Corporate Office Properties Trust		7,568	$	205,244		103.0	%
Cowen, Inc., Class A		1,570		59,236		29.7
CryoLife, Inc.		9,609		198,330		99.5
Dave & Buster’s Entertainment, Inc.		17,618		654,156		328.3
Deluxe Corp.		4,163		148,494		74.5
Designer Brands, Inc., Class A		2,093		28,318		14.2
DiamondRock Hospitality Co.		5,188		46,900		23.5
Donegal Group, Inc., Class A		33,845		482,291		242.0
Dril-Quip, Inc.		5,167		121,735		61.1
DXP Enterprises, Inc.		9,735		320,866		161.0
Dycom Industries, Inc.		5,203		413,222		207.4
Dyne Therapeutics, Inc.		5,697		82,663		41.5
Eargo, Inc.		3,772		33,194		16.7
Easterly Government Properties, Inc.		18,548		390,064		195.7
EchoStar Corp., Class A		562		13,185		6.6
elf Beauty, Inc.		13,540		437,477		219.5
Emergent BioSolutions, Inc.		1,866		88,952		44.6
Energizer Holdings, Inc.		32,939		1,201,285		602.8
Energy Fuels, Inc.		8,826		69,604		34.9
Enova International, Inc.		6,998		227,015		113.9
Equity Commonwealth		36,017		933,921		468.6
ESCO Technologies, Inc.		3,016		255,033		128.0
Essential Properties Realty Trust, Inc.		3,579		106,618		53.5
EverQuote, Inc., Class A		17,683		243,849		122.4
Evolent Health, Inc., Class A		3,894		113,977		57.2
EW Scripps Co., Class A		15,626		290,644		145.8
Expro Group Holdings NV		2,281		39,119		19.6
First Busey Corp.		10,346		263,720		132.3
First Financial Corp.		26,316		1,127,641		565.8
First Interstate Bancsystem, Inc., Class A		39,472		1,640,851		823.4
Fluor Corp.		23,010		447,314		224.5
Forma Therapeutics Holdings, Inc.		7,304		135,562		68.0
Forrester Research, Inc.		10,391		553,321		277.7
Franklin Street Properties Corp.		34,613		155,758		78.2
frontdoor, Inc.		33,723		1,257,193		630.8
FRP Holdings, Inc.		4,230		241,956		121.4
Gates Industrial Corp. PLC		9,462		155,555		78.1
Genco Shipping & Trading Ltd.		7,003		120,242		60.3
Getty Realty Corp.		7,670		246,360		123.6
Gevo, Inc.		50,301		363,676		182.5
G-III Apparel Group Ltd.		571		16,365		8.2
Glaukos Corp.		8,834		403,802		202.6
Global Indemnity Group LLC, Class A		89		2,189		1.1
Global Medical REIT, Inc.		2,293		38,018		19.1
GMS, Inc.		413		20,456		10.3
Graham Holdings Co., Class B		1,459		854,755		428.9
Green Brick Partners, Inc.		2,046		53,298		26.7
Grocery Outlet Holding Corp.		51,013		1,131,978		568.0
Group 1 Automotive, Inc.		999		179,620		90.1
GTT Communications, Inc.		96,429		5,304		2.7
Hanover Insurance Group, Inc.		3,037		382,662		192.0
Hawaiian Holdings, Inc.		10,957		212,018		106.4
Heartland Express, Inc.		6,094		99,515		49.9
Heartland Financial USA, Inc.		1,814		90,918		45.6
Hecla Mining Co.		22,306		128,929		64.7
Hemisphere Media Group, Inc.		13,852		153,065		76.8
Heron Therapeutics, Inc.		21,763		239,611		120.2
Houghton Mifflin Harcourt Co.		7,883		111,860		56.1
Hub Group, Inc., Class A		2,852		224,082		112.4
Huron Consulting Group, Inc.		1,415		70,976		35.6
I3 Verticals, Inc., Class A		1,129		25,278		12.7
ICF International, Inc.		2,976		299,058		150.1

SCHEDULE   OF  INVESTMENTS 53

Schedule of Investments (unaudited) (continued) October 31, 2021 BlackRock Global Long/Short Equity Fund

Security	Shares		Value		% of Basket Value
United States (continued)
iHeartMedia, Inc., Class A		7,554	$	146,397		73.5	%
Immunovant, Inc.		1,585		12,743		6.4
Independence Realty Trust, Inc.		20,702		489,188		245.5
Independent Bank Corp.		1,526		34,381		17.3
Insmed, Inc.		4,319		130,218		65.3
Intercept Pharmaceuticals, Inc.		3,463		58,386		29.3
International Bancshares Corp.		1,235		52,364		26.3
J&J Snack Foods Corp.		8,974		1,324,114		664.4
Johnson Outdoors, Inc., Class A		400		42,472		21.3
KAR Auction Services, Inc.		55,797		818,542		410.7
Kirby Corp.		14,690		769,903		386.3
Kronos Bio, Inc.		547		9,004		4.5
Kura Oncology, Inc.		7,217		118,503		59.5
LeMaitre Vascular, Inc.		14,666		762,779		382.8
LendingTree, Inc.		7,069		1,140,866		572.5
Liberty Latin America Ltd., Class A		3,121		37,514		18.8
Lions Gate Entertainment Corp., Class A		20,060		259,777		130.4
Livent Corp.		2,862		80,766		40.5
LiveRamp Holdings, Inc.		2,233		119,488		60.0
Luther Burbank Corp.		19,701		285,862		143.4
Marcus Corp.		3,150		58,495		29.4
MarineMax, Inc.		8,465		438,402		220.0
Marten Transport Ltd.		10,384		172,686		86.7
MDC Holdings, Inc.		9,486		464,624		233.1
Mercury Systems, Inc.		30,841		1,589,545		797.6
Merit Medical Systems, Inc.		190		12,779		6.4
MFA Financial, Inc.		2,096		9,453		4.7
Mitek Systems, Inc.		8,316		156,590		78.6
Model N, Inc.		7,504		243,205		122.0
MRC Global, Inc.		53,290		442,307		221.9
Multiplan Corp.		1,528		6,586		3.3
Nabors Industries Ltd.		533		54,632		27.4
NanoString Technologies, Inc.		13,611		657,411		329.9
Nelnet, Inc., Class A		10,052		830,597		416.8
NETSTREIT Corp.		6,764		163,959		82.3
NextGen Healthcare, Inc.		11,886		195,644		98.2
NGM Biopharmaceuticals, Inc.		4,780		88,287		44.3
Nkarta, Inc.		4,668		73,194		36.7
NorthWestern Corp.		767		43,612		21.9
Origin Bancorp, Inc.		16,537		737,550		370.1
Ortho Clinical Diagnostics Holdings PLC		6,851		135,444		68.0
OSI Systems, Inc.		789		73,464		36.9
Outfront Media, Inc.		35,193		875,954		439.5
Ovintiv, Inc.		13,002		487,835		244.8
Palomar Holdings, Inc.		2,223		203,293		102.0
Passage Bio, Inc.		4,727		41,219		20.7
Patterson Cos., Inc.		774		24,195		12.1
PC Connection, Inc.		284		13,078		6.6
Peoples Bancorp, Inc.		27,572		881,201		442.2
Perficient, Inc.		6,514		805,130		404.0
Personalis, Inc.		2,759		54,132		27.2
PetIQ, Inc.		1,026		25,701		12.9
Phibro Animal Health Corp., Class A		1,817		39,865		20.0
Ping Identity Holding Corp.		7,292		206,582		103.7
Plains GP Holdings LP, Class A		54,406		593,025		297.6
PMV Pharmaceuticals, Inc.		4,261		100,645		50.5
Poshmark, Inc.		439		10,681		5.4
Primoris Services Corp.		1,113		29,995		15.1
PROG Holdings, Inc.		3,809		154,074		77.3
Progress Software Corp.		13,261		681,748		342.1
ProPetro Holding Corp.		605		5,802		2.9
PROS Holdings, Inc.		3,772		113,160		56.8

Security	Shares		Value		% of Basket Value
United States (continued)
Proto Labs, Inc.		12,747	$	762,398		382.6	%
PTC Therapeutics, Inc.		7,942		301,240		151.2
Pulmonx Corp.		6,706		261,065		131.0
QuinStreet, Inc.		43,496		608,944		305.6
Quotient Technology, Inc.		24,090		155,140		77.8
RadNet, Inc.		697		21,670		10.9
Ranpak Holdings Corp.		13,344		459,834		230.7
RealReal, Inc.		1,412		18,398		9.2
Relay Therapeutics, Inc.		2,266		75,344		37.8
Replimune Group, Inc.		206		6,079		3.1
Revolution Medicines, Inc.		5,581		164,249		82.4
REX American Resources Corp.		677		59,542		29.9
Rhythm Pharmaceuticals, Inc.		553		6,365		3.2
Rocket Pharmaceuticals, Inc.		451		13,399		6.7
Rush Enterprises, Inc., Class B		5,024		259,791		130.4
Rush Street Interactive, Inc.		1,921		38,670		19.4
Sally Beauty Holdings, Inc.		27,937		426,319		213.9
Sangamo Therapeutics, Inc.		1,006		8,169		4.1
Select Medical Holdings Corp.		907		30,131		15.1
Seres Therapeutics, Inc.		2,068		12,573		6.3
Silk Road Medical, Inc.		1,240		72,800		36.5
Silverback Therapeutics, Inc.		898		7,750		3.9
SITE Centers Corp.		385		6,118		3.1
Sonic Automotive, Inc., Class A		10,563		522,129		262.0
South Jersey Industries, Inc.		28,912		658,037		330.2
SpartanNash Co.		665		15,388		7.7
Spirit Airlines, Inc.		42,615		931,138		467.2
SPS Commerce, Inc.		781		119,282		59.9
Steelcase, Inc., Class A		28,861		343,446		172.3
Stoke Therapeutics, Inc.		7,240		165,289		82.9
Super Micro Computer, Inc.		1,304		46,149		23.2
Surgery Partners, Inc.		507		20,858		10.5
Tactile Systems Technology, Inc.		5,280		182,107		91.4
Talos Energy, Inc.		11,129		144,343		72.4
Tanger Factory Outlet Centers, Inc.		391		6,569		3.3
Taysha Gene Therapies, Inc.		5,608		87,709		44.0
TechTarget, Inc.		4,079		384,690		193.0
Texas Capital Bancshares, Inc.		3,950		239,370		120.1
TPG RE Finance Trust, Inc.		947		12,377		6.2
Tri Pointe Homes, Inc.		67,209		1,625,786		815.8
Trico Bancshares		19,829		869,105		436.1
TriNet Group, Inc.		5,572		564,165		283.1
Trinity Industries, Inc.		440		12,342		6.2
TrueCar, Inc.		44,410		186,078		93.4
TTEC Holdings, Inc.		63		5,947		3.0
Turning Point Brands, Inc.		2,191		83,630		42.0
UMH Properties, Inc.		16,551		396,231		198.8
United Fire Group, Inc.		16,549		338,096		169.7
United States Cellular Corp.		7,934		242,542		121.7
Urban Outfitters, Inc.		25,848		825,327		414.1
Urstadt Biddle Properties, Inc., Class A		5,295		103,994		52.2
US Ecology, Inc.		4,426		142,473		71.5
Vanda Pharmaceuticals, Inc.		395		6,762		3.4
Varex Imaging Corp.		9,208		247,235		124.1
Vectrus, Inc.		2,815		136,330		68.4
Verint Systems, Inc.		28,140		1,311,324		658.0
Verra Mobility Corp.		3,699		55,041		27.6
Vertex Inc.		5,479		114,073		57.2
Viavi Solutions, Inc.		3,840		59,136		29.7
Victory Capital Holdings Inc., Class A		30,632		1,160,953		582.6
Vocera Communications, Inc.		17,470		988,453		496.0
Warrior Met Coal, Inc.		692		16,587		8.3

54 2 0 2 1  BLACK ROCK  SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2021 BlackRock Global Long/Short Equity Fund

Security	Shares			Value			% of Basket Value
United States (continued)
Wolverine World Wide, Inc.		23,804		$	789,579			396.2	%
XPEL Inc.		3,109			235,973			118.4
Zuora, Inc., Class A		15,867			346,853			174.0
					72,501,541
Rights
Spain
Miquel y Costas & Miquel SA		119			598			0.3
Total Reference Entity — Long					150,665,372
Reference Entity — Short
Common Stocks
Australia
Bega Cheese Ltd.		(56,327	)		(230,714	)		(115.8	)
Bellevue Gold Ltd.		(91,411	)		(58,850	)		(29.5	)
Betmakers Technology Group Ltd.		(72,159	)		(67,042	)		(33.6	)
Blackmores Ltd.		(93	)		(6,638	)		(3.3	)
Bravura Solutions Ltd.		(164,804	)		(347,171	)		(174.2	)
Breville Group Ltd.		(456	)		(10,150	)		(5.1	)
BWX Ltd.		(28,341	)		(99,623	)		(50.0	)
Cooper Energy Ltd.		(633,328	)		(138,404	)		(69.5	)
Corporate Travel Management Ltd.		(23,817	)		(441,266	)		(221.4	)
Costa Group Holdings Ltd.		(257,687	)		(569,766	)		(285.9	)
De Grey Mining Ltd.		(298,083	)		(247,970	)		(124.4	)
Electro Optic Systems Holdings Ltd.		(224,875	)		(541,679	)		(271.8	)
EML Payments Ltd.		(237,107	)		(531,997	)		(267.0	)
G8 Education Ltd.		(93,873	)		(78,020	)		(39.2	)
Gold Road Resources Ltd.		(598,789	)		(621,058	)		(311.6	)
Healius Ltd.		(12,918	)		(47,302	)		(23.7	)
InvoCare Ltd.		(9,562	)		(81,926	)		(41.1	)
IPH Ltd.		(43,968	)		(285,583	)		(143.3	)
Lovisa Holdings Ltd.		(477	)		(7,862	)		(3.9	)
McMillan Shakespeare Ltd.		(8,283	)		(85,706	)		(43.0	)
Megaport Ltd.		(1,594	)		(21,572	)		(10.8	)
nearmap Ltd.		(76,886	)		(128,790	)		(64.6	)
nib holdings Ltd.		(24,778	)		(124,768	)		(62.6	)
Nuix Ltd.		(37,037	)		(86,686	)		(43.5	)
OceanaGold Corp.		(153,228	)		(286,002	)		(143.5	)
Omni Bridgeway Ltd.		(100,284	)		(235,661	)		(118.3	)
Paladin Energy Ltd.		(336,619	)		(223,701	)		(112.3	)
Perenti Global Ltd.		(143,035	)		(110,733	)		(55.6	)
Perseus Mining Ltd.		(311,450	)		(369,324	)		(185.3	)
Redbubble Ltd.		(72,560	)		(227,864	)		(114.3	)
Resolute Mining Ltd.		(980,107	)		(308,020	)		(154.6	)
Sigma Healthcare Ltd.		(130,750	)		(56,063	)		(28.1	)
Silver Lake Resources Ltd.		(268,589	)		(340,141	)		(170.7	)
SmartGroup Corp. Ltd.		(6,341	)		(38,387	)		(19.3	)
SolGold PLC		(31,636	)		(11,993	)		(6.0	)
Super Retail Group Ltd.		(653	)		(6,351	)		(3.2	)
Webjet Ltd.		(117,385	)		(561,756	)		(281.9	)
Western Areas Ltd.		(374,949	)		(897,799	)		(450.5	)
Westgold Resources Ltd.		(135,859	)		(198,801	)		(99.8	)
					(8,733,139	)
Austria
DO & Co. AG		(2,297	)		(207,647	)		(104.2	)
FACC AG		(23,661	)		(242,355	)		(121.6	)

Security	Shares			Value			% of Basket Value
Austria (continued)
IMMOFINANZ AG		(12,883	)	$	(308,578	)		(154.8	)%
Semperit AG Holding		(405	)		(13,647	)		(6.9	)
					(772,227	)
Bahamas
OneSpaWorld Holdings Ltd.		(13,015	)		(140,562	)		(70.5	)
Belgium
Biocartis NV		(21	)		(96	)		(0.0	)
Ontex Group NV		(7,055	)		(66,526	)		(33.4	)
VGP NV		(331	)		(85,607	)		(43.0	)
					(152,229	)
Bermuda
Triton International Ltd.		(23,438	)		(1,457,609	)		(731.4	)
Canada
Aurinia Pharmaceuticals, Inc.		(10,347	)		(342,279	)		(171.8	)
Celestica, Inc.		(71,460	)		(704,438	)		(353.5	)
City Office REIT, Inc.		(8,341	)		(158,229	)		(79.4	)
Denison Mines Corp.		(150,939	)		(256,118	)		(128.5	)
IAMGOLD Corp.		(33,394	)		(92,012	)		(46.2	)
IMAX Corp.		(23,178	)		(436,905	)		(219.2	)
Largo Resources Ltd.		(14,323	)		(178,690	)		(89.7	)
LifeWorks, Inc.		(7,739	)		(200,041	)		(100.4	)
Mercer International, Inc.		(18,841	)		(202,918	)		(101.8	)
New Gold, Inc.		(491,596	)		(691,158	)		(346.8	)
Orla Mining Ltd.		(14,917	)		(52,552	)		(26.4	)
Rogers Sugar, Inc.		(24,268	)		(110,594	)		(55.5	)
Sienna Senior Living, Inc.		(7,921	)		(90,820	)		(45.6	)
Sierra Wireless, Inc.		(40,200	)		(673,681	)		(338.0	)
Winpak Ltd.		(1,512	)		(47,317	)		(23.7	)
					(4,237,752	)
China
Fosun Tourism Group		(160,200	)		(199,541	)		(100.1	)
Denmark
NTG Nordic Transport Group A/S		(975	)		(79,717	)		(40.0	)
Finland
Aktia Bank OYJ		(1,341	)		(19,199	)		(9.6	)
BasWare OYJ		(11,938	)		(443,456	)		(222.5	)
Finnair OYJ		(415,673	)		(317,547	)		(159.4	)
Remedy Entertainment OYJ		(643	)		(29,881	)		(15.0	)
Sanoma OYJ		(13,281	)		(206,741	)		(103.7	)
					(1,016,824	)
France
Nacon SA		(11,185	)		(62,387	)		(31.3	)
Germany
Home24 SE		(30,778	)		(401,691	)		(201.6	)
Instone Real Estate Group AG		(8,439	)		(222,425	)		(111.6	)
Medios AG		(3,917	)		(165,274	)		(82.9	)
PNE AG		(348	)		(3,360	)		(1.7	)
Sirius Real Estate Ltd.		(68,199	)		(125,977	)		(63.2	)
Sixt SE		(3,078	)		(530,685	)		(266.3	)
Westwing Group AG		(8,417	)		(264,011	)		(132.5	)
					(1,713,423	)
Hong Kong
Apollo Future Mobility Group Ltd.		(76,000	)		(5,259	)		(2.6	)
Fortune Real Estate Investment Trust		(392,000	)		(406,602	)		(204.0	)

SCHEDULE   OF  INVESTMENTS 55

Schedule of Investments (unaudited) (continued) October 31, 2021 BlackRock Global Long/Short Equity Fund

Security	Shares			Value			% of Basket Value
Hong Kong (continued)
Hong Kong Television Network Ltd.		(424,000	)	$	(638,147	)		(320.2	)%
Huobi Technology Holdings Ltd.		(1,000	)		(1,275	)		(0.6	)
Nissin Foods Co. Ltd.		(49,000	)		(36,527	)		(18.3	)
Prosperity REIT		(692,000	)		(271,928	)		(136.5	)
Sunlight Real Estate Investment Trust		(65,000	)		(37,594	)		(18.9	)
VPower Group International Holdings Ltd.		(175,000	)		(34,188	)		(17.2	)
Zensun Enterprises Ltd.		(23,000	)		(13,125	)		(6.6	)
					(1,444,645	)
Ireland
Endo International PLC		(46,426	)		(197,310	)		(99.0	)
Glenveagh Properties PLC		(84,740	)		(106,776	)		(53.6	)
Irish Residential Properties REIT PLC		(3,234	)		(6,094	)		(3.0	)
					(310,180	)
Israel
Cognyte Software Ltd.		(661	)		(13,161	)		(6.6	)
Nano Dimension Ltd.		(26,404	)		(155,256	)		(77.9	)
Nano-X Imaging Ltd.		(1,328	)		(30,079	)		(15.1	)
Naphtha Israel Petroleum Corp. Ltd.		(12,801	)		(79,337	)		(39.8	)
Taro Pharmaceutical Industries Ltd.		(3,793	)		(210,777	)		(105.8	)
					(488,610	)
Italy
Credito Emiliano SpA		(8,016	)		(60,817	)		(30.5	)
doValue SpA		(3,522	)		(33,773	)		(16.9	)
Fila SpA		(9,028	)		(108,926	)		(54.7	)
Freni Brembo SpA		(24,272	)		(318,804	)		(160.0	)
RAI Way SpA		(2,003	)		(12,133	)		(6.1	)
Societa Cattolica di Assicurazioni		(72,880	)		(554,360	)		(278.2	)
					(1,088,813	)
Japan
ADEKA Corp.		(1,300	)		(28,919	)		(14.5	)
Aeon Delight Co. Ltd.		(4,000	)		(122,848	)		(61.6	)
AI inside, Inc.		(1,300	)		(81,554	)		(40.9	)
Aiful Corp.		(559,500	)		(1,863,997	)		(935.3	)
Alpha Systems, Inc.		(3,600	)		(137,447	)		(69.0	)
Aomori Bank Ltd.		(3,200	)		(55,188	)		(27.7	)
Awa Bank Ltd.		(21,600	)		(402,351	)		(201.9	)
BML, Inc.		(5,900	)		(207,384	)		(104.1	)
COLOPL, Inc.		(18,100	)		(130,767	)		(65.6	)
Daibiru Corp.		(500	)		(6,958	)		(3.5	)
Daiichi Jitsugyo Co. Ltd.		(1,600	)		(74,423	)		(37.3	)
Daishi Hokuetsu Financial Group, Inc.		(11,800	)		(264,266	)		(132.6	)
Descente Ltd.		(600	)		(22,743	)		(11.4	)
Eagle Industry Co. Ltd.		(7,400	)		(79,044	)		(39.7	)
Enigmo, Inc.		(18,800	)		(178,549	)		(89.6	)
ESPEC Corp.		(6,900	)		(139,964	)		(70.2	)
Frontier Real Estate Investment Corp.		(133	)		(588,411	)		(295.3	)
Fujitec Co. Ltd.		(61,000	)		(1,385,651	)		(695.3	)
Fukushima Galilei Co. Ltd.		(2,800	)		(111,317	)		(55.9	)
GA Technologies Co. Ltd.		(1,100	)		(11,425	)		(5.7	)
GNI Group Ltd.		(20,500	)		(287,246	)		(144.1	)
Hankyu Hanshin REIT, Inc.		(99	)		(146,010	)		(73.3	)
Heiwa Real Estate REIT, Inc.		(288	)		(402,093	)		(201.8	)
Hoshino Resorts REIT, Inc.		(49	)		(319,948	)		(160.6	)
Hosokawa Micron Corp.		(10,300	)		(284,959	)		(143.0	)
Hyakugo Bank Ltd.		(17,900	)		(51,888	)		(26.0	)
Iino Kaiun Kaisha Ltd.		(4,700	)		(22,668	)		(11.4	)
Invesco Office J-REIT, Inc.		(679	)		(135,125	)		(67.8	)
Itochu-Shokuhin Co. Ltd.		(1,000	)		(46,214	)		(23.2	)

Security	Shares			Value			% of Basket Value
Japan (continued)
Jaccs Co. Ltd.		(2,600	)	$	(69,343	)		(34.8	)%
Japan Display, Inc.		(871,400	)		(260,835	)		(130.9	)
Japan Investment Adviser Co. Ltd.		(600	)		(6,561	)		(3.3	)
Japan Securities Finance Co. Ltd.		(2,900	)		(22,139	)		(11.1	)
Juroku Financial Group, Inc.		(800	)		(14,530	)		(7.3	)
Kameda Seika Co. Ltd.		(600	)		(23,466	)		(11.8	)
Kanto Denka Kogyo Co. Ltd.		(26,300	)		(241,913	)		(121.4	)
Kappa Create Co. Ltd.		(700	)		(8,507	)		(4.3	)
Keiyo Co. Ltd.		(14,700	)		(107,059	)		(53.7	)
Key Coffee, Inc.		(14,600	)		(285,647	)		(143.3	)
Kintetsu Department Store Co. Ltd.		(8,900	)		(199,095	)		(99.9	)
Kisoji Co. Ltd.		(23,400	)		(439,461	)		(220.5	)
Kiyo Bank Ltd.		(34,800	)		(456,997	)		(229.3	)
Koa Corp.		(700	)		(9,463	)		(4.8	)
Kohnan Shoji Co. Ltd.		(2,500	)		(78,183	)		(39.2	)
KYB Corp.		(1,400	)		(37,465	)		(18.8	)
Leopalace21 Corp.		(225,400	)		(485,554	)		(243.6	)
Macnica Fuji Electronics Holdings, Inc.		(900	)		(21,159	)		(10.6	)
Marusan Securities Co. Ltd.		(10,600	)		(55,861	)		(28.0	)
Maruwa Co. Ltd/Aichi		(3,300	)		(369,887	)		(185.6	)
MCJ Co. Ltd.		(6,800	)		(76,559	)		(38.4	)
MedPeer, Inc.		(300	)		(9,014	)		(4.5	)
Mitani Sekisan Co. Ltd.		(3,600	)		(228,435	)		(114.6	)
Mitsuuroko Group Holdings Co. Ltd.		(12,000	)		(143,593	)		(72.1	)
Modec, Inc.		(8,600	)		(147,921	)		(74.2	)
Mori Trust Hotel REIT, Inc.		(31	)		(38,490	)		(19.3	)
Musashi Seimitsu Industry Co. Ltd.		(800	)		(15,057	)		(7.6	)
Musashino Bank Ltd.		(3,300	)		(51,836	)		(26.0	)
Nagatanien Holdings Co. Ltd.		(1,200	)		(21,973	)		(11.0	)
Nichiden Corp.		(200	)		(4,024	)		(2.0	)
Nippon Ceramic Co. Ltd.		(7,800	)		(202,637	)		(101.7	)
Nippon Road Co. Ltd.		(1,700	)		(122,974	)		(61.7	)
Nippon Suisan Kaisha Ltd.		(2,200	)		(12,503	)		(6.3	)
Nissin Electric Co. Ltd.		(31,900	)		(395,340	)		(198.4	)
Nitta Corp.		(1,200	)		(27,510	)		(13.8	)
North Pacific Bank Ltd.		(278,600	)		(576,581	)		(289.3	)
NTT UD REIT Investment Corp.		(6	)		(7,970	)		(4.0	)
Okamura Corp.		(21,700	)		(286,372	)		(143.7	)
Okinawa Financial Group, Inc.		(11,100	)		(244,015	)		(122.4	)
Pressance Corp.		(500	)		(8,287	)		(4.2	)
Prima Meat Packers Ltd.		(9,900	)		(232,684	)		(116.8	)
Qol Holdings Co. Ltd.		(15,700	)		(233,222	)		(117.0	)
Relia, Inc.		(2,200	)		(22,544	)		(11.3	)
Rock Field Co. Ltd.		(3,500	)		(51,667	)		(25.9	)
Rorze Corp.		(100	)		(9,585	)		(4.8	)
RS Technologies Co. Ltd.		(1,100	)		(59,819	)		(30.0	)
Saibu Gas Co. Ltd.		(7,100	)		(144,976	)		(72.8	)
Seiren Co. Ltd.		(43,200	)		(871,875	)		(437.5	)
Septeni Holdings Co. Ltd.		(5,400	)		(22,790	)		(11.4	)
Shima Seiki Manufacturing Ltd.		(2,400	)		(46,149	)		(23.2	)
Shizuoka Gas Co. Ltd.		(24,500	)		(258,435	)		(129.7	)
Starts Proceed Investment Corp.		(55	)		(115,548	)		(58.0	)
Sun Corp.		(20,100	)		(519,858	)		(260.9	)
T Hasegawa Co. Ltd.		(26,700	)		(652,028	)		(327.2	)
Tadano Ltd.		(9,100	)		(99,373	)		(49.9	)
Taiko Pharmaceutical Co. Ltd.		(27,300	)		(193,929	)		(97.3	)
Takasago International Corp.		(300	)		(7,819	)		(3.9	)
Takasago Thermal Engineering Co. Ltd.		(700	)		(12,806	)		(6.4	)
Taki Chemical Co. Ltd.		(5,800	)		(321,052	)		(161.1	)
Tenma Corp.		(21,300	)		(507,276	)		(254.5	)
Toei Co. Ltd.		(2,700	)		(529,637	)		(265.8	)

56 2 0 2 1  BLACK ROCK  SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2021 BlackRock Global Long/Short Equity Fund

Security	Shares			Value			% of Basket Value
Japan (continued)
TOMONY Holdings, Inc.		(63,500	)	$	(169,650	)		(85.1	)%
Tomy Co. Ltd.		(1,400	)		(13,288	)		(6.7	)
Toyo Tanso Co. Ltd.		(800	)		(21,748	)		(10.9	)
Tsugami Corp.		(2,100	)		(28,871	)		(14.5	)
Uchida Yoko Co. Ltd.		(2,400	)		(101,530	)		(51.0	)
V-Cube, Inc.		(18,900	)		(285,796	)		(143.4	)
Yokowo Co. Ltd.		(3,400	)		(75,563	)		(37.9	)
Yonex Co. Ltd.		(18,200	)		(119,828	)		(60.1	)
					(19,132,919	)
Liechtenstein
Implantica AG		(2,139	)		(18,908	)		(9.5	)
Liechtensteinische Landesbank AG		(740	)		(43,643	)		(21.9	)
					(62,551	)
Luxembourg
Orion Engineered Carbons SA		(1,136	)		(21,357	)		(10.7	)
Netherlands
Accell Group NV		(120	)		(4,947	)		(2.5	)
SIF Holding NV		(15,039	)		(245,130	)		(123.0	)
uniQure NV		(5,882	)		(179,225	)		(89.9	)
					(429,302	)
Norway
Aker Horizons Holding ASA		(31,440	)		(130,056	)		(65.3	)
Bank Norwegian ASA		(2,460	)		(30,459	)		(15.3	)
Bonheur ASA		(239	)		(9,435	)		(4.7	)
Quantafuel ASA		(2,189	)		(7,184	)		(3.6	)
Sbanken ASA		(15,785	)		(184,983	)		(92.8	)
Veidekke ASA		(15,236	)		(219,309	)		(110.1	)
					(581,426	)
Portugal
Banco Comercial Portugues SA		(5,915,822	)		(1,067,308	)		(535.6	)
NOS SGPS SA		(13,352	)		(52,077	)		(26.1	)
					(1,119,385	)
S.Georgia/S.San
Burford Capital Ltd.		(21,729	)		(222,881	)		(111.8	)
Singapore
CDL Hospitality Trusts		(79,900	)		(71,099	)		(35.7	)
Frasers Hospitality Trust		(46,300	)		(16,480	)		(8.3	)
Japfa Ltd.		(1,281,700	)		(653,271	)		(327.8	)
Kulicke & Soffa Industries, Inc.		(5,624	)		(320,568	)		(160.9	)
OUE Commercial Real Estate Investment Trust		(329,900	)		(110,089	)		(55.2	)
OUE Ltd.		(120,000	)		(122,924	)		(61.7	)
Starhill Global REIT		(483,300	)		(231,442	)		(116.1	)
Yanlord Land Group Ltd.		(414,500	)		(344,585	)		(172.9	)
					(1,870,458	)
South Korea
MagnaChip Semiconductor Corp.		(48,690	)		(923,162	)		(463.2	)
Spain
CIE Automotive SA		(5,028	)		(136,862	)		(68.7	)
Grupo Empresarial San Jose SA		(11,064	)		(54,997	)		(27.6	)
Metrovacesa SA		(13,113	)		(114,599	)		(57.5	)
Sacyr SA		(57,054	)		(162,629	)		(81.6	)
					(469,087	)
Sweden
Bactiguard Holding AB		(732	)		(14,217	)		(7.1	)
BHG Group AB		(10,583	)		(122,031	)		(61.2	)

Security	Shares			Value			% of Basket Value
Sweden (continued)
Boozt AB		(3,097	)	$	(52,173	)		(26.2	)%
Bravida Holding AB		(13,168	)		(198,064	)		(99.4	)
Calliditas Therapeutics AB		(9,247	)		(73,110	)		(36.7	)
Camurus AB		(8,291	)		(155,818	)		(78.2	)
Collector AB		(16,856	)		(83,031	)		(41.7	)
Creades AB		(444	)		(6,179	)		(3.1	)
Duni AB		(5,969	)		(83,266	)		(41.8	)
Hansa Biopharma AB		(537	)		(6,103	)		(3.1	)
Karo Pharma AB		(32,285	)		(212,777	)		(106.8	)
Mekonomen AB		(32,034	)		(660,226	)		(331.3	)
Modern Times Group MTG AB		(143,391	)		(1,644,242	)		(825.1	)
NCC AB		(15,961	)		(276,546	)		(138.8	)
Nolato AB		(15,453	)		(204,049	)		(102.4	)
Nordic Entertainment Group AB, Class B		(129	)		(7,462	)		(3.7	)
Oncopeptides AB		(2,140	)		(968	)		(0.5	)
Paradox Interactive AB		(532	)		(7,805	)		(3.9	)
PowerCell Sweden AB		(13,958	)		(311,955	)		(156.5	)
Re:NewCell AB		(12,665	)		(319,564	)		(160.3	)
					(4,439,586	)
Switzerland
Emmi AG		(376	)		(391,975	)		(196.7	)
Forbo Holding AG		(194	)		(377,426	)		(189.4	)
Implenia AG		(23,655	)		(482,607	)		(242.2	)
Mobilezone Holding AG		(13,690	)		(184,220	)		(92.4	)
					(1,436,228	)
United Kingdom
AO World PLC		(14,906	)		(29,845	)		(15.0	)
Blue Prism Group PLC		(12,943	)		(199,981	)		(100.3	)
Capital & Counties Properties PLC		(111,072	)		(250,515	)		(125.7	)
Coats Group PLC		(31,280	)		(27,568	)		(13.8	)
Dunelm Group PLC		(895	)		(15,666	)		(7.9	)
Energean PLC		(70,401	)		(864,717	)		(433.9	)
Finablr PLC		(44,203	)		(1	)		(0.0	)
Firstgroup PLC		(130,367	)		(179,841	)		(90.2	)
Frasers Group PLC		(105,969	)		(934,073	)		(468.7	)
Frontier Developments PLC		(177	)		(5,971	)		(3.0	)
GCP Student Living PLC		(128,656	)		(370,435	)		(185.9	)
Halfords Group PLC		(34,853	)		(127,068	)		(63.8	)
Just Group PLC		(1,625	)		(2,033	)		(1.0	)
Marston’s PLC		(147,928	)		(160,945	)		(80.8	)
Mitie Group PLC		(47,570	)		(42,577	)		(21.4	)
Myovant Sciences Ltd.		(324	)		(7,089	)		(3.6	)
Quotient Ltd.		(2,196	)		(5,556	)		(2.8	)
Restaurant Group PLC		(63,818	)		(77,120	)		(38.7	)
Saga PLC		(64,225	)		(273,317	)		(137.1	)
Shaftesbury PLC		(67,228	)		(573,800	)		(287.9	)
					(4,148,118	)
United States
Abercrombie & Fitch Co., Class A		(17,454	)		(690,131	)		(346.3	)
ABM Industries, Inc.		(30,886	)		(1,359,293	)		(682.1	)
Accelerate Diagnostics, Inc.		(11,741	)		(69,272	)		(34.8	)
Acushnet Holdings Corp.		(5,614	)		(285,977	)		(143.5	)
AdaptHealth Corp.		(2,979	)		(81,178	)		(40.7	)
Adtalem Global Education, Inc.		(45,286	)		(1,672,412	)		(839.2	)
ADTRAN, Inc.		(33,239	)		(614,257	)		(308.2	)
Adverum Biotechnologies, Inc.		(192,875	)		(437,826	)		(219.7	)
Aerie Pharmaceuticals, Inc.		(13,177	)		(140,072	)		(70.3	)
AeroVironment, Inc.		(102	)		(9,089	)		(4.6	)
Allegheny Technologies, Inc.		(49,466	)		(796,403	)		(399.6	)

SCHEDULE   OF  INVESTMENTS 57

Schedule of Investments (unaudited) (continued) October 31, 2021 BlackRock Global Long/Short Equity Fund

Security	Shares			Value			% of Basket Value
United States (continued)
Alpha & Omega Semiconductor Ltd.		(14,822	)	$	(513,582	)		(257.7	)%
Alto Ingredients, Inc.		(1,388	)		(7,384	)		(3.7	)
Ameris Bancorp.		(207	)		(10,845	)		(5.4	)
Anavex Life Sciences Corp.		(549	)		(10,288	)		(5.2	)
Apogee Enterprises, Inc.		(197	)		(8,260	)		(4.1	)
Apollo Medical Holdings, Inc.		(8,073	)		(554,050	)		(278.0	)
Arcturus Therapeutics Holdings, Inc.		(9,763	)		(438,847	)		(220.2	)
Ardelyx, Inc.		(298,061	)		(360,654	)		(181.0	)
Arko Corp.		(19,459	)		(186,612	)		(93.6	)
Atara Biotherapeutics, Inc.		(7,707	)		(119,304	)		(59.9	)
Athersys, Inc.		(106,877	)		(125,046	)		(62.7	)
Atkore International Group, Inc.		(2,393	)		(226,210	)		(113.5	)
Atlas Air Worldwide Holdings, Inc.		(28,557	)		(2,316,544	)		(1,162.4	)
Avid Bioservices, Inc.		(4,354	)		(133,581	)		(67.0	)
Avient Corp.		(5,329	)		(287,127	)		(144.1	)
B Riley Financial, Inc.		(23,065	)		(1,652,838	)		(829.4	)
Balchem Corp.		(14,348	)		(2,196,535	)		(1,102.2	)
Bancorp, Inc.		(2,020	)		(61,711	)		(31.0	)
Bed Bath & Beyond, Inc.		(11,952	)		(167,806	)		(84.2	)
Belden, Inc.		(2,065	)		(124,334	)		(62.4	)
BGC Partners, Inc., Class A		(18,546	)		(99,592	)		(50.0	)
Big Lots, Inc.		(3,822	)		(169,123	)		(84.9	)
BioLife Solutions, Inc.		(171	)		(9,089	)		(4.6	)
Bionano Genomics, Inc.		(31,557	)		(160,310	)		(80.4	)
Blue Bird Corp.		(1,194	)		(23,414	)		(11.8	)
Bluebird Bio, Inc.		(2,927	)		(68,521	)		(34.4	)
Boise Cascade Co.		(888	)		(50,279	)		(25.2	)
Brink’s Co.		(4,584	)		(315,746	)		(158.4	)
Bristow Group, Inc.		(7,377	)		(255,244	)		(128.1	)
Brookdale Senior Living, Inc.		(10,665	)		(69,323	)		(34.8	)
Butterfly Network, Inc.		(35,987	)		(371,386	)		(186.4	)
Cabot Corp.		(22,580	)		(1,204,643	)		(604.5	)
California Water Service Group		(28,282	)		(1,721,808	)		(864.0	)
Calix, Inc.		(2,172	)		(135,945	)		(68.2	)
Cal-Maine Foods, Inc.		(17,833	)		(643,058	)		(322.7	)
Cannae Holdings, Inc.		(356	)		(12,140	)		(6.1	)
Cara Therapeutics, Inc.		(1,260	)		(21,206	)		(10.6	)
Cars.com, Inc.		(21,003	)		(273,459	)		(137.2	)
Cass Information Systems, Inc.		(4,669	)		(191,382	)		(96.0	)
Cavco Industries, Inc.		(3,907	)		(939,165	)		(471.3	)
Celldex Therapeutics, Inc.		(375	)		(15,953	)		(8.0	)
CEL-SCI Corp.		(7,852	)		(87,942	)		(44.1	)
Certara, Inc.		(4,735	)		(195,603	)		(98.2	)
Chimera Investment Corp.		(118,939	)		(1,856,638	)		(931.6	)
Chimerix, Inc.		(2,633	)		(13,797	)		(6.9	)
CIRCOR International, Inc.		(7,751	)		(221,214	)		(111.0	)
Civitas Resources, Inc.		(5,313	)		(298,272	)		(149.7	)
Clean Energy Fuels Corp.		(1,696	)		(15,637	)		(7.8	)
Clearwater Paper Corp.		(12,875	)		(538,561	)		(270.2	)
Coeur Mining, Inc.		(24,012	)		(151,996	)		(76.3	)
Collegium Pharmaceutical, Inc.		(26,182	)		(513,953	)		(257.9	)
Commercial Metals Co.		(2,188	)		(70,410	)		(35.3	)
Community Bank System, Inc.		(2,279	)		(163,336	)		(82.0	)
Community Health Systems, Inc.		(31,070	)		(407,017	)		(204.2	)
CONMED Corp.		(983	)		(143,793	)		(72.2	)
Container Store Group, Inc.		(51,559	)		(570,243	)		(286.1	)
Contango Oil & Gas Co.		(83,021	)		(342,877	)		(172.1	)
CryoPort, Inc.		(3,234	)		(263,700	)		(132.3	)
CTS Corp.		(185	)		(6,590	)		(3.3	)
CytomX Therapeutics, Inc.		(32,790	)		(194,445	)		(97.6	)
Dana, Inc.		(15,972	)		(354,419	)		(177.8	)
Danimer Scientific, Inc.		(31,080	)		(458,741	)		(230.2	)

Security	Shares			Value			% of Basket Value
United States (continued)
DermTech, Inc.		(6,030	)	$	(164,920	)		(82.8	)%
Dillard’s, Inc., Class A		(1,833	)		(423,680	)		(212.6	)
Diversified Healthcare Trust		(15,832	)		(57,628	)		(28.9	)
Donnelley Financial Solutions, Inc.		(3,530	)		(135,270	)		(67.9	)
Duck Creek Technologies, Inc.		(4,920	)		(154,980	)		(77.8	)
Dynex Capital, Inc.		(94,450	)		(1,652,875	)		(829.4	)
Eagle Bancorp, Inc.		(5,438	)		(307,736	)		(154.4	)
Eastern Bankshares, Inc.		(7,173	)		(148,983	)		(74.8	)
Ebix, Inc.		(6,476	)		(212,478	)		(106.6	)
Editas Medicine, Inc.		(789	)		(28,972	)		(14.5	)
ExlService Holdings, Inc.		(1,235	)		(151,448	)		(76.0	)
FirstCash, Inc.		(12,691	)		(1,122,773	)		(563.4	)
Focus Financial Partners, Inc.		(819	)		(51,482	)		(25.8	)
Fresh Del Monte Produce, Inc.		(3,495	)		(117,048	)		(58.7	)
Fulgent Genetics, Inc.		(4,961	)		(411,366	)		(206.4	)
GCP Applied Technologies, Inc.		(7,292	)		(164,872	)		(82.7	)
Genesco, Inc.		(1,837	)		(111,304	)		(55.9	)
Gentherm, Inc.		(11,952	)		(880,026	)		(441.6	)
Glatfelter Corp.		(38,527	)		(632,999	)		(317.6	)
Global Industrial Co.		(7,420	)		(301,104	)		(151.1	)
Global Net Lease, Inc.		(704	)		(11,278	)		(5.7	)
Globalstar, Inc.		(13,931	)		(22,986	)		(11.5	)
GrafTech International Ltd.		(59,059	)		(631,931	)		(317.1	)
Granite Construction, Inc.		(14,549	)		(540,059	)		(271.0	)
Great Lakes Dredge & Dock Corp.		(81,611	)		(1,242,119	)		(623.3	)
Groupon, Inc.		(11,657	)		(247,362	)		(124.1	)
Hamilton Lane, Inc., Class A		(1,663	)		(173,800	)		(87.2	)
HB Fuller Co.		(1,515	)		(106,823	)		(53.6	)
Healthcare Services Group, Inc.		(15,340	)		(294,375	)		(147.7	)
Helios Technologies, Inc.		(31,274	)		(2,847,498	)		(1,428.9	)
Hilltop Holdings, Inc.		(45,969	)		(1,629,141	)		(817.5	)
Hims & Hers Health, Inc.		(21,570	)		(168,246	)		(84.4	)
Hostess Brands, Inc.		(986	)		(18,645	)		(9.4	)
Hyliion Holdings Corp.		(3,680	)		(29,771	)		(14.9	)
Ideanomics, Inc.		(99,756	)		(197,517	)		(99.1	)
ImmunoGen, Inc.		(20,154	)		(121,529	)		(61.0	)
Interface, Inc.		(1,847	)		(26,523	)		(13.3	)
International Seaways, Inc.		(9,171	)		(160,951	)		(80.8	)
Intra-Cellular Therapies, Inc.		(5,057	)		(217,805	)		(109.3	)
Iovance Biotherapeutics, Inc.		(6,783	)		(164,895	)		(82.7	)
iRhythm Technologies, Inc.		(110	)		(7,715	)		(3.9	)
IVERIC bio, Inc.		(3,852	)		(68,180	)		(34.2	)
Jamf Holding Corp.		(25,687	)		(1,223,986	)		(614.2	)
John B Sanfilippo & Son, Inc.		(194	)		(16,393	)		(8.2	)
Kimball Electronics, Inc.		(805	)		(23,144	)		(11.6	)
Koppers Holdings, Inc.		(4,846	)		(170,046	)		(85.3	)
Korn Ferry		(25,458	)		(1,965,612	)		(986.3	)
Landec Corp.		(43,631	)		(424,093	)		(212.8	)
Laureate Education, Inc., Class A		(26,456	)		(458,218	)		(229.9	)
Lexicon Pharmaceuticals, Inc.		(29,241	)		(154,685	)		(77.6	)
Lexington Realty Trust		(2,584	)		(37,649	)		(18.9	)
Liberty Latin America Ltd., Class C		(14,726	)		(177,154	)		(88.9	)
Liberty Media Corp-Liberty Braves		(3,894	)		(119,040	)		(59.7	)
Liberty Media Corp-Liberty Braves		(6,297	)		(187,147	)		(93.9	)
Live Oak Bancshares, Inc.		(779	)		(69,471	)		(34.9	)
Loral Space & Communications, Inc.		(5,486	)		(273,313	)		(137.1	)
Lordstown Motors Corp., Class A		(119,382	)		(617,205	)		(309.7	)
LTC Properties, Inc.		(11,257	)		(358,648	)		(180.0	)
Madison Square Garden Entertainment Corp.		(3,480	)		(245,236	)		(123.1	)
Madrigal Pharmaceuticals, Inc.		(88	)		(6,842	)		(3.4	)
Manitowoc Co., Inc.		(355	)		(7,608	)		(3.8	)
Masonite International Corp.		(1,811	)		(217,338	)		(109.1	)

58 2 0 2 1  BLACK ROCK  SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2021 BlackRock Global Long/Short Equity Fund

Security	Shares			Value			% of Basket Value
United States (continued)
Matson, Inc.		(20,761	)	$	(1,728,976	)		(867.6	)%
Maxar Technologies, Inc.		(21,250	)		(564,187	)		(283.1	)
MBIA, Inc.		(12,539	)		(194,856	)		(97.8	)
MeiraGTx Holdings PLC		(1,392	)		(29,928	)		(15.0	)
Meredith Corp.		(8,483	)		(494,050	)		(247.9	)
Meridian Bioscience, Inc.		(19,532	)		(367,397	)		(184.4	)
MetroMile, Inc.		(33,604	)		(103,164	)		(51.8	)
MGM Growth Properties LLC		(1,005	)		(39,577	)		(19.9	)
MicroVision, Inc.		(973	)		(7,405	)		(3.7	)
ModivCare, Inc.		(6,212	)		(1,011,127	)		(507.4	)
Monarch Casino & Resort, Inc.		(4,469	)		(322,751	)		(162.0	)
Movado Group, Inc.		(521	)		(17,349	)		(8.7	)
Myers Industries, Inc.		(8,171	)		(168,159	)		(84.4	)
MYR Group, Inc.		(7,643	)		(780,732	)		(391.8	)
Nautilus, Inc.		(26,408	)		(270,154	)		(135.6	)
NeoPhotonics Corp.		(7,409	)		(74,979	)		(37.6	)
Northfield Bancorp, Inc.		(24,270	)		(425,938	)		(213.7	)
Novanta, Inc.		(3,953	)		(682,130	)		(342.3	)
NV5 Global, Inc.		(2,182	)		(227,212	)		(114.0	)
Ocugen, Inc.		(14,860	)		(175,942	)		(88.3	)
OneSpan, Inc.		(8,987	)		(183,515	)		(92.1	)
Ontrak, Inc.		(38,529	)		(331,349	)		(166.3	)
Owens & Minor, Inc.		(8,371	)		(300,351	)		(150.7	)
Pactiv Evergreen, Inc.		(9,833	)		(136,777	)		(68.6	)
Paya Holdings, Inc.		(2,811	)		(25,608	)		(12.9	)
PetMed Express, Inc.		(2,834	)		(80,571	)		(40.4	)
PJT Partners, Inc.		(819	)		(66,986	)		(33.6	)
Plantronics, Inc.		(21,845	)		(584,572	)		(293.3	)
PLBY Group, Inc.		(25,570	)		(718,006	)		(360.3	)
Plexus Corp.		(17,126	)		(1,495,442	)		(750.4	)
Radius Health, Inc.		(20,600	)		(444,960	)		(223.3	)
Rambus, Inc.		(3,211	)		(74,720	)		(37.5	)
Rayonier, Inc.		(3,652	)		(136,329	)		(68.4	)
REGENXBIO, Inc.		(7,757	)		(274,908	)		(137.9	)
Renalytix PLC		(489	)		(5,874	)		(2.9	)
REV Group, Inc.		(15,356	)		(232,029	)		(116.4	)
Ribbon Communications, Inc.		(1,070	)		(5,853	)		(2.9	)
Rimini Street, Inc.		(626	)		(6,517	)		(3.3	)
Rite Aid Corp.		(18,534	)		(251,877	)		(126.4	)
Rogers Corp.		(5,645	)		(1,135,322	)		(569.7	)
Romeo Power, Inc.		(100,345	)		(435,497	)		(218.5	)
Rubius Therapeutics, Inc.		(392	)		(5,570	)		(2.8	)
Sage Therapeutics, Inc.		(918	)		(37,050	)		(18.6	)
Schnitzer Steel Industries, Inc., Class A		(1,511	)		(81,292	)		(40.8	)
Schweitzer-Mauduit International, Inc.		(10,610	)		(369,652	)		(185.5	)
Seaboard Corp.		(156	)		(600,603	)		(301.4	)
Seacoast Banking Corp. of Florida		(250	)		(9,108	)		(4.6	)
Seer, Inc.		(4,194	)		(154,842	)		(77.7	)
Senseonics Holdings, Inc.		(18,400	)		(64,400	)		(32.3	)
Shyft Group, Inc.		(10,905	)		(449,395	)		(225.5	)
SIGA Technologies, Inc.		(45,896	)		(330,910	)		(166.1	)
Silgan Holdings, Inc.		(40,350	)		(1,622,070	)		(813.9	)
Silvergate Capital Corp., Class A		(1,145	)		(179,330	)		(90.0	)
SiTime Corp.		(78	)		(20,661	)		(10.4	)
Skyline Champion Corp.		(18,768	)		(1,188,390	)		(596.3	)
Sleep Number Corp.		(200	)		(17,668	)		(8.9	)
SMART Global Holdings, Inc.		(5,087	)		(271,951	)		(136.5	)
SolarWinds Corp.		(48,922	)		(787,644	)		(395.2	)
Sorrento Therapeutics, Inc.		(6,069	)		(41,633	)		(20.9	)
Spectrum Brands Holdings, Inc.		(18,379	)		(1,723,031	)		(864.6	)
St Joe Co.		(9,771	)		(459,432	)		(230.5	)

Security	Shares			Value			% of Basket Value
United States (continued)
Standex International Corp.		(6,311	)	$	(702,225	)		(352.4	)%
StepStone Group, Inc., Class A		(2,757	)		(129,524	)		(65.0	)
Sterling Construction Co., Inc.		(32,329	)		(777,189	)		(390.0	)
Summit Hotel Properties, Inc.		(13,367	)		(133,670	)		(67.1	)
Sunstone Hotel Investors, Inc.		(32,925	)		(406,294	)		(203.9	)
Syndax Pharmaceuticals, Inc.		(397	)		(7,722	)		(3.9	)
Tennant Co.		(4,790	)		(380,613	)		(191.0	)
Tenneco, Inc., Class A		(38,536	)		(511,373	)		(256.6	)
TherapeuticsMD, Inc.		(19,553	)		(14,235	)		(7.1	)
Tivity Health, Inc.		(6,336	)		(158,527	)		(79.5	)
Tredegar Corp.		(40,123	)		(483,883	)		(242.8	)
TreeHouse Foods, Inc.		(22,960	)		(829,774	)		(416.4	)
Triumph Bancorp, Inc.		(2,798	)		(328,205	)		(164.7	)
Triumph Group, Inc.		(468	)		(9,571	)		(4.8	)
TrueBlue, Inc.		(13,399	)		(373,162	)		(187.3	)
TTM Technologies, Inc.		(73,794	)		(977,033	)		(490.3	)
Tupperware Brands Corp.		(46,349	)		(1,030,802	)		(517.2	)
Unisys Corp.		(9,278	)		(237,238	)		(119.0	)
United Natural Foods, Inc.		(42,006	)		(1,822,640	)		(914.6	)
Universal Corp.		(22,497	)		(1,057,359	)		(530.6	)
Utz Brands, Inc.		(32,508	)		(506,800	)		(254.3	)
Vaxart, Inc.		(37,722	)		(253,115	)		(127.0	)
Velodyne Lidar, Inc.		(89,387	)		(545,261	)		(273.6	)
Veritone, Inc.		(17,139	)		(512,627	)		(257.2	)
Vicor Corp.		(7,921	)		(1,200,744	)		(602.5	)
ViewRay, Inc.		(1,086	)		(7,939	)		(4.0	)
Virtus Investment Partners, Inc.		(64	)		(20,480	)		(10.3	)
Vivint Smart Home, Inc.		(2,867	)		(26,004	)		(13.1	)
Vuzix Corp.		(41,580	)		(444,490	)		(223.0	)
Wabash National Corp.		(2,374	)		(36,868	)		(18.5	)
Walker & Dunlop, Inc.		(48	)		(6,243	)		(3.1	)
Washington Federal, Inc.		(8,713	)		(308,092	)		(154.6	)
Watts Water Technologies, Inc.		(6,421	)		(1,220,118	)		(612.2	)
White Mountains Insurance Group Ltd.		(1,792	)		(1,890,542	)		(948.7	)
Whiting Petroleum Corp.		(3,455	)		(225,024	)		(112.9	)
Workhorse Group, Inc.		(5,794	)		(38,994	)		(19.6	)
World Fuel Services Corp.		(12,065	)		(368,344	)		(184.8	)
WW International, Inc.		(1,164	)		(20,207	)		(10.1	)
XL Fleet Corp.		(25,875	)		(141,795	)		(71.2	)
Xperi Holding Corp.		(19,052	)		(341,412	)		(171.3	)
Zomedica Corp.		(13,251	)		(6,763	)		(3.4	)
					(93,711,968	)
Total Reference Entity — Short					(150,466,086	)
Net Value of Reference Entity — Goldman Sachs & Co.				$	199,286

The following table represents the individual long and short positions and related values of the equity securities underlying the total return swap with UBS AG as of period end, termination date July 8, 2022:

Security	Shares		Value		% of Basket Value
Reference Entity — Long
Common Stocks
Australia
Alumina Ltd.		139,727	$	211,172		(14.3	)%
Aristocrat Leisure Ltd.		27,890		989,167		(67.3	)
Bendigo & Adelaide Bank Ltd.		1,705		11,942		(0.8	)
CSR Ltd.		11,411		51,226		(3.5	)

SCHEDULE   OF  INVESTMENTS 59

Schedule of Investments (unaudited) (continued) October 31, 2021 BlackRock Global Long/Short Equity Fund

Security	Shares		Value		% of Basket Value
Australia (continued)
Flight Centre Travel Group Ltd.		8,826	$	133,555		(9.1	)%
Fortescue Metals Group Ltd.		10,401		108,379		(7.4	)
Glencore PLC		16,847		84,245		(5.7	)
JB Hi-Fi Ltd.		8,625		329,297		(22.4	)
Metcash Ltd.		44,707		137,785		(9.4	)
Mineral Resources Ltd.		1,512		44,450		(3.0	)
Orocobre Ltd.		12,967		87,571		(5.9	)
Platinum Asset Management Ltd.		254,696		588,166		(40.0	)
South32 Ltd.		42,317		114,154		(7.8	)
Woodside Petroleum Ltd.		1,244		21,747		(1.5	)
				2,912,856
Austria
ams AG		23,044		456,232		(31.0	)
Erste Group Bank AG		10,058		431,345		(29.3	)
Verbund AG		109		11,362		(0.8	)
				898,939
Belgium
Galapagos NV		2,481		131,569		(8.9	)
Solvay SA		4,201		499,381		(34.0	)
Telenet Group Holding NV		15,959		573,343		(39.0	)
				1,204,293
Bermuda
Hiscox Ltd.		44,256		503,518		(34.2	)
Canada
Agnico Eagle Mines Ltd.		759		40,287		(2.7	)
Air Canada		4,537		81,348		(5.5	)
Alimentation Couche-Tard, Inc., Class B		2,465		92,457		(6.3	)
Boralex Inc.		2,744		84,919		(5.8	)
CAE, Inc.		406		12,312		(0.8	)
Canadian Western Bank		375		11,996		(0.8	)
Crescent Point Energy Corp.		154,449		776,239		(52.8	)
Descartes Systems Group, Inc.		3,210		262,148		(17.8	)
Docebo, Inc.		883		66,097		(4.5	)
Franco-Nevada Corp.		2,309		329,465		(22.4	)
GFL Environmental, Inc.		16,883		694,227		(47.2	)
Great-West Lifeco, Inc.		483		14,210		(1.0	)
IGM Financial, Inc.		1,956		77,665		(5.3	)
Imperial Oil Ltd.		13,773		466,297		(31.7	)
Innergex Renewable Energy Inc.		78,076		1,299,584		(88.4	)
Ivanhoe Mines Ltd., Class A		2,354		18,469		(1.3	)
Keyera Corp.		7,231		185,332		(12.6	)
Kinaxis, Inc.		631		97,934		(6.7	)
Lightspeed Commerce, Inc.		291		28,364		(1.9	)
NexGen Energy Ltd.		15,510		85,721		(5.8	)
Parex Resources, Inc.		1,870		36,309		(2.5	)
Parkland Corp./Canada		2,144		62,383		(4.2	)
Topicus.com Inc.		545		60,819		(4.1	)
Wheaton Precious Metals Corp.		1,409		56,879		(3.9	)
				4,941,461
Denmark
Chr Hansen Holding A/S		284		22,596		(1.5	)
ISS A/S		585		11,674		(0.8	)
				34,270
Finland
Fortum OYJ		1,601		47,614		(3.2	)

Security	Shares		Value		% of Basket Value
Finland (continued)
Kone Oyj, Class B		9,939	$	677,831		(46.1	)%
Outokumpu OYJ		14,528		90,493		(6.2	)
				815,938
France
Airbus SE		1,458		187,035		(12.7	)
ALD SA		35,889		534,944		(36.4	)
Arkema SA		543		74,279		(5.1	)
Bouygues SA		6,570		266,186		(18.1	)
Carrefour SA		4,463		80,797		(5.5	)
Elis SA		1,008		19,139		(1.3	)
Engie SA		1,967		27,981		(1.9	)
Eurazeo SE		807		75,643		(5.1	)
L’Oreal SA		847		387,464		(26.3	)
Rubis SCA		38,951		1,248,352		(84.9	)
Societe Generale SA		14,262		476,407		(32.4	)
Unibail-Rodamco-Westfield		464		33,132		(2.3	)
Valeo SA		18,188		534,401		(36.3	)
Wendel SE		3,520		468,898		(31.9	)
				4,414,658
Germany
Adidas AG		867		283,770		(19.3	)
Bayerische Motoren Werke AG		1,521		153,676		(10.4	)
Beiersdorf AG		512		54,443		(3.7	)
Covestro AG		272		17,418		(1.2	)
Deutsche Lufthansa AG		37,815		249,976		(17.0	)
Fraport AG Frankfurt Airport Services Worldwide		2,894		207,128		(14.1	)
Gerresheimer AG		1,271		116,618		(7.9	)
HelloFresh SE		3,673		297,656		(20.2	)
Hochtief AG		9,617		741,954		(50.5	)
HUGO BOSS AG		527		32,999		(2.2	)
MTU Aero Engines AG		2,131		474,653		(32.3	)
ProSiebenSat.1 Media SE		12,436		208,312		(14.2	)
Rheinmetall AG		3,627		351,917		(23.9	)
Scout24 AG		7,861		547,487		(37.2	)
Siemens AG		1,419		230,704		(15.7	)
TeamViewer AG		8,682		129,581		(8.8	)
thyssenkrupp AG		10,467		108,958		(7.4	)
Wacker Chemie AG		566		102,280		(7.0	)
				4,309,530
Hong Kong
ASM Pacific Technology Ltd.		6,600		71,415		(4.9	)
Bank of East Asia Ltd.		10,400		17,080		(1.2	)
Dah Sing Banking Group Ltd.		133,600		127,821		(8.7	)
Dah Sing Financial Holdings Ltd.		146,800		455,045		(30.9	)
Hutchison Port Holdings Trust		433,000		93,272		(6.3	)
Pacific Basin Shipping Ltd.		202,000		93,224		(6.3	)
Shun Tak Holdings Ltd.		752,000		205,575		(14.0	)
Swire Pacific Ltd., Class A		36,000		226,317		(15.4	)
Swire Properties Ltd.		163,200		437,534		(29.7	)
United Energy Group Ltd.		3,160,000		280,239		(19.1	)
Yue Yuen Industrial Holdings Ltd.		160,000		339,634		(23.1	)
				2,347,156
Ireland
AIB Group PLC		49,028		132,693		(9.0	)
Bank of Ireland Group PLC		35,885		213,774		(14.5	)
Experian PLC		989		45,347		(3.1	)
				391,814

60 2 0 2 1  BLACK ROCK  SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2021 BlackRock Global Long/Short Equity Fund

Security	Shares		Value		% of Basket Value
Israel
Paz Oil Co. Ltd.		1,794	$	228,652		(15.5	)%
Italy
BPER Banca		2,686		5,889		(0.4	)
Davide Campari-Milano NV		9,014		128,036		(8.7	)
Mediobanca Banca di Credito Finanziario SpA		9,160		109,304		(7.4	)
Pirelli & C SpA		5,415		33,304		(2.3	)
Saipem SpA		33,289		72,936		(5.0	)
				349,469
Japan
Advantest Corp.		2,800		229,566		(15.6	)
Alfresa Holdings Corp.		1,000		14,097		(1.0	)
Alps Alpine Co. Ltd.		30,600		298,994		(20.3	)
Amada Co. Ltd.		7,700		76,072		(5.2	)
Amano Corp.		1,400		34,644		(2.4	)
Benesse Holdings, Inc.		38,700		885,385		(60.2	)
Canon, Inc.		48,400		1,100,585		(74.8	)
Casio Computer Co. Ltd.		10,500		148,587		(10.1	)
COMSYS Holdings Corp.		31,200		772,544		(52.5	)
Daikin Industries Ltd.		3,500		766,552		(52.1	)
Dentsu Group, Inc.		9,100		332,548		(22.6	)
DMG Mori Co. Ltd.		800		13,777		(0.9	)
Elecom Co. Ltd.		1,000		15,296		(1.0	)
Ezaki Glico Co. Ltd.		6,400		232,278		(15.8	)
Fuji Oil Holdings, Inc.		1,600		37,549		(2.6	)
Hisamitsu Pharmaceutical Co., Inc.		4,500		153,525		(10.4	)
Honda Motor Co. Ltd.		8,100		239,581		(16.3	)
Hoshizaki Corp.		3,300		277,500		(18.9	)
Hoya Corp.		300		44,162		(3.0	)
Hulic Co. Ltd.		47,600		457,697		(31.1	)
IHI Corp.		1,300		30,365		(2.1	)
Japan Post Bank Co. Ltd.		4,000		31,208		(2.1	)
Japan Post Insurance Co. Ltd.		1,800		29,204		(2.0	)
JGC Holdings Corp.		39,100		367,435		(25.0	)
Kamigumi Co. Ltd.		5,000		100,675		(6.9	)
Kansai Paint Co. Ltd.		600		13,894		(0.9	)
Keyence Corp.		700		422,530		(28.7	)
Kobe Steel Ltd.		37,500		220,327		(15.0	)
Koito Manufacturing Co. Ltd.		3,400		192,910		(13.1	)
Konica Minolta, Inc.		106,500		527,142		(35.9	)
Kuraray Co. Ltd.		5,100		46,150		(3.1	)
Marubeni Corp.		5,200		44,124		(3.0	)
Maruwa Unyu Kikan Co. Ltd.		6,400		89,629		(6.1	)
Mitsubishi Heavy Industries Ltd.		14,100		360,577		(24.5	)
Mitsubishi Motors Corp.		349,100		1,117,302		(76.0	)
MS&AD Insurance Group Holdings, Inc.		6,400		206,767		(14.1	)
NEC Corp.		1,400		71,683		(4.9	)
Nihon Kohden Corp.		7,300		232,280		(15.8	)
Nikon Corp.		29,800		328,567		(22.3	)
Nippon Television Holdings, Inc.		86,900		936,230		(63.7	)
Nissan Motor Co. Ltd.		75,300		383,266		(26.1	)
Nitori Holdings Co. Ltd.		3,800		698,100		(47.5	)
NOK Corp.		11,700		135,811		(9.2	)
Obayashi Corp.		8,600		72,603		(4.9	)
Omron Corp.		600		57,381		(3.9	)
Park24 Co. Ltd.		1,600		24,508		(1.7	)
PeptiDream, Inc.		2,900		70,099		(4.8	)
Rakus Co. Ltd.		15,100		478,586		(32.5	)
Recruit Holdings Co. Ltd.		14,100		937,918		(63.8	)
Ricoh Co. Ltd.		48,000		467,416		(31.8	)

Security	Shares		Value		% of Basket Value
Japan (continued)
Sega Sammy Holdings, Inc.		21,100	$	300,051		(20.4	)%
Seiko Epson Corp.		18,800		334,754		(22.8	)
Shimadzu Corp.		600		24,295		(1.7	)
Shimano, Inc.		500		139,507		(9.5	)
Shimizu Corp.		13,300		97,447		(6.6	)
Subaru Corp.		38,600		757,131		(51.5	)
Sumitomo Chemical Co. Ltd.		119,200		587,217		(39.9	)
Sundrug Co. Ltd.		5,800		169,743		(11.5	)
Suntory Beverage & Food Ltd.		500		19,401		(1.3	)
Taisei Corp.		9,700		304,378		(20.7	)
Tokyo Electron Ltd.		500		233,016		(15.8	)
Toppan Inc.		3,100		50,041		(3.4	)
Toray Industries, Inc.		16,600		103,443		(7.0	)
TV Asahi Holdings Corp.		2,700		40,973		(2.8	)
Welcia Holdings Co. Ltd.		15,600		582,370		(39.6	)
Yamaguchi Financial Group, Inc.		20,300		113,325		(7.7	)
Yamazaki Baking Co. Ltd.		35,200		534,716		(36.4	)
				19,217,434
Luxembourg
L’Occitane International SA		34,500		123,396		(8.4	)
SES SA		19,504		175,170		(11.9	)
				298,566
Macau
MGM China Holdings Ltd.		268,400		196,931		(13.4	)
Sands China Ltd.		100,000		227,917		(15.5	)
				424,848
Netherlands
Koninklijke KPN NV		25,921		77,450		(5.3	)
Koninklijke Vopak NV		2,682		106,738		(7.2	)
PostNL NV		3,144		13,645		(0.9	)
Randstad NV		5,668		407,231		(27.7	)
				605,064
New Zealand
a2 Milk Co. Ltd.		2,350		11,145		(0.8	)
Mainfreight Ltd.		189		12,179		(0.8	)
Mercury NZ Ltd.		7,430		32,676		(2.2	)
Xero Ltd.		609		69,440		(4.7	)
				125,440
Norway
Equinor ASA		1,989		50,398		(3.4	)
Nordic Semiconductor ASA		684		20,322		(1.4	)
Norsk Hydro ASA		3,672		26,972		(1.8	)
Orkla ASA		1,434		13,948		(1.0	)
				111,640
Portugal
Galp Energia SGPS SA		15,644		162,509		(11.1	)
Singapore
Jardine Cycle & Carriage Ltd.		13,900		232,369		(15.8	)
SIA Engineering Co. Ltd.		65,400		105,322		(7.2	)
Singapore Telecommunications Ltd.		330,700		613,526		(41.7	)
				951,217
Spain
Aena SME SA		221		36,296		(2.5	)

SCHEDULE   OF  INVESTMENTS 61

Schedule of Investments (unaudited) (continued) October 31, 2021 BlackRock Global Long/Short Equity Fund

Security	Shares		Value		% of Basket Value
Spain (continued)
Banco de Sabadell SA		276,854	$	222,811		(15.2	)%
Fluidra SA		2,209		84,369		(5.7	)
				343,476
Sweden
Hexagon AB, B Shares		6,532		105,124		(7.1	)
Investment AB Latour, B Shares		5,100		185,250		(12.6	)
Saab AB		9,423		262,696		(17.9	)
Samhallsbyggnadsbolaget i Norden AB		25,361		170,097		(11.6	)
Tele2 AB, B Shares		3,642		51,474		(3.5	)
Telefonaktiebolaget LM Ericsson, B Shares		2,550		27,834		(1.9	)
				802,475
Switzerland
Adecco Group AG		8,084		407,272		(27.7	)
Cie Financiere Richemont SA, Class A		298		36,878		(2.5	)
Clariant AG		28,203		593,744		(40.4	)
Dufry AG		700		37,062		(2.5	)
Idorsia Ltd.		205		4,221		(0.3	)
Partners Group Holding AG		26		45,421		(3.1	)
Swatch Group AG		64		17,559		(1.2	)
				1,142,157
United Kingdom
Ashmore Group PLC		51,293		236,991		(16.1	)
ASOS PLC		3,701		125,652		(8.6	)
Aston Martin Lagonda Global Holdings PLC		21,428		500,175		(34.0	)
Babcock International Group PLC		38,663		168,849		(11.5	)
Bellway PLC		5,671		257,315		(17.5	)
boohoo Group PLC		201,124		500,248		(34.0	)
British Land Co. PLC		5,082		34,314		(2.4	)
BT Group PLC		191,425		363,675		(24.7	)
Centrica PLC		223,042		184,118		(12.5	)
Future PLC		429		20,713		(1.4	)
HomeServe PLC		44,652		522,478		(35.5	)
Inchcape PLC		94,288		1,065,853		(72.5	)
ITV PLC		39,780		58,548		(4.0	)
John Wood Group PLC		47,027		137,133		(9.3	)
Phoenix Group Holdings PLC		34,666		311,250		(21.2	)
Rightmove PLC		56,159		530,847		(36.1	)
Rolls-Royce Holdings PLC		43,409		78,346		(5.3	)
Smiths Group PLC		12,218		226,864		(15.4	)
Spirax-Sarco Engineering PLC		131		27,964		(1.9	)
Trainline PLC		22,116		95,885		(6.5	)
Travis Perkins PLC		6,757		142,849		(9.7	)
Virgin Money UK PLC		7,314		20,405		(1.4	)
				5,610,472
United States
Carnival PLC		7,025		141,804		(9.7	)

Security	Shares			Value			% of Basket Value
United States (continued)
Ovintiv Inc.		1,505		$	56,462			(3.8	)%
Reliance Worldwide Corp. Ltd.		12,028			52,888			(3.6	)
					251,154
Total Reference Entity — Long					53,399,006
Reference Entity — Short
Common Stocks
Australia
TPG Telecom Ltd.		(4,720	)		(24,095	)		1.6
Austria
OMV AG		(3,005	)		(181,933	)		12.4
Raiffeisen Bank International AG		(684	)		(19,986	)		1.3
					(201,919	)
Belgium
Cofinimmo SA		(74	)		(11,939	)		0.8
Warehouses De Pauw CVA		(2,168	)		(98,723	)		6.7
					(110,662	)
Canada
Kinross Gold Corp.		(35,336	)		(212,427	)		14.5
Denmark
H Lundbeck A/S.		(1,307	)		(36,399	)		2.5
Finland
Elisa Oyj		(2,750	)		(165,963	)		11.3
Kojamo OYJ		(17,317	)		(387,980	)		26.4
Orion OYJ, Class B		(390	)		(16,888	)		1.1
Stora Enso OYJ		(8,981	)		(149,440	)		10.2
TietoEVRY OYJ		(399	)		(12,236	)		0.8
					(732,507	)
France
Accor SA		(4,074	)		(145,794	)		9.9
BNP Paribas SA		(2,789	)		(186,688	)		12.7
Danone SA		(580	)		(37,808	)		2.6
Dassault Aviation SA		(4,290	)		(448,321	)		30.5
Edenred		(2,940	)		(159,087	)		10.8
Faurecia SE		(825	)		(43,088	)		2.9
Sanofi		(1,447	)		(145,343	)		9.9
SOITEC		(98	)		(26,092	)		1.8
					(1,192,221	)
Germany
CTS Eventim AG & Co. KGaA		(6,160	)		(448,020	)		30.5
Deutsche Bank AG		(4,725	)		(60,694	)		4.1
Deutsche Telekom AG		(34,278	)		(637,473	)		43.4
Eckert & Ziegler Strahlen- und Medizintechnik AG		(4,315	)		(646,116	)		43.9
Flatex AG		(5,296	)		(120,302	)		8.2
Fresenius Medical Care AG & Co. KGaA		(318	)		(21,124	)		1.4
Hella GmbH & Co. KGaA		(2,237	)		(155,517	)		10.6
LEG Immobilien SE		(212	)		(31,534	)		2.2
Porsche Automobil Holding SE		(4,989	)		(519,237	)		35.3
Puma SE		(1,543	)		(191,409	)		13.0
TAG Immobilien AG		(406	)		(12,335	)		0.8
Vantage Towers AG		(5,613	)		(192,972	)		13.1
					(3,036,733	)

62 2 0 2 1  BLACK ROCK  SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2021 BlackRock Global Long/Short Equity Fund

Security	Shares			Value			% of Basket Value
Ireland
Flutter Entertainment PLC		(360	)	$	(68,150	)		4.7	%
Grafton Group PLC		(5,682	)		(104,364	)		7.1
Kingspan Group PLC		(1,228	)		(141,374	)		9.6
					(313,888	)
Italy
A2A SpA		(8,792	)		(18,501	)		1.3
Assicurazioni Generali SpA		(49,312	)		(1,073,778	)		73.0
Buzzi Unicem SpA		(2,541	)		(59,265	)		4.0
DiaSorin SpA		(2,359	)		(533,285	)		36.3
Infrastrutture Wireless Italiane SpA		(15,757	)		(174,085	)		11.8
Moncler SpA		(921	)		(66,279	)		4.5
Nexi SpA		(16,864	)		(293,217	)		20.0
Unipol Gruppo SpA		(13,570	)		(77,938	)		5.3
					(2,296,348	)
Japan
Aeon Mall Co Ltd.		(40,000	)		(585,988	)		39.8
Ain Holdings, Inc.		(5,300	)		(312,830	)		21.3
Ariake Japan Co. Ltd.		(200	)		(13,022	)		0.9
Asahi Group Holdings Ltd.		(10,600	)		(481,031	)		32.7
Bank of Kyoto Ltd.		(3,100	)		(139,417	)		9.5
Benefit One, Inc.		(300	)		(15,140	)		1.0
Central Japan Railway Co.		(3,800	)		(563,694	)		38.3
Concordia Financial Group Ltd.		(325,600	)		(1,294,153	)		88.0
Credit Saison Co. Ltd.		(10,100	)		(123,823	)		8.4
Daio Paper Corp.		(700	)		(12,318	)		0.8
Daiwa House REIT Investment Corp.		(12	)		(34,436	)		2.3
DeNA Co. Ltd.		(23,700	)		(437,791	)		29.8
East Japan Railway Co.		(1,300	)		(80,972	)		5.5
ENEOS Holdings, Inc.		(79,400	)		(320,161	)		21.8
Fancl Corp.		(23,500	)		(712,472	)		48.4
Fast Retailing Co. Ltd.		(400	)		(265,527	)		18.1
Fukuoka Financial Group, Inc.		(1,100	)		(19,762	)		1.3
Fukuyama Transporting Co. Ltd.		(7,300	)		(290,795	)		19.8
GS Yuasa Corp.		(3,300	)		(71,840	)		4.9
GungHo Online Entertainment, Inc.		(24,400	)		(457,765	)		31.1
Hachijuni Bank Ltd.		(125,800	)		(420,447	)		28.6
Harmonic Drive Systems, Inc.		(4,400	)		(199,459	)		13.6
Hino Motors Ltd.		(19,000	)		(179,734	)		12.2
Hirogin Holdings, Inc.		(103,200	)		(568,554	)		38.7
Hirose Electric Co. Ltd.		(500	)		(83,615	)		5.7
Hitachi Construction Machinery Co. Ltd.		(5,300	)		(169,101	)		11.5
Ibiden Co. Ltd.		(9,500	)		(570,816	)		38.8
Ichigo, Inc.		(3,800	)		(11,376	)		0.8
Idemitsu Kosan Co. Ltd.		(3,200	)		(87,399	)		5.9
Industrial & Infrastructure Fund Investment Corp.		(7	)		(12,805	)		0.9
INFRONEER Holdings, Inc.		(126,540	)		(1,048,070	)		71.3
Invincible Investment Corp.		(82	)		(32,419	)		2.2
Isetan Mitsukoshi Holdings Ltd.		(1,700	)		(12,380	)		0.8
Ito En Ltd.		(300	)		(19,982	)		1.4
Iwatani Corp.		(6,400	)		(378,019	)		25.7
Japan Exchange Group, Inc.		(2,200	)		(52,092	)		3.5
Japan Logistics Fund, Inc.		(7	)		(20,912	)		1.4
Japan Prime Realty Investment Corp.		(10	)		(36,679	)		2.5
Japan Real Estate Investment Corp.		(37	)		(226,782	)		15.4
Japan Retail Fund Investment Corp.		(539	)		(495,082	)		33.7
Japan Steel Works Ltd.		(500	)		(14,689	)		1.0
JCR Pharmaceuticals Co. Ltd.		(3,600	)		(88,354	)		6.0
Jeol Ltd.		(600	)		(45,473	)		3.1
JMDC, Inc.		(13,900	)		(1,045,002	)		71.1

Security	Shares			Value			% of Basket Value
Japan (continued)
Kadokawa Dwango		(15,400	)	$	(813,129	)		55.3	%
Kagome Co. Ltd.		(5,200	)		(131,954	)		9.0
Kansai Electric Power Co., Inc.		(110,400	)		(1,016,465	)		69.1
Keikyu Corp.		(65,800	)		(742,646	)		50.5
Keio Corp.		(6,100	)		(307,914	)		20.9
Kirin Holdings Co Ltd.		(1,500	)		(26,109	)		1.8
Koei Tecmo Holdings Co. Ltd.		(6,600	)		(307,218	)		20.9
Konami Holdings Corp.		(1,300	)		(71,540	)		4.9
Kotobuki Spirits Co. Ltd.		(1,000	)		(66,861	)		4.5
Kyowa Kirin Co. Ltd.		(3,200	)		(105,242	)		7.2
Kyushu Railway Co.		(1,100	)		(24,623	)		1.7
Marui Group Co. Ltd.		(2,100	)		(41,210	)		2.8
Matsui Securities Co. Ltd.		(1,700	)		(12,196	)		0.8
Matsumotokiyoshi Holdings Co. Ltd.		(1,100	)		(48,773	)		3.3
Medipal Holdings Corp.		(900	)		(16,227	)		1.1
MINEBEA MITSUMI, Inc.		(68,500	)		(1,734,216	)		117.9
Mitsubishi UFJ Financial Group, Inc.		(2,200	)		(12,016	)		0.8
Mitsui High-Tec, Inc.		(400	)		(30,896	)		2.1
Miura Co. Ltd.		(500	)		(19,233	)		1.3
Mizuho Financial Group, Inc.		(15,000	)		(197,969	)		13.5
Mori Hills REIT Investment Corp.		(83	)		(112,535	)		7.6
Murata Manufacturing Co. Ltd.		(6,800	)		(504,414	)		34.3
Nidec Corp.		(3,400	)		(376,577	)		25.6
Nippon Building Fund, Inc.		(59	)		(383,320	)		26.1
Nippon Electric Glass Co. Ltd.		(10,400	)		(265,543	)		18.1
Nippon Kayaku Co. Ltd.		(35,000	)		(368,623	)		25.1
Nippon Shokubai Co. Ltd.		(300	)		(15,635	)		1.1
Nippon Steel Corp.		(14,500	)		(254,225	)		17.3
Nishi-Nippon Railroad Co. Ltd.		(25,300	)		(623,223	)		42.4
Noevir Holdings Co. Ltd.		(300	)		(14,674	)		1.0
Nomura Holdings, Inc.		(11,200	)		(53,340	)		3.6
Nomura Real Estate Master Fund, Inc.		(64	)		(95,838	)		6.5
Odakyu Electric Railway Co. Ltd.		(16,600	)		(359,878	)		24.5
Oji Holdings Corp.		(20,900	)		(103,596	)		7.0
Orient Corp.		(206,000	)		(282,701	)		19.2
ORIX Corp.		(31,900	)		(634,054	)		43.1
Orix JREIT, Inc.		(13	)		(21,568	)		1.5
Osaka Gas Co. Ltd.		(5,000	)		(80,590	)		5.5
Otsuka Holdings Co. Ltd.		(1,500	)		(59,324	)		4.0
Pan Pacific International Holdings Corp.		(600	)		(12,598	)		0.9
Rohto Pharmaceutical Co. Ltd.		(1,800	)		(54,997	)		3.7
Ryohin Keikaku Co. Ltd.		(41,400	)		(815,838	)		55.5
Sapporo Holdings Ltd.		(18,800	)		(407,906	)		27.7
SBI Holdings, Inc.		(500	)		(12,960	)		0.9
Sekisui House REIT, Inc.		(19	)		(14,364	)		1.0
Shinko Electric Industries Co. Ltd.		(800	)		(32,230	)		2.2
Shionogi & Co. Ltd.		(9,200	)		(599,842	)		40.8
Shizuoka Bank Ltd.		(48,200	)		(388,125	)		26.4
Showa Denko KK		(8,800	)		(220,704	)		15.0
Sony Corp.		(4,600	)		(532,663	)		36.2
Square Enix Holdings Co. Ltd.		(1,800	)		(98,604	)		6.7
Sumitomo Realty & Development Co. Ltd.		(38,500	)		(1,391,386	)		94.6
Toho Gas Co. Ltd.		(14,900	)		(441,374	)		30.0
Tokai Carbon Co. Ltd.		(29,000	)		(379,341	)		25.8
Tokyo Electric Power Co. Holdings, Inc.		(136,000	)		(376,720	)		25.6
Tokyo Tatemono Co. Ltd.		(1,000	)		(14,698	)		1.0
Tokyu Corp.		(35,200	)		(496,257	)		33.7
Tokyu Fudosan Holdings Corp.		(70,300	)		(407,347	)		27.7
Tosoh Corp.		(9,000	)		(151,569	)		10.3
Tsumura & Co.		(500	)		(15,583	)		1.1

SCHEDULE   OF  INVESTMENTS 63

Schedule of Investments (unaudited) (continued) October 31, 2021 BlackRock Global Long/Short Equity Fund

Security	Shares			Value			% of Basket Value
Japan (continued)
Ube Industries Ltd.		(4,200	)	$	(78,252	)		5.3	%
Ushio, Inc.		(2,800	)		(50,093	)		3.4
Yamato Holdings Co. Ltd.		(1,000	)		(24,583	)		1.7
					(29,406,307	)
Luxembourg
ArcelorMittal		(10,550	)		(356,803	)		24.3
Aroundtown SA		(84,094	)		(584,412	)		39.7
Grand City Properties SA		(10,444	)		(267,509	)		18.2
Tenaris SA		(13,247	)		(147,522	)		10.0
					(1,356,246	)
Netherlands
Aalberts NV		(1,252	)		(69,296	)		4.7
Aegon NV		(27,956	)		(141,801	)		9.7
Alfen Beheer BV		(1,578	)		(177,759	)		12.1
Argenx SE		(665	)		(200,204	)		13.6
EXOR NV		(5,449	)		(514,009	)		35.0
Just Eat Takeaway.com NV		(1,313	)		(94,320	)		6.4
QIAGEN NV		(6,289	)		(345,983	)		23.5
Shop Apotheke Europe NV		(2,824	)		(428,261	)		29.1
					(1,971,633	)
Norway
Adevinta ASA		(6,721	)		(111,019	)		7.6
Kahoot! ASA		(87,175	)		(522,634	)		35.5
NEL ASA		(489,295	)		(1,035,968	)		70.4
Salmar Asa		(14,439	)		(1,101,558	)		74.9
					(2,771,179	)
Singapore
City Developments Ltd.		(5,700	)		(30,942	)		2.1
Golden Agri-Resources Ltd.		(933,000	)		(182,984	)		12.5
Mapletree North Asia Commercial Trust		(16,100	)		(12,200	)		0.8
Sembcorp Industries Ltd.		(499,900	)		(746,090	)		50.7
					(972,216	)
Spain
Pharma Mar SA		(2,164	)		(167,956	)		11.4
Solaria Energia y Medio Ambiente SA		(14,818	)		(296,541	)		20.2
Telefonica SA		(70,747	)		(307,301	)		20.9
					(771,798	)
Sweden
Atlas Copco AB		(2,560	)		(138,736	)		9.4
Holmen AB		(9,301	)		(412,928	)		28.1

Security	Shares			Value			% of Basket Value
Sweden (continued)
Skandinaviska Enskilda Banken AB		(16,017	)	$	(250,471	)		17.0	%
Swedish Orphan Biovitrum AB		(1,832	)		(49,785	)		3.4
Volvo AB		(10,651	)		(248,373	)		16.9
Volvo AB		(27,859	)		(658,618	)		44.8
					(1,758,911	)
Switzerland
Ferrexpo PLC		(15,914	)		(67,888	)		4.6
Galenica AG		(1,996	)		(146,201	)		9.9
Nestle SA		(94	)		(12,399	)		0.8
Novartis AG		(1,861	)		(153,928	)		10.5
Swatch Group AG		(10,346	)		(550,399	)		37.4
Swiss Re AG		(1,832	)		(177,476	)		12.1
Zur Rose Group AG		(7	)		(2,485	)		0.2
					(1,110,776	)
United Kingdom
3i Group PLC		(889	)		(16,602	)		1.1
BAE Systems PLC		(3,023	)		(22,794	)		1.6
Berkeley Group Holdings PLC		(12,231	)		(729,562	)		49.6
Ceres Power Holdings PLC		(14,290	)		(243,558	)		16.6
Games Workshop Group PLC		(113	)		(14,916	)		1.0
Greggs PLC		(2,140	)		(89,445	)		6.1
HSBC Holdings PLC		(14,479	)		(87,238	)		5.9
J Sainsbury PLC		(71,278	)		(291,945	)		19.9
Land Securities Group PLC		(59,673	)		(560,597	)		38.1
London Stock Exchange Group PLC		(611	)		(59,477	)		4.0
Ocado Group PLC		(44,998	)		(1,110,577	)		75.5
Rio Tinto PLC		(34,792	)		(2,169,332	)		147.5
Segro PLC		(13,554	)		(239,561	)		16.3
Severn Trent PLC		(4,985	)		(186,700	)		12.7
Tesco PLC		(66,478	)		(245,455	)		16.7
UNITE Group PLC		(9,841	)		(146,934	)		10.0
Weir Group PLC		(5,463	)		(129,586	)		8.8
Whitbread PLC		(3,227	)		(144,369	)		9.8
Wickes Group PLC		(6,765	)		(19,850	)		1.3
Wise PLC		(5,721	)		(64,217	)		4.4
					(6,572,715	)
United States
Galaxy Digital Holdings Ltd.		(763	)		(20,641	)		1.4
Total Reference Entity — Short					(54,869,621	)
Net Value of Reference Entity — UBS AG				$	(1,470,615	)

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

Description	Swap Premiums Paid		Swap Premiums Received		Unrealized Appreciation	Unrealized Depreciation			Value
OTC Swaps	$	—	$	—	$ 7,593,940	$	(914,897	)	$          —
Options Written		N/A		N/A	18,070		—		(937,830)

64 2 0 2 1  BLACK ROCK  SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2021 BlackRock Global Long/Short Equity Fund

Derivative Financial Instruments Categorized by Risk Exposure

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

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	—	$	—	$	2,568,367	$	—	$	—	$	—	$	2,568,367
Options purchased
Investments at value — unaffiliated(b)		—		—		1,577,645		—		—		—		1,577,645
Swaps — OTC
Unrealized appreciation on OTC swaps; Swap premiums paid		—		—		7,593,940		—		—		—		7,593,940
	$	—	$	—	$	11,739,952	$	—	$	—	$	—	$	11,739,952
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	1,746,296	$	—	$	—	$	—	$	1,746,296
Options written
Options written at value.		—		—		937,830		—		—		—		937,830
Swaps — OTC
Unrealized depreciation on OTC swaps; Swap premiums received		—		—		914,897		—		—		—		914,897
	$	—	$	—	$	3,599,023	$	—	$	—	$	—	$	3,599,023

^(a) 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).

^(b) Includes options purchased at value as reported in the Schedule of Investments.

For the period ended October 31, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from:
Futures contracts	$	—	$	—	$	7,447,353		$	—	$	—	$	—	$	7,447,353
Options purchased(a)		—		—		(3,735,373	)		—		—		—		(3,735,373	)
Options written		—		—		2,754,766			—		—		—		2,754,766
Swaps		—		—		(17,837,007	)		—		—		—		(17,837,007	)
	$	—	$	—	$	(11,370,261	)	$	—	$	—	$	—	$	(11,370,261	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	(9,678	)	$	—	$	—	$	—	$	(9,678	)
Options purchased(b)		—		—		101,526			—		—		—		101,526
Options written		—		—		(96,606	)		—		—		—		(96,606	)
Swaps		—		—		2,830,194			—		—		—		2,830,194
	$	—	$	—	$	2,825,436		$	—	$	—	$	—	$	2,825,436

^(a) Options purchased are included in net realized gain (loss) from investments — unaffiliated.

^(b) 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	$	122,521,225
Average notional value of contracts — short	$	56,944,526
Options:
Average value of option contracts purchased	$	1,241,053
Average value of option contracts written	$	800,195
Total return swaps:
Average notional value	$	6,149,801

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

SCHEDULE   OF  INVESTMENTS 65

Schedule of Investments (unaudited) (continued) October 31, 2021 BlackRock Global Long/Short Equity Fund

Derivative Financial Instruments — Offsetting as of Period End

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

	Assets			Liabilities
Derivative Financial Instruments
Futures contracts	$	189,100		$	377,036
Options		1,577,645	(a)		937,830
Swaps — OTC(b)		7,593,940			914,897
Total derivative assets and liabilities in the Statements of Assets and Liabilities		9,360,685			2,229,763
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		(1,766,745	)		(1,314,866	)
Total derivative assets and liabilities subject to an MNA	$	7,593,940		$	914,897

^(a) 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.

^(b) 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 Assets Subject to an MNA by Counterparty		Derivatives Available for Offset	(a)		Non-Cash Collateral Received		Cash Collateral Received	(b)		Net Amount of Derivative Assets	(c)
Bank of America N.A.	$	1,013,620	$	(379,134	)	$	—	$	—		$	634,486
Deutsche Bank A.G.		806,926		—			—		(806,926	)		—
Goldman Sachs & Co.		5,755,786		—			—		(4,570,000	)		1,185,786
HSBC Bank PLC		17,608		(17,608	)		—		—			—
	$	7,593,940	$	(396,742	)	$	—	$	(5,376,926	)	$	1,820,272
Counterparty		Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset	(a)		Non-Cash Collateral Pledged		Cash Collateral Pledged	(d)		Net Amount of Derivative Liabilities	(e)
Bank of America N.A.	$	379,134	$	(379,134	)	$	—	$	—		$	—
HSBC Bank PLC		27,311		(17,608	)		—		—			9,703
UBS AG		508,452		—			—		(508,452	)		—
	$	914,897	$	(396,742	)	$	—	$	(508,452	)	$	9,703

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

^(b) Excess of collateral received from the individual counterparty is not shown for financial reporting purposes.

^(c) Net amount represents the net amount receivable from the counterparty in the event of default.

^(d) Excess of collateral pledged to the individual counterparty is not shown for financial reporting purposes.

^(e) Net amount represents the net amount payable due to 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. 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	$	3,932,002	$	—	$	—	$	3,932,002
Preferred Securities
Preferred Stocks		—		—		3,299,790		3,299,790

66 2 0 2 1  BLACK ROCK  SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2021 BlackRock Global Long/Short Equity Fund

Fair Value Hierarchy as of Period End (continued)

	Level 1			Level 2			Level 3		Total
U.S. Treasury Obligations	$	—		$	23,509,499		$	—	$	23,509,499
Warrants		2,815			—			—		2,815
Short-Term Securities
Money Market Funds		19,401,600			—			—		19,401,600
U.S. Treasury Obligations		—			437,406,280			—		437,406,280
Options Purchased
Equity Contracts		1,577,645			—			—		1,577,645
	$	24,914,062		$	460,915,779		$	3,299,790	$	489,129,631
Derivative Financial Instruments(a)
Assets
Equity Contracts.	$	2,568,367		$	7,593,940		$	—	$	10,162,307
Liabilities
Equity Contracts.		(2,684,126	)		(914,897	)		—		(3,599,023	)
	$	(115,759	)	$	6,679,043		$	—	$	6,563,284

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

See notes to financial statements.

SCHEDULE   OF  INVESTMENTS 67

Statements of Assets and Liabilities (unaudited)

October 31, 2021

	BlackRock Advantage Emerging Markets Fund			BlackRock Global Long/Short Equity Fund
ASSETS
Investments, at value — unaffiliated(a)(b)		$	156,986,125		$	469,728,031
Investments, at value — affiliated(c)			8,202,441			19,401,600
Cash			—			11,523,694
Cash pledged:
Collateral — exchange-traded options written			—			650,000
Collateral — OTC derivatives			—			3,530,000
Futures contracts			480,000			13,419,000
Foreign currency, at value(d)			379,136			28,331,913
Receivables:
Investments sold			256,615			12,999,997
Options written			—			955,900
Securities lending income — affiliated			6			—
Capital shares sold			868,124			1,810,046
Dividends — unaffiliated			218,701			—
Dividends — affiliated			32			7,149
Interest — unaffiliated			—			22,864
Variation margin on futures contracts			—			189,100
Unrealized appreciation on OTC swaps			—			7,593,940
Prepaid expenses			41,980			37,057
Other assets			—			410,000
Total assets			167,433,160			570,610,291
LIABILITIES
Collateral on securities loaned, at value			190,075			—
Options written, at value(e)			—			937,830
Payables:
Investments purchased			172,131			6,020,232
Accounting services fees			59,597			172,658
Administration fees			—			19,821
Capital shares redeemed			415,737			925,085
Custodian fees			276,653			396,294
Deferred foreign capital gain tax			139,824			—
Investment advisory fees			78,182			490,681
Trustees’ and Officer’s fees			3,152			3,476
Options written			—			1,629,204
Other accrued expenses			39,609			176,952
Professional fees			31,935			36,903
Service and distribution fees			1,746			9,583
Transfer agent fees			7,490			84,445
Variation margin on futures contracts			117,482			377,036
Unrealized depreciation on OTC swaps			—			914,897
Total liabilities			1,533,613			12,195,097
NET ASSETS		$	165,899,547		$	558,415,194
NET ASSETS CONSIST OF
Paid-in capital		$	163,149,694		$	612,583,128
Accumumlated earnings (loss)			2,749,853			(54,167,934	)
NET ASSETS		$	165,899,547		$	558,415,194
(a)  Investments, at cost — unaffiliated		$	143,829,429		$	469,670,409
(b)  Securities loaned, at value.		$	178,464		$	—
(c)  Investments, at cost — affiliated		$	8,202,441		$	19,401,600
(d)  Foreign currency, at cost		$	379,115		$	28,323,134
(e)  Premiums received		$	—		$	955,900

68 2 0 2 1  BLACK ROCK  SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Statements of Assets and Liabilities (unaudited) (continued)

October 31, 2021

	BlackRock Advantage Emerging Markets Fund		BlackRock Global Long/Short Equity Fund
NET ASSET VALUE
Institutional
Net assets	$	15,483,018	$	523,600,240
Shares outstanding		1,275,769		45,318,766
Net asset value	$	12.14	$	11.55
Shares authorized		Unlimited		Unlimited
Par value	$	0.001	$	0.001
Investor A
Net assets	$	6,666,316	$	22,933,102
Shares outstanding		559,478		2,014,400
Net asset value	$	11.92	$	11.38
Shares authorized		Unlimited		Unlimited
Par value	$	0.001	$	0.001
Investor C
Net assets	$	358,219	$	6,027,918
Shares outstanding		31,643		560,363
Net asset value	$	11.32	$	10.76
Shares authorized		Unlimited		Unlimited
Par value	$	0.001	$	0.001
Class K
Net assets	$	143,391,994	$	5,853,934
Shares outstanding		11,813,643		505,376
Net asset value	$	12.14	$	11.58
Shares authorized		Unlimited		Unlimited
Par value	$	0.001	$	0.001

See notes to financial statements.

FINANCIAL   STATEMENTS 69

Statements of Operations (unaudited)

Six Months Ended October 31, 2021

	BlackRock Advantage Emerging Markets Fund				BlackRock Global Long/Short Equity Fund
INVESTMENT INCOME
Dividends — unaffiliated		$	2,784,861			$	—
Dividends — affiliated			216				505
Interest — unaffiliated			—				30,756
Securities lending income — affiliated — net			1,789				—
Foreign taxes withheld			(282,850	)			—
Total investment income			2,504,016				31,261
EXPENSES
Investment advisory			698,752				3,377,171
Professional			67,215				87,046
Custodian			61,491				183,719
Registration			41,126				50,419
Administration			37,121				110,928
Accounting services			25,247				71,981
Administration — class specific			17,469				52,314
Service and distribution — class specific			11,272				62,008
Transfer agent — class specific			10,964				218,542
Trustees and Officer			4,479				4,909
Miscellaneous			35,643				83,965
Total expenses			1,010,779				4,303,002
Less:
Administration fees waived			(37,121	)			—
Administration fees waived - class specific			(17,469	)			(52,314	)
Fees waived and/or reimbursed by the Manager			(227,281	)			(495,429	)
Transfer agent fees waived and/or reimbursed — class specific			(4,146	)			(89,133	)
Total expenses after fees waived and/or reimbursed			724,762				3,666,126
Net investment income (loss)			1,779,254				(3,634,865	)
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated(a)			1,148,889				(4,154,004	)
Foreign currency transactions			(174,021	)			66,682
Futures contracts			(357,384	)			7,447,353
Options written			—				2,754,766
Swaps			—				(17,837,007	)
			617,484				(11,722,210	)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated(b)			(16,281,961	)			817,781
Foreign currency translations			(27,760	)			(779,528	)
Futures contracts			(205,374	)			(9,678	)
Options written			—				(96,606	)
Swaps			—				2,830,194
			(16,515,095	)			2,762,163
Net realized and unrealized loss			(15,897,611	)			(8,960,047	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS		$	(14,118,357	)		$	(12,594,912	)
(a)  Net of foreign capital gain tax of		$	277,024			$	—
(b)  Net of reduction in deferred foreign capital gain tax of		$	12,743			$	—

See notes to financial statements.

70 2 0 2 1  BLACK ROCK  SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Statements of Changes in Net Assets

	BlackRock Advantage Emerging Markets Fund						BlackRock Global Long/Short Equity Fund
	Six Months Ended 10/31/21 (unaudited)			Year Ended 04/30/21			Six Months Ended 10/31/21 (unaudited)			Year Ended 04/30/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income (loss)	$	1,779,254		$	1,736,060		$	(3,634,865	)	$	(8,008,841	)
Net realized gain (loss)		617,484			20,058,021			(11,722,210	)		43,649,263
Net change in unrealized appreciation (depreciation)		(16,515,095	)		28,008,446			2,762,163			(10,917,001	)
Net increase (decrease) in net assets resulting from operations		(14,118,357	)		49,802,527			(12,594,912	)		24,723,421
DISTRIBUTIONS TO SHAREHOLDERS(a)
Institutional		(83,287	)		(184,178	)		(5,694,760	)		(1,486,534	)
Investor A		(26,769	)		(88,691	)		(289,045	)		(9,555	)
Investor C		(450	)		(10,800	)		(83,551	)		—
Class K		(734,367	)		(1,758,353	)		(64,174	)		(1,121	)
Decrease in net assets resulting from distributions to shareholders		(844,873	)		(2,042,022	)		(6,131,530	)		(1,497,210	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		5,863,201			25,998,281			82,363,546			(55,842,584	)
NET ASSETS
Total increase (decrease) in net assets		(9,100,029	)		73,758,786			63,637,104			(32,616,373	)
Beginning of period		174,999,576			101,240,790			494,778,090			527,394,463
End of period	$	165,899,547		$	174,999,576		$	558,415,194		$	494,778,090

^(a) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

FINANCIAL   STATEMENTS 71

Financial Highlights

(For a share outstanding throughout each period)

			BlackRock Advantage Emerging Markets Fund
			Institutional
		Six Months Ended 10/31/21				Year Ended 04/30/21				Period from 08/01/19				Year Ended July 31,
		(unaudited)								to 04/30/20				2019			2018			2017			2016
Net asset value, beginning of period			$	13.24			$	8.85			$	10.25		$	10.59		$	10.10		$	9.76		$	9.84
Net investment income (loss)(a)				0.13				0.15				0.10			0.18			0.07			(0.12	)		(0.14	)
Net realized and unrealized gain (loss)				(1.17	)			4.43				(1.27	)		(0.52	)		0.42			0.46			0.17
Net increase (decrease) from investment operations				(1.04	)			4.58				(1.17	)		(0.34	)		0.49			0.34			0.03
Distributions(b)
From net investment income				(0.06	)			(0.19	)			(0.23	)		—			—			—			—
From net realized gain				—				—				—			—			—			—			(0.11	)
Total distributions				(0.06	)			(0.19	)			(0.23	)		—			—			—			(0.11	)
Net asset value, end of period			$	12.14			$	13.24			$	8.85		$	10.25		$	10.59		$	10.10		$	9.76
Total Return(c)
Based on net asset value				(7.87	)%(d)			52.00	%			(11.78	)%(d)		(3.21	)%(e)		4.85	%		3.48	%(f)		0.34	%
Ratios to Average Net Assets(g)
Total expenses				1.19	%(h)			1.40	%			1.38	%(h)(i)		1.42	%(j)		1.28	%		1.91	%		1.85	%
Total expenses after fees waived and/or reimbursed				0.85	%(h)			0.85	%			1.38	%(h)(i)		1.39	%(j)		1.28	%		1.90	%		1.84	%
Total expenses after fees waived and/or reimbursed and excluding interest expense				0.85	%(h)			0.85	%			0.81	%(h)		0.92	%(j)		0.94	%		1.70	%		1.75	%
Net investment income (loss)				2.03	%(h)			1.29	%			1.38	%(h)		1.83	%		0.67	%		(1.29	)%		(1.49	)%
Supplemental Data
Net assets, end of period (000)			$	15,483			$	17,216			$	9,689		$	15,904		$	32,775		$	106,243		$	177,981
Portfolio turnover rate				97	%			180	%(k)			141	%(k)		128	%(k)		111	%(k)		7	%(k)		—	%
(a)  Based on average shares outstanding. (b)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c)  Where applicable, assumes the reinvestment of distributions.
(d)  Aggregate total return.
(e)  Includes payment from an affiliate, which had no impact on the Fund’s total return.
(f) The Fund’s total return includes a reimbursement by an affiliate for a realized investment loss. Excluding this payment, the Fund’s total return would have been 3.38%.
(g)  Excludes expenses incurred indirectly as a result of investments in underlying funds as follows:
		Six Months Ended 10/31/21				Year Ended				Period from 08/01/19							Year Ended July 31,
		(unaudited)				04/30/21				to 04/30/20				2019			2018			2017			2016
	Investments in underlying funds			0.01	%			0.01	%			0.01	%		0.02	%		0.07	%		0.17	%		0.18	%
(h)   Annualized.
(i)  Audit, printing and tax costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses and total expenses excluding recoupment of past fees waived and/or reimbursed would have been 1.42%, respectively.
(j)  Includes non-recurring expenses of offering costs. Without these costs, total expenses, total expenses excluding recoupment of past fees waived and/or reimbursed, and total expenses after fees waived and/or reimbursed would have been 1.40%, 1.37% and 0.90%, respectively.
(k)  Excludes underlying investments in total return swaps.

See notes to financial statements.

72 2 0 2 1  BLACK ROCK  SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)

			BlackRock Advantage Emerging Markets Fund (continued)
			Investor A
		Six Months Ended								Period from
		10/31/21				Year Ended				08/01/19				Year Ended July 31,
		(unaudited)				04/30/21				to 04/30/20				2019			2018			2017			2016
Net asset value, beginning of period			$	13.00			$	8.69			$	10.07		$	10.43		$	9.97		$	9.67		$	9.78
Net investment income (loss)(a)				0.11				0.11				0.07			0.17			0.14			(0.15	)		(0.17	)
Net realized and unrealized gain (loss)				(1.14	)			4.36				(1.25	)		(0.53	)		0.32			0.45			0.17
Net increase (decrease) from investment operations				(1.03	)			4.47				(1.18	)		(0.36	)		0.46			0.30			—
Distributions(b)
From net investment income				(0.05	)			(0.16	)			(0.20	)		—			—			—			—
From net realized gain				—				—				—			—			—			—			(0.11	)
Total distributions				(0.05	)			(0.16	)			(0.20	)		—			—			—			(0.11	)
Net asset value, end of period			$	11.92			$	13.00			$	8.69		$	10.07		$	10.43		$	9.97		$	9.67
Total Return(c)
Based on net asset value				(7.97	)%(d)			51.62	%			(12.05	)%(d)		(3.45	)%(e)		4.61	%		3.10	%(e)		0.03	%
Ratios to Average Net Assets(f)
Total expenses				1.53	%(g)			1.74	%			1.70	%(g)(h)		1.69	%(i)		1.57	%		2.22	%		2.10	%
Total expenses after fees waived and/or reimbursed				1.15	%(g)			1.14	%			1.70	%(g)(h)		1.67	%(i)		1.55	%		2.21	%		2.08	%
Total expenses after fees waived and/or reimbursed and excluding interest expense				1.15	%(g)			1.14	%			1.12	%(g)		1.17	%(i)		1.19	%		1.99	%		2.00	%
Net investment income (loss)				1.71	%(g)			0.98	%			1.02	%(g)		1.74	%		1.32	%		(1.62	)%		(1.74	)%
Supplemental Data
Net assets, end of period (000)			$	6,666			$	7,125			$	5,224		$	3,817		$	5,454		$	3,272		$	12,239
Portfolio turnover rate				97	%			180	%(j)			141	%(j)		128	%(j)		111	%(j)		7	%(j)		—	%
(a)  Based on average shares outstanding.
(b)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c)  Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.
(d)  Aggregate total return.
(e)  Includes payment from an affiliate, which had no impact on the Fund’s total return.
(f)   Excludes expenses incurred indirectly as a result of investments in underlying funds as follows:
		Six Months Ended								Period from
		10/31/21				Year Ended				08/01/19				Year Ended July 31,
		(unaudited)				04/30/21				to 04/30/20				2019			2018			2017			2016
	Investments in underlying funds			0.01	%			0.01	%			0.01	%		0.02	%		0.07	%		0.17	%		0.18	%
(g)   Annualized.
(h)   Audit, printing and tax costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses and total expenses excluding recoupment of past fees waived and/or reimbursed would have been 1.74%, respectively.
(i)  Includes non-recurring expenses of offering costs. Without these costs, total expenses, total expenses excluding recoupment of past fees waived and/or reimbursed, and total expenses after fees waived and/or reimbursed would have been 1.67%, 1.65% and 1.15%, respectively.
(j)   Excludes underlying investments in total return swaps.

See notes to financial statements.

FINANCIAL   HIGHLIGHTS 73

Financial Highlights (continued)

(For a share outstanding throughout each period)

			BlackRock Advantage Emerging Markets Fund (continued)
			Investor C
		Six Months Ended								Period from
		10/31/21				Year Ended				08/01/19				Year Ended July 31,
		(unaudited)				04/30/21				to 04/30/20				2019			2018			2017			2016
Net asset value, beginning of period			$	12.36			$	8.29			$	9.53		$	9.95		$	9.58		$	9.36		$	9.53
Net investment income (loss)(a)				0.06				0.04				0.02			0.08			0.03			(0.21	)		(0.23	)
Net realized and unrealized gain (loss)				(1.09	)			4.14				(1.21	)		(0.50	)		0.34			0.43			0.17
Net increase (decrease) from investment operations				(1.03	)			4.18				(1.19	)		(0.42	)		0.37			0.22			(0.06	)
Distributions(b)
From net investment income				(0.01	)			(0.11	)			(0.05	)		—			—			—			—
From net realized gain				—				—				—			—			—			—			(0.11	)
Total distributions				(0.01	)			(0.11	)			(0.05	)		—			—			—			(0.11	)
Net asset value, end of period			$	11.32			$	12.36			$	8.29		$	9.53		$	9.95		$	9.58		$	9.36
Total Return(c)
Based on net asset value				(8.34	)%(d)			50.49	%			(12.57	)%(d)		(4.22	)%(e)		3.86	%		2.35	%(e)		(0.60	)%
Ratios to Average Net Assets(f)
Total expenses				2.43	%(g)			2.56	%			2.53	%(g)(h)		2.53	%(i)		2.38	%		2.91	%		2.85	%
Total expenses after fees waived and/or reimbursed				1.90	%(g)			1.90	%			2.53	%(g)(h)		2.53	%(i)		2.38	%		2.91	%		2.85	%
Total expenses after fees waived and/or reimbursed and excluding interest expense				1.90	%(g)			1.90	%			1.90	%(g)		1.92	%(i)		1.94	%		2.71	%		2.74	%
Net investment income (loss)				1.01	%(g)			0.43	%			0.26	%(g)		0.81	%		0.25	%		(2.30	)%		(2.48	)%
Supplemental Data
Net assets, end of period (000)			$	358			$	550			$	1,164		$	2,280		$	3,240		$	3,823		$	5,979
Portfolio turnover rate				97	%			180	%(j)			141	%(j)		128	%(j)		111	%(j)		7	%(j)		—	%
(a)  Based on average shares outstanding. (b)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations. (c)  Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions. (d)  Aggregate total return. (e)  Includes payment from an affiliate, which had no impact on the Fund’s total return. (f)   Excludes expenses incurred indirectly as a result of investments in underlying funds as follows:
		Six Months Ended								Period from
		10/31/21				Year Ended				08/01/19				Year Ended July 31,
		(unaudited)				04/30/21				to 04/30/20				2019			2018			2017			2016
	Investments in underlying funds			0.01	%			0.01	%			0.01	%		0.02	%		0.07	%		0.17	%		0.18	%
(g)   Annualized.
(h)  Audit, printing and tax costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses and total expenses excluding recoupment of past fees waived and/or reimbursed would have been 2.57%, respectively.
(i) Includes non-recurring expenses of offering costs. Without these costs, total expenses, total expenses excluding recoupment of past fees waived and/or reimbursed, and total expenses after fees waived and/or reimbursed would have been 2.51%, 2.51% and 1.90%, respectively.
(j)   Excludes underlying investments in total return swaps.

See notes to financial statements.

74 2 0 2 1  BLACK ROCK  SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)

		BlackRock Advantage Emerging Markets Fund (continued)
	Class K
	Six Months Ended								Period from									Period from
	10/31/21				Year Ended					08/01/19				Year Ended						01/25/18	(a)
	(unaudited)				04/30/21				to 04/30/20					July 31, 2019				to 07/31/18
Net asset value, beginning of period		$	13.24			$	8.84				$	10.26			$	10.59			$	12.14
Net investment income(b)			0.13				0.16					0.10				0.19				0.13
Net realized and unrealized gain (loss)			(1.17	)			4.43					(1.28	)			(0.52	)			(1.68	)
Net increase (decrease) from investment operations			(1.04	)			4.59					(1.18	)			(0.33	)			(1.55	)
Distributions from net investment income(c)			(0.06	)			(0.19	)				(0.24	)			—				—
Net asset value, end of period		$	12.14			$	13.24				$	8.84			$	10.26			$	10.59
Total Return(d)
Based on net asset value			(7.86	)%(e)			52.19	%				(11.87	)%(e)			(3.12	)%(f)			(12.77	)%(e)
Ratios to Average Net Assets(g)
Total expenses			1.13	%(h)			1.36	%				1.41	%(h)(i)			1.37	%(j)			1.32	%(h)(k)
Total expenses after fees waived and/or reimbursed			0.81	%(h)			0.81	%				0.81	%(h)			0.87	%(j)			0.89	%(h)
Total expenses after fees waived and/or reimbursed and excluding interest expense			0.81	%(h)			0.81	%				0.81	%(h)			0.87	%			0.89	%(h)
Net investment income			2.06	%(h)			1.36	%				1.33	%(h)			1.93	%			2.33	%(h)
Supplemental Data
Net assets, end of period (000)		$	143,392			$	150,108				$	85,164			$	80,529			$	145,476
Portfolio turnover rate			97	%			180	%(l)				141	%(l)			128	%(l)			111	%(l)(m)
(a)  Commencement of operations.
(b)  Based on average shares outstanding.
(c)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(d)  Where applicable, assumes the reinvestment of distributions.
(e)  Aggregate total return.
(f)   Includes payment from an affiliate, which had no impact on the Fund’s total return.
(g)  Excludes expenses incurred indirectly as a result of investments in underlying funds as follows:

Six Months Ended

Period from

Period from

10/31/21

Year Ended

08/01/19

Year Ended July 31,

01/25/18

(a)

(unaudited)

04/30/21

to 04/30/20

2019

to 07/31/18

Investments in underlying funds

0.01

%

0.01

%

0.01

%

0.02

%

0.07

%

(h)   Annualized.

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

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

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

(l) Excludes underlying investments in total return swaps.

(m)  Portfolio turnover rate is representative of the Fund for the entire year.

See notes to financial statements.

FINANCIAL   HIGHLIGHTS 75

Financial Highlights (continued)

(For a share outstanding throughout each period)

		BlackRock Global Long/Short Equity Fund
		Institutional
		Six Months Ended 10/31/21 (unaudited)				Year Ended 04/30/21			Period from 08/01/19 to 04/30/20
												Year Ended July 31,
												2019			2018			2017			2016
Net asset value, beginning of period			$	11.98		$	11.42		$	12.67		$	12.17		$	11.62		$	10.56		$	11.92
Net investment income (loss)(a)				(0.08	)		(0.17	)		(0.01	)		0.05			(0.06	)		(0.14	)		(0.15	)
Net realized and unrealized gain (loss)				(0.21	)		0.76			(0.46	)		0.57			0.61			1.20			(1.00	)
Net increase (decrease) from investment operations				(0.29	)		0.59			(0.47	)		0.62			0.55			1.06			(1.15	)
Distributions(b)
From net investment income				—			—			(0.04	)		—			—			—			—
From net realized gain				(0.14	)		(0.03	)		(0.74	)		(0.12	)		—			—			(0.21	)
Total distributions				(0.14	)		(0.03	)		(0.78	)		(0.12	)		—			—			(0.21	)
Net asset value, end of period			$	11.55		$	11.98		$	11.42		$	12.67		$	12.17		$	11.62		$	10.56
Total Return(c)
Based on net asset value				(2.43	)%(d)		5.21	%(e)		(3.80	)%(d)		5.09	%		4.73	%		10.04	%		(9.77	)%
Ratios to Average Net Assets(f)
Total expenses				1.62	%(g)		1.82	%		1.80	%(g)		1.76	%		1.73	%		1.78	%		1.68	%
Total expenses after fees waived and/or reimbursed				1.38	%(g)		1.57	%		1.80	%(g)		1.76	%		1.71	%		1.78	%		1.68	%
Total expenses after fees waived and/or reimbursed and excluding interest expense				1.38	%(g)		1.57	%		1.57	%(g)		1.63	%		1.66	%		1.70	%		1.62	%
Net investment income (loss)				(1.37	)%(g)		(1.49	)%		(0.09	)%(g)		0.36	%		(0.51	)%		(1.28	)%		(1.35	)%
Supplemental Data
Net assets, end of period (000)			$	523,600		$	459,420		$	492,021		$	546,561		$	559,028		$	544,301		$	824,306
Portfolio turnover rate				13	%(h)		43	%(h)		53	%(h)		7	%(h)		20	%(h)		—	%		34	%(h)
(a)  Based on average shares outstanding.
(b)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c)  Where applicable, assumes the reinvestment of distributions.
(d)  Aggregate total return.
(e)  Includes payments from an affiliate, which impacted the Trust’s total return. Excluding the payments, the Trust’s total return would have been 5.12%.
(f)   Excludes expenses incurred indirectly as a result of investments in underlying funds as follows:
		Six Months Ended							Period from
		10/31/21				Year Ended			08/01/19			Year Ended July 31,
		(unaudited)				04/30/21			to 04/30/20			2019			2018			2017			2016
	Investments in underlying funds			—	%		—	%		0.01	%		0.01	%		0.13	%		0.16	%		0.18	%
(g)  Annualized.
(h)  Excludes underlying investments in total return swaps.

See notes to financial statements.

76 2 0 2 1  BLACK ROCK  SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)

		BlackRock Global Long/Short Equity Fund (continued)
		Investor A
		Six Months Ended 10/31/21 (unaudited)				Year Ended 04/30/21				Period from 08/01/19 to 04/30/20
															Year Ended July 31,
															2019			2018			2017				2016
Net asset value, beginning of period			$	11.82			$	11.27				$	12.50		$	12.03		$	11.52		$	10.49			$	11.84
Net investment income (loss)(a)				(0.09	)			(0.20	)				(0.02	)		0.01			(0.10	)		(0.17	)			(0.18	)
Net realized and unrealized gain (loss)				(0.21	)			0.75					(0.46	)		0.56			0.61			1.20				(0.99	)
											��
Net increase (decrease) from investment operations				(0.30	)			0.55					(0.48	)		0.57			0.51			1.03				(1.17	)
Distributions(b)
From net investment income				—				—					(0.01	)		—			—			—				—
From net realized gain				(0.14	)			(0.00	)(c)				(0.74	)		(0.10	)		—			—				(0.18	)
Total distributions				(0.14	)			(0.00	)				(0.75	)		(0.10	)		—			—				(0.18	)
Net asset value, end of period			$	11.38			$	11.82				$	11.27		$	12.50		$	12.03		$	11.52			$	10.49
Total Return(d)
Based on net asset value				(2.55	)%(e)			4.92	%(f)				(3.94	)%(e)		4.79	%		4.43	%		9.82	%			(10.02	)%
Ratios to Average Net Assets(g)
Total expenses				1.90	%(h)			2.07	%				2.07	%(h)		2.04	%		2.03	%		2.10	%			1.95	%
Total expenses after fees waived and/or reimbursed				1.63	%(h)			1.82	%				2.07	%(h)		2.04	%		1.95	%		2.10	%			1.94	%
Total expenses after fees waived and/or reimbursed and excluding interest expense				1.63	%(h)			1.82	%				1.82	%(h)		1.88	%		1.96	%		1.98	%			1.88	%
Net investment income (loss)				(1.61	)%(h)			(1.75	)%				(0.28	)%(h)		0.12	%		(0.84	)%		(1.60	)%			(1.61	)%
Supplemental Data
Net assets, end of period (000)			$	22,933			$	23,390				$	23,509		$	49,514		$	49,180		$	35,658			$	122,464
Portfolio turnover rate				13	%(i)			43	%(i)				53	%(i)		7	%(i)		20	%(i)		—	%	��		34	%(i)
(a)  Based on average shares outstanding. (b)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations. (c)  Amount is greater than $(0.005) per share. (d)  Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions. (e)  Aggregate total return. (f)   Includes payments received from an affiliate, which impacted the Trust’s total return. Excluding the payments, the Trust’s total return would have been 4.83%. (g)  Excludes expenses incurred indirectly as a result of investments in underlying funds as follows:
		Six Months Ended 10/31/21 (unaudited)				Year Ended 04/30/21				Period from 08/01/19 to 04/30/20
															Year Ended July 31,
															2019			2018			2017				2016
	Investments in underlying funds.			—	%			—	%				0.01	%		0.01	%		0.13	%		0.16	%			0.18	%
(h)  Annualized. (i)   Excludes underlying investments in total return swaps.

See notes to financial statements.

FINANCIAL   HIGHLIGHTS 77

Financial Highlights (continued)

(For a share outstanding throughout each period)

		BlackRock Global Long/Short Equity Fund (continued)
		Investor C
		Six Months Ended								Period from
		10/31/21				Year Ended				08/01/19				Year Ended July 31,
		(unaudited)				04/30/21				to 04/30/20				2019			2018			2017			2016
Net asset value, beginning of period			$	11.22			$	10.77			$	11.99		$	11.59		$	11.18		$	10.26		$	11.63
Net investment loss(a)				(0.13	)			(0.27	)			(0.09	)		(0.08	)		(0.18	)		(0.24	)		(0.26	)
Net realized and unrealized gain (loss)				(0.19	)			0.72				(0.44	)		0.54			0.59			1.16			(0.97	)
Net increase (decrease) from investment operations				(0.32	)			0.45				(0.53	)		0.46			0.41			0.92			(1.23	)
Distributions from net realized gain(b)				(0.14	)			—				(0.69	)		(0.06	)		—			—			(0.14	)
Net asset value, end of period			$	10.76			$	11.22			$	10.77		$	11.99		$	11.59		$	11.18		$	10.26
Total Return(c)
Based on net asset value				(2.86	)%(d)			4.18	%(e)			(4.51	)%(d)		4.02	%		3.67	%		8.97	%		(10.66	)%
Ratios to Average Net Assets(f)
Total expenses				2.67	%(g)			2.86	%			2.83	%(g)		2.79	%		2.76	%		2.81	%		2.71	%
Total expenses after fees waived and/or reimbursed				2.38	%(g)			2.57	%			2.83	%(g)		2.79	%		2.72	%		2.81	%		2.71	%
Total expenses after fees waived and/or reimbursed and excluding interest expense				2.38	%(g)			2.57	%			2.57	%(g)		2.63	%		2.69	%		2.72	%		2.64	%
Net investment income loss.				(2.36	)%(g)			(2.44	)%			(1.04	)%(g)		(0.64	)%		(1.58	)%		(2.32	)%		(2.37	)%
Supplemental Data
Net assets, end of period (000)			$	6,028			$	6,817			$	11,539		$	17,282		$	21,168		$	25,857		$	62,597
Portfolio turnover rate				13	%(h)			43	%(h)			53	%(h)		7	%(h)		20	%(h)		—	%		34	%(h)
(a)  Based on average shares outstanding. (b)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations. (c)  Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions. (d)  Aggregate total return. (e)  Includes payments received from an affiliate, which impacted the Trust’s total return. Excluding the payments, the Trust’s total return would have been 4.09%. (f)   Excludes expenses incurred indirectly as a result of investments in underlying funds as follows:
		Six Months Ended								Period from
		10/31/21				Year Ended				08/01/19				Year Ended July 31,
		(unaudited)				04/30/21				to 04/30/20				2019			2018			2017			2016
	Investments in underlying funds			—	%			—	%			0.01	%		0.01	%		0.13	%		0.16	%		0.18	%
(g)  Annualized. (h)  Excludes underlying investments in total return swaps.

See notes to financial statements.

78 2 0 2 1  BLACK ROCK  SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)

		BlackRock Global Long/Short Equity Fund (continued)
		Class K
		Six Months Ended 10/31/21 (unaudited)				Year Ended 04/30/21					Period from 08/01/19 to 04/30/20													Period from
																Year Ended July 31,									03/28/16	(a)
															2019			2018			2017			to 07/31/16
Net asset value, beginning of period			$	12.00				$	11.44			$	12.69		$	12.19		$	11.63		$	10.56		$	11.02
Net investment income (loss)(b)				(0.08	)				(0.25	)			(0.01	)		0.06			(0.01	)		(0.14	)		(0.04	)
Net realized and unrealized gain (loss)				(0.20	)				0.85				(0.46	)		0.56			0.57			1.21			(0.42	)
Net increase (decrease) from investment operations				(0.28	)				0.60				(0.47	)		0.62			0.56			1.07			(0.46	)
Distributions(c)
From net investment income				—					—				(0.04	)		—			—			—			—
From net realized gain				(0.14	)				(0.04	)			(0.74	)		(0.12	)		—			—			—
Total distributions				(0.14	)				(0.04	)			(0.78	)		(0.12	)		—			—			—
Net asset value, end of period			$	11.58				$	12.00			$	11.44		$	12.69		$	12.19		$	11.63		$	10.56
Total Return(d)
Based on net asset value				(2.34	)%(e)				5.24	%(f)			(3.77	)%(e)		5.11	%		4.82	%		10.13	%		(4.17	)%(e)
Ratios to Average Net Assets(g)
Total expenses				1.54	%(h)				1.77	%			1.76	%(h)		1.72	%		1.65	%		1.70	%		1.63	%(h)
Total expenses after fees waived and/or reimbursed.				1.33	%(h)				1.52	%			1.76	%(h)		1.72	%		1.64	%		1.70	%		1.63	%(h)
Total expenses after fees waived and/or reimbursed and excluding interest expense				1.33	%(h)				1.52	%			1.52	%(h)		1.57	%		1.58	%		1.63	%		1.56	%(h)
Net investment income (loss)				(1.31	)%(h)				(2.07	)%			(0.07	)%(h)		0.45	%		(0.04	)%		(1.32	)%		(1.15	)%(h)
Supplemental Data
Net assets, end of period (000)			$	5,854				$	5,151			$	325		$	453		$	217		$	108		$	52,455
Portfolio turnover rate				13	%(i)				43	%(i)			53	%(i)		7	%(i)		20	%(i)		—	%		34	%(i)(j)
(a)  Commencement of operations.
(b)  Based on average shares outstanding.
(c)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(d)  Where applicable, assumes the reinvestment of distributions.
(e)  Aggregate total return.
(f)   Includes payment received from an affiliate, which had no impact on the Trust’s total return.
(g)  Excludes expenses incurred indirectly as a result of investments in underlying funds as follows:
		Six Months Ended 10/31/21 (unaudited)									Period from 08/01/19 to 04/30/20													Period from
							Year Ended 04/30/21									Year Ended July 31,									03/28/16	(a)
															2019			2018			2017			to 07/31/16
	Investments in underlying funds.			—	%				—	%			0.01	%		0.01	%		0.13	%		0.16	%		0.18	%
(h)  Annualized.
(i)   Excludes underlying investments in total return swaps.
(j)   Portfolio turnover rate is representative of the Fund for the entire year.

See notes to financial statements.

FINANCIAL   HIGHLIGHTS 79

Notes to Financial Statements (unaudited)

1. ORGANIZATION

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

Fund Name	Herein Referred To As		Diversification Classification
BlackRock Advantage Emerging Markets Fund		Advantage Emerging Markets		Diversified
BlackRock Global Long/Short Equity Fund		Global Long/Short Equity		Diversified

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

Share Class	Initial Sales Charge		CDSC			Conversion Privilege
Institutional and Class K Shares		No		No			None
Investor A Shares		Yes		No	(a)		None
Investor C Shares		No		Yes	(b)		To Investor A Shares after approximately 8 years

^(a) 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.

^(b) 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 equity, multi-asset, index and money market funds referred to as the BlackRock Multi-Asset Complex.

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

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

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

Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Foreign taxes withheld”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of October 31, 2021, if any, are disclosed in the Statements of Assets and Liabilities.

80 2 0 2 1  BLACK ROCK  SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

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

Segregation and Collateralization: In cases where a Fund enters into certain investments (e.g., futures contracts, options written and swaps) that would be treated as “senior securities” for 1940 Act purposes, a Fund may segregate or designate on its books and records cash or liquid assets having a market value at least equal to the amount of its future obligations under such investments. Doing so allows the investment to be excluded from treatment as a “senior security.” Furthermore, 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 or obligations.

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

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

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

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund is open for business and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under policies approved by the Board. 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 a policy approved by the Board as reflecting fair value. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

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

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

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

• Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published net asset value (“NAV”).

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

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

• Exchange-traded options are valued at the mean between the last bid and ask prices at the close of the options market in which the options trade. An exchange-traded option for which there is no mean price is valued at the last bid (long positions) or ask (short positions) price. If no bid or ask price is available, the prior day’s price will be used, unless it is determined that the prior day’s price no longer reflects the fair value of the option. 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.

• Swap agreements are valued utilizing quotes received daily by independent pricing services or through brokers, which are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades and values of the underlying reference instruments.

NOTES   TO   FINANCIAL   STATEMENTS 81

Notes to Financial Statements (unaudited) (continued)

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

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Global Valuation Committee, or its delegate, in accordance with a policy approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global 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 Global Valuation Committee, or its delegate, 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 Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.

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 Global Valuation Committee and third-party pricing services utilize one or a combination of, but not limited to, the following inputs.

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

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

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

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

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

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

• Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Global 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 Global 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.

82 2 0 2 1  BLACK ROCK  SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

4. SECURITIES AND OTHER INVESTMENTS

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

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

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

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

Fund Name/Counterparty		Securities Loaned at Value		Cash Collateral Received	(a)		Net Amount
Advantage Emerging Markets
TD Prime Services LLC	$	178,464	$	(178,464	)	$	—

^(a) Collateral received 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 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 Funds benefit from a borrower default indemnity provided by BIM. BIM’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value on the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by the Funds.

5. DERIVATIVE FINANCIAL INSTRUMENTS

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

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

NOTES   TO   FINANCIAL   STATEMENTS 83

Notes to Financial Statements (unaudited) (continued)

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

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

Options: The Funds may purchase and write call and put options to increase or decrease their exposure to the risks of underlying instruments, including equity risk, interest rate risk and/or commodity price risk and/or, in the case of options written, to generate gains from options premiums.

A call option gives the purchaser (holder) of the option the right (but not the obligation) to buy, and obligates the seller (writer) to sell (when the option is exercised) the underlying instrument at the exercise or strike price at any time or at a specified time during the option period. A put option gives the holder the right to sell and obligates the writer to buy the underlying instrument at the exercise or strike price at any time or at a specified time during the option period.

Premiums paid on options purchased and premiums received on options written, as well as the daily fluctuation in market value, are included in investments at value –unaffiliated and options written at value, respectively, in the Statements of Assets and Liabilities. When an instrument is purchased or sold through the exercise of an option, the premium is offset against the cost or proceeds of the underlying instrument. When an option expires, a realized gain or loss is recorded in the Statements of Operations to the extent of the premiums received or paid. When an option is closed or sold, a gain or loss is recorded in the Statements of Operations to the extent the cost of the closing transaction exceeds the premiums received or paid. When the Funds write a call option, such option is typically “covered,” meaning that they hold the underlying instrument subject to being called by the option counterparty. When the Funds write a put option, cash is segregated in an amount sufficient to cover the obligation. These amounts, which are considered restricted, are included in cash pledged as collateral for options written in the Statements of Assets and Liabilities.

In purchasing and writing options, the Funds bear the risk of an unfavorable change in the value of the underlying instrument or the risk that they may not be able to enter into a closing transaction due to an illiquid market. Exercise of a written option could result in the Funds purchasing or selling a security when they otherwise would not, or at a price different from the current market value.

Swaps: Swap contracts are entered into to manage exposure to issuers, markets and securities. Such contracts are agreements between the Funds and a counterparty to make periodic net payments on a specified notional amount or a net payment upon termination. Swap agreements are privately negotiated in the OTC market and may be entered into as a bilateral contract (“OTC swaps”) or centrally cleared (“centrally cleared swaps”).

For OTC swaps, any upfront premiums paid and any upfront fees received are shown as swap premiums paid and swap premiums received, respectively, in the Statements of Assets and Liabilities and amortized over the term of the contract. The daily fluctuation in market value is recorded as unrealized appreciation (depreciation) on OTC Swaps in the Statements of Assets and Liabilities. Payments received or paid are recorded in the Statements of Operations as realized gains or losses, respectively. When an OTC swap is terminated, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the proceeds from (or cost of) the closing transaction and the Funds’ basis in the contract, if any. Generally, the basis of the contract is the premium received or paid.

In a centrally cleared swap, immediately following execution of the swap contract, the swap contract is novated to a central counterparty (the “CCP”) and the CCP becomes the Funds’ counterparty on the swap. Each Fund is required to interface with the CCP through the broker. Upon entering into a centrally cleared swap, each Fund is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap. Securities deposited as initial margin are designated in the Schedules of Investments and cash deposited is shown as cash pledged for centrally cleared swaps in the Statements of Assets and Liabilities. Amounts pledged, which are considered restricted cash, are included in cash pledged for centrally cleared swaps in the Statements of Assets and Liabilities. Pursuant to the contract, each Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and shown as variation margin receivable (or payable) on centrally cleared swaps in the Statements of Assets and Liabilities. Payments received from (paid to) the counterparty are amortized over the term of the contract and recorded as realized gains (losses) in the Statements of Operations, including those at termination.

• Total return swaps — Total return swaps are entered into to obtain exposure to a security or market without owning such security or investing directly in such market or to exchange the risk/return of one security or market (e.g., fixed-income) with another security or market (e.g., equity or commodity prices) (equity risk, commodity price risk and/or interest rate risk).

Total return swaps are agreements in which there is an exchange of cash flows whereby one party commits to make payments based on the total return (distributions plus capital gains/losses) of an underlying instrument, or basket of underlying instruments, in exchange for fixed or floating rate interest payments. If the total return of the instrument(s) or index underlying the transaction exceeds or falls short of the offsetting fixed or floating interest rate obligation, the Funds receive payment from or make a payment to the counterparty.

Certain total return swaps are designed to function as a portfolio of direct investments in long and short equity positions. This means that the Fund has the ability to trade in and out of these long and short positions within the swap and will receive the economic benefits and risks equivalent to direct investment in these positions, subject to certain adjustments due to events related to the counterparty. Benefits and risks include capital appreciation (depreciation), corporate actions and dividends received

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Notes to Financial Statements (unaudited) (continued)

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 risk in excess of the amounts recognized in the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates and/or market values associated with these transactions.

Master Netting Arrangements: In order to define its contractual rights and to secure rights that will help it mitigate its counterparty risk, a Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.

Collateral Requirements: For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Fund and the counterparty.

Cash collateral that has been pledged to cover obligations of the Funds and cash collateral received from the counterparty, if any, is reported separately in the Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Funds, if any, is noted in the Schedules of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Funds. Any additional required collateral is delivered to/pledged by the Funds on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. A Fund generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Funds from the counterparties are not fully collateralized, each Fund bears the risk of loss from counterparty non-performance. Likewise, to the extent the Funds have delivered collateral to a counterparty and stand ready to perform under the terms of their agreement with such counterparty, each Fund bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.

For financial reporting purposes, the Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statements of Assets and Liabilities.

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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

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

	Investment Advisory Fees
Average Daily Net Assets	Advantage Emerging Markets			Global Long/Short Equity
First $1 billion		0.80	%		1.25	%
$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

Prior to June 1, 2021, the annual rates as a percentage of average daily net assets, for the Global Long/Short Equity were as follows:

Average Daily Net Assets	Investment Advisory Fees
First $1 Billion		1.50	%
$1 Billion — $3 Billion		1.41
$3 Billion — $5 Billion		1.35
$5 Billion — $10 Billion		1.31
Greater than $10 Billion		1.28

NOTES   TO   FINANCIAL   STATEMENTS 85

Notes to Financial Statements (unaudited) (continued)

With respect to Global Long/Short Equity, 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 Long/Short Equity to the Manager.

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

Share Class	Service Fees			Distribution Fees
Investor A		0.25	%		N/A
Investor C		0.25			0.75	%

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

For the six months ended October 31, 2021, 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	$	8,807	$	2,465	$	11,272
Global Long/Short Equity		29,525		32,483		62,008

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

Average Daily Net Assets	Administration Fees
First $500 million		0.0425	%
$500 million — $1 billion		0.0400
$1 billion — $2 billion		0.0375
$2 billion — $4 billion		0.0350
$4 billion — $13 billion		0.0325
Greater than $13 billion		0.0300

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

For the six months ended October 31, 2021, 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	$	1,713	$	705	$	49	$	15,002	$	17,469
Global Long/Short Equity		48,752		2,362		650		550		52,314

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, 2021, the Funds did not pay any amounts to affiliates in return for these services.

The Manager maintains a call center that is responsible for providing certain shareholder services to the Funds. Shareholder services include responding to inquiries and processing purchases and sales based upon instructions from shareholders. For the six months ended October 31, 2021, 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	$	178	$	306	$	86	$	114	$	684
Global Long/Short Equity		681		368		245		—		1,294

For the six months ended October 31, 2021, 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	$	4,902	$	5,036	$	728	$	298	$	10,964
Global Long/Short Equity		200,949		13,210		4,309		74		218,542

86 2 0 2 1  BLACK ROCK  SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

Other Fees: For the six months ended October 31, 2021, 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	$	202
Global Long/Short Equity		211

For the six months ended October 31, 2021, affiliates received CDSCs as follows:

Fund Name	Investor A		Investor C
Advantage Emerging Markets	$	49	$	—
Global Long/Short Equity.		5		71

Expense Limitations, Waivers and Reimbursements: With respect to each Fund, the Manager contractually agreed to waive its investment advisory fees by the amount of investment advisory fees each Fund pays to the Manager indirectly through its investment in affiliated money market funds (the “affiliated money market fund waiver”) through June 30, 2023. The contractual agreement may be terminated upon 90 days’ notice by a majority of the trustees who are not “interested persons” of the Trust, as defined in the 1940 Act (“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. This amount is included in fees waived and/or reimbursed by the Manager in the Statements of Operations. For the six months ended October 31, 2021, the amounts waived were as follows:

Fund Name	Fees Waived and/or Reimbursed  by the Manager
Advantage Emerging Markets	$	910
Global Long/Short Equity		1,988

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, 2023. 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, 2021, there were no fees waived and/or reimbursed 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, excluding dividend expense, interest expense, and certain other fund expenses, which constitute extraordinary expenses not incurred in the ordinary course of the Fund’s business (“expense limitation”) through June 30, 2023. The expense limitations as a percentage of average daily net assets are as follows:

Fund Name/Share Class	Expense Limitation
Advantage Emerging Markets
Institutional		0.05	%
Investor A		0.10
Investor C		0.10
Class K		0.01

With respect to Global Long/Short Equity, 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 each 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 Long/Short Equity
Institutional		1.34	%
Investor A		1.59
Investor C		2.34
Class K		1.29

Prior to June 1, 2021, the expense limitations as a percentage of average daily net assets were as follows:

Fund Name/Share Class	Expense Limitation
Global Long/Short Equity
Institutional		1.57	%
Investor A		1.82
Investor C		2.57
Class K		1.52

NOTES   TO   FINANCIAL   STATEMENTS 87

Notes to Financial Statements (unaudited) (continued)

The Manager has agreed not to reduce or discontinue the contractual expense limitations through June 30, 2023, 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, 2021, amounts included in the Statements of Operations were as follows:

Fund Name	Fees Waived and/or Reimbursed by the Manager
Advantage Emerging Markets	$	226,371
Global Long/Short Equity		493,441

Fund Name	Administration Fees Waived
Advantage Emerging Markets	$	37,121

In addition, these amounts waived and/or reimbursed by the Manager are included in Administration fees waived — class specific and transfer agent fees waived and/or reimbursed — class specific, respectively, in the Statements of Operations. For the six months ended October 31, 2021, class specific expense waivers and/or reimbursements are as follows:

	Administration Fees Waived - Class Specific
Fund Name	Institutional		Investor A		Investor C		Class K		Total
Advantage Emerging Markets	$	1,713	$	705	$	49	$	15,002	$	17,469
Global Long/Short Equity		48,752		2,362		650		550		52,314

	Transfer Agent Fees Waived and/or Reimbursed - Class Specific
Fund Name	Institutional		Investor A		Investor C		Class K		Total
Advantage Emerging Markets	$	1,477	$	1,866	$	506	$	297	$	4,146
Global Long/Short Equity		79,070		7,306		2,684		73		89,133

Securities Lending: The U.S. Securities and Exchange Commission (“SEC”) has issued an exemptive order which permits BIM, an affiliate of the Manager, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BIM bears all operational costs directly related to securities lending. The Funds are responsible for expenses in connection with the investment of cash collateral received for securities on loan (the “collateral investment expenses”). The cash collateral is invested in a private investment company, SL Liquidity Series, LLC, Money Market Series, managed by the Manager or its affiliates. However, BIM has agreed to cap the collateral investment expenses of the Money Market Series to an annual rate of 0.04%. The investment adviser to the Money Market Series will not charge any advisory fees with respect to shares purchased by the Funds. The Money Market Series may, under certain circumstances, impose a liquidity fee of up to 2% of the value withdrawn or temporarily restrict withdrawals for up to 10 business days during a 90 day period, in the event that the private investment company’s weekly liquid assets fall below certain thresholds. The Money Market Series seeks current income consistent with maintaining liquidity and preserving capital. Although the Money Market Series is not registered under the 1940 Act, its investments may follow the parameters of investments by a money market fund that is subject to Rule 2a-7 under the 1940 Act.

Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment expenses. Each Fund retains a portion of securities lending income and remits a remaining portion to BIM as compensation for its services as securities lending agent.

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

In addition, commencing the business day following the date that the aggregate securities lending income earned across the BlackRock Multi-Asset Complex in a calendar year exceeds a specified threshold, each 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 expenses), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment expenses.

The share of securities lending income earned by each Fund is shown as securities lending income — affiliated — net in the Statements of Operations. For the six months ended October 31, 2021, each Fund paid BIM the following amounts for securities lending agent services:

Fund Name	Amounts
Advantage Emerging Markets	$	382

Interfund Lending: In accordance with an exemptive order (the “Order”) from the SEC, each Fund may participate in a joint lending and borrowing facility for temporary purposes (the “Interfund Lending Program”), subject to compliance with the terms and conditions of the Order, and to the extent permitted by each Fund’s investment policies and restrictions. Each Fund is currently permitted to borrow and lend under the Interfund Lending Program.

A lending BlackRock fund may lend in aggregate up to 15% of its net assets, but may not lend more than 5% of its net assets to any one borrowing fund through the Interfund Lending Program. A borrowing BlackRock fund may not borrow through the Interfund Lending Program or from any other source more than 33 1/3% of its total assets (or any lower threshold provided for by the fund’s investment restrictions). If a borrowing BlackRock fund’s total outstanding borrowings exceed 10% of its total assets, each of its outstanding interfund loans will be subject to collateralization of at least 102% of the outstanding principal value of the loan. All interfund loans are for temporary or emergency

88 2 0 2 1  BLACK ROCK  SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

purposes and the interest rate to be charged will be the average of the highest current overnight repurchase agreement rate available to a lending fund and the bank loan rate, as calculated according to a formula established by the Board.

During the period ended October 31, 2021, the Funds did not participate in the Interfund Lending Program.

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

7. PURCHASES AND SALES

For the six months ended October 31, 2021, purchases and sales of investments, excluding short-term investments, were as follows:

	U.S. Government Securities				Other Securities
Fund Name	Purchases		Sales		Purchases		Sales
Advantage Emerging Markets	$	—	$	—	$	164,999,694	$	158,814,634
Global Long/Short Equity		3,825,188		33,000,000		4,405,069		640,991

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 fiscal 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, 2021, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

As of April 30, 2021, the Advantage Emerging Markets had non-expiring capital loss carryforwards available to offset future realized capital gains of $9,406,179.

As of October 31, 2021, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

Fund Name	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Advantage Emerging Markets	$	155,087,661	$	20,396,823	$	(10,440,085	)	$	9,956,738
Global Long/Short Equity		490,010,975		74,690,764		(70,820,268	)		3,870,496

9. BANK BORROWINGS

The Trust, on behalf of the Funds, along with certain other funds managed by the Manager and its affiliates (“Participating Funds”), is a party to a 364-day, $2.25 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) one-month LIBOR (but, in any event, not less than 0.00%) on the date the loan is made plus 0.80% per annum or (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. The agreement expires in April 2022 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. For the six months ended October 31, 2021, the Funds did not borrow under the credit agreement.

10. PRINCIPAL RISKS

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

NOTES   TO   FINANCIAL   STATEMENTS 89

Notes to Financial Statements (unaudited) (continued)

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

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

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

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

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

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

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

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

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

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

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

90 2 0 2 1  BLACK ROCK  SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

Certain Funds invest a significant portion of their assets in securities of issuers located in Europe or with significant exposure to European issuers or countries. The European financial markets have recently experienced volatility and adverse trends due to concerns about economic downturns in, or rising government debt levels of, several European countries. These events may spread to other countries in Europe and may affect the value and liquidity of certain of the Funds’ investments.

Responses to the financial problems by European governments, central banks and others, including austerity measures and reforms, may not work, may result in social unrest and may limit future growth and economic recovery or have other unintended consequences. Further defaults or restructurings by governments and others of their debt could have additional adverse effects on economies, financial markets and asset valuations around the world. In addition, the United Kingdom has withdrawn from the European Union, and one or more other countries may withdraw from the European Union and/or abandon the Euro, the common currency of the European Union. The impact of these actions, especially if they occur in a disorderly fashion, is not clear but could be significant and far reaching.

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

Certain Funds invest a significant portion of their assets in securities of issuers located in China or with significant exposure to Chinese issuers or countries. Investments in Chinese securities, including certain Hong Kong-listed securities, involves risks specific to China. China may be subject to considerable degrees of economic, political and social instability and demonstrates significantly higher volatility from time to time in comparison to developed markets. Chinese markets generally continue to experience inefficiency, volatility and pricing anomalies resulting from governmental influence, a lack of publicly available information and/or political and social instability. Internal social unrest or confrontations with other neighboring countries may disrupt economic development in China and result in a greater risk of currency fluctuations, currency non-convertibility, interest rate fluctuations and higher rates of inflation. Incidents involving China’s or the region’s security may cause uncertainty in Chinese markets and may adversely affect the Chinese economy and the Fund’s investments. Reduction in spending on Chinese products and services, institution of tariffs or other trade barriers, or a downturn in any of the economies of China’s key trading partners may have an adverse impact on the Chinese economy. In addition, measures may be taken to limit the flow of capital and/or sanctions may be imposed, which could prohibit or restrict the ability to own or transfer fund assets and may also include retaliatory actions, such as seizure of fund assets.

LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates will be phased out by the end of 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against, instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

11. CAPITAL SHARE TRANSACTIONS

Transactions in capital shares for each class were as follows:

	Six Months Ended 10/31/21						Year Ended 04/30/21
Fund Name / Share Class	Shares			Amounts			Shares			Amounts
Advantage Emerging Markets
Institutional
Shares sold		117,719		$	1,528,482			486,880		$	6,360,500
Shares issued in reinvestment of distributions		5,657			74,324			13,009			156,567
Shares redeemed		(148,228	)		(1,846,228	)		(294,601	)		(3,337,976	)
		(24,852	)	$	(243,422	)		205,288		$	3,179,091
Investor A
Shares sold		37,136		$	464,538			204,267		$	2,338,991
Shares issued in reinvestment of distributions		2,052			26,500			7,349			87,639
Shares redeemed		(27,676	)		(346,581	)		(264,631	)		(3,105,555	)
		11,512		$	144,457			(53,015	)	$	(678,925	)
Investor C
Shares sold		303		$	3,545			12,988		$	127,341
Shares issued in reinvestment of distributions		37			450			949			10,800
Shares redeemed		(13,212	)		(153,225	)		(109,763	)		(1,201,547	)
		(12,872	)	$	(149,230	)		(95,826	)	$	(1,063,406	)
Class K
Shares sold		901,335		$	11,582,639			6,925,990		$	82,456,154
Shares issued in reinvestment of distributions		55,888			734,366			145,913			1,758,353
Shares redeemed		(483,333	)		(6,205,609	)		(5,365,264	)		(59,652,986	)
		473,890		$	6,111,396			1,706,639		$	24,561,521
		447,678		$	5,863,201			1,763,086		$	25,998,281

NOTES   TO   FINANCIAL   STATEMENTS 91

Notes to Financial Statements (unaudited) (continued)

	Six Months Ended 10/31/21						Year Ended 04/30/21
Fund Name / Share Class	Shares			Amounts			Shares			Amounts
Global Long/Short Equity
Institutional
Shares sold		9,538,432		$	112,018,317			16,451,047		$	191,723,004
Shares issued in reinvestment of distributions		338,212			4,007,822			86,013			1,014,954
Shares redeemed		(2,922,344	)		(34,449,864	)		(21,253,572	)		(247,004,557	)
		6,954,300		$	81,576,275			(4,716,512	)	$	(54,266,599	)
Investor A
Shares sold		277,264		$	3,216,141			881,103		$	10,154,455
Shares issued in reinvestment of distributions		23,726			277,350			803			9,371
Shares redeemed		(266,059	)		(3,077,686	)		(988,539	)		(11,330,527	)
		34,931		$	415,805			(106,633	)	$	(1,166,701	)
Investor C
Shares sold		22,995		$	248,907			21,226		$	233,394
Shares issued in reinvestment of distributions		7,514			83,179			—			—
Shares redeemed		(78,000	)		(857,415	)		(484,504	)		(5,318,904	)
		(47,491	)	$	(525,329	)		(463,278	)	$	(5,085,510	)
Class K
Shares sold		91,043		$	1,076,311			433,307		$	5,059,238
Shares issued in reinvestment of distributions		5,402			64,174			95			1,121
Shares redeemed		(20,254	)		(243,690	)		(32,642	)		(384,133	)
		76,191		$	896,795			400,760		$	4,676,226
		7,017,931		$	82,363,546			(4,885,663	)	$	(55,842,584	)

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.

92 2 0 2 1  BLACK ROCK  SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

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 7, 2021 (the “April Meeting”) and May 10-12, 2021 (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 (“Advantage Emerging Markets Fund”) and BlackRock Global Long/Short Equity Fund (“Global Long/Short Equity 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 of the sub-advisory agreement (the “Sub-Advisory Agreement”) between the Manager and BlackRock International Limited (the “Sub-Advisor”) with respect to Global Long/Short Equity 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 whom are not “interested persons” of the Trust, as defined in the 1940 Act, are considered independent Board members (the “Independent Board Members”). The Board’s consideration entailed a year-long deliberative process during which the Board and its committees assessed BlackRock’s various services to each Fund, including through the review of written materials and oral presentations, and the review of additional information provided in response to requests from the Independent Board Members. The Board had four quarterly meetings per year, each typically extending for two days, as well as additional ad hoc meetings and executive sessions throughout the year, as needed. The committees of the Board similarly met throughout the year. The Board also had a fifth one-day meeting to consider specific information surrounding the renewal of the Agreements. In particular, the Board assessed, among other things, the nature, extent and quality of the services provided to the Fund by BlackRock, BlackRock’s personnel and affiliates, including (as applicable): investment management services; accounting oversight; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; and legal, regulatory and compliance services. Throughout the year, including during the contract renewal process, the Independent Board Members were advised by independent legal counsel, and met with independent legal counsel in various executive sessions outside of the presence of BlackRock’s management.

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

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

At the April Meeting, the Board reviewed materials relating to its consideration of the Agreements. As a result of the discussions that occurred during the April Meeting, and as a culmination of the Board’s year-long deliberative process, the Board presented BlackRock with questions and requests for additional information. BlackRock responded to these questions and requests with additional written information in advance of the May Meeting.

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

The Board also considered other matters it deemed important to the approval process, such as other payments made to BlackRock or its affiliates relating to securities lending and cash management, and BlackRock’s services related to the valuation and pricing of Fund portfolio holdings. The Board noted the willingness of BlackRock’s personnel to

DISCLOSURE   OF   INVESTMENT   ADVISORY   AGREEMENT   AND   SUB - ADVISORY   AGREEMENT 93

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

engage in open, candid discussions with the Board. The members of the Board gave attention to all of the information that was furnished, and each Board Member placed varying degrees of importance on the various pieces of information that were provided to them. 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 each Fund’s performance to the performance of a comparable group of mutual funds, relevant benchmark, and performance metrics, as applicable. The Board met with BlackRock’s senior management personnel responsible for investment activities, including the senior investment officers. The Board also reviewed the materials provided by each Fund’s portfolio management team discussing the Fund’s performance, investment strategies and outlook.

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

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

B. The Investment Performance of the Funds and BlackRock

The Board, including the Independent Board Members, reviewed and considered the performance history of the Fund throughout the year and at the April Meeting. In preparation for the April Meeting, the Board was provided with reports independently prepared by Broadridge, which included an analysis of the Fund’s performance as of December 31, 2020, as compared to its Performance Peers. Broadridge ranks funds in quartiles, ranging from first to fourth, where first is the most desirable quartile position and fourth is the least desirable. In connection with its review, the Board received and reviewed information regarding the investment performance of each Fund as compared to its Performance Peers and, with respect to Global Long/Short Equity Fund, in light of the Fund’s outcome-oriented investment objective, certain performance metrics (“Outcome-Oriented Performance Metrics”). The Board and its Performance Oversight Committee regularly review and meet with Fund management to discuss the performance of each Fund throughout the year.

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

The Board noted that for the one-, three- and five-year periods reported, Advantage Emerging Markets Fund ranked in the third, third and fourth quartiles, respectively, against its Performance Peers. The Board and BlackRock reviewed the Fund’s underperformance relative to its Performance Peers during the applicable periods.

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

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

The Board, including the Independent Board Members, reviewed each Fund’s contractual management fee rate compared with those of its Expense Peers. The contractual management fee rate represents a combination of the advisory fee and any administrative fees, before taking into account any reimbursements or fee waivers. The Board also compared each Fund’s total expense ratio, as well as its actual management fee rate, to those of its Expense Peers. The total expense ratio represents a fund’s total net operating expenses, including any 12b-1 or non-12b-1 service fees. The total expense ratio gives effect to any expense reimbursements or fee waivers, and the actual

94 2 0 2 1  BLACK ROCK  SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

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

management fee rate gives effect to any management fee reimbursements or waivers. The Board considered the services provided and the fees charged by BlackRock and its affiliates to other types of clients with similar investment mandates, as applicable, including institutional accounts and sub-advised mutual funds (including mutual funds sponsored by third parties).

The Board received and reviewed statements relating to BlackRock’s financial condition. The Board reviewed BlackRock’s profitability methodology and was also provided with an estimated profitability analysis that detailed the revenues earned and the expenses incurred by BlackRock for services provided to each Fund. The Board reviewed BlackRock’s estimated profitability with respect to each Fund and other funds the Board currently oversees for the year ended December 31, 2020 compared to available aggregate estimated profitability data provided for the prior two years. The Board reviewed BlackRock’s estimated profitability with respect to certain other U.S. fund complexes managed by the Manager and/or its affiliates. The Board reviewed BlackRock’s assumptions and methodology of allocating expenses in the estimated profitability analysis, noting the inherent limitations in allocating costs among various advisory products. The Board recognized that profitability may be affected by numerous factors including, among other things, fee waivers and expense reimbursements by the Manager, the types of funds managed, precision of expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at the individual fund level is difficult.

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

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

The Board noted that Advantage Emerging Markets Fund’s contractual management fee rate ranked in the first 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 further 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 noted that if the size of the Fund were to decrease, the Fund could lose the benefit of one or more breakpoints. 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 Long/Short Equity Fund’s contractual management fee rate ranked in the fourth quartile, and that the actual management fee rate and total expense ratio each ranked in the third quartile relative to the Fund’s Expense Peers. The Board 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 noted that if the size of the Fund were to decrease, the Fund could lose the benefit of one or more breakpoints. After discussion between the Board, including the Independent Board Members, and BlackRock, the Board and BlackRock agreed to a contractual adjustment to reduce specified levels within the breakpoint schedule. This adjustment was implemented on June 1, 2021. 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. After discussions between the Board, including the Independent Board Members, and BlackRock, the Board and BlackRock agreed to a lower contractual expense cap, on a class-by-class basis. The contractual expense cap reduction was implemented on June 1, 2021.

D. Economies of Scale

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

E. Other Factors Deemed Relevant by the Board Members

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

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

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

DISCLOSURE   OF   INVESTMENT   ADVISORY   AGREEMENT   AND   SUB - ADVISORY   AGREEMENT 95

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

Conclusion

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, 2022, and the Sub-Advisory Agreement between the Manager and the Sub-Advisor with respect to with respect to Global Long/Short Equity Fund, for a one-year term ending June 30, 2022. Based upon its evaluation of all of the aforementioned factors in their totality, as well as other information, the Board, including the Independent Board Members, was satisfied that the terms of the Agreements were fair and reasonable and, in the best interest of each Fund and its shareholders. In arriving at its decision to approve the Agreements, the Board did not identify any single factor or group of factors as all-important or controlling, but considered all factors together, and different Board Members may have attributed different weights to the various factors considered. The Independent Board Members were also assisted by the advice of independent legal counsel in making this determination.

96 2 0 2 1  BLACK ROCK  SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Additional Information

Regulation Regarding Derivatives

On October 28, 2020, the Securities and Exchange Commission (the “SEC”) adopted new regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). The Funds will be required to implement and comply with Rule 18f-4 by August 19, 2022. Once implemented, Rule 18f-4 will impose limits on the amount of derivatives a fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, treat derivatives as senior securities and require funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.

General Information

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

Householding

The Funds will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports, Rule 30e-3 notices and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Funds at (800) 441-7762.

Availability of Quarterly Schedule of Investments

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

Availability of Proxy Voting Policies, Procedures and Voting Records

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

BlackRock’s Mutual Fund Family

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

Shareholder Privileges

Account Information

Call us at (800) 441-7762 from 8:00 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 97

Additional Information   (continued)

BlackRock Privacy Principles

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

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

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

BlackRock does not sell or disclose to non-affiliated third parties any non-public personal information about its Clients, except as permitted by law or as is necessary to respond to regulatory requests or to service Client accounts. These non-affiliated third parties are required to protect the confidentiality and security of this information and to use it only for its intended purpose.

We may share information with our affiliates to service your account or to provide you with information about other BlackRock products or services that may be of interest to you. In addition, BlackRock restricts access to non-public personal information about its Clients to those BlackRock employees with a legitimate business need for the information. BlackRock maintains physical, electronic and procedural safeguards that are designed to protect the non-public personal information of its Clients, including procedures relating to the proper storage and disposal of such information.

Fund and Service Providers

Investment Adviser and Administrator

BlackRock Advisors, LLC

Wilmington, DE 19809

Sub-Adviser

BlackRock International Limited ^(a)

Edinburgh, EH3 8JB

United Kingdom

Accounting Agent and Custodian

State Street Bank and Trust Company

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Wilmington, DE 19809

Distributor

BlackRock Investments, LLC

New York, NY 10022

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

Boston, MA 02116

Legal Counsel

Sidley Austin LLP

New York, NY 10019

Address of the Funds

100 Bellevue Parkway

Wilmington, DE 19809

^(a) For Global Long/Short Equity.

98 2 0 2 1  BLACK ROCK  SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Glossary of Terms Used in this Report

Currency Abbreviation
CHF	Swiss Franc
USD	United States Dollar
Portfolio Abbreviation
ADR	American Depositary Receipt
AMBAC	AMBAC Assurance Corp.
CVA	Certificaten Van Aandelen (Dutch Certificate)
DIP	Debtor-In-Possession
FTSE	Financial Times Stock Exchange
GDR	Global Depositary Receipt
LP	Limited Partnership
MSCI	Morgan Stanley Capital International
NVDR	Non-Voting Depositary Receipt
PCL	Public Company Limited
PILOT	Payment in Lieu of Taxes
PJSC	Public Joint Stock Company
PR	Prerefunded
REIT	Real Estate Investment Trust
S&P	Standard & Poor’s
SAN	State Aid Notes
SAP	Subject to Appropriations
SCA	Societe en Commandite par Actions
SEB	SEB Securities Inc.
SG	Syncora Guarantee
ST	Special Tax

GLOSSARY   OF   TERMS   USED   IN  THIS   REPORT 99

Want to know more?

blackrock.com | 800-441-7762

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

EMLSGLS-10/21-SAR

        

(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

(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1(a) of this Form.

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

Item 7 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable

Item 8 – Portfolio Managers of Closed-End Management Investment Companies – Not Applicable

Item 9 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable

Item 10 – Submission of Matters to a Vote of Security Holders –There have been no material changes to these procedures.

Item 11 – Controls and Procedures

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12 – Disclosure of Securities Lending Activities for Closed-End Management Investment

Companies – Not Applicable

Item 13 – Exhibits attached hereto

(a)(1) Code of Ethics – Not Applicable to this semi-annual report

(a)(2) Section 302 Certifications are attached

(a)(3) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable

(a)(4) Change in Registrant’s independent public accountant – Not Applicable

(b) Section 906 Certifications are attached

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^SM

By:	/s/ John M. Perlowski
	John M. Perlowski
	Chief Executive Officer (principal executive officer) of
	BlackRock FundsSM

Date: January 4, 2022

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ John M. Perlowski
	John M. Perlowski
	Chief Executive Officer (principal executive officer) of
	BlackRock FundsSM

Date: January 4, 2022

By:	/s/ Trent Walker
	Trent Walker
	Chief Financial Officer (principal financial officer) of
	BlackRock FundsSM

Date: January 4, 2022