BlackRock High Yield Instl NCSRS 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 Defensive Advantage Emerging Markets Fund

BlackRock Defensive Advantage International Fund

BlackRock Defensive Advantage U.S. Fund

BlackRock Global Equity Market Neutral Fund

Fund Address:

100 Bellevue Parkway, Wilmington, DE 19809

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

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

Date of fiscal year end: 04/30/2024

Date of reporting period: 10/31/2023

Item 1 – Report to Stockholders

(a) The Report to Shareholders is attached herewith.


		OCTOBER 31, 2023

2023 Semi-Annual Report

(Unaudited)

BlackRock Funds^SM

· BlackRock Defensive Advantage Emerging Markets Fund

· BlackRock Defensive Advantage International Fund

· BlackRock Defensive Advantage U.S. Fund

Not FDIC Insured • May Lose Value • No Bank Guarantee

The Markets in Review

Dear Shareholder,

The combination of continued economic growth and cooling inflation provided a supportive backdrop for investors during the 12-month reporting period ended October 31, 2023. Significantly tighter monetary policy helped to rein in inflation, as the annual increase in the Consumer Price Index declined to its long-term average of approximately 3% in October 2023. Meanwhile, real economic growth proved more resilient than many investors anticipated. A moderating labor market also helped ease inflationary pressure, although wages continued to grow and unemployment rates touched the lowest levels in decades before rising slightly. This robust labor market powered further growth in consumer spending, backstopping the economy. On October 7, 2023, Hamas launched a horrific attack on Israel. The ensuing war will have a significant humanitarian impact and could lead to heightened economic and market volatility. We see geopolitics as a structural market risk going forward. See our geopolitical risk dashboard at blackrock.com for more details.

Equity returns were solid during the period, as the durability of consumer spending mitigated investors’ concerns about the economy’s trajectory. The U.S. economy continued to show strength, and growth further accelerated in the third quarter of 2023. However, equity returns were uneven, as the performance of a few notable technology companies supported gains among large-capitalization U.S. stocks, while small-capitalization U.S. stocks declined overall. Meanwhile, international developed market equities advanced, and emerging market equities posted solid gains.

The 10-year U.S. Treasury yield rose during the reporting period, driving its price down, as investors reacted to elevated inflation and attempted to anticipate future interest rate changes. The corporate bond market benefited from improving economic sentiment, although high-yield corporate bond prices fared significantly better than investment-grade bonds as demand from yield-seeking investors remained strong.

The U.S. Federal Reserve (the “Fed”), attempting to manage persistent inflation, raised interest rates six times during the 12-month period, but slowed and then paused its tightening later in the period. The Fed also wound down its bond-buying programs and incrementally reduced its balance sheet by not replacing securities that reach maturity.

Supply constraints appear to have become an embedded feature of the new macroeconomic environment, making it difficult for developed economies to increase production without sparking higher inflation. Geopolitical fragmentation and an aging population risk further exacerbating these constraints, keeping the labor market tight and wage growth high. Although the Fed has decelerated the pace of interest rate hikes and recently opted for several pauses, we believe that the new economic regime means that the Fed will need to maintain high rates for an extended period to keep inflation under control. Furthermore, ongoing structural changes may mean that the Fed will be hesitant to cut interest rates in the event of faltering economic activity lest inflation accelerate again.

While we favor an overweight position in developed market equities in the long term, we prefer an underweight stance in the near term. Expectations for corporate earnings remain elevated, which seems inconsistent with macroeconomic constraints. Nevertheless, we are overweight on Japanese stocks in the near term as shareholder-friendly policies generate increased investor interest. We also believe that stocks with an AI tilt should benefit from an investment cycle that is set to support revenues and margins. In credit, there are selective opportunities in the near term despite tightening credit and financial conditions. For fixed income investing with a six- to twelve-month horizon, we see the most attractive investments in short-term U.S. Treasuries, U.S. inflation-linked bonds, euro area government bonds and gilts, U.S. mortgage-backed securities, and hard-currency emerging market bonds.

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

Sincerely,

LOGO

Rob Kapito

President, BlackRock Advisors, LLC

LOGO

Rob Kapito

President, BlackRock Advisors, LLC


Total Returns as of October 31, 2023

	6-Month	12-Month

U.S. large cap equities (S&P 500^® Index)	1.39%	10.14%

U.S. small cap equities (Russell 2000^® Index)	(5.29)	(8.56)

International equities (MSCI Europe, Australasia, Far East Index)	(7.88)	14.40

Emerging market equities (MSCI Emerging Markets Index)	(4.78)	10.80

3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	2.63	4.77

U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(9.70)	(3.25)

U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	(6.13)	0.36

Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	(4.65)	2.64

U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	0.02	6.23

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		12

Disclosure of Expenses		12

Derivative Financial Instruments		12

Financial Statements:

Schedules of Investments		13

Statements of Assets and Liabilities		25

Statements of Operations		27

Statements of Changes in Net Assets		28

Financial Highlights		30

Notes to Financial Statements		39

Disclosure of Investment Advisory Agreement and Sub-Advisory Agreements		50

Additional Information		54

Glossary of Terms Used in this Report		56

LOGO


		3


Fund Summary as of October 31, 2023		BlackRock Defensive Advantage Emerging Markets Fund

Investment Objective

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

Portfolio Management Commentary

How did the Fund perform?

For the six-month period ended October 31, 2023, all of the Fund’s share classes outperformed its primary benchmark, the MSCI Emerging Markets Minimum Volatility Index and its secondary benchmark, the MSCI Emerging Markets Index.

What factors influenced performance?

The market environment was volatile during the reporting period, with stocks giving back their early gains once high inflation began to fuel concerns that the Fed and other world central banks would keep interest rates “higher for longer.” China underperformed the broader emerging markets category as economic data was weaker than expected following the country’s reopening from its COVID-19 lockdowns. However, Brazil was a standout contributor behind an improving growth outlook and mounting expectations that softer inflation data would lead to interest rate cuts. India also drove gains as foreign investors continued to see the country as an alternative to China. India further benefited from stable economic data and fading news about the Adani Group scandal. Energy stocks outperformed thanks to a rally in oil prices, while the materials, real estate, and communication services sectors lagged. At the style level, value outperformed growth.

Stock selection driven by sentiment insights was the primary contributor to Fund performance. Measures designed to forecast forward-looking company fundamentals and consensus insights tracking broader market exposure motivated a successful underweight in the software industry. Other sentiment measures evaluating data from offshore China were also additive and helped inform stock selection in the country. Specifically, text based insights evaluating broker sentiment and flow-based measures helped correctly position the portfolio. Taiwan-specific sales data led to positive security selection in the country, further contributing to gains.

Fundamental measures, which benefitted as rising rates supported the performance of value stocks, also contributed to performance. Traditional valuation insights that track company sales, cash flow and other financial statement metrics made strong contributions. Contrarian quality measures also did well, led by insights evaluating earnings sustainability and financial stability.

Macro thematic measures detracted from performance. Insights designed to evaluate country-level money supply growth and other economic factors incorrectly positioned the portfolio in Chilean stocks, hurting the Fund’s results. Other contrarian macro thematic measures evaluating consensus positioning and broader market trends also detracted. In addition, macro thematic insights that evaluate the impacts of inflation and shipping port import/export data incorrectly positioned the portfolio in onshore Chinese equities. China-specific measures evaluating job and hiring trends also struggled, motivating incorrect positioning in onshore consumer staples stocks.

The Fund’s cash position had no material impact on performance.

Describe recent portfolio activity.

The Fund maintained a balanced allocation of risk across all major performance drivers, while adding several new signals to the existing set of stock selection insights. The Investment Adviser developed a new insight into artificial intelligence (“AI”) to identify firms that are leading the market in development, deployment and monetization of AI capabilities. This included capturing hiring trends for skills associated with AI as well as executive comments highlighting AI capabilities over the past several years. Additionally, the Fund developed a new insight capturing trends around GLP-1 weight loss drugs to assess the impact on the related equities.

Describe portfolio positioning at period end.

The Fund maintained a largely sector-neutral positioning. It had slight overweights in healthcare and consumer staples, and it had small underweights in financials and consumer discretionary. At the country level, it had a narrow overweight in Brazil and a modest underweight in South 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 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS


Fund Summary as of October 31, 2023 (continued)		BlackRock Defensive Advantage Emerging Markets Fund

Performance


				Average Annual Total Returns^(a)(b)


				1 Year						Since Inception^(c)


	6-Month Total Returns			Without Sales Charge			With Sales Charge			Without Sales Charge			With Sales Charge

Institutional		(4.43	)%		10.13	%		N/A			(0.84	)%		N/A
Investor A		(4.52	)		9.86			4.09	%		(1.08	)		(2.93	)%
Class K		(4.40	)		10.16			N/A			(0.83	)		N/A

MSCI Emerging Markets Minimum Volatility Index^(d)		(5.78	)		6.45			N/A			(2.77	)		N/A

MSCI Emerging Markets Index^(e)		(4.78	)		10.80			N/A			(8.17	)		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.

^(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.

^(c)

The Fund commenced operations on December 21, 2020.

^(d)

An index that aims to reflect the performance characteristics of a minimum variance strategy applied to large- and mid-cap equities across certain emerging markets countries. The index is calculated by optimizing the MSCI Emerging Markets Index, its parent index, for the lowest absolute risk (within a given set of constraints).

^(e)

An index that captures large- and mid-cap representation across emerging markets 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		Ending Account Value		Expenses Paid During			Beginning Account Value		Ending Account Value		Expenses Paid During			Annualized Expense
		(05/01/23)		(10/31/23)		the Period	^(a)		(05/01/23)		(10/31/23)		the Period	^(a)		Ratio

Institutional	$	1,000.00	$	955.70	$	4.07		$	1,000.00	$	1,020.97	$	4.21			0.83	%
Investor A		1,000.00		954.80		5.39			1,000.00		1,019.63		5.57			1.10
Class K		1,000.00		956.00		3.99			1,000.00		1,021.06		4.12			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 184/366 (to reflect the one-half year period shown).

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


FUND SUMMARY		5


Fund Summary as of October 31, 2023 (continued)		BlackRock Defensive Advantage Emerging Markets Fund

Portfolio Information

TEN LARGEST HOLDINGS




Security^(a)	Percent of Net Assets


Colgate-Palmolive India Ltd.		1.5%

Ooredoo QPSC		1.5

Far EasTone Telecommunications Co. Ltd.		1.5

Nahdi Medical Co.		1.5

Saudi Telecom Co.		1.5

Telefonica Brasil SA		1.5

Chunghwa Telecom Co. Ltd.		1.5

First Abu Dhabi Bank PJSC		1.5

HCL Technologies Ltd.		1.5

MISC Bhd		1.5

GEOGRAPHIC ALLOCATION




Country/Geographic Region	Percent of Net Assets


China		22.5%

Taiwan		19.7

India		14.5

Saudi Arabia		8.1

Malaysia		5.8

South Korea		5.2

United Arab Emirates		4.8

Qatar		3.7

Thailand		3.6

Kuwait		3.4

United States		2.7

Brazil		2.1

Greece		1.5

Chile		1.3

Indonesia		1.2

Other^#		0.3

Liabilities in Excess of Other Assets		(0.4)

^(a)	Excludes 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.


6		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS


Fund Summary as of October 31, 2023		BlackRock Defensive Advantage International Fund

Investment Objective

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

On September 20, 2023 the Board of Trustees approved the liquidation of the Fund on or about December 1, 2023. As of November 24, 2023, the Fund no longer accepted orders from new investors or existing shareholders to purchase Fund shares.

Portfolio Management Commentary

How did the Fund perform?

For the six-month period ended October 31, 2023, all of the Fund’s share classes outperformed its primary benchmark, the MSCI EAFE Minimum Volatility Index and outperformed the MSCI EAFE^® Index (the “MSCI EAFE Index”).

What factors influenced performance?

The market environment was volatile during the reporting period, as early gains mostly eroded from the beginning of August 2023 onward. The market initially shrugged off concerns related to the banking crisis in March and April 2023 due to broader excitement around artificial intelligence (“AI”) and the technology sector more generally. However, stocks began to weaken in mid-summer as high inflation fueled concerns that the Fed and other world central banks would need to keep interest rates “higher for longer.”

Given this volatile market backdrop, the Fund’s defensive positioning was additive to performance. Fundamental measures were the top contributor. Quality-related measures, such as those looking at balance sheet strength, drove an overweight position in the communication services sector that contributed positively. Traditional valuation measures also worked well, as they correctly positioned the Fund for the market’s style preferences. Within the Fund’s sentiment-related measures, insights looking at price trends correctly captured the evolving market backdrop and produced gains. Macro-related insights were mainly additive, as well. An insight looking at companies likely to benefit from the emerging artificial intelligence theme was a notable contributor. Analyzing historical data to identify the impact of European crises led to an overweight in Germany, which also contributed positively.

On the other hand, certain fundamental quality measures detracted from results. Select sentiment measures, particularly company governance-related insights, hurt Fund performance. Text-based measures looking at company controversies from news text detracted, as did an insight that analyzes shareholder voting related to company proposals. Another set of text-based insights, which gathers sentiment from online search trends and mobile app usage, led to unsuccessful stock selection in the consumer discretionary sector. Certain measures related to human capital—particularly those that look at veteran hiring, employee sentiment and board diversity—also weighed on results.

Describe recent portfolio activity.

The Fund maintained a balanced allocation of risk across all major performance drivers, while adding several new signals to the existing set of stock selection insights. The Fund built upon its alternative data capabilities by adding an insight that captures brand sentiment in the retail sector. Additionally, given the dynamism of the current environment, the Fund instituted enhanced signal constructs to identify emerging trends, such as sentiment around supply chain disruptions and wage inflation.

Describe portfolio positioning at period end.

The Fund maintained a largely sector-neutral positioning. It had slight overweights in communication services and consumer staples, and it had small underweights in materials and utilities.


FUND SUMMARY		7


Fund Summary as of October 31, 2023 (continued)		BlackRock Defensive Advantage International Fund

Performance


				Average Annual Total Returns^(a)(b)


				1 Year						Since Inception^(c)


	6-Month Total Returns			Without Sales Charge			With Sales Charge			Without Sales Charge			With Sales Charge

Institutional		(6.88	)%		11.97	%		N/A			1.03	%		N/A
Investor A		(7.06	)		11.59			5.74	%		0.75			(1.13	)%
Class K		(6.94	)		12.01			N/A			1.05			N/A
MSCI EAFE Minimum Volatility Index^(d)		(7.68	)		11.53			N/A			(2.05	)		N/A
MSCI EAFE Index^(e)		(7.88	)		14.40			N/A			0.11			N/A

^(a)

^(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 non-U.S. equity securities and equity-like instruments of companies that are components of, or have characteristics similar to, the companies included in the MSCI EAFE Index and derivatives that are tied economically to securities of the MSCI EAFE Index.

^(c)

The Fund commenced operations on December 21, 2020.

^(d)

An index that aims to reflect the performance characteristics of a minimum variance strategy applied to the large- and mid-cap equity universe across developed markets around the world excluding the United States and Canada. The index is calculated by optimizing the MSCI EAFE Index, its parent index, in USD for the lowest absolute risk (within a given set of constraints).

^(e)

An equity index which captures large- and mid-cap representation across certain developed markets countries around the world, excluding the United States and Canada. 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 (05/01/23)	Ending Account Value (10/31/23)	Expenses Paid During the Period	^(a)		Beginning Account Value (05/01/23)	Ending Account Value (10/31/23)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
Institutional	$	1,000.00	$ 931.20	$ 2.29			$ 1,000.00	$ 1,022.77	$	2.39		0.47	%
Investor A		1,000.00	929.40	3.47			1,000.00	1,021.54		3.64		0.72
Class K		1,000.00	930.60	2.19			1,000.00	1,022.87		2.29		0.45

^(a)

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


8		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS


Fund Summary as of October 31, 2023 (continued)		BlackRock Defensive Advantage International Fund

Portfolio Information

TEN LARGEST HOLDINGS




Security^(a)	Percent of Net Assets


Skylark Holdings Co. Ltd.		1.6%

Nippon Telegraph & Telephone Corp.		1.5

ABB Ltd.		1.5

Beiersdorf AG		1.6

Deutsche Telekom AG		1.5

Tokio Marine Holdings, Inc.		1.5

Koninklijke Ahold Delhaize NV		1.5

Wolters Kluwer NV		1.5

SAP SE		1.5

Otsuka Holdings Co. Ltd.		1.5

GEOGRAPHIC ALLOCATION




Country/Geographic Region	Percent of Net Assets


Japan		29.5%

Switzerland		10.2

United Kingdom		7.8

France		6.2

Germany		5.7

Hong Kong		5.5

Singapore		5.4

Netherlands		5.1

United States		4.8

Italy		4.2

Australia		3.1

Spain		2.8

Denmark		2.7

Sweden		1.7

Israel		1.6

China		1.1

Belgium		1.1

Other^#		1.1

Other Assets Less Liabilities		0.4

^(a)	Excludes 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		9


Fund Summary as of October 31, 2023		BlackRock Defensive Advantage U.S. Fund

Investment Objective

BlackRock Defensive Advantage U.S. Fund’s (the “Fund”) investment objective is to seek to provide long-term capital appreciation.

Portfolio Management Commentary

How did the Fund perform?

For the six-month period ended October 31, 2023, the Fund’s Class K shares outperformed its primary benchmark, the MSCI USA Minimum Volatility Index, while the Fund’s Investor A shares underperformed, while the Fund’s Institutional shares performed in line. For the same period, all of the Fund’s share classes underperformed its secondary benchmark, the Russell 1000^® Index.

What factors influenced performance?

The market environment was volatile during the reporting period, as early gains mostly eroded from the beginning of August 2023 onward. The market initially shrugged off concerns related to the banking crisis in March and April 2023 due to broader excitement around artificial intelligence (“AI”) and the technology sector more generally. However, stocks began to weaken in mid-summer as high inflation fueled concerns that the Fed would need to keep interest rates “higher for longer.”

Given this volatile market backdrop, the Fund’s defensive positioning was additive to performance. Fundamental measures were the top contributors as investors refocused on individual company attributes. Quality-related measures, such as those penalizing companies with high levels of external financing, further contributed to results. Traditional valuation measures also worked well, as they led the Fund to hold overweights in consumer distribution and retail stocks that outperformed.

Macro-related insights had a mixed effect on performance. An insight looking at companies likely to benefit from the emerging AI theme was additive. Text-based analysis of news sentiment at the industry level, which motivated a successful underweight in telecommunication services companies, also worked well.

On the other hand, sentiment measures detracted from performance. Insights that seek to gather sentiment data from informed investors led to negative stock selection in the financial sector and were notable detractors. Analysis of mobile app usage also had a negative impact on returns, particularly with respect to beverage and household products stocks. An insight that strives to capture sentiment from the fixed-income market was an additional detractor in a highly volatile environment for bonds. In addition, certain macro-related insights—including one that looks at historical economic data and positions the portfolio based on similarities to current trends—hurt results.

Describe recent portfolio activity.

Describe portfolio positioning at period end.

The Fund maintained a largely sector-neutral positioning. It had slight overweights in consumer staples and industrials, and it had small underweights in materials and information technology.


10		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS


Fund Summary as of October 31, 2023 (continued)		BlackRock Defensive Advantage U.S. Fund

Performance


				Average Annual Total Returns^(a)(b)


				1 Year						Since Inception^(c)


	6-Month Total Returns			Without Sales Charge			With Sales Charge			Without Sales Charge			With Sales Charge

Institutional		(1.74	)%		4.15	%		N/A			3.96	%		N/A
Investor A		(1.90	)		3.85			(1.60	)%		3.69			1.75	%
Class K		(1.70	)		4.19			N/A			3.98			N/A

MSCI USA Minimum Volatility Index^(d)		(1.78	)		2.84			N/A			4.15			N/A
Russell 1000^® Index^(e)		1.37			9.48			N/A			4.80			N/A

^(a)

^(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 of U.S. issuers and derivatives that have similar economic characteristics to such securities.

^(c)

The Fund commenced operations on December 21, 2020.

^(d)

An index that aims to reflect the performance characteristics of a minimum variance strategy applied to the large- and mid-cap U.S. equity universe. The index is calculated by optimizing the MSCI USA Index, its parent index, in USD for the lowest absolute risk (within a given set of constraints).

^(e)

An index that measures the performance of the large-cap segment of the U.S. equity universe. It is a subset of the Russell 3000^® Index and includes approximately 1,000 of the largest securities based on a combination of their market capitalization and current index membership. The index represents approximately 93% of the U.S. market.

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 (05/01/23)	Ending Account Value (10/31/23)	Expenses Paid During the Period	^(a)		Beginning Account Value (05/01/23)	Ending Account Value (10/31/23)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

Institutional		$ 1,000.00	$ 982.60	$ 2.40			$ 1,000.00	$ 1,022.72	$ 2.45		0.48	%
Investor A		1,000.00	981.00	3.64			1,000.00	1,021.46	3.71		0.73
Class K		1,000.00	983.00	2.15			1,000.00	1,022.97	2.20		0.43

^(a)

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

Portfolio Information


TEN LARGEST HOLDINGS


Security^(a)	Percent of Net Assets


Microsoft Corp.		2.7%

Walmart, Inc.		2.4

Motorola Solutions, Inc.		2.4

Gilead Sciences, Inc.		2.2

Waste Management, Inc.		2.2

Johnson & Johnson		2.1

PepsiCo, Inc.		2.1

Eli Lilly & Co.		2.0

Apple, Inc.		2.0

Travelers Cos., Inc.		1.8


SECTOR ALLOCATION


Sector^(b)	Percent of Net Assets


Information Technology		21.4%

Health Care		19.6

Financials		13.0

Industrials		11.8

Consumer Staples		11.5

Utilities		6.5

Communication Services		5.7

Consumer Discretionary		4.9

Energy		2.1

Materials		1.8

Short-Term Securities		4.2

Liabilities in Excess of Other Assets		(2.5)

^(a)	Excludes short-term securities.

^(b)

For Fund compliance purposes, the Fund’s sector classifications refer to one or more of the sector sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease.


FUND SUMMARY		11

About Fund Performance

Institutional Shares 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.

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.

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, 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 under the 1940 Act, among other things, the Funds must either use derivative financial instruments with embedded leverage in a limited manner or comply with an outer limit on fund leverage risk based on value-at-risk. The Funds’ successful use of a derivative financial instrument depends on the investment adviser’s ability to predict pertinent market movements accurately, which cannot be assured. The use of these instruments may result in losses greater than if they had not been used, may limit the amount of appreciation a Fund can realize on an investment and/or may result in lower distributions paid to shareholders. The Funds’ investments in these instruments, if any, are discussed in detail in the Notes to Financial Statements.


12		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited)

October 31, 2023

BlackRock Defensive Advantage Emerging Markets Fund

(Percentages shown are based on Net Assets)


Security	Shares		Value


Common Stocks

Brazil — 2.1%
Ambev SA		22,361	$	57,036
Telefonica Brasil SA, ADR		15,293		136,261


				193,297

Chile — 1.3%
Cia Cervecerias Unidas SA, ADR		10,312		116,011


China — 22.5%
3SBio, Inc. ^(a)		147,500		131,222
Bank of Communications Co. Ltd., Class H		218,000		128,948
Beijing Tiantan Biological Products Corp. Ltd., Class A		14,300		56,188
Beijing Tongrentang Co. Ltd., Class A		1,800		12,590
BOE Technology Group Co. Ltd., Class A		241,500		129,013
BYD Co. Ltd., Class A		3,900		126,834
China CITIC Bank Corp. Ltd., Class H		23,000		10,260
China Petroleum & Chemical Corp., Class H		172,000		87,967
China Railway Group Ltd., Class H		27,000		12,732
China Suntien Green Energy Corp. Ltd., Class H		24,000		8,348
Daqin Railway Co. Ltd., Class A		46,800		45,956
Goldwind Science & Technology Co. Ltd., Class H		122,600		58,495
Guangzhou Automobile Group Co. Ltd., Class H		76,000		35,606
Industrial & Commercial Bank of China Ltd., Class H		117,000		56,072
Kweichow Moutai Co. Ltd., Class A		500		114,771
NetEase, Inc.		1,700		36,383
People’s Insurance Co. Group of China Ltd., Class H		197,000		65,002
SAIC Motor Corp. Ltd., Class A		14,400		28,496
Shanghai Pharmaceuticals Holding Co. Ltd., Class A		2,300		5,648
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		86,200		125,404
Shanghai Rural Commercial Bank Co. Ltd., Class A		56,500		45,862
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		3,400		132,449
Sohu.com Ltd., ADR ^(b)		1,442		11,868
Tencent Holdings Ltd.		1,500		55,513
Tingyi Cayman Islands Holding Corp.		76,000		100,812
Tsingtao Brewery Co. Ltd., Class A		6,500		74,031
Tsingtao Brewery Co. Ltd., Class H		8,000		60,668
Uni-President China Holdings Ltd.		191,000		130,095
Yunnan Baiyao Group Co. Ltd., Class A		10,180		70,498
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H		21,000		10,917
ZTE Corp., Class A		18,200		64,857
ZTE Corp., Class H		2,200		4,889


				2,038,394

Greece — 1.5%
Hellenic Telecommunications Organization SA		9,516		133,380


India — 14.5%
Bharat Petroleum Corp. Ltd.		8,007		33,567
Birlasoft Ltd.		947		6,235
Cipla Ltd.		1,623		23,392
Colgate-Palmolive India Ltd.		5,560		141,164
Dr Reddy’s Laboratories Ltd.		2,057		132,768
HCL Technologies Ltd.		8,735		133,870
ICICI Bank Ltd., ADR		5,959		132,230
Kotak Mahindra Bank Ltd.		5,918		123,715
Lupin Ltd.		9,619		130,347
Petronet LNG Ltd.		9,093		21,799
PI Industries Ltd.		1,101		44,967
Shree Cement Ltd.		426		131,299


Security	Shares		Value


India (continued)
Tata Consultancy Services Ltd.		3,253	$	131,693
Zydus Lifesciences Ltd.		18,661		128,586


				1,315,632

Indonesia — 1.2%
Bank Rakyat Indonesia Persero Tbk PT		170,300		53,250
Unilever Indonesia Tbk PT		227,700		51,890


				105,140

Kuwait — 3.4%
Kuwait Finance House KSCP		60,042		132,835
Mobile Telecommunications Co. KSCP		33,026		51,378
National Bank of Kuwait SAKP		44,456		126,022


				310,235

Malaysia — 5.8%
CIMB Group Holdings Bhd		94,700		113,460
MISC Bhd		87,900		133,755
Petronas Dagangan Bhd		20,300		97,399
Petronas Gas Bhd		36,400		131,405
QL Resources Bhd		42,000		48,748


				524,767

Poland — 0.1%
Orange Polska SA		6,816		12,628


Qatar — 3.7%
Ooredoo QPSC		51,452		139,563
Qatar Electricity & Water Co. QSC		20,523		93,116
Qatar National Bank QPSC		25,744		105,134


				337,813

Russia^(c)— 0.0%
Alrosa PJSC ^(b)		37,207		4
LUKOIL PJSC		1,506		—


				4

Saudi Arabia — 8.1%
Al Rajhi Bank		694		12,423
Alinma Bank		6,780		59,506
Almarai Co. JSC		1,917		28,564
Etihad Etisalat Co.		2,867		35,230
Jarir Marketing Co.		11,887		45,880
Nahdi Medical Co.		3,651		138,045
Sahara International Petrochemical Co.		1,288		11,094
Saudi Arabian Oil Co. ^(a)		12,019		106,781
Saudi Basic Industries Corp.		6,444		132,419
Saudi Industrial Investment Group		3,259		20,845
Saudi Telecom Co.		13,419		137,466
Yanbu National Petrochemical Co.		738		7,459


				735,712

South Korea — 5.2%
CJ Logistics Corp.		1,118		62,856
Hugel, Inc. ^(b)		167		17,619
Hyundai Glovis Co. Ltd.		75		9,518
Kia Corp.		2,180		124,547
LG Uplus Corp.		16,280		122,014
Samsung SDS Co. Ltd.		791		81,081
SK Telecom Co. Ltd., ADR ^(d)		2,615		52,980


				470,615

Taiwan — 19.7%
Asustek Computer, Inc.		12,000		125,821
Chang Hwa Commercial Bank Ltd.		242,631		128,541
Chunghwa Telecom Co. Ltd.		38,000		135,909


SCHEDULE OF INVESTMENTS		13

Schedule of Investments (unaudited) (continued)

October 31, 2023

BlackRock Defensive Advantage Emerging Markets Fund

(Percentages shown are based on Net Assets)


Security	Shares		Value


Taiwan (continued)
Compal Electronics, Inc.		149,000	$	129,605
CTBC Financial Holding Co. Ltd.		177,000		133,299
E.Sun Financial Holding Co. Ltd.		20,757		15,295
Far EasTone Telecommunications Co. Ltd.		59,000		138,203
Gourmet Master Co. Ltd.		33,000		99,152
Hon Hai Precision Industry Co. Ltd.		40,000		119,389
Hon Hai Precision Industry Co. Ltd., GDR, Registered Shares		1,447		8,497
Lite-On Technology Corp.		31,000		96,519
MediaTek, Inc.		5,000		130,497
Novatek Microelectronics Corp.		4,000		56,332
Poya International Co. Ltd.		5,000		76,862
President Chain Store Corp.		16,000		127,270
Taiwan Cooperative Financial Holding Co. Ltd.		80,850		62,785
Taiwan Semiconductor Manufacturing Co. Ltd.		6,000		97,995
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		417		35,991
Tripod Technology Corp.		7,000		35,837
Uni-President Enterprises Corp.		18,000		37,681


				1,791,480

Thailand — 3.6%
Bangkok Dusit Medical Services PCL, NVDR		180,000		132,689
Bumrungrad Hospital PCL, NVDR		1,300		9,396
Intouch Holdings PCL, NVDR		24,900		49,187
PTT Exploration & Production PCL, NVDR		28,200		128,784
Tisco Financial Group PCL, NVDR		1,900		5,088


				325,144

Turkey — 0.2%
Migros Ticaret A/S		1,565		18,662


United Arab Emirates — 4.8%
Abu Dhabi Islamic Bank PJSC		8,806		24,694
Abu Dhabi National Oil Co. for Distribution PJSC		12,729		11,644


Security	Shares		Value


United Arab Emirates (continued)
Dubai Islamic Bank PJSC		90,831	$	133,539
Emirates Telecommunications Group Co. PJSC		26,575		133,563
First Abu Dhabi Bank PJSC		38,928		134,388


				437,828


Total Long-Term Investments — 97.7% (Cost: $9,446,795)				8,866,742


Short-Term Securities

Money Market Funds — 2.7%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 5.24%^(e)(f)		195,893		195,893
SL Liquidity Series, LLC, Money Market Series, 5.53%^(e)(f)(g)		52,484		52,505


Total Short-Term Securities — 2.7% (Cost: $248,393)				248,398


Total Investments — 100.4% (Cost: $9,695,188)				9,115,140

Liabilities in Excess of Other Assets — (0.4)%				(33,830	)


Net Assets — 100.0%			$	9,081,310

^(a)	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.

^(b)	Non-income producing security.

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

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

^(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, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:



Affiliated Issuer	Value at 04/30/23		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 10/31/23		Shares Held at 10/31/23		Income			Capital Gain Distributions from Underlying Funds

BlackRock Liquidity Funds, T-Fund, Institutional Class	$	233,681	$	—		$	(37,788	)^(a)	$	—		$	—	$	195,893		195,893	$	6,185		$	—
SL Liquidity Series, LLC, Money Market Series		—		52,504	^(a)		—			(4	)		5		52,505		52,484		22	^(b)		—


									$	(4	)	$	5	$	248,398			$	6,207		$	—

^(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		3		12/15/23	$	138	$	(10,778	)


14		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

October 31, 2023

BlackRock Defensive 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)	$	—	$	—	$	10,778	$	—	$	—	$	—	$	10,778

^(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, 2023, 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	$	—	$	—	$	(2,399	)	$	—	$	—	$	—	$	(2,399	)


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	(14,764	)	$	—	$	—	$	—	$	(14,764	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts:
Average notional value of contracts — long	$	174,370

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	$	193,297	$	—	$	—	$	193,297
Chile		116,011		—		—		116,011
China		390,781		1,647,613		—		2,038,394
Greece		—		133,380		—		133,380
India		132,230		1,183,402		—		1,315,632
Indonesia		51,890		53,250		—		105,140
Kuwait		—		310,235		—		310,235
Malaysia		411,307		113,460		—		524,767
Poland		12,628		—		—		12,628
Qatar		244,697		93,116		—		337,813
Russia		—		—		4		4
Saudi Arabia		109,674		626,038		—		735,712
South Korea		52,980		417,635		—		470,615
Taiwan		35,991		1,755,489		—		1,791,480
Thailand		—		325,144		—		325,144
Turkey		18,662		—		—		18,662
United Arab Emirates		304,289		133,539		—		437,828


SCHEDULE OF INVESTMENTS		15

Schedule of Investments (unaudited) (continued)

October 31, 2023

BlackRock Defensive Advantage Emerging Markets Fund

Fair Value Hierarchy as of Period End (continued)




	Level 1			Level 2		Level 3		Total


Short-Term Securities
Money Market Funds	$	195,893		$	—	$	—	$	195,893


	$	2,270,330		$	6,792,301	$	4		9,062,635


Investments Valued at NAV^(a)									52,505


								$	9,115,140

Derivative Financial Instruments^(b)
Liabilities
Equity Contracts	$	(10,778	)	$	—	$	—	$	(10,778	)

^(a)

Certain investments of the Fund were fair valued using NAV as a practical expedient 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.


16		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited)

October 31, 2023

BlackRock Defensive Advantage International Fund

(Percentages shown are based on Net Assets)


Security	Shares		Value


Common Stocks

Australia — 3.1%
Aristocrat Leisure Ltd.		5,735	$	140,967
Brambles Ltd.		5,927		49,465
Cochlear Ltd.		69		10,576
Telstra Group Ltd.		37,756		91,554


				292,562

Belgium — 1.1%
UCB SA		1,415		103,493


China — 1.1%
BOC Hong Kong Holdings Ltd.		41,500		109,748


Denmark — 2.7%
Genmab A/S ^(a)		408		115,335
Novo Nordisk A/S, Class B		1,491		143,846


				259,181

Finland — 0.9%
Sampo OYJ, -A Shares		2,233		87,821


France — 6.2%
Air Liquide SA		628		107,609
Engie SA		4,456		70,872
Hermes International		23		42,914
Ipsen SA		51		6,028
La Francaise des Jeux SAEM ^(b)		15		484
L’Oreal SA		329		138,289
Orange SA		8,764		103,082
Sanofi SA		1,353		122,861


				592,139

Germany — 5.5%
Beiersdorf AG		1,112		146,250
Deutsche Telekom AG, Registered Shares		6,720		145,848
Henkel AG & Co. KGaA		316		19,971
Mercedes-Benz Group AG, Registered Shares		32		1,883
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered Shares		168		67,420
SAP SE		1,079		144,729


				526,101

Hong Kong — 5.5%
AIA Group Ltd.		1,200		10,420
CK Infrastructure Holdings Ltd.		13,000		60,255
CLP Holdings Ltd.		15,500		113,441
Hang Seng Bank Ltd.		1,200		13,720
HKT Trust & HKT Ltd., Class SS ^(c)		48,000		49,718
Hongkong Land Holdings Ltd.		10,400		32,986
Jardine Matheson Holdings Ltd.		2,600		105,355
MTR Corp. Ltd.		22,000		82,240
Power Assets Holdings Ltd.		9,500		45,418
Sino Land Co. Ltd.		2,000		1,997
Swire Properties Ltd.		5,200		10,068


				525,618

Ireland — 0.2%
Experian PLC		694		21,055


Israel — 1.6%
Bank Hapoalim BM		6,292		45,006
Bank Leumi Le-Israel BM		2,852		18,370
Israel Discount Bank Ltd., Class A		14,265		62,700


Security	Shares		Value


Israel (continued)
Mizrahi Tefahot Bank Ltd.		187	$	5,788
Nice Ltd. ^(a)		113		17,322


				149,186

Italy — 4.2%
Ferrari NV		123		37,233
Intesa Sanpaolo SpA		54,420		141,807
Mediobanca Banca di Credito Finanziario SpA		7,986		95,396
Recordati Industria Chimica e Farmaceutica SpA		387		17,901
Snam SpA		23,934		109,750


				402,087

Japan — 29.5%
Astellas Pharma, Inc.		11,000		139,149
Bridgestone Corp.		900		34,061
Central Japan Railway Co.		3,100		69,776
Denso Corp.		5,400		79,738
J Front Retailing Co. Ltd.		1,000		9,533
Japan Post Bank Co. Ltd.		12,500		115,865
Japan Tobacco, Inc.		6,200		144,329
KDDI Corp.		4,800		143,591
Kirin Holdings Co. Ltd.		9,900		139,128
Kyowa Kirin Co. Ltd.		400		6,274
Lawson, Inc.		3,000		144,522
MEIJI Holdings Co. Ltd.		2,300		56,612
Mitsubishi Corp.		3,100		144,508
Mitsui & Co. Ltd.		900		32,710
MS&AD Insurance Group Holdings, Inc.		3,800		139,234
Nintendo Co. Ltd.		200		8,263
Nippon Express Holdings, Inc.		800		41,116
Nippon Telegraph & Telephone Corp.		124,400		146,391
Nisshin Seifun Group, Inc.		2,000		30,168
Nissin Foods Holdings Co. Ltd.		300		26,103
Obayashi Corp.		13,500		115,638
Obic Co. Ltd.		700		103,471
Ono Pharmaceutical Co. Ltd.		1,000		17,269
Oracle Corp. Japan		1,400		99,316
Otsuka Holdings Co. Ltd.		4,300		144,678
Santen Pharmaceutical Co. Ltd.		100		867
Sega Sammy Holdings, Inc.		8,000		125,117
Shimamura Co. Ltd.		100		9,869
Shionogi & Co. Ltd.		200		9,313
Skylark Holdings Co. Ltd. ^(a)		10,200		150,489
SoftBank Corp.		7,500		84,801
Takeda Pharmaceutical Co. Ltd.		4,700		127,580
Tokio Marine Holdings, Inc.		6,500		145,419
Unicharm Corp.		800		27,183
Yamada Holdings Co. Ltd.		200		632


				2,812,713

Netherlands — 5.1%
ING Groep NV, Series N		5,050		64,744
Koninklijke Ahold Delhaize NV		4,896		144,979
Koninklijke KPN NV		40,693		136,776
Wolters Kluwer NV		1,129		144,858


				491,357

Singapore — 5.4%
DBS Group Holdings Ltd.		3,900		93,691
Jardine Cycle & Carriage Ltd.		2,300		47,379
Oversea-Chinese Banking Corp. Ltd.		8,000		74,169
Singapore Airlines Ltd.		19,100		85,286


SCHEDULE OF INVESTMENTS		17

Schedule of Investments (unaudited) (continued)

October 31, 2023

BlackRock Defensive Advantage International Fund

(Percentages shown are based on Net Assets)


Security	Shares		Value


Singapore (continued)
Singapore Telecommunications Ltd.		75,300	$	130,847
United Overseas Bank Ltd.		4,200		82,844


				514,216

Spain — 2.8%
ACS Actividades de Construccion y Servicios SA		254		9,186
Bankinter SA		9,312		58,884
Iberdrola SA		4,443		49,415
Industria de Diseno Textil SA		3,970		137,036
Telefonica SA		2,973		11,484


				266,005

Sweden — 1.7%
Investor AB, B Shares		99		1,817
Saab AB, Class B		1,230		63,187
Trelleborg AB, B Shares		3,776		95,492


				160,496

Switzerland — 10.2%
ABB Ltd., Registered Shares		4,354		146,284
Chocoladefabriken Lindt & Spruengli AG		13		143,926
Chocoladefabriken Lindt & Spruengli AG, Registered Shares		1		108,833
Flughafen Zurich AG, Registered Shares		697		130,243
Holcim AG		111		6,863
Kuehne and Nagel International AG, Registered Shares		160		43,146
Nestle SA, Registered Shares		1,316		141,916
Novartis AG, Registered Shares		1,518		142,114
Zurich Insurance Group AG		229		108,773


				972,098

United Kingdom — 7.8%
AstraZeneca PLC		1,020		127,708
BAE Systems PLC		700		9,412
British American Tobacco PLC		1,682		50,245
Diageo PLC		122		4,614
GSK PLC		3,274		58,365
Haleon PLC		678		2,717
Imperial Brands PLC		464		9,885
J Sainsbury PLC		38,551		120,619
Kingfisher PLC		15,809		40,369
National Grid PLC		9,752		116,273
RELX PLC		1,025		35,801
SSE PLC		316		6,280
Tesco PLC		401		1,316


Security	Shares		Value


United Kingdom (continued)
Unilever PLC		2,811	$	133,131
United Utilities Group PLC		2,191		28,337


				745,072

United States — 2.7%
Roche Holding AG		974		257,359


Total Common Stocks — 97.3% (Cost: $9,489,720)				9,288,307


Preferred Securities

Preferred Stocks — 0.2%

Germany — 0.2%
Henkel AG & Co. KGaA		220		15,870


Total Preferred Securities — 0.2% (Cost: $15,555)				15,870


Total Long-Term Investments — 97.5% (Cost: $9,505,275)				9,304,177


Short-Term Securities

Money Market Funds — 2.1%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 5.24%^(d)(e)		199,945		199,945


Total Short-Term Securities — 2.1% (Cost: $199,945)				199,945


Total Investments — 99.6% (Cost: $9,705,220)				9,504,122

Other Assets Less Liabilities — 0.4%				37,989


Net Assets — 100.0%			$	9,542,111

^(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)	A security contractually bound to one or more other securities to form a single saleable unit which cannot be sold separately.

^(d)	Affiliate of the Fund.

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

Affiliates




Affiliated Issuer	Value at 04/30/23		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 10/31/23		Shares Held at 10/31/23		Income			Capital Gain Distributions from Underlying Funds


BlackRock Liquidity Funds, T-Fund, Institutional Class	$	185,579	$	14,366	^(a)	$	—		$	—	$	—	$	199,945		199,945	$	4,866		$	—
SL Liquidity Series, LLC, Money Market Series^(b)		136,500		—			(136,500	)^(a)		—		—		—		—		19	^(c)		—


									$	—	$	—	$	199,945			$	4,885		$	—

^(a)

Represents net amount purchased (sold).

^(b)

As of period end, the entity is no longer held.

^(c)


18		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

October 31, 2023

BlackRock Defensive Advantage International Fund

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 EAFE Index		1		12/15/23	$	99	$	(7,048	)

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)	$	—	$	—	$	7,048	$	—	$	—	$	—	$	7,048

^(a)

For the period ended October 31, 2023, 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	$	—	$	—	$	4,368		$	—	$	—	$	—	$	4,368


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	(14,207	)	$	—	$	—	$	—	$	(14,207	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts:
Average notional value of contracts — long	$	104,498

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




	Level 1		Level 2		Level 3		Total


Assets
Investments
Long-Term Investments
Common Stocks
Australia	$	—	$	292,562	$	—	$	292,562
Belgium		—		103,493		—		103,493
China		—		109,748		—		109,748
Denmark		—		259,181		—		259,181
Finland		—		87,821		—		87,821
France		—		592,139		—		592,139


SCHEDULE OF INVESTMENTS		19

Schedule of Investments (unaudited) (continued)

October 31, 2023

BlackRock Defensive Advantage International Fund

Fair Value Hierarchy as of Period End (continued)




	Level 1			Level 2		Level 3		Total


Common Stocks (continued)
Germany	$	—		$	526,101	$	—	$	526,101
Hong Kong		—			525,618		—		525,618
Ireland		—			21,055		—		21,055
Israel		—			149,186		—		149,186
Italy		—			402,087		—		402,087
Japan		144,522			2,668,191		—		2,812,713
Netherlands		—			491,357		—		491,357
Singapore		—			514,216		—		514,216
Spain		—			266,005		—		266,005
Sweden		—			160,496		—		160,496
Switzerland		108,833			863,265		—		972,098
United Kingdom		—			745,072		—		745,072
United States		—			257,359		—		257,359
Preferred Securities
Preferred Stocks		—			15,870		—		15,870
Short-Term Securities
Money Market Funds		199,945			—		—		199,945


	$	453,300		$	9,050,822	$	—	$	9,504,122

Derivative Financial Instruments^(a)
Liabilities
Equity Contracts	$	(7,048	)	$	—	$	—	$	(7,048	)

^(a)

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

See notes to financial statements.


20		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited)

October 31, 2023

BlackRock Defensive Advantage U.S. Fund

(Percentages shown are based on Net Assets)


Security	Shares		Value


Common Stocks

Aerospace & Defense — 2.2%
Curtiss-Wright Corp.		146	$	29,026
Lockheed Martin Corp.		213		96,839
Northrop Grumman Corp.		24		11,314


			137,179

Air Freight & Logistics — 1.2%
CH Robinson Worldwide, Inc.		486		39,769
FedEx Corp.		146		35,055


				74,824

Automobiles — 0.7%
General Motors Co.		1,422		40,100


Beverages — 2.1%
Coca-Cola Co.		26		1,469
PepsiCo, Inc.		775		126,542


				128,011

Biotechnology — 6.8%
Amgen, Inc.		401		102,536
Exelixis, Inc.^(a)		329		6,774
Gilead Sciences, Inc.		1,738		136,503
Incyte Corp.^(a)		1,444		77,875
Neurocrine Biosciences, Inc.^(a)		25		2,774
Regeneron Pharmaceuticals, Inc.^(a)		87		67,850
Seagen, Inc.^(a)		108		22,983


				417,295

Broadline Retail — 0.1%
Amazon.com, Inc.^(a)		62		8,252


Building Products — 0.1%
A O Smith Corp.		50		3,488


Capital Markets — 1.0%
Moody’s Corp.		202		62,216
Virtu Financial, Inc., Class A		93		1,720


				63,936

Chemicals — 1.6%
Air Products and Chemicals, Inc.		51		14,404
Ecolab, Inc.		324		54,348
Huntsman Corp.		95		2,216
RPM International, Inc.		213		19,441
Sherwin-Williams Co.		29		6,908


				97,317

Commercial Services & Supplies — 6.6%
Cintas Corp.		124		62,883
Republic Services, Inc., Class A		725		107,655
Rollins, Inc.		1,319		49,608
Waste Connections, Inc.		428		55,426
Waste Management, Inc.		812		133,436


				409,008

Communications Equipment — 3.6%
Arista Networks, Inc.^(a)		166		33,262
Cisco Systems, Inc.		787		41,026
Motorola Solutions, Inc.		535		148,976


				223,264


Security	Shares		Value


Construction & Engineering — 0.0%
EMCOR Group, Inc.		3	$	620


Consumer Staples Distribution & Retail — 2.8%
Kroger Co.		506		22,957
Walmart, Inc.		918		150,011


				172,968

Containers & Packaging — 0.0%
International Paper Co.		47		1,585


Diversified Telecommunication Services — 1.3%
Verizon Communications, Inc.		2,285		80,272


Electric Utilities — 3.7%
Duke Energy Corp.		218		19,378
Evergy, Inc.		1,211		59,509
IDACORP, Inc.		674		63,834
OGE Energy Corp.		1,994		68,195
Portland General Electric Co.		381		15,248


				226,164

Electronic Equipment, Instruments & Components — 2.1%
Amphenol Corp., Class A		114		9,183
CDW Corp.		253		50,701
TE Connectivity Ltd.		578		68,117


				128,001

Entertainment — 0.7%
Electronic Arts, Inc.		357		44,193


Financial Services — 3.7%
Berkshire Hathaway, Inc., Class B^(a)		97		33,109
Jack Henry & Associates, Inc.		4		564
Mastercard, Inc., Class A		235		88,442
Visa, Inc., Class A		461		108,381


				230,496

Food Products — 4.3%
Campbell Soup Co.		516		20,852
Flowers Foods, Inc.		2,020		44,299
General Mills, Inc.		787		51,344
Hershey Co.		569		106,602
J M Smucker Co.		272		30,964
Post Holdings, Inc.^(a)		165		13,246


				267,307

Gas Utilities — 0.9%
New Jersey Resources Corp.		60		2,435
ONE Gas, Inc.		890		53,756


				56,191

Health Care Equipment & Supplies — 1.6%
Medtronic PLC		545		38,455
Stryker Corp.		224		60,529


				98,984

Health Care Providers & Services — 4.1%
Cencora, Inc.		67		12,405
Chemed Corp.		71		39,948
CVS Health Corp.		596		41,130
Elevance Health, Inc.		186		83,717
Ensign Group, Inc.		83		8,018
HCA Healthcare, Inc.		68		15,377


SCHEDULE OF INVESTMENTS		21

Schedule of Investments (unaudited) (continued)

October 31, 2023

BlackRock Defensive Advantage U.S. Fund

(Percentages shown are based on Net Assets)


Security	Shares		Value


Health Care Providers & Services (continued)
Humana, Inc.		36	$	18,853
McKesson Corp.		11		5,009
UnitedHealth Group, Inc.		51		27,314


				251,771

Hotels, Restaurants & Leisure — 1.9%
McDonald’s Corp.		414		108,538
Texas Roadhouse, Inc.		89		9,037


				117,575

Household Products — 2.2%
Church & Dwight Co., Inc.		371		33,739
Kimberly-Clark Corp.		653		78,125
Procter & Gamble Co.		172		25,805


				137,669

Industrial Conglomerates — 0.3%
Honeywell International, Inc.		82		15,027


Insurance — 8.2%
American Financial Group, Inc.		279		30,511
Aon PLC, Class A		5		1,547
Arthur J Gallagher & Co.		41		9,655
Chubb Ltd.		24		5,151
Everest Group Ltd.		168		66,464
Hanover Insurance Group, Inc.		450		52,745
Hartford Financial Services Group, Inc.		81		5,949
Kinsale Capital Group, Inc.		5		1,670
Marsh & McLennan Cos., Inc.		370		70,170
Progressive Corp.		99		15,651
Reinsurance Group of America, Inc.		120		17,936
Selective Insurance Group, Inc.		153		15,929
Travelers Cos., Inc.		650		108,836
Unum Group		755		36,920
W.R. Berkley Corp.		1,000		67,420


				506,554

Interactive Media & Services^(a)— 1.7%
Alphabet, Inc., Class A		481		59,682
Alphabet, Inc., Class C		49		6,140
Meta Platforms, Inc., Class A		138		41,575


				107,397

IT Services — 4.1%
Accenture PLC, Class A		56		16,637
Akamai Technologies, Inc.^(a)		423		43,708
Gartner, Inc.^(a)		142		47,150
GoDaddy, Inc., Class A^(a)		300		21,969
International Business Machines Corp.		251		36,305
VeriSign, Inc.^(a)(b)		447		89,248


				255,017

Machinery — 0.3%
Illinois Tool Works, Inc.		26		5,827
Oshkosh Corp.		148		12,984


				18,811

Marine Transportation — 0.0%
Kirby Corp.^(a)		20		1,494


Media — 1.1%
Fox Corp., Class A		2,192		66,615
Fox Corp., Class B		113		3,154


				69,769


Security	Shares		Value


Metals & Mining — 0.2%
Newmont Corp.		311	$	11,653


Multi-Utilities — 1.9%
CMS Energy Corp.		570		30,974
Consolidated Edison, Inc.		1,002		87,965


				118,939

Oil, Gas & Consumable Fuels — 2.1%
Marathon Petroleum Corp.		139		21,024
Pioneer Natural Resources Co.		243		58,077
Valero Energy Corp.		369		46,863


				125,964

Pharmaceuticals — 7.2%
AbbVie, Inc.		515		72,708
Bristol-Myers Squibb Co.		1,868		96,258
Eli Lilly & Co.		223		123,526
Jazz Pharmaceuticals PLC^(a)		19		2,413
Johnson & Johnson		875		129,798
Merck & Co., Inc.		160		16,432


				441,135

Professional Services — 0.9%
Insperity, Inc.		293		31,011
Paychex, Inc.		194		21,544


				52,555

Semiconductors & Semiconductor Equipment — 1.5%
Applied Materials, Inc.		104		13,764
ARM Holdings PLC^(a)		203		10,006
Power Integrations, Inc.		324		22,463
Texas Instruments, Inc.		313		44,449


				90,682

Software — 7.3%
Adobe, Inc.^(a)		46		24,475
Manhattan Associates, Inc.^(a)		322		62,783
Microsoft Corp.		503		170,069
Oracle Corp.		339		35,053
Palo Alto Networks, Inc.^(a)		17		4,131
Roper Technologies, Inc.		138		67,423
VMware, Inc., Class A^(a)(b)		585		85,205
Workday, Inc., Class A^(a)		15		3,176


				452,315

Specialty Retail — 1.7%
O’Reilly Automotive, Inc.^(a)		70		65,131
Penske Automotive Group, Inc.		181		25,897
TJX Cos., Inc.		125		11,009


				102,037

Technology Hardware, Storage & Peripherals — 2.8%
Apple, Inc.		716		122,271
Dell Technologies, Inc., Class C		573		38,339
HP, Inc.		372		9,795


				170,405

Textiles, Apparel & Luxury Goods — 0.6%
Lululemon Athletica, Inc.^(a)		87		34,233


Trading Companies & Distributors — 0.2%
W.W.Grainger, Inc.		18		13,137


22		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

October 31, 2023

BlackRock Defensive Advantage U.S. Fund

(Percentages shown are based on Net Assets)


Security	Shares		Value


Wireless Telecommunication Services — 0.9%
T-Mobile U.S., Inc.^(a)		362	$	52,077


Total Long-Term Investments — 98.3% (Cost: $5,951,289)				6,055,671


Short-Term Securities

Money Market Funds — 4.2%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 5.24%^(c)(d)		90,094		90,094
SL Liquidity Series, LLC, Money Market Series, 5.53%^(c)(d)(e)		167,402		167,469


Total Short-Term Securities — 4.2% (Cost: $257,563)				257,563


Total Investments — 102.5% (Cost: $6,208,852)				6,313,234

Liabilities in Excess of Other Assets — (2.5)%				(153,395	)


Net Assets — 100.0%			$	6,159,839

^(a)	Non-income producing security.

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

^(c)	Affiliate of the Fund.

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

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

For Fund compliance purposes, the Fund’s industry classifications refer to one or more of the industry sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such industry sub-classifications for reporting ease.

Affiliates



Affiliated Issuer	Value at 04/30/23		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 10/31/23		Shares Held at 10/31/23		Income			Capital Gain Distributions from Underlying Funds

BlackRock Liquidity Funds, T-Fund, Institutional Class	$	61,391	$	28,703	^(a)	$	—	$	—	$	—	$	90,094		90,094	$	1,897		$	—
SL Liquidity Series, LLC, Money Market Series		—		167,456	^(a)		—		13		—		167,469		167,402		17	^(b)		—


								$	13	$	—	$	257,563			$	1,914		$	—

^(a)

Represents net amount purchased (sold).

^(b)


SCHEDULE OF INVESTMENTS		23

Schedule of Investments (unaudited) (continued)

October 31, 2023

BlackRock Defensive Advantage U.S. Fund

Fair Value Hierarchy as of Period End




	Level 1		Level 2		Level 3		Total

Assets
Investments
Long-Term Investments
Common Stocks	$	6,055,671	$	—	$	—	$	6,055,671
Short-Term Securities
Money Market Funds		90,094		—		—		90,094


	$	6,145,765	$	—	$	—		6,145,765


Investments Valued at NAV^(a)								167,469


							$	6,313,234

^(a)

Certain investments of the Fund were fair valued using NAV as a practical expedient as no quoted market value is available and therefore have been excluded from the fair value hierarchy.

See notes to financial statements.


24		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Statements of Assets and Liabilities (unaudited)

October 31, 2023


	BlackRock Defensive Advantage Emerging Markets Fund				BlackRock Defensive Advantage International Fund				BlackRock Defensive Advantage U.S. Fund


ASSETS
Investments, at value — unaffiliated^(a)(b)		$	8,866,742			$	9,304,177			$	6,055,671
Investments, at value — affiliated^(c)			248,398				199,945				257,563
Cash pledged for futures contracts			5,000				4,000				—
Foreign currency, at value^(d)			169,176				1,154				—
Receivables:
Investments sold			545,101				—				—
Securities lending income — affiliated			17				—				9
Capital shares sold			—				—				10,173
Dividends — unaffiliated			4,769				41,216				6,427
Dividends — affiliated			874				838				430
From the Manager			14,709				14,967				13,638
Variation margin on futures contracts			—				284				—
Prepaid expenses			39,854				39,854				39,853


Total assets			9,894,640				9,606,435				6,383,764


LIABILITIES
Collateral on securities loaned			52,500				—				167,469
Payables:
Investments purchased			679,231				—				—
Accounting services fees			3,828				3,836				3,685
Administration fees			17				13				—
Capital shares redeemed			—				—				10,202
Custodian fees			21,472				14,451				1,682
Deferred foreign capital gain tax			10,928				—				—
Trustees’ and Officer’s fees			2,391				2,385				2,407
Other accrued expenses			2,286				2,423				1,324
Printing fees			10,845				11,177				11,552
Professional fees			28,798				29,857				25,447
Service fees			23				20				126
Transfer agent fees			100				162				31
Variation margin on futures contracts			911				—				—


Total liabilities			813,330				64,324				223,925


Commitments and contingent liabilities

NET ASSETS		$	9,081,310			$	9,542,111			$	6,159,839


NET ASSETS CONSIST OF
Paid-in capital		$	10,343,996			$	10,548,820			$	6,244,513
Accumulated loss			(1,262,686	)			(1,006,709	)			(84,674	)


NET ASSETS		$	9,081,310			$	9,542,111			$	6,159,839


^(a)Investments, at cost — unaffiliated		$	9,446,795			$	9,505,275			$	5,951,289
^(b)Securities loaned, at value		$	50,650			$	—			$	164,050
^(c)Investments, at cost — affiliated		$	248,393			$	199,945			$	257,563
^(d)Foreign currency, at cost		$	169,245			$	1,170			$	—


FINANCIAL STATEMENTS		25

Statements of Assets and Liabilities (unaudited) (continued)

October 31, 2023


	BlackRock Defensive Advantage Emerging Markets Fund			BlackRock Defensive Advantage International Fund			BlackRock Defensive Advantage U.S. Fund

NET ASSET VALUE
Institutional
Net assets		$	93,089		$	101,387		$	410,107


Shares outstanding			10,635			11,207			41,527


Net asset value		$	8.75		$	9.05		$	9.88


Shares authorized			Unlimited			Unlimited			Unlimited


Par value		$	0.001		$	0.001		$	0.001


Investor A
Net assets		$	110,778		$	99,323		$	648,798


Shares outstanding			12,673			10,995			65,876


Net asset value		$	8.74		$	9.03		$	9.85


Shares authorized			Unlimited			Unlimited			Unlimited


Par value		$	0.001		$	0.001		$	0.001


Class K
Net assets		$	8,877,443		$	9,341,401		$	5,100,934


Shares outstanding			1,014,085			1,032,441			516,391


Net asset value		$	8.75		$	9.05		$	9.88


Shares authorized			Unlimited			Unlimited			Unlimited


Par value		$	0.001		$	0.001		$	0.001

See notes to financial statements.


26		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Statements of Operations (unaudited)

Six Months Ended October 31, 2023


	BlackRock Defensive Advantage Emerging Markets Fund				BlackRock Defensive Advantage International Fund				BlackRock Defensive Advantage U.S. Fund


INVESTMENT INCOME
Dividends — unaffiliated		$	194,636			$	210,217			$	59,790
Dividends — affiliated			6,185				4,866				1,897
Securities lending income — affiliated — net			22				19				17
Foreign taxes withheld			(23,457	)			(16,634	)			(23	)


Total investment income			177,386				198,468				61,681


EXPENSES
Professional			44,875				38,718				35,070
Investment advisory			38,346				22,874				13,331
Custodian			26,704				21,035				3,715
Registration			23,988				23,988				24,025
Printing and postage			11,220				11,407				11,923
Accounting services			7,836				7,900				7,533
Trustees and Officer			3,218				3,218				3,218
Administration			2,037				2,160				1,318
Administration — class specific			958				1,017				620
Service — class specific			134				132				688
Transfer agent — class specific			9				1				771
Miscellaneous			7,424				7,190				6,563


Total expenses			166,749				139,640				108,775
Less:
Administration fees waived			(2,037	)			(2,160	)			(1,318	)
Administration fees waived by the Manager — class specific			(850	)			(936	)			(613	)
Fees waived and/or reimbursed by the Manager			(124,818	)			(113,457	)			(91,998	)
Transfer agent fees waived and/or reimbursed by the Manager — class specific			—				—				(531	)


Total expenses after fees waived and/or reimbursed			39,044				23,087				14,315


Net investment income			138,342				175,381				47,366


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated^(a)			276,412				54,978				123,215
Investments — affiliated			(4	)			—				13
Foreign currency transactions			(8,440	)			(2,717	)			—
Futures contracts			(2,399	)			4,368				—


			265,569				56,629				123,228

Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated^(b)			(799,154	)			(927,932	)			(278,765	)
Investments — affiliated			5				—				—
Foreign currency translations			12				(162	)			—
Futures contracts			(14,764	)			(14,207	)			—


			(813,901	)			(942,301	)			(278,765	)


Net realized and unrealized loss			(548,332	)			(885,672	)			(155,537	)


NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS		$	(409,990	)		$	(710,291	)		$	(108,171	)


^(a)Net of foreign capital gain tax and capital gain tax refund, if applicable of		$	(17,351	)		$	—			$	—
^(b)Net of increase in deferred foreign capital gain tax of		$	(5,968	)		$	—			$	—

See notes to financial statements.


FINANCIAL STATEMENTS		27

Statements of Changes in Net Assets


	BlackRock Defensive Advantage Emerging Markets Fund									BlackRock Defensive Advantage International Fund


	Six Months Ended 10/31/23 (unaudited)				Year Ended 04/30/23				Six Months Ended 10/31/23 (unaudited)				Year Ended 04/30/23


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income		$	138,342			$	298,859			$	175,381			$	256,291
Net realized gain (loss)			265,569				(661,164	)			56,629				(359,055	)
Net change in unrealized appreciation (depreciation)			(813,901	)			406,904				(942,301	)			891,202


Net increase (decrease) in net assets resulting from operations			(409,990	)			44,599				(710,291	)			788,438


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Institutional			(803	)			(2,409	)			(1,476	)			(3,372	)
Investor A			(774	)			(2,382	)			(1,379	)			(3,082	)
Class K			(80,379	)			(234,803	)			(140,238	)			(326,435	)


Decrease in net assets resulting from distributions to shareholders			(81,956	)			(239,594	)			(143,093	)			(332,889	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions			13,070				26,037				5,969				4,944


NET ASSETS
Total increase (decrease) in net assets			(478,876	)			(168,958	)			(847,415	)			460,493
Beginning of period			9,560,186				9,729,144				10,389,526				9,929,033


End of period		$	9,081,310			$	9,560,186			$	9,542,111			$	10,389,526

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

See notes to financial statements.


28		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets (continued)


	BlackRock Defensive Advantage U.S. Fund


	Six Months Ended 10/31/23 (unaudited)				Year Ended 04/30/23


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income		$	47,366			$	79,946
Net realized gain (loss)			123,228				(331,192	)
Net change in unrealized appreciation (depreciation)			(278,765	)			421,622


Net increase (decrease) in net assets resulting from operations			(108,171	)			170,376


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Institutional			(1,487	)			(10,534	)
Investor A			(1,577	)			(7,885	)
Class K			(20,898	)			(144,883	)


Decrease in net assets resulting from distributions to shareholders			(23,962	)			(163,302	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions			154,977				545,402


NET ASSETS
Total increase in net assets			22,844				552,476
Beginning of period			6,136,995				5,584,519


End of period		$	6,159,839			$	6,136,995

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

See notes to financial statements.


FINANCIAL STATEMENTS		29

Financial Highlights

(For a share outstanding throughout each period)


	BlackRock Defensive Advantage Emerging Markets Fund

	Institutional

		Six Months Ended 10/31/23 (unaudited)				Year Ended 04/30/23				Year Ended 04/30/22				Period from 12/21/20^(a) to 04/30/21

Net asset value, beginning of period			$	9.23			$	9.42			$	10.81			$	10.00


Net investment income^(b)				0.13				0.29				0.19				0.02
Net realized and unrealized gain				(0.53	)			(0.25	)			(0.80	)			0.79


Net increase from investment operations				(0.40	)			0.04				(0.61	)			0.81


Distributions^(c)
From net investment income				(0.08	)			(0.23	)			(0.21	)			(0.00	)^(d)
From net realized gain				—				—				(0.57	)			—


Total distributions				(0.08	)			(0.23	)			(0.78	)			(0.00	)


Net asset value, end of period			$	8.75			$	9.23			$	9.42			$	10.81


Total Return^(e)
Based on net asset value				(4.43	)%^(f)			0.60	%			(6.10	)%			8.14	%^(f)


Ratios to Average Net Assets^(g)
Total expenses				3.47	%^(h)			3.75	%			3.81	%			3.18	%^(h)(i)


Total expenses after fees waived and/or reimbursed				0.83	%^(h)			0.85	%			0.81	%			0.81	%^(h)


Net investment income				2.87	%^(h)			3.23	%			1.87	%			0.52	%^(h)


Supplemental Data
Net assets, end of period (000)			$	93			$	97			$	97			$	108


Portfolio turnover rate				106	%			204	%			211	%			64	%

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

^(h)	Annualized.

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

See notes to financial statements.


30		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)


	BlackRock Defensive Advantage Emerging Markets Fund (continued)

	Investor A

		Six Months Ended 10/31/23 (unaudited)				Year Ended 04/30/23				Year Ended 04/30/22				Period from 12/21/20^(a) to 04/30/21

Net asset value, beginning of period			$	9.22			$	9.41			$	10.81			$	10.00


Net investment income^(b)				0.12				0.26				0.17				0.01
Net realized and unrealized gain				(0.53	)			(0.24	)			(0.82	)			0.80


Net increase from investment operations				(0.41	)			0.02				(0.65	)			0.81


Distributions^(c)
From net investment income				(0.07	)			(0.21	)			(0.18	)			(0.00	)^(d)
From net realized gain				—				—				(0.57	)			—


Total distributions				(0.07	)			(0.21	)			(0.75	)			(0.00	)


Net asset value, end of period			$	8.74			$	9.22			$	9.41			$	10.81


Total Return^(e)
Based on net asset value				(4.52	)%^(f)			0.35	%			(6.43	)%			8.14	%^(f)


Ratios to Average Net Assets^(g)
Total expenses				3.74	%^(h)			4.03	%			4.11	%			3.43	%^(h)(i)


Total expenses after fees waived and/or reimbursed				1.10	%^(h)			1.11	%			1.06	%			1.06	%^(h)


Net investment income				2.54	%^(h)			2.99	%			1.62	%			0.27	%^(h)


Supplemental Data
Net assets, end of period (000)			$	111			$	105			$	97			$	108


Portfolio turnover rate				106	%			204	%			211	%			64	%

^(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, excludes the effects of any sales charges and assumes the reinvestment of distributions.

^(f)	Not annualized.

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

^(h)	Annualized.

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

See notes to financial statements.


FINANCIAL HIGHLIGHTS		31

Financial Highlights (continued)

(For a share outstanding throughout each period)


	BlackRock Defensive Advantage Emerging Markets Fund (continued)

	Class K

		Six Months Ended 10/31/23 (unaudited)				Year Ended 04/30/23				Year Ended 04/30/22				Period from 12/21/20^(a) to 04/30/21

Net asset value, beginning of period			$	9.23			$	9.42			$	10.81			$	10.00


Net investment income^(b)				0.13				0.29				0.19				0.02
Net realized and unrealized gain				(0.53	)			(0.25	)			(0.80	)			0.79


Net increase from investment operations				(0.40	)			0.04				(0.61	)			0.81


Distributions^(c)
From net investment income				(0.08	)			(0.23	)			(0.21	)			(0.00	)^(d)
From net realized gain				—				—				(0.57	)			—


Total distributions				(0.08	)			(0.23	)			(0.78	)			(0.00	)


Net asset value, end of period			$	8.75			$	9.23			$	9.42			$	10.81


Total Return^(e)
Based on net asset value				(4.40	)%^(f)			0.60	%			(6.10	)%			8.14	%^(f)


Ratios to Average Net Assets^(g)
Total expenses				3.48	%^(h)			3.66	%			3.75	%			2.84	%^(h)(i)


Total expenses after fees waived and/or reimbursed				0.81	%^(h)			0.81	%			0.81	%			0.81	%^(h)


Net investment income				2.89	%^(h)			3.27	%			1.87	%			0.52	%^(h)


Supplemental Data
Net assets, end of period (000)			$	8,877			$	9,358			$	9,535			$	10,598


Portfolio turnover rate				106	%			204	%			211	%			64	%

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

^(h)	Annualized.

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

See notes to financial statements.


32		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)


	BlackRock Defensive Advantage International Fund

	Institutional

		Six Months Ended 10/31/23 (unaudited)				Year Ended 04/30/23				Year Ended 04/30/22				Period from 12/21/20^(a) to 04/30/21

Net asset value, beginning of period			$	9.85			$	9.42			$	10.62			$	10.00


Net investment income^(b)				0.17				0.24				0.25				0.08
Net realized and unrealized gain				(0.84	)			0.51				(0.60	)			0.55


Net increase from investment operations				(0.67	)			0.75				(0.35	)			0.63


Distributions^(c)
From net investment income				(0.13	)			(0.32	)			(0.26	)			(0.01	)
From net realized gain				—				—				(0.59	)			—


Total distributions				(0.13	)			(0.32	)			(0.85	)			(0.01	)


Net asset value, end of period			$	9.05			$	9.85			$	9.42			$	10.62


Total Return^(d)
Based on net asset value				(6.88	)%^(e)			8.30	%			(3.94	)%			6.30	%^(e)


Ratios to Average Net Assets^(f)
Total expenses				2.74	%^(g)			2.91	%			3.46	%			2.90	%^(g)(h)


Total expenses after fees waived and/or reimbursed				0.47	%^(g)			0.49	%			0.45	%			0.45	%^(g)


Net investment income				3.43	%^(g)			2.63	%			2.35	%			2.08	%^(g)


Supplemental Data
Net assets, end of period (000)			$	101			$	109			$	99			$	106


Portfolio turnover rate				66	%			178	%			189	%			88	%

^(a)	Commencement of operations.

^(b)	Based on average shares outstanding.

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

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

^(e)	Not annualized.

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

^(g)	Annualized.

^(h)	Audit, printing, offering and organization costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 4.50%.

See notes to financial statements.


FINANCIAL HIGHLIGHTS		33

Financial Highlights (continued)

(For a share outstanding throughout each period)


	BlackRock Defensive Advantage International Fund (continued)

	Investor A

		Six Months Ended 10/31/23 (unaudited)				Year Ended 04/30/23				Year Ended 04/30/22				Period from 12/21/20^(a) to 04/30/21

Net asset value, beginning of period			$	9.84			$	9.42			$	10.61			$	10.00


Net investment income^(b)				0.15				0.22				0.22				0.07
Net realized and unrealized gain				(0.83	)			0.49				(0.58	)			0.55


Net increase from investment operations				(0.68	)			0.71				(0.36	)			0.62


Distributions^(c)
From net investment income				(0.13	)			(0.29	)			(0.24	)			(0.01	)
From net realized gain				—				—				(0.59	)			—


Total distributions				(0.13	)			(0.29	)			(0.83	)			(0.01	)


Net asset value, end of period			$	9.03			$	9.84			$	9.42			$	10.61


Total Return^(d)
Based on net asset value				(7.06	)%^(e)			7.92	%			(4.09	)%			6.20	%^(e)


Ratios to Average Net Assets^(f)
Total expenses				3.00	%^(g)			3.18	%			3.82	%			3.15	%^(g)(h)


Total expenses after fees waived and/or reimbursed				0.72	%^(g)			0.74	%			0.70	%			0.70	%^(g)


Net investment income				3.17	%^(g)			2.40	%			2.10	%			1.84	%^(g)


Supplemental Data
Net assets, end of period (000)			$	99			$	104			$	99			$	106


Portfolio turnover rate				66	%			178	%			189	%			88	%

^(a)	Commencement of operations.

^(b)	Based on average shares outstanding.

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

^(d)	Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.

^(e)	Not annualized.

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

^(g)	Annualized.

^(h)	Audit, printing, offering and organization costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 4.75%.

See notes to financial statements.


34	��	2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)


	BlackRock Defensive Advantage International Fund (continued)

	Class K

		Six Months Ended 10/31/23 (unaudited)				Year Ended 04/30/23				Year Ended 04/30/22				Period from 12/21/20^(a) to 04/30/21

Net asset value, beginning of period			$	9.86			$	9.43			$	10.62			$	10.00


Net investment income^(b)				0.17				0.24				0.25				0.08
Net realized and unrealized gain				(0.84	)			0.51				(0.59	)			0.55


Net increase from investment operations				(0.67	)			0.75				(0.34	)			0.63


Distributions^(c)
From net investment income				(0.14	)			(0.32	)			(0.26	)			(0.01	)
From net realized gain				—				—				(0.59	)			—


Total distributions				(0.14	)			(0.32	)			(0.85	)			(0.01	)


Net asset value, end of period			$	9.05			$	9.86			$	9.43			$	10.62


Total Return^(d)
Based on net asset value				(6.94	)%^(e)			8.30	%			(3.84	)%			6.30	%^(e)


Ratios to Average Net Assets^(f)
Total expenses				2.74	%^(g)			2.88	%			3.36	%			2.55	%^(g)(h)


Total expenses after fees waived and/or reimbursed				0.45	%^(g)			0.45	%			0.45	%			0.45	%^(g)


Net investment income				3.45	%^(g)			2.69	%			2.35	%			2.09	%^(g)


Supplemental Data
Net assets, end of period (000)			$	9,341			$	10,177			$	9,731			$	10,408


Portfolio turnover rate				66	%			178	%			189	%			88	%

^(a)	Commencement of operations.

^(b)	Based on average shares outstanding.

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

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

^(e)	Not annualized.

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

^(g)	Annualized.

^(h)	Audit, printing, offering and organization costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 4.15%.

See notes to financial statements.


FINANCIAL HIGHLIGHTS		35

Financial Highlights (continued)

(For a share outstanding throughout each period)



		BlackRock Defensive Advantage U.S. Fund

		Institutional

	Six Months Ended												Period from
			10/31/23		Year Ended				Year Ended						12/21/20	^(a)
	(unaudited)					04/30/23				04/30/22			to 04/30/21

Net asset value, beginning of period		$	10.09			$	10.12			$	10.79			$	10.00


Net investment income^(b)			0.08				0.13				0.15				0.04
Net realized and unrealized gain			(0.25	)			0.12				0.19				0.76


Net increase from investment operations			(0.17	)			0.25				0.34				0.80


Distributions^(c)
From net investment income			(0.04	)			(0.14	)			(0.17	)			(0.01	)
From net realized gain			—				(0.14	)			(0.84	)			—


Total distributions			(0.04	)			(0.28	)			(1.01	)			(0.01	)


Net asset value, end of period		$	9.88			$	10.09			$	10.12			$	10.79


Total Return^(d)
Based on net asset value			(1.74	)%^(e)			2.64	%			2.65	%			7.95	%^(e)


Ratios to Average Net Assets^(f)
Total expenses			3.65	%^(g)			3.72	%			4.25	%			4.06	%^(g)(h)


Total expenses after fees waived and/or reimbursed			0.48	%^(g)			0.48	%			0.43	%			0.43	%^(g)


Net investment income			1.51	%^(g)			1.37	%			1.42	%			1.21	%^(g)


Supplemental Data
Net assets, end of period (000)		$	410			$	422			$	159			$	108


Portfolio turnover rate			65	%			132	%			269	%			61	%

^(a)	Commencement of operations.

^(b)	Based on average shares outstanding.

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

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

^(e)	Not annualized.

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

^(g)	Annualized.

^(h)	Audit, printing, offering and organization costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 7.07%.

See notes to financial statements.


36		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)


	BlackRock Defensive Advantage U.S. Fund (continued)

	Investor A

	Six Months Ended												Period from
			10/31/23		Year Ended				Year Ended						12/21/20	^(a)
	(unaudited)					04/30/23				04/30/22			to 04/30/21

Net asset value, beginning of period		$	10.07			$	10.11			$	10.79			$	10.00


Net investment income^(b)			0.06				0.10				0.13				—
Net realized and unrealized gain			(0.25	)			0.12				0.17				0.79


Net increase from investment operations			(0.19	)			0.22				0.30				0.79


Distributions^(c)
From net investment income			(0.03	)			(0.12	)			(0.14	)			(0.00	)^(d)
From net realized gain			—				(0.14	)			(0.84	)			—


Total distributions			(0.03	)			(0.26	)			(0.98	)			(0.00	)


Net asset value, end of period		$	9.85			$	10.07			$	10.11			$	10.79


Total Return^(e)
Based on net asset value			(1.90	)%^(f)			2.34	%			2.35	%			7.95	%^(f)


Ratios to Average Net Assets^(g)
Total expenses			3.85	%^(h)			4.02	%			4.47	%			4.31	%^(h)(i)


Total expenses after fees waived and/or reimbursed			0.73	%^(h)			0.73	%			0.68	%			0.68	%^(h)


Net investment income			1.24	%^(h)			1.07	%			1.16	%			0.96	%^(h)


Supplemental Data
Net assets, end of period (000)		$	649			$	505			$	198			$	108


Portfolio turnover rate			65	%			132	%			269	%			61	%

^(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, excludes the effects of any sales charges and assumes the reinvestment of distributions.

^(f)	Not annualized.

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

^(h)	Annualized.

⁽ⁱ⁾	Audit, printing, offering and organization costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 7.32%.

See notes to financial statements.


FINANCIAL HIGHLIGHTS		37

Financial Highlights (continued)

(For a share outstanding throughout each period)


	BlackRock Defensive Advantage U.S. Fund (continued)

	Class K

	Six Months Ended												Period from
			10/31/23		Year Ended				Year Ended						12/21/20	^(a)
		(unaudited)				04/30/23				04/30/22			to 04/30/21

Net asset value, beginning of period		$	10.09			$	10.12			$	10.79			$	10.00


Net investment income^(b)			0.08				0.14				0.16				0.04
Net realized and unrealized gain			(0.25	)			0.11				0.18				0.76


Net increase from investment operations			(0.17	)			0.25				0.34				0.80


Distributions^(c)
From net investment income			(0.04	)			(0.14	)			(0.17	)			(0.01	)
From net realized gain			—				(0.14	)			(0.84	)			—


Total distributions			(0.04	)			(0.28	)			(1.01	)			(0.01	)


Net asset value, end of period		$	9.88			$	10.09			$	10.12			$	10.79


Total Return^(d)
Based on net asset value			(1.70	)%^(e)			2.64	%			2.65	%			7.95	%^(e)


Ratios to Average Net Assets^(f)
Total expenses			3.46	%^(g)			3.65	%			4.18	%			3.71	%^(g)(h)


Total expenses after fees waived and/or reimbursed			0.43	%^(g)			0.43	%			0.43	%			0.43	%^(g)


Net investment income			1.56	%^(g)			1.42	%			1.44	%			1.21	%^(g)


Supplemental Data
Net assets, end of period (000)		$	5,101			$	5,210			$	5,228			$	5,181


Portfolio turnover rate			65	%			132	%			269	%			61	%

^(a)	Commencement of operations.

^(b)	Based on average shares outstanding.

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

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

^(e)	Not annualized.

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

^(g)	Annualized.

^(h)	Audit, printing, offering and organization costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 6.72%.

See notes to financial statements.


38		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

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 Defensive Advantage Emerging Markets Fund	Defensive Advantage Emerging Markets	Diversified
BlackRock Defensive Advantage International Fund	Defensive Advantage International	Diversified
BlackRock Defensive Advantage U.S. Fund	Defensive Advantage U.S.	Diversified

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



Share Class	Initial Sales Charge	CDSC			Conversion Privilege

Institutional and Class K Shares	No		No		None
Investor A Shares	Yes		No	^(a)	None

^(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.

On December 1, 2023, all of the assets of Defensive Advantage International and Defensive Advantage U.S. were liquidated completely; the shares of any shareholders were redeemed at the net asset value (“NAV”) per share and the Funds were terminated.

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

2.	*SIGNIFICANT ACCOUNTING POLICIES*

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

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend dates. Non-cash dividends, if any, are recorded on the ex-dividend dates at fair value. Dividends from foreign securities where the ex-dividend dates may have passed are subsequently recorded when the Funds are informed of the ex-dividend dates. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. 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 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, 2023, 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.


NOTES TO FINANCIAL STATEMENTS		39

Notes to Financial Statements (unaudited) (continued)

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. 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 Trustees of each Fund (the “Board”) has approved the designation of each Fund’s Manager as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under the Manager’s policies. If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with the Manager’s policies and procedures as reflecting fair value. The Manager has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

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

•

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.

•

Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published 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.

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;


40		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)



		Standard Inputs Generally Considered By The Valuation Committee And Third-Party Pricing Services

		(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, 2023, certain investments of Defensive Advantage Emerging Markets and Defensive Advantage U.S. were fair valued using NAV as a practical expedient as no quoted market value is available and therefore have been excluded from the fair value hierarchy.

4.	*SECURITIES AND OTHER INVESTMENTS*

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

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

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


NOTES TO FINANCIAL STATEMENTS		41

Notes to Financial Statements (unaudited) (continued)

In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

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



Fund Name/Counterparty		Securities Loaned at Value		Cash Collateral Received	^(a)		Non-Cash Collateral Received, at Fair Value	^(a)		Net Amount

Defensive Advantage Emerging Markets
Barclays Capital, Inc.	$	50,650	$	(50,650	)	$	—		$	—

Defensive Advantage U.S.
J.P. Morgan Securities LLC	$	79,864	$	(79,864	)	$	—		$	—
UBS Securities LLC		84,186		(84,186	)		—			—


	$	164,050	$	(164,050	)	$	—		$	—

^(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.

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

5.	*DERIVATIVE FINANCIAL INSTRUMENTS*

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

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

Futures contracts are exchange-traded agreements between the 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.

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	Defensive Advantage Emerging Markets			Defensive Advantage International			Defensive Advantage U.S.

First $1 billion		0.80	%		0.45	%		0.43	%
$1 billion – $3 billion		0.75			0.42			0.40
$3 billion – $5 billion		0.72			0.41			0.39


42		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)



	Investment Advisory Fees


Average Daily Net Assets	Defensive Advantage Emerging Markets			Defensive Advantage International			Defensive Advantage U.S.

$5 billion – $10 billion		0.70	%		0.39	%		0.37	%
Greater than $10 billion		0.68			0.38			0.36

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

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

Defensive Advantage Emerging Markets

Defensive Advantage International

Defensive Advantage U.S.

Share Class

Service Fees

Distribution Fees

Service Fees

Distribution Fees

Service Fees

Distribution Fees

Investor A

0.25

N/A

0.25

N/A

0.25

N/A

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 BRIL and each broker-dealer for providing shareholder servicing and/or distribution related services to shareholders.

For the six months ended October 31, 2023, the following table shows the class specific service and distribution fees borne directly by each share class of each Fund:



Fund Name	Investor A

Defensive Advantage Emerging Markets	$	134
Defensive Advantage International		132
Defensive Advantage U.S.		688

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, 2023, the following table shows the class specific administration fees borne directly by each share class of each Fund:



Fund Name	Institutional		Investor A		Class K		Total

Defensive Advantage Emerging Markets	$	9	$	11	$	938	$	958
Defensive Advantage International		11		11		995		1,017
Defensive Advantage U.S.		42		55		523		620

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, 2023, the Funds did not pay any amounts to affiliates in return for these services.

For the six months ended October 31, 2023, the following table shows the class specific transfer agent fees borne directly by each share class of each Fund:



Fund Name	Institutional		Investor A		Total

Defensive Advantage Emerging Markets	$	—	$	9	$ 9
Defensive Advantage International		—		1	1
Defensive Advantage U.S.		393		378	771


NOTES TO FINANCIAL STATEMENTS		43

Notes to Financial Statements (unaudited) (continued)

Other Fees: For the six months ended October 31, 2023, affiliates earned underwriting discounts, direct commissions and dealer concessions on sales of each Fund’s Investor A Shares as follows:




Fund Name	Investor A


Defensive Advantage Emerging Markets	$	29
Defensive Advantage U.S.		379

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, 2025. The contractual agreement may be terminated upon 90 days’ notice by a majority of the trustees who are not “interested persons” of the Fund, as defined in the 1940 Act (“Independent Trustees”), or by a vote of a majority of the outstanding voting securities of a Fund. The amount of waivers and/or reimbursements of fees and expenses made pursuant to the expense limitation described below will be reduced by the amount of the affiliated money market fund waiver. These amounts are included in fees waived and/or reimbursed by the Manager in the Statements of Operations. For the six months ended October 31, 2023, the amounts waived were as follows:




Fund Name	Fees Waived and/or Reimbursed by the Manager


Defensive Advantage Emerging Markets	$	90
Defensive Advantage International		71
Defensive Advantage U.S.		27

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, 2025. 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, 2023, there were no fees waived by the Manager pursuant to this arrangement.

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




Fund Name	Institutional			Investor A			Class K


Defensive Advantage Emerging Markets		0.86	%		1.11	%		0.81%
Defensive Advantage International		0.50			0.75			0.45
Defensive Advantage U.S.		0.48			0.73			0.43

The Manager has agreed not to reduce or discontinue the contractual expense limitations through June 30, 2025, 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, 2023, amounts included in the Statements of Operations were as follows:




Fund Name	Fees Waived and/or Reimbursed by the Manager


Defensive Advantage Emerging Markets	$	124,728
Defensive Advantage International		113,386
Defensive Advantage U.S.		91,971





Fund Name	Administration Fees Waived


Defensive Advantage Emerging Markets		$ 2,037
Defensive Advantage International		2,160
Defensive Advantage U.S.		1,318

In addition, these amounts waived and/or reimbursed by the Manager are included in administration fees waived by the Manager — class specific, transfer agent fees waived and/or reimbursed by the Manager — class specific, respectively, in the Statements of Operations. For the six months ended October 31, 2023, class specific expense waivers and/or reimbursements were as follows:




	Administration Fees Waived by the Manager-Class Specific


Fund Name		Institutional		Investor A		Class K		Total

Defensive Advantage Emerging Markets			$ —		$ —		$ 850		$ 850
Defensive Advantage International			—		—		936		936
Defensive Advantage U.S.			42		55		516		613




		Transfer Agent Fees Waived and/or Reimbursed by the Manager - Class Specific


Fund Name				Institutional		Investor A		Total

Defensive Advantage U.S.					$ 289		$ 242		$ 531

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


44		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

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 impose a discretionary liquidity fee of up to 2% of the value withdrawn, if such fee is determined to be in the best interests of the Money Market Series. 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, Defensive Advantage U.S. 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, Defensive Advantage U.S., 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.

Pursuant to the current securities lending agreement, Defensive Advantage Emerging Markets and Defensive Advantage International each 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, Defensive Advantage Emerging Markets and Defensive Advantage International each, pursuant to the securities lending agreement, will retain for the remainder of that calendar year securities lending income in an amount equal to 85% of securities lending income (which excludes collateral investment expenses), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment expenses.

The share of securities lending income earned by each Fund is shown as securities lending income — affiliated — net in the Statements of Operations. For the six months ended October 31, 2023, each Fund paid BIM the following amounts for securities lending agent services:




Fund Name	Amounts


Defensive Advantage Emerging Markets	$	4
Defensive Advantage International		4
Defensive Advantage U.S.		3

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

A lending BlackRock fund may lend in aggregate up to 15% of its net assets but may not lend more than 5% of its net assets to any one borrowing fund through the Interfund Lending Program. A borrowing BlackRock fund may not borrow through the Interfund Lending Program or from any other source more than 33 1/3% of its total assets (or any lower threshold provided for by the fund’s investment restrictions). If a borrowing BlackRock fund’s total outstanding borrowings exceed 10% of its total assets, each of its outstanding interfund loans will be subject to collateralization of at least 102% of the outstanding principal value of the loan. All interfund loans are for temporary or emergency 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, 2023, the Funds did not participate in the Interfund Lending Program.

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

7.	*PURCHASES AND SALES*

For the six months ended October 31, 2023, purchases and sales of investments, excluding short-term securities, were as follows:




Fund Name	Purchases		Sales


Defensive Advantage Emerging Markets	$	10,023,958	$	9,776,420
Defensive Advantage International		6,516,014		6,610,922
Defensive Advantage U.S.		4,292,387		3,968,546


NOTES TO FINANCIAL STATEMENTS		45

Notes to Financial Statements (unaudited) (continued)

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, 2023, 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, 2023, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:



Fund Name	Non-Expiring Capital Loss Carryforwards^(a)


Defensive Advantage Emerging Markets	$	(969,504)
Defensive Advantage International		(935,904)
Defensive Advantage U.S.		(322,128)

^(a)

Amounts available to offset future realized capital gains.

As of October 31, 2023, 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)


Defensive Advantage Emerging Markets	$	9,784,157	$	242,676	$	(922,470	)	$	(679,794	)
Defensive Advantage International		9,792,226		434,017		(729,170	)		(295,153	)
Defensive Advantage U.S.		6,246,373		398,762		(331,901	)		66,861

9.	*BANK BORROWINGS*

The Funds, along with certain other funds managed by the Manager and its affiliates (“Participating Funds”), is 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 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 2024 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, 2023, 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 discretionary liquidity fees under certain circumstances.

Market Risk: Investments in the securities of issuers domiciled in countries with emerging capital markets involve certain additional risks that do not generally apply to investments in securities of issuers in more developed capital markets, such as (i) low or nonexistent trading volume, resulting in a lack of liquidity and increased volatility in prices for such securities; (ii) 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.


46		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

Infectious Illness Risk: An outbreak of an infectious illness, such as the COVID-19 pandemic, may adversely impact the economies of many nations and the global economy, and may impact individual issuers and capital markets in ways that cannot be foreseen. An infectious illness outbreak may result in, among other things, closed international borders, prolonged quarantines, supply chain disruptions, market volatility or disruptions and other significant economic, social and political impacts.

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.

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

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

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

Certain Funds invest a significant portion of their assets in securities of issuers located in the United States. A decrease in imports or exports, changes in trade regulations, inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain securities. Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may constrain future economic growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative “debt ceiling.” Such non-payment would result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries deteriorate, it could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to continue, they may have an adverse impact on the U.S. economy and the issuers in which the Funds invest.

Certain Funds invest a significant portion of their assets in securities of issuers located in 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


NOTES TO FINANCIAL STATEMENTS		47

Notes to Financial Statements (unaudited) (continued)

or more other countries may withdraw from the European Union and/or abandon the Euro, the common currency of the European Union. These events and actions have adversely affected, and may in the future adversely affect, the value and exchange rate of the Euro and may continue to significantly affect the economies of every country in Europe, including countries that do not use the Euro and non-European Union member states. 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 have been, and may continue to 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.

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

11.

CAPITAL SHARE TRANSACTIONS

Transactions in capital shares for each class were as follows:




		Six Months Ended 10/31/23						Year Ended 04/30/23


Fund Name / Share Class		Shares			Amounts			Shares			Amounts


Defensive Advantage Emerging Markets
Institutional
Shares sold			130		$	1,200			171		$	1,500
Shares issued in reinvestment of distributions			2			18			2			15


			132		$	1,218			173		$	1,515


Investor A
Shares sold			1,282		$	11,641			1,046		$	9,602
Shares issued in reinvestment of distributions			8			73			25			220
Shares redeemed			—			—			(15	)		(132	)


			1,290		$	11,714			1,056		$	9,690


Class K
Shares sold			—		$	—			2,045		$	17,483
Shares issued in reinvestment of distributions			15			138			31			265
Shares redeemed			—			—			(331	)		(2,916	)


			15		$	138			1,745		$	14,832


			1,437		$	13,070			2,974		$	26,037




	Six Months Ended 10/31/23							Year Ended 04/30/23


Fund Name / Share Class	Shares				Amounts			Shares			Amounts


Defensive Advantage International
Institutional
Shares sold			124		$	1,201			166		$	1,500
Shares issued in reinvestment of distributions			3			30			379			3,371


			127		$	1,231			545		$	4,871


Investor A
Shares sold			478		$	4,737			—		$	—
Shares issued in reinvestment of distributions			6			60			—			—
Shares redeemed			(6	)		(60	)		—			—


			478		$	4,737			—		$	—


Class K
Shares sold			—		$	—			8		$	71
Shares issued in reinvestment of distributions			—			1			—			2


			—		$	1			8		$	73


			605		$	5,969			553		$	4,944


48		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)




	Six Months Ended 10/31/23						Year Ended 04/30/23


Fund Name / Share Class	Shares			Amounts			Shares			Amounts


Defensive Advantage U.S.
Institutional
Shares sold		657		$	6,696			47,562		$	458,055
Shares issued in reinvestment of distributions		106			1,096			779			7,515
Shares redeemed		(1,064	)		(10,779	)		(22,173	)		(217,350	)


		(301	)	$	(2,987	)		26,168		$	248,220

Investor A
Shares sold		15,647		$	157,333			38,813		$	375,420
Shares issued in reinvestment of distributions		121			1,250			528			5,073
Shares redeemed		(61	)		(619	)		(8,767	)		(83,384	)


		15,707		$	157,964			30,574		$	297,109

Class K
Shares sold		—		$	—			7		$	72
Shares issued in reinvestment of distributions		—			—			—			1


		—		$	—			7		$	73


		15,406		$	154,977			56,749		$	545,402

As of October 31, 2023, shares owned by BlackRock Financial Management, Inc., an affiliate of the Funds, were as follows:




Fund Name	Institutional		Investor A		Class K


Defensive Advantage Emerging Markets		10,330		10,312		1,012,325
Defensive Advantage International		10,912		10,517		1,032,433
Defensive Advantage U.S.		10,758		10,743		516,384

12.

SUBSEQUENT EVENTS

Management’s evaluation of the impact of all subsequent events on the Funds’ financial statements was completed through the date the financial statements were issued and the following item was noted:


NOTES TO FINANCIAL STATEMENTS		49

Disclosure of Investment Advisory Agreement and Sub-Advisory Agreements

The Board of Trustees (the “Board,” the members of which are referred to as “Board Members”) of BlackRock Funds (the “Trust”) met on April 18, 2023 (the “April Meeting”) and May 23-24, 2023 (the “May Meeting”) to consider the approval to continue the investment advisory agreement (the “Advisory Agreement”) between the Trust, on behalf of BlackRock Defensive Advantage U.S. Fund (“Defensive Advantage U.S. Fund”), BlackRock Defensive Advantage International Fund (“Defensive Advantage International Fund”) and BlackRock Defensive Advantage Emerging Markets Fund (“Defensive Advantage Emerging Markets Fund” and, together with the Defensive Advantage U.S. Fund and the Defensive Advantage International Fund, the “Funds” and, each individually, a “Fund”), and BlackRock Advisors, LLC (the “Manager”), each Fund’s investment advisor.

The Board also considered the approval to continue the sub-advisory agreement between the Manager and BlackRock International Limited (the “Sub-Advisor”) with respect to the Defensive Advantage U.S. Fund (the “Defensive Advantage U.S. Fund Sub-Advisory Agreement”), the Defensive Advantage International Fund (the “Defensive Advantage International Fund Sub-Advisory Agreement”) and the Defensive Advantage Emerging Markets Fund (the “Defensive Advantage Emerging Markets Fund Sub-Advisory Agreement” and, together with the Defensive Advantage U.S. Fund Sub-Advisory Agreement and the Defensive Advantage International Fund Sub-Advisory Agreement, the “Sub-Advisory Agreements”).

The Manager and the Sub-Advisor are referred to herein as “BlackRock.” The Advisory Agreement and the Sub-Advisory Agreements 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 of which extended over a two-day period, 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 regarding the renewal of the Agreements. In considering the renewal of the Agreements, the Board assessed, among other things, the nature, extent and quality of the services provided to the Fund by BlackRock, BlackRock’s personnel and affiliates, including (as applicable): investment management services; accounting oversight; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; and legal, regulatory and compliance services. Throughout the year, including during the contract renewal process, the Independent Board Members were advised by independent legal counsel, and met with independent legal counsel in various executive sessions outside of the presence of BlackRock’s management.

During the year, the Board, acting directly and through its committees, considered information that was relevant to its annual consideration of the renewal of the Agreements, including the services and support provided by BlackRock to the Fund and its shareholders. BlackRock also furnished additional information to the Board in response to specific questions from the Board. Among the matters the Board considered were: (a) investment performance for one-year, three-year, five-year, and/or since inception periods, as applicable, against peer funds, 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 are 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.


50		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

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

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

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

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

B. The Investment Performance of the Funds and BlackRock

The Board, including the Independent Board Members, reviewed and considered the performance history of each 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 each Fund’s performance as of December 31, 2022, 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, with respect to each Fund, the Board received and reviewed information regarding the investment performance of the Fund as compared to its Performance Peers and the respective Morningstar Category (“Morningstar Category”). The Board and its Performance Oversight Committee regularly review, and meet with Fund management to discuss, the performance of each Fund throughout the year.

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

The Board noted that for the one-year and since-inception periods reported, Defensive Advantage U.S. Fund ranked in the first and second quartiles, respectively, against its Morningstar Category.

The Board noted that for each of the one-year and since-inception periods reported, each of Defensive Advantage International Fund and Defensive Advantage Emerging Markets Fund ranked in the first quartile against its Morningstar Category.


DISCLOSURE OF INVESTMENT ADVISORY AGREEMENT AND SUB - ADVISORY AGREEMENTS		51

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

The Board noted that BlackRock believes that the Morningstar Category is an appropriate performance metric for each Fund, and that BlackRock has explained its rationale for this belief to the Board.

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

The Board, including the Independent Board Members, reviewed each Fund’s contractual management fee rate compared with those of its Expense Peers. The contractual management fee rate represents a combination of the advisory fee and any administrative fees, before taking into account any reimbursements or fee waivers. The Board also compared each Fund’s total expense ratio, as well as its actual management fee rate, to those of its Expense Peers. The total expense ratio represents a fund’s total net operating expenses, including any 12b-1 or non-12b-1 service fees. The total expense ratio gives effect to any expense reimbursements or fee waivers, and the actual management fee rate gives effect to any management fee reimbursements or waivers. The Board considered that the fee and expense information in the Broadridge report for the Fund reflected information for a specific period and that historical asset levels and expenses may differ from current levels, particularly in a period of market volatility. The Board 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, 2022 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 and resources, assumption of risk, and liability profile in servicing the Funds, including in contrast to what is required of BlackRock with respect to other products with similar investment mandates across the open-end fund, ETF, closed-end fund, sub-advised mutual fund, separately managed account, collective investment trust, and institutional separate account product channels, as applicable.

The Board noted that each of Defensive Advantage U.S. Fund’s, Defensive Advantage International Fund’s and Defensive Advantage Emerging Markets Fund’s contractual management fee rate ranked in the first quartile, and that the actual management fee rate and total expense ratio each ranked in the first quartile relative to the pertinent Fund’s Expense Peers.

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 additionally noted that the breakpoints can, conversely, adjust the advisory fee rate upward as the size of the pertinent Fund decreases below certain contractually specified levels. The Board further noted that BlackRock and the Board have contractually agreed to a cap on the Fund’s total expenses as a percentage of the Fund’s average daily net assets on a class-by-class basis.

D. Economies of Scale

The Board, including the Independent Board Members, considered the extent to which 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. With respect to securities lending, during the year the Board also considered information provided by independent third-party consultants related to the performance of each BlackRock affiliate as securities lending agent. The Board also considered BlackRock’s overall operations and its efforts to expand the scale of, and improve the quality of, its operations. The Board also noted that, subject to applicable law, BlackRock may use and benefit from third-party research obtained by soft dollars generated by certain registered fund transactions to assist in managing all or a number of its other client accounts.

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


52		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

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

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, in a continuation of the discussions that occurred during the April Meeting, and as a culmination of the Board’s year-long deliberative process, the Board, including the Independent Board Members, unanimously approved the continuation of the Advisory Agreement between the Manager and the Trust, on behalf of each Fund, for a one-year term ending June 30, 2024, and the Defensive Advantage U.S. Fund Sub-Advisory Agreement between the Manager and the Sub-Advisor with respect to the Defensive Advantage U.S. Fund, the Defensive Advantage International Fund Sub-Advisory Agreement between the Manager and the Sub-Advisor with respect to the Defensive Advantage International Fund and the Defensive Advantage Emerging Markets Fund between the Manager and the Sub-Advisor with respect to the Defensive Advantage Emerging Markets Fund each for a one-year term ending June 30, 2024. Based upon its evaluation of all of the aforementioned factors in their totality, as well as other information, the Board, including the Independent Board Members, was satisfied that the terms of the Agreements were fair and reasonable and, in the best interest of each Fund and its shareholders. In arriving at its decision to approve the Agreements, the Board did not identify any single factor or group of factors as all-important or controlling, but considered all factors together, and different Board Members may have attributed different weights to the various factors considered. The Independent Board Members were advised by independent legal counsel throughout the deliberative process.


DISCLOSURE OF INVESTMENT ADVISORY AGREEMENT AND SUB - ADVISORY AGREEMENTS		53

Additional Information

Tailored Shareholder Reports for Open-End Mutual Funds and ETFs

Effective January 24, 2023, the SEC adopted rule and form amendments to require open-end mutual funds and ETFs to transmit concise and visually engaging streamlined annual and semiannual reports to shareholders that highlight key information. Other information, including financial statements, will no longer appear in a streamlined shareholder report but must be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. At this time, management is evaluating the impact of these amendments on the shareholder reports for the Funds.

General Information

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

Householding

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

Availability of Quarterly Schedule of Investments

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

Availability of Proxy Voting Policies, Procedures and Voting Records

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

BlackRock’s Mutual Fund Family

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

Shareholder Privileges

Account Information

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

Automatic Investment Plans

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

Systematic Withdrawal Plans

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

Retirement Plans

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

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.


54		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Additional Information (continued)

BlackRock Privacy Principles (continued)

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

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

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

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

Fund and Service Providers


Investment Adviser		Distributor
BlackRock Advisors, LLC		BlackRock Investments, LLC
Wilmington, DE 19809		New York, NY 10001

Sub-Adviser		Independent Registered Public Accounting Firm
BlackRock International Limited		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 02114
		Address of the Funds
Transfer Agent		100 Bellevue Parkway
BNY Mellon Investment Servicing (US) Inc.		Wilmington, DE 19809
Wilmington, DE 19809


ADDITIONAL INFORMATION		55

Glossary of Terms Used in this Report

Portfolio Abbreviation



ADR		American Depositary Receipt

GDR		Global Depositary Receipt

JSC		Joint Stock Company

MSCI		Morgan Stanley Capital International

NVDR		Non-Voting Depositary Receipt

PCL		Public Company Limited

PJSC		Public Joint Stock Company


56		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

THIS PAGE INTENTIONALLY LEFT BLANK.

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.

DEF-10/23-SAR

LOGO

OCTOBER 31, 2023

2023 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,

Sincerely,

LOGO

Rob Kapito

President, BlackRock Advisors, LLC

LOGO

Rob Kapito

President, BlackRock Advisors, LLC


Total Returns as of October 31, 2023
	6-Month		12-Month

U.S. large cap equities (S&P 500^® Index)		1.39%		10.14%

U.S. small cap equities (Russell 2000^® Index)		(5.29)		(8.56)

International equities (MSCI Europe, Australasia, Far East Index)		(7.88)		14.40

Emerging market equities (MSCI Emerging Markets Index)		(4.78)		10.80

3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)		2.63		4.77

U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)		(9.70)		(3.25)

U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)		(6.13)		0.36

Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)		(4.65)		2.64

U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)		0.02		6.23

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		132
Statements of Operations		134
Statements of Changes in Net Assets		135
Financial Highlights		136
Notes to Financial Statements		144
Disclosure of Investment Advisory Agreement and Sub-Advisory Agreement		157
Additional Information		161
Glossary of Terms Used in this Report		163

LOGO


		3


Fund Summary as of October 31, 2023		BlackRock Advantage Emerging Markets Fund

Investment Objective

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

Portfolio Management Commentary

How did the Fund perform?

For the six-month period ended October 31, 2023, the Fund’s Institutional, Investor A and Class K Shares outperformed its benchmark, the MSCI Emerging Markets Index, while the Investor C Shares performed in line.

What factors influenced performance?

Emerging market (“EM”) equities finished the period lower, as investor skepticism about risk assets deepened. There was a notable recovery in early 2023 as inflationary pressures initially benefited commodity markets. However, as fears of a U.S. 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 as U.S. inflation in services and wages proved to be stickier than expected also weighed on EM equities. As the period progressed, investors shifted their attention to U.S.-China tensions, while a strong U.S. jobs report and slowing inflation contributed to a preference for developed markets over EM. Brazil was a standout performer as the country saw a sharp increase in growth expectations and softer inflation data which fueled rate cut expectations. Similarly, India drove gains as United States and European investors continued to see India as an alternative to China. Asia led 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 information technology (“IT”) sector 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 and high inflation rates persisted. Although commodities performed well as output cuts by the Organization of the Petroleum Exporting Countries (“OPEC+”) drove oil prices higher, policy themes ultimately put pressure on emerging market equities with materials, real estate and communication stocks the most notable laggards. Value stocks proved more resilient than growth during the period.

Sentiment measures drove positive contributions to the Fund’s performance, as they were able to correctly capture emerging market themes. Insights designed to track analyst, broker and informed investor views successfully positioned the portfolio around the China reopening theme. This was most observable from the Fund’s overweight allocation to onshore Chinese equities in the consumer discretionary sector. Other consumer intent-related sentiment measures evaluating mobile application usage and downloads also helped correctly position the portfolio.

Elsewhere, defensive quality measures performed well amid broader market stability concerns stemming from developed market banking turmoil. Insights with a preference for lower volatility as well as those designed to evaluate company financing ability performed best amid a broader market focus on the financial health of businesses. Other nontraditional quality measures also benefited performance. Measures evaluating green patents helped motivate successful positioning across utilities stocks.

Conversely, despite strong contributions from stock selection insights, broader macro positioning detracted from performance. In an effort to fund overweight positions to Taiwan IT stocks, the portfolio was underweight in Korean IT stocks which outperformed as Asian technology stocks broadly benefited from supportive Chinese policy. Also, despite positive contributions from the Fund’s broader positioning in China onshore equities, China-specific consumer indication insights detracted, as did text-based measures tracking companies exposed to the country’s clean energy transition.

The Fund’s cash balance was 5.5% at period end and averaged 5.7% for the period. The cash balance did not materially affect relative performance during the period.

Describe recent portfolio activity.

Over the course of the reporting 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 reporting period with largely neutral positioning from a sector and country perspective. The Fund had slight overweight positions in the IT and consumer discretionary sectors, and maintained slight underweights in financials and utilities. From a geographical perspective, the Fund had a slight overweight position to Taiwan and maintained a slight underweight position to India.


4		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS


Fund Summary as of October 31, 2023 (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		(4.20	)%		12.71	%		N/A			0.76	%		N/A			(0.88	)%		N/A

Investor A		(4.38	)		12.38			6.48	%		0.47			(0.61	)%		(1.14	)		(1.67	)%

Investor C		(4.81	)		11.53			10.53			(0.30	)		(0.30	)		(1.73	)		(1.73	)

Class K		(4.19	)		12.77			N/A			0.81			N/A			(0.85	)		N/A

MSCI Emerging Markets Index^(c)		(4.78	)		10.80			N/A			1.59			N/A			1.19			N/A

^(a)

^(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 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 (05/01/23)		Ending Account Value (10/31/23)		Expenses Paid During the Period	^(a)		Beginning Account Value (05/01/23)		Ending Account Value (10/31/23)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
Institutional	$	1,000.00	$	958.00	$	4.17		$	1,000.00	$	1,020.88	$	4.30		0.85	%
Investor A		1,000.00		956.20		5.64			1,000.00		1,019.37		5.82		1.15
Investor C		1,000.00		951.90		9.30			1,000.00		1,015.60		9.61		1.90
Class K		1,000.00		958.10		3.97			1,000.00		1,021.08		4.10		0.81

^(a)

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

Portfolio Information


GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Net Assets
China		28.8	%
Taiwan		16.9
India		11.9
South Korea		9.1
Brazil		7.3
United States		6.0
Malaysia		4.0
Saudi Arabia		3.0
Thailand		2.6
Poland		2.3
Chile		2.2
South Africa		1.4
Other^#		4.2
Other Assets Less Liabilities		0.3

#	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, 2023		BlackRock Global Equity Market Neutral Fund

Investment Objective

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

Portfolio Management Commentary

How did the Fund perform?

For the six-month period ended October 31, 2023, all of the Fund’s share classes outperformed its benchmark, the ICE BofA 3-Month U.S. Treasury Bill Index.

What factors influenced performance?

The market environment was volatile as early gains mostly eroded over the last few months of the reporting period. Initially, the market was able to shrug off concerns around the banking crisis in March and April 2023 due to broader excitement around artificial intelligence (“AI”) and technology stocks. This ultimately drove markets to fresh highs in July 2023, before correcting into period-end. Persistently high inflation, led by wage growth, ran against the prevailing “soft-landing” narrative as the market began to reevaluate the impact of “higher-for-longer” interest rates with policy makers reiterating a hawkish stance. This led to a rotation in market leadership in the third quarter of 2023, following a path similar to that seen in 2022 as both stocks and bonds declined. Amid the sharp rise in longer-term rates, value stock performance proved more resilient relative to growth.

The Fund performed well against this backdrop, providing positive absolute returns led by security selection, notably fundamental value insights which benefited from the move higher in rates. More traditional measures of valuation, such as comparing stocks across sales, earnings yield, and research and development expenditures performed best. These measures also helped motivate long exposure to domestically oriented Japanese stocks that were most exposed to an expected policy normalization by the Bank of Japan. Within fundamentals insights, contrarian quality measures that evaluate the sustainability of earnings and financial stability performed well via a negative stance towards expensive information technology stocks. As these stocks struggled during the summer months with the AI-trade retreating, the Fund performed well through short positions in those companies. Additionally, a preference towards lower volatility stocks performed well amid rising market turbulence.

Sentiment insights were also broadly additive led by gains from insights capturing the positioning of informed investors. This was particularly effective across the short book via a negative stance towards healthcare equipment and service providers and coincided with news flow around the health benefits of GLP1 weight loss drugs. Elsewhere, insights were more mixed with text-based measures tracking the views of analysts and management struggling against the shifting market backdrop.

While stock selection drove gains, macro-related insights and positioning struggled for traction during the period. Notably, top-down positioning proved overly cyclical for the evolving backdrop in August, September and October 2023. These measures motivated a slight net long posture, initiated in June 2023 and maintained until period-end, which detracted against the market decline during the July through October period.

Similarly, industry selection struggled through a preference for consumer cyclicals, such as airlines and home builders, which came under pressure amid rising economic concerns. Style timing models partially offset the weakness having reflected a preference for value relative to growth.

The Fund was fully invested throughout the reporting 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.

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 developed a new insight to identify firms that are leading the market in development, deployment and monetization of AI capabilities. This included capturing hiring trends for skills associated with AI as well as executive comments highlighting capabilities over the past several years. Additionally, the Fund developed a new insight capturing trends around GLP-1 weight loss drugs to better understand the impact on firms across sectors.

Describe portfolio positioning at period end.

Macro insights continued to point to lack of a near-term recession risk while a style timing model based on interest rates suggests that the aggressive upward move in longer-term rates may be over. In combination, this supported a more positive outlook for equities, justifying a slight net long posture of around 6%.

As a result, the Fund had increased dividend yield exposure while selling volatility and covering growth (duration). Along the sector dimension the Fund had increased its long exposure to IT, which sits alongside a retained soft-landing/pro-value stance via long exposure to industrials and consumer discretionary.

The short side continued to express concerns around the overall impact of current high interest rate levels (as opposed to the direction of rates). This was underpinned by a negative stance with respect to financials, real estate and utilities. There also remained a negative view towards economies where consumers tend to be more sensitive to rising rates, such as the Nordic countries as well as Canada and Australia. In contrast, improving views from stock selection insights resulted in the Fund having shifted positioning in the United Kingdom to a long stance.


6		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS


Fund Summary as of October 31, 2023 (continued)		BlackRock Global Equity Market Neutral 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		6.67	%		13.77	%		N/A			2.98	%		N/A			2.40	%		N/A

Investor A		6.61			13.54			7.58	%		2.71			1.60	%		2.14			1.59	%

Investor C		6.10			12.65			11.65			1.93			1.93			1.53			1.53

Class K		6.71			13.88			N/A			3.02			N/A			2.45			N/A

ICE BofA 3-Month U.S. Treasury Bill Index^(c)		2.63			4.77			N/A			1.78			N/A			1.16			N/A

^(a)

^(b)

Under normal circumstances, 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)

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

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

Past performance is not an indication of future results.

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

Expense Example


	Actual							Hypothetical 5% Return
		Beginning Account Value (05/01/23)		Ending Account Value (10/31/23)		Expenses Paid During the Period	^(a)		Beginning Account Value (05/01/23)		Ending Account Value (10/31/23)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
Institutional	$	1,000.00	$	1,066.70	$	6.97		$	1,000.00	$	1,018.39	$	6.80		1.34	%
Investor A		1,000.00		1,066.10		8.26			1,000.00		1,017.14		8.07		1.59
Investor C		1,000.00		1,061.00		12.13			1,000.00		1,013.37		11.85		2.34
Class K		1,000.00		1,067.10		6.71			1,000.00		1,018.65		6.55		1.29

^(a)

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		29.2	%		27.5	%		56.7	%
Japan		8.3			7.7			16.0
United Kingdom		2.6			1.9			4.5
Canada		1.7			2.1			3.8
Germany		1.7			0.8			2.5
Australia		1.2			1.2			2.4
France		1.1			1.3			2.4
Switzerland		0.7			1.1			1.8
Sweden		0.3			1.1			1.4
Netherlands		0.3			1.0			1.3
Other^#		3.6			3.6			7.2

		50.7	%		49.3	%		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.


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

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.

Derivative Financial Instruments


8		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited)

October 31, 2023

BlackRock Advantage Emerging Markets Fund

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Australia — 0.5%
BHP Group Ltd., Class DI		14,874	$	423,985


Brazil — 6.0%
Ambev SA		287,347		732,936
Ambev SA, ADR		79,252		200,508
Banco Bradesco SA, ADR		42,589		118,823
Cielo SA		851,442		594,452
Cogna Educacao SA^(a)		1,577,270		750,820
NU Holdings Ltd., Class A^(a)		4,588		37,622
Odontoprev SA		53,757		111,315
Qualicorp Consultoria e Corretora de Seguros SA		80,003		45,541
Telefonica Brasil SA		7,450		66,849
Vale SA		62,655		857,479
Vale SA, ADR		34,166		468,416
XP, Inc., Class A		38,610		772,200
YDUQS Participacoes SA		11,940		41,989


				4,798,950

Chile — 2.1%
Banco de Chile		562,263		57,753
Banco de Chile, ADR		3,157		64,655
Banco Santander Chile		815,806		35,556
Banco Santander Chile, ADR		10,835		188,529
Cencosud SA		312,042		505,543
Empresas Copec SA		9,089		60,170
Enel Americas SA^(a)		817,744		84,073
Latam Airlines Group SA		28,976,839		226,635
Sociedad Quimica y Minera de Chile SA, ADR		8,732		422,629


				1,645,543

China — 28.8%
Alibaba Group Holding Ltd.^(a)		268,820		2,767,522
Baidu, Inc., Class A^(a)		26,992		354,373
Bilibili, Inc., Class Z^(a)		2,360		31,666
BOE Technology Group Co. Ltd., Class A		1,401,700		748,811
BYD Co. Ltd., Class A		24,300		790,272
China Lesso Group Holdings Ltd.^(a)		389,000		208,882
China Longyuan Power Group Corp. Ltd., Class H		62,000		52,485
China Merchants Bank Co. Ltd., Class H		199,000		754,865
China Pacific Insurance Group Co. Ltd., Class H		103,000		253,727
China Petroleum & Chemical Corp., Class H		1,394,000		712,944
China State Construction Engineering Corp. Ltd., Class A		30,700		21,655
CSPC Pharmaceutical Group Ltd.		452,000		394,808
Goldwind Science & Technology Co. Ltd., Class H		465,200		221,958
Gree Electric Appliances, Inc. of Zhuhai, Class A		165,500		765,061
Hisense Home Appliances Group Co. Ltd., Class H		109,000		300,031
Huayu Automotive Systems Co. Ltd., Class A		27,400		65,495
Industrial & Commercial Bank of China Ltd., Class H		480,000		230,037
JD.com, Inc., Class A		85,210		1,083,288
Kingsoft Corp. Ltd.		15,200		53,040
Kuaishou Technology^(a)(b)		7,600		48,943
Kweichow Moutai Co. Ltd., Class A		4,200		964,074
Meituan, Class B^(a)(b)		107,780		1,527,782
NetEase, Inc.		57,870		1,238,508
PetroChina Co. Ltd., Class A		273,000		265,044
PetroChina Co. Ltd., Class H		1,017,700		664,268
Ping An Insurance Group Co. of China Ltd., Class H		218,000		1,105,800
Poly Property Services Co. Ltd., Class H		71,200		279,425
RiseSun Real Estate Development Co. Ltd., Class A^(a)		1		—
SAIC Motor Corp. Ltd., Class A		385,500		762,856
Shandong Gold Mining Co. Ltd., Class H^(b)		81,750		153,153


Security	Shares		Value

China (continued)
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		204,300	$	297,216
Tencent Holdings Ltd.		100,300		3,711,976
Trip.com Group Ltd.^(a)		7,100		241,979
Tsingtao Brewery Co. Ltd., Class H		66,000		500,513
Weichai Power Co. Ltd., Class H		38,000		56,879
Xiabuxiabu Catering Management China Holdings Co. Ltd.^(b)		912,500		339,348
Xiaomi Corp., Class B^(a)(b)		218,800		392,313
Yum China Holdings, Inc.		5,172		271,840
ZTE Corp., Class A		57,500		204,904


				22,837,741

Greece — 0.5%
Hellenic Telecommunications Organization SA		25,020		350,690
OPAP SA		3,348		56,709


				407,399

Hong Kong — 0.1%
Sun Art Retail Group Ltd.		381,000		80,433


India — 11.9%
APL Apollo Tubes Ltd.		3,282		61,719
Axis Bank Ltd.		3,383		39,919
Bajaj Finance Ltd.		7,030		632,836
Birlasoft Ltd.		115,994		763,646
HDFC Bank Ltd.		59,726		1,059,810
ICICI Bank Ltd.		114,375		1,258,331
ICICI Bank Ltd., ADR		8,222		182,446
IndusInd Bank Ltd.		15,252		264,218
Infosys Ltd.		6,745		110,927
Kotak Mahindra Bank Ltd.		50,039		1,046,057
L&T Finance Holdings Ltd.		102,200		163,257
Larsen & Toubro Ltd.		8,427		296,554
Reliance Industries Ltd.		33,138		911,221
Shree Cement Ltd.		2,305		710,430
Syngene International Ltd.^(b)		33,519		273,941
Tata Consultancy Services Ltd.		18,048		730,648
Triveni Turbine Ltd.^(a)		78,114		337,013
Voltas Ltd.		7,805		78,541
Zydus Lifesciences Ltd.		80,813		556,853


				9,478,367

Indonesia — 0.5%
Perusahaan Gas Negara Tbk PT		4,858,200		384,106


Kuwait — 0.5%
Kuwait Finance House KSCP		149,509		330,770
National Bank of Kuwait SAKP		35,509		100,659


				431,429

Malaysia — 4.0%
CIMB Group Holdings Bhd		713,700		855,082
IHH Healthcare Bhd		306,600		385,946
Malayan Banking Bhd		314,600		595,713
Petronas Dagangan Bhd		19,000		91,162
Press Metal Aluminium Holdings Bhd		179,900		185,958
Public Bank Bhd		1,060,800		926,504
YTL Power International Bhd		286,600		127,017


				3,167,382

Peru — 0.3%
Southern Copper Corp.		3,112		220,641


Poland — 2.3%
Bank Polska Kasa Opieki SA		4,944		150,234
Budimex SA		438		49,031
Jastrzebska Spolka Weglowa SA^(a)		14,148		168,072


SCHEDULE OF INVESTMENTS		9

Schedule of Investments (unaudited) (continued)

October 31, 2023

BlackRock Advantage Emerging Markets Fund

(Percentages shown are based on Net Assets)


Security	Shares		Value

Poland (continued)
KGHM Polska Miedz SA		5,389	$	143,807
Powszechna Kasa Oszczednosci Bank Polski SA^(a)		7,609		78,820
Powszechny Zaklad Ubezpieczen SA		74,727		845,602
Santander Bank Polska SA^(a)		3,378		366,874


				1,802,440

Qatar — 0.8%
Ooredoo QPSC		98,002		265,829
Qatar National Bank QPSC		89,345		364,869


				630,698

Russia^(c)— 0.0%
Alrosa PJSC		1,407,496		151
LUKOIL PJSC		23,527		3
Novatek PJSC		29,650		3


				157

Saudi Arabia — 3.0%
Al Rajhi Bank		7,794		139,517
Saudi Arabian Mining Co.^(a)		24,163		231,511
Saudi Arabian Oil Co.^(b)		15,365		136,508
Saudi Basic Industries Corp.		41,071		843,978
Saudi Telecom Co.		100,329		1,027,781


				2,379,295

South Africa — 1.4%
MultiChoice Group^(a)		71,778		268,857
Standard Bank Group Ltd.		83,918		823,488


				1,092,345

South Korea — 9.1%
AMOREPACIFIC Group		8,471		179,952
Cheil Worldwide, Inc.		25,915		381,581
CJ Logistics Corp.		4,627		260,137
Daewoo Engineering & Construction Co. Ltd.^(a)		7,438		21,700
GS Retail Co. Ltd.		9,554		172,110
HL Mando Co. Ltd.		17,617		429,029
Hugel, Inc.^(a)		4,478		472,440
Hyundai Mobis Co. Ltd.		773		119,710
KCC Corp.		1,886		332,399
Kia Corp.		15,500		885,537
Kolon Industries, Inc.		777		25,100
LG Chem Ltd.		531		174,031
LX International Corp.		3,773		69,680
NAVER Corp.		1,089		152,246
POSCO Holdings, Inc.		875		267,860
Samsung Electronics Co. Ltd.		53,737		2,674,753
Samsung SDI Co. Ltd.		630		199,480
SeAH Besteel Holdings Corp.		1,631		26,348
SK Hynix, Inc.		2,533		219,971
SK Innovation Co. Ltd.^(a)		1,132		103,130
S-Oil Corp.		513		25,318


				7,192,512

Taiwan — 16.9%
Asustek Computer, Inc.		8,000		83,881
Chunghwa Telecom Co. Ltd.		203,000		726,038
Elan Microelectronics Corp.		155,000		690,958
Elite Material Co. Ltd.		18,000		200,843
FLEXium Interconnect, Inc.		29,000		74,797
Getac Holdings Corp.		91,000		204,060
Gourmet Master Co. Ltd.		107,000		321,492
Hon Hai Precision Industry Co. Ltd.		332,000		990,925
Hon Hai Precision Industry Co. Ltd., GDR, Registered Shares		3,405		19,995


Security	Shares		Value

Taiwan (continued)
ITE Technology, Inc.		23,000	$	115,959
Lite-On Technology Corp.		78,000		242,854
Makalot Industrial Co. Ltd.		41,000		458,890
MediaTek, Inc.		47,000		1,226,669
Phison Electronics Corp.		53,000		764,959
Poya International Co. Ltd.		33,420		513,747
President Chain Store Corp.		4,000		31,817
Primax Electronics Ltd.		326,000		696,248
Quanta Computer, Inc.		27,000		159,416
Taiwan Semiconductor Manufacturing Co. Ltd.		306,000		4,997,747
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		6,581		568,006
Tripod Technology Corp.		31,000		158,708
Visual Photonics Epitaxy Co. Ltd.		11,000		50,160
Win Semiconductors Corp.		29,000		129,644


				13,427,813

Thailand — 2.6%
Bangchak Corp. PCL, NVDR		401,800		461,460
Bangkok Dusit Medical Services PCL, NVDR		1,143,900		843,242
PTT Exploration & Production PCL, NVDR		174,900		798,738


				2,103,440

Turkey — 0.6%
Migros Ticaret A/S		42,247		503,785


United Arab Emirates — 0.4%
First Abu Dhabi Bank PJSC		87,306		301,399


United States — 1.0%
Genpact Ltd.		22,809		765,014


Total Common Stocks — 93.3% (Cost: $78,012,359)				74,074,874


Preferred Securities

Preferred Stocks — 1.3%

Brazil — 1.2%
Azul SA^(a)		60,316		154,087
Banco Bradesco SA		81,859		227,145
Braskem SA, Series A^(a)		137,417		438,001
Petroleo Brasileiro SA		24,879		171,428


				990,661


Chile — 0.1%
Sociedad Quimica y Minera de Chile SA Class B		1,767		85,573


Total Preferred Securities — 1.3% (Cost: $1,431,907)				1,076,234


Total Long-Term Investments — 94.6% (Cost: $79,444,266)				75,151,108


10		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

October 31, 2023

BlackRock Advantage Emerging Markets Fund

(Percentages shown are based on Net Assets)


Security	Shares		Value

Short-Term Securities

Money Market Funds — 5.1%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 5.24%^(d)(e)		4,027,241	$	4,027,241
SL Liquidity Series, LLC, Money Market Series, 5.53%^(d)(e)(f)		8,989		8,992


Total Short-Term Securities — 5.1% (Cost: $4,036,225)				4,036,233


Total Investments — 99.7% (Cost: $83,480,491)				79,187,341

Other Assets Less Liabilities — 0.3%				203,743


Net Assets — 100.0%			$	79,391,084

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

^(d)	Affiliate of the Fund.

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

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

Affiliates


Affiliated Issuer	Value at 04/30/23		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 10/31/23		Shares Held at 10/31/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, T-Fund, Institutional Class	$	4,592,936	$	—	$	(565,695	)^(a)	$	—	$	—	$	4,027,241		4,027,241	$	100,848		$	—
SL Liquidity Series, LLC, Money Market Series		8,990		—		—			—		2		8,992		8,989		202	^(b)		—

								$	—	$	2	$	4,036,233			$	101,050		$	—

^(a)

Represents net amount purchased (sold).

^(b)

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		86		12/15/23	$	3,953	$	(242,454	)

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)	$	—	$	—	$	242,454	$	—	$	—	$	—	$	242,454

^(a)


SCHEDULE OF INVESTMENTS		11

Schedule of Investments (unaudited) (continued)

October 31, 2023

BlackRock Advantage Emerging Markets Fund

For the period ended October 31, 2023, 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	$	—	$	—	$	(40,638	)	$	—	$	—	$	—	$	(40,638	)

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	(328,236	)	$	—	$	—	$	—	$	(328,236	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts:
Average notional value of contracts — long	$	4,348,455

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


	Level 1		Level 2		Level 3		Total

Assets
Investments
Long-Term Investments
Common Stocks
Australia	$	—	$	423,985	$	—	$	423,985
Brazil		4,798,950		—		—		4,798,950
Chile		1,468,161		177,382		—		1,645,543
China		271,840		22,565,901		—		22,837,741
Greece		—		407,399		—		407,399
Hong Kong		—		80,433		—		80,433
India		182,446		9,295,921		—		9,478,367
Indonesia		—		384,106		—		384,106
Kuwait		—		431,429		—		431,429
Malaysia		91,162		3,076,220		—		3,167,382
Peru		220,641		—		—		220,641
Poland		—		1,802,440		—		1,802,440
Qatar		630,698		—		—		630,698
Russia		—		—		157		157
Saudi Arabia		—		2,379,295		—		2,379,295
South Africa		1,092,345		—		—		1,092,345
South Korea		—		7,192,512		—		7,192,512
Taiwan		568,006		12,859,807		—		13,427,813
Thailand		—		2,103,440		—		2,103,440
Turkey		503,785		—		—		503,785
United Arab Emirates		301,399		—		—		301,399
United States		765,014		—		—		765,014
Preferred Securities
Preferred Stocks
Brazil		990,661		—		—		990,661
Chile		—		85,573		—		85,573
Short-Term Securities
Money Market Funds		4,027,241		—		—		4,027,241

	$	15,912,349	$	63,265,843	$	157		79,178,349

Investments Valued at NAV^(a)								8,992

							$	79,187,341


12		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

October 31, 2023

BlackRock Advantage Emerging Markets Fund

Fair Value Hierarchy as of Period End (continued)


	Level 1			Level 2		Level 3		Total

Derivative Financial Instruments^(b)
Liabilities
Equity Contracts	$	(242,454	)	$	—	$	—	$	(242,454	)

^(a)

Certain investments of the Fund were fair valued using NAV as a practical expedient 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.


SCHEDULE OF INVESTMENTS		13

Schedule of Investments (unaudited)

October 31, 2023

BlackRock Global Equity Market Neutral Fund

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

United Kingdom — 0.1%
ARM Holdings PLC^(a)		17,519	$	863,512


United States — 6.4%
Citigroup, Inc.		255,000		10,069,950
Invesco S&P 500 Equal Weight ETF		269,746		36,639,599
Klaviyo, Inc., Class A^(a)		6,918		197,094
Maplebear, Inc.		2,814		69,309
Netflix, Inc.^(a)		27,000		11,115,630
Palantir Technologies, Inc., Class A^(a)		4		59
Procter & Gamble Co.		74,000		11,102,220
RayzeBio, Inc.		393		7,624

				69,201,485


Total Common Stocks — 6.5% (Cost: $77,617,463)				70,064,997


Preferred Securities

Preferred Stocks — 0.4%^(b)

United States — 0.4%
AliphCom
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		3,990,542

				3,990,550


Total Preferred Securities — 0.4% (Cost: $3,250,011)				3,990,550


	Par (000)

U.S. Treasury Obligations
U.S. Treasury Floating Rate Notes^(d)
(3-mo.Treasury money market yield + 0.14%), 5.54%, 10/31/24	$	34,540		34,575,278
(3-mo.Treasury money market yield + 0.17%), 5.55%, 10/31/25		6,927		6,927,856
(3-mo.Treasury money market yield + 0.20%), 5.58%, 01/31/25		20,175		20,208,886


Total U.S. Treasury Obligations — 5.7% (Cost: $61,619,378)				61,712,020


Total Long-Term Investments — 12.6% (Cost: $142,486,852)				135,767,567


	Shares

Short-Term Securities

Money Market Funds — 0.2%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 5.24%^(e)(f)		2,097,797		2,097,797


Security	Par (000)		Value

U.S. Treasury Obligations — 88.3%
U.S. Treasury Bills^(g)
5.38%, 11/02/23	$	68,000	$	67,990,077
5.42%, 11/07/23 - 12/14/23		230,565		229,674,159
5.43%, 11/14/23		172,285		171,955,965
5.45%, 11/16/23 - 01/25/24		93,165		92,877,800
5.41%, 11/21/23 - 11/28/23		98,800		98,466,318
5.49%, 11/24/23 - 01/18/24		96,085		95,323,736
5.48%, 12/05/23		8,845		8,800,800
5.50%, 12/26/23		7,680		7,617,549
5.52%, 01/02/24 - 01/16/24^(h)		34,485		34,160,702
5.46%, 01/11/24 - 01/23/24		30,000		29,673,901
5.53%, 01/30/24		34,766		34,303,286
5.54%, 02/06/24 - 02/20/24		33,140		32,629,894
5.51%, 02/22/24		1,885		1,853,552
5.58%, 04/04/24		9,350		9,135,984
5.47%, 04/18/24		6,625		6,459,381
5.21%, 06/13/24		2,335		2,259,441
U.S. Treasury Floating Rate Notes^(d)
(3-mo.Treasury money market yield - 0.02%), 5.37%, 01/31/24		20,365		20,366,614
(3-mo.Treasury money market yield - 0.08%), 5.31%, 04/30/24		4,885		4,884,066

				948,433,225


Total Short-Term Securities — 88.5% (Cost: $950,515,004)				950,531,022


Total Investments — 101.1% (Cost: $1,093,001,856)				1,086,298,589

Liabilities in Excess of Other Assets — (1.1)%				(11,757,121	)


Net Assets — 100.0%			$	1,074,541,468

^(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 $3,990,542, representing 0.4% of its net assets as of period end, and an original cost of $1,500,001.

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

^(e)	Affiliate of the Fund.

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

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

^(h)	When-issued security.


14		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

October 31, 2023

BlackRock Global Equity Market Neutral Fund

Affiliates



Affiliated Issuer	Value at 04/30/23		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 10/31/23		Shares Held at 10/31/23		Income		Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds, T-Fund, Institutional Class	$	1,420,426	$	677,371	^(a)	$	—	$	—	$	—	$	2,097,797		2,097,797	$	104,473	$	—

^(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
S&P 500 E-Mini Index		252		12/15/23	$	53,074	$	33,250
S&P 500 Annual Dividend Index		161		12/20/24		2,777		(14,335	)
S&P 500 Annual Dividend Index		164		12/19/25		2,714		(47,414	)

								(28,499	)

Short Contracts
CBOE Volatility Index		156		11/15/23		2,828		53,425

							$	24,926

OTC Total Return Swaps — Future


Reference Entity	Fixed Amount Paid (Received) by the Fund^(a)		Counterparty	Termination Date		Notional Amount (000)			Value			Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
Nikkei Dividend Future December 2023	JPY	254774000	BNP Paribas SA		04/01/24		JPY	1,682	$	7,844		$	—	$	7,844
Nikkei Dividend Future December 2023	JPY	149280000	BNP Paribas SA		04/01/24		JPY	985		3,642			—		3,642
FTSE 100 Dividend Index Future December 2024	GBP	812913.8	Morgan Stanley & Co. International PLC		12/19/24		GBP	986		8,654			—		8,654
Euro Stoxx 50 Index Dividend Future December 2024	EUR	1613683.96	Morgan Stanley & Co. International PLC		12/20/24		EUR	1,706		21,401			—		21,401
Euro Stoxx 50 Index Dividend Future December 2024	EUR	932049.72	Morgan Stanley & Co. International PLC		12/20/24		EUR	985		13,036			—		13,036
FTSE 100 Dividend Index Future December 2024	GBP	336911.04	Morgan Stanley & Co. International PLC		12/20/24		GBP	409		3,587			—		3,587
FTSE 100 Dividend Index Future December 2024	GBP	1040937.35	Morgan Stanley & Co. International PLC		12/20/24		GBP	1,263		(3,213	)		—		(3,213	)
Nikkei Dividend Future December 2024	JPY	249960000	BNP Paribas SA		04/01/25		JPY	1,650		10,292			—		10,292
Nikkei Dividend Future December 2024	JPY	155000000	BNP Paribas SA		04/01/25		JPY	1,023		14,514			—		14,514
FTSE 100 Dividend Index Future December 2025	GBP	1405851.88	Morgan Stanley & Co. International PLC		12/18/25		GBP	1,706		(19,727	)		—		(19,727	)
FTSE 100 Dividend Index Future December 2025	GBP	809642.82	Morgan Stanley & Co. International PLC		12/18/25		GBP	982		(9,648	)		—		(9,648	)


SCHEDULE OF INVESTMENTS		15

Schedule of Investments (unaudited) (continued)

October 31, 2023

BlackRock Global Equity Market Neutral Fund

OTC Total Return Swaps — Future (continued)


Reference Entity	Fixed Amount Paid (Received) by the Fund^(a)		Counterparty	Termination Date		Notional Amount (000)			Value			Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
Euro Stoxx 50 Index Dividend Future December 2025	EUR	1622106.72	Morgan Stanley & Co. International PLC		12/19/25		EUR	1,715	$	(4,229	)	$	—	$	(4,229	)
Euro Stoxx 50 Index Dividend Future December 2025	EUR	926218.05	Morgan Stanley & Co. International PLC		12/19/25		EUR	979		416			—		416

									$	46,569		$	—	$	46,569

^(a)

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

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	Monthly		Bank of America N.A.^(b)		02/15/28	$	641,430		$	(399,149	)^(c)	$	325,220			67.6	%

	Monthly		Bank of America N.A.^(d)		02/15/28		(11,691,029	)		(59,759	)^(e)		(11,848,945	)		85.7

	Monthly		BNP Paribas SA^(f)		03/21/25 – 04/14/25		(11,898,436	)		(545,708	)^(g)		(11,839,023	)		107.9

	Monthly		BNP Paribas SA^(h)		03/17/25 – 06/09/25		(2,169,266	)		2,404,723	⁽ⁱ⁾		398,239			33.8

	Monthly		Goldman Sachs Bank USA^(j)		08/19/26		(1,118,767	)		(893,247	)^(k)		(1,632,279	)		79.5

	Monthly		Goldman Sachs Bank USA^(l)		08/09/24 – 08/19/26		(12,183,321	)		(1,878,182	)^(m)		(13,712,368	)		118.3

	Monthly		UBS AG⁽ⁿ⁾		04/18/28		(11,870,883	)		(662,436	)^(o)		(12,389,166	)		81.1

	Monthly		UBS AG^(p)		05/11/26 – 06/07/28		(135,019	)		(46,336	)^(q)		69,873			32.8

									$	(2,080,094	)	$	(50,628,449	)

^(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 $(82,939) of net dividends and financing fees.

^(e)

Amount includes $98,157 of net dividends and financing fees.

^(g)

Amount includes $(605,121) of net dividends and financing fees.

⁽ⁱ⁾

Amount includes $(162,782) of net dividends and financing fees.

^(k)

Amount includes $(379,735) of net dividends and financing fees.

^(m)

Amount includes $(349,135) of net dividends and financing fees.

^(o)

Amount includes $(144,153) of net dividends and financing fees.

^(q)

Amount includes $(251,228) 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:

Range:

(b)
0-1,610 basis points

(d)
0-150 basis points

(f)
0-2,100 basis points

Benchmarks:

AUD - 1D Overnight Reserve Bank of Australia Rate (AONIA)

Bank of Canada Overnight Rate Target (CABROVER)

CHF - Swiss Average Rate O/N (SSARON)

DKK - 1W Copenhagen Interbank Swap Rate (CIBOR)

EUR - 1D Euro Short Term Rate (ESTR)

GBP - 1D Sterling Overnight Index Average (SONIA)

HKD - Overnight Index Average (HONIA)

ILS - 1M Tel Aviv Interbank Offer Rate (TELBOR)

JPY - Provisional 1D Overnight Tokyo Average Rate (TONA)

NOK - 1W Norway Interbank Offer Rate (NIBOR)

SEK - 1W Stockholm Interbank Offer Rate (STIBOR)

SGD - Overnight Rate Average (SORA)

USD - 1D Overnight Bank Funding Rate (OBFR01)

AUD - 1D Overnight Reserve Bank of Australia Rate (AONIA)

Bank of Canada Overnight Rate Target (CABROVER)

CHF - Swiss Average Rate O/N (SSARON)

DKK - 1W Copenhagen Interbank Swap Rate (CIBOR)

EUR - 1D Euro Short Term Rate (ESTR)

GBP - 1D Sterling Overnight Index Average (SONIA)

HKD - Overnight Index Average (HONIA)

ILS - 1M Tel Aviv Interbank Offer Rate (TELBOR)

JPY - Provisional 1D Overnight Tokyo Average Rate (TONA)

NOK - 1W Norway Interbank Offer Rate (NIBOR)

SEK - 1W Stockholm Interbank Offer Rate (STIBOR)

SGD - Overnight Rate Average (SORA)

USD - 1D Overnight Bank Funding Rate (OBFR01)

AUD - 1D Overnight Reserve Bank of Australia Rate (AONIA)

Bank of Canada Overnight Rate Target (CABROVER)

CHF - Swiss Average Rate O/N (SSARON)

DKK - Annualized Overnight Deposit MID Rate

EUR - 1D Euro Short Term Rate (ESTR)

GBP - 1D Sterling Overnight Index Average (SONIA)

HKD - Overnight Index Average (HONIA)

ILS - 1M Tel Aviv Interbank Offer Rate (TELBOR)

JPY - 1D Overnight Tokyo Average Rate (TONA)

NOK - Norwegian Overnight Weighted Average (NOWA)

NZD - 1D New Zealand Official Overnight Deposit Rate (NZOCO)

SEK - 1W Stockholm Interbank Offer Rate (STIBOR)

SGD - Overnight Rate Average (SORA)

USD - 1D Overnight Bank Funding Rate (OBFR01)


16		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

October 31, 2023

BlackRock Global Equity Market Neutral Fund


OTC Total Return Swaps (continued)

	(h)	(j)	(l)
	0-868 basis points	0-1,414 basis points	0-2,000 basis points
	AUD - 1D Overnight Reserve Bank of Australia Rate (AONIA) Bank of Canada Overnight Rate Target (CABROVER) CHF - Swiss Average Rate O/N (SSARON) DKK - Annualized Overnight Deposit MID Rate EUR - 1D Euro Short Term Rate (ESTR) GBP - 1D Sterling Overnight Index Average (SONIA) HKD - Overnight Index Average (HONIA) ILS - 1M Tel Aviv Interbank Offer Rate (TELBOR) JPY - 1D Overnight Tokyo Average Rate (TONA) NOK - Norwegian Overnight Weighted Average (NOWA) NZD - 1D New Zealand Official Overnight Deposit Rate (NZOCO) SEK - 1W Stockholm Interbank Offer Rate (STIBOR) SGD - Overnight Rate Average (SORA) USD - 1D Overnight Bank Funding Rate (OBFR01)	AUD - 1D Overnight Reserve Bank of Australia Rate (AONIA) CAD - 1D Overnight Bank of Canada Repo Rate (CORRA) CHF - Swiss Average Rate O/N (SSARON) DKK - Danish Tom/Next Reference Rate (DETNT/N) EUR - 1D Euro Short Term Rate (ESTR) GBP - 1D Sterling Overnight Index Average (SONIA) HKD - Overnight Index Average (HONIA) ILS - 1D Overnight Tel Aviv Interbank Offer Rate (TELBOR) JPY - Provisional 1D Overnight Tokyo Average Rate (TONA) NOK - Norwegian Overnight Weighted Average (NOWA) NZD - 1D New Zealand Official Overnight Deposit Rate (NZOCO) SEK - 1D Overnight Stockholm Interbank Offer Rate (STIBOR) SGD - Overnight Rate Average (SORA) USD - 1D Overnight Fed Funds Effective Rate (FEDL01)	AUD - 1D Overnight Reserve Bank of Australia Rate (AONIA) CAD - 1D Overnight Bank of Canada Repo Rate (CORRA) CHF - Swiss Average Rate O/N (SSARON) DKK - Danish Tom/Next Reference Rate (DETNT/N) EUR - 1D Euro Short Term Rate (ESTR) GBP - 1D Sterling Overnight Index Average (SONIA) HKD - Overnight Index Average (HONIA) ILS - 1D Overnight Tel Aviv Interbank Offer Rate (TELBOR) JPY - Provisional 1D Overnight Tokyo Average Rate (TONA) NOK - Norwegian Overnight Weighted Average (NOWA) SEK - 1D Overnight Stockholm Interbank Offer Rate (STIBOR) SGD - Overnight Rate Average (SORA) USD - 1D Overnight Fed Funds Effective Rate (FEDL01)

	(n)	(p)
	15-2,526 basis points	0-780 basis points
	AUD - 1D Overnight Reserve Bank of Australia Rate (AONIA) CAD - 1D Overnight Bank of Canada Repo Rate (CORRA) DKK - 1W Copenhagen Interbank Swap Rate (CIBOR) EUR - 1D Euro Short Term Rate (ESTR) GBP - 1D Sterling Overnight Index Average (SONIA) HKD - Overnight Index Average (HONIA) ILS - 1D Overnight Tel Aviv Interbank Offer Rate (TELBOR) JPY - Provisional 1D Overnight Tokyo Average Rate (TONA) NOK - Norwegian Overnight Weighted Average (NOWA) NZD - 1M New Zealand Bank Bill Rate (BBR) SEK - TN Stockholm Interbank Offer Rate (STIBOR) SGD - Overnight Rate Average (SORA) USD - 1D Overnight Bank Funding Rate (OBFR01)	AUD - 1D Overnight Reserve Bank of Australia Rate (AONIA) CAD - 1D Overnight Bank of Canada Repo Rate (CORRA) DKK - 1W Copenhagen Interbank Swap Rate (CIBOR) EUR - 1D Euro Short Term Rate (ESTR) GBP - 1D Sterling Overnight Index Average (SONIA) HKD - Overnight Index Average (HONIA) ILS - 1D Overnight Tel Aviv Interbank Offer Rate (TELBOR) JPY - Provisional 1D Overnight Tokyo Average Rate (TONA) NOK - Norwegian Overnight Weighted Average (NOWA) NZD - 1M New Zealand Bank Bill Rate (BBR) SEK - TN Stockholm Interbank Offer Rate (STIBOR) SGD - Overnight Rate Average (SORA) USD - 1D Overnight Bank Funding Rate (OBFR01)


SCHEDULE OF INVESTMENTS		17

Schedule of Investments (unaudited) (continued)

October 31, 2023

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 date 02/15/28:


Security	Shares		Value		% of Basket Value

Reference Entity — Long

Common Stocks

Australia
Abacus Group		66,569	$	40,539		12.5	%
Accent Group Ltd.		152,467		182,106		56.0
Alumina Ltd.		364,692		181,071		55.7
AMP Ltd.		327,590		218,270		67.1
Arena REIT		42,946		86,880		26.7
AUB Group Ltd.		10,586		182,056		56.0
Aussie Broadband Ltd.		8,426		20,992		6.5
Austal Ltd.		67,859		72,984		22.4
Bega Cheese Ltd.		94,973		167,965		51.6
Boral Ltd.		236,886		679,100		208.8
Charter Hall Long Wale REIT		28,003		53,798		16.5
Charter Hall Retail REIT		437,782		850,670		261.6
Charter Hall Social Infrastructure REIT		89,779		136,044		41.8
Credit Corp Group Ltd.		20,088		154,981		47.7
CSR Ltd.		245,015		876,011		269.4
Data#3 Ltd.		99,984		431,004		132.5
Downer EDI Ltd.		150,977		363,034		111.6
GrainCorp Ltd.		91,385		404,046		124.2
Growthpoint Properties Australia Ltd.		233,808		293,545		90.3
Johns Lyng Group Ltd.		17,634		68,650		21.1
Jumbo Interactive Ltd.		24,304		214,350		65.9
Light & Wonder, Inc., CDI, CDI		2		147		0.0
Monadelphous Group Ltd.		2,189		19,610		6.0
Nanosonics Ltd.		117,537		280,511		86.3
National Storage REIT		185,243		236,182		72.6
Netwealth Group Ltd.		19,615		159,375		49.0
NRW Holdings Ltd.		35,315		56,409		17.3
Nufarm Ltd.		14,093		39,059		12.0
oOh!media Ltd.		272,912		226,428		69.6
Perenti Ltd.		735,007		497,101		152.9
Perseus Mining Ltd.		237,576		253,840		78.1
Pinnacle Investment Management Group Ltd.		14,635		72,533		22.3
Premier Investments Ltd.		3,761		54,536		16.8
Ramelius Resources Ltd.		25,660		26,651		8.2
Region RE Ltd.		158,895		198,681		61.1
Regis Resources Ltd., Registered Shares		423,849		458,898		141.1
Ridley Corp. Ltd.		64,988		91,315		28.1
Silver Lake Resources Ltd.		445,249		292,864		90.1
SiteMinder Ltd.		23,517		60,971		18.7
Star Entertainment Grp Ltd.		1,511,357		510,231		156.9
Steadfast Group Ltd.		58,643		201,658		62.0
Technology One Ltd.		156,501		1,451,716		446.4
Ventia Services Group Pty Ltd.		254,355		444,267		136.6
Viva Energy Group Ltd.		202,476		364,602		112.1
Waypoint REIT Ltd.		253,731		342,673		105.4

				12,018,354

Austria
ams-OSRAM AG		78,660		285,109		87.7
ANDRITZ AG		21,835		1,003,164		308.4
AT&S Austria Technologie & Systemtechnik AG		1,266		31,739		9.7
IMMOFINANZ AG		16,544		332,466		102.2


Security	Shares		Value		% of Basket Value

Austria (continued)
Kontron AG		25,355	$	510,554		157.0	%
Raiffeisen Bank International AG		146,185		2,114,186		650.1
Telekom Austria AG, Class A		15,385		107,242		33.0
UNIQA Insurance Group AG		42,076		339,129		104.3
Vienna Insurance Group AG Wiener Versicherung Gruppe		16,632		445,318		136.9
Wienerberger AG		8,642		210,309		64.7

				5,379,216

Belgium
Barco NV		5,057		77,481		23.8
Etablissements Franz Colruyt NV		8,901		367,683		113.0
Montea NV		4,422		311,978		95.9
Proximus SADP		144,897		1,200,901		369.3
Shurgard Self Storage Ltd.		3,724		139,104		42.8

				2,097,147

Canada
AbCellera Biologics, Inc.		65,559		269,448		82.9
Advantage Energy Ltd.		21,164		156,407		48.1
Aecon Group, Inc.		106,312		797,162		245.1
Ag Growth International, Inc.		2,625		93,918		28.9
Artis REIT		47,537		215,055		66.1
Atco Ltd., Class I		22,114		577,429		177.6
Boralex, Inc.		18,379		348,777		107.2
Brookfield Reinsurance Ltd.		625		18,392		5.7
Canfor Corp.		57,560		599,879		184.5
Cardinal Energy Ltd.		26,255		143,125		44.0
Cargojet, Inc.		998		58,022		17.8
Centerra Gold, Inc.		56,279		291,100		89.5
Crombie REIT		44,451		397,981		122.4
CT REIT		14,840		138,081		42.5
Doman Building Materials Group Ltd.		12,906		63,800		19.6
DREAM Unlimited Corp., Class A		12,805		159,423		49.0
Dundee Precious Metals, Inc.		38,085		254,010		78.1
Enghouse Systems Ltd.		6,552		156,652		48.2
First Capital REIT		53,861		516,190		158.7
First National Financial Corp.		4,067		103,419		31.8
Fortuna Silver Mines, Inc.		95,949		274,328		84.4
Freehold Royalties Ltd.		33,720		354,004		108.9
H&R REIT		65,920		413,790		127.2
Interfor Corp.		38,148		479,358		147.4
Jamieson Wellness, Inc.		21,277		356,576		109.6
Kelt Exploration Ltd.		28,491		164,666		50.6
Laurentian Bank of Canada		13,752		255,620		78.6
Lundin Gold, Inc.		10,097		124,032		38.1
Major Drilling Group International, Inc.		22,174		119,763		36.8
Nexus Industrial REIT		3,556		16,999		5.2
North American Construction Group Ltd.		617		12,946		4.0
Novagold Resources, Inc.		67,859		241,061		74.1
Obsidian Energy Ltd.		14,996		129,444		39.8
Pason Systems, Inc.		42,006		410,345		126.2
Russel Metals, Inc.		28,625		725,412		223.1
Sandstorm Gold Ltd.		40,221		187,706		57.7
Seabridge Gold, Inc.		1,547		17,246		5.3
Secure Energy Services, Inc.		40,601		229,441		70.6
Silvercorp Metals, Inc.		19,003		43,005		13.2
SmartCentres REIT		18,196		287,616		88.4
Stelco Holdings, Inc.		55,368		1,581,671		486.3


18		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

October 31, 2023

BlackRock Global Equity Market Neutral Fund


Security	Shares		Value		% of Basket Value

Canada (continued)
Topaz Energy Corp.		52,835	$	818,500		251.7	%
Torex Gold Resources, Inc.		7,607		74,796		23.0

				12,676,595

Denmark
D/S Norden A/S		3,277		185,951		57.2
H Lundbeck A/S		88,292		461,014		141.7

				646,965

Egypt
Centamin PLC		527,016		530,428		163.1


Finland
Cargotec OYJ, Class B		9,742		383,799		118.0
Citycon OYJ		14,635		77,271		23.8
Kemira OYJ		267		4,315		1.3
Kojamo OYJ		11,426		97,434		30.0
Nokian Renkaat OYJ		31,103		234,771		72.2
Nordea Bank Abp		43,751		461,019		141.7
Uponor OYJ		15,065		455,617		140.1

				1,714,226

France
ALD SA		12,791		86,526		26.6
Beneteau SACA		5,534		66,649		20.5
CGG SA		476,228		336,436		103.4
Cie Plastic Omnium SE		52,359		587,319		180.6
Clariane SE		25,730		96,984		29.8
Etablissements Maurel et Prom SA		19,746		117,354		36.1
ICADE		43,491		1,418,691		436.2
JCDecaux SE		7,509		117,249		36.1
Nexity SA		6,534		91,128		28.0
Rubis SCA		32,500		706,280		217.2
Television Francaise 1 SA		141,353		994,253		305.7

				4,618,869

Germany
Atoss Software AG		2,145		452,351		139.1
Aurubis AG		5,814		478,748		147.2
Auto1 Group SE		8,570		50,346		15.5
Bank of Georgia Group PLC		21,885		889,611		273.5
Bilfinger SE		24,142		884,517		272.0
CompuGroup Medical SE & Co. KgaA		2,705		98,997		30.4
Deutsche Pfandbriefbank AG		25,107		167,622		51.5
Deutsche Wohnen SE		6,081		130,650		40.2
Deutz AG		158,014		639,205		196.5
Duerr AG		11,333		232,743		71.6
DWS Group GmbH & Co. KGaA		9,337		273,536		84.1
Elmos Semiconductor SE		2,279		149,271		45.9
Freenet AG		7,571		191,846		59.0
Grand City Properties SA		28,878		257,759		79.3
Hella GmbH & Co. KGaA		717		54,505		16.8
Hypoport SE		750		91,641		28.2
Krones AG		8,742		850,637		261.6
METRO AG		7,278		46,170		14.2
SAF-Holland SE		27,977		373,388		114.8
Salzgitter AG		9,120		227,451		69.9
Sirius Real Estate Ltd.		132,058		129,045		39.7
Suedzucker AG		28,464		430,416		132.3
SUESS MicroTec SE		3,085		53,300		16.4
TAG Immobilien AG		9,208		100,490		30.9
TBC Bank Group PLC		13,358		438,225		134.8
TUI AG		106,408		536,821		165.1
Uniper SE		3,813		19,601		6.0


Security	Shares		Value		% of Basket Value

Germany (continued)
United Internet AG		48,025	$	996,609		306.4	%
Vitesco Technologies Group AG		2,932		286,263		88.0

				9,531,764

Hong Kong
Fortune REIT		36,000		20,163		6.2


Ireland
Cimpress PLC		5,621		335,405		103.1
Glanbia PLC		2,005		31,499		9.7
Greencore Group PLC		151,722		166,625		51.3

				533,529

Israel
Alony Hetz Properties & Investments Ltd.		33,955		166,794		51.3
Delek Group Ltd.		4,017		442,258		136.0
Kornit Digital Ltd.		2,951		40,724		12.5
Plus500 Ltd.		4,256		73,334		22.6
Zim Integrated Shipping Services Ltd.		144,812		1,120,845		344.6

				1,843,955

Italy
Banca IFIS SpA		8,187		139,757		43.0
Banca Mediolanum SpA		2,002		16,317		5.0
Banca Popolare di Sondrio SpA		220,640		1,201,681		369.5
Brunello Cucinelli SpA		7,720		619,955		190.6
Buzzi SpA		22,752		601,319		184.9
Credito Emiliano SpA		19,975		161,672		49.7
De’ Longhi SpA		11,021		246,179		75.7
Hera SpA		126,218		354,432		109.0
Iren SpA		94,108		188,261		57.9
Maire Tecnimont SpA		48,897		227,110		69.8
OVS SpA		8,069		14,264		4.4
Piaggio & C SpA		46,348		124,376		38.2
PRADA SpA		12,100		72,902		22.4
RAI Way SpA		4,736		23,488		7.2
Sesa SpA		2,182		220,013		67.7
Unipol Gruppo SpA		37,144		200,865		61.8
Webuild SpA		245,912		442,315		136.0

				4,854,906

Japan
77 Bank Ltd.		17,600		397,302		122.2
Acom Co. Ltd.		70,000		166,629		51.2
Adastria Co. Ltd.		15,500		329,420		101.3
Aeon Delight Co. Ltd.		21,100		471,431		145.0
Ai Holdings Corp.		1,200		18,829		5.8
Aichi Steel Corp.		2,200		52,310		16.1
Ain Holdings, Inc.		15,300		438,264		134.8
Air Water, Inc.		5,600		71,550		22.0
Aisan Industry Co. Ltd.		27,700		221,540		68.1
Alfresa Holdings Corp.		19,600		314,607		96.7
Amano Corp.		7,000		144,468		44.4
Anicom Holdings, Inc.		59,600		218,998		67.3
Anritsu Corp.		145,300		1,094,777		336.6
Arcs Co. Ltd.		7,900		152,883		47.0
As One Corp.		2,400		77,471		23.8
Asanuma Corp.		2,300		54,973		16.9
Avex, Inc.		18,800		173,978		53.5
AZ-COM MARUWA Holdings, Inc.		17,000		236,451		72.7
Benefit One, Inc.		33,200		240,896		74.1
Benesse Holdings, Inc.		54,600		654,266		201.2
Bic Camera, Inc.		220,300		1,689,993		519.6
BML, Inc.		13,800		264,622		81.4


SCHEDULE OF INVESTMENTS		19

Schedule of Investments (unaudited) (continued)

October 31, 2023

BlackRock Global Equity Market Neutral Fund


Security	Shares		Value		% of Basket Value

Japan (continued)
Bunka Shutter Co. Ltd.		33,300	$	284,283		87.4	%
Canon Marketing Japan, Inc.		6,600		160,545		49.4
Cellebrite Di Ltd.		31,835		212,658		65.4
Chudenko Corp.		6,500		107,175		33.0
Chugin Financial Group, Inc.		34,400		277,789		85.4
Chugoku Marine Paints Ltd.		29,600		271,319		83.4
Citizen Watch Co. Ltd.		84,900		501,189		154.1
Coca-Cola Bottlers Japan Holdings, Inc.		11,600		157,217		48.3
Colowide Co. Ltd.		21,200		333,981		102.7
Comture Corp.		6,000		81,399		25.0
Create Restaurants Holdings, Inc.		52,900		371,263		114.2
Create SD Holdings Co. Ltd.		28,300		614,875		189.1
Daicel Corp.		99,300		855,390		263.0
Daihen Corp.		7,400		236,433		72.7
Daiichikosho Co. Ltd.		16,200		242,700		74.6
Daio Paper Corp.		64,900		539,690		165.9
Daiseki Co. Ltd.		16,100		450,736		138.6
Daiwa Securities Living Investments Corp.		145		108,644		33.4
Denka Co. Ltd.		6,900		126,334		38.8
DIC Corp.		4,100		65,547		20.2
Digital Arts, Inc.		900		25,175		7.7
dip Corp.		19,900		399,985		123.0
Doutor Nichires Holdings Co. Ltd.		27,900		408,007		125.5
Dowa Holdings Co. Ltd.		7,800		241,689		74.3
DTS Corp.		1,100		22,820		7.0
eGuarantee, Inc.		44,200		517,860		159.2
Eiken Chemical Co. Ltd.		33,200		331,776		102.0
Eizo Corp.		22,200		722,118		222.0
Elecom Co. Ltd.		40,200		462,138		142.1
Elematec Corp.		11,100		127,967		39.4
eRex Co. Ltd.		6,600		32,973		10.1
Exedy Corp.		1,300		21,705		6.7
Ezaki Glico Co. Ltd.		37,500		1,103,983		339.5
FCC Co. Ltd.		18,500		222,426		68.4
Financial Partners Group Co. Ltd.		132,400		1,272,932		391.4
FP Corp.		33,300		649,008		199.6
Fuji Oil Holdings, Inc.		19,900		320,017		98.4
Fujimi, Inc.		3,600		72,849		22.4
Fujitec Co. Ltd.		13,900		305,769		94.0
Fujitsu General Ltd.		68,300		1,231,040		378.5
Fukuoka REIT Corp.		422		460,344		141.6
FULLCAST Holdings Co. Ltd.		25,400		291,027		89.5
Funai Soken Holdings, Inc.		19,900		331,621		102.0
Furukawa Electric Co. Ltd.		51,200		777,068		238.9
Futaba Industrial Co. Ltd.		20,400		101,836		31.3
Fuyo General Lease Co. Ltd.		4,000		329,331		101.3
Global One Real Estate Investment Corp.		516		396,686		122.0
Glory Ltd.		70,200		1,325,761		407.7
Gree, Inc.		16,000		60,590		18.6
H.U. Group Holdings, Inc.		2,200		37,459		11.5
H2O Retailing Corp.		63,500		689,472		212.0
Hanwa Co. Ltd.		9,300		284,066		87.3
Hazama Ando Corp.		30,200		236,822		72.8
Heiwa Real Estate Co. Ltd.		14,500		376,350		115.7
Heiwado Co. Ltd.		28,000		463,888		142.6
Hiday Hidaka Corp.		33,700		624,014		191.9
Hino Motors Ltd.		79,300		234,444		72.1
Hioki EE Corp.		1,000		44,103		13.6
Hogy Medical Co. Ltd.		9,500		209,137		64.3
Hokkaido Electric Power Co., Inc.		5,100		21,454		6.6
Hokuriku Electric Power Co.		35,300		177,528		54.6
Horiba Ltd.		2,300		117,930		36.3


Security	Shares		Value		% of Basket Value

Japan (continued)
Ichigo Office REIT Investment Corp.		684	$	389,039		119.6	%
Ichigo, Inc.		42,400		94,044		28.9
IDOM, Inc.		27,000		164,492		50.6
I’ll, Inc.		800		19,813		6.1
Inaba Denki Sangyo Co. Ltd.		29,600		625,813		192.4
Infocom Corp.		5,900		99,666		30.6
Infomart Corp.		45,000		109,401		33.6
Information Services International-Dentsu Ltd.		5,800		199,576		61.4
Ishihara Sangyo Kaisha Ltd.		27,400		259,922		79.9
Itochu Enex Co. Ltd.		10,500		104,627		32.2
Itoham Yonekyu Holdings, Inc.		12,940		362,102		111.3
JAC Recruitment Co. Ltd.		30,900		499,781		153.7
Jaccs Co. Ltd.		13,000		452,744		139.2
Japan Elevator Service Holdings Co. Ltd.		22,400		300,973		92.5
Japan Securities Finance Co. Ltd.		6,900		69,638		21.4
JCR Pharmaceuticals Co. Ltd.		20,800		161,419		49.6
JCU Corp.		21,100		466,122		143.3
JINS Holdings, Inc.		9,700		270,916		83.3
JTEKT Corp.		223,200		1,865,988		573.8
Kaga Electronics Co. Ltd.		3,000		121,734		37.4
Kaken Pharmaceutical Co. Ltd.		27,700		621,536		191.1
Kanamoto Co. Ltd.		1,200		19,732		6.1
Kandenko Co. Ltd.		30,600		287,120		88.3
Kaneka Corp.		2,400		59,073		18.2
Kanematsu Corp.		81,800		1,119,859		344.3
Kato Sangyo Co. Ltd.		8,800		250,234		76.9
Kewpie Corp.		4,800		84,147		25.9
Kissei Pharmaceutical Co. Ltd.		18,500		396,188		121.8
Kitz Corp.		33,500		229,478		70.6
KOMEDA Holdings Co. Ltd.		1,500		27,371		8.4
Koshidaka Holdings Co. Ltd.		53,100		382,830		117.7
Kyoritsu Maintenance Co. Ltd.		14,700		569,760		175.2
Kyushu Financial Group, Inc.		14,200		90,373		27.8
Link And Motivation, Inc.		48,500		131,522		40.4
Lion Corp.		42,000		408,317		125.6
Mandom Corp.		56,200		522,225		160.6
Mani, Inc.		33,200		457,440		140.7
Maruha Nichiro Corp.		7,700		133,521		41.1
Maxell Ltd.		39,300		425,506		130.8
Megmilk Snow Brand Co. Ltd.		23,000		375,333		115.4
Meidensha Corp.		25,200		399,488		122.8
MEITEC Group Holdings, Inc.		7,000		124,853		38.4
Menicon Co. Ltd.		27,400		321,967		99.0
METAWATER Co. Ltd.		24,400		311,654		95.8
Micronics Japan Co. Ltd.		6,600		101,276		31.1
Milbon Co. Ltd.		14,400		385,801		118.6
MIRAIT ONE Corp.		18,500		248,417		76.4
Mitsubishi Logisnext Co. Ltd.		3,800		30,245		9.3
Mitsubishi Materials Corp.		120,900		1,968,245		605.2
Mitsubishi Shokuhin Co. Ltd.		16,900		451,595		138.9
Mitsui DM Sugar Holdings Co. Ltd.		1,100		22,597		7.0
Mitsui Mining & Smelting Co. Ltd.		12,500		328,853		101.1
Miura Co. Ltd.		7,900		155,297		47.8
MIXI, Inc.		20,000		306,595		94.3
Mizuho Leasing Co. Ltd.		9,900		319,242		98.2
Modec, Inc.		37,200		414,953		127.6
Monogatari Corp.		13,600		372,730		114.6
Morinaga & Co. Ltd.		12,700		463,645		142.6
MOS Food Services, Inc.		29,700		656,492		201.9
Nabtesco Corp.		79,200		1,422,419		437.4
Nagase & Co. Ltd.		1,200		18,428		5.7


20		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

October 31, 2023

BlackRock Global Equity Market Neutral Fund


Security	Shares		Value		% of Basket Value

Japan (continued)
Nakanishi, Inc.		20,600	$	458,442		141.0	%
NET One Systems Co. Ltd.		11,000		170,056		52.3
Nichias Corp.		9,400		189,040		58.1
Nichicon Corp.		60,100		508,923		156.5
Nippn Corp.		4,700		72,487		22.3
Nippon Ceramic Co. Ltd.		10,100		178,189		54.8
Nippon Gas Co. Ltd.		31,400		478,247		147.1
Nippon Light Metal Holdings Co. Ltd.		53,800		597,176		183.6
Nippon Paper Industries Co. Ltd.		29,900		263,720		81.1
Nippon Parking Development Co. Ltd.		228,800		328,068		100.9
Nippon Road Co. Ltd.		10,000		133,064		40.9
Nippon Sheet Glass Co. Ltd.		68,700		306,222		94.2
Nissha Co. Ltd.		1,700		17,924		5.5
Nisshin Oillio Group Ltd.		17,800		503,465		154.8
Nisshinbo Holdings, Inc.		151,700		1,110,107		341.3
Nissui Corp.		32,100		157,561		48.4
Nittetsu Mining Co. Ltd.		10,800		344,495		105.9
NOK Corp.		6,100		73,302		22.5
Nomura Co. Ltd.		51,600		301,107		92.6
Noritake Co. Ltd.		800		31,479		9.7
Noritsu Koki Co. Ltd.		23,800		510,380		156.9
Noritz Corp.		13,400		142,510		43.8
North Pacific Bank Ltd.		113,100		294,947		90.7
NSD Co. Ltd.		10,800		190,655		58.6
NTN Corp.		349,000		630,399		193.8
Okamura Corp.		15,100		217,892		67.0
Okasan Securities Group, Inc.		24,100		110,553		34.0
Oki Electric Industry Co. Ltd.		127,400		779,517		239.7
Okinawa Cellular Telephone Co.		9,200		197,215		60.6
Okinawa Electric Power Co., Inc.		31,700		234,539		72.1
Onward Holdings Co. Ltd.		87,100		279,313		85.9
Open Up Group, Inc.		11,800		148,345		45.6
Optex Group Co. Ltd.		14,400		163,800		50.4
PALTAC Corp.		22,500		738,437		227.1
Pasona Group, Inc.		22,300		202,306		62.2
Pigeon Corp.		95,100		1,023,377		314.7
Pola Orbis Holdings, Inc.		11,600		118,271		36.4
Prestige International, Inc.		17,000		69,926		21.5
Prima Meat Packers Ltd.		25,800		397,860		122.3
Raito Kogyo Co. Ltd.		37,900		496,996		152.8
Relo Group, Inc.		66,600		669,130		205.7
Ricoh Leasing Co. Ltd.		5,900		178,772		55.0
Rinnai Corp.		27,300		508,278		156.3
Round One Corp.		45,500		167,221		51.4
Royal Holdings Co. Ltd.		8,200		141,549		43.5
RS Technologies Co. Ltd.		5,600		90,111		27.7
Ryoyo Electro Corp.		17,200		413,628		127.2
Saizeriya Co. Ltd.		73,600		3,026,925		930.7
San-Ai Obbli Co. Ltd.		1,700		18,562		5.7
Sanki Engineering Co. Ltd.		27,200		320,154		98.4
Sansan, Inc.		19,200		154,521		47.5
Sanyo Chemical Industries Ltd.		4,500		121,252		37.3
Sapporo Holdings Ltd.		23,600		840,511		258.4
Sato Holdings Corp.		9,600		130,703		40.2
Seino Holdings Co. Ltd.		27,100		399,428		122.8
Sekisui House Reit, Inc.		419		223,732		68.8
Shibaura Machine Co. Ltd.		28,200		707,721		217.6
Shizuoka Gas Co. Ltd.		16,200		111,537		34.3
Shochiku Co. Ltd.		400		25,772		7.9
SIGMAXYZ Holdings, Inc.		1,900		17,907		5.5
Siix Corp.		7,000		66,480		20.4
Simplex Holdings, Inc.		7,200		122,673		37.7


Security	Shares		Value		% of Basket Value

Japan (continued)
SMS Co. Ltd.		35,900	$	577,562		177.6	%
Sodick Co. Ltd.		34,200		174,838		53.8
Sohgo Security Services Co. Ltd.		84,000		498,100		153.2
Solasto Corp.		11,800		46,482		14.3
Stanley Electric Co. Ltd.		33,700		546,452		168.0
Starts Corp., Inc.		30,800		592,817		182.3
Sumitomo Heavy Industries Ltd.		23,200		538,521		165.6
Sumitomo Mitsui Construction Co. Ltd.		163,000		437,794		134.6
Sumitomo Osaka Cement Co. Ltd.		2,900		68,438		21.0
Sumitomo Pharma Co. Ltd.		196,100		607,201		186.7
Sumitomo Riko Co. Ltd.		4,700		29,787		9.2
Sumitomo Seika Chemicals Co. Ltd.		500		15,579		4.8
Sumitomo Warehouse Co. Ltd.		12,100		196,342		60.4
Sun Frontier Fudousan Co. Ltd.		55,800		548,686		168.7
Suzuken Co. Ltd.		17,500		543,045		167.0
Systena Corp.		363,800		627,461		192.9
Tadano Ltd.		64,400		490,952		151.0
Taiheiyo Cement Corp.		25,500		442,958		136.2
Taikisha Ltd.		4,500		132,754		40.8
Taisho Pharmaceutical Holdings Co. Ltd.		21,800		873,760		268.7
Takeuchi Manufacturing Co. Ltd.		27,400		794,063		244.2
Takuma Co. Ltd.		26,800		263,621		81.1
Tama Home Co. Ltd.		5,900		135,041		41.5
Tamron Co. Ltd.		29,500		814,608		250.5
TechMatrix Corp.		6,400		64,119		19.7
TechnoPro Holdings, Inc.		22,400		448,911		138.0
Teijin Ltd.		45,400		414,610		127.5
Toa Corp.		13,900		350,151		107.7
Toho Gas Co. Ltd.		28,100		490,463		150.8
Tokai Rika Co. Ltd.		47,500		754,890		232.1
Tokai Tokyo Financial Holdings, Inc.		40,200		138,358		42.5
Tokuyama Corp.		33,300		511,644		157.3
Tokyo Century Corp.		4,400		171,846		52.8
Tokyu Construction Co. Ltd.		77,300		402,931		123.9
Topcon Corp.		41,000		380,096		116.9
Topy Industries Ltd.		1,900		31,031		9.5
Tosei Corp.		30,000		359,360		110.5
Toshiba TEC Corp.		20,900		459,775		141.4
Towa Pharmaceutical Co. Ltd.		42,600		793,306		243.9
Toyo Ink SC Holdings Co. Ltd.		53,800		924,951		284.4
Toyo Seikan Group Holdings Ltd.		13,600		231,711		71.2
Toyobo Co. Ltd.		6,400		42,940		13.2
Toyoda Gosei Co. Ltd.		38,600		777,645		239.1
Trusco Nakayama Corp.		4,200		64,268		19.8
TS Tech Co. Ltd.		45,200		513,160		157.8
TSI Holdings Co. Ltd.		33,900		183,214		56.3
Tsubakimoto Chain Co.		12,400		317,758		97.7
Tsuburaya Fields Holdings, Inc.		5,800		63,972		19.7
Tsugami Corp.		15,000		109,018		33.5
Tsumura & Co.		4,100		74,324		22.9
Tv Tokyo Holdings Corp.		5,300		102,296		31.5
UBE Corp.		6,000		93,652		28.8
United Arrows Ltd.		30,800		398,264		122.5
United Urban Investment Corp.		400		408,734		125.7
Usen-Next Holdings Co. Ltd.		9,400		218,419		67.2
UT Group Co. Ltd.		7,100		89,037		27.4
Valor Holdings Co. Ltd.		15,300		242,557		74.6
Wacom Co. Ltd.		79,100		276,733		85.1
Xebio Holdings Co. Ltd.		14,600		95,233		29.3
YAMABIKO Corp.		21,100		203,145		62.5
Yamazen Corp.		22,600		185,501		57.0
Yaoko Co. Ltd.		7,300		380,748		117.1


SCHEDULE OF INVESTMENTS		21

Schedule of Investments (unaudited) (continued)

October 31, 2023

BlackRock Global Equity Market Neutral Fund


Security	Shares		Value		% of Basket Value

Japan (continued)
Yellow Hat Ltd.		10,300	$	126,290		38.8	%
Yokogawa Bridge Holdings Corp.		6,800		113,913		35.0
Yoshinoya Holdings Co. Ltd.		15,200		359,079		110.4
Yuasa Trading Co. Ltd.		9,600		266,093		81.8

				95,880,047

Malta
Kambi Group PLC		7,885		115,532		35.5


Monaco
Scorpio Tankers, Inc.		593		33,297		10.2


Netherlands
Eurocommercial Properties NV		14,051		301,620		92.7
Koninklijke BAM Groep NV		59,886		123,519		38.0
Koninklijke Vopak NV		5,219		175,660		54.0
PostNL NV		630,587		1,173,005		360.7
SBM Offshore NV		5,022		63,041		19.4
TomTom NV		41,426		247,717		76.2
Wereldhave NV		22,428		337,606		103.8

				2,422,168

Norway
Aker Solutions ASA		167,746		682,584		209.9
Austevoll Seafood ASA		74,043		517,285		159.1
DNO ASA		278,178		289,597		89.0
Elkem ASA		260,328		406,939		125.1
Grieg Seafood ASA		20,665		140,157		43.1
SpareBank 1 SR-Bank ASA		8,649		96,132		29.6
Stolt-Nielsen Ltd.		1,868		62,795		19.3
Wallenius Wilhelmsen ASA		26,141		224,225		68.9

				2,419,714

Portugal
CTT-Correios de Portugal SA		145,192		552,862		170.0
NOS SGPS SA		82,740		301,844		92.8
Sonae SGPS SA		194,834		192,332		59.1

				1,047,038

Singapore
BW LPG Ltd.		70,355		1,011,978		311.2
Capitaland India Trust		355,842		249,793		76.8
ComfortDelGro Corp. Ltd.		155,200		150,062		46.2
Frasers Centrepoint Trust		78,200		118,425		36.4
Frasers Logistics & Commercial Trust		91,600		69,656		21.4
IGG, Inc.		437,000		153,887		47.3
Kulicke & Soffa Industries, Inc.		44,768		1,862,796		572.8
Venture Corp. Ltd.		1,800		15,386		4.7

				3,631,983

South Africa
Scatec ASA		54,469		281,556		86.6


South Korea
Magnachip Semiconductor Corp.		34,264		253,211		77.9


Spain
Almirall SA		32,195		292,552		89.9
Applus Services SA		69,510		730,665		224.7
Atlantica Sustainable Infrastructure PLC		42,269		765,491		235.4
Cia de Distribucion Integral Logista Holdings SA		13,522		332,446		102.2
Indra Sistemas SA		128,867		1,806,157		555.4
Inmobiliaria Colonial Socimi SA		57,477		321,874		99.0


Security	Shares		Value		% of Basket Value

Spain (continued)
Mapfre SA		179,054	$	371,527		114.2	%
Merlin Properties Socimi SA		137,405		1,143,711		351.7
Obrascon Huarte Lain SA		662,515		272,646		83.8

				6,037,069

Sweden
AAK AB		5,325		103,412		31.8
AddTech AB, B Shares		54,488		818,646		251.7
Attendo AB		47		152		0.0
Betsson AB		62,774		645,136		198.4
Billerud Aktiebolag		2,623		24,355		7.5
Biotage AB		7,875		81,877		25.2
Bufab AB		3,222		78,304		24.1
Camurus AB		10,905		332,053		102.1
Corem Property Group AB, B Shares		111,831		73,555		22.6
Fortnox AB		25,547		103,896		31.9
Loomis Ab, Class B		1,026		27,329		8.4
MIPS AB		9,378		237,757		73.1
Modern Times Group MTG AB, Class B		13,488		110,002		33.8
Mycronic AB		14,747		330,286		101.6
Nolato AB, B Shares		73,949		334,723		102.9
Nyfosa AB		28,050		139,020		42.7
Sectra AB		16,971		187,829		57.8
SSAB AB, Class B		77,913		460,811		141.7
Sweco AB, B Shares		8,395		79,051		24.3
Thule Group AB		9,629		224,254		69.0

				4,392,448

Switzerland
Ascom Holding AG		1,799		18,835		5.8
Burckhardt Compression Holding AG		374		191,830		59.0
DKSH Holding AG		14,899		923,133		283.8
dormakaba Holding AG		410		189,544		58.3
Inficon Holding AG, Registered Shares		172		188,499		57.9
IWG PLC		98,466		158,452		48.7
Kardex Holding AG, Registered Shares		1,546		302,416		93.0
LEM Holding SA, Registered Shares		33		67,531		20.8
Swissquote Group Holding SA, Registered Shares		859		166,702		51.2
u-blox Holding AG		1,725		164,794		50.7
Ypsomed Holding AG, Registered Shares		1,707		475,717		146.3

				2,847,453

United Kingdom
Ashmore Group PLC		15,468		32,035		9.9
Balanced Commercial Property Trust Ltd.		613,243		473,949		145.7
Balfour Beatty PLC		15,092		56,758		17.5
Big Yellow Group PLC		19,303		225,650		69.4
boohoo Group PLC		4,318,123		1,651,854		507.9
Breedon Group PLC		22,918		87,512		26.9
Capricorn Energy PLC		97,922		186,926		57.5
Chemring Group PLC		45,731		156,122		48.0
Clarkson PLC		5,216		168,551		51.8
Close Brothers Group PLC		14,767		144,127		44.3
CNH Industrial NV		41,026		450,466		138.5
Computacenter PLC		39,245		1,233,939		379.4
CVS Group PLC		5,371		96,469		29.7
Deliveroo PLC, Class A		609,815		968,323		297.7
Derwent London PLC		19,009		424,682		130.6
DiscoverIE Group PLC		39,631		298,717		91.9
Essentra PLC		152,065		276,248		84.9
Firstgroup PLC		245,603		474,932		146.0


22		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

October 31, 2023

BlackRock Global Equity Market Neutral Fund


Security	Shares		Value		% of Basket Value

United Kingdom (continued)
Gamma Communications PLC		21,024	$	269,256		82.8	%
Grafton Group PLC, CDI		41,744		393,295		120.9
Grainger PLC		7,602		21,043		6.5
Great Portland Estates PLC		106,717		508,414		156.3
Halfords Group PLC		79,782		195,923		60.2
Hilton Food Group PLC		2,202		17,568		5.4
Hunting PLC		188,537		666,957		205.1
Impax Asset Management Group PLC		7,682		36,133		11.1
Inchcape PLC		58,027		470,740		144.7
Investec PLC		53,919		300,493		92.4
J D Wetherspoon PLC		31,902		246,351		75.8
John Wood Group PLC		285,583		496,861		152.8
Johnson Service Group PLC		63,202		98,697		30.4
Jupiter Fund Management PLC		387,294		372,084		114.4
Just Group PLC		619,342		571,810		175.8
Kainos Group PLC		29,089		399,243		122.8
Keller Group PLC		10,754		101,143		31.1
Kier Group PLC		53,187		65,516		20.1
Marlowe PLC		5,278		35,729		11.0
Mitchells & Butlers PLC		97,396		246,792		75.9
Mitie Group PLC		303,448		366,005		112.5
Mobico Group PLC		56,159		43,002		13.2
Moneysupermarket.com Group PLC		234,014		742,058		228.2
Morgan Sindall Group PLC		23,524		539,943		166.0
NCC Group PLC		65,514		85,246		26.2
Nomad Foods Ltd.		18,715		258,641		79.5
OSB Group PLC		144,816		531,501		163.4
Oxford Instruments PLC		4,498		99,052		30.5
Paragon Banking Group PLC		105,054		569,613		175.2
Playtech Plc		114,450		548,312		168.6
Premier Foods PLC		35,977		51,507		15.8
Redde Northgate PLC		104,663		429,524		132.1
Restaurant Group PLC		36,180		29,780		9.2
RWS Holdings PLC		53,380		135,397		41.6
S4 Capital PLC		48,559		37,710		11.6
Serco Group PLC		171,404		299,190		92.0
Smart Metering Systems PLC		28,312		221,455		68.1
Softcat PLC		49,153		759,991		233.7
Spire Healthcare Group PLC		94,101		245,458		75.5
SThree PLC		46,995		201,666		62.0
Subsea 7 SA		5,883		79,049		24.3
Telecom Plus PLC		12,253		230,870		71.0
TP ICAP Group PLC		186,283		358,240		110.2
Vanquis Banking Group PLC		93,930		132,658		40.8
Vesuvius PLC		128,031		630,388		193.8
Virgin Money UK PLC		571,718		1,042,699		320.6
Volution Group PLC		39,709		175,926		54.1
YouGov PLC		14,637		152,006		46.7

				21,918,195

United States
1-800-Flowers.com, Inc., Class A		42,170		316,697		97.4
1st Source Corp.		2,748		125,364		38.5
A10 Networks, Inc.		40,323		438,311		134.8
Accel Entertainment, Inc., Class A		38,804		382,219		117.5
Aclaris Therapeutics, Inc.		33,810		168,374		51.8
Acushnet Holdings Corp.		8,557		436,065		134.1
AdaptHealth Corp., Class A		7,601		55,715		17.1
Adaptive Biotechnologies Corp.		19,590		86,980		26.7
Addus HomeCare Corp.		4,392		346,529		106.6
Adtalem Global Education, Inc.		6,770		350,686		107.8


Security	Shares		Value		% of Basket Value

United States (continued)
Advanced Energy Industries, Inc.		7,978	$	696,160		214.1	%
Agilysys, Inc.		3,054		262,003		80.6
Albany International Corp., Class A		10,161		829,239		255.0
Alkami Technology, Inc.		3,983		71,495		22.0
Allient, Inc.		8,598		237,305		73.0
Alpha & Omega Semiconductor Ltd.		13,807		327,502		100.7
Alta Equipment Group, Inc.		8,948		82,232		25.3
Amalgamated Financial Corp.		12,159		221,780		68.2
A-Mark Precious Metals, Inc.		2,404		65,100		20.0
Ambarella, Inc.		8,491		382,010		117.5
Ameresco, Inc., Class A		5,947		155,514		47.8
American Assets Trust, Inc.		26,393		468,476		144.0
American Axle & Manufacturing Holdings, Inc.		13,237		89,350		27.5
American Software, Inc., Class A		10,017		109,886		33.8
American Vanguard Corp.		24,113		225,698		69.4
American Woodmark Corp.		4,023		270,466		83.2
Ameris Bancorp		4,868		181,576		55.8
Andersons, Inc.		5,067		254,009		78.1
AngioDynamics, Inc.		9,424		58,429		18.0
Anywhere Real Estate, Inc.		82,137		383,580		117.9
Apogee Enterprises, Inc.		52,160		2,238,707		688.4
Archrock, Inc.		62,054		786,224		241.8
Arcosa, Inc.		3,621		250,102		76.9
Argan, Inc.		2,071		94,728		29.1
ASGN, Inc.		2,614		218,164		67.1
Aspen Aerogels, Inc.		7,100		54,812		16.9
AssetMark Financial Holdings, Inc.		6,646		158,906		48.9
Astec Industries, Inc.		5,380		215,415		66.2
Atea Pharmaceuticals, Inc.		10,256		33,332		10.2
AtriCure, Inc.		1,501		51,995		16.0
Avista Corp.		1,647		52,193		16.0
AZZ, Inc.		1,935		91,467		28.1
Badger Meter, Inc.		7,745		1,073,070		330.0
Bandwidth, Inc., Class A		18,921		200,752		61.7
Beazer Homes USA, Inc.		33,472		809,688		249.0
Benchmark Electronics, Inc.		19,152		463,670		142.6
Berry Corp.		95,421		796,765		245.0
BigCommerce Holdings, Inc., Series-1		17,066		151,717		46.7
BJ’s Restaurants, Inc.		8,727		224,458		69.0
Bluegreen Vacations Holding Corp., Class A		2,137		71,611		22.0
BlueLinx Holdings, Inc.		3,849		273,702		84.2
Boise Cascade Co.		21,500		2,015,625		619.8
Brady Corp., Class A		17,798		915,885		281.6
Brandywine Realty Trust		35,310		132,059		40.6
Brightsphere Investment Group, Inc.		12,672		198,444		61.0
Bristow Group, Inc.		22,809		596,227		183.3
Brookdale Senior Living, Inc.		6,794		26,565		8.2
Byline Bancorp, Inc.		17,948		340,474		104.7
Cantaloupe, Inc.		7,343		48,317		14.9
CareTrust REIT, Inc.		35,384		761,464		234.1
Cargurus, Inc.		25,918		446,567		137.3
Cars.com, Inc.		12,660		192,812		59.3
Castle Biosciences, Inc.		4,086		63,823		19.6
CECO Environmental Corp.		1,050		16,989		5.2
Central Garden & Pet Co., Class A		17,136		680,128		209.1
Century Aluminum Co.		11,174		73,860		22.7
Century Communities, Inc.		8,650		531,975		163.6
Cerence, Inc.		10,553		161,566		49.7
CEVA, Inc.		14,732		252,948		77.8
Chatham Lodging Trust		23,073		213,425		65.6


SCHEDULE OF INVESTMENTS		23

Schedule of Investments (unaudited) (continued)

October 31, 2023

BlackRock Global Equity Market Neutral Fund


Security	Shares		Value		% of Basket Value

United States (continued)
Chefs’ Warehouse, Inc.		22,803	$	433,941		133.4	%
Chegg, Inc.		228,042		1,717,156		528.0
Chuy’s Holdings, Inc.		2,757		92,801		28.5
Clean Energy Fuels Corp.		52,755		184,115		56.6
Clear Secure, Inc.		1,126		18,939		5.8
Clearwater Paper Corp.		5,495		185,786		57.1
CNO Financial Group, Inc.		41,806		969,063		298.0
Cogent Communications Holdings, Inc.		9,030		586,769		180.4
CommVault Systems, Inc.		5,323		347,858		107.0
Comstock Resources, Inc.		52,143		657,002		202.0
Comtech Telecommunications Corp.		4,625		56,425		17.3
ConnectOne Bancorp, Inc.		28,987		472,198		145.2
Construction Partners, Inc., Class A		1,276		49,062		15.1
Corcept Therapeutics, Inc.		25,893		727,075		223.6
Core & Main, Inc., Class A		4		120		0.0
CorVel Corp.		1,412		273,843		84.2
Coursera, Inc.		8,383		145,361		44.7
CRA International, Inc.		4,817		467,779		143.8
Cracker Barrel Old Country Store, Inc.		7,999		530,814		163.2
CrossFirst Bankshares, Inc.		8,048		85,148		26.2
CS Disco, Inc.		4,951		27,775		8.5
CSG Systems International, Inc.		57,933		2,714,740		834.7
CTO Realty Growth, Inc.		4,773		77,275		23.8
Customers Bancorp, Inc.		2,993		120,349		37.0
CVB Financial Corp.		1,358		21,212		6.5
Dana, Inc.		49,669		570,200		175.3
Delek U.S. Holdings, Inc.		39,952		1,052,735		323.7
Deluxe Corp.		9,156		156,110		48.0
Digi International, Inc.		15,771		397,114		122.1
Digital Turbine, Inc.		11,553		54,761		16.8
Dime Community Bancshares, Inc.		18,209		334,864		103.0
DISH Network Corp., Class A		418,009		2,048,244		629.8
Diversified Energy Co. PLC		44,094		36,119		11.1
Dole PLC		1,679		19,174		5.9
Dorian LPG Ltd.		10,248		327,629		100.7
Dril-Quip, Inc.		6,208		134,465		41.3
Duckhorn Portfolio, Inc.		31,348		326,960		100.5
DXP Enterprises, Inc.		7,086		231,004		71.0
Dycom Industries, Inc.		10,090		859,466		264.3
Eagle Bancorp, Inc.		6,183		120,445		37.0
El Pollo Loco Holdings, Inc.		21,545		179,901		55.3
Encore Wire Corp.		1,325		236,950		72.9
Enerpac Tool Group Corp., Class A		13,893		393,172		120.9
Enersys		2,809		240,394		73.9
Enova International, Inc.		50,733		2,023,232		622.1
Enovis Corp.		37,096		1,702,706		523.6
Enviri Corp.		20,821		119,513		36.7
ePlus, Inc.		14,777		923,562		284.0
Equitrans Midstream Corp.		27,678		245,504		75.5
Equity Bancshares, Inc., Class A		2,250		54,450		16.7
Esab Corp.		6,449		408,222		125.5
Essent Group Ltd.		9,773		461,677		142.0
Ethan Allen Interiors, Inc.		33,825		888,244		273.1
Eventbrite, Inc.		35,876		297,053		91.3
Everbridge, Inc.		16,346		336,891		103.6
Everi Holdings, Inc.		69,167		746,312		229.5
EW Scripps Co., Class A		12,975		70,973		21.8
eXp World Holdings, Inc.		32,632		433,027		133.1
Extreme Networks, Inc.		24,027		495,437		152.3
EZCORP, Inc., Class A		48,509		397,774		122.3
Federated Hermes, Inc.		32,543		1,031,613		317.2
Financial Institutions, Inc.		2		32		0.0


Security	Shares		Value		% of Basket Value

United States (continued)
First Busey Corp.		5,853	$	116,241		35.7	%
First Interstate BancSystem, Inc.		40,698		938,903		288.7
Fiverr International Ltd.		36,326		769,021		236.5
Flushing Financial Corp.		21,523		265,594		81.7
Forestar Group, Inc.		17,037		404,629		124.4
Forrester Research, Inc.		4,511		104,655		32.2
Forward Air Corp.		3,532		227,496		70.0
Franklin Covey Co.		27,451		1,081,844		332.7
Fresh Del Monte Produce, Inc.		20,677		516,925		158.9
Fulgent Genetics, Inc.		12,193		291,900		89.8
Fulton Financial Corp.		11,268		146,371		45.0
Gates Industrial Corp. PLC		24,448		266,972		82.1
GATX Corp.		3,224		337,166		103.7
Genesco, Inc.		11,242		308,143		94.7
Gibraltar Industries, Inc.		6,767		411,840		126.6
G-III Apparel Group Ltd.		38,904		993,997		305.6
Global Industrial Co.		17,404		556,058		171.0
GMS, Inc.		15,935		931,879		286.5
GoPro, Inc., Class A		222,086		557,436		171.4
Gray Television, Inc.		29,921		195,085		60.0
Great Lakes Dredge & Dock Corp.		9,010		68,476		21.1
Greif, Inc.		15,481		983,043		302.3
Griffon Corp.		17,939		716,484		220.3
Grocery Outlet Holding Corp.		47,298		1,308,736		402.4
Group 1 Automotive, Inc.		6,513		1,643,425		505.3
Guess?, Inc.		28,574		614,341		188.9
Gulfport Energy Corp.		1,424		176,021		54.1
H&E Equipment Services, Inc.		19,661		800,596		246.2
Hackett Group, Inc.		15,362		342,419		105.3
Hain Celestial Group, Inc.		8,663		95,726		29.4
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		18,391		315,222		96.9
Hanover Insurance Group, Inc.		957		112,170		34.5
Harmonic, Inc.		13,670		147,499		45.4
Harmony Biosciences Holdings, Inc.		18,858		443,917		136.5
Haverty Furniture Cos, Inc.		8,363		217,856		67.0
Hawaiian Holdings, Inc.		25,844		108,803		33.5
HCI Group, Inc.		6,610		389,792		119.9
Health Catalyst, Inc.		28,378		212,551		65.4
Healthcare Services Group, Inc.		21,328		202,616		62.3
HealthStream, Inc.		12,653		321,386		98.8
Heartland Financial USA, Inc.		18,026		493,912		151.9
Heidrick & Struggles International, Inc.		22,546		548,770		168.7
Helix Energy Solutions Group, Inc.		56,144		550,211		169.2
Hims & Hers Health, Inc.		21,688		129,694		39.9
Horizon Bancorp, Inc.		39,118		371,230		114.1
Hub Group, Inc., Class A		7,754		533,088		163.9
Hudson Pacific Properties, Inc.		31,658		141,195		43.4
Huron Consulting Group, Inc.		2,246		223,163		68.6
Hyster-Yale Materials Handling, Inc.		996		39,850		12.3
I3 Verticals, Inc., Class A		5,417		101,569		31.2
IES Holdings, Inc.		505		31,426		9.7
Independent Bank Corp.		17,605		351,220		108.0
Independent Bank Group, Inc.		15,708		555,278		170.7
Infinera Corp.		75,855		222,255		68.3
Ingevity Corp.		955		38,467		11.8
Innoviva, Inc.		15,406		191,188		58.8
Insperity, Inc.		8,793		930,651		286.2
Installed Building Products, Inc.		2,460		274,708		84.5
Insteel Industries, Inc.		10,344	��	288,701		88.8
Instructure Holdings, Inc.		3,200		78,816		24.2
Intapp, Inc.		13,374		457,391		140.6


24		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

October 31, 2023

BlackRock Global Equity Market Neutral Fund


Security	Shares		Value		% of Basket Value

United States (continued)
Integral Ad Science Holding Corp.		24,772	$	284,383		87.4	%
InterDigital, Inc.		5,648		425,012		130.7
Interface, Inc., Class A		23,772		211,333		65.0
iRadimed Corp.		340		13,852		4.3
Itron, Inc.		19,889		1,139,242		350.3
Janus International Group, Inc.		67,548		632,249		194.4
JELD-WEN Holding, Inc.		26,747		303,044		93.2
JetBlue Airways Corp.		110,127		414,078		127.3
Johnson Outdoors, Inc.		3,002		142,745		43.9
Kaiser Aluminum Corp.		1,876		106,557		32.8
Kaman Corp.		6,406		119,216		36.7
Kearny Financial Corp.		16,707		115,947		35.7
Kelly Services, Inc., Class A		28,013		500,032		153.8
Kennametal, Inc.		37,327		862,627		265.2
Kimball Electronics, Inc.		18,180		476,316		146.5
Knife River Corp.		7,921		398,585		122.6
Kodiak Gas Services, Inc.		3,522		60,543		18.6
Kohl’s Corp.		60,991		1,375,347		422.9
Kontoor Brands, Inc.		15,829		735,257		226.1
Korn Ferry		23,458		1,067,808		328.3
Kyndryl Holdings, Inc.		48,743		713,110		219.3
Laureate Education, Inc.		43,505		615,161		189.2
Legalzoom.com, Inc.		32,926		328,272		100.9
LeMaitre Vascular, Inc.		10,685		519,077		159.6
LendingClub Corp.		23,297		120,911		37.2
Ligand Pharmaceuticals, Inc.		4,129		215,905		66.4
Liquidity Services, Inc.		5,444		104,906		32.3
LivaNova PLC		6,930		339,917		104.5
LiveRamp Holdings, Inc.		20,908		578,315		177.8
Lovesac Co.		31,148		512,696		157.6
M/I Homes, Inc.		5,664		464,844		142.9
Magnite, Inc.		35,427		235,235		72.3
Malibu Boats, Inc., Class A		7,461		325,449		100.1
Manitowoc Co., Inc.		42,327		541,786		166.6
Masonite International Corp.		3,352		265,277		81.6
Mativ Holdings, Inc.		13,473		176,496		54.3
Matson, Inc.		4,936		429,679		132.1
Matthews International Corp.		1,619		57,377		17.6
MaxLinear, Inc.		90,185		1,370,812		421.5
MDC Holdings, Inc.		19,042		722,644		222.2
Mercantile Bank Corp.		982		32,347		9.9
Merchants Bancorp		6,027		180,147		55.4
Mercury General Corp.		20,371		629,056		193.4
Merit Medical Systems, Inc.		4,638		318,816		98.0
Methode Electronics, Inc.		19,905		455,227		140.0
MGP Ingredients, Inc.		8,006		757,848		233.0
Midland States Bancorp, Inc.		19,820		432,472		133.0
MillerKnoll, Inc.		34,614		813,429		250.1
Minerals Technologies, Inc.		2,550		137,853		42.4
Mister Car Wash, Inc.		10,023		52,120		16.0
Model N, Inc.		20,704		498,966		153.4
Monro, Inc.		47,746		1,185,056		364.4
Mr. Cooper Group, Inc.		15,220		860,387		264.6
MSA Safety, Inc.		910		143,671		44.2
MYR Group, Inc.		1,555		180,116		55.4
N-able, Inc.		25,588		331,620		102.0
Nabors Industries Ltd.		3,849		375,816		115.6
National Vision Holdings, Inc.		28,433		441,849		135.9
NCR Voyix Corp.		33,373		510,273		156.9
NETGEAR, Inc.		56,875		718,900		221.1
NetScout Systems, Inc.		34,630		755,973		232.4
Nevro Corp.		17,953		259,062		79.7


Security	Shares		Value		% of Basket Value

United States (continued)
NexPoint Residential Trust, Inc.		10,962	$	295,864		91.0	%
NMI Holdings, Inc., Class A		12,095		330,798		101.7
Nordstrom, Inc.		21,678		303,058		93.2
Novocure Ltd.		60,375		802,987		246.9
NOW, Inc.		31,099		342,711		105.4
OceanFirst Financial Corp.		2,144		27,143		8.3
ODP Corp.		12,098		543,442		167.1
O-I Glass, Inc.		31,717		490,028		150.7
Oil States International, Inc.		8,319		60,396		18.6
Oil-Dri Corp. of America		501		28,697		8.8
Omega Flex, Inc.		414		30,251		9.3
OmniAb, Inc.		518		—		0.0
OmniAb, Inc.		518		—		0.0
Omnicell, Inc.		8,166		290,220		89.2
ON24, Inc.		26,529		163,153		50.2
Ooma, Inc.		12,593		137,390		42.2
OPENLANE, Inc.		6,144		82,514		25.4
Oscar Health, Inc.		19,700		100,864		31.0
OSI Systems, Inc.		2,784		290,288		89.3
Otter Tail Corp.		2,018		155,265		47.7
Outfront Media, Inc.		145,114		1,416,313		435.5
Owens & Minor, Inc.		22,592		323,743		99.5
Oxford Industries, Inc.		2,475		208,890		64.2
Palomar Holdings, Inc.		10,996		550,680		169.3
Par Pacific Holdings, Inc.		1,676		55,006		16.9
Park Hotels & Resorts, Inc.		4,276		49,302		15.2
Payoneer Global, Inc.		31,767		183,931		56.6
Paysafe Ltd.		10,389		100,981		31.1
Pegasystems, Inc.		10,793		461,293		141.8
Pennant Group, Inc.		1,731		18,816		5.8
Perdoceo Education Corp.		9,593		173,537		53.4
Perella Weinberg Partners, Class A		13,832		135,692		41.7
Petco Health & Wellness Co., Inc., Class A		213,958		740,295		227.6
PetIQ, Inc., Class A		8,881		166,696		51.3
Phreesia, Inc.		5,554		75,868		23.3
Pilgrim’s Pride Corp.		3,659		93,305		28.7
Playtika Holding Corp.		8,572		72,005		22.1
PRA Group, Inc.		13,473		165,853		51.0
Premier Financial Corp.		35,006		607,354		186.8
Prestige Consumer Healthcare, Inc.		13,289		788,835		242.6
PriceSmart, Inc.		2,250		140,603		43.2
Primoris Services Corp.		28,494		856,530		263.4
PROG Holdings, Inc.		1,899		52,014		16.0
Progress Software Corp.		36,508		1,875,781		576.8
Proto Labs, Inc.		16,069		379,389		116.7
Q2 Holdings, Inc.		15,252		458,018		140.8
Quaker Chemical Corp.		2,933		421,531		129.6
QuinStreet, Inc.		3,172		35,875		11.0
RE/MAX Holdings, Inc., Class A		17,474		188,020		57.8
Redfin Corp.		97,258		453,222		139.4
Repay Holdings Corp., Class A		11,025		66,040		20.3
REV Group, Inc.		29,103		414,427		127.4
Revance Therapeutics, Inc.		6,270		49,470		15.2
Revolve Group, Inc.		19,569		269,074		82.7
REX American Resources Corp.		17,055		648,261		199.3
Reynolds Consumer Products, Inc.		11,036		280,645		86.3
RHI Magnesita NV		4,208		132,071		40.6
RingCentral, Inc., Class A		29,522		784,695		241.3
Riskified Ltd.		29,860		111,378		34.2
RLJ Lodging Trust		63,693		598,714		184.1
RMR Group, Inc., Class A		4,880		109,898		33.8
Rogers Corp.		445		54,686		16.8


SCHEDULE OF INVESTMENTS		25

Schedule of Investments (unaudited) (continued)

October 31, 2023

BlackRock Global Equity Market Neutral Fund


Security	Shares		Value		% of Basket Value

United States (continued)
Rover Group, Inc., Class A		13,386	$	86,340		26.5	%
RxSight, Inc.		6,094		134,921		41.5
Ryerson Holding Corp.		3,528		102,488		31.5
Sally Beauty Holdings, Inc.		19,138		162,673		50.0
Sandy Spring Bancorp, Inc.		14,169		289,756		89.1
Sanmina Corp.		32,831		1,670,113		513.5
ScanSource, Inc.		7,712		234,445		72.1
Schnitzer Steel Industries, Inc.		30,370		689,703		212.1
Scholastic Corp.		6,280		231,732		71.3
Select Medical Holdings Corp.		16,633		378,068		116.3
SEMrush Holdings, Inc., Class A		7,467		60,333		18.6
Semtech Corp.		28,441		397,036		122.1
ServisFirst Bancshares, Inc.		8,414		396,804		122.0
SI-BONE, Inc.		2,155		36,657		11.3
Silk Road Medical, Inc.		14,742		110,712		34.0
Sims Ltd.		39,130		311,825		95.9
Simulations Plus, Inc.		3,687		130,040		40.0
Sinclair, Inc.		9,338		101,504		31.2
SolarWinds Corp.		19,456		179,190		55.1
Sonic Automotive, Inc., Class A		12,869		615,782		189.3
Sonos, Inc.		38,890		419,234		128.9
Southside Bancshares, Inc.		8,916		238,057		73.2
SpartanNash Co.		40,434		909,361		279.6
Sphere Entertainment Co.		4,641		152,735		47.0
Sprinklr, Inc.		3,908		53,110		16.3
Sprout Social, Inc., Class A		3,259		141,050		43.4
SPX Technologies, Inc.		8,360		669,803		206.0
Squarespace, Inc., Class A		3,656		103,867		31.9
St. Joe Co.		7,065		329,512		101.3
Standard Motor Products, Inc.		13,507		471,800		145.1
Steelcase, Inc., Class A		79,542		867,803		266.8
Sterling Infrastructure, Inc.		5,089		370,734		114.0
Stock Yards Bancorp, Inc.		4,684		183,191		56.3
Stoneridge, Inc.		870		14,155		4.4
StoneX Group, Inc.		878		83,691		25.7
Stratasys Ltd.		8,512		86,567		26.6
Strategic Education, Inc.		7,166		589,833		181.4
Summit Hotel Properties, Inc.		6,348		35,803		11.0
Supernus Pharmaceuticals, Inc.		12,052		287,440		88.4
Surmodics, Inc.		2,044		60,216		18.5
Tactile Systems Technology, Inc.		978		10,680		3.3
Tandem Diabetes Care, Inc.		24,829		429,542		132.1
Tanger Factory Outlet Centers, Inc.		4,007		90,358		27.8
TechTarget, Inc.		21,746		547,564		168.4
Telephone and Data Systems, Inc.		21,479		390,703		120.1
Tennant Co.		6,228		462,242		142.1
Theravance Biopharma, Inc.		14,905		140,703		43.3
Thermon Group Holdings, Inc.		8,534		227,772		70.0
Thryv Holdings, Inc.		4,482		78,121		24.0
Titan Machinery, Inc.		19,401		481,921		148.2
Topgolf Callaway Brands Corp.		19,993		244,314		75.1
TPG RE Finance Trust, Inc.		21,956		120,978		37.2
TTEC Holdings, Inc.		10,442		214,896		66.1
TTM Technologies, Inc.		43,559		500,493		153.9
Turning Point Brands, Inc.		64,000		1,283,200		394.6
Tutor Perini Corp.		22,611		163,025		50.1
Two Harbors Investment Corp.		3,854		44,745		13.8
U.S. Silica Holdings, Inc.		29,543		356,584		109.6
Unit Corp.		500		27,535		8.5
United Bankshares, Inc.		2,841		80,798		24.8
Universal Insurance Holdings, Inc.		11,414		178,743		55.0


Security	Shares			Value			% of Basket Value

United States (continued)
Univest Financial Corp.		13,270		$	221,078			68.0	%
Upbound Group, Inc.		15,183			395,669			121.7
Upwork, Inc.		37,273			389,503			119.8
USANA Health Sciences, Inc.		17,622			802,682			246.8
V2X, Inc.		2,443			124,764			38.4
Varex Imaging Corp.		65,268			1,178,087			362.2
Varonis Systems, Inc., Class B		48,832			1,642,708			505.1
Veeco Instruments, Inc.		732			17,524			5.4
Verint Systems, Inc.		65,416			1,230,475			378.4
Viavi Solutions, Inc.		5,746			44,704			13.7
Vicor Corp.		3,168			122,728			37.7
Vimeo, Inc.		3,557			10,956			3.4
Virtu Financial, Inc., Class A		33,477			618,990			190.3
Vishay Precision Group, Inc.		3,451			103,254			31.7
Vital Farms, Inc.		46,732			516,856			158.9
Vizio Holding Corp.		2,137			10,877			3.3
W&T Offshore, Inc.		102,624			425,890			131.0
Wabash National Corp.		13,835			286,246			88.0
Washington Trust Bancorp, Inc.		4,781			110,871			34.1
Waste Connections, Inc.		206			26,979			8.3
Watts Water Technologies, Inc., Class A		1,891			327,162			100.6
Weis Markets, Inc.		7,815			508,757			156.4
WesBanco, Inc.		3,781			92,219			28.4
World Acceptance Corp.		762			75,148			23.1
World Kinect Corp.		56,981			1,054,148			324.1
Xerox Holdings Corp.		68,042			873,659			268.6
Xponential Fitness, Inc., Class A		1,913			27,299			8.4
Yext, Inc.		9,119			54,988			16.9
Zeta Global Holdings Corp.		21,782			169,900			52.2
ZipRecruiter, Inc.		31,520			335,688			103.2
Zumiez, Inc.		25,826			424,321			130.5
Zuora, Inc., Class A		106,579			789,750			242.8

					157,387,666

Preferred Stocks

Germany
Kloeckner & Co. SE		130,185			806,598			248.0
Schaeffler AG		67,087			347,506			106.9

					1,154,104


Total Reference Entity — Long					356,287,598


Reference Entity — Short

Common Stocks

Australia
ARB Corp. Ltd.		(29,493	)		(550,351	)		(169.2	)
Bapcor Ltd.		(56,022	)		(190,691	)		(58.6	)
Bellevue Gold Ltd.		(550,596	)		(500,726	)		(154.0	)
Boss Energy Ltd.		(10,649	)		(29,346	)		(9.0	)
Breville Group Ltd.		(6,426	)		(87,091	)		(26.8	)
Brickworks Ltd.		(3,081	)		(48,020	)		(14.8	)
BWP Trust		(29,991	)		(62,022	)		(19.1	)
Capricorn Metals Ltd.		(148,276	)		(441,178	)		(135.7	)
Champion Iron Ltd.		(166,557	)		(756,570	)		(232.6	)
Core Lithium Ltd.		(465,273	)		(106,663	)		(32.8	)
Corporate Travel Management Ltd.		(17,912	)		(189,538	)		(58.3	)
De Grey Mining Ltd.		(180,490	)		(135,657	)		(41.7	)
Dicker Data Ltd.		(9,813	)		(65,855	)		(20.3	)
Domain Holdings Australia Ltd.		(96,621	)		(209,439	)		(64.4	)
EVT Ltd.		(52,956	)		(351,135	)		(108.0	)
Genesis Minerals Ltd.		(58,040	)		(53,359	)		(16.4	)
Gold Road Resources Ltd.		(107,029	)		(127,225	)		(39.1	)


26		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

October 31, 2023

BlackRock Global Equity Market Neutral Fund


Security	Shares			Value			% of Basket Value

Australia (continued)
GUD Holdings Ltd.		(57,799	)	$	(392,931	)		(120.8	)%
Harvey Norman Holdings Ltd.		(14,927	)		(34,891	)		(10.7	)
HMC Capital Ltd.		(45,069	)		(122,434	)		(37.6	)
HomeCo Daily Needs REIT		(324,041	)		(220,808	)		(67.9	)
HUB24 Ltd.		(3,820	)		(73,755	)		(22.7	)
Ingenia Communities Group		(136,038	)		(338,596	)		(104.1	)
IRESS Ltd.		(9,410	)		(30,006	)		(9.2	)
Kelsian Group Ltd.		(52,720	)		(202,751	)		(62.3	)
Link Administration Holdings Ltd.		(61,259	)		(46,501	)		(14.3	)
Nine Entertainment Co. Holdings Ltd.		(1,280,255	)		(1,508,443	)		(463.8	)
Paladin Energy Ltd.		(1,024,430	)		(617,189	)		(189.8	)
Perpetual Ltd.		(21,059	)		(257,456	)		(79.2	)
PEXA Group Ltd.		(66,978	)		(464,434	)		(142.8	)
Sayona Mining Ltd.		(11,171,420	)		(536,469	)		(165.0	)
SmartGroup Corp. Ltd.		(22,078	)		(120,705	)		(37.1	)
TPG Telecom Ltd.		(46,703	)		(153,921	)		(47.3	)
Webjet Ltd.		(281,523	)		(1,091,942	)		(335.8	)

					(10,118,098	)

Austria
CA Immobilien Anlagen AG		(11,792	)		(398,020	)		(122.4	)
EVN AG		(4,219	)		(114,305	)		(35.1	)

					(512,325	)

Belgium
Ackermans & van Haaren NV		(6,975	)		(1,033,705	)		(317.9	)
Azelis Group NV		(2,343	)		(39,915	)		(12.3	)
bpost SA		(26,233	)		(141,864	)		(43.6	)
Kinepolis Group NV		(7,093	)		(349,243	)		(107.4	)
Xior Student Housing NV		(7,758	)		(222,835	)		(68.5	)

					(1,787,562	)

Canada
ADENTRA, Inc.		(6,318	)		(118,022	)		(36.3	)
Altius Minerals Corp.		(1,295	)		(18,966	)		(5.8	)
Andlauer Healthcare Group, Inc.		(16,740	)		(477,860	)		(146.9	)
Badger Infrastructure Solutions Ltd.		(7,833	)		(211,161	)		(64.9	)
Boyd Group Services, Inc.		(3,299	)		(573,098	)		(176.2	)
Canadian Western Bank		(101,572	)		(2,045,404	)		(628.9	)
Choice Properties REIT		(7,305	)		(63,686	)		(19.6	)
Cogeco Communications, Inc.		(16,174	)		(650,346	)		(200.0	)
Cogeco, Inc.		(16,761	)		(581,037	)		(178.7	)
Definity Financial Corp.		(30,574	)		(860,357	)		(264.5	)
Dream Industrial REIT		(58,873	)		(507,223	)		(156.0	)
Exchange Income Corp.		(14,473	)		(453,808	)		(139.5	)
Extendicare, Inc.		(149,574	)		(644,508	)		(198.2	)
Filo Corp.		(24,845	)		(330,245	)		(101.5	)
Headwater Exploration, Inc.		(58,674	)		(321,442	)		(98.8	)
Linamar Corp.		(8,596	)		(378,428	)		(116.4	)
Lumine Group, Inc.		(33,280	)		(424,811	)		(130.6	)
Maple Leaf Foods, Inc.		(23,869	)		(483,113	)		(148.5	)
Martinrea International, Inc.		(12,435	)		(104,298	)		(32.1	)
Minto Apartment REIT		(2,469	)		(23,609	)		(7.3	)
North West Co., Inc.		(28,720	)		(745,933	)		(229.4	)
Orla Mining Ltd.		(8,777	)		(27,439	)		(8.4	)
Pet Valu Holdings Ltd.		(29,627	)		(540,632	)		(166.2	)
Premium Brands Holdings Corp., Class A		(6,949	)		(456,268	)		(140.3	)
Savaria Corp.		(33,632	)		(306,731	)		(94.3	)
Shawcor Ltd.		(28,361	)		(302,686	)		(93.1	)
Sienna Senior Living, Inc.		(83,515	)		(615,996	)		(189.4	)
Spartan Delta Corp.		(53,240	)		(174,209	)		(53.6	)
Spin Master Corp.		(3,727	)		(90,914	)		(28.0	)


Security	Shares			Value			% of Basket Value

Canada (continued)
Stella-Jones, Inc.		(23,026	)	$	(1,224,039	)		(376.4	)%
StorageVault Canada, Inc.		(84,625	)		(267,153	)		(82.1	)
Teekay Tankers Ltd., Class A		(1,182	)		(58,745	)		(18.1	)
Trican Well Service Ltd.		(52,834	)		(181,787	)		(55.9	)
Trisura Group Ltd.		(6,732	)		(150,846	)		(46.4	)
Winpak Ltd.		(31,980	)		(887,822	)		(273.0	)

					(15,302,622	)

China
indie Semiconductor, Inc.		(4,782	)		(23,384	)		(7.2	)
TI Fluid Systems PLC		(123,441	)		(186,395	)		(57.3	)

					(209,779	)

Colombia
Frontera Energy Corp.		(3,341	)		(28,804	)		(8.9	)


Costa Rica
Establishment Labs Holdings, Inc.		(20,597	)		(603,080	)		(185.4	)


Denmark
Alm Brand A/S		(630,206	)		(910,932	)		(280.1	)
Chemometec A/S		(6,456	)		(266,736	)		(82.0	)
Dfds A/S		(2,283	)		(65,866	)		(20.3	)
Matas A/S		(19,771	)		(256,987	)		(79.0	)
Netcompany Group A/S		(9,081	)		(283,744	)		(87.2	)
NTG Nordic Transport Group A/S		(3,007	)		(119,181	)		(36.6	)
Ringkjoebing Landbobank A/S		(11,373	)		(1,548,713	)		(476.2	)
Royal Unibrew A/S		(13,519	)		(978,009	)		(300.7	)
Scandinavian Tobacco Group A/S		(5,397	)		(80,246	)		(24.7	)
Topdanmark A/S		(63,900	)		(2,860,805	)		(879.7	)

					(7,371,219	)

Egypt
Energean PLC		(40,062	)		(417,139	)		(128.3	)


Faeroe Islands
Bakkafrost P/F		(1,041	)		(48,053	)		(14.8	)


Finland
Huhtamaki OYJ		(5,725	)		(196,469	)		(60.4	)
Metsa Board OYJ		(38,567	)		(291,418	)		(89.6	)
Tietoevry OYJ		(35,951	)		(752,778	)		(231.5	)
Tokmanni Group Corp.		(59,018	)		(795,508	)		(244.6	)

					(2,036,173	)

France
Alten SA		(10,063	)		(1,187,288	)		(365.1	)
Derichebourg SA		(39,683	)		(171,677	)		(52.8	)
Elior Group SA		(20,968	)		(39,718	)		(12.2	)
Imerys SA		(1,145	)		(30,304	)		(9.3	)
IPSOS SA		(10,874	)		(527,643	)		(162.2	)
Mersen SA		(1,397	)		(46,291	)		(14.2	)
Metropole Television SA		(50,108	)		(626,904	)		(192.8	)
Neoen SA		(32,247	)		(850,124	)		(261.4	)
Societe BIC SA		(23,881	)		(1,496,241	)		(460.1	)
Virbac SA		(1,221	)		(349,979	)		(107.6	)

					(5,326,169	)

Germany
Dermapharm Holding SE		(18,272	)		(705,809	)		(217.0	)
DIC Asset AG		(18,480	)		(76,335	)		(23.5	)
Eckert & Ziegler Strahlen- und Medizintechnik AG		(4,600	)		(181,173	)		(55.7	)
Encavis AG		(5,923	)		(77,208	)		(23.7	)
Energiekontor AG		(4,651	)		(343,182	)		(105.5	)


SCHEDULE OF INVESTMENTS		27

Schedule of Investments (unaudited) (continued)

October 31, 2023

BlackRock Global Equity Market Neutral Fund


Security	Shares			Value			% of Basket Value

Germany (continued)
Fielmann AG		(8,117	)	$	(348,987	)		(107.3	)%
Hensoldt AG		(4,140	)		(122,445	)		(37.7	)
Mercer International, Inc.		(14,966	)		(118,830	)		(36.5	)
Norma Group SE		(18,739	)		(329,992	)		(101.5	)
Pfeiffer Vacuum Technology AG		(3,287	)		(507,155	)		(156.0	)
PNE AG		(2,035	)		(25,799	)		(7.9	)
PVA Tepla AG		(2,393	)		(36,488	)		(11.2	)
Schott Pharma AG & Co. KGaA		(45,268	)		(1,312,266	)		(403.5	)
Sixt SE		(4,937	)		(425,523	)		(130.9	)

					(4,611,192	)

Indonesia
Golden Agri-Resources Ltd.		(3,307,400	)		(652,907	)		(200.7	)
Nickel Industries Ltd.		(926,848	)		(440,565	)		(135.5	)

					(1,093,472	)

Ireland
Ardmore Shipping Corp.		(21,238	)		(282,253	)		(86.8	)
C&C Group PLC		(368,485	)		(626,579	)		(192.7	)
Keywords Studios PLC		(6,551	)		(104,568	)		(32.1	)

					(1,013,400	)

Israel
Airport City Ltd.		(2,015	)		(26,700	)		(8.2	)
Camtek Ltd.		(3,017	)		(158,694	)		(48.8	)
Israel Corp. Ltd.		(780	)		(167,873	)		(51.6	)
OPC Energy Ltd.		(5,608	)		(30,409	)		(9.4	)
Phoenix Holdings Ltd.		(4,651	)		(39,509	)		(12.1	)
Radware Ltd.		(1,274	)		(18,995	)		(5.8	)
Shufersal Ltd.		(3,713	)		(15,771	)		(4.9	)

					(457,951	)

Italy
ACEA SpA		(6,820	)		(81,978	)		(25.2	)
Banca Generali SpA		(1,359	)		(44,003	)		(13.5	)
BFF Bank SpA		(24,471	)		(234,830	)		(72.2	)
El.En. SpA		(687	)		(6,414	)		(2.0	)
Eurogroup Laminations SpA		(135,432	)		(444,023	)		(136.5	)
Illimity Bank SpA		(15,034	)		(76,474	)		(23.5	)
Industrie De Nora SpA		(48,733	)		(687,685	)		(211.5	)
MFE-MediaForEurope NV		(22,634	)		(41,110	)		(12.6	)
Salvatore Ferragamo SpA		(16,870	)		(206,022	)		(63.3	)
Tamburi Investment Partners SpA		(1,828	)		(15,301	)		(4.7	)
Technogym SpA		(30,711	)		(230,765	)		(71.0	)
Technoprobe SpA		(45,368	)		(330,010	)		(101.5	)
Tod’s SpA		(1,867	)		(62,435	)		(19.2	)

					(2,461,050	)

Japan
Activia Properties, Inc.		(171	)		(468,353	)		(144.0	)
Advance Logistics Investment Corp.		(568	)		(469,108	)		(144.2	)
Advance Residence Investment Corp.		(311	)		(682,864	)		(210.0	)
Aeon Fantasy Co. Ltd.		(4,500	)		(81,747	)		(25.1	)
Aeon Mall Co. Ltd.		(5,700	)		(65,704	)		(20.2	)
AEON REIT Investment Corp.		(213	)		(205,556	)		(63.2	)
Aichi Financial Group, Inc.		(29,600	)		(472,192	)		(145.2	)
Aiful Corp.		(124,300	)		(317,288	)		(97.6	)
Airtrip Corp.		(51,100	)		(620,457	)		(190.8	)
Amvis Holdings, Inc.		(33,200	)		(573,674	)		(176.4	)
Anycolor, Inc.		(3,000	)		(71,172	)		(21.9	)
Appier Group, Inc.		(26,600	)		(222,392	)		(68.4	)
Arclands Corp.		(81,500	)		(883,768	)		(271.7	)
ARE Holdings, Inc.		(19,500	)		(250,212	)		(76.9	)


Security	Shares			Value			% of Basket Value

Japan (continued)
Ariake Japan Co. Ltd.		(15,000	)	$	(480,716	)		(147.8	)%
Asahi Yukizai Corp.		(8,400	)		(208,442	)		(64.1	)
Atom Corp.		(5,600	)		(34,044	)		(10.5	)
Autobacs Seven Co. Ltd.		(82,200	)		(856,732	)		(263.4	)
Base Co. Ltd.		(2,800	)		(79,636	)		(24.5	)
C Uyemura & Co. Ltd.		(4,300	)		(236,775	)		(72.8	)
Casio Computer Co. Ltd.		(124,300	)		(1,009,276	)		(310.3	)
Central Glass Co. Ltd.		(2,100	)		(40,276	)		(12.4	)
Change Holdings, Inc.		(9,300	)		(96,161	)		(29.6	)
Chikaranomoto Holdings Co., Ltd.		(8,400	)		(106,297	)		(32.7	)
Chiyoda Corp.		(54,500	)		(129,419	)		(39.8	)
CKD Corp.		(9,800	)		(125,078	)		(38.5	)
Cover Corp.		(14,300	)		(229,164	)		(70.5	)
CRE Logistics REIT, Inc.		(143	)		(152,349	)		(46.8	)
CUC, Inc.		(1,300	)		(22,713	)		(7.0	)
Cybozu, Inc.		(5,400	)		(68,136	)		(20.9	)
Daiei Kankyo Co. Ltd.		(24,800	)		(347,257	)		(106.8	)
Daikoku Denki Co. Ltd.		(600	)		(17,775	)		(5.5	)
Daikokutenbussan Co. Ltd.		(8,800	)		(377,854	)		(116.2	)
Daiwa Office Investment Corp.		(30	)		(132,632	)		(40.8	)
DCM Holdings Co. Ltd.		(175,000	)		(1,384,514	)		(425.7	)
DeNA Co. Ltd.		(47,700	)		(470,388	)		(144.6	)
Descente Ltd.		(33,100	)		(934,962	)		(287.5	)
Dexerials Corp.		(30,100	)		(696,947	)		(214.3	)
Duskin Co. Ltd.		(18,000	)		(397,676	)		(122.3	)
DyDo Group Holdings, Inc.		(2,600	)		(101,902	)		(31.3	)
EDION Corp.		(191,300	)		(1,933,447	)		(594.5	)
en Japan, Inc.		(1,700	)		(25,683	)		(7.9	)
Enplas Corp.		(9,300	)		(527,654	)		(162.2	)
Ferrotec Holdings Corp.		(41,700	)		(743,521	)		(228.6	)
First Bank of Toyama Ltd.		(8,300	)		(54,990	)		(16.9	)
Frontier Real Estate Investment Corp.		(8	)		(24,258	)		(7.5	)
Fuji Co. Ltd.		(15,800	)		(202,228	)		(62.2	)
Fuji Media Holdings, Inc.		(24,200	)		(243,673	)		(74.9	)
Fuji Seal International, Inc.		(3,900	)		(44,034	)		(13.5	)
Fuji Soft, Inc.		(7,400	)		(269,899	)		(83.0	)
Fukuyama Transporting Co. Ltd.		(14,600	)		(404,060	)		(124.2	)
Furuya Metal Co. Ltd.		(12,600	)		(826,091	)		(254.0	)
Fuso Chemical Co. Ltd.		(11,900	)		(327,784	)		(100.8	)
Future Corp.		(7,900	)		(91,196	)		(28.0	)
Geo Holdings Corp.		(4,000	)		(63,332	)		(19.5	)
giftee, Inc.		(53,091	)		(459,677	)		(141.3	)
Globeride, Inc.		(11,100	)		(144,970	)		(44.6	)
GMO Financial Holdings, Inc.		(112,400	)		(517,877	)		(159.2	)
Goldwin, Inc.		(2,400	)		(153,308	)		(47.1	)
GungHo Online Entertainment, Inc.		(29,100	)		(444,834	)		(136.8	)
Hachijuni Bank Ltd.		(132,000	)		(761,434	)		(234.1	)
Hakuto Co. Ltd.		(11,800	)		(404,430	)		(124.4	)
Hankyu Hanshin REIT, Inc.		(399	)		(379,654	)		(116.7	)
Haseko Corp.		(24,000	)		(299,077	)		(92.0	)
Heiwa Corp.		(16,900	)		(242,423	)		(74.5	)
Heiwa Real Estate REIT, Inc.		(385	)		(364,442	)		(112.1	)
Hirata Corp.		(1,100	)		(50,754	)		(15.6	)
Hirogin Holdings, Inc.		(18,200	)		(117,273	)		(36.1	)
HIS Co. Ltd.		(4,700	)		(53,746	)		(16.5	)
Hisamitsu Pharmaceutical Co., Inc.		(26,900	)		(869,902	)		(267.5	)
Hitachi Zosen Corp.		(8,600	)		(45,492	)		(14.0	)
Hokkoku Financial Holdings, Inc.		(500	)		(16,780	)		(5.2	)
Hokuetsu Corp.		(94,300	)		(731,930	)		(225.1	)
Hokuhoku Financial Group, Inc.		(66,400	)		(785,153	)		(241.4	)
Hoshino Resorts REIT, Inc.		(240	)		(956,241	)		(294.0	)


28		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

October 31, 2023

BlackRock Global Equity Market Neutral Fund


Security	Shares			Value				% of Basket Value

Japan (continued)
Hosiden Corp.		(13,700	)	$	(163,219	)			(50.2	)%
House Foods Group, Inc.		(14,600	)		(312,410	)			(96.1	)
Hyakugo Bank Ltd.		(54,300	)		(207,899	)			(63.9	)
Ichibanya Co. Ltd.		(8,000	)		(285,909	)			(87.9	)
Idec Corp.		(35,000	)		(636,712	)			(195.8	)
Iino Kaiun Kaisha Ltd.		(76,200	)		(553,646	)			(170.2	)
Inabata & Co. Ltd.		(25,000	)		(528,867	)			(162.6	)
Industrial & Infrastructure Fund Investment Corp.		(25	)		(22,696	)			(7.0	)
Insource Co. Ltd.		(17,900	)		(106,969	)			(32.9	)
Invincible Investment Corp.		(554	)		(215,945	)			(66.4	)
Iriso Electronics Co. Ltd.		(4,100	)		(98,209	)			(30.2	)
Iyogin Holdings, Inc.		(60,900	)		(444,193	)			(136.6	)
Izumi Co. Ltd.		(7,000	)		(179,418	)			(55.2	)
J Trust Co. Ltd.		(47,800	)		(153,531	)			(47.2	)
Japan Aviation Electronics Industry Ltd.		(35,700	)		(682,037	)			(209.7	)
Japan Communications, Inc.		(125,500	)		(174,120	)			(53.5	)
Japan Logistics Fund, Inc.		(262	)		(492,067	)			(151.3	)
Japan Material Co. Ltd.		(9,100	)		(129,763	)			(39.9	)
Japan Prime Realty Investment Corp.		(45	)		(106,688	)			(32.8	)
Japan Steel Works Ltd.		(11,200	)		(184,347	)			(56.7	)
Joyful Honda Co. Ltd.		(7,400	)		(88,064	)			(27.1	)
Juroku Financial Group, Inc.		(9,000	)		(245,568	)			(75.5	)
Kadokawa Corp.		(167,100	)		(3,264,139	)			(1,003.7	)
Kagome Co. Ltd.		(49,000	)		(1,032,560	)			(317.5	)
Kamigumi Co. Ltd.		(3,700	)		(76,081	)			(23.4	)
Kanto Denka Kogyo Co. Ltd.		(100,200	)		(537,074	)			(165.1	)
Katitas Co. Ltd.		(1,400	)		(18,933	)			(5.8	)
KeePer Technical Laboratory Co. Ltd.		(9,900	)		(378,276	)			(116.3	)
Keihan Holdings Co. Ltd.		(38,000	)		(941,171	)			(289.4	)
Keikyu Corp.		(23,500	)		(201,812	)			(62.1	)
KH Neochem Co. Ltd.		(8,100	)		(124,312	)			(38.2	)
Kinden Corp.		(6,700	)		(102,762	)			(31.6	)
Kisoji Co. Ltd.		(35,100	)		(627,894	)			(193.1	)
Ki-Star Real Estate Co. Ltd.		(6,000	)		(171,330	)			(52.7	)
Kiyo Bank Ltd.		(11,400	)		(119,215	)			(36.7	)
Koa Corp.		(81,300	)		(795,661	)			(244.7	)
Kohnan Shoji Co. Ltd.		(15,500	)		(406,925	)			(125.1	)
Komehyo Holdings Co. Ltd.		(1,000	)		(31,818	)			(9.8	)
Komeri Co. Ltd.		(38,400	)		(806,719	)			(248.1	)
Kosaido Holdings Co. Ltd.		(11,400	)		(226,143	)			(69.5	)
K’s Holdings Corp.		(52,600	)		(496,017	)			(152.5	)
Kura Sushi, Inc.		(32,200	)		(775,898	)			(238.6	)
Kusuri no Aoki Holdings Co. Ltd.		(2,900	)		(192,374	)			(59.1	)
KYB Corp.		(11,000	)		(329,284	)			(101.2	)
Lifenet Insurance Co.		(6,700	)		(43,386	)			(13.3	)
Lintec Corp.		(1,000	)		(16,752	)			(5.1	)
M&A Research Institute Holdings, Inc.		(2,300	)		(50,975	)			(15.7	)
Mabuchi Motor Co. Ltd.		(4,600	)		(133,261	)			(41.0	)
Makino Milling Machine Co. Ltd.		(12,300	)		(520,334	)			(160.0	)
Management Solutions Co. Ltd.		(10,200	)		(179,695	)			(55.3	)
Maruichi Steel Tube Ltd.		(7,900	)		(198,732	)			(61.1	)
Maruwa Co. Ltd.		(5,900	)		(1,047,503	)			(322.1	)
MEC Co. Ltd.		(12,000	)		(276,741	)			(85.1	)
Medley, Inc.		(25,800	)		(755,086	)	��		(232.2	)
Meiko Electronics Co. Ltd.		(15,700	)		(330,236	)			(101.5	)
Midac Holdings Co. Ltd.		(1,800	)		(21,289	)			(6.5	)
Mirai Corp.		(59	)		(18,063	)			(5.6	)
Mitsubishi Estate Logistics REIT Investment Corp.		(272	)		(693,607	)			(213.3	)
Mitsubishi Logistics Corp.		(12,800	)		(339,371	)			(104.3	)
Mitsuboshi Belting Ltd.		(14,700	)		(430,309	)			(132.3	)


Security	Shares			Value			% of Basket Value

Japan (continued)
Mitsui Fudosan Logistics Park, Inc.		(109	)	$	(333,023	)		(102.4	)%
Mitsui-Soko Holdings Co. Ltd.		(7,700	)		(222,172	)		(68.3	)
Mizuno Corp.		(1,500	)		(44,531	)		(13.7	)
Mori Hills REIT Investment Corp.		(635	)		(602,338	)		(185.2	)
Mori Trust REIT, Inc.		(108	)		(53,349	)		(16.4	)
Morinaga Milk Industry Co. Ltd.		(22,000	)		(868,190	)		(267.0	)
m-up Holdings, Inc.		(3,600	)		(29,444	)		(9.1	)
Musashi Seimitsu Industry Co. Ltd.		(11,800	)		(115,170	)		(35.4	)
Musashino Bank Ltd.		(8,800	)		(168,074	)		(51.7	)
Nagoya Railroad Co. Ltd.		(26,100	)		(370,210	)		(113.8	)
Nankai Electric Railway Co. Ltd.		(39,500	)		(766,266	)		(235.6	)
Nanto Bank Ltd.		(18,400	)		(335,564	)		(103.2	)
Nifco, Inc.		(11,100	)		(264,135	)		(81.2	)
Nihon Kohden Corp.		(22,300	)		(533,805	)		(164.1	)
Nikkiso Co. Ltd.		(5,700	)		(36,784	)		(11.3	)
Nikkon Holdings Co. Ltd.		(32,500	)		(698,957	)		(214.9	)
Nippon Accommodations Fund, Inc.		(134	)		(547,161	)		(168.2	)
Nippon Carbon Co. Ltd.		(8,900	)		(264,323	)		(81.3	)
Nippon Electric Glass Co. Ltd.		(55,800	)		(1,129,486	)		(347.3	)
Nippon Kanzai Holdings Co. Ltd.		(13,300	)		(223,430	)		(68.7	)
Nippon Pillar Packing Co. Ltd.		(6,600	)		(167,008	)		(51.4	)
Nippon REIT Investment Corp.		(78	)		(182,685	)		(56.2	)
Nippon Television Holdings, Inc.		(51,000	)		(500,995	)		(154.0	)
Nippon Yakin Kogyo Co. Ltd.		(13,900	)		(376,544	)		(115.8	)
Nishimatsu Construction Co. Ltd.		(23,800	)		(580,497	)		(178.5	)
Nishimatsuya Chain Co. Ltd.		(22,900	)		(297,443	)		(91.5	)
NOF Corp.		(4,600	)		(183,951	)		(56.6	)
Nojima Corp.		(64,500	)		(581,207	)		(178.7	)
Nomura Micro Science Co. Ltd.		(9,300	)		(481,704	)		(148.1	)
NS Solutions Corp.		(1,400	)		(41,081	)		(12.6	)
NS United Kaiun Kaisha Ltd.		(16,000	)		(460,807	)		(141.7	)
NTT UD REIT Investment Corp.		(133	)		(111,135	)		(34.2	)
OBIC Business Consultants Co. Ltd.		(3,900	)		(169,242	)		(52.0	)
Ogaki Kyoritsu Bank Ltd.		(900	)		(12,731	)		(3.9	)
Ohsho Food Service Corp.		(15,500	)		(726,016	)		(223.2	)
Oisix ra daichi, Inc.		(14,300	)		(110,289	)		(33.9	)
OKUMA Corp.		(4,100	)		(171,244	)		(52.7	)
One REIT, Inc.		(294	)		(515,745	)		(158.6	)
Optorun Co. Ltd.		(23,700	)		(278,075	)		(85.5	)
Organo Corp.		(3,500	)		(116,696	)		(35.9	)
Orient Corp.		(32,900	)		(248,456	)		(76.4	)
Osaka Soda Co. Ltd.		(26,300	)		(1,561,599	)		(480.2	)
OSAKA Titanium Technologies Co. Ltd.		(35,000	)		(757,506	)		(232.9	)
OSG Corp.		(27,500	)		(318,166	)		(97.8	)
PAL GROUP Holdings Co. Ltd.		(49,000	)		(641,970	)		(197.4	)
Penta-Ocean Construction Co. Ltd.		(8,300	)		(49,431	)		(15.2	)
Piolax, Inc.		(31,900	)		(477,445	)		(146.8	)
PKSHA Technology, Inc.		(3,300	)		(56,982	)		(17.5	)
Premium Group Co. Ltd.		(3,500	)		(37,997	)		(11.7	)
Press Kogyo Co. Ltd.		(19,300	)		(83,827	)		(25.8	)
Rengo Co. Ltd.		(176,800	)		(1,186,703	)		(364.9	)
Resorttrust, Inc.		(1,300	)		(18,937	)		(5.8	)
Riken Keiki Co. Ltd.		(14,600	)		(606,136	)		(186.4	)
Ringer Hut Co. Ltd.		(33,800	)		(522,936	)		(160.8	)
Roland Corp.		(8,900	)		(260,622	)		(80.1	)
Rorze Corp.		(15,800	)		(1,192,092	)		(366.5	)
Ryosan Co. Ltd.		(1,200	)		(38,325	)		(11.8	)
SAMTY Co. Ltd.		(2,900	)		(48,322	)		(14.9	)
Sangetsu Corp.		(37,600	)		(716,116	)		(220.2	)
Sankei Real Estate, Inc.		(39	)		(23,927	)		(7.4	)
Sanyo Denki Co. Ltd.		(800	)		(30,057	)		(9.2	)
Sawai Group Holdings Co. Ltd.		(2,200	)		(70,970	)		(21.8	)


SCHEDULE OF INVESTMENTS		29

Schedule of Investments (unaudited) (continued)

October 31, 2023

BlackRock Global Equity Market Neutral Fund


Security	Shares			Value			% of Basket Value

Japan (continued)
SBI Sumishin Net Bank Ltd.		(4,900	)	$	(52,247	)		(16.1	)%
SBS Holdings, Inc.		(16,300	)		(293,106	)		(90.1	)
Seiren Co. Ltd.		(16,300	)		(244,797	)		(75.3	)
Senko Group Holdings Co. Ltd.		(700	)		(4,888	)		(1.5	)
Senshu Ikeda Holdings, Inc.		(18,900	)		(44,904	)		(13.8	)
Septeni Holdings Co. Ltd.		(309,800	)		(882,357	)		(271.3	)
Shibaura Mechatronics Corp.		(5,400	)		(236,767	)		(72.8	)
Shiga Bank Ltd.		(27,600	)		(738,470	)		(227.1	)
Shin Nippon Biomedical Laboratories Ltd.		(27,600	)		(311,970	)		(95.9	)
Shoei Co. Ltd.		(14,700	)		(198,730	)		(61.1	)
SKY Perfect JSAT Holdings, Inc.		(144,200	)		(675,418	)		(207.7	)
SOSiLA Logistics REIT, Inc.		(514	)		(412,877	)		(127.0	)
Sotetsu Holdings, Inc.		(9,400	)		(168,240	)		(51.7	)
SRE Holdings Corp.		(8,600	)		(133,545	)		(41.1	)
Star Asia Investment Corp.		(484	)		(184,437	)		(56.7	)
Star Micronics Co. Ltd.		(14,100	)		(171,924	)		(52.9	)
Starts Proceed Investment Corp.		(213	)		(296,700	)		(91.2	)
Sumitomo Bakelite Co. Ltd.		(3,400	)		(153,327	)		(47.1	)
Sumitomo Rubber Industries Ltd.		(53,100	)		(546,025	)		(167.9	)
SUNWELS Co. Ltd.		(24,900	)		(434,507	)		(133.6	)
T Hasegawa Co. Ltd.		(7,600	)		(161,382	)		(49.6	)
Takara Holdings, Inc.		(101,900	)		(860,587	)		(264.6	)
Takara Leben Real Estate Investment Corp.		(957	)		(635,109	)		(195.3	)
Tamura Corp.		(34,400	)		(113,720	)		(35.0	)
T-Gaia Corp.		(8,900	)		(107,343	)		(33.0	)
Toagosei Co. Ltd.		(20,100	)		(186,859	)		(57.5	)
Tocalo Co. Ltd.		(16,000	)		(146,570	)		(45.1	)
Toei Animation Co. Ltd.		(3,200	)		(291,712	)		(89.7	)
Toei Co. Ltd.		(900	)		(107,114	)		(32.9	)
Toho Bank Ltd.		(127,900	)		(250,466	)		(77.0	)
Toho Holdings Co. Ltd.		(30,500	)		(696,423	)		(214.1	)
TOKAI Holdings Corp.		(59,500	)		(388,698	)		(119.5	)
Tokyo Kiraboshi Financial Group, Inc.		(16,500	)		(493,652	)		(151.8	)
Tokyo Steel Manufacturing Co. Ltd.		(116,000	)		(1,357,318	)		(417.4	)
Tokyotokeiba Co. Ltd.		(1,700	)		(44,607	)		(13.7	)
TOMONY Holdings, Inc.		(119,300	)		(407,135	)		(125.2	)
Topre Corp.		(19,700	)		(215,164	)		(66.2	)
Toridoll Holdings Corp.		(5,900	)		(144,550	)		(44.4	)
Towa Corp.		(4,400	)		(152,950	)		(47.0	)
Toyo Construction Co. Ltd.		(2,300	)		(19,021	)		(5.8	)
Toyo Gosei Co. Ltd.		(9,300	)		(392,432	)		(120.7	)
Transcosmos, Inc.		(10,800	)		(222,949	)		(68.6	)
Tri Chemical Laboratories, Inc.		(54,300	)		(1,170,727	)		(360.0	)
TV Asahi Holdings Corp.		(28,600	)		(312,489	)		(96.1	)
Universal Entertainment Corp.		(2,800	)		(40,501	)		(12.5	)
Valqua Ltd.		(1,400	)		(35,053	)		(10.8	)
Wacoal Holdings Corp.		(28,800	)		(667,131	)		(205.1	)
Weathernews, Inc.		(6,700	)		(265,822	)		(81.7	)
West Holdings Corp.		(3,500	)		(78,262	)		(24.1	)
WingArc1st, Inc.		(5,900	)		(107,042	)		(32.9	)
Workman Co. Ltd.		(18,000	)		(470,814	)		(144.8	)
W-Scope Corp.		(23,300	)		(136,883	)		(42.1	)
Yamaichi Electronics Co. Ltd.		(5,700	)		(66,812	)		(20.5	)
YA-MAN Ltd.		(76,093	)		(542,683	)		(166.9	)
Yamato Kogyo Co. Ltd.		(16,100	)		(781,404	)		(240.3	)
Yodogawa Steel Works Ltd.		(900	)		(21,301	)		(6.5	)
Yonex Co. Ltd.		(24,800	)		(272,242	)		(83.7	)


Security	Shares			Value			% of Basket Value

Japan (continued)
Zeon Corp.		(37,700	)	$	(313,008	)		(96.2	)%
Zojirushi Corp.		(36,100	)		(376,293	)		(115.7	)

					(92,286,363	)

Luxembourg
RTL Group		(13,877	)		(485,702	)		(149.3	)


Netherlands
Alfen NV		(525	)		(16,516	)		(5.1	)
AMG Critical Materials NV		(18,596	)		(484,082	)		(148.8	)
Arcadis NV		(10,921	)		(460,755	)		(141.7	)
Corbion NV		(21,678	)		(374,727	)		(115.2	)
Flow Traders Ltd.		(48,070	)		(876,897	)		(269.6	)
TKH Group NV		(20,884	)		(762,771	)		(234.5	)
Van Lanschot Kempen NV, GDR		(1,970	)		(52,847	)		(16.3	)

					(3,028,595	)

New Zealand
Fletcher Building Ltd.		(6,169	)		(15,708	)		(4.8	)


Norway
Crayon Group Holding ASA		(15,930	)		(93,935	)		(28.9	)
Entra ASA		(83,238	)		(664,323	)		(204.3	)
Europris ASA		(31,547	)		(182,716	)		(56.2	)
MPC Container Ships ASA		(664,799	)		(961,025	)		(295.5	)
Norske Skog ASA		(46,165	)		(172,782	)		(53.1	)
Norwegian Air Shuttle ASA		(253,560	)		(184,168	)		(56.6	)
PGS ASA		(888,751	)		(824,094	)		(253.4	)
Storebrand ASA		(97,949	)		(828,968	)		(254.9	)

					(3,912,011	)

Portugal
Altri SGPS SA		(33,212	)		(160,361	)		(49.3	)
Greenvolt-Energias Renovaveis SA		(90,793	)		(605,722	)		(186.3	)

					(766,083	)

Puerto Rico
First BanCorp/Puerto Rico		(12,437	)		(166,034	)		(51.1	)
Liberty Latin America Ltd.		(3,228	)		(22,112	)		(6.8	)

					(188,146	)

Singapore
Hafnia Ltd.		(81,861	)		(549,421	)		(168.9	)
Kenon Holdings Ltd.		(7,349	)		(135,311	)		(41.6	)
Parkway Life REIT		(5,000	)		(12,280	)		(3.8	)

					(697,012	)

Spain
Acerinox SA		(37,904	)		(368,630	)		(113.3	)
Atresmedia Corp. de Medios de Comunicacion SA		(25,998	)		(97,787	)		(30.1	)
Befesa SA		(19,775	)		(577,401	)		(177.5	)
Ence Energia y Celulosa SA		(17,444	)		(52,077	)		(16.0	)
Faes Farma SA		(81,318	)		(254,960	)		(78.4	)
Gestamp Automocion SA		(34,041	)		(125,019	)		(38.4	)
Grenergy Renovables SA		(6,106	)		(144,763	)		(44.5	)
Laboratorios Farmaceuticos Rovi SA		(4,820	)		(257,296	)		(79.1	)
Melia Hotels International SA		(12,324	)		(68,824	)		(21.2	)
Sacyr SA		(26,578	)		(76,610	)		(23.6	)
Solaria Energia y Medio Ambiente SA		(18,644	)		(279,165	)		(85.8	)
Vidrala SA		(10,431	)		(774,606	)		(238.2	)
Viscofan SA		(5,555	)		(320,504	)		(98.6	)

					(3,397,642	)


30		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

October 31, 2023

BlackRock Global Equity Market Neutral Fund


Security	Shares			Value			% of Basket Value

Sweden
Addnode Group AB, Class B		(17,368	)	$	(110,654	)		(34.0	)%
Alleima AB		(24,798	)		(154,119	)		(47.4	)
Axfood AB		(28,167	)		(634,219	)		(195.0	)
Catena AB		(8,212	)		(278,363	)		(85.6	)
Clas Ohlson AB, B Shares		(55,648	)		(596,298	)		(183.4	)
Dometic Group AB		(227,965	)		(1,435,700	)		(441.5	)
Hemnet Group AB		(62,402	)		(1,108,166	)		(340.7	)
Hms Networks Ab		(10,743	)		(364,448	)		(112.1	)
Hufvudstaden AB, A Shares		(36,533	)		(398,407	)		(122.5	)
JM AB		(14,863	)		(162,831	)		(50.1	)
Lindab International AB		(4,666	)		(73,323	)		(22.5	)
Pandox AB, Class B		(18,414	)		(185,426	)		(57.0	)
Paradox Interactive AB		(40,364	)		(785,404	)		(241.5	)
Peab AB		(30,738	)		(117,382	)		(36.1	)
Stillfront Group AB		(259,564	)		(276,677	)		(85.1	)
Wihlborgs Fastigheter AB		(60,242	)		(399,780	)		(122.9	)

					(7,081,197	)

Switzerland
Allreal Holding AG		(8,751	)		(1,422,653	)		(437.5	)
ALSO Holding AG, Registered Shares		(1,584	)		(408,729	)		(125.7	)
Cembra Money Bank AG		(23,442	)		(1,635,308	)		(502.8	)
Comet Holding AG		(516	)		(102,904	)		(31.6	)
Daetwyler Holding AG		(2,250	)		(402,721	)		(123.8	)
DocMorris AG		(3,139	)		(132,490	)		(40.7	)
EFG International AG		(8,946	)		(108,681	)		(33.4	)
Emmi AG		(840	)		(802,459	)		(246.8	)
Forbo Holding AG, Registered Shares		(612	)		(682,923	)		(210.0	)
Garrett Motion, Inc.		(13,955	)		(98,522	)		(30.3	)
Huber & Suhner AG		(1,822	)		(126,156	)		(38.8	)
Interroll Holding AG, Registered Shares		(224	)		(597,239	)		(183.6	)
Komax Holding AG, Registered Shares		(1,489	)		(299,016	)		(91.9	)
Landis&Gyr Group AG		(9,562	)		(717,655	)		(220.7	)
Leonteq AG		(4,538	)		(197,650	)		(60.8	)
Medmix AG		(507	)		(10,648	)		(3.3	)
Meyer Burger Technology AG		(553,494	)		(150,022	)		(46.1	)
Mobimo Holding AG, Registered Shares		(2,423	)		(676,547	)		(208.0	)
Schweiter Technologies AG		(141	)		(79,675	)		(24.5	)
Sensirion Holding Ag		(844	)		(64,443	)		(19.8	)
SFS Group AG		(12,882	)		(1,303,789	)		(400.9	)
SKAN Group AG		(3,197	)		(244,108	)		(75.1	)
St Galler Kantonalbank AG, Registered Shares		(571	)		(313,185	)		(96.3	)
Valiant Holding AG, Registered Shares		(210	)		(23,145	)		(7.1	)
Vontobel Holding AG, Registered Shares		(6,940	)		(411,667	)		(126.6	)
Zehnder Group AG		(3,105	)		(162,338	)		(49.9	)

					(11,174,673	)

United Kingdom
4imprint Group PLC		(2,086	)		(128,272	)		(39.4	)
888 Holdings PLC		(1,206,060	)		(1,199,955	)		(369.0	)
Ascential PLC		(291,902	)		(929,912	)		(285.9	)
Auction Technology Group PLC		(22,953	)		(157,324	)		(48.4	)
Bellway PLC		(1,728	)		(43,863	)		(13.5	)
Britvic PLC		(57,699	)		(590,659	)		(181.6	)
Ceres Power Holdings PLC		(3,009	)		(7,288	)		(2.2	)
Coats Group PLC		(126,141	)		(104,203	)		(32.0	)
Cranswick PLC		(2,262	)		(96,669	)		(29.7	)
Crest Nicholson Holdings PLC		(56,167	)		(109,822	)		(33.8	)
Currys PLC		(376,605	)		(206,183	)		(63.4	)
Domino’s Pizza Group PLC		(16,264	)		(68,230	)		(21.0	)


Security	Shares			Value			% of Basket Value

United Kingdom (continued)
Dowlais Group PLC		(252,192	)	$	(308,578	)		(94.9	)%
Dr. Martens PLC		(77,793	)		(110,889	)		(34.1	)
Dunelm Group PLC		(1,571	)		(18,583	)		(5.7	)
Elementis PLC		(539,582	)		(780,594	)		(240.0	)
Ergomed PLC		(31,157	)		(510,345	)		(156.9	)
Frasers Group PLC		(84,485	)		(829,921	)		(255.2	)
Future PLC		(2,185	)		(23,593	)		(7.3	)
GB Group PLC		(68,061	)		(198,693	)		(61.1	)
Genuit Group PLC		(285,761	)		(927,039	)		(285.1	)
Global Ship Lease, Inc., Class A		(994	)		(17,475	)		(5.4	)
Home Reit PLC		(319,295	)		(110,271	)		(33.9	)
Ibstock PLC		(301,324	)		(451,171	)		(138.7	)
IntegraFin Holdings PLC		(10,126	)		(27,065	)		(8.3	)
Lancashire Holdings Ltd.		(59,530	)		(412,799	)		(126.9	)
LXI REIT PLC		(200,916	)		(210,568	)		(64.8	)
Moonpig Group PLC		(534,869	)		(1,076,673	)		(331.1	)
Oxford Nanopore Technologies PLC		(95,387	)		(237,202	)		(72.9	)
Pagegroup PLC		(45,880	)		(211,401	)		(65.0	)
Petrofac Ltd.		(202,777	)		(116,599	)		(35.9	)
Rathbones Group PLC		(32,784	)		(601,318	)		(184.9	)
Reach PLC		(228,781	)		(213,266	)		(65.6	)
Renewi PLC		(30,276	)		(217,346	)		(66.8	)
Renishaw PLC		(5,173	)		(195,459	)		(60.1	)
Rotork PLC		(103,148	)		(370,307	)		(113.9	)
Safestore Holdings PLC		(11,502	)		(95,894	)		(29.5	)
SSP Group PLC		(241,793	)		(531,722	)		(163.5	)
Trainline PLC		(7,474	)		(23,773	)		(7.3	)
Travis Perkins PLC		(61,887	)		(560,501	)		(172.3	)
Victrex PLC		(23,233	)		(390,770	)		(120.2	)
Volex PLC		(137,279	)		(473,855	)		(145.7	)
Watches of Switzerland Group PLC		(22,592	)		(138,641	)		(42.6	)
WH Smith PLC		(130,491	)		(1,849,938	)		(568.8	)
Yellow Cake PLC		(290,269	)		(1,958,533	)		(602.2	)

					(17,843,162	)

United States
ACI Worldwide, Inc.		(5,807	)		(118,289	)		(36.4	)
ACV Auctions, Inc., Class A		(10,662	)		(142,124	)		(43.7	)
Adeia, Inc.		(13,615	)		(114,774	)		(35.3	)
ADT, Inc.		(21,098	)		(119,415	)		(36.7	)
ADTRAN Holdings, Inc.		(19,907	)		(130,789	)		(40.2	)
Aehr Test Systems		(48,165	)		(1,134,767	)		(348.9	)
AeroVironment, Inc.		(1,242	)		(142,408	)		(43.8	)
AerSale Corp.		(39,707	)		(607,120	)		(186.7	)
Agiliti, Inc.		(36,104	)		(203,266	)		(62.5	)
Allegiant Travel Co.		(9,465	)		(630,558	)		(193.9	)
Altair Engineering, Inc., Class A		(3,345	)		(207,791	)		(63.9	)
Alteryx, Inc., Class A		(5,714	)		(182,905	)		(56.2	)
Altus Power, Inc., Class A		(8,050	)		(42,746	)		(13.1	)
AMC Networks, Inc.		(7,776	)		(91,757	)		(28.2	)
Amerant Bancorp, Inc.		(7,272	)		(132,569	)		(40.8	)
American States Water Co.		(1,581	)		(123,397	)		(37.9	)
America’s Car-Mart, Inc.		(5,513	)		(369,261	)		(113.5	)
Amplitude, Inc., Class A		(42,993	)		(428,210	)		(131.7	)
ANI Pharmaceuticals, Inc.		(4,811	)		(297,031	)		(91.3	)
Anterix, Inc.		(6,219	)		(189,617	)		(58.3	)
Apollo Commercial Real Estate Finance, Inc.		(22,910	)		(228,184	)		(70.2	)
Appfolio, Inc., Class A		(2,232	)		(418,656	)		(128.7	)
Appian Corp., Class A		(11,379	)		(449,015	)		(138.1	)
Applied Digital Corp.		(42,006	)		(204,989	)		(63.0	)
Ares Commercial Real Estate Corp.		(38,136	)		(349,707	)		(107.5	)


SCHEDULE OF INVESTMENTS		31

Schedule of Investments (unaudited) (continued)

October 31, 2023

BlackRock Global Equity Market Neutral Fund


Security	Shares			Value			% of Basket Value

United States (continued)
Arhaus, Inc., Class A		(1,284	)	$	(11,068	)		(3.4	)%
Arko Corp.		(3,635	)		(27,444	)		(8.4	)
ARMOUR Residential REIT, Inc.		(43,025	)		(626,874	)		(192.8	)
Array Technologies, Inc.		(3,351	)		(58,073	)		(17.9	)
Artesian Resources Corp., Class A		(1,797	)		(70,622	)		(21.7	)
Artisan Partners Asset Management, Inc., Class A		(24,477	)		(807,741	)		(248.4	)
Astronics Corp.		(947	)		(14,518	)		(4.5	)
Atlanta Braves Holdings, Inc., Class C		(7,950	)		(276,501	)		(85.0	)
Atlantic Union Bankshares Corp.		(21,243	)		(612,011	)		(188.2	)
Avanos Medical, Inc.		(5,158	)		(94,701	)		(29.1	)
AvePoint, Inc.		(33,342	)		(249,732	)		(76.8	)
Aviat Networks, Inc.		(5,704	)		(152,297	)		(46.8	)
Avid Technology, Inc.		(47,310	)		(1,278,316	)		(393.1	)
AvidXchange Holdings, Inc.		(1,995	)		(17,237	)		(5.3	)
Avient Corp.		(5,060	)		(159,997	)		(49.2	)
Axsome Therapeutics, Inc.		(13,406	)		(834,926	)		(256.7	)
Azenta, Inc.		(2,461	)		(111,852	)		(34.4	)
B Riley Financial Inc.		(803	)		(29,077	)		(8.9	)
Babcock & Wilcox Enterprises, Inc.		(80,638	)		(212,078	)		(65.2	)
Balchem Corp.		(1,273	)		(147,974	)		(45.5	)
BancFirst Corp.		(2,937	)		(238,220	)		(73.3	)
Bank of Hawaii Corp.		(6,261	)		(309,231	)		(95.1	)
Barnes Group, Inc.		(13,862	)		(288,191	)		(88.6	)
Beauty Health Co.		(42,267	)		(171,181	)		(52.6	)
Belden, Inc.		(3,767	)		(267,080	)		(82.1	)
BGC Group, Inc.		(33,254	)		(195,201	)		(60.0	)
BioLife Solutions, Inc.		(3,942	)		(39,814	)		(12.2	)
Bloomin’ Brands, Inc.		(23,851	)		(556,682	)		(171.2	)
BOK Financial Corp.		(856	)		(56,085	)		(17.2	)
Boot Barn Holdings, Inc.		(11,816	)		(821,212	)		(252.5	)
Boston Omaha Corp., Class A		(32,229	)		(458,619	)		(141.0	)
BrightSpire Capital, Inc., Class A		(14,789	)		(83,706	)		(25.7	)
Brinker International, Inc.		(868	)		(29,443	)		(9.1	)
Brink’s Co.		(1,363	)		(91,130	)		(28.0	)
Broadstone Net Lease, Inc.		(17,040	)		(241,116	)		(74.1	)
BRP Group, Inc., Class A		(41,433	)		(867,193	)		(266.6	)
BRT Apartments Corp.		(2,102	)		(34,115	)		(10.5	)
Buckle, Inc.		(1,940	)		(65,514	)		(20.1	)
Burford Capital Ltd.		(30,994	)		(385,565	)		(118.6	)
Business First Bancshares, Inc.		(1,696	)		(33,140	)		(10.2	)
Cadre Holdings, Inc.		(27,871	)		(781,782	)		(240.4	)
Calavo Growers, Inc.		(5,386	)		(136,481	)		(42.0	)
Caleres, Inc.		(5,386	)		(137,774	)		(42.4	)
California Water Service Group		(12,416	)		(604,411	)		(185.8	)
Calix, Inc.		(3,284	)		(108,766	)		(33.4	)
Callon Petroleum Co.		(8,233	)		(307,503	)		(94.6	)
Cal-Maine Foods, Inc.		(13,680	)		(619,841	)		(190.6	)
Cambridge Bancorp		(4,363	)		(234,337	)		(72.1	)
Camping World Holdings, Inc., Class A		(8,279	)		(138,673	)		(42.6	)
Cardlytics, Inc.		(5,229	)		(64,787	)		(19.9	)
Carpenter Technology Corp.		(2,945	)		(184,710	)		(56.8	)
Carriage Services, Inc., Class A		(12,423	)		(268,337	)		(82.5	)
Carter’s, Inc.		(9,383	)		(630,162	)		(193.8	)
Casella Waste Systems, Inc., Class A		(13,250	)		(999,712	)		(307.4	)
Cass Information Systems, Inc.		(12,526	)		(473,608	)		(145.6	)
Cathay General Bancorp		(17,932	)		(608,074	)		(187.0	)
CBIZ, Inc.		(16,781	)		(871,941	)		(268.1	)
CCC Intelligent Solutions Holdings, Inc.		(132,549	)		(1,427,553	)		(439.0	)
Centrus Energy Corp., Class A		(2,839	)		(150,666	)		(46.3	)
Certara, Inc.		(37,908	)		(462,099	)		(142.1	)
Claros Mortgage Trust, Inc.		(66,690	)		(695,577	)		(213.9	)


Security	Shares			Value			% of Basket Value

United States (continued)
Cleanspark, Inc.		(38,591	)	$	(158,223	)		(48.7	)%
Clearfield, Inc.		(20,894	)		(501,874	)		(154.3	)
Clearwater Analytics Holdings, Inc., Class A		(1,368	)		(24,733	)		(7.6	)
Clearway Energy, Inc., Class C		(2,631	)		(57,119	)		(17.6	)
CNA Financial Corp.		(2,932	)		(118,453	)		(36.4	)
CNB Financial Corp.		(824	)		(14,980	)		(4.6	)
CNX Resources Corp.		(13,115	)		(284,858	)		(87.6	)
Coastal Financial Corp.		(4,428	)		(164,589	)		(50.6	)
Collegium Pharmaceutical, Inc.		(11,237	)		(244,517	)		(75.2	)
Columbia Financial, Inc.		(26,775	)		(431,077	)		(132.6	)
Columbus McKinnon Corp.		(4,395	)		(134,355	)		(41.3	)
Community Bank System, Inc.		(8,139	)		(325,153	)		(100.0	)
Community Healthcare Trust, Inc.		(10,384	)		(297,709	)		(91.5	)
Community Trust Bancorp, Inc.		(6,162	)		(231,445	)		(71.2	)
Compass Minerals International, Inc.		(1,269	)		(31,268	)		(9.6	)
Conduent, Inc.		(45,307	)		(144,529	)		(44.4	)
CONMED Corp.		(10,082	)		(982,592	)		(302.1	)
Consensus Cloud Solutions, Inc.		(30,536	)		(659,272	)		(202.7	)
CoreCivic, Inc.		(11,578	)		(147,041	)		(45.2	)
Couchbase, Inc.		(6,415	)		(99,817	)		(30.7	)
Covenant Logistics Group, Inc., Class A		(865	)		(34,155	)		(10.5	)
Crescent Energy Co., Class A		(20,772	)		(253,003	)		(77.8	)
CSW Industrials, Inc.		(143	)		(25,348	)		(7.8	)
CTS Corp.		(22,043	)		(824,629	)		(253.6	)
Cymabay Therapeutics, Inc.		(11,692	)		(191,515	)		(58.9	)
Cytek Biosciences, Inc.		(12,763	)		(53,732	)		(16.5	)
Dave & Buster’s Entertainment, Inc.		(4,592	)		(160,444	)		(49.3	)
Definitive Healthcare Corp., Class A		(28,069	)		(161,677	)		(49.7	)
Denny’s Corp.		(16,394	)		(141,316	)		(43.5	)
Designer Brands, Inc.		(4,590	)		(46,405	)		(14.3	)
Diamond Hill Investment Group, Inc.		(145	)		(22,780	)		(7.0	)
DiamondRock Hospitality Co.		(93,350	)		(721,595	)		(221.9	)
Digitalbridge Group, Inc.		(4,730	)		(74,971	)		(23.1	)
Digitalocean Holdings, Inc.		(22,489	)		(460,125	)		(141.5	)
Dine Brands Global, Inc.		(19,920	)		(981,857	)		(301.9	)
DocGo, Inc.		(34,048	)		(202,245	)		(62.2	)
Domo, Inc.		(17,469	)		(142,547	)		(43.8	)
Dorman Products, Inc.		(1,869	)		(116,214	)		(35.7	)
Douglas Emmett, Inc.		(39,745	)		(445,541	)		(137.0	)
Ducommun, Inc.		(3,835	)		(183,466	)		(56.4	)
Eagle Bulk Shipping, Inc.		(1,187	)		(48,430	)		(14.9	)
Easterly Government Properties, Inc., Class A		(193,372	)		(2,080,683	)		(639.8	)
Eastern Bankshares, Inc.		(18,933	)		(208,452	)		(64.1	)
Eastman Kodak Co.		(70,243	)		(261,304	)		(80.3	)
Ecovyst, Inc.		(9,754	)		(89,737	)		(27.6	)
Edgewell Personal Care Co.		(14,884	)		(519,452	)		(159.7	)
Embecta Corp.		(20,539	)		(310,550	)		(95.5	)
Empire State Realty Trust, Inc.		(18,710	)		(151,364	)		(46.5	)
Encore Capital Group, Inc.		(1,718	)		(64,734	)		(19.9	)
Energizer Holdings, Inc.		(55,894	)		(1,765,133	)		(542.8	)
Enfusion, Inc., Class A		(40,336	)		(334,789	)		(102.9	)
Enhabit, Inc.		(5,231	)		(38,552	)		(11.9	)
Enliven Therapeutics, Inc.		(24,585	)		(304,608	)		(93.7	)
Enovix Corp.		(35,542	)		(316,679	)		(97.4	)
EnPro Industries, Inc.		(5,273	)		(585,619	)		(180.1	)
Enstar Group Ltd.		(1,404	)		(332,706	)		(102.3	)
EPR Properties		(7,276	)		(310,685	)		(95.5	)
Equity Commonwealth		(48,427	)		(917,207	)		(282.0	)
Essential Properties Realty Trust, Inc.		(39,438	)		(865,664	)		(266.2	)
European Wax Center, Inc., Class A		(88,374	)		(1,305,284	)		(401.4	)
EverCommerce, Inc.		(39,077	)		(374,358	)		(115.1	)


32		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

October 31, 2023

BlackRock Global Equity Market Neutral Fund


Security	Shares			Value			% of Basket Value

United States (continued)
Evolent Health, Inc., Class A		(13,074	)	$	(319,398	)		(98.2	)%
Evolus, Inc.		(10,099	)		(76,752	)		(23.6	)
Evolv Technologies Holdings, Inc.		(3,025	)		(12,856	)		(4.0	)
Excelerate Energy, Inc.		(27,753	)		(394,648	)		(121.3	)
Expro Group Holdings NV		(4,364	)		(68,733	)		(21.1	)
F&G Annuities & Life, Inc.		(3,119	)		(95,722	)		(29.4	)
Farmland Partners, Inc.		(119,512	)		(1,245,315	)		(382.9	)
Fastly, Inc., Class A		(10,403	)		(152,612	)		(46.9	)
Federal Signal Corp.		(2,145	)		(124,496	)		(38.3	)
First Advantage Corp.		(18,855	)		(245,304	)		(75.4	)
First Bancorp/Southern Pines NC		(29,932	)		(868,627	)		(267.1	)
First Bancshares, Inc.		(2,864	)		(69,366	)		(21.3	)
First Commonwealth Financial Corp.		(60,724	)		(739,618	)		(227.4	)
First Community Bankshares, Inc.		(9,762	)		(318,729	)		(98.0	)
First Financial Bankshares, Inc.		(3,280	)		(78,884	)		(24.3	)
First Merchants Corp.		(4,775	)		(130,405	)		(40.1	)
FirstCash Holdings, Inc.		(5,835	)		(635,548	)		(195.4	)
Flywire Corp.		(5,657	)		(152,117	)		(46.8	)
Foot Locker, Inc.		(21,862	)		(458,883	)		(141.1	)
FormFactor, Inc.		(1,949	)		(66,032	)		(20.3	)
Fortrea Holdings, Inc.		(37,476	)		(1,064,318	)		(327.3	)
Franklin BSP Realty Trust, Inc.		(18,697	)		(235,769	)		(72.5	)
Freshpet, Inc.		(20,022	)		(1,149,263	)		(353.4	)
Funko, Inc., Class A		(29,342	)		(226,227	)		(69.6	)
FutureFuel Corp.		(5,283	)		(34,604	)		(10.6	)
GCM Grosvenor, Inc., Class A		(17,773	)		(143,073	)		(44.0	)
GEO Group, Inc.		(5,003	)		(43,726	)		(13.4	)
German American Bancorp, Inc.		(7,177	)		(196,147	)		(60.3	)
Getty Realty Corp.		(1,701	)		(45,281	)		(13.9	)
Glacier Bancorp, Inc.		(4,931	)		(148,867	)		(45.8	)
Gladstone Commercial Corp.		(5,630	)		(67,279	)		(20.7	)
Gladstone Land Corp.		(9,270	)		(126,628	)		(38.9	)
Glaukos Corp.		(359	)		(24,484	)		(7.5	)
Global Medical REIT, Inc.		(18,783	)		(162,661	)		(50.0	)
Global Net Lease, Inc.		(53,640	)		(425,902	)		(131.0	)
Gogo, Inc.		(59,260	)		(622,230	)		(191.3	)
Goosehead Insurance, Inc.		(5,370	)		(348,352	)		(107.1	)
GrafTech International Ltd.		(30,332	)		(104,645	)		(32.2	)
Great Southern Bancorp, Inc.		(6,362	)		(316,319	)		(97.3	)
Green Brick Partners, Inc.		(1,423	)		(55,070	)		(16.9	)
Greenbrier Cos., Inc.		(1,790	)		(61,916	)		(19.0	)
Grid Dynamics Holdings, Inc.		(20,695	)		(209,847	)		(64.5	)
Hallador Energy Co.		(2,410	)		(33,692	)		(10.4	)
Hamilton Lane, Inc., Class A		(12,218	)		(1,027,778	)		(316.0	)
Hanesbrands, Inc.		(13,213	)		(55,362	)		(17.0	)
Harrow Health, Inc.		(8,402	)		(120,443	)		(37.0	)
Hawkins, Inc.		(2,293	)		(131,687	)		(40.5	)
Haynes International, Inc.		(2,910	)		(125,203	)		(38.5	)
Helios Technologies, Inc.		(6,823	)		(352,886	)		(108.5	)
Heritage Commerce Corp.		(15,135	)		(123,804	)		(38.1	)
HighPeak Energy, Inc.		(1,299	)		(23,005	)		(7.1	)
Highwoods Properties, Inc.		(9,949	)		(177,988	)		(54.7	)
Hillman Solutions Corp.		(141,423	)		(927,735	)		(285.3	)
Hilltop Holdings, Inc.		(18,924	)		(522,681	)		(160.7	)
HireRight Holdings Corp.		(10,145	)		(93,435	)		(28.7	)
Home BancShares, Inc.		(38,385	)		(784,973	)		(241.4	)
Ichor Holdings Ltd.		(15,808	)		(383,502	)		(117.9	)
IMAX Corp.		(13,813	)		(251,535	)		(77.3	)
Impinj, Inc.		(8,369	)		(540,721	)		(166.3	)
Informatica, Inc., Class A		(14,745	)		(282,809	)		(87.0	)
Ingles Markets, Inc.		(5,312	)		(426,129	)		(131.0	)
Innospec, Inc.		(2,882	)		(282,436	)		(86.8	)


Security	Shares			Value			% of Basket Value

United States (continued)
Inspired Entertainment, Inc.		(4,728	)	$	(47,185	)		(14.5	)%
International Bancshares Corp.		(12,864	)		(563,829	)		(173.4	)
Intrepid Potash, Inc.		(3,001	)		(59,690	)		(18.4	)
InvenTrust Properties Corp.		(25,941	)		(651,119	)		(200.2	)
iRhythm Technologies, Inc.		(12,674	)		(995,162	)		(306.0	)
Ivanhoe Electric, Inc.		(9,014	)		(92,303	)		(28.4	)
J & J Snack Foods Corp.		(188	)		(29,443	)		(9.1	)
Jack in the Box, Inc.		(17,245	)		(1,089,539	)		(335.0	)
Jackson Financial, Inc.		(19,135	)		(702,446	)		(216.0	)
JBG SMITH Properties		(68,069	)		(876,048	)		(269.4	)
John Bean Technologies Corp.		(4,097	)		(426,170	)		(131.0	)
John Wiley & Sons, Inc.		(6,473	)		(195,938	)		(60.2	)
Kadant, Inc.		(1,830	)		(402,600	)		(123.8	)
Kinetik Holdings, Inc., Class A		(40,663	)		(1,441,097	)		(443.1	)
KKR Real Estate Finance Trust, Inc.		(13,320	)		(139,061	)		(42.8	)
Kratos Defense & Security Solutions, Inc.		(5,835	)		(99,487	)		(30.6	)
Krispy Kreme, Inc.		(135,984	)		(1,758,273	)		(540.6	)
Kura Sushi USA, Inc., Class A		(2,295	)		(131,136	)		(40.3	)
Lakeland Financial Corp.		(3,885	)		(191,336	)		(58.8	)
LCI Industries		(13,684	)		(1,484,577	)		(456.5	)
Lemonade, Inc.		(45,131	)		(493,733	)		(151.8	)
Leonardo DRS, Inc.		(24,532	)		(467,825	)		(143.9	)
Leslie’s, Inc.		(78,230	)		(386,456	)		(118.8	)
Liberty Energy, Inc., Class A		(28,804	)		(567,439	)		(174.5	)
Liberty Media Corp.-Liberty Live		(14,965	)		(476,935	)		(146.7	)
Life Time Group Holdings, Inc.		(5,567	)		(65,802	)		(20.2	)
Lightwave Logic, Inc.		(65,430	)		(296,398	)		(91.1	)
Lindblad Expeditions Holdings, Inc.		(1,735	)		(10,792	)		(3.3	)
Liquidia Corp.		(696	)		(4,531	)		(1.4	)
Littelfuse, Inc.		(897	)		(194,353	)		(59.8	)
LTC Properties, Inc.		(19,059	)		(602,455	)		(185.2	)
Luminar Technologies, Inc., Class A		(55,934	)		(177,311	)		(54.5	)
Macerich Co.		(126,921	)		(1,233,672	)		(379.3	)
Madison Square Garden Entertainment Corp., Class A		(12,274	)		(374,112	)		(115.0	)
Marathon Digital Holdings, Inc.		(13,635	)		(120,124	)		(36.9	)
Maravai LifeSciences Holdings, Inc., Class A .		(18,784	)		(128,858	)		(39.6	)
Marqeta, Inc.		(3,925	)		(20,292	)		(6.2	)
Marten Transport Ltd.		(7,358	)		(129,354	)		(39.8	)
MasterCraft Boat Holdings, Inc.		(16,998	)		(347,439	)		(106.8	)
MaxCyte, Inc.		(15,107	)		(44,717	)		(13.8	)
MBIA, Inc.		(32,820	)		(225,802	)		(69.4	)
MediaAlpha, Inc., Class A		(3,385	)		(34,798	)		(10.7	)
Medifast, Inc.		(4,422	)		(305,826	)		(94.0	)
Mercury Systems, Inc.		(21,761	)		(782,961	)		(240.7	)
MeridianLink, Inc.		(38,578	)		(633,451	)		(194.8	)
Mesa Laboratories, Inc.		(862	)		(80,881	)		(24.9	)
MFA Financial, Inc.		(10,263	)		(91,238	)		(28.1	)
MGE Energy, Inc.		(2,531	)		(181,296	)		(55.7	)
Middlesex Water Co.		(6,533	)		(415,041	)		(127.6	)
Mirion Technologies, Inc., Class A		(88,829	)		(615,585	)		(189.3	)
Mission Produce, Inc.		(11,925	)		(112,214	)		(34.5	)
Modine Manufacturing Co.		(2,313	)		(91,364	)		(28.1	)
ModivCare, Inc.		(14,093	)		(595,288	)		(183.0	)
Montauk Renewables, Inc.		(8,423	)		(84,735	)		(26.1	)
Movado Group, Inc.		(13,012	)		(362,514	)		(111.5	)
Mueller Water Products, Inc., Class A		(59,375	)		(734,469	)		(225.8	)
National Bank Holdings Corp.		(9,082	)		(283,177	)		(87.1	)
National Cinemedia, Inc.		(27,209	)		(106,387	)		(32.7	)
National Health Investors, Inc.		(1,821	)		(91,123	)		(28.0	)
National Presto Industries, Inc.		(3,494	)		(261,176	)		(80.3	)
National Western Life Group, Inc.		(1,093	)		(523,438	)		(161.0	)


SCHEDULE OF INVESTMENTS		33

Schedule of Investments (unaudited) (continued)

October 31, 2023

BlackRock Global Equity Market Neutral Fund


Security	Shares			Value			% of Basket Value

United States (continued)
Navient Corp.		(29,466	)	$	(468,804	)		(144.2	)%
Navitas Semiconductor Corp., Class A		(12,496	)		(65,479	)		(20.1	)
NBT Bancorp, Inc.		(20,428	)		(683,725	)		(210.2	)
nCino, Inc.		(9,830	)		(276,223	)		(84.9	)
Nelnet, Inc., Class A		(1,030	)		(87,354	)		(26.9	)
NeoGenomics, Inc.		(5,229	)		(73,311	)		(22.5	)
NETSTREIT Corp.		(94,241	)		(1,342,934	)		(412.9	)
New York Mortgage Trust, Inc.		(27,345	)		(213,018	)		(65.5	)
Newmark Group, Inc.		(11,130	)		(63,107	)		(19.4	)
NewMarket Corp.		(1,576	)		(759,868	)		(233.6	)
NextDecade Corp.		(5,204	)		(22,846	)		(7.0	)
Nicolet Bankshares, Inc.		(9,538	)		(694,557	)		(213.6	)
nLight, Inc.		(60,821	)		(506,639	)		(155.8	)
Northern Oil and Gas, Inc.		(24,095	)		(923,802	)		(284.1	)
Northfield Bancorp, Inc.		(8,063	)		(69,342	)		(21.3	)
Northwest Bancshares, Inc.		(15,100	)		(157,342	)		(48.4	)
NorthWestern Corp.		(12,241	)		(587,690	)		(180.7	)
Novanta, Inc.		(3,940	)		(520,316	)		(160.0	)
NuScale Power Corp.		(8,028	)		(27,135	)		(8.3	)
NV5 Global, Inc.		(2,739	)		(258,425	)		(79.5	)
NVE Corp.		(152	)		(10,336	)		(3.2	)
One Liberty Properties, Inc.		(3,273	)		(60,223	)		(18.5	)
OneSpan, Inc.		(22,858	)		(180,578	)		(55.5	)
OneWater Marine, Inc., Class A		(33,812	)		(765,166	)		(235.3	)
Open Lending Corp.		(23,788	)		(142,490	)		(43.8	)
Origin Bancorp, Inc.		(16,124	)		(477,109	)		(146.7	)
OrthoPediatrics Corp.		(18,024	)		(440,867	)		(135.6	)
Papa John’s International, Inc.		(10,162	)		(660,733	)		(203.2	)
PAR Technology Corp.		(31,809	)		(928,505	)		(285.5	)
Paragon 28, Inc.		(2,636	)		(22,749	)		(7.0	)
Paramount Group, Inc.		(68,614	)		(293,668	)		(90.3	)
Park National Corp.		(567	)		(57,488	)		(17.7	)
Pathward Financial, Inc.		(4,287	)		(194,158	)		(59.7	)
Patrick Industries, Inc.		(2,402	)		(180,510	)		(55.5	)
Paycor HCM, Inc.		(13,606	)		(293,617	)		(90.3	)
Paymentus Holdings, Inc.		(40,282	)		(586,506	)		(180.3	)
Peapack-Gladstone Financial Corp.		(5,491	)		(128,325	)		(39.5	)
Pediatrix Medical Group, Inc.		(19,202	)		(220,055	)		(67.7	)
Peloton Interactive, Inc., Class A		(10,761	)		(51,222	)		(15.8	)
PennyMac Mortgage Investment Trust		(75,215	)		(951,470	)		(292.6	)
Peoples Bancorp, Inc.		(9,420	)		(259,804	)		(79.9	)
Perficient, Inc.		(2,872	)		(167,122	)		(51.4	)
PGT Innovations, Inc.		(1,109	)		(33,203	)		(10.2	)
Phillips Edison & Co., Inc.		(25,575	)		(903,053	)		(277.7	)
Phinia, Inc.		(39,779	)		(1,029,481	)		(316.6	)
Piedmont Lithium, Inc.		(24,744	)		(679,718	)		(209.0	)
Piedmont Office Realty Trust, Inc.		(54,128	)		(282,007	)		(86.7	)
Piper Sandler Cos		(653	)		(91,322	)		(28.1	)
Pitney Bowes, Inc.		(53,919	)		(174,158	)		(53.6	)
Plexus Corp.		(10,567	)		(1,038,947	)		(319.5	)
Plymouth Industrial REIT, Inc.		(33,112	)		(660,253	)		(203.0	)
PolyPeptide Group AG		(22,150	)		(420,671	)		(129.4	)
Portillo’s, Inc., Class A		(30,044	)		(449,158	)		(138.1	)
PotlatchDeltic Corp.		(19,253	)		(824,991	)		(253.7	)
Powell Industries, Inc.		(2,275	)		(174,379	)		(53.6	)
PowerSchool Holdings, Inc., Class A		(10,386	)		(206,889	)		(63.6	)
Premier, Inc., Class A		(22,504	)		(432,527	)		(133.0	)
ProAssurance Corp.		(13,868	)		(235,756	)		(72.5	)
PROCEPT BioRobotics Corp.		(33,799	)		(905,475	)		(278.4	)
ProFrac Holding Corp.		(48,940	)		(461,015	)		(141.8	)
ProPetro Holding Corp.		(7,812	)		(81,870	)		(25.2	)
PubMatic, Inc.		(1,722	)		(19,407	)		(6.0	)


Security	Shares			Value			% of Basket Value

United States (continued)
Pulmonx Corp.		(27,688	)	$	(243,378	)		(74.8	)%
PureCycle Technologies, Inc.		(17,688	)		(78,712	)		(24.2	)
QIAGEN NV		(8,180	)		(306,177	)		(94.1	)
Quanterix Corp.		(11,210	)		(243,481	)		(74.9	)
Ramaco Resources, Inc.		(3,194	)		(37,625	)		(11.6	)
Ranpak Holdings Corp., Class A		(3,162	)		(9,992	)		(3.1	)
RCI Hospitality Holdings, Inc.		(11,183	)		(609,585	)		(187.4	)
Ready Capital Corp.		(79,144	)		(746,328	)		(229.5	)
Red Rock Resorts, Inc.		(8,287	)		(327,751	)		(100.8	)
Redwood Trust, Inc.		(12,937	)		(81,244	)		(25.0	)
Reliance Worldwide Corp. Ltd.		(163,087	)		(363,514	)		(111.8	)
Resources Connection, Inc.		(10,510	)		(141,570	)		(43.5	)
Retail Opportunity Investments Corp.		(70,595	)		(828,785	)		(254.8	)
Rocket Lab USA, Inc.		(203,396	)		(860,365	)		(264.6	)
RPC, Inc.		(41,924	)		(348,808	)		(107.3	)
RXO, Inc.		(19,789	)		(346,505	)		(106.5	)
S&T Bancorp, Inc.		(19,270	)		(496,395	)		(152.6	)
Sabra Health Care REIT, Inc.		(131,962	)		(1,799,962	)		(553.5	)
Sabre Corp.		(18,991	)		(66,469	)		(20.4	)
Schneider National, Inc.		(16,668	)		(422,200	)		(129.8	)
Seacoast Banking Corp. of Florida		(9,046	)		(182,820	)		(56.2	)
Select Water Solutions, Inc.		(30,667	)		(228,162	)		(70.2	)
Sensient Technologies Corp.		(18,977	)		(1,070,682	)		(329.2	)
Seritage Growth Properties		(72,142	)		(522,308	)		(160.6	)
Service Properties Trust		(3,248	)		(23,548	)		(7.2	)
Shake Shack, Inc., Class A		(3,902	)		(218,668	)		(67.2	)
Shenandoah Telecommunications Co.		(16,664	)		(394,270	)		(121.2	)
Shoals Technologies Group, Inc., Class A		(43,582	)		(669,420	)		(205.8	)
Silgan Holdings, Inc.		(47,267	)		(1,893,516	)		(582.2	)
SilverBow Resources, Inc.		(31,884	)		(1,087,244	)		(334.3	)
Simmons First National Corp., Class A		(17,534	)		(249,158	)		(76.6	)
Simply Good Foods Co.		(25,893	)		(965,550	)		(296.9	)
SITE Centers Corp.		(123,588	)		(1,441,036	)		(443.1	)
SiTime Corp.		(3,737	)		(372,953	)		(114.7	)
Six Flags Entertainment Corp.		(54,169	)		(1,077,963	)		(331.5	)
SJW Group		(1,902	)		(118,837	)		(36.5	)
Sleep Number Corp.		(11,064	)		(180,011	)		(55.4	)
Sotera Health Co.		(38,853	)		(491,879	)		(151.2	)
Southern Missouri Bancorp, Inc.		(446	)		(18,041	)		(5.5	)
Spectrum Brands Holdings, Inc.		(10,758	)		(810,293	)		(249.2	)
Spirit AeroSystems Holdings, Inc., Class A		(13,967	)		(315,654	)		(97.1	)
Stagwell, Inc., Class A		(3,945	)		(16,253	)		(5.0	)
Stellar Bancorp, Inc.		(11,937	)		(259,510	)		(79.8	)
Stem, Inc.		(49,573	)		(167,557	)		(51.5	)
Stepan Co.		(3,920	)		(293,216	)		(90.2	)
StepStone Group, Inc., Class A		(16,938	)		(479,345	)		(147.4	)
Stericycle, Inc.		(25,773	)		(1,062,879	)		(326.8	)
Sterling Check Corp.		(9,581	)		(107,116	)		(32.9	)
Steven Madden Ltd.		(22,809	)		(747,907	)		(230.0	)
Sun Country Airlines Holdings, Inc.		(14,082	)		(183,348	)		(56.4	)
SunCoke Energy, Inc.		(31,115	)		(295,904	)		(91.0	)
SunPower Corp.		(50,840	)		(217,087	)		(66.8	)
Sunrun, Inc.		(46,461	)		(448,349	)		(137.9	)
Sunstone Hotel Investors, Inc.		(20,120	)		(187,116	)		(57.5	)
Sweetgreen, Inc., Class A		(41,348	)		(427,125	)		(131.3	)
Sylvamo Corp.		(2,705	)		(119,831	)		(36.8	)
Target Hospitality Corp.		(8,075	)		(110,870	)		(34.1	)
Tarsus Pharmaceuticals, Inc.		(5,605	)		(79,815	)		(24.5	)
Terns Pharmaceuticals, Inc.		(60,088	)		(316,063	)		(97.2	)
TETRA Technologies, Inc.		(3,799	)		(18,007	)		(5.5	)
Texas Capital Bancshares, Inc.		(1,918	)		(105,605	)		(32.5	)
TFS Financial Corp.		(65,547	)		(777,387	)		(239.0	)


34		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

October 31, 2023

BlackRock Global Equity Market Neutral Fund


Security	Shares			Value			% of Basket Value

United States (continued)
Tidewater, Inc.		(8,298	)	$	(567,168	)		(174.4	)%
TimkenSteel Corp.		(7,034	)		(143,001	)		(44.0	)
Towne Bank		(22,069	)		(528,332	)		(162.5	)
TPG, Inc.		(16,853	)		(465,817	)		(143.2	)
Traeger, Inc.		(2,810	)		(7,390	)		(2.3	)
Transcat, Inc.		(1,740	)		(156,635	)		(48.2	)
TreeHouse Foods, Inc.		(1,897	)		(79,086	)		(24.3	)
TriMas Corp.		(11,251	)		(272,387	)		(83.8	)
TripAdvisor, Inc.		(4,918	)		(72,590	)		(22.3	)
Triumph Financial, Inc.		(5,942	)		(369,889	)		(113.7	)
Triumph Group, Inc.		(92,348	)		(688,916	)		(211.8	)
TrueBlue, Inc.		(5,134	)		(56,833	)		(17.5	)
Trupanion, Inc.		(5,029	)		(103,597	)		(31.9	)
TrustCo Bank Corp./New York		(1,984	)		(50,652	)		(15.6	)
Ubiquiti, Inc.		(4,730	)		(574,458	)		(176.6	)
Udemy, Inc.		(6,433	)		(57,447	)		(17.7	)
UFP Technologies, Inc.		(2,307	)		(359,707	)		(110.6	)
Ultra Clean Holdings, Inc.		(22,024	)		(525,493	)		(161.6	)
UniFirst Corp.		(4,895	)		(804,885	)		(247.5	)
United Community Banks, Inc.		(23,627	)		(521,920	)		(160.5	)
United Natural Foods, Inc.		(73,159	)		(1,066,658	)		(328.0	)
Uniti Group, Inc.		(50,501	)		(232,305	)		(71.4	)
Universal Corp.		(11,453	)		(515,385	)		(158.5	)
Universal Health Realty, Inc.ome Trust		(5,557	)		(213,611	)		(65.7	)
Ventyx Biosciences, Inc.		(3,546	)		(51,133	)		(15.7	)
Veris Residential, Inc.		(60,895	)		(815,384	)		(250.7	)
Vertex Energy, Inc.		(103,465	)		(445,934	)		(137.1	)
Victoria’s Secret & Co.		(25,342	)		(453,115	)		(139.3	)
Virtus Investment Partners, Inc.		(209	)		(38,504	)		(11.8	)
Vishay Intertechnology, Inc.		(57,220	)		(1,272,573	)		(391.3	)
Vista Outdoor, Inc.		(52,565	)		(1,320,433	)		(406.0	)
Vobile Group Ltd.		(156,000	)		(40,217	)		(12.4	)
VSE Corp.		(11,109	)		(597,664	)		(183.8	)
WaFd, Inc.		(21,491	)		(530,398	)		(163.1	)
Walker & Dunlop, Inc.		(1,155	)		(74,844	)		(23.0	)
Warby Parker, Inc.		(4,718	)		(61,240	)		(18.8	)
Warrior Met Coal, Inc.		(3,824	)		(186,344	)		(57.3	)
WD-40 Co.		(1,677	)		(354,518	)		(109.0	)
Werner Enterprises, Inc.		(1,315	)		(47,761	)		(14.7	)
Westrock Coffee Co.		(8,636	)		(71,161	)		(21.9	)
White Mountains Insurance Group Ltd.		(895	)		(1,280,521	)		(393.7	)
Winnebago Industries, Inc.		(3,662	)		(212,213	)		(65.3	)
Worthington Industries, Inc.		(466	)		(28,715	)		(8.8	)
WSFS Financial Corp.		(2,189	)		(77,491	)		(23.8	)
WW International, Inc.		(36,841	)		(288,097	)		(88.6	)
Xenia Hotels & Resorts, Inc.		(42,512	)		(494,415	)		(152.0	)
Xometry, Inc.		(10,992	)		(159,934	)		(49.2	)
XPEL, Inc.		(5,915	)		(273,864	)		(84.2	)
York Water Co.		(11,831	)		(426,744	)		(131.2	)

					(161,468,459	)

Preferred Stocks

Germany
Jungheinrich AG		(7,387	)		(197,917	)		(60.9	)


Security	Shares			Value			% of Basket Value

Rights

Spain
Vidrala SA		(5,863	)	$	(21,620	)		(6.6	)%


Total Reference Entity — Short					(355,962,378	)


Net Value of Reference Entity — Bank of America N.A				$	325,220


Security	Shares		Value		% of Basket Value

Reference Entity — Long

Common Stocks

Australia
AGL Energy Ltd.		64,335	$	439,432		(3.7	)%
Aristocrat Leisure Ltd.		55,788		1,370,619		(11.6	)
BHP Group Ltd.		89,342		2,523,884		(21.3	)
Charter Hall Group		60,324		334,194		(2.8	)
Flight Centre Travel Group Ltd.		7,491		89,048		(0.8	)
GPT Group		57,354		132,363		(1.1	)
Rio Tinto Ltd.		29,182		2,179,437		(18.4	)
Treasury Wine Estates Ltd.		5,406		45,297		(0.4	)
Vicinity Ltd.		81,826		88,628		(0.7	)
WiseTech Global Ltd.		7,363		274,134		(2.3	)
Worley Ltd.		117,977		1,232,743		(10.4	)

				8,709,779

Austria
BAWAG Group AG		3,745		166,484		(1.4	)


Belgium
Ageas SA/NV		3,704		142,194		(1.2	)
KBC Group NV		5,463		301,829		(2.5	)
Sofina SA		5,167		979,753		(8.3	)
Solvay SA		33,898		3,575,172		(30.2	)
Warehouses De Pauw CVA		8,830		218,081		(1.8	)

				5,217,029

Brazil
MercadoLibre, Inc.		202		250,629		(2.1	)


Canada
Algonquin Power & Utilities Corp.		16,040		80,735		(0.7	)
AltaGas Ltd.		18,019		341,168		(2.9	)
Bank of Nova Scotia		19,555		807,567		(6.8	)
Barrick Gold Corp.		48,240		782,597		(6.6	)
Birchcliff Energy Ltd.		27,524		154,954		(1.3	)
Brookfield Corp., Class A		4,902		145,749		(1.2	)
Canadian Imperial Bank of Commerce		14,628		523,955		(4.4	)
Canadian Natural Resources Ltd.		3,476		225,013		(1.9	)
Capital Power Corp.		5,509		143,808		(1.2	)
Cenovus Energy, Inc.		6,743		131,055		(1.1	)
Descartes Systems Group, Inc.		4,222		310,858		(2.6	)
Element Fleet Management Corp.		29,165		402,127		(3.4	)
Emera, Inc.		22,230		742,223		(6.3	)
Enbridge, Inc.		1,966		64,194		(0.5	)
Enerplus Corp.		21,917		377,395		(3.2	)
First Majestic Silver Corp.		46,415		243,565		(2.1	)


SCHEDULE OF INVESTMENTS		35

Schedule of Investments (unaudited) (continued)

October 31, 2023

BlackRock Global Equity Market Neutral Fund


Security	Shares		Value		% of Basket Value

Canada (continued)
FirstService Corp.		1,062	$	153,069		(1.3	)%
Gibson Energy, Inc.		7,299		112,916		(0.9	)
Gildan Activewear, Inc.		12,443		360,099		(3.0	)
Imperial Oil Ltd.		13,399		778,548		(6.6	)
Keyera Corp.		27,180		644,257		(5.4	)
Kinaxis, Inc.		3,333		325,941		(2.7	)
Magna International, Inc.		6,497		317,906		(2.7	)
Manulife Financial Corp.		6,397		113,523		(1.0	)
MEG Energy Corp.		1,449		29,161		(0.2	)
NuVista Energy Ltd.		29,065		287,024		(2.4	)
Pembina Pipeline Corp.		29,706		931,090		(7.9	)
RioCan REIT		5,440		67,415		(0.6	)
TELUS Corp.		61,975		1,018,435		(8.6	)
Toromont Industries Ltd.		2		154		(0.0	)
TransAlta Corp.		10,641		79,489		(0.7	)
West Fraser Timber Co. Ltd.		3,772		256,295		(2.2	)

				10,952,285

Chile
Antofagasta PLC		1,064		17,492		(0.2	)


China
SITC International Holdings Co. Ltd.		64,000		98,683		(0.8	)


Denmark
AP Moller - Maersk A/S, Class A		59		96,390		(0.8	)
AP Moller - Maersk A/S, Class B		86		143,354		(1.2	)
Genmab A/S		1,425		402,822		(3.4	)
Novo Nordisk A/S		106,787		10,291,006		(86.9	)
Orsted A/S		1,807		87,213		(0.7	)

				11,020,785

France
Accor SA		15,184		483,509		(4.1	)
Amundi SA		1,573		82,016		(0.7	)
AXA SA		42,458		1,255,785		(10.6	)
Bouygues SA		7,805		275,021		(2.3	)
Carrefour SA		76,198		1,333,558		(11.3	)
Credit Agricole SA		15,457		186,380		(1.6	)
Dassault Aviation SA		885		175,614		(1.5	)
Eiffage SA		18,318		1,660,134		(14.0	)
Engie SA		78,242		1,244,024		(10.5	)
Eurazeo SE		11,228		631,824		(5.3	)
Forvia SE		3,688		62,027		(0.5	)
Gaztransport Et Technigaz SA		283		36,134		(0.3	)
Gecina SA		1,585		155,347		(1.3	)
Rexel SA		20,957		427,187		(3.6	)
Teleperformance SE		1,855		212,984		(1.8	)
Ubisoft Entertainment SA		6,650		189,537		(1.6	)
Valeo SE		29,495		388,981		(3.3	)
Vallourec SA		12,243		146,783		(1.2	)
Veolia Environnement SA		54,055		1,478,448		(12.5	)
Vinci SA		868		96,086		(0.8	)
Vivendi SE		80,511		720,677		(6.1	)
Wendel SE		5,314		397,313		(3.3	)

				11,639,369

Germany
Adidas AG		1,821		323,199		(2.7	)
Bayerische Motoren Werke AG		33,192		3,104,283		(26.2	)
Beiersdorf AG		2,710		355,795		(3.0	)
Commerzbank AG		41,024		441,645		(3.7	)
Covestro AG		20,451		1,034,722		(8.7	)
E.ON SE		66,812		794,913		(6.7	)


Security	Shares		Value		% of Basket Value

Germany (continued)
Heidelberg Materials AG		12,892	$	934,122		(7.9	)%
HUGO BOSS AG		2,682		156,563		(1.3	)
Infineon Technologies AG		27,635		805,705		(6.8	)
K&S AG		4,539		76,182		(0.7	)
KION Group AG		5,140		157,363		(1.3	)
LANXESS AG		9,405		215,260		(1.8	)
Mercedes-Benz Group AG		196,418		11,531,962		(97.3	)
Nemetschek SE		5,102		380,636		(3.2	)
RWE AG		55,057		2,103,222		(17.8	)
Siemens AG		2,007		265,816		(2.3	)
Talanx AG		3,415		214,824		(1.8	)
Telefonica Deutschland Holding AG		34,759		58,981		(0.5	)
thyssenkrupp AG		246,017		1,711,451		(14.5	)
Volkswagen AG		1,941		223,928		(1.9	)

				24,890,572

Hong Kong
Futu Holdings Ltd., ADR		422		23,400		(0.2	)
Hang Lung Properties Ltd.		101,000		132,892		(1.1	)
Hongkong Land Holdings Ltd.		17,900		56,774		(0.5	)
Link REIT		9,800		45,019		(0.4	)
New World Development Co. Ltd.		20,000		36,742		(0.3	)
Swire Pacific Ltd., Class A		46,500		297,343		(2.5	)
Swire Properties Ltd.		115,000		222,888		(1.9	)

				815,058

Ireland
Kerry Group PLC		7,106		547,873		(4.6	)
Smurfit Kappa Group PLC		14,927		485,989		(4.1	)

				1,033,862

Israel
Nova Ltd.		6,282		596,602		(5.0	)
Wix.com Ltd.		7,119		568,808		(4.8	)

				1,165,410

Italy
Ferrari NV		474		143,213		(1.2	)
Intesa Sanpaolo SpA		419,354		1,090,824		(9.2	)
Saipem SpA		36,357		55,297		(0.5	)
Snam SpA		38,763		177,416		(1.5	)

				1,466,750

Japan
ABC-Mart, Inc.		13,700		215,012		(1.8	)
Aeon Co. Ltd.		8,100		172,602		(1.5	)
Allegro MicroSystems, Inc.		1,108		28,764		(0.2	)
Amada Co. Ltd.		124,800		1,227,617		(10.4	)
Asahi Kasei Corp.		35,200		219,365		(1.8	)
Asics Corp.		21,600		693,407		(5.9	)
Astellas Pharma, Inc.		98,600		1,263,989		(10.7	)
Brother Industries Ltd.		4,900		77,498		(0.7	)
Central Japan Railway Co.		8,200		186,901		(1.6	)
Denso Corp.		9,600		143,729		(1.2	)
DMG Mori Co. Ltd.		4,400		73,791		(0.6	)
Fast Retailing Co. Ltd.		900		202,015		(1.7	)
FUJIFILM Holdings Corp.		5,600		310,690		(2.6	)
Fujitsu Ltd.		3,500		458,653		(3.9	)
Hoya Corp.		500		48,508		(0.4	)
Hulic Co. Ltd.		68,300		634,430		(5.4	)
IHI Corp.		1,400		27,245		(0.2	)
ITOCHU Corp.		26,400		963,893		(8.1	)
J Front Retailing Co. Ltd.		31,100		300,413		(2.5	)
Japan Post Holdings Co. Ltd.		258,100		2,312,806		(19.5	)


36		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

October 31, 2023

BlackRock Global Equity Market Neutral Fund


Security	Shares		Value		% of Basket Value

Japan (continued)
JFE Holdings, Inc.		70,600	$	995,805		(8.4	)%
JGC Holdings Corp.		2,100		26,066		(0.2	)
Kakaku.com, Inc.		71,300		696,400		(5.9	)
KDDI Corp.		2,900		87,921		(0.7	)
Kirin Holdings Co. Ltd.		45,600		649,324		(5.5	)
Koito Manufacturing Co. Ltd.		2,100		31,901		(0.3	)
Komatsu Ltd.		23,800		554,821		(4.7	)
Konica Minolta, Inc.		133,600		379,700		(3.2	)
Kubota Corp.		69,700		950,702		(8.0	)
Kyowa Kirin Co. Ltd.		24,900		396,123		(3.3	)
Lawson, Inc.		27,700		1,351,183		(11.4	)
MEIJI Holdings Co. Ltd.		15,000		373,410		(3.2	)
Mitsubishi Chemical Group Corp.		14,900		85,528		(0.7	)
Mitsubishi Corp.		23,200		1,096,195		(9.2	)
Mitsubishi Electric Corp.		22,700		263,462		(2.2	)
Mitsubishi Estate Co. Ltd.		4,700		60,993		(0.5	)
Mitsubishi UFJ Financial Group, Inc.		20,500		174,217		(1.5	)
Mitsui & Co. Ltd.		36,300		1,337,003		(11.3	)
Mitsui Fudosan Co. Ltd.		73,100		1,605,967		(13.6	)
Mizuho Financial Group, Inc.		62,000		1,064,935		(9.0	)
MS&AD Insurance Group Holdings, Inc.		33,200		1,232,942		(10.4	)
Nexon Co. Ltd.		10,400		193,234		(1.6	)
Nihon M&A Center Holdings, Inc.		72,800		336,802		(2.8	)
Nikon Corp.		30,200		290,863		(2.5	)
Nintendo Co. Ltd.		25,500		1,067,818		(9.0	)
Nippon Express Holdings, Inc.		7,000		364,130		(3.1	)
Nippon Shinyaku Co. Ltd.		23,600		969,382		(8.2	)
Nippon Telegraph & Telephone Corp.		655,900		782,063		(6.6	)
Nissan Motor Co. Ltd.		84,800		330,458		(2.8	)
Nisshin Seifun Group, Inc.		39,300		599,108		(5.1	)
NSK Ltd.		143,700		781,984		(6.6	)
Obayashi Corp.		15,700		135,888		(1.1	)
Obic Co. Ltd.		6,000		898,902		(7.6	)
Olympus Corp.		17,700		239,487		(2.0	)
Omron Corp.		4,800		174,705		(1.5	)
Ono Pharmaceutical Co. Ltd.		8,900		155,948		(1.3	)
Oracle Corp. Japan		6,500		467,331		(3.9	)
ORIX Corp.		27,800		512,351		(4.3	)
Otsuka Corp.		16,700		678,259		(5.7	)
Otsuka Holdings Co. Ltd.		17,700		603,687		(5.1	)
Pan Pacific International Holdings Corp.		2,300		45,141		(0.4	)
Panasonic Holdings Corp.		58,600		521,536		(4.4	)
Rakuten Group, Inc.		88,400		331,489		(2.8	)
Recruit Holdings Co. Ltd.		2,100		61,060		(0.5	)
Resona Holdings, Inc.		326,000		1,765,592		(14.9	)
Ricoh Co. Ltd.		32,500		267,110		(2.3	)
SCREEN Holdings Co. Ltd.		17,400		820,488		(6.9	)
Sega Sammy Holdings, Inc.		14,100		223,409		(1.9	)
Seiko Epson Corp.		26,500		373,431		(3.2	)
Sekisui House Ltd.		123,800		2,455,927		(20.7	)
Shimadzu Corp.		2,300		54,386		(0.5	)
Shionogi & Co. Ltd.		13,700		646,391		(5.5	)
Socionext, Inc.		3,900		385,273		(3.3	)
SoftBank Corp.		92,800		1,063,277		(9.0	)
SoftBank Group Corp.		24,700		1,025,808		(8.7	)
Sumitomo Corp.		45,400		904,607		(7.6	)
Sumitomo Electric Industries Ltd.		2,700		28,758		(0.2	)
Sumitomo Mitsui Financial Group, Inc.		4,200		204,295		(1.7	)
Sumitomo Mitsui Trust Holdings, Inc.		16,600		630,782		(5.3	)
Suzuki Motor Corp.		700		27,476		(0.2	)
TIS, Inc.		20,400		442,574		(3.7	)


Security		Shares		Value		% of Basket Value

Japan (continued)
Tokio Marine Holdings, Inc.			78,900	$	1,789,049		(15.1	)%
Tokyo Electron Ltd.			2,100		281,363		(2.4	)
Tokyo Tatemono Co. Ltd.			21,300		286,713		(2.4	)
TOTO Ltd.			900		22,003		(0.2	)
Toyota Industries Corp.			1,600		120,225		(1.0	)
Yamaha Corp.			3,100		83,928		(0.7	)

	��				47,420,417

Luxembourg
ArcelorMittal SA			79,191		1,749,226		(14.8	)


Macau
Galaxy Entertainment Group Ltd.			37,000		208,197		(1.8	)
Sands China Ltd.			33,200		89,464		(0.7	)
Wynn Macau Ltd.			2,000		1,773		(0.0	)

					299,434

Netherlands
ABN AMRO Bank NV, GDR, CVA			33,827		455,411		(3.8	)
ASR Nederland NV			4,650		173,209		(1.5	)
ING Groep NV			61,352		785,253		(6.6	)
Koninklijke DSM NV			1,376		132,876		(1.1	)
Koninklijke Philips NV			1,415		26,888		(0.2	)
NN Group NV			25,140		804,818		(6.8	)
Redcare Pharmacy NV			367		41,017		(0.4	)

					2,419,472

New Zealand
Xero Ltd.			12,469		852,471		(7.2	)


Norway
Aker BP ASA			60,849		1,792,472		(15.1	)
Equinor ASA			33,513		1,148,849		(9.7	)
Gjensidige Forsikring ASA			4,108		62,910		(0.5	)
Kongsberg Gruppen ASA			130		5,437		(0.1	)
Var Energi ASA			6,753		23,292		(0.2	)

					3,032,960

Puerto Rico
Popular, Inc.			3,135		203,900		(1.7	)


Singapore
Mapletree Pan Asia Commercial Trust			149,500		145,460		(1.2	)
Sea Ltd., ADR, ADR			53,986		2,251,216		(19.0	)
Singapore Airlines Ltd.			88,300		394,715		(3.4	)

					2,791,391

Spain
Acciona SA			261		32,847		(0.3	)
Aena SME SA			446		64,597		(0.5	)
Banco Bilbao Vizcaya Argentaria SA			96,286		756,571		(6.4	)
Banco de Sabadell SA			325,590		404,141		(3.4	)
Banco Santander SA			225,602		828,991		(7.0	)
Bankinter SA			86,184		543,995		(4.6	)
CaixaBank SA			54,951		223,010		(1.9	)
EDP Renovaveis SA			8,368		134,386		(1.1	)
Fluidra SA			4,082		71,853		(0.6	)
Grifols SA			26,058		292,048		(2.5	)
Iberdrola SA			36,981		410,565		(3.5	)
Industria De Diseno Textil SA			34,145		1,179,461		(10.0	)
Naturgy Energy Group SA			140		3,954		(0.0	)
Repsol SA			30,865		451,116		(3.8	)

					5,397,535

Sweden
Electrolux AB			4,923		42,536		(0.4	)


SCHEDULE OF INVESTMENTS		37

Schedule of Investments (unaudited) (continued)

October 31, 2023

BlackRock Global Equity Market Neutral Fund


Security	Shares		Value		% of Basket Value

Sweden (continued)
Elekta AB, B Shares		24,132	$	168,267		(1.4	)%
Husqvarna AB		131		871		(0.0	)
Indutrade AB		4,933		89,420		(0.8	)
Swedish Orphan Biovitrum AB		4,741		99,601		(0.8	)
Trelleborg AB		951		24,592		(0.2	)
Volvo Car AB		66,785		236,750		(2.0	)

				662,037

Switzerland
ABB Ltd., Registered Shares		43,605		1,483,264		(12.5	)
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates		8		89,531		(0.8	)
Flughafen Zurich AG		4,746		896,786		(7.6	)
Georg Fischer AG, Registered Shares		991		52,033		(0.4	)
Kuehne & Nagel International AG		16,392		4,474,303		(37.8	)
Logitech International SA		14,357		1,141,441		(9.6	)
Novartis AG		4,760		449,535		(3.8	)
Sandoz Group AG		3,046		80,563		(0.7	)
Schindler Holding AG		402		82,234		(0.7	)
SGS SA		324		26,693		(0.2	)
Swatch Group AG, Registered Shares		1,726		84,490		(0.7	)
Temenos AG, Registered Shares		3,217		234,237		(2.0	)

				9,095,110

United Kingdom
Auto Trader Group PLC		90,440		687,188		(5.8	)
Aviva PLC		126,692		616,305		(5.2	)
BAE Systems PLC		15,706		212,246		(1.8	)
Barclays PLC		26,587		42,561		(0.4	)
British American Tobacco PLC		115,213		3,459,590		(29.2	)
British Land Co. PLC		208,706		759,935		(6.4	)
Bunzl PLC		16,815		602,571		(5.1	)
Burberry Group PLC		60,195		1,246,732		(10.5	)
Darktrace PLC		5,759		24,589		(0.2	)
Diploma PLC		5,337		186,009		(1.6	)
Drax Group PLC		76,299		393,928		(3.3	)
easyJet PLC		305,147		1,367,886		(11.5	)
Halma PLC		4,549		102,835		(0.9	)
IMI PLC		6,830		122,632		(1.0	)
Informa PLC		47,101		410,049		(3.5	)
Intertek Group PLC		1,646		77,085		(0.6	)
ITV PLC		1,758,035		1,375,844		(11.6	)
J Sainsbury PLC		496,801		1,560,754		(13.2	)
Johnson Matthey PLC		2,346		42,871		(0.4	)
Just Eat Takeaway.com NV		2,776		34,094		(0.3	)
Land Securities Group PLC		84,761		590,523		(5.0	)
Liberty Global PLC		27,222		461,685		(3.9	)
Marks & Spencer Group PLC		74,194		196,649		(1.7	)
Moneysupermarket.com Group PLC		2		6		(0.0	)
NatWest Group PLC		20,286		44,011		(0.4	)
Pearson PLC		58,985		686,172		(5.8	)
Phoenix Group Holdings PLC		15,992		88,806		(0.7	)
Rightmove PLC		12,428		72,215		(0.6	)
Rolls-Royce Holdings PLC		156,430		413,846		(3.5	)
Sage Group PLC		24,442		288,528		(2.4	)
Smiths Group PLC		269,760		5,307,350		(44.8	)
Spectris PLC		57,189		2,166,160		(18.3	)
Tesco PLC		423,895		1,396,949		(11.8	)
Tritax Big Box REIT PLC		52,121		87,230		(0.7	)
Vodafone Group PLC		989,245		913,800		(7.7	)


Security	Shares		Value		% of Basket Value

United Kingdom (continued)
Weir Group PLC		20,485	$	427,353		(3.6	)%
Whitbread PLC		3,910		159,005		(1.3	)
Wise PLC, Class A		26,351		214,612		(1.8	)

				26,840,604

United States
3M Co.		9,747		886,490		(7.5	)
A O Smith Corp.		9,124		636,490		(5.4	)
Abbvie, Inc.		4,180		590,132		(5.0	)
Academy Sports & Outdoors, Inc.		5,348		239,804		(2.0	)
Adient PLC		15,353		517,243		(4.4	)
Adobe, Inc.		4,412		2,347,449		(19.8	)
Advance Auto Parts, Inc.		12,831		667,597		(5.6	)
Advanced Drainage Systems, Inc.		2,713		289,830		(2.4	)
AECOM		10,966		839,447		(7.1	)
Affiliated Managers Group, Inc.		1,628		199,853		(1.7	)
Agilent Technologies, Inc.		13,476		1,393,014		(11.8	)
Akamai Technologies, Inc.		20,240		2,091,399		(17.7	)
Alaska Air Group, Inc.		15,432		488,114		(4.1	)
Alcoa Corp.		74,493		1,910,001		(16.1	)
Align Technology, Inc.		4,912		906,706		(7.7	)
Alkermes PLC		3,016		72,957		(0.6	)
Allstate Corp.		827		105,964		(0.9	)
Alnylam Pharmaceuticals, Inc.		350		53,130		(0.4	)
Alphabet, Inc., Class A		8,053		999,216		(8.4	)
Altria Group, Inc.		7,148		287,135		(2.4	)
Amdocs Ltd.		12,547		1,005,768		(8.5	)
American Financial Group, Inc.		2,139		233,921		(2.0	)
American International Group, Inc.		7,450		456,760		(3.9	)
AMETEK, Inc.		18,232		2,566,519		(21.7	)
Amgen, Inc.		2,364		604,475		(5.1	)
AMN Healthcare Services, Inc.		8,291		628,955		(5.3	)
Antero Resources Corp.		8,238		242,527		(2.0	)
Aon PLC		192		59,405		(0.5	)
Apple, Inc.		17,171		2,932,292		(24.7	)
Applied Materials, Inc.		14,137		1,871,032		(15.8	)
AptarGroup, Inc.		2,907		355,439		(3.0	)
Archer-Daniels-Midland Co.		31,145		2,229,048		(18.8	)
Armstrong World Industries, Inc.		2,518		191,091		(1.6	)
Asbury Automotive Group, Inc.		138		26,409		(0.2	)
AT&T, Inc.		23,705		365,057		(3.1	)
Atkore, Inc.		957		118,936		(1.0	)
Atlassian Corp. Ltd.		1,295		233,929		(2.0	)
AutoNation, Inc.		1,344		174,828		(1.5	)
AvalonBay Communities, Inc.		4,951		820,579		(6.9	)
Avnet, Inc.		6,330		293,269		(2.5	)
Axis Capital Holdings Ltd.		1,429		81,596		(0.7	)
Best Buy Co., Inc.		13,820		923,452		(7.8	)
BioMarin Pharmaceutical, Inc.		3,462		281,980		(2.4	)
Block, Inc.		57,837		2,327,939		(19.6	)
Booking Holdings, Inc.		251		700,180		(5.9	)
Booz Allen Hamilton Holding Corp., Class A		2,454		294,308		(2.5	)
Box, Inc., Class A		44,548		1,107,463		(9.3	)
Boyd Gaming Corp.		3,117		172,214		(1.5	)
Bright Horizons Family Solutions, Inc.		385		28,513		(0.2	)
Brighthouse Financial, Inc.		15,534		703,690		(5.9	)
Bristol-Myers Squibb Co.		11,156		574,869		(4.9	)
BRP, Inc.		4,415		303,876		(2.6	)
Bruker Corp.		1,880		107,160		(0.9	)
Brunswick Corp.		182		12,644		(0.1	)


38		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

October 31, 2023

BlackRock Global Equity Market Neutral Fund


Security	Shares		Value		% of Basket Value

United States (continued)
Builders FirstSource, Inc.		10,651	$	1,155,847		(9.8	)%
Bunge Ltd.		1,052		111,491		(0.9	)
Burlington Stores, Inc.		533		64,509		(0.5	)
Cable One, Inc.		416		228,746		(1.9	)
CACI International, Inc., Class A		2,690		873,604		(7.4	)
Cadence Design Systems, Inc.		1,189		285,182		(2.4	)
Camden Property Trust		30,355		2,576,532		(21.7	)
Capital One Financial Corp.		18,514		1,875,283		(15.8	)
CarMax, Inc.		1,692		103,364		(0.9	)
Carnival Corp.		7,468		85,583		(0.7	)
Cencora, Inc.		1,031		190,890		(1.6	)
Centene Corp.		5,490		378,700		(3.2	)
CH Robinson Worldwide, Inc.		18,246		1,493,070		(12.6	)
Charter Communications, Inc.		111		44,711		(0.4	)
Chemed Corp.		4,829		2,717,037		(22.9	)
Ciena Corp.		21,292		898,522		(7.6	)
Cincinnati Financial Corp.		6,520		649,848		(5.5	)
Cirrus Logic, Inc.		11,282		755,104		(6.4	)
Citigroup, Inc.		11,003		434,508		(3.7	)
Citizens Financial Group, Inc.		21,406		501,543		(4.2	)
Clarkson PLC		80,225		511,836		(4.3	)
CMS Energy Corp.		493		26,790		(0.2	)
Coca-Cola Co.		37,490		2,117,810		(17.9	)
Cognex Corp.		1,999		71,944		(0.6	)
Colgate-Palmolive Co.		11,042		829,475		(7.0	)
Columbia Banking System, Inc.		128		2,518		(0.0	)
Comerica, Inc.		29,539		1,163,837		(9.8	)
Comfort Systems USA, Inc.		422		76,741		(0.6	)
Constellation Brands, Inc., Class A		292		68,372		(0.6	)
Coterra Energy, Inc.		6,160		169,400		(1.4	)
Credit Acceptance Corp.		3,329		1,339,689		(11.3	)
CRH PLC		18,108		973,317		(8.2	)
Crowdstrike Holdings, Inc., Class A		2,844		502,734		(4.2	)
Crown Castle, Inc.		8,620		801,488		(6.8	)
Curtiss-Wright Corp.		9,790		1,946,350		(16.4	)
D.R. Horton, Inc.		945		98,658		(0.8	)
Darling Ingredients, Inc.		610		27,017		(0.2	)
DaVita, Inc.		2,100		162,183		(1.4	)
Deckers Outdoor Corp.		218		130,159		(1.1	)
Devon Energy Corp.		73,980		3,445,249		(29.1	)
DocuSign, Inc., Class A		1,864		72,472		(0.6	)
Domino’s Pizza, Inc.		949		321,702		(2.7	)
Dropbox, Inc.		13,124		345,161		(2.9	)
DTE Energy Co.		784		75,562		(0.6	)
eBay, Inc.		42,588		1,670,727		(14.1	)
Eli Lilly & Co.		265		146,791		(1.2	)
EMCOR Group, Inc.		8,030		1,659,399		(14.0	)
Emerson Electric Co.		2,271		202,051		(1.7	)
EOG Resources, Inc.		27,950		3,528,687		(29.8	)
Equity Residential		19,001		1,051,325		(8.9	)
Essex Property Trust, Inc.		804		171,992		(1.5	)
Euronet Worldwide, Inc.		356		27,355		(0.2	)
Evercore, Inc., Class A		246		32,024		(0.3	)
Exact Sciences Corp.		3,897		240,016		(2.0	)
Exelixis, Inc.		1,330		27,385		(0.2	)
Expedia Group, Inc.		1,117		106,439		(0.9	)
Expeditors International of Washington, Inc.		836		91,333		(0.8	)
Experian PLC		7,462		227,671		(1.9	)
Exxon Mobil Corp.		34,567		3,658,917		(30.9	)
F5, Inc.		567		85,952		(0.7	)
Fair Isaac Corp.		104		87,970		(0.7	)
FedEx Corp.		10,539		2,530,414		(21.4	)


Security	Shares		Value		% of Basket Value

United States (continued)
Fidelity National Information Services, Inc.		73,537	$	3,611,402		(30.5	)%
First American Financial Corp.		7,330		377,055		(3.2	)
Flex Ltd.		58,913		1,515,242		(12.8	)
Flowers Foods, Inc.		5,679		124,540		(1.1	)
Flowserve Corp.		32,652		1,198,981		(10.1	)
Fluor Corp.		26,085		868,370		(7.3	)
FMC Corp.		651		34,633		(0.3	)
Fortinet, Inc.		55,060		3,147,780		(26.6	)
Fox Corp., Class A		8,551		259,865		(2.2	)
Franklin Resources, Inc.		5,356		122,063		(1.0	)
Freeport-McMoRan, Inc.		76,641		2,588,933		(21.9	)
Gartner, Inc.		816		270,945		(2.3	)
General Mills, Inc.		13,362		871,737		(7.4	)
Gilead Sciences, Inc.		4,980		391,129		(3.3	)
Globe Life, Inc.		1,808		210,379		(1.8	)
Globus Medical, Inc.		7,948		363,303		(3.1	)
GoDaddy, Inc., Class A		6,626		485,222		(4.1	)
Graco, Inc.		10,554		784,690		(6.6	)
Guidewire Software, Inc.		835		75,259		(0.6	)
GXO Logistics, Inc.		68		3,435		(0.0	)
H&R Block, Inc.		13,881		569,815		(4.8	)
Halozyme Therapeutics, Inc.		10,042		340,123		(2.9	)
Harley-Davidson, Inc.		18,286		490,979		(4.1	)
HCA Healthcare, Inc.		1,000		226,140		(1.9	)
Helmerich & Payne, Inc.		32,034		1,267,585		(10.7	)
Henry Schein, Inc.		954		61,991		(0.5	)
Hershey Co.		4,059		760,454		(6.4	)
Hewlett Packard Enterprise Co.		82,608		1,270,511		(10.7	)
Hilton Grand Vacations, Inc.		3,113		111,912		(0.9	)
Holcim Ltd.		44,988		2,813,403		(23.7	)
Home Depot, Inc.		9,598		2,732,455		(23.1	)
HP, Inc.		62,582		1,647,784		(13.9	)
IDEXX Laboratories, Inc.		1,988		794,146		(6.7	)
Illinois Tool Works, Inc.		454		101,750		(0.9	)
Illumina, Inc.		292		31,951		(0.3	)
Incyte Corp.		3,324		179,263		(1.5	)
Independence Realty Trust, Inc.		3,244		40,193		(0.3	)
International Paper Co.		3,999		134,886		(1.1	)
Invesco Ltd.		16,564		214,835		(1.8	)
Invitation Homes, Inc.		11,941		354,528		(3.0	)
IQVIA Holdings, Inc.		141		25,497		(0.2	)
Iridium Communications, Inc.		13,340		494,247		(4.2	)
ITT, Inc.		6,122		571,489		(4.8	)
J M Smucker Co.		451		51,342		(0.4	)
Jack Henry & Associates, Inc.		13,538		1,908,723		(16.1	)
James Hardie Industries PLC, CDI		19,157		478,097		(4.0	)
Jazz Pharmaceuticals PLC		527		66,940		(0.6	)
Johnson Controls International PLC		11,493		563,387		(4.8	)
Jones Lang LaSalle, Inc.		8,751		1,119,428		(9.4	)
KBR, Inc.		56,073		3,260,645		(27.5	)
KeyCorp		28,596		292,251		(2.5	)
Keysight Technologies, Inc.		14,364		1,753,126		(14.8	)
KLA Corp.		169		79,379		(0.7	)
Knight-Swift Transportation Holdings, Inc.		4,483		219,174		(1.9	)
Lamar Advertising Co., Class A		734		60,386		(0.5	)
Landstar System, Inc.		396		65,253		(0.6	)
Lattice Semiconductor Corp.		5,053		280,997		(2.4	)
Leggett & Platt, Inc.		8,563		200,631		(1.7	)
Lennar Corp., Class A		3,273		349,164		(2.9	)
Liberty Media Corp.-Liberty SiriusXM		8,558		210,099		(1.8	)
Lithia Motors, Inc., Class A		106		25,674		(0.2	)
Live Nation Entertainment, Inc.		704		56,334		(0.5	)


SCHEDULE OF INVESTMENTS		39

Schedule of Investments (unaudited) (continued)

October 31, 2023

BlackRock Global Equity Market Neutral Fund


Security	Shares		Value		% of Basket Value

United States (continued)
Livent Corp.		3,087	$	45,039		(0.4	)%
Lockheed Martin Corp.		7,445		3,384,795		(28.6	)
Louisiana-Pacific Corp.		16,585		850,479		(7.2	)
Lyft, Inc.		129,751		1,189,817		(10.0	)
LyondellBasell Industries NV, Class A		6,380		575,731		(4.9	)
M&T Bank Corp.		7,963		897,828		(7.6	)
Manhattan Associates, Inc.		5,555		1,083,114		(9.1	)
ManpowerGroup, Inc.		369		25,819		(0.2	)
Marathon Oil Corp.		26,030		710,879		(6.0	)
Marathon Petroleum Corp.		3,007		454,809		(3.8	)
Marriott Vacations Worldwide Corp.		14,509		1,303,779		(11.0	)
Marsh & McLennan Cos., Inc.		5,786		1,097,315		(9.3	)
Martin Marietta Materials, Inc.		35		14,313		(0.1	)
Masco Corp.		12,900		671,961		(5.7	)
MasTec, Inc.		5,523		328,287		(2.8	)
McKesson Corp.		4,242		1,931,637		(16.3	)
Medical Properties Trust, Inc.		15,305		73,158		(0.6	)
Medtronic PLC		9,718		685,702		(5.8	)
Merck & Co., Inc.		10,755		1,104,538		(9.3	)
Meritage Homes Corp.		397		45,266		(0.4	)
Meta Platforms, Inc., Class A		13,063		3,935,490		(33.2	)
MetLife, Inc.		33,207		1,992,752		(16.8	)
Mettler-Toledo International, Inc.		811		798,997		(6.7	)
MGIC Investment Corp.		22,873		385,181		(3.3	)
MGM Resorts International		489		17,076		(0.1	)
Micron Technology, Inc.		8,362		559,167		(4.7	)
Microsoft Corp.		13,406		4,532,703		(38.3	)
Mid-America Apartment Communities, Inc.		5,396		637,537		(5.4	)
Molina Healthcare, Inc.		666		221,745		(1.9	)
Mosaic Co.		7,900		256,592		(2.2	)
MP Materials Corp.		66,511		1,090,780		(9.2	)
MSCI, Inc., Class A		684		322,540		(2.7	)
Murphy USA, Inc.		1,646		596,988		(5.0	)
Nasdaq, Inc.		8,413		417,285		(3.5	)
National Fuel Gas Co.		3,335		169,918		(1.4	)
Nestle SA, Registered Shares		2,371		258,665		(2.2	)
NetApp, Inc.		16,696		1,215,135		(10.3	)
Neurocrine Biosciences, Inc.		2,638		292,660		(2.5	)
New Jersey Resources Corp.		20,650		837,977		(7.1	)
Newmont Corp.		140,079		5,248,760		(44.3	)
NRG Energy, Inc.		15,973		676,936		(5.7	)
Nutanix, Inc.		1,580		57,180		(0.5	)
NVIDIA Corp.		8,945		3,647,771		(30.8	)
NVR, Inc.		24		129,903		(1.1	)
Occidental Petroleum Corp.		610		37,704		(0.3	)
OGE Energy Corp.		6,390		218,538		(1.8	)
Okta, Inc.		3,013		203,106		(1.7	)
Old Dominion Freight Line, Inc.		1,077		405,663		(3.4	)
Ollie’s Bargain Outlet Holdings, Inc.		2,980		230,175		(1.9	)
ONE Gas, Inc.		5,035		304,114		(2.6	)
OneMain Holdings, Inc.		16,201		582,102		(4.9	)
Oshkosh Corp.		28,205		2,474,425		(20.9	)
Ovintiv, Inc.		15,928		779,470		(6.6	)
Owens Corning		557		63,147		(0.5	)
PACCAR, Inc.		17,212		1,420,506		(12.0	)
Palo Alto Networks, Inc.		2,850		692,607		(5.8	)
Paramount Global, Class B		75,532		821,788		(6.9	)
Paychex, Inc.		5,148		571,685		(4.8	)
Paycom Software, Inc.		2,204		539,914		(4.6	)
Penn Entertainment, Inc.		30,127		594,406		(5.0	)
Penske Automotive Group, Inc.		6,163		881,802		(7.4	)
PepsiCo, Inc.		164		26,778		(0.2	)


Security	Shares		Value		% of Basket Value

United States (continued)
Perrigo Co. PLC		605	$	16,722		(0.1	)%
Pfizer, Inc.		118,936		3,634,684		(30.7	)
Philip Morris International, Inc.		83,869		7,477,760		(63.1	)
Pool Corp.		320		101,046		(0.9	)
Portland General Electric Co.		632		25,293		(0.2	)
Post Holdings, Inc.		27,398		2,199,511		(18.6	)
PPL Corp.		52,286		1,284,667		(10.8	)
Primo Water Corp.		10,552		140,216		(1.2	)
Prosperity Bancshares, Inc.		995		54,267		(0.5	)
Prudential Financial, Inc.		14,977		1,369,497		(11.6	)
PulteGroup, Inc.		16,236		1,194,807		(10.1	)
Pure Storage, Inc., Class A		22,807		771,105		(6.5	)
PVH Corp.		3,549		263,868		(2.2	)
Qorvo, Inc.		5,062		442,520		(3.7	)
QUALCOMM, Inc.		9,007		981,673		(8.3	)
Qualys, Inc.		5,341		816,906		(6.9	)
Quanta Services, Inc.		4,950		827,244		(7.0	)
Regeneron Pharmaceuticals, Inc., Registered Shares		384		299,478		(2.5	)
Regions Financial Corp.		23,863		346,729		(2.9	)
Reinsurance Group of America, Inc.		20,424		3,052,775		(25.8	)
ResMed, Inc.		1,331		187,964		(1.6	)
RH		1,599		348,518		(2.9	)
Robert Half, Inc.		9,625		719,661		(6.1	)
Roche Holding AG		194		53,501		(0.5	)
Rollins, Inc.		3,089		116,177		(1.0	)
RPM International, Inc.		443		40,433		(0.3	)
Ryder System, Inc.		535		52,184		(0.4	)
S&P Global, Inc.		219		76,499		(0.6	)
Saia, Inc.		149		53,415		(0.5	)
Salesforce, Inc.		390		78,324		(0.7	)
Sarepta Therapeutics, Inc.		4,260		286,741		(2.4	)
SBA Communications Corp., Class A		2,350		490,281		(4.1	)
Seagate Technology Holdings PLC		1,309		89,339		(0.8	)
SEI Investments Co.		21,862		1,173,115		(9.9	)
Service Corp. International		70,140		3,817,019		(32.2	)
Signify NV		205		5,304		(0.0	)
Silicon Laboratories, Inc.		1,438		132,555		(1.1	)
Simon Property Group, Inc.		5,213		572,857		(4.8	)
SiteOne Landscape Supply, Inc.		2,845		391,956		(3.3	)
Skechers USA, Inc.		36,583		1,764,032		(14.9	)
Skyworks Solutions, Inc.		2,573		223,182		(1.9	)
Southwest Airlines Co.		1,113		24,742		(0.2	)
Spotify Technology SA		3,332		548,980		(4.6	)
Steel Dynamics, Inc.		838		89,255		(0.8	)
Stellantis NV		13,724		255,909		(2.2	)
Synopsys, Inc.		421		197,634		(1.7	)
Synovus Financial Corp.		34,363		895,843		(7.6	)
Sysco Corp.		34,782		2,312,655		(19.5	)
T Rowe Price Group, Inc.		1,478		133,759		(1.1	)
Tapestry, Inc.		37,303		1,028,071		(8.7	)
Target Corp.		275		30,467		(0.3	)
TD SYNNEX Corp.		464		42,540		(0.4	)
TE Connectivity Ltd.		19,126		2,253,999		(19.0	)
Tenet Healthcare Corp.		4,838		259,801		(2.2	)
Teradata Corp.		6,276		268,111		(2.3	)
Teradyne, Inc.		20,920		1,742,008		(14.7	)
Texas Roadhouse, Inc., Class A		418		42,444		(0.4	)
Textron, Inc.		7,689		584,364		(4.9	)
Thor Industries, Inc.		296		26,027		(0.2	)
Toll Brothers, Inc.		12,990		918,523		(7.8	)
Transocean Ltd.		117,784		779,730		(6.6	)


40		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

October 31, 2023

BlackRock Global Equity Market Neutral Fund


Security	Shares			Value			% of Basket Value

United States (continued)
Travelers Cos, Inc.		1,039		$	173,970			(1.5	)%
Trex Co., Inc.		11,850			666,088			(5.6	)
Trimble, Inc.		9,343			440,336			(3.7	)
Truist Financial Corp.		30,594			867,646			(7.3	)
Tyson Foods, Inc., Class A		32,666			1,514,069			(12.8	)
U.S. Foods Holding Corp.		18,542			722,025			(6.1	)
UFP Industries, Inc.		1,789			170,259			(1.4	)
UGI Corp.		140,512			2,922,650			(24.7	)
Ulta Beauty, Inc.		5,138			1,959,171			(16.5	)
United Airlines Holdings, Inc.		4,973			174,105			(1.5	)
United Therapeutics Corp.		486			108,310			(0.9	)
Unum Group		7,941			388,315			(3.3	)
US Bancorp		18,466			588,696			(5.0	)
Vail Resorts, Inc.		217			46,058			(0.4	)
Valero Energy Corp.		7,356			934,212			(7.9	)
Valmont Industries, Inc.		6,229			1,226,552			(10.4	)
Veeva Systems, Inc., Class A		2,771			533,999			(4.5	)
VeriSign, Inc.		7,381			1,473,690			(12.4	)
Vertex Pharmaceuticals, Inc.		466			168,743			(1.4	)
Visteon Corp.		1,300			149,669			(1.3	)
Vulcan Materials Co.		10,121			1,988,675			(16.8	)
W.W.Grainger, Inc.		1,476			1,077,229			(9.1	)
Wayfair, Inc., Class A		3,425			145,939			(1.2	)
WEC Energy Group, Inc.		22,390			1,822,322			(15.4	)
WESCO International, Inc.		1,676			214,863			(1.8	)
West Pharmaceutical Services, Inc.		367			116,812			(1.0	)
Westinghouse Air Brake Technologies Corp.		14,027			1,487,143			(12.6	)
Westlake Corp.		12,251			1,413,275			(11.9	)
WeWork, Inc.		1			2			(0.0	)
WEX, Inc.		9,821			1,635,000			(13.8	)
Weyerhaeuser Co.		17,917			514,039			(4.3	)
WillScot Mobile Mini Holdings Corp.		13,625			536,961			(4.5	)
Woodward, Inc.		767			95,645			(0.8	)
Workday, Inc., Class A		3,308			700,337			(5.9	)
Zillow Group, Inc., Class C		26,791			971,174			(8.2	)
Zions Bancorp NA		24,463			754,684			(6.4	)
Zoetis, Inc.		4,800			753,600			(6.4	)

					261,871,894

Zambia
First Quantum Minerals Ltd.		4,167			48,751			(0.4	)


Preferred Stocks

Germany
Bayerische Motoren Werke AG		331			28,088			(0.2	)


Total Reference Entity — Long					440,157,477


Reference Entity — Short

Common Stocks

Australia
Endeavour Group Ltd.		(9,273	)		(29,131	)		0.2
Flutter Entertainment PLC		(3,488	)		(546,789	)		4.6
Liontown Resources Ltd.		(53,936	)		(55,441	)		0.5
Newcrest Mining Ltd.		(5,530	)		(73,224	)		0.6
NEXTDC Ltd.		(46,937	)		(352,624	)		3.0
Pilbara Minerals Ltd.		(23,515	)		(55,318	)		0.5

					(1,112,527	)


Security	Shares			Value			% of Basket Value

Belgium
Anheuser-Busch InBev SA		(61,407	)	$	(3,488,197	)		29.4	%
Elia Group SA/NV		(11,333	)		(1,074,729	)		9.1
Euronav NV		(19,718	)		(351,572	)		3.0

					(4,914,498	)

Bermuda
RenaissanceRe Holdings Ltd.		(2,648	)		(581,474	)		4.9


Brazil
Yara International ASA		(5,184	)		(173,751	)		1.5


Canada
Alimentation Couche-Tard, Inc.		(17,751	)		(983,945	)		8.3
Baytex Energy Corp.		(63,391	)		(279,302	)		2.3
Blackberry Ltd.		(23,797	)		(87,240	)		0.7
Canadian Apartment Properties REIT		(25,659	)		(771,002	)		6.5
CCL Industries, Inc., Class B		(17,244	)		(687,343	)		5.8
Constellation Software, Inc.		(1,160	)		(2,356,543	)		19.9
Fairfax Financial Holdings Ltd.		(2,155	)		(1,825,210	)		15.4
Great-West Lifeco, Inc.		(31,105	)		(878,122	)		7.4
iA Financial Corp., Inc.		(166	)		(9,847	)		0.1
IGM Financial, Inc.		(8,049	)		(184,816	)		1.6
Intact Financial Corp.		(6,113	)		(875,278	)		7.4
Loblaw Cos Ltd.		(3,828	)		(316,582	)		2.7
National Bank of Canada		(70,846	)		(4,486,743	)		37.9
Nuvei Corp.		(2,564	)		(35,694	)		0.3
Quebecor, Inc., Class B		(13,924	)		(292,716	)		2.5
Saputo, Inc.		(819	)		(16,843	)		0.1
SNC-Lavalin Group, Inc.		(6,940	)		(196,641	)		1.7
TMX Group Ltd.		(26,941	)		(572,116	)		4.8

					(14,855,983	)

China
NXP Semiconductors NV		(191	)		(32,934	)		0.3
Prosus NV		(968	)		(27,019	)		0.2
Wilmar International Ltd.		(72,600	)		(188,942	)		1.6

					(248,895	)

Denmark
Carlsberg A/S, Class B		(5,662	)		(674,445	)		5.7
Coloplast A/S		(21,473	)		(2,237,010	)		18.9
Danske Bank A/S		(36,854	)		(863,767	)		7.3
Jyske Bank A/S		(348	)		(24,494	)		0.2
Novozymes A/S		(5,071	)		(227,655	)		1.9
Tryg A/S		(1,681	)		(32,864	)		0.3
Vestas Wind Systems A/S		(2,256	)		(49,054	)		0.4

					(4,109,289	)

Finland
Elisa OYJ		(16,140	)		(683,107	)		5.8
Fortum OYJ		(4,366	)		(51,743	)		0.4
Kesko OYJ, B Shares		(14,682	)		(248,063	)		2.1
Metso OYJ		(1,916	)		(16,846	)		0.1
Neste OYJ		(1,638	)		(55,096	)		0.5
Nokia OYJ		(491,180	)		(1,633,955	)		13.8
Nordea Bank Abp		(33,411	)		(360,190	)		3.0
Orion OYJ		(4,718	)		(187,363	)		1.6
Stora Enso OYJ, R Shares		(90,201	)		(1,081,982	)		9.1
UPM-Kymmene OYJ		(55,567	)		(1,867,745	)		15.8

					(6,186,090	)


SCHEDULE OF INVESTMENTS		41

Schedule of Investments (unaudited) (continued)

October 31, 2023

BlackRock Global Equity Market Neutral Fund


Security	Shares			Value			% of Basket Value

France
Adevinta ASA		(49,878	)	$	(446,891	)		3.8	%
Air France-KLM		(9,529	)		(107,955	)		0.9
Airbus SE		(10,464	)		(1,400,529	)		11.8
Biomerieux		(12,514	)		(1,200,570	)		10.1
BNP Paribas SA		(6,388	)		(367,443	)		3.1
Bollore SE		(400,325	)		(2,182,174	)		18.4
Capgemini SE		(2,900	)		(512,149	)		4.3
Covivio SA		(12,703	)		(543,419	)		4.6
Danone SA		(3,202	)		(189,984	)		1.6
Edenred SE		(3,111	)		(165,290	)		1.4
EssilorLuxottica SA		(4,480	)		(810,152	)		6.8
Ipsen SA		(779	)		(91,897	)		0.8
Kering SA		(8,862	)		(3,598,565	)		30.4
Klepierre SA		(47,154	)		(1,143,068	)		9.6
LVMH Moet Hennessy Louis Vuitton SE		(7,234	)		(5,172,873	)		43.7
Orange SA		(9,468	)		(111,166	)		0.9
Pernod Ricard SA		(275	)		(48,781	)		0.4
Publicis Groupe SA		(920	)		(69,921	)		0.6
Safran SA		(11,148	)		(1,740,967	)		14.7
Sartorius Stedim Biotech		(4,416	)		(825,194	)		7.0
SCOR SE		(6,820	)		(203,236	)		1.7
SEB SA		(68	)		(6,713	)		0.1
Technip Energies NV		(3,691	)		(80,713	)		0.7
TotalEnergies SE		(38,750	)		(2,590,737	)		21.9
Unibail-Rodamco-Westfield		(8,888	)		(439,618	)		3.7

					(24,050,005	)

Germany
AIXTRON SE		(7,989	)		(224,054	)		1.9
Bayer AG		(33,088	)		(1,428,377	)		12.0
Bechtle AG		(12,294	)		(548,454	)		4.6
CTS Eventim AG & Co. KGaA		(422	)		(25,506	)		0.2
Fresenius Medical Care AG & Co. KGaA		(5,927	)		(196,561	)		1.7
Fresenius SE & Co. KGaA		(69,831	)		(1,792,980	)		15.1
Hannover Rueck SE		(1,053	)		(232,104	)		2.0
HelloFresh SE		(6,462	)		(141,096	)		1.2
Rheinmetall AG		(162	)		(46,406	)		0.4
Siemens Healthineers AG		(11,030	)		(541,641	)		4.6
Symrise AG, Class A		(12,500	)		(1,273,431	)		10.7
Vonovia SE		(13,232	)		(304,064	)		2.6

					(6,754,674	)

Ireland
Aercap Holdings NV		(12,403	)		(770,474	)		6.5
Kingspan Group PLC		(3,811	)		(255,991	)		2.2

					(1,026,465	)

Israel
Elbit Systems Ltd.		(1,297	)		(242,903	)		2.0
Global-e Online Ltd.		(54,285	)		(1,905,946	)		16.1
ICL Group Ltd.		(219,945	)		(1,076,664	)		9.1
Mobileye Global, Inc., Class A		(21,603	)		(770,579	)		6.5
Teva Pharmaceutical Industries Ltd., ADR		(3,256	)		(27,937	)		0.2

					(4,024,029	)

Italy
Amplifon SpA		(601	)		(16,954	)		0.2
Assicurazioni Generali SpA		(5,030	)		(99,731	)		0.8
Banca Monte Dei Paschi Siena SpA		(90,736	)		(245,233	)		2.1
Coca-Cola HBC AG		(10,119	)		(264,045	)		2.2
DiaSorin SpA		(1,636	)		(146,360	)		1.2
Eni SpA		(60,837	)		(992,754	)		8.4


Security	Shares			Value			% of Basket Value

Italy (continued)
Iveco Group NV		(4,578	)	$	(38,506	)		0.3	%
Leonardo SpA		(45,977	)		(693,580	)		5.9
Nexi SpA		(12,878	)		(74,691	)		0.6
Poste Italiane SpA		(21,235	)		(209,833	)		1.8

					(2,781,687	)

Japan
Advantest Corp.		(10,100	)		(263,980	)		2.2
Asahi Group Holdings Ltd.		(21,100	)		(773,455	)		6.5
Bandai Namco Holdings, Inc.		(8,500	)		(178,378	)		1.5
BayCurrent Consulting, Inc.		(1,400	)		(35,664	)		0.3
Bridgestone Corp.		(7,400	)		(283,935	)		2.4
Capcom Co. Ltd.		(3,400	)		(111,070	)		0.9
Chiba Bank Ltd.		(22,600	)		(170,568	)		1.4
Chubu Electric Power Co., Inc.		(27,300	)		(334,347	)		2.8
Chugoku Electric Power Co., Inc.		(11,200	)		(70,956	)		0.6
Concordia Financial Group Ltd.		(87,500	)		(412,026	)		3.5
Daiwa House REIT Investment Corp.		(98	)		(175,705	)		1.5
East Japan Railway Co.		(8,800	)		(463,117	)		3.9
Electric Power Development Co. Ltd.		(2,000	)		(31,086	)		0.3
Fukuoka Financial Group, Inc.		(17,400	)		(465,776	)		3.9
GLP J-Reit		(128	)		(116,167	)		1.0
Hakuhodo DY Holdings, Inc.		(43,200	)		(355,463	)		3.0
Hamamatsu Photonics KK		(1,200	)		(45,235	)		0.4
Hankyu Hanshin Holdings, Inc.		(6,400	)		(204,006	)		1.7
Harmonic Drive Systems, Inc.		(12,800	)		(281,235	)		2.4
Hitachi Ltd.		(500	)		(31,988	)		0.3
Hoshizaki Corp.		(7,100	)		(232,389	)		2.0
Ibiden Co. Ltd.		(16,200	)		(702,317	)		5.9
Iida Group Holdings Co. Ltd.		(1,200	)		(18,886	)		0.2
Japan Airlines Co. Ltd.		(24,600	)		(458,236	)		3.9
Japan Metropolitan Fund Invest		(909	)		(594,349	)		5.0
Japan Real Estate Investment Corp.		(711	)		(2,676,738	)		22.6
JMDC, Inc.		(15,900	)		(452,994	)		3.8
JSR Corp.		(1,000	)		(27,130	)		0.2
Kawasaki Kisen Kaisha Ltd.		(27,600	)		(960,190	)		8.1
Keio Corp.		(2,900	)		(87,229	)		0.7
Keisei Electric Railway Co. Ltd.		(33,000	)		(1,258,318	)		10.6
Keyence Corp.		(1,600	)		(626,839	)		5.3
Kintetsu Group Holdings Co. Ltd.		(32,200	)		(917,884	)		7.7
Kyushu Electric Power Co., Inc.		(21,600	)		(139,868	)		1.2
Kyushu Railway Co.		(48,700	)		(1,008,826	)		8.5
Lasertec Corp.		(1,400	)		(234,625	)		2.0
LY Corp.		(13,200	)		(34,123	)		0.3
Macnica Holdings, Inc.		(22,500	)		(929,059	)		7.8
MatsukiyoCocokara & Co.		(46,200	)		(821,022	)		6.9
Mazda Motor Corp.		(20,100	)		(197,179	)		1.7
McDonald’s Holdings Co. Japan Ltd.		(800	)		(31,538	)		0.3
Mercari, Inc.		(4,000	)		(81,374	)		0.7
MinebeaMitsumi, Inc.		(2,300	)		(36,572	)		0.3
Mitsubishi Motors Corp.		(16,300	)		(53,670	)		0.4
Mitsui High-Tec, Inc.		(21,800	)		(934,353	)		7.9
Mitsui OSK Lines Ltd.		(25,500	)		(667,035	)		5.6
Money Forward, Inc.		(2,100	)		(53,819	)		0.4
NIDEC Corp.		(15,000	)		(559,039	)		4.7
Nippon Building Fund, Inc.		(180	)		(732,720	)		6.2
Nippon Sanso Holdings Corp.		(1,200	)		(30,669	)		0.3
Nippon Yusen KK		(4,200	)		(103,400	)		0.9
Nissan Chemical Corp.		(5,700	)		(235,812	)		2.0
Niterra Co. Ltd.		(66,900	)		(1,517,033	)		12.8
Nitori Holdings Co. Ltd.		(3,200	)		(351,054	)		3.0


42		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

October 31, 2023

BlackRock Global Equity Market Neutral Fund


Security	Shares			Value			% of Basket Value

Japan (continued)
Nomura Holdings, Inc.		(71,900	)	$	(281,633	)		2.4	%
Oji Holdings Corp.		(345,900	)		(1,498,720	)		12.6
Oriental Land Co. Ltd.		(55,300	)		(1,811,872	)		15.3
Park24 Co. Ltd.		(25,800	)		(294,557	)		2.5
Rakuten Bank Ltd.		(3,500	)		(60,484	)		0.5
Resonac Holdings Corp.		(191,900	)		(3,154,580	)		26.6
Rohm Co. Ltd.		(14,000	)		(227,942	)		1.9
Rohto Pharmaceutical Co. Ltd.		(2,400	)		(56,735	)		0.5
SBI Holdings, Inc.		(1,100	)		(23,979	)		0.2
Secom Co. Ltd.		(9,200	)		(647,381	)		5.5
Seven & i Holdings Co. Ltd.		(1,100	)		(40,954	)		0.3
SG Holdings Co. Ltd.		(34,400	)		(493,433	)		4.2
SHIFT, Inc.		(500	)		(92,018	)		0.8
Shimano, Inc.		(1,600	)		(233,237	)		2.0
Shinko Electric Industries Co. Ltd.		(600	)		(19,576	)		0.2
Shizuoka Financial Group, Inc.		(44,200	)		(380,793	)		3.2
SMC Corp.		(5,700	)		(2,667,863	)		22.5
Sony Group Corp.		(9,500	)		(800,655	)		6.7
Square Enix Holdings Co. Ltd.		(4,100	)		(137,963	)		1.2
SUMCO Corp.		(154,500	)		(2,023,756	)		17.1
Taiyo Yuden Co. Ltd.		(12,700	)		(288,941	)		2.4
TDK Corp.		(1,700	)		(64,288	)		0.5
Tobu Railway Co. Ltd.		(700	)		(17,071	)		0.1
Tohoku Electric Power Co., Inc.		(50,400	)		(318,982	)		2.7
Tokyo Electric Power Co. Holdings, Inc.		(245,700	)		(1,053,742	)		8.9
Tokyo Gas Co. Ltd.		(11,800	)		(268,681	)		2.3
Tokyo Seimitsu Co. Ltd.		(2,200	)		(104,306	)		0.9
Tokyu Corp.		(51,700	)		(591,188	)		5.0
Toyota Motor Corp.		(19,800	)		(350,666	)		3.0
Ulvac, Inc.		(800	)		(27,802	)		0.2
Visional, Inc.		(300	)		(14,888	)		0.1
Welcia Holdings Co. Ltd.		(1,400	)		(23,503	)		0.2
West Japan Railway Co.		(25,200	)		(973,037	)		8.2
Yamato Holdings Co. Ltd.		(9,100	)		(153,515	)		1.3
Yaskawa Electric Corp.		(18,400	)		(611,325	)		5.2
Yokohama Rubber Co. Ltd.		(11,900	)		(222,980	)		1.9
Zensho Holdings Co. Ltd.		(2,000	)		(106,378	)		0.9

					(42,709,870	)

Luxembourg
Tenaris SA		(20,739	)		(329,703	)		2.8


Netherlands
Argenx SE		(15	)		(7,042	)		0.0
ASML Holding NV		(2,101	)		(1,260,658	)		10.6
BE Semiconductor Industries NV		(2,284	)		(235,560	)		2.0
Heineken Holding NV		(29,512	)		(2,243,164	)		18.9
Heineken NV		(43,592	)		(3,909,581	)		33.0
IMCD NV		(1,149	)		(138,084	)		1.2
JDE Peet’s NV		(40,493	)		(1,122,484	)		9.5
Koninklijke Ahold Delhaize NV		(40,044	)		(1,185,164	)		10.0
Koninklijke KPN NV		(10,474	)		(35,481	)		0.3
OCI NV		(3,236	)		(75,244	)		0.6
Universal Music Group NV		(24,580	)		(600,775	)		5.1

					(10,813,237	)

Norway
Orkla ASA		(178,723	)		(1,260,836	)		10.6
Salmar ASA		(18,944	)		(918,816	)		7.8

					(2,179,652	)


Security	Shares			Value			% of Basket Value

Portugal
Jeronimo Martins SGPS SA		(4,002	)	$	(92,113	)		0.8	%


Singapore
CapitaLand Ascendas REIT		(157,800	)		(300,154	)		2.5
Grab Holdings Ltd., Class A		(47,016	)		(144,339	)		1.2
Oversea-Chinese Banking Corp. Ltd.		(201,100	)		(1,866,445	)		15.8
Singapore Exchange Ltd.		(8,700	)		(60,302	)		0.5
Singapore Technologies Engineering Ltd.		(21,300	)		(58,539	)		0.5
Singapore Telecommunications Ltd.		(67,500	)		(117,417	)		1.0
United Overseas Bank Ltd.		(5,700	)		(112,555	)		1.0
UOL Group Ltd.		(58,600	)		(252,676	)		2.1

					(2,912,427	)

Spain
Amadeus IT Group SA		(25,875	)		(1,473,988	)		12.4
Corp. ACCIONA Energias Renovables SA		(7,328	)		(197,997	)		1.7

					(1,671,985	)

Sweden
Alfa Laval AB		(14,862	)		(487,764	)		4.1
Assa Abloy AB		(2,078	)		(45,108	)		0.4
Atlas Copco AB, A Shares		(118,821	)		(1,574,306	)		13.3
Autoliv, Inc.		(1,286	)		(117,862	)		1.0
Beijer Ref AB, Class B		(2,752	)		(26,263	)		0.2
Boliden AB		(28,038	)		(736,500	)		6.2
Epiroc AB		(8,920	)		(127,073	)		1.1
Epiroc AB		(48,879	)		(825,385	)		7.0
EQT AB		(37,577	)		(703,557	)		5.9
Essity AB		(18,982	)		(440,566	)		3.7
Evolution Ab		(20,644	)		(1,883,948	)		15.9
Getinge AB		(5,976	)		(109,843	)		0.9
H & M Hennes & Mauritz AB, B Shares		(51,687	)		(710,981	)		6.0
Hexagon AB, B Shares		(4,854	)		(39,533	)		0.3
Holmen AB		(7,302	)		(282,052	)		2.4
Industrivarden AB, Class A		(1,658	)		(43,891	)		0.4
Investment AB Latour, B Shares		(12,703	)		(222,410	)		1.9
Investor AB, B Shares		(55,101	)		(1,033,807	)		8.7
L E Lundbergforetagen AB		(221	)		(9,237	)		0.1
Lifco AB, B Shares		(4,756	)		(88,843	)		0.8
Sagax AB, Class B		(1,291	)		(23,902	)		0.2
Sandvik Ab		(83,089	)		(1,447,713	)		12.2
Skandinaviska Enskilda Banken AB		(244,840	)		(2,777,252	)		23.4
Skanska AB, B Shares		(1,591	)		(24,451	)		0.2
Svenska Cellulosa AB SCA, Class B		(115,795	)		(1,622,221	)		13.7
Svenska Handelsbanken AB, A Shares		(128,007	)		(1,108,409	)		9.4
Swedbank AB		(51,235	)		(855,247	)		7.2
Tele2 AB, B Shares		(72,141	)		(524,782	)		4.4
Telia Co. AB		(54,252	)		(117,608	)		1.0
Volvo AB, B Shares		(16,166	)		(327,815	)		2.8

					(18,338,329	)

Switzerland
Alcon, Inc.		(29,727	)		(2,152,677	)		18.2
Bachem Holding AG		(6,394	)		(469,988	)		4.0
Baloise Holding AG, Registered Shares		(4,077	)		(591,791	)		5.0
Barry Callebaut AG		(525	)		(804,985	)		6.8
Schindler Holding AG, Registered Shares		(775	)		(152,755	)		1.3
SIG Group AG		(8,252	)		(183,994	)		1.6
Sika AG		(4,960	)		(1,202,139	)		10.1
Swiss Life Holding AG, Registered Shares		(3,704	)		(2,408,018	)		20.3
Swisscom AG		(2,173	)		(1,316,995	)		11.1


SCHEDULE OF INVESTMENTS		43

Schedule of Investments (unaudited) (continued)

October 31, 2023

BlackRock Global Equity Market Neutral Fund


Security	Shares			Value			% of Basket Value

Switzerland (continued)
UBS Group AG, Registered Shares		(175,172	)	$	(4,163,971	)		35.1	%
VAT Group AG		(79	)		(28,338	)		0.2

					(13,475,651	)

Thailand
Fabrinet		(1,407	)		(218,085	)		1.8


United Kingdom
Abrdn PLC		(104,857	)		(201,258	)		1.7
Admiral Group PLC		(4,847	)		(144,254	)		1.2
Barratt Developments PLC		(10,096	)		(51,178	)		0.4
Beazley PLC		(28,739	)		(180,972	)		1.5
CNH Industrial NV		(35,664	)		(394,465	)		3.3
Diageo PLC		(10,398	)		(395,671	)		3.3
Direct Line Insurance Group PLC		(68,060	)		(126,152	)		1.1
DS Smith PLC		(121,417	)		(423,270	)		3.6
Endeavour Mining PLC		(6,770	)		(140,387	)		1.2
Entain PLC		(5,389	)		(61,390	)		0.5
Howden Joinery Group PLC		(3,291	)		(25,694	)		0.2
HSBC Holdings PLC		(154,625	)		(1,119,239	)		9.5
JD Sports Fashion PLC		(571,265	)		(893,001	)		7.5
Legal & General Group PLC		(35,108	)		(90,935	)		0.8
Lloyds Banking Group PLC		(2,794,258	)		(1,364,531	)		11.5
Next PLC		(1,026	)		(86,477	)		0.7
Ocado Group PLC		(88,064	)		(501,607	)		4.2
Persimmon PLC		(19,990	)		(248,846	)		2.1
Reckitt Benckiser Group PLC		(6,669	)		(446,724	)		3.8
Rentokil Initial PLC		(156,290	)		(800,757	)		6.8
Smith & Nephew PLC		(57,438	)		(646,037	)		5.5
Standard Chartered PLC		(32,320	)		(248,607	)		2.1
Unilever PLC		(15,455	)		(730,702	)		6.2
Vistry Group PLC		(15,622	)		(135,380	)		1.1

					(9,457,534	)

United States
10X Genomics, Inc.		(13,183	)		(465,096	)		3.9
Abbott Laboratories		(1,283	)		(121,308	)		1.0
Accenture PLC, Class A		(885	)		(262,925	)		2.2
Acuity Brands, Inc.		(1,213	)		(196,470	)		1.7
Advanced Micro Devices, Inc.		(1,989	)		(195,916	)		1.7
Affirm Holdings, Inc.		(5,410	)		(95,270	)		0.8
Aflac, Inc.		(20,671	)		(1,614,612	)		13.6
Agilon Health, Inc.		(38,246	)		(688,428	)		5.8
Agree Realty Corp.		(29,086	)		(1,627,071	)		13.7
Air Lease Corp., Class A		(14,429	)		(499,676	)		4.2
Airbnb, Inc., Class A		(6,019	)		(711,988	)		6.0
Albemarle Corp.		(13,780	)		(1,747,028	)		14.7
Alexandria Real Estate Equities, Inc.		(5,102	)		(475,149	)		4.0
Allegion PLC		(587	)		(57,737	)		0.5
Ally Financial, Inc.		(40,811	)		(987,218	)		8.3
Amcor PLC		(37,275	)		(331,375	)		2.8
American Electric Power Co., Inc.		(105,069	)		(7,936,912	)		67.0
American Tower Corp.		(1,894	)		(337,492	)		2.9
Amkor Technology, Inc.		(8,936	)		(186,405	)		1.6
Analog Devices, Inc.		(94,421	)		(14,855,256	)		125.4
Antero Midstream Corp.		(16,074	)		(198,353	)		1.7
Apellis Pharmaceuticals, Inc.		(11,352	)		(552,388	)		4.7
Apollo Global Management, Inc.		(1,083	)		(83,868	)		0.7
AppLovin Corp., Class A		(767	)		(27,949	)		0.2
Aramark		(938	)		(25,260	)		0.2
Arch Capital Group Ltd.		(5,431	)		(470,759	)		4.0
Arista Networks, Inc.		(3,578	)		(716,924	)		6.1


Security	Shares			Value			% of Basket Value

United States (continued)
Asana, Inc., Class A		(4,681	)	$	(86,458	)		0.7	%
Aspen Technology, Inc.		(25,538	)		(4,539,379	)		38.3
ATI, Inc.		(22,437	)		(847,445	)		7.2
Avantor, Inc.		(33,415	)		(582,423	)		4.9
Avery Dennison Corp.		(25,547	)		(4,446,966	)		37.5
Avis Budget Group, Inc.		(1,197	)		(194,872	)		1.6
Ball Corp.		(11,280	)		(543,132	)		4.6
Bath & Body Works, Inc.		(5,550	)		(164,558	)		1.4
Baxter International, Inc.		(10,218	)		(331,370	)		2.8
Berry Global Group, Inc.		(20,206	)		(1,111,330	)		9.4
BILL Holdings, Inc.		(1,958	)		(178,746	)		1.5
Biogen, Inc.		(3,435	)		(815,950	)		6.9
Bio-Rad Laboratories, Inc.		(350	)		(96,348	)		0.8
BJ’s Wholesale Club Holdings, Inc.		(21,550	)		(1,467,986	)		12.4
Blackline, Inc.		(2,407	)		(118,184	)		1.0
Blue Owl Capital, Inc., Class A		(21,426	)		(264,183	)		2.2
Boeing Co.		(12,262	)		(2,290,787	)		19.3
Boston Beer Co., Inc., Class A		(2,215	)		(739,699	)		6.2
Boston Properties, Inc.		(17,940	)		(961,046	)		8.1
Boston Scientific Corp.		(22,093	)		(1,130,941	)		9.5
Braze, Inc.		(4,726	)		(201,233	)		1.7
Broadcom, Inc.		(588	)		(494,726	)		4.2
Broadridge Financial Solutions, Inc.		(45	)		(7,679	)		0.1
Brown & Brown, Inc.		(17,945	)		(1,245,742	)		10.5
Bumble, Inc., Class A		(2,865	)		(38,506	)		0.3
BWX Technologies, Inc.		(8,498	)		(631,231	)		5.3
Carlisle Cos., Inc.		(1,892	)		(480,738	)		4.1
Carrier Global Corp.		(30,352	)		(1,446,576	)		12.2
Cboe Global Markets, Inc.		(425	)		(69,653	)		0.6
CBRE Group, Inc., Class A		(2,188	)		(151,716	)		1.3
Celanese Corp., Class A		(1,618	)		(185,277	)		1.6
Celsius Holdings, Inc.		(414	)		(62,965	)		0.5
Ceridian HCM Holding, Inc.		(2,602	)		(166,554	)		1.4
CF Industries Holdings, Inc.		(9,387	)		(748,895	)		6.3
Championx Corp.		(1,135	)		(34,958	)		0.3
Chart Industries, Inc.		(407	)		(47,306	)		0.4
Chesapeake Energy Corp.		(5,098	)		(438,836	)		3.7
Chevron Corp.		(9,373	)		(1,365,927	)		11.5
Chipotle Mexican Grill, Inc., Class A		(752	)		(1,460,534	)		12.3
Chord Energy Corp.		(16,232	)		(2,683,474	)		22.7
Chubb Ltd.		(910	)		(195,304	)		1.7
Church & Dwight Co., Inc.		(829	)		(75,389	)		0.6
Churchill Downs, Inc.		(9,686	)		(1,063,910	)		9.0
Cisco Systems, Inc.		(1,224	)		(63,807	)		0.5
Civitas Resources, Inc.		(20,102	)		(1,516,294	)		12.8
Cloudflare, Inc.		(6,186	)		(350,684	)		3.0
CME Group, Inc.		(3,882	)		(828,652	)		7.0
Coca-Cola Consolidated, Inc.		(1,422	)		(904,975	)		7.6
Coherent Corp.		(3,082	)		(91,227	)		0.8
Coinbase Global, Inc.		(4,445	)		(342,798	)		2.9
Columbia Sportswear Co.		(853	)		(62,951	)		0.5
Confluent, Inc., Class A		(9,361	)		(270,627	)		2.3
Constellation Energy Corp.		(13,835	)		(1,562,248	)		13.2
Cooper Cos., Inc.		(6,472	)		(2,017,646	)		17.0
Core & Main, Inc., Class A		(3,057	)		(91,955	)		0.8
Corteva, Inc.		(2,901	)		(139,654	)		1.2
Costco Wholesale Corp.		(1,055	)		(582,824	)		4.9
Coty, Inc., Class A		(131,251	)		(1,229,822	)		10.4
Cousins Properties, Inc.		(57,358	)		(1,024,987	)		8.7
Crane Co.		(11,466	)		(1,115,986	)		9.4
Crocs, Inc.		(2,701	)		(241,253	)		2.0


44		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

October 31, 2023

BlackRock Global Equity Market Neutral Fund


Security	Shares			Value			% of Basket Value

United States (continued)
Crown Holdings, Inc.		(790	)	$	(63,674	)		0.5	%
CyberArk Software Ltd.		(2,485	)		(406,645	)		3.4
Danaher Corp.		(11,811	)		(2,267,948	)		19.1
Darden Restaurants, Inc.		(6,354	)		(924,698	)		7.8
Dexcom, Inc.		(625	)		(55,519	)		0.5
Diamondback Energy, Inc.		(10,115	)		(1,621,637	)		13.7
Digital Realty Trust, Inc.		(710	)		(88,296	)		0.7
Dollar General Corp.		(23,117	)		(2,751,848	)		23.2
Dollar Tree, Inc.		(20,411	)		(2,267,458	)		19.1
DoorDash, Inc.		(11,879	)		(890,331	)		7.5
DoubleVerify Holdings, Inc.		(991	)		(27,580	)		0.2
Dover Corp.		(9,071	)		(1,178,776	)		10.0
Dow, Inc.		(612	)		(29,584	)		0.3
Doximity, Inc.		(69,390	)		(1,417,638	)		12.0
DraftKings, Inc., Class A		(4,363	)		(120,506	)		1.0
Duke Energy Corp.		(7,648	)		(679,831	)		5.7
DuPont de Nemours, Inc.		(1,054	)		(76,816	)		0.7
Dynatrace, Inc.		(9,590	)		(428,769	)		3.6
Ecolab, Inc.		(1,533	)		(257,145	)		2.2
Edison International		(11,875	)		(748,837	)		6.3
Element Solutions, Inc.		(9,322	)		(169,940	)		1.4
elf Beauty, Inc.		(725	)		(67,157	)		0.6
Entegris, Inc.		(4,544	)		(400,054	)		3.4
Envista Holdings Corp.		(2,230	)		(51,892	)		0.4
Equifax, Inc.		(7,413	)		(1,257,022	)		10.6
Equinix, Inc.		(136	)		(99,231	)		0.8
Equity LifeStyle Properties, Inc.		(168	)		(11,054	)		0.1
Erie Indemnity Co., Class A		(2,627	)		(725,551	)		6.1
Estee Lauder Cos, Inc., Class A		(5,528	)		(712,393	)		6.0
Everest Group Ltd.		(268	)		(106,026	)		0.9
Evergy, Inc.		(966	)		(47,469	)		0.4
Eversource Energy		(37,438	)		(2,013,790	)		17.0
Exelon Corp.		(3,015	)		(117,404	)		1.0
Extra Space Storage, Inc.		(7,909	)		(819,293	)		6.9
FactSet Research Systems, Inc.		(1,647	)		(711,323	)		6.0
Fastenal Co.		(4,267	)		(248,937	)		2.1
Federal Realty Investment Trust		(2,214	)		(201,895	)		1.7
Ferguson PLC		(4,630	)		(699,351	)		5.9
Fifth Third Bancorp		(21,158	)		(501,656	)		4.2
First Citizens BancShares, Inc.		(34	)		(46,945	)		0.4
First Solar, Inc.		(5,346	)		(761,538	)		6.4
Five Below, Inc.		(940	)		(163,541	)		1.4
Fluence Energy, Inc.		(27,912	)		(483,436	)		4.1
Fortive Corp.		(15,499	)		(1,011,775	)		8.5
Fox Factory Holding Corp.		(3,601	)		(293,373	)		2.5
Freshworks, Inc., Class A		(67,243	)		(1,206,339	)		10.2
Frontier Communications Parent, Inc.		(6,967	)		(124,849	)		1.1
FTI Consulting, Inc.		(5,251	)		(1,114,577	)		9.4
GameStop Corp., Class A		(131,419	)		(1,809,640	)		15.3
Gaming and Leisure Properties, Inc.		(85,629	)		(3,886,700	)		32.8
Garmin Ltd.		(507	)		(51,983	)		0.4
GE HealthCare Technologies, Inc.		(6,631	)		(441,426	)		3.7
Goldman Sachs Group, Inc.		(16,432	)		(4,988,920	)		42.1
Graphic Packaging Holding Co.		(31,426	)		(675,973	)		5.7
Haleon PLC		(290,786	)		(1,168,556	)		9.9
Hartford Financial Services Group, Inc.		(27,954	)		(2,053,221	)		17.3
Hasbro, Inc.		(15,551	)		(702,128	)		5.9
HashiCorp, Inc., Class A		(22,337	)		(439,816	)		3.7
HB Fuller Co.		(7,235	)		(478,595	)		4.0
Healthcare Realty Trust, Inc., Class A		(54,113	)		(776,522	)		6.6
Hertz Global Holdings, Inc.		(39,726	)		(334,890	)		2.8
Hexcel Corp.		(6,749	)		(417,898	)		3.5


Security	Shares			Value			% of Basket Value

United States (continued)
Hilton Worldwide Holdings, Inc.		(10,931	)	$	(1,656,374	)		14.0	%
Hormel Foods Corp.		(27,263	)		(887,411	)		7.5
Howmet Aerospace, Inc.		(71,241	)		(3,141,728	)		26.5
Humana, Inc.		(1,859	)		(973,540	)		8.2
Hyatt Hotels Corp., Class A		(5,302	)		(543,137	)		4.6
ICON PLC, ADR		(92	)		(22,444	)		0.2
IDEX Corp.		(6,725	)		(1,287,232	)		10.9
ImmunoGen, Inc.		(11,553	)		(171,678	)		1.5
Immunovant, Inc.		(4,314	)		(142,578	)		1.2
Inari Medical, Inc.		(7,876	)		(478,152	)		4.0
Ingersoll Rand, Inc.		(15,317	)		(929,436	)		7.8
Insulet Corp.		(1,582	)		(209,726	)		1.8
Interactive Brokers Group, Inc., Class A		(23,397	)		(1,873,398	)		15.8
International Business Machines Corp.		(15,776	)		(2,281,841	)		19.3
International Flavors & Fragrances, Inc.		(18,490	)		(1,263,791	)		10.7
Intra-Cellular Therapies, Inc.		(6,736	)		(335,183	)		2.8
Intuit, Inc.		(3,611	)		(1,787,264	)		15.1
IPG Photonics Corp.		(421	)		(36,164	)		0.3
Jabil, Inc.		(6,054	)		(743,431	)		6.3
Jacobs Solutions, Inc.		(20,535	)		(2,737,315	)		23.1
JB Hunt Transport Services, Inc.		(1,853	)		(318,475	)		2.7
Johnson & Johnson		(3,224	)		(478,248	)		4.0
Karuna Therapeutics, Inc.		(678	)		(112,962	)		1.0
Keurig Dr. Pepper, Inc.		(110,616	)		(3,354,983	)		28.3
KKR & Co., Inc.		(39,074	)		(2,164,700	)		18.3
Kroger Co.		(8,650	)		(392,450	)		3.3
L3Harris Technologies, Inc.		(2,535	)		(454,804	)		3.8
Laboratory Corp. of America Holdings		(16,780	)		(3,351,469	)		28.3
Lancaster Colony Corp.		(848	)		(143,456	)		1.2
Lantheus Holdings, Inc.		(16,632	)		(1,074,427	)		9.1
Las Vegas Sands Corp.		(593	)		(28,144	)		0.2
Lennox International, Inc.		(369	)		(136,729	)		1.2
Levi Strauss & Co., Class A		(24,518	)		(335,161	)		2.8
Linde PLC		(2,922	)		(1,116,672	)		9.4
Loews Corp.		(9,570	)		(612,576	)		5.2
MACOM Technology Solutions Holdings, Inc.		(7,237	)		(510,498	)		4.3
Madison Square Garden Sports Corp.		(16,564	)		(2,785,071	)		23.5
MarketAxess Holdings, Inc.		(3,615	)		(772,706	)		6.5
Marriott International, Inc., Class A		(8,314	)		(1,567,688	)		13.2
Masimo Corp.		(10,026	)		(813,409	)		6.9
Matador Resources Co.		(5,117	)		(315,668	)		2.7
Match Group, Inc.		(30,518	)		(1,055,923	)		8.9
McDonald’s Corp.		(5,744	)		(1,505,904	)		12.7
Microchip Technology, Inc.		(934	)		(66,585	)		0.6
MicroStrategy, Inc., Class A		(3,277	)		(1,387,449	)		11.7
Middleby Corp.		(154	)		(17,382	)		0.2
Monday.com Ltd.		(1,723	)		(223,973	)		1.9
MongoDB, Inc., Class A		(3,590	)		(1,237,078	)		10.4
Morgan Stanley		(75,695	)		(5,360,720	)		45.2
MSC Industrial Direct Co., Inc., Class A		(2,817	)		(266,911	)		2.3
Mueller Industries, Inc.		(69,900	)		(2,635,929	)		22.2
Murphy Oil Corp.		(2,582	)		(115,854	)		1.0
Natera, Inc.		(206	)		(8,131	)		0.1
National Storage Affiliates Trust		(59,732	)		(1,703,557	)		14.4
Neogen Corp.		(11,792	)		(175,583	)		1.5
New Fortress Energy, Inc.		(10,961	)		(332,118	)		2.8
New York Community Bancorp, Inc.		(71,772	)		(680,399	)		5.7
New York Times Co.		(3,120	)		(125,767	)		1.1
Nexstar Media Group, Inc., Class A		(3,168	)		(443,773	)		3.7
NextEra Energy, Inc.		(450	)		(26,235	)		0.2
Noble Corp. PLC		(58,863	)		(2,748,313	)		23.2
Nordson Corp.		(5,197	)		(1,104,830	)		9.3


SCHEDULE OF INVESTMENTS		45

Schedule of Investments (unaudited) (continued)

October 31, 2023

BlackRock Global Equity Market Neutral Fund


Security	Shares			Value			% of Basket Value

United States (continued)
NOV, Inc.		(1,579	)	$	(31,517	)		0.3	%
nVent Electric PLC		(6,130	)		(295,037	)		2.5
Omega Healthcare Investors, Inc.		(6,303	)		(208,629	)		1.8
Omnicom Group, Inc.		(7,856	)		(588,493	)		5.0
ON Semiconductor Corp.		(9,197	)		(576,100	)		4.9
Onto Innovation, Inc.		(6,164	)		(692,649	)		5.8
Oracle Corp.		(162	)		(16,751	)		0.1
Organon & Co.		(5,052	)		(74,719	)		0.6
Ormat Technologies, Inc.		(2,181	)		(134,219	)		1.1
Ovintiv, Inc.		(2,096	)		(100,608	)		0.9
Palantir Technologies, Inc.		(42,525	)		(629,370	)		5.3
Parsons Corp.		(12,965	)		(733,171	)		6.2
PayPal Holdings, Inc.		(6,480	)		(335,664	)		2.8
PBF Energy, Inc., Class A		(57,971	)		(2,755,362	)		23.3
Penumbra, Inc.		(1,966	)		(375,801	)		3.2
Permian Resources Corp., Class A		(107,052	)		(1,559,748	)		13.2
PG&E Corp.		(91,624	)		(1,493,471	)		12.6
Pinnacle Financial Partners, Inc.		(23,282	)		(1,451,866	)		12.3
Pinnacle West Capital Corp.		(16,207	)		(1,202,235	)		10.1
Pinterest, Inc.		(20,625	)		(616,275	)		5.2
Planet Fitness, Inc., Class A		(829	)		(45,819	)		0.4
PNC Financial Services Group, Inc.		(6,812	)		(779,770	)		6.6
Procore Technologies, Inc.		(4,278	)		(261,343	)		2.2
Progressive Corp.		(1,257	)		(198,719	)		1.7
Prologis, Inc.		(11,064	)		(1,114,698	)		9.4
PTC, Inc.		(2,227	)		(312,715	)		2.6
QIAGEN NV		(55,246	)		(2,056,011	)		17.4
Quest Diagnostics, Inc.		(1,968	)		(256,037	)		2.2
R1 RCM, Inc.		(34,554	)		(407,392	)		3.4
Radian Group, Inc.		(55,469	)		(1,405,584	)		11.9
Ralph Lauren Corp., Class A		(3,064	)		(344,792	)		2.9
Rambus, Inc.		(2,223	)		(120,776	)		1.0
Range Resources Corp.		(1,083	)		(38,815	)		0.3
Raymond James Financial, Inc.		(10,523	)		(1,004,315	)		8.5
Realty Income Corp.		(6,654	)		(315,267	)		2.7
Regal Rexnord Corp.		(1,968	)		(233,031	)		2.0
Repligen Corp.		(7,399	)		(995,609	)		8.4
Revvity, Inc.		(9,294	)		(770,008	)		6.5
Rivian Automotive, Inc.		(6,688	)		(108,479	)		0.9
RLI Corp.		(4,637	)		(617,834	)		5.2
Robinhood Markets, Inc.		(46,414	)		(424,224	)		3.6
Roper Technologies, Inc.		(1,791	)		(875,029	)		7.4
Ross Stores, Inc.		(1,636	)		(189,727	)		1.6
Ryman Hospitality Properties, Inc.		(5,320	)		(455,392	)		3.8
Samsara, Inc., Class A		(16,587	)		(382,662	)		3.2
Sanofi SA		(828	)		(75,290	)		0.6
Schlumberger NV		(4,152	)		(231,100	)		2.0
Sealed Air Corp.		(14,349	)		(441,806	)		3.7
Selective Insurance Group, Inc.		(4,711	)		(490,462	)		4.1
Sensata Technologies Holding PLC		(3,443	)		(109,763	)		0.9
SentinelOne, Inc.		(9,473	)		(148,063	)		1.3
ServiceNow, Inc.		(245	)		(142,553	)		1.2
SharkNinja, Inc.		(3,117	)		(130,166	)		1.1
Sherwin-Williams Co.		(193	)		(45,975	)		0.4
Shockwave Medical, Inc.		(4,558	)		(940,133	)		7.9
Simpson Manufacturing Co., Inc.		(3,137	)		(417,786	)		3.5
SM Energy Co.		(1,783	)		(71,891	)		0.6
SoFi Technologies, Inc.		(23,358	)		(176,353	)		1.5
SolarEdge Technologies, Inc.		(40,939	)		(3,109,317	)		26.2


Security	Shares			Value			% of Basket Value

United States (continued)
Sonoco Products Co.		(18,767	)	$	(972,318	)		8.2	%
Southern Co.		(13,083	)		(880,486	)		7.4
SouthState Corp.		(2,477	)		(163,730	)		1.4
Southwest Gas Holdings, Inc.		(6,313	)		(370,005	)		3.1
Sprouts Farmers Market, Inc.		(26,293	)		(1,104,832	)		9.3
SPS Commerce, Inc.		(5,338	)		(855,895	)		7.2
SS&C Technologies Holdings, Inc.		(3,977	)		(199,844	)		1.7
STAG Industrial, Inc.		(10,129	)		(336,485	)		2.8
Starbucks Corp.		(8,122	)		(749,173	)		6.3
Starwood Property Trust, Inc.		(17,320	)		(307,430	)		2.6
State Street Corp.		(660	)		(42,656	)		0.4
STERIS PLC		(7,629	)		(1,601,937	)		13.5
Stryker Corp.		(375	)		(101,333	)		0.9
Super Micro Computer, Inc.		(1,692	)		(405,183	)		3.4
Surgery Partners, Inc.		(20	)		(463	)		0.0
Take-Two Interactive Software, Inc.		(14,837	)		(1,984,449	)		16.8
Teledyne Technologies, Inc.		(5,673	)		(2,125,049	)		17.9
Teleflex, Inc.		(1,611	)		(297,632	)		2.5
Tempur Sealy International, Inc.		(1,347	)		(53,786	)		0.5
Tenable Holdings, Inc.		(5,124	)		(215,772	)		1.8
Tesla, Inc.		(12,140	)		(2,438,198	)		20.6
Texas Instruments, Inc.		(1,404	)		(199,382	)		1.7
TKO Group Holdings, Inc.		(16,804	)		(1,377,592	)		11.6
Toro Co.		(6,699	)		(541,547	)		4.6
Tractor Supply Co.		(1,594	)		(306,941	)		2.6
Trade Desk, Inc., Class A		(11,729	)		(832,290	)		7.0
Tradeweb Markets, Inc., Class A		(6,362	)		(572,644	)		4.8
TransDigm Group, Inc.		(1,536	)		(1,271,946	)		10.7
Tyler Technologies, Inc.		(4,499	)		(1,677,677	)		14.2
Uber Technologies, Inc.		(16,323	)		(706,459	)		6.0
Union Pacific Corp.		(17,499	)		(3,632,967	)		30.7
United Rentals, Inc.		(1,463	)		(594,373	)		5.0
UnitedHealth Group, Inc.		(6,440	)		(3,449,006	)		29.1
Valaris Ltd.		(27,733	)		(1,831,487	)		15.5
Valvoline, Inc.		(36,396	)		(1,079,869	)		9.1
Vaxcyte, Inc.		(1,144	)		(55,026	)		0.5
Veralto Corp.		(3,494	)		(241,086	)		2.0
Verisk Analytics, Inc., Class A		(1,765	)		(401,290	)		3.4
Vertiv Holdings Co., Class A		(13,177	)		(517,461	)		4.4
Vistra Corp.		(6,215	)		(203,355	)		1.7
Vornado Realty Trust		(4,676	)		(89,779	)		0.8
Warner Music Group Corp., Class A		(693	)		(21,691	)		0.2
Waste Management, Inc.		(13,746	)		(2,258,880	)		19.1
Webster Financial Corp.		(22,273	)		(845,706	)		7.1
Welltower, Inc.		(47,673	)		(3,985,940	)		33.6
Western Alliance Bancorp		(3,046	)		(125,191	)		1.1
Western Digital Corp.		(4,231	)		(169,875	)		1.4
Whirlpool Corp.		(10,131	)		(1,059,297	)		8.9
Wingstop, Inc.		(383	)		(70,001	)		0.6
Wyndham Hotels & Resorts, Inc.		(2,426	)		(175,642	)		1.5
Wynn Resorts Ltd.		(1,523	)		(133,689	)		1.1
Xcel Energy, Inc.		(9,775	)		(579,364	)		4.9
XPO, Inc.		(22,870	)		(1,733,775	)		14.6
YETI Holdings, Inc.		(46,182	)		(1,963,659	)		16.6
Yum! Brands, Inc.		(522	)		(63,089	)		0.5
Zebra Technologies Corp., Class A		(2,523	)		(528,392	)		4.5
Zimmer Biomet Holdings, Inc.		(2,029	)		(211,848	)		1.8


46		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

October 31, 2023

BlackRock Global Equity Market Neutral Fund


Security	Shares			Value			% of Basket Value

United States (continued)
Zoom Video Communications, Inc., Class A		(3,305	)	$	(198,234	)		1.7	%
ZoomInfo Technologies, Inc., Class A		(20,812	)		(269,724	)		2.3

					(277,677,524	)

Preferred Stocks

Germany
Sartorius AG		(2,056	)		(514,262	)		4.3
Volkswagen AG		(7,519	)		(796,683	)		6.7

					(1,310,945	)


Total Reference Entity — Short					(452,006,422)


Net Value of Reference Entity — Bank of America N.A.				$	(11,848,945	)

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 03/21/25-04/14/25:


Security	Shares		Value		% of Basket Value

Reference Entity — Long

Common Stocks

Australia
AGL Energy Ltd.		150,874	$	1,031,074		(8.7	)%
Aristocrat Leisure Ltd.		59,609		1,464,867		(12.4	)
Bank of Queensland Ltd.		135,587		440,610		(3.7	)
BHP Group Ltd.		156,239		4,421,538		(37.3	)
Charter Hall Group		56,847		314,931		(2.7	)
Evolution Mining Ltd.		16,100		35,860		(0.3	)
Flight Centre Travel Group Ltd.		37,146		441,567		(3.7	)
GPT Group		117,891		272,072		(2.3	)
Orica Ltd.		3,000		28,001		(0.2	)
Rio Tinto Ltd.		22,659		1,691,528		(14.3	)
SEEK Ltd.		26,510		349,738		(3.0	)
Treasury Wine Estates Ltd.		26,049		218,266		(1.8	)
Vicinity Ltd.		43,819		47,462		(0.4	)
WiseTech Global Ltd.		7,278		270,969		(2.3	)
Worley Ltd.		25,854		269,820		(2.3	)

				11,298,303

Austria
BAWAG Group AG		14,995		666,817		(5.6	)


Belgium
Ageas SA/NV		2,809		108,180		(0.9	)
KBC Group NV		2,437		133,825		(1.2	)
Sofina SA		4,502		853,658		(7.2	)
Solvay SA		13,916		1,470,778		(12.4	)
Warehouses De Pauw CVA		6,717		165,895		(1.4	)

				2,732,336

Brazil
MercadoLibre, Inc.		164		203,481		(1.7	)


Canada
Algonquin Power & Utilities Corp.		35,935		184,652		(1.6	)
AltaGas Ltd.		6,310		119,472		(1.0	)
Bank of Nova Scotia		6,898		282,601		(2.4	)
Barrick Gold Corp.		36,506		591,825		(5.0	)
Birchcliff Energy Ltd.		132,589		746,447		(6.3	)
Canadian Imperial Bank of Commerce		15,787		566,209		(4.8	)


Security	Shares		Value		% of Basket Value

Canada (continued)
Canadian Natural Resources Ltd.		22,886	$	1,481,488		(12.5	)%
Capital Power Corp.		9,335		242,807		(2.1	)
Cenovus Energy, Inc.		4,974		96,673		(0.8	)
Descartes Systems Group, Inc.		3,034		223,388		(1.9	)
Element Fleet Management Corp.		65,967		909,552		(7.7	)
Emera, Inc.		64,217		2,144,100		(18.1	)
Enbridge, Inc.		24,834		808,944		(6.8	)
Enerplus Corp.		76,379		1,315,425		(11.1	)
First Majestic Silver Corp.		45,527		238,905		(2.0	)
FirstService Corp.		3,067		442,054		(3.7	)
Franco-Nevada Corp.		624		76,130		(0.6	)
Gibson Energy, Inc.		4,902		75,834		(0.6	)
Gildan Activewear, Inc.		24,728		715,626		(6.1	)
Imperial Oil Ltd.		7,479		434,567		(3.7	)
Ivanhoe Mines Ltd., Class A		26,161		196,734		(1.7	)
Keyera Corp.		19,143		453,753		(3.8	)
Lithium Americas Argentina Corp.		40,475		229,016		(1.9	)
Magna International, Inc.		13,518		662,166		(5.6	)
MEG Energy Corp.		13,496		271,605		(2.3	)
Methanex Corp.		11,412		479,905		(4.1	)
NuVista Energy Ltd.		23,299		230,083		(2.0	)
Pembina Pipeline Corp.		34,890		1,093,575		(9.2	)
RioCan REIT		5,320		65,928		(0.6	)
Stantec, Inc.		6,646		414,539		(3.5	)
TELUS Corp.		86,721		1,425,086		(12.0	)
Toromont Industries Ltd.		29		2,226		(0.0	)
TransAlta Corp.		15,658		116,966		(1.0	)
West Fraser Timber Co. Ltd.		5,615		382,494		(3.2	)
WSP Global, Inc.		443		57,977		(0.5	)

				17,778,752

Denmark
AP Moller - Maersk A/S, Class B		100		166,683		(1.4	)
DSV A/S		2,368		354,772		(3.0	)
Genmab A/S		823		232,482		(2.0	)
Orsted A/S		1,198		57,818		(0.5	)

				811,755

Finland
Wartsila OYJ Abp		110,057		1,311,195		(11.1	)


Germany
Basf SE		5,042		233,191		(2.0	)
Bayerische Motoren Werke AG		954		88,726		(0.7	)
Beiersdorf AG		4,669		612,991		(5.2	)
Commerzbank AG		75,818		816,220		(6.9	)
Covestro AG		23,707		1,199,026		(10.1	)
Deutsche Telekom AG		9,775		211,924		(1.8	)
E.ON SE		172,643		2,052,869		(17.3	)
Heidelberg Materials AG		11,721		849,843		(7.2	)
HUGO BOSS AG		10,067		587,664		(5.0	)
Infineon Technologies AG		45,271		1,320,184		(11.1	)
K&S AG		6,146		103,162		(0.9	)
KION Group AG		15,352		470,007		(4.0	)
LANXESS AG		24,197		554,943		(4.7	)
Nemetschek SE		6,269		467,700		(3.9	)
RWE AG		70,749		2,702,669		(22.8	)
Siemens AG		15,625		2,070,756		(17.5	)
SMA Solar Technology AG		13,288		814,787		(6.9	)
Solarworld AG		10		2		(0.0	)
Talanx AG		9,372		589,556		(5.0	)


SCHEDULE OF INVESTMENTS		47

Schedule of Investments (unaudited) (continued)

October 31, 2023

BlackRock Global Equity Market Neutral Fund


Security	Shares		Value		% of Basket Value

Germany (continued)
Telefonica Deutschland Holding AG		77,577	$	131,637		(1.1	)%
thyssenkrupp AG		280,887		1,954,158		(16.5	)
Volkswagen AG		53		6,115		(0.1	)

				17,838,130

Hong Kong
AIA Group Ltd.		39,400		342,478		(2.9	)
Futu Holdings Ltd., ADR		10,356		574,240		(4.9	)
Hang Lung Properties Ltd.		136,000		178,944		(1.5	)
Hongkong Land Holdings Ltd.		90,100		285,772		(2.4	)
New World Development Co. Ltd.		112,000		205,758		(1.7	)
Swire Pacific Ltd., Class A		94,500		604,279		(5.1	)
Swire Properties Ltd.		431,000		835,345		(7.1	)

				3,026,816

Ireland
Kerry Group PLC		17,762		1,369,450		(11.5	)
Smurfit Kappa Group PLC		8,612		280,356		(2.4	)

				1,649,806

Israel
Nice Ltd.		782		120,658		(1.0	)
Nova Ltd.		5,003		475,135		(4.0	)
Wix.com Ltd.		5,965		476,603		(4.1	)

				1,072,396

Italy
A2A SpA		1,063,087		1,991,894		(16.8	)
Banco BPM SpA		69,774		356,345		(3.0	)
Ferrari NV		568		171,614		(1.5	)
Infrastrutture Wireless Italiane SpA		19,578		213,978		(1.8	)
Intesa Sanpaolo SpA		530,862		1,380,878		(11.7	)
Mediobanca Banca di Credito Finanziario SpA		112,643		1,342,983		(11.3	)
Moncler SpA		12,637		655,059		(5.5	)
Prysmian SpA		7,136		266,731		(2.3	)
Recordati Industria Chimica e Farmaceutica SpA		549		25,346		(0.2	)
Snam SpA		42,407		194,095		(1.6	)

				6,598,923

Japan
ABC-Mart, Inc.		15,200		238,637		(2.0	)
Aeon Co. Ltd.		15,600		332,419		(2.8	)
Amada Co. Ltd.		41,400		406,903		(3.4	)
Asahi Kasei Corp.		28,500		177,611		(1.5	)
Astellas Pharma, Inc.		99,200		1,271,281		(10.7	)
Brother Industries Ltd.		51,200		809,775		(6.8	)
Central Japan Railway Co.		2,400		54,557		(0.5	)
Daiichi Sankyo Co. Ltd.		16,200		423,619		(3.6	)
Daiwa House Industry Co. Ltd.		1,100		30,587		(0.3	)
Denso Corp.		2,200		32,746		(0.3	)
DMG Mori Co. Ltd.		52,900		887,175		(7.5	)
Fast Retailing Co. Ltd.		3,900		873,194		(7.4	)
FUJIFILM Holdings Corp.		19,200		1,065,224		(9.0	)
Fujitsu Ltd.		5,600		734,104		(6.2	)
Hoya Corp.		1,300		125,941		(1.1	)
Hulic Co. Ltd.		30,000		278,666		(2.4	)
IHI Corp.		17,900		348,353		(2.9	)
Isuzu Motors Ltd.		6,300		71,088		(0.6	)
ITOCHU Corp.		28,300		1,033,264		(8.7	)
J Front Retailing Co. Ltd.		181,000		1,748,382		(14.8	)
Japan Post Holdings Co. Ltd.		140,500		1,259,162		(10.6	)
JFE Holdings, Inc.		42,900		605,421		(5.1	)
JGC Holdings Corp.		8,600		107,161		(0.9	)


Security	Shares		Value		% of Basket Value

Japan (continued)
Kakaku.com, Inc.		62,800	$	613,323		(5.2	)%
KDDI Corp.		2,300		69,730		(0.6	)
Kirin Holdings Co. Ltd.		142,400		2,027,712		(17.1	)
Komatsu Ltd.		49,900		1,162,765		(9.8	)
Konica Minolta, Inc.		61,500		174,770		(1.5	)
Kubota Corp.		60,800		829,307		(7.0	)
Kyowa Kirin Co. Ltd.		35,800		569,526		(4.8	)
Lawson, Inc.		55,800		2,721,823		(23.0	)
MEIJI Holdings Co. Ltd.		12,900		321,883		(2.7	)
Mitsubishi Chemical Group Corp.		66,400		381,146		(3.2	)
Mitsubishi Corp.		11,800		557,499		(4.7	)
Mitsubishi Electric Corp.		14,300		166,256		(1.4	)
Mitsubishi Estate Co. Ltd.		86,800		1,126,417		(9.5	)
Mitsubishi Gas Chemical Co., Inc.		31,700		434,209		(3.7	)
Mitsubishi UFJ Financial Group, Inc.		520,600		4,425,615		(37.4	)
Mitsui & Co. Ltd.		32,600		1,200,746		(10.1	)
Mitsui Fudosan Co. Ltd.		86,900		1,909,146		(16.1	)
Mizuho Financial Group, Inc.		83,900		1,442,093		(12.2	)
MS&AD Insurance Group Holdings, Inc.		10,200		378,737		(3.2	)
Nexon Co. Ltd.		2,100		39,018		(0.3	)
NH Foods Ltd.		1,100		33,003		(0.3	)
Nihon M&A Center Holdings, Inc.		101,400		469,298		(4.0	)
Nikon Corp.		88,800		855,252		(7.2	)
Nintendo Co. Ltd.		10,900		456,433		(3.9	)
Nippon Express Holdings, Inc.		4,500		234,403		(2.0	)
Nippon Shinyaku Co. Ltd.		1,800		73,936		(0.6	)
Nippon Telegraph & Telephone Corp.		1,504,400		1,793,772		(15.2	)
Nissan Motor Co. Ltd.		137,300		535,984		(4.5	)
Nisshin Seifun Group, Inc.		103,600		1,578,943		(13.3	)
Nomura Real Estate Holdings, Inc.		6,800		161,101		(1.4	)
Nomura Research Institute Ltd.		1,600		42,540		(0.4	)
NSK Ltd.		194,800		1,062,832		(9.0	)
Obayashi Corp.		21,300		184,713		(1.6	)
Obic Co. Ltd.		4,300		644,213		(5.4	)
Olympus Corp.		22,500		304,432		(2.6	)
Omron Corp.		4,500		163,537		(1.4	)
Ono Pharmaceutical Co. Ltd.		12,400		217,203		(1.8	)
Oracle Corp. Japan		1,900		136,604		(1.2	)
ORIX Corp.		1,600		29,488		(0.2	)
Otsuka Corp.		80,400		3,266,156		(27.6	)
Otsuka Holdings Co. Ltd.		30,700		1,047,073		(8.8	)
Panasonic Holdings Corp.		573,200		5,108,361		(43.1	)
Rakuten Group, Inc.		473,800		1,776,813		(15.0	)
Recruit Holdings Co. Ltd.		13,000		377,991		(3.2	)
Resona Holdings, Inc.		21,800		117,872		(1.0	)
Ricoh Co. Ltd.		103,200		848,176		(7.2	)
SCREEN Holdings Co. Ltd.		2,400		113,171		(1.0	)
SCSK Corp.		13,900		240,397		(2.0	)
Sega Sammy Holdings, Inc.		29,300		463,737		(3.9	)
Seiko Epson Corp.		5,400		76,095		(0.6	)
Sekisui House Ltd.		73,000		1,448,164		(12.2	)
Shimizu Corp.		32,100		231,401		(2.0	)
Shionogi & Co. Ltd.		22,100		1,042,719		(8.8	)
Socionext, Inc.		2,300		227,212		(1.9	)
SoftBank Group Corp.		18,400		764,164		(6.5	)
Subaru Corp.		38,700		679,669		(5.7	)
Sumitomo Chemical Co. Ltd.		32,300		83,211		(0.7	)
Sumitomo Corp.		4,100		81,569		(0.7	)
Sumitomo Electric Industries Ltd.		5,400		57,338		(0.5	)
Sumitomo Mitsui Financial Group, Inc.		15,000		732,476		(6.2	)
Sumitomo Realty & Development Co. Ltd.		22,900		582,305		(4.9	)


48		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

October 31, 2023

BlackRock Global Equity Market Neutral Fund


Security	Shares		Value		% of Basket Value

Japan (continued)
TIS, Inc.		26,300	$	570,573		(4.8	)%
Tokio Marine Holdings, Inc.		20,700		468,566		(4.0	)
Tokyo Electron Ltd.		4,300		576,124		(4.9	)
Tokyo Tatemono Co. Ltd.		74,300		1,000,131		(8.4	)
TOTO Ltd.		900		22,003		(0.2	)
Toyota Industries Corp.		1,200		90,168		(0.8	)
Tsuruha Holdings, Inc.		16,200		1,205,281		(10.2	)
Unicharm Corp.		800		27,632		(0.2	)
Yamaha Corp.		7,600		205,758		(1.7	)

				65,976,984

Luxembourg
ArcelorMittal SA		73,466		1,622,990		(13.7	)


Macau
Galaxy Entertainment Group Ltd.		30,000		168,808		(1.4	)
Wynn Macau Ltd.		249,600		221,267		(1.9	)

				390,075

Netherlands
ABN AMRO Bank NV, GDR, CVA		100,916		1,357,450		(11.5	)
ASR Nederland NV		20,157		750,834		(6.3	)
ING Groep NV		102,085		1,306,346		(11.0	)
Koninklijke Philips NV		1,791		33,996		(0.3	)
NN Group NV		24,332		778,951		(6.6	)
Redcare Pharmacy NV		1,018		113,774		(1.0	)

				4,341,351

New Zealand
Xero Ltd.		756		51,686		(0.4	)


Norway
Aker BP ASA		11,922		351,195		(3.0	)
Equinor ASA		45,112		1,546,470		(13.0	)
Gjensidige Forsikring ASA		18,552		284,107		(2.4	)
Kongsberg Gruppen ASA		22,491		940,656		(7.9	)
Norsk Hydro ASA		5,587		32,563		(0.3	)
Var Energi ASA		92,041		317,465		(2.7	)

				3,472,456

Puerto Rico
Popular, Inc.		5,835		379,508		(3.2	)


Singapore
Mapletree Pan Asia Commercial Trust		64,300		62,562		(0.5	)
Sea Ltd., ADR, ADR		40,226		1,677,424		(14.2	)
Sembcorp Industries Ltd.		440,500		1,479,426		(12.5	)
Singapore Airlines Ltd.		25,000		111,754		(0.9	)

				3,331,166

Spain
ACS Actividades de Construccion y Servicios SA		3,405		122,930		(1.0	)
Aena SME SA		1,284		185,969		(1.6	)
Banco Bilbao Vizcaya Argentaria SA		308,761		2,424,616		(20.5	)
Banco de Sabadell SA		1,621,861		2,013,147		(17.0	)
Bankinter SA		135,756		856,895		(7.2	)
CaixaBank SA		83,272		337,946		(2.8	)
EDP Renovaveis SA		64,007		1,027,920		(8.7	)
Fluidra SA		3,751		66,109		(0.6	)
Grifols SA		31,021		347,405		(2.9	)
Iberdrola SA		131,976		1,466,480		(12.4	)
Industria De Diseno Textil SA		22,097		764,658		(6.5	)


Security	Shares		Value		% of Basket Value

Spain (continued)
Naturgy Energy Group SA		41	$	1,158		(0.0	)%
Repsol SA		37,737		552,303		(4.7	)

				10,167,536

Sweden
Electrolux AB		20,865		180,278		(1.5	)
Elekta AB, B Shares		65,017		453,351		(3.8	)
Husqvarna AB		4,939		32,825		(0.3	)
Indutrade AB		4,664		84,544		(0.7	)
Swedish Orphan Biovitrum AB		6,486		136,260		(1.2	)
Volvo Car AB		57,516		203,892		(1.7	)

				1,091,150

Switzerland
ABB Ltd., Registered Shares		76,224		2,590,992		(21.9	)
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates		67		749,724		(6.3	)
Chocoladefabriken Lindt & Spruengli AG, Registered Shares		2		220,037		(1.8	)
Flughafen Zurich AG		3,648		689,312		(5.8	)
Geberit AG, Registered Shares		91		43,228		(0.4	)
Georg Fischer AG, Registered Shares		952		49,985		(0.4	)
Givaudan SA, Registered Shares		113		380,141		(3.2	)
Kuehne & Nagel International AG		13,405		3,659,819		(30.9	)
Logitech International SA		50,185		3,989,915		(33.7	)
Novartis AG		15,822		1,499,906		(12.7	)
Sandoz Group AG		3,889		102,640		(0.9	)
Schindler Holding AG		453		92,667		(0.8	)
Temenos AG		5,209		379,279		(3.2	)

				14,447,645

United Kingdom
3i Group PLC		1,310		30,804		(0.3	)
Auto Trader Group PLC		72,429		550,483		(4.7	)
Aviva PLC		45,921		222,722		(1.9	)
BAE Systems PLC		50,801		686,508		(5.8	)
Barclays PLC		111,055		177,898		(1.5	)
British American Tobacco PLC		130,114		3,907,034		(33.0	)
British Land Co. PLC		189,270		689,259		(5.8	)
Bunzl PLC		56,670		2,028,914		(17.1	)
Burberry Group PLC		38,699		801,409		(6.8	)
Centrica PLC		36,130		68,981		(0.6	)
Diploma PLC		3,702		129,025		(1.1	)
Drax Group PLC		54,391		280,818		(2.4	)
easyJet PLC		402,560		1,804,507		(15.2	)
Halma PLC		4,816		108,871		(0.9	)
Hammerson PLC		40		11		(0.0	)
IMI PLC		20,657		370,896		(3.1	)
Informa PLC		4,319		37,325		(0.3	)
Intertek Group PLC		2,688		125,520		(1.1	)
ITV PLC		1,228,984		962,157		(8.1	)
J Sainsbury PLC		568,776		1,787,669		(15.1	)
Just Eat Takeaway.com NV		7,848		95,526		(0.8	)
Land Securities Group PLC		60,689		423,013		(3.6	)
Liberty Global PLC, Class C		28,108		476,712		(4.0	)
London Stock Exchange Group		2,381		241,455		(2.0	)
Marks & Spencer Group PLC		51,316		135,963		(1.1	)
Melrose Industries PLC		122,342		700,328		(5.9	)
NatWest Group PLC		60,666		131,793		(1.1	)
Pearson PLC		16,546		192,479		(1.6	)
Phoenix Group Holdings PLC		25,825		143,410		(1.2	)
Rightmove PLC		4,437		25,513		(0.2	)


SCHEDULE OF INVESTMENTS		49

Schedule of Investments (unaudited) (continued)

October 31, 2023

BlackRock Global Equity Market Neutral Fund


Security	Shares		Value		% of Basket Value

United Kingdom (continued)
Rolls-Royce Holdings PLC		79,252	$	209,666		(1.8	)%
Sage Group PLC		58,366		692,833		(5.9	)
Smiths Group PLC		155,846		3,069,036		(25.9	)
Spectris PLC		112,871		4,286,101		(36.2	)
Tesco PLC		240,254		791,036		(6.7	)
Tritax Big Box REIT PLC		245,713		411,225		(3.5	)
Vodafone Group PLC		1,947,473		1,801,726		(15.2	)
Weir Group PLC		46,940		978,502		(8.3	)
Whitbread PLC		3,987		161,736		(1.4	)
Wise PLC, Class A		3,219		26,300		(0.2	)

				29,765,164

United States
3M Co.		21,084		1,917,590		(16.2	)
A O Smith Corp.		15,275		1,065,584		(9.0	)
Abbvie, Inc.		188		26,542		(0.2	)
Academy Sports & Outdoors, Inc.		9,371		420,196		(3.5	)
Acadia Healthcare Co., Inc.		210		15,437		(0.1	)
Adient PLC		4,712		158,747		(1.3	)
Adobe, Inc.		3,013		1,603,097		(13.5	)
Advance Auto Parts, Inc.		868		45,162		(0.4	)
Advanced Drainage Systems, Inc.		6,141		656,043		(5.5	)
AECOM		9,557		731,588		(6.2	)
AES Corp.		17,377		258,917		(2.2	)
Affiliated Managers Group, Inc.		1,984		243,556		(2.1	)
Agilent Technologies, Inc.		22,777		2,354,458		(19.9	)
Akamai Technologies, Inc.		23,642		2,442,928		(20.6	)
Alaska Air Group, Inc.		20,092		635,510		(5.4	)
Alcoa Corp.		116,531		2,987,855		(25.2	)
Align Technology, Inc.		1,406		259,534		(2.2	)
Alkermes PLC		26,347		637,334		(5.4	)
Allstate Corp.		3,940		504,832		(4.3	)
Alnylam Pharmaceuticals, Inc.		463		70,283		(0.6	)
Alphabet, Inc., Class A		17,580		2,181,326		(18.4	)
Altria Group, Inc.		158,806		6,379,237		(53.9	)
Amazon.com, Inc.		51,123		6,803,960		(57.5	)
Amdocs Ltd.		17,292		1,386,127		(11.7	)
American Financial Group, Inc.		6,036		660,097		(5.6	)
American Homes 4 Rent, Class A		3,020		98,875		(0.8	)
American International Group, Inc.		16,522		1,012,964		(8.6	)
AMETEK, Inc.		18,596		2,617,759		(22.1	)
Amgen, Inc.		800		204,560		(1.7	)
AMN Healthcare Services, Inc.		15,798		1,198,436		(10.1	)
ANSYS, Inc.		162		45,078		(0.4	)
Antero Resources Corp.		2,543		74,866		(0.6	)
Aon PLC		725		224,315		(1.9	)
Apple, Inc.		22,238		3,797,583		(32.1	)
Applied Materials, Inc.		9,496		1,256,796		(10.6	)
AptarGroup, Inc.		2,783		340,277		(2.9	)
Archer-Daniels-Midland Co.		32,864		2,352,076		(19.9	)
Armstrong World Industries, Inc.		3,485		264,477		(2.2	)
Asbury Automotive Group, Inc.		984		188,308		(1.6	)
AT&T, Inc.		2,567		39,532		(0.3	)
Atkore, Inc.		2,128		264,468		(2.2	)
Atlassian Corp. Ltd., Class A		4,491		811,254		(6.9	)
Autodesk, Inc.		1,320		260,872		(2.2	)
AutoNation, Inc.		9,625		1,252,020		(10.6	)
AvalonBay Communities, Inc.		4,106		680,528		(5.7	)
Avnet, Inc.		2,534		117,400		(1.0	)
Axis Capital Holdings Ltd.		646		36,887		(0.3	)
Bank of America Corp.		25,452		670,406		(5.7	)


Security	Shares		Value		% of Basket Value

United States (continued)
Bank OZK		1,907	$	68,290		(0.6	)%
Berkshire Hathaway, Inc., Class B		229		78,165		(0.7	)
Best Buy Co., Inc.		53,287		3,560,637		(30.1	)
BioMarin Pharmaceutical, Inc.		5,137		418,409		(3.5	)
Block, Inc.		62,460		2,514,015		(21.2	)
Booking Holdings, Inc.		186		518,858		(4.4	)
Box, Inc., Class A		28,370		705,278		(6.0	)
Boyd Gaming Corp.		9,319		514,875		(4.3	)
Brighthouse Financial, Inc.		20,933		948,265		(8.0	)
Bristol-Myers Squibb Co.		1,189		61,269		(0.5	)
BRP, Inc.		8,752		600,425		(5.1	)
Bruker Corp.		17,086		973,902		(8.2	)
Brunswick Corp.		4,155		288,648		(2.4	)
Builders FirstSource, Inc.		11,520		1,250,150		(10.6	)
Bunge Ltd.		1,685		178,576		(1.5	)
Burlington Stores, Inc.		1,892		228,989		(1.9	)
Cable One, Inc.		203		111,624		(0.9	)
CACI International, Inc., Class A		2,977		966,811		(8.2	)
Cadence Design Systems, Inc.		2,011		482,338		(4.1	)
Camden Property Trust		24,189		2,053,162		(17.3	)
Capital One Financial Corp.		13,885		1,406,412		(11.9	)
Carnival PLC		43,308		446,117		(3.8	)
Cencora, Inc.		11,171		2,068,311		(17.5	)
Centene Corp.		7,517		518,523		(4.4	)
CenterPoint Energy, Inc.		4,663		125,341		(1.1	)
CH Robinson Worldwide, Inc.		15,835		1,295,778		(10.9	)
Charter Communications, Inc., Class A		361		145,411		(1.2	)
Chemed Corp.		3,035		1,707,643		(14.4	)
Chewy, Inc., Class A		553		10,689		(0.1	)
Ciena Corp.		11,775		496,905		(4.2	)
Cincinnati Financial Corp.		3,790		377,749		(3.2	)
Cintas Corp.		4,877		2,473,224		(20.9	)
Cirrus Logic, Inc.		10,864		727,128		(6.1	)
Citigroup, Inc.		5,676		224,145		(1.9	)
Citizens Financial Group, Inc.		12,088		283,222		(2.4	)
Clarkson PLC		391,358		2,496,864		(21.1	)
Coca-Cola Co.		31,212		1,763,166		(14.9	)
Cognex Corp.		16,613		597,902		(5.0	)
Colgate-Palmolive Co.		2,729		205,002		(1.7	)
Comerica, Inc.		17,066		672,400		(5.7	)
Comfort Systems USA, Inc.		184		33,460		(0.3	)
ConocoPhillips		22,131		2,629,163		(22.2	)
Copart, Inc.		726		31,596		(0.3	)
CoStar Group, Inc.		914		67,097		(0.6	)
Coterra Energy, Inc.		2,187		60,143		(0.5	)
Credit Acceptance Corp.		2,330		937,662		(7.9	)
Crowdstrike Holdings, Inc., Class A		8,965		1,584,743		(13.4	)
Crown Castle, Inc.		9,228		858,019		(7.2	)
CSX Corp.		10,677		318,708		(2.7	)
Cullen/frost Bankers, Inc.		328		29,845		(0.3	)
Curtiss-Wright Corp.		4,557		905,977		(7.7	)
D.R. Horton, Inc.		14,872		1,552,637		(13.1	)
Darling Ingredients, Inc.		1,679		74,363		(0.6	)
DaVita, Inc.		4,536		350,315		(3.0	)
Deckers Outdoor Corp.		826		493,172		(4.2	)
Deere & Co.		2,523		921,803		(7.8	)
Devon Energy Corp.		108,534		5,054,428		(42.7	)
DocuSign, Inc., Class A		953		37,053		(0.3	)
Domino’s Pizza, Inc.		2,708		917,985		(7.8	)
Dropbox, Inc.		16,106		423,588		(3.6	)
DTE Energy Co.		4,007		386,195		(3.3	)


50		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

October 31, 2023

BlackRock Global Equity Market Neutral Fund


Security	Shares		Value		% of Basket Value

United States (continued)
Eastman Chemical Co.		1,110	$	82,950		(0.7	)%
eBay, Inc.		114,990		4,511,058		(38.1	)
Elanco Animal Health, Inc.		48,234		424,942		(3.6	)
Electronic Arts, Inc.		8,710		1,078,211		(9.1	)
Eli Lilly & Co.		860		476,380		(4.0	)
EMCOR Group, Inc.		16,480		3,405,592		(28.8	)
EOG Resources, Inc.		14,263		1,800,704		(15.2	)
Equity Residential		22,146		1,225,338		(10.3	)
Essex Property Trust, Inc.		493		105,463		(0.9	)
Etsy, Inc.		20,636		1,285,623		(10.9	)
Exact Sciences Corp.		4,063		250,240		(2.1	)
Exelixis, Inc.		54,735		1,126,994		(9.5	)
Expeditors International of Washington, Inc.		1,748		190,969		(1.6	)
Experian PLC		28,760		877,488		(7.4	)
Exxon Mobil Corp.		21,895		2,317,586		(19.6	)
F5, Inc.		1,529		231,781		(2.0	)
Fair Isaac Corp.		1,353		1,144,462		(9.7	)
FedEx Corp.		966		231,937		(2.0	)
Fidelity National Information Services, Inc.		44,390		2,179,993		(18.4	)
First American Financial Corp.		5,556		285,801		(2.4	)
FleetCor Technologies, Inc.		107		24,093		(0.2	)
Flex Ltd.		25,866		665,274		(5.6	)
Flowers Foods, Inc.		7,509		164,672		(1.4	)
Flowserve Corp.		12,462		457,605		(3.9	)
Fluor Corp.		110,661		3,683,905		(31.1	)
FMC Corp.		4,519		240,411		(2.0	)
Ford Motor Co.		33,714		328,711		(2.8	)
Fortinet, Inc.		39,122		2,236,605		(18.9	)
Fox Corp., Class A		41,626		1,265,014		(10.7	)
Fox Corp., Class B		35,923		1,002,611		(8.5	)
Franklin Resources, Inc.		6,232		142,027		(1.2	)
Freeport-McMoRan, Inc.		91,950		3,106,071		(26.2	)
Gartner, Inc.		1,815		602,653		(5.1	)
General Dynamics Corp.		4,908		1,184,349		(10.0	)
General Mills, Inc.		2,478		161,665		(1.4	)
General Motors Co.		71,492		2,016,074		(17.0	)
Gilead Sciences, Inc.		11,721		920,567		(7.8	)
Global Payments, Inc.		2,104		223,487		(1.9	)
Globe Life, Inc.		2,938		341,866		(2.9	)
Globus Medical, Inc.		12,095		552,862		(4.7	)
GoDaddy, Inc., Class A		11,564		846,832		(7.2	)
Graco, Inc.		5,518		410,263		(3.5	)
Guidewire Software, Inc.		4,575		412,345		(3.5	)
GXO Logistics, Inc.		306		15,456		(0.1	)
H&R Block, Inc.		8,071		331,315		(2.8	)
Halozyme Therapeutics, Inc.		8,791		297,751		(2.5	)
Harley-Davidson, Inc.		34,083		915,129		(7.7	)
HCA Healthcare, Inc.		284		64,224		(0.5	)
Helmerich & Payne, Inc.		34,148		1,351,236		(11.4	)
Henry Schein, Inc.		828		53,803		(0.5	)
Herc Holdings, Inc.		2,748		293,459		(2.5	)
Hershey Co.		3,182		596,148		(5.0	)
Hewlett Packard Enterprise Co.		64,053		985,135		(8.3	)
Hilton Grand Vacations, Inc.		9,401		337,966		(2.9	)
Holcim Ltd.		62,813		3,928,120		(33.2	)
Home Depot, Inc.		2,826		804,534		(6.8	)
HP, Inc.		47,748		1,257,205		(10.6	)
Huntsman Corp.		54,401		1,269,175		(10.7	)
IDEXX Laboratories, Inc.		2,233		892,017		(7.5	)
Incyte Corp.		10,957		590,911		(5.0	)
Intel Corp.		17,684		645,466		(5.5	)
International Paper Co.		5,457		184,065		(1.6	)


Security	Shares		Value		% of Basket Value

United States (continued)
Invesco Ltd.		91,191	$	1,182,747		(10.0	)%
Invitation Homes, Inc.		5,706		169,411		(1.4	)
Ionis Pharmaceuticals, Inc.		9,366		414,633		(3.5	)
Iridium Communications, Inc.		4,066		150,645		(1.3	)
ITT, Inc.		3,430		320,190		(2.7	)
J M Smucker Co.		694		79,005		(0.7	)
Jack Henry & Associates, Inc.		16,070		2,265,709		(19.1	)
James Hardie Industries PLC, CDI		14,095		351,662		(3.0	)
Jazz Pharmaceuticals PLC		2,494		316,788		(2.7	)
Johnson Controls International PLC		11,952		585,887		(4.9	)
Jones Lang LaSalle, Inc.		6,592		843,249		(7.1	)
KBR, Inc.		63,433		3,688,629		(31.2	)
KeyCorp		133,229		1,361,600		(11.5	)
Keysight Technologies, Inc.		9,250		1,128,962		(9.5	)
Kimberly-Clark Corp.		425		50,847		(0.4	)
KLA Corp.		632		296,850		(2.5	)
Knight-Swift Transportation Holdings, Inc.		5,738		280,531		(2.4	)
Lam Research Corp.		162		95,292		(0.8	)
Lamar Advertising Co., Class A		9,168		754,251		(6.4	)
Landstar System, Inc.		1,652		272,217		(2.3	)
Lattice Semiconductor Corp.		8,809		489,868		(4.1	)
Leggett & Platt, Inc.		12,693		297,397		(2.5	)
Lennar Corp., Class A		14,539		1,551,021		(13.1	)
Liberty Media Corp.-Liberty Formula One		2,511		162,437		(1.4	)
Liberty Media Corp.-Liberty SiriusXM		6,029		148,012		(1.2	)
Live Nation Entertainment, Inc.		2,206		176,524		(1.5	)
Lockheed Martin Corp.		4,852		2,205,913		(18.6	)
Louisiana-Pacific Corp.		25,650		1,315,332		(11.1	)
Lyft, Inc.		139,438		1,278,646		(10.8	)
LyondellBasell Industries NV, Class A		3,525		318,096		(2.7	)
M&T Bank Corp.		1,649		185,925		(1.6	)
Magnolia Oil & Gas Corp., Class A		1,293		29,028		(0.2	)
Manhattan Associates, Inc.		22,965		4,477,716		(37.8	)
Marathon Oil Corp.		34,881		952,600		(8.0	)
Marathon Petroleum Corp.		3,861		583,976		(4.9	)
Marriott Vacations Worldwide Corp.		26,577		2,388,209		(20.2	)
Marsh & McLennan Cos., Inc.		19,710		3,738,001		(31.6	)
Martin Marietta Materials, Inc.		1,057		432,250		(3.7	)
Masco Corp.		13,389		697,433		(5.9	)
MasTec, Inc.		7,847		466,426		(3.9	)
McCormick & Co., Inc.		535		34,187		(0.3	)
McKesson Corp.		2,716		1,236,758		(10.4	)
Medical Properties Trust, Inc.		50,610		241,916		(2.0	)
Medtronic PLC		9,998		705,459		(6.0	)
Merck & Co., Inc.		8,070		828,789		(7.0	)
Meta Platforms, Inc., Class A		5,427		1,634,992		(13.8	)
MetLife, Inc.		61,026		3,662,170		(30.9	)
Mettler-Toledo International, Inc.		1,181		1,163,521		(9.8	)
MGIC Investment Corp.		17,185		289,395		(2.4	)
MGM Resorts International		37,574		1,312,084		(11.1	)
Micron Technology, Inc.		33,744		2,256,461		(19.1	)
Microsoft Corp.		24,412		8,253,941		(69.7	)
Mid-America Apartment Communities, Inc.		3,220		380,443		(3.2	)
Mohawk Industries, Inc.		4,327		347,804		(2.9	)
Molina Healthcare, Inc.		602		200,436		(1.7	)
Moody’s Corp.		8,160		2,513,280		(21.2	)
Morningstar, Inc.		185		46,849		(0.4	)
Mosaic Co.		9,507		308,787		(2.6	)
MP Materials Corp.		60,615		994,086		(8.4	)
MSCI, Inc., Class A		311		146,652		(1.2	)
Murphy USA, Inc.		1,513		548,750		(4.6	)
Nasdaq, Inc.		34,633		1,717,797		(14.5	)


SCHEDULE OF INVESTMENTS		51

Schedule of Investments (unaudited) (continued)

October 31, 2023

BlackRock Global Equity Market Neutral Fund


Security	Shares		Value		% of Basket Value

United States (continued)
National Fuel Gas Co.		603	$	30,723		(0.3	)%
Nestle SA		26,947		2,939,786		(24.8	)
NetApp, Inc.		13,908		1,012,224		(8.5	)
Neurocrine Biosciences, Inc.		3,205		355,563		(3.0	)
New Jersey Resources Corp.		6,208		251,921		(2.1	)
Newmont Corp.		229,220		8,588,873		(72.5	)
Northrop Grumman Corp.		437		206,015		(1.7	)
NRG Energy, Inc.		11,492		487,031		(4.1	)
Nutanix, Inc.		1,050		38,000		(0.3	)
NVIDIA Corp.		7,972		3,250,982		(27.5	)
NVR, Inc.		21		113,665		(1.0	)
OGE Energy Corp.		10,716		366,487		(3.1	)
Old Dominion Freight Line, Inc.		168		63,279		(0.5	)
ONE Gas, Inc.		5,029		303,752		(2.6	)
OneMain Holdings, Inc.		29,702		1,067,193		(9.0	)
O’Reilly Automotive, Inc.		2,412		2,244,221		(19.0	)
Oshkosh Corp.		26,333		2,310,194		(19.5	)
Otis Worldwide Corp.		10,781		832,401		(7.0	)
Ovintiv, Inc.		10,641		520,740		(4.4	)
Owens Corning		236		26,755		(0.2	)
PACCAR, Inc.		9,503		784,283		(6.6	)
Palo Alto Networks, Inc.		10,979		2,668,117		(22.5	)
Paramount Global, Class B		193,896		2,109,588		(17.8	)
Paychex, Inc.		19,111		2,122,277		(17.9	)
Paycom Software, Inc.		5,728		1,403,188		(11.9	)
Penn Entertainment, Inc.		39,078		771,009		(6.5	)
Penske Automotive Group, Inc.		9,687		1,386,016		(11.7	)
PepsiCo, Inc.		1,516		247,532		(2.1	)
Perrigo Co. PLC		747		20,647		(0.2	)
Pfizer, Inc.		62,441		1,908,197		(16.1	)
Philip Morris International, Inc.		20,272		1,807,452		(15.3	)
Phillips 66		1,191		135,857		(1.1	)
Portland General Electric Co.		592		23,692		(0.2	)
Post Holdings, Inc.		13,714		1,100,960		(9.3	)
PPL Corp.		80,965		1,989,310		(16.8	)
Primo Water Corp.		23,183		308,057		(2.6	)
Prosperity Bancshares, Inc.		1,239		67,575		(0.6	)
Prudential Financial, Inc.		15,153		1,385,590		(11.7	)
PulteGroup, Inc.		20,160		1,483,574		(12.5	)
Pure Storage, Inc., Class A		8,866		299,759		(2.5	)
PVH Corp.		3,010		223,794		(1.9	)
Qorvo, Inc.		4,408		385,347		(3.3	)
QUALCOMM, Inc.		11,287		1,230,170		(10.4	)
Qualys, Inc.		4,384		670,533		(5.7	)
Quanta Services, Inc.		9,625		1,608,530		(13.6	)
Regeneron Pharmaceuticals, Inc., Registered Shares		496		386,825		(3.3	)
Regions Financial Corp.		7,463		108,437		(0.9	)
Reinsurance Group of America, Inc.		16,662		2,490,469		(21.0	)
ResMed, Inc.		8,254		1,165,630		(9.8	)
RH		1,621		353,313		(3.0	)
Robert Half, Inc.		596		44,563		(0.4	)
Roche Holding AG		1,491		411,182		(3.5	)
Rollins, Inc.		6,915		260,073		(2.2	)
Royal Caribbean Cruises Ltd.		8,948		758,164		(6.4	)
S&P Global, Inc.		1,461		510,342		(4.3	)
Salesforce, Inc.		68		13,656		(0.1	)
Sarepta Therapeutics, Inc.		3,819		257,057		(2.2	)
SBA Communications Corp., Class A		1,644		342,988		(2.9	)
Seagate Technology Holdings PLC		1,752		119,574		(1.0	)
SEI Investments Co.		12,930		693,824		(5.9	)
Service Corp. International		38,986		2,121,618		(17.9	)


Security	Shares		Value		% of Basket Value

United States (continued)
Signify NV		13,132	$	339,786		(2.9	)%
Silicon Laboratories, Inc.		5,180		477,492		(4.0	)
Simon Property Group, Inc.		6,715		737,911		(6.2	)
Sirius XM Holdings, Inc.		9,417		40,305		(0.3	)
SiteOne Landscape Supply, Inc.		3,230		444,997		(3.8	)
Skechers USA, Inc.		24,676		1,189,877		(10.1	)
Skyworks Solutions, Inc.		1,318		114,323		(1.0	)
Snap, Inc.		38,697		387,357		(3.3	)
Southwest Airlines Co.		3,334		74,115		(0.6	)
Southwestern Energy Co.		10,274		73,254		(0.6	)
Spotify Technology SA		20,412		3,363,081		(28.4	)
Steel Dynamics, Inc.		818		87,125		(0.7	)
Synchrony Financial		7,045		197,612		(1.7	)
Synopsys, Inc.		1,303		611,680		(5.2	)
Synovus Financial Corp.		48,389		1,261,501		(10.7	)
Sysco Corp.		10,776		716,496		(6.1	)
T Rowe Price Group, Inc.		3,604		326,162		(2.8	)
Tapestry, Inc.		52,972		1,459,908		(12.3	)
Target Corp.		7,208		798,574		(6.7	)
TD SYNNEX Corp.		477		43,731		(0.4	)
TE Connectivity Ltd.		17,164		2,022,777		(17.1	)
Tenet Healthcare Corp.		5,520		296,424		(2.5	)
Teradata Corp.		36,550		1,561,416		(13.2	)
Teradyne, Inc.		17,215		1,433,493		(12.1	)
Tetra Tech, Inc.		235		35,464		(0.3	)
Textron, Inc.		37,600		2,857,600		(24.1	)
Thor Industries, Inc.		264		23,214		(0.2	)
TJX Cos., Inc.		2,066		181,953		(1.5	)
Toll Brothers, Inc.		6,831		483,020		(4.1	)
TopBuild Corp.		1,685		385,461		(3.3	)
Trane Technologies PLC		2,996		570,169		(4.8	)
Transocean Ltd.		17,361		114,930		(1.0	)
TransUnion		1,894		83,109		(0.7	)
Travelers Cos, Inc.		317		53,078		(0.4	)
Trex Co., Inc.		22,095		1,241,960		(10.5	)
Trimble, Inc.		1,845		86,955		(0.7	)
Truist Financial Corp.		19,588		555,516		(4.7	)
Tyson Foods, Inc., Class A		47,546		2,203,757		(18.6	)
U.S. Foods Holding Corp.		21,130		822,802		(6.9	)
UFP Industries, Inc.		3,763		358,125		(3.0	)
UGI Corp.		108,741		2,261,813		(19.1	)
U-Haul Holding Co.		4,896		231,140		(2.0	)
Ulta Beauty, Inc.		6,934		2,644,004		(22.3	)
United Airlines Holdings, Inc.		52,771		1,847,513		(15.6	)
United Therapeutics Corp.		2,142		477,366		(4.0	)
Universal Health Services, Inc.		800		100,712		(0.9	)
Unum Group		6,965		340,588		(2.9	)
US Bancorp		34,362		1,095,461		(9.3	)
Valero Energy Corp.		30,087		3,821,049		(32.3	)
Valmont Industries, Inc.		3,809		750,030		(6.3	)
Veeva Systems, Inc., Class A		3,849		741,741		(6.3	)
VeriSign, Inc.		28,440		5,678,330		(48.0	)
Visa, Inc., Class A		3,347		786,880		(6.6	)
Visteon Corp.		3,414		393,054		(3.3	)
Vulcan Materials Co.		10,354		2,034,457		(17.2	)
W.W.Grainger, Inc.		2,290		1,671,311		(14.1	)
WEC Energy Group, Inc.		13,966		1,136,693		(9.6	)
WESCO International, Inc.		2,447		313,705		(2.6	)
West Pharmaceutical Services, Inc.		882		280,732		(2.4	)
Westinghouse Air Brake Technologies Corp.		17,860		1,893,517		(16.0	)
Westlake Corp.		11,800		1,361,248		(11.5	)
WEX, Inc.		14,556		2,423,283		(20.5	)


52		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

October 31, 2023

BlackRock Global Equity Market Neutral Fund


Security	Shares			Value			% of Basket Value

United States (continued)
Weyerhaeuser Co.		41,112		$	1,179,503			(10.0	)%
WillScot Mobile Mini Holdings Corp.		7,882			310,630			(2.6	)
Woodward, Inc.		2,539			316,613			(2.7	)
Workday, Inc., Class A		9,556			2,023,101			(17.1	)
Zillow Group, Inc., Class C		25,125			910,781			(7.7	)
Zions Bancorp NA		7,499			231,344			(2.0	)
Zoetis, Inc.		1,731			271,767			(2.3	)

					355,686,758

Preferred Stocks

Germany
Bayerische Motoren Werke AG		1,354			114,898			(1.0	)


Total Reference Entity — Long					555,828,077


Reference Entity — Short

Common Stocks

Australia
Ampol Ltd.		(34,628	)		(702,178	)		5.9
ANZ Group Holdings Ltd.		(16,454	)		(259,463	)		2.2
ASX Ltd.		(53,343	)		(1,905,556	)		16.1
Aurizon Holdings Ltd.		(545,239	)		(1,187,592	)		10.0
Beach Energy Ltd.		(997,310	)		(982,302	)		8.3
Coles Group Ltd.		(213,258	)		(2,069,626	)		17.5
Computershare Ltd.		(2,093	)		(33,111	)		0.3
EBOS Group Ltd.		(22,374	)		(464,418	)		3.9
Endeavour Group Ltd.		(838,414	)		(2,633,563	)		22.3
Flutter Entertainment PLC		(2,300	)		(360,555	)		3.1
IGO Ltd.		(4,953	)		(30,114	)		0.3
Incitec Pivot Ltd.		(421,726	)		(736,200	)		6.2
Lottery Corp. Ltd.		(598,214	)		(1,726,785	)		14.6
Lynas Rare Earths Ltd.		(56,903	)		(255,972	)		2.2
Mineral Resources Ltd.		(818	)		(29,989	)		0.3
Mirvac Group		(1,103,160	)		(1,279,945	)		10.8
National Australia Bank Ltd.		(145,302	)		(2,602,975	)		22.0
Newcrest Mining Ltd.		(13,589	)		(179,934	)		1.5
NEXTDC Ltd.		(106,200	)		(797,441	)		6.7
Pilbara Minerals Ltd.		(46,468	)		(109,277	)		0.9
Qantas Airways Ltd.		(251,276	)		(786,591	)		6.6
Ramsay Health Care Ltd.		(6,561	)		(203,155	)		1.7
Reece Ltd.		(82,999	)		(925,415	)		7.8
Santos Ltd.		(771,778	)		(3,765,857	)		31.8
Wesfarmers Ltd.		(271,121	)		(8,723,079	)		73.7
Woodside Energy Group Ltd.		(1,223	)		(26,607	)		0.2

					(32,777,700	)

Austria
Mondi PLC		(31,173	)		(506,920	)		4.3
Voestalpine AG		(9,402	)		(234,497	)		2.0

					(741,417	)

Belgium
Anheuser-Busch InBev SA		(34,650	)		(1,968,577	)		16.6
Elia Group SA/NV		(6,047	)		(575,877	)		4.9
Euronav NV		(9,674	)		(172,488	)		1.4

					(2,716,942	)

Bermuda
RenaissanceRe Holdings Ltd.		(2,756	)		(605,190	)		5.1


Brazil
Yara International ASA		(14,536	)		(487,200	)		4.1


Security	Shares			Value			% of Basket Value

Canada
Air Canada		(34,333	)	$	(422,516	)		3.6	%
Alimentation Couche-Tard, Inc.		(13,400	)		(742,767	)		6.3
ARC Resources Ltd.		(2,692	)		(44,102	)		0.4
Baytex Energy Corp.		(11,429	)		(50,356	)		0.4
Canadian Apartment Properties REIT		(22,857	)		(686,808	)		5.8
Canadian National Railway Co.		(659	)		(70,101	)		0.6
Capstone Copper Corp.		(27,907	)		(96,949	)		0.8
CCL Industries, Inc., Class B		(7,885	)		(314,295	)		2.6
Constellation Software, Inc.		(354	)		(715,296	)		6.0
Fairfax Financial Holdings Ltd.		(198	)		(166,987	)		1.4
Finning International, Inc.		(5,575	)		(152,397	)		1.3
George Weston Ltd.		(538	)		(59,446	)		0.5
iA Financial Corp., Inc.		(15,987	)		(948,312	)		8.0
IGM Financial, Inc.		(1,833	)		(42,088	)		0.4
Intact Financial Corp.		(6,517	)		(933,124	)		7.9
Loblaw Cos Ltd.		(1,355	)		(112,187	)		0.9
National Bank of Canada		(17,080	)		(1,081,138	)		9.1
Nutrien Ltd.		(2,997	)		(164,325	)		1.4
Onex Corp.		(9,936	)		(567,419	)		4.8
Parkland Corp.		(52,295	)		(1,611,154	)		13.6
Quebecor, Inc., Class B		(59,214	)		(1,244,819	)		10.5
Saputo, Inc.		(22,314	)		(458,901	)		3.9
SNC-Lavalin Group, Inc.		(14,109	)		(399,770	)		3.4
TMX Group Ltd.		(16,490	)		(350,180	)		3.0

					(11,435,437	)

China
Prosus NV		(1,164	)		(32,490	)		0.3
Wilmar International Ltd.		(60,900	)		(158,492	)		1.3

					(190,982	)

Denmark
Carlsberg A/S, Class B		(8,045	)		(960,435	)		8.1
Coloplast A/S		(13,685	)		(1,425,423	)		12.1
Danske Bank A/S		(69,329	)		(1,624,341	)		13.7
Novozymes A/S		(6,868	)		(308,568	)		2.6

					(4,318,767	)

Finland
Elisa OYJ		(23,211	)		(982,379	)		8.3
Fortum OYJ		(28,265	)		(335,347	)		2.8
Kesko OYJ, B Shares		(39,445	)		(666,126	)		5.6
Metso OYJ		(6,002	)		(52,770	)		0.4
Neste OYJ		(767	)		(25,732	)		0.2
Nokia OYJ		(966,789	)		(3,213,996	)		27.2
Orion OYJ		(9,406	)		(373,534	)		3.2
Stora Enso OYJ, R Shares		(46,995	)		(563,716	)		4.8
UPM-Kymmene OYJ		(49,967	)		(1,679,515	)		14.2

					(7,893,115	)

France
Adevinta ASA		(65,311	)		(587,532	)		5.0


Germany
AIXTRON SE		(1,854	)		(51,996	)		0.4
Bayer AG		(28,848	)		(1,244,312	)		10.5
Bechtle AG		(14,272	)		(636,696	)		5.4
CTS Eventim AG & Co. KGaA		(971	)		(58,687	)		0.5
Deutsche Bank AG		(9,338	)		(102,761	)		0.9
Fresenius Medical Care AG & Co. KGaA		(2,806	)		(93,057	)		0.8
Fresenius SE & Co. KGaA		(41,572	)		(1,067,547	)		9.0
Hannover Rueck SE		(1,549	)		(341,433	)		2.9
Hella GmbH & Co. KGaA		(3,254	)		(247,362	)		2.1
HelloFresh SE		(22,598	)		(492,643	)		4.2


SCHEDULE OF INVESTMENTS		53

Schedule of Investments (unaudited) (continued)

October 31, 2023

BlackRock Global Equity Market Neutral Fund


Security	Shares			Value			% of Basket Value

Germany (continued)
Siemens Healthineers AG		(8,692	)	$	(426,831	)		3.6	%
Symrise AG, Class A		(294	)		(30,062	)		0.2
Vonovia SE		(29,615	)		(680,535	)		5.7

					(5,473,922	)

Ireland
Aercap Holdings NV		(40,589	)		(2,521,389	)		21.3


Israel
Elbit Systems Ltd.		(123	)		(23,028	)		0.2
Global-e Online Ltd.		(14,625	)		(513,484	)		4.3
ICL Group Ltd.		(10,797	)		(52,866	)		0.5
Mobileye Global, Inc., Class A		(34,389	)		(1,226,656	)		10.4
Teva Pharmaceutical Industries Ltd., ADR		(8,695	)		(74,603	)		0.6

					(1,890,637	)

Italy
Assicurazioni Generali SpA		(64,213	)		(1,273,165	)		10.8
Coca-Cola HBC AG		(8,629	)		(225,165	)		1.9
DiaSorin SpA		(2,440	)		(218,287	)		1.8
Eni SpA		(80,671	)		(1,316,410	)		11.1
Iveco Group NV		(1,472	)		(12,381	)		0.1
Leonardo SpA		(31,854	)		(480,530	)		4.1
Nexi SpA		(6,427	)		(37,276	)		0.3
Poste Italiane SpA		(13,941	)		(137,758	)		1.2

					(3,700,972	)

Japan
Advantest Corp.		(4,900	)		(126,217	)		1.1
AGC, Inc.		(177,000	)		(6,102,322	)		51.5
Asahi Group Holdings Ltd.		(22,600	)		(827,607	)		7.0
Bandai Namco Holdings, Inc.		(30,200	)		(633,768	)		5.3
Bridgestone Corp.		(600	)		(23,022	)		0.2
Capcom Co. Ltd.		(6,000	)		(196,005	)		1.7
Chiba Bank Ltd.		(15,700	)		(118,492	)		1.0
Chubu Electric Power Co., Inc.		(13,400	)		(164,112	)		1.4
Chugai Pharmaceutical Co. Ltd.		(10,600	)		(318,793	)		2.7
Daiwa House REIT Investment Corp.		(143	)		(256,231	)		2.2
East Japan Railway Co.		(78,900	)		(4,152,261	)		35.1
Electric Power Development Co. Ltd.		(1,700	)		(26,423	)		0.2
Food & Life Cos. Ltd.		(2,000	)		(33,709	)		0.3
Fukuoka Financial Group, Inc.		(11,100	)		(297,133	)		2.5
Hakuhodo DY Holdings, Inc.		(19,300	)		(158,806	)		1.3
Hankyu Hanshin Holdings, Inc.		(11,500	)		(366,572	)		3.1
Hitachi Ltd.		(500	)		(32,024	)		0.3
Ibiden Co. Ltd.		(24,100	)		(1,044,665	)		8.8
Iida Group Holdings Co. Ltd.		(25,000	)		(393,463	)		3.3
Inpex Corp.		(16,300	)		(239,798	)		2.0
Japan Airlines Co. Ltd.		(9,300	)		(173,236	)		1.5
Japan Airport Terminal Co. Ltd.		(800	)		(35,622	)		0.3
Japan Metropolitan Fund Invest		(195	)		(127,090	)		1.1
Japan Real Estate Investment Corp.		(213	)		(800,773	)		6.8
JSR Corp.		(120,500	)		(3,263,374	)		27.6
Kao Corp.		(3,500	)		(129,317	)		1.1
Keisei Electric Railway Co. Ltd.		(1,400	)		(53,014	)		0.4
Keyence Corp.		(900	)		(351,804	)		3.0
Kikkoman Corp.		(52,200	)		(3,008,670	)		25.4
Kintetsu Group Holdings Co. Ltd.		(36,900	)		(1,051,798	)		8.9
Kose Corp.		(400	)		(26,865	)		0.2
Kyushu Electric Power Co., Inc.		(18,500	)		(119,794	)		1.0
Kyushu Railway Co.		(18,000	)		(372,872	)		3.1
Lasertec Corp.		(14,700	)		(2,456,839	)		20.7


Security	Shares			Value			% of Basket Value

Japan (continued)
LY Corp.		(191,400	)	$	(494,791	)		4.2	%
Makita Corp.		(24,800	)		(649,402	)		5.5
MatsukiyoCocokara & Co.		(29,100	)		(517,137	)		4.4
Mazda Motor Corp.		(9,400	)		(92,213	)		0.8
McDonald’s Holdings Co. Japan Ltd.		(10,200	)		(402,109	)		3.4
MinebeaMitsumi, Inc.		(5,500	)		(87,456	)		0.7
Mitsubishi Motors Corp.		(958,500	)		(3,179,167	)		26.8
Mitsui High-Tec, Inc.		(3,100	)		(132,867	)		1.1
Mitsui OSK Lines Ltd.		(18,000	)		(471,508	)		4.0
NIDEC Corp.		(20,900	)		(774,634	)		6.5
Nippon Building Fund, Inc.		(698	)		(2,839,581	)		24.0
Nippon Sanso Holdings Corp.		(21,100	)		(539,263	)		4.6
Nissan Chemical Corp.		(2,700	)		(111,665	)		0.9
Nitori Holdings Co. Ltd.		(2,200	)		(241,350	)		2.0
Nomura Holdings, Inc.		(171,900	)		(673,334	)		5.7
Nomura Real Estate Master Fund, Inc.		(25	)		(27,895	)		0.2
Oji Holdings Corp.		(34,000	)		(147,316	)		1.2
Oriental Land Co. Ltd.		(6,500	)		(212,969	)		1.8
Park24 Co. Ltd.		(18,500	)		(211,213	)		1.8
Rakus Co. Ltd.		(17,200	)		(217,082	)		1.8
Rakuten Bank Ltd.		(4,500	)		(77,765	)		0.7
Rohm Co. Ltd.		(2,400	)		(39,076	)		0.3
Rohto Pharmaceutical Co. Ltd.		(14,700	)		(347,502	)		2.9
Secom Co. Ltd.		(4,100	)		(288,507	)		2.4
Seven & i Holdings Co. Ltd.		(30,900	)		(1,143,008	)		9.7
SG Holdings Co. Ltd.		(12,700	)		(182,169	)		1.5
SHIFT, Inc.		(200	)		(36,807	)		0.3
Shimano, Inc.		(15,100	)		(2,201,085	)		18.6
Shinko Electric Industries Co. Ltd.		(21,200	)		(691,671	)		5.8
SMC Corp.		(5,300	)		(2,480,937	)		21.0
Sony Group Corp.		(14,100	)		(1,186,930	)		10.0
Square Enix Holdings Co. Ltd.		(7,300	)		(245,798	)		2.1
SUMCO Corp.		(134,900	)		(1,765,988	)		14.9
Taiyo Yuden Co. Ltd.		(196,000	)		(4,458,130	)		37.7
Takeda Pharmaceutical Co. Ltd.		(64,900	)		(1,787,448	)		15.1
TDK Corp.		(92,000	)		(3,488,925	)		29.5
Thk Co. Ltd.		(1,200	)		(21,748	)		0.2
Tobu Railway Co. Ltd.		(12,100	)		(295,087	)		2.5
Tohoku Electric Power Co., Inc.		(31,400	)		(198,731	)		1.7
Tokai Carbon Co. Ltd.		(92,500	)		(719,594	)		6.1
Tokyo Electric Power Co Holdings, Inc.		(199,300	)		(854,744	)		7.2
Tokyo Gas Co. Ltd.		(1,900	)		(43,262	)		0.4
Tokyo Seimitsu Co. Ltd.		(1,000	)		(47,412	)		0.4
Tokyu Corp.		(95,000	)		(1,086,323	)		9.2
Toyo Suisan Kaisha Ltd.		(3,500	)		(163,301	)		1.4
Toyo Tire Corp.		(65,300	)		(983,117	)		8.3
Toyota Motor Corp.		(13,100	)		(229,854	)		1.9
USS Co. Ltd.		(5,000	)		(88,533	)		0.7
Visional, Inc.		(2,800	)		(138,957	)		1.2
Welcia Holdings Co. Ltd.		(111,100	)		(1,865,147	)		15.8
West Japan Railway Co.		(24,100	)		(930,563	)		7.9
Yamada Holdings Co. Ltd.		(7,900	)		(25,312	)		0.2
Yamato Holdings Co. Ltd.		(68,000	)		(1,147,146	)		9.7
Yokohama Rubber Co. Ltd.		(14,500	)		(271,698	)		2.3
Zensho Holdings Co. Ltd.		(1,600	)		(85,102	)		0.7

					(69,122,820	)

Luxembourg
Tenaris SA		(58,098	)		(923,626	)		7.8


Netherlands
Argenx SE		(21	)		(9,859	)		0.1


54		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

October 31, 2023

BlackRock Global Equity Market Neutral Fund


Security	Shares			Value			% of Basket Value

Netherlands (continued)
ASM International NV		(4,159	)	$	(1,713,297	)		14.5	%
ASML Holding NV		(2,833	)		(1,700,154	)		14.4
BE Semiconductor Industries NV		(719	)		(74,154	)		0.6
Heineken Holding NV		(20,688	)		(1,571,253	)		13.3
Heineken NV		(30,410	)		(2,727,343	)		23.0
IMCD NV		(1,718	)		(206,465	)		1.7
JDE Peet’s NV		(40,511	)		(1,123,504	)		9.5
Koninklijke Ahold Delhaize NV		(21,523	)		(636,316	)		5.4
OCI NV		(3,303	)		(76,802	)		0.6
Shell PLC		(11,384	)		(366,908	)		3.1
Universal Music Group NV		(35,431	)		(865,992	)		7.3

					(11,072,047	)

New Zealand
Auckland International Airport Ltd.		(254,430	)		(1,108,266	)		9.3
Fisher & Paykel Healthcare Corp. Ltd.		(146,745	)		(1,809,960	)		15.3
Mercury NZ Ltd.		(134,850	)		(471,860	)		4.0
Meridian Energy Ltd.		(119,359	)		(342,396	)		2.9
Spark New Zealand Ltd.		(520,982	)		(1,538,547	)		13.0

					(5,271,029	)

Norway
Frontline PLC		(2,246	)		(49,973	)		0.4
Orkla ASA		(85,098	)		(600,340	)		5.1
Salmar ASA		(13,545	)		(656,956	)		5.5
Telenor ASA		(1,903	)		(19,918	)		0.2

					(1,327,187	)

Portugal
Banco Comercial Portugues SA		(458,533	)		(141,073	)		1.2


Singapore
CapitaLand Ascendas REIT		(583,100	)		(1,109,126	)		9.4
Genting Singapore Ltd.		(841,000	)		(528,912	)		4.5
Grab Holdings Ltd., Class A		(261,873	)		(803,950	)		6.8
Jardine Cycle & Carriage Ltd.		(13,600	)		(280,474	)		2.4
Oversea-Chinese Banking Corp. Ltd.		(56,300	)		(522,530	)		4.4
Singapore Exchange Ltd.		(45,500	)		(315,371	)		2.6
Singapore Technologies Engineering Ltd.		(154,300	)		(424,064	)		3.6
Singapore Telecommunications Ltd.		(423,000	)		(735,816	)		6.2
United Overseas Bank Ltd.		(1,200	)		(23,696	)		0.2
UOL Group Ltd.		(72,000	)		(310,454	)		2.6

					(5,054,393	)

South Africa
Anglo American PLC		(37,238	)		(954,119	)		8.1


Spain
Amadeus IT Group SA		(13,791	)		(785,614	)		6.6
Cellnex Telecom SA		(11,528	)		(338,225	)		2.8
Corp. ACCIONA Energias Renovables SA		(373	)		(10,078	)		0.1
Endesa SA		(30,065	)		(564,566	)		4.8

					(1,698,483	)

Sweden
Alfa Laval AB		(4,478	)		(146,517	)		1.2
Assa Abloy AB		(1,600	)		(34,238	)		0.3
Atlas Copco AB, A Shares		(94,110	)		(1,246,494	)		10.5
Beijer Ref AB, Class B		(2,361	)		(22,949	)		0.2
Boliden AB		(16,171	)		(424,778	)		3.6
Castellum AB		(103,087	)		(1,011,167	)		8.5
Epiroc AB		(2,694	)		(38,378	)		0.3
Epiroc AB		(27,132	)		(458,505	)		3.9
EQT AB		(20,340	)		(380,827	)		3.2


Security	Shares			Value			% of Basket Value

Sweden (continued)
Essity AB		(53,893	)	$	(1,254,965	)		10.6	%
Evolution Ab		(13,539	)		(1,235,418	)		10.4
Getinge AB		(12,141	)		(223,457	)		1.9
H & M Hennes & Mauritz AB, B Shares		(37,125	)		(510,673	)		4.3
Hexagon AB, B Shares		(15,662	)		(128,110	)		1.1
Holmen AB		(8,771	)		(338,794	)		2.9
Industrivarden AB, Class A		(470	)		(12,442	)		0.1
Investment AB Latour		(3,411	)		(60,141	)		0.5
Investor AB, B Shares		(15,010	)		(282,243	)		2.4
L E Lundbergforetagen AB		(276	)		(11,535	)		0.1
Lifco AB, B Shares		(13,218	)		(246,913	)		2.1
Nibe Industrier AB		(5,230	)		(30,246	)		0.2
Sandvik Ab		(36,541	)		(637,183	)		5.4
Skandinaviska Enskilda Banken AB		(271,751	)		(3,089,482	)		26.1
Skanska AB, B Shares		(24,540	)		(377,137	)		3.2
Svenska Cellulosa AB SCA, Class B		(83,287	)		(1,166,955	)		9.9
Svenska Handelsbanken AB, A Shares		(223,820	)		(1,921,641	)		16.2
Swedbank AB		(225,832	)		(3,721,034	)		31.4
Tele2 AB, B Shares		(71,387	)		(519,297	)		4.4
Telia Co. AB		(983,010	)		(2,130,249	)		18.0
Volvo AB, B Shares		(4,430	)		(89,832	)		0.8

					(21,751,600	)

Switzerland
Alcon, Inc.		(9,811	)		(710,462	)		6.0
Bachem Holding AG		(5,229	)		(384,355	)		3.3
Baloise Holding AG, Registered Shares		(3,106	)		(450,847	)		3.8
Barry Callebaut AG, Registered Shares		(964	)		(1,478,106	)		12.5
EMS-Chemie Holding AG, Registered Shares		(772	)		(533,886	)		4.5
Lonza Group AG, Registered Shares		(631	)		(224,264	)		1.9
On Holding AG		(29,725	)		(763,041	)		6.4
SIG Group AG		(4,414	)		(98,419	)		0.8
Sika AG		(3,090	)		(749,057	)		6.3
Swatch Group AG		(140	)		(36,523	)		0.3
Swiss Life Holding AG, Registered Shares		(3,622	)		(2,352,023	)		19.9
Swisscom AG, Registered Shares		(6,914	)		(4,189,202	)		35.4
UBS Group AG		(155,683	)		(3,700,703	)		31.3
VAT Group AG		(702	)		(251,811	)		2.1

					(15,922,699	)

Thailand
Fabrinet		(9,116	)		(1,412,980	)		11.9


United Kingdom
Abrdn PLC		(254,080	)		(487,670	)		4.1
Admiral Group PLC		(10,161	)		(303,037	)		2.6
Barratt Developments PLC		(104,715	)		(530,815	)		4.5
Beazley PLC		(53,959	)		(339,784	)		2.9
Coca-Cola Europacific Partners PLC		(25,601	)		(1,497,914	)		12.6
DCC PLC		(22,639	)		(1,264,227	)		10.7
Diageo PLC		(19,001	)		(716,252	)		6.0
DS Smith PLC		(169,581	)		(591,174	)		5.0
Endeavour Mining PLC		(4,845	)		(100,469	)		0.8
Entain PLC		(4,201	)		(47,691	)		0.4
Hiscox Ltd.		(39,758	)		(455,641	)		3.8
Howden Joinery Group PLC		(70,814	)		(552,873	)		4.7
HSBC Holdings PLC		(671,782	)		(4,878,563	)		41.2
JD Sports Fashion PLC		(125,921	)		(196,840	)		1.7
JET2 PLC		(27,750	)		(340,920	)		2.9
Legal & General Group PLC		(274,644	)		(711,368	)		6.0
Lloyds Banking Group PLC		(2,522,602	)		(1,233,672	)		10.4
M&G PLC		(291,474	)		(707,483	)		6.0
Ocado Group PLC		(13,295	)		(75,866	)		0.6


SCHEDULE OF INVESTMENTS		55

Schedule of Investments (unaudited) (continued)

October 31, 2023

BlackRock Global Equity Market Neutral Fund


Security	Shares			Value			% of Basket Value

United Kingdom (continued)
Persimmon PLC		(23,656	)	$	(294,482	)		2.5	%
Reckitt Benckiser Group PLC		(26,988	)		(1,806,807	)		15.3
RELX PLC		(17,673	)		(620,160	)		5.2
Rentokil Initial PLC		(415,578	)		(2,129,550	)		18.0
Smith & Nephew PLC		(11,388	)		(128,176	)		1.1
Spirax-Sarco Engineering PLC		(548	)		(54,556	)		0.5
Standard Chartered PLC		(23,188	)		(178,874	)		1.5
Unilever PLC		(22,018	)		(1,047,879	)		8.8
Vistry Group PLC		(193,602	)		(1,677,755	)		14.2

					(22,970,498	)

United States
10X Genomics, Inc., Class A		(11,578	)		(408,472	)		3.5
Abbott Laboratories		(9,686	)		(915,811	)		7.7
Accenture PLC, Class A		(7,236	)		(2,149,743	)		18.2
Acuity Brands, Inc.		(1,363	)		(220,765	)		1.9
Affirm Holdings, Inc.		(26,593	)		(468,303	)		4.0
Aflac, Inc.		(92,788	)		(7,247,671	)		61.2
Agilon Health, Inc.		(45,376	)		(816,768	)		6.9
Agree Realty Corp.		(25,250	)		(1,412,485	)		11.9
Air Lease Corp., Class A		(15,634	)		(541,405	)		4.6
Airbnb, Inc., Class A		(12,361	)		(1,462,183	)		12.4
Albemarle Corp.		(10,068	)		(1,276,421	)		10.8
Alexandria Real Estate Equities, Inc.		(2,046	)		(190,544	)		1.6
Alight, Inc., Class A		(137,468	)		(912,788	)		7.7
Allegion PLC		(3,091	)		(304,031	)		2.6
Alliant Energy Corp.		(58,817	)		(2,869,681	)		24.2
Ally Financial, Inc.		(59	)		(1,427	)		0.0
Amcor PLC		(211,945	)		(1,884,191	)		15.9
American Airlines Group, Inc.		(2	)		(22	)		0.0
American Electric Power Co., Inc.		(53,905	)		(4,071,984	)		34.4
American Tower Corp.		(3,039	)		(541,519	)		4.6
American Water Works Co., Inc.		(2,116	)		(248,947	)		2.1
Americold Realty Trust, Inc.		(10,457	)		(274,183	)		2.3
Amkor Technology, Inc.		(28,172	)		(587,668	)		5.0
Amphenol Corp., Class A		(48,420	)		(3,900,231	)		32.9
Annaly Capital Management, Inc.		(94,387	)		(1,473,381	)		12.4
Antero Midstream Corp.		(4,104	)		(50,643	)		0.4
Apellis Pharmaceuticals, Inc.		(15,052	)		(732,430	)		6.2
Apollo Global Management, Inc.		(53,723	)		(4,160,309	)		35.1
Aptiv PLC		(324	)		(28,253	)		0.2
Arista Networks, Inc.		(6,657	)		(1,333,863	)		11.3
Asana, Inc., Class A		(9,797	)		(180,951	)		1.5
Aspen Technology, Inc.		(4,347	)		(772,679	)		6.5
ATI, Inc.		(14,663	)		(553,822	)		4.7
Automatic Data Processing, Inc.		(465	)		(101,472	)		0.9
Avantor, Inc.		(17,415	)		(303,543	)		2.6
Avery Dennison Corp.		(22,359	)		(3,892,031	)		32.9
Avis Budget Group, Inc.		(339	)		(55,189	)		0.5
Axon Enterprise, Inc.		(125	)		(25,561	)		0.2
Ball Corp.		(20,752	)		(999,209	)		8.4
Bath & Body Works, Inc.		(16,184	)		(479,856	)		4.1
Baxter International, Inc.		(5,001	)		(162,182	)		1.4
Bentley Systems, Inc., Class B		(593	)		(28,844	)		0.2
Berry Global Group, Inc.		(25,060	)		(1,378,300	)		11.6
BILL Holdings, Inc.		(3,293	)		(300,618	)		2.5
Biogen, Inc.		(3,053	)		(725,210	)		6.1
Bio-Rad Laboratories, Inc.		(203	)		(55,882	)		0.5
BJ’s Wholesale Club Holdings, Inc.		(20,189	)		(1,375,275	)		11.6
Blackline, Inc.		(711	)		(34,910	)		0.3
Blue Owl Capital, Inc., Class A		(73,592	)		(907,389	)		7.7


Security	Shares			Value			% of Basket Value

United States (continued)
Boeing Co.		(12,081	)	$	(2,256,972	)		19.1	%
Boston Beer Co., Inc., Class A		(1,611	)		(537,993	)		4.5
Boston Properties, Inc.		(68,871	)		(3,689,419	)		31.2
Boston Scientific Corp.		(15,226	)		(779,419	)		6.6
Braze, Inc.		(7,213	)		(307,130	)		2.6
Broadcom, Inc.		(1,864	)		(1,568,314	)		13.2
Broadridge Financial Solutions, Inc.		(52	)		(8,873	)		0.1
Brown & Brown, Inc.		(19,632	)		(1,362,853	)		11.5
Bumble, Inc., Class A		(2,344	)		(31,503	)		0.3
BWX Technologies, Inc.		(15,623	)		(1,160,476	)		9.8
Carlisle Cos., Inc.		(116	)		(29,474	)		0.2
Carrier Global Corp.		(30,190	)		(1,438,855	)		12.2
Carvana Co., Class A		(1,135	)		(30,645	)		0.3
Cboe Global Markets, Inc.		(3,538	)		(579,843	)		4.9
CBRE Group, Inc., Class A		(2,606	)		(180,700	)		1.5
Celanese Corp., Class A		(29,520	)		(3,380,335	)		28.6
Ceridian HCM Holding, Inc.		(980	)		(62,730	)		0.5
CF Industries Holdings, Inc.		(9,873	)		(787,668	)		6.7
Chart Industries, Inc.		(1,638	)		(190,385	)		1.6
Chesapeake Energy Corp.		(27,545	)		(2,371,074	)		20.0
Chevron Corp.		(2,034	)		(296,415	)		2.5
Chipotle Mexican Grill, Inc., Class A		(1,376	)		(2,672,467	)		22.6
Chord Energy Corp.		(17,740	)		(2,932,777	)		24.8
Chubb Ltd.		(848	)		(181,998	)		1.5
Churchill Downs, Inc.		(12,319	)		(1,353,119	)		11.4
Cisco Systems, Inc.		(47,683	)		(2,485,715	)		21.0
Civitas Resources, Inc.		(40,125	)		(3,026,629	)		25.6
Cloudflare, Inc.		(6,006	)		(340,480	)		2.9
CME Group, Inc.		(1,086	)		(231,818	)		2.0
Coherent Corp.		(39,599	)		(1,172,130	)		9.9
Coinbase Global, Inc.		(25,768	)		(1,987,228	)		16.8
Columbia Sportswear Co.		(2,982	)		(220,072	)		1.9
Comcast Corp., Class A		(27,232	)		(1,124,409	)		9.5
Commercial Metals Co.		(670	)		(28,334	)		0.2
Conagra Brands, Inc.		(993	)		(27,168	)		0.2
Concentrix Corp.		(329	)		(25,073	)		0.2
Confluent, Inc., Class A		(20,011	)		(578,518	)		4.9
Constellation Energy Corp.		(17,995	)		(2,031,995	)		17.2
Cooper Cos., Inc.		(7,645	)		(2,383,329	)		20.1
Corteva, Inc.		(5,416	)		(260,726	)		2.2
Costco Wholesale Corp.		(3,373	)		(1,863,380	)		15.7
Coty, Inc., Class A		(75,447	)		(706,938	)		6.0
Cousins Properties, Inc.		(51,256	)		(915,945	)		7.7
Crane Co.		(16,621	)		(1,617,722	)		13.7
Crown Holdings, Inc.		(12,801	)		(1,031,761	)		8.7
CSL Ltd.		(750	)		(110,388	)		0.9
CVS Health Corp.		(8,898	)		(614,051	)		5.2
CyberArk Software Ltd.		(1,171	)		(191,622	)		1.6
Danaher Corp.		(6,208	)		(1,192,060	)		10.1
Darden Restaurants, Inc.		(10,703	)		(1,557,608	)		13.2
Diamondback Energy, Inc.		(8,605	)		(1,379,554	)		11.7
Digital Realty Trust, Inc.		(4,592	)		(571,061	)		4.8
Dollar General Corp.		(19,125	)		(2,276,640	)		19.2
Dollar Tree, Inc.		(15,017	)		(1,668,239	)		14.1
Dominion Energy, Inc.		(29,633	)		(1,194,803	)		10.1
DoorDash, Inc.		(6,974	)		(522,701	)		4.4
DoubleVerify Holdings, Inc.		(1,279	)		(35,595	)		0.3
Dover Corp.		(11,815	)		(1,535,359	)		13.0
Dow, Inc.		(16,468	)		(796,063	)		6.7
Doximity, Inc.		(32,666	)		(667,366	)		5.6
DraftKings, Inc., Class A		(50,174	)		(1,385,806	)		11.7


56		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

October 31, 2023

BlackRock Global Equity Market Neutral Fund


Security	Shares			Value			% of Basket Value

United States (continued)
Duke Energy Corp.		(24,547	)	$	(2,181,983	)		18.4	%
Dun & Bradstreet Holdings, Inc.		(55,309	)		(484,507	)		4.1
Duolingo, Inc.		(10,083	)		(1,472,622	)		12.4
DuPont de Nemours, Inc.		(3,991	)		(290,864	)		2.5
DXC Technology Co.		(3,699	)		(74,609	)		0.6
Dynatrace, Inc.		(9,046	)		(404,447	)		3.4
Eastgroup Properties, Inc.		(3,004	)		(490,403	)		4.1
Edison International		(26,856	)		(1,693,539	)		14.3
Element Solutions, Inc.		(34,630	)		(631,305	)		5.3
Endeavor Group Holdings, Inc.		(2,888	)		(65,731	)		0.6
Entegris, Inc.		(5,308	)		(467,316	)		3.9
Equifax, Inc.		(3,357	)		(569,246	)		4.8
Equinix, Inc.		(190	)		(138,632	)		1.2
Erie Indemnity Co., Class A		(1,782	)		(492,171	)		4.2
Estee Lauder Cos, Inc., Class A		(24,239	)		(3,123,680	)		26.4
Everest Group Ltd.		(123	)		(48,661	)		0.4
Eversource Energy		(6,196	)		(333,283	)		2.8
Exelon Corp.		(21,500	)		(837,210	)		7.1
Extra Space Storage, Inc.		(19,302	)		(1,999,494	)		16.9
F&G Annuities & Life, Inc.		(1	)		(31	)		0.0
FactSet Research Systems, Inc.		(921	)		(397,771	)		3.4
Federal Realty Investment Trust		(67	)		(6,110	)		0.1
Ferguson PLC		(292	)		(44,106	)		0.4
Fifth Third Bancorp		(22,446	)		(532,195	)		4.5
First Citizens BancShares, Inc., Class A		(533	)		(735,934	)		6.2
First Solar, Inc.		(771	)		(109,829	)		0.9
FirstEnergy Corp.		(12,355	)		(439,838	)		3.7
Five Below, Inc.		(378	)		(65,764	)		0.6
Floor & Decor Holdings, Inc., Class A		(728	)		(59,987	)		0.5
Fluence Energy, Inc.		(18,983	)		(328,786	)		2.8
Fortive Corp.		(43,618	)		(2,847,383	)		24.1
Fox Factory Holding Corp.		(8,744	)		(712,374	)		6.0
Freshworks, Inc., Class A		(48,107	)		(863,040	)		7.3
FTI Consulting, Inc.		(3,444	)		(731,023	)		6.2
GameStop Corp., Class A		(8,424	)		(115,998	)		1.0
Gaming and Leisure Properties, Inc.		(54,097	)		(2,455,463	)		20.7
Garmin Ltd.		(881	)		(90,329	)		0.8
GE HealthCare Technologies, Inc.		(11,634	)		(774,475	)		6.5
Gitlab, Inc., Class A		(27,417	)		(1,186,608	)		10.0
GlobalFoundries, Inc.		(7,485	)		(371,406	)		3.1
Goldman Sachs Group, Inc.		(2,269	)		(688,891	)		5.8
Graphic Packaging Holding Co.		(60,670	)		(1,305,012	)		11.0
Haleon PLC		(458,098	)		(1,845,358	)		15.6
Hasbro, Inc.		(7,121	)		(321,513	)		2.7
HashiCorp, Inc., Class A		(17,598	)		(346,505	)		2.9
HB Fuller Co.		(2,452	)		(162,200	)		1.4
Healthcare Realty Trust, Inc., Class A		(171,104	)		(2,455,342	)		20.7
Hertz Global Holdings, Inc.		(95,617	)		(806,051	)		6.8
Hexcel Corp.		(7,318	)		(453,131	)		3.8
Hilton Worldwide Holdings, Inc.		(23,903	)		(3,622,022	)		30.6
Hormel Foods Corp.		(20,192	)		(657,250	)		5.6
Howmet Aerospace, Inc.		(44,707	)		(1,971,579	)		16.7
Hyatt Hotels Corp., Class A		(26,919	)		(2,757,582	)		23.3
ICON PLC, ADR		(2,896	)		(706,508	)		6.0
IDEX Corp.		(14,663	)		(2,806,645	)		23.7
ImmunoGen, Inc.		(28,454	)		(422,826	)		3.6
Immunovant, Inc.		(3,461	)		(114,386	)		1.0
Ingersoll Rand, Inc.		(70,418	)		(4,272,964	)		36.1
Insulet Corp.		(1,286	)		(170,485	)		1.4
Interactive Brokers Group, Inc., Class A		(50,491	)		(4,042,814	)		34.1
International Business Machines Corp.		(25,332	)		(3,664,020	)		30.9
International Flavors & Fragrances, Inc.		(9,889	)		(675,913	)		5.7


Security	Shares			Value			% of Basket Value

United States (continued)
International Game Technology PLC		(1	)	$	(25	)		0.0	%
Interpublic Group of Cos, Inc.		(65,596	)		(1,862,926	)		15.7
Intra-Cellular Therapies, Inc.		(21,821	)		(1,085,813	)		9.2
Intuit, Inc.		(3,130	)		(1,549,193	)		13.1
IPG Photonics Corp.		(25	)		(2,148	)		0.0
Iron Mountain, Inc.		(998	)		(58,952	)		0.5
Jacobs Solutions, Inc.		(379	)		(50,521	)		0.4
JB Hunt Transport Services, Inc.		(1,016	)		(174,620	)		1.5
Joby Aviation, Inc.		(7,894	)		(41,601	)		0.4
Karuna Therapeutics, Inc.		(4,048	)		(674,437	)		5.7
Keurig Dr. Pepper, Inc.		(220,038	)		(6,673,753	)		56.4
Kinder Morgan, Inc.		(35,110	)		(568,782	)		4.8
Kite Realty Group Trust		(111,083	)		(2,368,290	)		20.0
KKR & Co., Inc.		(24,850	)		(1,376,690	)		11.6
L3Harris Technologies, Inc.		(6,448	)		(1,156,836	)		9.8
Laboratory Corp. of America Holdings		(12,432	)		(2,483,043	)		21.0
Lancaster Colony Corp.		(449	)		(75,957	)		0.6
Lantheus Holdings, Inc.		(20,788	)		(1,342,905	)		11.3
Las Vegas Sands Corp.		(27,003	)		(1,281,562	)		10.8
Lennox International, Inc.		(560	)		(207,502	)		1.8
Levi Strauss & Co., Class A		(30,199	)		(412,820	)		3.5
Light & Wonder, Inc.		(5,164	)		(377,540	)		3.2
Linde PLC		(5,633	)		(2,152,707	)		18.2
Loews Corp.		(32,808	)		(2,100,040	)		17.7
MACOM Technology Solutions Holdings, Inc.		(10,996	)		(775,658	)		6.6
Madison Square Garden Sports Corp.		(4,040	)		(679,286	)		5.7
MarketAxess Holdings, Inc.		(589	)		(125,899	)		1.1
Marriott International, Inc., Class A		(3,791	)		(714,831	)		6.0
Masimo Corp.		(678	)		(55,006	)		0.5
Matador Resources Co.		(15,030	)		(927,201	)		7.8
Match Group, Inc.		(6,306	)		(218,188	)		1.8
Maximus, Inc.		(3,661	)		(273,550	)		2.3
McDonald’s Corp.		(6,625	)		(1,736,876	)		14.7
MicroStrategy, Inc., Class A		(14,688	)		(6,218,752	)		52.5
Middleby Corp.		(74	)		(8,352	)		0.1
MKS Instruments, Inc.		(826	)		(54,235	)		0.5
Moderna, Inc.		(537	)		(40,791	)		0.3
Monday.com Ltd.		(508	)		(66,035	)		0.6
MongoDB, Inc., Class A		(6,612	)		(2,278,429	)		19.2
Monolithic Power Systems, Inc.		(814	)		(359,576	)		3.0
Morgan Stanley		(6,831	)		(483,771	)		4.1
Motorola Solutions, Inc.		(5,945	)		(1,655,445	)		14.0
MSC Industrial Direct Co., Inc., Class A		(3,959	)		(375,115	)		3.2
Mueller Industries, Inc.		(14,766	)		(556,826	)		4.7
Murphy Oil Corp.		(9,453	)		(424,156	)		3.6
Natera, Inc.		(109	)		(4,302	)		0.0
National Storage Affiliates Trust		(63,682	)		(1,816,211	)		15.3
NCR Atleos Corp.		(1	)		(22	)		0.0
Neogen Corp.		(10,093	)		(150,285	)		1.3
New Fortress Energy, Inc.		(7,177	)		(217,463	)		1.8
New York Community Bancorp, Inc.		(10,529	)		(99,815	)		0.8
New York Times Co.		(14,471	)		(583,326	)		4.9
News Corp., Class A		(78,925	)		(1,632,169	)		13.8
Nexstar Media Group, Inc., Class A		(687	)		(96,235	)		0.8
NextEra Energy, Inc.		(11,153	)		(650,220	)		5.5
Noble Corp. PLC		(56,092	)		(2,618,935	)		22.1
Nordson Corp.		(6,131	)		(1,303,389	)		11.0
Northern Trust Corp.		(967	)		(63,735	)		0.5
Norwegian Cruise Line Holdings Ltd.		(4,806	)		(65,362	)		0.6
nVent Electric PLC		(15,140	)		(728,688	)		6.2
Old Republic International Corp.		(56,398	)		(1,544,177	)		13.0
Omnicom Group, Inc.		(12,471	)		(934,203	)		7.9


SCHEDULE OF INVESTMENTS		57

Schedule of Investments (unaudited) (continued)

October 31, 2023

BlackRock Global Equity Market Neutral Fund


Security	Shares			Value			% of Basket Value

United States (continued)
ON Semiconductor Corp.		(29,561	)	$	(1,851,701	)		15.6	%
Onto Innovation, Inc.		(8,018	)		(900,983	)		7.6
Oracle Corp.		(852	)		(88,097	)		0.7
Organon & Co.		(26,607	)		(393,518	)		3.3
Ormat Technologies, Inc.		(4,193	)		(258,037	)		2.2
Palantir Technologies, Inc.		(193,662	)		(2,866,198	)		24.2
Parsons Corp.		(17,383	)		(983,009	)		8.3
PayPal Holdings, Inc.		(28,108	)		(1,455,994	)		12.3
PBF Energy, Inc., Class A		(7,362	)		(349,916	)		3.0
Penumbra, Inc.		(1,642	)		(313,868	)		2.7
Permian Resources Corp., Class A		(72,182	)		(1,051,692	)		8.9
PG&E Corp.		(115,512	)		(1,882,846	)		15.9
Pinnacle Financial Partners, Inc.		(5,514	)		(343,853	)		2.9
Pinnacle West Capital Corp.		(14,626	)		(1,084,957	)		9.2
Pinterest, Inc.		(38,638	)		(1,154,503	)		9.8
Planet Fitness, Inc., Class A		(1,172	)		(64,776	)		0.5
Plug Power, Inc.		(79,108	)		(465,946	)		3.9
PNC Financial Services Group, Inc.		(6,780	)		(776,107	)		6.6
Primerica, Inc.		(603	)		(115,269	)		1.0
Procore Technologies, Inc.		(76	)		(4,643	)		0.0
Progressive Corp.		(912	)		(144,178	)		1.2
Progyny, Inc.		(2,853	)		(88,044	)		0.7
Prologis, Inc.		(3,330	)		(335,498	)		2.8
PTC, Inc.		(4,033	)		(566,314	)		4.8
Public Service Enterprise Group, Inc.		(26,416	)		(1,628,546	)		13.8
QIAGEN NV		(11,739	)		(437,100	)		3.7
QuantumScape Corp., Class A		(4,149	)		(21,658	)		0.2
Quest Diagnostics, Inc.		(4,592	)		(597,419	)		5.0
R1 RCM, Inc.		(14,710	)		(173,431	)		1.5
Radian Group, Inc.		(6,080	)		(154,067	)		1.3
Ralph Lauren Corp., Class A		(3,743	)		(421,200	)		3.6
Rambus, Inc.		(879	)		(47,756	)		0.4
Range Resources Corp.		(11,544	)		(413,737	)		3.5
Raymond James Financial, Inc.		(15,507	)		(1,479,988	)		12.5
Realty Income Corp.		(18,704	)		(886,196	)		7.5
Regal Rexnord Corp., Registered Shares		(3,317	)		(392,766	)		3.3
Repligen Corp.		(5,406	)		(727,431	)		6.1
Revvity, Inc.		(2,284	)		(189,229	)		1.6
Rithm Capital Corp.		(211,150	)		(1,970,029	)		16.6
Rivian Automotive, Inc.		(22,714	)		(368,421	)		3.1
RLI Corp.		(6,384	)		(850,604	)		7.2
Robinhood Markets, Inc.		(67,288	)		(615,012	)		5.2
Roku, Inc.		(7,806	)		(465,003	)		3.9
Roper Technologies, Inc.		(4,814	)		(2,351,976	)		19.9
Ross Stores, Inc.		(8,916	)		(1,033,989	)		8.7
Ryman Hospitality Properties, Inc.		(8,403	)		(719,297	)		6.1
Samsara, Inc., Class A		(23,238	)		(536,101	)		4.5
Schlumberger NV		(13,044	)		(726,029	)		6.1
Sealed Air Corp.		(8,517	)		(262,238	)		2.2
Selective Insurance Group, Inc.		(4,994	)		(519,925	)		4.4
Sensata Technologies Holding PLC		(2,172	)		(69,243	)		0.6
SentinelOne, Inc.		(22,009	)		(344,001	)		2.9
Sherwin-Williams Co.		(103	)		(24,536	)		0.2
Shockwave Medical, Inc.		(1,763	)		(363,636	)		3.1
Simpson Manufacturing Co., Inc.		(619	)		(82,438	)		0.7
Snowflake, Inc.		(10,067	)		(1,461,024	)		12.3
SoFi Technologies, Inc.		(117,187	)		(884,762	)		7.5
SolarEdge Technologies, Inc.		(12,616	)		(958,185	)		8.1
Sonoco Products Co.		(16,909	)		(876,055	)		7.4
Southern Co.		(45,729	)		(3,077,562	)		26.0


Security	Shares			Value			% of Basket Value

United States (continued)
SouthState Corp.		(14,924	)	$	(986,476	)		8.3	%
Sprouts Farmers Market, Inc.		(9,414	)		(395,576	)		3.3
SPS Commerce, Inc.		(1,502	)		(240,831	)		2.0
SS&C Technologies Holdings, Inc.		(41,993	)		(2,110,148	)		17.8
STAG Industrial, Inc.		(42,158	)		(1,400,489	)		11.8
Starwood Property Trust, Inc.		(47,914	)		(850,473	)		7.2
State Street Corp.		(15,893	)		(1,027,165	)		8.7
STERIS PLC		(10,353	)		(2,173,923	)		18.4
Stryker Corp.		(4,425	)		(1,195,723	)		10.1
Sun Communities, Inc.		(699	)		(77,757	)		0.7
Super Micro Computer, Inc.		(1,133	)		(271,320	)		2.3
Swiss Re AG		(2,497	)		(275,799	)		2.3
Take-Two Interactive Software, Inc.		(10,605	)		(1,418,419	)		12.0
Teledyne Technologies, Inc.		(4,427	)		(1,658,310	)		14.0
Teleflex, Inc.		(168	)		(31,038	)		0.3
Tempur Sealy International, Inc.		(2,550	)		(101,822	)		0.9
Tenable Holdings, Inc.		(1,961	)		(82,578	)		0.7
Terreno Realty Corp.		(9,984	)		(531,948	)		4.5
Tesla, Inc.		(7,239	)		(1,453,881	)		12.3
Texas Instruments, Inc.	��	(3,170	)		(450,172	)		3.8
TKO Group Holdings, Inc.		(7,930	)		(650,101	)		5.5
Toro Co.		(831	)		(67,178	)		0.6
Trade Desk, Inc., Class A		(30,071	)		(2,133,838	)		18.0
Tradeweb Markets, Inc., Class A		(3,174	)		(285,692	)		2.4
TransDigm Group, Inc.		(2,215	)		(1,834,219	)		15.5
Tyler Technologies, Inc.		(3,533	)		(1,317,456	)		11.1
Union Pacific Corp.		(14,296	)		(2,967,993	)		25.1
United Parcel Service, Inc., Class B		(1,086	)		(153,398	)		1.3
United Rentals, Inc.		(104	)		(42,252	)		0.4
UnitedHealth Group, Inc.		(836	)		(447,728	)		3.8
Valaris Ltd.		(22,315	)		(1,473,683	)		12.4
Valley National Bancorp		(60,890	)		(473,724	)		4.0
Valvoline, Inc.		(11,606	)		(344,350	)		2.9
Vaxcyte, Inc.		(12,588	)		(605,483	)		5.1
Veralto Corp.		(900	)		(62,100	)		0.5
Vertiv Holdings Co., Class A		(34,334	)		(1,348,296	)		11.4
Viatris, Inc.		(8,125	)		(72,313	)		0.6
Vontier Corp.		(26,259	)		(776,216	)		6.6
Walgreens Boots Alliance, Inc.		(13,513	)		(284,854	)		2.4
Walt Disney Co.		(31,562	)		(2,575,144	)		21.8
Warner Music Group Corp., Class A		(15,985	)		(500,330	)		4.2
Waste Management, Inc.		(33,458	)		(5,498,153	)		46.4
Watsco, Inc.		(147	)		(51,287	)		0.4
Webster Financial Corp.		(13,233	)		(502,457	)		4.2
Welltower, Inc.		(39,611	)		(3,311,876	)		28.0
Western Alliance Bancorp		(1,090	)		(44,799	)		0.4
Whirlpool Corp.		(8,956	)		(936,439	)		7.9
Wingstop, Inc.		(2,013	)		(367,916	)		3.1
Wolfspeed, Inc.		(19,002	)		(643,028	)		5.4
WP Carey, Inc.		(1,292	)		(69,316	)		0.6
Wyndham Hotels & Resorts, Inc.		(4,560	)		(330,144	)		2.8
Xcel Energy, Inc.		(883	)		(52,335	)		0.4
XPO, Inc.		(10,322	)		(782,511	)		6.6
YETI Holdings, Inc.		(19,363	)		(823,315	)		7.0
Yum! Brands, Inc.		(860	)		(103,940	)		0.9
ZoomInfo Technologies, Inc., Class A		(24,805	)		(321,473	)		2.7

					(332,980,818	)


58		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

October 31, 2023

BlackRock Global Equity Market Neutral Fund


Security	Shares			Value			% of Basket Value

Preferred Stocks

Germany
Dr Ing Hc F Porsche AG		(4,285	)	$	(374,824	)		3.2	%
Sartorius AG		(2,743	)		(686,099	)		5.8
Volkswagen AG		(6,250	)		(661,603	)		5.6

					(1,722,526	)


Total Reference Entity — Short					(567,667,100)


Net Value of Reference Entity — BNP Paribas SA				$	(11,839,023	)


Security	Shares		Value		% of Basket Value

Reference Entity — Long

Common Stocks

Australia
Abacus Group		122,639	$	74,684		18.7	%
Accent Group Ltd.		90,364		107,931		27.1
Adbri Ltd.		30,846		38,751		9.7
Alumina Ltd.		477,628		237,467		59.6
AMP Ltd.		386,773		257,703		64.7
Arena REIT		38,579		78,046		19.6
AUB Group Ltd.		8,321		142,901		35.9
Aussie Broadband Ltd.		9,148		22,790		5.7
Austal Ltd.		152,925		164,781		41.4
Bega Cheese Ltd.		153,636		272,301		68.4
Boral Ltd.		190,257		545,425		137.0
Challenger Ltd.		92,126		343,452		86.2
Charter Hall Long Wale REIT		36,623		70,517		17.7
CSR Ltd.		362,076		1,292,340		324.5
Data#3 Ltd.		27,573		118,860		29.8
Downer EDI Ltd.		210,403		506,031		127.1
GrainCorp Ltd.		51,082		225,438		56.6
Growthpoint Properties Australia Ltd.		141,352		177,434		44.6
Imdex Ltd.		18,913		19,882		5.0
Monadelphous Group Ltd.		9,763		87,462		22.0
NRW Holdings Ltd.		36,196		57,816		14.5
oOh!media Ltd.		44,956		37,299		9.4
Perenti Ltd.		68,490		46,225		11.6
Pinnacle Investment Management Group Ltd.		20,524		101,785		25.6
Pro Medicus Ltd.		2,773		132,086		33.2
Regis Resources Ltd., Registered Shares		137,848		149,152		37.4
Ridley Corp. Ltd.		24,642		34,625		8.7
Silver Lake Resources Ltd.		341,638		224,693		56.4
SiteMinder Ltd.		38,739		100,435		25.2
Star Entertainment Grp Ltd.		1,102,032		372,435		93.5
Steadfast Group Ltd.		60,716		208,787		52.4
Technology One Ltd.		67,783		628,769		157.9
Ventia Services Group Pty Ltd.		12,926		22,556		5.7
Viva Energy Group Ltd.		11,917		21,459		5.4
Waypoint REIT Ltd.		640		864		0.2

				6,923,182

Austria
ams-OSRAM AG		94,050		340,379		85.5


Security	Shares		Value		% of Basket Value

Austria (continued)
ANDRITZ AG		21,792	$	1,001,188		251.4	%
AT&S Austria Technologie & Systemtechnik AG		4,781		120,131		30.2
IMMOFINANZ AG		1,008		20,257		5.1
Kontron AG		10,764		216,577		54.4
Raiffeisen Bank International AG		6,740		97,836		24.6
Telekom Austria AG, Class A		7,564		52,726		13.2
UNIQA Insurance Group AG		9,135		73,801		18.5
Vienna Insurance Group AG Wiener Versicherung Gruppe		2,836		75,933		19.1
Wienerberger AG		9,979		241,479		60.6

				2,240,307

Belgium
Montea NV		2,167		152,885		38.4
Proximus SADP		65,364		540,749		135.8
Shurgard Self Storage Ltd.		4,496		167,941		42.1

				861,575

Canada
AbCellera Biologics, Inc.		22,613		92,939		23.3
Advantage Energy Ltd.		5,309		39,235		9.9
Aecon Group, Inc.		32,980		247,295		62.1
Ag Growth International, Inc.		1,812		64,830		16.3
Artis REIT		47,134		213,232		53.5
Boralex, Inc.		22,321		423,585		106.4
Brookfield Reinsurance Ltd.		786		23,119		5.8
Canfor Corp.		46,560		484,958		121.8
Centerra Gold, Inc.		21,147		109,382		27.5
Crombie REIT		35,623		318,942		80.1
CT REIT		19,622		182,576		45.8
Doman Building Materials Group Ltd.		4,793		23,597		5.9
DREAM Unlimited Corp., Class A		8,115		101,032		25.4
Dundee Precious Metals, Inc.		3,059		20,402		5.1
Dye & Durham Ltd.		3,733		21,850		5.5
Enghouse Systems Ltd.		12,224		292,264		73.4
First Capital REIT		11,389		109,149		27.4
First National Financial Corp.		5,811		147,766		37.1
Freehold Royalties Ltd.		32,008		336,031		84.4
H&R REIT		68,072		427,299		107.3
Innergex Renewable Energy, Inc.		55,215		346,608		87.0
Interfor Corp.		30,279		380,161		95.5
Jamieson Wellness, Inc.		6,726		112,719		28.3
Laurentian Bank of Canada		8,087		149,884		37.6
Major Drilling Group International, Inc.		4,341		23,446		5.9
Nexus Industrial REIT		8,736		41,762		10.5
Novagold Resources, Inc.		5,408		19,211		4.8
Obsidian Energy Ltd.		24,702		211,533		53.1
Pason Systems, Inc.		5,056		49,391		12.4
Russel Metals, Inc.		14,774		373,136		93.7
Silvercorp Metals, Inc.		14,610		33,063		8.3
Stelco Holdings, Inc.		21,379		611,562		153.6
Topaz Energy Corp.		15,752		245,110		61.5
Torex Gold Resources, Inc.		4,347		42,742		10.7

				6,319,811

Denmark
D/S Norden A/S		5,489		311,470		78.2
H Lundbeck A/S		138,801		724,618		182.0

				1,036,088


SCHEDULE OF INVESTMENTS		59

Schedule of Investments (unaudited) (continued)

October 31, 2023

BlackRock Global Equity Market Neutral Fund


Security	Shares		Value			% of Basket Value

Egypt
Centamin PLC		168,997	$	169,651			42.6	%


Finland					��
Cargotec OYJ, Class B		7,975		314,185			78.9
Kojamo OYJ		22,776		194,220			48.8
Nokian Renkaat OYJ		18,407		138,939			34.9
Nordea Bank Abp		74,996		792,731			199.0
Outokumpu OYJ		19,059		78,293			19.7
Uponor OYJ		5,704		172,509			43.3

				1,690,877

Germany
Aurubis AG		8,116		667,914			167.7
Auto1 Group SE		12,840		75,430			18.9
Bank of Georgia Group PLC		5,220		212,092			53.3
Bilfinger SE		16,736		613,176			154.0
CompuGroup Medical SE & Co. KgaA		3,599		131,715			33.1
Deutsche Pfandbriefbank AG		16,477		109,996			27.6
Deutsche Wohnen SE		11,880		255,224			64.1
Deutz AG		49,680		200,968			50.5
Duerr AG		6,141		126,192			31.7
Elmos Semiconductor SE		505		33,077			8.3
Freenet AG		18,067		457,811			115.0
Grand City Properties SA		2,818		25,153			6.3
Hella GmbH & Co. KGaA		654		49,716			12.5
Hypoport SE		637		77,858			19.5
Krones AG		3,318		323,165			81.1
METRO AG		9,844		62,448			15.7
SAF-Holland SE		20,150		269,229			67.6
Salzgitter AG		3,910		97,515			24.5
Sirius Real Estate Ltd.		232,984		227,510			57.1
Suedzucker AG		12,366		186,991			46.9
SUESS MicroTec SE		1,624		28,058			7.0
TAG Immobilien AG		9,474		103,770			26.1
TBC Bank Group PLC		11,628		379,852			95.4
TUI AG		117,663		593,123			148.9
Uniper SE		11,025		56,861			14.3
United Internet AG		15,154		314,455			79.0
Vitesco Technologies Group AG		1,305		127,717			32.1

				5,807,016

Hong Kong
HK Electric Investments & HK Electric Investments Ltd.		44,500		24,710			6.2


Ireland
Cimpress PLC		1,455		86,820			21.8
Greencore Group PLC		101,855		112,060			28.1

				198,880

Israel
Alony Hetz Properties & Investments Ltd.		18,037		88,638			22.3
Delek Group Ltd.		3,065		337,302			84.7
Kornit Digital Ltd.		3,703		51,101			12.8
Plus500 Ltd.		12,171		209,715			52.7
Zim Integrated Shipping Services Ltd.		38,036		294,399			73.9

				981,155

Italy
Banca IFIS SpA		11,817		201,723			50.7
Banca Popolare di Sondrio SpA		55,431		301,896			75.8
Brunello Cucinelli SpA		5,345		429,230			107.8
Buzzi SpA		9,012		238,181			59.8


Security	Shares		Value		% of Basket Value

Italy (continued)
Credito Emiliano SpA		13,705	$	110,924		27.9	%
De’ Longhi SpA		6,229		139,139		34.9
Hera SpA		28,470		79,946		20.1
Maire Tecnimont SpA		8,862		41,542		10.4
Sesa SpA		1,202		121,199		30.4
Unipol Gruppo SpA		4,208		22,756		5.7
Webuild SpA		42,789		76,977		19.3

				1,763,513

Japan
77 Bank Ltd.		15,400		347,461		87.2
Acom Co. Ltd.		27,000		64,138		16.1
Adastria Co. Ltd.		11,800		250,721		63.0
Aeon Delight Co. Ltd.		300		6,703		1.7
Ai Holdings Corp.		1,400		21,934		5.5
Ain Holdings, Inc.		13,900		398,161		100.0
Aisan Industry Co. Ltd.		45,000		361,251		90.7
Alfresa Holdings Corp.		30,500		488,618		122.7
Amano Corp.		2,200		45,391		11.4
Anicom Holdings, Inc.		16,900		62,099		15.6
Anritsu Corp.		59,500		448,308		112.6
Arcs Co. Ltd.		200		3,870		1.0
As One Corp.		600		19,122		4.8
Asanuma Corp.		1,200		28,681		7.2
Avex, Inc.		18,900		174,904		43.9
AZ-COM MARUWA Holdings, Inc.		20,300		282,351		70.9
Benefit One, Inc.		35,000		253,957		63.8
Benesse Holdings, Inc.		10,300		123,384		31.0
BML, Inc.		8,200		157,239		39.5
Canon Marketing Japan, Inc.		2,700		65,678		16.5
Cellebrite Di Ltd.		52,113		348,115		87.4
Chudenko Corp.		2,600		42,870		10.8
Citizen Watch Co. Ltd.		79,700		468,281		117.6
Coca-Cola Bottlers Japan Holdings, Inc.		17,000		230,554		57.9
Colowide Co. Ltd.		12,600		198,370		49.8
Comture Corp.		1,600		21,388		5.4
Create Restaurants Holdings, Inc.		36,800		256,359		64.4
Create SD Holdings Co. Ltd.		2,300		49,718		12.5
Daicel Corp.		131,300		1,130,715		283.9
Daihen Corp.		3,500		111,805		28.1
Daiichikosho Co. Ltd.		3,400		50,937		12.8
Daio Paper Corp.		55,300		459,613		115.4
Daiseki Co. Ltd.		18,600		520,726		130.8
DIC Corp.		6,900		110,310		27.7
Doutor Nichires Holdings Co. Ltd.		17,200		251,524		63.2
Dowa Holdings Co. Ltd.		7,300		226,196		56.8
DTS Corp.		3,500		72,113		18.1
Elecom Co. Ltd.		5,200		59,474		14.9
Elematec Corp.		3,800		43,860		11.0
eRex Co. Ltd.		10,500		52,457		13.2
FCC Co. Ltd.		1,900		22,800		5.7
Financial Partners Group Co. Ltd.		23,100		221,967		55.7
Fuji Oil Holdings, Inc.		18,300		294,287		73.9
Fujimi, Inc.		400		8,094		2.0
Fujitec Co. Ltd.		19,600		429,745		107.9
Fujitsu General Ltd.		10,600		191,024		48.0
FULLCAST Holdings Co. Ltd.		14,100		161,587		40.6
Furukawa Electric Co. Ltd.		76,500		1,161,293		291.6
Fuyo General Lease Co. Ltd.		4,500		370,302		93.0
Global One Real Estate Investment Corp.		269		206,494		51.8
Glory Ltd.		30,300		571,616		143.5


60		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

October 31, 2023

BlackRock Global Equity Market Neutral Fund


Security	Shares		Value		% of Basket Value

Japan (continued)
H.U. Group Holdings, Inc.		7,100	$	120,890		30.4	%
H2O Retailing Corp.		13,500		146,519		36.8
Hanwa Co. Ltd.		1,800		54,980		13.8
Hazama Ando Corp.		37,200		291,714		73.2
Heiwa Real Estate Co. Ltd.		9,600		249,170		62.6
Heiwado Co. Ltd.		27,000		446,750		112.2
Hiday Hidaka Corp.		32,500		601,756		151.1
Hino Motors Ltd.		191,600		566,691		142.3
Hioki EE Corp.		900		39,692		10.0
Hogy Medical Co. Ltd.		2,100		46,230		11.6
Hokuriku Electric Power Co.		40,300		202,573		50.9
Horiba Ltd.		3,600		184,025		46.2
IDOM, Inc.		6,200		37,772		9.5
Inaba Denki Sangyo Co. Ltd.		4,500		95,140		23.9
Information Services International-Dentsu Ltd.		2,800		96,347		24.2
Ishihara Sangyo Kaisha Ltd.		4,700		44,617		11.2
Itochu Enex Co. Ltd.		15,800		157,345		39.5
Itoham Yonekyu Holdings, Inc.		16,600		463,927		116.5
Itoki Corp.		3,800		37,077		9.3
JAC Recruitment Co. Ltd.		2,100		33,966		8.5
Jaccs Co. Ltd.		3,300		114,894		28.8
Japan Elevator Service Holdings Co. Ltd.		20,100		270,070		67.8
Japan Securities Finance Co. Ltd.		11,800		119,092		29.9
JCR Pharmaceuticals Co. Ltd.		27,700		214,966		54.0
JTEKT Corp.		123,700		1,034,259		259.7
Kaken Pharmaceutical Co. Ltd.		9,900		221,581		55.6
Kandenko Co. Ltd.		55,700		522,634		131.2
Kaneka Corp.		3,600		89,199		22.4
Kanematsu Corp.		16,600		227,313		57.1
Kato Sangyo Co. Ltd.		600		17,080		4.3
Kewpie Corp.		9,100		160,546		40.3
Kissei Pharmaceutical Co. Ltd.		2,200		47,120		11.8
Kitz Corp.		15,200		104,121		26.1
Kokuyo Co. Ltd.		14,400		226,240		56.8
Koshidaka Holdings Co. Ltd.		2,500		17,999		4.5
Kyoei Steel Ltd.		1,600		20,555		5.2
Kyoritsu Maintenance Co. Ltd.		5,000		193,017		48.5
Kyushu Financial Group, Inc.		41,200		263,201		66.1
Leopalace21 Corp.		37,100		80,830		20.3
Life Corp.		1,300		30,644		7.7
Lion Corp.		40,300		391,048		98.2
Mani, Inc.		40,900		563,533		141.5
Maruha Nichiro Corp.		13,100		227,160		57.0
Maxell Ltd.		38,300		415,192		104.3
Megmilk Snow Brand Co. Ltd.		35,000		571,141		143.4
Meidensha Corp.		18,800		297,795		74.8
MEITEC Group Holdings, Inc.		5,200		92,748		23.3
Menicon Co. Ltd.		33,600		394,820		99.1
Micronics Japan Co. Ltd.		6,300		96,596		24.3
Milbon Co. Ltd.		3,100		82,765		20.8
MIRAIT ONE Corp.		12,800		171,878		43.2
Mitsubishi Materials Corp.		11,400		185,532		46.6
Mitsubishi Shokuhin Co. Ltd.		1,000		26,675		6.7
Mitsui DM Sugar Holdings Co. Ltd.		5,300		108,562		27.3
Mitsui Mining & Smelting Co. Ltd.		12,800		336,745		84.6
MIXI, Inc.		4,500		68,969		17.3
Mizuho Leasing Co. Ltd.		500		16,123		4.0
Modec, Inc.		14,700		163,920		41.2
Monogatari Corp.		1,800		49,287		12.4
Morinaga & Co. Ltd.		10,700		391,035		98.2
Nagase & Co. Ltd.		6,800		104,428		26.2


Security	Shares		Value		% of Basket Value

Japan (continued)
NET One Systems Co. Ltd.		33,700	$	522,351		131.2	%
Nextage Co. Ltd.		1,500		20,724		5.2
Nichias Corp.		1,000		20,111		5.0
Nichicon Corp.		11,900		100,835		25.3
Nippn Corp.		1,000		15,423		3.9
Nippon Light Metal Holdings Co. Ltd.		40,200		446,324		112.1
Nippon Parking Development Co. Ltd.		24,900		35,703		9.0
Nippon Sheet Glass Co. Ltd.		51,300		228,728		57.4
Nisshinbo Holdings, Inc.		48,900		358,521		90.0
Nissui Corp.		35,100		172,339		43.3
Nittetsu Mining Co. Ltd.		4,000		127,012		31.9
NOK Corp.		36,400		435,398		109.3
Nomura Co. Ltd.		40,100		233,720		58.7
Noritake Co. Ltd.		1,100		43,378		10.9
Noritsu Koki Co. Ltd.		3,100		66,478		16.7
Noritz Corp.		22,300		237,248		59.6
North Pacific Bank Ltd.		98,000		255,569		64.2
NTN Corp.		320,300		577,416		145.0
Okamura Corp.		1,700		24,531		6.2
Okasan Securities Group, Inc.		29,900		137,159		34.4
Oki Electric Industry Co. Ltd.		20,800		126,209		31.7
Onward Holdings Co. Ltd.		64,100		205,507		51.6
Open Up Group, Inc.		5,800		72,916		18.3
Optex Group Co. Ltd.		5,300		60,275		15.1
Orix JREIT, Inc.		523		609,314		153.0
PALTAC Corp.		2,300		75,485		18.9
Paramount Bed Holdings Co. Ltd.		1,100		18,976		4.8
Pigeon Corp.		29,600		317,802		79.8
Pola Orbis Holdings, Inc.		20,700		211,053		53.0
Prima Meat Packers Ltd.		8,200		126,082		31.7
Raito Kogyo Co. Ltd.		1,000		13,120		3.3
Relo Group, Inc.		56,500		567,655		142.5
Ricoh Leasing Co. Ltd.		1,300		39,391		9.9
Rinnai Corp.		5,400		100,538		25.2
Ryoyo Electro Corp.		18,600		447,295		112.3
Saizeriya Co. Ltd.		5,200		213,866		53.7
San-A Co. Ltd.		600		18,842		4.7
San-Ai Obbli Co. Ltd.		5,900		64,446		16.2
Sanki Engineering Co. Ltd.		23,300		273,824		68.8
Sansan, Inc.		20,900		168,204		42.2
Sanyo Chemical Industries Ltd.		5,100		137,419		34.5
Sapporo Holdings Ltd.		8,100		288,570		72.5
Sato Holdings Corp.		11,900		162,018		40.7
Seino Holdings Co. Ltd.		18,800		277,094		69.6
Shibaura Machine Co. Ltd.		11,600		291,022		73.1
Shizuoka Gas Co. Ltd.		21,800		150,093		37.7
Siix Corp.		14,000		132,960		33.4
Simplex Holdings, Inc.		4,100		69,855		17.5
SMS Co. Ltd.		64,700		1,041,032		261.4
Sodick Co. Ltd.		7,200		36,808		9.2
Sohgo Security Services Co. Ltd.		134,300		796,589		200.0
Solasto Corp.		16,100		63,420		15.9
Stanley Electric Co. Ltd.		37,600		609,691		153.1
Starts Corp., Inc.		9,800		188,646		47.4
Sumitomo Mitsui Construction Co. Ltd.		93,600		251,403		63.1
Sumitomo Osaka Cement Co. Ltd.		2,200		51,918		13.0
Sumitomo Pharma Co. Ltd.		20,600		63,786		16.0
Sumitomo Riko Co. Ltd.		2,800		17,745		4.5
Sumitomo Warehouse Co. Ltd.		13,200		214,192		53.8
Sun Frontier Fudousan Co. Ltd.		4,100		40,316		10.1
Suzuken Co. Ltd.		7,300		226,528		56.9
Systena Corp.		55,900		96,413		24.2


SCHEDULE OF INVESTMENTS		61

Schedule of Investments (unaudited) (continued)

October 31, 2023

BlackRock Global Equity Market Neutral Fund


Security	Shares		Value		% of Basket Value

Japan (continued)
Tadano Ltd.		32,100	$	244,699		61.4	%
Taiheiyo Cement Corp.		14,200		246,619		61.9
Taikisha Ltd.		600		17,701		4.4
Taisho Pharmaceutical Holdings Co. Ltd.		17,000		682,120		171.3
Takeuchi Manufacturing Co. Ltd.		32,900		949,844		238.5
Tama Home Co. Ltd.		3,200		73,243		18.4
TechnoPro Holdings, Inc.		29,000		582,354		146.2
Teijin Ltd.		77,000		705,717		177.2
Toa Corp.		5,800		146,077		36.7
Toho Gas Co. Ltd.		52,200		911,110		228.8
Tokai Rika Co. Ltd.		19,300		306,800		77.0
Tokai Tokyo Financial Holdings, Inc.		20,700		71,244		17.9
Tokuyama Corp.		15,200		233,519		58.6
Tokyo Century Corp.		11,500		449,142		112.8
Topcon Corp.		37,400		344,820		86.6
Tosei Corp.		16,500		197,648		49.6
Toshiba TEC Corp.		1,900		41,845		10.5
Towa Pharmaceutical Co. Ltd.		10,100		187,397		47.1
Toyo Ink SC Holdings Co. Ltd.		9,600		165,229		41.5
Toyo Seikan Group Holdings Ltd.		26,800		455,556		114.4
Toyoda Gosei Co. Ltd.		40,900		823,981		206.9
TS Tech Co. Ltd.		16,200		183,920		46.2
TSI Holdings Co. Ltd.		58,400		315,625		79.2
Tsubakimoto Chain Co.		6,700		171,734		43.1
Tsuburaya Fields Holdings, Inc.		12,100		133,412		33.5
Tsugami Corp.		16,500		119,920		30.1
Tsumura & Co.		19,300		349,865		87.8
Tv Tokyo Holdings Corp.		4,100		79,134		19.9
UACJ Corp.		1,100		22,629		5.7
UBE Corp.		30,200		471,384		118.4
United Arrows Ltd.		5,400		69,825		17.5
United Urban Investment Corp.		557		569,163		142.9
Usen-Next Holdings Co. Ltd.		5,300		123,151		30.9
Wacom Co. Ltd.		56,200		196,617		49.4
Xebio Holdings Co. Ltd.		15,800		103,060		25.9
YAMABIKO Corp.		17,700		170,410		42.8
Yamazen Corp.		10,100		82,901		20.8
Yaoko Co. Ltd.		6,800		354,670		89.1
Yokogawa Bridge Holdings Corp.		4,400		73,638		18.5
Yoshinoya Holdings Co. Ltd.		3,000		70,833		17.8
Yuasa Trading Co. Ltd.		6,400		177,395		44.5

				49,270,296

Monaco
Scorpio Tankers, Inc.		2,103		118,083		29.7


Netherlands
Eurocommercial Properties NV		5,536		118,637		29.8
Koninklijke BAM Groep NV		16,455		33,943		8.5
Koninklijke Vopak NV		5,051		170,206		42.8
PostNL NV		317,990		591,393		148.5
SBM Offshore NV		5,212		64,894		16.3
TomTom NV		22,135		132,362		33.2
Wereldhave NV		3,498		52,655		13.2

				1,164,090

Norway
Aker Solutions ASA		15,626		62,684		15.7
Austevoll Seafood ASA		21,817		152,420		38.3
Elkem ASA		114,052		180,644		45.4
Grieg Seafood ASA		11,588		78,593		19.7


Security	Shares		Value		% of Basket Value

Norway (continued)
Odfjell Drilling Ltd.		32,454	$	116,209		29.2	%
TGS ASA		5,000		69,192		17.4
Wallenius Wilhelmsen ASA		16,906		145,011		36.4

				804,753

Portugal
Mota-Engil SGPS SA		12,337		39,963		10.0
NOS SGPS SA		18,672		68,117		17.1
Sonae SGPS SA		591,812		581,304		146.0

				689,384

Singapore
BW LPG Ltd.		23,941		344,055		86.4
ComfortDelGro Corp. Ltd.		164,000		158,571		39.8
Frasers Logistics & Commercial Trust		69,800		53,078		13.3
Kulicke & Soffa Industries, Inc.		23,834		991,733		249.0
NetLink NBN Trust		397,800		241,469		60.7
Venture Corp. Ltd.		2,500		21,369		5.4

				1,810,275

South Africa
Scatec ASA		22,994		118,858		29.8


South Korea
Magnachip Semiconductor Corp.		5,594		41,340		10.4


Spain
Applus Services SA		38,093		400,327		100.5
Atlantica Sustainable Infrastructure PLC		20,558		372,305		93.5
Cia de Distribucion Integral Logista Holdings SA		11,954		293,026		73.6
Indra Sistemas SA		42,459		595,584		149.6
Inmobiliaria Colonial Socimi SA		37,824		211,816		53.2
Merlin Properties Socimi SA		94,256		784,560		197.0
Obrascon Huarte Lain SA		509,155		209,548		52.6

				2,867,166

Sweden
AAK AB		6,147		119,415		30.0
Ambea AB		8,263		31,350		7.9
Betsson AB		70,164		713,530		179.2
Bufab AB		3,224		78,353		19.7
Camurus AB		4,656		141,787		35.6
Instalco AB		15,396		44,084		11.1
Inwido AB		7,144		73,198		18.4
Loomis Ab, Class B		2,135		56,494		14.2
MIPS AB		1,804		45,736		11.5
Modern Times Group MTG AB, Class B		42,093		344,254		86.4
Mycronic AB		1,778		39,821		10.0
Nolato AB		27,919		126,373		31.7
Nyfosa AB		2,186		10,834		2.7
Sdiptech AB, Class B		2,215		43,964		11.0
SSAB AB, Class B		53,568		315,184		79.1
Sweco AB, B Shares		7,380		69,494		17.5
Thule Group AB		11,584		269,785		67.7

				2,523,656

Switzerland
Aryzta AG		514,090		954,306		239.6
Burckhardt Compression Holding AG		326		167,210		42.0
DKSH Holding AG		8,758		543,473		136.5
dormakaba Holding AG		262		121,124		30.4
Inficon Holding AG		37		40,549		10.2


62		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

October 31, 2023

BlackRock Global Equity Market Neutral Fund


Security	Shares		Value		% of Basket Value

Switzerland (continued)
IWG PLC		140,494	$	226,364		56.8	%
Kardex Holding AG		1,440		281,665		70.7
LEM Holding SA		49		100,273		25.2
Mobilezone Holding AG		1,444		22,191		5.6
u-blox Holding AG		2,050		195,843		49.2
Ypsomed Holding AG		935		260,571		65.4

				2,913,569

United Kingdom
Ashmore Group PLC		18,948		39,243		9.9
Breedon Group PLC		6,413		24,539		6.2
Capricorn Energy PLC		118,362		225,945		56.7
Clarkson PLC		1,552		50,152		12.6
Close Brothers Group PLC		3,283		32,042		8.0
CNH Industrial NV		23,886		262,268		65.9
Computacenter PLC		8,274		260,151		65.3
CVS Group PLC		7,837		140,588		35.3
Deliveroo PLC, Class A		228,111		362,217		91.0
Firstgroup PLC		54,641		105,537		26.5
Gamma Communications PLC		1,154		14,779		3.7
Great Portland Estates PLC		58,714		279,769		70.3
Halfords Group PLC		119,454		293,346		73.7
Hill & Smith PLC		8,019		161,570		40.6
Hunting PLC		8,135		28,778		7.2
Inchcape PLC		43,220		350,644		88.1
Investec PLC		68,950		384,205		96.5
J D Wetherspoon PLC		8,735		67,453		16.9
John Wood Group PLC		91,105		158,294		39.8
Jupiter Fund Management PLC		143,150		137,528		34.5
Just Group PLC		465,134		429,437		107.8
Keller Group PLC		6,631		62,404		15.7
Kier Group PLC		115,765		142,601		35.8
Marlowe PLC		3,378		22,867		5.7
Marshalls PLC		36,634		92,578		23.2
Mitchells & Butlers PLC		31,665		80,134		20.1
Mitie Group PLC		86,094		103,519		26.0
Mobico Group PLC		109,412		83,819		21.0
Moneysupermarket.com Group PLC		1,923		6,098		1.5
Morgan Sindall Group PLC		9,363		214,938		54.0
NCC Group PLC		46,985		60,845		15.3
Nomad Foods Ltd.		32,666		451,444		113.4
OSB Group PLC		79,459		291,629		73.2
Paragon Banking Group PLC		69,117		374,678		94.1
Playtech Plc		117,737		563,827		141.6
Premier Foods PLC		19,571		28,019		7.0
Redde Northgate PLC		97,736		401,097		100.7
RWS Holdings PLC		72,995		185,283		46.5
S4 Capital PLC		77,452		60,148		15.1
Serco Group PLC		94,201		164,255		41.2
Spire Healthcare Group PLC		86,419		225,420		56.6
Subsea 7 SA		8,933		120,031		30.1
Telecom Plus PLC		3,820		71,926		18.1
TP ICAP Group PLC		257,922		495,726		124.5
Vanquis Banking Group PLC		32,024		45,228		11.4
Vesuvius PLC		26,950		132,694		33.3
Virgin Money UK PLC		85,266		154,909		38.9
Workspace Group PLC		3,242		19,191		4.8

				8,463,793

United States
1-800-Flowers.com, Inc., Class A		27,601		207,284		52.1


Security	Shares		Value		% of Basket Value

United States (continued)
A10 Networks, Inc.		5,822	$	63,285		15.9	%
Abercrombie & Fitch Co., Class A		2,533		154,057		38.7
Accel Entertainment, Inc., Class A		20,406		200,999		50.5
Aclaris Therapeutics, Inc.		9,550		47,559		11.9
Acushnet Holdings Corp.		1,619		82,504		20.7
Adaptive Biotechnologies Corp.		1,673		7,428		1.9
Addus HomeCare Corp.		4,133		326,094		81.9
Adtalem Global Education, Inc.		11,787		610,567		153.3
Advanced Energy Industries, Inc.		1,386		120,942		30.4
Agilysys, Inc.		651		55,849		14.0
Alarm.com Holdings, Inc.		503		25,718		6.5
Albany International Corp., Class A		5,582		455,547		114.4
Alkami Technology, Inc.		4,193		75,264		18.9
Allient, Inc.		9,142		252,319		63.4
Alpha & Omega Semiconductor Ltd.		8,309		197,089		49.5
Alta Equipment Group, Inc.		13,626		125,223		31.4
A-Mark Precious Metals, Inc.		3,044		82,432		20.7
Ambarella, Inc.		2,256		101,497		25.5
Ameresco, Inc., Class A		6,941		181,507		45.6
American Assets Trust, Inc.		25,480		452,270		113.6
American Software, Inc.		1,364		14,963		3.8
American Vanguard Corp.		12,345		115,549		29.0
American Woodmark Corp.		3,933		264,416		66.4
Ameris Bancorp		2,903		108,282		27.2
AngioDynamics, Inc.		5,464		33,877		8.5
Anywhere Real Estate, Inc.		70,623		329,809		82.8
Apogee Enterprises, Inc.		15,981		685,905		172.2
Archrock, Inc.		43,280		548,358		137.7
Arcosa, Inc.		6,521		450,405		113.1
Argan, Inc.		4,029		184,286		46.3
ASGN, Inc.		159		13,270		3.3
Aspen Aerogels, Inc.		6,829		52,720		13.2
AssetMark Financial Holdings, Inc.		4,857		116,131		29.2
Astec Industries, Inc.		1,669		66,827		16.8
Atea Pharmaceuticals, Inc.		55,400		180,050		45.2
Avista Corp.		541		17,144		4.3
AZZ, Inc.		973		45,994		11.6
Badger Meter, Inc.		1,493		206,855		51.9
Banc of California, Inc.		7,943		89,041		22.4
Beazer Homes USA, Inc.		21,351		516,481		129.7
Benchmark Electronics, Inc.		15,244		369,057		92.7
Berry Corp.		20,900		174,515		43.8
BigCommerce Holdings, Inc., Series-1		7,024		62,443		15.7
BJ’s Restaurants, Inc.		1,267		32,587		8.2
Bluegreen Vacations Holding Corp., Class A		1,224		41,016		10.3
BlueLinx Holdings, Inc.		6,929		492,721		123.7
Boise Cascade Co.		8,249		773,344		194.2
Brady Corp., Class A		14,576		750,081		188.4
Brandywine Realty Trust		59,919		224,097		56.3
Brightsphere Investment Group, Inc.		11,779		184,459		46.3
Bristow Group, Inc.		11,137		291,121		73.1
Cantaloupe, Inc.		4,217		27,748		7.0
Capitol Federal Financial, Inc.		41,213		214,308		53.8
Cargurus, Inc.		1,579		27,206		6.8
Cars.com, Inc.		26,657		405,986		101.9
Castle Biosciences, Inc.		15,854		247,639		62.2
Central Garden & Pet Co., Class A		9,484		376,420		94.5
Century Aluminum Co.		3,662		24,206		6.1
Century Communities, Inc.		4,637		285,176		71.6
Cerence, Inc.		13,476		206,318		51.8
CEVA, Inc.		1,956		33,585		8.4


SCHEDULE OF INVESTMENTS		63

Schedule of Investments (unaudited) (continued)

October 31, 2023

BlackRock Global Equity Market Neutral Fund


Security	Shares		Value		% of Basket Value

United States (continued)
Chefs’ Warehouse, Inc.		22,398	$	426,234		107.0	%
Chegg, Inc.		24,994		188,205		47.3
Chuy’s Holdings, Inc.		1,002		33,727		8.5
Cinemark Holdings, Inc.		3,783		62,382		15.7
Clear Secure, Inc.		4,259		71,636		18.0
Cogent Communications Holdings, Inc.		1,841		119,628		30.0
CommVault Systems, Inc.		12,171		795,375		199.7
Comstock Resources, Inc.		30,310		381,906		95.9
Comtech Telecommunications Corp.		16,581		202,288		50.8
ConnectOne Bancorp, Inc.		8,886		144,753		36.3
Corcept Therapeutics, Inc.		11,739		329,631		82.8
CorVel Corp.		650		126,061		31.7
Coursera, Inc.		15,722		272,620		68.5
CRA International, Inc.		6,292		611,016		153.4
Cracker Barrel Old Country Store, Inc.		7,837		520,063		130.6
CS Disco, Inc.		13,125		73,631		18.5
CSG Systems International, Inc.		4,301		201,545		50.6
CTO Realty Growth, Inc.		2,891		46,805		11.8
Customers Bancorp, Inc.		4,606		185,207		46.5
Dana, Inc.		43,909		504,075		126.6
Delek U.S. Holdings, Inc.		18,503		487,554		122.4
Deluxe Corp.		28,461		485,260		121.9
Digi International, Inc.		1,746		43,964		11.0
Digital Turbine, Inc.		32,649		154,756		38.9
Dime Community Bancshares, Inc.		6,392		117,549		29.5
Diversified Energy Co. PLC		210,744		172,285		43.3
Dril-Quip, Inc.		4,048		87,680		22.0
Duckhorn Portfolio, Inc.		2,098		21,882		5.5
DXP Enterprises, Inc.		17,609		574,053		144.1
Dycom Industries, Inc.		2,134		181,774		45.6
Eagle Bancorp, Inc.		8,084		157,476		39.5
El Pollo Loco Holdings, Inc.		15,137		126,394		31.7
Encore Wire Corp.		5,230		935,281		234.9
Enersys		5,047		431,922		108.5
Enova International, Inc.		10,895		434,493		109.1
Enovis Corp.		10,794		495,445		124.4
ePlus, Inc.		8,282		517,625		130.0
Esab Corp.		2,388		151,160		38.0
Essent Group Ltd.		4,912		232,043		58.3
Everbridge, Inc.		1,420		29,266		7.3
Everi Holdings, Inc.		45,771		493,869		124.0
EW Scripps Co., Class A		31,609		172,901		43.4
eXp World Holdings, Inc.		29,721		394,398		99.0
Exponent, Inc.		7,432		544,691		136.8
Extreme Networks, Inc.		6,417		132,319		33.2
EZCORP, Inc., Class A		29,932		245,442		61.6
First Interstate BancSystem, Inc.		1,895		43,718		11.0
Forestar Group, Inc.		4,368		103,740		26.1
Forrester Research, Inc.		1,717		39,834		10.0
Franklin Covey Co.		2,969		117,008		29.4
Frontdoor, Inc.		21,865		632,554		158.8
Fulgent Genetics, Inc.		4,277		102,391		25.7
Gates Industrial Corp. PLC		3,684		40,229		10.1
GATX Corp.		1,934		202,258		50.8
Gibraltar Industries, Inc.		4,642		282,512		70.9
G-III Apparel Group Ltd.		40,634		1,038,199		260.7
Global Industrial Co.		12,926		412,986		103.7
GMS, Inc.		9,143		534,683		134.3
GoPro, Inc., Class A		39,539		99,243		24.9
GQG Partners, Inc., CDI		148,930		123,145		30.9
Gray Television, Inc.		2,978		19,417		4.9
Greif, Inc.		13,499		857,187		215.2


Security	Shares		Value		% of Basket Value

United States (continued)
Griffon Corp.		13,947	$	557,043		139.9	%
Grocery Outlet Holding Corp.		11,331		313,529		78.7
Group 1 Automotive, Inc.		3,241		817,802		205.4
Guess?, Inc.		18,482		397,363		99.8
Gulfport Energy Corp.		1,932		238,815		60.0
H&E Equipment Services, Inc.		12,487		508,471		127.7
Hackett Group, Inc.		1,445		32,209		8.1
Harmonic, Inc.		8,830		95,276		23.9
Harmony Biosciences Holdings, Inc.		7,780		183,141		46.0
Hawaiian Holdings, Inc.		14,440		60,792		15.3
HCI Group, Inc.		5,031		296,678		74.5
Health Catalyst, Inc.		35,912		268,981		67.5
Healthcare Services Group, Inc.		17,571		166,925		41.9
HealthStream, Inc.		10,841		275,361		69.1
Heartland Financial USA, Inc.		9,435		258,519		64.9
Heidrick & Struggles International, Inc.		23,399		569,532		143.0
Helen of Troy Ltd.		3,509		345,005		86.6
Heritage Financial Corp.		4,366		71,035		17.8
Hims & Hers Health, Inc.		26,842		160,515		40.3
Hub Group, Inc., Class A		1,333		91,644		23.0
Hudson Pacific Properties, Inc.		8,302		37,027		9.3
Huron Consulting Group, Inc.		1,369		136,024		34.2
Hyster-Yale Materials Handling, Inc.		795		31,808		8.0
IES Holdings, Inc.		301		18,731		4.7
Independent Bank Corp.		11,093		221,305		55.6
Independent Bank Group, Inc.		12,208		431,553		108.4
Infinera Corp.		62,832		184,098		46.2
Ingevity Corp.		2,134		85,958		21.6
Innoviva, Inc.		8,375		103,934		26.1
Installed Building Products, Inc.		8,299		926,749		232.7
Insteel Industries, Inc.		9,585		267,517		67.2
Intapp, Inc.		20,532		702,194		176.3
Integral Ad Science Holding Corp.		10,677		122,572		30.8
InterDigital, Inc.		6,904		519,526		130.5
Interface, Inc., Class A		6,325		56,229		14.1
iRadimed Corp.		412		16,785		4.2
Itron, Inc.		15,639		895,802		224.9
Janus International Group, Inc.		24,841		232,512		58.4
JELD-WEN Holding, Inc.		9,846		111,555		28.0
JetBlue Airways Corp.		41,580		156,341		39.3
Johnson Outdoors, Inc.		1,169		55,586		14.0
Kaiser Aluminum Corp.		1,078		61,230		15.4
Kaman Corp.		3,718		69,192		17.4
KB Home		2,326		102,809		25.8
Kelly Services, Inc., Class A		12,522		223,518		56.1
Kennametal, Inc.		7,951		183,748		46.1
Kimball Electronics, Inc.		12,178		319,064		80.1
Knife River Corp.		165		8,303		2.1
Kohl’s Corp.		15,963		359,966		90.4
Kontoor Brands, Inc.		6,351		295,004		74.1
Korn Ferry		672		30,589		7.7
Kyndryl Holdings, Inc.		38,248		559,568		140.5
Laureate Education, Inc.		24,044		339,982		85.4
Legalzoom.com, Inc.		7,391		73,688		18.5
LeMaitre Vascular, Inc.		2,383		115,766		29.1
LendingClub Corp.		8,983		46,622		11.7
Liquidity Services, Inc.		1,058		20,388		5.1
LivaNova PLC		3,267		160,246		40.2
LiveRamp Holdings, Inc.		6,495		179,652		45.1
Lovesac Co.		21,866		359,914		90.4
Lumentum Holdings, Inc.		1,778		69,715		17.5
M/I Homes, Inc.		3,330		273,293		68.6


64		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

October 31, 2023

BlackRock Global Equity Market Neutral Fund


Security	Shares		Value		% of Basket Value

United States (continued)
Magnite, Inc.		878	$	5,830		1.5	%
Malibu Boats, Inc., Class A		3,129		136,487		34.3
Manitowoc Co., Inc.		33,804		432,691		108.7
MarineMax, Inc.		14,088		385,729		96.9
Masonite International Corp.		2,108		166,827		41.9
Mativ Holdings, Inc.		19,788		259,223		65.1
Matson, Inc.		5,352		465,892		117.0
MaxLinear, Inc.		44,473		675,990		169.7
MDC Holdings, Inc.		1,355		51,422		12.9
Mercantile Bank Corp.		1,034		34,060		8.6
Merit Medical Systems, Inc.		1,297		89,156		22.4
Methode Electronics, Inc.		25,143		575,020		144.4
MGP Ingredients, Inc.		3,085		292,026		73.3
Midland States Bancorp, Inc.		6,303		137,531		34.5
MillerKnoll, Inc.		6,111		143,609		36.1
Mister Car Wash, Inc.		6,317		32,848		8.2
Mitek Systems, Inc.		1,611		17,205		4.3
Model N, Inc.		20,762		500,364		125.6
Monro, Inc.		21,075		523,082		131.3
Mr. Cooper Group, Inc.		11,625		657,161		165.0
MSA Safety, Inc.		2,970		468,904		117.7
MYR Group, Inc.		610		70,656		17.7
N-able, Inc.		36,882		477,991		120.0
National Vision Holdings, Inc.		27,606		428,997		107.7
NCR Voyix Corp.		33,284		508,912		127.8
NETGEAR, Inc.		13,021		164,585		41.3
NetScout Systems, Inc.		872		19,036		4.8
Nevro Corp.		8,322		120,086		30.2
NexPoint Residential Trust, Inc.		1,266		34,169		8.6
NMI Holdings, Inc., Class A		8,283		226,540		56.9
Nordstrom, Inc.		13,504		188,786		47.4
Novocure Ltd.		15,754		209,528		52.6
Nu Skin Enterprises, Inc., Class A		14,530		275,925		69.3
OceanFirst Financial Corp.		3,435		43,487		10.9
ODP Corp.		10,727		481,857		121.0
O-I Glass, Inc.		27,484		424,628		106.6
Old Second Bancorp, Inc.		2,708		36,720		9.2
Olo, Inc., Class A		10,888		55,638		14.0
Olympic Steel, Inc.		371		18,836		4.7
Omnicell, Inc.		4,611		163,875		41.2
ON24, Inc.		33,059		203,313		51.1
Ooma, Inc.		11,128		121,406		30.5
Oscar Health, Inc.		22,457		114,980		28.9
OSI Systems, Inc.		1,332		138,888		34.9
Otter Tail Corp.		11,349		873,192		219.3
Outfront Media, Inc.		112,939		1,102,285		276.8
Owens & Minor, Inc.		6,539		93,704		23.5
Oxford Industries, Inc.		583		49,205		12.4
Pacira BioSciences, Inc.		1,312		37,077		9.3
Palomar Holdings, Inc.		2,929		146,684		36.8
Par Pacific Holdings, Inc.		1,992		65,377		16.4
Paysafe Ltd.		13,549		131,696		33.1
Pegasystems, Inc.		14,039		600,027		150.7
Pennant Group, Inc.		1,325		14,403		3.6
Perella Weinberg Partners, Class A		9,633		94,500		23.7
Petco Health & Wellness Co., Inc., Class A		134,571		465,616		116.9
PetIQ, Inc., Class A		5,757		108,059		27.1
Playtika Holding Corp.		10,805		90,762		22.8
PRA Group, Inc.		5,755		70,844		17.8
Premier Financial Corp.		17,310		300,329		75.4
Prestige Consumer Healthcare, Inc.		4,821		286,175		71.9
PriceSmart, Inc.		474		29,620		7.4


Security	Shares		Value		% of Basket Value

United States (continued)
Primoris Services Corp.		19,199	$	577,122		144.9	%
PROG Holdings, Inc.		4,264		116,791		29.3
Progress Software Corp.		9,585		492,477		123.7
Proto Labs, Inc.		9,649		227,813		57.2
Q2 Holdings, Inc.		6,143		184,474		46.3
Quaker Chemical Corp.		3,584		515,093		129.3
Quanex Building Products Corp.		804		21,587		5.4
QuinStreet, Inc.		3,381		38,239		9.6
Redfin Corp.		50,838		236,905		59.5
Regional Management Corp.		157		3,903		1.0
REV Group, Inc.		11,021		156,939		39.4
Revance Therapeutics, Inc.		6,302		49,723		12.5
Revolve Group, Inc.		13,691		188,251		47.3
REX American Resources Corp.		7,518		285,759		71.8
RHI Magnesita NV		8,426		264,457		66.4
RingCentral, Inc., Class A		4,462		118,600		29.8
Riskified Ltd.		36,970		137,898		34.6
RLJ Lodging Trust		23,830		224,002		56.2
Rogers Corp.		1,342		164,918		41.4
Rover Group, Inc., Class A		15,480		99,846		25.1
RxSight, Inc.		648		14,347		3.6
Sally Beauty Holdings, Inc.		24,594		209,049		52.5
Sandy Spring Bancorp, Inc.		14,153		289,429		72.7
Sanmina Corp.		1,703		86,632		21.8
ScanSource, Inc.		3,795		115,368		29.0
Schnitzer Steel Industries, Inc.		10,722		243,497		61.1
Scholastic Corp.		4,213		155,460		39.0
Select Medical Holdings Corp.		22,493		511,266		128.4
SEMrush Holdings, Inc., Class A		9,536		77,051		19.3
Semtech Corp.		67,561		943,152		236.8
ServisFirst Bancshares, Inc.		3,443		162,372		40.8
SI-BONE, Inc.		12,151		206,689		51.9
Silk Road Medical, Inc.		6,637		49,844		12.5
Sims Ltd.		11,934		95,130		23.9
Sinclair, Inc.		6,982		75,894		19.1
SMART Global Holdings, Inc.		1,488		20,386		5.1
SolarWinds Corp.		3,463		31,894		8.0
Sonic Automotive, Inc., Class A		10,307		493,190		123.8
Sonos, Inc.		6,179		66,610		16.7
Southside Bancshares, Inc.		4,360		116,412		29.2
SpartanNash Co.		17,435		392,113		98.5
Sphere Entertainment Co.		3,979		130,949		32.9
Sprinklr, Inc.		1,655		22,491		5.6
Sprout Social, Inc., Class A		1,670		72,278		18.2
SPX Technologies, Inc.		4,544		364,065		91.4
St. Joe Co.		7,377		344,063		86.4
Standard Motor Products, Inc.		6,928		241,995		60.8
Sterling Infrastructure, Inc.		2,093		152,475		38.3
Stoneridge, Inc.		1,038		16,888		4.2
StoneX Group, Inc.		264		25,164		6.3
Stratasys Ltd.		6,531		66,420		16.7
Strategic Education, Inc.		8,607		708,442		177.9
Supernus Pharmaceuticals, Inc.		5,267		125,618		31.5
Surmodics, Inc.		2,820		83,077		20.9
Talen Energy Corp.		475		25,166		6.3
Tandem Diabetes Care, Inc.		817		14,134		3.6
Tanger Factory Outlet Centers, Inc.		5,147		116,065		29.1
TechTarget, Inc.		3,499		88,105		22.1
Telephone and Data Systems, Inc.		3,600		65,484		16.4
Tennant Co.		6,337		470,332		118.1
Theravance Biopharma, Inc.		3,390		32,002		8.0
Thermon Group Holdings, Inc.		3,805		101,555		25.5


SCHEDULE OF INVESTMENTS		65

Schedule of Investments (unaudited) (continued)

October 31, 2023

BlackRock Global Equity Market Neutral Fund


Security	Shares			Value			% of Basket Value

United States (continued)
Thryv Holdings, Inc.		2,482		$	43,261			10.9	%
Titan Machinery, Inc.		17,995			446,996			112.2
Topgolf Callaway Brands Corp.		16,186			197,793			49.7
TTEC Holdings, Inc.		3,438			70,754			17.8
TTM Technologies, Inc.		23,621			271,405			68.2
Turning Point Brands, Inc.		4,853			97,303			24.4
Unit Corp.		461			25,387			6.4
Universal Insurance Holdings, Inc.		14,997			234,853			59.0
Univest Financial Corp.		7,459			124,267			31.2
Upbound Group, Inc.		3,898			101,582			25.5
Upwork, Inc.		18,071			188,842			47.4
Urban Outfitters, Inc.		552			19,110			4.8
V2X, Inc.		2,753			140,596			35.3
Varex Imaging Corp.		24,517			442,532			111.1
Varonis Systems, Inc., Class B		8,684			292,130			73.4
Vector Group Ltd.		1,600			16,448			4.1
Verint Systems, Inc.		34,336			645,860			162.2
Viad Corp.		3,253			78,820			19.8
Viavi Solutions, Inc.		13,890			108,064			27.1
Vicor Corp.		6,393			247,665			62.2
Vital Farms, Inc.		41,955			464,022			116.5
Vizio Holding Corp.		10,111			51,465			12.9
W&T Offshore, Inc.		55,276			229,395			57.6
Wabash National Corp.		2,380			49,242			12.4
Weis Markets, Inc.		3,518			229,022			57.5
WesBanco, Inc.		4,766			116,243			29.2
World Kinect Corp.		11,669			215,877			54.2
Xerox Holdings Corp.		3,270			41,987			10.5
Yext, Inc.		12,709			76,635			19.2
Zeta Global Holdings Corp.		23,970			186,966			46.9
ZipRecruiter, Inc.		31,978			340,566			85.5
Zuora, Inc., Class A		70,958			525,799			132.0

					78,939,591

Preferred Stocks

Germany
Kloeckner & Co. SE		18,820			116,605			29.3
Schaeffler AG		21,752			112,674			28.3


Total Reference Entity — Long					177,970,898


Reference Entity — Short

Common Stocks

Australia
Altium Ltd.		(29,624	)		(747,222	)		(187.6	)
ARB Corp. Ltd.		(31,382	)		(585,600	)		(147.1	)
Bapcor Ltd.		(705,103	)		(2,399,465	)		(602.5	)
Brickworks Ltd.		(38,589	)		(601,206	)		(151.0	)
BWP Trust		(194,456	)		(402,138	)		(101.0	)
Cleanaway Waste Management Ltd.		(574,997	)		(818,942	)		(205.6	)
Coronado Global Resources, Inc., CDI		(25,810	)		(28,392	)		(7.1	)
Corporate Travel Management Ltd.		(39,569	)		(418,703	)		(105.1	)
Costa Group Holdings Ltd.		(408,883	)		(805,171	)		(202.2	)
De Grey Mining Ltd.		(160,075	)		(120,313	)		(30.2	)
Deterra Royalties Ltd.		(173,436	)		(518,228	)		(130.1	)
Domain Holdings Australia Ltd.		(59,585	)		(129,159	)		(32.4	)
Genesis Minerals Ltd.		(208,578	)		(191,756	)		(48.2	)
Gold Road Resources Ltd.		(774,852	)		(920,807	)		(231.2	)
GUD Holdings Ltd.		(176,748	)		(1,201,939	)		(301.8	)
Harvey Norman Holdings Ltd.		(150,230	)		(351,158	)		(88.2	)
Ingenia Communities Group		(111,858	)		(277,990	)		(69.8	)


Security	Shares			Value			% of Basket Value

Australia (continued)
IRESS Ltd.		(90,661	)	$	(289,093	)		(72.6	)%
Link Administration Holdings Ltd.		(227,908	)		(173,003	)		(43.5	)
Nine Entertainment Co. Holdings Ltd.		(28,533	)		(33,623	)		(8.5	)
Qube Holdings Ltd.		(27,302	)		(46,296	)		(11.6	)
Tabcorp Holdings Ltd.		(1,549,817	)		(764,725	)		(192.0	)
TPG Telecom Ltd.		(414,385	)		(1,366,922	)		(343.2	)

					(13,191,851	)

Austria
CA Immobilien Anlagen AG		(69,510	)		(2,349,203	)		(589.9	)


Belgium
Ackermans & van Haaren NV		(3,335	)		(494,205	)		(124.1	)
Azelis Group NV		(4,155	)		(71,193	)		(17.9	)
Xior Student Housing NV		(646	)		(18,555	)		(4.6	)

					(583,953	)

Canada
Altius Minerals Corp.		(9,156	)		(136,036	)		(34.2	)
Andlauer Healthcare Group, Inc.		(11,909	)		(339,424	)		(85.2	)
Badger Infrastructure Solutions Ltd.		(7,081	)		(190,607	)		(47.9	)
Ballard Power Systems, Inc.		(14,880	)		(50,685	)		(12.7	)
Boyd Group Services, Inc.		(1,340	)		(232,618	)		(58.4	)
Brookfield Business Corp., Class A		(50,914	)		(735,983	)		(184.8	)
Canadian Western Bank		(39,025	)		(784,700	)		(197.1	)
Choice Properties REIT		(9,372	)		(82,110	)		(20.6	)
Cineplex, Inc.		(20,443	)		(125,375	)		(31.5	)
Cogeco Communications, Inc.		(2,380	)		(95,698	)		(24.0	)
Cogeco, Inc.		(4,465	)		(154,784	)		(38.9	)
Definity Financial Corp.		(17,716	)		(497,959	)		(125.0	)
Dream Industrial REIT		(41,017	)		(353,384	)		(88.7	)
Endeavour Silver Corp.		(116,618	)		(255,879	)		(64.3	)
Exchange Income Corp.		(12,080	)		(378,874	)		(95.1	)
Hammond Power Solutions, Inc.		(716	)		(37,160	)		(9.3	)
Headwater Exploration, Inc.		(2,540	)		(13,915	)		(3.5	)
K92 Mining, Inc.		(32,376	)		(119,163	)		(29.9	)
Linamar Corp.		(8,706	)		(382,818	)		(96.1	)
Lumine Group, Inc.		(27,821	)		(356,915	)		(89.6	)
Maple Leaf Foods, Inc.		(631	)		(12,772	)		(3.2	)
Martinrea International, Inc.		(28,415	)		(237,953	)		(59.8	)
North West Co., Inc.		(2,129	)		(55,145	)		(13.9	)
Premium Brands Holdings Corp., Class A		(1,090	)		(71,569	)		(18.0	)
Shawcor Ltd.		(9,739	)		(103,940	)		(26.1	)
Spin Master Corp.		(4,676	)		(114,064	)		(28.6	)
Stella-Jones, Inc.		(20,659	)		(1,097,349	)		(275.6	)
Superior Plus Corp.		(3,005	)		(20,399	)		(5.1	)
Surge Energy, Inc.		(2,655	)		(18,284	)		(4.6	)
Wesdome Gold Mines Ltd.		(2,700	)		(14,714	)		(3.7	)
Winpak Ltd.		(9,528	)		(264,514	)		(66.4	)

					(7,334,790	)

Cayman Islands
Consolidated Water Co. Ltd.		(22,498	)		(664,141	)		(166.8	)


China
indie Semiconductor, Inc.		(11,702	)		(57,223	)		(14.4	)
TI Fluid Systems PLC		(9,907	)		(14,959	)		(3.7	)

					(72,182	)

Costa Rica
Establishment Labs Holdings, Inc.		(8,113	)		(237,549	)		(59.7	)


Denmark
Alm Brand A/S		(64,340	)		(93,000	)		(23.4	)


66		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

October 31, 2023

BlackRock Global Equity Market Neutral Fund


Security	Shares			Value			% of Basket Value

Denmark (continued)
Chemometec A/S		(839	)	$	(34,666	)		(8.7	)%
Dfds A/S		(1,633	)		(47,113	)		(11.8	)
Netcompany Group A/S		(1,836	)		(57,576	)		(14.5	)
NKT A/S		(7,161	)		(359,770	)		(90.3	)
NTG Nordic Transport Group A/S		(14,644	)		(580,405	)		(145.7	)
Ringkjoebing Landbobank A/S		(3,593	)		(489,093	)		(122.8	)
Royal Unibrew A/S		(5,942	)		(429,681	)		(107.9	)
Scandinavian Tobacco Group A/S		(1,894	)		(28,063	)		(7.1	)
Topdanmark A/S		(2,365	)		(105,882	)		(26.6	)

					(2,225,249	)

Faeroe Islands
Bakkafrost P/F		(1,928	)		(88,997	)		(22.3	)


Finland
Caverion OYJ		(19,855	)		(178,877	)		(44.9	)
Metsa Board OYJ		(41,227	)		(311,518	)		(78.2	)
Tietoevry OYJ		(12,848	)		(269,061	)		(67.6	)

					(759,456	)

Germany
Dermapharm Holding SE		(4,607	)		(177,959	)		(44.7	)
Eckert & Ziegler Strahlen- und Medizintechnik AG		(1,575	)		(62,032	)		(15.6	)
Fielmann AG		(186	)		(7,997	)		(2.0	)
Hensoldt AG		(627	)		(18,722	)		(4.7	)
HOCHTIEF AG		(398	)		(41,158	)		(10.3	)
Mercer International, Inc.		(2,962	)		(23,518	)		(5.9	)
Norma Group SE		(5,893	)		(103,775	)		(26.1	)
Pfeiffer Vacuum Technology AG		(2,909	)		(448,745	)		(112.7	)
PNE AG		(40,977	)		(519,502	)		(130.4	)
Schott Pharma AG & Co. KGaA		(12,814	)		(371,804	)		(93.4	)
Sixt SE		(4,601	)		(398,397	)		(100.0	)
Software AG		(10,143	)		(341,816	)		(85.8	)
Thyssenkrupp Nucera AG & Co. KGaa		(9,586	)		(142,998	)		(35.9	)

					(2,658,423	)

Ghana
Tullow Oil PLC		(1,169,400	)		(474,085	)		(119.0	)


Hong Kong
DFI Retail Group Holdings Ltd.		(5,800	)		(12,371	)		(3.1	)


Indonesia
Nickel Industries Ltd.		(2,480,261	)		(1,180,825	)		(296.5	)


Ireland
Ardmore Shipping Corp.		(6,208	)		(82,504	)		(20.7	)
Keywords Studios PLC		(137	)		(2,187	)		(0.6	)

					(84,691	)

Israel
Camtek Ltd.		(1,897	)		(99,782	)		(25.1	)
Israel Corp. Ltd.		(423	)		(91,741	)		(23.0	)
Nano-X Imaging Ltd.		(19,406	)		(98,001	)		(24.6	)
Phoenix Holdings Ltd.		(130,014	)		(1,110,942	)		(279.0	)

					(1,400,466	)

Italy
Banca Generali SpA		(770	)		(24,932	)		(6.3	)
Eurogroup Laminations SpA		(67,476	)		(221,333	)		(55.6	)
Industrie De Nora SpA		(16,731	)		(236,404	)		(59.4	)


Security	Shares			Value			% of Basket Value

Italy (continued)
Juventus Football Club SpA		(1,133,011	)	$	(302,279	)		(75.9	)%
Salvatore Ferragamo SpA		(6,701	)		(81,834	)		(20.5	)
Technoprobe SpA		(10,745	)		(78,160	)		(19.6	)

					(944,942	)

Japan
Activia Properties, Inc.		(12	)		(32,879	)		(8.3	)
Advance Residence Investment Corp.		(28	)		(61,486	)		(15.4	)
AEON REIT Investment Corp.		(175	)		(168,884	)		(42.4	)
Aichi Financial Group, Inc.		(5,300	)		(84,548	)		(21.2	)
Aiful Corp.		(73,700	)		(188,065	)		(47.2	)
Airtrip Corp.		(18,700	)		(227,056	)		(57.0	)
AOKI Holdings, Inc.		(11,500	)		(76,325	)		(19.2	)
Ariake Japan Co. Ltd.		(9,200	)		(294,839	)		(74.0	)
Asahi Yukizai Corp.		(2,400	)		(59,205	)		(14.9	)
ASKUL Corp.		(8,800	)		(116,467	)		(29.2	)
Autobacs Seven Co. Ltd.		(5,000	)		(52,113	)		(13.1	)
Base Co. Ltd.		(4,400	)		(125,097	)		(31.4	)
C Uyemura & Co. Ltd.		(2,100	)		(115,634	)		(29.0	)
Casio Computer Co. Ltd.		(2,200	)		(17,849	)		(4.5	)
Change Holdings, Inc.		(2,000	)		(20,680	)		(5.2	)
Chikaranomoto Holdings Co., Ltd.		(10,800	)		(136,636	)		(34.3	)
Comforia Residential REIT, Inc.		(16	)		(34,324	)		(8.6	)
CRE Logistics REIT, Inc.		(1,184	)		(1,260,866	)		(316.6	)
CUC, Inc.		(700	)		(12,177	)		(3.1	)
CYBERDYNE, Inc.		(5,900	)		(10,428	)		(2.6	)
Cybozu, Inc.		(7,300	)		(92,110	)		(23.1	)
Daiei Kankyo Co. Ltd.		(19,500	)		(272,836	)		(68.5	)
Daiken Corp.		(16,202	)		(325,992	)		(81.9	)
Daikoku Denki Co. Ltd.		(2,000	)		(59,159	)		(14.9	)
Daiwa Office Investment Corp.		(18	)		(79,789	)		(20.0	)
Descente Ltd.		(16,900	)		(477,754	)		(120.0	)
Dexerials Corp.		(1,500	)		(34,732	)		(8.7	)
Duskin Co. Ltd.		(600	)		(13,256	)		(3.3	)
DyDo Group Holdings, Inc.		(1,100	)		(43,112	)		(10.8	)
en Japan, Inc.		(3,800	)		(57,408	)		(14.4	)
Enplas Corp.		(6,800	)		(386,140	)		(97.0	)
Fancl Corp.		(7,800	)		(117,905	)		(29.6	)
Ferrotec Holdings Corp.		(12,200	)		(217,529	)		(54.6	)
First Bank of Toyama Ltd.		(6,100	)		(40,377	)		(10.1	)
Frontier Real Estate Investment Corp.		(602	)		(1,824,190	)		(458.1	)
Fuji Co. Ltd.		(1,500	)		(19,207	)		(4.8	)
Fuji Media Holdings, Inc.		(55,800	)		(561,803	)		(141.1	)
Fuji Seal International, Inc.		(4,800	)		(54,196	)		(13.6	)
Fuji Soft, Inc.		(600	)		(21,884	)		(5.5	)
Fujio Food Group, Inc.		(41,200	)		(386,053	)		(96.9	)
Fukuyama Transporting Co. Ltd.		(7,800	)		(215,844	)		(54.2	)
Furuya Metal Co. Ltd.		(9,000	)		(589,602	)		(148.1	)
Fuso Chemical Co. Ltd.		(13,000	)		(357,799	)		(89.8	)
Future Corp.		(2,400	)		(27,705	)		(7.0	)
Globeride, Inc.		(8,100	)		(105,766	)		(26.6	)
Goldwin, Inc.		(1,200	)		(76,828	)		(19.3	)
GungHo Online Entertainment, Inc.		(21,000	)		(320,772	)		(80.5	)
Hachijuni Bank Ltd.		(61,700	)		(355,711	)		(89.3	)
Hakuto Co. Ltd.		(600	)		(20,494	)		(5.1	)
Haseko Corp.		(33,300	)		(415,416	)		(104.3	)
Heiwa Corp.		(21,600	)		(309,842	)		(77.8	)
Heiwa Real Estate REIT, Inc.		(68	)		(64,446	)		(16.2	)
Hisamitsu Pharmaceutical Co., Inc.		(11,000	)		(355,722	)		(89.3	)


SCHEDULE OF INVESTMENTS		67

Schedule of Investments (unaudited) (continued)

October 31, 2023

BlackRock Global Equity Market Neutral Fund


Security	Shares			Value			% of Basket Value

Japan (continued)
Hokkoku Financial Holdings, Inc.		(900	)	$	(30,205	)		(7.6	)%
Hokuhoku Financial Group, Inc.		(19,800	)		(234,032	)		(58.8	)
Hosiden Corp.		(13,800	)		(164,410	)		(41.3	)
House Foods Group, Inc.		(24,600	)		(524,783	)		(131.8	)
Idec Corp.		(8,600	)		(156,442	)		(39.3	)
Iino Kaiun Kaisha Ltd.		(23,000	)		(167,014	)		(41.9	)
Inabata & Co. Ltd.		(7,300	)		(154,429	)		(38.8	)
Insource Co. Ltd.		(2,800	)		(16,733	)		(4.2	)
Iyogin Holdings, Inc.		(17,800	)		(129,830	)		(32.6	)
Japan Aviation Electronics Industry Ltd.		(32,600	)		(622,845	)		(156.4	)
Japan Excellent, Inc.		(928	)		(825,140	)		(207.2	)
Japan Logistics Fund, Inc.		(72	)		(135,225	)		(34.0	)
Japan Material Co. Ltd.		(3,100	)		(44,220	)		(11.1	)
Japan Prime Realty Investment Corp.		(17	)		(39,819	)		(10.0	)
Juroku Financial Group, Inc.		(3,800	)		(103,684	)		(26.0	)
Kadokawa Corp.		(20,700	)		(404,367	)		(101.5	)
Kagome Co. Ltd.		(5,900	)		(124,394	)		(31.2	)
Kanto Denka Kogyo Co. Ltd.		(14,600	)		(78,256	)		(19.6	)
KeePer Technical Laboratory Co. Ltd.		(3,700	)		(141,376	)		(35.5	)
Keihan Holdings Co. Ltd.		(12,500	)		(309,596	)		(77.7	)
Keikyu Corp.		(34,500	)		(296,277	)		(74.4	)
Kinden Corp.		(1,400	)		(21,473	)		(5.4	)
Ki-Star Real Estate Co. Ltd.		(3,400	)		(97,100	)		(24.4	)
Koa Corp.		(22,200	)		(217,322	)		(54.6	)
Kohnan Shoji Co. Ltd.		(3,000	)		(78,823	)		(19.8	)
Komehyo Holdings Co. Ltd.		(1,000	)		(31,818	)		(8.0	)
Kosaido Holdings Co. Ltd.		(11,900	)		(236,062	)		(59.3	)
KPP Group Holdings Co. Ltd.		(9,800	)		(42,904	)		(10.8	)
Krosaki Harima Corp.		(300	)		(19,246	)		(4.8	)
K’s Holdings Corp.		(8,700	)		(81,730	)		(20.5	)
Kureha Corp.		(500	)		(29,694	)		(7.5	)
KYB Corp.		(1,700	)		(50,627	)		(12.7	)
Lintec Corp.		(3,600	)		(60,306	)		(15.1	)
M&A Capital Partners Co. Ltd.		(2,900	)		(52,951	)		(13.3	)
Mabuchi Motor Co. Ltd.		(77,200	)		(2,236,114	)		(561.5	)
Macbee Planet, Inc.		(800	)		(78,610	)		(19.7	)
Maeda Kosen Co. Ltd.		(1,500	)		(29,542	)		(7.4	)
Makino Milling Machine Co. Ltd.		(800	)		(33,843	)		(8.5	)
Management Solutions Co. Ltd.		(2,300	)		(40,519	)		(10.2	)
Maruichi Steel Tube Ltd.		(5,300	)		(133,327	)		(33.5	)
MEC Co. Ltd.		(4,600	)		(106,084	)		(26.6	)
Mitsubishi Logistics Corp.		(2,200	)		(58,329	)		(14.6	)
Mitsuboshi Belting Ltd.		(4,000	)		(117,091	)		(29.4	)
Mitsui Fudosan Logistics Park, Inc.		(52	)		(159,383	)		(40.0	)
Mitsui-Soko Holdings Co. Ltd.		(2,100	)		(60,592	)		(15.2	)
Mizuno Corp.		(700	)		(20,813	)		(5.2	)
Mori Hills REIT Investment Corp.		(116	)		(109,743	)		(27.6	)
Morinaga Milk Industry Co. Ltd.		(4,700	)		(185,115	)		(46.5	)
m-up Holdings, Inc.		(11,600	)		(95,033	)		(23.9	)
Musashino Bank Ltd.		(6,400	)		(122,236	)		(30.7	)
Nagoya Railroad Co. Ltd.		(4,900	)		(69,503	)		(17.5	)
Namura Shipbuilding Co. Ltd.		(63,900	)		(340,264	)		(85.4	)
Nankai Electric Railway Co. Ltd.		(2,600	)		(50,438	)		(12.7	)
Nihon Kohden Corp.		(9,800	)		(234,603	)		(58.9	)
Nikkiso Co. Ltd.		(4,000	)		(25,813	)		(6.5	)
Nikkon Holdings Co. Ltd.		(18,700	)		(401,450	)		(100.8	)
Nippon Accommodations Fund, Inc.		(50	)		(203,856	)		(51.2	)
Nippon Kayaku Co. Ltd.		(52,900	)		(460,399	)		(115.6	)
Nippon Pillar Packing Co. Ltd.		(800	)		(20,243	)		(5.1	)
Nippon Television Holdings, Inc.		(34,800	)		(342,645	)		(86.0	)


Security	Shares			Value			% of Basket Value

Japan (continued)
Nishimatsu Construction Co. Ltd.		(13,200	)	$	(321,611	)		(80.8	)%
Nomura Micro Science Co. Ltd.		(8,000	)		(414,035	)		(104.0	)
NS Solutions Corp.		(1,000	)		(29,368	)		(7.4	)
NS United Kaiun Kaisha Ltd.		(1,200	)		(34,560	)		(8.7	)
OBIC Business Consultants Co. Ltd.		(2,200	)		(95,673	)		(24.0	)
Ohsho Food Service Corp.		(5,000	)		(234,199	)		(58.8	)
Oisix ra daichi, Inc.		(49,900	)		(384,774	)		(96.6	)
Optorun Co. Ltd.		(1,900	)		(22,293	)		(5.6	)
Orient Corp.		(30,300	)		(228,491	)		(57.4	)
Osaka Soda Co. Ltd.		(7,100	)		(421,572	)		(105.9	)
OSG Corp.		(10,300	)		(119,168	)		(29.9	)
PAL GROUP Holdings Co. Ltd.		(20,600	)		(269,858	)		(67.8	)
Pilot Corp.		(11,000	)		(378,135	)		(95.0	)
Piolax, Inc.		(11,800	)		(176,610	)		(44.3	)
PKSHA Technology, Inc.		(2,700	)		(46,622	)		(11.7	)
Press Kogyo Co. Ltd.		(5,200	)		(22,585	)		(5.7	)
Rengo Co. Ltd.		(52,600	)		(352,753	)		(88.6	)
Resorttrust, Inc.		(14,800	)		(215,515	)		(54.1	)
Riken Keiki Co. Ltd.		(5,400	)		(223,646	)		(56.2	)
Roland Corp.		(4,400	)		(128,934	)		(32.4	)
Rorze Corp.		(5,100	)		(384,789	)		(96.6	)
Ryosan Co. Ltd.		(800	)		(25,550	)		(6.4	)
SAMTY Co. Ltd.		(5,800	)		(96,644	)		(24.3	)
Sangetsu Corp.		(34,000	)		(646,690	)		(162.4	)
Sankyu, Inc.		(2,000	)		(60,936	)		(15.3	)
Sawai Group Holdings Co. Ltd.		(1,000	)		(32,290	)		(8.1	)
Seiren Co. Ltd.		(6,400	)		(96,183	)		(24.2	)
Senko Group Holdings Co. Ltd.		(3,400	)		(23,744	)		(6.0	)
Senshu Ikeda Holdings, Inc.		(39,000	)		(92,703	)		(23.3	)
Septeni Holdings Co. Ltd.		(130,300	)		(371,114	)		(93.2	)
Shibaura Electronics Co. Ltd.		(400	)		(15,164	)		(3.8	)
Shibaura Mechatronics Corp.		(1,800	)		(78,922	)		(19.8	)
Shiga Bank Ltd.		(6,400	)		(171,505	)		(43.1	)
Shin Nippon Biomedical Laboratories Ltd.		(14,100	)		(159,376	)		(40.0	)
Shoei Co. Ltd.		(11,600	)		(156,697	)		(39.3	)
SKY Perfect JSAT Holdings, Inc.		(61,500	)		(288,323	)		(72.4	)
Sotetsu Holdings, Inc.		(9,000	)		(161,006	)		(40.4	)
Star Micronics Co. Ltd.		(19,400	)		(236,548	)		(59.4	)
Sumitomo Bakelite Co. Ltd.		(900	)		(40,587	)		(10.2	)
SUNWELS Co. Ltd.		(5,500	)		(96,088	)		(24.1	)
T Hasegawa Co. Ltd.		(3,100	)		(65,827	)		(16.5	)
Takara Holdings, Inc.		(102,400	)		(864,587	)		(217.1	)
Tamura Corp.		(5,100	)		(16,833	)		(4.2	)
T-Gaia Corp.		(6,300	)		(76,015	)		(19.1	)
Tocalo Co. Ltd.		(19,000	)		(174,051	)		(43.7	)
Toho Holdings Co. Ltd.		(21,200	)		(484,039	)		(121.5	)
TOKAI Holdings Corp.		(5,400	)		(35,283	)		(8.9	)
Tokyo Kiraboshi Financial Group, Inc.		(8,500	)		(254,306	)		(63.9	)
Tokyo Steel Manufacturing Co. Ltd.		(43,900	)		(513,899	)		(129.0	)
Tokyotokeiba Co. Ltd.		(7,000	)		(183,674	)		(46.1	)
TOMONY Holdings, Inc.		(2,500	)		(8,510	)		(2.1	)
Topre Corp.		(2,800	)		(30,582	)		(7.7	)
Towa Corp.		(14,400	)		(500,269	)		(125.6	)
Tri Chemical Laboratories, Inc.		(15,600	)		(336,332	)		(84.5	)
TV Asahi Holdings Corp.		(7,100	)		(77,576	)		(19.5	)
Valqua Ltd.		(2,400	)		(60,090	)		(15.1	)
Wacoal Holdings Corp.		(15,800	)		(365,944	)		(91.9	)
W-Scope Corp.		(28,800	)		(168,912	)		(42.4	)
YA-MAN Ltd.		(600	)		(4,279	)		(1.1	)
Yamato Kogyo Co. Ltd.		(3,800	)		(184,490	)		(46.3	)


68		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

October 31, 2023

BlackRock Global Equity Market Neutral Fund


Security	Shares			Value			% of Basket Value

Japan (continued)
Yodogawa Steel Works Ltd.		(5,700	)	$	(135,257	)		(34.0	)%
Zeon Corp.		(2,000	)		(16,787	)		(4.2	)
Zojirushi Corp.		(900	)		(9,381	)		(2.4	)

					(34,777,842	)

Luxembourg
Majorel Group Luxembourg SA		(5,875	)		(185,536	)		(46.6	)
RTL Group		(13,221	)		(461,628	)		(115.9	)

					(647,164	)

Netherlands
Alfen NV		(43,292	)		(1,362,281	)		(342.1	)
AMG Critical Materials NV		(4,316	)		(112,352	)		(28.2	)
Arcadis NV		(4,936	)		(208,249	)		(52.3	)
Corbion NV		(10,537	)		(182,143	)		(45.7	)
TKH Group NV		(4,975	)		(181,777	)		(45.6	)
Van Lanschot Kempen NV, GDR		(1,836	)		(49,241	)		(12.4	)

					(2,096,043	)

New Zealand
Fisher & Paykel Healthcare Corp. Ltd.		(13,982	)		(169,269	)		(42.5	)
Mainfreight Ltd.		(6,088	)		(207,018	)		(52.0	)
Ryman Healthcare Ltd.		(31,595	)		(106,649	)		(26.8	)

					(482,936	)

Norway
Entra ASA		(22,754	)		(181,600	)		(45.6	)
Europris ASA		(23,166	)		(134,174	)		(33.7	)
FLEX LNG Ltd.		(1,263	)		(38,572	)		(9.7	)
MPC Container Ships ASA		(359,125	)		(520,489	)		(130.7	)
NEL ASA		(22,847	)		(15,387	)		(3.9	)
Norske Skog ASA		(85,223	)		(317,422	)		(79.7	)
Norwegian Air Shuttle ASA		(886,125	)		(652,332	)		(163.8	)
Storebrand ASA		(36,846	)		(309,231	)		(77.6	)

					(2,169,207	)

Portugal
Greenvolt-Energias Renovaveis SA		(158,231	)		(1,055,632	)		(265.1	)


Puerto Rico
First BanCorp/Puerto Rico		(12,440	)		(166,074	)		(41.7	)


Singapore
AEM Holdings Ltd.		(54,500	)		(137,918	)		(34.6	)
Hafnia Ltd.		(40,978	)		(275,029	)		(69.1	)
Kenon Holdings Ltd.		(26,744	)		(492,456	)		(123.7	)
Keppel DC REIT		(224,900	)		(277,899	)		(69.8	)
SATS Ltd.		(127,500	)		(229,615	)		(57.6	)
Sheng Siong Group Ltd.		(268,400	)		(304,167	)		(76.4	)

					(1,717,084	)

Spain
Acerinox SA		(4,635	)		(45,077	)		(11.3	)
Atresmedia Corp. de Medios de Comunicacion SA		(8,430	)		(31,624	)		(8.0	)
Befesa SA		(3,261	)		(95,216	)		(23.9	)
Ence Energia y Celulosa SA		(161,952	)		(483,493	)		(121.4	)
Faes Farma SA		(46,911	)		(147,082	)		(36.9	)
Grenergy Renovables SA		(520	)		(12,328	)		(3.1	)
Laboratorios Farmaceuticos Rovi SA		(1,584	)		(84,555	)		(21.2	)
Sacyr SA		(71,599	)		(206,380	)		(51.8	)
Solaria Energia y Medio Ambiente SA		(1,630	)		(24,479	)		(6.2	)


Security	Shares			Value			% of Basket Value

Spain (continued)
Vidrala SA		(3,786	)	$	(280,644	)		(70.5	)%
Viscofan SA		(1,478	)		(85,332	)		(21.4	)

					(1,496,210	)

Sweden
Addnode Group AB, Class B		(8,723	)		(55,575	)		(14.0	)
Alleima AB		(7,000	)		(43,505	)		(10.9	)
Axfood AB		(3,613	)		(80,568	)		(20.2	)
Catena AB		(6,080	)		(205,970	)		(51.7	)
Clas Ohlson AB		(37,036	)		(396,292	)		(99.5	)
Dometic Group AB		(62,982	)		(397,060	)		(99.7	)
Hemnet Group AB		(33,279	)		(587,622	)		(147.6	)
Hexatronic Group AB		(47,418	)		(114,679	)		(28.8	)
Hms Networks Ab		(3,994	)		(135,493	)		(34.0	)
Hufvudstaden AB		(9,961	)		(108,629	)		(27.3	)
JM AB		(2,293	)		(25,121	)		(6.3	)
Lindab International AB		(1,293	)		(20,318	)		(5.1	)
New Wave Group AB, B Shares		(235,182	)		(1,567,647	)		(393.7	)
Pandox AB, Class B		(10,609	)		(106,831	)		(26.8	)
Paradox Interactive AB		(10,916	)		(212,420	)		(53.3	)
Peab AB		(5,192	)		(19,827	)		(5.0	)
Stillfront Group AB		(50,578	)		(52,857	)		(13.3	)

					(4,130,414	)

Switzerland
Allreal Holding AG		(8,720	)		(1,418,537	)		(356.2	)
ALSO Holding AG, Registered Shares		(92	)		(23,739	)		(6.0	)
Cembra Money Bank AG		(12,452	)		(871,019	)		(218.7	)
Comet Holding AG		(724	)		(144,377	)		(36.3	)
Daetwyler Holding AG		(533	)		(95,400	)		(24.0	)
Emmi AG		(735	)		(701,799	)		(176.2	)
Forbo Holding AG, Registered Shares		(137	)		(152,877	)		(38.4	)
Garrett Motion, Inc.		(16,541	)		(116,779	)		(29.3	)
Huber & Suhner AG		(1,136	)		(78,657	)		(19.8	)
Interroll Holding AG		(152	)		(406,054	)		(102.0	)
Komax Holding AG		(231	)		(46,389	)		(11.6	)
Landis&Gyr Group AG		(3,628	)		(271,988	)		(68.3	)
Leonteq AG		(1,987	)		(86,543	)		(21.7	)
Mobimo Holding AG		(1,630	)		(455,126	)		(114.3	)
Schweiter Technologies AG		(204	)		(115,274	)		(28.9	)
Sensirion Holding Ag		(344	)		(26,284	)		(6.6	)
SFS Group AG		(4,256	)		(431,043	)		(108.2	)
Siegfried Holding AG		(70	)		(56,224	)		(14.1	)
SKAN Group AG		(622	)		(47,493	)		(11.9	)
Valiant Holding AG		(571	)		(63,129	)		(15.9	)
Zehnder Group AG		(1,110	)		(58,034	)		(14.6	)

					(5,666,765	)

United Kingdom
4imprint Group PLC		(279	)		(17,156	)		(4.3	)
888 Holdings PLC		(142,858	)		(142,424	)		(35.8	)
Ascential PLC		(76,205	)		(243,620	)		(61.2	)
Auction Technology Group PLC		(16,359	)		(112,127	)		(28.2	)
Bellway PLC		(463	)		(11,868	)		(3.0	)
Britvic PLC		(24,375	)		(248,537	)		(62.4	)
Ceres Power Holdings PLC		(14,996	)		(36,321	)		(9.1	)
Cranswick PLC		(587	)		(25,143	)		(6.3	)
Crest Nicholson Holdings PLC		(12,640	)		(24,715	)		(6.2	)
Domino’s Pizza Group PLC		(5,448	)		(22,905	)		(5.7	)
Dunelm Group PLC		(14,153	)		(168,881	)		(42.4	)
Elementis PLC		(248,106	)		(358,926	)		(90.1	)
Frasers Group PLC		(16,214	)		(159,131	)		(40.0	)


SCHEDULE OF INVESTMENTS		69

Schedule of Investments (unaudited) (continued)

October 31, 2023

BlackRock Global Equity Market Neutral Fund


Security	Shares			Value			% of Basket Value

United Kingdom (continued)
Future PLC		(3,534	)	$	(38,214	)		(9.6	)%
Genuit Group PLC		(84,369	)		(273,702	)		(68.7	)
Global Ship Lease, Inc., Class A		(6,624	)		(116,450	)		(29.2	)
Ibstock PLC		(58,461	)		(87,533	)		(22.0	)
IntegraFin Holdings PLC		(6,936	)		(18,539	)		(4.7	)
Lancashire Holdings Ltd.		(47,117	)		(326,571	)		(82.0	)
LXI REIT PLC		(129,538	)		(135,111	)		(33.9	)
Moonpig Group PLC		(154,180	)		(310,543	)		(78.0	)
Oxford Nanopore Technologies PLC		(85,736	)		(213,203	)		(53.5	)
Rathbones Group PLC		(9,239	)		(169,498	)		(42.6	)
Renishaw PLC		(2,551	)		(96,388	)		(24.2	)
Rotork PLC		(61,511	)		(220,898	)		(55.5	)
Safestore Holdings PLC		(32,413	)		(269,859	)		(67.8	)
Savills PLC		(7,399	)		(71,188	)		(17.9	)
SSP Group PLC		(297,101	)		(652,838	)		(163.9	)
Trainline PLC		(45,708	)		(145,130	)		(36.4	)
Victrex PLC		(18,189	)		(306,016	)		(76.8	)
Watches of Switzerland Group PLC		(41,332	)		(253,644	)		(63.7	)
WH Smith PLC		(11,865	)		(167,781	)		(42.1	)
Yellow Cake PLC		(64,174	)		(432,933	)		(108.7	)

					(5,877,793	)

United States
ACI Worldwide, Inc.		(6,137	)		(125,011	)		(31.4	)
ACV Auctions, Inc.		(2,884	)		(38,444	)		(9.7	)
Adeia, Inc.		(4,147	)		(34,959	)		(8.8	)
ADT, Inc.		(41,037	)		(232,269	)		(58.3	)
ADTRAN Holdings, Inc.		(22,288	)		(146,432	)		(36.8	)
Aehr Test Systems		(9,711	)		(228,791	)		(57.4	)
AeroVironment, Inc.		(478	)		(54,807	)		(13.8	)
AerSale Corp.		(13,371	)		(204,443	)		(51.3	)
Agiliti, Inc.		(5,367	)		(30,216	)		(7.6	)
Alamo Group, Inc.		(188	)		(30,136	)		(7.6	)
Altair Engineering, Inc., Class A		(897	)		(55,722	)		(14.0	)
Alteryx, Inc., Class A		(1,971	)		(63,092	)		(15.8	)
Altus Power, Inc., Class A		(58,049	)		(308,240	)		(77.4	)
AMC Networks, Inc.		(5,681	)		(67,036	)		(16.8	)
Amplitude, Inc., Class A		(2,387	)		(23,774	)		(6.0	)
ANI Pharmaceuticals, Inc.		(787	)		(48,589	)		(12.2	)
Anterix, Inc.		(3,852	)		(117,447	)		(29.5	)
Apollo Commercial Real Estate Finance, Inc.		(22,112	)		(220,235	)		(55.3	)
Appfolio, Inc., Class A		(1,369	)		(256,783	)		(64.5	)
Appian Corp., Class A		(2,077	)		(81,958	)		(20.6	)
Applied Digital Corp.		(76,075	)		(371,246	)		(93.2	)
Applied Optoelectronics, Inc.		(2,288	)		(17,000	)		(4.3	)
Archer Aviation, Inc.		(4,809	)		(22,843	)		(5.7	)
Ares Commercial Real Estate Corp.		(3,560	)		(32,645	)		(8.2	)
Arhaus, Inc., Class A		(19,780	)		(170,504	)		(42.8	)
Arko Corp.		(2,525	)		(19,064	)		(4.8	)
ARMOUR Residential REIT, Inc.		(28,526	)		(415,624	)		(104.4	)
Array Technologies, Inc.		(3,340	)		(57,882	)		(14.5	)
Artesian Resources Corp., Class A		(1,708	)		(67,124	)		(16.9	)
Astronics Corp.		(3,012	)		(46,174	)		(11.6	)
Atlantic Union Bankshares Corp.		(8,297	)		(239,037	)		(60.0	)
Atlas Energy Solutions, Inc.		(4,820	)		(87,772	)		(22.0	)
Atrion Corp.		(45	)		(15,389	)		(3.9	)
Avanos Medical, Inc.		(631	)		(11,585	)		(2.9	)
AvePoint, Inc.		(28,292	)		(211,907	)		(53.2	)
Aviat Networks, Inc.		(2,628	)		(70,168	)		(17.6	)
Avid Technology, Inc.		(12,853	)		(347,288	)		(87.2	)
Avient Corp.		(659	)		(20,838	)		(5.2	)


Security	Shares			Value			% of Basket Value

United States (continued)
Axsome Therapeutics, Inc.		(3,350	)	$	(208,638	)		(52.4	)%
Azenta, Inc.		(506	)		(22,998	)		(5.8	)
B Riley Financial Inc.		(4,996	)		(180,905	)		(45.4	)
Balchem Corp.		(607	)		(70,558	)		(17.7	)
BancFirst Corp.		(2,079	)		(168,628	)		(42.3	)
Bank First Corp.		(12,542	)		(990,442	)		(248.7	)
Bank of Hawaii Corp.		(16,166	)		(798,439	)		(200.5	)
Barnes Group, Inc.		(16,666	)		(346,486	)		(87.0	)
Belden, Inc.		(2,195	)		(155,625	)		(39.1	)
BGC Group, Inc.		(72,954	)		(428,240	)		(107.5	)
BioLife Solutions, Inc.		(2,240	)		(22,624	)		(5.7	)
Bloom Energy Corp., Class A		(1,909	)		(19,854	)		(5.0	)
Bloomin’ Brands, Inc.		(2,888	)		(67,406	)		(16.9	)
BOK Financial Corp.		(3,379	)		(221,392	)		(55.6	)
Boot Barn Holdings, Inc.		(7,467	)		(518,956	)		(130.3	)
Boston Omaha Corp., Class A		(17,364	)		(247,090	)		(62.0	)
BrightSpire Capital, Inc., Class A		(9,062	)		(51,291	)		(12.9	)
Brinker International, Inc.		(642	)		(21,777	)		(5.5	)
Brink’s Co.		(1,974	)		(131,982	)		(33.1	)
Broadstone Net Lease, Inc.		(11,324	)		(160,235	)		(40.2	)
Brookfield Realty Capital Corp.		(13,604	)		(39,452	)		(9.9	)
BRP Group, Inc., Class A		(22,164	)		(463,892	)		(116.5	)
Burford Capital Ltd.		(16,625	)		(206,815	)		(51.9	)
Business First Bancshares, Inc.		(934	)		(18,250	)		(4.6	)
Cadre Holdings, Inc.		(6,399	)		(179,492	)		(45.1	)
Caleres, Inc.		(9,325	)		(238,533	)		(59.9	)
California Water Service Group		(9,495	)		(462,217	)		(116.1	)
Calix, Inc.		(1,568	)		(51,932	)		(13.0	)
Cambridge Bancorp		(5,802	)		(311,625	)		(78.2	)
Camping World Holdings, Inc., Class A		(8,273	)		(138,573	)		(34.8	)
Cardlytics, Inc.		(11,891	)		(147,329	)		(37.0	)
Carpenter Technology Corp.		(2,696	)		(169,093	)		(42.5	)
Carriage Services, Inc., Class A		(3,974	)		(85,838	)		(21.6	)
Carter’s, Inc.		(2,519	)		(169,176	)		(42.5	)
Cass Information Systems, Inc.		(3,223	)		(121,862	)		(30.6	)
Cathay General Bancorp		(4,179	)		(141,710	)		(35.6	)
CBIZ, Inc.		(7,439	)		(386,530	)		(97.1	)
CCC Intelligent Solutions Holdings, Inc.		(12,905	)		(138,987	)		(34.9	)
Centrus Energy Corp., Class A		(596	)		(31,630	)		(7.9	)
Certara, Inc.		(10,738	)		(130,896	)		(32.9	)
Chico’s FAS, Inc.		(61,672	)		(461,307	)		(115.8	)
Claros Mortgage Trust, Inc.		(3,619	)		(37,746	)		(9.5	)
Cleanspark, Inc.		(22,508	)		(92,283	)		(23.2	)
Clearfield, Inc.		(19,995	)		(480,280	)		(120.6	)
Clearwater Analytics Holdings, Inc., Class A		(1,342	)		(24,263	)		(6.1	)
Clearway Energy, Inc., Class C		(1,132	)		(24,576	)		(6.2	)
CNB Financial Corp.		(862	)		(15,671	)		(3.9	)
CNX Resources Corp.		(7,168	)		(155,689	)		(39.1	)
Coastal Financial Corp.		(4,854	)		(180,423	)		(45.3	)
Collegium Pharmaceutical, Inc.		(8,409	)		(182,980	)		(45.9	)
Columbia Financial, Inc.		(5,495	)		(88,469	)		(22.2	)
Columbus McKinnon Corp.		(2,297	)		(70,219	)		(17.6	)
Compass Minerals International, Inc.		(3,200	)		(78,848	)		(19.8	)
Conduent, Inc.		(18,514	)		(59,060	)		(14.8	)
CONMED Corp.		(7,028	)		(684,949	)		(172.0	)
Consensus Cloud Solutions, Inc.		(12,621	)		(272,487	)		(68.4	)
CoreCivic, Inc.		(16,370	)		(207,899	)		(52.2	)
Covenant Logistics Group, Inc., Class A		(3,410	)		(134,644	)		(33.8	)
Crescent Energy Co., Class A		(82,839	)		(1,008,979	)		(253.4	)
Cricut, Inc.		(10,777	)		(91,928	)		(23.1	)
CTS Corp.		(8,166	)		(305,490	)		(76.7	)


70		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

October 31, 2023

BlackRock Global Equity Market Neutral Fund


Security	Shares			Value			% of Basket Value

United States (continued)
Cymabay Therapeutics, Inc.		(5,815	)	$	(95,250	)		(23.9	)%
Cytek Biosciences, Inc.		(8,199	)		(34,518	)		(8.7	)
Dave & Buster’s Entertainment, Inc.		(3,250	)		(113,555	)		(28.5	)
Definitive Healthcare Corp., Class A		(14,587	)		(84,021	)		(21.1	)
Denny’s Corp.		(7,099	)		(61,193	)		(15.4	)
Designer Brands, Inc.		(38,421	)		(388,436	)		(97.5	)
DHT Holdings, Inc.		(2,439	)		(27,122	)		(6.8	)
DiamondRock Hospitality Co.		(79,785	)		(616,738	)		(154.9	)
Digimarc Corp.		(3,251	)		(84,331	)		(21.2	)
Digitalbridge Group, Inc.		(10,777	)		(170,815	)		(42.9	)
Digitalocean Holdings, Inc.		(14,188	)		(290,286	)		(72.9	)
Dine Brands Global, Inc.		(11,129	)		(548,548	)		(137.7	)
Distribution Solutions Group, Inc.		(3,135	)		(94,520	)		(23.7	)
DocGo, Inc.		(3,002	)		(17,832	)		(4.5	)
Dorman Products, Inc.		(4,699	)		(292,184	)		(73.4	)
Douglas Emmett, Inc.		(4,505	)		(50,501	)		(12.7	)
Dream Finders Homes, Inc.		(7,620	)		(150,038	)		(37.7	)
Ducommun, Inc.		(10,927	)		(522,748	)		(131.3	)
Easterly Government Properties, Inc., Class A		(29,564	)		(318,109	)		(79.9	)
Eastern Bankshares, Inc.		(1,128	)		(12,419	)		(3.1	)
Eastman Kodak Co.		(34,597	)		(128,701	)		(32.3	)
Ecovyst, Inc.		(14,932	)		(137,374	)		(34.5	)
Edgewell Personal Care Co.		(3,805	)		(132,794	)		(33.3	)
Embecta Corp.		(11,113	)		(168,029	)		(42.2	)
Encore Capital Group, Inc.		(5,425	)		(204,414	)		(51.3	)
Energizer Holdings, Inc.		(5,630	)		(177,795	)		(44.6	)
Enfusion, Inc., Class A		(42,549	)		(353,157	)		(88.7	)
Enhabit, Inc.		(4,583	)		(33,777	)		(8.5	)
Enliven Therapeutics, Inc.		(28,086	)		(347,986	)		(87.4	)
Enovix Corp.		(182,970	)		(1,630,263	)		(409.4	)
Enstar Group Ltd.		(2,312	)		(547,875	)		(137.6	)
EPR Properties		(3,877	)		(165,548	)		(41.6	)
Equity Commonwealth		(5,643	)		(106,878	)		(26.8	)
Essential Properties Realty Trust, Inc.		(23,030	)		(505,508	)		(126.9	)
European Wax Center, Inc., Class A		(37,908	)		(559,901	)		(140.6	)
Evolus, Inc.		(2,013	)		(15,299	)		(3.8	)
Excelerate Energy, Inc.		(9,336	)		(132,758	)		(33.3	)
F&G Annuities & Life, Inc.		(5,778	)		(177,327	)		(44.5	)
Farmers National Banc Corp.		(19,592	)		(221,194	)		(55.5	)
Farmland Partners, Inc.		(50,477	)		(525,970	)		(132.1	)
Fastly, Inc.		(2,224	)		(32,626	)		(8.2	)
First Advantage Corp.		(10,071	)		(131,024	)		(32.9	)
First Bancorp/Southern Pines NC		(437	)		(12,682	)		(3.2	)
First Bancshares, Inc.		(6,011	)		(145,586	)		(36.6	)
First Commonwealth Financial Corp.		(3,527	)		(42,959	)		(10.8	)
First Community Bankshares, Inc.		(4,235	)		(138,273	)		(34.7	)
First Hawaiian, Inc.		(1,399	)		(25,084	)		(6.3	)
First Merchants Corp.		(3,733	)		(101,948	)		(25.6	)
First Watch Restaurant Group, Inc.		(4,672	)		(78,069	)		(19.6	)
FormFactor, Inc.		(1,907	)		(64,609	)		(16.2	)
Fortrea Holdings, Inc.		(1,723	)		(48,933	)		(12.3	)
Franklin BSP Realty Trust, Inc.		(12,636	)		(159,340	)		(40.0	)
Freshpet, Inc.		(2,261	)		(129,781	)		(32.6	)
Frontier Group Holdings, Inc.		(3,559	)		(12,065	)		(3.0	)
FTAI Aviation Ltd.		(2,560	)		(96,282	)		(24.2	)
FutureFuel Corp.		(14,128	)		(92,538	)		(23.2	)
GCM Grosvenor, Inc., Class A		(2,371	)		(19,087	)		(4.8	)
GEO Group, Inc.		(9,332	)		(81,562	)		(20.5	)
German American Bancorp, Inc.		(2,211	)		(60,427	)		(15.2	)
Glacier Bancorp, Inc.		(2,939	)		(88,728	)		(22.3	)
Gladstone Land Corp.		(8,854	)		(120,946	)		(30.4	)


Security	Shares			Value			% of Basket Value

United States (continued)
Global Medical REIT, Inc.		(10,547	)	$	(91,337	)		(22.9	)%
Gogo, Inc.		(5,088	)		(53,424	)		(13.4	)
Goosehead Insurance, Inc.		(1,729	)		(112,160	)		(28.2	)
GrafTech International Ltd.		(15,064	)		(51,971	)		(13.0	)
Graham Holdings Co.		(178	)		(103,012	)		(25.9	)
Great Southern Bancorp, Inc.		(4,957	)		(246,462	)		(61.9	)
Green Brick Partners, Inc.		(2,496	)		(96,595	)		(24.3	)
Grid Dynamics Holdings, Inc.		(19,678	)		(199,535	)		(50.1	)
Hallador Energy Co.		(50,615	)		(707,598	)		(177.7	)
Hamilton Lane, Inc., Class A		(3,008	)		(253,033	)		(63.5	)
Hanesbrands, Inc.		(4,290	)		(17,975	)		(4.5	)
Hawkins, Inc.		(1,819	)		(104,465	)		(26.2	)
Haynes International, Inc.		(1,599	)		(68,797	)		(17.3	)
Helios Technologies, Inc.		(3,503	)		(181,175	)		(45.5	)
Herbalife Ltd.		(1,527	)		(21,760	)		(5.5	)
HighPeak Energy, Inc.		(7,580	)		(134,242	)		(33.7	)
Highwoods Properties, Inc.		(1,176	)		(21,039	)		(5.3	)
Hillman Solutions Corp.		(50,935	)		(334,134	)		(83.9	)
Hilltop Holdings, Inc.		(6,464	)		(178,536	)		(44.8	)
HireRight Holdings Corp.		(2,884	)		(26,562	)		(6.7	)
Home BancShares, Inc.		(19,777	)		(404,440	)		(101.6	)
Ichor Holdings Ltd.		(2,020	)		(49,005	)		(12.3	)
IMAX Corp.		(4,519	)		(82,291	)		(20.7	)
Informatica, Inc., Class A		(8,359	)		(160,326	)		(40.3	)
Innospec, Inc.		(4,021	)		(394,058	)		(98.9	)
Inspired Entertainment, Inc.		(2,607	)		(26,018	)		(6.5	)
International Bancshares Corp.		(12,203	)		(534,857	)		(134.3	)
Intrepid Potash, Inc.		(2,386	)		(47,458	)		(11.9	)
InvenTrust Properties Corp.		(19,664	)		(493,566	)		(123.9	)
Invesco Mortgage Capital, Inc.		(23,218	)		(158,579	)		(39.8	)
IonQ, Inc.		(43,089	)		(415,378	)		(104.3	)
iRhythm Technologies, Inc.		(2,807	)		(220,406	)		(55.3	)
Ivanhoe Electric, Inc.		(74,823	)		(766,187	)		(192.4	)
Jack in the Box, Inc.		(6,116	)		(386,409	)		(97.0	)
Jackson Financial, Inc.		(4,152	)		(152,420	)		(38.3	)
JBG SMITH Properties		(8,069	)		(103,848	)		(26.1	)
John Bean Technologies Corp.		(2,374	)		(246,943	)		(62.0	)
John Wiley & Sons, Inc.		(4,363	)		(132,068	)		(33.2	)
Kadant, Inc.		(3,182	)		(700,040	)		(175.8	)
Kinetik Holdings, Inc., Class A		(116,149	)		(4,116,321	)		(1,033.6	)
Kratos Defense & Security Solutions, Inc.		(2,114	)		(36,044	)		(9.1	)
Kura Sushi USA, Inc., Class A		(1,774	)		(101,366	)		(25.5	)
Lakeland Financial Corp.		(2,399	)		(118,151	)		(29.7	)
LCI Industries		(2,262	)		(245,404	)		(61.6	)
Lemonade, Inc.		(8,902	)		(97,388	)		(24.5	)
Leonardo DRS, Inc.		(442	)		(8,429	)		(2.1	)
Leslie’s, Inc.		(25,333	)		(125,145	)		(31.4	)
Liberty Energy, Inc., Class A		(3,522	)		(69,383	)		(17.4	)
Liberty Media Corp.-Liberty Live		(2,654	)		(84,583	)		(21.2	)
Life Time Group Holdings, Inc.		(8,175	)		(96,628	)		(24.3	)
Lightwave Logic, Inc.		(70,478	)		(319,265	)		(80.2	)
Lindblad Expeditions Holdings, Inc.		(12,741	)		(79,249	)		(19.9	)
Littelfuse, Inc.		(170	)		(36,834	)		(9.2	)
LTC Properties, Inc.		(12,372	)		(391,079	)		(98.2	)
Luminar Technologies, Inc., Class A		(92,128	)		(292,046	)		(73.3	)
Macerich Co.		(10,108	)		(98,250	)		(24.7	)
Madison Square Garden Entertainment Corp., Class A		(1,645	)		(50,140	)		(12.6	)
Marathon Digital Holdings, Inc.		(175,097	)		(1,542,605	)		(387.4	)
Maravai LifeSciences Holdings, Inc., Class A		(11,088	)		(76,064	)		(19.1	)
Marten Transport Ltd.		(9,957	)		(175,044	)		(44.0	)
MasterCraft Boat Holdings, Inc.		(4,463	)		(91,224	)		(22.9	)


SCHEDULE OF INVESTMENTS		71

Schedule of Investments (unaudited) (continued)

October 31, 2023

BlackRock Global Equity Market Neutral Fund


Security	Shares			Value			% of Basket Value

United States (continued)
MaxCyte, Inc.		(13,331	)	$	(39,460	)		(9.9	)%
MBIA, Inc.		(22,896	)		(157,524	)		(39.6	)
MediaAlpha, Inc., Class A		(2,870	)		(29,504	)		(7.4	)
Medifast, Inc.		(2,357	)		(163,010	)		(40.9	)
MeridianLink, Inc.		(13,820	)		(226,924	)		(57.0	)
Mesa Laboratories, Inc.		(1,332	)		(124,982	)		(31.4	)
Metropolitan Bank Holding Corp.		(8,464	)		(274,318	)		(68.9	)
MFA Financial, Inc.		(4,285	)		(38,094	)		(9.6	)
MGE Energy, Inc.		(2,239	)		(160,380	)		(40.3	)
Middlesex Water Co.		(869	)		(55,208	)		(13.9	)
Mirion Technologies, Inc., Class A		(17,019	)		(117,942	)		(29.6	)
Mission Produce, Inc.		(2,561	)		(24,099	)		(6.1	)
Modine Manufacturing Co.		(10,264	)		(405,428	)		(101.8	)
ModivCare, Inc.		(1,925	)		(81,312	)		(20.4	)
Montauk Renewables, Inc.		(15,249	)		(153,405	)		(38.5	)
Movado Group, Inc.		(13,914	)		(387,644	)		(97.3	)
Mueller Water Products, Inc., Class A		(16,761	)		(207,334	)		(52.1	)
National Bank Holdings Corp.		(11,993	)		(373,942	)		(93.9	)
National Cinemedia, Inc.		(70,917	)		(277,285	)		(69.6	)
National Health Investors, Inc.		(1,273	)		(63,701	)		(16.0	)
National Presto Industries, Inc.		(1,583	)		(118,329	)		(29.7	)
National Western Life Group, Inc.		(785	)		(375,936	)		(94.4	)
NBT Bancorp, Inc.		(13,505	)		(452,012	)		(113.5	)
nCino, Inc.		(4,673	)		(131,311	)		(33.0	)
NeoGenomics, Inc.		(24,407	)		(342,186	)		(85.9	)
NETSTREIT Corp.		(31,435	)		(447,949	)		(112.5	)
New York Mortgage Trust, Inc.		(12,896	)		(100,460	)		(25.2	)
Newmark Group, Inc.		(8,997	)		(51,013	)		(12.8	)
NewMarket Corp.		(167	)		(80,519	)		(20.2	)
NewtekOne, Inc.		(1,249	)		(17,324	)		(4.3	)
Nicolet Bankshares, Inc.		(2,625	)		(191,152	)		(48.0	)
nLight, Inc.		(4,403	)		(36,677	)		(9.2	)
Northfield Bancorp, Inc.		(1,125	)		(9,675	)		(2.4	)
Northwest Bancshares, Inc.		(6,971	)		(72,638	)		(18.2	)
NorthWestern Corp.		(18,052	)		(866,676	)		(217.6	)
NuScale Power Corp.		(74,755	)		(252,672	)		(63.4	)
NVE Corp.		(175	)		(11,900	)		(3.0	)
OmniAb, Inc.		(3,474	)		(15,807	)		(4.0	)
One Liberty Properties, Inc.		(3,090	)		(56,856	)		(14.3	)
OneSpan, Inc.		(4,021	)		(31,766	)		(8.0	)
OneWater Marine, Inc., Class A		(18,252	)		(413,043	)		(103.7	)
Origin Bancorp, Inc.		(13,743	)		(406,655	)		(102.1	)
OrthoPediatrics Corp.		(8,040	)		(196,658	)		(49.4	)
Papa John’s International, Inc.		(9,877	)		(642,202	)		(161.3	)
PAR Technology Corp.		(1,121	)		(32,722	)		(8.2	)
Paragon 28, Inc.		(1,293	)		(11,159	)		(2.8	)
Paramount Group, Inc.		(26,986	)		(115,500	)		(29.0	)
Park National Corp.		(3,255	)		(330,024	)		(82.9	)
Patrick Industries, Inc.		(1,714	)		(128,807	)		(32.3	)
Paycor HCM, Inc.		(13,613	)		(293,769	)		(73.8	)
Peapack-Gladstone Financial Corp.		(3,020	)		(70,577	)		(17.7	)
PennyMac Mortgage Investment Trust		(30,037	)		(379,968	)		(95.4	)
Peoples Bancorp, Inc.		(5,424	)		(149,594	)		(37.6	)
PGT Innovations, Inc.		(4,769	)		(142,784	)		(35.9	)
Phillips Edison & Co., Inc.		(1,273	)		(44,950	)		(11.3	)
Phinia, Inc.		(1,071	)		(27,717	)		(7.0	)
Piedmont Lithium, Inc.		(18,756	)		(515,227	)		(129.4	)
Piedmont Office Realty Trust, Inc.		(1,255	)		(6,539	)		(1.6	)
Pitney Bowes, Inc.		(31,090	)		(100,421	)		(25.2	)
Plymouth Industrial REIT, Inc.		(18,366	)		(366,218	)		(92.0	)
PolyPeptide Group AG		(10,823	)		(205,550	)		(51.6	)
Portillo’s, Inc., Class A		(22,346	)		(334,073	)		(83.9	)


Security	Shares			Value			% of Basket Value

United States (continued)
PotlatchDeltic Corp.		(11,520	)	$	(493,632	)		(124.0	)%
Powell Industries, Inc.		(1,798	)		(137,817	)		(34.6	)
PowerSchool Holdings, Inc., Class A		(11,755	)		(234,160	)		(58.8	)
Premier, Inc., Class A		(8,919	)		(171,423	)		(43.0	)
ProAssurance Corp.		(8,103	)		(137,751	)		(34.6	)
PROCEPT BioRobotics Corp.		(9,422	)		(252,415	)		(63.4	)
PubMatic, Inc.		(1,452	)		(16,364	)		(4.1	)
PureCycle Technologies, Inc.		(11,474	)		(51,059	)		(12.8	)
QIAGEN NV		(9,720	)		(363,820	)		(91.4	)
Quanterix Corp.		(632	)		(13,727	)		(3.4	)
RCI Hospitality Holdings, Inc.		(4,385	)		(239,026	)		(60.0	)
Ready Capital Corp.		(162,916	)		(1,536,298	)		(385.8	)
Red Rock Resorts, Inc.		(4,514	)		(178,529	)		(44.8	)
Redwood Trust, Inc.		(16,246	)		(102,025	)		(25.6	)
Reliance Worldwide Corp. Ltd.		(193,839	)		(432,059	)		(108.5	)
Resideo Technologies, Inc.		(3,265	)		(47,277	)		(11.9	)
Retail Opportunity Investments Corp.		(19,779	)		(232,205	)		(58.3	)
Rocket Lab USA, Inc.		(45,626	)		(192,998	)		(48.5	)
RXO, Inc.		(2,667	)		(46,699	)		(11.7	)
S&T Bancorp, Inc.		(7,542	)		(194,282	)		(48.8	)
Sabra Health Care REIT, Inc.		(39,072	)		(532,942	)		(133.8	)
Sabre Corp.		(10,574	)		(37,009	)		(9.3	)
Schneider National, Inc.		(1,695	)		(42,934	)		(10.8	)
Seaboard Corp.		(15	)		(52,604	)		(13.2	)
Select Water Solutions, Inc.		(11,803	)		(87,814	)		(22.0	)
Sensient Technologies Corp.		(16,754	)		(945,261	)		(237.4	)
Shenandoah Telecommunications Co.		(2,460	)		(58,204	)		(14.6	)
Shoals Technologies Group, Inc., Class A		(15,108	)		(232,059	)		(58.3	)
Silgan Holdings, Inc.		(15,415	)		(617,525	)		(155.1	)
Simply Good Foods Co.		(9,345	)		(348,475	)		(87.5	)
SITE Centers Corp.		(39,647	)		(462,284	)		(116.1	)
SiTime Corp.		(730	)		(72,854	)		(18.3	)
Sitio Royalties Corp.		(6,654	)		(164,487	)		(41.3	)
Six Flags Entertainment Corp.		(38,612	)		(768,379	)		(192.9	)
Sl Green Realty Corp.		(14,854	)		(435,074	)		(109.2	)
Sleep Number Corp.		(3,437	)		(55,920	)		(14.0	)
Solo Brands, Inc., Class A		(5,410	)		(20,828	)		(5.2	)
Sotera Health Co.		(14,039	)		(177,734	)		(44.6	)
Spectrum Brands Holdings, Inc.		(1,859	)		(140,020	)		(35.2	)
Spirit AeroSystems Holdings, Inc., Class A		(17,275	)		(390,415	)		(98.0	)
Stellar Bancorp, Inc.		(4,997	)		(108,635	)		(27.3	)
Stem, Inc.		(48,497	)		(163,920	)		(41.2	)
Stepan Co.		(760	)		(56,848	)		(14.3	)
StepStone Group, Inc., Class A		(12,575	)		(355,872	)		(89.4	)
Sterling Check Corp.		(3,429	)		(38,336	)		(9.6	)
Steven Madden Ltd.		(20,885	)		(684,819	)		(172.0	)
Sun Country Airlines Holdings, Inc.		(12,285	)		(159,951	)		(40.2	)
SunCoke Energy, Inc.		(16,835	)		(160,101	)		(40.2	)
SunPower Corp.		(368,763	)		(1,574,618	)		(395.4	)
Sunrun, Inc.		(14,734	)		(142,183	)		(35.7	)
Sweetgreen, Inc.		(2,820	)		(29,131	)		(7.3	)
Sylvamo Corp.		(3,978	)		(176,225	)		(44.3	)
Target Hospitality Corp.		(21,641	)		(297,131	)		(74.6	)
Tarsus Pharmaceuticals, Inc.		(7,389	)		(105,219	)		(26.4	)
Terns Pharmaceuticals, Inc.		(28,480	)		(149,805	)		(37.6	)
Texas Capital Bancshares, Inc.		(351	)		(19,326	)		(4.9	)
TFS Financial Corp.		(10,794	)		(128,017	)		(32.1	)
Tidewater, Inc.		(8,381	)		(572,841	)		(143.8	)
TimkenSteel Corp.		(1,848	)		(37,570	)		(9.4	)
Towne Bank		(4,590	)		(109,885	)		(27.6	)
TPG, Inc.		(17,114	)		(473,031	)		(118.8	)
Transcat, Inc.		(1,052	)		(94,701	)		(23.8	)


72		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

October 31, 2023

BlackRock Global Equity Market Neutral Fund


Security	Shares			Value			% of Basket Value

United States (continued)
TreeHouse Foods, Inc.		(2,354	)	$	(98,138	)		(24.6	)%
TriMas Corp.		(9,025	)		(218,495	)		(54.9	)
TripAdvisor, Inc.		(5,064	)		(74,745	)		(18.8	)
Triumph Financial, Inc.		(3,266	)		(203,308	)		(51.1	)
Triumph Group, Inc.		(69,578	)		(519,052	)		(130.3	)
Tronox Holdings PLC		(10,331	)		(110,438	)		(27.7	)
TrueBlue, Inc.		(10,496	)		(116,191	)		(29.2	)
Trupanion, Inc.		(27,999	)		(576,779	)		(144.8	)
Ubiquiti, Inc.		(484	)		(58,782	)		(14.8	)
Udemy, Inc.		(4,154	)		(37,095	)		(9.3	)
UFP Technologies, Inc.		(1,867	)		(291,103	)		(73.1	)
Ultra Clean Holdings, Inc.		(4,467	)		(106,583	)		(26.8	)
UMB Financial Corp.		(1,593	)		(99,913	)		(25.1	)
UniFirst Corp.		(441	)		(72,514	)		(18.2	)
United Community Banks, Inc.		(4,749	)		(104,905	)		(26.3	)
United Natural Foods, Inc.		(32,114	)		(468,222	)		(117.6	)
Uniti Group, Inc.		(104,521	)		(480,797	)		(120.7	)
Unitil Corp.		(391	)		(17,857	)		(4.5	)
Universal Corp.		(8,499	)		(382,455	)		(96.0	)
Uranium Energy Corp.		(26,832	)		(159,650	)		(40.1	)
Urban Edge Properties		(7,120	)		(112,923	)		(28.4	)
Utz Brands, Inc.		(1,762	)		(21,479	)		(5.4	)
Ventyx Biosciences, Inc.		(13,171	)		(189,926	)		(47.7	)
Veris Residential, Inc.		(1,253	)		(16,778	)		(4.2	)
Vertex Energy, Inc.		(62,885	)		(271,034	)		(68.1	)
Victoria’s Secret & Co.		(20,570	)		(367,792	)		(92.4	)
Virtus Investment Partners, Inc.		(228	)		(42,004	)		(10.5	)
Vishay Intertechnology, Inc.		(3,998	)		(88,915	)		(22.3	)
Vista Outdoor, Inc.		(6,264	)		(157,352	)		(39.5	)
Vita Coco Co., Inc.		(768	)		(20,813	)		(5.2	)
VSE Corp.		(2,710	)		(145,798	)		(36.6	)
WaFd, Inc.		(11,589	)		(286,016	)		(71.8	)
Warby Parker, Inc.		(5,934	)		(77,023	)		(19.3	)
Werner Enterprises, Inc.		(1,270	)		(46,126	)		(11.6	)
Westrock Coffee Co.		(97,410	)		(802,658	)		(201.6	)
White Mountains Insurance Group Ltd.		(284	)		(406,333	)		(102.0	)
Whitestone Reit		(6,068	)		(60,377	)		(15.2	)
Xenia Hotels & Resorts, Inc.		(2,311	)		(26,877	)		(6.7	)
XPEL, Inc.		(4,097	)		(189,691	)		(47.6	)
York Water Co.		(6,451	)		(232,688	)		(58.4	)

					(82,427,763	)

Investment Companies

United Kingdom
Digital 9 Infrastructure PLC		(947,234	)		(538,301	)		(135.2	)


Security	Shares			Value			% of Basket Value

Preferred Stocks

Germany
Jungheinrich AG		(2,249	)	$	(60,257	)		(15.1	)%


Total Reference Entity — Short					(177,572,659)


Net Value of Reference Entity — BNP Paribas SA				$	398,239

The following table represents the individual long and short positions and related values of the equity securities underlying the total return swap with Goldman Sachs Bank USA as of period end, termination date 08/19/26:


Security	Shares		Value		% of Basket Value

Reference Entity — Long

Common Stocks

Australia
Abacus Group		44,393	$	27,034		(1.7	)%
Accent Group Ltd.		75,287		89,923		(5.5	)
Adbri Ltd.		27,912		35,065		(2.2	)
Alumina Ltd.		522,972		260,030		(15.9	)
AMP Ltd.		53,822		35,861		(2.2	)
Arena REIT		70,380		142,380		(8.7	)
AUB Group Ltd.		17,828		305,979		(18.8	)
Aussie Broadband Ltd.		27,222		67,818		(4.2	)
Austal Ltd.		50,215		54,286		(3.3	)
Bega Cheese Ltd.		254,862		451,553		(27.7	)
Boral Ltd.		176,184		505,081		(31.0	)
Challenger Ltd.		169,991		634,066		(38.9	)
Charter Hall Long Wale REIT		131,965		253,523		(15.5	)
Charter Hall Retail REIT		342,672		665,858		(40.8	)
Charter Hall Social Infrastructure REIT		67,042		101,590		(6.2	)
Credit Corp. Group Ltd.		26,101		201,371		(12.3	)
CSR Ltd.		370,664		1,324,453		(81.1	)
Data#3 Ltd.		101,617		438,129		(26.8	)
Downer EDI Ltd.		304,078		731,379		(44.8	)
GrainCorp Ltd.		85,119		376,020		(23.0	)
Growthpoint Properties Australia Ltd.		194,618		244,342		(15.0	)
Johns Lyng Group Ltd.		56,315		219,236		(13.4	)
Jumbo Interactive Ltd.		32,341		285,232		(17.5	)
McMillan Shakespeare Ltd.		1,803		19,215		(1.2	)
Monadelphous Group Ltd.		40,069		358,961		(22.0	)
Nanosonics Ltd.		137,323		327,732		(20.1	)
National Storage REIT		207,847		265,001		(16.2	)
Netwealth Group Ltd.		22,896		186,033		(11.4	)
NRW Holdings Ltd.		7,040		11,245		(0.7	)
oOh!media Ltd.		272,793		226,330		(13.9	)
Perenti Ltd.		640,663		433,173		(26.5	)
Perseus Mining Ltd.		468,970		501,075		(30.7	)
Pinnacle Investment Management Group Ltd.		42,297		209,630		(12.8	)


SCHEDULE OF INVESTMENTS		73

Schedule of Investments (unaudited) (continued)

October 31, 2023

BlackRock Global Equity Market Neutral Fund


Security	Shares		Value		% of Basket Value

Australia (continued)
Premier Investments Ltd.		14,677	$	212,821		(13.0	)%
Pro Medicus Ltd.		2,029		96,647		(5.9	)
Ramelius Resources Ltd.		258,307		268,283		(16.4	)
Region RE Ltd.		91,861		114,862		(7.0	)
Regis Resources Ltd., Registered Shares		466,952		505,259		(31.0	)
Ridley Corp. Ltd.		70,353		98,854		(6.1	)
Silver Lake Resources Ltd.		522,112		343,421		(21.0	)
SiteMinder Ltd.		20,416		52,931		(3.2	)
Star Entertainment Grp Ltd.		676,252		228,428		(14.0	)
Steadfast Group Ltd.		82,515		283,748		(17.4	)
Technology One Ltd.		105,282		975,583		(59.8	)
Ventia Services Group Pty Ltd.		542,943		948,781		(58.1	)
Viva Energy Group Ltd.		165,669		298,386		(18.3	)
Waypoint REIT Ltd.		322,485		435,528		(26.7	)

				14,852,136

Austria
ams-OSRAM AG		129,099		465,249		(28.5	)
ANDRITZ AG		19,204		882,521		(54.1	)
AT&S Austria Technologie & Systemtechnik AG		553		13,856		(0.8	)
IMMOFINANZ AG		14,849		298,404		(18.3	)
Kontron AG		31,257		628,968		(38.5	)
Raiffeisen Bank International AG		41,705		603,142		(37.0	)
Telekom Austria AG, Class A		24,369		169,866		(10.4	)
UNIQA Insurance Group AG		75,378		607,541		(37.2	)
Vienna Insurance Group AG Wiener Versicherung Gruppe		13,913		372,517		(22.8	)
Wienerberger AG		7,896		191,091		(11.7	)

				4,233,155

Belgium
Barco NV		29,795		456,505		(28.0	)
Etablissements Franz Colruyt NV		7,131		294,568		(18.0	)
Melexis NV		9,585		704,090		(43.1	)
Montea NV		3,248		229,151		(14.0	)
Proximus SADP		61,998		514,099		(31.5	)
Shurgard Self Storage Ltd.		3,771		141,147		(8.7	)

				2,339,560

Canada
AbCellera Biologics, Inc.		55,763		229,186		(14.0	)
Advantage Energy Ltd.		20,870		154,234		(9.4	)
Aecon Group, Inc.		73,750		553,002		(33.9	)
Ag Growth International, Inc.		3,681		131,700		(8.1	)
Artis REIT		88,341		399,650		(24.5	)
Atco Ltd., Class I		36,156		944,087		(57.8	)
Boralex, Inc.		17,480		331,165		(20.3	)
Canada Goose Holdings, Inc.		94,517		1,070,429		(65.6	)
Canfor Corp.		57,410		598,469		(36.7	)
Cardinal Energy Ltd.		10,316		56,236		(3.4	)
Cargojet, Inc.		3,841		223,310		(13.7	)
Centerra Gold, Inc.		21,740		112,449		(6.9	)
Crombie REIT		70,660		632,637		(38.8	)
CT REIT		24,027		223,563		(13.7	)
Doman Building Materials Group Ltd.		6,880		34,129		(2.1	)
DREAM Unlimited Corp., Class A		16,622		206,945		(12.7	)
Dundee Precious Metals, Inc.		52,438		349,739		(21.4	)
Enghouse Systems Ltd.		5,067		121,147		(7.4	)
First Capital REIT		66,548		637,779		(39.1	)
First National Financial Corp.		6,965		177,111		(10.8	)
Fortuna Silver Mines, Inc.		92,149		263,463		(16.1	)
Freehold Royalties Ltd.		44,457		466,724		(28.6	)


Security	Shares		Value		% of Basket Value

Canada (continued)
H&R REIT		105,948	$	665,052		(40.7	)%
Innergex Renewable Energy, Inc.		164,946		1,036,152		(63.5	)
Interfor Corp.		34,513		432,574		(26.5	)
Jamieson Wellness, Inc.		16,341		273,854		(16.8	)
Kelt Exploration Ltd.		28,300		163,562		(10.0	)
Laurentian Bank of Canada		4,022		74,607		(4.6	)
Lundin Gold, Inc.		14,768		181,411		(11.1	)
Major Drilling Group International, Inc.		22,975		124,089		(7.6	)
Nexus Industrial REIT		5,993		28,649		(1.8	)
North American Construction Group Ltd.		11,105		233,008		(14.3	)
Obsidian Energy Ltd.		34,295		292,393		(17.9	)
Pason Systems, Inc.		56,974		556,563		(34.1	)
Precision Drilling Corp.		4,434		262,044		(16.1	)
Russel Metals, Inc.		31,191		790,108		(48.4	)
Sandstorm Gold Ltd.		60,665		283,116		(17.3	)
Seabridge Gold, Inc.		4,331		48,282		(3.0	)
Secure Energy Services, Inc.		22,203		125,472		(7.7	)
Silvercorp Metals, Inc.		111,091		251,404		(15.4	)
Sleep Country Canada Holdings, Inc.		10,396		167,052		(10.2	)
SmartCentres REIT		30,066		475,240		(29.1	)
Stelco Holdings, Inc.		7,895		226,100		(13.9	)
Topaz Energy Corp.		50,380		784,517		(48.1	)
Torex Gold Resources, Inc.		13,857		136,248		(8.3	)
Wajax Corp.		2,011		44,116		(2.7	)

				15,572,767

Denmark
D/S Norden A/S		5,730		325,435		(20.0	)
H Lundbeck A/S		55,142		287,858		(17.6	)

				613,293

Egypt
Centamin PLC		823,968		829,904		(50.8	)


Finland
Cargotec OYJ, Class B		8,217		323,719		(19.8	)
Citycon OYJ		77,709		410,291		(25.2	)
Kemira OYJ		29,374		474,723		(29.1	)
Kojamo OYJ		23,121		197,162		(12.1	)
Nokian Renkaat OYJ		64,437		486,383		(29.8	)
Nordea Bank Abp		12,302		129,408		(7.9	)
Outokumpu OYJ		25,584		105,527		(6.5	)
Uponor OYJ		3,904		118,070		(7.2	)

				2,245,283

France
ALD SA		14,182		95,490		(5.9	)
Beneteau SACA		4,371		52,642		(3.2	)
CGG SA		892,588		630,454		(38.6	)
Cie Plastic Omnium SE		33,378		374,406		(22.9	)
Clariane SE		7,457		28,108		(1.7	)
Coface SA		2,908		35,008		(2.2	)
Etablissements Maurel et Prom SA		31,688		188,328		(11.6	)
Guerbet		1		18		(0.0	)
ICADE		34,238		1,116,841		(68.4	)
JCDecaux SE		10,243		159,940		(9.8	)
Nexity SA		14,161		197,499		(12.1	)
Rubis SCA		68,124		1,480,450		(90.7	)
Television Francaise 1 SA		118,090		830,625		(50.9	)

				5,189,809

Germany
Atoss Software AG		3,118		657,543		(40.3	)


74		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

October 31, 2023

BlackRock Global Equity Market Neutral Fund


Security	Shares		Value		% of Basket Value

Germany (continued)
Aurubis AG		10,840	$	892,088		(54.6	)%
Auto1 Group SE		4,203		24,691		(1.5	)
Bank of Georgia Group PLC		47,638		1,937,566		(118.7	)
Bilfinger SE		15,536		569,210		(34.9	)
CompuGroup Medical SE & Co. KgaA		5,151		188,514		(11.5	)
Deutsche Pfandbriefbank AG		12,230		82,002		(5.0	)
Deutsche Wohnen SE		17,171		369,694		(22.6	)
Deutz AG		123,067		497,836		(30.5	)
Duerr AG		15,795		324,289		(19.9	)
DWS Group GmbH & Co. KGaA		3,511		102,858		(6.3	)
Elmos Semiconductor SE		2,034		133,224		(8.2	)
Freenet AG		3,342		84,844		(5.2	)
Grand City Properties SA		25,848		230,714		(14.1	)
Hella GmbH & Co. KGaA		187		14,215		(0.9	)
Hypoport SE		1,728		211,518		(13.0	)
Krones AG		7,382		718,777		(44.0	)
METRO AG		10,220		64,834		(4.0	)
SAF-Holland SE		30,944		413,089		(25.3	)
Salzgitter AG		16,246		405,666		(24.8	)
Sirius Real Estate Ltd.		189,796		185,412		(11.4	)
Suedzucker AG		16,418		248,263		(15.2	)
SUESS MicroTec SE		944		16,310		(1.0	)
TAG Immobilien AG		9,858		107,602		(6.6	)
TBC Bank Group PLC		35,156		1,151,831		(70.6	)
TUI AG		65,916		332,025		(20.3	)
Uniper SE		2,445		12,568		(0.8	)
United Internet AG		36,851		764,949		(46.9	)
Vitesco Technologies Group AG		9,606		938,152		(57.5	)

				11,680,284

Hong Kong
Fortune REIT		153,000		85,691		(5.3	)
HK Electric Investments & HK Electric Investments Ltd.		92,000		51,086		(3.1	)

				136,777

Ireland
Cimpress PLC		8,105		483,625		(29.6	)
Greencore Group PLC		127,037		139,550		(8.6	)

				623,175

Israel
Alony Hetz Properties & Investments Ltd.		24,219		118,969		(7.3	)
Delek Group Ltd.		5,676		624,670		(38.3	)
Kornit Digital Ltd.		12,269		169,312		(10.4	)
Plus500 Ltd.		2,807		48,367		(2.9	)
Zim Integrated Shipping Services Ltd.		26,014		201,348		(12.3	)

				1,162,666

Italy
Banca IFIS SpA		11,638		198,667		(12.2	)
Banca Popolare di Sondrio SpA		84,073		457,890		(28.1	)
Brunello Cucinelli SpA		21,950		1,762,695		(108.0	)
Buzzi SpA		19,514		515,741		(31.6	)
Credito Emiliano SpA		7,521		60,873		(3.7	)
Danieli & C Officine Meccaniche SpA		1,462		29,485		(1.8	)
De’ Longhi SpA		4,802		107,264		(6.6	)
Enav SpA		4,153		13,816		(0.8	)
Hera SpA		88,304		247,966		(15.2	)
Iren SpA		176,630		353,345		(21.6	)
Maire Tecnimont SpA		86,161		399,888		(24.5	)
OVS SpA		96,576		170,717		(10.5	)


Security	Shares		Value		% of Basket Value

Italy (continued)
Piaggio & C SpA		24,123	$	64,735		(4.0	)%
PRADA SpA		29,500		177,874		(10.9	)
RAI Way SpA		16,397		81,319		(5.0	)
Sesa SpA		7,774		783,859		(48.0	)
Tinexta SpA		6,007		103,342		(6.3	)
Unipol Gruppo SpA		74,149		400,979		(24.6	)
Webuild SpA		285,482		513,242		(31.4	)

				6,443,697

Japan
77 Bank Ltd.		26,300		593,696		(36.4	)
Acom Co. Ltd.		183,800		437,414		(26.8	)
Adastria Co. Ltd.		52,400		1,113,239		(68.2	)
Aeon Delight Co. Ltd.		26,800		598,781		(36.7	)
Ai Holdings Corp.		1,900		29,705		(1.8	)
Aichi Steel Corp.		800		19,022		(1.2	)
Ain Holdings, Inc.		13,500		386,703		(23.7	)
Air Water, Inc.		4,600		58,773		(3.6	)
Aisan Industry Co. Ltd.		27,300		219,112		(13.4	)
Alfresa Holdings Corp.		66,000		1,056,913		(64.8	)
Amano Corp.		2,300		47,636		(2.9	)
Anicom Holdings, Inc.		78,300		287,711		(17.6	)
Anritsu Corp.		87,400		658,524		(40.3	)
Arcs Co. Ltd.		8,200		158,688		(9.7	)
Asanuma Corp.		8,600		205,550		(12.6	)
Avex, Inc.		30,700		284,103		(17.4	)
AZ-COM MARUWA Holdings, Inc.		15,900		221,151		(13.5	)
Benefit One, Inc.		33,600		243,799		(14.9	)
Benesse Holdings, Inc.		71,300		854,493		(52.4	)
Bic Camera, Inc.		268,100		2,056,640		(126.0	)
BIPROGY, Inc.		1,000		25,183		(1.5	)
BML, Inc.		6,900		132,311		(8.1	)
Bunka Shutter Co. Ltd.		67,500		576,250		(35.3	)
Canon Marketing Japan, Inc.		9,400		228,655		(14.0	)
Cellebrite Di Ltd.		28,377		189,558		(11.6	)
Chudenko Corp.		2,700		44,519		(2.7	)
Chugin Financial Group, Inc.		42,500		343,199		(21.0	)
Chugoku Marine Paints Ltd.		33,800		309,817		(19.0	)
Citizen Watch Co. Ltd.		131,400		776,349		(47.6	)
Coca-Cola Bottlers Japan Holdings, Inc.		77,200		1,046,998		(64.1	)
Colowide Co. Ltd.		12,700		199,828		(12.2	)
Comture Corp.		11,200		151,850		(9.3	)
Create Restaurants Holdings, Inc.		42,400		296,729		(18.2	)
Create SD Holdings Co. Ltd.		25,000		543,149		(33.3	)
Daicel Corp.		135,700		1,168,866		(71.6	)
Daihen Corp.		9,200		293,783		(18.0	)
Daiichikosho Co. Ltd.		18,700		280,154		(17.2	)
Daio Paper Corp.		96,400		802,086		(49.1	)
Daiseki Co. Ltd.		23,800		666,305		(40.8	)
Daiwa Securities Living Investments Corp.		602		451,029		(27.6	)
Denka Co. Ltd.		8,900		162,952		(10.0	)
DIC Corp.		3,500		55,954		(3.4	)
Digital Arts, Inc.		15,100		422,376		(25.9	)
dip Corp.		15,400		309,536		(19.0	)
Doutor Nichires Holdings Co. Ltd.		72,500		1,060,151		(64.9	)
Dowa Holdings Co. Ltd.		5,700		176,619		(10.8	)
DTS Corp.		3,200		66,622		(4.1	)
eGuarantee, Inc.		37,600		440,533		(27.0	)
Eiken Chemical Co. Ltd.		40,600		405,726		(24.9	)
Eizo Corp.		16,200		527,006		(32.3	)
Elecom Co. Ltd.		77,200		887,512		(54.4	)


SCHEDULE OF INVESTMENTS		75

Schedule of Investments (unaudited) (continued)

October 31, 2023

BlackRock Global Equity Market Neutral Fund


Security	Shares		Value		% of Basket Value

Japan (continued)
Elematec Corp.		16,200	$	186,973		(11.5	)%
eRex Co. Ltd.		7,600		37,969		(2.3	)
euglena Co. Ltd.		43,000		211,586		(13.0	)
Exedy Corp.		1,200		20,362		(1.2	)
FCC Co. Ltd.		86,900		1,045,077		(64.0	)
Financial Partners Group Co. Ltd.		109,900		1,055,412		(64.7	)
FP Corp.		8,500		165,663		(10.2	)
Fuji Corp.		1,400		21,297		(1.3	)
Fuji Oil Holdings, Inc.		14,600		234,786		(14.4	)
Fujimi, Inc.		16,200		327,822		(20.1	)
Fujitec Co. Ltd.		16,300		358,078		(21.9	)
Fujitsu General Ltd.		22,100		398,363		(24.4	)
Fukuoka REIT Corp.		520		567,286		(34.8	)
FULLCAST Holdings Co. Ltd.		13,500		154,684		(9.5	)
Funai Soken Holdings, Inc.		28,500		474,935		(29.1	)
Furukawa Electric Co. Ltd.		78,600		1,193,718		(73.1	)
Futaba Industrial Co. Ltd.		15,700		78,374		(4.8	)
Fuyo General Lease Co. Ltd.		4,300		354,058		(21.7	)
Giken Ltd.		15,100		181,612		(11.1	)
Global One Real Estate Investment Corp.		327		251,388		(15.4	)
Glory Ltd.		47,000		887,854		(54.4	)
Gree, Inc.		34,200		129,512		(7.9	)
H.U. Group Holdings, Inc.		4,800		81,729		(5.0	)
H2O Retailing Corp.		57,300		622,195		(38.1	)
Hanwa Co. Ltd.		13,200		403,190		(24.7	)
Hazama Ando Corp.		14,600		114,490		(7.0	)
Heiwa Real Estate Co. Ltd.		20,300		526,890		(32.3	)
Heiwado Co. Ltd.		28,800		477,129		(29.2	)
Hiday Hidaka Corp.		26,700		494,397		(30.3	)
Hino Motors Ltd.		114,700		339,529		(20.8	)
Hioki EE Corp.		4,100		180,821		(11.1	)
Hogy Medical Co. Ltd.		10,500		231,152		(14.2	)
Hokuriku Electric Power Co.		50,100		251,092		(15.4	)
Ichigo Office REIT Investment Corp.		1,684		957,810		(58.7	)
Ichigo, Inc.		222,400		493,287		(30.2	)
Inaba Denki Sangyo Co. Ltd.		15,900		336,163		(20.6	)
Infocom Corp.		8,600		145,275		(8.9	)
Infomart Corp.		169,500		412,078		(25.2	)
Information Services International-Dentsu Ltd.		6,500		223,239		(13.7	)
INFRONEER Holdings, Inc.		1,800		19,174		(1.2	)
Ishihara Sangyo Kaisha Ltd.		35,100		333,119		(20.4	)
Itochu Enex Co. Ltd.		16,900		167,897		(10.3	)
Itoham Yonekyu Holdings, Inc.		7,080		198,222		(12.1	)
Itoki Corp.		4,300		41,625		(2.6	)
JAC Recruitment Co. Ltd.		34,900		564,478		(34.6	)
Jaccs Co. Ltd.		17,500		609,463		(37.3	)
Japan Elevator Service Holdings Co. Ltd.		29,900		401,746		(24.6	)
Japan Securities Finance Co. Ltd.		17,400		175,610		(10.8	)
JCR Pharmaceuticals Co. Ltd.		23,300		180,820		(11.1	)
JCU Corp.		15,800		349,039		(21.4	)
JINS Holdings, Inc.		7,900		220,643		(13.5	)
JTEKT Corp.		279,200		2,332,439		(142.9	)
Kaga Electronics Co. Ltd.		4,700		190,717		(11.7	)
Kaken Pharmaceutical Co. Ltd.		22,500		504,638		(30.9	)
Kandenko Co. Ltd.		31,200		292,750		(17.9	)
Kaneka Corp.		3,900		96,477		(5.9	)
Kanematsu Corp.		52,700		721,588		(44.2	)
Kato Sangyo Co. Ltd.		9,300		264,685		(16.2	)
Kewpie Corp.		57,600		1,013,039		(62.1	)
Kissei Pharmaceutical Co. Ltd.		8,800		188,532		(11.6	)
Kitz Corp.		22,300		152,757		(9.4	)
Kokuyo Co. Ltd.		12,400		194,817		(11.9	)


Security	Shares		Value		% of Basket Value

Japan (continued)
Koshidaka Holdings Co. Ltd.		57,300	$	413,110		(25.3	)%
Kyoritsu Maintenance Co. Ltd.		22,200		860,316		(52.7	)
Leopalace21 Corp.		48,700		106,147		(6.5	)
Life Corp.		20,100		480,227		(29.4	)
Link And Motivation, Inc.		44,100		119,590		(7.3	)
Lion Corp.		53,700		522,101		(32.0	)
Mandom Corp.		53,200		494,340		(30.3	)
Mani, Inc.		26,000		358,236		(21.9	)
Maruha Nichiro Corp.		10,800		187,277		(11.5	)
Matsui Securities Co. Ltd.		22,400		112,680		(6.9	)
Maxell Ltd.		34,200		370,825		(22.7	)
MCJ Co. Ltd.		2,300		16,786		(1.0	)
Megmilk Snow Brand Co. Ltd.		39,100		638,046		(39.1	)
Meidensha Corp.		21,600		341,799		(20.9	)
MEITEC Group Holdings, Inc.		30,300		540,437		(33.1	)
Menicon Co. Ltd.		24,500		287,890		(17.6	)
METAWATER Co. Ltd.		11,800		150,718		(9.2	)
Micronics Japan Co. Ltd.		9,000		138,103		(8.5	)
Milbon Co. Ltd.		13,200		353,832		(21.7	)
MIRAIT ONE Corp.		24,900		334,356		(20.5	)
Mitsubishi Materials Corp.		200,900		3,270,736		(200.4	)
Mitsubishi Shokuhin Co. Ltd.		31,200		833,714		(51.1	)
Mitsui DM Sugar Holdings Co. Ltd.		1,500		30,895		(1.9	)
Mitsui Mining & Smelting Co. Ltd.		56,600		1,489,046		(91.2	)
Miura Co. Ltd.		12,600		247,689		(15.2	)
MIXI, Inc.		35,800		548,523		(33.6	)
Mizuho Leasing Co. Ltd.		15,000		483,700		(29.6	)
Modec, Inc.		37,200		414,852		(25.4	)
Monogatari Corp.		18,500		507,022		(31.1	)
Morinaga & Co. Ltd.		23,000		837,415		(51.3	)
MOS Food Services, Inc.		34,600		764,803		(46.9	)
Nabtesco Corp.		16,700		299,929		(18.4	)
Nagase & Co. Ltd.		11,800		181,213		(11.1	)
Nakanishi, Inc.		32,500		723,271		(44.3	)
NET One Systems Co. Ltd.		14,700		227,709		(14.0	)
Nichias Corp.		8,600		172,951		(10.6	)
Nichicon Corp.		48,900		414,044		(25.4	)
Nippn Corp.		14,900		229,799		(14.1	)
Nippon Ceramic Co. Ltd.		17,900		315,801		(19.3	)
Nippon Gas Co. Ltd.		35,100		534,601		(32.8	)
Nippon Light Metal Holdings Co. Ltd.		122,500		1,360,268		(83.3	)
Nippon Paper Industries Co. Ltd.		34,400		303,410		(18.6	)
Nippon Parking Development Co. Ltd.		116,900		167,619		(10.3	)
Nippon Road Co. Ltd.		18,500		246,168		(15.1	)
Nippon Sheet Glass Co. Ltd.		24,900		111,020		(6.8	)
Nishi-Nippon Financial Holdings, Inc.		27,600		333,894		(20.5	)
Nisshin Oillio Group Ltd.		13,300		376,184		(23.0	)
Nisshinbo Holdings, Inc.		180,000		1,319,059		(80.8	)
Nissui Corp.		131,500		646,251		(39.6	)
Nittetsu Mining Co. Ltd.		12,900		411,590		(25.2	)
NOK Corp.		20,200		242,631		(14.9	)
Nomura Co. Ltd.		100,200		584,941		(35.8	)
Noritsu Koki Co. Ltd.		15,000		321,668		(19.7	)
Noritz Corp.		17,700		188,309		(11.5	)
North Pacific Bank Ltd.		104,500		272,520		(16.7	)
NSD Co. Ltd.		12,900		227,727		(14.0	)
NTN Corp.		414,800		749,362		(45.9	)
Okamura Corp.		20,200		291,485		(17.9	)
Okasan Securities Group, Inc.		54,300		249,088		(15.3	)
Oki Electric Industry Co. Ltd.		125,400		767,649		(47.0	)
Okinawa Cellular Telephone Co.		13,900		297,680		(18.2	)
Okinawa Electric Power Co., Inc.		48,800		361,057		(22.1	)


76		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

October 31, 2023

BlackRock Global Equity Market Neutral Fund


Security	Shares		Value		% of Basket Value

Japan (continued)
Onward Holdings Co. Ltd.		156,900	$	502,743		(30.8	)%
Open Up Group, Inc.		23,300		292,919		(17.9	)
Optex Group Co. Ltd.		11,100		126,280		(7.7	)
Orix JREIT, Inc.		313		364,656		(22.3	)
Pacific Industrial Co. Ltd.		3,000		27,539		(1.7	)
PALTAC Corp.		25,300		830,009		(50.9	)
Paramount Bed Holdings Co. Ltd.		1,000		17,251		(1.1	)
Pasona Group, Inc.		5,600		50,803		(3.1	)
Pigeon Corp.		188,100		2,024,326		(124.0	)
Pola Orbis Holdings, Inc.		7,200		73,410		(4.5	)
Prestige International, Inc.		122,800		505,111		(30.9	)
Prima Meat Packers Ltd.		27,100		417,907		(25.6	)
Raito Kogyo Co. Ltd.		40,900		536,622		(32.9	)
Relo Group, Inc.		90,700		911,263		(55.8	)
Ricoh Leasing Co. Ltd.		9,600		290,884		(17.8	)
Rinnai Corp.		40,200		748,453		(45.9	)
Round One Corp.		8,000		29,401		(1.8	)
Royal Holdings Co. Ltd.		14,300		246,847		(15.1	)
RS Technologies Co. Ltd.		8,100		130,339		(8.0	)
Ryoyo Electro Corp.		25,100		603,250		(37.0	)
Saizeriya Co. Ltd.		71,200		2,927,586		(179.4	)
San-Ai Obbli Co. Ltd.		1,600		17,507		(1.1	)
Sanki Engineering Co. Ltd.		16,100		189,462		(11.6	)
Sansan, Inc.		38,900		311,941		(19.1	)
Sanyo Chemical Industries Ltd.		6,500		175,141		(10.7	)
Sapporo Holdings Ltd.		29,800		1,062,438		(65.1	)
Sato Holdings Corp.		32,100		437,039		(26.8	)
Seino Holdings Co. Ltd.		14,100		207,820		(12.7	)
Sekisui House Reit, Inc.		197		105,191		(6.4	)
Shibaura Machine Co. Ltd.		25,500		640,099		(39.2	)
Shin-Etsu Polymer Co. Ltd.		21,300		195,864		(12.0	)
Shizuoka Gas Co. Ltd.		27,200		187,272		(11.5	)
Siix Corp.		1,600		15,195		(0.9	)
Simplex Holdings, Inc.		11,600		197,640		(12.1	)
SMS Co. Ltd.		51,900		835,064		(51.2	)
Sodick Co. Ltd.		19,900		101,733		(6.2	)
Sohgo Security Services Co. Ltd.		107,800		638,978		(39.1	)
Solasto Corp.		3,800		14,969		(0.9	)
Stanley Electric Co. Ltd.		6,800		110,263		(6.8	)
Starts Corp., Inc.		17,700		340,718		(20.9	)
Strike Co. Ltd.		8,500		210,582		(12.9	)
Sugi Holdings Co. Ltd.		10,800		442,773		(27.1	)
Sumitomo Heavy Industries Ltd.		24,300		564,179		(34.6	)
Sumitomo Mitsui Construction Co. Ltd.		224,900		604,379		(37.0	)
Sumitomo Osaka Cement Co. Ltd.		4,000		94,318		(5.8	)
Sumitomo Pharma Co. Ltd.		142,400		440,925		(27.0	)
Sumitomo Riko Co. Ltd.		8,400		53,236		(3.3	)
Sumitomo Seika Chemicals Co. Ltd.		400		12,463		(0.8	)
Sumitomo Warehouse Co. Ltd.		18,300		296,948		(18.2	)
Sun Frontier Fudousan Co. Ltd.		10,200		100,297		(6.1	)
Suzuken Co. Ltd.		14,100		437,539		(26.8	)
Systena Corp.		413,900		713,773		(43.7	)
Tadano Ltd.		42,400		323,290		(19.8	)
Taiheiyo Cement Corp.		15,600		270,419		(16.6	)
Taikisha Ltd.		6,000		177,005		(10.8	)
Taisho Pharmaceutical Holdings Co. Ltd.		17,900		717,822		(44.0	)
Takeuchi Manufacturing Co. Ltd.		25,500		737,340		(45.2	)
Takuma Co. Ltd.		96,100		945,298		(57.9	)
Tama Home Co. Ltd.		5,400		123,597		(7.6	)
Tamron Co. Ltd.		2,400		66,273		(4.1	)
TechMatrix Corp.		14,900		149,278		(9.1	)


Security	Shares		Value		% of Basket Value

Japan (continued)
TechnoPro Holdings, Inc.		7,800	$	156,638		(9.6	)%
Teijin Ltd.		55,900		512,941		(31.4	)
Toa Corp.		28,000		705,341		(43.2	)
Toho Gas Co. Ltd.		67,100		1,171,178		(71.8	)
Tokai Rika Co. Ltd.		37,600		597,263		(36.6	)
Tokai Tokyo Financial Holdings, Inc.		28,500		98,056		(6.0	)
Tokuyama Corp.		34,700		532,980		(32.7	)
Tokyo Century Corp.		11,400		445,237		(27.3	)
Tokyu Construction Co. Ltd.		105,600		550,449		(33.7	)
Topcon Corp.		34,100		315,865		(19.4	)
Tosei Corp.		65,000		778,614		(47.7	)
Toshiba TEC Corp.		23,700		521,955		(32.0	)
Towa Pharmaceutical Co. Ltd.		50,400		938,620		(57.5	)
Toyo Ink SC Holdings Co. Ltd.		38,900		669,521		(41.0	)
Toyo Seikan Group Holdings Ltd.		26,700		454,478		(27.8	)
Toyoda Gosei Co. Ltd.		29,700		598,263		(36.7	)
Trusco Nakayama Corp.		33,600		514,146		(31.5	)
TS Tech Co. Ltd.		21,900		248,633		(15.2	)
TSI Holdings Co. Ltd.		61,700		333,460		(20.4	)
Tsubakimoto Chain Co.		10,600		271,690		(16.6	)
Tsuburaya Fields Holdings, Inc.		10,400		114,798		(7.0	)
Tsugami Corp.		4,100		29,798		(1.8	)
Tsumura & Co.		13,500		244,724		(15.0	)
Tv Tokyo Holdings Corp.		4,400		84,925		(5.2	)
UACJ Corp.		2,000		41,135		(2.5	)
UBE Corp.		35,100		547,866		(33.6	)
United Arrows Ltd.		29,700		384,040		(23.5	)
United Urban Investment Corp.		688		703,023		(43.1	)
Usen-Next Holdings Co. Ltd.		7,700		178,918		(11.0	)
UT Group Co. Ltd.		9,300		116,626		(7.1	)
Valor Holdings Co. Ltd.		20,700		328,166		(20.1	)
Wacom Co. Ltd.		44,500		155,378		(9.5	)
Xebio Holdings Co. Ltd.		12,900		84,144		(5.2	)
YAMABIKO Corp.		10,200		98,203		(6.0	)
Yamazen Corp.		4,500		36,936		(2.3	)
Yaoko Co. Ltd.		11,500		599,809		(36.7	)
Yellow Hat Ltd.		12,900		158,168		(9.7	)
Yokogawa Bridge Holdings Corp.		3,300		54,547		(3.3	)
Yuasa Trading Co. Ltd.		5,800		160,765		(9.8	)

				115,059,881

Malta
Kambi Group PLC		14,458		211,841		(13.0	)


Monaco
Scorpio Tankers, Inc.		997		55,982		(3.4	)


Netherlands
Eurocommercial Properties NV		10,112		216,872		(13.3	)
Fugro NV		2,065		34,351		(2.1	)
Koninklijke BAM Groep NV		9,646		19,955		(1.2	)
Koninklijke Vopak NV		7,079		238,301		(14.6	)
PostNL NV		628,250		1,168,555		(71.6	)
SBM Offshore NV		4,729		58,937		(3.6	)
TomTom NV		67,393		402,993		(24.7	)
Wereldhave NV		16,302		245,392		(15.0	)

				2,385,356

Norway
Aker Solutions ASA		151,171		614,086		(37.6	)
Austevoll Seafood ASA		43,022		300,564		(18.4	)
DNO ASA		234,198		243,812		(14.9	)
Elkem ASA		192,550		303,633		(18.6	)


SCHEDULE OF INVESTMENTS		77

Schedule of Investments (unaudited) (continued)

October 31, 2023

BlackRock Global Equity Market Neutral Fund


Security	Shares		Value		% of Basket Value

Norway (continued)
Grieg Seafood ASA		13,810	$	93,664		(5.7	)%
Odfjell Drilling Ltd.		216,353		774,701		(47.5	)
SpareBank 1 SR-Bank ASA		16,069		178,603		(11.0	)
Stolt-Nielsen Ltd.		6,106		205,260		(12.6	)
Wallenius Wilhelmsen ASA		30,876		264,839		(16.2	)

				2,979,162

Portugal
CTT-Correios de Portugal SA		45,736		174,154		(10.7	)
Mota-Engil SGPS SA		117,311		380,008		(23.3	)
NOS SGPS SA		221,760		809,002		(49.5	)
Sonae SGPS SA		744,600		731,059		(44.8	)

				2,094,223

Singapore
BW LPG Ltd.		72,345		1,041,503		(63.8	)
Capitaland India Trust		487,660		342,327		(21.0	)
ComfortDelGro Corp Ltd.		139,000		134,398		(8.2	)
Frasers Centrepoint Trust		63,500		96,164		(5.9	)
Frasers Logistics & Commercial Trust		37,700		28,668		(1.8	)
IGG, Inc.		988,000		347,917		(21.3	)
Keppel REIT		128,700		74,815		(4.6	)
Kulicke & Soffa Industries, Inc.		25,580		1,064,384		(65.2	)
NetLink NBN Trust		114,100		69,260		(4.2	)

				3,199,436

South Africa
Scatec ASA		106,267		549,306		(33.7	)


South Korea
Magnachip Semiconductor Corp.		16,219		119,858		(7.3	)


Spain
Almirall SA		41,440		376,691		(23.1	)
Applus Services SA		3,573		37,549		(2.3	)
Atlantica Sustainable Infrastructure PLC		13,628		246,803		(15.1	)
Cia de Distribucion Integral Logista Holdings SA		48,140		1,180,858		(72.3	)
Indra Sistemas SA		122,547		1,717,681		(105.2	)
Inmobiliaria Colonial Socimi SA		84,796		474,861		(29.1	)
Mapfre SA		345,827		717,572		(44.0	)
Merlin Properties Socimi SA		224,418		1,870,253		(114.6	)
Obrascon Huarte Lain SA		400,066		164,475		(10.1	)
Unicaja Banco SA		241,500		251,189		(15.4	)

				7,037,932

Sweden
AAK AB		1,173		22,355		(1.4	)
AddTech AB, B Shares		41,316		621,237		(38.1	)
Ambea AB		11,652		44,208		(2.7	)
Betsson AB		80,142		822,151		(50.4	)
Biotage AB		15,219		158,234		(9.7	)
Bufab AB		1,211		29,431		(1.8	)
Camurus AB		9,951		303,265		(18.6	)
Corem Property Group AB, B Shares		144,640		95,135		(5.8	)
Fortnox AB		98,214		399,422		(24.5	)
Granges Ab		2,315		22,276		(1.4	)
Instalco AB		15,725		45,026		(2.7	)
Inwido AB		1,843		18,874		(1.1	)
Loomis Ab, Class B		5,084		132,459		(8.1	)
MIPS AB		5,510		139,693		(8.5	)
Modern Times Group MTG AB, Class B		12,445		101,780		(6.2	)
Mycronic AB		28,997		649,440		(39.8	)
Nolato AB, B Shares		55,142		249,595		(15.3	)


Security	Shares		Value		% of Basket Value

Sweden (continued)
Nyfosa AB		41,770	$	207,018		(12.7	)%
Sdiptech AB, Class B		2,474		49,109		(3.0	)
Sectra AB		20,836		230,606		(14.1	)
SSAB AB, Class B		34,454		200,239		(12.3	)
Sweco AB, B Shares		11,132		104,824		(6.4	)
Thule Group AB		21,507		500,885		(30.7	)

				5,147,262

Switzerland
Aryzta AG		796,263		1,476,462		(90.5	)
Burckhardt Compression Holding AG		260		133,358		(8.2	)
DKSH Holding AG		13,854		858,565		(52.6	)
dormakaba Holding AG		577		266,749		(16.3	)
Inficon Holding AG, Registered Shares		290		317,818		(19.5	)
IWG PLC		113,053		182,352		(11.2	)
Kardex Holding AG, Registered Shares		2,389		468,271		(28.7	)
LEM Holding SA, Registered Shares		40		81,855		(5.0	)
Swissquote Group Holding SA, Registered Shares		1,904		369,500		(22.6	)
u-blox Holding AG		1,920		183,440		(11.2	)
Ypsomed Holding AG, Registered Shares		3,000		836,058		(51.2	)

				5,174,428

United Kingdom
Ashmore Group PLC		63,079		130,641		(8.0	)
Balanced Commercial Property Trust Ltd.		232,244		179,491		(11.0	)
Balfour Beatty PLC		8,681		32,543		(2.0	)
Big Yellow Group PLC		25,020		292,481		(17.9	)
Breedon Group PLC		42,994		164,061		(10.1	)
Capricorn Energy PLC		128,721		245,719		(15.1	)
Chemring Group PLC		130,443		445,323		(27.3	)
Clarkson PLC		6,922		223,679		(13.7	)
Close Brothers Group PLC		10,337		100,890		(6.2	)
CNH Industrial NV		31,097		341,445		(20.9	)
Computacenter PLC		23,097		726,215		(44.5	)
CVS Group PLC		5,424		97,355		(6.0	)
Deliveroo PLC, Class A		422,541		670,951		(41.1	)
Derwent London PLC		3,539		79,065		(4.8	)
DiscoverIE Group PLC		31,401		236,683		(14.5	)
Essentra PLC		95,061		172,692		(10.6	)
Firstgroup PLC		373,706		722,649		(44.3	)
Gamma Communications PLC		8,979		114,995		(7.0	)
Grafton Group PLC, CDI		61,664		580,974		(35.6	)
Grainger PLC		9,879		27,235		(1.7	)
Great Portland Estates PLC		75,540		359,987		(22.1	)
Halfords Group PLC		95,262		233,937		(14.3	)
Hill & Smith PLC		3,368		67,860		(4.2	)
Hilton Food Group PLC		11,019		87,912		(5.4	)
Hunting PLC		196,446		694,935		(42.6	)
Impax Asset Management Group PLC		20,469		96,277		(5.9	)
Inchcape PLC		64,883		527,370		(32.3	)
Indivior PLC		1,107		21,350		(1.3	)
Investec PLC		32,193		179,413		(11.0	)
J D Wetherspoon PLC		30,740		237,378		(14.5	)
John Wood Group PLC		255,936		445,462		(27.3	)
Johnson Service Group PLC		75,340		117,652		(7.2	)
Jupiter Fund Management PLC		218,313		209,739		(12.9	)
Just Group PLC		410,276		378,789		(23.2	)
Kainos Group PLC		38,248		524,949		(32.2	)
Kier Group PLC		37,671		46,404		(2.8	)
Marshalls PLC		20,223		50,790		(3.1	)
Mitchells & Butlers PLC		80,261		203,374		(12.5	)


78		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

October 31, 2023

BlackRock Global Equity Market Neutral Fund


Security	Shares		Value		% of Basket Value

United Kingdom (continued)
Mitie Group PLC		279,035	$	336,554		(20.6	)%
Mobico Group PLC		188,538		144,265		(8.8	)
Moneysupermarket.com Group PLC		199,251		631,824		(38.7	)
Morgan Sindall Group PLC		21,840		501,662		(30.7	)
NCC Group PLC		55,695		72,268		(4.4	)
Nomad Foods Ltd.		19,028		262,967		(16.1	)
OSB Group PLC		213,179		782,406		(47.9	)
Oxford Instruments PLC		4,664		102,708		(6.3	)
Paragon Banking Group PLC		92,908		503,756		(30.9	)
Playtech Plc		120,477		577,230		(35.4	)
Premier Foods PLC		41,562		59,503		(3.6	)
Redde Northgate PLC		181,396		744,427		(45.6	)
Restaurant Group PLC		27,583		22,926		(1.4	)
RWS Holdings PLC		90,561		229,871		(14.1	)
S4 Capital PLC		119,956		93,156		(5.7	)
Serco Group PLC		285,888		498,649		(30.5	)
Smart Metering Systems PLC		26,039		203,676		(12.5	)
Softcat PLC		8,598		132,867		(8.1	)
Spire Healthcare Group PLC		49,676		129,578		(7.9	)
SThree PLC		60,619		260,130		(15.9	)
Subsea 7 SA		1,283		17,240		(1.1	)
Telecom Plus PLC		16,809		317,075		(19.4	)
TP ICAP Group PLC		342,000		658,496		(40.3	)
UK Commercial Property REIT Ltd.		579,597		373,761		(22.9	)
Vanquis Banking Group PLC		54,525		77,006		(4.7	)
Vesuvius PLC		150,481		740,925		(45.4	)
Virgin Money UK PLC		564,375		1,029,613		(63.1	)
Volution Group PLC		53,318		236,219		(14.5	)
Workspace Group PLC		15,560		91,355		(5.6	)
YouGov PLC		10,210		106,032		(6.5	)

				20,006,810

United States
1-800-Flowers.com, Inc., Class A		29,175		219,104		(13.4	)
1st Source Corp.		2,441		111,358		(6.8	)
A10 Networks, Inc.		52,746		573,349		(35.1	)
Abercrombie & Fitch Co., Class A		10,174		618,783		(37.9	)
Accel Entertainment, Inc., Class A		28,933		284,990		(17.5	)
Accolade, Inc.		10,264		66,716		(4.1	)
Aclaris Therapeutics, Inc.		12,076		60,138		(3.7	)
Acushnet Holdings Corp.		11,888		605,812		(37.1	)
Adaptive Biotechnologies Corp.		3,517		15,615		(1.0	)
Addus HomeCare Corp.		2,979		235,043		(14.4	)
Adtalem Global Education, Inc.		4,507		233,463		(14.3	)
Advanced Energy Industries, Inc.		7,122		621,466		(38.1	)
AdvanSix, Inc.		662		18,238		(1.1	)
Agilysys, Inc.		2,987		256,255		(15.7	)
Albany International Corp., Class A		11,266		919,418		(56.3	)
Allient, Inc.		3,752		103,555		(6.3	)
Alpha & Omega Semiconductor Ltd.		10,297		244,245		(15.0	)
Alta Equipment Group, Inc.		10,089		92,718		(5.7	)
Amalgamated Financial Corp.		13,348		243,468		(14.9	)
A-Mark Precious Metals, Inc.		5,934		160,693		(9.8	)
Ambarella, Inc.		22,686		1,020,643		(62.5	)
Ameresco, Inc., Class A		5,292		138,386		(8.5	)
American Assets Trust, Inc.		93,626		1,661,861		(101.8	)
American Axle & Manufacturing Holdings, Inc.		14,128		95,364		(5.8	)
American Software, Inc., Class A		4,710		51,669		(3.2	)
American Vanguard Corp.		7,833		73,317		(4.5	)
American Woodmark Corp.		11,784		792,238		(48.5	)
Ameris Bancorp		1,239		46,215		(2.8	)


Security	Shares		Value		% of Basket Value

United States (continued)
Andersons, Inc.		3,113	$	156,055		(9.6	)%
AngioDynamics, Inc.		27,289		169,192		(10.4	)
Anywhere Real Estate, Inc.		92,713		432,970		(26.5	)
Apogee Enterprises, Inc.		26,850		1,152,402		(70.6	)
Archrock, Inc.		86,352		1,094,080		(67.0	)
Arcosa, Inc.		7,531		520,166		(31.9	)
Argan, Inc.		4,804		219,735		(13.5	)
ASGN, Inc.		5,780		482,399		(29.6	)
Aspen Aerogels, Inc.		12,428		95,944		(5.9	)
AssetMark Financial Holdings, Inc.		10,749		257,009		(15.7	)
Astec Industries, Inc.		9,526		381,421		(23.4	)
Atea Pharmaceuticals, Inc.		35,789		116,314		(7.1	)
AtriCure, Inc.		485		16,800		(1.0	)
AZZ, Inc.		2,989		141,290		(8.7	)
Badger Meter, Inc.		5,061		701,202		(43.0	)
Bandwidth, Inc., Class A		25,815		273,897		(16.8	)
Beazer Homes USA, Inc.		28,922		699,623		(42.9	)
Benchmark Electronics, Inc.		35,012		847,641		(51.9	)
Berry Corp.		66,005		551,142		(33.8	)
BigCommerce Holdings, Inc., Series-1		34,520		306,883		(18.8	)
BJ’s Restaurants, Inc.		6,454		165,997		(10.2	)
BlueLinx Holdings, Inc.		8,923		634,515		(38.9	)
Boise Cascade Co.		9,798		918,562		(56.3	)
Brady Corp., Class A		35,114		1,806,966		(110.7	)
Brandywine Realty Trust		15,397		57,585		(3.5	)
Brightsphere Investment Group, Inc.		11,617		181,922		(11.1	)
Bristow Group, Inc.		13,027		340,526		(20.9	)
Brookdale Senior Living, Inc.		117,959		461,220		(28.3	)
Byline Bancorp, Inc.		26,835		509,060		(31.2	)
Cantaloupe, Inc.		5,105		33,591		(2.1	)
Capital City Bank Group, Inc.		7,503		214,361		(13.1	)
CareTrust REIT, Inc.		21,188		455,966		(27.9	)
Cargurus, Inc.		37,990		654,568		(40.1	)
Cars.com, Inc.		16,205		246,802		(15.1	)
Castle Biosciences, Inc.		14,181		221,507		(13.6	)
Central Garden & Pet Co., Class A		4,451		176,660		(10.8	)
Century Aluminum Co.		34,446		227,688		(13.9	)
Century Communities, Inc.		4,563		280,624		(17.2	)
Cerence, Inc.		25,210		385,965		(23.6	)
CEVA, Inc.		9,453		162,308		(9.9	)
Chatham Lodging Trust		31,090		287,582		(17.6	)
Cheesecake Factory, Inc.		25,883		804,185		(49.3	)
Chefs’ Warehouse, Inc.		33,483		637,181		(39.0	)
Chegg, Inc.		255,122		1,921,069		(117.7	)
Chuy’s Holdings, Inc.		2,558		86,102		(5.3	)
Clean Energy Fuels Corp.		15,997		55,830		(3.4	)
Clear Secure, Inc.		4,841		81,426		(5.0	)
Clearwater Paper Corp.		10,392		351,354		(21.5	)
CNO Financial Group, Inc.		36,944		856,362		(52.5	)
Cogent Communications Holdings, Inc.		5,585		362,913		(22.2	)
CommVault Systems, Inc.		36,899		2,411,350		(147.7	)
Comstock Resources, Inc.		14,950		188,370		(11.5	)
Comtech Telecommunications Corp.		10,679		130,284		(8.0	)
ConnectOne Bancorp, Inc.		13,420		218,612		(13.4	)
Construction Partners, Inc., Class A		4,184		160,875		(9.9	)
Corcept Therapeutics, Inc.		52,851		1,484,056		(90.9	)
CorVel Corp.		790		153,213		(9.4	)
Coursera, Inc.		2,333		40,454		(2.5	)
CRA International, Inc.		8,437		819,317		(50.2	)
Cracker Barrel Old Country Store, Inc.		716		47,514		(2.9	)
CrossFirst Bankshares, Inc.		7,012		74,187		(4.5	)


SCHEDULE OF INVESTMENTS		79

Schedule of Investments (unaudited) (continued)

October 31, 2023

BlackRock Global Equity Market Neutral Fund


Security	Shares		Value		% of Basket Value

United States (continued)
CS Disco, Inc.		12,087	$	67,808		(4.2	)%
CSG Systems International, Inc.		58,308		2,732,313		(167.4	)
CTO Realty Growth, Inc.		7,976		129,131		(7.9	)
Customers Bancorp, Inc.		18,581		747,142		(45.8	)
CVB Financial Corp.		10,119		158,059		(9.7	)
Dana, Inc.		107,568		1,234,881		(75.7	)
Delek U.S. Holdings, Inc.		47,793		1,259,346		(77.2	)
Deluxe Corp.		12,843		218,973		(13.4	)
Digi International, Inc.		8,832		222,390		(13.6	)
Digital Turbine, Inc.		44,521		211,030		(12.9	)
Dime Community Bancshares, Inc.		16,363		300,916		(18.4	)
Diversified Energy Co. PLC		30,634		25,062		(1.5	)
Donnelley Financial Solutions, Inc.		4,736		257,780		(15.8	)
Dorian LPG Ltd.		24,063		769,294		(47.1	)
Dril-Quip, Inc.		6,759		146,400		(9.0	)
Driven Brands Holdings, Inc.		29,532		336,074		(20.6	)
Duckhorn Portfolio, Inc.		73,075		762,172		(46.7	)
DXP Enterprises, Inc.		18,466		601,992		(36.9	)
Dycom Industries, Inc.		15,835		1,348,825		(82.6	)
Eagle Bancorp, Inc.		13,563		264,207		(16.2	)
El Pollo Loco Holdings, Inc.		3,591		29,985		(1.8	)
Encore Wire Corp.		3,331		595,683		(36.5	)
Enerpac Tool Group Corp., Class A		14,707		416,208		(25.5	)
Enersys		5,901		505,008		(30.9	)
Enova International, Inc.		29,054		1,158,674		(71.0	)
Enovis Corp.		72,621		3,333,304		(204.2	)
Enviri Corp.		16,217		93,086		(5.7	)
ePlus, Inc.		4,737		296,062		(18.1	)
Equitrans Midstream Corp.		1,772		15,718		(1.0	)
Equity Bancshares, Inc., Class A		819		19,820		(1.2	)
Esab Corp.		7,301		462,153		(28.3	)
Essent Group Ltd.		9,550		451,142		(27.6	)
Ethan Allen Interiors, Inc.		40,762		1,070,410		(65.6	)
Eventbrite, Inc.		16,071		133,068		(8.2	)
Everbridge, Inc.		32,773		675,452		(41.4	)
Everi Holdings, Inc.		116,110		1,252,827		(76.8	)
EW Scripps Co., Class A		19,798		108,295		(6.6	)
eXp World Holdings, Inc.		51,825		687,718		(42.1	)
Exponent, Inc.		2,515		184,324		(11.3	)
EZCORP, Inc., Class A		30,394		249,231		(15.3	)
Federated Hermes, Inc.		20,557		651,657		(39.9	)
First Busey Corp.		5,437		107,979		(6.6	)
First Interstate BancSystem, Inc.		24,269		559,886		(34.3	)
Fiverr International Ltd.		26,979		571,145		(35.0	)
Flushing Financial Corp.		10,542		130,088		(8.0	)
Forestar Group, Inc.		12,249		290,914		(17.8	)
Forrester Research, Inc.		11,668		270,698		(16.6	)
Forward Air Corp.		3,608		232,391		(14.2	)
Franklin Covey Co.		15,654		616,924		(37.8	)
Fresh Del Monte Produce, Inc.		10,398		259,950		(15.9	)
Frontdoor, Inc.		57,465		1,662,462		(101.8	)
Fulgent Genetics, Inc.		9,368		224,270		(13.7	)
Fulton Financial Corp.		11,594		150,606		(9.2	)
Gates Industrial Corp. PLC		16,648		181,796		(11.1	)
GATX Corp.		7,188		751,721		(46.1	)
Genesco, Inc.		8,930		244,771		(15.0	)
Gibraltar Industries, Inc.		5,615		341,729		(20.9	)
G-III Apparel Group Ltd.		39,277		1,003,527		(61.5	)
Global Industrial Co.		11,338		362,249		(22.2	)
GMS, Inc.		13,858		810,416		(49.6	)
GoPro, Inc., Class A		289,336		726,233		(44.5	)
GQG Partners, Inc., CDI		187,237		154,521		(9.5	)


Security	Shares		Value		% of Basket Value

United States (continued)
Grand Canyon Education, Inc.		3,964	$	469,060		(28.7	)%
Gray Television, Inc.		39,524		257,696		(15.8	)
Great Lakes Dredge & Dock Corp.		9,234		70,178		(4.3	)
Greif, Inc.		11,889		754,951		(46.3	)
Griffon Corp.		37,981		1,516,961		(92.9	)
Grocery Outlet Holding Corp.		139,059		3,847,763		(235.7	)
Group 1 Automotive, Inc.		8,717		2,199,561		(134.8	)
Guess?, Inc.		65,423		1,406,594		(86.2	)
Gulfport Energy Corp.		4,149		512,858		(31.4	)
H&E Equipment Services, Inc.		24,667		1,004,440		(61.5	)
Hackett Group, Inc.		8,523		189,978		(11.6	)
Hain Celestial Group, Inc.		22,470		248,293		(15.2	)
Hancock Whitney Corp.		4,633		159,514		(9.8	)
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		31,837		545,686		(33.4	)
Hanover Insurance Group, Inc.		7,693		901,697		(55.2	)
HarborOne Bancorp, Inc.		960		9,446		(0.6	)
Harmonic, Inc.		24,282		262,003		(16.1	)
Harmony Biosciences Holdings, Inc.		11,427		268,992		(16.5	)
Haverty Furniture Cos, Inc.		13,955		363,528		(22.3	)
Hawaiian Holdings, Inc.		23,383		98,442		(6.0	)
HCI Group, Inc.		4,764		280,933		(17.2	)
Health Catalyst, Inc.		53,298		399,202		(24.5	)
Healthcare Services Group, Inc.		45,845		435,527		(26.7	)
HealthStream, Inc.		11,898		302,209		(18.5	)
Heartland Express, Inc.		29,063		338,875		(20.8	)
Heartland Financial USA, Inc.		31,344		858,826		(52.6	)
Heidrick & Struggles International, Inc.		10,714		260,779		(16.0	)
Helen of Troy Ltd.		822		80,819		(5.0	)
Helix Energy Solutions Group, Inc.		71,140		697,172		(42.7	)
Heritage Financial Corp.		2,934		47,736		(2.9	)
Hims & Hers Health, Inc.		8,807		52,666		(3.2	)
Hope Bancorp, Inc.		4,701		41,181		(2.5	)
Horizon Bancorp, Inc.		35,691		338,708		(20.8	)
Hub Group, Inc., Class A		8,709		598,744		(36.7	)
Hudson Pacific Properties, Inc.		13,988		62,386		(3.8	)
Huron Consulting Group, Inc.		204		20,269		(1.2	)
Hyster-Yale Materials Handling, Inc.		667		26,687		(1.6	)
I3 Verticals, Inc., Class A		7,072		132,600		(8.1	)
ICF International, Inc.		3,445		436,585		(26.7	)
Independent Bank Corp.		25,780		514,311		(31.5	)
Independent Bank Group, Inc.		20,643		729,730		(44.7	)
Infinera Corp.		109,460		320,718		(19.6	)
Ingevity Corp.		1,067		42,979		(2.6	)
Innoviva, Inc.		42,163		523,243		(32.1	)
Insperity, Inc.		9,504		1,005,903		(61.6	)
Installed Building Products, Inc.		7,288		813,851		(49.9	)
Insteel Industries, Inc.		7,060		197,045		(12.1	)
Instructure Holdings, Inc.		3,172		78,126		(4.8	)
Intapp, Inc.		16,895		577,809		(35.4	)
Integral Ad Science Holding Corp.		24,130		277,012		(17.0	)
Inter Parfums, Inc.		591		75,122		(4.6	)
InterDigital, Inc.		13,368		1,005,942		(61.6	)
Interface, Inc., Class A		29,977		266,496		(16.3	)
iRadimed Corp.		696		28,355		(1.7	)
Itron, Inc.		22,615		1,295,387		(79.4	)
Janus International Group, Inc.		49,191		460,428		(28.2	)
JELD-WEN Holding, Inc.		25,622		290,297		(17.8	)
JetBlue Airways Corp.		184,651		694,288		(42.5	)
Johnson Outdoors, Inc.		3,236		153,872		(9.4	)
Kaiser Aluminum Corp.		2,585		146,828		(9.0	)
Kaman Corp.		2,083		38,765		(2.4	)


80		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

October 31, 2023

BlackRock Global Equity Market Neutral Fund


Security	Shares		Value		% of Basket Value

United States (continued)
KB Home		6,354	$	280,847		(17.2	)%
Kearny Financial Corp.		15,891		110,284		(6.8	)
Kelly Services, Inc., Class A		9,171		163,702		(10.0	)
Kennametal, Inc.		44,316		1,024,143		(62.7	)
Kimball Electronics, Inc.		9,386		245,913		(15.1	)
Knife River Corp.		24,968		1,256,390		(77.0	)
Kodiak Gas Services, Inc.		8,814		151,513		(9.3	)
Kohl’s Corp.		72,812		1,641,911		(100.6	)
Kontoor Brands, Inc.		21,691		1,007,547		(61.7	)
Korn Ferry		21,545		980,728		(60.1	)
Kyndryl Holdings, Inc.		73,337		1,072,920		(65.7	)
Laureate Education, Inc.		96,356		1,362,474		(83.5	)
Legalzoom.com, Inc.		41,371		412,469		(25.3	)
LeMaitre Vascular, Inc.		8,913		432,994		(26.5	)
LendingClub Corp.		8,114		42,112		(2.6	)
Liquidity Services, Inc.		7,773		149,786		(9.2	)
LivaNova PLC		10,616		520,715		(31.9	)
LiveRamp Holdings, Inc.		18,465		510,742		(31.3	)
Lovesac Co		13,628		224,317		(13.7	)
M/I Homes, Inc.		5,711		468,702		(28.7	)
Magnite, Inc.		27,408		181,989		(11.1	)
Malibu Boats, Inc., Class A		1,644		71,711		(4.4	)
Manitowoc Co., Inc.		32,784		419,635		(25.7	)
MarineMax, Inc.		896		24,532		(1.5	)
Mativ Holdings, Inc.		7,995		104,734		(6.4	)
Matson, Inc.		17,776		1,547,401		(94.8	)
MaxLinear, Inc.		25,479		387,281		(23.7	)
MDC Holdings, Inc.		42,161		1,600,010		(98.0	)
Merchants Bancorp		3,625		108,351		(6.6	)
Mercury General Corp.		24,645		761,038		(46.6	)
Merit Medical Systems, Inc.		4,984		342,600		(21.0	)
Methode Electronics, Inc.		15,825		361,918		(22.2	)
MGP Ingredients, Inc.		4,464		422,562		(25.9	)
Midland States Bancorp, Inc.		11,546		251,934		(15.4	)
MillerKnoll, Inc.		43,152		1,014,072		(62.1	)
MiNK Therapeutics, Inc.		72		73		(0.0	)
Mister Car Wash, Inc.		55,808		290,202		(17.8	)
Mitek Systems, Inc.		1,947		20,794		(1.3	)
Model N, Inc.		38,886		937,153		(57.4	)
Monro, Inc.		26,633		661,031		(40.5	)
Mr. Cooper Group, Inc.		25,055		1,416,359		(86.8	)
MSA Safety, Inc.		2,842		448,695		(27.5	)
MYR Group, Inc.		5,644		653,745		(40.1	)
N-able, Inc.		34,832		451,423		(27.7	)
Nabors Industries Ltd.		5,561		542,976		(33.3	)
National HealthCare Corp.		4,544		306,084		(18.8	)
National Vision Holdings, Inc.		40,850		634,809		(38.9	)
NCR Voyix Corp.		19,033		291,015		(17.8	)
NETGEAR, Inc.		48,519		613,280		(37.6	)
NetScout Systems, Inc.		21,095		460,504		(28.2	)
Nevro Corp.		14,652		211,428		(13.0	)
NexPoint Residential Trust, Inc.		27,772		749,566		(45.9	)
NMI Holdings, Inc., Class A		8,964		245,165		(15.0	)
Nordstrom, Inc.		51,773		723,787		(44.3	)
Novocure Ltd.		110,221		1,465,939		(89.8	)
NOW, Inc.		25,556		281,627		(17.3	)
Nu Skin Enterprises, Inc., Class A		12,227		232,191		(14.2	)
OceanFirst Financial Corp.		918		11,622		(0.7	)
ODP Corp.		17,693		794,770		(48.7	)
O-I Glass, Inc.		32,520		502,434		(30.8	)
Oil States International, Inc.		14,155		102,765		(6.3	)
Oil-Dri Corp. of America		389		22,282		(1.4	)


Security	Shares		Value		% of Basket Value

United States (continued)
Old Second Bancorp, Inc.		21,238	$	287,987		(17.6	)%
Olo, Inc., Class A		47,289		241,647		(14.8	)
Omega Flex, Inc.		236		17,245		(1.1	)
Omnicell, Inc.		8,410		298,891		(18.3	)
ON24, Inc.		23,438		144,144		(8.8	)
Ooma, Inc.		21,537		234,969		(14.4	)
OPENLANE, Inc.		16,604		222,992		(13.7	)
Oscar Health, Inc.		16,487		84,413		(5.2	)
OSI Systems, Inc.		2,804		292,373		(17.9	)
Otter Tail Corp.		14,723		1,132,788		(69.4	)
Outfront Media, Inc.		166,749		1,627,470		(99.7	)
Owens & Minor, Inc.		22,574		323,485		(19.8	)
Oxford Industries, Inc.		4,345		366,718		(22.5	)
Pacira BioSciences, Inc.		667		18,849		(1.2	)
Palomar Holdings, Inc.		9,173		459,384		(28.1	)
Par Pacific Holdings, Inc.		711		23,335		(1.4	)
Park Hotels & Resorts, Inc.		51,530		594,141		(36.4	)
Payoneer Global, Inc.		10,871		62,943		(3.9	)
Paysafe Ltd.		26,887		261,342		(16.0	)
Pebblebrook Hotel Trust		33,825		403,532		(24.7	)
Pegasystems, Inc.		7,014		299,778		(18.4	)
Pennant Group, Inc.		1,553		16,881		(1.0	)
Perdoceo Education Corp.		15,060		272,435		(16.7	)
Perella Weinberg Partners, Class A		16,693		163,758		(10.0	)
Petco Health & Wellness Co., Inc., Class A		169,221		585,505		(35.9	)
PetIQ, Inc., Class A		9,355		175,593		(10.8	)
Playtika Holding Corp.		23,649		198,652		(12.2	)
PRA Group, Inc.		8,133		100,117		(6.1	)
Premier Financial Corp.		33,293		577,634		(35.4	)
Prestige Consumer Healthcare, Inc.		23,441		1,391,458		(85.2	)
PriceSmart, Inc.		6,394		399,561		(24.5	)
Primoris Services Corp.		14,280		429,257		(26.3	)
PROG Holdings, Inc.		8,404		230,186		(14.1	)
Progress Software Corp.		30,380		1,560,924		(95.6	)
PROS Holdings, Inc.		6,408		199,609		(12.2	)
Proto Labs, Inc.		23,199		547,728		(33.6	)
Q2 Holdings, Inc.		25,633		769,759		(47.2	)
Quaker Chemical Corp.		6,113		878,560		(53.8	)
QuinStreet, Inc.		2,873		32,494		(2.0	)
RE/MAX Holdings, Inc., Class A		7,416		79,796		(4.9	)
Redfin Corp.		116,947		544,973		(33.4	)
Repay Holdings Corp., Class A		12,939		77,505		(4.7	)
REV Group, Inc.		5,584		79,516		(4.9	)
Revolve Group, Inc.		35,320		485,650		(29.8	)
REX American Resources Corp.		19,942		757,995		(46.4	)
Reynolds Consumer Products, Inc.		1,245		31,660		(1.9	)
RHI Magnesita NV		5,976		187,561		(11.5	)
RingCentral, Inc., Class A		2,914		77,454		(4.7	)
Riskified Ltd.		10,569		39,422		(2.4	)
RLJ Lodging Trust		113,647		1,068,282		(65.4	)
RMR Group, Inc., Class A		13,581		305,844		(18.7	)
Rogers Corp.		1,375		168,974		(10.4	)
Rover Group, Inc., Class A		36,386		234,690		(14.4	)
Rush Enterprises, Inc., Class A		15,585		554,514		(34.0	)
RxSight, Inc.		2,618		57,963		(3.6	)
Ryerson Holding Corp.		4,396		127,704		(7.8	)
Sally Beauty Holdings, Inc.		85,566		727,311		(44.6	)
Sandy Spring Bancorp, Inc.		10,583		216,422		(13.3	)
Sanmina Corp.		21,874		1,112,730		(68.2	)
ScanSource, Inc.		6,118		185,987		(11.4	)
Schnitzer Steel Industries, Inc.		15,972		362,724		(22.2	)
Scholastic Corp.		12,924		476,896		(29.2	)


SCHEDULE OF INVESTMENTS		81

Schedule of Investments (unaudited) (continued)

October 31, 2023

BlackRock Global Equity Market Neutral Fund


Security	Shares		Value		% of Basket Value

United States (continued)
Select Medical Holdings Corp.		32,725	$	743,839		(45.6	)%
SEMrush Holdings, Inc., Class A		2,457		19,853		(1.2	)
Semtech Corp.		37,353		521,448		(31.9	)
ServisFirst Bancshares, Inc.		16,518		778,989		(47.7	)
SI-BONE, Inc.		2,537		43,154		(2.6	)
Silk Road Medical, Inc.		13,189		99,049		(6.1	)
Sims Ltd.		54,794		436,945		(26.8	)
Simulations Plus, Inc.		2,126		74,984		(4.6	)
Sinclair, Inc.		4,659		50,643		(3.1	)
SolarWinds Corp.		25,248		232,534		(14.2	)
Sonic Automotive, Inc., Class A		15,524		742,823		(45.5	)
Sonos, Inc.		80,776		870,765		(53.3	)
Southside Bancshares, Inc.		2,320		61,944		(3.8	)
SpartanNash Co.		45,091		1,014,097		(62.1	)
Sphere Entertainment Co.		5,533		182,091		(11.2	)
Sprinklr, Inc.		3,601		48,938		(3.0	)
Sprout Social, Inc., Class A		641		27,742		(1.7	)
SPX Technologies, Inc.		23,894		1,914,387		(117.3	)
Squarespace, Inc., Class A		4,469		126,964		(7.8	)
St. Joe Co.		7,599		354,417		(21.7	)
STAAR Surgical Co.		4,261		178,195		(10.9	)
Standard Motor Products, Inc.		12,833		448,257		(27.5	)
Steelcase, Inc., Class A		54,686		596,624		(36.6	)
Sterling Infrastructure, Inc.		8,846		644,431		(39.5	)
Stock Yards Bancorp, Inc.		3,006		117,565		(7.2	)
Stoneridge, Inc.		1,629		26,504		(1.6	)
StoneX Group, Inc.		1,594		151,940		(9.3	)
Stratasys Ltd.		14,209		144,506		(8.9	)
Strategic Education, Inc.		7,195		592,220		(36.3	)
Stride, Inc.		15,019		825,745		(50.6	)
Summit Hotel Properties, Inc.		24,162		136,274		(8.3	)
Supernus Pharmaceuticals, Inc.		36,680		874,818		(53.6	)
Surmodics, Inc.		1,701		50,111		(3.1	)
Tandem Diabetes Care, Inc.		19,963		345,360		(21.2	)
Tanger Factory Outlet Centers, Inc.		10,115		228,093		(14.0	)
TechTarget, Inc.		25,589		644,331		(39.5	)
Tennant Co.		6,448		478,571		(29.3	)
Terex Corp.		7,393		338,599		(20.7	)
Theravance Biopharma, Inc.		15,165		143,158		(8.8	)
Thermon Group Holdings, Inc.		6,211		165,772		(10.2	)
Thryv Holdings, Inc.		2,812		49,013		(3.0	)
Titan Machinery, Inc.		15,859		393,938		(24.1	)
Topgolf Callaway Brands Corp.		4,846		59,218		(3.6	)
TTEC Holdings, Inc.		7,233		148,855		(9.1	)
TTM Technologies, Inc.		12,466		143,234		(8.8	)
Turning Point Brands, Inc.		50,726		1,017,056		(62.3	)
Tutor Perini Corp.		63,768		459,767		(28.2	)
U.S. Silica Holdings, Inc.		58,408		704,985		(43.2	)
United States Cellular Corp.		274		11,516		(0.7	)
Univest Financial Corp.		12,582		209,616		(12.8	)
Upbound Group, Inc.		2,987		77,841		(4.8	)
Upwork, Inc.		26,033		272,045		(16.7	)
Urban Outfitters, Inc.		14,805		512,549		(31.4	)
USANA Health Sciences, Inc.		13,963		636,015		(39.0	)
V2X, Inc.		3,925		200,450		(12.3	)
Varex Imaging Corp.		57,860		1,044,373		(64.0	)
Varonis Systems, Inc., Class B		18,163		611,003		(37.4	)
Vector Group Ltd.		14,989		154,087		(9.4	)
Verint Systems, Inc.		70,084		1,318,280		(80.8	)
Veritex Holdings, Inc.		6,134		105,627		(6.5	)
Viad Corp.		2,989		72,423		(4.4	)


Security	Shares			Value			% of Basket Value

United States (continued)
Viavi Solutions, Inc.		37,430		$	291,205			(17.8	)%
Vicor Corp.		1,588			61,519			(3.8	)
Vimeo, Inc.		26,077			80,317			(4.9	)
Virtu Financial, Inc., Class A		8,793			162,583			(10.0	)
Vishay Precision Group, Inc.		1,843			55,143			(3.4	)
Vital Farms, Inc.		28,344			313,485			(19.2	)
Vizio Holding Corp.		13,060			66,475			(4.1	)
W&T Offshore, Inc.		34,235			142,075			(8.7	)
Wabash National Corp.		7,818			161,754			(9.9	)
Washington Trust Bancorp, Inc.		19,145			443,973			(27.2	)
Waste Connections, Inc.		671			87,159			(5.3	)
Watts Water Technologies, Inc., Class A		2,903			502,248			(30.8	)
Weis Markets, Inc.		7,174			467,027			(28.6	)
WesBanco, Inc.		7,985			194,754			(11.9	)
Winmark Corp.		1,317			531,172			(32.5	)
Wolverine World Wide, Inc.		19,428			156,395			(9.6	)
World Acceptance Corp.		1,337			131,855			(8.1	)
World Kinect Corp.		29,709			549,616			(33.7	)
Xerox Holdings Corp.		40,886			524,976			(32.2	)
Yext, Inc.		51,251			309,044			(18.9	)
Zeta Global Holdings Corp.		60,926			475,223			(29.1	)
ZipRecruiter, Inc.		19,610			208,846			(12.8	)
Zumiez, Inc.		18,879			310,182			(19.0	)
Zuora, Inc., Class A		65,511			485,436			(29.7	)

					188,375,701

Preferred Stocks

Germany
Schaeffler AG		97,783			506,510			(31.0	)


Total Reference Entity — Long					418,826,194


Reference Entity — Short

Common Stocks

Australia
ARB Corp. Ltd.		(32,329	)		(603,271	)		37.0
Bapcor Ltd.		(28,961	)		(98,579	)		6.0
Bellevue Gold Ltd.		(370,351	)		(336,807	)		20.6
Boss Energy Ltd.		(52,526	)		(144,749	)		8.9
Breville Group Ltd.		(39,679	)		(537,765	)		32.9
Brickworks Ltd.		(6,804	)		(106,047	)		6.5
BWP Trust		(44,790	)		(92,626	)		5.7
Capricorn Metals Ltd.		(170,933	)		(508,591	)		31.2
Centuria Industrial REIT		(46,457	)		(83,731	)		5.1
Cettire Ltd.		(12,403	)		(20,260	)		1.2
Champion Iron Ltd.		(151,820	)		(690,372	)		42.3
Core Lithium Ltd.		(133,382	)		(30,670	)		1.9
Coronado Global Resources, Inc., CDI		(321,935	)		(354,137	)		21.7
Corporate Travel Management Ltd.		(50,923	)		(538,847	)		33.0
De Grey Mining Ltd.		(198,387	)		(149,108	)		9.1
Deep Yellow Ltd.		(46,018	)		(36,863	)		2.3
Dicker Data Ltd.		(29,977	)		(201,177	)		12.3
Domain Holdings Australia Ltd.		(153,847	)		(333,485	)		20.4
Emerald Resources NL		(37,102	)		(60,714	)		3.7
EVT Ltd.		(60,918	)		(403,757	)		24.7
Genesis Minerals Ltd.		(131,881	)		(121,245	)		7.4
Gold Road Resources Ltd.		(64,400	)		(76,552	)		4.7
GUD Holdings Ltd.		(72,849	)		(495,421	)		30.4
Harvey Norman Holdings Ltd.		(508,754	)		(1,189,268	)		72.9
HMC Capital Ltd.		(98,991	)		(268,919	)		16.5
HomeCo Daily Needs REIT		(516,926	)		(352,303	)		21.6
HUB24 Ltd.		(6,783	)		(131,082	)		8.0


82		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

October 31, 2023

BlackRock Global Equity Market Neutral Fund


Security	Shares			Value			% of Basket Value

Australia (continued)
Ingenia Communities Group		(290,996	)	$	(724,284	)		44.4	%
Inghams Group Ltd.		(86,559	)		(202,733	)		12.4
IRESS Ltd.		(85,899	)		(273,909	)		16.8
Kelsian Group Ltd.		(138,926	)		(534,282	)		32.7
Leo Lithium Ltd.		(33,787	)		(9,704	)		0.6
Link Administration Holdings Ltd.		(199,877	)		(151,725	)		9.3
Neuren Pharmaceuticals Ltd.		(17,765	)		(121,172	)		7.4
Nine Entertainment Co. Holdings Ltd.		(1,346,925	)		(1,587,287	)		97.2
Paladin Energy Ltd.		(1,397,318	)		(842,199	)		51.6
Perpetual Ltd.		(30,090	)		(367,864	)		22.5
PEXA Group Ltd.		(54,112	)		(375,318	)		23.0
Sayona Mining Ltd.		(26,690,835	).		(1,282,631	)		78.6
Silex Systems Ltd.		(86,052	)		(176,185	)		10.8
SmartGroup Corp. Ltd.		(14,485	)		(79,193	)		4.9
TPG Telecom Ltd.		(56,990	)		(187,991	)		11.5
Webjet Ltd.		(453,297	)		(1,762,259	)		108.0

					(16,645,082	)

Austria
CA Immobilien Anlagen AG		(51,554	)		(1,740,121	)		106.6
EVN AG		(5,869	)		(159,009	)		9.8

					(1,899,130	)

Belgium
Ackermans & van Haaren NV		(14,841	)		(2,199,251	)		134.7
Azelis Group NV		(13,936	)		(237,363	)		14.6
Biocartis Group NV		(30	)		0			0.0
bpost SA		(82,131	)		(444,152	)		27.2
Kinepolis Group NV		(11,497	)		(566,086	)		34.7
Xior Student Housing NV		(8,186	)		(235,129	)		14.4

					(3,681,981	)

Bermuda
Conduit Holdings Ltd.		(61,553	)		(329,386	)		20.2


Canada
ADENTRA, Inc.		(11,090	)		(207,164	)		12.7
Altius Minerals Corp.		(6,734	)		(99,754	)		6.1
Andlauer Healthcare Group, Inc.		(8,293	)		(236,732	)		14.5
Badger Infrastructure Solutions Ltd.		(13,457	)		(362,771	)		22.2
Boyd Group Services, Inc.		(2,237	)		(388,609	)		23.8
Brookfield Business Corp.		(19,079	)		(275,275	)		16.9
Canadian Western Bank		(84,184	)		(1,696,300	)		103.9
Choice Properties REIT		(4,621	)		(40,455	)		2.5
Cogeco Communications, Inc.		(22,355	)		(898,880	)		55.1
Cogeco, Inc.		(8,602	)		(298,197	)		18.3
Converge Technology Solutions Corp.		(28	)		(57	)		0.0
Definity Financial Corp.		(32,352	)		(910,670	)		55.8
Equinox Gold Corp.		(36,669	)		(163,474	)		10.0
Filo Corp.		(28,653	)		(380,862	)		23.3
Hammond Power Solutions, Inc.		(1,963	)		(101,878	)		6.2
Headwater Exploration, Inc.		(55,779	)		(305,582	)		18.7
Hudbay Minerals, Inc.		(54,683	)		(243,280	)		14.9
K92 Mining, Inc.		(62,405	)		(229,689	)		14.1
Linamar Corp.		(2,042	)		(89,711	)		5.5
Lumine Group, Inc.		(21,684	)		(276,978	)		17.0
MAG Silver Corp.		(21,991	)		(224,335	)		13.7
Maple Leaf Foods, Inc.		(25,922	)		(524,666	)		32.1
Martinrea International, Inc.		(22,245	)		(186,964	)		11.5
Minto Apartment REIT		(135,629	)		(1,296,923	)		79.5
North West Co., Inc.		(4,671	)		(121,318	)		7.4
Orla Mining Ltd.		(44,373	)		(138,720	)		8.5


Security	Shares			Value			% of Basket Value

Canada (continued)
Savaria Corp.		(33,130	)	$	(302,153	)		18.5	%
Shawcor Ltd.		(1,444	)		(15,411	)		1.0
Sienna Senior Living, Inc.		(39,264	)		(289,606	)		17.7
SilverCrest Metals, Inc.		(148,988	)		(751,074	)		46.0
Skeena Resources Ltd.		(121,685	)		(448,888	)		27.5
Spartan Delta Corp.		(77,146	)		(252,433	)		15.5
Spin Master Corp.		(5,237	)		(127,748	)		7.8
Stella-Jones, Inc.		(26,392	)		(1,400,845	)		85.8
StorageVault Canada, Inc.		(120,397	)		(380,082	)		23.3
Triple Flag Precious Metals Corp.		(23,734	)		(307,040	)		18.8
Trisura Group Ltd.		(8,207	)		(183,897	)		11.3
Winpak Ltd.		(19,829	)		(550,489	)		33.7

					(14,708,910	)

China
Theme International Holdings Ltd.		(540,000	)		(40,105	)		2.5
TI Fluid Systems PLC		(166,621	)		(251,597	)		15.4

					(291,702	)

Colombia
Frontera Energy Corp.		(8,851	)		(76,308	)		4.7


Denmark
NTG Nordic Transport Group A/S		(6,158	)		(244,068	)		15.0


Egypt
Energean PLC		(61,577	)		(641,161	)		39.3


Finland
Huhtamaki OYJ		(9,236	)		(316,959	)		19.4
Metsa Board OYJ		(117,408	)		(887,153	)		54.4
Tietoevry OYJ		(34,038	)		(713,156	)		43.7
Tokmanni Group Corp.		(48,060	)		(647,804	)		39.7

					(2,565,072	)

France
Alten SA		(5,173	)		(611,256	)		37.5
Derichebourg SA		(21,220	)		(91,802	)		5.6
Elior Group SA		(62,821	)		(118,998	)		7.3
Imerys SA		(28,137	)		(744,695	)		45.6
Interparfums SA		(2,565	)		(121,232	)		7.4
IPSOS SA		(11,739	)		(570,182	)		34.9
Mersen SA		(15,042	)		(498,426	)		30.5
Metropole Television SA		(76,887	)		(961,937	)		58.9
Neoen SA		(25,738	)		(678,559	)		41.6
SES-imagotag SA		(3,254	)		(325,130	)		19.9
Societe BIC SA		(17,067	)		(1,070,339	)		65.6
Sopra Steria Group SACA		(1,666	)		(298,518	)		18.3
Verallia SA		(2,606	)		(85,309	)		5.2
Virbac SA		(1,164	)		(333,641	)		20.5

					(6,510,024	)

Germany
1&1 AG		(1,385	)		(23,781	)		1.4
Dermapharm Holding SE		(8,054	)		(311,109	)		19.1
DIC Asset AG		(21,669	)		(89,508	)		5.5
Eckert & Ziegler Strahlen- und Medizintechnik AG		(4,545	)		(179,007	)		11.0
Encavis AG		(25,751	)		(335,670	)		20.6
Energiekontor AG		(5,849	)		(431,578	)		26.4
Fielmann AG		(3,896	)		(167,507	)		10.3
Hensoldt AG		(12,201	)		(360,859	)		22.1
HOCHTIEF AG		(5,850	)		(604,964	)		37.1
Mercer International, Inc.		(17,926	)		(142,333	)		8.7
Norma Group SE		(26,547	)		(467,490	)		28.6


SCHEDULE OF INVESTMENTS		83

Schedule of Investments (unaudited) (continued)

October 31, 2023

BlackRock Global Equity Market Neutral Fund


Security	Shares			Value			% of Basket Value

Germany (continued)
PNE AG		(75,119	)	$	(952,351	)		58.3	%
PVA Tepla AG		(24,650	)		(374,049	)		22.9
Siltronic AG		(2,538	)		(217,677	)		13.3
Sixt SE		(5,756	)		(496,302	)		30.4
Software AG		(1,045	)		(35,216	)		2.2
Stroeer SE & Co. KGaA		(4,672	)		(213,367	)		13.1
Thyssenkrupp Nucera AG & Co. KGaa		(12,172	)		(181,574	)		11.1

					(5,584,342	)

Ghana
Kosmos Energy Ltd.		(36,185	)		(261,980	)		16.1
Tullow Oil PLC		(3,206,723	)		(1,299,275	)		79.6

					(1,561,255	)

Hong Kong
Cowell e Holdings, Inc.		(103,000	)		(247,331	)		15.2
Super Hi International Holding Ltd.		(9,000	)		(14,935	)		0.9
								��
					(262,266	)

Indonesia
Golden Agri-Resources Ltd.		(681,700	)		(134,573	)		8.3
Nickel Industries Ltd.		(1,206,780	)		(574,739	)		35.2

					(709,312	)

Ireland
Ardmore Shipping Corp.		(29,490	)		(391,922	)		24.0
C&C Group PLC		(442,462	)		(752,371	)		46.1
Keywords Studios PLC		(5,461	)		(87,169	)		5.3

					(1,231,462	)

Israel
Airport City Ltd.		(1,104	)		(14,629	)		0.9
Israel Corp. Ltd.		(7,625	)		(1,654,982	)		101.4
Maytronics Ltd.		(17,170	)		(160,731	)		9.8
Nano-X Imaging Ltd.		(1,845	)		(9,317	)		0.6
Shufersal Ltd.		(8,533	)		(36,243	)		2.2
Strauss Group Ltd.		(34,459	)		(640,833	)		39.3

					(2,516,735	)

Italy
ACEA SpA		(6,719	)		(80,764	)		4.9
BFF Bank SpA		(28,555	)		(274,021	)		16.8
Eurogroup Laminations SpA		(97,491	)		(319,546	)		19.6
Illimity Bank SpA		(8,037	)		(40,882	)		2.5
Industrie De Nora SpA		(44,834	)		(632,437	)		38.7
MFE-MediaForEurope NV		(53,431	)		(97,046	)		5.9
Salvatore Ferragamo SpA		(12,681	)		(154,864	)		9.5
Tamburi Investment Partners SpA		(2,269	)		(18,993	)		1.2
Technogym SpA		(39,430	)		(296,281	)		18.2
Technoprobe SpA		(20,985	)		(152,647	)		9.4

					(2,067,481	)

Japan
Activia Properties, Inc.		(44	)		(120,497	)		7.4
ADEKA Corp.		(15,000	)		(254,309	)		15.6
Advance Logistics Investment Corp.		(572	)		(472,385	)		28.9
Advance Residence Investment Corp.		(65	)		(143,497	)		8.8
Aeon Mall Co. Ltd.		(27,600	)		(318,145	)		19.5
AEON REIT Investment Corp.		(262	)		(252,844	)		15.5
Aichi Financial Group, Inc.		(31,900	)		(508,883	)		31.2
Aiful Corp.		(281,000	)		(716,989	)		43.9
Airtrip Corp.		(36,600	)		(444,398	)		27.2
Amvis Holdings, Inc.		(22,000	)		(380,293	)		23.3
AOKI Holdings, Inc.		(5,600	)		(37,167	)		2.3


Security	Shares			Value			% of Basket Value

Japan (continued)
Appier Group, Inc.		(52,200	)	$	(436,589	)		26.7	%
Arclands Corp.		(118,800	)		(1,288,459	)		78.9
ARE Holdings, Inc.		(66,400	)		(852,004	)		52.2
Ariake Japan Co. Ltd.		(14,900	)		(477,511	)		29.3
Asahi Yukizai Corp.		(5,700	)		(141,482	)		8.7
ASKUL Corp.		(29,500	)		(390,428	)		23.9
Atom Corp.		(165,000	)		(1,003,079	)		61.5
Autobacs Seven Co. Ltd.		(47,800	)		(498,152	)		30.5
Base Co. Ltd.		(4,700	)		(133,522	)		8.2
C Uyemura & Co. Ltd.		(8,700	)		(479,056	)		29.3
Casio Computer Co. Ltd.		(80,000	)		(649,505	)		39.8
Central Glass Co. Ltd.		(1,200	)		(22,743	)		1.4
Change Holdings, Inc.		(33,100	)		(342,251	)		21.0
Chikaranomoto Holdings Co., Ltd.		(10,000	)		(126,532	)		7.8
CKD Corp.		(12,500	)		(159,538	)		9.8
Comforia Residential REIT, Inc.		(35	)		(74,871	)		4.6
COMSYS Holdings Corp.		(36,100	)		(752,561	)		46.1
Cover Corp.		(1,400	)		(22,436	)		1.4
CRE Logistics REIT, Inc.		(304	)		(323,874	)		19.8
CUC, Inc.		(10,000	)		(173,568	)		10.6
Cybozu, Inc.		(2,700	)		(34,068	)		2.1
Daiei Kankyo Co. Ltd.		(34,500	)		(482,237	)		29.5
Daiken Corp.		(13,800	)		(277,498	)		17.0
Daikokutenbussan Co. Ltd.		(5,600	)		(240,452	)		14.7
Daishi Hokuetsu Financial Group, Inc.		(13,100	)		(346,505	)		21.2
Daiwa Office Investment Corp.		(68	)		(301,247	)		18.5
Daiwabo Holdings Co. Ltd.		(9,200	)		(177,222	)		10.9
DCM Holdings Co. Ltd.		(167,300	)		(1,322,360	)		81.0
DeNA Co. Ltd.		(43,200	)		(426,953	)		26.2
Descente Ltd.		(23,500	)		(664,240	)		40.7
Dexerials Corp.		(29,000	)		(671,477	)		41.1
Duskin Co. Ltd.		(24,200	)		(534,653	)		32.8
DyDo Group Holdings, Inc.		(4,500	)		(176,368	)		10.8
Eagle Industry Co., Ltd.		(1,700	)		(18,738	)		1.1
EDION Corp.		(71,800	)		(725,171	)		44.4
en Japan, Inc.		(2,400	)		(36,258	)		2.2
Enplas Corp.		(7,200	)		(408,045	)		25.0
Ferrotec Holdings Corp.		(25,900	)		(461,803	)		28.3
First Bank of Toyama Ltd.		(8,900	)		(58,953	)		3.6
Freee KK		(1,100	)		(18,618	)		1.1
Fuji Co. Ltd.		(6,200	)		(79,341	)		4.9
Fuji Media Holdings, Inc.		(99,500	)		(1,001,077	)		61.3
Fuji Seal International, Inc.		(3,600	)		(40,647	)		2.5
Fuji Soft, Inc.		(13,700	)		(499,678	)		30.6
Fujio Food Group, Inc.		(31,900	)		(298,910	)		18.3
Fukuyama Transporting Co. Ltd.		(18,700	)		(517,575	)		31.7
Furuya Metal Co. Ltd.		(1,100	)		(72,160	)		4.4
Fuso Chemical Co. Ltd.		(22,000	)		(605,962	)		37.1
Future Corp.		(10,100	)		(116,592	)		7.1
Genda, Inc.		(1,700	)		(21,069	)		1.3
Geo Holdings Corp.		(2,700	)		(42,749	)		2.6
Globeride, Inc.		(24,200	)		(316,486	)		19.4
GMO Financial Holdings, Inc.		(33,300	)		(153,388	)		9.4
Goldwin, Inc.		(900	)		(57,515	)		3.5
GungHo Online Entertainment, Inc.		(27,200	)		(415,014	)		25.4
Hachijuni Bank Ltd.		(168,100	)		(969,642	)		59.4
Hakuto Co. Ltd.		(9,000	)		(308,362	)		18.9
Hankyu Hanshin REIT, Inc.		(167	)		(158,986	)		9.7
Haseko Corp.		(57,100	)		(712,210	)		43.6
Heiwa Corp.		(7,900	)		(113,322	)		6.9
Heiwa Real Estate REIT, Inc.		(937	)		(887,949	)		54.4


84		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

October 31, 2023

BlackRock Global Equity Market Neutral Fund


Security	Shares			Value			% of Basket Value

Japan (continued)
Hirata Corp.		(5,800	)	$	(267,611	)		16.4	%
Hirogin Holdings, Inc.		(39,100	)		(251,943	)		15.4
HIS Co. Ltd.		(84,900	)		(970,858	)		59.5
Hisamitsu Pharmaceutical Co., Inc.		(24,500	)		(792,290	)		48.5
Hitachi Zosen Corp.		(8,700	)		(46,021	)		2.8
Hokuetsu Corp.		(86,100	)		(668,408	)		40.9
Hokuhoku Financial Group, Inc.		(83,700	)		(989,650	)		60.6
Hoshino Resorts REIT, Inc.		(347	)		(1,384,468	)		84.8
Hosiden Corp.		(4,500	)		(53,612	)		3.3
House Foods Group, Inc.		(5,400	)		(115,524	)		7.1
Hyakugo Bank Ltd.		(99,600	)		(381,340	)		23.4
Ichibanya Co. Ltd.		(3,100	)		(110,790	)		6.8
Idec Corp.		(22,900	)		(416,185	)		25.5
Iino Kaiun Kaisha Ltd.		(65,700	)		(477,329	)		29.2
Inabata & Co. Ltd.		(27,400	)		(579,639	)		35.5
Insource Co. Ltd.		(37,000	)		(221,109	)		13.5
Invincible Investment Corp.		(893	)		(348,084	)		21.3
Iriso Electronics Co. Ltd.		(5,300	)		(126,953	)		7.8
Iyogin Holdings, Inc.		(30,100	)		(219,544	)		13.4
Izumi Co. Ltd.		(38,900	)		(997,054	)		61.1
J Trust Co. Ltd.		(24,100	)		(77,442	)		4.7
Japan Aviation Electronics Industry Ltd.		(37,700	)		(720,171	)		44.1
Japan Communications, Inc.		(37,600	)		(52,250	)		3.2
Japan Logistics Fund, Inc.		(269	)		(505,214	)		31.0
Japan Material Co. Ltd.		(3,400	)		(48,500	)		3.0
Japan Prime Realty Investment Corp.		(50	)		(118,421	)		7.3
Japan Steel Works Ltd.		(13,500	)		(222,204	)		13.6
Joyful Honda Co. Ltd.		(13,500	)		(160,658	)		9.8
Juroku Financial Group, Inc.		(19,500	)		(532,063	)		32.6
Kadokawa Corp.		(168,600	)		(3,293,217	)		201.8
Kagome Co. Ltd.		(51,600	)		(1,086,200	)		66.5
Kamigumi Co. Ltd.		(8,300	)		(170,669	)		10.5
Kanto Denka Kogyo Co. Ltd.		(21,600	)		(115,504	)		7.1
KeePer Technical Laboratory Co. Ltd.		(10,200	)		(389,680	)		23.9
Keihan Holdings Co. Ltd.		(71,000	)		(1,758,504	)		107.7
Keikyu Corp.		(25,300	)		(217,269	)		13.3
KH Neochem Co. Ltd.		(12,900	)		(197,978	)		12.1
Kisoji Co. Ltd.		(25,400	)		(454,373	)		27.8
Ki-Star Real Estate Co. Ltd.		(41,900	)		(1,196,708	)		73.3
Kiyo Bank Ltd.		(70,900	)		(741,431	)		45.4
Koa Corp.		(85,500	)		(836,917	)		51.3
Kohnan Shoji Co. Ltd.		(45,000	)		(1,182,302	)		72.4
Komehyo Holdings Co. Ltd.		(700	)		(22,273	)		1.4
Komeri Co. Ltd.		(46,000	)		(966,037	)		59.2
Kosaido Holdings Co. Ltd.		(10,100	)		(200,355	)		12.3
K’s Holdings Corp.		(60,000	)		(565,798	)		34.7
Kura Sushi, Inc.		(55,100	)		(1,327,702	)		81.3
Kusuri no Aoki Holdings Co. Ltd.		(11,300	)		(749,596	)		45.9
KYB Corp.		(27,700	)		(829,562	)		50.8
Lintec Corp.		(7,800	)		(130,663	)		8.0
Mabuchi Motor Co. Ltd.		(3,800	)		(110,085	)		6.7
Maeda Kosen Co. Ltd.		(2,400	)		(47,282	)		2.9
Makino Milling Machine Co. Ltd.		(11,700	)		(494,951	)		30.3
Management Solutions Co. Ltd.		(12,700	)		(223,738	)		13.7
Maruichi Steel Tube Ltd.		(6,400	)		(160,998	)		9.9
Maruwa Co. Ltd.		(9,300	)		(1,651,149	)		101.2
Mebuki Financial Group, Inc.		(230,500	)		(706,546	)		43.3
MEC Co. Ltd.		(14,200	)		(327,476	)		20.1
Medley, Inc.		(9,600	)		(281,042	)		17.2
Meiko Electronics Co. Ltd.		(6,300	)		(132,515	)		8.1
Mirai Corp.		(100	)		(30,616	)		1.9


Security	Shares			Value			% of Basket Value

Japan (continued)
Mitsubishi Estate Logistics REIT Investment Corp.		(276	)	$	(703,913	)		43.1	%
Mitsubishi Logistics Corp.		(9,400	)		(249,151	)		15.3
Mitsuboshi Belting Ltd.		(18,400	)		(538,619	)		33.0
Mitsui Fudosan Logistics Park, Inc.		(126	)		(385,677	)		23.6
Mitsui-Soko Holdings Co. Ltd.		(13,800	)		(398,179	)		24.4
Mizuno Corp.		(1,400	)		(41,576	)		2.5
Mori Hills REIT Investment Corp.		(88	)		(83,474	)		5.1
Mori Trust REIT, Inc.		(78	)		(38,530	)		2.4
Morinaga Milk Industry Co. Ltd.		(24,100	)		(951,663	)		58.3
m-up Holdings, Inc.		(7,900	)		(64,723	)		4.0
Musashi Seimitsu Industry Co. Ltd.		(43,800	)		(427,497	)		26.2
Musashino Bank Ltd.		(7,400	)		(141,335	)		8.7
Nachi-Fujikoshi Corp.		(8,800	)		(222,280	)		13.6
Nagoya Railroad Co. Ltd.		(40,800	)		(578,720	)		35.5
Nakayama Steel Works Ltd.		(28,700	)		(166,190	)		10.2
Namura Shipbuilding Co. Ltd.		(51,900	)		(277,271	)		17.0
Nankai Electric Railway Co. Ltd.		(55,900	)		(1,084,016	)		66.4
Nanto Bank Ltd.		(35,300	)		(643,773	)		39.4
NEC Networks & System Integration Corp.		(4,700	)		(64,262	)		3.9
Nifco, Inc.		(10,300	)		(245,098	)		15.0
Nihon Kohden Corp.		(26,400	)		(631,991	)		38.7
Nikkiso Co. Ltd.		(8,900	)		(57,434	)		3.5
Nikkon Holdings Co. Ltd.		(31,000	)		(666,527	)		40.8
Nippon Accommodations Fund, Inc.		(87	)		(355,243	)		21.8
Nippon Carbon Co. Ltd.		(29,000	)		(861,276	)		52.8
Nippon Electric Glass Co. Ltd.		(105,900	)		(2,143,595	)		131.3
Nippon Kayaku Co. Ltd.		(70,600	)		(614,446	)		37.6
Nippon Pillar Packing Co. Ltd.		(3,200	)		(80,974	)		5.0
Nippon REIT Investment Corp.		(50	)		(116,960	)		7.2
Nippon Television Holdings, Inc.		(61,000	)		(601,015	)		36.8
Nippon Thompson Co. Ltd.		(5,400	)		(19,516	)		1.2
Nippon Yakin Kogyo Co. Ltd.		(23,200	)		(626,778	)		38.4
Nishimatsu Construction Co. Ltd.		(24,000	)		(585,235	)		35.9
Nishimatsuya Chain Co. Ltd.		(80,900	)		(1,050,791	)		64.4
Nitto Boseki Co. Ltd.		(2,600	)		(58,849	)		3.6
NOF Corp.		(6,600	)		(263,929	)		16.2
Nojima Corp.		(71,400	)		(644,314	)		39.5
Nomura Micro Science Co. Ltd.		(20,300	)		(1,050,780	)		64.4
NS Solutions Corp.		(1,500	)		(43,859	)		2.7
NS United Kaiun Kaisha Ltd.		(25,600	)		(737,291	)		45.2
NTT UD REIT Investment Corp.		(318	)		(266,008	)		16.3
OBIC Business Consultants Co. Ltd.		(9,000	)		(390,934	)		23.9
Ogaki Kyoritsu Bank Ltd.		(36,400	)		(514,888	)		31.5
Ohsho Food Service Corp.		(4,900	)		(229,749	)		14.1
Oisix ra daichi, Inc.		(30,600	)		(235,929	)		14.5
OKUMA Corp.		(3,800	)		(158,714	)		9.7
One REIT, Inc.		(309	)		(542,369	)		33.2
Optorun Co. Ltd.		(17,000	)		(199,463	)		12.2
Organo Corp.		(16,700	)		(556,806	)		34.1
Orient Corp.		(27,600	)		(208,467	)		12.8
Osaka Soda Co. Ltd.		(27,400	)		(1,626,974	)		99.7
OSAKA Titanium Technologies Co. Ltd.		(3,600	)		(77,915	)		4.8
OSG Corp.		(50,600	)		(585,426	)		35.9
PAL GROUP Holdings Co. Ltd.		(37,900	)		(496,544	)		30.4
Penta-Ocean Construction Co. Ltd.		(21,100	)		(125,662	)		7.7
Piolax, Inc.		(30,700	)		(459,417	)		28.1
PKSHA Technology, Inc.		(3,100	)		(53,529	)		3.3
Press Kogyo Co. Ltd.		(22,500	)		(97,725	)		6.0
Rengo Co. Ltd.		(180,500	)		(1,210,666	)		74.2
RENOVA, Inc.		(45,900	)		(334,494	)		20.5


SCHEDULE OF INVESTMENTS		85

Schedule of Investments (unaudited) (continued)

October 31, 2023

BlackRock Global Equity Market Neutral Fund


Security	Shares			Value			% of Basket Value

Japan (continued)
Resorttrust, Inc.		(9,100	)	$	(131,168	)		8.0	%
Riken Keiki Co. Ltd.		(10,000	)		(415,115	)		25.4
Ringer Hut Co. Ltd.		(38,000	)		(587,909	)		36.0
Roland Corp.		(14,300	)		(418,655	)		25.6
Rorze Corp.		(21,800	)		(1,644,786	)		100.8
Ryosan Co. Ltd.		(2,800	)		(89,425)			5.5
Sakata Seed Corp.		(3,800	)		(103,659	)		6.4
SAMTY Co. Ltd.		(28,300	)		(471,555	)		28.9
Sangetsu Corp.		(34,900	)		(664,776	)		40.7
San-In Godo Bank Ltd.		(3,200	)		(22,253	)		1.4
Sankei Real Estate, Inc.		(53	)		(32,428	)		2.0
Sanyo Denki Co. Ltd.		(8,300	)		(311,845	)		19.1
Sanyo Special Steel Co. Ltd.		(800	)		(13,833	)		0.8
SBI Sumishin Net Bank Ltd.		(47,600	)		(507,538	)		31.1
SBS Holdings, Inc.		(16,800	)		(302,097	)		18.5
Seiren Co. Ltd.		(15,000	)		(225,306	)		13.8
Senko Group Holdings Co. Ltd.		(66,500	)		(464,402	)		28.5
Senshu Ikeda Holdings, Inc.		(36,200	)		(85,998	)		5.3
Septeni Holdings Co. Ltd.		(77,300	)		(219,594	)		13.5
Shibaura Electronics Co. Ltd.		(300	)		(11,373	)		0.7
Shibaura Mechatronics Corp.		(1,000	)		(43,846	)		2.7
Shiga Bank Ltd.		(37,500	)		(1,004,221	)		61.5
Shin Nippon Biomedical Laboratories Ltd.		(10,200	)		(115,293	)		7.1
Shoei Co. Ltd.		(36,200	)		(487,392	)		29.9
SKY Perfect JSAT Holdings, Inc.		(124,500	)		(583,798	)		35.8
SOSiLA Logistics REIT, Inc.		(840	)		(674,741	)		41.3
Sotetsu Holdings, Inc.		(16,700	)		(298,825	)		18.3
SRE Holdings Corp.		(3,400	)		(52,797	)		3.2
Star Asia Investment Corp.		(634	)		(241,783	)		14.8
Star Micronics Co. Ltd.		(26,500	)		(323,119	)		19.8
Starts Proceed Investment Corp.		(130	)		(181,084	)		11.1
Sumitomo Bakelite Co. Ltd.		(13,500	)		(608,800	)		37.3
Sumitomo Rubber Industries Ltd.		(94,900	)		(975,853	)		59.8
T Hasegawa Co. Ltd.		(18,900	)		(401,331	)		24.6
Takara Holdings, Inc.		(84,300	)		(711,948	)		43.6
Takara Leben Real Estate Investment Corp.		(1,650	)		(1,095,016	)		67.1
Tamura Corp.		(42,200	)		(139,482	)		8.5
T-Gaia Corp.		(10,500	)		(126,692	)		7.8
Toagosei Co. Ltd.		(31,500	)		(292,838	)		17.9
Tocalo Co. Ltd.		(29,500	)		(270,238	)		16.6
Toei Co. Ltd.		(6,600	)		(785,505	)		48.1
Toho Bank Ltd.		(328,000	)		(642,321	)		39.4
Toho Holdings Co. Ltd.		(19,900	)		(454,344	)		27.8
TOKAI Holdings Corp.		(97,500	)		(637,051	)		39.0
Tokyo Kiraboshi Financial Group, Inc.		(12,700	)		(379,963	)		23.3
Tokyo Steel Manufacturing Co. Ltd.		(76,600	)		(896,962	)		55.0
Tokyotokeiba Co. Ltd.		(4,200	)		(110,205	)		6.8
TOMONY Holdings, Inc.		(123,600	)		(421,810	)		25.8
Tomy Co. Ltd.		(17,900	)		(250,164	)		15.3
Topre Corp.		(5,100	)		(55,702	)		3.4
Toridoll Holdings Corp.		(14,800	)		(362,664	)		22.2
Towa Corp.		(19,200	)		(666,192	)		40.8
Toyo Construction Co. Ltd.		(26,800	)		(221,640	)		13.6
Toyo Gosei Co. Ltd.		(3,600	)		(151,650	)		9.3
Transcosmos, Inc.		(18,700	)		(386,033	)		23.6
Tri Chemical Laboratories, Inc.		(64,800	)		(1,396,582	)		85.6
TV Asahi Holdings Corp.		(43,100	)		(470,918	)		28.9
Universal Entertainment Corp.		(3,100	)		(44,840	)		2.7
Valqua Ltd.		(3,700	)		(92,560	)		5.7
Wacoal Holdings Corp.		(53,800	)		(1,246,434	)		76.4
Weathernews, Inc.		(6,500	)		(257,887	)		15.8


Security	Shares			Value			% of Basket Value

Japan (continued)
WingArc1st, Inc.		(3,300	)	$	(59,871	)		3.7	%
Workman Co. Ltd.		(26,400	)		(690,326	)		42.3
Yamaichi Electronics Co. Ltd.		(7,700	)		(90,255	)		5.5
YA-MAN Ltd.		(114,700	)		(817,932	)		50.1
Yamato Kogyo Co. Ltd.		(12,200	)		(592,364	)		36.3
Yodogawa Steel Works Ltd.		(7,700	)		(182,716	)		11.2
Yonex Co. Ltd.		(60,800	)		(667,431	)		40.9
Zojirushi Corp.		(30,200	)		(314,793	)		19.3

					(114,811,895	)

Jersey
Ithaca Energy PLC		(17,813	)		(36,346	)		2.2


Luxembourg
Majorel Group Luxembourg SA		(20,675	)		(652,938	)		40.0
RTL Group		(11,006	)		(384,750	)		23.6

					(1,037,688	)

Malta
Gambling.com Group Ltd.		(2,097	)		(27,177	)		1.7


Netherlands
AMG Critical Materials NV		(12,291	)		(319,953	)		19.6
Arcadis NV		(19,187	)		(809,497	)		49.6
Basic-Fit NV		(766	)		(19,556)			1.2
Corbion NV		(32,014	)		(553,395	)		33.9
Flow Traders Ltd.		(74,399	)		(1,357,193	)		83.1
SIF Holding NV		(9	)		(86	)		0.0
TKH Group NV		(14,063	)		(513,503	)		31.5
Van Lanschot Kempen NV, GDR		(4,569	)		(122,964	)		7.5

					(3,696,147	)

New Zealand
Fisher & Paykel Healthcare Corp. Ltd.		(5	)		(60	)		0.0
Fletcher Building Ltd.		(45,558	)		(116,005	)		7.1
Mainfreight Ltd.		(17,578	)		(597,728	)		36.6

					(713,793	)

Norway
Crayon Group Holding ASA		(19,842	)		(117,499	)		7.2
Dof Group ASA		(48,135	)		(232,810	)		14.3
Entra ASA		(10,184	)		(81,279	)		5.0
Europris ASA		(28,610	)		(165,705	)		10.1
Hoegh Autoliners ASA		(56,107	)		(462,894	)		28.3
MPC Container Ships ASA		(20,192	)		(29,276	)		1.8
NEL ASA		(1,939,021	)		(1,297,134	)		79.5
Norske Skog ASA		(40,077	)		(149,997	)		9.2
Norwegian Air Shuttle ASA		(135,480	)		(99,735	)		6.1
PGS ASA		(49,746	)		(46,001	)		2.8

					(2,682,330	)

Philippines
TELUS International CDA, Inc.		(85,033	)		(555,095	)		34.0


Portugal
Altri SGPS SA		(32,941	)		(159,053	)		9.7


Puerto Rico
First BanCorp/Puerto Rico		(26,499	)		(353,762	)		21.7
Liberty Latin America Ltd.		(18,983	)		(130,033	)		7.9

					(483,795	)

Singapore
AEM Holdings Ltd.		(158,800	)		(401,859	)		24.6
Capitaland China Trust		(15,000	)		(8,664	)		0.5
Mapletree Industrial Trust		(9,200	)		(14,477	)		0.9


86		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

October 31, 2023

BlackRock Global Equity Market Neutral Fund


Security	Shares			Value			% of Basket Value

Singapore (continued)
Parkway Life REIT		(27,700	)	$	(68,033	)		4.2	%
SATS Ltd.		(118,800	)		(213,845	)		13.1
Sheng Siong Group Ltd.		(557,300	)		(631,565	)		38.7

					(1,338,443	)

Spain
Acerinox SA		(43,173	)		(419,873	)		25.7
Befesa SA		(19,382	)		(565,926	)		34.7
Ence Energia y Celulosa SA		(147,545	)		(440,482	)		27.0
Faes Farma SA		(107,077	)		(335,723	)		20.5
Gestamp Automocion SA		(32,293	)		(118,600	)		7.2
Grenergy Renovables SA		(9,236	)		(218,969	)		13.4
Laboratorios Farmaceuticos Rovi SA		(2,470	)		(131,851	)		8.1
Sacyr SA		(96,050	)		(277,165	)		17.0
Solaria Energia y Medio Ambiente SA		(49,810	)		(745,809	)		45.7
Vidrala SA		(9,522	)		(706,282	)		43.3
Viscofan SA		(3,472	)		(200,323	)		12.3

					(4,161,003	)

Sweden
AcadeMedia AB		(24	)		(102	)		0.0
Clas Ohlson AB, B Shares		(14,141	)		(152,091	)		9.3
Dometic Group AB		(14,009	)		(88,318	)		5.4
Hemnet Group AB		(20,089	)		(357,198	)		21.9
Hufvudstaden AB, A Shares		(48,890	)		(533,165	)		32.7
JM AB		(209	)		(2,290	)		0.1
Lindab International AB		(13,594	)		(213,620	)		13.1
OX2 AB, Class B		(117,074	)		(484,524	)		29.7
Pandox AB, Class B		(7,590	)		(76,430	)		4.7
Paradox Interactive AB		(2,759	)		(53,757	)		3.3
Peab AB		(19,379	)		(74,004	)		4.5
Stillfront Group AB		(110,437	)		(117,718	)		7.2
Wihlborgs Fastigheter AB		(47,614	)		(315,977	)		19.4

					(2,469,194	)

Switzerland
Allreal Holding AG		(8,391	)		(1,362,979	)		83.5
ALSO Holding AG, Registered Shares		(1,895	)		(488,979	)		30.0
Autoneum Holding AG		(7,966	)		(917,128	)		56.2
Cembra Money Bank AG		(17,966	)		(1,251,873	)		76.7
Comet Holding AG		(506	)		(101,141	)		6.2
Daetwyler Holding AG		(1,852	)		(331,484	)		20.3
EFG International AG		(14,570	)		(177,005	)		10.8
Emmi AG		(1,066	)		(1,017,852	)		62.4
Forbo Holding AG, Registered Shares		(804	)		(897,173	)		55.0
Garrett Motion, Inc.		(17,325	)		(122,315	)		7.5
Huber & Suhner AG		(917	)		(63,494	)		3.9
Interroll Holding AG, Registered Shares		(214	)		(570,252	)		34.9
Komax Holding AG, Registered Shares		(2,217	)		(445,211	)		27.3
Landis&Gyr Group AG		(10,381	)		(778,222	)		47.7
Leonteq AG		(3,725	)		(162,240	)		9.9
Meyer Burger Technology AG		(2,869,283	)		(778,387	)		47.7
Mobimo Holding AG, Registered Shares		(4,426	)		(1,235,821	)		75.7
Schweiter Technologies AG		(269	)		(152,003	)		9.3
Sensirion Holding Ag		(223	)		(16,892	)		1.0
SFS Group AG		(13,599	)		(1,376,337	)		84.3
Siegfried Holding AG, Registered Shares		(245	)		(196,648	)		12.0
SKAN Group AG		(3,886	)		(296,717	)		18.2
St Galler Kantonalbank AG, Registered Shares		(1,428	)		(783,237	)		48.0
Valiant Holding AG, Registered Shares		(4,214	)		(465,271	)		28.5


Security	Shares			Value			% of Basket Value

Switzerland (continued)
Vontobel Holding AG, Registered Shares		(7,869	)	$	(464,224	)		28.4	%
Zehnder Group AG		(2,405	)		(125,740	)		7.7

					(14,578,625	)

United Kingdom
4imprint Group PLC		(1,348	)		(82,891	)		5.1
Allfunds Group PLC		(71,195	)		(363,675	)		22.3
Ascential PLC		(237,059	)		(755,140	)		46.3
Auction Technology Group PLC		(12,837	)		(87,987	)		5.4
Bellway PLC		(1,728	)		(44,042	)		2.7
Britvic PLC		(88,478	)		(906,126	)		55.5
Capita PLC		(948,237	)		(194,283	)		11.9
Ceres Power Holdings PLC		(2,067	)		(5,006	)		0.3
Coats Group PLC		(586,940	)		(484,860	)		29.7
Cranswick PLC		(4,134	)		(176,671	)		10.8
Crest Nicholson Holdings PLC		(133,306	)		(260,651	)		16.0
Currys PLC		(419,929	)		(229,902	)		14.1
Domino’s Pizza Group PLC		(312,975	)		(1,312,977	)		80.4
Dowlais Group PLC		(566,729	)		(693,441	)		42.5
Dr. Martens PLC		(195,117	)		(278,126	)		17.0
Dunelm Group PLC		(1,391	)		(16,507	)		1.0
Elementis PLC		(550,191	)		(795,942	)		48.7
Ergomed PLC		(16,272	)		(266,720	)		16.3
Finablr PLC		(44,203	)		(307	)		0.0
Frasers Group PLC		(7,524	)		(73,566	)		4.5
Future PLC		(2,991	)		(32,216	)		2.0
GB Group PLC		(49,740	)		(145,208	)		8.9
Genuit Group PLC		(121,902	)		(395,463	)		24.2
Home Reit PLC		(350,343	)		(121,827	)		7.5
Ibstock PLC		(127,164	)		(190,402	)		11.7
Lancashire Holdings Ltd.		(94,551	)		(655,850	)		40.2
LXI REIT PLC		(1,022,870	)		(1,071,357	)		65.6
Moonpig Group PLC		(564,560	)		(1,136,235	)		69.6
Navigator Holdings Ltd.		(3,039	)		(42,698	)		2.6
Oxford Nanopore Technologies PLC		(217,798	)		(541,606	)		33.2
Pagegroup PLC		(546,712	)		(2,519,081	)		154.3
Petrofac Ltd.		(548,849	)		(315,594	)		19.3
Rathbones Group PLC		(52,848	)		(969,328	)		59.4
Reach PLC		(302,417	)		(281,908	)		17.3
Renewi PLC		(75,203	)		(539,868	)		33.1
Renishaw PLC		(3,625	)		(136,756	)		8.4
Rotork PLC		(134,942	)		(484,216	)		29.7
Safestore Holdings PLC		(23,860	)		(199,129	)		12.2
Savills PLC		(10,816	)		(104,064	)		6.4
SSP Group PLC		(400,184	)		(878,848	)		53.8
Trainline PLC		(52,120	)		(165,850	)		10.1
Travis Perkins PLC		(64,134	)		(580,852	)		35.6
Victrex PLC		(23,038	)		(387,513	)		23.7
Volex PLC		(9,347	)		(32,264	)		2.0
Watches of Switzerland Group PLC		(53,903	)		(330,789	)		20.3
WH Smith PLC		(73,307	)		(1,037,819	)		63.6
Yellow Cake PLC		(437,203	)		(2,949,706	)		180.7

					(23,275,267	)

United States
ABM Industries, Inc.		(25,137	)		(988,890	)		60.6
ACI Worldwide, Inc.		(1,794	)		(36,544	)		2.2
ACM Research, Inc., Class A		(997	)		(13,559	)		0.8
ACV Auctions, Inc., Class B		(6,480	)		(86,378	)		5.3
Adeia, Inc.		(33,844	)		(285,305	)		17.5
ADT, Inc.		(40,696	)		(230,339	)		14.1
ADTRAN Holdings, Inc.		(10,927	)		(71,790	)		4.4


SCHEDULE OF INVESTMENTS		87

Schedule of Investments (unaudited) (continued)

October 31, 2023

BlackRock Global Equity Market Neutral Fund


Security	Shares			Value			% of Basket Value

United States (continued)
Aehr Test Systems		(3,383	)	$	(79,703	)		4.9	%
AeroVironment, Inc.		(191	)		(21,900	)		1.3
AerSale Corp.		(42,769	)		(653,938	)		40.1
Agiliti, Inc.		(16,181	)		(91,099	)		5.6
Alexander’s, Inc.		(1,151	)		(216,376	)		13.3
Allegiant Travel Co.		(12,228	)		(814,629	)		49.9
Alphatec Holdings, Inc.		(14,423	)		(132,403	)		8.1
AMC Networks, Inc.		(11,608	)		(136,974	)		8.4
Amerant Bancorp, Inc.		(10,660	)		(194,332	)		11.9
American Eagle Outfitters, Inc.		(55,596	)		(971,262	)		59.5
American States Water Co.		(3,089	)		(241,096	)		14.8
America’s Car-Mart, Inc.		(6,838	)		(458,009	)		28.1
Amplitude, Inc., Class A		(483	)		(4,811	)		0.3
ANI Pharmaceuticals, Inc.		(1,934	)		(119,405	)		7.3
Anterix, Inc.		(4,645	)		(141,626	)		8.7
Apollo Commercial Real Estate Finance, Inc.		(39,596	)		(394,376	)		24.2
Appfolio, Inc., Class A		(1,248	)		(234,087	)		14.3
Appian Corp., Class A		(19,771	)		(780,164	)		47.8
Applied Digital Corp.		(52,662	)		(256,991	)		15.7
Ares Commercial Real Estate Corp.		(31,900	)		(292,523	)		17.9
Arhaus, Inc., Class A		(7,570	)		(65,253	)		4.0
Arko Corp.		(19,046	)		(143,797	)		8.8
ARMOUR Residential REIT, Inc.		(12,540	)		(182,708	)		11.2
Array Technologies, Inc.		(12,896	)		(223,488	)		13.7
Artesian Resources Corp., Class A		(5,155	)		(202,592	)		12.4
Associated Banc-Corp		(1,727	)		(27,995	)		1.7
Astronics Corp.		(2,201	)		(33,741	)		2.1
Atlanta Braves Holdings, Inc., Class C		(13,560	)		(471,617	)		28.9
Atlantic Union Bankshares Corp.		(22,555	)		(649,810	)		39.8
Atlas Energy Solutions, Inc.		(48,757	)		(887,865	)		54.4
Avanos Medical, Inc.		(10,666	)		(195,828	)		12.0
AvePoint, Inc.		(32,429	)		(242,893	)		14.9
Avid Technology, Inc.		(31,089	)		(840,025	)		51.5
Azenta, Inc.		(8,522	)		(387,325	)		23.7
Babcock & Wilcox Enterprises, Inc.		(72,972	)		(191,916	)		11.8
Balchem Corp.		(13,498	)		(1,569,008	)		96.1
BancFirst Corp.		(6,005	)		(487,066	)		29.8
Bank First Corp.		(2,558	)		(202,005	)		12.4
Barnes Group, Inc.		(38,887	)		(808,461	)		49.5
Belden, Inc.		(8,103	)		(574,503	)		35.2
BGC Group, Inc.		(101,630	)		(596,568	)		36.5
BioLife Solutions, Inc.		(7,355	)		(74,286	)		4.6
Bloomin’ Brands, Inc.		(1,470	)		(34,310	)		2.1
BOK Financial Corp.		(4,047	)		(265,159	)		16.2
Boot Barn Holdings, Inc.		(17,175	)		(1,193,662	)		73.1
Boston Omaha Corp., Class A		(24,228	)		(344,764	)		21.1
BrightSpire Capital, Inc., Class A		(28,899	)		(163,568	)		10.0
Brinker International, Inc.		(875	)		(29,680	)		1.8
Broadstone Net Lease, Inc.		(16,378	)		(231,749	)		14.2
BRP Group, Inc., Class A		(31,768	)		(664,904	)		40.7
BRT Apartments Corp.		(1,049	)		(17,025	)		1.0
Buckle, Inc.		(9,231	)		(311,731	)		19.1
Business First Bancshares, Inc.		(2,015	)		(39,373	)		2.4
Cadre Holdings, Inc.		(1,248	)		(35,006	)		2.1
Calavo Growers, Inc.		(9,191	)		(232,900	)		14.3
Caleres, Inc.		(8,384	)		(214,463	)		13.1
California Water Service Group		(30,244	)		(1,472,278	)		90.2
Calix, Inc.		(10,698	)		(354,318	)		21.7
Cal-Maine Foods, Inc.		(6,991	)		(316,762	)		19.4
Camping World Holdings, Inc., Class A		(15,584	)		(261,032	)		16.0
Cardlytics, Inc.		(4,967	)		(61,541	)		3.8
Carpenter Technology Corp.		(5,845	)		(366,598	)		22.5


Security	Shares			Value			% of Basket Value

United States (continued)
Carriage Services, Inc., Class A		(7,597	)	$	(164,095	)		10.1	%
Carter’s, Inc.		(25,525	)		(1,714,259	)		105.0
Casella Waste Systems, Inc., Class A		(27,930	)		(2,107,318	)		129.1
Cass Information Systems, Inc.		(15,598	)		(589,760	)		36.1
Cathay General Bancorp		(37,137	)		(1,259,316	)		77.2
CBIZ, Inc.		(28,698	)		(1,491,148	)		91.4
CCC Intelligent Solutions Holdings, Inc.		(124,642	)		(1,342,394	)		82.2
Centrus Energy Corp., Class A		(12,849	)		(681,896	)		41.8
Certara, Inc.		(29,934	)		(364,895	)		22.4
Chico’s FAS, Inc.		(23,981	)		(179,378	)		11.0
Claros Mortgage Trust, Inc.		(1,686	)		(17,585	)		1.1
Cleanspark, Inc.		(58,653	)		(240,477	)		14.7
Clearfield, Inc.		(28,343	)		(680,799	)		41.7
Clearwater Analytics Holdings, Inc., Class A		(5,897	)		(106,618	)		6.5
CNA Financial Corp.		(3,032	)		(122,493	)		7.5
CNB Financial Corp.		(1,078	)		(19,598	)		1.2
CNX Resources Corp.		(24,565	)		(533,552	)		32.7
Coastal Financial Corp.		(4,661	)		(173,249	)		10.6
Collegium Pharmaceutical, Inc.		(8,625	)		(187,680	)		11.5
Columbia Financial, Inc.		(21,893	)		(352,477	)		21.6
Columbus McKinnon Corp.		(7,151	)		(218,606	)		13.4
Community Bank System, Inc.		(4,506	)		(180,015	)		11.0
Community Healthcare Trust, Inc.		(17,184	)		(492,665	)		30.2
Community Trust Bancorp, Inc.		(2,219	)		(83,346	)		5.1
Conduent, Inc.		(76,533	)		(244,140	)		15.0
CONMED Corp.		(2,669	)		(260,121	)		15.9
Consensus Cloud Solutions, Inc.		(30,384	)		(655,991	)		40.2
COPT Defense Properties		(8,714	)		(198,679	)		12.2
CoreCivic, Inc.		(7,194	)		(91,364	)		5.6
Covenant Logistics Group, Inc., Class A		(630	)		(24,876	)		1.5
Crescent Energy Co., Class A		(5,149	)		(62,715	)		3.8
CTS Corp.		(26,754	)		(1,000,867	)		61.3
Cymabay Therapeutics, Inc.		(17,565	)		(287,715	)		17.6
Cytek Biosciences, Inc.		(38,462	)		(161,925	)		9.9
Dave & Buster’s Entertainment, Inc.		(5,572	)		(194,686	)		11.9
Definitive Healthcare Corp., Class A		(33,334	)		(192,004	)		11.8
Denny’s Corp.		(6,678	)		(57,564	)		3.5
Dine Brands Global, Inc.		(33,926	)		(1,672,213	)		102.4
Distribution Solutions Group, Inc.		(5,996	)		(180,779	)		11.1
DMC Global, Inc.		(955	)		(18,097	)		1.1
DocGo, Inc.		(44,258	)		(262,893	)		16.1
Domo, Inc.		(7,274	)		(59,356	)		3.6
Dorman Products, Inc.		(8,341	)		(518,643	)		31.8
Douglas Dynamics, Inc.		(6,597	)		(160,175	)		9.8
Douglas Emmett, Inc.		(61,081	)		(684,718	)		41.9
Ducommun, Inc.		(7,833	)		(374,731	)		23.0
Dynex Capital, Inc.		(58,059	)		(582,912	)		35.7
Eagle Bulk Shipping, Inc.		(9,964	)		(406,531	)		24.9
Eastern Bankshares, Inc.		(3,337	)		(36,740	)		2.3
Ecovyst, Inc.		(2,104	)		(19,357	)		1.2
Edgewell Personal Care Co.		(24,348	)		(849,745	)		52.1
Embecta Corp.		(47,825	)		(723,114	)		44.3
Empire State Realty Trust, Inc.		(48,273	)		(390,529	)		23.9
Encore Capital Group, Inc.		(9,772	)		(368,209	)		22.6
Energizer Holdings, Inc.		(51,118	)		(1,614,306	)		98.9
Enhabit, Inc.		(19,912	)		(146,751	)		9.0
Enovix Corp.		(21,692	)		(193,276	)		11.8
EnPro Industries, Inc.		(4,344	)		(482,445	)		29.6
Enstar Group Ltd.		(2,074	)		(491,476	)		30.1
Enterprise Financial Services Corp.		(820	)		(28,511	)		1.7
EPR Properties		(61,598	)		(2,630,235	)		161.1
Equity Commonwealth		(52,900	)		(1,001,926	)		61.4


88		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

October 31, 2023

BlackRock Global Equity Market Neutral Fund


Security	Shares			Value			% of Basket Value

United States (continued)
Essential Properties Realty Trust, Inc.		(51,586	)	$	(1,132,313	)		69.4	%
Evolent Health, Inc., Class A		(10,114	)		(247,085	)		15.1
Evolus, Inc.		(7,765	)		(59,014	)		3.6
Evolv Technologies Holdings, Inc.		(78,476	)		(333,523	)		20.4
Excelerate Energy, Inc.		(10,534	)		(149,793	)		9.2
Expro Group Holdings NV		(17,605	)		(277,279	)		17.0
F&G Annuities & Life, Inc.		(12,691	)		(389,487	)		23.9
Farmers National Banc Corp.		(70,798	)		(799,309	)		49.0
Farmland Partners, Inc.		(19,246	)		(200,543	)		12.3
Fastly, Inc., Class A		(19,420	)		(284,891	)		17.5
Federal Signal Corp.		(3,184	)		(184,799	)		11.3
First Advantage Corp.		(24,839	)		(323,155	)		19.8
First Bancorp/Southern Pines NC		(32,481	)		(942,599	)		57.7
First Bancshares, Inc.		(3,269	)		(79,175	)		4.9
First Commonwealth Financial Corp.		(59,614	)		(726,099	)		44.5
First Community Bankshares, Inc.		(9,827	)		(320,852	)		19.7
First Hawaiian, Inc.		(1,427	)		(25,586	)		1.6
First Merchants Corp.		(15,575	)		(425,353	)		26.1
First Watch Restaurant Group, Inc.		(7,898	)		(131,976	)		8.1
FirstCash Holdings, Inc.		(8,750	)		(953,050	)		58.4
Flywire Corp.		(12,671	)		(340,723	)		20.9
Foot Locker, Inc.		(13,181	)		(276,669	)		17.0
FormFactor, Inc.		(4,942	)		(167,435	)		10.3
Franklin BSP Realty Trust, Inc.		(22,784	)		(287,306	)		17.6
Franklin Electric Co., Inc.		(937	)		(81,257	)		5.0
Freshpet, Inc.		(13,163	)		(755,556	)		46.3
Frontier Group Holdings, Inc.		(24,702	)		(83,740	)		5.1
FTAI Aviation Ltd.		(1,976	)		(74,317	)		4.6
Funko, Inc., Class A		(39,394	)		(303,728	)		18.6
FutureFuel Corp.		(14,397	)		(94,300	)		5.8
GEO Group, Inc.		(9,812	)		(85,757	)		5.3
German American Bancorp, Inc.		(3,817	)		(104,319	)		6.4
Getty Realty Corp.		(2,234	)		(59,469	)		3.6
Gladstone Commercial Corp.		(6,079	)		(72,644	)		4.5
Glaukos Corp.		(694	)		(47,331	)		2.9
Global Medical REIT, Inc.		(30,795	)		(266,685	)		16.3
Global Net Lease, Inc.		(28,070	)		(222,876	)		13.7
Gogo, Inc.		(58,835	)		(617,767	)		37.8
Goosehead Insurance, Inc.		(10,100	)		(655,187	)		40.1
GrafTech International Ltd.		(103,384	)		(356,675	)		21.9
Graham Holdings Co.		(1,149	)		(664,949	)		40.7
Great Southern Bancorp, Inc.		(5,201	)		(258,594	)		15.8
Greenbrier Cos, Inc.		(6,677	)		(230,957	)		14.1
Grid Dynamics Holdings, Inc.		(22,274	)		(225,858	)		13.8
Hallador Energy Co.		(16,265	)		(227,385	)		13.9
Hamilton Lane, Inc., Class A		(6,061	)		(509,851	)		31.2
Hanesbrands, Inc.		(28,429	)		(119,118	)		7.3
Harrow Health, Inc.		(9,058	)		(129,846	)		8.0
Hawkins, Inc.		(2,949	)		(169,361	)		10.4
Haynes International, Inc.		(1,712	)		(73,659	)		4.5
Helios Technologies, Inc.		(9,624	)		(497,753	)		30.5
Herbalife Ltd.		(1,273	)		(18,140	)		1.1
Heritage Commerce Corp.		(11,986	)		(98,045	)		6.0
Hibbett, Inc.		(21,950	)		(1,011,236	)		62.0
Highwoods Properties, Inc.		(24,672	)		(441,382	)		27.0
Hillman Solutions Corp.		(76,209	)		(499,931	)		30.6
Hilltop Holdings, Inc.		(5,689	)		(157,130	)		9.6
HireRight Holdings Corp.		(16,586	)		(152,757	)		9.4
Home BancShares, Inc.		(87,680	)		(1,793,056	)		109.8
Hudson Technologies, Inc.		(4,851	)		(62,481	)		3.8
Ichor Holdings Ltd.		(25,843	)		(626,951	)		38.4
IMAX Corp.		(21,770	)		(396,432	)		24.3


Security	Shares			Value			% of Basket Value

United States (continued)
Impinj, Inc.		(12,491	)	$	(807,044	)		49.4	%
Ingles Markets, Inc.		(15,849	)		(1,271,407	)		77.9
Innospec, Inc.		(9,065	)		(888,370	)		54.4
Innovative Industrial Properties, Inc.		(3,121	)		(224,181	)		13.7
Inspired Entertainment, Inc.		(1,086	)		(10,838	)		0.7
Integra LifeSciences Holdings Corp.		(4,227	)		(152,003	)		9.3
International Bancshares Corp.		(6,253	)		(274,069	)		16.8
Intrepid Potash, Inc.		(2,356	)		(46,861	)		2.9
InvenTrust Properties Corp.		(46,281	)		(1,161,653	)		71.2
IonQ, Inc.		(36,606	)		(352,882	)		21.6
iRhythm Technologies, Inc.		(7,927	)		(622,428	)		38.1
Ivanhoe Electric, Inc.		(3,095	)		(31,693	)		1.9
J & J Snack Foods Corp.		(128	)		(20,046	)		1.2
Jack in the Box, Inc.		(19,651	)		(1,241,550	)		76.1
Jackson Financial, Inc.		(24,401	)		(895,761	)		54.9
JBG SMITH Properties		(142,771	)		(1,837,463	)		112.6
John Bean Technologies Corp.		(791	)		(82,280	)		5.0
John Wiley & Sons, Inc.		(31,415	)		(950,932	)		58.3
Kadant, Inc.		(3,781	)		(831,820	)		51.0
Kinetik Holdings, Inc., Class A		(3,918	)		(138,854	)		8.5
KKR Real Estate Finance Trust, Inc.		(54,706	)		(571,131	)		35.0
Kratos Defense & Security Solutions, Inc.		(15,948	)		(271,913	)		16.7
Kura Sushi USA, Inc., Class A		(8,790	)		(502,261	)		30.8
Lakeland Financial Corp.		(3,663	)		(180,403	)		11.1
LCI Industries		(8,638	)		(937,137	)		57.4
Leonardo DRS, Inc.		(42,024	)		(801,398	)		49.1
Leslie’s, Inc.		(59,176	)		(292,329	)		17.9
Liberty Energy, Inc., Class A		(44,766	)		(881,890	)		54.0
Liberty Media Corp.-Liberty Live		(45,888	)		(1,462,451	)		89.6
Life Time Group Holdings, Inc.		(27,001	)		(319,152	)		19.6
Lightwave Logic, Inc.		(16,605	)		(75,221	)		4.6
Lindblad Expeditions Holdings, Inc.		(7,613	)		(47,353	)		2.9
Littelfuse, Inc.		(1,164	)		(252,204	)		15.5
LTC Properties, Inc.		(43,296	)		(1,368,587	)		83.8
Luminar Technologies, Inc., Class A		(36,534	)		(115,813	)		7.1
Madison Square Garden Entertainment Corp., Class A		(11,721	)		(357,256	)		21.9
Marathon Digital Holdings, Inc.		(111,699	)		(984,068	)		60.3
Maravai LifeSciences Holdings, Inc., Class A		(24,770	)		(169,922	)		10.4
Marqeta, Inc.		(6,282	)		(32,478	)		2.0
Marten Transport Ltd.		(4,530	)		(79,637	)		4.9
MasterCraft Boat Holdings, Inc.		(6,269	)		(128,138	)		7.9
MaxCyte, Inc.		(3,944	)		(11,674	)		0.7
MBIA, Inc.		(17,665	)		(121,535	)		7.4
MDU Resources Group, Inc.		(1,610	)		(29,962	)		1.8
MediaAlpha, Inc., Class A		(2,952	)		(30,347	)		1.9
Medifast, Inc.		(2,728	)		(188,668	)		11.6
Mercury Systems, Inc.		(11,468	)		(412,619	)		25.3
MeridianLink, Inc.		(15,192	)		(249,453	)		15.3
Mesa Laboratories, Inc.		(3,974	)		(372,880	)		22.8
Metropolitan Bank Holding Corp.		(2,219	)		(71,918	)		4.4
MFA Financial, Inc.		(1,634	)		(14,526	)		0.9
MGE Energy, Inc.		(1,350	)		(96,701	)		5.9
Middlesex Water Co.		(7,360	)		(467,581	)		28.6
Mission Produce, Inc.		(25,466	)		(239,635	)		14.7
Modine Manufacturing Co.		(4,582	)		(180,989	)		11.1
ModivCare, Inc.		(9,770	)		(412,685	)		25.3
Montauk Renewables, Inc.		(16,413	)		(165,115	)		10.1
Movado Group, Inc.		(25,859	)		(720,432	)		44.1
Mueller Water Products, Inc., Class A		(81,349	)		(1,006,287	)		61.6
National Bank Holdings Corp., Class A		(11,345	)		(353,737	)		21.7
National Cinemedia, Inc.		(48,212	)		(188,509	)		11.5


SCHEDULE OF INVESTMENTS		89

Schedule of Investments (unaudited) (continued)

October 31, 2023

BlackRock Global Equity Market Neutral Fund


Security	Shares			Value			% of Basket Value

United States (continued)
National Health Investors, Inc.		(2,758	)	$	(138,010	)		8.5	%
National Presto Industries, Inc.		(8,057	)		(602,261	)		36.9
National Western Life Group, Inc.		(2,776	)		(1,329,426	)		81.4
Navient Corp.		(30,538	)		(485,860	)		29.8
Navitas Semiconductor Corp., Class A		(23,713	)		(124,256	)		7.6
NBT Bancorp, Inc.		(23,059	)		(771,785	)		47.3
nCino, Inc.		(23,282	)		(654,224	)		40.1
Nelnet, Inc., Class A		(12,317	)		(1,044,605	)		64.0
NeoGenomics, Inc.		(7,829	)		(109,763	)		6.7
NETSTREIT Corp.		(111,486	)		(1,588,675	)		97.3
Newmark Group, Inc.		(15,869	)		(89,977	)		5.5
NewMarket Corp.		(696	)		(335,576	)		20.6
NextDecade Corp.		(32,185	)		(141,292	)		8.7
Nicolet Bankshares, Inc.		(7,450	)		(542,509	)		33.2
nLight, Inc.		(30,389	)		(253,140	)		15.5
Northern Oil and Gas, Inc.		(36,524	)		(1,400,330	)		85.8
Northfield Bancorp, Inc.		(15,418	)		(132,595	)		8.1
Northwest Bancshares, Inc.		(39,754	)		(414,237	)		25.4
Northwest Natural Holding Co.		(502	)		(18,428	)		1.1
NorthWestern Corp.		(43,670	)		(2,096,597	)		128.4
Novanta, Inc.		(11,296	)		(1,491,750	)		91.4
NuScale Power Corp.		(278,304	)		(940,668	)		57.6
NV5 Global, Inc.		(5,346	)		(504,395	)		30.9
One Liberty Properties, Inc.		(7,544	)		(138,810	)		8.5
OneSpan, Inc.		(17,807	)		(140,675	)		8.6
Open Lending Corp.		(26,667	)		(159,735	)		9.8
Origin Bancorp, Inc.		(21,636	)		(640,209	)		39.2
OrthoPediatrics Corp.		(10,393	)		(254,213	)		15.6
Papa John’s International, Inc.		(22,978	)		(1,494,030	)		91.5
Paragon 28, Inc.		(6,236	)		(53,817	)		3.3
Paramount Group, Inc.		(56,679	)		(242,586	)		14.9
Park National Corp.		(1,527	)		(154,823	)		9.5
Pathward Financial, Inc.		(664	)		(30,073	)		1.8
Patrick Industries, Inc.		(5,175	)		(388,901	)		23.8
Paycor HCM, Inc.		(30,517	)		(658,557	)		40.3
Peapack-Gladstone Financial Corp.		(5,549	)		(129,680	)		7.9
PennyMac Mortgage Investment Trust		(53,426	)		(675,839	)		41.4
Perficient, Inc.		(5,389	)		(313,586	)		19.2
Phathom Pharmaceuticals, Inc.		(20,230	)		(188,139	)		11.5
Phillips Edison & Co., Inc.		(51,311	)		(1,811,791	)		111.0
Phinia, Inc.		(1,060	)		(27,433	)		1.7
Piedmont Lithium, Inc.		(15,480	)		(425,236	)		26.1
Piedmont Office Realty Trust, Inc.		(84,778	)		(441,693	)		27.1
Piper Sandler Cos		(790	)		(110,482	)		6.8
Pitney Bowes, Inc.		(95,913	)		(309,799	)		19.0
Plexus Corp.		(15,764	)		(1,549,916	)		95.0
Plymouth Industrial REIT, Inc.		(38,486	)		(767,411	)		47.0
PolyPeptide Group AG		(14,734	)		(279,827	)		17.1
Portillo’s, Inc., Class A		(12,805	)		(191,435	)		11.7
PotlatchDeltic Corp.		(39,959	)		(1,712,243	)		104.9
Powell Industries, Inc.		(3,747	)		(287,208	)		17.6
PowerSchool Holdings, Inc., Class A		(24,036	)		(478,797	)		29.3
Premier, Inc., Class A		(19,813	)		(380,806	)		23.3
ProAssurance Corp.		(2,687	)		(45,679	)		2.8
PROCEPT BioRobotics Corp.		(27,880	)		(746,905	)		45.8
ProPetro Holding Corp.		(21,344	)		(223,685	)		13.7
PubMatic, Inc.		(9,848	)		(110,987	)		6.8
Pulmonx Corp.		(21,671	)		(190,488	)		11.7
PureCycle Technologies, Inc.		(48,753	)		(216,951	)		13.3
QIAGEN NV		(49,674	)		(1,859,298	)		113.9
Quanterix Corp.		(4,511	)		(97,979	)		6.0
Ramaco Resources, Inc.		(4,932	)		(58,099	)		3.6


Security	Shares			Value			% of Basket Value

United States (continued)
Ranpak Holdings Corp., Class A		(7,901	)	$	(24,967	)		1.5	%
RCI Hospitality Holdings, Inc.		(12,021	)		(655,265	)		40.1
Ready Capital Corp.		(96,089	)		(906,119	)		55.5
REC Silicon ASA		(77,581	)		(103,543	)		6.3
Red Rock Resorts, Inc.		(9,650	)		(381,658	)		23.4
Redwood Trust, Inc.		(11,755	)		(73,821	)		4.5
Reliance Worldwide Corp. Ltd.		(129,558	)		(288,780	)		17.7
Resideo Technologies, Inc.		(8,209	)		(118,866	)		7.3
Resources Connection, Inc.		(38,488	)		(518,433	)		31.8
Retail Opportunity Investments Corp.		(30,899	)		(362,754	)		22.2
Rocket Lab USA, Inc.		(106,371	)		(449,949	)		27.6
RXO, Inc.		(27,260	)		(477,323	)		29.2
S&T Bancorp, Inc.		(15,923	)		(410,176	)		25.1
Sabra Health Care REIT, Inc.		(110,167	)		(1,502,678	)		92.1
Sabre Corp.		(43,036	)		(150,626	)		9.2
Safety Insurance Group, Inc.		(5,762	)		(433,130	)		26.5
Schneider National, Inc.		(18,177	)		(460,423	)		28.2
Schrodinger, Inc.		(12,257	)		(265,977	)		16.3
Seacoast Banking Corp. of Florida		(9,543	)		(192,864	)		11.8
Select Water Solutions, Inc.		(57,779	)		(429,876	)		26.3
Sensient Technologies Corp.		(24,153	)		(1,362,712	)		83.5
Service Properties Trust		(20,961	)		(151,967	)		9.3
Shake Shack, Inc., Class A		(6,847	)		(383,706	)		23.5
Shenandoah Telecommunications Co.		(10,623	)		(251,340	)		15.4
Shoals Technologies Group, Inc., Class A		(22,120	)		(339,763	)		20.8
Silgan Holdings, Inc.		(48,900	)		(1,958,934	)		120.0
SilverBow Resources, Inc.		(4,533	)		(154,575	)		9.5
Simmons First National Corp., Class A		(17,545	)		(249,314	)		15.3
Simply Good Foods Co.		(33,023	)		(1,231,428	)		75.4
SITE Centers Corp.		(129,097	)		(1,505,271	)		92.2
SiTime Corp.		(7,197	)		(718,261	)		44.0
Six Flags Entertainment Corp.		(45,334	)		(902,147	)		55.3
SJW Group		(10,490	)		(655,415	)		40.2
Sleep Number Corp.		(11,670	)		(189,871	)		11.6
Sotera Health Co.		(12,328	)		(156,072	)		9.6
Spectrum Brands Holdings, Inc.		(14,992	)		(1,129,197	)		69.2
Spire, Inc.		(14,301	)		(795,565	)		48.7
Spirit AeroSystems Holdings, Inc., Class A		(21,163	)		(478,284	)		29.3
Stellar Bancorp, Inc.		(23,374	)		(508,151	)		31.1
Stem, Inc.		(36,299	)		(122,691	)		7.5
Stepan Co.		(6,491	)		(485,527	)		29.7
StepStone Group, Inc., Class A		(26,316	)		(744,743	)		45.6
Stericycle, Inc.		(28,407	)		(1,171,505	)		71.8
Steven Madden Ltd.		(61,065	)		(2,002,321	)		122.7
Sun Country Airlines Holdings, Inc.		(2,707	)		(35,245	)		2.2
SunCoke Energy, Inc.		(35,093	)		(333,734	)		20.4
Sunrun, Inc.		(29,562	)		(285,273	)		17.5
Sunstone Hotel Investors, Inc.		(16,352	)		(152,074	)		9.3
Sweetgreen, Inc.		(4,815	)		(49,739	)		3.0
Sylvamo Corp.		(5,150	)		(228,145	)		14.0
Tarsus Pharmaceuticals, Inc.		(1,981	)		(28,209	)		1.7
Terns Pharmaceuticals, Inc.		(275	)		(1,447	)		0.1
Texas Capital Bancshares, Inc.		(2,113	)		(116,342	)		7.1
TFS Financial Corp.		(47,286	)		(560,812	)		34.4
Tidewater, Inc.		(17,879	)		(1,222,030	)		74.9
TimkenSteel Corp.		(9,308	)		(189,232	)		11.6
Towne Bank		(15,374	)		(368,054	)		22.5
TPG, Inc.		(29,524	)		(816,043	)		50.0
Traeger, Inc.		(152,660	)		(401,496	)		24.6
Transcat, Inc.		(2,005	)		(180,490	)		11.1
TransMedics Group, Inc.		(4,437	)		(166,299	)		10.2
TreeHouse Foods, Inc.		(13,174	)		(549,224	)		33.6


90		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

October 31, 2023

BlackRock Global Equity Market Neutral Fund


Security	Shares			Value			% of Basket Value

United States (continued)
TriMas Corp.		(10,281	)	$	(248,903	)		15.2	%
TripAdvisor, Inc.		(1,425	)		(21,033	)		1.3
Triumph Financial, Inc.		(6,803	)		(423,487	)		25.9
Triumph Group, Inc.		(121,031	)		(902,891	)		55.3
Tronox Holdings PLC		(24,364	)		(260,451	)		16.0
TrueBlue, Inc.		(9,762	)		(108,065	)		6.6
Trupanion, Inc.		(2,397	)		(49,378	)		3.0
TrustCo Bank Corp./New York		(5,533	)		(141,257	)		8.7
Udemy, Inc.		(5,042	)		(45,025	)		2.8
UFP Technologies, Inc.		(4,173	)		(650,654	)		39.9
Ultra Clean Holdings, Inc.		(21,520	)		(513,467	)		31.5
UMB Financial Corp.		(1,557	)		(97,655	)		6.0
UniFirst Corp.		(7,780	)		(1,279,265	)		78.4
United Community Banks, Inc.		(26,078	)		(576,063	)		35.3
United Natural Foods, Inc.		(27,053	)		(394,433	)		24.2
Uniti Group, Inc.		(162,609	)		(748,001	)		45.8
Unitil Corp.		(804	)		(36,719	)		2.2
Universal Corp.		(14,301	)		(643,545	)		39.4
Universal Health Realty, Inc.ome Trust		(8,613	)		(331,084	)		20.3
Uranium Energy Corp.		(4,913	)		(29,232	)		1.8
Urban Edge Properties		(31,073	)		(492,818	)		30.2
Ventyx Biosciences, Inc.		(6,809	)		(98,186	)		6.0
Veris Residential, Inc.		(72,356	)		(968,847	)		59.4
Vertex Energy, Inc.		(43,119	)		(185,843	)		11.4
Victoria’s Secret & Co.		(65,979	)		(1,179,705	)		72.3
Virtus Investment Partners, Inc.		(314	)		(57,848	)		3.5
Vishay Intertechnology, Inc.		(58,417	)		(1,299,194	)		79.6
Vista Outdoor, Inc.		(30,057	)		(755,032	)		46.3
Vivid Seats, Inc., Class A		(10,484	)		(61,646	)		3.8
Vobile Group Ltd.		(525,000	)		(135,347	)		8.3
VSE Corp.		(11,159	)		(600,354	)		36.8
WaFd, Inc.		(25,551	)		(630,599	)		38.6
Walker & Dunlop, Inc.		(15,016	)		(973,037	)		59.6
Warrior Met Coal, Inc.		(28,163	)		(1,372,383	)		84.1
WD-40 Co.		(2,359	)		(498,693	)		30.6
Werner Enterprises, Inc.		(1,002	)		(36,393	)		2.2
White Mountains Insurance Group Ltd.		(1,963	)		(2,808,562	)		172.1
Whitestone Reit		(4,825	)		(48,009	)		2.9
WSFS Financial Corp.		(2,522	)		(89,279	)		5.5
Xenia Hotels & Resorts, Inc.		(27,545	)		(320,348	)		19.6
XPEL, Inc.		(6,587	)		(304,978	)		18.7
York Water Co.		(8,098	)		(292,095	)		17.9

					(188,012,500	)

Investment Companies

Luxembourg
BBGI Global Infrastructure SA		(310,687	)		(481,335	)		29.5


Preferred Stocks

Germany
Jungheinrich AG		(14,439	)		(386,859	)		23.7


Security	Shares			Value			% of Basket Value

Rights

Spain
Vidrala SA		(7,119	)	$	(26,251	)		1.6	%


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					(420,458,473)


Net Value of Reference Entity — Goldman Sachs Bank USA				$	(1,632,279	)


Security	Shares		Value		% of Basket Value

Reference Entity — Long

Common Stocks

Australia
AGL Energy Ltd.		265,200	$	1,812,992		(13.2	)%
Aristocrat Leisure Ltd.		41,824		1,028,076		(7.5	)
Bank of Queensland Ltd.		269,568		876,001		(6.4	)
BHP Group Ltd.		64,167		1,815,634		(13.2	)
Bluescope Steel Ltd.		3,870		46,391		(0.3	)
Charter Hall Group		73,647		408,003		(3.0	)
Cochlear Ltd.		245		37,552		(0.3	)
Flight Centre Travel Group Ltd.		20,929		248,790		(1.8	)
Glencore PLC		1,235		6,524		(0.1	)
GPT Group		41,233		95,159		(0.7	)
Orica Ltd.		8,367		77,915		(0.6	)
Rio Tinto Ltd.		4,042		302,222		(2.2	)
SEEK Ltd.		23,114		304,935		(2.2	)
Treasury Wine Estates Ltd.		80,964		678,402		(4.9	)
Vicinity Ltd.		70,660		76,534		(0.6	)
WiseTech Global Ltd.		4,197		156,260		(1.1	)
Worley Ltd.		49,467		517,423		(3.8	)

				8,488,813

Austria
BAWAG Group AG		16,023		712,354		(5.2	)


Belgium
Ageas SA/NV		2,547		97,649		(0.7	)
KBC Group NV		3,035		166,898		(1.3	)
Sofina SA		3,978		754,298		(5.5	)
Solvay SA		18,067		1,906,856		(13.9	)
Warehouses De Pauw CVA		33,336		823,325		(6.0	)

				3,749,026


SCHEDULE OF INVESTMENTS		91

Schedule of Investments (unaudited) (continued)

October 31, 2023

BlackRock Global Equity Market Neutral Fund


Security	Shares		Value		% of Basket Value

Brazil
MercadoLibre, Inc.		33	$	40,945		(0.3	)%
Wheaton Precious Metals Corp.		745		31,549		(0.2	)

				72,494

Canada
Algonquin Power & Utilities Corp.		6,158		31,386		(0.2	)
AltaGas Ltd.		7,587		143,651		(1.0	)
Bank of Montreal		1,337		102,323		(0.7	)
Bank of Nova Scotia		3,940		161,766		(1.2	)
Barrick Gold Corp.		15,243		247,877		(1.8	)
Birchcliff Energy Ltd.		24,935		140,379		(1.0	)
Canadian Imperial Bank of Commerce		61,481		2,210,417		(16.1	)
Canadian Natural Resources Ltd.		43,992		2,847,750		(20.8	)
Capital Power Corp.		7,260		188,746		(1.4	)
Crescent Point Energy Corp.		47,181		385,377		(2.8	)
Descartes Systems Group, Inc.		7,099		522,687		(3.8	)
Element Fleet Management Corp.		15,630		215,506		(1.6	)
Emera, Inc.		20,643		689,236		(5.0	)
Enbridge, Inc.		5,230		170,771		(1.2	)
Enerplus Corp.		59,490		1,025,046		(7.5	)
First Majestic Silver Corp.		36,233		190,135		(1.4	)
FirstService Corp.		3,181		458,485		(3.3	)
Franco-Nevada Corp.		523		64,007		(0.5	)
Gibson Energy, Inc.		6,153		95,187		(0.7	)
Gildan Activewear, Inc.		70,829		2,049,784		(14.9	)
Imperial Oil Ltd.		12,447		723,232		(5.3	)
Ivanhoe Mines Ltd., Class A		20,003		150,425		(1.1	)
Keyera Corp.		21,872		518,440		(3.8	)
Lithium Americas Argentina Corp.		916		5,183		(0.0	)
Magna International, Inc.		13,304		651,870		(4.8	)
Manulife Financial Corp.		11,352		201,455		(1.5	)
MEG Energy Corp.		12,807		257,739		(1.9	)
Methanex Corp.		5,799		243,863		(1.8	)
NuVista Energy Ltd.		17,357		171,405		(1.3	)
Pembina Pipeline Corp.		21,093		661,129		(4.8	)
RioCan REIT		10,078		124,892		(0.9	)
Stantec, Inc.		4,753		296,464		(2.2	)
TELUS Corp.		100,770		1,655,953		(12.1	)
TransAlta Corp.		22,891		170,997		(1.2	)
West Fraser Timber Co. Ltd.		7,212		492,463		(3.6	)

				18,266,026

Chile
Antofagasta PLC		4,733		77,854		(0.6	)


China
Budweiser Brewing Co. APAC Ltd.		189,400		360,280		(2.6	)
SITC International Holdings Co. Ltd.		72,000		111,018		(0.8	)

				471,298

Denmark
AP Moller - Maersk A/S, Class A		37		60,362		(0.4	)
AP Moller - Maersk A/S, Class B		56		93,881		(0.7	)
DSV A/S		3,304		494,461		(3.6	)
Genmab A/S		977		275,804		(2.0	)
Novo Nordisk A/S		5,210		502,383		(3.7	)
Orsted A/S		813		39,202		(0.3	)

				1,466,093

France
Accor SA		31,403		999,976		(7.3	)
AXA SA		75,709		2,239,994		(16.3	)
Bouygues SA		3,170		111,297		(0.8	)


Security	Shares		Value		% of Basket Value

France (continued)
Carrefour SA		266,305	$	4,660,661		(34.0	)%
Cie Generale des Etablissements Michelin SCA		3,909		115,912		(0.9	)
Dassault Aviation SA		632		125,411		(0.9	)
Eiffage SA		31,119		2,822,479		(20.6	)
Engie SA		916,397		14,549,760		(106.1	)
Eurazeo SE		3,517		197,909		(1.5	)
Forvia SE		25,645		431,311		(3.2	)
Gaztransport Et Technigaz SA		309		39,454		(0.3	)
Getlink SE		21,534		347,136		(2.5	)
Rexel SA		12,107		246,789		(1.8	)
Teleperformance SE		2,410		276,707		(2.0	)
Ubisoft Entertainment SA		2,572		73,196		(0.5	)
Valeo SE		36,670		483,606		(3.5	)
Vallourec SA		29,769		356,925		(2.6	)
Veolia Environnement SA		88,715		2,426,427		(17.7	)
Vinci SA		2,129		235,078		(1.7	)
Vivendi SE		60,183		538,716		(3.9	)
Wendel SE		9,330		697,577		(5.1	)

				31,976,321

Germany
Basf SE		10,129		467,399		(3.4	)
Bayerische Motoren Werke AG		9,505		886,141		(6.5	)
Beiersdorf AG		9,728		1,277,186		(9.3	)
Commerzbank AG		72,499		780,489		(5.7	)
Covestro AG		24,871		1,258,384		(9.2	)
E.on Se		85,106		1,012,337		(7.4	)
Heidelberg Materials AG		10,931		792,660		(5.8	)
HUGO BOSS AG		5,672		331,105		(2.4	)
Infineon Technologies AG		29,394		857,113		(6.3	)
K&S AG		1,734		29,084		(0.2	)
KION Group AG		4,371		133,838		(1.0	)
Knorr-Bremse AG		238		13,268		(0.1	)
LANXESS AG		24,094		551,120		(4.0	)
Nemetschek SE		4,428		330,352		(2.4	)
RWE AG		46,798		1,787,721		(13.0	)
Schott Pharma AG & Co. KGaA		64,707		1,872,055		(13.7	)
Siemens AG, Registered Shares		18,154		2,404,397		(17.5	)
SMA Solar Technology AG		5,673		347,854		(2.5	)
Talanx AG		7,302		459,340		(3.3	)
Telefonica Deutschland Holding AG		13,864		23,525		(0.2	)
thyssenkrupp AG		299,630		2,084,517		(15.2	)
Wacker Chemie AG		273		33,761		(0.2	)

				17,733,646

Hong Kong
AIA Group Ltd.		66,400		577,172		(4.2	)
Hang Lung Properties Ltd.		185,000		243,416		(1.8	)
Hongkong Land Holdings Ltd.		44,900		142,410		(1.0	)
Link REIT		61,800		283,893		(2.1	)
Swire Pacific Ltd., Class A		51,000		326,119		(2.4	)
Swire Properties Ltd.		266,000		515,550		(3.7	)

				2,088,560

Ireland
Kerry Group PLC		4,098		315,956		(2.3	)
Smurfit Kappa Group PLC		16,096		525,802		(3.8	)

				841,758

Israel
Nice Ltd.		1,147		176,934		(1.3	)


92		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

October 31, 2023

BlackRock Global Equity Market Neutral Fund


Security	Shares		Value		% of Basket Value

Israel (continued)
Nova Ltd.		5,904	$	560,703		(4.1	)%
Wix.com Ltd.		14,718		1,175,968		(8.6	)

				1,913,605

Italy
A2A SpA		946,035		1,772,575		(12.9	)
Enel SpA		109,068		691,128		(5.0	)
Ferrari NV		1,357		410,000		(3.0	)
Infrastrutture Wireless Italiane SpA		9,917		108,388		(0.8	)
Intesa Sanpaolo SpA		188,159		489,439		(3.6	)
Mediobanca Banca di Credito Finanziario SpA		6,662		79,427		(0.6	)
Moncler SpA		14,859		770,240		(5.6	)
Prysmian SpA		3,046		113,854		(0.8	)
Recordati Industria Chimica e Farmaceutica SpA		3,097		142,982		(1.1	)
Snam SpA		18,987		86,903		(0.6	)

				4,664,936

Japan
ABC-Mart, Inc.		10,300		161,516		(1.2	)
Aeon Co. Ltd.		38,400		818,263		(6.0	)
Amada Co. Ltd.		35,100		345,218		(2.5	)
Asahi Kasei Corp.		77,800		484,793		(3.5	)
Astellas Pharma, Inc.		68,900		883,288		(6.4	)
Brother Industries Ltd.		35,300		558,302		(4.1	)
Central Japan Railway Co.		14,300		324,347		(2.4	)
Daiichi Sankyo Co. Ltd.		9,200		240,574		(1.8	)
Denso Corp.		8,900		132,712		(1.0	)
DMG Mori Co. Ltd.		54,100		907,300		(6.6	)
FANUC Corp.		1,300		32,728		(0.2	)
Fast Retailing Co. Ltd.		9,800		2,191,406		(16.0	)
FUJIFILM Holdings Corp.		9,400		521,516		(3.8	)
Fujitsu Ltd.		3,200		419,719		(3.1	)
Hulic Co. Ltd.		76,800		713,386		(5.2	)
IHI Corp.		4,300		83,682		(0.6	)
Isuzu Motors Ltd.		7,700		86,934		(0.6	)
ITOCHU Corp.		26,900		982,148		(7.2	)
J Front Retailing Co. Ltd.		69,600		672,306		(4.9	)
Japan Post Holdings Co. Ltd.		236,500		2,120,070		(15.5	)
Japan Post Insurance Co. Ltd.		1,400		27,257		(0.2	)
JFE Holdings, Inc.		37,800		533,808		(3.9	)
JGC Holdings Corp.		3,300		41,105		(0.3	)
Kakaku.com, Inc.		172,700		1,686,398		(12.3	)
KDDI Corp.		30,000		909,525		(6.6	)
Kirin Holdings Co. Ltd.		53,600		763,240		(5.6	)
Komatsu Ltd.		53,800		1,254,458		(9.1	)
Konica Minolta, Inc.		305,800		869,104		(6.3	)
Kubota Corp.		133,400		1,819,564		(13.3	)
Kuraray Co. Ltd.		23,900		277,168		(2.0	)
Kyowa Kirin Co. Ltd.		39,600		629,979		(4.6	)
Lawson, Inc.		71,900		3,508,434		(25.6	)
MEIJI Holdings Co. Ltd.		18,700		466,259		(3.4	)
Mitsubishi Chemical Group Corp.		118,700		681,280		(5.0	)
Mitsubishi Corp.		26,100		1,233,018		(9.0	)
Mitsubishi Electric Corp.		9,900		115,116		(0.8	)
Mitsubishi Estate Co. Ltd.		72,600		942,141		(6.9	)
Mitsubishi Gas Chemical Co., Inc.		59,600		816,368		(6.0	)
Mitsubishi UFJ Financial Group, Inc.		69,600		591,636		(4.3	)
Mitsui & Co. Ltd.		29,800		1,097,573		(8.0	)
Mitsui Fudosan Co. Ltd.		78,100		1,715,814		(12.5	)


Security	Shares		Value		% of Basket Value

Japan (continued)
Mizuho Financial Group, Inc.		109,600	$	1,885,753		(13.8	)%
MS&AD Insurance Group Holdings, Inc.		51,900		1,927,401		(14.1	)
Nexon Co. Ltd.		10,300		191,376		(1.4	)
Nihon M&A Center Holdings, Inc.		102,200		473,000		(3.4	)
Nikon Corp.		65,700		632,771		(4.6	)
Nintendo Co. Ltd.		56,700		2,374,324		(17.3	)
Nippon Express Holdings, Inc.		9,300		484,525		(3.5	)
Nippon Shinyaku Co. Ltd.		2,300		94,474		(0.7	)
Nippon Telegraph & Telephone Corp.		1,091,800		1,301,808		(9.5	)
Nissan Motor Co. Ltd.		330,800		1,291,151		(9.4	)
Nisshin Seifun Group, Inc.		18,500		281,977		(2.1	)
Nomura Research Institute Ltd.		39,500		1,050,213		(7.7	)
NSK Ltd.		56,100		305,883		(2.2	)
Obayashi Corp.		3,300		28,736		(0.2	)
Obic Co. Ltd.		7,000		1,048,719		(7.6	)
Olympus Corp.		19,600		265,194		(1.9	)
Omron Corp.		20,000		727,850		(5.3	)
Ono Pharmaceutical Co. Ltd.		25,400		445,064		(3.2	)
Oracle Corp. Japan		2,100		150,984		(1.1	)
ORIX Corp.		3,400		62,662		(0.5	)
Otsuka Corp.		47,400		1,922,510		(14.0	)
Otsuka Holdings Co. Ltd.		14,800		504,778		(3.7	)
Panasonic Holdings Corp.		72,000		641,400		(4.7	)
Rakuten Group, Inc.		570,300		2,138,700		(15.6	)
Recruit Holdings Co. Ltd.		27,100		787,965		(5.7	)
Resona Holdings, Inc.		19,500		105,615		(0.8	)
Ricoh Co. Ltd.		24,500		201,360		(1.5	)
Sankyo Co. Ltd.		900		37,826		(0.3	)
Santen Pharmaceutical Co. Ltd.		65,400		574,937		(4.2	)
SCREEN Holdings Co. Ltd.		2,200		103,740		(0.8	)
Sega Sammy Holdings, Inc.		25,400		402,538		(2.9	)
Seiko Epson Corp.		1,300		18,319		(0.1	)
Sekisui House Ltd.		110,600		2,194,068		(16.0	)
Sharp Corp.		4,300		27,244		(0.2	)
Shimadzu Corp.		2,600		62,327		(0.5	)
Shimizu Corp.		59,800		431,083		(3.1	)
Shionogi & Co. Ltd.		24,500		1,155,955		(8.4	)
Socionext, Inc.		2,600		256,849		(1.9	)
SoftBank Corp.		25,900		296,755		(2.2	)
SoftBank Group Corp.		59,100		2,454,463		(17.9	)
Sompo Holdings, Inc.		1,400		61,380		(0.4	)
Subaru Corp.		47,100		827,194		(6.0	)
Sumitomo Chemical Co. Ltd.		39,500		101,665		(0.7	)
Sumitomo Corp.		26,000		518,095		(3.8	)
Sumitomo Electric Industries Ltd.		2,500		26,582		(0.2	)
Sumitomo Mitsui Financial Group, Inc.		6,300		307,216		(2.2	)
Sumitomo Mitsui Trust Holdings, Inc.		8,000		303,916		(2.2	)
Sumitomo Realty & Development Co. Ltd.		20,100		511,106		(3.7	)
Taisei Corp.		27,800		955,416		(7.0	)
TIS, Inc.		5,100		110,643		(0.8	)
Tokio Marine Holdings, Inc.		42,200		957,104		(7.0	)
Tokyo Electron Ltd.		11,000		1,473,806		(10.7	)
Tokyo Tatemono Co. Ltd.		138,600		1,865,655		(13.6	)
TOTO Ltd.		6,600		161,352		(1.2	)
Tsuruha Holdings, Inc.		19,000		1,413,601		(10.3	)
Yamaha Corp.		2,500		67,684		(0.5	)

				71,664,165


SCHEDULE OF INVESTMENTS		93

Schedule of Investments (unaudited) (continued)

October 31, 2023

BlackRock Global Equity Market Neutral Fund


Security	Shares		Value		% of Basket Value

Luxembourg
ArcelorMittal SA		90,068	$	1,992,576		(14.5	)%


Macau
Galaxy Entertainment Group Ltd.		30,000		168,808		(1.3	)
Wynn Macau Ltd.		158,400		140,420		(1.0	)

				309,228

Netherlands
ABN AMRO Bank NV, GDR, CVA		59,474		799,805		(5.8	)
ASR Nederland NV		652		24,286		(0.2	)
ING Groep NV		13,254		169,607		(1.2	)
NN Group NV		9,264		296,573		(2.2	)
Redcare Pharmacy NV		574		64,151		(0.5	)

				1,354,422

New Zealand
Xero Ltd.		3,633		248,378		(1.8	)


Norway
Aker BP ASA		10,751		316,700		(2.3	)
Equinor ASA		121,006		4,148,168		(30.3	)
Gjensidige Forsikring ASA		19,520		298,931		(2.2	)
Kongsberg Gruppen ASA		17,524		732,918		(5.3	)
Var Energi ASA		114,618		395,337		(2.9	)

				5,892,054

Puerto Rico
Liberty Latin America Ltd., Class A		2		14		(0.0	)
Popular, Inc.		3,872		251,835		(1.8	)

				251,849

Singapore
Sea Ltd., ADR, ADR		35,487		1,479,808		(10.8	)
Sembcorp Industries Ltd.		133,800		449,369		(3.3	)
Singapore Airlines Ltd.		44,700		199,816		(1.4	)

				2,128,993

Spain
ACS Actividades de Construccion y Servicios SA		9,837		356,495		(2.6	)
Aena SME SA		452		65,466		(0.5	)
Banco Bilbao Vizcaya Argentaria SA		408,891		3,211,754		(23.4	)
Banco de Sabadell SA		658,020		816,772		(6.0	)
Banco Santander SA		384,718		1,414,294		(10.3	)
Bankinter SA		78,429		495,046		(3.6	)
CaixaBank SA		259,143		1,051,689		(7.7	)
EDP Renovaveis SA		35,916		576,793		(4.2	)
Fluidra SA		1,979		34,826		(0.2	)
Grifols SA		34,712		388,740		(2.8	)
Iberdrola SA		164,936		1,832,069		(13.4	)
Industria De Diseno Textil SA		16,971		587,825		(4.3	)
Naturgy Energy Group SA		190		5,366		(0.0	)
Repsol SA		43,974		642,868		(4.7	)

				11,480,003

Sweden
Electrolux AB		14,339		123,892		(0.9	)
Elekta AB, B Shares		35,407		246,886		(1.8	)
Husqvarna AB		4,109		27,308		(0.2	)
Indutrade AB		1,203		21,807		(0.2	)
Rusta AB		151,187		624,943		(4.6	)
Swedish Orphan Biovitrum AB		3,822		80,294		(0.6	)


Security	Shares		Value		% of Basket Value

Sweden (continued)
Telefonaktiebolaget LM Ericsson, Class B		17,626	$	80,897		(0.6	)%
Volvo Car AB		25,290		89,652		(0.6	)

				1,295,679

Switzerland
ABB Ltd., Registered Shares		49,428		1,680,418		(12.3	)
Belimo Holding AG, Registered Shares		239		101,818		(0.7	)
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates		99		1,107,941		(8.1	)
Chocoladefabriken Lindt & Spruengli AG, Registered Shares		1		110,018		(0.8	)
Flughafen Zurich AG		5,380		1,016,584		(7.4	)
Georg Fischer AG, Registered Shares		6,111		320,860		(2.3	)
Helvetia Holding AG, Registered Shares		299		40,628		(0.3	)
Kuehne & Nagel International AG		10,807		2,949,728		(21.5	)
Logitech International SA		1,407		111,862		(0.8	)
Novartis AG		2,069		195,450		(1.4	)
Sandoz Group AG		980		25,714		(0.2	)
Schindler Holding AG		514		105,145		(0.8	)
Swatch Group AG		437		21,392		(0.2	)
Temenos AG, Registered Shares		3,212		233,873		(1.7	)

				8,021,431

United Kingdom
Auto Trader Group PLC		66,863		508,431		(3.7	)
Aviva PLC		127,867		621,119		(4.5	)
BAE Systems PLC		32,713		442,073		(3.2	)
British American Tobacco PLC		106,645		3,202,312		(23.4	)
British Land Co. PLC		205,420		747,676		(5.5	)
Bunzl PLC		43,686		1,565,665		(11.4	)
Burberry Group PLC		35,886		742,041		(5.4	)
Darktrace PLC		8,318		35,479		(0.3	)
Diploma PLC		2,866		99,888		(0.7	)
Drax Group PLC		188,025		970,763		(7.1	)
easyJet PLC		283,790		1,272,303		(9.3	)
Halma PLC		2,583		58,391		(0.4	)
Hammerson PLC		45		12		(0.0	)
IMI PLC		76,520		1,373,915		(10.0	)
Informa PLC		90,020		781,665		(5.7	)
Intertek Group PLC		1,947		91,182		(0.7	)
ITV PLC		1,209,068		946,371		(6.9	)
J Sainsbury PLC		529,642		1,664,651		(12.1	)
Just Eat Takeaway.com NV		25,031		304,499		(2.2	)
Land Securities Group PLC		21,383		148,874		(1.1	)
Liberty Global PLC, Class C		26,480		449,101		(3.3	)
London Stock Exchange Group		744		75,448		(0.6	)
Marks & Spencer Group PLC		139,479		369,887		(2.7	)
Melrose Industries PLC		63,856		364,913		(2.7	)
Moneysupermarket.com Group PLC		3		10		(0.0	)
Pearson PLC		38,767		450,976		(3.3	)
Phoenix Group Holdings PLC		27,906		154,966		(1.1	)
Rolls-Royce Holdings PLC		98,195		259,781		(1.9	)
Smiths Group PLC		198,889		3,921,840		(28.6	)
Spectris PLC		32,589		1,237,358		(9.0	)
Tesco PLC		266,855		880,275		(6.4	)
Tritax Big Box REIT PLC		127,281		213,017		(1.6	)
Vodafone Group PLC		1,014,560		936,749		(6.8	)
Weir Group PLC		94,696		1,973,204		(14.4	)
Whitbread PLC		692		28,264		(0.2	)
Wise PLC, Class A		18,833		153,698		(1.1	)

				27,046,797


94		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

October 31, 2023

BlackRock Global Equity Market Neutral Fund


Security	Shares		Value		% of Basket Value

United States
3M Co.		4,649	$	422,827		(3.1	)%
A O Smith Corp.		13,499		941,690		(6.9	)
Abbvie, Inc.		2,613		368,903		(2.7	)
Academy Sports & Outdoors, Inc.		5,370		240,791		(1.8	)
Acadia Healthcare Co., Inc.		5,838		429,151		(3.1	)
Adient PLC		5,269		177,513		(1.3	)
Adobe, Inc.		625		332,537		(2.4	)
Advance Auto Parts, Inc.		14,753		767,599		(5.6	)
Advanced Drainage Systems, Inc.		4,104		438,430		(3.2	)
AECOM		45,793		3,505,454		(25.6	)
AES Corp.		17,582		261,972		(1.9	)
Affiliated Managers Group, Inc.		3,229		396,392		(2.9	)
Agilent Technologies, Inc.		14,976		1,548,069		(11.3	)
Akamai Technologies, Inc.		12,380		1,279,225		(9.3	)
Alaska Air Group, Inc.		8,861		280,273		(2.0	)
Alcoa Corp.		68,107		1,746,263		(12.7	)
Align Technology, Inc.		10,330		1,906,815		(13.9	)
Alkermes PLC		32,880		795,367		(5.8	)
Allstate Corp.		6,960		891,785		(6.5	)
Alnylam Pharmaceuticals, Inc.		383		58,139		(0.4	)
Alphabet, Inc., Class A		4,546		564,068		(4.1	)
Altria Group, Inc.		80,682		3,240,996		(23.6	)
Amazon.com, Inc.		38,536		5,128,756		(37.4	)
Amdocs Ltd.		14,539		1,165,446		(8.5	)
American Financial Group, Inc.		2,560		279,962		(2.0	)
American Homes 4 Rent, Class A		8,188		268,075		(2.0	)
American International Group, Inc.		12,634		774,591		(5.6	)
AMETEK, Inc.		11,201		1,576,765		(11.5	)
Amgen, Inc.		1,861		475,858		(3.5	)
AMN Healthcare Services, Inc.		14,834		1,125,307		(8.2	)
ANSYS, Inc.		138		38,400		(0.3	)
Antero Resources Corp.		6,385		187,974		(1.4	)
Aon PLC		567		175,430		(1.3	)
Apple, Inc.		17,214		2,939,635		(21.4	)
Applied Materials, Inc.		12,856		1,701,492		(12.4	)
AptarGroup, Inc.		11,310		1,382,874		(10.1	)
Archer-Daniels-Midland Co.		26,591		1,903,118		(13.9	)
Armstrong World Industries, Inc.		7,281		552,555		(4.0	)
Asbury Automotive Group, Inc.		194		37,126		(0.3	)
AT&T, Inc.		18,972		292,169		(2.1	)
Atkore, Inc.		1,001		124,404		(0.9	)
Atlassian Corp. Ltd., Class A		3,773		681,555		(5.0	)
AutoNation, Inc.		2,678		348,354		(2.5	)
AvalonBay Communities, Inc.		3,507		581,250		(4.2	)
Avnet, Inc.		5,373		248,931		(1.8	)
Axis Capital Holdings Ltd.		3,875		221,262		(1.6	)
Bank of America Corp.		44,279		1,166,309		(8.5	)
Bank OZK		1,173		42,005		(0.3	)
Berkshire Hathaway, Inc., Class B		1,339		457,041		(3.3	)
Best Buy Co., Inc.		42,603		2,846,732		(20.8	)
BioMarin Pharmaceutical, Inc.		9,415		766,852		(5.6	)
Block, Inc.		52,334		2,106,443		(15.4	)
Booking Holdings, Inc.		179		499,331		(3.6	)
Booz Allen Hamilton Holding Corp., Class A		867		103,979		(0.8	)
Box, Inc., Class A		46,429		1,154,225		(8.4	)
Boyd Gaming Corp.		16,963		937,206		(6.8	)
Brighthouse Financial, Inc.		55,626		2,519,858		(18.4	)
Bristol-Myers Squibb Co.		38,464		1,982,050		(14.5	)
BRP, Inc.		9,558		658,880		(4.8	)
Bruker Corp.		2,113		120,441		(0.9	)
Brunswick Corp.		661		45,920		(0.3	)
Builders FirstSource, Inc.		16,101		1,747,280		(12.7	)


Security	Shares		Value		% of Basket Value

United States (continued)
Bunge Ltd.		1,345	$	142,543		(1.0	)%
Burlington Stores, Inc.		1,048		126,839		(0.9	)
Cable One, Inc.		12		6,598		(0.0	)
CACI International, Inc., Class A		5,982		1,942,714		(14.2	)
Cadence Design Systems, Inc.		2,716		651,433		(4.7	)
Camden Property Trust		38,379		3,257,609		(23.8	)
Capital One Financial Corp.		5,593		566,515		(4.1	)
Carnival Corp.		1,959		22,450		(0.2	)
Carnival PLC		48,573		501,136		(3.7	)
Cencora, Inc.		5,595		1,035,914		(7.6	)
Centene Corp.		1,781		122,853		(0.9	)
CenterPoint Energy, Inc.		1,791		48,142		(0.4	)
CH Robinson Worldwide, Inc.		18,487		1,512,791		(11.0	)
Charter Communications, Inc., Class A		670		269,876		(2.0	)
Chemed Corp.		4,802		2,701,845		(19.7	)
Ciena Corp.		19,820		836,404		(6.1	)
Cincinnati Financial Corp.		1,970		196,350		(1.4	)
Cintas Corp.		1,450		735,324		(5.4	)
Cirrus Logic, Inc.		21,153		1,415,770		(10.3	)
Citizens Financial Group, Inc.		30,002		702,947		(5.1	)
Coca-Cola Co.		141,970		8,019,885		(58.5	)
Cognex Corp.		7,746		278,779		(2.0	)
Colgate-Palmolive Co.		20,551		1,543,791		(11.3	)
Columbia Banking System, Inc.		21		413		(0.0	)
Comerica, Inc.		13,283		523,350		(3.8	)
ConocoPhillips		4,821		572,735		(4.2	)
Copart, Inc.		2		87		(0.0	)
CoStar Group, Inc.		4,606		338,126		(2.5	)
Credit Acceptance Corp.		2,953		1,188,376		(8.7	)
CRH PLC		11,521		617,841		(4.5	)
Crimson Wine Group Ltd.		1		6		(0.0	)
Crowdstrike Holdings, Inc., Class A		174		30,758		(0.2	)
Crown Castle, Inc.		2,753		255,974		(1.9	)
CSX Corp.		23,360		697,296		(5.1	)
Cullen/frost Bankers, Inc.		375		34,121		(0.2	)
Curtiss-Wright Corp.		1,945		386,685		(2.8	)
Cytokinetics, Inc.		608		21,195		(0.2	)
D.R. Horton, Inc.		30,740		3,209,256		(23.4	)
Darling Ingredients, Inc.		687		30,427		(0.2	)
DaVita, Inc.		458		35,371		(0.3	)
Deckers Outdoor Corp.		1,095		653,781		(4.8	)
Deere & Co.		407		148,701		(1.1	)
Dell Technologies, Inc.		2,641		176,709		(1.3	)
Delta Air Lines, Inc.		23,129		722,781		(5.3	)
Devon Energy Corp.		33,571		1,563,401		(11.4	)
Dillard’s, Inc.		374		116,108		(0.8	)
DocuSign, Inc., Class A		12,724		494,709		(3.6	)
Dropbox, Inc.		8,166		214,766		(1.6	)
DTE Energy Co.		3,540		341,185		(2.5	)
Eastman Chemical Co.		808		60,382		(0.4	)
eBay, Inc.		34,130		1,338,920		(9.8	)
Elanco Animal Health, Inc.		4,469		39,372		(0.3	)
Electronic Arts, Inc.		2,445		302,667		(2.2	)
Eli Lilly & Co.		1,283		710,692		(5.2	)
EMCOR Group, Inc.		8,846		1,828,026		(13.3	)
Emerson Electric Co.		1,422		126,515		(0.9	)
EOG Resources, Inc.		31,772		4,011,215		(29.3	)
Equity Residential		9,887		547,048		(4.0	)
Essex Property Trust, Inc.		67		14,333		(0.1	)
Etsy, Inc.		6,818		424,761		(3.1	)
Euronet Worldwide, Inc.		770		59,167		(0.4	)
Exact Sciences Corp.		6,796		418,566		(3.1	)


SCHEDULE OF INVESTMENTS		95

Schedule of Investments (unaudited) (continued)

October 31, 2023

BlackRock Global Equity Market Neutral Fund


Security	Shares		Value		% of Basket Value

United States (continued)
Exelixis, Inc.		19,592	$	403,399		(2.9	)%
Expeditors International of Washington, Inc.		1,498		163,656		(1.2	)
Experian PLC		22,250		678,864		(4.9	)
Exxon Mobil Corp.		24,810		2,626,138		(19.2	)
F5, Inc.		829		125,668		(0.9	)
Fair Isaac Corp.		2,342		1,981,028		(14.4	)
FedEx Corp.		2,340		561,834		(4.1	)
Fidelity National Information Services, Inc.		36,272		1,781,318		(13.0	)
First American Financial Corp.		10,942		562,856		(4.1	)
Flex Ltd.		61,637		1,585,304		(11.6	)
Flowers Foods, Inc.		4,714		103,378		(0.8	)
Flowserve Corp.		27,001		991,477		(7.2	)
Fluor Corp.		36,066		1,200,637		(8.8	)
FMC Corp.		1,801		95,813		(0.7	)
Ford Motor Co.		88,879		866,570		(6.3	)
Fortinet, Inc.		28,041		1,603,104		(11.7	)
Fox Corp., Class A		40,420		1,228,364		(9.0	)
Fox Corp., Class B		10,527		293,809		(2.1	)
Franklin Resources, Inc.		832		18,961		(0.1	)
Freeport-McMoRan, Inc.		49,518		1,672,718		(12.2	)
Gartner, Inc.		2,140		710,566		(5.2	)
General Dynamics Corp.		6,584		1,588,785		(11.6	)
General Mills, Inc.		9,240		602,818		(4.4	)
Global Payments, Inc.		12,080		1,283,138		(9.4	)
Globe Life, Inc.		2,009		233,767		(1.7	)
Globus Medical, Inc.		18,409		841,475		(6.1	)
GoDaddy, Inc., Class A		28,713		2,102,653		(15.3	)
Graco, Inc.		22,779		1,693,619		(12.3	)
Guidewire Software, Inc.		7,375		664,709		(4.8	)
H&R Block, Inc.		17,163		704,541		(5.1	)
Halliburton Co.		13,451		529,162		(3.9	)
Halozyme Therapeutics, Inc.		6,027		204,134		(1.5	)
Harley-Davidson, Inc.		33,609		902,402		(6.6	)
HCA Healthcare, Inc.		1,127		254,860		(1.9	)
Helmerich & Payne, Inc.		57,223		2,264,314		(16.5	)
Henry Schein, Inc.		909		59,067		(0.4	)
Herc Holdings, Inc.		1,960		209,308		(1.5	)
Hewlett Packard Enterprise Co.		61,997		953,514		(7.0	)
Hilton Grand Vacations, Inc.		6,394		229,864		(1.7	)
Holcim Ltd.		59,332		3,710,429		(27.1	)
Home Depot, Inc.		9,114		2,594,665		(18.9	)
Honeywell International, Inc.		12,337		2,260,879		(16.5	)
HP, Inc.		66,162		1,742,045		(12.7	)
IDEXX Laboratories, Inc.		2,238		894,014		(6.5	)
Illinois Tool Works, Inc.		6,425		1,439,971		(10.5	)
Incyte Corp.		15,853		854,952		(6.2	)
Independence Realty Trust, Inc.		4,954		61,380		(0.4	)
Invesco Ltd.		68,739		891,545		(6.5	)
Invitation Homes, Inc.		11,572		343,573		(2.5	)
Ionis Pharmaceuticals, Inc.		24,299		1,075,717		(7.8	)
IQVIA Holdings, Inc.		551		99,637		(0.7	)
Iridium Communications, Inc.		10,342		383,171		(2.8	)
ITT, Inc.		4,413		411,954		(3.0	)
J M Smucker Co.		1,600		182,144		(1.3	)
Jack Henry & Associates, Inc.		12,688		1,788,881		(13.0	)
James Hardie Industries PLC, CDI		19,152		477,831		(3.5	)
Jazz Pharmaceuticals PLC		2,759		350,448		(2.6	)
Johnson Controls International PLC		11,413		559,465		(4.1	)
Jones Lang LaSalle, Inc.		3,010		385,039		(2.8	)
KBR, Inc.		19,720		1,146,718		(8.4	)
KeyCorp.		125,346		1,281,036		(9.3	)
Keysight Technologies, Inc.		8,306		1,013,747		(7.4	)


Security	Shares		Value		% of Basket Value

United States (continued)
Kimberly-Clark Corp.		436	$	52,163		(0.4	)%
Kirby Corp.		301		22,485		(0.2	)
Knight-Swift Transportation Holdings, Inc.		2,284		111,665		(0.8	)
Lam Research Corp.		64		37,646		(0.3	)
Lamar Advertising Co., Class A		2,680		220,484		(1.6	)
Landstar System, Inc.		260		42,843		(0.3	)
Lattice Semiconductor Corp.		5,716		317,867		(2.3	)
Leggett & Platt, Inc.		20,402		478,019		(3.5	)
Lennar Corp., Class A		7,576		808,208		(5.9	)
Liberty Media Corp.-Liberty Formula One		2,973		192,323		(1.4	)
Liberty Media Corp.-Liberty SiriusXM		12,608		309,526		(2.3	)
Live Nation Entertainment, Inc.		4,449		356,009		(2.6	)
Livent Corp.		1,808		26,379		(0.2	)
Lockheed Martin Corp.		7,765		3,530,280		(25.7	)
Louisiana-Pacific Corp.		26,403		1,353,946		(9.9	)
LyondellBasell Industries NV, Class A		4,476		403,914		(2.9	)
M&T Bank Corp.		2,958		333,514		(2.4	)
Macy’s, Inc.		66,820		813,868		(5.9	)
Magnolia Oil & Gas Corp., Class A		2,867		64,364		(0.5	)
Manhattan Associates, Inc.		23,540		4,589,829		(33.5	)
Marathon Oil Corp.		26,071		711,999		(5.2	)
Marathon Petroleum Corp.		56,529		8,550,011		(62.4	)
Marriott Vacations Worldwide Corp.		14,162		1,272,597		(9.3	)
Marsh & McLennan Cos., Inc.		11,348		2,152,148		(15.7	)
Martin Marietta Materials, Inc.		1,242		507,903		(3.7	)
Masco Corp.		9,079		472,925		(3.4	)
MasTec, Inc.		4,358		259,039		(1.9	)
Mastercard, Inc.		16,360		6,157,086		(44.9	)
McKesson Corp.		1,270		578,307		(4.2	)
Medical Properties Trust, Inc.		45,297		216,520		(1.6	)
Medtronic PLC		13,810		974,434		(7.1	)
Merck & Co., Inc.		22,866		2,348,338		(17.1	)
Meta Platforms, Inc., Class A		9,379		2,825,611		(20.6	)
MetLife, Inc.		37,353		2,241,554		(16.3	)
Mettler-Toledo International, Inc.		1,610		1,586,172		(11.6	)
MGM Resorts International		39,743		1,387,826		(10.1	)
Micron Technology, Inc.		8,178		546,863		(4.0	)
Microsoft Corp.		10,726		3,626,568		(26.4	)
Mid-America Apartment Communities, Inc.		13,607		1,607,667		(11.7	)
Mohawk Industries, Inc.		1,031		82,872		(0.6	)
Molina Healthcare, Inc.		610		203,099		(1.5	)
Moody’s Corp.		8,945		2,755,060		(20.1	)
Mosaic Co.		18,883		613,320		(4.5	)
MP Materials Corp.		121,980		2,000,472		(14.6	)
MSCI, Inc., Class A		72		33,952		(0.2	)
Murphy USA, Inc.		1,820		660,096		(4.8	)
Nasdaq, Inc.		7,822		387,971		(2.8	)
National Fuel Gas Co.		4,589		233,810		(1.7	)
Nestle SA, Registered Shares		40,639		4,433,517		(32.3	)
NetApp, Inc.		35,088		2,553,705		(18.6	)
Neurocrine Biosciences, Inc.		9,100		1,009,554		(7.4	)
New Jersey Resources Corp.		8,084		328,049		(2.4	)
Newmont Corp.		75,565		2,831,421		(20.6	)
Norfolk Southern Corp.		7,895		1,506,287		(11.0	)
Northrop Grumman Corp.		326		153,686		(1.1	)
NRG Energy, Inc.		42,341		1,794,412		(13.1	)
Nutanix, Inc.		9,698		350,971		(2.6	)
NVIDIA Corp.		26,262		10,709,644		(78.1	)
NVR, Inc.		68		368,058		(2.7	)
OGE Energy Corp.		5,258		179,824		(1.3	)
Old Dominion Freight Line, Inc.		218		82,112		(0.6	)
ONE Gas, Inc.		7,339		443,276		(3.2	)


96		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

October 31, 2023

BlackRock Global Equity Market Neutral Fund


Security	Shares		Value		% of Basket Value

United States (continued)
OneMain Holdings, Inc.		23,259	$	835,696		(6.1	)%
O’Reilly Automotive, Inc.		1,403		1,305,407		(9.5	)
Oshkosh Corp.		35,558		3,119,503		(22.7	)
Otis Worldwide Corp.		16,236		1,253,582		(9.1	)
Ovintiv, Inc.		14,456		707,435		(5.2	)
PACCAR, Inc.		13,983		1,154,017		(8.4	)
Palo Alto Networks, Inc.		18,413		4,474,727		(32.6	)
Paramount Global, Class B		98,079		1,067,099		(7.8	)
Paychex, Inc.		12,198		1,354,588		(9.9	)
Paycom Software, Inc.		5,279		1,293,197		(9.4	)
Penn Entertainment, Inc.		48,247		951,913		(6.9	)
Penske Automotive Group, Inc.		5,683		813,124		(5.9	)
PepsiCo, Inc.		4,119		672,550		(4.9	)
Perrigo Co. PLC		2,356		65,120		(0.5	)
Pfizer, Inc.		143,482		4,384,810		(32.0	)
Philip Morris International, Inc.		56,165		5,007,671		(36.5	)
Phillips 66		295		33,651		(0.2	)
Portland General Electric Co.		689		27,574		(0.2	)
Post Holdings, Inc.		12,261		984,313		(7.2	)
PPG Industries, Inc.		966		118,596		(0.9	)
PPL Corp.		96,391		2,368,327		(17.3	)
Primo Water Corp.		40,963		544,319		(4.0	)
Prosperity Bancshares, Inc.		3,637		198,362		(1.4	)
Prudential Financial, Inc.		25,628		2,343,424		(17.1	)
PulteGroup, Inc.		9,531		701,386		(5.1	)
Pure Storage, Inc., Class A		20,540		694,457		(5.1	)
PVH Corp.		10,725		797,404		(5.8	)
Qorvo, Inc.		24,361		2,129,639		(15.5	)
QUALCOMM, Inc.		13,406		1,461,120		(10.7	)
Qualys, Inc.		3,641		556,891		(4.1	)
Quanta Services, Inc.		6,851		1,144,939		(8.3	)
Regeneron Pharmaceuticals, Inc., Registered Shares		879		685,523		(5.0	)
Regions Financial Corp.		15,672		227,714		(1.7	)
Reinsurance Group of America, Inc.		20,491		3,062,790		(22.3	)
ResMed, Inc.		12,809		1,808,887		(13.2	)
RH		781		170,227		(1.2	)
Robert Half, Inc.		5,532		413,628		(3.0	)
Roche Holding AG		1,586		437,381		(3.2	)
Rollins, Inc.		26,513		997,154		(7.3	)
Royal Caribbean Cruises Ltd.		15,582		1,320,263		(9.6	)
Royal Gold, Inc.		1,084		113,094		(0.8	)
Saia, Inc.		628		225,132		(1.6	)
Salesforce, Inc.		54		10,845		(0.1	)
Sarepta Therapeutics, Inc.		2,430		163,563		(1.2	)
SBA Communications Corp., Class A		839		175,041		(1.3	)
Seagate Technology Holdings PLC		619		42,247		(0.3	)
SEI Investments Co.		28,700		1,540,042		(11.2	)
Service Corp. International		61,840		3,365,333		(24.5	)
Signify NV		1,565		40,494		(0.3	)
Silicon Laboratories, Inc.		7,586		699,277		(5.1	)
Simon Property Group, Inc.		3,213		353,077		(2.6	)
Sirius XM Holdings, Inc.		100,816		431,492		(3.1	)
SiteOne Landscape Supply, Inc.		2,043		281,464		(2.1	)
Skechers USA, Inc.		33,822		1,630,897		(11.9	)
Skyworks Solutions, Inc.		3,066		265,945		(1.9	)
Snap, Inc.		64,164		642,282		(4.7	)
Snap-on, Inc.		2,756		710,883		(5.2	)
Southwest Airlines Co.		2,340		52,018		(0.4	)
Spotify Technology SA		19,781		3,259,118		(23.8	)


Security	Shares		Value		% of Basket Value

United States (continued)
Stanley Black & Decker, Inc.		1,793	$	152,495		(1.1	)%
Steel Dynamics, Inc.		585		62,308		(0.5	)
Synchrony Financial		2,063		57,867		(0.4	)
Synopsys, Inc.		2,192		1,029,012		(7.5	)
Synovus Financial Corp.		22,404		584,072		(4.3	)
Sysco Corp.		18,256		1,213,841		(8.9	)
T Rowe Price Group, Inc.		2,367		214,213		(1.6	)
Tapestry, Inc.		21,119		582,040		(4.2	)
TD SYNNEX Corp.		1,894		173,642		(1.3	)
TE Connectivity Ltd.		12,975		1,529,104		(11.2	)
Tenet Healthcare Corp.		2,998		160,993		(1.2	)
Teradata Corp.		22,311		953,126		(6.9	)
Teradyne, Inc.		32,583		2,713,186		(19.8	)
Textron, Inc.		26,125		1,985,500		(14.5	)
Thor Industries, Inc.		292		25,676		(0.2	)
Toll Brothers, Inc.		19,211		1,358,410		(9.9	)
TopBuild Corp.		395		90,360		(0.7	)
Trane Technologies PLC		6,116		1,163,936		(8.5	)
Transocean Ltd.		16,141		106,853		(0.8	)
Travelers Cos, Inc.		5,094		852,939		(6.2	)
Trex Co., Inc.		19,990		1,123,638		(8.2	)
Trimble, Inc.		15,905		749,603		(5.5	)
TriNet Group, Inc.		1,128		115,902		(0.8	)
Truist Financial Corp.		12,608		357,563		(2.6	)
Tyson Foods, Inc., Class A		52,333		2,425,635		(17.7	)
U.S. Foods Holding Corp.		13,569		528,377		(3.9	)
UFP Industries, Inc.		1,239		117,916		(0.9	)
UGI Corp.		127,737		2,656,930		(19.4	)
U-Haul Holding Co.		2,261		106,742		(0.8	)
Ulta Beauty, Inc.		2,167		826,299		(6.0	)
United Airlines Holdings, Inc.		35,188		1,231,932		(9.0	)
United Therapeutics Corp.		3,916		872,720		(6.4	)
Unum Group		10,119		494,819		(3.6	)
US Bancorp		31,484		1,003,710		(7.3	)
Valero Energy Corp.		16,993		2,158,111		(15.7	)
Valmont Industries, Inc.		1,439		283,353		(2.1	)
VeriSign, Inc.		24,783		4,948,174		(36.1	)
Vertex Pharmaceuticals, Inc.		412		149,189		(1.1	)
Visa, Inc., Class A		53,047		12,471,350		(90.9	)
Visteon Corp.		458		52,730		(0.4	)
Vulcan Materials Co.		11,068		2,174,751		(15.9	)
W.R. Berkley Corp.		1,106		74,566		(0.5	)
W.W.Grainger, Inc.		1,615		1,178,675		(8.6	)
Walmart, Inc.		1,995		326,003		(2.4	)
Wayfair, Inc., Class A		713		30,381		(0.2	)
WEC Energy Group, Inc.		23,627		1,923,002		(14.0	)
Wells Fargo & Co.		993		39,492		(0.3	)
WESCO International, Inc.		4,564		585,105		(4.3	)
West Pharmaceutical Services, Inc.		961		305,877		(2.2	)
Westinghouse Air Brake Technologies Corp.		14,045		1,489,051		(10.9	)
Westlake Corp.		27,046		3,120,027		(22.8	)
Westrock Co.		1,069		38,409		(0.3	)
WEX, Inc.		9,724		1,618,851		(11.8	)
Weyerhaeuser Co.		38,943		1,117,275		(8.1	)
WillScot Mobile Mini Holdings Corp.		12,393		488,408		(3.6	)
Woodward, Inc.		1,473		183,683		(1.3	)
Workday, Inc., Class A		4,054		858,272		(6.3	)
Zillow Group, Inc., Class C		47,590		1,725,137		(12.6	)


SCHEDULE OF INVESTMENTS		97

Schedule of Investments (unaudited) (continued)

October 31, 2023

BlackRock Global Equity Market Neutral Fund


Security	Shares			Value			% of Basket Value

United States (continued)
Zions Bancorp NA		34,971		$	1,078,855			(7.9	)%
Zoetis, Inc.		9,293			1,459,001			(10.6	)

					386,375,070

Preferred Stocks

Germany
Bayerische Motoren Werke AG		2,838			240,827			(1.7	)

Total Reference Entity — Long					610,824,256


Reference Entity — Short

Common Stocks

Australia
Flutter Entertainment PLC		(797	)		(124,940	)		0.9
Goodman Group		(2,309	)		(30,553	)		0.2
Incitec Pivot Ltd.		(350,608	)		(612,050	)		4.5
Liontown Resources Ltd.		(67,851	)		(71,531	)		0.5
Lottery Corp. Ltd.		(197,882	)		(571,200	)		4.2
Newcrest Mining Ltd.		(2,318	)		(30,693	)		0.2
NEXTDC Ltd.		(131,809	)		(989,585	)		7.2
Pilbara Minerals Ltd.		(130,868	)		(307,156	)		2.3
Reece Ltd.		(17,295	)		(192,834	)		1.4
Santos Ltd.		(318,009	)		(1,551,711	)		11.3
Woodside Energy Group Ltd.		(1	)		(22	)		0.0

					(4,482,275	)

Austria
Mondi PLC		(40,226	)		(654,135	)		4.8
Voestalpine AG		(12,332	)		(308,297	)		2.2

					(962,432	)

Belgium
Anheuser-Busch InBev SA		(60,167	)		(3,419,286	)		24.9
Elia Group SA/NV		(8,582	)		(814,407	)		6.0

					(4,233,693	)

Bermuda
RenaissanceRe Holdings Ltd.		(2,331	)		(511,864	)		3.7


Canada
Agnico Eagle Mines Ltd.		(16,236	)		(772,720	)		5.6
Air Canada		(41,333	)		(508,661	)		3.7
Alamos Gold, Inc., Class A		(18,377	)		(231,665	)		1.7
Alimentation Couche-Tard, Inc.		(8,638	)		(478,808	)		3.5
ATS Corp.		(195	)		(6,704	)		0.1
BCE, Inc.		(11,774	)		(438,875	)		3.2
Blackberry Ltd.		(26,990	)		(98,946	)		0.7
Bombardier, Inc., Class B		(723	)		(23,652	)		0.2
Cameco Corp.		(183,109	)		(7,611,799	)		55.5
Canadian Apartment Properties REIT		(26,213	)		(787,649	)		5.7
Canadian Pacific Kansas City Ltd.		(188,759	)		(13,577,621	)		99.0
Celestica, Inc.		(318	)		(7,579	)		0.1
CI Financial Corp.		(37,556	)		(348,026	)		2.5
Colliers International Group, Inc.		(10,538	)		(973,103	)		7.1
Constellation Software, Inc.		(579	)		(1,171,650	)		8.5
Fairfax Financial Holdings Ltd.		(573	)		(484,375	)		3.5
Finning International, Inc.		(55,770	)		(1,524,520	)		11.1
Great-West Lifeco, Inc.		(8,174	)		(230,759	)		1.7
IGM Financial, Inc.		(8,418	)		(193,289	)		1.4
Kinross Gold Corp.		(53,016	)		(281,764	)		2.1
Lightspeed Commerce, Inc.		(82,563	)		(1,051,816	)		7.7
Loblaw Cos Ltd.		(3,806	)		(314,463	)		2.3
National Bank of Canada		(20,200	)		(1,277,223	)		9.3


Security	Shares			Value			% of Basket Value

Canada (continued)
Nexgen Energy Ltd.		(7,319	)	$	(44,910	)		0.3	%
Nutrien Ltd.		(30,191	)		(1,655,370	)		12.1
Open Text Corp.		(31,550	)		(1,073,343	)		7.8
Osisko Gold Royalties Ltd.		(13,887	)		(172,753	)		1.3
Parkland Corp.		(29,342	)		(903,996	)		6.6
Quebecor, Inc., Class B		(23,033	)		(484,208	)		3.5
RB Global, Inc.		(44,246	)		(2,946,088	)		21.5
Restaurant Brands International, Inc.		(24,605	)		(1,659,853	)		12.1
Rogers Communications, Inc.		(80,030	)		(3,017,132	)		22.0
Saputo, Inc.		(6,307	)		(129,707	)		1.0
Shopify, Inc., Class A		(7,257	)		(345,565	)		2.5
SNC-Lavalin Group, Inc.		(15,583	)		(441,535	)		3.2
Sun Life Financial, Inc.		(136,628	)		(6,363,346	)		46.4
Teck Resources Ltd.		(20,723	)		(747,433	)		5.5
Thomson Reuters Corp.		(25,063	)		(3,025,985	)		22.1
TMX Group Ltd.		(38,915	)		(824,026	)		6.0
Toronto-Dominion Bank		(267,135	)		(15,168,028	)		110.6
Tricon Residential, Inc.		(27,697	)		(187,111	)		1.4

					(71,586,056	)

China
BOC Hong Kong Holdings Ltd.		(125,500	)		(332,223	)		2.4
Prosus NV		(303	)		(8,458	)		0.1
Wilmar International Ltd.		(83,900	)		(218,350	)		1.6
Xinyi Glass Holdings Ltd.		(1,366,000	)		(1,571,228	)		11.4

					(2,130,259	)

Finland
Elisa OYJ		(50,855	)		(2,152,378	)		15.7
Fortum OYJ		(1,389	)		(16,462	)		0.1
Kesko OYJ, B Shares		(11,139	)		(188,735	)		1.4
Metso OYJ		(19,046	)		(167,454	)		1.2
Neste OYJ		(3,807	)		(128,118	)		0.9
Nokia OYJ		(591,819	)		(1,968,064	)		14.4
Orion OYJ		(10,007	)		(397,401	)		2.9
Stora Enso OYJ, R Shares		(96,439	)		(1,156,809	)		8.5
UPM-Kymmene OYJ		(17,582	)		(590,975	)		4.3

					(6,766,396	)

France
Air France-KLM		(2,193	)		(24,688	)		0.2
Air Liquide SA		(237	)		(40,636	)		0.3
Airbus SE		(4,801	)		(642,578	)		4.7
Biomerieux		(8,139	)		(780,091	)		5.7
BNP Paribas SA		(87,869	)		(5,045,594	)		36.8
Bollore SE		(276,628	)		(1,508,115	)		11.0
Capgemini SE		(3,151	)		(555,878	)		4.0
Covivio SA		(6,173	)		(264,197	)		1.9
Danone SA		(21,168	)		(1,258,711	)		9.2
EssilorLuxottica SA		(19,420	)		(3,509,913	)		25.6
Ipsen SA		(6,245	)		(736,712	)		5.4
Kering SA		(8,004	)		(3,252,628	)		23.7
Klepierre SA		(11,011	)		(266,919	)		1.9
L’Oreal SA		(338	)		(142,072	)		1.0
LVMH Moet Hennessy Louis Vuitton SE		(1,489	)		(1,064,175	)		7.8
Orange SA		(29,749	)		(349,291	)		2.5
Pernod Ricard SA		(264	)		(47,038	)		0.3
Publicis Groupe SA		(529	)		(40,204	)		0.3
Safran SA		(4,811	)		(750,197	)		5.5
Sartorius Stedim Biotech		(1,299	)		(242,737	)		1.8
SCOR SE		(834	)		(24,853	)		0.2


98		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

October 31, 2023

BlackRock Global Equity Market Neutral Fund


Security	Shares			Value			% of Basket Value

France (continued)
Technip Energies NV		(9,746	)	$	(213,121	)		1.6	%
TotalEnergies SE		(30,624	)		(2,044,920	)		14.9
Unibail-Rodamco-Westfield		(8,801	)		(435,314	)		3.2

					(23,240,582	)

Germany
AIXTRON SE		(5,832	)		(163,551	)		1.2
Bayer AG, Registered Shares		(35,968	)		(1,551,146	)		11.3
Bechtle AG		(6,405	)		(285,737	)		2.1
Brenntag SE		(8,989	)		(667,215	)		4.9
CTS Eventim AG & Co. KGaA		(5,981	)		(361,493	)		2.6
Fresenius Medical Care AG & Co. KGaA		(22,938	)		(760,707	)		5.5
Fresenius SE & Co. KGaA		(43,553	)		(1,118,241	)		8.2
Hannover Rueck SE		(1,501	)		(330,853	)		2.4
Hella GmbH & Co. KGaA		(675	)		(51,312	)		0.4
HelloFresh SE		(7,843	)		(171,178	)		1.3
MTU Aero Engines AG		(395	)		(74,495	)		0.5
Siemens Healthineers AG		(1,144	)		(56,178	)		0.4
Symrise AG, Class A		(10,887	)		(1,110,912	)		8.1
Vonovia SE		(71,253	)		(1,637,405	)		11.9

					(8,340,423	)

Hong Kong
CK Asset Holdings Ltd.		(29,000	)		(145,097	)		1.0
CK Infrastructure Holdings Ltd.		(73,000	)		(338,697	)		2.5
CLP Holdings Ltd.		(203,500	)		(1,490,835	)		10.9
Hang Seng Bank Ltd.		(18,800	)		(215,168	)		1.6
Henderson Land Development Co. Ltd.		(130,000	)		(340,474	)		2.5
HKT Trust & HKT Ltd.		(2,503,000	)		(2,595,123	)		18.9
Hong Kong & China Gas Co. Ltd.		(460,000	)		(320,531	)		2.3
Power Assets Holdings Ltd.		(155,500	)		(744,147	)		5.4
Prudential PLC		(132,569	)		(1,393,637	)		10.2
Sino Land Co. Ltd.		(696,703	)		(696,278	)		5.1

					(8,279,987	)

Ireland
Aercap Holdings NV		(20,395	)		(1,266,937	)		9.2
Kingspan Group PLC		(1,380	)		(92,697	)		0.7

					(1,359,634	)

Israel
Azrieli Group Ltd.		(16,475	)		(713,771	)		5.2
Bank Hapoalim BM		(127,735	)		(919,372	)		6.7
Bank Leumi Le-Israel BM		(186,105	)		(1,206,211	)		8.8
Global-e Online Ltd.		(6,531	)		(229,303	)		1.7
ICL Group Ltd.		(9,654	)		(47,258	)		0.3
Israel Discount Bank Ltd.		(48,174	)		(213,028	)		1.6
Mizrahi Tefahot Bank Ltd.		(9,016	)		(280,777	)		2.0
Mobileye Global, Inc., Class A		(433	)		(15,445	)		0.1
Teva Pharmaceutical Industries Ltd.		(7,469	)		(64,360	)		0.5
Teva Pharmaceutical Industries Ltd., ADR		(8,323	)		(71,411	)		0.5

					(3,760,936	)

Italy
Assicurazioni Generali SpA		(39,081	)		(774,868	)		5.7
Bper Banca		(8,826	)		(28,670	)		0.2
Coca-Cola HBC AG		(8,609	)		(224,643	)		1.6
DiaSorin SpA		(3,625	)		(324,300	)		2.4
Iveco Group NV		(12,547	)		(105,534	)		0.8
Leonardo SpA		(19,194	)		(289,549	)		2.1
Nexi SpA		(17,272	)		(100,175	)		0.7
Poste Italiane SpA		(31,968	)		(315,891	)		2.3

					(2,163,630	)


Security	Shares			Value			% of Basket Value

Japan
Advantest Corp.		(3,200	)	$	(83,574	)		0.6	%
Asahi Group Holdings Ltd.		(18,700	)		(685,479	)		5.0
BayCurrent Consulting, Inc.		(44,700	)		(1,138,703	)		8.3
Bridgestone Corp.		(3,300	)		(126,620	)		0.9
Capcom Co. Ltd.		(8,600	)		(280,941	)		2.0
Chiba Bank Ltd.		(12,900	)		(97,360	)		0.7
Chubu Electric Power Co., Inc.		(34,800	)		(426,200	)		3.1
Chugai Pharmaceutical Co. Ltd.		(36,100	)		(1,085,701	)		7.9
Chugoku Electric Power Co., Inc.		(18,800	)		(119,105	)		0.9
Dai Ichi Life Holdings, Inc.		(3,000	)		(64,223	)		0.5
Daikin Industries Ltd.		(600	)		(87,379	)		0.6
Daiwa House REIT Investment Corp.		(267	)		(478,878	)		3.5
East Japan Railway Co.		(7,500	)		(394,702	)		2.9
Electric Power Development Co. Ltd.		(4,000	)		(62,173	)		0.4
GLP J-Reit		(108	)		(97,623	)		0.7
Hakuhodo DY Holdings, Inc.		(12,800	)		(105,322	)		0.8
Hamamatsu Photonics KK		(1,500	)		(56,543	)		0.4
Hankyu Hanshin Holdings, Inc.		(5,400	)		(172,130	)		1.3
Harmonic Drive Systems, Inc.		(2,600	)		(57,126	)		0.4
Hitachi Ltd.		(500	)		(31,919	)		0.2
Hoshizaki Corp.		(5,500	)		(180,019	)		1.3
Ibiden Co. Ltd.		(17,300	)		(749,574	)		5.5
Iida Group Holdings Co. Ltd.		(29,400	)		(462,713	)		3.4
Japan Airlines Co. Ltd.		(19,700	)		(366,962	)		2.7
Japan Metropolitan Fund Invest		(1,557	)		(1,017,852	)		7.4
Japan Petroleum Exploration Co. Ltd.		(800	)		(27,775	)		0.2
Japan Real Estate Investment Corp.		(263	)		(989,930	)		7.2
JMDC, Inc.		(11,600	)		(330,486	)		2.4
JSR Corp.		(106,500	)		(2,889,365	)		21.1
Kawasaki Kisen Kaisha Ltd.		(10,500	)		(362,362	)		2.6
Keio Corp.		(14,400	)		(433,136	)		3.2
Keisei Electric Railway Co. Ltd.		(9,200	)		(350,804	)		2.6
Keyence Corp.		(700	)		(274,323	)		2.0
Kikkoman Corp.		(12,300	)		(708,940	)		5.2
Kintetsu Group Holdings Co. Ltd.		(26,100	)		(743,999	)		5.4
Kyushu Electric Power Co., Inc.		(56,400	)		(365,211	)		2.7
Kyushu Railway Co.		(61,800	)		(1,280,194	)		9.3
LY Corp.		(137,000	)		(354,161	)		2.6
Makita Corp.		(6,700	)		(175,443	)		1.3
MatsukiyoCocokara & Co.		(13,500	)		(239,909	)		1.7
Mazda Motor Corp.		(26,500	)		(259,962	)		1.9
McDonald’s Holdings Co. Japan Ltd.		(5,400	)		(212,881	)		1.5
Mercari, Inc.		(20,600	)		(419,075	)		3.1
MinebeaMitsumi, Inc.		(3,200	)		(50,883	)		0.4
Mitsubishi Motors Corp.		(13,400	)		(44,445	)		0.3
Mitsui High-Tec, Inc.		(3,500	)		(150,011	)		1.1
Mitsui OSK Lines Ltd.		(51,600	)		(1,350,675	)		9.8
NIDEC Corp.		(5,500	)		(204,288	)		1.5
Nippon Building Fund, Inc.		(181	)		(736,791	)		5.4
Nippon Sanso Holdings Corp.		(31,400	)		(802,506	)		5.8
Nippon Yusen KK		(5,100	)		(126,526	)		0.9
Nissan Chemical Corp.		(41,900	)		(1,732,720	)		12.6
Nitori Holdings Co. Ltd.		(1,700	)		(186,497	)		1.4
Nomura Holdings, Inc.		(195,900	)		(767,342	)		5.6
Nomura Real Estate Master Fund, Inc.		(51	)		(56,855	)		0.4
Oji Holdings Corp.		(57,900	)		(250,870	)		1.8
Oriental Land Co. Ltd.		(10,400	)		(340,750	)		2.5
Rakuten Bank Ltd.		(10,500	)		(181,452	)		1.3
Resonac Holdings Corp.		(1,300	)		(21,370	)		0.2
Rohm Co. Ltd.		(1,600	)		(26,050	)		0.2
Rohto Pharmaceutical Co. Ltd.		(6,100	)		(144,201	)		1.0


SCHEDULE OF INVESTMENTS		99

Schedule of Investments (unaudited) (continued)

October 31, 2023

BlackRock Global Equity Market Neutral Fund


Security	Shares			Value			% of Basket Value

Japan (continued)
Ryohin Keikaku Co. Ltd.		(2,000	)	$	(28,407	)		0.2	%
Secom Co. Ltd.		(6,400	)		(450,352	)		3.3
Seven & i Holdings Co. Ltd.		(15,100	)		(559,786	)		4.1
SG Holdings Co. Ltd.		(111,600	)		(1,600,788	)		11.7
SHIFT, Inc.		(200	)		(36,807	)		0.3
Shimano, Inc.		(300	)		(43,732	)		0.3
Shizuoka Financial Group, Inc.		(121,700	)		(1,048,474	)		7.6
SMC Corp.		(1,200	)		(558,711	)		4.1
Sony Group Corp.		(20,400	)		(1,718,592	)		12.5
Square Enix Holdings Co. Ltd.		(6,500	)		(218,502	)		1.6
SUMCO Corp.		(125,400	)		(1,641,625	)		12.0
Taiyo Yuden Co. Ltd.		(10,200	)		(232,063	)		1.7
TDK Corp.		(1,600	)		(60,677	)		0.4
Tobu Railway Co. Ltd.		(49,200	)		(1,199,858	)		8.7
Tohoku Electric Power Co., Inc.		(27,600	)		(174,681	)		1.3
Tokai Carbon Co. Ltd.		(135,700	)		(1,055,664	)		7.7
Tokyo Electric Power Co Holdings, Inc.		(155,600	)		(667,327	)		4.9
Tokyo Gas Co. Ltd.		(16,200	)		(368,867	)		2.7
Tokyo Seimitsu Co. Ltd.		(1,900	)		(90,083	)		0.7
Tokyu Corp.		(35,000	)		(400,224	)		2.9
Toyo Suisan Kaisha Ltd.		(5,300	)		(247,284	)		1.8
Toyota Motor Corp.		(5,300	)		(93,429	)		0.7
USS Co. Ltd.		(1,400	)		(24,789	)		0.2
Visional, Inc.		(5,700	)		(282,877	)		2.1
Welcia Holdings Co. Ltd.		(1,700	)		(28,540	)		0.2
West Japan Railway Co.		(23,000	)		(888,089	)		6.5
Yamada Holdings Co. Ltd.		(10,100	)		(32,361	)		0.2
Yamato Holdings Co. Ltd.		(26,500	)		(447,050	)		3.3
Yaskawa Electric Corp.		(600	)		(19,934	)		0.1
Yokohama Rubber Co. Ltd.		(15,400	)		(288,562	)		2.1
Zensho Holdings Co. Ltd.		(3,800	)		(202,118	)		1.5

					(40,731,262	)

Netherlands
Argenx SE		(33	)		(15,493	)		0.1
ASM International NV		(1,192	)		(491,044	)		3.6
ASML Holding NV		(2,817	)		(1,690,324	)		12.3
BE Semiconductor Industries NV		(926	)		(95,503	)		0.7
EXOR NV		(3,916	)		(335,478	)		2.5
Heineken Holding NV		(26,191	)		(1,989,951	)		14.5
Heineken NV		(30,454	)		(2,731,381	)		19.9
IMCD NV		(3,878	)		(466,049	)		3.4
JDE Peet’s NV		(58,211	)		(1,613,600	)		11.8
Koninklijke Ahold Delhaize NV		(19,697	)		(582,403	)		4.3
OCI NV		(9,055	)		(210,548	)		1.5
Shell PLC		(37,340	)		(1,207,607	)		8.8
Universal Music Group NV		(48,843	)		(1,193,803	)		8.7

					(12,623,184	)

Portugal
Banco Comercial Portugues SA		(5,256,588	)		(1,610,885	)		11.7
Jeronimo Martins SGPS SA		(1,137	)		(26,170	)		0.2

					(1,637,055	)

Singapore
CapitaLand Ascendas REIT		(238,000	)		(452,704	)		3.3
Capitaland Investment Ltd.		(6,700	)		(14,402	)		0.1
Genting Singapore Ltd.		(701,300	)		(441,054	)		3.2
Jardine Cycle & Carriage Ltd.		(13,500	)		(278,412	)		2.0
Oversea-Chinese Banking Corp. Ltd.		(29,100	)		(270,082	)		2.0
Singapore Exchange Ltd.		(78,500	)		(544,101	)		4.0
Singapore Technologies Engineering Ltd.		(156,600	)		(430,385	)		3.1


Security	Shares			Value			% of Basket Value

Singapore (continued)
STMicroelectronics NV		(29,766	)	$	(1,132,349	)		8.3	%
United Overseas Bank Ltd.		(6,400	)		(126,378	)		0.9
UOL Group Ltd.		(65,200	)		(281,134	)		2.1

					(3,971,001	)

Spain
Amadeus IT Group SA		(27,546	)		(1,569,177	)		11.4
Cellnex Telecom SA		(13,465	)		(395,055	)		2.9
Corp. ACCIONA Energias Renovables SA		(6,568	)		(177,463	)		1.3
Endesa SA		(7,757	)		(145,662	)		1.1

					(2,287,357	)

Switzerland
Alcon, Inc.		(23,629	)		(1,711,091	)		12.5
Bachem Holding AG		(1,259	)		(92,542	)		0.7
Barry Callebaut AG, Registered Shares		(620	)		(950,649	)		6.9
EMS-Chemie Holding AG, Registered Shares		(719	)		(497,233	)		3.6
Lonza Group AG, Registered Shares		(669	)		(237,770	)		1.7
On Holding AG		(2,890	)		(74,186	)		0.6
Schindler Holding AG, Registered Shares		(3,522	)		(694,199	)		5.1
SIG Group AG		(13,295	)		(296,438	)		2.2
Sika AG		(4,087	)		(990,070	)		7.2
Swatch Group AG		(818	)		(211,175	)		1.6
Swiss Life Holding AG, Registered Shares		(5,156	)		(3,349,330	)		24.4
Swisscom AG, Registered Shares		(3,696	)		(2,239,171	)		16.3
UBS Group AG, Registered Shares		(50,398	)		(1,197,998	)		8.7
VAT Group AG		(730	)		(261,855	)		1.9
Zurich Insurance Group AG		(484	)		(234,288	)		1.7

					(13,037,995	)

Thailand
Fabrinet		(2,402	)		(372,310	)		2.7


Turkey
Eldorado Gold Corp.		(4,230	)		(46,508	)		0.3


United Kingdom
Abrdn PLC		(492,213	)		(944,733	)		6.9
Admiral Group PLC		(22,616	)		(674,402	)		4.9
Barratt Developments PLC		(47,534	)		(240,956	)		1.8
Beazley PLC		(80,247	)		(505,322	)		3.7
Ck Hutchison Holdings Ltd.		(197,500	)		(1,000,802	)		7.3
CNH Industrial NV		(6,478	)		(71,651	)		0.5
Coca-Cola Europacific Partners PLC		(42,932	)		(2,511,951	)		18.3
DCC PLC		(17,494	)		(976,915	)		7.1
Diageo PLC		(5,824	)		(220,399	)		1.6
Direct Line Insurance Group PLC		(26,808	)		(49,690	)		0.4
DS Smith PLC		(148,950	)		(519,253	)		3.8
Endeavour Mining PLC		(13,490	)		(279,738	)		2.0
Hiscox Ltd.		(191,302	)		(2,192,388	)		16.0
Howden Joinery Group PLC		(2,618	)		(20,332	)		0.1
HSBC Holdings PLC		(315,700	)		(2,289,019	)		16.7
JD Sports Fashion PLC		(124,575	)		(194,736	)		1.4
JET2 PLC		(3,290	)		(40,419	)		0.3
Legal & General Group PLC		(88,593	)		(229,469	)		1.7
Lloyds Banking Group PLC		(1,510,936	)		(739,479	)		5.4
M&G PLC		(279,851	)		(679,271	)		5.0
Next PLC		(1,443	)		(121,624	)		0.9
Ocado Group PLC		(47,011	)		(267,813	)		2.0
Persimmon PLC		(71,053	)		(884,503	)		6.4
Reckitt Benckiser Group PLC		(31,747	)		(2,119,737	)		15.5
RELX PLC		(11,714	)		(411,261	)		3.0
Rentokil Initial PLC		(262,134	)		(1,344,338	)		9.8


100		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

October 31, 2023

BlackRock Global Equity Market Neutral Fund


Security	Shares			Value			% of Basket Value

United Kingdom (continued)
Smith & Nephew PLC		(82,241	)	$	(925,077	)		6.7	%
Standard Chartered PLC		(99,875	)		(770,277	)		5.6
Unilever PLC		(27,130	)		(1,280,377	)		9.3
Vistry Group PLC		(83,783	)		(726,064	)		5.3

					(23,231,996	)

United States
10X Genomics, Inc., Class A		(9,003	)		(317,626	)		2.3
Abbott Laboratories		(27,098	)		(2,562,116	)		18.7
Acuity Brands, Inc.		(1,267	)		(205,216	)		1.5
Advanced Micro Devices, Inc.		(24,482	)		(2,411,477	)		17.6
Aflac, Inc.		(46,354	)		(3,620,711	)		26.4
Agilon Health, Inc.		(49,522	)		(891,396	)		6.5
Agree Realty Corp.		(21,702	)		(1,214,010	)		8.9
Air Lease Corp., Class A		(29,816	)		(1,032,528	)		7.5
Airbnb, Inc., Class A		(13,151	)		(1,555,632	)		11.3
Albemarle Corp.		(16,433	)		(2,083,376	)		15.2
Alexandria Real Estate Equities, Inc.		(13,013	)		(1,211,901	)		8.8
Alight, Inc., Class A		(186,750	)		(1,240,020	)		9.0
Allegion PLC		(288	)		(28,328	)		0.2
Alliant Energy Corp.		(46,268	)		(2,257,416	)		16.5
Amcor PLC		(158,020	)		(1,404,798	)		10.2
American Electric Power Co., Inc.		(39,971	)		(3,019,409	)		22.0
American Tower Corp.		(2,804	)		(499,645	)		3.6
American Water Works Co., Inc.		(2,989	)		(351,656	)		2.6
Americold Realty Trust, Inc.		(28,179	)		(738,853	)		5.4
Ameriprise Financial, Inc.		(602	)		(189,371	)		1.4
Amkor Technology, Inc.		(55,331	)		(1,154,205	)		8.4
Amphenol Corp., Class A		(50,920	)		(4,101,606	)		29.9
Analog Devices, Inc.		(2,277	)		(358,240	)		2.6
Annaly Capital Management, Inc.		(144,417	)		(2,254,349	)		16.4
Antero Midstream Corp.		(11,721	)		(144,637	)		1.1
Apellis Pharmaceuticals, Inc.		(6,533	)		(317,896	)		2.3
Api Group Corp.		(1,201	)		(31,070	)		0.2
Apollo Global Management, Inc.		(51,348	)		(3,976,389	)		29.0
Applied Industrial Technologies, Inc.		(195	)		(29,934	)		0.2
Aramark		(1,559	)		(41,984	)		0.3
Arch Capital Group Ltd.		(1,931	)		(167,379	)		1.2
Arista Networks, Inc.		(2,843	)		(569,652	)		4.2
Asana, Inc., Class A		(7,489	)		(138,322	)		1.0
Aspen Technology, Inc.		(8,095	)		(1,438,886	)		10.5
ATI, Inc.		(14,703	)		(555,332	)		4.1
Automatic Data Processing, Inc.		(828	)		(180,686	)		1.3
Avantor, Inc.		(23,342	)		(406,851	)		3.0
Avery Dennison Corp.		(23,233	)		(4,044,168	)		29.5
Avis Budget Group, Inc.		(176	)		(28,653	)		0.2
Ball Corp.		(23,042	)		(1,109,472	)		8.1
Bath & Body Works, Inc.		(10,306	)		(305,573	)		2.2
Bausch Health Cos, Inc.		(27,182	)		(188,707	)		1.4
Baxter International, Inc.		(6,387	)		(207,130	)		1.5
Bentley Systems, Inc., Class B		(19,975	)		(971,584	)		7.1
Berry Global Group, Inc.		(20,233	)		(1,112,815	)		8.1
BILL Holdings, Inc.		(5,174	)		(472,334	)		3.4
Biogen, Inc.		(215	)		(51,071	)		0.4
Bio-Rad Laboratories, Inc., Class A		(809	)		(222,702	)		1.6
Bio-Techne Corp.		(822	)		(44,906	)		0.3
BJ’s Wholesale Club Holdings, Inc		(14,645	)		(997,617	)		7.3
Blackline, Inc.		(1,162	)		(57,054	)		0.4
Blue Owl Capital, Inc., Class A		(58,876	)		(725,941	)		5.3
Boeing Co.		(16,864	)		(3,150,532	)		23.0
BorgWarner, Inc.		(914	)		(33,727	)		0.2


Security	Shares			Value			% of Basket Value

United States (continued)
Boston Beer Co., Inc., Class A		(901	)	$	(300,889	)		2.2	%
Boston Properties, Inc.		(60,130	)		(3,221,164	)		23.5
Boston Scientific Corp.		(19,102	)		(977,831	)		7.1
Braze, Inc.		(2,332	)		(99,297	)		0.7
Broadcom, Inc.		(1,515	)		(1,274,676	)		9.3
Broadridge Financial Solutions, Inc.		(34	)		(5,802	)		0.0
Brown & Brown, Inc.		(36,354	)		(2,523,695	)		18.4
Bumble, Inc., Class A		(8,781	)		(118,017	)		0.9
BWX Technologies, Inc.		(16,289	)		(1,209,947	)		8.8
Campbell Soup Co.		(1,696	)		(68,535	)		0.5
Carlisle Cos., Inc.		(1,229	)		(312,277	)		2.3
Carrier Global Corp.		(44,156	)		(2,104,475	)		15.3
Caterpillar, Inc.		(1,129	)		(255,210	)		1.9
Cboe Global Markets, Inc.		(1,433	)		(234,854	)		1.7
CBRE Group, Inc., Class A		(987	)		(68,439	)		0.5
Celanese Corp., Class A		(19,281	)		(2,207,867	)		16.1
Ceridian HCM Holding, Inc.		(759	)		(48,584	)		0.4
CF Industries Holdings, Inc.		(29,141	)		(2,324,869	)		17.0
Chart Industries, Inc.		(1,217	)		(141,452	)		1.0
Cheniere Energy, Inc.		(337	)		(56,084	)		0.4
Chipotle Mexican Grill, Inc., Class A		(881	)		(1,711,078	)		12.5
Chord Energy Corp.		(13,765	)		(2,275,630	)		16.6
Chubb Ltd.		(3,527	)		(756,965	)		5.5
Chuy’s Holdings, Inc.		(6,205	)		(681,557	)		5.0
Cigna Group.		(683	)		(211,184	)		1.5
Cisco Systems, Inc.		(70,950	)		(3,698,623	)		27.0
Citigroup, Inc.		(239,688	)		(9,465,279	)		69.0
Civitas Resources, Inc.		(22,208	)		(1,675,149	)		12.2
Cloudflare, Inc.		(3,211	)		(182,032	)		1.3
CME Group, Inc.		(2,364	)		(504,619	)		3.7
Coca-Cola Consolidated, Inc.		(1,036	)		(659,321	)		4.8
Cognizant Technology Solutions Corp., Class A		(44,713	)		(2,882,647	)		21.0
Coherent Corp.		(18,218	)		(539,253	)		3.9
Coinbase Global, Inc.		(11,202	)		(863,898	)		6.3
Columbia Sportswear Co.		(2,669	)		(196,972	)		1.4
Conagra Brands, Inc.		(1,820	)		(49,795	)		0.4
Confluent, Inc., Class A		(52,778	)		(1,525,812	)		11.1
Constellation Energy Corp.		(17,923	)		(2,023,865	)		14.8
Cooper Cos., Inc.		(6,474	)		(2,018,269	)		14.7
Core & Main, Inc., Class A		(4,767	)		(143,391	)		1.0
Corebridge Financial, Inc.		(110,119	)		(2,202,380	)		16.1
Costco Wholesale Corp.		(1,283	)		(708,781	)		5.2
Coty, Inc., Class A		(62,487	)		(585,503	)		4.3
Cousins Properties, Inc.		(54,570	)		(975,166	)		7.1
Crane Co.		(21,061	)		(2,049,867	)		15.0
Crocs, Inc.		(957	)		(85,479	)		0.6
Crown Holdings, Inc.		(497	)		(40,058	)		0.3
CVS Health Corp.		(6,864	)		(473,685	)		3.5
CyberArk Software Ltd.		(2,577	)		(421,700	)		3.1
Danaher Corp.		(2,409	)		(462,576	)		3.4
Darden Restaurants, Inc.		(3,308	)		(481,413	)		3.5
Dexcom, Inc.		(6,105	)		(542,307	)		4.0
Diamondback Energy, Inc.		(23,115	)		(3,705,797	)		27.0
Digital Realty Trust, Inc.		(9,630	)		(1,197,587	)		8.7
Dollar Tree, Inc.		(19,314	)		(2,145,592	)		15.6
Dominion Energy, Inc.		(7,698	)		(310,383	)		2.3
DoorDash, Inc.		(19,819	)		(1,485,434	)		10.8
Dover Corp.		(4,230	)		(549,688	)		4.0
Dow, Inc.		(461	)		(22,285	)		0.2
Doximity, Inc.		(8,148	)		(166,464	)		1.2
DraftKings, Inc., Class A		(28,909	)		(798,467	)		5.8


SCHEDULE OF INVESTMENTS		101

Schedule of Investments (unaudited) (continued)

October 31, 2023

BlackRock Global Equity Market Neutral Fund


Security	Shares			Value			% of Basket Value

United States (continued)
Duke Energy Corp.		(17,048	)	$	(1,515,397	)		11.1	%
Dun & Bradstreet Holdings, Inc.		(3,676	)		(32,202	)		0.2
Duolingo, Inc.		(226	)		(33,007	)		0.2
DuPont de Nemours, Inc.		(1,987	)		(144,813	)		1.1
Dutch Bros, Inc., Class A		(1,979	)		(48,169	)		0.4
Dynatrace, Inc.		(23,409	)		(1,046,616	)		7.6
Eastgroup Properties, Inc.		(151	)		(24,651	)		0.2
Ecolab, Inc.		(3,336	)		(559,581	)		4.1
Edison International		(40,128	)		(2,530,472	)		18.5
Elastic NV		(343	)		(25,739	)		0.2
Element Solutions, Inc.		(10,913	)		(198,944	)		1.5
Entegris, Inc.		(26,515	)		(2,334,381	)		17.0
Envista Holdings Corp.		(47,894	)		(1,114,493	)		8.1
Equifax, Inc.		(4,284	)		(726,438	)		5.3
Equinix, Inc.		(139	)		(101,420	)		0.7
Equitable Holdings, Inc.		(8,136	)		(216,174	)		1.6
Equity LifeStyle Properties, Inc.		(913	)		(60,075	)		0.4
Erie Indemnity Co., Class A		(876	)		(241,942	)		1.8
Estee Lauder Cos, Inc., Class A		(1,986	)		(255,936	)		1.9
Everest Group Ltd.		(66	)		(26,111	)		0.2
Exelon Corp.		(108,568	)		(4,227,638	)		30.8
Extra Space Storage, Inc.		(27,392	)		(2,837,537	)		20.7
FactSet Research Systems, Inc.		(1,209	)		(522,155	)		3.8
Ferguson PLC		(4,617	)		(697,388	)		5.1
Fifth Third Bancorp		(42,583	)		(1,009,643	)		7.4
First Citizens BancShares, Inc., Class A		(806	)		(1,112,876	)		8.1
First Solar, Inc.		(3,406	)		(485,185	)		3.5
Five Below, Inc.		(8,940	)		(1,555,381	)		11.3
Fortive Corp.		(78,104	)		(5,098,629	)		37.2
Fortune Brands Innovations, Inc.		(9,468	)		(528,314	)		3.9
Frontier Communications Parent, Inc.		(40,938	)		(733,609	)		5.4
FTI Consulting, Inc.		(1,790	)		(379,945	)		2.8
Gaming and Leisure Properties, Inc.		(38,148	)		(1,731,538	)		12.6
GE HealthCare Technologies, Inc.		(44,764	)		(2,979,939	)		21.7
Graphic Packaging Holding Co.		(62,608	)		(1,346,698	)		9.8
Haleon PLC		(754,834	)		(3,035,879	)		22.1
Hartford Financial Services Group, Inc.		(4,458	)		(327,440	)		2.4
Hasbro, Inc.		(35,901	)		(1,620,930	)		11.8
HB Fuller Co.		(5,733	)		(379,238	)		2.8
Healthcare Realty Trust, Inc., Class A		(237,901	)		(3,413,879	)		24.9
HealthEquity, Inc.		(864	)		(61,932	)		0.5
HEICO Corp., Class A		(2,352	)		(299,010	)		2.2
Hertz Global Holdings, Inc.		(44,299	)		(373,441	)		2.7
Hexcel Corp.		(14,952	)		(925,828	)		6.8
Hilton Worldwide Holdings, Inc.		(8,539	)		(1,293,915	)		9.4
Hormel Foods Corp.		(22,548	)		(733,937	)		5.4
Howmet Aerospace, Inc.		(46,726	)		(2,060,617	)		15.0
Humana, Inc.		(606	)		(317,356	)		2.3
Huntington Bancshares, Inc./OH		(19,484	)		(188,021	)		1.4
Hyatt Hotels Corp., Class A		(7,625	)		(781,105	)		5.7
ICON PLC, ADR		(2,726	)		(665,035	)		4.9
IDEX Corp.		(10,707	)		(2,049,427	)		14.9
ImmunoGen, Inc.		(1,467	)		(21,800	)		0.2
Immunovant, Inc.		(6,897	)		(227,946	)		1.7
Ingersoll Rand, Inc.		(23,704	)		(1,438,359	)		10.5
Inmode Ltd.		(10,042	)		(191,802	)		1.4
Insulet Corp.		(204	)		(27,044	)		0.2
Interactive Brokers Group, Inc., Class A		(22,166	)		(1,774,832	)		12.9
International Business Machines Corp.		(24,411	)		(3,530,807	)		25.8
International Flavors & Fragrances, Inc.		(17,217	)		(1,176,782	)		8.6
Intra-Cellular Therapies, Inc.		(12,950	)		(644,392	)		4.7
Intuit, Inc.		(4,868	)		(2,409,417	)		17.6


Security	Shares			Value			% of Basket Value

United States (continued)
IPG Photonics Corp.		(630	)	$	(54,117)			0.4	%
Jacobs Solutions, Inc.		(2,978	)		(396,967	)		2.9
Johnson & Johnson		(11,190	)		(1,659,925	)		12.1
Juniper Networks, Inc.		(9,382	)		(252,563	)		1.8
Karuna Therapeutics, Inc.		(3,836	)		(639,116	)		4.7
Kellogg Co.		(1,121	)		(56,577	)		0.4
Keurig Dr. Pepper, Inc.		(128,243	)		(3,889,610	)		28.4
Kinder Morgan, Inc.		(18,186	)		(294,613	)		2.2
Kite Realty Group Trust		(35,903	)		(765,452	)		5.6
KKR & Co., Inc.		(45,831	)		(2,539,037	)		18.5
Laboratory Corp. of America Holdings		(10,165	)		(2,030,255	)		14.8
Lancaster Colony Corp.		(3,694	)		(624,914	)		4.6
Lantheus Holdings, Inc.		(17,686	)		(1,142,516	)		8.3
Las Vegas Sands Corp.		(13,051	)		(619,400	)		4.5
Levi Strauss & Co., Class A		(24,298	)		(332,154	)		2.4
Linde PLC		(10,744	)		(4,105,927	)		29.9
Loews Corp.		(45,419	)		(2,907,270	)		21.2
MACOM Technology Solutions Holdings, Inc.		(24,871	)		(1,754,400	)		12.8
Madison Square Garden Sports Corp.		(1,909	)		(320,979	)		2.3
MarketAxess Holdings, Inc.		(3,564	)		(761,805	)		5.6
Marriott International, Inc., Class A		(14,777	)		(2,786,351	)		20.3
Masimo Corp.		(454	)		(36,833	)		0.3
Matador Resources Co.		(19,114	)		(1,179,143	)		8.6
Match Group, Inc.		(8,632	)		(298,667	)		2.2
Maximus, Inc.		(41,167	)		(3,075,998	)		22.4
McDonald’s Corp.		(9,934	)		(2,604,397	)		19.0
MicroStrategy, Inc., Class A		(2,870	)		(1,215,129	)		8.9
MKS Instruments, Inc.		(1,916	)		(125,805	)		0.9
Monday.com Ltd.		(1,581	)		(205,514	)		1.5
MongoDB, Inc., Class A		(4,468	)		(1,539,628	)		11.2
Monolithic Power Systems, Inc.		(267	)		(117,945	)		0.9
Morgan Stanley		(19,774	)		(1,400,395	)		10.2
Motorola Solutions, Inc.		(2,026	)		(564,160	)		4.1
Mueller Industries, Inc.		(10,190	)		(384,265	)		2.8
Murphy Oil Corp.		(878	)		(39,396	)		0.3
Natera, Inc.		(84	)		(3,315	)		0.0
National Storage Affiliates Trust		(112,708	)		(3,214,432	)		23.4
Neogen Corp.		(2,644	)		(39,369	)		0.3
Netflix, Inc.		(26,713	)		(10,997,475	)		80.2
New Fortress Energy, Inc.		(7,194	)		(217,978	)		1.6
New York Community Bancorp, Inc.		(130,235	)		(1,234,628	)		9.0
New York Times Co.		(6,853	)		(276,244	)		2.0
News Corp., Class A		(118,005	)		(2,440,343	)		17.8
Nexstar Media Group, Inc., Class A		(395	)		(55,332	)		0.4
NextEra Energy, Inc.		(14,395	)		(839,228	)		6.1
Noble Corp. PLC		(47,910	)		(2,236,918	)		16.3
Nordson Corp.		(5,086	)		(1,081,233	)		7.9
Northern Trust Corp.		(409	)		(26,957	)		0.2
nVent Electric PLC		(26,328	)		(1,267,167	)		9.2
Old Republic International Corp.		(5,240	)		(143,471	)		1.0
Omega Healthcare Investors, Inc.		(98,104	)		(3,247,242	)		23.7
Omnicom Group, Inc.		(2,692	)		(201,658	)		1.5
ON Semiconductor Corp.		(5,258	)		(329,361	)		2.4
Onto Innovation, Inc.		(21,981	)		(2,470,005	)		18.0
Oracle Corp.		(28,423	)		(2,938,938	)		21.4
Organon & Co.		(16,679	)		(246,682	)		1.8
Ormat Technologies, Inc.		(4,783	)		(294,346	)		2.1
Palantir Technologies, Inc.		(196,898	)		(2,914,090	)		21.3
Parsons Corp.		(9,749	)		(551,306	)		4.0
PayPal Holdings, Inc.		(37,907	)		(1,963,583	)		14.3
PBF Energy, Inc., Class A		(13,089	)		(622,120	)		4.5
Penumbra, Inc.		(4,161	)		(795,375	)		5.8


102		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

October 31, 2023

BlackRock Global Equity Market Neutral Fund


Security	Shares			Value			% of Basket Value

United States (continued)
Permian Resources Corp., Class A		(122,501	)	$	(1,784,840	)		13.0	%
PG&E Corp.		(65,449	)		(1,066,819	)		7.8
Pinnacle Financial Partners, Inc.		(11,521	)		(718,450	)		5.2
Pinnacle West Capital Corp.		(16,295	)		(1,208,763	)		8.8
Pinterest, Inc.		(55,592	)		(1,661,089	)		12.1
PNC Financial Services Group, Inc.		(9,148	)		(1,047,172	)		7.6
Primerica, Inc.		(2,426	)		(463,754	)		3.4
Procore Technologies, Inc.		(3,863	)		(235,991	)		1.7
Procter & Gamble Co.		(74,000	)		(11,102,220	)		81.0
Progressive Corp.		(11,853	)		(1,873,841	)		13.7
Progyny, Inc.		(13,077	)		(403,556	)		2.9
Prologis, Inc.		(52	)		(5,239	)		0.0
PTC, Inc.		(2,502	)		(351,331	)		2.6
QIAGEN NV		(73,595	)		(2,737,579	)		20.0
Quest Diagnostics, Inc.		(10,436	)		(1,357,724	)		9.9
QuidelOrtho Corp.		(2,316	)		(141,461	)		1.0
R1 RCM, Inc.		(47,210	)		(556,606	)		4.1
Ralph Lauren Corp., Class A		(6,063	)		(682,269	)		5.0
Rambus, Inc.		(11,001	)		(597,684	)		4.4
Range Resources Corp.		(16,563	)		(593,618	)		4.3
Raymond James Financial, Inc.		(2,759	)		(263,319	)		1.9
Realty Income Corp.		(14,611	)		(692,269	)		5.1
Regal Rexnord Corp., Registered Shares		(3,917	)		(463,812	)		3.4
Repligen Corp.		(17,477	)		(2,351,705	)		17.2
Revvity, Inc.		(3,645	)		(301,988	)		2.2
Rithm Capital Corp.		(194,827	)		(1,817,736	)		13.3
Rivian Automotive, Inc.		(23,088	)		(374,487	)		2.7
RLI Corp.		(3,312	)		(441,291	)		3.2
Roku, Inc.		(4,839	)		(288,259	)		2.1
Roper Technologies, Inc.		(3,386	)		(1,654,298	)		12.1
Ryan Specialty Holdings, Inc., Class A		(20,158	)		(870,826	)		6.4
Ryman Hospitality Properties, Inc.		(4,285	)		(366,796	)		2.7
Samsara, Inc., Class A		(61,613	)		(1,421,412	)		10.4
Sanofi SA		(4,665	)		(423,146	)		3.1
Schlumberger NV		(5,428	)		(302,122	)		2.2
Schneider Electric SE		(1,169	)		(180,063	)		1.3
Sealed Air Corp.		(13,834	)		(425,949	)		3.1
Selective Insurance Group, Inc.		(4,151	)		(432,161	)		3.2
Sensata Technologies Holding PLC		(859	)		(27,385	)		0.2
SentinelOne, Inc.		(109,331	)		(1,708,844	)		12.5
Sherwin-Williams Co.		(126	)		(30,014	)		0.2
Shift4 Payments, Inc., Class A		(853	)		(37,976	)		0.3
Shockwave Medical, Inc.		(3,083	)		(635,900	)		4.6
Simpson Manufacturing Co., Inc.		(607	)		(80,840	)		0.6
Snowflake, Inc.		(6,543	)		(949,586	)		6.9
SoFi Technologies, Inc.		(2,197	)		(16,587	)		0.1
SolarEdge Technologies, Inc.		(14,748	)		(1,120,111	)		8.2
Sonoco Products Co.		(7,216	)		(373,861	)		2.7
Southern Co.		(49,075	)		(3,302,747	)		24.1
SouthState Corp.		(18,118	)		(1,197,600	)		8.7
Southwest Gas Holdings, Inc.		(5,077	)		(297,563	)		2.2
Sprouts Farmers Market, Inc.		(4,208	)		(176,820	)		1.3
SPS Commerce, Inc.		(3,351	)		(537,299	)		3.9
SS&C Technologies Holdings, Inc.		(29,624	)		(1,488,606	)		10.9
STAG Industrial, Inc.		(47,491	)		(1,577,651	)		11.5
Starbucks Corp.		(66,356	)		(6,120,677	)		44.6
STERIS PLC.		(8,410	)		(1,765,932	)		12.9
Stryker Corp.		(200	)		(54,044	)		0.4
Sun Communities, Inc.		(1,276	)		(141,942	)		1.0
Super Micro Computer, Inc.		(2,396	)		(573,770	)		4.2


Security	Shares			Value			% of Basket Value

United States (continued)
Surgery Partners, Inc.		(6,867	)	$	(158,834	)		1.2	%
Take-Two Interactive Software, Inc.		(13,633	)		(1,823,414	)		13.3
Teledyne Technologies, Inc.		(6,492	)		(2,431,838	)		17.7
Teleflex, Inc.		(901	)		(166,460	)		1.2
Tempur Sealy International, Inc.		(2,016	)		(80,499	)		0.6
Tenable Holdings, Inc.		(493	)		(20,760	)		0.2
Terreno Realty Corp.		(11,240	)		(598,867	)		4.4
Tesla, Inc.		(17,130	)		(3,440,389	)		25.1
Thermo Fisher Scientific, Inc.		(3,399	)		(1,511,773	)		11.0
TKO Group Holdings, Inc.		(20,068	)		(1,645,175	)		12.0
Toro Co.		(51	)		(4,123	)		0.0
Tractor Supply Co.		(1,370	)		(263,807	)		1.9
Trade Desk, Inc., Class A		(42,407	)		(3,009,201	)		21.9
Tradeweb Markets, Inc., Class A		(36,957	)		(3,326,500	)		24.3
TransDigm Group, Inc.		(779	)		(645,082	)		4.7
Tyler Technologies, Inc.		(6,424	)		(2,395,510	)		17.5
Uber Technologies, Inc.		(13,628	)		(589,820	)		4.3
UiPath, Inc., Class A		(37,655	)		(584,782	)		4.3
Union Pacific Corp.		(10,398	)		(2,158,729	)		15.7
United Parcel Service, Inc., Class B		(3,628	)		(512,455	)		3.7
UnitedHealth Group, Inc.		(2,586	)		(1,384,958	)		10.1
Valaris Ltd.		(18,488	)		(1,220,948	)		8.9
Valvoline, Inc.		(27,078	)		(803,404	)		5.9
Vaxcyte, Inc.		(12,593	)		(605,723	)		4.4
Veralto Corp.		(1,231	)		(84,939	)		0.6
Verisk Analytics, Inc., Class A		(1,976	)		(449,263	)		3.3
Vertiv Holdings Co., Class A		(4,500	)		(176,715	)		1.3
VF Corp.		(5,238	)		(77,156	)		0.6
Viatris, Inc.		(35,636	)		(317,160	)		2.3
Vistra Corp.		(1,348	)		(44,107	)		0.3
Vontier Corp.		(11,796	)		(348,690	)		2.5
Vornado Realty Trust		(18,751	)		(360,019	)		2.6
Walt Disney Co.		(51,209	)		(4,178,142	)		30.5
Warner Music Group Corp., Class A		(2,633	)		(82,413	)		0.6
Waste Management, Inc.		(7,355	)		(1,208,647	)		8.8
Webster Financial Corp.		(40,657	)		(1,543,746	)		11.3
Welltower, Inc.		(45,996	)		(3,845,726	)		28.0
Wendy’s Co.		(1,732	)		(32,943	)		0.2
Whirlpool Corp.		(3,657	)		(382,376	)		2.8
Wingstop, Inc.		(2,582	)		(471,912	)		3.4
Wolfspeed, Inc.		(10,550	)		(357,012	)		2.6
Wyndham Hotels & Resorts, Inc.		(5,347	)		(387,123	)		2.8
Wynn Resorts Ltd.		(483	)		(42,398	)		0.3
Xcel Energy, Inc.		(32,230	)		(1,910,272	)		13.9
XPO, Inc.		(11,467	)		(869,313	)		6.3
YETI Holdings, Inc.		(25,106	)		(1,067,507	)		7.8
Yum! Brands, Inc.		(1,508	)		(182,257	)		1.3
Zebra Technologies Corp., Class A		(2,446	)		(512,266	)		3.7
Zimmer Biomet Holdings, Inc.		(2,212	)		(230,955	)		1.7
ZoomInfo Technologies, Inc., Class A		(27,535	)		(356,854	)		2.6

					(386,060,392	)

Preferred Stocks

Germany
Dr Ing Hc F Porsche AG		(235	)		(20,556	)		0.1


SCHEDULE OF INVESTMENTS		103

Schedule of Investments (unaudited) (continued)

October 31, 2023

BlackRock Global Equity Market Neutral Fund


Security	Shares			Value			% of Basket Value

Germany (continued)
Sartorius AG		(2,812	)	$	(703,358	)		5.1	%
Volkswagen AG		(18,853	)		(1,995,483	)		14.6


Total Reference Entity — Short					(624,536,624	)


Net Value of Reference Entity — Goldman Sachs Bank USA				$	(13,712,368	)

The following table represents the individual long and short positions and related values of the equity securities underlying the total return swap with UBS AG as of period end, termination date 04/18/28:


Security	Shares		Value		% of Basket Value

Reference Entity — Long

Common Stocks

Australia
AGL Energy Ltd.		71,941	$	492,097		(4.0	)%
Aristocrat Leisure Ltd.		40,417		993,743		(8.0	)
Bank of Queensland Ltd.		86,309		280,474		(2.3	)
BHP Group Ltd.		65,833		1,864,634		(15.0	)
Charter Hall Group		66,767		369,888		(3.0	)
Flight Centre Travel Group Ltd.		54,186		644,127		(5.2	)
Orica Ltd.		5,997		56,047		(0.4	)
Rio Tinto Ltd.		5,635		420,828		(3.4	)
SEEK Ltd.		32,883		433,815		(3.5	)
Treasury Wine Estates Ltd.		112,067		939,016		(7.6	)
Vicinity Ltd.		12,877		13,947		(0.1	)
WiseTech Global Ltd.		6,936		258,236		(2.1	)
Worley Ltd.		13,244		138,609		(1.1	)

				6,905,461

Austria
BAWAG Group AG		6,662		296,159		(2.4	)


Belgium
KBC Group NV		2,755		151,984		(1.3	)
Sofina SA		10,317		1,956,283		(15.8	)
Solvay SA		16,568		1,748,946		(14.1	)
Warehouses De Pauw CVA		7,658		189,136		(1.5	)

				4,046,349

Brazil
MercadoLibre, Inc.		259		321,352		(2.6	)


Canada
Algonquin Power & Utilities Corp.		34,928		177,891		(1.4	)
AltaGas Ltd.		18,234		345,239		(2.8	)
B2Gold Corp.		101,243		330,053		(2.7	)
Bank of Nova Scotia		5,340		218,975		(1.8	)
Barrick Gold Corp.		73,056		1,188,014		(9.6	)
Birchcliff Energy Ltd.		34,764		195,714		(1.6	)
Canadian Imperial Bank of Commerce		35,467		1,272,782		(10.3	)
Canadian Natural Resources Ltd.		19,866		1,285,993		(10.4	)
Capital Power Corp.		4,911		127,655		(1.0	)
Cenovus Energy, Inc.		6,622		128,703		(1.0	)
Descartes Systems Group, Inc.		1,192		87,765		(0.7	)
Element Fleet Management Corp.		93,377		1,287,481		(10.4	)
Emera, Inc.		25,610		854,711		(6.9	)
Enbridge, Inc.		6,762		220,287		(1.8	)
Enerplus Corp.		112,411		1,936,221		(15.6	)


Security	Shares		Value		% of Basket Value

Canada (continued)
First Majestic Silver Corp.		136,520	$	716,396		(5.8	)%
FirstService Corp.		2,228		321,127		(2.6	)
Gibson Energy, Inc.		1,581		24,458		(0.2	)
Gildan Activewear, Inc.		13,304		385,016		(3.1	)
Imperial Oil Ltd.		14,364		834,619		(6.7	)
Ivanhoe Mines Ltd., Class A		28,806		216,625		(1.8	)
Keyera Corp.		48,666		1,153,547		(9.3	)
Magna International, Inc.		23,775		1,165,206		(9.4	)
Manulife Financial Corp.		1,551		27,524		(0.2	)
MEG Energy Corp.		26,733		537,998		(4.4	)
Methanex Corp.		19,483		819,312		(6.6	)
NuVista Energy Ltd.		18,891		186,553		(1.5	)
Pembina Pipeline Corp.		23,434		734,504		(5.9	)
RioCan REIT		44,989		557,528		(4.5	)
Stantec, Inc.		40,759		2,542,308		(20.5	)
TELUS Corp.		25,675		421,917		(3.4	)
TransAlta Corp.		22,216		165,955		(1.3	)
West Fraser Timber Co. Ltd.		9,266		631,810		(5.1	)
WSP Global, Inc.		640		84,365		(0.7	)

				21,184,252

Chile
Antofagasta PLC		9,525		155,387		(1.3	)


China
Budweiser Brewing Co. APAC Ltd.		100,900		191,934		(1.5	)


Denmark
AP Moller - Maersk A/S, Class B		113		188,053		(1.5	)
DSV A/S		1,258		187,778		(1.5	)
Genmab A/S		1,022		288,507		(2.3	)
Novo Nordisk A/S		4,434		429,160		(3.5	)

				1,093,498

France
Accor SA		7,823		249,110		(2.0	)
Alstom SA		2,252		30,443		(0.3	)
Arkema SA		3,033		283,685		(2.3	)
AXA SA		33,167		980,987		(7.9	)
Bouygues SA		20,555		723,906		(5.8	)
Carrefour SA		127,308		2,228,045		(18.0	)
Dassault Aviation SA		956		189,703		(1.5	)
Eiffage SA		16,568		1,502,825		(12.1	)
Engie SA		111,465		1,769,797		(14.3	)
Eurazeo SE		3,421		192,507		(1.6	)
Gaztransport Et Technigaz SA		1,582		201,993		(1.6	)
Getlink SE		1,335		21,521		(0.2	)
Hermes International SCA		99		184,372		(1.5	)
Rexel SA		39,897		813,260		(6.6	)
Teleperformance SE		1,624		186,461		(1.5	)
Ubisoft Entertainment SA		1,018		28,995		(0.2	)
Valeo SE		35,188		464,061		(3.8	)
Vallourec SA		3,540		42,441		(0.3	)
Veolia Environnement SA		111,990		3,063,067		(24.7	)
Vinci SA		2,137		237,445		(1.9	)
Vivendi SE		57,601		515,707		(4.2	)
Wendel SE		2,951		220,638		(1.8	)

				14,130,969

Germany
Adidas AG		1,269		225,355		(1.8	)
Basf SE		3,831		176,934		(1.4	)
Bayerische Motoren Werke AG		5,442		506,492		(4.1	)


104		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

October 31, 2023

BlackRock Global Equity Market Neutral Fund


Security	Shares		Value		% of Basket Value

Germany (continued)
Beiersdorf AG		7,227	$	948,830		(7.7	)%
Covestro AG		9,948		503,088		(4.1	)
Daimler Truck Holding AG		884		27,870		(0.2	)
Deutsche Telekom AG		3,535		76,983		(0.6	)
E.ON SE		157,517		1,867,599		(15.1	)
Evotec SE		315		5,436		(0.0	)
Heidelberg Materials AG		8,466		613,848		(5.0	)
HUGO BOSS AG		2,517		146,930		(1.2	)
Infineon Technologies AG		54,737		1,595,609		(12.9	)
K&S AG		8,413		141,893		(1.1	)
KION Group AG		4,933		151,026		(1.2	)
Knorr-Bremse AG		594		33,115		(0.3	)
LANXESS AG		5,667		130,595		(1.0	)
Nemetschek SE		6,958		519,103		(4.2	)
RWE AG		46,546		1,778,095		(14.3	)
Siemens AG		5,018		664,606		(5.4	)
SMA Solar Technology AG		898		55,063		(0.4	)
Talanx AG		3,787		238,225		(1.9	)
Telefonica Deutschland Holding AG		77,447		131,416		(1.1	)
thyssenkrupp AG		375,265		2,611,088		(21.1	)

				13,149,199

Hong Kong
Hang Lung Properties Ltd.		129,000		169,733		(1.4	)
Hongkong Land Holdings Ltd.		85,700		271,817		(2.2	)
Link REIT		45,300		208,097		(1.7	)
New World Development Co. Ltd.		1,331,000		2,445,212		(19.7	)
Swire Pacific Ltd., Class A		35,000		223,807		(1.8	)
Swire Properties Ltd.		153,600		297,701		(2.4	)

				3,616,367

Ireland
Kerry Group PLC		7,435		573,239		(4.6	)
Smurfit Kappa Group PLC		13,823		451,308		(3.7	)

				1,024,547

Israel
Nice Ltd.		180		27,773		(0.2	)
Nova Ltd.		94		8,927		(0.1	)
Wix.com Ltd.		9,091		726,371		(5.9	)

				763,071

Italy
A2A SpA		146,150		273,840		(2.2	)
Ferrari NV		308		93,058		(0.7	)
Intesa Sanpaolo SpA		182,300		474,199		(3.8	)
Mediobanca Banca di Credito Finanziario SpA		54,924		654,830		(5.3	)
Moncler SpA		16,399		850,068		(6.9	)
Recordati Industria Chimica e Farmaceutica SpA		2,584		119,298		(1.0	)
Snam SpA		140,814		644,498		(5.2	)

				3,109,791

Japan
ABC-Mart, Inc.		13,000		204,150		(1.7	)
Amada Co. Ltd.		39,900		392,024		(3.2	)
Aozora Bank Ltd.		2,800		57,749		(0.5	)
Asahi Kasei Corp.		51,400		320,323		(2.6	)
Astellas Pharma, Inc.		51,500		659,552		(5.3	)
Brother Industries Ltd.		33,600		531,415		(4.3	)
Dai Nippon Printing Co. Ltd.		41,500		1,097,144		(8.9	)
Denso Corp.		6,100		91,055		(0.7	)
DMG Mori Co. Ltd.		4,800		80,500		(0.7	)
FANUC Corp.		3,800		95,666		(0.8	)


Security	Shares		Value		% of Basket Value

Japan (continued)
Fast Retailing Co. Ltd.		5,800	$	1,299,141		(10.5	)%
FUJIFILM Holdings Corp.		4,500		249,662		(2.0	)
Fujitsu Ltd.		8,900		1,166,702		(9.4	)
Hoya Corp.		1,400		136,344		(1.1	)
Hulic Co. Ltd.		44,400		412,426		(3.3	)
IHI Corp.		600		11,677		(0.1	)
Isuzu Motors Ltd.		8,100		91,502		(0.7	)
ITOCHU Corp.		14,200		518,457		(4.2	)
J Front Retailing Co. Ltd.		58,700		567,017		(4.6	)
Japan Post Bank Co. Ltd.		3,900		36,559		(0.3	)
Japan Post Holdings Co. Ltd.		476,100		4,267,270		(34.4	)
Japan Post Insurance Co. Ltd.		1,500		29,193		(0.2	)
JFE Holdings, Inc.		49,000		692,300		(5.6	)
JGC Holdings Corp.		6,500		81,145		(0.7	)
Kakaku.com, Inc.		38,600		376,953		(3.0	)
KDDI Corp.		5,200		157,651		(1.3	)
Kirin Holdings Co. Ltd.		47,100		670,683		(5.4	)
Kobe Steel Ltd.		2,800		33,566		(0.3	)
Komatsu Ltd.		39,100		911,890		(7.4	)
Konica Minolta, Inc.		73,200		207,829		(1.7	)
Kubota Corp.		76,000		1,036,633		(8.4	)
Kuraray Co. Ltd.		6,300		73,061		(0.6	)
Kyowa Kirin Co. Ltd.		19,000		302,263		(2.4	)
Lawson, Inc.		26,000		1,268,702		(10.2	)
M3, Inc.		1,700		26,383		(0.2	)
MEIJI Holdings Co. Ltd.		13,000		323,951		(2.6	)
Mitsubishi Chemical Group Corp.		166,500		955,649		(7.7	)
Mitsubishi Corp.		55,300		2,613,222		(21.1	)
Mitsubishi Electric Corp.		16,400		189,533		(1.5	)
Mitsubishi Estate Co. Ltd.		55,500		720,232		(5.8	)
Mitsubishi Gas Chemical Co., Inc.		16,300		223,268		(1.8	)
Mitsubishi UFJ Financial Group, Inc.		17,900		152,168		(1.2	)
Mitsui & Co. Ltd.		41,800		1,538,893		(12.4	)
Mitsui Fudosan Co. Ltd.		42,000		922,717		(7.5	)
Mizuho Financial Group, Inc.		53,400		917,846		(7.4	)
MS&AD Insurance Group Holdings, Inc.		1,400		51,992		(0.4	)
Nexon Co. Ltd.		5,600		104,049		(0.8	)
Nihon M&A Center Holdings, Inc.		39,200		181,376		(1.5	)
Nikon Corp.		32,600		313,978		(2.5	)
Nintendo Co. Ltd.		11,500		481,565		(3.9	)
Nippon Express Holdings, Inc.		2,900		151,060		(1.2	)
Nippon Shinyaku Co. Ltd.		3,400		139,657		(1.1	)
Nippon Telegraph & Telephone Corp.		2,555,000		3,046,455		(24.6	)
Nissan Motor Co. Ltd.		52,600		205,296		(1.7	)
Nisshin Seifun Group, Inc.		33,200		506,016		(4.1	)
Nomura Real Estate Holdings, Inc.		800		18,953		(0.2	)
NSK Ltd.		274,600		1,499,060		(12.1	)
Obayashi Corp.		248,000		2,152,167		(17.4	)
Obic Co. Ltd.		4,300		644,213		(5.2	)
Olympus Corp.		50,400		681,929		(5.5	)
Omron Corp.		16,900		614,670		(5.0	)
Ono Pharmaceutical Co. Ltd.		1,700		29,788		(0.2	)
Oracle Corp. Japan		15,400		1,107,215		(8.9	)
ORIX Corp.		12,700		234,059		(1.9	)
Otsuka Corp.		23,600		957,972		(7.7	)
Otsuka Holdings Co. Ltd.		11,700		399,047		(3.2	)
Panasonic Holdings Corp.		43,100		384,384		(3.1	)
Rakuten Group, Inc.		33,200		124,286		(1.0	)
Recruit Holdings Co. Ltd.		13,800		401,252		(3.2	)
Resona Holdings, Inc.		17,900		96,839		(0.8	)
Ricoh Co. Ltd.		106,400		874,476		(7.1	)


SCHEDULE OF INVESTMENTS		105

Schedule of Investments (unaudited) (continued)

October 31, 2023

BlackRock Global Equity Market Neutral Fund


Security	Shares		Value		% of Basket Value

Japan (continued)
SCREEN Holdings Co. Ltd.		71,300	$	3,362,116		(27.1	)%
SCSK Corp.		15,100		261,151		(2.1	)
Sega Sammy Holdings, Inc.		1,900		30,096		(0.2	)
Seiko Epson Corp.		28,400		400,206		(3.2	)
Sekisui House Ltd.		77,600		1,539,360		(12.4	)
Shimadzu Corp.		1,400		33,652		(0.3	)
Shimizu Corp.		62,500		450,547		(3.6	)
Shionogi & Co. Ltd.		13,600		641,673		(5.2	)
Socionext, Inc.		1,500		148,182		(1.2	)
SoftBank Group Corp.		5,100		211,806		(1.7	)
Subaru Corp.		2,600		45,594		(0.4	)
Sumitomo Chemical Co. Ltd.		28,400		73,063		(0.6	)
Sumitomo Corp.		15,300		304,802		(2.5	)
Sumitomo Mitsui Financial Group, Inc.		8,200		400,036		(3.2	)
Sumitomo Mitsui Trust Holdings, Inc.		2,400		91,136		(0.7	)
Tokio Marine Holdings, Inc.		54,100		1,226,111		(9.9	)
Tokyo Electron Ltd.		800		107,186		(0.9	)
Tokyo Tatemono Co. Ltd.		50,900		685,150		(5.5	)
TOTO Ltd.		1,500		36,671		(0.3	)
Toyota Industries Corp.		1,600		120,225		(1.0	)
Yamaha Corp.		700		18,951		(0.2	)

				52,301,534

Luxembourg
ArcelorMittal SA		172,036		3,800,518		(30.7	)


Macau
Galaxy Entertainment Group Ltd.		45,000		253,212		(2.0	)
Wynn Macau Ltd.		404,000		358,141		(2.9	)

				611,353

Netherlands
ABN AMRO Bank NV, GDR, CVA		31,051		417,471		(3.4	)
ASR Nederland NV		1,468		54,682		(0.4	)
ING Groep NV		20,702		265,581		(2.1	)
NN Group NV		14,514		464,643		(3.8	)
Redcare Pharmacy NV		241		26,934		(0.2	)

				1,229,311

New Zealand
Xero Ltd.		484		33,090		(0.3	)


Norway
Aker BP ASA		45,536		1,341,386		(10.8	)
Equinor ASA		28,682		983,239		(7.9	)
Gjensidige Forsikring ASA		27,237		417,110		(3.4	)
Kongsberg Gruppen ASA		20,844		871,772		(7.0	)
Var Energi ASA		164,267		566,585		(4.6	)

				4,180,092

Puerto Rico
Popular, Inc.		1,742		113,300		(0.9	)


Singapore
Mapletree Pan Asia Commercial Trust		238,300		231,860		(1.9	)
Sea Ltd., ADR, ADR		16,663		694,847		(5.6	)
Singapore Airlines Ltd.		99,200		443,440		(3.6	)

				1,370,147

Spain
Acciona SA		182		22,905		(0.2	)
Aena SME SA		389		56,341		(0.5	)
Banco Bilbao Vizcaya Argentaria SA		278,955		2,190,588		(17.7	)
Banco de Sabadell SA		432,223		536,500		(4.3	)


Security	Shares		Value		% of Basket Value

Spain (continued)
Banco Santander SA		171,684	$	630,025		(5.1	)%
Bankinter SA		103,130		650,959		(5.3	)
CaixaBank SA		149,404		606,331		(4.9	)
EDP Renovaveis SA		56,525		907,763		(7.3	)
Fluidra SA		72,643		1,280,813		(10.3	)
Grifols SA		51,050		572,629		(4.6	)
Iberdrola SA		45,611		507,920		(4.1	)
Industria De Diseno Textil SA		15,900		548,200		(4.4	)
Naturgy Energy Group SA		5,488		155,004		(1.2	)
Repsol SA		3,263		47,685		(0.4	)

				8,713,663

Sweden
Electrolux AB		59,253		511,959		(4.1	)
Elekta AB, B Shares		25,331		176,628		(1.4	)
Indutrade AB		945		17,130		(0.2	)
Swedish Orphan Biovitrum AB		4,813		101,113		(0.8	)
Volvo Car AB		151,396		536,693		(4.3	)

				1,343,523

Switzerland
CRISPR Therapeutics AG		665		25,888		(0.2	)


United Kingdom
Auto Trader Group PLC		50,387		383,006		(3.1	)
Aviva PLC		137,755		669,563		(5.4	)
BAE Systems PLC		77,819		1,050,415		(8.5	)
Barclays PLC		22,890		36,769		(0.3	)
British American Tobacco PLC		52,415		1,573,906		(12.7	)
British Land Co. PLC		203,643		742,019		(6.0	)
Bunzl PLC		61,760		2,214,341		(17.9	)
Burberry Group PLC		24,190		501,204		(4.0	)
Drax Group PLC		98,411		508,091		(4.1	)
easyJet PLC		263,912		1,183,767		(9.6	)
IMI PLC		8,039		144,340		(1.2	)
Informa PLC		107,067		930,010		(7.5	)
Intertek Group PLC		659		30,862		(0.3	)
ITV PLC		1,158,485		906,674		(7.3	)
J Sainsbury PLC		397,762		1,248,242		(10.1	)
Johnson Matthey PLC		1,477		26,991		(0.2	)
Land Securities Group PLC		32,360		225,516		(1.8	)
Liberty Global PLC		50,019		848,322		(6.8	)
Marks & Spencer Group PLC		123,533		327,892		(2.6	)
Melrose Industries PLC		3,972		22,590		(0.2	)
Pearson PLC		15,863		184,534		(1.5	)
Phoenix Group Holdings PLC		60,707		337,115		(2.7	)
Rightmove PLC		10,048		57,990		(0.5	)
Sage Group PLC		27,180		322,509		(2.6	)
Smiths Group PLC		161,283		3,177,625		(25.6	)
Spectris PLC		57,653		2,187,668		(17.7	)
Tesco PLC		186,733		614,421		(5.0	)
Tritax Big Box REIT PLC		207,525		347,314		(2.8	)
Vodafone Group PLC		1,358,127		1,256,521		(10.1	)
Weir Group PLC		48,755		1,016,901		(8.2	)
Whitbread PLC		4,620		186,966		(1.5	)
Wise PLC, Class A		18,251		149,001		(1.2	)

				23,413,085

United States
3M Co.		7,264		660,661		(5.3	)
A O Smith Corp.		23,638		1,648,987		(13.3	)
Abbvie, Inc.		1,301		183,675		(1.5	)
Academy Sports & Outdoors, Inc.		7,783		348,990		(2.8	)


106		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

October 31, 2023

BlackRock Global Equity Market Neutral Fund


Security	Shares		Value		% of Basket Value

United States (continued)
Acadia Healthcare Co., Inc.		719	$	52,854		(0.4	)%
Adient PLC		6,198		208,811		(1.7	)
Adobe, Inc.		1,715		912,483		(7.4	)
Advance Auto Parts, Inc.		5,710		297,091		(2.4	)
Advanced Drainage Systems, Inc.		8,159		871,626		(7.0	)
AECOM		23,133		1,770,831		(14.3	)
Affiliated Managers Group, Inc.		2,205		270,686		(2.2	)
Agilent Technologies, Inc.		12,716		1,314,453		(10.6	)
Akamai Technologies, Inc.		232		23,973		(0.2	)
Alaska Air Group, Inc.		15,199		480,744		(3.9	)
Alcoa Corp.		148,830		3,816,001		(30.8	)
Align Technology, Inc.		4,323		797,983		(6.4	)
Alkermes PLC		7,902		191,149		(1.5	)
Alnylam Pharmaceuticals, Inc.		288		43,718		(0.4	)
Alphabet, Inc., Class A		12,749		1,581,896		(12.8	)
Altria Group, Inc.		136,429		5,480,353		(44.2	)
Amazon.com, Inc.		367		48,844		(0.4	)
Amdocs Ltd.		10,180		816,029		(6.6	)
American Financial Group, Inc.		3,107		339,781		(2.7	)
American Homes 4 Rent, Class A		5,506		180,266		(1.5	)
American International Group, Inc.		10,577		648,476		(5.2	)
AMETEK, Inc.		4,153		584,618		(4.7	)
Amgen, Inc.		1,391		355,679		(2.9	)
AMN Healthcare Services, Inc.		11,303		857,446		(6.9	)
ANSYS, Inc.		803		223,443		(1.8	)
Antero Resources Corp.		2,690		79,194		(0.6	)
Aon PLC		734		227,100		(1.8	)
Apple, Inc.		23,933		4,087,038		(33.0	)
Applied Materials, Inc.		15,062		1,993,456		(16.1	)
AptarGroup, Inc.		1,801		220,208		(1.8	)
Archer-Daniels-Midland Co.		23,883		1,709,306		(13.8	)
Armstrong World Industries, Inc.		8,494		644,610		(5.2	)
AT&T, Inc.		23,129		356,187		(2.9	)
Atkore, Inc.		501		62,264		(0.5	)
Atlassian Corp. Ltd., Class A		1,131		204,304		(1.6	)
Autodesk, Inc.		811		160,278		(1.3	)
AutoNation, Inc.		3,514		457,101		(3.7	)
AvalonBay Communities, Inc.		5,055		837,816		(6.8	)
Avnet, Inc.		3,695		171,189		(1.4	)
Axis Capital Holdings Ltd.		6,436		367,496		(3.0	)
Bank of America Corp.		43,230		1,138,678		(9.2	)
Bank OZK		1,850		66,248		(0.5	)
Beacon Roofing Supply, Inc.		339		24,127		(0.2	)
Berkshire Hathaway, Inc., Class B		1,381		471,377		(3.8	)
Best Buy Co., Inc.		43,882		2,932,195		(23.7	)
BioMarin Pharmaceutical, Inc.		2,790		227,245		(1.8	)
Block, Inc.		49,312		1,984,808		(16.0	)
Booking Holdings, Inc.		279		778,287		(6.3	)
Booz Allen Hamilton Holding Corp., Class A		3,233		387,734		(3.1	)
Box, Inc., Class A		20,916		519,972		(4.2	)
Boyd Gaming Corp.		9,921		548,135		(4.4	)
Brighthouse Financial, Inc.		34,221		1,550,211		(12.5	)
Bristol-Myers Squibb Co.		6,442		331,956		(2.7	)
Brixmor Property Group, Inc.		1,239		25,759		(0.2	)
Brown-Forman Corp.		620		34,819		(0.3	)
BRP, Inc.		13,548		932,733		(7.5	)
Brunswick Corp.		444		30,845		(0.2	)
Builders FirstSource, Inc.		8,867		962,247		(7.8	)
Bunge Ltd.		1,261		133,641		(1.1	)
Cable One, Inc.		315		173,209		(1.4	)
CACI International, Inc., Class A		4,564		1,482,205		(12.0	)
Cadence Design Systems, Inc.		3,611		866,098		(7.0	)


Security	Shares		Value		% of Basket Value

United States (continued)
Camden Property Trust		34,777	$	2,951,872		(23.8	)%
Capital One Financial Corp.		8,968		908,369		(7.3	)
Carnival Corp.		52,671		603,610		(4.9	)
Carnival PLC		47,494		490,016		(4.0	)
Catalent, Inc.		145		4,987		(0.0	)
Cencora, Inc.		6,515		1,206,252		(9.7	)
Centene Corp.		1,905		131,407		(1.1	)
CenterPoint Energy, Inc.		1,021		27,444		(0.2	)
CH Robinson Worldwide, Inc.		10,760		880,491		(7.1	)
Chemed Corp.		2,688		1,512,403		(12.2	)
Ciena Corp.		12,388		522,774		(4.2	)
Cincinnati Financial Corp.		1,531		152,595		(1.2	)
Cintas Corp.		772		391,497		(3.2	)
Cirrus Logic, Inc.		7,833		524,263		(4.2	)
Citigroup, Inc.		50,298		1,986,268		(16.0	)
Citizens Financial Group, Inc.		14,651		343,273		(2.8	)
Clarkson PLC		52,605		335,620		(2.7	)
Coca-Cola Co.		43,157		2,437,939		(19.7	)
Cognex Corp.		10,811		389,088		(3.1	)
Colgate-Palmolive Co.		4,193		314,978		(2.5	)
Columbia Banking System, Inc.		1,412		27,774		(0.2	)
Comerica, Inc.		21,474		846,076		(6.8	)
Constellium SE, Class A		2,525		39,895		(0.3	)
Credit Acceptance Corp.		1,974		794,397		(6.4	)
CRH PLC		45,657		2,454,429		(19.8	)
Crowdstrike Holdings, Inc., Class A		1,848		326,671		(2.6	)
Crown Castle, Inc.		6,251		581,218		(4.7	)
CSX Corp.		9,749		291,008		(2.3	)
Cullen/frost Bankers, Inc.		433		39,399		(0.3	)
Curtiss-Wright Corp.		3,907		776,751		(6.3	)
D.R. Horton, Inc.		4,552		475,229		(3.8	)
Darling Ingredients, Inc.		929		41,145		(0.3	)
DaVita, Inc.		1,149		88,737		(0.7	)
Deckers Outdoor Corp.		195		116,427		(0.9	)
DENTSPLY SIRONA, Inc.		1		30		(0.0	)
Devon Energy Corp.		28,591		1,331,483		(10.7	)
Dillard’s, Inc.		264		81,959		(0.7	)
DocuSign, Inc., Class A		15,945		619,942		(5.0	)
Domino’s Pizza, Inc.		356		120,680		(1.0	)
Donaldson Co., Inc.		582		33,558		(0.3	)
Dropbox, Inc.		16,074		422,746		(3.4	)
DTE Energy Co.		139		13,397		(0.1	)
Eastman Chemical Co.		663		49,546		(0.4	)
eBay, Inc.		30,609		1,200,791		(9.7	)
Elanco Animal Health, Inc.		2,833		24,959		(0.2	)
Eli Lilly & Co.		1,945		1,077,394		(8.7	)
EMCOR Group, Inc.		12,346		2,551,301		(20.6	)
Emerson Electric Co.		468		41,638		(0.3	)
Encompass Health Corp.		551		34,471		(0.3	)
EOG Resources, Inc.		11,948		1,508,435		(12.2	)
Equity Residential		50,362		2,786,529		(22.5	)
Essex Property Trust, Inc.		668		142,899		(1.2	)
Euronet Worldwide, Inc.		267		20,516		(0.2	)
Exact Sciences Corp.		759		46,747		(0.4	)
Exelixis, Inc.		5,212		107,315		(0.9	)
Expedia Group, Inc.		1,279		121,876		(1.0	)
Expeditors International of Washington, Inc.		9,299		1,015,916		(8.2	)
Experian PLC		4,407		134,461		(1.1	)
Exxon Mobil Corp.		2,017		213,499		(1.7	)
F5, Inc.		1,367		207,224		(1.7	)
Fair Isaac Corp.		1,367		1,156,304		(9.3	)
FedEx Corp.		3,231		775,763		(6.3	)


SCHEDULE OF INVESTMENTS		107

Schedule of Investments (unaudited) (continued)

October 31, 2023

BlackRock Global Equity Market Neutral Fund


Security	Shares		Value		% of Basket Value

United States (continued)
Fidelity National Information Services, Inc.		23,335	$	1,145,982		(9.3	)%
First American Financial Corp.		7,719		397,065		(3.2	)
Fiserv, Inc.		515		58,581		(0.5	)
Flex Ltd.		21,589		555,269		(4.5	)
Flowers Foods, Inc.		20,199		442,964		(3.6	)
Flowserve Corp.		23,607		866,849		(7.0	)
Fluor Corp.		60,031		1,998,432		(16.1	)
FMC Corp.		1,201		63,893		(0.5	)
Fortinet, Inc.		33,637		1,923,027		(15.5	)
Fox Corp., Class A		14,953		454,422		(3.7	)
Franklin Resources, Inc.		2,953		67,299		(0.5	)
Freeport-McMoRan, Inc.		46,445		1,568,912		(12.7	)
Gartner, Inc.		613		203,541		(1.6	)
General Dynamics Corp.		11,841		2,857,352		(23.1	)
General Mills, Inc.		15,572		1,015,917		(8.2	)
Gilead Sciences, Inc.		3,510		275,675		(2.2	)
Globe Life, Inc.		4,549		529,322		(4.3	)
Globus Medical, Inc.		5,287		241,669		(2.0	)
GoDaddy, Inc., Class A		6,182		452,708		(3.7	)
Graco, Inc.		8,063		599,484		(4.8	)
Guidewire Software, Inc.		7,050		635,416		(5.1	)
H&R Block, Inc.		11,069		454,382		(3.7	)
Halozyme Therapeutics, Inc.		7,308		247,522		(2.0	)
Harley-Davidson, Inc.		33,994		912,739		(7.4	)
HCA Healthcare, Inc.		85		19,222		(0.2	)
Helmerich & Payne, Inc.		32,982		1,305,098		(10.5	)
Henry Schein, Inc.		859		55,818		(0.5	)
Hewlett Packard Enterprise Co.		29,867		459,354		(3.7	)
Hilton Grand Vacations, Inc.		7,160		257,402		(2.1	)
Home Depot, Inc.		8,161		2,323,355		(18.8	)
Honeywell International, Inc.		7,053		1,292,533		(10.4	)
HP, Inc.		90,490		2,382,602		(19.2	)
Huntsman Corp.		3,468		80,908		(0.7	)
IDEXX Laboratories, Inc.		3,662		1,462,859		(11.8	)
Incyte Corp.		2,555		137,791		(1.1	)
Independence Realty Trust, Inc.		9,567		118,535		(1.0	)
Intercontinental Exchange, Inc.		382		41,042		(0.3	)
International Paper Co.		784		26,444		(0.2	)
Invesco Ltd.		9,236		119,791		(1.0	)
Invitation Homes, Inc.		10,777		319,969		(2.6	)
Ionis Pharmaceuticals, Inc.		918		40,640		(0.3	)
Iridium Communications, Inc.		4,628		171,467		(1.4	)
ITT, Inc.		1,258		117,434		(0.9	)
Jack Henry & Associates, Inc.		5,767		813,089		(6.6	)
James Hardie Industries PLC, CDI		9,676		241,410		(1.9	)
Jazz Pharmaceuticals PLC		5,857		743,956		(6.0	)
Johnson Controls International PLC		12,626		618,926		(5.0	)
KBR, Inc.		36,872		2,144,107		(17.3	)
KeyCorp		30,397		310,657		(2.5	)
Keysight Technologies, Inc.		2,880		351,504		(2.8	)
Kimberly-Clark Corp.		752		89,969		(0.7	)
KLA Corp.		238		111,789		(0.9	)
Knight-Swift Transportation Holdings, Inc.		3,771		184,364		(1.5	)
Lam Research Corp.		575		338,226		(2.7	)
Lamar Advertising Co., Class A		2,886		237,431		(1.9	)
Landstar System, Inc.		3,230		532,239		(4.3	)
Lattice Semiconductor Corp.		3,400		189,074		(1.5	)
Leggett & Platt, Inc.		15,360		359,885		(2.9	)
Lennar Corp., Class A		14,873		1,586,652		(12.8	)
Liberty Media Corp.-Liberty SiriusXM		4,465		109,616		(0.9	)
Live Nation Entertainment, Inc.		1,961		156,919		(1.3	)
Lockheed Martin Corp.		1,416		643,770		(5.2	)


Security	Shares		Value		% of Basket Value

United States (continued)
Louisiana-Pacific Corp.		27,928	$	1,432,148		(11.6	)%
Lyft, Inc.		122,086		1,119,529		(9.0	)
LyondellBasell Industries NV, Class A		1,922		173,441		(1.4	)
M&T Bank Corp.		849		95,725		(0.8	)
Macy’s, Inc.		3,913		47,660		(0.4	)
Manhattan Associates, Inc.		10,173		1,983,532		(16.0	)
Marathon Oil Corp.		22,227		607,019		(4.9	)
Marathon Petroleum Corp.		3,986		602,882		(4.9	)
Marriott Vacations Worldwide Corp.		19,365		1,740,139		(14.0	)
Marsh & McLennan Cos., Inc.		9,426		1,787,641		(14.4	)
Martin Marietta Materials, Inc.		237		96,919		(0.8	)
Masco Corp.		17,533		913,294		(7.4	)
MasTec, Inc.		3,427		203,701		(1.6	)
Mastercard, Inc.		27,166		10,223,924		(82.5	)
McCormick & Co., Inc.		415		26,518		(0.2	)
McKesson Corp.		1,488		677,576		(5.5	)
Medical Properties Trust, Inc.		118,715		567,458		(4.6	)
Medtronic PLC		8,654		610,626		(4.9	)
Merck & Co., Inc.		8,555		878,598		(7.1	)
Meta Platforms, Inc., Class A		6,851		2,064,001		(16.7	)
MetLife, Inc.		5,015		300,950		(2.4	)
Mettler-Toledo International, Inc.		710		699,492		(5.6	)
MGM Resorts International		1,610		56,221		(0.5	)
Micron Technology, Inc.		22,625		1,512,934		(12.2	)
Mid-America Apartment Communities, Inc.		2,905		343,226		(2.8	)
Molina Healthcare, Inc.		1,395		464,465		(3.7	)
Monster Beverage Corp.		2,295		117,274		(0.9	)
Morningstar, Inc.		118		29,882		(0.2	)
Mosaic Co.		15,221		494,378		(4.0	)
MP Materials Corp.		26,992		442,669		(3.6	)
Murphy USA, Inc.		2,029		735,898		(5.9	)
Nasdaq, Inc.		17,819		883,822		(7.1	)
National Fuel Gas Co.		4,008		204,208		(1.6	)
NetApp, Inc.		21,464		1,562,150		(12.6	)
Neurocrine Biosciences, Inc.		879		97,516		(0.8	)
New Jersey Resources Corp.		9,634		390,948		(3.2	)
Newmont Corp.		29,882		1,119,679		(9.0	)
Norfolk Southern Corp.		827		157,783		(1.3	)
NRG Energy, Inc.		20,902		885,827		(7.2	)
Nutanix, Inc.		9,172		331,935		(2.7	)
NVIDIA Corp.		4,807		1,960,295		(15.8	)
NVR, Inc.		43		232,743		(1.9	)
OGE Energy Corp.		15,173		518,917		(4.2	)
Old Dominion Freight Line, Inc.		118		44,446		(0.4	)
Olin Corp.		1,445		61,730		(0.5	)
ONE Gas, Inc.		4,512		272,525		(2.2	)
OneMain Holdings, Inc.		10,349		371,840		(3.0	)
O’Reilly Automotive, Inc.		330		307,045		(2.5	)
Oshkosh Corp.		29,228		2,564,172		(20.7	)
Ovintiv, Inc.		18,016		881,651		(7.1	)
PACCAR, Inc.		249		20,550		(0.2	)
Palo Alto Networks, Inc.		2,532		615,327		(5.0	)
Paramount Global, Class B		139,973		1,522,906		(12.3	)
Paycom Software, Inc.		2,463		603,361		(4.9	)
Penn Entertainment, Inc.		24,528		483,937		(3.9	)
Penske Automotive Group, Inc.		1,620		231,790		(1.9	)
PepsiCo, Inc.		256		41,800		(0.3	)
Performance Food Group Co.		9,405		543,233		(4.4	)
Perrigo Co. PLC		2,899		80,128		(0.6	)
Pfizer, Inc.		194,160		5,933,530		(47.9	)
Pool Corp.		394		124,413		(1.0	)
Portland General Electric Co.		3,506		140,310		(1.1	)


108		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

October 31, 2023

BlackRock Global Equity Market Neutral Fund


Security	Shares		Value		% of Basket Value

United States (continued)
Post Holdings, Inc.		27,902	$	2,239,973		(18.1	)%
PPG Industries, Inc.		1,127		138,362		(1.1	)
PPL Corp.		50,387		1,238,009		(10.0	)
Primo Water Corp.		3,030		40,263		(0.3	)
Procter & Gamble Co.		10,697		1,604,871		(13.0	)
Prudential Financial, Inc.		12,555		1,148,029		(9.3	)
PulteGroup, Inc.		16,491		1,213,573		(9.8	)
Pure Storage, Inc., Class A		8,260		279,271		(2.3	)
PVH Corp.		424		31,524		(0.3	)
Qorvo, Inc.		1,575		137,686		(1.1	)
QUALCOMM, Inc.		4,674		509,419		(4.1	)
Qualys, Inc.		7,958		1,217,176		(9.8	)
Quanta Services, Inc.		4,577		764,908		(6.2	)
Regeneron Pharmaceuticals, Inc., Registered Shares		382		297,918		(2.4	)
Regions Financial Corp.		71,038		1,032,182		(8.3	)
Reinsurance Group of America, Inc.		24,807		3,707,902		(29.9	)
ResMed, Inc.		2,095		295,856		(2.4	)
RH		678		147,777		(1.2	)
Robert Half, Inc.		9,747		728,783		(5.9	)
Rollins, Inc.		14,744		554,522		(4.5	)
Royal Gold, Inc.		571		59,572		(0.5	)
S&P Global, Inc.		1,112		388,433		(3.1	)
Saia, Inc.		118		42,302		(0.3	)
Salesforce, Inc.		894		179,542		(1.4	)
Sarepta Therapeutics, Inc.		5,330		358,762		(2.9	)
Seagate Technology Holdings PLC		474		32,350		(0.3	)
SeaWorld Entertainment, Inc.		697		30,027		(0.2	)
SEI Investments Co.		24,775		1,329,426		(10.7	)
Service Corp. International		50,187		2,731,177		(22.0	)
Signify NV		27,947		723,118		(5.8	)
Silicon Laboratories, Inc.		3,154		290,736		(2.3	)
Simon Property Group, Inc.		14,964		1,644,394		(13.3	)
SiteOne Landscape Supply, Inc.		4,782		658,816		(5.3	)
Skechers USA, Inc.		16,159		779,187		(6.3	)
Skyworks Solutions, Inc.		3,222		279,476		(2.3	)
Snap-on, Inc.		128		33,016		(0.3	)
Spotify Technology SA		11,281		1,858,658		(15.0	)
Stanley Black & Decker, Inc.		1,025		87,176		(0.7	)
Steel Dynamics, Inc.		170		18,107		(0.1	)
Synchrony Financial		1,760		49,368		(0.4	)
Synopsys, Inc.		82		38,494		(0.3	)
Synovus Financial Corp.		19,765		515,274		(4.2	)
Sysco Corp.		5,592		371,812		(3.0	)
T Rowe Price Group, Inc.		524		47,422		(0.4	)
Tapestry, Inc.		6,763		186,388		(1.5	)
Target Corp.		1,923		213,049		(1.7	)
Taylor Morrison Home Corp., Class A		1,372		52,575		(0.4	)
TD SYNNEX Corp.		854		78,295		(0.6	)
TE Connectivity Ltd.		36,711		4,326,391		(34.9	)
Tenet Healthcare Corp.		4,567		245,248		(2.0	)
Teradata Corp.		2,683		114,618		(0.9	)
Teradyne, Inc.		6,174		514,109		(4.2	)
Tetra Tech, Inc.		840		126,764		(1.0	)
Textron, Inc.		32,429		2,464,604		(19.9	)
Thor Industries, Inc.		215		18,905		(0.2	)
TJX Cos., Inc.		682		60,064		(0.5	)
Toll Brothers, Inc.		6,939		490,657		(4.0	)
TopBuild Corp.		153		35,000		(0.3	)
Transocean Ltd.		25,441		168,419		(1.4	)
Travelers Cos, Inc.		745		124,743		(1.0	)


Security		Shares			Value			% of Basket Value

United States (continued)
Trex Co., Inc.			8,751		$	491,894			(4.0	)%
Truist Financial Corp.			7,969			226,001			(1.8	)
Tyson Foods, Inc., Class A			30,760			1,425,726			(11.5	)
U.S. Foods Holding Corp.			32,213			1,254,374			(10.1	)
UFP Industries, Inc.			1,077			102,498			(0.8	)
UGI Corp.			85,066			1,769,373			(14.3	)
U-Haul Holding Co.			1,261			59,532			(0.5	)
Ulta Beauty, Inc.			2,591			987,974			(8.0	)
United Therapeutics Corp.			1,111			247,597			(2.0	)
Unum Group			2,501			122,299			(1.0	)
US Bancorp			14,192			452,441			(3.7	)
Valero Energy Corp.			2,809			356,743			(2.9	)
Valmont Industries, Inc.			3,640			716,752			(5.8	)
VeriSign, Inc.			17,645			3,523,001			(28.4	)
Visa, Inc., Class A			4,577			1,076,053			(8.7	)
Visteon Corp.			787			90,607			(0.7	)
Vulcan Materials Co.			7,870			1,546,376			(12.5	)
W.W.Grainger, Inc.			2,151			1,569,864			(12.7	)
Wayfair, Inc., Class A			2,086			88,884			(0.7	)
WEC Energy Group, Inc.			6,370			518,454			(4.2	)
Wells Fargo & Co.			2,450			97,436			(0.8	)
WESCO International, Inc.			3,650			467,930			(3.8	)
West Pharmaceutical Services, Inc.			1,637			521,041			(4.2	)
Westinghouse Air Brake Technologies Corp.			10,911			1,156,784			(9.3	)
Westlake Corp.			25,103			2,895,882			(23.4	)
WEX, Inc.			12,872			2,142,931			(17.3	)
Weyerhaeuser Co.			29,602			849,281			(6.9	)
WillScot Mobile Mini Holdings Corp.			10,197			401,864			(3.2	)
Woodward, Inc.			541			67,463			(0.5	)
Workday, Inc., Class A			337			71,346			(0.6	)
Xylem, Inc.			1,366			127,776			(1.0	)
Yellow Cake PLC			194			29,139			(0.2	)
Zillow Group, Inc., Class C			21,854			792,207			(6.4	)
Zions Bancorp NA			23,695			730,991			(5.9	)
Zoetis, Inc.			4,551			714,507			(5.8	)

						250,539,309

Preferred Stocks

Germany
Bayerische Motoren Werke AG			891			75,609			(0.6	)

Total Reference Entity — Long						417,738,758


Reference Entity — Short

Common Stocks

Australia
EBOS Group Ltd			(16,821	)		(349,154	)		2.8


Austria
Mondi PLC			(12,531	)		(203,773	)		1.6


Belgium
Anheuser-Busch InBev SA			(79,091	)		(4,493,975	)		36.3
Elia Group SA/NV			(3,733	)		(353,962	)		2.8
Euronav NV			(17,987	)		(320,708	)		2.6

						(5,168,645	)

Bermuda
RenaissanceRe Holdings Ltd.			(2,691	)		(590,917	)		4.8


Brazil
Yara International ASA	��		(19,444	)		(651,701	)		5.3


SCHEDULE OF INVESTMENTS		109

Schedule of Investments (unaudited) (continued)

October 31, 2023

BlackRock Global Equity Market Neutral Fund


Security	Shares			Value			% of Basket Value

Canada
RB Global, Inc.		(1	)	$	(65	)		0.0	%


China
ESR Group Ltd.		(76,400	)		(98,270	)		0.8
Prosus NV		(1,450	)		(40,473	)		0.3
Xinyi Glass Holdings Ltd.		(11,000	)		(12,653	)		0.1

					(151,396	)

Denmark
Carlsberg A/S, Class B		(8,117	)		(966,064	)		7.8
Coloplast A/S		(5,343	)		(557,200	)		4.5
Danske Bank A/S		(51,385	)		(1,206,418	)		9.7
GN Store Nord A/S		(1,228	)		(20,467	)		0.2
Jyske Bank A/S		(293	)		(20,605	)		0.2
Novozymes A/S		(6,583	)		(295,652	)		2.4
Vestas Wind Systems A/S		(5,387	)		(116,588	)		0.9

					(3,182,994	)

Finland
Elisa OYJ		(17,494	)		(740,413	)		6.0
Fortum OYJ		(14,244	)		(168,813	)		1.4
Kesko OYJ, B Shares		(9,838	)		(166,220	)		1.3
Neste OYJ		(2,862	)		(96,018	)		0.8
Nokia OYJ		(359,529	)		(1,196,202	)		9.6
Nordea Bank Abp		(69,923	)		(752,796	)		6.1
Orion OYJ		(2,111	)		(83,833	)		0.7
Stora Enso OYJ, R Shares		(97,444	)		(1,168,864	)		9.4
UPM-Kymmene OYJ		(42,067	)		(1,413,976	)		11.4

					(5,787,135	)

France
Adevinta ASA		(92,430	)		(830,430	)		6.7
Air France-KLM		(2,320	)		(26,274	)		0.2
Airbus SE		(22,376	)		(2,994,862	)		24.2
BNP Paribas SA		(34,702	)		(1,993,988	)		16.1
Bollore SE		(305,620	)		(1,666,090	)		13.4
Capgemini SE		(857	)		(151,292	)		1.2
Covivio SA		(3,428	)		(146,719	)		1.2
Danone SA		(22,695	)		(1,348,090	)		10.9
Edenred SE		(14,114	)		(749,887	)		6.1
EssilorLuxottica SA		(11,465	)		(2,072,747	)		16.7
Ipsen SA		(11,027	)		(1,300,836	)		10.5
Kering SA		(8,556	)		(3,474,323	)		28.0
Klepierre SA		(14,480	)		(351,012	)		2.8
LVMH Moet Hennessy Louis Vuitton SE		(3,230	)		(2,310,802	)		18.7
Orange SA		(16,347	)		(191,935	)		1.6
Pernod Ricard SA		(1,616	)		(286,423	)		2.3
Publicis Groupe SA		(759	)		(57,684	)		0.5
Remy Cointreau SA		(1,880	)		(213,381	)		1.7
Safran SA		(21,976	)		(3,432,914	)		27.7
Sartorius Stedim Biotech		(2,312	)		(432,031	)		3.5
Sodexo SA		(389	)		(41,137	)		0.3
TotalEnergies SE		(17,846	)		(1,191,151	)		9.6
Unibail-Rodamco-Westfield		(7,285	)		(360,330	)		2.9

					(25,624,338	)

Germany
AIXTRON SE		(15,381	)		(431,632	)		3.5
Bayer AG		(29,206	)		(1,259,574	)		10.2
Bechtle AG		(6,361	)		(283,774	)		2.3
CTS Eventim AG & Co. KGaA		(5,220	)		(315,498	)		2.5
Fresenius Medical Care AG & Co. KGaA		(25,174	)		(834,861	)		6.7
Fresenius SE & Co. KGaA		(88,196	)		(2,264,762	)		18.3
Hannover Rueck SE		(2,063	)		(454,730	)		3.7


Security	Shares			Value			% of Basket Value

Germany (continued)
HelloFresh SE		(17,813	)	$	(388,780	)		3.1	%
Siemens Healthineers AG		(6,882	)		(338,161	)		2.7
Symrise AG, Class A		(5,646	)		(577,055	)		4.7
Vonovia SE		(14,102	)		(324,055	)		2.6

					(7,472,882	)

Hong Kong
Hang Seng Bank Ltd.		(39,100	)		(447,504	)		3.6
Henderson Land Development Co. Ltd.		(12,000	)		(31,428	)		0.3
HKT Trust & HKT Ltd.		(73,000	)		(75,687	)		0.6
Hong Kong & China Gas Co. Ltd.		(376,000	)		(261,999	)		2.1
MTR Corp. Ltd.		(300,500	)		(1,124,472	)		9.1
Prudential PLC		(10,075	)		(105,348	)		0.8
Techtronic Industries Co. Ltd.		(268,000	)		(2,449,096	)		19.8

					(4,495,534	)

Ireland
Aercap Holdings NV		(29,423	)		(1,827,757	)		14.7
Kingspan Group PLC		(14,124	)		(948,731	)		7.7
Ryanair Holdings PLC		(4,100	)		(61,471	)		0.5

					(2,837,959	)

Israel
Global-e Online Ltd.		(2,743	)		(96,307	)		0.8
Mobileye Global, Inc., Class A		(6,446	)		(229,929	)		1.8

					(326,236	)

Italy
Assicurazioni Generali SpA		(76,490	)		(1,516,584	)		12.2
Coca-Cola HBC AG		(49,603	)		(1,294,339	)		10.4
Davide Campari-Milano NV		(3,414	)		(37,666	)		0.3
DiaSorin SpA		(601	)		(53,766	)		0.4
Eni SpA		(89,962	)		(1,468,023	)		11.9
FinecoBank Banca Fineco SpA		(22,842	)		(268,988	)		2.2
Iveco Group NV		(2,912	)		(24,493	)		0.2
Leonardo SpA		(63,988	)		(965,283	)		7.8
Nexi SpA		(215,452	)		(1,249,597	)		10.1
Poste Italiane SpA		(13,747	)		(135,841	)		1.1

					(7,014,580	)

Japan
Advantest Corp.		(1,900	)		(49,336	)		0.4
Asahi Group Holdings Ltd.		(12,600	)		(461,874	)		3.7
BayCurrent Consulting, Inc.		(2,000	)		(50,949	)		0.4
Bridgestone Corp.		(800	)		(30,696	)		0.3
Capcom Co. Ltd.		(3,700	)		(120,870	)		1.0
Chiba Bank Ltd.		(74,100	)		(559,252	)		4.5
Chubu Electric Power Co., Inc.		(74,600	)		(913,636	)		7.4
Chugoku Electric Power Co., Inc.		(5,000	)		(31,677	)		0.3
Daiwa House REIT Investment Corp.		(784	)		(1,405,775	)		11.3
East Japan Railway Co.		(2,800	)		(147,355	)		1.2
Electric Power Development Co. Ltd.		(3,900	)		(60,618	)		0.5
Fukuoka Financial Group, Inc.		(13,400	)		(358,701	)		2.9
GLP J-Reit		(2,086	)		(1,893,152	)		15.3
Hakuhodo DY Holdings, Inc.		(30,700	)		(252,609	)		2.0
Hamamatsu Photonics KK		(1,900	)		(71,622	)		0.6
Hankyu Hanshin Holdings, Inc.		(9,500	)		(302,821	)		2.4
Harmonic Drive Systems, Inc.		(31,000	)		(681,116	)		5.5
Hoshizaki Corp.		(67,100	)		(2,196,236	)		17.7
Ibiden Co. Ltd.		(38,500	)		(1,667,935	)		13.5
Iida Group Holdings Co. Ltd.		(10,500	)		(165,254	)		1.3
Japan Airlines Co. Ltd.		(19,600	)		(365,099	)		2.9
Japan Airport Terminal Co. Ltd.		(17,000	)		(756,960	)		6.1
Japan Exchange Group, Inc.		(20,100	)		(402,798	)		3.3


110		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

October 31, 2023

BlackRock Global Equity Market Neutral Fund


Security	Shares			Value			% of Basket Value

Japan (continued)
Japan Metropolitan Fund Invest		(182	)	$	(118,917	)		1.0	%
Japan Petroleum Exploration Co. Ltd.		(44,000	)		(1,527,604	)		12.3
Japan Real Estate Investment Corp.		(483	)		(1,818,351	)		14.7
Japan Tobacco, Inc.		(14,700	)		(344,831	)		2.8
JMDC, Inc.		(14,200	)		(404,561	)		3.3
Kao Corp.		(3,300	)		(121,404	)		1.0
Kawasaki Kisen Kaisha Ltd.		(3,100	)		(107,722	)		0.9
Keio Corp.		(5,400	)		(162,426	)		1.3
Keisei Electric Railway Co. Ltd.		(16,600	)		(632,972	)		5.1
Keyence Corp.		(700	)		(274,305	)		2.2
Kikkoman Corp.		(16,000	)		(922,198	)		7.4
Kintetsu Group Holdings Co. Ltd.		(27,700	)		(789,608	)		6.4
Kyushu Electric Power Co., Inc.		(54,200	)		(350,965	)		2.8
Kyushu Railway Co.		(33,200	)		(687,742	)		5.6
LY Corp.		(82,700	)		(213,789	)		1.7
Macnica Holdings, Inc.		(900	)		(37,162	)		0.3
MatsukiyoCocokara & Co.		(6,600	)		(117,289	)		0.9
Mazda Motor Corp.		(80,600	)		(790,678	)		6.4
McDonald’s Holdings Co. Japan Ltd.		(15,700	)		(618,932	)		5.0
Mercari, Inc.		(18,900	)		(384,491	)		3.1
MinebeaMitsumi, Inc.		(7,700	)		(122,438	)		1.0
Mitsubishi HC Capital, Inc.		(4,600	)		(30,649	)		0.3
Mitsubishi Motors Corp.		(31,200	)		(103,485	)		0.8
Mitsui High-Tec, Inc.		(9,600	)		(411,458	)		3.3
Mitsui OSK Lines Ltd.		(45,500	)		(1,191,302	)		9.6
NIDEC Corp.		(3,600	)		(134,284	)		1.1
Nippon Building Fund, Inc.		(488	)		(1,986,485	)		16.0
Nippon Sanso Holdings Corp.		(30,900	)		(789,727	)		6.4
Nissan Chemical Corp.		(5,600	)		(231,143	)		1.9
Niterra Co. Ltd.		(59,300	)		(1,344,694	)		10.9
Nitori Holdings Co. Ltd.		(3,300	)		(362,025	)		2.9
Nomura Holdings, Inc.		(1,700	)		(6,659	)		0.1
Nomura Real Estate Master Fund, Inc.		(26	)		(28,980	)		0.2
Oji Holdings Corp.		(97,300	)		(421,583	)		3.4
Oriental Land Co. Ltd.		(27,400	)		(897,745	)		7.2
Osaka Gas Co. Ltd.		(1,500	)		(28,618	)		0.2
Rakus Co. Ltd.		(68,200	)		(860,757	)		7.0
Rohm Co. Ltd.		(15,200	)		(247,480	)		2.0
Rohto Pharmaceutical Co. Ltd.		(60,900	)		(1,439,649	)		11.6
Secom Co. Ltd.		(9,400	)		(661,454	)		5.3
Seven & i Holdings Co. Ltd.		(5,300	)		(196,421	)		1.6
SG Holdings Co. Ltd.		(101,500	)		(1,455,914	)		11.8
SHIFT, Inc.		(2,700	)		(496,897	)		4.0
Shinko Electric Industries Co. Ltd.		(2,100	)		(68,514	)		0.6
SMC Corp.		(5,100	)		(2,386,886	)		19.3
Sony Group Corp.		(20,200	)		(1,701,700	)		13.7
Square Enix Holdings Co. Ltd.		(7,900	)		(265,592	)		2.1
SUMCO Corp.		(97,300	)		(1,274,515	)		10.3
Tobu Railway Co. Ltd.		(7,500	)		(182,905	)		1.5
Tohoku Electric Power Co., Inc.		(26,900	)		(170,250	)		1.4
Tokyo Electric Power Co Holdings, Inc.		(410,100	)		(1,758,809	)		14.2
Tokyo Gas Co. Ltd.		(54,500	)		(1,240,942	)		10.0
Tokyu Corp.		(58,500	)		(668,946	)		5.4
Toyo Suisan Kaisha Ltd.		(20,500	)		(956,477	)		7.7
Toyota Motor Corp.		(21,300	)		(376,726	)		3.0
USS Co. Ltd.		(5,800	)		(102,698	)		0.8
Visional, Inc.		(12,300	)		(610,419	)		4.9
West Japan Railway Co.		(54,000	)		(2,085,079	)		16.8
Yamada Holdings Co. Ltd.		(7,900	)		(25,312	)		0.2


Security	Shares			Value			% of Basket Value

Japan (continued)
Yamato Holdings Co. Ltd.		(4,200	)	$	(70,853	)		0.6	%
Yokohama Rubber Co. Ltd.		(32,800	)		(614,600	)		5.0
Zensho Holdings Co. Ltd.		(5,000	)		(265,945	)		2.1

					(51,649,303	)

Netherlands
Argenx SE		(38	)		(17,841	)		0.1
ASM International NV		(3,564	)		(1,468,187	)		11.8
ASML Holding NV		(133	)		(79,949	)		0.6
BE Semiconductor Industries NV		(1,276	)		(131,600	)		1.1
Heineken Holding NV		(58,010	)		(4,406,955	)		35.6
Heineken NV		(54,518	)		(4,890,275	)		39.5
IMCD NV		(1,845	)		(221,728	)		1.8
JDE Peet’s NV		(53,824	)		(1,492,306	)		12.0
Koninklijke Ahold Delhaize NV		(48,166	)		(1,424,296	)		11.5
Koninklijke KPN NV		(6,254	)		(21,185	)		0.2
OCI NV		(3,675	)		(85,452	)		0.7
Shell PLC		(61,952	)		(2,006,565	)		16.2
Universal Music Group NV		(62,169	)		(1,519,512	)		12.3

					(17,765,851	)

New Zealand
Mercury NZ Ltd.		(8,921	)		(31,216	)		0.3
Meridian Energy Ltd.		(135,374	)		(388,336	)		3.1

					(419,552	)

Norway
Orkla ASA		(233,882	)		(1,649,965	)		13.3
Salmar ASA		(31,364	)		(1,521,207	)		12.3
Telenor ASA		(4,356	)		(45,593	)		0.4

					(3,216,765	)

Portugal
Banco Comercial Portugues SA		(3,138,657	)		(961,902	)		7.8
Jeronimo Martins SGPS SA		(3,569	)		(82,147	)		0.6

					(1,044,049	)

Singapore
STMicroelectronics NV		(9,815	)		(373,379	)		3.0


Spain
Cellnex Telecom SA		(8,430	)		(247,331	)		2.0


Sweden
Alfa Laval AB		(1,785	)		(57,810	)		0.5
Atlas Copco AB, A Shares		(40,952	)		(542,841	)		4.4
Beijer Ref AB, Class B		(2,874	)		(27,935	)		0.2
Boliden AB		(21,933	)		(576,134	)		4.7
Castellum AB		(123,082	)		(1,207,295	)		9.7
Epiroc AB		(5,802	)		(82,655	)		0.7
Epiroc AB		(69,942	)		(1,170,103	)		9.4
EQT AB		(30,416	)		(569,481	)		4.6
Essity AB		(13,416	)		(310,383	)		2.5
Evolution Ab		(15,261	)		(1,393,268	)		11.2
Getinge AB		(49,757	)		(900,989	)		7.3
H & M Hennes & Mauritz AB, B Shares		(3,307	)		(45,490	)		0.4
Holmen AB		(2,081	)		(80,382	)		0.7
Industrivarden AB, Class A		(5,900	)		(156,187	)		1.3
Investment AB Latour, B Shares		(8,280	)		(146,664	)		1.2
Investor AB		(12,717	)		(237,283	)		1.9
L E Lundbergforetagen AB		(237	)		(9,905	)		0.1
Lifco AB, B Shares		(6,186	)		(115,555	)		0.9
Sandvik Ab		(53,743	)		(937,142	)		7.6


SCHEDULE OF INVESTMENTS		111

Schedule of Investments (unaudited) (continued)

October 31, 2023

BlackRock Global Equity Market Neutral Fund


Security	Shares			Value			% of Basket Value

Sweden (continued)
Skandinaviska Enskilda Banken AB		(162,024	)	$	(1,847,594	)		14.9	%
Skanska AB, B Shares		(1,785	)		(27,432	)		0.2
Svenska Cellulosa AB SCA, Class B		(106,572	)		(1,495,335	)		12.1
Svenska Handelsbanken AB, A Shares		(164,075	)		(1,426,001	)		11.5
Swedbank AB		(12,026	)		(201,710	)		1.6
Tele2 AB, B Shares		(44,500	)		(323,710	)		2.6
Telia Co. AB		(247,859	)		(537,309	)		4.3
Volvo AB, B Shares		(27,608	)		(559,183	)		4.5

					(14,985,776	)

Switzerland
On Holding AG		(2,034	)		(52,213	)		0.4


Thailand
Fabrinet		(4,855	)		(752,525	)		6.1


United Kingdom
Abrdn PLC		(510,421	)		(979,681	)		7.9
Admiral Group PLC		(4,995	)		(148,277	)		1.2
Associated British Foods PLC		(15,486	)		(383,917	)		3.1
Barratt Developments PLC		(50,315	)		(255,054	)		2.1
Beazley PLC		(81,030	)		(510,252	)		4.1
CNH Industrial NV		(36,365	)		(402,218	)		3.3
DCC PLC		(2,541	)		(141,897	)		1.1
Diageo PLC		(3,303	)		(125,004	)		1.0
Direct Line Insurance Group PLC		(309,449	)		(573,578	)		4.6
DS Smith PLC		(216,173	)		(753,598	)		6.1
Endeavour Mining PLC		(9,516	)		(197,330	)		1.6
Howden Joinery Group PLC		(5,582	)		(43,581	)		0.4
HSBC Holdings PLC		(97,388	)		(704,945	)		5.7
JD Sports Fashion PLC		(142,781	)		(223,195	)		1.8
Legal & General Group PLC		(140,317	)		(363,393	)		2.9
Lloyds Banking Group PLC		(561,768	)		(274,939	)		2.2
M&G PLC		(73,652	)		(178,772	)		1.4
Next PLC		(1,927	)		(162,418	)		1.3
Ocado Group PLC		(58,961	)		(336,453	)		2.7
Persimmon PLC		(64,525	)		(803,239	)		6.5
Reckitt Benckiser Group PLC		(25,450	)		(1,699,978	)		13.7
RELX PLC		(34,933	)		(1,226,445	)		9.9
Rentokil Initial PLC		(57,937	)		(296,278	)		2.4
Segro PLC		(4,102	)		(35,655	)		0.3
Smith & Nephew PLC		(168,191	)		(1,892,228	)		15.3
Spirax-Sarco Engineering PLC		(335	)		(33,438	)		0.3
Standard Chartered PLC		(60,839	)		(468,909	)		3.8
Taylor Wimpey PLC		(21,605	)		(29,181	)		0.2
TechnipFMC PLC		(1,245	)		(26,792	)		0.2
Unilever PLC		(4,978	)		(235,761	)		1.9
Vistry Group PLC		(180,064	)		(1,560,435	)		12.6

					(15,066,841	)

United States
10X Genomics, Inc., Class A		(5,197	)		(183,350	)		1.5
Abbott Laboratories		(5,370	)		(507,734	)		4.1
Acuity Brands, Inc.		(804	)		(130,224	)		1.1
Advanced Micro Devices, Inc.		(857	)		(84,415	)		0.7
Aflac, Inc.		(14,255	)		(1,113,458	)		9.0
Agilon Health, Inc.		(18,234	)		(328,212	)		2.6
Agree Realty Corp.		(18,144	)		(1,014,975	)		8.2
Air Lease Corp., Class A		(18,225	)		(631,132	)		5.1
Air Products and Chemicals, Inc.		(361	)		(101,961	)		0.8
Airbnb, Inc., Class A		(10,852	)		(1,283,683	)		10.4
Albemarle Corp.		(12,825	)		(1,625,954	)		13.1


Security	Shares			Value			% of Basket Value

United States (continued)
Alexandria Real Estate Equities, Inc.		(7,679	)	$	(715,145	)		5.8	%
Alight, Inc., Class A		(34,804	)		(231,099	)		1.9
Allegion PLC		(812	)		(79,868	)		0.6
Alliant Energy Corp.		(36,020	)		(1,757,416	)		14.2
Ally Financial, Inc.		(8,146	)		(197,052	)		1.6
American Airlines Group, Inc.		(10,792	)		(120,331	)		1.0
American Electric Power Co., Inc.		(70,518	)		(5,326,930	)		43.0
American Tower Corp.		(1,963	)		(349,787	)		2.8
Americold Realty Trust, Inc.		(23,001	)		(603,086	)		4.9
Amkor Technology, Inc.		(28,556	)		(595,678	)		4.8
Amphenol Corp., Class A		(26,168	)		(2,107,832	)		17.0
Analog Devices, Inc.		(5,616	)		(883,565	)		7.1
Annaly Capital Management, Inc.		(6,714	)		(104,806	)		0.8
Antero Midstream Corp.		(1,856	)		(22,903	)		0.2
Apellis Pharmaceuticals, Inc.		(2,365	)		(115,081	)		0.9
Api Group Corp.		(192	)		(4,967	)		0.0
Applied Industrial Technologies, Inc.		(514	)		(78,904	)		0.6
Aramark		(5,580	)		(150,269	)		1.2
Arch Capital Group Ltd.		(9,203	)		(797,716	)		6.4
Arista Networks, Inc.		(6,597	)		(1,321,841	)		10.7
Asana, Inc., Class A		(9,352	)		(172,731	)		1.4
Aspen Technology, Inc.		(4,521	)		(803,608	)		6.5
ATI, Inc.		(4,692	)		(177,217	)		1.4
Avantor, Inc.		(44,130	)		(769,186	)		6.2
Avery Dennison Corp.		(13,288	)		(2,313,042	)		18.7
Avis Budget Group, Inc.		(196	)		(31,909	)		0.3
Ball Corp.		(15,071	)		(725,669	)		5.9
Bath & Body Works, Inc.		(20,935	)		(620,723	)		5.0
Baxter International, Inc.		(20,052	)		(650,286	)		5.2
Berry Global Group, Inc.		(38,759	)		(2,131,745	)		17.2
BILL Holdings, Inc.		(8,600	)		(785,094	)		6.3
Biogen, Inc.		(140	)		(33,256	)		0.3
Bio-Rad Laboratories, Inc., Class A		(1,076	)		(296,201	)		2.4
Bio-Techne Corp.		(541	)		(29,555	)		0.2
BJ’s Wholesale Club Holdings, Inc.		(30,312	)		(2,064,853	)		16.7
Blackline, Inc.		(1,222	)		(60,000	)		0.5
Blue Owl Capital, Inc., Class A		(9,201	)		(113,448	)		0.9
Boston Beer Co., Inc., Class A		(1,957	)		(653,540	)		5.3
Boston Properties, Inc.		(16,716	)		(895,476	)		7.2
Boston Scientific Corp.		(4,507	)		(230,713	)		1.9
Braze, Inc.		(2,657	)		(113,135	)		0.9
Broadcom, Inc.		(4,146	)		(3,488,320	)		28.2
Broadridge Financial Solutions, Inc.		(72	)		(12,286	)		0.1
Brown & Brown, Inc.		(3,569	)		(247,760	)		2.0
BWX Technologies, Inc.		(12,061	)		(895,891	)		7.2
Carlisle Cos., Inc.		(1,076	)		(273,401	)		2.2
Carrier Global Corp.		(57,173	)		(2,724,865	)		22.0
Carvana Co., Class A		(2,112	)		(57,024	)		0.5
Casey S General Stores, Inc.		(147	)		(39,971	)		0.3
Caterpillar, Inc.		(652	)		(147,385	)		1.2
Cboe Global Markets, Inc.		(8,537	)		(1,399,129	)		11.3
CBRE Group, Inc., Class A		(2,889	)		(200,323	)		1.6
Celanese Corp., Class A		(4,301	)		(492,508	)		4.0
Celsius Holdings, Inc.		(4,692	)		(713,606	)		5.8
CF Industries Holdings, Inc.		(18,810	)		(1,500,662	)		12.1
Chart Industries, Inc.		(1,252	)		(145,520	)		1.2
Chesapeake Energy Corp.		(3,163	)		(272,271	)		2.2
Chevron Corp.		(1,758	)		(256,193	)		2.1
Chipotle Mexican Grill, Inc., Class A		(756	)		(1,468,303	)		11.9
Chord Energy Corp.		(9,733	)		(1,609,060	)		13.0
Chubb Ltd.		(1,591	)		(341,460	)		2.8


112		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

October 31, 2023

BlackRock Global Equity Market Neutral Fund


Security	Shares			Value			% of Basket Value

United States (continued)
Churchill Downs, Inc.		(7,914	)	$	(869,274	)		7.0	%
Cigna Group		(98	)		(30,302	)		0.2
Civitas Resources, Inc.		(38,316	)		(2,890,176	)		23.3
Cloudflare, Inc.		(11,974	)		(678,806	)		5.5
CME Group, Inc.		(883	)		(188,485	)		1.5
Coinbase Global, Inc.		(24,897	)		(1,920,057	)		15.5
Columbia Sportswear Co.		(3,223	)		(237,857	)		1.9
Confluent, Inc., Class A		(2,078	)		(60,075	)		0.5
Constellation Energy Corp.		(15,238	)		(1,720,675	)		13.9
Cooper Cos., Inc.		(4,067	)		(1,267,887	)		10.2
Core & Main, Inc., Class A		(4,440	)		(133,555	)		1.1
Corteva, Inc.		(77,673	)		(3,739,178	)		30.2
Costco Wholesale Corp.		(2,826	)		(1,561,195	)		12.6
Coty, Inc., Class A		(9,989	)		(93,597	)		0.8
Cousins Properties, Inc.		(24,370	)		(435,492	)		3.5
Crane Co.		(22,819	)		(2,220,973	)		17.9
Crocs, Inc.		(362	)		(32,334	)		0.3
Crown Holdings, Inc.		(418	)		(33,691	)		0.3
CyberArk Software Ltd.		(1,889	)		(309,116	)		2.5
Danaher Corp.		(9,434	)		(1,811,517	)		14.6
Diamondback Energy, Inc.		(12,664	)		(2,030,293	)		16.4
Digital Realty Trust, Inc.		(6,776	)		(842,663	)		6.8
Dollar General Corp.		(8,688	)		(1,034,220	)		8.3
Dollar Tree, Inc.		(24,089	)		(2,676,047	)		21.6
Dominion Energy, Inc.		(5,208	)		(209,987	)		1.7
DoorDash, Inc.		(16,405	)		(1,229,555	)		9.9
Dover Corp.		(2,638	)		(342,808	)		2.8
Doximity, Inc.		(58,554	)		(1,196,258	)		9.7
DraftKings, Inc., Class A		(13,344	)		(368,561	)		3.0
Duke Energy Corp.		(26,716	)		(2,374,785	)		19.2
Duolingo, Inc.		(239	)		(34,906	)		0.3
Dutch Bros, Inc., Class A		(3,900	)		(94,926	)		0.8
Dynatrace, Inc.		(9,353	)		(418,173	)		3.4
Eaton Corp. PLC		(3,343	)		(695,043	)		5.6
Ecolab, Inc.		(4,796	)		(804,481	)		6.5
Edison International		(16,761	)		(1,056,949	)		8.5
Element Solutions, Inc.		(2,420	)		(44,117	)		0.4
Entegris, Inc.		(1,596	)		(140,512	)		1.1
Envista Holdings Corp.		(9,773	)		(227,418	)		1.8
Equifax, Inc.		(20,386	)		(3,456,854	)		27.9
Equinix, Inc.		(274	)		(199,921	)		1.6
Equity LifeStyle Properties, Inc.		(2,422	)		(159,368	)		1.3
Erie Indemnity Co., Class A		(1,092	)		(301,599	)		2.4
Everest Group Ltd.		(167	)		(66,069	)		0.5
Evergy, Inc.		(526	)		(25,848	)		0.2
Eversource Energy		(29,983	)		(1,612,786	)		13.0
Exelon Corp.		(96,852	)		(3,771,417	)		30.4
Extra Space Storage, Inc.		(10,415	)		(1,078,890	)		8.7
FactSet Research Systems, Inc.		(1,800	)		(777,402	)		6.3
Fastenal Co.		(812	)		(47,372	)		0.4
Federal Realty Investment Trust		(893	)		(81,433	)		0.7
Ferguson PLC		(13,711	)		(2,071,017	)		16.7
Fifth Third Bancorp		(18,929	)		(448,807	)		3.6
First Solar, Inc.		(2,795	)		(398,148	)		3.2
Five Below, Inc.		(1,581	)		(275,062	)		2.2
Fluence Energy, Inc.		(622	)		(10,773	)		0.1
Fortive Corp.		(18,416	)		(1,202,197	)		9.7
Fox Factory Holding Corp.		(5,810	)		(473,341	)		3.8
Freshworks, Inc.		(7,131	)		(127,930	)		1.0
FTI Consulting, Inc.		(3,489	)		(740,575	)		6.0
GameStop Corp., Class A		(2,088	)		(28,752	)		0.2
Gaming and Leisure Properties, Inc.		(24,912	)		(1,130,756	)		9.1


Security	Shares			Value			% of Basket Value

United States (continued)
GE HealthCare Technologies, Inc.		(39,907	)	$	(2,656,609	)		21.4	%
Goldman Sachs Group, Inc.		(7,115	)		(2,160,185	)		17.4
Graphic Packaging Holding Co.		(126,063	)		(2,711,615	)		21.9
GSK PLC		(3,000	)		(53,296	)		0.4
Haleon PLC		(325,257	)		(1,310,271	)		10.6
Hartford Financial Services Group, Inc.		(487	)		(35,770	)		0.3
Hasbro, Inc.		(31,756	)		(1,433,783	)		11.6
HB Fuller Co.		(6,889	)		(455,707	)		3.7
Healthcare Realty Trust, Inc., Class A		(188,511	)		(2,705,133	)		21.8
HealthEquity, Inc.		(3,623	)		(259,697	)		2.1
HEICO Corp., Class A		(356	)		(45,258	)		0.4
Hertz Global Holdings, Inc.		(32,161	)		(271,117	)		2.2
Hexcel Corp.		(4,820	)		(298,454	)		2.4
Hilton Worldwide Holdings, Inc.		(7,093	)		(1,074,802	)		8.7
Hormel Foods Corp.		(11,024	)		(358,831	)		2.9
Howmet Aerospace, Inc.		(54,753	)		(2,414,607	)		19.5
Humana, Inc.		(1,052	)		(550,922	)		4.4
Hyatt Hotels Corp., Class A		(10,938	)		(1,120,489	)		9.0
ICON PLC, ADR		(466	)		(113,685	)		0.9
IDEX Corp.		(9,831	)		(1,881,752	)		15.2
ImmunoGen, Inc.		(11,945	)		(177,503	)		1.4
Immunovant, Inc.		(12,665	)		(418,578	)		3.4
Ingersoll Rand, Inc.		(37,330	)		(2,265,184	)		18.3
Inmode Ltd.		(6,473	)		(123,634	)		1.0
Inspire Medical Systems, Inc.		(348	)		(51,212	)		0.4
Insulet Corp.		(1,453	)		(192,624	)		1.6
Interactive Brokers Group, Inc., Class A		(17,116	)		(1,370,478	)		11.1
International Business Machines Corp.		(6,228	)		(900,818	)		7.3
International Flavors & Fragrances, Inc.		(22,522	)		(1,539,379	)		12.4
Interpublic Group of Cos, Inc.		(6,203	)		(176,165	)		1.4
Intra-Cellular Therapies, Inc.		(2,685	)		(133,606	)		1.1
Intuit, Inc.		(6,920	)		(3,425,054	)		27.6
IPG Photonics Corp.		(519	)		(44,582	)		0.4
Jabil, Inc.		(3,774	)		(463,447	)		3.7
Jacobs Solutions, Inc.		(14,710	)		(1,960,843	)		15.8
JB Hunt Transport Services, Inc.		(1,304	)		(224,118	)		1.8
Johnson & Johnson		(523	)		(77,582	)		0.6
Juniper Networks, Inc.		(1,794	)		(48,294	)		0.4
Karuna Therapeutics, Inc.		(1,970	)		(328,222	)		2.6
Keurig Dr. Pepper, Inc.		(42,075	)		(1,276,135	)		10.3
Kinder Morgan, Inc.		(14,800	)		(239,760	)		1.9
Kite Realty Group Trust		(4,075	)		(86,879	)		0.7
KKR & Co., Inc.		(24,292	)		(1,345,777	)		10.9
Kraft Heinz Co.		(2,133	)		(67,104	)		0.5
L3Harris Technologies, Inc.		(14,637	)		(2,626,024	)		21.2
Laboratory Corp. of America Holdings		(10,406	)		(2,078,390	)		16.8
Lancaster Colony Corp.		(3,382	)		(572,133	)		4.6
Lantheus Holdings, Inc.		(20,576	)		(1,329,210	)		10.7
Las Vegas Sands Corp.		(2,521	)		(119,647	)		1.0
Lennox International, Inc.		(115	)		(42,612	)		0.3
Linde PLC		(9,351	)		(3,573,578	)		28.8
Loews Corp.		(5,933	)		(379,771	)		3.1
MACOM Technology Solutions Holdings, Inc.		(14,361	)		(1,013,025	)		8.2
Madison Square Garden Sports Corp.		(715	)		(120,220	)		1.0
MarketAxess Holdings, Inc.		(729	)		(155,824	)		1.3
Marriott International, Inc., Class A		(12,632	)		(2,381,890	)		19.2
Masimo Corp.		(6,189	)		(502,114	)		4.1
Matador Resources Co.		(24,212	)		(1,493,638	)		12.1
Match Group, Inc.		(6,730	)		(232,858	)		1.9
McDonald’s Corp.		(3,913	)		(1,025,871	)		8.3
Monday.com Ltd.		(1,436	)		(186,666	)		1.5
MongoDB, Inc., Class A		(3,586	)		(1,235,700	)		10.0


SCHEDULE OF INVESTMENTS		113

Schedule of Investments (unaudited) (continued)

October 31, 2023

BlackRock Global Equity Market Neutral Fund


Security	Shares			Value			% of Basket Value

United States (continued)
Monolithic Power Systems, Inc.		(1,714	)	$	(757,142	)		6.1	%
Morgan Stanley		(36,809	)		(2,606,813	)		21.0
Motorola Solutions, Inc.		(1,668	)		(464,471	)		3.7
Mueller Industries, Inc.		(16,588	)		(625,533	)		5.0
Murphy Oil Corp.		(13,393	)		(600,944	)		4.8
Natera, Inc.		(204	)		(8,052	)		0.1
National Storage Affiliates Trust		(62,241	)		(1,775,113	)		14.3
Neogen Corp.		(4,960	)		(73,854	)		0.6
New Fortress Energy, Inc.		(5,832	)		(176,710	)		1.4
New York Community Bancorp, Inc.		(85,450	)		(810,066	)		6.5
New York Times Co.		(3,114	)		(125,525	)		1.0
News Corp., Class A		(42,888	)		(886,924	)		7.2
Nexstar Media Group, Inc., Class A		(954	)		(133,636	)		1.1
Noble Corp. PLC		(83,747	)		(3,910,147	)		31.6
Nordson Corp.		(4,390	)		(933,270	)		7.5
Northern Trust Corp.		(503	)		(33,153	)		0.3
Norwegian Cruise Line Holdings Ltd.		(1,407	)		(19,135	)		0.2
nVent Electric PLC		(3,406	)		(163,931	)		1.3
Omega Healthcare Investors, Inc.		(19,534	)		(646,575	)		5.2
Omnicom Group, Inc.		(1,390	)		(104,125	)		0.8
ON Semiconductor Corp.		(13,050	)		(817,452	)		6.6
ONEOK, Inc.		(746	)		(48,639	)		0.4
Onto Innovation, Inc.		(9,826	)		(1,104,148	)		8.9
Option Care Health, Inc.		(4,153	)		(115,163	)		0.9
Organon & Co.		(7,309	)		(108,100	)		0.9
Ormat Technologies, Inc.		(3,785	)		(232,929	)		1.9
Palantir Technologies, Inc.		(49,183	)		(727,908	)		5.9
Parsons Corp.		(8,700	)		(491,985	)		4.0
PayPal Holdings, Inc.		(32,123	)		(1,663,971	)		13.4
PBF Energy, Inc., Class A		(23,081	)		(1,097,040	)		8.9
Penumbra, Inc.		(6,280	)		(1,200,422	)		9.7
Permian Resources Corp., Class A		(99,610	)		(1,451,318	)		11.7
PG&E Corp.		(88,710	)		(1,445,973	)		11.7
Pinnacle Financial Partners, Inc.		(3,749	)		(233,788	)		1.9
Pinterest, Inc.		(17,332	)		(517,880	)		4.2
Planet Fitness, Inc., Class A		(1,045	)		(57,757	)		0.5
PNC Financial Services Group, Inc.		(3,959	)		(453,187	)		3.7
Primerica, Inc.		(579	)		(110,682	)		0.9
Procore Technologies, Inc.		(908	)		(55,470	)		0.4
Progressive Corp.		(6,157	)		(973,360	)		7.9
Progyny, Inc.		(3,679	)		(113,534	)		0.9
Prologis, Inc.		(3,763	)		(379,122	)		3.1
PTC, Inc.		(2,115	)		(296,988	)		2.4
Public Service Enterprise Group, Inc.		(44,470	)		(2,741,576	)		22.1
QIAGEN NV		(45,615	)		(1,697,052	)		13.7
Quest Diagnostics, Inc.		(4,880	)		(634,888	)		5.1
R1 RCM, Inc.		(23,738	)		(279,871	)		2.3
Radian Group, Inc.		(10,841	)		(274,711	)		2.2
Ralph Lauren Corp., Class A		(1,858	)		(209,081	)		1.7
Rambus, Inc.		(5,705	)		(309,953	)		2.5
Range Resources Corp.		(5,462	)		(195,758	)		1.6
Raymond James Financial, Inc.		(8,692	)		(829,564	)		6.7
Realty Income Corp.		(14,415	)		(682,983	)		5.5
Regal Rexnord Corp.		(1,763	)		(208,757	)		1.7
Repligen Corp.		(1,832	)		(246,514	)		2.0
Revvity, Inc.		(12,084	)		(1,001,159	)		8.1
RLI Corp.		(7,768	)		(1,035,008	)		8.4
Robinhood Markets, Inc.		(29,340	)		(268,168	)		2.2
Roivant Sciences Ltd.		(3,330	)		(28,771	)		0.2
Roper Technologies, Inc.		(155	)		(75,728	)		0.6
Ross Stores, Inc.		(2,832	)		(328,427	)		2.6
Ryman Hospitality Properties, Inc.		(12,949	)		(1,108,434	)		8.9


Security	Shares			Value			% of Basket Value

United States (continued)
Samsara, Inc., Class A		(15,445	)	$	(356,316	)		2.9	%
Sanofi SA		(5,993	)		(545,126	)		4.4
Schlumberger NV		(3,921	)		(218,243	)		1.8
Sealed Air Corp.		(15,300	)		(471,087	)		3.8
SentinelOne, Inc.		(9,565	)		(149,501	)		1.2
Sherwin-Williams Co.		(98	)		(23,345	)		0.2
Shockwave Medical, Inc.		(7,570	)		(1,561,388	)		12.6
Simpson Manufacturing Co., Inc.		(20,346	)		(2,709,680	)		21.9
Sinch AB		(19,201	)		(30,417	)		0.2
SoFi Technologies, Inc.		(17,512	)		(132,216	)		1.1
SolarEdge Technologies, Inc.		(11,478	)		(871,754	)		7.0
Sonoco Products Co.		(27,316	)		(1,415,242	)		11.4
Southern Co.		(20,319	)		(1,367,469	)		11.0
SouthState Corp.		(10,228	)		(676,071	)		5.5
Southwest Gas Holdings, Inc.		(1,043	)		(61,130	)		0.5
Sprouts Farmers Market, Inc.		(33,638	)		(1,413,469	)		11.4
SPS Commerce, Inc.		(3,604	)		(577,865	)		4.7
SS&C Technologies Holdings, Inc.		(1,616	)		(81,204	)		0.7
STAG Industrial, Inc.		(75,840	)		(2,519,405	)		20.3
Starbucks Corp.		(73	)		(6,734	)		0.1
Starwood Property Trust, Inc.		(79,437	)		(1,410,007	)		11.4
State Street Corp.		(3,748	)		(242,233	)		2.0
STERIS PLC		(8,281	)		(1,738,844	)		14.0
Super Micro Computer, Inc.		(768	)		(183,913	)		1.5
Surgery Partners, Inc.		(11,617	)		(268,701	)		2.2
SVB Financial Group		(216	)		(11	)		0.0
Take-Two Interactive Software, Inc.		(23,253	)		(3,110,089	)		25.1
Teledyne Technologies, Inc.		(10,782	)		(4,038,829	)		32.6
Teleflex, Inc.		(2,467	)		(455,778	)		3.7
Tenable Holdings, Inc.		(4,401	)		(185,326	)		1.5
Terreno Realty Corp.		(5,733	)		(305,454	)		2.5
Tesla, Inc.		(7,488	)		(1,503,890	)		12.1
Thermo Fisher Scientific, Inc.		(700	)		(311,339	)		2.5
TKO Group Holdings, Inc.		(9,097	)		(745,772	)		6.0
Toro Co.		(11	)		(889	)		0.0
Tractor Supply Co.		(2,745	)		(528,577	)		4.3
Trade Desk, Inc., Class A		(18,290	)		(1,297,858	)		10.5
Tradeweb Markets, Inc., Class A		(19,320	)		(1,738,993	)		14.0
TransDigm Group, Inc.		(4,449	)		(3,684,172	)		29.7
Tyler Technologies, Inc.		(2,151	)		(802,108	)		6.5
Uber Technologies, Inc.		(24,706	)		(1,069,276	)		8.6
Union Pacific Corp.		(8,784	)		(1,823,646	)		14.7
United Parcel Service, Inc., Class B		(2,538	)		(358,493	)		2.9
United Rentals, Inc.		(126	)		(51,190	)		0.4
UnitedHealth Group, Inc.		(922	)		(493,786	)		4.0
Valaris Ltd.		(18,251	)		(1,205,296	)		9.7
Valvoline, Inc.		(17,076	)		(506,645	)		4.1
Vaxcyte, Inc.		(6,130	)		(294,853	)		2.4
Veralto Corp.		(967	)		(66,723	)		0.5
Verisk Analytics, Inc., Class A		(399	)		(90,717	)		0.7
Vertiv Holdings Co., Class A		(4,086	)		(160,457	)		1.3
Vistra Corp.		(11,809	)		(386,390	)		3.1
Vornado Realty Trust		(8,194	)		(157,325	)		1.3
Walgreens Boots Alliance, Inc.		(12,480	)		(263,078	)		2.1
Warner Music Group Corp., Class A		(5,574	)		(174,466	)		1.4
Waste Management, Inc.		(3,962	)		(651,075	)		5.3
Webster Financial Corp.		(5,320	)		(202,000	)		1.6
Welltower, Inc.		(25,106	)		(2,099,113	)		16.9
Western Alliance Bancorp		(1,524	)		(62,636	)		0.5
Western Digital Corp.		(5,943	)		(238,611	)		1.9
Whirlpool Corp.		(3,830	)		(400,465	)		3.2
Wingstop, Inc.		(1,249	)		(228,280	)		1.8


114		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

October 31, 2023

BlackRock Global Equity Market Neutral Fund


Security	Shares			Value			% of Basket Value

United States (continued)
Wolfspeed, Inc.		(18,750	)	$	(634,500	)		5.1	%
Wyndham Hotels & Resorts, Inc.		(2,491	)		(180,348	)		1.5
Wynn Resorts Ltd.		(1,420	)		(124,648	)		1.0
XPO, Inc.		(20,432	)		(1,548,950	)		12.5
YETI Holdings, Inc.		(33,309	)		(1,416,299	)		11.4
Zebra Technologies Corp., Class A		(1,733	)		(362,942	)		2.9
Zimmer Biomet Holdings, Inc.		(1,746	)		(182,300	)		1.5
Zoom Video Communications, Inc., Class A		(1,795	)		(107,664	)		0.9
ZoomInfo Technologies, Inc., Class A		(21,155	)		(274,169	)		2.2

					(259,252,216	)

Preferred Stocks

Germany
Sartorius AG		(1,730	)		(432,720	)		3.5
Volkswagen AG		(9,560	)		(1,012,094	)		8.2


Total Reference Entity — Short					(430,127,924	)


Net Value of Reference Entity — UBS AG				$	(12,389,166	)


Security	Shares		Value		% of Basket Value

Reference Entity — Long

Common Stocks

Australia
Abacus Group		123,177	$	75,012		107.4	%
Accent Group Ltd.		111,900		133,653		191.3
Alumina Ltd.		553,694		274,959		393.5
AMP Ltd.		152,311		101,484		145.2
Ansell Ltd.		4,242		57,107		81.7
Arena REIT		9,214		18,640		26.7
AUB Group Ltd.		12,633		216,805		310.3
Aussie Broadband Ltd.		33,908		84,535		121.0
Austal Ltd.		46,729		50,395		72.1
Bega Cheese Ltd.		138,632		245,519		351.4
Boral Ltd.		107,720		308,810		442.0
Challenger Ltd.		212,618		792,088		1,133.6
CSR Ltd.		96,647		345,338		494.2
Data#3 Ltd.		9,652		41,607		59.5
Downer EDI Ltd.		284,184		683,363		978.0
GrainCorp Ltd.		28,742		127,030		181.8
Growthpoint Properties Australia Ltd.		114,246		143,351		205.2
Johns Lyng Group Ltd.		13,213		51,439		73.6
McMillan Shakespeare Ltd.		3,903		41,640		59.6
Monadelphous Group Ltd.		1,656		14,835		21.2
NRW Holdings Ltd.		10,514		16,794		24.0
oOh!media Ltd.		22,138		18,367		26.3
Perseus Mining Ltd.		46,659		49,853		71.4
Pinnacle Investment Management Group Ltd.		4,595		22,774		32.6
Pro Medicus Ltd.		24,243		1,154,765		1,652.7
Region RE Ltd.		45,609		57,029		81.6
Regis Resources Ltd.		98,075		106,292		152.1
Ridley Corp. Ltd.		19,698		27,678		39.6
Silver Lake Resources Ltd.		326,393		214,686		307.3
SiteMinder Ltd.		22,935		59,462		85.1


Security	Shares		Value		% of Basket Value

Australia (continued)
Star Entertainment Grp Ltd.		49,129	$	16,567		23.7	%
Steadfast Group Ltd.		33,934		116,690		167.0
Technology One Ltd.		89,352		827,521		1,184.3
Ventia Services Group Pty Ltd.		96,426		168,531		241.2
Viva Energy Group Ltd.		53,038		95,647		136.9

				6,760,266

Austria
ANDRITZ AG		26,488		1,217,680		1,742.7
AT&S Austria Technologie & Systemtechnik AG		2,437		61,265		87.7
IMMOFINANZ AG		2,838		57,032		81.6
Kontron AG		4,086		82,212		117.7
Raiffeisen Bank International AG		29,637		428,756		613.6
UNIQA Insurance Group AG		14,708		118,545		169.7
Vienna Insurance Group AG Wiener Versicherung Gruppe		906		24,258		34.7
Wienerberger AG		5,161		124,803		178.6

				2,114,551

Belgium
Montea NV		4,044		285,735		408.9
Proximus SADP		78,389		649,551		929.6
Shurgard Self Storage Ltd.		5,565		207,872		297.5

				1,143,158

Canada
AbCellera Biologics, Inc.		101,874		418,702		599.2
Advantage Energy Ltd.		2,110		15,593		22.3
Aecon Group, Inc.		29,845		223,693		320.1
Ag Growth International, Inc.		5,950		212,881		304.7
Artis REIT		12,729		57,585		82.4
Boralex, Inc.		16,400		311,015		445.1
Canfor Corp.		65,017		677,768		970.0
Centerra Gold, Inc.		38,801		200,696		287.2
Chemtrade Logistics Income Fund		1,864		11,167		16.0
Crombie REIT		25,787		230,878		330.4
CT REIT		25,129		233,817		334.6
Doman Building Materials Group Ltd.		10,741		53,106		76.0
DREAM Unlimited Corp., Class A		5,649		70,331		100.7
Dye & Durham Ltd.		6,062		35,364		50.6
Enghouse Systems Ltd.		7,453		178,194		255.0
First Capital REIT		23,618		226,349		324.0
First National Financial Corp.		8,050		204,701		293.0
Freehold Royalties Ltd.		6,605		69,341		99.2
H&R REIT		46,719		293,262		419.7
Innergex Renewable Energy, Inc.		117,570		737,279		1,055.2
Interfor Corp.		45,550		571,304		817.6
Jamieson Wellness, Inc.		21,211		355,469		508.7
Laurentian Bank of Canada		5,275		98,215		140.6
Major Drilling Group International, Inc.		14,114		76,230		109.1
Nexus Industrial REIT		4,976		23,787		34.0
North American Construction Group Ltd.		4,561		95,700		137.0
Obsidian Energy Ltd.		31,227		268,518		384.3
Pason Systems, Inc.		5,643		55,125		78.9
Russel Metals, Inc.		13,456		338,395		484.3
Sandstorm Gold Ltd.		849		3,962		5.7
Seabridge Gold, Inc.		2,238		24,949		35.7
Silvercorp Metals, Inc.		6,191		14,011		20.1
SmartCentres REIT		1,051		16,613		23.8
Stelco Holdings, Inc.		39,886		1,139,212		1,630.4


SCHEDULE OF INVESTMENTS		115

Schedule of Investments (unaudited) (continued)

October 31, 2023

BlackRock Global Equity Market Neutral Fund


Security	Shares		Value		% of Basket Value

Canada (continued)
Topaz Energy Corp.		23,508	$	366,106		524.0	%
Wajax Corp.		3,495		76,671		109.7

				7,985,989

Denmark
D/S Norden A/S		3,654		207,459		296.9
H Lundbeck A/S		75,253		392,843		562.2
Sydbank A/S		955		41,667		59.7

				641,969

Egypt
Centamin PLC		224,899		226,361		324.0


Finland
Cargotec OYJ, Class B		4,466		175,944		251.8
Kojamo OYJ		18,335		156,350		223.8
Uponor OYJ		7,556		228,519		327.0

				560,813

France
ALD SA		2,786		18,704		26.8
Beneteau SACA		4,962		59,760		85.5
CGG SA		558,511		394,482		564.6
Cie Plastic Omnium SE		13,696		153,630		219.9
Clariane SE		7,100		26,762		38.3
Etablissements Maurel et Prom SA		8,819		52,413		75.0
ICADE		21,929		716,341		1,025.2
JCDecaux SE		8,879		138,641		198.4
Nexity SA		5,208		72,634		103.9

				1,633,367

Germany
Aurubis AG		2,193		180,475		258.3
Auto1 Group SE		5,811		34,137		48.9
Bank of Georgia Group PLC		8,817		357,843		512.1
Bilfinger SE		5,249		192,313		275.2
CompuGroup Medical SE & Co. KgaA		2,439		89,262		127.7
Deutsche Pfandbriefbank AG		15,017		100,337		143.6
Deutsche Wohnen SE		6,092		131,092		187.6
Duerr AG		4,868		99,945		143.0
Elmos Semiconductor SE		174		11,397		16.3
Freenet AG		5,002		126,749		181.4
Grand City Properties SA		10,204		91,079		130.4
Hella GmbH & Co. KGaA		604		45,915		65.7
Hypoport SE		1,871		228,801		327.5
Krones AG		2,542		247,723		354.5
METRO AG		11,023		69,928		100.1
SAF-Holland SE		22,188		296,134		423.8
Salzgitter AG		6,318		157,742		225.8
Sirius Real Estate Ltd.		76,797		74,874		107.2
Suedzucker AG		32,329		488,860		699.6
SUESS MicroTec SE		1,009		17,433		25.0
TAG Immobilien AG		20,194		220,716		315.9
TBC Bank Group PLC		13,205		432,034		618.3
TUI AG		84,412		425,190		608.5
Uniper SE		10,674		54,910		78.6
United Internet AG		21,519		447,039		639.8

				4,621,928


Security	Shares		Value		% of Basket Value

Hong Kong
Bank of East Asia Ltd.		14,400	$	17,120		24.5	%
Fortune REIT		53,000		29,684		42.5
HK Electric Investments & HK Electric Investments Ltd.		33,000		18,324		26.2

				65,128

Ireland
Cimpress PLC		253		15,096		21.6
Glanbia PLC		4,829		76,288		109.2
Greencore Group PLC		129,655		142,214		203.5

				233,598

Israel
Alony Hetz Properties & Investments Ltd.		11,219		55,133		78.9
Delek Group Ltd.		714		78,630		112.5
Kornit Digital Ltd.		10,722		147,964		211.8
Plus500 Ltd.		2,611		44,989		64.4
Zim Integrated Shipping Services Ltd.		28,458		220,265		315.2

				546,981

Italy
Banca IFIS SpA		11,022		188,152		269.3
Buzzi SpA		19,816		523,723		749.5
Credito Emiliano SpA		10,398		84,159		120.4
De’ Longhi SpA		5,204		116,243		166.4
Enav SpA		4,241		14,108		20.2
Hera SpA		184,902		519,222		743.1
Maire Tecnimont SpA		8,128		37,832		54.1
PRADA SpA		5,000		30,148		43.2
Sesa SpA		587		59,188		84.7
Unipol Gruppo SpA		7,773		42,034		60.2
Webuild SpA		200,340		360,273		515.6

				1,975,082

Japan
77 Bank Ltd.		8,100		182,867		261.7
Acom Co. Ltd.		69,800		165,835		237.3
Adastria Co. Ltd.		12,900		274,063		392.2
Aeon Delight Co. Ltd.		4,400		97,726		139.9
Ai Holdings Corp.		2,800		43,610		62.4
Aichi Steel Corp.		1,800		42,799		61.3
Ain Holdings, Inc.		23,000		658,828		942.9
Air Water, Inc.		3,300		42,163		60.3
Aisan Industry Co. Ltd.		44,300		355,149		508.3
Alfresa Holdings Corp.		33,200		532,598		762.2
Anicom Holdings, Inc.		20,400		74,959		107.3
Anritsu Corp.		94,300		710,512		1,016.9
Avex, Inc.		13,500		124,931		178.8
AZ-COM MARUWA Holdings, Inc.		24,900		346,331		495.7
Benefit One, Inc.		23,000		166,886		238.8
Benesse Holdings, Inc.		16,700		200,141		286.4
Bic Camera, Inc.		13,600		103,876		148.7
BML, Inc.		8,400		161,074		230.5
Cellebrite Di Ltd.		75,211		502,409		719.0
Chudenko Corp.		5,900		97,282		139.2
Citizen Watch Co. Ltd.		69,200		409,101		585.5
Coca-Cola Bottlers Japan Holdings, Inc.		2,100		28,504		40.8
Colowide Co. Ltd.		11,200		176,402		252.5
Create SD Holdings Co. Ltd.		4,600		99,944		143.0
Daicel Corp.		63,400		546,114		781.6


116		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

October 31, 2023

BlackRock Global Equity Market Neutral Fund


Security	Shares		Value		% of Basket Value

Japan (continued)
Daihen Corp.		5,200	$	165,804		237.3	%
Daiichikosho Co. Ltd.		22,700		340,014		486.6
Daio Paper Corp.		84,300		701,451		1,003.9
Daiseki Co. Ltd.		6,600		184,774		264.4
DIC Corp.		1,200		19,184		27.5
dip Corp.		1,700		34,170		48.9
Doutor Nichires Holdings Co. Ltd.		22,500		328,696		470.4
Dowa Holdings Co. Ltd.		6,900		213,802		306.0
DTS Corp.		3,800		79,132		113.3
Eizo Corp.		3,700		119,523		171.1
Elecom Co. Ltd.		3,700		42,485		60.8
Elematec Corp.		12,200		140,716		201.4
eRex Co. Ltd.		15,100		75,438		108.0
FCC Co. Ltd.		2,500		29,665		42.5
Financial Partners Group Co. Ltd.		12,800		122,936		175.9
FP Corp.		1,700		33,133		47.4
Fuji Oil Holdings, Inc.		12,700		204,232		292.3
Fujimi, Inc.		2,600		52,613		75.3
Fujitec Co. Ltd.		8,700		191,186		273.6
Fujitsu General Ltd.		30,300		546,057		781.5
Fukuoka REIT Corp.		97		105,821		151.4
FULLCAST Holdings Co. Ltd.		9,900		113,560		162.5
Furukawa Electric Co. Ltd.		53,400		810,160		1,159.5
Futaba Industrial Co. Ltd.		4,100		20,467		29.3
Fuyo General Lease Co. Ltd.		2,900		238,664		341.6
Global One Real Estate Investment Corp.		636		488,904		699.7
Glory Ltd.		20,200		381,644		546.2
H.U. Group Holdings, Inc.		6,400		108,971		156.0
H2O Retailing Corp.		3,800		41,263		59.1
Hanwa Co. Ltd.		3,300		100,793		144.3
Hazama Ando Corp.		9,700		76,065		108.9
Heiwa Real Estate Co. Ltd.		2,600		67,428		96.5
Heiwado Co. Ltd.		18,600		308,223		441.1
Hino Motors Ltd.		218,100		645,049		923.2
Hioki EE Corp.		2,000		88,142		126.1
Hogy Medical Co. Ltd.		2,700		59,439		85.1
Hokkaido Electric Power Co., Inc.		19,100		81,410		116.5
Hokuriku Electric Power Co.		17,800		89,526		128.1
Horiba Ltd.		3,700		189,713		271.5
Inaba Denki Sangyo Co. Ltd.		4,200		88,754		127.0
Information Services International-Dentsu Ltd.		11,800		406,033		581.1
INFRONEER Holdings, Inc.		1,800		19,193		27.5
Ishihara Sangyo Kaisha Ltd.		26,300		249,070		356.5
Itochu Enex Co. Ltd.		7,000		69,751		99.8
Itoham Yonekyu Holdings, Inc.		26,040		729,054		1,043.4
Jaccs Co. Ltd.		6,900		240,303		343.9
Japan Elevator Service Holdings Co. Ltd.		39,600		532,078		761.5
JCR Pharmaceuticals Co. Ltd.		36,000		279,378		399.8
JTEKT Corp.		86,400		721,850		1,033.1
Kaken Pharmaceutical Co. Ltd.		16,800		377,012		539.6
Kandenko Co. Ltd.		3,000		28,149		40.3
Kaneka Corp.		1,700		42,182		60.4
Kanematsu Corp.		26,700		364,700		521.9
Kato Sangyo Co. Ltd.		6,900		196,188		280.8
Kewpie Corp.		21,500		373,815		535.0
Kissei Pharmaceutical Co. Ltd.		4,400		94,320		135.0
Kitz Corp.		14,600		100,011		143.1
Kokuyo Co. Ltd.		1,800		27,900		39.9
Koshidaka Holdings Co. Ltd.		14,300		103,097		147.6
Kyushu Financial Group, Inc.		26,400		166,973		239.0
Leopalace21 Corp.		58,300		126,746		181.4
Lion Corp.		12,100		117,633		168.4


Security	Shares		Value		% of Basket Value

Japan (continued)
Mani, Inc.		23,900	$	329,301		471.3	%
Maruha Nichiro Corp.		4,500		78,032		111.7
Matsui Securities Co. Ltd.		14,700		73,607		105.3
Maxell Ltd.		22,600		245,048		350.7
Megmilk Snow Brand Co. Ltd.		16,400		267,620		383.0
Meidensha Corp.		4,100		64,995		93.0
MEITEC Group Holdings, Inc.		15,200		270,851		387.6
Menicon Co. Ltd.		16,900		198,585		284.2
Micronics Japan Co. Ltd.		13,400		205,250		293.7
Milbon Co. Ltd.		5,600		150,099		214.8
MIRAIT ONE Corp.		28,500		382,697		547.7
Mitsubishi Logisnext Co. Ltd.		2,000		15,918		22.8
Mitsubishi Materials Corp.		42,200		685,569		981.2
Mitsubishi Shokuhin Co. Ltd.		1,300		34,278		49.1
Mitsui DM Sugar Holdings Co. Ltd.		5,300		108,993		156.0
Mitsui Mining & Smelting Co. Ltd.		15,400		405,147		579.8
MIXI, Inc.		12,000		183,954		263.3
Modec, Inc.		28,500		317,907		455.0
Morinaga & Co. Ltd.		3,400		124,353		178.0
Nagase & Co. Ltd.		6,200		95,207		136.3
NET One Systems Co. Ltd.		3,400		52,543		75.2
Nichias Corp.		2,600		52,288		74.8
Nichicon Corp.		4,300		36,436		52.1
Nippn Corp.		1,300		20,050		28.7
Nippon Light Metal Holdings Co. Ltd.		34,700		385,167		551.2
Nippon Parking Development Co. Ltd.		59,100		84,741		121.3
Nippon Sheet Glass Co. Ltd.		73,100		325,926		466.5
Nisshinbo Holdings, Inc.		62,100		455,148		651.4
Nissui Corp.		26,200		128,506		183.9
Nittetsu Mining Co. Ltd.		2,600		82,936		118.7
NOK Corp.		16,500		198,064		283.5
Nomura Co. Ltd.		7,300		42,546		60.9
Noritake Co. Ltd.		4,100		161,127		230.6
Noritsu Koki Co. Ltd.		4,100		87,923		125.8
Noritz Corp.		26,500		281,894		403.4
North Pacific Bank Ltd.		59,600		155,427		222.4
NTN Corp.		129,400		233,453		334.1
Okasan Securities Group, Inc.		42,500		194,958		279.0
Oki Electric Industry Co. Ltd.		4,500		27,600		39.5
Okinawa Cellular Telephone Co.		800		17,149		24.5
Onward Holdings Co. Ltd.		98,000		314,399		450.0
Open Up Group, Inc.		11,600		145,831		208.7
Optex Group Co. Ltd.		9,700		110,261		157.8
Orix JREIT, Inc.		241		280,774		401.8
PALTAC Corp.		7,600		249,359		356.9
Paramount Bed Holdings Co. Ltd.		8,000		138,007		197.5
Pigeon Corp.		60,000		645,694		924.1
Pola Orbis Holdings, Inc.		9,100		92,782		132.8
Prima Meat Packers Ltd.		21,900		337,718		483.3
Raito Kogyo Co. Ltd.		12,200		160,013		229.0
Relo Group, Inc.		18,200		182,855		261.7
Ricoh Leasing Co. Ltd.		9,500		287,854		412.0
Ryoyo Electro Corp.		12,900		310,221		444.0
Saizeriya Co. Ltd.		31,600		1,297,713		1,857.2
San-Ai Obbli Co. Ltd.		1,500		16,413		23.5
Sanki Engineering Co. Ltd.		14,200		167,139		239.2
Sansan, Inc.		3,800		30,554		43.7
Sanyo Chemical Industries Ltd.		100		2,694		3.9
Sapporo Holdings Ltd.		8,400		299,479		428.6
Sato Holdings Corp.		14,500		197,417		282.5
Seino Holdings Co. Ltd.		11,100		163,603		234.1
Seria Co. Ltd.		2,700		37,423		53.6


SCHEDULE OF INVESTMENTS		117

Schedule of Investments (unaudited) (continued)

October 31, 2023

BlackRock Global Equity Market Neutral Fund


Security	Shares		Value		% of Basket Value

Japan (continued)
Shibaura Machine Co. Ltd.		33,100	$	830,841		1,189.1	%
Shizuoka Gas Co. Ltd.		31,900		219,631		314.3
SIGMAXYZ Holdings, Inc.		1,800		17,030		24.4
Siix Corp.		6,400		60,704		86.9
Simplex Holdings, Inc.		4,200		71,559		102.4
SMS Co. Ltd.		45,700		735,172		1,052.2
Sodick Co. Ltd.		37,000		189,152		270.7
Sohgo Security Services Co. Ltd.		109,900		651,144		931.9
Stanley Electric Co. Ltd.		12,300		199,447		285.4
Starts Corp., Inc.		2,500		47,816		68.4
Sumitomo Mitsui Construction Co. Ltd.		46,900		126,036		180.4
Sumitomo Osaka Cement Co. Ltd.		5,800		136,876		195.9
Sumitomo Riko Co. Ltd.		4,200		26,618		38.1
Sumitomo Warehouse Co. Ltd.		700		11,359		16.3
Sun Frontier Fudousan Co. Ltd.		7,700		75,715		108.4
Suzuken Co. Ltd.		3,500		108,609		155.4
Systena Corp.		38,600		66,531		95.2
Tadano Ltd.		17,900		136,199		194.9
Taiheiyo Cement Corp.		17,900		310,954		445.0
Taikisha Ltd.		1,100		32,451		46.4
Taisho Pharmaceutical Holdings Co. Ltd.		18,900		758,096		1,085.0
Takeuchi Manufacturing Co. Ltd.		20,100		582,312		833.4
Tama Home Co. Ltd.		4,500		102,997		147.4
TechnoPro Holdings, Inc.		13,900		278,999		399.3
Teijin Ltd.		35,600		326,683		467.5
Toa Corp.		2,700		68,015		97.3
Toho Gas Co. Ltd.		19,000		331,630		474.6
Tokai Rika Co. Ltd.		31,300		497,501		712.0
Tokai Tokyo Financial Holdings, Inc.		24,300		83,469		119.5
Tokuyama Corp.		20,100		308,830		442.0
Tokyo Century Corp.		3,500		136,695		195.6
Tokyu Construction Co. Ltd.		6,800		35,377		50.6
Topcon Corp.		28,400		263,230		376.7
Tosei Corp.		6,000		71,872		102.9
Toshiba TEC Corp.		6,200		136,529		195.4
Towa Pharmaceutical Co. Ltd.		3,900		72,398		103.6
Toyo Seikan Group Holdings Ltd.		8,300		141,237		202.1
Toyobo Co. Ltd.		24,000		162,952		233.2
Toyoda Gosei Co. Ltd.		13,600		273,989		392.1
Trusco Nakayama Corp.		2,000		30,604		43.8
TS Tech Co. Ltd.		12,700		144,184		206.4
TSI Holdings Co. Ltd.		45,000		243,204		348.1
Tsubakimoto Chain Co.		8,400		215,308		308.1
Tsuburaya Fields Holdings, Inc.		12,700		139,897		200.2
Tsugami Corp.		900		6,541		9.4
Tsumura & Co.		5,500		99,702		142.7
Tv Tokyo Holdings Corp.		1,100		21,231		30.4
UACJ Corp.		3,000		61,843		88.5
UBE Corp.		1,800		28,096		40.2
United Urban Investment Corp.		80		81,747		117.0
Usen-Next Holdings Co. Ltd.		2,700		62,737		89.8
Valor Holdings Co. Ltd.		1,000		15,853		22.7
Wacom Co. Ltd.		101,800		356,149		509.7
Xebio Holdings Co. Ltd.		13,200		86,101		123.2
YAMABIKO Corp.		17,500		168,485		241.1
Yamazen Corp.		12,300		100,959		144.5
Yaoko Co. Ltd.		10,900		568,044		813.0
Yokogawa Bridge Holdings Corp.		10,300		172,466		246.8


Security	Shares		Value		% of Basket Value

Japan (continued)
Yoshinoya Holdings Co. Ltd.		11,500	$	271,053		387.9	%
Yuasa Trading Co. Ltd.		6,200		171,852		245.9
Zuken, Inc.		800		20,254		29.0

				43,721,008

Monaco
Scorpio Tankers, Inc.		1,385		77,768		111.3


Netherlands
Eurocommercial Properties NV		11,808		253,072		362.2
Koninklijke BAM Groep NV		35,893		74,039		106.0
Koninklijke Vopak NV		9,204		309,787		443.4
PostNL NV		284,823		529,709		758.1
SBM Offshore NV		10,317		128,385		183.7
TomTom NV		50,244		300,446		430.0
Wereldhave NV		2,546		38,325		54.8

				1,633,763

Norway
Aker Solutions ASA		63,483		254,319		364.0
Austevoll Seafood ASA		25,486		178,052		254.8
DNO ASA		26,465		27,551		39.4
Elkem ASA		173,770		269,620		385.9
Grieg Seafood ASA		2,612		17,715		25.3
Odfjell Drilling Ltd.		64,212		229,926		329.1
Wallenius Wilhelmsen ASA		7,260		62,273		89.1

				1,039,456

Portugal
CTT-Correios de Portugal SA		98,957		376,809		539.3
Mota-Engil SGPS SA		55,800		180,754		258.7
NOS SGPS SA		87,445		319,008		456.6
Sonae SGPS SA		528,769		520,164		744.4

				1,396,735

Singapore
BW LPG Ltd.		29,259		419,308		600.1
Keppel REIT		32,000		18,602		26.6
Kulicke & Soffa Industries, Inc.		13,505		561,943		804.3
Venture Corp. Ltd.		2,600		22,224		31.8

				1,022,077

South Africa
Scatec ASA		21,754		112,449		160.9


South Korea
Magnachip Semiconductor Corp.		7,404		54,715		78.3


Spain
Applus Services SA		31,875		335,554		480.2
Atlantica Sustainable Infrastructure PLC		52,501		950,793		1,360.7
Cia de Distribucion Integral Logista Holdings SA		16,082		394,333		564.4
Indra Sistemas SA		29,039		407,531		583.2
Inmobiliaria Colonial Socimi SA		10,790		60,425		86.5
Mapfre SA		118,001		244,845		350.4
Merlin Properties Socimi SA		147,631		1,229,379		1,759.5
Obrascon Huarte Lain SA		555,304		228,578		327.1

				3,851,438

Sweden
AAK AB		6,992		134,204		192.1
AddTech AB		1,533		22,906		32.8


118		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

October 31, 2023

BlackRock Global Equity Market Neutral Fund


Security	Shares		Value		% of Basket Value

Sweden (continued)
Attendo AB		56	$	181		0.3	%
Betsson AB		26,684		273,755		391.8
Bufab AB		2,469		60,004		85.9
Camurus AB		4,848		147,974		211.8
Instalco AB		14,479		41,458		59.3
Loomis Ab, Class B		12,797		336,687		481.8
MIPS AB		1,188		30,119		43.1
Modern Times Group MTG AB, Class B		20,800		170,111		243.4
Nolato AB		9,936		44,974		64.4
Nyfosa AB		2,362		11,707		16.7
Sdiptech AB, Class B		1,076		21,461		30.7
Sectra AB		1,645		18,222		26.1
Sweco AB, B Shares		4,101		38,617		55.3
Thule Group AB		8,203		191,043		273.4

				1,543,423

Switzerland
IWG PLC		84,980		137,010		196.1


United Kingdom
Balfour Beatty PLC		28,038		105,667		151.2
Breedon Group PLC		17,102		65,303		93.5
Capricorn Energy PLC		57,535		109,830		157.2
Clarkson PLC		5,566		179,861		257.4
CNH Industrial NV		12,874		141,356		202.3
CVS Group PLC		12,275		220,323		315.3
Deliveroo PLC, Class A		200,757		318,781		456.2
DiscoverIE Group PLC		1,446		10,899		15.6
Enquest PLC		185,259		36,597		52.4
Firstgroup PLC		101,906		196,962		281.9
Gamma Communications PLC		10,335		132,361		189.4
Grainger PLC		62,954		174,816		250.2
Great Portland Estates PLC		35,461		168,970		241.8
Halfords Group PLC		125,250		307,579		440.2
Hill & Smith PLC		6,473		130,421		186.7
Hilton Food Group PLC		4,382		34,961		50.0
Indivior PLC		1,043		19,983		28.6
Investec PLC		90,957		506,689		725.2
J D Wetherspoon PLC		49,155		379,580		543.3
John Wood Group PLC		29,286		50,904		72.9
Jupiter Fund Management PLC		299,949		288,169		412.4
Just Group PLC		302,288		279,089		399.4
Keller Group PLC		2,485		23,408		33.5
Kier Group PLC		12,481		15,374		22.0
Marlowe PLC		16,800		113,725		162.8
Marshalls PLC		16,481		41,436		59.3
Mitchells & Butlers PLC		84,420		213,627		305.7
Mobico Group PLC		25,268		19,348		27.7
Moneysupermarket.com Group PLC		69,016		218,849		313.2
Morgan Sindall Group PLC		6,583		151,227		216.4
Nomad Foods Ltd.		23,825		329,261		471.2
OSB Group PLC		86,855		318,774		456.2
Oxford Instruments PLC		395		8,698		12.5
Paragon Banking Group PLC		54,034		292,915		419.2
Playtech Plc		113,819		544,450		779.2
Premier Foods PLC		20,652		29,567		42.3
Redde Northgate PLC		110,079		451,751		646.5
Restaurant Group PLC		26,095		21,552		30.9
RWS Holdings PLC		88,649		225,018		322.0
S4 Capital PLC		169,508		131,637		188.4
Serco Group PLC		387,628		677,070		969.0


Security	Shares		Value		% of Basket Value

United Kingdom (continued)
Softcat PLC		10,399	$	160,820		230.2	%
Spire Healthcare Group PLC		107,291		279,864		400.5
SThree PLC		4,851		20,817		29.8
Telecom Plus PLC		1,249		23,429		33.5
TP ICAP Group PLC		119,093		229,138		327.9
Vanquis Banking Group PLC		74,812		105,658		151.2
Vesuvius PLC		43,954		216,417		309.7
Virgin Money UK PLC		174,120		317,396		454.3

				9,040,327

United States
1-800-Flowers.com, Inc., Class A		7,567		56,828		81.3
A10 Networks, Inc.		2,953		32,099		45.9
Accel Entertainment, Inc., Class A		21,447		211,253		302.3
Accolade, Inc.		5,832		37,908		54.3
Aclaris Therapeutics, Inc.		14,160		70,517		100.9
Acushnet Holdings Corp.		5,195		264,737		378.9
AdaptHealth Corp., Class A		15,826		116,005		166.0
Addus HomeCare Corp.		7,258		572,656		819.6
Adtalem Global Education, Inc.		1,718		88,992		127.4
Advanced Energy Industries, Inc.		277		24,171		34.6
AdvanSix, Inc.		649		17,880		25.6
Agilysys, Inc.		538		46,155		66.1
Albany International Corp., Class A		7,844		640,149		916.2
Allient, Inc.		5,016		138,442		198.1
Alpha & Omega Semiconductor Ltd.		4,151		98,462		140.9
Alta Equipment Group, Inc.		11,065		101,687		145.5
A-Mark Precious Metals, Inc.		2,218		60,063		86.0
Ambarella, Inc.		115		5,174		7.4
Ameresco, Inc., Class A		4,361		114,040		163.2
American Assets Trust, Inc.		11,322		200,966		287.6
American Vanguard Corp.		56,241		526,416		753.4
American Woodmark Corp.		4,346		292,182		418.2
AngioDynamics, Inc.		2,931		18,172		26.0
Anywhere Real Estate, Inc.		80,827		377,462		540.2
Apogee Enterprises, Inc.		10,017		429,930		615.3
Archrock, Inc.		26,823		339,847		486.4
Arcosa, Inc.		4,094		282,773		404.7
Argan, Inc.		1,669		76,340		109.3
ASGN, Inc.		359		29,962		42.9
Aspen Aerogels, Inc.		6,686		51,616		73.9
AssetMark Financial Holdings, Inc.		3,860		92,293		132.1
Astec Industries, Inc.		2,279		91,251		130.6
Atea Pharmaceuticals, Inc.		6,608		21,476		30.7
AtriCure, Inc.		580		20,091		28.8
Badger Meter, Inc.		2,000		277,100		396.6
Banc of California, Inc.		7,235		81,104		116.1
Beazer Homes USA, Inc.		16,534		399,957		572.4
Bel Fuse, Inc., Class B		485		26,277		37.6
Benchmark Electronics, Inc.		7,073		171,237		245.1
Berry Corp.		54,696		456,712		653.6
BigCommerce Holdings, Inc., Series-1		7,632		67,848		97.1
Bluegreen Vacations Holding Corp., Class A		1,278		42,826		61.3
BlueLinx Holdings, Inc.		11,664		829,427		1,187.0
Boise Cascade Co.		7,552		708,000		1,013.3
Brady Corp., Class A		11,775		605,941		867.2
Brandywine Realty Trust		29,020		108,535		155.3
Brightsphere Investment Group, Inc.		10,544		165,119		236.3
Bristow Group, Inc.		5,395		141,025		201.8
Byline Bancorp, Inc.		536		10,168		14.5
Capitol Federal Financial, Inc.		6,161		32,037		45.8


SCHEDULE OF INVESTMENTS		119

Schedule of Investments (unaudited) (continued)

October 31, 2023

BlackRock Global Equity Market Neutral Fund


Security	Shares		Value		% of Basket Value

United States (continued)
CareTrust REIT, Inc.		9,220	$	198,414		284.0	%
Cargurus, Inc.		973		16,765		24.0
Cars.com, Inc.		10,580		161,133		230.6
Castle Biosciences, Inc.		7,736		120,836		172.9
Central Garden & Pet Co., Class A		3,640		144,472		206.8
Century Aluminum Co.		2,687		17,761		25.4
Century Communities, Inc.		2,211		135,977		194.6
Cerence, Inc.		6,054		92,687		132.6
CEVA, Inc.		2,225		38,203		54.7
Chefs’ Warehouse, Inc.		17,649		335,860		480.7
Chegg, Inc.		178,942		1,347,433		1,928.4
Chuy’s Holdings, Inc.		1,011		34,030		48.7
Cinemark Holdings, Inc.		10,243		168,907		241.7
Clean Energy Fuels Corp.		5,500		19,195		27.5
Clear Secure, Inc.		1,229		20,672		29.6
Clearwater Paper Corp.		2,535		85,708		122.7
Cogent Communications Holdings, Inc.		3,432		223,011		319.2
CommVault Systems, Inc.		15,131		988,811		1,415.2
Comstock Resources, Inc.		84,021		1,058,665		1,515.1
Comtech Telecommunications Corp.		11,913		145,339		208.0
ConnectOne Bancorp, Inc.		9,671		157,541		225.5
Corcept Therapeutics, Inc.		15,380		431,870		618.1
CorVel Corp.		902		174,934		250.4
Coursera, Inc.		7,526		130,501		186.8
CRA International, Inc.		4,810		467,099		668.5
Cracker Barrel Old Country Store, Inc.		2,520		167,227		239.3
CS Disco, Inc.		7,144		40,078		57.4
CSG Systems International, Inc.		22,725		1,064,893		1,524.0
CTO Realty Growth, Inc.		4,360		70,588		101.0
Customers Bancorp, Inc.		9,679		389,193		557.0
Daktronics, Inc.		1,894		18,220		26.1
Dana, Inc.		30,912		354,870		507.9
Delek U.S. Holdings, Inc.		24,617		648,658		928.3
Deluxe Corp.		10,270		175,104		250.6
Digital Turbine, Inc.		17,261		81,817		117.1
Dime Community Bancshares, Inc.		14,413		265,055		379.3
DISH Network Corp., Class A		43,364		212,484		304.1
Diversified Energy Co. PLC		21,640		17,704		25.3
Dril-Quip, Inc.		5,384		116,617		166.9
Driven Brands Holdings, Inc.		29,432		334,936		479.3
Duckhorn Portfolio, Inc.		10,830		112,957		161.7
DXP Enterprises, Inc.		13,481		439,481		629.0
Dycom Industries, Inc.		3,052		259,969		372.1
Eagle Bancorp, Inc.		18,293		356,348		510.0
El Pollo Loco Holdings, Inc.		9,340		77,989		111.6
Encore Wire Corp.		3,912		699,583		1,001.2
Enersys		6,414		548,910		785.6
Enova International, Inc.		9,507		379,139		542.6
Enovis Corp.		8,911		409,015		585.4
ePlus, Inc.		7,517		469,812		672.4
Equity Bancshares, Inc.		766		18,537		26.5
Esab Corp.		3,603		228,070		326.4
Everbridge, Inc.		2,304		47,485		68.0
Everi Holdings, Inc.		29,235		315,446		451.5
EW Scripps Co., Class A		20,262		110,833		158.6
eXp World Holdings, Inc.		33,163		440,073		629.8
Exponent, Inc.		281		20,594		29.5
Extreme Networks, Inc.		5,855		120,730		172.8
EZCORP, Inc., Class A		29,064		238,325		341.1
FB Financial Corp.		607		17,828		25.5
Federated Hermes, Inc.		1,406		44,570		63.8
First Interstate BancSystem, Inc.		20,668		476,811		682.4


Security	Shares		Value		% of Basket Value

United States (continued)
Forestar Group, Inc.		7,670	$	182,163		260.7	%
Forrester Research, Inc.		2,465		57,188		81.8
Forward Air Corp.		3,013		194,067		277.7
Franklin Covey Co.		2,671		105,264		150.6
Frontdoor, Inc.		16,799		485,995		695.5
Fulgent Genetics, Inc.		9,256		221,589		317.1
Gates Industrial Corp. PLC		4,461		48,714		69.7
Gibraltar Industries, Inc.		1,878		114,295		163.6
G-III Apparel Group Ltd.		55,292		1,412,711		2,021.8
Global Industrial Co.		5,054		161,475		231.1
GMS, Inc.		2,266		132,516		189.6
GoPro, Inc., Class A		74,816		187,788		268.8
GQG Partners, Inc., CDI		176,633		146,006		209.0
Gray Television, Inc.		1,232		8,033		11.5
Greif, Inc.		5,732		363,982		520.9
Griffon Corp.		10,568		422,086		604.1
Grocery Outlet Holding Corp.		9,824		271,830		389.0
Group 1 Automotive, Inc.		4,393		1,108,486		1,586.4
Guess?, Inc.		49,986		1,074,699		1,538.1
Gulfport Energy Corp.		471		58,220		83.3
H&E Equipment Services, Inc.		4,797		195,334		279.6
Hackett Group, Inc.		4,321		96,315		137.8
Hain Celestial Group, Inc.		761		8,409		12.0
Hawaiian Holdings, Inc.		2,735		11,514		16.5
HCI Group, Inc.		4,622		272,559		390.1
Health Catalyst, Inc.		22,257		166,705		238.6
Healthcare Services Group, Inc.		23,546		223,687		320.1
HealthStream, Inc.		14,117		358,572		513.2
Heartland Financial USA, Inc.		5,062		138,699		198.5
Heidrick & Struggles International, Inc.		18,096		440,457		630.4
Helen of Troy Ltd.		1,524		149,840		214.4
Helix Energy Solutions Group, Inc.		4,600		45,080		64.5
Heritage Financial Corp.		4,034		65,633		93.9
Hims & Hers Health, Inc.		15,843		94,741		135.6
Hope Bancorp, Inc.		4,581		40,130		57.4
Horizon Bancorp, Inc.		1,514		14,368		20.6
Hub Group, Inc., Class A		3,193		219,519		314.2
Hudson Pacific Properties, Inc.		38,121		170,020		243.3
Huron Consulting Group, Inc.		564		56,039		80.2
Hyster-Yale Materials Handling, Inc.		723		28,927		41.4
IES Holdings, Inc.		303		18,856		27.0
Independent Bank Corp.		6,756		134,782		192.9
Independent Bank Group, Inc.		12,162		429,927		615.3
Infinera Corp.		56,400		165,252		236.5
Innoviva, Inc.		44,681		554,491		793.6
Installed Building Products, Inc.		10,449		1,166,840		1,669.9
Insteel Industries, Inc.		7,157		199,752		285.9
Instructure Holdings, Inc.		2,577		63,472		90.8
Intapp, Inc.		12,482		426,884		610.9
Integral Ad Science Holding Corp.		8,134		93,378		133.6
Inter Parfums, Inc.		394		50,081		71.7
Interface, Inc., Class A		25,287		224,801		321.7
Itron, Inc.		22,186		1,270,814		1,818.7
Janus International Group, Inc.		16,060		150,322		215.1
JELD-WEN Holding, Inc.		14,630		165,758		237.2
JetBlue Airways Corp.		38,263		143,869		205.9
Johnson Outdoors, Inc.		1,331		63,289		90.6
Kaman Corp.		4,915		91,468		130.9
KB Home		3,204		141,617		202.7
Kelly Services, Inc., Class A		16,813		300,112		429.5
Kennametal, Inc.		17,665		408,238		584.3
Kimball Electronics, Inc.		10,041		263,074		376.5


120		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

October 31, 2023

BlackRock Global Equity Market Neutral Fund


Security	Shares		Value		% of Basket Value

United States (continued)
Kodiak Gas Services, Inc.		8,308	$	142,815		204.4	%
Kohl’s Corp.		31,053		700,245		1,002.2
Kontoor Brands, Inc.		9,174		426,132		609.9
Korn Ferry		9,664		439,905		629.6
Kyndryl Holdings, Inc.		52,005		760,833		1,088.9
Laureate Education, Inc.		13,396		189,419		271.1
Legalzoom.com, Inc.		5,441	��	54,247		77.6
LeMaitre Vascular, Inc.		4,780		232,212		332.3
LendingClub Corp.		9,694		50,312		72.0
LifeStance Health Group, Inc.		3,418		19,927		28.5
Lindsay Corp.		226		28,232		40.4
Liquidity Services, Inc.		7,639		147,204		210.7
LivaNova PLC		8,012		392,989		562.4
LiveRamp Holdings, Inc.		5,389		149,060		213.3
Lovesac Co.		21,049		346,467		495.8
M/I Homes, Inc.		7,545		619,218		886.2
Malibu Boats, Inc., Class A		5,622		245,232		351.0
Manitowoc Co., Inc.		48,819		624,883		894.3
Masonite International Corp.		1,903		150,603		215.5
Mativ Holdings, Inc.		6,932		90,809		130.0
Matson, Inc.		5,829		507,414		726.2
MaxLinear, Inc.		84,003		1,276,846		1,827.4
Mercantile Bank Corp.		750		24,705		35.4
Mercury General Corp.		3,903		120,525		172.5
Merit Medical Systems, Inc.		407		27,977		40.0
Methode Electronics, Inc.		37,650		861,055		1,232.3
MGP Ingredients, Inc.		1,987		188,089		269.2
Midland States Bancorp, Inc.		5,068		110,584		158.3
MillerKnoll, Inc.		7,949		186,802		267.3
Minerals Technologies, Inc.		1,097		59,304		84.9
Mitek Systems, Inc.		1,874		20,014		28.6
Model N, Inc.		21,898		527,742		755.3
Monro, Inc.		20,773		515,586		737.9
Mr. Cooper Group, Inc.		1,694		95,762		137.0
MSA Safety, Inc.		2,255		356,019		509.5
MYR Group, Inc.		519		60,116		86.0
N-able, Inc.		43,557		564,499		807.9
National Vision Holdings, Inc.		39,526		614,234		879.1
NETGEAR, Inc.		51,863		655,548		938.2
Nevro Corp.		2,666		38,470		55.1
NexPoint Diversified Real Estate Trust		4,254		33,522		48.0
NexPoint Residential Trust, Inc.		3,701		99,890		143.0
NMI Holdings, Inc., Class A		10,074		275,524		394.3
Novocure Ltd.		31,061		413,111		591.2
Nu Skin Enterprises, Inc., Class A		10,890		206,801		296.0
OceanFirst Financial Corp.		1,329		16,825		24.1
ODP Corp.		12,057		541,600		775.1
O-I Glass, Inc.		18,371		283,832		406.2
Omnicell, Inc.		3,866		137,398		196.6
ON24, Inc.		50,415		310,052		443.7
Ooma, Inc.		19,309		210,661		301.5
Oscar Health, Inc.		61,974		317,307		454.1
OSI Systems, Inc.		2,208		230,228		329.5
Otter Tail Corp.		4,647		357,540		511.7
Outfront Media, Inc.		88,770		866,395		1,240.0
Owens & Minor, Inc.		7,136		102,259		146.3
Oxford Industries, Inc.		1,526		128,794		184.3
Palomar Holdings, Inc.		5,246		262,720		376.0
Park Hotels & Resorts, Inc.		1,673		19,290		27.6
Paysafe Ltd.		4,952		48,133		68.9
Pegasystems, Inc.		5,616		240,028		343.5
Pennant Group, Inc.		2,925		31,795		45.5


Security	Shares		Value		% of Basket Value

United States (continued)
Perdoceo Education Corp.		2,832	$	51,231		73.3	%
Perella Weinberg Partners, Class A		9,368		91,900		131.5
Perimeter Solutions Sa		6,965		22,288		31.9
Petco Health & Wellness Co., Inc., Class A		144,934		501,472		717.7
PetIQ, Inc., Class A		2,552		47,901		68.6
Phreesia, Inc.		1,344		18,359		26.3
Pilgrim’s Pride Corp.		2,372		60,486		86.6
Playtika Holding Corp.		31,555		265,062		379.3
PRA Group, Inc.		11,358		139,817		200.1
Premier Financial Corp.		27,718		480,907		688.3
Prestige Consumer Healthcare, Inc.		8,032		476,780		682.3
Primoris Services Corp.		25,356		762,201		1,090.8
PROG Holdings, Inc.		8,848		242,347		346.8
Progress Software Corp.		6,406		329,140		471.1
Proto Labs, Inc.		5,582		131,791		188.6
Q2 Holdings, Inc.		5,044		151,471		216.8
Quaker Chemical Corp.		3,719		534,495		764.9
Redfin Corp.		45,933		214,048		306.3
Regional Management Corp.		267		6,638		9.5
REV Group, Inc.		5,241		74,632		106.8
Revance Therapeutics, Inc.		4,135		32,625		46.7
Revolve Group, Inc.		4,435		60,981		87.3
REX American Resources Corp.		14,607		555,212		794.6
RHI Magnesita NV		4,007		125,763		180.0
RingCentral, Inc., Class A		572		15,204		21.8
Riskified Ltd.		17,911		66,808		95.6
RLJ Lodging Trust		46,341		435,605		623.4
Rogers Corp.		2,514		308,945		442.1
Rover Group, Inc., Class A		47,492		306,323		438.4
RxSight, Inc.		1,552		34,361		49.2
Ryerson Holding Corp.		9,265		269,148		385.2
Sally Beauty Holdings, Inc.		8,227		69,930		100.1
Sandy Spring Bancorp, Inc.		20,004		409,082		585.5
Sanmina Corp.		12,213		621,275		889.1
ScanSource, Inc.		1,809		54,994		78.7
Schnitzer Steel Industries, Inc.		8,432		191,491		274.1
Select Medical Holdings Corp.		17,776		404,048		578.3
SEMrush Holdings, Inc., Class A		8,283		66,927		95.8
Semtech Corp.		16,350		228,246		326.7
ServisFirst Bancshares, Inc.		6,082		286,827		410.5
SI-BONE, Inc.		6,823		116,059		166.1
Silk Road Medical, Inc.		17,621		132,334		189.4
Sims Ltd.		37,317		297,349		425.6
Simulations Plus, Inc.		825		29,098		41.6
Sinclair, Inc.		10,223		111,124		159.0
SMART Global Holdings, Inc.		2,120		29,044		41.6
SolarWinds Corp.		3,614		33,285		47.6
Sonic Automotive, Inc., Class A		5,855		280,162		401.0
Sonos, Inc.		12,419		133,877		191.6
Southside Bancshares, Inc.		10,346		276,238		395.3
SpartanNash Co.		7,611		171,171		245.0
Sphere Entertainment Co.		6,376		209,834		300.3
Sprinklr, Inc.		7,251		98,541		141.0
SPX Technologies, Inc.		7,257		581,431		832.1
St. Joe Co.		2,212		103,168		147.6
Standard Motor Products, Inc.		4,501		157,220		225.0
Steelcase, Inc., Class A		15,543		169,574		242.7
Sterling Infrastructure, Inc.		4,200		305,970		437.9
Stock Yards Bancorp, Inc.		1,845		72,158		103.3
Stoneridge, Inc.		867		14,106		20.2
StoneX Group, Inc.		1,394		132,876		190.2
Stratasys Ltd.		11,156		113,457		162.4


SCHEDULE OF INVESTMENTS		121

Schedule of Investments (unaudited) (continued)

October 31, 2023

BlackRock Global Equity Market Neutral Fund


Security	Shares			Value			% of Basket Value

United States (continued)
Strategic Education, Inc.		9,529		$	784,332			1,122.5	%
Supernus Pharmaceuticals, Inc.		2,872			68,497			98.0
Surmodics, Inc.		2,749			80,986			115.9
Tanger Factory Outlet Centers, Inc.		13,998			315,655			451.8
TechTarget, Inc.		12,443			313,315			448.4
Tennant Co.		2,220			164,768			235.8
Theravance Biopharma, Inc.		13,358			126,100			180.5
Thryv Holdings, Inc.		6,166			107,473			153.8
Titan Machinery, Inc.		9,122			226,590			324.3
Topgolf Callaway Brands Corp.		23,506			287,243			411.1
TTEC Holdings, Inc.		8,165			168,036			240.5
TTM Technologies, Inc.		26,800			307,932			440.7
Turning Point Brands, Inc.		1,451			29,093			41.6
Tutor Perini Corp.		4,735			34,139			48.9
United Bankshares, Inc.		796			22,638			32.4
Universal Insurance Holdings, Inc.		7,763			121,569			174.0
Univest Financial Corp.		3,807			63,425			90.8
Upbound Group, Inc.		3,450			89,907			128.7
Upwork, Inc.		16,951			177,138			253.5
V2X, Inc.		1,451			74,103			106.1
Varex Imaging Corp.		28,353			511,772			732.4
Varonis Systems, Inc., Class B		10,423			350,630			501.8
Vector Group Ltd.		6,604			67,889			97.2
Verint Systems, Inc.		38,678			727,533			1,041.2
Viad Corp.		2,382			57,716			82.6
Viavi Solutions, Inc.		2,088			16,245			23.2
Vicor Corp.		4,671			180,955			259.0
Virtu Financial, Inc., Class A		7,561			139,803			200.1
Vishay Precision Group, Inc.		488			14,601			20.9
Vital Farms, Inc.		20,316			224,695			321.6
Vizio Holding Corp.		2,065			10,511			15.0
W&T Offshore, Inc.		53,507			222,054			317.8
Waste Connections, Inc.		1,323			174,456			249.7
Watts Water Technologies, Inc., Class A		887			153,460			219.6
Weis Markets, Inc.		3,782			246,208			352.4
WesBanco, Inc.		1,323			32,268			46.2
World Kinect Corp.		12,489			231,046			330.7
Xerox Holdings Corp.		5,140			65,998			94.5
Yext, Inc.		2,182			13,157			18.8
Zeta Global Holdings Corp.		14,099			109,972			157.4
ZipRecruiter, Inc.		12,819			136,522			195.4
Zumiez, Inc.		6,437			105,760			151.4
Zuora, Inc., Class A		61,828			458,145			655.7

					80,542,725

Preferred Stocks

Germany
Kloeckner & Co. SE		570			3,532			5.0
Schaeffler AG		34,072			176,491			252.6


Total Reference Entity — Long				172,862,108


Reference Entity — Short

Common Stocks

Australia
ARB Corp. Ltd.		(2,614	)		(48,778	)		(69.8	)
Boss Energy Ltd.		(12,988	)		(35,792	)		(51.2	)
Champion Iron Ltd.		(157,403	)		(715,940	)		(1,024.6	)
Coronado Global Resources, Inc., CDI		(114,167	)		(125,587	)		(179.7	)
Corporate Travel Management Ltd.		(26,125	)		(276,444	)		(395.6	)
Domain Holdings Australia Ltd.		(60,744	)		(131,671	)		(188.5	)


Security	Shares			Value			% of Basket Value

Australia (continued)
EVT Ltd.		(26,560	)	$	(176,111	)		(252.1	)%
GUD Holdings Ltd.		(5,339	)		(36,426	)		(52.1	)
HMC Capital Ltd.		(1,977	)		(5,371	)		(7.7	)
HomeCo Daily Needs REIT		(10,965	)		(7,454	)		(10.7	)
HUB24 Ltd.		(6,802	)		(131,417	)		(188.1	)
Kelsian Group Ltd.		(17,430	)		(67,032	)		(95.9	)
Nine Entertainment Co. Holdings Ltd.		(69,962	)		(82,442	)		(118.0	)
Paladin Energy Ltd.		(458,053	)		(276,025	)		(395.1	)
PEXA Group Ltd.		(1,954	)		(13,553	)		(19.4	)
Silex Systems Ltd.		(7,555	)		(15,468	)		(22.1	)
TPG Telecom Ltd.		(11,198	)		(36,939	)		(52.9	)

					(2,182,450	)

Belgium
Ackermans & van Haaren NV		(2,113	)		(313,120	)		(448.1	)
Azelis Group NV		(26,307	)		(448,267	)		(641.6	)
bpost SA		(2,650	)		(14,331	)		(20.5	)

					(775,718	)

Canada
Exchange Income Corp.		(3,202	)		(100,427	)		(143.7	)
Hammond Power Solutions, Inc.		(742	)		(38,509	)		(55.1	)
Orla Mining Ltd.		(15,309	)		(47,859	)		(68.5	)
Sienna Senior Living, Inc.		(1,665	)		(12,281	)		(17.6	)
Triple Flag Precious Metals Corp.		(9,910	)		(128,319	)		(183.7	)

					(327,395	)

Cayman Islands
Consolidated Water Co. Ltd.		(2,447	)		(72,235	)		(103.4	)


China
Theme International Holdings Ltd.		(100,000	)		(7,427	)		(10.6	)


Costa Rica
Establishment Labs Holdings, Inc.		(15,017	)		(439,698	)		(629.3	)


Denmark
Alm Brand A/S		(49,773	)		(71,944	)		(103.0	)
Chemometec A/S		(675	)		(27,890	)		(39.9	)
Dfds A/S		(1,817	)		(52,422	)		(75.0	)
Matas A/S		(14,941	)		(194,206	)		(277.9	)
Netcompany Group A/S		(581	)		(18,154	)		(26.0	)
NKT A/S		(12,004	)		(603,959	)		(864.4	)
Ringkjoebing Landbobank A/S		(7,934	)		(1,080,112	)		(1,545.8	)
Royal Unibrew A/S		(10,106	)		(730,347	)		(1,045.3	)
Topdanmark A/S		(19,806	)		(886,722	)		(1,269.0	)

					(3,665,756	)

Finland
Metsa Board OYJ		(22,546	)		(170,361	)		(243.8	)
Tietoevry OYJ		(16,010	)		(335,201	)		(479.7	)

					(505,562	)

France
Alten SA		(288	)		(34,021	)		(48.7	)
Elior Group SA		(22,756	)		(43,105	)		(61.7	)
IPSOS SA		(3,601	)		(174,671	)		(250.0	)
Neoen SA		(19,209	)		(506,771	)		(725.3	)
Societe BIC SA		(3,856	)		(241,804	)		(346.0	)
SPIE SA		(5,930	)		(156,290	)		(223.7	)
Virbac SA		(620	)		(177,713	)		(254.3	)

					(1,334,375)

Germany
Dermapharm Holding SE		(1,310	)		(50,603	)		(72.4	)


122		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

October 31, 2023

BlackRock Global Equity Market Neutral Fund


Security	Shares			Value			% of Basket Value

Germany (continued)
DIC Asset AG		(2,187	)	$	(9,034	)		(12.9	)%
Eckert & Ziegler Strahlen- und Medizintechnik AG		(2,710	)		(106,735	)		(152.8	)
Fraport AG Frankfurt Airport Services Worldwide		(427	)		(21,385	)		(30.6	)
Hensoldt AG		(723	)		(21,497	)		(30.8	)
HOCHTIEF AG		(3,895	)		(402,792	)		(576.5	)
Mercer International, Inc.		(13,316	)		(105,729	)		(151.3	)
Pfeiffer Vacuum Technology AG		(906	)		(139,760	)		(200.0	)
Sixt SE		(3,385	)		(291,598	)		(417.3	)
Suse Sa		(772	)		(8,011	)		(11.5	)

					(1,157,144)

Ghana
Tullow Oil PLC		(51,503	)		(20,770	)		(29.7	)


Indonesia
Nickel Industries Ltd.		(551,210	)		(261,753	)		(374.6	)


Ireland
Ardmore Shipping Corp.		(31,042	)		(412,548	)		(590.4	)


Israel
Camtek Ltd.		(2,167	)		(113,984	)		(163.1	)


Italy
Banca Generali SpA		(1,117	)		(36,167	)		(51.8	)
ERG SpA		(3,422	)		(83,930	)		(120.1	)
Eurogroup Laminations SpA		(15,862	)		(52,047	)		(74.5	)
Industrie De Nora SpA		(9,513	)		(134,167	)		(192.0	)
Salvatore Ferragamo SpA		(15,289	)		(186,714	)		(267.2	)
Stevanato Group SpA		(589	)		(16,463	)		(23.6	)
Tod’s SpA		(456	)		(15,249	)		(21.8	)

					(524,737	)

Japan
Activia Properties, Inc.		(68	)		(185,684	)		(265.7	)
Advance Logistics Investment Corp.		(91	)		(75,156	)		(107.6	)
Advance Residence Investment Corp.		(176	)		(387,881	)		(555.1	)
Aichi Financial Group, Inc.		(7,200	)		(114,858	)		(164.4	)
Aiful Corp.		(135,300	)		(345,129	)		(493.9	)
Airtrip Corp.		(31,400	)		(381,259	)		(545.6	)
Amvis Holdings, Inc.		(25,500	)		(440,460	)		(630.4	)
AOKI Holdings, Inc.		(11,300	)		(74,997	)		(107.3	)
Appier Group, Inc.		(16,000	)		(133,820	)		(191.5	)
Arclands Corp.		(26,800	)		(290,421	)		(415.6	)
Ariake Japan Co. Ltd.		(17,300	)		(552,818	)		(791.2	)
Asahi Yukizai Corp.		(4,000	)		(99,285	)		(142.1	)
ASKUL Corp.		(7,600	)		(100,585	)		(144.0	)
Autobacs Seven Co. Ltd.		(27,400	)		(285,536	)		(408.7	)
Base Co. Ltd.		(8,500	)		(241,744	)		(346.0	)
C Uyemura & Co. Ltd.		(6,200	)		(341,397	)		(488.6	)
Calbee, Inc.		(4,800	)		(92,210	)		(132.0	)
Casio Computer Co. Ltd.		(45,000	)		(365,437	)		(523.0	)
Change Holdings, Inc.		(1,100	)		(11,374	)		(16.3	)
Chikaranomoto Holdings Co., Ltd.		(8,169	)		(103,428	)		(148.0	)
Chiyoda Corp.		(840,400	)		(2,003,091	)		(2,866.8	)
Comforia Residential REIT, Inc.		(29	)		(62,220	)		(89.0	)
Cover Corp.		(1,400	)		(22,352	)		(32.0	)
CUC, Inc.		(23,300	)		(404,654	)		(579.1	)
CYBERDYNE, Inc.		(421,600	)		(745,082	)		(1,066.3	)
Cybozu, Inc.		(15,700	)		(198,100	)		(283.5	)
Daiei Kankyo Co. Ltd.		(37,300	)		(520,729	)		(745.3	)


Security	Shares			Value			% of Basket Value

Japan (continued)
Daikoku Denki Co. Ltd.		(2,300	)	$	(67,752	)		(97.0	)%
Daikokutenbussan Co. Ltd.		(1,600	)		(68,701	)		(98.3	)
Daiwa Office Investment Corp.		(65	)		(287,919	)		(412.1	)
Daiwabo Holdings Co. Ltd.		(2,000	)		(38,527	)		(55.1	)
DCM Holdings Co. Ltd.		(5,400	)		(42,656	)		(61.0	)
Descente Ltd.		(30,400	)		(858,848	)		(1,229.2	)
Dexerials Corp.		(4,200	)		(97,248	)		(139.2	)
DyDo Group Holdings, Inc.		(3,500	)		(137,175	)		(196.3	)
en Japan, Inc.		(5,700	)		(86,113	)		(123.2	)
Enplas Corp.		(8,900	)		(505,294	)		(723.2	)
Ferrotec Holdings Corp.		(16,200	)		(288,850	)		(413.4	)
First Bank of Toyama Ltd.		(1,200	)		(7,950	)		(11.4	)
Fuji Co. Ltd.		(4,200	)		(53,780	)		(77.0	)
Fuji Media Holdings, Inc.		(72,100	)		(723,258	)		(1,035.1	)
Fuji Soft, Inc.		(3,200	)		(116,713	)		(167.0	)
Fujio Food Group, Inc.		(22,100	)		(207,082	)		(296.4	)
Fukuyama Transporting Co. Ltd.		(15,400	)		(425,356	)		(608.8	)
Fuso Chemical Co. Ltd.		(13,300	)		(366,289	)		(524.2	)
Future Corp.		(17,200	)		(198,553	)		(284.2	)
Geo Holdings Corp.		(10,900	)		(172,579	)		(247.0	)
Globeride, Inc.		(4,400	)		(57,543	)		(82.4	)
GMO Financial Holdings, Inc.		(74,600	)		(343,376	)		(491.4	)
Goldwin, Inc.		(5,000	)		(319,299	)		(457.0	)
Gremz, Inc.		(27,300	)		(366,353	)		(524.3	)
GungHo Online Entertainment, Inc.		(26,700	)		(408,127	)		(584.1	)
Hachijuni Bank Ltd.		(126,700	)		(730,571	)		(1,045.6	)
Hakuto Co. Ltd.		(2,900	)		(99,387	)		(142.2	)
Hankyu Hanshin REIT, Inc.		(154	)		(146,226	)		(209.3	)
Haseko Corp.		(25,900	)		(322,856	)		(462.1	)
Heiwa Corp.		(9,600	)		(137,644	)		(197.0	)
Heiwa Real Estate REIT, Inc.		(374	)		(353,734	)		(506.3	)
Hirata Corp.		(500	)		(23,070	)		(33.0	)
Hirogin Holdings, Inc.		(52,900	)		(340,865	)		(487.8	)
HIS Co. Ltd.		(37,700	)		(431,111	)		(617.0	)
Hisamitsu Pharmaceutical Co., Inc.		(19,200	)		(620,896	)		(888.6	)
Hitachi Zosen Corp.		(14,700	)		(77,759	)		(111.3	)
Hokuetsu Corp.		(8,000	)		(62,072	)		(88.8	)
Hokuhoku Financial Group, Inc.		(39,100	)		(462,224	)		(661.5	)
Hoshino Resorts REIT, Inc.		(104	)		(414,826	)		(593.7	)
House Foods Group, Inc.		(3,400	)		(72,653	)		(104.0	)
Idec Corp.		(2,900	)		(52,756	)		(75.5	)
Iino Kaiun Kaisha Ltd.		(67,600	)		(490,679	)		(702.2	)
Inabata & Co. Ltd.		(5,300	)		(112,120	)		(160.5	)
I-NE Co., Ltd.		(7,800	)		(147,866	)		(211.6	)
Insource Co. Ltd.		(17,100	)		(102,188	)		(146.2	)
Invincible Investment Corp.		(6	)		(2,339	)		(3.3	)
Iyogin Holdings, Inc.		(47,100	)		(343,538	)		(491.7	)
Izumi Co. Ltd.		(52,800	)		(1,352,775	)		(1,936.0	)
J Trust Co. Ltd.		(4,600	)		(14,781	)		(21.2	)
Japan Aviation Electronics Industry Ltd.		(41,000	)		(783,333	)		(1,121.1	)
Japan Communications, Inc.		(47,800	)		(66,103	)		(94.6	)
Japan Logistics Fund, Inc.		(102	)		(191,568	)		(274.2	)
Japan Material Co. Ltd.		(18,800	)		(267,970	)		(383.5	)
Japan Prime Realty Investment Corp.		(18	)		(42,646	)		(61.0	)
Juroku Financial Group, Inc.		(5,100	)		(139,155	)		(199.2	)
Jvckenwood Corp.		(13,000	)		(55,871	)		(80.0	)
Kadokawa Corp.		(3,800	)		(73,199	)		(104.8	)
Kagome Co. Ltd.		(21,200	)		(444,640)			(636.4	)
Kamigumi Co. Ltd.		(500	)		(10,281	)		(14.7	)
Kanto Denka Kogyo Co. Ltd.		(62,800	)		(336,580	)		(481.7	)
Kasumigaseki Capital Co. Ltd.		(600	)		(32,512	)		(46.5	)


SCHEDULE OF INVESTMENTS		123

Schedule of Investments (unaudited) (continued)

October 31, 2023

BlackRock Global Equity Market Neutral Fund


Security	Shares			Value			% of Basket Value

Japan (continued)
KeePer Technical Laboratory Co. Ltd.		(3,500	)	$	(133,734	)		(191.4	)%
Keihan Holdings Co. Ltd.		(29,600	)		(732,720	)		(1,048.6	)
Keikyu Corp.		(27,900	)		(239,598	)		(342.9	)
KH Neochem Co. Ltd.		(4,300	)		(65,993	)		(94.4	)
Kinden Corp.		(4,800	)		(73,278	)		(104.9	)
Kisoji Co. Ltd.		(2,300	)		(41,144	)		(58.9	)
Ki-Star Real Estate Co. Ltd.		(6,200	)		(176,633	)		(252.8	)
Kiyo Bank Ltd.		(1,800	)		(18,823	)		(26.9	)
Koa Corp.		(23,800	)		(232,985	)		(333.4	)
Kohnan Shoji Co. Ltd.		(13,800	)		(362,563	)		(518.9	)
Komehyo Holdings Co. Ltd.		(3,000	)		(95,454	)		(136.6	)
Kosaido Holdings Co. Ltd.		(17,300	)		(343,182	)		(491.2	)
Krosaki Harima Corp.		(700	)		(44,574	)		(63.8	)
K’s Holdings Corp.		(70,800	)		(667,610	)		(955.5	)
Kura Sushi, Inc.		(3,300	)		(79,417	)		(113.7	)
KYB Corp.		(1,900	)		(56,901	)		(81.4	)
Lintec Corp.		(4,800	)		(80,408	)		(115.1	)
Macbee Planet, Inc.		(900	)		(88,555	)		(126.7	)
Makino Milling Machine Co. Ltd.		(7,100	)		(300,324	)		(429.8	)
Management Solutions Co. Ltd.		(3,500	)		(61,660	)		(88.2	)
Maruichi Steel Tube Ltd.		(1,000	)		(25,156	)		(36.0	)
MEC Co. Ltd.		(7,700	)		(177,575	)		(254.1	)
Midac Holdings Co. Ltd.		(1,000	)		(11,827	)		(16.9	)
Mirai Corp.		(335	)		(102,564	)		(146.8	)
Mitsubishi Estate Logistics REIT Investment Corp.		(199	)		(507,532	)		(726.4	)
Mitsubishi Logistics Corp.		(4,600	)		(121,888	)		(174.4	)
Mizuno Corp.		(4,000	)		(118,903	)		(170.2	)
Money Forward, Inc.		(4,200	)		(106,084	)		(151.8	)
Mori Hills REIT Investment Corp.		(297	)		(281,310	)		(402.6	)
Mori Trust REIT, Inc.		(148	)		(73,048	)		(104.5	)
Morinaga Milk Industry Co. Ltd.		(6,900	)		(272,266	)		(389.7	)
m-up Holdings, Inc.		(13,900	)		(113,680	)		(162.7	)
Musashino Bank Ltd.		(5,100	)		(97,407	)		(139.4	)
Nagoya Railroad Co. Ltd.		(9,200	)		(130,496	)		(186.8	)
Namura Shipbuilding Co. Ltd.		(42,667	)		(227,913	)		(326.2	)
Nanto Bank Ltd.		(7,900	)		(144,074	)		(206.2	)
NEC Networks & System Integration Corp.		(7,000	)		(95,458	)		(136.6	)
Nifco, Inc.		(8,800	)		(209,404	)		(299.7	)
Nihon Kohden Corp.		(20,700	)		(495,538	)		(709.2	)
Nikkiso Co. Ltd.		(9,100	)		(58,725	)		(84.0	)
Nikkon Holdings Co. Ltd.		(11,900	)		(255,876	)		(366.2	)
Nippon Carbon Co. Ltd.		(200	)		(5,940	)		(8.5	)
Nippon Electric Glass Co. Ltd.		(23,400	)		(472,159	)		(675.7	)
Nippon Pillar Packing Co. Ltd.		(500	)		(12,652	)		(18.1	)
Nippon REIT Investment Corp.		(100	)		(234,075	)		(335.0	)
Nippon Television Holdings, Inc.		(20,900	)		(206,065	)		(294.9	)
Nippon Thompson Co. Ltd.		(5,000	)		(18,021	)		(25.8	)
Nippon Yakin Kogyo Co. Ltd.		(33,700	)		(905,378	)		(1,295.7	)
Nishimatsu Construction Co. Ltd.		(9,700	)		(236,514	)		(338.5	)
NOF Corp.		(6,700	)		(267,928	)		(383.5	)
Nojima Corp.		(10,600	)		(95,654	)		(136.9	)
Nomura Micro Science Co. Ltd.		(10,500	)		(543,860	)		(778.4	)
NS Solutions Corp.		(4,500	)		(132,231	)		(189.2	)
NS United Kaiun Kaisha Ltd.		(3,800	)		(109,442	)		(156.6	)
NTT UD REIT Investment Corp.		(89	)		(74,312	)		(106.4	)
OBIC Business Consultants Co. Ltd.		(1,000	)		(43,425	)		(62.1	)
Ohsho Food Service Corp.		(3,700	)		(172,507	)		(246.9	)
Oisix ra daichi, Inc.		(17,500	)		(134,771	)		(192.9	)
One REIT, Inc.		(74	)		(129,810	)		(185.8	)
Optorun Co. Ltd.		(2,700	)		(31,679	)		(45.3	)
Orient Corp.		(53,700	)		(404,667	)		(579.1	)


Security	Shares				Value			% of Basket Value

Japan (continued)
Osaka Soda Co. Ltd.		(8,100	)		$	(480,949	)		(688.3	)%
OSAKA Titanium Technologies Co. Ltd.		(15,100	)			(326,810	)		(467.7	)
OSG Corp.		(44,000	)			(509,066	)		(728.6	)
PAL GROUP Holdings Co. Ltd.		(25,200	)			(330,156	)		(472.5	)
Penta-Ocean Construction Co. Ltd.		(10,500	)			(62,533	)		(89.5	)
Pilot Corp.		(1,100	)			(37,833	)		(54.1	)
Piolax, Inc.		(21,000	)			(314,305	)		(449.8	)
PKSHA Technology, Inc.		(6,800	)			(117,418	)		(168.0	)
Qol Holdings Co. Ltd.		(4,100	)			(47,819	)		(68.4	)
Rengo Co. Ltd.		(98,800	)			(663,027	)		(948.9	)
Resorttrust, Inc.		(7,800	)			(113,694	)		(162.7	)
Riken Keiki Co. Ltd.		(4,800	)			(199,113	)		(285.0	)
Ringer Hut Co. Ltd.		(2,500	)	��		(38,624	)		(55.3	)
Roland Corp.		(9,000	)			(262,871	)		(376.2	)
Rorze Corp.		(3,800	)			(286,706	)		(410.3	)
Ryosan Co. Ltd.		(1,800	)			(57,487	)		(82.3	)
Sakata Seed Corp.		(2,800	)			(76,350	)		(109.3	)
SAMTY Co. Ltd.		(4,700	)			(78,315	)		(112.1	)
Sangetsu Corp.		(34,700	)			(660,891	)		(945.8	)
Sankei Real Estate, Inc.		(101	)			(61,877	)		(88.6	)
Sanyo Special Steel Co. Ltd.		(900	)			(15,562	)		(22.3	)
Sawai Group Holdings Co. Ltd.		(700	)			(22,603	)		(32.3	)
SBI Sumishin Net Bank Ltd.		(1,800	)			(19,136	)		(27.4	)
Seiren Co. Ltd.		(8,700	)			(130,749	)		(187.1	)
Senshu Ikeda Holdings, Inc.		(73,800	)			(175,396	)		(251.0	)
Septeni Holdings Co. Ltd.		(65,600	)			(186,839	)		(267.4	)
Shibaura Mechatronics Corp.		(7,800	)			(341,997	)		(489.5	)
Shiga Bank Ltd.		(19,000	)			(508,761	)		(728.1	)
Shin Nippon Biomedical Laboratories Ltd.		(20,000	)			(226,065	)		(323.5	)
Shoei Co. Ltd.		(16,900	)			(228,440	)		(326.9	)
SKY Perfect JSAT Holdings, Inc.		(117,300	)			(550,290	)		(787.6	)
SOSiLA Logistics REIT, Inc.		(89	)			(71,403	)		(102.2	)
Sotetsu Holdings, Inc.		(17,500	)			(313,212	)		(448.3	)
SRE Holdings Corp.		(19,200	)			(297,880	)		(426.3	)
Star Asia Investment Corp.		(72	)			(27,502	)		(39.4	)
Star Micronics Co. Ltd.		(38,200	)			(465,779	)		(666.6	)
Starts Proceed Investment Corp.		(252	)			(350,959	)		(502.3	)
Sun*, Inc.		(10,700	)			(90,950	)		(130.2	)
SUNWELS Co. Ltd.		(18,200	)			(317,870	)		(454.9	)
T Hasegawa Co. Ltd.		(500	)			(10,617	)		(15.2	)
Takara Holdings, Inc.		(109,800	)			(926,483	)		(1,326.0	)
Takara Leben Real Estate Investment Corp.		(332	)			(220,295	)		(315.3	)
Tamura Corp.		(5,300	)			(17,493	)		(25.0	)
T-Gaia Corp.		(5,900	)			(71,189	)		(101.9	)
Tocalo Co. Ltd.		(37,500	)			(343,477	)		(491.6	)
Toei Animation Co. Ltd.		(2,000	)			(182,501	)		(261.2	)
Toho Holdings Co. Ltd.		(3,100	)			(70,784	)		(101.3	)
TOKAI Holdings Corp.		(18,500	)			(120,876	)		(173.0	)
Tokyo Kiraboshi Financial Group, Inc.		(22,500	)			(673,162	)		(963.4	)
Tokyo Steel Manufacturing Co. Ltd.		(71,900	)			(841,334	)		(1,204.1	)
Tokyotokeiba Co. Ltd.		(9,200	)			(241,347	)		(345.4	)
Toridoll Holdings Corp.		(15,300	)			(375,008	)		(536.7	)
Towa Corp.		(21,500	)			(746,405	)		(1,068.2	)
Toyo Gosei Co. Ltd.		(4,100	)			(173,008	)		(247.6	)
Transcosmos, Inc.		(3,200	)			(66,059	)		(94.5	)
Tri Chemical Laboratories, Inc.		(24,300	)			(523,796	)		(749.6	)
TV Asahi Holdings Corp.		(41,200	)			(450,159	)		(644.3	)
Universal Entertainment Corp.		(5,200	)			(75,216	)		(107.6	)
Valqua Ltd.		(2,700	)			(67,602	)		(96.8	)
Wacoal Holdings Corp.		(8,600	)			(199,061	)		(284.9	)
Workman Co. Ltd.		(95,500	)			(2,497,167	)		(3,573.9	)
W-Scope Corp.		(16,600	)			(97,439	)		(139.5	)


124		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

October 31, 2023

BlackRock Global Equity Market Neutral Fund


Security	Shares			Value			% of Basket Value

Japan (continued)
Yamaichi Electronics Co. Ltd.		(6,100	)	$	(71,500	)		(102.3	)%
YA-MAN Ltd.		(43,500	)		(310,235	)		(444.0	)
Yamato Kogyo Co. Ltd.		(7,400	)		(359,303	)		(514.2	)
Yodogawa Steel Works Ltd.		(9,600	)		(227,801	)		(326.0	)
Yonex Co. Ltd.		(43,000	)		(471,982	)		(675.5	)
Zeon Corp.		(4,200	)		(35,138	)		(50.3	)
Zojirushi Corp.		(9,800	)		(102,152	)		(146.2	)

					(55,573,038	)

Netherlands
Alfen NV		(611	)		(19,222	)		(27.5	)
AMG Critical Materials NV		(13,902	)		(361,890	)		(517.9	)
Arcadis NV		(9,727	)		(410,381	)		(587.3	)
Corbion NV		(7,583	)		(131,080	)		(187.6	)
Flow Traders Ltd.		(17,621	)		(321,444	)		(460.1	)
TKH Group NV		(16,138	)		(589,182	)		(843.2	)
Van Lanschot Kempen NV, GDR		(1,450	)		(38,897	)		(55.7	)

					(1,872,096	)

New Zealand
Fletcher Building Ltd.		(1,634	)		(4,160	)		(6.0	)
Ryman Healthcare Ltd.		(240,335	)		(811,253	)		(1,161.0	)

					(815,413	)

Norway
Entra ASA		(7,381	)		(58,908	)		(84.3	)
Europris ASA		(20,733	)		(120,083	)		(171.9	)
MPC Container Ships ASA		(120,686	)		(174,980	)		(250.4	)
Norwegian Air Shuttle ASA		(156,811	)		(113,074	)		(161.8	)
PGS ASA		(321,539	)		(298,182	)		(426.7	)
TOMRA Systems ASA		(2,766	)		(21,924	)		(31.4	)

					(787,151	)

Puerto Rico
First BanCorp./Puerto Rico		(5,211	)		(69,567	)		(99.6	)
Liberty Latin America Ltd.		(12,275	)		(84,084	)		(120.3	)

					(153,651	)

Singapore
AEM Holdings Ltd.		(22,600	)		(57,192	)		(81.9	)
Hafnia Ltd.		(18,312	)		(122,903	)		(175.9	)
Kenon Holdings Ltd.		(2,320	)		(42,719	)		(61.1	)
SATS Ltd.		(115,200	)		(207,464	)		(296.9	)

					(430,278	)

Spain
Acerinox SA		(32,120	)		(312,573	)		(447.3	)
Atresmedia Corp. de Medios de Comunicacion SA		(7,860	)		(29,486	)		(42.2	)
Befesa SA		(355	)		(10,366	)		(14.8	)
Faes Farma SA		(22,958	)		(71,981	)		(103.0	)
Laboratorios Farmaceuticos Rovi SA		(4,700	)		(250,890	)		(359.1	)
Sacyr SA		(78,067	)		(225,138	)		(322.2	)
Vidrala SA		(10,362	)		(770,735	)		(1,103.1	)
Viscofan SA		(4,849	)		(279,771	)		(400.4	)

					(1,950,940)

Sweden
Addnode Group AB, Class B		(6,319	)		(40,259	)		(57.6	)
AFRY AB		(1,760	)		(18,481	)		(26.5	)
Alleima AB		(10,523	)		(65,400	)		(93.6	)
Axfood AB		(21,369	)		(481,415	)		(689.0	)
Catena AB		(466	)		(15,796	)		(22.6	)
Clas Ohlson AB		(14,380	)		(151,258	)		(216.5	)


Security	Shares			Value			% of Basket Value

Sweden (continued)
Dometic Group AB		(48,433	)	$	(305,339	)		(437.0	)%
Hemnet Group AB		(16,938	)		(300,441	)		(430.0	)
Hexatronic Group AB		(28,408	)		(68,704	)		(98.3	)
Hms Networks Ab		(2,455	)		(83,284	)		(119.2	)
Hufvudstaden AB		(3,168	)		(34,548	)		(49.4	)
JM AB		(5,016	)		(54,953	)		(78.6	)
New Wave Group AB, B Shares		(34,877	)		(231,623	)		(331.5	)
Paradox Interactive AB		(7,568	)		(146,689	)		(209.9	)
Stillfront Group AB		(27,180	)		(28,972	)		(41.5	)
Wihlborgs Fastigheter AB		(1,684	)		(11,175	)		(16.0	)

					(2,038,337	)

Switzerland
Garrett Motion, Inc.		(4,976	)		(35,131	)		(50.3	)


United Kingdom
Auction Technology Group PLC		(2,034	)		(13,941	)		(19.9	)
Britvic PLC		(36,286	)		(370,845	)		(530.7	)
Cranswick PLC		(1,424	)		(60,856	)		(87.1	)
Crest Nicholson Holdings PLC		(28,067	)		(54,879	)		(78.5	)
Currys PLC		(219,947	)		(120,416	)		(172.3	)
Elementis PLC		(38,482	)		(55,671	)		(79.7	)
Frasers Group PLC		(10,513	)		(103,046	)		(147.5	)
Future PLC		(1,725	)		(18,718	)		(26.8	)
Genuit Group PLC		(35,442	)		(114,978	)		(164.5	)
Global Ship Lease, Inc., Class A		(10,642	)		(187,086	)		(267.7	)
Ibstock PLC		(24,621	)		(36,865	)		(52.8	)
LXI REIT PLC		(100,333	)		(105,128	)		(150.5	)
Moonpig Group PLC		(201,162	)		(404,728	)		(579.2	)
Navigator Holdings Ltd.		(3,132	)		(44,005	)		(63.0	)
Rathbones Group PLC		(1,885	)		(34,574	)		(49.5	)
Renewi PLC		(14,171	)		(101,731	)		(145.6	)
Renishaw PLC		(532	)		(20,101	)		(28.8	)
Rotork PLC		(129,235	)		(463,880	)		(663.9	)
SSP Group PLC		(5,842	)		(12,852	)		(18.4	)
Trainline PLC		(5,419	)		(17,236	)		(24.7	)
Victrex PLC		(12,994	)		(218,614	)		(312.9	)
Watches of Switzerland Group PLC		(36,177	)		(222,009	)		(317.7	)
WH Smith PLC		(5,720	)		(80,775	)		(115.6	)
Yellow Cake PLC		(23,505	)		(158,610	)		(227.0	)

					(3,021,544	)

United States
ACV Auctions, Inc.		(21,089	)		(281,116	)		(402.3	)
Adeia, Inc.		(1,597	)		(13,463	)		(19.3	)
ADTRAN Holdings, Inc.		(19,739	)		(129,685	)		(185.6	)
Aehr Test Systems		(12,839	)		(302,487	)		(432.9	)
AerSale Corp.		(36,763	)		(562,106	)		(804.5	)
Agiliti, Inc.		(1,533	)		(8,631	)		(12.4	)
Alamo Group, Inc.		(121	)		(19,396	)		(27.8	)
Alphatec Holdings, Inc.		(4,428	)		(40,649	)		(58.2	)
Altair Engineering, Inc., Class A		(2,498	)		(155,176	)		(222.1	)
Alteryx, Inc., Class A		(3,961	)		(126,792	)		(181.5	)
AMC Networks, Inc.		(5,472	)		(64,570	)		(92.4	)
America’s Car-Mart, Inc.		(216	)		(14,468	)		(20.7	)
Amplitude, Inc., Class A		(1,795	)		(17,878	)		(25.6	)
ANI Pharmaceuticals, Inc.		(600	)		(37,044	)		(53.0	)
Anterix, Inc.		(10,235	)		(312,065	)		(446.6	)
Apollo Commercial Real Estate Finance, Inc.		(18,921	)		(188,453	)		(269.7	)
Appfolio, Inc., Class A		(792	)		(148,555)			(212.6	)
Appian Corp., Class A		(2,768	)		(109,225	)		(156.3	)
Applied Digital Corp.		(94,940	)		(463,307	)		(663.1	)
Applied Optoelectronics, Inc.		(5,248	)		(38,993	)		(55.8	)


SCHEDULE OF INVESTMENTS		125

Schedule of Investments (unaudited) (continued)

October 31, 2023

BlackRock Global Equity Market Neutral Fund


Security	Shares			Value			% of Basket Value

United States (continued)
Ares Commercial Real Estate Corp.		(15,736	)	$	(144,299	)		(206.5	)%
ARMOUR Residential REIT, Inc.		(13,112	)		(191,042	)		(273.4	)
Array Technologies, Inc.		(14,633	)		(253,590	)		(362.9	)
Artesian Resources Corp., Class A		(4,121	)		(161,955	)		(231.8	)
Associated Banc-Corp.		(1,404	)		(22,759	)		(32.6	)
Astronics Corp.		(4,657	)		(71,392	)		(102.2	)
Atlantic Union Bankshares Corp.		(4,084	)		(117,660	)		(168.4	)
Atlas Energy Solutions, Inc.		(4,512	)		(82,164	)		(117.6	)
Atrion Corp.		(57	)		(19,493	)		(27.9	)
AvePoint, Inc.		(13,960	)		(104,560	)		(149.6	)
Aviat Networks, Inc.		(10,554	)		(281,792	)		(403.3	)
Avid Technology, Inc.		(27,998	)		(756,506	)		(1,082.7	)
Avient Corp.		(1,694	)		(53,564	)		(76.7	)
Axsome Therapeutics, Inc.		(3,351	)		(208,700	)		(298.7	)
Azenta, Inc.		(791	)		(35,951	)		(51.5	)
Balchem Corp.		(986	)		(114,613	)		(164.0	)
BancFirst Corp.		(3,074	)		(249,332	)		(356.8	)
Bank First Corp.		(522	)		(41,222	)		(59.0	)
Barnes Group, Inc.		(22,641	)		(470,706	)		(673.7	)
Belden, Inc.		(6,250	)		(443,125	)		(634.2	)
BGC Group, Inc.		(151,718	)		(890,585	)		(1,274.6	)
BioLife Solutions, Inc.		(7,895	)		(79,739	)		(114.1	)
Bloomin’ Brands, Inc.		(10,156	)		(237,041	)		(339.2	)
BOK Financial Corp.		(1,869	)		(122,457	)		(175.3	)
Boot Barn Holdings, Inc.		(5,770	)		(401,015	)		(573.9	)
Boston Omaha Corp., Class A		(13,322	)		(189,572	)		(271.3	)
BrightSpire Capital, Inc., Class A		(7,294	)		(41,284	)		(59.1	)
Brinker International, Inc.		(7,393	)		(250,771	)		(358.9	)
BRP Group, Inc., Class A		(47,058	)		(984,924	)		(1,409.6	)
BRT Apartments Corp.		(3,240	)		(52,585	)		(75.3	)
Burford Capital Ltd.		(17,403	)		(216,493	)		(309.8	)
Business First Bancshares, Inc.		(1,700	)		(33,218	)		(47.5	)
Caleres, Inc.		(20,773	)		(531,373	)		(760.5	)
California Water Service Group		(18,326	)		(892,110	)		(1,276.8	)
Calix, Inc.		(2,528	)		(83,727	)		(119.8	)
Callon Petroleum Co.		(3,348	)		(125,048	)		(179.0	)
Cal-Maine Foods, Inc.		(756	)		(34,254	)		(49.0	)
Cambridge Bancorp		(5,950	)		(319,574	)		(457.4	)
Camping World Holdings, Inc., Class A		(1,833	)		(30,703	)		(43.9	)
Cardlytics, Inc.		(19,167	)		(237,479	)		(339.9	)
Carpenter Technology Corp.		(2,803	)		(175,804	)		(251.6	)
Carriage Services, Inc., Class A		(1,592	)		(34,387	)		(49.2	)
Carter’s, Inc.		(2,124	)		(142,648	)		(204.2	)
Casella Waste Systems, Inc., Class A		(9,135	)		(689,236	)		(986.4	)
Cass Information Systems, Inc.		(1,845	)		(69,759	)		(99.8	)
Cathay General Bancorp		(31,021	)		(1,051,922	)		(1,505.5	)
CBIZ, Inc.		(13,423	)		(697,459	)		(998.2	)
CCC Intelligent Solutions Holdings, Inc.		(124,856	)		(1,344,699)			(1,924.5	)
Centrus Energy Corp., Class A		(4,378	)		(232,340	)		(332.5	)
Certara, Inc.		(26,411	)		(321,950	)		(460.8	)
Chargepoint Holdings, Inc.		(11,531	)		(29,289	)		(41.9	)
Chico’s FAS, Inc.		(13,773	)		(103,022	)		(147.4	)
Claros Mortgage Trust, Inc.		(4,808	)		(50,147	)		(71.8	)
Cleanspark, Inc.		(48,911	)		(200,535	)		(287.0	)
Clearfield, Inc.		(27,654	)		(664,249	)		(950.7	)
Clearwater Analytics Holdings, Inc., Class A		(6,369	)		(115,152	)		(164.8	)
CNA Financial Corp.		(2,766	)		(111,746	)		(159.9	)
CNB Financial Corp.		(852	)		(15,489	)		(22.2	)
CNX Resources Corp.		(9,183	)		(199,455	)		(285.5	)
Coastal Financial Corp.		(7,689	)		(285,800	)		(409.0	)
Collegium Pharmaceutical, Inc.		(25,197	)		(548,287	)		(784.7	)
Columbia Financial, Inc.		(14,006	)		(225,497	)		(322.7	)


Security	Shares			Value			% of Basket Value

United States (continued)
Columbus McKinnon Corp.		(416	)	$	(12,717	)		(18.2	)%
Community Bank System, Inc.		(1,090	)		(43,545	)		(62.3	)
Conduent, Inc.		(6,823	)		(21,765	)		(31.1	)
CONMED Corp.		(9,321	)		(908,425	)		(1,300.1	)
Consensus Cloud Solutions, Inc.		(19,826	)		(428,043	)		(612.6	)
COPT Defense Properties		(2,264	)		(51,619	)		(73.9	)
Core Laboratories, Inc.		(991	)		(21,227	)		(30.4	)
CoreCivic, Inc.		(4,007	)		(50,889	)		(72.8	)
Couchbase, Inc.		(8,687	)		(135,170	)		(193.5	)
Covenant Logistics Group, Inc., Class A		(490	)		(19,348	)		(27.7	)
Crescent Energy Co., Class A		(36,445	)		(443,900	)		(635.3	)
CryoPort, Inc.		(1,871	)		(18,149	)		(26.0	)
CTS Corp.		(18,089	)		(676,709	)		(968.5	)
Cytek Biosciences, Inc.		(13,649	)		(57,462	)		(82.2	)
Dave & Buster’s Entertainment, Inc.		(7,760	)		(271,134	)		(388.0	)
Definitive Healthcare Corp., Class A		(21,764	)		(125,361	)		(179.4	)
Designer Brands, Inc.		(1,934	)		(19,553	)		(28.0	)
Diamond Hill Investment Group, Inc.		(189	)		(29,692	)		(42.5	)
DiamondRock Hospitality Co.		(77,031	)		(595,450	)		(852.2	)
Digitalbridge Group, Inc.		(19,041	)		(301,800	)		(431.9	)
DigitalOcean Holdings, Inc.		(12,077	)		(247,095	)		(353.6	)
Dine Brands Global, Inc.		(19,849	)		(978,357	)		(1,400.2	)
Distribution Solutions Group, Inc.		(6,251	)		(188,468	)		(269.7	)
DocGo, Inc.		(10,499	)		(62,364	)		(89.3	)
Domo, Inc.		(5,877	)		(47,956	)		(68.6	)
Dorman Products, Inc.		(8,811	)		(547,868	)		(784.1	)
Douglas Emmett, Inc.		(36,678	)		(411,160	)		(588.4	)
Dream Finders Homes, Inc.		(2,822	)		(55,565	)		(79.5	)
Ducommun, Inc.		(1,708	)		(81,711	)		(116.9	)
Easterly Government Properties, Inc., Class A		(53,345	)		(573,992	)		(821.5	)
Eastern Bankshares, Inc.		(1,196	)		(13,168	)		(18.8	)
Eastman Kodak Co.		(97,022	)		(360,922	)		(516.5	)
Ecovyst, Inc.		(43,367	)		(398,976	)		(571.0	)
Edgewell Personal Care Co.		(14,858	)		(518,544	)		(742.1	)
Embecta Corp.		(20,631	)		(311,941	)		(446.4	)
Encore Capital Group, Inc.		(4,519	)		(170,276	)		(243.7	)
Energizer Holdings, Inc.		(13,499	)		(426,298	)		(610.1	)
Enfusion, Inc., Class A		(48,182	)		(399,911)			(572.3	)
Enhabit, Inc.		(7,025	)		(51,774	)		(74.1	)
Enstar Group Ltd.		(716	)		(169,671	)		(242.8	)
Enterprise Financial Services Corp.		(685	)		(23,817	)		(34.1	)
EPR Properties		(7,691	)		(328,406	)		(470.0	)
Equity Commonwealth		(13,208	)		(250,160	)		(358.0	)
Essential Properties Realty Trust, Inc.		(32,355	)		(710,192	)		(1,016.4	)
European Wax Center, Inc., Class A		(52,819	)		(780,137	)		(1,116.5	)
Evolent Health, Inc., Class A		(12,182	)		(297,606	)		(425.9	)
Evolus, Inc.		(6,496	)		(49,370	)		(70.7	)
Excelerate Energy, Inc.		(15,567	)		(221,363	)		(316.8	)
F&G Annuities & Life, Inc.		(3,240	)		(99,436	)		(142.3	)
Farmland Partners, Inc.		(13,496	)		(140,628	)		(201.3	)
Fastly, Inc.		(11,679	)		(171,331	)		(245.2	)
Federal Signal Corp.		(789	)		(45,794	)		(65.5	)
First Advantage Corp.		(11,416	)		(148,522	)		(212.6	)
First Bancorp/Southern Pines NC		(1,498	)		(43,472	)		(62.2	)
First Bancshares, Inc.		(5,595	)		(135,511	)		(193.9	)
First Commonwealth Financial Corp.		(78,131	)		(951,636	)		(1,362.0	)
First Community Bankshares, Inc.		(2,811	)		(91,779	)		(131.4	)
First Financial Bankshares, Inc.		(3,201	)		(76,984	)		(110.2	)
First Merchants Corp.		(973	)		(26,573	)		(38.0	)
First Watch Restaurant Group, Inc.		(11,813	)		(197,395	)		(282.5	)
FirstCash Holdings, Inc.		(4,116	)		(448,315	)		(641.6	)
FormFactor, Inc.		(3,128	)		(105,977	)		(151.7	)


126		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

October 31, 2023

BlackRock Global Equity Market Neutral Fund


Security	Shares			Value			% of Basket Value

United States (continued)
Fortrea Holdings, Inc.		(31,435	)	$	(892,754	)		(1,277.7	)%
Franklin BSP Realty Trust, Inc.		(19,996	)		(252,150	)		(360.9	)
Freshpet, Inc.		(8,659	)		(497,027	)		(711.3	)
Frontier Group Holdings, Inc.		(16,581	)		(56,210	)		(80.4	)
FTAI Aviation Ltd.		(759	)		(28,546	)		(40.9	)
FutureFuel Corp.		(9,282	)		(60,797	)		(87.0	)
GCM Grosvenor, Inc.		(3,591	)		(28,908	)		(41.4	)
Gentherm, Inc.		(783	)		(31,492	)		(45.1	)
GEO Group, Inc.		(9,340	)		(81,632	)		(116.8	)
German American Bancorp, Inc.		(3,662	)		(100,082	)		(143.2	)
Getty Realty Corp.		(1,922	)		(51,164	)		(73.2	)
Glacier Bancorp, Inc.		(7,807	)		(235,693	)		(337.3	)
Gladstone Commercial Corp.		(3,115	)		(37,224	)		(53.3	)
Gladstone Land Corp.		(17,334	)		(236,782	)		(338.9	)
Glaukos Corp.		(300	)		(20,460	)		(29.3	)
Global Medical REIT, Inc.		(8,891	)		(76,996	)		(110.2	)
Gogo, Inc.		(22,599	)		(237,289	)		(339.6	)
Goosehead Insurance, Inc.		(1,443	)		(93,607	)		(134.0	)
Gorman-Rupp Co.		(594	)		(17,553	)		(25.1	)
GrafTech International Ltd.		(30,148	)		(104,011	)		(148.9	)
Graham Holdings Co.		(458	)		(265,054	)		(379.3	)
Great Southern Bancorp, Inc.		(2,853	)		(141,851	)		(203.0	)
Green Brick Partners, Inc.		(1,577	)		(61,030	)		(87.3	)
Greenbrier Cos., Inc.		(4,494	)		(155,447	)		(222.5	)
Grid Dynamics Holdings, Inc.		(25,156	)		(255,082	)		(365.1	)
Hallador Energy Co.		(5,134	)		(71,773	)		(102.7	)
Hamilton Lane, Inc., Class A		(5,740	)		(482,849)			(691.0	)
Hanesbrands, Inc.		(10,821	)		(45,340	)		(64.9	)
Harrow Health, Inc.		(1,681	)		(24,097	)		(34.5	)
Hawkins, Inc.		(2,237	)		(128,471	)		(183.9	)
Haynes International, Inc.		(5,415	)		(232,980	)		(333.4	)
Hayward Holdings, Inc.		(1,927	)		(20,233	)		(29.0	)
Helios Technologies, Inc.		(3,038	)		(157,125	)		(224.9	)
HighPeak Energy, Inc.		(5,280	)		(93,509	)		(133.8	)
Highwoods Properties, Inc.		(24,131	)		(431,704	)		(617.8	)
Hillman Solutions Corp.		(77,060	)		(505,514	)		(723.5	)
Hilltop Holdings, Inc.		(14,180	)		(391,652	)		(560.5	)
HireRight Holdings Corp.		(6,147	)		(56,614	)		(81.0	)
Home BancShares, Inc.		(19,194	)		(392,517	)		(561.8	)
Hudson Technologies, Inc.		(4,988	)		(64,245	)		(91.9	)
Ichor Holdings Ltd.		(8,201	)		(198,956	)		(284.7	)
IMAX Corp.		(8,638	)		(157,298	)		(225.1	)
Impinj, Inc.		(3,903	)		(252,173	)		(360.9	)
Informatica, Inc., Class A		(5,955	)		(114,217	)		(163.5	)
Innospec, Inc.		(6,836	)		(669,928	)		(958.8	)
Inspired Entertainment, Inc.		(11,359	)		(113,363	)		(162.2	)
Integra LifeSciences Holdings Corp.		(1,332	)		(47,899	)		(68.6	)
International Bancshares Corp.		(18,810	)		(824,442	)		(1,179.9	)
Intrepid Potash, Inc.		(1,349	)		(26,832	)		(38.4	)
InvenTrust Properties Corp.		(17,571	)		(441,032	)		(631.2	)
Invesco Mortgage Capital, Inc.		(2,566	)		(17,526	)		(25.1	)
iRhythm Technologies, Inc.		(5,550	)		(435,786	)		(623.7	)
Jack in the Box, Inc.		(12,780	)		(807,440	)		(1,155.6	)
Jackson Financial, Inc.		(27,124	)		(995,722	)		(1,425.0	)
JBG SMITH Properties		(18,713	)		(240,836	)		(344.7	)
John Bean Technologies Corp.		(4,585	)		(476,932	)		(682.6	)
John Wiley & Sons, Inc.		(8,408	)		(254,510	)		(364.2	)
Kadant, Inc.		(1,114	)		(245,080	)		(350.7	)
Kemper Corp.		(995	)		(39,681	)		(56.8	)
Kratos Defense & Security Solutions, Inc.		(15,760	)		(268,708	)		(384.6	)
Kura Sushi USA, Inc., Class A		(918	)		(52,455	)		(75.1	)
Lakeland Financial Corp.		(3,362	)		(165,578	)		(237.0	)


Security	Shares			Value			% of Basket Value

United States (continued)
LCI Industries		(1,889	)	$	(204,938	)		(293.3	)%
Leonardo DRS, Inc.		(9,385	)		(178,972	)		(256.1	)
Leslie’s, Inc.		(45,250	)		(223,535	)		(319.9	)
Liberty Energy, Inc., Class A		(13,716	)		(270,205	)		(386.7	)
Liberty Media Corp.-Liberty Live		(3,759	)		(119,799	)		(171.5	)
Life Time Group Holdings, Inc.		(8,701	)		(102,846	)		(147.2	)
Lightwave Logic, Inc.		(6,477	)		(29,341	)		(42.0	)
Lindblad Expeditions Holdings, Inc.		(18,520	)		(115,194	)		(164.9	)
Littelfuse, Inc.		(1,790	)		(387,839	)		(555.1	)
LTC Properties, Inc.		(10,878	)		(343,854	)		(492.1	)
Luminar Technologies, Inc., Class A		(87,218	)		(276,481	)		(395.7	)
Macerich Co.		(39,291	)		(381,908	)		(546.6	)
Madison Square Garden Entertainment Corp., Class A		(411	)		(12,527	)		(17.9	)
Maravai LifeSciences Holdings, Inc., Class A		(41,632	)		(285,596)			(408.7	)
Marten Transport Ltd.		(8,832	)		(155,267	)		(222.2	)
MasterCraft Boat Holdings, Inc.		(11,082	)		(226,516	)		(324.2	)
MaxCyte, Inc.		(13,154	)		(38,936	)		(55.7	)
MBIA, Inc.		(6,409	)		(44,094	)		(63.1	)
MediaAlpha, Inc., Class A		(10,851	)		(111,548	)		(159.6	)
Medifast, Inc.		(508	)		(35,133	)		(50.3	)
MeridianLink, Inc.		(8,513	)		(139,783	)		(200.1	)
Mesa Laboratories, Inc.		(3,549	)		(333,003	)		(476.6	)
MFA Financial, Inc.		(1,201	)		(10,677	)		(15.3	)
MGE Energy, Inc.		(1,263	)		(90,469	)		(129.5	)
Middlesex Water Co.		(8,242	)		(523,614	)		(749.4	)
Mirion Technologies, Inc., Class A		(22,930	)		(158,905	)		(227.4	)
Mission Produce, Inc.		(1,078	)		(10,144	)		(14.5	)
Modine Manufacturing Co.		(6,815	)		(269,192	)		(385.3	)
ModivCare, Inc.		(9,613	)		(406,053	)		(581.1	)
Montauk Renewables, Inc.		(15,822	)		(159,169	)		(227.8	)
Movado Group, Inc.		(13,667	)		(380,763	)		(544.9	)
Mueller Water Products, Inc., Class A		(15,781	)		(195,211	)		(279.4	)
National Bank Holdings Corp., Class A		(27,855	)		(868,519	)		(1,243.0	)
National Cinemedia, Inc.		(5,422	)		(21,200	)		(30.3	)
National Health Investors, Inc.		(9,278	)		(464,271	)		(664.4	)
National Presto Industries, Inc.		(715	)		(53,446	)		(76.5	)
National Western Life Group, Inc.		(967	)		(463,096	)		(662.8	)
Navient Corp.		(4,446	)		(70,736	)		(101.2	)
NBT Bancorp, Inc.		(34,580	)		(1,157,393	)		(1,656.4	)
nCino, Inc.		(10,727	)		(301,429	)		(431.4	)
NeoGenomics, Inc.		(8,387	)		(117,586	)		(168.3	)
NETSTREIT Corp.		(33,868	)		(482,619	)		(690.7	)
New York Mortgage Trust, Inc.		(22,209	)		(173,008	)		(247.6	)
Newmark Group, Inc.		(10,636	)		(60,306	)		(86.3	)
NewMarket Corp.		(1,079	)		(520,240	)		(744.6	)
Nicolet Bankshares, Inc.		(2,524	)		(183,798	)		(263.0	)
nLight, Inc.		(11,257	)		(93,771	)		(134.2	)
Northern Oil and Gas, Inc.		(22,047	)		(845,282	)		(1,209.7	)
Northwest Bancshares, Inc.		(13,361	)		(139,222	)		(199.2	)
Northwest Natural Holding Co.		(1,725	)		(63,325	)		(90.6	)
NorthWestern Corp.		(18,030	)		(865,620	)		(1,238.8	)
Novanta, Inc.		(398	)		(52,560	)		(75.2	)
NVE Corp.		(475	)		(32,300	)		(46.2	)
Oceaneering International, Inc.		(460	)		(10,115	)		(14.5	)
One Liberty Properties, Inc.		(1,555	)		(28,612	)		(40.9	)
OneSpan, Inc.		(9,352	)		(73,881	)		(105.7	)
OneWater Marine, Inc., Class A		(18,221	)		(412,341	)		(590.1	)
Origin Bancorp, Inc.		(13,746	)		(406,744	)		(582.1	)
OrthoPediatrics Corp.		(8,821	)		(215,762	)		(308.8	)
Papa John’s International, Inc.		(8,796	)		(571,916	)		(818.5	)
Paragon 28, Inc.		(4,122	)		(35,573	)		(50.9	)


SCHEDULE OF INVESTMENTS		127

Schedule of Investments (unaudited) (continued)

October 31, 2023

BlackRock Global Equity Market Neutral Fund


Security	Shares			Value			% of Basket Value

United States (continued)
Paramount Group, Inc.		(35,227	)	$	(150,772	)		(215.8	)%
Park National Corp.		(2,558	)		(259,356	)		(371.2	)
Paycor HCM, Inc.		(5,323	)		(114,870	)		(164.4	)
Peapack-Gladstone Financial Corp.		(3,947	)		(92,241	)		(132.0	)
Peloton Interactive, Inc., Class A		(10,791	)		(51,365	)		(73.5	)
PennyMac Mortgage Investment Trust		(12,667	)		(160,238	)		(229.3	)
Peoples Bancorp, Inc.		(12,379	)		(341,413	)		(488.6	)
PGT Innovations, Inc.		(4,864	)		(145,628	)		(208.4	)
Phillips Edison & Co., Inc.		(2,643	)		(93,324	)		(133.6	)
Phinia, Inc.		(1,979	)		(51,217	)		(73.3	)
Piedmont Lithium, Inc.		(3,119	)		(85,679	)		(122.6	)
Piper Sandler Cos		(1,465	)		(204,880	)		(293.2	)
Pitney Bowes, Inc.		(13,419	)		(43,343	)		(62.0	)
Plymouth Industrial REIT, Inc.		(2,902	)		(57,866	)		(82.8	)
Portillo’s, Inc., Class A		(26,323	)		(393,529	)		(563.2	)
PotlatchDeltic Corp.		(11,606	)		(497,317	)		(711.7	)
Powell Industries, Inc.		(6,463	)		(495,389	)		(709.0	)
PowerSchool Holdings, Inc., Class A		(7,175	)		(142,926	)		(204.6	)
Premier, Inc., Class A		(17,449	)		(335,370	)		(480.0	)
ProAssurance Corp.		(10,089	)		(171,513	)		(245.5	)
PROCEPT BioRobotics Corp.		(4,101	)		(109,866	)		(157.2	)
PubMatic, Inc.		(1,939	)		(21,853	)		(31.3	)
QIAGEN NV		(3,083	)		(115,397	)		(165.2	)
Quanterix Corp.		(4,378	)		(95,090	)		(136.1	)
Ranpak Holdings Corp., Class A		(4,349	)		(13,743	)		(19.7	)
RCI Hospitality Holdings, Inc.		(12,152	)		(662,405	)		(948.0	)
Ready Capital Corp.		(103,747	)		(978,334	)		(1,400.2	)
Red Rock Resorts, Inc.		(65	)		(2,571	)		(3.7	)
Redwood Trust, Inc.		(23,920	)		(150,218	)		(215.0	)
Resideo Technologies, Inc.		(13,284	)		(192,352	)		(275.3	)
Retail Opportunity Investments Corp.		(25,113	)		(294,827	)		(421.9	)
Rocket Lab USA, Inc.		(81,700	)		(345,591	)		(494.6	)
RXO, Inc.		(8,807	)		(154,211	)		(220.7	)
S&T Bancorp, Inc.		(13,328	)		(343,329	)		(491.4	)
Sabra Health Care REIT, Inc.		(23,968	)		(326,924	)		(467.9	)
Sabre Corp.		(14,976	)		(52,416	)		(75.0	)
Schneider National, Inc.		(6,923	)		(175,360	)		(251.0	)
Seaboard Corp.		(7	)		(24,549	)		(35.1	)
Seacoast Banking Corp. of Florida		(5,314	)		(107,396	)		(153.7	)
Select Water Solutions, Inc.		(25,226	)		(187,681	)		(268.6	)
Sensient Technologies Corp.		(15,958	)		(900,350	)		(1,288.6	)
Service Properties Trust		(5,833	)		(42,289	)		(60.5	)
Shake Shack, Inc., Class A		(3,214	)		(180,113	)		(257.8	)
Shenandoah Telecommunications Co.		(5,212	)		(123,316	)		(176.5	)
Shoals Technologies Group, Inc., Class A		(7,410	)		(113,818	)		(162.9	)
Silgan Holdings, Inc.		(15,607	)		(625,216	)		(894.8	)
Simply Good Foods Co.		(34,025	)		(1,268,792)			(1,815.9	)
SITE Centers Corp.		(29,977	)		(349,532	)		(500.2	)
SiTime Corp.		(3,722	)		(371,456	)		(531.6	)
Six Flags Entertainment Corp.		(47,774	)		(950,703	)		(1,360.6	)
SJW Group		(1,001	)		(62,542	)		(89.5	)
Sleep Number Corp.		(13,745	)		(223,631	)		(320.1	)
Sotera Health Co.		(20,269	)		(256,606	)		(367.2	)
Southern Missouri Bancorp, Inc.		(542	)		(21,924	)		(31.4	)
Spirit AeroSystems Holdings, Inc., Class A		(17,160	)		(387,816	)		(555.0	)
Stagwell, Inc., Class A		(6,796	)		(28,000	)		(40.1	)
Stellar Bancorp, Inc.		(5,753	)		(125,070	)		(179.0	)
Stepan Co.		(4,727	)		(353,580	)		(506.0	)
StepStone Group, Inc., Class A		(35,397	)		(1,001,735	)		(1,433.7	)
Stericycle, Inc.		(584	)		(24,084	)		(34.5	)


Security	Shares			Value			% of Basket Value

United States (continued)
Sterling Check Corp.		(17,505	)	$	(195,706	)		(280.1	)%
Steven Madden Ltd.		(27,674	)		(907,430	)		(1,298.7	)
Sun Country Airlines Holdings, Inc.		(9,804	)		(127,648	)		(182.7	)
SunCoke Energy, Inc.		(16,075	)		(152,873	)		(218.8	)
Sunrun, Inc.		(25,220	)		(243,373	)		(348.3	)
Sweetgreen, Inc.		(5,551	)		(57,342	)		(82.1	)
Sylvamo Corp.		(2,305	)		(102,111	)		(146.1	)
Target Hospitality Corp.		(2,769	)		(38,018	)		(54.4	)
Tarsus Pharmaceuticals, Inc.		(9,360	)		(133,286	)		(190.8	)
Texas Capital Bancshares, Inc.		(8,311	)		(457,604	)		(654.9	)
TFS Financial Corp.		(19,511	)		(231,400	)		(331.2	)
Tidewater, Inc.		(10,380	)		(709,473	)		(1,015.4	)
TimkenSteel Corp.		(968	)		(19,679	)		(28.2	)
Towne Bank		(7,567	)		(181,154	)		(259.3	)
TPG, Inc.		(11,492	)		(317,639	)		(454.6	)
Transcat, Inc.		(1,394	)		(125,488	)		(179.6	)
TreeHouse Foods, Inc.		(10,823	)		(451,211	)		(645.8	)
TriMas Corp.		(14,123	)		(341,918	)		(489.3	)
Triumph Financial, Inc.		(2,549	)		(158,675	)		(227.1	)
Triumph Group, Inc.		(94,690	)		(706,387	)		(1,011.0	)
Tronox Holdings PLC		(9,676	)		(103,436	)		(148.0	)
TrueBlue, Inc.		(15,413	)		(170,622	)		(244.2	)
TrustCo Bank Corp./New York		(428	)		(10,927	)		(15.6	)
Udemy, Inc.		(2,363	)		(21,102	)		(30.2	)
UFP Technologies, Inc.		(1,479	)		(230,606	)		(330.0	)
Ultra Clean Holdings, Inc.		(7,324	)		(174,751	)		(250.1	)
UMB Financial Corp.		(2,296	)		(144,005	)		(206.1	)
UniFirst Corp.		(5,925	)		(974,248	)		(1,394.3	)
United Community Banks, Inc.		(21,672	)		(478,734	)		(685.1	)
United Natural Foods, Inc.		(33,317	)		(485,762	)		(695.2	)
Uniti Group, Inc.		(97,805	)		(449,903	)		(643.9	)
Universal Corp.		(22,264	)		(1,001,880	)		(1,433.9	)
Urban Edge Properties		(7,056	)		(111,908	)		(160.2	)
Ventyx Biosciences, Inc.		(6,687	)		(96,427	)		(138.0	)
Veris Residential, Inc.		(1,328	)		(17,782	)		(25.4	)
Vertex Energy, Inc.		(36,342	)		(156,634	)		(224.2	)
Vertex, Inc., Class A		(806	)		(19,513	)		(27.9	)
Victoria’s Secret & Co.		(22,678	)		(405,483	)		(580.3	)
Vista Outdoor, Inc.		(33,557	)		(842,952	)		(1,206.4	)
Vital Energy, Inc.		(384	)		(19,215	)		(27.5	)
Vivid Seats, Inc., Class A		(14,428	)		(84,837	)		(121.4	)
VSE Corp.		(3,143	)		(169,093	)		(242.0	)
WaFd, Inc.		(7,821	)		(193,022	)		(276.2	)
Warby Parker, Inc.		(4,001	)		(51,933	)		(74.3	)
Werner Enterprises, Inc.		(6,863	)		(249,264	)		(356.7	)
Westrock Coffee Co.		(12,232	)		(100,792	)		(144.2	)
White Mountains Insurance Group Ltd.		(455	)		(650,991	)		(931.7	)
Winnebago Industries, Inc.		(2,642	)		(153,104	)		(219.1	)
Worthington Industries, Inc.		(441	)		(27,174	)		(38.9	)
Xenia Hotels & Resorts, Inc.		(7,890	)		(91,761	)		(131.3	)
XPEL, Inc.		(7,164	)		(331,693	)		(474.7	)
York Water Co.		(7,033	)		(253,680	)		(363.1	)

					(94,068,299)

Investment Companies

Luxembourg
BBGI Global Infrastructure SA		(101,706	)		(156,992	)		(224.7	)


128		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

October 31, 2023

BlackRock Global Equity Market Neutral Fund


Security	Shares			Value			% of Basket Value

Preferred Stocks

Germany
FUCHS SE		(1,565	)	$	(63,837	)		(91.4	)%


Rights

Spain
Vidrala SA		(6,502	)		(23,976	)		(34.3	)


Total Reference Entity — Short					(172,792,235)


Net Value of Reference Entity — UBS AG				$	69,873

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


Description	Swap Premiums Paid		Swap Premiums Received		Unrealized Appreciation		Unrealized Depreciation
OTC Swaps	$	—	$	—	$	2,488,109	$	(4,521,634	)

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)	$	—	$	—	$	86,675	$	—	$	—	$	—	$	86,675
Swaps — OTC
Unrealized appreciation on OTC swaps; Swap premiums paid		—		—		2,488,109		—		—		—		2,488,109

	$	—	$	—	$	2,574,784	$	—	$	—	$	—	$	2,574,784

Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	—	$	—	$	61,749	$	—	$	—	$	—	$	61,749
Swaps — OTC
Unrealized depreciation on OTC swaps; Swap premiums received		—		—		4,521,634		—		—		—		4,521,634

	$	—	$	—	$	4,583,383	$	—	$	—	$	—	$	4,583,383

^(a)


SCHEDULE OF INVESTMENTS		129

Schedule of Investments (unaudited) (continued)

October 31, 2023

BlackRock Global Equity Market Neutral Fund

For the period ended October 31, 2023, 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	$	—	$	—	$	(5,934,364	)	$	—	$	37,322	$	—	$	(5,897,042	)
Options purchased^(a)		—		—		2,594,372			—		—		—		2,594,372
Options written		—		—		92,014			—		—		—		92,014
Swaps		—		—		55,213,495			—		—		—		55,213,495

	$	—	$	—	$	51,965,517		$	—	$	37,322	$	—	$	52,002,839


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	24,679		$	—	$	—	$	—	$	24,679
Swaps		—		—		(2,849,942	)		—		—		—		(2,849,942	)

	$	—	$	—	$	(2,825,263	)	$	—	$	—	$	—	$	(2,825,263	)

^(a)

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

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	78,207,088
Average notional value of contracts — short	$	1,413,891
Options:
Average value of option contracts purchased	$	—	^(a)
Average value of option contracts written	$	—	^(a)
Total return swaps:
Average notional value	$	(24,247,747	)

^(a)

Derivative financial instrument not held at any quarter-end. The risk exposure table serves as an indicator of activity during the period.

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

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	$	378,553		$	10,322
Swaps — OTC^(a)		2,488,109			4,521,634

Total derivative assets and liabilities in the Statements of Assets and Liabilities		2,866,662			4,531,956

Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		(378,553	)		(10,322	)

Total derivative assets and liabilities subject to an MNA	$	2,488,109		$	4,521,634

^(a)

Includes unrealized appreciation (depreciation) on OTC swaps and swap premiums (paid/received) in the Statements of Assets and Liabilities.

The following table presents the Fund’s derivative assets and liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral received and pledged by the Fund:



Counterparty		Derivative Assets Subject to an MNA by Counterparty		Derivatives Available for Offset	^(a)		Non-Cash Collateral Received		Cash Collateral Received	^(b)		Net Amount of Derivative Assets	^(c)
BNP Paribas SA	$	2,441,015	$	(545,708	)	$	—	$	(1,895,307	)	$	—
Morgan Stanley & Co. International PLC		47,094		(36,817	)		—		—			10,277

	$	2,488,109	$	(582,525	)	$	—	$	(1,895,307	)	$	10,277


130		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

October 31, 2023

BlackRock Global Equity Market Neutral Fund



Counterparty		Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset^(a)			Non-Cash Collateral Pledged		Cash Collateral Pledged^(b)			Net Amount of Derivative Liabilities^(d)
Bank of America N.A.	$	458,908	$	—		$	—	$	(458,908	)	$	—
BNP Paribas SA		545,708		(545,708	)		—		—			—
Goldman Sachs Bank USA		2,771,429		—			—		—			2,771,429
Morgan Stanley & Co. International PLC		36,817		(36,817	)		—		—			—
UBS AG		708,772		—			—		—			708,772

	$	4,521,634	$	(582,525	)	$	—	$	(458,908	)	$	3,480,201

^(a)

The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA.

^(b)

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

^(c)

Net amount represents the net amount receivable from the counterparty in the event of default.

^(d)

Net amount represents the net amount payable due to counterparty in the event of default.

Fair Value Hierarchy as of Period End



	Level 1			Level 2			Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	70,064,997		$	—		$	—	$	70,064,997

Preferred Securities
Preferred Stocks		—			—			3,990,550		3,990,550

U.S. Treasury Obligations		—			61,712,020			—		61,712,020

Short-Term Securities
Money Market Funds		2,097,797			—			—		2,097,797
U.S. Treasury Obligations		—			948,433,225			—		948,433,225

	$	72,162,794		$	1,010,145,245		$	3,990,550	$	1,086,298,589

Derivative Financial Instruments^(a)
Assets
Equity Contracts	$	86,675		$	2,488,109		$	—	$	2,574,784
Liabilities
Equity Contracts		(61,749	)		(4,521,634	)		—		(4,583,383	)

	$	24,926		$	(2,033,525	)	$	—	$	(2,008,599	)

^(a)

Derivative financial instruments are swaps and futures contracts. Swaps and futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.


SCHEDULE OF INVESTMENTS		131

Statements of Assets and Liabilities (unaudited)

October 31, 2023


	BlackRock Advantage Emerging Markets Fund			BlackRock Global Equity Market Neutral Fund

ASSETS
Investments, at value — unaffiliated^(a)	$	75,151,108		$	1,084,200,792
Investments, at value — affiliated^(b)		4,036,233			2,097,797
Cash		—			11,751,198
Cash pledged:
Collateral — OTC derivatives		—			8,380,000
Futures contracts		114,000			2,728,000
Foreign currency, at value^(c)		328,186			—
Receivables:
Investments sold		2,385,921			933,302
Securities lending income — affiliated		120			—
Swaps		—			233,543,131
Capital shares sold		33,245			16,038,978
Dividends — unaffiliated		48,969			69,612
Dividends — affiliated		16,864			2,530
Interest — unaffiliated		—			10,727
Due from broker		—			840,000
Variation margin on futures contracts		—			378,553
Unrealized appreciation on OTC swaps		—			2,488,109
Prepaid expenses		40,690			103,981

Total assets		82,155,336			1,363,566,710


LIABILITIES
Foreign bank overdraft^(d)		—			5,544,988
Cash received as collateral for OTC derivatives		—			5,850,000
Collateral on securities loaned		8,904			—
Payables:
Investments purchased		2,488,345			69,568,375
Swaps		—			191,984,514
Accounting services fees		7,026			38,409
Administration fees		—			35,108
Capital shares redeemed		25,252			10,163,805
Custodian fees		50,946			82,309
Deferred foreign capital gain tax		22,189			—
Investment advisory fees		20,365			944,640
Trustees’ and Officer’s fees		2,433			2,640
Other accrued expenses		35,920			97,103
Professional fees		73,615			102,210
Service and distribution fees		1,248			11,628
Transfer agent fees		2,862			67,557
Variation margin on futures contracts		25,147			10,322
Unrealized depreciation on OTC swaps		—			4,521,634

Total liabilities		2,764,252			289,025,242

Commitments and contingent liabilities

NET ASSETS	$	79,391,084		$	1,074,541,468


NET ASSETS CONSIST OF
Paid-in capital	$	124,521,128		$	1,033,878,104
Accumulated earnings (loss)		(45,130,044	)		40,663,364

NET ASSETS	$	79,391,084		$	1,074,541,468


^(a) Investments, at cost — unaffiliated	$	79,444,266		$	1,090,904,059
^(b) Investments, at cost — affiliated	$	4,036,225		$	2,097,797
^(c) Foreign currency, at cost	$	328,151		$	—
^(d) Foreign bank overdraft, at cost	$	—		$	5,627,824


132		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Statements of Assets and Liabilities (unaudited) (continued)

October 31, 2023


	BlackRock Advantage Emerging Markets Fund		BlackRock Global Equity Market Neutral Fund

NET ASSET VALUE

Institutional
Net assets	$	4,961,116	$	865,102,907

Shares outstanding		560,792		67,226,842

Net asset value	$	8.85	$	12.87

Shares authorized		Unlimited		Unlimited

Par value	$	0.001	$	0.001


Investor A
Net assets	$	3,925,079	$	26,760,095

Shares outstanding		452,821		2,115,917

Net asset value	$	8.67	$	12.65

Shares authorized		Unlimited		Unlimited

Par value	$	0.001	$	0.001


Investor C
Net assets	$	503,663	$	8,208,860

Shares outstanding		61,410		696,602

Net asset value	$	8.20	$	11.78

Shares authorized		Unlimited		Unlimited

Par value	$	0.001	$	0.001


Class K
Net assets	$	70,001,226	$	174,469,606

Shares outstanding		7,911,695		13,518,415

Net asset value	$	8.85	$	12.91

Shares authorized		Unlimited		Unlimited

Par value	$	0.001	$	0.001

See notes to financial statements.


FINANCIAL STATEMENTS		133

Statements of Operations (unaudited)

Six Months Ended October 31, 2023


	BlackRock Advantage Emerging Markets Fund			BlackRock Global Equity Market Neutral Fund

INVESTMENT INCOME
Dividends — unaffiliated	$	1,470,156		$	241,605
Dividends — affiliated		100,848			104,473
Interest — unaffiliated		3,255			20,108,218
Securities lending income — affiliated — net		202			—
Foreign taxes withheld		(178,952	)		—

Total investment income		1,395,509			20,454,296


EXPENSES
Investment advisory		342,997			5,235,594
Professional		77,413			84,420
Custodian		40,843			286,086
Registration		38,450			73,906
Printing and postage		22,393			26,060
Administration		18,222			173,819
Accounting services		12,911			93,973
Administration — class specific		8,575			83,785
Transfer agent — class specific		8,249			324,436
Service and distribution — class specific		8,051			64,275
Trustees and Officer		3,481			5,998
Miscellaneous		10,223			59,174

Total expenses		591,808			6,511,526
Less:
Administration fees waived		(18,222	)		—
Administration fees waived by the Manager — class specific		(8,575	)		(83,785	)
Fees waived and/or reimbursed by the Manager		(202,837	)		(630,460	)
Transfer agent fees waived and/or reimbursed by the Manager — class specific		(4,854	)		(151,474	)

Total expenses after fees waived and/or reimbursed		357,320			5,645,807

Net investment income		1,038,189			14,808,489


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated^(a)		499,977			2,753,964
Foreign currency transactions		(73,256	)		(148,880	)
Futures contracts		(40,638	)		(5,897,042	)
Options written		—			92,014
Swaps		—			55,213,495

		386,083			52,013,551

Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated^(b)		(4,647,592	)		(7,171,311	)
Investments — affiliated		2—
Foreign currency translations		(2,880	)		(85,808	)
Futures contracts		(328,236	)		24,679
Swaps		—			(2,849,942	)

		(4,978,706	)		(10,082,382	)

Net realized and unrealized gain (loss)		(4,592,623	)		41,931,169

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(3,554,434	)	$	56,739,658


^(a) Net of foreign capital gain tax and capital gain tax refund, if applicable of	$	(92,621	)	$	—
^(b) Net of reduction in deferred foreign capital gain tax of	$	8,461		$	—

See notes to financial statements.


134		2 0 2 3 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 10/31/23 (unaudited)			Year Ended 04/30/23			Six Months Ended 10/31/23 (unaudited)			Year Ended 04/30/23

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	1,038,189		$	3,208,226		$	14,808,489		$	8,419,287
Net realized gain (loss)		386,083			(20,072,908	)		52,013,551			67,690,786
Net change in unrealized appreciation (depreciation)		(4,978,706	)		4,030,580			(10,082,382	)		(35,038,804	)

Net increase (decrease) in net assets resulting from operations		(3,554,434	)		(12,834,102	)		56,739,658			41,071,269


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Institutional		(36,457	)		(219,347	)		(5,122,056	)		—
Investor A		(21,303	)		(165,363	)		(182,810	)		—
Investor C		(2,293	)		(8,701	)		(53,964	)		—
Class K		(438,841	)		(2,617,795	)		(1,401,506	)		—

Decrease in net assets resulting from distributions to shareholders		(498,894	)		(3,011,206	)		(6,760,336	)		—


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(1,191,628	)		(40,652,940	)		308,393,550			72,900,510


NET ASSETS
Total increase (decrease) in net assets		(5,244,956	)		(56,498,248	)		358,372,872			113,971,779
Beginning of period		84,636,040			141,134,288			716,168,596			602,196,817

End of period	$	79,391,084		$	84,636,040		$	1,074,541,468		$	716,168,596

^(a)

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.


FINANCIAL STATEMENTS		135

Financial Highlights

(For a share outstanding throughout each period)


	BlackRock Advantage Emerging Markets Fund
	Institutional

	Six Months Ended 10/31/23 (unaudited)			Year Ended 04/30/23			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

Net asset value, beginning of period	$	9.29		$	10.11		$	13.24		$	8.85		$	10.25		$	10.59		$	10.10

Net investment income^(a)		0.12			0.28			0.20			0.15			0.10			0.18			0.07
Net realized and unrealized gain (loss)		(0.51	)		(0.75	)		(3.17	)		4.43			(1.27	)		(0.52	)		0.42

Net increase (decrease) from investment operations		(0.39	)		(0.47	)		(2.97	)		4.58			(1.17	)		(0.34	)		0.49

Distributions from net investment income^(b)		(0.05	)		(0.35	)		(0.16	)		(0.19	)		(0.23	)		—			—


Net asset value, end of period	$	8.85		$	9.29		$	10.11		$	13.24		$	8.85		$	10.25		$	10.59


Total Return^(c)
Based on net asset value		(4.20	)%^(d)		(4.57	)%		(22.62	)%		52.00	%		(11.78	)%^(d)		(3.21	)%^(e)		4.85	%


Ratios to Average Net Assets^(f)
Total expenses		1.44	%^(g)		1.48	%		1.19	%		1.40	%		1.38	%^(g)(h)		1.42	%^(i)(j)		1.28	%⁽ⁱ⁾

Total expenses after fees waived and/or reimbursed		0.85	%^(g)		0.85	%		0.85	%		0.85	%		0.81	%^(g)		0.92	%^(j)		0.94	%

Net investment income		2.47	%^(g)		3.00	%		1.62	%		1.29	%		1.38	%^(g)		1.83	%		0.67	%


Supplemental Data
Net assets, end of period (000)	$	4,961		$	6,362		$	9,583		$	17,216		$	9,689		$	15,904		$	32,775

Portfolio turnover rate		90	%		159	%		183	%		180	%^(k)		141	%^(k)		128	%^(k)		111	%^(k)

^(a)	Based on average shares outstanding.

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

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

^(d)	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 1.42%.

⁽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

10/31/23

(unaudited)

Year Ended
04/30/23

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

Expense ratios

N/A

1.39

1.28

^(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 1.40% and 0.90%, respectively.

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

See notes to financial statements.


136		2 0 2 3 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 10/31/23 (unaudited)			Year Ended 04/30/23			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

Net asset value, beginning of period	$	9.11		$	9.93		$	13.00		$	8.69		$	10.07		$	10.43		$	9.97

Net investment income^(a)		0.10			0.23			0.15			0.11			0.07			0.17			0.14
Net realized and unrealized gain (loss)		(0.50	)		(0.72	)		(3.09	)		4.36			(1.25	)		(0.53	)		0.32

Net increase (decrease) from investment operations		(0.40	)		(0.49	)		(2.94	)		4.47			(1.18	)		(0.36	)		0.46

Distributions from net investment income^(b)		(0.04	)		(0.33	)		(0.13	)		(0.16	)		(0.20	)		—			—


Net asset value, end of period	$	8.67		$	9.11		$	9.93		$	13.00		$	8.69		$	10.07		$	10.43


Total Return^(c)
Based on net asset value		(4.38	)%^(d)		(4.84	)%		(22.83	)%		51.62	%		(12.05	)%^(d)		(3.45	)%^(e)		4.61	%


Ratios to Average Net Assets^(f)
Total expenses		1.78	%^(g)		1.87	%		1.52	%		1.74	%		1.70	%^(g)(h)		1.69	%^(i)(j)		1.57	%⁽ⁱ⁾

Total expenses after fees waived and/or reimbursed		1.15	%^(g)		1.15	%		1.15	%		1.14	%		1.12	%^(g)		1.17	%^(j)		1.19	%

Net investment income		2.13	%^(g)		2.54	%		1.29	%		0.98	%		1.02	%^(g)		1.74	%		1.32	%


Supplemental Data
Net assets, end of period (000)	$	3,925		$	4,428		$	5,246		$	7,125		$	5,224		$	3,817		$	5,454

Portfolio turnover rate		90	%		159	%		183	%		180	%^(k)		141	%^(k)		128	%^(k)		111	%^(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
10/31/23
(unaudited)

Year Ended
04/30/23

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

Expense ratios

N/A

1.67

1.55

^(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		137

Financial Highlights (continued)

(For a share outstanding throughout each period)


	BlackRock Advantage Emerging Markets Fund (continued)
	Investor C

	Six Months Ended 10/31/23 (unaudited)			Year Ended 04/30/23			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

Net asset value, beginning of period	$	8.65		$	9.46		$	12.36		$	8.29		$	9.53		$	9.95		$	9.58

Net investment income^(a)		0.06			0.15			0.07			0.04			0.02			0.08			0.03
Net realized and unrealized gain (loss)		(0.47	)		(0.68	)		(2.96	)		4.14			(1.21	)		(0.50	)		0.34

Net increase (decrease) from investment operations		(0.41	)		(0.53	)		(2.89	)		4.18			(1.19	)		(0.42	)		0.37

Distributions from net investment income^(b)		(0.04	)		(0.28	)		(0.01	)		(0.11	)		(0.05	)		—			—


Net asset value, end of period	$	8.20		$	8.65		$	9.46		$	12.36		$	8.29		$	9.53		$	9.95


Total Return^(c)
Based on net asset value		(4.81	)%^(d)		(5.51	)%		(23.40	)%		50.49	%		(12.57	)%^(d)		(4.22	)%^(e)		3.86	%


Ratios to Average Net Assets^(f)
Total expenses		2.59	%^(g)		2.75	%		2.43	%		2.56	%		2.53	%^(g)(h)		2.53	%⁽ⁱ⁾		2.38	%

Total expenses after fees waived and/or reimbursed		1.90	%^(g)		1.90	%		1.90	%		1.90	%		1.90	%^(g)		1.92	%⁽ⁱ⁾		1.94	%

Net investment income		1.39	%^(g)		1.72	%		0.61	%		0.43	%		0.26	%^(g)		0.81	%		0.25	%


Supplemental Data
Net assets, end of period (000)	$	504		$	430		$	282		$	550		$	1,164		$	2,280		$	3,240

Portfolio turnover rate		90	%		159	%		183	%		180	%^(j)		141	%^(j)		128	%^(j)		111	%^(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)	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)	Excludes underlying investments in total return swaps.

See notes to financial statements.


138		2 0 2 3 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 10/31/23 (unaudited)			Year Ended 04/30/23			Year Ended 04/30/22			Year Ended 04/30/21			Period from 08/01/19 to 04/30/20			Year Ended 07/31/19			Period from 01/25/18^(a) to 07/31/18

Net asset value, beginning of period	$	9.29		$	10.11		$	13.24		$	8.84		$	10.26		$	10.59		$	12.14

Net investment income^(b)		0.11			0.29			0.20			0.16			0.10			0.19			0.13
Net realized and unrealized gain (loss)		(0.49	)		(0.76	)		(3.16	)		4.43			(1.28	)		(0.52	)		(1.68	)

Net increase (decrease) from investment operations		(0.38	)		(0.47	)		(2.96	)		4.59			(1.18	)		(0.33	)		(1.55	)

Distributions from net investment income^(c)		(0.06	)		(0.35	)		(0.17	)		(0.19	)		(0.24	)		—			—


Net asset value, end of period	$	8.85		$	9.29		$	10.11		$	13.24		$	8.84		$	10.26		$	10.59


Total Return^(d)
Based on net asset value		(4.19	)%^(e)		(4.53	)%		(22.59	)%		52.19	%		(11.87	)%^(e)		(3.12	)%^(f)		(12.77	)%^(e)


Ratios to Average Net Assets^(g)
Total expenses		1.34	%^(h)		1.38	%		1.13	%		1.36	%		1.41	%^(h)(i)		1.37	%^(j)		1.32	%^(h)(k)

Total expenses after fees waived and/or reimbursed		0.81	%^(h)		0.81	%		0.81	%		0.81	%		0.81	%^(h)		0.87	%^(j)		0.89	%^(h)

Net investment income		2.44	%^(h)		3.07	%		1.63	%		1.36	%		1.33	%^(h)		1.93	%		2.33	%^(h)


Supplemental Data
Net assets, end of period (000)	$	70,001		$	73,416		$	126,023		$	150,108		$	85,164		$	80,529		$	145,476

Portfolio turnover rate		90	%		159	%		183	%		180	%^(l)		141	%^(l)		128	%^(l)		111	%^(l)(m)

^(a)	Commencement of operations.

^(b)	Based on average shares outstanding.

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

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

^(e)	Not annualized.

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

^(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, the total expenses would have been 1.45%.

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

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

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

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

See notes to financial statements.


FINANCIAL HIGHLIGHTS		139

Financial Highlights (continued)

(For a share outstanding throughout each period)


	BlackRock Global Equity Market Neutral Fund
	Institutional
	Six Months Ended 10/31/23 (unaudited)			Year Ended 04/30/23			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

Net asset value, beginning of period	$	12.19		$	11.49		$	11.98		$	11.42		$	12.67		$	12.17		$	11.62


Net investment income (loss)^(a)		0.22			0.14			(0.15	)		(0.17	)		(0.01	)		0.05			(0.06	)
Net realized and unrealized gain (loss)		0.59			0.56			(0.20	)		0.76			(0.46	)		0.57			0.61


Net increase (decrease) from investment operations		0.81			0.70			(0.35	)		0.59			(0.47	)		0.62			0.55


Distributions^(b)
From net investment income		(0.13	)		—			—			—			(0.04	)		—			—
From net realized gain		—			—			(0.14	)		(0.03	)		(0.74	)		(0.12	)		—


Total distributions		(0.13	)		—			(0.14	)		(0.03	)		(0.78	)		(0.12	)		—


Net asset value, end of period	$	12.87		$	12.19		$	11.49		$	11.98		$	11.42		$	12.67		$	12.17


Total Return^(c)
Based on net asset value		6.67	%^(d)		6.09	%		(2.94	)%^(e)		5.21	%^(f)		(3.80	)%^(d)		5.09	%		4.73	%


Ratios to Average Net Assets^(g)
Total expenses		1.55	%^(h)		1.57	%		1.58	%		1.82	%		1.80	%^(h)		1.76	%		1.73	%⁽ⁱ⁾


Total expenses after fees waived and/or reimbursed		1.34	%^(h)		1.34	%		1.36	%		1.57	%		1.57	%^(h)		1.63	%		1.66	%


Net investment income (loss)		3.53	%^(h)		1.24	%		(1.29	)%		(1.49	)%		(0.09	)%^(h)		0.36	%		(0.51	)%


Supplemental Data
Net assets, end of period (000)	$	865,103		$	565,027		$	565,502		$	459,420		$	492,021		$	546,561		$	559,028


Portfolio turnover rate^(j)		3	%		79	%		31	%		43	%		53	%		7	%		20	%

^(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

10/31/23
(unaudited)

Year Ended
04/30/23

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

Expense ratios

N/A

1.71

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

See notes to financial statements.


140		2 0 2 3 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 10/31/23 (unaudited)			Year Ended 04/30/23			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

Net asset value, beginning of period	$	11.96		$	11.30		$	11.82		$	11.27		$	12.50		$	12.03		$	11.52


Net investment income (loss)^(a)		0.20			0.11			(0.18	)		(0.20	)		(0.02	)		0.01			(0.10	)
Net realized and unrealized gain (loss)		0.59			0.55			(0.20	)		0.75			(0.46	)		0.56			0.61


Net increase (decrease) from investment operations		0.79			0.66			(0.38	)		0.55			(0.48	)		0.57			0.51


Distributions^(b)
From net investment income		(0.10	)		—			—			—			(0.01	)		—			—
From net realized gain		—			—			(0.14	)		(0.00	)^(c)		(0.74	)		(0.10	)		—


Total distributions		(0.10	)		—			(0.14	)		(0.00	)		(0.75	)		(0.10	)		—


Net asset value, end of period	$	12.65		$	11.96		$	11.30		$	11.82		$	11.27		$	12.50		$	12.03


Total Return^(d)
Based on net asset value		6.61	%^(e)		5.84	%		(3.23	)%^(f)		4.92	%^(g)		(3.94	)%^(e)		4.79	%		4.43	%


Ratios to Average Net Assets^(h)
Total expenses		1.82	%⁽ⁱ⁾		1.83	%		1.86	%		2.07	%		2.07	%⁽ⁱ⁾		2.04	%		2.03	%^(j)


Total expenses after fees waived and/or reimbursed		1.59	%⁽ⁱ⁾		1.59	%		1.61	%		1.82	%		1.82	%⁽ⁱ⁾		1.88	%		1.96	%


Net investment income (loss)		3.35	%⁽ⁱ⁾		1.00	%		(1.54	)%		(1.75	)%		(0.28	)%⁽ⁱ⁾		0.12	%		(0.84	)%


Supplemental Data
Net assets, end of period (000)	$	26,760		$	22,462		$	25,229		$	23,390		$	23,509		$	49,514		$	49,180


Portfolio turnover rate^(k)		3	%		79	%		31	%		43	%		53	%		7	%		20	%

^(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

10/31/23
(unaudited)

Year Ended
04/30/23

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

Expense ratios

N/A

1.95

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

See notes to financial statements.


FINANCIAL HIGHLIGHTS		141

Financial Highlights (continued)

(For a share outstanding throughout each period)


	BlackRock Global Equity Market Neutral Fund (continued)
	Investor C
	Six Months Ended 10/31/23 (unaudited)			Year Ended 04/30/23			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

Net asset value, beginning of period	$	11.18		$	10.64		$	11.22		$	10.77		$	11.99		$	11.59		$	11.18


Net investment income (loss)^(a)		0.15			0.03			(0.25	)		(0.27	)		(0.09	)		(0.08	)		(0.18	)
Net realized and unrealized gain (loss)		0.53			0.51			(0.19	)		0.72			(0.44	)		0.54			0.59


Net increase (decrease) from investment operations		0.68			0.54			(0.44	)		0.45			(0.53	)		0.46			0.41


Distributions^(b)
From net investment income		(0.08	)		—			—			—			—			—			—
From net realized gain		—			—			(0.14	)		—			(0.69	)		(0.06	)		—


Total distributions		(0.08	)		—			(0.14	)		—			(0.69	)		(0.06	)		—


Net asset value, end of period	$	11.78		$	11.18		$	10.64		$	11.22		$	10.77		$	11.99		$	11.59


Total Return^(c)
Based on net asset value		6.10	%^(d)		5.08	%		(3.95	)%^(e)		4.18	%^(f)		(4.51	)%^(d)		4.02	%		3.67	%


Ratios to Average Net Assets^(g)
Total expenses		2.54	%^(h)		2.63	%		2.64	%		2.86	%		2.83	%^(h)		2.79	%		2.76	%⁽ⁱ⁾


Total expenses after fees waived and/or reimbursed		2.34	%^(h)		2.34	%		2.36	%		2.57	%		2.57	%^(h)		2.63	%		2.69	%


Net investment income (loss)		2.61	%^(h)		0.25	%		(2.30	)%		(2.44	)%		(1.04	)%^(h)		(0.64	)%		(1.58	)%


Supplemental Data
Net assets, end of period (000)	$	8,209		$	5,281		$	4,386		$	6,817		$	11,539		$	17,282		$	21,168


Portfolio turnover rate^(j)		3	%		79	%		31	%		43	%		53	%		7	%		20	%

^(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

10/31/23
(unaudited)

Year Ended
04/30/23

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

Expense ratios

N/A

2.72

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

See notes to financial statements.


142		2 0 2 3 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 10/31/23 (unaudited)			Year Ended 04/30/23			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

Net asset value, beginning of period	$	12.23		$	11.52		$	12.00		$	11.44		$	12.69		$	12.19		$	11.63


Net investment income (loss)^(a)		0.23			0.19			(0.14	)		(0.25	)		(0.01	)		0.06			(0.01	)
Net realized and unrealized gain (loss)		0.58			0.52			(0.20	)		0.85			(0.46	)		0.56			0.57


Net increase (decrease) from investment operations		0.81			0.71			(0.34	)		0.60			(0.47	)		0.62			0.56


Distributions^(b)
From net investment income		(0.13	)		—			—			—			(0.04	)		—			—
From net realized gain		—			—			(0.14	)		(0.04	)		(0.74	)		(0.12	)		—


Total distributions		(0.13	)		—			(0.14	)		(0.04	)		(0.78	)		(0.12	)		—


Net asset value, end of period	$	12.91		$	12.23		$	11.52		$	12.00		$	11.44		$	12.69		$	12.19


Total Return^(c)
Based on net asset value		6.71	%^(d)		6.16	%		(2.85	)%^(e)		5.24	%^(e)		(3.77	)%^(d)		5.11	%		4.82	%


Ratios to Average Net Assets^(f)
Total expenses		1.46	%^(g)		1.48	%		1.51	%		1.77	%		1.76	%^(g)		1.72	%		1.65	%^(h)


Total expenses after fees waived and/or reimbursed		1.29	%^(g)		1.29	%		1.31	%		1.52	%		1.52	%^(g)		1.57	%		1.58	%


Net investment income (loss)		3.63	%^(g)		1.59	%		(1.24	)%		(2.07	)%		(0.07	)%^(g)		0.45	%		(0.04	)%


Supplemental Data
Net assets, end of period (000)	$	174,470		$	123,399		$	7,080		$	5,151		$	325		$	453		$	217


Portfolio turnover rate		3	%		79	%		31	%		43	%		53	%		7	%		20	%

^(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%.

See notes to financial statements.


FINANCIAL HIGHLIGHTS		143

Notes to Financial Statements (unaudited)

1.	*ORGANIZATION*


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.

2.	*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 Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Foreign taxes withheld”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of October 31, 2023, if any, are disclosed in the Statements of Assets and Liabilities.


144		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

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.

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 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:

•

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”).

•

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

•

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		145

Notes to Financial Statements (unaudited) (continued)

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.


		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.

•

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

•

As of October 31, 2023, certain investments of Advantage Emerging Markets were fair valued using NAV as a practical expedient as no quoted market value is available and therefore have been excluded from the fair value hierarchy.

4.	*SECURITIES AND OTHER INVESTMENTS*


146		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

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.

Forward Commitments, When-Issued and Delayed Delivery Securities: The Funds may purchase securities on a when-issued basis and may purchase or sell securities on a forward commitment basis. Settlement of such transactions normally occurs within a month or more after the purchase or sale commitment is made. The Funds may purchase securities under such conditions with the intention of actually acquiring them but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, the Funds may be required to pay more at settlement than the security is worth. In addition, a fund is not entitled to any of the interest earned prior to settlement. When purchasing a security on a delayed delivery basis, the Funds assume the rights and risks of ownership of the security, including the risk of price and yield fluctuations. In the event of default by the counterparty, the Funds’ maximum amount of loss is the unrealized appreciation of unsettled when-issued transactions.

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

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

5.	*DERIVATIVE FINANCIAL INSTRUMENTS*


NOTES TO FINANCIAL STATEMENTS		147

Notes to Financial Statements (unaudited) (continued)

difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

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

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

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

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

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

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

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

•

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

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

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


148		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

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

Master Netting Arrangements: In order to define its contractual rights and to secure rights that will help it mitigate its counterparty risk, a Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between the 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, the 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*

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
$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.


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.


NOTES TO FINANCIAL STATEMENTS		149

Notes to Financial Statements (unaudited) (continued)

For the six months ended October 31, 2023, 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	$	5,435	$	2,616	$	8,051
Global Equity Market Neutral		29,292		34,983		64,275


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, 2023, 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	$	601	$	435	$	52	$	7,487	$	8,575
Global Equity Market Neutral		66,215		2,343		700		14,527		83,785

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, 2023, 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	$	123	$	216	$	37	$	153	$	529
Global Equity Market Neutral		828		276		184		46		1,334

For the six months ended October 31, 2023, 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	$	2,885	$	4,101	$	651	$	612	$	8,249
Global Equity Market Neutral		308,995		11,946		2,713		782		324,436

Other Fees: For the six months ended October 31, 2023, 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	$	195
Global Equity Market Neutral		1,258

For the six months ended October 31, 2023, affiliates received CDSCs as follows:


Fund Name	Investor C
Advantage Emerging Markets	$	12
Global Equity Market Neutral		163


150		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

1940 Act (“Independent Trustees”), or by a vote of a majority of the outstanding voting securities of a Fund. The amount of waivers and/or reimbursements of fees and expenses made pursuant to the expense limitation described below will be reduced by the amount of the affiliated money market fund waiver. This amount is included in fees waived and/or reimbursed by the Manager in the Statements of Operations. For the six months ended October 31, 2023, the amounts waived were as follows:


Fund Name	Fees Waived and/or Reimbursed by the Manager
Advantage Emerging Markets	$	1,469
Global Equity Market Neutral		1,527

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, 2025. 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


Fund Name	Fees Waived and/or Reimbursed by the Manager
Advantage Emerging Markets	$	201,368
Global Equity Market Neutral		628,933


Fund Name	Administration Fees Waived
Advantage Emerging Markets	$	18,222

In addition, these amounts waived and/or reimbursed by the Manager are included in Administration fees waived by the Manager — class specific and transfer agent fees waived and/or reimbursed by the Manager — class specific, respectively, in the Statements of Operations. For the six months ended October 31, 2023, class specific expense waivers and/or reimbursements were as follows:


	Administration Fees Waived by the Manager - Class Specific
Fund Name	Institutional		Investor A		Investor C		Class K		Total
Advantage Emerging Markets	$	601	$	435	$	52	$	7,487	$	8,575
Global Equity Market Neutral		66,215		2,343		700		14,527		83,785


	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	$	1,683	$	2,144	$	415	$	612	$	4,854
Global Equity Market Neutral		143,633		6,094		966		781		151,474

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


NOTES TO FINANCIAL STATEMENTS		151

Notes to Financial Statements (unaudited) (continued)

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.


Fund Name	Amounts
Advantage Emerging Markets	$	36

During the period ended October 31, 2023, the Funds did not participate in the Interfund Lending Program.

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, 2023, the purchase and sale transactions and any net realized gains (losses) with affiliated funds in compliance with Rule 17a-7 under the 1940 Act were as follows:


Fund Name	Purchases		Sales		Net Realized Gain (Loss)
Advantage Emerging Markets	$	1,847,521	$	1,488,273	$	(77,518	)

7.	*PURCHASES AND SALES*

For the six months ended October 31, 2023, purchases and sales of investments, excluding short-term securities, were as follows:


Fund Name	Purchases		Sales
Advantage Emerging Markets	$	71,838,194	$	72,339,217
Global Equity Market Neutral		87,148,113		2,723,144

8.	*INCOME TAX INFORMATION*


152		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

As of April 30, 2023, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:


Fund Name		Non-Expiring Capital Loss Carryforwards	^(a)
Advantage Emerging Markets	$	(38,746,286	)
Global Equity Market Neutral		(16,669,223	)

^(a)

Amounts available to offset future realized capital gains.


Fund Name	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Advantage Emerging Markets	$	86,509,059	$	6,264,673	$	(13,828,845	)	$	(7,564,172	)
Global Equity Market Neutral		1,093,001,924		158,767,067		(167,479,001	)		(8,711,934	)

9.	*BANK BORROWINGS*

The Trust, on behalf of each Fund, along with certain other funds managed by the Manager and its affiliates (“Participating Funds”), is party to a 364-day, $2.50 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 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 2024 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, 2023, the Funds did not borrow under the credit agreement.

10.

PRINCIPAL RISKS


NOTES TO FINANCIAL STATEMENTS		153

Notes to Financial Statements (unaudited) (continued)

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.

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.

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

Certain Funds invest a 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,


154		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

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.

11.

CAPITAL SHARE TRANSACTIONS

Transactions in capital shares for each class were as follows:


	Six Months Ended 10/31/23						Year Ended 04/30/23
Fund Name / Share Class	Shares			Amounts			Shares			Amounts
Advantage Emerging Markets
Institutional
Shares sold		13,791		$	126,505			208,272		$	1,946,147
Shares issued in reinvestment of distributions		3,766			36,229			24,118			217,789
Shares redeemed		(141,283	)		(1,325,621	)		(495,776	)		(4,500,312	)

		(123,726	)	$	(1,162,887	)		(263,386	)	$	(2,336,376	)

Investor A
Shares sold and automatic conversion of shares		9,306		$	84,699			47,347		$	440,441
Shares issued in reinvestment of distributions		2,233			21,057			18,434			163,319
Shares redeemed		(44,678	)		(410,968	)		(108,134	)		(984,054	)

		(33,139	)	$	(305,212	)		(42,353	)	$	(380,294	)

Investor C
Shares sold		13,408		$	113,935			42,971		$	382,997
Shares issued in reinvestment of distributions		256			2,293			1,032			8,701
Shares redeemed and automatic conversion of shares		(1,955	)		(16,739	)		(24,088	)		(212,434	)

		11,709		$	99,489			19,915		$	179,264

Class K
Shares sold		143,707		$	1,359,894			1,450,230		$	13,775,721
Shares issued in reinvestment of distributions		45,618			438,841			290,217			2,617,795
Shares redeemed		(176,402	)		(1,621,753	)		(6,306,984	)		(54,509,050	)

		12,923		$	176,982			(4,566,537	)	$	(38,115,534	)

		(132,233	)	$	(1,191,628	)		(4,852,361	)	$	(40,652,940	)


	Six Months Ended 10/31/23						Year Ended 04/30/23
Fund Name / Share Class	Shares			Amounts			Shares			Amounts
Global Equity Market Neutral
Institutional
Shares sold		36,066,708		$	449,352,929			26,358,802		$	306,911,089
Shares issued in reinvestment of distributions		316,433			3,882,630			—			—
Shares redeemed		(15,519,766	)		(192,915,549	)		(29,231,157	)		(338,909,422	)

		20,863,375		$	260,320,010			(2,872,355	)	$	(31,998,333	)

Investor A
Shares sold and automatic conversion of shares		629,537		$	7,742,230			896,505		$	10,257,468
Shares issued in reinvestment of distributions		14,420			174,053			—			—
Shares redeemed		(405,609	)		(4,931,331	)		(1,250,914	)		(14,421,836	)

		238,348		$	2,984,952			(354,409	)	$	(4,164,368	)

Investor C
Shares sold		319,580		$	3,618,138			287,251		$	3,165,458
Shares issued in reinvestment of distributions		4,789			53,964			—			—
Shares redeemed and automatic conversion of shares		(100,167	)		(1,133,552	)		(227,007	)		(2,413,505	)

		224,202		$	2,538,550			60,244		$	751,953


NOTES TO FINANCIAL STATEMENTS		155

Notes to Financial Statements (unaudited) (continued)


	Six Months Ended 10/31/23						Year Ended 04/30/23
Fund Name / Share Class (continued)	Shares			Amounts			Shares			Amounts
Global Equity Market Neutral (continued)
Class K
Shares sold		4,332,153		$	53,857,357			12,848,228		$	148,024,891
Shares issued in reinvestment of distributions		12,946			159,231			—			—
Shares redeemed		(919,080	)		(11,466,550	)		(3,370,538	)		(39,713,633	)

		3,426,019		$	42,550,038			9,477,690		$	108,311,258

		24,751,944		$	308,393,550			6,311,170		$	72,900,510

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.


156		2 0 2 3 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 18, 2023 (the “April Meeting”) and May 23-24, 2023 (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

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 are 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.


DISCLOSURE OF INVESTMENT ADVISORY AGREEMENT AND SUB - ADVISORY AGREEMENT		157

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.

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.

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

B. The Investment Performance of the Funds 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, 2022, 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”) and, with respect to Advantage Emerging Markets Fund, the respective Morningstar Category (“Morningstar Category”). The Board and its Performance Oversight Committee regularly review and meet with Fund management to discuss the performance of each Fund throughout the year.

The Board noted that for the one-, three- and five-year periods reported, Advantage Emerging Markets Fund ranked in the third, fourth and third quartiles, respectively, against its Morningstar Category. The Board noted that BlackRock believes that the Morningstar Category is 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 Morningstar Category during the applicable periods.

The Board reviewed and considered 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.


158		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

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

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

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

The Board further noted that each Fund has an advisory fee arrangement that includes breakpoints that adjust the fee rate downward as the size of the Fund increases above certain contractually specified levels. The Board additionally noted that the breakpoints can, conversely, adjust the advisory fee rate upward as the size of the pertinent Fund decreases below certain contractually specified levels.

D. Economies of Scale

The Board, including the Independent Board Members, considered the extent to which 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 Fund benefits 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


DISCLOSURE OF INVESTMENT ADVISORY AGREEMENT AND SUB - ADVISORY AGREEMENT		159

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

Conclusion

At the May Meeting, in a continuation of the discussions that occurred during the April Meeting, and as a culmination of the Board’s year-long deliberative process, the Board, including the Independent Board Members, unanimously approved the continuation of the Advisory Agreement between the Manager and the Trust, on behalf of each Fund, for a one-year term ending June 30, 2024 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, 2024. Based upon its evaluation of all of the aforementioned factors in their totality, as well as other information, the Board, including the Independent Board Members, was satisfied that the terms of the Agreements were fair and reasonable and, in the best interest of each Fund and its shareholders. In arriving at its decision to approve the Agreements, the Board did not identify any single factor or group of factors as all-important or controlling, but considered all factors together, and different Board Members may have attributed different weights to the various factors considered. The Independent Board Members were advised by independent legal counsel throughout the deliberative process.


160		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Additional Information

Tailored Shareholder Reports for Open-End Mutual Funds and ETFs

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

Availability of Quarterly Schedule of Investments

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

Availability of Proxy Voting Policies, Procedures and Voting Records

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

BlackRock’s Mutual Fund Family

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

Shareholder Privileges

Account Information

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

Automatic Investment Plans

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

Systematic Withdrawal Plans

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

Retirement Plans

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

BlackRock Privacy Principles


ADDITIONAL INFORMATION		161

Additional Information (continued)

BlackRock Privacy Principles (continued)

Fund and Service Providers



Investment Adviser and Administrator		Distributor
BlackRock Advisors, LLC		BlackRock Investments, LLC
Wilmington, DE 19809		New York, NY 10001

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 02114
		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.


162		2 0 2 3 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Glossary of Terms Used in this Report


Currency Abbreviation

EUR		Euro

GBP		British Pound

JPY		Japanese Yen

USD		United States Dollar

Portfolio Abbreviation

ADR		American Depositary Receipt

AGC		Assured Guaranty Corp.

ARB		Airport Revenue Bonds

BAM		Build America Mutual Assurance Co.

CDI		CREST Depository Interest

CVA		Certificaten Van Aandelen (Dutch Certificate)

DIP		Debtor-In-Possession

ETF		Exchange-Traded Fund

FTSE		Financial Times Stock Exchange

GDR		Global Depositary Receipt

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

RB		Revenue Bond

REIT		Real Estate Investment Trust

S&P		Standard & Poor’s

SCA		Societe en Commandite par Actions

SG		Syncora Guarantee

ST		Special Tax

THOR		Thai Overnight Repurchase Rate

UT		Unlimited Tax


GLOSSARY OF TERMS USED IN THIS REPORT		163

Want to know more?

blackrock.com | 800-441-7762

EMLSGLS-10/23-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 –

Recovery of Erroneously Awarded Compensation – Not Applicable

Item 14 –

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 Funds^SM

Date: December 21, 2023

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


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

Date: December 21, 2023


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

Date: December 21, 2023

BlackRock High Yield Instl (BHYIX) N-CSRSCertified semi-annual shareholder report (management investment company)