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 Equity Market Neutral Fund (Formerly BlackRock Global Long/Short Equity Fund)

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Funds^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: 04/30/2023

Date of reporting period: 10/31/2022

Item 1 – Report to Stockholders

(a) The Report to Shareholders is attached herewith.

OCTOBER 31, 2022

2022 Semi-Annual Report

(Unaudited)

BlackRock Funds^SM

·   BlackRock Advantage Emerging Markets Fund

·   BlackRock Global Equity Market Neutral Fund

    Not FDIC Insured • May Lose Value • No Bank Guarantee        

The Markets in Review

Dear Shareholder,

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

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

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

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

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

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

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

Sincerely,

Rob Kapito

President, BlackRock Advisors, LLC

Rob Kapito

President, BlackRock Advisors, LLC

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

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		8
Disclosure of Expenses		8
Derivative Financial Instruments		8
Financial Statements:
Schedules of Investments		9
Statements of Assets and Liabilities		124
Statements of Operations		126
Statements of Changes in Net Assets		127
Financial Highlights		128
Notes to Financial Statements		136
Disclosure of Investment Advisory Agreement and Sub-Advisory Agreement		149
Additional Information		153
Glossary of Terms Used in this Report		155

3

Fund Summary   as of October 31, 2022 BlackRock Advantage Emerging Markets Fund

Investment Objective

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

Portfolio Management Commentary

How did the Fund perform?

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

What factors influenced performance?

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

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

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

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

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

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

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

Describe recent portfolio activity.

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

Describe portfolio positioning at period end.

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

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

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

Fund Summary   as of October 31, 2022 (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		(18.89	)%		(31.88	)%		N/A			(4.00	)%		N/A			(1.77	)%		N/A
Investor A		(19.03	)		(32.11	)		(35.67	)%		(4.28	)		(5.30	)%		(2.03	)		(2.55	)%
Investor C		(19.35	)		(32.60	)		(33.27	)		(5.00	)		(5.00	)		(2.62	)		(2.62	)
Class K		(18.89	)		(31.86	)		N/A			(3.97	)		N/A			(1.76	)		N/A
MSCI Emerging Markets Index(c)		(19.66	)		(31.03	)		N/A			(3.09	)		N/A			0.79			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 5% Return
		Beginning Account Value (05/01/22)	Ending Account Value (10/31/22)	Expenses Paid During the Period	(a)		Beginning Account Value (05/01/22)	Ending Account Value (10/31/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
Institutional		$       1,000.00	$          811.10	$          3.88			$       1,000.00	$       1,020.92	$          4.33		0.85	%
Investor A		1,000.00	809.70	5.25			1,000.00	1,019.41	5.85		1.15
Investor C		1,000.00	806.50	8.65			1,000.00	1,015.63	9.65		1.90
Class K		1,000.00	811.10	3.70			1,000.00	1,021.12	4.13		0.81

^(a)  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
Country/Geographic Region	Percent of Net Assets
China	26.8	%
Taiwan	14.5
India	14.0
South Korea	9.0
Brazil	7.3
South Africa	6.0
Saudi Arabia	5.0
United States	4.4
Indonesia	3.8
Thailand	2.9
Mexico	2.6
Malaysia	1.4
United Arab Emirates	1.1
Other#	2.9
Liabilities in Excess of Other Assets	(1.7	)

^#  Includes holdings within countries/geographic regions that are less than 1.0% of net assets. Please refer to the Schedule of Investments for such countries/geographic regions.

FUND   SUMMARY 5

Fund Summary   as of October 31, 2022  BlackRock Global Equity Market Neutral Fund

Investment Objective

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

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

Portfolio Management Commentary

How did the Fund perform?

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

What factors influenced performance?

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

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

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

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

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

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

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

Describe recent portfolio activity.

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

Describe portfolio positioning at period end.

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

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

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

Fund Summary   as of October 31, 2022 (continued) BlackRock Global Equity Market Neutral 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		(0.52	)%		(1.13	)%		N/A			0.82	%		N/A			2.62	%		N/A
Investor A		(0.62	)		(1.41	)		(6.58	)%		0.55			(0.53	)%		2.35			1.79	%
Investor C		(1.03	)		(2.14	)		(3.12	)		(0.21	)		(0.21	)		1.74			1.74
Class K		(0.52	)		(1.12	)		N/A			0.85			N/A			2.65			N/A
ICE BofA 3-Month U.S. Treasury Bill Index(d)		0.72			0.79			N/A			1.17			N/A			0.71			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) An unmanaged index that measures returns of 3-month Treasury Bills. On March 31, 2021, the Fund began to track the 4pm pricing variant of the ICE BofA 3-Month U.S. Treasury Bill Index (the “Index”). Historical index data prior to March 31, 2021, is for the 3pm pricing variant of the lndex. Index data on and after March 31, 2021 is for the 4pm pricing variant of the Index.

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

Past performance is not an indication of future results.

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

Expense Example

	Actual					Hypothetical 5% Return
		Beginning Account Value (05/01/22)	Ending Account Value (10/31/22)	Expenses Paid During the Period	(a)		Beginning Account Value (05/01/22)	Ending Account Value (10/31/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
Institutional		$       1,000.00	$          994.80	$          6.74			$       1,000.00	$       1,018.45	$        6.82		1.34	%
Investor A		1,000.00	993.80	7.99			1,000.00	1,017.19	8.08		1.59
Investor C		1,000.00	989.70	11.74			1,000.00	1,013.41	11.88		2.34
Class K		1,000.00	994.80	6.49			1,000.00	1,018.70	6.56		1.29

^(a)  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		25.7	%		24.6	%	50.3%
Japan		8.1			7.9		16.0
United Kingdom		3.1			2.8		5.9
Canada		2.2			2.2		4.4
Germany		1.5			1.6		3.1
France		1.7			1.3		3.0
Australia		1.4			1.6		3.0
Switzerland		0.9			1.3		2.2
Other#		6.0			6.1		12.1
		50.6	%		49.4	%	100.0%

^(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 less than 1.0% of net assets. Please refer to the Schedule of Investments for such countries/geographic regions.

FUND   SUMMARY 7

About Fund Performance

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

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

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

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

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

Disclosure of Expenses

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

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

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

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

Derivative Financial Instruments

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

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

Schedule of Investments (unaudited)  October 31, 2022 BlackRock Advantage Emerging Markets Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Brazil — 4.6%
Ambev SA		183,140	$	567,271
B3 SA - Brasil Bolsa Balcao		45,389		132,156
Banco do Brasil SA		19,720		141,329
Cia de Saneamento de Minas Gerais-COPASA		97,326		289,406
Cia Energetica de Minas Gerais, ADR		43,228		94,669
Cielo SA		77,364		89,113
Cogna Educacao(a)		174,247		110,981
CPFL Energia SA		14,018		96,122
CSN Mineracao SA		142,127		90,798
Embraer SA(a)		27,101		72,140
Fleury SA		57,140		205,750
Iochpe Maxion SA		36,170		99,572
JBS SA		20,021		96,743
Light SA		131,289		144,366
Neoenergia SA		16,584		53,263
Qualicorp Consultoria e Corretora de Seguros SA		22,722		34,663
Raia Drogasil SA		10,599		53,985
Sao Martinho SA		26,697		139,390
Telefonica Brasil SA		7,450		59,580
Ultrapar Participacoes SA		15,405		39,992
Usinas Siderurgicas de Minas Gerais SA Usiminas, Class A		65,408		91,550
Vale SA		42,662		554,428
				3,257,267
China — 26.8%
3SBio, Inc.(b)		295,500		208,684
Agricultural Bank of China Ltd., Class H		97,000		27,687
Alibaba Group Holding Ltd.(a)		198,820		1,545,807
Aluminum Corp. of China Ltd., Class H		102,000		29,078
Angang Steel Co. Ltd., Class H		314,000		65,151
Anhui Gujing Distillery Co. Ltd., Class A		2,300		61,952
ANTA Sports Products Ltd.		13,600		119,566
Autohome, Inc., ADR		1,109		28,967
Avary Holding Shenzhen Co. Ltd., Class A		41,714		169,559
BAIC Motor Corp. Ltd., Class H(b)		721,000		159,734
Baidu, Inc., Class A(a)		40,992		392,990
Bank of China Ltd., Class H		1,054,000		339,469
Bank of Communications Co. Ltd., Class H		96,000		46,840
BeiGene Ltd., ADR(a)		527		89,005
Beijing Enterprises Holdings Ltd.		80,000		202,952
Bilibili, Inc., Class Z(a)		2,320		20,674
BYD Co. Ltd., Class A		10,700		360,396
BYD Co. Ltd., Class H		18,000		403,256
China Construction Bank Corp., Class H		1,192,000		632,580
China Hongqiao Group Ltd.		140,000		99,085
China Meidong Auto Holdings Ltd.		28,000		36,775
China Mengniu Dairy Co. Ltd.		18,000		57,621
China Merchants Bank Co. Ltd., Class H		195,500		640,047
China Minsheng Banking Corp. Ltd., Class H		69,500		20,185
China Petroleum & Chemical Corp., Class H		857,000		339,652
China Railway Group Ltd., Class H		64,000		27,828
China Resources Gas Group Ltd.		8,000		20,489
China Resources Pharmaceutical Group Ltd.(b)		256,000		172,693
China State Construction Engineering Corp. Ltd., Class A		50,400		32,602
China Vanke Co. Ltd., Class H		28,900		37,088
China Yongda Automobiles Services Holdings Ltd.		325,500		146,002
CITIC Ltd.		92,000		82,326
Contemporary Amperex Technology Co. Ltd., Class A		11,000		561,559
CSPC Pharmaceutical Group Ltd.		52,720		54,152

Security	Shares		Value
China (continued)
Dongfeng Motor Group Co. Ltd., Class H		76,000	$	34,383
ENN Energy Holdings Ltd.		20,400		202,818
Eve Energy Co. Ltd., Class A		40,200		456,353
Fosun International Ltd.		311,000		190,053
Ganfeng Lithium Group Co. Ltd., Class A		3,100		33,387
Geely Automobile Holdings Ltd.		71,000		76,409
Great Wall Motor Co. Ltd., Class H		178,000		194,448
Gree Electric Appliances, Inc. of Zhuhai, Class A		107,700		421,909
Guangzhou Automobile Group Co. Ltd., Class A		24,300		37,578
Guangzhou Automobile Group Co. Ltd., Class H		62,000		37,783
H World Group Ltd., ADR		1,400		37,912
Haitong Securities Co. Ltd., Class H		48,400		23,659
Industrial & Commercial Bank of China Ltd., Class H		698,000		303,047
JD.com, Inc., Class A		26,860		489,134
Joincare Pharmaceutical Group Industry Co. Ltd., Class A		67,783		108,015
Jonjee Hi-Tech Industrial And Commercial Holding Co. Ltd., Class A		11,123		41,188
KE Holdings, Inc., ADR(a)		8,416		85,675
Kunlun Energy Co. Ltd.		162,000		96,823
Li Auto, Inc., ADR(a)(c)		5,553		75,632
LONGi Green Energy Technology Co. Ltd., Class A		46,800		307,455
Luxshare Precision Industry Co. Ltd., Class A		73,200		283,313
Meituan, Class B(a)(b)		28,700		459,502
NetEase, Inc.		29,970		332,525
New China Life Insurance Co. Ltd., Class H		12,400		19,692
New Oriental Education & Technology Group, Inc.(a)		18,900		44,257
NIO, Inc., ADR(a)		13,627		131,773
People’s Insurance Co. Group of China Ltd., Class H		195,000		53,890
PetroChina Co. Ltd., ADR(c)		9,837		375,452
PetroChina Co. Ltd., Class A		280,200		182,615
PetroChina Co. Ltd., Class H		552,000		211,155
Pinduoduo, Inc., ADR(a)(c)		6,512		357,053
Ping An Insurance Group Co. of China Ltd., Class H		183,500		734,622
Postal Savings Bank of China Co. Ltd., Class H(b)		83,000		38,492
Qinghai Salt Lake Industry Co. Ltd., Class A(a)		82,400		242,059
RiseSun Real Estate Development Co. Ltd., Class A(a)		1		—
SF Holding Co. Ltd., Class A		32,800		216,124
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H		27,500		69,444
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		124,800		169,137
Shanghai Putailai New Energy Technology Co. Ltd., Class A		17,800		121,203
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		1,800		80,043
Sinopharm Group Co. Ltd., Class H		9,600		18,212
Sunac China Holdings Ltd.(a)(d)		254,000		31,951
Sunwoda Electronic Co. Ltd., Class A		41,200		130,688
TAL Education Group, ADR(a)		7,971		37,543
Tencent Holdings Ltd.		93,700		2,462,134
Tencent Music Entertainment Group, ADR(a)(c)		12,110		43,717
Tongwei Co. Ltd., Class A		11,800		70,187
Trip.com Group Ltd., ADR(a)		7,391		167,258
Vipshop Holdings Ltd., ADR(a)		8,129		56,659
Want Want China Holdings Ltd.		75,000		49,266
Weichai Power Co. Ltd., Class H		24,000		22,988
Wens Foodstuffs Group Co. Ltd., Class A(a)		38,400		93,885
WuXi AppTec Co. Ltd., Class H(b)		9,280		74,483
Wuxi Biologics Cayman, Inc.(a)(b)		29,500		132,740
YTO Express Group Co. Ltd., Class A		44,558		114,693
Yum China Holdings, Inc.		5,091		210,513
Zhongsheng Group Holdings Ltd.		24,000		91,087
Zijin Mining Group Co. Ltd., Class H		48,000		45,784

SCHEDULE   OF  INVESTMENTS 9

Schedule of Investments (unaudited) (continued) October 31, 2022 BlackRock Advantage Emerging Markets Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
Zoomlion Heavy Industry Science & Technology Co. Ltd., Class H		155,000	$	49,952
ZTE Corp., Class A		99,200		300,629
ZTE Corp., Class H		98,000		174,817
				18,987,649
Greece — 0.6%
Hellenic Telecommunications Organization SA		18,143		284,928
OPAP SA		11,276		138,166
				423,094
Hong Kong — 0.5%
Bosideng International Holdings Ltd.		60,000		25,914
China Gas Holdings Ltd.		104,000		92,298
China Resources Beer Holdings Co. Ltd.		16,000		75,497
Shougang Fushan Resources Group Ltd.		434,000		117,569
Sun Art Retail Group Ltd.		381,000		60,616
				371,894
India — 14.0%
ABB India Ltd.		1,801		66,347
Aditya Birla Fashion and Retail Ltd.(a)		42,781		182,998
Asian Paints Ltd.		9,886		372,139
Avenue Supermarts Ltd.(a)(b)		634		33,113
Axis Bank Ltd.		56,435		618,893
Bajaj Finance Ltd.		4,624		399,699
Bajaj Finserv Ltd.		7,913		161,472
Coromandel International Ltd.		15,339		178,317
Cummins India Ltd.		4,717		76,807
Dalmia Bharat Ltd.		3,502		67,836
Dr Reddy’s Laboratories Ltd.		995		53,558
HCL Technologies Ltd.		15,376		193,563
HDFC Bank Ltd.		20,910		379,484
HDFC Bank Ltd., ADR		2,484		154,778
ICICI Bank Ltd.		75,574		830,963
ICICI Bank Ltd., ADR		18,165		400,357
Infosys Ltd.		58,586		1,091,929
Infosys Ltd., ADR		11,676		218,691
InterGlobe Aviation Ltd.(a)(b)		2,028		43,763
ITC Ltd.		51,510		217,183
Kotak Mahindra Bank Ltd.		21,563		496,490
Lemon Tree Hotels Ltd.(a)(b)		82,256		83,857
Mahindra & Mahindra Ltd.		9,963		162,606
Nestle India Ltd.		825		203,156
Praj Industries Ltd.		9,927		49,608
Reliance Industries Ltd.		31,084		959,151
State Bank of India		34,029		236,316
Sun Pharmaceutical Industries Ltd.		22,447		275,801
Tata Consultancy Services Ltd.		23,765		917,141
UltraTech Cement Ltd.		1,105		89,768
Varun Beverages Ltd.		41,658		528,592
Voltas Ltd.		14,003		148,369
Zydus Lifesciences Ltd.		9,096		47,667
				9,940,412
Indonesia — 3.8%
AKR Corporindo Tbk PT		958,600		95,962
Bank Central Asia Tbk PT		1,601,600		905,348
Bank Mandiri Persero Tbk PT		341,800		230,904
Bank Rakyat Indonesia Persero Tbk PT		2,682,100		800,159
Perusahaan Gas Negara Tbk PT		3,418,200		433,119
Telkom Indonesia Persero Tbk PT		614,000		172,443

Security	Shares		Value
Indonesia (continued)
Timah Tbk PT		630,200	$	54,807
XL Axiata Tbk PT		270,000		43,644
				2,736,386
Kuwait — 0.3%
Kuwait Finance House KSCP		52,120		136,310
National Bank of Kuwait SAKP		33,819		117,694
				254,004
Malaysia — 1.4%
Axiata Group Bhd		165,700		99,720
CIMB Group Holdings Bhd		96,100		112,257
DiGi.Com Bhd		63,800		51,175
IHH Healthcare Bhd		199,500		251,122
Malaysia Airports Holdings Bhd(a)		53,300		67,391
Maxis Bhd		96,400		78,469
PPB Group Bhd		14,800		52,260
Public Bank Bhd		203,000		191,977
Telekom Malaysia Bhd		54,200		63,745
				968,116
Mexico — 2.6%
Alsea SAB de CV(a)		170,509		326,939
America Movil SAB de CV, Series L		151,279		143,163
Coca-Cola Femsa SAB de CV		14,842		93,496
Coca-Cola Femsa SAB de CV, ADR		4,161		261,269
Fomento Economico Mexicano SAB de CV		26,177		187,915
Fomento Economico Mexicano SAB de CV, ADR		1,286		92,103
Grupo Aeroportuario del Pacifico SAB de CV, Class B		4,096		63,446
Grupo Bimbo SAB de CV, Series A		66,512		257,514
Grupo Financiero Banorte SAB de CV, Class O		7,833		63,671
Grupo Mexico SAB de CV, Series B		6,490		23,529
Wal-Mart de Mexico SAB de CV		78,448		303,014
				1,816,059
Peru — 0.5%
Southern Copper Corp.		7,401		347,625
Philippines — 0.5%
International Container Terminal Services, Inc.		29,050		87,082
Manila Electric Co.		5,100		26,591
SM Investments Corp.		11,430		162,905
Universal Robina Corp.		41,190		87,141
				363,719
Qatar — 0.0%
Qatar National Bank QPSC		20		108
Russia(d) — 0.0%
Alrosa PJSC(a)		1,407,496		227
Lukoil PJSC		23,527		4
Novatek PJSC		29,650		4
				235
Saudi Arabia — 5.0%
Abdullah Al Othaim Markets Co.		5,137		155,187
ACWA Power Co.		3,010		139,334
Al Hammadi Holding		19,584		234,249
Al Rajhi Bank(a)		46,025		1,043,657
Alinma Bank		12,348		123,183
Dr Sulaiman Al Habib Medical Services Group Co.		561		33,841
Rabigh Refining & Petrochemical Co.(a)		10,289		37,301
Saudi Arabian Mining Co.(a)		22,394		498,451
Saudi Arabian Oil Co.(b)		17,838		165,546
Saudi Basic Industries Corp.		31,986		751,048

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

Schedule of Investments (unaudited) (continued) October 31, 2022 BlackRock Advantage Emerging Markets Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Saudi Arabia (continued)
Saudi Electricity Co.		4,842	$	34,768
Saudi National Bank		21,507		339,923
				3,556,488
South Africa — 6.0%
Anglo American Platinum Ltd.		7,356		585,729
AngloGold Ashanti Ltd.		5,931		77,457
Aspen Pharmacare Holdings Ltd.		11,864		97,592
AVI Ltd.		65,462		262,208
Capitec Bank Holdings Ltd.		4,374		452,914
FirstRand Ltd.		179,161		626,343
Gold Fields Ltd.		27,096		217,061
Gold Fields Ltd., ADR		15,705		123,756
Impala Platinum Holdings Ltd.		9,405		96,295
Life Healthcare Group Holdings Ltd.		246,827		265,387
MTN Group Ltd.		39,826		281,468
Sasol Ltd.		7,654		128,664
Shoprite Holdings Ltd.		4,197		53,422
Sibanye Stillwater Ltd.		89,888		210,538
Standard Bank Group Ltd.		36,639		342,034
Truworths International Ltd.		124,867		355,354
Woolworths Holdings Ltd.		28,310		97,080
				4,273,302
South Korea — 9.0%
CJ Logistics Corp.(a)		1,077		66,327
Daewoo Engineering & Construction Co. Ltd.(a)		38,875		114,484
Eugene Technology Co. Ltd.		2,827		42,650
Green Cross Corp.		346		30,904
GS Retail Co. Ltd.		3,379		60,168
Hite Jinro Co. Ltd.		5,325		95,747
Hugel, Inc.(a)		3,334		261,176
Hyundai Construction Equipment Co. Ltd.		2,942		88,596
Hyundai Department Store Co. Ltd.		2,192		83,138
Hyundai Glovis Co. Ltd.		780		95,072
Hyundai Mobis Co. Ltd.		4,301		659,685
Hyundai Motor Co.		690		79,515
Hyundai Wia Corp.		1,880		80,425
KB Financial Group, Inc.		5,402		181,772
KCC Corp.		770		131,508
Kia Corp.		5,641		262,142
Korea Gas Corp.		14,693		358,569
Korean Air Lines Co. Ltd.(a)		15,242		246,829
LG Chem Ltd.		118		51,783
POSCO Holdings, Inc.		3,437		599,037
Samsung Electronics Co. Ltd.		56,061		2,333,249
Shinhan Financial Group Co. Ltd.		8,520		216,549
Shinsegae, Inc.		1,546		230,191
				6,369,516
Taiwan — 14.5%
ASE Technology Holding Co. Ltd.		219,000		540,744
Bizlink Holding, Inc.		5,000		38,129
Cathay Financial Holding Co. Ltd.		42,000		49,153
Chailease Holding Co. Ltd.		30,000		138,381
Chicony Electronics Co. Ltd.		92,000		228,245
Chroma ATE, Inc.		48,000		262,062
Delta Electronics, Inc.		64,000		509,236
Evergreen Marine Corp. Taiwan Ltd.		5,000		21,272
FLEXium Interconnect, Inc.		85,000		240,799

Security	Shares		Value
Taiwan (continued)
Formosa Sumco Technology Corp.		9,000	$	40,461
Hiwin Technologies Corp.		68,969		354,341
Hon Hai Precision Industry Co. Ltd.		304,000		965,527
Kinsus Interconnect Technology Corp.		25,000		80,557
Largan Precision Co. Ltd.		2,000		114,424
Makalot Industrial Co. Ltd.		74,000		458,231
MediaTek, Inc.		35,000		637,987
President Chain Store Corp.		8,000		66,520
Primax Electronics Ltd.		221,000		370,233
Realtek Semiconductor Corp.		19,000		149,782
Simplo Technology Co. Ltd.		18,000		143,024
Taiwan Semiconductor Manufacturing Co. Ltd.		306,000		3,678,794
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		7,273		447,653
Uni-President Enterprises Corp.		16,000		32,492
United Microelectronics Corp.		198,000		238,087
Wistron NeWeb Corp.		189,000		490,039
			10,296,173
Thailand — 2.9%
Bangchak Corp. PCL, NVDR		676,100		543,347
Bangkok Dusit Medical Services PCL, NVDR		511,100		396,690
Bumrungrad Hospital PCL, NVDR		38,400		228,903
Esso Thailand PCL, NVDR		202,700		77,396
Home Product Center PCL, NVDR		313,100		120,318
Minor International PCL, NVDR(a)		44,500		33,056
PTT Exploration & Production PCL, NVDR		132,700		634,473
PTT PCL, NVDR		20,700		19,590
			2,053,773
Turkey — 0.4%
Anadolu Efes Biracilik Ve Malt Sanayii A/S		15,693		40,380
Migros Ticaret A/S(a)		41,668		270,859
				311,239
United Arab Emirates — 1.1%
Abu Dhabi Commercial Bank PJSC		41,574		107,018
Abu Dhabi Islamic Bank PJSC		21,409		55,394
Aldar Properties PJSC		170,706		200,797
Dubai Islamic Bank PJSC		40,928		64,841
Emirates NBD Bank PJSC		36,398		131,431
Emirates Telecommunications Group Co. PJSC		575		4,041
First Abu Dhabi Bank PJSC		39,223		191,281
			754,803
Total Common Stocks — 94.5% (Cost: $77,745,604)				67,081,862
Preferred Securities
Preferred Stocks — 2.8%
Brazil — 2.8%
Azul SA, Preference Shares(a)		34,941		109,108
Banco Bradesco SA, Preference Shares		84,073		323,239
Centrais Eletricas Brasileiras SA, Preference B Shares		15,645		161,493
Cia Energetica de Minas Gerais, Preference Shares		19,798		43,578
Gerdau SA, Preference Shares		23,853		118,907

SCHEDULE   OF  INVESTMENTS 11

Schedule of Investments (unaudited) (continued) October 31, 2022 BlackRock Advantage Emerging Markets Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Brazil (continued)
Itau Unibanco Holding SA, Preference Shares		60,540	$	356,290
Petroleo Brasileiro SA, Preference Shares		145,095		837,340
				1,949,955
Total Preferred Securities — 2.8% (Cost: $1,860,433)				1,949,955
Rights
Brazil — 0.0%
Fleury SA, (Expires 12/09/22, Strike Price BRL 17.27)		12,706		3,198
Total Rights — 0.0% (Cost: $ — )				3,198
Total Long-Term Investments — 97.3% (Cost: $79,606,037)				69,035,015
Short-Term Securities
Money Market Funds — 4.4%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 2.92%(e)(f)		2,872,279		2,872,279
SL Liquidity Series, LLC, Money Market Series, 3.37%(e)(f)(g)		230,794		230,633
Total Short-Term Securities — 4.4% (Cost: $3,102,929)				3,102,912
Total Investments — 101.7% (Cost: $82,708,966)				72,137,927
Liabilities in Excess of Other Assets — (1.7)%				(1,184,216	)
Net Assets — 100.0%			$	70,953,711

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

^(e)  Affiliate of the Fund.

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

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

Affiliates

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

Affiliated Issuer	Value at 04/30/22		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 10/31/22		Shares Held at 10/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, T-Fund, Institutional Class	$	7,133,591	$	—	$	(4,261,312	)(a)	$	—		$	—		$	2,872,279		2,872,279	$	48,472		$	—
SL Liquidity Series, LLC, Money Market Series		254,881		—		(24,064	)(a)		(166	)		(18	)		230,633		230,794		4,015	(b)		—
								$	(166	)	$	(18	)	$	3,102,912			$	52,487		$	—

^(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		84		12/16/22	$	3,585	$	(238,091	)

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

Schedule of Investments (unaudited) (continued) October 31, 2022 BlackRock Advantage Emerging Markets Fund

Derivative Financial Instruments Categorized by Risk Exposure

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

	Commodity 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)	$	—	$	—	$	238,091	$	—	$	—	$	—	$	238,091

^(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, 2022, 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	$	—	$	—	$	(1,833,718	)	$	—	$	—	$	—	$	(1,833,718	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	144,946		$	—	$	—	$	—	$	144,946

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	5,437,085

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

Fair Value Hierarchy as of Period End

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

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

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks
Brazil	$	3,257,267	$	—	$	—	$	3,257,267
China		1,321,707		17,633,991		31,951		18,987,649
Greece		—		423,094		—		423,094
Hong Kong		—		371,894		—		371,894
India		773,826		9,166,586		—		9,940,412
Indonesia		—		2,736,386		—		2,736,386
Kuwait		—		254,004		—		254,004
Malaysia		—		968,116		—		968,116
Mexico		1,816,059		—		—		1,816,059
Peru		347,625		—		—		347,625
Philippines		—		363,719		—		363,719
Qatar		—		108		—		108
Russia		—		—		235		235
Saudi Arabia		—		3,556,488		—		3,556,488
South Africa		389,143		3,884,159		—		4,273,302
South Korea		—		6,369,516		—		6,369,516
Taiwan		447,653		9,848,520		—		10,296,173
Thailand		—		2,053,773		—		2,053,773

SCHEDULE   OF  INVESTMENTS 13

Schedule of Investments (unaudited) (continued) October 31, 2022 BlackRock Advantage Emerging Markets Fund

Fair Value Hierarchy as of Period End (continued)

	Level 1			Level 2		Level 3		Total
Common Stocks (continued)
Turkey	$	270,859		$	40,380	$	—	$	311,239
United Arab Emirates		—			754,803		—		754,803
Preferred Securities
Preferred Stocks		1,949,955			—		—		1,949,955
Rights		3,198			—		—		3,198
Short-Term Securities
Money Market Funds		2,872,279			—		—		2,872,279
	$	13,449,571		$	58,425,537	$	32,186		71,907,294
Investments Valued at NAV(a)									230,633
								$	72,137,927
Derivative Financial Instruments(b)
Liabilities
Equity Contracts	$	(238,091	)	$	—	$	—	$	(238,091	)

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

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

See notes to financial statements.

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

Schedule of Investments (unaudited)  October 31, 2022 BlackRock Global Equity Market Neutral Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Canada — 0.1%
Bausch & Lomb Corp.(a)		39,934	$	569,459
Netherlands — 0.0%
Climate Transition Capital Acquisition I BV(a)		40,590		395,114
United States — 0.0%
Palantir Technologies, Inc., Class A(a)		4		35
Total Common Stocks — 0.1% (Cost: $1,200,192)				964,608
Preferred Securities
Preferred Stocks — 0.6%(b)
United States — 0.6%
AliphCom, Inc.
Series 6, (Acquired 12/15/15, Cost: $—)(c)		8,264		—
Series 8,		823,530		8
Illumio, Inc., Series C, (Acquired 03/10/15, Cost: $1,500,001)(c)		466,730		3,682,500
				3,682,508
Total Preferred Securities — 0.6% (Cost: $3,250,010)				3,682,508
	Par (000)
U.S. Treasury Obligations
U.S. Cash Management Bills(d)
3.68%, 01/31/23(e)	$	2,510		2,484,659
3.79%, 02/07/23		15,000		14,833,053
U.S. Treasury Cash Management Bills, 3.68%, 01/31/23(d)(e)		13,000		12,868,753
U.S. Treasury Floating Rate Notes, 3.95%, 10/31/24		6,000		5,998,931
Total U.S. Treasury Obligations — 5.4% (Cost: $36,218,798)				36,185,396

Security	Shares		Value
Warrants
Netherlands — 0.0%
Climate Transition Capital Acquisition I BV, (Issued 06/29/21, Exercisable 06/29/22, 1 Share for 1 Warrant, Expires 06/29/26, Strike Price EUR 11.50)(a)		13,530	$	1,070
Total Warrants — 0.0% (Cost: $ — )				1,070
Total Long-Term Investments — 6.1% (Cost: $40,669,000)				40,833,582
Short-Term Securities
Money Market Funds — 2.2%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 2.92%(f)(g)		14,605,760		14,605,760

	Par (000)
U.S. Treasury Obligations — 94.7%
U.S. Treasury Bills(d)(e)
2.23%, 11/01/22	$	30,000	30,000,000
2.74%, 11/01/22		5,000	5,000,000
1.40%, 11/03/22		1,990	1,989,763
2.63%, 11/03/22		20,000	19,997,621
2.28%, 11/08/22		10,000	9,994,811
2.58%, 11/08/22		15,000	14,992,216
2.68%, 11/08/22		20,000	19,989,622
3.00%, 11/22/22		5,000	4,990,356
3.03%, 11/22/22		5,000	4,990,356
3.06%, 11/22/22		20,000	19,961,422
3.62%, 11/29/22(h)		95,000	94,736,586
2.75%, 12/06/22 - 01/12/23		23,265	23,148,706
3.28%, 12/06/22 - 01/10/23		47,000	46,729,219
2.82%, 12/13/22		600	597,538
2.83%, 12/13/22		4,000	3,983,585
2.84%, 12/13/22		24,430	24,329,745
3.56%, 12/13/22		60,000	59,753,775
3.74%, 12/20/22		30,240	30,087,509
3.76%, 12/20/22		17,000	16,914,274
3.04%, 12/27/22(h)		30,000	29,821,617
3.90%, 12/27/22(h)		40,000	39,762,156
2.57%, 01/05/23		11,000	10,924,726
3.59%, 01/12/23		14,760	14,643,957
0.64%, 01/26/23		2,475	2,451,424
4.10%, 01/26/23		13,500	13,371,403
4.17%, 02/02/23(h)		15,000	14,845,679
1.17%, 02/23/23		2,165	2,136,914
2.18%, 05/18/23		2,080	2,032,367
U.S. Treasury Cash Management Bills(d)(e)
3.18%, 01/03/23		14,985	14,885,087

SCHEDULE   OF  INVESTMENTS 15

Schedule of Investments (unaudited) (continued) October 31, 2022 BlackRock Global Equity Market Neutral Fund (Percentages shown are based on Net Assets)

Security	Par (000)		Value
U.S. Treasury Obligations (continued)
U.S. Treasury Cash Management Bills(d)(e) (continued) 3.73%, 01/03/23	$	5,000	$	4,966,662
U.S. Treasury Floating Rate Notes(i)
(3 mo.Treasury money market yield + 0.05%), 4.09%, 01/31/23		14,633		14,643,837
(3 mo.Treasury money market yield + 0.03%), 4.07%, 07/31/23		10,000		10,008,126
(3 mo.Treasury money market yield + 0.04%), 4.08%, 10/31/23		3,130		3,132,646
(3 mo.Treasury money market yield - 0.02%), 4.03%, 01/31/24		3,395		3,394,406
(3 mo.Treasury money market yield - 0.08%), 3.97%, 04/30/24		4,885		4,877,549
U.S. Treasury Notes
1.63%, 12/15/22		2,000		1,995,163
1.38%, 02/15/23		4,515		4,478,670
0.13%, 02/28/23 - 04/30/23		14,245		14,035,066
				638,594,559
Total Short-Term Securities — 96.9% (Cost: $653,617,027)				653,200,319
Options Purchased — 0.2% (Cost: $1,589,137)				1,193,270
Total Investments Before Options Written — 103.2% (Cost: $695,875,164)				695,227,171
Options Written — (0.1)% (Premiums Received: $(629,259))				(344,280	)
Total Investments, Net of Options Written — 103.1% (Cost: $695,245,905)				694,882,891
Liabilities in Excess of Other Assets — (3.1)%				(20,848,308	)
Net Assets — 100.0%			$	674,034,583

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

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

^(e) Zero-coupon bond.

^(f)  Affiliate of the Fund.

^(g)  Annualized 7-day yield as of period end. (h) When-issued security.

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

Affiliates

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

Affiliated Issuer	Value at 04/30/22		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 10/31/22		Shares Held at 10/31/22		Income		Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, T-Fund, Institutional Class	$	36,355,831	$	—	$	(21,750,071	)(a)	$	—	$	—	$	14,605,760		14,605,760	$	248,620	$	—

^(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
E-Mini Dow Jones Industrial Average Index		215		12/16/22	$	35,233	$	296,021
Short Contracts
NASDAQ 100 E-Mini Index		143		12/16/22		32,739		3,929,552
							$	4,225,573

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

Schedule of Investments (unaudited) (continued) October 31, 2022 BlackRock Global Equity Market Neutral Fund

Exchange-Traded Options Purchased

Description	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Call
S&P 500 Index		77,439,600		11/18/22		USD    3,950.00		USD    77,440	$	1,121,000
Put
S&P 500 Index		56,530,908		11/18/22		USD    3,450.00		USD    56,531		72,270
									$	1,193,270

Exchange-Traded Options Written

Description	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Call
S&P 500 Index		200		11/18/22		USD    4,100.00		USD    77,440	$	(318,000	)
Put
S&P 500 Index		146		11/18/22		USD    3,250.00		USD    56,531		(26,280	)
									$	(344,280	)

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)		01/17/23 – 06/15/23	$	(5,251,301	)	$	3,799,421	(c)	$	567,946			49.0	%
	At Termination	Bank of America N.A.(d)		02/15/23 – 11/15/23		(6,587,804	)		1,117,896	(e)		(1,142,933	)		64.2
	At Termination	BNP Paribas SA(f)		12/12/22 – 12/19/22		(10,327,295	)		11,515,639	(g)		(321,745	)		128.3
	At Termination	Goldman Sachs & Co.(h)		02/27/23 – 02/28/23		(5,965,591	)		8,615,700	(i)		830,033			68.7
	At Termination	Goldman Sachs & Co.(j)		02/27/23 – 02/28/23		(14,597,633	)		15,541,014	(k)		(1,424,596	)		137.6
	At Termination	UBS AG(l)		07/05/23		(8,374,159	)		767,400	(m)		(1,416,985	)		79.0
								$	41,357,070		$	(2,908,280	)

^(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 $(2,019,826) of net dividends and financing fees.

^(e)  Amount includes $(4,326,975) of net dividends and financing fees.

^(g)  Amount includes $1,510,089 of net dividends and financing fees.

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

^(k)  Amount includes $2,367,977 of net dividends and financing fees.

^(m)  Amount includes $(6,189,774) 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:

SCHEDULE   OF  INVESTMENTS 17

Schedule of Investments (unaudited) (continued) October 31, 2022 BlackRock Global Equity Market Neutral Fund

OTC Total Return Swaps (continued)

	(b)	(d)	(f)
Range:	0-975 basis points	0-550 basis points	0-500 basis points
Benchmarks:	AUD - 1D Overnight Reserve Bank of Australia Rate (AONIA)	AUD - 1D Overnight Reserve Bank of Australia Rate (AONIA)	AUD - 1D Overnight Reserve Bank of Australia Rate (AONIA)
	Bank of Canada Overnight Rate Target (CABROVER)	Bank of Canada Overnight Rate Target (CABROVER)	Bank of Canada Overnight Rate Target (CABROVER)
	CHF - Swiss Average Rate O/N (SSARON)	CHF - Swiss Average Rate O/N (SSARON)	CHF - Swiss Average Rate O/N (SSARON)
	DKK - 1W Copenhagen Interbank Swap Rate (CIBOR)	DKK - 1W Copenhagen Interbank Swap Rate (CIBOR)	DKK - Annualized Overnight Deposit MID Rate 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 - Overnight Index Average (HONIA)
	HKD - Overnight Index Average (HONIA) ILS - 1M Tel Aviv Interbank Offer Rate (TELBOR) JPY - Provisional 1D Overnight Tokyo Average Rate (TONA)	HKD - Overnight Index Average (HONIA) ILS - 1M Tel Aviv Interbank Offer Rate (TELBOR) JPY - Provisional 1D Overnight Tokyo Average Rate (TONA)	ILS - 1M Tel Aviv Interbank Offer Rate (TELBOR) JPY - 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) SGD - Overnight Rate Average (SORA)
	USD - 1D Overnight Bank Funding Rate (OBFR01)	USD - 1D Overnight Bank Funding Rate (OBFR01)	USD - 1D Overnight Bank Funding Rate (OBFR01)

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

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

Schedule of Investments (unaudited) (continued) October 31, 2022 BlackRock Global Equity Market Neutral Fund

The following table represents the individual long and short positions and related values of the equity securities underlying the total return swap with Bank of America N.A. as of period end, termination dates January 17, 2023 and June 15, 2023:

Security	Shares		Value		% of Basket Value
Reference Entity — Long
Common Stocks
Australia
Abacus Property Group		59,457	$	106,589		18.8	%
ARB Corp. Ltd.		1,577		29,280		5.2
Arena REIT		5,865		14,771		2.6
Australian Ethical Investment Ltd.		56,549		167,251		29.5
Charter Hall Education Trust		86,804		192,763		33.9
Charter Hall Retail REIT		70,833		182,392		32.1
Clinuvel Pharmaceuticals Ltd.		518		6,468		1.1
Coronado Global Resources, Inc.		67,626		80,687		14.2
Credit Corp. Group Ltd.		8,120		96,524		17.0
De Grey Mining Ltd.		11,471		7,760		1.4
Dexus Industria REIT		35,266		59,762		10.5
Growthpoint Properties Australia Ltd.		53,378		113,632		20.0
GWA Group Ltd.		45,145		58,611		10.3
Imdex Ltd.		122,844		160,351		28.2
Johns Lyng Group Ltd.		22,022		91,565		16.1
Jumbo Interactive Ltd.		15,448		134,504		23.7
Kogan.com Ltd.		4,668		9,791		1.7
Lifestyle Communities Ltd.		8,291		93,073		16.4
Lovisa Holdings Ltd.		17,489		272,278		47.9
Monadelphous Group Ltd.		11,852		103,613		18.3
Nanosonics Ltd.		51,525		135,062		23.8
National Storage REIT		38,994		65,250		11.5
Netwealth Group Ltd.		10,773		83,662		14.7
Nick Scali Ltd.		11,342		73,045		12.9
Nine Entertainment Co. Holdings Ltd.		100,347		132,520		23.3
NRW Holdings Ltd.		4,551		7,427		1.3
Objective Corp. Ltd.		8,957		85,014		15.0
Pendal Group Ltd.		62,423		196,074		34.5
Perenti Global Ltd.		75,374		46,192		8.1
Pinnacle Investment Management Group Ltd.		46,841		243,443		42.9
PWR Holdings Ltd.		5,134		32,980		5.8
Ramelius Resources Ltd.		17,644		8,281		1.5
Technology One Ltd.		38,836		298,766		52.6
Viva Energy Group Ltd.		142,273		258,259		45.5
Waypoint REIT Ltd.		66,113		115,433		20.3
Webjet Ltd.		37,872		127,893		22.5
				3,890,966
Austria
AT&S Austria Technologie & Systemtechnik AG		2,988		92,284		16.2
EVN AG		4,262		70,904		12.5
IMMOFINANZ AG		1,015		11,967		2.1
Kontron AG		3,983		57,648		10.2
Oesterreichische Post AG		435		12,377		2.2
Palfinger AG		2,064		47,693		8.4
Porr AG		976		10,070		1.8
Schoeller-Bleckmann Oilfield Equipment AG		1,027		56,495		9.9
UNIQA Insurance Group AG		1,142		7,401		1.3
Vienna Insurance Group AG Wiener Versicherung Gruppe		1,041		23,283		4.1
Wienerberger AG		9,416		215,238		37.9
			605,360

Security	Shares		Value		% of Basket Value
Belgium
AGFA-Gevaert NV		18,591	$	56,207		9.9	%
Barco NV		3,829		82,669		14.6
Econocom Group SA		5,297		14,396		2.5
Euronav NV		10,280		179,219		31.5
Ion Beam Applications		814		11,359		2.0
Melexis NV		6,903		474,762		83.6
				818,612
Bermuda
Argo Group International Holdings Ltd.		10,428		259,344		45.6
Hafnia Ltd.		57,873		298,039		52.5
SiriusPoint Ltd.		20,771		133,350		23.5
				690,733
Canada
Aecon Group, Inc.		16,042		113,749		20.0
Altius Minerals Corp.		26,619		416,572		73.3
Boardwalk Real Estate Investment Trust		7,151		254,472		44.8
BSR Real Estate Investment Trust		6,458		91,058		16.0
Canaccord Genuity Group, Inc.		850		4,355		0.8
Canada Goose Holdings, Inc.		9,987		163,402		28.8
Canadian Western Bank		16,166		281,230		49.5
Cardinal Energy Ltd.		7,160		48,562		8.5
Centerra Gold, Inc.		9,652		44,847		7.9
Crew Energy, Inc.		1,892		8,360		1.5
CT Real Estate Investment Trust		17,086		194,394		34.2
Eldorado Gold Corp.		73,808		412,287		72.6
Enghouse Systems Ltd.		3,023		67,212		11.8
EQB, Inc.		8,977		318,134		56.0
Evertz Technologies Ltd.		7,733		67,093		11.8
Home Capital Group, Inc.		5,891		113,898		20.1
Hudbay Minerals, Inc.		65,143		247,212		43.5
IAMGOLD Corp.		7,477		10,977		1.9
Jamieson Wellness, Inc.		1,152		28,184		5.0
Kelt Exploration Ltd.		26,312		113,758		20.0
Killam Apartment Real Estate Investment Trust		439		5,088		0.9
Labrador Iron Ore Royalty Corp.		820		16,998		3.0
Laurentian Bank of Canada		6,081		135,694		23.9
Morguard North American Residential Real Estate Investment Trust		1,423		16,608		2.9
Novagold Resources, Inc.		69,242		319,692		56.3
Park Lawn Corp.		1,684		26,144		4.6
Pason Systems, Inc.		7,693		81,710		14.4
PrairieSky Royalty Ltd.		8,393		130,360		23.0
Precision Drilling Corp.		2,300		169,670		29.9
Richelieu Hardware Ltd.		6,763		181,541		32.0
Sandstorm Gold Ltd.		33,079		162,924		28.7
Secure Energy Services, Inc.		9,702		50,919		9.0
Silvercorp Metals, Inc.		104,153		253,817		44.7
Slate Grocery REIT		11,633		120,911		21.3
Sleep Country Canada Holdings, Inc.		9,253		152,275		26.8
Spin Master Corp.		226		6,984		1.2
SunOpta, Inc.		4,729		53,179		9.4
Surge Energy, Inc.		3,181		23,886		4.2
Topaz Energy Corp.		17,481		295,638		52.1
Torex Gold Resources, Inc.		1,201		8,181		1.4
			5,211,975
Denmark
ALK-Abello A/S		1,471		24,321		4.3
Chemometec A/S		70		6,598		1.2
D/S Norden A/S		4,575		236,779		41.7

SCHEDULE   OF  INVESTMENTS 19

Schedule of Investments (unaudited) (continued) October 31, 2022 BlackRock Global Equity Market Neutral Fund

Security	Shares			Value		% of Basket Value
Denmark (continued)
Dfds A/S		2,569		$	77,962		13.7	%
FLSmidth & Co. A/S		844			19,508		3.4
Sydbank A/S		2,016			61,388		10.8
					426,556
Finland
Citycon OYJ		27,598			171,943		30.3
Konecranes OYJ		2,811			70,726		12.4
Musti Group OYJ		3,621			68,028		12.0
Rovio Entertainment OYJ		8,456			48,198		8.5
Talenom OYJ		344			3,060		0.5
YIT OYJ		68,761			172,430		30.4
					534,385
France
Atos SE		18,848			183,925		32.4
Cie des Alpes		2,759			34,007		6.0
Coface SA		7,482			83,291		14.7
Esker SA		526			69,016		12.1
Eutelsat Communications SA		29,169			292,803		51.6
Imerys SA		2,748			112,480		19.8
Kaufman & Broad SA		808			19,633		3.5
Metropole Television SA		3,948			40,832		7.2
Nexity SA		15,497			310,409		54.6
SES-imagotag SA		460			52,203		9.2
SMCP SA		18,009			113,203		19.9
Television Francaise 1		7,794			49,477		8.7
Vicat SA		9,939			227,834		40.1
Vilmorin & Cie SA		77			3,412		0.6
Wavestone		325			14,003		2.5
					1,606,528
Germany
Adesso SE		908	��		89,898		15.8
Atoss Software AG		783			95,333		16.8
Bilfinger SE		23,676			658,640		116.0
CANCOM SE		7,010			173,230		30.5
Datagroup SE		179			9,747		1.7
Deutsche Pfandbriefbank AG		62,924			468,666		82.5
Deutz AG		78,110			294,897		51.9
Eckert & Ziegler Strahlen- und Medizintechnik AG		3,446			136,233		24.0
ElringKlinger AG		11,713			83,839		14.8
flatexDEGIRO AG		5,571			48,691		8.6
GFT Technologies SE		2,669			87,015		15.3
Heidelberger Druckmaschinen AG		53,435			73,755		13.0
Hypoport AG		192			18,754		3.3
Norma Group SE		4,405			69,831		12.3
Pfeiffer Vacuum Technology AG		255			36,024		6.3
Software AG		676			14,789		2.6
Steico SE		1,047			46,026		8.1
TAG Immobilien AG		64,506			403,988		71.1
TBC Bank Group PLC		7,932			171,376		30.2
Vitesco Technologies Group AG		1,080			57,789		10.2
					3,038,521
Hong Kong
Cowell e Holdings, Inc.		5,000			6,118		1.1
EC Healthcare		60,000			30,950		5.4
Health & Happiness H&H International Holdings Ltd.		137,000			129,170		22.7

Security	Shares		Value		% of Basket Value
Hong Kong (continued)
Luk Fook Holdings International Ltd.		18,000	$	39,103		6.9	%
Nissin Foods Co. Ltd.		118,000		94,666		16.7
SA Sa International Holdings Ltd.		218,000		23,057		4.1
				323,064
Indonesia
Bumitama Agri Ltd.		66,900		28,074		4.9
Ireland
Cimpress PLC		1,742		40,554		7.1
Dalata Hotel Group PLC		15,076		48,366		8.5
Grafton Group PLC		48,887		387,051		68.2
Keywords Studios PLC		2,524		69,796		12.3
Origin Enterprises PLC		4,826		17,899		3.2
Uniphar PLC		5,918		20,469		3.6
				584,135
Israel
Cellcom Israel Ltd.		12,857		64,365		11.3
Delek Automotive Systems Ltd.		2,279		29,345		5.2
Fiverr International Ltd.		6,977		215,938		38.0
Hilan Ltd.		970		50,792		8.9
Isras Investment Co. Ltd.		222		41,800		7.4
Matrix IT Ltd.		5,490		118,433		20.9
Neto Malinda Trading Ltd.		1,498		50,438		8.9
Nova Ltd.		302		22,102		3.9
Partner Communications Co. Ltd.		1,969		14,843		2.6
Plus500 Ltd.		11,555		239,186		42.1
Radware Ltd.		50		1,151		0.2
Retailors Ltd.		283		5,443		1.0
Taboola.com Ltd.		16,559		29,144		5.1
YH Dimri Construction & Development Ltd.		508		30,886		5.4
				913,866
Italy
Biesse SpA		3,671		44,214		7.8
Brunello Cucinelli SpA		1,534		88,920		15.7
Datalogic SpA		10,266		78,119		13.8
El.En. SpA		1,217		14,886		2.6
Iren SpA		98,697		146,672		25.8
Maire Tecnimont SpA		54,316		168,532		29.7
MFE-MediaForEurope NV		105,878		52,880		9.3
OVS SpA		14,329		26,750		4.7
Pharmanutra SpA		719		48,184		8.5
Sanlorenzo SpA/Ameglia		1,494		47,924		8.4
Tinexta SpA		1,669		33,599		5.9
Webuild SpA		163,701		222,762		39.2
Wiit SpA		2,922		44,495		7.8
				1,017,937
Ivory Coast
Fabrinet		745		85,228		15.0
Japan
Adastria Co. Ltd.		5,600		76,049		13.4
Aeon Delight Co. Ltd.		21,800		435,734		76.7
Ai Holdings Corp.		20,200		299,010		52.6
Anicom Holdings, Inc.		19,000		75,913		13.4
Arata Corp.		4,100		113,204		19.9
Arcland Service Holdings Co. Ltd.		22,200		325,425		57.3
Arcs Co. Ltd.		3,500		46,652		8.2

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

Schedule of Investments (unaudited) (continued) October 31, 2022 BlackRock Global Equity Market Neutral Fund

Security	Shares		Value		% of Basket Value
Japan (continued)
Autobacs Seven Co. Ltd.		23,300	$	221,621		39.0	%
Avex, Inc.		7,100		79,588		14.0
Bell System24 Holdings, Inc.		29,600		274,958		48.4
BeNext-Yumeshin Group Co.		11,300		136,277		24.0
Bunka Shutter Co. Ltd.		24,800		178,316		31.4
Canon Electronics, Inc.		16,500		174,221		30.7
Chudenko Corp.		6,400		88,336		15.6
Comture Corp.		12,400		201,750		35.5
Create SD Holdings Co. Ltd.		11,600		247,117		43.5
Daihen Corp.		12,000		309,441		54.5
Daiken Corp.		12,700		170,044		29.9
Digital Arts, Inc.		3,300		138,679		24.4
Digital Garage, Inc.		6,900		165,218		29.1
Direct Marketing MiX, Inc.		9,600		108,477		19.1
Doshisha Co. Ltd.		15,800		160,600		28.3
Doutor Nichires Holdings Co. Ltd.		33,800		377,078		66.4
Earth Corp.		1,700		58,843		10.4
EDION Corp.		10,500		83,341		14.7
Eiken Chemical Co. Ltd.		12,100		149,453		26.3
Eizo Corp.		3,000		72,980		12.8
Elan Corp.		28,000		215,041		37.9
Elecom Co. Ltd.		900		8,337		1.5
en-japan, Inc.		900		15,634		2.8
FCC Co. Ltd.		10,200		99,174		17.5
Fuji Co. Ltd/Ehime		1,900		23,498		4.1
Fuji Corp.		16,600		219,189		38.6
Fujimi, Inc.		6,800		283,908		50.0
Fujimori Kogyo Co. Ltd.		600		12,533		2.2
Fukuoka REIT Corp.		60		70,037		12.3
FULLCAST Holdings Co. Ltd.		5,800		116,010		20.4
Funai Soken Holdings, Inc.		8,200		146,168		25.7
Fuso Chemical Co. Ltd.		5,800		131,009		23.1
Future Corp.		5,900		66,213		11.7
Global One Real Estate Investment Corp.		20		15,439		2.7
Gunma Bank Ltd.		70,200		191,468		33.7
Gunze Ltd.		600		15,412		2.7
H2O Retailing Corp.		21,900		184,298		32.4
Halows Co. Ltd.		3,700		74,319		13.1
Hazama Ando Corp.		8,200		47,524		8.4
Hiday Hidaka Corp.		1,200		15,055		2.6
Hitachi Zosen Corp.		1,900		10,954		1.9
Hoshino Resorts REIT, Inc.		25		118,664		20.9
IBJ Leasing Co. Ltd.		7,700		167,770		29.5
Ichigo Office REIT Investment		78		44,052		7.8
Ichigo, Inc.		31,100		69,992		12.3
Infocom Corp.		14,400		206,688		36.4
Infomart Corp.		101,900		329,649		58.0
Invincible Investment Corp.		331		103,905		18.3
JAC Recruitment Co. Ltd.		6,100		103,785		18.3
Jafco Co. Ltd.		20,200		309,934		54.6
Japan Excellent, Inc.		140		129,465		22.8
Japan Lifeline Co. Ltd.		46,700		314,913		55.4
Japan Petroleum Exploration Co. Ltd.		2,000		51,966		9.1
JCU Corp.		10,300		194,787		34.3
JINS Holdings, Inc.		5,200		156,373		27.5
Joyful Honda Co. Ltd.		5,000		60,946		10.7
Kanamoto Co. Ltd.		19,900		287,277		50.6
Kanematsu Corp.		6,200		61,345		10.8
KeePer Technical Laboratory Co. Ltd.		4,200		115,821		20.4
Keihanshin Building Co. Ltd.		3,300		29,307		5.2
Kissei Pharmaceutical Co. Ltd.		12,400		219,038		38.6
KOMEDA Holdings Co. Ltd.		5,500		91,857		16.2

Security	Shares		Value		% of Basket Value
Japan (continued)
Konoike Transport Co. Ltd.		24,700	$	259,934		45.8	%
Koshidaka Holdings Co. Ltd.		10,400		78,160		13.8
Kumagai Gumi Co. Ltd.		23,500		397,274		69.9
Kumiai Chemical Industry Co. Ltd.		16,100		105,811		18.6
Kyokuto Kaihatsu Kogyo Co. Ltd.		38,700		359,618		63.3
Life Corp.		6,500		96,882		17.1
Link And Motivation, Inc.		1,500		9,056		1.6
M&A Capital Partners Co. Ltd.		4,600		117,046		20.6
Maeda Kosen Co. Ltd.		8,900		180,770		31.8
Mandom Corp.		33,100		334,870		59.0
Maruzen Showa Unyu Co. Ltd.		2,200		44,898		7.9
Matsuda Sangyo Co. Ltd.		2,300		34,312		6.0
Megachips Corp.		1,900		32,523		5.7
Megmilk Snow Brand Co. Ltd.		7,800		84,944		15.0
Meidensha Corp.		10,100		134,373		23.7
Meitec Corp.		9,900		166,753		29.4
METAWATER Co. Ltd.		9,300		119,017		21.0
Milbon Co. Ltd.		8,600		354,610		62.4
MIRAIT ONE corp.		34,100		327,688		57.7
Mitsubishi Pencil Co. Ltd.		11,300		109,982		19.4
Mitsubishi Shokuhin Co. Ltd.		12,300		248,968		43.8
Mitsui-Soko Holdings Co. Ltd.		1,000		20,846		3.7
Mixi, Inc.		8,600		134,822		23.7
Mochida Pharmaceutical Co. Ltd.		1,500		34,541		6.1
Monogatari Corp.		5,500		251,979		44.4
Morita Holdings Corp.		10,900		93,479		16.5
MOS Food Services, Inc.		13,700		290,643		51.2
Nakanishi, Inc.		17,800		324,779		57.2
Nichiha Corp.		4,700		89,002		15.7
Nihon Parkerizing Co. Ltd.		4,800		31,203		5.5
Nikkiso Co. Ltd.		1,200		7,997		1.4
Nippon Ceramic Co. Ltd.		7,800		135,525		23.9
Nippon Gas Co. Ltd.		3,200		46,486		8.2
Nippon Paper Industries Co. Ltd.		54,400		316,698		55.8
NIPPON REIT Investment Corp.		63		155,524		27.4
Nippon Road Co. Ltd.		1,700		69,967		12.3
Nippon Soda Co. Ltd.		1,100		32,816		5.8
Nippon Suisan Kaisha Ltd.		1,800		6,412		1.1
Nishimatsu Construction Co. Ltd.		18,000		438,244		77.2
Nishimatsuya Chain Co. Ltd.		2,200		20,168		3.5
Nissan Shatai Co. Ltd.		36,700		211,310		37.2
Nissin Electric Co. Ltd.		3,600		33,416		5.9
Nohmi Bosai Ltd.		4,700		50,700		8.9
Nomura Co. Ltd.		25,500		186,262		32.8
Noritake Co. Ltd.		300		8,328		1.5
NSD Co. Ltd.		13,900		237,531		41.8
NTN Corp.		4,700		8,376		1.5
Obara Group, Inc.		4,900		113,627		20.0
Oiles Corp.		1,700		17,082		3.0
Okamura Corp.		10,700		98,496		17.3
Oki Electric Industry Co. Ltd.		94,000		465,995		82.0
Okinawa Cellular Telephone Co.		9,800		185,324		32.6
Okinawa Electric Power Co., Inc.		15,300		106,180		18.7
Okumura Corp.		4,600		86,985		15.3
Osaka Organic Chemical Industry Ltd.		10,100		134,954		23.8
Outsourcing, Inc.		12,100		94,260		16.6
Prestige International, Inc.		66,300		320,236		56.4
Relia, Inc.		20,400		136,896		24.1
Ricoh Leasing Co. Ltd.		8,000		195,338		34.4
Riso Kyoiku Co. Ltd.		23,600		48,824		8.6
Saizeriya Co. Ltd.		6,100		113,808		20.0
Sakai Moving Service Co. Ltd.		4,700		148,561		26.2

SCHEDULE   OF  INVESTMENTS 21

Schedule of Investments (unaudited) (continued) October 31, 2022 BlackRock Global Equity Market Neutral Fund

Security	Shares		Value		% of Basket Value
Japan (continued)
Sakata Seed Corp.		300	$	9,888		1.7	%
Sanken Electric Co. Ltd.		1,700		58,232		10.3
Sato Holdings Corp.		14,900		183,810		32.4
Seiren Co. Ltd.		5,800		90,846		16.0
Sekisui Jushi Corp.		3,200		36,641		6.4
Septeni Holdings Co. Ltd.		8,700		25,943		4.6
Seria Co. Ltd.		900		14,703		2.6
Shibaura Machine Co. Ltd.		400		7,765		1.4
Shinmaywa Industries Ltd.		3,400		23,187		4.1
Shizuoka Gas Co. Ltd.		7,000		51,275		9.0
Shoei Co. Ltd.		4,900		180,704		31.8
Sosei Group Corp.		1,200		16,377		2.9
S-Pool, Inc.		5,700		36,399		6.4
Starts Corp., Inc.		600		10,612		1.9
Strike Co. Ltd.		6,100		188,024		33.1
Sumitomo Mitsui Construction Co. Ltd.		126,200		370,737		65.3
Sumitomo Osaka Cement Co. Ltd.		1,100		23,420		4.1
Sumitomo Warehouse Co. Ltd.		10,000		135,727		23.9
Sun Frontier Fudousan Co. Ltd.		9,600		74,121		13.0
Systena Corp.		87,100		244,131		43.0
Tadano Ltd.		6,600		40,344		7.1
Taikisha Ltd.		4,700		110,891		19.5
Takamatsu Construction Group Co. Ltd.		14,700		191,690		33.7
Takara Standard Co. Ltd.		900		7,728		1.4
Takuma Co. Ltd.		21,900		181,819		32.0
Tamron Co. Ltd.		3,300		73,305		12.9
TechMatrix Corp.		4,200		47,702		8.4
Toa Corp.		1,300		21,254		3.7
Tocalo Co. Ltd.		2,900		23,170		4.1
Toho Titanium Co. Ltd.		4,700		70,828		12.5
Tokai Corp.		1,200		15,237		2.7
Tokai Rika Co. Ltd.		14,500		151,315		26.6
Token Corp.		4,400		231,944		40.8
Tokyotokeiba Co. Ltd.		5,800		161,479		28.4
Tokyu Construction Co. Ltd.		73,800		309,715		54.5
Tokyu REIT, Inc.		114		162,375		28.6
Topcon Corp.		8,500		92,976		16.4
Tosei Corp.		3,500		33,380		5.9
Tosho Co. Ltd.		5,800		44,416		7.8
Totetsu Kogyo Co. Ltd.		12,100		200,876		35.4
Towa Pharmaceutical Co. Ltd.		13,200		198,685		35.0
Toyo Construction Co. Ltd.		6,600		39,879		7.0
Toyo Ink SC Holdings Co. Ltd.		19,900		256,229		45.1
Toyobo Co. Ltd.		23,900		166,947		29.4
Tri Chemical Laboratories, Inc.		12,500		186,928		32.9
Trusco Nakayama Corp.		34,000		455,415		80.2
TV Asahi Holdings Corp.		7,000		65,568		11.5
United Arrows Ltd.		9,100		123,649		21.8
UT Group Co. Ltd.		15,300		249,408		43.9
Valor Holdings Co. Ltd.		45,600		527,292		92.8
ValueCommerce Co. Ltd.		17,400		253,828		44.7
Vector, Inc.		6,300		46,818		8.2
Vision, Inc.		7,100		60,022		10.6
VT Holdings Co. Ltd.		4,900		15,875		2.8
Wacoal Holdings Corp.		1,200		19,323		3.4
Wacom Co. Ltd.		18,300		79,409		14.0
Wakita & Co. Ltd.		20,200		159,467		28.1
Weathernews, Inc.		1,500		78,125		13.8
Workman Co. Ltd.		15,700		535,599		94.3
Yamazen Corp.		3,100		19,273		3.4
Yellow Hat Ltd.		26,100		312,923		55.1

Security	Shares		Value		% of Basket Value
Japan (continued)
Yokogawa Bridge Holdings Corp.		8,000	$	106,317		18.7	%
Yuasa Trading Co. Ltd.		1,700		42,314		7.4
Yurtec Corp.		7,000		33,505		5.9
Zenrin Co. Ltd.		13,600		80,050		14.1
Zuken, Inc.		5,400		121,722		21.4
				27,187,744
Jersey
Centamin PLC		129,273		131,418		23.1
Luxembourg
Perimeter Solutions SA		6,604		52,766		9.3
SES SA		91,690		650,352		114.5
				703,118
Malta
Kambi Group PLC		2,970		46,961		8.3
Netherlands
AMG Advanced Metallurgical Group NV		376		11,747		2.1
Basic-Fit NV		3,543		89,234		15.7
Koninklijke BAM Groep NV		7,374		16,093		2.8
Shop Apotheke Europe NV		2,157		89,320		15.7
TomTom NV		24,839		194,168		34.2
uniQure NV		5,969		111,143		19.6
Wereldhave NV		13,199		161,644		28.5
				673,349
New Zealand
a2 Milk Co. Ltd.		38,739		130,506		23.0
Summerset Group Holdings Ltd.		19,685		110,755		19.5
				241,261
Norway
Borregaard ASA		12,083		162,460		28.6
DNO ASA		69,493		90,392		15.9
Elkem ASA		38,553		128,083		22.6
Frontline Ltd.		11,516		143,918		25.4
Scatec ASA		17,183		121,718		21.4
Selvaag Bolig ASA		13,392		43,347		7.6
SpareBank 1 SMN		2,321		25,053		4.4
				714,971
Portugal
Altri SGPS SA		37,387		208,045		36.6
Greenvolt-Energias Renovaveis SA		3,627		27,860		4.9
Navigator Co. SA		15,566		59,304		10.4
REN - Redes Energeticas Nacionais SGPS SA		216,900		561,385		98.9
				856,594
Singapore
AIMS APAC REIT		99,100		86,083		15.2
Ascendas India Trust		318,000		251,662		44.3
BW LPG Ltd.		4,406		35,648		6.3
Far East Hospitality Trust		372,600		151,259		26.6
First Resources Ltd.		109,400		114,939		20.2
Frasers Centrepoint Trust		117,200		172,238		30.3
Hour Glass Ltd.		6,900		9,513		1.7
IGG, Inc.		91,000		23,658		4.2
Kulicke & Soffa Industries, Inc.		1,946		81,615		14.4
Lendlease Global Commercial REIT		35,800		17,720		3.1
Sasseur Real Estate Investment Trust		211,900		106,321		18.7
Sheng Siong Group Ltd.		62,800		69,264		12.2
				1,119,920

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

Schedule of Investments (unaudited) (continued) October 31, 2022 BlackRock Global Equity Market Neutral Fund

Security	Shares		Value		% of Basket Value
South Africa
Investec PLC		876	$	4,390		0.8	%
South Sandwich Islands
Balanced Commercial Property Trust Ltd.		481,412		460,990		81.2
UK Commercial Property REIT Ltd.		739,414		517,763		91.1
				978,753
Spain
Almirall SA		8,982		83,690		14.7
Cia de Distribucion Integral Logista Holdings SA		31,970		661,187		116.4
Ence Energia y Celulosa SA		115,680		396,188		69.8
Indra Sistemas SA		13,857		123,932		21.8
Melia Hotels International SA		31,318		145,606		25.7
Sacyr SA		8,044		19,733		3.5
Unicaja Banco SA		265,353		235,232		41.4
				1,665,568
Sweden
AddTech AB, B Shares		28,114		339,711		59.8
AFRY AB		15,110		202,909		35.7
Bilia AB, A Shares		2,758		29,213		5.1
Biotage AB		18,451		302,844		53.3
Bufab AB		2,152		40,672		7.2
Bure Equity AB		694		13,393		2.4
Corem Property Group AB, B Shares		8,853		5,511		1.0
Elekta AB, B Shares		10,989		55,855		9.8
Fabege AB		6,361		46,181		8.1
Fortnox AB		12,520		53,207		9.4
HMS Networks AB		2,058		52,949		9.3
Intrum AB		8,042		101,186		17.8
MIPS AB		10,314		333,577		58.7
NCC AB, B Shares		4,406		36,713		6.5
Nolato AB, B Shares		6,735		28,407		5.0
Nyfosa AB		12,008		71,761		12.6
OX2 AB		18,880		130,263		22.9
Peab AB		1,502		7,793		1.4
Scandic Hotels Group AB		41,310		131,003		23.1
Sectra AB, B Shares		7,656		101,495		17.9
Troax Group AB		1,025		15,213		2.7
				2,099,856
Switzerland
Allreal Holding AG, Registered Shares, Registered Shares		341		48,847		8.6
Basilea Pharmaceutica AG, Registered Shares		5,322		244,806		43.1
Burckhardt Compression Holding AG		783		338,724		59.7
Burkhalter Holding AG		229		17,838		3.2
Ferrexpo PLC		3,398		3,985		0.7
Gurit Holding AG		1,400		129,352		22.8
Implenia AG, Registered Shares		1,131		42,459		7.5
Inficon Holding AG, Registered Shares		86		68,380		12.0
IWG PLC		419,017		633,363		111.5
Medartis Holding AG		784		60,924		10.7
Stadler Rail AG		4,292		126,295		22.2
Sulzer AG, Registered Shares		3,188		212,623		37.4
Swissquote Group Holding SA, Registered Shares		1,326		157,066		27.7
u-Blox Holding AG		384		39,316		6.9
Ypsomed Holding AG, Registered Shares		2,180		350,619		61.7
				2,474,597

Security	Shares		Value		% of Basket Value
Ukraine
Network International Holdings PLC		7,235	$	26,966		4.7	%
United Kingdom
AG Barr PLC		1,549		7,982		1.4
AJ Bell PLC		2,687		9,994		1.8
Alliance Pharma PLC		19,164		13,630		2.4
Ascential PLC		39,348		86,666		15.3
Babcock International Group PLC		35,256		111,362		19.6
Bank of Georgia Group PLC		3,766		91,776		16.2
Big Yellow Group PLC		6,440		82,867		14.6
Bodycote PLC		5,444		30,941		5.4
boohoo Group PLC		91,622		42,580		7.5
Bytes Technology Group PLC		74,150		305,446		53.8
Ceres Power Holdings PLC		27,251		102,550		18.1
Chemring Group PLC		40,394		140,031		24.6
Clarkson PLC		1,482		46,907		8.3
CLS Holdings PLC		71,820		117,866		20.7
ContourGlobal PLC		68,588		198,551		35.0
Craneware PLC		6,871		145,774		25.7
Dunelm Group PLC		11,451		113,854		20.0
EnQuest PLC		131,182		40,682		7.2
FD Technologies PLC		473		7,274		1.3
Fevertree Drinks PLC		9,285		101,501		17.9
Forterra PLC		10,922		27,368		4.8
Frontier Developments PLC		1,698		25,802		4.5
Gamma Communications PLC		4,637		56,771		10.0
Grainger PLC		15,650		40,741		7.2
Gulf Keystone Petroleum Ltd.		3,230		7,743		1.4
Hammerson PLC		4,264,051		934,809		164.6
Helical PLC		6,351		24,035		4.2
Hill & Smith Holdings PLC		4,982		56,316		9.9
Hunting PLC		42,791		131,270		23.1
Impax Asset Management Group PLC		7,032		53,942		9.5
Indivior PLC		25,314		479,483		84.4
IntegraFin Holdings PLC		40,433		116,849		20.6
JET2 PLC		8,107		79,064		13.9
Judges Scientific PLC		2,471		196,662		34.6
Jupiter Fund Management PLC		63,229		75,227		13.2
Kainos Group PLC		1,694		24,053		4.2
Lancashire Holdings Ltd.		71,615		406,425		71.6
Learning Technologies Group PLC		49,425		60,988		10.7
Luceco PLC		34,452		30,950		5.4
Luxfer Holdings PLC		2,719		39,344		6.9
Membership Collective Group, Inc., Class A		882		4,040		0.7
Moneysupermarket.com Group PLC		59,618		125,406		22.1
Morgan Advanced Materials PLC		47,300		133,439		23.5
Morgan Sindall Group PLC		305		5,382		0.9
National Express Group PLC		202,622		392,785		69.2
Next Fifteen Communications Group PLC		2,071		20,853		3.7
OSB Group PLC		69,228		329,911		58.1
Paragon Banking Group PLC		53,423		261,373		46.0
PZ Cussons PLC		53,506		122,685		21.6
Restaurant Group PLC		202,433		73,805		13.0
RWS Holdings PLC		33,111		116,411		20.5
Safestore Holdings PLC		13,197		136,726		24.1
Shaftesbury PLC		24,458		102,711		18.1
SIG PLC		199,367		71,334		12.6
Smart Metering Systems PLC		39,149		328,639		57.9
Softcat PLC		21,231		272,785		48.0
Spire Healthcare Group PLC		10,449		25,957		4.6

SCHEDULE   OF  INVESTMENTS 23

Schedule of Investments (unaudited) (continued) October 31, 2022 BlackRock Global Equity Market Neutral Fund

Security	Shares		Value		% of Basket Value
United Kingdom (continued)
SThree PLC		30,136	$	128,563		22.6	%
Telecom Plus PLC		802		19,497		3.4
Trainline PLC		44,492		169,755		29.9
Tyman PLC		16,828		37,028		6.5
Vesuvius PLC		35,411		137,747		24.2
Watkin Jones PLC		12,038		12,922		2.3
Wickes Group PLC		49,507		71,990		12.7
YouGov PLC		14,637		149,821		26.4
				7,917,641
United States
1-800-Flowers.com, Inc., Class A		8,043		58,633		10.3
2U, Inc.		18,319		113,395		20.0
8x8, Inc.		111,239		470,541		82.9
A10 Networks, Inc.		17,432		292,858		51.6
ACADIA Pharmaceuticals, Inc.		6,292		100,861		17.8
Acadia Realty Trust		5,839		81,571		14.4
ACCO Brands Corp.		17,631		81,103		14.3
ACI Worldwide, Inc.		22,276		541,975		95.4
Advanced Energy Industries, Inc.		698		54,898		9.7
AdvanSix, Inc.		5,642		205,256		36.1
AerSale Corp.		2,566		54,399		9.6
Agios Pharmaceuticals, Inc.		9,939		273,720		48.2
Alarm.com Holdings, Inc.		1,163		68,431		12.1
Alector, Inc.		11,438		105,230		18.5
Alexander & Baldwin, Inc.		2,675		52,109		9.2
Alignment Healthcare, Inc.		2,536		33,577		5.9
Allegiant Travel Co.		7,473		560,849		98.8
Allegro MicroSystems, Inc.		4,828		122,679		21.6
Allison Transmission Holdings, Inc.		4,774		201,701		35.5
Allogene Therapeutics, Inc.		17,179		176,944		31.2
Allscripts Healthcare Solutions, Inc.		55,109		810,102		142.6
Alto Ingredients, Inc.		9,082		37,509		6.6
Altra Industrial Motion Corp.		2,335		140,427		24.7
Amalgamated Financial Corp.		4,372		100,512		17.7
American Assets Trust, Inc.		2,537		69,717		12.3
American Axle & Manufacturing Holdings, Inc.		21,919		212,395		37.4
American Vanguard Corp.		14,088		327,828		57.7
AMERISAFE, Inc.		1,242		72,545		12.8
Amneal Pharmaceuticals, Inc.		39,996		87,991		15.5
Amphastar Pharmaceuticals, Inc.		10,419		321,947		56.7
AnaptysBio, Inc.		1,798		51,872		9.1
Anika Therapeutics, Inc.		4,161		118,256		20.8
Anterix, Inc.		373		14,305		2.5
Apartment Investment & Management Co., Class A		1,328		10,544		1.9
Apogee Enterprises, Inc.		1,208		55,423		9.8
Apollo Medical Holdings, Inc.		1,346		47,729		8.4
ArcBest Corp.		788		62,591		11.0
Archrock, Inc.		1,163		8,734		1.5
Arcus Biosciences, Inc.		6,213		158,307		27.9
Arlo Technologies, Inc.		3,473		17,886		3.2
Armada Hoffler Properties, Inc.		7,414		86,670		15.3
Artisan Partners Asset Management, Inc., Class A		6,416		182,920		32.2
Artivion, Inc.		6,560		73,210		12.9
Arvinas, Inc.		5,011		249,097		43.9
Associated Banc-Corp.		4,811		117,148		20.6
Assured Guaranty Ltd.		7,765		459,610		80.9
Atlantic Union Bankshares Corp.		4,120		142,305		25.1
AtriCure, Inc.		2,403		101,214		17.8

Security	Shares		Value		% of Basket Value
United States (continued)
Avanos Medical, Inc.		18,116	$	401,269		70.7	%
Avient Corp.		15,479		533,871		94.0
Axcelis Technologies, Inc.		1,945		112,810		19.9
Axos Financial, Inc.		14,182		552,531		97.3
BancFirst Corp.		82		7,857		1.4
Bandwidth, Inc., Class A		19,456		230,943		40.7
Bar Harbor Bankshares		1,722		51,677		9.1
Berry Corp.		17,081		151,508		26.7
Big Lots, Inc.		884		16,681		2.9
BJ’s Restaurants, Inc.		918		30,156		5.3
Boise Cascade Co.		3,417		228,153		40.2
Bread Financial Holdings, Inc.		6,556		236,737		41.7
Bridgebio Pharma, Inc.		1,257		13,111		2.3
Brigham Minerals, Inc., Class A		4,133		128,123		22.6
Broadstone Net Lease, Inc.		1,247		21,374		3.8
Brookdale Senior Living, Inc.		38,174		170,638		30.0
Buckle, Inc.		6,905		271,574		47.8
Byline Bancorp, Inc.		1,967		45,477		8.0
C4 Therapeutics, Inc.		1,941		18,672		3.3
Cal-Maine Foods, Inc.		612		34,584		6.1
Camden National Corp.		2,340		101,837		17.9
Cannae Holdings, Inc.		12,020		278,383		49.0
Capital City Bank Group, Inc.		1,203		42,610		7.5
Cara Therapeutics, Inc.		7,146		67,172		11.8
Cardiovascular Systems, Inc.		20,920		302,085		53.2
CareDx, Inc.		7,913		157,548		27.7
CareTrust REIT, Inc.		11,813		220,667		38.9
Cargurus, Inc.		13,791		200,797		35.4
Carriage Services, Inc.		2,384		58,193		10.2
Casa Systems, Inc.		23,552		74,189		13.1
Catalyst Pharmaceuticals, Inc.		14,878		206,358		36.3
Cavco Industries, Inc.		1,448		328,218		57.8
CBL & Associates Properties, Inc.		1,565		44,962		7.9
CBTX, Inc.		2,445		80,294		14.1
Central Garden & Pet Co., Class A		7,044		275,702		48.5
Century Aluminum Co.		7,672		55,315		9.7
Cerence, Inc.		4,893		84,160		14.8
Certara, Inc.		2,691		32,911		5.8
Cerus Corp.		4,815		17,623		3.1
CEVA, Inc.		4,122		114,015		20.1
Chase Corp.		1,195		112,581		19.8
Chatham Lodging Trust		25,954		336,623		59.3
Cheesecake Factory, Inc.		10,639		380,983		67.1
Chefs’ Warehouse, Inc.		221		8,095		1.4
Chegg, Inc.		27,958		603,054		106.2
Chico’s FAS, Inc.		31,132		183,056		32.2
Chimera Investment Corp.		54,918		370,696		65.3
Chuy’s Holdings, Inc.		4,674		136,948		24.1
Cinemark Holdings, Inc.		17,174		182,216		32.1
Clean Energy Fuels Corp.		37,383		250,840		44.2
Clearwater Paper Corp.		5,149		229,028		40.3
Clearway Energy, Inc., Class A		635		20,530		3.6
CNO Financial Group, Inc.		15,031		331,584		58.4
Coca-Cola Consolidated, Inc.		634		308,764		54.4
Codexis, Inc.		43,381		243,801		42.9
Coeur Mining, Inc.		11,308		42,744		7.5
Cogent Communications Holdings, Inc.		2,892		151,859		26.7
Coherus Biosciences, Inc.		22,704		197,525		34.8
Community Health Systems, Inc.		10,671		30,626		5.4
CommVault Systems, Inc.		4,340		264,263		46.5
Compass Minerals International, Inc.		7,588		300,030		52.8

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

Schedule of Investments (unaudited) (continued) October 31, 2022 BlackRock Global Equity Market Neutral Fund

Security	Shares		Value		% of Basket Value
United States (continued)
ConnectOne Bancorp, Inc.		10,494	$	262,875		46.3	%
Corcept Therapeutics, Inc.		5,396		154,326		27.2
CoreCivic, Inc.		15,625		163,594		28.8
CorVel Corp.		591		97,048		17.1
Cracker Barrel Old Country Store, Inc.		1,975		225,584		39.7
CrossFirst Bankshares, Inc.		6,869		95,548		16.8
Dana, Inc.		3,374		53,849		9.5
Deciphera Pharmaceuticals, Inc.		8,814		142,963		25.2
Delek U.S. Holdings, Inc.		10,940		324,480		57.1
Deluxe Corp.		9,857		181,172		31.9
Denali Therapeutics, Inc.		1,290		36,997		6.5
Dime Community Bancshares, Inc.		4,950		170,923		30.1
Diodes, Inc.		783		56,118		9.9
Diversified Healthcare Trust		42,121		57,285		10.1
Dorian LPG Ltd.		16,940		306,106		53.9
Duckhorn Portfolio, Inc.		23,880		349,126		61.5
Ducommun, Inc.		3,391		160,089		28.2
Dyne Therapeutics, Inc.		11,349		129,379		22.8
Eagle Bulk Shipping, Inc.		1,661		80,359		14.2
Eagle Pharmaceuticals, Inc.		1,450		45,631		8.0
EchoStar Corp., Class A		15,852		299,127		52.7
Ecovyst, Inc.		59,936		596,363		105.0
Editas Medicine, Inc.		21,733		272,749		48.0
elf Beauty, Inc.		5,716		247,274		43.5
Emergent BioSolutions, Inc.		5,681		118,506		20.9
Energy Recovery, Inc.		4,369		112,414		19.8
Ennis, Inc.		6,067		136,872		24.1
EnPro Industries, Inc.		700		74,550		13.1
EPR Properties		1,542		59,521		10.5
Essential Properties Realty Trust, Inc.		12,125		260,930		45.9
Ethan Allen Interiors, Inc.		13,653		349,380		61.5
Eventbrite, Inc., Class A		67,333		442,378		77.9
Everbridge, Inc.		1,341		42,014		7.4
Everi Holdings, Inc.		44,769		849,716		149.6
Evolent Health, Inc., Class A		4,278		136,083		24.0
EW Scripps Co., Class A		21,051		298,714		52.6
eXp World Holdings, Inc.		52,696		696,114		122.6
Expensify, Inc., Class A		397		5,197		0.9
Exponent, Inc.		1,199		114,217		20.1
Farmland Partners, Inc.		11,844		165,934		29.2
Fate Therapeutics, Inc.		6,471		135,373		23.8
FB Financial Corp.		5,850		245,466		43.2
Federal Agricultural Mortgage Corp.		638		73,498		12.9
FibroGen, Inc.		11,315		184,208		32.4
Financial Institutions, Inc.		2		48		0.0
First Advantage Corp.		8,039		112,948		19.9
First Bancshares, Inc.		16,617		544,041		95.8
First Busey Corp.		9,620		254,064		44.7
First Foundation, Inc.		14,440		230,462		40.6
First of Long Island Corp.		6,395		112,424		19.8
Flushing Financial Corp.		12,687		249,934		44.0
FormFactor, Inc.		1,854		37,469		6.6
Forrester Research, Inc.		1,428		60,433		10.6
Forward Air Corp.		3,857		408,341		71.9
Fox Factory Holding Corp.		6,770		594,744		104.7
Franklin Covey Co.		5,834		295,200		52.0
GATX Corp.		928		97,171		17.1
Genco Shipping & Trading Ltd.		7,377		98,852		17.4
Gibraltar Industries, Inc.		4,980		254,378		44.8
GMS, Inc.		2,455		115,876		20.4
Golden Entertainment, Inc.		9,505		401,301		70.7
GoodRx Holdings, Inc., Class A		4,073		21,872		3.9

Security	Shares		Value		% of Basket Value
United States (continued)
Goosehead Insurance, Inc., Class A		3,809	$	158,112		27.8	%
GoPro, Inc., Class A		110,889		604,345		106.4
Gossamer Bio, Inc.		3,041		33,755		5.9
Granite Construction, Inc.		1,545		52,113		9.2
Gray Television, Inc.		7,473		105,743		18.6
Group 1 Automotive, Inc.		1,688		292,024		51.4
Guess?, Inc.		21,152		359,161		63.2
Gulfport Energy Corp.		3,739		334,678		58.9
H&E Equipment Services, Inc.		13,187		497,941		87.7
Hackett Group, Inc.		15,219		332,383		58.5
Hain Celestial Group, Inc.		25,021		468,143		82.4
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		14,316		389,109		68.5
Harmony Biosciences Holdings, Inc.		6,596		342,992		60.4
Harsco Corp.		19,045		100,748		17.7
Haverty Furniture Cos., Inc.		12,333		327,811		57.7
Hawaiian Holdings, Inc.		14,090		203,319		35.8
Hawkins, Inc.		1,337		60,205		10.6
HealthStream, Inc.		1,154		28,504		5.0
Heartland Express, Inc.		4,055		60,338		10.6
Heartland Financial USA, Inc.		6,162		303,910		53.5
Hecla Mining Co.		8,433		38,539		6.8
Heidrick & Struggles International, Inc.		2,627		73,976		13.0
Helix Energy Solutions Group, Inc.		91,780		642,460		113.1
Herbalife Nutrition Ltd.		832		17,688		3.1
Heritage-Crystal Clean, Inc.		13,706		376,504		66.3
Heron Therapeutics, Inc.		25,993		100,073		17.6
Heska Corp.		1,317		94,508		16.6
Holley, Inc.		1,494		5,946		1.0
Horizon Bancorp, Inc.		20,909		311,753		54.9
Howard Hughes Corp.		1,196		73,375		12.9
Hub Group, Inc., Class A		3,969		307,994		54.2
Hudson Pacific Properties, Inc.		17,873		197,318		34.7
I3 Verticals, Inc., Class A		3,215		69,958		12.3
IDT Corp., Class B		5,691		148,307		26.1
IGM Biosciences, Inc.		2,567		51,340		9.0
ImmunoGen, Inc.		16,116		95,729		16.9
Independent Bank Corp.		21,903		506,616		89.2
Industrial Logistics Properties Trust		3,982		18,636		3.3
Infinera Corp.		79,851		447,964		78.9
Ingles Markets, Inc., Class A		902		85,122		15.0
Innoviva, Inc.		12,912		175,087		30.8
Inogen, Inc.		729		16,519		2.9
Insmed, Inc.		1,778		30,795		5.4
Insperity, Inc.		1,236		145,873		25.7
Installed Building Products, Inc.		3,368		289,648		51.0
Intercept Pharmaceuticals, Inc.		17,094		237,094		41.7
InterDigital, Inc.		667		33,263		5.9
International Money Express, Inc.		4,040		109,201		19.2
International Seaways, Inc.		4,392		186,265		32.8
Ironwood Pharmaceuticals, Inc.		13,169		144,069		25.4
iStar, Inc.		10,407		109,065		19.2
Itron, Inc.		9,402		459,664		80.9
J & J Snack Foods Corp.		550		81,185		14.3
Jamf Holding Corp.		10,643		251,920		44.4
Janus International Group, Inc.		13,986		134,685		23.7
JetBlue Airways Corp.		57,391		461,424		81.2
Joint Corp.		5,350		88,382		15.6
Kadant, Inc.		874		155,528		27.4
KAR Auction Services, Inc.		20,459		297,269		52.3
Karyopharm Therapeutics, Inc.		7,872		37,471		6.6
KB Home		3,202		92,282		16.2

SCHEDULE   OF  INVESTMENTS 25

Schedule of Investments (unaudited) (continued) October 31, 2022 BlackRock Global Equity Market Neutral Fund

Security	Shares		Value		% of Basket Value
United States (continued)
Kearny Financial Corp.		15,449	$	156,653		27.6	%
Kemper Corp.		9,449		450,434		79.3
Kforce, Inc.		5,790		366,333		64.5
Knowles Corp.		56,161		772,214		136.0
Kodiak Sciences, Inc.		3,393		24,362		4.3
Korn Ferry		1,857		103,231		18.2
Kratos Defense & Security Solutions, Inc.		1,373		15,213		2.7
Kronos Worldwide, Inc.		875		8,313		1.5
Kura Oncology, Inc.		1,659		25,748		4.5
Kyndryl Holdings, Inc.		19,949		192,907		34.0
Ladder Capital Corp.		4,318		46,073		8.1
Lakeland Bancorp, Inc.		16,259		303,230		53.4
Laureate Education, Inc.		4,932		62,340		11.0
LCI Industries		2,249		238,641		42.0
LeMaitre Vascular, Inc.		8,536		370,462		65.2
LendingClub Corp.		762		8,108		1.4
LendingTree, Inc.		5,556		140,178		24.7
LGI Homes, Inc.		1,964		180,786		31.8
Liberty Latin America Ltd.		17,069		132,968		23.4
Liberty Latin America Ltd., Class A		5,252		40,861		7.2
Liberty Media Corp.-Liberty Braves, Class A		1,269		40,468		7.1
Ligand Pharmaceuticals, Inc.		1,367		119,818		21.1
Lions Gate Entertainment Corp., Class A		21,627		174,314		30.7
Lions Gate Entertainment Corp., Class B		2,381		18,072		3.2
Live Oak Bancshares, Inc.		2,074		67,343		11.9
LivePerson, Inc.		39,956		422,335		74.4
LiveRamp Holdings, Inc.		21,247		390,095		68.7
LSB Industries, Inc.		15,266		269,140		47.4
Luther Burbank Corp.		8,706		109,957		19.4
M/I Homes, Inc.		296		12,281		2.2
Magnite, Inc.		2,204		16,067		2.8
Malibu Boats, Inc., Class A		4,449		235,352		41.4
Marcus & Millichap, Inc.		9,328		343,644		60.5
Marcus Corp.		17,290		260,042		45.8
MarineMax, Inc.		3,926		126,849		22.3
Marten Transport Ltd.		9,006		169,043		29.8
Masonite International Corp.		240		17,167		3.0
McGrath RentCorp		144		13,543		2.4
Medifast, Inc.		508		59,431		10.5
Mercantile Bank Corp.		717		25,059		4.4
Merchants Bancorp		5,293		126,767		22.3
Mercury General Corp.		14,253		413,337		72.8
Merit Medical Systems, Inc.		10,122		696,090		122.6
Metropolitan Bank Holding Corp.		611		40,326		7.1
MFA Financial, Inc.		41,004		408,400		71.9
MGE Energy, Inc.		1,919		130,665		23.0
Midland States Bancorp, Inc.		17,489		490,392		86.3
MidWestOne Financial Group, Inc.		7,493		251,765		44.3
MillerKnoll, Inc.		4,095		86,732		15.3
Mister Car Wash, Inc.		5,801		51,223		9.0
Model N, Inc.		6,154		233,852		41.2
ModivCare, Inc.		1,331		129,426		22.8
Moelis & Co., Class A		7,698		326,857		57.6
Momentive Global, Inc.		5,555		43,107		7.6
Monarch Casino & Resort, Inc.		7,447		591,366		104.1
Monro, Inc.		6,689		319,400		56.2
Montauk Renewables, Inc.		1,116		16,707		2.9
MRC Global, Inc.		9,478		95,064		16.7
Mueller Industries, Inc.		1,549		97,029		17.1
Multiplan Corp.		2,083		5,978		1.1
Myers Industries, Inc.		1,041		21,122		3.7
Nabors Industries Ltd.		774		134,699		23.7

Security	Shares		Value		% of Basket Value
United States (continued)
Napco Security Technologies, Inc.		3,103	$	88,187		15.5	%
National Beverage Corp.		7,192		341,045		60.0
National Research Corp.		165		6,720		1.2
Nektar Therapeutics		13,589		51,095		9.0
NeoGenomics, Inc.		7,874		59,882		10.5
NETGEAR, Inc.		11,985		235,505		41.5
Nevro Corp.		15,192		582,461		102.6
New York Mortgage Trust, Inc.		20,918		56,269		9.9
NexPoint Residential Trust, Inc.		1,237		56,407		9.9
NextEra Energy Partners LP		5,422		401,608		70.7
NextGen Healthcare, Inc.		11,337		227,193		40.0
Northfield Bancorp, Inc.		1,774		28,455		5.0
NOW, Inc.		1,665		21,195		3.7
Nurix Therapeutics, Inc.		770		9,802		1.7
NuVasive, Inc.		4,245		187,332		33.0
NV5 Global, Inc.		2,712		393,104		69.2
Oceaneering International, Inc.		11,497		160,843		28.3
OceanFirst Financial Corp.		31,403		709,080		124.9
Old Second Bancorp, Inc.		13,722		219,552		38.7
Organogenesis Holdings, Inc.		3,191		10,466		1.8
Orthofix Medical, Inc.		6,515		104,631		18.4
Oscar Health, Inc., Class A		4,821		17,982		3.2
Overstock.com, Inc.		1,348		31,341		5.5
Ovintiv, Inc.		22,030		1,115,819		196.5
Oxford Industries, Inc.		3,940		400,816		70.6
Pacira BioSciences, Inc.		4,133		213,924		37.7
Pactiv Evergreen, Inc.		836		9,121		1.6
PagerDuty, Inc.		8,796		219,372		38.6
Palomar Holdings, Inc.		741		65,919		11.6
Par Pacific Holdings, Inc.		6,629		151,672		26.7
Patrick Industries, Inc.		2,080		95,077		16.7
Paya Holdings, Inc.		5,946		47,806		8.4
Pebblebrook Hotel Trust		24,742		396,862		69.9
PennyMac Financial Services, Inc.		4,716		251,457		44.3
Peoples Bancorp, Inc.		3,679		111,363		19.6
PetIQ, Inc.		6,364		52,312		9.2
PetMed Express, Inc.		3,880		82,722		14.6
PGT Innovations, Inc.		20,585		438,666		77.2
Photronics, Inc.		11,239		182,297		32.1
Phreesia, Inc.		6,644		181,514		32.0
Piper Sandler Cos		242		30,969		5.5
Plains GP Holdings LP, Class A		29,794		373,617		65.8
Playa Hotels & Resorts NV		26,059		160,784		28.3
PowerSchool Holdings, Inc., Class A		5,644		112,880		19.9
Premier Financial Corp.		19,259		555,622		97.8
Prestige Consumer Healthcare, Inc.		1,100		59,928		10.6
Primerica, Inc.		2,603		376,654		66.3
Primoris Services Corp.		3,984		80,437		14.2
PROG Holdings, Inc.		18,913		312,443		55.0
ProPetro Holding Corp.		6,002		71,064		12.5
PROS Holdings, Inc.		4,311		107,559		18.9
Protagonist Therapeutics, Inc.		2,588		20,963		3.7
Proto Labs, Inc.		9,300		355,167		62.5
Q2 Holdings, Inc.		10,348		321,202		56.6
Quanex Building Products Corp.		5,241		116,141		20.5
Qurate Retail, Inc.		35,103		82,141		14.5
Rambus, Inc.		7,447		224,602		39.5
Ranpak Holdings Corp.		8,228		31,266		5.5
RE/MAX Holdings, Inc., Class A		16,241		316,050		55.6
Reata Pharmaceuticals, Inc., Class A		5,733		184,603		32.5
Redfin Corp.		4,022		19,346		3.4
Repay Holdings Corp.		1,349		8,215		1.4

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

Schedule of Investments (unaudited) (continued) October 31, 2022 BlackRock Global Equity Market Neutral Fund

Security	Shares		Value		% of Basket Value
United States (continued)
Republic Bancorp, Inc., Class A		1,910	$	88,528		15.6	%
Revolve Group, Inc.		3,524		84,576		14.9
REX American Resources Corp.		1,153		34,578		6.1
RLJ Lodging Trust		10,216		124,329		21.9
RMR Group, Inc., Class A		10,700		292,859		51.6
Rocket Pharmaceuticals, Inc.		717		13,379		2.4
RPT Realty		7,407		68,885		12.1
Rush Enterprises, Inc.		5,412		290,191		51.1
Rush Enterprises, Inc., Class A		7,948		396,526		69.8
Sabra Health Care REIT, Inc.		14,109		192,729		33.9
Sabre Corp.		12,376		71,905		12.7
Safehold, Inc.		5,110		149,467		26.3
Sage Therapeutics, Inc.		7,741		291,526		51.3
Sana Biotechnology, Inc.		9,170		53,186		9.4
Sandy Spring Bancorp, Inc.		9,280		328,883		57.9
Sangamo Therapeutics, Inc.		22,322		97,994		17.3
ScanSource, Inc.		2,617		81,075		14.3
Schneider National, Inc.		11,400		253,536		44.6
Scholastic Corp.		4,416		168,426		29.7
Select Medical Holdings Corp.		5,599		143,782		25.3
Semtech Corp.		45,869		1,270,113		223.6
Sensient Technologies Corp.		6,974		498,362		87.7
Shutterstock, Inc.		5,663		283,320		49.9
Shyft Group, Inc.		12,265		281,850		49.6
SIGA Technologies, Inc.		1,691		15,540		2.7
Signet Jewelers Ltd.		155		10,112		1.8
Simply Good Foods Co.		8,424		322,639		56.8
Simpson Manufacturing Co., Inc.		5,751		491,595		86.6
Simulations Plus, Inc.		4,904		203,516		35.8
Sleep Number Corp.		889		24,661		4.3
SMART Global Holdings, Inc.		2,852		38,588		6.8
Sorrento Therapeutics, Inc.		57,299		89,959		15.8
Sotera Health Co.		11,221		77,200		13.6
SP Plus Corp.		1,371		50,768		8.9
Spectrum Brands Holdings, Inc.		1,486		68,564		12.1
Sportsman’s Warehouse Holdings, Inc.		1,756		15,769		2.8
Standard Motor Products, Inc.		3,335		126,497		22.3
Standex International Corp.		2,837		281,005		49.5
Steelcase, Inc., Class A		1,394		10,831		1.9
Stitch Fix, Inc., Class A		7,808		31,232		5.5
Summit Hotel Properties, Inc.		9,269		80,084		14.1
Summit Materials, Inc., Class A		9,521		250,878		44.2
SunCoke Energy, Inc.		3,058		22,201		3.9
Sunnova Energy International, Inc.		4,965		92,051		16.2
Supernus Pharmaceuticals, Inc.		10,257		351,507		61.9
Surgery Partners, Inc.		5,246		142,639		25.1
Syndax Pharmaceuticals, Inc.		11,720		269,091		47.4
Tactile Systems Technology, Inc.		5,470		40,697		7.2
Tanger Factory Outlet Centers, Inc.		6,954		125,242		22.1
Taylor Morrison Home Corp.		8,780		231,265		40.7
TG Therapeutics, Inc.		2,983		17,361		3.1
Titan Machinery, Inc.		8,655		297,559		52.4
Tootsie Roll Industries, Inc.		6,364		257,042		45.3
TPG RE Finance Trust, Inc.		23,567		199,612		35.1
TPI Composites, Inc.		646		6,434		1.1
Transocean Ltd.		116,649		429,268		75.6
TravelCenters of America, Inc.		1,851		117,687		20.7
Travere Therapeutics, Inc.		4,507		97,712		17.2
Tri Pointe Homes, Inc.		13,949		233,646		41.1
TriNet Group, Inc.		5,986		388,970		68.5
Trinity Industries, Inc.		5,136		146,530		25.8

Security	Shares			Value			% of Basket Value
United States (continued)
Triumph Bancorp, Inc.		3,975		$	204,712			36.0	%
TrueBlue, Inc.		4,826			94,879			16.7
TrueCar, Inc.		22,080			39,744			7.0
Trupanion, Inc.		1,269			64,046			11.3
Turning Point Brands, Inc.		14,755			347,628			61.2
Tutor Perini Corp.		16,300			120,946			21.3
U.S. Cellular Corp.		4,893			152,515			26.9
U.S. Lime & Minerals, Inc.		129			16,273			2.9
U.S. Silica Holdings, Inc.		20,036			288,318			50.8
Under Armour, Inc.		3,178			20,848			3.7
United Fire Group, Inc.		679			18,401			3.2
Unitil Corp.		4,279			225,546			39.7
Univest Financial Corp.		16,386			461,102			81.2
Upland Software, Inc.		23,396			188,104			33.1
Upwork, Inc.		15,901			213,868			37.7
Urban Edge Properties		7,054			99,602			17.5
USANA Health Sciences, Inc.		1,614			84,751			14.9
UWM Holdings Corp.		2,438			7,997			1.4
V2X, Inc.		2,100			86,079			15.2
Vanda Pharmaceuticals, Inc.		19,433			203,464			35.8
Varex Imaging Corp.		12,161			268,880			47.3
Vector Group Ltd.		3,270			34,727			6.1
Veeco Instruments, Inc.		12,818			233,672			41.1
Verint Systems, Inc.		12,408			439,615			77.4
Veritex Holdings, Inc.		9,942			313,968			55.3
Vertex, Inc., Class A		7,636			137,601			24.2
Viavi Solutions, Inc.		9,875			149,112			26.3
Vicor Corp.		1,005			48,009			8.5
ViewRay, Inc.		11,534			49,481			8.7
Vishay Intertechnology, Inc.		26,778			559,928			98.6
Visteon Corp.		317			41,359			7.3
Walker & Dunlop, Inc.		819			73,677			13.0
Warrior Met Coal, Inc.		4,244			157,622			27.8
Washington Federal, Inc.		5,920			229,104			40.3
Watts Water Technologies, Inc., Class A		871			127,480			22.4
Whitestone REIT		718			6,756			1.2
Winmark Corp.		1,508			379,473			66.8
World Fuel Services Corp.		363			9,253			1.6
Xencor, Inc.		13,535			378,980			66.7
Xometry, Inc., Class A		2,328			139,820			24.6
Yelp, Inc.		8,247			316,767			55.8
Yext, Inc.		14,637			77,869			13.7
Zeta Global Holdings Corp., Class A		9,168			76,461			13.5
ZipRecruiter, Inc., Class A		34,155			572,779			100.9
Zumiez, Inc.		5,314			119,193			21.0
Zuora, Inc., Class A		26,713			205,423			36.2
					86,111,287
Total Reference Entity — Long				152,730,334
Reference Entity — Short
Common Stocks
Australia
Australian Clinical Labs Ltd.		(50,439	)		(109,170	)		(19.2	)
Bega Cheese Ltd.		(30,244	)		(62,116	)		(10.9	)
Bellevue Gold Ltd.		(254,068	)		(119,934	)		(21.1	)
Capricorn Metals Ltd.		(4,759	)		(10,322	)		(1.8	)
Centuria Capital Group		(16,637	)		(17,928	)		(3.2	)
Centuria Industrial REIT		(17,252	)		(33,527	)		(5.9	)
Charter Hall Long Wale REIT		(8,337	)		(23,246	)		(4.1	)
Corporate Travel Management Ltd.		(2,873	)		(32,076	)		(5.7	)
Cromwell Property Group		(191,469	)		(85,871	)		(15.1	)

SCHEDULE   OF  INVESTMENTS 27

Schedule of Investments (unaudited) (continued) October 31, 2022 BlackRock Global Equity Market Neutral Fund

Security	Shares			Value			% of Basket Value
Australia (continued)
Elders Ltd.		(1,772	)	$	(14,774	)		(2.6	)%
EML Payments Ltd.		(11,472	)		(2,957	)		(0.5	)
G8 Education Ltd.		(23,430	)		(14,463	)		(2.5	)
GUD Holdings Ltd.		(12,453	)		(64,053	)		(11.3	)
HomeCo Daily Needs REIT		(30,118	)		(24,645	)		(4.3	)
Ingenia Communities Group		(3,418	)		(8,577	)		(1.5	)
Inghams Group Ltd.		(133,018	)		(215,200	)		(37.9	)
Integral Diagnostics Ltd.		(4,712	)		(7,924	)		(1.4	)
InvoCare Ltd.		(2,442	)		(15,970	)		(2.8	)
IPH Ltd.		(3,760	)		(23,913	)		(4.2	)
IRESS Ltd.		(396	)		(2,570	)		(0.5	)
Kelsian Group Ltd.		(1,847	)		(5,528	)		(1.0	)
Megaport Ltd.		(8,292	)		(32,164	)		(5.7	)
OceanaGold Corp.		(15,727	)		(22,857	)		(4.0	)
Omni Bridgeway Ltd.		(5,260	)		(15,143	)		(2.7	)
Regis Resources Ltd.		(103,251	)		(100,671	)		(17.7	)
Select Harvests Ltd.		(13,225	)		(44,871	)		(7.9	)
Sigma Healthcare Ltd.		(78,283	)		(31,723	)		(5.6	)
SolGold PLC		(237,644	)		(43,605	)		(7.7	)
Super Retail Group Ltd.		(15,946	)		(104,848	)		(18.5	)
United Malt Group Ltd.		(111,952	)		(222,744	)		(39.2	)
Vulcan Steel Ltd.		(554	)		(2,658	)		(0.5	)
West African Resources Ltd.		(24,411	)		(16,163	)		(2.8	)
Westgold Resources Ltd.		(62,962	)		(29,407	)		(5.2	)
					(1,561,618	)
Austria
CA Immobilien Anlagen AG		(22,359	)		(706,194	)		(124.3	)
FACC AG		(1,883	)		(12,096	)		(2.1	)
Rhi Magnesita NV		(2,970	)		(63,130	)		(11.1	)
Semperit AG Holding		(17,139	)		(338,886	)		(59.7	)
Strabag SE		(1,060	)		(40,697	)		(7.2	)
					(1,161,003	)
Bahamas
OneSpaWorld Holdings Ltd.		(14,871	)		(134,880	)		(23.8	)
Belgium
bpost SA		(30,212	)		(149,341	)		(26.3	)
Fagron		(1,453	)		(18,089	)		(3.2	)
Gimv NV		(8,995	)		(384,030	)		(67.6	)
KBC Ancora		(7,233	)		(257,117	)		(45.3	)
Kinepolis Group NV		(6,541	)		(246,575	)		(43.4	)
Orange Belgium SA		(1,790	)		(30,297	)		(5.3	)
Telenet Group Holding NV		(3,026	)		(46,135	)		(8.1	)
VGP NV		(3,106	)		(235,510	)		(41.5	)
X-Fab Silicon Foundries SE		(1,916	)		(9,919	)		(1.8	)
					(1,377,013	)
Bermuda
Enstar Group Ltd.		(346	)		(69,380	)		(12.2	)
James River Group Holdings Ltd.		(317	)		(8,011	)		(1.4	)
					(77,391	)
Canada
Absolute Software Corp.		(5,237	)		(62,889	)		(11.1	)
Ag Growth International, Inc.		(2,964	)		(75,930	)		(13.4	)
Allied Properties Real Estate Investment Trust		(6,981	)		(135,229	)		(23.8	)
Altus Group Ltd.		(1,145	)		(40,687	)		(7.2	)
Aurinia Pharmaceuticals, Inc.		(19,781	)		(160,820	)		(28.3	)
Badger Infrastructure Solutions Ltd.		(1,175	)		(24,822	)		(4.4	)
Brookfield Asset Management Reinsurance Partners Ltd., Class A		(3,957	)		(156,409	)		(27.5	)

Security	Shares			Value			% of Basket Value
Canada (continued)
Cascades, Inc.		(11,557	)	$	(74,991	)		(13.2	)%
Choice Properties Real Estate Investment Trust		(18,458	)		(177,352	)		(31.2	)
Chorus Aviation, Inc.		(8,678	)		(16,434	)		(2.9	)
City Office REIT, Inc.		(4,363	)		(46,335	)		(8.2	)
Cogeco, Inc.		(7,520	)		(320,263	)		(56.4	)
Converge Technology Solutions Corp.		(40,540	)		(166,046	)		(29.2	)
Dye & Durham Ltd.		(14,623	)		(161,756	)		(28.5	)
ERO Copper Corp.		(949	)		(10,804	)		(1.9	)
Exchange Income Corp.		(2,905	)		(97,022	)		(17.1	)
Extendicare, Inc.		(127,328	)		(655,169	)		(115.4	)
Filo Mining Corp.		(29,430	)		(352,551	)		(62.1	)
Frontera Energy Corp.		(3,341	)		(27,957	)		(4.9	)
GDI Integrated Facility Services, Inc.		(3,490	)		(119,941	)		(21.1	)
Hardwoods Distribution, Inc.		(6,318	)		(116,079	)		(20.4	)
Headwater Exploration, Inc.		(2,377	)		(12,597	)		(2.2	)
HLS Therapeutics, Inc.		(30,956	)		(217,000	)		(38.2	)
Interfor Corp.		(5,613	)		(99,706	)		(17.5	)
InterRent Real Estate Investment Trust		(875	)		(7,367	)		(1.3	)
Lassonde Industries, Inc., Class A		(1,172	)		(101,160	)		(17.8	)
Lundin Gold, Inc.		(6,615	)		(47,779	)		(8.4	)
Maple Leaf Foods, Inc.		(18,972	)		(281,165	)		(49.5	)
Martinrea International, Inc.		(13,748	)		(88,098	)		(15.5	)
Minto Apartment Real Estate Investment Trust		(2,469	)		(24,158	)		(4.2	)
MTY Food Group, Inc.		(6,366	)		(258,032	)		(45.4	)
Neighbourly Pharmacy, Inc.		(920	)		(15,674	)		(2.8	)
North West Co., Inc.		(27,363	)		(712,018	)		(125.4	)
NorthWest Healthcare Properties Real Estate Investment Trust		(1,239	)		(9,768	)		(1.7	)
Orla Mining Ltd.		(3,021	)		(9,535	)		(1.7	)
Pet Valu Holdings Ltd.		(3,474	)		(93,560	)		(16.5	)
Premium Brands Holdings Corp.		(3,602	)		(212,495	)		(37.4	)
Primaris Real Estate Investment Trust		(19,557	)		(201,405	)		(35.5	)
Recipe Un Ltd. Corp.		(11,165	)		(169,809	)		(29.9	)
Sienna Senior Living, Inc.		(21,204	)		(182,880	)		(32.2	)
Sierra Wireless, Inc.		(785	)		(23,319	)		(4.1	)
SilverCrest Metals, Inc.		(2,205	)		(11,055	)		(1.9	)
Spartan Delta Corp.		(5,045	)		(46,438	)		(8.2	)
Stella-Jones, Inc.		(19,079	)		(574,604	)		(101.2	)
StorageVault Canada, Inc.		(5,281	)		(24,227	)		(4.3	)
Summit Industrial Income REIT		(12,554	)		(160,432	)		(28.2	)
Superior Plus Corp.		(74,590	)		(567,220	)		(99.9	)
Timbercreek Financial Corp.		(34,067	)		(192,297	)		(33.9	)
Transcontinental, Inc., Class A		(2,693	)		(30,738	)		(5.4	)
Uni-Select, Inc.		(9,217	)		(249,986	)		(44.0	)
Wesdome Gold Mines Ltd.		(5,406	)		(32,420	)		(5.7	)
Winpak Ltd.		(10,027	)		(305,590	)		(53.8	)
Xenon Pharmaceuticals, Inc.		(5,826	)		(213,057	)		(37.5	)
					(8,175,075	)
Cayman Islands
Theravance Biopharma, Inc.		(7,145	)		(71,236	)		(12.5	)
Costa Rica
Establishment Labs Holdings, Inc.		(3,870	)		(218,229	)		(38.4	)
Cyprus
Atalaya Mining PLC		(9,375	)		(29,673	)		(5.2	)
Denmark
Netcompany Group A/S		(9,327	)		(319,772	)		(56.3	)
Nilfisk Holding A/S		(662	)		(12,316	)		(2.2	)
Ringkjoebing Landbobank A/S		(7,115	)		(773,846	)		(136.2	)

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

Schedule of Investments (unaudited) (continued) October 31, 2022 BlackRock Global Equity Market Neutral Fund

Security	Shares			Value			% of Basket Value
Denmark (continued)
Scandinavian Tobacco Group A/S		(5,424	)	$	(90,856	)		(16.0	)%
Topdanmark A/S		(9,730	)		(449,070	)		(79.1	)
Zealand Pharma A/S		(5,649	)		(145,491	)		(25.6	)
					(1,791,351	)
Finland
Aktia Bank OYJ		(15,971	)		(158,780	)		(28.0	)
Kamux Corp.		(2,359	)		(11,409	)		(2.0	)
Kemira OYJ		(9,501	)		(125,455	)		(22.1	)
Metsa Board OYJ, Class B		(18,956	)		(142,595	)		(25.1	)
Remedy Entertainment OYJ		(477	)		(8,949	)		(1.6	)
Sanoma OYJ		(32,613	)		(381,782	)		(67.2	)
TietoEVRY OYJ		(3,355	)		(79,981	)		(14.1	)
Tokmanni Group Corp.		(17,389	)		(210,253	)		(37.0	)
					(1,119,204	)
France
ABC arbitrage		(5,141	)		(33,227	)		(5.8	)
Altarea SCA		(370	)		(49,288	)		(8.7	)
Antin Infrastructure Partners SA		(7,889	)		(171,675	)		(30.2	)
Aramis Group SAS		(15,529	)		(71,317	)		(12.6	)
Chargeurs SA		(2,248	)		(29,715	)		(5.2	)
Cie Plastic Omnium SA		(5,819	)		(81,536	)		(14.4	)
Derichebourg SA		(22,979	)		(100,342	)		(17.7	)
Elis SA		(5,135	)		(58,806	)		(10.4	)
Fnac Darty SA		(5,632	)		(173,991	)		(30.6	)
IPSOS		(1,501	)		(72,659	)		(12.8	)
Maisons du Monde SA		(12,818	)		(125,646	)		(22.1	)
Mercialys SA		(58,852	)		(509,617	)		(89.7	)
Quadient SA		(1,314	)		(18,487	)		(3.3	)
Societe BIC SA		(6,790	)		(389,787	)		(68.6	)
Sopra Steria Group SACA		(2,152	)		(284,844	)		(50.2	)
Trigano SA		(2,981	)		(305,127	)		(53.7	)
Verallia SA		(11,709	)		(331,773	)		(58.4	)
Virbac SA		(1,540	)		(377,375	)		(66.4	)
Voltalia SA		(13,824	)		(263,273	)		(46.4	)
					(3,448,485	)
Germany
About You Holding SE		(33,401	)		(163,092	)		(28.7	)
AURELIUS Equity Opportunities SE & Co. KGaA		(771	)		(16,302	)		(2.9	)
Auto1 Group SE		(25,545	)		(171,802	)		(30.2	)
BayWa AG		(4,826	)		(217,767	)		(38.3	)
CECONOMY AG		(74,720	)		(121,600	)		(21.4	)
Cewe Stiftung & Co. KGAA		(139	)		(10,888	)		(1.9	)
CompuGroup Medical SE & Co. KgaA		(623	)		(19,683	)		(3.5	)
Energiekontor AG		(293	)		(26,018	)		(4.6	)
Gerresheimer AG		(9,527	)		(545,789	)		(96.1	)
Grand City Properties SA		(8,545	)		(83,122	)		(14.6	)
Hamborner REIT AG		(26,993	)		(192,568	)		(33.9	)
Hamburger Hafen und Logistik AG		(12,411	)		(145,363	)		(25.6	)
Indus Holding AG		(7,139	)		(140,876	)		(24.8	)
Instone Real Estate Group AG		(8,091	)		(58,891	)		(10.4	)
Jenoptik AG		(4,011	)		(87,933	)		(15.5	)
JOST Werke AG		(3,600	)		(153,630	)		(27.0	)
Kloeckner & Co. SE		(29,327	)		(229,840	)		(40.5	)
Medios AG		(325	)		(6,000	)		(1.1	)
PATRIZIA SE		(1,750	)		(12,844	)		(2.3	)
SGL Carbon SE		(7,117	)		(50,480	)		(8.9	)
Stroeer SE & Co. KGaA		(8,421	)		(343,315	)		(60.4	)
Suedzucker AG		(10,732	)		(136,768	)		(24.1	)

Security	Shares			Value			% of Basket Value
Germany (continued)
Synlab AG		(629	)	$	(8,099	)		(1.4	)%
Takkt AG		(7,952	)		(102,987	)		(18.1	)
Wuestenrot & Wuerttembergische AG		(4,783	)		(67,481	)		(11.9	)
					(3,113,138	)
Hong Kong
Prosperity REIT		(20,000	)		(4,230	)		(0.7	)
SUNeVision Holdings Ltd.		(1,000	)		(530	)		(0.1	)
					(4,760	)
Ireland
C&C Group PLC		(248,002	)		(465,320	)		(82.0	)
Cairn Homes PLC		(130,333	)		(126,186	)		(22.2	)
COSMO Pharmaceuticals NV		(1,263	)		(73,758	)		(13.0	)
Irish Residential Properties REIT PLC		(73,629	)		(79,604	)		(14.0	)
					(744,868	)
Israel
Clal Insurance Enterprises Holdings Ltd.		(510	)		(8,801	)		(1.6	)
Cognyte Software Ltd.		(2,940	)		(7,997	)		(1.4	)
Danel Adir Yeoshua Ltd.		(78	)		(9,050	)		(1.6	)
Doral Group Renewable Energy Resources Ltd.		(104,434	)		(319,799	)		(56.3	)
Electra Consumer Products 1970 Ltd.		(460	)		(15,922	)		(2.8	)
Gilat Satellite Networks Ltd.		(8,726	)		(52,304	)		(9.2	)
Innovid Corp.		(18,679	)		(69,859	)		(12.3	)
Isracard Ltd.		(20,487	)		(60,577	)		(10.7	)
JFrog Ltd.		(39,939	)		(1,014,451	)		(178.6	)
Migdal Insurance & Financial Holdings Ltd.		(37,397	)		(44,857	)		(7.9	)
Naphtha Israel Petroleum Corp. Ltd.		(29,630	)		(154,231	)		(27.2	)
Perion Network Ltd.		(7,534	)		(172,819	)		(30.4	)
RADA Electronic Industries Ltd.		(12,903	)		(148,384	)		(26.1	)
					(2,079,051	)
Italy
Ariston Holding NV		(4,881	)		(41,668	)		(7.3	)
Arnoldo Mondadori Editore SpA		(7,419	)		(12,501	)		(2.2	)
Banca Popolare di Sondrio SCPA		(78,780	)		(282,588	)		(49.8	)
Credito Emiliano SpA		(42,024	)		(249,162	)		(43.9	)
doValue SpA		(49,661	)		(286,023	)		(50.4	)
Enav SpA		(34,127	)		(131,970	)		(23.2	)
Fila SpA		(2,179	)		(14,855	)		(2.6	)
Freni Brembo SpA		(7,800	)		(81,544	)		(14.4	)
Gruppo MutuiOnline SpA		(3,732	)		(82,544	)		(14.5	)
GVS SpA		(39,565	)		(202,987	)		(35.7	)
Illimity Bank SpA		(8,645	)		(58,793	)		(10.3	)
MFE-MediaForEurope NV, Class A		(618,047	)		(216,813	)		(38.2	)
RAI Way SpA		(34,301	)		(164,318	)		(28.9	)
Technogym SpA		(24,127	)		(165,873	)		(29.2	)
Tod’s SpA		(1,232	)		(38,446	)		(6.8	)
Zignago Vetro SpA		(171	)		(2,153	)		(0.4	)
					(2,032,238	)
Japan
ADEKA Corp.		(8,400	)		(125,583	)		(22.1	)
Aeon Hokkaido Corp.		(41,900	)		(331,060	)		(58.3	)
Aichi Corp.		(800	)		(4,248	)		(0.7	)
Aiful Corp.		(45,700	)		(124,467	)		(21.9	)
Airtrip Corp.		(17,900	)		(298,495	)		(52.6	)
Alpen Co. Ltd.		(18,500	)		(251,427	)		(44.3	)
Alpha Systems, Inc.		(1,200	)		(34,636	)		(6.1	)
Appier Group, Inc.		(18,800	)		(179,498	)		(31.6	)
Arcland Corp.		(36,600	)		(363,008	)		(63.9	)

SCHEDULE   OF  INVESTMENTS 29

Schedule of Investments (unaudited) (continued) October 31, 2022 BlackRock Global Equity Market Neutral Fund

Security	Shares			Value			% of Basket Value
Japan (continued)
ARTERIA Networks Corp.		(6,100	)	$	(49,256	)		(8.7	)%
Asahi Holdings, Inc.		(11,300	)		(144,112	)		(25.4	)
Atom Corp.		(25,100	)		(133,348	)		(23.5	)
Awa Bank Ltd.		(9,700	)		(121,937	)		(21.5	)
Axial Retailing, Inc.		(3,900	)		(88,812	)		(15.6	)
BML, Inc.		(20,000	)		(452,109	)		(79.6	)
Bushiroad, Inc.		(23,600	)		(141,071	)		(24.8	)
Cawachi Ltd.		(900	)		(12,456	)		(2.2	)
CellSource Co. Ltd.		(7,500	)		(221,207	)		(38.9	)
Central Glass Co. Ltd.		(7,700	)		(181,817	)		(32.0	)
Chiyoda Corp.		(159,700	)		(395,596	)		(69.7	)
Chofu Seisakusho Co. Ltd.		(2,000	)		(27,313	)		(4.8	)
Citizen Watch Co. Ltd.		(13,500	)		(56,696	)		(10.0	)
Comforia Residential REIT, Inc.		(112	)		(237,770	)		(41.9	)
CONEXIO Corp.		(9,900	)		(75,772	)		(13.3	)
Create Restaurants Holdings, Inc.		(1,800	)		(11,362	)		(2.0	)
CYBERDYNE, Inc.		(2,100	)		(4,676	)		(0.8	)
Cybozu, Inc.		(5,200	)		(66,435	)		(11.7	)
Daiho Corp.		(1,900	)		(53,881	)		(9.5	)
Daiki Aluminium Industry Co. Ltd.		(26,600	)		(229,041	)		(40.3	)
Daikokutenbussan Co. Ltd.		(4,700	)		(143,356	)		(25.2	)
Daishi Hokuetsu Financial Group, Inc.		(14,600	)		(257,853	)		(45.4	)
Daiwabo Holdings Co. Ltd.		(21,000	)		(270,970	)		(47.7	)
DCM Holdings Co. Ltd.		(6,000	)		(46,750	)		(8.2	)
Demae-Can Co. Ltd.		(66,400	)		(215,685	)		(38.0	)
Dip Corp.		(800	)		(22,397	)		(3.9	)
DTS Corp.		(8,700	)		(206,839	)		(36.4	)
Duskin Co. Ltd.		(3,900	)		(74,784	)		(13.2	)
DyDo Group Holdings, Inc.		(4,500	)		(137,313	)		(24.2	)
EM Systems Co. Ltd.		(31,700	)		(209,712	)		(36.9	)
ES-Con Japan Ltd.		(9,100	)		(49,593	)		(8.7	)
Exedy Corp.		(10,800	)		(126,613	)		(22.3	)
Ferrotec Holdings Corp.		(3,900	)		(66,086	)		(11.6	)
Fuji Soft, Inc.		(5,900	)		(320,973	)		(56.5	)
Fujicco Co. Ltd.		(7,200	)		(92,072	)		(16.2	)
Fujio Food Group, Inc.		(4,900	)		(46,017	)		(8.1	)
Fujitec Co. Ltd.		(5,300	)		(105,276	)		(18.5	)
Fukushima Galilei Co. Ltd.		(6,100	)		(167,752	)		(29.5	)
Fukuyama Transporting Co. Ltd.		(800	)		(17,455	)		(3.1	)
Genky DrugStores Co. Ltd.		(700	)		(17,821	)		(3.1	)
GLOBERIDE, Inc.		(8,700	)		(135,981	)		(23.9	)
Glory Ltd.		(33,600	)		(518,066	)		(91.2	)
GMO Financial Gate, Inc.		(900	)		(83,984	)		(14.8	)
GMO Financial Holdings, Inc.		(23,700	)		(91,029	)		(16.0	)
GNI Group Ltd.		(3,500	)		(33,316	)		(5.9	)
G-Tekt Corp.		(2,400	)		(21,453	)		(3.8	)
Hankyu Hanshin REIT, Inc.		(184	)		(191,007	)		(33.6	)
Hanwa Co. Ltd.		(3,300	)		(79,807	)		(14.1	)
Hioki EE Corp.		(200	)		(9,547	)		(1.7	)
Hirata Corp.		(2,700	)		(78,985	)		(13.9	)
Hogy Medical Co. Ltd.		(2,100	)		(46,576	)		(8.2	)
Hokuetsu Corp.		(126,000	)		(653,620	)		(115.1	)
Hokuhoku Financial Group, Inc.		(12,000	)		(72,093	)		(12.7	)
Hokuto Corp.		(11,300	)		(145,856	)		(25.7	)
Hosiden Corp.		(2,600	)		(27,424	)		(4.8	)
Hyakugo Bank Ltd.		(178,800	)		(395,787	)		(69.7	)
Ichibanya Co. Ltd.		(5,200	)		(160,452	)		(28.3	)
Idec Corp.		(6,700	)		(143,506	)		(25.3	)
Inaba Denki Sangyo Co. Ltd.		(4,700	)		(87,734	)		(15.4	)
Inageya Co. Ltd.		(21,000	)		(159,031	)		(28.0	)
IR Japan Holdings Ltd.		(3,400	)		(49,713	)		(8.8	)
Iriso Electronics Co. Ltd.		(1,400	)		(40,561	)		(7.1	)

Security	Shares			Value			% of Basket Value
Japan (continued)
Itochu Advance Logistics Investment Corp.		(383	)	$	(374,548	)		(65.9	)%
Itochu-Shokuhin Co. Ltd.		(2,800	)		(91,863	)		(16.2	)
Jaccs Co. Ltd.		(10,900	)		(264,316	)		(46.5	)
Japan Elevator Service Holdings Co. Ltd.		(4,200	)		(49,541	)		(8.7	)
Japan Material Co. Ltd.		(1,700	)		(22,381	)		(3.9	)
J-Oil Mills, Inc.		(10,000	)		(106,368	)		(18.7	)
Kameda Seika Co. Ltd.		(12,600	)		(389,339	)		(68.6	)
Kanto Denka Kogyo Co. Ltd.		(32,600	)		(207,953	)		(36.6	)
Kappa Create Co. Ltd.		(21,100	)		(199,340	)		(35.1	)
Katakura Industries Co. Ltd.		(13,400	)		(183,341	)		(32.3	)
Keiyo Bank Ltd.		(32,400	)		(113,806	)		(20.0	)
Keiyo Co. Ltd.		(73,200	)		(445,981	)		(78.5	)
KH Neochem Co. Ltd.		(8,900	)		(151,909	)		(26.7	)
Kisoji Co. Ltd.		(18,000	)		(266,327	)		(46.9	)
Kiyo Bank Ltd.		(36,700	)		(353,420	)		(62.2	)
Koa Corp.		(25,300	)		(364,381	)		(64.2	)
Kohnan Shoji Co. Ltd.		(4,900	)		(102,597	)		(18.1	)
Komeri Co. Ltd.		(15,800	)		(275,646	)		(48.5	)
Konishi Co. Ltd.		(10,400	)		(121,488	)		(21.4	)
KYB Corp.		(20,200	)		(441,894	)		(77.8	)
Kyoei Steel Ltd.		(900	)		(7,947	)		(1.4	)
KYORIN Holdings, Inc.		(7,000	)		(86,617	)		(15.3	)
Kyoritsu Maintenance Co. Ltd.		(3,400	)		(140,066	)		(24.7	)
LITALICO, Inc.		(2,100	)		(44,379	)		(7.8	)
Macnica Holdings, Inc.		(1,400	)		(28,001	)		(4.9	)
Management Solutions Co. Ltd.		(9,700	)		(191,202	)		(33.7	)
Maruha Nichiro Corp.		(37,100	)		(572,074	)		(100.7	)
MARUKA FURUSATO Corp.		(800	)		(19,877	)		(3.5	)
Maruwa Co. Ltd/Aichi		(400	)		(46,997	)		(8.3	)
Medley, Inc.		(28,600	)		(693,519	)		(122.1	)
MedPeer, Inc.		(11,800	)		(121,273	)		(21.4	)
Meiko Electronics Co. Ltd.		(9,600	)		(170,185	)		(30.0	)
Micronics Japan Co. Ltd.		(6,200	)		(57,317	)		(10.1	)
Mie Kotsu Group Holdings, Inc.		(47,000	)		(162,575	)		(28.6	)
Mitani Sekisan Co. Ltd.		(3,200	)		(82,270	)		(14.5	)
Mitsubishi Estate Logistics REIT Investment Corp.		(105	)		(310,766	)		(54.7	)
Mitsuuroko Group Holdings Co. Ltd.		(2,100	)		(14,457	)		(2.5	)
Mizuno Corp.		(3,500	)		(59,920	)		(10.6	)
Modec, Inc.		(17,100	)		(186,084	)		(32.8	)
Mori Trust Hotel Reit, Inc.		(39	)		(36,997	)		(6.5	)
Musashi Seimitsu Industry Co. Ltd.		(25,800	)		(297,764	)		(52.4	)
Musashino Bank Ltd.		(12,300	)		(142,040	)		(25.0	)
Nafco Co. Ltd.		(16,800	)		(178,197	)		(31.4	)
Nagawa Co. Ltd.		(200	)		(9,982	)		(1.8	)
Nanto Bank Ltd.		(7,100	)		(101,739	)		(17.9	)
Nichiden Corp.		(8,300	)		(98,119	)		(17.3	)
Nippon Carbon Co. Ltd.		(11,400	)		(322,706	)		(56.8	)
Nippon Steel Trading Corp.		(2,100	)		(72,255	)		(12.7	)
Nishi-Nippon Financial Holdings, Inc.		(31,200	)		(159,126	)		(28.0	)
Nissha Co. Ltd.		(17,400	)		(204,857	)		(36.1	)
Nojima Corp.		(13,400	)		(111,600	)		(19.6	)
Noritsu Koki Co. Ltd.		(6,500	)		(117,015	)		(20.6	)
Noritz Corp.		(5,600	)		(57,481	)		(10.1	)
NS United Kaiun Kaisha Ltd.		(4,000	)		(99,553	)		(17.5	)
Ogaki Kyoritsu Bank Ltd.		(19,000	)		(224,300	)		(39.5	)
Ohsho Food Service Corp.		(2,500	)		(106,595	)		(18.8	)
Oisix ra daichi, Inc.		(10,900	)		(122,962	)		(21.6	)
Okasan Securities Group, Inc.		(28,900	)		(68,742	)		(12.1	)
One REIT, Inc.		(99	)		(164,992	)		(29.1	)
Open Door, Inc.		(9,100	)		(109,065	)		(19.2	)
Optorun Co. Ltd.		(16,700	)		(237,134	)		(41.8	)

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

Schedule of Investments (unaudited) (continued) October 31, 2022 BlackRock Global Equity Market Neutral Fund

Security	Shares			Value			% of Basket Value
Japan (continued)
Organo Corp.		(2,400	)	$	(41,408	)		(7.3	)%
Osaka Soda Co. Ltd.		(2,700	)		(65,620	)		(11.6	)
PAL GROUP Holdings Co. Ltd.		(7,800	)		(111,378	)		(19.6	)
Paramount Bed Holdings Co. Ltd.		(3,600	)		(64,087	)		(11.3	)
Pasona Group, Inc.		(7,800	)		(107,293	)		(18.9	)
Pharma Foods International Co. Ltd.		(2,900	)		(25,636	)		(4.5	)
Pilot Corp.		(8,500	)		(330,474	)		(58.2	)
Piolax, Inc.		(1,700	)		(21,138	)		(3.7	)
PKSHA Technology, Inc.		(3,300	)		(43,164	)		(7.6	)
Raksul, Inc.		(7,200	)		(141,604	)		(24.9	)
Retail Partners Co. Ltd.		(2,000	)		(16,477	)		(2.9	)
Riken Keiki Co. Ltd.		(7,300	)		(200,718	)		(35.3	)
Riso Kagaku Corp.		(7,400	)		(117,543	)		(20.7	)
Roland Corp.		(5,300	)		(150,392	)		(26.5	)
Rorze Corp.		(6,000	)		(301,508	)		(53.1	)
RS Technologies Co. Ltd.		(5,600	)		(277,726	)		(48.9	)
Ryosan Co. Ltd.		(5,500	)		(97,262	)		(17.1	)
Saibu Gas Co. Ltd.		(17,700	)		(205,239	)		(36.1	)
Sakata INX Corp.		(2,200	)		(15,744	)		(2.8	)
San-A Co. Ltd.		(4,500	)		(131,249	)		(23.1	)
SanBio Co. Ltd.		(22,300	)		(130,991	)		(23.1	)
Sangetsu Corp.		(600	)		(6,353	)		(1.1	)
Sanki Engineering Co. Ltd.		(15,200	)		(164,539	)		(29.0	)
Sansan, Inc.		(5,300	)		(52,555	)		(9.3	)
Sanyo Denki Co. Ltd.		(5,000	)		(183,022	)		(32.2	)
SBS Holdings, Inc.		(8,200	)		(159,661	)		(28.1	)
Seiko Holdings Corp.		(2,300	)		(48,717	)		(8.6	)
Senko Group Holdings Co. Ltd.		(42,600	)		(284,564	)		(50.1	)
Shibuya Corp.		(4,300	)		(74,212	)		(13.1	)
Shiga Bank Ltd.		(9,100	)		(154,050	)		(27.1	)
Shima Seiki Manufacturing Ltd.		(8,000	)		(111,614	)		(19.7	)
Shoei Foods Corp.		(2,700	)		(74,514	)		(13.1	)
Showa Sangyo Co. Ltd.		(3,500	)		(59,489	)		(10.5	)
Simplex Holdings, Inc.		(19,700	)		(314,009	)		(55.3	)
SOSiLA Logistics REIT, Inc.		(206	)		(197,459	)		(34.8	)
Star Micronics Co. Ltd.		(4,700	)		(53,839	)		(9.5	)
Starts Proceed Investment Corp.		(51	)		(81,283	)		(14.3	)
Taiyo Holdings Co. Ltd.		(3,900	)		(68,782	)		(12.1	)
Takasago International Corp.		(6,900	)		(129,648	)		(22.8	)
Takeuchi Manufacturing Co. Ltd.		(13,000	)		(262,171	)		(46.2	)
Tenma Corp.		(1,500	)		(20,854	)		(3.7	)
T-Gaia Corp.		(16,200	)		(180,323	)		(31.7	)
TKP Corp.		(6,900	)		(139,797	)		(24.6	)
Toagosei Co. Ltd.		(5,200	)		(39,953	)		(7.0	)
TOC Co. Ltd.		(9,100	)		(47,295	)		(8.3	)
Toei Co. Ltd.		(1,100	)		(135,115	)		(23.8	)
Toho Bank Ltd.		(91,600	)		(126,265	)		(22.2	)
TOKAI Holdings Corp.		(15,100	)		(90,182	)		(15.9	)
Tokai Tokyo Financial Holdings, Inc.		(103,100	)		(236,340	)		(41.6	)
Tokushu Tokai Paper Co. Ltd.		(12,000	)		(236,021	)		(41.6	)
Tokuyama Corp.		(16,600	)		(193,562	)		(34.1	)
Tokyo Seimitsu Co. Ltd.		(9,900	)		(297,738	)		(52.4	)
Tokyo Steel Manufacturing Co. Ltd.		(4,700	)		(40,353	)		(7.1	)
TOMONY Holdings, Inc.		(115,700	)		(251,378	)		(44.3	)
Tomy Co. Ltd.		(38,600	)		(338,941	)		(59.7	)
Topre Corp.		(8,800	)		(69,583	)		(12.3	)
Toyo Tanso Co. Ltd.		(7,400	)		(185,194	)		(32.6	)
Trancom Co. Ltd.		(1,300	)		(66,608	)		(11.7	)
Transcosmos, Inc.		(3,200	)		(73,566	)		(13.0	)
TRE Holdings Corp.		(2,700	)		(29,120	)		(5.1	)
United Super Markets Holdings, Inc.		(17,800	)		(125,331	)		(22.1	)

Security	Shares			Value			% of Basket Value
Japan (continued)
West Holdings Corp.		(10,600	)	$	(316,766	)		(55.8	)%
Yodogawa Steel Works Ltd.		(500	)		(8,128	)		(1.4	)
Yokowo Co. Ltd.		(30,000	)		(408,905	)		(72.0	)
Yonex Co. Ltd.		(900	)		(8,338	)		(1.5	)
Yoshinoya Holdings Co. Ltd.		(10,900	)		(171,314	)		(30.2	)
Zojirushi Corp.		(10,600	)		(106,881	)		(18.8	)
					(29,824,103	)
Luxembourg
Befesa SA		(4,135	)		(143,618	)		(25.3	)
Netherlands
Corbion NV		(2,682	)		(71,419	)		(12.6	)
Core Laboratories NV		(9,636	)		(187,517	)		(33.0	)
Flow Traders		(16,141	)		(388,575	)		(68.4	)
NSI NV		(5,854	)		(139,968	)		(24.6	)
PostNL NV		(39,012	)		(61,081	)		(10.8	)
TKH Group NV		(2,693	)		(95,230	)		(16.8	)
Van Lanschot Kempen NV		(5,206	)		(112,355	)		(19.8	)
					(1,056,145	)
New Zealand
Synlait Milk Ltd.		(60,776	)		(110,134	)		(19.4	)
Norway
Aker Carbon Capture ASA		(42,177	)		(47,463	)		(8.4	)
Aker Solutions ASA		(84,491	)		(322,591	)		(56.8	)
Bonheur ASA		(5,196	)		(147,841	)		(26.0	)
Crayon Group Holding ASA	(20,192)			(167,404)			(29.5)
Europris ASA		(29,314	)		(174,540	)		(30.7	)
Hexagon Composites ASA		(9,085	)		(20,874	)		(3.7	)
Hexagon Purus Holding		(54,964	)		(106,628	)		(18.8	)
Kahoot! ASA	(73,312)			(156,316)			(27.5)
Norway Royal Salmon ASA		(369	)		(4,685	)		(0.8	)
SpareBank 1 SR-Bank ASA		(14,043	)		(143,003	)		(25.2	)
Wallenius Wilhelmsen ASA		(4,061	)		(28,872	)		(5.1	)
					(1,320,217	)
Peru
Hochschild Mining PLC		(178,775	)		(109,234	)		(19.2	)
Portugal
CTT-Correios de Portugal SA		(97,905	)		(302,204	)		(53.2	)
NOS SGPS SA		(7,271	)		(28,479	)		(5.0	)
					(330,683	)
Puerto Rico
First BanCorp		(45,036	)		(711,118	)		(125.2	)
Singapore
BW Energy Ltd.		(40,302	)		(101,553	)		(17.9	)
TDCX, Inc., ADR		(27,093	)		(350,584	)		(61.7	)��
Yangzijiang Financial Holding Ltd.		(41,500	)		(9,087	)		(1.6	)
Yanlord Land Group Ltd.		(1,600	)		(978	)		(0.2	)
					(462,202	)
South Africa
Mediclinic International PLC		(66,892	)		(380,530	)		(67.0	)
South Sandwich Islands
Burford Capital Ltd.		(43,008	)		(347,691	)		(61.2	)
Spain
Atresmedia Corp. de Medios de Comunicacion SA		(4,495	)		(12,972	)		(2.3	)
CIE Automotive SA		(11,927	)		(303,819	)		(53.5	)

SCHEDULE   OF  INVESTMENTS 31

Schedule of Investments (unaudited) (continued) October 31, 2022 BlackRock Global Equity Market Neutral Fund

Security	Shares			Value			% of Basket Value
Spain (continued)
Construcciones y Auxiliar de Ferrocarriles SA		(7,439	)	$	(194,222	)		(34.2	)%
Corp. Financiera Alba SA		(1,565	)		(69,597	)		(12.2	)
Ebro Foods SA		(4,226	)		(65,897	)		(11.6	)
Faes Farma SA		(8,515	)		(32,140	)		(5.7	)
Gestamp Automocion SA		(50,191	)		(176,737	)		(31.1	)
Global Dominion Access SA		(16,299	)		(59,759	)		(10.5	)
Grupo Catalana Occidente SA		(827	)		(22,461	)		(3.9	)
Soltec Power Holdings SA		(54,560	)		(229,814	)		(40.5	)
Talgo SA		(10,590	)		(29,385	)		(5.2	)
					(1,196,803	)
Sweden
AcadeMedia AB		(24,573	)		(105,181	)		(18.5	)
AddLife AB, Class B		(1,222	)		(11,424	)		(2.0	)
Ambea AB		(3,216	)		(11,376	)		(2.0	)
Attendo AB		(2,672	)		(5,516	)		(1.0	)
BHG Group AB		(173,100	)		(290,079	)		(51.1	)
BICO Group AB, Class B		(6,095	)		(23,371)			(4.1	)
Bonava AB, B Shares		(5,578	)		(16,315	)		(2.9	)
Boozt AB		(47,183	)		(344,092	)		(60.6	)
Bravida Holding AB		(9,824	)		(92,040	)		(16.2	)
Catena AB		(436	)		(14,808	)		(2.6	)
Cint Group AB		(30,384	)		(160,026	)		(28.2	)
Clas Ohlson AB, B Shares		(14,147	)		(94,475	)		(16.6	)
Coor Service Management Holding AB		(8,547	)		(45,410	)		(8.0	)
Dios Fastigheter AB		(8,404	)		(55,187	)		(9.7	)
Duni AB		(7,137	)		(48,027	)		(8.5	)
Dustin Group AB		(6,752	)		(28,094	)		(5.0	)
Electrolux Professional AB, Class B		(17,398	)		(65,683	)		(11.6	)
Granges AB		(34,063	)		(230,188	)		(40.5	)
Hemnet Group AB		(885	)		(10,995	)		(1.9	)
Hexpol AB		(29,020	)		(286,431	)		(50.4	)
Hufvudstaden AB		(23,927	)		(285,133	)		(50.2	)
Instalco AB		(9,038	)		(36,254	)		(6.4	)
Inwido AB		(12,337	)		(110,824	)		(19.5	)
JM AB		(1,251	)		(18,836	)		(3.3	)
Lindab International AB		(3,114	)		(33,124	)		(5.8	)
Mekonomen AB		(6,035	)		(57,030	)		(10.0	)
Munters Group AB		(16,234	)		(126,655	)		(22.3	)
New Wave Group AB, B Shares		(2,417	)		(33,592	)		(5.9	)
Nobia AB		(2,862	)		(4,766	)		(0.8	)
Nordic Entertainment Group AB, Class B		(3,786	)		(69,118	)		(12.2	)
Nordnet AB publ		(5,788	)		(71,701	)		(12.6	)
Ratos AB, B Shares		(13,273	)		(49,682	)		(8.8	)
Resurs Holding AB		(5,698	)		(12,382	)		(2.2	)
Rvrc Holding AB		(14,676	)		(36,367	)		(6.4	)
Samhallsbyggnadsbolaget i Norden AB		(27,947	)		(45,951	)		(8.1	)
Sedana Medical AB		(395	)		(716	)		(0.1	)
SSAB AB, B Shares		(62,118	)		(288,626	)		(50.8	)
Stillfront Group AB		(29,971	)		(58,334	)		(10.3	)
Storskogen Group AB, Class B		(205,553	)		(150,084	)		(26.4	)
Wallenstam AB, B Shares		(44,871	)		(158,309	)		(27.9	)
Wihlborgs Fastigheter AB		(14,656	)		(96,015	)		(16.9	)
					(3,682,217	)
Switzerland
ALSO Holding AG, Registered Shares		(2,663	)		(418,536	)		(73.7	)
Bobst Group SA, Registered Shares		(6,119	)		(376,019	)		(66.2	)
Bossard Holding AG		(38	)		(7,544	)		(1.3	)
Bucher Industries AG, Registered Shares		(740	)		(249,502	)		(43.9	)
Conzzeta AG		(223	)		(128,090	)		(22.6	)

Security	Shares			Value			% of Basket Value
Switzerland (continued)
Daetwyler Holding AG		(173	)	$	(30,703	)		(5.4	)%
dormakaba Holding AG		(865	)		(274,565	)		(48.3	)
EFG International AG		(13,522	)		(110,668	)		(19.5	)
Forbo Holding AG, Registered Shares		(176	)		(213,052	)		(37.5	)
Huber & Suhner AG, Registered Shares		(550	)		(48,989	)		(8.6	)
Interroll Holding AG, Registered Shares		(36	)		(75,841	)		(13.4	)
Kardex Holding AG, Registered Shares		(253	)		(38,689	)		(6.8	)
Komax Holding AG, Registered Shares		(241	)		(56,562	)		(10.0	)
Metall Zug AG, Registered Shares		(5	)		(9,263	)		(1.6	)
Mobilezone Holding AG, Registered Shares		(3,258	)		(51,671	)		(9.1	)
Mobimo Holding AG, Registered Shares		(45	)		(10,497	)		(1.8	)
Peach Property Group AG		(4,060	)		(86,387	)		(15.2	)
PolyPeptide Group AG		(1,571	)		(45,679	)		(8.0	)
SFS Group AG		(2,297	)		(207,714	)		(36.6	)
Siegfried Holding AG, Registered Shares		(56	)		(33,336	)		(5.9	)
Softwareone Holding AG		(18,193	)		(204,748	)		(36.0	)
St Galler Kantonalbank AG, Registered Shares		(582	)		(273,992	)		(48.2	)
TX Group AG		(252	)		(35,015	)		(6.2	)
Valiant Holding AG, Registered Shares		(2,108	)		(206,473	)		(36.4	)
Valora Holding AG, Registered Shares		(173	)		(44,753	)		(7.9	)
Vontobel Holding AG, Registered Shares		(157	)		(8,834	)		(1.6	)
Zehnder Group AG		(1,640	)		(88,320	)		(15.6	)
					(3,335,442	)
United Kingdom
Abcam PLC		(6,839	)		(105,863	)		(18.6	)
AO World PLC		(330,364	)		(169,351	)		(29.8	)
Argo Blockchain PLC		(841,422	)		(75,680	)		(13.3	)
ASOS PLC		(5,323	)		(34,276	)		(6.0	)
Assura PLC		(173,856	)		(111,392	)		(19.6	)
Auction Technology Group PLC		(11,527	)		(98,651	)		(17.4	)
Balfour Beatty PLC		(19,434	)		(66,549	)		(11.7	)
Biffa PLC		(63,703	)		(300,546	)		(52.9	)
Bridgepoint Group PLC		(122,402	)		(279,744	)		(49.3	)
Britvic PLC		(14,070	)		(117,386	)		(20.7	)
Close Brothers Group PLC		(38,838	)		(437,552	)		(77.0	)
CMC Markets PLC		(35,266	)		(99,264	)		(17.5	)
Cranswick PLC		(6,571	)		(224,346	)		(39.5	)
Crest Nicholson Holdings PLC		(38,736	)		(89,789	)		(15.8	)
Deliveroo PLC		(114,892	)		(114,840	)		(20.2	)
Domino’s Pizza Group PLC		(130,818	)		(338,333	)		(59.6	)
Elementis PLC		(83,065	)		(87,813	)		(15.5	)
EMIS Group PLC		(1,562	)		(33,282	)		(5.9	)
Empiric Student Property PLC		(54,921	)		(51,646	)		(9.1	)
Energean PLC		(11,804	)		(193,712	)		(34.1	)
Essentra PLC		(44,217	)		(113,835	)		(20.0	)
Euromoney Institutional Investor PLC		(1,717	)		(28,514	)		(5.0	)
Firstgroup PLC		(167,374	)		(200,946	)		(35.4	)
GB Group PLC		(10,671	)		(46,582	)		(8.2	)
Genus PLC		(3,949	)		(115,412	)		(20.3	)
Great Portland Estates PLC		(49,830	)		(293,737	)		(51.7	)
Halfords Group PLC		(87,051	)		(176,000	)		(31.0	)
Helios Towers PLC		(14,031	)		(20,160	)		(3.6	)
Home Reit PLC		(233,898	)		(225,585	)		(39.7	)
Hotel Chocolat Group PLC		(6,082	)		(10,253	)		(1.8	)
Ibstock PLC		(65,006	)		(115,894	)		(20.4	)
IP Group PLC		(118,320	)		(79,738	)		(14.0	)
John Wood Group PLC		(4,504	)		(7,242	)		(1.3	)
Just Group PLC		(126,320	)		(83,906	)		(14.8	)
Kape Technologies PLC		(112,196	)		(283,066	)		(49.8	)
Keller Group PLC		(15,208	)		(109,527	)		(19.3	)

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

Schedule of Investments (unaudited) (continued) October 31, 2022 BlackRock Global Equity Market Neutral Fund

Security	Shares			Value			% of Basket Value
United Kingdom (continued)
Liontrust Asset Management PLC		(7,161	)	$	(70,132	)		(12.4	)%
Marston’s PLC		(55,610	)		(22,359	)		(3.9	)
Mitie Group PLC		(369,504	)		(303,362	)		(53.4	)
NCC Group PLC		(31,436	)		(71,741	)		(12.6	)
On the Beach Group PLC		(121,692	)		(144,175	)		(25.4	)
Oxford Biomedica PLC		(50,680	)		(188,018)			(33.1	)
Oxford Nanopore Technologies PLC		(23,297	)		(70,178	)		(12.4	)
Petro Rio SA		(572,006	)		(706,486	)		(124.4	)
Pets at Home Group PLC		(29,655	)		(98,052	)		(17.3	)
Primary Health Properties PLC		(65,957	)		(84,035	)		(14.8	)
PRS REIT PLC		(37,914	)		(38,262	)		(6.7	)
Quilter PLC		(54,561	)		(60,481	)		(10.7	)
Rank Group PLC		(73,882	)		(44,397	)		(7.8	)
Rathbone Brothers PLC		(9,885	)		(212,439	)		(37.4	)
Renewi PLC		(8,427	)		(51,054	)		(9.0	)
S4 Capital PLC		(32,943	)		(66,362	)		(11.7	)
Saga PLC		(160,496	)		(158,105	)		(27.8	)
Savills PLC		(19,498	)		(184,217	)		(32.4	)
Spirent Communications PLC		(5,325	)		(15,807	)		(2.8	)
Target Healthcare REIT PLC		(21,992	)		(21,866	)		(3.9	)
TI Fluid Systems PLC		(122,991	)		(195,292	)		(34.4	)
Tronox Holdings PLC		(7,487	)		(89,844	)		(15.8	)
Trustpilot Group PLC		(47,178	)		(58,666	)		(10.3	)
Tullow Oil PLC		(483,205	)		(224,569	)		(39.5	)
Urban Logistics REIT PLC		(58,569	)		(88,324	)		(15.6	)
Victrex PLC		(6,612	)		(125,580	)		(22.1	)
Volex PLC		(11,611	)		(32,956	)		(5.8	)
Volution Group PLC		(16,423	)		(58,133	)		(10.2	)
Wincanton PLC		(30,071	)		(113,971	)		(20.1	)
Yellow Cake PLC		(92,356	)		(454,931	)		(80.1	)
					(8,994,206	)
United States
23andMe Holding Co., Class A		(5,094	)		(15,995	)		(2.8	)
3D Systems Corp.		(10,974	)		(96,900	)		(17.1	)
4D Molecular Therapeutics, Inc.		(820	)		(7,101	)		(1.3	)
908 Devices, Inc.		(7,325	)		(117,127	)		(20.6	)
AAON, Inc.		(250	)		(16,123	)		(2.8	)
Aaron’s Co., Inc.		(4,099	)		(42,712	)		(7.5	)
ABM Industries, Inc.		(2,366	)		(105,311	)		(18.5	)
Accolade, Inc.		(20,545	)		(221,475	)		(39.0	)
Aclaris Therapeutics, Inc.		(1,150	)		(17,952	)		(3.2	)
ACM Research, Inc., Class A		(13,593	)		(86,995	)		(15.3	)
Acushnet Holdings Corp.		(8,366	)		(389,605	)		(68.6	)
ACV Auctions, Inc., Class A		(47,041	)		(429,014	)		(75.5	)
AdaptHealth Corp.		(7,870	)		(179,436	)		(31.6	)
Addus HomeCare Corp.		(337	)		(34,516	)		(6.1	)
Adicet Bio, Inc.		(2,963	)		(48,860	)		(8.6	)
Adtalem Global Education, Inc.		(8,693	)		(362,498	)		(63.8	)
ADTRAN Holdings, Inc.		(2,755	)		(61,877	)		(10.9	)
Aerojet Rocketdyne Holdings, Inc.		(2,545	)		(123,305	)		(21.7	)
AeroVironment, Inc.		(1,077	)		(98,546	)		(17.4	)
Aeva Technologies, Inc.		(62,334	)		(124,668	)		(22.0	)
AEye, Inc.		(5,200	)		(4,527	)		(0.8	)
Agiliti, Inc.		(23,420	)		(409,147	)		(72.0	)
Air Transport Services Group, Inc.		(2,067	)		(60,356	)		(10.6	)
Akero Therapeutics, Inc.		(1,241	)		(52,445	)		(9.2	)
Alamo Group, Inc.		(506	)		(76,952	)		(13.5	)
Albany International Corp., Class A		(3,228	)		(295,749	)		(52.1	)
Alexander’s, Inc.		(1,595	)		(374,650	)		(66.0	)
Alkami Technology, Inc.		(3,663	)		(58,059	)		(10.2	)

Security	Shares			Value			% of Basket Value
United States (continued)
Allovir, Inc.		(3,597	)	$	(24,927	)		(4.4	)%
Alpha & Omega Semiconductor Ltd.		(1,694	)		(55,479	)		(9.8	)
Altair Engineering, Inc., Class A		(1,694	)		(83,091	)		(14.6	)
ALX Oncology Holdings, Inc.		(649	)		(7,879	)		(1.4	)
A-Mark Precious Metals, Inc.		(2,997	)		(91,139	)		(16.0	)
Ambac Financial Group, Inc.		(4,935	)		(69,337	)		(12.2	)
AMC Networks, Inc., Class A		(3,195	)		(71,919	)		(12.7	)
Amerant Bancorp, Inc.		(6,454	)		(194,265	)		(34.2	)
American Equity Investment Life Holding Co.		(3,348	)		(144,232	)		(25.4	)
American Finance Trust, Inc.		(19,730	)		(134,953	)		(23.8	)
American States Water Co.		(6,615	)		(598,393	)		(105.4	)
American Well Corp., Class A		(2,140	)		(8,753	)		(1.5	)
America’s Car-Mart, Inc.		(1,629	)		(111,358	)		(19.6	)
Amplitude, Inc., Class A		(23,922	)		(401,890	)		(70.8	)
Anavex Life Sciences Corp.		(1,064	)		(12,949	)		(2.3	)
ANI Pharmaceuticals, Inc.		(198	)		(7,641	)		(1.3	)
Anywhere Real Estate, Inc.		(33,429	)		(248,377	)		(43.7	)
Appfolio, Inc., Class A		(493	)		(61,807	)		(10.9	)
Applied Industrial Technologies, Inc.		(2,626	)		(326,622	)		(57.5	)
Arcturus Therapeutics Holdings, Inc.		(4,968	)		(87,934	)		(15.5	)
Arcutis Biotherapeutics, Inc.		(3,485	)		(61,615	)		(10.8	)
Ares Commercial Real Estate Corp.		(706	)		(8,712	)		(1.5	)
Argan, Inc.		(9,640	)		(334,219	)		(58.8	)
Argonaut Gold, Inc.		(134,573	)		(39,512	)		(7.0	)
Arko Corp.		(22,125	)		(226,781	)		(39.9	)
Astra Space, Inc.		(33,267	)		(20,972	)		(3.7	)
Atea Pharmaceuticals, Inc.		(9,793	)		(58,758	)		(10.3	)
Atlanticus Holdings Corp.		(464	)		(13,252	)		(2.3	)
Atlas Air Worldwide Holdings, Inc.		(1,422	)		(143,821	)		(25.3	)
Avid Technology, Inc.		(5,648	)		(155,264	)		(27.3	)
AZZ, Inc.		(2,941	)		(118,228	)		(20.8	)
B Riley Financial, Inc.		(582	)		(23,676	)		(4.2	)
Babcock & Wilcox Enterprises, Inc.		(15,275	)		(69,654	)		(12.3	)
Balchem Corp.		(1,203	)		(168,179	)		(29.6	)
Bally’s Corp.		(13,907	)		(313,464	)		(55.2	)
Bank of Hawaii Corp.		(2,114	)		(160,558	)		(28.3	)
Banner Corp.		(20,699	)		(1,547,250	)		(272.4	)
BARK, Inc.		(14,017	)		(25,651	)		(4.5	)
Barnes Group, Inc.		(5,337	)		(188,770	)		(33.2	)
Barrett Business Services, Inc.		(174	)		(15,176	)		(2.7	)
Beauty Health Co.		(24,973	)		(285,441	)		(50.3	)
BellRing Brands, Inc.		(7,811	)		(189,182	)		(33.3	)
Benchmark Electronics, Inc.		(2,223	)		(63,111	)		(11.1	)
Berkshire Hills Bancorp, Inc.		(7,009	)		(205,013	)		(36.1	)
BigCommerce Holdings, Inc.		(18,079	)		(268,654	)		(47.3	)
BioCryst Pharmaceuticals, Inc.		(10,120	)		(135,102	)		(23.8	)
BioLife Solutions, Inc.		(406	)		(9,549	)		(1.7	)
Bioventus, Inc., Class A		(681	)		(5,543	)		(1.0	)
Bioxcel Therapeutics, Inc.		(4,070	)		(51,241	)		(9.0	)
Bloomin’ Brands, Inc.		(19,699	)		(472,973	)		(83.3	)
Blue Bird Corp.		(2,616	)		(23,989	)		(4.2	)
BlueLinx Holdings, Inc.		(884	)		(62,287	)		(11.0	)
Boston Omaha Corp., Class A		(10,477	)		(291,994	)		(51.4	)
Brady Corp., Class A		(2,375	)		(108,656	)		(19.1	)
Brightsphere Investment Group, Inc.		(26,363	)		(496,152	)		(87.4	)
Brinker International, Inc.		(2,599	)		(86,781	)		(15.3	)
Broadmark Realty Capital, Inc.		(30,473	)		(177,353	)		(31.2	)
BRP Group, Inc., Class A		(11,405	)		(323,332	)		(56.9	)
C3.AI, Inc., Class A		(8,978	)		(117,702	)		(20.7	)
Calavo Growers, Inc.		(1,909	)		(66,032	)		(11.6	)
Caleres, Inc.		(3,602	)		(98,443	)		(17.3	)

SCHEDULE   OF  INVESTMENTS 33

Schedule of Investments (unaudited) (continued) October 31, 2022 BlackRock Global Equity Market Neutral Fund

Security	Shares			Value			% of Basket Value
United States (continued)
California Resources Corp.		(18,187	)	$	(820,416	)		(144.5	)%
Callon Petroleum Co.		(9,920	)		(436,083	)		(76.8	)
Cano Health, Inc.		(3,520	)		(12,602	)		(2.2	)
Cardlytics, Inc.		(10,774	)		(101,599	)		(17.9	)
CareMax, Inc.		(1,694	)		(11,926	)		(2.1	)
Caribou Biosciences, Inc.		(7,909	)		(77,034	)		(13.6	)
Cathay General Bancorp		(4,584	)		(209,030	)		(36.8	)
CCC Intelligent Solutions Holdings, Inc.		(14,004	)		(130,657	)		(23.0	)
Celldex Therapeutics, Inc.		(6,150	)		(216,050	)		(38.0	)
Centerspace		(3,340	)		(231,462	)		(40.8	)
Centrus Energy Corp., Class A		(3,165	)		(149,736	)		(26.4	)
Century Communities, Inc.		(734	)		(32,670	)		(5.8	)
Cerevel Therapeutics Holdings, Inc.		(12,356	)		(345,474	)		(60.8	)
Chesapeake Utilities Corp.		(68	)		(8,458	)		(1.5	)
Children’s Place, Inc.		(5,942	)		(240,532	)		(42.4	)
City Holding Co.		(2,857	)		(288,128	)		(50.7	)
Clarus Corp.		(3,353	)		(40,605	)		(7.1	)
Clearfield, Inc.		(1,856	)		(225,448	)		(39.7	)
Columbia Financial, Inc.		(5,082	)		(104,384	)		(18.4	)
Comfort Systems USA, Inc.		(505	)		(62,256	)		(11.0	)
CommScope Holding Co., Inc.		(6,037	)		(79,930	)		(14.1	)
Community Healthcare Trust, Inc.		(2,521	)		(87,227	)		(15.4	)
Community Trust Bancorp, Inc.		(2,306	)		(109,051	)		(19.2	)
Computer Programs and Systems, Inc.		(455	)		(14,697	)		(2.6	)
Comtech Telecommunications Corp.		(1,095	)		(12,100	)		(2.1	)
Conduent, Inc.		(11,818	)		(48,690	)		(8.6	)
CONMED Corp.		(3,161	)		(252,027	)		(44.4	)
Consensus Cloud Solutions, Inc.		(2,821	)		(158,371	)		(27.9	)
Core & Main, Inc., Class A		(850	)		(20,043	)		(3.5	)
Corporate Office Properties Trust		(5,800	)		(154,570	)		(27.2	)
Coursera, Inc.		(13,658	)		(176,052	)		(31.0	)
Credo Technology Group Holding Ltd.		(5,291	)		(72,698	)		(12.8	)
Crinetics Pharmaceuticals, Inc.		(9,352	)		(172,638	)		(30.4	)
Cross Country Healthcare, Inc.		(4,503	)		(167,016	)		(29.4	)
CryoPort, Inc.		(3,992	)		(110,818	)		(19.5	)
CS Disco, Inc.		(3,936	)		(42,194	)		(7.4	)
CSG Systems International, Inc.		(5,268	)		(340,682	)		(60.0	)
CSW Industrials, Inc.		(87	)		(11,216	)		(2.0	)
CTS Corp.		(4,244	)		(167,723	)		(29.5	)
Cullinan Oncology, Inc.		(11,877	)		(156,064	)		(27.5	)
Curo Group Holdings Corp.		(1,527	)		(7,895	)		(1.4	)
Cytek Biosciences, Inc.		(3,229	)		(50,114	)		(8.8	)
Denny’s Corp.		(465	)		(5,268	)		(0.9	)
DermTech, Inc.		(2,125	)		(6,843	)		(1.2	)
Designer Brands, Inc., Class A		(9,033	)		(137,573	)		(24.2	)
Diebold Nixdorf, Inc.		(9,191	)		(22,886	)		(4.0	)
Digi International, Inc.		(5,497	)		(221,694	)		(39.0	)
DigitalBridge Group, Inc.		(14,904	)		(190,771	)		(33.6	)
Dine Brands Global, Inc.		(2,860	)		(206,177	)		(36.3	)
DMC Global, Inc.		(2,451	)		(53,040	)		(9.3	)
DocGo, Inc.		(1,097	)		(10,860	)		(1.9	)
Doma Holdings, Inc.		(57,470	)		(31,183	)		(5.5	)
Donnelley Financial Solutions, Inc.		(5,606	)		(226,651	)		(39.9	)
Douglas Elliman, Inc.		(63,105	)		(291,545	)		(51.3	)
Driven Brands Holdings, Inc.		(5,043	)		(161,275	)		(28.4	)
Duck Creek Technologies, Inc.		(10,885	)		(129,967	)		(22.9	)
Dynavax Technologies Corp.		(19,026	)		(217,848	)		(38.4	)
Dynex Capital, Inc.		(18,479	)		(220,639	)		(38.8	)
E2open Parent Holdings, Inc.		(46,764	)		(272,634	)		(48.0	)
Easterly Government Properties, Inc.		(12,213	)		(212,384	)		(37.4	)
Eastern Bankshares, Inc.		(23,160	)		(443,977	)		(78.2	)
Eastman Kodak Co.		(9,598	)		(51,349	)		(9.0	)

Security	Shares			Value			% of Basket Value
United States (continued)
Edgewell Personal Care Co.		(6,759	)	$	(264,885	)		(46.6	)%
Edgio, Inc.		(2,596	)		(6,983	)		(1.2	)
Ellington Financial, Inc.		(32,198	)		(430,809	)		(75.9	)
Elme Communities		(10,865	)		(207,413	)		(36.5	)
Embark Technology, Inc.		(814	)		(4,917	)		(0.9	)
Embecta Corp.		(21,208	)		(655,751	)		(115.5	)
Empire State Realty Trust, Inc., Class A		(24,260	)		(178,796	)		(31.5	)
Encore Capital Group, Inc.		(9,434	)		(480,379	)		(84.6	)
Energizer Holdings, Inc.		(10,225	)		(295,400	)		(52.0	)
EnerSys		(5,260	)		(348,685	)		(61.4	)
Enhabit, Inc.		(1,181	)		(14,668	)		(2.6	)
Enovix Corp.		(8,867	)		(167,320	)		(29.5	)
Enterprise Financial Services Corp.		(4,973	)		(265,906	)		(46.8	)
Esab Corp.		(6,780	)		(252,894	)		(44.5	)
ESCO Technologies, Inc.		(1,840	)		(158,553	)		(27.9	)
ESS Tech, Inc.		(1,946	)		(8,232	)		(1.4	)
EverQuote, Inc., Class A		(1,485	)		(9,044	)		(1.6	)
Evolus, Inc.		(15,897	)		(136,078	)		(24.0	)
Expro Group Holdings NV		(23,575	)		(446,275	)		(78.6	)
Fastly, Inc., Class A		(17,419	)		(147,887	)		(26.0	)
Federal Signal Corp.		(7,762	)		(362,097	)		(63.8	)
Federated Investors, Inc.		(4,871	)		(169,267	)		(29.8	)
Figs, Inc., Class A		(21,031	)		(155,209	)		(27.3	)
First Financial Bankshares, Inc.		(4,872	)		(187,523	)		(33.0	)
First Financial Corp.		(619	)		(30,015	)		(5.3	)
First Hawaiian, Inc.		(10,346	)		(264,651	)		(46.6	)
First Merchants Corp.		(11,648	)		(522,995	)		(92.1	)
FirstCash Holdings, Inc.		(2,230	)		(219,544	)		(38.7	)
Forestar Group, Inc.		(4,472	)		(51,786	)		(9.1	)
Franklin Electric Co., Inc.		(131	)		(10,734	)		(1.9	)
Franklin Street Properties Corp.		(25,793	)		(74,284	)		(13.1	)
Fresh Del Monte Produce, Inc.		(310	)		(8,085	)		(1.4	)
Freshpet, Inc.		(6,750	)		(397,912	)		(70.1	)
fuboTV, Inc.		(73,409	)		(268,677	)		(47.3	)
Fulton Financial Corp.		(13,839	)		(252,285	)		(44.4	)
Funko, Inc., Class A		(10,530	)		(217,445	)		(38.3	)
Gannett Co., Inc.		(123,702	)		(179,368	)		(31.6	)
Gates Industrial Corp. PLC		(6,939	)		(77,370	)		(13.6	)
Genesco, Inc.		(3,982	)		(187,313	)		(33.0	)
Gentherm, Inc.		(1,291	)		(75,420	)		(13.3	)
Genworth Financial, Inc., Class A		(8,822	)		(41,199	)		(7.3	)
German American Bancorp, Inc.		(2,234	)		(87,774	)		(15.5	)
Geron Corp.		(24,930	)		(55,345	)		(9.7	)
Getty Realty Corp.		(4,249	)		(133,801	)		(23.6	)
Glacier Bancorp, Inc.		(9,011	)		(516,150	)		(90.9	)
Glaukos Corp.		(1,624	)		(91,058	)		(16.0	)
Global Net Lease, Inc.		(11,148	)		(136,563	)		(24.0	)
Globalstar, Inc.		(194,858	)		(422,842	)		(74.5	)
Graham Holdings Co., Class B		(1,067	)		(665,669	)		(117.2	)
Grand Canyon Education, Inc.		(1,679	)		(168,958	)		(29.7	)
Great Southern Bancorp, Inc.		(641	)		(39,729	)		(7.0	)
Green Plains, Inc.		(4,289	)		(123,909	)		(21.8	)
Grid Dynamics Holdings, Inc.		(2,828	)		(38,489	)		(6.8	)
Griffon Corp.		(6,084	)		(195,540	)		(34.4	)
Hagerty, Inc., Class A		(1,883	)		(17,116	)		(3.0	)
Hamilton Lane, Inc., Class A		(659	)		(39,421	)		(6.9	)
Hawaiian Electric Industries, Inc.		(2,554	)		(97,154	)		(17.1	)
Hayward Holdings, Inc.		(8,998	)		(83,232	)		(14.7	)
HCI Group, Inc.		(920	)		(33,709	)		(5.9	)
Heritage Financial Corp.		(547	)		(18,428	)		(3.2	)
Hillman Solutions Corp.		(30,743	)		(240,103	)		(42.3	)
Hims & Hers Health, Inc.		(6,878	)		(31,226	)		(5.5	)

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

Schedule of Investments (unaudited) (continued) October 31, 2022 BlackRock Global Equity Market Neutral Fund

Security	Shares				Value			% of Basket Value
United States (continued)
Hippo Holdings, Inc.		(3,946	)		$	(68,187	)		(12.0	)%
HNI Corp.		(1,600	)			(46,384	)		(8.2	)
Honest Co., Inc.		(51,331	)			(169,906	)		(29.9	)
Horace Mann Educators Corp.		(4,180	)			(164,943	)		(29.0	)
Hostess Brands, Inc.		(34,952	)			(925,529	)		(163.0	)
Hovnanian Enterprises, Inc., Class A		(2,834	)			(114,295	)		(20.1	)
Huron Consulting Group, Inc.		(3,507	)			(258,220	)		(45.5	)
Hydrofarm Holdings Group, Inc.		(23,545	)	��		(60,746	)		(10.7	)
Hyliion Holdings Corp.		(43,590	)			(124,232	)		(21.9	)
Hyster-Yale Materials Handling, Inc.		(1,951	)			(56,891	)		(10.0	)
ICF International, Inc.		(547	)			(65,438	)		(11.5	)
Ichor Holdings Ltd.		(11,104	)			(282,486	)		(49.7	)
Ideaya Biosciences, Inc.		(747	)			(12,617	)		(2.2	)
IES Holdings, Inc.		(423	)			(13,976	)		(2.5	)
iHeartMedia, Inc., Class A		(16,294	)			(134,914	)		(23.8	)
Imago Biosciences, Inc.		(5,821	)			(98,957	)		(17.4	)
ImmunityBio, Inc.		(13,812	)			(75,966	)		(13.4	)
Immunovant, Inc.		(4,981	)			(55,787	)		(9.8	)
Impinj, Inc.		(888	)			(101,791	)		(17.9	)
Independent Bank Corp.		(5,611	)			(488,213	)		(86.0	)
Indus Realty Trust, Inc.		(5,550	)			(287,434	)		(50.6	)
Inhibrx, Inc.		(4,230	)			(136,121	)		(24.0	)
Innospec, Inc.		(3,947	)			(394,661	)		(69.5	)
Inseego Corp.		(2,285	)			(5,164	)		(0.9	)
Insight Enterprises, Inc.		(1,810	)			(171,063	)		(30.1	)
Insteel Industries, Inc.		(2,234	)			(58,866	)		(10.4	)
Integer Holdings Corp.		(1,771	)			(110,386	)		(19.4	)
International Bancshares Corp.		(6,014	)			(298,294	)		(52.5	)
IonQ, Inc.		(10,569	)			(62,251	)		(11.0	)
Iovance Biotherapeutics, Inc.		(11,162	)			(104,253	)		(18.4	)
IVERIC bio, Inc.		(1,758	)			(42,051	)		(7.4	)
Jack in the Box, Inc.		(9,141	)			(806,510	)		(142.0	)
John B Sanfilippo & Son, Inc.		(1,878	)			(156,644	)		(27.6	)
John Wiley & Sons, Inc., Class A		(11,412	)			(481,472	)		(84.8	)
Kennedy-Wilson Holdings, Inc.		(31,689	)			(526,354	)		(92.7	)
Keros Therapeutics, Inc.		(2,473	)			(124,491	)		(21.9	)
Kezar Life Sciences, Inc.		(8,803	)			(66,155	)		(11.6	)
Kiniksa Pharmaceuticals Ltd., Class A		(1,153	)			(13,167	)		(2.3	)
KKR Real Estate Finance Trust, Inc.		(43,442	)			(756,760	)		(133.2	)
Kontoor Brands, Inc.		(5,299	)			(189,174	)		(33.3	)
Kosmos Energy Ltd.		(1,315	)			(8,534	)		(1.5	)
Krystal Biotech, Inc.		(5,080	)			(388,620	)		(68.4	)
Lakeland Financial Corp.		(824	)			(68,104	)		(12.0	)
Laredo Petroleum, Inc.		(6,508	)			(420,742	)		(74.1	)
Latch, Inc.		(7,304	)			(9,787	)		(1.7	)
Latham Group, Inc.		(2,532	)			(11,191	)		(2.0	)
La-Z-Boy, Inc.		(9,654	)			(239,130	)		(42.1	)
Liberty Media Corp-Liberty Braves, Class C		(2,246	)			(69,985	)		(12.3	)
Life Time Group Holdings, Inc.		(13,568	)			(142,328	)		(25.1	)
Lordstown Motors Corp., Class A		(86,575	)			(156,701	)		(27.6	)
Loyalty Ventures, Inc.		(13,930	)			(16,437	)		(2.9	)
Lumber Liquidators Holdings, Inc.		(5,714	)			(47,540	)		(8.4	)
Madison Square Garden Entertainment Corp.		(1,305	)			(63,984	)		(11.3	)
Markforged Holding Corp.		(47,375	)			(103,278	)		(18.2	)
Matterport, Inc.		(29,031	)			(101,318	)		(17.8	)
Matthews International Corp., Class A		(17,515	)			(470,803	)		(82.9	)
MaxCyte, Inc.		(11,740	)			(81,241	)		(14.3	)
Mercury Systems, Inc.		(2,488	)			(120,419	)		(21.2	)
Mersana Therapeutics, Inc.		(11,703	)			(91,986	)		(16.2	)
Mesa Laboratories, Inc.		(1,615	)			(213,519	)		(37.6	)
MGP Ingredients, Inc.		(1,477	)			(165,498	)		(29.1	)
Minerals Technologies, Inc.		(5,940	)			(326,759	)		(57.5	)

Security	Shares			Value			%of Basket Value
United States (continued)
Mirion Technologies, Inc.		(57,246	)	$	(462,548	)		(81.4	)%
Mission Produce, Inc.		(8,972	)		(149,294	)		(26.3	)
Monte Rosa Therapeutics, Inc.		(642	)		(5,906	)		(1.0	)
Montrose Environmental Group, Inc.		(9,118	)		(399,186	)		(70.3	)
Movado Group, Inc.		(1,737	)		(57,443	)		(10.1	)
MSA Safety, Inc.		(1,932	)		(259,352	)		(45.7	)
MYR Group, Inc.		(519	)		(45,418	)		(8.0	)
Myriad Genetics, Inc.		(2,487	)		(51,580	)		(9.1	)
N-able, Inc.		(697	)		(7,549	)		(1.3	)
NanoString Technologies, Inc.		(2,407	)		(25,177	)		(4.4	)
National HealthCare Corp.		(2,932	)		(178,617	)		(31.4	)
National Presto Industries, Inc.		(708	)		(49,907	)		(8.8	)
National Vision Holdings, Inc.		(343	)		(12,705	)		(2.2	)
Navient Corp.		(8,532	)		(129,174	)		(22.7	)
Navitas Semiconductor Corp.		(3,017	)		(12,702	)		(2.2	)
NBT Bancorp, Inc.		(12,595	)		(596,877	)		(105.1	)
Nelnet, Inc., Class A		(1,393	)		(124,102	)		(21.9	)
Neogen Corp.		(8,824	)		(116,477	)		(20.5	)
NETSTREIT Corp.		(7,757	)		(145,987	)		(25.7	)
New Jersey Resources Corp.		(11,632	)		(519,252	)		(91.4	)
Newmark Group, Inc., Class A		(31,567	)		(258,534	)		(45.5	)
NexTier Oilfield Solutions, Inc.		(6,774	)		(68,282	)		(12.0	)
Nicolet Bankshares, Inc.		(185	)		(14,114	)		(2.5	)
nLight, Inc.		(3,152	)		(33,947	)		(6.0	)
Northern Oil and Gas, Inc.		(6,803	)		(232,254	)		(40.9	)
Northwest Bancshares, Inc.		(19,707	)		(296,787	)		(52.3	)
Novanta, Inc.		(1,916	)		(270,922	)		(47.7	)
Nuvation Bio, Inc.		(2,316	)		(5,095	)		(0.9	)
ODP Corp.		(7,746	)		(306,509	)		(54.0	)
Offerpad Solutions, Inc.		(51,353	)		(50,044	)		(8.8	)
Office Properties Income Trust		(2,250	)		(34,425	)		(6.1	)
O-I Glass, Inc.		(9,652	)		(157,424	)		(27.7	)
Olo, Inc., Class A		(23,250	)		(204,833	)		(36.1	)
ON24, Inc.		(38,985	)		(317,338	)		(55.9	)
OneSpan, Inc.		(5,225	)		(57,423	)		(10.1	)
Open Lending Corp., Class A		(7,762	)		(55,654	)		(9.8	)
Opendoor Technologies, Inc.		(201,398	)		(521,621	)		(91.8	)
OptimizeRx Corp.		(3,498	)		(53,922	)		(9.5	)
Orion Office REIT, Inc.		(30,666	)		(287,340	)		(50.6	)
Ouster, Inc.		(56,526	)		(70,658	)		(12.4	)
Outset Medical, Inc.		(10,920	)		(169,697	)		(29.9	)
Owens & Minor, Inc.		(5,775	)		(98,175	)		(17.3	)
Pacific Biosciences of California, Inc.		(4,757	)		(40,149	)		(7.1	)
PAR Technology Corp.		(1,419	)		(40,839	)		(7.2	)
Park National Corp.		(211	)		(31,123	)		(5.5	)
Party City Holdco, Inc.		(78,074	)		(131,945	)		(23.2	)
Patterson Cos., Inc.		(222	)		(5,765	)		(1.0	)
Paymentus Holdings, Inc., Class A		(38,695	)		(402,428	)		(70.9	)
Pegasystems, Inc.		(369	)		(13,730	)		(2.4	)
PennyMac Mortgage Investment Trust		(4,819	)		(66,840	)		(11.8	)
Piedmont Lithium, Inc.		(1,679	)		(104,467	)		(18.4	)
Piedmont Office Realty Trust, Inc., Class A		(18,169	)		(189,866	)		(33.4	)
Pitney Bowes, Inc.		(1,113	)		(3,461	)		(0.6	)
PJT Partners, Inc., Class A		(701	)		(52,154	)		(9.2	)
Planet Labs PBC		(17,206	)		(90,332	)		(15.9	)
Plexus Corp.		(165	)		(16,236	)		(2.9	)
Plymouth Industrial REIT, Inc.		(15,656	)		(288,697	)		(50.8	)
Porch Group, Inc.		(84,672	)		(115,154	)		(20.3	)
PRA Group, Inc.		(1,916	)		(64,186	)		(11.3	)
Praxis Precision Medicines, Inc.		(8,723	)		(17,184	)		(3.0	)
PriceSmart, Inc.		(3,279	)		(209,758	)		(36.9	)
ProAssurance Corp.		(1,278	)		(28,384	)		(5.0	)

SCHEDULE   OF  INVESTMENTS 35

Schedule of Investments (unaudited) (continued) October 31, 2022 BlackRock Global Equity Market Neutral Fund

Security	Shares			Value			% of Basket Value
United States (continued)
Progress Software Corp.		(6,645	)	$	(339,094	)		(59.7	)%
Prometheus Biosciences, Inc.		(2,924	)		(153,568	)		(27.0	)
PubMatic, Inc., Class A		(7,581	)		(131,909	)		(23.2	)
Pulmonx Corp.		(15,929	)		(212,811	)		(37.5	)
Quanterix Corp.		(2,195	)		(24,299	)		(4.3	)
Rackspace Technology, Inc.		(19,724	)		(101,579	)		(17.9	)
Ranger Oil Corp., Class A		(1,569	)		(64,172	)		(11.3	)
Ready Capital Corp.		(69,448	)		(841,710	)		(148.2	)
RealReal, Inc.		(134,238	)		(226,862	)		(39.9	)
Redwood Trust, Inc.		(1,689	)		(12,043	)		(2.1	)
Relay Therapeutics, Inc.		(4,153	)		(92,280	)		(16.2	)
Relmada Therapeutics, Inc.		(13,273	)		(84,814	)		(14.9	)
Remitly Global, Inc.		(8,682	)		(100,885	)		(17.8	)
Rent-A-Center, Inc.		(4,015	)		(83,713	)		(14.7	)
Replimune Group, Inc.		(994	)		(18,250	)		(3.2	)
Retail Opportunity Investments Corp.		(6,956	)		(100,723	)		(17.7	)
REV Group, Inc.		(20,389	)		(280,145	)		(49.3	)
Revance Therapeutics, Inc.		(2,064	)		(46,048	)		(8.1	)
Reynolds Consumer Products, Inc.		(6,371	)		(194,570	)		(34.3	)
Rhythm Pharmaceuticals, Inc.		(9,494	)		(238,964	)		(42.1	)
Rimini Street, Inc.		(6,144	)		(34,468	)		(6.1	)
RLI Corp.		(3,797	)		(493,876	)		(87.0	)
Rocket Lab USA, Inc.		(65,561	)		(333,705	)		(58.8	)
Rush Street Interactive, Inc.		(63,380	)		(263,027	)		(46.3	)
Ryan Specialty Holdings, Inc.		(214	)		(9,598	)		(1.7	)
Safety Insurance Group, Inc.		(1,293	)		(112,426	)		(19.8	)
Sally Beauty Holdings, Inc.		(18,986	)		(241,312	)		(42.5	)
Sanmina Corp.		(719	)		(40,300	)		(7.1	)
Saul Centers, Inc.		(676	)		(27,682	)		(4.9	)
Schnitzer Steel Industries, Inc., Class A		(2,378	)		(64,182	)		(11.3	)
Schrodinger, Inc.		(4,732	)		(113,426	)		(20.0	)
Schweitzer-Mauduit International, Inc.		(2,632	)		(62,484	)		(11.0	)
Seer, Inc.		(2,152	)		(16,850	)		(3.0	)
Selectquote, Inc.		(37,417	)		(25,219	)		(4.4	)
Sema4 Holdings Corp.		(20,730	)		(21,352	)		(3.8	)
Seres Therapeutics, Inc.		(4,679	)		(41,456	)		(7.3	)
ServisFirst Bancshares, Inc.		(2,417	)		(182,073	)		(32.1	)
Shenandoah Telecommunications Co.		(6,681	)		(151,391	)		(26.7	)
Shoe Carnival, Inc.		(529	)		(12,685	)		(2.2	)
SI-BONE, Inc.		(19,895	)		(386,759	)		(68.1	)
Silgan Holdings, Inc.		(8,766	)		(415,158	)		(73.1	)
Silk Road Medical, Inc.		(3,314	)		(146,081	)		(25.7	)
Silvergate Capital Corp., Class A		(2,956	)		(167,783	)		(29.5	)
Sinclair Broadcast Group, Inc., Class A		(10,868	)		(193,559	)		(34.1	)
SITE Centers Corp.		(1,778	)		(22,012	)		(3.9	)
SiTime Corp.		(1,253	)		(112,532	)		(19.8	)
SJW Group		(1,812	)		(128,072	)		(22.6	)
SomaLogic, Inc.		(23,103	)		(80,167	)		(14.1	)
Sonos, Inc.		(2,085	)		(33,610	)		(5.9	)
Southside Bancshares, Inc.		(1,979	)		(67,761	)		(11.9	)
Sprout Social, Inc., Class A		(1,473	)		(88,866	)		(15.6	)
St Joe Co.		(353	)		(12,542	)		(2.2	)
Stem, Inc.		(2,909	)		(39,562	)		(7.0	)
StepStone Group, Inc., Class A		(8,973	)		(264,883	)		(46.6	)
Stericycle, Inc.		(5,410	)		(241,178	)		(42.5	)
Stock Yards Bancorp, Inc.		(5,416	)		(423,477	)		(74.6	)
StoneX Group, Inc.		(723	)		(67,470	)		(11.9	)
Stride, Inc.		(2,133	)		(71,477	)		(12.6	)
Sumo Logic, Inc.		(13,461	)		(103,784	)		(18.3	)

Security	Shares			Value			% of Basket Value
United States (continued)
Sun Country Airlines Holdings, Inc.		(14,254	)	$	(232,055	)		(40.9	)%
Sunstone Hotel Investors, Inc.		(28,166	)		(314,051	)		(55.3	)
Talos Energy, Inc.		(2,326	)		(49,497	)		(8.7	)
TaskUS, Inc., Class A		(17,917	)		(361,744	)		(63.7	)
Tejon Ranch Co.		(4,246	)		(71,927	)		(12.7	)
Telephone and Data Systems, Inc.		(7,304	)		(124,168	)		(21.9	)
Telos Corp.		(16,718	)		(177,211	)		(31.2	)
Tennant Co.		(1,507	)		(87,783	)		(15.5	)
TFS Financial Corp.		(939	)		(13,193	)		(2.3	)
ThredUp, Inc., Class A		(18,659	)		(22,951	)		(4.0	)
Thryv Holdings, Inc.		(3,120	)		(63,835	)		(11.2	)
Tidewater, Inc.		(7,669	)		(259,979	)		(45.8	)
TimkenSteel Corp.		(6,610	)		(115,278	)		(20.3	)
Towne Bank		(1,120	)		(36,893	)		(6.5	)
Traeger, Inc.		(2,810	)		(11,662	)		(2.1	)
TransMedics Group, Inc.		(2,419	)		(116,644	)		(20.5	)
Treace Medical Concepts, Inc.		(9,194	)		(225,069	)		(39.6	)
Tredegar Corp.		(4,762	)		(51,858	)		(9.1	)
TreeHouse Foods, Inc.		(5,134	)		(257,932	)		(45.4	)
TriCo Bancshares		(5,056	)		(292,793	)		(51.6	)
Trinseo PLC		(17,840	)		(335,749	)		(59.1	)
Triumph Group, Inc.		(6,505	)		(58,870	)		(10.4	)
Trustmark Corp.		(11,657	)		(426,296	)		(75.1	)
TTM Technologies, Inc.		(15,007	)		(229,757	)		(40.5	)
Tupperware Brands Corp.		(22,350	)		(172,766	)		(30.4	)
Twist Bioscience Corp.		(9,643	)		(316,580	)		(55.7	)
Two Harbors Investment Corp.		(65,092	)		(231,728	)		(40.8	)
Ultra Clean Holdings, Inc.		(571	)		(17,764	)		(3.1	)
UMH Properties, Inc.		(2,350	)		(41,219	)		(7.3	)
UniFirst Corp.		(155	)		(28,522	)		(5.0	)
Unisys Corp.		(3,921	)		(33,329	)		(5.9	)
Uniti Group, Inc.		(61,382	)		(476,324	)		(83.9	)
Universal Health Realty Income Trust		(4,838	)		(235,465	)		(41.5	)
Urstadt Biddle Properties, Inc., Class A		(8,746	)		(163,900	)		(28.9	)
Velo3D, Inc.		(7,344	)		(28,935	)		(5.1	)
Velodyne Lidar, Inc.		(16,195	)		(15,993	)		(2.8	)
Vericel Corp.		(2,655	)		(71,366	)		(12.6	)
Veritiv Corp.		(1,272	)		(147,883	)		(26.0	)
Verra Mobility Corp.		(9,545	)		(162,933	)		(28.7	)
ViaSat, Inc.		(4,963	)		(203,284	)		(35.8	)
Victoria’s Secret & Co.		(2,425	)		(91,180	)		(16.1	)
Vista Outdoor, Inc.		(13,146	)		(381,760	)		(67.2	)
Volta, Inc.		(62,212	)		(69,055	)		(12.2	)
W&T Offshore, Inc.		(19,639	)		(149,060	)		(26.2	)
WD-40 Co.		(572	)		(91,612	)		(16.1	)
Werner Enterprises, Inc.		(42	)		(1,646	)		(0.3	)
WesBanco, Inc.		(1,184	)		(47,881	)		(8.4	)
Wheels Up Experience, Inc.		(16,020	)		(28,355	)		(5.0	)
White Mountains Insurance Group Ltd.		(666	)		(943,156	)		(166.1	)
WideOpenWest, Inc.		(8,105	)		(111,120	)		(19.6	)
Wolverine World Wide, Inc.		(4,524	)		(77,496	)		(13.6	)
Worthington Industries, Inc.		(1,375	)		(65,395	)		(11.5	)
WSFS Financial Corp.		(9,249	)		(430,633	)		(75.8	)
WW International, Inc.		(17,634	)		(79,706	)		(14.0	)
Xenia Hotels & Resorts, Inc.		(14,270	)		(243,732	)		(42.9	)
XPEL, Inc.		(724	)		(50,094	)		(8.8	)

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

Schedule of Investments (unaudited) (continued) October 31, 2022 BlackRock Global Equity Market Neutral Fund

Security	Shares			Value			% of Basket Value
United States (continued)
Zentalis Pharmaceuticals, Inc.		(5,735	)	$	(143,891	)		(25.3	)%
Zimvie, Inc.		(4,062	)		(35,624	)		(6.3	)
					(72,872,956	)
Preferred Stocks
Germany
Jungheinrich AG		(5,870	)		(145,876	)		(25.7	)
Total Reference Entity — Short					(152,162,388	)
Net Value of Reference Entity — Bank of America N.A				$	567,946

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

Security	Shares		Value		% of Basket Value
Reference Entity — Long
Common Stocks
Australia
Allkem Ltd.		10,395	$	96,046		(8.4	)%
Aristocrat Leisure Ltd.		3,632		86,209		(7.5	)
ASX Ltd.		1,723		74,655		(6.5	)
Bank of Queensland Ltd.		31,720		149,378		(13.1	)
Bendigo & Adelaide Bank Ltd.		8,531		49,246		(4.3	)
BHP Group Ltd.		17,932		430,730		(37.7	)
Boral Ltd.		165,505		304,955		(26.7	)
carsales.com Ltd.		5,320		68,914		(6.0	)
Coles Group Ltd.		6,175		64,564		(5.7	)
CSR Ltd.		46,177		136,789		(12.0	)
Deterra Royalties Ltd.		39,957		104,845		(9.2	)
Domain Holdings Australia Ltd.		65,142		138,829		(12.1	)
Domino’s Pizza Enterprises Ltd.		2,502		102,016		(8.9	)
Flight Centre Travel Group Ltd.		6,691		71,215		(6.2	)
GPT Group		106,211		293,521		(25.7	)
Harvey Norman Holdings Ltd.		58,573		155,821		(13.6	)
IGO Ltd.		5,227		51,120		(4.5	)
Iluka Resources Ltd.		28,278		156,675		(13.7	)
Insignia Financial Ltd.		111,617		225,009		(19.7	)
Magellan Financial Group Ltd.		6,312		40,023		(3.5	)
Medibank Pvt Ltd.		27,697		49,873		(4.4	)
Mineral Resources Ltd.		1,808		84,762		(7.4	)
National Australia Bank Ltd.		1,304		27,087		(2.4	)
Orora Ltd.		59,868		116,175		(10.2	)
OZ Minerals Ltd.		1,070		16,568		(1.5	)
Pilbara Minerals Ltd.		94,563		307,353		(26.9	)
Pro Medicus Ltd.		968		34,487		(3.0	)
REA Group Ltd.		2,680		207,716		(18.2	)
Scentre Group		17,974		33,450		(2.9	)
SEEK Ltd.		23,181		319,107		(27.9	)
Shopping Centres Australasia Property Group		47,431		82,611		(7.2	)
Star Entertainment Group Ltd.		65,336		122,905		(10.8	)
Steadfast Group Ltd.		18,815		60,956		(5.3	)
Stockland		49,175		113,304		(9.9	)
Treasury Wine Estates Ltd.		4,706		38,998		(3.4	)

Security	Shares		Value		% of Basket Value
Australia (continued)
Westpac Banking Corp.		24,607	$	379,956		(33.2	)%
WiseTech Global Ltd.		3,892		143,938		(12.6	)
				4,939,806
Austria
Andritz AG		3,500		162,668		(14.2	)
Erste Group Bank AG		37,657		928,054		(81.2	)
				1,090,722
Belgium
Ackermans & van Haaren NV		2,253		313,891		(27.5	)
Anheuser-Busch InBev SA		231		11,555		(1.0	)
Etablissements Franz Colruyt NV		22,671		546,464		(47.8	)
Solvay SA		4,577		413,033		(36.1	)
Warehouses De Pauw CVA		12,607		323,570		(28.3	)
				1,608,513
Bermuda
Axis Capital Holdings Ltd.		11,122		608,040		(53.2	)
Hiscox Ltd.		34,784		358,335		(31.4	)
Triton International Ltd.		641		38,902		(3.4	)
				1,005,277
Canada
Air Canada		2,893		41,643		(3.6	)
Alamos Gold, Inc., Class A		43,116		340,219		(29.8	)
Algonquin Power & Utilities Corp.		9,139		101,161		(8.8	)
ARC Resources Ltd.		22,425		315,713		(27.6	)
Bombardier, Inc., Class B		1,818		53,392		(4.7	)
Boralex, Inc., Class A		4,656		132,023		(11.6	)
Brookfield Infrastructure Corp., Class A		9,301		401,301		(35.1	)
Canada Goose Holdings, Inc.		7,145		116,892		(10.2	)
Canadian Natural Resources Ltd.		10,982		658,670		(57.6	)
Canadian Tire Corp. Ltd., Class A		1,132		126,873		(11.1	)
Capital Power Corp.		2,878		96,331		(8.4	)
Cargojet, Inc.		1,209		117,852		(10.3	)
CGI, Inc.		6		483		(0.0	)
Colliers International Group, Inc.		531		49,836		(4.4	)
Crescent Point Energy Corp.		7,403		57,872		(5.1	)
Emera, Inc.		1,901		70,453		(6.2	)
First Majestic Silver Corp.		18,253		153,543		(13.4	)
George Weston Ltd.		1,309		144,078		(12.6	)
GFL Environmental, Inc.		11,935		322,127		(28.2	)
Great-West Lifeco, Inc.		15,644		362,177		(31.7	)
Hydro One Ltd.		8,441		211,652		(18.5	)
IGM Financial, Inc.		3,215		86,065		(7.5	)
Imperial Oil Ltd.		713		38,786		(3.4	)
Ivanhoe Mines Ltd., Class A		14,883		103,237		(9.0	)
Keyera Corp.		4,940		105,882		(9.3	)
Lithium Americas Corp.		605		15,054		(1.3	)
Lululemon Athletica, Inc.		4,250		1,398,420		(122.4	)
Lundin Mining Corp.		4,298		22,526		(2.0	)
Methanex Corp.		1,099		38,358		(3.4	)
Northland Power, Inc.		1,040		30,261		(2.6	)
Parex Resources, Inc.		6,443		98,275		(8.6	)
RioCan Real Estate Investment Trust		824		11,740		(1.0	)
Stantec, Inc.		7,174		351,025		(30.7	)
TC Energy Corp.		810		35,578		(3.1	)
TELUS Corp.		38,035		794,286		(69.5	)
Toronto-Dominion Bank		7,926		507,262		(44.4	)
Wheaton Precious Metals Corp.		21,263		695,630		(60.9	)

SCHEDULE   OF  INVESTMENTS 37

Schedule of Investments (unaudited) (continued) October 31, 2022 BlackRock Global Equity Market Neutral Fund

Security	Shares		Value		% of Basket Value
Canada (continued)
Whitecap Resources, Inc.		15,738	$	121,990		(10.7	)%
WSP Global, Inc.		1,800		221,229		(19.4	)
				8,549,895
China
Budweiser Brewing Co. APAC Ltd.		24,900		52,408		(4.6	)
Chow Tai Fook Jewellery Group Ltd.		55,400		94,849		(8.3	)
NXP Semiconductors NV		2,017		294,643		(25.8	)
				441,900
Denmark
AP Moller - Maersk A/S, Class A		28		56,019		(4.9	)
AP Moller - Maersk A/S, Class B		15		31,338		(2.7	)
Coloplast A/S, Class B		2,306		257,050		(22.5	)
Demant A/S		1,075		29,355		(2.6	)
Genmab A/S		144		55,470		(4.9	)
GN Store Nord A/S		2,586		54,956		(4.8	)
H Lundbeck A/S		25,361		94,893		(8.3	)
Novozymes A/S, B Shares		1,652		86,714		(7.6	)
SimCorp A/S		1,118		66,757		(5.8	)
Tryg A/S		1,658		35,861		(3.1	)
Vestas Wind Systems A/S		6,309		124,374		(10.9	)
				892,787
Finland
Kone OYJ, Class B		4,060		166,240		(14.5	)
Nokia OYJ		42,610		189,355		(16.6	)
Nokian Renkaat OYJ		42,583		480,201		(42.0	)
Outokumpu OYJ		33,362		133,894		(11.7	)
Stora Enso OYJ		2,288		29,833		(2.6	)
Valmet OYJ		19,378		440,718		(38.6	)
Wartsila OYJ Abp		48,115		328,013		(28.7	)
				1,768,254
France
Accor SA		29,628		709,930		(62.1	)
Air France-KLM		128,721		169,257		(14.8	)
Air Liquide SA		1,415		185,101		(16.2	)
BioMerieux		592		52,379		(4.6	)
Bouygues SA		10,070		287,309		(25.1	)
Carrefour SA		14,065		226,382		(19.8	)
Cie de Saint-Gobain		11,963		489,059		(42.8	)
Cie Generale des Etablissements Michelin SCA		7,647		194,877		(17.0	)
Danone SA		5,333		265,047		(23.2	)
Dassault Aviation SA		461		68,467		(6.0	)
Dassault Systemes SE		905		30,334		(2.7	)
Edenred		4,540		232,748		(20.4	)
Eiffage SA		3,419		309,152		(27.0	)
Engie SA		9,322		121,124		(10.6	)
Eramet SA		616		40,355		(3.5	)
Eurazeo SE		4,878		278,365		(24.4	)
Faurecia SE		14,196		211,933		(18.5	)
Gecina SA		1,586		141,398		(12.4	)
Hermes International		64		82,841		(7.2	)
ICADE		5,348		198,940		(17.4	)
Ipsen SA		638		65,566		(5.7	)
JCDecaux SE		878		11,085		(1.0	)
Klepierre SA		20,082		403,613		(35.3	)
La Francaise des Jeux SAEM		11,881		387,185		(33.9	)
Neoen SA		878		30,625		(2.7	)
Nexans SA		326		30,441		(2.7	)
Pernod Ricard SA		579		101,621		(8.9	)

Security	Shares		Value		% of Basket Value
France (continued)
Remy Cointreau SA		477	$	72,951		(6.4	)%
Societe Generale SA		2,740		62,847		(5.5	)
Teleperformance		645		172,815		(15.1	)
Ubisoft Entertainment SA		5,028		137,948		(12.1	)
Wendel SE		900		70,472		(6.2	)
				5,842,167
Germany
1&1 AG		3,138		41,339		(3.6	)
AIXTRON SE		1,834		45,068		(3.9	)
Beiersdorf AG		725		69,596		(6.1	)
Commerzbank AG		4,175		33,357		(2.9	)
Daimler Truck Holding AG		5,434		144,939		(12.7	)
Deutsche Lufthansa AG, Registered Shares		13,013		88,970		(7.8	)
Deutsche Telekom AG, Registered Shares		31,630		597,032		(52.2	)
E.ON SE		13,112		109,800		(9.6	)
Encavis AG		1,955		36,398		(3.2	)
Evonik Industries AG		766		14,111		(1.2	)
Fraport AG Frankfurt Airport Services Worldwide		1,886		72,660		(6.4	)
Freenet AG		41,983		825,225		(72.2	)
HelloFresh SE		1,788		35,741		(3.1	)
K&S AG, Registered Shares		692		15,279		(1.3	)
Knorr-Bremse AG		2,832		127,499		(11.2	)
LEG Immobilien SE		712		46,483		(4.1	)
Mercedes-Benz Group AG		536		31,024		(2.7	)
METRO AG		43		328		(0.0	)
Nemetschek SE		5,273		251,401		(22.0	)
Nordex SE		28,622		266,819		(23.4	)
ProSiebenSat.1 Media SE		2,224		15,113		(1.3	)
Rational AG		755		425,594		(37.2	)
Rheinmetall AG		1,008		163,852		(14.3	)
Siemens AG, Registered Shares		972		106,151		(9.3	)
Talanx AG		7,816		293,525		(25.7	)
TeamViewer AG		11,458		110,031		(9.6	)
Traton SE		2,476		30,877		(2.7	)
Vantage Towers AG		1,037		29,165		(2.6	)
VERBIO Vereinigte BioEnergie AG		2,463		194,018		(17.0	)
Volkswagen AG		793		135,549		(11.9	)
Wacker Chemie AG		116		13,505		(1.2	)
				4,370,449
Hong Kong
ASMPT Ltd.		24,000		132,012		(11.6	)
Bank of East Asia Ltd.		53,000		50,794		(4.4	)
Cathay Pacific Airways Ltd.		235,000		213,105		(18.6	)
Dah Sing Banking Group Ltd.		264,800		157,891		(13.8	)
DFI Retail Group Holdings Ltd.		93,000		208,497		(18.2	)
Haitong International Securities Group Ltd.		174,900		12,693		(1.1	)
HK Electric Investments & HK Electric Investments Ltd.		62,500		39,738		(3.5	)
Hutchison Port Holdings Trust		686,400		112,106		(9.8	)
Hysan Development Co. Ltd.		47,000		102,441		(9.0	)
Kerry Properties Ltd.		27,500		43,502		(3.8	)
Link REIT		9,800		57,924		(5.1	)
New World Development Co. Ltd.		20,000		40,909		(3.6	)
Pacific Basin Shipping Ltd.		119,000		28,810		(2.5	)
Shangri-La Asia Ltd.		16,000		8,853		(0.8	)
SITC International Holdings Co. Ltd.		70,000		114,646		(10.0	)
SJM Holdings Ltd.		145,000		45,247		(4.0	)
Sun Hung Kai Properties Ltd.		18,000		193,434		(16.9	)
Swire Pacific Ltd., Class A		73,500		487,563		(42.7	)

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

Schedule of Investments (unaudited) (continued) October 31, 2022 BlackRock Global Equity Market Neutral Fund

Security	Shares		Value		% of Basket Value
Hong Kong (continued)
Swire Properties Ltd.		14,800	$	28,444		(2.5	)%
WH Group Ltd.		121,500		61,359		(5.4	)
Yue Yuen Industrial Holdings Ltd.		38,500		39,141		(3.4	)
				2,179,109
Ireland
Accenture PLC, Class A		3,380		959,582		(84.0	)
Adient PLC		4,255		148,840		(13.0	)
Alkermes PLC		4,569		103,716		(9.1	)
Allegion PLC		1,891		198,120		(17.3	)
Experian PLC		3,476		110,833		(9.7	)
Glanbia PLC		31,749		366,678		(32.1	)
Icon PLC		1,177		232,858		(20.4	)
James Hardie Industries PLC		750		16,375		(1.4	)
Kingspan Group PLC		1,472		74,213		(6.5	)
Medtronic PLC		736		64,282		(5.6	)
				2,275,497
Israel
Airport City Ltd.		5,107		84,557		(7.4	)
Alony Hetz Properties & Investments Ltd.		9,160		107,440		(9.4	)
Big Shopping Centers Ltd.		527		59,093		(5.2	)
Elbit Systems Ltd.		254		51,393		(4.5	)
Harel Insurance Investments & Financial Services Ltd.		9,222		88,771		(7.8	)
Israel Corp. Ltd.		238		103,019		(9.0	)
Melisron Ltd.		167		12,390		(1.1	)
Nice Ltd.		93		17,528		(1.5	)
Nova Measuring Instruments Ltd.		3,499		257,911		(22.6	)
OPC Energy Ltd.		16,665		204,899		(17.9	)
Paz Oil Co. Ltd.		1,196		142,878		(12.5	)
Phoenix Holdings Ltd.		12,858		139,279		(12.2	)
SolarEdge Technologies, Inc.		664		152,740		(13.3	)
Wix.com Ltd.		745		62,654		(5.5	)
				1,484,552
Italy
Amplifon SpA		5,001		124,245		(10.9	)
Azimut Holding SpA		418		6,731		(0.6	)
Banca Mediolanum SpA		26,003		194,552		(17.0	)
Buzzi Unicem SpA		5,833		96,809		(8.5	)
De’ Longhi SpA		5,271		90,945		(8.0	)
Enel SpA		62,765		280,393		(24.5	)
Ferrari NV		1,698		334,741		(29.3	)
Italgas SpA		64,436		331,990		(29.0	)
Leonardo SpA		10,772		86,543		(7.6	)
Moncler SpA		1,217		52,506		(4.6	)
PRADA SpA		30,200		137,587		(12.0	)
Reply SpA		3,409		370,809		(32.4	)
Snam SpA		23,632		105,080		(9.2	)
UnipolSai Assicurazioni SpA		64,518		145,473		(12.7	)
				2,358,404
Japan
ABC-Mart, Inc.		13,500		601,731		(52.6	)
Acom Co. Ltd.		81,900		178,923		(15.7	)
AEON Financial Service Co. Ltd.		27,000		264,238		(23.1	)
Aica Kogyo Co. Ltd.		9,200		197,732		(17.3	)
Air Water, Inc.		1,300		14,514		(1.3	)
Alfresa Holdings Corp.		9,100		104,767		(9.2	)
Amada Co. Ltd.		54,000		379,813		(33.2	)
Amano Corp.		4,700		80,428		(7.0	)

Security	Shares		Value		%of Basket Value
Japan (continued)
ANA Holdings, Inc.		8,700	$	169,117		(14.8	)%
Anritsu Corp.		10,300		103,668		(9.1	)
Aozora Bank Ltd.		18,200		313,072		(27.4	)
Asahi Kasei Corp.		7,400		47,448		(4.1	)
Astellas Pharma, Inc.		14,700		202,833		(17.7	)
Azbil Corp.		10,800		293,497		(25.7	)
AZ-COM MARUWA Holdings, Inc.		19,400		184,331		(16.1	)
Bandai Namco Holdings, Inc.		4,400		290,853		(25.4	)
BayCurrent Consulting, Inc.		3,000		84,172		(7.4	)
Benesse Holdings, Inc.		13,800		203,584		(17.8	)
Capcom Co. Ltd.		15,700		436,695		(38.2	)
Central Japan Railway Co.		700		81,044		(7.1	)
Chugai Pharmaceutical Co. Ltd.		1,600		37,075		(3.2	)
Chugin Financial Group, Inc.		7,600		45,813		(4.0	)
Chugoku Electric Power Co., Inc.		19,000		89,140		(7.8	)
Coca-Cola Bottlers Japan Holdings, Inc.		14,100		127,393		(11.1	)
COMSYS Holdings Corp.		27,100		443,976		(38.8	)
Cosmos Pharmaceutical Corp.		2,100		203,101		(17.8	)
Daifuku Co. Ltd.		1,300		59,507		(5.2	)
Daito Trust Construction Co. Ltd.		900		89,121		(7.8	)
Daiwa House Industry Co. Ltd.		8,300		167,223		(14.6	)
Daiwa Securities Group, Inc.		13,600		53,063		(4.6	)
DeNA Co. Ltd.		3,500		45,649		(4.0	)
Disco Corp.		400		95,672		(8.4	)
DMG Mori Co. Ltd.		3,100		35,875		(3.1	)
Ebara Corp.		6,500		211,199		(18.5	)
Electric Power Development Co. Ltd.		9,600		133,514		(11.7	)
EXEO Group, Inc.		51,000		747,229		(65.4	)
FP Corp.		8,500		202,219		(17.7	)
Fuji Media Holdings, Inc.		13,600		94,589		(8.3	)
FUJIFILM Holdings Corp.		2,600		118,950		(10.4	)
Fujitsu Ltd.		700		80,541		(7.0	)
Furukawa Electric Co. Ltd.		5,500		84,853		(7.4	)
GMO Payment Gateway, Inc.		2,600		186,955		(16.4	)
H.U. Group Holdings, Inc.		6,000		111,689		(9.8	)
Hamamatsu Photonics KK		3,000		135,724		(11.9	)
Hirose Electric Co. Ltd.		2,200		285,387		(25.0	)
Honda Motor Co. Ltd.		5,900		134,535		(11.8	)
Hulic Co. Ltd.		8,200		59,568		(5.2	)
Information Services International-Dentsu Ltd.		5,600		171,274		(15.0	)
Internet Initiative Japan, Inc.		2,800		43,950		(3.8	)
ITOCHU Corp.		2,100		54,274		(4.7	)
Itochu Techno-Solutions Corp.		10,900		252,703		(22.1	)
Izumi Co. Ltd.		3,300		66,571		(5.8	)
J Front Retailing Co. Ltd.		17,600		142,261		(12.4	)
Japan Exchange Group, Inc.		2,000		26,284		(2.3	)
Japan Post Bank Co. Ltd.		5,000		33,316		(2.9	)
Japan Post Holdings Co. Ltd.		19,900		133,819		(11.7	)
Kajima Corp.		14,000		131,785		(11.5	)
Kakaku.com, Inc.		21,900		370,394		(32.4	)
Kamigumi Co. Ltd.		10,800		205,380		(18.0	)
Kandenko Co. Ltd.		43,700		245,635		(21.5	)
Kansai Electric Power Co., Inc.		12,900		97,721		(8.5	)
Kawasaki Kisen Kaisha Ltd.		2,700		40,941		(3.6	)
Keio Corp.		7,000		245,424		(21.5	)
Keisei Electric Railway Co. Ltd.		9,100		241,533		(21.1	)
Kewpie Corp.		2,700		42,626		(3.7	)
Kinden Corp.		12,700		129,227		(11.3	)
Kintetsu Group Holdings Co. Ltd.		11,000		371,744		(32.5	)
Kobe Bussan Co. Ltd.		800		17,352		(1.5	)
Kokuyo Co. Ltd.		7,100		88,065		(7.7	)

SCHEDULE   OF  INVESTMENTS 39

Schedule of Investments (unaudited) (continued) October 31, 2022 BlackRock Global Equity Market Neutral Fund

Security	Shares		Value		% of Basket Value
Japan (continued)
Kuraray Co. Ltd.		13,300	$	91,458		(8.0	)%
Kusuri no Aoki Holdings Co. Ltd.		6,300		303,678		(26.6	)
Kyocera Corp.		300		14,528		(1.3	)
Kyudenko Corp.		6,900		146,352		(12.8	)
Kyushu Electric Power Co., Inc.		24,200		119,816		(10.5	)
Kyushu Railway Co.		2,700		56,467		(4.9	)
Lawson, Inc.		2,200		70,283		(6.1	)
Lion Corp.		90,000		909,602		(79.6	)
Lixil Corp.		3,800		57,400		(5.0	)
Mani, Inc.		13,600		198,119		(17.3	)
Marubeni Corp.		12,800		112,050		(9.8	)
Maruichi Steel Tube Ltd.		3,000		56,627		(5.0	)
Mazda Motor Corp.		1,500		10,099		(0.9	)
McDonald’s Holdings Co. Japan Ltd.		6,300		218,719		(19.1	)
Medipal Holdings Corp.		1,800		22,334		(2.0	)
Mitsubishi Estate Co. Ltd.		28,500		358,396		(31.4	)
Mitsubishi HC Capital, Inc.		32,700		140,318		(12.3	)
Mitsubishi Materials Corp.		10,000		130,705		(11.4	)
Mitsui Chemicals, Inc.		1,300		24,062		(2.1	)
Mitsui Fudosan Co. Ltd.		9,000		172,335		(15.1	)
Mitsui Mining & Smelting Co. Ltd.		5,600		113,106		(9.9	)
MonotaRO Co. Ltd.		13,700		207,964		(18.2	)
MS&AD Insurance Group Holdings, Inc.		4,000		105,925		(9.3	)
Murata Manufacturing Co. Ltd.		100		4,734		(0.4	)
Nagoya Railroad Co. Ltd.		6,800		104,169		(9.1	)
Nankai Electric Railway Co. Ltd.		16,000		323,669		(28.3	)
NEC Corp.		4,000		132,404		(11.6	)
NEC Networks & System Integration Corp.		5,600		60,010		(5.2	)
NET One Systems Co. Ltd.		2,100		43,131		(3.8	)
Nichirei Corp.		17,900		278,389		(24.4	)
Nihon Kohden Corp.		6,400		143,310		(12.5	)
Nippon Telegraph & Telephone Corp.		15,100		416,468		(36.4	)
Nippon Television Holdings, Inc.		16,200		120,808		(10.6	)
Nipro Corp.		5,000		37,691		(3.3	)
Nitori Holdings Co. Ltd.		2,900		262,789		(23.0	)
Nitto Denko Corp.		6,200		326,651		(28.6	)
NSK Ltd.		9,500		50,210		(4.4	)
NTT Data Corp.		3,200		46,348		(4.1	)
Obayashi Corp.		51,200		328,636		(28.8	)
OBIC Business Consultants Co. Ltd.		2,200		63,239		(5.5	)
Obic Co. Ltd.		3,000		450,189		(39.4	)
Odakyu Electric Railway Co. Ltd.		1,700		20,209		(1.8	)
Omron Corp.		3,800		177,226		(15.5	)
Oracle Corp. Japan		300		15,981		(1.4	)
Oriental Land Co. Ltd.		100		13,393		(1.2	)
Otsuka Corp.		10,100		318,071		(27.8	)
PALTAC Corp.		3,900		110,783		(9.7	)
Panasonic Holdings Corp.		15,700		111,825		(9.8	)
Park24 Co. Ltd.		29,300		390,509		(34.2	)
Penta-Ocean Construction Co. Ltd.		38,300		190,474		(16.7	)
Pigeon Corp.		31,500		412,620		(36.1	)
Pola Orbis Holdings, Inc.		10,000		110,452		(9.7	)
Rakuten Group, Inc.		31,400		140,181		(12.3	)
Recruit Holdings Co. Ltd.		600		18,463		(1.6	)
Resona Holdings, Inc.		13,600		51,258		(4.5	)
Resorttrust, Inc.		9,500		146,219		(12.8	)
Ricoh Co. Ltd.		20,700		151,685		(13.3	)
Rinnai Corp.		500		34,033		(3.0	)
Rohm Co. Ltd.		2,900		203,767		(17.8	)

Security	Shares		Value		%of Basket Value
Japan (continued)
Sankyu, Inc.		5,000	$	149,083		(13.0	)%
Sanrio Co. Ltd.		1,700		45,331		(4.0	)
Santen Pharmaceutical Co. Ltd.		5,800		39,689		(3.5	)
Sawai Group Holdings Co. Ltd.		6,200		178,964		(15.7	)
SBI Holdings, Inc.		900		16,258		(1.4	)
SCSK Corp.		13,600		200,647		(17.6	)
Secom Co. Ltd.		1,200		68,365		(6.0	)
Sega Sammy Holdings, Inc.		16,700		213,615		(18.7	)
Seino Holdings Co. Ltd.		9,400		72,228		(6.3	)
Sekisui House Ltd.		11,200		185,951		(16.3	)
Sekisui House REIT, Inc.		353		190,213		(16.6	)
SG Holdings Co. Ltd.		6,800		90,107		(7.9	)
Shimadzu Corp.		600		15,806		(1.4	)
Shimizu Corp.		49,300		246,006		(21.5	)
Skylark Co. Ltd.		1,800		19,201		(1.7	)
SMS Co. Ltd.		4,000		91,763		(8.0	)
Sohgo Security Services Co. Ltd.		11,400		284,172		(24.9	)
Sojitz Corp.		3,800		56,019		(4.9	)
Sompo Holdings, Inc.		400		16,677		(1.5	)
Sotetsu Holdings, Inc.		5,700		86,322		(7.6	)
Square Enix Holdings Co. Ltd.		1,500		66,933		(5.9	)
Sugi Holdings Co. Ltd.		1,000		40,105		(3.5	)
Sumitomo Chemical Co. Ltd.		4,400		14,816		(1.3	)
Sumitomo Corp.		15,400		195,792		(17.1	)
Sumitomo Forestry Co. Ltd.		22,400		350,416		(30.7	)
Sumitomo Mitsui Trust Holdings, Inc.		12,900		371,120		(32.5	)
Sumitomo Pharma Co. Ltd.		12,300		85,681		(7.5	)
Sundrug Co. Ltd.		12,600		292,987		(25.6	)
Sysmex Corp.		2,000		107,648		(9.4	)
Taisei Corp.		1,700		46,309		(4.1	)
Takara Bio, Inc.		3,000		35,099		(3.1	)
Takashimaya Co. Ltd.		12,400		153,393		(13.4	)
Takeda Pharmaceutical Co. Ltd.		16,400		433,108		(37.9	)
TBS Holdings, Inc.		4,300		44,543		(3.9	)
Teijin Ltd.		4,800		43,579		(3.8	)
Terumo Corp.		1,900		57,663		(5.0	)
TIS, Inc.		600		16,177		(1.4	)
Tobu Railway Co. Ltd.		4,700		108,723		(9.5	)
Tohoku Electric Power Co., Inc.		20,700		86,948		(7.6	)
Tokio Marine Holdings, Inc.		31,700		573,933		(50.2	)
TOTO Ltd.		3,400		96,977		(8.5	)
Toyota Industries Corp.		1,600		82,424		(7.2	)
Toyota Tsusho Corp.		1,900		63,775		(5.6	)
TS Tech Co. Ltd.		6,900		72,158		(6.3	)
Tsumura & Co.		5,700		119,052		(10.4	)
Tsuruha Holdings, Inc.		3,900		226,573		(19.8	)
Ulvac, Inc.		2,400		94,610		(8.3	)
Yakult Honsha Co. Ltd.		4,400		243,755		(21.3	)
Yamaguchi Financial Group, Inc.		42,100		221,710		(19.4	)
Yamaha Motor Co. Ltd.		11,200		231,197		(20.2	)
Yaoko Co. Ltd.		8,000		348,024		(30.4	)
Yaskawa Electric Corp.		2,300		63,685		(5.6	)
Z Holdings Corp.		2,100		5,420		(0.5	)
Zenkoku Hosho Co. Ltd.		5,300		174,883		(15.3	)
ZOZO, Inc.		1,200		25,462		(2.2	)
				28,375,731

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

Schedule of Investments (unaudited) (continued) October 31, 2022 BlackRock Global Equity Market Neutral Fund

Security	Shares		Value		% of Basket Value
Luxembourg
L’Occitane International SA		45,250	$	111,099		(9.7	)%
RTL Group SA		4,414		149,837		(13.1	)
				260,936
Macau
MGM China Holdings Ltd.		108,400		43,644		(3.8	)
Wynn Macau Ltd.		90,000		35,879		(3.2	)
				79,523
Netherlands
ABN AMRO Bank NV, GDR		18,876		185,563		(16.2	)
Aegon NV		4,810		22,266		(1.9	)
Alfen Beheer BV		350		37,127		(3.2	)
ASR Nederland NV		46,660		2,054,574		(179.8	)
IMCD NV		593		76,909		(6.7	)
JDE Peet’s NV		2,861		81,896		(7.2	)
Koninklijke DSM NV		658		77,401		(6.8	)
Koninklijke KPN NV		30,859		86,316		(7.5	)
Koninklijke Vopak NV		940		19,206		(1.7	)
OCI NV		9,793		374,562		(32.8	)
QIAGEN NV		2,257		97,464		(8.5	)
Signify NV		2,045		56,657		(5.0	)
Wolters Kluwer NV		1,211		128,679		(11.3	)
				3,298,620
New Zealand
a2 Milk Co. Ltd.		7,039		23,654		(2.0	)
Air New Zealand Ltd.		62,777		28,475		(2.5	)
Fisher & Paykel Healthcare Corp. Ltd.		5,400		61,371		(5.4	)
				113,500
Norway
Adevinta ASA		9,167		62,752		(5.5	)
Aker BP ASA		1,759		55,877		(4.9	)
Equinor ASA		16,100		586,583		(51.3	)
Golden Ocean Group Ltd.		4,619		37,916		(3.3	)
Kongsberg Gruppen ASA		3,071		110,127		(9.6	)
NEL ASA		20,336		24,857		(2.2	)
Norsk Hydro ASA		12,497		79,310		(6.9	)
Telenor ASA		7,706		70,047		(6.1	)
Var Energi ASA		21,100		71,719		(6.3	)
Yara International ASA		633		28,252		(2.5	)
				1,127,440
Portugal
EDP - Energias de Portugal SA		27,709		121,069		(10.6	)
Puerto Rico
Popular, Inc.		5,620		397,446		(34.8	)
Singapore
CapLand Ascendas REIT		25,400		46,995		(4.1	)
City Developments Ltd.		2,900		15,636		(1.4	)
ComfortDelGro Corp. Ltd.		94,400		84,742		(7.4	)
Jardine Cycle & Carriage Ltd.		1,400		29,405		(2.6	)
Keppel Corp. Ltd.		62,100		305,657		(26.7	)
Mapletree Pan Asia Commercial Trust		244,200		274,043		(24.0	)
NetLink NBN Trust		26,200		15,826		(1.4	)
Oversea-Chinese Banking Corp. Ltd.		4,600		39,487		(3.4	)
SATS Ltd.		400		772		(0.1	)
SIA Engineering Co. Ltd.		4,600		7,023		(0.6	)

Security	Shares		Value		% of Basket Value
Singapore (continued)
Singapore Airlines Ltd.		94,400	$	350,159		(30.6	)%
StarHub Ltd.		95,300		72,046		(6.3	)
				1,241,791
Spain
Banco Bilbao Vizcaya Argentaria SA		39,444		203,483		(17.8	)
Banco de Sabadell SA		111,241		87,463		(7.6	)
Bankinter SA		9,826		59,437		(5.2	)
Corp. ACCIONA Energias Renovables SA		1,333		52,415		(4.6	)
Iberdrola SA		5,020		51,050		(4.5	)
Mapfre SA		58,699		100,680		(8.8	)
Merlin Properties Socimi SA		13,802		116,994		(10.2	)
Naturgy Energy Group SA		737		18,913		(1.7	)
Solaria Energia y Medio Ambiente SA		7,377		116,676		(10.2	)
				807,111
Sweden
Atlas Copco AB, B Shares		32,965		318,810		(27.9	)
Autoliv, Inc.		417		33,506		(2.9	)
Avanza Bank Holding AB		1,873		37,361		(3.3	)
Axfood AB		2,994		74,127		(6.5	)
Castellum AB		5,715		65,346		(5.7	)
Epiroc AB, Class A		8,836		135,265		(11.8	)
Epiroc AB, Class B		8,234		110,559		(9.7	)
Holmen AB, B Shares		9,364		339,823		(29.7	)
Industrivarden AB		13,349		299,757		(26.2	)
Industrivarden AB, A Shares		3,702		83,842		(7.3	)
Indutrade AB		3,773		66,058		(5.8	)
Investment AB Latour, B Shares		2,975		50,255		(4.4	)
Kinnevik AB		3,279		40,507		(3.5	)
Lifco AB, B Shares		7,341		106,076		(9.3	)
Spotify Technology SA		3,078		248,025		(21.7	)
SSAB AB, A Shares		5,226		25,137		(2.2	)
Storskogen Group AB, Class B		28,741		20,985		(1.8	)
Svenska Cellulosa AB SCA, Class B		7,563		89,227		(7.8	)
Tele2 AB, B Shares		1,636		13,409		(1.2	)
Telefonaktiebolaget LM Ericsson, B Shares		1,950		10,841		(1.0	)
Telia Co. AB		17,017		45,091		(4.0	)
Vitrolife AB		1,136		18,360		(1.6	)
				2,232,367
Switzerland
Accelleron Industries AG		985		16,703		(1.5	)
Banque Cantonale Vaudoise, Registered Shares		1,437		127,886		(11.2	)
Barry Callebaut AG, Registered Shares		151		285,679		(25.0	)
Belimo Holding AG, Registered Shares		31		12,626		(1.1	)
BKW AG		2,794		325,956		(28.5	)
Chocoladefabriken Lindt & Spruengli AG		20		191,941		(16.8	)
DKSH Holding AG		1,672		120,619		(10.6	)
Dufry AG, Registered Shares		727		23,982		(2.1	)
Emmi AG, Registered Shares		41		32,716		(2.9	)
Flughafen Zurich AG, Registered Shares		3,216		498,918		(43.6	)
Geberit AG, Registered Shares		664		295,173		(25.8	)
Givaudan SA, Registered Shares		151		451,028		(39.5	)
Roche Holding AG		1,629		661,195		(57.8	)
Siemens Energy AG		2,832		33,014		(2.9	)
SIG Group AG		11,547		221,969		(19.4	)
Swiss Prime Site AG, Registered Shares		576		46,479		(4.1	)
UBS Group AG, Registered Shares		890		14,110		(1.2	)
VAT Group AG		2,178		497,240		(43.5	)
				3,857,234

SCHEDULE   OF  INVESTMENTS 41

Schedule of Investments (unaudited) (continued) October 31, 2022 BlackRock Global Equity Market Neutral Fund

Security	Shares		Value			% of Basket Value
United Kingdom
3i Group PLC		9,743	$	129,761			(11.4	)%
Atlantica Sustainable Infrastructure PLC		10,955		303,563			(26.6	)
Auto Trader Group PLC		34,793		208,263			(18.2	)
BAE Systems PLC		1,605		15,012			(1.3	)
Barclays PLC		130,257		221,339			(19.4	)
Beazley PLC		13,955		100,083			(8.8	)
British American Tobacco PLC		1,186		46,839			(4.1	)
Bunzl PLC		4,195		136,696			(12.0	)
Burberry Group PLC		34,280		714,296			(62.5	)
Centrica PLC		175,115		153,875			(13.5	)
ConvaTec Group PLC		81,057		202,823			(17.7	)
Dechra Pharmaceuticals PLC		1,339		40,253			(3.5	)
Diageo PLC		7,539		310,248			(27.1	)
Direct Line Insurance Group PLC		121,869		281,571			(24.6	)
Dr. Martens PLC		5,927		16,856			(1.5	)
Drax Group PLC		1,532		9,149			(0.8	)
easyJet PLC		29,556		117,683			(10.3	)
Ferguson PLC		2,767		301,765			(26.4	)
Hargreaves Lansdown PLC		11,172		97,639			(8.5	)
IG Group Holdings PLC		6,635		60,520			(5.3	)
IMI PLC		2,987		42,077			(3.7	)
Intermediate Capital Group PLC		12,261		149,299			(13.1	)
Intertek Group PLC		16,384		686,374			(60.1	)
J Sainsbury PLC		20,246		45,130			(3.9	)
Johnson Matthey PLC		7,862		174,517			(15.3	)
Liberty Global PLC, Class A		28,134		474,339			(41.5	)
Liberty Global PLC, Class C		14,251		251,673			(22.0	)
LivaNova PLC		2,789		131,362			(11.5	)
Moneysupermarket.com Group PLC		2		4			(0.0	)
NatWest Group PLC		389,374		1,048,701			(91.8	)
Nomad Foods Ltd.		55,264		851,066			(74.5	)
Pennon Group PLC		8,000		76,878			(6.7	)
Reckitt Benckiser Group PLC		2,928		194,314			(17.0	)
Renishaw PLC		883		35,432			(3.1	)
Rightmove PLC		19,789		111,436			(9.7	)
Rolls-Royce Holdings PLC		53,829		48,277			(4.2	)
RS GROUP PLC		24,919		274,194			(24.0	)
Sage Group PLC		17,974		149,808			(13.1	)
Shell PLC		9,634		266,877			(23.3	)
Spectris PLC		187		6,481			(0.6	)
SSE PLC		20,786		371,464			(32.5	)
SSP Group PLC		50,684		117,853			(10.3	)
St. James’s Place PLC		15,820		193,187	��		(16.9	)
Tate & Lyle PLC		2,775		22,298			(1.9	)
Travis Perkins PLC		38,055		358,668			(31.4	)
Tritax Big Box REIT PLC		93,000		149,539			(13.1	)
United Utilities Group PLC		24,016		258,801			(22.6	)
WPP PLC		75,164		661,454			(57.9	)
				10,619,737
United States
3M Co.		234		29,435			(2.6	)
A O Smith Corp.		4,005		219,394			(19.2	)
ABIOMED, Inc.		2,738		690,195			(60.4	)
AECOM		10,061		757,392			(66.3	)
Agilent Technologies, Inc.		634		87,714			(7.7	)
AGNC Investment Corp.		43,903		360,883			(31.6	)
Akamai Technologies, Inc.		1,257		111,031			(9.7	)
Alaska Air Group, Inc.		5,454		242,485			(21.2	)
Albertsons Cos., Inc., Class A		670		13,742			(1.2	)
Alcoa Corp.		14,582		569,135			(49.8	)

Security	Shares		Value		% of Basket Value
United States (continued)
Align Technology, Inc.		650	$	126,295		(11.1	)%
Allstate Corp.		4,751		599,814		(52.5	)
Ally Financial, Inc.		19,533		538,329		(47.1	)
Alnylam Pharmaceuticals, Inc.		1,021		211,612		(18.5	)
Amazon.com, Inc.		3,589		367,657		(32.2	)
Amcor PLC		13,574		157,187		(13.8	)
Amedisys, Inc.		6,363		620,965		(54.3	)
American Airlines Group, Inc.		9,019		127,889		(11.2	)
American Express Co.		5,588		829,539		(72.6	)
American Financial Group, Inc.		5,506		798,976		(69.9	)
American Water Works Co., Inc.		634		92,146		(8.1	)
Annaly Capital Management, Inc.		32,114		595,715		(52.1	)
ANSYS, Inc.		4,191		926,882		(81.1	)
Antero Resources Corp.		10,764		394,608		(34.5	)
Aon PLC, Class A		979		275,579		(24.1	)
APA Corp.		10,108		459,510		(40.2	)
AptarGroup, Inc.		941		93,300		(8.2	)
Aptiv PLC		3,434		312,734		(27.4	)
Arch Capital Group Ltd.		605		34,788		(3.0	)
Arrow Electronics, Inc.		4,002		405,243		(35.5	)
ASGN, Inc.		382		32,386		(2.8	)
Ashland, Inc.		429		45,011		(3.9	)
AT&T, Inc.		4,323		78,808		(6.9	)
Autodesk, Inc.		17		3,643		(0.3	)
AutoNation, Inc.		3,528		375,062		(32.8	)
AutoZone, Inc.		321		813,054		(71.1	)
Avangrid, Inc.		8,873		360,954		(31.6	)
Avnet, Inc.		6,327		254,282		(22.2	)
Axalta Coating Systems Ltd.		2,415		56,318		(4.9	)
Axon Enterprise, Inc.		530		77,083		(6.7	)
AZEK Co., Inc.		4,382		76,729		(6.7	)
Azenta, Inc.		1,983		88,045		(7.7	)
Baker Hughes Co.		16,986		469,833		(41.1	)
Bank of New York Mellon Corp.		4,622		194,632		(17.0	)
Bank OZK		14,357		617,064		(54.0	)
Berry Global Group, Inc.		1,350		63,882		(5.6	)
Best Buy Co., Inc.		5,056		345,881		(30.3	)
Bill.com Holdings, Inc.		40		5,334		(0.5	)
BioMarin Pharmaceutical, Inc.		630		54,577		(4.8	)
Bio-Rad Laboratories, Inc., Class A		591		207,861		(18.2	)
Black Hills Corp.		4,482		292,988		(25.6	)
Blackstone Mortgage Trust, Inc., Class A		4,044		100,938		(8.8	)
Boeing Co.		4,061		578,733		(50.6	)
Booking Holdings, Inc.		246		459,892		(40.2	)
BorgWarner, Inc.		14,084		528,573		(46.2	)
Boston Beer Co., Inc., Class A		593		221,361		(19.4	)
Box, Inc., Class A		36,204		1,051,726		(92.0	)
Boyd Gaming Corp.		10,325		596,372		(52.2	)
Brighthouse Financial, Inc.		8,983		512,660		(44.9	)
Bristol-Myers Squibb Co.		11,825		916,083		(80.2	)
Brixmor Property Group, Inc.		5,763		122,810		(10.7	)
Broadridge Financial Solutions, Inc.		3,789		568,577		(49.7	)
Bruker Corp.		254		15,707		(1.4	)
Builders FirstSource, Inc.		11,706		721,792		(63.2	)
CACI International, Inc., Class A		1,134		344,770		(30.2	)
Capital One Financial Corp.		3,152		334,175		(29.2	)
Cardinal Health, Inc.		16,256		1,233,830		(108.0	)
Cboe Global Markets, Inc.		2,759		343,496		(30.1	)
CDW Corp.		1,814		313,477		(27.4	)
Ceridian HCM Holding, Inc.		544		36,007		(3.2	)
CH Robinson Worldwide, Inc.		3,584		350,228		(30.6	)

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

Schedule of Investments (unaudited) (continued) October 31, 2022 BlackRock Global Equity Market Neutral Fund

Security	Shares		Value		% of Basket Value
United States (continued)
Charles River Laboratories International, Inc.		452	$	95,937		(8.4	)%
Chemed Corp.		459		214,293		(18.8	)
Cheniere Energy, Inc.		87		15,348		(1.3	)
Chevron Corp.		6,675		1,207,507		(105.7	)
Chewy, Inc., Class A		3,799		147,135		(12.9	)
Chord Energy Corp.		958		146,660		(12.8	)
Ciena Corp.		14,338		686,790		(60.1	)
Cigna Corp.		3,818		1,233,443		(107.9	)
Cirrus Logic, Inc.		2,511		168,538		(14.7	)
Cisco Systems, Inc.		22,364		1,015,997		(88.9	)
Citigroup, Inc.		5,540		254,064		(22.2	)
Clearway Energy, Inc., Class C		23,632		820,976		(71.8	)
CMS Energy Corp.		975		55,624		(4.9	)
Coca-Cola Co.		5,385		322,292		(28.2	)
Coca-Cola Europacific Partners PLC		4,374		205,797		(18.0	)
Cognizant Technology Solutions Corp., Class A		17,511		1,090,060		(95.4	)
Coherent Corp.		462		15,528		(1.4	)
Colgate-Palmolive Co.		22,155		1,635,925		(143.1	)
Commercial Metals Co.		8,212		373,646		(32.7	)
Cooper Cos., Inc.		13		3,554		(0.3	)
Copart, Inc.		1,930		221,989		(19.4	)
Costco Wholesale Corp.		97		48,646		(4.3	)
Crowdstrike Holdings, Inc., Class A		3,792		611,270		(53.5	)
Danaher Corp.		899		226,251		(19.8	)
Deckers Outdoor Corp.		2,144		750,250		(65.6	)
Dell Technologies, Inc., Class C		6,619		254,170		(22.2	)
Digital Realty Trust, Inc.		9,362		938,540		(82.1	)
DocuSign, Inc.		1,347		65,060		(5.7	)
Dolby Laboratories, Inc., Class A		4,098		273,910		(24.0	)
Domino’s Pizza, Inc.		3,552		1,180,116		(103.3	)
DoorDash, Inc., Class A		1,167		50,800		(4.4	)
Dynatrace, Inc.		1,421		50,076		(4.4	)
eBay, Inc.		9,380		373,699		(32.7	)
Edison International		14,786		887,751		(77.7	)
Edwards Lifesciences Corp.		9,236		668,963		(58.5	)
Eli Lilly & Co.		117		42,365		(3.7	)
Equifax, Inc.		339		57,474		(5.0	)
Equinix, Inc.		154		87,232		(7.6	)
Equity LifeStyle Properties, Inc.		5,671		362,717		(31.7	)
Erie Indemnity Co., Class A		168		43,178		(3.8	)
Essent Group Ltd.		15,338		607,078		(53.1	)
Essential Utilities, Inc.		6,679		295,345		(25.8	)
Essex Property Trust, Inc.		2,269		504,263		(44.1	)
Estee Lauder Cos., Inc., Class A		3,864		774,693		(67.8	)
Everest Re Group Ltd.		2,526		815,039		(71.3	)
Exact Sciences Corp.		4,163		144,789		(12.7	)
Exelixis, Inc.		3,699		61,329		(5.4	)
Expedia Group, Inc.		10,899		1,018,730		(89.1	)
Expeditors International of Washington, Inc.		7,666		750,118		(65.6	)
F5, Inc.		508		72,598		(6.4	)
Fair Isaac Corp.		354		169,509		(14.8	)
FedEx Corp.		89		14,265		(1.2	)
First American Financial Corp.		15,535		782,964		(68.5	)
Flex Ltd.		12,570		246,121		(21.5	)
Fluor Corp.		3,956		119,709		(10.5	)
FMC Corp.		8		951		(0.1	)
Fortune Brands Home & Security, Inc.		7,851		473,572		(41.4	)
Fox Corp., Class A		7,378		213,003		(18.6	)
Fox Corp., Class B		8,243		224,210		(19.6	)
Freeport-McMoRan, Inc.		3,439		108,982		(9.5	)
Gaming & Leisure Properties, Inc.		14,455		724,485		(63.4	)
Gap, Inc.		2,315		26,090		(2.3	)

Security	Shares		Value		% of Basket Value
United States (continued)
Garmin Ltd.		3,335	$	293,613		(25.7	)%
Gartner, Inc.		1,331		401,856		(35.2	)
Generac Holdings, Inc.		1,184		137,237		(12.0	)
Gentex Corp.		8,675		229,801		(20.1	)
Globus Medical, Inc., Class A		1,971		132,057		(11.6	)
Goodyear Tire & Rubber Co.		16,338		207,493		(18.2	)
Graphic Packaging Holding Co.		5,529		126,946		(11.1	)
Grocery Outlet Holding Corp.		1,214		41,968		(3.7	)
Guidewire Software, Inc.		1,690		100,403		(8.8	)
H&R Block, Inc.		8,493		349,487		(30.6	)
Halozyme Therapeutics, Inc.		639		30,551		(2.7	)
Hanover Insurance Group, Inc.		1,447		211,971		(18.5	)
Hartford Financial Services Group, Inc.		10,626		769,429		(67.3	)
Healthpeak Properties, Inc.		38,391		911,018		(79.7	)
HEICO Corp.		3,186		518,171		(45.3	)
Hess Corp.		6,036		851,559		(74.5	)
Hewlett Packard Enterprise Co.		86,865		1,239,564		(108.5	)
Hexcel Corp.		4,019		223,858		(19.6	)
HF Sinclair Corp.		1,299		79,460		(7.0	)
Horizon Therapeutics PLC		4,357		271,528		(23.8	)
HubSpot, Inc.		762		225,979		(19.8	)
Huntington Ingalls Industries, Inc.		1,078		277,121		(24.2	)
Huntsman Corp.		13,961		373,596		(32.7	)
Hyatt Hotels Corp., Class A		2,955		278,391		(24.4	)
ICU Medical, Inc.		564		83,703		(7.3	)
IDACORP, Inc.		976		102,187		(8.9	)
Illinois Tool Works, Inc.		306		65,340		(5.7	)
Inari Medical, Inc.		1,577		121,319		(10.6	)
Incyte Corp.		668		49,659		(4.3	)
Insulet Corp.		515		133,287		(11.7	)
Integra LifeSciences Holdings Corp.		4,239		213,010		(18.6	)
Intel Corp.		28,606		813,269		(71.2	)
Intercontinental Exchange, Inc.		294		28,098		(2.5	)
Intuit, Inc.		869		371,497		(32.5	)
Intuitive Surgical, Inc.		52		12,816		(1.1	)
Invesco Ltd.		43,789		670,847		(58.7	)
Ionis Pharmaceuticals, Inc.		2,324		102,721		(9.0	)
IPG Photonics Corp.		3,201		274,198		(24.0	)
Iridium Communications, Inc.		1,145		59,002		(5.2	)
Jabil, Inc.		3,025		194,356		(17.0	)
Jacobs Solutions, Inc.		7,906		910,929		(79.7	)
JB Hunt Transport Services, Inc.		2,111		361,129		(31.6	)
Jefferies Financial Group, Inc.		3,394		116,788		(10.2	)
Johnson Controls International PLC		15,454		893,859		(78.2	)
Juniper Networks, Inc.		1,733		53,030		(4.6	)
KeyCorp		24,400		436,028		(38.2	)
Kimberly-Clark Corp.		945		117,615		(10.3	)
KLA Corp.		740		234,173		(20.5	)
Knight-Swift Transportation Holdings, Inc.		15,065		723,572		(63.3	)
Kroger Co.		425		20,098		(1.8	)
Laboratory Corp. of America Holdings		2,447		542,891		(47.5	)
Lam Research Corp.		2,088		845,181		(73.9	)
Lamar Advertising Co., Class A		3,954		364,677		(31.9	)
Lattice Semiconductor Corp.		7,416		359,750		(31.5	)
Lear Corp.		666		92,381		(8.1	)
Leidos Holdings, Inc.		4,897		497,486		(43.5	)
Lennar Corp., Class A		217		17,512		(1.5	)
Lennox International, Inc.		996		232,636		(20.4	)
Leslie’s, Inc.		33,251		466,844		(40.8	)
Liberty Broadband Corp., Class C		770		65,011		(5.7	)
Liberty Media Corp.-Liberty Formula One, Class C		9,026		521,071		(45.6	)

SCHEDULE   OF  INVESTMENTS 43

Schedule of Investments (unaudited) (continued) October 31, 2022 BlackRock Global Equity Market Neutral Fund

Security	Shares		Value		% of Basket Value
United States (continued)
Liberty Media Corp.-Liberty SiriusXM, Class A		3,711	$	157,495		(13.8	)%
Liberty Media Corp.-Liberty SiriusXM, Class C		5,585		235,631		(20.6	)
Life Storage, Inc.		2,388		264,137		(23.1	)
Lincoln National Corp.		310		16,700		(1.5	)
Lithia Motors, Inc.		409		81,043		(7.1	)
Livent Corp.		1,002		31,633		(2.8	)
Lockheed Martin Corp.		4,549		2,213,907		(193.7	)
Lumen Technologies, Inc.		1,427		10,503		(0.9	)
Lumentum Holdings, Inc.		9,367		697,373		(61.0	)
MACOM Technology Solutions Holdings, Inc.		4,525		261,862		(22.9	)
Macy’s, Inc.		21,454		447,316		(39.1	)
Manhattan Associates, Inc.		1,275		155,129		(13.6	)
ManpowerGroup, Inc.		1,282		100,432		(8.8	)
Marathon Oil Corp.		68,547		2,087,256		(182.6	)
Martin Marietta Materials, Inc.		939		315,485		(27.6	)
Marvell Technology, Inc.		10,764		427,116		(37.4	)
Masco Corp.		7,888		364,978		(31.9	)
Match Group, Inc.		4,091		176,731		(15.5	)
Mattel, Inc.		14,060		266,578		(23.3	)
MaxLinear, Inc.		3,781		116,757		(10.2	)
McCormick & Co., Inc.		22,758		1,789,689		(156.6	)
Medical Properties Trust, Inc.		17,695		202,608		(17.7	)
Meritage Homes Corp.		3,735		284,458		(24.9	)
Meta Platforms, Inc., Class A		1,857		172,998		(15.1	)
MGIC Investment Corp.		37,756		515,369		(45.1	)
Mid-America Apartment Communities, Inc.		5		787		(0.1	)
Mohawk Industries, Inc.		2,508		237,633		(20.8	)
MongoDB, Inc.		1,212		221,832		(19.4	)
Monolithic Power Systems, Inc.		663		225,055		(19.7	)
Moody’s Corp.		241		63,834		(5.6	)
MSC Industrial Direct Co., Inc., Class A		1,507		125,051		(10.9	)
Murphy Oil Corp.		975		47,297		(4.1	)
National Retail Properties, Inc.		8,762		368,267		(32.2	)
National Storage Affiliates Trust		5,764		245,892		(21.5	)
New York Community Bancorp, Inc.		33,471		311,615		(27.3	)
New York Times Co., Class A		16,441		476,131		(41.7	)
Newmont Corp.		29,462		1,246,832		(109.1	)
Northern Trust Corp.		1,676		141,371		(12.4	)
Northrop Grumman Corp.		63		34,588		(3.0	)
NOV, Inc.		24		538		(0.0	)
Novocure Ltd.		1,034		73,062		(6.4	)
Nutanix, Inc., Class A		3,333		91,324		(8.0	)
NVR, Inc.		90		381,397		(33.4	)
Old Dominion Freight Line, Inc.		1,261		346,271		(30.3	)
Ollie’s Bargain Outlet Holdings, Inc.		758		42,448		(3.7	)
Omega Healthcare Investors, Inc.		12,735		404,718		(35.4	)
Outfront Media, Inc.		24,768		447,062		(39.1	)
Ovintiv, Inc.		413		20,915		(1.8	)
Owens Corning		2,967		254,005		(22.2	)
PacWest Bancorp		10,191		253,348		(22.2	)
Palo Alto Networks, Inc.		6,816		1,169,557		(102.3	)
Papa John’s International, Inc.		10,682		775,834		(67.9	)
Park Hotels & Resorts, Inc.		3,547		46,395		(4.1	)
Patterson-UTI Energy, Inc.		24,015		423,865		(37.1	)
Paylocity Holding Corp.		168		38,941		(3.4	)
PDC Energy, Inc.		505		36,431		(3.2	)
Penn Entertainment, Inc.		6,233		206,312		(18.1	)
Penske Automotive Group, Inc.		3,634		405,627		(35.5	)
Pentair PLC		2,204		94,662		(8.3	)
Petco Health & Wellness Co., Inc.		12,019		126,560		(11.1	)
Philip Morris International, Inc.		147		13,502		(1.2	)
Physicians Realty Trust		9,049		136,278		(11.9	)

Security	Shares		Value		% of Basket Value
United States (continued)
Pinnacle West Capital Corp.		3,381	$	227,237		(19.9	)%
Pool Corp.		103		31,336		(2.7	)
Portland General Electric Co.		1,608		72,264		(6.3	)
Power Integrations, Inc.		183		12,208		(1.1	)
PulteGroup, Inc.		25,351		1,013,786		(88.7	)
Qorvo, Inc.		1,536		132,219		(11.6	)
Qualys, Inc.		213		30,365		(2.7	)
Radian Group, Inc.		25,156		525,006		(45.9	)
Ralph Lauren Corp.		186		17,240		(1.5	)
Range Resources Corp.		22,713		646,866		(56.6	)
Rapid7, Inc.		1,408		63,740		(5.6	)
Regency Centers Corp.		847		51,252		(4.5	)
Reinsurance Group of America, Inc.		1,883		277,121		(24.2	)
RingCentral, Inc., Class A		329		11,686		(1.0	)
Robert Half International, Inc.		6,062		463,501		(40.6	)
ROBLOX Corp., Class A		4,228		189,161		(16.6	)
Rocket Cos., Inc., Class A		10,933		75,438		(6.6	)
Roku, Inc.		2,436		135,295		(11.8	)
Royal Caribbean Cruises Ltd.		1,983		105,853		(9.3	)
Royal Gold, Inc.		859		81,571		(7.1	)
S&P Global, Inc.		3,079		989,129		(86.5	)
Saia, Inc.		398		79,146		(6.9	)
Science Applications International Corp.		894		96,856		(8.5	)
Scotts Miracle-Gro Co.		3,221		147,876		(12.9	)
Seagen, Inc.		1,666		211,849		(18.5	)
Sealed Air Corp.		5,112		243,433		(21.3	)
Service Corp. International		4,168		252,622		(22.1	)
ServiceNow, Inc.		1,249		525,504		(46.0	)
Silicon Laboratories, Inc.		536		61,597		(5.4	)
Sirius XM Holdings, Inc.		45,883		277,133		(24.2	)
SiteOne Landscape Supply, Inc.		424		49,129		(4.3	)
Snap, Inc., Class A		6,615		65,555		(5.7	)
Snap-on, Inc.		925		205,396		(18.0	)
Stifel Financial Corp.		937		57,972		(5.1	)
SunPower Corp.		714		13,202		(1.2	)
Synchrony Financial		3,505		124,638		(10.9	)
Syneos Health, Inc.		8,812		443,949		(38.8	)
TD SYNNEX Corp.		1,860		170,209		(14.9	)
Teleflex, Inc.		831		178,299		(15.6	)
Tempur Sealy International, Inc.		394		10,595		(0.9	)
Teradyne, Inc.		8,291		674,473		(59.0	)
Tetra Tech, Inc.		4,602		650,171		(56.9	)
Texas Roadhouse, Inc.		1,996		197,504		(17.3	)
Textron, Inc.		5,935		406,191		(35.5	)
Timken Co.		12,708		905,953		(79.3	)
Toll Brothers, Inc.		4,362		187,915		(16.4	)
TopBuild Corp.		1,816		308,974		(27.0	)
Topgolf Callaway Brands Corp.		2,621		49,065		(4.3	)
Tractor Supply Co.		235		51,646		(4.5	)
Travel & Leisure Co.		861		32,701		(2.9	)
Trex Co., Inc.		3,186		153,215		(13.4	)
TripAdvisor, Inc.		2,452		57,916		(5.1	)
U.S. Bancorp		31,831		1,351,226		(118.2	)
U.S. Foods Holding Corp.		1,657		49,312		(4.3	)
U.S. Steel Corp.		20,364		414,611		(36.3	)
Ultragenyx Pharmaceutical, Inc.		548		22,172		(1.9	)
Umpqua Holdings Corp.		910		18,091		(1.6	)
United Rentals, Inc.		101		31,887		(2.8	)
United Therapeutics Corp.		210		48,411		(4.2	)
Universal Display Corp.		2,954		281,280		(24.6	)
Valaris Ltd.		577		38,619		(3.4	)
Valvoline, Inc.		1,995		58,573		(5.1	)

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

Schedule of Investments (unaudited) (continued) October 31, 2022 BlackRock Global Equity Market Neutral Fund

Security	Shares			Value			% of Basket Value
United States (continued)
Varonis Systems, Inc.		557		$	14,911			(1.3	)%
Veeva Systems, Inc., Class A		2,578			432,949			(37.9	)
VeriSign, Inc.		1,985			397,913			(34.8	)
Viatris, Inc.		40,411			409,363			(35.8	)
Virtu Financial, Inc., Class A		12,007			268,717			(23.5	)
Vistra Corp.		10,563			242,632			(21.2	)
Walgreens Boots Alliance, Inc.		7,165			261,523			(22.9	)
Walmart, Inc.		2,868			408,202			(35.7	)
Waters Corp.		979			292,887			(25.6	)
Watsco, Inc.		784			212,433			(18.6	)
Welltower, Inc.		5,277			322,108			(28.2	)
West Pharmaceutical Services, Inc.		2,221			511,052			(44.7	)
Westrock Co.		5,191			176,805			(15.5	)
WeWork, Inc., Class A		51			131			(0.0	)
Whirlpool Corp.		2,046			282,839			(24.7	)
Williams Cos., Inc.		4,087			133,768			(11.7	)
Wintrust Financial Corp.		1,133			106,071			(9.3	)
Workday, Inc., Class A		122			19,010			(1.7	)
World Wrestling Entertainment, Inc., Class A		1,733			136,716			(12.0	)
Xylem, Inc.		2,609			267,240			(23.4	)
Yum! Brands, Inc.		2,652			313,599			(27.4	)
Zillow Group, Inc., Class C		2,517			77,675			(6.8	)
					109,991,354
Preferred Stocks
Germany
Fuchs Petrolub SE		7,462			213,704			(18.7	)
Sartorius AG		386			136,100			(11.9	)
Volkswagen AG		953			121,985			(10.7	)
					471,789
Warrants
Australia
Magellan Financial Group Ltd. (Issued/Exercisable 04/14/22, 1 Share for 1 Warrant, Expires 04/16/27, Strike Price AUD 35.00)		679			135			(0.0	)
Total Reference Entity — Long					201,803,115
Reference Entity — Short
Common Stocks
Argentina
Globant SA		(1,909	)		(360,190	)		31.5
Australia
Adbri Ltd.		(6,944	)		(7,001	)		0.6
Champion Iron Ltd.		(17,846	)		(53,679	)		4.7
Endeavour Group Ltd.		(13,898	)		(63,615	)		5.6
IDP Education Ltd.		(4,912	)		(92,674	)		8.1
Newcrest Mining Ltd.		(5,530	)		(61,009	)		5.3
Seven Group Holdings Ltd.		(20,200	)		(236,874	)		20.7
					(514,852	)
Austria
ams-OSRAM AG		(35,678	)		(201,950	)		17.7
BAWAG Group AG		(5,811	)		(280,531	)		24.5
Telekom Austria AG		(6,448	)		(37,482	)		3.3
Voestalpine AG		(6,228	)		(135,211	)		11.8
					(655,174	)
Belgium
Ageas SA		(546	)		(18,902	)		1.6
D’ieteren Group		(659	)		(109,676	)		9.6

Security	Shares			Value			% of Basket Value
Belgium (continued)
Galapagos NV		(2,640	)	$	(120,411	)		10.5	%
KBC Group NV		(3,763	)		(188,585	)		16.5
Proximus SADP		(9,162	)		(96,052	)		8.4
Sofina SA		(2,607	)		(508,362	)		44.5
UCB SA		(2,875	)		(216,682	)		19.0
					(1,258,670	)
Canada
Alimentation Couche-Tard, Inc.		(7,079	)		(316,966	)		27.7
AltaGas Ltd.		(3,088	)		(55,692	)		4.9
Aritzia, Inc.		(4,068	)		(157,781	)		13.8
Atco Ltd.		(6,863	)		(213,091	)		18.6
ATS Automation Tooling Systems, Inc.		(1,682	)		(53,213	)		4.7
Boyd Group Services, Inc.		(336	)		(47,812	)		4.2
Brookfield Asset Management, Inc., Class A		(13,955	)		(552,628	)		48.4
Canadian Apartment Properties REIT		(12,618	)		(390,761	)		34.2
Canadian National Railway Co.		(784	)		(92,882	)		8.1
CCL Industries, Inc., Class B		(750	)		(35,233	)		3.1
Constellation Software, Inc.		(275	)		(397,636	)		34.8
Dollarama, Inc.		(15,580	)		(925,754	)		81.0
Element Fleet Management Corp.		(39,080	)		(520,646	)		45.6
Empire Co. Ltd.		(10,897	)		(279,954	)		24.5
Fairfax Financial Holdings Ltd.		(60	)		(29,468	)		2.6
Finning International, Inc.		(17,515	)		(372,452	)		32.6
Franco-Nevada Corp.		(417	)		(51,524	)		4.5
H&R Real Estate Investment Trust		(15,325	)		(126,101	)		11.0
iA Financial Corp., Inc.		(16,652	)		(926,748	)		81.1
Intact Financial Corp.		(2,783	)		(422,879	)		37.0
Lightspeed Commerce, Inc.		(832	)		(15,946	)		1.4
Linamar Corp.		(358	)		(15,323	)		1.3
Loblaw Cos. Ltd.		(2,690	)		(220,397	)		19.3
Metro, Inc.		(2,106	)		(110,328	)		9.7
National Bank of Canada		(3,751	)		(255,399	)		22.3
Nuvei Corp.		(3,574	)		(107,560	)		9.4
Onex Corp.		(4,632	)		(233,138	)		20.4
Paramount Resources Ltd., Class A		(1,265	)		(26,798	)		2.3
Parkland Corp.		(16,647	)		(336,520	)		29.4
Peyto Exploration & Development Corp.		(1,648	)		(15,387	)		1.3
Saputo, Inc.		(16,977	)		(413,225	)		36.2
SmartCentres Real Estate Investment Trust		(6,818	)		(133,622	)		11.7
Stelco Holdings, Inc.		(12,836	)		(323,267	)		28.3
Tamarack Valley Energy Ltd.		(12,564	)		(48,417	)		4.2
TMX Group Ltd.		(3,422	)		(329,000	)		28.8
Toromont Industries Ltd.		(5,478	)		(420,998	)		36.8
Vermilion Energy, Inc.		(10,988	)		(256,401	)		22.4
					(9,230,947	)
Denmark
Ambu A/S, Class B		(16,813	)		(188,034	)		16.5
Carlsberg A/S, Class B		(2,130	)		(250,798	)		22.0
Chr Hansen Holding A/S		(410	)		(22,772	)		2.0
Danske Bank A/S		(5,298	)		(85,462	)		7.5
Jyske Bank A/S, Registered Shares		(788	)		(42,527	)		3.7
Orsted A/S		(227	)		(18,729	)		1.6
Pandora A/S		(5,153	)		(271,066	)		23.7
Rockwool A/S, B Shares		(1,242	)		(247,349	)		21.6
Royal Unibrew A/S		(2,616	)		(149,437	)		13.1
					(1,276,174	)
Finland
Elisa OYJ		(718	)		(34,698	)		3.0
Fortum OYJ		(1,133	)		(15,946	)		1.4

SCHEDULE   OF  INVESTMENTS 45

Schedule of Investments (unaudited) (continued) October 31, 2022 BlackRock Global Equity Market Neutral Fund

Security	Shares			Value			% of Basket Value
Finland (continued)
Kesko OYJ, B Shares		(10,275	)	$	(199,958	)		17.5	%
Kojamo OYJ		(9,658	)		(125,695	)		11.0
Orion OYJ, Class B		(18,863	)		(868,042	)		76.0
					(1,244,339	)
France
Aeroports de Paris		(113	)		(15,281	)		1.3
Amundi SA		(763	)		(35,998	)		3.2
BNP Paribas SA		(2,888	)		(135,429	)		11.9
Bollore SE		(31,034	)		(155,218	)		13.6
Bureau Veritas SA		(3,376	)		(83,523	)		7.3
Capgemini SE		(120	)		(19,667	)		1.7
Constellium SE		(14,619	)		(161,101	)		14.1
Credit Agricole SA		(3,950	)		(35,841	)		3.1
Gaztransport Et Technigaz SA		(1,219	)		(141,817	)		12.4
Kering SA		(31	)		(14,197	)		1.2
LVMH Moet Hennessy Louis Vuitton SE		(415	)		(261,863	)		22.9
Safran SA		(279	)		(31,072	)		2.7
Sartorius Stedim Biotech		(593	)		(188,182	)		16.5
SEB SA		(1,104	)		(71,872	)		6.3
Sodexo SA		(5,513	)		(488,354	)		42.7
Technip Energies NV		(1,539	)		(19,867	)		1.7
Unibail-Rodamco-Westfield		(1,070	)		(50,568	)		4.4
Veolia Environnement SA		(944	)		(21,066	)		1.9
Worldline SA		(8,036	)		(350,743	)		30.7
					(2,281,659	)
Germany
Allianz SE, Registered Shares		(696	)		(125,213	)		11.0
Bechtle AG		(6,009	)		(207,590	)		18.2
Brenntag AG		(411	)		(24,938	)		2.2
Carl Zeiss Meditec AG		(3,450	)		(417,599	)		36.5
Continental AG		(3,218	)		(166,678	)		14.6
CTS Eventim AG & Co. KGaA		(276	)		(13,175	)		1.1
Deutsche Post AG, Registered Shares		(1,203	)		(42,526	)		3.7
Deutsche Wohnen SE		(4,257	)		(85,865	)		7.5
Evotec SE		(3,017	)		(57,543	)		5.0
Fielmann AG		(4,238	)		(135,008	)		11.8
Fresenius Medical Care AG & Co. KGaA		(6,152	)		(170,168	)		14.9
Fresenius SE & Co. KGaA		(7,383	)		(169,906	)		14.9
GEA Group AG		(2,557	)		(89,379	)		7.8
Hannover Rueck SE		(93	)		(15,133	)		1.3
Henkel AG & Co. KGaA		(662	)		(38,863	)		3.4
HUGO BOSS AG		(2,438	)		(112,288	)		9.8
Symrise AG		(2,371	)		(242,014	)		21.2
Telefonica Deutschland Holding AG		(21,107	)		(45,990	)		4.0
United Internet AG, Registered Shares		(15,508	)		(289,892	)		25.4
Vonovia SE		(3,880	)		(85,789	)		7.5
Zalando SE		(5,598	)		(129,024	)		11.3
					(2,664,581	)
Hong Kong
Guotai Junan International Holdings Ltd.		(17,000	)		(1,211	)		0.1
Hongkong Land Holdings Ltd.		(64,200	)		(247,163	)		21.6
Sino Land Co. Ltd.		(12,077	)		(12,896	)		1.2
					(261,270	)
Ireland
AerCap Holdings NV		(2,958	)		(157,987	)		13.8
AIB Group PLC		(5,684	)		(16,443	)		1.4
DCC PLC		(9,627	)		(534,306	)		46.8
Jazz Pharmaceuticals PLC		(3,130	)		(450,063	)		39.4

Security	Shares			Value			% of Basket Value
Ireland (continued)
Smurfit Kappa Group PLC		(3,291	)	$	(108,942	)		9.5	%
Trane Technologies PLC		(850	)		(135,685	)		11.9
					(1,403,426	)
Isle of Man
Entain PLC		(12,553	)		(181,599	)		15.9
Israel
Ashtrom Group Ltd.		(4,262	)		(92,758	)		8.1
Check Point Software Technologies Ltd.		(129	)		(16,671	)		1.5
Mivne Real Estate KD Ltd.		(53,463	)		(166,220	)		14.5
Shikun & Binui Ltd.		(33,436	)		(132,727	)		11.6
Teva Pharmaceutical Industries Ltd.		(6,855	)		(61,290	)		5.4
					(469,666	)
Italy
Banco BPM SpA		(70,302	)		(212,700	)		18.6
DiaSorin SpA		(1,243	)		(162,505	)		14.2
FinecoBank Banca Fineco SpA		(31,508	)		(424,589	)		37.2
Hera SpA		(12,052	)		(28,716	)		2.5
Interpump Group SpA		(2,945	)		(114,017	)		10.0
Poste Italiane SpA		(17,673	)		(154,007	)		13.5
Prysmian SpA		(455	)		(14,809	)		1.3
Terna Rete Elettrica Nazionale SpA		(36,258	)		(240,451	)		21.0
					(1,351,794	)
Japan
Advance Residence Investment Corp.		(99	)		(230,488	)		20.2
Advantest Corp.		(2,100	)		(110,547	)		9.7
Aeon Mall Co. Ltd.		(20,500	)		(223,010	)		19.5
Ain Holdings, Inc.		(3,200	)		(134,432	)		11.8
Aisin Corp.		(1,800	)		(46,206	)		4.0
Ajinomoto Co., Inc.		(1,100	)		(30,254	)		2.6
Alps Alpine Co. Ltd.		(2,000	)		(17,181	)		1.5
Ariake Japan Co. Ltd.		(5,700	)		(197,472	)		17.3
Asahi Intecc Co. Ltd.		(5,200	)		(88,583	)		7.7
Asics Corp.		(10,400	)		(159,367	)		13.9
ASKUL Corp.		(10,900	)		(113,836	)		10.0
Bank of Kyoto Ltd.		(1,600	)		(57,657	)		5.0
Benefit One, Inc.		(8,800	)		(121,740	)		10.7
Bic Camera, Inc.		(29,400	)		(228,576	)		20.0
BIPROGY, Inc.		(10,700	)		(231,135	)		20.2
Canon Marketing Japan, Inc.		(5,100	)		(107,620	)		9.4
Chiba Bank Ltd.		(63,100	)		(345,732	)		30.2
Concordia Financial Group Ltd.		(133,600	)		(407,643	)		35.7
Credit Saison Co. Ltd.		(13,500	)		(144,293	)		12.6
CyberAgent, Inc.		(13,500	)		(110,905	)		9.7
Daicel Corp.		(6,100	)		(34,805	)		3.0
Daido Steel Co. Ltd.		(3,800	)		(98,523	)		8.6
Daiichi Sankyo Co. Ltd.		(9,200	)		(294,499	)		25.8
Daiichikosho Co. Ltd.		(3,000	)		(86,018	)		7.5
Daikin Industries Ltd.		(700	)		(104,851	)		9.2
Daio Paper Corp.		(8,100	)		(59,762	)		5.2
Daiwa Office Investment Corp.		(89	)		(420,460	)		36.8
Denka Co. Ltd.		(13,500	)		(312,742	)		27.4
Denso Corp.		(4,600	)		(228,233	)		20.0
Descente Ltd.		(2,600	)		(62,403	)		5.5
Dexerials Corp.		(2,800	)		(65,214	)		5.7
Dowa Holdings Co. Ltd.		(2,700	)		(85,730	)		7.5
ENEOS Holdings, Inc.		(26,100	)		(86,095	)		7.5
Ezaki Glico Co. Ltd.		(4,200	)		(94,492	)		8.3
Food and Life Cos. Ltd.		(2,700	)		(45,417	)		4.0

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

Schedule of Investments (unaudited) (continued) October 31, 2022 BlackRock Global Equity Market Neutral Fund

Security	Shares			Value			% of Basket Value
Japan (continued)
Fuji Electric Co. Ltd.		(1,600	)	$	(61,864	)		5.4	%
Fuji Oil Holdings, Inc.		(14,700	)		(231,432	)		20.2
Fukuoka Financial Group, Inc.		(23,500	)		(399,867	)		35.0
GLP J-Reit		(86	)		(89,189	)		7.8
GMO internet, Inc.		(9,700	)		(167,236	)		14.6
Goldwin, Inc.		(1,800	)		(94,002	)		8.2
GS Yuasa Corp.		(27,000	)		(411,051	)		36.0
GungHo Online Entertainment, Inc.		(49,800	)		(736,099	)		64.4
Hachijuni Bank Ltd.		(223,500	)		(712,776	)		62.4
Hakuhodo DY Holdings, Inc.		(13,700	)		(115,433	)		10.1
Hankyu Hanshin Holdings, Inc.		(14,300	)		(424,721	)		37.2
Heiwa Corp.		(5,300	)		(85,506	)		7.5
Hikari Tsushin, Inc.		(600	)		(72,477	)		6.3
Hino Motors Ltd.		(39,600	)		(164,569	)		14.4
Hirogin Holdings, Inc.		(131,000	)		(540,434	)		47.3
Hitachi Ltd.		(6,600	)		(299,467	)		26.2
Horiba Ltd.		(4,700	)		(192,829	)		16.9
House Foods Group, Inc.		(10,600	)		(198,245	)		17.3
Hoya Corp.		(1,400	)		(130,146	)		11.4
Ibiden Co. Ltd.		(5,700	)		(192,132	)		16.8
Idemitsu Kosan Co. Ltd.		(4,100	)		(89,709	)		7.8
IHI Corp.		(1,100	)		(24,534	)		2.1
Iida Group Holdings Co. Ltd.		(1,700	)		(23,605	)		2.1
Industrial & Infrastructure Fund Investment Corp.		(319	)		(336,909	)		29.5
Inpex Corp.		(17,400	)		(175,608	)		15.4
Isuzu Motors Ltd.		(1,800	)		(21,167	)		1.9
Ito En Ltd.		(4,800	)		(169,058	)		14.8
Itoham Yonekyu Holdings, Inc.		(12,600	)		(56,345	)		4.9
Iwatani Corp.		(3,300	)		(121,511	)		10.6
Iyogin Holdings, Inc.		(32,500	)		(152,483	)		13.3
Japan Airport Terminal Co. Ltd.		(11,600	)		(496,490	)		43.4
Japan Aviation Electronics Industry Ltd.		(13,800	)		(214,782	)		18.8
Japan Hotel REIT Investment Corp.		(1,506	)		(793,446	)		69.4
Japan Logistics Fund, Inc.		(64	)		(137,119	)		12.0
Japan Real Estate Investment Corp.		(116	)		(486,073	)		42.5
Japan Retail Fund Investment Corp.		(918	)		(676,317	)		59.2
JCR Pharmaceuticals Co. Ltd.		(8,600	)		(127,818	)		11.2
Jeol Ltd.		(400	)		(14,637	)		1.3
JFE Holdings, Inc.		(17,800	)		(163,068	)		14.3
JGC Holdings Corp.		(1,000	)		(12,028	)		1.1
JTEKT Corp.		(20,400	)		(144,021	)		12.6
Justsystems Corp.		(1,900	)		(39,962	)		3.5
Kadokawa Dwango		(18,100	)		(324,069	)		28.4
Kagome Co. Ltd.		(15,600	)		(311,795	)		27.3
Kaken Pharmaceutical Co. Ltd.		(1,200	)		(30,714	)		2.7
Kaneka Corp.		(2,700	)		(66,953	)		5.9
Kao Corp.		(12,900	)		(481,840	)		42.2
Kawasaki Heavy Industries Ltd.		(17,100	)		(290,826	)		25.4
Keihan Holdings Co. Ltd.		(6,800	)		(174,942	)		15.3
Kenedix Office Investment Corp.		(54	)		(123,012	)		10.8
Kikkoman Corp.		(8,400	)		(455,196	)		39.8
Kobayashi Pharmaceutical Co. Ltd.		(300	)		(15,920	)		1.4
Kobe Steel Ltd.		(31,000	)		(127,128	)		11.1
Koei Tecmo Holdings Co. Ltd.		(9,400	)		(141,836	)		12.4
Koito Manufacturing Co. Ltd.		(2,000	)		(28,394	)		2.5
Komatsu Ltd.		(12,500	)		(244,877	)		21.4
Kose Corp.		(900	)		(89,838	)		7.9
Kotobuki Spirits Co. Ltd.		(4,900	)		(251,193	)		22.0
K’s Holdings Corp.		(3,300	)		(25,860	)		2.3
Kubota Corp.		(10,800	)		(150,656	)		13.2
Kurita Water Industries Ltd.		(4,500	)		(164,722	)		14.4
Kyushu Financial Group, Inc.		(84,400	)		(213,416	)		18.7

Security	Shares			Value			% of Basket Value
Japan (continued)
LaSalle Logiport REIT		(175	)	$	(186,779	)		16.3	%
Lasertec Corp.		(1,200	)		(168,613	)		14.8
Lintec Corp.		(11,800	)		(177,042	)		15.5
Mabuchi Motor Co. Ltd.		(10,400	)		(282,198	)		24.7
Marui Group Co. Ltd.		(7,800	)		(127,611	)		11.2
Matsui Securities Co. Ltd.		(48,700	)		(259,345	)		22.7
Matsumotokiyoshi Holdings Co. Ltd.		(8,500	)		(309,473	)		27.1
MEIJI Holdings Co. Ltd.		(3,000	)		(123,447	)		10.8
Menicon Co. Ltd.		(8,500	)		(145,129	)		12.7
Mercari, Inc.		(4,700	)		(78,025	)		6.8
MINEBEA MITSUMI, Inc.		(23,300	)		(344,337	)		30.1
Mitsubishi Electric Corp.		(6,600	)		(58,071	)		5.1
Mitsubishi Motors Corp.		(30,400	)		(102,410	)		9.0
Mitsubishi UFJ Financial Group, Inc.		(179,000	)		(845,569	)		74.0
Mitsui Fudosan Logistics Park, Inc.		(15	)		(49,768	)		4.4
Mitsui OSK Lines Ltd.		(2,600	)		(51,467	)		4.5
Miura Co. Ltd.		(17,400	)		(354,358	)		31.0
Money Forward, Inc.		(3,000	)		(84,873	)		7.4
Mori Hills REIT Investment Corp.		(438	)		(479,773	)		42.0
Morinaga & Co. Ltd.		(9,400	)		(235,114	)		20.6
Morinaga Milk Industry Co. Ltd.		(1,800	)		(51,067	)		4.5
Nabtesco Corp.		(8,400	)		(178,419	)		15.6
Nagase & Co. Ltd.		(4,500	)		(61,309	)		5.4
Nexon Co. Ltd.		(5,200	)		(87,018	)		7.6
NGK Insulators Ltd.		(2,700	)		(31,498	)		2.8
NH Foods Ltd.		(8,900	)		(212,100	)		18.6
NHK Spring Co. Ltd.		(21,300	)		(118,004	)		10.3
Nidec Corp.		(1,100	)		(60,482	)		5.3
Nifco, Inc.		(1,900	)		(44,126	)		3.9
Nippon Accommodations Fund, Inc.		(83	)		(353,440	)		30.9
Nippon Building Fund, Inc.		(127	)		(564,546	)		49.4
Nippon Electric Glass Co. Ltd.		(38,600	)		(668,382	)		58.5
Nippon Shinyaku Co. Ltd.		(1,800	)		(99,659	)		8.7
Nippon Shokubai Co. Ltd.		(3,600	)		(129,135	)		11.3
Nippon Steel Corp.		(23,900	)		(327,873	)		28.7
Nishi-Nippon Railroad Co. Ltd.		(19,900	)		(390,314	)		34.1
Nissan Chemical Corp.		(300	)		(13,505	)		1.2
Nissan Motor Co. Ltd.		(4,800	)		(15,299	)		1.3
Nisshin Seifun Group, Inc.		(11,500	)		(124,265	)		10.9
Noevir Holdings Co. Ltd.		(5,900	)		(218,099	)		19.1
NOF Corp.		(4,300	)		(147,905	)		12.9
Nomura Real Estate Holdings, Inc.		(8,400	)		(189,872	)		16.6
Nomura Real Estate Master Fund, Inc.		(290	)		(330,841	)		28.9
NS Solutions Corp.		(3,100	)		(71,251	)		6.2
OKUMA Corp.		(4,900	)		(164,026	)		14.4
Ono Pharmaceutical Co. Ltd.		(1,700	)		(40,007	)		3.5
Open House Co. Ltd.		(12,200	)		(433,947	)		38.0
Orient Corp.		(89,200	)		(722,507	)		63.2
Orix JREIT, Inc.		(457	)		(613,119	)		53.6
Osaka Gas Co. Ltd.		(36,700	)		(543,442	)		47.5
OSG Corp.		(4,100	)		(52,124	)		4.6
Rakus Co. Ltd.		(1,900	)		(21,102	)		1.8
Relo Group, Inc.		(1,600	)		(22,551	)		2.0
Renesas Electronics Corp.		(31,600	)		(264,358	)		23.1
Rengo Co. Ltd.		(66,500	)		(369,448	)		32.3
RENOVA, Inc.		(1,900	)		(41,700	)		3.6
Rohto Pharmaceutical Co. Ltd.		(1,800	)		(55,994	)		4.9
Sankyo Co. Ltd.		(6,100	)		(201,433	)		17.6
Sanwa Holdings Corp.		(3,700	)		(31,872	)		2.8
Sapporo Holdings Ltd.		(4,000	)		(88,227	)		7.7
Sekisui Chemical Co. Ltd.		(900	)		(11,239	)		1.0
Seven & i Holdings Co. Ltd.		(2,100	)		(78,390	)		6.9

SCHEDULE   OF  INVESTMENTS 47

Schedule of Investments (unaudited) (continued) October 31, 2022 BlackRock Global Equity Market Neutral Fund

Security	Shares			Value			% of Basket Value
Japan (continued)
Sharp Corp.		(52,600	)	$	(315,499	)		27.6	%
SHIFT, Inc.		(1,500	)		(234,217	)		20.5
Shikoku Electric Power Co., Inc.		(48,500	)		(233,326	)		20.4
Shimano, Inc.		(700	)		(108,320	)		9.5
Shinko Electric Industries Co. Ltd.		(800	)		(19,225	)		1.7
Shinsei Bank Ltd.		(21,800	)		(324,399	)		28.4
Shizuoka Financial Group, Inc.		(46,600	)		(294,271	)		25.7
SHO-BOND Holdings Co. Ltd.		(7,300	)		(315,798	)		27.6
Shochiku Co. Ltd.		(1,800	)		(142,881	)		12.5
Showa Denko KK		(31,900	)		(465,694	)		40.7
Sony Corp.		(3,700	)		(249,508	)		21.8
Stanley Electric Co. Ltd.		(17,400	)		(295,809	)		25.9
Subaru Corp.		(9,400	)		(146,930	)		12.9
SUMCO Corp.		(7,700	)		(97,596	)		8.5
Sumitomo Bakelite Co. Ltd.		(2,600	)		(70,372	)		6.2
Sumitomo Rubber Industries Ltd.		(6,400	)		(54,905	)		4.8
Suzuken Co. Ltd.		(4,200	)		(93,508	)		8.2
Taiyo Nippon Sanso Corp.		(4,900	)		(78,015	)		6.8
Taiyo Yuden Co. Ltd.		(2,600	)		(70,750	)		6.2
Takara Holdings, Inc.		(19,300	)		(134,249	)		11.7
TechnoPro Holdings, Inc.		(10,300	)		(247,101	)		21.6
THK Co. Ltd.		(6,200	)		(108,127	)		9.5
Toda Corp.		(12,600	)		(62,978	)		5.5
Toho Gas Co. Ltd.		(6,300	)		(117,380	)		10.3
Tokai Carbon Co. Ltd.		(63,300	)		(413,090	)		36.1
Tokyo Electric Power Co. Holdings, Inc.		(69,900	)		(227,704	)		19.9
Tokyo Electron Ltd.		(800	)		(210,477	)		18.4
Tokyo Ohka Kogyo Co. Ltd.		(2,200	)		(94,846	)		8.3
Tokyu Corp.		(6,500	)		(74,948	)		6.6
TOPPAN, Inc.		(12,700	)		(189,410	)		16.6
Toshiba TEC Corp.		(1,300	)		(33,656	)		2.9
Toyo Suisan Kaisha Ltd.		(600	)		(22,510	)		2.0
Toyo Tire Corp.		(5,500	)		(64,523	)		5.6
Toyoda Gosei Co. Ltd.		(2,100	)		(33,572	)		2.9
Toyota Boshoku Corp.		(11,000	)		(139,970	)		12.2
UBE Corp.		(2,500	)		(32,244	)		2.8
Unicharm Corp.		(500	)		(15,196	)		1.3
United Urban Investment Corp.		(144	)		(152,356	)		13.3
Ushio, Inc.		(2,900	)		(30,115	)		2.6
USS Co. Ltd.		(4,900	)		(73,935	)		6.5
Welcia Holdings Co. Ltd.		(1,100	)		(22,992	)		2.0
Yokogawa Electric Corp.		(15,700	)		(262,521	)		23.0
Yokohama Rubber Co. Ltd.		(1,100	)		(17,201	)		1.5
Zeon Corp.		(12,700	)		(107,052	)		9.4
					(37,901,746	)
Luxembourg
APERAM SA		(599	)		(15,641	)		1.4
ArcelorMittal SA		(2,149	)		(48,038	)		4.2
Aroundtown SA		(9,659	)		(19,147	)		1.7
Eurofins Scientific SE		(3,198	)		(204,719	)		17.9
Tenaris SA		(70,567	)		(1,104,454	)		96.6
					(1,391,999	)
Netherlands
Aalberts NV		(2,237	)		(77,605	)		6.8
Akzo Nobel NV		(2,163	)		(133,534	)		11.7
Argenx SE		(1,127	)		(437,558	)		38.3
BE Semiconductor Industries NV		(1,963	)		(100,044	)		8.7
Euronext NV		(2,125	)		(134,871	)		11.8
Heineken Holding NV		(279	)		(19,037	)		1.7

Security	Shares			Value			% of Basket Value
Netherlands (continued)
Heineken NV		(200	)	$	(16,707	)		1.5	%
ING Groep NV		(1,945	)		(19,138	)		1.7
Iveco Group NV		(30,521	)		(164,925	)		14.4
Just Eat Takeaway.com NV		(18,955	)		(325,269	)		28.4
NN Group NV		(2,569	)		(108,778	)		9.5
SBM Offshore NV		(17,449	)		(236,145	)		20.7
Stellantis NV		(65,984	)		(890,228	)		77.9
					(2,663,839	)
Norway
Gjensidige Forsikring ASA		(7,561	)		(138,206	)		12.1
Nordic Semiconductor ASA		(2,808	)		(39,641	)		3.5
Schibsted ASA, Class A		(9,754	)		(150,543	)		13.2
Storebrand ASA		(7,142	)		(55,560	)		4.8
TOMRA Systems ASA		(7,099	)		(114,660	)		10.0
					(498,610	)
Poland
InPost SA		(15,342	)		(97,799	)		8.6
Portugal
Galp Energia SGPS SA		(3,293	)		(33,434	)		2.9
Jeronimo Martins SGPS SA		(888	)		(18,375	)		1.6
					(51,809	)
Singapore
Capitaland Investment Ltd.		(103,300	)		(219,682	)		19.2
DBS Group Holdings Ltd.		(14,500	)		(350,556	)		30.7
Grab Holdings Ltd., Class A		(55,683	)		(144,776	)		12.7
Kenon Holdings Ltd.		(5,846	)		(223,971	)		19.6
Singapore Telecommunications Ltd.		(188,200	)		(331,372	)		29.0
United Overseas Bank Ltd.		(25,900	)		(508,127	)		44.4
UOL Group Ltd.		(38,000	)		(165,976	)		14.5
					(1,944,460	)
Spain
Acerinox SA		(26,754	)		(234,473	)		20.5
Amadeus IT Group SA		(814	)		(42,454	)		3.7
Cellnex Telecom SA		(1,889	)		(61,828	)		5.4
Endesa SA		(1,251	)		(20,902	)		1.8
Fluidra SA		(6,465	)		(87,800	)		7.7
Grifols SA		(3,291	)		(27,999	)		2.4
Industria de Diseno Textil SA		(6,076	)		(137,914	)		12.1
Red Electrica Corp. SA		(14,172	)		(229,242	)		20.1
					(842,612	)
Sweden
Alfa Laval AB		(3,028	)		(74,535	)		6.5
Assa Abloy AB, Class B		(7,629	)		(154,045	)		13.5
Beijer Ref AB, Class B		(3,769	)		(58,429	)		5.1
Boliden AB		(2,189	)		(63,658	)		5.6
Embracer Group AB, Class B		(19,115	)		(91,957	)		8.0
EQT AB		(2,813	)		(55,360	)		4.8
Evolution AB		(625	)		(58,302	)		5.1
Fastighets AB Balder, B Shares		(25,036	)		(93,976	)		8.2
Hennes & Mauritz AB, B Shares		(26,162	)		(263,508	)		23.1
Hexatronic Group AB		(1,943	)		(26,295	)		2.3
Investor AB		(14,325	)		(243,593	)		21.3
L E Lundbergforetagen AB, B Shares		(2,218	)		(87,539	)		7.7
Nibe Industrier AB, B Shares		(46,895	)		(374,071	)		32.7
Sandvik AB		(5,808	)		(90,760	)		7.9
Skandinaviska Enskilda Banken AB, Class A		(30,414	)		(320,667	)		28.1
SKF AB, B Shares		(3,953	)		(57,222	)		5.0

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

Schedule of Investments (unaudited) (continued) October 31, 2022 BlackRock Global Equity Market Neutral Fund

Security	Shares			Value			% of Basket Value
Sweden (continued)
Svenska Handelsbanken AB		(62,428	)	$	(580,020	)		50.8	%
Sweco AB, B Shares		(12,195	)		(91,629	)		8.0
Swedbank AB, A Shares		(11,727	)		(174,827	)		15.3
Swedish Orphan Biovitrum AB		(21,484	)		(395,722	)		34.6
Trelleborg AB, B Shares		(968	)		(21,314	)		1.9
Volvo AB		(29,828	)		(509,511	)		44.6
Volvo AB, B Shares		(53,056	)		(868,364	)		76.0
					(4,755,304	)
Switzerland
Adecco Group AG, Registered Shares		(7,272	)		(227,584	)		19.9
Alcon, Inc.		(3,918	)		(238,549	)		20.9
Bachem Holding AG		(3,300	)		(236,630	)		20.7
Baloise Holding AG, Registered Shares		(1,981	)		(270,649	)		23.7
Chocoladefabriken Lindt & Spruengli AG, Registered Shares		(1	)		(97,189	)		8.5
Cie Financiere Richemont SA		(1,350	)		(131,940	)		11.5
Clariant AG, Registered Shares		(3,195	)		(51,346	)		4.5
Coca-Cola HBC AG		(15,007	)		(327,803	)		28.7
Credit Suisse Group AG, Registered Shares		(197,515	)		(818,198	)		71.6
Galenica AG		(301	)		(21,626	)		1.9
Helvetia Holding AG, Registered Shares		(2,437	)		(242,000	)		21.2
Julius Baer Group Ltd.		(621	)		(29,795	)		2.6
Kuehne & Nagel International AG, Registered Shares		(942	)		(200,520	)		17.5
LafargeHolcim Ltd.		(2,642	)		(120,032	)		10.5
Lonza Group AG, Registered Shares		(3,067	)		(1,578,842	)		138.1
Novartis AG, Registered Shares		(2,907	)		(235,149	)		20.6
Partners Group Holding AG		(841	)		(754,867	)		66.0
Roche Holding AG		(1,670	)		(554,103	)		48.5
Schindler Holding AG		(3,056	)		(498,330	)		43.6
Schindler Holding AG, Registered Shares		(992	)		(156,161	)		13.7
SGS SA, Registered Shares		(316	)		(696,625	)		60.9
Sonova Holding AG, Registered Shares		(1,084	)		(256,218	)		22.4
STMicroelectronics NV		(730	)		(22,699	)		2.0
Straumann Holding AG, Registered Shares		(1,479	)		(140,758	)		12.3
Swatch Group AG		(435	)		(97,749	)		8.6
Swatch Group AG, Registered Shares		(12,416	)		(518,724	)		45.4
Swiss Re AG		(6,985	)		(518,879	)		45.4
Swisscom AG, Registered Shares		(644	)		(318,000	)		27.8
Tecan Group AG, Registered Shares		(625	)		(229,271	)		20.1
Temenos AG		(1,090	)		(64,919	)		5.7
					(9,655,155	)
United Kingdom
Airtel Africa PLC		(7,882	)		(10,203	)		0.9
Ashtead Group PLC		(8,400	)		(437,581	)		38.3
Associated British Foods PLC		(34,810	)		(539,530	)		47.2
AVEVA Group PLC		(5,903	)		(211,258	)		18.5
Barratt Developments PLC		(77,354	)		(333,634	)		29.2
Bellway PLC		(797	)		(16,950	)		1.5
Berkeley Group Holdings PLC		(2,270	)		(90,317	)		7.9
British Land Co. PLC		(9,551	)		(40,065	)		3.5
BT Group PLC		(78,329	)		(116,728	)		10.2
CNH Industrial NV		(37,031	)		(479,073	)		41.9
DS Smith PLC		(159,708	)		(532,614	)		46.6
Farfetch Ltd., Class A		(1,684	)		(14,280	)		1.3
Future PLC		(34,046	)		(477,141	)		41.8
Greggs PLC		(13,277	)		(307,780	)		26.9
Harbour Energy PLC		(90,618	)		(393,267	)		34.4
Howden Joinery Group PLC		(83,535	)		(492,071	)		43.1

Security	Shares			Value			% of Basket Value
United Kingdom (continued)
Inchcape PLC		(7,367	)	$	(62,847	)		5.5	%
InterContinental Hotels Group PLC		(4,343	)		(233,352	)		20.4
ITV PLC		(19,974	)		(15,379	)		1.4
Janus Henderson Group PLC		(9,052	)		(206,114	)		18.0
JD Sports Fashion PLC		(301,776	)		(337,214	)		29.5
Land Securities Group PLC		(74,512	)		(487,225	)		42.6
Linde PLC		(58	)		(17,246	)		1.5
Marks & Spencer Group PLC		(46,632	)		(56,475	)		4.9
Mondi PLC		(957	)		(16,057	)		1.4
Next PLC		(5,460	)		(308,379	)		27.0
Persimmon PLC		(26,290	)		(393,400	)		34.4
Prudential PLC		(1,758	)		(16,331	)		1.4
Rio Tinto PLC		(87	)		(4,547	)		0.4
Royal Mail PLC		(17,297	)		(40,015	)		3.5
Smith & Nephew PLC		(1,058	)		(12,502	)		1.1
Standard Life Aberdeen PLC		(23,967	)		(43,672	)		3.8
Taylor Wimpey PLC		(217,027	)		(233,332	)		20.4
UNITE Group PLC		(13,063	)		(133,438	)		11.7
Vodafone Group PLC		(1,233,524	)		(1,440,018	)		126.0
Weir Group PLC		(3,346	)		(58,300	)		5.1
Whitbread PLC		(18,081	)		(532,162	)		46.6
Wise PLC, Class A		(75,841	)		(577,665	)		50.5
					(9,718,162	)
United States
Acadia Healthcare Co., Inc.		(3,764	)		(306,013	)		26.8
AES Corp.		(6,073	)		(158,870	)		13.9
Affiliated Managers Group, Inc.		(1,439	)		(178,666	)		15.6
Aflac, Inc.		(2,066	)		(134,517	)		11.8
AGCO Corp.		(2,325	)		(288,695	)		25.3
Agree Realty Corp.		(3,767	)		(258,793	)		22.6
Air Products & Chemicals, Inc.		(37	)		(9,265	)		0.8
Airbnb, Inc., Class A		(8,628	)		(922,420	)		80.7
Alexandria Real Estate Equities, Inc.		(1,597	)		(232,044	)		20.3
Alight, Inc., Class A		(1,656	)		(13,728	)		1.2
Amdocs Ltd.		(4,475	)		(386,237	)		33.8
AMERCO		(85	)		(48,891	)		4.3
Ameren Corp.		(4,604	)		(375,318	)		32.8
American Electric Power Co., Inc.		(9,938	)		(873,749	)		76.4
AMETEK, Inc.		(1,128	)		(146,256	)		12.8
Amgen, Inc.		(370	)		(100,030	)		8.8
Amkor Technology, Inc.		(8,782	)		(182,578	)		16.0
Apartment Income REIT Corp.		(14,839	)		(570,263	)		49.9
Apellis Pharmaceuticals, Inc.		(1,725	)		(104,345	)		9.1
Apollo Global Management, Inc.		(14,564	)		(806,263	)		70.5
Appian Corp., Class A		(2,297	)		(112,140	)		9.8
AppLovin Corp., Class A		(5,460	)		(92,602	)		8.1
Aramark		(7,933	)		(289,555	)		25.3
Archer-Daniels-Midland Co.		(3,740	)		(362,705	)		31.7
Arista Networks, Inc.		(6,226	)		(752,474	)		65.8
Arrowhead Pharmaceuticals, Inc.		(1,077	)		(37,490	)		3.3
Asana, Inc., Class A		(10,588	)		(218,113	)		19.1
Aspen Technology, Inc.		(473	)		(114,206	)		10.0
Assurant, Inc.		(563	)		(76,489	)		6.7
ATI, Inc.		(1,297	)		(38,599	)		3.4
Atkore, Inc.		(198	)		(18,869	)		1.7
Atmos Energy Corp.		(6,344	)		(675,953	)		59.1
Beacon Roofing Supply, Inc.		(3,484	)		(196,323	)		17.2
Beam Therapeutics, Inc.		(1,574	)		(69,350	)		6.1
Bentley Systems, Inc., Class B		(4,380	)		(154,526	)		13.5
Berkshire Hathaway, Inc., Class B		(792	)		(233,711	)		20.4

SCHEDULE   OF  INVESTMENTS 49

Schedule of Investments (unaudited) (continued) October 31, 2022 BlackRock Global Equity Market Neutral Fund

Security	Shares			Value			% of Basket Value
United States (continued)
Blue Owl Capital, Inc.		(19,593	)	$	(196,322	)		17.2	%
Bright Horizons Family Solutions, Inc.		(1,659	)		(108,366	)		9.5
Broadcom, Inc.		(2,028	)		(953,403	)		83.4
Brown & Brown, Inc.		(11	)		(647	)		0.1
Brunswick Corp.		(4,838	)		(341,901	)		29.9
Bumble, Inc., Class A		(1,819	)		(46,203	)		4.0
Bunge Ltd.		(427	)		(42,145	)		3.7
Burlington Stores, Inc.		(3,262	)		(466,336	)		40.8
BWX Technologies, Inc.		(2,659	)		(151,510	)		13.3
Cable One, Inc.		(178	)		(152,979	)		13.4
Cabot Corp.		(7,147	)		(525,162	)		45.9
Cactus, Inc., Class A		(750	)		(38,790	)		3.4
Cadence Bank		(3,572	)		(98,766	)		8.6
Cadence Design Systems, Inc.		(588	)		(89,017	)		7.8
Caesars Entertainment, Inc.		(6,617	)		(289,361	)		25.3
Calix, Inc.		(1,771	)		(130,416	)		11.4
Camden Property Trust		(5,552	)		(641,534	)		56.1
CarMax, Inc.		(1,967	)		(123,941	)		10.8
Carnival Corp.		(23,074	)		(209,050	)		18.3
Celanese Corp.		(4,370	)		(420,044	)		36.8
Celsius Holdings, Inc.		(1,616	)		(147,185	)		12.9
CenterPoint Energy, Inc.		(4,586	)		(131,205	)		11.5
ChampionX Corp.		(6,349	)		(181,708	)		15.9
Charles Schwab Corp.		(2,612	)		(208,098	)		18.2
Charter Communications, Inc., Class A		(1,482	)		(544,813	)		47.7
Chemours Co.		(7,919	)		(226,721	)		19.8
Choice Hotels International, Inc.		(129	)		(16,749	)		1.5
Churchill Downs, Inc.		(688	)		(143,042	)		12.5
Citizens Financial Group, Inc.		(436	)		(17,832	)		1.6
Civitas Resources, Inc.		(2,438	)		(170,441	)		14.9
Clean Harbors, Inc.		(2,997	)		(367,013	)		32.1
Cleveland-Cliffs, Inc.		(59,902	)		(778,127	)		68.1
Cloudflare, Inc., Class A		(7,776	)		(437,944	)		38.3
Columbia Sportswear Co.		(184	)		(13,708	)		1.2
Commerce Bancshares, Inc.		(3,247	)		(230,017	)		20.1
Concentrix Corp.		(1,421	)		(173,689	)		15.2
Confluent, Inc., Class A		(4,724	)		(126,981	)		11.1
Constellation Energy Corp.		(1,651	)		(156,086	)		13.7
Corteva, Inc.		(2,466	)		(161,128	)		14.1
Coty, Inc., Class A		(173,431	)		(1,163,722	)		101.8
Coupa Software, Inc.		(3,321	)		(176,777	)		15.5
Cousins Properties, Inc.		(23,250	)		(552,420	)		48.3
Crane Holdings Co.		(3,594	)		(360,622	)		31.6
Cullen/Frost Bankers, Inc.		(1,040	)		(161,252	)		14.1
Cummins, Inc.		(1,831	)		(447,698	)		39.2
Curtiss-Wright Corp.		(3,083	)		(517,420	)		45.3
CVB Financial Corp.		(4,183	)		(120,136	)		10.5
Cytokinetics, Inc.		(269	)		(11,745	)		1.0
Darling Ingredients, Inc.		(2,796	)		(219,430	)		19.2
Datadog, Inc., Class A		(504	)		(40,577	)		3.6
DaVita, Inc.		(2,602	)		(189,972	)		16.6
Delta Air Lines, Inc.		(2,628	)		(89,168	)		7.8
Denbury, Inc.		(3,266	)		(298,545	)		26.1
DENTSPLY SIRONA, Inc.		(14,539	)		(448,092	)		39.2
DISH Network Corp., Class A		(10,541	)		(157,166	)		13.8
Dollar General Corp.		(5,787	)		(1,475,974	)		129.1
DoubleVerify Holdings, Inc.		(2,877	)		(84,095	)		7.4
Douglas Emmett, Inc.		(19,369	)		(340,701	)		29.8
Dover Corp.		(756	)		(98,802	)		8.6
Dr. Horton, Inc.		(7,873	)		(605,276	)		53.0
DraftKings, Inc., Class A		(894	)		(14,125	)		1.2
Duke Energy Corp.		(27,363	)		(2,549,684	)		223.1

Security	Shares			Value			% of Basket Value
United States (continued)
Duolingo, Inc.		(808	)	$	(66,127	)		5.8	%
DXC Technology Co.		(1,675	)		(48,156	)		4.2
East West Bancorp, Inc.		(5,885	)		(421,189	)		36.9
Electronic Arts, Inc.		(1,067	)		(134,399	)		11.8
EMCOR Group, Inc.		(6,241	)		(880,605	)		77.0
Encompass Health Corp.		(4,869	)		(265,068	)		23.2
Endeavor Group Holdings, Inc., Class A		(8,947	)		(195,402	)		17.1
Enovis Corp.		(3,619	)		(178,960	)		15.7
Enphase Energy, Inc.		(2,812	)		(863,284	)		75.5
Ensign Group, Inc.		(371	)		(33,308	)		2.9
Entegris, Inc.		(352	)		(27,928	)		2.4
Envista Holdings Corp.		(3,380	)		(111,574	)		9.8
EPAM Systems, Inc.		(94	)		(32,900	)		2.9
Equitable Holdings, Inc.		(18,226	)		(558,080	)		48.8
Etsy, Inc.		(3,685	)		(346,058	)		30.3
Euronet Worldwide, Inc.		(350	)		(29,404	)		2.6
Evercore, Inc., Class A		(3,516	)		(369,532	)		32.3
Evergy, Inc.		(3,728	)		(227,893	)		19.9
Evoqua Water Technologies Corp.		(6,059	)		(237,392	)		20.8
Exelon Corp.		(3,458	)		(133,444	)		11.7
ExlService Holdings, Inc.		(890	)		(161,847	)		14.2
Extra Space Storage, Inc.		(1,520	)		(269,709	)		23.6
Federal Realty OP LP		(1,351	)		(133,722	)		11.7
Fidelity National Information Services, Inc.		(989	)		(82,077	)		7.2
Fifth Third Bancorp		(2,822	)		(100,717	)		8.8
First Citizens BancShares, Inc., Class A		(361	)		(296,785	)		26.0
First Republic Bank		(1,175	)		(141,118	)		12.3
FirstEnergy Corp.		(13,037	)		(491,625	)		43.0
Fiserv, Inc.		(5,068	)		(520,686	)		45.6
Five Below, Inc.		(4,026	)		(589,205	)		51.6
Five9, Inc.		(509	)		(30,672	)		2.7
Floor & Decor Holdings, Inc., Class A		(3,013	)		(221,064	)		19.3
Flowserve Corp.		(5,014	)		(143,802	)		12.6
FNB Corp.		(44,924	)		(649,152	)		56.8
Ford Motor Co.		(4,355	)		(58,226	)		5.1
Fortinet, Inc.		(4,435	)		(253,505	)		22.2
Fortive Corp.		(5,492	)		(350,939	)		30.7
Franklin Resources, Inc.		(39,899	)		(935,632	)		81.9
Frontier Communications Parent, Inc.		(970	)		(22,717	)		2.0
FTI Consulting, Inc.		(1,535	)		(238,892	)		20.9
General Mills, Inc.		(8,177	)		(667,080	)		58.4
General Motors Co.		(823	)		(32,303	)		2.8
Genuine Parts Co.		(973	)		(173,058	)		15.1
Global Payments, Inc.		(4,446	)		(508,000	)		44.4
GoDaddy, Inc., Class A		(4,076	)		(327,710	)		28.7
Goldman Sachs Group, Inc.		(4,237	)		(1,459,689	)		127.7
Graco, Inc.		(6,806	)		(473,561	)		41.4
GXO Logistics, Inc.		(2,546	)		(93,031	)		8.1
Haemonetics Corp.		(661	)		(56,152	)		4.9
Hancock Whitney Corp.		(4,116	)		(229,961	)		20.1
Hanesbrands, Inc.		(10,639	)		(72,558	)		6.3
Hasbro, Inc.		(1,802	)		(117,581	)		10.3
HCA Healthcare, Inc.		(974	)		(211,816	)		18.5
Healthcare Realty Trust, Inc.		(14,095	)		(286,551	)		25.1
HealthEquity, Inc.		(1,711	)		(133,304	)		11.7
Helmerich & Payne, Inc.		(823	)		(40,747	)		3.6
Hershey Co.		(1,352	)		(322,817	)		28.2
Hilton Grand Vacations, Inc.		(13,915	)		(546,025	)		47.8
Hologic, Inc.		(7,699	)		(521,992	)		45.7
Home BancShares, Inc.		(8,178	)		(208,457	)		18.2
Houlihan Lokey, Inc.		(2,107	)		(188,197	)		16.5
Hubbell, Inc.		(4,554	)		(1,081,484	)		94.6

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

Schedule of Investments (unaudited) (continued) October 31, 2022 BlackRock Global Equity Market Neutral Fund

Security	Shares			Value			% of Basket Value
United States (continued)
Huntington Bancshares, Inc.		(33,913	)	$	(514,799	)		45.0	%
IAA, Inc.		(4,760	)		(231,717	)		20.3
IAA, Inc.		(9,596	)		(363,976	)		31.8
IDEX Corp.		(1,786	)		(397,046	)		34.7
Independence Realty Trust, Inc.		(22,142	)		(371,100	)		32.5
Ingersoll Rand, Inc.		(10,115	)		(510,808	)		44.7
Ingredion, Inc.		(3,299	)		(294,007	)		25.7
Inspire Medical Systems, Inc.		(176	)		(34,311	)		3.0
Intellia Therapeutics, Inc.		(1,109	)		(58,533	)		5.1
Interactive Brokers Group, Inc., Class A		(2,990	)		(239,649	)		21.0
Interpublic Group of Cos., Inc.		(2,078	)		(61,904	)		5.4
Intra-Cellular Therapies, Inc.		(6,522	)		(297,860	)		26.1
iRhythm Technologies, Inc.		(2,864	)		(365,131	)		31.9
ITT, Inc.		(4,227	)		(322,901	)		28.3
J2 Global, Inc.		(1,973	)		(152,690	)		13.4
JPMorgan Chase & Co.		(3,208	)		(403,823	)		35.3
Karuna Therapeutics, Inc.		(750	)		(164,505	)		14.4
Keurig Dr Pepper, Inc.		(115,451	)		(4,484,117	)		392.3
Kimco Realty Corp.		(5,372	)		(114,853	)		10.1
Kirby Corp.		(4,196	)		(292,671	)		25.6
Kite Realty Group Trust		(31,947	)		(627,439	)		54.9
Lancaster Colony Corp.		(1,000	)		(180,280	)		15.8
Lantheus Holdings, Inc.		(5,031	)		(372,244	)		32.6
Las Vegas Sands Corp.		(15,243	)		(579,386	)		50.7
Leggett & Platt, Inc.		(12,455	)		(420,356	)		36.8
Lincoln Electric Holdings, Inc.		(1,545	)		(219,390	)		19.2
Littelfuse, Inc.		(530	)		(116,733	)		10.2
LKQ Corp.		(5,750	)		(319,930	)		28.0
Loews Corp.		(8,632	)		(492,197	)		43.1
LPL Financial Holdings, Inc.		(1,297	)		(331,578	)		29.0
Lyft, Inc., Class A		(7,321	)		(107,179	)		9.4
Magnolia Oil & Gas Corp., Class A		(11,059	)		(283,995	)		24.8
Maravai LifeSciences Holdings, Inc., Class A		(3,098	)		(51,427	)		4.5
Marqeta, Inc., Class A		(7,135	)		(56,224	)		4.9
MasTec, Inc.		(2,604	)		(200,716	)		17.6
Maximus, Inc.		(5,456	)		(336,472	)		29.4
McDonald’s Corp.		(806	)		(219,764	)		19.2
MDU Resources Group, Inc.		(4,354	)		(124,002	)		10.9
Medpace Holdings, Inc.		(2,878	)		(638,858	)		55.9
Micron Technology, Inc.		(27,183	)		(1,470,600	)		128.7
Middleby Corp.		(969	)		(135,524	)		11.9
Mirati Therapeutics, Inc.		(4,078	)		(274,531	)		24.0
Molina Healthcare, Inc.		(903	)		(324,051	)		28.4
Monster Beverage Corp.		(749	)		(70,196	)		6.1
Morgan Stanley		(6,110	)		(502,059	)		43.9
Mosaic Co.		(6,250	)		(335,938	)		29.4
Motorola Solutions, Inc.		(1,940	)		(484,437	)		42.4
Murphy USA, Inc.		(1,548	)		(486,862	)		42.6
Nasdaq, Inc.		(2,697	)		(167,861	)		14.7
Natera, Inc.		(1,031	)		(48,416	)		4.2
National Instruments Corp.		(2,686	)		(102,551	)		9.0
nCino, Inc.		(12,990	)		(408,925	)		35.8
NCR Corp.		(1,062	)		(22,578	)		2.0
Netflix, Inc.		(2,677	)		(781,363	)		68.4
New Fortress Energy, Inc.		(11,327	)		(623,778	)		54.6
Nexstar Broadcasting Group, Inc.		(1,462	)		(250,441	)		21.9
NextEra Energy, Inc.		(17,198	)		(1,332,845	)		116.6
NIKE, Inc.		(1,408	)		(130,493	)		11.4
NiSource, Inc.		(3,775	)		(96,980	)		8.5
Nordson Corp.		(883	)		(198,675	)		17.4
Norfolk Southern Corp.		(742	)		(169,228	)		14.8
NortonLifeLock, Inc.		(7,868	)		(177,266	)		15.5

Security	Shares			Value			% of Basket Value
United States (continued)
Norwegian Cruise Line Holdings Ltd.		(15,111	)	$	(255,225	)		22.3	%
NRG Energy, Inc.		(235	)		(10,434	)		0.9
nVent Electric PLC		(1,798	)		(65,627	)		5.7
OGE Energy Corp.		(13,752	)		(503,736	)		44.1
Old Republic International Corp.		(12,588	)		(292,167	)		25.6
Olin Corp.		(6,890	)		(364,826	)		31.9
Omnicell, Inc.		(1,722	)		(133,145	)		11.7
Omnicom Group, Inc.		(301	)		(21,898	)		1.9
ON Semiconductor Corp.		(286	)		(17,569	)		1.5
ONE Gas, Inc.		(2,314	)		(179,289	)		15.7
OneMain Holdings, Inc.		(1,607	)		(61,966	)		5.4
ONEOK, Inc.		(4,786	)		(283,906	)		24.8
Onto Innovation, Inc.		(5,827	)		(389,477	)		34.1
Option Care Health, Inc.		(1,746	)		(52,834	)		4.6
Oracle Corp.		(20,992	)		(1,638,845	)		143.4
Organon & Co.		(9,334	)		(244,364	)		21.4
Packaging Corp. of America		(2,754	)		(331,058	)		29.0
Palantir Technologies, Inc., Class A		(22,772	)		(200,166	)		17.5
Parker-Hannifin Corp.		(2,446	)		(710,857	)		62.2
Paycom Software, Inc.		(950	)		(328,700	)		28.8
Peloton Interactive, Inc., Class A		(6,196	)		(52,046	)		4.6
Performance Food Group Co.		(14,624	)		(761,033	)		66.6
PerkinElmer, Inc.		(2,068	)		(276,243	)		24.2
Pfizer, Inc.		(9,505	)		(442,458	)		38.7
PG&E Corp.		(73,338	)		(1,094,936	)		95.8
Phillips 66		(981	)		(102,309	)		9.0
Phillips Edison & Co., Inc.		(1,632	)		(49,188	)		4.3
Pilgrim’s Pride Corp.		(927	)		(21,367	)		1.9
Pinnacle Financial Partners, Inc.		(1,150	)		(95,439	)		8.4
Pinterest, Inc., Class A		(12,510	)		(307,746	)		26.9
Plug Power, Inc.		(16,336	)		(261,049	)		22.8
Polaris, Inc.		(466	)		(47,346	)		4.1
Privia Health Group, Inc.		(3,387	)		(113,397	)		9.9
Procore Technologies, Inc.		(1,166	)		(63,734	)		5.6
Procter & Gamble Co.		(942	)		(126,859	)		11.1
Progyny, Inc.		(471	)		(20,945	)		1.8
PTC Therapeutics, Inc.		(500	)		(18,910	)		1.7
PTC, Inc.		(704	)		(82,952	)		7.3
Public Storage		(3,898	)		(1,207,406	)		105.6
QUALCOMM, Inc.		(575	)		(67,655	)		5.9
Qualtrics International, Inc., Class A		(15,493	)		(185,451	)		16.2
Quanta Services, Inc.		(3,933	)		(558,643	)		48.9
R1 RCM, Inc.		(1,973	)		(34,843	)		3.0
Raymond James Financial, Inc.		(2,200	)		(259,908	)		22.7
Rayonier, Inc.		(3,446	)		(116,130	)		10.2
RBC Bearings, Inc.		(1,460	)		(370,154	)		32.4
Realty Income Corp.		(775	)		(48,259	)		4.2
Red Rock Resorts, Inc., Class A		(556	)		(23,157	)		2.0
Regal Beloit Corp.		(1,060	)		(134,132	)		11.7
Regeneron Pharmaceuticals, Inc.		(1,073	)		(803,409	)		70.3
Regions Financial Corp.		(9,509	)		(208,723	)		18.3
Republic Services, Inc.		(2,991	)		(396,666	)		34.7
RH		(1,463	)		(371,500	)		32.5
Rivian Automotive, Inc., Class A		(1,024	)		(35,809	)		3.1
Rockwell Automation, Inc.		(148	)		(37,784	)		3.3
Rollins, Inc.		(1,394	)		(58,660	)		5.1
Roper Industries, Inc.		(1,033	)		(428,220	)		37.5
Ross Stores, Inc.		(5,101	)		(488,115	)		42.7
RPM International, Inc.		(8,826	)		(834,675	)		73.0
Ryman Hospitality Properties, Inc.		(221	)		(19,651	)		1.7
Sarepta Therapeutics, Inc.		(570	)		(64,991	)		5.7
Scientific Games Corp.		(6,727	)		(377,654	)		33.0

SCHEDULE   OF  INVESTMENTS 51

Schedule of Investments (unaudited) (continued) October 31, 2022 BlackRock Global Equity Market Neutral Fund

Security	Shares			Value			% of Basket Value
United States (continued)
Seagate Technology Holdings PLC		(2,676	)	$	(132,890	)		11.6	%
SEI Investments Co.		(16,787	)		(911,534	)		79.8
Selective Insurance Group, Inc.		(3,889	)		(381,433	)		33.4
Sensata Technologies Holding PLC		(9,872	)		(396,953	)		34.7
SentinelOne, Inc., Class A		(695	)		(15,874	)		1.4
Shoals Technologies Group, Inc., Class A		(3,945	)		(91,169	)		8.0
Shockwave Medical, Inc.		(346	)		(101,430	)		8.9
Signature Bank		(348	)		(55,168	)		4.8
Skechers U.S.A., Inc., Class A		(27,078	)		(932,296	)		81.6
Skyworks Solutions, Inc.		(7,336	)		(630,969	)		55.2
SLM Corp.		(5,877	)		(97,499	)		8.5
Smartsheet, Inc., Class A		(173	)		(6,041	)		0.5
Sonoco Products Co.		(4,665	)		(289,603	)		25.3
South State Corp.		(2,351	)		(212,601	)		18.6
Southern Co.		(4,786	)		(313,387	)		27.4
Southwest Gas Holdings, Inc.		(7,520	)		(549,486	)		48.1
Spire, Inc.		(717	)		(50,054	)		4.4
Spirit AeroSystems Holdings, Inc., Class A		(2,918	)		(67,581	)		5.9
Spirit Realty Capital, Inc.		(1,607	)		(62,400	)		5.5
SS&C Technologies Holdings, Inc.		(6,402	)		(329,191	)		28.8
STAG Industrial, Inc.		(24,735	)		(781,379	)		68.4
Stanley Black & Decker, Inc.		(5,476	)		(429,811	)		37.6
Starbucks Corp.		(273	)		(23,639	)		2.1
State Street Corp.		(3,833	)		(283,642	)		24.8
Steel Dynamics, Inc.		(3,623	)		(340,743	)		29.8
STERIS PLC		(1,784	)		(307,883	)		26.9
Stryker Corp.		(467	)		(107,055	)		9.4
Synopsys, Inc.		(853	)		(249,545	)		21.8
Synovus Financial Corp.		(924	)		(36,821	)		3.2
T Rowe Price Group, Inc.		(3,082	)		(327,185	)		28.6
Target Corp.		(1,100	)		(180,675	)		15.8
Teledyne Technologies, Inc.		(136	)		(54,125	)		4.7
Tenet Healthcare Corp.		(1,752	)		(77,719	)		6.8
Teradata Corp.		(535	)		(16,901	)		1.5
Terreno Realty Corp.		(5,056	)		(288,900	)		25.3
T-Mobile U.S., Inc.		(7,127	)		(1,080,168	)		94.5
Toast, Inc., Class A		(13,304	)		(293,885	)		25.7
Toro Co.		(762	)		(80,338	)		7.0
Trade Desk, Inc., Class A		(1,190	)		(63,356	)		5.5
TransUnion		(1,367	)		(81,022	)		7.1
Travelers Cos., Inc.		(1,401	)		(258,428	)		22.6
Trimble, Inc.		(10,325	)		(621,152	)		54.3
Twilio, Inc., Class A		(7,212	)		(536,356	)		46.9
UFP Industries, Inc.		(1,082	)		(77,071	)		6.7
UGI Corp.		(8,303	)		(293,345	)		25.7
UiPath, Inc., Class A		(22,826	)		(288,749	)		25.3
United Bankshares, Inc.		(22,194	)		(939,916	)		82.2
Universal Health Services, Inc., Class B		(3,933	)		(455,717	)		39.9
Valley National Bancorp		(20,161	)		(239,311	)		20.9
Valmont Industries, Inc.		(454	)		(144,926	)		12.7
Verisk Analytics, Inc.		(1,880	)		(343,720	)		30.1
Verizon Communications, Inc.		(2,605	)		(97,349	)		8.5
Vertiv Holdings Co.		(12,745	)		(182,381	)		16.0
Vontier Corp.		(1,566	)		(29,911	)		2.6
Vulcan Materials Co.		(2,962	)		(484,879	)		42.4
Warner Music Group Corp., Class A		(6,181	)		(160,830	)		14.1
Waste Connections, Inc.		(2,231	)		(294,291	)		25.7
Waste Management, Inc.		(1,169	)		(185,135	)		16.2
Webster Financial Corp.		(489	)		(26,533	)		2.3
WEC Energy Group, Inc.		(5,370	)		(490,442	)		42.9
Wendy’s Co.		(8,403	)		(174,614	)		15.3

Security	Shares			Value			% of Basket Value
United States (continued)
Western Alliance Bancorp		(1,977	)	$	(132,795	)		11.6	%
Westinghouse Air Brake Technologies Corp.		(2,928	)		(273,124	)		23.9
Westlake Chemical Corp.		(3,660	)		(353,739	)		31.0
Wolfspeed, Inc.		(1,526	)		(120,173	)		10.5
Workiva, Inc.		(957	)		(74,464	)		6.5
WW Grainger, Inc.		(727	)		(424,822	)		37.2
Wynn Resorts Ltd.		(2,440	)		(155,916	)		13.6
XPO Logistics, Inc.		(11,400	)		(589,836	)		51.6
YETI Holdings, Inc.		(516	)		(16,553	)		1.4
Zebra Technologies Corp., Class A		(977	)		(276,706	)		24.2
Zimmer Biomet Holdings, Inc.		(11,411	)		(1,293,437	)		113.2
Zoom Video Communications, Inc., Class A		(3,041	)		(253,741	)		22.2
ZoomInfo Technologies, Inc.		(1,945	)		(86,611	)		7.6
Zurn Elkay Water Solutions Corp.		(10,449	)		(245,447	)		21.5
					(109,987,275	)
Preferred Stocks
Germany
Porsche Automobil Holding SE		(5,064	)		(282,937	)		24.8
Total Reference Entity — Short					(202,946,048	)
Net Value of Reference Entity — Bank of America N.A				$	(1,142,933	)

The following table represents the individual long and short positions and related values of the equity securities underlying the total return swap with BNP Paribas SA as of period end, termination dates December 12, 2022 and December 19, 2022:

Security	Shares		Value		% of Basket Value
Reference Entity — Long
Common Stocks
Argentina
MercadoLibre, Inc.		10	$	9,016		(2.8	)%
Australia
AGL Energy Ltd.		51,957		226,366		(70.4	)
Allkem Ltd.		1,471		13,592		(4.2	)
Alumina Ltd.		624,148		539,418		(167.7	)
Aristocrat Leisure Ltd.		38,844		921,999		(286.6	)
ASX Ltd.		1,310		56,760		(17.6	)
Australia & New Zealand Banking Group Ltd.		5,000		81,919		(25.5	)
Bank of Queensland Ltd.		14,355		67,602		(21.0	)
Bendigo & Adelaide Bank Ltd.		3,087		17,820		(5.5	)
Boral Ltd.		94,339		173,827		(54.0	)
carsales.com Ltd.		7,837		101,519		(31.5	)
Challenger Ltd.		7,936		35,659		(11.1	)
Commonwealth Bank of Australia		13,653		915,389		(284.5	)
Computershare Ltd.		9,876		159,873		(49.7	)
CSR Ltd.		137,055		405,994		(126.2	)
Deterra Royalties Ltd.		64,344		168,835		(52.5	)
Domain Holdings Australia Ltd.		78,226		166,713		(51.8	)
Domino’s Pizza Enterprises Ltd.		2,479		101,078		(31.4	)
Flight Centre Travel Group Ltd.		76,745		816,823		(253.9	)
Goodman Group		4,998		54,382		(16.9	)
GPT Group		51,209		141,519		(44.0	)
Harvey Norman Holdings Ltd.		81,719		217,396		(67.6	)
IGO Ltd.		32,137		314,298		(97.7	)
Iluka Resources Ltd.		51,293		284,190		(88.3	)
Insignia Financial Ltd.		121,170		244,267		(75.9	)
Magellan Financial Group Ltd.		3,716		23,562		(7.3	)

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

Schedule of Investments (unaudited) (continued) October 31, 2022 BlackRock Global Equity Market Neutral Fund

Security	Shares		Value		% of Basket Value
Australia (continued)
Medibank Pvt Ltd.		123,943	$	223,180		(69.4	)%
Metcash Ltd.		186,359		489,216		(152.0	)
Mineral Resources Ltd.		2,483		116,407		(36.2	)
Mirvac Group		36,250		48,030		(14.9	)
National Australia Bank Ltd.		639		13,273		(4.1	)
Orora Ltd.		41,238		80,023		(24.9	)
OZ Minerals Ltd.		1,067		16,521		(5.1	)
Perpetual Ltd.		21,135		336,790		(104.7	)
Pilbara Minerals Ltd.		64,165		208,552		(64.8	)
Platinum Asset Management Ltd.		191,023		218,691		(68.0	)
Pro Medicus Ltd.		5,202		185,334		(57.6	)
REA Group Ltd.		1,450		112,384		(34.9	)
Scentre Group		79,771		148,456		(46.1	)
SEEK Ltd.		16,620		228,789		(71.1	)
Shopping Centres Australasia Property Group	��	14,712		25,624		(8.0	)
South32 Ltd.		143,826		329,975		(102.6	)
Star Entertainment Group Ltd.		74,807		140,722		(43.7	)
Steadfast Group Ltd.		56,473		182,958		(56.9	)
Stockland		61,779		142,345		(44.2	)
Telstra Group Ltd.		76,632		192,149		(59.7	)
Treasury Wine Estates Ltd.		7,489		62,060		(19.3	)
Westpac Banking Corp.		27,727		428,132		(133.1	)
WiseTech Global Ltd.		4,411		163,132		(50.7	)
				10,343,543
Austria
Andritz AG		6,734		312,973		(97.3	)
Erste Group Bank AG		6,726		165,762		(51.5	)
Raiffeisen Bank International AG		6,644		92,400		(28.7	)
Verbund AG		219		17,155		(5.4	)
				588,290
Belgium
Ackermans & van Haaren NV		690		96,132		(29.9	)
Anheuser-Busch InBev SA		2,378		118,948		(36.9	)
Etablissements Franz Colruyt NV		9,807		236,389		(73.5	)
Solvay SA		2,238		201,959		(62.8	)
Umicore SA		874		28,812		(8.9	)
Warehouses De Pauw CVA		10,779		276,653		(86.0	)
				958,893
Bermuda
Axis Capital Holdings Ltd.		18,766		1,025,937		(318.8	)
Hiscox Ltd.		36,258		373,520		(116.1	)
RenaissanceRe Holdings Ltd.		4,085		631,868		(196.4	)
Triton International Ltd.		2,873		174,362		(54.2	)
				2,205,687
Canada
Air Canada		4,259		61,305		(19.1	)
Alamos Gold, Inc., Class A		69,169		545,797		(169.6	)
Algonquin Power & Utilities Corp.		7,238		80,118		(24.9	)
ARC Resources Ltd.		12,551		176,701		(54.9	)
Bank of Montreal		362		33,345		(10.4	)
Bank of Nova Scotia		12,894		623,239		(193.7	)
Baytex Energy Corp.		29,520		160,346		(49.8	)
BCE, Inc.		537		24,222		(7.5	)
Bombardier, Inc., Class B		1,424		41,821		(13.0	)
Boralex, Inc., Class A		4,740		134,405		(41.8	)
Brookfield Infrastructure Corp., Class A		6,506		280,708		(87.3	)
BRP, Inc.		2,102		140,545		(43.7	)
CAE, Inc.		7,301		139,337		(43.3	)

Security	Shares		Value		% of Basket Value
Canada (continued)
Canada Goose Holdings, Inc.		11,732	$	191,936		(59.7	)%
Canadian Imperial Bank of Commerce		16,658		756,509		(235.1	)
Canadian Tire Corp. Ltd., Class A		2,504		280,644		(87.2	)
Canadian Utilities Ltd., Class A		14,230		378,638		(117.7	)
Capital Power Corp.		2,656		88,901		(27.6	)
Cargojet, Inc.		3,114		303,548		(94.3	)
CGI, Inc.		11,339		913,379		(283.9	)
CI Financial Corp.		10,730		107,430		(33.4	)
Colliers International Group, Inc.		382		35,852		(11.1	)
Crescent Point Energy Corp.		42,270		330,440		(102.7	)
Descartes Systems Group, Inc.		5,857		404,124		(125.6	)
Emera, Inc.		11,052		409,598		(127.3	)
Enerplus Corp.		23,862		413,712		(128.6	)
First Capital Real Estate Investment Trust		1,688		19,639		(6.1	)
First Majestic Silver Corp.		23,682		199,211		(61.9	)
First Quantum Minerals Ltd.		5,265		92,867		(28.9	)
FirstService Corp.		1,420		177,517		(55.2	)
George Weston Ltd.		1,468		161,579		(50.2	)
GFL Environmental, Inc.		5,942		160,375		(49.9	)
Gibson Energy, Inc.		7,457		127,262		(39.6	)
Great-West Lifeco, Inc.		13,596		314,763		(97.8	)
Hydro One Ltd.		9,999		250,718		(77.9	)
IGM Financial, Inc.		12,221		327,155		(101.7	)
Imperial Oil Ltd.		4,052		220,423		(68.5	)
Ivanhoe Mines Ltd., Class A		15,001		104,055		(32.3	)
Keyera Corp.		23,563		505,039		(157.0	)
Kinaxis, Inc.		3,309		353,185		(109.8	)
Lithium Americas Corp.		611		15,204		(4.7	)
Lululemon Athletica, Inc.		2,423		797,264		(247.8	)
Lundin Mining Corp.		15,682		82,188		(25.5	)
Methanex Corp.		774		27,015		(8.4	)
NexGen Energy Ltd.		40,600		170,464		(53.0	)
Northland Power, Inc.		8,364		243,366		(75.6	)
NuVista Energy Ltd.		5,486		54,403		(16.9	)
Osisko Gold Royalties Ltd.		38,408		411,892		(128.0	)
Parex Resources, Inc.		7,109		108,434		(33.7	)
Royal Bank of Canada		4,233		391,654		(121.7	)
Stantec, Inc.		8,098		396,236		(123.2	)
TC Energy Corp.		21,956		964,398		(299.7	)
Teck Resources Ltd.		28,612		870,951		(270.7	)
TELUS Corp.		17,277		360,796		(112.1	)
Toronto-Dominion Bank		8,334		533,374		(165.8	)
Tourmaline Oil Corp.		1,937		109,138		(33.9	)
Wheaton Precious Metals Corp.		18,271		597,745		(185.8	)
Whitecap Resources, Inc.		12,190		94,489		(29.4	)
WSP Global, Inc.		2,170		266,704		(82.9	)
				16,566,103
China
Budweiser Brewing Co. APAC Ltd.		6,800		14,312		(4.4	)
Chow Tai Fook Jewellery Group Ltd.		15,200		26,024		(8.1	)
NXP Semiconductors NV		3,867		564,891		(175.6	)
				605,227
Denmark
AP Moller - Maersk A/S, Class A		7		14,005		(4.4	)
Coloplast A/S, Class B		4,303		479,656		(149.1	)
Demant A/S		1,359		37,110		(11.5	)
DSV A/S		2,268		306,471		(95.3	)
Genmab A/S		22		8,475		(2.6	)
GN Store Nord A/S		5,162		109,699		(34.1	)
H Lundbeck A/S		64,431		241,081		(74.9	)

SCHEDULE   OF  INVESTMENTS 53

Schedule of Investments (unaudited) (continued) October 31, 2022 BlackRock Global Equity Market Neutral Fund

Security	Shares		Value		% of Basket Value
Denmark (continued)
Novo Nordisk A/S, Class B		234	$	25,443		(7.9	)%
Novozymes A/S, B Shares		1,513		79,418		(24.7	)
SimCorp A/S		2,393		142,888		(44.4	)
Tryg A/S		7,368		159,364		(49.5	)
Vestas Wind Systems A/S		2,010		39,624		(12.3	)
				1,643,234
Finland
Kone OYJ, Class B		542		22,193		(6.9	)
Nokia OYJ		167,379		743,818		(231.2	)
Nokian Renkaat OYJ		5,607		63,229		(19.7	)
Outokumpu OYJ		62,721		251,722		(78.2	)
Stora Enso OYJ		3,743		48,804		(15.2	)
Valmet OYJ		8,495		193,204		(60.0	)
Wartsila OYJ Abp		45,927		313,097		(97.3	)
				1,636,067
Germany
1&1 AG		5,272		69,452		(21.6	)
AIXTRON SE		2,135		52,465		(16.3	)
Bayerische Motoren Werke AG		20,673		1,622,662		(504.3	)
Beiersdorf AG		2,948		282,994		(88.0	)
Commerzbank AG		126,794		1,013,046		(314.9	)
Daimler Truck Holding AG		10,796		287,957		(89.5	)
Deutsche Bank AG		237,127		2,260,233		(702.5	)
Deutsche Lufthansa AG, Registered Shares		3,124		21,359		(6.6	)
Deutsche Telekom AG, Registered Shares		1,105		20,857		(6.5	)
DWS Group GmbH & Co. KGaA		1,071		28,956		(9.0	)
E.ON SE		130,063		1,089,145		(338.5	)
Encavis AG		2,951		54,941		(17.1	)
Evonik Industries AG		6,343		116,849		(36.3	)
Fraport AG Frankfurt Airport Services Worldwide		20,499		789,747		(245.5	)
Freenet AG		14,263		280,356		(87.1	)
HelloFresh SE		4,841		96,767		(30.1	)
Hochtief AG		3,473		184,499		(57.3	)
K&S AG, Registered Shares		5,360		118,343		(36.8	)
Knorr-Bremse AG		2,398		107,960		(33.6	)
LEG Immobilien SE		2,804		183,060		(56.9	)
Mercedes-Benz Group AG		718		41,559		(12.9	)
Nemetschek SE		2,796		133,305		(41.4	)
Nordex SE		27,252		254,047		(79.0	)
ProSiebenSat.1 Media SE		1,961		13,326		(4.1	)
Puma SE		1,184		52,346		(16.3	)
Rational AG		228		128,524		(39.9	)
Rheinmetall AG		1,174		190,836		(59.3	)
RWE AG		4,863		187,202		(58.2	)
Scout24 SE		5,595		286,716		(89.1	)
Siemens AG, Registered Shares		5,263		574,767		(178.6	)
Solarworld AG		10		3		(0.0	)
Talanx AG		2,332		87,577		(27.2	)
TeamViewer AG		11,376		109,244		(34.0	)
Traton SE		6,693		83,466		(25.9	)
Vantage Towers AG		1,221		34,340		(10.7	)
VERBIO Vereinigte BioEnergie AG		1,073		84,523		(26.3	)
Volkswagen AG		381		65,125		(20.2	)
Wacker Chemie AG		3,648		424,720		(132.0	)
				11,433,274
Hong Kong
AIA Group Ltd.		60,200		456,002		(141.7	)
ASMPT Ltd.		1,600		8,801		(2.7	)
Bank of East Asia Ltd.		21,200		20,318		(6.3	)

Security	Shares		Value		% of Basket Value
Hong Kong (continued)
Cafe de Coral Holdings Ltd.		10,000	$	11,670		(3.6	)%
Dah Sing Banking Group Ltd.		114,400		68,212		(21.2	)
Dah Sing Financial Holdings Ltd.		86,800		171,760		(53.4	)
DFI Retail Group Holdings Ltd.		44,900		100,661		(31.3	)
First Pacific Co. Ltd.		146,000		38,662		(12.0	)
Haitong International Securities Group Ltd.		113,300		8,223		(2.6	)
Hang Lung Group Ltd.		40,000		51,883		(16.1	)
Hang Lung Properties Ltd.		93,000		116,991		(36.4	)
HK Electric Investments & HK Electric Investments Ltd.		95,500		60,720		(18.9	)
Hutchison Port Holdings Trust		139,800		22,833		(7.1	)
Hysan Development Co. Ltd.		79,000		172,188		(53.5	)
Jardine Matheson Holdings Ltd.		1,600		73,709		(22.9	)
Johnson Electric Holdings Ltd.		8,000		8,242		(2.6	)
New World Development Co. Ltd.		61,000		124,774		(38.8	)
Pacific Basin Shipping Ltd.		690,000		167,051		(51.9	)
Shangri-La Asia Ltd.		38,000		21,026		(6.5	)
SITC International Holdings Co. Ltd.		9,000		14,740		(4.6	)
SJM Holdings Ltd.		115,000		35,886		(11.1	)
Sun Hung Kai Properties Ltd.		11,500		123,583		(38.4	)
Swire Pacific Ltd., Class A		97,500		646,767		(201.0	)
Swire Properties Ltd.		284,400		546,592		(169.9	)
Techtronic Industries Co., Ltd.		49,500		468,704		(145.7	)
United Energy Group Ltd.		1,746,000		168,915		(52.5	)
WH Group Ltd.		423,500		213,872		(66.5	)
Xinyi Glass Holdings Ltd.		10,000		12,852		(4.0	)
Yue Yuen Industrial Holdings Ltd.		391,500		398,017		(123.7	)
				4,333,654
Ireland
Accenture PLC, Class A		6,882		1,953,800		(607.2	)
Adient PLC		12,275		429,380		(133.4	)
Alkermes PLC		4,803		109,028		(33.9	)
Allegion PLC		2,694		282,250		(87.7	)
Bank of Ireland Group PLC		32,207		231,910		(72.1	)
Experian PLC		7,988		254,700		(79.2	)
Flutter Entertainment PLC		337		44,507		(13.8	)
Glanbia PLC		24,562		283,673		(88.2	)
Icon PLC		1,807		357,497		(111.1	)
James Hardie Industries PLC		12,845		280,445		(87.2	)
Kingspan Group PLC		5,693		287,022		(89.2	)
Medtronic PLC		7,865		686,929		(213.5	)
				5,201,141
Israel
Airport City Ltd.		10,183		168,601		(52.4	)
Alony Hetz Properties & Investments Ltd.		1,385		16,245		(5.0	)
Amot Investments Ltd.		128		774		(0.2	)
Bezeq The Israeli Telecommunication Corp. Ltd.		148,911		263,608		(81.9	)
Big Shopping Centers Ltd.		672		75,352		(23.4	)
Elbit Systems Ltd.		710		143,658		(44.7	)
Energix-Renewable Energies Ltd.		2,921		10,198		(3.2	)
Gav-Yam Lands Corp. Ltd.		10,950		92,868		(28.9	)
Harel Insurance Investments & Financial Services Ltd.		4,563		43,923		(13.7	)
Israel Corp. Ltd.		340		147,170		(45.7	)
Melisron Ltd.		818		60,690		(18.9	)
Nice Ltd.		96		18,093		(5.6	)
Nova Measuring Instruments Ltd.		2,056		151,548		(47.1	)
OPC Energy Ltd.		17,656		217,083		(67.5	)
Paz Oil Co. Ltd.		836		99,871		(31.0	)
Phoenix Holdings Ltd.		9,470		102,580		(31.9	)

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

Schedule of Investments (unaudited) (continued) October 31, 2022 BlackRock Global Equity Market Neutral Fund

Security	Shares		Value		% of Basket Value
Israel (continued)
SolarEdge Technologies, Inc.		686	$	157,801		(49.0	)%
Teva Pharmaceutical Industries Ltd., ADR		11,742		104,739		(32.6	)
Wix.com Ltd.		5,004		420,836		(130.8	)
				2,295,638
Italy
Amplifon SpA		3,475		86,333		(26.8	)
Atlantia SpA		143		3,190		(1.0	)
Azimut Holding SpA		5,099		82,104		(25.5	)
Banca Mediolanum SpA		64,459		482,276		(149.9	)
Davide Campari-Milano NV		7,995		71,798		(22.3	)
De’ Longhi SpA		5,612		96,828		(30.1	)
Enel SpA		96,045		429,066		(133.4	)
Ferrari NV		1,354		266,925		(83.0	)
Infrastrutture Wireless Italiane SpA		2,514		22,189		(6.9	)
Italgas SpA		8,870		45,700		(14.2	)
Leonardo SpA		7,617		61,196		(19.0	)
Moncler SpA		8,003		345,283		(107.3	)
Reply SpA		2,284		248,439		(77.2	)
Snam SpA		25,694		114,249		(35.5	)
UnipolSai Assicurazioni SpA		77,927		175,708		(54.6	)
				2,531,284
Japan
ABC-Mart, Inc.		8,500		378,868		(117.8	)
Acom Co. Ltd.		113,600		248,177		(77.1	)
Activia Properties, Inc.		40		118,482		(36.8	)
AEON Financial Service Co. Ltd.		37,200		364,062		(113.2	)
Aica Kogyo Co. Ltd.		13,100		281,553		(87.5	)
Alfresa Holdings Corp.		14,000		161,180		(50.1	)
Amada Co. Ltd.		42,700		300,333		(93.3	)
Amano Corp.		5,600		95,829		(29.8	)
ANA Holdings, Inc.		3,400		66,092		(20.5	)
Anritsu Corp.		25,700		258,667		(80.4	)
Aozora Bank Ltd.		14,700		252,866		(78.6	)
Asahi Kasei Corp.		67,500		432,804		(134.5	)
Astellas Pharma, Inc.		21,000		289,762		(90.1	)
Azbil Corp.		8,900		241,863		(75.2	)
AZ-COM MARUWA Holdings, Inc.		21,800		207,135		(64.4	)
Bandai Namco Holdings, Inc.		2,200		145,426		(45.2	)
BayCurrent Consulting, Inc.		5,000		140,286		(43.6	)
Benesse Holdings, Inc.		43,100		635,832		(197.6	)
Capcom Co. Ltd.		200		5,563		(1.7	)
Casio Computer Co. Ltd.		15,300		132,984		(41.3	)
Central Japan Railway Co.		1,400		162,087		(50.4	)
Chubu Electric Power Co., Inc.		25,200		205,126		(63.8	)
Chugai Pharmaceutical Co. Ltd.		14,200		329,040		(102.3	)
Chugin Financial Group, Inc.		24,300		146,480		(45.5	)
Chugoku Electric Power Co., Inc.		33,600		157,637		(49.0	)
Coca-Cola Bottlers Japan Holdings, Inc.		14,800		133,717		(41.6	)
COMSYS Holdings Corp.		31,600		517,699		(160.9	)
Cosmos Pharmaceutical Corp.		2,600		251,458		(78.2	)
Daifuku Co. Ltd.		1,800		82,395		(25.6	)
Daito Trust Construction Co. Ltd.		3,000		297,071		(92.3	)
Daiwa House Industry Co. Ltd.		32,000		644,715		(200.4	)
Daiwa Securities Group, Inc.		4,300		16,777		(5.2	)
DeNA Co. Ltd.		3,000		39,127		(12.2	)
Dentsu Group, Inc.		2,300		71,538		(22.2	)
Disco Corp.		900		215,262		(66.9	)
DMG Mori Co. Ltd.		42,400		490,679		(152.5	)
Ebara Corp.		8,600		279,432		(86.9	)

Security	Shares		Value		% of Basket Value
Japan (continued)
Electric Power Development Co. Ltd.		20,500	$	285,108		(88.6	)%
EXEO Group, Inc.		32,500		476,175		(148.0	)
FP Corp.		4,300		102,299		(31.8	)
Fuji Media Holdings, Inc.		25,700		178,746		(55.6	)
FUJIFILM Holdings Corp.		3,400		155,550		(48.3	)
Fujitsu Ltd.		6,500		747,880		(232.4	)
Furukawa Electric Co. Ltd.		4,600		70,968		(22.1	)
GMO Payment Gateway, Inc.		200		14,381		(4.5	)
H.U. Group Holdings, Inc.		3,200		59,567		(18.5	)
Hamamatsu Photonics KK		3,500		158,344		(49.2	)
Hirose Electric Co. Ltd.		1,200		155,666		(48.4	)
Hisamitsu Pharmaceutical Co., Inc.		37,400		922,721		(286.8	)
Hitachi Construction Machinery Co. Ltd.		4,400		86,082		(26.8	)
Hitachi Transport System Ltd.		3,100		185,523		(57.7	)
Honda Motor Co. Ltd.		8,000		182,420		(56.7	)
Hulic Co. Ltd.		10,200		74,096		(23.0	)
Information Services International-Dentsu Ltd.		1,700		51,994		(16.2	)
INFRONEER Holdings, Inc.		14,100		97,746		(30.4	)
Internet Initiative Japan, Inc.		36,400		571,350		(177.6	)
ITOCHU Corp.		500		12,922		(4.0	)
Itochu Techno-Solutions Corp.		13,400		310,662		(96.6	)
Izumi Co. Ltd.		700		14,121		(4.4	)
J Front Retailing Co. Ltd.		60,200		486,598		(151.2	)
Japan Post Bank Co. Ltd.		90,500		603,013		(187.4	)
Japan Post Holdings Co. Ltd.		5,800		39,003		(12.1	)
Japan Prime Realty Investment Corp.		24		65,180		(20.3	)
Japan Tobacco, Inc.		69,000		1,155,573		(359.2	)
Kajima Corp.		8,500		80,012		(24.9	)
Kakaku.com, Inc.		25,100		424,516		(131.9	)
Kamigumi Co. Ltd.		18,100		344,202		(107.0	)
Kandenko Co. Ltd.		59,100		332,198		(103.2	)
Kansai Electric Power Co., Inc.		3,100		23,483		(7.3	)
Keio Corp.		5,900		206,857		(64.3	)
Keisei Electric Railway Co. Ltd.		10,800		286,654		(89.1	)
Kewpie Corp.		9,200		145,243		(45.1	)
Kinden Corp.		34,500		351,050		(109.1	)
Kintetsu Group Holdings Co. Ltd.		4,800		162,215		(50.4	)
Kobe Bussan Co. Ltd.		7,600		164,849		(51.2	)
Kokuyo Co. Ltd.		17,100		212,100		(65.9	)
Konica Minolta, Inc.		126,600		385,745		(119.9	)
Kuraray Co. Ltd.		38,700		266,122		(82.7	)
Kusuri no Aoki Holdings Co. Ltd.		3,300		159,070		(49.4	)
Kyocera Corp.		2,500		121,066		(37.6	)
Kyowa Kirin Co. Ltd.		8,100		190,769		(59.3	)
Kyudenko Corp.		14,800		313,914		(97.6	)
Kyushu Electric Power Co., Inc.		5,700		28,221		(8.8	)
Kyushu Railway Co.		700		14,640		(4.6	)
Lawson, Inc.		11,200		357,807		(111.2	)
Lion Corp.		48,600		491,185		(152.7	)
M3, Inc.		500		14,900		(4.6	)
Mani, Inc.		17,800		259,303		(80.6	)
Maruichi Steel Tube Ltd.		1,800		33,976		(10.6	)
Mazda Motor Corp.		12,200		82,142		(25.5	)
McDonald’s Holdings Co. Japan Ltd.		500		17,359		(5.4	)
Mitsubishi Chemical Group Corp.		4,500		20,328		(6.3	)
Mitsubishi Corp.		29,200		790,995		(245.8	)
Mitsubishi Estate Co. Ltd.		74,800		940,632		(292.4	)
Mitsubishi Gas Chemical Co., Inc.		2,500		31,768		(9.9	)
Mitsubishi HC Capital, Inc.		98,900		424,386		(131.9	)
Mitsubishi Materials Corp.		9,000		117,634		(36.6	)
Mitsui & Co. Ltd.		15,300		338,576		(105.2	)

SCHEDULE   OF  INVESTMENTS 55

Schedule of Investments (unaudited) (continued) October 31, 2022 BlackRock Global Equity Market Neutral Fund

Security	Shares		Value		% of Basket Value
Japan (continued)
Mitsui Chemicals, Inc.		1,600	$	29,614		(9.2	)%
Mitsui Fudosan Co. Ltd.		48,200		922,951		(286.9	)
Mitsui Mining & Smelting Co. Ltd.		6,100		123,205		(38.3	)
Mizuho Financial Group, Inc.		30,200		326,627		(101.5	)
MonotaRO Co. Ltd.		4,800		72,863		(22.6	)
MS&AD Insurance Group Holdings, Inc.		2,200		58,259		(18.1	)
Murata Manufacturing Co. Ltd.		3,500		165,688		(51.5	)
Nagoya Railroad Co. Ltd.		1,200		18,383		(5.7	)
Nankai Electric Railway Co. Ltd.		2,800		56,642		(17.6	)
NEC Corp.		6,600		218,466		(67.9	)
NEC Networks & System Integration Corp.		11,000		117,876		(36.6	)
NET One Systems Co. Ltd.		25,000		513,467		(159.6	)
Nichirei Corp.		10,300		160,190		(49.8	)
Nihon Kohden Corp.		12,300		275,423		(85.6	)
Nikon Corp.		3,400		32,882		(10.2	)
Nintendo Co. Ltd.		9,000		365,392		(113.6	)
Nippon Express Holdings, Inc.		2,300		115,570		(35.9	)
Nippon Telegraph & Telephone Corp.		6,800		187,549		(58.3	)
Nippon Television Holdings, Inc.		21,300		158,840		(49.4	)
Nipro Corp.		22,300		168,104		(52.2	)
Nitori Holdings Co. Ltd.		5,100		462,147		(143.6	)
Nitto Denko Corp.		3,700		194,937		(60.6	)
NOK Corp.		3,800		31,085		(9.7	)
Nomura Research Institute Ltd.		12,000		265,562		(82.5	)
NSK Ltd.		12,600		66,594		(20.7	)
NTT Data Corp.		17,700		256,364		(79.7	)
Obayashi Corp.		109,400		702,202		(218.2	)
OBIC Business Consultants Co. Ltd.		5,400		155,223		(48.2	)
Obic Co. Ltd.		1,400		210,088		(65.3	)
Odakyu Electric Railway Co. Ltd.		7,400		87,971		(27.3	)
Omron Corp.		3,300		153,907		(47.8	)
Oriental Land Co. Ltd.		800		107,142		(33.3	)
Otsuka Corp.		13,900		437,741		(136.1	)
Otsuka Holdings Co. Ltd.		4,500		144,245		(44.8	)
PALTAC Corp.		400		11,362		(3.5	)
Panasonic Holdings Corp.		13,800		98,292		(30.6	)
Park24 Co. Ltd.		18,400		245,234		(76.2	)
Penta-Ocean Construction Co. Ltd.		49,500		246,173		(76.5	)
PeptiDream, Inc.		5,300		57,984		(18.0	)
Pigeon Corp.		17,400		227,924		(70.8	)
Pola Orbis Holdings, Inc.		41,400		457,270		(142.1	)
Rakuten Group, Inc.		31,500		140,628		(43.7	)
Recruit Holdings Co. Ltd.		7,800		240,015		(74.6	)
Resorttrust, Inc.		3,000		46,174		(14.4	)
Ricoh Co. Ltd.		64,900		475,573		(147.8	)
Rinnai Corp.		3,800		258,648		(80.4	)
Rohm Co. Ltd.		3,900		274,032		(85.2	)
Sankyu, Inc.		400		11,927		(3.7	)
Sanrio Co. Ltd.		700		18,666		(5.8	)
Santen Pharmaceutical Co. Ltd.		24,400		166,969		(51.9	)
Sawai Group Holdings Co. Ltd.		7,000		202,056		(62.8	)
SCREEN Holdings Co. Ltd.		3,400		186,615		(58.0	)
SCSK Corp.		16,800		247,858		(77.0	)
Secom Co. Ltd.		900		51,273		(15.9	)
Sega Sammy Holdings, Inc.		9,500		121,517		(37.8	)
Seino Holdings Co. Ltd.		28,200		216,683		(67.3	)
Sekisui House Ltd.		10,000		166,028		(51.6	)
Sekisui House REIT, Inc.		288		155,188		(48.2	)
SG Holdings Co. Ltd.		3,600		47,704		(14.8	)
Shimadzu Corp.		12,500		329,286		(102.3	)
Shimizu Corp.		53,000		264,469		(82.2	)

Security	Shares		Value		% of Basket Value
Japan (continued)
Skylark Co. Ltd.		4,400	$	46,937		(14.6	)%
SMS Co. Ltd.		4,100		94,057		(29.2	)
SoftBank Corp.		52,100		513,935		(159.7	)
Sohgo Security Services Co. Ltd.		7,600		189,448		(58.9	)
Sojitz Corp.		11,500		169,533		(52.7	)
Sompo Holdings, Inc.		10,500		437,769		(136.1	)
Sotetsu Holdings, Inc.		6,500		98,437		(30.6	)
Square Enix Holdings Co. Ltd.		3,100		138,328		(43.0	)
Sugi Holdings Co. Ltd.		1,200		48,126		(15.0	)
Sumitomo Chemical Co. Ltd.		133,400		449,192		(139.6	)
Sumitomo Corp.		21,200		269,532		(83.8	)
Sumitomo Forestry Co. Ltd.		13,600		212,753		(66.1	)
Sumitomo Mitsui Trust Holdings, Inc.		9,000		258,921		(80.5	)
Sundrug Co. Ltd.		8,100		188,349		(58.5	)
Suntory Beverage & Food Ltd.		400		13,383		(4.2	)
Sysmex Corp.		7,600		409,061		(127.1	)
Taisei Corp.		500		13,620		(4.2	)
Takeda Pharmaceutical Co. Ltd.		700		18,486		(5.7	)
TBS Holdings, Inc.		3,100		32,113		(10.0	)
Teijin Ltd.		27,000		245,133		(76.2	)
Terumo Corp.		12,400		376,328		(117.0	)
Tobu Railway Co. Ltd.		2,900		67,084		(20.9	)
Tohoku Electric Power Co., Inc.		40,800		171,377		(53.3	)
Tokio Marine Holdings, Inc.		36,400		659,028		(204.8	)
Tokyo Tatemono Co. Ltd.		3,000		41,257		(12.8	)
TOTO Ltd.		3,200		91,273		(28.4	)
Toyota Industries Corp.		300		15,455		(4.8	)
Toyota Tsusho Corp.		3,200		107,411		(33.4	)
Tsumura & Co.		3,900		81,457		(25.3	)
Tsuruha Holdings, Inc.		13,200		766,862		(238.3	)
Ulvac, Inc.		1,100		43,363		(13.5	)
Yakult Honsha Co. Ltd.		1,700		94,178		(29.3	)
Yamada Holdings Co. Ltd.		185,700		598,421		(186.0	)
Yamaguchi Financial Group, Inc.		22,200		116,911		(36.3	)
Yaoko Co. Ltd.		3,600		156,611		(48.7	)
Yaskawa Electric Corp.		1,000		27,689		(8.6	)
Z Holdings Corp.		102,700		265,044		(82.4	)
Zenkoku Hosho Co. Ltd.		2,200		72,593		(22.6	)
Zensho Holdings Co. Ltd.		900		22,462		(7.0	)
ZOZO, Inc.		8,800		186,720		(58.0	)
				44,332,993
Luxembourg
L’Occitane International SA		23,000		56,470		(17.6	)
RTL Group SA		4,734		160,700		(49.9	)
				217,170
Macau
MGM China Holdings Ltd.		104,800		42,195		(13.1	)
Wynn Macau Ltd.		131,200		52,303		(16.3	)
				94,498
Netherlands
ABN AMRO Bank NV, GDR		29,508		290,082		(90.2	)
Aegon NV		7,914		36,635		(11.4	)
Alfen Beheer BV		427		45,296		(14.1	)
ASML Holding NV		212		99,446		(30.9	)
ASR Nederland NV		11,187		492,596		(153.1	)
IMCD NV		499		64,718		(20.1	)
Koninklijke Ahold Delhaize NV		9,426		262,875		(81.7	)
Koninklijke DSM NV		3,516		413,588		(128.5	)
Koninklijke KPN NV		67,492		188,782		(58.7	)
Koninklijke Vopak NV		3,783		77,294		(24.0	)

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

Schedule of Investments (unaudited) (continued) October 31, 2022 BlackRock Global Equity Market Neutral Fund

Security	Shares		Value		% of Basket Value
Netherlands (continued)
OCI NV		3,430	$	131,190		(40.8	)%
QIAGEN NV		1,525		65,854		(20.5	)
Randstad NV		500		24,920		(7.7	)
Signify NV		3,202		88,712		(27.6	)
Wolters Kluwer NV		985		104,665		(32.5	)
				2,386,653
New Zealand
a2 Milk Co. Ltd.		63,364		212,932		(66.2	)
Air New Zealand Ltd.		92,334		41,882		(13.0	)
Contact Energy Ltd.		58,064		254,692		(79.2	)
Fisher & Paykel Healthcare Corp. Ltd.		6,806		77,350		(24.0	)
Infratil Ltd.		90,102		457,517		(142.2	)
				1,044,373
Norway
Adevinta ASA		12,084		82,719		(25.7	)
Aker BP ASA		473		15,025		(4.7	)
Equinor ASA		4,216		153,605		(47.7	)
Golden Ocean Group Ltd.		8,784		72,106		(22.4	)
Kongsberg Gruppen ASA		3,478		124,722		(38.8	)
NEL ASA		40,956		50,062		(15.6	)
Norsk Hydro ASA		22,166		140,673		(43.7	)
Var Energi ASA		3,974		13,508		(4.2	)
Yara International ASA		3,042		135,769		(42.2	)
				788,189
Portugal
EDP - Energias de Portugal SA		154,066		673,163		(209.2	)
Puerto Rico
Popular, Inc.		5,760		407,347		(126.6	)
Singapore
City Developments Ltd.		17,600		94,892		(29.5	)
ComfortDelGro Corp. Ltd.		260,700		234,028		(72.7	)
Keppel Corp. Ltd.		25,700		126,496		(39.3	)
Mapletree Pan Asia Commercial Trust		76,700		86,073		(26.8	)
NetLink NBN Trust		777,900		469,888		(146.1	)
Oversea-Chinese Banking Corp. Ltd.		17,000		145,929		(45.4	)
SATS Ltd.		32,900		63,506		(19.7	)
Sembcorp Marine Ltd.		165,700		14,849		(4.6	)
SIA Engineering Co. Ltd.		36,600		55,875		(17.4	)
Singapore Airlines Ltd.		26,200		97,184		(30.2	)
Singapore Post Ltd.		1,063,700		406,180		(126.2	)
StarHub Ltd.		158,800		120,052		(37.3	)
				1,914,952
Spain
Banco Bilbao Vizcaya Argentaria SA		67,285		347,109		(107.9	)
Bankinter SA		3,410		20,627		(6.4	)
EDP Renovaveis SA		10,352		217,832		(67.7	)
Iberdrola SA		85,681		871,314		(270.8	)
Mapfre SA		146,089		250,570		(77.9	)
Merlin Properties Socimi SA		28,182		238,887		(74.3	)
Naturgy Energy Group SA		2,950		75,704		(23.5	)
Repsol SA		7,397		100,632		(31.3	)
Siemens Gamesa Renewable Energy SA		16,069		284,882		(88.5	)
Solaria Energia y Medio Ambiente SA		9,899		156,564		(48.7	)
				2,564,121
Sweden
Atlas Copco AB		3,175		33,888		(10.5	)
Atlas Copco AB, B Shares		15,721		152,040		(47.3	)

Security	Shares		Value		% of Basket Value
Sweden (continued)
Autoliv, Inc.		17,810	$	1,431,034		(444.8	)%
Avanza Bank Holding AB		3,746		74,722		(23.2	)
Axfood AB		3,628		89,824		(27.9	)
Castellum AB		5,609		64,134		(19.9	)
Epiroc AB, Class A		3,227		49,400		(15.4	)
Epiroc AB, Class B		23,014		309,013		(96.0	)
Essity AB, Class B		23,456		495,587		(154.0	)
Holmen AB, B Shares		16,168		586,743		(182.4	)
Industrivarden AB		2,322		52,141		(16.2	)
Industrivarden AB, A Shares		4,240		96,027		(29.8	)
Indutrade AB		9,543		167,078		(51.9	)
Investment AB Latour, B Shares		9,336		157,706		(49.0	)
Kinnevik AB		1,643		20,297		(6.3	)
Lifco AB, B Shares		467		6,748		(2.1	)
Saab AB, Class B		3,034		107,203		(33.3	)
Spotify Technology SA		5,467		440,531		(136.9	)
SSAB AB, A Shares		12,141		58,399		(18.2	)
Svenska Cellulosa AB SCA, Class B		2,968		35,016		(10.9	)
Tele2 AB, B Shares		23,618		193,574		(60.2	)
Telefonaktiebolaget LM Ericsson, B Shares		2,636		14,654		(4.6	)
Thule Group AB		686		13,515		(4.2	)
Vitrolife AB		629		10,166		(3.2	)
				4,659,440
Switzerland
ABB Ltd., Registered Shares		7,454		207,000		(64.3	)
Accelleron Industries AG		628		10,649		(3.3	)
Banque Cantonale Vaudoise, Registered Shares		1,303		115,961		(36.0	)
Barry Callebaut AG, Registered Shares		487		921,361		(286.4	)
BKW AG		1,493		174,177		(54.1	)
Chocoladefabriken Lindt & Spruengli AG		62		595,016		(184.9	)
CRISPR Therapeutics AG		1,048		54,852		(17.0	)
DKSH Holding AG		2,431		175,374		(54.5	)
Dufry AG, Registered Shares		1,141		37,639		(11.7	)
Emmi AG, Registered Shares		91		72,614		(22.6	)
EMS-Chemie Holding AG, Registered Shares		243		152,796		(47.5	)
Flughafen Zurich AG, Registered Shares		5,207		807,794		(251.1	)
Geberit AG, Registered Shares		1,005		446,760		(138.9	)
Givaudan SA, Registered Shares		988		2,951,096		(917.2	)
Idorsia Ltd.		6,205		96,067		(29.9	)
Logitech International SA, Registered Shares		5,169		257,064		(79.9	)
Nestle SA, Registered Shares		6,479		705,296		(219.2	)
Roche Holding AG		1,234		500,868		(155.7	)
Siemens Energy AG		6,322		73,699		(22.9	)
SIG Group AG		9,269		178,179		(55.4	)
Sika AG, Registered Shares		5,562		1,254,096		(389.8	)
Swiss Prime Site AG, Registered Shares		1,096		88,440		(27.5	)
UBS Group AG, Registered Shares		55,087		873,358		(271.4	)
VAT Group AG		98		22,374		(7.0	)
				10,772,530
United Kingdom
3i Group PLC		2,655		35,360		(11.0	)
AstraZeneca PLC		1,375		161,332		(50.1	)
Atlantica Sustainable Infrastructure PLC		26,743		741,048		(230.3	)
Auto Trader Group PLC		26,249		157,121		(48.8	)
B&M European Value Retail SA		8,706		32,174		(10.0	)
BAE Systems PLC		30,961		289,596		(90.0	)
Beazley PLC		178,370		1,279,236		(397.6	)
BP PLC, ADR		265,286		1,467,722		(456.2	)
British American Tobacco PLC		4,433		175,074		(54.4	)

SCHEDULE   OF  INVESTMENTS 57

Schedule of Investments (unaudited) (continued) October 31, 2022 BlackRock Global Equity Market Neutral Fund

Security	Shares		Value		% of Basket Value
United Kingdom (continued)
Bunzl PLC		4,676	$	152,370		(47.4	)%
Burberry Group PLC		2,062		42,966		(13.4	)
Centrica PLC		310,211		272,586		(84.7	)
Clarivate PLC		12,315		127,214		(39.5	)
ConvaTec Group PLC		67,059		167,797		(52.2	)
Croda International PLC		17,747		1,374,852		(427.3	)
Dechra Pharmaceuticals PLC		3,420		102,813		(32.0	)
Direct Line Insurance Group PLC		125,436		289,812		(90.1	)
Dr. Martens PLC		5,372		15,277		(4.7	)
Drax Group PLC		37,272		222,574		(69.2	)
easyJet PLC		9,873		39,311		(12.2	)
Endeavour Mining PLC		6,072		107,993		(33.6	)
Ferguson PLC		270		29,446		(9.2	)
GSK PLC		19,975		327,212		(101.7	)
Halma PLC		1,317		31,936		(9.9	)
Hammerson PLC		40		9		(0.0	)
Hargreaves Lansdown PLC		55,317		483,449		(150.3	)
IG Group Holdings PLC		22,339		203,760		(63.3	)
IMI PLC		5,489		77,323		(24.0	)
Imperial Brands PLC		42,485		1,034,895		(321.7	)
Intermediate Capital Group PLC		1,128		13,735		(4.3	)
International Consolidated Airlines Group SA		65,051		90,495		(28.1	)
Intertek Group PLC		4,990		209,046		(65.0	)
Johnson Matthey PLC		4,023		89,301		(27.8	)
Kingfisher PLC		100,833		253,336		(78.7	)
Liberty Global PLC, Class A		45,215		762,325		(236.9	)
Liberty Global PLC, Class C		36,657		647,363		(201.2	)
LivaNova PLC		4,039		190,237		(59.1	)
London Stock Exchange Group PLC		2,304		199,715		(62.1	)
LXI REIT PLC		15,346		21,423		(6.7	)
NatWest Group PLC		167,347		450,716		(140.1	)
Nomad Foods Ltd.		23,188		357,095		(111.0	)
Ocado Group PLC		5,168		28,017		(8.7	)
Pennon Group PLC		10,147		97,510		(30.3	)
Renishaw PLC		1,613		64,724		(20.1	)
Rentokil Initial PLC		6,558		40,923		(12.7	)
Rightmove PLC		96,208		541,765		(168.4	)
RS GROUP PLC		9,468		104,180		(32.4	)
Sage Group PLC		25,021		208,543		(64.8	)
Segro PLC		109,793		988,137		(307.1	)
Severn Trent PLC		10,212		293,081		(91.1	)
Spectris PLC		42,773		1,482,468		(460.8	)
Spirax-Sarco Engineering PLC		5,217		642,909		(199.8	)
SSE PLC		6,715		120,003		(37.3	)
SSP Group PLC		240,379		558,940		(173.7	)
St. James’s Place PLC		29,385		358,836		(111.5	)
Standard Chartered PLC		12,190		72,832		(22.6	)
Tate & Lyle PLC		3,049		24,499		(7.6	)
Travis Perkins PLC		56,340		531,004		(165.0	)
Tritax Big Box REIT PLC		135,016		217,098		(67.5	)
United Utilities Group PLC		53,192		573,207		(178.2	)
WPP PLC		18,111		159,379		(49.5	)
				19,835,100
United States
3M Co.		15,686		1,973,142		(613.3	)
ABIOMED, Inc.		2,338		589,363		(183.2	)
Adobe, Inc.		2,971		946,264		(294.1	)
Advanced Drainage Systems, Inc.		7,563		876,400		(272.4	)
Advanced Micro Devices, Inc.		10,425		626,126		(194.6	)
AECOM		2,355		177,284		(55.1	)

Security	Shares		Value		% of Basket Value
United States (continued)
Agilent Technologies, Inc.		9,165	$	1,267,978		(394.1	)%
AGNC Investment Corp.		29,644		243,674		(75.7	)
Akamai Technologies, Inc.		5,948		525,387		(163.3	)
Alaska Air Group, Inc.		11,405		507,066		(157.6	)
Albemarle Corp.		770		215,500		(67.0	)
Albertsons Cos., Inc., Class A		5,879		120,578		(37.5	)
Alcoa Corp.		3,988		155,652		(48.4	)
Align Technology, Inc.		3,924		762,433		(237.0	)
Allstate Corp.		1,874		236,593		(73.5	)
Ally Financial, Inc.		20,091		553,708		(172.1	)
Alnylam Pharmaceuticals, Inc.		1,231		255,137		(79.3	)
Alphabet, Inc., Class A		7,431		702,304		(218.3	)
Altice USA, Inc., Class A		45,808		302,791		(94.1	)
Altria Group, Inc.		43,648		2,019,593		(627.7	)
Amazon.com, Inc.		6,603		676,411		(210.2	)
Amcor PLC		9,876		114,364		(35.5	)
Amedisys, Inc.		2,752		268,568		(83.5	)
American Airlines Group, Inc.		60,639		859,861		(267.2	)
American Express Co.		1,154		171,311		(53.2	)
American Financial Group, Inc.		2,129		308,939		(96.0	)
American Homes 4 Rent, Class A		18,190		580,989		(180.6	)
American International Group, Inc.		4,846		276,222		(85.9	)
American Tower Corp.		4,157		861,289		(267.7	)
American Water Works Co., Inc.		3,356		487,761		(151.6	)
Analog Devices, Inc.		131		18,683		(5.8	)
Annaly Capital Management, Inc.		17,235		319,709		(99.4	)
ANSYS, Inc.		1,916		423,743		(131.7	)
Antero Midstream Corp.		37,710		401,612		(124.8	)
Antero Resources Corp.		12,340		452,384		(140.6	)
Aon PLC, Class A		1,161		326,810		(101.6	)
APA Corp.		2,363		107,422		(33.4	)
Apple, Inc.		12,306		1,887,002		(586.5	)
AptarGroup, Inc.		5,857		580,722		(180.5	)
Aptiv PLC		7,121		648,509		(201.6	)
Arch Capital Group Ltd.		1,434		82,455		(25.6	)
Arrow Electronics, Inc.		4,884		494,554		(153.7	)
Arthur J Gallagher & Co.		1,603		299,889		(93.2	)
Asbury Automotive Group, Inc.		2,235		352,571		(109.6	)
Ashland, Inc.		1,589		166,718		(51.8	)
AT&T, Inc.		15,944		290,659		(90.3	)
Autodesk, Inc.		1,998		428,171		(133.1	)
AutoNation, Inc.		1,131		120,237		(37.4	)
AutoZone, Inc.		164		415,392		(129.1	)
AvalonBay Communities, Inc.		2,405		421,164		(130.9	)
Avangrid, Inc.		5,028		204,539		(63.6	)
Avis Budget Group, Inc.		297		70,229		(21.8	)
Avnet, Inc.		14,382		578,013		(179.6	)
Axalta Coating Systems Ltd.		18,437		429,951		(133.6	)
Axon Enterprise, Inc.		6,628		963,976		(299.6	)
AZEK Co., Inc.		5,247		91,875		(28.6	)
Azenta, Inc.		2,387		105,983		(32.9	)
Baker Hughes Co.		13,307		368,072		(114.4	)
Ball Corp.		6,120		302,267		(93.9	)
Bank of America Corp.		12,633		455,293		(141.5	)
Bank of New York Mellon Corp.		18,531		780,340		(242.5	)
Bank OZK		743		31,934		(9.9	)
Berry Global Group, Inc.		1,991		94,214		(29.3	)
Best Buy Co., Inc.		5,710		390,621		(121.4	)
Bill.com Holdings, Inc.		1,656		220,844		(68.6	)
BioMarin Pharmaceutical, Inc.		4,976		431,071		(134.0	)
Bio-Rad Laboratories, Inc., Class A		98		34,468		(10.7	)

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

Schedule of Investments (unaudited) (continued) October 31, 2022 BlackRock Global Equity Market Neutral Fund

Security	Shares		Value		% of Basket Value
United States (continued)
BJ’s Wholesale Club Holdings, Inc.		4,342	$	336,071		(104.5	)%
Black Hills Corp.		2,107		137,735		(42.8	)
Blackline, Inc.		7,166		401,296		(124.7	)
Blackstone Mortgage Trust, Inc., Class A		1,754		43,780		(13.6	)
Block, Inc.		3,373		202,616		(63.0	)
Blueprint Medicines Corp.		2,708		140,383		(43.6	)
Boeing Co.		9,721		1,385,340		(430.6	)
Booking Holdings, Inc.		557		1,041,300		(323.6	)
Booz Allen Hamilton Holding Corp.		8,827		960,819		(298.6	)
BorgWarner, Inc.		26,796		1,005,654		(312.6	)
Boston Beer Co., Inc., Class A		1,910		712,984		(221.6	)
Boston Scientific Corp.		9,507		409,847		(127.4	)
Box, Inc., Class A		6,916		200,910		(62.4	)
Boyd Gaming Corp.		9,097		525,443		(163.3	)
Brighthouse Financial, Inc.		11,172		637,586		(198.2	)
Bristol-Myers Squibb Co.		13,149		1,018,653		(316.6	)
Brixmor Property Group, Inc.		24,179		515,254		(160.1	)
Broadridge Financial Solutions, Inc.		1,443		216,537		(67.3	)
Bruker Corp.		14,363		888,208		(276.1	)
Builders FirstSource, Inc.		3,796		234,061		(72.7	)
CACI International, Inc., Class A		2,773		843,075		(262.0	)
Capital One Financial Corp.		11,595		1,229,302		(382.1	)
Capri Holdings Ltd.		9,181		419,388		(130.3	)
Cardinal Health, Inc.		3,308		251,077		(78.0	)
Carlisle Cos., Inc.		1,821		434,855		(135.2	)
Carnival PLC		7,663		60,885		(18.9	)
Carrier Global Corp.		392		15,586		(4.8	)
Cboe Global Markets, Inc.		4,363		543,194		(168.8	)
CDW Corp.		2,262		390,896		(121.5	)
Ceridian HCM Holding, Inc.		6,175		408,723		(127.0	)
CH Robinson Worldwide, Inc.		3,868		377,981		(117.5	)
Charles River Laboratories International, Inc.		3,463		735,022		(228.4	)
Chemed Corp.		253		118,118		(36.7	)
Cheniere Energy, Inc.		3,068		541,226		(168.2	)
Chesapeake Energy Corp.		34,277		3,505,509		(1,089.5	)
Chevron Corp.		6,813		1,232,472		(383.1	)
Chewy, Inc., Class A		758		29,357		(9.1	)
Chord Energy Corp.		1,185		181,412		(56.4	)
Ciena Corp.		15,340		734,786		(228.4	)
Cigna Corp.		2,480		801,189		(249.0	)
Cirrus Logic, Inc.		4,545		305,060		(94.8	)
Citigroup, Inc.		8,117		372,246		(115.7	)
Clearway Energy, Inc., Class C		11,272		391,589		(121.7	)
Clorox Co.		4,525		660,831		(205.4	)
CMS Energy Corp.		16,326		931,398		(289.5	)
CNX Resources Corp.		3,770		63,374		(19.7	)
Coca-Cola Co.		23,121		1,383,792		(430.1	)
Coca-Cola Europacific Partners PLC		9,663		454,644		(141.3	)
Cognex Corp.		8,117		375,249		(116.6	)
Cognizant Technology Solutions Corp., Class A		3,933		244,829		(76.1	)
Coherent Corp.		3,449		115,921		(36.0	)
Colgate-Palmolive Co.		17,013		1,256,240		(390.4	)
Commercial Metals Co.		10,944		497,952		(154.8	)
Comstock Resources, Inc.		1,312		24,639		(7.7	)
Conagra Brands, Inc.		17,518		642,911		(199.8	)
Consolidated Edison, Inc.		10,926		961,051		(298.7	)
Cooper Cos., Inc.		1,179		322,327		(100.2	)
Copart, Inc.		3,972		456,859		(142.0	)
CoStar Group, Inc.		5,143		425,429		(132.2	)
Costco Wholesale Corp.		4,007		2,009,510		(624.6	)
Crocs, Inc.		8,614		609,441		(189.4	)
Crowdstrike Holdings, Inc., Class A		3,555		573,066		(178.1	)

Security	Shares		Value		% of Basket Value
United States (continued)
Crown Castle, Inc.		8,421	$	1,122,182		(348.8	)%
Crown Holdings, Inc.		688		47,190		(14.7	)
CubeSmart		6,925		289,950		(90.1	)
CVS Health Corp.		9,725		920,958		(286.2	)
Deckers Outdoor Corp.		1,809		633,023		(196.7	)
Dell Technologies, Inc., Class C		11,631		446,630		(138.8	)
DexCom, Inc.		2,023		244,338		(75.9	)
Dick’s Sporting Goods, Inc.		1,839		209,205		(65.0	)
Digital Realty Trust, Inc.		5,779		579,345		(180.1	)
DocuSign, Inc.		24,246		1,171,082		(364.0	)
Dolby Laboratories, Inc., Class A		6,730		449,833		(139.8	)
Donaldson Co., Inc.		257		14,765		(4.6	)
DoorDash, Inc., Class A		7,246		315,418		(98.0	)
DT Midstream, Inc.		13,134		784,100		(243.7	)
Dynatrace, Inc.		2,371		83,554		(26.0	)
EastGroup Properties, Inc.		703		110,153		(34.2	)
eBay, Inc.		43,459		1,731,407		(538.1	)
Ecolab, Inc.		1,745		274,087		(85.2	)
Edison International		7,903		474,496		(147.5	)
Edwards Lifesciences Corp.		13,140		951,730		(295.8	)
Elastic NV		3,583		229,133		(71.2	)
Elevance Health, Inc.		150		82,016		(25.5	)
Eli Lilly & Co.		3,246		1,175,344		(365.3	)
Equinix, Inc.		2,866		1,623,417		(504.6	)
Equity LifeStyle Properties, Inc.		3,297		210,876		(65.5	)
Equity Residential		3,800		239,476		(74.4	)
Erie Indemnity Co., Class A		2,011		516,847		(160.6	)
Essent Group Ltd.		18,870		746,875		(232.1	)
Essential Utilities, Inc.		14,091		623,104		(193.7	)
Essex Property Trust, Inc.		3,526		783,618		(243.6	)
Estee Lauder Cos., Inc., Class A		103		20,650		(6.4	)
Everest Re Group Ltd.		2,720		877,635		(272.8	)
Eversource Energy		7,667		584,839		(181.8	)
Exact Sciences Corp.		1,234		42,919		(13.3	)
Exelixis, Inc.		21,492		356,337		(110.8	)
Expedia Group, Inc.		4,847		453,049		(140.8	)
Expeditors International of Washington, Inc.		5,838		571,248		(177.5	)
F5, Inc.		1,663		237,659		(73.9	)
Fair Isaac Corp.		464		222,182		(69.1	)
FedEx Corp.		5,394		864,550		(268.7	)
Fidelity National Financial, Inc.		13,923		548,288		(170.4	)
First American Financial Corp.		11,732		591,293		(183.8	)
First Industrial Realty Trust, Inc.		5,406		257,488		(80.0	)
First Solar, Inc.		4,289		624,350		(194.0	)
Flex Ltd.		15,232		298,243		(92.7	)
Flowers Foods, Inc.		32,563		934,884		(290.6	)
Fluor Corp.		3,236		97,921		(30.4	)
FMC Corp.		729		86,678		(26.9	)
Fortune Brands Home & Security, Inc.		7,340		442,749		(137.6	)
Fox Corp., Class A		28,772		830,648		(258.2	)
Fox Corp., Class B		25,995		707,064		(219.8	)
Freeport-McMoRan, Inc.		2,193		69,496		(21.6	)
Gaming & Leisure Properties, Inc.		7,732		387,528		(120.4	)
Gap, Inc.		39,215		441,953		(137.4	)
Garmin Ltd.		10,783		949,335		(295.1	)
Gartner, Inc.		3,352		1,012,036		(314.5	)
Generac Holdings, Inc.		1,368		158,565		(49.3	)
General Dynamics Corp.		12,567		3,139,237		(975.7	)
General Electric Co.		29,110		2,265,049		(704.0	)
Gentex Corp.		13,864		367,257		(114.1	)
Gilead Sciences, Inc.		5,621		441,024		(137.1	)
Globus Medical, Inc., Class A		9,267		620,889		(193.0	)

SCHEDULE   OF  INVESTMENTS 59

Schedule of Investments (unaudited) (continued) October 31, 2022 BlackRock Global Equity Market Neutral Fund

Security	Shares		Value		% of Basket Value
United States (continued)
Goodyear Tire & Rubber Co.		71,506	$	908,126		(282.2	)%
Graphic Packaging Holding Co.		8,752		200,946		(62.5	)
Grocery Outlet Holding Corp.		8,312		287,346		(89.3	)
Guidewire Software, Inc.		10,544		626,419		(194.7	)
H&R Block, Inc.		4,295		176,739		(54.9	)
Hanover Insurance Group, Inc.		1,172		171,686		(53.4	)
Harley-Davidson, Inc.		18,211		783,073		(243.4	)
Hartford Financial Services Group, Inc.		15,147		1,096,794		(340.9	)
Healthpeak Properties, Inc.		36,569		867,782		(269.7	)
HEICO Corp.		6,727		1,094,079		(340.0	)
Herc Holdings, Inc.		1,973		232,045		(72.1	)
Hess Corp.		3,730		526,228		(163.6	)
Hewlett Packard Enterprise Co.		61,088		871,726		(270.9	)
Hexcel Corp.		4,710		262,347		(81.5	)
HF Sinclair Corp.		1,401		85,699		(26.6	)
Home Depot, Inc.		2,951		873,880		(271.6	)
Horizon Therapeutics PLC		1,654		103,077		(32.0	)
Hormel Foods Corp.		11,374		528,322		(164.2	)
HubSpot, Inc.		1,622		481,020		(149.5	)
Humana, Inc.		1,219		680,300		(211.4	)
Huntington Ingalls Industries, Inc.		4,921		1,265,041		(393.2	)
Huntsman Corp.		24,589		658,002		(204.5	)
Hyatt Hotels Corp., Class A		3,090		291,109		(90.5	)
ICU Medical, Inc.		447		66,339		(20.6	)
IDACORP, Inc.		682		71,405		(22.2	)
IDEXX Laboratories, Inc.		5,125		1,843,360		(572.9	)
Illinois Tool Works, Inc.		3,837		819,315		(254.6	)
Inari Medical, Inc.		881		67,775		(21.1	)
Incyte Corp.		4,068		302,415		(94.0	)
Insulet Corp.		221		57,197		(17.8	)
Integra LifeSciences Holdings Corp.		6,211		312,103		(97.0	)
Intel Corp.		1,909		54,273		(16.9	)
Intercontinental Exchange, Inc.		1,076		102,833		(32.0	)
International Game Technology PLC		41,061		823,273		(255.9	)
Intuit, Inc.		622		265,905		(82.6	)
Intuitive Surgical, Inc.		185		45,597		(14.2	)
Invesco Ltd.		9,634		147,593		(45.9	)
Ionis Pharmaceuticals, Inc.		2,020		89,284		(27.7	)
IPG Photonics Corp.		3,994		342,126		(106.3	)
Iridium Communications, Inc.		2,085		107,440		(33.4	)
Iron Mountain, Inc.		2,771		138,744		(43.1	)
J M Smucker Co.		4,678		704,787		(219.1	)
Jabil, Inc.		6,618		425,207		(132.2	)
Jacobs Solutions, Inc.		2,134		245,879		(76.4	)
JB Hunt Transport Services, Inc.		3,086		527,922		(164.1	)
Jefferies Financial Group, Inc.		7,437		255,907		(79.5	)
Johnson & Johnson		12,980		2,258,131		(701.8	)
Johnson Controls International PLC		20,478		1,184,448		(368.1	)
Jones Lang LaSalle, Inc.		6,232		991,449		(308.1	)
Juniper Networks, Inc.		12,423		380,144		(118.1	)
KeyCorp.		46,550		831,849		(258.5	)
Keysight Technologies, Inc.		1,484		258,439		(80.3	)
Kimberly-Clark Corp.		5,556		691,500		(214.9	)
Kinder Morgan, Inc.		71,933		1,303,426		(405.1	)
KLA Corp.		1,611		509,801		(158.4	)
Knight-Swift Transportation Holdings, Inc.		16,573		796,001		(247.4	)
Kraft Heinz Co.		29,097		1,119,362		(347.9	)
Kroger Co.		22,981		1,086,771		(337.8	)
L3Harris Technologies, Inc.		1,801		443,892		(138.0	)
Laboratory Corp. of America Holdings		638		141,547		(44.0	)
Lam Research Corp.		2,697		1,091,692		(339.3	)
Lamar Advertising Co., Class A		7,006		646,163		(200.8	)

Security	Shares		Value		% of Basket Value
United States (continued)
Lattice Semiconductor Corp.		10,373	$	503,194		(156.4	)%
Lear Corp.		3,539		490,895		(152.6	)
Leidos Holdings, Inc.		7,726		784,884		(243.9	)
Lennar Corp., Class A		4,711		380,178		(118.2	)
Lennox International, Inc.		2,621		612,187		(190.3	)
Leslie’s, Inc.		19,700		276,588		(86.0	)
Levi Strauss & Co., Class A		21,352		319,426		(99.3	)
Liberty Broadband Corp., Class C		1,258		106,213		(33.0	)
Liberty Media Corp.-Liberty Formula One, Class C		1,363		78,686		(24.5	)
Liberty Media Corp.-Liberty SiriusXM, Class A		5,912		250,905		(78.0	)
Liberty Media Corp.-Liberty SiriusXM, Class C		11,804		498,011		(154.8	)
Lincoln National Corp.		38,387		2,067,908		(642.7	)
Lithia Motors, Inc.		2,376		470,804		(146.3	)
Live Nation Entertainment, Inc.		2,601		207,066		(64.4	)
Livent Corp.		9,813		309,796		(96.3	)
Lockheed Martin Corp.		2,192		1,066,803		(331.6	)
Lowe’s Cos., Inc.		5,979		1,165,606		(362.3	)
Lumen Technologies, Inc.		37,537		276,272		(85.9	)
Lumentum Holdings, Inc.		6,698		498,666		(155.0	)
MACOM Technology Solutions Holdings, Inc.		7,682		444,557		(138.2	)
Macy’s, Inc.		42,386		883,748		(274.7	)
Manhattan Associates, Inc.		4,628		563,089		(175.0	)
ManpowerGroup, Inc.		1,366		107,012		(33.3	)
Marathon Oil Corp.		9,270		282,272		(87.7	)
Marathon Petroleum Corp.		7,579		861,126		(267.6	)
MarketAxess Holdings, Inc.		395		96,396		(30.0	)
Marriott International, Inc., Class A		6,855		1,097,554		(341.1	)
Marsh & McLennan Cos., Inc.		5,909		954,244		(296.6	)
Martin Marietta Materials, Inc.		1,353		454,581		(141.3	)
Marvell Technology, Inc.		11,800		468,224		(145.5	)
Masco Corp.		3,797		175,687		(54.6	)
Masimo Corp.		5,242		689,847		(214.4	)
Match Group, Inc.		7,199		310,997		(96.7	)
Mattel, Inc.		37,332		707,815		(220.0	)
MaxLinear, Inc.		4,455		137,570		(42.8	)
McCormick & Co., Inc.		6,231		490,006		(152.3	)
Medical Properties Trust, Inc.		23,716		271,548		(84.4	)
Meritage Homes Corp.		3,072		233,964		(72.7	)
Meta Platforms, Inc., Class A		2,027		188,835		(58.7	)
MetLife, Inc.		29,071		2,128,288		(661.5	)
Mettler-Toledo International, Inc.		482		609,696		(189.5	)
MGIC Investment Corp.		43,483		593,543		(184.5	)
Microsoft Corp.		7,128		1,654,623		(514.3	)
Mid-America Apartment Communities, Inc.		2,193		345,288		(107.3	)
MKS Instruments, Inc.		1,274		104,659		(32.5	)
Molson Coors Beverage Co., Class B		5,245		264,505		(82.2	)
MongoDB, Inc.		404		73,944		(23.0	)
Monolithic Power Systems, Inc.		491		166,670		(51.8	)
Moody’s Corp.		4,772		1,263,960		(392.8	)
Morningstar, Inc.		4,128		958,439		(297.9	)
MSC Industrial Direct Co., Inc., Class A		2,589		214,835		(66.8	)
MSCI, Inc.		1,662		779,245		(242.2	)
Murphy Oil Corp.		3,682		178,614		(55.5	)
National Retail Properties, Inc.		1,441		60,565		(18.8	)
National Storage Affiliates Trust		7,019		299,431		(93.1	)
Neurocrine Biosciences, Inc.		2,561		294,822		(91.6	)
New Relic, Inc.		622		36,847		(11.5	)
New York Community Bancorp, Inc.		55,237		514,256		(159.8	)
New York Times Co., Class A		5,287		153,112		(47.6	)
Newell Brands, Inc.		80,540		1,112,257		(345.7	)
Newmont Corp.		27,719		1,173,068		(364.6	)

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

Schedule of Investments (unaudited) (continued) October 31, 2022 BlackRock Global Equity Market Neutral Fund

Security	Shares		Value		% of Basket Value
United States (continued)
News Corp., Class A		14,238	$	240,195		(74.7	)%
Northern Trust Corp.		6,744		568,856		(176.8	)
Northrop Grumman Corp.		1,302		714,811		(222.2	)
NOV, Inc.		2,933		65,699		(20.4	)
Novocure Ltd.		2,818		199,120		(61.9	)
Nutanix, Inc., Class A		20,004		548,110		(170.4	)
NVR, Inc.		57		241,552		(75.1	)
Okta, Inc.		1,820		102,138		(31.7	)
Old Dominion Freight Line, Inc.		260		71,396		(22.2	)
Old National Bancorp		29		567		(0.2	)
Ollie’s Bargain Outlet Holdings, Inc.		504		28,224		(8.8	)
Omega Healthcare Investors, Inc.		5,363		170,436		(53.0	)
Ormat Technologies, Inc.		6,477		585,845		(182.1	)
Otis Worldwide Corp.		7,155		505,429		(157.1	)
Outfront Media, Inc.		7,559		136,440		(42.4	)
Owens Corning		9,525		815,435		(253.4	)
PacWest Bancorp		28,093		698,392		(217.1	)
Palo Alto Networks, Inc.		3,060		525,065		(163.2	)
Papa John’s International, Inc.		5,619		408,108		(126.8	)
Park Hotels & Resorts, Inc.		7,451		97,459		(30.3	)
Patterson-UTI Energy, Inc.		10,554		186,278		(57.9	)
Paylocity Holding Corp.		2,671		619,111		(192.4	)
PBF Energy, Inc., Class A		1,253		55,445		(17.2	)
PDC Energy, Inc.		1,946		140,384		(43.6	)
Penn Entertainment, Inc.		12,857		425,567		(132.3	)
Penske Automotive Group, Inc.		7,623		850,879		(264.5	)
Pentair PLC		6,734		289,225		(89.9	)
Penumbra, Inc.		2,691		461,426		(143.4	)
PepsiCo, Inc.		4,867		883,750		(274.7	)
Perrigo Co. PLC		21,501		866,060		(269.2	)
Petco Health & Wellness Co., Inc.		4,415		46,490		(14.4	)
Philip Morris International, Inc.		15,783		1,449,669		(450.6	)
Physicians Realty Trust		29,312		441,439		(137.2	)
Pinnacle West Capital Corp.		6,040		405,948		(126.2	)
Planet Fitness, Inc., Class A		1,488		97,434		(30.3	)
PNC Financial Services Group, Inc.		5,081		822,258		(255.6	)
Pool Corp.		1,014		308,489		(95.9	)
Portland General Electric Co.		5,392		242,316		(75.3	)
Power Integrations, Inc.		8,047		536,815		(166.8	)
PPG Industries, Inc.		3,761		429,431		(133.5	)
Prologis, Inc.		6,157		681,888		(211.9	)
Prudential Financial, Inc.		18,575		1,953,904		(607.3	)
PulteGroup, Inc.		24,009		960,120		(298.4	)
Qorvo, Inc.		1,069		92,020		(28.6	)
Qualys, Inc.		1,301		185,471		(57.6	)
Radian Group, Inc.		20,022		417,859		(129.9	)
Ralph Lauren Corp.		28,404		2,632,767		(818.3	)
Range Resources Corp.		16,857		480,087		(149.2	)
Rapid7, Inc.		2,327		105,343		(32.7	)
Regency Centers Corp.		1,128		68,255		(21.2	)
Reinsurance Group of America, Inc.		579		85,211		(26.5	)
Reliance Steel & Aluminum Co.		4,411		888,728		(276.2	)
Repligen Corp.		326		59,492		(18.5	)
Rexford Industrial Realty, Inc.		5,557		307,191		(95.5	)
RingCentral, Inc., Class A		15,848		562,921		(175.0	)
Robert Half International, Inc.		3,290		251,553		(78.2	)
ROBLOX Corp., Class A		2,332		104,334		(32.4	)
Rocket Cos., Inc., Class A		11,081		76,459		(23.8	)
Roku, Inc.		6,457		358,622		(111.5	)
Royal Caribbean Cruises Ltd.		13,616		726,822		(225.9	)
Royal Gold, Inc.		3,540		336,158		(104.5	)
S&P Global, Inc.		5,428		1,743,745		(542.0	)

Security	Shares		Value		% of Basket Value
United States (continued)
Saia, Inc.		1,260	$	250,564		(77.9	)%
Salesforce, Inc.		3,408		554,107		(172.2	)
SBA Communications Corp.		5,453		1,471,765		(457.4	)
Schlumberger NV		35,296		1,836,451		(570.8	)
Science Applications International Corp.		679		73,563		(22.9	)
Scotts Miracle-Gro Co.		4,612		211,737		(65.8	)
Seagen, Inc.		184		23,397		(7.3	)
Sealed Air Corp.		18,173		865,398		(269.0	)
Service Corp. International		21,610		1,309,782		(407.1	)
ServiceNow, Inc.		1,618		680,757		(211.6	)
Sherwin-Williams Co.		2,006		451,410		(140.3	)
Silicon Laboratories, Inc.		1,497		172,035		(53.5	)
Sirius XM Holdings, Inc.		231,494		1,398,224		(434.6	)
SiteOne Landscape Supply, Inc.		2,258		261,634		(81.3	)
Snap, Inc., Class A		52,678		522,039		(162.3	)
Snap-on, Inc.		894		198,513		(61.7	)
Splunk, Inc.		2,403		199,713		(62.1	)
STAAR Surgical Co.		379		26,860		(8.3	)
Stifel Financial Corp.		7,664		474,172		(147.4	)
SunPower Corp.		9,018		166,743		(51.8	)
SVB Financial Group		1,457		336,509		(104.6	)
Synchrony Financial		6,583		234,091		(72.8	)
Syneos Health, Inc.		11,968		602,948		(187.4	)
Take-Two Interactive Software, Inc.		3,478		412,073		(128.1	)
Tandem Diabetes Care, Inc.		3,257		182,881		(56.8	)
TD SYNNEX Corp.		4,949		452,883		(140.8	)
Teleflex, Inc.		3,570		765,979		(238.1	)
Tempur Sealy International, Inc.		12,963		348,575		(108.3	)
Tenable Holdings, Inc.		2,796		113,629		(35.3	)
Teradyne, Inc.		6,719		546,591		(169.9	)
Tesla, Inc.		2,187		497,630		(154.7	)
Tetra Tech, Inc.		2,206		311,664		(96.9	)
Texas Instruments, Inc.		5,087		817,125		(254.0	)
Texas Roadhouse, Inc.		3,080		304,766		(94.7	)
Textron, Inc.		26,383		1,805,653		(561.2	)
Timken Co.		12,904		919,926		(285.9	)
Toll Brothers, Inc.		11,021		474,785		(147.6	)
TopBuild Corp.		2,376		404,253		(125.6	)
Topgolf Callaway Brands Corp.		6,802		127,333		(39.6	)
Tractor Supply Co.		1,695		372,510		(115.8	)
Travel & Leisure Co.		19,230		730,355		(227.0	)
Trex Co., Inc.		2,308		110,992		(34.5	)
TripAdvisor, Inc.		8,301		196,070		(60.9	)
Tyler Technologies, Inc.		913		295,200		(91.7	)
U.S. Bancorp		23,088		980,086		(304.6	)
Uber Technologies, Inc.		3,023		80,321		(25.0	)
UDR, Inc.		40,502		1,610,360		(500.5	)
Ultragenyx Pharmaceutical, Inc.		1,015		41,067		(12.8	)
Umpqua Holdings Corp.		7,903		157,112		(48.8	)
United Rentals, Inc.		6,700		2,115,257		(657.4	)
United Therapeutics Corp.		1,002		230,991		(71.8	)
UnitedHealth Group, Inc.		1,667		925,435		(287.6	)
Universal Display Corp.		4,314		410,779		(127.7	)
Valaris Ltd.		2,812		188,207		(58.5	)
Valero Energy Corp.		6,377		800,632		(248.8	)
Valvoline, Inc.		6,373		187,111		(58.2	)
Varonis Systems, Inc.		2,291		61,330		(19.1	)
Veeva Systems, Inc., Class A		2,683		450,583		(140.0	)
VeriSign, Inc.		1,432		287,059		(89.2	)
Vertex Pharmaceuticals, Inc.		1,514		472,368		(146.8	)
Viatris, Inc.		35,779		362,441		(112.6	)
Virtu Financial, Inc., Class A		14,188		317,527		(98.7	)

SCHEDULE   OF  INVESTMENTS 61

Schedule of Investments (unaudited) (continued) October 31, 2022 BlackRock Global Equity Market Neutral Fund

Security	Shares			Value			% of Basket Value
United States (continued)
Visa, Inc., A Shares		7,625		$	1,579,595			(490.9	)%
Vistra Corp.		42,239			970,230			(301.6	)
Walgreens Boots Alliance, Inc.		9,592			350,108			(108.8	)
Walmart, Inc.		5,013			713,500			(221.8	)
Waters Corp.		2,123			635,138			(197.4	)
Watsco, Inc.		2,899			785,513			(244.1	)
Wells Fargo & Co.		6,744			310,157			(96.4	)
Welltower, Inc.		3,578			218,401			(67.9	)
West Pharmaceutical Services, Inc.		7,815			1,798,232			(558.9	)
Western Digital Corp.		6,569			225,777			(70.2	)
Western Union Co.		26,038			351,773			(109.3	)
Westrock Co.		21,847			744,109			(231.3	)
Whirlpool Corp.		7,627			1,054,356			(327.7	)
Williams Cos., Inc.		10,023			328,053			(102.0	)
Willis Towers Watson PLC		1,197			261,197			(81.2	)
Wingstop, Inc.		1,055			167,101			(51.9	)
Wintrust Financial Corp.		4,829			452,091			(140.5	)
Workday, Inc., Class A		2,078			323,794			(100.6	)
World Wrestling Entertainment, Inc., Class A		4,849			382,538			(118.9	)
WP Carey, Inc.		3,251			248,051			(77.1	)
Xcel Energy, Inc.		3,331			216,881			(67.4	)
Xylem, Inc.		4,218			432,050			(134.3	)
Yum! Brands, Inc.		5,209			615,964			(191.4	)
Zillow Group, Inc., Class C		3,267			100,820			(31.3	)
Zscaler, Inc.		4,357			671,414			(208.7	)
					247,865,209
Preferred Stocks
Germany
Fuchs Petrolub SE		15,295			438,034			(136.1	)
Sartorius AG		194			68,402			(21.3	)
Volkswagen AG		4,337			555,142			(172.5	)
					1,061,578
Warrants
Australia
Magellan Financial Group Ltd. (Issued/Exercisable 04/14/22, 1 Share for 1 Warrant, Expires 04/16/27, Strike Price AUD 35.00)		464			92			(0.0	)
Total Reference Entity — Long					398,968,459
Reference Entity — Short
Common Stocks
Argentina
Globant SA		(1,421	)		(268,114	)		83.3
Australia
Adbri Ltd.		(84,939	)		(85,635	)		26.6
AMP Ltd.		(24,641	)		(19,871	)		6.2
Beach Energy Ltd.		(1,174,750	)		(1,201,253	)		373.4
BlueScope Steel Ltd.		(2,210	)		(22,255	)		6.9
Brambles Ltd.		(48,623	)		(364,027	)		113.1
Cochlear Ltd.		(73	)		(9,325	)		2.9
EBOS Group Ltd.		(539	)		(11,751	)		3.6
Endeavour Group Ltd.		(38,738	)		(177,316	)		55.1
Evolution Mining Ltd.		(102,984	)		(136,613	)		42.5
Fortescue Metals Group Ltd.		(59,465	)		(560,220	)		174.1
Glencore PLC		(245,315	)		(1,406,408	)		437.1
IDP Education Ltd.		(766	)		(14,452	)		4.5
Incitec Pivot Ltd.		(6,725	)		(16,173	)		5.0
Insurance Australia Group Ltd.		(4,709	)		(14,781	)		4.6

Security	Shares			Value			% of Basket Value
Australia (continued)
JB Hi-Fi Ltd.		(1,364	)	$	(37,390	)		11.6	%
Lendlease Group		(8,538	)		(47,478	)		14.8
Lottery Corp. Ltd.		(2,658	)		(7,292	)		2.3
Newcrest Mining Ltd.		(13,589	)		(149,919	)		46.6
Newcrest Mining Ltd.		(98,124	)		(1,086,750	)		337.8
Northern Star Resources Ltd.		(79,615	)		(444,339	)		138.1
Orica Ltd.		(11,813	)		(105,079	)		32.7
Origin Energy Ltd.		(11,223	)		(40,095	)		12.5
Reece Ltd.		(56,802	)		(564,037	)		175.3
Rio Tinto Ltd.		(761	)		(43,186	)		13.4
Santos Ltd.		(3,253	)		(15,880	)		4.9
Seven Group Holdings Ltd.		(77,925	)		(913,781	)		284.0
Tabcorp Holdings Ltd.		(383,561	)		(236,803	)		73.6
TPG Telecom Ltd.		(158,681	)		(497,782	)		154.7
Vicinity Centres		(1,278,070	)		(1,593,323	)		495.2
Woodside Energy Group Ltd.		(47,420	)		(1,096,277	)		340.7
					(10,919,491	)
Austria
ams-OSRAM AG		(65,894	)		(372,983	)		115.9
BAWAG Group AG		(7,494	)		(361,779	)		112.4
OMV AG		(12,881	)		(593,084	)		184.3
Telekom Austria AG		(6,015	)		(34,965	)		10.9
Voestalpine AG		(3,124	)		(67,823	)		21.1
					(1,430,634	)
Belgium
D’ieteren Group		(476	)		(79,220	)		24.6
Galapagos NV		(4,151	)		(189,327	)		58.9
Groupe Bruxelles Lambert SA		(191	)		(14,082	)		4.4
Proximus SADP		(19,095	)		(200,187	)		62.2
					(482,816	)
Canada
Alimentation Couche-Tard, Inc.		(5,622	)		(251,728	)		78.2
AltaGas Ltd.		(1,578	)		(28,459	)		8.9
Aritzia, Inc.		(3,940	)		(152,817	)		47.5
Atco Ltd.		(36,303	)		(1,127,182	)		350.3
ATS Automation Tooling Systems, Inc.		(2,184	)		(69,094	)		21.5
Brookfield Asset Management, Inc., Class A		(13,706	)		(542,767	)		168.7
Canadian Apartment Properties REIT		(23,665	)		(732,871	)		227.8
Canadian National Railway Co.		(4,304	)		(509,902	)		158.5
Canadian Solar, Inc.		(1,344	)		(45,562	)		14.2
CCL Industries, Inc., Class B		(3,192	)		(149,953	)		46.6
Constellation Software, Inc.		(707	)		(1,022,287	)		317.7
Dollarama, Inc.		(1,977	)		(117,472	)		36.5
Element Fleet Management Corp.		(19,823	)		(264,093	)		82.1
Empire Co. Ltd.		(6,696	)		(172,026	)		53.5
Fairfax Financial Holdings Ltd.		(95	)		(46,657	)		14.5
Finning International, Inc.		(5,739	)		(122,038	)		37.9
Franco-Nevada Corp.		(1,191	)		(147,158	)		45.7
H&R Real Estate Investment Trust		(44,824	)		(368,831	)		114.6
iA Financial Corp., Inc.		(6,397	)		(356,018	)		110.7
Intact Financial Corp.		(1,910	)		(290,226	)		90.2
Loblaw Cos. Ltd.		(7,677	)		(628,992	)		195.5
Manulife Financial Corp.		(839	)		(13,906	)		4.3
MEG Energy Corp.		(25,653	)		(383,566	)		119.2
Metro, Inc.		(16,560	)		(867,536	)		269.6
National Bank of Canada		(5,020	)		(341,803	)		106.2
Nutrien Ltd.		(2,216	)		(187,238	)		58.2
Nuvei Corp.		(7,197	)		(216,594	)		67.3
Onex Corp.		(4,465	)		(224,733	)		69.9
Parkland Corp.		(23,715	)		(479,400	)		149.0

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

Schedule of Investments (unaudited) (continued) October 31, 2022 BlackRock Global Equity Market Neutral Fund

Security	Shares			Value			% of Basket Value
Canada (continued)
Saputo, Inc.		(19,562	)	$	(476,145	)		148.0	%
SmartCentres Real Estate Investment Trust		(19,147	)		(375,252	)		116.6
Stelco Holdings, Inc.		(6,145	)		(154,758	)		48.1
Sun Life Financial, Inc.		(4,482	)		(190,354	)		59.2
TMX Group Ltd.		(4,972	)		(478,022	)		148.6
Toromont Industries Ltd.		(10,891	)		(837,001	)		260.1
Vermilion Energy, Inc.		(2,875	)		(67,087	)		20.9
					(12,439,528	)
China
Futu Holdings Ltd., ADR		(8,288	)		(280,632	)		87.2
Yangzijiang Shipbuilding Holdings Ltd.		(216,700	)		(183,702	)		57.1
					(464,334	)
Denmark
Ambu A/S, Class B		(9,138	)		(102,198	)		31.8
Carlsberg A/S, Class B		(1,703	)		(200,521	)		62.3
Danske Bank A/S		(7,394	)		(119,273	)		37.1
Orsted A/S		(6,168	)		(508,895	)		158.2
Pandora A/S		(486	)		(25,565	)		7.9
Royal Unibrew A/S		(2,993	)		(170,973	)		53.1
					(1,127,425	)
Finland
Elisa OYJ		(9,157	)		(442,524	)		137.6
Kojamo OYJ		(7,561	)		(98,403	)		30.6
Neste OYJ		(1,419	)		(62,193	)		19.3
Nordea Bank Abp		(17,232	)		(164,685	)		51.2
Orion OYJ, Class B		(2,568	)		(118,175	)		36.7
Sampo OYJ, A Shares		(2,669	)		(122,047	)		37.9
UPM-Kymmene OYJ		(52,125	)		(1,752,309	)		544.6
					(2,760,336	)
France
Constellium SE		(26,074	)		(287,335	)		89.3
Unibail-Rodamco-Westfield		(3,631	)		(171,600	)		53.3
					(458,935	)
Germany
Allianz SE, Registered Shares		(339	)		(60,988	)		19.0
Aurubis AG		(1,863	)		(117,556	)		36.5
BASF SE		(15,562	)		(698,277	)		217.0
Bayer AG, Registered Shares		(10,481	)		(551,102	)		171.3
Bechtle AG		(4,499	)		(155,425	)		48.3
Brenntag AG		(259	)		(15,715	)		4.9
Carl Zeiss Meditec AG		(682	)		(82,551	)		25.7
Continental AG		(3,190	)		(165,228	)		51.3
Deutsche Boerse AG		(229	)		(37,240	)		11.6
Deutsche Wohnen SE		(5,480	)		(110,533	)		34.4
Evotec SE		(5,233	)		(99,809	)		31.0
Fielmann AG		(6,702	)		(213,502	)		66.4
Fresenius Medical Care AG & Co. KGaA		(18,310	)		(506,465	)		157.4
Fresenius SE & Co. KGaA		(16,591	)		(381,811	)		118.7
GEA Group AG		(2,918	)		(101,997	)		31.7
HeidelbergCement AG		(5,601	)		(257,572	)		80.1
Hella GmbH & Co. KGaA		(3,254	)		(254,035	)		79.0
Henkel AG & Co. KGaA		(290	)		(17,025	)		5.3
HUGO BOSS AG		(2,316	)		(106,669	)		33.1
Infineon Technologies AG		(22,185	)		(538,329	)		167.3
Merck KGaA		(3,990	)		(650,230	)		202.1
MTU Aero Engines AG		(858	)		(153,546	)		47.7
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered Shares		(693	)		(182,935	)		56.9
SAP SE		(8,081	)		(777,819	)		241.7

Security	Shares			Value			% of Basket Value
Germany (continued)
Siemens Healthineers AG		(3,717	)	$	(170,285	)		52.9	%
SUSE SA		(14,369	)		(253,870	)		78.9
Telefonica Deutschland Holding AG		(60,920	)		(132,739	)		41.3
Uniper SE		(6,669	)		(19,963	)		6.2
United Internet AG, Registered Shares		(3,189	)		(59,612	)		18.5
Vonovia SE		(23,122	)		(511,241	)		158.9
Zalando SE		(3,134	)		(72,233	)		22.4
					(7,456,302	)
Hong Kong
Hongkong Land Holdings Ltd.		(20,600	)		(79,307	)		24.6
Vitasoy International Holdings Ltd.		(188,000	)		(321,034	)		99.8
					(400,341	)
Ireland
AerCap Holdings NV		(5,906	)		(315,440	)		98.1
DCC PLC		(13,920	)		(772,571	)		240.1
Jazz Pharmaceuticals PLC		(1,553	)		(223,306	)		69.4
Smurfit Kappa Group PLC		(959	)		(31,777	)		9.9
Trane Technologies PLC		(1,792	)		(286,057	)		88.9
					(1,629,151	)
Israel
Ashtrom Group Ltd.		(40,084	)		(872,384	)		271.1
Check Point Software Technologies Ltd.		(729	)		(94,209	)		29.3
Global-e Online Ltd.		(7,704	)		(194,834	)		60.6
Inmode Ltd.		(13,408	)		(460,162	)		143.0
Shikun & Binui Ltd.		(5,539	)		(21,988	)		6.8
					(1,643,577	)
Italy
A2A SpA		(32,362	)		(35,884	)		11.1
DiaSorin SpA		(2,098	)		(274,283	)		85.2
FinecoBank Banca Fineco SpA		(24,559	)		(330,947	)		102.9
Hera SpA		(22,013	)		(52,450	)		16.3
Interpump Group SpA		(3,737	)		(144,680	)		45.0
Intesa Sanpaolo SpA		(1,162,006	)		(2,215,396	)		688.6
Nexi SpA		(9,320	)		(80,576	)		25.0
Prysmian SpA		(2,966	)		(96,538	)		30.0
Recordati Industria Chimica e Farmaceutica SpA		(1,302	)		(48,918	)		15.2
UniCredit SpA		(185,006	)		(2,294,308	)		713.1
					(5,573,980	)
Japan
Advance Residence Investment Corp.		(18	)		(41,907	)		13.0
Aeon Mall Co. Ltd.		(28,000	)		(304,599	)		94.7
AEON REIT Investment Corp.		(100	)		(107,663	)		33.5
AGC, Inc.		(1,800	)		(56,403	)		17.5
Ain Holdings, Inc.		(7,900	)		(331,878	)		103.1
Aisin Corp.		(7,400	)		(189,956	)		59.0
Ajinomoto Co., Inc.		(2,700	)		(74,259	)		23.1
Ariake Japan Co. Ltd.		(1,300	)		(45,038	)		14.0
Asahi Intecc Co. Ltd.		(4,700	)		(80,065	)		24.9
Asics Corp.		(5,200	)		(79,683	)		24.8
ASKUL Corp.		(15,300	)		(159,789	)		49.7
Bank of Kyoto Ltd.		(500	)		(18,018	)		5.6
Benefit One, Inc.		(14,800	)		(204,745	)		63.6
BIPROGY, Inc.		(12,300	)		(265,697	)		82.6
Bridgestone Corp.		(2,300	)		(83,183	)		25.8
Brother Industries Ltd.		(12,000	)		(204,431	)		63.5
Canon Marketing Japan, Inc.		(2,700	)		(56,975	)		17.7
Chiba Bank Ltd.		(18,900	)		(103,555	)		32.2
Concordia Financial Group Ltd.		(82,700	)		(252,336	)		78.4

SCHEDULE   OF  INVESTMENTS 63

Schedule of Investments (unaudited) (continued) October 31, 2022 BlackRock Global Equity Market Neutral Fund

Security	Shares			Value			% of Basket Value
Japan (continued)
Credit Saison Co. Ltd.		(25,400	)	$	(271,484	)		84.4	%
Dai Nippon Printing Co. Ltd.		(6,100	)		(122,187	)		38.0
Daicel Corp.		(16,700	)		(95,287	)		29.6
Daido Steel Co. Ltd.		(1,600	)		(41,483	)		12.9
Dai-ichi Life Holdings, Inc.		(21,000	)		(333,538	)		103.7
Daiichikosho Co. Ltd.		(1,200	)		(34,407	)		10.7
Daikin Industries Ltd.		(1,700	)		(254,638	)		79.1
Daio Paper Corp.		(5,900	)		(43,530	)		13.5
Daiwa House REIT Investment Corp.		(115	)		(232,104	)		72.1
Daiwa Securities Living Investments Corp.		(20	)		(15,524	)		4.8
Denka Co. Ltd.		(3,400	)		(78,765	)		24.5
Descente Ltd.		(2,900	)		(69,603	)		21.6
Dexerials Corp.		(2,600	)		(60,556	)		18.8
DIC Corp.		(8,000	)		(134,323	)		41.7
Dowa Holdings Co. Ltd.		(500	)		(15,876	)		4.9
ENEOS Holdings, Inc.		(34,900	)		(115,123	)		35.8
Ezaki Glico Co. Ltd.		(5,100	)		(114,740	)		35.7
Fancl Corp.		(9,800	)		(185,662	)		57.7
FANUC Corp.		(400	)		(52,341	)		16.3
Food and Life Cos. Ltd.		(3,200	)		(53,827	)		16.7
Fuji Electric Co. Ltd.		(7,400	)		(286,121	)		88.9
Fuji Kyuko Co. Ltd.		(18,100	)		(559,688	)		173.9
Fuji Oil Holdings, Inc.		(6,700	)		(105,483	)		32.8
Fujitsu General Ltd.		(3,100	)		(70,748	)		22.0
Fukuoka Financial Group, Inc.		(11,100	)		(188,873	)		58.7
GLP J-Reit		(66	)		(68,447	)		21.3
GMO internet, Inc.		(7,000	)		(120,686	)		37.5
Goldwin, Inc.		(5,900	)		(308,118	)		95.8
GS Yuasa Corp.		(5,100	)		(77,643	)		24.1
Hachijuni Bank Ltd.		(114,000	)		(363,564	)		113.0
Hakuhodo DY Holdings, Inc.		(11,900	)		(100,266	)		31.2
Hankyu Hanshin Holdings, Inc.		(1,700	)		(50,491	)		15.7
Haseko Corp.		(19,000	)		(195,666	)		60.8
Heiwa Corp.		(7,700	)		(124,225	)		38.6
Hikari Tsushin, Inc.		(1,400	)		(169,112	)		52.6
Hino Motors Ltd.		(14,000	)		(58,181	)		18.1
Horiba Ltd.		(4,800	)		(196,932	)		61.2
Hoshizaki Corp.		(2,200	)		(63,030	)		19.6
House Foods Group, Inc.		(12,800	)		(239,390	)		74.4
Hoya Corp.		(400	)		(37,185	)		11.6
Ibiden Co. Ltd.		(6,000	)		(202,244	)		62.9
Idemitsu Kosan Co. Ltd.		(7,200	)		(157,538	)		49.0
IHI Corp.		(2,500	)		(55,760	)		17.3
Iida Group Holdings Co. Ltd.		(9,600	)		(133,299	)		41.4
Industrial & Infrastructure Fund Investment Corp.		(72	)		(76,042	)		23.6
Inpex Corp.		(19,800	)		(199,829	)		62.1
Isuzu Motors Ltd.		(4,800	)		(56,446	)		17.5
Ito En Ltd.		(900	)		(31,698	)		9.8
Iwatani Corp.		(10,500	)		(386,625	)		120.2
Iyogin Holdings, Inc.		(20,000	)		(93,836	)		29.2
Japan Airlines Co. Ltd.		(18,400	)		(343,678	)		106.8
Japan Airport Terminal Co. Ltd.		(11,000	)		(470,810	)		146.3
Japan Aviation Electronics Industry Ltd.		(41,000	)		(638,119	)		198.3
Japan Hotel REIT Investment Corp.		(554	)		(291,879	)		90.7
Japan Logistics Fund, Inc.		(36	)		(77,129	)		24.0
Japan Post Insurance Co. Ltd.		(54,500	)		(806,772	)		250.7
Japan Real Estate Investment Corp.		(27	)		(113,138	)		35.2
Japan Retail Fund Investment Corp.		(225	)		(165,764	)		51.5
JCR Pharmaceuticals Co. Ltd.		(5,500	)		(81,744	)		25.4
Jeol Ltd.		(3,800	)		(139,054	)		43.2
JFE Holdings, Inc.		(42,800	)		(392,096	)		121.9

Security	Shares			Value			% of Basket Value
Japan (continued)
JGC Holdings Corp.		(6,600	)	$	(79,382	)		24.7	%
JSR Corp.		(1,200	)		(22,801	)		7.1
Justsystems Corp.		(21,500	)		(452,201	)		140.5
Kagome Co. Ltd.		(5,200	)		(103,932	)		32.3
Kaken Pharmaceutical Co. Ltd.		(4,500	)		(115,179	)		35.8
Kaneka Corp.		(2,900	)		(71,912	)		22.3
Kao Corp.		(22,100	)		(825,478	)		256.6
Kawasaki Heavy Industries Ltd.		(1,800	)		(30,613	)		9.5
Keihan Holdings Co. Ltd.		(1,900	)		(48,881	)		15.2
Kenedix Office Investment Corp.		(24	)		(54,672	)		17.0
Kikkoman Corp.		(8,500	)		(460,615	)		143.2
Kobayashi Pharmaceutical Co. Ltd.		(1,100	)		(58,373	)		18.1
Kobe Steel Ltd.		(24,000	)		(98,421	)		30.6
Kotobuki Spirits Co. Ltd.		(6,000	)		(307,584	)		95.6
K’s Holdings Corp.		(13,700	)		(107,359	)		33.4
Kurita Water Industries Ltd.		(3,900	)		(142,759	)		44.4
Kyushu Financial Group, Inc.		(8,900	)		(22,505	)		7.0
Lintec Corp.		(6,000	)		(90,022	)		28.0
Mabuchi Motor Co. Ltd.		(2,300	)		(62,409	)		19.4
Marui Group Co. Ltd.		(6,400	)		(104,706	)		32.5
Matsui Securities Co. Ltd.		(25,000	)		(133,134	)		41.4
MEIJI Holdings Co. Ltd.		(10,400	)		(427,951	)		133.0
Menicon Co. Ltd.		(1,600	)		(27,318	)		8.5
MINEBEA MITSUMI, Inc.		(11,300	)		(166,996	)		51.9
Mitsubishi Electric Corp.		(18,200	)		(160,135	)		49.8
Mitsubishi Motors Corp.		(11,000	)		(37,056	)		11.5
Mitsui Fudosan Logistics Park, Inc.		(77	)		(255,475	)		79.4
Miura Co. Ltd.		(4,200	)		(85,535	)		26.6
Mori Hills REIT Investment Corp.		(44	)		(48,196	)		15.0
Morinaga & Co. Ltd.		(4,500	)		(112,555	)		35.0
Morinaga Milk Industry Co. Ltd.		(8,800	)		(249,659	)		77.6
Nagase & Co. Ltd.		(6,200	)		(84,471	)		26.3
NGK Insulators Ltd.		(15,800	)		(184,324	)		57.3
NGK Spark Plug Co. Ltd.		(4,900	)		(89,396	)		27.8
NH Foods Ltd.		(7,400	)		(176,353	)		54.8
NHK Spring Co. Ltd.		(21,200	)		(117,450	)		36.5
Nidec Corp.		(9,800	)		(538,843	)		167.5
Nifco, Inc.		(1,000	)		(23,224	)		7.2
Nippon Accommodations Fund, Inc.		(7	)		(29,808	)		9.3
Nippon Building Fund, Inc.		(94	)		(417,853	)		129.9
Nippon Kayaku Co. Ltd.		(93,600	)		(743,474	)		231.1
Nippon Shinyaku Co. Ltd.		(2,400	)		(132,879	)		41.3
Nippon Shokubai Co. Ltd.		(600	)		(21,522	)		6.7
Nippon Steel Corp.		(3,600	)		(49,387	)		15.3
Nishi-Nippon Railroad Co. Ltd.		(3,200	)		(62,764	)		19.5
Nissan Motor Co. Ltd.		(23,200	)		(73,945	)		23.0
Nisshin Seifun Group, Inc.		(9,400	)		(101,573	)		31.6
Noevir Holdings Co. Ltd.		(700	)		(25,876	)		8.0
NOF Corp.		(1,100	)		(37,836	)		11.8
Nomura Holdings, Inc.		(214,500	)		(694,113	)		215.7
Nomura Real Estate Master Fund, Inc.		(65	)		(74,154	)		23.0
NS Solutions Corp.		(1,600	)		(36,775	)		11.4
Oji Holdings Corp.		(40,200	)		(139,362	)		43.3
OKUMA Corp.		(5,200	)		(174,068	)		54.1
Ono Pharmaceutical Co. Ltd.		(2,300	)		(54,127	)		16.8
Open House Co. Ltd.		(9,900	)		(352,137	)		109.4
Orient Corp.		(4,120	)		(33,371	)		10.4
ORIX Corp.		(3,500	)		(51,407	)		16.0
Orix JREIT, Inc.		(64	)		(85,863	)		26.7
Osaka Gas Co. Ltd.		(2,800	)		(41,462	)		12.9
OSG Corp.		(4,000	)		(50,853	)		15.8
Pan Pacific International Holdings Corp.		(11,300	)		(185,441	)		57.6

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

Schedule of Investments (unaudited) (continued) October 31, 2022 BlackRock Global Equity Market Neutral Fund

Security	Shares			Value			% of Basket Value
Japan (continued)
Persol Holdings Co. Ltd.		(1,600	)	$	(32,036	)		10.0	%
Relo Group, Inc.		(1,500	)		(21,142	)		6.6
Renesas Electronics Corp.		(7,800	)		(65,253	)		20.3
Rengo Co. Ltd.		(37,600	)		(208,891	)		64.9
Rohto Pharmaceutical Co. Ltd.		(6,400	)		(199,092	)		61.9
Sankyo Co. Ltd.		(11,200	)		(369,845	)		114.9
Sanwa Holdings Corp.		(14,100	)		(121,459	)		37.7
Sapporo Holdings Ltd.		(600	)		(13,234	)		4.1
Seibu Holdings, Inc.		(7,400	)		(66,239	)		20.6
Seven & i Holdings Co. Ltd.		(500	)		(18,664	)		5.8
Sharp Corp.		(5,200	)		(31,190	)		9.7
SHIFT, Inc.		(300	)		(46,843	)		14.6
Shikoku Electric Power Co., Inc.		(14,900	)		(71,682	)		22.3
Shimamura Co. Ltd.		(600	)		(48,520	)		15.1
Shimano, Inc.		(1,700	)		(263,063	)		81.8
Shinko Electric Industries Co. Ltd.		(18,800	)		(451,788	)		140.4
Shinsei Bank Ltd.		(200	)		(2,976	)		0.9
Shizuoka Financial Group, Inc.		(18,800	)		(118,719	)		36.9
SHO-BOND Holdings Co. Ltd.		(900	)		(38,934	)		12.1
Shochiku Co. Ltd.		(1,500	)		(119,068	)		37.0
Showa Denko KK		(1,000	)		(14,599	)		4.5
SMC Corp.		(700	)		(280,981	)		87.3
Stanley Electric Co. Ltd.		(6,700	)		(113,903	)		35.4
SUMCO Corp.		(4,000	)		(50,699	)		15.8
Sumitomo Bakelite Co. Ltd.		(4,400	)		(119,092	)		37.0
Sumitomo Electric Industries Ltd.		(31,300	)		(327,095	)		101.7
Sumitomo Metal Mining Co. Ltd.		(9,300	)		(260,687	)		81.0
Suzuken Co. Ltd.		(2,200	)		(48,980	)		15.2
T&D Holdings, Inc.		(14,300	)		(141,430	)		44.0
Taiyo Nippon Sanso Corp.		(10,800	)		(171,951	)		53.4
Taiyo Yuden Co. Ltd.		(1,700	)		(46,260	)		14.4
Takara Holdings, Inc.		(10,300	)		(71,646	)		22.3
TechnoPro Holdings, Inc.		(2,600	)		(62,375	)		19.4
THK Co. Ltd.		(18,700	)		(326,126	)		101.4
Toda Corp.		(22,000	)		(109,962	)		34.2
Toho Gas Co. Ltd.		(800	)		(14,905	)		4.6
Tokai Carbon Co. Ltd.		(2,900	)		(18,925	)		5.9
Tokyo Electric Power Co. Holdings, Inc.		(277,400	)		(903,648	)		280.9
Tokyo Gas Co. Ltd.		(7,300	)		(130,462	)		40.5
Tokyu Corp.		(16,400	)		(189,100	)		58.8
Tokyu Fudosan Holdings Corp.		(43,200	)		(219,178	)		68.1
Toray Industries, Inc.		(37,800	)		(183,608	)		57.1
Toshiba TEC Corp.		(1,200	)		(31,067	)		9.7
Toyo Suisan Kaisha Ltd.		(4,200	)		(157,572	)		49.0
Toyo Tire Corp.		(18,800	)		(220,552	)		68.5
Toyoda Gosei Co. Ltd.		(9,300	)		(148,677	)		46.2
Toyota Boshoku Corp.		(13,900	)		(176,872	)		55.0
UBE Corp.		(9,600	)		(123,819	)		38.5
Unicharm Corp.		(600	)		(18,235	)		5.7
United Urban Investment Corp.		(200	)		(211,606	)		65.8
Ushio, Inc.		(2,400	)		(24,923	)		7.7
USS Co. Ltd.		(6,700	)		(101,095	)		31.4
West Japan Railway Co.		(3,100	)		(123,024	)		38.2
Yamato Holdings Co. Ltd.		(53,800	)		(796,739	)		247.6
Yamato Kogyo Co. Ltd.		(7,600	)		(220,703	)		68.6
Yamazaki Baking Co. Ltd.		(1,800	)		(18,341	)		5.7
Yokogawa Electric Corp.		(18,700	)		(312,685	)		97.2

Security	Shares			Value			% of Basket Value
Japan (continued)
Yokohama Rubber Co. Ltd.		(2,300	)	$	(35,965	)		11.2	%
Zeon Corp.		(7,900	)		(66,591	)		20.7
					(32,033,168	)
Luxembourg
ArcelorMittal SA		(1,596	)		(35,677	)		11.1
Aroundtown SA		(20,768	)		(41,167	)		12.8
Tenaris SA		(57,803	)		(904,683	)		281.2
					(981,527	)
Malaysia
Lynas Rare Earths Ltd.		(17,656	)		(94,173	)		29.3
Mexico
Fresnillo PLC		(8,700	)		(72,737	)		22.6
Netherlands
Akzo Nobel NV		(320	)		(19,755	)		6.1
ASM International NV		(1,921	)		(424,963	)		132.1
BE Semiconductor Industries NV		(6,813	)		(347,223	)		107.9
EXOR NV		(1,854	)		(124,591	)		38.7
Heineken Holding NV		(392	)		(26,748	)		8.3
Heineken NV		(495	)		(41,349	)		12.9
ING Groep NV		(7,390	)		(72,715	)		22.6
Iveco Group NV		(24,157	)		(130,536	)		40.6
Just Eat Takeaway.com NV		(2,529	)		(43,398	)		13.5
NN Group NV		(6,711	)		(284,160	)		88.3
SBM Offshore NV		(20,456	)		(276,840	)		86.0
Universal Music Group NV		(6,415	)		(125,961	)		39.2
					(1,918,239	)
New Zealand
Auckland International Airport Ltd.		(198,171	)		(885,907	)		275.3
Fletcher Building Ltd.		(238,000	)		(710,652	)		220.9
Kiwi Property Group Ltd.		(73,548	)		(38,613	)		12.0
Mercury NZ Ltd.		(54,272	)		(183,510	)		57.0
Meridian Energy Ltd.		(49,550	)		(140,454	)		43.7
Spark New Zealand Ltd.		(210,179	)		(625,653	)		194.5
					(2,584,789	)
Norway
Aker ASA, A Shares		(167	)		(11,784	)		3.7
DNB Bank ASA		(3,631	)		(64,221	)		20.0
Gjensidige Forsikring ASA		(17,583	)		(321,395	)		99.9
Mowi ASA		(14,914	)		(222,603	)		69.2
Salmar Asa		(2,990	)		(101,366	)		31.5
Schibsted ASA, Class A		(10,387	)		(160,313	)		49.8
Storebrand ASA		(47,991	)		(373,339	)		116.0
TOMRA Systems ASA		(7,328	)		(118,359	)		36.8
					(1,373,380	)
Poland
InPost SA		(2,796	)		(17,823	)		5.5
Portugal
Banco Comercial Portugues SA		(530,871	)		(75,636	)		23.5
Galp Energia SGPS SA		(106,000	)		(1,076,228	)		334.5
Jeronimo Martins SGPS SA		(2,649	)		(54,816	)		17.0
					(1,206,680	)
Singapore
CapitaLand Integrated Commercial Trust		(564,469	)		(749,137	)		232.8
Capitaland Investment Ltd.		(156,300	)		(332,394	)		103.3

SCHEDULE   OF  INVESTMENTS 65

Schedule of Investments (unaudited) (continued) October 31, 2022 BlackRock Global Equity Market Neutral Fund

Security	Shares			Value			% of Basket Value
Singapore (continued)
DBS Group Holdings Ltd.		(18,800	)	$	(454,514	)		141.3	%
Frasers Logistics & Commercial Trust		(480,400	)		(373,360	)		116.0
Genting Singapore Ltd.		(841,000	)		(478,253	)		148.6
Grab Holdings Ltd., Class A		(64,782	)		(168,433	)		52.3
Keppel DC REIT		(379,300	)		(471,405	)		146.5
Mapletree Logistics Trust		(343,100	)		(368,239	)		114.5
Sea Ltd., ADR		(8,391	)		(416,865	)		129.6
Sembcorp Industries Ltd.		(459,000	)		(943,545	)		293.3
Singapore Telecommunications Ltd.		(290,300	)		(511,144	)		158.9
United Overseas Bank Ltd.		(22,500	)		(441,423	)		137.2
UOL Group Ltd.		(18,200	)		(79,494	)		24.7
Venture Corp. Ltd.		(40,300	)		(453,510	)		141.0
					(6,241,716	)
Spain
Acerinox SA		(21,949	)		(192,362	)		59.8
ACS Actividades de Construccion y Servicios SA		(13,564	)		(348,069	)		108.2
Aena SME SA		(437	)		(51,361	)		16.0
Amadeus IT Group SA		(2,305	)		(120,218	)		37.4
CaixaBank SA		(33,014	)		(109,476	)		34.0
Cellnex Telecom SA		(4,603	)		(150,657	)		46.8
Ferrovial SA		(12,137	)		(296,608	)		92.2
Fluidra SA		(10,217	)		(138,756	)		43.1
Industria de Diseno Textil SA		(9,420	)		(213,817	)		66.4
Inmobiliaria Colonial Socimi SA		(857	)		(4,520	)		1.4
Red Electrica Corp. SA		(13,952	)		(225,683	)		70.1
Telefonica SA		(99,185	)		(341,910	)		106.3
					(2,193,437	)
Sweden
Assa Abloy AB, Class B		(5,943	)		(120,002	)		37.3
Beijer Ref AB, Class B		(5,692	)		(88,240	)		27.4
BillerudKorsnas AB		(1,115	)		(14,394	)		4.5
EQT AB		(7,829	)		(154,074	)		47.9
Evolution AB		(4,834	)		(450,928	)		140.1
Fastighets AB Balder, B Shares		(29,232	)		(109,727	)		34.1
Hennes & Mauritz AB, B Shares		(1,481	)		(14,917	)		4.6
Investor AB		(30,874	)		(525,005	)		163.2
Investor AB, B Shares		(5,459	)		(89,094	)		27.7
Nibe Industrier AB, B Shares		(5,515	)		(43,992	)		13.7
Sandvik AB		(6,319	)		(98,745	)		30.7
Skandinaviska Enskilda Banken AB, Class A		(48,797	)		(514,486	)		159.9
Svenska Handelsbanken AB		(4,384	)		(40,732	)		12.7
Sweco AB, B Shares		(13,073	)		(98,226	)		30.5
Swedbank AB, A Shares		(2,142	)		(31,933	)		9.9
Swedish Orphan Biovitrum AB		(8,412	)		(154,944	)		48.2
Trelleborg AB, B Shares		(539	)		(11,868	)		3.7
Volvo AB		(7,940	)		(135,628	)		42.1
Volvo AB, B Shares		(61,514	)		(1,006,795	)		312.9
					(3,703,730	)
Switzerland
Adecco Group AG, Registered Shares		(5,491	)		(171,846	)		53.4
Alcon, Inc.		(2,565	)		(156,171	)		48.5
Bachem Holding AG		(1,263	)		(90,565	)		28.2
Baloise Holding AG, Registered Shares		(2,098	)		(286,633	)		89.1
Chocoladefabriken Lindt & Spruengli AG, Registered Shares		(1	)		(97,189	)		30.2
Cie Financiere Richemont SA		(5,014	)		(490,036	)		152.3
Clariant AG, Registered Shares		(9,981	)		(160,403	)		49.9
Coca-Cola HBC AG		(1,107	)		(24,180	)		7.5

Security	Shares			Value			% of Basket Value
Switzerland (continued)
Credit Suisse Group AG, Registered Shares		(293,596	)	$	(1,216,210	)		378.0	%
Galenica AG		(3,591	)		(258,006	)		80.2
Georg Fischer AG, Registered Shares		(12,306	)		(681,565	)		211.8
Helvetia Holding AG, Registered Shares		(3,521	)		(349,643	)		108.7
Julius Baer Group Ltd.		(1,355	)		(65,011	)		20.2
Kuehne & Nagel International AG, Registered Shares		(1,079	)		(229,683	)		71.4
LafargeHolcim Ltd.		(10,861	)		(493,440	)		153.4
Lonza Group AG, Registered Shares		(2,001	)		(1,030,083	)		320.2
Novartis AG, Registered Shares		(5,418	)		(438,266	)		136.2
Partners Group Holding AG		(502	)		(450,587	)		140.0
PSP Swiss Property AG, Registered Shares		(191	)		(20,404	)		6.3
Roche Holding AG		(5,648	)		(1,873,996	)		582.4
Schindler Holding AG		(2,873	)		(468,488	)		145.6
Schindler Holding AG, Registered Shares		(1,066	)		(167,810	)		52.2
SGS SA, Registered Shares		(127	)		(279,973	)		87.0
Sonova Holding AG, Registered Shares		(1,873	)		(442,709	)		137.6
Straumann Holding AG, Registered Shares		(11,486	)		(1,093,138	)		339.8
Swatch Group AG		(112	)		(25,167	)		7.8
Swatch Group AG, Registered Shares		(708	)		(29,579	)		9.2
Swiss Life Holding AG, Registered Shares		(683	)		(330,724	)		102.8
Swiss Re AG		(465	)		(34,542	)		10.7
Swisscom AG, Registered Shares		(3,001	)		(1,481,861	)		460.6
Tecan Group AG, Registered Shares		(386	)		(141,598	)		44.0
Temenos AG		(1,075	)		(64,026	)		19.9
Zurich Insurance Group AG		(1,500	)		(639,261	)		198.7
					(13,782,793	)
United Kingdom
Airtel Africa PLC		(41,207	)		(53,339	)		16.6
Associated British Foods PLC		(6,929	)		(107,394	)		33.4
Bellway PLC		(7,840	)		(166,734	)		51.8
Berkeley Group Holdings PLC		(6,259	)		(249,029	)		77.4
Compass Group PLC		(52,325	)		(1,102,059	)		342.5
DS Smith PLC		(5,524	)		(18,422	)		5.7
Farfetch Ltd., Class A		(1,587	)		(13,458	)		4.2
Future PLC		(5,232	)		(73,324	)		22.8
Greggs PLC		(16,086	)		(372,896	)		115.9
Haleon PLC		(490,999	)		(1,505,625	)		468.0
Harbour Energy PLC		(53,072	)		(230,324	)		71.6
Howden Joinery Group PLC		(132,144	)		(778,407	)		241.9
Informa PLC		(18,750	)		(119,473	)		37.1
InterContinental Hotels Group PLC		(10,096	)		(542,465	)		168.6
Janus Henderson Group PLC		(8,310	)		(189,219	)		58.8
JD Sports Fashion PLC		(39,236	)		(43,843	)		13.6
Land Securities Group PLC		(111,446	)		(728,733	)		226.5
Legal & General Group PLC		(132,041	)		(353,244	)		109.8
Linde PLC		(5,138	)		(1,527,784	)		474.8
M&G PLC		(58,384	)		(117,330	)		36.5
Man Group PLC		(46,262	)		(115,082	)		35.8
Melrose Industries PLC		(252,119	)		(338,188	)		105.1
National Grid PLC		(40,660	)		(442,995	)		137.7
Next PLC		(21,782	)		(1,230,239	)		382.4
Persimmon PLC		(78,157	)		(1,169,531	)		363.5
Prudential PLC		(70,607	)		(655,915	)		203.9
Smiths Group PLC		(26,787	)		(479,823	)		149.1
Unilever PLC		(34,899	)		(1,586,311	)		493.0
Whitbread PLC		(19,324	)		(568,746	)		176.8
					(14,879,932	)
United States
10X Genomics, Inc., Class A		(6,396	)		(173,843	)		54.0

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

Schedule of Investments (unaudited) (continued) October 31, 2022 BlackRock Global Equity Market Neutral Fund

Security	Shares			Value			% of Basket Value
United States (continued)
Abbott Laboratories		(9,264	)	$	(916,580	)		284.9	%
AbbVie, Inc.		(2,731	)		(399,818	)		124.3
Acadia Healthcare Co., Inc.		(5,394	)		(438,532	)		136.3
Acuity Brands, Inc.		(3,620	)		(664,523	)		206.5
Advance Auto Parts, Inc.		(4,176	)		(793,106	)		246.5
AES Corp.		(11,574	)		(302,776	)		94.1
Affiliated Managers Group, Inc.		(444	)		(55,127	)		17.1
Affirm Holdings, Inc.		(15,615	)		(313,393	)		97.4
Aflac, Inc.		(14,784	)		(962,585	)		299.2
AGCO Corp.		(3,035	)		(376,856	)		117.1
Agree Realty Corp.		(1,958	)		(134,515	)		41.8
Air Products & Chemicals, Inc.		(5,004	)		(1,253,002	)		389.4
Alexandria Real Estate Equities, Inc.		(5,574	)		(809,902	)		251.7
Alight, Inc., Class A		(53,005	)		(439,411	)		136.6
Alliant Energy Corp.		(13,626	)		(710,868	)		220.9
Alphabet, Inc.		(6,223	)		(589,069	)		183.1
Alteryx, Inc., Class A		(3,593	)		(175,087	)		54.4
Amdocs Ltd.		(4,171	)		(359,999	)		111.9
AMERCO		(877	)		(504,442	)		156.8
Ameren Corp.		(5,534	)		(451,132	)		140.2
American Electric Power Co., Inc.		(14,041	)		(1,234,485	)		383.7
Americold Realty Trust, Inc.		(29,800	)		(722,650	)		224.6
Ameriprise Financial, Inc.		(3,845	)		(1,188,566	)		369.4
AmerisourceBergen Corp.		(1,948	)		(306,265	)		95.2
AMETEK, Inc.		(2,205	)		(285,900	)		88.9
Amgen, Inc.		(1,977	)		(534,482	)		166.1
Amkor Technology, Inc.		(13,080	)		(271,933	)		84.5
Amphenol Corp., Class A		(3,090	)		(234,315	)		72.8
Apartment Income REIT Corp.		(15,668	)		(602,121	)		187.1
Apellis Pharmaceuticals, Inc.		(3,607	)		(218,187	)		67.8
Apollo Global Management, Inc.		(9,161	)		(507,153	)		157.6
Appian Corp., Class A		(6,351	)		(310,056	)		96.4
Apple Hospitality REIT, Inc.		(1,681	)		(28,779	)		8.9
Applied Materials, Inc.		(2,582	)		(227,965	)		70.9
AppLovin Corp., Class A		(39,822	)		(675,381	)		209.9
Aramark		(37,415	)		(1,365,648	)		424.4
Archer-Daniels-Midland Co.		(24,052	)		(2,332,563	)		725.0
Arista Networks, Inc.		(9,928	)		(1,199,898	)		372.9
Armstrong World Industries, Inc.		(5,024	)		(379,664	)		118.0
Arrowhead Pharmaceuticals, Inc.		(4,783	)		(166,496	)		51.7
Asana, Inc., Class A		(6,569	)		(135,321	)		42.1
Aspen Technology, Inc.		(1,487	)		(359,036	)		111.6
Assurant, Inc.		(1,176	)		(159,771	)		49.7
ATI, Inc.		(594	)		(17,677	)		5.5
Atkore, Inc.		(1,445	)		(137,709	)		42.8
Atlassian Corp., Class A		(1,426	)		(289,093	)		89.9
Atmos Energy Corp.		(4,409	)		(469,779	)		146.0
Avery Dennison Corp.		(3,113	)		(527,809	)		164.0
Bath & Body Works, Inc.		(21,985	)		(733,859	)		228.1
Baxter International, Inc.		(5,849	)		(317,893	)		98.8
Beacon Roofing Supply, Inc.		(1,896	)		(106,840	)		33.2
Beam Therapeutics, Inc.		(717	)		(31,591	)		9.8
Bentley Systems, Inc., Class B		(11,012	)		(388,503	)		120.7
Berkshire Hathaway, Inc., Class B		(5,838	)		(1,722,735	)		535.4
Biogen, Inc.		(1,012	)		(286,841	)		89.2
Bio-Techne Corp.		(1,366	)		(404,691	)		125.8
Bloom Energy Corp., Class A		(9,023	)		(168,820	)		52.5
Blue Owl Capital, Inc.		(64,911	)		(650,408	)		202.1
Boston Properties, Inc.		(33,793	)		(2,456,751	)		763.6
Bright Horizons Family Solutions, Inc.		(5,032	)		(328,690	)		102.2
Broadcom, Inc.		(5,068	)		(2,382,568	)		740.5
Brown-Forman Corp., Class B		(7,584	)		(515,712	)		160.3

Security	Shares			Value			% of Basket Value
United States (continued)
Brunswick Corp.		(14,633	)	$	(1,034,114	)		321.4	%
Bumble, Inc., Class A		(18,185	)		(461,899	)		143.6
Bunge Ltd.		(13,535	)		(1,335,905	)		415.2
Burlington Stores, Inc.		(4,422	)		(632,169	)		196.5
BWX Technologies, Inc.		(923	)		(52,593	)		16.3
Cable One, Inc.		(249	)		(213,998	)		66.5
Cabot Corp.		(8,646	)		(635,308	)		197.5
Cadence Bank		(11,870	)		(328,206	)		102.0
Cadence Design Systems, Inc.		(1,724	)		(260,996	)		81.1
Caesars Entertainment, Inc.		(14,589	)		(637,977	)		198.3
Calix, Inc.		(1,439	)		(105,968	)		32.9
Camden Property Trust		(9,155	)		(1,057,860	)		328.8
CarMax, Inc.		(10,330	)		(650,893	)		202.3
Carnival Corp.		(2,218	)		(20,095	)		6.2
Casey’s General Stores, Inc.		(560	)		(130,318	)		40.5
Catalent, Inc.		(1,509	)		(99,187	)		30.8
Caterpillar, Inc.		(9,656	)		(2,090,138	)		649.6
CBRE Group, Inc., Class A		(4,155	)		(294,756	)		91.6
Celanese Corp.		(2,855	)		(274,423	)		85.3
Celsius Holdings, Inc.		(4,086	)		(372,153	)		115.7
Centene Corp.		(12,340	)		(1,050,504	)		326.5
CenterPoint Energy, Inc.		(46,016	)		(1,316,518	)		409.2
CF Industries Holdings, Inc.		(10,191	)		(1,082,896	)		336.6
Charles Schwab Corp.		(2,676	)		(213,197	)		66.3
Chart Industries, Inc.		(1,768	)		(394,052	)		122.5
Charter Communications, Inc., Class A		(711	)		(261,378	)		81.2
Chemours Co.		(8,169	)		(233,878	)		72.7
Choice Hotels International, Inc.		(687	)		(89,200	)		27.7
Church & Dwight Co., Inc.		(7,687	)		(569,837	)		177.1
Churchill Downs, Inc.		(895	)		(186,079	)		57.8
Cincinnati Financial Corp.		(2,879	)		(297,458	)		92.5
Cintas Corp.		(435	)		(185,984	)		57.8
Citizens Financial Group, Inc.		(12,128	)		(496,035	)		154.2
Civitas Resources, Inc.		(4,160	)		(290,826	)		90.4
Clean Harbors, Inc.		(4,419	)		(541,151	)		168.2
Clear Secure, Inc., Class A		(696	)		(18,806	)		5.8
Cleveland-Cliffs, Inc.		(30,910	)		(401,521	)		124.8
Cloudflare, Inc., Class A		(2,421	)		(136,351	)		42.4
CME Group, Inc.		(8,217	)		(1,424,006	)		442.6
Columbia Sportswear Co.		(10,008	)		(745,596	)		231.7
Comcast Corp., Class A		(23,904	)		(758,713	)		235.8
Comerica, Inc.		(2,813	)		(198,317	)		61.6
Commerce Bancshares, Inc.		(9,993	)		(707,904	)		220.0
Concentrix Corp.		(3,011	)		(368,035	)		114.4
Confluent, Inc., Class A		(1,281	)		(34,433	)		10.7
ConocoPhillips		(5,826	)		(734,600	)		228.3
Constellation Brands, Inc., Class A		(2,330	)		(575,696	)		178.9
Constellation Energy Corp.		(2,142	)		(202,505	)		62.9
Corning, Inc.		(28,553	)		(918,550	)		285.5
Corteva, Inc.		(27,619	)		(1,804,625	)		560.9
Coterra Energy, Inc.		(32,809	)		(1,021,344	)		317.4
Coty, Inc., Class A		(57,115	)		(383,242	)		119.1
Coupa Software, Inc.		(2,684	)		(142,869	)		44.4
Cousins Properties, Inc.		(114,028	)		(2,709,305	)		842.1
Crane Holdings Co.		(10,402	)		(1,043,737	)		324.4
CSX Corp.		(47,252	)		(1,373,143	)		426.8
Cullen/Frost Bankers, Inc.		(9,242	)		(1,432,972	)		445.4
Cummins, Inc.		(1,308	)		(319,819	)		99.4
Curtiss-Wright Corp.		(5,557	)		(932,631	)		289.9
CVB Financial Corp.		(1,098	)		(31,535	)		9.8
Cytokinetics, Inc.		(282	)		(12,312	)		3.8
Darling Ingredients, Inc.		(3,231	)		(253,569	)		78.8

SCHEDULE   OF  INVESTMENTS 67

Schedule of Investments (unaudited) (continued) October 31, 2022 BlackRock Global Equity Market Neutral Fund

Security	Shares			Value			% of Basket Value
United States (continued)
Datadog, Inc., Class A		(6,889	)	$	(554,633	)		172.4	%
DaVita, Inc.		(4,992	)		(364,466	)		113.3
Deere & Co.		(8,004	)		(3,168,143	)		984.7
Delta Air Lines, Inc.		(42,554	)		(1,443,857	)		448.8
Denbury, Inc.		(780	)		(71,300	)		22.2
DENTSPLY SIRONA, Inc.		(13,930	)		(429,323	)		133.4
Diamondback Energy, Inc.		(2,827	)		(444,150	)		138.0
DigitalOcean Holdings, Inc.		(22,300	)		(801,016	)		249.0
Dillard’s, Inc., Class A		(115	)		(37,811	)		11.8
Discover Financial Services		(871	)		(90,985	)		28.3
DISH Network Corp., Class A		(25,462	)		(379,638	)		118.0
Dollar General Corp.		(2,072	)		(528,464	)		164.2
Dominion Energy, Inc.		(9,365	)		(655,269	)		203.7
Douglas Emmett, Inc.		(109,247	)		(1,921,655	)		597.3
Dover Corp.		(3,866	)		(505,248	)		157.0
Dow, Inc.		(55,310	)		(2,585,189	)		803.5
Doximity, Inc., Class A		(8,013	)		(212,104	)		65.9
Dr. Horton, Inc.		(1,144	)		(87,951	)		27.3
DraftKings, Inc., Class A		(9,697	)		(153,213	)		47.6
Dropbox, Inc., Class A		(4,417	)		(96,070	)		29.9
DTE Energy Co.		(930	)		(104,262	)		32.4
Duke Energy Corp.		(13,536	)		(1,261,284	)		392.0
Dun & Bradstreet Holdings, Inc.		(45,560	)		(585,446	)		182.0
Duolingo, Inc.		(247	)		(20,214	)		6.3
DXC Technology Co.		(2,638	)		(75,843	)		23.6
Eagle Materials, Inc.		(8,985	)		(1,098,955	)		341.6
East West Bancorp, Inc.		(2,028	)		(145,144	)		45.1
Eastman Chemical Co.		(15,188	)		(1,166,590	)		362.6
Eaton Corp. PLC		(6,855	)		(1,028,730	)		319.7
Electronic Arts, Inc.		(7,293	)		(918,626	)		285.5
Element Solutions, Inc.		(6,102	)		(104,954	)		32.6
EMCOR Group, Inc.		(6,920	)		(976,412	)		303.5
Emerson Electric Co.		(9,666	)		(837,076	)		260.2
Encompass Health Corp.		(11,289	)		(614,573	)		191.0
Enovis Corp.		(7,208	)		(356,436	)		110.8
Enphase Energy, Inc.		(342	)		(104,994	)		32.6
Entegris, Inc.		(1,845	)		(146,382	)		45.5
Envista Holdings Corp.		(6,115	)		(201,856	)		62.7
EOG Resources, Inc.		(3,146	)		(429,492	)		133.5
EPAM Systems, Inc.		(348	)		(121,800	)		37.9
Equitable Holdings, Inc.		(14,260	)		(436,641	)		135.7
Euronet Worldwide, Inc.		(956	)		(80,314	)		25.0
Evercore, Inc., Class A		(7,959	)		(836,491	)		260.0
Evergy, Inc.		(14,768	)		(902,768	)		280.6
Evoqua Water Technologies Corp.		(6,850	)		(268,383	)		83.4
Exelon Corp.		(1,505	)		(58,078	)		18.0
ExlService Holdings, Inc.		(2,060	)		(374,611	)		116.4
Extra Space Storage, Inc.		(5,254	)		(932,270	)		289.8
FactSet Research Systems, Inc.		(702	)		(298,694	)		92.8
Fastenal Co.		(5,352	)		(258,662	)		80.4
Federal Realty OP LP		(4,541	)		(449,468	)		139.7
Fidelity National Information Services, Inc.		(5,983	)		(496,529	)		154.3
Fifth Third Bancorp		(5,698	)		(203,362	)		63.2
First Citizens BancShares, Inc., Class A		(518	)		(425,858	)		132.4
First Republic Bank		(5,016	)		(602,422	)		187.2
FirstEnergy Corp.		(33,538	)		(1,264,718	)		393.1
Fiserv, Inc.		(1,534	)		(157,603	)		49.0
Five Below, Inc.		(4,298	)		(629,012	)		195.5
Five9, Inc.		(1,040	)		(62,670	)		19.5
FleetCor Technologies, Inc.		(5,416	)		(1,008,026	)		313.3
Floor & Decor Holdings, Inc., Class A		(1,122	)		(82,321	)		25.6
Flowserve Corp.		(17,059	)		(489,252	)		152.1

Security	Shares			Value			% of Basket Value
United States (continued)
FNB Corp.		(31,689	)	$	(457,906	)		142.3	%
Ford Motor Co.		(43,348	)		(579,563	)		180.1
Fortinet, Inc.		(3,089	)		(176,567	)		54.9
Fortive Corp.		(15,896	)		(1,015,754	)		315.7
Franklin Resources, Inc.		(22,240	)		(521,528	)		162.1
Freshworks, Inc., Class A		(1,205	)		(16,376	)		5.1
FTI Consulting, Inc.		(1,803	)		(280,601	)		87.2
General Mills, Inc.		(8,841	)		(721,249	)		224.2
General Motors Co.		(23,559	)		(924,691	)		287.4
Genuine Parts Co.		(8,795	)		(1,564,279	)		486.2
Gitlab, Inc., Class A		(3,258	)		(157,883	)		49.1
Global Payments, Inc.		(4,962	)		(566,958	)		176.2
Globe Life, Inc.		(7,051	)		(814,532	)		253.2
GoDaddy, Inc., Class A		(3,813	)		(306,565	)		95.3
Goldman Sachs Group, Inc.		(1,027	)		(353,812	)		110.0
Graco, Inc.		(2,720	)		(189,258	)		58.8
Guardant Health, Inc.		(5,538	)		(274,131	)		85.2
GXO Logistics, Inc.		(10,825	)		(395,546	)		122.9
Haemonetics Corp.		(1,188	)		(100,921	)		31.4
Halliburton Co.		(8,622	)		(314,013	)		97.6
Hanesbrands, Inc.		(48,132	)		(328,260	)		102.0
Hasbro, Inc.		(7,611	)		(496,618	)		154.3
HashiCorp, Inc., Class A		(457	)		(14,044	)		4.4
HCA Healthcare, Inc.		(3,132	)		(681,116	)		211.7
Healthcare Realty Trust, Inc.		(18,727	)		(380,720	)		118.3
HealthEquity, Inc.		(1,294	)		(100,816	)		31.3
Helmerich & Payne, Inc.		(1,655	)		(81,939	)		25.5
Henry Schein, Inc.		(6,405	)		(438,486	)		136.3
Hershey Co.		(2,331	)		(556,573	)		173.0
Hertz Global Holdings, Inc.		(30,969	)		(569,830	)		177.1
Highwoods Properties, Inc.		(66,510	)		(1,877,577	)		583.6
Hilton Grand Vacations, Inc.		(12,853	)		(504,352	)		156.8
Hologic, Inc.		(5,480	)		(371,544	)		115.5
Home BancShares, Inc.		(5,212	)		(132,854	)		41.3
Honeywell International, Inc.		(721	)		(147,098	)		45.7
Host Hotels & Resorts, Inc.		(19,720	)		(372,314	)		115.7
Houlihan Lokey, Inc.		(1,014	)		(90,570	)		28.1
Howmet Aerospace, Inc.		(16,540	)		(587,997	)		182.8
HP, Inc.		(7,941	)		(219,330	)		68.2
Hubbell, Inc.		(3,152	)		(748,537	)		232.6
Huntington Bancshares, Inc.		(35,349	)		(536,598	)		166.8
IAA, Inc.		(10,284	)		(500,625	)		155.6
IAA, Inc.		(22,095	)		(838,063	)		260.5
IDEX Corp.		(2,102	)		(467,296	)		145.2
Independence Realty Trust, Inc.		(22,561	)		(378,122	)		117.5
Ingersoll Rand, Inc.		(10,572	)		(533,886	)		165.9
Ingredion, Inc.		(9,610	)		(856,443	)		266.2
Innovative Industrial Properties, Inc.		(10,295	)		(1,112,890	)		345.9
Inspire Medical Systems, Inc.		(406	)		(79,150	)		24.6
Intellia Therapeutics, Inc.		(1,771	)		(93,473	)		29.1
Interactive Brokers Group, Inc., Class A		(1,078	)		(86,402	)		26.9
International Business Machines Corp.		(11,158	)		(1,543,040	)		479.6
International Paper Co.		(12,620	)		(424,158	)		131.8
Interpublic Group of Cos., Inc.		(13,175	)		(392,483	)		122.0
Intra-Cellular Therapies, Inc.		(12,664	)		(578,365	)		179.8
iRhythm Technologies, Inc.		(1,951	)		(248,733	)		77.3
ITT, Inc.		(8,636	)		(659,704	)		205.0
J2 Global, Inc.		(1,851	)		(143,249	)		44.5
Jack Henry & Associates, Inc.		(3,262	)		(649,334	)		201.8
JPMorgan Chase & Co.		(13,223	)		(1,664,511	)		517.3
Karuna Therapeutics, Inc.		(1,222	)		(268,033	)		83.3
KBR, Inc.		(4,019	)		(200,026	)		62.2

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

Schedule of Investments (unaudited) (continued) October 31, 2022 BlackRock Global Equity Market Neutral Fund

Security	Shares			Value			% of Basket Value
United States (continued)
Kellogg Co.		(16,319	)	$	(1,253,626	)		389.6	%
Kilroy Realty Corp.		(25,981	)		(1,110,428	)		345.1
Kimco Realty Corp.		(7,001	)		(149,681	)		46.5
Kinsale Capital Group, Inc.		(3,538	)		(1,115,071	)		346.6
Kirby Corp.		(2,599	)		(181,280	)		56.3
Kite Realty Group Trust		(21,084	)		(414,090	)		128.7
Lamb Weston Holdings, Inc.		(3,811	)		(328,584	)		102.1
Lancaster Colony Corp.		(1,189	)		(214,353	)		66.6
Landstar System, Inc.		(1,688	)		(263,699	)		82.0
Lantheus Holdings, Inc.		(4,273	)		(316,159	)		98.3
Las Vegas Sands Corp.		(13,144	)		(499,603	)		155.3
Leggett & Platt, Inc.		(25,718	)		(867,983	)		269.8
Lincoln Electric Holdings, Inc.		(401	)		(56,942	)		17.7
Littelfuse, Inc.		(681	)		(149,990	)		46.6
LKQ Corp.		(7,517	)		(418,246	)		130.0
Loews Corp.		(8,982	)		(512,154	)		159.2
Louisiana-Pacific Corp.		(15,139	)		(857,624	)		266.6
LPL Financial Holdings, Inc.		(769	)		(196,595	)		61.1
Lyft, Inc., Class A		(10,740	)		(157,234	)		48.9
LyondellBasell Industries NV, Class A		(15,758	)		(1,204,699	)		374.4
M&T Bank Corp.		(5,613	)		(945,061	)		293.7
Magnolia Oil & Gas Corp., Class A		(14,793	)		(379,884	)		118.1
Maravai LifeSciences Holdings, Inc., Class A		(12,570	)		(208,662	)		64.9
Markel Corp.		(271	)		(326,853	)		101.6
Marqeta, Inc., Class A		(62,948	)		(496,030	)		154.2
Marriott Vacations Worldwide Corp.		(1,496	)		(221,049	)		68.7
MasTec, Inc.		(2,754	)		(212,278	)		66.0
Matador Resources Co.		(5,936	)		(394,447	)		122.6
Matson, Inc.		(2,487	)		(182,993	)		56.9
Maximus, Inc.		(14,673	)		(904,884	)		281.2
McDonald’s Corp.		(237	)		(64,620	)		20.1
MDU Resources Group, Inc.		(34,445	)		(980,994	)		304.9
Medpace Holdings, Inc.		(3,942	)		(875,045	)		272.0
Merck & Co., Inc.		(3,372	)		(341,246	)		106.1
MGM Resorts International		(6,259	)		(222,633	)		69.2
Microchip Technology, Inc.		(19,085	)		(1,178,308	)		366.2
Micron Technology, Inc.		(15,746	)		(851,859	)		264.8
Middleby Corp.		(726	)		(101,538	)		31.6
Mirati Therapeutics, Inc.		(3,332	)		(224,310	)		69.7
Moderna, Inc.		(2,528	)		(380,034	)		118.1
Molina Healthcare, Inc.		(501	)		(179,789	)		55.9
Mondelez International, Inc., Class A		(9,053	)		(556,578	)		173.0
Monster Beverage Corp.		(7,549	)		(707,492	)		219.9
Morgan Stanley		(25,786	)		(2,118,836	)		658.5
Mosaic Co.		(4,035	)		(216,881	)		67.4
Motorola Solutions, Inc.		(4,146	)		(1,035,298	)		321.8
MP Materials Corp.		(26,958	)		(809,818	)		251.7
Murphy USA, Inc.		(1,612	)		(506,990	)		157.6
Nasdaq, Inc.		(8,746	)		(544,351	)		169.2
Natera, Inc.		(5,477	)		(257,200	)		79.9
National Fuel Gas Co.		(12,951	)		(874,063	)		271.7
National Instruments Corp.		(2,795	)		(106,713	)		33.2
nCino, Inc.		(951	)		(29,937	)		9.3
NetApp, Inc.		(3,757	)		(260,247	)		80.9
Netflix, Inc.		(2,331	)		(680,372	)		211.5
New Fortress Energy, Inc.		(621	)		(34,198	)		10.6
New Residential Investment Corp.		(61,989	)		(522,567	)		162.4
Nexstar Broadcasting Group, Inc.		(853	)		(146,119	)		45.4
NextEra Energy, Inc.		(14,654	)		(1,135,685	)		353.0
NIKE, Inc.		(18,050	)		(1,672,874	)		519.9
NiSource, Inc.		(22,391	)		(575,225	)		178.8
Nordson Corp.		(1,617	)		(363,825	)		113.1

Security	Shares			Value			% of Basket Value
United States (continued)
Nordstrom, Inc.		(6,153	)	$	(125,152	)		38.9	%
Norfolk Southern Corp.		(5,197	)		(1,185,280	)		368.4
NortonLifeLock, Inc.		(8,148	)		(183,574	)		57.1
Norwegian Cruise Line Holdings Ltd.		(12,459	)		(210,433	)		65.4
NRG Energy, Inc.		(13,859	)		(615,340	)		191.2
Nucor Corp.		(6,153	)		(808,381	)		251.2
nVent Electric PLC		(31,171	)		(1,137,742	)		353.6
Occidental Petroleum Corp.		(6,376	)		(462,898	)		143.9
OGE Energy Corp.		(9,188	)		(336,556	)		104.6
Old Republic International Corp.		(81,320	)		(1,887,437	)		586.6
Olin Corp.		(7,367	)		(390,083	)		121.2
Omnicell, Inc.		(6,851	)		(529,719	)		164.6
Omnicom Group, Inc.		(594	)		(43,214	)		13.4
ON Semiconductor Corp.		(12,518	)		(768,981	)		239.0
ONE Gas, Inc.		(5,893	)		(456,590	)		141.9
ONEOK, Inc.		(1,592	)		(94,437	)		29.4
Onto Innovation, Inc.		(2,920	)		(195,173	)		60.7
Oracle Corp.		(11,034	)		(861,424	)		267.7
Organon & Co.		(6,664	)		(174,464	)		54.2
Oshkosh Corp.		(3,588	)		(315,744	)		98.1
PACCAR, Inc.		(4,200	)		(406,686	)		126.4
Packaging Corp. of America		(3,171	)		(381,186	)		118.5
Palantir Technologies, Inc., Class A		(94,035	)		(826,568	)		256.9
Parker-Hannifin Corp.		(5,165	)		(1,501,052	)		466.5
Paychex, Inc.		(3,820	)		(451,944	)		140.5
Paycom Software, Inc.		(435	)		(150,510	)		46.8
PayPal Holdings, Inc.		(10,450	)		(873,411	)		271.5
Peloton Interactive, Inc., Class A		(5,437	)		(45,671	)		14.2
Performance Food Group Co.		(8,919	)		(464,145	)		144.3
PerkinElmer, Inc.		(4,989	)		(666,431	)		207.1
Pfizer, Inc.		(7,883	)		(366,954	)		114.0
PG&E Corp.		(44,800	)		(668,864	)		207.9
Phillips 66		(9,829	)		(1,025,066	)		318.6
Phillips Edison & Co., Inc.		(2,540	)		(76,556	)		23.8
Pilgrim’s Pride Corp.		(3,487	)		(80,375	)		25.0
Pinnacle Financial Partners, Inc.		(1,170	)		(97,098	)		30.2
Pinterest, Inc., Class A		(22,663	)		(557,510	)		173.3
Plug Power, Inc.		(4,467	)		(71,383	)		22.2
Polaris, Inc.		(4,656	)		(473,050	)		147.0
Post Holdings, Inc.		(15,694	)		(1,419,051	)		441.0
PPL Corp.		(12,747	)		(337,668	)		104.9
Principal Financial Group, Inc.		(18,715	)		(1,649,353	)		512.6
Privia Health Group, Inc.		(2,099	)		(70,275	)		21.8
Procore Technologies, Inc.		(7,702	)		(420,991	)		130.8
Procter & Gamble Co.		(7,244	)		(975,549	)		303.2
Progyny, Inc.		(4,947	)		(219,993	)		68.4
Prosperity Bancshares, Inc.		(10,933	)		(782,475	)		243.2
PTC, Inc.		(1,226	)		(144,460	)		44.9
Public Service Enterprise Group, Inc.		(6,879	)		(385,706	)		119.9
Public Storage		(875	)		(271,031	)		84.2
Pure Storage, Inc., Class A		(9,034	)		(278,789	)		86.6
PVH Corp.		(1,195	)		(61,327	)		19.1
QUALCOMM, Inc.		(8,636	)		(1,016,112	)		315.8
Qualtrics International, Inc., Class A		(28,115	)		(336,537	)		104.6
Quanta Services, Inc.		(2,283	)		(324,277	)		100.8
R1 RCM, Inc.		(33,397	)		(589,791	)		183.3
Raymond James Financial, Inc.		(7,214	)		(852,262	)		264.9
Rayonier, Inc.		(4,438	)		(149,561	)		46.5
RBC Bearings, Inc.		(5,301	)		(1,343,963	)		417.7
Red Rock Resorts, Inc., Class A		(3,156	)		(131,447	)		40.9
Regal Beloit Corp.		(2,092	)		(264,722	)		82.3
Regeneron Pharmaceuticals, Inc.		(71	)		(53,161	)		16.5

SCHEDULE   OF  INVESTMENTS 69

Schedule of Investments (unaudited) (continued) October 31, 2022 BlackRock Global Equity Market Neutral Fund

Security	Shares			Value			% of Basket Value
United States (continued)
Regions Financial Corp.		(6,844	)	$	(150,226	)		46.7	%
RH		(1,168	)		(296,590	)		92.2
Rivian Automotive, Inc., Class A		(21,595	)		(755,177	)		234.7
Robinhood Markets, Inc., Class A		(1,427	)		(16,667	)		5.2
Rockwell Automation, Inc.		(6,936	)		(1,770,761	)		550.4
Rollins, Inc.		(7,662	)		(322,417	)		100.2
Roper Industries, Inc.		(870	)		(360,650	)		112.1
Ross Stores, Inc.		(6,556	)		(627,344	)		195.0
RPM International, Inc.		(9,583	)		(906,264	)		281.7
Ryman Hospitality Properties, Inc.		(366	)		(32,545	)		10.1
Sarepta Therapeutics, Inc.		(848	)		(96,689	)		30.0
Scientific Games Corp.		(6,575	)		(369,121	)		114.7
Seagate Technology Holdings PLC		(13,979	)		(694,197	)		215.8
SeaWorld Entertainment, Inc.		(1,801	)		(104,746	)		32.6
SEI Investments Co.		(14,505	)		(787,622	)		244.8
Selective Insurance Group, Inc.		(2,121	)		(208,028	)		64.7
Sempra Energy		(4,264	)		(643,608	)		200.0
Sensata Technologies Holding PLC		(9,952	)		(400,170	)		124.4
SentinelOne, Inc., Class A		(24,847	)		(567,505	)		176.4
Shift4 Payments, Inc., Class A		(17,424	)		(800,981	)		248.9
Shoals Technologies Group, Inc., Class A		(939	)		(21,700	)		6.7
Shockwave Medical, Inc.		(295	)		(86,479	)		26.9
Signature Bank		(4,920	)		(779,968	)		242.4
Simon Property Group, Inc.		(12,788	)		(1,393,636	)		433.1
Skechers U.S.A., Inc., Class A		(15,647	)		(538,726	)		167.4
Skyworks Solutions, Inc.		(4,537	)		(390,227	)		121.3
SL Green Realty Corp.		(8,855	)		(351,366	)		109.2
SLM Corp.		(13,375	)		(221,891	)		69.0
SM Energy Co.		(4,132	)		(185,857	)		57.8
Smartsheet, Inc., Class A		(5,787	)		(202,082	)		62.8
Snowflake, Inc., Class A		(543	)		(87,043	)		27.1
Sonoco Products Co.		(2,964	)		(184,005	)		57.2
South State Corp.		(4,897	)		(442,836	)		137.6
Southern Co.		(20,290	)		(1,328,589	)		412.9
Southwest Airlines Co.		(2,397	)		(87,131	)		27.1
Southwest Gas Holdings, Inc.		(7,582	)		(554,017	)		172.2
Southwestern Energy Co.		(65,257	)		(452,231	)		140.6
Spire, Inc.		(1,849	)		(129,079	)		40.1
Spirit AeroSystems Holdings, Inc., Class A		(3,475	)		(80,481	)		25.0
Spirit Realty Capital, Inc.		(12,284	)		(476,988	)		148.2
SS&C Technologies Holdings, Inc.		(30,925	)		(1,590,164	)		494.2
STAG Industrial, Inc.		(17,061	)		(538,957	)		167.5
Stanley Black & Decker, Inc.		(7,839	)		(615,283	)		191.2
Starbucks Corp.		(10,401	)		(900,623	)		279.9
Starwood Property Trust, Inc.		(51,208	)		(1,057,957	)		328.8
State Street Corp.		(1,915	)		(141,710	)		44.0
Steel Dynamics, Inc.		(4,115	)		(387,016	)		120.3
STERIS PLC		(4,931	)		(850,992	)		264.5
Stryker Corp.		(1,496	)		(342,943	)		106.6
Synaptics, Inc.		(1,913	)		(169,492	)		52.7
Synopsys, Inc.		(940	)		(274,997	)		85.5
Synovus Financial Corp.		(2,518	)		(100,342	)		31.2
Sysco Corp.		(22,708	)		(1,965,604	)		610.9
T Rowe Price Group, Inc.		(7,633	)		(810,319	)		251.8
Tapestry, Inc.		(1,900	)		(60,192	)		18.7
Target Corp.		(1,288	)		(211,554	)		65.8
Teledyne Technologies, Inc.		(257	)		(102,281	)		31.8
Tenet Healthcare Corp.		(5,201	)		(230,716	)		71.7
Teradata Corp.		(3,238	)		(102,288	)		31.8
Terreno Realty Corp.		(13,769	)		(786,761	)		244.5
Texas Pacific Land Corp.		(27	)		(62,204	)		19.3
Thor Industries, Inc.		(3,561	)		(290,115	)		90.2

Security	Shares			Value			% of Basket Value
United States (continued)
TJX Cos., Inc.		(36,116	)	$	(2,603,964	)		809.3	%
T-Mobile U.S., Inc.		(8,164	)		(1,237,336	)		384.6
Toast, Inc., Class A		(29,786	)		(657,973	)		204.5
Toro Co.		(10,564	)		(1,113,763	)		346.2
Trade Desk, Inc., Class A		(3,680	)		(195,923	)		60.9
Tradeweb Markets, Inc., Class A		(358	)		(19,719	)		6.1
TransDigm Group, Inc.		(998	)		(574,608	)		178.6
TransUnion		(2,264	)		(134,187	)		41.7
Travelers Cos., Inc.		(1,694	)		(312,475	)		97.1
Trimble, Inc.		(7,616	)		(458,179	)		142.4
Truist Financial Corp.		(18,464	)		(827,003	)		257.0
Twilio, Inc., Class A		(10,821	)		(804,758	)		250.1
UFP Industries, Inc.		(4,555	)		(324,453	)		100.8
UGI Corp.		(15,163	)		(535,709	)		166.5
UiPath, Inc., Class A		(24,735	)		(312,898	)		97.2
Ulta Salon Cosmetics & Fragrance, Inc.		(544	)		(228,137	)		70.9
Union Pacific Corp.		(9,092	)		(1,792,397	)		557.1
United Airlines Holdings, Inc.		(24,485	)		(1,054,814	)		327.8
United Bankshares, Inc.		(48,838	)		(2,068,289	)		642.8
United Parcel Service, Inc., Class B		(3,160	)		(530,153	)		164.8
Unity Software, Inc.		(10,897	)		(321,462	)		99.9
Univar Solutions, Inc.		(19,810	)		(504,759	)		156.9
Universal Health Services, Inc., Class B		(2,201	)		(255,030	)		79.3
Unum Group		(9,581	)		(436,798	)		135.8
Vail Resorts, Inc.		(1,546	)		(338,775	)		105.3
Valley National Bancorp		(51,563	)		(612,053	)		190.2
Valmont Industries, Inc.		(2,114	)		(674,831	)		209.7
Ventas, Inc.		(1,813	)		(70,943	)		22.0
Verisk Analytics, Inc.		(2,445	)		(447,019	)		138.9
Vertiv Holdings Co.		(6,217	)		(88,965	)		27.6
VF Corp.		(52,411	)		(1,480,611	)		460.2
Vontier Corp.		(17,755	)		(339,121	)		105.4
Vornado Realty Trust		(112,940	)		(2,664,255	)		828.1
Voya Financial, Inc.		(11,347	)		(775,681	)		241.1
Vulcan Materials Co.		(1,026	)		(167,956	)		52.2
W R Berkley Corp.		(6,656	)		(495,073	)		153.9
Walt Disney Co.		(5,453	)		(580,963	)		180.6
Warner Bros Discovery, Inc.		(9,818	)		(127,634	)		39.7
Warner Music Group Corp., Class A		(18,659	)		(485,507	)		150.9
Waste Connections, Inc.		(4,331	)		(571,302	)		177.6
Waste Management, Inc.		(3,892	)		(616,376	)		191.6
Webster Financial Corp.		(10,566	)		(573,311	)		178.2
WEC Energy Group, Inc.		(7,431	)		(678,673	)		210.9
Wendy’s Co.		(21,191	)		(440,349	)		136.9
WESCO International, Inc.		(2,195	)		(302,405	)		94.0
Western Alliance Bancorp		(1,568	)		(105,323	)		32.7
Westinghouse Air Brake Technologies Corp.		(4,332	)		(404,089	)		125.6
Westlake Chemical Corp.		(4,158	)		(401,871	)		124.9
WEX, Inc.		(2,426	)		(398,204	)		123.8
Williams-Sonoma, Inc.		(892	)		(110,456	)		34.3
WillScot Mobile Mini Holdings Corp.		(320	)		(13,610	)		4.2
Wolfspeed, Inc.		(4,185	)		(329,569	)		102.4
Woodward, Inc.		(11,768	)		(1,079,126	)		335.4
Workiva, Inc.		(4,029	)		(313,496	)		97.4
WW Grainger, Inc.		(219	)		(127,973	)		39.8
Wyndham Hotels & Resorts, Inc.		(7,593	)		(576,536	)		179.2
Wynn Resorts Ltd.		(11,369	)		(726,479	)		225.8
XPO Logistics, Inc.		(9,128	)		(472,283	)		146.8
YETI Holdings, Inc.		(3,576	)		(114,718	)		35.7
Zebra Technologies Corp., Class A		(1,588	)		(449,753	)		139.8
Zimmer Biomet Holdings, Inc.		(7,242	)		(820,881	)		255.1
Zions Bancorp NA		(9,881	)		(513,219	)		159.5

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

Schedule of Investments (unaudited) (continued) October 31, 2022 BlackRock Global Equity Market Neutral Fund

Security	Shares			Value			% of Basket Value
United States (continued)
Zoetis, Inc.		(2,298	)	$	(346,492	)		107.7	%
Zoom Video Communications, Inc., Class A		(3,688	)		(307,727	)		95.6
ZoomInfo Technologies, Inc.		(325	)		(14,472	)		4.5
Zurn Elkay Water Solutions Corp.		(9,909	)		(232,762	)		72.3
					(270,963,443	)
Preferred Stocks
Germany
Henkel AG & Co. KGaA		(2,979	)		(187,673	)		58.3
Total Reference Entity — Short					(399,290,204	)
Net Value of Reference Entity — BNP Paribas SA				$	(321,745	)

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

Security	Shares		Value		% of Basket Value
Reference Entity — Long
Common Stocks
Australia
Abacus Property Group		68,126	$	122,130		14.7	%
ARB Corp. Ltd.		1,983		36,819		4.4
Arena REIT		36,669		92,349		11.1
Australian Ethical Investment Ltd.		42,877		126,815		15.3
Charter Hall Education Trust		63,154		140,244		16.9
Charter Hall Retail REIT		104,953		270,249		32.6
Clinuvel Pharmaceuticals Ltd.		2,438		30,440		3.7
Collins Foods Ltd.		3,290		19,754		2.4
Coronado Global Resources, Inc.		33,078		39,466		4.7
Credit Corp. Group Ltd.		15,349		182,457		22.0
Dexus Industria REIT		46,278		78,423		9.4
Growthpoint Properties Australia Ltd.		32,670		69,548		8.4
GWA Group Ltd.		140,675		182,637		22.0
Imdex Ltd.		143,562		187,395		22.6
Johns Lyng Group Ltd.		99,242		412,637		49.7
Jumbo Interactive Ltd.		26,678		232,282		28.0
Kogan.com Ltd.		31,744		66,586		8.0
Lifestyle Communities Ltd.		11,659		130,882		15.8
Lovisa Holdings Ltd.		21,575		335,891		40.5
Monadelphous Group Ltd.		43,760		382,559		46.1
Nanosonics Ltd.		55,744		146,121		17.6
National Storage REIT		108,038		180,784		21.8
Netwealth Group Ltd.		14,226		110,478		13.3
Nick Scali Ltd.		10,424		67,133		8.1
Nine Entertainment Co. Holdings Ltd.		186,323		246,061		29.6
Objective Corp. Ltd.		4,574		43,414		5.2
Pendal Group Ltd.		59,245		186,092		22.4
Perenti Global Ltd.		41,732		25,575		3.1
Pinnacle Investment Management Group Ltd.		56,483		293,554		35.4
PWR Holdings Ltd.		6,643		42,674		5.1
St Barbara Ltd.		363,527		118,351		14.3
Technology One Ltd.		30,111		231,644		27.9
Viva Energy Group Ltd.		104,093		188,953		22.8

Security	Shares		Value		% of Basket Value
Australia (continued)
Waypoint REIT Ltd.		96,441	$	168,385		20.3	%
Webjet Ltd.		30,073		101,556		12.2
				5,290,338
Austria
AT&S Austria Technologie & Systemtechnik AG		8,173		252,423		30.4
EVN AG		9,634		160,274		19.3
IMMOFINANZ AG		676		7,970		1.0
Kontron AG		18,259		264,271		31.8
Oesterreichische Post AG		6,517		185,429		22.3
Palfinger AG		1,833		42,355		5.1
Porr AG		6,646		68,569		8.3
Schoeller-Bleckmann Oilfield Equipment AG		800		44,008		5.3
Vienna Insurance Group AG Wiener Versicherung Gruppe		2,543		56,876		6.9
Wienerberger AG		37,070		847,376		102.1
				1,929,551
Belgium
Aedifica SA		921		70,238		8.5
AGFA-Gevaert NV		12,223		36,954		4.5
Barco NV		6,064		130,923		15.8
Econocom Group SA		4,224		11,480		1.4
Ion Beam Applications		447		6,238		0.7
Melexis NV		5,061		348,076		41.9
Shurgard Self Storage SA		10,568		460,141		55.4
				1,064,050
Bermuda
Argo Group International Holdings Ltd.		7,363		183,118		22.1
Hafnia Ltd.		91,105		469,179		56.5
SiriusPoint Ltd.		76,152		488,896		58.9
				1,141,193
Canada
Aecon Group, Inc.		20,640		146,352		17.6
Altius Minerals Corp.		24,170		378,247		45.6
Boardwalk Real Estate Investment Trust		5,819		207,072		24.9
Canada Goose Holdings, Inc.		26,425		432,351		52.1
Canadian Western Bank		28,125		489,274		58.9
Cardinal Energy Ltd.		11,614		78,771		9.5
Centerra Gold, Inc.		5,839		27,130		3.3
Crew Energy, Inc.		2,986		13,195		1.6
CT Real Estate Investment Trust		16,658		189,525		22.8
Eldorado Gold Corp.		46,023		257,082		31.0
Enerflex Ltd.		2,373		12,263		1.5
Enghouse Systems Ltd.		1,775		39,465		4.8
EQB, Inc.		5,530		195,976		23.6
Evertz Technologies Ltd.		6,500		56,395		6.8
Fortuna Silver Mines, Inc.		7,478		20,804		2.5
Freehold Royalties Ltd.		63,673		792,203		95.4
Home Capital Group, Inc.		5,718		110,553		13.3
Hudbay Minerals, Inc.		45,242		171,689		20.7
Innergex Renewable Energy, Inc.		19,108		210,386		25.3
Jamieson Wellness, Inc.		1,860		45,505		5.5
Kelt Exploration Ltd.		25,127		108,634		13.1
Killam Apartment Real Estate Investment Trust		37,243		431,656		52.0
Labrador Iron Ore Royalty Corp.		2,821		58,476		7.0
Laurentian Bank of Canada		7,016		156,558		18.9
Major Drilling Group International, Inc.		1,211		7,289		0.9
Morguard Corp.		2,464		202,550		24.4

SCHEDULE   OF  INVESTMENTS 71

Schedule of Investments (unaudited) (continued) October 31, 2022 BlackRock Global Equity Market Neutral Fund

Security	Shares		Value		% of Basket Value
Canada (continued)
Morguard North American Residential Real Estate
Investment Trust		1,012	$	11,811		1.4	%
Novagold Resources, Inc.		9,504		43,880		5.3
Pason Systems, Inc.		6,193		65,778		7.9
PrairieSky Royalty Ltd.		48,414		751,966		90.6
Precision Drilling Corp.		3,831		282,611		34.1
Richelieu Hardware Ltd.		5,989		160,765		19.4
Russel Metals, Inc.		541		11,206		1.4
Sandstorm Gold Ltd.		63,334		311,940		37.6
Silvercorp Metals, Inc.		103,524		252,284		30.4
Slate Grocery REIT		18,370		190,934		23.0
Sleep Country Canada Holdings, Inc.		7,454		122,669		14.8
SunOpta, Inc.		7,455		83,834		10.1
Surge Energy, Inc.		3,455		25,944		3.1
Topaz Energy Corp.		22,305		377,221		45.4
Torex Gold Resources, Inc.		1,517		10,333		1.2
				7,542,577
Denmark
ALK-Abello A/S		9,193		151,996		18.3
Chemometec A/S		175		16,495		2.0
D/S Norden A/S		3,357		173,742		20.9
Dfds A/S		2,162		65,610		7.9
FLSmidth & Co. A/S		3,273		75,650		9.1
Per Aarsleff Holding A/S		2,784		77,782		9.4
Sydbank AS		3,270		99,573		12.0
				660,848
Finland
Citycon OYJ		47,881		298,311		35.9
Konecranes OYJ		4,948		124,494		15.0
Musti Group OYJ		2,276		42,760		5.2
Revenio Group OYJ		413		15,361		1.9
Rovio Entertainment OYJ		4,114		23,449		2.8
YIT OYJ		46,327		116,173		14.0
				620,548
France
Atos SE		16,790		163,842		19.7
Cie des Alpes		3,612		44,521		5.4
Coface SA		18,981		211,299		25.5
Esker SA		860		112,840		13.6
Eutelsat Communications SA		29,259		293,706		35.4
Guerbet		1		17		0.0
ID Logistics Group		605		162,541		19.6
Imerys SA		7,574		310,017		37.3
Interparfums SA		10,580		510,054		61.4
Kaufman & Broad SA		1,841		44,734		5.4
Manitou BF SA		4,598		93,833		11.3
Metropole Television SA		3,427		35,444		4.3
Nexity SA		18,721		374,986		45.2
Pharmagest Interactive		83		5,828		0.7
SES-imagotag SA		965		109,513		13.2
SMCP SA		33,193		208,649		25.1
Television Francaise 1		4,715		29,931		3.6
Vicat SA		18,556		425,364		51.2
Vilmorin & Cie SA		522		23,130		2.8
				3,160,249
Germany
Adesso SE		1,055		104,452		12.6
Atoss Software AG		291		35,430		4.3

Security	Shares		Value		% of Basket Value
Germany (continued)
Bilfinger SE		9,114	$	253,541		30.5	%
CANCOM SE		6,335		156,550		18.9
Datagroup SE		720		39,206		4.7
Deutsche Pfandbriefbank AG		55,046		409,990		49.4
Deutz AG		76,881		290,257		35.0
Duerr AG		5,825		153,971		18.6
Eckert & Ziegler Strahlen- und Medizintechnik AG		4,818		190,473		22.9
Elmos Semiconductor AG		176		8,045		1.0
ElringKlinger AG		11,418		81,727		9.8
flatexDEGIRO AG		7,992		69,851		8.4
GFT Technologies SE		3,346		109,087		13.1
Heidelberger Druckmaschinen AG		36,211		49,981		6.0
Hensoldt AG		8,787		206,450		24.9
Hypoport AG		641		62,610		7.5
Krones AG		890		82,426		9.9
MLP SE		34,066		158,229		19.1
Nagarro SE		959		95,404		11.5
Norma Group SE		4,255		67,453		8.1
Pfeiffer Vacuum Technology AG		613		86,598		10.4
SMA Solar Technology AG		1,661		80,360		9.7
Software AG		10,728		234,696		28.3
Steico SE		904		39,740		4.8
TAG Immobilien AG		28,828		180,544		21.8
TBC Bank Group PLC		10,149		219,276		26.4
Vitesco Technologies Group AG		5,732		306,711		37.0
				3,773,058
Hong Kong
EC Healthcare		127,000		65,511		7.9
Health & Happiness H&H International Holdings Ltd.		193,000		181,969		21.9
Luk Fook Holdings International Ltd.		55,000		119,481		14.4
Melco Resorts & Entertainment Ltd., ADR		20,566		112,496		13.6
Nissin Foods Co. Ltd.		50,000		40,113		4.8
PAX Global Technology Ltd.		51,000		40,082		4.8
SA Sa International Holdings Ltd.		2,468,000		261,038		31.4
SmarTone Telecommunications Holdings Ltd.		16,000		7,909		1.0
				828,599
Indonesia
Bumitama Agri Ltd.		157,900		66,262		8.0
Ireland
Cimpress PLC		5,010		116,633		14.1
Dalata Hotel Group PLC		7,536		24,177		2.9
Grafton Group PLC		72,507		574,056		69.2
Keywords Studios PLC		7,988		220,893		26.6
Origin Enterprises PLC		44,035		163,317		19.7
Uniphar PLC		19,790		68,451		8.2
				1,167,527
Israel
Cellcom Israel Ltd.		9,245		46,283		5.6
Delek Automotive Systems Ltd.		3,094		39,838		4.8
Hilan Ltd.		483		25,291		3.0
Isras Investment Co. Ltd.		345		64,960		7.8
Matrix IT Ltd.		1,061		22,888		2.8
Neto Malinda Trading Ltd.		1,446		48,687		5.9
Nova Ltd.		547		40,033		4.8
Oil Refineries Ltd.		21,281		7,925		1.0
Partner Communications Co. Ltd.		8,011		60,389		7.3
Plus500 Ltd.		10,462		216,561		26.1

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

Schedule of Investments (unaudited) (continued) October 31, 2022 BlackRock Global Equity Market Neutral Fund

Security	Shares		Value		% of Basket Value
Israel (continued)
Radware Ltd.		2,904	$	66,850		8.0	%
Taboola.com Ltd.		14,151		24,906		3.0
YH Dimri Construction & Development Ltd.		769		46,755		5.6
				711,366
Italy
ACEA SpA		1,163		14,654		1.8
Biesse SpA		7,104		85,561		10.3
Brunello Cucinelli SpA		16,456		953,887		114.9
Datalogic SpA		5,819		44,279		5.3
El.En. SpA		5,014		61,332		7.4
Iren SpA		176,052		261,628		31.5
Maire Tecnimont SpA		91,287		283,245		34.1
MFE-MediaForEurope NV		153,745		76,787		9.2
OVS SpA		129,706		242,143		29.2
Pharmanutra SpA		536		35,920		4.3
Sanlorenzo SpA/Ameglia		1,782		57,162		6.9
Sesa SpA		4,516		489,067		58.9
Tinexta SpA		15,648		315,019		38.0
Unipol Gruppo SpA		2,054		8,840		1.1
Webuild SpA		216,346		294,401		35.5
Wiit SpA		2,657		40,460		4.9
				3,264,385
Ivory Coast
Fabrinet		260		29,744		3.6
Japan
Adastria Co. Ltd.		38,100		517,403		62.3
Aeon Delight Co. Ltd.		26,700		533,675		64.3
Ai Holdings Corp.		20,300		300,490		36.2
Anicom Holdings, Inc.		64,700		258,503		31.1
AOKI Holdings, Inc.		76,100		367,824		44.3
Arata Corp.		4,200		115,965		14.0
Arcland Service Holdings Co. Ltd.		30,800		451,490		54.4
Arcs Co. Ltd.		3,400		45,320		5.5
Avex, Inc.		17,400		195,046		23.5
Bell System24 Holdings, Inc.		27,100		251,735		30.3
Belluna Co. Ltd.		32,500		156,624		18.9
BeNext-Yumeshin Group Co.		17,000		205,019		24.7
Bengo4.com, Inc.		6,700		142,771		17.2
Bunka Shutter Co. Ltd.		44,500		319,962		38.5
Canon Electronics, Inc.		12,400		130,930		15.8
Chudenko Corp.		3,700		51,069		6.2
CI Takiron Corp.		43,900		151,685		18.3
Comture Corp.		14,000		227,782		27.4
Create SD Holdings Co. Ltd.		6,300		134,210		16.2
Daihen Corp.		7,300		188,244		22.7
Daiken Corp.		17,500		234,313		28.2
Daiseki Co. Ltd.		15,100		466,582		56.2
Digital Arts, Inc.		9,900		416,038		50.1
Digital Garage, Inc.		3,700		88,595		10.7
Direct Marketing MiX, Inc.		9,400		106,217		12.8
Doshisha Co. Ltd.		33,900		344,579		41.5
Doutor Nichires Holdings Co. Ltd.		42,000		468,558		56.5
Earth Corp.		800		27,691		3.3
EDION Corp.		12,600		100,009		12.0
Eiken Chemical Co. Ltd.		15,100		186,507		22.5
Eizo Corp.		900		21,894		2.6
Elan Corp.		4,500		34,560		4.2
Elecom Co. Ltd.		2,700		25,012		3.0
en-japan, Inc.		38,900		675,730		81.4

Security	Shares		Value		% of Basket Value
Japan (continued)
FCC Co. Ltd.		62,400	$	606,711		73.1	%
Fuji Co. Ltd/Ehime		4,100		50,705		6.1
Fuji Corp.		16,300		215,228		25.9
Fuji Seal International, Inc.		40,800		477,967		57.6
Fujimi, Inc.		5,700		237,981		28.7
Fujimori Kogyo Co. Ltd.		1,500		31,333		3.8
Fukuoka REIT Corp.		93		108,557		13.1
FULLCAST Holdings Co. Ltd.		2,200		44,004		5.3
Funai Soken Holdings, Inc.		15,200		270,945		32.6
Fuso Chemical Co. Ltd.		5,500		124,233		15.0
Future Corp.		10,200		114,469		13.8
Giken Ltd.		22,600		486,932		58.7
Goldcrest Co. Ltd.		25,100		294,593		35.5
Gunma Bank Ltd.		45,500		124,100		15.0
Gunze Ltd.		7,100		182,377		22.0
H2O Retailing Corp.		21,000		176,724		21.3
Halows Co. Ltd.		4,100		82,353		9.9
Hazama Ando Corp.		18,300		106,060		12.8
Heiwa Real Estate REIT, Inc.		9		9,327		1.1
Heiwado Co. Ltd.		8,500		107,565		13.0
Hiday Hidaka Corp.		700		8,789		1.1
Hitachi Zosen Corp.		1,300		7,495		0.9
Hokkaido Electric Power Co., Inc.		2,900		8,825		1.1
Hoshino Resorts REIT, Inc.		45		213,596		25.7
IBJ Leasing Co. Ltd.		6,500		141,624		17.1
Ichigo Office REIT Investment		59		33,321		4.0
Ichigo, Inc.		24,500		55,138		6.6
Infocom Corp.		12,600		180,852		21.8
Infomart Corp.		127,700		413,113		49.8
Invincible Investment Corp.		1,012		317,680		38.3
JAC Recruitment Co. Ltd.		4,400		74,861		9.0
Jafco Co. Ltd.		10,800		165,708		20.0
Japan Excellent, Inc.		135		124,841		15.0
Japan Lifeline Co. Ltd.		33,100		223,204		26.9
Japan Petroleum Exploration Co. Ltd.		2,100		54,564		6.6
JCU Corp.		11,600		219,372		26.4
JINS Holdings, Inc.		9,600		288,689		34.8
Joyful Honda Co. Ltd.		14,900		181,620		21.9
Kanamoto Co. Ltd.		15,000		216,540		26.1
Kanematsu Corp.		5,600		55,408		6.7
Kanematsu Electronics Ltd.		300		8,918		1.1
KeePer Technical Laboratory Co. Ltd.		2,800		77,214		9.3
Keihanshin Building Co. Ltd.		3,000		26,643		3.2
Kissei Pharmaceutical Co. Ltd.		8,800		155,446		18.7
KOMEDA Holdings Co. Ltd.		19,600		327,346		39.4
Konoike Transport Co. Ltd.		21,900		230,468		27.8
Koshidaka Holdings Co. Ltd.		6,600		49,602		6.0
Kumagai Gumi Co. Ltd.		45,100		762,428		91.9
Kumiai Chemical Industry Co. Ltd.		23,800		156,416		18.8
Kura Sushi, Inc.		8,800		205,850		24.8
Kyokuto Kaihatsu Kogyo Co. Ltd.		21,600		200,717		24.2
Life Corp.		26,200		390,510		47.0
M&A Capital Partners Co. Ltd.		2,900		73,790		8.9
Maeda Kosen Co. Ltd.		7,200		146,241		17.6
Mandom Corp.		26,000		263,040		31.7
Maruzen Showa Unyu Co. Ltd.		1,400		28,571		3.4
Matsuda Sangyo Co. Ltd.		4,600		68,624		8.3
Megachips Corp.		3,100		53,064		6.4
Megmilk Snow Brand Co. Ltd.		9,700		105,636		12.7
Meidensha Corp.		9,000		119,739		14.4
Meitec Corp.		10,400		175,175		21.1

SCHEDULE   OF  INVESTMENTS 73

Schedule of Investments (unaudited) (continued) October 31, 2022 BlackRock Global Equity Market Neutral Fund

Security	Shares		Value		% of Basket Value
Japan (continued)
METAWATER Co. Ltd.		7,100	$	90,862		10.9	%
Milbon Co. Ltd.		7,300		301,006		36.3
MIRAIT ONE corp.		27,900		268,109		32.3
Mitsubishi Pencil Co. Ltd.		13,800		134,315		16.2
Mitsubishi Shokuhin Co. Ltd.		12,800		259,088		31.2
Mitsui-Soko Holdings Co. Ltd.		1,500		31,269		3.8
Mixi, Inc.		17,900		280,619		33.8
Mochida Pharmaceutical Co. Ltd.		3,400		78,294		9.4
Monogatari Corp.		4,500		206,165		24.8
Mori Trust Sogo REIT, Inc.		21		20,956		2.5
Morita Holdings Corp.		21,100		180,955		21.8
MOS Food Services, Inc.		12,100		256,699		30.9
Nakanishi, Inc.		14,900		271,866		32.8
Nichiha Corp.		4,200		79,533		9.6
Nihon Parkerizing Co. Ltd.		8,600		55,906		6.7
Nikkon Holdings Co. Ltd.		500		7,818		0.9
Nippon Ceramic Co. Ltd.		8,500		147,687		17.8
Nippon Gas Co. Ltd.		5,100		74,088		8.9
Nippon Paper Industries Co. Ltd.		48,600		282,932		34.1
NIPPON REIT Investment Corp.		123		303,642		36.6
Nippon Road Co. Ltd.		1,400		57,620		6.9
Nippon Soda Co. Ltd.		2,900		86,515		10.4
Nippon Suisan Kaisha Ltd.		19,600		69,819		8.4
Nishimatsu Construction Co. Ltd.		8,400		204,514		24.6
Nissin Electric Co. Ltd.		3,900		36,200		4.4
Nitto Kogyo Corp.		8,400		139,022		16.8
Nohmi Bosai Ltd.		5,500		59,329		7.1
Nomura Co. Ltd.		47,700		348,419		42.0
Noritake Co. Ltd.		2,500		69,402		8.4
NSD Co. Ltd.		8,700		148,670		17.9
NTN Corp.		12,300		21,896		2.6
Obara Group, Inc.		15,000		347,839		41.9
Oiles Corp.		16,900		169,817		20.5
Okamura Corp.		16,900		155,568		18.7
Oki Electric Industry Co. Ltd.		89,600		444,183		53.5
Okinawa Cellular Telephone Co.		6,200		117,246		14.1
Okinawa Electric Power Co., Inc.		20,600		142,962		17.2
Okumura Corp.		9,800		185,316		22.3
Osaka Organic Chemical Industry Ltd.		12,000		160,341		19.3
Outsourcing, Inc.		4,600		35,835		4.3
Prestige International, Inc.		131,400		634,676		76.5
Relia, Inc.		26,200		175,818		21.2
Ricoh Leasing Co. Ltd.		5,600		136,737		16.5
Riso Kyoiku Co. Ltd.		17,800		36,825		4.4
Round One Corp.		4,500		19,147		2.3
Saizeriya Co. Ltd.		9,400		175,376		21.1
Sakai Moving Service Co. Ltd.		6,400		202,296		24.4
Sakata Seed Corp.		300		9,888		1.2
Sanken Electric Co. Ltd.		400		13,702		1.7
Sanyo Chemical Industries Ltd.		300		8,504		1.0
Sato Holdings Corp.		14,800		182,576		22.0
Seiren Co. Ltd.		13,300		208,319		25.1
Sekisui Jushi Corp.		7,400		84,733		10.2
Seria Co. Ltd.		31,300		511,333		61.6
Shinmaywa Industries Ltd.		1,100		7,502		0.9
Shizuoka Gas Co. Ltd.		11,800		86,434		10.4
Shoei Co. Ltd.		12,300		453,605		54.7
Siix Corp.		13,600		104,854		12.6
Sosei Group Corp.		12,900		176,054		21.2
S-Pool, Inc.		36,900		235,633		28.4
Strike Co. Ltd.		13,600		419,200		50.5

Security	Shares		Value		% of Basket Value
Japan (continued)
Sumitomo Densetsu Co. Ltd.		3,600	$	63,332		7.6	%
Sumitomo Mitsui Construction Co. Ltd.		171,000		502,346		60.5
Sumitomo Osaka Cement Co. Ltd.		6,000		127,745		15.4
Sumitomo Warehouse Co. Ltd.		9,500		128,941		15.5
Sun Frontier Fudousan Co. Ltd.		1,500		11,581		1.4
Systena Corp.		28,900		81,003		9.8
Taikisha Ltd.		3,900		92,016		11.1
Takara Standard Co. Ltd.		2,000		17,174		2.1
Takuma Co. Ltd.		37,200		308,844		37.2
Tamron Co. Ltd.		4,700		104,404		12.6
TechMatrix Corp.		3,100		35,209		4.2
Toa Corp.		6,100		99,731		12.0
Tocalo Co. Ltd.		10,100		80,695		9.7
Toei Animation Co. Ltd.		800		82,086		9.9
Toho Titanium Co. Ltd.		13,300		200,428		24.1
Tokai Corp.		12,700		161,254		19.4
Tokai Rika Co. Ltd.		8,600		89,745		10.8
Token Corp.		4,000		210,858		25.4
Tokyotokeiba Co. Ltd.		7,700		214,378		25.8
Tokyu Construction Co. Ltd.		72,500		304,260		36.7
Tokyu REIT, Inc.		129		183,740		22.1
Topcon Corp.		3,400		37,190		4.5
Tosei Corp.		36,900		351,916		42.4
Tosho Co. Ltd.		11,600		88,833		10.7
Totetsu Kogyo Co. Ltd.		13,200		219,137		26.4
Towa Pharmaceutical Co. Ltd.		13,800		207,716		25.0
Toyo Construction Co. Ltd.		3,800		22,961		2.8
Toyo Ink SC Holdings Co. Ltd.		19,200		247,216		29.8
Toyobo Co. Ltd.		27,900		194,888		23.5
Tri Chemical Laboratories, Inc.		17,400		260,203		31.3
Trusco Nakayama Corp.		46,000		616,150		74.2
TV Asahi Holdings Corp.		15,200		142,376		17.2
United Arrows Ltd.		9,800		133,160		16.0
UT Group Co. Ltd.		6,300		102,697		12.4
Valor Holdings Co. Ltd.		29,700		343,434		41.4
ValueCommerce Co. Ltd.		13,900		202,771		24.4
Vector, Inc.		7,200		53,506		6.4
Vision, Inc.		3,500		29,588		3.6
VT Holdings Co. Ltd.		12,700		41,145		5.0
Wacoal Holdings Corp.		28,200		454,079		54.7
Wacom Co. Ltd.		18,700		81,145		9.8
Wakita & Co. Ltd.		23,500		185,518		22.4
Weathernews, Inc.		2,000		104,166		12.6
Workman Co. Ltd.		20,800		709,583		85.5
Yellow Hat Ltd.		26,100		312,923		37.7
Yokogawa Bridge Holdings Corp.		30,500		405,333		48.8
Yuasa Trading Co. Ltd.		9,400		233,969		28.2
Yurtec Corp.		44,600		213,472		25.7
Zenrin Co. Ltd.		11,200		65,924		7.9
Zuken, Inc.		15,600		351,641		42.4
				38,132,818
Jersey
Centamin PLC		736,312		748,530		90.2
Luxembourg
Millicom International Cellular SA, SDR		65,571		711,669		85.8
Perimeter Solutions SA		14,986		119,738		14.4
SES SA		89,993		638,316		76.9
				1,469,723

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

Schedule of Investments (unaudited) (continued) October 31, 2022 BlackRock Global Equity Market Neutral Fund

Security	Shares		Value		% of Basket Value
Malta
Kambi Group PLC		4,728		$74,757		9.0	%
Netherlands
AMG Advanced Metallurgical Group NV		1,428		44,615		5.4
Basic-Fit NV		4,874		122,756		14.8
Fugro NV		1,363		17,704		2.1
Koninklijke BAM Groep NV		5,327		11,626		1.4
Pharming Group NV		6,853		7,090		0.8
Shop Apotheke Europe NV		3,741		154,913		18.7
TomTom NV		37,826		295,688		35.6
uniQure NV		19,329		359,906		43.4
Wereldhave NV		8,059		98,696		11.9
				1,112,994
New Zealand
a2 Milk Co. Ltd.		25,218		84,956		10.2
Norway
Borregaard ASA		13,538		182,023		21.9
DNO ASA		230,523		299,849		36.1
Elkem ASA		28,996		96,332		11.6
Frontline Ltd.		5,121		63,998		7.7
Scatec ASA		43,450		307,784		37.1
Selvaag Bolig ASA		6,026		19,505		2.4
SpareBank 1 SMN		4,596		49,610		6.0
TGS ASA		11,606		158,014		19.0
				1,177,115
Portugal
Altri SGPS SA		36,040		200,550		24.2
Greenvolt-Energias Renovaveis SA		5,970		45,858		5.5
Navigator Co. SA		22,982		87,558		10.5
REN - Redes Energeticas Nacionais SGPS SA		248,155		642,279		77.4
				976,245
Puerto Rico
EVERTEC, Inc.		7,923		283,723		34.2
Singapore
AIMS APAC REIT		66,400		57,678		6.9
Ascendas India Trust		435,800		344,888		41.5
BW LPG Ltd.		4,888		39,548		4.8
ESR-REIT		24,300		5,833		0.7
Far East Hospitality Trust		145,000		58,864		7.1
First Resources Ltd.		144,200		151,501		18.2
Frasers Centrepoint Trust		95,400		140,200		16.9
Hour Glass Ltd.		45,000		62,039		7.5
IGG, Inc.		252,000		65,515		7.9
Kulicke & Soffa Industries, Inc.		375		15,728		1.9
Lendlease Global Commercial REIT		47,900		23,709		2.9
Parkway Life Real Estate Investment Trust		1,900		5,367		0.6
Raffles Medical Group Ltd.		15,000		14,093		1.7
Sasseur Real Estate Investment Trust		117,800		59,106		7.1
Sheng Siong Group Ltd.		138,900		153,196		18.5
				1,197,265
South Africa
Investec PLC		880		4,410		0.5
South Sandwich Islands
Balanced Commercial Property Trust Ltd.		153,394		146,886		17.7
UK Commercial Property REIT Ltd.		928,210		649,965		78.3
				796,851

Security	Shares		Value		% of Basket Value
Spain
Almirall SA		14,815	$	138,038		16.6	%
Cia de Distribucion Integral Logista Holdings SA		15,987		330,635		39.8
Ence Energia y Celulosa SA		79,648		272,783		32.9
Indra Sistemas SA		32,711		292,556		35.3
Laboratorios Farmaceuticos Rovi SA		3,530		160,552		19.3
Melia Hotels International SA		26,262		122,099		14.7
Miquel y Costas & Miquel SA		1		11		0.0
Sacyr SA		31,035		76,133		9.2
Unicaja Banco SA		132,211		117,204		14.1
				1,510,011
Sweden
AddTech AB, B Shares		29,141		352,120		42.4
AFRY AB		16,338		219,400		26.4
Arjo AB, B Shares		30,324		120,962		14.6
Betsson AB, Class B		18,403		133,831		16.1
Bilia AB, A Shares		4,287		45,409		5.5
Biotage AB		24,238		397,828		47.9
Bufab AB		1,747		33,018		4.0
Bure Equity AB		434		8,375		1.0
Cellavision AB		238		4,463		0.5
Corem Property Group AB, B Shares		27,855		17,340		2.1
Elekta AB, B Shares		39,110		198,787		23.9
Fabege AB		21,271		154,427		18.6
Fortnox AB		27,191		115,556		13.9
HMS Networks AB		2,892		74,407		9.0
Intrum AB		5,335		67,126		8.1
Loomis AB, Class B		301		8,428		1.0
MIPS AB		4,867		157,409		19.0
NCC AB, B Shares		6,077		50,636		6.1
Nolato AB, B Shares		14,863		62,690		7.6
Nyfosa AB		21,121		126,222		15.2
OX2 AB		11,340		78,240		9.4
Peab AB		24,259		125,871		15.2
Scandic Hotels Group AB		135,305		429,083		51.7
Sectra AB, B Shares		12,874		170,669		20.6
Troax Group AB		8,286		122,980		14.8
				3,275,277
Switzerland
Allreal Holding AG, Registered Shares, Registered Shares		488		69,904		8.4
Aryzta AG		467,783		479,524		57.8
Basilea Pharmaceutica AG, Registered Shares		2,042		93,930		11.3
Burckhardt Compression Holding AG		652		282,054		34.0
Burkhalter Holding AG		770		59,979		7.2
Comet Holding AG, Registered Shares		3,035		483,165		58.2
Ferrexpo PLC		9,486		11,126		1.3
Gurit Holding AG		1,220		112,721		13.6
Implenia AG, Registered Shares		2,156		80,939		9.7
Inficon Holding AG, Registered Shares		317		252,051		30.4
IWG PLC		166,093		251,057		30.2
Medartis Holding AG		636		49,423		6.0
Sensirion Holding AG		3,546		322,623		38.9
Stadler Rail AG		2,663		78,361		9.4
Sulzer AG, Registered Shares		3,248		216,624		26.1
Swissquote Group Holding SA, Registered Shares		663		78,533		9.5
u-Blox Holding AG		3,185		326,094		39.3
Ypsomed Holding AG, Registered Shares		2,009		323,116		38.9
				3,571,224

SCHEDULE   OF  INVESTMENTS 75

Schedule of Investments (unaudited) (continued) October 31, 2022 BlackRock Global Equity Market Neutral Fund

Security	Shares		Value		% of Basket Value
Ukraine
Network International Holdings PLC		171,637	$	639,708		77.1	%
United Kingdom
AJ Bell PLC		3,033		11,281		1.4
Alliance Pharma PLC		5,033		3,580		0.4
Ascential PLC		54,253		119,495		14.4
Ashmore Group PLC		72,353		171,340		20.6
Babcock International Group PLC		4,758		15,029		1.8
Bank of Georgia Group PLC		12,751		310,735		37.4
Big Yellow Group PLC		7,882		101,422		12.2
Bodycote PLC		5,313		30,197		3.6
boohoo Group PLC		75,304		34,996		4.2
Bytes Technology Group PLC		85,949		354,050		42.7
Capital & Counties Properties PLC		68,664		84,335		10.2
Ceres Power Holdings PLC		24,160		90,918		10.9
Chemring Group PLC		42,074		145,855		17.6
Clarkson PLC		918		29,056		3.5
CLS Holdings PLC		67,621		110,975		13.4
Craneware PLC		1,242		26,350		3.2
CVS Group PLC		24,609		531,943		64.1
Diploma PLC		13,546		385,287		46.4
Dunelm Group PLC		36,224		360,166		43.4
EnQuest PLC		163,548		50,719		6.1
Fevertree Drinks PLC		45,202		494,133		59.5
Forterra PLC		7,089		17,763		2.1
Frontier Developments PLC		1,571		23,872		2.9
Gamma Communications PLC		3,166		38,762		4.7
Grainger PLC		21,243		55,301		6.7
Gulf Keystone Petroleum Ltd.		10,311		24,719		3.0
Hammerson PLC		357,202		78,309		9.4
Helical PLC		3,803		14,392		1.7
Hill & Smith Holdings PLC		12,104		136,823		16.5
Hunting PLC		53,825		165,118		19.9
Impax Asset Management Group PLC		6,560		50,322		6.1
Indivior PLC		62,537		1,184,559		142.7
IntegraFin Holdings PLC		31,956		92,351		11.1
JET2 PLC		13,909		135,649		16.3
Judges Scientific PLC		1,559		124,077		14.9
Jupiter Fund Management PLC		48,386		57,568		6.9
Kainos Group PLC		3,589		50,959		6.1
Lancashire Holdings Ltd.		4,922		27,933		3.4
Learning Technologies Group PLC		91,943		113,454		13.7
Luceco PLC		35,780		32,143		3.9
Luxfer Holdings PLC		1,798		26,017		3.1
Moneysupermarket.com Group PLC		64,268		135,188		16.3
Morgan Advanced Materials PLC		44,044		124,254		15.0
Morgan Sindall Group PLC		502		8,858		1.1
National Express Group PLC		177,530		344,144		41.5
Next Fifteen Communications Group PLC		15,711		158,192		19.1
OSB Group PLC		75,618		360,363		43.4
Pagegroup PLC		19,184		92,531		11.1
Paragon Banking Group PLC		57,280		280,244		33.8
Premier Foods PLC		7,903		9,389		1.1
PZ Cussons PLC		40,358		92,537		11.1
Restaurant Group PLC		518,523		189,049		22.8
RWS Holdings PLC		69,596		244,685		29.5
Safestore Holdings PLC		29,896		309,734		37.3
Shaftesbury PLC		22,276		93,548		11.3
SIG PLC		159,924		57,221		6.9
Smart Metering Systems PLC		45,108		378,662		45.6
Softcat PLC		26,593		341,679		41.2
Spire Healthcare Group PLC		23,680		58,825		7.1

Security	Shares		Value		% of Basket Value
United Kingdom (continued)
SThree PLC		51,254	$	218,654		26.3	%
Telecom Plus PLC		2,526		61,407		7.4
TP ICAP Group PLC		198,501		418,859		50.5
Trainline PLC		42,868		163,559		19.7
Tyman PLC		9,689		21,320		2.6
Vesuvius PLC		97,308		378,523		45.6
Vistry Group PLC		1,023		7,074		0.8
Watkin Jones PLC		11,666		12,522		1.5
WH Smith PLC		775		10,478		1.3
Wickes Group PLC		34,686		50,438		6.1
YouGov PLC		10,210		104,507		12.6
				10,638,397
United States
1-800-Flowers.com, Inc., Class A		24,999		182,243		22.0
1st Source Corp.		1,310		76,190		9.2
2U, Inc.		24,791		153,456		18.5
8x8, Inc.		140,520		594,400		71.6
A10 Networks, Inc.		10,068		169,142		20.4
ACADIA Pharmaceuticals, Inc.		18,457		295,866		35.6
Acadia Realty Trust		17,075		238,538		28.7
Accel Entertainment, Inc.		15,626		153,447		18.5
ACCO Brands Corp.		70,438		324,015		39.0
ACI Worldwide, Inc.		34,421		837,463		100.9
Adaptive Biotechnologies Corp.		10,374		80,710		9.7
Advanced Energy Industries, Inc.		128		10,067		1.2
AdvanSix, Inc.		2,736		99,536		12.0
AerSale Corp.		2,190		46,428		5.6
Agios Pharmaceuticals, Inc.		4,987		137,342		16.5
Alarm.com Holdings, Inc.		1,889		111,149		13.4
Alector, Inc.		41,956		385,995		46.5
Alexander & Baldwin, Inc.		5,652		110,101		13.3
Alignment Healthcare, Inc.		4,607		60,997		7.3
Allegiant Travel Co.		5,181		388,834		46.8
Allegro MicroSystems, Inc.		4,618		117,343		14.1
Allogene Therapeutics, Inc.		18,255		188,026		22.7
Alpha Metallurgical Resources, Inc.		1,132		191,138		23.0
Alto Ingredients, Inc.		6,845		28,270		3.4
Altra Industrial Motion Corp.		996		59,899		7.2
Amalgamated Financial Corp.		631		14,507		1.7
American Assets Trust, Inc.		11,592		318,548		38.4
American Axle & Manufacturing Holdings, Inc.		9,095		88,131		10.6
American Vanguard Corp.		8,097		188,417		22.7
American Woodmark Corp.		8,722		395,543		47.7
AMERISAFE, Inc.		2,894		169,039		20.4
Amneal Pharmaceuticals, Inc.		9,382		20,640		2.5
Amphastar Pharmaceuticals, Inc.		5,711		176,470		21.3
AnaptysBio, Inc.		1,857		53,574		6.5
Anika Therapeutics, Inc.		5,113		145,311		17.5
Apogee Enterprises, Inc.		1,571		72,077		8.7
Apollo Medical Holdings, Inc.		1,139		40,389		4.9
ArcBest Corp.		1,088		86,420		10.4
Archrock, Inc.		4,113		30,889		3.7
Arcus Biosciences, Inc.		7,877		200,706		24.2
Arlo Technologies, Inc.		3,718		19,148		2.3
Armada Hoffler Properties, Inc.		27,195		317,910		38.3
Artisan Partners Asset Management, Inc., Class A		7,302		208,180		25.1
Artivion, Inc.		3,921		43,758		5.3
Arvinas, Inc.		3,560		176,968		21.3
Aspen Aerogels, Inc.		797		10,106		1.2
Assetmark Financial Holdings, Inc.		28,352		587,170		70.7

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

Schedule of Investments (unaudited) (continued) October 31, 2022 BlackRock Global Equity Market Neutral Fund

Security	Shares		Value		% of Basket Value
United States (continued)
Associated Banc-Corp.		34,406	$	837,786		100.9	%
Assured Guaranty Ltd.		10,095		597,523		72.0
Astec Industries, Inc.		2,477		108,121		13.0
Atlantic Union Bankshares Corp.		4,103		141,718		17.1
AtriCure, Inc.		1,258		52,987		6.4
Avanos Medical, Inc.		13,028		288,570		34.8
Avid Bioservices, Inc.		465		7,877		0.9
AvidXchange Holdings, Inc.		920		8,372		1.0
Avient Corp.		12,683		437,437		52.7
Axcelis Technologies, Inc.		1,107		64,206		7.7
Axos Financial, Inc.		9,337		363,770		43.8
Badger Meter, Inc.		4,704		529,106		63.7
Bandwidth, Inc., Class A		17,604		208,959		25.2
Bar Harbor Bankshares		1,558		46,756		5.6
Berry Corp.		20,735		183,919		22.2
Big Lots, Inc.		1,164		21,965		2.6
BJ’s Restaurants, Inc.		12,132		398,536		48.0
Boise Cascade Co.		3,551		237,100		28.6
Bread Financial Holdings, Inc.		6,398		231,032		27.8
Bridgebio Pharma, Inc.		6,991		72,916		8.8
Brigham Minerals, Inc., Class A		11,805		365,955		44.1
Broadstone Net Lease, Inc.		3,660		62,732		7.6
Brookdale Senior Living, Inc.		69,404		310,236		37.4
Buckle, Inc.		9,053		356,054		42.9
Byline Bancorp, Inc.		8,839		204,358		24.6
Cal-Maine Foods, Inc.		1,827		103,244		12.4
Camden National Corp.		2,063		89,782		10.8
Cannae Holdings, Inc.		12,795		296,332		35.7
Capital City Bank Group, Inc.		18,836		667,171		80.4
Cara Therapeutics, Inc.		5,620		52,828		6.4
Cardiovascular Systems, Inc.		20,282		292,872		35.3
CareDx, Inc.		4,197		83,562		10.1
CareTrust REIT, Inc.		15,829		295,686		35.6
Cargurus, Inc.		19,632		285,842		34.4
Carriage Services, Inc.		9,521		232,408		28.0
Casa Systems, Inc.		7,973		25,115		3.0
Casella Waste Systems, Inc., Class A		2,417		197,735		23.8
Catalyst Pharmaceuticals, Inc.		12,240		169,769		20.5
Cavco Industries, Inc.		1,393		315,751		38.0
CBL & Associates Properties, Inc.		3,568		102,509		12.3
CBTX, Inc.		5,228		171,688		20.7
Central Garden & Pet Co., Class A		3,360		131,510		15.8
Century Aluminum Co.		6,045		43,584		5.2
Cerence, Inc.		12,781		219,833		26.5
Certara, Inc.		995		12,169		1.5
Cerus Corp.		9,508		34,799		4.2
CEVA, Inc.		1,831		50,645		6.1
Chase Corp.		1,135		106,928		12.9
Chatham Lodging Trust		26,157		339,256		40.9
Cheesecake Factory, Inc.		9,654		345,710		41.6
Chefs’ Warehouse, Inc.		3,275		119,963		14.5
Chegg, Inc.		23,601		509,074		61.3
Chico’s FAS, Inc.		27,600		162,288		19.6
Chimera Investment Corp.		30,892		208,521		25.1
Chuy’s Holdings, Inc.		6,045		177,118		21.3
Cinemark Holdings, Inc.		24,226		257,038		31.0
Clean Energy Fuels Corp.		34,124		228,972		27.6
Clear Channel Outdoor Holdings, Inc.		46,740		66,838		8.1
Clearwater Paper Corp.		3,239		144,071		17.4
Clearway Energy, Inc., Class A		9,211		297,792		35.9
CNO Financial Group, Inc.		33,821		746,091		89.9
Coca-Cola Consolidated, Inc.		621		302,433		36.4

Security	Shares		Value		% of Basket Value
United States (continued)
Codexis, Inc.		36,684	$	206,164		24.8	%
Coeur Mining, Inc.		64,669		244,449		29.4
Cogent Communications Holdings, Inc.		3,606		189,351		22.8
Coherus Biosciences, Inc.		36,366		316,384		38.1
Community Health Systems, Inc.		8,362		23,999		2.9
CommVault Systems, Inc.		16,336		994,699		119.8
Compass Minerals International, Inc.		1,830		72,358		8.7
ConnectOne Bancorp, Inc.		10,418		260,971		31.4
Corcept Therapeutics, Inc.		30,295		866,437		104.4
CoreCivic, Inc.		1,829		19,150		2.3
CorVel Corp.		214		35,141		4.2
CrossFirst Bankshares, Inc.		6,131		85,282		10.3
Dana, Inc.		3,491		55,716		6.7
Dave & Buster’s Entertainment, Inc.		6,875		273,969		33.0
Deciphera Pharmaceuticals, Inc.		7,229		117,254		14.1
Delek U.S. Holdings, Inc.		14,923		442,616		53.3
Deluxe Corp.		11,407		209,661		25.3
Denali Therapeutics, Inc.		1,383		39,664		4.8
DiamondRock Hospitality Co.		987		9,219		1.1
Dime Community Bancshares, Inc.		2,359		81,456		9.8
Diodes, Inc.		1,610		115,389		13.9
Diversified Healthcare Trust		38,287		52,070		6.3
Donegal Group, Inc., Class A		20,077		293,927		35.4
Dorian LPG Ltd.		9,027		163,118		19.7
Duckhorn Portfolio, Inc.		25,465		372,298		44.9
Ducommun, Inc.		3,095		146,115		17.6
DXP Enterprises, Inc.		8,913		255,001		30.7
Dyne Therapeutics, Inc.		11,002		125,423		15.1
Eagle Bulk Shipping, Inc.		2,668		129,078		15.6
Earthstone Energy, Inc., Class A		4,671		75,483		9.1
EchoStar Corp., Class A		18,509		349,265		42.1
Ecovyst, Inc.		42,285		420,736		50.7
Editas Medicine, Inc.		20,856		261,743		31.5
elf Beauty, Inc.		10,241		443,026		53.4
Emergent BioSolutions, Inc.		16,899		352,513		42.5
Enanta Pharmaceuticals, Inc.		5,174		233,399		28.1
Energy Recovery, Inc.		17,951		461,879		55.6
Ennis, Inc.		3,773		85,119		10.3
Enova International, Inc.		419		15,708		1.9
EnPro Industries, Inc.		459		48,884		5.9
EPR Properties		4,173		161,078		19.4
Essential Properties Realty Trust, Inc.		21,580		464,402		55.9
Ethan Allen Interiors, Inc.		16,788		429,605		51.8
Eventbrite, Inc., Class A		25,877		170,012		20.5
Everbridge, Inc.		6,031		188,951		22.8
Everi Holdings, Inc.		37,428		710,383		85.6
Evolent Health, Inc., Class A		941		29,933		3.6
EW Scripps Co., Class A		23,585		334,671		40.3
eXp World Holdings, Inc.		37,485		495,177		59.7
Exponent, Inc.		4,922		468,870		56.5
Farmland Partners, Inc.		6,891		96,543		11.6
Fate Therapeutics, Inc.		6,589		137,842		16.6
FB Financial Corp.		7,322		307,231		37.0
Federal Agricultural Mortgage Corp.		84		9,677		1.2
FibroGen, Inc.		29,002		472,153		56.9
First Advantage Corp.		9,565		134,388		16.2
First Bancshares, Inc.		19,548		640,002		77.1
First Busey Corp.		7,568		199,871		24.1
First Foundation, Inc.		32,183		513,641		61.9
First of Long Island Corp.		6,639		116,714		14.1
Flushing Financial Corp.		8,746		172,296		20.8
FormFactor, Inc.		2,730		55,173		6.6

SCHEDULE   OF  INVESTMENTS 77

Schedule of Investments (unaudited) (continued) October 31, 2022 BlackRock Global Equity Market Neutral Fund

Security	Shares		Value		% of Basket Value
United States (continued)
Forrester Research, Inc.		10,488	$	443,852		53.5	%
Forward Air Corp.		163		17,257		2.1
Franklin Covey Co.		4,280		216,568		26.1
Frontdoor, Inc.		2,725		60,114		7.2
Frontier Group Holdings, Inc.		6,696		87,785		10.6
FRP Holdings, Inc.		3,217		195,047		23.5
GATX Corp.		3,051		319,470		38.5
Genco Shipping & Trading Ltd.		3,094		41,460		5.0
Gibraltar Industries, Inc.		3,798		194,002		23.4
G-III Apparel Group Ltd.		5,657		110,311		13.3
Gladstone Land Corp.		4,840		98,494		11.9
Global Medical REIT, Inc.		809		7,394		0.9
GMS, Inc.		4,475		211,220		25.4
Gogo, Inc.		581		8,262		1.0
Golden Entertainment, Inc.		4,183		176,606		21.3
GoodRx Holdings, Inc., Class A		1,158		6,218		0.7
Goosehead Insurance, Inc., Class A		2,576		106,930		12.9
GoPro, Inc., Class A		76,278		415,715		50.1
Gossamer Bio, Inc.		10,803		119,913		14.4
Granite Construction, Inc.		5,278		178,027		21.4
Gray Television, Inc.		14,645		207,227		25.0
Group 1 Automotive, Inc.		2,408		416,584		50.2
Guess?, Inc.		10,377		176,201		21.2
Gulfport Energy Corp.		5,202		465,631		56.1
H&E Equipment Services, Inc.		16,066		606,652		73.1
Hackett Group, Inc.		6,488		141,698		17.1
Hain Celestial Group, Inc.		40,683		761,179		91.7
Hannon Armstrong Sustainable Infrastructure
Capital, Inc.		7,103		193,060		23.3
Harmony Biosciences Holdings, Inc.		8,501		442,052		53.3
Harsco Corp.		15,382		81,371		9.8
Haverty Furniture Cos., Inc.		14,458		384,294		46.3
Hawaiian Holdings, Inc.		26,462		381,847		46.0
Hawkins, Inc.		764		34,403		4.1
HealthStream, Inc.		810		20,007		2.4
Heartland Express, Inc.		2,369		35,251		4.2
Heartland Financial USA, Inc.		7,465		368,174		44.4
Hecla Mining Co.		67,830		309,983		37.3
Heidrick & Struggles International, Inc.		5,271		148,431		17.9
Helix Energy Solutions Group, Inc.		101,425		709,975		85.5
Herbalife Nutrition Ltd.		12,244		260,307		31.4
Heritage-Crystal Clean, Inc.		11,624		319,311		38.5
Heron Therapeutics, Inc.		35,996		138,585		16.7
Heska Corp.		1,584		113,668		13.7
Hilltop Holdings, Inc.		16,253		470,524		56.7
Holley, Inc.		25,099		99,894		12.0
Horizon Bancorp, Inc.		13,789		205,594		24.8
Howard Hughes Corp.		5,155		316,259		38.1
Hub Group, Inc., Class A		2,494		193,534		23.3
Hudson Pacific Properties, Inc.		12,442		137,360		16.5
I3 Verticals, Inc., Class A		3,718		80,904		9.7
IDT Corp., Class B		7,274		189,560		22.8
IGM Biosciences, Inc.		4,385		87,700		10.6
ImmunoGen, Inc.		8,706		51,714		6.2
Independent Bank Corp.		17,463		403,919		48.7
Industrial Logistics Properties Trust		14,641		68,520		8.3
Ingles Markets, Inc., Class A		207		19,535		2.4
Innoviva, Inc.		37,090		502,940		60.6
Inogen, Inc.		2,738		62,043		7.5
Insmed, Inc.		1,841		31,886		3.8
Insperity, Inc.		5,981		705,878		85.0
Installed Building Products, Inc.		1,906		163,916		19.7

Security	Shares		Value		% of Basket Value
United States (continued)
Intercept Pharmaceuticals, Inc.		22,042	$	305,723		36.8	%
InterDigital, Inc.		3,256		162,377		19.6
International Money Express, Inc.		11,582		313,061		37.7
International Seaways, Inc.		7,855		333,131		40.1
Ironwood Pharmaceuticals, Inc.		53,680		587,259		70.8
iStar, Inc.		5,191		54,402		6.6
Itron, Inc.		3,635		177,715		21.4
J & J Snack Foods Corp.		939		138,606		16.7
Jamf Holding Corp.		12,185		288,419		34.7
Janus International Group, Inc.		9,691		93,324		11.2
JetBlue Airways Corp.		96,905		779,116		93.9
Joint Corp.		2,917		48,189		5.8
Kadant, Inc.		247		43,954		5.3
Kaman Corp.		564		18,104		2.2
KAR Auction Services, Inc.		18,529		269,226		32.4
Karyopharm Therapeutics, Inc.		6,462		30,759		3.7
KB Home		2,329		67,122		8.1
Kearny Financial Corp.		15,891		161,135		19.4
Kemper Corp.		9,208		438,945		52.9
Kennametal, Inc.		5,701		152,274		18.3
Kforce, Inc.		7,126		450,862		54.3
Knowles Corp.		37,807		519,846		62.6
Kodiak Sciences, Inc.		2,527		18,144		2.2
Korn Ferry		681		37,857		4.6
Kratos Defense & Security Solutions, Inc.		4,208		46,625		5.6
Kyndryl Holdings, Inc.		9,303		89,960		10.8
Ladder Capital Corp.		4,211		44,931		5.4
Lakeland Bancorp, Inc.		18,898		352,448		42.5
Laureate Education, Inc.		14,596		184,493		22.2
LCI Industries		6,367		675,602		81.4
LeMaitre Vascular, Inc.		7,798		338,433		40.8
LendingTree, Inc.		11,563		291,734		35.1
LGI Homes, Inc.		1,776		163,481		19.7
Liberty Latin America Ltd.		5,384		41,941		5.1
Liberty Latin America Ltd., Class A		2,529		19,676		2.4
Liberty Media Corp.-Liberty Braves, Class A		1,680		53,575		6.5
Lions Gate Entertainment Corp., Class A		22,149		178,521		21.5
Lions Gate Entertainment Corp., Class B		12,286		93,251		11.2
Liquidity Services, Inc.		348		5,979		0.7
LivePerson, Inc.		35,429		374,485		45.1
LiveRamp Holdings, Inc.		1,630		29,927		3.6
LSB Industries, Inc.		27,486		484,578		58.4
Luther Burbank Corp.		18,855		238,139		28.7
M/I Homes, Inc.		9,330		387,102		46.6
Madison Square Garden Sports Corp.		1,129		176,813		21.3
Malibu Boats, Inc., Class A		18,081		956,485		115.2
Marcus & Millichap, Inc.		7,664		282,342		34.0
Marcus Corp.		30,583		459,968		55.4
MarineMax, Inc.		20,257		654,504		78.9
Marten Transport Ltd.		12,697		238,323		28.7
Masonite International Corp.		3,260		233,188		28.1
McGrath RentCorp		988		92,921		11.2
MDC Holdings, Inc.		7,523		229,151		27.6
Medifast, Inc.		659		77,096		9.3
Mercantile Bank Corp.		1,044		36,488		4.4
Merchants Bancorp		1,787		42,799		5.2
Mercury General Corp.		17,321		502,309		60.5
Merit Medical Systems, Inc.		7,133		490,536		59.1
Metropolitan Bank Holding Corp.		1,092		72,072		8.7
MFA Financial, Inc.		9,106		90,696		10.9
MGE Energy, Inc.		1,305		88,857		10.7
Midland States Bancorp, Inc.		38,295		1,073,792		129.4

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

Schedule of Investments (unaudited) (continued) October 31, 2022 BlackRock Global Equity Market Neutral Fund

Security	Shares		Value		% of Basket Value
United States (continued)
MidWestOne Financial Group, Inc.		5,212	$	175,123		21.1	%
MillerKnoll, Inc.		4,111		87,071		10.5
Mister Car Wash, Inc.		31,104		274,648		33.1
Mitek Systems, Inc.		7,307		82,642		10.0
Model N, Inc.		19,146		727,548		87.7
Modine Manufacturing Co.		9,780		175,258		21.1
ModivCare, Inc.		2,323		225,889		27.2
Moelis & Co., Class A		6,482		275,226		33.2
Momentive Global, Inc.		8,845		68,637		8.3
Monarch Casino & Resort, Inc.		5,382		427,385		51.5
Monro, Inc.		10,873		519,186		62.5
MRC Global, Inc.		72,528		727,456		87.6
Mueller Industries, Inc.		3,056		191,428		23.1
Myers Industries, Inc.		2,511		50,948		6.1
Nabors Industries Ltd.		3,113		541,755		65.3
Napco Security Technologies, Inc.		5,033		143,038		17.2
National Beverage Corp.		8,740		414,451		49.9
National Research Corp.		215		8,757		1.1
Nektar Therapeutics		46,800		175,968		21.2
NeoGenomics, Inc.		7,217		54,885		6.6
NETGEAR, Inc.		9,343		183,590		22.1
Nevro Corp.		232		8,895		1.1
New York Mortgage Trust, Inc.		27,310		73,464		8.8
NexPoint Residential Trust, Inc.		18,547		845,743		101.9
NextGen Healthcare, Inc.		19,222		385,209		46.4
NMI Holdings, Inc., Class A		3,135		68,751		8.3
Northfield Bancorp, Inc.		2,381		38,191		4.6
Northwest Natural Holding Co.		1,476		70,981		8.6
Nurix Therapeutics, Inc.		430		5,474		0.7
NV5 Global, Inc.		159		23,047		2.8
Oceaneering International, Inc.		14,229		199,064		24.0
Old Second Bancorp, Inc.		34,080		545,280		65.7
Omega Flex, Inc.		58		5,475		0.7
Organogenesis Holdings, Inc.		7,774		25,499		3.1
Origin Bancorp, Inc.		17,420		719,969		86.7
Orthofix Medical, Inc.		7,643		122,747		14.8
Oscar Health, Inc., Class A		8,852		33,018		4.0
Overstock.com, Inc.		17,598		409,153		49.3
Ovintiv, Inc.		2,780		140,807		17.0
Oxford Industries, Inc.		1,298		132,046		15.9
Pacira BioSciences, Inc.		2,046		105,901		12.8
Pactiv Evergreen, Inc.		918		10,015		1.2
PagerDuty, Inc.		3,193		79,633		9.6
Palomar Holdings, Inc.		917		81,576		9.8
Par Pacific Holdings, Inc.		8,482		194,068		23.4
Patrick Industries, Inc.		2,482		113,452		13.7
Paya Holdings, Inc.		4,816		38,721		4.7
Pebblebrook Hotel Trust		68,306		1,095,628		132.0
PennyMac Financial Services, Inc.		4,113		219,305		26.4
Peoples Bancorp, Inc.		19,936		603,463		72.7
PetIQ, Inc.		6,963		57,236		6.9
PetMed Express, Inc.		1,861		39,677		4.8
PGT Innovations, Inc.		25,239		537,843		64.8
Photronics, Inc.		4,432		71,887		8.7
Phreesia, Inc.		4,097		111,930		13.5
Piper Sandler Cos		990		126,690		15.3
Plains GP Holdings LP, Class A		20,002		250,825		30.2
Playa Hotels & Resorts NV		11,630		71,757		8.6
PotlatchDeltic Corp.		5,851		260,311		31.4
PowerSchool Holdings, Inc., Class A		7,884		157,680		19.0
Premier Financial Corp.		16,673		481,016		58.0
Prestige Consumer Healthcare, Inc.		4,202		228,925		27.6

Security	Shares		Value		% of Basket Value
United States (continued)
Primerica, Inc.		722	$	104,473		12.6	%
Primoris Services Corp.		14,470		292,149		35.2
PROG Holdings, Inc.		5,018		82,897		10.0
ProPetro Holding Corp.		7,631		90,351		10.9
PROS Holdings, Inc.		6,643		165,743		20.0
Proto Labs, Inc.		4,030		153,906		18.5
Q2 Holdings, Inc.		13,225		410,504		49.5
Quaker Chemical Corp.		2,524		410,503		49.5
Quanex Building Products Corp.		2,973		65,882		7.9
QuinStreet, Inc.		26,538		302,799		36.5
Qurate Retail, Inc.		31,441		73,572		8.9
Rambus, Inc.		2,183		65,839		7.9
Ranpak Holdings Corp.		13,913		52,869		6.4
RE/MAX Holdings, Inc., Class A		6,712		130,616		15.7
Reata Pharmaceuticals, Inc., Class A		2,460		79,212		9.5
Redfin Corp.		13,796		66,359		8.0
Repay Holdings Corp.		4,895		29,811		3.6
Republic Bancorp, Inc., Class A		1,701		78,841		9.5
Revolve Group, Inc.		1,651		39,624		4.8
REX American Resources Corp.		1,800		53,982		6.5
Rigel Pharmaceuticals, Inc.		39,217		28,574		3.4
RLJ Lodging Trust		66,185		805,471		97.0
RMR Group, Inc., Class A		18,135		496,355		59.8
Rocket Pharmaceuticals, Inc.		13,069		243,868		29.4
RPT Realty		17,038		158,453		19.1
Rush Enterprises, Inc.		6,768		362,900		43.7
Rush Enterprises, Inc., Class A		9,952		496,505		59.8
Ruth’s Hospitality Group, Inc.		375		7,793		0.9
Sabra Health Care REIT, Inc.		35,750		488,345		58.8
Sabre Corp.		35,892		208,533		25.1
Safehold, Inc.		1,933		56,540		6.8
Sage Therapeutics, Inc.		3,716		139,945		16.9
Sana Biotechnology, Inc.		4,854		28,153		3.4
Sandy Spring Bancorp, Inc.		8,971		317,932		38.3
Sangamo Therapeutics, Inc.		34,132		149,839		18.1
ScanSource, Inc.		1,245		38,570		4.6
Schneider National, Inc.		10,781		239,769		28.9
Scholastic Corp.		4,914		187,420		22.6
Select Medical Holdings Corp.		11,028		283,199		34.1
Semtech Corp.		17,248		477,597		57.5
Sensient Technologies Corp.		4,673		333,933		40.2
Shake Shack, Inc., Class A		9,574		532,027		64.1
Shutterstock, Inc.		3,552		177,707		21.4
Shyft Group, Inc.		5,746		132,043		15.9
SIGA Technologies, Inc.		2,025		18,610		2.2
Simply Good Foods Co.		11,458		438,841		52.9
Simpson Manufacturing Co., Inc.		3,469		296,530		35.7
Simulations Plus, Inc.		4,450		184,675		22.2
SkyWest, Inc.		14,581		257,792		31.1
Sleep Number Corp.		1,280		35,507		4.3
SMART Global Holdings, Inc.		3,965		53,646		6.5
Sotera Health Co.		19,007		130,768		15.8
SP Plus Corp.		906		33,549		4.0
Spectrum Brands Holdings, Inc.		1,328		61,274		7.4
Sportsman’s Warehouse Holdings, Inc.		2,578		23,150		2.8
Sprouts Farmers Market, Inc.		13,220		389,990		47.0
Standard Motor Products, Inc.		2,946		111,742		13.5
Standex International Corp.		2,769		274,269		33.0
Steelcase, Inc., Class A		7,849		60,987		7.3
Steven Madden Ltd.		4,143		123,751		14.9
Stitch Fix, Inc., Class A		48,776		195,104		23.5
Stoke Therapeutics, Inc.		10,440		155,034		18.7

SCHEDULE   OF  INVESTMENTS 79

Schedule of Investments (unaudited) (continued) October 31, 2022 BlackRock Global Equity Market Neutral Fund

Security	Shares		Value		% of Basket Value
United States (continued)
Summit Hotel Properties, Inc.		11,477	$	99,161		11.9	%
Summit Materials, Inc., Class A		27,477		724,019		87.2
SunCoke Energy, Inc.		6,538		47,466		5.7
Sunnova Energy International, Inc.		20,267		375,750		45.3
Super Micro Computer, Inc.		979		68,129		8.2
Supernus Pharmaceuticals, Inc.		17,013		583,036		70.2
Surgery Partners, Inc.		4,086		111,098		13.4
Syndax Pharmaceuticals, Inc.		5,531		126,992		15.3
Tactile Systems Technology, Inc.		15,345		114,167		13.8
Tanger Factory Outlet Centers, Inc.		15,932		286,935		34.6
Taylor Morrison Home Corp.		9,244		243,487		29.3
TechTarget, Inc.		3,160		203,978		24.6
Texas Capital Bancshares, Inc.		4,505		270,300		32.6
TG Therapeutics, Inc.		4,699		27,348		3.3
Titan Machinery, Inc.		3,030		104,171		12.5
Tootsie Roll Industries, Inc.		5,006		202,192		24.4
TPI Composites, Inc.		1,231		12,261		1.5
Transocean Ltd.		204,009		750,753		90.4
Travere Therapeutics, Inc.		1,586		34,384		4.1
Tri Pointe Homes, Inc.		21,174		354,664		42.7
TriNet Group, Inc.		8,452		549,211		66.2
Trinity Industries, Inc.		14,814		422,643		50.9
Triumph Bancorp, Inc.		1,473		75,859		9.1
TrueBlue, Inc.		9,191		180,695		21.8
TrueCar, Inc.		6,260		11,268		1.4
Trupanion, Inc.		2,192		110,630		13.3
Turning Point Brands, Inc.		9,527		224,456		27.0
Tutor Perini Corp.		24,413		181,144		21.8
U.S. Cellular Corp.		31,964		996,318		120.0
U.S. Silica Holdings, Inc.		25,227		363,017		43.7
Under Armour, Inc.		1,481		9,715		1.2
United Fire Group, Inc.		17,609		477,204		57.5
Unitil Corp.		3,533		186,224		22.4
Univest Financial Corp.		13,069		367,762		44.3
Upland Software, Inc.		32,162		258,582		31.2
Upwork, Inc.		19,223		258,549		31.1
Urban Edge Properties		12,890		182,007		21.9
Urban Outfitters, Inc.		4,900		116,914		14.1
USANA Health Sciences, Inc.		3,125		164,094		19.8
V2X, Inc.		6,982		286,192		34.5
Vanda Pharmaceuticals, Inc.		24,155		252,903		30.5
Varex Imaging Corp.		6,725		148,690		17.9
Vector Group Ltd.		7,594		80,648		9.7
Veeco Instruments, Inc.		8,430		153,679		18.5
Verint Systems, Inc.		9,169		324,858		39.1
Veritex Holdings, Inc.		12,337		389,602		46.9
Vertex, Inc., Class A		6,175		111,273		13.4
Viavi Solutions, Inc.		12,024		181,562		21.9
Vicor Corp.		458		21,879		2.6
Victory Capital Holdings, Inc., Class A		10,046		290,530		35.0
ViewRay, Inc.	��	8,106		34,775		4.2
Vishay Intertechnology, Inc.		25,718		537,763		64.8
Walker & Dunlop, Inc.		2,278		204,929		24.7
Warrior Met Coal, Inc.		2,023		75,134		9.1
Washington Federal, Inc.		345		13,352		1.6
Watts Water Technologies, Inc., Class A		398		58,251		7.0
Weis Markets, Inc.		1,895		177,505		21.4
Winmark Corp.		1,669		419,987		50.6
World Fuel Services Corp.		348		8,871		1.1
Xencor, Inc.		6,069		169,932		20.5
Xerox Holdings Corp.		26,172		382,896		46.1

Security	Shares			Value			% of Basket Value
United States (continued)
Xometry, Inc., Class A		1,187		$	71,291			8.6	%
Xperi, Inc.		1			17			0.0
Yelp, Inc.		9,090			349,147			42.1
Yext, Inc.		44,833			238,512			28.7
Zeta Global Holdings Corp., Class A		25,599			213,496			25.7
ZipRecruiter, Inc., Class A		21,349			358,023			43.1
Zumiez, Inc.		3,080			69,084			8.3
Zuora, Inc., Class A		71,909			552,980			66.6
					108,949,335
Preferred Stocks
Germany
Schaeffler AG		78,278			402,214			48.4
Total Reference Entity — Long					206,295,848
Reference Entity — Short
Common Stocks
Australia
AUB Group Ltd.		(638	)		(8,442	)		(1.0	)
Aussie Broadband Ltd.		(5,487	)		(8,202	)		(1.0	)
Austal Ltd.		(43,217	)		(68,808	)		(8.3	)
Australian Clinical Labs Ltd.		(10,194	)		(22,064	)		(2.7	)
Bapcor Ltd.		(2,780	)		(11,756	)		(1.4	)
Bega Cheese Ltd.		(157,237	)		(322,935	)		(38.9	)
Bellevue Gold Ltd.		(181,880	)		(85,857	)		(10.3	)
Brickworks Ltd.		(12,694	)		(179,730	)		(21.7	)
BWP Trust		(10,115	)		(26,459	)		(3.2	)
Centuria Capital Group		(85,838	)		(92,496	)		(11.1	)
Centuria Industrial REIT		(29,691	)		(57,700	)		(7.0	)
Charter Hall Long Wale REIT		(30,825	)		(85,950	)		(10.4	)
City Chic Collective Ltd.		(9,679	)		(8,051	)		(1.0	)
Core Lithium Ltd.		(38,317	)		(33,878	)		(4.1	)
Corporate Travel Management Ltd.		(3,019	)		(33,706	)		(4.1	)
Cromwell Property Group		(1,176,970	)		(527,852	)		(63.6	)
Dicker Data Ltd.		(3,531	)		(24,336	)		(2.9	)
Elders Ltd.		(20,113	)		(167,688	)		(20.2	)
EML Payments Ltd.		(13,487	)		(3,477	)		(0.4	)
G8 Education Ltd.		(156,544	)		(96,633	)		(11.6	)
Grange Resources Ltd.		(744	)		(295	)		(0.0	)
GUD Holdings Ltd.		(26,118	)		(134,339	)		(16.2	)
Hansen Technologies Ltd.		(20,544	)		(64,696	)		(7.8	)
Healius Ltd.		(121,039	)		(265,150	)		(31.9	)
HomeCo Daily Needs REIT		(91,932	)		(75,225	)		(9.1	)
HUB24 Ltd.		(4,782	)		(77,537	)		(9.3	)
Imugene Ltd.		(1,689,376	)		(188,339	)		(22.7	)
Ingenia Communities Group		(2,974	)		(7,463	)		(0.9	)
Inghams Group Ltd.		(441,802	)		(714,758	)		(86.1	)
Integral Diagnostics Ltd.		(4,946	)		(8,318	)		(1.0	)
InvoCare Ltd.		(97,080	)		(634,862	)		(76.5	)
IPH Ltd.		(18,760	)		(119,310	)		(14.4	)
IRESS Ltd.		(89,541	)		(581,185	)		(70.0	)
Karoon Energy Ltd.		(340,542	)		(463,071	)		(55.8	)
Kelsian Group Ltd.		(56,377	)		(168,720	)		(20.3	)
Link Administration Holdings Ltd.		(28,897	)		(63,195	)		(7.6	)
Mayne Pharma Group Ltd.		(32,773	)		(5,661	)		(0.7	)
Megaport Ltd.		(8,067	)		(31,292	)		(3.8	)
nib holdings Ltd.		(48,510	)		(207,577	)		(25.0	)
OceanaGold Corp.		(153,228	)		(222,697	)		(26.8	)
Omni Bridgeway Ltd.		(92,238	)		(265,551	)		(32.0	)
Pact Group Holdings Ltd.		(12,956	)		(11,886	)		(1.4	)
Paladin Energy Ltd.		(784,018	)		(424,460	)		(51.1	)

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

Schedule of Investments (unaudited) (continued) October 31, 2022 BlackRock Global Equity Market Neutral Fund

Security	Shares			Value			% of Basket Value
Australia (continued)
Perseus Mining Ltd.		(55,283	)	$	(64,388	)		(7.8	)%
PointsBet Holdings, Ltd.		(203,975	)		(265,488	)		(32.0	)
Regis Resources Ltd.		(75,215	)		(73,336	)		(8.8	)
Sayona Mining Ltd.		(1,593,034	)		(239,291	)		(28.8	)
Select Harvests Ltd.		(19,120	)		(64,872	)		(7.8	)
Sigma Healthcare Ltd.		(274,831	)		(111,370	)		(13.4	)
SolGold PLC		(470,494	)		(86,330	)		(10.4	)
Super Retail Group Ltd.		(39,162	)		(257,498	)		(31.0	)
Tassal Group Ltd.		(31,700	)		(105,262	)		(12.7	)
Telix Pharmaceuticals Ltd.		(28,466	)		(126,186	)		(15.2	)
United Malt Group Ltd.		(121,227	)		(241,198	)		(29.1	)
Vulcan Steel Ltd.		(987	)		(4,736	)		(0.6	)
West African Resources Ltd.		(240,422	)		(159,192	)		(19.2	)
Westgold Resources Ltd.		(91,601	)		(42,784	)		(5.2	)
					(8,443,538	)
Austria
FACC AG		(32,072	)		(206,018	)		(24.8	)
Immofinanz AG		(34,134	)		(0	)		0.0
Rhi Magnesita NV		(1,945	)		(41,343	)		(5.0	)
Semperit AG Holding		(9,711	)		(192,014	)		(23.1	)
Strabag SE		(382	)		(14,666	)		(1.8	)
					(454,041	)
Bahamas
OneSpaWorld Holdings Ltd.		(4,001	)		(36,289	)		(4.4	)
Belgium
Biocartis NV		(21	)		(25	)		(0.0	)
bpost SA		(75,359	)		(372,506	)		(44.9	)
Cofinimmo SA		(4,128	)		(342,357	)		(41.2	)
Fagron		(4,713	)		(58,673	)		(7.1	)
Gimv NV		(7,846	)		(334,975	)		(40.4	)
KBC Ancora		(7,011	)		(249,226	)		(30.0	)
Kinepolis Group NV		(4,893	)		(184,450	)		(22.2	)
Telenet Group Holding NV		(3,848	)		(58,668	)		(7.1	)
Tessenderlo Group SA		(244	)		(7,396	)		(0.9	)
VGP NV		(748	)		(56,717	)		(6.8	)
X-Fab Silicon Foundries SE		(923	)		(4,778	)		(0.6	)
					(1,669,771	)
Bermuda
Enstar Group Ltd.		(627	)		(125,726	)		(15.2	)
Canada									��
Absolute Software Corp.		(4,474	)		(53,727	)		(6.5	)
Ag Growth International, Inc.		(6,075	)		(155,626	)		(18.7	)
Algoma Steel Group, Inc.		(11,739	)		(79,532	)		(9.6	)
Allied Properties Real Estate Investment Trust		(6,425	)		(124,458	)		(15.0	)
Altus Group Ltd.		(1,189	)		(42,250	)		(5.1	)
Badger Infrastructure Solutions Ltd.		(730	)		(15,421	)		(1.9	)
BELLUS Health, Inc.		(2,726	)		(25,292	)		(3.0	)
Brookfield Asset Management Reinsurance
Partners Ltd., Class A		(1,656	)		(65,457	)		(7.9	)
Cascades, Inc.		(952	)		(6,177	)		(0.7	)
Choice Properties Real Estate Investment Trust		(59,780	)		(574,390	)		(69.2	)
City Office REIT, Inc.		(2,274	)		(24,150	)		(2.9	)
Cogeco Communications, Inc.		(1,444	)		(73,644	)		(8.9	)
Cogeco, Inc.		(4,055	)		(172,695	)		(20.8	)
Converge Technology Solutions Corp.		(41,673	)		(170,687	)		(20.6	)
Denison Mines Corp.		(91,178	)		(115,115	)		(13.9	)
Dye & Durham Ltd.		(19,053	)		(210,760	)		(25.4	)
Equinox Gold Corp.		(113,955	)		(375,570	)		(45.2	)

Security	Shares			Value			% of Basket Value
Canada (continued)
ERO Copper Corp.		(19,874	)	$	(226,260	)		(27.3	)%
Fiera Capital Corp.		(4,498	)		(28,625	)		(3.4	)
Frontera Energy Corp.		(6,037	)		(50,517	)		(6.1	)
Hardwoods Distribution, Inc.		(11,090	)		(203,753	)		(24.5	)
Interfor Corp.		(1,822	)		(32,365	)		(3.9	)
Lassonde Industries, Inc., Class A		(53	)		(4,575	)		(0.6	)
Lundin Gold, Inc.		(2,858	)		(20,643	)		(2.5	)
Maple Leaf Foods, Inc.		(34,312	)		(508,503	)		(61.3	)
Martinrea International, Inc.		(7,928	)		(50,803	)		(6.1	)
Mercer International, Inc.		(12,383	)		(166,180	)		(20.0	)
Minto Apartment Real Estate Investment Trust		(23,096	)		(225,984	)		(27.2	)
New Gold, Inc.		(375,384	)		(338,916	)		(40.8	)
North West Co., Inc.		(4,259	)		(110,824	)		(13.4	)
NorthWest Healthcare Properties Real Estate
Investment Trust		(2,802	)		(22,089	)		(2.7	)
Obsidian Energy Ltd.		(990	)		(9,004	)		(1.1	)
Orla Mining Ltd.		(17,222	)		(54,358	)		(6.5	)
Pipestone Energy Corp.		(7,557	)		(22,798	)		(2.7	)
Pollard Banknote Ltd.		(7,921	)		(97,156	)		(11.7	)
Premium Brands Holdings Corp.		(7,647	)		(451,125	)		(54.4	)
Primaris Real Estate Investment Trust		(10,046	)		(103,458	)		(12.5	)
Seabridge Gold, Inc.		(584	)		(6,237	)		(0.8	)
Sierra Wireless, Inc.		(7,321	)		(217,478	)		(26.2	)
SilverCrest Metals, Inc.		(27,548	)		(138,109	)		(16.6	)
Skeena Resources Ltd.		(9,840	)		(44,348	)		(5.3	)
Spartan Delta Corp.		(4,978	)		(45,821	)		(5.5	)
Stella-Jones, Inc.		(13,748	)		(414,050	)		(49.9	)
Summit Industrial Income REIT		(4,097	)		(52,357	)		(6.3	)
Superior Plus Corp.		(43,629	)		(331,777	)		(40.0	)
Transcontinental, Inc., Class A		(1,037	)		(11,836	)		(1.4	)
Uni-Select, Inc.		(9,464	)		(256,685	)		(30.9	)
Wesdome Gold Mines Ltd.		(5,406	)		(32,420	)		(3.9	)
Winpak Ltd.		(1,753	)		(53,426	)		(6.4	)
Xenon Pharmaceuticals, Inc.		(4,056	)		(148,328	)		(17.9	)
					(6,765,759	)
Cayman Islands
Theravance Biopharma, Inc.		(5,083	)		(50,677	)		(6.1	)
China
E-Commodities Holdings Ltd.		(118,000	)		(15,628	)		(1.9	)
Fosun Tourism Group		(160,200	)		(139,945	)		(16.8	)
					(155,573	)
Costa Rica
Establishment Labs Holdings, Inc.		(3,325	)		(187,497	)		(22.6	)
Cyprus
Atalaya Mining PLC		(1,386	)		(4,387	)		(0.5	)
Denmark
NTG Nordic Transport Group A/S		(3,288	)		(106,651	)		(12.9	)
Finland
Aktia Bank OYJ		(9,113	)		(90,600	)		(10.9	)
Kamux Corp.		(16,162	)		(78,167	)		(9.4	)
Kemira OYJ		(14,058	)		(185,627	)		(22.4	)
Metsa Board OYJ, Class B		(37,828	)		(284,558	)		(34.3	)
Puuilo OYJ		(17,825	)		(89,840	)		(10.8	)
Remedy Entertainment OYJ		(2,911	)		(54,616	)		(6.6	)
Sanoma OYJ		(16,182	)		(189,433	)		(22.8	)

SCHEDULE   OF  INVESTMENTS 81

Schedule of Investments (unaudited) (continued) October 31, 2022 BlackRock Global Equity Market Neutral Fund

Security	Shares			Value			% of Basket Value
Finland (continued)
Spinnova OYJ		(1,870	)	$	(7,292	)		(0.9	)%
Tokmanni Group Corp.		(15,318	)		(185,212	)		(22.3	)
					(1,165,345	)
France
ABC arbitrage		(7,452	)		(48,163	)		(5.8	)
Altarea SCA		(1,823	)		(242,845	)		(29.3	)
Antin Infrastructure Partners SA		(8,465	)		(184,209	)		(22.2	)
Aramis Group SAS		(23,773	)		(109,178	)		(13.1	)
Boiron SA		(145	)		(6,620	)		(0.8	)
CGG SA		(21,779	)		(18,501	)		(2.2	)
Chargeurs SA		(2,452	)		(32,411	)		(3.9	)
Cie Plastic Omnium SA		(4,955	)		(69,429	)		(8.4	)
Derichebourg SA		(11,769	)		(51,392	)		(6.2	)
Elis SA		(12,137	)		(138,992	)		(16.7	)
Fnac Darty SA		(2,415	)		(74,607	)		(9.0	)
IPSOS		(2,415	)		(116,903	)		(14.1	)
LNA Sante SA		(215	)		(6,268	)		(0.8	)
Maisons du Monde SA		(5,549	)		(54,393	)		(6.5	)
Mercialys SA		(23,227	)		(201,130	)		(24.2	)
Quadient SA		(1,895	)		(26,661	)		(3.2	)
Societe BIC SA		(5,296	)		(304,023	)		(36.6	)
Sopra Steria Group SACA		(2,080	)		(275,314	)		(33.2	)
Trigano SA		(1,483	)		(151,796	)		(18.3	)
Verallia SA		(19,359	)		(548,535	)		(66.1	)
Virbac SA		(972	)		(238,187	)		(28.7	)
					(2,899,557	)
Germany
About You Holding SE		(2,018	)		(9,853	)		(1.2	)
AURELIUS Equity Opportunities SE & Co. KGaA		(1,120	)		(23,681	)		(2.9	)
BayWa AG		(5,745	)		(259,236	)		(31.2	)
Bike24 Holding AG		(136	)		(394	)		(0.0	)
CECONOMY AG		(21,772	)		(35,432	)		(4.3	)
Cewe Stiftung & Co. KGAA		(1,528	)		(119,691	)		(14.4	)
CompuGroup Medical SE & Co. KgaA		(1,280	)		(40,440	)		(4.9	)
Energiekontor AG		(596	)		(52,923	)		(6.4	)
Grand City Properties SA		(9,332	)		(90,778	)		(10.9	)
Hamborner REIT AG		(15,532	)	��	(110,805	)		(13.3	)
Hamburger Hafen und Logistik AG		(2,911	)		(34,095	)		(4.1	)
Indus Holding AG		(2,821	)		(55,667	)		(6.7	)
Instone Real Estate Group AG		(6,345	)		(46,183	)		(5.6	)
Jenoptik AG		(9,870	)		(216,381	)		(26.1	)
JOST Werke AG		(2,059	)		(87,868	)		(10.6	)
Kloeckner & Co. SE		(17,166	)		(134,533	)		(16.2	)
Medios AG		(4,469	)		(82,500	)		(9.9	)
OHB SE		(181	)		(5,078	)		(0.6	)
PATRIZIA SE		(13,158	)		(96,573	)		(11.6	)
PNE AG		(13,331	)		(253,715	)		(30.6	)
Salzgitter AG		(4,297	)		(96,032	)		(11.6	)
SGL Carbon SE		(26,807	)		(190,138	)		(22.9	)
Stroeer SE & Co. KGaA		(9,006	)		(367,165	)		(44.2	)
Suedzucker AG		(14,777	)		(188,317	)		(22.7	)
Synlab AG		(11,151	)		(143,581	)		(17.3	)
Takkt AG		(16,266	)		(210,662	)		(25.4	)
Vossloh AG		(200	)		(7,177	)		(0.9	)
Wuestenrot & Wuerttembergische AG		(4,652	)		(65,633	)		(7.9	)
					(3,024,531	)
Hong Kong
CK Life Sciences Int’l Holdings, Inc.		(486,000	)		(36,505	)		(4.4	)
Fortune Real Estate Investment Trust		(334,000	)		(213,197	)		(25.7	)

Security	Shares			Value			% of Basket Value
Hong Kong (continued)
Lifestyle International Holdings Ltd.		(18,000	)	$	(10,673	)		(1.3	)%
Pacific Textiles Holdings Ltd.		(40,000	)		(11,927	)		(1.4	)
Prosperity REIT		(692,000	)		(146,369	)		(17.6	)
Sun Hung Kai & Co. Ltd.		(34,000	)		(11,873	)		(1.4	)
SUNeVision Holdings Ltd.		(160,000	)		(84,762	)		(10.2	)
Theme International Holdings Ltd.		(130,000	)		(12,412	)		(1.5	)
Viva China Holdings Ltd.		(104,000	)		(12,989	)		(1.6	)
					(540,707	)
Ireland
C&C Group PLC		(285,731	)		(536,110	)		(64.6	)
Cairn Homes PLC		(80,431	)		(77,872	)		(9.4	)
COSMO Pharmaceuticals NV		(2,931	)		(171,168	)		(20.6	)
Greencore Group PLC		(367,230	)		(282,163	)		(34.0	)
Irish Residential Properties REIT PLC		(46,003	)		(49,736	)		(6.0	)
					(1,117,049	)
Israel
Camtek Ltd.		(2,148	)		(48,449	)		(5.8	)
Innovid Corp.		(7,537	)		(28,188	)		(3.4	)
Isracard Ltd.		(6,206	)		(18,350	)		(2.2	)
Ituran Location and Control Ltd.		(3,451	)		(82,755	)		(10.0	)
JFrog Ltd.		(585	)		(14,859	)		(1.8	)
Perion Network Ltd.		(4,089	)		(93,796	)		(11.3	)
RADA Electronic Industries Ltd.		(12,234	)		(140,691	)		(17.0	)
Taro Pharmaceutical Industries Ltd.		(2,004	)		(59,980	)		(7.2	)
					(487,068	)
Italy
Ariston Holding NV		(2,749	)		(23,468	)		(2.8	)
Carel Industries SpA		(504	)		(10,977	)		(1.3	)
doValue SpA		(5,973	)		(34,402	)		(4.2	)
Enav SpA		(8,219	)		(31,783	)		(3.8	)
Fila SpA		(9,028	)		(61,547	)		(7.4	)
Gruppo MutuiOnline SpA		(803	)		(17,761	)		(2.1	)
GVS SpA		(4,019	)		(20,619	)		(2.5	)
Illimity Bank SpA		(7,048	)		(47,932	)		(5.8	)
Immobiliare Grande Distribuzione SIIQ SpA		(1,750	)		(5,041	)		(0.6	)
Italmobiliare SpA		(263	)		(6,723	)		(0.8	)
MFE-MediaForEurope NV, Class A		(375,795	)		(131,830	)		(15.9	)
RAI Way SpA		(18,885	)		(90,468	)		(10.9	)
Technogym SpA		(25,044	)		(172,178	)		(20.7	)
Tod’s SpA		(522	)		(16,290	)		(2.0	)
					(671,019	)
Japan
ADEKA Corp.		(13,000	)		(194,355	)		(23.4	)
Aeon Hokkaido Corp.		(5,700	)		(45,037	)		(5.4	)
Aichi Corp.		(5,400	)		(28,672	)		(3.5	)
Aiful Corp.		(242,300	)		(659,919	)		(79.5	)
Airtrip Corp.		(8,800	)		(146,746	)		(17.7	)
Alpen Co. Ltd.		(1,500	)		(20,386	)		(2.5	)
Alpha Systems, Inc.		(3,600	)		(103,908	)		(12.5	)
Appier Group, Inc.		(26,500	)		(253,016	)		(30.5	)
Arcland Corp.		(56,000	)		(555,422	)		(66.9	)
ARTERIA Networks Corp.		(13,900	)		(112,238	)		(13.5	)
Asahi Holdings, Inc.		(19,600	)		(249,965	)		(30.1	)
Atom Corp.		(45,800	)		(243,321	)		(29.3	)
Awa Bank Ltd.		(26,500	)		(333,127	)		(40.1	)
Axial Retailing, Inc.		(1,800	)		(40,990	)		(4.9	)
Bushiroad, Inc.		(2,000	)		(11,955	)		(1.4	)
C Uyemura & Co. Ltd.		(100	)		(4,574	)		(0.5	)
Cawachi Ltd.		(1,300	)		(17,992	)		(2.2	)

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

Schedule of Investments (unaudited) (continued) October 31, 2022 BlackRock Global Equity Market Neutral Fund

Security	Shares			Value			% of Basket Value
Japan (continued)
CellSource Co. Ltd.		(1,000	)	$	(29,494	)		(3.6	)%
Central Glass Co. Ltd.		(11,700	)		(276,268	)		(33.3	)
Chofu Seisakusho Co. Ltd.		(2,900	)		(39,604	)		(4.8	)
Citizen Watch Co. Ltd.		(11,800	)		(49,557	)		(6.0	)
COLOPL, Inc.		(91,100	)		(429,090	)		(51.7	)
Colowide Co. Ltd.		(16,500	)		(202,473	)		(24.4	)
Comforia Residential REIT, Inc.		(50	)		(106,147	)		(12.8	)
CONEXIO Corp.		(6,400	)		(48,984	)		(5.9	)
Create Restaurants Holdings, Inc.		(39,600	)		(249,969	)		(30.1	)
Cybozu, Inc.		(4,300	)		(54,937	)		(6.6	)
Daiho Corp.		(2,300	)		(65,224	)		(7.9	)
Daiki Aluminium Industry Co. Ltd.		(57,600	)		(495,968	)		(59.8	)
Daishi Hokuetsu Financial Group, Inc.		(35,600	)		(628,737	)		(75.7	)
Daiwabo Holdings Co. Ltd.		(15,100	)		(194,840	)		(23.5	)
DCM Holdings Co. Ltd.		(3,300	)		(25,713	)		(3.1	)
DTS Corp.		(9,500	)		(225,859	)		(27.2	)
Duskin Co. Ltd.		(19,100	)		(366,252	)		(44.1	)
DyDo Group Holdings, Inc.		(1,700	)		(51,874	)		(6.2	)
eRex Co. Ltd.		(20,900	)		(353,699	)		(42.6	)
ES-Con Japan Ltd.		(4,300	)		(23,434	)		(2.8	)
Exedy Corp.		(20,000	)		(234,468	)		(28.2	)
Fuji Soft, Inc.		(2,900	)		(157,767	)		(19.0	)
Fujicco Co. Ltd.		(4,600	)		(58,824	)		(7.1	)
Fujio Food Group, Inc.		(28,500	)		(267,650	)		(32.2	)
Fujitec Co. Ltd.		(36,000	)		(715,082	)		(86.1	)
Fukushima Galilei Co. Ltd.		(2,800	)		(77,001	)		(9.3	)
Fukuyama Transporting Co. Ltd.		(400	)		(8,727	)		(1.0	)
GLOBERIDE, Inc.		(19,900	)		(311,037	)		(37.5	)
Glory Ltd.		(48,900	)		(753,971	)		(90.8	)
GMO Financial Holdings, Inc.		(42,100	)		(161,701	)		(19.5	)
GMO GlobalSign Holdings KK		(300	)		(9,325	)		(1.1	)
GNI Group Ltd.		(15,400	)		(146,589	)		(17.7	)
G-Tekt Corp.		(4,900	)		(43,801	)		(5.3	)
Hankyu Hanshin REIT, Inc.		(130	)		(134,951	)		(16.3	)
Hanwa Co. Ltd.		(1,500	)		(36,276	)		(4.4	)
Hioki EE Corp.		(200	)		(9,547	)		(1.1	)
Hirata Corp.		(6,300	)		(184,297	)		(22.2	)
HIS Co. Ltd.		(17,600	)		(243,850	)		(29.4	)
Hogy Medical Co. Ltd.		(5,100	)		(113,113	)		(13.6	)
Hokkoku Financial Holdings, Inc.		(6,300	)		(192,364	)		(23.2	)
Hokuetsu Corp.		(38,000	)		(197,123	)		(23.7	)
Hokuhoku Financial Group, Inc.		(25,400	)		(152,597	)		(18.4	)
Hokuto Corp.		(29,300	)		(378,192	)		(45.6	)
Hosiden Corp.		(17,700	)		(186,697	)		(22.5	)
Hyakugo Bank Ltd.		(119,000	)		(263,415	)		(31.7	)
Ichibanya Co. Ltd.		(2,100	)		(64,798	)		(7.8	)
Idec Corp.		(2,200	)		(47,121	)		(5.7	)
Inaba Denki Sangyo Co. Ltd.		(4,400	)		(82,134	)		(9.9	)
Inageya Co. Ltd.		(3,000	)		(22,719	)		(2.7	)
IR Japan Holdings Ltd.		(4,400	)		(64,334	)		(7.7	)
Iriso Electronics Co. Ltd.		(1,900	)		(55,047	)		(6.6	)
Itochu Advance Logistics Investment Corp.		(151	)		(147,668	)		(17.8	)
Itochu-Shokuhin Co. Ltd.		(1,000	)		(32,808	)		(4.0	)
Japan Display, Inc.		(412,800	)		(138,220	)		(16.6	)
Japan Elevator Service Holdings Co. Ltd.		(5,600	)		(66,055	)		(8.0	)
Japan Material Co. Ltd.		(8,900	)		(117,174	)		(14.1	)
J-Oil Mills, Inc.		(10,800	)		(114,877	)		(13.8	)
Kameda Seika Co. Ltd.		(1,500	)		(46,350	)		(5.6	)
Kanto Denka Kogyo Co. Ltd.		(36,700	)		(234,107	)		(28.2	)
Kappa Create Co. Ltd.		(6,600	)		(62,353	)		(7.5	)
Katakura Industries Co. Ltd.		(30,700	)		(420,042	)		(50.6	)
Keiyo Bank Ltd.		(19,900	)		(69,899	)		(8.4	)

Security	Shares			Value			% of Basket Value
Japan (continued)
KH Neochem Co. Ltd.		(9,900	)	$	(168,977	)		(20.4	)%
Kisoji Co. Ltd.		(8,400	)		(124,286	)		(15.0	)
Kiyo Bank Ltd.		(45,700	)		(440,090	)		(53.0	)
Koa Corp.		(21,400	)		(308,212	)		(37.1	)
Kohnan Shoji Co. Ltd.		(11,800	)		(247,069	)		(29.8	)
Komeri Co. Ltd.		(13,700	)		(239,010	)		(28.8	)
Konishi Co. Ltd.		(9,400	)		(109,806	)		(13.2	)
Kureha Corp.		(6,100	)		(391,678	)		(47.2	)
KYB Corp.		(19,000	)		(415,643	)		(50.1	)
KYORIN Holdings, Inc.		(30,900	)		(382,354	)		(46.1	)
Kyoritsu Maintenance Co. Ltd.		(8,100	)		(333,687	)		(40.2	)
Leopalace21 Corp.		(141,500	)		(269,250	)		(32.4	)
LITALICO, Inc.		(900	)		(19,019	)		(2.3	)
Macnica Holdings, Inc.		(5,800	)		(116,006	)		(14.0	)
Management Solutions Co. Ltd.		(6,400	)		(126,154	)		(15.2	)
Maruha Nichiro Corp.		(21,900	)		(337,693	)		(40.7	)
Maruwa Co. Ltd/Aichi		(3,100	)		(364,224	)		(43.9	)
Medley, Inc.		(500	)		(12,124	)		(1.5	)
MedPeer, Inc.		(32,100	)		(329,904	)		(39.7	)
Meiko Electronics Co. Ltd.		(5,200	)		(92,184	)		(11.1	)
Micronics Japan Co. Ltd.		(9,400	)		(86,900	)		(10.5	)
Mitani Sekisan Co. Ltd.		(4,400	)		(113,121	)		(13.6	)
Mitsubishi Estate Logistics REIT Investment Corp.		(145	)		(429,154	)		(51.7	)
Mitsuuroko Group Holdings Co. Ltd.		(12,000	)		(82,609	)		(10.0	)
Mizuno Corp.		(2,900	)		(49,648	)		(6.0	)
Modec, Inc.		(9,400	)		(102,292	)		(12.3	)
Mori Trust Hotel Reit, Inc.		(46	)		(43,638	)		(5.3	)
Musashi Seimitsu Industry Co. Ltd.		(3,600	)		(41,548	)		(5.0	)
Musashino Bank Ltd.		(6,400	)		(73,907	)		(8.9	)
Nafco Co. Ltd.		(2,600	)		(27,578	)		(3.3	)
Nagawa Co. Ltd.		(5,400	)		(269,513	)		(32.5	)
Nanto Bank Ltd.		(13,300	)		(190,581	)		(23.0	)
Nichias Corp.		(500	)		(7,714	)		(0.9	)
Nippon Carbon Co. Ltd.		(24,600	)		(696,366	)		(83.9	)
Nippon Steel Trading Corp.		(6,000	)		(206,442	)		(24.9	)
Nishi-Nippon Financial Holdings, Inc.		(44,800	)		(228,489	)		(27.5	)
Nishio Rent All Co. Ltd.		(400	)		(8,043	)		(1.0	)
Nissha Co. Ltd.		(35,000	)		(412,068	)		(49.6	)
Nojima Corp.		(14,200	)		(118,262	)		(14.2	)
Noritsu Koki Co. Ltd.		(5,700	)		(102,614	)		(12.4	)
Noritz Corp.		(11,900	)		(122,148	)		(14.7	)
North Pacific Bank Ltd.		(98,100	)		(155,827	)		(18.8	)
NS United Kaiun Kaisha Ltd.		(8,500	)		(211,550	)		(25.5	)
Ogaki Kyoritsu Bank Ltd.		(15,100	)		(178,260	)		(21.5	)
Ohsho Food Service Corp.		(2,300	)		(98,068	)		(11.8	)
Oisix ra daichi, Inc.		(31,100	)		(350,835	)		(42.3	)
Okasan Securities Group, Inc.		(18,200	)		(43,291	)		(5.2	)
Okinawa Financial Group, Inc.		(6,800	)		(94,175	)		(11.3	)
One REIT, Inc.		(244	)		(406,648	)		(49.0	)
Open Door, Inc.		(19,700	)		(236,108	)		(28.4	)
Optorun Co. Ltd.		(7,900	)		(112,177	)		(13.5	)
Organo Corp.		(4,800	)		(82,817	)		(10.0	)
Osaka Soda Co. Ltd.		(3,100	)		(75,342	)		(9.1	)
Pacific Metals Co. Ltd.		(4,700	)		(58,048	)		(7.0	)
PAL GROUP Holdings Co. Ltd.		(13,400	)		(191,343	)		(23.1	)
Paramount Bed Holdings Co. Ltd.		(3,300	)		(58,746	)		(7.1	)
Pasona Group, Inc.		(7,600	)		(104,542	)		(12.6	)
Pharma Foods International Co. Ltd.		(45,100	)		(398,692	)		(48.0	)
Pilot Corp.		(8,200	)		(318,810	)		(38.4	)
Piolax, Inc.		(6,600	)		(82,067	)		(9.9	)
PKSHA Technology, Inc.		(17,400	)		(227,590	)		(27.4	)

SCHEDULE   OF  INVESTMENTS 83

Schedule of Investments (unaudited) (continued) October 31, 2022 BlackRock Global Equity Market Neutral Fund

Security	Shares			Value			% of Basket Value
Japan (continued)
Plus Alpha Consulting Co. Ltd.		(500	)	$	(7,915	)		(1.0	)%
Raksul, Inc.		(24,900	)		(489,712	)		(59.0	)
Riken Keiki Co. Ltd.		(7,600	)		(208,966	)		(25.2	)
Roland Corp.		(6,100	)		(173,093	)		(20.9	)
Rorze Corp.		(7,700	)		(386,936	)		(46.6	)
RS Technologies Co. Ltd.		(1,400	)		(69,431	)		(8.4	)
Ryosan Co. Ltd.		(7,500	)		(132,630	)		(16.0	)
Saibu Gas Co. Ltd.		(8,000	)		(92,764	)		(11.2	)
Sakata INX Corp.		(1,200	)		(8,587	)		(1.0	)
San-A Co. Ltd.		(4,700	)		(137,082	)		(16.5	)
SanBio Co. Ltd.		(8,400	)		(49,342	)		(5.9	)
Sangetsu Corp.		(3,100	)		(32,825	)		(4.0	)
Sanki Engineering Co. Ltd.		(17,500	)		(189,436	)		(22.8	)
Sansan, Inc.		(36,400	)		(360,945	)		(43.5	)
Sanyo Denki Co. Ltd.		(7,100	)		(259,891	)		(31.3	)
Sanyo Special Steel Co. Ltd.		(600	)		(7,699	)		(0.9	)
SBS Holdings, Inc.		(6,900	)		(134,349	)		(16.2	)
Seiko Holdings Corp.		(4,000	)		(84,725	)		(10.2	)
Senko Group Holdings Co. Ltd.		(24,800	)		(165,662	)		(20.0	)
Shibuya Corp.		(4,000	)		(69,035	)		(8.3	)
Shiga Bank Ltd.		(13,100	)		(221,764	)		(26.7	)
Shima Seiki Manufacturing Ltd.		(2,400	)		(33,484	)		(4.0	)
Shoei Foods Corp.		(400	)		(11,039	)		(1.3	)
Showa Sangyo Co. Ltd.		(4,500	)		(76,485	)		(9.2	)
Simplex Holdings, Inc.		(16,700	)		(266,190	)		(32.1	)
SOSiLA Logistics REIT, Inc.		(211	)		(202,252	)		(24.4	)
Star Micronics Co. Ltd.		(21,200	)		(242,847	)		(29.3	)
Starts Proceed Investment Corp.		(45	)		(71,720	)		(8.6	)
T Hasegawa Co. Ltd.		(13,700	)		(291,426	)		(35.1	)
Takeuchi Manufacturing Co. Ltd.		(6,300	)		(127,052	)		(15.3	)
Tenma Corp.		(19,700	)		(273,881	)		(33.0	)
T-Gaia Corp.		(11,100	)		(123,554	)		(14.9	)
TKC Corp.		(600	)		(15,316	)		(1.8	)
TKP Corp.		(1,500	)		(30,391	)		(3.7	)
Toagosei Co. Ltd.		(7,600	)		(58,393	)		(7.0	)
TOC Co. Ltd.		(2,200	)		(11,434	)		(1.4	)
Toei Co. Ltd.		(800	)		(98,265	)		(11.8	)
Toho Bank Ltd.		(263,500	)		(363,219	)		(43.8	)
TOKAI Holdings Corp.		(60,200	)		(359,532	)		(43.3	)
Tokai Tokyo Financial Holdings, Inc.		(91,800	)		(210,437	)		(25.4	)
Tokushu Tokai Paper Co. Ltd.		(11,600	)		(228,153	)		(27.5	)
Tokuyama Corp.		(11,500	)		(134,094	)		(16.2	)
Tokyo Seimitsu Co. Ltd.		(8,700	)		(261,649	)		(31.5	)
Tokyo Steel Manufacturing Co. Ltd.		(17,400	)		(149,391	)		(18.0	)
TOMONY Holdings, Inc.		(102,000	)		(221,613	)		(26.7	)
Tomy Co. Ltd.		(44,600	)		(391,626	)		(47.2	)
Topre Corp.		(3,500	)		(27,675	)		(3.3	)
Toyo Tanso Co. Ltd.		(10,000	)		(250,262	)		(30.1	)
Trancom Co. Ltd.		(3,800	)		(194,702	)		(23.5	)
TRE Holdings Corp.		(6,100	)		(65,791	)		(7.9	)
United Super Markets Holdings, Inc.		(2,800	)		(19,715	)		(2.4	)
WDB Holdings Co. Ltd.		(800	)		(13,797	)		(1.7	)
WealthNavi, Inc.		(12,800	)		(119,157	)		(14.4	)
Yokowo Co. Ltd.		(5,500	)		(74,966	)		(9.0	)
Yonex Co. Ltd.		(800	)		(7,411	)		(0.9	)
Yoshinoya Holdings Co. Ltd.		(31,700	)		(498,224	)		(60.0	)
Zojirushi Corp.		(5,200	)		(52,432	)		(6.3	)
					(34,349,122	)

Security	Shares			Value			% of Basket Value
Liechtenstein
Implantica AG, SDR		(7,960	)	$	(34,389	)		(4.1	)%
Luxembourg
Befesa SA		(7,110	)		(246,947	)		(29.7	)
Solutions 30 SE		(3,362	)		(6,480	)		(0.8	)
					(253,427	)
Macau
MECOM Power and Construction Ltd.		(102,000	)		(20,809	)		(2.5	)
Malta
Kindred Group PLC, SDR		(41,025	)		(355,885	)		(42.9	)
Netherlands
Core Laboratories NV		(4,873	)		(94,829	)		(11.4	)
Flow Traders		(13,157	)		(316,739	)		(38.2	)
NSI NV		(2,357	)		(56,356	)		(6.8	)
PostNL NV		(62,376	)		(97,661	)		(11.8	)
SIF Holding NV		(9	)		(92	)		(0.0	)
TKH Group NV		(3,496	)		(123,626	)		(14.9	)
					(689,303	)
New Zealand
Pushpay Holdings Ltd.		(22,198	)		(16,102	)		(1.9	)
Norway
Aker Carbon Capture ASA		(44,605	)		(50,195	)		(6.1	)
Aker Solutions ASA		(36,785	)		(140,447	)		(16.9	)
Crayon Group Holding ASA		(5,199	)		(43,103	)		(5.2	)
Europris ASA		(25,415	)		(151,325	)		(18.2	)
Hexagon Composites ASA		(34,845	)		(80,061	)		(9.6	)
Hexagon Purus Holding		(6,508	)		(12,625	)		(1.5	)
Kahoot! ASA		(86,578	)		(184,602	)		(22.2	)
LINK Mobility Group Holding ASA		(6,936	)		(5,385	)		(0.7	)
Nykode Therapeutics		(4,807	)		(11,547	)		(1.4	)
SpareBank 1 SR-Bank ASA		(11,211	)		(114,164	)		(13.8	)
Wallenius Wilhelmsen ASA		(2,226	)		(15,826	)		(1.9	)
					(809,280	)
Peru
Hochschild Mining PLC		(158,215	)		(96,672	)		(11.7	)
Portugal
Corticeira Amorim SGPS SA		(1,521	)		(14,700	)		(1.8	)
CTT-Correios de Portugal SA		(189,187	)		(583,966	)		(70.4	)
NOS SGPS SA		(102,398	)		(401,070	)		(48.3	)
					(999,736	)
Puerto Rico
First BanCorp		(25,937	)		(409,545	)		(49.3	)
Singapore
AEM Holdings Ltd.		(113,900	)		(258,300	)		(31.1	)
BW Energy Ltd.		(6,037	)		(15,212	)		(1.8	)
CapitaLand China Trust		(18,500	)		(12,676	)		(1.5	)
Japfa Ltd.		(1,268,400	)		(456,871	)		(55.1	)
Maxeon Solar Technologies Ltd.		(1,179	)		(20,373	)		(2.5	)
OUE Commercial Real Estate Investment Trust		(329,900	)		(75,743	)		(9.1	)
OUE Ltd.		(110,200	)		(98,087	)		(11.8	)
Starhill Global REIT		(394,800	)		(143,730	)		(17.3	)
TDCX, Inc., ADR		(5,937	)		(76,825	)		(9.3	)
Yangzijiang Financial Holding Ltd.		(74,900	)		(16,401	)		(2.0	)
Yanlord Land Group Ltd.		(414,500	)		(253,329	)		(30.5	)
					(1,427,547	)

84 2 0 2 2  BLACK ROCK  SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2022 BlackRock Global Equity Market Neutral Fund

Security	Shares			Value			% of Basket Value
South Africa
Mediclinic International PLC		(103,763	)	$	(590,279	)		(71.1	)%
South Sandwich Islands
Burford Capital Ltd.		(10,583	)		(85,556	)		(10.3	)
Spain
Atresmedia Corp. de Medios de Comunicacion SA		(5,727	)		(16,527	)		(2.0	)
CIE Automotive SA		(4,780	)		(121,762	)		(14.7	)
Construcciones y Auxiliar de Ferrocarriles SA		(2,766	)		(72,217	)		(8.7	)
Corp. Financiera Alba SA		(1,238	)		(55,055	)		(6.6	)
Ebro Foods SA		(3,465	)		(54,030	)		(6.5	)
Faes Farma SA		(15,041	)		(56,772	)		(6.8	)
Gestamp Automocion SA		(21,357	)		(75,204	)		(9.1	)
Grupo Catalana Occidente SA		(493	)		(13,390	)		(1.6	)
Talgo SA		(9,272	)		(25,728	)		(3.1	)
					(490,685	)
Sweden
AAK AB		(8,506	)		(123,996	)		(14.9	)
AcadeMedia AB		(48,161	)		(206,145	)		(24.8	)
AddLife AB, Class B		(467	)		(4,366	)		(0.5	)
Attendo AB		(4,788	)		(9,884	)		(1.2	)
BHG Group AB		(132,600	)		(222,210	)		(26.8	)
BICO Group AB, Class B		(11,656	)		(44,694	)		(5.4	)
BioArctic AB, Class B		(1,418	)		(29,543	)		(3.6	)
Bonava AB, B Shares		(4,681	)		(13,692	)		(1.7	)
Boozt AB		(11,271	)		(82,196	)		(9.9	)
Bravida Holding AB		(2,923	)		(27,385	)		(3.3	)
Calliditas Therapeutics AB, Class B		(15,367	)		(116,934	)		(14.1	)
Camurus AB		(2,676	)		(62,087	)		(7.5	)
Catena AB		(686	)		(23,299	)		(2.8	)
Cint Group AB		(15,377	)		(80,987	)		(9.8	)
Clas Ohlson AB, B Shares		(56,607	)		(378,027	)		(45.6	)
Coor Service Management Holding AB		(20,767	)		(110,335	)		(13.3	)
Dios Fastigheter AB		(13,322	)		(87,482	)		(10.5	)
Duni AB		(5,969	)		(40,167	)		(4.8	)
Dustin Group AB		(26,340	)		(109,596	)		(13.2	)
Electrolux Professional AB, Class B		(18,557	)		(70,059	)		(8.4	)
Granges AB		(15,992	)		(108,069	)		(13.0	)
Hexpol AB		(25,551	)		(252,192	)		(30.4	)
Hufvudstaden AB		(43,978	)		(524,077	)		(63.1	)
Instalco AB		(10,367	)		(41,585	)		(5.0	)
Inwido AB		(3,001	)		(26,958	)		(3.3	)
JM AB		(2,479	)		(37,326	)		(4.5	)
K-fast Holding AB, Class B		(3,812	)		(7,832	)		(0.9	)
Lindab International AB		(2,644	)		(28,125	)		(3.4	)
Mekonomen AB		(5,108	)		(48,270	)		(5.8	)
Modern Times Group MTG AB, B Shares		(1,132	)		(8,486	)		(1.0	)
Munters Group AB		(7,727	)		(60,285	)		(7.3	)
New Wave Group AB, B Shares		(5,667	)		(78,762	)		(9.5	)
Nordic Entertainment Group AB, Class B		(2,560	)		(46,736	)		(5.6	)
Nordnet AB publ		(1,876	)		(23,240	)		(2.8	)
Paradox Interactive AB		(17,781	)		(307,116	)		(37.0	)
PowerCell Sweden AB		(26,131	)		(287,010	)		(34.6	)
Ratos AB, B Shares		(5,617	)		(21,025	)		(2.5	)
Re:NewCell AB		(12,890	)		(67,425	)		(8.1	)
Resurs Holding AB		(38,482	)		(83,620	)		(10.1	)
Rvrc Holding AB		(6,144	)		(15,225	)		(1.8	)
Samhallsbyggnadsbolaget i Norden AB		(21,376	)		(35,147	)		(4.2	)
Sedana Medical AB		(4,027	)		(7,299	)		(0.9	)
SSAB AB, B Shares		(51,464	)		(239,123	)		(28.8	)

Security		Shares			Value			% of Basket Value
Sweden (continued)
Stillfront Group AB			(38,276	)	$	(74,499	)		(9.0	)%
Surgical Science Sweden AB	��		(4,702	)		(67,781	)		(8.2	)
Wallenstam AB, B Shares			(21,747	)		(76,725	)		(9.3	)
Wihlborgs Fastigheter AB			(1,314	)		(8,608	)		(1.0	)
						(4,425,630	)
Switzerland
ALSO Holding AG, Registered Shares			(1,776	)		(279,129	)		(33.6	)
Bucher Industries AG, Registered Shares			(448	)		(151,050	)		(18.2	)
Conzzeta AG			(90	)		(51,696	)		(6.2	)
Daetwyler Holding AG			(210	)		(37,270	)		(4.5	)
dormakaba Holding AG			(1,169	)		(371,059	)		(44.7	)
EFG International AG			(6,778	)		(55,473	)		(6.7	)
Forbo Holding AG, Registered Shares			(159	)		(192,473	)		(23.2	)
Huber & Suhner AG, Registered Shares			(414	)		(36,876	)		(4.4	)
Interroll Holding AG, Registered Shares			(96	)		(202,241	)		(24.4	)
Kardex Holding AG, Registered Shares			(45	)		(6,881	)		(0.8	)
Komax Holding AG, Registered Shares			(173	)		(40,602	)		(4.9	)
Meyer Burger Technology AG			(413,853	)		(198,253	)		(23.9	)
Mobilezone Holding AG, Registered Shares			(13,447	)		(213,265	)		(25.7	)
Mobimo Holding AG, Registered Shares			(1,683	)		(392,573	)		(47.3	)
Peach Property Group AG			(8,566	)		(182,264	)		(21.9	)
PolyPeptide Group AG			(1,959	)		(56,961	)		(6.9	)
SFS Group AG			(2,751	)		(248,769	)		(30.0	)
Siegfried Holding AG, Registered Shares			(118	)		(70,243	)		(8.5	)
Softwareone Holding AG			(12,497	)		(140,644	)		(16.9	)
St Galler Kantonalbank AG, Registered Shares			(820	)		(386,036	)		(46.5	)
TX Group AG			(234	)		(32,514	)		(3.9	)
Valiant Holding AG, Registered Shares			(1,294	)		(126,744	)		(15.3	)
Zehnder Group AG			(527	)		(28,381	)		(3.4	)
						(3,501,397	)
United Kingdom
Abcam PLC			(6,269	)		(97,040	)		(11.7	)
AO World PLC			(6,714	)		(3,442	)		(0.4	)
ASOS PLC			(11,016	)		(70,934	)		(8.5	)
Assura PLC			(565,360	)		(362,234	)		(43.6	)
Auction Technology Group PLC			(5,721	)		(48,962	)		(5.9	)
Avacta Group PLC			(33,738	)		(48,750	)		(5.9	)
Balfour Beatty PLC			(165,347	)		(566,205	)		(68.2	)
Biffa PLC			(52,746	)		(248,852	)		(30.0	)
Bridgepoint Group PLC			(50,493	)		(115,399	)		(13.9	)
Britvic PLC			(34,859	)		(290,827	)		(35.0	)
Close Brothers Group PLC			(12,752	)		(143,665	)		(17.3	)
CMC Markets PLC			(40,132	)		(112,961	)		(13.6	)
Countryside Properties PLC			(83,012	)		(202,238	)		(24.4	)
Cranswick PLC			(4,094	)		(139,777	)		(16.8	)
Crest Nicholson Holdings PLC			(63,240	)		(146,588	)		(17.7	)
Domino’s Pizza Group PLC			(78,808	)		(203,820	)		(24.6	)
Elementis PLC			(170,360	)		(180,098	)		(21.7	)
EMIS Group PLC			(31,316	)		(667,267	)		(80.4	)
Empiric Student Property PLC			(125,872	)		(118,367	)		(14.3	)
Energean PLC			(8,453	)		(138,720	)		(16.7	)
Essentra PLC			(92,481	)		(238,089	)		(28.7	)
Euromoney Institutional Investor PLC			(1,469	)		(24,395	)		(2.9	)
Finablr PLC			(44,203	)		(0	)		0.0
Firstgroup PLC			(96,686	)		(116,079	)		(14.0	)
Frasers Group PLC			(39,583	)		(293,712	)		(35.4	)
GB Group PLC			(5,919	)		(25,838	)		(3.1	)
Genus PLC			(2,723	)		(79,581	)		(9.6	)
Great Portland Estates PLC			(55,638	)		(327,974	)		(39.5	)
Gym Group PLC			(4,581	)		(6,073	)		(0.7	)

SCHEDULE   OF  INVESTMENTS 85

Schedule of Investments (unaudited) (continued) October 31, 2022 BlackRock Global Equity Market Neutral Fund

Security	Shares			Value			% of Basket Value
United Kingdom (continued)
Halfords Group PLC		(108,161	)	$	(218,681	)		(26.3	)%
Helios Towers PLC		(9,518	)		(13,675	)		(1.7	)
Home Reit PLC		(283,440	)		(273,366	)		(32.9	)
Ibstock PLC		(83,746	)		(149,304	)		(18.0	)
IP Group PLC		(64,754	)		(43,639	)		(5.3	)
John Wood Group PLC		(97,778	)		(157,214	)		(18.9	)
Kape Technologies PLC		(5,774	)		(14,568	)		(1.8	)
Keller Group PLC		(1,509	)		(10,868	)		(1.3	)
Liontrust Asset Management PLC		(7,332	)		(71,807	)		(8.7	)
Marston’s PLC		(140,492	)		(56,487	)		(6.8	)
Mitie Group PLC		(112,087	)		(92,023	)		(11.1	)
NCC Group PLC		(15,422	)		(35,195	)		(4.2	)
On the Beach Group PLC		(157,910	)		(187,084	)		(22.5	)
Oxford Biomedica PLC		(31,052	)		(115,200	)		(13.9	)
Oxford Nanopore Technologies PLC		(152,291	)		(458,749	)		(55.3	)
Petrofac Ltd.		(394,082	)		(486,732	)		(58.6	)
PRS REIT PLC		(50,204	)		(50,665	)		(6.1	)
Quilter PLC		(140,783	)		(156,057	)		(18.8	)
Rank Group PLC		(22,568	)		(13,562	)		(1.6	)
Rathbone Brothers PLC		(10,931	)		(234,918	)		(28.3	)
Redde Northgate PLC		(25,939	)		(99,057	)		(11.9	)
Renewi PLC		(16,379	)		(99,230	)		(12.0	)
Rotork PLC		(2,676	)		(7,844	)		(0.9	)
S4 Capital PLC		(26,133	)		(52,643	)		(6.3	)
Saga PLC		(45,511	)		(44,833	)		(5.4	)
Savills PLC		(9,740	)		(92,024	)		(11.1	)
Serica Energy PLC		(26,417	)		(91,255	)		(11.0	)
Spirent Communications PLC		(3,967	)		(11,776	)		(1.4	)
Supermarket Income REIT PLC		(30,615	)		(35,991	)		(4.3	)
Synthomer PLC		(19,151	)		(24,776	)		(3.0	)
Target Healthcare REIT PLC		(69,073	)		(68,678	)		(8.3	)
TI Fluid Systems PLC		(171,859	)		(272,888	)		(32.9	)
Trustpilot Group PLC		(105,780	)		(131,537	)		(15.9	)
Tullow Oil PLC		(892,152	)		(414,627	)		(50.0	)
Urban Logistics REIT PLC		(10,986	)		(16,567	)		(2.0	)
Victrex PLC		(6,930	)		(131,620	)		(15.9	)
Virgin Money UK PLC		(88,975	)		(138,675	)		(16.7	)
Volex PLC		(12,542	)		(35,598	)		(4.3	)
Volution Group PLC		(42,078	)		(148,945	)		(17.9	)
Wincanton PLC		(14,103	)		(53,451	)		(6.4	)
Yellow Cake PLC		(101,924	)		(502,062	)		(60.5	)
					(10,331,758	)
United States
23andMe Holding Co., Class A		(10,729	)		(33,689	)		(4.1	)
3D Systems Corp.		(2,637	)		(23,285	)		(2.8	)
908 Devices, Inc.		(3,072	)		(49,121	)		(5.9	)
AAON, Inc.		(3,248	)		(209,464	)		(25.2	)
Aaron’s Co., Inc.		(3,306	)		(34,449	)		(4.2	)
Abercrombie & Fitch Co., Class A		(6,792	)		(119,403	)		(14.4	)
ABM Industries, Inc.		(12,289	)		(546,983	)		(65.9	)
Accolade, Inc.		(11,651	)		(125,598	)		(15.1	)
Aclaris Therapeutics, Inc.		(5,066	)		(79,080	)		(9.5	)
ACM Research, Inc., Class A		(14,357	)		(91,885	)		(11.1	)
Acushnet Holdings Corp.		(10,519	)		(489,870	)		(59.0	)
ACV Auctions, Inc., Class A		(12,670	)		(115,550	)		(13.9	)
AdaptHealth Corp.		(5,506	)		(125,537	)		(15.1	)
Addus HomeCare Corp.		(1,231	)		(126,079	)		(15.2	)
Adicet Bio, Inc.		(5,006	)		(82,549	)		(9.9	)
Adtalem Global Education, Inc.		(5,954	)		(248,282	)		(29.9	)
ADTRAN Holdings, Inc.		(5,929	)		(133,165	)		(16.0	)

Security	Shares			Value			% of Basket Value
United States (continued)
Aerojet Rocketdyne Holdings, Inc.		(5,940	)	$	(287,793	)		(34.7	)%
AeroVironment, Inc.		(213	)		(19,490	)		(2.3	)
Aeva Technologies, Inc.		(21,530	)		(43,060	)		(5.2	)
AEye, Inc.		(60,229	)		(52,429	)		(6.3	)
Agenus, Inc.		(50,827	)		(127,576	)		(15.4	)
Agiliti, Inc.		(13,193	)		(230,482	)		(27.8	)
Air Transport Services Group, Inc.		(5,467	)		(159,636	)		(19.2	)
Akero Therapeutics, Inc.		(9,593	)		(405,400	)		(48.8	)
Alamo Group, Inc.		(966	)		(146,909	)		(17.7	)
Albany International Corp., Class A		(8,241	)		(755,040	)		(91.0	)
Alexander’s, Inc.		(2,010	)		(472,129	)		(56.9	)
Alkami Technology, Inc.		(20,142	)		(319,251	)		(38.5	)
Allbirds, Inc., Class A		(142,906	)		(491,597	)		(59.2	)
ALLETE, Inc.		(164	)		(9,228	)		(1.1	)
Allovir, Inc.		(1,174	)		(8,136	)		(1.0	)
Alpha & Omega Semiconductor Ltd.		(13,928	)		(456,142	)		(55.0	)
Altair Engineering, Inc., Class A		(2,008	)		(98,492	)		(11.9	)
ALX Oncology Holdings, Inc.		(472	)		(5,730	)		(0.7	)
A-Mark Precious Metals, Inc.		(961	)		(29,224	)		(3.5	)
AMC Networks, Inc., Class A		(5,666	)		(127,542	)		(15.4	)
Amerant Bancorp, Inc.		(8,735	)		(262,924	)		(31.7	)
Ameresco, Inc., Class A		(118	)		(7,137	)		(0.9	)
American Equity Investment Life Holding Co.		(5,445	)		(234,571	)		(28.3	)
American Finance Trust, Inc.		(13,030	)		(89,125	)		(10.7	)
American Public Education, Inc.		(26,276	)		(336,596	)		(40.6	)
American States Water Co.		(3,503	)		(316,881	)		(38.2	)
America’s Car-Mart, Inc.		(1,578	)		(107,872	)		(13.0	)
Amplitude, Inc., Class A		(24,375	)		(409,500	)		(49.3	)
Anavex Life Sciences Corp.		(35,663	)		(434,019	)		(52.3	)
ANI Pharmaceuticals, Inc.		(177	)		(6,830	)		(0.8	)
API Group Corp.		(9,703	)		(160,002	)		(19.3	)
Appfolio, Inc., Class A		(445	)		(55,790	)		(6.7	)
Arbor Realty Trust, Inc.		(6,811	)		(93,787	)		(11.3	)
Arcturus Therapeutics Holdings, Inc.		(7,512	)		(132,962	)		(16.0	)
Arcutis Biotherapeutics, Inc.		(5,114	)		(90,416	)		(10.9	)
Ares Commercial Real Estate Corp.		(1,452	)		(17,918	)		(2.2	)
Argan, Inc.		(5,733	)		(198,763	)		(23.9	)
Arko Corp.		(26,463	)		(271,246	)		(32.7	)
ARMOUR Residential REIT, Inc.		(14,811	)		(78,795	)		(9.5	)
Array Technologies, Inc.		(5,775	)		(104,528	)		(12.6	)
Astra Space, Inc.		(93,009	)		(58,633	)		(7.1	)
Atea Pharmaceuticals, Inc.		(12,206	)		(73,236	)		(8.8	)
Atlanticus Holdings Corp.		(894	)		(25,533	)		(3.1	)
Atlas Air Worldwide Holdings, Inc.		(3,990	)		(403,549	)		(48.6	)
AvePoint, Inc.		(32,429	)		(141,715	)		(17.1	)
Avid Technology, Inc.		(4,052	)		(111,389	)		(13.4	)
Avidity Biosciences, Inc.		(534	)		(7,626	)		(0.9	)
Axonics, Inc.		(2,213	)		(161,859	)		(19.5	)
AZZ, Inc.		(789	)		(31,718	)		(3.8	)
B Riley Financial, Inc.		(6,356	)		(258,562	)		(31.2	)
Babcock & Wilcox Enterprises, Inc.		(9,144	)		(41,697	)		(5.0	)
Balchem Corp.		(1,159	)		(162,028	)		(19.5	)
Bank of Hawaii Corp.		(1,433	)		(108,836	)		(13.1	)
BARK, Inc.		(146,628	)		(268,329	)		(32.3	)
Barnes Group, Inc.		(10,656	)		(376,903	)		(45.4	)
Barrett Business Services, Inc.		(550	)		(47,971	)		(5.8	)
Beauty Health Co.		(1,106	)		(12,642	)		(1.5	)
BellRing Brands, Inc.		(8,398	)		(203,400	)		(24.5	)
Benchmark Electronics, Inc.		(2,454	)		(69,669	)		(8.4	)
Benson Hill, Inc.		(36,984	)		(125,376	)		(15.1	)
Berkshire Hills Bancorp, Inc.		(5,273	)		(154,235	)		(18.6	)

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

Schedule of Investments (unaudited) (continued) October 31, 2022 BlackRock Global Equity Market Neutral Fund

Security	Shares			Value			% of Basket Value
United States (continued)
BioCryst Pharmaceuticals, Inc.		(11,405	)	$	(152,257	)		(18.3	)%
BioLife Solutions, Inc.		(351	)		(8,256	)		(1.0	)
Bionano Genomics, Inc.		(346,560	)		(810,950	)		(97.7	)
Bioxcel Therapeutics, Inc.		(9,560	)		(120,360	)		(14.5	)
Bloomin’ Brands, Inc.		(12,970	)		(311,410	)		(37.5	)
Blue Bird Corp.		(16,834	)		(154,368	)		(18.6	)
BlueLinx Holdings, Inc.		(555	)		(39,105	)		(4.7	)
Boston Omaha Corp., Class A		(4,655	)		(129,735	)		(15.6	)
Brady Corp., Class A		(4,588	)		(209,901	)		(25.3	)
Brightsphere Investment Group, Inc.		(20,155	)		(379,317	)		(45.7	)
BrightSpire Capital, Inc.		(28,899	)		(221,944	)		(26.7	)
Brinker International, Inc.		(11,329	)		(378,275	)		(45.6	)
Bristow Group, Inc.		(14,158	)		(423,891	)		(51.1	)
Broadmark Realty Capital, Inc.		(47,084	)		(274,029	)		(33.0	)
BRP Group, Inc., Class A		(16,365	)		(463,948	)		(55.9	)
Butterfly Network, Inc.		(85,576	)		(419,322	)		(50.5	)
C3.AI, Inc., Class A		(12,849	)		(168,450	)		(20.3	)
Calavo Growers, Inc.		(973	)		(33,656	)		(4.1	)
Caleres, Inc.		(7,919	)		(216,426	)		(26.1	)
California Resources Corp.		(4,667	)		(210,528	)		(25.4	)
California Water Service Group		(1,674	)		(103,888	)		(12.5	)
Callon Petroleum Co.		(7,018	)		(308,511	)		(37.2	)
Cano Health, Inc.		(39,428	)		(141,152	)		(17.0	)
Canoo, Inc.		(29,541	)		(40,471	)		(4.9	)
Cardlytics, Inc.		(18,224	)		(171,852	)		(20.7	)
Caribou Biosciences, Inc.		(9,483	)		(92,364	)		(11.1	)
Carpenter Technology Corp.		(8,215	)		(307,241	)		(37.0	)
Cars.com, Inc.		(17,923	)		(248,771	)		(30.0	)
Cathay General Bancorp.		(3,179	)		(144,962	)		(17.5	)
CCC Intelligent Solutions Holdings, Inc.		(22,088	)		(206,081	)		(24.8	)
Celldex Therapeutics, Inc.		(14,121	)		(496,071	)		(59.8	)
Centerspace		(4,589	)		(318,018	)		(38.3	)
Centrus Energy Corp., Class A		(15,500	)		(733,305	)		(88.3	)
Cerevel Therapeutics Holdings, Inc.		(7,124	)		(199,187	)		(24.0	)
Children’s Place, Inc.		(5,653	)		(228,833	)		(27.6	)
CinCor Pharma, Inc.		(1,829	)		(61,528	)		(7.4	)
Cipher Mining, Inc.		(35,802	)		(36,160	)		(4.4	)
CIRCOR International, Inc.		(7,973	)		(164,802	)		(19.9	)
City Holding Co.		(2,018	)		(203,515	)		(24.5	)
Clarus Corp.		(14,825	)		(179,531	)		(21.6	)
Clearfield, Inc.		(2,206	)		(267,963	)		(32.3	)
Clearwater Analytics Holdings, Inc., Class A		(1,967	)		(32,042	)		(3.9	)
Collegium Pharmaceutical, Inc.		(12,293	)		(220,536	)		(26.6	)
Columbia Financial, Inc.		(11,142	)		(228,857	)		(27.6	)
Comfort Systems USA, Inc.		(721	)		(88,885	)		(10.7	)
CommScope Holding Co., Inc.		(4,290	)		(56,800	)		(6.8	)
Community Bank System, Inc.		(18,510	)		(1,155,579	)		(139.2	)
Community Healthcare Trust, Inc.		(343	)		(11,868	)		(1.4	)
Community Trust Bancorp, Inc.		(322	)		(15,227	)		(1.8	)
Computer Programs and Systems, Inc.		(339	)		(10,950	)		(1.3	)
Comtech Telecommunications Corp.		(604	)		(6,674	)		(0.8	)
Conduent, Inc.		(9,003	)		(37,092	)		(4.5	)
CONMED Corp.		(2,173	)		(173,253	)		(20.9	)
Consensus Cloud Solutions, Inc.		(1,479	)		(83,031	)		(10.0	)
Construction Partners, Inc., Class A		(286	)		(8,906	)		(1.1	)
ContextLogic, Inc., Class A		(342,715	)		(268,346	)		(32.3	)
Core & Main, Inc., Class A		(3,966	)		(93,518	)		(11.3	)
Corporate Office Properties Trust		(60,488	)		(1,612,005	)		(194.2	)
Couchbase, Inc.		(28,701	)		(367,373	)		(44.3	)
Coursera, Inc.		(24,587	)		(316,926	)		(38.2	)
Credo Technology Group Holding Ltd.		(902	)		(12,393	)		(1.5	)
Crescent Energy, Inc., Class A		(9,522	)		(131,213	)		(15.8	)

Security	Shares			Value			% of Basket Value
United States (continued)
Crinetics Pharmaceuticals, Inc.		(10,767	)	$	(198,759	)		(23.9	)%
Cross Country Healthcare, Inc.		(9,563	)		(354,692	)		(42.7	)
CryoPort, Inc.		(4,329	)		(120,173	)		(14.5	)
CS Disco, Inc.		(22,607	)		(242,347	)		(29.2	)
CSG Systems International, Inc.		(11,624	)		(751,724	)		(90.6	)
CTS Corp.		(5,191	)		(205,148	)		(24.7	)
Cullinan Oncology, Inc.		(7,603	)		(99,903	)		(12.0	)
Cytek Biosciences, Inc.		(12,026	)		(186,644	)		(22.5	)
Cyxtera Technologies, Inc.		(3,676	)		(8,896	)		(1.1	)
Denny’s Corp.		(9,356	)		(106,003	)		(12.8	)
DermTech, Inc.		(25,889	)		(83,363	)		(10.0	)
Designer Brands, Inc., Class A		(3,402	)		(51,812	)		(6.2	)
Diebold Nixdorf, Inc.		(27,808	)		(69,242	)		(8.3	)
Digi International, Inc.		(5,270	)		(212,539	)		(25.6	)
DigitalBridge Group, Inc.		(26,236	)		(335,821	)		(40.5	)
Dine Brands Global, Inc.		(4,242	)		(305,806	)		(36.8	)
DMC Global, Inc.		(1,873	)		(40,532	)		(4.9	)
DocGo, Inc.		(24,467	)		(242,223	)		(29.2	)
Doma Holdings, Inc.		(141,658	)		(76,864	)		(9.3	)
Donnelley Financial Solutions, Inc.		(6,845	)		(276,743	)		(33.3	)
Dorman Products, Inc.		(2,302	)		(187,889	)		(22.6	)
Douglas Elliman, Inc.		(30,555	)		(141,164	)		(17.0	)
Dril-Quip, Inc.		(279	)		(6,942	)		(0.8	)
Driven Brands Holdings, Inc.		(739	)		(23,633	)		(2.8	)
Duck Creek Technologies, Inc.		(30,817	)		(367,955	)		(44.3	)
Dycom Industries, Inc.		(578	)		(68,308	)		(8.2	)
Dynavax Technologies Corp.		(14,337	)		(164,159	)		(19.8	)
Dynex Capital, Inc.		(21,235	)		(253,546	)		(30.5	)
E2open Parent Holdings, Inc.		(41,808	)		(243,741	)		(29.4	)
Easterly Government Properties, Inc.		(6,442	)		(112,026	)		(13.5	)
Eastern Bankshares, Inc.		(44,079	)		(844,994	)		(101.8	)
Eastman Kodak Co.		(123,818	)		(662,426	)		(79.8	)
Edgewell Personal Care Co.		(21,819	)		(855,087	)		(103.0	)
El Pollo Loco Holdings, Inc.		(30,117	)		(302,375	)		(36.4	)
Ellington Financial, Inc.		(28,277	)		(378,346	)		(45.6	)
Elme Communities		(6,790	)		(129,621	)		(15.6	)
Embark Technology, Inc.		(1,228	)		(7,417	)		(0.9	)
Embecta Corp.		(12,381	)		(382,821	)		(46.1	)
Empire State Realty Trust, Inc., Class A		(18,542	)		(136,655	)		(16.5	)
Employers Holdings, Inc.		(6,558	)		(285,994	)		(34.5	)
Encore Capital Group, Inc.		(7,963	)		(405,476	)		(48.9	)
Energizer Holdings, Inc.		(4,362	)		(126,018	)		(15.2	)
EnerSys.		(8,347	)		(553,323	)		(66.7	)
Enhabit, Inc.		(584	)		(7,253	)		(0.9	)
Enovix Corp.		(17,461	)		(329,489	)		(39.7	)
Enterprise Financial Services Corp.		(2,124	)		(113,570	)		(13.7	)
EQRx, Inc.		(25,957	)		(133,419	)		(16.1	)
ESCO Technologies, Inc.		(3,828	)		(329,859	)		(39.7	)
ESS Tech, Inc.		(9,947	)		(42,076	)		(5.1	)
European Wax Center, Inc., Class A		(1,457	)		(20,952	)		(2.5	)
EverQuote, Inc., Class A		(820	)		(4,994	)		(0.6	)
Evolus, Inc.		(13,988	)		(119,737	)		(14.4	)
Evolv Technologies Holdings, Inc.		(50,394	)		(147,654	)		(17.8	)
Expro Group Holdings NV		(13,320	)		(252,148	)		(30.4	)
Fastly, Inc., Class A		(25,410	)		(215,731	)		(26.0	)
Federal Signal Corp.		(5,096	)		(237,728	)		(28.6	)
Federated Investors, Inc.		(4,253	)		(147,792	)		(17.8	)
Figs, Inc., Class A		(5,479	)		(40,435	)		(4.9	)
First Financial Bankshares, Inc.		(12,065	)		(464,382	)		(55.9	)
First Hawaiian, Inc.		(6,406	)		(163,865	)		(19.7	)
First Merchants Corp.		(12,733	)		(571,712	)		(68.9	)
FirstCash Holdings, Inc.		(4,287	)		(422,055	)		(50.8	)

SCHEDULE   OF  INVESTMENTS 87

Schedule of Investments (unaudited) (continued) October 31, 2022 BlackRock Global Equity Market Neutral Fund

Security	Shares			Value			% of Basket Value
United States (continued)
Foot Locker, Inc.		(9,255	)	$	(293,384	)		(35.3	)%
Forestar Group, Inc.		(1,376	)		(15,934	)		(1.9	)
Franklin Electric Co., Inc.		(1,260	)		(103,244	)		(12.4	)
Franklin Street Properties Corp.		(6,232	)		(17,948	)		(2.2	)
Fresh Del Monte Produce, Inc.		(16,505	)		(430,450	)		(51.9	)
Freshpet, Inc.		(2,988	)		(176,143	)		(21.2	)
fuboTV, Inc.		(20,300	)		(74,298	)		(9.0	)
FuelCell Energy, Inc.		(18,032	)		(56,260	)		(6.8	)
Fulton Financial Corp.		(3,209	)		(58,500	)		(7.0	)
Funko, Inc., Class A		(21,872	)		(451,657	)		(54.4	)
Gannett Co., Inc.		(38,592	)		(55,958	)		(6.7	)
Gates Industrial Corp. PLC		(2,768	)		(30,863	)		(3.7	)
Genesco, Inc.		(5,227	)		(245,878	)		(29.6	)
Gentherm, Inc.		(6,320	)		(369,214	)		(44.5	)
Genworth Financial, Inc., Class A		(6,328	)		(29,552	)		(3.6	)
German American Bancorp, Inc.		(1,400	)		(55,006	)		(6.6	)
Getty Realty Corp.		(3,307	)		(104,137	)		(12.5	)
Gevo, Inc.		(89,966	)		(202,424	)		(24.4	)
Glacier Bancorp, Inc.		(12,193	)		(698,415	)		(84.1	)
Gladstone Commercial Corp.		(5,467	)		(96,165	)		(11.6	)
Glatfelter Corp.		(3,263	)		(9,234	)		(1.1	)
Glaukos Corp.		(561	)		(31,455	)		(3.8	)
Global Industrial Co.		(2,860	)		(90,776	)		(10.9	)
Global Net Lease, Inc.		(16,933	)		(207,429	)		(25.0	)
Globalstar, Inc.		(8,460	)		(18,358	)		(2.2	)
GrafTech International Ltd.		(34,057	)		(173,350	)		(20.9	)
Graham Holdings Co., Class B		(2,065	)		(1,288,292	)		(155.2	)
Grand Canyon Education, Inc.		(3,326	)		(334,695	)		(40.3	)
Great Southern Bancorp, Inc.		(1,846	)		(114,415	)		(13.8	)
Green Plains, Inc.		(3,601	)		(104,033	)		(12.5	)
Grid Dynamics Holdings, Inc.		(2,566	)		(34,923	)		(4.2	)
Griffon Corp.		(2,582	)		(82,985	)		(10.0	)
Hagerty, Inc., Class A		(8,797	)		(79,965	)		(9.6	)
Hamilton Lane, Inc., Class A		(664	)		(39,720	)		(4.8	)
Harmonic, Inc.		(1,057	)		(16,331	)		(2.0	)
Hawaiian Electric Industries, Inc.		(14,623	)		(556,259	)		(67.0	)
Hayward Holdings, Inc.		(5,302	)		(49,044	)		(5.9	)
HB Fuller Co.		(4,161	)		(290,063	)		(34.9	)
HCI Group, Inc.		(6,257	)		(229,256	)		(27.6	)
Heritage Financial Corp.		(249	)		(8,389	)		(1.0	)
Hibbett, Inc.		(8,913	)		(556,349	)		(67.0	)
Hillenbrand, Inc.		(11,351	)		(501,487	)		(60.4	)
Hillman Solutions Corp.		(15,927	)		(124,390	)		(15.0	)
Hippo Holdings, Inc.		(5,211	)		(90,038	)		(10.8	)
HNI Corp.		(6,922	)		(200,669	)		(24.2	)
Horace Mann Educators Corp.		(3,732	)		(147,265	)		(17.7	)
Hostess Brands, Inc.		(19,298	)		(511,011	)		(61.6	)
Hovnanian Enterprises, Inc., Class A		(732	)		(29,522	)		(3.6	)
Huron Consulting Group, Inc.		(2,283	)		(168,097	)		(20.3	)
Hydrofarm Holdings Group, Inc.		(36,153	)		(93,275	)		(11.2	)
Hyliion Holdings Corp.		(18,754	)		(53,449	)		(6.4	)
Hyster-Yale Materials Handling, Inc.		(2,560	)		(74,650	)		(9.0	)
ICF International, Inc.		(690	)		(82,545	)		(9.9	)
Ichor Holdings Ltd.		(14,782	)		(376,054	)		(45.3	)
Ideaya Biosciences, Inc.		(1,673	)		(28,257	)		(3.4	)
Imago Biosciences, Inc.		(3,592	)		(61,064	)		(7.4	)
ImmunityBio, Inc.		(28,173	)		(154,952	)		(18.7	)
Immunovant, Inc.		(10,583	)		(118,530	)		(14.3	)
Impinj, Inc.		(3,668	)		(420,463	)		(50.7	)
Independent Bank Corp.		(7,242	)		(630,126	)		(75.9	)
indie Semiconductor, Inc., Class A		(27,486	)		(214,941	)		(25.9	)
Indus Realty Trust, Inc.		(7,045	)		(364,861	)		(44.0	)

Security	Shares			Value			% of Basket Value
United States (continued)
Inhibrx, Inc.		(5,291	)	$	(170,264	)		(20.5	)%
Innospec, Inc.		(2,544	)		(254,375	)		(30.6	)
Inseego Corp.		(34,911	)		(78,899	)		(9.5	)
Insight Enterprises, Inc.		(5,586	)		(527,933	)		(63.6	)
Insteel Industries, Inc.		(4,393	)		(115,756	)		(13.9	)
Integer Holdings Corp.		(1,073	)		(66,880	)		(8.1	)
Interface, Inc.		(25,850	)		(292,364	)		(35.2	)
International Bancshares Corp.		(6,671	)		(330,882	)		(39.9	)
Intrepid Potash, Inc.		(1,656	)		(74,934	)		(9.0	)
InvenTrust Properties Corp.		(297	)		(7,484	)		(0.9	)
Invesco Mortgage Capital, Inc.		(9,895	)		(115,870	)		(14.0	)
IonQ, Inc.		(20,008	)		(117,847	)		(14.2	)
Iovance Biotherapeutics, Inc.		(4,441	)		(41,479	)		(5.0	)
IVERIC bio, Inc.		(28,265	)		(676,099	)		(81.5	)
Jack in the Box, Inc.		(5,176	)		(456,678	)		(55.0	)
JBG SMITH Properties		(40,398	)		(795,033	)		(95.8	)
John B Sanfilippo & Son, Inc.		(1,985	)		(165,569	)		(19.9	)
Kennedy-Wilson Holdings, Inc.		(31,120	)		(516,903	)		(62.3	)
Keros Therapeutics, Inc.		(2,165	)		(108,986	)		(13.1	)
Kezar Life Sciences, Inc.		(5,879	)		(44,181	)		(5.3	)
Kimball Electronics, Inc.		(26,769	)		(553,315	)		(66.7	)
Kinetik Holdings, Inc.		(10,009	)		(368,131	)		(44.4	)
Kiniksa Pharmaceuticals Ltd., Class A		(1,479	)		(16,890	)		(2.0	)
KKR Real Estate Finance Trust, Inc.		(34,399	)		(599,231	)		(72.2	)
Kontoor Brands, Inc.		(10,359	)		(369,816	)		(44.6	)
Kosmos Energy Ltd.		(18,128	)		(117,651	)		(14.2	)
Krispy Kreme, Inc.		(13,576	)		(194,816	)		(23.5	)
Krystal Biotech, Inc.		(3,450	)		(263,925	)		(31.8	)
Lakeland Financial Corp.		(551	)		(45,540	)		(5.5	)
Laredo Petroleum, Inc.		(2,566	)		(165,892	)		(20.0	)
Latch, Inc.		(81,676	)		(109,446	)		(13.2	)
Latham Group, Inc.		(4,985	)		(22,034	)		(2.7	)
La-Z-Boy, Inc.		(6,058	)		(150,057	)		(18.1	)
Lemonade, Inc.		(14,319	)		(346,520	)		(41.7	)
Lexicon Pharmaceuticals, Inc.		(69,502	)		(149,429	)		(18.0	)
Liberty Media Corp-Liberty Braves, Class C		(4,315	)		(134,455	)		(16.2	)
Lindsay Corp.		(2,264	)		(383,295	)		(46.2	)
Lordstown Motors Corp., Class A		(128,769	)		(233,072	)		(28.1	)
Loyalty Ventures, Inc.		(103,950	)		(122,661	)		(14.8	)
LTC Properties, Inc.		(9,661	)		(373,591	)		(45.0	)
Lumber Liquidators Holdings, Inc.		(1,582	)		(13,162	)		(1.6	)
Madison Square Garden Entertainment Corp.		(1,328	)		(65,112	)		(7.8	)
Madrigal Pharmaceuticals, Inc.		(1,830	)		(129,601	)		(15.6	)
Markforged Holding Corp.		(40,965	)		(89,304	)		(10.8	)
Materion Corp.		(1,198	)		(102,681	)		(12.4	)
Matterport, Inc.		(96,852	)		(338,013	)		(40.7	)
Matthews International Corp., Class A		(17,383	)		(467,255	)		(56.3	)
Maxar Technologies, Inc.		(11,798	)		(263,567	)		(31.8	)
MBIA, Inc.		(651	)		(7,005	)		(0.8	)
Mercury Systems, Inc.		(340	)		(16,456	)		(2.0	)
Mersana Therapeutics, Inc.		(7,004	)		(55,051	)		(6.6	)
Mesa Laboratories, Inc.		(3,154	)		(416,990	)		(50.2	)
Methode Electronics, Inc.		(13,446	)		(554,379	)		(66.8	)
MGP Ingredients, Inc.		(1,637	)		(183,426	)		(22.1	)
Minerals Technologies, Inc.		(4,867	)		(267,734	)		(32.3	)
Mission Produce, Inc.		(14,577	)		(242,561	)		(29.2	)
Monte Rosa Therapeutics, Inc.		(469	)		(4,315	)		(0.5	)
Montrose Environmental Group, Inc.		(4,493	)		(196,704	)		(23.7	)
Movado Group, Inc.		(2,291	)		(75,763	)		(9.1	)
Mr Cooper Group, Inc.		(1,497	)		(59,117	)		(7.1	)
MSA Safety, Inc.		(1,754	)		(235,457	)		(28.4	)
Mueller Water Products, Inc., Class A		(38,827	)		(454,276	)		(54.7	)

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

Schedule of Investments (unaudited) (continued) October 31, 2022 BlackRock Global Equity Market Neutral Fund

Security	Shares			Value			% of Basket Value
United States (continued)
MYR Group, Inc.		(2,001	)	$	(175,108	)		(21.1	)%
Myriad Genetics, Inc.		(3,148	)		(65,290	)		(7.9	)
N-able, Inc.		(2,885	)		(31,245	)		(3.8	)
NanoString Technologies, Inc.		(8,518	)		(89,098	)		(10.7	)
National Health Investors, Inc.		(1,507	)		(85,447	)		(10.3	)
National HealthCare Corp.		(3,750	)		(228,450	)		(27.5	)
National Presto Industries, Inc.		(2,539	)		(178,974	)		(21.6	)
National Vision Holdings, Inc.		(1,783	)		(66,042	)	��	(8.0	)
Navient Corp.		(5,929	)		(89,765	)		(10.8	)
Navitas Semiconductor Corp.		(15,428	)		(64,952	)		(7.8	)
NBT Bancorp, Inc.		(3,603	)		(170,746	)		(20.6	)
Nelnet, Inc., Class A		(14,348	)		(1,278,263)			(154.0	)
Neogen Corp.		(1,182	)		(15,602	)		(1.9	)
NetScout Systems, Inc.		(13,339	)		(479,137	)		(57.7	)
NETSTREIT Corp.		(28,626	)		(538,741	)		(64.9	)
New Jersey Resources Corp.		(13,137	)		(586,436	)		(70.7	)
Newmark Group, Inc., Class A		(32,118	)		(263,046	)		(31.7	)
NextDecade Corp.		(21,467	)		(150,269	)		(18.1	)
Nextdoor Holdings, Inc.		(141,236	)		(382,750	)		(46.1	)
nLight, Inc.		(1,192	)		(12,838	)		(1.5	)
Northern Oil and Gas, Inc.		(4,553	)		(155,439	)		(18.7	)
Northwest Bancshares, Inc.		(39,477	)		(594,524	)		(71.6	)
Novanta, Inc.		(1,691	)		(239,107	)		(28.8	)
Nu Skin Enterprises, Inc., Class A		(8,748	)		(334,086	)		(40.3	)
Nuvation Bio, Inc.		(4,406	)		(9,693	)		(1.2	)
ODP Corp.		(15,885	)		(628,569	)		(75.7	)
Offerpad Solutions, Inc.		(57,686	)		(56,215	)		(6.8	)
Office Properties Income Trust		(2,774	)		(42,442	)		(5.1	)
O-I Glass, Inc.		(17,300	)		(282,163	)		(34.0	)
Olo, Inc., Class A		(28,755	)		(253,332	)		(30.5	)
One Liberty Properties, Inc.		(7,793	)		(175,654	)		(21.2	)
OneSpan, Inc.		(11,604	)		(127,528	)		(15.4	)
Open Lending Corp., Class A		(4,562	)		(32,710	)		(3.9	)
Opendoor Technologies, Inc.		(41,365	)		(107,135	)		(12.9	)
Oportun Financial Corp.		(2,506	)		(13,783	)		(1.7	)
OptimizeRx Corp.		(1,328	)		(20,471	)		(2.5	)
OraSure Technologies, Inc.		(2,264	)		(9,871	)		(1.2	)
Orion Office REIT, Inc.		(28,732	)		(269,219	)		(32.4	)
Ouster, Inc.		(63,588	)		(79,485	)		(9.6	)
Outset Medical, Inc.		(29,760	)		(462,470	)		(55.7	)
Owens & Minor, Inc.		(8,347	)		(141,899	)		(17.1	)
PAR Technology Corp.		(3,135	)		(90,225	)		(10.9	)
Paragon 28, Inc.		(1,492	)		(29,795	)		(3.6	)
Parsons Corp.		(12,844	)		(602,127	)		(72.5	)
Party City Holdco, Inc.		(63,360	)		(107,078	)		(12.9	)
Patterson Cos., Inc.		(15,770	)		(409,547	)		(49.3	)
Pegasystems, Inc.		(397	)		(14,772	)		(1.8	)
PennyMac Mortgage Investment Trust		(2,519	)		(34,939	)		(4.2	)
Perdoceo Education Corp.		(8,574	)		(98,001	)		(11.8	)
Perella Weinberg Partners		(31,132	)		(245,320	)		(29.6	)
Phathom Pharmaceuticals, Inc.		(2,327	)		(24,666	)		(3.0	)
Piedmont Lithium, Inc.		(1,003	)		(62,407	)		(7.5	)
Piedmont Office Realty Trust, Inc., Class A		(60,821	)		(635,579	)		(76.6	)
Pitney Bowes, Inc.		(31,877	)		(99,137	)		(11.9	)
PJT Partners, Inc., Class A		(445	)		(33,108	)		(4.0	)
Planet Labs PBC		(45,780	)		(240,345	)		(29.0	)
Plexus Corp.		(8,572	)		(843,485	)		(101.6	)
Plymouth Industrial REIT, Inc.		(18,658	)		(344,054	)		(41.5	)
Porch Group, Inc.		(10,473	)		(14,243	)		(1.7	)
Portillo’s, Inc., Class A		(8,222	)		(176,280	)		(21.2	)
PRA Group, Inc.		(1,699	)		(56,917	)		(6.9	)
Praxis Precision Medicines, Inc.		(23,323	)		(45,946	)		(5.5	)

Security	Shares			Value			% of Basket Value
United States (continued)
Premier, Inc., Class A		(12,513	)	$	(436,453	)		(52.6	)%
PriceSmart, Inc.		(2,240	)		(143,293	)		(17.3	)
ProAssurance Corp.		(8,088	)		(179,634	)		(21.6	)
PROCEPT BioRobotics Corp.		(1,925	)		(87,453	)		(10.5	)
Progress Software Corp.		(8,978	)		(458,147	)		(55.2	)
Prometheus Biosciences, Inc.		(1,719	)		(90,282	)		(10.9	)
Proterra, Inc.		(94,257	)		(588,164	)		(70.9	)
Provention Bio, Inc.		(72,162	)		(500,804	)		(60.3	)
PubMatic, Inc., Class A		(8,605	)		(149,727	)		(18.0	)
Pulmonx Corp.		(12,278	)		(164,034	)		(19.8	)
Purple Innovation, Inc.		(153,609	)		(540,704	)		(65.1	)
Quotient Technology, Inc.		(47,377	)		(116,547	)		(14.0	)
Rackspace Technology, Inc.		(91,631	)		(471,900	)		(56.9	)
Ranger Oil Corp., Class A		(2,244	)		(91,780	)		(11.1	)
RAPT Therapeutics, Inc.		(301	)		(6,568	)		(0.8	)
Ready Capital Corp.		(26,065	)		(315,908	)		(38.1	)
RealReal, Inc.		(68,269	)		(115,375	)		(13.9	)
REC Silicon ASA		(38,379	)		(73,736	)		(8.9	)
Recursion Pharmaceuticals, Inc., Class A		(31,715	)		(334,593	)		(40.3	)
Relay Therapeutics, Inc.		(2,606	)		(57,905	)		(7.0	)
Reliance Worldwide Corp. Ltd.		(37,171	)		(76,371	)		(9.2	)
Relmada Therapeutics, Inc.		(8,999	)		(57,504	)		(6.9	)
Rent-A-Center, Inc.		(16,484	)		(343,691	)		(41.4	)
Resideo Technologies, Inc.		(15,989	)		(377,660	)		(45.5	)
Retail Opportunity Investments Corp.		(3,695	)		(53,504	)		(6.4	)
REV Group, Inc.		(29,872	)		(410,441	)		(49.4	)
Revance Therapeutics, Inc.		(3,999	)		(89,218	)		(10.7	)
Reynolds Consumer Products, Inc.		(14,725	)		(449,702	)		(54.2	)
Rimini Street, Inc.		(38,355	)		(215,172	)		(25.9	)
Riot Blockchain, Inc.		(35,875	)		(247,179	)		(29.8	)
RLI Corp.		(6,927	)		(900,995	)		(108.6	)
Rocket Lab USA, Inc.		(106,371	)		(541,428	)		(65.2	)
Roivant Sciences Ltd.		(3,777	)		(19,414	)		(2.3	)
Rover Group, Inc.		(29,783	)		(130,747	)		(15.8	)
Rush Street Interactive, Inc.		(21,761	)		(90,308	)		(10.9	)
Safety Insurance Group, Inc.		(9,507	)		(826,634	)		(99.6	)
Sally Beauty Holdings, Inc.		(7,154	)		(90,927	)		(11.0	)
Sanmina Corp.		(11,581	)		(649,115	)		(78.2	)
Saul Centers, Inc.		(357	)		(14,619	)		(1.8	)
Schnitzer Steel Industries, Inc., Class A		(1,159	)		(31,281	)		(3.8	)
Scholar Rock Holding Corp.		(1,469	)		(14,337	)		(1.7	)
Schrodinger, Inc.		(4,442	)		(106,475	)		(12.8	)
Schweitzer-Mauduit International, Inc.		(23,033	)		(546,803	)		(65.9	)
Seaboard Corp.		(140	)		(524,493	)		(63.2	)
Seer, Inc.		(28,783	)		(225,371	)		(27.2	)
Selectquote, Inc.		(85,669	)		(57,741	)		(7.0	)
Sema4 Holdings Corp.		(73,073	)		(75,265	)		(9.1	)
Seres Therapeutics, Inc.		(1,462	)		(12,953	)		(1.6	)
ServisFirst Bancshares, Inc.		(331	)		(24,934	)		(3.0	)
SES AI Corp.		(25,718	)		(154,565	)		(18.6	)
Shenandoah Telecommunications Co.		(5,356	)		(121,367	)		(14.6	)
Shoe Carnival, Inc.		(6,438	)		(154,383	)		(18.6	)
SI-BONE, Inc.		(13,534	)		(263,101	)		(31.7	)
Silgan Holdings, Inc.		(73,991	)		(3,504,214	)		(422.2	)
Silk Road Medical, Inc.		(1,429	)		(62,990	)		(7.6	)
Silvergate Capital Corp., Class A		(661	)		(37,518	)		(4.5	)
Simmons First National Corp., Class A		(12,959	)		(309,331	)		(37.3	)
Sinclair Broadcast Group, Inc., Class A		(4,562	)		(81,249	)		(9.8	)
SiTime Corp.		(452	)		(40,594	)		(4.9	)
SJW Group		(2,511	)		(177,477	)		(21.4	)
Skillsoft Corp.		(5,289	)		(9,467	)		(1.1	)
Skillz, Inc.		(121,301	)		(124,940	)		(15.1	)

SCHEDULE   OF  INVESTMENTS 89

Schedule of Investments (unaudited) (continued) October 31, 2022 BlackRock Global Equity Market Neutral Fund

Security	Shares			Value			% of Basket Value
United States (continued)
SmartRent, Inc.		(2,117	)	$	(5,822	)		(0.7	)%
Snap One Holdings Corp.		(2,305	)		(27,476	)		(3.3	)
Solid Power, Inc.		(65,429	)		(367,057	)		(44.2	)
SomaLogic, Inc.		(79,406	)		(275,539	)		(33.2	)
Sonic Automotive, Inc., Class A		(152	)		(7,106	)		(0.9	)
Sonos, Inc.		(1,047	)		(16,878	)		(2.0	)
Southside Bancshares, Inc.		(4,277	)		(146,444	)		(17.6	)
Sovos Brands, Inc.		(3,472	)		(48,122	)		(5.8	)
SpringWorks Therapeutics, Inc.		(4,148	)		(99,593	)		(12.0	)
Sprinklr, Inc., Class A		(9,072	)		(83,916	)		(10.1	)
Sprout Social, Inc., Class A		(1,590	)		(95,925	)		(11.6	)
Stem, Inc.		(28,377	)		(385,927	)		(46.5	)
Stepan Co.		(3,160	)		(330,030	)		(39.8	)
StepStone Group, Inc., Class A		(8,995	)		(265,532	)		(32.0	)
Stericycle, Inc.		(5,981	)		(266,633	)		(32.1	)
Sterling Construction Co., Inc.		(4,848	)		(130,848	)		(15.8	)
Stock Yards Bancorp, Inc.		(3,565	)		(278,747	)		(33.6	)
StoneX Group, Inc.		(198	)		(18,477	)		(2.2	)
Strategic Education, Inc.		(234	)		(16,146	)		(1.9	)
Stride, Inc.		(3,243	)		(108,673	)		(13.1	)
Sumo Logic, Inc.		(16,541	)		(127,531	)		(15.4	)
Sun Country Airlines Holdings, Inc.		(9,893	)		(161,058	)		(19.4	)
Sunstone Hotel Investors, Inc.		(13,762	)		(153,446	)		(18.5	)
Talos Energy, Inc.		(2,475	)		(52,668	)		(6.3	)
TaskUS, Inc., Class A		(11,233	)		(226,794	)		(27.3	)
Tejon Ranch Co.		(2,869	)		(48,601	)		(5.9	)
Telephone and Data Systems, Inc.		(1,188	)		(20,196	)		(2.4	)
Telos Corp.		(15,138	)		(160,463	)		(19.3	)
Tennant Co.		(3,120	)		(181,740	)		(21.9	)
Terex Corp.		(4,592	)		(186,160	)		(22.4	)
TFS Financial Corp.		(19,819	)		(278,457	)		(33.5	)
ThredUp, Inc., Class A		(123,841	)		(152,324	)		(18.4	)
Thryv Holdings, Inc.		(6,954	)		(142,279	)		(17.1	)
TimkenSteel Corp.		(2,247	)		(39,188	)		(4.7	)
Towne Bank		(982	)		(32,347	)		(3.9	)
TPG, Inc.		(7,464	)		(229,518	)		(27.7	)
Traeger, Inc.		(23,197	)		(96,268	)		(11.6	)
TransMedics Group, Inc.		(5,452	)		(262,895	)		(31.7	)
Treace Medical Concepts, Inc.		(2,191	)		(53,636	)		(6.5	)
Tredegar Corp.		(64,120	)		(698,267	)		(84.1	)
TreeHouse Foods, Inc.		(3,484	)		(175,036	)		(21.1	)
TriCo Bancshares		(4,713	)		(272,930	)		(32.9	)
Trinseo PLC		(11,169	)		(210,201	)		(25.3	)
Triumph Group, Inc.		(2,691	)		(24,354	)		(2.9	)
Trustmark Corp.		(8,058	)		(294,681	)		(35.5	)
TTM Technologies, Inc.		(15,741	)		(240,995	)		(29.0	)
Tupperware Brands Corp.		(38,767	)		(299,669	)		(36.1	)
Twist Bioscience Corp.		(6,772	)		(222,325	)		(26.8	)
Two Harbors Investment Corp.		(98,922	)		(352,162	)		(42.4	)
Ultra Clean Holdings, Inc.		(1,710	)		(53,198	)		(6.4	)
UMB Financial Corp.		(975	)		(81,140	)		(9.8	)
UMH Properties, Inc.		(2,624	)		(46,025	)		(5.5	)
UniFirst Corp.		(4,945	)		(909,929	)		(109.6	)
Unisys Corp.		(24,098	)		(204,833	)		(24.7	)
United Community Banks, Inc.		(19,750	)		(760,375	)		(91.6	)
United Natural Foods, Inc.		(12,455	)		(528,217	)		(63.6	)
Uniti Group, Inc.		(64,623	)		(501,475	)		(60.4	)
Universal Corp.		(7,243	)		(366,568	)		(44.2	)

Security	Shares			Value			% of Basket Value
United States (continued)
Universal Health Realty Income Trust		(5,316	)	$	(258,730	)		(31.2	)%
Uranium Energy Corp.		(85,524	)		(360,056	)		(43.4	)
Urstadt Biddle Properties, Inc., Class A		(8,123	)		(152,225	)		(18.3	)
Vaxart, Inc.		(74,630	)		(124,632	)		(15.0	)
Velodyne Lidar, Inc.		(197,401	)		(194,934	)		(23.5	)
Vera Therapeutics, Inc.		(1,691	)		(31,520	)		(3.8	)
Vericel Corp.		(1,157	)		(31,100	)		(3.7	)
Veritiv Corp.		(325	)		(37,785	)		(4.6	)
Veritone, Inc.		(14,559	)		(107,882	)		(13.0	)
Verra Mobility Corp.		(14,589	)		(249,034	)		(30.0	)
Vesync Co. Ltd.		(42,000	)		(11,193	)		(1.3	)
ViaSat, Inc.		(6,742	)		(276,152	)		(33.3	)
Victoria’s Secret & Co.		(17,666	)		(664,242	)		(80.0	)
Vimeo, Inc.		(16,200	)		(61,560	)		(7.4	)
Viridian Therapeutics, Inc.		(5,118	)		(101,848	)		(12.3	)
Vista Outdoor, Inc.		(5,742	)		(166,748	)		(20.1	)
Vivint Smart Home, Inc.		(12,071	)		(92,343	)		(11.1	)
Vobile Group Ltd.		(168,000	)		(40,048	)		(4.8	)
Volta, Inc.		(23,515	)		(26,102	)		(3.1	)
W&T Offshore, Inc.		(9,307	)		(70,640	)		(8.5	)
WD-40 Co.		(2,811	)		(450,210	)		(54.2	)
Werner Enterprises, Inc.		(2,740	)		(107,408	)		(12.9	)
WesBanco, Inc.		(1,188	)		(48,043	)		(5.8	)
Westamerica BanCorp		(1,853	)		(116,239	)		(14.0	)
WeWork, Inc., Class A		(118,015	)		(303,299	)		(36.5	)
Wheels Up Experience, Inc.		(71,976	)		(127,398	)		(15.3	)
White Mountains Insurance Group Ltd.		(983	)		(1,392,075	)		(167.7	)
WideOpenWest, Inc.		(5,356	)		(73,431	)		(8.8	)
Wolverine World Wide, Inc.		(13,511	)		(231,443	)		(27.9	)
Workhorse Group, Inc.		(324,190	)		(875,313	)		(105.5	)
World Acceptance Corp.		(190	)		(15,432	)		(1.9	)
Worthington Industries, Inc.		(1,723	)		(81,946	)		(9.9	)
WSFS Financial Corp.		(8,272	)		(385,144	)		(46.4	)
WW International, Inc.		(30,516	)		(137,932	)		(16.6	)
Xenia Hotels & Resorts, Inc.		(8,762	)		(149,655	)		(18.0	)
XPEL, Inc.		(117	)		(8,095	)		(1.0	)
Zentalis Pharmaceuticals, Inc.		(10,871	)		(272,753	)		(32.9	)
					(118,484,041	)
Preferred Stocks
Germany
Einhell Germany AG		(174	)		(23,861	)		(2.9	)
Jungheinrich AG		(6,660	)		(165,508	)		(19.9	)
Rights
Switzerland
Meyer Burger Technology AG (Expires 11/16/22, Strike Price CHF 0.27)		(61,343	)		—			0.0
United Kingdom
Avacta Group PLC, (Expires 11/15/22)		(277	)		(98	)		(0.0	)

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

Schedule of Investments (unaudited) (continued) October 31, 2022 BlackRock Global Equity Market Neutral Fund

Security	Shares			Value			% of Basket Value
United Kingdom (continued)
Warrants
Australia
PointsBet Holdings Ltd. (Issued/Exercisable 06/20/22, 1 Share for 1 Warrant, Expires 07/08/24, Strike Price AUD 10.00)		(9,593	)	$	(0	)		0.0	%
Total Reference Entity — Short					(205,465,815)
Net Value of Reference Entity — Goldman Sachs & Co.				$	830,033

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

Security	Shares		Value		% of Basket Value
Reference Entity — Long
Common Stocks
Argentina
MercadoLibre, Inc.		669	$	603,184		(42.3	)%
Australia
AGL Energy Ltd.		100,553		438,088		(30.7	)
Allkem Ltd.		14,754		136,322		(9.6	)
Alumina Ltd.		31,169		26,938		(1.9	)
Aristocrat Leisure Ltd.		13,864		329,075		(23.1	)
ASX Ltd.		1,528		66,206		(4.6	)
Aurizon Holdings Ltd.		47,958		111,136		(7.8	)
Australia & New Zealand Banking Group Ltd.		29,985		491,266		(34.5	)
Bank of Queensland Ltd.		21,610		101,768		(7.1	)
Bendigo & Adelaide Bank Ltd.		7,059		40,749		(2.9	)
Boral Ltd.		152,032		280,130		(19.7	)
carsales.com Ltd.		8,770		113,605		(8.0	)
Challenger Ltd.		28,609		128,550		(9.0	)
Charter Hall Group		21,621		179,473		(12.6	)
Coles Group Ltd.		1,121		11,721		(0.8	)
Commonwealth Bank of Australia		374		25,076		(1.8	)
CSR Ltd.		35,462		105,048		(7.4	)
Deterra Royalties Ltd.		36,802		96,566		(6.8	)
Domain Holdings Australia Ltd.		12,250		26,107		(1.8	)
Domino’s Pizza Enterprises Ltd.		3,065		124,971		(8.8	)
Flight Centre Travel Group Ltd.		10,081		107,295		(7.5	)
Goodman Group		62,646		681,633		(47.8	)
GPT Group		23,095		63,825		(4.5	)
Harvey Norman Holdings Ltd.		30,878		82,144		(5.8	)
IGO Ltd.		25,537		249,751		(17.5	)
Iluka Resources Ltd.		44,760		247,994		(17.4	)
Insignia Financial Ltd.		244,212		492,307		(34.6	)
Magellan Financial Group Ltd.		12,642		80,161		(5.6	)
Medibank Pvt Ltd.		15,467		27,851		(2.0	)
Metcash Ltd.		141,637		371,815		(26.1	)
Mineral Resources Ltd.		3,555		166,665		(11.7	)
Mirvac Group		88,790		117,644		(8.3	)
National Australia Bank Ltd.		6,987		145,134		(10.2	)
Orora Ltd.		73,054		141,763		(9.9	)
OZ Minerals Ltd.		4,465		69,136		(4.8	)
Perpetual Ltd.		7,359		117,267		(8.2	)
Pilbara Minerals Ltd.		47,614		154,757		(10.9	)
Platinum Asset Management Ltd.		113,256		129,660		(9.1	)

Security		Shares		Value		% of Basket Value
Australia (continued)
Pro Medicus Ltd.	��		3,571	$	127,225		(8.9	)%
REA Group Ltd.			1,634		126,645		(8.9	)
Scentre Group			22,326		41,549		(2.9	)
SEEK Ltd.			14,750		203,047		(14.2	)
Shopping Centres Australasia Property Group			23,934		41,686		(2.9	)
South32 Ltd.			190,133		436,216		(30.6	)
Star Entertainment Group Ltd.			88,278		166,062		(11.7	)
Steadfast Group Ltd.			14,124		45,758		(3.2	)
Stockland			230,716		531,592		(37.3	)
Telstra Group Ltd.			350,868		879,776		(61.8	)
Treasury Wine Estates Ltd.			4,489		37,199		(2.6	)
Wesfarmers Ltd.			5,150		149,448		(10.5	)
Westpac Banking Corp.			33,359		515,095		(36.2	)
WiseTech Global Ltd.			255		9,431		(0.7	)
					9,590,326
Austria
Andritz AG			1,500		69,715		(4.9	)
Erste Group Bank AG			3,364		82,905		(5.8	)
Raiffeisen Bank International AG			16,697		232,209		(16.3	)
					384,829
Belgium
Ackermans & van Haaren NV			5,057		704,549		(49.5	)
Anheuser-Busch InBev SA			8,941		447,232		(31.4	)
Elia Group SA			278		35,148		(2.5	)
Etablissements Franz Colruyt NV			420		10,124		(0.7	)
Solvay SA			4,022		362,949		(25.5	)
Umicore SA			2,053		67,679		(4.7	)
Warehouses De Pauw CVA.			11,949		306,682		(21.5	)
					1,934,363
Bermuda
Axis Capital Holdings Ltd.			6,026		329,441		(23.1	)
Hiscox Ltd.			14,034		144,574		(10.2	)
RenaissanceRe Holdings Ltd.			7,666		1,185,777		(83.2	)
Triton International Ltd.			1,101		66,820		(4.7	)
					1,726,612
Canada
Air Canada			7,823		112,606		(7.9	)
Alamos Gold, Inc., Class A			10,911		86,096		(6.1	)
Algonquin Power & Utilities Corp.			4,694		51,958		(3.7	)
ARC Resources Ltd.			22,932		322,851		(22.7	)
Bank of Montreal			748		68,900		(4.8	)
Bank of Nova Scotia			11,413		551,654		(38.7	)
Barrick Gold Corp.			25,273		380,111		(26.7	)
Bombardier, Inc., Class B			2,764		81,174		(5.7	)
Brookfield Infrastructure Corp., Class A			9,413		406,134		(28.5	)
BRP, Inc.			1,289		86,186		(6.1	)
CAE, Inc.			6,716		128,173		(9.0	)
Canada Goose Holdings, Inc.			13,700		224,132		(15.7	)
Canadian Imperial Bank of Commerce			4,887		221,939		(15.6	)
Canadian Natural Resources Ltd.			5,893		353,446		(24.8	)
Canadian Tire Corp.. Ltd., Class A			693		77,670		(5.5	)
Capital Power Corp.			1,690		56,567		(4.0	)
Cargojet, Inc.			1,480		144,268		(10.1	)
CGI, Inc.			2,611		210,321		(14.8	)
Colliers International Group, Inc.			769		72,173		(5.1	)
Crescent Point Energy Corp.			87,135		681,167		(47.8	)
Descartes Systems Group, Inc.			4,591		316,772		(22.2	)
Emera, Inc.			200		7,412		(0.5	)
Enbridge, Inc.			24,984		973,429		(68.3	)

SCHEDULE   OF  INVESTMENTS 91

Schedule of Investments (unaudited) (continued) October 31, 2022 BlackRock Global Equity Market Neutral Fund

Security	Shares		Value		% of Basket Value
Canada (continued)
First Capital Real Estate Investment Trust		1,540	$	17,917		(1.3	)%
First Majestic Silver Corp.		3,466		29,156		(2.1	)
First Quantum Minerals Ltd.		966		17,039		(1.2	)
FirstService Corp.		3,268		408,539		(28.7	)
George Weston Ltd.		2,696		296,741		(20.8	)
GFL Environmental, Inc.		16,163		436,241		(30.6	)
Gibson Energy, Inc.		7,938		135,471		(9.5	)
Great-West Lifeco, Inc.		6,684		154,742		(10.9	)
Hydro One Ltd.		7,936		198,990		(14.0	)
IGM Financial, Inc.		6,499		173,978		(12.2	)
Imperial Oil Ltd.		7,491		407,500		(28.6	)
Ivanhoe Mines Ltd., Class A		27,580		191,310		(13.4	)
Keyera Corp.		17,303		370,865		(26.0	)
Kinaxis, Inc.		3,686		393,424		(27.6	)
Kinross Gold Corp.		24,828		90,028		(6.3	)
Lithium Americas Corp.		5,423		134,943		(9.5	)
Lululemon Athletica, Inc.		2,638		868,008		(60.9	)
Lundin Mining Corp.		2,815		14,753		(1.0	)
Methanex Corp.		409		14,275		(1.0	)
NexGen Energy Ltd.		20,883		87,680		(6.2	)
Northland Power, Inc.		2,602		75,710		(5.3	)
Parex Resources, Inc.		7,633		116,427		(8.2	)
RioCan Real Estate Investment Trust		9,414		134,125		(9.4	)
Royal Bank of Canada		10,442		966,135		(67.8	)
Stantec, Inc.		2,891		141,457		(9.9	)
TC Energy Corp.		551		24,202		(1.7	)
Teck Resources Ltd.		21,215		645,786		(45.3	)
TELUS Corp.		24,170		504,743		(35.4	)
Toronto-Dominion Bank		2,266		145,023		(10.2	)
Tourmaline Oil Corp.		8,143		458,808		(32.2	)
Wheaton Precious Metals Corp.		5,626		184,058		(12.9	)
Whitecap Resources, Inc.		2,625		20,347		(1.4	)
WSP Global, Inc.		4,703		578,023		(40.6	)
				14,051,583
China
Budweiser Brewing Co. APAC Ltd.		229,900		483,876		(34.0	)
Chow Tai Fook Jewellery Group Ltd.		46,000		78,756		(5.5	)
NXP Semiconductors NV		1,980		289,238		(20.3	)
				851,870
Denmark
AP Moller - Maersk A/S, Class A		12		24,008		(1.7	)
AP Moller - Maersk A/S, Class B		49		102,370		(7.2	)
Coloplast A/S, Class B		1,751		195,184		(13.7	)
Demant A/S		6,311		172,336		(12.1	)
DSV A/S		117		15,810		(1.1	)
Genmab A/S		178		68,567		(4.8	)
GN Store Nord A/S		829		17,618		(1.2	)
H Lundbeck A/S		12,036		45,035		(3.2	)
Novo Nordisk A/S, Class B		1,551		168,642		(11.8	)
Novozymes A/S, B Shares		5,227		274,368		(19.3	)
SimCorp A/S		2,027		121,034		(8.5	)
Tryg A/S		7,066		152,832		(10.7	)
Vestas Wind Systems A/S		2,346		46,248		(3.3	)
				1,404,052
Finland
Kone OYJ, Class B		6,455		264,305		(18.6	)
Nokia OYJ		116,084		515,867		(36.2	)
Nokian Renkaat OYJ		34,676		391,035		(27.5	)
Outokumpu OYJ		77,433		310,767		(21.8	)

Security	Shares		Value		% of Basket Value
Finland (continued)
Stora Enso OYJ		2,540	$	33,119		(2.3	)%
Valmet OYJ		2,003		45,555		(3.2	)
Wartsila OYJ Abp		29,774		202,977		(14.2	)
				1,763,625
France
Accor SA		45,224		1,083,633		(76.1	)
Air France-KLM		202,251		265,942		(18.7	)
Air Liquide SA		11,059		1,446,669		(101.5	)
ALD SA		78,505		837,576		(58.8	)
Bouygues SA		10,316		294,327		(20.7	)
Carrefour SA		98,273		1,581,748		(111.0	)
Cie de Saint-Gobain		16,693		682,425		(47.9	)
Cie Generale des Etablissements Michelin SCA		7,540		192,150		(13.5	)
Danone SA		10,734		533,474		(37.4	)
Dassault Aviation SA		249		36,981		(2.6	)
Dassault Systemes SE		4,897		164,141		(11.5	)
Edenred		4,469		229,109		(16.1	)
Eiffage SA		3,855		348,576		(24.5	)
Engie SA		106,989		1,390,146		(97.6	)
Eramet SA		980		64,201		(4.5	)
Eurazeo SE		10,301		587,831		(41.3	)
Faurecia SE		21,259		317,377		(22.3	)
Gecina SA		4,520		402,976		(28.3	)
Hermes International		1,115		1,443,239		(101.3	)
ICADE.		9,739		362,280		(25.4	)
Ipsen SA		220		22,609		(1.6	)
Klepierre SA		21,654		435,208		(30.5	)
La Francaise des Jeux SAEM.		8,491		276,710		(19.4	)
Legrand SA		2,337		178,090		(12.5	)
Neoen SA		440		15,347		(1.1	)
Nexans SA		402		37,538		(2.6	)
Orange SA		21,159		201,601		(14.2	)
Pernod Ricard SA		826		144,972		(10.2	)
Publicis Groupe SA		1,626		91,063		(6.4	)
Remy Cointreau SA		6,081		930,015		(65.3	)
Renault SA		11,385		350,535		(24.6	)
Rexel SA		6,081		108,517		(7.6	)
Schneider Electric SE		7,127		901,254		(63.3	)
Societe Generale SA		54,600		1,252,361		(87.9	)
Teleperformance		246		65,911		(4.6	)
Thales SA		2,880		366,278		(25.7	)
Ubisoft Entertainment SA		3,194		87,630		(6.1	)
VInci SA		28,071		2,583,569		(181.4	)
Wendel SE		5,629		440,762		(30.9	)
				20,754,771
Germany
1&1 AG		6,591		86,828		(6.1	)
AIXTRON SE		2,594		63,744		(4.5	)
Bayerische Motoren Werke AG		14,431		1,132,716		(79.5	)
Beiersdorf AG		3,344		321,008		(22.5	)
Commerzbank AG		32,614		260,576		(18.3	)
Daimler Truck Holding AG		3,217		85,806		(6.0	)
Deutsche Bank AG		54,156		516,201		(36.2	)
Deutsche Telekom AG, Registered Shares		53,250		1,005,120		(70.6	)
E.ON SE		64,083		536,630		(37.7	)
Encavis AG		3,636		67,694		(4.7	)
Evonik Industries AG		8,351		153,840		(10.8	)
Fraport AG Frankfurt Airport Services Worldwide		2,069		79,710		(5.6	)
Freenet AG		24,438		480,358		(33.7	)
HelloFresh SE		1,391		27,805		(1.9	)

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

Schedule of Investments (unaudited) (continued) October 31, 2022 BlackRock Global Equity Market Neutral Fund

Security	Shares		Value		% of Basket Value
Germany (continued)
Hochtief AG		9,287	$	493,362		(34.6	)%
K&S AG, Registered Shares		5,326		117,593		(8.3	)
Knorr-Bremse AG		2,988		134,522		(9.4	)
LEG Immobilien SE		798		52,097		(3.7	)
Mercedes-Benz Group AG		1,196		69,226		(4.9	)
Nemetschek SE		3,765		179,504		(12.6	)
Nordex SE		17,828		166,195		(11.7	)
ProSiebenSat.1 Media SE		1,877		12,755		(0.9	)
Puma SE		581		25,686		(1.8	)
Rational AG		384		216,461		(15.2	)
Rheinmetall AG		71		11,541		(0.8	)
RWE AG		11,124		428,220		(30.1	)
Scout24 SE		5,550		284,409		(20.0	)
Siemens AG, Registered Shares		2,013		219,838		(15.4	)
Talanx AG		7,556		283,761		(19.9	)
TeamViewer AG		2,955		28,377		(2.0	)
Traton SE		2,734		34,095		(2.4	)
Vantage Towers AG		1,892		53,212		(3.7	)
VERBIO Vereinigte BioEnergie AG		316		24,892		(1.7	)
Volkswagen AG		1,148		196,230		(13.8	)
Wacker Chemie AG		1,532		178,364		(12.5	)
				8,028,376
Hong Kong
AIA Group Ltd.		91,400		692,336		(48.6	)
ASMPT Ltd.		17,500		96,259		(6.8	)
Bank of East Asia Ltd.		155,200		148,741		(10.4	)
Cafe de Coral Holdings Ltd.		60,000		70,022		(4.9	)
Cathay Pacific Airways Ltd.		285,000		258,446		(18.1	)
Dah Sing Banking Group Ltd.		216,000		128,793		(9.0	)
DFI Retail Group Holdings Ltd.		50,100		112,319		(7.9	)
First Pacific Co. Ltd.		310,000		82,090		(5.8	)
Haitong International Securities Group Ltd.		53,900		3,912		(0.3	)
Hang Lung Group Ltd.		7,000		9,080		(0.6	)
Hang Lung Properties Ltd.		58,000		72,962		(5.1	)
HK Electric Investments & HK Electric Investments Ltd.		196,000		124,619		(8.8	)
Hysan Development Co. Ltd.		6,000		13,078		(0.9	)
Link REIT		61,800		365,276		(25.6	)
New World Development Co. Ltd.		5,000		10,227		(0.7	)
Pacific Basin Shipping Ltd.		98,000		23,726		(1.7	)
Shangri-La Asia Ltd.		18,000		9,960		(0.7	)
SITC International Holdings Co. Ltd.		72,000		117,921		(8.3	)
SJM Holdings Ltd.		323,000		100,792		(7.1	)
Swire Pacific Ltd., Class A		54,000		358,209		(25.1	)
Swire Properties Ltd.		112,800		216,792		(15.2	)
United Energy Group Ltd.		2,804,000		271,270		(19.0	)
WH Group Ltd.		75,000		37,876		(2.7	)
Xinyi Glass Holdings Ltd.		87,000		111,809		(7.9	)
Yue Yuen Industrial Holdings Ltd.		176,500		179,438		(12.6	)
				3,615,953
Ireland
Accenture PLC, Class A		1,547		439,193		(30.8	)
Adient PLC		21,370		747,523		(52.5	)
Alkermes PLC		4,736		107,507		(7.5	)
Allegion PLC		3,410		357,266		(25.1	)
Bank of Ireland Group PLC		2,468		17,771		(1.2	)
Experian PLC		9,065		289,040		(20.3	)
Flutter Entertainment PLC		858		113,315		(8.0	)
Glanbia PLC		20,904		241,426		(16.9	)

Security	Shares		Value			% of Basket Value
Ireland (continued)
Icon PLC		2,064	$	408,342			(28.7	)%
James Hardie Industries PLC		2,651		57,879			(4.1	)
Kingspan Group PLC		4,036		203,482	��		(14.3	)
Medtronic PLC		8,777		766,583			(53.8	)
				3,749,327
Israel
Airport City Ltd.		2,114		35,002			(2.5	)
Alony Hetz Properties & Investments Ltd.		3,396		39,832			(2.8	)
Amot Investments Ltd.		24,923		150,764			(10.6	)
Bezeq The Israeli Telecommunication Corp. Ltd.		527,183		933,238			(65.5	)
Big Shopping Centers Ltd.		462		51,804			(3.6	)
CyberArk Software Ltd.		224		35,148			(2.5	)
Elbit Systems Ltd.		333		67,378			(4.7	)
Gav-Yam Lands Corp. Ltd.		7,600		64,456			(4.5	)
Harel Insurance Investments & Financial Services Ltd.		5,946		57,236			(4.0	)
Israel Corp. Ltd.		292		126,393			(8.9	)
Melisron Ltd.		1,532		113,665			(8.0	)
Nova Measuring Instruments Ltd.		3,748		276,265			(19.4	)
OPC Energy Ltd.		9,861		121,243			(8.5	)
Phoenix Holdings Ltd.		18,261		197,805			(13.9	)
SolarEdge Technologies, Inc.		1,689		388,521			(27.3	)
Teva Pharmaceutical Industries Ltd., ADR		42,051		375,095			(26.3	)
Wix.com Ltd.		2,710		227,911			(16.0	)
				3,261,756
Italy
Amplifon SpA		1,258		31,254			(2.2	)
Atlantia SpA		17,391		387,950			(27.2	)
Azimut Holding SpA		6,053		97,466			(6.8	)
Banca Mediolanum SpA		30,582		228,812			(16.1	)
Buzzi Unicem SpA		6,119		101,556			(7.1	)
Davide Campari-Milano NV		70,667		634,612			(44.6	)
De’ Longhi SpA		3,500		60,388			(4.2	)
Enel SpA		329,797		1,473,318			(103.4	)
Ferrari NV		37		7,294			(0.5	)
Italgas SpA		19,781		101,917			(7.2	)
Leonardo SpA		3,801		30,537			(2.1	)
Moncler SpA		1,633		70,454			(5.0	)
Pirelli & C SpA		4,462		16,831			(1.2	)
PRADA SpA		176,400		803,651			(56.4	)
Reply SpA		4,107		446,733			(31.4	)
UnipolSai Assicurazioni SpA		48,937		110,342			(7.7	)
				4,603,115
Japan
ABC-Mart, Inc.		1,800		80,231			(5.6	)
Acom Co. Ltd.		71,200		155,547			(10.9	)
Activia Properties, Inc.		18		53,317			(3.7	)
AEON Financial Service Co. Ltd.		15,200		148,756			(10.4	)
Aica Kogyo Co. Ltd.		1,700		36,537			(2.6	)
Alfresa Holdings Corp.		22,000		253,283			(17.8	)
Amada Co. Ltd.		90,500		636,538			(44.7	)
Amano Corp.		3,800		65,027			(4.6	)
ANA Holdings, Inc.		5,100		99,137			(7.0	)
Anritsu Corp.		25,800		259,674			(18.2	)
Aozora Bank Ltd.		16,400		282,109			(19.8	)
Asahi Group Holdings Ltd.		14,200		397,326			(27.9	)
Asahi Kasei Corp.		2,500		16,030			(1.1	)
Astellas Pharma, Inc.		16,700		230,430			(16.2	)
Azbil Corp.		7,400		201,100			(14.1	)

SCHEDULE   OF  INVESTMENTS 93

Schedule of Investments (unaudited) (continued) October 31, 2022 BlackRock Global Equity Market Neutral Fund

Security	Shares		Value		% of Basket Value
Japan (continued)
AZ-COM MARUWA Holdings, Inc.		13,400	$	127,322		(8.9	)%
Bandai Namco Holdings, Inc.		1,100		72,713		(5.1	)
BayCurrent Consulting, Inc.		6,000		168,343		(11.8	)
Benesse Holdings, Inc.		32,600		480,931		(33.8	)
Calbee, Inc.		7,500		150,653		(10.6	)
Capcom Co. Ltd.		6,900		191,923		(13.5	)
Chubu Electric Power Co., Inc.		2,400		19,536		(1.4	)
Chugai Pharmaceutical Co. Ltd.		2,500		57,930		(4.1	)
Chugin Financial Group, Inc.		10,000		60,280		(4.2	)
Chugoku Electric Power Co., Inc.		34,400		161,390		(11.3	)
Coca-Cola Bottlers Japan Holdings, Inc.		35,800		323,451		(22.7	)
COMSYS Holdings Corp.		55,000		901,058		(63.3	)
Cosmo Energy Holdings Co. Ltd.		4,800		123,645		(8.7	)
Cosmos Pharmaceutical Corp.		4,000		386,859		(27.2	)
Daifuku Co. Ltd.		6,100		279,227		(19.6	)
Daito Trust Construction Co. Ltd.		600		59,414		(4.2	)
Daiwa House Industry Co. Ltd.		15,900		320,343		(22.5	)
DeNA Co. Ltd.		5,800		75,646		(5.3	)
Dentsu Group, Inc.		18,900		587,854		(41.3	)
Disco Corp.		500		119,590		(8.4	)
DMG Mori Co. Ltd.		50,400		583,260		(40.9	)
East Japan Railway Co.		3,000		159,856		(11.2	)
Ebara Corp.		9,800		318,423		(22.4	)
Electric Power Development Co. Ltd.		2,300		31,988		(2.2	)
EXEO Group, Inc.		35,000		512,804		(36.0	)
FP Corp.		12,700		302,139		(21.2	)
Fuji Media Holdings, Inc.		6,600		45,904		(3.2	)
FUJIFILM Holdings Corp.		10,500		480,374		(33.7	)
Fujikura Ltd.		2,300		13,618		(1.0	)
Fujitsu Ltd.		5,200		598,304		(42.0	)
Furukawa Electric Co. Ltd.		12,700		195,934		(13.8	)
GMO Payment Gateway, Inc.		3,100		222,908		(15.6	)
H.U. Group Holdings, Inc.		15,800		294,114		(20.6	)
Hamamatsu Photonics KK		1,700		76,910		(5.4	)
Hirose Electric Co. Ltd.		1,000		129,721		(9.1	)
Hisamitsu Pharmaceutical Co., Inc.		13,100		323,199		(22.7	)
Hitachi Construction Machinery Co. Ltd.		15,000		293,460		(20.6	)
Honda Motor Co. Ltd.		22,800		519,896		(36.5	)
Hulic Co. Ltd.		5,900		42,860		(3.0	)
Information Services International-Dentsu Ltd.		3,700		113,163		(7.9	)
INFRONEER Holdings, Inc.		17,200		119,236		(8.4	)
Internet Initiative Japan, Inc.		5,600		87,900		(6.2	)
ITOCHU Corp.		18,600		480,708		(33.7	)
Itochu Techno-Solutions Corp.		10,300		238,793		(16.8	)
Izumi Co. Ltd.		2,700		54,467		(3.8	)
J Front Retailing Co. Ltd.		30,800		248,957		(17.5	)
Japan Exchange Group, Inc.		2,800		36,797		(2.6	)
Japan Post Bank Co. Ltd.		35,200		234,542		(16.5	)
Japan Prime Realty Investment Corp.		75		203,688		(14.3	)
Japan Tobacco, Inc.		115,000		1,925,954		(135.2	)
Kajima Corp.		16,000		150,611		(10.6	)
Kakaku.com, Inc.		7,400		125,156		(8.8	)
Kamigumi Co. Ltd.		26,800		509,647		(35.8	)
Kandenko Co. Ltd.		35,400		198,981		(14.0	)
Kansai Electric Power Co., Inc.		1,300		9,848		(0.7	)
Keisei Electric Railway Co. Ltd.		5,300		140,673		(9.9	)
Kewpie Corp.		12,900		203,657		(14.3	)
Kinden Corp.		59,800		608,487		(42.7	)
Kintetsu Group Holdings Co. Ltd.		11,000		371,744		(26.1	)
Kobe Bussan Co. Ltd.		600		13,014		(0.9	)
Kokuyo Co. Ltd.		26,000		322,491		(22.6	)
Kuraray Co. Ltd.		146,400		1,006,724		(70.7	)

Security	Shares		Value		% of Basket Value
Japan (continued)
Kusuri no Aoki Holdings Co. Ltd.		7,300	$	351,881		(24.7	)%
Kyocera Corp.		8,400		406,782		(28.6	)
Kyowa Kirin Co. Ltd.		9,600		226,096		(15.9	)
Kyudenko Corp.		13,300		282,099		(19.8	)
Kyushu Railway Co.		800		16,731		(1.2	)
Lawson, Inc.		40,900		1,306,633		(91.7	)
Lion Corp.		40,800		412,353		(28.9	)
Lixil Corp.		2,200		33,232		(2.3	)
M3, Inc.		1,500		44,700		(3.1	)
Mani, Inc.		21,600		314,660		(22.1	)
Marubeni Corp.		7,900		69,156		(4.9	)
Maruichi Steel Tube Ltd.		2,900		54,739		(3.8	)
Mazda Motor Corp.		2,600		17,506		(1.2	)
McDonald’s Holdings Co. Japan Ltd.		5,000		173,586		(12.2	)
Mebuki Financial Group, Inc.		10,400		20,225		(1.4	)
MISUMI Group, Inc.		800		17,040		(1.2	)
Mitsubishi Chemical Group Corp.		94,800		428,245		(30.1	)
Mitsubishi Corp.		35,800		969,782		(68.1	)
Mitsubishi Estate Co. Ltd.		49,400		621,220		(43.6	)
Mitsubishi HC Capital, Inc.		94,000		403,359		(28.3	)
Mitsubishi Logistics Corp.		5,300		116,300		(8.2	)
Mitsubishi Materials Corp.		4,800		62,738		(4.4	)
Mitsui & Co. Ltd.		13,500		298,744		(21.0	)
Mitsui Chemicals, Inc.		8,600		159,177		(11.2	)
Mitsui Fudosan Co. Ltd.		15,600		298,715		(21.0	)
Mitsui Mining & Smelting Co. Ltd.		3,500		70,692		(5.0	)
MonotaRO Co. Ltd.		4,000		60,719		(4.3	)
MS&AD Insurance Group Holdings, Inc.		39,900		1,056,600		(74.2	)
Murata Manufacturing Co. Ltd.		8,000		378,715		(26.6	)
Nagoya Railroad Co. Ltd.		9,600		147,063		(10.3	)
Nankai Electric Railway Co. Ltd.		14,400		291,302		(20.4	)
NEC Corp.		18,300		605,746		(42.5	)
NEC Networks & System Integration Corp.		3,500		37,506		(2.6	)
NET One Systems Co. Ltd.		3,000		61,616		(4.3	)
Nichirei Corp.		12,200		189,740		(13.3	)
Nihon Kohden Corp.		17,800		398,580		(28.0	)
Nihon M&A Center Holdings, Inc.		8,500		95,912		(6.7	)
Nikon Corp.		17,500		169,245		(11.9	)
Nippon Express Holdings, Inc.		2,800		140,694		(9.9	)
Nippon Telegraph & Telephone Corp.		30,800		849,485		(59.6	)
Nippon Television Holdings, Inc.		121,200		903,824		(63.4	)
Nipro Corp.		16,800		126,643		(8.9	)
Nitori Holdings Co. Ltd.		1,200		108,740		(7.6	)
Nitto Denko Corp.		4,200		221,280		(15.5	)
NOK Corp.		21,400		175,056		(12.3	)
Nomura Research Institute Ltd.		5,000		110,651		(7.8	)
NSK Ltd.		52,400		276,946		(19.4	)
NTT Data Corp.		6,600		95,593		(6.7	)
Obayashi Corp.		193,700		1,243,295		(87.3	)
OBIC Business Consultants Co. Ltd.		2,500		71,862		(5.0	)
Obic Co. Ltd.		1,300		195,082		(13.7	)
Odakyu Electric Railway Co. Ltd.		6,100		72,517		(5.1	)
Omron Corp.		23,900		1,114,656		(78.2	)
Oriental Land Co. Ltd.		1,100		147,320		(10.3	)
Otsuka Corp.		9,200		289,728		(20.3	)
Otsuka Holdings Co. Ltd.		1,100		35,260		(2.5	)
PALTAC Corp.		2,200		62,493		(4.4	)
Panasonic Holdings Corp.		39,200		279,206		(19.6	)
Penta-Ocean Construction Co. Ltd.		27,300		135,768		(9.5	)
PeptiDream, Inc.		5,400		59,078		(4.1	)
Pigeon Corp.		14,800		193,866		(13.6	)
Pola Orbis Holdings, Inc.		10,700		118,183		(8.3	)

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

Schedule of Investments (unaudited) (continued) October 31, 2022 BlackRock Global Equity Market Neutral Fund

Security	Shares		Value		% of Basket Value
Japan (continued)
Rakuten Group, Inc.		7,700	$	34,376		(2.4	)%
Recruit Holdings Co. Ltd.		1,000		30,771		(2.2	)
Resona Holdings, Inc.		35,100		132,290		(9.3	)
Resorttrust, Inc.		12,100		186,237		(13.1	)
Ricoh Co. Ltd.		55,800		408,891		(28.7	)
Rinnai Corp.		5,100		347,133		(24.4	)
Rohm Co. Ltd.		3,800		267,005		(18.7	)
Sankyu, Inc.		12,400		369,727		(26.0	)
Santen Pharmaceutical Co. Ltd.		39,600		270,983		(19.0	)
Sawai Group Holdings Co. Ltd.		3,600		103,915		(7.3	)
SBI Holdings, Inc.		29,800		538,309		(37.8	)
SCREEN Holdings Co. Ltd.		1,500		82,330		(5.8	)
SCSK Corp.		9,200		135,732		(9.5	)
Secom Co. Ltd.		2,300		131,032		(9.2	)
Sega Sammy Holdings, Inc.		12,700		162,450		(11.4	)
Seiko Epson Corp.		25,200		342,119		(24.0	)
Seino Holdings Co. Ltd.		20,500		157,518		(11.1	)
Sekisui House Ltd.		22,900		380,204		(26.7	)
Sekisui House REIT, Inc.		245		132,017		(9.3	)
SG Holdings Co. Ltd.		26,200		347,179		(24.4	)
Shimadzu Corp.		3,100		81,663		(5.7	)
Shimizu Corp.		83,600		417,163		(29.3	)
Skylark Co. Ltd.		6,400		68,272		(4.8	)
SMS Co. Ltd.		1,000		22,941		(1.6	)
SoftBank Corp.		5,400		53,268		(3.7	)
Sohgo Security Services Co. Ltd.		900		22,435		(1.6	)
Sojitz Corp.		4,500		66,339		(4.7	)
Sompo Holdings, Inc.		5,700		237,646		(16.7	)
Sotetsu Holdings, Inc.		7,900		119,639		(8.4	)
Square Enix Holdings Co. Ltd.		2,300		102,631		(7.2	)
Sugi Holdings Co. Ltd.		400		16,042		(1.1	)
Sumitomo Chemical Co. Ltd.		280,900		945,863		(66.4	)
Sumitomo Corp.		14,300		181,807		(12.8	)
Sumitomo Forestry Co. Ltd.		10,200		159,564		(11.2	)
Sumitomo Mitsui Financial Group, Inc.		15,800		443,689		(31.1	)
Sumitomo Mitsui Trust Holdings, Inc.		1,700		48,907		(3.4	)
Sumitomo Pharma Co. Ltd.		4,300		29,953		(2.1	)
Sundrug Co. Ltd.		13,100		304,614		(21.4	)
Suntory Beverage & Food Ltd.		32,300		1,080,651		(75.9	)
Sysmex Corp.		900		48,442		(3.4	)
Taisei Corp.		37,300		1,016,075		(71.3	)
Takara Bio, Inc.		8,500		99,446		(7.0	)
Takashimaya Co. Ltd.		11,500		142,260		(10.0	)
TBS Holdings, Inc.		1,200		12,431		(0.9	)
Teijin Ltd.		6,600		59,921		(4.2	)
Terumo Corp.		13,100		397,572		(27.9	)
Tobu Railway Co. Ltd.		600		13,880		(1.0	)
Tohoku Electric Power Co., Inc.		11,900		49,985		(3.5	)
Tokio Marine Holdings, Inc.		16,600		300,546		(21.1	)
Tokyo Tatemono Co. Ltd.		2,100		28,880		(2.0	)
Tosoh Corp.		11,700		127,290		(8.9	)
TOTO Ltd.		700		19,966		(1.4	)
Toyota Industries Corp.		2,000		103,030		(7.2	)
Toyota Motor Corp.		8,100		112,384		(7.9	)
Toyota Tsusho Corp.		8,200		275,240		(19.3	)
Trend Micro, Inc.		16,900		852,157		(59.8	)
TS Tech Co. Ltd.		8,500		88,890		(6.2	)
Tsumura & Co.		3,300		68,925		(4.8	)
Tsuruha Holdings, Inc.		9,600		557,718		(39.1	)
Ulvac, Inc.		1,100		43,363		(3.0	)
Yakult Honsha Co. Ltd.		3,500		193,896		(13.6	)

Security	Shares		Value		% of Basket Value
Japan (continued)
Yamada Holdings Co. Ltd.		120,800	$	389,280		(27.3	)%
Yamaguchi Financial Group, Inc.		19,400		102,165		(7.2	)
Yamaha Corp.		11,000		415,297		(29.2	)
Yamaha Motor Co. Ltd.		4,100		84,634		(5.9	)
Yaoko Co. Ltd.		7,600		330,623		(23.2	)
Yaskawa Electric Corp.		3,100		85,837		(6.0	)
Z Holdings Corp.		170,700		440,535		(30.9	)
Zenkoku Hosho Co. Ltd.		500		16,498		(1.2	)
Zensho Holdings Co. Ltd.		4,400		109,812		(7.7	)
ZOZO, Inc.		4,300		91,238		(6.4	)
				53,471,942
Luxembourg
RTL Group SA		6,930		235,245		(16.5	)
Macau
Wynn Macau Ltd.		59,600		23,760		(1.7	)
Netherlands
ABN AMRO Bank NV, GDR		29,932		294,250		(20.6	)
Aegon NV		5,223		24,178		(1.7	)
Alfen Beheer BV		740		78,498		(5.5	)
ASML Holding NV		119		55,821		(3.9	)
ASR Nederland NV		3,132		137,911		(9.7	)
IMCD NV		2,810		364,441		(25.6	)
JDE Peet’s NV		1,759		50,352		(3.5	)
Koninklijke Ahold Delhaize NV		585		16,315		(1.1	)
Koninklijke KPN NV		49,780		139,240		(9.8	)
Koninklijke Vopak NV		14,766		301,699		(21.2	)
OCI NV		7,103		271,675		(19.1	)
Prosus NV		1,498		64,776		(4.5	)
QIAGEN NV		1,277		55,145		(3.9	)
Randstad NV		4,800		239,228		(16.8	)
Signify NV		2,815		77,990		(5.5	)
Wolters Kluwer NV		3,030		321,963		(22.6	)
				2,493,482
New Zealand
a2 Milk Co. Ltd.		59,369		199,507		(14.0	)
Air New Zealand Ltd.		85,618		38,835		(2.7	)
Fisher & Paykel Healthcare Corp. Ltd.		8,596		97,694		(6.9	)
Infratil Ltd.		62,942		319,605		(22.4	)
				655,641
Norway
Adevinta ASA		2,819		19,297		(1.4	)
Aker BP ASA		10,913		346,666		(24.3	)
Equinor ASA		854		31,244		(2.2	)
Golden Ocean Group Ltd.		2,453		20,136		(1.4	)
Kongsberg Gruppen ASA		5,724		205,265		(14.4	)
NEL ASA		51,755		63,262		(4.5	)
Norsk Hydro ASA		35,651		226,253		(15.9	)
Var Energi ASA		51,256		174,219		(12.2	)
Yara International ASA		9,779		436,451		(30.6	)
				1,522,793
Portugal
EDP - Energias de Portugal SA		368,901		1,611,844		(113.1	)
Singapore
CapLand Ascendas REIT		42,600		78,818		(5.5	)
ComfortDelGro Corp. Ltd.		139,000		124,779		(8.8	)
Jardine Cycle & Carriage Ltd.		8,000		168,029		(11.8	)
Keppel Corp. Ltd.		44,200		217,553		(15.3	)
NetLink NBN Trust		297,600		179,764		(12.6	)

SCHEDULE   OF  INVESTMENTS 95

Schedule of Investments (unaudited) (continued) October 31, 2022 BlackRock Global Equity Market Neutral Fund

Security	Shares		Value		% of Basket Value
Singapore (continued)
Oversea-Chinese Banking Corp. Ltd.		28,300	$	242,930		(17.0	)%
SATS Ltd.		75,200		145,156		(10.2	)
SIA Engineering Co. Ltd.		66,800		101,979		(7.2	)
Singapore Airlines Ltd.		70,100		260,023		(18.2	)
Singapore Post Ltd.		815,400		311,365		(21.9	)
StarHub Ltd.		83,100		62,823		(4.4	)
				1,893,219
Spain
Banco Bilbao Vizcaya Argentaria SA		5,720		29,508		(2.1	)
Bankinter SA		5,888		35,616		(2.5	)
Corp. ACCIONA Energias Renovables SA		1,898		74,631		(5.2	)
EDP Renovaveis SA		7,053		148,413		(10.4	)
Iberdrola SA		50,640		514,972		(36.2	)
Mapfre SA		62,981		108,025		(7.6	)
Merlin Properties Socimi SA		31,167		264,189		(18.5	)
Naturgy Energy Group SA		2,234		57,330		(4.0	)
Repsol SA		1,496		20,352		(1.4	)
Solaria Energia y Medio Ambiente SA		14,103		223,055		(15.7	)
				1,476,091
Sweden
Atlas Copco AB, B Shares		28,730		277,852		(19.5	)
Autoliv, Inc.		384		30,854		(2.2	)
Avanza Bank Holding AB		6,616		131,970		(9.3	)
Castellum AB		662		7,569		(0.5	)
Epiroc AB, Class A		9,479		145,109		(10.2	)
Epiroc AB, Class B		12,981		174,298		(12.2	)
Holmen AB, B Shares		5,096		184,936		(13.0	)
Industrivarden AB		18,151		407,588		(28.6	)
Industrivarden AB, A Shares		7,937		179,756		(12.6	)
Indutrade AB		25,926		453,911		(31.9	)
Investment AB Latour, B Shares		7,717		130,358		(9.2	)
Kinnevik AB		4,878		60,260		(4.2	)
Lifco AB, B Shares		5,165		74,633		(5.2	)
Saab AB, Class B		10,720		378,781		(26.6	)
Skanska AB, B Shares		3,345		52,019		(3.7	)
Spotify Technology SA		4,179		336,744		(23.6	)
SSAB AB, A Shares		29,339		141,123		(9.9	)
Svenska Cellulosa AB SCA, Class B		8,992		106,086		(7.4	)
Tele2 AB, B Shares		6,838		56,044		(3.9	)
Telefonaktiebolaget LM Ericsson, B Shares		84,681		470,771		(33.0	)
Telia Co. AB		9,012		23,880		(1.7	)
Thule Group AB		1,486		29,275		(2.1	)
Vitrolife AB		843		13,625		(1.0	)
				3,867,442
Switzerland
ABB Ltd., Registered Shares		34,048		945,523		(66.4	)
Accelleron Industries AG		1,844		31,269		(2.2	)
Banque Cantonale Vaudoise, Registered Shares		1,632		145,241		(10.2	)
Barry Callebaut AG, Registered Shares		155		293,246		(20.6	)
BKW AG		2,960		345,322		(24.2	)
Chocoladefabriken Lindt & Spruengli AG		63		604,613		(42.4	)
DKSH Holding AG		2,353		169,747		(11.9	)
Emmi AG, Registered Shares		71		56,655		(4.0	)
EMS-Chemie Holding AG, Registered Shares		202		127,016		(8.9	)
Flughafen Zurich AG, Registered Shares		847		131,400		(9.2	)
Geberit AG, Registered Shares		1,167		518,775		(36.4	)
Givaudan SA, Registered Shares		301		899,069		(63.1	)
Idorsia Ltd.		12,093		187,225		(13.1	)
Logitech International SA, Registered Shares		5,117		254,478		(17.9	)

Security	Shares		Value		% of Basket Value
Switzerland (continued)
Nestle SA, Registered Shares		10,872	$	1,183,513		(83.1	)%
Roche Holding AG		1,092		443,232		(31.1	)
Siemens Energy AG		9,036		105,338		(7.4	)
SIG Group AG		13,864		266,509		(18.7	)
Sika AG, Registered Shares		4,869		1,097,841		(77.1	)
Swiss Prime Site AG, Registered Shares		1,617		130,481		(9.2	)
UBS Group AG, Registered Shares		15,343		243,250		(17.1	)
VAT Group AG		1,425		325,329		(22.8	)
				8,505,072
United Kingdom
3i Group PLC		9,319		124,114		(8.7	)
AstraZeneca PLC		3,529		414,065		(29.1	)
Atlantica Sustainable Infrastructure PLC		25,562		708,323		(49.7	)
Auto Trader Group PLC		41,038		245,644		(17.2	)
B&M European Value Retail SA		3,820		14,117		(1.0	)
BAE Systems PLC		4,875		45,599		(3.2	)
Barclays PLC		80,525		136,832		(9.6	)
Beazley PLC		12,062		86,506		(6.1	)
BP PLC, ADR		146,428		810,128		(56.9	)
British American Tobacco PLC		34,052		1,344,831		(94.4	)
Bunzl PLC		1,119		36,463		(2.6	)
Burberry Group PLC		33,387		695,688		(48.8	)
Centrica PLC		359,457		315,859		(22.2	)
Clarivate PLC		4,380		45,245		(3.2	)
ConvaTec Group PLC		48,194		120,592		(8.5	)
Croda International PLC		14,008		1,085,193		(76.2	)
Dechra Pharmaceuticals PLC		4,045		121,602		(8.5	)
Diageo PLC		19,510		802,885		(56.4	)
Direct Line Insurance Group PLC		105,128		242,892		(17.1	)
Dr. Martens PLC		19,024		54,102		(3.8	)
Drax Group PLC		24,790		148,036		(10.4	)
Endeavour Mining PLC		9,881		175,738		(12.3	)
Ferguson PLC		731		79,722		(5.6	)
GSK PLC		4,419		72,388		(5.1	)
Halma PLC		9,671		234,515		(16.5	)
Hammerson PLC		45		10		(0.0	)
Hargreaves Lansdown PLC		62,579		546,916		(38.4	)
IG Group Holdings PLC		10,508		95,846		(6.7	)
IMI PLC		973		13,707		(1.0	)
Intermediate Capital Group PLC		4,440		54,065		(3.8	)
Intertek Group PLC		2,313		96,898		(6.8	)
J Sainsbury PLC		78,859		175,784		(12.3	)
Johnson Matthey PLC		1,929		42,819		(3.0	)
Kingfisher PLC		11,463		28,800		(2.0	)
Liberty Global PLC, Class A		13,601		229,313		(16.1	)
Liberty Global PLC, Class C		21,165		373,774		(26.2	)
LivaNova PLC		3,275		154,252		(10.8	)
London Stock Exchange Group PLC		2,221		192,521		(13.5	)
LXI REIT PLC		9,769		13,638		(1.0	)
Moneysupermarket.com Group PLC		3		6		(0.0	)
NatWest Group PLC		62,340		167,900		(11.8	)
Nomad Foods Ltd.		42,127		648,756		(45.5	)
Ocado Group PLC		6,855		37,163		(2.6	)
Pennon Group PLC		14,368		138,072		(9.7	)
Renishaw PLC		372		14,927		(1.0	)
Rentokil Initial PLC		3,823		23,856		(1.7	)
Rightmove PLC		2,498		14,067		(1.0	)
RS GROUP PLC		5,364		59,022		(4.1	)
Sage Group PLC		37,397		311,694		(21.9	)
Segro PLC		60,474		544,266		(38.2	)
Severn Trent PLC		1,906		54,702		(3.8	)

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

Schedule of Investments (unaudited) (continued) October 31, 2022 BlackRock Global Equity Market Neutral Fund

Security	Shares		Value		% of Basket Value
United Kingdom (continued)
Shell PLC		2,951	$	81,747		(5.7	)%
Spectris PLC		81		2,807		(0.2	)
Spirax-Sarco Engineering PLC		5,420		667,925		(46.9	)
SSE PLC		39,892		712,905		(50.0	)
SSP Group PLC		100,750		234,268		(16.4	)
St. James’s Place PLC		51,065		623,583		(43.8	)
Tate & Lyle PLC		101,157		812,815		(57.1	)
TechnipFMC PLC		9,409		99,641		(7.0	)
Travis Perkins PLC		37,746		355,756		(25.0	)
Tritax Big Box REIT PLC		204,187		328,321		(23.0	)
Unilever PLC		603		27,522		(1.9	)
United Utilities Group PLC		15,928		171,643		(12.1	)
WPP PLC		20,222		177,957		(12.5	)
				16,490,743
United States
3M Co.		1,257		158,118		(11.1	)
A O Smith Corp.		5,130		281,021		(19.7	)
ABIOMED, Inc.		6,589		1,660,955		(116.6	)
Adobe, Inc.		3,357		1,069,204		(75.1	)
Advanced Drainage Systems, Inc.		5,794		671,409		(47.1	)
Advanced Micro Devices, Inc.		4,724		283,723		(19.9	)
AECOM		19,864		1,495,362		(105.0	)
Agilent Technologies, Inc.		9,368		1,296,063		(91.0	)
AGNC Investment Corp.		126,837		1,042,600		(73.2	)
Akamai Technologies, Inc.		2,843		251,122		(17.6	)
Alaska Air Group, Inc.		11,606		516,003		(36.2	)
Albemarle Corp.		1,002		280,430		(19.7	)
Albertsons Cos., Inc., Class A		4,854		99,556		(7.0	)
Alcoa Corp.		13,587		530,301		(37.2	)
Align Technology, Inc.		2,528		491,190		(34.5	)
Allstate Corp.		9,000		1,136,250		(79.8	)
Ally Financial, Inc.		20,461		563,905		(39.6	)
Alnylam Pharmaceuticals, Inc.		1,631		338,041		(23.7	)
Altria Group, Inc.		29,848		1,381,067		(96.9	)
Amazon.com, Inc.		5,549		568,440		(39.9	)
Amcor PLC		40,691		471,202		(33.1	)
Amedisys, Inc.		5,286		515,861		(36.2	)
American Airlines Group, Inc.		10,728		152,123		(10.7	)
American Express Co.		6,851		1,017,031		(71.4	)
American Financial Group, Inc.		2,922		424,011		(29.8	)
American Homes 4 Rent, Class A		11,009		351,627		(24.7	)
American International Group, Inc.		14,548		829,236		(58.2	)
American Water Works Co., Inc.		997		144,904		(10.2	)
AMN Healthcare Services, Inc.		2,607		327,178		(23.0	)
Analog Devices, Inc.		5,389		768,579		(53.9	)
Annaly Capital Management, Inc.		29,260		542,773		(38.1	)
ANSYS, Inc.		2,733		604,430		(42.4	)
Antero Midstream Corp.		28,939		308,200		(21.6	)
Antero Resources Corp.		73		2,676		(0.2	)
Aon PLC, Class A		2,385		671,354		(47.1	)
APA Corp.		9,398		427,233		(30.0	)
AptarGroup, Inc.		8,058		798,951		(56.1	)
Aptiv PLC		6,731		612,992		(43.0	)
Arch Capital Group Ltd.		11,442		657,915		(46.2	)
Arrow Electronics, Inc.		6,989		707,706		(49.7	)
Asbury Automotive Group, Inc.		2,911		459,210		(32.2	)
ASGN, Inc.		4,733		401,264		(28.2	)
Ashland, Inc.		1,623		170,285		(12.0	)
AT&T, Inc.		49,059		894,346		(62.8	)
Autodesk, Inc.		2,547		545,822		(38.3	)

Security	Shares		Value		% of Basket Value
United States (continued)
AutoNation, Inc.		4,506	$	479,033		(33.6	)%
AutoZone, Inc.		409		1,035,948		(72.7	)
AvalonBay Communities, Inc.		2,721		476,502		(33.4	)
Avangrid, Inc.		2,812		114,392		(8.0	)
Avantor, Inc.		16,687		336,577		(23.6	)
Avis Budget Group, Inc.		218		51,548		(3.6	)
Avnet, Inc.		10,044		403,668		(28.3	)
Axalta Coating Systems Ltd.		17,010		396,673		(27.8	)
Axon Enterprise, Inc.		1,161		168,856		(11.9	)
AZEK Co., Inc.		11,666		204,272		(14.3	)
Azenta, Inc.		1,824		80,986		(5.7	)
Baker Hughes Co.		31,323		866,394		(60.8	)
Ball Corp.		8,688		429,100		(30.1	)
Bank of New York Mellon Corp.		12,756		537,155		(37.7	)
Bank OZK		7,088		304,642		(21.4	)
Becton Dickinson & Co.		2,128		502,144		(35.2	)
Berry Global Group, Inc.		7,809		369,522		(25.9	)
Best Buy Co., Inc.		10,531		720,426		(50.6	)
Bill.com Holdings, Inc.		1,468		195,772		(13.7	)
BioMarin Pharmaceutical, Inc.		4,273		370,170		(26.0	)
Bio-Rad Laboratories, Inc., Class A		1,187		417,480		(29.3	)
BJ’s Wholesale Club Holdings, Inc.		143		11,068		(0.8	)
Black Hills Corp.		4,963		324,431		(22.8	)
Blackline, Inc.		683		38,248		(2.7	)
Blackstone Mortgage Trust, Inc., Class A		18,520		462,259		(32.4	)
Blueprint Medicines Corp.		6,557		339,915		(23.9	)
Boeing Co.		2,646		377,081		(26.5	)
Booking Holdings, Inc.		933		1,744,225		(122.4	)
Booz Allen Hamilton Holding Corp.		20,532		2,234,908		(156.9	)
BorgWarner, Inc.		7,208		270,516		(19.0	)
Boston Beer Co., Inc., Class A		597		222,854		(15.6	)
Boston Scientific Corp.		17,926		772,790		(54.2	)
Box, Inc., Class A		22,997		668,063		(46.9	)
Boyd Gaming Corp.		8,319		480,505		(33.7	)
Brighthouse Financial, Inc.		27,784		1,585,633		(111.3	)
Bristol-Myers Squibb Co.		9,644		747,121		(52.4	)
Brixmor Property Group, Inc.		17,364		370,027		(26.0	)
Broadridge Financial Solutions, Inc.		6,619		993,247		(69.7	)
Builders FirstSource, Inc.		5,256		324,085		(22.7	)
CACI International, Inc., Class A		5,021		1,526,535		(107.2	)
Campbell Soup Co.		3,402		180,000		(12.6	)
Capital One Financial Corp.		4,832		512,289		(36.0	)
Capri Holdings Ltd.		8,658		395,497		(27.8	)
Cardinal Health, Inc.		16,321		1,238,764		(87.0	)
Carlisle Cos., Inc.		2,975		710,430		(49.9	)
Carnival PLC		19,187		152,447		(10.7	)
Carrier Global Corp.		25,107		998,254		(70.1	)
Cboe Global Markets, Inc.		3,250		404,625		(28.4	)
CDW Corp.		3,110		537,439		(37.7	)
Ceridian HCM Holding, Inc.		477		31,573		(2.2	)
CH Robinson Worldwide, Inc.		3,515		343,486		(24.1	)
Charles River Laboratories International, Inc.		3,412		724,197		(50.8	)
Chemed Corp.		559		260,980		(18.3	)
Cheniere Energy, Inc.		2,745		484,245		(34.0	)
Chevron Corp.		8,063		1,458,597		(102.4	)
Chewy, Inc., Class A		1,185		45,895		(3.2	)
Chipotle Mexican Grill, Inc.		499		747,667		(52.5	)
Chord Energy Corp.		810		124,003		(8.7	)
Ciena Corp.		3,488		167,075		(11.7	)
Cigna Corp.		2,792		901,984		(63.3	)
Cirrus Logic, Inc.		12,783		857,995		(60.2	)

SCHEDULE   OF  INVESTMENTS 97

Schedule of Investments (unaudited) (continued) October 31, 2022 BlackRock Global Equity Market Neutral Fund

Security	Shares		Value		% of Basket Value
United States (continued)
Cisco Systems, Inc.		17,665	$	802,521		(56.3	)%
Citigroup, Inc.		21,422		982,413		(69.0	)
Clearway Energy, Inc., Class C		19,353		672,323		(47.2	)
CMS Energy Corp.		13,104		747,583		(52.5	)
CNX Resources Corp.		19,317		324,719		(22.8	)
Coca-Cola Co.		37,743		2,258,919		(158.6	)
Coca-Cola Europacific Partners PLC		13,067		614,802		(43.2	)
Cognex Corp.		4,439		205,215		(14.4	)
Cognizant Technology Solutions Corp., Class A		32,055		1,995,424		(140.1	)
Coherent Corp.		5,363		180,250		(12.7	)
Colgate-Palmolive Co.		17,036		1,257,938		(88.3	)
Commercial Metals Co.		10,118		460,369		(32.3	)
Comstock Resources, Inc.		5,068		95,177		(6.7	)
Conagra Brands, Inc.		188		6,900		(0.5	)
Copart, Inc.		6,240		717,725		(50.4	)
CoStar Group, Inc.		9,415		778,809		(54.7	)
Costco Wholesale Corp.		1,215		609,322		(42.8	)
Credit Acceptance Corp.		75		34,921		(2.4	)
Crimson Wine Group Ltd.		1		6		(0.0	)
Crocs, Inc.		8,149		576,542		(40.5	)
Crowdstrike Holdings, Inc., Class A		2,279		367,375		(25.8	)
Crown Holdings, Inc.		14,085		966,090		(67.8	)
CubeSmart		3,920		164,130		(11.5	)
CVS Health Corp.		5,200		492,440		(34.6	)
Danaher Corp.		5,374		1,352,475		(94.9	)
Deckers Outdoor Corp.		1,420		496,901		(34.9	)
Dell Technologies, Inc., Class C		3,926		150,758		(10.6	)
DexCom, Inc.		2,814		339,875		(23.9	)
Dick’s Sporting Goods, Inc.		12,127		1,379,568		(96.8	)
Digital Realty Trust, Inc.		8,679		870,070		(61.1	)
DocuSign, Inc.		1,944		93,895		(6.6	)
Dolby Laboratories, Inc., Class A		4,865		325,177		(22.8	)
Domino’s Pizza, Inc.		2,840		943,562		(66.2	)
Donaldson Co., Inc.		5,629		323,386		(22.7	)
DoorDash, Inc., Class A		1,405		61,160		(4.3	)
DT Midstream, Inc.		14,189		847,083		(59.5	)
Dynatrace, Inc.		2,842		100,152		(7.0	)
EastGroup Properties, Inc.		1,501		235,192		(16.5	)
eBay, Inc.		25,376		1,010,980		(71.0	)
Edison International		16,566		994,623		(69.8	)
Edwards Lifesciences Corp.		14,817		1,073,195		(75.3	)
Elanco Animal Health, Inc.		12,635		166,656		(11.7	)
Elastic NV		580		37,091		(2.6	)
Elevance Health, Inc.		2,639		1,442,926		(101.3	)
Eli Lilly & Co.		4,198		1,520,054		(106.7	)
EQT Corp.		32,264		1,349,926		(94.8	)
Equifax, Inc.		1,872		317,379		(22.3	)
Equinix, Inc.		998		565,307		(39.7	)
Equity LifeStyle Properties, Inc.		5,282		337,837		(23.7	)
Equity Residential		16,881		1,063,841		(74.7	)
Erie Indemnity Co., Class A		5,083		1,306,382		(91.7	)
Essent Group Ltd.		9,396		371,894		(26.1	)
Essential Utilities, Inc.		4,243		187,625		(13.2	)
Essex Property Trust, Inc.		5,160		1,146,758		(80.5	)
Estee Lauder Cos., Inc., Class A		4,399		881,955		(61.9	)
Everest Re Group Ltd.		2,705		872,795		(61.3	)
Eversource Energy		2,191		167,129		(11.7	)
Exact Sciences Corp.		3,840		133,555		(9.4	)
Exelixis, Inc.		18,370		304,575		(21.4	)
Expedia Group, Inc.		8,897		831,603		(58.4	)
Expeditors International of Washington, Inc.		4,492		439,542		(30.9	)
Exxon Mobil Corp.		7,356		815,118		(57.2	)

Security	Shares		Value		% of Basket Value
United States (continued)
F5, Inc.		2,483	$	354,846		(24.9	)%
Fair Isaac Corp.		922		441,490		(31.0	)
FedEx Corp.		4,022		644,646		(45.2	)
Fidelity National Financial, Inc.		22,354		880,301		(61.8	)
First American Financial Corp.		7,567		381,377		(26.8	)
First Industrial Realty Trust, Inc.		16,030		763,509		(53.6	)
First Interstate BancSystem, Inc., Class A		28,643		1,306,407		(91.7	)
First Solar, Inc.		274		39,886		(2.8	)
Flex Ltd.		9,575		187,478		(13.2	)
Flowers Foods, Inc.		55,340		1,588,811		(111.5	)
Fluor Corp.		20,008		605,442		(42.5	)
FMC Corp.		1,029		122,348		(8.6	)
Fortune Brands Home & Security, Inc.		3,212		193,748		(13.6	)
Fox Corp., Class A		72,732		2,099,773		(147.4	)
Fox Corp., Class B		3,561		96,859		(6.8	)
Freeport-McMoRan, Inc.		45,120		1,429,853		(100.4	)
Gaming & Leisure Properties, Inc.		8,235		412,738		(29.0	)
Gap, Inc.		51,116		576,077		(40.4	)
Garmin Ltd.		15,087		1,328,259		(93.2	)
Gartner, Inc.		1,156		349,020		(24.5	)
Generac Holdings, Inc.		3,210		372,071		(26.1	)
General Dynamics Corp.		15,434		3,855,413		(270.6	)
General Electric Co.		8,545		664,886		(46.7	)
Gentex Corp.		10,138		268,556		(18.9	)
Gilead Sciences, Inc.		1,103		86,541		(6.1	)
Globus Medical, Inc., Class A		9,716		650,972		(45.7	)
Goodyear Tire & Rubber Co.		3,288		41,758		(2.9	)
Graphic Packaging Holding Co.		11,129		255,522		(17.9	)
Grocery Outlet Holding Corp.		8,390		290,042		(20.4	)
Guidewire Software, Inc.		7,241		430,188		(30.2	)
H&R Block, Inc.		8,651		355,989		(25.0	)
Halozyme Therapeutics, Inc.		4,366		208,738		(14.7	)
Hanover Insurance Group, Inc.		1,391		203,768		(14.3	)
Harley-Davidson, Inc.		16,168		695,224		(48.8	)
Hartford Financial Services Group, Inc.		12,511		905,921		(63.6	)
Healthpeak Properties, Inc.		26,461		627,920		(44.1	)
HEICO Corp.		4,598		747,819		(52.5	)
HEICO Corp., Class A		14,776		1,880,985		(132.0	)
Herc Holdings, Inc.		5,500		646,855		(45.4	)
Hess Corp.		3,819		538,785		(37.8	)
Hewlett Packard Enterprise Co.		65,211		930,561		(65.3	)
Hexcel Corp.		9,516		530,041		(37.2	)
HF Sinclair Corp.		4,903		299,917		(21.1	)
Hilton Worldwide Holdings, Inc.		1,912		258,617		(18.2	)
Home Depot, Inc.		1,630		482,692		(33.9	)
Horizon Therapeutics PLC		1,904		118,657		(8.3	)
Hormel Foods Corp.		12,998		603,757		(42.4	)
HubSpot, Inc.		2,064		612,100		(43.0	)
Humana, Inc.		1,085		605,517		(42.5	)
Huntington Ingalls Industries, Inc.		1,046		268,895		(18.9	)
Huntsman Corp.		25,204		674,459		(47.3	)
Hyatt Hotels Corp., Class A		1,930		181,825		(12.8	)
ICU Medical, Inc.		367		54,466		(3.8	)
IDACORP, Inc.		3,697		387,076		(27.2	)
Illinois Tool Works, Inc.		2,907		620,732		(43.6	)
Inari Medical, Inc.		1,077		82,854		(5.8	)
Incyte Corp.		6,758		502,390		(35.3	)
Insulet Corp.		244		63,150		(4.4	)
Integra LifeSciences Holdings Corp.		11,299		567,775		(39.9	)
Intel Corp.		30,175		857,875		(60.2	)
Intercontinental Exchange, Inc.		11,445		1,093,799		(76.8	)
International Game Technology PLC		24,113		483,466		(33.9	)

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

Schedule of Investments (unaudited) (continued) October 31, 2022 BlackRock Global Equity Market Neutral Fund

Security	Shares		Value		% of Basket Value
United States (continued)
Intuit, Inc.		2,163	$	924,682		(64.9	)%
Intuitive Surgical, Inc.		2,408		593,500		(41.7	)
Invesco Ltd.		39,582		606,396		(42.6	)
Invitation Homes, Inc.		16,878		534,864		(37.5	)
Ionis Pharmaceuticals, Inc.		14,898		658,492		(46.2	)
IQVIA Holdings, Inc.		1,163		243,846		(17.1	)
Iridium Communications, Inc.		10,365		534,108		(37.5	)
Iron Mountain, Inc.		7,639		382,485		(26.8	)
J M Smucker Co.		1,262		190,133		(13.3	)
Jabil, Inc.		6,133		394,045		(27.7	)
Jacobs Solutions, Inc.		8,664		998,266		(70.1	)
JB Hunt Transport Services, Inc.		2,542		434,860		(30.5	)
Jefferies Financial Group, Inc.		2,544		87,539		(6.1	)
Johnson Controls International PLC		2,240		129,562		(9.1	)
Jones Lang LaSalle, Inc.		8,856		1,408,901		(98.9	)
Juniper Networks, Inc.		16,325		499,545		(35.1	)
KeyCorp.		13,970		249,644		(17.5	)
Keysight Technologies, Inc.		5,277		918,990		(64.5	)
Kinder Morgan, Inc.		42,981		778,816		(54.7	)
KLA Corp.		125		39,556		(2.8	)
Knight-Swift Transportation Holdings, Inc.		4,328		207,874		(14.6	)
Kroger Co.		8,444		399,317		(28.0	)
L3Harris Technologies, Inc.		3,344		824,196		(57.9	)
Laboratory Corp. of America Holdings		3,004		666,467		(46.8	)
Lam Research Corp.		286		115,767		(8.1	)
Lamar Advertising Co., Class A		3,834		353,610		(24.8	)
Lattice Semiconductor Corp.		6,777		328,752		(23.1	)
Lear Corp.		4,273		592,708		(41.6	)
Leidos Holdings, Inc.		5,260		534,363		(37.5	)
Lennar Corp., Class A		693		55,925		(3.9	)
Lennox International, Inc.		1,582		369,508		(25.9	)
Leslie’s, Inc.		19,709		276,714		(19.4	)
Levi Strauss & Co., Class A		2,486		37,191		(2.6	)
Liberty Broadband Corp., Class C		7,644		645,383		(45.3	)
Liberty Latin America Ltd., Class A		2		16		(0.0	)
Liberty Media Corp.-Liberty Formula One, Class C .		2,202		127,121		(8.9	)
Liberty Media Corp.-Liberty SiriusXM, Class A		7,681		325,982		(22.9	)
Liberty Media Corp.-Liberty SiriusXM, Class C		10,812		456,158		(32.0	)
Lincoln National Corp.		18,701		1,007,423		(70.7	)
Lithia Motors, Inc.		2,151		426,221		(29.9	)
Live Nation Entertainment, Inc.		7,657		609,574		(42.8	)
Livent Corp.		6,791		214,392		(15.0	)
Lockheed Martin Corp.		4,014		1,953,534		(137.1	)
Lowe’s Cos., Inc.		8,815		1,718,484		(120.6	)
Lumen Technologies, Inc.		54,998		404,785		(28.4	)
Lumentum Holdings, Inc.		2,218		165,130		(11.6	)
MACOM Technology Solutions Holdings, Inc.		14,370		831,592		(58.4	)
Macy’s, Inc.		28,425		592,661		(41.6	)
Manhattan Associates, Inc.		4,592		558,709		(39.2	)
ManpowerGroup, Inc.		12,936		1,013,406		(71.1	)
MarketAxess Holdings, Inc.		5,381		1,313,179		(92.2	)
Marriott International, Inc., Class A		9,871		1,580,446		(110.9	)
Marsh & McLennan Cos., Inc.		864		139,527		(9.8	)
Martin Marietta Materials, Inc.		1,574		528,833		(37.1	)
Marvell Technology, Inc.		8,057		319,702		(22.4	)
Masco Corp.		2,840		131,407		(9.2	)
Masimo Corp.		2,599		342,028		(24.0	)
Mastercard, Inc., Class A		4,257		1,397,062		(98.1	)
Match Group, Inc.		1,080		46,656		(3.3	)
Mattel, Inc.		4,755		90,155		(6.3	)
MaxLinear, Inc.		6,710		207,205		(14.5	)
McCormick & Co., Inc.		10,013		787,422		(55.3	)

Security	Shares		Value		% of Basket Value
United States (continued)
Medical Properties Trust, Inc.		57,969	$	663,745		(46.6	)%
Meritage Homes Corp.		862		65,650		(4.6	)
Meta Platforms, Inc., Class A		6,581		613,086		(43.0	)
Mettler-Toledo International, Inc.		647		818,410		(57.4	)
MGIC Investment Corp.		37,704		514,660		(36.1	)
Microsoft Corp.		5,298		1,229,825		(86.3	)
Mid-America Apartment Communities, Inc.		2,932		461,643		(32.4	)
MKS Instruments, Inc.		1,053		86,504		(6.1	)
Mohawk Industries, Inc.		16,673		1,579,767		(110.9	)
Molson Coors Beverage Co., Class B		2,425		122,293		(8.6	)
MongoDB, Inc.		551		100,850		(7.1	)
Monolithic Power Systems, Inc.		1,050		356,422		(25.0	)
Moody’s Corp.		3,050		807,853		(56.7	)
Morningstar, Inc.		665		154,400		(10.8	)
MSC Industrial Direct Co., Inc., Class A		3,034		251,761		(17.7	)
MSCI, Inc.		2,704		1,267,797		(89.0	)
Murphy Oil Corp.		7,652		371,199		(26.1	)
National Retail Properties, Inc.		4,357		183,125		(12.9	)
National Storage Affiliates Trust		7,481		319,139		(22.4	)
Neurocrine Biosciences, Inc.		4,858		559,253		(39.3	)
New Relic, Inc.		3,385		200,527		(14.1	)
New York Community Bancorp, Inc.		89,349		831,839		(58.4	)
New York Times Co., Class A		2,229		64,552		(4.5	)
Newmont Corp.		2,424		102,584		(7.2	)
Northrop Grumman Corp.		1,222		670,890		(47.1	)
NOV, Inc.		8,457		189,437		(13.3	)
Novocure Ltd.		750		52,995		(3.7	)
Nutanix, Inc., Class A		1,876		51,402		(3.6	)
NVIDIA Corp.		3,724		502,628		(35.3	)
NVR, Inc.		51		216,125		(15.2	)
Okta, Inc.		1,801		101,072		(7.1	)
Old Dominion Freight Line, Inc.		1,819		499,497		(35.1	)
Old National Bancorp.		32,152		628,893		(44.1	)
Ollie’s Bargain Outlet Holdings, Inc.		1,342		75,152		(5.3	)
Omega Healthcare Investors, Inc.		15,698		498,882		(35.0	)
Ormat Technologies, Inc.		5,798		524,429		(36.8	)
Otis Worldwide Corp.		1,090		76,998		(5.4	)
Outfront Media, Inc.		24,059		434,265		(30.5	)
Owens Corning		622		53,249		(3.7	)
PacWest Bancorp		13,305		330,762		(23.2	)
Palo Alto Networks, Inc.		1,910		327,737		(23.0	)
Papa John’s International, Inc.		11,904		864,588		(60.7	)
Park Hotels & Resorts, Inc.		27,108		354,573		(24.9	)
Patterson-UTI Energy, Inc.		9,876		174,311		(12.2	)
Paylocity Holding Corp.		2,120		491,395		(34.5	)
PBF Energy, Inc., Class A		18,722		828,448		(58.2	)
PDC Energy, Inc.		2,964		213,823		(15.0	)
Penn Entertainment, Inc.		2,490		82,419		(5.8	)
Penske Automotive Group, Inc.		4,310		481,082		(33.8	)
Pentair PLC		8,386		360,179		(25.3	)
Penumbra, Inc.		4,748		814,140		(57.1	)
PepsiCo, Inc.		8,177		1,484,780		(104.2	)
Perrigo Co. PLC		3,380		136,146		(9.6	)
Petco Health & Wellness Co., Inc.		11,632		122,485		(8.6	)
Philip Morris International, Inc.		1,952		179,291		(12.6	)
Physicians Realty Trust.		3,298		49,668		(3.5	)
Pinnacle West Capital Corp.		4,491		301,840		(21.2	)
Planet Fitness, Inc., Class A		6,099		399,363		(28.0	)
PNC Financial Services Group, Inc.		1,458		235,948		(16.6	)
Portland General Electric Co.		4,881		219,352		(15.4	)
Power Integrations, Inc.		3,660		244,159		(17.1	)
PPG Industries, Inc.		4,561		520,775		(36.6	)

SCHEDULE   OF  INVESTMENTS 99

Schedule of Investments (unaudited) (continued) October 31, 2022 BlackRock Global Equity Market Neutral Fund

Security	Shares		Value		% of Basket Value
United States (continued)
Progressive Corp.		5,961	$	765,392		(53.7	)%
Prologis, Inc.		11,188		1,239,071		(87.0	)
PulteGroup, Inc.		16,592		663,514		(46.6	)
Qorvo, Inc.		3,486		300,075		(21.1	)
Qualys, Inc.		1,963		279,845		(19.6	)
Radian Group, Inc.		15,384		321,064		(22.5	)
Ralph Lauren Corp.		5,395		500,063		(35.1	)
Range Resources Corp.		21,202		603,833		(42.4	)
Rapid7, Inc.		1,434		64,917		(4.6	)
Raytheon Technologies Corp.		19,180		1,818,648		(127.7	)
Regency Centers Corp.		12,569		760,550		(53.4	)
Reinsurance Group of America, Inc.		3,181		468,148		(32.9	)
Reliance Steel & Aluminum Co.		10,356		2,086,527		(146.5	)
Repligen Corp.		1,941		354,213		(24.9	)
RingCentral, Inc., Class A		13,901		493,764		(34.7	)
Robert Half International, Inc.		2,562		195,891		(13.7	)
ROBLOX Corp., Class A		2,579		115,384		(8.1	)
Roku, Inc.		5,709		317,078		(22.3	)
Royal Caribbean Cruises Ltd.		14,608		779,775		(54.7	)
Royal Gold, Inc.		7,117		675,830		(47.4	)
Saia, Inc.		260		51,704		(3.6	)
Salesforce, Inc.		1,123		182,589		(12.8	)
SBA Communications Corp.		5,899		1,592,140		(111.8	)
Schlumberger NV		6,526		339,548		(23.8	)
Science Applications International Corp.		3,575		387,315		(27.2	)
Scotts Miracle-Gro Co.		4,738		217,522		(15.3	)
Seagen, Inc.		3,931		499,866		(35.1	)
Sealed Air Corp.		3,743		178,242		(12.5	)
Service Corp. International		8,150		493,971		(34.7	)
ServiceNow, Inc.		2,132		897,018		(63.0	)
Sherwin-Williams Co.		4,985		1,121,775		(78.7	)
Silicon Laboratories, Inc.		6,775		778,583		(54.7	)
Sirius XM Holdings, Inc.		40,278		243,279		(17.1	)
SiteOne Landscape Supply, Inc.		6,736		780,500		(54.8	)
Snap, Inc., Class A		36,525		361,963		(25.4	)
Snap-on, Inc.		5,919		1,314,314		(92.3	)
Splunk, Inc.		3,451		286,813		(20.1	)
SPS Commerce, Inc.		209		26,443		(1.9	)
STAAR Surgical Co.		181		12,827		(0.9	)
Stifel Financial Corp.		8,760		541,981		(38.0	)
Sun Communities, Inc.		3,160		426,126		(29.9	)
Sunrun, Inc.		7,041		158,493		(11.1	)
Synchrony Financial		5,534		196,789		(13.8	)
Syneos Health, Inc.		2,174		109,526		(7.7	)
Take-Two Interactive Software, Inc.		6,649		787,774		(55.3	)
Tandem Diabetes Care, Inc.		1,529		85,853		(6.0	)
TD SYNNEX Corp.		4,650		425,521		(29.9	)
Teleflex, Inc.		6,463		1,386,701		(97.3	)
Tenable Holdings, Inc.		824		33,487		(2.3	)
Teradyne, Inc.		14,512		1,180,551		(82.9	)
Tetra Tech, Inc.		2,699		381,315		(26.8	)
Texas Instruments, Inc.		2,363		379,569		(26.6	)
Texas Roadhouse, Inc.		4,176		413,215		(29.0	)
Textron, Inc.		40,468		2,769,630		(194.4	)
Thermo Fisher Scientific, Inc.		806		414,260		(29.1	)
Timken Co.		6,417		457,468		(32.1	)
Toll Brothers, Inc.		11,641		501,494		(35.2	)
TopBuild Corp.		2,481		422,117		(29.6	)
Topgolf Callaway Brands Corp.		25,199		471,725		(33.1	)
Tractor Supply Co.		278		61,096		(4.3	)

Security	Shares		Value		% of Basket Value
United States (continued)
Travel & Leisure Co.		42,468	$	1,612,935		(113.2	)%
Trex Co., Inc.		6,410		308,257		(21.6	)
TripAdvisor, Inc.		7,171		169,379		(11.9	)
Tyler Technologies, Inc.		548		177,185		(12.4	)
Tyson Foods, Inc., Class A		3,987		272,511		(19.1	)
U.S. Bancorp		25,515		1,083,112		(76.0	)
Uber Technologies, Inc.		6,420		170,579		(12.0	)
UDR, Inc.		20,856		829,235		(58.2	)
Ultragenyx Pharmaceutical, Inc.		8,146		329,587		(23.1	)
Umpqua Holdings Corp.		3,008		59,799		(4.2	)
United Rentals, Inc.		2,327		734,657		(51.6	)
United Therapeutics Corp.		2,408		555,116		(39.0	)
UnitedHealth Group, Inc.		1,967		1,091,980		(76.7	)
Universal Display Corp.		3,744		356,504		(25.0	)
Valaris Ltd.		6,188		414,163		(29.1	)
Valero Energy Corp.		10,849		1,362,092		(95.6	)
Valvoline, Inc.		5,913		173,606		(12.2	)
Varonis Systems, Inc.		5,341		142,979		(10.0	)
Veeva Systems, Inc., Class A		7,376		1,238,725		(87.0	)
VeriSign, Inc.		2,054		411,745		(28.9	)
Vertex Pharmaceuticals, Inc.		1,238		386,256		(27.1	)
Viatris, Inc.		99,837		1,011,349		(71.0	)
Virtu Financial, Inc., Class A		10,214		228,589		(16.0	)
Visa, Inc., A Shares		8,962		1,856,568		(130.3	)
Vistra Corp.		26,518		609,118		(42.8	)
Walgreens Boots Alliance, Inc.		7,247		264,515		(18.6	)
Waters Corp.		1,410		421,830		(29.6	)
Watsco, Inc.		706		191,298		(13.4	)
Wells Fargo & Co.		13,236		608,724		(42.7	)
Welltower, Inc.		8,149		497,415		(34.9	)
West Pharmaceutical Services, Inc.		1,178		271,058		(19.0	)
Westrock Co.		18,224		620,709		(43.6	)
Whirlpool Corp.		3,105		429,235		(30.1	)
Williams Cos., Inc.		51,287		1,678,623		(117.8	)
Willis Towers Watson PLC		3,925		856,474		(60.1	)
Wintrust Financial Corp.		4,715		441,418		(31.0	)
Workday, Inc., Class A		6,164		960,474		(67.4	)
World Wrestling Entertainment, Inc., Class A		10,444		823,927		(57.8	)
WP Carey, Inc.		2,704		206,315		(14.5	)
Xcel Energy, Inc.		10,582		688,994		(48.4	)
Xylem, Inc.		2,345		240,198		(16.9	)
Yum! Brands, Inc.		10,984		1,298,858		(91.2	)
Zillow Group, Inc., Class C		4,065		125,446		(8.8	)
Zscaler, Inc.		237		36,522		(2.6	)
				257,382,858
Preferred Stocks
Germany
Fuchs Petrolub SE		5,585		159,949		(11.2	)
Sartorius AG		213		75,102		(5.3	)
Volkswagen AG		270		34,560		(2.4	)
				269,611
United States
AMC Entertainment Holdings, Inc.		48,841		100,124		(7.1	)

100 2 0 2 2  BLACK ROCK  SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2022 BlackRock Global Equity Market Neutral Fund

Security	Shares			Value			% of Basket Value
United States (continued)
Warrants
Australia
Magellan Financial Group Ltd. (Issued/Exercisable 04/14/22, 1 Share for 1 Warrant, Expires 04/16/27, Strike Price AUD 35.00)		1,580		$	313			(0.0	)%
Total Reference Entity — Long					426,323,922
Reference Entity — Short
Common Stocks
Argentina
Globant SA		(806	)		(152,076	)		10.7
Australia
Adbri Ltd.		(206,705	)		(208,398	)		14.6
ALS Ltd.		(125,934	)		(921,210	)		64.7
AMP Ltd.		(365,032	)		(294,372	)		20.7
Ampol Ltd.		(9,479	)		(165,331	)		11.6
Ansell Ltd.		(14,070	)		(254,007	)		17.8
APA Group		(127,979	)		(861,604	)		60.5
Atlas Arteria Ltd.		(27,261	)		(114,913	)		8.1
Beach Energy Ltd.		(548,343	)		(560,714	)		39.4
BlueScope Steel Ltd.		(136,902	)		(1,378,600	)		96.8
Brambles Ltd.		(151,394	)		(1,133,446	)		79.6
Champion Iron Ltd.		(141,064	)		(424,309	)		29.8
Cleanaway Waste Management Ltd.		(827,301	)		(1,431,007	)		100.4
Cochlear Ltd.		(7,724	)		(986,692	)		69.3
CSL Ltd.		(4,793	)		(858,021	)		60.2
Downer EDI Ltd.		(94,933	)		(272,831	)		19.1
Endeavour Group Ltd.		(333,082	)		(1,524,617	)		107.0
Fortescue Metals Group Ltd.		(15,144	)		(142,672	)		10.0
Incitec Pivot Ltd.		(122,865	)		(295,484	)		20.7
Insurance Australia Group Ltd.		(298,618	)		(937,343	)		65.8
Lendlease Group		(75,417	)		(419,376	)		29.4
Lottery Corp. Ltd.		(144,595	)		(396,677	)		27.8
Macquarie Group Ltd.		(2,805	)		(304,294	)		21.4
Newcrest Mining Ltd.		(2,318	)		(25,573	)		1.8
Newcrest Mining Ltd.		(49,612	)		(549,467	)		38.6
NEXTDC Ltd.		(59,597	)		(316,232	)		22.2
Northern Star Resources Ltd.		(389,182	)		(2,172,063	)		152.5
Orica Ltd.		(43,037	)		(382,824	)		26.9
Origin Energy Ltd.		(217,555	)		(777,232	)		54.6
Qantas Airways Ltd.		(282,308	)		(1,054,919	)		74.0
QBE Insurance Group Ltd.		(43,606	)		(341,651	)		24.0
Qube Holdings Ltd.		(399,037	)		(694,705	)		48.8
Ramsay Health Care Ltd.		(17,443	)		(654,272	)		45.9
Reece Ltd.		(34,426	)		(341,846	)		24.0
Rio Tinto Ltd.		(19,188	)		(1,088,911	)		76.4
Santos Ltd.		(468,571	)		(2,287,403	)		160.6
Seven Group Holdings Ltd.		(52,697	)		(617,947	)		43.4
Sonic Healthcare Ltd.		(12,896	)		(269,984	)		18.9
Suncorp Group Ltd.		(259,950	)		(1,901,537	)		133.5
Tabcorp Holdings Ltd.		(650,612	)		(401,675	)		28.2
TPG Telecom Ltd.		(40,950	)		(128,460	)		9.0
Transurban Group		(88,567	)		(751,309	)		52.7
Vicinity Centres		(13,778	)		(17,177	)		1.2
Woodside Energy Group Ltd.		(1	)		(23	)		0.0

Security	Shares			Value			% of Basket Value
Australia (continued)
Woolworths Group Ltd.		(57,297	)	$	(1,209,985	)		84.9	%
Worley Ltd.		(31,651	)		(289,104	)		20.3
					(30,160,217)
Austria
ams-OSRAM AG		(41,301	)		(233,778	)		16.4
BAWAG Group AG		(2,984	)		(144,055	)		10.1
OMV AG		(9,605	)		(442,246	)		31.1
Telekom Austria AG		(1,641	)		(9,539	)		0.7
Voestalpine AG		(1,996	)		(43,334	)		3.0
					(872,952	)
Belgium
D’ieteren Group		(464	)		(77,222	)		5.4
Galapagos NV		(310	)		(14,139	)		1.0
Groupe Bruxelles Lambert SA		(2,474	)		(182,399	)		12.8
KBC Group NV		(7,550	)		(378,374	)		26.5
Proximus SADP		(14,818	)		(155,348	)		10.9
Sofina SA		(2,652	)		(517,137	)		36.3
UCB SA		(3,529	)		(265,973	)		18.7
					(1,590,592	)
Canada
Agnico Eagle Mines Ltd.		(50,972	)		(2,242,267	)		157.4
Alimentation Couche-Tard, Inc.		(1,078	)		(48,268	)		3.4
Aritzia, Inc.		(794	)		(30,796	)		2.2
Atco Ltd.		(17,981	)		(558,297	)		39.2
ATS Automation Tooling Systems, Inc.		(3,806	)		(120,409	)		8.4
B2Gold Corp.		(33,186	)		(101,335	)		7.1
BlackBerry Ltd.		(2,562	)		(11,904	)		0.8
Cameco Corp.		(8,503	)		(201,660	)		14.2
Canadian Apartment Properties REIT		(13,371	)		(414,080	)		29.1
Canadian National Railway Co.		(15,390	)		(1,823,280	)		128.0
Canadian Pacific Railway Ltd.		(29,462	)		(2,196,323	)		154.2
Canadian Solar, Inc.		(10,975	)		(372,052	)		26.1
CCL Industries, Inc., Class B		(941	)		(44,206	)		3.1
Cenovus Energy, Inc.		(30,749	)		(621,593	)		43.6
Constellation Software, Inc.		(54	)		(78,081	)		5.5
Dollarama, Inc.		(17,788	)		(1,056,952	)		74.2
Empire Co. Ltd.		(5,671	)		(145,693	)		10.2
Fairfax Financial Holdings Ltd.		(44	)		(21,610	)		1.5
Finning International, Inc.		(16,908	)		(359,544	)		25.2
Fortis, Inc.		(37,761	)		(1,473,188	)		103.4
Franco-Nevada Corp.		(3,189	)		(394,028	)		27.7
Gildan Activewear, Inc.		(6,914	)		(218,177	)		15.3
H&R Real Estate Investment Trust		(63,334	)		(521,139	)		36.6
iA Financial Corp., Inc.		(279	)		(15,527	)		1.1
Intact Financial Corp.		(1,706	)		(259,228	)		18.2
Lightspeed Commerce, Inc.		(56,078	)		(1,074,758	)		75.4
Loblaw Cos. Ltd.		(15,785	)		(1,293,296	)		90.8
Magna International, Inc.		(12,925	)		(720,275	)		50.6
Manulife Financial Corp.		(70,134	)		(1,162,422	)		81.6
Metro, Inc.		(8,289	)		(434,239	)		30.5
National Bank of Canada		(5,333	)		(363,115	)		25.5
Nutrien Ltd.		(17,066	)		(1,441,970	)		101.2
Nuvei Corp.		(564	)		(16,974	)		1.2
Onex Corp.		(1,036	)		(52,144	)		3.7
Open Text Corp.		(21,065	)		(610,140	)		42.8
Pan American Silver Corp.		(73,130	)		(1,167,525	)		82.0
Parkland Corp.		(11,128	)		(224,953	)		15.8

SCHEDULE   OF  INVESTMENTS 101

Schedule of Investments (unaudited) (continued) October 31, 2022 BlackRock Global Equity Market Neutral Fund

Security	Shares			Value			% of Basket Value
Canada (continued)
Pembina Pipeline Corp.		(17,677	)	$	(583,632	)		41.0	%
Quebecor, Inc.		(6,581	)		(124,050	)		8.7
Restaurant Brands International, Inc.		(25,820	)		(1,534,209	)		107.7
Ritchie Bros Auctioneers, Inc.		(11,187	)		(730,828	)		51.3
Rogers Communications, Inc., Class B		(29,438	)		(1,225,404	)		86.0
Saputo, Inc.		(11,120	)		(270,664	)		19.0
Shaw Communications, Inc., Class B		(60,497	)		(1,553,778	)		109.1
Shopify, Inc., Class A		(28,632	)		(981,687	)		68.9
SmartCentres Real Estate Investment Trust		(776	)		(15,208	)		1.1
SSR Mining, Inc.		(31,934	)		(439,742	)		30.9
Stelco Holdings, Inc.		(10,240	)		(257,889	)		18.1
Sun Life Financial, Inc.		(36,005	)		(1,529,159	)		107.3
Suncor Energy, Inc.		(6,942	)		(238,780	)		16.8
TFI International, Inc.		(2,574	)		(234,302	)		16.4
Thomson Reuters Corp.		(10,453	)		(1,111,708	)		78.0
Toromont Industries Ltd.		(6,506	)		(500,002	)		35.1
TransAlta Corp.		(1,844	)		(16,243	)		1.1
Tricon Residential, Inc.		(46,730	)		(393,776	)		27.6
Turquoise Hill Resources Ltd.		(5,339	)		(150,331	)		10.5
West Fraser Timber Co. Ltd.		(13,167	)		(988,624	)		69.4
					(34,771,464	)
China
BOC Hong Kong Holdings Ltd.		(226,500	)		(703,805	)		49.4
Denmark
Ambu A/S, Class B		(3,482	)		(38,942	)		2.7
Bavarian Nordic A/S		(1,588	)		(50,531	)		3.6
					(89,473	)
Finland
Elisa OYJ		(7,778	)		(375,882	)		26.4
Fortum OYJ		(31,476	)		(443,002	)		31.1
Huhtamaki OYJ		(6,668	)		(239,644	)		16.8
Kesko OYJ, B Shares		(619	)		(12,046	)		0.9
Kojamo OYJ		(13,501	)		(175,710	)		12.3
Metso Outotec OYJ		(2,380	)		(18,062	)		1.3
Neste OYJ		(2,118	)		(92,829	)		6.5
Orion OYJ, Class B		(2,301	)		(105,888	)		7.4
					(1,463,063	)
France
Aeroports de Paris		(753	)		(101,829	)		7.1
Airbus SE		(12,081	)		(1,307,209	)		91.8
BNP Paribas SA		(12,937	)		(606,666	)		42.6
Bollore SE		(46,064	)		(230,391	)		16.2
Bureau Veritas SA		(7,814	)		(193,320	)		13.6
Capgemini SE		(8,567	)		(1,404,052	)		98.6
Constellium SE		(9,731	)		(107,236	)		7.5
Credit Agricole SA		(6,634	)		(60,195	)		4.2
EssilorLuxottica SA		(3,925	)		(620,653	)		43.6
Gaztransport Et Technigaz SA		(1,620	)		(188,468	)		13.2
Getlink SE		(63,346	)		(1,002,418	)		70.4
Kering SA		(208	)		(95,256	)		6.7
L’Oreal SA		(2,533	)		(795,372	)		55.8
LVMH Moet Hennessy Louis Vuitton SE		(889	)		(560,954	)		39.4
Safran SA		(2,638	)		(293,794	)		20.6
Sartorius Stedim Biotech		(752	)		(238,639	)		16.7
SEB SA		(6,418	)		(417,822	)		29.3
Sodexo SA		(363	)		(32,155	)		2.3
SOITEC		(1,340	)		(171,580	)		12.0

Security	Shares			Value			% of Basket Value
France (continued)
TOTAL SE		(36,979	)	$	(2,017,328	)		141.6	%
Unibail-Rodamco-Westfield		(5,323	)		(251,563	)		17.7
Vallourec SA, Class A		(30,934	)		(329,128	)		23.1
Veolia Environnement SA		(8,637	)		(192,743	)		13.5
Worldline SA		(7,187	)		(313,687	)		22.0
					(11,532,458)
Germany
adidas AG		(4,876	)		(475,971	)		33.4
Allianz SE, Registered Shares		(1,706	)		(306,917	)		21.5
Aurubis AG		(667	)		(42,088	)		3.0
BASF SE		(37,960	)		(1,703,289	)		119.6
Bayer AG, Registered Shares		(728	)		(38,279	)		2.7
Bechtle AG		(5,930	)		(204,861	)		14.4
Brenntag AG		(306	)		(18,567	)		1.3
Carl Zeiss Meditec AG		(474	)		(57,374	)		4.0
Continental AG		(1,941	)		(100,535	)		7.1
CTS Eventim AG & Co. KGaA		(1,564	)		(74,660	)		5.2
Delivery Hero SE		(9,000	)		(296,180	)		20.8
Deutsche Wohnen SE		(908	)		(18,315	)		1.3
Fresenius Medical Care AG & Co. KGaA		(6,781	)		(187,566	)		13.2
Fresenius SE & Co. KGaA		(23,793	)		(547,552	)		38.4
HeidelbergCement AG		(5,133	)		(236,050	)		16.6
Hella GmbH & Co. KGaA		(2,008	)		(156,762	)		11.0
Henkel AG & Co. KGaA		(195	)		(11,447	)		0.8
HUGO BOSS AG		(1,720	)		(79,219	)		5.6
Infineon Technologies AG		(6,163	)		(149,548	)		10.5
KION Group AG		(1,719	)		(38,111	)		2.7
Merck KGaA		(3,179	)		(518,066	)		36.4
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered Shares		(379	)		(100,047	)		7.0
Siemens Healthineers AG		(1,833	)		(83,974	)		5.9
Sixt SE		(2,180	)		(204,470	)		14.3
Symrise AG		(227	)		(23,170	)		1.6
Telefonica Deutschland Holding AG		(73,644	)		(160,463	)		11.3
ThyssenKrupp AG		(2,298	)		(12,097	)		0.8
Uniper SE		(7,290	)		(21,822	)		1.5
United Internet AG, Registered Shares		(12,375	)		(231,327	)		16.2
Vonovia SE		(16,486	)		(364,515	)		25.6
Zalando SE		(5,234	)		(120,634	)		8.5
					(6,583,876	)
Hong Kong
Champion REIT		(306,000	)		(91,586	)		6.4
CK Asset Holdings Ltd.		(195,500	)		(1,080,835	)		75.9
CK Hutchison Holdings Ltd.		(197,500	)		(983,121	)		69.0
CK Infrastructure Holdings Ltd.		(127,500	)		(605,717	)		42.5
CLP Holdings Ltd.		(218,500	)		(1,466,529	)		102.9
Galaxy Entertainment Group Ltd.		(132,000	)		(603,061	)		42.3
Guotai Junan International Holdings Ltd.		(259,000	)		(18,457	)		1.3
Hang Seng Bank Ltd.		(18,800	)		(264,662	)		18.6
Henderson Land Development Co. Ltd.		(130,000	)		(318,274	)		22.3
HKT Trust & HKT Ltd.		(560,000	)		(633,328	)		44.5
Hong Kong & China Gas Co. Ltd.		(460,000	)		(354,554	)		24.9
Hong Kong Exchanges & Clearing Ltd.		(12,100	)		(321,177	)		22.6
Hongkong Land Holdings Ltd.		(71,100	)		(273,727	)		19.2
JS Global Lifestyle Co. Ltd.		(260,000	)		(209,434	)		14.7
Kerry Logistics Network Ltd.		(80,500	)		(127,782	)		9.0
Man Wah Holdings Ltd.		(371,200	)		(207,123	)		14.5
NWS Holdings Ltd.		(497,000	)		(352,448	)		24.7
PCCW Ltd.		(1,783,000	)		(681,198	)		47.8

102 2 0 2 2  BLACK ROCK  SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2022 BlackRock Global Equity Market Neutral Fund

Security	Shares			Value			% of Basket Value
Hong Kong (continued)
Power Assets Holdings Ltd.		(155,500	)	$	(743,531	)		52.2	%
Sino Land Co. Ltd.		(752,025	)		(803,024	)		56.4
VTech Holdings Ltd.		(48,600	)		(258,708	)		18.2
					(10,398,276	)
Ireland
AerCap Holdings NV		(30,514	)		(1,629,753	)		114.4
DCC PLC		(11,442	)		(635,041	)		44.6
Jazz Pharmaceuticals PLC		(1,342	)		(192,966	)		13.6
Kerry Group PLC, Class A		(2,705	)		(234,942	)		16.5
Smurfit Kappa Group PLC		(4,880	)		(161,542	)		11.3
Trane Technologies PLC		(5,465	)		(872,378	)		61.2
					(3,726,622	)
Isle of Man
Entain PLC		(1,533	)		(22,177	)		1.5
Israel
Azrieli Group Ltd.		(7,028	)		(520,672	)		36.5
Bank Hapoalim BM		(19,803	)		(190,886	)		13.4
Bank Leumi Le-Israel BM		(44,304	)		(422,649	)		29.7
Check Point Software Technologies Ltd.		(400	)		(51,692	)		3.6
First International Bank Of Israel Ltd.		(33,910	)		(1,464,280	)		102.8
Global-e Online Ltd.		(8,607	)		(217,671	)		15.3
ICL Ltd.		(12,675	)		(114,298	)		8.0
Inmode Ltd.		(14,534	)		(498,807	)		35.0
Maytronics Ltd.		(13,307	)		(143,483	)		10.1
Mizrahi Tefahot Bank Ltd.		(6,406	)		(242,157	)		17.0
Shufersal Ltd.		(127,906	)		(873,156	)		61.3
Strauss Group Ltd.		(23,718	)		(593,366	)		41.6
Teva Pharmaceutical Industries Ltd.		(99,089	)		(885,946	)		62.2
					(6,219,063	)
Italy
Banco BPM SpA		(5,547	)		(16,783	)		1.2
DiaSorin SpA		(3,122	)		(408,157	)		28.6
Eni SpA		(24,417	)		(320,686	)		22.5
FinecoBank Banca Fineco SpA		(21,410	)		(288,512	)		20.3
Interpump Group SpA		(414	)		(16,028	)		1.1
Intesa Sanpaolo SpA		(1,013,175	)		(1,931,646	)		135.6
Nexi SpA		(11,352	)		(98,143	)		6.9
Poste Italiane SpA		(30,522	)		(265,977	)		18.7
Prysmian SpA		(9,885	)		(321,738	)		22.6
Recordati Industria Chimica e Farmaceutica SpA		(3,907	)		(146,792	)		10.3
					(3,814,462	)
Japan
Advance Residence Investment Corp.		(56	)		(130,377	)		9.2
Advantest Corp.		(4,100	)		(215,830	)		15.2
Aeon Co. Ltd.		(20,300	)		(378,607	)		26.6
Aeon Mall Co. Ltd.		(52,100	)		(566,772	)		39.8
Ain Holdings, Inc.		(4,100	)		(172,241	)		12.1
Aisin Corp.		(7,400	)		(189,956	)		13.3
Ajinomoto Co., Inc.		(500	)		(13,752	)		1.0
Ariake Japan Co. Ltd.		(1,600	)		(55,431	)		3.9
Asahi Intecc Co. Ltd.		(8,300	)		(141,392	)		9.9
Asics Corp.		(8,100	)		(124,122	)		8.7
ASKUL Corp.		(8,400	)		(87,727	)		6.2
Bank of Kyoto Ltd.		(15,600	)		(562,159	)		39.5
Benefit One, Inc.		(11,700	)		(161,859	)		11.4
BIPROGY, Inc.		(9,400	)		(203,053	)		14.3
Brother Industries Ltd.		(6,600	)		(112,437	)		7.9
Canon Marketing Japan, Inc.		(6,400	)		(135,053	)		9.5

Security	Shares			Value			% of Basket Value
Japan (continued)
Chiba Bank Ltd.		(8,900	)	$	(48,764	)		3.4	%
Credit Saison Co. Ltd.		(12,100	)		(129,329)			9.1
CyberAgent, Inc.		(17,300	)		(142,123	)		10.0
Daido Steel Co. Ltd.		(2,000	)		(51,854	)		3.6
Dai-ichi Life Holdings, Inc.		(16,000	)		(254,124	)		17.8
Daiichi Sankyo Co. Ltd.		(12,100	)		(387,330	)		27.2
Daikin Industries Ltd.		(400	)		(59,915	)		4.2
Daio Paper Corp.		(2,000	)		(14,756	)		1.0
Daiwa House REIT Investment Corp.		(183	)		(369,348	)		25.9
Daiwa Office Investment Corp.		(13	)		(61,415	)		4.3
Denka Co. Ltd.		(2,200	)		(50,965	)		3.6
Denso Corp.		(1,400	)		(69,462	)		4.9
Descente Ltd.		(1,700	)		(40,802	)		2.9
Dexerials Corp.		(3,100	)		(72,202	)		5.1
ENEOS Holdings, Inc.		(35,200	)		(115,948	)		8.1
Ezaki Glico Co. Ltd.		(3,700	)		(83,243	)		5.8
FANUC Corp.		(900	)		(117,766	)		8.3
Food and Life Cos. Ltd.		(4,500	)		(75,695	)		5.3
Fuji Electric Co. Ltd.		(3,500	)		(135,327	)		9.5
Fuji Oil Holdings, Inc.		(7,900	)		(124,375	)		8.7
Fujitsu General Ltd.		(24,600	)		(561,422	)		39.4
Fukuoka Financial Group, Inc.		(3,700	)		(62,958	)		4.4
Fuyo General Lease Co. Ltd.		(2,400	)		(133,383	)		9.4
GLP J-Reit		(75	)		(77,781	)		5.5
GMO internet, Inc.		(3,800	)		(65,515	)		4.6
Goldwin, Inc.		(8,500	)		(443,899	)		31.2
GS Yuasa Corp.		(5,800	)		(88,300	)		6.2
Hachijuni Bank Ltd.		(100,300	)		(319,872	)		22.5
Hakuhodo DY Holdings, Inc.		(5,600	)		(47,184	)		3.3
Haseko Corp.		(19,500	)		(200,815	)		14.1
Heiwa Corp.		(1,500	)		(24,200	)		1.7
Hikari Tsushin, Inc.		(600	)		(72,477	)		5.1
Hino Motors Ltd.		(16,800	)		(69,817	)		4.9
Hirogin Holdings, Inc.		(122,500	)		(505,367	)		35.5
Hitachi Ltd.		(7,800	)		(353,916	)		24.8
Horiba Ltd.		(2,300	)		(94,363	)		6.6
Hoshizaki Corp.		(1,100	)		(31,515	)		2.2
House Foods Group, Inc.		(10,500	)		(196,375	)		13.8
Ibiden Co. Ltd.		(7,000	)		(235,951	)		16.6
Idemitsu Kosan Co. Ltd.		(13,900	)		(304,135	)		21.3
Iida Group Holdings Co. Ltd.		(8,100	)		(112,471	)		7.9
Industrial & Infrastructure Fund Investment Corp.		(120	)		(126,737	)		8.9
Inpex Corp.		(5,600	)		(56,517	)		4.0
Isetan Mitsukoshi Holdings Ltd.		(5,900	)		(52,405	)		3.7
Ito En Ltd.		(2,000	)		(70,441	)		4.9
Itoham Yonekyu Holdings, Inc.		(14,900	)		(66,630	)		4.7
Iwatani Corp.		(8,800	)		(324,028	)		22.7
Iyogin Holdings, Inc.		(34,900	)		(163,744	)		11.5
Japan Airlines Co. Ltd.		(37,700	)		(704,166	)		49.4
Japan Aviation Electronics Industry Ltd.		(3,100	)		(48,248	)		3.4
Japan Hotel REIT Investment Corp.		(42	)		(22,128	)		1.6
Japan Logistics Fund, Inc.		(30	)		(64,275	)		4.5
Japan Post Insurance Co. Ltd.		(23,100	)		(341,953	)		24.0
Japan Real Estate Investment Corp.		(71	)		(297,510	)		20.9
Japan Retail Fund Investment Corp.		(189	)		(139,242	)		9.8
Japan Steel Works Ltd.		(33,700	)		(695,853	)		48.8
Jeol Ltd.		(1,100	)		(40,252	)		2.8
JFE Holdings, Inc.		(18,300	)		(167,648	)		11.8
JGC Holdings Corp.		(5,500	)		(66,152	)		4.6
JSR Corp.		(1,900	)		(36,102	)		2.5
JTEKT Corp.		(13,600	)		(96,014	)		6.7

SCHEDULE   OF  INVESTMENTS 103

Schedule of Investments (unaudited) (continued) October 31, 2022 BlackRock Global Equity Market Neutral Fund

Security	Shares			Value			% of Basket Value
Japan (continued)
Justsystems Corp.		(6,900	)	$	(145,125	)		10.2	%
Kaneka Corp.		(7,600	)		(188,459)			13.2
Kao Corp.		(3,600	)		(134,467	)		9.4
Keihan Holdings Co. Ltd.		(15,600	)		(401,337	)		28.2
Kenedix Office Investment Corp.		(104	)		(236,912	)		16.6
Keyence Corp.		(400	)		(151,505	)		10.6
Kikkoman Corp.		(4,000	)		(216,760	)		15.2
Kirin Holdings Co. Ltd.		(15,500	)		(227,849	)		16.0
Kobayashi Pharmaceutical Co. Ltd.		(1,600	)		(84,907	)		6.0
Koei Tecmo Holdings Co. Ltd.		(25,200	)		(380,241	)		26.7
Kose Corp.		(800	)		(79,856	)		5.6
Kotobuki Spirits Co. Ltd.		(3,800	)		(194,803	)		13.7
K’s Holdings Corp.		(10,000	)		(78,364	)		5.5
Kubota Corp.		(12,600	)		(175,765	)		12.3
Kurita Water Industries Ltd.		(400	)		(14,642	)		1.0
Kyushu Financial Group, Inc.		(41,900	)		(105,950	)		7.4
LaSalle Logiport REIT		(53	)		(56,567	)		4.0
Lasertec Corp.		(3,200	)		(449,635	)		31.6
Lintec Corp.		(4,300	)		(64,515	)		4.5
Mabuchi Motor Co. Ltd.		(7,600	)		(206,222	)		14.5
Matsui Securities Co. Ltd.		(43,200	)		(230,056	)		16.1
Matsumotokiyoshi Holdings Co. Ltd.		(2,300	)		(83,740	)		5.9
MEIJI Holdings Co. Ltd.		(6,300	)		(259,239	)		18.2
Menicon Co. Ltd.		(400	)		(6,830	)		0.5
MINEBEA MITSUMI, Inc.		(2,000	)		(29,557	)		2.1
Mitsubishi Electric Corp.		(16,500	)		(145,177	)		10.2
Mitsubishi Heavy Industries Ltd.		(9,100	)		(313,441	)		22.0
Mitsubishi Motors Corp.		(17,100	)		(57,605	)		4.0
Mitsubishi UFJ Financial Group, Inc.		(93,500	)		(441,680	)		31.0
Mitsui Fudosan Logistics Park, Inc.		(174	)		(577,307	)		40.5
Mitsui OSK Lines Ltd.		(2,100	)		(41,570	)		2.9
Miura Co. Ltd.		(7,700	)		(156,814	)		11.0
Mori Hills REIT Investment Corp.		(99	)		(108,442	)		7.6
Morinaga & Co. Ltd.		(3,700	)		(92,545	)		6.5
Morinaga Milk Industry Co. Ltd.		(9,500	)		(269,518	)		18.9
Nabtesco Corp.		(2,100	)		(44,605	)		3.1
Nagase & Co. Ltd.		(3,200	)		(43,598	)		3.1
Nexon Co. Ltd.		(900	)		(15,061	)		1.1
NGK Spark Plug Co. Ltd.		(6,800	)		(124,060	)		8.7
NH Foods Ltd.		(3,300	)		(78,644	)		5.5
NHK Spring Co. Ltd.		(19,700	)		(109,140	)		7.7
Nifco, Inc.		(5,000	)		(116,122	)		8.2
Nippon Accommodations Fund, Inc.		(13	)		(55,358	)		3.9
Nippon Building Fund, Inc.		(36	)		(160,029	)		11.2
Nippon Electric Glass Co. Ltd.		(1,600	)		(27,705	)		1.9
Nippon Kayaku Co. Ltd.		(63,000	)		(500,415	)		35.1
Nippon Shinyaku Co. Ltd.		(1,100	)		(60,903	)		4.3
Nippon Shokubai Co. Ltd.		(1,900	)		(68,154	)		4.8
Nippon Steel Corp.		(4,300	)		(59,066	)		4.1
Nissan Motor Co. Ltd.		(4,800	)		(15,299	)		1.1
Nisshin Seifun Group, Inc.		(19,000	)		(205,307	)		14.4
Nissin Foods Holdings Co. Ltd.		(1,300	)		(84,148	)		5.9
Noevir Holdings Co. Ltd.		(2,200	)		(81,325	)		5.7
NOF Corp.		(2,600	)		(89,431	)		6.3
Nomura Holdings, Inc.		(235,600	)		(762,392	)		53.5
Nomura Real Estate Holdings, Inc.		(4,700	)		(106,238	)		7.5
NS Solutions Corp.		(6,600	)		(151,695	)		10.6
Oji Holdings Corp.		(119,300	)		(413,580	)		29.0
OKUMA Corp.		(2,200	)		(73,644	)		5.2
Ono Pharmaceutical Co. Ltd.		(20,200	)		(475,378	)		33.4
Open House Co. Ltd.		(1,700	)		(60,468	)		4.2

Security	Shares			Value			% of Basket Value
Japan (continued)
Orient Corp.		(5,190	)	$	(42,038	)		3.0	%
ORIX Corp.		(19,600	)		(287,879)			20.2
Orix JREIT, Inc.		(32	)		(42,932	)		3.0
Osaka Gas Co. Ltd.		(1,800	)		(26,654	)		1.9
OSG Corp.		(8,500	)		(108,063	)		7.6
Pan Pacific International Holdings Corp.		(11,200	)		(183,800	)		12.9
Persol Holdings Co. Ltd.		(22,500	)		(450,503	)		31.6
Renesas Electronics Corp.		(8,100	)		(67,763	)		4.8
Rengo Co. Ltd.		(45,800	)		(254,447	)		17.9
Rohto Pharmaceutical Co. Ltd.		(5,200	)		(161,762	)		11.4
Ryohin Keikaku Co. Ltd.		(4,600	)		(43,286	)		3.0
Sankyo Co. Ltd.		(1,200	)		(39,626	)		2.8
Sanwa Holdings Corp.		(16,900	)		(145,579	)		10.2
Sapporo Holdings Ltd.		(600	)		(13,234	)		0.9
Seibu Holdings, Inc.		(9,300	)		(83,246	)		5.8
Sekisui Chemical Co. Ltd.		(3,100	)		(38,713	)		2.7
Seven & i Holdings Co. Ltd.		(8,500	)		(317,291	)		22.3
Sharp Corp.		(31,500	)		(188,940	)		13.3
Shikoku Electric Power Co., Inc.		(9,400	)		(45,222	)		3.2
Shimamura Co. Ltd.		(1,700	)		(137,475	)		9.7
Shimano, Inc.		(1,200	)		(185,692	)		13.0
Shinko Electric Industries Co. Ltd.		(500	)		(12,016	)		0.8
Shinsei Bank Ltd.		(16,100	)		(239,579	)		16.8
Shionogi & Co. Ltd.		(600	)		(27,862	)		2.0
Shizuoka Financial Group, Inc.		(38,800	)		(245,015	)		17.2
SHO-BOND Holdings Co. Ltd.		(4,300	)		(186,018	)		13.1
Shochiku Co. Ltd.		(2,900	)		(230,197	)		16.2
Showa Denko KK		(19,400	)		(283,212	)		19.9
SMC Corp.		(700	)		(280,981	)		19.7
Sony Corp.		(3,600	)		(242,765	)		17.0
Stanley Electric Co. Ltd.		(17,700	)		(300,909	)		21.1
SUMCO Corp.		(8,800	)		(111,538	)		7.8
Sumitomo Bakelite Co. Ltd.		(1,300	)		(35,186	)		2.5
Sumitomo Metal Mining Co. Ltd.		(5,800	)		(162,579	)		11.4
Sumitomo Realty & Development Co. Ltd.		(18,800	)		(431,157	)		30.3
Sumitomo Rubber Industries Ltd.		(3,000	)		(25,737	)		1.8
Suzuken Co. Ltd.		(7,900	)		(175,884	)		12.3
Taiyo Nippon Sanso Corp.		(3,600	)		(57,317	)		4.0
Taiyo Yuden Co. Ltd.		(7,500	)		(204,086	)		14.3
TDK Corp.		(500	)		(15,619	)		1.1
TechnoPro Holdings, Inc.		(4,200	)		(100,759	)		7.1
Toda Corp.		(9,500	)		(47,483	)		3.3
Toho Co. Ltd.		(6,300	)		(224,018	)		15.7
Toho Gas Co. Ltd.		(3,700	)		(68,938	)		4.8
Tokai Carbon Co. Ltd.		(116,900	)		(762,879	)		53.6
Tokyu Fudosan Holdings Corp.		(60,300	)		(305,936	)		21.5
TOPPAN, Inc.		(25,800	)		(384,785	)		27.0
Toray Industries, Inc.		(52,700	)		(255,982	)		18.0
Toshiba TEC Corp.		(6,400	)		(165,691	)		11.6
Toyo Suisan Kaisha Ltd.		(1,000	)		(37,517	)		2.6
Toyo Tire Corp.		(9,500	)		(111,449	)		7.8
Toyoda Gosei Co. Ltd.		(3,900	)		(62,348	)		4.4
Toyota Boshoku Corp.		(3,800	)		(48,353	)		3.4
UBE Corp.		(4,200	)		(54,171	)		3.8
Unicharm Corp.		(6,600	)		(200,583	)		14.1
Ushio, Inc.		(10,700	)		(111,113	)		7.8
USS Co. Ltd.		(3,600	)		(54,319	)		3.8
Yamato Holdings Co. Ltd.		(8,500	)		(125,879	)		8.8
Yamato Kogyo Co. Ltd.		(3,400	)		(98,735	)		6.9
Yamazaki Baking Co. Ltd.		(14,200	)		(144,688	)		10.2
Yokogawa Electric Corp.		(21,300	)		(356,159	)		25.0

104 2 0 2 2  BLACK ROCK  SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2022 BlackRock Global Equity Market Neutral Fund

Security	Shares			Value			% of Basket Value
Japan (continued)
Yokohama Rubber Co. Ltd.		(1,200	)	$	(18,765	)		1.3	%
Zeon Corp.		(11,500	)		(96,937	)		6.8
					(33,595,728	)
Luxembourg
ArcelorMittal SA		(16,438	)		(367,449	)		25.8
Aroundtown SA		(21,380	)		(42,381	)		3.0
Eurofins Scientific SE		(1,445	)		(92,501	)		6.5
					(502,331	)
Macau
Sands China Ltd.		(173,600	)		(303,492	)		21.3
Malaysia
Lynas Rare Earths Ltd.		(42,742	)		(227,977	)		16.0
Mexico
Fresnillo PLC		(24,436	)		(204,298	)		14.3
Netherlands
Akzo Nobel NV		(4,174	)		(257,684	)		18.1
BE Semiconductor Industries NV		(7,907	)		(402,979	)		28.3
Heineken NV		(941	)		(78,606	)		5.5
ING Groep NV		(20,520	)		(201,908	)		14.2
Iveco Group NV		(33,697	)		(182,087	)		12.8
Koninklijke Philips NV		(13,654	)		(173,199	)		12.2
NN Group NV		(4,250	)		(179,955	)		12.6
SBM Offshore NV		(12,255	)		(165,852	)		11.6
Stellantis NV		(152,386	)		(2,055,926	)		144.3
					(3,698,196	)
New Zealand
Xero Ltd.		(3,172	)		(157,517	)		11.1
Poland
InPost SA		(73,607	)		(469,217	)		32.9
Portugal
Banco Comercial Portugues SA		(725,024	)		(103,298	)		7.2
Jeronimo Martins SGPS SA		(670	)		(13,864	)		1.0
					(117,162	)
Singapore
Ascott Residence Trust		(95,700	)		(64,522	)		4.5
CapitaLand Integrated Commercial Trust		(88,800	)		(117,851	)		8.3
Capitaland Investment Ltd.		(39,400	)		(83,790	)		5.9
DBS Group Holdings Ltd.		(27,800	)		(672,101	)		47.2
Genting Singapore Ltd.		(701,300	)		(398,810	)		28.0
Mapletree Logistics Trust		(176,300	)		(189,217	)		13.3
Sea Ltd., ADR		(12,678	)		(629,843	)		44.2
Singapore Technologies Engineering Ltd.		(58,600	)		(136,616	)		9.6
Singapore Telecommunications Ltd.		(140,900	)		(248,089	)		17.4
Suntec Real Estate Investment Trust		(26,700	)		(24,350	)		1.7
United Overseas Bank Ltd.		(6,200	)		(121,637	)		8.5
UOL Group Ltd.		(26,300	)		(114,873	)		8.1
Venture Corp. Ltd.		(8,500	)		(95,654	)		6.7
					(2,897,353	)
Spain
Acciona SA		(117	)		(21,067	)		1.5
ACS Actividades de Construccion y Servicios SA		(64,473	)		(1,654,458	)		116.1
Amadeus IT Group SA		(9,892	)		(515,920	)		36.2
Banco Santander SA		(45,868	)		(118,958	)		8.4
Cellnex Telecom SA		(3,660	)		(119,793	)		8.4
Endesa SA		(10,797	)		(180,397	)		12.7

Security	Shares			Value			% of Basket Value
Spain (continued)
Ferrovial SA		(14,730	)	$	(359,977	)		25.3	%
Fluidra SA		(14,097	)		(191,449	)		13.4
Grifols SA		(1,695	)		(14,420	)		1.0
Inmobiliaria Colonial Socimi SA		(1,071	)		(5,648	)		0.4
					(3,182,087	)
Switzerland
Adecco Group AG, Registered Shares		(7,219	)		(225,926	)		15.9
Alcon, Inc.		(2,892	)		(176,080	)		12.4
Bachem Holding AG		(1,286	)		(92,214	)		6.5
Baloise Holding AG, Registered Shares		(1,061	)		(144,956	)		10.2
Cie Financiere Richemont SA		(5,502	)		(537,730	)		37.7
Clariant AG, Registered Shares		(2,519	)		(40,482	)		2.8
Coca-Cola HBC AG		(6,618	)		(144,559	)		10.2
Galenica AG		(6,047	)		(434,465	)		30.5
Helvetia Holding AG, Registered Shares		(1,610	)		(159,877	)		11.2
Julius Baer Group Ltd.		(1,400	)		(67,170	)		4.7
Kuehne & Nagel International AG, Registered
Shares		(82	)		(17,455	)		1.2
LafargeHolcim Ltd.		(21,092	)		(958,258	)		67.3
Lonza Group AG, Registered Shares		(1,266	)		(651,716	)		45.8
Novartis AG, Registered Shares		(2,837	)		(229,487	)		16.1
Partners Group Holding AG		(147	)		(131,945	)		9.3
PSP Swiss Property AG, Registered Shares		(5,279	)		(563,954	)		39.6
Roche Holding AG		(1,185	)		(393,181	)		27.6
Schindler Holding AG		(4,937	)		(805,056	)		56.5
Schindler Holding AG, Registered Shares		(3,796	)		(597,567	)		42.0
SGS SA, Registered Shares		(240	)		(529,083	)		37.1
Sonova Holding AG, Registered Shares		(985	)		(232,818	)		16.3
STMicroelectronics NV		(1,284	)		(39,925	)		2.8
Straumann Holding AG, Registered Shares		(5,324	)		(506,692	)		35.6
Swatch Group AG		(62	)		(13,932	)		1.0
Swatch Group AG, Registered Shares		(2,298	)		(96,007	)		6.7
Swiss Life Holding AG, Registered Shares		(419	)		(202,889	)		14.2
Swiss Re AG		(905	)		(67,228	)		4.7
Swisscom AG, Registered Shares		(2,441	)		(1,205,339	)		84.6
Tecan Group AG, Registered Shares		(296	)		(108,583	)		7.6
Temenos AG		(1,727	)		(102,858	)		7.2
Zurich Insurance Group AG		(505	)		(215,218	)		15.1
					(9,692,650	)
United Kingdom
Ashtead Group PLC		(23,466	)		(1,222,415	)		85.8
Associated British Foods PLC		(16,105	)		(249,616	)		17.5
AVEVA Group PLC		(11,799	)		(422,265	)		29.6
Berkeley Group Holdings PLC		(41,188	)		(1,638,761	)		115.0
BT Group PLC		(72,464	)		(107,988	)		7.6
CNH Industrial NV		(6,478	)		(83,806	)		5.9
Derwent London PLC		(28,789	)		(712,507	)		50.0
DS Smith PLC		(224,139	)		(747,486	)		52.5
Farfetch Ltd., Class A		(20,088	)		(170,346	)		12.0
Future PLC		(10,371	)		(145,345	)		10.2
Greggs PLC		(17,289	)		(400,784	)		28.1
Haleon PLC		(141,125	)		(432,753	)		30.4
Harbour Energy PLC		(110,855	)		(481,092	)		33.8
Howden Joinery Group PLC		(38,776	)		(228,414	)		16.0
Informa PLC		(63,927	)		(407,338	)		28.6
InterContinental Hotels Group PLC		(15,567	)		(836,426	)		58.7
Janus Henderson Group PLC		(3,647	)		(83,042	)		5.8
Land Securities Group PLC		(47,546	)		(310,898	)		21.8
Linde PLC		(4,617	)		(1,372,865	)		96.4
Lloyds Banking Group PLC		(3,183,113	)		(1,528,744	)		107.3

SCHEDULE   OF  INVESTMENTS 105

Schedule of Investments (unaudited) (continued) October 31, 2022 BlackRock Global Equity Market Neutral Fund

Security	Shares			Value			% of Basket Value
United Kingdom (continued)
Man Group PLC		(64,067	)	$	(159,373	)		11.2	%
Marks & Spencer Group PLC		(260,463	)		(315,440	)		22.1
Next PLC		(16,144	)		(911,807	)		64.0
Persimmon PLC		(25,904	)		(387,624	)		27.2
Prudential PLC		(70,204	)		(652,171	)		45.8
RELX PLC		(9,404	)		(252,596	)		17.7
Rio Tinto PLC		(5,352	)		(279,704	)		19.6
Royal Mail PLC		(11,622	)		(26,886	)		1.9
Smith & Nephew PLC		(7,171	)		(84,739	)		6.0
Taylor Wimpey PLC		(365,331	)		(392,778	)		27.6
Tesco PLC		(49,661	)		(122,657	)		8.6
UNITE Group PLC		(29,544	)		(301,790	)		21.2
Weir Group PLC		(1,922	)		(33,489	)		2.4
Whitbread PLC		(10,523	)		(309,714	)		21.7
					(15,813,659	)
United States
10X Genomics, Inc., Class A		(16,406	)		(445,915	)		31.3
Abbott Laboratories		(8,159	)		(807,251	)		56.7
AbbVie, Inc.		(2,750	)		(402,600	)		28.3
Academy Sports & Outdoors, Inc.		(3,212	)		(141,424	)		9.9
Acadia Healthcare Co., Inc.		(6,749	)		(548,694	)		38.5
Acuity Brands, Inc.		(2,552	)		(468,471	)		32.9
Advance Auto Parts, Inc.		(2,918	)		(554,187	)		38.9
AES Corp.		(5,137	)		(134,384	)		9.4
Aflac, Inc.		(3,458	)		(225,150	)		15.8
AGCO Corp.		(3,531	)		(438,444	)		30.8
agilon health, Inc.		(13,022	)		(258,487	)		18.1
Air Lease Corp.		(8,728	)		(308,011	)		21.6
Air Products & Chemicals, Inc.		(2,538	)		(635,515	)		44.6
Airbnb, Inc., Class A		(951	)		(101,671	)		7.1
Alexandria Real Estate Equities, Inc.		(3,150	)		(457,695	)		32.1
Alight, Inc., Class A		(46,838	)		(388,287	)		27.3
Alliant Energy Corp.		(17,606	)		(918,505	)		64.5
Alteryx, Inc., Class A		(3,553	)		(173,138	)		12.2
Amdocs Ltd.		(12,966	)		(1,119,095	)		78.6
Ameren Corp.		(12,286	)		(1,001,555	)		70.3
American Electric Power Co., Inc.		(8,659	)		(761,299	)		53.4
Americold Realty Trust, Inc.		(48,741	)		(1,181,969	)		83.0
Ameriprise Financial, Inc.		(4,329	)		(1,338,180	)		93.9
AmerisourceBergen Corp.		(1,493	)		(234,729	)		16.5
AMETEK, Inc.		(4,033	)		(522,919	)		36.7
Amkor Technology, Inc.		(5,432	)		(112,931	)		7.9
Apartment Income REIT Corp.		(11,877	)		(456,433	)		32.0
Apellis Pharmaceuticals, Inc.		(1,900	)		(114,931	)		8.1
Apollo Global Management, Inc.		(22,648	)		(1,253,793	)		88.0
Appian Corp., Class A		(1,000	)		(48,820	)		3.4
AppLovin Corp., Class A		(22,678	)		(384,619	)		27.0
Aramark		(18,283	)		(667,329	)		46.8
Archer-Daniels-Midland Co.		(15,390	)		(1,492,522	)		104.8
Arista Networks, Inc.		(4,860	)		(587,380	)		41.2
Armstrong World Industries, Inc.		(2,765	)		(208,951	)		14.7
Arrowhead Pharmaceuticals, Inc.		(3,978	)		(138,474	)		9.7
Asana, Inc., Class A		(12,200	)		(251,320	)		17.6
Aspen Technology, Inc.		(2,506	)		(605,074	)		42.5
Assurant, Inc.		(7,994	)		(1,086,065	)		76.2
ATI, Inc.		(3,278	)		(97,553	)		6.8
Atkore, Inc.		(5,170	)		(492,701	)		34.6
Atlassian Corp, Class A		(484	)		(98,121	)		6.9
Atmos Energy Corp.		(9,036	)		(962,786	)		67.6
Automatic Data Processing, Inc.		(4,063	)		(982,027	)		68.9

Security	Shares			Value			% of Basket Value
United States (continued)
Avery Dennison Corp.		(3,417	)	$	(579,352	)		40.7	%
Bath & Body Works, Inc.		(24,042	)		(802,522	)		56.3
Bausch Health Cos., Inc.		(28,944	)		(188,236	)		13.2
Beacon Roofing Supply, Inc.		(2,066	)		(116,419	)		8.2
Bentley Systems, Inc., Class B		(9,453	)		(333,502	)		23.4
Berkshire Hathaway, Inc., Class B		(1,377	)		(406,339	)		28.5
Biogen, Inc.		(1,547	)		(438,482	)		30.8
Bio-Techne Corp.		(946	)		(280,262	)		19.7
Bloom Energy Corp., Class A		(827	)		(15,473	)		1.1
Blue Owl Capital, Inc.		(30,032	)		(300,921	)		21.1
Bright Horizons Family Solutions, Inc.		(8,925	)		(582,981	)		40.9
Broadcom, Inc.		(1,704	)		(801,084	)		56.2
Brown & Brown, Inc.		(18,994	)		(1,116,657	)		78.4
Brunswick Corp.		(8,944	)		(632,072	)		44.4
Bumble, Inc., Class A		(27,665	)		(702,691	)		49.3
Bunge Ltd.		(10,247	)		(1,011,379	)		71.0
Burlington Stores, Inc.		(2,366	)		(338,243	)		23.7
BWX Technologies, Inc.		(1,403	)		(79,943	)		5.6
Cable One, Inc.		(738	)		(634,259	)		44.5
Cabot Corp.		(1,703	)		(125,136	)		8.8
Cactus, Inc., Class A		(1,022	)		(52,858	)		3.7
Cadence Bank		(1,694	)		(46,839	)		3.3
Cadence Design Systems, Inc.		(7,109	)		(1,076,232	)		75.5
Caesars Entertainment, Inc.		(3,934	)		(172,034	)		12.1
Calix, Inc.		(4,395	)		(323,648	)		22.7
Camden Property Trust		(3,991	)		(461,160	)		32.4
CarMax, Inc.		(8,711	)		(548,880	)		38.5
Carnival Corp.		(25,435	)		(230,441	)		16.2
Carter’s, Inc.		(3,478	)		(236,052	)		16.6
Carvana Co.		(6,727	)		(91,016	)		6.4
Casey’s General Stores, Inc.		(1,559	)		(362,795	)		25.5
Catalent, Inc.		(4,882	)		(320,894	)		22.5
Caterpillar, Inc.		(3,482	)		(753,714	)		52.9
CBRE Group, Inc., Class A		(6,814	)		(483,385	)		33.9
Celanese Corp.		(4,411	)		(423,985	)		29.8
Celsius Holdings, Inc.		(3,353	)		(305,391	)		21.4
Centene Corp.		(3,634	)		(309,362	)		21.7
CenterPoint Energy, Inc.		(16,168	)		(462,566	)		32.5
ChampionX Corp.		(4,712	)		(134,857	)		9.5
Charles Schwab Corp.		(8,893	)		(708,505	)		49.7
Chart Industries, Inc.		(5,913	)		(1,317,889	)		92.5
Charter Communications, Inc., Class A		(368	)		(135,284	)		9.5
Chemours Co.		(10,629	)		(304,308	)		21.4
Choice Hotels International, Inc.		(1,743	)		(226,311	)		15.9
Chubb Ltd.		(2,020	)		(434,078	)		30.5
Church & Dwight Co., Inc.		(6,105	)		(452,564	)		31.8
Cincinnati Financial Corp.		(3,788	)		(391,376	)		27.5
Cintas Corp.		(532	)		(227,457	)		16.0
Citizens Financial Group, Inc.		(706	)		(28,875	)		2.0
Civitas Resources, Inc.		(6,579	)		(459,938	)		32.3
Clean Harbors, Inc.		(5,958	)		(729,617	)		51.2
Cleveland-Cliffs, Inc.		(32,024	)		(415,992	)		29.2
Columbia Sportswear Co.		(12,744	)		(949,428	)		66.6
Comcast Corp., Class A		(9,308	)		(295,436	)		20.7
Comerica, Inc.		(763	)		(53,792	)		3.8
Commerce Bancshares, Inc.		(7,528	)		(533,284	)		37.4
Concentrix Corp.		(6,630	)		(810,385	)		56.9
Confluent, Inc., Class A		(24,679	)		(663,372	)		46.6
ConocoPhillips		(1,957	)		(246,758	)		17.3
Constellation Energy Corp.		(3,459	)		(327,014	)		23.0
Corebridge Financial, Inc.		(15,949	)		(361,564	)		25.4

106 2 0 2 2  BLACK ROCK  SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2022 BlackRock Global Equity Market Neutral Fund

Security	Shares			Value			% of Basket Value
United States (continued)
Corning, Inc.		(23,045	)	$	(741,358	)		52.0	%
Corteva, Inc.		(8,133	)		(531,410	)		37.3
Coty, Inc., Class A		(42,336	)		(284,075	)		19.9
Cousins Properties, Inc.		(60,767	)		(1,443,824	)		101.3
Crane Holdings Co.		(8,997	)		(902,759	)		63.4
CSX Corp.		(40,311	)		(1,171,438	)		82.2
Cullen/Frost Bankers, Inc.		(4,974	)		(771,219	)		54.1
Cummins, Inc.		(661	)		(161,621	)		11.3
Curtiss-Wright Corp.		(4,762	)		(799,206	)		56.1
CVB Financial Corp.		(6,876	)		(197,479	)		13.9
Cytokinetics, Inc.		(305	)		(13,316	)		0.9
Darden Restaurants, Inc.		(11,882	)		(1,700,789	)		119.4
Darling Ingredients, Inc.		(3,728	)		(292,573	)		20.5
Datadog, Inc., Class A		(1,382	)		(111,265	)		7.8
DaVita, Inc.		(1,873	)		(136,748	)		9.6
Deere & Co.		(1,337	)		(529,211	)		37.1
Delta Air Lines, Inc.		(20,948	)		(710,766	)		49.9
DENTSPLY SIRONA, Inc.		(8,983	)		(276,856	)		19.4
Devon Energy Corp.		(5,531	)		(427,823	)		30.0
Diamondback Energy, Inc.		(6,082	)		(955,543	)		67.1
Discover Financial Services		(8,251	)		(861,899	)		60.5
Dollar General Corp.		(1,332	)		(339,727	)		23.8
Dollar Tree, Inc.		(10,147	)		(1,608,299	)		112.9
Dominion Energy, Inc.		(11,827	)		(827,535	)		58.1
Douglas Emmett, Inc.		(30,150	)		(530,339	)		37.2
Dover Corp.		(2,205	)		(288,171	)		20.2
Dow, Inc.		(7,774	)		(363,357	)		25.5
Dr. Horton, Inc.		(3,923	)		(301,600	)		21.2
Dropbox, Inc., Class A		(3,056	)		(66,468	)		4.7
DTE Energy Co.		(3,720	)		(417,049	)		29.3
Duke Energy Corp.		(10,852	)		(1,011,189	)		71.0
DXC Technology Co.		(1,194	)		(34,328	)		2.4
Eagle Materials, Inc.		(4,171	)		(510,155	)		35.8
East West Bancorp, Inc.		(4,432	)		(317,198	)		22.3
Eastman Chemical Co.		(4,825	)		(370,608	)		26.0
Eaton Corp. PLC		(4,073	)		(611,235	)		42.9
Electronic Arts, Inc.		(5,800	)		(730,568	)		51.3
Element Solutions, Inc.		(43,144	)		(742,077	)		52.1
EMCOR Group, Inc.		(2,210	)		(311,831	)		21.9
Emerson Electric Co.		(10,717	)		(928,092	)		65.1
Encompass Health Corp.		(34,388	)		(1,872,083	)		131.4
Endeavor Group Holdings, Inc., Class A		(1,934	)		(42,239	)		3.0
Enovis Corp.		(4,578	)		(226,382	)		15.9
Entegris, Inc.		(2,381	)		(188,909	)		13.3
Envista Holdings Corp.		(5,040	)		(166,370	)		11.7
Equitable Holdings, Inc.		(39,636	)		(1,213,654	)		85.2
Equitrans Midstream Corp.		(2,198	)		(18,507	)		1.3
Euronet Worldwide, Inc.		(2,312	)		(194,231	)		13.6
Evercore, Inc., Class A		(8,737	)		(918,259	)		64.5
Evergy, Inc.		(2,771	)		(169,391	)		11.9
Evoqua Water Technologies Corp.		(5,021	)		(196,723	)		13.8
Exelon Corp.		(21,150	)		(816,178	)		57.3
ExlService Holdings, Inc.		(2,021	)		(367,519	)		25.8
Extra Space Storage, Inc.		(3,917	)		(695,032	)		48.8
Fastenal Co.		(16,740	)		(809,044	)		56.8
Federal Realty OP LP		(4,394	)		(434,918	)		30.5
Fidelity National Information Services, Inc.		(5,810	)		(482,172	)		33.8
Fifth Third Bancorp		(14,115	)		(503,764	)		35.4
First Citizens BancShares, Inc., Class A		(1,514	)		(1,244,690	)		87.4
First Republic Bank		(8,770	)		(1,053,277	)		73.9
FirstEnergy Corp.		(6,522	)		(245,945	)		17.3
Fiserv, Inc.		(13,733	)		(1,410,928	)		99.0

Security	Shares			Value			% of Basket Value
United States (continued)
Five Below, Inc.		(892	)	$	(130,544	)		9.2	%
Five9, Inc.		(4,072	)		(245,379	)		17.2
Floor & Decor Holdings, Inc., Class A		(2,011	)		(147,547	)		10.4
Flowserve Corp.		(24,993	)		(716,799	)		50.3
FNB Corp.		(14,702	)		(212,444	)		14.9
Ford Motor Co.		(20,750	)		(277,428	)		19.5
Fortinet, Inc.		(295	)		(16,862	)		1.2
Fortive Corp.		(7,831	)		(500,401	)		35.1
Franklin Resources, Inc.		(20,350	)		(477,208	)		33.5
Freshworks, Inc., Class A		(57,414	)		(780,256	)		54.8
Frontier Communications Parent, Inc.		(8,909	)		(208,649	)		14.6
FTI Consulting, Inc.		(1,228	)		(191,114	)		13.4
General Mills, Inc.		(6,432	)		(524,723	)		36.8
General Motors Co.		(17,401	)		(682,989	)		47.9
Genuine Parts Co.		(5,053	)		(898,727	)		63.1
Gitlab, Inc., Class A		(636	)		(30,821	)		2.2
Global Payments, Inc.		(2,672	)		(305,303	)		21.4
Globe Life, Inc.		(3,681	)		(425,229	)		29.8
GoDaddy, Inc., Class A		(7,027	)		(564,971	)		39.7
Graco, Inc.		(18,600	)		(1,294,188	)		90.8
Guardant Health, Inc.		(13,407	)		(663,647	)		46.6
GXO Logistics, Inc.		(2,611	)		(95,406	)		6.7
Haemonetics Corp.		(698	)		(59,295	)		4.2
Halliburton Co.		(7,757	)		(282,510	)		19.8
Hancock Whitney Corp.		(2,935	)		(163,978	)		11.5
Hanesbrands, Inc.		(7,374	)		(50,291	)		3.5
Hasbro, Inc.		(7,900	)		(515,475	)		36.2
HCA Healthcare, Inc.		(2,634	)		(572,816	)		40.2
Healthcare Realty Trust, Inc.		(16,538	)		(336,218	)		23.6
HealthEquity, Inc.		(4,089	)		(318,574	)		22.4
Helmerich & Payne, Inc.		(2,679	)		(132,637	)		9.3
Henry Schein, Inc.		(4,254	)		(291,229	)		20.4
Hershey Co.		(4,023	)		(960,572	)		67.4
Highwoods Properties, Inc.		(74,044	)		(2,090,262	)		146.7
Hilton Grand Vacations, Inc.		(10,523	)		(412,923	)		29.0
Hologic, Inc.		(874	)		(59,257	)		4.2
Home BancShares, Inc.		(2,767	)		(70,531	)		4.9
Honeywell International, Inc.		(1,003	)		(204,632	)		14.4
Host Hotels & Resorts, Inc.		(18,940	)		(357,587	)		25.1
Houlihan Lokey, Inc.		(1,378	)		(123,083	)		8.6
Howmet Aerospace, Inc.		(42,831	)		(1,522,642	)		106.9
HP, Inc.		(4,539	)		(125,367	)		8.8
Hubbell, Inc.		(709	)		(168,373	)		11.8
Huntington Bancshares, Inc.		(6,417	)		(97,410	)		6.8
IAA, Inc.		(19,290	)		(731,670	)		51.4
IAA, Inc.		(15,989	)		(778,345	)		54.6
IDEX Corp.		(6,078	)		(1,351,200	)		94.8
Independence Realty Trust, Inc.		(49,031	)		(821,760	)		57.7
Ingersoll Rand, Inc.		(11,595	)		(585,548	)		41.1
Ingredion, Inc.		(7,768	)		(692,284	)		48.6
Innovative Industrial Properties, Inc.		(2,668	)		(288,411	)		20.2
Inspire Medical Systems, Inc.		(1,834	)		(357,538	)		25.1
Intellia Therapeutics, Inc.		(1,020	)		(53,836	)		3.8
Interactive Brokers Group, Inc., Class A		(1,764	)		(141,385	)		9.9
International Business Machines Corp.		(14,527	)		(2,008,939	)		141.0
International Paper Co.		(29,137	)		(979,295	)		68.7
Interpublic Group of Cos., Inc.		(3,995	)		(119,011	)		8.4
Intra-Cellular Therapies, Inc.		(15,006	)		(685,324	)		48.1
iRhythm Technologies, Inc.		(1,122	)		(143,044	)		10.0
ITT, Inc.		(6,295	)		(480,875	)		33.8
J2 Global, Inc.		(2,130	)		(164,841	)		11.6
Jack Henry & Associates, Inc.		(2,011	)		(400,310	)		28.1

SCHEDULE   OF  INVESTMENTS 107

Schedule of Investments (unaudited) (continued) October 31, 2022 BlackRock Global Equity Market Neutral Fund

Security	Shares			Value			% of Basket Value
United States (continued)
JPMorgan Chase & Co.		(6,489	)	$	(816,835	)		57.3	%
KBR, Inc.		(11,296	)		(562,202	)		39.5
Kellogg Co.		(8,594	)		(660,191	)		46.3
Kilroy Realty Corp.		(20,066	)		(857,621	)		60.2
Kimco Realty Corp.		(1,268	)		(27,110	)		1.9
Kinsale Capital Group, Inc.		(2,772	)		(873,651	)		61.3
Kirby Corp.		(2,418	)		(168,656	)		11.8
Kite Realty Group Trust		(13,560	)		(266,318	)		18.7
Lamb Weston Holdings, Inc.		(3,736	)		(322,118	)		22.6
Lancaster Colony Corp.		(874	)		(157,565	)		11.1
Landstar System, Inc.		(2,431	)		(379,771	)		26.7
Lantheus Holdings, Inc.		(1,652	)		(122,231	)		8.6
Las Vegas Sands Corp.		(8,381	)		(318,562	)		22.4
Leggett & Platt, Inc.		(58,997	)		(1,991,149	)		139.8
Lincoln Electric Holdings, Inc.		(1,335	)		(189,570	)		13.3
Littelfuse, Inc.		(1,259	)		(277,295	)		19.5
LKQ Corp.		(6,451	)		(358,934	)		25.2
Loews Corp.		(18,466	)		(1,052,931	)		73.9
Louisiana-Pacific Corp.		(2,128	)		(120,551	)		8.5
LPL Financial Holdings, Inc.		(382	)		(97,658	)		6.9
M&T Bank Corp.		(881	)		(148,334	)		10.4
Magnolia Oil & Gas Corp., Class A		(21,857	)		(561,288	)		39.4
Maravai LifeSciences Holdings, Inc., Class A		(6,816	)		(113,146	)		7.9
Markel Corp.		(746	)		(899,751	)		63.2
Marqeta, Inc., Class A		(35,857	)		(282,553	)		19.8
Marriott Vacations Worldwide Corp.		(1,059	)		(156,478	)		11.0
MasTec, Inc.		(1,363	)		(105,060	)		7.4
Matador Resources Co.		(4,099	)		(272,379	)		19.1
Maximus, Inc.		(16,793	)		(1,035,624	)		72.7
McDonald’s Corp.		(2,399	)		(654,111	)		45.9
McKesson Corp.		(650	)		(253,091	)		17.8
MDU Resources Group, Inc.		(27,674	)		(788,156	)		55.3
Medpace Holdings, Inc.		(831	)		(184,465	)		12.9
MGM Resorts International		(22,321	)		(793,958	)		55.7
Microchip Technology, Inc.		(8,022	)		(495,278	)		34.8
Micron Technology, Inc.		(12,412	)		(671,489	)		47.1
Mirati Therapeutics, Inc.		(1,579	)		(106,298	)		7.5
Moderna, Inc.		(3,171	)		(476,696	)		33.5
Molina Healthcare, Inc.		(379	)		(136,008	)		9.5
Monster Beverage Corp.		(2,600	)		(243,672	)		17.1
Morgan Stanley		(2,457	)		(201,892	)		14.2
Mosaic Co.		(847	)		(45,526	)		3.2
Motorola Solutions, Inc.		(8,629	)		(2,154,748	)		151.3
Murphy USA, Inc.		(1,595	)		(501,643	)		35.2
Nasdaq, Inc.		(18,692	)		(1,163,390	)		81.7
Natera, Inc.		(3,817	)		(179,246	)		12.6
National Fuel Gas Co.		(9,453	)		(637,983	)		44.8
National Instruments Corp.		(2,508	)		(95,755	)		6.7
nCino, Inc.		(20,084	)		(632,244	)		44.4
NCR Corp.		(14,609	)		(310,587	)		21.8
Netflix, Inc.		(1,797	)		(524,508	)		36.8
New Fortress Energy, Inc.		(17,992	)		(990,819	)		69.5
New Residential Investment Corp.		(75,517	)		(636,608	)		44.7
Nexstar Broadcasting Group, Inc.		(530	)		(90,789	)		6.4
NextEra Energy, Inc.		(12,090	)		(936,975	)		65.8
NIKE, Inc.		(17,046	)		(1,579,823	)		110.9
NiSource, Inc.		(11,153	)		(286,521	)		20.1
Nordson Corp.		(1,394	)		(313,650	)		22.0
Nordstrom, Inc.		(1,701	)		(34,598	)		2.4
Norfolk Southern Corp.		(6,579	)		(1,500,473	)		105.3
NortonLifeLock, Inc.		(6,815	)		(153,542	)		10.8
NRG Energy, Inc.		(10,447	)		(463,847	)		32.6

Security	Shares			Value			% of Basket Value
United States (continued)
Nucor Corp.		(2,292	)	$	(301,123	)		21.1	%
nVent Electric PLC		(26,849	)		(979,988	)		68.8
Oak Street Health, Inc.		(13,744	)		(278,041	)		19.5
OGE Energy Corp.		(24,734	)		(906,006	)		63.6
Old Republic International Corp.		(29,690	)		(689,105	)		48.4
Olin Corp.		(15,822	)		(837,775	)		58.8
Omnicell, Inc.		(1,791	)		(138,480	)		9.7
Omnicom Group, Inc.		(20,045	)		(1,458,274	)		102.4
ON Semiconductor Corp.		(16,925	)		(1,039,703	)		73.0
ONE Gas, Inc.		(4,097	)		(317,436	)		22.3
OneMain Holdings, Inc.		(4,140	)		(159,638	)		11.2
ONEOK, Inc.		(10,884	)		(645,639	)		45.3
Onto Innovation, Inc.		(13,586	)		(908,088	)		63.7
Option Care Health, Inc.		(872	)		(26,387	)		1.9
Oracle Corp.		(5,425	)		(423,530	)		29.7
O’Reilly Automotive, Inc.		(1,325	)		(1,109,250	)		77.9
Organon & Co.		(13,867	)		(363,038	)		25.5
Oshkosh Corp.		(3,076	)		(270,688	)		19.0
PACCAR, Inc.		(6,619	)		(640,918	)		45.0
Packaging Corp. of America		(1,817	)		(218,422	)		15.3
Palantir Technologies, Inc., Class A		(43,875	)		(385,661	)		27.1
Parker-Hannifin Corp.		(1,835	)		(533,288	)		37.4
Paycom Software, Inc.		(492	)		(170,232	)		11.9
PayPal Holdings, Inc.		(6,116	)		(511,175	)		35.9
Peloton Interactive, Inc., Class A		(26,563	)		(223,129	)		15.7
Performance Food Group Co.		(5,876	)		(305,787	)		21.5
PerkinElmer, Inc.		(433	)		(57,840	)		4.1
Pfizer, Inc.		(15,449	)		(719,151	)		50.5
PG&E Corp.		(56,419	)		(842,336	)		59.1
Phillips 66		(6,575	)		(685,707	)		48.1
Phillips Edison & Co., Inc.		(8,483	)		(255,678	)		17.9
Pilgrim’s Pride Corp.		(655	)		(15,098	)		1.1
Pinnacle Financial Partners, Inc.		(1,326	)		(110,045	)		7.7
Pinterest, Inc., Class A		(23,097	)		(568,186	)		39.9
Pioneer Natural Resources Co.		(7,082	)		(1,815,896	)		127.5
Plug Power, Inc.		(27,166	)		(434,113	)		30.5
Polaris, Inc.		(4,788	)		(486,461	)		34.1
Post Holdings, Inc.		(261	)		(23,600	)		1.7
PPL Corp.		(21,300	)		(564,237	)		39.6
Primo Water Corp.		(36,983	)		(539,129	)		37.8
Principal Financial Group, Inc.		(29,077	)		(2,562,556	)		179.9
Procore Technologies, Inc.		(19,349	)		(1,057,616	)		74.2
Progyny, Inc.		(10,601	)		(471,426	)		33.1
Prosperity Bancshares, Inc.		(46,697	)		(3,342,104	)		234.6
PTC, Inc.		(827	)		(97,445	)		6.8
Public Service Enterprise Group, Inc.		(296	)		(16,597	)		1.2
Public Storage		(5,358	)		(1,659,640	)		116.5
PVH Corp.		(1,522	)		(78,109	)		5.5
QUALCOMM, Inc.		(8,979	)		(1,056,469	)		74.2
Qualtrics International, Inc., Class A		(25,414	)		(304,206	)		21.4
Quanta Services, Inc.		(3,490	)		(495,720	)		34.8
R1 RCM, Inc.		(33,419	)		(590,180	)		41.4
Raymond James Financial, Inc.		(455	)		(53,754	)		3.8
Rayonier, Inc.		(10,641	)		(358,602	)		25.2
RBC Bearings, Inc.		(6,249	)		(1,584,309	)		111.2
Realty Income Corp.		(54,871	)		(3,416,817	)		239.8
Red Rock Resorts, Inc., Class A		(4,775	)		(198,879	)		14.0
Regal Beloit Corp.		(6,924	)		(876,163	)		61.5
Regions Financial Corp.		(25,134	)		(551,691	)		38.7
Republic Services, Inc.		(612	)		(81,163	)		5.7
RH		(593	)		(150,580	)		10.6
Rockwell Automation, Inc.		(1,831	)		(467,454	)		32.8

108 2 0 2 2  BLACK ROCK  SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2022 BlackRock Global Equity Market Neutral Fund

Security	Shares			Value			% of Basket Value
United States (continued)
Rollins, Inc.		(2,180	)	$	(91,734	)		6.4	%
Roper Industries, Inc.		(1,726	)		(715,496	)		50.2
Ross Stores, Inc.		(9,971	)		(954,125	)		67.0
RPM International, Inc.		(7,452	)		(704,736	)		49.5
Ryman Hospitality Properties, Inc.		(1,141	)		(101,458	)		7.1
Sarepta Therapeutics, Inc.		(128	)		(14,595	)		1.0
Seagate Technology Holdings PLC		(7,045	)		(349,855	)		24.6
SeaWorld Entertainment, Inc.		(9,819	)		(571,073	)		40.1
SEI Investments Co.		(18,077	)		(981,581	)		68.9
Selective Insurance Group, Inc.		(737	)		(72,285	)		5.1
Sempra Energy		(9,378	)		(1,415,515	)		99.4
Sensata Technologies Holding PLC		(5,734	)		(230,564	)		16.2
SentinelOne, Inc., Class A		(26,369	)		(602,268	)		42.3
Shift4 Payments, Inc., Class A		(6,124	)		(281,520	)		19.8
Shoals Technologies Group, Inc., Class A		(6,206	)		(143,421	)		10.1
Shockwave Medical, Inc.		(253	)		(74,167	)		5.2
Signature Bank		(1,652	)		(261,892	)		18.4
Simon Property Group, Inc.		(6,922	)		(754,360	)		53.0
Sims Ltd.		(15,786	)		(123,420	)		8.7
Skechers U.S.A., Inc., Class A		(7,010	)		(241,354	)		16.9
Skyworks Solutions, Inc.		(5,611	)		(482,602	)		33.9
SL Green Realty Corp.		(22,631	)		(897,998	)		63.0
SLM Corp.		(13,236	)		(219,585	)		15.4
SM Energy Co.		(1,164	)		(52,357	)		3.7
Smartsheet, Inc., Class A		(6,188	)		(216,085	)		15.2
Snowflake, Inc., Class A		(5,213	)		(835,644	)		58.7
Sonoco Products Co.		(2,762	)		(171,465	)		12.0
South State Corp.		(8,267	)		(747,585	)		52.5
Southern Co.		(3,566	)		(233,502	)		16.4
Southwest Airlines Co.		(13,063	)		(474,840	)		33.3
Southwest Gas Holdings, Inc.		(4,037	)		(294,984	)		20.7
Southwestern Energy Co.		(6,646	)		(46,057	)		3.2
Spire, Inc.		(275	)		(19,198	)		1.3
Spirit AeroSystems Holdings, Inc., Class A		(4,450	)		(103,062	)		7.2
Spirit Realty Capital, Inc.		(9,813	)		(381,039	)		26.7
SS&C Technologies Holdings, Inc.		(21,601	)		(1,110,723	)		78.0
STAG Industrial, Inc.		(8,713	)		(275,244	)		19.3
Stanley Black & Decker, Inc.		(6,585	)		(516,857	)		36.3
Starbucks Corp.		(22,196	)		(1,921,952	)		134.9
Starwood Property Trust, Inc.		(23,601	)		(487,597	)		34.2
State Street Corp.		(7,493	)		(554,482	)		38.9
Steel Dynamics, Inc.		(3,674	)		(345,540	)		24.3
STERIS PLC		(6,103	)		(1,053,256	)		73.9
Stryker Corp.		(4,132	)		(947,220	)		66.5
Synopsys, Inc.		(1,627	)		(475,979	)		33.4
Synovus Financial Corp.		(18,939	)		(754,719	)		53.0
Sysco Corp.		(2,497	)		(216,140	)		15.2
T Rowe Price Group, Inc.		(8,540	)		(906,606	)		63.6
Tapestry, Inc.		(6,130	)		(194,198	)		13.6
Target Corp.		(4,989	)		(819,443	)		57.5
TE Connectivity Ltd.		(3,063	)		(374,390	)		26.3
Teledyne Technologies, Inc.		(6,800	)		(2,706,264)			190.0
Tenet Healthcare Corp.		(15,392	)		(682,789	)		47.9
Teradata Corp.		(2,461	)		(77,743	)		5.5
Terreno Realty Corp.		(17,298	)		(988,408	)		69.4
Texas Pacific Land Corp.		(137	)		(315,630	)		22.2
Thor Industries, Inc.		(502	)		(40,898	)		2.9
TJX Cos., Inc.		(2,270	)		(163,667	)		11.5
T-Mobile U.S., Inc.		(5,707	)		(864,953	)		60.7

Security	Shares			Value			% of Basket Value
United States (continued)
Toast, Inc., Class A		(4,251	)	$	(93,905	)		6.6	%
Toro Co.		(4,763	)		(502,163)			35.2
Trade Desk, Inc., Class A		(10,328	)		(549,863	)		38.6
Tradeweb Markets, Inc., Class A		(5,012	)		(276,061	)		19.4
TransUnion		(2,069	)		(122,630	)		8.6
Travelers Cos., Inc.		(3,279	)		(604,844	)		42.5
Trimble, Inc.		(10,842	)		(652,255	)		45.8
Truist Financial Corp.		(16,373	)		(733,347	)		51.5
Twilio, Inc., Class A		(4,308	)		(320,386	)		22.5
UFP Industries, Inc.		(5,609	)		(399,529	)		28.0
UGI Corp.		(16,372	)		(578,423	)		40.6
UiPath, Inc., Class A		(19,456	)		(246,118	)		17.3
United Airlines Holdings, Inc.		(9,152	)		(394,268	)		27.7
United Bankshares, Inc.		(11,935	)		(505,447	)		35.5
United Parcel Service, Inc., Class B		(1,082	)		(181,527	)		12.7
Univar Solutions, Inc.		(8,555	)		(217,981	)		15.3
Universal Health Services, Inc., Class B		(5,498	)		(637,053	)		44.7
Valley National Bancorp		(36,247	)		(430,252	)		30.2
Valmont Industries, Inc.		(1,119	)		(357,207	)		25.1
Ventas, Inc.		(4,164	)		(162,937	)		11.4
Verisk Analytics, Inc.		(1,498	)		(273,879	)		19.2
Verizon Communications, Inc.		(16,016	)		(598,518	)		42.0
ViacomCBS, Inc., Class B		(9,877	)		(180,947	)		12.7
Vir Biotechnology, Inc.		(738	)		(16,221	)		1.1
Vontier Corp.		(6,189	)		(118,210	)		8.3
Vornado Realty Trust		(57,655	)		(1,360,081	)		95.5
Voya Financial, Inc.		(430	)		(29,395	)		2.1
Vulcan Materials Co.		(4,623	)		(756,785	)		53.1
W R Berkley Corp.		(7,261	)		(540,073	)		37.9
Warner Bros Discovery, Inc.		(17,375	)		(225,875	)		15.9
Warner Music Group Corp., Class A		(9,253	)		(240,763	)		16.9
Waste Connections, Inc.		(3,532	)		(465,906	)		32.7
Waste Management, Inc.		(7,687	)		(1,217,390	)		85.5
Webster Financial Corp.		(9,654	)		(523,826	)		36.8
WEC Energy Group, Inc.		(10,445	)		(953,942	)		67.0
Wendy’s Co.		(25,107	)		(521,723	)		36.6
WESCO International, Inc.		(2,903	)		(399,946	)		28.1
Western Alliance Bancorp		(3,107	)		(208,697	)		14.6
Westinghouse Air Brake Technologies Corp.		(4,495	)		(419,294	)		29.4
Westlake Chemical Corp.		(3,134	)		(302,901	)		21.3
WEX, Inc.		(846	)		(138,862	)		9.7
Weyerhaeuser Co.		(39,491	)		(1,221,457	)		85.7
Williams-Sonoma, Inc.		(1,956	)		(242,211	)		17.0
WillScot Mobile Mini Holdings Corp.		(19,225	)		(817,639	)		57.4
Wolfspeed, Inc.		(2,645	)		(208,294	)		14.6
Woodward, Inc.		(4,395	)		(403,022	)		28.3
Workiva, Inc.		(2,941	)		(228,839	)		16.1
WW Grainger, Inc.		(1,067	)		(623,501	)		43.8
Wynn Resorts Ltd.		(11,282	)		(720,920	)		50.6
XPO Logistics, Inc.		(3,148	)		(162,878	)		11.4
YETI Holdings, Inc.		(1,846	)		(59,220	)		4.2
Zebra Technologies Corp., Class A		(446	)		(126,316	)		8.9
Zimmer Biomet Holdings, Inc.		(8,486	)		(961,888	)		67.5
Zions Bancorp NA		(922	)		(47,889	)		3.4
Zoetis, Inc.		(5,655	)		(852,661	)		59.9
Zoom Video Communications, Inc., Class A		(707	)		(58,992	)		4.1

SCHEDULE   OF  INVESTMENTS 109

Schedule of Investments (unaudited) (continued) October 31, 2022 BlackRock Global Equity Market Neutral Fund

Security	Shares			Value			% of Basket Value
United States (continued)
ZoomInfo Technologies, Inc.		(24,428	)	$	(1,087,779	)		76.4	%
Zurn Elkay Water Solutions Corp.		(5,413	)		(127,151	)		8.9
					(243,585,712)
Preferred Stocks
Germany
Henkel AG & Co. KGaA		(19,057	)		(1,200,563	)		84.3
Total Reference Entity — Short					(427,748,518	)
Net Value of Reference Entity — Goldman Sachs & Co.				$	(1,424,596	)

The following table represents the individual long and short positions and related values of the equity securities underlying the total return swap with UBS AG as of period end, termination date July 5, 2023:

Security	Shares		Value		% of Basket Value
Reference Entity — Long
Common Stocks
Australia
AGL Energy Ltd.		23,645	$	103,016		(7.3	)%
Allkem Ltd.		21,133		195,262		(13.8	)
Aristocrat Leisure Ltd.		2,924		69,404		(4.9	)
ASX Ltd.		4,680		202,777		(14.3	)
Australia & New Zealand Banking Group Ltd.		7,051		115,522		(8.1	)
Bank of Queensland Ltd.		91,542		431,097		(30.4	)
BHP Group Ltd.		13,235		316,281		(22.3	)
carsales.com Ltd.		11,884		153,943		(10.9	)
Challenger Ltd.		33,710		151,470		(10.7	)
Charter Hall Group		4,579		38,010		(2.7	)
Coles Group Ltd.		18,973		198,375		(14.0	)
Commonwealth Bank of Australia		5,361		359,438		(25.4	)
CSR Ltd.		45,719		135,432		(9.6	)
Deterra Royalties Ltd.		145,091		380,711		(26.9	)
Domain Holdings Australia Ltd.		115,927		247,061		(17.4	)
Domino’s Pizza Enterprises Ltd.		3,940		160,648		(11.3	)
Flight Centre Travel Group Ltd.		1,042		11,090		(0.8	)
Goodman Group		50,566		550,194		(38.8	)
GPT Group		210,816		582,604		(41.1	)
Harvey Norman Holdings Ltd.		12,237		32,554		(2.3	)
IGO Ltd.		38,167		373,271		(26.3	)
Iluka Resources Ltd.		75,114		416,171		(29.4	)
Magellan Financial Group Ltd.		20,117		127,558		(9.0	)
Medibank Pvt Ltd.		102,764		185,044		(13.1	)
Mineral Resources Ltd.		26,095		1,223,380		(86.3	)
National Australia Bank Ltd.		34,560		717,882		(50.7	)
Orora Ltd.		27,016		52,425		(3.7	)
OZ Minerals Ltd.		15,874		245,793		(17.3	)
Pilbara Minerals Ltd.		209,471		680,833		(48.0	)
Pro Medicus Ltd.		8,980		319,934		(22.6	)
REA Group Ltd.		2,189		169,660		(12.0	)
Scentre Group		85,289		158,725		(11.2	)
SEEK Ltd.		4,689		64,548		(4.6	)
Shopping Centres Australasia Property Group		155,805		271,368		(19.1	)
Steadfast Group Ltd.		93,552		303,085		(21.4	)
Stockland.		12,012		27,677		(2.0	)
Telstra Group Ltd.		157,694		395,406		(27.9	)
Treasury Wine Estates Ltd.		31,828		263,751		(18.6	)

Security	Shares		Value		% of Basket Value
Australia (continued)
Wesfarmers Ltd.		32,247	$	935,777		(66.0	)%
Westpac Banking Corp.		70,390		1,086,889		(76.7	)
WiseTech Global Ltd.		7,342		271,529		(19.2	)
				12,725,595
Austria
Andritz AG		1,609		74,781		(5.3	)
Erste Group Bank AG		61,097		1,505,731		(106.2	)
Raiffeisen Bank International AG		7,124		99,075		(7.0	)
				1,679,587
Belgium
Ackermans & van Haaren NV		3,478		484,560		(34.2	)
Anheuser-Busch InBev SA		12,863		643,412		(45.4	)
Elia Group SA		3,002		379,550		(26.8	)
Etablissements Franz Colruyt NV		15,463		372,722		(26.3	)
Solvay SA		3,083		278,212		(19.6	)
Umicore SA		5,881		193,872		(13.7	)
Warehouses De Pauw CVA		17,988		461,679		(32.6	)
				2,814,007
Bermuda
Hiscox Ltd.		88,494		911,639		(64.3	)
Canada
Air Canada		62,663		901,987		(63.7	)
Alamos Gold, Inc., Class A		7,703		60,783		(4.3	)
Algonquin Power & Utilities Corp.		51,799		573,369		(40.5	)
ARC Resources Ltd.		10,448		147,093		(10.4	)
Ballard Power Systems, Inc.		4,573		25,914		(1.8	)
Bank of Montreal		9,454		870,835		(61.5	)
Bank of Nova Scotia		19,282		932,007		(65.8	)
Baytex Energy Corp.		84,945		461,403		(32.6	)
BCE, Inc.		10,871		490,346		(34.6	)
Birchcliff Energy Ltd.		1,608		12,500		(0.9	)
Bombardier, Inc., Class B		2,690		79,001		(5.6	)
CAE, Inc.		47,246		901,674		(63.6	)
Canadian Imperial Bank of Commerce		12,555		570,175		(40.2	)
Canadian Natural Resources Ltd.		6,850		410,844		(29.0	)
Canadian Tire Corp. Ltd., Class A		2,852		319,648		(22.6	)
Capital Power Corp.		6,835		228,778		(16.1	)
Cargojet, Inc.		1,947		189,791		(13.4	)
CGI, Inc.		4,570		368,123		(26.0	)
Colliers International Group, Inc.		2,140		200,844		(14.2	)
Crescent Point Energy Corp.		34,078		266,400		(18.8	)
Descartes Systems Group, Inc.		2,131		147,036		(10.4	)
Emera, Inc.		17,089		633,335		(44.7	)
Enbridge, Inc.		194		7,559		(0.5	)
Enerplus Corp.		1,372		23,787		(1.7	)
First Majestic Silver Corp.		55,207		464,398		(32.8	)
First Quantum Minerals Ltd.		20,586		363,109		(25.6	)
FirstService Corp.		3,992		499,048		(35.2	)
George Weston Ltd.		2,926		322,056		(22.7	)
GFL Environmental, Inc.		6,432		173,600		(12.3	)
Gibson Energy, Inc.		3,576		61,028		(4.3	)
Great-West Lifeco, Inc.		37,549		869,303		(61.3	)
Hydro One Ltd.		13,535		339,381		(23.9	)
IGM Financial, Inc.		7,232		193,600		(13.7	)
Imperial Oil Ltd.		897		48,796		(3.4	)
Ivanhoe Mines Ltd., Class A		43,239		299,929		(21.2	)
Keyera Corp.		7,562		162,081		(11.4	)
Kinaxis, Inc.		1,266		135,126		(9.5	)

110 2 0 2 2  BLACK ROCK  SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2022 BlackRock Global Equity Market Neutral Fund

Security	Shares		Value		% of Basket Value
Canada (continued)
Kinross Gold Corp.		19,442	$	70,498		(5.0	)%
Lithium Americas Corp.		7,258		180,604		(12.7	)
Methanex Corp.		1,315		45,897		(3.2	)
Northland Power, Inc.		16,564		481,959		(34.0	)
NuVista Energy Ltd.		1,611		15,976		(1.1	)
Parex Resources, Inc.		16,496		251,614		(17.8	)
Power Corp. of Canada		3,550		88,154		(6.2	)
RioCan Real Estate Investment Trust		11,467		163,375		(11.5	)
Stantec, Inc.		38,663		1,891,787		(133.5	)
TC Energy Corp.		32,663		1,434,693		(101.2	)
TELUS Corp.		40,483		845,408		(59.7	)
Toronto-Dominion Bank		11,547		739,005		(52.2	)
Tourmaline Oil Corp.		6,556		369,390		(26.1	)
Wheaton Precious Metals Corp.		8,962		293,197		(20.7	)
Whitecap Resources, Inc.		15,351		118,990		(8.4	)
WSP Global, Inc.		4,108		504,895		(35.6	)
				20,250,129
China
Budweiser Brewing Co. APAC Ltd.		212,700		447,674		(31.6	)
Chow Tai Fook Jewellery Group Ltd.		18,200		31,160		(2.2	)
				478,834
Denmark
AP Moller - Maersk A/S, Class A		70		140,048		(9.9	)
AP Moller - Maersk A/S, Class B		164		342,624		(24.2	)
Coloplast A/S, Class B		4,333		483,000		(34.1	)
DSV A/S		2,493		336,875		(23.8	)
Genmab A/S		178		68,567		(4.8	)
GN Store Nord A/S		473		10,052		(0.7	)
H Lundbeck A/S		76,392		285,835		(20.2	)
Novo Nordisk A/S, Class B		7,068		768,512		(54.2	)
Novozymes A/S, B Shares		10,624		557,659		(39.3	)
SimCorp. A/S		3,004		179,371		(12.7	)
Tryg A/S		35,349		764,572		(54.0	)
Vestas Wind Systems A/S		37,201		733,368		(51.7	)
				4,670,483
Finland
Kone OYJ, Class B		20,267		829,848		(58.6	)
Nokia OYJ		329,682		1,465,078		(103.4	)
Nokian Renkaat OYJ		69,069		778,879		(55.0	)
Outokumpu OYJ		116,410		467,196		(33.0	)
Stora Enso OYJ		51,244		668,161		(47.1	)
Valmet OYJ		19,903		452,659		(31.9	)
Wartsila OYJ Abp		76,669		522,673		(36.9	)
				5,184,494
France
Accor SA		38,910		932,340		(65.8	)
Air France-KLM		91,946		120,901		(8.5	)
Air Liquide SA		17,745		2,321,289		(163.8	)
ALD SA		2,004		21,381		(1.5	)
Arkema SA		716		56,663		(4.0	)
BioMerieux		1,879		166,251		(11.7	)
Bouygues SA		36,500		1,041,387		(73.5	)
Carrefour SA		8,387		134,992		(9.5	)
Cie de L’Odet SE		12		14,339		(1.0	)
Cie de Saint-Gobain		19,032		778,046		(54.9	)
Cie Generale des Etablissements Michelin SCA		14,771		376,425		(26.6	)
Danone SA		38,148		1,895,936		(133.8	)
Dassault Aviation SA		5,131		762,047		(53.8	)

Security	Shares		Value		% of Basket Value
France (continued)
Dassault Systemes SE		21,855	$	732,553		(51.7	)%
Edenred		6,410		328,616		(23.2	)
Eiffage SA		10,799		976,465		(68.9	)
Engie SA		258,144		3,354,156		(236.7	)
Eramet SA		3,454		226,277		(16.0	)
Eurazeo SE		6,956		396,947		(28.0	)
Faurecia SE		1,875		27,992		(2.0	)
Gecina SA		10,893		971,155		(68.5	)
Hermes International		351		454,329		(32.1	)
ICADE		21,048		782,962		(55.3	)
Ipsen SA		355		36,482		(2.6	)
JCDecaux SE		1,672		21,110		(1.5	)
Klepierre SA		36,790		739,415		(52.2	)
La Francaise des Jeux SAEM		20,476		667,283		(47.1	)
Legrand SA		3,183		242,559		(17.1	)
Neoen SA		1,205		42,030		(3.0	)
Nexans SA		897		83,761		(5.9	)
Orange SA		74,852		713,183		(50.3	)
Pernod Ricard SA		7,205		1,264,558		(89.2	)
Publicis Groupe SA		2,531		141,747		(10.0	)
Remy Cointreau SA		2,946		450,555		(31.8	)
Rexel SA		34,072		608,025		(42.9	)
Schneider Electric SE		1,141		144,287		(10.2	)
Teleperformance		1,810		484,953		(34.2	)
Thales SA		10,374		1,319,364		(93.1	)
Ubisoft Entertainment SA		2,767		75,915		(5.4	)
Valeo		2,797		46,075		(3.2	)
Vinci SA		996		91,669		(6.5	)
				24,046,420
Germany
1&1 AG		18,186		239,579		(16.9	)
AIXTRON SE		6,887		169,239		(11.9	)
Bayerische Motoren Werke AG		16,971		1,332,085		(94.0	)
Beiersdorf AG		13,574		1,303,039		(92.0	)
Commerzbank AG		8,105		64,757		(4.6	)
Daimler Truck Holding AG		30,322		808,766		(57.1	)
Deutsche Lufthansa AG, Registered Shares		37,609		257,133		(18.1	)
E.ON SE		116,971		979,513		(69.1	)
Encavis AG		30,959		576,386		(40.7	)
Evonik Industries AG		22,816		420,310		(29.7	)
Fraport AG Frankfurt Airport Services Worldwide		2,792		107,565		(7.6	)
Freenet AG		26,203		515,051		(36.3	)
HelloFresh SE		10,159		203,070		(14.3	)
K&S AG, Registered Shares		897		19,805		(1.4	)
Knorr-Bremse AG		40,788		1,836,306		(129.6	)
LEG Immobilien SE		12,618		823,768		(58.1	)
Mercedes-Benz Group AG		26,061		1,508,451		(106.5	)
METRO AG		20,408		155,680		(11.0	)
Nemetschek SE		6,713		320,055		(22.6	)
Nordex SE		16,608		154,823		(10.9	)
ProSiebenSat.1 Media SE		6,702		45,544		(3.2	)
Puma SE		3,272		144,658		(10.2	)
Rational AG		309		174,183		(12.3	)
Rheinmetall AG		111		18,043		(1.3	)
RWE AG		15,010		577,812		(40.8	)
Siemens AG, Registered Shares		22,059		2,409,040		(170.0	)
Talanx AG		13,066		490,685		(34.6	)
Traton SE		8,900		110,989		(7.8	)
Vantage Towers AG		5,774		162,391		(11.5	)

SCHEDULE   OF  INVESTMENTS 111

Schedule of Investments (unaudited) (continued) October 31, 2022 BlackRock Global Equity Market Neutral Fund

Security	Shares		Value		% of Basket Value
Germany (continued)
VERBIO Vereinigte BioEnergie AG		2,635	$	207,567		(14.7	)%
Volkswagen AG		5,908		1,009,865		(71.3	)
Wacker Chemie AG		2,984		347,413		(24.5	)
				17,493,571
Hong Kong
ASMPT Ltd.		13,600		74,807		(5.3	)
Bank of East Asia Ltd.		76,000		72,837		(5.1	)
Cafe de Coral Holdings Ltd.		26,000		30,343		(2.1	)
Dah Sing Banking Group Ltd.		28,000		16,695		(1.2	)
Dah Sing Financial Holdings Ltd.		41,600		82,318		(5.8	)
DFI Retail Group Holdings Ltd.		67,600		151,553		(10.7	)
First Pacific Co. Ltd.		262,000		69,379		(4.9	)
Haitong International Securities Group Ltd.		105,600		7,664		(0.5	)
Hang Lung Group Ltd.		49,000		63,557		(4.5	)
Hang Lung Properties Ltd.		58,000		72,962		(5.2	)
HK Electric Investments & HK Electric Investments Ltd.		333,000		211,726		(14.9	)
Hutchison Port Holdings Trust		433,000		70,719		(5.0	)
Hysan Development Co. Ltd.		94,000		204,882		(14.5	)
Jardine Matheson Holdings Ltd.		4,400		202,699		(14.3	)
Kerry Properties Ltd.		93,500		147,906		(10.4	)
Link REIT		45,300		267,751		(18.9	)
New World Development Co. Ltd.		135,000		276,139		(19.5	)
Pacific Basin Shipping Ltd.		261,000		63,189		(4.5	)
Shangri-La Asia Ltd.		130,000		71,931		(5.1	)
SITC International Holdings Co. Ltd.		5,000		8,189		(0.6	)
SJM Holdings Ltd.		365,000		113,898		(8.0	)
Sun Hung Kai Properties Ltd.		51,000		548,062		(38.7	)
Swire Pacific Ltd., Class A		68,000		451,079		(31.8	)
Yue Yuen Industrial Holdings Ltd.		13,000		13,217		(0.9	)
				3,293,502
Ireland
Bank of Ireland Group PLC		141,431		1,018,391		(71.9	)
Experian PLC		41,711		1,329,966		(93.8	)
Glanbia PLC		18,430		212,853		(15.0	)
James Hardie Industries PLC		14,387		314,111		(22.2	)
Kingspan Group PLC		18,602		937,852		(66.2	)
				3,813,173
Israel
Airport City Ltd.		3,433		56,841		(4.0	)
Alony Hetz Properties & Investments Ltd.		4,231		49,626		(3.5	)
Big Shopping Centers Ltd.		468		52,477		(3.7	)
Elbit Systems Ltd.		1,950		394,554		(27.9	)
Gav-Yam Lands Corp. Ltd.		18,706		158,648		(11.2	)
Israel Corp. Ltd.		940		406,881		(28.7	)
Melisron Ltd.		2,895		214,790		(15.2	)
Nice Ltd.		1,520		286,473		(20.2	)
OPC Energy Ltd.		3,388		41,656		(2.9	)
Paz Oil Co. Ltd.		1,273		152,076		(10.7	)
Phoenix Holdings Ltd.		20,158		218,354		(15.4	)
				2,032,376
Italy
Amplifon SpA		11,209		278,476		(19.7	)
Atlantia SpA		32,022		714,331		(50.4	)
Azimut Holding SpA		7,952		128,044		(9.0	)
De’ Longhi SpA		6,423		110,821		(7.8	)
Enel SpA		491,126		2,194,030		(154.8	)
Ferrari NV		4,415		870,365		(61.4	)

Security	Shares		Value		% of Basket Value
Italy (continued)
Italgas SpA		42,547	$	219,213		(15.5	)%
Reply SpA		1,063		115,626		(8.2	)
Snam SpA		39,322		174,846		(12.3	)
UnipolSai Assicurazioni SpA		193,178		435,573		(30.8	)
				5,241,325
Japan
Acom Co. Ltd.		276,200		603,402		(42.6	)
AEON Financial Service Co. Ltd.		43,400		424,739		(30.0	)
Aica Kogyo Co. Ltd.		6,100		131,105		(9.3	)
Alfresa Holdings Corp.		24,600		283,217		(20.0	)
Amada Co. Ltd.		66,900		470,546		(33.2	)
Amano Corp.		19,800		338,825		(23.9	)
ANA Holdings, Inc.		31,700		616,207		(43.5	)
Anritsu Corp.		1,200		12,078		(0.8	)
Anycolor, Inc.		500		41,562		(2.9	)
Aozora Bank Ltd.		54,600		939,216		(66.3	)
Astellas Pharma, Inc.		84,600		1,167,326		(82.4	)
Azbil Corp.		31,800		864,186		(61.0	)
AZ-COM MARUWA Holdings, Inc.		32,800		311,653		(22.0	)
Bandai Namco Holdings, Inc.		1,900		125,595		(8.9	)
Benesse Holdings, Inc.		60,300		889,575		(62.8	)
Capcom Co. Ltd.		6,200		172,453		(12.2	)
Central Japan Railway Co.		6,500		752,547		(53.1	)
Chugai Pharmaceutical Co. Ltd.		3,400		78,784		(5.6	)
Chugin Financial Group, Inc.		33,400		201,334		(14.2	)
Chugoku Electric Power Co., Inc.		84,500		396,438		(28.0	)
Coca-Cola Bottlers Japan Holdings, Inc.		5,000		45,175		(3.2	)
COMSYS Holdings Corp.		41,300		676,613		(47.7	)
Cosmo Energy Holdings Co. Ltd.		2,700		69,550		(4.9	)
Cosmos Pharmaceutical Corp.		10,400		1,005,833		(71.0	)
Daifuku Co. Ltd.		2,800		128,170		(9.0	)
Daiwa House Industry Co. Ltd.		54,900		1,106,089		(78.1	)
Daiwa Securities Group, Inc.		48,300		188,451		(13.3	)
DeNA Co. Ltd.		6,100		79,559		(5.6	)
Disco Corp.		2,500		597,951		(42.2	)
DMG Mori Co. Ltd.		10,700		123,827		(8.7	)
East Japan Railway Co.		31,100		1,657,175		(116.9	)
Ebara Corp.		8,000		259,937		(18.3	)
EXEO Group, Inc.		125,000		1,831,444		(129.2	)
FP Corp.		8,400		199,840		(14.1	)
Fuji Media Holdings, Inc.		50,500		351,232		(24.8	)
FUJIFILM Holdings Corp.		12,000		548,999		(38.7	)
Fujikura Ltd.		2,100		12,434		(0.9	)
Fujitsu Ltd.		8,400		966,492		(68.2	)
Furukawa Electric Co. Ltd.		19,300		297,757		(21.0	)
GMO Payment Gateway, Inc.		1,200		86,287		(6.1	)
H.U. Group Holdings, Inc.		2,200		40,953		(2.9	)
Hamamatsu Photonics KK		600		27,145		(1.9	)
Hirose Electric Co. Ltd.		2,600		337,275		(23.8	)
Hitachi Transport System Ltd.		11,300		676,261		(47.7	)
Honda Motor Co. Ltd.		53,400		1,217,652		(85.9	)
Hulic Co. Ltd.		28,000		203,402		(14.4	)
Information Services International-Dentsu Ltd.		9,000		275,262		(19.4	)
INFRONEER Holdings, Inc.		24,800		171,921		(12.1	)
ITOCHU Corp.		32,000		827,025		(58.4	)
Itochu Techno-Solutions Corp.		31,400		727,969		(51.4	)
Izumi Co. Ltd.		15,100		304,613		(21.5	)
J Front Retailing Co. Ltd.		5,800		46,882		(3.3	)
Japan Exchange Group, Inc.		5,800		76,222		(5.4	)
Japan Post Bank Co. Ltd.		23,100		153,918		(10.9	)

112 2 0 2 2  BLACK ROCK  SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2022 BlackRock Global Equity Market Neutral Fund

Security	Shares		Value		% of Basket Value
Japan (continued)
Japan Post Holdings Co. Ltd.		72,000	$	484,170		(34.2	)%
Kajima Corp.		60,700		571,380		(40.3	)
Kakaku.com, Inc.		1,800		30,443		(2.1	)
Kamigumi Co. Ltd.		23,300		443,089		(31.3	)
Kandenko Co. Ltd.		48,100		270,367		(19.1	)
Kansai Electric Power Co., Inc.		10,800		81,813		(5.8	)
Kawasaki Kisen Kaisha Ltd.		11,900		180,442		(12.7	)
KDDI Corp.		7,900		233,500		(16.5	)
Keio Corp.		9,300		326,063		(23.0	)
Keisei Electric Railway Co. Ltd.		8,800		233,570		(16.5	)
Kewpie Corp.		18,700		295,223		(20.8	)
Kinden Corp.		85,200		866,941		(61.2	)
Kintetsu Group Holdings Co. Ltd.		2,900		98,005		(6.9	)
Kokuyo Co. Ltd.		27,900		346,058		(24.4	)
Kuraray Co. Ltd.		35,400		243,429		(17.2	)
Kusuri no Aoki Holdings Co. Ltd.		19,500		939,956		(66.3	)
Kyocera Corp.		5,500		266,345		(18.8	)
Kyudenko Corp.		6,600		139,989		(9.9	)
Kyushu Electric Power Co., Inc.		40,200		199,033		(14.0	)
Kyushu Railway Co.		10,500		219,594		(15.5	)
Lawson, Inc.		15,100		482,400		(34.0	)
Lion Corp.		36,800		371,926		(26.2	)
Lixil Corp.		11,400		172,200		(12.2	)
M3, Inc.		12,400		369,522		(26.1	)
Mani, Inc.		11,500		167,527		(11.8	)
Marubeni Corp.		38,800		339,652		(24.0	)
Maruichi Steel Tube Ltd.		2,900		54,739		(3.9	)
Mazda Motor Corp.		26,100		175,730		(12.4	)
McDonald’s Holdings Co. Japan Ltd.		4,000		138,869		(9.8	)
Medipal Holdings Corp.		2,700		33,475		(2.4	)
Mitsubishi Chemical Group Corp.		4,700		21,232		(1.5	)
Mitsubishi Corp.		10,300		279,015		(19.7	)
Mitsubishi Estate Co. Ltd.		156,400		1,966,776		(138.8	)
Mitsubishi Gas Chemical Co., Inc.		5,800		73,702		(5.2	)
Mitsubishi HC Capital, Inc.		81,000		347,576		(24.5	)
Mitsubishi Materials Corp.		8,400		109,792		(7.7	)
Mitsui & Co. Ltd.		30,800		681,579		(48.1	)
Mitsui Chemicals, Inc.		43,800		810,691		(57.2	)
Mitsui Fudosan Co. Ltd.		115,500		2,211,636		(156.1	)
Mitsui Mining & Smelting Co. Ltd.		6,200		125,225		(8.8	)
MonotaRO Co. Ltd.		35,100		532,813		(37.6	)
MS&AD Insurance Group Holdings, Inc.		8,700		230,387		(16.3	)
Murata Manufacturing Co. Ltd.		200		9,468		(0.7	)
Nagoya Railroad Co. Ltd.		24,500		375,316		(26.5	)
NEC Corp.		22,800		754,700		(53.3	)
NEC Networks & System Integration Corp.		11,400		122,163		(8.6	)
NET One Systems Co. Ltd.		4,700		96,532		(6.8	)
Nichirei Corp.		29,500		458,797		(32.4	)
Nihon Kohden Corp.		5,500		123,157		(8.7	)
Nihon M&A Center Holdings, Inc.		3,800		42,878		(3.0	)
Nintendo Co. Ltd.		400		16,240		(1.1	)
Nippon Telegraph & Telephone Corp.		84,500		2,330,569		(164.5	)
Nippon Television Holdings, Inc.		6,000		44,744		(3.2	)
Nipro Corp.		59,000		444,758		(31.4	)
Nitori Holdings Co. Ltd.		1,900		172,172		(12.1	)
Nitto Denko Corp.		8,100		426,754		(30.1	)
Nomura Research Institute Ltd.		5,200		115,077		(8.1	)
NSK Ltd.		21,600		114,161		(8.1	)
NTT Data Corp.		3,600		52,142		(3.7	)
Obayashi Corp.		129,900		833,784		(58.8	)
OBIC Business Consultants Co. Ltd.		1,300		37,368		(2.6	)
Obic Co. Ltd.		1,000		150,063		(10.6	)

Security	Shares		Value		% of Basket Value
Japan (continued)
Odakyu Electric Railway Co. Ltd.		8,400	$	99,859		(7.0	)%
Omron Corp.		9,600		447,728		(31.6	)
Oracle Corp. Japan		800		42,617		(3.0	)
Oriental Land Co. Ltd.		2,500		334,819		(23.6	)
Otsuka Corp.		32,500		1,023,494		(72.2	)
Otsuka Holdings Co. Ltd.		1,100		35,260		(2.5	)
PALTAC Corp.		7,100		201,681		(14.2	)
Panasonic Holdings Corp.		45,000		320,518		(22.6	)
Park24 Co. Ltd.		16,200		215,913		(15.2	)
Penta-Ocean Construction Co. Ltd.		49,500		246,173		(17.4	)
Pigeon Corp.		14,000		183,387		(12.9	)
Pola Orbis Holdings, Inc.		11,400		125,915		(8.9	)
Rakuten Group, Inc.		95,500		426,347		(30.1	)
Resona Holdings, Inc.		149,400		563,081		(39.7	)
Resorttrust, Inc.		32,900		506,380		(35.7	)
Ricoh Co. Ltd.		74,000		542,256		(38.3	)
Rinnai Corp.		7,100		483,264		(34.1	)
Rohm Co. Ltd.		6,600		463,746		(32.7	)
Sankyu, Inc.		8,100		241,515		(17.0	)
Sanrio Co. Ltd.		1,700		45,331		(3.2	)
Santen Pharmaceutical Co. Ltd.		22,800		156,020		(11.0	)
Sawai Group Holdings Co. Ltd.		7,200		207,829		(14.7	)
SBI Holdings, Inc.		800		14,451		(1.0	)
SCREEN Holdings Co. Ltd.		1,200		65,864		(4.6	)
SCSK Corp.		12,600		185,894		(13.1	)
Secom Co. Ltd.		9,900		564,008		(39.8	)
Sega Sammy Holdings, Inc.		66,200		846,785		(59.8	)
Seiko Epson Corp.		1,100		14,934		(1.1	)
Seino Holdings Co. Ltd.		35,300		271,238		(19.1	)
Sekisui House Ltd.		27,300		453,256		(32.0	)
Sekisui House REIT, Inc.		234		126,090		(8.9	)
Shimadzu Corp.		7,800		205,474		(14.5	)
Shimizu Corp.		154,400		770,454		(54.4	)
Skylark Co. Ltd.		18,600		198,415		(14.0	)
SMS Co. Ltd.		6,200		142,233		(10.0	)
Sohgo Security Services Co. Ltd.		18,000		448,693		(31.7	)
Sojitz Corp.		55,500		818,179		(57.7	)
Sompo Holdings, Inc.		16,400		683,754		(48.3	)
Sotetsu Holdings, Inc.		2,300		34,832		(2.5	)
Square Enix Holdings Co. Ltd.		2,200		98,169		(6.9	)
Sugi Holdings Co. Ltd.		6,200		248,652		(17.5	)
Sumitomo Chemical Co. Ltd.		59,800		201,362		(14.2	)
Sumitomo Corp.		98,900		1,257,391		(88.7	)
Sumitomo Forestry Co. Ltd.		20,200		316,000		(22.3	)
Sumitomo Mitsui Financial Group, Inc.		500		14,041		(1.0	)
Sumitomo Mitsui Trust Holdings, Inc.		9,400		270,429		(19.1	)
Sundrug Co. Ltd.		36,900		858,034		(60.6	)
Sysmex Corp.		1,500		80,736		(5.7	)
Taisei Corp.		2,100		57,205		(4.0	)
Taisho Pharmaceutical Holdings Co. Ltd.		2,500		90,170		(6.4	)
Takara Bio, Inc.		13,400		156,774		(11.1	)
Takashimaya Co. Ltd.		34,000		420,594		(29.7	)
Takeda Pharmaceutical Co. Ltd.		70,000		1,848,630		(130.5	)
TBS Holdings, Inc.		22,000		227,895		(16.1	)
Teijin Ltd.		18,400		167,054		(11.8	)
Terumo Corp.		900		27,314		(1.9	)
TIS, Inc.		1,300		35,050		(2.5	)
Tobu Railway Co. Ltd.		29,100		673,155		(47.5	)
Tohoku Electric Power Co., Inc.		9,100		38,224		(2.7	)
Tokio Marine Holdings, Inc.		3,900		70,610		(5.0	)
Tokyo Tatemono Co. Ltd.		900		12,377		(0.9	)
TOTO Ltd.		1,300		37,079		(2.6	)

SCHEDULE   OF  INVESTMENTS 113

Schedule of Investments (unaudited) (continued) October 31, 2022 BlackRock Global Equity Market Neutral Fund

Security	Shares		Value		% of Basket Value
Japan (continued)
Toyota Industries Corp.		6,600	$	340,000		(24.0	)%
Toyota Motor Corp.		123,900		1,719,063		(121.3	)
Toyota Tsusho Corp.		14,000		469,922		(33.2	)
TS Tech Co. Ltd.		9,800		102,485		(7.2	)
Tsumura & Co.		11,900		248,548		(17.5	)
Tsuruha Holdings, Inc.		25,000		1,452,389		(102.5	)
Ulvac, Inc.		8,000		315,368		(22.3	)
Yakult Honsha Co. Ltd.		9,000		498,590		(35.2	)
Yamaguchi Financial Group, Inc.		59,100		311,236		(22.0	)
Yamaha Motor Co. Ltd.		22,700		468,586		(33.1	)
Yaoko Co. Ltd.		8,000		348,024		(24.6	)
Yaskawa Electric Corp.		11,600		321,196		(22.7	)
Z Holdings Corp.		184,900		477,182		(33.7	)
Zenkoku Hosho Co. Ltd.		6,000		197,981		(14.0	)
Zensho Holdings Co. Ltd.		13,700		341,915		(24.1	)
ZOZO, Inc.		18,400		390,415		(27.6	)
				74,994,352
Luxembourg
L’Occitane International SA		31,750		77,953		(5.5	)
RTL Group SA		24		815		(0.1	)
				78,768
Macau
MGM China Holdings Ltd.		380,000		152,996		(10.8	)
Wynn Macau Ltd.		262,400		104,607		(7.4	)
				257,603
Netherlands
ABN AMRO Bank NV, GDR		46,770		459,779		(32.4	)
Aegon NV		66,801		309,232		(21.8	)
Alfen Beheer BV		1,245		132,068		(9.3	)
ASML Holding NV		2,647		1,241,672		(87.6	)
ASR Nederland NV		2,270		99,955		(7.1	)
IMCD NV		1,954		253,423		(17.9	)
JDE Peet’s NV		5,704		163,278		(11.5	)
Koninklijke Ahold Delhaize NV		13,349		372,280		(26.3	)
Koninklijke DSM NV		7,017		825,412		(58.3	)
Koninklijke KPN NV		310,574		868,708		(61.3	)
Koninklijke Vopak NV		10,400		212,493		(15.0	)
OCI NV		7,118		272,248		(19.2	)
Prosus NV		1,123		48,560		(3.4	)
QIAGEN NV		19,898		859,258		(60.6	)
Randstad NV		1,208		60,206		(4.3	)
Signify NV		13,229		366,512		(25.9	)
Wolters Kluwer NV		5,010		532,355		(37.6	)
				7,077,439
New Zealand
a2 Milk Co. Ltd.		127,128		427,208		(30.2	)
Air New Zealand Ltd.		129,039		58,530		(4.1	)
Contact Energy Ltd.		94,647		415,160		(29.3	)
Fisher & Paykel Healthcare Corp. Ltd.		10,925		124,163		(8.8	)
Infratil Ltd.		69,855		354,708		(25.0	)
				1,379,769
Norway
Adevinta ASA		43,781		299,697		(21.2	)
Aker BP ASA		10,475		332,753		(23.5	)
Equinor ASA		29,725		1,082,992		(76.4	)
Golden Ocean Group Ltd.		11,797		96,839		(6.8	)
Kongsberg Gruppen ASA		22,265		798,432		(56.4	)
NEL ASA		140,387		171,599		(12.1	)

Security	Shares		Value		% of Basket Value
Norway (continued)
Norsk Hydro ASA		61,889	$	392,768		(27.7	)%
Var Energi ASA		329,122		1,118,686		(79.0	)
Yara International ASA		5,314		237,171		(16.7	)
				4,530,937
Portugal
EDP - Energias de Portugal SA		638,692		2,790,646		(196.9	)
Singapore
CapLand Ascendas REIT		223,500		413,518		(29.2	)
City Developments Ltd.		15,000		80,874		(5.7	)
ComfortDelGro Corp. Ltd.		39,100		35,100		(2.5	)
Keppel Corp. Ltd.		86,800		427,231		(30.2	)
Mapletree Pan Asia Commercial Trust		436,800		490,181		(34.6	)
NetLink NBN Trust		417,900		252,431		(17.8	)
Oversea-Chinese Banking Corp. Ltd.		66,600		571,700		(40.3	)
SATS Ltd.		43,900		84,739		(6.0	)
Singapore Airlines Ltd.		92,500		343,111		(24.2	)
StarHub Ltd.		129,400		97,826		(6.9	)
Wilmar International Ltd.		41,100		112,595		(7.9	)
				2,909,306
Spain
Banco Bilbao Vizcaya Argentaria SA		95,988		495,182		(34.9	)
Bankinter SA		55,617		336,425		(23.7	)
Corp. ACCIONA Energias Renovables SA		9,135		359,196		(25.4	)
EDP Renovaveis SA		31,981		672,959		(47.5	)
Iberdrola SA		94,942		965,491		(68.1	)
Mapfre SA		360,193		617,800		(43.6	)
Merlin Properties Socimi SA		75,683		641,533		(45.3	)
Naturgy Energy Group SA		2,969		76,192		(5.4	)
Repsol SA		2,710		36,868		(2.6	)
Solaria Energia y Medio Ambiente SA		9,582		151,550		(10.7	)
				4,353,196
Sweden
Atlas Copco AB		40,152		428,552		(30.2	)
Atlas Copco AB, B Shares		53,797		520,279		(36.7	)
Avanza Bank Holding AB		15,677		312,710		(22.1	)
Axfood AB		12,798		316,861		(22.4	)
Castellum AB		185		2,115		(0.1	)
Epiroc AB, Class A		22,761		348,436		(24.6	)
Epiroc AB, Class B		27,641		371,140		(26.2	)
Holmen AB, B Shares		6,719		243,835		(17.2	)
Industrivarden AB		52,339		1,175,294		(82.9	)
Industrivarden AB, A Shares		16,047		363,431		(25.6	)
Kinnevik AB		7,180		88,698		(6.3	)
Lifco AB, B Shares		17,047		246,326		(17.4	)
Saab AB, Class B		3,476		122,821		(8.7	)
Skanska AB, B Shares		4,469		69,499		(4.9	)
Svenska Cellulosa AB SCA, Class B		32,142		379,204		(26.8	)
Tele2 AB, B Shares		46,195		378,615		(26.7	)
Telefonaktiebolaget LM Ericsson, B Shares		28,824		160,243		(11.3	)
Telia Co. AB		222,281		588,992		(41.6	)
Thule Group AB		4,307		84,851		(6.0	)
Vitrolife AB		2,008		32,453		(2.3	)
				6,234,355
Switzerland
Siemens Energy AG		10,334		120,470		(8.5	)
United Kingdom
3i Group PLC		36,766		489,663		(34.6	)
AstraZeneca PLC		5,819		682,756		(48.2	)

114 2 0 2 2  BLACK ROCK  SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2022 BlackRock Global Equity Market Neutral Fund

Security	Shares		Value		% of Basket Value
United Kingdom (continued)
Auto Trader Group PLC		180,321	$	1,079,361		(76.2	)%
B&M European Value Retail SA		47,018		173,759		(12.3	)
BAE Systems PLC		100,219		937,405		(66.2	)
Barclays PLC		559,448		950,643		(67.1	)
Beazley PLC		41,750		299,423		(21.1	)
BP PLC, ADR		171,376		948,155		(66.9	)
British American Tobacco PLC		39,261		1,550,552		(109.4	)
Bunzl PLC		13,956		454,763		(32.1	)
Burberry Group PLC		27,337		569,624		(40.2	)
Centrica PLC		803,861		706,362		(49.9	)
ConvaTec Group PLC		404,606		1,012,415		(71.4	)
Croda International PLC		7,749		600,311		(42.4	)
Dechra Pharmaceuticals PLC		4,554		136,903		(9.7	)
Diageo PLC		29,473		1,212,886		(85.6	)
Direct Line Insurance Group PLC		438,065		1,012,121		(71.4	)
Dr. Martens PLC		153,912		437,710		(30.9	)
Drax Group PLC		85,093		508,143		(35.9	)
easyJet PLC		65,849		262,190		(18.5	)
Endeavour Mining PLC		4,741		84,321		(6.0	)
Ferguson PLC		6,788		740,290		(52.2	)
GSK PLC		31,917		522,835		(36.9	)
Hargreaves Lansdown PLC		9,761		85,307		(6.0	)
IG Group Holdings PLC		65,174		594,469		(42.0	)
IMI PLC		4,060		57,193		(4.0	)
Intermediate Capital Group PLC		12,981		158,066		(11.2	)
International Consolidated Airlines Group SA		86,636		120,523		(8.5	)
Intertek Group PLC		14,760		618,340		(43.6	)
J Sainsbury PLC		25,721		57,334		(4.0	)
Johnson Matthey PLC		18,332		406,926		(28.7	)
Kingfisher PLC		549,459		1,380,479		(97.4	)
London Stock Exchange Group PLC		15,314		1,327,448		(93.7	)
LXI REIT PLC		145,889		203,661		(14.4	)
NatWest Group PLC		390,112		1,050,689		(74.1	)
Ocado Group PLC		42,824		232,161		(16.4	)
Pennon Group PLC		82,477		792,579		(55.9	)
QinetiQ Group PLC		6,429		26,499		(1.9	)
Reckitt Benckiser Group PLC		9,549		633,709		(44.7	)
Renishaw PLC		7,063		283,415		(20.0	)
Rentokil Initial PLC		92,170		575,150		(40.6	)
Rightmove PLC		77,610		437,037		(30.8	)
Rolls-Royce Holdings PLC		86,401		77,490		(5.5	)
RS GROUP PLC		51,038		561,592		(39.6	)
Sage Group PLC		60,879		507,410		(35.8	)
Segro PLC		156,573		1,409,157		(99.4	)
Severn Trent PLC		24,118		692,180		(48.8	)
Shell PLC		44,064		1,220,643		(86.1	)
Spectris PLC		29,830		1,033,877		(73.0	)
Spirax-Sarco Engineering PLC		7,433		915,994		(64.6	)
SSE PLC		107,616		1,923,192		(135.7	)
SSP Group PLC		131,326		305,365		(21.6	)
St. James’s Place PLC		59,557		727,283		(51.3	)
Standard Chartered PLC		52,808		315,514		(22.3	)
Tate & Lyle PLC		33,502		269,195		(19.0	)
Travis Perkins PLC		78,903		743,660		(52.5	)
Tritax Big Box REIT PLC		745,664		1,198,985		(84.6	)

Security	Shares			Value			% of Basket Value
United Kingdom (continued)
Unilever PLC		420		$	19,170			(1.4	)%
United Utilities Group PLC		98,273			1,059,009			(74.7	)
					37,393,292
United States
Carnival PLC		18,441			146,520			(10.4	)
Ovintiv, Inc.		3,751			189,952			(13.4	)
					336,472
Preferred Stocks
Germany
Fuchs Petrolub SE		12,568			359,935			(25.4	)
Sartorius AG		376			132,574			(9.3	)
Volkswagen AG		3,317			424,581			(30.0	)
Warrants
Australia
Magellan Financial Group Ltd. (Issued/Exercisable 04/14/22, 1 Share for 1 Warrant, Expires 04/16/27, Strike Price AUD 35.00)		3,393			673			(0.0	)
Total Reference Entity — Long					248,009,503
Reference Entity — Short
Common Stocks
Australia
Adbri Ltd.		(34,380	)		(34,662	)		2.4
EBOS Group Ltd.		(126	)		(2,747	)		0.2
Insurance Australia Group Ltd.		(28,299	)		(88,829	)		6.3
Lottery Corp. Ltd.		(5,024	)		(13,783	)		1.0
Newcrest Mining Ltd.		(3,852	)		(42,662	)		3.0
Reece Ltd.		(1,249	)		(12,402	)		0.9
TPG Telecom Ltd.		(4,266	)		(13,382	)		0.9
					(208,467	)
Austria
BAWAG Group AG		(12,002	)		(579,406	)		40.9
OMV AG		(5,303	)		(244,168	)		17.2
Telekom Austria AG		(7,470	)		(43,423	)		3.1
Voestalpine AG		(35,788	)		(776,967	)		54.8
					(1,643,964	)
Belgium
Ageas SA		(11,008	)		(381,077	)		26.9
D’ieteren Group		(1,685	)		(280,431	)		19.8
Galapagos NV		(9,658	)		(440,502	)		31.1
Groupe Bruxelles Lambert SA		(10,067	)		(742,204	)		52.4
KBC Group NV		(9,038	)		(452,946	)		32.0
Proximus SADP		(110,528	)		(1,158,745	)		81.8
Sofina SA		(193	)		(37,635	)		2.6
UCB SA		(17,113	)		(1,289,769	)		91.0
					(4,783,309	)
Chile
Antofagasta PLC		(66,148	)		(891,371	)		62.9
Denmark
Ambu A/S, Class B		(2,090	)		(23,374	)		1.6
Carlsberg A/S, Class B		(21,625	)		(2,546,249	)		179.7

SCHEDULE   OF  INVESTMENTS 115

Schedule of Investments (unaudited) (continued) October 31, 2022 BlackRock Global Equity Market Neutral Fund

Security	Shares			Value			% of Basket Value
Denmark (continued)
Chr Hansen Holding A/S		(9,188	)	$	(510,311	)		36.0	%
Danske Bank A/S		(35,377	)		(570,666	)		40.3
Jyske Bank A/S, Registered Shares		(3,846	)		(207,565	)		14.6
Orsted A/S		(2,587	)		(213,442	)		15.1
Pandora A/S		(12,190	)		(641,237	)		45.3
Royal Unibrew A/S		(2,833	)		(161,833	)		11.4
				(4,874,677)
Finland
Elisa OYJ		(3,405	)		(164,551	)		11.6
Fortum OYJ		(158,231	)		(2,226,987	)		157.2
Huhtamaki OYJ		(7,034	)		(252,798	)		17.8
Kesko OYJ, B Shares		(30,184	)		(587,400	)		41.4
Kojamo OYJ		(4,432	)		(57,681	)		4.1
Metso Outotec OYJ		(10,030	)		(76,119	)		5.4
Neste OYJ		(27,111	)		(1,188,233	)		83.9
Orion OYJ, Class B		(14,465	)		(665,653	)		47.0
Sampo OYJ, A Shares		(12,956	)		(592,449	)		41.8
					(5,811,871	)
France
Aeroports de Paris		(2,058	)		(278,305	)		19.6
Airbus SE		(8,847	)		(957,278	)		67.6
Amundi SA		(11,697	)		(551,863	)		38.9
AXA SA		(81,731	)		(2,018,337	)		142.4
BNP Paribas SA		(26,187	)		(1,228,010	)		86.7
Bollore SE		(533,039	)		(2,666,016	)		188.1
Bureau Veritas SA		(17,389	)		(430,208	)		30.4
Capgemini SE		(2,676	)		(438,572	)		30.9
Covivio		(5,389	)		(288,535	)		20.4
Credit Agricole SA		(106,663	)		(967,824	)		68.3
Electricite de France SA		(16,862	)		(199,139	)		14.0
EssilorLuxottica SA		(16,447	)		(2,600,734	)		183.5
Euroapi SA		(777	)		(13,597	)		1.0
Gaztransport Et Technigaz SA		(2,153	)		(250,477	)		17.7
Kering SA		(3,223	)		(1,476,008	)		104.2
L’Oreal SA		(3,586	)		(1,126,019	)		79.5
LVMH Moet Hennessy Louis Vuitton SE		(2,005	)		(1,265,144	)		89.3
Safran SA		(4,349	)		(484,348	)		34.2
Sanofi		(9,312	)		(801,370	)		56.6
Sartorius Stedim Biotech		(438	)		(138,994	)		9.8
SCOR SE		(2,056	)		(30,918	)		2.2
SEB SA		(966	)		(62,888	)		4.4
Sodexo SA		(6,852	)		(606,966	)		42.8
SOITEC		(13	)		(1,665	)		0.1
TOTAL SE		(17,306	)		(944,100	)		66.6
Unibail-Rodamco-Westfield		(24,004	)		(1,134,419	)		80.1
Vallourec SA, Class A		(8,353	)		(88,873	)		6.3
Veolia Environnement SA		(101,649	)		(2,268,400	)		160.1
Worldline SA		(30,197	)		(1,317,992	)		93.0
					(24,636,999	)
Germany
adidas AG		(5,033	)		(491,297	)		34.7
Allianz SE, Registered Shares		(4,496	)		(808,850	)		57.1
Aurubis AG		(5,611	)		(354,056	)		25.0
Bayer AG, Registered Shares		(16,801	)		(883,414	)		62.3
Bechtle AG		(10,438	)		(360,597	)		25.4
Brenntag AG		(2,000	)		(121,353	)		8.6
Carl Zeiss Meditec AG		(2,670	)		(323,185	)		22.8
Continental AG		(11,747	)		(608,444	)		42.9
Covestro AG		(6,336	)		(215,082	)		15.2

Security	Shares			Value			% of Basket Value
Germany (continued)
CTS Eventim AG & Co. KGaA		(8,183	)	$	(390,628	)		27.6	%
Delivery Hero SE		(384	)		(12,637	)		0.9
Deutsche Boerse AG		(7,004	)		(1,138,988	)		80.4
Deutsche Post AG, Registered Shares		(38,257	)		(1,352,377	)		95.4
Deutsche Wohnen SE		(5,811	)		(117,209	)		8.3
Evotec SE		(7,536	)		(143,734	)		10.1
Fielmann AG		(4,384	)		(139,659	)		9.9
Fresenius Medical Care AG & Co. KGaA		(75,874	)		(2,098,718	)		148.1
Fresenius SE & Co. KGaA		(88,770	)		(2,042,876	)		144.2
GEA Group AG		(11,566	)		(404,283	)		28.5
Hannover Rueck SE		(3,183	)		(517,950	)		36.6
HeidelbergCement AG		(24,732	)		(1,137,345	)		80.3
Henkel AG & Co. KGaA		(3,207	)		(188,267	)		13.3
HUGO BOSS AG		(17,946	)		(826,545	)		58.3
Infineon Technologies AG		(27,551	)		(668,538	)		47.2
LANXESS AG		(7,485	)		(253,126	)		17.9
Merck KGaA		(6,185	)		(1,007,938	)		71.1
MTU Aero Engines AG		(1,792	)		(320,693	)		22.6
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered Shares		(2,946	)		(777,673	)		54.9
SAP SE		(25,837	)		(2,486,883	)		175.5
Siemens Healthineers AG		(11,821	)		(541,550	)		38.2
Symrise AG		(2,976	)		(303,768	)		21.4
Telefonica Deutschland Holding AG		(467,289	)		(1,018,175	)		71.9
ThyssenKrupp AG		(40,935	)		(215,479	)		15.2
Uniper SE		(17,917	)		(53,633	)		3.8
United Internet AG, Registered Shares		(5,268	)		(98,475	)		6.9
Vonovia SE		(62,329	)		(1,378,132	)		97.3
Zalando SE		(46,749	)		(1,077,479	)		76.0
					(24,879,036	)
Hong Kong
Champion REIT		(72,000	)		(21,550	)		1.5
ESR Group Ltd.		(225,400	)		(384,386	)		27.1
Hang Seng Bank Ltd.		(37,700	)		(530,732	)		37.5
Henderson Land Development Co. Ltd.		(164,000	)		(401,515	)		28.3
Hong Kong & China Gas Co. Ltd.		(308,000	)		(237,397	)		16.8
MTR Corp. Ltd.		(332,000	)		(1,460,863	)		103.1
Wharf Real Estate Investment Co. Ltd.		(19,000	)		(74,861	)		5.3
					(3,111,304	)
Ireland
AIB Group PLC		(63,751	)		(184,426	)		13.0
CRH PLC		(34,539	)		(1,244,019	)		87.8
DCC PLC		(11,461	)		(636,095	)		44.9
Kerry Group PLC, Class A		(7,451	)		(647,155	)		45.7
Ryanair Holdings PLC		(86,034	)		(1,044,902	)		73.7
Smurfit Kappa Group PLC		(14,013	)		(463,872	)		32.7
					(4,220,469	)
Isle of Man
Entain PLC		(17,430	)		(252,152	)		17.8
Italy
A2A SpA		(142,030	)		(157,488	)		11.1
Assicurazioni Generali SpA		(2,246	)		(33,706	)		2.4
Banco BPM SpA		(247,854	)		(749,886	)		52.9
BPER Banca		(66,054	)		(122,220	)		8.6
Eni SpA		(23,956	)		(314,631	)		22.2
FinecoBank Banca Fineco SpA		(126,835	)		(1,709,176	)		120.6
Hera SpA		(92,378	)		(220,107	)		15.5
Interpump Group SpA		(10,526	)		(407,519	)		28.8
Mediobanca Banca di Credito Finanziario SpA		(33,095	)		(299,827	)		21.2

116 2 0 2 2  BLACK ROCK  SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2022 BlackRock Global Equity Market Neutral Fund

Security	Shares			Value			% of Basket Value
Italy (continued)
Nexi SpA		(2,003	)	$	(17,317	)		1.2	%
Prysmian SpA		(2,696	)		(87,750	)		6.2
UniCredit SpA		(9,449	)		(117,180	)		8.3
					(4,236,807	)
Japan
Advance Residence Investment Corp.		(241	)		(561,087	)		39.6
Advantest Corp.		(10,800	)		(568,529	)		40.1
Aeon Co. Ltd.		(30,600	)		(570,708	)		40.3
Aeon Mall Co. Ltd.		(66,300	)		(721,248	)		50.9
AEON REIT Investment Corp.		(621	)		(668,584	)		47.2
AGC, Inc.		(11,700	)		(366,619	)		25.9
Aisin Corp.		(36,900	)		(947,213	)		66.8
Ajinomoto Co., Inc.		(42,900	)		(1,179,888	)		83.3
Alps Alpine Co. Ltd.		(13,600	)		(116,832	)		8.2
Ariake Japan Co. Ltd.		(4,100	)		(142,042)			10.0
Asahi Intecc Co. Ltd.		(20,300	)		(345,813	)		24.4
Asics Corp.		(55,800	)		(855,064	)		60.3
ASKUL Corp.		(24,600	)		(256,915	)		18.1
Bank of Kyoto Ltd.		(1,300	)		(46,847	)		3.3
Benefit One, Inc.		(28,300	)		(391,506	)		27.6
Bic Camera, Inc.		(6,500	)		(50,535	)		3.6
Bridgestone Corp.		(36,200	)		(1,309,225	)		92.4
Brother Industries Ltd.		(9,800	)		(166,952	)		11.8
Canon Marketing Japan, Inc.		(5,300	)		(111,841	)		7.9
Canon, Inc.		(14,900	)		(315,842	)		22.3
Chiba Bank Ltd.		(39,600	)		(216,973	)		15.3
Credit Saison Co. Ltd.		(114,900	)		(1,228,092	)		86.7
Daicel Corp.		(113,300	)		(646,469	)		45.6
Daido Steel Co. Ltd.		(4,800	)		(124,450	)		8.8
Dai-ichi Life Holdings, Inc.		(10,900	)		(173,122	)		12.2
Daiichi Sankyo Co. Ltd.		(900	)		(28,810	)		2.0
Daiichikosho Co. Ltd.		(6,100	)		(174,903	)		12.3
Daikin Industries Ltd.		(5,800	)		(868,766	)		61.3
Daio Paper Corp.		(29,100	)		(214,699	)		15.2
Daiwa House REIT Investment Corp.		(275	)		(555,031	)		39.2
Daiwa Office Investment Corp.		(86	)		(406,287	)		28.7
Denka Co. Ltd.		(18,400	)		(426,255	)		30.1
Denso Corp.		(18,600	)		(922,856	)		65.1
Descente Ltd.		(14,500	)		(348,014	)		24.6
Dexerials Corp.		(16,100	)		(374,982	)		26.5
DIC Corp.		(3,900	)		(65,482	)		4.6
Dowa Holdings Co. Ltd.		(1,000	)		(31,752	)		2.2
Eisai Co. Ltd.		(5,300	)		(319,607	)		22.6
ENEOS Holdings, Inc.		(263,100	)		(867,876	)		61.2
Ezaki Glico Co. Ltd.		(19,000	)		(427,462	)		30.2
FANUC Corp.		(7,800	)		(1,020,643	)		72.0
Fast Retailing Co. Ltd.		(500	)		(278,571	)		19.7
Food and Life Cos. Ltd.		(11,400	)		(191,760	)		13.5
Frontier Real Estate Investment Corp.		(5	)		(17,652	)		1.2
Fuji Electric Co. Ltd.		(16,300	)		(630,239	)		44.5
Fuji Oil Holdings, Inc.		(3,700	)		(58,252	)		4.1
Fukuoka Financial Group, Inc.		(43,000	)		(731,671	)		51.6
GLP J-Reit		(297	)		(308,013	)		21.7
GMO internet, Inc.		(12,000	)		(206,890	)		14.6
Goldwin, Inc.		(5,200	)		(271,562	)		19.2
GS Yuasa Corp.		(53,900	)		(820,579	)		57.9
Hakuhodo DY Holdings, Inc.		(5,600	)		(47,184	)		3.3
Harmonic Drive Systems, Inc.		(500	)		(16,689	)		1.2
Haseko Corp.		(56,100	)		(577,730	)		40.8
Heiwa Corp.		(18,400	)		(296,850	)		20.9

Security	Shares			Value			% of Basket Value
Japan (continued)
Hikari Tsushin, Inc.		(500	)	$	(60,397	)		4.3	%
Hino Motors Ltd.		(3,700	)		(15,376	)		1.1
Hitachi Ltd.		(14,500	)		(657,920	)		46.4
Hitachi Metals Ltd.		(31,691	)		(462,822	)		32.7
Horiba Ltd.		(2,500	)		(102,569	)		7.2
Hoshizaki Corp.		(5,500	)		(157,575	)		11.1
House Foods Group, Inc.		(61,300	)		(1,146,454	)		80.9
Hoya Corp.		(2,600	)		(241,699	)		17.1
Ibiden Co. Ltd.		(45,300	)		(1,526,943	)		107.8
Idemitsu Kosan Co. Ltd.		(43,000	)		(940,850	)		66.4
IHI Corp.		(9,200	)		(205,197	)		14.5
Iida Group Holdings Co. Ltd.		(2,800	)		(38,879	)		2.7
Industrial & Infrastructure Fund Investment Corp.		(557	)		(588,270	)		41.5
Inpex Corp.		(72,700	)		(733,717	)		51.8
Isetan Mitsukoshi Holdings Ltd.		(31,700	)		(281,564	)		19.9
Isuzu Motors Ltd.		(99,000	)		(1,164,206	)		82.2
Ito En Ltd.		(9,600	)		(338,115	)		23.9
Iwatani Corp.		(800	)		(29,457	)		2.1
Iyogin Holdings, Inc.		(56,900	)		(266,963	)		18.8
Japan Airlines Co. Ltd.		(24,200	)		(452,011	)		31.9
Japan Airport Terminal Co. Ltd.		(2,900	)		(124,123	)		8.8
Japan Aviation Electronics Industry Ltd.		(47,300	)		(736,172	)		52.0
Japan Hotel REIT Investment Corp.		(266	)		(140,144	)		9.9
Japan Logistics Fund, Inc.		(277	)		(593,468	)		41.9
Japan Post Insurance Co. Ltd.		(53,400	)		(790,488	)		55.8
Japan Real Estate Investment Corp.		(46	)		(192,753	)		13.6
Japan Retail Fund Investment Corp.		(414	)		(305,006	)		21.5
Japan Steel Works Ltd.		(500	)		(10,324	)		0.7
JCR Pharmaceuticals Co. Ltd.		(36,300	)		(539,509	)		38.1
Jeol Ltd.		(12,600	)		(461,074	)		32.5
JFE Holdings, Inc.		(150,600	)		(1,379,664	)		97.4
JGC Holdings Corp.		(17,100	)		(205,671	)		14.5
JMDC, Inc.		(10,100	)		(357,686	)		25.2
JSR Corp.		(17,300	)		(328,718	)		23.2
JTEKT Corp.		(28,500	)		(201,205	)		14.2
Justsystems Corp.		(1,300	)		(27,342	)		1.9
Kagome Co. Ltd.		(11,000	)		(219,855	)		15.5
Kaken Pharmaceutical Co. Ltd.		(12,900	)		(330,179	)		23.3
Kansai Paint Co. Ltd.		(1,100	)		(14,354	)		1.0
Kao Corp.		(32,200	)		(1,202,732	)		84.9
Kawasaki Heavy Industries Ltd.		(17,000	)		(289,126	)		20.4
Keihan Holdings Co. Ltd.		(13,800	)		(355,029	)		25.1
Kenedix Office Investment Corp.		(46	)		(104,788	)		7.4
Keyence Corp.		(2,600	)		(980,369	)		69.2
Kikkoman Corp.		(29,200	)		(1,582,349	)		111.7
Kirin Holdings Co. Ltd.		(200	)		(2,940	)		0.2
Kobayashi Pharmaceutical Co. Ltd.		(600	)		(31,840	)		2.2
Kobe Steel Ltd.		(10,700	)		(43,880	)		3.1
Koito Manufacturing Co. Ltd.		(8,800	)		(124,932	)		8.8
Komatsu Ltd.		(58,900	)		(1,153,862	)		81.4
Konami Holdings Corp.		(800	)		(35,065	)		2.5
Kose Corp.		(8,600	)		(858,456	)		60.6
Kotobuki Spirits Co. Ltd.		(2,500	)		(128,160	)		9.0
K’s Holdings Corp.		(25,700	)		(201,396	)		14.2
Kubota Corp.		(20,700	)		(288,757	)		20.4
Kurita Water Industries Ltd.		(17,900	)		(655,229	)		46.2
Kyushu Financial Group, Inc.		(135,900	)		(343,641	)		24.3
LaSalle Logiport REIT		(567	)		(605,164	)		42.7
Lasertec Corp.		(6,300	)		(885,218	)		62.5
Lintec Corp.		(1,300	)		(19,505	)		1.4
Mabuchi Motor Co. Ltd.		(11,000	)		(298,479	)		21.1

SCHEDULE   OF  INVESTMENTS 117

Schedule of Investments (unaudited) (continued) October 31, 2022 BlackRock Global Equity Market Neutral Fund

Security	Shares			Value			% of Basket Value
Japan (continued)
Makita Corp.		(2,200	)		$    (40,202)			2.8	%
Marui Group Co. Ltd.		(44,700	)		(731,309	)		51.6
Matsui Securities Co. Ltd.		(19,300	)		(102,779	)		7.3
Matsumotokiyoshi Holdings Co. Ltd.		(2,400	)		(87,381	)		6.2
MEIJI Holdings Co. Ltd.		(7,100	)		(292,159	)		20.6
Menicon Co. Ltd.		(7,200	)		(122,932	)		8.7
MINEBEA MITSUMI, Inc.		(10,400	)		(153,696	)		10.8
Mitsubishi Electric Corp.		(13,900	)		(122,301	)		8.6
Mitsubishi Motors Corp.		(234,100	)		(788,621	)		55.7
Mitsubishi UFJ Financial Group, Inc.		(109,100	)		(515,372	)		36.4
Mitsui Fudosan Logistics Park, Inc.		(15	)		(49,768	)		3.5
Mitsui OSK Lines Ltd.		(11,700	)		(231,604	)		16.3
Miura Co. Ltd.		(18,400	)		(374,724	)		26.4
Money Forward, Inc.		(19,100	)		(540,359	)		38.1
Mori Hills REIT Investment Corp.		(63	)		(69,008	)		4.9
Morinaga & Co. Ltd.		(13,300	)		(332,662	)		23.5
Morinaga Milk Industry Co. Ltd.		(5,600	)		(158,874	)		11.2
Nabtesco Corp.		(12,500	)		(265,505	)		18.7
Nagase & Co. Ltd.		(14,600	)		(198,915	)		14.0
Nexon Co. Ltd.		(18,600	)		(311,257	)		22.0
Nextage Co. Ltd.		(1,100	)		(21,202	)		1.5
NGK Insulators Ltd.		(30,700	)		(358,148	)		25.3
NGK Spark Plug Co. Ltd.		(12,000	)		(218,929	)		15.5
NH Foods Ltd.		(11,700	)		(278,828	)		19.7
NHK Spring Co. Ltd.		(55,700	)		(308,583	)		21.8
Nidec Corp.		(2,200	)		(120,965	)		8.5
Nifco, Inc.		(7,200	)		(167,216	)		11.8
Nippon Accommodations Fund, Inc.		(55	)		(234,207	)		16.5
Nippon Building Fund, Inc.		(117	)		(520,093	)		36.7
Nippon Electric Glass Co. Ltd.		(32,200	)		(557,562	)		39.3
Nippon Kayaku Co. Ltd.		(3,700	)		(29,389	)		2.1
Nippon Paint Holdings Co. Ltd.		(3,900	)		(24,855	)		1.8
Nippon Shinyaku Co. Ltd.		(4,300	)		(238,075	)		16.8
Nippon Shokubai Co. Ltd.		(7,100	)		(254,682	)		18.0
Nippon Steel Corp.		(95,500	)		(1,310,119	)		92.5
Nippon Yusen KK		(11,200	)		(202,882	)		14.3
Nissan Chemical Corp.		(3,700	)		(166,557	)		11.8
Nissan Motor Co. Ltd.		(178,800	)		(569,890	)		40.2
Nisshin Seifun Group, Inc.		(56,100	)		(606,195	)		42.8
Nissin Foods Holdings Co. Ltd.		(5,300	)		(343,063	)		24.2
Noevir Holdings Co. Ltd.		(7,200	)		(266,155	)		18.8
NOF Corp.		(10,500	)		(361,163	)		25.5
Nomura Holdings, Inc.		(105,900	)		(342,688	)		24.2
Nomura Real Estate Holdings, Inc.		(20,000	)		(452,076	)		31.9
Nomura Real Estate Master Fund, Inc.		(139	)		(158,576	)		11.2
NS Solutions Corp.		(5,100	)		(117,219	)		8.3
OKUMA Corp.		(19,200	)		(642,714	)		45.4
Olympus Corp.		(12,100	)		(255,122	)		18.0
Ono Pharmaceutical Co. Ltd.		(14,900	)		(350,650	)		24.7
Open House Co. Ltd.		(500	)		(17,785	)		1.3
Orient Corp.		(41,870	)		(339,141	)		23.9
ORIX Corp.		(39,400	)		(578,695	)		40.8
Orix JREIT, Inc.		(337	)		(452,125	)		31.9
Osaka Gas Co. Ltd.		(7,200	)		(106,615	)		7.5
OSG Corp.		(25,500	)		(324,188	)		22.9
Pan Pacific International Holdings Corp.		(39,100	)		(641,659	)		45.3
Persol Holdings Co. Ltd.		(3,100	)		(62,069	)		4.4
Rakus Co. Ltd.		(4,500	)		(49,979	)		3.5
Relo Group, Inc.		(3,400	)		(47,921	)		3.4
Renesas Electronics Corp.		(93,900	)		(785,544	)		55.4
Rengo Co. Ltd.		(30,500	)		(169,446	)		12.0
Rohto Pharmaceutical Co. Ltd.		(21,700	)		(675,044	)		47.6

Security	Shares			Value			% of Basket Value
Japan (continued)
Ryohin Keikaku Co. Ltd.		(22,800	)	$	(214,549	)		15.1	%
Sanwa Holdings Corp.		(59,000	)		(508,233	)		35.9
Sapporo Holdings Ltd.		(3,400	)		(74,993	)		5.3
Seibu Holdings, Inc.		(12,100	)		(108,310	)		7.6
Sekisui Chemical Co. Ltd.		(4,600	)		(57,445	)		4.1
Seven & i Holdings Co. Ltd.		(17,500	)		(653,246	)		46.1
Seven Bank Ltd.		(21,600	)		(38,962	)		2.8
Sharp Corp.		(95,000	)		(569,818	)		40.2
SHIFT, Inc.		(4,600	)		(718,265	)		50.7
Shikoku Electric Power Co., Inc.		(50,000	)		(240,542	)		17.0
Shimamura Co. Ltd.		(400	)		(32,347	)		2.3
Shimano, Inc.		(5,900	)		(912,985	)		64.4
Shin-Etsu Chemical Co. Ltd.		(9,500	)		(987,334	)		69.7
Shinko Electric Industries Co. Ltd.		(29,500	)		(708,923	)		50.0
Shinsei Bank Ltd.		(85,200	)		(1,267,833	)		89.5
Shionogi & Co. Ltd.		(19,600	)		(910,170	)		64.2
Ship Healthcare Holdings, Inc.		(800	)		(15,343	)		1.1
SHO-BOND Holdings Co. Ltd.		(7,900	)		(341,754	)		24.1
Shochiku Co. Ltd.		(500	)		(39,689	)		2.8
Showa Denko KK		(94,300	)		(1,376,643	)		97.2
SMC Corp.		(100	)		(40,140	)		2.8
SoftBank Group Corp.		(11,400	)		(489,359	)		34.5
Sony Corp.		(23,600	)		(1,591,457	)		112.3
Stanley Electric Co. Ltd.		(9,400	)		(159,805	)		11.3
Subaru Corp.		(23,600	)		(368,887	)		26.0
SUMCO Corp.		(55,900	)		(708,523	)		50.0
Sumitomo Bakelite Co. Ltd.		(8,700	)		(235,477	)		16.6
Sumitomo Electric Industries Ltd.		(1,300	)		(13,585	)		1.0
Sumitomo Metal Mining Co. Ltd.		(11,800	)		(330,764	)		23.3
Sumitomo Rubber Industries Ltd.		(40,800	)		(350,019	)		24.7
Suzuken Co. Ltd.		(6,200	)		(138,035	)		9.7
Suzuki Motor Corp.		(10,200	)		(344,860	)		24.3
T&D Holdings, Inc.		(23,400	)		(231,431	)		16.3
Taiheiyo Cement Corp.		(1,300	)		(17,666	)		1.2
Taiyo Nippon Sanso Corp.		(23,200	)		(369,377	)		26.1
Taiyo Yuden Co. Ltd.		(19,700	)		(536,066	)		37.8
Takara Holdings, Inc.		(48,200	)		(335,275	)		23.7
TDK Corp.		(2,300	)		(71,848	)		5.1
TechnoPro Holdings, Inc.		(49,700	)		(1,192,320	)		84.1
Toho Co. Ltd.		(1,200	)		(42,670	)		3.0
Toho Gas Co. Ltd.		(900	)		(16,769	)		1.2
Tokai Carbon Co. Ltd.		(40,800	)		(266,257	)		18.8
Tokyo Electric Power Co. Holdings, Inc.		(109,300	)		(356,052	)		25.1
Tokyo Electron Ltd.		(2,200	)		(578,812	)		40.8
Tokyo Gas Co. Ltd.		(32,200	)		(575,462	)		40.6
Tokyo Ohka Kogyo Co. Ltd.		(3,800	)		(163,824	)		11.6
Tokyu Fudosan Holdings Corp.		(2,500	)		(12,684	)		0.9
TOPPAN, Inc.		(32,300	)		(481,728	)		34.0
Toray Industries, Inc.		(147,900	)		(718,402	)		50.7
Toshiba TEC Corp.		(6,200	)		(160,514	)		11.3
Toyo Seikan Group Holdings Ltd.		(33,500	)		(383,154	)		27.0
Toyo Suisan Kaisha Ltd.		(3,800	)		(142,565	)		10.1
Toyo Tire Corp.		(20,600	)		(241,668	)		17.1
Toyoda Gosei Co. Ltd.		(17,300	)		(276,570	)		19.5
Toyota Boshoku Corp.		(44,400	)		(564,971	)		39.9
UBE Corp.		(23,000	)		(296,649	)		20.9
Unicharm Corp.		(25,900	)		(787,138	)		55.6
United Urban Investment Corp.		(329	)		(348,091	)		24.6
Ushio, Inc.		(24,800	)		(257,533	)		18.2
Welcia Holdings Co. Ltd.		(11,000	)		(229,915	)		16.2
Yamato Holdings Co. Ltd.		(19,900	)		(294,704	)		20.8
Yokogawa Electric Corp.		(35,800	)		(598,615	)		42.2

118 2 0 2 2  BLACK ROCK  SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2022 BlackRock Global Equity Market Neutral Fund

Security	Shares			Value			% of Basket Value
Japan (continued)
Yokohama Rubber Co. Ltd.		(36,800	)	$	(575,446	)		40.6	%
Zeon Corp.		(19,700	)		(166,056	)		11.7
					(95,205,068)
Luxembourg
APERAM SA		(756	)		(19,740	)		1.4
ArcelorMittal SA		(20,105	)		(449,420	)		31.7
Aroundtown SA		(79,296	)		(157,184	)		11.1
Eurofins Scientific SE		(12,273	)		(785,654	)		55.4
Tenaris SA		(101,443	)		(1,587,699	)		112.1
					(2,999,697	)
Mexico
Fresnillo PLC		(114,158	)		(954,420	)		67.3
Netherlands
Aalberts NV		(2,176	)		(75,489	)		5.3
Adyen NV		(91	)		(129,911	)		9.2
Akzo Nobel NV		(28,095	)		(1,734,457	)		122.4
Argenx SE		(1,071	)		(415,816	)		29.3
ASM International NV		(5,262	)		(1,164,058	)		82.2
BE Semiconductor Industries NV		(14,352	)		(731,446	)		51.6
EXOR NV		(13,460	)		(904,525	)		63.8
Heineken Holding NV		(5,644	)		(385,114	)		27.2
Heineken NV		(6,961	)		(581,482	)		41.0
ING Groep NV		(122,927	)		(1,209,551	)		85.4
Iveco Group NV		(101,946	)		(550,882	)		38.9
Just Eat Takeaway.com NV		(28,395	)		(487,261	)		34.4
Koninklijke Philips NV		(41,443	)		(525,699	)		37.1
NN Group NV		(1,040	)		(44,036	)		3.1
SBM Offshore NV		(5,339	)		(72,255	)		5.1
Stellantis NV		(92,194	)		(1,243,841	)		87.8
Universal Music Group NV		(1,666	)		(32,713	)		2.3
					(10,288,536	)
New Zealand
Kiwi Property Group Ltd.		(192,850	)		(101,247	)		7.1
Mainfreight Ltd.		(213	)		(9,413	)		0.7
Mercury NZ Ltd.		(8,921	)		(30,165	)		2.1
Meridian Energy Ltd.		(125,895	)		(356,862	)		25.2
					(497,687	)
Norway
Aker ASA, A Shares		(856	)		(60,403	)		4.3
DNB Bank ASA		(14,572	)		(257,733	)		18.2
Mowi ASA		(1,966	)		(29,344	)		2.1
Nordic Semiconductor ASA		(21,913	)		(309,352	)		21.8
Orkla ASA		(7,266	)		(49,010	)		3.4
Salmar Asa		(745	)		(25,257	)		1.8
Schibsted ASA, Class A		(12,324	)		(190,209	)		13.4
Storebrand ASA		(120,987	)		(941,200	)		66.4
					(1,862,508	)
Poland
InPost SA		(17,682	)		(112,716	)		7.9
Portugal
Banco Comercial Portugues SA		(3,423,995	)		(487,834	)		34.4
Galp Energia SGPS SA		(39,903	)		(405,139	)		28.6
Jeronimo Martins SGPS SA		(50,974	)		(1,054,805	)		74.5
					(1,947,778	)
Singapore
Ascott Residence Trust		(201,400	)		(135,786	)		9.6

Security	Shares			Value			% of Basket Value
Singapore (continued)
Golden Agri-Resources Ltd.		(995,900	)	$	(204,218	)		14.4	%
Keppel REIT		(668,200	)		(422,450	)		29.8
SembCorp. Industries Ltd.		(15,000	)		(30,835	)		2.2
Suntec Real Estate Investment Trust		(203,100	)		(185,227	)		13.1
					(978,516	)
Spain
Acciona SA		(3,198	)		(575,837	)		40.6
Acerinox SA		(55,616	)		(487,421	)		34.4
Aena SME SA		(1,771	)		(208,148	)		14.7
Amadeus IT Group SA		(16,713	)		(871,671	)		61.5
Banco Santander SA		(50,983	)		(132,223	)		9.3
CaixaBank SA		(102,907	)		(341,244	)		24.1
Cellnex Telecom SA		(35,709	)		(1,168,764	)		82.5
Endesa SA		(63,148	)		(1,055,079	)		74.5
Ferrovial SA		(12,855	)		(314,155	)		22.2
Fluidra SA		(12,857	)		(174,609	)		12.3
Grifols SA		(41,226	)		(350,733	)		24.7
Industria de Diseno Textil SA		(41,063	)		(932,056	)		65.8
Inmobiliaria Colonial Socimi SA		(85,406	)		(450,415	)		31.8
Red Electrica Corp. SA		(682	)		(11,032	)		0.8
Telefonica SA		(93,646	)		(322,816	)		22.8
					(7,396,203	)
Sweden
Alfa Laval AB		(15,800	)		(388,922	)		27.5
Assa Abloy AB, Class B		(14,743	)		(297,692	)		21.0
Beijer Ref AB, Class B		(36,123	)		(559,994	)		39.5
BillerudKorsnas AB		(3,384	)		(43,686	)		3.1
Boliden AB		(11,869	)		(345,161	)		24.4
Embracer Group AB, Class B		(37,674	)		(181,240	)		12.8
EQT AB		(17,248	)		(339,440	)		24.0
Evolution AB		(5,175	)		(482,738	)		34.1
Fastighets AB Balder, B Shares		(151,056	)		(567,010	)		40.0
Getinge AB, B Shares		(6,222	)		(126,263	)		8.9
Hennes & Mauritz AB, B Shares		(64,638	)		(651,044	)		45.9
Hexagon AB, B Shares		(40,356	)		(398,955	)		28.2
Investor AB		(27,750	)		(471,882	)		33.3
Investor AB, B Shares		(95,136	)		(1,552,678	)		109.6
L E Lundbergforetagen AB, B Shares		(8,130	)		(320,872	)		22.6
Nibe Industrier AB, B Shares		(11,200	)		(89,340	)		6.3
Sagax AB, Class B		(864	)		(15,921	)		1.1
Sandvik AB		(65,015	)		(1,015,973	)		71.7
Skandinaviska Enskilda Banken AB, Class A		(78,241	)		(824,925	)		58.2
SKF AB, B Shares		(7,774	)		(112,533	)		7.9
Svenska Handelsbanken AB		(148,054	)		(1,375,574	)		97.1
Sweco AB, B Shares		(13,450	)		(101,058	)		7.1
Swedbank AB, A Shares		(31,777	)		(473,733	)		33.4
Swedish Orphan Biovitrum AB		(9,215	)		(169,735	)		12.0
Trelleborg AB, B Shares		(5,359	)		(118,000	)		8.3
Volvo AB		(21,695	)		(370,586	)		26.2
Volvo AB, B Shares		(34,653	)		(567,163	)		40.0
					(11,962,118	)
Switzerland
Bachem Holding AG		(131	)		(9,393	)		0.6
Coca-Cola HBC AG		(62,977	)		(1,375,626	)		97.1
STMicroelectronics NV		(23,271	)		(723,587	)		51.1
Swatch Group AG, Registered Shares		(918	)		(38,353	)		2.7
					(2,146,959	)
United Kingdom
Admiral Group PLC		(18,704	)		(432,542	)		30.5

SCHEDULE   OF  INVESTMENTS 119

Schedule of Investments (unaudited) (continued) October 31, 2022 BlackRock Global Equity Market Neutral Fund

Security	Shares			Value			% of Basket Value
United Kingdom (continued)
Airtel Africa PLC		(106,830	)	$	(138,281	)		9.8	%
Anglo American PLC		(6,519	)		(195,271	)		13.8
Ashtead Group PLC		(6,580	)		(342,772	)		24.2
Associated British Foods PLC		(153,662	)		(2,381,649	)		168.1
AVEVA Group PLC		(38,609	)		(1,381,746	)		97.5
Aviva PLC		(53,241	)		(255,377	)		18.0
Barratt Developments PLC		(236,958	)		(1,022,020	)		72.1
Bellway PLC		(5,698	)		(121,180	)		8.6
Berkeley Group Holdings PLC		(16,473	)		(655,417	)		46.3
British Land Co. PLC		(72,863	)		(305,652	)		21.6
BT Group PLC		(246,751	)		(367,716	)		26.0
CNH Industrial NV		(46,905	)		(606,814	)		42.8
Compass Group PLC		(7,662	)		(161,376	)		11.4
Derwent London PLC		(35,211	)		(871,447	)		61.5
DS Smith PLC		(24,827	)		(82,796	)		5.8
Greggs PLC		(49,517	)		(1,147,875	)		81.0
Harbour Energy PLC		(19,405	)		(84,214	)		5.9
Hays PLC		(24,351	)		(30,702	)		2.2
Inchcape PLC		(35,513	)		(302,958	)		21.4
Informa PLC		(207,908	)		(1,324,773	)		93.5
InterContinental Hotels Group PLC		(13,098	)		(703,765	)		49.7
ITV PLC		(252,069	)		(194,082	)		13.7
JD Sports Fashion PLC		(938,020	)		(1,048,172	)		74.0
Legal & General Group PLC		(92,577	)		(247,667	)		17.5
Lloyds Banking Group PLC		(2,267,199	)		(1,088,861	)		76.8
M&G PLC		(585,495	)		(1,176,625	)		83.0
Man Group PLC		(33,033	)		(82,173	)		5.8
Marks & Spencer Group PLC		(254,957	)		(308,772	)		21.8
Melrose Industries PLC		(84,625	)		(113,515	)		8.0
Mondi PLC		(72,803	)		(1,221,523	)		86.2

Security	Shares			Value			% of Basket Value
United Kingdom (continued)
National Grid PLC		(126,217	)	$	(1,375,149	)		97.1	%
Next PLC		(7,436	)		(419,982	)		29.6
Persimmon PLC		(37,575	)		(562,267	)		39.7
Phoenix Group Holdings PLC		(28,524	)		(177,533	)		12.5
Prudential PLC		(158,991	)		(1,476,972	)		104.2
RELX PLC		(37,567	)		(1,009,068	)		71.2
Rio Tinto PLC		(29,032	)		(1,517,259	)		107.1
Royal Mail PLC		(34,598	)		(80,038	)		5.7
Schroders PLC		(82,202	)		(369,087	)		26.0
Smith & Nephew PLC		(55,096	)		(651,064	)		45.9
Smiths Group PLC		(87,424	)		(1,565,986	)		110.5
Standard Life Aberdeen PLC		(20,837	)		(37,969	)		2.7
Subsea 7 SA		(3,308	)		(33,004	)		2.3
Taylor Wimpey PLC		(256,413	)		(275,677	)		19.5
Tesco PLC		(220,379	)		(544,310	)		38.4
Unilever PLC		(6,086	)		(276,635	)		19.5
UNITE Group PLC		(33,666	)		(343,896	)		24.3
Vodafone Group PLC		(144,717	)		(168,943	)		11.9
Weir Group PLC		(11,794	)		(205,496	)		14.5
Whitbread PLC		(64,820	)		(1,907,788	)		134.6
					(31,395,856	)
Preferred Stocks
Germany
Henkel AG & Co. KGaA		(28,232	)		(1,778,575	)		125.5
Porsche Automobil Holding SE		(6,254	)		(349,425	)		24.7
Total Reference Entity — Short					(249,426,488	)
Net Value of Reference Entity — UBS AG				$	(1,416,985	)

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	$	—	$	—	$ 41,357,070	$	—		$            —
Options Written		N/A		N/A	343,886		(58,907	)	(344,280)

120 2 0 2 2  BLACK ROCK  SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2022 BlackRock Global Equity Market Neutral 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)	$	—	$	—	$	4,225,573	$	—	$	—	$	—	$	4,225,573
Options purchased
Investments at value — unaffiliated(b)		—		—		1,193,270		—		—		—		1,193,270
Swaps — OTC
Unrealized appreciation on OTC swaps; Swap premiums paid		—		—		41,357,070		—		—		—		41,357,070
	$	—	$	—	$	46,775,913	$	—	$	—	$	—	$	46,775,913
Liabilities — Derivative Financial Instruments
Options written
Options written at value	$	—	$	—	$	344,280	$	—	$	—	$	—	$	344,280

^(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, 2022, 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	$	—	$	—	$	(1,780,507	)	$	—	$	—	$	—	$	(1,780,507	)
Options purchased(a)		—		—		3,621,207			—		—		—		3,621,207
Options written		—		—		(1,856,118	)		—		—		—		(1,856,118	)
Swaps		—		—		(11,245,235	)		—		—		—		(11,245,235	)
	$	—	$	—	$	(11,260,653	)	$	—	$	—	$	—	$	(11,260,653	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	4,836,913		$	—	$	—	$	—	$	4,836,913
Options purchased(b)		—		—		(395,867	)		—		—		—		(395,867	)
Options written		—		—		284,979			—		—		—		284,979
Swaps		—		—		3,739,703			—		—		—		3,739,703
	$	—	$	—	$	8,465,728		$	—	$	—	$	—	$	8,465,728

^(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	$	35,342,063
Average notional value of contracts — short	$	40,008,728
Options:
Average value of option contracts purchased	$	596,635
Average value of option contracts written	$	172,140
Total return swaps:
Average notional value	$	(50,032,549	)

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

SCHEDULE   OF  INVESTMENTS 121

Schedule of Investments (unaudited) (continued) October 31, 2022 BlackRock Global Equity Market Neutral Fund

Derivative Financial Instruments — Offsetting as of Period End

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

	Assets			Liabilities
Derivative Financial Instruments
Futures contracts	$	399,685		$	126,737
Options		1,193,270	(a)		344,280
Swaps — OTC(b)		41,357,070			—
Total derivative assets and liabilities in the Statements of Assets and Liabilities		42,950,025			471,017
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		(1,592,955)			(471,017)
Total derivative assets and liabilities subject to an MNA	$	41,357,070		$	—

^(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 by counterparty net of amounts available for offset under an MNA and net of the related collateral received by the Fund:

Counterparty		Derivative Assets Subject to an MNA by Counterparty		Derivatives Available for Offset		Non-Cash Collateral Received		Cash Collateral Received	(a)		Net Amount of Derivative Assets	(b)
Bank of America N.A	$	4,917,317	$	—	$	—	$	—		$	4,917,317
BNP Paribas SA		11,515,639		—		—		(11,515,639	)		—
Goldman Sachs & Co.		24,156,714		—		—		(24,100,000	)		56,714
UBS AG		767,400		—		—		—			767,400
	$	41,357,070	$	—	$	—	$	(35,615,639	)	$	5,741,431

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

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

Fair Value Hierarchy as of Period End

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

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

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	964,608	$	—	$	—	$	964,608
Preferred Securities
Preferred Stocks		—		—		3,682,508		3,682,508
U.S. Treasury Obligations		—		36,185,396		—		36,185,396
Warrants		1,070		—		—		1,070
Short-Term Securities
Money Market Funds		14,605,760		—		—		14,605,760
U.S. Treasury Obligations		—		638,594,559		—		638,594,559
Options Purchased
Equity Contracts		1,193,270		—		—		1,193,270
	$	16,764,708	$	674,779,955	$	3,682,508	$	695,227,171
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	4,225,573	$	41,357,070	$	—	$	45,582,643

122 2 0 2 2  BLACK ROCK  SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2022 BlackRock Global Equity Market Neutral Fund

Fair Value Hierarchy as of Period End (continued)

	Level 1			Level 2		Level 3		Total
Derivative Financial Instruments(a)
Liabilities
Equity Contracts	$	(344,280	)	$	—	$	—	$	(344,280	)
	$	3,881,293		$	41,357,070	$	—	$	45,238,363

^(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 123

Statements of Assets and Liabilities (unaudited)

October 31, 2022

	BlackRock Advantage Emerging Markets Fund		BlackRock Global Equity Market Neutral Fund
ASSETS
Investments, at value — unaffiliated(a)	$	69,035,015	$	680,621,411
Investments, at value — affiliated(b)		3,102,912		14,605,760
Cash		—		13,798,675
Cash pledged:
Collateral — exchange-traded options written		—		500,000
Collateral — OTC derivatives		—		11,080,000
Futures contracts		183,000		1,521,000
Foreign currency, at value(c)		731,615		2,218,784
Receivables:
Investments sold		21,530		94,888,224
Securities lending income — affiliated		312		—
Capital shares sold		810		6,670,824
Dividends — unaffiliated		197,792		—
Dividends — affiliated		9,335		59,136
Interest — unaffiliated		—		3,975
Variation margin on futures contracts		—		399,685
Unrealized appreciation on OTC swaps		—		41,357,070
Prepaid expenses		44,895		66,106
Total assets		73,327,216		867,790,650
LIABILITIES
Cash received as collateral for OTC derivatives		—		35,800,000
Collateral on securities loaned		230,816		—
Options written, at value(d)		—		344,280
Payables:
Investments purchased		—		149,344,488
Accounting services fees		21,763		104,345
Administration fees		—		23,596
Capital shares redeemed		1,871,655		6,508,228
Custodian fees		75,313		153,112
Deferred foreign capital gain tax		14,835		—
Investment advisory fees		20,983		623,471
Trustees’ and Officer’s fees		2,790		2,083
Other accrued expenses		32,354		62,842
Professional fees		86,295		98,191
Service and distribution fees		1,134		7,395
Transfer agent fees		4,774		62,756
Variation margin on futures contracts		10,793		126,737
Other liabilities		—		494,543
Total liabilities		2,373,505		193,756,067
NET ASSETS	$	70,953,711	$	674,034,583
NET ASSETS CONSIST OF
Paid-in capital	$	121,486,986	$	727,441,344
Accumulated loss		(50,533,275)		(53,406,761)
NET ASSETS	$	70,953,711	$	674,034,583
(a) Investments, at cost — unaffiliated	$	79,606,036	$	681,269,404
(b) Investments, at cost — affiliated	$	3,102,930	$	14,605,760
(c)  Foreign currency, at cost	$	742,534	$	2,282,930
(d) Premiums received	$	—	$	629,259

124 2 0 2 2  BLACK ROCK  SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Statements of Assets and Liabilities (unaudited) (continued)

October 31, 2022

	BlackRock Advantage Emerging Markets Fund		BlackRock Global Equity Market Neutral Fund
NET ASSET VALUE
Institutional
Net assets	$	5,834,345	$	545,298,993
Shares outstanding		711,634		47,727,393
Net asset value	$	8.20	$	11.43
Shares authorized		Unlimited		Unlimited
Par value	$	0.001	$	0.001
Investor A
Net assets	$	4,085,006	$	24,066,532
Shares outstanding		508,104		2,143,029
Net asset value	$	8.04	$	11.23
Shares authorized		Unlimited		Unlimited
Par value	$	0.001	$	0.001
Investor C
Net assets	$	272,118	$	2,980,111
Shares outstanding		35,656		282,970
Net asset value	$	7.63	$	10.53
Shares authorized		Unlimited		Unlimited
Par value	$	0.001	$	0.001
Class K
Net assets	$	60,762,242	$	101,688,947
Shares outstanding		7,410,080		8,873,232
Net asset value	$	8.20	$	11.46
Shares authorized		Unlimited		Unlimited
Par value	$	0.001	$	0.001

See notes to financial statements.

FINANCIAL   STATEMENTS 125

Statements of Operations (unaudited)

Six Months Ended October 31, 2022

	BlackRock Advantage Emerging Markets Fund			BlackRock Global Equity Market Neutral Fund
INVESTMENT INCOME
Dividends — unaffiliated	$	3,250,116		$	—
Dividends — affiliated		48,472			248,620
Interest — unaffiliated		1,752			4,701,497
Securities lending income — affiliated — net		4,015			—
Foreign taxes withheld		(302,071	)		—
Total investment income		3,002,284			4,950,117
EXPENSES
Investment advisory		519,222			3,938,792
Custodian		80,755			195,082
Professional		80,362			81,456
Registration		34,495			60,401
Administration		27,584			132,341
Accounting services		21,166			108,110
Administration — class specific		12,981			63,020
Transfer agent — class specific		8,994			229,348
Service and distribution — class specific		7,538			47,400
Trustees and Officer		4,285			6,217
Miscellaneous		29,913			79,484
Total expenses		827,295			4,941,651
Less:
Administration fees waived		(27,584	)		—
Administration fees waived — class specific		(12,981	)		(63,020	)
Fees waived and/or reimbursed by the Manager		(246,593	)		(536,506	)
Transfer agent fees waived and/or reimbursed by the Manager — class specific		(5,019	)		(91,345	)
Total expenses after fees waived and/or reimbursed		535,118			4,250,780
Net investment income		2,467,166			699,337
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated(a)		(18,447,857	)		3,719,784
Investments — affiliated		(166	)		—
Foreign currency transactions		(264,392	)		(1,263,372	)
Futures contracts		(1,833,718	)		(1,780,507	)
Options written		—			(1,856,118	)
Swaps		—			(11,245,235	)
		(20,546,133	)		(12,425,448	)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated(b)		(7,368,475	)		(650,072	)
Investments — affiliated		(18	)		—
Foreign currency translations		2,548			495,054
Futures contracts		144,946			4,836,913
Options written		—			284,979
Swaps		—			3,739,703
		(7,220,999	)		8,706,577
Net realized and unrealized loss		(27,767,132	)		(3,718,871	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(25,299,966	)	$	(3,019,534	)
(a)   Net of foreign capital gain tax and capital gain tax refund, if applicable of	$	(585	)	$	—
(b)   Net of increase in deferred foreign capital gain tax of	$	(14,835	)	$	—

See notes to financial statements.    

126 2 0 2 2  BLACK ROCK  SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Statements of Changes in Net Assets

	BlackRock Advantage Emerging Markets Fund						BlackRock Global Equity Market Neutral Fund
	Six Months Ended 10/31/22 (unaudited)			Year Ended 04/30/22			Six Months Ended 10/31/22 (unaudited)			Year Ended 04/30/22
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income (loss)	$	2,467,166		$	2,683,808		$	699,337		$	(7,192,302	)
Net realized loss		(20,546,133	)		(10,303,637	)		(12,425,448	)		(40,824,333	)
Net change in unrealized appreciation (depreciation)		(7,220,999	)		(32,996,826	)		8,706,577			31,625,594
Net decrease in net assets resulting from operations		(25,299,966	)		(40,616,655	)		(3,019,534	)		(16,391,041	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Institutional		—			(211,822	)		—			(5,694,760	)
Investor A		—			(69,700	)		—			(289,045	)
Investor C		—			(451	)		—			(83,551	)
Class K		(1,901	)		(2,045,863	)		—			(64,174	)
Decrease in net assets resulting from distributions to shareholders		(1,901	)		(2,327,836	)		—			(6,131,530	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(44,878,710	)		9,079,203			74,857,300			129,941,298
NET ASSETS
Total increase (decrease) in net assets		(70,180,577	)		(33,865,288	)		71,837,766			107,418,727
Beginning of period		141,134,288			174,999,576			602,196,817			494,778,090
End of period	$	70,953,711		$	141,134,288		$	674,034,583		$	602,196,817

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

See notes to financial statements.

FINANCIAL   STATEMENTS 127

Financial Highlights

(For a share outstanding throughout each period)

		BlackRock Advantage Emerging Markets Fund
		Institutional
	Six Months Ended 10/31/22				Year Ended 04/30/22				Year Ended				Period from 08/01/19 to 04/30/20			Year Ended 07/31/19			Year Ended 07/31/18			Year Ended 07/31/17
	(unaudited)								04/30/21
Net asset value, beginning of period		$	10.11			$	13.24			$	8.85		$	10.25		$	10.59		$	10.10		$	9.76
Net investment income (loss)(a)			0.18				0.20				0.15			0.10			0.18			0.07			(0.12	)
Net realized and unrealized gain (loss)			(2.09	)			(3.17	)			4.43			(1.27	)		(0.52	)		0.42			0.46
Net increase (decrease) from investment operations			(1.91	)			(2.97	)			4.58			(1.17	)		(0.34	)		0.49			0.34
Distributions from net investment income(b)			—				(0.16	)			(0.19	)		(0.23	)		—			—			—
Net asset value, end of period		$	8.20			$	10.11			$	13.24		$	8.85		$	10.25		$	10.59		$	10.10
Total Return(c)
Based on net asset value			(18.89	)%(d)			(22.62	)%			52.00	%		(11.78	)%(d)		(3.21	)%(e)		4.85	%		3.48	%(f)
Ratios to Average Net Assets(g)
Total expenses			1.33	%(h)			1.19	%			1.40	%		1.38	%(h)(i)		1.42	%(j)(k)		1.28	%(j)		1.91	%(j)
Total expenses after fees waived and/or reimbursed			0.85	%(h)			0.85	%			0.85	%		0.81	%(h)		0.92	%(k)		0.94	%		1.70	%
Net investment income (loss)			3.81	%(h)			1.62	%			1.29	%		1.38	%(h)		1.83	%		0.67	%		(1.29	)%
Supplemental Data
Net assets, end of period (000)		$	5,834			$	9,583			$	17,216		$	9,689		$	15,904		$	32,775		$	106,243
Portfolio turnover rate			86	%			183	%			180	%(l)		141	%(l)		128	%(l)		111	%(l)		7	%(l)

^(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)  Not annualized.

^(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 fees and expenses incurred indirectly as a result of investments in underlying funds.

^(h)  Annualized.

⁽ⁱ⁾  Audit, printing and tax costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, total expenses would have been 1.42%.

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

Six Months Ended 10/31/22 (unaudited)

Year Ended 04/30/22

Year Ended 04/30/21

Period from 08/01/19 to 04/30/20

Year Ended 07/31/19

Year Ended 07/31/18

Year Ended 07/31/17

Expense ratios

N/A

N/A

N/A

N/A

1.39

%

1.28

%

1.90

%

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

^(l) Excludes underlying investments in total return swaps.

See notes to financial statements.

128 2 0 2 2  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
		10/31/22			Year Ended			Year Ended			08/01/19			Year Ended			Year Ended			Year Ended
		(unaudited)			04/30/22			04/30/21			to 04/30/20			07/31/19			07/31/18			07/31/17
Net asset value, beginning of period		$	9.93		$	13.00		$	8.69		$	10.07		$	10.43		$	9.97		$	9.67
Net investment income (loss)(a)			0.16			0.15			0.11			0.07			0.17			0.14			(0.15	)
Net realized and unrealized gain (loss)			(2.05	)		(3.09	)		4.36			(1.25	)		(0.53	)		0.32			0.45
Net increase (decrease) from investment operations			(1.89	)		(2.94	)		4.47			(1.18	)		(0.36	)		0.46			0.30
Distributions from net investment income(b)			—			(0.13	)		(0.16	)		(0.20	)		—			—			—
Net asset value, end of period		$	8.04		$	9.93		$	13.00		$	8.69		$	10.07		$	10.43		$	9.97
Total Return(c)
Based on net asset value			(19.03	)%(d)		(22.83	)%		51.62	%		(12.05	)%(d)		(3.45	)%(e)		4.61	%		3.10	%(e)
Ratios to Average Net Assets(f)
Total expenses			1.69	%(g)		1.52	%		1.74	%		1.70	%(g)(h)		1.69	%(i)(j)		1.57	%(i)		2.22	%(i)
Total expenses after fees waived and/or reimbursed			1.15	%(g)		1.15	%		1.14	%		1.12	%(g)		1.17	%(j)		1.19	%		1.99	%
Net investment income (loss)			3.40	%(g)		1.29	%		0.98	%		1.02	%(g)		1.74	%		1.32	%		(1.62	)%
Supplemental Data
Net assets, end of period (000)		$	4,085		$	5,246		$	7,125		$	5,224		$	3,817		$	5,454		$	3,272
Portfolio turnover rate			86	%		183	%		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, excludes the effects of any sales charges and assumes the reinvestment of distributions.

^(d)  Not annualized.

^(e)  Includes payment from an affiliate, which had no impact on the Fund’s total return.

^(f)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)  Annualized.

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

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

Six Months Ended

Period from

10/31/22

Year Ended

Year Ended

08/01/19

Year Ended

Year Ended

Year Ended

(unaudited)

04/30/22

04/30/21

to 04/30/20

07/31/19

07/31/18

07/31/17

Expense ratios

N/A

N/A

N/A

N/A

1.67

%

1.55

%

2.21

%

^(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 1.67% and 1.15%, respectively.

^(k) Excludes underlying investments in total return swaps.

See notes to financial statements.

FINANCIAL   HIGHLIGHTS 129

Financial Highlights (continued)

(For a share outstanding throughout each period)

		BlackRock Advantage Emerging Markets Fund (continued)
		Investor C
	Six Months Ended												Period from
	10/31/22				Year Ended				Year Ended				08/01/19			Year Ended			Year Ended			Year Ended
	(unaudited)				04/30/22				04/30/21				to 04/30/20			07/31/19			07/31/18			07/31/17
Net asset value, beginning of period		$	9.46			$	12.36			$	8.29		$	9.53		$	9.95		$	9.58		$	9.36
Net investment income (loss)(a)			0.11				0.07				0.04			0.02			0.08			0.03			(0.21	)
Net realized and unrealized gain (loss)			(1.94	)			(2.96	)			4.14			(1.21	)		(0.50	)		0.34			0.43
Net increase (decrease) from investment operations			(1.83	)			(2.89	)			4.18			(1.19	)		(0.42	)		0.37			0.22
Distributions from net investment income(b)			—				(0.01	)			(0.11	)		(0.05	)		—			—			—
Net asset value, end of period		$	7.63			$	9.46			$	12.36		$	8.29		$	9.53		$	9.95		$	9.58
Total Return(c)
Based on net asset value			(19.35	)%(d)			(23.40	)%			50.49	%		(12.57	)%(d)		(4.22	)%(e)		3.86	%		2.35	%(e)
Ratios to Average Net Assets(f)
Total expenses			2.56	%(g)			2.43	%			2.56	%		2.53	%(g)(h)		2.53	%(i)		2.38	%		2.91	%(j)
Total expenses after fees waived and/or reimbursed			1.90	%(g)			1.90	%			1.90	%		1.90	%(g)		1.92	%(i)		1.94	%		2.71	%
Net investment income (loss)			2.54	%(g)			0.61	%			0.43	%		0.26	%(g)		0.81	%		0.25	%		(2.30	)%
Supplemental Data
Net assets, end of period (000)		$	272			$	282			$	550		$	1,164		$	2,280		$	3,240		$	3,823
Portfolio turnover rate			86	%			183	%			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, excludes the effects of any sales charges and assumes the reinvestment of distributions.

^(d)  Not annualized.

^(e)  Includes payment from an affiliate, which had no impact on the Fund’s total return.

^(f) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)  Annualized.

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

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

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

^(k)  Excludes underlying investments in total return swaps.

See notes to financial statements.

130 2 0 2 2  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
	10/31/22				Year Ended				Year Ended				08/01/19				Year Ended				01/25/18(a)
	(unaudited)				04/30/22				04/30/21				to 04/30/20				07/31/19				to 07/31/18
Net asset value, beginning of period		$	10.11			$	13.24			$	8.84			$	10.26			$	10.59			$	12.14
Net investment income(b)			0.18				0.20				0.16				0.10				0.19				0.13
Net realized and unrealized gain (loss)			(2.09	)			(3.16	)			4.43				(1.28	)			(0.52	)			(1.68	)
Net increase (decrease) from investment operations			(1.91	)			(2.96	)			4.59				(1.18	)			(0.33	)			(1.55	)
Distributions from net investment income(c)			(0.00	)(d)			(0.17	)			(0.19	)			(0.24	)			—				—
Net asset value, end of period		$	8.20			$	10.11			$	13.24			$	8.84			$	10.26			$	10.59
Total Return(e)
Based on net asset value			(18.89	)%(f)			(22.59	)%			52.19	%			(11.87	)%(f)			(3.12	)%(g)			(12.77	)%(f)
Ratios to Average Net Assets(h)
Total expenses			1.25	%(i)			1.13	%			1.36	%			1.41	%(i)(j)			1.37	%(k)			1.32	%(i)(l)
Total expenses after fees waived and/or reimbursed			0.81	%(i)			0.81	%			0.81	%			0.81	%(i)			0.87	%(k)			0.89	%(i)
Net investment income			3.82	%(i)			1.63	%			1.36	%			1.33	%(i)			1.93	%			2.33	%(i)
Supplemental Data
Net assets, end of period (000)		$	60,762			$	126,023			$	150,108			$	85,164			$	80,529			$	145,476
Portfolio turnover rate			86	%			183	%			180	%(m)			141	%(m)			128	%(m)			111	%(m)(n)

^(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) Amount is greater than $(0.005) per share.

^(e) Where applicable, assumes the reinvestment of distributions.

^(f)  Not annualized.

^(g) Includes payment from an affiliate, which had no impact on the Fund’s total return.

^(h) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

⁽ⁱ⁾ Annualized.

^(j) 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%.

^(k) 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.

^(l) 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%.

^(m)  Excludes underlying investments in total return swaps.

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

See notes to financial statements.

FINANCIAL   HIGHLIGHTS 131

Financial Highlights (continued)

(For a share outstanding throughout each period)

		BlackRock Global Equity Market Neutral Fund
		Institutional
	Six Months Ended 10/31/22				Year Ended				Year Ended				Period from 08/01/19			Year Ended			Year Ended			Year Ended
	(unaudited)					04/30/22				04/30/21			to 04/30/20			07/31/19			07/31/18			07/31/17
Net asset value, beginning of period		$	11.49			$	11.98			$	11.42		$	12.67		$	12.17		$	11.62		$	10.56
Net investment income (loss)(a)			0.01				(0.15	)			(0.17	)		(0.01	)		0.05			(0.06	)		(0.14	)
Net realized and unrealized gain (loss)			(0.07	)			(0.20	)			0.76			(0.46	)		0.57			0.61			1.20
Net increase (decrease) from investment operations			(0.06	)			(0.35	)			0.59			(0.47	)		0.62			0.55			1.06
Distributions(b)
From net investment income			—				—				—			(0.04	)		—			—			—
From net realized gain			—				(0.14	)			(0.03	)		(0.74	)		(0.12	)		—			—
Total distributions			—				(0.14	)			(0.03	)		(0.78	)		(0.12	)		—			—
Net asset value, end of period		$	11.43			$	11.49			$	11.98		$	11.42		$	12.67		$	12.17		$	11.62
Total Return(c)
Based on net asset value			(0.52	)%(d)			(2.94	)%(e)			5.21	%(f)		(3.80	)%(d)		5.09	%		4.73	%		10.04	%
Ratios to Average Net Assets(g)
Total expenses			1.56	%(h)			1.58	%			1.82	%		1.80	%(h)		1.76	%		1.73	%(i)		1.78	%(i)
Total expenses after fees waived and/or reimbursed			1.34	%(h)			1.36	%			1.57	%		1.57	%(h)		1.63	%		1.66	%		1.70	%
Net investment income (loss)			0.19	%(h)			(1.29	)%			(1.49	)%		(0.09	)%(h)		0.36	%		(0.51	)%		(1.28	)%
Supplemental Data
Net assets, end of period (000)		$	545,299			$	565,502			$	459,420		$	492,021		$	546,561		$	559,028		$	544,301
Portfolio turnover rate			23	%(j)			31	%(j)			43	%(j)		53	%(j)		7	%(j)		20	%(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, assumes the reinvestment of distributions.

^(d) Not annualized.

^(e) Includes payment from an affiliate, which had no impact on the Fund’s total return.

^(f) Includes payments from an affiliate, which impacted the Fund’s total return. Excluding the payments, the Fund’s total return would have been 5.12%.

^(g)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(h) Annualized.

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

Six Months Ended 10/31/22

Year Ended

Year Ended

Period from 08/01/19

Year Ended

Year Ended

Year Ended

(unaudited)

04/30/22

04/30/21

to 04/30/20

07/31/19

07/31/18

07/31/17

Expense ratios

N/A

N/A

N/A

N/A

N/A

1.71

%

1.78

%

^(j)  Excludes underlying investments in total return swaps.

See notes to financial statements.

132 2 0 2 2  BLACK ROCK  SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)

		BlackRock Global Equity Market Neutral Fund (continued)
		Investor A
	Six Months Ended										Period from
	10/31/22				Year Ended			Year Ended			08/01/19			Year Ended			Year Ended			Year Ended
	(unaudited)				04/30/22			04/30/21			to 04/30/20			07/31/19			07/31/18			07/31/17
Net asset value, beginning of period		$	11.30		$	11.82		$	11.27		$	12.50		$	12.03		$	11.52		$	10.49
Net investment income (loss)(a)			—			(0.18	)		(0.20	)		(0.02	)		0.01			(0.10	)		(0.17	)
Net realized and unrealized gain (loss)			(0.07	)		(0.20	)		0.75			(0.46	)		0.56			0.61			1.20
Net increase (decrease) from investment operations			(0.07	)		(0.38	)		0.55			(0.48	)		0.57			0.51			1.03
Distributions(b)
From net investment income			—			—			—			(0.01	)		—			—			—
From net realized gain			—			(0.14	)		(0.00	)(c)		(0.74	)		(0.10	)		—			—
Total distributions			—			(0.14	)		(0.00	)		(0.75	)		(0.10	)		—			—
Net asset value, end of period		$	11.23		$	11.30		$	11.82		$	11.27		$	12.50		$	12.03		$	11.52
Total Return(d)
Based on net asset value			(0.62	)%(e)		(3.23	)%(f)		4.92	%(g)		(3.94	)%(e)		4.79	%		4.43	%		9.82	%
Ratios to Average Net Assets(h)
Total expenses			1.83	%(i)		1.86	%		2.07	%		2.07	%(i)		2.04	%		2.03	%(j)		2.10	%(j)
Total expenses after fees waived and/or reimbursed			1.59	%(i)		1.61	%		1.82	%		1.82	%(i)		1.88	%		1.96	%		1.98	%
Net investment income (loss)			(0.05	)%(i)		(1.54	)%		(1.75	)%		(0.28	)%(i)		0.12	%		(0.84	)%		(1.60	)%
Supplemental Data
Net assets, end of period (000)		$	24,067		$	25,229		$	23,390		$	23,509		$	49,514		$	49,180		$	35,658
Portfolio turnover rate			23	%(k)		31	%(k)		43	%(k)		53	%(k)		7	%(k)		20	%(k)		—	%

^(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) Not annualized.

^(f) Includes payment from an affiliate, which had no impact on the Fund’s total return.

^(g) Includes payments received from an affiliate, which impacted the Fund’s total return. Excluding the payments, the Fund’s total return would have been 4.83%.

^(h) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

⁽ⁱ⁾ Annualized.

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

Six Months Ended 10/31/22 (unaudited)

Year Ended 04/30/22

Year Ended 04/30/21

Period from 08/01/19 to 04/30/20

Year Ended 07/31/19

Year Ended 07/31/18

Year Ended 07/31/17

Expense ratios

N/A

N/A

N/A

N/A

N/A

1.95

%

2.10

%

^(k)  Excludes underlying investments in total return swaps.

See notes to financial statements.

FINANCIAL   HIGHLIGHTS 133

Financial Highlights (continued)

(For a share outstanding throughout each period)

		BlackRock Global Equity Market Neutral Fund (continued)
		Investor C
	Six Months Ended												Period from
	10/31/22					Year Ended			Year Ended				08/01/19			Year Ended			Year Ended			Year Ended
		(unaudited)				04/30/22				04/30/21			to 04/30/20			07/31/19			07/31/18			07/31/17
Net asset value, beginning of period		$	10.64			$	11.22			$	10.77		$	11.99		$	11.59		$	11.18		$	10.26
Net investment loss(a)			(0.05	)			(0.25	)			(0.27	)		(0.09	)		(0.08	)		(0.18	)		(0.24	)
Net realized and unrealized gain (loss)			(0.06	)			(0.19	)			0.72			(0.44	)		0.54			0.59			1.16
Net increase (decrease) from investment operations			(0.11	)			(0.44	)			0.45			(0.53	)		0.46			0.41			0.92
Distributions from net realized gain(b)			—		��		(0.14	)			—			(0.69	)		(0.06	)		—			—
Net asset value, end of period		$	10.53			$	10.64			$	11.22		$	10.77		$	11.99		$	11.59		$	11.18
Total Return(c)
Based on net asset value			(1.03	)%(d)			(3.95	)%(e)			4.18	%(f)		(4.51	)%(d)		4.02	%		3.67	%		8.97	%
Ratios to Average Net Assets(g)
Total expenses			2.63	%(h)			2.64	%			2.86	%		2.83	%(h)		2.79	%		2.76	%(i)		2.81	%(i)
Total expenses after fees waived and/or reimbursed			2.34	%(h)			2.36	%			2.57	%		2.57	%(h)		2.63	%		2.69	%		2.72	%
Net investment loss			(0.89	)%(h)			(2.30	)%			(2.44	)%		(1.04	)%(h)		(0.64	)%		(1.58	)%		(2.32	)%
Supplemental Data
Net assets, end of period (000)		$	2,980			$	4,386			$	6,817		$	11,539		$	17,282		$	21,168		$	25,857
Portfolio turnover rate			23	%(j)			31	%(j)			43	%(j)		53	%(j)		7	%(j)		20	%(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) Not annualized.

^(e) Includes payment from an affiliate, which had no impact on the Fund’s total return.

^(f) Includes payments received from an affiliate, which impacted the Fund’s total return. Excluding the payments, the Fund’s total return would have been 4.09%.

^(g) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(h) Annualized.

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

Six Months Ended

Period from

10/31/22

Year Ended

Year Ended

08/01/19

Year Ended

Year Ended

Year Ended

(unaudited)

04/30/22

04/30/21

to 04/30/20

07/31/19

07/31/18

07/31/17

Expense ratios

N/A

N/A

N/A

N/A

N/A

2.72

%

2.81

%

^(j)  Excludes underlying investments in total return swaps.

See notes to financial statements.

134 2 0 2 2  BLACK ROCK  SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)

	BlackRock Global Equity Market Neutral Fund (continued)
	Class K
	Six Months Ended 10/31/22				Year Ended 04/30/22			Year Ended 04/30/21			Period from 08/01/19 to 04/30/20			Year Ended 07/31/19			Year Ended 07/31/18			Year Ended 07/31/17
		(unaudited)
Net asset value, beginning of period		$	11.52		$	12.00		$	11.44		$	12.69		$	12.19		$	11.63		$	10.56
Net investment income (loss)(a)			0.03			(0.14	)		(0.25	)		(0.01	)		0.06			(0.01	)		(0.14	)
Net realized and unrealized gain (loss)			(0.09	)		(0.20	)		0.85			(0.46	)		0.56			0.57			1.21
Net increase (decrease) from investment operations			(0.06	)		(0.34	)		0.60			(0.47	)		0.62			0.56			1.07
Distributions(b)
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		$	11.46		$	11.52		$	12.00		$	11.44		$	12.69		$	12.19		$	11.63
Total Return(c)
Based on net asset value			(0.52	)%(d)		(2.85	)%(e)		5.24	%(e)		(3.77	)%(d)		5.11	%		4.82	%		10.13	%
Ratios to Average Net Assets(f)
Total expenses			1.48	%(g)		1.51	%		1.77	%		1.76	%(g)		1.72	%		1.65	%(h)		1.70	%
Total expenses after fees waived and/or reimbursed			1.29	%(g)		1.31	%		1.52	%		1.52	%(g)		1.57	%		1.58	%		1.63	%
Net investment income (loss)			0.60	%(g)		(1.24	)%		(2.07	)%		(0.07	)%(g)		0.45	%		(0.04	)%		(1.32	)%
Supplemental Data
Net assets, end of period (000)		$	101,689		$	7,080		$	5,151		$	325		$	453		$	217		$	108
Portfolio turnover rate			23	%(i)		31	%(i)		43	%(i)		53	%(i)		7	%(i)		20	%(i)		—	%

^(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) Not annualized.

^(e) Includes payment from an affiliate, which had no impact on the Fund’s total return.

^(f) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)  Annualized.

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

⁽ⁱ⁾ Excludes underlying investments in total return swaps.

See notes to financial statements.

FINANCIAL   HIGHLIGHTS 135

Notes to Financial Statements (unaudited)

1. ORGANIZATION

BlackRock Funds^SM (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 Equity Market Neutral Fund		Global Equity Market Neutral		Diversified

Each Fund offers multiple classes of shares. All classes of shares have identical voting, dividend, liquidation and other rights and are subject to the same terms and conditions, except that certain classes bear expenses related to the shareholder servicing and distribution of such shares. Institutional and Class K Shares are sold without a sales charge and only to certain eligible investors. Investor A and Investor C Shares bear certain expenses related to shareholder servicing of such shares, and Investor C Shares also bear certain expenses related to the distribution of such shares. Investor A and Investor C Shares are generally available through financial intermediaries. Each class has exclusive voting rights with respect to matters relating to its shareholder servicing and distribution expenditures (except that Investor C shareholders may vote on material changes to the Investor A Shares distribution and service plan).

Share Class	Initial Sales Charge		CDSC			Conversion Privilege
Institutional and Class K Shares		No		No			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 funds referred to as the BlackRock Multi-Asset Complex.

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

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

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

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

136 2 0 2 2  BLACK ROCK  SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Foreign taxes withheld”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of October 31, 2022, if any, are disclosed in the Statements of Assets and Liabilities.

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

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

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

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

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

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

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

• 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. Over-the-counter (“OTC”) options and options on swaps (“swaptions”) are valued by an independent pricing service using a mathematical model, which incorporates a number of market data factors, such as the trades and prices of the underlying instruments.

• 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 137

Notes to Financial Statements (unaudited) (continued)

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

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

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

	Standard Inputs Generally Considered By The Valuation Committee And Third-Party Pricing Services
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 Valuation Committee’s assumptions used in determining the fair value of financial instruments).

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

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

138 2 0 2 2  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: Certain Funds may lend their securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Funds collateral consisting of cash, an irrevocable letter of credit issued by a bank, or securities issued or guaranteed by the U.S. Government. The initial collateral received by each Fund is required to have a value of at least 102% of the current value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current market value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund, or excess collateral returned by the Fund, on the next business day. During the term of the loan, the Funds are entitled to all distributions made on or in respect of the loaned securities, but do not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

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

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

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

Fund Name/Counterparty		Securities Loaned at Value		Cash Collateral Received	(a)		Non-Cash Collateral Received, at Fair Value	(a)		Net Amount	(b)
Advantage Emerging Markets
Citigroup Global Markets, Inc.	$	87,728	$	(80,079	)	$	—		$	7,649
J.P. Morgan Securities LLC		13,718		(13,205	)		—			513
SG Americas Securities LLC		45,801		(45,801	)		—			—
Toronto-Dominion Bank		72,186		(72,186	)		—			—
	$	219,433	$	(211,271	)	$	—		$	8,162

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

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

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

NOTES   TO   FINANCIAL   STATEMENTS 139

Notes to Financial Statements (unaudited) (continued)

5. DERIVATIVE FINANCIAL INSTRUMENTS

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

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

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

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

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

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

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

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

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

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

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

140 2 0 2 2  BLACK ROCK  SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

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

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

Certain total return swaps are designed to function as a portfolio of direct investments in long and short equity positions. This means that the Fund has the ability to trade in and out of these long and short positions within the swap and will receive the economic benefits and risks equivalent to direct investment in these positions, subject to certain adjustments due to events related to the counterparty. Benefits and risks include capital appreciation (depreciation), corporate actions and dividends received and paid, all of which are reflected in the swap’s market value. The market value also includes interest charges and credits (“financing fees”) related to the notional values of the long and short positions and cash balances within the swap. These interest charges and credits are based on a specified benchmark rate plus or minus a specified spread determined based upon the country and/or currency of the positions in the portfolio.

Positions within the swap and financing fees are reset periodically. During a reset, any unrealized appreciation (depreciation) on positions and accrued financing fees become available for cash settlement between the Funds and the counterparty. The amounts that are available for cash settlement are recorded as realized gains or losses in the Statements of Operations. Cash settlement in and out of the swap may occur at a reset date or any other date, at the discretion of the Funds and the counterparty, over the life of the agreement. Certain swaps have no stated expiration and can be terminated by either party at any time.

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

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

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

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

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

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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

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

	Investment Advisory Fees
Average Daily Net Assets	Advantage Emerging Markets			Global Equity Market Neutral
First $1 billion		0.80	%		1.25	%
$1 billion — $3 billion	0.75			1.18

NOTES   TO   FINANCIAL   STATEMENTS 141

Notes to Financial Statements (unaudited) (continued)

	Investment Advisory Fees
Average Daily Net Assets	Advantage Emerging Markets			Global Equity Market Neutral
$3 billion — $5 billion		0.72	%		1.13	%
$5 billion — $10 billion		0.70			1.09
Greater than $10 billion		0.68			1.06

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

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

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

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

For the six months ended October 31, 2022, the following table shows the class specific service and distribution fees borne directly by each share class of each Fund:

Fund Name	Investor A		Investor C		Total
Advantage Emerging Markets	$	6,038	$	1,500	$	7,538
Global Equity Market Neutral		30,111		17,289		47,400

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

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

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

For the six months ended October 31, 2022, the following table shows the class specific administration fees borne directly by each share class of each Fund:

Fund Name	Institutional		Investor A		Investor C		Class K		Total
Advantage Emerging Markets	$	833	$	483	$	30	$	11,635	$	12,981
Global Equity Market Neutral		52,446		2,409		346		7,819		63,020

Transfer Agent: Pursuant to written agreements, certain financial intermediaries, some of which may be affiliates, provide the Funds with sub-accounting, recordkeeping, sub-transfer agency and other administrative services with respect to servicing of underlying investor accounts. For these services, these entities receive an asset-based fee or an annual fee per shareholder account, which will vary depending on share class and/or net assets. For the six months ended October 31, 2022, the Funds did not pay any amounts to affiliates in return for these services.

The Manager maintains a call center that is responsible for providing certain shareholder services to the Funds. Shareholder services include responding to inquiries and processing purchases and sales based upon instructions from shareholders. For the six months ended October 31, 2022, each Fund reimbursed the Manager the following amounts for costs incurred in running the call center, which are included in transfer agent — class specific in the Statements of Operations:

Fund Name	Institutional		Investor A		Investor C		Class K		Total
Advantage Emerging Markets	$	153	$	422	$	49	$	157	$	781
Global Equity Market Neutral		424		182		170		—		776

142 2 0 2 2  BLACK ROCK  SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

For the six months ended October 31, 2022, the following table shows the class specific transfer agent fees borne directly by each share class of each Fund:

Fund Name	Institutional		Investor A		Investor C		Class K		Total
Advantage Emerging Markets	$	3,488	$	4,514	$	449	$	543	$	8,994
Global Equity Market Neutral		214,584		11,862		2,629		273		229,348

Other Fees: For the six months ended October 31, 2022, affiliates earned underwriting discounts, direct commissions and dealer concessions on sales of each Fund’s Investor A Shares as follows:

Fund Name	Investor A
Advantage Emerging Markets	$	4
Global Equity Market Neutral		112

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

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

Expense Limitations, Waivers and Reimbursements: With respect to each Fund, the Manager contractually agreed to waive its investment advisory fees by the amount of investment advisory fees each Fund pays to the Manager indirectly through its investment in affiliated money market funds (the “affiliated money market fund waiver”) through June 30, 2023. The contractual agreement may be terminated upon 90 days’ notice by a majority of the trustees who are not “interested persons” of the Trust, as defined in the 1940 Act (“IndependentTrustees”), or by a vote of a majority of the outstanding voting securities of a Fund. The amount of waivers and/or reimbursements of fees and expenses made pursuant to the expense limitation described below will be reduced by the amount of the affiliated money market fund waiver. This amount is included in fees waived and/or reimbursed by the Manager in the Statements of Operations. For the six months ended October 31, 2022, the amounts waived were as follows:

Fund Name	Fees Waived and/or Reimbursed by the Manager
Advantage Emerging Markets	$	2,140
Global Equity Market Neutral		11,287

The Manager has contractually agreed to waive its investment advisory fee with respect to any portion of each Fund’s assets invested in affiliated equity and fixed-income mutual funds and affiliated exchange-traded funds that have a contractual management fee through June 30, 2024. The contractual agreement may be terminated upon 90 days’ notice by a majority of the Independent Trustees, or by a vote of a majority of the outstanding voting securities of a Fund. For the six months ended October 31, 2022, there were no fees waived by the Manager pursuant to this arrangement.

With respect to Advantage Emerging Markets, the Manager contractually agreed to waive and/or reimburse fees or expenses in order to limit other expenses (“expense limitation”) through June 30, 2024. Other expenses include accounting, administration, transfer agency, custody, professional and registration fees and exclude dividend expense, interest expense, and certain other fund expenses that constitute extraordinary expenses not incurred in the ordinary course of the Fund’s business. The expense limitations as a percentage of average daily net assets are as follows:

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

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

Fund Name/Share Class	Expense Limitation
Global Equity Market Neutral
Institutional		1.34	%
Investor A		1.59
Investor C		2.34
Class K		1.29

The Manager has agreed not to reduce or discontinue the contractual expense limitations through June 30, 2024, unless approved by the Board, including a majority of the Independent Trustees, or by a vote of a majority of the outstanding voting securities of a Fund. For the six months ended October 31, 2022, amounts included in the Statements of Operations were as follows:

Fund Name	Fees Waived and/or Reimbursed by the Manager
Advantage Emerging Markets	$	244,453

NOTES   TO   FINANCIAL   STATEMENTS 143

Notes to Financial Statements (unaudited) (continued)

Fund Name	Fees Waived and/or Reimbursed by the Manager
Global Equity Market Neutral	$	525,219

Fund Name	Administration Fees Waived
Advantage Emerging Markets	$	27,584

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

	Administration Fees Waived - Class Specific
Fund Name	Institutional		Investor A		Investor C		Class K		Total
Advantage Emerging Markets	$	833	$	483	$	30	$	11,635	$	12,981
Global Equity Market Neutral		52,446		2,409		346		7,819		63,020

	Transfer Agent Fees Waived and/or Reimbursed by the Manager - Class Specific
Fund Name	Institutional		Investor A		Investor C		Class K		Total
Advantage Emerging Markets	$	1,822	$	2,340	$	314	$	543	$	5,019
Global Equity Market Neutral		83,467		5,840		1,765		273		91,345

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

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

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

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

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

In addition, commencing the business day following the date that the aggregate securities lending income earned across the BlackRock Multi-Asset Complex in a calendar year exceeds a specified threshold, Global Equity Market Neutral, pursuant to the securities lending agreement, will retain for the remainder of that calendar year securities lending income in an amount equal to 81% of securities lending income (which excludes collateral investment expenses), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment expenses.

The share of securities lending income earned by each Fund is shown as securities lending income — affiliated — net in the Statements of Operations. For the six months ended October 31, 2022, each Fund paid BIM the following amounts for securities lending agent services:

Fund Name	Amounts
Advantage Emerging Markets	$	850

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

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

144 2 0 2 2  BLACK ROCK  SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

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

During the period ended October 31, 2022, the Funds did not participate in the Interfund Lending Program.

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

Other Transactions: The Funds may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is due solely to having a common investment adviser, common officers, or common trustees. For the six months ended October 31, 2022, the purchase and sale transactions and any net realized gains (losses) with affiliated funds in compliance with Rule 17a-7 under the 1940 Act were as follows:

	Net Realized
Fund Name	Purchases		Sales		Gain (Loss)
Advantage Emerging Markets	$	1,312,620	$	1,603,228	$	(200,040)

7. PURCHASES AND SALES

For the six months ended October 31, 2022, purchases and sales of investments, excluding short-term securities, were as follows:

	U.S. Government Securities				Other Securities
Fund Name	Purchases		Sales		Purchases		Sales
Advantage Emerging Markets	$	—	$	—	$	101,354,267	$	137,702,620
Global Equity Market Neutral		10,878,856		20,325,000		718,812		47,571

8. INCOME TAX INFORMATION

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

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

Management has analyzed tax laws and regulations and their application to the Funds as of October 31, 2022, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

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

Fund Name	Non-Expiring
Advantage Emerging Markets	$	18,689,323
Global Equity Market Neutral		7,778,325

As of October 31, 2022, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

Fund Name	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Advantage Emerging Markets	$	86,025,639	$	5,455,399	$	(19,581,202	)	$	(14,125,803	)
Global Equity Market Neutral		695,887,887		295,853,562		(250,646,656	)		45,206,906

9. BANK BORROWINGS

The Trust, on behalf of the Funds, along with certain other funds managed by the Manager and its affiliates (“Participating Funds”), is a party to a 364-day, $2.50 billion credit agreement with a group of lenders. Under this agreement, the Funds may borrow to fund shareholder redemptions. Excluding commitments designated for certain individual funds, the Participating Funds, including the Funds, can borrow up to an aggregate commitment amount of $1.75 billion at any time outstanding, subject to asset coverage and other limitations as specified in the agreement. The credit agreement has the following terms: a fee of 0.10% per annum on unused commitment amounts and interest at a rate equal to the higher of (a) Overnight Bank Funding Rate (“OBFR”) (but, in any event, not less than 0.00%) on the date the loan is made plus 0.80% per annum, (b) the Fed Funds

NOTES   TO   FINANCIAL   STATEMENTS 145

Notes to Financial Statements (unaudited) (continued)

rate (but, in any event, not less than 0.00%) in effect from time to time plus 0.80% per annum on amounts borrowed or (c) the sum of (x) Daily Simple Secured Overnight Financing Rate (“SOFR”) (but, in any event, not less than 0.00%) on the date the loan is made plus 0.10% and (y) 0.80% per annum. The agreement expires in April 2023 unless extended or renewed. These fees were allocated among such funds based upon portions of the aggregate commitment available to them and relative net assets of Participating Funds. During the six months ended October 31, 2022, the Funds did not borrow under the credit agreement.

10. PRINCIPAL RISKS

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

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

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

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

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

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

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

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

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

With exchange-traded options purchased and exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or

146 2 0 2 2  BLACK ROCK  SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.

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

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

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

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

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

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

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

11. CAPITAL SHARE TRANSACTIONS

Transactions in capital shares for each class were as follows:

	Six Months Ended 10/31/22						Year Ended 04/30/22
Fund Name / Share Class	Shares			Amounts			Shares			Amounts
Advantage Emerging Markets
Institutional
Shares sold		50,251		$	488,086			172,173		$	2,149,062
Shares issued in reinvestment of distributions		—			—			15,307			189,748
Shares redeemed		(286,521	)		(2,632,242	)		(540,197	)		(6,345,580	)
		(236,270	)	$	(2,144,156	)		(352,717	)	$	(4,006,770	)

NOTES   TO   FINANCIAL   STATEMENTS 147

Notes to Financial Statements (unaudited) (continued)

	Six Months Ended 10/31/22						Year Ended 04/30/22
Fund Name / Share Class (continued)	Shares			Amounts			Shares			Amounts
Advantage Emerging Markets (continued)
Investor A
Shares sold		31,097		$	293,888			60,578		$	730,563
Shares issued in reinvestment of distributions		—			—			5,633			68,598
Shares redeemed		(51,306	)		(474,243	)		(85,864	)		(1,000,083	)
		(20,209	)	$	(180,355	)		(19,653	)	$	(200,922	)
Investor C
Shares sold		23,687		$	216,351			494		$	5,613
Shares issued in reinvestment of distributions		—			—			36			450
Shares redeemed		(17,817	)		(159,713	)		(15,259	)		(175,008	)
		5,870		$	56,638			(14,729	)	$	(168,945	)
Class K
Shares sold		1,063,622		$	10,159,476			2,518,212		$	29,836,376
Shares issued in reinvestment of distributions		207			1,901			165,545			2,045,863
Shares redeemed		(6,119,058	)		(52,772,214	)		(1,558,201	)		(18,426,399	)
		(5,055,229	)	$	(42,610,837	)		1,125,556		$	13,455,840
		(5,305,838	)	$	(44,878,710	)		738,457		$	9,079,203

	Six Months Ended 10/31/22						Year Ended 04/30/22
Fund Name / Share Class	Shares			Amounts			Shares			Amounts
Global Equity Market Neutral
Institutional
Shares sold		15,213,415		$	172,953,682			21,428,123		$	249,500,008
Shares issued in reinvestment of distributions		—			—			338,212			4,007,822
Shares redeemed		(16,721,844	)		(189,622,759	)		(10,894,979	)		(126,513,641	)
		(1,508,429	)	$	(16,669,077	)		10,871,356		$	126,994,189
Investor A
Shares sold		380,716		$	4,255,454			798,505		$	9,148,217
Shares issued in reinvestment of distributions		—			—			23,726			277,350
Shares redeemed		(469,665	)		(5,238,802	)		(569,722	)		(6,530,854	)
		(88,949	)	$	(983,348	)		252,509		$	2,894,713
Investor C
Shares sold		26,944		$	284,200			70,815		$	760,368
Shares issued in reinvestment of distributions		—			—			7,514			83,179
Shares redeemed		(156,130	)		(1,637,787	)		(274,027	)		(2,959,803	)
		(129,186	)	$	(1,353,587	)		(195,698	)	$	(2,116,256	)
Class K
Shares sold		9,516,876		$	108,181,139			215,060		$	2,517,495
Shares issued in reinvestment of distributions		—			—			5,402			64,174
Shares redeemed		(1,258,350	)		(14,317,827	)		(34,941	)		(413,017	)
		8,258,526		$	93,863,312			185,521		$	2,168,652
		6,531,962		$	74,857,300			11,113,688		$	129,941,298

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.

148 2 0 2 2  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 20, 2022 (the “April Meeting”) and May 10-11, 2022 (the “May Meeting”) to consider the approval to continue the investment advisory agreement (the “Advisory Agreement”) between the Trust, on behalf of BlackRock Advantage Emerging Markets Fund (the “Advantage Emerging Markets Fund”) and BlackRock Global Equity Market Neutral Fund (the “Global Equity Market Neutral Fund”) (each a “Fund” and collectively, the “Funds”), and BlackRock Advisors, LLC (the “Manager”), each Fund’s investment advisor. The Board also considered the approval to continue the sub-advisory agreement (the “Sub-Advisory Agreement”) between the Manager and BlackRock International Limited (the “Sub-Advisor”) with respect to the Global Equity Market Neutral Fund. The Manager and the Sub-Advisor are referred to herein as “BlackRock.” The Advisory Agreement and the Sub-Advisory Agreement are referred to herein as the “Agreements.”

The Approval Process

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

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

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

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

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

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

DISCLOSURE   OF   INVESTMENT   ADVISORY   AGREEMENT   AND   SUB - ADVISORY   AGREEMENT 149

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

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

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

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

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

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

B. The Investment Performance of the Funds and BlackRock

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

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

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

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

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

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

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

150 2 0 2 2  BLACK ROCK  SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

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

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

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

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

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

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

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

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

D. Economies of Scale

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

E. Other Factors Deemed Relevant by the Board Members

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

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

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

Conclusion

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

DISCLOSURE   OF   INVESTMENT   ADVISORY   AGREEMENT   AND   SUB - ADVISORY   AGREEMENT 151

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

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

152 2 0 2 2  BLACK ROCK  SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Additional Information  

General Information

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

Householding

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

Availability of Quarterly Schedule of Investments

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

Availability of Proxy Voting Policies, Procedures and Voting Records

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

BlackRock’s Mutual Fund Family

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

Shareholder Privileges

Account Information

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

Automatic Investment Plans

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

Systematic Withdrawal Plans

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

Retirement Plans

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

BlackRock Privacy Principles

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

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

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

ADDITIONAL  INFORMATION 153

Additional Information   (continued)

BlackRock Privacy Principles (continued)

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

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

Fund and Service Providers

Investment Adviser and Administrator	Distributor
BlackRock Advisors, LLC	BlackRock Investments, LLC
Wilmington, DE 19809	New York, NY 10022
Sub-Adviser	Independent Registered Public Accounting Firm
BlackRock International Limited (a)	Deloitte & Touche LLP
Edinburgh, EH3 8BL	Boston, MA 02116
United Kingdom
	Legal Counsel
Accounting Agent and Custodian	Sidley Austin LLP
State Street Bank and Trust Company	New York, NY 10019
Boston, MA 02111
	Address of the Funds
Transfer Agent	100 Bellevue Parkway
BNY Mellon Investment Servicing (US) Inc.	Wilmington, DE 19809
Wilmington, DE 19809

^(a) For Global Equity Market Neutral.

154 2 0 2 2  BLACK ROCK  SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Glossary of Terms Used in this Report

Currency Abbreviation

USD	United States Dollar
Portfolio Abbreviation
ADR	American Depositary Receipt
AGC	Assured Guaranty Corp.
AMBAC	AMBAC Assurance Corp.
ARB	Airport Revenue Bonds
BAM	Build America Mutual Assurance Co.
CVA	Certificaten Van Aandelen (Dutch Certificate)
DIP	Debtor-In-Possession
GDR	Global Depositary Receipt
LP	Limited Partnership
MSCI	Morgan Stanley Capital International
NVDR	Non-Voting Depositary Receipt
PCL	Public Company Limited
PILOT	Payment in Lieu of Taxes
PJSC	Public Joint Stock Company
REIT	Real Estate Investment Trust
S&P	Standard & Poor’s
SAP	Subject to Appropriations
SCA	Societe en Commandite par Actions
SDR	Swedish Depositary Receipt
SEB	SEB Securities Inc.
SG	Syncora Guarantee
ST	Special Tax
UT	Unlimited Tax

GLOSSARY   OF   TERMS   USED   IN   THIS   REPORT 155

Want to know more?

blackrock.com | 800-441-7762

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

EMLSGLS-10/22-SAR

(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: December 21, 2022

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

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

Date: December 21, 2022

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

Date: December 21, 2022