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 FundsSM |
| BlackRock Advantage Emerging Markets Fund |
| BlackRock Defensive Advantage Emerging Markets 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 FundsSM,
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: 04/30/2024
Item 1 – Report to Stockholders
(a) The Report to Shareholders is attached herewith.
April 30, 2024
2024 Annual Report |
BlackRock FundsSM |
• BlackRock Defensive Advantage Emerging Markets Fund |
Not FDIC Insured • May Lose Value • No Bank Guarantee |
Rob KapitoPresident, BlackRock Advisors, LLCThe 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 April 30, 2024. Higher interest rates helped to rein in inflation, and the Consumer Price Index decelerated substantially while remaining above pre-pandemic levels. A moderating labor market helped ease inflationary pressure, although wages continued to grow. Wage and job growth powered robust consumer spending, backstopping the economy. On October 7, 2023, Hamas launched a horrific attack on Israel. The ensuing war has had 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 robust during the period, as interest rates stabilized and the economy proved to be more resilient than many investors expected. The U.S. economy continued to show strength, and growth further accelerated in the second half of 2023. Large-capitalization U.S. stocks posted particularly substantial gains, supported by the performance of a few notable technology companies, while small-capitalization U.S. stocks’ advance was slower but still impressive. Meanwhile, both international developed market equities and emerging market stocks also gained, albeit at a notably slower pace than that of U.S. stocks.
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. However, higher yields drove solid gains in shorter-duration U.S. Treasuries. 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 twice during the 12-month period, but paused its tightening after its July meeting. The Fed also continued to reduce its balance sheet by not replacing some of the 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 stopped tightening for now, we believe that the new economic regime means that the Fed will need to maintain high rates for an extended period, and recent statements from the Fed seem to support this view. In this new regime, we anticipate greater volatility and dispersion of returns, creating more opportunities for selective portfolio management.
Looking at developed market stocks, we have an overweight stance on U.S. stocks overall, particularly given the promise of emerging AI technologies. We are also overweight Japanese stocks as shareholder-friendly policies generate increased investor interest, although we maintain an underweight stance on European stocks. In credit, we believe there are selective opportunities in the near term despite tighter 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 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,
Rob Kapito
President, BlackRock Advisors, LLC
President, BlackRock Advisors, LLC
Total Returns as of April 30, 2024 | ||
6-Month | 12-Month | |
U.S. large cap equities (S&P 500® Index) | 20.98% | 22.66% |
U.S. small cap equities (Russell 2000® Index) | 19.66 | 13.32 |
International equities (MSCI Europe, Australasia, Far East Index) | 18.63 | 9.28 |
Emerging market equities (MSCI Emerging Markets Index) | 15.40 | 9.88 |
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index) | 2.66 | 5.36 |
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index) | 3.66 | (6.40) |
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index) | 4.97 | (1.47) |
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index) | 7.06 | 2.08 |
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index) | 8.99 | 9.01 |
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index. | ||
2This Page is not Part of Your Fund Report
Fund Summary as of April 30, 2024
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 12-month period ended April 30, 2024, all of the Fund’s share classes outperformed its primary benchmark, the MSCI Emerging Markets Minimum Volatility Index, but underperformed its secondary benchmark, the MSCI Emerging Markets Index.
What factors influenced performance?
Emerging-market equities, while producing positive absolute returns, trailed their developed-market peers. The period was highlighted by elevated volatility that was driven by geopolitical events, persistent inflation, monetary policy changes and sector-specific trends. Performance was weak in the first half of the period, due largely to a poor showing for China. The market lagged considerably due to downbeat foreign investor sentiment and weak economic data, as well as a broader risk-off tone in the markets during the third quarter of 2023. However, India performed well as it was seen as an alternative to China by U.S. and European investors. Additionally, Poland continued its rebound from the downturn that followed the onset of the Ukraine conflict in 2022. Asian equities rebounded later in the period given signs of stabilization in China and a rally in semiconductor stocks that was driven by enthusiasm related to artificial intelligence (“AI”). There was a notable style rotation during the period, with value dominating the earlier part and momentum taking the lead thereafter.
Stock selection insights drove the Fund’s outperformance, led by those that evaluate sentiment. Trend-based insights designed to measure sentiment from monthly sales forecasts, analysts’ revisions, and informed-investor positioning were among the top contributors by correctly aligning the portfolio for the optimism surrounding AI. This was highlighted by a successful overweight in Taiwan information technology stocks. Additionally, an insight looking at policy and political risk expectations drove a successful underweight in South Korea. Certain fundamental measures also worked well. Insights that evaluate changes in balance sheet strength, such as net operating assets, contributed positively, as did those that favor more stable companies. Traditional valuation insights that track company sales, cash flow, dividends and other financial statement metrics further contributed.
Despite the Fund’s positive overall performance, select measures detracted. Macro measures detracted amid changing leadership and sentiment stemming from the shifting outlook for inflation and monetary policy. In particular, an overweight in Indonesia hurt results. Human capital quality related insights that analyze companies based on data from online job postings motivated an unsuccessful overweight in China offshore healthcare stocks, which also detracted from 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. It built upon its alternative data capabilities with enhanced data sets that capture informed investor positioning in specific regions. Additionally, the Fund added to its complex of consumer intent insights with a measure that looks at web activity as a gauge of potential revenue growth. It also built on country-specific employee sentiment data sets in Asia. In addition, the Fund responded to geopolitical tensions by developing a new insight that analyzes the movement of manufacturing processes across countries in Asia.
Describe portfolio positioning at period end.
The Fund maintained a largely sector- and country-neutral positioning. It had a slight overweight in energy and industrials, and it had a small underweight in information technology and consumer discretionary. At the country level, it had a narrow overweight in Brazil and a modest underweight in the Philippines.
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.
These views are not intended to be a forecast of future events and are no guarantee of future results.
4
2024 BlackRock Annual Report to Shareholders
Fund Summary as of April 30, 2024(continued)
BlackRock Defensive Advantage Emerging Markets Fund
GROWTH OF $10,000 INVESTMENT 
The Fund commenced operations on December 21, 2020.
(a)
Assuming maximum sales charges, if any, transaction costs and other operating expenses, including investment advisory fees. Institutional Shares do not have a sales charge.
(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)
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).
(d)
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.
Average Annual Total Returns(a) | ||||
1 Year | Since Inception(b) | |||
Without Sales Charge | With Sales Charge | Without Sales Charge | With Sales Charge | |
Institutional | 7.43 % | N/A | 2.81 % | N/A |
Investor A | 7.19 | 1.56 % | 2.55 | 0.92 % |
Class K | 7.48 | N/A | 2.82 | N/A |
MSCI Emerging Markets Minimum Volatility Index | 4.75 | N/A | 0.77 | N/A |
MSCI Emerging Markets Index | 9.88 | N/A | (2.94 ) | 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) | The Fund commenced operations on December 21, 2020. |
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.
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 (11/01/23) | Ending Account Value (04/30/24) | Expenses Paid During the Period(a) | Beginning Account Value (11/01/23) | Ending Account Value (04/30/24) | Expenses Paid During the Period(a) | Annualized Expense Ratio | |
Institutional | $ 1,000.00 | $ 1,124.10 | $ 4.57 | $ 1,000.00 | $ 1,020.56 | $ 4.35 | 0.87 % |
Investor A | 1,000.00 | 1,122.60 | 5.91 | 1,000.00 | 1,019.29 | 5.62 | 1.12 |
Class K | 1,000.00 | 1,124.30 | 4.35 | 1,000.00 | 1,020.76 | 4.14 | 0.82 |
(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 182/366 (to reflect the one-half year period shown). |
See “Disclosure of Expenses” for further information on how expenses were calculated.
Fund Summary5
Fund Summary as of April 30, 2024(continued)
BlackRock Defensive Advantage Emerging Markets Fund
Portfolio Information
TEN LARGEST HOLDINGS | |
Security(a) | Percent of Net Assets |
Haier Smart Home Co. Ltd., Class H | 1.6 % |
ICICI Bank Ltd. | 1.6 |
Meihua Holdings Group Co. Ltd., Class A | 1.5 |
Hon Hai Precision Industry Co. Ltd. | 1.5 |
Bangkok Dusit Medical Services PCL | 1.5 |
BOE Technology Group Co. Ltd., Class A | 1.5 |
Nahdi Medical Co. | 1.5 |
Industrial & Commercial Bank of China Ltd., Class H | 1.5 |
Lupin Ltd. | 1.5 |
Abu Dhabi Commercial Bank PJSC | 1.5 |
GEOGRAPHIC ALLOCATION | |
Country/Geographic Region | Percent of Net Assets |
China | 21.6 % |
India | 17.7 |
Taiwan | 17.5 |
Saudi Arabia | 7.7 |
Malaysia | 5.5 |
South Korea | 5.1 |
United Arab Emirates | 3.9 |
Qatar | 3.3 |
Indonesia | 3.3 |
United States | 3.2 |
Kuwait | 3.2 |
Thailand | 2.9 |
Brazil | 2.4 |
Greece | 1.5 |
Hungary | 1.0 |
Other# | 0.5 |
Liabilities in Excess of Other Assets | (0.3 ) |
(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
2024 BlackRock Annual Report to Shareholders
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 the 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"), the Fund’s investment adviser, has contractually and/or voluntarily agreed to waive and/or reimburse a portion of the Fund’s expenses. Without such waiver(s) and/or reimbursement(s), the Fund’s performance would have been lower. With respect to the 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 the 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 the 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 example shown (which is based on a hypothetical investment of $1,000 invested at the beginning of the period and held through the end of the period) is intended to assist shareholders both in calculating expenses based on an investment in the Fund and in comparing these expenses with similar costs of investing in other mutual funds.
The expense example provides 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 example also provides information about hypothetical account values and hypothetical expenses based on the 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 the Fund and other funds, compare the 5% hypothetical example with the 5% hypothetical examples that appear in shareholder reports of other funds.
The expenses shown in the expense example are intended to highlight shareholders’ ongoing costs only and do not reflect transactional expenses, such as sales charges, if any. Therefore, the hypothetical example is 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 Fund may invest in various derivative financial instruments. These instruments are used to obtain exposure to a security, commodity, index, market, and/or other assets without owning or taking physical custody of securities, commodities and/or other referenced assets or to manage market, equity, credit, interest rate, foreign currency exchange rate, commodity and/or other risks. Derivative financial instruments may give rise to a form of economic leverage and involve risks, including the imperfect correlation between the value of a derivative financial instrument and the underlying asset, possible default of the counterparty to the transaction or illiquidity of the instrument. Pursuant to Rule 18f-4 under the 1940 Act, among other things, the Fund must either use derivative financial instruments with embedded leverage in a limited manner or comply with an outer limit on fund leverage risk based on value-at-risk. The Fund’s successful use of a derivative financial instrument depends on the investment adviser’s ability to predict pertinent market movements accurately, which cannot be assured. The use of these instruments may result in losses greater than if they had not been used, may limit the amount of appreciation the Fund can realize on an investment and/or may result in lower distributions paid to shareholders. The Fund’s investments in these instruments, if any, are discussed in detail in the Notes to Financial Statements.
BlackRock Defensive Advantage Emerging Markets Fund
About Fund Performance / Disclosure of Expenses / Derivative Financial Instruments7
Schedule of Investments
April 30, 2024
BlackRock Defensive Advantage Emerging Markets Fund
(Percentages shown are based on Net Assets)
Security | Shares | Value | |
Common Stocks | |||
Brazil — 2.4% | |||
Ambev SA | 34,203 | $ 80,030 | |
CPFL Energia SA | 7,038 | 43,237 | |
Telefonica Brasil SA | 1,301 | 11,861 | |
Telefonica Brasil SA, ADR | 12,358 | 114,188 | |
249,316 | |||
China — 21.6% | |||
Bank of China Ltd., Class H | 240,000 | 107,638 | |
BOE Technology Group Co. Ltd., Class A | 253,300 | 151,783 | |
Bosideng International Holdings Ltd. | 256,000 | 148,190 | |
China Construction Bank Corp., Class H | 10,000 | 6,470 | |
China Galaxy Securities Co. Ltd., Class H | 202,000 | 109,417 | |
China Merchants Bank Co. Ltd., Class H | 3,500 | 15,158 | |
China Petroleum & Chemical Corp., Class H | 246,000 | 146,838 | |
China Railway Group Ltd., Class H | 11,000 | 5,428 | |
Chow Tai Fook Jewellery Group Ltd. | 19,400 | 26,397 | |
Daqin Railway Co. Ltd., Class A | 116,900 | 111,522 | |
Geely Automobile Holdings Ltd. | 42,000 | 50,549 | |
Haier Smart Home Co. Ltd., Class H | 44,400 | 164,459 | |
Industrial & Commercial Bank of China Ltd., Class H | 282,000 | 151,216 | |
Kunlun Energy Co. Ltd. | 32,000 | 31,020 | |
Kweichow Moutai Co. Ltd., Class A | 605 | 141,606 | |
Meihua Holdings Group Co. Ltd., Class A | 102,500 | 156,699 | |
NetEase, Inc. | 7,800 | 146,208 | |
People’ s Insurance Co. Group of China Ltd., Class H | 63,000 | 20,678 | |
SAIC Motor Corp. Ltd., Class A | 73,400 | 150,035 | |
Shanghai Pharmaceuticals Holding Co. Ltd., Class H | 46,700 | 66,363 | |
Tencent Holdings Ltd. | 3,300 | 144,814 | |
Weichai Power Co. Ltd., Class A | 58,100 | 139,147 | |
Zijin Mining Group Co. Ltd., Class H | 10,000 | 21,815 | |
2,213,450 | |||
Greece — 1.5% | |||
Hellenic Telecommunications Organization SA, Class R | 9,822 | 149,212 | |
JUMBO SA, Class R | 289 | 9,000 | |
158,212 | |||
Hungary — 1.0% | |||
MOL Hungarian Oil & Gas PLC | 12,709 | 104,298 | |
India — 17.7% | |||
Alkem Laboratories Ltd. | 2,498 | 144,637 | |
Birlasoft Ltd. | 15,534 | 120,527 | |
Cipla Ltd. | 3,722 | 62,307 | |
Colgate-Palmolive India Ltd. | 2,894 | 97,938 | |
Dr Reddy’s Laboratories Ltd. | 1,029 | 76,360 | |
Dr Reddy’s Laboratories Ltd., ADR | 1,110 | 81,552 | |
HCL Technologies Ltd. | 8,400 | 137,046 | |
ICICI Bank Ltd., ADR | 5,773 | 158,931 | |
Kotak Mahindra Bank Ltd. | 4,124 | 80,152 | |
Larsen & Toubro Ltd. | 3,483 | 149,720 | |
Lupin Ltd. | 7,674 | 151,101 | |
Nestle India Ltd. | 1,191 | 35,751 | |
Petronet LNG Ltd. | 20,136 | 74,741 | |
Shree Cement Ltd. | 510 | 149,312 | |
Tata Consultancy Services Ltd. | 3,255 | 148,558 | |
Zydus Lifesciences Ltd. | 12,625 | 144,200 | |
1,812,833 | |||
Security | Shares | Value | |
Indonesia — 3.3% | |||
Bank Mandiri Persero Tbk PT | 232,100 | $ 98,103 | |
Bank Rakyat Indonesia Persero Tbk PT | 396,300 | 119,962 | |
Telkom Indonesia Persero Tbk PT | 597,700 | 115,869 | |
333,934 | |||
Kuwait — 3.2% | |||
Kuwait Finance House KSCP | 61,199 | 142,764 | |
Mobile Telecommunications Co. KSCP | 27,977 | 44,215 | |
National Bank of Kuwait SAKP | 48,663 | 136,379 | |
323,358 | |||
Malaysia — 5.5% | |||
CIMB Group Holdings Bhd | 106,100 | 146,633 | |
Hong Leong Bank Bhd | 5,700 | 23,019 | |
IHH Healthcare Bhd | 11,100 | 14,723 | |
Maxis Bhd | 102,300 | 78,575 | |
MISC Bhd | 90,100 | 150,277 | |
Petronas Gas Bhd | 39,300 | 148,224 | |
561,451 | |||
Peru — 0.1% | |||
Credicorp Ltd. | 80 | 13,249 | |
Qatar — 3.3% | |||
Ooredoo QPSC | 53,970 | 147,837 | |
Qatar Electricity & Water Co. QSC | 9,238 | 38,690 | |
Qatar National Bank QPSC | 39,060 | 148,468 | |
334,995 | |||
Russia(a)(b) — 0.0% | |||
Alrosa PJSC | 37,207 | 4 | |
LUKOIL PJSC | 1,506 | — | |
4 | |||
Saudi Arabia — 7.7% | |||
Al Rajhi Bank | 289 | 6,147 | |
Almarai Co. JSC | 6,043 | 91,517 | |
BinDawood Holding Co. | 16,439 | 41,431 | |
Etihad Etisalat Co. | 9,705 | 134,554 | |
Jarir Marketing Co. | 3,810 | 13,733 | |
Nahdi Medical Co. | 4,113 | 151,420 | |
Saudi Arabian Oil Co. (c) | 7,318 | 58,637 | |
Saudi Basic Industries Corp. | 6,444 | 145,185 | |
Saudi Telecom Co. | 14,313 | 143,621 | |
786,245 | |||
South Korea — 5.1% | |||
CJ CheilJedang Corp. | 606 | 146,886 | |
GS Retail Co. Ltd. | 139 | 1,993 | |
Hugel, Inc. (b) | 873 | 133,471 | |
Hyundai Glovis Co. Ltd. | 469 | 61,397 | |
Korea Electric Power Corp. (b) | 1,888 | 28,823 | |
SK Telecom Co. Ltd. | 2,536 | 93,786 | |
SK Telecom Co. Ltd., ADR | 2,615 | 53,424 | |
519,780 | |||
Taiwan — 17.5% | |||
Cathay Financial Holding Co. Ltd. | 58,000 | 89,688 | |
Chunghwa Telecom Co. Ltd. | 37,000 | 140,631 | |
CTBC Financial Holding Co. Ltd. | 130,000 | 135,683 | |
E.Sun Financial Holding Co. Ltd. | 175,757 | 147,689 | |
Elan Microelectronics Corp. | 29,000 | 145,964 | |
Far EasTone Telecommunications Co. Ltd. | 58,000 | 143,864 | |
Gemtek Technology Corp. | 121,000 | 122,774 | |
8
2024 BlackRock Annual Report to Shareholders
Schedule of Investments (continued)
April 30, 2024
BlackRock Defensive Advantage Emerging Markets Fund
(Percentages shown are based on Net Assets)
Security | Shares | Value | |
Taiwan (continued) | |||
Hon Hai Precision Industry Co. Ltd. | 32,000 | $ 152,331 | |
MediaTek, Inc. | 4,000 | 120,605 | |
President Chain Store Corp. | 17,000 | 142,964 | |
Primax Electronics Ltd. | 46,000 | 136,357 | |
Realtek Semiconductor Corp. | 9,000 | 141,976 | |
Taiwan High Speed Rail Corp. | 159,000 | 145,774 | |
Taiwan Semiconductor Manufacturing Co. Ltd. | 1,000 | 23,944 | |
1,790,244 | |||
Thailand — 2.9% | |||
Bangkok Dusit Medical Services PCL, NVDR | 194,800 | 152,116 | |
PTT Exploration & Production PCL, NVDR | 34,700 | 145,160 | |
297,276 | |||
Turkey — 0.4% | |||
Turkiye Petrol Rafinerileri A/S, Class A | 6,935 | 41,927 | |
United Arab Emirates — 3.9% | |||
Abu Dhabi Commercial Bank PJSC | 66,507 | 151,016 | |
Abu Dhabi Islamic Bank PJSC | 4,597 | 13,968 | |
Dubai Islamic Bank PJSC | 94,456 | 142,987 | |
Emirates Telecommunications Group Co. PJSC | 6,215 | 28,766 | |
First Abu Dhabi Bank PJSC | 16,859 | 57,284 | |
394,021 | |||
United States — 0.3% | |||
Genpact Ltd. | 1,024 | 31,478 | |
Total Long-Term Investments — 97.4% (Cost: $9,684,142) | 9,966,071 | ||
Security | Shares | Value | |
Short-Term Securities | |||
Money Market Funds — 2.9% | |||
BlackRock Liquidity Funds, T-Fund, Institutional Shares, 5.18%(d)(e) | 300,963 | $ 300,963 | |
Total Short-Term Securities — 2.9% (Cost: $300,963) | 300,963 | ||
Total Investments — 100.3% (Cost: $9,985,105) | 10,267,034 | ||
Liabilities in Excess of Other Assets — (0.3)% | (29,066 ) | ||
Net Assets — 100.0% | $ 10,237,968 | ||
(a) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
(b) | Non-income producing security. |
(c) | 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. |
(d) | Affiliate of the Fund. |
(e) | Annualized 7-day yield as of period end. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended April 30, 2024 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 04/30/24 | Shares Held at 04/30/24 | Income | Capital Gain Distributions from Underlying Funds |
BlackRock Cash Funds: Institutional, SL Agency Shares(a) | $ — | $ 6 (b) | $ — | $ (6 ) | $ — | $ — | — | $ 3 (c) | $ — |
BlackRock Liquidity Funds, T-Fund, Institutional Shares | 233,681 | 67,282 (b) | — | — | — | 300,963 | 300,963 | 11,282 | — |
SL Liquidity Series, LLC, Money Market Series(a) | — | 2 (b) | — | (2 ) | — | — | — | 146 (c) | — |
$ (8 ) | $ — | $ 300,963 | $ 11,431 | $ — |
(a) | As of period end, the entity is no longer held. |
(b) | Represents net amount purchased (sold). |
(c) | 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 | 4 | 06/21/24 | $ 208 | $ (2,534 ) |
Schedule of Investments9
Schedule of Investments (continued)
April 30, 2024
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 Statement 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) | $ — | $ — | $ 2,534 | $ — | $ — | $ — | $ 2,534 |
(a) | Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, are reported in the Schedule of Investments. In the Statement of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |
For the period ended April 30, 2024, the effect of derivative financial instruments in the Statement of Operations was as follows:
Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total | |
Net Realized Gain (Loss) from: | |||||||
Futures contracts | $ — | $ — | $ 1,637 | $ — | $ — | $ — | $ 1,637 |
Net Change in Unrealized Appreciation (Depreciation) on: | |||||||
Futures contracts | $ — | $ — | $ (6,520 ) | $ — | $ — | $ — | $ (6,520 ) |
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Futures contracts: | |
Average notional value of contracts — long | $176,065 |
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 | $ 249,316 | $ — | $ — | $ 249,316 |
China | 111,522 | 2,101,928 | — | 2,213,450 |
Greece | 9,000 | 149,212 | — | 158,212 |
Hungary | 104,298 | — | — | 104,298 |
India | 240,483 | 1,572,350 | — | 1,812,833 |
Indonesia | — | 333,934 | — | 333,934 |
Kuwait | — | 323,358 | — | 323,358 |
Malaysia | 313,224 | 248,227 | — | 561,451 |
Peru | 13,249 | — | — | 13,249 |
Qatar | 147,837 | 187,158 | — | 334,995 |
Russia | — | — | 4 | 4 |
Saudi Arabia | 226,071 | 560,174 | — | 786,245 |
South Korea | 53,424 | 466,356 | — | 519,780 |
Taiwan | — | 1,790,244 | — | 1,790,244 |
Thailand | — | 297,276 | — | 297,276 |
Turkey | 41,927 | — | — | 41,927 |
United Arab Emirates | 243,005 | 151,016 | — | 394,021 |
United States | 31,478 | — | — | 31,478 |
10
2024 BlackRock Annual Report to Shareholders
Schedule of Investments (continued)
April 30, 2024
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 | $ 300,963 | $ — | $ — | $ 300,963 |
$ 2,085,797 | $ 8,181,233 | $ 4 | $ 10,267,034 | |
Derivative Financial Instruments(a) | ||||
Liabilities | ||||
Equity Contracts | $ (2,534 ) | $ — | $ — | $ (2,534 ) |
(a) | 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 Investments11
Statement of Assets and LiabilitiesApril 30, 2024
BlackRock Defensive Advantage Emerging Markets Fund | |
ASSETS | |
Investments, at value — unaffiliated(a) | $ 9,966,071 |
Investments, at value — affiliated(b) | 300,963 |
Cash | 2,787 |
Cash pledged for futures contracts | 7,000 |
Foreign currency, at value(c) | 23,655 |
Receivables: | |
Investments sold | 1,553 |
Capital shares sold | 11,934 |
Dividends — unaffiliated | 14,679 |
Dividends — affiliated | 1,007 |
From the Manager | 29,947 |
Prepaid expenses | 19,575 |
Total assets | 10,379,171 |
LIABILITIES | |
Payables: | |
Accounting services fees | 5,064 |
Administration fees | 11 |
Capital shares redeemed | 11,962 |
Custodian fees | 24,772 |
Deferred foreign capital gain tax | 34,400 |
Trustees’ and Officer’s fees | 1,729 |
Other accrued expenses | 4,205 |
Professional fees | 56,072 |
Service fees | 58 |
Transfer agent fees | 74 |
Variation margin on futures contracts | 2,856 |
Total liabilities | 141,203 |
Commitments and contingent liabilities | |
NET ASSETS | $ 10,237,968 |
NET ASSETS CONSIST OF | |
Paid-in capital | $ 10,507,951 |
Accumulated loss | (269,983) |
NET ASSETS | $ 10,237,968 |
(a)Investments, at cost—unaffiliated | $9,684,142 |
(b)Investments, at cost—affiliated | $300,963 |
(c)Foreign currency, at cost | $23,656 |
12
2024 BlackRock Annual Report to Shareholders
Statement of Assets and Liabilities (continued)April 30, 2024
BlackRock Defensive Advantage Emerging Markets Fund | |
NET ASSET VALUE | |
Institutional | |
Net assets | $ 103,972 |
Shares outstanding | 10,716 |
Net asset value | $ 9.70 |
Shares authorized | Unlimited |
Par value | $0.001 |
Investor A | |
Net assets | $ 298,214 |
Shares outstanding | 30,772 |
Net asset value | $ 9.69 |
Shares authorized | Unlimited |
Par value | $0.001 |
Class K | |
Net assets | $ 9,835,782 |
Shares outstanding | 1,013,509 |
Net asset value | $ 9.70 |
Shares authorized | Unlimited |
Par value | $0.001 |
See notes to financial statements.
Financial Statements13
Statement of OperationsYear Ended April 30, 2024
BlackRock Defensive Advantage Emerging Markets Fund | |
INVESTMENT INCOME | |
Dividends — unaffiliated | $348,716 |
Dividends — affiliated | 11,282 |
Securities lending income — affiliated — net | 149 |
Foreign taxes withheld | (35,007 ) |
Total investment income | 325,140 |
EXPENSES | |
Professional | 93,162 |
Investment advisory | 77,743 |
Custodian | 53,534 |
Registration | 51,201 |
Printing and postage | 23,530 |
Accounting services | 15,360 |
Trustees and Officer | 6,399 |
Administration | 4,130 |
Administration — class specific | 1,943 |
Service — class specific | 407 |
Transfer agent — class specific | 150 |
Miscellaneous | 15,821 |
Total expenses excluding interest expense | 343,380 |
Interest expense — unaffiliated | 699 |
Total expenses | 344,079 |
Less: | |
Administration fees waived | (4,130 ) |
Administration fees waived by the Manager — class specific | (1,785 ) |
Fees waived and/or reimbursed by the Manager | (258,140 ) |
Transfer agent fees waived and/or reimbursed by the Manager — class specific | (41 ) |
Total expenses after fees waived and/or reimbursed | 79,983 |
Net investment income | 245,157 |
REALIZED AND UNREALIZED GAIN (LOSS) | |
Net realized gain (loss) from: | |
Investments — unaffiliated(a) | 456,574 |
Investments — affiliated | (8 ) |
Foreign currency transactions | (20,473 ) |
Futures contracts | 1,637 |
437,730 | |
Net change in unrealized appreciation (depreciation) on: | |
Investments — unaffiliated(b) | 39,355 |
Foreign currency translations | (7 ) |
Futures contracts | (6,520 ) |
32,828 | |
Net realized and unrealized gain | 470,558 |
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $715,715 |
(a) Net of foreign capital gain tax and capital gain tax refund, if applicable of | $(48,690 ) |
(b) Net of increase in deferred foreign capital gain tax of | $(29,440 ) |
See notes to financial statements.
14
2024 BlackRock Annual Report to Shareholders
Statements of Changes in Net Assets
BlackRock Defensive Advantage Emerging Markets Fund | ||
Year Ended 04/30/24 | Year Ended 04/30/23 | |
INCREASE (DECREASE) IN NET ASSETS | ||
OPERATIONS | ||
Net investment income | $245,157 | $298,859 |
Net realized gain (loss) | 437,730 | (661,164 ) |
Net change in unrealized appreciation (depreciation) | 32,828 | 406,904 |
Net increase in net assets resulting from operations | 715,715 | 44,599 |
DISTRIBUTIONS TO SHAREHOLDERS(a) | ||
Institutional | (2,155 ) | (2,409 ) |
Investor A | (2,443 ) | (2,382 ) |
Class K | (210,360 ) | (234,803 ) |
Decrease in net assets resulting from distributions to shareholders | (214,958 ) | (239,594 ) |
CAPITAL SHARE TRANSACTIONS | ||
Net increase in net assets derived from capital share transactions | 177,025 | 26,037 |
NET ASSETS | ||
Total increase (decrease) in net assets | 677,782 | (168,958 ) |
Beginning of year | 9,560,186 | 9,729,144 |
End of year | $10,237,968 | $9,560,186 |
(a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
Financial Statements15
Financial Highlights(For a share outstanding throughout each period)
BlackRock Defensive Advantage Emerging Markets Fund | ||||
Institutional | ||||
Year Ended 04/30/24 | 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) | 0.23 | 0.29 | 0.19 | 0.02 |
Net realized and unrealized gain (loss) | 0.44 | (0.25 ) | (0.80 ) | 0.79 |
Net increase (decrease) from investment operations | 0.67 | 0.04 | (0.61 ) | 0.81 |
Distributions(c) | ||||
From net investment income | (0.20 ) | (0.23 ) | (0.21 ) | (0.00 )(d) |
From net realized gain | — | — | (0.57 ) | — |
Total distributions | (0.20 ) | (0.23 ) | (0.78 ) | (0.00 ) |
Net asset value, end of period | $9.70 | $9.23 | $9.42 | $10.81 |
Total Return(e) | ||||
Based on net asset value | 7.43 % | 0.60 % | (6.10 )% | 8.14 %(f) |
Ratios to Average Net Assets(g) | ||||
Total expenses | 3.59 % | 3.75 % | 3.81 % | 3.18 %(h)(i) |
Total expenses after fees waived and/or reimbursed | 0.85 % | 0.85 % | 0.81 % | 0.81 %(h) |
Net investment income | 2.50 % | 3.23 % | 1.87 % | 0.52 %(h) |
Supplemental Data | ||||
Net assets, end of period (000) | $104 | $97 | $97 | $108 |
Portfolio turnover rate | 191 % | 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.
16
2024 BlackRock Annual Report to Shareholders
Financial Highlights (continued)(For a share outstanding throughout each period)
BlackRock Defensive Advantage Emerging Markets Fund (continued) | ||||
Investor A | ||||
Year Ended 04/30/24 | 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) | 0.21 | 0.26 | 0.17 | 0.01 |
Net realized and unrealized gain | 0.44 | (0.24 ) | (0.82 ) | 0.80 |
Net increase from investment operations | 0.65 | 0.02 | (0.65 ) | 0.81 |
Distributions(c) | ||||
From net investment income | (0.18 ) | (0.21 ) | (0.18 ) | (0.00 )(d) |
From net realized gain | — | — | (0.57 ) | — |
Total distributions | (0.18 ) | (0.21 ) | (0.75 ) | (0.00 ) |
Net asset value, end of period | $9.69 | $9.22 | $9.41 | $10.81 |
Total Return(e) | ||||
Based on net asset value | 7.19 % | 0.35 % | (6.43 )% | 8.14 %(f) |
Ratios to Average Net Assets(g) | ||||
Total expenses | 3.86 % | 4.03 % | 4.11 % | 3.43 %(h)(i) |
Total expenses after fees waived and/or reimbursed | 1.11 % | 1.11 % | 1.06 % | 1.06 %(h) |
Net investment income | 2.27 % | 2.99 % | 1.62 % | 0.27 %(h) |
Supplemental Data | ||||
Net assets, end of period (000) | $298 | $105 | $97 | $108 |
Portfolio turnover rate | 191 % | 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 Highlights17
Financial Highlights (continued)(For a share outstanding throughout each period)
BlackRock Defensive Advantage Emerging Markets Fund (continued) | ||||
Class K | ||||
Year Ended 04/30/24 | 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) | 0.24 | 0.29 | 0.19 | 0.02 |
Net realized and unrealized gain | 0.44 | (0.25 ) | (0.80 ) | 0.79 |
Net increase from investment operations | 0.68 | 0.04 | (0.61 ) | 0.81 |
Distributions(c) | ||||
From net investment income | (0.21 ) | (0.23 ) | (0.21 ) | (0.00 )(d) |
From net realized gain | — | — | (0.57 ) | — |
Total distributions | (0.21 ) | (0.23 ) | (0.78 ) | (0.00 ) |
Net asset value, end of period | $9.70 | $9.23 | $9.42 | $10.81 |
Total Return(e) | ||||
Based on net asset value | 7.48 % | 0.60 % | (6.10 )% | 8.14 %(f) |
Ratios to Average Net Assets(g) | ||||
Total expenses | 3.53 % | 3.66 % | 3.75 % | 2.84 %(h)(i) |
Total expenses after fees waived and/or reimbursed | 0.81 % | 0.81 % | 0.81 % | 0.81 %(h) |
Net investment income | 2.53 % | 3.27 % | 1.87 % | 0.52 %(h) |
Supplemental Data | ||||
Net assets, end of period (000) | $9,836 | $9,358 | $9,535 | $10,598 |
Portfolio turnover rate | 191 % | 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.
18
2024 BlackRock Annual Report to Shareholders
Notes to Financial Statements
1.
ORGANIZATION
BlackRock FundsSM (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust is organized as a Massachusetts business trust. BlackRock Defensive Advantage Emerging Markets Fund (the “Fund”) is a series of the Trust. The Fund is classified as diversified.
The Fund offers multiple classes of shares. All classes of shares have identical voting, dividend, liquidation and other rights and are subject to the same terms and conditions, except that certain classes bear expenses related to the shareholder servicing and distribution of such shares. Institutional and Class K Shares are sold only to certain eligible investors. Investor A Shares bear certain expenses related to shareholder servicing of such shares. Investor A Shares are generally available through financial intermediaries. Each class has exclusive voting rights with respect to matters relating to its shareholder servicing and distribution expenditures.
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. |
The Fund, together with certain other registered investment companies advised by BlackRock Advisors, LLC (the “Manager”) or its affiliates, is included in a complex of funds referred to as the BlackRock Multi-Asset Complex.
2.
SIGNIFICANT ACCOUNTING POLICIES
The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. The Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:
Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend dates. Non-cash dividends, if any, are recorded on the ex-dividend dates at fair value. Dividends from foreign securities where the ex-dividend dates may have passed are subsequently recorded when the Fund is informed of the ex-dividend dates. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Income, expenses and realized and unrealized gains and losses are allocated daily to each class based on its relative net assets.
Foreign Currency Translation: The Fund’s books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates determined as of the close of trading on the New York Stock Exchange (“NYSE”). Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.
The Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statement of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. The Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.
Foreign Taxes: The Fund may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Fund invests. These foreign taxes, if any, are paid by the Fund and are reflected in its Statement of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Foreign taxes withheld”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of April 30, 2024, if any, are disclosed in the Statement of Assets and Liabilities.
The Fund files withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Fund may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The Statement of Operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.
Bank Overdraft: The Fund had outstanding cash disbursements exceeding deposited cash amounts at the custodian during the reporting period. The Fund is obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the Statement of Operations.
Collateralization: If required by an exchange or counterparty agreement, the Fund may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.
Notes to Financial Statements19
Notes to Financial Statements (continued)
Distributions: Distributions paid by the Fund are recorded on the ex-dividend dates. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.
Indemnifications: In the normal course of business, the Fund enters into contracts that contain a variety of representations that provide general indemnification. The Fund’s maximum exposure under these arrangements is unknown because it involves future potential claims against the Fund, which cannot be predicted with any certainty.
Other: Expenses directly related to the Fund or its classes are charged to the Fund or the applicable class. Expenses directly related to the Fund and other shared expenses prorated to the Fund are allocated daily to each class based on its relative net assets or other appropriate methods. Other operating expenses shared by several funds, including other funds managed by the Manager, are prorated among those funds on the basis of relative net assets or other appropriate methods.
3.
INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS
Investment Valuation Policies: The Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund is open for business and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Trustees of the Trust (the “Board”) has approved the designation of the Fund’s Manager as the valuation designee for the Fund. The Fund determines the fair values of its financial instruments using various independent dealers or pricing services under the Manager’s policies. If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with the Manager’s policies and procedures as reflecting fair value. The Manager has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.
Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of the Fund’s assets and liabilities:
•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 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.
Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the NYSE. Each business day, the Fund uses current market factors supplied by independent pricing services to value certain foreign instruments (“Systematic Fair Value Price”). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which 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 the Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement.
For investments in equity or debt issued by privately held companies or funds (“Private Company” or collectively, the “Private Companies”) and other Fair Valued Investments, the fair valuation approaches that are used by the Valuation Committee and third-party pricing services utilized by the Valuation Committee include one or a combination of, but not limited to, the following inputs.
Standard Inputs Generally Considered By The Valuation Committee And Third-Party Pricing Services | ||
Market approach | (i) | recent market transactions, including subsequent rounds of financing, in the underlying investment or comparable issuers; |
(ii) | recapitalizations and other transactions across the capital structure; and | |
(iii) | market multiples of comparable issuers. | |
Income approach | (i) | future cash flows discounted to present and adjusted as appropriate for liquidity, credit, and/or market risks; |
(ii) | quoted prices for similar investments or assets in active markets; and | |
(iii) | other risk factors, such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, recovery rates, liquidation amounts and/or default rates. | |
Cost approach | (i) | audited or unaudited financial statements, investor communications and financial or operational metrics issued by the Private Company; |
(ii) | changes in the valuation of relevant indices or publicly traded companies comparable to the Private Company; | |
(iii) | relevant news and other public sources; and | |
(iv) | known secondary market transactions in the Private Company’s interests and merger or acquisition activity in companies comparable to the Private Company. | |
Investments in series of preferred stock issued by Private Companies are typically valued utilizing market approach in determining the enterprise value of the company. Such investments often contain rights and preferences that differ from other series of preferred and common stock of the same issuer. Enterprise valuation techniques such as an option pricing model (“OPM”), a probability weighted expected return model (“PWERM”), current value method or a hybrid of those techniques are used as deemed appropriate
20
2024 BlackRock Annual Report to Shareholders
Notes to Financial Statements (continued)
under the circumstances. The use of these valuation techniques involves a determination of the exit scenarios of the investment in order to appropriately allocate the enterprise value of the company among the various parts of its capital structure.
The Private Companies are not subject to the public company disclosure, timing, and reporting standards applicable to other investments held by the Fund. Typically, the most recently available information by a Private Company is as of a date that is earlier than the date the Fund is calculating its NAV. This factor may result in a difference between the value of the investment and the price the Fund could receive upon the sale of the investment.
Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. 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 the 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.
4.
SECURITIES AND OTHER INVESTMENTS
Securities Lending: The Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by a bank, or securities issued or guaranteed by the U.S. Government. The initial collateral received by the Fund is required to have a value of at least 102% of the current value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current market value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund, or excess collateral returned by the Fund, on the next business day. During the term of the loan, the Fund is entitled to all distributions made on or in respect of the loaned securities, but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.
As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested by the securities lending agent, BlackRock Investment Management, LLC (“BIM”), if any, is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are disclosed in the Fund’s Schedule of Investments. The market value of any securities on loan and the value of related collateral, if any, are shown separately in the Statement of Assets and Liabilities as a component of investments at value – unaffiliated and collateral on securities loaned, respectively.
Securities lending transactions are entered into by the Fund under Master Securities Lending Agreements (each, an “MSLA”), which provide the right, in the event of default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Fund, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Fund can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.
The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, the Fund benefits from a borrower default indemnity provided by BlackRock. BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value on the securities loaned in the event of borrower default. The Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by the Fund.
Notes to Financial Statements21
Notes to Financial Statements (continued)
5.
DERIVATIVE FINANCIAL INSTRUMENTS
The Fund engages in various portfolio investment strategies using derivative contracts both to increase the returns of the Fund and/or to manage its exposure to certain risks such as credit risk, equity risk, interest rate risk, foreign currency exchange rate risk, commodity price risk or other risks (e.g., inflation risk). Derivative financial instruments categorized by risk exposure are included in the Schedule of Investments. These contracts may be transacted on an exchange or over-the-counter (“OTC”).
Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).
Futures contracts are exchange-traded agreements between the Fund and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Fund is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statement of Assets and Liabilities.
Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statement of Assets and Liabilities. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statement of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statement of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.
6.
INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES
Investment Advisory: The Trust, on behalf of the Fund, entered into an Investment Advisory Agreement with the Manager, the Fund’s investment adviser and an indirect, wholly-owned subsidiary of BlackRock, Inc. (“BlackRock”), to provide investment advisory services. The Manager is responsible for the management of the Fund’s portfolio and provides the personnel, facilities, equipment and certain other services necessary to the operations of the Fund.
For such services, the Fund pays the Manager a monthly fee at an annual rate equal to the following percentages of the average daily value of the Fund’s net assets:
Average Daily Net Assets | Investment Advisory Fees |
First $1 billion | 0.80 % |
$1 billion – $3 billion | 0.75 |
$3 billion – $5 billion | 0.72 |
$5 billion – $10 billion | 0.70 |
Greater than $10 billion | 0.68 |
The Manager entered into a sub-advisory agreement with BlackRock International Limited (“BIL”), an affiliate of the Manager. The Manager pays BIL for services it provides for that portion of the Fund for which BIL acts as sub-adviser, a monthly fee that is equal to a percentage of the investment advisory fees paid by the Fund to the Manager.
Service Fees: The Trust, on behalf of the Fund, entered into a Distribution Agreement and a Distribution and Service Plan with BlackRock Investments, LLC (“BRIL”), an affiliate of the Manager. Pursuant to the Distribution and Service Plan and in accordance with Rule 12b-1 under the 1940 Act, the Fund pays BRIL ongoing service fees. The fees are accrued daily and paid monthly at annual rates based upon the average daily net assets of the relevant share class of the Fund as follows:
Share Class | Service Fees |
Investor A | 0.25 % |
BRIL and broker-dealers, pursuant to sub-agreements with BRIL, provide shareholder servicing and distribution services to the Fund. The ongoing service and/or distribution fee compensates BRIL and each broker-dealer for providing shareholder servicing and/or distribution related services to shareholders.
For the year ended April 30, 2024, the following table shows the class specific service fees borne directly by each share class of the Fund:
Fund Name | Investor A |
BlackRock Defensive Advantage Emerging Markets Fund | $ 407 |
Administration: The Trust, on behalf of the 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 the Fund. The administration fee, which is shown as administration in the Statement of Operations, is paid at the annual rates below.
Average Daily Net Assets | Administration Fees |
First $500 million | 0.0425 % |
$500 million - $1 billion | 0.0400 |
$1 billion - $2 billion | 0.0375 |
$2 billion - $4 billion | 0.0350 |
22
2024 BlackRock Annual Report to Shareholders
Notes to Financial Statements (continued)
Average Daily Net Assets | Administration Fees |
$4 billion - $13 billion | 0.0325 % |
Greater than $13 billion | 0.0300 |
In addition, the Manager charges each of the share classes an administration fee, which is shown as administration — class specific in the Statement of Operations, at an annual rate of 0.02% of the average daily net assets of each respective class.
For the year ended April 30, 2024, the following table shows the class specific administration fees borne directly by each share class of the Fund:
Fund Name | Institutional | Investor A | Class K | Total |
BlackRock Defensive Advantage Emerging Markets Fund | $ 19 | $ 33 | $ 1,891 | $ 1,943 |
Transfer Agent: Pursuant to written agreements, certain financial intermediaries, some of which may be affiliates, provide the Fund with sub-accounting, recordkeeping, sub-transfer agency and other administrative services with respect to servicing of underlying investor accounts. For these services, these entities receive an asset-based fee or an annual fee per shareholder account, which will vary depending on share class and/or net assets. For the year ended April 30, 2024, the Fund did not pay any amounts to affiliates in return for these services.
The Manager maintains a call center that is responsible for providing certain shareholder services to the Fund. Shareholder services include responding to inquiries and processing purchases and sales based upon instructions from shareholders. For the year ended April 30, 2024, the Fund reimbursed the Manager the following amounts for costs incurred in running the call center, which are included in transfer agent — class specific in the Statement of Operations:
Institutional | Investor A | Class K | Total | |
Reimbursed amounts | $ 39 | $ 22 | $ 44 | $ 105 |
For the year ended April 30, 2024, the following table shows the class specific transfer agent fees borne directly by each share class of the Fund:
Fund Name | Institutional | Investor A | Class K | Total |
BlackRock Defensive Advantage Emerging Markets Fund | $ 57 | $ 49 | $ 44 | $ 150 |
Other Fees: For the year ended April 30, 2024, affiliates earned underwriting discounts, direct commissions and dealer concessions on sales of the Fund’s Investor A Shares for a total of $151.
Expense Limitations, Waivers and Reimbursements: The Manager contractually agreed to waive its investment advisory fees by the amount of investment advisory fees the Fund pays to the Manager indirectly through its investment in affiliated money market funds (the “affiliated money market fund waiver") through June 30, 2025. The contractual agreement may be terminated upon 90 days’ notice by a majority of the trustees who are not “interested persons” of the Trust, as defined in the 1940 Act (“Independent Trustees”), or by a vote of a majority of the outstanding voting securities of the Fund. The amount of waivers and/or reimbursements of fees and expenses made pursuant to the expense limitation described below will be reduced by the amount of the affiliated money market fund waiver. This amount is included in fees waived and/or reimbursed by the Manager in the Statement of Operations. For the year ended April 30, 2024, the amount waived was $163.
The Manager has contractually agreed to waive its investment advisory fee with respect to any portion of the Fund’s assets invested in affiliated equity and fixed-income mutual funds and affiliated exchange-traded funds that have a contractual management fee through June 30, 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 the Fund. For the year ended April 30, 2024, there were no fees waived by the Manager pursuant to this arrangement.
The Manager contractually agreed to waive and/or reimburse fees or expenses in order to limit expenses, excluding interest expense, dividend expense, 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:
Share Class | Expense Limitation |
Institutional | 0.86 % |
Investor A | 1.11 |
Class K | 0.81 |
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 the Fund. For the year ended April 30, 2024, amounts included in the Statement of Operations were as follows:
Fund Name | Fees Waived and/or Reimbursed by the Manager |
BlackRock Defensive Advantage Emerging Markets Fund | $ 257,977 |
Fund Name | Administration Fees Waived |
BlackRock Defensive Advantage Emerging Markets Fund | $ 4,130 |
Notes to Financial Statements23
Notes to Financial Statements (continued)
In addition, these amounts waived and/or reimbursed by the Manager are included in administration fees waived by the Manager — class specific, transfer agent fees waived and/or reimbursed by the Manager — class specific, respectively, in the Statement of Operations. For the year ended April 30, 2024, class specific expense waivers and/or reimbursements were as follows:
Institutional | Investor A | Class K | Total | |
Administration fees waived by the Manager — class specific | $ 9 | $ 6 | $ 1,770 | $ 1,785 |
Institutional | Investor A | Class K | Total | |
Transfer agent fees waived and/or reimbursed by the Manager — class specific | $ 33 | $ 1 | $ 7 | $ 41 |
Securities Lending: The U.S. Securities and Exchange Commission (“SEC”) has issued an exemptive order which permits BIM, an affiliate of the Manager, to serve as securities lending agent for the Fund, subject to applicable conditions. As securities lending agent, BIM bears all operational costs directly related to securities lending. The Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional, managed by the Manager or its affiliates. However, BIM has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees the Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, redemption fee, distribution fee or service fee. The money market fund in which the cash collateral has been reinvested may impose a discretionary liquidity fee of up to 2% of the value redeemed, if such fee, is determined to be in the best interests of such money market fund.
Securities lending income is generally equal to the total of income earned from the reinvestment of cash collateral, (and excludes collateral investment fees), and any fees or other payments to and from borrowers of securities. The Fund retains a portion of the securities lending income and remits the remaining portion to BIM as compensation for its services as securities lending agent.
Pursuant to the current securities lending agreement, the Fund retains 82% of securities lending income (which excludes collateral investment 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, the Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year securities lending income in an amount equal to 85% of securities lending income (which excludes collateral investment 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 the Fund is shown as securities lending income — affiliated — net in the Statement of Operations. For the year ended April 30, 2024, the Fund paid BIM $29 for securities lending agent services.
Interfund Lending: In accordance with an exemptive order (the “Order”) from the SEC, the 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 the Fund’s investment policies and restrictions. The 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 year ended April 30, 2024, the Fund 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 Fund reimburses the Manager for a portion of the compensation paid to the Trust’s Chief Compliance Officer, which is included in Trustees and Officer in the Statement of Operations.
7.
PURCHASES AND SALES
For the year ended April 30, 2024, purchases and sales of investments, excluding short-term securities, were $18,388,162 and $18,167,271, respectively.
8.
INCOME TAX INFORMATION
It is the Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.
The Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on the Fund’s U.S. federal tax returns generally remains open for a period of three years after they are filed. The statutes of limitations on the Fund’ s state and local tax returns may remain open for an additional year depending upon the jurisdiction.
Management has analyzed tax laws and regulations and their application to the Fund as of April 30, 2024, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Fund’s financial statements.
24
2024 BlackRock Annual Report to Shareholders
Notes to Financial Statements (continued)
The tax character of distributions paid was as follows:
Fund Name | Year Ended 04/30/24 | Year Ended 04/30/23 |
BlackRock Defensive Advantage Emerging Markets Fund | ||
Ordinary income | $ 214,958 | $ 239,594 |
As of April 30, 2024, the tax components of accumulated earnings (loss) were as follows:
Fund Name | Undistributed Ordinary Income | Non-Expiring Capital Loss Carryforwards(a) | Net Unrealized Gains (Losses)(b) | Total |
BlackRock Defensive Advantage Emerging Markets Fund | $ 78,036 | $ (571,384 ) | $ 223,365 | $ (269,983 ) |
(a) | Amounts available to offset future realized capital gains. |
(b) | The difference between book-basis and tax-basis net unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales and the realization for tax purposes of unrealized gains (losses) on certain futures contracts. |
During the year ended April 30, 2024, the Fund utilized the following amount of its capital loss carryforward:
Fund Name | Amounts |
BlackRock Defensive Advantage Emerging Markets Fund | $ 387,554 |
As of April 30, 2024, 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) |
BlackRock Defensive Advantage Emerging Markets Fund | $ 10,009,127 | $ 752,013 | $ (494,106 ) | $ 257,907 |
9.
BANK BORROWINGS
The Trust, on behalf of the Fund, along with certain other funds managed by the Manager and its affiliates (“Participating Funds”), is party to a 364-day, $2.40 billion credit agreement with a group of lenders. Under this agreement, the Fund may borrow to fund shareholder redemptions. Excluding commitments designated for certain individual funds, the Participating Funds, including the Fund, can borrow up to an aggregate commitment amount of $1.75 billion at any time outstanding, subject to asset coverage and other limitations as specified in the agreement. The credit agreement has the following terms: a fee of 0.10% per annum on unused commitment amounts and interest at a rate equal to the higher of (a) Overnight Bank Funding Rate (“OBFR”) (but, in any event, not less than 0.00%) on the date the loan is made plus 0.80% per annum, (b) the Fed Funds rate (but, in any event, not less than 0.00%) in effect from time to time plus 0.80% per annum on amounts borrowed or (c) the sum of (x) Daily Simple Secured Overnight Financing Rate (“SOFR”) (but, in any event, not less than 0.00%) on the date the loan is made plus 0.10% and (y) 0.80% per annum. The agreement expires in April 2025 unless extended or renewed. Prior to April 11, 2024, the aggregate commitment amount was $2.50 billion. 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 year ended April 30, 2024, the Fund did not borrow under the credit agreement.
10.
PRINCIPAL RISKS
In the normal course of business, the Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation 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 Fund and its investments. The Fund’ s prospectus provides details of the risks to which the Fund is subject.
The Fund may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to discretionary liquidity fees under certain circumstances.
Market Risk: Investments in the securities of issuers domiciled in countries with emerging capital markets involve certain additional risks that do not generally apply to investments in securities of issuers in more developed capital markets, such as (i) low or nonexistent trading volume, resulting in a lack of liquidity and increased volatility in prices for such securities; (ii) lack of reliable settlement procedures and significant delays in registering the transfer of securities; (iii) uncertain national policies and social, political and economic instability, increasing the potential for expropriation of assets, confiscatory taxation, high rates of inflation or unfavorable diplomatic developments; (iv) lack of publicly available or reliable information about issuers as a result of not being subject to the same degree of regulatory requirements and accounting, auditing and financial reporting standards; and (v) possible fluctuations in exchange rates, differing legal systems and the existence or possible imposition of exchange controls, custodial restrictions or other foreign or U.S. governmental laws or restrictions applicable to such investments.
Notes to Financial Statements25
Notes to Financial Statements (continued)
Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. The Fund may invest in illiquid investments. An illiquid investment is any investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. The Fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause the Fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of the Fund may lose value, regardless of the individual results of the securities and other instruments in which the Fund invests.
The price the Fund could receive upon the sale of any particular portfolio investment may differ from the Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Fund’s results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by the Fund, and the Fund could realize a greater than expected loss or lesser than expected gain upon the sale of the investment. The Fund’s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.
Counterparty Credit Risk: The Fund may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Fund manages counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Fund to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Fund’s exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statement of Assets and Liabilities, less any collateral held by the Fund.
A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.
With exchange-traded futures, there is less counterparty credit risk to the Fund since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, the Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Fund.
Geographic/Asset Class Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within the Fund’s portfolio are disclosed in its Schedule of Investments.
The Fund invests a substantial amount of its assets in issuers located in a single country or a limited number of countries. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions in those countries may have a significant impact on their investment performance and could affect the income from, or the value or liquidity of, the Fund’s portfolio. Unanticipated or sudden political or social developments may cause uncertainty in the markets and as a result adversely affect the Fund’s investments. Foreign issuers may not be subject to the same uniform accounting, auditing and financial reporting standards and practices as used in the United States. Foreign securities markets may also be more volatile and less liquid than U.S. securities and may be less subject to governmental supervision not typically associated with investing in U.S. securities. Investment percentages in specific countries are presented in the Schedule of Investments.
The Fund invests a significant portion of its assets in securities of issuers located in Asia or with significant exposure to Asian issuers or countries. 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 Fund’s investments.
Significant Shareholder Redemption Risk: Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund’s NAV, increase the fund’s brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.
26
2024 BlackRock Annual Report to Shareholders
Notes to Financial Statements (continued)
11.
CAPITAL SHARE TRANSACTIONS
Transactions in capital shares for each class were as follows:
Year Ended 04/30/24 | Year Ended 04/30/23 | |||
Fund Name / Share Class | Shares | Amounts | Shares | Amounts |
BlackRock Defensive Advantage Emerging Markets Fund | ||||
Institutional | ||||
Shares sold | 206 | $ 1,900 | 171 | $ 1,500 |
Shares issued in reinvestment of distributions | 7 | 61 | 2 | 15 |
213 | $ 1,961 | 173 | $ 1,515 | |
Investor A | ||||
Shares sold | 19,326 | $ 180,245 | 1,046 | $ 9,602 |
Shares issued in reinvestment of distributions | 63 | 571 | 25 | 220 |
Shares redeemed | — | — | (15) | (132) |
19,389 | $ 180,816 | 1,056 | $ 9,690 | |
Class K | ||||
Shares sold | 1,859 | $ 17,248 | 2,045 | $ 17,483 |
Shares issued in reinvestment of distributions | 39 | 364 | 31 | 265 |
Shares redeemed | (2,459) | (23,364) | (331) | (2,916) |
(561) | $ (5,752) | 1,745 | $ 14,832 | |
19,041 | $ 177,025 | 2,974 | $ 26,037 | |
As of April 30, 2024, shares owned by BlackRock Financial Management, Inc., an affiliate of the Fund, were as follows:
Fund Name | Institutional | Investor A | Class K |
BlackRock Defensive Advantage Emerging Markets Fund | 10,330 | 10,312 | 1,012,325 |
12.
SUBSEQUENT EVENTS
Management has evaluated the impact of all subsequent events on the Fund through the date the financial statements were issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.
Notes to Financial Statements27
Report of Independent Registered Public Accounting Firm
To the Shareholders of BlackRock Defensive Advantage Emerging Markets Fund and the Board of Trustees of BlackRock FundsSM:
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statement of assets and liabilities of BlackRock Defensive Advantage Emerging Markets Fund of BlackRock FundsSM (the “Fund”), including the schedule of investments, as of April 30, 2024, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the three years in the period then ended and for the period from December 21, 2020 (commencement of operations) through April 30, 2021, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of April 30, 2024, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the three years in the period then ended and for the period from December 21, 2020 (commencement of operations) through April 30, 2021, in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of April 30, 2024, by correspondence with custodians or counterparties; when replies were not received, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
Deloitte & Touche LLP
Boston, Massachusetts
June 24, 2024
Boston, Massachusetts
June 24, 2024
We have served as the auditor of one or more BlackRock investment companies since 1992.
28
2024 BlackRock Annual Report to Shareholders
Important Tax Information (unaudited)
The following amounts, or maximum amounts allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended April 30, 2024:
Fund Name | Qualified Dividend Income |
BlackRock Defensive Advantage Emerging Markets Fund | $ 134,779 |
The Fund intend to pass through to their shareholders the following amounts, or maximum amounts allowable by law, of foreign source income earned and foreign taxes paid for the fiscal year ended April 30, 2024:
Fund Name | Foreign Source Income Earned | Foreign Taxes Paid |
BlackRock Defensive Advantage Emerging Markets Fund | $ 259,440 | $ 80,489 |
The Fund hereby designates the following amount, or maximum amount allowable by law, of distributions from direct federal obligation interest for the fiscal year ended April 30, 2024:
Fund Name | Federal Obligation Interest |
BlackRock Defensive Advantage Emerging Markets Fund | $ 1,388 |
The law varies in each state as to whether and what percent of ordinary income dividends attributable to federal obligations is exempt from state income tax. Shareholders are advised to check with their tax advisers to determine if any portion of the dividends received is exempt from state income tax.
The Fund hereby designates the following amount, or maximum amount allowable by law, as interest income eligible to be treated as a Section 163(j) interest dividend for the fiscal year ended April 30, 2024:
Fund Name | Interest Dividends |
BlackRock Defensive Advantage Emerging Markets Fund | $ 8,853 |
The Fund hereby designates the following amount, or maximum amount allowable by law, as interest-related dividends eligible for exemption from U.S. withholding tax for nonresident aliens and foreign corporations for the fiscal year ended April 30, 2024:
Fund Name | Interest- Related Dividends |
BlackRock Defensive Advantage Emerging Markets Fund | $ 8,853 |
Important Tax Information29
Statement Regarding Liquidity Risk Management Program
In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), BlackRock FundsSM (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) for BlackRock Defensive Advantage Emerging Markets Fund (the “Fund”), a series of the Trust, which is reasonably designed to assess and manage the Fund’s liquidity risk.
The Board of Trustees (the “Board”) of the Trust, on behalf of the Fund, met on November 16-17, 2023 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Advisors, LLC or BlackRock Fund Advisors (“BlackRock”), each an investment adviser to certain BlackRock funds, as the program administrator for the Fund’s Program, as applicable. BlackRock also previously delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of the Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2022 through September 30, 2023 (the “Program Reporting Period”).
The Report described the Program’s liquidity classification methodology for categorizing the Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish the Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to the Fund no less frequently than annually. The Report also discussed notable events affecting liquidity over the Program Reporting Period, including the imposition of capital controls in certain countries.
The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing the Fund’s liquidity risk, as follows:
a)
The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed whether the Fund’s strategy is appropriate for an open-end fund structure with a focus on funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee also factored a fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. Where a fund participated in borrowings for investment purposes (such as tender option bonds or reverse repurchase agreements), such borrowings were factored into the Program’s calculation of a fund’s liquidity bucketing. A fund’s derivative exposure was also considered in such calculation.
b)
Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish the Fund’s reasonably anticipated trading size utilized for liquidity classifications. The Fund has adopted an in-kind redemption policy which may be utilized to meet larger redemption requests. The Committee may also take into consideration a fund’s shareholder ownership concentration (which, depending on product type and distribution channel, may or may not be available), a fund’s distribution channels, and the degree of certainty associated with a fund’s short-term and long-term cash flow projections.
c)
Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered the terms of the credit facility committed to the Fund, the financial health of the institution providing the facility and the fact that the credit facility is shared among multiple funds (including that a portion of the aggregate commitment amount is specifically designated for BlackRock Floating Rate Income Portfolio, a series of BlackRock Funds V, and BlackRock Floating Rate Loan ETF, a series of BlackRock ETF Trust II). The Committee also considered other types of borrowing available to the funds, such as the ability to use reverse repurchase agreements and interfund lending, as applicable.
There were no material changes to the Program during the Program Reporting Period other than the enhancement of certain model components in the Program’s classification methodology. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.
30
2024 BlackRock Annual Report to Shareholders
Trustee and Officer Information
Independent Trustees(a) | ||||
Name Year of Birth(b) | Position(s) Held (Length of Service)(c) | Principal Occupation(s) During Past 5 Years | Number of BlackRock-Advised Registered Investment Companies (“RICs”) Consisting of Investment Portfolios (“Portfolios”) Overseen | Public Company and Other Investment Company Directorships Held During Past 5 Years |
Mark Stalnecker 1951 | Chair of the Board (Since 2019) and Trustee (Since 2015) | Chief Investment Officer, University of Delaware from 1999 to 2013; Trustee and Chair of the Finance and Investment Committees, Winterthur Museum and Country Estate from 2005 to 2016; Member of the Investment Committee, Delaware Public Employees’ Retirement System since 2002; Member of the Investment Committee, Christiana Care Health System from 2009 to 2017; Member of the Investment Committee, Delaware Community Foundation from 2013 to 2014; Director and Chair of the Audit Committee, SEI Private Trust Co. from 2001 to 2014. | 28 RICs consisting of 164 Portfolios | None |
Susan J. Carter 1956 | Trustee (Since 2016) | Trustee, Financial Accounting Foundation from 2017 to 2021; Advisory Board Member, Center for Private Equity and Entrepreneurship at Tuck School of Business from 1997 to 2021; Director, Pacific Pension Institute from 2014 to 2018; Senior Advisor, Commonfund Capital, Inc. (“CCI”) (investment adviser) in 2015; Chief Executive Officer, CCI from 2013 to 2014; President & Chief Executive Officer, CCI from 1997 to 2013; Advisory Board Member, Girls Who Invest from 2015 to 2018 and Board Member thereof from 2018 to 2022; Advisory Board Member, Bridges Fund Management from 2016 to 2018; Practitioner Advisory Board Member, Private Capital Research Institute (“PCRI”) since 2017; Lecturer in the Practice of Management, Yale School of Management since 2019; Advisor to Finance Committee, Altman Foundation since 2020; Investment Committee Member, Tostan since 2021; Member of the President’s Counsel, Commonfund since 2023. | 28 RICs consisting of 164 Portfolios | None |
Collette Chilton 1958 | Trustee (Since 2015) | Senior advisor, Insignia since 2024; Chief Investment Officer, Williams College from 2006 to 2023; Chief Investment Officer, Lucent Asset Management Corporation from 1998 to 2006; Director, Boys and Girls Club of Boston since 2017; Director, B1 Capital since 2018; Director, David and Lucile Packard Foundation since 2020. | 28 RICs consisting of 164 Portfolios | None |
Neil A. Cotty 1954 | Trustee (Since 2016) | Bank of America Corporation from 1996 to 2015, serving in various senior finance leadership roles, including Chief Accounting Officer from 2009 to 2015, Chief Financial Officer of Global Banking, Markets and Wealth Management from 2008 to 2009, Chief Accounting Officer from 2004 to 2008, Chief Financial Officer of Consumer Bank from 2003 to 2004, Chief Financial Officer of Global Corporate Investment Bank from 1999 to 2002. | 28 RICs consisting of 164 Portfolios | None |
Lena G. Goldberg 1949 | Trustee (Since 2019) | Director, Pioneer Public Interest Law Center since 2023; Director, Charles Stark Draper Laboratory, Inc. from 2013 to 2021; Senior Lecturer, Harvard Business School from 2008 to 2021; FMR LLC/Fidelity Investments (financial services) from 1996 to 2008, serving in various senior roles including Executive Vice President - Strategic Corporate Initiatives and Executive Vice President and General Counsel; Partner, Sullivan & Worcester LLP from 1985 to 1996 and Associate thereof from 1979 to 1985. | 28 RICs consisting of 164 Portfolios | None |
Trustee and Officer Information31
Trustee and Officer Information (continued)
Independent Trustees(a) (continued) | ||||
Name Year of Birth(b) | Position(s) Held (Length of Service)(c) | Principal Occupation(s) During Past 5 Years | Number of BlackRock-Advised Registered Investment Companies (“RICs”) Consisting of Investment Portfolios (“Portfolios”) Overseen | Public Company and Other Investment Company Directorships Held During Past 5 Years |
Henry R. Keizer 1956 | Trustee (Since 2019) | Director, Park Indemnity Ltd. (captive insurer) from 2010 to 2022. | 28 RICs consisting of 164 Portfolios | GrafTech International Ltd. (materials manufacturing); Sealed Air Corp. (packaging); WABCO (commercial vehicle safety systems) from 2015 to 2020; Hertz Global Holdings (car rental) from 2015 to 2021. |
Cynthia A. Montgomery 1952 | Trustee (Since 2007) | Professor, Harvard Business School since 1989. | 28 RICs consisting of 164 Portfolios | None |
Donald C. Opatrny 1952 | Trustee (Since 2019) | Chair of the Board of Phoenix Art Museum since 2022 and Trustee thereof since 2018; Chair of the Investment Committee of The Arizona Community Foundation since 2022 and Trustee thereof since 2020; Director, Athena Capital Advisors LLC (investment management firm) from 2013 to 2020; Trustee, Vice Chair, Member of the Executive Committee and Chair of the Investment Committee, Cornell University from 2004 to 2019; Member of Affordable Housing Supply Board of Jackson, Wyoming from 2017 to 2022; Member, Investment Funds Committee, State of Wyoming from 2017 to 2023; Trustee, Artstor (a Mellon Foundation affiliate) from 2010 to 2015; Member of the Investment Committee, Mellon Foundation from 2009 to 2015; President, Trustee and Member of the Investment Committee, The Aldrich Contemporary Art Museum from 2007 to 2014; Trustee and Chair of the Investment Committee, Community Foundation of Jackson Hole since 2014. | 28 RICs consisting of 164 Portfolios | None |
Kenneth L. Urish 1951 | Trustee (Since 2007) | Managing Partner, Urish Popeck & Co., LLC (certified public accountants and consultants) since 1976; Past- Chairman of the Professional Ethics Committee of the Pennsylvania Institute of Certified Public Accountants and Committee Member thereof since 2007; Member of External Advisory Board, The Pennsylvania State University Accounting Department since 2001, Emeritus since 2022; Principal, UP Strategic Wealth Investment Advisors, LLC since 2013; Trustee, The Holy Family Institute from 2001 to 2010; President and Trustee, Pittsburgh Catholic Publishing Associates from 2003 to 2008; Director, Inter-Tel from 2006 to 2007; Member, Advisory Board, ESG Competent Boards since 2020. | 28 RICs consisting of 164 Portfolios | None |
Claire A. Walton 1957 | Trustee (Since 2016) | Advisory Board Member, Grossman School of Business at the University of Vermont since 2023; Advisory Board Member, Scientific Financial Systems since 2022; General Partner of Neon Liberty Capital Management, LLC from 2003 to 2023; Chief Operating Officer and Chief Financial Officer of Liberty Square Asset Management, LP from 1998 to 2015; Director, Boston Hedge Fund Group from 2009 to 2018; Director, Massachusetts Council on Economic Education from 2013 to 2015; Director, Woodstock Ski Runners from 2013 to 2022. | 28 RICs consisting of 164 Portfolios | None |
32
2024 BlackRock Annual Report to Shareholders
Trustee and Officer Information (continued)
Interested Trustees(a)(d) | ||||
Name Year of Birth(b) | Position(s) Held (Length of Service)(c) | Principal Occupation(s) During Past 5 Years | Number of BlackRock-Advised (“RICs”) Consisting of Investment Portfolios (“Portfolios”) Overseen | Public Company and Other Investment Company Directorships Held During Past 5 Years |
Robert Fairbairn 1965 | Trustee (Since 2018) | Vice Chairman of BlackRock, Inc. since 2019; Member of BlackRock’s Global Executive and Global Operating Committees; Co-Chair of BlackRock’s Human Capital Committee; Senior Managing Director of BlackRock, Inc. from 2010 to 2019; oversaw BlackRock’s Strategic Partner Program and Strategic Product Management Group from 2012 to 2019; Member of the Board of Managers of BlackRock Investments, LLC from 2011 to 2018; Global Head of BlackRock’s Retail and iShares® businesses from 2012 to 2016. | 96 RICs consisting of 266 Portfolios | None |
John M. Perlowski(e) 1964 | Trustee (Since 2015) President and Chief Executive Officer (Since 2010) | Managing Director of BlackRock, Inc. since 2009; Head of BlackRock Global Accounting and Product Services since 2009; Advisory Director of Family Resource Network (charitable foundation) since 2009. | 98 RICs consisting of 268 Portfolios | None |
(a) | The address of each Trustee is c/o BlackRock, Inc., 50 Hudson Yards, New York, New York 10001. |
(b) | Independent Trustees serve until their resignation, retirement, removal or death, or until December 31 of the year in which they turn 75. The Board may determine to extend the terms of Independent Trustees on a case-by-case basis, as appropriate. |
(c) | Following the combination of Merrill Lynch Investment Managers, L.P. (“MLIM”) and BlackRock, Inc. in September 2006, the various legacy MLIM and legacy BlackRock fund boards were realigned and consolidated into three new fund boards in 2007. Furthermore, effective January 1, 2019, three BlackRock Fund Complexes were realigned and consolidated into two BlackRock Fund Complexes. As a result, although the chart shows the year that each Independent Trustee joined the Board, certain Independent Trustees first became members of the boards of other BlackRock-advised Funds, legacy MLIM funds or legacy BlackRock funds as follows: Cynthia A. Montgomery, 1994; Kenneth L. Urish, 1999; Lena G. Goldberg, 2016; Henry R. Keizer, 2016; Donald C. Opatrny, 2015. |
(d) | Mr. Fairbairn and Mr. Perlowski are both “interested persons,” as defined in the 1940 Act, of the Trust based on their positions with BlackRock, Inc. and its affiliates. Mr. Fairbairn and Mr. Perlowski are also board members of the BlackRock Fixed-Income Complex. |
(e) | Mr. Perlowski is also a trustee of the BlackRock Credit Strategies Fund and BlackRock Private Investments Fund. |
Trustee and Officer Information33
Trustee and Officer Information (continued)
Officers Who Are Not Trustees(a) | ||
Name Year of Birth(b) | Position(s) Held (Length of Service) | Principal Occupation(s) During Past 5 Years |
Roland Villacorta 1971 | Vice President (Since 2022) | Managing Director of BlackRock, Inc. since 2002; Head of Global Cash Management and Head of Securities Lending within BlackRock’s Global Markets Group since 2022; Member of BlackRock’s Global Operating Committee since 2016 and Human Capital Committee since 2023. |
Jennifer McGovern 1977 | Vice President (Since 2014) | Managing Director of BlackRock, Inc. since 2016. |
Trent Walker 1974 | Chief Financial Officer (Since 2021) | Managing Director of BlackRock, Inc. since September 2019; Executive Vice President of PIMCO from 2016 to 2019. |
Jay M. Fife 1970 | Treasurer (Since 2007) | Managing Director of BlackRock, Inc. since 2007. |
Aaron Wasserman 1974 | Chief Compliance Officer (Since 2023) | Managing Director of BlackRock, Inc. since 2018; Chief Compliance Officer of the BlackRock-advised funds in the BlackRock Multi-Asset Complex, the BlackRock Fixed-Income Complex and the iShares Complex since 2023; Deputy Chief Compliance Officer for the BlackRock-advised funds in the BlackRock Multi-Asset Complex, the BlackRock Fixed- Income Complex and the iShares Complex from 2014 to 2023. |
Lisa Belle 1968 | Anti-Money Laundering Compliance Officer (Since 2019) | Managing Director of BlackRock, Inc. since 2019; Global Financial Crime Head for Asset and Wealth Management of JP Morgan from 2013 to 2019. |
Janey Ahn 1975 | Secretary (Since 2019) | Managing Director of BlackRock, Inc. since 2018. |
(a) | The address of each Officer is c/o BlackRock, Inc., 50 Hudson Yards, New York, New York 10001. |
(b) | Officers of the Trust serve at the pleasure of the Board. |
Further information about the Trust’s Trustees and Officers is available in the Trust’s Statement of Additional Information, which can be obtained without charge by calling (800) 441-7762.
Effective July 1, 2023, Aaron Wasserman replaced Charles Park as Chief Compliance Officer of the Trust. |
Effective June 1, 2024, Lori Richards was appointed as a Trustee of the Trust. |
34
2024 BlackRock Annual Report to Shareholders
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 Fund.
General Information
Quarterly performance, semi-annual and annual reports, current net asset value and other information regarding the Fund may be found on BlackRock’s website, which can be accessed at blackrock.com. Any reference to BlackRock’s website in this report is intended to allow investors public access to information regarding the Fund and does not, and is not intended to, incorporate BlackRock’s website in this report.
Householding
The Fund 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 Fund at (800) 441-7762.
Availability of Quarterly Schedule of Investments
The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund’s Form N-PORT is available on the SEC’s website at sec.gov. Additionally, the 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 Fund uses to determine how to vote proxies relating to portfolio securities and information about how the Fund voted proxies relating to securities held in the Fund’s portfolio 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.
Additional Information35
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
BlackRock Advisors, LLC
Wilmington, DE 19809
Wilmington, DE 19809
Sub-Adviser
BlackRock International Limited
Edinburgh, EH3 8BL
United Kingdom
Edinburgh, EH3 8BL
United Kingdom
Accounting Agent and Custodian
State Street Bank and Trust Company
Boston, MA 02114
Boston, MA 02114
Transfer Agent
BNY Mellon Investment Servicing (US) Inc.
Wilmington, DE 19809
Wilmington, DE 19809
Distributor
BlackRock Investments, LLC
New York, NY 10001
New York, NY 10001
Independent Registered Public Accounting Firm
Deloitte & Touche LLP
Boston, MA 02116
Boston, MA 02116
Legal Counsel
Sidley Austin LLP
New York, NY 10019
New York, NY 10019
Address of the Fund
100 Bellevue Parkway
Wilmington, DE 19809
Wilmington, DE 19809
36
2024 BlackRock Annual Report to Shareholders
Glossary of Terms Used in this Report
Portfolio Abbreviation | |
ADR | American 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 |
Glossary of Terms Used in This Report37
Want to know more?
blackrock.com | 800-441-7762
This report is intended for current holders. It is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of the Fund unless preceded or accompanied by the Fund’s current prospectus. Past performance results shown in this report should not be considered a representation of future performance. Investment returns and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Statements and other information herein are as dated and are subject to change.
DEF-04/24-AR
April 30, 2024
2024 Annual Report |
BlackRock FundsSM |
• BlackRock Advantage Emerging Markets Fund |
• BlackRock Global Equity Market Neutral Fund |
Not FDIC Insured • May Lose Value • No Bank Guarantee |
Rob KapitoPresident, BlackRock Advisors, LLCThe 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 April 30, 2024. Higher interest rates helped to rein in inflation, and the Consumer Price Index decelerated substantially while remaining above pre-pandemic levels. A moderating labor market helped ease inflationary pressure, although wages continued to grow. Wage and job growth powered robust consumer spending, backstopping the economy. On October 7, 2023, Hamas launched a horrific attack on Israel. The ensuing war has had 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 robust during the period, as interest rates stabilized and the economy proved to be more resilient than many investors expected. The U.S. economy continued to show strength, and growth further accelerated in the second half of 2023. Large-capitalization U.S. stocks posted particularly substantial gains, supported by the performance of a few notable technology companies, while small-capitalization U.S. stocks’ advance was slower but still impressive. Meanwhile, both international developed market equities and emerging market stocks also gained, albeit at a notably slower pace than that of U.S. stocks.
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. However, higher yields drove solid gains in shorter-duration U.S. Treasuries. 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 twice during the 12-month period, but paused its tightening after its July meeting. The Fed also continued to reduce its balance sheet by not replacing some of the 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 stopped tightening for now, we believe that the new economic regime means that the Fed will need to maintain high rates for an extended period, and recent statements from the Fed seem to support this view. In this new regime, we anticipate greater volatility and dispersion of returns, creating more opportunities for selective portfolio management.
Looking at developed market stocks, we have an overweight stance on U.S. stocks overall, particularly given the promise of emerging AI technologies. We are also overweight Japanese stocks as shareholder-friendly policies generate increased investor interest, although we maintain an underweight stance on European stocks. In credit, we believe there are selective opportunities in the near term despite tighter 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 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,
Rob Kapito
President, BlackRock Advisors, LLC
President, BlackRock Advisors, LLC
Total Returns as of April 30, 2024 | ||
6-Month | 12-Month | |
U.S. large cap equities (S&P 500® Index) | 20.98% | 22.66% |
U.S. small cap equities (Russell 2000® Index) | 19.66 | 13.32 |
International equities (MSCI Europe, Australasia, Far East Index) | 18.63 | 9.28 |
Emerging market equities (MSCI Emerging Markets Index) | 15.40 | 9.88 |
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index) | 2.66 | 5.36 |
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index) | 3.66 | (6.40) |
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index) | 4.97 | (1.47) |
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index) | 7.06 | 2.08 |
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index) | 8.99 | 9.01 |
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index. | ||
2This Page is not Part of Your Fund Report
Fund Summary as of April 30, 2024
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 12-month period ended April 30, 2024, all of the Fund’s share classes underperformed its benchmark, the MSCI Emerging Markets Index.
What factors influenced performance?
While emerging market equities ended the period in positive territory, they continued to significantly trail their developed market counterparts. The period was highlighted by heightened volatility driven by concerns around geopolitical tensions, central bank policy shifts and sector-specific trends. Performance during the first half of the period was challenged by weakened sentiment with respect to China alongside a broader risk-off trend on concerns around inflation and interest rates. Indian equities were a bright spot as global investors increasingly viewed that market as an alternative to China. Additionally, Poland continued its rebound since the onset of the Ukraine conflict. Asian equity market performance was supported late in the period given signs of stabilization from China and as optimism around artificial intelligence (“AI”) drove the semiconductor sector higher. In style terms, there was a notable rotation in performance leadership, with value dominating early while momentum came to the forefront late in the period.The Fund performance relative to the benchmark was negatively impacted as macro measures detracted amid changing leadership and sentiment during the period. As investors flipped from “higher-for-longer” to “peak-interest rate” scenarios rewarding growth, performance for certain country insights was negatively impacted. Further, an insight looking at informed investor positioning drove an unsuccessful overweight to Brazil. Elsewhere, text-based, quality-related insights analyzing companies based on industry-specific key performance indicators motivated an unsuccessful underweight in India. Finally, certain sentiment measures also lagged including insights designed to evaluate broker equity position concentration, import and shipping port availability, and contrarian market sentiment.
Fundamental measures proved additive as these benefited from interest rate moves that broadly rewarded value styles early in the period. Traditional valuation insights tracking company sales, cash flow, dividends and other financial metrics highlighted contributions, driving successful positioning around Chinese offshore names. Elsewhere, certain sentiment insights also performed well including trend-based insights designed to evaluate sentiment from analysts and informed investors which helped correctly position the portfolio around the AI narrative, most notably through an overweight to Taiwanese technology companies. Additionally, a text-based insight looking at analyst reports drove an overweight to Poland that benefited performance.
The Fund’s cash position had no material impact on performance.
Describe recent portfolio activity.
Over the course of the period, the portfolio maintained a balanced allocation of risk across all major return drivers. There were, however, several new signals added within the stock selection group of insights. The Fund built upon its alternative data capabilities with enhanced data sets that captured informed investor positioning in specific regions. Additionally, the Fund added to its complex of consumer intent insights with a measure that looks towards web activity as a measure of potential revenue growth. The Fund also further developed its country-specific employee sentiment data sets in Asia. Finally, given geopolitical tensions, the Fund developed a new insight analyzing the impact as manufacturing activity is shifted across countries.
Describe portfolio positioning at period end.
Relative to the benchmark, the Fund ended the reporting period positioned essentially neutrally from a sector and country perspective. The Fund had a slight overweight to the information technology and industrials sectors and a slight underweight to financials and materials. The Fund had a slight overweight to Taiwan and a slight underweight to Mexico.
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.
These views are not intended to be a forecast of future events and are no guarantee of future results.
4
2024 BlackRock Annual Report to Shareholders
Fund Summary as of April 30, 2024(continued)
BlackRock Advantage Emerging Markets Fund
GROWTH OF $10,000 INVESTMENT 
(a)
Assuming maximum sales charges, if any, transaction costs and other operating expenses, including investment advisory fees. Institutional Shares do not have a sales charge.
(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.
Performance
Average Annual Total Returns(a)(b) | ||||||
1 Year | 5 Years | 10 Years | ||||
Without Sales Charge | With Sales Charge | Without Sales Charge | With Sales Charge | Without Sales Charge | With Sales Charge | |
Institutional | 8.76 % | N/A | 0.87 % | N/A | 1.17 % | N/A |
Investor A | 8.38 | 2.69 % | 0.57 | (0.51 )% | 0.89 | 0.34 % |
Investor C | 7.53 | 6.53 | (0.18 ) | (0.18 ) | 0.28 | 0.28 |
Class K | 8.80 | N/A | 0.92 | N/A | 1.19 | N/A |
MSCI Emerging Markets Index | 9.88 | N/A | 1.89 | N/A | 2.96 | N/A |
(a) | Assuming maximum sales charges, if any. Average annual total returns with and without sales charges reflect reductions for distribution and service fees. See “About Fund Performance” for a detailed description of share classes, including any related sales charges and fees, and how performance was calculated for certain share classes. |
(b) | Under normal circumstances, the Fund seeks to invest at least 80% of its net assets plus the amount of any borrowings for investment purposes in equity securities issued by, or tied economically to, companies in emerging markets and derivatives that have similar economic characteristics to such securities. The Fund’s total returns prior to June 12, 2017 are the returns of the Fund when it followed different investment strategies under the name BlackRock Emerging Markets Long/Short Equity Fund. |
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.
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 (11/01/23) | Ending Account Value (04/30/24) | Expenses Paid During the Period(a) | Beginning Account Value (11/01/23) | Ending Account Value (04/30/24) | Expenses Paid During the Period(a) | Annualized Expense Ratio | |
Institutional | $ 1,000.00 | $ 1,135.30 | $ 4.49 | $ 1,000.00 | $ 1,020.65 | $ 4.25 | 0.85 % |
Investor A | 1,000.00 | 1,133.40 | 6.08 | 1,000.00 | 1,019.16 | 5.76 | 1.15 |
Investor C | 1,000.00 | 1,129.60 | 10.04 | 1,000.00 | 1,015.43 | 9.50 | 1.90 |
Class K | 1,000.00 | 1,135.60 | 4.28 | 1,000.00 | 1,020.85 | 4.05 | 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 182/366 (to reflect the one-half year period shown). |
See “Disclosure of Expenses” for further information on how expenses were calculated.
Fund Summary5
Fund Summary as of April 30, 2024(continued)
BlackRock Advantage Emerging Markets Fund
Portfolio Information
GEOGRAPHIC ALLOCATION | |
Country/Geographic Region | Percent of Net Assets |
China | 25.3 % |
Taiwan | 18.9 |
India | 14.2 |
South Korea | 9.6 |
Brazil | 7.3 |
United States | 6.1 |
Indonesia | 3.2 |
Saudi Arabia | 3.0 |
Thailand | 2.7 |
Poland | 1.3 |
Malaysia | 1.3 |
Mexico | 1.1 |
Greece | 1.1 |
Other# | 4.9 |
Liabilities in Excess of Other Assets | (— )(a) |
(a) | Rounds to more than (0.1)% of net assets. |
# | 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
2024 BlackRock Annual Report to Shareholders
Fund Summary as of April 30, 2024
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 12-month period ended April 30, 2024, all of the Fund’s share classes outperformed its benchmark, the ICE BofA 3-Month U.S. Treasury Bill Index.
What factors influenced performance?
Global equities generally enjoyed strong performance over the period, as resilient macro and micro data combined with excitement around innovation in information technology and healthcare supported sentiment. Market performance was also driven by shifting views around an economic soft-landing and higher-for-longer policy rates. Market leadership was concentrated for much of the period among mega-cap growth stocks but ultimately broadened with several of the stocks that led performance in 2023 struggling in 2024. The improving market breadth helped ease concerns of a potential momentum reversal. International markets kept pace with the United States while displaying much broader market participation, enabling value styles to keep pace with momentum.
The Fund’s stock selection insights were able to identify the dominant trends, initially aligning with a soft-landing expectation and motivating positioning across the artificial intelligence (“AI”) and GLP-1 weight loss themes. Collectively, identifying trends across analyst and executive comments, company linkages, and smart money positioning were key performance drivers. Additionally, alternative data that measures consumer intent performed well across retail stocks amid diverging company results.
Fundamental measures supported performance as both quality and valuation measures drove gains as markets increasingly discerned between AI winners and losers. More broadly, valuation insights drove gains across the United States and Japan, notably in the third quarter of 2023 as higher rates benefited the value style, as well as late in the period through cyclical preferences across consumer durables. Concerns around regional banking were another market theme where quality measures were able to correctly identify the challenges associated with stocks that had deteriorating commercial real estate exposure.
Finally, the yield provided by the Fund’s cash exposure was persistently additive throughout the period. Cash was principally held in conjunction with the Fund taking long and short positions via the use of derivatives, such as contracts for difference. The Fund’s use of derivatives and its cash position had no material impact on performance.
Conversely, the environment proved challenging for macro thematic measures which struggled to keep up with the shifts between competing soft-landing and higher-for-longer narratives. This was notable during sharp inflection points in market performance, specifically in the back half of 2023. In this context, top-down models struggled overall, motivating a cyclical preference heading into the third quarter of 2023 and then pivoting to overly defensive exposures in the fourth quarter. This was partly offset by style-timing macro insights which proved more adept at balancing momentum and value exposures.
Additionally, the sharp rallies seen in December 2023 and February 2024 were a headwind to security selection, as defensive quality measures that prefer balance sheet strength and stability struggled. This weakness was offset by gains from the Fund’s overall slight net long posture alongside the yield from cash holdings.
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 new insights 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 new insights into capturing trends around GLP-1 weight loss drugs to better understand the impact on firms across sectors.
Describe portfolio positioning at period end.
The Fund’s market timing models remained constructive on the global equity market. However, the size of the modest net long position was trimmed to 7.6% at period end due to the increase in volatility through April 2024.
At period end, proprietary data utilized in managing the Fund pointed to ongoing easing of labor market conditions, despite an upside surprise in the Employment Cost Index. At the same time, analyses across various potential macro regimes pointed to a low risk of the United States falling into a recession. The Fund’s top-down models reflected this mix, with long positions in long duration equities via AI-related large-cap technology stocks and GLP-1 narratives within pharmaceuticals hedged with short exposures across rate-sensitive real estate investment trusts and utilities. Pro-cyclical positioning was tilted towards corporate and government capital expenditures. The Fund was long within industrials across capital goods, defense and commercial services, while short across materials. From a regional perspective, the Fund had exposure to reform and policy normalization in Japan while being short rate-sensitive in Canada and the Nordic countries.
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.
These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund Summary7
Fund Summary as of April 30, 2024(continued)
BlackRock Global Equity Market Neutral Fund
GROWTH OF $10,000 INVESTMENT 
(a)
Assuming maximum sales charges, if any, transaction costs and other operating expenses, including investment advisory fees. Institutional Shares do not have a sales charge.
(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 December 1, 2023, the Fund began to compare its performance to the standard pricing time of the ICE BofA 3-Month U.S. Treasury Bill Index (the “Index”). Index data prior to March 1, 2021 is for the Index’s standard pricing time of 3pm. Index data from March 1, 2021 through November 30, 2023 is for a custom 4pm pricing variant of the Index. Index returns beginning on December 1, 2023 reflect the Index’s new standard pricing time of 4pm. The change of the Index’s standard pricing time from 3pm to 4pm resulted in the discontinuation of the custom 4pm pricing variant used from March 1, 2021 through November 30, 2023.
Performance
Average Annual Total Returns(a) | ||||||
1 Year | 5 Years | 10 Years | ||||
Without Sales Charge | With Sales Charge | Without Sales Charge | With Sales Charge | Without Sales Charge | With Sales Charge | |
Institutional | 23.64 % | N/A | 5.59 % | N/A | 3.99 % | N/A |
Investor A | 23.42 | 16.94 % | 5.32 | 4.19 % | 3.72 | 3.17 % |
Investor C | 22.35 | 21.35 | 4.54 | 4.54 | 3.11 | 3.11 |
Class K | 23.66 | N/A | 5.64 | N/A | 4.04 | N/A |
ICE BofA 3-Month U.S. Treasury Bill Index | 5.36 | N/A | 2.07 | N/A | 1.42 | N/A |
(a) | Assuming maximum sales charges, if any. Average annual total returns with and without sales charges reflect reductions for distribution and service fees. See “About Fund Performance” for a detailed description of share classes, including any related sales charges and fees, and how performance was calculated for certain share classes. |
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.
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 (11/01/23) | Ending Account Value (04/30/24) | Expenses Paid During the Period(a) | Beginning Account Value (11/01/23) | Ending Account Value (04/30/24) | Expenses Paid During the Period(a) | Annualized Expense Ratio | |
Institutional | $ 1,000.00 | $ 1,159.10 | $ 7.19 | $ 1,000.00 | $ 1,018.20 | $ 6.72 | 1.34 % |
Investor A | 1,000.00 | 1,157.70 | 8.53 | 1,000.00 | 1,016.96 | 7.97 | 1.59 |
Investor C | 1,000.00 | 1,153.20 | 12.53 | 1,000.00 | 1,013.23 | 11.71 | 2.34 |
Class K | 1,000.00 | 1,158.90 | 6.92 | 1,000.00 | 1,018.45 | 6.47 | 1.29 |
(a) | For each class of the Fund, expenses are equal to the annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period shown). |
See “Disclosure of Expenses” for further information on how expenses were calculated.
8
2024 BlackRock Annual Report to Shareholders
Fund Summary as of April 30, 2024(continued)
BlackRock Global Equity Market Neutral Fund
Portfolio Information
GEOGRAPHIC ALLOCATION | |||
Percent of Total Investments(a) | |||
Country/Geographic Region | Long | Short | Total |
United States | 31.6 % | 30.8 % | 62.4 % |
Japan | 6.6 | 5.6 | 12.2 |
United Kingdom | 2.8 | 2.4 | 5.2 |
Canada | 1.4 | 1.7 | 3.1 |
Australia | 1.1 | 1.2 | 2.3 |
France | 1.2 | 1.0 | 2.2 |
Germany | 1.0 | 0.8 | 1.8 |
Switzerland | 0.5 | 1.1 | 1.6 |
Sweden | 0.2 | 1.0 | 1.2 |
Other# | 4.0 | 4.0 | 8.0 |
50.4 % | 49.6 % | 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 excludes short-term securities. |
# | Includes holdings within countries/geographic regions that are less than 1.0% of total investments. Please refer to the Schedule of Investments for such countries/geographic regions. |
Fund Summary9
About Fund Performance
Institutional and Class K Shares are not subject to any sales charge. These shares bear no ongoing distribution or service fees and are available only to certain eligible investors. Class K Shares performance of BlackRock Global Equity Market Neutral Fund shown prior to the Class K Shares inception date of March 28, 2016 is that of Institutional Shares. Class K Shares performance of BlackRock Advantage Emerging Markets Fund shown prior to the Class K Shares inception date of January 25, 2018 is that of Institutional Shares. The performance of each Fund’s Class K Shares would be substantially similar to Institutional Shares because Class K Shares and Institutional Shares invest in the same portfolio of securities and performance would only differ to the extent that Class K Shares and Institutional Shares have different expenses. The actual returns of Class K Shares would have been higher than those of the Institutional Shares because Class K Shares have lower expenses than the Institutional Shares.
Investor A Shares are subject to a maximum initial sales charge (front-end load) of 5.25% and a service fee of 0.25% per year (but no distribution fee). Certain redemptions of these shares may be subject to a contingent deferred sales charge (“CDSC”) where no initial sales charge was paid at the time of purchase. These shares are generally available through financial intermediaries.
Investor C Shares are subject to a 1.00% CDSC if redeemed within one year of purchase. In addition, these shares are subject to a distribution fee of 0.75% per year and a service fee of 0.25% per year. These shares are generally available through financial intermediaries. These shares automatically convert to Investor A Shares after approximately eight years.
Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time and may continue to affect adversely the value and liquidity of each Fund’s investments. As a result, current performance may be lower or higher than the performance data quoted. Refer to blackrock.com to obtain performance data current to the most recent month-end. Performance results do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Figures shown in the performance table(s) assume reinvestment of all distributions, if any, at net asset value ("NAV") on the ex-dividend date or payable date, as applicable. Investment return and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Distributions paid to each class of shares will vary because of the different levels of service, distribution and transfer agency fees applicable to each class, which are deducted from the income available to be paid to shareholders.
BlackRock Advisors, LLC (the "Manager"), each Fund’s investment adviser, has contractually and/or voluntarily agreed to waive and/or reimburse a portion of each Fund’s expenses. Without such waiver(s) and/or reimbursement(s), each Fund’s performance would have been lower. With respect to each Fund’s voluntary waiver(s), if any, the Manager is under no obligation to waive and/or reimburse or to continue waiving and/or reimbursing its fees and such voluntary waiver(s) may be reduced or discontinued at any time. With respect to each Fund’s contractual waiver(s), if any, the Manager is under no obligation to continue waiving and/or reimbursing its fees after the applicable termination date of such agreement. See the Notes to Financial Statements for additional information on waivers and/or reimbursements.
Disclosure of Expenses
Shareholders of each Fund may incur the following charges: (a) transactional expenses, such as sales charges; and (b) operating expenses, including investment advisory fees, administration fees, service and distribution fees, including 12b-1 fees, acquired fund fees and expenses, and other fund expenses. The expense examples shown (which are based on a hypothetical investment of $1,000 invested at the beginning of the period and held through the end of the period) are intended to assist shareholders both in calculating expenses based on an investment in each Fund and in comparing these expenses with similar costs of investing in other mutual funds.
The expense examples provide information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number corresponding to their Fund and share class under the heading entitled “Expenses Paid During the Period.”
The expense examples also provide information about hypothetical account values and hypothetical expenses based on a Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in these Funds and other funds, compare the 5% hypothetical examples with the 5% hypothetical examples that appear in shareholder reports of other funds.
The expenses shown in the expense examples are intended to highlight shareholders’ ongoing costs only and do not reflect transactional expenses, such as sales charges, if any. Therefore, the hypothetical examples are useful in comparing ongoing expenses only and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.
Derivative Financial Instruments
The Funds may invest in various derivative financial instruments. These instruments are used to obtain exposure to a security, commodity, index, market, and/or other assets without owning or taking physical custody of securities, commodities and/or other referenced assets or to manage market, equity, credit, interest rate, foreign currency exchange rate, commodity and/or other risks. Derivative financial instruments may give rise to a form of economic leverage and involve risks, including the imperfect correlation between the value of a derivative financial instrument and the underlying asset, possible default of the counterparty to the transaction or illiquidity of the instrument. Pursuant to Rule 18f-4 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.
10
2024 BlackRock Annual Report to Shareholders
Schedule of Investments
April 30, 2024
BlackRock Advantage Emerging Markets Fund
(Percentages shown are based on Net Assets)
Security | Shares | Value | |
Common Stocks | |||
Australia — 1.0% | |||
BHP Group Ltd., Class DI | 31,010 | $ 861,043 | |
Brazil — 4.2% | |||
Ambev SA | 335,374 | 784,731 | |
Ambev SA, ADR | 49,703 | 115,311 | |
Cia Siderurgica Nacional SA | 8,233 | 22,071 | |
Cogna Educacao SA (a) | 1,311,156 | 547,935 | |
Iochpe Maxion SA | 26,472 | 62,706 | |
Telefonica Brasil SA | 71,585 | 652,628 | |
Telefonica Brasil SA, ADR | 24,181 | 223,432 | |
Ultrapar Participacoes SA | 8,990 | 44,754 | |
Vale SA | 111,985 | 1,364,929 | |
3,818,497 | |||
Chile — 0.5% | |||
Banco de Chile | 3,049,730 | 338,312 | |
Enel Chile SA | 704,528 | 41,829 | |
Latam Airlines Group SA (a) | 3,920,226 | 53,043 | |
433,184 | |||
China — 25.3% | |||
3SBio, Inc. (b) | 438,500 | 350,519 | |
Alibaba Group Holding Ltd. | 261,420 | 2,447,691 | |
Baidu, Inc., Class A (a) | 27,292 | 353,584 | |
BOE Technology Group Co. Ltd., Class A | 1,459,400 | 874,502 | |
Bosideng International Holdings Ltd. | 494,000 | 285,960 | |
China Life Insurance Co. Ltd., Class H | 190,000 | 250,215 | |
China Longyuan Power Group Corp. Ltd., Class H | 76,000 | 53,240 | |
China Merchants Bank Co. Ltd., Class H | 217,000 | 939,796 | |
China Pacific Insurance Group Co. Ltd., Class H | 200,600 | 439,530 | |
China Petroleum & Chemical Corp., Class H | 654,000 | 390,374 | |
China Resources Land Ltd. | 87,000 | 312,838 | |
COSCO SHIPPING Holdings Co. Ltd., Class A | 573,280 | 930,216 | |
Geely Automobile Holdings Ltd. | 792,000 | 953,218 | |
Great Wall Motor Co. Ltd., Class A | 49,700 | 179,514 | |
Gree Electric Appliances, Inc. of Zhuhai, Class A | 13,800 | 79,923 | |
Industrial & Commercial Bank of China Ltd., Class H | 772,000 | 413,968 | |
JD.com, Inc., Class A | 69,560 | 1,002,246 | |
Kweichow Moutai Co. Ltd., Class A | 4,700 | 1,100,077 | |
Meituan, Class B (a)(b) | 86,280 | 1,178,113 | |
Midea Group Co. Ltd., Class A | 5,800 | 55,796 | |
Minth Group Ltd. | 164,000 | 279,555 | |
NetEase, Inc. | 70,270 | 1,317,185 | |
PDD Holdings, Inc., ADR (a) | 478 | 59,836 | |
PetroChina Co. Ltd., Class H | 827,700 | 771,202 | |
Ping An Insurance Group Co. of China Ltd., Class H | 268,500 | 1,216,863 | |
RiseSun Real Estate Development Co. Ltd., Class A (a) | 1 | — | |
SAIC Motor Corp. Ltd., Class A | 61,700 | 126,120 | |
Tencent Holdings Ltd. | 99,800 | 4,379,542 | |
Trip.com Group Ltd. (a) | 7,100 | 345,822 | |
Weichai Power Co. Ltd., Class A | 304,000 | 728,070 | |
Wuliangye Yibin Co. Ltd., Class A | 45,000 | 929,035 | |
Xiaomi Corp., Class B (a)(b) | 70,400 | 153,467 | |
Zijin Mining Group Co. Ltd., Class H | 96,000 | 209,421 | |
23,107,438 | |||
Greece — 1.1% | |||
Hellenic Telecommunications Organization SA, Class R | 12,514 | 190,108 | |
Star Bulk Carriers Corp. | 33,416 | 812,677 | |
1,002,785 | |||
India — 14.2% | |||
Alkem Laboratories Ltd. | 10,831 | 627,129 | |
Security | Shares | Value | |
India (continued) | |||
Amara Raja Energy & Mobility Ltd. | 3,386 | $ 44,536 | |
Apollo Tyres Ltd. | 18,795 | 114,559 | |
Axis Bank Ltd. | 3,383 | 47,220 | |
BEML Ltd., (Acquired 01/04/24, Cost: $93,410) (c) | 2,701 | 113,195 | |
Birlasoft Ltd. | 109,403 | 848,850 | |
Canara Bank | 106,960 | 795,053 | |
Castrol India Ltd. | 54,241 | 137,104 | |
Chambal Fertilisers and Chemicals Ltd. | 115,799 | 587,710 | |
Computer Age Management Services Ltd. | 5,574 | 213,641 | |
Great Eastern Shipping Co. Ltd. | 12,824 | 167,115 | |
HCL Technologies Ltd. | 42,439 | 692,391 | |
ICICI Bank Ltd. | 110,150 | 1,517,751 | |
ICICI Bank Ltd., ADR | 8,064 | 222,002 | |
Indian Oil Corp. Ltd. | 84,694 | 171,029 | |
Indus Towers Ltd. (a) | 7,311 | 31,089 | |
Infosys Ltd. | 3,805 | 64,246 | |
L&T Finance Holdings Ltd. | 46,846 | 93,280 | |
Larsen & Toubro Ltd. | 22,699 | 975,737 | |
Lupin Ltd. | 8,621 | 169,748 | |
NCC Ltd./India | 196,349 | 567,989 | |
PTC India Ltd. | 47,497 | 127,463 | |
Reliance Industries Ltd. | 18,725 | 657,327 | |
Shree Cement Ltd. | 1,732 | 507,076 | |
State Bank of India | 87,479 | 864,113 | |
Sun Pharmaceutical Industries Ltd. | 9,911 | 178,053 | |
Tata Consultancy Services Ltd. | 17,893 | 816,638 | |
Vedanta Ltd. | 40,353 | 192,591 | |
Voltas Ltd. | 40,703 | 717,847 | |
Zydus Lifesciences Ltd. | 62,280 | 711,349 | |
12,973,831 | |||
Indonesia — 3.2% | |||
Astra International Tbk PT | 2,630,200 | 829,974 | |
Bank Mandiri Persero Tbk PT | 2,286,000 | 966,239 | |
Bank Rakyat Indonesia Persero Tbk PT | 3,607,500 | 1,092,003 | |
2,888,216 | |||
Kuwait — 0.6% | |||
Kuwait Finance House KSCP | 242,569 | 565,859 | |
Malaysia — 1.3% | |||
CIMB Group Holdings Bhd | 637,900 | 881,597 | |
MISC Bhd | 69,500 | 115,918 | |
YTL Corp. Bhd. | 267,200 | 172,757 | |
1,170,272 | |||
Mexico — 1.1% | |||
Wal-Mart de Mexico SAB de CV | 277,427 | 1,035,164 | |
Poland — 1.3% | |||
Bank Polska Kasa Opieki SA | 5,956 | 246,580 | |
Powszechna Kasa Oszczednosci Bank Polski SA | 2,945 | 43,725 | |
Powszechny Zaklad Ubezpieczen SA | 71,657 | 901,867 | |
1,192,172 | |||
Qatar — 0.9% | |||
Ooredoo QPSC | 53,466 | 146,456 | |
Qatar National Bank QPSC | 187,913 | 714,262 | |
860,718 | |||
Russia(a)(d) — 0.0% | |||
Alrosa PJSC | 1,407,496 | 151 | |
LUKOIL PJSC | 23,527 | 2 | |
Novatek PJSC | 29,650 | 3 | |
156 | |||
Schedule of Investments11
Schedule of Investments (continued)
April 30, 2024
BlackRock Advantage Emerging Markets Fund
(Percentages shown are based on Net Assets)
Security | Shares | Value | |
Saudi Arabia — 3.0% | |||
Al Rajhi Bank | 23,392 | $ 497,530 | |
Saudi Basic Industries Corp. | 49,415 | 1,113,336 | |
Saudi National Bank | 15,206 | 152,219 | |
Saudi Telecom Co. | 95,029 | 953,547 | |
2,716,632 | |||
South Africa — 0.9% | |||
Standard Bank Group Ltd. | 83,036 | 779,772 | |
South Korea — 9.6% | |||
AMOREPACIFIC Group | 13,731 | 331,479 | |
Cheil Worldwide, Inc. | 16,967 | 231,414 | |
CJ Corp. | 1,446 | 132,603 | |
CJ Logistics Corp. | 4,441 | 391,766 | |
Coupang, Inc. (a) | 7,174 | 161,415 | |
GS Retail Co. Ltd. | 636 | 9,117 | |
HD Hyundai Construction Equipment Co. Ltd. | 3,690 | 145,074 | |
HL Mando Co. Ltd. | 7,839 | 221,076 | |
Hugel, Inc. (a) | 2,983 | 456,063 | |
Hyundai Mobis Co. Ltd. | 5,668 | 927,281 | |
KCC Corp. | 1,347 | 243,835 | |
Korea Electric Power Corp. (a) | 3,113 | 47,524 | |
LG Chem Ltd. | 2,912 | 836,758 | |
LG Electronics, Inc. | 1,285 | 85,584 | |
LX International Corp. | 4,800 | 96,583 | |
Pan Ocean Co. Ltd. | 185,018 | 546,980 | |
Samsung Electronics Co. Ltd. | 58,424 | 3,247,594 | |
Seegene, Inc. | 8,672 | 138,402 | |
SK Telecom Co. Ltd. | 1,834 | 67,824 | |
S-Oil Corp. | 6,091 | 318,008 | |
SOOP Co. Ltd. | 1,973 | 159,698 | |
8,796,078 | |||
Taiwan — 18.9% | |||
Asustek Computer, Inc. | 26,000 | 340,931 | |
Chicony Electronics Co. Ltd. | 139,000 | 860,495 | |
ChipMOS Technologies, Inc. | 145,000 | 203,010 | |
Chunghwa Telecom Co. Ltd. | 81,000 | 307,868 | |
CTBC Financial Holding Co. Ltd. | 1,070,000 | 1,116,779 | |
E.Sun Financial Holding Co. Ltd. | 155,000 | 130,247 | |
Elan Microelectronics Corp. | 149,000 | 749,952 | |
Hon Hai Precision Industry Co. Ltd. | 290,000 | 1,380,501 | |
Hon Hai Precision Industry Co. Ltd., GDR | 3,405 | 32,450 | |
Lotes Co. Ltd. | 4,000 | 175,216 | |
MediaTek, Inc. | 46,000 | 1,386,954 | |
Phison Electronics Corp. | 40,000 | 853,848 | |
Powertech Technology, Inc. | 45,000 | 239,641 | |
Poya International Co. Ltd. | 12,420 | 190,280 | |
Primax Electronics Ltd. | 91,000 | 269,749 | |
Realtek Semiconductor Corp. | 17,000 | 268,178 | |
Sercomm Corp. | 16,000 | 60,533 | |
Taiwan Semiconductor Manufacturing Co. Ltd. | 308,000 | 7,374,676 | |
Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 4,798 | 658,957 | |
Visual Photonics Epitaxy Co. Ltd. | 27,000 | 127,249 | |
Win Semiconductors Corp. | 110,000 | 488,889 | |
17,216,403 | |||
Thailand — 2.7% | |||
Bangchak Corp. PCL, NVDR | 428,800 | 482,992 | |
Bangkok Dusit Medical Services PCL, NVDR | 1,267,800 | 990,002 | |
PTT Exploration & Production PCL, NVDR | 224,500 | 939,150 | |
2,412,144 | |||
Security | Shares | Value | |
Turkey — 0.7% | |||
KOC Holding A/S, Class A | 13,958 | $ 97,446 | |
Migros Ticaret A/S, Class A | 39,205 | 535,061 | |
Turkiye Petrol Rafinerileri A/S, Class A | 6,409 | 38,747 | |
671,254 | |||
United Arab Emirates — 0.2% | |||
First Abu Dhabi Bank PJSC | 53,963 | 183,359 | |
United Kingdom — 0.1% | |||
Anglogold Ashanti PLC | 4,922 | 113,199 | |
United States — 0.9% | |||
Genpact Ltd. | 27,845 | 855,955 | |
Total Common Stocks — 91.7% (Cost: $77,790,613) | 83,654,131 | ||
Preferred Securities | |||
Preferred Stocks — 3.2% | |||
Brazil — 3.1% | |||
Banco Bradesco SA | 113,402 | 305,748 | |
Cia Energetica de Minas Gerais | 94,494 | 177,793 | |
CTEEP-Cia de Transmissao de Energia Eletrica Paulista | 50,925 | 244,886 | |
Itau Unibanco Holding SA | 163,238 | 985,854 | |
Marcopolo SA | 131,877 | 167,367 | |
Petroleo Brasileiro SA | 122,518 | 991,451 | |
2,873,099 | |||
Chile — 0.1% | |||
Sociedad Quimica y Minera de Chile SA | 1,732 | 79,108 | |
Total Preferred Securities — 3.2% (Cost: $3,028,251) | 2,952,207 | ||
Total Long-Term Investments — 94.9% (Cost: $80,818,864) | 86,606,338 | ||
Short-Term Securities | |||
Money Market Funds — 5.1% | |||
BlackRock Liquidity Funds, T-Fund, Institutional Shares, 5.18%(e) | 4,657,734 | 4,657,734 | |
Total Short-Term Securities — 5.1% (Cost: $4,657,734) | 4,657,734 | ||
Total Investments — 100.0% (Cost: $85,476,598) | 91,264,072 | ||
Liabilities in Excess of Other Assets — 0.0% | (39,159 ) | ||
Net Assets — 100.0% | $ 91,224,913 | ||
(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) | Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $113,195, representing 0.1% of its net assets as of period end, and an original cost of $93,410. |
(d) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
(e) | Annualized 7-day yield as of period end. |
12
2024 BlackRock Annual Report to Shareholders
Schedule of Investments (continued)
April 30, 2024
BlackRock Advantage Emerging Markets Fund
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended April 30, 2024 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 04/30/24 | Shares Held at 04/30/24 | Income | Capital Gain Distributions from Underlying Funds |
BlackRock Liquidity Funds, T-Fund, Institutional Shares | $ 4,592,936 | $ 64,798 (a) | $ — | $ — | $ — | $ 4,657,734 | 4,657,734 | $ 212,345 | $ — |
SL Liquidity Series, LLC, Money Market Series(b) | 8,990 | — | (8,988 )(a) | 4 | (6 ) | — | — | 249 (c) | — |
$ 4 | $ (6 ) | $ 4,657,734 | $ 212,594 | $ — |
(a) | Represents net amount purchased (sold). |
(b) | As of period end, the entity is no longer held. |
(c) | 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 | 87 | 06/21/24 | $ 4,533 | $ (58,826 ) |
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) | $ — | $ — | $ 58,826 | $ — | $ — | $ — | $ 58,826 |
(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 April 30, 2024, 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 | $ — | $ — | $ 204,888 | $ — | $ — | $ — | $ 204,888 |
Net Change in Unrealized Appreciation (Depreciation) on: | |||||||
Futures contracts | $ — | $ — | $ (144,608 ) | $ — | $ — | $ — | $ (144,608 ) |
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Futures contracts: | |
Average notional value of contracts — long | $4,349,503 |
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Schedule of Investments13
Schedule of Investments (continued)
April 30, 2024
BlackRock Advantage Emerging Markets Fund
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
Level 1 | Level 2 | Level 3 | Total | |
Assets | ||||
Investments | ||||
Long-Term Investments | ||||
Common Stocks | ||||
Australia | $ — | $ 861,043 | $ — | $ 861,043 |
Brazil | 3,818,497 | — | — | 3,818,497 |
Chile | 433,184 | — | — | 433,184 |
China | 1,225,362 | 21,882,076 | — | 23,107,438 |
Greece | 812,677 | 190,108 | — | 1,002,785 |
India | 390,195 | 12,583,636 | — | 12,973,831 |
Indonesia | — | 2,888,216 | — | 2,888,216 |
Kuwait | — | 565,859 | — | 565,859 |
Malaysia | 115,918 | 1,054,354 | — | 1,170,272 |
Mexico | 1,035,164 | — | — | 1,035,164 |
Poland | — | 1,192,172 | — | 1,192,172 |
Qatar | 146,456 | 714,262 | — | 860,718 |
Russia | — | — | 156 | 156 |
Saudi Arabia | — | 2,716,632 | — | 2,716,632 |
South Africa | — | 779,772 | — | 779,772 |
South Korea | 161,415 | 8,634,663 | — | 8,796,078 |
Taiwan | 691,407 | 16,524,996 | — | 17,216,403 |
Thailand | — | 2,412,144 | — | 2,412,144 |
Turkey | 671,254 | — | — | 671,254 |
United Arab Emirates | 183,359 | — | — | 183,359 |
United Kingdom | — | 113,199 | — | 113,199 |
United States | 855,955 | — | — | 855,955 |
Preferred Securities | ||||
Preferred Stocks | 2,952,207 | — | — | 2,952,207 |
Short-Term Securities | ||||
Money Market Funds | 4,657,734 | — | — | 4,657,734 |
$ 18,150,784 | $ 73,113,132 | $ 156 | $ 91,264,072 | |
Derivative Financial Instruments(a) | ||||
Liabilities | ||||
Equity Contracts | $ (58,826 ) | $ — | $ — | $ (58,826 ) |
(a) | Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
See notes to financial statements.
14
2024 BlackRock Annual Report to Shareholders
Schedule of Investments
April 30, 2024
BlackRock Global Equity Market Neutral Fund
(Percentages shown are based on Net Assets)
Security | Shares | Value | |
Common Stocks | |||
United States — 3.8% | |||
Alto Neuroscience, Inc. (a) | 214 | $ 3,319 | |
Astera Labs, Inc. (a) | 13,080 | 1,108,661 | |
Boundless Bio, Inc. (a) | 32,330 | 320,067 | |
Citigroup, Inc. | 255,000 | 15,639,150 | |
Ibotta, Inc., Class A (a) | 2,994 | 306,196 | |
Invesco S&P 500 Equal Weight ETF | 134,873 | 21,741,527 | |
Kyverna Therapeutics, Inc. (a) | 8,079 | 122,316 | |
Loar Holdings, Inc. (a) | 1,707 | 89,310 | |
Netflix, Inc. (a) | 27,000 | 14,867,280 | |
Palantir Technologies, Inc., Class A (a) | 4 | 88 | |
Procter & Gamble Co. | 74,000 | 12,076,800 | |
Rubrik, Inc., Class A (a) | 23,631 | 756,665 | |
UL Solutions, Inc., Class A (a) | 65,796 | 2,309,440 | |
Total Common Stocks — 3.8% (Cost: $59,892,093) | 69,340,819 | ||
Preferred Securities | |||
Preferred Stocks — 0.2%(b) | |||
United States — 0.2% | |||
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 | 4,447,937 | |
4,447,945 | |||
Total Preferred Securities — 0.2% (Cost: $3,250,011) | 4,447,945 | ||
Par (000) | |||
U.S. Government Sponsored Agency Securities | |||
Agency Obligations — 0.2% | |||
Federal Home Loan Bank Discount Notes, 4.81%, 12/30/24(d) | $ | 3,090 | 2,983,817 |
Total U.S. Government Sponsored Agency Securities — 0.2% (Cost: $2,994,264) | 2,983,817 | ||
U.S. Treasury Obligations | |||
U.S. Treasury Floating Rate Notes, (3-mo. U.S. Treasury Money Market Yield + 0.25%), 5.57%, 01/31/26(e)(f) | 22,265 | 22,313,909 | |
Total U.S. Treasury Obligations — 1.2% (Cost: $22,272,960) | 22,313,909 | ||
Total Long-Term Investments — 5.4% (Cost: $88,409,328) | 99,086,490 | ||
Shares | |||
Short-Term Securities | |||
Money Market Funds — 0.7% | |||
BlackRock Liquidity Funds, T-Fund, Institutional Shares, 5.18%(g)(h) | 14,255,848 | 14,255,848 | |
Security | Par (000) | Value | |
U.S. Treasury Obligations — 99.0% | |||
U.S. Treasury Bills(d) | |||
5.39%, 05/02/24 - 10/31/24 | $ | 427,399 | $ 426,027,943 |
5.47%, 05/09/24 | 62,010 | 61,937,221 | |
Series WI, 5.50%, 05/16/24 | 149,000 | 148,672,345 | |
5.36%, 05/21/24 - 08/06/24 | 73,986 | 73,565,331 | |
5.40%, 05/30/24 - 06/06/24 | 115,000 | 114,467,936 | |
5.34%, 06/04/24 - 09/19/24 | 424,531 | 422,320,272 | |
5.41%, 06/11/24 - 08/27/24 | 154,265 | 152,929,812 | |
5.30%, 06/13/24 | 105,622 | 104,969,451 | |
5.35%, 06/20/24 | 21,749 | 21,589,361 | |
5.26%, 07/05/24 | 27,799 | 27,534,736 | |
5.29%, 07/11/24 | 25,255 | 24,993,008 | |
5.19%, 07/18/24 | 46,734 | 46,202,401 | |
5.37%, 07/23/24 - 10/24/24 | 35,805 | 35,189,907 | |
5.23%, 07/25/24 | 18,823 | 18,589,785 | |
5.20%, 08/01/24 | 21,942 | 21,647,092 | |
5.33%, 09/05/24 | 10,055 | 9,870,015 | |
5.31%, 09/12/24 | 8,118 | 7,960,771 | |
5.32%, 10/10/24 | 2,776 | 2,711,308 | |
5.08%, 11/29/24 | 5,000 | 4,849,833 | |
4.83%, 12/26/24 | 4,916 | 4,751,620 | |
4.81%, 01/23/25 | 5,125 | 4,934,967 | |
5.06%, 03/20/25 | 2,001 | 1,911,080 | |
U.S. Treasury Floating Rate Notes(f) | |||
(3-mo. U.S. Treasury Money Market Yield + 0.14%), 5.46%, 10/31/24 | 54,540 | 54,562,338 | |
(3-mo. U.S. Treasury Money Market Yield + 0.20%), 5.52%, 01/31/25 | 20,175 | 20,198,161 | |
(3-mo. U.S. Treasury Money Market Yield + 0.17%), 5.53%, 10/31/25 | 15,182 | 15,199,571 | |
U.S. Treasury Notes | |||
4.99%, 02/28/25 | 264 | 255,108 | |
5.03%, 02/28/25 | 263 | 257,578 | |
1,828,098,951 | |||
Total Short-Term Securities — 99.7% (Cost: $1,842,410,551) | 1,842,354,799 | ||
Total Investments — 105.1% (Cost: $1,930,819,879) | 1,941,441,289 | ||
Liabilities in Excess of Other Assets — (5.1)% | (94,473,128 ) | ||
Net Assets — 100.0% | $ 1,846,968,161 | ||
(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 $4,447,937, representing 0.2% of its net assets as of period end, and an original cost of $1,500,001. |
(d) | Rates are discount rates or a range of discount rates as of period end. |
(e) | All or a portion of the security has been pledged as collateral in connection with outstanding OTC derivatives. |
(f) | 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. |
(g) | Affiliate of the Fund. |
(h) | Annualized 7-day yield as of period end. |
Schedule of Investments15
Schedule of Investments (continued)
April 30, 2024
BlackRock Global Equity Market Neutral Fund
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended April 30, 2024 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 04/30/24 | Shares Held at 04/30/24 | Income | Capital Gain Distributions from Underlying Funds |
BlackRock Liquidity Funds, T-Fund, Institutional Shares | $ 1,420,426 | $ 12,835,422 (a) | $ — | $ — | $ — | $ 14,255,848 | 14,255,848 | $ 339,878 | $ — |
(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 | 235 | 06/21/24 | $ 59,537 | $ (250,524 ) |
S&P 500 Annual Dividend Index | 174 | 12/19/25 | 3,323 | 392,914 |
S&P 500 Annual Dividend Index | 188 | 12/18/26 | 3,603 | 114,605 |
256,995 | ||||
Short Contracts | ||||
CBOE Volatility Index | 76 | 05/22/24 | 1,190 | 54,483 |
$ 311,478 |
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) | ||
FTSE 100 Dividend Index Future December 2024 | GBP | 336,911 | Morgan Stanley & Co. International PLC | 12/20/24 | GBP | 422 | $ (8,298) | $ — | $ (8,298) |
FTSE 100 Dividend Index Future December 2024 | GBP | 240,697 | Morgan Stanley & Co. International PLC | 12/20/24 | GBP | 301 | (9,231) | — | (9,231) |
Nikkei Dividend XSIM Future December 2024 | JPY | 81,237,000 | BNP Paribas SA | 04/01/25 | JPY | 520 | 60,254 | — | 60,254 |
Nikkei Dividend XSIM Future December 2024 | JPY | 155,000,000 | BNP Paribas SA | 04/01/25 | JPY | 992 | 123,641 | — | 123,641 |
Nikkei Dividend XSIM Future December 2024 | JPY | 230,130,000 | BNP Paribas SA | 04/01/25 | JPY | 1,473 | 134,103 | — | 134,103 |
FTSE 100 Dividend Index Future December 2025 | GBP | 1,270,080 | BNP Paribas SA | 12/18/25 | GBP | 1,590 | 66,126 | — | 66,126 |
FTSE 100 Dividend Index Future December 2025 | GBP | 486,641 | Morgan Stanley & Co. International PLC | 12/18/25 | GBP | 609 | 32,937 | — | 32,937 |
FTSE 100 Dividend Index Future December 2025 | GBP | 809,643 | Morgan Stanley & Co. International PLC | 12/18/25 | GBP | 1,014 | 56,676 | — | 56,676 |
Euro Stoxx 50 Dividend Future December 2025 | EUR | 1,404,340 | BNP Paribas SA | 12/19/25 | EUR | 1,502 | 186,162 | — | 186,162 |
Euro Stoxx 50 Dividend Future December 2025 | EUR | 512,974 | Morgan Stanley & Co. International PLC | 12/19/25 | EUR | 549 | 88,680 | — | 88,680 |
Euro Stoxx 50 Dividend Future December 2025 | EUR | 926,218 | Morgan Stanley & Co. International PLC | 12/19/25 | EUR | 990 | 163,444 | — | 163,444 |
Nikkei Dividend XSIM Future December 2025 | JPY | 547,170,000 | BNP Paribas SA | 03/31/26 | JPY | 3,502 | 200,793 | — | 200,793 |
16
2024 BlackRock Annual Report to Shareholders
Schedule of Investments (continued)
April 30, 2024
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) | ||
FTSE 100 Dividend Index Future December 2026 | GBP | 1,954,896 | Morgan Stanley & Co. International PLC | 12/17/26 | GBP | 2,448 | $ (4,900) | $ — | $ (4,900) |
Euro Stoxx 50 Dividend Future December 2026 | EUR | 3,115,504 | Morgan Stanley & Co. International PLC | 12/18/26 | EUR | 3,331 | (22,020) | — | (22,020) |
$ 1,068,367 | $ — | $ 1,068,367 | |||||||
(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 | $150,798 | $867,623 (c) | $403,723 | 35.0 % |
Monthly | Bank of America N.A.(d) | 02/15/28 | 5,667,591 | 983,823 (e) | 7,170,227 | 56.9 | |
Monthly | Barclays Bank PLC(f) | 11/11/24 – 05/08/25 | 22,336,545 | (8,711,384 )(g) | 16,595,556 | 141.0 | |
Monthly | Barclays Bank PLC(h) | 11/11/24 – 05/27/25 | (7,518,131 ) | 1,285,849 (i) | (5,582,939 ) | 59.0 | |
Monthly | BNP Paribas SA(j) | 03/21/25 – 12/15/25 | (20,251,100 ) | (7,875,130 )(k) | (27,576,795 ) | 70.1 | |
Monthly | BNP Paribas SA(l) | 03/17/25 – 11/17/25 | 276,618 | 1,933,185 (m) | 1,876,065 | 20.6 | |
Monthly | Goldman Sachs Bank USA(n) | 06/17/24 – 08/19/26 | 5,289,215 | 1,459,627 (o) | 6,088,584 | 73.7 | |
Monthly | Goldman Sachs Bank USA(p) | 06/10/24 – 08/19/26 | 606,177 | 589,409 (q) | 570,171 | 42.9 | |
Monthly | UBS AG(r) | 04/18/28 | 499,231 | (455,653 )(s) | 273,699 | 47.5 | |
Monthly | UBS AG(t) | 05/11/26 – 05/15/28 | (257,031 ) | 836,634 (u) | 352,082 | 18.8 | |
$(9,086,017 ) | $170,373 |
(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 $614,698 of net dividends and financing fees. |
(e) | Amount includes $(518,813) of net dividends and financing fees. |
(g) | Amount includes $(2,970,395) of net dividends and financing fees. |
(i) | Amount includes $(649,343) of net dividends and financing fees. |
(k) | Amount includes $(549,435) of net dividends and financing fees. |
(m) | Amount includes $333,738 of net dividends and financing fees. |
(o) | Amount includes $660,258 of net dividends and financing fees. |
(q) | Amount includes $625,415 of net dividends and financing fees. |
(s) | Amount includes $(230,121) of net dividends and financing fees. |
(u) | Amount includes $227,521 of net dividends and financing fees. |
Schedule of Investments17
Schedule of Investments (continued)
April 30, 2024
BlackRock Global Equity Market Neutral Fund
Equity Securities Long/Short (continued)
The following are the specified benchmarks (plus or minus a range) used in determining the variable rate of interest: | |||
(b) | (d) | (f) | |
Range: Benchmarks: | 0-800 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 - 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 - Norwegian Overnight Weighted Average (NOWA) SEK - 1D Overnight Stockholm Interbank Offer Rate (STIBOR) SGD - Overnight Rate Average (SORA) USD - 1D Overnight Bank Funding Rate (OBFR01) | 0-150 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 - 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 - Norwegian Overnight Weighted Average (NOWA) SEK - 1D Overnight Stockholm Interbank Offer Rate (STIBOR) SGD - Overnight Rate Average (SORA) USD - 1D Overnight Bank Funding Rate (OBFR01) | 0-50 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 - 1M Copenhagen Interbank Offer Rate (CIBOR) EUR - 1D Euro Short Term Rate (ESTR) GBP - 1D Sterling Overnight Index Average (SONIA) HKD - Overnight Index Average (HONIA) JPY - Provisional 1D Overnight Tokyo Average Rate (TONA) NOK - Norwegian Overnight Weighted Average (NOWA) SSEK - 1D Overnight Stockholm Interbank Offer Rate (STIBOR) SGD - Overnight Rate Average (SORA) USD - 1D Overnight Bank Funding Rate (OBFR01) |
(h) | (j) | (l) | |
15-925 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) EUR - 1D Euro Short Term Rate (ESTR) GBP - 1D Sterling Overnight Index Average (SONIA) ILS - 1M 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 Bank Funding Rate (OBFR01) | 0-475 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 - 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 - 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 - 1D Overnight Stockholm Interbank Offer Rate (STIBOR) SGD - Overnight Rate Average (SORA) USD - 1D Overnight Fed Funds Effective Rate (FEDL01) | 0-1,632 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 - 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 - 1M Tel Aviv Interbank Offer Rate (TELBOR) JPY - 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) | |
18
2024 BlackRock Annual Report to Shareholders
Schedule of Investments (continued)
April 30, 2024
BlackRock Global Equity Market Neutral Fund
(n) | (p) | (r) | |
0-90 basis points 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) | 0-1,414 basis points 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) | 15-2,526 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) | |
(t) | |||
15-750 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) |
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 | |||
Accent Group Ltd. | 152,467 | $184,261 | 45.6 % |
Austal Ltd. | 138,860 | 204,226 | 50.6 |
Bega Cheese Ltd. | 130,164 | 343,226 | 85.0 |
Boral Ltd. | 413,795 | 1,513,739 | 375.0 |
Charter Hall Social Infrastructure REIT | 78,534 | 127,595 | 31.6 |
Data#3 Ltd. | 129,167 | 631,724 | 156.5 |
Downer EDI Ltd. | 345,410 | 1,032,258 | 255.7 |
GrainCorp Ltd., Class A | 70,559 | 385,640 | 95.5 |
Security | Shares | Value | % of Basket Value |
Australia (continued) | |||
Growthpoint Properties Australia Ltd. | 237,300 | $361,237 | 89.5 % |
Jumbo Interactive Ltd. | 54,638 | 552,778 | 136.9 |
Kogan.com Ltd. | 141,559 | 456,383 | 113.0 |
Netwealth Group Ltd. | 21,118 | 263,503 | 65.3 |
Nick Scali Ltd. | 115,792 | 1,154,700 | 286.0 |
NRW Holdings Ltd. | 47,664 | 84,618 | 21.0 |
Perenti Ltd. | 1,149,664 | 701,819 | 173.8 |
Pinnacle Investment Management Group Ltd. | 12,251 | 87,305 | 21.6 |
Regis Resources Ltd. | 373,739 | 523,603 | 129.7 |
Ridley Corp. Ltd. | 64,988 | 94,275 | 23.4 |
Silver Lake Resources Ltd. | 488,809 | 449,918 | 111.4 |
Technology One Ltd. | 232,661 | 2,396,573 | 593.6 |
Ventia Services Group Pty Ltd. | 466,908 | 1,080,648 | 267.7 |
12,630,029 |
Schedule of Investments19
Schedule of Investments (continued)
April 30, 2024
BlackRock Global Equity Market Neutral Fund
Security | Shares | Value | % of Basket Value |
Austria | |||
ANDRITZ AG | 26,505 | $1,439,599 | 356.6 % |
IMMOFINANZ AG | 12,974 | 322,986 | 80.0 |
Kontron AG | 29,284 | 586,854 | 145.3 |
Raiffeisen Bank International AG | 219,651 | 4,038,725 | 1,000.4 |
Telekom Austria AG | 16,552 | 141,593 | 35.1 |
UNIQA Insurance Group AG | 41,101 | 358,977 | 88.9 |
6,888,734 | |||
Belgium | |||
Barco NV | 44,771 | 617,948 | 153.1 |
Proximus SADP | 416,611 | 3,065,824 | 759.4 |
3,683,772 | |||
Bermuda | |||
Conduit Holdings Ltd. | 102,744 | 636,836 | 157.7 |
Teekay Corp. | 34,725 | 254,187 | 63.0 |
891,023 | |||
Canada | |||
AbCellera Biologics, Inc. | 82,653 | 312,428 | 77.4 |
ADENTRA, Inc. | 21,721 | 670,965 | 166.2 |
Advantage Energy Ltd. | 9,418 | 73,382 | 18.2 |
Aecon Group, Inc. | 10,885 | 133,529 | 33.1 |
Ag Growth International, Inc. | 3,164 | 121,648 | 30.1 |
B2Gold Corp. | 5 | 13 | 0.0 |
Boardwalk Real Estate Investment Trust | 1,804 | 93,577 | 23.2 |
Boralex, Inc., Class A | 1,452 | 29,360 | 7.3 |
Canfor Corp. | 61,795 | 650,674 | 161.2 |
Centerra Gold, Inc. | 290,318 | 1,767,708 | 437.8 |
Chemtrade Logistics Income Fund, Class EE | 381,047 | 2,429,860 | 601.8 |
Doman Building Materials Group Ltd. | 12,906 | 71,901 | 17.8 |
Interfor Corp. | 44,903 | 569,042 | 140.9 |
Major Drilling Group International, Inc. | 22,174 | 153,778 | 38.1 |
Nexus Industrial REIT | 17,644 | 88,953 | 22.0 |
North American Construction Group Ltd. | 41,030 | 863,332 | 213.8 |
Obsidian Energy Ltd. | 114,870 | 988,206 | 244.8 |
Pason Systems, Inc. | 48,435 | 549,847 | 136.2 |
Richelieu Hardware Ltd. | 883 | 24,910 | 6.2 |
Russel Metals, Inc. | 51,196 | 1,441,587 | 357.1 |
Seabridge Gold, Inc. | 1,761 | 26,588 | 6.6 |
Silvercorp Metals, Inc. | 8,793 | 27,869 | 6.9 |
Stelco Holdings, Inc. | 50,682 | 1,467,237 | 363.4 |
Surge Energy, Inc. | 11,471 | 62,534 | 15.5 |
12,618,928 | |||
Denmark | |||
H Lundbeck A/S, Class B | 65,200 | 315,759 | 78.2 |
Finland | |||
Citycon OYJ | 27,472 | 111,908 | 27.7 |
France | |||
CGG SA | 1,081,307 | 450,228 | 111.5 |
Cie Plastic Omnium SE | 14,255 | 172,817 | 42.8 |
Derichebourg SA | 185,062 | 780,474 | 193.3 |
Etablissements Maurel et Prom SA | 81,424 | 511,783 | 126.8 |
ICADE | 48,615 | 1,287,118 | 318.8 |
Television Francaise 1 SA | 107,615 | 978,286 | 242.3 |
4,180,706 |
Security | Shares | Value | % of Basket Value |
Georgia | |||
Bank of Georgia Group PLC | 35,644 | $2,378,369 | 589.1 % |
TBC Bank Group PLC | 15,656 | 674,623 | 167.1 |
3,052,992 | |||
Germany | |||
Atoss Software AG | 1,969 | 524,085 | 129.8 |
Aurubis AG | 10,693 | 848,090 | 210.1 |
Auto1 Group SE | 51,213 | 259,662 | 64.3 |
Bilfinger SE | 20,899 | 968,726 | 239.9 |
Deutsche Pfandbriefbank AG | 145,213 | 686,134 | 170.0 |
Deutsche Wohnen SE | 14,086 | 264,772 | 65.6 |
Deutz AG | 157,807 | 907,193 | 224.7 |
Duerr AG | 59,371 | 1,512,337 | 374.6 |
Grand City Properties SA | 40,085 | 445,664 | 110.4 |
SAF-Holland SE | 27,977 | 536,503 | 132.9 |
Salzgitter AG | 12,670 | 323,916 | 80.2 |
United Internet AG, Class N, Registered Shares | 106,116 | 2,556,470 | 633.2 |
9,833,552 | |||
Ireland | |||
Cimpress PLC | 4,997 | 426,094 | 105.6 |
Greencore Group PLC | 357,071 | 581,852 | 144.1 |
1,007,946 | |||
Israel | |||
Alony Hetz Properties & Investments Ltd. | 25,021 | 161,485 | 40.0 |
Delek Group Ltd. | 5,264 | 618,185 | 153.1 |
Kornit Digital Ltd. | 17,811 | 274,468 | 68.0 |
Sapiens International Corp. NV | 12,557 | 386,756 | 95.8 |
1,440,894 | |||
Italy | |||
Banca IFIS SpA | 8,187 | 181,653 | 45.0 |
Banca Popolare di Sondrio SpA | 196,677 | 1,636,961 | 405.5 |
Brunello Cucinelli SpA | 16,237 | 1,649,994 | 408.7 |
Buzzi SpA | 12,360 | 443,339 | 109.8 |
Credito Emiliano SpA | 19,975 | 210,140 | 52.0 |
De’ Longhi SpA | 16,588 | 541,637 | 134.1 |
Hera SpA | 142,549 | 512,573 | 127.0 |
Iren SpA | 530,035 | 1,064,877 | 263.8 |
Maire Tecnimont SpA | 48,897 | 403,195 | 99.9 |
PRADA SpA | 245,400 | 1,999,979 | 495.4 |
Sesa SpA | 2,182 | 225,892 | 55.9 |
Webuild SpA | 392,977 | 982,567 | 243.4 |
9,852,807 | |||
Japan | |||
77 Bank Ltd. | 71,800 | 2,071,978 | 513.2 |
Aisan Industry Co. Ltd. | 32,500 | 311,362 | 77.1 |
Alfresa Holdings Corp. | 113,200 | 1,710,144 | 423.6 |
Amano Corp. | 7,100 | 174,675 | 43.3 |
Artience Co. Ltd. | 40,400 | 766,248 | 189.8 |
Bic Camera, Inc. | 168,500 | 1,662,175 | 411.7 |
BML, Inc. | 13,800 | 260,918 | 64.6 |
Bunka Shutter Co. Ltd. | 25,200 | 277,825 | 68.8 |
Cellebrite Di Ltd. | 61,367 | 663,377 | 164.3 |
Coca-Cola Bottlers Japan Holdings, Inc. | 109,900 | 1,565,351 | 387.7 |
Create Restaurants Holdings, Inc. | 176,300 | 1,241,759 | 307.6 |
Create SD Holdings Co. Ltd. | 30,900 | 682,929 | 169.2 |
Daicel Corp. | 240,400 | 2,277,508 | 564.1 |
Dai-Dan Co. Ltd. | 32,300 | 579,602 | 143.6 |
20
2024 BlackRock Annual Report to Shareholders
Schedule of Investments (continued)
April 30, 2024
BlackRock Global Equity Market Neutral Fund
Security | Shares | Value | % of Basket Value |
Japan (continued) | |||
Daihen Corp. | 400 | $24,814 | 6.1 % |
Daiichikosho Co. Ltd. | 31,700 | 378,591 | 93.8 |
Denka Co. Ltd. | 15,900 | 240,706 | 59.6 |
Dentsu Soken, Inc. | 5,900 | 199,688 | 49.5 |
Doutor Nichires Holdings Co. Ltd. | 34,400 | 470,997 | 116.7 |
Dowa Holdings Co. Ltd. | 170,200 | 6,515,512 | 1,613.9 |
DTS Corp. | 3,200 | 89,169 | 22.1 |
Elematec Corp. | 13,500 | 168,372 | 41.7 |
FCC Co. Ltd. | 16,900 | 246,013 | 60.9 |
Financial Partners Group Co. Ltd. | 23,200 | 332,462 | 82.3 |
FULLCAST Holdings Co. Ltd. | 29,700 | 290,819 | 72.0 |
Furukawa Electric Co. Ltd. | 109,100 | 2,381,643 | 589.9 |
Futaba Industrial Co. Ltd. | 113,200 | 680,248 | 168.5 |
Glory Ltd. | 80,600 | 1,484,617 | 367.7 |
Hanwa Co. Ltd. | 42,600 | 1,674,294 | 414.7 |
Heiwa Real Estate Co. Ltd. | 18,600 | 524,402 | 129.9 |
Heiwado Co. Ltd. | 58,600 | 923,828 | 228.8 |
Hiday Hidaka Corp. | 42,400 | 770,333 | 190.8 |
Inaba Denki Sangyo Co. Ltd. | 33,800 | 806,031 | 199.7 |
Ishihara Sangyo Kaisha Ltd. | 33,200 | 393,336 | 97.4 |
JCR Pharmaceuticals Co. Ltd. | 109,700 | 570,106 | 141.2 |
JCU Corp. | 5,400 | 131,812 | 32.6 |
JTEKT Corp. | 331,100 | 2,629,641 | 651.3 |
Kaneka Corp. | 2,700 | 71,493 | 17.7 |
Kato Sangyo Co. Ltd. | 8,800 | 261,147 | 64.7 |
Kissei Pharmaceutical Co. Ltd. | 18,500 | 433,609 | 107.4 |
Kitz Corp. | 10,500 | 91,463 | 22.7 |
Kokuyo Co. Ltd. | 28,100 | 490,709 | 121.5 |
Kyoritsu Maintenance Co. Ltd. | 216,500 | 4,718,577 | 1,168.8 |
Maxell Ltd. | 46,800 | 472,183 | 117.0 |
Megmilk Snow Brand Co. Ltd. | 2,400 | 39,672 | 9.8 |
Meidensha Corp. | 12,600 | 285,259 | 70.7 |
MEITEC Group Holdings, Inc. | 29,700 | 565,435 | 140.1 |
METAWATER Co. Ltd. | 28,500 | 364,267 | 90.2 |
Mitsubishi Shokuhin Co. Ltd. | 19,800 | 717,757 | 177.8 |
Modec, Inc. | 79,700 | 1,606,497 | 397.9 |
Monogatari Corp. | 23,500 | 648,251 | 160.6 |
Nippon Light Metal Holdings Co. Ltd. | 61,500 | 746,745 | 185.0 |
Nissha Co. Ltd. | 92,900 | 1,019,993 | 252.6 |
Nisshin Oillio Group Ltd. | 43,600 | 1,429,945 | 354.2 |
Nisshinbo Holdings, Inc. | 80,200 | 621,949 | 154.1 |
Nittetsu Mining Co. Ltd. | 14,200 | 456,777 | 113.1 |
NOF Corp. | 96,000 | 1,306,633 | 323.6 |
NOK Corp. | 11,700 | 172,924 | 42.8 |
Nomura Co. Ltd. | 79,000 | 435,048 | 107.8 |
Noritz Corp. | 16,000 | 184,720 | 45.8 |
North Pacific Bank Ltd. | 274,300 | 802,348 | 198.7 |
NTN Corp. | 802,700 | 1,628,879 | 403.5 |
Okamura Corp. | 21,400 | 331,293 | 82.1 |
Oki Electric Industry Co. Ltd. | 208,500 | 1,523,238 | 377.3 |
Onward Holdings Co. Ltd. | 127,400 | 499,772 | 123.8 |
Optex Group Co. Ltd. | 14,400 | 172,919 | 42.8 |
PALTAC Corp. | 35,800 | 1,105,363 | 273.8 |
Raito Kogyo Co. Ltd. | 86,500 | 1,149,172 | 284.6 |
Saizeriya Co. Ltd. | 140,500 | 4,849,768 | 1,201.3 |
Sakata INX Corp. | 23,900 | 248,382 | 61.5 |
Sanki Engineering Co. Ltd. | 28,200 | 404,859 | 100.3 |
Sato Holdings Corp. | 8,200 | 116,286 | 28.8 |
Seino Holdings Co. Ltd. | 22,300 | 305,675 | 75.7 |
Senko Group Holdings Co. Ltd. | 175,500 | 1,300,153 | 322.0 |
Shibaura Machine Co. Ltd. | 35,400 | 810,153 | 200.7 |
Security | Shares | Value | % of Basket Value |
Japan (continued) | |||
Shibaura Mechatronics Corp. | 8,500 | $329,902 | 81.7 % |
SHO-BOND Holdings Co. Ltd. | 1,400 | 55,138 | 13.7 |
Sohgo Security Services Co. Ltd. | 32,400 | 184,166 | 45.6 |
Starts Corp., Inc. | 27,200 | 627,166 | 155.3 |
Sumitomo Mitsui Construction Co. Ltd. | 116,700 | 307,466 | 76.2 |
Sun Frontier Fudousan Co. Ltd. | 42,400 | 538,648 | 133.4 |
Suzuken Co. Ltd. | 128,400 | 3,871,125 | 958.9 |
Tadano Ltd. | 64,400 | 529,157 | 131.1 |
Taikisha Ltd. | 25,700 | 773,656 | 191.6 |
Tamron Co. Ltd. | 30,800 | 1,462,448 | 362.2 |
Toa Corp. | 46,800 | 330,951 | 82.0 |
Tokai Rika Co. Ltd. | 66,500 | 928,131 | 229.9 |
Tosei Corp. | 30,800 | 491,652 | 121.8 |
Toshiba TEC Corp. | 14,600 | 300,210 | 74.4 |
Towa Pharmaceutical Co. Ltd. | 54,700 | 1,006,460 | 249.3 |
Toyo Seikan Group Holdings Ltd., Class L | 54,200 | 847,715 | 210.0 |
Toyoda Gosei Co. Ltd. | 21,900 | 434,325 | 107.6 |
TS Tech Co. Ltd. | 29,400 | 370,251 | 91.7 |
TSI Holdings Co. Ltd. | 47,400 | 270,804 | 67.1 |
Tsubakimoto Chain Co. | 18,700 | 657,514 | 162.9 |
UT Group Co. Ltd. | 9,100 | 195,474 | 48.4 |
Wacom Co. Ltd. | 123,600 | 485,099 | 120.2 |
YAMABIKO Corp. | 21,100 | 285,512 | 70.7 |
Yamazen Corp. | 48,400 | 434,481 | 107.6 |
Yaoko Co. Ltd. | 11,500 | 636,463 | 157.6 |
Yokogawa Bridge Holdings Corp. | 21,000 | 389,713 | 96.5 |
Yuasa Trading Co. Ltd. | 9,600 | 358,593 | 88.8 |
85,664,818 | |||
Netherlands | |||
Eurocommercial Properties NV | 14,051 | 318,183 | 78.8 |
Koninklijke BAM Groep NV | 341,520 | 1,386,269 | 343.4 |
PostNL NV | 441,634 | 591,604 | 146.5 |
TomTom NV | 24,595 | 145,774 | 36.1 |
2,441,830 | |||
Norway | |||
Aker Solutions ASA | 250,092 | 955,391 | 236.7 |
Elkem ASA | 301,272 | 534,672 | 132.4 |
Wallenius Wilhelmsen ASA | 28,383 | 289,571 | 71.7 |
1,779,634 | |||
Portugal | |||
CTT-Correios de Portugal SA | 21,313 | 99,866 | 24.7 |
REN - Redes Energeticas Nacionais SGPS SA | 723,356 | 1,740,889 | 431.2 |
Sonae SGPS SA | 337,607 | 336,631 | 83.4 |
2,177,386 | |||
Singapore | |||
Frasers Centrepoint Trust | 20,500 | 32,528 | 8.1 |
Spain | |||
Atlantica Sustainable Infrastructure PLC | 67,382 | 1,318,665 | 326.6 |
Indra Sistemas SA | 128,858 | 2,452,228 | 607.4 |
Inmobiliaria Colonial Socimi SA | 72,015 | 419,399 | 103.9 |
Merlin Properties Socimi SA | 39,982 | 447,910 | 111.0 |
4,638,202 | |||
Sweden | |||
AddTech AB, B Shares | 51,120 | 1,074,430 | 266.1 |
Attendo AB | 47 | 181 | 0.0 |
Camurus AB | 5,176 | 234,950 | 58.2 |
Schedule of Investments21
Schedule of Investments (continued)
April 30, 2024
BlackRock Global Equity Market Neutral Fund
Security | Shares | Value | % of Basket Value |
Sweden (continued) | |||
Corem Property Group AB, B Shares | 57,300 | $43,139 | 10.7 % |
Mycronic AB | 9,800 | 345,074 | 85.5 |
1,697,774 | |||
Switzerland | |||
DKSH Holding AG | 13,929 | 914,768 | 226.6 |
Inficon Holding AG, Class N, Registered Shares | 69 | 96,639 | 23.9 |
IWG PLC | 488,160 | 1,122,571 | 278.1 |
2,133,978 | |||
United Kingdom | |||
Balfour Beatty PLC | 454,942 | 2,055,253 | 509.1 |
boohoo Group PLC | 3,598,706 | 1,497,030 | 370.8 |
Chemring Group PLC | 347,153 | 1,620,836 | 401.5 |
Firstgroup PLC | 488,701 | 986,370 | 244.3 |
Hunting PLC | 204,170 | 903,998 | 223.9 |
Investec PLC | 268,252 | 1,692,887 | 419.3 |
J D Wetherspoon PLC | 140,983 | 1,271,400 | 314.9 |
John Wood Group PLC | 118,106 | 218,228 | 54.1 |
Jupiter Fund Management PLC | 486,143 | 466,623 | 115.6 |
Just Group PLC | 978,893 | 1,254,244 | 310.7 |
Keller Group PLC | 79,010 | 1,079,906 | 267.5 |
Mitchells & Butlers PLC | 106,884 | 320,645 | 79.4 |
Mitie Group PLC | 474,672 | 691,303 | 171.2 |
Moneysupermarket.com Group PLC | 672,227 | 1,794,059 | 444.4 |
Morgan Sindall Group PLC | 26,156 | 735,066 | 182.1 |
NCC Group PLC | 65,514 | 110,625 | 27.4 |
Paragon Banking Group PLC | 140,737 | 1,251,195 | 309.9 |
Playtech PLC | 118,819 | 784,376 | 194.3 |
Serco Group PLC | 2,210,537 | 5,041,032 | 1,248.6 |
Subsea 7 SA | 47,719 | 778,046 | 192.7 |
TP ICAP Group PLC | 275,935 | 711,546 | 176.3 |
Vesuvius PLC | 123,979 | 737,384 | 182.6 |
26,002,052 | |||
United States | |||
1-800-Flowers.com, Inc., Class A | 44,304 | 401,837 | 99.5 |
Accel Entertainment, Inc. | 38,804 | 416,755 | 103.2 |
AdaptHealth Corp. | 79,029 | 778,436 | 192.8 |
Agilysys, Inc. | 9,451 | 784,906 | 194.4 |
Albany International Corp., Class A | 28,005 | 2,233,399 | 553.2 |
Allient, Inc. | 12,578 | 369,667 | 91.6 |
Ambarella, Inc. | 46,199 | 2,123,768 | 526.0 |
American Vanguard Corp. | 40,688 | 463,436 | 114.8 |
Anywhere Real Estate, Inc. | 104,443 | 507,593 | 125.7 |
Apogee Enterprises, Inc. | 50,566 | 3,123,967 | 773.8 |
Archrock, Inc. | 30,970 | 594,314 | 147.2 |
Argan, Inc. | 2,129 | 128,294 | 31.8 |
Atea Pharmaceuticals, Inc. | 22,228 | 82,244 | 20.4 |
ATN International, Inc. | 18,656 | 355,956 | 88.2 |
AtriCure, Inc. | 106,491 | 2,568,563 | 636.2 |
AvidXchange Holdings, Inc. | 36,722 | 428,179 | 106.1 |
Bandwidth, Inc., Class A | 56,998 | 1,037,364 | 257.0 |
Beazer Homes USA, Inc. | 51,783 | 1,451,478 | 359.5 |
BlueLinx Holdings, Inc. | 3,077 | 337,455 | 83.6 |
Brightsphere Investment Group, Inc. | 22,100 | 491,504 | 121.7 |
Brookdale Senior Living, Inc. | 84,021 | 570,503 | 141.3 |
Cars.com, Inc. | 13,839 | 231,250 | 57.3 |
Castle Biosciences, Inc. | 14,155 | 298,529 | 73.9 |
Century Communities, Inc. | 16,333 | 1,295,534 | 320.9 |
Chegg, Inc. | 264,353 | 1,366,705 | 338.5 |
Security | Shares | Value | % of Basket Value |
United States (continued) | |||
Comstock Resources, Inc. | 71,113 | $715,397 | 177.2 % |
ConnectOne Bancorp, Inc. | 58,298 | 1,044,117 | 258.6 |
COPT Defense Properties | 614,220 | 14,722,853 | 3,646.8 |
Corcept Therapeutics, Inc. | 82,207 | 1,917,067 | 474.8 |
Core & Main, Inc., Class A | 4 | 226 | 0.1 |
Coursera, Inc. | 108,293 | 1,106,754 | 274.1 |
CSG Systems International, Inc. | 62,903 | 2,971,538 | 736.0 |
Customers Bancorp, Inc. | 4,409 | 201,359 | 49.9 |
Delek U.S. Holdings, Inc. | 5,118 | 139,875 | 34.6 |
Deluxe Corp. | 25,000 | 493,750 | 122.3 |
Digi International, Inc. | 19,769 | 606,118 | 150.1 |
Dime Community Bancshares, Inc. | 19,120 | 347,984 | 86.2 |
DNOW, Inc. | 184,294 | 2,600,388 | 644.1 |
Donnelley Financial Solutions, Inc. | 15,452 | 970,077 | 240.3 |
DXP Enterprises, Inc. | 5,431 | 264,816 | 65.6 |
El Pollo Loco Holdings, Inc. | 21,545 | 183,563 | 45.5 |
Enova International, Inc. | 20,941 | 1,267,559 | 314.0 |
Everi Holdings, Inc. | 69,302 | 566,197 | 140.2 |
eXp World Holdings, Inc. | 52,478 | 522,681 | 129.5 |
Extreme Networks, Inc. | 82,380 | 922,656 | 228.5 |
EZCORP, Inc., Class A | 193,480 | 2,124,410 | 526.2 |
Federated Hermes, Inc., Class B | 14,988 | 492,356 | 122.0 |
Financial Institutions, Inc. | 2 | 34 | 0.0 |
First Interstate BancSystem, Inc., Class A | 85,880 | 2,292,996 | 568.0 |
Fiverr International Ltd. | 201,422 | 4,131,165 | 1,023.3 |
Flushing Financial Corp. | 53,557 | 590,198 | 146.2 |
Forestar Group, Inc. | 24,193 | 749,741 | 185.7 |
Franklin Covey Co. | 16,694 | 650,064 | 161.0 |
Fulgent Genetics, Inc. | 13,192 | 268,457 | 66.5 |
G-III Apparel Group Ltd. | 40,534 | 1,141,032 | 282.6 |
Global Industrial Co. | 19,602 | 754,873 | 187.0 |
Gray Television, Inc. | 55,210 | 317,458 | 78.6 |
Hackett Group, Inc. | 24,715 | 536,068 | 132.8 |
Health Catalyst, Inc. | 67,552 | 420,173 | 104.1 |
Healthcare Services Group, Inc. | 21,328 | 226,503 | 56.1 |
HealthStream, Inc. | 15,174 | 391,034 | 96.9 |
Heidrick & Struggles International, Inc. | 23,916 | 705,044 | 174.6 |
Hims & Hers Health, Inc., Class A | 27,299 | 342,056 | 84.7 |
Horizon Bancorp, Inc. | 37,912 | 435,230 | 107.8 |
Huron Consulting Group, Inc. | 5,237 | 488,298 | 121.0 |
Independent Bank Corp. | 17,605 | 436,780 | 108.2 |
Infinera Corp. | 3,834 | 18,480 | 4.6 |
Innoviva, Inc. | 152,894 | 2,310,228 | 572.2 |
Intapp, Inc. | 21,144 | 653,772 | 161.9 |
iRadimed Corp. | 1,472 | 59,778 | 14.8 |
Janus International Group, Inc. | 45,458 | 655,050 | 162.3 |
JELD-WEN Holding, Inc. | 35,544 | 728,652 | 180.5 |
Lakeland Bancorp, Inc. | 20,340 | 247,945 | 61.4 |
LeMaitre Vascular, Inc. | 3,960 | 256,608 | 63.6 |
LendingTree, Inc. | 26,181 | 1,263,757 | 313.0 |
Light & Wonder, Inc., CDI | 2 | 179 | 0.0 |
LivaNova PLC | 2,704 | 150,748 | 37.3 |
LiveRamp Holdings, Inc. | 125,921 | 4,043,323 | 1,001.5 |
Lovesac Co. | 38,735 | 859,142 | 212.8 |
M/I Homes, Inc. | 20,928 | 2,432,252 | 602.5 |
Manitowoc Co., Inc. | 12,608 | 152,557 | 37.8 |
MaxLinear, Inc. | 95,144 | 1,978,044 | 490.0 |
Methode Electronics, Inc. | 23,334 | 284,441 | 70.5 |
MGP Ingredients, Inc. | 24,897 | 1,952,921 | 483.7 |
Midland States Bancorp, Inc. | 21,301 | 466,492 | 115.5 |
N-able, Inc. | 49,621 | 608,353 | 150.7 |
22
2024 BlackRock Annual Report to Shareholders
Schedule of Investments (continued)
April 30, 2024
BlackRock Global Equity Market Neutral Fund
Security | Shares | Value | % of Basket Value |
United States (continued) | |||
Nabors Industries Ltd. | 13,350 | $961,601 | 238.2 % |
National Vision Holdings, Inc. | 48,542 | 845,602 | 209.5 |
NETGEAR, Inc. | 48,719 | 720,067 | 178.4 |
NetScout Systems, Inc. | 30,378 | 585,080 | 144.9 |
Nevro Corp. | 61,309 | 648,649 | 160.7 |
Newell Brands, Inc. | 18,376 | 145,905 | 36.1 |
NexPoint Residential Trust, Inc. | 14,587 | 499,459 | 123.7 |
NMI Holdings, Inc., Class A | 34,534 | 1,065,719 | 264.0 |
Novocure Ltd. | 165,411 | 2,024,631 | 501.5 |
OceanFirst Financial Corp. | 52,828 | 779,741 | 193.1 |
OmniAb, Inc., 12.50 Earnout Shares | 518 | — | 0.0 |
OmniAb, Inc., 15.00 Earnout Shares | 518 | — | 0.0 |
ON24, Inc. | 29,463 | 194,161 | 48.1 |
Oscar Health, Inc., Class A | 1,997 | 34,688 | 8.6 |
Outfront Media, Inc. | 93,513 | 1,483,116 | 367.4 |
Palomar Holdings, Inc. | 1,233 | 97,000 | 24.0 |
Pebblebrook Hotel Trust | 56,798 | 825,275 | 204.4 |
Pennant Group, Inc. | 12,026 | 251,464 | 62.3 |
Perella Weinberg Partners, Class A | 20,998 | 313,290 | 77.6 |
PetIQ, Inc., Class A | 44,025 | 718,488 | 178.0 |
PRA Group, Inc. | 21,846 | 519,716 | 128.7 |
Premier Financial Corp. | 35,006 | 678,416 | 168.0 |
Privia Health Group, Inc. | 26,534 | 488,226 | 120.9 |
Progress Software Corp. | 21,981 | 1,095,093 | 271.2 |
Proto Labs, Inc. | 17,760 | 541,325 | 134.1 |
Quaker Chemical Corp. | 10,194 | 1,901,487 | 471.0 |
Radius Recycling, Inc., Class A | 15,338 | 267,188 | 66.2 |
Redfin Corp. | 49,631 | 278,430 | 69.0 |
REX American Resources Corp. | 20,069 | 1,110,418 | 275.0 |
RHI Magnesita NV | 9,041 | 407,498 | 100.9 |
Root, Inc., Class A | 7,523 | 523,977 | 129.8 |
Sandy Spring Bancorp, Inc. | 9,102 | 186,136 | 46.1 |
SEMrush Holdings, Inc., Class A | 19,120 | 234,029 | 58.0 |
Semtech Corp. | 297 | 11,173 | 2.8 |
SI-BONE, Inc. | 31,095 | 443,415 | 109.8 |
Sims Ltd. | 69,069 | 526,414 | 130.4 |
SolarWinds Corp. | 19,456 | 214,405 | 53.1 |
Southside Bancshares, Inc. | 9,988 | 266,280 | 66.0 |
Supernus Pharmaceuticals, Inc. | 23,643 | 711,654 | 176.3 |
TTEC Holdings, Inc. | 7,934 | 57,760 | 14.3 |
TTM Technologies, Inc. | 69,006 | 1,030,260 | 255.2 |
Turning Point Brands, Inc. | 51,307 | 1,479,694 | 366.5 |
Tutor Perini Corp. | 28,995 | 482,187 | 119.4 |
Univest Financial Corp. | 11,738 | 244,972 | 60.7 |
Upbound Group, Inc. | 37,700 | 1,169,077 | 289.6 |
Upwork, Inc. | 78,423 | 917,549 | 227.3 |
Varex Imaging Corp. | 72,329 | 1,175,346 | 291.1 |
Verint Systems, Inc. | 69,839 | 2,114,725 | 523.8 |
Vestis Corp. | 97,484 | 1,795,655 | 444.8 |
Viad Corp. | 13,829 | 476,824 | 118.1 |
Vimeo, Inc. | 135,399 | 486,082 | 120.4 |
Vishay Precision Group, Inc. | 5,742 | 189,486 | 46.9 |
Vital Farms, Inc. | 54,647 | 1,462,354 | 362.2 |
Wabash National Corp. | 20,982 | 484,894 | 120.1 |
World Kinect Corp. | 79,309 | 1,863,762 | 461.6 |
Xperi, Inc. | 117,394 | 1,233,811 | 305.6 |
Yext, Inc. | 9,119 | 50,063 | 12.4 |
Security | Shares | Value | % of Basket Value |
United States (continued) | |||
Zumiez, Inc. | 15,344 | $263,917 | 65.4 % |
Zuora, Inc., Class A | 65,033 | 641,225 | 158.8 |
130,842,162 | |||
Total Reference Entity — Long | 323,919,414 | ||
Reference Entity — Short | |||
Common Stocks | |||
Australia | |||
ARB Corp. Ltd. | (6,202 ) | (151,413 ) | (37.5 ) |
Bellevue Gold Ltd. | (550,596 ) | (618,448 ) | (153.2 ) |
Brickworks Ltd. | (3,081 ) | (52,778 ) | (13.1 ) |
Champion Iron Ltd. | (166,557 ) | (750,843 ) | (186.0 ) |
De Grey Mining Ltd. | (56,272 ) | (46,573 ) | (11.5 ) |
Deep Yellow Ltd. | (148,477 ) | (136,190 ) | (33.7 ) |
EVT Ltd. | (45,863 ) | (349,143 ) | (86.5 ) |
Genesis Minerals Ltd. | (58,040 ) | (64,524 ) | (16.0 ) |
Gold Road Resources Ltd. | (2 ) | (2 ) | (0.0 ) |
GUD Holdings Ltd. | (65,627 ) | (428,535 ) | (106.2 ) |
Kelsian Group Ltd. | (1,289 ) | (4,564 ) | (1.1 ) |
Lifestyle Communities Ltd. | (152,523 ) | (1,156,410 ) | (286.4 ) |
Liontown Resources Ltd. | (2,112,118 ) | (1,648,352 ) | (408.3 ) |
Neuren Pharmaceuticals Ltd. | (526 ) | (6,421 ) | (1.6 ) |
PEXA Group Ltd. | (69,713 ) | (539,512 ) | (133.6 ) |
Stanmore Resources Ltd. | (834,281 ) | (1,773,953 ) | (439.4 ) |
(7,727,661 ) | |||
Austria | |||
CA Immobilien Anlagen AG | (29,976 ) | (970,717 ) | (240.4 ) |
Wienerberger AG | (43,749 ) | (1,556,646 ) | (385.6 ) |
(2,527,363 ) | |||
Belgium | |||
Azelis Group NV | (47,689 ) | (1,141,291 ) | (282.7 ) |
Bekaert SA | (8,422 ) | (419,532 ) | (103.9 ) |
Kinepolis Group NV | (8,209 ) | (348,868 ) | (86.4 ) |
Xior Student Housing NV | (8,389 ) | (248,558 ) | (61.6 ) |
(2,158,249 ) | |||
Canada | |||
Canadian Western Bank | (109,147 ) | (2,091,089 ) | (517.9 ) |
Cargojet, Inc. | (15,651 ) | (1,396,714 ) | (346.0 ) |
Cogeco Communications, Inc. | (621 ) | (24,582 ) | (6.1 ) |
Definity Financial Corp. | (97,817 ) | (3,256,518 ) | (806.6 ) |
EQB, Inc. | (21,237 ) | (1,281,079 ) | (317.3 ) |
Filo Corp. | (24,845 ) | (444,652 ) | (110.1 ) |
Maple Leaf Foods, Inc. | (112,017 ) | (1,980,102 ) | (490.5 ) |
Martinrea International, Inc. | (78,731 ) | (653,982 ) | (162.0 ) |
North West Co., Inc. | (22,505 ) | (637,019 ) | (157.8 ) |
Pet Valu Holdings Ltd. | (131,743 ) | (2,954,300 ) | (731.8 ) |
Savaria Corp. | (35,846 ) | (429,301 ) | (106.3 ) |
Spartan Delta Corp. | (53,240 ) | (155,659 ) | (38.6 ) |
Spin Master Corp. | (46,820 ) | (1,021,521 ) | (253.0 ) |
StorageVault Canada, Inc. | (84,625 ) | (290,344 ) | (71.9 ) |
Trisura Group Ltd. | (14,354 ) | (438,784 ) | (108.7 ) |
Winpak Ltd. | (36,422 ) | (1,132,793 ) | (280.6 ) |
(18,188,439 ) | |||
China | |||
TI Fluid Systems PLC | (154,018 ) | (263,925 ) | (65.4 ) |
Costa Rica | |||
Establishment Labs Holdings, Inc. | (23,995 ) | (1,199,990 ) | (297.2 ) |
Schedule of Investments23
Schedule of Investments (continued)
April 30, 2024
BlackRock Global Equity Market Neutral Fund
Security | Shares | Value | % of Basket Value |
Denmark | |||
Alm Brand A/S | (918,088 ) | $(1,586,604 ) | (393.0 )% |
Better Collective A/S | (6,802 ) | (184,382 ) | (45.7 ) |
Chemometec A/S | (26,295 ) | (1,107,459 ) | (274.3 ) |
Matas A/S | (44,625 ) | (715,498 ) | (177.2 ) |
Netcompany Group A/S | (8,604 ) | (310,646 ) | (76.9 ) |
NTG Nordic Transport Group A/S, Class A | (4,579 ) | (184,430 ) | (45.7 ) |
Ringkjoebing Landbobank A/S | (13,640 ) | (2,281,298 ) | (565.1 ) |
Royal Unibrew A/S | (65,871 ) | (4,941,937 ) | (1,224.1 ) |
Scandinavian Tobacco Group A/S, Class A | (52,706 ) | (846,811 ) | (209.8 ) |
Sydbank AS | (7,714 ) | (390,906 ) | (96.8 ) |
Topdanmark A/S | (66,660 ) | (2,768,463 ) | (685.7 ) |
(15,318,434 ) | |||
Finland | |||
Konecranes OYJ | (42,610 ) | (2,236,378 ) | (554.0 ) |
Metsa Board OYJ, Class B | (87,556 ) | (626,671 ) | (155.2 ) |
Tokmanni Group Corp. | (39,449 ) | (595,822 ) | (147.6 ) |
(3,458,871 ) | |||
France | |||
Alten SA | (22,010 ) | (2,573,486 ) | (637.4 ) |
IPSOS SA | (52,231 ) | (3,491,010 ) | (864.7 ) |
Neoen SA | (78,026 ) | (2,378,135 ) | (589.1 ) |
(8,442,631 ) | |||
Germany | |||
CTS Eventim AG & Co. KGaA | (14,530 ) | (1,279,402 ) | (316.9 ) |
Eckert & Ziegler SE | (8,327 ) | (327,830 ) | (81.2 ) |
Fraport AG Frankfurt Airport Services Worldwide | (39,924 ) | (1,990,605 ) | (493.1 ) |
Hypoport SE | (113 ) | (29,706 ) | (7.3 ) |
Mercer International, Inc. | (20,879 ) | (211,504 ) | (52.4 ) |
Schott Pharma AG & Co. KGaA | (46,263 ) | (1,938,635 ) | (480.2 ) |
Sixt SE | (3,210 ) | (306,005 ) | (75.8 ) |
Stabilus SE | (15,048 ) | (930,308 ) | (230.4 ) |
SUESS MicroTec SE, Class N | (13,958 ) | (688,278 ) | (170.5 ) |
(7,702,273 ) | |||
Indonesia | |||
Golden Agri-Resources Ltd. | (3,512,700 ) | (708,859 ) | (175.6 ) |
Nickel Industries Ltd. | (1,869,845 ) | (1,117,281 ) | (276.7 ) |
(1,826,140 ) | |||
Ireland | |||
C&C Group PLC | (182,535 ) | (372,755 ) | (92.3 ) |
Dalata Hotel Group PLC | (61 ) | (273 ) | (0.1 ) |
(373,028 ) | |||
Israel | |||
Enlight Renewable Energy Ltd. | (150,234 ) | (2,414,089 ) | (598.0 ) |
OPC Energy Ltd. | (73,312 ) | (550,650 ) | (136.4 ) |
(2,964,739 ) | |||
Italy | |||
BFF Bank SpA | (9,954 ) | (127,169 ) | (31.5 ) |
Ermenegildo Zegna NV | (69,457 ) | (854,321 ) | (211.6 ) |
Eurogroup Laminations SpA | (160,867 ) | (697,278 ) | (172.7 ) |
Industrie De Nora SpA | (48,733 ) | (652,088 ) | (161.5 ) |
Technogym SpA | (17,602 ) | (165,291 ) | (41.0 ) |
Technoprobe SpA | (64,575 ) | (512,284 ) | (126.9 ) |
(3,008,431 ) | |||
Japan | |||
Advance Logistics Investment Corp. | (398 ) | (313,889 ) | (77.7 ) |
Security | Shares | Value | % of Basket Value |
Japan (continued) | |||
Advance Residence Investment Corp. | (471 ) | $(1,040,644 ) | (257.8 )% |
Aeon Fantasy Co. Ltd. | (4,900 ) | (70,397 ) | (17.4 ) |
Aichi Financial Group, Inc. | (23,000 ) | (444,619 ) | (110.1 ) |
Aiful Corp. | (100,900 ) | (300,789 ) | (74.5 ) |
Arclands Corp. | (44,300 ) | (558,089 ) | (138.2 ) |
Ariake Japan Co. Ltd. | (11,400 ) | (379,844 ) | (94.1 ) |
Asahi Yukizai Corp. | (8,400 ) | (268,805 ) | (66.6 ) |
Base Co. Ltd. | (2,800 ) | (63,394 ) | (15.7 ) |
C Uyemura & Co. Ltd. | (4,300 ) | (287,608 ) | (71.2 ) |
Chikaranomoto Holdings Co. Ltd. | (4,200 ) | (46,126 ) | (11.4 ) |
Chubu Steel Plate Co. Ltd. | (200 ) | (3,006 ) | (0.7 ) |
CUC, Inc. | (1,300 ) | (14,347 ) | (3.6 ) |
Daiei Kankyo Co. Ltd. | (26,400 ) | (450,938 ) | (111.7 ) |
Daikoku Denki Co. Ltd. | (4,975 ) | (116,503 ) | (28.9 ) |
Daikokutenbussan Co. Ltd. | (8,800 ) | (460,909 ) | (114.2 ) |
Daiwa Office Investment Corp. | (71 ) | (264,748 ) | (65.6 ) |
DCM Holdings Co. Ltd. | (105,800 ) | (1,002,056 ) | (248.2 ) |
Descente Ltd. | (29,200 ) | (671,915 ) | (166.4 ) |
Enplas Corp. | (12,600 ) | (695,399 ) | (172.2 ) |
First Bank of Toyama Ltd. | (84,600 ) | (509,090 ) | (126.1 ) |
FP Partner, Inc. | (13,700 ) | (446,344 ) | (110.6 ) |
Freee KK | (23,100 ) | (413,498 ) | (102.4 ) |
Fukuyama Transporting Co. Ltd. | (14,600 ) | (360,791 ) | (89.4 ) |
Furuya Metal Co. Ltd. | (7,100 ) | (508,913 ) | (126.1 ) |
Future Corp. | (7,900 ) | (81,709 ) | (20.2 ) |
GMO Financial Holdings, Inc. | (68,000 ) | (332,661 ) | (82.4 ) |
Gremz, Inc. | (5,900 ) | (81,174 ) | (20.1 ) |
Hankyu Hanshin REIT, Inc. | (477 ) | (436,523 ) | (108.1 ) |
Heiwa Real Estate REIT, Inc. | (32 ) | (29,334 ) | (7.3 ) |
Hirata Corp. | (1,100 ) | (50,404 ) | (12.5 ) |
Hokuetsu Corp. | (97,900 ) | (845,449 ) | (209.4 ) |
Hokuhoku Financial Group, Inc. | (38,300 ) | (480,787 ) | (119.1 ) |
Idec Corp. | (21,300 ) | (384,133 ) | (95.1 ) |
Iino Kaiun Kaisha Ltd. | (76,600 ) | (629,219 ) | (155.9 ) |
Insource Co. Ltd. | (11,200 ) | (55,667 ) | (13.8 ) |
J Trust Co. Ltd. | (226,400 ) | (659,864 ) | (163.4 ) |
Japan Prime Realty Investment Corp. | (165 ) | (364,897 ) | (90.4 ) |
Japan Steel Works Ltd. | (31,800 ) | (789,798 ) | (195.6 ) |
Kanto Denka Kogyo Co. Ltd. | (95,500 ) | (665,315 ) | (164.8 ) |
KeePer Technical Laboratory Co. Ltd. | (9,900 ) | (287,428 ) | (71.2 ) |
Keihan Holdings Co. Ltd. | (38,000 ) | (813,355 ) | (201.5 ) |
KH Neochem Co. Ltd. | (8,100 ) | (127,184 ) | (31.5 ) |
Komeri Co. Ltd. | (13,100 ) | (324,249 ) | (80.3 ) |
Kosaido Holdings Co. Ltd. | (57,000 ) | (268,745 ) | (66.6 ) |
Kumiai Chemical Industry Co. Ltd. | (7,800 ) | (40,682 ) | (10.1 ) |
KYB Corp. | (7,200 ) | (251,193 ) | (62.2 ) |
Maruwa Co. Ltd. | (1,500 ) | (323,388 ) | (80.1 ) |
Matsui Securities Co. Ltd. | (133,700 ) | (699,865 ) | (173.4 ) |
Matsuya Co. Ltd. | (11,700 ) | (68,188 ) | (16.9 ) |
Medley, Inc. | (7,300 ) | (171,515 ) | (42.5 ) |
Mitsubishi Estate Logistics REIT Investment Corp. | (63 ) | (164,932 ) | (40.9 ) |
Mitsui Fudosan Logistics Park, Inc. | (226 ) | (662,530 ) | (164.1 ) |
Mitsui-Soko Holdings Co. Ltd. | (12,100 ) | (365,063 ) | (90.4 ) |
Mori Hills REIT Investment Corp. | (668 ) | (594,160 ) | (147.2 ) |
Morinaga Milk Industry Co. Ltd. | (600 ) | (12,022 ) | (3.0 ) |
Musashino Bank Ltd. | (8,800 ) | (176,032 ) | (43.6 ) |
Nankai Electric Railway Co. Ltd. | (27,900 ) | (498,009 ) | (123.4 ) |
Nichias Corp. | (2,400 ) | (67,214 ) | (16.6 ) |
Nihon Kohden Corp. | (21,200 ) | (589,000 ) | (145.9 ) |
Nikkiso Co. Ltd. | (11,500 ) | (93,961 ) | (23.3 ) |
24
2024 BlackRock Annual Report to Shareholders
Schedule of Investments (continued)
April 30, 2024
BlackRock Global Equity Market Neutral Fund
Security | Shares | Value | % of Basket Value |
Japan (continued) | |||
Nikkon Holdings Co. Ltd. | (35,600 ) | $(714,039 ) | (176.9 )% |
Nippon Accommodations Fund, Inc. | (136 ) | (578,686 ) | (143.3 ) |
Nippon Kanzai Holdings Co. Ltd. | (13,300 ) | (223,535 ) | (55.4 ) |
Nippon Pillar Packing Co. Ltd. | (6,600 ) | (265,994 ) | (65.9 ) |
Nishimatsuya Chain Co. Ltd. | (10,600 ) | (150,290 ) | (37.2 ) |
Nojima Corp. | (28,100 ) | (343,180 ) | (85.0 ) |
Nomura Micro Science Co. Ltd. | (17,800 ) | (580,766 ) | (143.8 ) |
Nxera Pharma Co. Ltd. | (18,800 ) | (177,978 ) | (44.1 ) |
One REIT, Inc. | (294 ) | (505,968 ) | (125.3 ) |
Orient Corp. | (39,600 ) | (264,489 ) | (65.5 ) |
Osaka Soda Co. Ltd. | (15,600 ) | (935,396 ) | (231.7 ) |
Piolax, Inc. | (29,900 ) | (519,335 ) | (128.6 ) |
Riken Keiki Co. Ltd. | (18,200 ) | (454,718 ) | (112.6 ) |
Roland Corp. | (9,800 ) | (272,513 ) | (67.5 ) |
Ryoyo Ryosan Holdings, Inc. | (1,584 ) | (28,606 ) | (7.1 ) |
Sangetsu Corp. | (37,600 ) | (817,294 ) | (202.4 ) |
Septeni Holdings Co. Ltd. | (278,900 ) | (829,363 ) | (205.4 ) |
Shiga Bank Ltd. | (25,500 ) | (674,151 ) | (167.0 ) |
Shin Nippon Biomedical Laboratories Ltd. | (21,500 ) | (213,364 ) | (52.8 ) |
Sinfonia Technology Co. Ltd. | (600 ) | (13,032 ) | (3.2 ) |
SKY Perfect JSAT Holdings, Inc. | (36,700 ) | (221,176 ) | (54.8 ) |
Sotetsu Holdings, Inc. | (15,500 ) | (253,116 ) | (62.7 ) |
Star Asia Investment Corp. | (1,841 ) | (734,116 ) | (181.8 ) |
Star Micronics Co. Ltd. | (14,100 ) | (171,070 ) | (42.4 ) |
Takara Holdings, Inc. | (76,900 ) | (516,453 ) | (127.9 ) |
Tama Home Co. Ltd. | (22,300 ) | (630,449 ) | (156.2 ) |
Tocalo Co. Ltd. | (16,000 ) | (188,747 ) | (46.7 ) |
Toho Bank Ltd. | (127,900 ) | (280,875 ) | (69.6 ) |
Tokyo Steel Manufacturing Co. Ltd. | (91,400 ) | (991,770 ) | (245.7 ) |
Topre Corp. | (19,700 ) | (325,572 ) | (80.6 ) |
Toyo Gosei Co. Ltd. | (8,700 ) | (457,556 ) | (113.3 ) |
Tri Chemical Laboratories, Inc. | (35,000 ) | (996,208 ) | (246.8 ) |
TRYT, Inc. | (73,500 ) | (294,260 ) | (72.9 ) |
Valqua Ltd. | (1,400 ) | (40,099 ) | (9.9 ) |
West Holdings Corp. | (38,700 ) | (659,961 ) | (163.5 ) |
YA-MAN Ltd. | (76,093 ) | (469,480 ) | (116.3 ) |
Yamato Kogyo Co. Ltd. | (1,300 ) | (71,403 ) | (17.7 ) |
Yonex Co. Ltd. | (41,100 ) | (335,085 ) | (83.0 ) |
(38,378,403 ) | |||
Netherlands | |||
AMG Critical Materials NV | (36,276 ) | (848,019 ) | (210.0 ) |
Flow Traders Ltd. | (58,181 ) | (1,194,967 ) | (296.0 ) |
TKH Group NV | (27,724 ) | (1,191,351 ) | (295.1 ) |
(3,234,337 ) | |||
Nigeria | |||
Airtel Africa PLC | (1,788,935 ) | (2,461,614 ) | (609.7 ) |
Norway | |||
Crayon Group Holding ASA | (169,371 ) | (1,261,799 ) | (312.5 ) |
Entra ASA | (75,867 ) | (711,510 ) | (176.2 ) |
Hoegh Autoliners ASA | (33,403 ) | (354,316 ) | (87.8 ) |
MPC Container Ships ASA | (1,166,433 ) | (1,894,960 ) | (469.4 ) |
Schibsted ASA, Class A | (119,113 ) | (3,455,887 ) | (856.0 ) |
TOMRA Systems ASA | (127,376 ) | (1,575,757 ) | (390.3 ) |
(9,254,229 ) | |||
Peru | |||
Hochschild Mining PLC | (14,569 ) | (28,023 ) | (6.9 ) |
Portugal | |||
Greenvolt-Energias Renovaveis SA | (26,580 ) | (234,412 ) | (58.1 ) |
Security | Shares | Value | % of Basket Value |
Singapore | |||
BW LPG Ltd. | (11,873 ) | $(173,973 ) | (43.1 )% |
Spain | |||
Vidrala SA | (10,465 ) | (1,095,757 ) | (271.4 ) |
Viscofan SA | (14,402 ) | (911,771 ) | (225.9 ) |
(2,007,528 ) | |||
Sweden | |||
Alleima AB | (50,742 ) | (318,325 ) | (78.9 ) |
Dometic Group AB | (387,633 ) | (2,807,264 ) | (695.3 ) |
Hemnet Group AB | (6,077 ) | (160,744 ) | (39.8 ) |
Hexpol AB, Class B | (56,983 ) | (651,905 ) | (161.5 ) |
Hms Networks Ab | (11,234 ) | (421,877 ) | (104.5 ) |
Hufvudstaden AB, A Shares | (57,076 ) | (670,928 ) | (166.2 ) |
Nordnet AB | (212,614 ) | (3,823,830 ) | (947.1 ) |
Paradox Interactive AB | (41,824 ) | (640,822 ) | (158.7 ) |
Peab AB, Class B | (130,808 ) | (806,512 ) | (199.8 ) |
Stillfront Group AB | (383,509 ) | (369,378 ) | (91.5 ) |
Surgical Science Sweden AB | (19,187 ) | (274,243 ) | (67.9 ) |
Thule Group AB | (16,237 ) | (464,001 ) | (114.9 ) |
Wallenstam AB, B Shares | (569,984 ) | (2,549,166 ) | (631.4 ) |
Wihlborgs Fastigheter AB | (77,360 ) | (655,473 ) | (162.4 ) |
(14,614,468 ) | |||
Switzerland | |||
Allreal Holding AG, Class N, Registered Shares | (9,529 ) | (1,551,187 ) | (384.2 ) |
Arbonia AG | (35,775 ) | (475,912 ) | (117.9 ) |
Cembra Money Bank AG | (31,573 ) | (2,433,167 ) | (602.7 ) |
Daetwyler Holding AG | (3,172 ) | (663,571 ) | (164.4 ) |
Emmi AG, Class N, Registered Shares | (201 ) | (196,928 ) | (48.8 ) |
Forbo Holding AG, Registered Shares | (335 ) | (389,843 ) | (96.6 ) |
Garrett Motion, Inc. | (27,714 ) | (264,946 ) | (65.6 ) |
Interroll Holding AG, Class N, Registered Shares | (400 ) | (1,296,807 ) | (321.2 ) |
Leonteq AG | (8,359 ) | (221,350 ) | (54.8 ) |
Mobimo Holding AG, Registered Shares | (2,682 ) | (756,545 ) | (187.4 ) |
Sensirion Holding AG | (12,409 ) | (820,934 ) | (203.3 ) |
SFS Group AG | (6,927 ) | (828,410 ) | (205.2 ) |
SKAN Group AG | (3,813 ) | (341,985 ) | (84.7 ) |
St Galler Kantonalbank AG, Class N, Registered Shares | (339 ) | (175,762 ) | (43.5 ) |
Swissquote Group Holding SA, Class N, Registered Shares | (11,568 ) | (3,152,640 ) | (780.9 ) |
Vontobel Holding AG, Class N, Registered Shares | (11,677 ) | (660,268 ) | (163.5 ) |
Zehnder Group AG | (2,732 ) | (160,543 ) | (39.8 ) |
(14,390,798 ) | |||
Tanzania, United Republic Of | |||
Helios Towers PLC | (282,746 ) | (344,006 ) | (85.2 ) |
United Kingdom | |||
888 Holdings PLC | (2,167,533 ) | (2,288,454 ) | (566.8 ) |
Ascential PLC | (73,200 ) | (283,537 ) | (70.2 ) |
Aston Martin Lagonda Global Holdings PLC | (512,029 ) | (941,349 ) | (233.2 ) |
Auction Technology Group PLC | (121,416 ) | (747,485 ) | (185.2 ) |
Capita PLC | (3,105,303 ) | (520,209 ) | (128.9 ) |
Central Asia Metals PLC | (32,519 ) | (84,422 ) | (20.9 ) |
Coats Group PLC | (627,321 ) | (636,338 ) | (157.6 ) |
Essentra PLC | (200,060 ) | (439,834 ) | (108.9 ) |
Genuit Group PLC | (46,966 ) | (252,862 ) | (62.6 ) |
Global Ship Lease, Inc., Class A | (76 ) | (1,730 ) | (0.4 ) |
Schedule of Investments25
Schedule of Investments (continued)
April 30, 2024
BlackRock Global Equity Market Neutral Fund
Security | Shares | Value | % of Basket Value |
United Kingdom (continued) | |||
Great Portland Estates PLC | (119,067 ) | $(581,669 ) | (144.1 )% |
Home Reit PLC | (319,295 ) | (106,267 ) | (26.3 ) |
Ibstock PLC | (431,240 ) | (792,321 ) | (196.3 ) |
Marlowe PLC | (321,789 ) | (1,962,039 ) | (486.0 ) |
Marshalls PLC | (681,010 ) | (2,267,772 ) | (561.7 ) |
Moonpig Group PLC | (324,906 ) | (629,620 ) | (156.0 ) |
Oxford Nanopore Technologies PLC | (337,055 ) | (412,521 ) | (102.2 ) |
Rathbones Group PLC | (13,130 ) | (266,356 ) | (66.0 ) |
Renewi PLC | (42,628 ) | (298,722 ) | (74.0 ) |
Smart Metering Systems PLC | (52,887 ) | (628,742 ) | (155.7 ) |
Spirent Communications PLC | (343,860 ) | (828,647 ) | (205.3 ) |
Trainline PLC | (21,455 ) | (79,640 ) | (19.7 ) |
Travis Perkins PLC | (157,503 ) | (1,467,691 ) | (363.5 ) |
Urban Logistics REIT PLC | (81,813 ) | (117,963 ) | (29.2 ) |
Victrex PLC | (44,839 ) | (706,620 ) | (175.0 ) |
Volex PLC | (129,625 ) | (518,288 ) | (128.4 ) |
WH Smith PLC | (192,070 ) | (2,615,785 ) | (647.9 ) |
(20,476,883 ) | |||
United States | |||
Adeia, Inc. | (43,041 ) | (423,523 ) | (104.9 ) |
ADT, Inc. | (85,389 ) | (555,029 ) | (137.5 ) |
Aehr Test Systems | (250,939 ) | (3,006,249 ) | (744.6 ) |
AeroVironment, Inc. | (3,927 ) | (627,495 ) | (155.4 ) |
AerSale Corp. | (46,469 ) | (331,324 ) | (82.1 ) |
Altus Power, Inc. | (95,633 ) | (350,973 ) | (86.9 ) |
Amerant Bancorp, Inc., Class A | (17,363 ) | (376,083 ) | (93.2 ) |
American Coastal Insurance Corp., Class C | (427 ) | (4,471 ) | (1.1 ) |
Apollo Commercial Real Estate Finance, Inc. | (22,910 ) | (220,623 ) | (54.6 ) |
Appian Corp., Class A | (5,684 ) | (212,809 ) | (52.7 ) |
Applied Optoelectronics, Inc. | (53,587 ) | (527,832 ) | (130.7 ) |
Ares Commercial Real Estate Corp. | (38,136 ) | (258,943 ) | (64.1 ) |
Arhaus, Inc., Class A | (12,831 ) | (162,440 ) | (40.2 ) |
Artesian Resources Corp., Class A | (4,315 ) | (150,939 ) | (37.4 ) |
Atlantic Union Bankshares Corp. | (76,236 ) | (2,422,018 ) | (599.9 ) |
Avadel Pharmaceuticals PLC | (7,995 ) | (145,189 ) | (36.0 ) |
Barnes Group, Inc. | (57,712 ) | (2,003,761 ) | (496.3 ) |
BGC Group, Inc., Class A | (64,587 ) | (505,716 ) | (125.3 ) |
Bloom Energy Corp., Class A | (60,512 ) | (673,499 ) | (166.8 ) |
Boston Omaha Corp., Class A | (33,887 ) | (523,215 ) | (129.6 ) |
BRC, Inc., Class A | (5,662 ) | (22,082 ) | (5.5 ) |
BRP Group, Inc., Class A | (64,973 ) | (1,730,881 ) | (428.7 ) |
Buckle, Inc. | (52,238 ) | (1,953,179 ) | (483.8 ) |
Calavo Growers, Inc. | (46,033 ) | (1,240,589 ) | (307.3 ) |
California Water Service Group | (38,836 ) | (1,907,624 ) | (472.5 ) |
Cambridge Bancorp | (8,726 ) | (535,515 ) | (132.6 ) |
Camping World Holdings, Inc., Class A | (11,508 ) | (233,267 ) | (57.8 ) |
Cass Information Systems, Inc. | (12,526 ) | (540,998 ) | (134.0 ) |
Cavco Industries, Inc. | (1,420 ) | (517,178 ) | (128.1 ) |
Certara, Inc. | (64,147 ) | (1,097,555 ) | (271.9 ) |
CEVA, Inc. | (1,464 ) | (29,675 ) | (7.4 ) |
Claros Mortgage Trust, Inc. | (9,935 ) | (86,435 ) | (21.4 ) |
Clearfield, Inc. | (22,414 ) | (675,110 ) | (167.2 ) |
CNX Resources Corp. | (168,173 ) | (3,955,429 ) | (979.7 ) |
Coastal Financial Corp. | (4,428 ) | (171,275 ) | (42.4 ) |
Columbia Financial, Inc. | (26,515 ) | (440,149 ) | (109.0 ) |
Conduent, Inc. | (94,414 ) | (297,404 ) | (73.7 ) |
Cytek Biosciences, Inc. | (25,007 ) | (150,292 ) | (37.2 ) |
Denny’s Corp. | (27,586 ) | (221,240 ) | (54.8 ) |
Designer Brands, Inc., Class A | (130,219 ) | (1,209,735 ) | (299.6 ) |
DiamondRock Hospitality Co. | (93,350 ) | (830,815 ) | (205.8 ) |
Security | Shares | Value | % of Basket Value |
United States (continued) | |||
DocGo, Inc. | (79,051 ) | $(267,192 ) | (66.2 )% |
Dynex Capital, Inc. | (37,072 ) | (432,630 ) | (107.2 ) |
Easterly Government Properties, Inc. | (201,429 ) | (2,354,705 ) | (583.2 ) |
Eastman Kodak Co. | (200,315 ) | (901,417 ) | (223.3 ) |
Ecovyst, Inc. | (9,754 ) | (91,980 ) | (22.8 ) |
Embecta Corp. | (27,794 ) | (281,553 ) | (69.7 ) |
Enfusion, Inc., Class A | (135,398 ) | (1,260,555 ) | (312.2 ) |
Enhabit, Inc. | (19,746 ) | (199,237 ) | (49.4 ) |
Enliven Therapeutics, Inc. | (24,585 ) | (427,533 ) | (105.9 ) |
Enovix Corp. | (20,762 ) | (129,970 ) | (32.2 ) |
Enpro, Inc. | (13,074 ) | (1,962,800 ) | (486.2 ) |
Enterprise Financial Services Corp. | (10,227 ) | (388,728 ) | (96.3 ) |
Esab Corp. | (6,825 ) | (722,631 ) | (179.0 ) |
European Wax Center, Inc., Class A | (69,356 ) | (815,627 ) | (202.0 ) |
EverCommerce, Inc. | (39,077 ) | (351,693 ) | (87.1 ) |
Evolv Technologies Holdings, Inc., Class A | (3,025 ) | (11,828 ) | (2.9 ) |
Excelerate Energy, Inc., Class A | (39,606 ) | (667,757 ) | (165.4 ) |
F&G Annuities & Life, Inc. | (3,920 ) | (148,254 ) | (36.7 ) |
Farmland Partners, Inc. | (119,512 ) | (1,285,949 ) | (318.5 ) |
Fastly, Inc., Class A | (6,015 ) | (76,090 ) | (18.8 ) |
First Bancorp/Southern Pines NC | (41,110 ) | (1,250,155 ) | (309.7 ) |
First Bancshares, Inc. | (5,255 ) | (125,805 ) | (31.2 ) |
First Commonwealth Financial Corp. | (106,359 ) | (1,402,875 ) | (347.5 ) |
First Community Bankshares, Inc. | (9,762 ) | (323,903 ) | (80.2 ) |
First Merchants Corp. | (10,847 ) | (362,507 ) | (89.8 ) |
Fortrea Holdings, Inc. | (57,525 ) | (2,104,840 ) | (521.4 ) |
Funko, Inc., Class A | (412 ) | (2,509 ) | (0.6 ) |
Gates Industrial Corp. PLC | (33,792 ) | (595,415 ) | (147.5 ) |
GEO Group, Inc. | (48,181 ) | (715,970 ) | (177.3 ) |
Gladstone Land Corp. | (1,174 ) | (14,886 ) | (3.7 ) |
Global Medical REIT, Inc. | (46,206 ) | (374,731 ) | (92.8 ) |
Great Southern Bancorp, Inc. | (6,362 ) | (327,007 ) | (81.0 ) |
Grid Dynamics Holdings, Inc. | (20,695 ) | (202,190 ) | (50.1 ) |
Hawkins, Inc. | (2,293 ) | (173,741 ) | (43.0 ) |
HighPeak Energy, Inc. | (1,299 ) | (18,459 ) | (4.6 ) |
Highwoods Properties, Inc. | (242,205 ) | (6,345,771 ) | (1,571.8 ) |
Hudson Technologies, Inc. | (29,553 ) | (293,166 ) | (72.6 ) |
IDACORP, Inc. | (334 ) | (31,657 ) | (7.8 ) |
International Bancshares Corp. | (16,737 ) | (931,414 ) | (230.7 ) |
iRhythm Technologies, Inc. | (21,449 ) | (2,350,381 ) | (582.2 ) |
Ivanhoe Electric, Inc. | (9,014 ) | (91,041 ) | (22.6 ) |
Jack in the Box, Inc. | (6,182 ) | (352,807 ) | (87.4 ) |
JBG SMITH Properties | (64,785 ) | (972,423 ) | (240.9 ) |
Kinetik Holdings, Inc. | (60,972 ) | (2,337,666 ) | (579.0 ) |
Krispy Kreme, Inc. | (250,314 ) | (3,166,472 ) | (784.3 ) |
Lemonade, Inc. | (3,458 ) | (59,581 ) | (14.8 ) |
Leslie’s, Inc. | (124,527 ) | (489,391 ) | (121.2 ) |
Liberty Media Corp.-Liberty Live, Class C | (22,275 ) | (831,303 ) | (205.9 ) |
Lightwave Logic, Inc. | (65,430 ) | (249,943 ) | (61.9 ) |
Lindblad Expeditions Holdings, Inc. | (12,276 ) | (90,106 ) | (22.3 ) |
LTC Properties, Inc. | (64,755 ) | (2,143,390 ) | (530.9 ) |
Macerich Co. | (402,244 ) | (5,534,877 ) | (1,371.0 ) |
MaxCyte, Inc. | (15,107 ) | (54,838 ) | (13.6 ) |
Medifast, Inc. | (53,648 ) | (1,476,929 ) | (365.8 ) |
MeridianLink, Inc. | (38,578 ) | (643,481 ) | (159.4 ) |
Mesa Laboratories, Inc. | (862 ) | (91,441 ) | (22.7 ) |
Metallus, Inc. | (30,846 ) | (634,194 ) | (157.1 ) |
Middlesex Water Co. | (4,766 ) | (241,732 ) | (59.9 ) |
Mission Produce, Inc. | (16,204 ) | (183,915 ) | (45.6 ) |
Mister Car Wash, Inc. | (6,474 ) | (43,311 ) | (10.7 ) |
Montauk Renewables, Inc. | (8,423 ) | (30,323 ) | (7.5 ) |
26
2024 BlackRock Annual Report to Shareholders
Schedule of Investments (continued)
April 30, 2024
BlackRock Global Equity Market Neutral Fund
Security | Shares | Value | % of Basket Value |
United States (continued) | |||
Movado Group, Inc. | (14,899 ) | $(379,478 ) | (94.0 )% |
National Cinemedia, Inc. | (15,205 ) | (65,077 ) | (16.1 ) |
NBT Bancorp, Inc. | (20,428 ) | (715,184 ) | (177.1 ) |
NextDecade Corp. | (5,204 ) | (33,410 ) | (8.3 ) |
NextNav, Inc. | (61,066 ) | (556,311 ) | (137.8 ) |
Nicolet Bankshares, Inc. | (11,104 ) | (849,789 ) | (210.5 ) |
nLight, Inc. | (76,249 ) | (868,476 ) | (215.1 ) |
NV5 Global, Inc. | (10,827 ) | (1,009,509 ) | (250.1 ) |
OneWater Marine, Inc., Class A | (33,812 ) | (700,247 ) | (173.4 ) |
Open Lending Corp. | (47,499 ) | (242,245 ) | (60.0 ) |
Papa John’s International, Inc. | (9,816 ) | (605,549 ) | (150.0 ) |
Paragon 28, Inc. | (6,055 ) | (55,827 ) | (13.8 ) |
Patrick Industries, Inc. | (3,529 ) | (368,745 ) | (91.3 ) |
Paycor HCM, Inc. | (963 ) | (16,727 ) | (4.1 ) |
Peakstone Realty Trust | (9,587 ) | (133,930 ) | (33.2 ) |
PennyMac Financial Services, Inc., Class A | (12,279 ) | (1,051,574 ) | (260.5 ) |
Peoples Bancorp, Inc. | (16,620 ) | (482,645 ) | (119.6 ) |
Perimeter Solutions SA | (5,901 ) | (41,307 ) | (10.2 ) |
Pitney Bowes, Inc. | (94,568 ) | (402,860 ) | (99.8 ) |
Plymouth Industrial REIT, Inc. | (15,713 ) | (328,087 ) | (81.3 ) |
PolyPeptide Group AG | (22,150 ) | (736,133 ) | (182.3 ) |
PotlatchDeltic Corp. | (2,904 ) | (116,189 ) | (28.8 ) |
Premier, Inc., Class A | (84,517 ) | (1,764,715 ) | (437.1 ) |
ProAssurance Corp. | (13,016 ) | (173,894 ) | (43.1 ) |
ProFrac Holding Corp., Class A | (188,279 ) | (1,368,788 ) | (339.0 ) |
ProPetro Holding Corp. | (6,258 ) | (54,570 ) | (13.5 ) |
QuinStreet, Inc. | (13,982 ) | (252,934 ) | (62.7 ) |
RCI Hospitality Holdings, Inc. | (11,183 ) | (567,649 ) | (140.6 ) |
Ready Capital Corp. | (116,959 ) | (996,491 ) | (246.8 ) |
Reliance Worldwide Corp. Ltd. | (69,434 ) | (226,631 ) | (56.1 ) |
Retail Opportunity Investments Corp. | (72,162 ) | (885,428 ) | (219.3 ) |
Rocket Lab USA, Inc., Class A | (199,273 ) | (749,266 ) | (185.6 ) |
RXO, Inc. | (1,421 ) | (26,871 ) | (6.7 ) |
S&T Bancorp, Inc. | (22,274 ) | (671,561 ) | (166.3 ) |
Seacoast Banking Corp. of Florida | (48,239 ) | (1,112,874 ) | (275.7 ) |
Sensient Technologies Corp. | (22,754 ) | (1,666,048 ) | (412.7 ) |
Service Properties Trust | (3,248 ) | (19,910 ) | (4.9 ) |
Shenandoah Telecommunications Co. | (16,664 ) | (213,632 ) | (52.9 ) |
Silgan Holdings, Inc. | (85,626 ) | (3,995,309 ) | (989.6 ) |
SilverBow Resources, Inc. | (93,136 ) | (2,861,138 ) | (708.7 ) |
SITE Centers Corp. | (45,155 ) | (609,141 ) | (150.9 ) |
Six Flags Entertainment Corp. | (173,429 ) | (4,089,456 ) | (1,012.9 ) |
SkyWater Technology, Inc. | (18,499 ) | (189,800 ) | (47.0 ) |
Southern Missouri Bancorp, Inc. | (1,016 ) | (40,742 ) | (10.1 ) |
Stagwell, Inc. | (10,405 ) | (61,910 ) | (15.3 ) |
Stellar Bancorp, Inc. | (13,427 ) | (298,079 ) | (73.8 ) |
StepStone Group, Inc., Class A | (11,222 ) | (404,778 ) | (100.3 ) |
Stericycle, Inc. | (23,871 ) | (1,067,750 ) | (264.5 ) |
Sweetgreen, Inc., Class A | (145,200 ) | (3,262,644 ) | (808.1 ) |
Towne Bank | (27,784 ) | (718,772 ) | (178.0 ) |
Travel & Leisure Co. | (74,238 ) | (3,232,323 ) | (800.6 ) |
Triumph Financial, Inc. | (5,643 ) | (397,041 ) | (98.3 ) |
Triumph Group, Inc. | (86,613 ) | (1,157,150 ) | (286.6 ) |
Ubiquiti, Inc. | (23,455 ) | (2,523,289 ) | (625.0 ) |
UFP Technologies, Inc. | (2,850 ) | (586,929 ) | (145.4 ) |
United Community Banks, Inc. | (67,637 ) | (1,706,482 ) | (422.7 ) |
United Natural Foods, Inc. | (89,673 ) | (800,780 ) | (198.4 ) |
Uniti Group, Inc. | (88,364 ) | (508,093 ) | (125.9 ) |
Universal Health Realty Income Trust | (1,230 ) | (44,317 ) | (11.0 ) |
Veris Residential, Inc. | (75,055 ) | (1,081,543 ) | (267.9 ) |
Veritex Holdings, Inc. | (17,864 ) | (347,991 ) | (86.2 ) |
Security | Shares | Value | % of Basket Value |
United States (continued) | |||
Vishay Intertechnology, Inc. | (74,877 ) | $(1,732,654 ) | (429.2 )% |
Vista Outdoor, Inc. | (86,589 ) | (3,038,408 ) | (752.6 ) |
Vitesse Energy, Inc. | (20,756 ) | (460,576 ) | (114.1 ) |
VSE Corp. | (17,213 ) | (1,343,819 ) | (332.9 ) |
Westrock Coffee Co. | (8,636 ) | (87,569 ) | (21.7 ) |
White Mountains Insurance Group Ltd. | (971 ) | (1,726,574 ) | (427.7 ) |
Winnebago Industries, Inc. | (19,325 ) | (1,190,033 ) | (294.8 ) |
XPEL, Inc. | (12,833 ) | (674,374 ) | (167.0 ) |
York Water Co. | (6,578 ) | (233,585 ) | (57.9 ) |
(142,756,843 ) | |||
Total Reference Entity — Short | (323,515,691 ) | ||
Net Value of Reference Entity — Bank of America N.A. | $403,723 | ||
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 | |||
AGL Energy Ltd. | 152,120 | $921,810 | 12.9 % |
ANZ Group Holdings Ltd. | 4,509 | 81,360 | 1.1 |
Aristocrat Leisure Ltd. | 55,942 | 1,419,841 | 19.8 |
Charter Hall Group | 36,547 | 275,980 | 3.9 |
Cochlear Ltd. | 2,010 | 417,094 | 5.8 |
Coles Group Ltd. | 4,133 | 43,158 | 0.6 |
Flight Centre Travel Group Ltd., Class L | 32,304 | 436,710 | 6.1 |
South32 Ltd. | 1,161,917 | 2,639,773 | 36.8 |
Worley Ltd. | 117,977 | 1,132,013 | 15.8 |
7,367,739 | |||
Austria | |||
BAWAG Group AG | 14,219 | 845,460 | 11.8 |
Belgium | |||
Liberty Global Ltd., Class C | 120,936 | 1,979,722 | 27.6 |
Sofina SA | 3,491 | 813,658 | 11.4 |
Warehouses De Pauw CVA | 884 | 23,273 | 0.3 |
2,816,653 | |||
Canada | |||
Alamos Gold, Inc., Class A | 33,858 | 497,356 | 6.9 |
Algonquin Power & Utilities Corp. | 75,093 | 458,159 | 6.4 |
Barrick Gold Corp. | 91,328 | 1,515,943 | 21.1 |
BCE, Inc. | 1,774 | 58,285 | 0.8 |
Brookfield Asset Management Ltd., Class A | 74,489 | 2,841,728 | 39.6 |
Brookfield Corp., Class A | 184,621 | 7,396,798 | 103.2 |
CGI, Inc. | 43,234 | 4,374,733 | 61.0 |
Dollarama, Inc. | 6,404 | 534,982 | 7.5 |
Element Fleet Management Corp. | 22,181 | 353,526 | 4.9 |
Enerplus Corp. | 25,959 | 507,096 | 7.1 |
FirstService Corp. | 6,698 | 983,923 | 13.7 |
Gibson Energy, Inc. | 7,299 | 119,557 | 1.7 |
Great-West Lifeco, Inc. | 34,178 | 1,009,364 | 14.1 |
iA Financial Corp., Inc. | 745 | 45,107 | 0.6 |
IGM Financial, Inc. | 1,203 | 30,106 | 0.4 |
Keyera Corp. | 27,180 | 696,410 | 9.7 |
Schedule of Investments27
Schedule of Investments (continued)
April 30, 2024
BlackRock Global Equity Market Neutral Fund
Security | Shares | Value | % of Basket Value |
Canada (continued) | |||
Kinaxis, Inc. | 4,649 | $494,359 | 6.9 % |
Magna International, Inc. | 22,256 | 1,064,521 | 14.9 |
TELUS Corp. | 65,500 | 1,050,590 | 14.7 |
Toronto-Dominion Bank | 15,850 | 940,304 | 13.1 |
West Fraser Timber Co. Ltd. | 4,413 | 338,832 | 4.7 |
25,311,679 | |||
China | |||
Budweiser Brewing Co. APAC Ltd. | 27,300 | 37,953 | 0.5 |
Denmark | |||
DSV A/S | 2,433 | 343,850 | 4.8 |
Genmab A/S | 2,430 | 672,505 | 9.4 |
Novo Nordisk A/S, Class B | 357,307 | 45,632,761 | 636.4 |
Orsted A/S | 1,708 | 93,423 | 1.3 |
Pandora A/S | 2,292 | 347,213 | 4.8 |
47,089,752 | |||
France | |||
Air Liquide SA | 286 | 55,670 | 0.8 |
Amundi SA | 12,854 | 892,929 | 12.5 |
Cie Generale des Etablissements Michelin SCA | 1,222 | 46,736 | 0.6 |
Danone SA | 295,648 | 18,446,815 | 257.3 |
Dassault Aviation SA | 859 | 183,038 | 2.6 |
Dassault Systemes SE | 5,105 | 199,456 | 2.8 |
Eiffage SA | 41,490 | 4,410,113 | 61.5 |
Eurazeo SE | 11,228 | 1,007,034 | 14.0 |
Forvia SE | 8,435 | 133,693 | 1.9 |
Gaztransport Et Technigaz SA | 1,812 | 251,382 | 3.5 |
Gecina SA | 8,190 | 832,719 | 11.6 |
Hermes International SCA | 9,864 | 23,532,283 | 328.2 |
Pernod Ricard SA | 3,268 | 492,119 | 6.9 |
Rexel SA | 4,036 | 104,161 | 1.5 |
Ubisoft Entertainment SA | 10,836 | 254,154 | 3.5 |
Valeo SE | 131,448 | 1,659,669 | 23.1 |
Vallourec SACA | 3,400 | 58,253 | 0.8 |
Vinci SA | 12,794 | 1,492,425 | 20.8 |
54,052,649 | |||
Germany | |||
Allianz SE, Registered Shares | 845 | 239,162 | 3.3 |
Bayerische Motoren Werke AG | 39,257 | 4,256,996 | 59.4 |
Heidelberg Materials AG | 9,948 | 996,574 | 13.9 |
K&S AG, Class N, Registered Shares | 21,813 | 324,923 | 4.5 |
KION Group AG | 4,190 | 192,157 | 2.7 |
LANXESS AG | 3,121 | 87,821 | 1.2 |
Mercedes-Benz Group AG, Class N | 2,227 | 169,268 | 2.4 |
Nemetschek SE | 5,102 | 448,806 | 6.3 |
Nordex SE | 59,087 | 828,314 | 11.5 |
RWE AG | 44,428 | 1,541,062 | 21.5 |
Siemens AG, Class N, Registered Shares | 14,335 | 2,677,460 | 37.3 |
Wacker Chemie AG | 2,416 | 257,413 | 3.6 |
12,019,956 | |||
Greece | |||
Athens International Airport SA | 300,831 | 2,656,457 | 37.1 |
Hong Kong | |||
Hang Lung Properties Ltd. | 101,000 | 111,398 | 1.6 |
Melco Resorts & Entertainment Ltd., ADR | 744 | 4,866 | 0.1 |
Security | Shares | Value | % of Basket Value |
Hong Kong (continued) | |||
Swire Pacific Ltd., Class A | 25,000 | $211,575 | 2.9 % |
Swire Properties Ltd. | 115,000 | 237,676 | 3.3 |
565,515 | |||
Ireland | |||
Kerry Group PLC, Class A | 4,213 | 360,999 | 5.0 |
Smurfit Kappa Group PLC | 65,136 | 2,809,828 | 39.2 |
3,170,827 | |||
Israel | |||
Nova Ltd. | 6,282 | 1,067,312 | 14.9 |
Wix.com Ltd. | 5,477 | 651,051 | 9.1 |
1,718,363 | |||
Italy | |||
Ferrari NV | 474 | 194,085 | 2.7 |
Intesa Sanpaolo SpA | 357,900 | 1,334,085 | 18.6 |
Saipem SpA | 150,973 | 344,759 | 4.8 |
Telecom Italia SpA | 612,972 | 144,676 | 2.0 |
2,017,605 | |||
Japan | |||
ABC-Mart, Inc. | 13,700 | 278,998 | 3.9 |
Advantest Corp. | 60,500 | 1,930,545 | 26.9 |
Aeon Co. Ltd. | 9,400 | 201,031 | 2.8 |
Aisin Corp. | 1,100 | 42,803 | 0.6 |
Amada Co. Ltd. | 127,800 | 1,427,700 | 19.9 |
Asahi Kasei Corp. | 74,800 | 533,504 | 7.4 |
Daiichi Sankyo Co. Ltd. | 52,000 | 1,783,058 | 24.9 |
Daiwa House Industry Co. Ltd. | 89,100 | 2,549,254 | 35.6 |
ENEOS Holdings, Inc. | 1,042,900 | 4,913,411 | 68.5 |
Hulic Co. Ltd. | 75,200 | 709,024 | 9.9 |
ITOCHU Corp. | 20,200 | 930,019 | 13.0 |
J Front Retailing Co. Ltd. | 33,000 | 295,230 | 4.1 |
Japan Post Holdings Co. Ltd. | 153,500 | 1,505,914 | 21.0 |
JGC Holdings Corp. | 65,300 | 643,432 | 9.0 |
Kakaku.com, Inc. | 70,500 | 829,128 | 11.6 |
Kansai Electric Power Co., Inc. | 24,300 | 372,556 | 5.2 |
Komatsu Ltd. | 31,700 | 967,112 | 13.5 |
Kubota Corp. | 300 | 4,922 | 0.1 |
Kyowa Kirin Co. Ltd. | 26,500 | 455,187 | 6.3 |
M3, Inc. | 45,100 | 489,448 | 6.8 |
Makita Corp. | 27,700 | 819,061 | 11.4 |
MEIJI Holdings Co. Ltd. | 8,300 | 189,721 | 2.6 |
Mitsubishi Chemical Group Corp. | 38,500 | 229,367 | 3.2 |
Mizuho Financial Group, Inc. | 166,200 | 3,273,532 | 45.7 |
Nikon Corp. | 43,700 | 461,418 | 6.4 |
Nippon Express Holdings, Inc. | 5,200 | 272,049 | 3.8 |
Nippon Steel Corp. | 56,700 | 1,297,586 | 18.1 |
Nisshin Seifun Group, Inc. | 36,300 | 484,420 | 6.8 |
Obayashi Corp. | 131,000 | 1,481,768 | 20.7 |
Obic Co. Ltd. | 6,800 | 894,178 | 12.5 |
Ono Pharmaceutical Co. Ltd. | 20,400 | 300,522 | 4.2 |
Oracle Corp. Japan | 6,500 | 498,361 | 7.0 |
Oriental Land Co. Ltd. | 50,800 | 1,429,048 | 19.9 |
Otsuka Corp. | 88,800 | 1,806,162 | 25.2 |
Panasonic Holdings Corp. | 158,300 | 1,413,355 | 19.7 |
Resona Holdings, Inc. | 142,000 | 918,621 | 12.8 |
Sankyo Co. Ltd. | 254,400 | 2,823,544 | 39.4 |
SBI Holdings, Inc. | 8,500 | 211,660 | 3.0 |
Sega Sammy Holdings, Inc. | 22,200 | 296,861 | 4.1 |
28
2024 BlackRock Annual Report to Shareholders
Schedule of Investments (continued)
April 30, 2024
BlackRock Global Equity Market Neutral Fund
Security | Shares | Value | % of Basket Value |
Japan (continued) | |||
Seiko Epson Corp. | 26,500 | $446,210 | 6.2 % |
Sekisui House Ltd. | 9,100 | 213,753 | 3.0 |
Shimadzu Corp. | 10,200 | 283,233 | 3.9 |
Shiseido Co. Ltd. | 80,100 | 2,189,866 | 30.5 |
Skylark Holdings Co. Ltd. | 91,700 | 1,336,929 | 18.6 |
Sumitomo Corp. | 103,900 | 2,789,797 | 38.9 |
Sumitomo Mitsui Trust Holdings, Inc. | 80,300 | 1,724,870 | 24.1 |
Takeda Pharmaceutical Co. Ltd. | 20,700 | 550,925 | 7.7 |
TIS, Inc. | 20,400 | 445,134 | 6.2 |
Tokyo Tatemono Co. Ltd. | 19,400 | 330,259 | 4.6 |
Tokyu Fudosan Holdings Corp. | 10,300 | 77,044 | 1.1 |
Toyota Tsusho Corp. | 13,000 | 840,229 | 11.7 |
51,191,759 | |||
Luxembourg | |||
ArcelorMittal SA | 68,505 | 1,704,190 | 23.8 |
CVC Capital Partners PLC | 145,100 | 2,638,251 | 36.8 |
4,342,441 | |||
Macau | |||
Galaxy Entertainment Group Ltd., Class L | 26,000 | 116,565 | 1.6 |
Netherlands | |||
Adyen NV | 2,566 | 3,065,360 | 42.7 |
NN Group NV | 242,443 | 11,156,141 | 155.6 |
Redcare Pharmacy NV | 2,393 | 322,161 | 4.5 |
14,543,662 | |||
New Zealand | |||
Xero Ltd. | 18,419 | 1,423,093 | 19.9 |
Norway | |||
Aker BP ASA | 89,192 | 2,197,486 | 30.6 |
Equinor ASA | 111,539 | 3,008,977 | 42.0 |
Gjensidige Forsikring ASA | 4,108 | 66,751 | 0.9 |
5,273,214 | |||
Singapore | |||
Singapore Airlines Ltd. | 71,200 | 340,308 | 4.7 |
Spain | |||
Banco de Sabadell SA | 2,798,476 | 5,326,756 | 74.3 |
Banco Santander SA | 706,099 | 3,433,237 | 47.9 |
Bankinter SA | 20,982 | 165,173 | 2.3 |
Iberdrola SA | 221,541 | 2,718,444 | 37.9 |
Industria de Diseno Textil SA | 29,409 | 1,332,962 | 18.6 |
Puig Brands SA, Class B | 128,055 | 3,348,179 | 46.7 |
Repsol SA | 64,412 | 1,008,556 | 14.0 |
17,333,307 | |||
Sweden | |||
Electrolux AB, Class B | 4,923 | 43,306 | 0.6 |
Investor AB, B Shares | 392,512 | 9,727,884 | 135.7 |
Trelleborg AB, B Shares | 67,876 | 2,421,007 | 33.7 |
12,192,197 | |||
Switzerland | |||
ABB Ltd., Class N, Registered Shares | 22,704 | 1,111,035 | 15.5 |
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates | 133 | 1,543,324 | 21.5 |
CRISPR Therapeutics AG | 16,757 | 887,954 | 12.4 |
Flughafen Zurich AG, Class N, Registered Shares | 5,190 | 1,047,172 | 14.6 |
Givaudan SA, Class N, Registered Shares | 1,613 | 6,949,985 | 97.0 |
Security | Shares | Value | % of Basket Value |
Switzerland (continued) | |||
Kuehne & Nagel International AG, Registered Shares | 952 | $252,028 | 3.5 % |
PSP Swiss Property AG, Class N, Registered Shares | 3,799 | 473,213 | 6.6 |
Sonova Holding AG, Registered Shares | 1,808 | 501,906 | 7.0 |
12,766,617 | |||
United Kingdom | |||
Aviva PLC | 617,597 | 3,573,005 | 49.8 |
BAE Systems PLC | 670,791 | 11,114,618 | 155.0 |
British American Tobacco PLC | 140,591 | 4,130,535 | 57.6 |
British Land Co. PLC | 434,136 | 2,085,851 | 29.1 |
Bunzl PLC | 21,687 | 828,596 | 11.6 |
Darktrace PLC | 7,221 | 53,748 | 0.8 |
Drax Group PLC | 58,352 | 376,308 | 5.2 |
easyJet PLC | 231,360 | 1,544,624 | 21.5 |
Informa PLC | 320,186 | 3,168,052 | 44.2 |
J Sainsbury PLC | 819,302 | 2,680,573 | 37.4 |
Just Eat Takeaway.com NV | 92,149 | 1,339,788 | 18.7 |
Land Securities Group PLC | 127,381 | 1,025,711 | 14.3 |
Marks & Spencer Group PLC | 321,218 | 1,019,544 | 14.2 |
Moneysupermarket.com Group PLC | 2 | 5 | 0.0 |
RELX PLC | 197,926 | 8,100,932 | 113.0 |
Segro PLC | 10,056 | 105,365 | 1.5 |
Smiths Group PLC | 217,803 | 4,374,838 | 61.0 |
Spectris PLC | 62,712 | 2,583,959 | 36.0 |
Tate & Lyle PLC | 39,651 | 325,656 | 4.5 |
Tesco PLC | 1,540,946 | 5,669,513 | 79.1 |
Tritax Big Box REIT PLC | 49,244 | 92,664 | 1.3 |
Wise PLC, Class A | 33,840 | 323,765 | 4.5 |
54,517,650 | |||
United States | |||
A O Smith Corp. | 6 | 497 | 0.0 |
Adobe, Inc. | 2,652 | 1,227,425 | 17.1 |
Advanced Drainage Systems, Inc. | 2,796 | 438,972 | 6.1 |
AECOM | 21,601 | 1,995,068 | 27.8 |
AGCO Corp. | 115 | 13,132 | 0.2 |
Alaska Air Group, Inc. | 19,211 | 826,457 | 11.5 |
Alcoa Corp. | 21,331 | 749,571 | 10.5 |
Alnylam Pharmaceuticals, Inc. | 825 | 118,759 | 1.7 |
Amdocs Ltd. | 14,110 | 1,185,099 | 16.5 |
American Water Works Co., Inc. | 15,190 | 1,858,041 | 25.9 |
AMETEK, Inc. | 8,466 | 1,478,672 | 20.6 |
Amgen, Inc. | 3,285 | 899,893 | 12.5 |
ARM Holdings PLC, ADR | 13,541 | 1,370,485 | 19.1 |
Atlassian Corp., Class A | 2,124 | 365,965 | 5.1 |
AutoNation, Inc. | 3,264 | 525,994 | 7.3 |
Avnet, Inc. | 7,853 | 383,776 | 5.4 |
Beacon Roofing Supply, Inc. | 5,192 | 511,568 | 7.1 |
Box, Inc., Class A | 47,398 | 1,233,296 | 17.2 |
Boyd Gaming Corp. | 969 | 51,851 | 0.7 |
BRP, Inc. | 1,868 | 125,501 | 1.7 |
Bunge Global SA | 12,006 | 1,221,731 | 17.0 |
CACI International, Inc., Class A | 11,234 | 4,518,652 | 63.0 |
Carnival Corp. | 111,014 | 1,645,227 | 22.9 |
CenterPoint Energy, Inc. | 4,516 | 131,596 | 1.8 |
CH Robinson Worldwide, Inc. | 3,337 | 236,927 | 3.3 |
Chart Industries, Inc. | 264 | 38,032 | 0.5 |
Chemed Corp. | 4,071 | 2,312,328 | 32.2 |
Cirrus Logic, Inc. | 15,712 | 1,391,612 | 19.4 |
Cognex Corp. | 10,688 | 443,980 | 6.2 |
Schedule of Investments29
Schedule of Investments (continued)
April 30, 2024
BlackRock Global Equity Market Neutral Fund
Security | Shares | Value | % of Basket Value |
United States (continued) | |||
Colgate-Palmolive Co. | 34,440 | $3,165,725 | 44.2 % |
Conagra Brands, Inc. | 17,684 | 544,314 | 7.6 |
Credit Acceptance Corp. | 3,392 | 1,742,538 | 24.3 |
Crowdstrike Holdings, Inc., Class A | 60,511 | 17,701,888 | 246.9 |
CSX Corp. | 17,327 | 575,603 | 8.0 |
Curtiss-Wright Corp. | 19,071 | 4,832,973 | 67.4 |
Dayforce, Inc. | 922 | 56,583 | 0.8 |
Dexcom, Inc. | 16,437 | 2,093,909 | 29.2 |
Domino’s Pizza, Inc. | 643 | 340,321 | 4.7 |
DuPont de Nemours, Inc. | 20,167 | 1,462,107 | 20.4 |
EOG Resources, Inc. | 3,620 | 478,311 | 6.7 |
Exact Sciences Corp. | 8,807 | 522,695 | 7.3 |
Experian PLC | 11,756 | 472,300 | 6.6 |
F5, Inc. | 489 | 80,837 | 1.1 |
First American Financial Corp. | 7,516 | 402,632 | 5.6 |
Flex Ltd. | 16,818 | 481,836 | 6.7 |
Flowserve Corp. | 35,563 | 1,677,151 | 23.4 |
Fox Corp., Class A | 22,155 | 687,027 | 9.6 |
Franklin Resources, Inc. | 7,379 | 168,536 | 2.4 |
FTI Consulting, Inc. | 4,549 | 972,713 | 13.6 |
Global Payments, Inc. | 12,329 | 1,513,631 | 21.1 |
Graco, Inc. | 13,098 | 1,050,460 | 14.6 |
GSK PLC | 20,936 | 432,822 | 6.0 |
H&R Block, Inc. | 19,131 | 903,557 | 12.6 |
Halozyme Therapeutics, Inc. | 13,885 | 529,018 | 7.4 |
Hershey Co. | 9,758 | 1,892,271 | 26.4 |
Holcim AG | 49,585 | 4,182,409 | 58.3 |
HP, Inc. | 69,595 | 1,954,924 | 27.3 |
Invesco Ltd. | 64,750 | 917,507 | 12.8 |
ITT, Inc. | 4,762 | 615,917 | 8.6 |
Jack Henry & Associates, Inc. | 16,273 | 2,647,454 | 36.9 |
James Hardie Industries PLC, CDI | 63,480 | 2,171,416 | 30.3 |
Jones Lang LaSalle, Inc. | 13,602 | 2,457,881 | 34.3 |
KeyCorp. | 1,807 | 26,183 | 0.4 |
Kyndryl Holdings, Inc. | 5,349 | 105,161 | 1.5 |
Lamar Advertising Co., Class A | 1,035 | 119,905 | 1.7 |
Lattice Semiconductor Corp. | 7,351 | 504,279 | 7.0 |
Lockheed Martin Corp. | 8,683 | 4,036,987 | 56.3 |
Louisiana-Pacific Corp. | 27,319 | 1,999,478 | 27.9 |
Manhattan Associates, Inc. | 5,446 | 1,122,203 | 15.7 |
Marathon Oil Corp. | 34,933 | 937,951 | 13.1 |
Marvell Technology, Inc. | 2,639 | 173,936 | 2.4 |
Masco Corp. | 23,415 | 1,602,757 | 22.4 |
Maximus, Inc. | 6,942 | 557,304 | 7.8 |
Mettler-Toledo International, Inc. | 703 | 864,479 | 12.1 |
MGIC Investment Corp. | 52,865 | 1,072,102 | 15.0 |
Monolithic Power Systems, Inc. | 1,219 | 815,913 | 11.4 |
MSCI, Inc., Class A | 2,131 | 992,598 | 13.8 |
Murphy USA, Inc. | 13 | 5,380 | 0.1 |
Nutanix, Inc., Class A | 19,013 | 1,154,089 | 16.1 |
NVR, Inc. | 189 | 1,405,943 | 19.6 |
OGE Energy Corp. | 11,359 | 393,589 | 5.5 |
Oshkosh Corp. | 19,217 | 2,157,493 | 30.1 |
Paramount Global, Class B | 128,997 | 1,469,276 | 20.5 |
Penske Automotive Group, Inc. | 14,318 | 2,189,365 | 30.5 |
Performance Food Group Co. | 791 | 53,693 | 0.7 |
Pool Corp. | 2,082 | 754,787 | 10.5 |
Post Holdings, Inc. | 4,994 | 530,113 | 7.4 |
Primo Water Corp. | 10,552 | 198,735 | 2.8 |
Pure Storage, Inc., Class A | 23,103 | 1,164,391 | 16.2 |
Qualys, Inc. | 6,079 | 996,409 | 13.9 |
Security | Shares | Value | % of Basket Value |
United States (continued) | |||
Quanta Services, Inc. | 21,494 | $5,557,489 | 77.5 % |
Reinsurance Group of America, Inc. | 25,580 | 4,783,204 | 66.7 |
RH | 338 | 83,503 | 1.2 |
ROBLOX Corp., Class A | 105,579 | 3,754,389 | 52.4 |
Roche Holding AG | 194 | 51,421 | 0.7 |
Roper Technologies, Inc. | 249 | 127,354 | 1.8 |
Salesforce, Inc. | 6,389 | 1,718,258 | 24.0 |
Service Corp. International | 7,724 | 553,888 | 7.7 |
Shell PLC | 255,634 | 9,050,343 | 126.2 |
Silicon Laboratories, Inc. | 2,464 | 299,351 | 4.2 |
Synaptics, Inc. | 325 | 29,237 | 0.4 |
TE Connectivity Ltd. | 4,591 | 649,535 | 9.1 |
Teradata Corp. | 4,120 | 152,852 | 2.1 |
Teradyne, Inc. | 25,585 | 2,976,047 | 41.5 |
TopBuild Corp. | 160 | 64,747 | 0.9 |
Trane Technologies PLC | 4,514 | 1,432,473 | 20.0 |
Transocean Ltd. | 117,784 | 614,832 | 8.6 |
Travelers Cos., Inc. | 83,781 | 17,774,977 | 247.9 |
Trex Co., Inc. | 15,481 | 1,370,843 | 19.1 |
Tyson Foods, Inc., Class A | 247,518 | 15,011,967 | 209.4 |
U.S. Bancorp | 3,916 | 159,107 | 2.2 |
Uber Technologies, Inc. | 53,981 | 3,577,321 | 49.9 |
UGI Corp. | 151,411 | 3,870,065 | 54.0 |
Unum Group | 3,490 | 176,943 | 2.5 |
VeriSign, Inc. | 8,192 | 1,388,380 | 19.4 |
WeWork, Inc., Class A | 1 | — | 0.0 |
Xcel Energy, Inc. | 37,523 | 2,016,111 | 28.1 |
Xylem, Inc. | 7,029 | 918,690 | 12.8 |
Zions Bancorp NA | 24,923 | 1,016,360 | 14.2 |
Zoetis, Inc., Class A | 9,251 | 1,473,129 | 20.5 |
195,086,688 | |||
Preferred Stocks | |||
Germany | |||
Bayerische Motoren Werke AG | 738 | 75,484 | 1.1 |
Total Reference Entity — Long | 528,873,593 | ||
Reference Entity — Short | |||
Common Stocks | |||
Australia | |||
IDP Education Ltd. | (16,529 ) | (172,823 ) | (2.4 ) |
NEXTDC Ltd. | (64,830 ) | (684,894 ) | (9.5 ) |
Pilbara Minerals Ltd. | (727,058 ) | (1,841,242 ) | (25.7 ) |
(2,698,959 ) | |||
Belgium | |||
D’ieteren Group | (26,611 ) | (5,715,807 ) | (79.7 ) |
Elia Group SA/NV | (12,804 ) | (1,228,226 ) | (17.1 ) |
(6,944,033 ) | |||
Bermuda | |||
RenaissanceRe Holdings Ltd. | (5,333 ) | (1,169,260 ) | (16.3 ) |
Canada | |||
Alimentation Couche-Tard, Inc. | (23,258 ) | (1,293,086 ) | (18.1 ) |
AltaGas Ltd. | (153,504 ) | (3,373,500 ) | (47.1 ) |
Canadian Apartment Properties REIT | (17,147 ) | (532,997 ) | (7.4 ) |
Capital Power Corp. | (4,590 ) | (119,635 ) | (1.7 ) |
Capstone Copper Corp. | (41,017 ) | (284,708 ) | (4.0 ) |
Crescent Point Energy Corp. | (21,662 ) | (192,523 ) | (2.7 ) |
Fairfax Financial Holdings Ltd. | (2,705 ) | (2,940,049 ) | (41.0 ) |
Hydro One Ltd. | (4,659 ) | (130,326 ) | (1.8 ) |
Loblaw Cos. Ltd. | (10,775 ) | (1,179,992 ) | (16.5 ) |
30
2024 BlackRock Annual Report to Shareholders
Schedule of Investments (continued)
April 30, 2024
BlackRock Global Equity Market Neutral Fund
Security | Shares | Value | % of Basket Value |
Canada (continued) | |||
Metro, Inc. | (56,613 ) | $(2,892,023 ) | (40.3 )% |
National Bank of Canada | (117,101 ) | (9,393,893 ) | (131.0 ) |
Parkland Corp. | (1,926 ) | (59,788 ) | (0.8 ) |
Peyto Exploration & Development Corp. | (301,001 ) | (3,362,140 ) | (46.9 ) |
Quebecor, Inc., Class B | (13,924 ) | (287,758 ) | (4.0 ) |
SNC-Lavalin Group, Inc. | (6,940 ) | (266,112 ) | (3.7 ) |
TMX Group Ltd. | (28,557 ) | (755,110 ) | (10.5 ) |
Toromont Industries Ltd. | (254 ) | (23,381 ) | (0.3 ) |
(27,087,021 ) | |||
China | |||
Prosus NV | (11,646 ) | (388,209 ) | (5.4 ) |
SITC International Holdings Co. Ltd. | (1,000 ) | (2,167 ) | (0.1 ) |
Wharf Holdings Ltd. | (76,000 ) | (244,288 ) | (3.4 ) |
Wilmar International Ltd. | (57,900 ) | (136,353 ) | (1.9 ) |
(771,017 ) | |||
Denmark | |||
Bavarian Nordic A/S | (2,103 ) | (45,661 ) | (0.6 ) |
Carlsberg A/S, Class B | (3,320 ) | (444,582 ) | (6.2 ) |
Coloplast A/S, Class B | (36,228 ) | (4,347,140 ) | (60.6 ) |
Danske Bank A/S | (160,107 ) | (4,588,956 ) | (64.0 ) |
GN Store Nord A/S | (6,572 ) | (176,549 ) | (2.5 ) |
NKT A/S, Class B | (2,988 ) | (247,679 ) | (3.5 ) |
Tryg A/S | (2,616 ) | (52,018 ) | (0.7 ) |
(9,902,585 ) | |||
Finland | |||
Fortum OYJ | (1,427 ) | (18,725 ) | (0.3 ) |
Kesko OYJ, B Shares | (16,914 ) | (287,438 ) | (4.0 ) |
Neste OYJ | (49,104 ) | (1,107,070 ) | (15.4 ) |
Orion OYJ, Class B | (13,791 ) | (525,705 ) | (7.3 ) |
Valmet OYJ | (5,326 ) | (132,922 ) | (1.9 ) |
(2,071,860 ) | |||
France | |||
Biomerieux | (11,627 ) | (1,230,308 ) | (17.2 ) |
Bollore SE | (514,765 ) | (3,326,259 ) | (46.4 ) |
Capgemini SE | (1,419 ) | (296,891 ) | (4.1 ) |
Covivio SA/France | (4,108 ) | (203,580 ) | (2.8 ) |
Ipsen SA | (1,082 ) | (131,065 ) | (1.8 ) |
Kering SA | (7,549 ) | (2,634,786 ) | (36.8 ) |
Klepierre SA | (4,110 ) | (109,904 ) | (1.5 ) |
Renault SA | (56,819 ) | (2,801,827 ) | (39.1 ) |
Sartorius Stedim Biotech | (6,952 ) | (1,489,764 ) | (20.8 ) |
Unibail-Rodamco-Westfield | (3,727 ) | (310,406 ) | (4.3 ) |
Vivendi SE | (85,180 ) | (864,725 ) | (12.1 ) |
(13,399,515 ) | |||
Germany | |||
AIXTRON SE | (4,865 ) | (112,539 ) | (1.6 ) |
Bechtle AG | (12,294 ) | (590,554 ) | (8.2 ) |
Carl Zeiss Meditec AG | (704 ) | (74,118 ) | (1.0 ) |
Gerresheimer AG | (4,071 ) | (437,927 ) | (6.1 ) |
Hannover Rueck SE, Class N | (841 ) | (207,693 ) | (2.9 ) |
Hensoldt AG | (39,491 ) | (1,551,490 ) | (21.7 ) |
Symrise AG | (4,550 ) | (485,521 ) | (6.8 ) |
(3,459,842 ) | |||
Israel | |||
Bank Hapoalim BM | (126,346 ) | (1,137,926 ) | (15.9 ) |
Global-e Online Ltd. | (55,367 ) | (1,856,455 ) | (25.9 ) |
ICL Group Ltd. | (155,712 ) | (730,743 ) | (10.2 ) |
Security | Shares | Value | % of Basket Value |
Israel (continued) | |||
Israel Discount Bank Ltd., Class A | (28,341 ) | $(145,335 ) | (2.0 )% |
Mobileye Global, Inc., Class A | (24,132 ) | (664,837 ) | (9.3 ) |
Teva Pharmaceutical Industries Ltd., ADR | (8,317 ) | (116,854 ) | (1.6 ) |
(4,652,150 ) | |||
Italy | |||
Assicurazioni Generali SpA | (5,030 ) | (122,114 ) | (1.7 ) |
Banca Monte dei Paschi di Siena SpA | (90,736 ) | (435,947 ) | (6.1 ) |
DiaSorin SpA | (1,636 ) | (164,566 ) | (2.3 ) |
Eni SpA | (60,837 ) | (972,750 ) | (13.6 ) |
Leonardo SpA | (45,977 ) | (1,051,807 ) | (14.7 ) |
Nexi SpA | (12,878 ) | (74,598 ) | (1.0 ) |
Poste Italiane SpA | (21,235 ) | (268,599 ) | (3.7 ) |
(3,090,381 ) | |||
Japan | |||
Bridgestone Corp. | (25,900 ) | (1,167,995 ) | (16.3 ) |
Chiba Bank Ltd. | (17,000 ) | (146,804 ) | (2.0 ) |
GLP J-REIT | (75 ) | (62,333 ) | (0.9 ) |
Harmonic Drive Systems, Inc. | (12,800 ) | (326,977 ) | (4.6 ) |
Ibiden Co. Ltd. | (7,700 ) | (299,351 ) | (4.2 ) |
Iida Group Holdings Co. Ltd. | (1,200 ) | (15,654 ) | (0.2 ) |
Japan Metropolitan Fund Invest | (537 ) | (331,406 ) | (4.6 ) |
Japan Real Estate Investment Corp. | (695 ) | (2,409,096 ) | (33.6 ) |
Keisei Electric Railway Co. Ltd. | (33,000 ) | (1,258,111 ) | (17.5 ) |
Kintetsu Group Holdings Co. Ltd., Class L | (27,800 ) | (732,010 ) | (10.2 ) |
Kyushu Electric Power Co., Inc. | (17,500 ) | (166,534 ) | (2.3 ) |
Kyushu Railway Co. | (42,000 ) | (925,212 ) | (12.9 ) |
Macnica Holdings, Inc. | (18,400 ) | (830,292 ) | (11.6 ) |
MatsukiyoCocokara & Co. | (31,100 ) | (452,290 ) | (6.3 ) |
Mercari, Inc. | (4,000 ) | (47,253 ) | (0.7 ) |
MinebeaMitsumi, Inc. | (2,300 ) | (44,005 ) | (0.6 ) |
Mitsui High-Tec, Inc. | (21,300 ) | (976,059 ) | (13.6 ) |
Nippon Building Fund, Inc. | (180 ) | (702,877 ) | (9.8 ) |
Nissan Chemical Corp. | (5,700 ) | (198,780 ) | (2.8 ) |
Niterra Co. Ltd. | (66,900 ) | (2,245,404 ) | (31.3 ) |
Rakuten Bank Ltd. | (900 ) | (18,681 ) | (0.3 ) |
Secom Co. Ltd. | (9,200 ) | (653,443 ) | (9.1 ) |
SG Holdings Co. Ltd. | (40,600 ) | (485,948 ) | (6.8 ) |
Sharp Corp. | (67,200 ) | (359,956 ) | (5.0 ) |
SHIFT, Inc. | (200 ) | (18,884 ) | (0.3 ) |
Shizuoka Financial Group, Inc. | (15,600 ) | (148,910 ) | (2.1 ) |
SMC Corp. | (4,600 ) | (2,472,273 ) | (34.5 ) |
Socionext, Inc. | (1,700 ) | (50,902 ) | (0.7 ) |
Square Enix Holdings Co. Ltd. | (500 ) | (18,463 ) | (0.3 ) |
SUMCO Corp. | (155,900 ) | (2,384,217 ) | (33.3 ) |
Taiyo Yuden Co. Ltd. | (400 ) | (9,577 ) | (0.1 ) |
Tobu Railway Co. Ltd. | (700 ) | (14,242 ) | (0.2 ) |
Tohoku Electric Power Co., Inc. | (50,400 ) | (398,467 ) | (5.6 ) |
Tokyo Electric Power Co Holdings, Inc. | (227,600 ) | (1,451,903 ) | (20.2 ) |
Tokyo Seimitsu Co. Ltd. | (2,200 ) | (146,830 ) | (2.0 ) |
Ulvac, Inc. | (1,800 ) | (110,231 ) | (1.5 ) |
Visional, Inc. | (300 ) | (14,035 ) | (0.2 ) |
Yamato Holdings Co. Ltd. | (10,700 ) | (144,594 ) | (2.0 ) |
Yaskawa Electric Corp. | (7,200 ) | (303,161 ) | (4.2 ) |
Yokohama Rubber Co. Ltd. | (11,200 ) | (299,656 ) | (4.2 ) |
ZOZO, Inc. | (6,300 ) | (138,796 ) | (1.9 ) |
(22,981,612 ) | |||
Luxembourg | |||
Eurofins Scientific SE | (80,849 ) | (4,946,415 ) | (69.0 ) |
Schedule of Investments31
Schedule of Investments (continued)
April 30, 2024
BlackRock Global Equity Market Neutral Fund
Security | Shares | Value | % of Basket Value |
Netherlands | |||
Heineken Holding NV | (30,303 ) | $(2,427,442 ) | (33.9 )% |
Heineken NV | (39,467 ) | (3,825,538 ) | (53.3 ) |
IMCD NV | (375 ) | (56,308 ) | (0.8 ) |
JDE Peet’s NV | (48,758 ) | (1,080,135 ) | (15.1 ) |
OCI NV | (27,602 ) | (739,244 ) | (10.3 ) |
(8,128,667 ) | |||
Norway | |||
Orkla ASA | (168,516 ) | (1,163,480 ) | (16.2 ) |
Salmar ASA | (13,720 ) | (875,366 ) | (12.2 ) |
(2,038,846 ) | |||
Portugal | |||
Jeronimo Martins SGPS SA | (415 ) | (8,502 ) | (0.1 ) |
Singapore | |||
CapitaLand Ascendas REIT | (479,100 ) | (909,137 ) | (12.7 ) |
Oversea-Chinese Banking Corp. Ltd. | (392,500 ) | (4,082,412 ) | (56.9 ) |
Singapore Exchange Ltd. | (7,300 ) | (49,881 ) | (0.7 ) |
(5,041,430 ) | |||
Spain | |||
Amadeus IT Group SA | (17,037 ) | (1,076,951 ) | (15.0 ) |
Banco Bilbao Vizcaya Argentaria SA | (97,022 ) | (1,044,605 ) | (14.6 ) |
Cellnex Telecom SA | (50,243 ) | (1,653,687 ) | (23.1 ) |
(3,775,243 ) | |||
Sweden | |||
Beijer Ref AB | (17,689 ) | (251,970 ) | (3.5 ) |
Boliden AB | (23,319 ) | (775,399 ) | (10.8 ) |
Epiroc AB, Class A | (119,798 ) | (2,242,616 ) | (31.3 ) |
Epiroc AB, Class B | (13,702 ) | (229,813 ) | (3.2 ) |
EQT AB | (44,009 ) | (1,203,042 ) | (16.8 ) |
Evolution Ab | (14,080 ) | (1,576,460 ) | (22.0 ) |
Getinge AB, B Shares | (59,316 ) | (1,262,551 ) | (17.6 ) |
H & M Hennes & Mauritz AB, B Shares | (85,674 ) | (1,375,983 ) | (19.2 ) |
Investment AB Latour, B Shares | (27,889 ) | (680,808 ) | (9.5 ) |
Lifco AB, B Shares | (7,098 ) | (174,208 ) | (2.4 ) |
Sandvik Ab | (259,219 ) | (5,235,460 ) | (73.0 ) |
Skandinaviska Enskilda Banken AB, Class A | (328,571 ) | (4,357,359 ) | (60.8 ) |
Skf Ab B Shares, B Shares | (5,129 ) | (106,513 ) | (1.5 ) |
Svenska Cellulosa AB SCA, Class B | (80,074 ) | (1,187,510 ) | (16.6 ) |
Svenska Handelsbanken AB, A Shares | (149,142 ) | (1,297,329 ) | (18.1 ) |
Swedbank AB, A Shares | (66,031 ) | (1,280,385 ) | (17.8 ) |
Swedish Orphan Biovitrum AB | (1,231 ) | (32,231 ) | (0.4 ) |
(23,269,637 ) | |||
Switzerland | |||
Bachem Holding AG, Class N | (6,394 ) | (559,037 ) | (7.8 ) |
Baloise Holding AG, Class N | (30,178 ) | (4,595,362 ) | (64.1 ) |
Clariant AG, Class N, Registered Shares | (2,975 ) | (44,930 ) | (0.6 ) |
Helvetia Holding AG, Registered Shares | (10,385 ) | (1,368,805 ) | (19.1 ) |
SIG Group AG | (9,573 ) | (192,836 ) | (2.7 ) |
Swiss Life Holding AG, Class N, Registered Shares | (10,603 ) | (7,208,832 ) | (100.5 ) |
Swiss Prime Site AG, Registered Shares | (1,021 ) | (95,053 ) | (1.3 ) |
Swisscom AG, Class N, Registered Shares | (6,272 ) | (3,467,547 ) | (48.4 ) |
(17,532,402 ) | |||
Thailand | |||
Fabrinet | (184 ) | (31,845 ) | (0.4 ) |
United Kingdom | |||
Ashtead Group PLC | (205,014 ) | (14,828,075 ) | (206.8 ) |
Security | Shares | Value | % of Basket Value |
United Kingdom (continued) | |||
Beazley PLC | (56,372 ) | $(464,624 ) | (6.5 )% |
ConvaTec Group PLC | (184,890 ) | (572,782 ) | (8.0 ) |
DS Smith PLC | (176,917 ) | (767,338 ) | (10.7 ) |
Howden Joinery Group PLC | (47,391 ) | (513,884 ) | (7.2 ) |
HSBC Holdings PLC | (1,957,096 ) | (16,885,324 ) | (235.5 ) |
JD Sports Fashion PLC | (1,011,676 ) | (1,443,158 ) | (20.1 ) |
Ocado Group PLC | (44,068 ) | (192,186 ) | (2.7 ) |
RS Group PLC | (301,229 ) | (2,749,469 ) | (38.3 ) |
Taylor Wimpey PLC | (23,506 ) | (38,369 ) | (0.5 ) |
(38,455,209 ) | |||
United States | |||
10X Genomics, Inc., Class A | (6,756 ) | (197,816 ) | (2.8 ) |
Affirm Holdings, Inc., Class A | (6,107 ) | (194,691 ) | (2.7 ) |
Agree Realty Corp. | (36,865 ) | (2,109,415 ) | (29.4 ) |
Air Lease Corp., Class A | (17,698 ) | (889,148 ) | (12.4 ) |
Airbnb, Inc., Class A | (3,362 ) | (533,112 ) | (7.4 ) |
Albemarle Corp. | (15,316 ) | (1,842,668 ) | (25.7 ) |
Ally Financial, Inc. | (41,019 ) | (1,573,079 ) | (21.9 ) |
American Electric Power Co., Inc. | (83,241 ) | (7,161,223 ) | (99.9 ) |
Amkor Technology, Inc. | (6,997 ) | (226,353 ) | (3.2 ) |
Analog Devices, Inc. | (76,691 ) | (15,384,981 ) | (214.6 ) |
Antero Midstream Corp. | (61,745 ) | (854,551 ) | (11.9 ) |
AppLovin Corp., Class A | (17,166 ) | (1,211,405 ) | (16.9 ) |
Asana, Inc., Class A | (10,407 ) | (154,752 ) | (2.2 ) |
Ashland, Inc. | (2,801 ) | (267,019 ) | (3.7 ) |
Aspen Technology, Inc. | (27,815 ) | (5,475,939 ) | (76.4 ) |
ATI, Inc. | (27,850 ) | (1,662,645 ) | (23.2 ) |
Avantor, Inc. | (57,387 ) | (1,390,487 ) | (19.4 ) |
Ball Corp. | (41,848 ) | (2,911,365 ) | (40.6 ) |
Baxter International, Inc. | (14,567 ) | (588,070 ) | (8.2 ) |
BJ’s Wholesale Club Holdings, Inc. | (24,841 ) | (1,855,126 ) | (25.9 ) |
Boston Scientific Corp. | (53,989 ) | (3,880,189 ) | (54.1 ) |
BP PLC | (66,823 ) | (433,026 ) | (6.0 ) |
Braze, Inc., Class A | (3,370 ) | (141,203 ) | (2.0 ) |
Caesars Entertainment, Inc. | (26,725 ) | (957,289 ) | (13.4 ) |
Carlisle Cos., Inc. | (2,735 ) | (1,061,864 ) | (14.8 ) |
Cencora, Inc. | (615 ) | (147,016 ) | (2.1 ) |
Chesapeake Energy Corp. | (6,732 ) | (605,072 ) | (8.4 ) |
Choice Hotels International, Inc. | (849 ) | (100,403 ) | (1.4 ) |
Chord Energy Corp. | (16,226 ) | (2,871,677 ) | (40.0 ) |
Church & Dwight Co., Inc. | (17,256 ) | (1,861,750 ) | (26.0 ) |
Churchill Downs, Inc. | (15,804 ) | (2,038,716 ) | (28.4 ) |
Cisco Systems, Inc. | (825,636 ) | (38,788,379 ) | (541.0 ) |
Civitas Resources, Inc. | (43,726 ) | (3,146,523 ) | (43.9 ) |
Clorox Co. | (394 ) | (58,261 ) | (0.8 ) |
Coca-Cola Consolidated, Inc. | (1,659 ) | (1,370,334 ) | (19.1 ) |
Columbia Sportswear Co. | (27,360 ) | (2,178,677 ) | (30.4 ) |
Copart, Inc. | (287,417 ) | (15,609,617 ) | (217.7 ) |
Core & Main, Inc., Class A | (13,878 ) | (783,691 ) | (10.9 ) |
Coty, Inc., Class A | (123,233 ) | (1,409,786 ) | (19.7 ) |
Crane Co. | (12,212 ) | (1,709,802 ) | (23.8 ) |
Dollar General Corp. | (1,269 ) | (176,632 ) | (2.5 ) |
Dollar Tree, Inc. | (3,262 ) | (385,731 ) | (5.4 ) |
DoubleVerify Holdings, Inc. | (11,801 ) | (345,769 ) | (4.8 ) |
Doximity, Inc., Class A | (64,096 ) | (1,556,892 ) | (21.7 ) |
Dropbox, Inc., Class A | (27,448 ) | (635,696 ) | (8.9 ) |
DT Midstream, Inc. | (907 ) | (56,415 ) | (0.8 ) |
Duke Energy Corp. | (2,324 ) | (228,356 ) | (3.2 ) |
Dutch Bros, Inc., Class A | (51,326 ) | (1,445,340 ) | (20.2 ) |
Eagle Materials, Inc. | (2,201 ) | (551,813 ) | (7.7 ) |
32
2024 BlackRock Annual Report to Shareholders
Schedule of Investments (continued)
April 30, 2024
BlackRock Global Equity Market Neutral Fund
Security | Shares | Value | % of Basket Value |
United States (continued) | |||
Eastman Chemical Co. | (87,275 ) | $(8,242,251 ) | (115.0 )% |
Edison International | (86,012 ) | (6,112,013 ) | (85.2 ) |
Edwards Lifesciences Corp. | (8,480 ) | (718,002 ) | (10.0 ) |
Endeavor Group Holdings, Inc., Class A | (47,994 ) | (1,267,522 ) | (17.7 ) |
Entergy Corp. | (1,435 ) | (153,071 ) | (2.1 ) |
Equifax, Inc. | (7,661 ) | (1,686,876 ) | (23.5 ) |
Erie Indemnity Co., Class A | (2,360 ) | (903,078 ) | (12.6 ) |
Essential Utilities, Inc. | (65,226 ) | (2,385,967 ) | (33.3 ) |
Estee Lauder Cos., Inc., Class A | (10,594 ) | (1,554,246 ) | (21.7 ) |
Extra Space Storage, Inc. | (17,460 ) | (2,344,529 ) | (32.7 ) |
Fifth Third Bancorp | (16,300 ) | (594,298 ) | (8.3 ) |
Freshworks, Inc., Class A | (38,181 ) | (681,531 ) | (9.5 ) |
Frontier Communications Parent, Inc. | (1,997 ) | (46,211 ) | (0.6 ) |
FTAI Aviation Ltd. | (75,900 ) | (5,328,939 ) | (74.3 ) |
Graphic Packaging Holding Co. | (107,895 ) | (2,789,086 ) | (38.9 ) |
Harley-Davidson, Inc. | (47,748 ) | (1,642,054 ) | (22.9 ) |
Hasbro, Inc. | (23,376 ) | (1,432,949 ) | (20.0 ) |
Healthcare Realty Trust, Inc. | (17,698 ) | (251,843 ) | (3.5 ) |
Hexcel Corp. | (3,963 ) | (254,464 ) | (3.5 ) |
Host Hotels & Resorts, Inc. | (1,954 ) | (36,872 ) | (0.5 ) |
Howmet Aerospace, Inc. | (107,127 ) | (7,150,727 ) | (99.7 ) |
Hyatt Hotels Corp., Class A | (6,612 ) | (983,799 ) | (13.7 ) |
Immunovant, Inc. | (2,406 ) | (66,021 ) | (0.9 ) |
Interactive Brokers Group, Inc., Class A | (15,808 ) | (1,819,817 ) | (25.4 ) |
International Flavors & Fragrances, Inc. | (18,014 ) | (1,524,885 ) | (21.3 ) |
Intra-Cellular Therapies, Inc. | (545 ) | (39,136 ) | (0.5 ) |
Jacobs Solutions, Inc. | (1,140 ) | (163,624 ) | (2.3 ) |
Keurig Dr. Pepper, Inc. | (137,545 ) | (4,635,266 ) | (64.6 ) |
KKR & Co., Inc., Class A | (19,432 ) | (1,808,536 ) | (25.2 ) |
Kraft Heinz Co. | (262,060 ) | (10,118,137 ) | (141.1 ) |
Laboratory Corp. of America Holdings | (10,982 ) | (2,211,445 ) | (30.8 ) |
Lantheus Holdings, Inc. | (1,660 ) | (110,456 ) | (1.5 ) |
Lear Corp. | (2,043 ) | (257,152 ) | (3.6 ) |
Levi Strauss & Co., Class A | (41,527 ) | (881,203 ) | (12.3 ) |
LKQ Corp. | (11,506 ) | (496,254 ) | (6.9 ) |
Loews Corp. | (8,409 ) | (631,936 ) | (8.8 ) |
LyondellBasell Industries NV, Class A | (55,671 ) | (5,565,430 ) | (77.6 ) |
MACOM Technology Solutions Holdings, Inc., Class H | (2,646 ) | (269,760 ) | (3.8 ) |
MarketAxess Holdings, Inc. | (7,507 ) | (1,502,076 ) | (20.9 ) |
Marriott International, Inc., Class A | (15,574 ) | (3,677,489 ) | (51.3 ) |
Masimo Corp. | (9,647 ) | (1,296,653 ) | (18.1 ) |
Matador Resources Co. | (14,486 ) | (902,478 ) | (12.6 ) |
Mueller Industries, Inc. | (67,053 ) | (3,742,898 ) | (52.2 ) |
National Storage Affiliates Trust | (59,969 ) | (2,101,314 ) | (29.3 ) |
New Fortress Energy, Inc., Class A | (12,283 ) | (321,815 ) | (4.5 ) |
Nordson Corp. | (3,950 ) | (1,019,850 ) | (14.2 ) |
Omnicom Group, Inc. | (66,737 ) | (6,195,863 ) | (86.4 ) |
Onto Innovation, Inc. | (6,206 ) | (1,151,151 ) | (16.1 ) |
Oracle Corp. | (141,591 ) | (16,105,976 ) | (224.6 ) |
Parsons Corp. | (27,113 ) | (2,128,642 ) | (29.7 ) |
Permian Resources Corp. | (185,160 ) | (3,101,430 ) | (43.3 ) |
Pinnacle Financial Partners, Inc. | (23,282 ) | (1,785,729 ) | (24.9 ) |
PPG Industries, Inc. | (232 ) | (29,928 ) | (0.4 ) |
Procore Technologies, Inc. | (20,369 ) | (1,393,647 ) | (19.4 ) |
PTC, Inc. | (26,805 ) | (4,756,279 ) | (66.3 ) |
Security | Shares | Value | % of Basket Value |
United States (continued) | |||
Public Storage | (13,650 ) | $(3,541,492 ) | (49.4 )% |
Qiagen NV, QIAD | (53,538 ) | (2,225,956 ) | (31.0 ) |
R1 RCM, Inc. | (18,164 ) | (223,236 ) | (3.1 ) |
Raymond James Financial, Inc. | (26,087 ) | (3,182,614 ) | (44.4 ) |
Regal Rexnord Corp. | (2,629 ) | (424,242 ) | (5.9 ) |
Repligen Corp. | (8,763 ) | (1,438,885 ) | (20.1 ) |
Rexford Industrial Realty, Inc. | (3,384 ) | (144,869 ) | (2.0 ) |
Robinhood Markets, Inc., Class A | (49,769 ) | (820,691 ) | (11.4 ) |
RTX Corp. | (32,461 ) | (3,295,441 ) | (46.0 ) |
Ryman Hospitality Properties, Inc. | (7,306 ) | (770,637 ) | (10.7 ) |
Samsara, Inc., Class A | (17,404 ) | (607,922 ) | (8.5 ) |
SentinelOne, Inc., Class A | (9,850 ) | (208,130 ) | (2.9 ) |
Shockwave Medical, Inc. | (523 ) | (172,689 ) | (2.4 ) |
Simpson Manufacturing Co., Inc. | (4,107 ) | (714,166 ) | (10.0 ) |
Sonoco Products Co. | (3,946 ) | (221,173 ) | (3.1 ) |
SouthState Corp. | (82 ) | (6,207 ) | (0.1 ) |
SPS Commerce, Inc. | (5,031 ) | (874,740 ) | (12.2 ) |
STAG Industrial, Inc. | (6,095 ) | (209,607 ) | (2.9 ) |
Take-Two Interactive Software, Inc. | (18,032 ) | (2,575,150 ) | (35.9 ) |
Teledyne Technologies, Inc. | (190 ) | (72,481 ) | (1.0 ) |
Teleflex, Inc. | (430 ) | (89,762 ) | (1.3 ) |
Tenable Holdings, Inc. | (3,911 ) | (175,878 ) | (2.5 ) |
Tenaris SA | (20,739 ) | (342,667 ) | (4.8 ) |
Tenet Healthcare Corp. | (958 ) | (107,574 ) | (1.5 ) |
Thermo Fisher Scientific, Inc. | (5,644 ) | (3,209,856 ) | (44.8 ) |
TKO Group Holdings, Inc., Class A | (40,249 ) | (3,810,373 ) | (53.1 ) |
Toro Co. | (33,119 ) | (2,900,893 ) | (40.5 ) |
Tyler Technologies, Inc. | (1,567 ) | (723,249 ) | (10.1 ) |
Valaris Ltd. | (42,520 ) | (2,766,351 ) | (38.6 ) |
Valvoline, Inc. | (36,630 ) | (1,557,508 ) | (21.7 ) |
Vistra Corp. | (93,284 ) | (7,074,659 ) | (98.7 ) |
Vornado Realty Trust | (151,533 ) | (3,944,404 ) | (55.0 ) |
Vulcan Materials Co. | (8,672 ) | (2,234,167 ) | (31.2 ) |
W.R. Berkley Corp. | (6,060 ) | (466,438 ) | (6.5 ) |
Waters Corp. | (6,439 ) | (1,989,909 ) | (27.8 ) |
Webster Financial Corp. | (21,021 ) | (921,350 ) | (12.8 ) |
West Pharmaceutical Services, Inc. | (425 ) | (151,929 ) | (2.1 ) |
Whirlpool Corp. | (23,402 ) | (2,219,914 ) | (31.0 ) |
Williams-Sonoma, Inc. | (2,009 ) | (576,141 ) | (8.0 ) |
Wyndham Hotels & Resorts, Inc. | (16,251 ) | (1,194,611 ) | (16.7 ) |
XPO, Inc. | (8,773 ) | (942,747 ) | (13.1 ) |
Zebra Technologies Corp., Class A | (2,724 ) | (856,861 ) | (12.0 ) |
(319,379,937 ) | |||
Preferred Stocks | |||
Germany | |||
Dr Ing hc F Porsche AG | (9,074 ) | (805,968 ) | (11.2 ) |
Sartorius AG | (181 ) | (54,012 ) | (0.8 ) |
(859,980 ) |
Schedule of Investments33
Schedule of Investments (continued)
April 30, 2024
BlackRock Global Equity Market Neutral Fund
Security | Shares | Value | % of Basket Value |
Rights | |||
Australia | |||
NEXTDC Ltd., (Expires 05/09/24, Strike Price AUD 15.40) | (8,398 ) | $(7,018 ) | (0.1 )% |
Total Reference Entity — Short | (521,703,366 ) | ||
Net Value of Reference Entity — Bank of America N.A. | $7,170,227 | ||
The following table represents the individual long and short positions and related values of the equity securities underlying the total return swap with Barclays Bank PLC as of period end, termination dates 11/11/24 — 05/08/25:
Security | Shares | Value | % of Basket Value |
Reference Entity — Long | |||
Common Stocks | |||
Australia | |||
Lendlease Corp. Ltd. | 9 | $37 | 0.0 % |
Rio Tinto PLC | 73,150 | 4,893,932 | 29.5 |
4,893,969 | |||
Belgium | |||
Liberty Global Ltd., Class C | 102,717 | 1,681,477 | 10.1 |
Canada | |||
Nutrien Ltd. | 15,172 | 803,701 | 4.8 |
Shopify, Inc., Class A | 5,757 | 406,068 | 2.5 |
1,209,769 | |||
China | |||
Yangzijiang Shipbuilding Holdings Ltd. | 57,200 | 73,576 | 0.5 |
Denmark | |||
Vestas Wind Systems A/S | 13,572 | 363,554 | 2.2 |
France | |||
Thales SA | 16,836 | 2,824,478 | 17.0 |
Germany | |||
BioNTech SE, ADR | 33,179 | 2,946,959 | 17.7 |
Fresenius Medical Care AG | 724 | 30,426 | 0.2 |
Zalando SE | 90,662 | 2,367,448 | 14.3 |
5,344,833 | |||
Hong Kong | |||
Futu Holdings Ltd., ADR | 26,569 | 1,708,653 | 10.3 |
Prudential PLC | 845,183 | 7,261,349 | 43.8 |
Wharf Real Estate Investment Co. Ltd. | 40,000 | 123,912 | 0.7 |
9,093,914 | |||
Ireland | |||
Bank of Ireland Group PLC | 75,436 | 803,339 | 4.9 |
Israel | |||
Check Point Software Technologies Ltd. | 8,735 | 1,305,184 | 7.9 |
Wix.com Ltd. | 2,216 | 263,416 | 1.6 |
1,568,600 | |||
Italy | |||
UniCredit SpA | 34,464 | 1,262,626 | 7.6 |
Japan | |||
Central Japan Railway Co. | 432,200 | 10,069,996 | 60.7 |
Disco Corp. | 5,300 | 1,508,243 | 9.1 |
Security | Shares | Value | % of Basket Value |
Japan (continued) | |||
GMO Payment Gateway, Inc. | 34,000 | $1,585,722 | 9.5 % |
Hikari Tsushin, Inc. | 3,800 | 628,621 | 3.8 |
Hitachi Ltd. | 11,100 | 1,023,086 | 6.2 |
Honda Motor Co. Ltd. | 976,100 | 11,303,590 | 68.1 |
Keyence Corp. | 6,000 | 2,674,081 | 16.1 |
Kurita Water Industries Ltd. | 8,100 | 326,424 | 2.0 |
Marubeni Corp. | 215,400 | 3,904,590 | 23.5 |
Murata Manufacturing Co. Ltd. | 110,700 | 2,058,090 | 12.4 |
Nippon Steel Corp. | 58,900 | 1,342,813 | 8.1 |
Nomura Holdings, Inc. | 375,600 | 2,171,217 | 13.1 |
Nomura Real Estate Holdings, Inc. | 1,000 | 28,489 | 0.2 |
ORIX Corp. | 245,300 | 5,111,720 | 30.8 |
Recruit Holdings Co. Ltd. | 79,800 | 3,488,074 | 21.0 |
Rohm Co. Ltd. | 166,000 | 2,428,169 | 14.6 |
Shimamura Co. Ltd. | 1,200 | 60,208 | 0.4 |
Subaru Corp. | 2,200 | 49,068 | 0.3 |
Sumitomo Chemical Co. Ltd. | 1,784,900 | 3,888,312 | 23.4 |
Sumitomo Electric Industries Ltd. | 35,500 | 554,858 | 3.3 |
Unicharm Corp. | 26,500 | 797,975 | 4.8 |
55,003,346 | |||
Netherlands | |||
Koninklijke Philips NV | 4,074 | 108,034 | 0.7 |
Singapore | |||
Grab Holdings Ltd., Class A | 10,317 | 36,109 | 0.2 |
Singapore Telecommunications Ltd. | 228,700 | 397,456 | 2.4 |
433,565 | |||
Spain | |||
Acciona SA | 192 | 22,155 | 0.1 |
Switzerland | |||
Geberit AG, Class N, Registered Shares | 347 | 186,738 | 1.1 |
Kuehne & Nagel International AG, Registered Shares | 27,387 | 7,293,314 | 43.9 |
Lonza Group AG, Registered Shares | 6,563 | 3,652,696 | 22.0 |
Zurich Insurance Group AG, Class N | 1,040 | 506,178 | 3.1 |
11,638,926 | |||
United Kingdom | |||
Compass Group PLC | 120,001 | 3,326,784 | 20.0 |
Kingfisher PLC | 21,632 | 66,730 | 0.4 |
Rolls-Royce Holdings PLC | 1,438,981 | 7,311,520 | 44.1 |
10,705,034 | |||
United States | |||
A O Smith Corp. | 28,117 | 2,329,212 | 14.0 |
AbbVie, Inc. | 19,126 | 3,110,653 | 18.7 |
Academy Sports & Outdoors, Inc. | 10,724 | 625,209 | 3.8 |
Acuity Brands, Inc. | 10,460 | 2,597,218 | 15.6 |
Adobe, Inc. | 11,324 | 5,241,087 | 31.6 |
Advanced Drainage Systems, Inc. | 4,161 | 653,277 | 3.9 |
Advanced Micro Devices, Inc. | 10,280 | 1,628,146 | 9.8 |
AECOM | 61,268 | 5,658,713 | 34.1 |
AES Corp. | 262,849 | 4,704,997 | 28.4 |
Agilent Technologies, Inc. | 37,019 | 5,073,084 | 30.6 |
Akamai Technologies, Inc. | 110,929 | 11,196,064 | 67.5 |
Alaska Air Group, Inc. | 46,485 | 1,999,785 | 12.0 |
Align Technology, Inc. | 1,093 | 308,641 | 1.9 |
Alkermes PLC | 25,194 | 618,261 | 3.7 |
Alnylam Pharmaceuticals, Inc. | 884 | 127,252 | 0.8 |
Altria Group, Inc. | 187,973 | 8,235,097 | 49.6 |
Amazon.com, Inc. | 145,876 | 25,528,300 | 153.8 |
34
2024 BlackRock Annual Report to Shareholders
Schedule of Investments (continued)
April 30, 2024
BlackRock Global Equity Market Neutral Fund
Security | Shares | Value | % of Basket Value |
United States (continued) | |||
Amdocs Ltd. | 10,950 | $919,691 | 5.5 % |
AMETEK, Inc. | 9,828 | 1,716,558 | 10.3 |
Amgen, Inc. | 1,563 | 428,168 | 2.6 |
Aon PLC, Class A | 38,354 | 10,816,212 | 65.2 |
Apple, Inc. | 60,956 | 10,382,636 | 62.6 |
Arch Capital Group Ltd. | 20,881 | 1,953,209 | 11.8 |
Arrow Electronics, Inc. | 93,661 | 11,957,700 | 72.1 |
Atmos Energy Corp. | 34,844 | 4,108,108 | 24.8 |
AutoNation, Inc. | 7,325 | 1,180,424 | 7.1 |
Avnet, Inc. | 36,982 | 1,807,310 | 10.9 |
Axcelis Technologies, Inc. | 14,213 | 1,471,330 | 8.9 |
AZEK Co., Inc., Class A | 30,130 | 1,375,133 | 8.3 |
Baker Hughes Co., Class A | 569,763 | 18,585,669 | 112.0 |
Bank of America Corp. | 123,342 | 4,564,887 | 27.5 |
Becton Dickinson & Co. | 50,149 | 11,764,955 | 70.9 |
Biogen, Inc. | 14,406 | 3,094,697 | 18.6 |
BioMarin Pharmaceutical, Inc. | 18,921 | 1,528,060 | 9.2 |
Bio-Rad Laboratories, Inc., Class A | 3,146 | 848,634 | 5.1 |
Boise Cascade Co. | 2,041 | 269,963 | 1.6 |
Booking Holdings, Inc. | 2,164 | 7,470,193 | 45.0 |
Box, Inc., Class A | 53,614 | 1,395,036 | 8.4 |
Boyd Gaming Corp. | 31,840 | 1,703,758 | 10.3 |
Bristol-Myers Squibb Co. | 123,842 | 5,441,617 | 32.8 |
Builders FirstSource, Inc. | 10,459 | 1,912,114 | 11.5 |
Bunge Global SA | 83,814 | 8,528,913 | 51.4 |
CACI International, Inc., Class A | 14,490 | 5,828,313 | 35.1 |
Carnival Corp. | 621,903 | 9,216,602 | 55.5 |
Cboe Global Markets, Inc. | 501 | 90,756 | 0.5 |
CF Industries Holdings, Inc. | 895 | 70,678 | 0.4 |
CH Robinson Worldwide, Inc. | 5,291 | 375,661 | 2.3 |
Charter Communications, Inc., Class A | 20,341 | 5,206,076 | 31.4 |
Chemed Corp. | 439 | 249,352 | 1.5 |
Chevron Corp. | 104,904 | 16,917,868 | 101.9 |
Ciena Corp. | 30,180 | 1,395,221 | 8.4 |
Cirrus Logic, Inc. | 26,472 | 2,344,625 | 14.1 |
Citigroup, Inc. | 272,271 | 16,698,380 | 100.6 |
Cloudflare, Inc., Class A | 3,262 | 285,099 | 1.7 |
CNH Industrial NV | 83,380 | 950,532 | 5.7 |
Coca-Cola Co. | 348,136 | 21,504,361 | 129.6 |
Cognex Corp. | 64,455 | 2,677,461 | 16.1 |
Colgate-Palmolive Co. | 237,410 | 21,822,727 | 131.5 |
Comfort Systems USA, Inc. | 376 | 116,338 | 0.7 |
ConocoPhillips | 122,784 | 15,424,126 | 92.9 |
Constellium SE | 14,159 | 278,791 | 1.7 |
Coterra Energy, Inc. | 48,493 | 1,326,768 | 8.0 |
Credit Acceptance Corp. | 223 | 114,560 | 0.7 |
CSX Corp. | 9,100 | 302,302 | 1.8 |
Curtiss-Wright Corp. | 6,125 | 1,552,198 | 9.4 |
CyberArk Software Ltd. | 3,152 | 754,116 | 4.5 |
D.R. Horton, Inc. | 59,723 | 8,509,930 | 51.3 |
Deckers Outdoor Corp. | 2,800 | 2,291,716 | 13.8 |
Dell Technologies, Inc., Class C | 42,261 | 5,267,411 | 31.7 |
Delta Air Lines, Inc. | 101,701 | 5,092,169 | 30.7 |
Devon Energy Corp. | 7,048 | 360,717 | 2.2 |
Domino’s Pizza, Inc. | 11,223 | 5,939,997 | 35.8 |
eBay, Inc. | 155,399 | 8,009,264 | 48.3 |
Eli Lilly & Co. | 29,872 | 23,333,019 | 140.6 |
EMCOR Group, Inc. | 4,753 | 1,697,629 | 10.2 |
EOG Resources, Inc. | 76,835 | 10,152,209 | 61.2 |
EPAM Systems, Inc. | 2,586 | 608,382 | 3.7 |
Equinix, Inc. | 21,079 | 14,989,488 | 90.3 |
Etsy, Inc. | 62,960 | 4,323,463 | 26.1 |
Security | Shares | Value | % of Basket Value |
United States (continued) | |||
Euronet Worldwide, Inc. | 401 | $41,175 | 0.2 % |
Evercore, Inc., Class A | 3,170 | 575,355 | 3.5 |
Exact Sciences Corp. | 23,145 | 1,373,656 | 8.3 |
Exelixis, Inc. | 41,355 | 970,188 | 5.8 |
ExlService Holdings, Inc. | 36,467 | 1,057,543 | 6.4 |
Expeditors International of Washington, Inc. | 69,063 | 7,687,403 | 46.3 |
Exxon Mobil Corp. | 106,272 | 12,568,789 | 75.7 |
F5, Inc. | 2,494 | 412,283 | 2.5 |
Fair Isaac Corp. | 39 | 44,200 | 0.3 |
First American Financial Corp. | 22,720 | 1,217,110 | 7.3 |
First Horizon Corp. | 34,917 | 520,962 | 3.1 |
Flex Ltd. | 154,623 | 4,429,949 | 26.7 |
Floor & Decor Holdings, Inc., Class A | 1,703 | 187,892 | 1.1 |
Flowserve Corp. | 74,919 | 3,533,180 | 21.3 |
Ford Motor Co. | 74,259 | 902,247 | 5.4 |
Fortinet, Inc. | 301,466 | 19,046,622 | 114.8 |
Fortive Corp. | 3,923 | 295,284 | 1.8 |
Fortune Brands Innovations, Inc., Class I | 69,519 | 5,081,839 | 30.6 |
Fox Corp., Class A | 42,483 | 1,317,398 | 7.9 |
Franklin Resources, Inc. | 242,331 | 5,534,840 | 33.4 |
Generac Holdings, Inc. | 19,770 | 2,687,929 | 16.2 |
General Dynamics Corp. | 124,590 | 35,768,543 | 215.5 |
General Motors Co. | 37,406 | 1,665,689 | 10.0 |
Gilead Sciences, Inc. | 46,665 | 3,042,558 | 18.3 |
GoDaddy, Inc., Class A | 80,538 | 9,856,240 | 59.4 |
Graco, Inc. | 33,301 | 2,670,740 | 16.1 |
Guidewire Software, Inc. | 20,302 | 2,241,341 | 13.5 |
GXO Logistics, Inc. | 23,426 | 1,163,335 | 7.0 |
H&R Block, Inc. | 9,416 | 444,718 | 2.7 |
Haemonetics Corp. | 10,204 | 938,258 | 5.7 |
Halliburton Co. | 276,159 | 10,347,678 | 62.4 |
Halozyme Therapeutics, Inc. | 16,754 | 638,327 | 3.8 |
Hartford Financial Services Group, Inc. | 33,015 | 3,198,823 | 19.3 |
HCA Healthcare, Inc. | 22,074 | 6,838,967 | 41.2 |
Holcim AG | 107,773 | 9,096,552 | 54.8 |
HP, Inc. | 152,685 | 4,288,922 | 25.8 |
HubSpot, Inc. | 1,548 | 936,339 | 5.6 |
Incyte Corp. | 12,056 | 627,515 | 3.8 |
Installed Building Products, Inc. | 4,423 | 1,042,634 | 6.3 |
International Game Technology PLC | 40,694 | 803,300 | 4.8 |
International Paper Co. | 2,799 | 97,797 | 0.6 |
Invesco Ltd. | 667,923 | 9,464,469 | 57.0 |
Ionis Pharmaceuticals, Inc. | 17,255 | 711,941 | 4.3 |
ITT, Inc. | 12,103 | 1,565,402 | 9.4 |
Jack Henry & Associates, Inc. | 2,530 | 411,606 | 2.5 |
Jones Lang LaSalle, Inc. | 5,873 | 1,061,251 | 6.4 |
JPMorgan Chase & Co. | 4,684 | 898,110 | 5.4 |
KB Home | 44,888 | 2,906,947 | 17.5 |
KeyCorp. | 2,500 | 36,225 | 0.2 |
Kimberly-Clark Corp. | 160,493 | 21,912,109 | 132.0 |
Kinder Morgan, Inc. | 39,624 | 724,327 | 4.4 |
Lam Research Corp. | 14,710 | 13,156,771 | 79.3 |
Lamar Advertising Co., Class A | 12,161 | 1,408,852 | 8.5 |
Lattice Semiconductor Corp. | 5,684 | 389,922 | 2.3 |
Lazard, Inc. | 2,843 | 109,456 | 0.7 |
Leidos Holdings, Inc. | 184,302 | 25,842,826 | 155.7 |
Lennar Corp., Class A | 36,514 | 5,536,253 | 33.4 |
Lennox International, Inc. | 7,570 | 3,508,089 | 21.1 |
Liberty Media Corp.-Liberty SiriusXM | 301 | 7,242 | 0.0 |
Lincoln Electric Holdings, Inc. | 371 | 81,446 | 0.5 |
Lockheed Martin Corp. | 86,093 | 40,027,219 | 241.2 |
Louisiana-Pacific Corp. | 16,496 | 1,207,342 | 7.3 |
Schedule of Investments35
Schedule of Investments (continued)
April 30, 2024
BlackRock Global Equity Market Neutral Fund
Security | Shares | Value | % of Basket Value |
United States (continued) | |||
Manhattan Associates, Inc. | 6,567 | $1,353,196 | 8.2 % |
Marathon Oil Corp. | 97,271 | 2,611,726 | 15.7 |
Marsh & McLennan Cos., Inc. | 15,346 | 3,060,453 | 18.4 |
Masco Corp. | 86,214 | 5,901,348 | 35.6 |
Mastercard, Inc., Class A | 52,985 | 23,906,832 | 144.1 |
Maximus, Inc. | 8,212 | 659,259 | 4.0 |
Medtronic PLC | 297,372 | 23,861,129 | 143.8 |
Merck & Co., Inc. | 187,512 | 24,230,301 | 146.0 |
MetLife, Inc. | 29,150 | 2,071,982 | 12.5 |
Mettler-Toledo International, Inc. | 4,524 | 5,563,163 | 33.5 |
MGIC Investment Corp. | 17,305 | 350,945 | 2.1 |
MGM Resorts International | 168,620 | 6,650,373 | 40.1 |
Micron Technology, Inc. | 162,005 | 18,300,085 | 110.3 |
Microsoft Corp. | 53,620 | 20,875,875 | 125.8 |
Mohawk Industries, Inc. | 13,427 | 1,548,402 | 9.3 |
Molson Coors Beverage Co., Class B | 93,811 | 5,371,618 | 32.4 |
Mondelez International, Inc., Class A | 166,991 | 12,013,333 | 72.4 |
Monster Beverage Corp. | 470,771 | 25,162,710 | 151.6 |
Morningstar, Inc. | 3,159 | 892,891 | 5.4 |
Motorola Solutions, Inc. | 6,194 | 2,100,695 | 12.7 |
MSCI, Inc., Class A | 17,402 | 8,105,678 | 48.8 |
Natera, Inc. | 4,330 | 402,170 | 2.4 |
NetApp, Inc. | 10,665 | 1,090,070 | 6.6 |
Netflix, Inc. | 9,606 | 5,289,448 | 31.9 |
Neurocrine Biosciences, Inc. | 2,508 | 344,950 | 2.1 |
Nutanix, Inc., Class A | 64,793 | 3,932,935 | 23.7 |
NVIDIA Corp. | 21,930 | 18,947,959 | 114.2 |
NVR, Inc. | 736 | 5,474,994 | 33.0 |
OGE Energy Corp. | 1,885 | 65,315 | 0.4 |
Old Dominion Freight Line, Inc. | 16,009 | 2,908,995 | 17.5 |
O’Reilly Automotive, Inc. | 2,837 | 2,874,619 | 17.3 |
Otis Worldwide Corp. | 144,152 | 13,146,662 | 79.2 |
Ovintiv, Inc. | 79,101 | 4,059,463 | 24.5 |
Owens Corning | 32,467 | 5,461,274 | 32.9 |
Paramount Global, Class B | 305,751 | 3,482,504 | 21.0 |
Penske Automotive Group, Inc. | 18,913 | 2,891,987 | 17.4 |
Pentair PLC | 478 | 37,805 | 0.2 |
Perrigo Co. PLC | 14,832 | 484,413 | 2.9 |
Pfizer, Inc. | 491,642 | 12,595,868 | 75.9 |
Philip Morris International, Inc., CDI | 131,850 | 12,517,839 | 75.4 |
Pool Corp. | 4,438 | 1,608,908 | 9.7 |
Principal Financial Group, Inc. | 61,199 | 4,843,289 | 29.2 |
Procter & Gamble Co. | 49,439 | 8,068,445 | 48.6 |
PulteGroup, Inc. | 77,184 | 8,599,841 | 51.8 |
Pure Storage, Inc., Class A | 13,058 | 658,123 | 4.0 |
QUALCOMM, Inc. | 97,507 | 16,171,536 | 97.4 |
Qualys, Inc. | 15,689 | 2,571,584 | 15.5 |
Regeneron Pharmaceuticals, Inc. | 2,369 | 2,109,974 | 12.7 |
Reinsurance Group of America, Inc. | 18,064 | 3,377,787 | 20.4 |
RH | 7,481 | 1,848,181 | 11.1 |
Robert Half, Inc. | 38,944 | 2,692,588 | 16.2 |
Roku, Inc. | 41,064 | 2,367,750 | 14.3 |
RPM International, Inc. | 34,373 | 3,674,817 | 22.1 |
Sarepta Therapeutics, Inc. | 2,795 | 354,015 | 2.1 |
SBA Communications Corp. | 70,419 | 13,106,384 | 79.0 |
Schlumberger NV | 291,247 | 13,828,408 | 83.3 |
Schneider Electric SE | 10,965 | 2,506,993 | 15.1 |
Silicon Laboratories, Inc. | 7,369 | 895,260 | 5.4 |
Smartsheet, Inc., Class A | 63,628 | 2,407,047 | 14.5 |
Snap, Inc., Class A | 84,222 | 1,267,541 | 7.6 |
Spotify Technology SA | 30,925 | 8,672,607 | 52.3 |
Security | Shares | Value | % of Basket Value |
United States (continued) | |||
Stanley Black & Decker, Inc. | 5,236 | $478,570 | 2.9 % |
Synchrony Financial | 14,442 | 635,159 | 3.8 |
Synopsys, Inc. | 3,305 | 1,753,600 | 10.6 |
Synovus Financial Corp. | 9,702 | 347,235 | 2.1 |
T Rowe Price Group, Inc. | 139,822 | 15,320,297 | 92.3 |
Taylor Morrison Home Corp., Class A | 53,250 | 2,982,533 | 18.0 |
TD SYNNEX Corp. | 17,561 | 2,069,388 | 12.5 |
TE Connectivity Ltd. | 6,191 | 875,903 | 5.3 |
Teradata Corp. | 30,718 | 1,139,638 | 6.9 |
Teradyne, Inc. | 58,595 | 6,815,770 | 41.1 |
Tetra Tech, Inc. | 4,561 | 888,118 | 5.4 |
Toll Brothers, Inc. | 66,979 | 7,977,869 | 48.1 |
Transocean Ltd. | 23,956 | 125,050 | 0.8 |
Trex Co., Inc. | 46,299 | 4,099,776 | 24.7 |
TriNet Group, Inc. | 7,482 | 750,968 | 4.5 |
Truist Financial Corp. | 109,562 | 4,114,053 | 24.8 |
UGI Corp. | 88,783 | 2,269,293 | 13.7 |
United Therapeutics Corp. | 2,410 | 564,735 | 3.4 |
Unum Group | 16,073 | 814,901 | 4.9 |
Valero Energy Corp. | 8,021 | 1,282,317 | 7.7 |
Veeva Systems, Inc., Class A | 28,008 | 5,561,269 | 33.5 |
VeriSign, Inc. | 19,460 | 3,298,081 | 19.9 |
Verisk Analytics, Inc. | 21,641 | 4,716,872 | 28.4 |
Vertex Pharmaceuticals, Inc. | 7,835 | 3,077,666 | 18.5 |
Visa, Inc., A Shares | 53,355 | 14,331,687 | 86.4 |
Waste Connections, Inc. | 28,516 | 4,622,158 | 27.9 |
Wayfair, Inc., Class A | 28,780 | 1,443,317 | 8.7 |
Westinghouse Air Brake Technologies Corp. | 8,056 | 1,297,660 | 7.8 |
Workday, Inc., Class A | 12,526 | 3,065,488 | 18.5 |
Workiva, Inc., Class A | 26,331 | 2,074,883 | 12.5 |
Xylem, Inc. | 9,972 | 1,303,340 | 7.9 |
Zillow Group, Inc., Class C | 44,104 | 1,877,507 | 11.3 |
Zions Bancorp NA | 1,400 | 57,092 | 0.3 |
Zoetis, Inc., Class A | 37,690 | 6,001,756 | 36.2 |
1,207,366,492 | |||
Total Reference Entity — Long | 1,314,397,687 | ||
Reference Entity — Short | |||
Common Stocks | |||
Australia | |||
APA Group | (36,429 ) | (196,115 ) | (1.2 ) |
ASX Ltd. | (67,695 ) | (2,754,079 ) | (16.6 ) |
CAR Group Ltd. | (44,209 ) | (955,303 ) | (5.7 ) |
Commonwealth Bank of Australia | (20,717 ) | (1,512,777 ) | (9.1 ) |
Endeavour Group Ltd. | (400,672 ) | (1,372,549 ) | (8.3 ) |
Evolution Mining Ltd. | (45,748 ) | (117,974 ) | (0.7 ) |
Goodman Group | (52,596 ) | (1,058,658 ) | (6.4 ) |
IDP Education Ltd. | (20,430 ) | (212,070 ) | (1.3 ) |
Lottery Corp. Ltd. | (292,122 ) | (907,142 ) | (5.5 ) |
NEXTDC Ltd. | (164,918 ) | (1,743,192 ) | (10.5 ) |
Pilbara Minerals Ltd. | (558,286 ) | (1,415,200 ) | (8.5 ) |
Ramsay Health Care Ltd. | (2,853 ) | (96,463 ) | (0.6 ) |
SEEK Ltd. | (2,855 ) | (44,491 ) | (0.3 ) |
Treasury Wine Estates Ltd. | (1,183,627 ) | (9,148,808 ) | (55.1 ) |
Wesfarmers Ltd. | (65,777 ) | (2,805,532 ) | (16.9 ) |
(24,340,353 ) | |||
Belgium | |||
Anheuser-Busch InBev SA | (317,020 ) | (18,998,158 ) | (114.5 ) |
36
2024 BlackRock Annual Report to Shareholders
Schedule of Investments (continued)
April 30, 2024
BlackRock Global Equity Market Neutral Fund
Security | Shares | Value | % of Basket Value |
Bermuda | |||
RenaissanceRe Holdings Ltd. | (30,920 ) | $(6,779,210 ) | (40.9 )% |
Canada | |||
Ivanhoe Mines Ltd., Class A | (69,546 ) | (947,518 ) | (5.7 ) |
France | |||
L’Oreal SA | (7,359 ) | (3,443,797 ) | (20.7 ) |
Societe Generale SA | (94,696 ) | (2,551,688 ) | (15.4 ) |
(5,995,485 ) | |||
Germany | |||
BASF SE | (68,223 ) | (3,567,674 ) | (21.5 ) |
Daimler Truck Holding AG | (25,763 ) | (1,159,586 ) | (7.0 ) |
Infineon Technologies AG, Class N | (209,714 ) | (7,273,856 ) | (43.8 ) |
Merck KGaA | (17,351 ) | (2,751,975 ) | (16.6 ) |
Siemens Healthineers AG | (10,185 ) | (564,355 ) | (3.4 ) |
(15,317,446 ) | |||
Israel | |||
Global-e Online Ltd. | (9,501 ) | (318,568 ) | (1.9 ) |
Mobileye Global, Inc., Class A | (40,254 ) | (1,108,998 ) | (6.7 ) |
(1,427,566 ) | |||
Japan | |||
AGC, Inc. | (1,800 ) | (67,771 ) | (0.4 ) |
Ajinomoto Co., Inc. | (202,100 ) | (7,646,990 ) | (46.1 ) |
Allegro Microsystems, Inc. | (6,101 ) | (181,139 ) | (1.1 ) |
Bandai Namco Holdings, Inc. | (64,600 ) | (1,223,366 ) | (7.4 ) |
BayCurrent Consulting, Inc. | (2,100 ) | (45,516 ) | (0.3 ) |
Bridgestone Corp. | (54,400 ) | (2,441,832 ) | (14.7 ) |
Chugai Pharmaceutical Co. Ltd. | (3,300 ) | (106,957 ) | (0.6 ) |
Chugoku Electric Power Co., Inc. | (45,400 ) | (314,773 ) | (1.9 ) |
Cosmo Energy Holdings Co. Ltd. | (700 ) | (34,076 ) | (0.2 ) |
Cosmos Pharmaceutical Corp. | (4,900 ) | (460,256 ) | (2.8 ) |
Daifuku Co. Ltd. | (2,000 ) | (41,714 ) | (0.3 ) |
Dai-ichi Life Holdings, Inc. | (46,500 ) | (1,096,122 ) | (6.6 ) |
Electric Power Development Co. Ltd., Class D | (19,300 ) | (333,988 ) | (2.0 ) |
Fast Retailing Co. Ltd. | (1,700 ) | (452,808 ) | (2.7 ) |
Fuji Electric Co. Ltd. | (5,100 ) | (323,029 ) | (1.9 ) |
FUJIFILM Holdings Corp. | (7,800 ) | (167,228 ) | (1.0 ) |
Fujikura Ltd. | (103,900 ) | (1,816,862 ) | (11.0 ) |
GLP J-REIT | (2,151 ) | (1,777,430 ) | (10.7 ) |
Hamamatsu Photonics KK | (13,200 ) | (491,290 ) | (3.0 ) |
Harmonic Drive Systems, Inc. | (2,300 ) | (58,462 ) | (0.4 ) |
Hirose Electric Co. Ltd. | (500 ) | (54,032 ) | (0.3 ) |
Ibiden Co. Ltd. | (41,700 ) | (1,609,270 ) | (9.7 ) |
IHI Corp. | (8,300 ) | (201,147 ) | (1.2 ) |
Inpex Corp. | (6,400 ) | (95,871 ) | (0.6 ) |
Isetan Mitsukoshi Holdings Ltd., Class L | (52,700 ) | (754,661 ) | (4.5 ) |
Japan Airport Terminal Co. Ltd. | (20,200 ) | (723,119 ) | (4.4 ) |
Japan Metropolitan Fund Invest | (3,123 ) | (1,915,568 ) | (11.5 ) |
Japan Petroleum Exploration Co. Ltd. | (5,500 ) | (236,386 ) | (1.4 ) |
Japan Real Estate Investment Corp. | (685 ) | (2,357,617 ) | (14.2 ) |
Japan Tobacco, Inc. | (26,500 ) | (725,860 ) | (4.4 ) |
Jeol Ltd. | (11,400 ) | (460,248 ) | (2.8 ) |
JSR Corp. | (9,300 ) | (259,877 ) | (1.6 ) |
Kao Corp. | (2,200 ) | (90,755 ) | (0.5 ) |
Kawasaki Heavy Industries Ltd. | (27,100 ) | (850,873 ) | (5.1 ) |
KDX Realty Investment Corp. | (3,774 ) | (3,793,384 ) | (22.9 ) |
Keisei Electric Railway Co. Ltd. | (12,800 ) | (483,583 ) | (2.9 ) |
Kikkoman Corp. | (8,000 ) | (97,135 ) | (0.6 ) |
Kintetsu Group Holdings Co. Ltd. | (121,500 ) | (3,167,909 ) | (19.1 ) |
Security | Shares | Value | % of Basket Value |
Japan (continued) | |||
Kobe Bussan Co. Ltd. | (70,800 ) | $(1,552,845 ) | (9.4 )% |
Kobe Steel Ltd. | (128,500 ) | (1,597,312 ) | (9.6 ) |
Kokusai Electric Corp. | (1,300 ) | (34,940 ) | (0.2 ) |
Kyushu Electric Power Co., Inc. | (100 ) | (946 ) | (0.0 ) |
Kyushu Railway Co. | (68,600 ) | (1,486,776 ) | (9.0 ) |
M&A Research Institute Holdings, Inc. | (2,300 ) | (73,523 ) | (0.4 ) |
Macnica Holdings, Inc. | (7,600 ) | (341,112 ) | (2.1 ) |
Mercari, Inc. | (492,500 ) | (5,785,673 ) | (34.9 ) |
MinebeaMitsumi, Inc. | (168,000 ) | (3,200,833 ) | (19.3 ) |
MISUMI Group, Inc. | (54,500 ) | (900,731 ) | (5.4 ) |
Mitsubishi Corp. | (7,000 ) | (160,087 ) | (1.0 ) |
Mitsubishi HC Capital, Inc. | (5,900 ) | (38,917 ) | (0.2 ) |
Mitsubishi Motors Corp. | (442,900 ) | (1,424,030 ) | (8.6 ) |
Mitsui OSK Lines Ltd. | (153,400 ) | (4,954,407 ) | (29.9 ) |
Nippon Building Fund, Inc. | (19 ) | (72,595 ) | (0.4 ) |
Nippon Sanso Holdings Corp. | (8,500 ) | (256,813 ) | (1.6 ) |
Nippon Yusen KK | (86,600 ) | (2,501,888 ) | (15.1 ) |
Nissan Chemical Corp. | (96,600 ) | (3,354,028 ) | (20.2 ) |
Niterra Co. Ltd. | (73,900 ) | (2,465,920 ) | (14.9 ) |
Nitori Holdings Co. Ltd. | (28,400 ) | (3,872,804 ) | (23.3 ) |
Nitto Denko Corp. | (1,000 ) | (82,686 ) | (0.5 ) |
Nomura Real Estate Master Fund, Inc. | (700 ) | (679,349 ) | (4.1 ) |
Odakyu Electric Railway Co. Ltd. | (14,800 ) | (169,579 ) | (1.0 ) |
Olympus Corp. | (97,800 ) | (1,382,500 ) | (8.3 ) |
Osaka Gas Co. Ltd. | (23,500 ) | (531,822 ) | (3.2 ) |
Rakuten Bank Ltd. | (75,600 ) | (1,557,261 ) | (9.4 ) |
Resonac Holdings Corp. | (1,700 ) | (37,610 ) | (0.2 ) |
Rohto Pharmaceutical Co. Ltd. | (7,800 ) | (154,918 ) | (0.9 ) |
Rorze Corp. | (15,500 ) | (2,727,118 ) | (16.4 ) |
Sanrio Co. Ltd. | (23,100 ) | (396,667 ) | (2.4 ) |
Secom Co. Ltd. | (19,200 ) | (1,355,364 ) | (8.2 ) |
Seibu Holdings, Inc. | (29,800 ) | (468,219 ) | (2.8 ) |
Seven & i Holdings Co. Ltd. | (462,000 ) | (6,071,969 ) | (36.6 ) |
SG Holdings Co. Ltd. | (133,200 ) | (1,584,483 ) | (9.6 ) |
SHIFT, Inc. | (5,800 ) | (544,878 ) | (3.3 ) |
Shimano, Inc. | (700 ) | (113,759 ) | (0.7 ) |
Shinko Electric Industries Co. Ltd. | (6,100 ) | (218,147 ) | (1.3 ) |
Shionogi & Co. Ltd. | (62,600 ) | (2,977,118 ) | (17.9 ) |
SMC Corp. | (9,200 ) | (4,917,787 ) | (29.6 ) |
Socionext, Inc. | (147,600 ) | (4,386,133 ) | (26.4 ) |
SoftBank Corp. | (19,500 ) | (239,428 ) | (1.4 ) |
Sony Group Corp. | (48,900 ) | (4,097,506 ) | (24.7 ) |
Square Enix Holdings Co. Ltd. | (22,100 ) | (813,580 ) | (4.9 ) |
SUMCO Corp. | (421,000 ) | (6,385,565 ) | (38.5 ) |
Taiyo Yuden Co. Ltd. | (28,800 ) | (685,763 ) | (4.1 ) |
TDK Corp. | (82,100 ) | (3,731,231 ) | (22.5 ) |
Terumo Corp. | (36,500 ) | (630,393 ) | (3.8 ) |
Tohoku Electric Power Co., Inc. | (56,500 ) | (441,509 ) | (2.7 ) |
Tokyo Electric Power Co Holdings, Inc. | (423,100 ) | (2,675,492 ) | (16.1 ) |
Tokyo Seimitsu Co. Ltd. | (6,828 ) | (452,547 ) | (2.7 ) |
Tokyu Corp. | (18,500 ) | (221,741 ) | (1.3 ) |
TOTO Ltd. | (2,500 ) | (67,661 ) | (0.4 ) |
Toyo Suisan Kaisha Ltd. | (6,800 ) | (432,645 ) | (2.6 ) |
Toyota Motor Corp. | (14,600 ) | (333,005 ) | (2.0 ) |
Ulvac, Inc. | (19,532 ) | (1,188,865 ) | (7.2 ) |
USS Co. Ltd. | (4,800 ) | (37,367 ) | (0.2 ) |
Visional, Inc. | (3,000 ) | (138,332 ) | (0.8 ) |
Yamaha Corp. | (2,400 ) | (50,576 ) | (0.3 ) |
Yamaha Motor Co. Ltd. | (25,500 ) | (240,535 ) | (1.5 ) |
Yamato Holdings Co. Ltd. | (64,900 ) | (868,708 ) | (5.2 ) |
Schedule of Investments37
Schedule of Investments (continued)
April 30, 2024
BlackRock Global Equity Market Neutral Fund
Security | Shares | Value | % of Basket Value |
Japan (continued) | |||
Yaskawa Electric Corp. | (61,500 ) | $(2,578,560 ) | (15.5 )% |
Zensho Holdings Co. Ltd. | (21,600 ) | (852,570 ) | (5.1 ) |
ZOZO, Inc. | (65,800 ) | (1,442,044 ) | (8.7 ) |
(129,998,074 ) | |||
Netherlands | |||
ING Groep NV | (121,893 ) | (1,923,414 ) | (11.6 ) |
Norway | |||
Var Energi ASA | (12,329 ) | (40,413 ) | (0.3 ) |
Spain | |||
Redeia Corp. SA | (46,892 ) | (781,955 ) | (4.7 ) |
Sweden | |||
Autoliv, Inc. | (11,674 ) | (1,398,428 ) | (8.5 ) |
Volvo AB, A Shares | (28,770 ) | (766,625 ) | (4.6 ) |
(2,165,053 ) | |||
Switzerland | |||
On Holding AG, Class A | (23,308 ) | (740,029 ) | (4.4 ) |
Sandoz Group AG | (131,157 ) | (4,493,477 ) | (27.1 ) |
(5,233,506 ) | |||
Thailand | |||
Fabrinet | (230 ) | (39,806 ) | (0.2 ) |
United Kingdom | |||
Abrdn PLC | (148,055 ) | (267,076 ) | (1.6 ) |
Berkeley Group Holdings PLC | (4,591 ) | (266,553 ) | (1.6 ) |
Diageo PLC | (15,164 ) | (517,824 ) | (3.1 ) |
Entain PLC | (582,800 ) | (5,616,101 ) | (33.8 ) |
Legal & General Group PLC | (51,909 ) | (150,507 ) | (0.9 ) |
Spirax-Sarco Engineering PLC | (2,665 ) | (289,714 ) | (1.8 ) |
St James’s Place PLC | (29,931 ) | (160,106 ) | (1.0 ) |
WPP PLC | (773,645 ) | (7,684,208 ) | (46.3 ) |
(14,952,089 ) | |||
United States | |||
10X Genomics, Inc., Class A | (1,088 ) | (31,857 ) | (0.2 ) |
3M Co. | (44,283 ) | (4,273,752 ) | (25.8 ) |
AAON, Inc. | (40,894 ) | (3,847,716 ) | (23.2 ) |
Abbott Laboratories | (53,573 ) | (5,677,131 ) | (34.2 ) |
Acadia Healthcare Co., Inc. | (21,686 ) | (1,603,463 ) | (9.7 ) |
Accenture PLC, Class A | (59,078 ) | (17,777,161 ) | (107.1 ) |
Aflac, Inc. | (135,002 ) | (11,292,917 ) | (68.0 ) |
AGNC Investment Corp. | (306,544 ) | (2,804,878 ) | (16.9 ) |
Agree Realty Corp. | (72,894 ) | (4,170,995 ) | (25.1 ) |
Air Lease Corp., Class A | (16,648 ) | (836,396 ) | (5.0 ) |
Air Products and Chemicals, Inc. | (2,362 ) | (558,235 ) | (3.4 ) |
Airbnb, Inc., Class A | (14,030 ) | (2,224,737 ) | (13.4 ) |
Albemarle Corp. | (1,619 ) | (194,782 ) | (1.2 ) |
Alexandria Real Estate Equities, Inc. | (23,754 ) | (2,752,376 ) | (16.6 ) |
Alight, Inc., Class A | (13,026 ) | (117,495 ) | (0.7 ) |
Allstate Corp. | (23,819 ) | (4,050,659 ) | (24.4 ) |
Ally Financial, Inc. | (23,294 ) | (893,325 ) | (5.4 ) |
Alpha Metallurgical Resources, Inc. | (4,542 ) | (1,485,779 ) | (9.0 ) |
Alphabet, Inc., Class C | (4,871 ) | (801,961 ) | (4.8 ) |
American Electric Power Co., Inc. | (134,570 ) | (11,577,057 ) | (69.8 ) |
American Financial Group, Inc. | (31,686 ) | (4,047,886 ) | (24.4 ) |
American International Group, Inc. | (40,932 ) | (3,082,589 ) | (18.6 ) |
Amkor Technology, Inc. | (12,213 ) | (395,091 ) | (2.4 ) |
Amphenol Corp., Class A | (92,256 ) | (11,141,757 ) | (67.1 ) |
Analog Devices, Inc. | (16,460 ) | (3,302,041 ) | (19.9 ) |
Security | Shares | Value | % of Basket Value |
United States (continued) | |||
Antero Midstream Corp. | (182,763 ) | $(2,529,440 ) | (15.2 )% |
APA Corp. | (229,022 ) | (7,200,452 ) | (43.4 ) |
Apellis Pharmaceuticals, Inc. | (116 ) | (5,126 ) | (0.0 ) |
API Group Corp. | (153,630 ) | (5,925,509 ) | (35.7 ) |
Apollo Global Management, Inc. | (55,638 ) | (6,030,046 ) | (36.3 ) |
Apple Hospitality REIT, Inc. | (36,764 ) | (542,637 ) | (3.3 ) |
Applied Materials, Inc. | (10,586 ) | (2,102,909 ) | (12.7 ) |
Aptiv PLC | (141,442 ) | (10,042,382 ) | (60.5 ) |
Asana, Inc., Class A | (1,854 ) | (27,569 ) | (0.2 ) |
Aspen Technology, Inc. | (1,289 ) | (253,765 ) | (1.5 ) |
Assurant, Inc. | (9,053 ) | (1,578,843 ) | (9.5 ) |
ATI, Inc. | (36,887 ) | (2,202,154 ) | (13.3 ) |
Automatic Data Processing, Inc. | (45,250 ) | (10,945,522 ) | (66.0 ) |
AvalonBay Communities, Inc. | (40,615 ) | (7,699,386 ) | (46.4 ) |
Avantor, Inc. | (20,303 ) | (491,942 ) | (3.0 ) |
Avery Dennison Corp. | (25,120 ) | (5,458,074 ) | (32.9 ) |
Avis Budget Group, Inc. | (27,313 ) | (2,607,026 ) | (15.7 ) |
Axalta Coating Systems Ltd. | (4,593 ) | (144,404 ) | (0.9 ) |
Ball Corp. | (24,878 ) | (1,730,762 ) | (10.4 ) |
Bank OZK | (1,766 ) | (78,852 ) | (0.5 ) |
Bath & Body Works, Inc. | (3,983 ) | (180,908 ) | (1.1 ) |
Berry Global Group, Inc. | (10,742 ) | (608,427 ) | (3.7 ) |
Bill Holdings, Inc. | (7,718 ) | (481,294 ) | (2.9 ) |
BJ’s Wholesale Club Holdings, Inc. | (33,781 ) | (2,522,765 ) | (15.2 ) |
BorgWarner, Inc. | (62,052 ) | (2,033,444 ) | (12.3 ) |
Boston Properties, Inc. | (56,001 ) | (3,465,902 ) | (20.9 ) |
Boston Scientific Corp. | (59,886 ) | (4,304,007 ) | (25.9 ) |
Bright Horizons Family Solutions, Inc. | (3,457 ) | (358,525 ) | (2.2 ) |
Broadcom, Inc. | (15,440 ) | (20,076,169 ) | (121.0 ) |
Brown & Brown, Inc. | (40,664 ) | (3,315,743 ) | (20.0 ) |
Brown-Forman Corp., Class B | (87,873 ) | (4,204,723 ) | (25.3 ) |
Brunswick Corp. | (46,076 ) | (3,715,569 ) | (22.4 ) |
Campbell Soup Co. | (228,242 ) | (10,432,942 ) | (62.9 ) |
Carrier Global Corp. | (100,803 ) | (6,198,376 ) | (37.3 ) |
Casella Waste Systems, Inc., Class A | (48,127 ) | (4,350,681 ) | (26.2 ) |
Cava Group, Inc. | (48,650 ) | (3,499,881 ) | (21.1 ) |
Celanese Corp., Class A | (46,288 ) | (7,110,300 ) | (42.8 ) |
Cheniere Energy, Inc. | (67,309 ) | (10,622,706 ) | (64.0 ) |
Chesapeake Energy Corp. | (41,052 ) | (3,689,754 ) | (22.2 ) |
Chipotle Mexican Grill, Inc. | (3,196 ) | (10,098,082 ) | (60.8 ) |
Chord Energy Corp. | (19,327 ) | (3,420,492 ) | (20.6 ) |
Churchill Downs, Inc. | (7,993 ) | (1,031,097 ) | (6.2 ) |
Clean Harbors, Inc. | (402 ) | (76,159 ) | (0.5 ) |
Coca-Cola Consolidated, Inc. | (794 ) | (655,844 ) | (4.0 ) |
Cognizant Technology Solutions Corp., Class A | (237,381 ) | (15,591,184 ) | (93.9 ) |
Coherent Corp. | (1,185 ) | (64,737 ) | (0.4 ) |
Commerce Bancshares, Inc. | (10,958 ) | (599,183 ) | (3.6 ) |
Commercial Metals Co. | (30,248 ) | (1,625,528 ) | (9.8 ) |
Confluent, Inc., Class A | (14,109 ) | (396,745 ) | (2.4 ) |
Constellation Energy Corp. | (14,084 ) | (2,618,779 ) | (15.8 ) |
Cooper Cos, Inc. | (10,051 ) | (895,142 ) | (5.4 ) |
Core & Main, Inc., Class A | (49,022 ) | (2,768,272 ) | (16.7 ) |
Corning, Inc. | (285,441 ) | (9,528,021 ) | (57.4 ) |
Corpay, Inc. | (18,156 ) | (5,485,654 ) | (33.1 ) |
CoStar Group, Inc. | (41,687 ) | (3,815,611 ) | (23.0 ) |
Crane Co. | (18,146 ) | (2,540,621 ) | (15.3 ) |
Crocs, Inc. | (42,592 ) | (5,297,167 ) | (31.9 ) |
Crown Castle, Inc. | (30,340 ) | (2,845,285 ) | (17.1 ) |
CVS Health Corp. | (122,043 ) | (8,263,532 ) | (49.8 ) |
Danaher Corp. | (37,851 ) | (9,334,814 ) | (56.2 ) |
Diamondback Energy, Inc. | (25,885 ) | (5,206,250 ) | (31.4 ) |
38
2024 BlackRock Annual Report to Shareholders
Schedule of Investments (continued)
April 30, 2024
BlackRock Global Equity Market Neutral Fund
Security | Shares | Value | % of Basket Value |
United States (continued) | |||
Dick’s Sporting Goods, Inc. | (7,504 ) | $(1,507,854 ) | (9.1 )% |
Dollar General Corp. | (15,682 ) | (2,182,778 ) | (13.2 ) |
Dollar Tree, Inc. | (18,552 ) | (2,193,774 ) | (13.2 ) |
Dominion Energy, Inc. | (56,307 ) | (2,870,531 ) | (17.3 ) |
DraftKings, Inc., Class A | (35,084 ) | (1,458,091 ) | (8.8 ) |
Duke Energy Corp. | (43,719 ) | (4,295,829 ) | (25.9 ) |
Duolingo, Inc. | (8,625 ) | (1,947,094 ) | (11.7 ) |
Dutch Bros, Inc., Class A | (18,983 ) | (534,561 ) | (3.2 ) |
Elevance Health, Inc. | (650 ) | (343,577 ) | (2.1 ) |
elf Beauty, Inc. | (20,886 ) | (3,394,602 ) | (20.5 ) |
Emerson Electric Co. | (53,261 ) | (5,740,471 ) | (34.6 ) |
Endeavor Group Holdings, Inc., Class A | (5,797 ) | (153,099 ) | (0.9 ) |
Enphase Energy, Inc. | (21,071 ) | (2,291,682 ) | (13.8 ) |
Entegris, Inc. | (16,331 ) | (2,170,717 ) | (13.1 ) |
EQT Corp. | (163,931 ) | (6,571,994 ) | (39.6 ) |
Equifax, Inc. | (7,593 ) | (1,671,903 ) | (10.1 ) |
Equitable Holdings, Inc. | (189,861 ) | (7,007,769 ) | (42.2 ) |
Equity Residential | (1,145 ) | (73,738 ) | (0.4 ) |
Erie Indemnity Co., Class A | (38 ) | (14,541 ) | (0.1 ) |
Estee Lauder Cos., Inc., Class A | (23,235 ) | (3,408,807 ) | (20.5 ) |
Everest Group Ltd. | (1,713 ) | (627,660 ) | (3.8 ) |
Evergy, Inc. | (131,383 ) | (6,891,038 ) | (41.5 ) |
Eversource Energy | (15,891 ) | (963,312 ) | (5.8 ) |
Extra Space Storage, Inc. | (30,301 ) | (4,068,818 ) | (24.5 ) |
Fastenal Co. | (772 ) | (52,450 ) | (0.3 ) |
Federal Realty Investment Trust | (5,657 ) | (589,290 ) | (3.5 ) |
Fidelity National Information Services, Inc. | (13,771 ) | (935,326 ) | (5.6 ) |
Fifth Third Bancorp | (153,014 ) | (5,578,890 ) | (33.6 ) |
First Solar, Inc. | (334 ) | (58,884 ) | (0.4 ) |
FMC Corp. | (67,465 ) | (3,981,110 ) | (24.0 ) |
Freeport-McMoRan, Inc. | (11,014 ) | (550,039 ) | (3.3 ) |
Garmin Ltd. | (10,100 ) | (1,459,147 ) | (8.8 ) |
GE HealthCare Technologies, Inc. | (108,796 ) | (8,294,607 ) | (50.0 ) |
GE Vernova, Inc. | (2,842 ) | (436,844 ) | (2.6 ) |
Gen Digital, Inc. | (278,207 ) | (5,603,089 ) | (33.8 ) |
General Electric Co. | (21,501 ) | (3,479,292 ) | (21.0 ) |
Gentex Corp. | (2,360 ) | (80,948 ) | (0.5 ) |
Genuine Parts Co. | (64,120 ) | (10,080,305 ) | (60.7 ) |
Gitlab, Inc., Class A | (2,676 ) | (140,410 ) | (0.8 ) |
Glacier Bancorp, Inc. | (20,489 ) | (741,292 ) | (4.5 ) |
GLOBALFOUNDRIES, Inc. | (1,286 ) | (62,860 ) | (0.4 ) |
Globus Medical, Inc., Class A | (1,996 ) | (99,381 ) | (0.6 ) |
Goldman Sachs Group, Inc. | (24,023 ) | (10,250,854 ) | (61.8 ) |
Goodyear Tire & Rubber Co. | (2,354 ) | (28,154 ) | (0.2 ) |
Graphic Packaging Holding Co. | (393,910 ) | (10,182,573 ) | (61.4 ) |
Hasbro, Inc. | (38,045 ) | (2,332,158 ) | (14.1 ) |
HealthEquity, Inc. | (21,573 ) | (1,702,325 ) | (10.3 ) |
HEICO Corp. | (375 ) | (77,775 ) | (0.5 ) |
Henry Schein, Inc. | (6,592 ) | (456,694 ) | (2.7 ) |
Hilton Worldwide Holdings, Inc. | (71,697 ) | (14,144,384 ) | (85.2 ) |
Hubbell, Inc. | (1,119 ) | (414,612 ) | (2.5 ) |
Hyatt Hotels Corp., Class A | (23,306 ) | (3,467,700 ) | (20.9 ) |
ICON PLC | (292 ) | (86,981 ) | (0.5 ) |
Immunovant, Inc. | (5,548 ) | (152,237 ) | (0.9 ) |
Ingersoll Rand, Inc. | (3,705 ) | (345,751 ) | (2.1 ) |
Insight Enterprises, Inc. | (15,575 ) | (2,843,528 ) | (17.1 ) |
Inspire Medical Systems, Inc. | (12,235 ) | (2,956,710 ) | (17.8 ) |
Interactive Brokers Group, Inc., Class A | (7,471 ) | (860,062 ) | (5.2 ) |
Intercontinental Exchange, Inc. | (88,927 ) | (11,450,240 ) | (69.0 ) |
International Business Machines Corp. | (86,651 ) | (14,401,396 ) | (86.8 ) |
International Flavors & Fragrances, Inc. | (20,530 ) | (1,737,864 ) | (10.5 ) |
Interpublic Group of Cos., Inc. | (222,071 ) | (6,759,841 ) | (40.7 ) |
Security | Shares | Value | % of Basket Value |
United States (continued) | |||
Intra-Cellular Therapies, Inc. | (5,141 ) | $(369,175 ) | (2.2 )% |
Intuit, Inc. | (3,799 ) | (2,376,730 ) | (14.3 ) |
Intuitive Surgical, Inc. | (2,959 ) | (1,096,665 ) | (6.6 ) |
Jabil, Inc. | (33,884 ) | (3,976,626 ) | (24.0 ) |
Jacobs Solutions, Inc. | (2,136 ) | (306,580 ) | (1.8 ) |
Johnson Controls International PLC | (21,974 ) | (1,429,848 ) | (8.6 ) |
Kenvue, Inc. | (232,295 ) | (4,371,792 ) | (26.3 ) |
Keurig Dr. Pepper, Inc. | (132,982 ) | (4,481,493 ) | (27.0 ) |
Kinsale Capital Group, Inc. | (3,251 ) | (1,180,926 ) | (7.1 ) |
Kirby Corp. | (1,621 ) | (176,900 ) | (1.1 ) |
Kraft Heinz Co. | (35,528 ) | (1,371,736 ) | (8.3 ) |
L3Harris Technologies, Inc. | (21,092 ) | (4,514,743 ) | (27.2 ) |
Laboratory Corp. of America Holdings | (8,010 ) | (1,612,974 ) | (9.7 ) |
Lamb Weston Holdings, Inc. | (73,194 ) | (6,099,988 ) | (36.8 ) |
Lantheus Holdings, Inc. | (2,355 ) | (156,702 ) | (0.9 ) |
Levi Strauss & Co., Class A | (10,538 ) | (223,616 ) | (1.3 ) |
Loews Corp. | (42,907 ) | (3,224,461 ) | (19.4 ) |
Lowe’s Cos., Inc. | (9,786 ) | (2,231,110 ) | (13.4 ) |
Lululemon Athletica, Inc. | (26,748 ) | (9,645,329 ) | (58.1 ) |
Magnolia Oil & Gas Corp., Class A | (6,490 ) | (162,704 ) | (1.0 ) |
Markel Group, Inc. | (4,079 ) | (5,948,814 ) | (35.8 ) |
MarketAxess Holdings, Inc. | (9,948 ) | (1,990,495 ) | (12.0 ) |
Marriott International, Inc., Class A | (22,010 ) | (5,197,221 ) | (31.3 ) |
Martin Marietta Materials, Inc. | (28,287 ) | (16,606,449 ) | (100.1 ) |
Masimo Corp. | (18,773 ) | (2,523,279 ) | (15.2 ) |
Matador Resources Co. | (36,658 ) | (2,283,793 ) | (13.8 ) |
Match Group, Inc. | (131,342 ) | (4,047,960 ) | (24.4 ) |
McDonald’s Corp. | (93,422 ) | (25,507,943 ) | (153.7 ) |
Microchip Technology, Inc. | (146,047 ) | (13,433,403 ) | (80.9 ) |
Mid-America Apartment Communities, Inc. | (43,526 ) | (5,658,380 ) | (34.1 ) |
MKS Instruments, Inc. | (6,169 ) | (733,988 ) | (4.4 ) |
Modine Manufacturing Co. | (6,306 ) | (584,125 ) | (3.5 ) |
Monday.com Ltd. | (9,202 ) | (1,742,215 ) | (10.5 ) |
Morgan Stanley | (69,249 ) | (6,290,579 ) | (37.9 ) |
Mueller Industries, Inc. | (18,821 ) | (1,050,588 ) | (6.3 ) |
New Fortress Energy, Inc., Class A | (36,707 ) | (961,723 ) | (5.8 ) |
NextEra Energy, Inc. | (135,444 ) | (9,070,685 ) | (54.7 ) |
NIKE, Inc., Class B | (10,127 ) | (934,317 ) | (5.6 ) |
Norfolk Southern Corp. | (129,193 ) | (29,755,732 ) | (179.3 ) |
Northern Trust Corp. | (28,633 ) | (2,359,073 ) | (14.2 ) |
Norwegian Cruise Line Holdings Ltd. | (29,491 ) | (557,970 ) | (3.4 ) |
Nucor Corp. | (854 ) | (143,925 ) | (0.9 ) |
nVent Electric PLC | (10,495 ) | (756,375 ) | (4.6 ) |
Occidental Petroleum Corp. | (57,609 ) | (3,810,259 ) | (23.0 ) |
Old National Bancorp | (632,034 ) | (10,453,842 ) | (63.0 ) |
Omega Healthcare Investors, Inc. | (250,889 ) | (7,629,534 ) | (46.0 ) |
Omnicom Group, Inc. | (133,228 ) | (12,368,887 ) | (74.5 ) |
ON Semiconductor Corp. | (22,642 ) | (1,588,563 ) | (9.6 ) |
OneMain Holdings, Inc. | (31,077 ) | (1,619,422 ) | (9.8 ) |
Onto Innovation, Inc. | (7,159 ) | (1,327,923 ) | (8.0 ) |
Option Care Health, Inc. | (41,487 ) | (1,240,046 ) | (7.5 ) |
Ormat Technologies, Inc. | (16,295 ) | (1,040,110 ) | (6.3 ) |
Packaging Corp. of America | (283 ) | (48,953 ) | (0.3 ) |
Parsons Corp. | (8,408 ) | (660,112 ) | (4.0 ) |
Paychex, Inc. | (76,381 ) | (9,074,827 ) | (54.7 ) |
Paycom Software, Inc. | (14,073 ) | (2,645,443 ) | (15.9 ) |
Paylocity Holding Corp. | (33,914 ) | (5,262,096 ) | (31.7 ) |
PepsiCo, Inc. | (57,866 ) | (10,179,208 ) | (61.3 ) |
Permian Resources Corp. | (678,222 ) | (11,360,218 ) | (68.5 ) |
PG&E Corp. | (252,009 ) | (4,311,874 ) | (26.0 ) |
Phillips 66 | (22,204 ) | (3,179,835 ) | (19.2 ) |
Pinnacle Financial Partners, Inc. | (5,945 ) | (455,981 ) | (2.7 ) |
Schedule of Investments39
Schedule of Investments (continued)
April 30, 2024
BlackRock Global Equity Market Neutral Fund
Security | Shares | Value | % of Basket Value |
United States (continued) | |||
Planet Fitness, Inc., Class A | (52,330 ) | $(3,131,427 ) | (18.9 )% |
Polaris, Inc. | (74,116 ) | (6,311,719 ) | (38.0 ) |
Primerica, Inc. | (2,711 ) | (574,352 ) | (3.5 ) |
Procore Technologies, Inc. | (21,455 ) | (1,467,951 ) | (8.8 ) |
PTC, Inc. | (40,351 ) | (7,159,881 ) | (43.1 ) |
PVH Corp. | (24,683 ) | (2,685,510 ) | (16.2 ) |
Qorvo, Inc. | (4,463 ) | (521,457 ) | (3.1 ) |
Quest Diagnostics, Inc. | (20,960 ) | (2,896,253 ) | (17.5 ) |
Radian Group, Inc. | (5,825 ) | (173,993 ) | (1.0 ) |
Rambus, Inc. | (5,873 ) | (321,958 ) | (1.9 ) |
Raymond James Financial, Inc. | (7,083 ) | (864,126 ) | (5.2 ) |
RBC Bearings, Inc. | (8,292 ) | (2,027,809 ) | (12.2 ) |
Republic Services, Inc. | (18,115 ) | (3,472,645 ) | (20.9 ) |
Revvity, Inc. | (4,823 ) | (494,213 ) | (3.0 ) |
Robinhood Markets, Inc., Class A | (2,145 ) | (35,371 ) | (0.2 ) |
Roivant Sciences Ltd. | (58,229 ) | (634,696 ) | (3.8 ) |
Ryan Specialty Holdings, Inc., Class A | (54,908 ) | (2,709,161 ) | (16.3 ) |
Ryman Hospitality Properties, Inc. | (2,013 ) | (212,331 ) | (1.3 ) |
SEI Investments Co. | (3,018 ) | (199,037 ) | (1.2 ) |
Selective Insurance Group, Inc. | (5,817 ) | (591,298 ) | (3.6 ) |
SharkNinja, Inc. | (92,468 ) | (5,943,843 ) | (35.8 ) |
Shift4 Payments, Inc., Class A | (14,993 ) | (867,495 ) | (5.2 ) |
Shockwave Medical, Inc. | (3,863 ) | (1,275,524 ) | (7.7 ) |
Simpson Manufacturing Co., Inc. | (1,039 ) | (180,672 ) | (1.1 ) |
Skechers USA, Inc., Class A | (49,718 ) | (3,283,874 ) | (19.8 ) |
SLM Corp. | (12,515 ) | (265,193 ) | (1.6 ) |
SolarEdge Technologies, Inc. | (4,602 ) | (269,907 ) | (1.6 ) |
Solventum Corp. | (3,295 ) | (214,208 ) | (1.3 ) |
Southern Co. | (73,260 ) | (5,384,610 ) | (32.4 ) |
SouthState Corp. | (79,781 ) | (6,039,422 ) | (36.4 ) |
STAG Industrial, Inc. | (2,748 ) | (94,504 ) | (0.6 ) |
Starbucks Corp. | (77,966 ) | (6,899,211 ) | (41.6 ) |
Stellantis NV | (7,754 ) | (171,210 ) | (1.0 ) |
Summit Materials, Inc., Class A | (83,505 ) | (3,248,344 ) | (19.6 ) |
Sun Communities, Inc. | (20,098 ) | (2,237,309 ) | (13.5 ) |
Super Micro Computer, Inc. | (6,750 ) | (5,796,900 ) | (34.9 ) |
Swiss Re AG | (49,776 ) | (5,455,446 ) | (32.9 ) |
Take-Two Interactive Software, Inc. | (30,691 ) | (4,382,982 ) | (26.4 ) |
Teledyne Technologies, Inc. | (535 ) | (204,092 ) | (1.2 ) |
Teleflex, Inc. | (6,789 ) | (1,417,204 ) | (8.5 ) |
Tenable Holdings, Inc. | (47,476 ) | (2,134,996 ) | (12.9 ) |
Texas Instruments, Inc. | (168,928 ) | (29,802,278 ) | (179.6 ) |
Timken Co. | (64,554 ) | (5,759,508 ) | (34.7 ) |
TKO Group Holdings, Inc., Class A | (37,701 ) | (3,569,154 ) | (21.5 ) |
T-Mobile U.S., Inc. | (115,734 ) | (19,000,051 ) | (114.5 ) |
Toro Co. | (9,809 ) | (859,170 ) | (5.2 ) |
Trade Desk, Inc., Class A | (7,643 ) | (633,223 ) | (3.8 ) |
Tradeweb Markets, Inc., Class A | (26,158 ) | (2,660,530 ) | (16.0 ) |
TransDigm Group, Inc. | (3,114 ) | (3,886,365 ) | (23.4 ) |
UDR, Inc. | (178,988 ) | (6,815,863 ) | (41.1 ) |
United Bankshares, Inc. | (38,611 ) | (1,253,313 ) | (7.6 ) |
United Parcel Service, Inc., Class B | (13,828 ) | (2,039,353 ) | (12.3 ) |
United Rentals, Inc. | (10,548 ) | (7,045,958 ) | (42.5 ) |
UnitedHealth Group, Inc. | (22,047 ) | (10,664,134 ) | (64.3 ) |
Valaris Ltd. | (34,544 ) | (2,247,433 ) | (13.5 ) |
Valley National Bancorp | (45,055 ) | (315,836 ) | (1.9 ) |
Ventas, Inc. | (118,925 ) | (5,265,999 ) | (31.7 ) |
Vertiv Holdings Co., Class A | (34,724 ) | (3,229,332 ) | (19.5 ) |
VICI Properties, Inc. | (85,550 ) | (2,442,452 ) | (14.7 ) |
Vontier Corp. | (8,173 ) | (332,069 ) | (2.0 ) |
Security | Shares | Value | % of Basket Value |
United States (continued) | |||
Voya Financial, Inc. | (41,022 ) | $(2,796,059 ) | (16.8 )% |
Walgreens Boots Alliance, Inc. | (203,106 ) | (3,601,069 ) | (21.7 ) |
Webster Financial Corp. | (23,483 ) | (1,029,260 ) | (6.2 ) |
Wells Fargo & Co. | (170,899 ) | (10,137,729 ) | (61.1 ) |
Welltower, Inc. | (9,722 ) | (926,312 ) | (5.6 ) |
Western Alliance Bancorp | (37,121 ) | (2,109,586 ) | (12.7 ) |
Weyerhaeuser Co. | (13,915 ) | (419,816 ) | (2.5 ) |
Whirlpool Corp. | (4,799 ) | (455,233 ) | (2.7 ) |
Williams Cos., Inc. | (162,233 ) | (6,223,258 ) | (37.5 ) |
WP Carey, Inc. | (193,658 ) | (10,620,205 ) | (64.0 ) |
Wyndham Hotels & Resorts, Inc. | (31,419 ) | (2,309,611 ) | (13.9 ) |
XPO, Inc. | (3,564 ) | (382,987 ) | (2.3 ) |
Zebra Technologies Corp., Class A | (2,493 ) | (784,198 ) | (4.7 ) |
Zimmer Biomet Holdings, Inc. | (97,112 ) | (11,680,631 ) | (70.4 ) |
ZoomInfo Technologies, Inc., Class A | (47,500 ) | (753,350 ) | (4.5 ) |
(1,068,839,116 ) | |||
Rights | |||
Australia | |||
NEXTDC Ltd., (Expires 05/09/24, Strike Price AUD 15.40) | (27,486 ) | (22,969 ) | (0.1 ) |
Total Reference Entity — Short | (1,297,802,131 ) | ||
Net Value of Reference Entity — Barclays Bank PLC | $16,595,556 | ||
The following table represents the individual long positions and related values of the equity securities underlying the total return swap with Barclays Bank PLC as of period end, termination dates 11/11/24 — 05/27/25:
Security | Shares | Value | % of Basket Value |
Reference Entity — Long | |||
Common Stocks | |||
Australia | |||
AUB Group Ltd. | 35,823 | $646,768 | (11.6 )% |
Charter Hall Retail REIT | 13,978 | 29,826 | (0.5 ) |
Collins Foods Ltd. | 158,574 | 1,013,311 | (18.2 ) |
Eagers Automotive Ltd. | 3,467 | 27,929 | (0.5 ) |
IRESS Ltd. | 225,023 | 1,224,635 | (21.9 ) |
Magellan Financial Group Ltd. | 131,737 | 744,663 | (13.4 ) |
Perpetual Ltd. | 4,135 | 62,869 | (1.1 ) |
SmartGroup Corp. Ltd. | 489,376 | 2,987,286 | (53.5 ) |
6,737,287 | |||
Austria | |||
ams-OSRAM AG | 708,487 | 856,869 | (15.4 ) |
Belgium | |||
Etablissements Franz Colruyt NV | 88,980 | 4,115,558 | (73.7 ) |
Canada | |||
AbCellera Biologics, Inc. | 151,530 | 572,783 | (10.2 ) |
ADENTRA, Inc. | 25,192 | 782,777 | (14.0 ) |
Birchcliff Energy Ltd. | 1,887,814 | 7,797,227 | (139.7 ) |
First Majestic Silver Corp. | 37,226 | 249,373 | (4.5 ) |
International Petroleum Corp. | 63,219 | 809,526 | (14.5 ) |
Torex Gold Resources, Inc. | 86,772 | 1,228,571 | (22.0 ) |
11,440,257 |
40
2024 BlackRock Annual Report to Shareholders
Schedule of Investments (continued)
April 30, 2024
BlackRock Global Equity Market Neutral Fund
Security | Shares | Value | % of Basket Value |
France | |||
ARGAN SA | 10,908 | $855,809 | (15.3 )% |
Coface SA | 5,392 | 83,380 | (1.5 ) |
SPIE SA | 214,533 | 7,786,793 | (139.5 ) |
8,725,982 | |||
Germany | |||
ProSiebenSat.1 Media SE | 9,054 | 70,655 | (1.3 ) |
Suedzucker AG | 2,862 | 41,033 | (0.7 ) |
111,688 | |||
Iraq | |||
Gulf Keystone Petroleum Ltd. | 1,200,796 | 1,747,872 | (31.3 ) |
Ireland | |||
Cimpress PLC | 25,721 | 2,193,230 | (39.3 ) |
Keywords Studios PLC | 25,301 | 357,007 | (6.4 ) |
2,550,237 | |||
Italy | |||
OVS SpA | 21,982 | 57,696 | (1.0 ) |
Japan | |||
Bank of Nagoya Ltd. | 2,100 | 93,727 | (1.7 ) |
Canon Electronics, Inc. | 7,600 | 108,793 | (1.9 ) |
Canon Marketing Japan, Inc. | 59,800 | 1,673,268 | (30.0 ) |
Cellebrite Di Ltd. | 152,869 | 1,652,514 | (29.6 ) |
Daiseki Co. Ltd. | 2,500 | 47,512 | (0.8 ) |
Earth Corp. | 12,400 | 351,487 | (6.3 ) |
Fujitsu General Ltd. | 321,000 | 4,203,424 | (75.3 ) |
Furuno Electric Co. Ltd. | 36,400 | 491,558 | (8.8 ) |
Fuyo General Lease Co. Ltd. | 600 | 51,456 | (0.9 ) |
INFRONEER Holdings, Inc. | 552,100 | 4,969,116 | (89.0 ) |
Iyogin Holdings, Inc. | 57,700 | 448,249 | (8.0 ) |
Japan Aviation Electronics Industry Ltd. | 1,700 | 27,278 | (0.5 ) |
JBCC Holdings, Inc. | 7,900 | 170,087 | (3.0 ) |
Juroku Financial Group, Inc. | 2,400 | 72,084 | (1.3 ) |
Kinden Corp. | 147,300 | 2,863,581 | (51.3 ) |
Kobayashi Pharmaceutical Co., Ltd. | 167,700 | 6,006,812 | (107.6 ) |
Koei Tecmo Holdings Co. Ltd. | 18,200 | 169,705 | (3.0 ) |
Kura Sushi, Inc. | 1,100 | 34,144 | (0.6 ) |
Makino Milling Machine Co. Ltd. | 21,000 | 857,499 | (15.4 ) |
Medipal Holdings Corp. | 107,500 | 1,711,884 | (30.7 ) |
Miura Co. Ltd. | 14,200 | 223,973 | (4.0 ) |
Nichiha Corp. | 20,000 | 474,904 | (8.5 ) |
Nippon Shokubai Co. Ltd. | 43,000 | 416,262 | (7.5 ) |
Nipro Corp. | 17,500 | 141,590 | (2.5 ) |
OBIC Business Consultants Co. Ltd. | 30,200 | 1,254,608 | (22.5 ) |
Open House Group Co. Ltd. | 15,000 | 462,444 | (8.3 ) |
Organo Corp. | 6,000 | 280,221 | (5.0 ) |
Persol Holdings Co. Ltd. | 3,413,300 | 4,808,159 | (86.1 ) |
San-A Co. Ltd. | 52,000 | 1,589,998 | (28.5 ) |
Sanyo Special Steel Co. Ltd. | 28,800 | 396,445 | (7.1 ) |
Ship Healthcare Holdings, Inc. | 142,200 | 2,152,938 | (38.6 ) |
Sumitomo Rubber Industries Ltd. | 694,800 | 8,585,453 | (153.8 ) |
Takasago Thermal Engineering Co. Ltd. | 18,700 | 638,634 | (11.4 ) |
Toda Corp. | 77,700 | 516,554 | (9.2 ) |
Token Corp. | 13,800 | 964,134 | (17.3 ) |
Tomy Co. Ltd. | 2,000 | 31,978 | (0.6 ) |
Tsumura & Co. | 3,600 | 86,748 | (1.6 ) |
UACJ Corp. | 114,500 | 3,560,637 | (63.8 ) |
Security | Shares | Value | % of Basket Value |
Japan (continued) | |||
UBE Corp. | 7,300 | $133,457 | (2.4 )% |
Zeon Corp. | 177,500 | 1,798,399 | (32.2 ) |
54,521,714 | |||
Luxembourg | |||
APERAM SA | 35,650 | 1,034,618 | (18.5 ) |
Monaco | |||
Scorpio Tankers, Inc. | 1,485 | 104,485 | (1.9 ) |
Netherlands | |||
Aalberts NV | 29,957 | 1,421,715 | (25.4 ) |
CTP NV | 1,586 | 27,031 | (0.5 ) |
SBM Offshore NV | 403,600 | 5,950,901 | (106.6 ) |
7,399,647 | |||
New Zealand | |||
Fisher & Paykel Healthcare Corp. Ltd., Class C | 4,308 | 71,720 | (1.3 ) |
Norway | |||
SpareBank 1 SMN | 3,948 | 52,470 | (0.9 ) |
Portugal | |||
NOS SGPS SA | 89,124 | 309,435 | (5.6 ) |
Singapore | |||
UOL Group Ltd. | 332,300 | 1,421,715 | (25.5 ) |
Venture Corp. Ltd. | 56,500 | 599,852 | (10.7 ) |
2,021,567 | |||
Spain | |||
Atlantica Sustainable Infrastructure PLC | 265,662 | 5,199,005 | (93.1 ) |
Sweden | |||
AAK AB | 1,098 | 28,478 | (0.5 ) |
Lagercrantz Group AB, B Shares | 2,586 | 38,272 | (0.7 ) |
Scandic Hotels Group AB | 183,831 | 974,984 | (17.4 ) |
SSAB AB, B Shares | 35,343 | 199,645 | (3.6 ) |
1,241,379 | |||
Switzerland | |||
Accelleron Industries AG | 680 | 26,562 | (0.5 ) |
United Kingdom | |||
AJ Bell PLC | 326,664 | 1,312,141 | (23.5 ) |
Babcock International Group PLC | 30,053 | 190,910 | (3.4 ) |
Dowlais Group PLC | 3,781,649 | 3,800,841 | (68.1 ) |
Greggs PLC | 211,084 | 7,058,964 | (126.4 ) |
Lancashire Holdings Ltd. | 104,215 | 789,582 | (14.2 ) |
Renew Holdings PLC | 14,240 | 169,017 | (3.0 ) |
Serica Energy PLC | 939,602 | 2,149,800 | (38.5 ) |
15,471,255 | |||
United States | |||
1-800-Flowers.com, Inc., Class A | 16,352 | 148,313 | (2.7 ) |
Accel Entertainment, Inc. | 92,046 | 988,574 | (17.7 ) |
Acushnet Holdings Corp. | 43,151 | 2,631,348 | (47.1 ) |
Agilysys, Inc. | 13,627 | 1,131,722 | (20.3 ) |
Alexander’s, Inc. | 1,035 | 218,965 | (3.9 ) |
Alkami Technology, Inc. | 18,325 | 441,083 | (7.9 ) |
Amalgamated Financial Corp. | 3,677 | 90,234 | (1.6 ) |
Ambac Financial Group, Inc. | 96,514 | 1,394,627 | (25.0 ) |
Ambarella, Inc. | 66,618 | 3,062,429 | (54.9 ) |
American Vanguard Corp. | 32,851 | 374,173 | (6.7 ) |
America’s Car-Mart, Inc. | 30,418 | 1,741,126 | (31.2 ) |
Schedule of Investments41
Schedule of Investments (continued)
April 30, 2024
BlackRock Global Equity Market Neutral Fund
Security | Shares | Value | % of Basket Value |
United States (continued) | |||
Anywhere Real Estate, Inc. | 80,968 | $393,504 | (7.0 )% |
Apogee Enterprises, Inc. | 12,154 | 750,874 | (13.4 ) |
Argan, Inc. | 40,440 | 2,436,914 | (43.6 ) |
Arlo Technologies, Inc. | 77,675 | 961,617 | (17.2 ) |
AtriCure, Inc. | 143,315 | 3,456,758 | (61.9 ) |
BancFirst Corp. | 1,684 | 150,162 | (2.7 ) |
Bandwidth, Inc., Class A | 156,055 | 2,840,201 | (50.9 ) |
Beazer Homes USA, Inc. | 107,865 | 3,023,456 | (54.2 ) |
Black Hills Corp. | 316,504 | 17,376,070 | (311.2 ) |
Blue Bird Corp. | 17,994 | 592,992 | (10.6 ) |
BlueLinx Holdings, Inc. | 26,516 | 2,908,010 | (52.1 ) |
Brightsphere Investment Group, Inc. | 58,089 | 1,291,899 | (23.1 ) |
Cable One, Inc. | 9,921 | 3,907,386 | (70.0 ) |
Century Communities, Inc. | 32,651 | 2,589,877 | (46.4 ) |
Chegg, Inc. | 213,252 | 1,102,513 | (19.7 ) |
Chuy’s Holdings, Inc. | 1,343 | 39,565 | (0.7 ) |
Clear Secure, Inc., Class A | 347,687 | 6,074,092 | (108.8 ) |
Clearwater Analytics Holdings, Inc., Class A | 28,815 | 454,701 | (8.1 ) |
Clearwater Paper Corp. | 683 | 30,762 | (0.6 ) |
CNA Financial Corp. | 2,498 | 109,762 | (2.0 ) |
Columbus McKinnon Corp. | 11,758 | 485,253 | (8.7 ) |
CommVault Systems, Inc. | 103,979 | 10,654,728 | (190.8 ) |
Comstock Resources, Inc. | 149,514 | 1,504,111 | (26.9 ) |
Construction Partners, Inc., Class A | 23,363 | 1,206,465 | (21.6 ) |
Corcept Therapeutics, Inc. | 210,154 | 4,900,791 | (87.8 ) |
Coursera, Inc. | 599,536 | 6,127,258 | (109.8 ) |
Credo Technology Group Holding Ltd. | 248,790 | 4,445,877 | (79.6 ) |
CRH PLC | 86,471 | 6,694,585 | (119.9 ) |
CSG Systems International, Inc. | 30,187 | 1,426,034 | (25.5 ) |
Customers Bancorp, Inc. | 10,248 | 468,026 | (8.4 ) |
Delek U.S. Holdings, Inc. | 110,665 | 3,024,474 | (54.2 ) |
Deluxe Corp. | 68,974 | 1,362,237 | (24.4 ) |
Diebold Nixdorf, Inc. | 67,224 | 2,128,312 | (38.1 ) |
Dime Community Bancshares, Inc. | 1,009 | 18,364 | (0.3 ) |
DNOW, Inc. | 188,484 | 2,659,509 | (47.6 ) |
Donnelley Financial Solutions, Inc. | 26,063 | 1,636,235 | (29.3 ) |
Dream Finders Homes, Inc., Class A | 39,385 | 1,398,168 | (25.0 ) |
Driven Brands Holdings, Inc. | 74,387 | 1,065,966 | (19.1 ) |
EnerSys | 57,102 | 5,164,876 | (92.5 ) |
Ennis, Inc. | 27,339 | 544,046 | (9.7 ) |
Enovis Corp. | 79,752 | 4,404,703 | (78.9 ) |
Everi Holdings, Inc. | 285,846 | 2,335,362 | (41.8 ) |
eXp World Holdings, Inc. | 157,550 | 1,569,198 | (28.1 ) |
Federated Hermes, Inc., Class B | 15,813 | 519,457 | (9.3 ) |
Figs, Inc., Class A | 455,564 | 2,327,932 | (41.7 ) |
First Foundation, Inc. | 39,136 | 214,465 | (3.8 ) |
Forestar Group, Inc. | 16,144 | 500,303 | (9.0 ) |
Forward Air Corp. | 151,639 | 3,339,091 | (59.8 ) |
Franklin Covey Co. | 5,757 | 224,178 | (4.0 ) |
Frontdoor, Inc. | 285,557 | 8,763,744 | (157.0 ) |
Fulgent Genetics, Inc. | 126,752 | 2,579,403 | (46.2 ) |
GATX Corp. | 76,614 | 9,374,489 | (167.9 ) |
Gibraltar Industries, Inc. | 21,787 | 1,556,899 | (27.9 ) |
G-III Apparel Group Ltd. | 12,522 | 352,494 | (6.3 ) |
Global Industrial Co. | 1,845 | 71,051 | (1.3 ) |
Gray Television, Inc. | 38,212 | 219,719 | (3.9 ) |
Greif, Inc., Class A | 7,309 | 447,896 | (8.0 ) |
Griffon Corp. | 42,392 | 2,777,524 | (49.8 ) |
Grocery Outlet Holding Corp. | 53,552 | 1,390,745 | (24.9 ) |
Group 1 Automotive, Inc. | 23,497 | 6,908,588 | (123.7 ) |
Guardant Health, Inc. | 509,251 | 9,166,518 | (164.2 ) |
Guess?, Inc. | 122,499 | 3,280,523 | (58.8 ) |
Security | Shares | Value | % of Basket Value |
United States (continued) | |||
Gulfport Energy Corp. | 33,923 | $5,383,919 | (96.4 )% |
HCI Group, Inc. | 4,467 | 510,042 | (9.1 ) |
Health Catalyst, Inc. | 29,219 | 181,742 | (3.3 ) |
Healthcare Services Group, Inc. | 22,872 | 242,901 | (4.4 ) |
Heidrick & Struggles International, Inc. | 872 | 25,707 | (0.5 ) |
Helen of Troy Ltd. | 45,519 | 4,220,066 | (75.6 ) |
Hims & Hers Health, Inc., Class A | 50,752 | 635,923 | (11.4 ) |
Huron Consulting Group, Inc. | 30,719 | 2,864,240 | (51.3 ) |
Hyster-Yale Materials Handling, Inc., Class A | 5,929 | 347,262 | (6.2 ) |
ICU Medical, Inc. | 47,384 | 4,639,841 | (83.1 ) |
IDT Corp., Class B | 760 | 27,010 | (0.5 ) |
Intapp, Inc. | 47,362 | 1,464,433 | (26.2 ) |
Integral Ad Science Holding Corp. | 112,972 | 1,083,401 | (19.4 ) |
International Seaways, Inc. | 99,138 | 5,481,340 | (98.2 ) |
Iridium Communications, Inc. | 323,742 | 9,968,016 | (178.5 ) |
JELD-WEN Holding, Inc. | 137,929 | 2,827,545 | (50.6 ) |
Kadant, Inc. | 24,790 | 6,787,254 | (121.6 ) |
Karat Packaging, Inc. | 2,236 | 60,596 | (1.1 ) |
Kforce, Inc. | 1,528 | 94,369 | (1.7 ) |
Kodiak Gas Services, Inc. | 122,220 | 3,321,940 | (59.5 ) |
Kohl’s Corp. | 220,367 | 5,275,586 | (94.5 ) |
Korn Ferry | 36,281 | 2,202,982 | (39.5 ) |
Landsea Homes Corp. | 60,642 | 700,415 | (12.5 ) |
Legalzoom.com, Inc. | 99,039 | 1,183,516 | (21.2 ) |
Leggett & Platt, Inc. | 282,861 | 5,111,298 | (91.6 ) |
LivaNova PLC | 80,054 | 4,463,010 | (79.9 ) |
LiveRamp Holdings, Inc. | 130,690 | 4,196,456 | (75.2 ) |
Lovesac Co. | 12,969 | 287,652 | (5.2 ) |
M/I Homes, Inc. | 59,244 | 6,885,338 | (123.3 ) |
Manitowoc Co., Inc. | 44,083 | 533,404 | (9.6 ) |
Marcus Corp. | 95,193 | 1,241,317 | (22.2 ) |
MaxLinear, Inc. | 37,457 | 778,731 | (13.9 ) |
Methode Electronics, Inc. | 43,266 | 527,413 | (9.4 ) |
MGP Ingredients, Inc. | 23,267 | 1,825,063 | (32.7 ) |
Midland States Bancorp, Inc. | 1,733 | 37,953 | (0.7 ) |
Minerals Technologies, Inc. | 38,853 | 2,831,995 | (50.7 ) |
Moog, Inc., Class A | 20,789 | 3,306,906 | (59.2 ) |
N-able, Inc. | 74,077 | 908,184 | (16.3 ) |
Nabors Industries Ltd. | 35,724 | 2,573,200 | (46.1 ) |
National Research Corp., Class A | 18,137 | 621,192 | (11.1 ) |
NETGEAR, Inc. | 32,349 | 478,118 | (8.6 ) |
NetScout Systems, Inc. | 96,728 | 1,862,981 | (33.4 ) |
Nevro Corp. | 121,144 | 1,281,704 | (23.0 ) |
New Jersey Resources Corp. | 156,408 | 6,833,466 | (122.4 ) |
NMI Holdings, Inc., Class A | 32,258 | 995,482 | (17.8 ) |
Novocure Ltd. | 241,126 | 2,951,382 | (52.9 ) |
OceanFirst Financial Corp. | 109,932 | 1,622,596 | (29.1 ) |
Oil States International, Inc. | 135,382 | 540,174 | (9.7 ) |
Oil-Dri Corp. of America | 1,240 | 85,870 | (1.5 ) |
Omnicell, Inc. | 102,021 | 2,735,183 | (49.0 ) |
ON24, Inc. | 80,339 | 529,434 | (9.5 ) |
Orthofix Medical, Inc. | 109,992 | 1,429,896 | (25.6 ) |
OSI Systems, Inc. | 670 | 88,065 | (1.6 ) |
Pacira BioSciences, Inc. | 3,513 | 92,216 | (1.7 ) |
Pactiv Evergreen, Inc. | 211,881 | 3,229,066 | (57.8 ) |
Palomar Holdings, Inc. | 5,148 | 404,993 | (7.3 ) |
Pegasystems, Inc. | 30,651 | 1,821,282 | (32.6 ) |
Penn Entertainment, Inc. | 742,936 | 12,288,161 | (220.1 ) |
Perella Weinberg Partners, Class A | 150,812 | 2,250,115 | (40.3 ) |
PetIQ, Inc., Class A | 54,434 | 888,363 | (15.9 ) |
Phibro Animal Health Corp., Class A | 53,813 | 898,677 | (16.1 ) |
Phinia, Inc. | 1,950 | 76,050 | (1.4 ) |
42
2024 BlackRock Annual Report to Shareholders
Schedule of Investments (continued)
April 30, 2024
BlackRock Global Equity Market Neutral Fund
Security | Shares | Value | % of Basket Value |
United States (continued) | |||
Phreesia, Inc. | 1,587 | $32,914 | (0.6 )% |
Portillo’s, Inc., Class A | 4,452 | 54,582 | (1.0 ) |
PRA Group, Inc. | 41,564 | 988,808 | (17.7 ) |
Premier Financial Corp. | 2,968 | 57,520 | (1.0 ) |
Prestige Consumer Healthcare, Inc. | 24,184 | 1,735,444 | (31.1 ) |
PROG Holdings, Inc. | 257,364 | 8,554,779 | (153.2 ) |
Progress Software Corp. | 30,262 | 1,507,653 | (27.0 ) |
Proto Labs, Inc. | 10,028 | 305,653 | (5.5 ) |
PubMatic, Inc., Class A | 37,282 | 836,608 | (15.0 ) |
Q2 Holdings, Inc. | 28,561 | 1,467,750 | (26.3 ) |
QuidelOrtho Corp. | 1,077 | 43,672 | (0.8 ) |
RLI Corp. | 191 | 26,998 | (0.5 ) |
SEMrush Holdings, Inc., Class A | 119,823 | 1,466,634 | (26.3 ) |
Semtech Corp. | 113,638 | 4,275,062 | (76.6 ) |
SIGA Technologies, Inc. | 45,158 | 396,487 | (7.1 ) |
SkyWest, Inc. | 1,552 | 113,343 | (2.0 ) |
SMART Global Holdings, Inc. | 51,744 | 945,363 | (16.9 ) |
SolarWinds Corp. | 46,377 | 511,075 | (9.2 ) |
Sonic Automotive, Inc., Class A | 2,141 | 123,835 | (2.2 ) |
Sonos, Inc. | 251,101 | 4,243,607 | (76.0 ) |
Spire, Inc. | 112,841 | 6,972,445 | (124.9 ) |
Squarespace, Inc., Class A | 94,965 | 3,310,480 | (59.3 ) |
Sterling Infrastructure, Inc. | 7,285 | 740,156 | (13.3 ) |
Sunrun, Inc. | 3,147 | 32,383 | (0.6 ) |
Supernus Pharmaceuticals, Inc. | 13,182 | 396,778 | (7.1 ) |
Teladoc Health, Inc. | 1,066,661 | 13,599,928 | (243.6 ) |
TTEC Holdings, Inc. | 37,321 | 271,697 | (4.9 ) |
TTM Technologies, Inc. | 200,037 | 2,986,552 | (53.5 ) |
Under Armour, Inc., Class A | 655,074 | 4,408,648 | (79.0 ) |
Unitil Corp. | 819 | 41,720 | (0.7 ) |
Universal Insurance Holdings, Inc. | 2,258 | 44,076 | (0.8 ) |
Universal Technical Institute, Inc. | 220,812 | 3,360,759 | (60.2 ) |
Upbound Group, Inc. | 158,140 | 4,903,921 | (87.8 ) |
Upwork, Inc. | 261,267 | 3,056,824 | (54.8 ) |
Veradigm, Inc. | 53,524 | 427,657 | (7.7 ) |
Viad Corp. | 13,662 | 471,066 | (8.4 ) |
Viasat, Inc. | 92,767 | 1,475,923 | (26.4 ) |
Viavi Solutions, Inc. | 473,605 | 3,741,480 | (67.0 ) |
Victory Capital Holdings, Inc., Class A | 40,313 | 2,050,319 | (36.7 ) |
Virtu Financial, Inc., Class A | 2,435 | 52,840 | (0.9 ) |
Vishay Precision Group, Inc. | 8,488 | 280,104 | (5.0 ) |
Visteon Corp. | 791 | 87,508 | (1.6 ) |
Vita Coco Co., Inc. | 21,791 | 528,214 | (9.5 ) |
Vital Farms, Inc. | 24,786 | 663,273 | (11.9 ) |
Wabash National Corp. | 16,716 | 386,307 | (6.9 ) |
WD-40 Co. | 20,311 | 4,592,926 | (82.3 ) |
Weave Communications, Inc. | 144,152 | 1,540,985 | (27.6 ) |
Wolfspeed, Inc. | 47,242 | 1,276,951 | (22.9 ) |
World Kinect Corp. | 189,331 | 4,449,278 | (79.7 ) |
Yext, Inc. | 3,685 | 20,231 | (0.4 ) |
Zeta Global Holdings Corp., Class A | 288,635 | 3,567,529 | (63.9 ) |
ZipRecruiter, Inc., Class A | 4,767 | 49,005 | (0.9 ) |
Security | Shares | Value | % of Basket Value |
United States (continued) | |||
Zumiez, Inc. | 5,055 | $86,946 | (1.6 )% |
Zuora, Inc., Class A | 29,150 | 287,419 | (5.1 ) |
418,845,853 | |||
Total Reference Entity — Long | 542,643,156 | ||
Reference Entity — Short | |||
Common Stocks | |||
Australia | |||
ALS Ltd. | (65,142 ) | (542,165 ) | 9.7 |
APM Human Services International Ltd. | (131,638 ) | (102,263 ) | 1.8 |
ARB Corp. Ltd. | (22,340 ) | (545,979 ) | 9.8 |
Atlas Arteria Ltd. | (30,380 ) | (102,066 ) | 1.8 |
Bank of Queensland Ltd. | (246,766 ) | (970,473 ) | 17.4 |
Bellevue Gold Ltd. | (2,112,550 ) | (2,376,195 ) | 42.6 |
Brickworks Ltd. | (58,519 ) | (1,003,362 ) | 18.0 |
Capricorn Metals Ltd. | (222,196 ) | (700,260 ) | 12.5 |
Champion Iron Ltd. | (106,602 ) | (481,187 ) | 8.6 |
Corporate Travel Management Ltd. | (73,540 ) | (717,290 ) | 12.8 |
De Grey Mining Ltd. | (921,342 ) | (763,218 ) | 13.7 |
Deep Yellow Ltd. | (223,899 ) | (205,669 ) | 3.7 |
EVT Ltd. | (16,083 ) | (122,537 ) | 2.2 |
GUD Holdings Ltd. | (43,217 ) | (282,469 ) | 5.1 |
Iris Energy Ltd. | (90,529 ) | (392,896 ) | 7.0 |
Karoon Energy Ltd. | (49,936 ) | (62,181 ) | 1.1 |
Kelsian Group Ltd. | (312,770 ) | (1,106,674 ) | 19.8 |
Lifestyle Communities Ltd. | (86,662 ) | (660,015 ) | 11.8 |
Liontown Resources Ltd. | (882,242 ) | (689,607 ) | 12.4 |
Neuren Pharmaceuticals Ltd. | (7,980 ) | (97,747 ) | 1.7 |
Nine Entertainment Co. Holdings Ltd. | (388,813 ) | (377,270 ) | 6.8 |
PEXA Group Ltd. | (87,125 ) | (674,749 ) | 12.1 |
Red 5 Ltd. | (1,414,302 ) | (403,336 ) | 7.2 |
Sandfire Resources Ltd. | (5,817 ) | (35,036 ) | 0.6 |
Sigma Healthcare Ltd. | (265,830 ) | (215,476 ) | 3.9 |
Strike Energy Ltd. | (72,186 ) | (10,176 ) | 0.2 |
Westgold Resources Ltd. | (92,470 ) | (131,945 ) | 2.4 |
(13,772,241 ) | |||
Canada | |||
Choice Properties Real Estate Investment Trust | (33,794 ) | (321,116 ) | 5.7 |
Cineplex, Inc. | (26,023 ) | (164,980 ) | 3.0 |
(486,096 ) | |||
China | |||
indie Semiconductor, Inc., Class A | (1,061,820 ) | (5,967,428 ) | 106.9 |
Costa Rica | |||
Establishment Labs Holdings, Inc. | (1,746 ) | (87,317 ) | 1.6 |
Finland | |||
TietoEVRY OYJ | (151,058 ) | (2,844,952 ) | 51.0 |
France | |||
IPSOS SA | (581 ) | (38,807 ) | 0.7 |
Germany | |||
Siltronic AG | (2,011 ) | (156,417 ) | 2.8 |
Ghana | |||
Tullow Oil PLC | (98,469 ) | (44,161 ) | 0.8 |
Indonesia | |||
Nickel Industries Ltd. | (5,295,101 ) | (3,166,954 ) | 56.7 |
Schedule of Investments43
Schedule of Investments (continued)
April 30, 2024
BlackRock Global Equity Market Neutral Fund
Security | Shares | Value | % of Basket Value |
Israel | |||
Enlight Renewable Energy Ltd. | (56,413 ) | $(899,180 ) | 16.1 % |
Isracard Ltd. | (9,344 ) | (33,874 ) | 0.6 |
Maytronics Ltd. | (2,224 ) | (18,853 ) | 0.4 |
(951,907 ) | |||
Italy | |||
Ermenegildo Zegna NV | (132,865 ) | (1,634,240 ) | 29.3 |
Eurogroup Laminations SpA | (7,074 ) | (30,717 ) | 0.5 |
Stevanato Group SpA | (86,984 ) | (2,439,031 ) | 43.7 |
(4,103,988 ) | |||
Japan | |||
Advance Logistics Investment Corp. | (243 ) | (190,904 ) | 3.4 |
Advance Residence Investment Corp. | (910 ) | (1,996,467 ) | 35.8 |
Aeon Fantasy Co. Ltd. | (15,700 ) | (224,769 ) | 4.0 |
AEON Financial Service Co. Ltd. | (309,800 ) | (2,626,496 ) | 47.0 |
Aichi Financial Group, Inc. | (1,300 ) | (25,007 ) | 0.4 |
Aiful Corp. | (92,500 ) | (274,022 ) | 4.9 |
Ain Holdings, Inc. | (7,100 ) | (269,688 ) | 4.8 |
Amvis Holdings, Inc. | (88,800 ) | (1,229,677 ) | 22.0 |
Anicom Holdings, Inc. | (68,300 ) | (260,819 ) | 4.7 |
Anycolor, Inc. | (19,900 ) | (279,167 ) | 5.0 |
Arclands Corp. | (94,500 ) | (1,184,751 ) | 21.2 |
ARE Holdings, Inc. | (112,300 ) | (1,474,300 ) | 26.4 |
Ariake Japan Co. Ltd. | (25,200 ) | (836,205 ) | 15.0 |
As One Corp. | (38,000 ) | (637,005 ) | 11.4 |
Asahi Yukizai Corp. | (40,300 ) | (1,281,476 ) | 23.0 |
Autobacs Seven Co. Ltd. | (10,700 ) | (108,189 ) | 1.9 |
Base Co. Ltd. | (1,300 ) | (28,790 ) | 0.5 |
Benefit One, Inc. | (66,200 ) | (920,307 ) | 16.5 |
Central Glass Co., Ltd. | (2,200 ) | (39,068 ) | 0.7 |
Change Holdings, Inc. | (149,900 ) | (1,142,273 ) | 20.5 |
Charm Care Corp. KK | (8,200 ) | (79,299 ) | 1.4 |
Chikaranomoto Holdings Co. Ltd. | (6,300 ) | (68,897 ) | 1.2 |
Chiyoda Corp. | (455,200 ) | (1,277,176 ) | 22.9 |
Comforia Residential REIT, Inc. | (1,244 ) | (2,741,433 ) | 49.1 |
Cover Corp. | (94,800 ) | (1,030,976 ) | 18.5 |
CUC, Inc. | (5,900 ) | (64,804 ) | 1.2 |
Curves Holdings Co. Ltd. | (31,100 ) | (148,850 ) | 2.7 |
Daiei Kankyo Co. Ltd. | (25,100 ) | (427,270 ) | 7.7 |
Daikoku Denki Co. Ltd. | (13,200 ) | (307,735 ) | 5.5 |
Daikokutenbussan Co. Ltd. | (3,700 ) | (192,892 ) | 3.5 |
Daio Paper Corp. | (246,500 ) | (1,796,206 ) | 32.2 |
Daiwa Office Investment Corp. | (207 ) | (768,546 ) | 13.8 |
DCM Holdings Co. Ltd. | (22,800 ) | (214,873 ) | 3.8 |
Descente Ltd. | (150,400 ) | (3,447,939 ) | 61.8 |
dip Corp. | (59,500 ) | (1,024,347 ) | 18.3 |
Duskin Co. Ltd. | (2,600 ) | (54,048 ) | 1.0 |
Eagle Industry Co. Ltd. | (74,100 ) | (874,947 ) | 15.7 |
Enplas Corp. | (5,000 ) | (275,385 ) | 4.9 |
First Bank of Toyama Ltd. | (136,800 ) | (819,665 ) | 14.7 |
Fixstars Corp. | (1,800 ) | (22,875 ) | 0.4 |
Freee KK | (2,400 ) | (42,791 ) | 0.8 |
Frontier Real Estate Investment Corp. | (22 ) | (64,657 ) | 1.2 |
Fuji Kyuko Co. Ltd. | (4,800 ) | (103,661 ) | 1.9 |
Fuji Media Holdings, Inc. | (89,400 ) | (1,082,351 ) | 19.4 |
Fuji Oil Holdings, Inc. | (64,600 ) | (968,532 ) | 17.3 |
Fujita Kanko, Inc. | (900 ) | (38,592 ) | 0.7 |
Fukuyama Transporting Co. Ltd. | (5,600 ) | (137,782 ) | 2.5 |
Furuya Metal Co. Ltd. | (10,900 ) | (774,534 ) | 13.9 |
Fuso Chemical Co. Ltd. | (9,800 ) | (256,371 ) | 4.6 |
Security | Shares | Value | % of Basket Value |
Japan (continued) | |||
Future Corp. | (23,200 ) | $(235,722 ) | 4.2 % |
Globeride, Inc. | (57,600 ) | (745,755 ) | 13.4 |
GungHo Online Entertainment, Inc. | (116,000 ) | (1,736,055 ) | 31.1 |
Hakuto Co. Ltd. | (85,200 ) | (2,996,168 ) | 53.7 |
Hankyu Hanshin REIT, Inc. | (77 ) | (70,191 ) | 1.3 |
Heiwa Real Estate REIT, Inc. | (155 ) | (139,893 ) | 2.5 |
Hino Motors Ltd. | (1,217,000 ) | (3,594,867 ) | 64.4 |
Hirata Corp. | (14,400 ) | (656,089 ) | 11.8 |
Hitachi Zosen Corp. | (6,700 ) | (52,832 ) | 0.9 |
Hokkaido Electric Power Co., Inc. | (21,800 ) | (154,905 ) | 2.8 |
Hokkoku Financial Holdings, Inc. | (4,600 ) | (149,916 ) | 2.7 |
Hoshino Resorts REIT, Inc. | (80 ) | (284,757 ) | 5.1 |
House Foods Group, Inc. | (37,100 ) | (739,494 ) | 13.2 |
Idec Corp. | (11,300 ) | (202,987 ) | 3.6 |
IDOM, Inc. | (56,000 ) | (504,952 ) | 9.0 |
Iino Kaiun Kaisha Ltd. | (129,700 ) | (1,061,637 ) | 19.0 |
Insource Co. Ltd. | (10,500 ) | (51,410 ) | 0.9 |
Internet Initiative Japan, Inc. | (111,400 ) | (1,919,305 ) | 34.4 |
Invincible Investment Corp. | (61 ) | (27,330 ) | 0.5 |
Iwatani Corp. | (1,800 ) | (102,208 ) | 1.8 |
J Trust Co. Ltd. | (28,600 ) | (82,885 ) | 1.5 |
Japan Elevator Service Holdings Co. Ltd. | (32,900 ) | (516,949 ) | 9.3 |
Japan Logistics Fund, Inc. | (388 ) | (704,478 ) | 12.6 |
Japan Prime Realty Investment Corp. | (78 ) | (171,914 ) | 3.1 |
Japan Steel Works Ltd. | (109,100 ) | (2,696,668 ) | 48.3 |
JMDC, Inc. | (42,700 ) | (876,064 ) | 15.7 |
JTOWER, Inc. | (10,200 ) | (211,810 ) | 3.8 |
Justsystems Corp. | (16,100 ) | (283,961 ) | 5.1 |
JVCKenwood Corp. | (13,500 ) | (68,626 ) | 1.2 |
Kadokawa Corp. | (15,300 ) | (284,708 ) | 5.1 |
Kagome Co. Ltd. | (60,800 ) | (1,580,654 ) | 28.3 |
Kanto Denka Kogyo Co. Ltd. | (11,300 ) | (78,430 ) | 1.4 |
Katitas Co. Ltd. | (58,900 ) | (721,480 ) | 12.9 |
KeePer Technical Laboratory Co. Ltd. | (32,300 ) | (934,599 ) | 16.7 |
Keihan Holdings Co. Ltd. | (12,400 ) | (262,663 ) | 4.7 |
KH Neochem Co. Ltd. | (7,800 ) | (121,318 ) | 2.2 |
Ki-Star Real Estate Co. Ltd. | (12,400 ) | (305,371 ) | 5.5 |
Kiyo Bank Ltd. | (5,900 ) | (69,017 ) | 1.2 |
Komehyo Holdings Co. Ltd. | (45,400 ) | (1,089,250 ) | 19.5 |
Komeri Co. Ltd. | (21,200 ) | (522,517 ) | 9.4 |
Kosaido Holdings Co. Ltd. | (19,600 ) | (91,251 ) | 1.6 |
Kotobuki Spirits Co. Ltd. | (5,400 ) | (55,601 ) | 1.0 |
Krosaki Harima Corp. | (28,800 ) | (633,519 ) | 11.3 |
K’s Holdings Corp. | (7,500 ) | (71,994 ) | 1.3 |
Kumiai Chemical Industry Co. Ltd. | (178,500 ) | (926,768 ) | 16.6 |
KYB Corp. | (14,900 ) | (518,036 ) | 9.3 |
LaSalle Logiport REIT | (175 ) | (178,300 ) | 3.2 |
Leopalace21 Corp. | (809,100 ) | (2,725,102 ) | 48.8 |
Lifedrink Co., Inc. | (900 ) | (29,019 ) | 0.5 |
Lion Corp. | (33,500 ) | (300,427 ) | 5.4 |
LITALICO, Inc. | (18,400 ) | (216,844 ) | 3.9 |
Mars Group Holdings Corp. | (3,900 ) | (81,350 ) | 1.5 |
Maruwa Co. Ltd. | (4,700 ) | (1,003,904 ) | 18.0 |
Matsui Securities Co. Ltd. | (312,100 ) | (1,618,643 ) | 29.0 |
Matsuya Co. Ltd. | (92,600 ) | (536,470 ) | 9.6 |
Medley, Inc. | (69,300 ) | (1,613,629 ) | 28.9 |
Micronics Japan Co. Ltd. | (14,400 ) | (598,061 ) | 10.7 |
Mitsubishi Estate Logistics REIT Investment Corp. | (38 ) | (99,161 ) | 1.8 |
Mitsubishi Logistics Corp. | (25,700 ) | (865,036 ) | 15.5 |
Mitsuboshi Belting Ltd. | (27,400 ) | (855,936 ) | 15.3 |
44
2024 BlackRock Annual Report to Shareholders
Schedule of Investments (continued)
April 30, 2024
BlackRock Global Equity Market Neutral Fund
Security | Shares | Value | % of Basket Value |
Japan (continued) | |||
Mitsui E&S Co. Ltd. | (17,700 ) | $(195,165 ) | 3.5 % |
Mitsui Fudosan Logistics Park, Inc. | (496 ) | (1,447,645 ) | 25.9 |
Mitsui-Soko Holdings Co. Ltd. | (48,800 ) | (1,465,967 ) | 26.3 |
Money Forward, Inc. | (58,200 ) | (2,062,150 ) | 36.9 |
Mori Hills REIT Investment Corp. | (798 ) | (707,122 ) | 12.7 |
Morinaga Milk Industry Co. Ltd. | (52,200 ) | (1,041,712 ) | 18.7 |
Musashino Bank Ltd. | (800 ) | (15,947 ) | 0.3 |
Nakayama Steel Works Ltd. | (34,700 ) | (203,554 ) | 3.6 |
Namura Shipbuilding Co. Ltd. | (58,500 ) | (741,682 ) | 13.3 |
Nankai Electric Railway Co. Ltd. | (49,600 ) | (881,587 ) | 15.8 |
NET One Systems Co. Ltd. | (7,900 ) | (133,770 ) | 2.4 |
Nichias Corp. | (17,900 ) | (498,257 ) | 8.9 |
Nihon Kohden Corp. | (27,600 ) | (763,234 ) | 13.7 |
Nikkiso Co. Ltd. | (60,000 ) | (488,109 ) | 8.7 |
Nikkon Holdings Co. Ltd. | (25,700 ) | (513,002 ) | 9.2 |
Nippon Accommodations Fund, Inc. | (275 ) | (1,166,062 ) | 20.9 |
Nippon Carbon Co. Ltd. | (8,100 ) | (290,246 ) | 5.2 |
Nippon Kayaku Co. Ltd. | (36,200 ) | (300,336 ) | 5.4 |
Nippon Parking Development Co. Ltd., Class C | (379,800 ) | (475,205 ) | 8.5 |
Nippon Pillar Packing Co. Ltd. | (5,600 ) | (224,518 ) | 4.0 |
Nippon REIT Investment Corp. | (12 ) | (27,103 ) | 0.5 |
Nippon Television Holdings, Inc. | (90,000 ) | (1,337,727 ) | 24.0 |
Nippon Yakin Kogyo Co. Ltd. | (128,100 ) | (3,858,499 ) | 69.1 |
Nishimatsuya Chain Co. Ltd. | (56,700 ) | (800,540 ) | 14.3 |
Nishi-Nippon Railroad Co. Ltd. | (26,900 ) | (427,040 ) | 7.6 |
Noevir Holdings Co. Ltd. | (30,400 ) | (1,024,469 ) | 18.4 |
Nojima Corp. | (48,700 ) | (591,341 ) | 10.6 |
Nomura Micro Science Co. Ltd. | (100,100 ) | (3,256,110 ) | 58.3 |
NPR-RIKEN Corp. | (51,700 ) | (969,154 ) | 17.4 |
NSD Co. Ltd. | (2,100 ) | (41,046 ) | 0.7 |
NTT UD REIT Investment Corp. | (2,879 ) | (2,248,884 ) | 40.3 |
Nxera Pharma Co. Ltd. | (55,800 ) | (525,586 ) | 9.4 |
Orient Corp. | (167,400 ) | (1,112,966 ) | 19.9 |
Osaka Soda Co. Ltd. | (53,900 ) | (3,216,255 ) | 57.6 |
OSAKA Titanium Technologies Co. Ltd. | (18,200 ) | (288,843 ) | 5.2 |
OSG Corp. | (86,900 ) | (1,139,839 ) | 20.4 |
Pilot Corp. | (1,200 ) | (32,118 ) | 0.6 |
Piolax, Inc. | (10,700 ) | (185,118 ) | 3.3 |
PKSHA Technology, Inc. | (50,600 ) | (1,419,639 ) | 25.4 |
Plus Alpha Consulting Co. Ltd. | (2,400 ) | (30,528 ) | 0.5 |
Pola Orbis Holdings, Inc. | (67,400 ) | (624,179 ) | 11.2 |
Premium Group Co. Ltd. | (40,200 ) | (573,563 ) | 10.3 |
Prestige International, Inc. | (12,400 ) | (52,955 ) | 0.9 |
Qol Holdings Co. Ltd. | (51,900 ) | (593,049 ) | 10.6 |
Raksul, Inc. | (45,300 ) | (261,314 ) | 4.7 |
Rengo Co. Ltd. | (93,500 ) | (713,803 ) | 12.8 |
RENOVA, Inc. | (142,500 ) | (1,362,218 ) | 24.4 |
Ricoh Leasing Co. Ltd. | (6,000 ) | (207,582 ) | 3.7 |
Riken Keiki Co. Ltd. | (38,500 ) | (957,139 ) | 17.1 |
Ringer Hut Co. Ltd. | (13,200 ) | (195,598 ) | 3.5 |
Roland Corp. | (13,400 ) | (371,166 ) | 6.6 |
Ryoyo Ryosan Holdings, Inc. | (2,112 ) | (37,918 ) | 0.7 |
Sangetsu Corp. | (39,800 ) | (861,776 ) | 15.4 |
San-In Godo Bank Ltd. | (26,400 ) | (209,287 ) | 3.7 |
Sankyu, Inc. | (1,500 ) | (52,004 ) | 0.9 |
Sansan, Inc. | (145,200 ) | (1,354,091 ) | 24.3 |
Sanwa Holdings Corp. | (10,100 ) | (167,056 ) | 3.0 |
Sanyo Denki Co. Ltd. | (6,700 ) | (321,452 ) | 5.8 |
Sawai Group Holdings Co. Ltd. | (11,800 ) | (448,277 ) | 8.0 |
SBI Sumishin Net Bank Ltd. | (209,600 ) | (3,193,944 ) | 57.2 |
Security | Shares | Value | % of Basket Value |
Japan (continued) | |||
SBS Holdings, Inc. | (54,900 ) | $(964,110 ) | 17.3 % |
Sekisui House REIT, Inc. | (339 ) | (176,970 ) | 3.2 |
Seven Bank Ltd. | (325,600 ) | (592,775 ) | 10.6 |
Shiga Bank Ltd. | (2,000 ) | (52,685 ) | 0.9 |
Shin Nippon Biomedical Laboratories Ltd. | (4,700 ) | (45,746 ) | 0.8 |
Shoei Co. Ltd. | (203,600 ) | (2,663,445 ) | 47.7 |
Simplex Holdings, Inc. | (7,800 ) | (127,351 ) | 2.3 |
Sinfonia Technology Co. Ltd. | (14,300 ) | (308,878 ) | 5.5 |
SKY Perfect JSAT Holdings, Inc. | (49,700 ) | (297,933 ) | 5.3 |
SMS Co. Ltd. | (8,600 ) | (119,002 ) | 2.1 |
SOSiLA Logistics REIT, Inc. | (70 ) | (55,113 ) | 1.0 |
Sotetsu Holdings, Inc. | (120,000 ) | (1,949,320 ) | 34.9 |
Star Asia Investment Corp. | (3,195 ) | (1,269,462 ) | 22.7 |
Sumitomo Heavy Industries Ltd. | (1,700 ) | (47,373 ) | 0.8 |
Sumitomo Pharma Co. Ltd. | (1,548,600 ) | (3,976,064 ) | 71.2 |
Takara Holdings, Inc. | (299,900 ) | (2,001,607 ) | 35.9 |
TechnoPro Holdings, Inc. | (4,400 ) | (74,947 ) | 1.3 |
Teijin Ltd. | (10,900 ) | (106,337 ) | 1.9 |
TKP Corp. | (7,500 ) | (67,877 ) | 1.2 |
Tocalo Co. Ltd. | (10,100 ) | (117,963 ) | 2.1 |
Toho Bank Ltd. | (174,000 ) | (380,494 ) | 6.8 |
Toho Gas Co. Ltd. | (2,000 ) | (52,242 ) | 0.9 |
Tokai Carbon Co. Ltd. | (74,600 ) | (495,585 ) | 8.9 |
Tokyo Steel Manufacturing Co. Ltd. | (55,000 ) | (590,546 ) | 10.6 |
Topcon Corp. | (8,200 ) | (96,311 ) | 1.7 |
Topre Corp. | (12,200 ) | (200,560 ) | 3.6 |
Torishima Pump Manufacturing Co. Ltd. | (40,900 ) | (751,493 ) | 13.5 |
Towa Corp. | (38,400 ) | (2,242,083 ) | 40.2 |
Toyo Gosei Co. Ltd. | (3,400 ) | (177,608 ) | 3.2 |
TRE Holdings Corp. | (26,700 ) | (218,289 ) | 3.9 |
Tri Chemical Laboratories, Inc. | (43,400 ) | (1,227,621 ) | 22.0 |
Tsuburaya Fields Holdings, Inc. | (148,700 ) | (1,725,973 ) | 30.9 |
TV Asahi Holdings Corp. | (4,200 ) | (56,100 ) | 1.0 |
Universal Entertainment Corp. | (54,200 ) | (577,971 ) | 10.4 |
Ushio, Inc. | (167,400 ) | (2,236,077 ) | 40.1 |
Valqua Ltd. | (6,500 ) | (185,059 ) | 3.3 |
Vision, Inc. | (7,200 ) | (53,527 ) | 1.0 |
Weathernews, Inc. | (2,200 ) | (65,081 ) | 1.2 |
West Holdings Corp. | (4,500 ) | (75,684 ) | 1.4 |
Yamada Holdings Co. Ltd. | (975,000 ) | (2,819,158 ) | 50.5 |
Yamato Kogyo Co. Ltd. | (39,800 ) | (2,173,759 ) | 38.9 |
Yodogawa Steel Works Ltd. | (31,700 ) | (1,011,265 ) | 18.1 |
Yonex Co. Ltd. | (27,800 ) | (225,696 ) | 4.0 |
Zenkoku Hosho Co. Ltd. | (19,300 ) | (688,817 ) | 12.3 |
Zojirushi Corp. | (37,500 ) | (372,330 ) | 6.7 |
(156,586,433 ) | |||
Malta | |||
Gambling.com Group Ltd. | (57,146 ) | (494,313 ) | 8.9 |
Mexico | |||
Fresnillo PLC | (155,719 ) | (1,076,863 ) | 19.3 |
Netherlands | |||
Arcadis NV | (32,166 ) | (1,990,498 ) | 35.7 |
Norway | |||
Hoegh Autoliners ASA | (17,136 ) | (181,323 ) | 3.2 |
MPC Container Ships ASA | (48,470 ) | (78,499 ) | 1.4 |
NEL ASA | (178,665 ) | (83,281 ) | 1.5 |
(343,103 ) |
Schedule of Investments45
Schedule of Investments (continued)
April 30, 2024
BlackRock Global Equity Market Neutral Fund
Security | Shares | Value | % of Basket Value |
Portugal | |||
Greenvolt-Energias Renovaveis SA | (17,344 ) | $(154,354 ) | 2.8 % |
Singapore | |||
AEM Holdings Ltd. | (10,000 ) | (17,150 ) | 0.3 |
Sweden | |||
Nordnet AB | (91,984 ) | (1,652,907 ) | 29.6 |
Note AB | (53,021 ) | (677,501 ) | 12.1 |
OX2 AB | (60,544 ) | (221,052 ) | 4.0 |
Surgical Science Sweden AB | (5,245 ) | (75,142 ) | 1.3 |
Truecaller AB, Class B | (9,049 ) | (29,055 ) | 0.5 |
Viaplay Group AB | (650,514 ) | (43,580 ) | 0.8 |
(2,699,237 ) | |||
Switzerland | |||
DocMorris AG | (3,052 ) | (271,310 ) | 4.8 |
Garrett Motion, Inc. | (328,009 ) | (3,135,766 ) | 56.2 |
(3,407,076 ) | |||
United Kingdom | |||
Ascential PLC | (132,358 ) | (508,688 ) | 9.1 |
Forterra PLC | (96,910 ) | (197,637 ) | 3.5 |
Genius Sports Ltd. | (245,468 ) | (1,237,159 ) | 22.2 |
Global Ship Lease, Inc., Class A | (171,417 ) | (3,901,451 ) | 69.9 |
Virgin Money UK PLC | (160,188 ) | (420,971 ) | 7.5 |
(6,265,906 ) | |||
United States | |||
Acadia Realty Trust | (704,143 ) | (12,167,591 ) | 217.9 |
Adeia, Inc. | (106,688 ) | (1,049,810 ) | 18.8 |
Aehr Test Systems | (163,594 ) | (1,959,856 ) | 35.1 |
agilon health, Inc. | (392,153 ) | (2,156,841 ) | 38.6 |
Amerant Bancorp, Inc., Class A | (21,312 ) | (461,618 ) | 8.3 |
American Axle & Manufacturing Holdings, Inc. | (272,767 ) | (2,002,110 ) | 35.9 |
American Coastal Insurance Corp., Class C | (4,523 ) | (47,356 ) | 0.8 |
Apollo Commercial Real Estate Finance, Inc. | (14,389 ) | (138,566 ) | 2.5 |
Applied Optoelectronics, Inc. | (38,740 ) | (381,589 ) | 6.8 |
Ares Commercial Real Estate Corp. | (7,225 ) | (49,058 ) | 0.9 |
Aris Water Solutions, Inc., Class A | (163,477 ) | (2,293,582 ) | 41.1 |
ARMOUR Residential REIT, Inc. | (442,021 ) | (8,031,522 ) | 143.9 |
Artesian Resources Corp., Class A | (2,236 ) | (78,215 ) | 1.4 |
Assured Guaranty Ltd. | (35,662 ) | (2,735,275 ) | 49.0 |
Astrana Health, Inc. | (29,035 ) | (1,078,650 ) | 19.3 |
Atlanta Braves Holdings, Inc., Class C | (40,112 ) | (1,501,392 ) | 26.9 |
Atlas Energy Solutions, Inc. | (97,078 ) | (2,156,102 ) | 38.6 |
Aviat Networks, Inc. | (6,416 ) | (214,615 ) | 3.8 |
Balchem Corp. | (23,641 ) | (3,342,365 ) | 59.9 |
Bank First Corp. | (355 ) | (27,402 ) | 0.5 |
Barnes Group, Inc. | (89,078 ) | (3,092,788 ) | 55.4 |
Bel Fuse, Inc., Class B | (15,981 ) | (938,404 ) | 16.8 |
BJ’s Restaurants, Inc. | (28,289 ) | (921,938 ) | 16.5 |
Bloom Energy Corp., Class A | (129,693 ) | (1,443,483 ) | 25.9 |
Boot Barn Holdings, Inc. | (88,598 ) | (9,433,029 ) | 169.0 |
Bowlero Corp., Class A | (12,021 ) | (141,247 ) | 2.5 |
BRC, Inc., Class A | (447,951 ) | (1,747,009 ) | 31.3 |
BRP Group, Inc., Class A | (59,480 ) | (1,584,547 ) | 28.4 |
Calavo Growers, Inc. | (13,166 ) | (354,824 ) | 6.4 |
California Water Service Group | (81,924 ) | (4,024,107 ) | 72.1 |
Cambridge Bancorp | (644 ) | (39,522 ) | 0.7 |
Camping World Holdings, Inc., Class A | (61,036 ) | (1,237,200 ) | 22.2 |
Carpenter Technology Corp. | (84,151 ) | (7,211,741 ) | 129.2 |
Cass Information Systems, Inc. | (3,078 ) | (132,939 ) | 2.4 |
Cathay General Bancorp | (42,749 ) | (1,472,276 ) | 26.4 |
Security | Shares | Value | % of Basket Value |
United States (continued) | |||
Centrus Energy Corp., Class A | (36,222 ) | $(1,555,010 ) | 27.9 % |
Cinemark Holdings, Inc. | (313,945 ) | (5,381,017 ) | 96.4 |
Claros Mortgage Trust, Inc. | (106,773 ) | (928,925 ) | 16.6 |
Clearfield, Inc. | (99,713 ) | (3,003,356 ) | 53.8 |
Compass Minerals International, Inc. | (102,316 ) | (1,273,834 ) | 22.8 |
Conduent, Inc. | (28,241 ) | (88,959 ) | 1.6 |
Crescent Energy Co., Class A | (360,902 ) | (3,839,997 ) | 68.8 |
Cricut, Inc., Class A | (10,502 ) | (55,871 ) | 1.0 |
Cytek Biosciences, Inc. | (2,871 ) | (17,255 ) | 0.3 |
Denny’s Corp. | (44,677 ) | (358,310 ) | 6.4 |
Designer Brands, Inc., Class A | (15,724 ) | (146,076 ) | 2.6 |
Diamond Offshore Drilling, Inc. | (51,032 ) | (624,632 ) | 11.2 |
Distribution Solutions Group, Inc. | (4,414 ) | (145,530 ) | 2.6 |
DocGo, Inc. | (118,634 ) | (400,983 ) | 7.2 |
Domo, Inc., Class B | (17,767 ) | (133,786 ) | 2.4 |
Dorian LPG Ltd. | (81,282 ) | (3,358,572 ) | 60.2 |
Ecovyst, Inc. | (7,876 ) | (74,271 ) | 1.3 |
Edgewise Therapeutics, Inc. | (41,008 ) | (735,684 ) | 13.2 |
Embecta Corp. | (25,072 ) | (253,979 ) | 4.5 |
Enfusion, Inc., Class A | (16,645 ) | (154,965 ) | 2.8 |
Enhabit, Inc. | (202,592 ) | (2,044,153 ) | 36.6 |
Enovix Corp. | (86,371 ) | (540,682 ) | 9.7 |
Enpro, Inc. | (26,782 ) | (4,020,782 ) | 72.0 |
Envestnet, Inc. | (20,397 ) | (1,266,042 ) | 22.7 |
European Wax Center, Inc., Class A | (110,190 ) | (1,295,834 ) | 23.2 |
Evolv Technologies Holdings, Inc., Class A | (16,857 ) | (65,911 ) | 1.2 |
Excelerate Energy, Inc., Class A | (20,834 ) | (351,261 ) | 6.3 |
Expro Group Holdings NV | (67,975 ) | (1,275,211 ) | 22.8 |
F&G Annuities & Life, Inc. | (43,268 ) | (1,636,396 ) | 29.3 |
Farmland Partners, Inc. | (93,724 ) | (1,008,470 ) | 18.1 |
First Bancorp/Southern Pines NC | (38,293 ) | (1,164,490 ) | 20.9 |
First Bancshares, Inc. | (2,457 ) | (58,821 ) | 1.1 |
First Commonwealth Financial Corp. | (100,034 ) | (1,319,448 ) | 23.6 |
First Community Bankshares, Inc. | (578 ) | (19,178 ) | 0.3 |
First Hawaiian, Inc. | (168,682 ) | (3,557,503 ) | 63.7 |
First Merchants Corp. | (35,037 ) | (1,170,937 ) | 21.0 |
Fortrea Holdings, Inc. | (72,303 ) | (2,645,567 ) | 47.4 |
Frontier Group Holdings, Inc. | (377,331 ) | (2,279,079 ) | 40.8 |
GEO Group, Inc. | (248,908 ) | (3,698,773 ) | 66.3 |
German American Bancorp, Inc. | (18,865 ) | (598,586 ) | 10.7 |
Getty Realty Corp. | (17,340 ) | (469,914 ) | 8.4 |
Gladstone Land Corp. | (19,438 ) | (246,474 ) | 4.4 |
Global Medical REIT, Inc. | (43,290 ) | (351,082 ) | 6.3 |
Grid Dynamics Holdings, Inc. | (4,781 ) | (46,710 ) | 0.8 |
Hanover Insurance Group, Inc. | (44,655 ) | (5,797,112 ) | 103.8 |
Harrow, Inc. | (186,217 ) | (1,897,551 ) | 34.0 |
Helix Energy Solutions Group, Inc. | (264,662 ) | (2,842,470 ) | 50.9 |
Herbalife Ltd. | (67,358 ) | (582,647 ) | 10.4 |
HighPeak Energy, Inc. | (163,826 ) | (2,327,967 ) | 41.7 |
Hillenbrand, Inc. | (191,066 ) | (9,117,670 ) | 163.3 |
Home BancShares, Inc. | (158,498 ) | (3,753,233 ) | 67.2 |
International Bancshares Corp. | (14,762 ) | (821,505 ) | 14.7 |
iRhythm Technologies, Inc. | (3,452 ) | (378,270 ) | 6.8 |
Ivanhoe Electric, Inc. | (33,135 ) | (334,663 ) | 6.0 |
Jack in the Box, Inc. | (89,178 ) | (5,089,388 ) | 91.2 |
Kinetik Holdings, Inc. | (33,203 ) | (1,273,003 ) | 22.8 |
Krispy Kreme, Inc. | (69,344 ) | (877,202 ) | 15.7 |
Lancaster Colony Corp. | (16,041 ) | (3,060,783 ) | 54.8 |
LCI Industries | (50,669 ) | (5,268,563 ) | 94.4 |
Lemonade, Inc. | (38,558 ) | (664,354 ) | 11.9 |
Leslie’s, Inc. | (131,992 ) | (518,729 ) | 9.3 |
46
2024 BlackRock Annual Report to Shareholders
Schedule of Investments (continued)
April 30, 2024
BlackRock Global Equity Market Neutral Fund
Security | Shares | Value | % of Basket Value |
United States (continued) | |||
Liberty Media Corp.-Liberty Live, Class C | (12,554 ) | $(468,515 ) | 8.4 % |
Lightwave Logic, Inc. | (332,265 ) | (1,269,252 ) | 22.7 |
Lindblad Expeditions Holdings, Inc. | (2,399 ) | (17,609 ) | 0.3 |
Lions Gate Entertainment Corp., Class A | (109,375 ) | (1,103,594 ) | 19.8 |
LSI Industries, Inc. | (16,543 ) | (241,528 ) | 4.3 |
LTC Properties, Inc. | (32,008 ) | (1,059,465 ) | 19.0 |
Macerich Co. | (38,201 ) | (525,646 ) | 9.4 |
MaxCyte, Inc. | (57,737 ) | (209,585 ) | 3.8 |
MBIA, Inc. | (224,961 ) | (1,415,005 ) | 25.3 |
Medifast, Inc. | (58,508 ) | (1,610,725 ) | 28.9 |
Metallus, Inc. | (81,041 ) | (1,666,203 ) | 29.8 |
Middlesex Water Co. | (1,999 ) | (101,389 ) | 1.8 |
Mission Produce, Inc. | (67,965 ) | (771,403 ) | 13.8 |
Movado Group, Inc. | (12,029 ) | (306,379 ) | 5.5 |
National Presto Industries, Inc. | (3,236 ) | (265,320 ) | 4.8 |
Navient Corp. | (131,328 ) | (1,972,547 ) | 35.3 |
NBT Bancorp, Inc. | (61,041 ) | (2,137,045 ) | 38.3 |
nCino, Inc. | (66,421 ) | (1,936,836 ) | 34.7 |
Net Power, Inc., Class A | (223,921 ) | (2,440,739 ) | 43.7 |
NextNav, Inc. | (33,805 ) | (307,964 ) | 5.5 |
Nicolet Bankshares, Inc. | (2,708 ) | (207,243 ) | 3.7 |
nLight, Inc. | (20,052 ) | (228,392 ) | 4.1 |
Northern Oil & Gas, Inc. | (104,409 ) | (4,258,843 ) | 76.3 |
NV5 Global, Inc. | (6,053 ) | (564,382 ) | 10.1 |
Owens & Minor, Inc. | (86,865 ) | (2,149,040 ) | 38.5 |
Oxford Industries, Inc. | (12,716 ) | (1,370,530 ) | 24.5 |
Papa John’s International, Inc. | (76,212 ) | (4,701,518 ) | 84.2 |
Paragon 28, Inc. | (1,796 ) | (16,559 ) | 0.3 |
Patterson Cos., Inc. | (36,866 ) | (938,977 ) | 16.8 |
Paycor HCM, Inc. | (4,691 ) | (81,483 ) | 1.5 |
Peakstone Realty Trust | (18,803 ) | (262,678 ) | 4.7 |
Peoples Bancorp, Inc. | (33,556 ) | (974,466 ) | 17.5 |
Phathom Pharmaceuticals, Inc. | (4,329 ) | (39,091 ) | 0.7 |
Phillips Edison & Co., Inc. | (145,224 ) | (4,748,825 ) | 85.1 |
Plexus Corp. | (71,474 ) | (7,219,589 ) | 129.3 |
Plymouth Industrial REIT, Inc. | (8,803 ) | (183,807 ) | 3.3 |
PotlatchDeltic Corp. | (5,503 ) | (220,175 ) | 3.9 |
Powell Industries, Inc. | (2,300 ) | (328,900 ) | 5.9 |
ProAssurance Corp. | (155,239 ) | (2,073,993 ) | 37.1 |
ProFrac Holding Corp., Class A | (101,558 ) | (738,327 ) | 13.2 |
QuantumScape Corp., Class A | (227,050 ) | (1,230,611 ) | 22.0 |
Ramaco Resources, Inc., Class A | (89,290 ) | (1,400,067 ) | 25.1 |
Ready Capital Corp. | (182,524 ) | (1,555,104 ) | 27.9 |
REC Silicon ASA | (978,452 ) | (954,515 ) | 17.1 |
Reliance Worldwide Corp. Ltd. | (454,408 ) | (1,485,431 ) | 26.6 |
Retail Opportunity Investments Corp. | (19,376 ) | (237,744 ) | 4.3 |
Rocket Lab USA, Inc., Class A | (4,932 ) | (18,544 ) | 0.3 |
S&T Bancorp, Inc. | (9,840 ) | (296,676 ) | 5.3 |
Safety Insurance Group, Inc. | (29,290 ) | (2,330,605 ) | 41.7 |
Seacoast Banking Corp. of Florida | (96,134 ) | (2,217,811 ) | 39.7 |
Seneca Foods Corp., Class A | (2,520 ) | (146,387 ) | 2.6 |
Sensient Technologies Corp. | (8,904 ) | (651,951 ) | 11.7 |
Shenandoah Telecommunications Co. | (31,039 ) | (397,920 ) | 7.1 |
Signet Jewelers Ltd. | (44,872 ) | (4,398,802 ) | 78.8 |
Silgan Holdings, Inc. | (59,982 ) | (2,798,760 ) | 50.1 |
SilverBow Resources, Inc. | (38,932 ) | (1,195,991 ) | 21.4 |
Sitio Royalties Corp., Class A | (390,098 ) | (9,065,878 ) | 162.4 |
Six Flags Entertainment Corp. | (264,721 ) | (6,242,121 ) | 111.8 |
SkyWater Technology, Inc. | (167,871 ) | (1,722,356 ) | 30.8 |
Southern Missouri Bancorp, Inc. | (20,638 ) | (827,584 ) | 14.8 |
Security | Shares | Value | % of Basket Value |
United States (continued) | |||
Standex International Corp. | (14,667 ) | $(2,535,631 ) | 45.4 % |
Stellar Bancorp, Inc. | (1,809 ) | (40,160 ) | 0.7 |
StepStone Group, Inc., Class A | (99,071 ) | (3,573,491 ) | 64.0 |
Stericycle, Inc. | (49,544 ) | (2,216,103 ) | 39.7 |
Talos Energy, Inc. | (808,371 ) | (10,654,330 ) | 190.8 |
Target Hospitality Corp. | (379,151 ) | (4,218,055 ) | 75.6 |
Tarsus Pharmaceuticals, Inc. | (5,606 ) | (176,197 ) | 3.2 |
Telephone and Data Systems, Inc. | (408,216 ) | (6,388,580 ) | 114.4 |
TFS Financial Corp. | (5,313 ) | (63,809 ) | 1.1 |
Tootsie Roll Industries, Inc. | (11,921 ) | (354,173 ) | 6.3 |
Towne Bank | (56,538 ) | (1,462,638 ) | 26.2 |
TransMedics Group, Inc. | (3,058 ) | (287,850 ) | 5.2 |
Treace Medical Concepts, Inc. | (34,262 ) | (355,297 ) | 6.4 |
TreeHouse Foods, Inc. | (220,477 ) | (8,278,911 ) | 148.3 |
U.S. Physical Therapy, Inc. | (39,631 ) | (4,022,943 ) | 72.1 |
Ubiquiti, Inc. | (14,878 ) | (1,600,575 ) | 28.7 |
Udemy, Inc. | (92,478 ) | (926,630 ) | 16.6 |
UFP Technologies, Inc. | (3,174 ) | (653,654 ) | 11.7 |
United Community Banks, Inc. | (81,708 ) | (2,061,493 ) | 36.9 |
United States Cellular Corp. | (56,431 ) | (2,051,831 ) | 36.8 |
Uniti Group, Inc. | (186,260 ) | (1,070,995 ) | 19.2 |
Uranium Energy Corp. | (206,159 ) | (1,391,573 ) | 24.9 |
USANA Health Sciences, Inc. | (47,167 ) | (1,958,374 ) | 35.1 |
Utz Brands, Inc. | (245,413 ) | (4,424,796 ) | 79.3 |
UWM Holdings Corp., Class A | (39,211 ) | (247,029 ) | 4.4 |
Vishay Intertechnology, Inc. | (55,445 ) | (1,282,997 ) | 23.0 |
Vista Outdoor, Inc. | (192,518 ) | (6,755,457 ) | 121.0 |
Walker & Dunlop, Inc. | (23,107 ) | (2,117,294 ) | 37.9 |
Wendy’s Co. | (116,438 ) | (2,327,596 ) | 41.7 |
Westrock Coffee Co. | (20,237 ) | (205,203 ) | 3.7 |
White Mountains Insurance Group Ltd. | (578 ) | (1,027,765 ) | 18.4 |
Whitestone REIT | (156,873 ) | (1,804,039 ) | 32.3 |
XPEL, Inc. | (53,492 ) | (2,811,005 ) | 50.3 |
(343,570,894 ) | |||
Rights | |||
Switzerland | |||
DocMorris AG, (Expires 05/06/24) | (1,786 ) | — | 0.0 |
Total Reference Entity — Short | (548,226,095 ) | ||
Net Value of Reference Entity — Barclays Bank PLC | $(5,582,939 ) | ||
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 — 12/15/25:
Security | Shares | Value | % of Basket Value |
Reference Entity — Long | |||
Common Stocks | |||
Australia | |||
AGL Energy Ltd. | 192,484 | $1,166,406 | (4.2 )% |
Aristocrat Leisure Ltd. | 66,452 | 1,685,976 | (6.1 ) |
BHP Group Ltd. | 410,412 | 11,198,487 | (40.6 ) |
Charter Hall Group | 35,414 | 267,425 | (1.0 ) |
Flight Centre Travel Group Ltd., Class L | 70,060 | 947,469 | (3.5 ) |
Fortescue Ltd. | 374,087 | 6,176,945 | (22.4 ) |
Macquarie Group Ltd. | 7,665 | 913,283 | (3.3 ) |
Schedule of Investments47
Schedule of Investments (continued)
April 30, 2024
BlackRock Global Equity Market Neutral Fund
Security | Shares | Value | % of Basket Value |
Australia (continued) | |||
Rio Tinto Ltd. | 115,762 | $9,589,717 | (34.8 )% |
Woodside Energy Group Ltd. | 171,866 | 3,064,931 | (11.1 ) |
Worley Ltd. | 25,854 | 248,074 | (0.9 ) |
35,258,713 | |||
Austria | |||
BAWAG Group AG | 41,643 | 2,476,089 | (9.0 ) |
OMV AG | 13,177 | 625,974 | (2.3 ) |
3,102,063 | |||
Belgium | |||
KBC Group NV | 963 | 71,536 | (0.2 ) |
Liberty Global Ltd., Class C | 114,056 | 1,867,097 | (6.8 ) |
Sofina SA | 3,862 | 900,128 | (3.3 ) |
Warehouses De Pauw CVA | 6,717 | 176,836 | (0.6 ) |
3,015,597 | |||
Canada | |||
Algonquin Power & Utilities Corp. | 56,085 | 342,187 | (1.2 ) |
Barrick Gold Corp. | 165,482 | 2,746,453 | (10.0 ) |
Brookfield Corp., Class A | 37,916 | 1,518,895 | (5.5 ) |
Element Fleet Management Corp. | 65,967 | 1,051,399 | (3.8 ) |
Enerplus Corp. | 79,161 | 1,546,370 | (5.6 ) |
FirstService Corp. | 2,931 | 429,900 | (1.6 ) |
Franco-Nevada Corp. | 7,625 | 916,698 | (3.3 ) |
Gibson Energy, Inc. | 4,902 | 80,294 | (0.3 ) |
Gildan Activewear, Inc., Class A | 17,958 | 621,641 | (2.2 ) |
Imperial Oil Ltd. | 7,266 | 498,896 | (1.8 ) |
Keyera Corp. | 19,143 | 490,485 | (1.8 ) |
Magna International, Inc. | 11,323 | 540,452 | (2.0 ) |
MEG Energy Corp. | 9,480 | 215,322 | (0.8 ) |
Methanex Corp. | 10,500 | 502,116 | (1.8 ) |
Stantec, Inc. | 3,663 | 291,259 | (1.0 ) |
TELUS Corp. | 86,721 | 1,390,965 | (5.0 ) |
Tourmaline Oil Corp. | 36,612 | 1,787,002 | (6.5 ) |
West Fraser Timber Co. Ltd. | 5,615 | 429,470 | (1.6 ) |
15,399,804 | |||
Denmark | |||
AP Moller - Maersk A/S, Class B | 2,547 | 3,681,952 | (13.3 ) |
DSV A/S | 6,605 | 933,468 | (3.4 ) |
Genmab A/S | 2,665 | 737,308 | (2.7 ) |
Orsted A/S | 13,414 | 733,711 | (2.7 ) |
Svitzer A/S | 4,794 | 161,094 | (0.6 ) |
6,247,533 | |||
Finland | |||
Wartsila OYJ Abp | 98,986 | 1,818,920 | (6.6 ) |
Germany | |||
Bayerische Motoren Werke AG | 16,193 | 1,755,955 | (6.4 ) |
GEA Group AG | 16,221 | 651,825 | (2.4 ) |
Heidelberg Materials AG | 6,316 | 632,726 | (2.3 ) |
HUGO BOSS AG, Ordinary Shares | 9,306 | 499,303 | (1.8 ) |
K&S AG, Class N, Registered Shares | 40,226 | 599,200 | (2.2 ) |
KION Group AG | 16,821 | 771,426 | (2.8 ) |
LANXESS AG | 23,670 | 666,044 | (2.4 ) |
Nemetschek SE | 7,309 | 643,196 | (2.3 ) |
RWE AG | 129,037 | 4,475,871 | (16.2 ) |
Solarworld AG | 10 | 2 | (0.0 ) |
Volkswagen AG | 227 | 31,892 | (0.1 ) |
10,727,440 |
Security | Shares | Value | % of Basket Value |
Hong Kong | |||
AIA Group Ltd. | 188,400 | $1,379,072 | (5.0 )% |
Hang Lung Properties Ltd. | 136,000 | 150,002 | (0.5 ) |
Hongkong Land Holdings Ltd. | 74,500 | 238,041 | (0.9 ) |
Swire Pacific Ltd., Class A | 90,500 | 765,902 | (2.8 ) |
Swire Properties Ltd. | 431,000 | 890,767 | (3.2 ) |
3,423,784 | |||
Ireland | |||
Smurfit Kappa Group PLC | 72,071 | 3,108,990 | (11.3 ) |
Israel | |||
Nice Ltd. | 1,486 | 332,206 | (1.2 ) |
Nova Ltd. | 5,003 | 850,010 | (3.1 ) |
Tower Semiconductor Ltd. | 1,157 | 38,031 | (0.1 ) |
Wix.com Ltd. | 5,965 | 709,059 | (2.6 ) |
1,929,306 | |||
Italy | |||
A2A SpA | 1,063,087 | 2,088,239 | (7.6 ) |
Banco BPM SpA | 62,682 | 409,753 | (1.5 ) |
Ferrari NV | 568 | 232,574 | (0.8 ) |
Infrastrutture Wireless Italiane SpA | 19,578 | 208,913 | (0.8 ) |
Intesa Sanpaolo SpA | 501,442 | 1,869,143 | (6.8 ) |
Mediobanca Banca di Credito Finanziario SpA | 112,643 | 1,593,280 | (5.8 ) |
Moncler SpA | 12,637 | 856,540 | (3.1 ) |
Prysmian SpA | 6,369 | 344,070 | (1.2 ) |
Recordati Industria Chimica e Farmaceutica SpA | 549 | 29,087 | (0.1 ) |
7,631,599 | |||
Japan | |||
ABC-Mart, Inc. | 17,900 | 364,530 | (1.3 ) |
Aeon Co. Ltd. | 45,800 | 979,490 | (3.5 ) |
Amada Co. Ltd. | 44,400 | 496,008 | (1.8 ) |
Asahi Kasei Corp. | 39,300 | 280,303 | (1.0 ) |
Daiwa Securities Group, Inc. | 48,700 | 365,281 | (1.3 ) |
Denso Corp. | 7,900 | 136,843 | (0.5 ) |
DMG Mori Co. Ltd. | 46,700 | 1,277,134 | (4.6 ) |
East Japan Railway Co. | 141,900 | 2,660,948 | (9.6 ) |
Hulic Co. Ltd. | 52,300 | 493,111 | (1.8 ) |
ITOCHU Corp. | 32,800 | 1,510,689 | (5.5 ) |
J Front Retailing Co. Ltd. | 188,400 | 1,685,496 | (6.1 ) |
Japan Post Holdings Co. Ltd. | 172,000 | 1,679,239 | (6.1 ) |
JGC Holdings Corp. | 106,700 | 1,051,241 | (3.8 ) |
Kajima Corp. | 2,200 | 42,945 | (0.2 ) |
Kakaku.com, Inc. | 62,800 | 738,571 | (2.7 ) |
Komatsu Ltd. | 85,700 | 2,614,117 | (9.5 ) |
Kubota Corp. | 31,700 | 520,064 | (1.9 ) |
Kyowa Kirin Co. Ltd. | 59,200 | 1,016,871 | (3.7 ) |
MEIJI Holdings Co. Ltd. | 40,500 | 925,745 | (3.4 ) |
Mitsubishi Chemical Group Corp. | 115,300 | 687,973 | (2.5 ) |
Mitsubishi Materials Corp. | 4,000 | 79,895 | (0.3 ) |
Mitsubishi UFJ Financial Group, Inc. | 2,650,200 | 26,876,565 | (97.5 ) |
Mitsui & Co. Ltd. | 35,600 | 1,756,771 | (6.4 ) |
Mitsui Fudosan Co. Ltd. | 89,400 | 931,341 | (3.4 ) |
Mizuho Financial Group, Inc. | 324,500 | 6,389,251 | (23.2 ) |
NH Foods Ltd. | 16,300 | 548,260 | (2.0 ) |
Nihon M&A Center Holdings, Inc. | 55,600 | 311,407 | (1.1 ) |
Nikon Corp. | 92,900 | 981,278 | (3.6 ) |
Nissan Motor Co. Ltd. | 78,200 | 292,769 | (1.1 ) |
Nisshin Seifun Group, Inc. | 103,600 | 1,382,532 | (5.0 ) |
Nomura Research Institute Ltd. | 75,000 | 1,846,177 | (6.7 ) |
Obayashi Corp. | 59,500 | 678,068 | (2.5 ) |
Obic Co. Ltd. | 9,700 | 1,275,519 | (4.6 ) |
48
2024 BlackRock Annual Report to Shareholders
Schedule of Investments (continued)
April 30, 2024
BlackRock Global Equity Market Neutral Fund
Security | Shares | Value | % of Basket Value |
Japan (continued) | |||
Ono Pharmaceutical Co. Ltd. | 96,900 | $1,409,542 | (5.1 )% |
Oracle Corp. Japan | 2,400 | 184,010 | (0.7 ) |
Otsuka Corp. | 244,200 | 4,966,944 | (18.0 ) |
Otsuka Holdings Co. Ltd. | 10,000 | 436,674 | (1.6 ) |
Panasonic Holdings Corp. | 677,900 | 6,052,994 | (21.9 ) |
Rakuten Group, Inc. | 410,000 | 2,019,592 | (7.3 ) |
Resona Holdings, Inc. | 50,700 | 327,987 | (1.2 ) |
Ricoh Co. Ltd. | 100,200 | 884,487 | (3.2 ) |
Sapporo Holdings Ltd. | 100 | 3,700 | (0.0 ) |
SCSK Corp. | 12,400 | 230,468 | (0.8 ) |
Sega Sammy Holdings, Inc. | 65,300 | 873,200 | (3.2 ) |
Seiko Epson Corp. | 5,400 | 90,926 | (0.3 ) |
Sekisui House Ltd. | 50,500 | 1,186,209 | (4.3 ) |
Shimizu Corp. | 50,500 | 319,228 | (1.2 ) |
SoftBank Group Corp. | 9,700 | 488,634 | (1.8 ) |
Sojitz Corp. | 62,900 | 1,649,310 | (6.0 ) |
Sumitomo Corp. | 72,100 | 1,934,864 | (7.0 ) |
Sumitomo Metal Mining Co. Ltd. | 34,000 | 1,162,447 | (4.2 ) |
Sumitomo Mitsui Financial Group, Inc. | 217,300 | 12,579,825 | (45.6 ) |
Suntory Beverage & Food Ltd. | 27,400 | 911,807 | (3.3 ) |
Suzuki Motor Corp. | 9,600 | 113,548 | (0.4 ) |
TIS, Inc. | 24,300 | 530,233 | (1.9 ) |
Tokyo Electron Ltd. | 23,900 | 5,354,555 | (19.4 ) |
Tokyo Tatemono Co. Ltd. | 82,800 | 1,409,557 | (5.1 ) |
Toray Industries, Inc. | 443,100 | 2,068,169 | (7.5 ) |
Toyota Industries Corp. | 2,000 | 193,966 | (0.7 ) |
Welcia Holdings Co. Ltd. | 2,800 | 42,067 | (0.1 ) |
Yakult Honsha Co. Ltd. | 21,100 | 421,666 | (1.5 ) |
110,723,041 | |||
Luxembourg | |||
ArcelorMittal SA | 117,970 | 2,933,226 | (10.6 ) |
Macau | |||
Galaxy Entertainment Group Ltd., Class L | 30,000 | 134,498 | (0.5 ) |
Netherlands | |||
ABN AMRO Bank NV, CVA | 208,345 | 3,322,098 | (12.1 ) |
Redcare Pharmacy NV | 5,138 | 691,711 | (2.5 ) |
4,013,809 | |||
New Zealand | |||
Xero Ltd. | 11,085 | 855,914 | (3.1 ) |
Norway | |||
Aker BP ASA | 45,773 | 1,127,742 | (4.1 ) |
Equinor ASA | 74,294 | 2,005,677 | (7.3 ) |
Gjensidige Forsikring ASA | 18,552 | 301,453 | (1.1 ) |
Kongsberg Gruppen ASA | 1,231 | 88,151 | (0.3 ) |
3,523,023 | |||
Singapore | |||
Sembcorp Industries Ltd. | 131,200 | 513,607 | (1.9 ) |
Singapore Airlines Ltd. | 18,200 | 86,989 | (0.3 ) |
600,596 | |||
Spain | |||
Bankinter SA | 134,621 | 1,059,751 | (3.8 ) |
Industria de Diseno Textil SA | 59,415 | 2,694,912 | (9.8 ) |
Repsol SA | 171,207 | 2,681,774 | (9.7 ) |
6,436,437 |
Security | Shares | Value | % of Basket Value |
Sweden | |||
Atlas Copco AB, A Shares | 84,214 | $1,493,426 | (5.4 )% |
Electrolux AB, Class B | 20,865 | 183,542 | (0.7 ) |
Hexagon AB, B Shares | 8,260 | 87,565 | (0.3 ) |
1,764,533 | |||
Switzerland | |||
ABB Ltd., Class N, Registered Shares | 46,027 | 2,250,451 | (8.1 ) |
Alcon, Inc. | 7,418 | 573,352 | (2.1 ) |
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates | 428 | 4,954,654 | (18.0 ) |
Chocoladefabriken Lindt & Spruengli AG, Class N, Registered Shares | 4 | 465,007 | (1.7 ) |
DSM-Firmenich AG | 7,202 | 806,348 | (2.9 ) |
Flughafen Zurich AG, Class N, Registered Shares | 3,362 | 678,342 | (2.4 ) |
Logitech International SA, Class N, Registered Shares | 10,091 | 791,853 | (2.9 ) |
Schindler Holding AG, Class N, Registered Shares | 575 | 141,130 | (0.5 ) |
Sika AG, Registered Shares | 3,332 | 955,089 | (3.5 ) |
VAT Group AG | 1,825 | 916,054 | (3.3 ) |
12,532,280 | |||
United Kingdom | |||
3i Group PLC | 1,857 | 66,346 | (0.2 ) |
Aviva PLC | 341,838 | 1,977,510 | (7.2 ) |
British Land Co. PLC | 499,022 | 2,396,525 | (8.7 ) |
DCC PLC | 479 | 32,587 | (0.1 ) |
Drax Group PLC | 34,101 | 219,915 | (0.8 ) |
easyJet PLC | 370,394 | 2,471,832 | (9.0 ) |
Halma PLC | 4,105 | 111,548 | (0.4 ) |
Hammerson PLC | 40 | 13 | (0.0 ) |
IMI PLC | 5,887 | 127,737 | (0.5 ) |
Immunocore Holdings PLC, AR | 553 | 32,671 | (0.1 ) |
Informa PLC | 1,124,886 | 11,102,659 | (40.2 ) |
J Sainsbury PLC | 961,583 | 3,142,789 | (11.4 ) |
Just Eat Takeaway.com NV | 128,155 | 1,863,293 | (6.7 ) |
Land Securities Group PLC | 204,438 | 1,642,349 | (5.9 ) |
London Stock Exchange Group PLC | 824 | 89,758 | (0.3 ) |
Marks & Spencer Group PLC | 448,547 | 1,424,103 | (5.2 ) |
Sage Group PLC | 52,376 | 759,116 | (2.7 ) |
Smiths Group PLC | 253,480 | 5,092,306 | (18.5 ) |
Spectris PLC | 134,937 | 5,561,129 | (20.2 ) |
Tesco PLC | 3,023,129 | 11,125,397 | (40.3 ) |
Tritax Big Box REIT PLC | 245,713 | 462,365 | (1.7 ) |
United Utilities Group PLC | 35,277 | 458,173 | (1.7 ) |
Vodafone Group PLC | 2,106,312 | 1,772,177 | (6.4 ) |
Weir Group PLC | 24,535 | 623,709 | (2.3 ) |
Whitbread PLC | 54,528 | 2,146,706 | (7.8 ) |
Wise PLC, Class A | 74,352 | 711,511 | (2.6 ) |
55,414,224 | |||
United States | |||
A O Smith Corp. | 11,714 | 970,388 | (3.5 ) |
Adobe, Inc. | 3,225 | 1,492,627 | (5.4 ) |
Advanced Drainage Systems, Inc. | 11,405 | 1,790,585 | (6.5 ) |
AECOM | 38,964 | 3,598,715 | (13.0 ) |
AES Corp. | 62,113 | 1,111,823 | (4.0 ) |
Agilent Technologies, Inc. | 17,498 | 2,397,926 | (8.7 ) |
Alaska Air Group, Inc. | 40,895 | 1,759,303 | (6.4 ) |
Alcoa Corp. | 89,871 | 3,158,067 | (11.5 ) |
Alkermes PLC | 37,217 | 913,305 | (3.3 ) |
Schedule of Investments49
Schedule of Investments (continued)
April 30, 2024
BlackRock Global Equity Market Neutral Fund
Security | Shares | Value | % of Basket Value |
United States (continued) | |||
Alnylam Pharmaceuticals, Inc. | 1,379 | $198,507 | (0.7 )% |
Amazon.com, Inc. | 29,613 | 5,182,275 | (18.8 ) |
Amdocs Ltd. | 24,963 | 2,096,642 | (7.6 ) |
Americold Realty Trust, Inc. | 10,910 | 239,693 | (0.9 ) |
AMETEK, Inc. | 10,094 | 1,763,018 | (6.4 ) |
Amgen, Inc. | 1,542 | 422,415 | (1.5 ) |
Aon PLC, Class A | 5,869 | 1,655,117 | (6.0 ) |
Applied Industrial Technologies, Inc. | 276 | 50,577 | (0.2 ) |
Aramark | 3,401 | 107,165 | (0.4 ) |
Arista Networks, Inc. | 2,109 | 541,085 | (2.0 ) |
Autodesk, Inc. | 4,087 | 869,918 | (3.2 ) |
AutoNation, Inc. | 11,620 | 1,872,563 | (6.8 ) |
AutoZone, Inc. | 115 | 339,986 | (1.2 ) |
Avnet, Inc. | 7,452 | 364,179 | (1.3 ) |
Bank of America Corp. | 24,322 | 900,157 | (3.3 ) |
BioMarin Pharmaceutical, Inc. | 13,535 | 1,093,087 | (4.0 ) |
Block, Inc., Class A | 43,607 | 3,183,311 | (11.5 ) |
Box, Inc., Class A | 38,209 | 994,198 | (3.6 ) |
Boyd Gaming Corp. | 5,487 | 293,609 | (1.1 ) |
BRP, Inc. | 6,880 | 462,229 | (1.7 ) |
Bruker Corp. | 22,296 | 1,739,311 | (6.3 ) |
Builders FirstSource, Inc. | 10,598 | 1,937,526 | (7.0 ) |
Bunge Global SA | 24,050 | 2,447,328 | (8.9 ) |
BWX Technologies, Inc. | 3,770 | 361,053 | (1.3 ) |
CACI International, Inc., Class A | 16,537 | 6,651,677 | (24.1 ) |
Camden Property Trust | 9,490 | 945,963 | (3.4 ) |
Carnival PLC | 41,316 | 551,975 | (2.0 ) |
CenterPoint Energy, Inc. | 17,035 | 496,400 | (1.8 ) |
CH Robinson Worldwide, Inc. | 21,963 | 1,559,373 | (5.7 ) |
Chemed Corp. | 2,916 | 1,656,288 | (6.0 ) |
Ciena Corp. | 16,659 | 770,146 | (2.8 ) |
Cirrus Logic, Inc. | 14,122 | 1,250,786 | (4.5 ) |
Citizens Financial Group, Inc. | 120,398 | 4,106,776 | (14.9 ) |
Clarivate PLC | 286,010 | 1,933,428 | (7.0 ) |
Cognex Corp. | 40,476 | 1,681,373 | (6.1 ) |
Comcast Corp., Class A | 246,546 | 9,395,868 | (34.1 ) |
Credit Acceptance Corp. | 2,215 | 1,137,890 | (4.1 ) |
D.R. Horton, Inc. | 27,337 | 3,895,249 | (14.1 ) |
Devon Energy Corp. | 121,545 | 6,220,673 | (22.6 ) |
DocuSign, Inc. | 2,416 | 136,746 | (0.5 ) |
Domino’s Pizza, Inc. | 3,684 | 1,949,831 | (7.1 ) |
Eaton Corp. PLC | 20,952 | 6,668,183 | (24.2 ) |
eBay, Inc. | 64,465 | 3,322,526 | (12.0 ) |
Ecolab, Inc. | 2,940 | 664,881 | (2.4 ) |
Elanco Animal Health, Inc. | 8,570 | 112,781 | (0.4 ) |
EMCOR Group, Inc. | 16,388 | 5,853,302 | (21.2 ) |
EOG Resources, Inc. | 23,428 | 3,095,542 | (11.2 ) |
Etsy, Inc. | 109,319 | 7,506,936 | (27.2 ) |
Exelixis, Inc. | 59,963 | 1,406,732 | (5.1 ) |
Experian PLC | 6,998 | 281,822 | (1.0 ) |
F5, Inc. | 1,457 | 240,857 | (0.9 ) |
First American Financial Corp. | 10,474 | 561,092 | (2.0 ) |
FirstEnergy Corp. | 27,302 | 1,046,759 | (3.8 ) |
Flex Ltd. | 13,025 | 373,166 | (1.4 ) |
Flowserve Corp. | 23,206 | 1,094,395 | (4.0 ) |
Fluor Corp. | 36,189 | 1,459,502 | (5.3 ) |
Ford Motor Co. | 26,465 | 321,550 | (1.2 ) |
Fox Corp., Class A | 57,678 | 1,788,595 | (6.5 ) |
Franklin Resources, Inc. | 9,719 | 221,982 | (0.8 ) |
Graco, Inc. | 13,220 | 1,060,244 | (3.8 ) |
H&R Block, Inc. | 10,821 | 511,076 | (1.9 ) |
Halozyme Therapeutics, Inc. | 12,438 | 473,888 | (1.7 ) |
Security | Shares | Value | % of Basket Value |
United States (continued) | |||
Helmerich & Payne, Inc. | 22,723 | $893,696 | (3.2 )% |
HF Sinclair Corp. | 2,233 | 121,140 | (0.4 ) |
Hologic, Inc. | 17,561 | 1,330,597 | (4.8 ) |
HP, Inc. | 83,983 | 2,359,082 | (8.6 ) |
Huntington Ingalls Industries, Inc. | 40,709 | 11,273,543 | (40.9 ) |
Huntsman Corp. | 116,333 | 2,775,705 | (10.1 ) |
IDEXX Laboratories, Inc. | 6,026 | 2,969,372 | (10.8 ) |
Illumina, Inc. | 7,446 | 916,230 | (3.3 ) |
Incyte Corp. | 19,514 | 1,015,704 | (3.7 ) |
Ingredion, Inc. | 11,911 | 1,364,881 | (4.9 ) |
Invesco Ltd. | 201,979 | 2,862,042 | (10.4 ) |
Ionis Pharmaceuticals, Inc. | 17,158 | 707,939 | (2.6 ) |
ITT, Inc. | 3,519 | 455,147 | (1.6 ) |
Jack Henry & Associates, Inc. | 16,925 | 2,753,528 | (10.0 ) |
James Hardie Industries PLC, CDI | 72,541 | 2,480,045 | (9.0 ) |
Jones Lang LaSalle, Inc. | 11,833 | 2,138,223 | (7.8 ) |
KBR, Inc. | 4,391 | 285,152 | (1.0 ) |
KeyCorp. | 147,982 | 2,144,259 | (7.8 ) |
Keysight Technologies, Inc. | 2,687 | 397,515 | (1.4 ) |
Lamar Advertising Co., Class A | 9,851 | 1,141,238 | (4.1 ) |
Lattice Semiconductor Corp. | 5,598 | 384,023 | (1.4 ) |
Liberty Media Corp.-Liberty SiriusXM | 5,387 | 129,611 | (0.5 ) |
Lockheed Martin Corp. | 6,392 | 2,971,833 | (10.8 ) |
Louisiana-Pacific Corp. | 39,968 | 2,925,258 | (10.6 ) |
Lyft, Inc., Class A | 14,534 | 227,312 | (0.8 ) |
Manhattan Associates, Inc. | 23,301 | 4,801,404 | (17.4 ) |
Marathon Oil Corp. | 50,752 | 1,362,691 | (4.9 ) |
Marsh & McLennan Cos., Inc. | 19,642 | 3,917,204 | (14.2 ) |
Masco Corp. | 21,683 | 1,484,201 | (5.4 ) |
Medpace Holdings, Inc. | 723 | 280,777 | (1.0 ) |
Medtronic PLC | 66,392 | 5,327,294 | (19.3 ) |
Meritage Homes Corp. | 3,320 | 550,257 | (2.0 ) |
MetLife, Inc. | 48,059 | 3,416,034 | (12.4 ) |
Mettler-Toledo International, Inc. | 1,814 | 2,230,676 | (8.1 ) |
MGIC Investment Corp. | 52,439 | 1,063,463 | (3.9 ) |
MGM Resorts International | 78,621 | 3,100,812 | (11.2 ) |
Microsoft Corp. | 19,363 | 7,538,597 | (27.3 ) |
MSCI, Inc., Class A | 3,572 | 1,663,802 | (6.0 ) |
Murphy USA, Inc. | 1,414 | 585,141 | (2.1 ) |
Nasdaq, Inc. | 27,888 | 1,669,097 | (6.1 ) |
Neurocrine Biosciences, Inc. | 4,444 | 611,228 | (2.2 ) |
Nexstar Media Group, Inc., Class A | 1,229 | 196,714 | (0.7 ) |
Nutanix, Inc., Class A | 10,577 | 642,024 | (2.3 ) |
NVR, Inc. | 102 | 758,763 | (2.8 ) |
OGE Energy Corp. | 20,337 | 704,677 | (2.6 ) |
O’Reilly Automotive, Inc. | 2,679 | 2,714,524 | (9.8 ) |
Oshkosh Corp. | 21,176 | 2,377,429 | (8.6 ) |
Otis Worldwide Corp. | 36,904 | 3,365,645 | (12.2 ) |
Palo Alto Networks, Inc. | 4,163 | 1,210,975 | (4.4 ) |
Paramount Global, Class B | 325,126 | 3,703,185 | (13.4 ) |
Parker-Hannifin Corp. | 2,624 | 1,429,844 | (5.2 ) |
Penske Automotive Group, Inc. | 18,662 | 2,853,606 | (10.3 ) |
Pool Corp. | 573 | 207,730 | (0.8 ) |
Post Holdings, Inc. | 37,085 | 3,936,573 | (14.3 ) |
Primo Water Corp. | 29,387 | 553,471 | (2.0 ) |
Progressive Corp. | 8,857 | 1,844,470 | (6.7 ) |
Prologis, Inc. | 12,348 | 1,260,113 | (4.6 ) |
Pure Storage, Inc., Class A | 9,794 | 493,618 | (1.8 ) |
Qualys, Inc. | 9,505 | 1,557,965 | (5.6 ) |
Reinsurance Group of America, Inc. | 23,623 | 4,417,265 | (16.0 ) |
Reliance, Inc. | 21,228 | 6,044,036 | (21.9 ) |
ResMed, Inc. | 578 | 123,686 | (0.4 ) |
50
2024 BlackRock Annual Report to Shareholders
Schedule of Investments (continued)
April 30, 2024
BlackRock Global Equity Market Neutral Fund
Security | Shares | Value | % of Basket Value |
United States (continued) | |||
RH | 2,595 | $641,095 | (2.3 )% |
Robert Half, Inc. | 702 | 48,536 | (0.2 ) |
Roche Holding AG | 1,491 | 395,196 | (1.4 ) |
Royal Caribbean Cruises Ltd. | 3,715 | 518,725 | (1.9 ) |
Sarepta Therapeutics, Inc. | 2,173 | 275,232 | (1.0 ) |
Seagate Technology Holdings PLC | 93,148 | 8,002,345 | (29.0 ) |
Service Corp. International | 32,149 | 2,305,405 | (8.4 ) |
Signify NV | 13,132 | 356,363 | (1.3 ) |
Silicon Laboratories, Inc. | 6,297 | 765,023 | (2.8 ) |
Southwest Airlines Co. | 85,068 | 2,206,664 | (8.0 ) |
Spotify Technology SA | 1,872 | 524,984 | (1.9 ) |
Stanley Black & Decker, Inc. | 14,937 | 1,365,242 | (4.9 ) |
Stryker Corp. | 10,125 | 3,407,062 | (12.4 ) |
Synopsys, Inc. | 2,051 | 1,088,240 | (3.9 ) |
Synovus Financial Corp. | 3,195 | 114,349 | (0.4 ) |
Sysco Corp. | 634 | 47,119 | (0.2 ) |
TD SYNNEX Corp. | 14,085 | 1,659,776 | (6.0 ) |
TE Connectivity Ltd. | 20,828 | 2,946,745 | (10.7 ) |
Teradata Corp. | 37,456 | 1,389,618 | (5.0 ) |
Teradyne, Inc. | 26,924 | 3,131,800 | (11.4 ) |
Textron, Inc. | 57,030 | 4,824,168 | (17.5 ) |
Transocean Ltd. | 70,247 | 366,689 | (1.3 ) |
Trex Co., Inc. | 23,671 | 2,096,067 | (7.6 ) |
Truist Financial Corp. | 59,991 | 2,252,662 | (8.2 ) |
UGI Corp. | 168,124 | 4,297,249 | (15.6 ) |
Ulta Beauty, Inc. | 9,547 | 3,865,007 | (14.0 ) |
United Airlines Holdings, Inc. | 90,699 | 4,667,371 | (16.9 ) |
United Therapeutics Corp. | 4,384 | 1,027,303 | (3.7 ) |
Valero Energy Corp. | 9,637 | 1,540,667 | (5.6 ) |
Veeva Systems, Inc., Class A | 12,989 | 2,579,096 | (9.4 ) |
Veralto Corp. | 59,362 | 5,561,032 | (20.2 ) |
VeriSign, Inc. | 38,829 | 6,580,739 | (23.9 ) |
Verizon Communications, Inc. | 16,670 | 658,298 | (2.4 ) |
Visa, Inc., A Shares | 4,797 | 1,288,522 | (4.7 ) |
Westinghouse Air Brake Technologies Corp. | 10,772 | 1,735,154 | (6.3 ) |
Westlake Corp. | 11,345 | 1,671,799 | (6.1 ) |
WEX, Inc. | 15,457 | 3,265,446 | (11.8 ) |
Zillow Group, Inc., Class C | 52,747 | 2,245,440 | (8.1 ) |
Zions Bancorp NA | 3,737 | 152,395 | (0.6 ) |
Zoetis, Inc., Class A | 10,972 | 1,747,181 | (6.3 ) |
Zoom Video Communications, Inc., Class A | 37,740 | 2,305,914 | (8.4 ) |
341,653,725 | |||
Preferred Stocks | |||
Germany | |||
Bayerische Motoren Werke AG | 2,624 | 268,387 | (1.0 ) |
Total Reference Entity — Long | 632,517,442 | ||
Reference Entity — Short | |||
Common Stocks | |||
Australia | |||
APA Group | (519,929 ) | (2,759,152 ) | 10.0 |
ASX Ltd. | (178,903 ) | (7,269,271 ) | 26.4 |
Aurizon Holdings Ltd. | (509,283 ) | (1,243,968 ) | 4.5 |
Beach Energy Ltd. | (1,169,317 ) | (1,191,250 ) | 4.3 |
BlueScope Steel Ltd. | (3,360 ) | (49,041 ) | 0.2 |
Commonwealth Bank of Australia | (109,035 ) | (7,936,305 ) | 28.8 |
Computershare Ltd. | (2,205 ) | (38,393 ) | 0.1 |
EBOS Group Ltd. | (22,374 ) | (463,061 ) | 1.7 |
Endeavour Group Ltd. | (1,279,866 ) | (4,378,461 ) | 15.9 |
Security | Shares | Value | % of Basket Value |
Australia (continued) | |||
Insurance Australia Group Ltd. | (10,289 ) | $(42,440 ) | 0.2 % |
Lottery Corp. Ltd. | (1,194,718 ) | (3,706,178 ) | 13.4 |
Lynas Rare Earths Ltd. | (40,201 ) | (168,094 ) | 0.6 |
Medibank Pvt Ltd. | (41,966 ) | (95,598 ) | 0.3 |
Mineral Resources Ltd. | (38,118 ) | (1,720,951 ) | 6.2 |
Mirvac Group | (1,147,761 ) | (1,495,123 ) | 5.4 |
NEXTDC Ltd. | (106,200 ) | (1,121,546 ) | 4.1 |
Northern Star Resources Ltd. | (15,785 ) | (149,622 ) | 0.5 |
Pilbara Minerals Ltd. | (34,171 ) | (86,536 ) | 0.3 |
Qantas Airways Ltd. | (474,335 ) | (1,780,439 ) | 6.5 |
QBE Insurance Group Ltd. | (18,595 ) | (212,751 ) | 0.8 |
Ramsay Health Care Ltd. | (27,287 ) | (911,022 ) | 3.3 |
Reece Ltd. | (80,627 ) | (1,422,645 ) | 5.2 |
Santos Ltd. | (27,444 ) | (134,678 ) | 0.5 |
SEEK Ltd. | (41,184 ) | (633,445 ) | 2.3 |
Stockland | (12,410 ) | (34,965 ) | 0.1 |
Suncorp Group Ltd. | (4,184 ) | (44,741 ) | 0.2 |
Telstra Group Ltd. | (1,352,216 ) | (3,175,005 ) | 11.5 |
Westpac Banking Corp. | (2,531 ) | (41,845 ) | 0.1 |
(42,306,526 ) | |||
Austria | |||
Voestalpine AG | (7,934 ) | (210,880 ) | 0.8 |
Belgium | |||
Elia Group SA/NV | (8,205 ) | (786,405 ) | 2.9 |
UCB SA | (29,036 ) | (3,846,547 ) | 13.9 |
(4,632,952 ) | |||
Bermuda | |||
RenaissanceRe Holdings Ltd. | (9,268 ) | (2,032,009 ) | 7.4 |
Canada | |||
Baytex Energy Corp. | (18,837 ) | (69,692 ) | 0.3 |
Canadian Apartment Properties REIT | (15,339 ) | (476,797 ) | 1.7 |
Fairfax Financial Holdings Ltd. | (662 ) | (720,108 ) | 2.6 |
Loblaw Cos. Ltd. | (1,938 ) | (212,234 ) | 0.8 |
Nuvei Corp. | (1,619 ) | (51,730 ) | 0.2 |
Peyto Exploration & Development Corp. | (175,431 ) | (1,958,979 ) | 7.1 |
Quebecor, Inc., Class B | (57,783 ) | (1,194,164 ) | 4.3 |
SNC-Lavalin Group, Inc. | (14,109 ) | (541,005 ) | 2.0 |
TMX Group Ltd. | (14,965 ) | (395,708 ) | 1.4 |
(5,620,417 ) | |||
China | |||
Wilmar International Ltd. | (57,900 ) | (136,353 ) | 0.5 |
Denmark | |||
Carlsberg A/S, Class B | (6,922 ) | (926,926 ) | 3.4 |
Coloplast A/S, Class B | (19,156 ) | (2,298,377 ) | 8.3 |
Danske Bank A/S | (181,307 ) | (5,195,926 ) | 18.8 |
(8,421,229 ) | |||
Finland | |||
Fortum OYJ | (56,720 ) | (744,273 ) | 2.7 |
Kesko OYJ, B Shares | (45,489 ) | (773,043 ) | 2.8 |
Neste OYJ | (33,164 ) | (747,696 ) | 2.7 |
Orion OYJ, Class B | (10,993 ) | (418,360 ) | 1.5 |
(2,683,372 ) | |||
Germany | |||
AIXTRON SE | (1,854 ) | (42,887 ) | 0.2 |
Bayer AG, Class N, Registered Shares | (58,982 ) | (1,714,305 ) | 6.2 |
Bechtle AG | (13,625 ) | (654,490 ) | 2.4 |
Schedule of Investments51
Schedule of Investments (continued)
April 30, 2024
BlackRock Global Equity Market Neutral Fund
Security | Shares | Value | % of Basket Value |
Germany (continued) | |||
Covestro AG | (77,208 ) | $(3,861,166 ) | 14.0 % |
Deutsche Boerse AG, Class N | (1,126 ) | (216,707 ) | 0.8 |
Hannover Rueck SE, Class N | (505 ) | (124,715 ) | 0.4 |
Puma SE | (2,476 ) | (114,358 ) | 0.4 |
Siemens Healthineers AG | (143,503 ) | (7,928,655 ) | 28.7 |
thyssenkrupp AG | (135,303 ) | (677,270 ) | 2.5 |
(15,334,553 ) | |||
Hong Kong | |||
CLP Holdings Ltd. | (28,500 ) | (224,018 ) | 0.8 |
Power Assets Holdings Ltd. | (6,500 ) | (37,258 ) | 0.2 |
Sun Hung Kai Properties Ltd. | (10,000 ) | (92,183 ) | 0.3 |
(353,459 ) | |||
Ireland | |||
Aercap Holdings NV | (92,906 ) | (7,849,628 ) | 28.5 |
Israel | |||
Global-e Online Ltd. | (14,711 ) | (493,260 ) | 1.8 |
ICL Group Ltd. | (10,797 ) | (50,669 ) | 0.2 |
Mobileye Global, Inc., Class A | (40,749 ) | (1,122,635 ) | 4.0 |
(1,666,564 ) | |||
Italy | |||
Assicurazioni Generali SpA | (64,213 ) | (1,558,903 ) | 5.7 |
DiaSorin SpA | (2,440 ) | (245,440 ) | 0.9 |
Eni SpA | (65,577 ) | (1,048,540 ) | 3.8 |
Leonardo SpA | (31,854 ) | (728,718 ) | 2.7 |
Nexi SpA | (6,427 ) | (37,230 ) | 0.1 |
Poste Italiane SpA | (13,941 ) | (176,338 ) | 0.6 |
(3,795,169 ) | |||
Japan | |||
AGC, Inc. | (216,000 ) | (8,169,658 ) | 29.6 |
Bridgestone Corp. | (150,800 ) | (6,794,464 ) | 24.6 |
Chiba Bank Ltd. | (15,700 ) | (135,578 ) | 0.5 |
Chugai Pharmaceutical Co. Ltd. | (2,900 ) | (94,355 ) | 0.4 |
Dentsu Group, Inc. | (31,300 ) | (863,001 ) | 3.1 |
FUJIFILM Holdings Corp. | (30,800 ) | (669,696 ) | 2.4 |
Iida Group Holdings Co. Ltd. | (25,000 ) | (326,126 ) | 1.2 |
Japan Metropolitan Fund Invest | (95 ) | (58,629 ) | 0.2 |
Japan Real Estate Investment Corp. | (176 ) | (610,073 ) | 2.2 |
JSR Corp. | (5,316 ) | (149,145 ) | 0.5 |
Kao Corp. | (19,300 ) | (810,256 ) | 2.9 |
KDX Realty Investment Corp. | (836 ) | (835,840 ) | 3.0 |
Keisei Electric Railway Co. Ltd. | (2,300 ) | (87,687 ) | 0.3 |
Kikkoman Corp. | (240,500 ) | (2,931,547 ) | 10.6 |
Kintetsu Group Holdings Co. Ltd., Class L | (33,400 ) | (879,465 ) | 3.2 |
Kyushu Electric Power Co., Inc. | (14,200 ) | (135,130 ) | 0.5 |
Kyushu Railway Co. | (12,900 ) | (284,172 ) | 1.0 |
Lasertec Corp. | (300 ) | (65,913 ) | 0.2 |
MatsukiyoCocokara & Co. | (29,100 ) | (423,204 ) | 1.5 |
MinebeaMitsumi, Inc. | (5,500 ) | (105,229 ) | 0.4 |
Mitsubishi Heavy Industries Ltd. | (60,300 ) | (551,383 ) | 2.0 |
Mitsubishi Motors Corp. | (756,800 ) | (2,453,503 ) | 8.9 |
Mitsui OSK Lines Ltd. | (11,500 ) | (372,701 ) | 1.4 |
MonotaRO Co. Ltd. | (9,500 ) | (116,182 ) | 0.4 |
NEC Corp. | (700 ) | (51,574 ) | 0.2 |
Nippon Building Fund, Inc. | (1,082 ) | (4,220,119 ) | 15.3 |
Nippon Sanso Holdings Corp. | (20,900 ) | (634,272 ) | 2.3 |
Nissan Chemical Corp. | (2,700 ) | (94,159 ) | 0.3 |
NTT Data Group Corp. | (900 ) | (14,375 ) | 0.1 |
Rakus Co. Ltd. | (17,200 ) | (177,901 ) | 0.7 |
Security | Shares | Value | % of Basket Value |
Japan (continued) | |||
Rakuten Bank Ltd. | (4,500 ) | $(93,406 ) | 0.3 % |
Rohto Pharmaceutical Co. Ltd. | (13,300 ) | (265,157 ) | 1.0 |
Ryohin Keikaku Co. Ltd. | (5,600 ) | (92,139 ) | 0.3 |
Sanrio Co. Ltd. | (3,300 ) | (56,985 ) | 0.2 |
Secom Co. Ltd. | (3,800 ) | (269,900 ) | 1.0 |
Seven & i Holdings Co. Ltd. | (77,400 ) | (1,022,312 ) | 3.7 |
SG Holdings Co. Ltd. | (12,700 ) | (152,008 ) | 0.6 |
Shimano, Inc. | (33,931 ) | (5,623,447 ) | 20.4 |
Shinko Electric Industries Co. Ltd. | (155,600 ) | (5,551,779 ) | 20.1 |
SMC Corp. | (5,600 ) | (3,009,724 ) | 10.9 |
SoftBank Corp. | (166,600 ) | (2,052,580 ) | 7.5 |
Square Enix Holdings Co. Ltd. | (7,300 ) | (269,566 ) | 1.0 |
SUMCO Corp. | (137,600 ) | (2,104,351 ) | 7.6 |
Sumitomo Forestry Co. Ltd. | (9,700 ) | (302,260 ) | 1.1 |
Sumitomo Realty & Development Co. Ltd. | (23,200 ) | (818,722 ) | 3.0 |
Taiyo Yuden Co. Ltd. | (190,700 ) | (4,565,816 ) | 16.6 |
TDK Corp. | (6,100 ) | (278,858 ) | 1.0 |
Tobu Railway Co. Ltd. | (12,100 ) | (246,181 ) | 0.9 |
Tohoku Electric Power Co., Inc. | (31,400 ) | (248,251 ) | 0.9 |
Tokyo Electric Power Co Holdings, Inc. | (162,800 ) | (1,038,531 ) | 3.8 |
Tokyo Seimitsu Co. Ltd. | (1,000 ) | (66,741 ) | 0.3 |
Toyo Tire Corp. | (102,500 ) | (1,982,571 ) | 7.2 |
Toyota Motor Corp. | (129,900 ) | (3,006,867 ) | 10.9 |
Visional, Inc. | (2,800 ) | (130,993 ) | 0.5 |
West Japan Railway Co. | (25,600 ) | (497,367 ) | 1.8 |
Yamaha Motor Co. Ltd. | (118,600 ) | (1,128,915 ) | 4.1 |
Yamato Holdings Co. Ltd. | (68,000 ) | (918,914 ) | 3.3 |
Yokohama Rubber Co. Ltd. | (26,000 ) | (695,631 ) | 2.5 |
(69,605,309 ) | |||
Netherlands | |||
Heineken Holding NV | (17,092 ) | (1,369,166 ) | 5.0 |
Heineken NV | (17,477 ) | (1,693,949 ) | 6.2 |
IMCD NV | (430 ) | (64,566 ) | 0.2 |
JDE Peet’s NV | (60,326 ) | (1,335,115 ) | 4.8 |
(4,462,796 ) | |||
New Zealand | |||
Auckland International Airport Ltd. | (295,777 ) | (1,370,662 ) | 5.0 |
Fisher & Paykel Healthcare Corp. Ltd., Class C | (146,745 ) | (2,461,751 ) | 8.9 |
Mercury NZ Ltd. | (134,850 ) | (507,885 ) | 1.9 |
Meridian Energy Ltd. | (119,359 ) | (422,719 ) | 1.5 |
Spark New Zealand Ltd. | (520,982 ) | (1,466,899 ) | 5.3 |
(6,229,916 ) | |||
Norway | |||
DNB Bank ASA | (2,425 ) | (42,753 ) | 0.2 |
Orkla ASA | (85,098 ) | (587,539 ) | 2.1 |
Salmar ASA | (9,424 ) | (601,272 ) | 2.2 |
(1,231,564 ) | |||
Portugal | |||
Banco Comercial Portugues SA, R Shares | (756,118 ) | (262,945 ) | 0.9 |
Singapore | |||
CapitaLand Ascendas REIT | (690,000 ) | (1,309,340 ) | 4.8 |
Genting Singapore Ltd. | (266,700 ) | (178,292 ) | 0.7 |
Jardine Cycle & Carriage Ltd. | (8,600 ) | (166,249 ) | 0.6 |
Oversea-Chinese Banking Corp. Ltd. | (403,300 ) | (4,194,302 ) | 15.2 |
Singapore Exchange Ltd. | (45,500 ) | (310,900 ) | 1.1 |
Singapore Technologies Engineering Ltd. | (154,300 ) | (454,018 ) | 1.6 |
(6,613,101 ) |
52
2024 BlackRock Annual Report to Shareholders
Schedule of Investments (continued)
April 30, 2024
BlackRock Global Equity Market Neutral Fund
Security | Shares | Value | % of Basket Value |
Spain | |||
Amadeus IT Group SA | (12,684 ) | $(801,787 ) | 2.9 % |
CaixaBank SA | (37,199 ) | (195,461 ) | 0.7 |
Cellnex Telecom SA | (14,617 ) | (481,101 ) | 1.7 |
Enagas SA | (4,996 ) | (72,956 ) | 0.3 |
(1,551,305 ) | |||
Sweden | |||
Assa Abloy AB, Class B | (8,456 ) | (225,895 ) | 0.8 |
Boliden AB | (20,990 ) | (697,955 ) | 2.5 |
Castellum AB | (85,483 ) | (1,028,116 ) | 3.7 |
Epiroc AB, Class A | (162,345 ) | (3,039,902 ) | 11.0 |
Epiroc AB, Class B | (14,856 ) | (249,229 ) | 0.9 |
EQT AB | (28,734 ) | (785,658 ) | 2.8 |
Essity AB, Class B | (37,749 ) | (951,519 ) | 3.5 |
Getinge AB, B Shares | (41,335 ) | (879,897 ) | 3.2 |
Investment AB Latour, B Shares | (6,680 ) | (163,068 ) | 0.6 |
Lifco AB, B Shares | (13,218 ) | (324,412 ) | 1.2 |
Sandvik Ab | (169,246 ) | (3,418,154 ) | 12.4 |
Skandinaviska Enskilda Banken AB, Class A | (297,659 ) | (3,947,418 ) | 14.3 |
Svenska Cellulosa AB SCA, Class B | (46,040 ) | (682,650 ) | 2.5 |
Svenska Handelsbanken AB, A Shares | (143,394 ) | (1,247,358 ) | 4.5 |
Swedbank AB, A Shares | (184,783 ) | (3,578,582 ) | 13.0 |
(21,219,813 ) | |||
Switzerland | |||
Bachem Holding AG, Class N | (4,695 ) | (410,491 ) | 1.5 |
Baloise Holding AG, Class N | (15,579 ) | (2,372,150 ) | 8.6 |
Barry Callebaut AG, Class N, Registered Shares | (731 ) | (1,188,962 ) | 4.3 |
Cie Financiere Richemont SA, Registered Shares | (12,931 ) | (1,801,265 ) | 6.5 |
EMS-Chemie Holding AG, Registered Shares | (2,621 ) | (2,105,965 ) | 7.6 |
Julius Baer Group Ltd., Class N | (137,237 ) | (7,418,639 ) | 26.9 |
On Holding AG, Class A | (47,899 ) | (1,520,793 ) | 5.5 |
Partners Group Holding AG | (132 ) | (171,162 ) | 0.6 |
SIG Group AG | (17,650 ) | (355,536 ) | 1.3 |
Swatch Group AG | (720 ) | (152,470 ) | 0.6 |
Swiss Life Holding AG, Class N, Registered Shares | (8,428 ) | (5,730,080 ) | 20.8 |
Swisscom AG, Class N, Registered Shares | (14,923 ) | (8,250,636 ) | 29.9 |
(31,478,149 ) | |||
Thailand | |||
Fabrinet | (9,147 ) | (1,583,071 ) | 5.7 |
United Kingdom | |||
Admiral Group PLC | (12,004 ) | (407,052 ) | 1.5 |
Beazley PLC | (54,004 ) | (445,107 ) | 1.6 |
Berkeley Group Holdings PLC | (31,151 ) | (1,823,021 ) | 6.6 |
DS Smith PLC | (293,044 ) | (1,271,013 ) | 4.6 |
Howden Joinery Group PLC | (39,378 ) | (426,995 ) | 1.6 |
InterContinental Hotels Group PLC | (16,314 ) | (1,581,811 ) | 5.7 |
JD Sports Fashion PLC | (1,008,280 ) | (1,437,365 ) | 5.2 |
Legal & General Group PLC | (392,558 ) | (1,147,748 ) | 4.2 |
Lloyds Banking Group PLC | (407,497 ) | (262,011 ) | 1.0 |
Persimmon PLC | (29,584 ) | (477,249 ) | 1.7 |
Reckitt Benckiser Group PLC | (4,852 ) | (270,307 ) | 1.0 |
Rentokil Initial PLC | (166,125 ) | (834,809 ) | 3.0 |
Severn Trent PLC | (79,405 ) | (2,439,759 ) | 8.8 |
SSE PLC | (496,271 ) | (10,279,029 ) | 37.3 |
Unilever PLC | (40,166 ) | (2,059,628 ) | 7.5 |
Vistry Group PLC | (162,326 ) | (2,402,500 ) | 8.7 |
(27,565,404 ) |
Security | Shares | Value | % of Basket Value |
United States | |||
10X Genomics, Inc., Class A | (8,082 ) | $(236,641 ) | 0.9 % |
Aflac, Inc. | (85,849 ) | (7,181,269 ) | 26.0 |
Agree Realty Corp. | (17,669 ) | (1,011,020 ) | 3.7 |
Air Lease Corp., Class A | (14,141 ) | (710,444 ) | 2.6 |
Air Products and Chemicals, Inc. | (51,426 ) | (12,154,021 ) | 44.1 |
Airbnb, Inc., Class A | (13,522 ) | (2,144,184 ) | 7.8 |
Albemarle Corp. | (9,768 ) | (1,175,188 ) | 4.3 |
Alight, Inc., Class A | (137,468 ) | (1,239,961 ) | 4.5 |
Alliant Energy Corp. | (72,813 ) | (3,626,087 ) | 13.2 |
Amcor PLC | (188,895 ) | (1,688,721 ) | 6.1 |
Ameriprise Financial, Inc. | (3,180 ) | (1,309,492 ) | 4.7 |
Amkor Technology, Inc. | (23,254 ) | (752,267 ) | 2.7 |
Amphenol Corp., Class A | (98,269 ) | (11,867,947 ) | 43.0 |
Annaly Capital Management, Inc. | (7,146 ) | (133,916 ) | 0.5 |
Antero Midstream Corp. | (47,516 ) | (657,621 ) | 2.4 |
Antero Resources Corp. | (25,306 ) | (860,657 ) | 3.1 |
Apollo Global Management, Inc. | (41,213 ) | (4,466,665 ) | 16.2 |
Asana, Inc., Class A | (9,953 ) | (148,001 ) | 0.5 |
Asbury Automotive Group, Inc. | (206 ) | (43,309 ) | 0.2 |
Aspen Technology, Inc. | (4,643 ) | (914,067 ) | 3.3 |
ATI, Inc. | (16,413 ) | (979,856 ) | 3.6 |
Avantor, Inc. | (27,504 ) | (666,422 ) | 2.4 |
Ball Corp. | (138,626 ) | (9,644,211 ) | 35.0 |
Bath & Body Works, Inc. | (15,042 ) | (683,208 ) | 2.5 |
BJ’s Wholesale Club Holdings, Inc. | (23,089 ) | (1,724,287 ) | 6.3 |
Blue Owl Capital, Inc. | (56,710 ) | (1,071,252 ) | 3.9 |
Boeing Co. | (63,217 ) | (10,610,341 ) | 38.5 |
Boston Scientific Corp. | (50,676 ) | (3,642,084 ) | 13.2 |
Braze, Inc., Class A | (6,219 ) | (260,576 ) | 0.9 |
Capital One Financial Corp. | (3,132 ) | (449,223 ) | 1.6 |
Cava Group, Inc. | (16,006 ) | (1,151,472 ) | 4.2 |
CDW Corp. | (7,096 ) | (1,716,239 ) | 6.2 |
Celanese Corp., Class A | (46,691 ) | (7,172,205 ) | 26.0 |
Chesapeake Energy Corp. | (21,891 ) | (1,967,563 ) | 7.1 |
Chipotle Mexican Grill, Inc. | (2,171 ) | (6,859,492 ) | 24.9 |
Choice Hotels International, Inc. | (392 ) | (46,358 ) | 0.2 |
Chord Energy Corp. | (18,701 ) | (3,309,703 ) | 12.0 |
Churchill Downs, Inc. | (12,858 ) | (1,658,682 ) | 6.0 |
Civitas Resources, Inc. | (57,240 ) | (4,118,990 ) | 14.9 |
Coherent Corp. | (36,566 ) | (1,997,601 ) | 7.2 |
Confluent, Inc., Class A | (30,828 ) | (866,883 ) | 3.1 |
Constellation Energy Corp. | (17,589 ) | (3,270,499 ) | 11.9 |
Cooper Cos, Inc. | (21,246 ) | (1,892,169 ) | 6.9 |
Coty, Inc., Class A | (41,964 ) | (480,068 ) | 1.7 |
Crane Co. | (17,747 ) | (2,484,757 ) | 9.0 |
Crown Holdings, Inc. | (29,766 ) | (2,442,896 ) | 8.9 |
CSL Ltd. | (337 ) | (59,877 ) | 0.2 |
Diamondback Energy, Inc. | (72,781 ) | (14,638,443 ) | 53.1 |
Dollar General Corp. | (19,171 ) | (2,668,411 ) | 9.7 |
Dollar Tree, Inc. | (1,313 ) | (155,262 ) | 0.6 |
DoubleVerify Holdings, Inc. | (7,034 ) | (206,096 ) | 0.7 |
Dow, Inc. | (65,568 ) | (3,730,819 ) | 13.5 |
Doximity, Inc., Class A | (26,492 ) | (643,491 ) | 2.3 |
Duke Energy Corp. | (15,780 ) | (1,550,543 ) | 5.6 |
Dun & Bradstreet Holdings, Inc. | (39,954 ) | (363,581 ) | 1.3 |
Duolingo, Inc. | (12,488 ) | (2,819,166 ) | 10.2 |
Elastic NV | (1,695 ) | (173,263 ) | 0.6 |
Element Solutions, Inc. | (13,256 ) | (306,611 ) | 1.1 |
Encompass Health Corp. | (22,344 ) | (1,863,043 ) | 6.8 |
Endeavor Group Holdings, Inc., Class A | (20,269 ) | (535,304 ) | 1.9 |
Entegris, Inc. | (3,653 ) | (485,557 ) | 1.8 |
Schedule of Investments53
Schedule of Investments (continued)
April 30, 2024
BlackRock Global Equity Market Neutral Fund
Security | Shares | Value | % of Basket Value |
United States (continued) | |||
Equifax, Inc. | (4,214 ) | $(927,881 ) | 3.4 % |
Erie Indemnity Co., Class A | (1,782 ) | (681,900 ) | 2.5 |
Essex Property Trust, Inc. | (5,247 ) | (1,292,074 ) | 4.7 |
Estee Lauder Cos., Inc., Class A | (24,135 ) | (3,540,846 ) | 12.8 |
Extra Space Storage, Inc. | (26,066 ) | (3,500,142 ) | 12.7 |
F&G Annuities & Life, Inc. | (1 ) | (38 ) | 0.0 |
Fifth Third Bancorp | (20,762 ) | (756,983 ) | 2.7 |
First Citizens BancShares, Inc., Class A | (458 ) | (772,536 ) | 2.8 |
Freeport-McMoRan, Inc. | (265,602 ) | (13,264,164 ) | 48.1 |
Freshworks, Inc., Class A | (38,818 ) | (692,901 ) | 2.5 |
Gaming and Leisure Properties, Inc. | (3,958 ) | (169,125 ) | 0.6 |
GE HealthCare Technologies, Inc. | (5,249 ) | (400,184 ) | 1.5 |
Gitlab, Inc., Class A | (19,989 ) | (1,048,823 ) | 3.8 |
Graphic Packaging Holding Co. | (92,075 ) | (2,380,139 ) | 8.6 |
Hasbro, Inc. | (22,757 ) | (1,395,004 ) | 5.1 |
Healthcare Realty Trust, Inc. | (148,430 ) | (2,112,159 ) | 7.7 |
Hexcel Corp. | (1,454 ) | (93,361 ) | 0.3 |
Houlihan Lokey, Inc., Class A | (8,464 ) | (1,079,075 ) | 3.9 |
Howmet Aerospace, Inc. | (207,369 ) | (13,841,881 ) | 50.2 |
Humana, Inc. | (12,890 ) | (3,893,940 ) | 14.1 |
Hyatt Hotels Corp., Class A | (30,092 ) | (4,477,389 ) | 16.2 |
Immunovant, Inc. | (3,461 ) | (94,970 ) | 0.3 |
Ingersoll Rand, Inc. | (15,011 ) | (1,400,827 ) | 5.1 |
Interactive Brokers Group, Inc., Class A | (51,348 ) | (5,911,182 ) | 21.4 |
International Business Machines Corp. | (42,522 ) | (7,067,156 ) | 25.6 |
International Flavors & Fragrances, Inc. | (2,558 ) | (216,535 ) | 0.8 |
Intra-Cellular Therapies, Inc. | (21,477 ) | (1,542,263 ) | 5.6 |
Johnson Controls International PLC | (222,808 ) | (14,498,117 ) | 52.6 |
Keurig Dr. Pepper, Inc. | (216,485 ) | (7,295,544 ) | 26.5 |
Kite Realty Group Trust | (80,582 ) | (1,756,688 ) | 6.4 |
KKR & Co., Inc., Class A | (5,988 ) | (557,303 ) | 2.0 |
Laboratory Corp. of America Holdings | (9,830 ) | (1,979,467 ) | 7.2 |
Lantheus Holdings, Inc. | (17,936 ) | (1,193,461 ) | 4.3 |
Las Vegas Sands Corp. | (203,132 ) | (9,010,936 ) | 32.7 |
Levi Strauss & Co., Class A | (33,089 ) | (702,149 ) | 2.5 |
Loews Corp. | (10,917 ) | (820,413 ) | 3.0 |
MACOM Technology Solutions Holdings, Inc., Class H | (8,953 ) | (912,758 ) | 3.3 |
MarketAxess Holdings, Inc. | (1,247 ) | (249,512 ) | 0.9 |
Marriott International, Inc., Class A | (10,885 ) | (2,570,275 ) | 9.3 |
Masimo Corp. | (1,774 ) | (238,443 ) | 0.9 |
Matador Resources Co. | (17,075 ) | (1,063,772 ) | 3.9 |
Moody’s Corp. | (14,073 ) | (5,211,654 ) | 18.9 |
Mueller Industries, Inc. | (14,346 ) | (800,794 ) | 2.9 |
National Storage Affiliates Trust | (59,145 ) | (2,072,441 ) | 7.5 |
New Fortress Energy, Inc., Class A | (92,856 ) | (2,432,827 ) | 8.8 |
Noble Corp. PLC | (43,232 ) | (1,918,636 ) | 7.0 |
Nordson Corp. | (3,409 ) | (880,170 ) | 3.2 |
Norwegian Cruise Line Holdings Ltd. | (49,203 ) | (930,921 ) | 3.4 |
Omnicom Group, Inc. | (31,398 ) | (2,914,990 ) | 10.6 |
ONEOK, Inc. | (125,624 ) | (9,939,371 ) | 36.0 |
Onto Innovation, Inc. | (6,386 ) | (1,184,539 ) | 4.3 |
PACCAR, Inc. | (65,928 ) | (6,995,620 ) | 25.4 |
Parsons Corp. | (39,716 ) | (3,118,103 ) | 11.3 |
PBF Energy, Inc., Class A | (3,306 ) | (176,111 ) | 0.6 |
Permian Resources Corp. | (160,495 ) | (2,688,291 ) | 9.7 |
Pinnacle Financial Partners, Inc. | (5,514 ) | (422,924 ) | 1.5 |
Procore Technologies, Inc. | (7,365 ) | (503,913 ) | 1.8 |
Prudential Financial, Inc. | (69,547 ) | (7,683,553 ) | 27.9 |
PTC, Inc. | (13,540 ) | (2,402,538 ) | 8.7 |
Public Service Enterprise Group, Inc. | (37,940 ) | (2,620,895 ) | 9.5 |
Security | Shares | Value | % of Basket Value |
United States (continued) | |||
Qiagen NV, QGEN | (14,346 ) | $(607,266 ) | 2.2 % |
Qiagen NV, QIAD | (8,805 ) | (366,087 ) | 1.3 |
R1 RCM, Inc. | (3,362 ) | (41,319 ) | 0.2 |
Range Resources Corp. | (1,400 ) | (50,274 ) | 0.2 |
Raymond James Financial, Inc. | (20,906 ) | (2,550,532 ) | 9.2 |
Regal Rexnord Corp. | (3,092 ) | (498,956 ) | 1.8 |
Rithm Capital Corp. | (211,150 ) | (2,347,988 ) | 8.5 |
Robinhood Markets, Inc., Class A | (67,288 ) | (1,109,579 ) | 4.0 |
Ryman Hospitality Properties, Inc. | (8,908 ) | (939,616 ) | 3.4 |
Samsara, Inc., Class A | (23,238 ) | (811,703 ) | 2.9 |
Selective Insurance Group, Inc. | (1,248 ) | (126,859 ) | 0.5 |
SentinelOne, Inc., Class A | (9,138 ) | (193,086 ) | 0.7 |
SharkNinja, Inc. | (5,153 ) | (331,235 ) | 1.2 |
Shockwave Medical, Inc. | (1,886 ) | (622,738 ) | 2.3 |
Simon Property Group, Inc. | (29,647 ) | (4,166,293 ) | 15.1 |
Simpson Manufacturing Co., Inc. | (141 ) | (24,518 ) | 0.1 |
SoFi Technologies, Inc. | (4,076 ) | (27,635 ) | 0.1 |
SolarEdge Technologies, Inc. | (12,367 ) | (725,325 ) | 2.6 |
SouthState Corp. | (12,361 ) | (935,728 ) | 3.4 |
SPS Commerce, Inc. | (1,312 ) | (228,117 ) | 0.8 |
STAG Industrial, Inc. | (32,688 ) | (1,124,140 ) | 4.1 |
Steel Dynamics, Inc. | (8,622 ) | (1,121,895 ) | 4.1 |
STERIS PLC | (3,890 ) | (795,738 ) | 2.9 |
Sun Communities, Inc. | (16,875 ) | (1,878,525 ) | 6.8 |
Swiss Re AG | (3,213 ) | (352,109 ) | 1.3 |
Take-Two Interactive Software, Inc. | (31,440 ) | (4,489,946 ) | 16.3 |
Teleflex, Inc. | (4,107 ) | (857,336 ) | 3.1 |
Tempur Sealy International, Inc. | (3,025 ) | (151,432 ) | 0.6 |
Tenable Holdings, Inc. | (10,363 ) | (466,024 ) | 1.7 |
Tenaris SA | (58,098 ) | (959,943 ) | 3.5 |
Terreno Realty Corp. | (7,747 ) | (421,049 ) | 1.5 |
Tesla, Inc. | (43,125 ) | (7,903,950 ) | 28.7 |
Tidewater, Inc. | (24,392 ) | (2,240,405 ) | 8.1 |
TKO Group Holdings, Inc., Class A | (15,400 ) | (1,457,918 ) | 5.3 |
Tractor Supply Co. | (30,818 ) | (8,415,779 ) | 30.5 |
Tyler Technologies, Inc. | (536 ) | (247,391 ) | 0.9 |
Universal Display Corp. | (607 ) | (95,894 ) | 0.3 |
Valaris Ltd. | (31,644 ) | (2,058,759 ) | 7.5 |
Valley National Bancorp | (46,580 ) | (326,526 ) | 1.2 |
Valvoline, Inc. | (8,179 ) | (347,771 ) | 1.3 |
Vaxcyte, Inc. | (10,464 ) | (633,595 ) | 2.3 |
Viatris, Inc. | (10,236 ) | (118,431 ) | 0.4 |
Viking Therapeutics, Inc. | (41,189 ) | (3,277,821 ) | 11.9 |
Vontier Corp. | (71,818 ) | (2,917,965 ) | 10.6 |
Voya Financial, Inc. | (39,166 ) | (2,669,555 ) | 9.7 |
Warner Music Group Corp., Class A | (11,941 ) | (394,053 ) | 1.4 |
Webster Financial Corp. | (16,109 ) | (706,057 ) | 2.6 |
Welltower, Inc. | (29,795 ) | (2,838,868 ) | 10.3 |
Whirlpool Corp. | (14,470 ) | (1,372,624 ) | 5.0 |
Wingstop, Inc. | (303 ) | (116,591 ) | 0.4 |
Wyndham Hotels & Resorts, Inc. | (10,679 ) | (785,013 ) | 2.8 |
XPO, Inc. | (6,745 ) | (724,818 ) | 2.6 |
ZoomInfo Technologies, Inc., Class A | (17,129 ) | (271,666 ) | 1.0 |
(393,233,030 ) |
54
2024 BlackRock Annual Report to Shareholders
Schedule of Investments (continued)
April 30, 2024
BlackRock Global Equity Market Neutral Fund
Security | Shares | Value | % of Basket Value |
Rights | |||
Australia | |||
NEXTDC Ltd., (Expires 05/09/24, Strike Price AUD 15.40) | (17,700 ) | $(14,723 ) | 0.1 % |
Total Reference Entity — Short | (660,094,237 ) | ||
Net Value of Reference Entity — BNP Paribas SA | $(27,576,795 ) | ||
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 03/17/25 — 11/17/25:
Security | Shares | Value | % of Basket Value |
Reference Entity — Long | |||
Common Stocks | |||
Australia | |||
Austal Ltd. | 190,075 | $279,549 | 14.9 % |
Bega Cheese Ltd. | 132,837 | 350,274 | 18.7 |
Boral Ltd. | 292,132 | 1,069,897 | 57.0 |
Centuria Industrial REIT | 208,162 | 422,668 | 22.5 |
Challenger Ltd. | 162,410 | 696,872 | 37.1 |
Data#3 Ltd. | 84,340 | 412,486 | 22.0 |
Downer EDI Ltd. | 456,061 | 1,361,404 | 72.6 |
GrainCorp Ltd., Class A | 87,988 | 480,898 | 25.6 |
Growthpoint Properties Australia Ltd. | 149,422 | 227,462 | 12.1 |
Insignia Financial Ltd. | 529,657 | 824,628 | 44.0 |
McMillan Shakespeare Ltd. | 191,405 | 2,271,432 | 121.1 |
Monadelphous Group Ltd. | 12,725 | 108,482 | 5.8 |
NRW Holdings Ltd. | 201,195 | 357,011 | 19.0 |
Ridley Corp. Ltd. | 24,642 | 35,747 | 1.9 |
Technology One Ltd. | 165,054 | 1,700,632 | 90.7 |
Ventia Services Group Pty Ltd. | 403,081 | 932,904 | 49.7 |
11,532,346 | |||
Austria | |||
ANDRITZ AG | 23,221 | 1,261,231 | 67.2 |
Kontron AG | 12,685 | 254,209 | 13.6 |
1,515,440 | |||
Belgium | |||
Proximus SADP | 161,526 | 1,187,373 | 63.3 |
Canada | |||
AbCellera Biologics, Inc. | 90,848 | 343,405 | 18.3 |
Ag Growth International, Inc. | 2,272 | 87,353 | 4.7 |
Canfor Corp. | 28,752 | 302,632 | 16.1 |
Centerra Gold, Inc. | 47,875 | 291,041 | 15.5 |
Doman Building Materials Group Ltd. | 4,793 | 26,702 | 1.4 |
Innergex Renewable Energy, Inc. | 187,017 | 1,089,421 | 58.1 |
Interfor Corp. | 14,388 | 182,335 | 9.7 |
Nexus Industrial REIT | 40,351 | 203,432 | 10.8 |
North American Construction Group Ltd. | 5,843 | 122,922 | 6.6 |
Obsidian Energy Ltd. | 54,556 | 467,411 | 24.9 |
Pason Systems, Inc. | 6,462 | 73,358 | 3.9 |
Stelco Holdings, Inc. | 1,680 | 48,635 | 2.6 |
Transcontinental, Inc., Class A | 1,633 | 16,182 | 0.9 |
3,254,829 |
Security | Shares | Value | % of Basket Value |
Finland | |||
Outokumpu OYJ | 765,879 | $3,085,899 | 164.5 % |
Georgia | |||
TBC Bank Group PLC | 2,924 | 125,996 | 6.7 |
Germany | |||
Aurubis AG | 7,606 | 603,252 | 32.2 |
Auto1 Group SE | 87,201 | 442,129 | 23.6 |
Bilfinger SE | 3,022 | 140,078 | 7.5 |
Deutsche Pfandbriefbank AG | 156,694 | 741,944 | 39.5 |
Deutsche Wohnen SE | 6,555 | 123,126 | 6.6 |
Deutz AG | 13,232 | 76,067 | 4.1 |
Duerr AG | 15,244 | 388,560 | 20.7 |
Grand City Properties SA | 52,342 | 581,937 | 31.0 |
SAF-Holland SE | 14,667 | 281,263 | 15.0 |
Salzgitter AG | 3,634 | 92,905 | 4.9 |
United Internet AG, Class N, Registered Shares | 57,569 | 1,386,911 | 73.9 |
4,858,172 | |||
Hong Kong | |||
HK Electric Investments & HK Electric Investments Ltd. | 376,500 | 225,133 | 12.0 |
Ireland | |||
Cairn Homes PLC | 263,698 | 445,700 | 23.7 |
Greencore Group PLC | 103,230 | 168,465 | 9.0 |
614,165 | |||
Israel | |||
Delek Group Ltd. | 2,343 | 263,410 | 14.0 |
Kornit Digital Ltd. | 3,818 | 58,835 | 3.1 |
Plus500 Ltd. | 277,922 | 7,492,317 | 399.4 |
7,814,562 | |||
Italy | |||
Banca IFIS SpA | 11,817 | 262,196 | 14.0 |
Brunello Cucinelli SpA | 11,051 | 1,123,377 | 59.9 |
Buzzi SpA | 3,851 | 138,131 | 7.3 |
Credito Emiliano SpA | 13,705 | 144,179 | 7.7 |
De’ Longhi SpA | 22,489 | 736,172 | 39.2 |
Maire Tecnimont SpA | 8,862 | 73,074 | 3.9 |
Sesa SpA | 1,202 | 124,437 | 6.6 |
Webuild SpA | 80,803 | 201,960 | 10.8 |
2,803,526 | |||
Japan | |||
77 Bank Ltd. | 37,500 | 1,081,856 | 57.7 |
Aisan Industry Co. Ltd. | 43,500 | 416,747 | 22.2 |
Alfresa Holdings Corp. | 124,100 | 1,877,666 | 100.1 |
Amano Corp. | 6,600 | 161,658 | 8.6 |
Awa Bank Ltd. | 15,600 | 268,663 | 14.3 |
BIPROGY, Inc. | 7,000 | 208,210 | 11.1 |
BML, Inc. | 8,200 | 155,038 | 8.3 |
Cellebrite Di Ltd. | 77,573 | 838,564 | 44.7 |
Coca-Cola Bottlers Japan Holdings, Inc. | 82,000 | 1,173,718 | 62.6 |
Create Restaurants Holdings, Inc. | 56,900 | 401,082 | 21.4 |
Create SD Holdings Co. Ltd. | 15,300 | 338,018 | 18.0 |
Daicel Corp. | 91,100 | 859,063 | 45.8 |
Daiichikosho Co. Ltd. | 9,700 | 115,846 | 6.2 |
Dentsu Soken, Inc. | 9,000 | 304,609 | 16.2 |
DIC Corp. | 23,700 | 453,131 | 24.2 |
Doutor Nichires Holdings Co. Ltd. | 23,400 | 319,533 | 17.0 |
DTS Corp. | 6,800 | 189,485 | 10.1 |
Schedule of Investments55
Schedule of Investments (continued)
April 30, 2024
BlackRock Global Equity Market Neutral Fund
Security | Shares | Value | % of Basket Value |
Japan (continued) | |||
Elematec Corp. | 3,200 | $39,807 | 2.1 % |
Ezaki Glico Co. Ltd. | 55,800 | 1,472,053 | 78.5 |
Fuji Corp./Aichi | 118,800 | 2,029,868 | 108.2 |
FULLCAST Holdings Co. Ltd. | 17,500 | 171,358 | 9.1 |
Furukawa Electric Co. Ltd. | 66,000 | 1,445,754 | 77.1 |
Glory Ltd. | 18,100 | 333,440 | 17.8 |
Gunma Bank Ltd. | 120,900 | 747,142 | 39.8 |
Hanwa Co. Ltd. | 28,600 | 1,124,115 | 59.9 |
Heiwa Real Estate Co. Ltd. | 11,300 | 319,040 | 17.0 |
Heiwado Co. Ltd. | 26,400 | 415,657 | 22.2 |
Hiday Hidaka Corp. | 22,800 | 415,057 | 22.1 |
Hioki EE Corp. | 9,600 | 392,563 | 20.9 |
Hyakujushi Bank Ltd. | 12,700 | 236,282 | 12.6 |
Inaba Denki Sangyo Co. Ltd. | 4,100 | 97,788 | 5.2 |
Itochu Enex Co. Ltd. | 40,600 | 402,206 | 21.4 |
JTEKT Corp. | 158,900 | 1,262,521 | 67.3 |
Kanamoto Co. Ltd. | 70,800 | 1,210,859 | 64.5 |
Kissei Pharmaceutical Co. Ltd. | 5,200 | 121,879 | 6.5 |
Kokuyo Co. Ltd. | 41,000 | 715,981 | 38.2 |
Kyoritsu Maintenance Co. Ltd. | 52,900 | 1,147,373 | 61.2 |
Maruha Nichiro Corp. | 19,100 | 381,062 | 20.3 |
Maxell Ltd. | 50,600 | 510,523 | 27.2 |
Mebuki Financial Group, Inc. | 108,500 | 392,076 | 20.9 |
MEITEC Group Holdings, Inc. | 31,000 | 589,363 | 31.4 |
Menicon Co. Ltd. | 53,100 | 523,397 | 27.9 |
Mizuno Corp. | 29,500 | 1,463,269 | 78.0 |
Modec, Inc. | 46,300 | 935,147 | 49.8 |
Morinaga & Co. Ltd. | 17,800 | 294,245 | 15.7 |
Nippon Light Metal Holdings Co. Ltd. | 10,800 | 131,136 | 7.0 |
Nishi-Nippon Financial Holdings, Inc. | 64,100 | 822,608 | 43.8 |
Nittetsu Mining Co. Ltd. | 2,300 | 73,985 | 3.9 |
NOK Corp. | 36,900 | 543,592 | 29.0 |
Nomura Co. Ltd. | 24,100 | 132,717 | 7.1 |
Noritz Corp. | 7,600 | 87,742 | 4.7 |
NTN Corp. | 880,300 | 1,786,224 | 95.2 |
Okamura Corp. | 7,000 | 108,367 | 5.8 |
Ryobi Ltd. | 47,500 | 844,343 | 45.0 |
Sanki Engineering Co. Ltd. | 22,100 | 317,352 | 16.9 |
Sato Holdings Corp. | 8,500 | 120,540 | 6.4 |
Seikitokyu Kogyo Co. Ltd. | 54,500 | 630,928 | 33.6 |
Seino Holdings Co. Ltd. | 12,700 | 174,084 | 9.3 |
Senshu Electric Co. Ltd. | 700 | 24,974 | 1.3 |
Shibaura Machine Co. Ltd. | 16,700 | 382,191 | 20.4 |
Sohgo Security Services Co. Ltd. | 9,500 | 53,999 | 2.9 |
Sumitomo Bakelite Co. Ltd. | 8,300 | 239,548 | 12.8 |
Suruga Bank Ltd. | 16,400 | 102,199 | 5.4 |
Tadano Ltd. | 20,000 | 164,335 | 8.8 |
Taikisha Ltd. | 13,400 | 404,015 | 21.5 |
Toho Holdings Co. Ltd. | 11,100 | 271,793 | 14.5 |
Tokai Rika Co. Ltd. | 25,800 | 360,676 | 19.2 |
Tokai Tokyo Financial Holdings, Inc. | 60,100 | 223,387 | 11.9 |
Towa Pharmaceutical Co. Ltd. | 13,200 | 242,875 | 12.9 |
Toyo Seikan Group Holdings Ltd., Class L | 35,800 | 564,176 | 30.1 |
Toyoda Gosei Co. Ltd. | 22,200 | 440,274 | 23.5 |
Toyota Boshoku Corp. | 408,800 | 6,193,421 | 330.1 |
Trusco Nakayama Corp. | 9,900 | 167,005 | 8.9 |
TSI Holdings Co. Ltd. | 81,700 | 466,766 | 24.9 |
Tsubakimoto Chain Co. | 15,300 | 537,966 | 28.7 |
Wacom Co. Ltd. | 95,300 | 373,939 | 19.9 |
WingArc1st, Inc. | 1,300 | 22,519 | 1.2 |
YAMABIKO Corp. | 13,800 | 186,733 | 10.0 |
Security | Shares | Value | % of Basket Value |
Japan (continued) | |||
Yamazen Corp. | 63,400 | $568,098 | 30.3 % |
Yaoko Co. Ltd. | 9,400 | 520,078 | 27.7 |
Yokogawa Bridge Holdings Corp. | 29,600 | 549,230 | 29.3 |
Yuasa Trading Co. Ltd. | 6,400 | 239,062 | 12.7 |
47,425,589 | |||
Netherlands | |||
Eurocommercial Properties NV | 4,433 | 100,385 | 5.4 |
Koninklijke BAM Groep NV | 246,053 | 999,900 | 53.3 |
1,100,285 | |||
Norway | |||
Aker Solutions ASA | 44,793 | 171,116 | 9.1 |
Elkem ASA | 139,284 | 247,305 | 13.2 |
Odfjell Drilling Ltd. | 19,829 | 91,739 | 4.9 |
Wallenius Wilhelmsen ASA | 31,126 | 317,556 | 16.9 |
827,716 | |||
Portugal | |||
Mota-Engil SGPS SA | 43,388 | 186,884 | 9.9 |
Sonae SGPS SA | 381,416 | 380,314 | 20.3 |
567,198 | |||
Singapore | |||
Suntec Real Estate Investment Trust | 89,600 | 70,889 | 3.8 |
Spain | |||
Atlantica Sustainable Infrastructure PLC | 49,256 | 963,940 | 51.4 |
Indra Sistemas SA | 51,167 | 973,732 | 51.9 |
Inmobiliaria Colonial Socimi SA | 43,878 | 255,536 | 13.6 |
Mapfre SA | 922,795 | 2,216,691 | 118.2 |
Merlin Properties Socimi SA | 58,137 | 651,296 | 34.7 |
5,061,195 | |||
Switzerland | |||
dormakaba Holding AG, Class N | 1,787 | 958,325 | 51.1 |
EFG International AG, Class N | 24,935 | 292,322 | 15.6 |
IWG PLC | 587,136 | 1,351,650 | 72.0 |
2,602,297 | |||
United Kingdom | |||
Domino’s Pizza Group PLC | 6,675 | 26,954 | 1.4 |
Firstgroup PLC | 251,513 | 507,386 | 27.0 |
Grainger PLC | 197,882 | 632,656 | 33.7 |
Hilton Food Group PLC | 115,040 | 1,311,036 | 69.9 |
Investec PLC | 339,774 | 2,144,173 | 114.3 |
Jupiter Fund Management PLC | 147,096 | 141,200 | 7.5 |
Keller Group PLC | 22,226 | 303,835 | 16.2 |
Mitchells & Butlers PLC | 60,968 | 182,900 | 9.8 |
Mitie Group PLC | 186,612 | 272,649 | 14.5 |
Morgan Sindall Group PLC | 8,601 | 241,587 | 12.9 |
NCC Group PLC | 60,337 | 101,883 | 5.4 |
Playtech PLC | 100,820 | 665,557 | 35.5 |
Quilter PLC | 1,926,665 | 2,633,920 | 140.4 |
TP ICAP Group PLC | 428,017 | 1,103,980 | 58.9 |
Trustpilot Group PLC | 422,139 | 999,381 | 53.3 |
Vesuvius PLC | 1,909 | 11,354 | 0.6 |
Workspace Group PLC | 19,142 | 118,340 | 6.3 |
11,398,791 | |||
United States | |||
1-800-Flowers.com, Inc., Class A | 27,601 | 250,341 | 13.3 |
Accel Entertainment, Inc. | 20,406 | 219,160 | 11.7 |
ACI Worldwide, Inc. | 9,334 | 318,289 | 17.0 |
Agilysys, Inc. | 3,925 | 325,971 | 17.4 |
56
2024 BlackRock Annual Report to Shareholders
Schedule of Investments (continued)
April 30, 2024
BlackRock Global Equity Market Neutral Fund
Security | Shares | Value | % of Basket Value |
United States (continued) | |||
Alarm.com Holdings, Inc. | 17,907 | $1,190,816 | 63.5 % |
Allient, Inc. | 16,676 | 490,108 | 26.1 |
American Vanguard Corp. | 42,689 | 486,228 | 25.9 |
Amplitude, Inc., Class A | 42,916 | 420,148 | 22.4 |
ANI Pharmaceuticals, Inc. | 380 | 25,080 | 1.3 |
Anywhere Real Estate, Inc. | 97,807 | 475,342 | 25.3 |
Apogee Enterprises, Inc. | 7,272 | 449,264 | 23.9 |
Argan, Inc. | 754 | 45,436 | 2.4 |
Atea Pharmaceuticals, Inc. | 55,400 | 204,980 | 10.9 |
Beazer Homes USA, Inc. | 26,610 | 745,878 | 39.8 |
Brink’s Co. | 108,625 | 9,500,343 | 506.4 |
Capitol Federal Financial, Inc. | 54,333 | 259,168 | 13.8 |
Carriage Services, Inc. | 72,332 | 1,850,253 | 98.6 |
Cars.com, Inc. | 18,977 | 317,106 | 16.9 |
Castle Biosciences, Inc. | 45,066 | 950,442 | 50.7 |
Chegg, Inc. | 77,683 | 401,621 | 21.4 |
CommVault Systems, Inc. | 25,856 | 2,649,464 | 141.2 |
Comstock Resources, Inc. | 85,852 | 863,671 | 46.0 |
ConnectOne Bancorp, Inc. | 40,383 | 723,260 | 38.5 |
Corcept Therapeutics, Inc. | 61,440 | 1,432,781 | 76.4 |
Coursera, Inc. | 57,064 | 583,194 | 31.1 |
CTO Realty Growth, Inc. | 93,951 | 1,630,050 | 86.9 |
Customers Bancorp, Inc. | 3,120 | 142,490 | 7.6 |
Dave & Buster’s Entertainment, Inc. | 11,845 | 632,523 | 33.7 |
Delek U.S. Holdings, Inc. | 6,007 | 164,171 | 8.7 |
Deluxe Corp. | 29,232 | 577,332 | 30.8 |
Dime Community Bancshares, Inc. | 5,357 | 97,497 | 5.2 |
DXP Enterprises, Inc. | 16,317 | 795,617 | 42.4 |
Eagle Bancorp, Inc. | 8,084 | 149,473 | 8.0 |
El Pollo Loco Holdings, Inc. | 15,137 | 128,967 | 6.9 |
Everi Holdings, Inc. | 72,541 | 592,660 | 31.6 |
eXp World Holdings, Inc. | 61,893 | 616,454 | 32.9 |
EZCORP, Inc., Class A | 26,755 | 293,770 | 15.7 |
FirstCash Holdings, Inc. | 13,332 | 1,506,249 | 80.3 |
Frontdoor, Inc. | 38,401 | 1,178,527 | 62.8 |
Fulgent Genetics, Inc. | 4,580 | 93,203 | 5.0 |
G-III Apparel Group Ltd. | 13,605 | 382,981 | 20.4 |
Global Industrial Co. | 14,608 | 562,554 | 30.0 |
GMS, Inc. | 95,800 | 8,863,416 | 472.4 |
GQG Partners, Inc., CDI | 545,627 | 801,500 | 42.7 |
Gray Television, Inc. | 34,462 | 198,157 | 10.6 |
Hackett Group, Inc. | 10,359 | 224,687 | 12.0 |
Health Catalyst, Inc. | 75,685 | 470,761 | 25.1 |
Healthcare Services Group, Inc. | 20,351 | 216,128 | 11.5 |
Heidrick & Struggles International, Inc. | 26,969 | 795,046 | 42.4 |
Hims & Hers Health, Inc., Class A | 3,412 | 42,752 | 2.3 |
Huron Consulting Group, Inc. | 1,674 | 156,084 | 8.3 |
Independent Bank Corp. | 9,955 | 246,984 | 13.2 |
Intapp, Inc. | 22,093 | 683,116 | 36.4 |
iRadimed Corp. | 4,181 | 169,790 | 9.0 |
JELD-WEN Holding, Inc. | 6,609 | 135,485 | 7.2 |
John B Sanfilippo & Son, Inc. | 1,731 | 172,581 | 9.2 |
Kennedy-Wilson Holdings, Inc. | 785,250 | 6,745,298 | 359.5 |
Lovesac Co. | 22,879 | 507,456 | 27.0 |
Mativ Holdings, Inc. | 47,047 | 859,078 | 45.8 |
MaxLinear, Inc. | 30,498 | 634,053 | 33.8 |
Methode Electronics, Inc. | 15,276 | 186,214 | 9.9 |
Midland States Bancorp, Inc. | 8,224 | 180,106 | 9.6 |
Miller Industries, Inc. | 9,265 | 451,298 | 24.1 |
N-able, Inc. | 62,297 | 763,761 | 40.7 |
National Health Investors, Inc. | 1,044 | 65,835 | 3.5 |
Security | Shares | Value | % of Basket Value |
United States (continued) | |||
NMI Holdings, Inc., Class A | 16,724 | $516,103 | 27.5 % |
Novocure Ltd. | 85,156 | 1,042,309 | 55.6 |
OceanFirst Financial Corp. | 16,623 | 245,356 | 13.1 |
ON24, Inc. | 41,485 | 273,386 | 14.6 |
Pennant Group, Inc. | 6,164 | 128,889 | 6.9 |
Perella Weinberg Partners, Class A | 24,621 | 367,345 | 19.6 |
PetIQ, Inc., Class A | 36,919 | 602,518 | 32.1 |
PRA Group, Inc. | 37,880 | 901,165 | 48.0 |
Premier Financial Corp. | 12,643 | 245,021 | 13.1 |
PROG Holdings, Inc. | 10,286 | 341,907 | 18.2 |
Progress Software Corp. | 9,624 | 479,468 | 25.6 |
Proto Labs, Inc. | 7,796 | 237,622 | 12.7 |
Rapid7, Inc. | 107,128 | 4,799,334 | 255.8 |
REX American Resources Corp. | 4,443 | 245,831 | 13.1 |
RHI Magnesita NV | 11,617 | 523,604 | 27.9 |
Safehold, Inc. | 2,696 | 49,175 | 2.6 |
SEMrush Holdings, Inc., Class A | 15,897 | 194,579 | 10.4 |
Semtech Corp. | 26,726 | 1,005,432 | 53.6 |
SI-BONE, Inc. | 44,958 | 641,101 | 34.2 |
Sims Ltd. | 16,489 | 125,672 | 6.7 |
SolarWinds Corp. | 21,282 | 234,528 | 12.5 |
Southside Bancshares, Inc. | 3,468 | 92,457 | 4.9 |
Supernus Pharmaceuticals, Inc. | 4,574 | 137,677 | 7.3 |
Theravance Biopharma, Inc. | 16,435 | 138,711 | 7.4 |
Tri Pointe Homes, Inc. | 205,908 | 7,587,710 | 404.4 |
TTM Technologies, Inc. | 35,520 | 530,314 | 28.3 |
Univest Financial Corp. | 298 | 6,219 | 0.3 |
Upwork, Inc. | 80,107 | 937,252 | 50.0 |
Varex Imaging Corp. | 23,655 | 384,394 | 20.5 |
Verint Systems, Inc. | 58,900 | 1,783,492 | 95.1 |
Viad Corp. | 14,185 | 489,099 | 26.1 |
Vital Farms, Inc. | 35,751 | 956,697 | 51.0 |
World Kinect Corp. | 38,704 | 909,544 | 48.5 |
Yext, Inc. | 12,709 | 69,772 | 3.7 |
85,516,131 | |||
Total Reference Entity — Long | 191,587,532 | ||
Reference Entity — Short | |||
Common Stocks | |||
Australia | |||
ALS Ltd. | (177,382 ) | (1,474,960 ) | (78.6 ) |
Ansell Ltd. | (214,115 ) | (3,501,763 ) | (186.7 ) |
Atlas Arteria Ltd. | (363,690 ) | (1,206,975 ) | (64.3 ) |
Bapcor Ltd. | (661,729 ) | (2,497,645 ) | (133.1 ) |
Bendigo & Adelaide Bank Ltd. | (109,236 ) | (681,022 ) | (36.3 ) |
Brickworks Ltd. | (35,952 ) | (615,865 ) | (32.8 ) |
De Grey Mining Ltd. | (2,843,681 ) | (2,353,782 ) | (125.5 ) |
Genesis Minerals Ltd. | (162,766 ) | (180,951 ) | (9.7 ) |
Gold Road Resources Ltd. | (1,257,759 ) | (1,294,195 ) | (69.0 ) |
GUD Holdings Ltd. | (112,945 ) | (737,514 ) | (39.3 ) |
IPH Ltd. | (21,562 ) | (86,510 ) | (4.6 ) |
Karoon Energy Ltd. | (616,612 ) | (759,020 ) | (40.5 ) |
Nufarm Ltd. | (166,675 ) | (547,992 ) | (29.2 ) |
Orora Ltd. | (893,601 ) | (1,245,772 ) | (66.4 ) |
Steadfast Group Ltd. | (103,588 ) | (375,168 ) | (20.0 ) |
(17,559,134 ) | |||
Austria | |||
CA Immobilien Anlagen AG | (68,813 ) | (2,228,381 ) | (118.8 ) |
Schedule of Investments57
Schedule of Investments (continued)
April 30, 2024
BlackRock Global Equity Market Neutral Fund
Security | Shares | Value | % of Basket Value |
Bermuda | |||
Fidelis Insurance Holdings Ltd., Class L | (4,266 ) | $(79,262 ) | (4.2 )% |
Canada | |||
Allied Properties Real Estate Investment Trust | (164,800 ) | (2,027,173 ) | (108.0 ) |
Ballard Power Systems, Inc. | (9,236 ) | (24,252 ) | (1.3 ) |
Cineplex, Inc. | (36,259 ) | (228,616 ) | (12.2 ) |
Definity Financial Corp. | (12,606 ) | (420,048 ) | (22.4 ) |
EQB, Inc. | (8,639 ) | (520,839 ) | (27.8 ) |
Maple Leaf Foods, Inc. | (12,821 ) | (226,674 ) | (12.1 ) |
Martinrea International, Inc. | (37,183 ) | (308,862 ) | (16.5 ) |
Mattr Corp. | (3,685 ) | (43,999 ) | (2.3 ) |
Skeena Resources Ltd. | (11,207 ) | (52,846 ) | (2.8 ) |
Spin Master Corp. | (27,956 ) | (610,216 ) | (32.5 ) |
Sprott, Inc. | (4,963 ) | (195,680 ) | (10.4 ) |
Superior Plus Corp. | (179,773 ) | (1,216,758 ) | (64.9 ) |
Triple Flag Precious Metals Corp. | (16,813 ) | (270,778 ) | (14.4 ) |
Wesdome Gold Mines Ltd. | (38,963 ) | (291,121 ) | (15.5 ) |
Winpak Ltd. | (11,214 ) | (348,843 ) | (18.6 ) |
(6,786,705 ) | |||
China | |||
TI Fluid Systems PLC | (27,275 ) | (46,738 ) | (2.5 ) |
Costa Rica | |||
Establishment Labs Holdings, Inc. | (13,492 ) | (674,735 ) | (36.0 ) |
Denmark | |||
FLSmidth & Co A/S | (6,824 ) | (338,925 ) | (18.1 ) |
Netcompany Group A/S | (49,373 ) | (1,784,093 ) | (95.1 ) |
NTG Nordic Transport Group A/S, Class A | (14,076 ) | (566,945 ) | (30.2 ) |
Ringkjoebing Landbobank A/S | (3,055 ) | (510,951 ) | (27.2 ) |
Royal Unibrew A/S | (22,863 ) | (1,715,892 ) | (91.5 ) |
Scandinavian Tobacco Group A/S, Class A | (13,100 ) | (210,543 ) | (11.2 ) |
(5,127,349 ) | |||
Finland | |||
Kojamo OYJ | (10,934 ) | (120,544 ) | (6.4 ) |
QT Group OYJ | (13,699 ) | (1,050,965 ) | (56.0 ) |
(1,171,509 ) | |||
Germany | |||
Eckert & Ziegler SE | (2,769 ) | (109,014 ) | (5.8 ) |
PNE AG, Class N | (40,977 ) | (584,135 ) | (31.1 ) |
Schott Pharma AG & Co. KGaA | (2,220 ) | (93,028 ) | (5.0 ) |
Sirius Real Estate Ltd. | (1,609,196 ) | (1,949,765 ) | (103.9 ) |
Sixt SE | (7,806 ) | (744,136 ) | (39.7 ) |
Thyssenkrupp Nucera AG & Co. KGaa | (109,176 ) | (1,392,879 ) | (74.2 ) |
(4,872,957 ) | |||
Ghana | |||
Tullow Oil PLC | (625,924 ) | (282,847 ) | (15.1 ) |
Indonesia | |||
First Resources Ltd. | (100,100 ) | (103,299 ) | (5.5 ) |
Nickel Industries Ltd. | (551,077 ) | (329,283 ) | (17.6 ) |
(432,582 ) | |||
Italy | |||
Carel Industries SpA | (12,137 ) | (245,282 ) | (13.1 ) |
Ermenegildo Zegna NV | (52,187 ) | (641,900 ) | (34.2 ) |
Eurogroup Laminations SpA | (90,951 ) | (393,985 ) | (21.0 ) |
Industrie De Nora SpA | (15,232 ) | (203,817 ) | (10.9 ) |
Security | Shares | Value | % of Basket Value |
Italy (continued) | |||
Salvatore Ferragamo SpA | (34,361 ) | $(339,481 ) | (18.1 )% |
Technoprobe SpA | (29,612 ) | (235,468 ) | (12.5 ) |
(2,059,933 ) | |||
Japan | |||
Advance Residence Investment Corp. | (13 ) | (28,723 ) | (1.5 ) |
Aeon Fantasy Co. Ltd. | (3,700 ) | (53,157 ) | (2.8 ) |
Ain Holdings, Inc. | (82,300 ) | (3,181,595 ) | (169.6 ) |
Asahi Yukizai Corp. | (4,500 ) | (144,003 ) | (7.7 ) |
Base Co. Ltd. | (5,100 ) | (115,468 ) | (6.2 ) |
Chikaranomoto Holdings Co. Ltd. | (21,000 ) | (230,336 ) | (12.3 ) |
Chubu Steel Plate Co. Ltd. | (200 ) | (3,006 ) | (0.2 ) |
CRE Logistics REIT, Inc. | (1,508 ) | (1,475,148 ) | (78.6 ) |
Daiei Kankyo Co. Ltd. | (4,500 ) | (76,864 ) | (4.1 ) |
Daikoku Denki Co. Ltd. | (2,000 ) | (46,836 ) | (2.5 ) |
Daiwa Office Investment Corp. | (3 ) | (11,187 ) | (0.6 ) |
Enplas Corp. | (6,800 ) | (375,295 ) | (20.0 ) |
First Bank of Toyama Ltd. | (37,500 ) | (225,706 ) | (12.0 ) |
Frontier Real Estate Investment Corp. | (544 ) | (1,616,439 ) | (86.2 ) |
Furuya Metal Co. Ltd. | (10,200 ) | (731,114 ) | (39.0 ) |
Iino Kaiun Kaisha Ltd. | (16,900 ) | (138,822 ) | (7.4 ) |
Insource Co. Ltd. | (231,800 ) | (1,150,539 ) | (61.3 ) |
Iwatani Corp. | (11,700 ) | (679,358 ) | (36.2 ) |
J Trust Co. Ltd. | (15,300 ) | (44,593 ) | (2.4 ) |
JVCKenwood Corp. | (106,200 ) | (552,061 ) | (29.4 ) |
Kanto Denka Kogyo Co. Ltd. | (44,700 ) | (311,409 ) | (16.6 ) |
Keihan Holdings Co. Ltd. | (68,100 ) | (1,457,302 ) | (77.7 ) |
KOMEDA Holdings Co. Ltd. | (17,100 ) | (286,698 ) | (15.3 ) |
Komehyo Holdings Co. Ltd. | (4,379 ) | (105,378 ) | (5.6 ) |
Kosaido Holdings Co. Ltd. | (59,500 ) | (280,532 ) | (14.9 ) |
Kotobuki Spirits Co. Ltd. | (13,600 ) | (142,899 ) | (7.6 ) |
Krosaki Harima Corp. | (3,600 ) | (79,611 ) | (4.2 ) |
Lion Corp. | (70,500 ) | (640,628 ) | (34.1 ) |
Mitsui E&S Co., Ltd. | (7,000 ) | (77,663 ) | (4.1 ) |
Mitsui Fudosan Logistics Park, Inc. | (107 ) | (313,602 ) | (16.7 ) |
Mitsui-Soko Holdings Co. Ltd. | (800 ) | (24,136 ) | (1.3 ) |
Money Forward, Inc. | (90,000 ) | (3,202,498 ) | (170.7 ) |
Namura Shipbuilding Co. Ltd. | (38,300 ) | (487,907 ) | (26.0 ) |
Nikkiso Co. Ltd. | (1,200 ) | (9,805 ) | (0.5 ) |
Nikkon Holdings Co. Ltd. | (1,400 ) | (28,080 ) | (1.5 ) |
Nippon Accommodations Fund, Inc. | (44 ) | (187,222 ) | (10.0 ) |
Nippon Kayaku Co. Ltd. | (34,100 ) | (284,217 ) | (15.1 ) |
Nippon Pillar Packing Co. Ltd. | (800 ) | (32,242 ) | (1.7 ) |
Nomura Micro Science Co. Ltd. | (17,100 ) | (559,837 ) | (29.8 ) |
Prestige International, Inc. | (65,500 ) | (284,964 ) | (15.2 ) |
Qol Holdings Co. Ltd. | (2,800 ) | (32,124 ) | (1.7 ) |
Ringer Hut Co. Ltd. | (5,600 ) | (84,032 ) | (4.5 ) |
Roland Corp. | (2,000 ) | (55,615 ) | (3.0 ) |
Ryoyo Ryosan Holdings, Inc. | (1,056 ) | (19,071 ) | (1.0 ) |
Sangetsu Corp. | (8,600 ) | (186,934 ) | (10.0 ) |
Sankyu, Inc. | (1,500 ) | (53,012 ) | (2.8 ) |
SBI Sumishin Net Bank Ltd. | (21,400 ) | (327,628 ) | (17.5 ) |
Septeni Holdings Co. Ltd. | (81,800 ) | (243,248 ) | (13.0 ) |
Shin Nippon Biomedical Laboratories Ltd. | (14,100 ) | (139,927 ) | (7.5 ) |
Simplex Holdings, Inc. | (63,700 ) | (1,054,339 ) | (56.2 ) |
Star Micronics Co. Ltd. | (3,500 ) | (42,464 ) | (2.3 ) |
Sugi Holdings Co. Ltd. | (33,200 ) | (498,683 ) | (26.6 ) |
SUNWELS Co. Ltd. | (32,600 ) | (465,023 ) | (24.8 ) |
Taiheiyo Cement Corp. | (2,400 ) | (56,117 ) | (3.0 ) |
Takara Holdings, Inc. | (39,600 ) | (265,950 ) | (14.2 ) |
Tama Home Co. Ltd. | (2,900 ) | (81,686 ) | (4.3 ) |
58
2024 BlackRock Annual Report to Shareholders
Schedule of Investments (continued)
April 30, 2024
BlackRock Global Equity Market Neutral Fund
Security | Shares | Value | % of Basket Value |
Japan (continued) | |||
THK Co. Ltd. | (1,300 ) | $(29,027 ) | (1.5 )% |
Tocalo Co. Ltd. | (13,500 ) | (159,256 ) | (8.5 ) |
Tokai Carbon Co. Ltd. | (368,800 ) | (2,498,543 ) | (133.2 ) |
Topcon Corp. | (12,900 ) | (154,367 ) | (8.2 ) |
Topre Corp. | (2,800 ) | (46,274 ) | (2.5 ) |
TRYT, Inc. | (24,800 ) | (99,288 ) | (5.3 ) |
Valqua Ltd. | (8,700 ) | (249,184 ) | (13.3 ) |
Yodogawa Steel Works Ltd. | (1,400 ) | (44,863 ) | (2.4 ) |
(26,563,535 ) | |||
Netherlands | |||
Alfen NV | (94,310 ) | (4,050,033 ) | (215.9 ) |
AMG Critical Materials NV | (7,732 ) | (180,599 ) | (9.6 ) |
Van Lanschot Kempen NV | (3,317 ) | (117,248 ) | (6.2 ) |
(4,347,880 ) | |||
New Zealand | |||
Contact Energy Ltd. | (5,350 ) | (27,332 ) | (1.4 ) |
Mainfreight Ltd. | (6,088 ) | (243,755 ) | (13.0 ) |
Ryman Healthcare Ltd. | (38,134 ) | (91,204 ) | (4.9 ) |
(362,291 ) | |||
Norway | |||
Crayon Group Holding ASA | (54,024 ) | (402,474 ) | (21.5 ) |
Entra ASA | (16,051 ) | (150,532 ) | (8.0 ) |
Europris ASA | (5,117 ) | (32,551 ) | (1.8 ) |
Hoegh Autoliners ASA | (11,549 ) | (122,575 ) | (6.5 ) |
MPC Container Ships ASA | (547,473 ) | (889,304 ) | (47.4 ) |
NEL ASA | (124,576 ) | (58,395 ) | (3.1 ) |
(1,655,831 ) | |||
Portugal | |||
Greenvolt-Energias Renovaveis SA | (164,906 ) | (1,454,326 ) | (77.5 ) |
Singapore | |||
AEM Holdings Ltd. | (54,500 ) | (93,441 ) | (5.0 ) |
SATS Ltd. | (197,300 ) | (362,870 ) | (19.4 ) |
Sheng Siong Group Ltd. | (96,500 ) | (109,577 ) | (5.8 ) |
(565,888 ) | |||
Spain | |||
CIE Automotive SA | (7,802 ) | (205,299 ) | (11.0 ) |
Grenergy Renovables SA | (5,866 ) | (171,265 ) | (9.1 ) |
Viscofan SA | (4,628 ) | (292,992 ) | (15.6 ) |
(669,556 ) | |||
Sweden | |||
Bilia AB, A Shares | (72,355 ) | (918,802 ) | (49.0 ) |
Biotage AB | (10,234 ) | (156,403 ) | (8.3 ) |
Fabege AB | (250,564 ) | (1,937,272 ) | (103.3 ) |
Hms Networks Ab | (4,704 ) | (176,652 ) | (9.4 ) |
Hufvudstaden AB, A Shares | (40,247 ) | (472,654 ) | (25.2 ) |
Note AB | (4,174 ) | (53,395 ) | (2.8 ) |
Paradox Interactive AB | (12,926 ) | (198,051 ) | (10.6 ) |
Sectra AB, B Shares | (2,193 ) | (43,669 ) | (2.3 ) |
Stillfront Group AB | (115,911 ) | (111,640 ) | (6.0 ) |
Sweco AB, B Shares | (44,513 ) | (482,652 ) | (25.7 ) |
Viaplay Group AB | (3,455,859 ) | (231,271 ) | (12.3 ) |
Vitec Software Group AB, B Shares | (23,894 ) | (1,156,029 ) | (61.6 ) |
(5,938,490 ) | |||
Switzerland | |||
Allreal Holding AG, Class N, Registered Shares | (4,655 ) | (757,729 ) | (40.4 ) |
Bossard Holding AG, Registered Shares | (3,029 ) | (693,861 ) | (37.0 ) |
Security | Shares | Value | % of Basket Value |
Switzerland (continued) | |||
Bucher Industries AG, Registered Shares | (938 ) | $(364,005 ) | (19.4 )% |
Cembra Money Bank AG | (3,722 ) | (286,835 ) | (15.3 ) |
Comet Holding AG, Class N, Registered Shares | (5,036 ) | (1,601,422 ) | (85.4 ) |
Daetwyler Holding AG | (1,032 ) | (216,001 ) | (11.5 ) |
Galenica AG | (30,888 ) | (2,381,438 ) | (127.0 ) |
Garrett Motion, Inc. | (45,152 ) | (431,653 ) | (23.0 ) |
Huber Suhner AG, Class N, Registered Shares | (20,666 ) | (1,656,836 ) | (88.3 ) |
Interroll Holding AG, Class N, Registered Shares | (65 ) | (210,731 ) | (11.2 ) |
Leonteq AG | (801 ) | (21,211 ) | (1.1 ) |
Mobimo Holding AG, Registered Shares | (905 ) | (255,285 ) | (13.6 ) |
OC Oerlikon Corp. AG, Registered Shares | (200,659 ) | (874,700 ) | (46.6 ) |
SKAN Group AG | (1,447 ) | (129,894 ) | (6.9 ) |
Zehnder Group AG | (683 ) | (40,136 ) | (2.2 ) |
(9,921,737 ) | |||
United Kingdom | |||
Alphawave IP Group PLC | (627,889 ) | (996,955 ) | (53.1 ) |
Auction Technology Group PLC | (34,061 ) | (210,091 ) | (11.2 ) |
Clarkson PLC | (5,835 ) | (282,378 ) | (15.1 ) |
Crest Nicholson Holdings PLC | (611,025 ) | (1,405,260 ) | (74.9 ) |
Ibstock PLC | (151,418 ) | (278,201 ) | (14.8 ) |
Oxford Nanopore Technologies PLC | (273,117 ) | (334,267 ) | (17.8 ) |
Premier Foods PLC | (128,652 ) | (259,205 ) | (13.8 ) |
Softcat PLC | (4,467 ) | (87,902 ) | (4.7 ) |
Travis Perkins PLC | (32,037 ) | (300,723 ) | (16.0 ) |
Tyman PLC | (21,729 ) | (102,903 ) | (5.5 ) |
Victrex PLC | (11,846 ) | (186,682 ) | (10.0 ) |
WH Smith PLC | (60,732 ) | (827,104 ) | (44.1 ) |
(5,271,671 ) | |||
United States | |||
3D Systems Corp. | (574,716 ) | (1,925,299 ) | (102.6 ) |
Adeia, Inc. | (44,192 ) | (434,849 ) | (23.2 ) |
ADT, Inc. | (61,114 ) | (397,241 ) | (21.2 ) |
Aehr Test Systems | (18,777 ) | (224,948 ) | (12.0 ) |
Altus Power, Inc. | (78,827 ) | (289,295 ) | (15.4 ) |
Apollo Commercial Real Estate Finance, Inc. | (19,551 ) | (188,276 ) | (10.0 ) |
Applied Optoelectronics, Inc. | (29,940 ) | (294,909 ) | (15.7 ) |
Ares Commercial Real Estate Corp. | (3,560 ) | (24,172 ) | (1.3 ) |
Arhaus, Inc., Class A | (4,348 ) | (55,046 ) | (2.9 ) |
ARMOUR Residential REIT, Inc. | (9,117 ) | (165,656 ) | (8.8 ) |
Artesian Resources Corp., Class A | (5,103 ) | (178,503 ) | (9.5 ) |
Atlas Energy Solutions, Inc. | (87,282 ) | (1,938,533 ) | (103.3 ) |
Atrion Corp. | (1,800 ) | (761,922 ) | (40.6 ) |
Avient Corp. | (1,489 ) | (63,163 ) | (3.4 ) |
Bank First Corp. | (12,542 ) | (968,117 ) | (51.6 ) |
Bank of Hawaii Corp. | (32,590 ) | (1,847,527 ) | (98.5 ) |
BGC Group, Inc., Class A | (58,873 ) | (460,976 ) | (24.6 ) |
Bloom Energy Corp., Class A | (41,595 ) | (462,952 ) | (24.7 ) |
Bloomin’ Brands, Inc. | (82,568 ) | (2,129,429 ) | (113.5 ) |
Boston Omaha Corp., Class A | (17,184 ) | (265,321 ) | (14.2 ) |
Bowman Consulting Group Ltd. | (5,148 ) | (167,259 ) | (8.9 ) |
BRC, Inc., Class A | (13,604 ) | (53,056 ) | (2.8 ) |
BrightView Holdings, Inc. | (3,724 ) | (41,895 ) | (2.2 ) |
BRP Group, Inc., Class A | (35,489 ) | (945,427 ) | (50.4 ) |
Cambridge Bancorp | (7,352 ) | (451,192 ) | (24.1 ) |
Cass Information Systems, Inc. | (3,165 ) | (136,696 ) | (7.3 ) |
Century Aluminum Co. | (2,522 ) | (43,757 ) | (2.3 ) |
Certara, Inc. | (22,016 ) | (376,694 ) | (20.1 ) |
Clearfield, Inc. | (12,007 ) | (361,651 ) | (19.3 ) |
Coastal Financial Corp. | (5,755 ) | (222,603 ) | (11.9 ) |
Columbia Financial, Inc. | (15,300 ) | (253,980 ) | (13.5 ) |
Schedule of Investments59
Schedule of Investments (continued)
April 30, 2024
BlackRock Global Equity Market Neutral Fund
Security | Shares | Value | % of Basket Value |
United States (continued) | |||
Community Bank System, Inc. | (965 ) | $(41,707 ) | (2.2 )% |
Conduent, Inc. | (37,006 ) | (116,569 ) | (6.2 ) |
Corsair Gaming, Inc. | (43,074 ) | (478,121 ) | (25.5 ) |
Crescent Energy Co., Class A | (48,954 ) | (520,871 ) | (27.8 ) |
Cytek Biosciences, Inc. | (13,924 ) | (83,683 ) | (4.5 ) |
Denny’s Corp. | (4,578 ) | (36,716 ) | (2.0 ) |
Designer Brands, Inc., Class A | (309,352 ) | (2,873,880 ) | (153.2 ) |
DiamondRock Hospitality Co. | (79,195 ) | (704,836 ) | (37.6 ) |
Distribution Solutions Group, Inc. | (3,135 ) | (103,361 ) | (5.5 ) |
DocGo, Inc. | (63,429 ) | (214,390 ) | (11.4 ) |
Eastman Kodak Co. | (88,542 ) | (398,439 ) | (21.2 ) |
Ecovyst, Inc. | (14,932 ) | (140,809 ) | (7.5 ) |
Embecta Corp. | (24,800 ) | (251,224 ) | (13.4 ) |
Enfusion, Inc., Class A | (36,256 ) | (337,543 ) | (18.0 ) |
Enhabit, Inc. | (20,645 ) | (208,308 ) | (11.1 ) |
Enliven Therapeutics, Inc. | (28,086 ) | (488,416 ) | (26.0 ) |
Enovix Corp. | (174,208 ) | (1,090,542 ) | (58.1 ) |
ePlus, Inc. | (11,559 ) | (888,656 ) | (47.4 ) |
Equity Bancshares, Inc., Class A | (13,033 ) | (434,129 ) | (23.1 ) |
Evolv Technologies Holdings, Inc., Class A | (22,149 ) | (86,603 ) | (4.6 ) |
Excelerate Energy, Inc., Class A | (16,070 ) | (270,940 ) | (14.4 ) |
F&G Annuities & Life, Inc. | (7,895 ) | (298,589 ) | (15.9 ) |
Farmers National Banc Corp. | (14,361 ) | (169,891 ) | (9.1 ) |
Farmland Partners, Inc. | (46,359 ) | (498,823 ) | (26.6 ) |
First Bancshares, Inc. | (8,476 ) | (202,915 ) | (10.8 ) |
First Community Bankshares, Inc. | (4,235 ) | (140,517 ) | (7.5 ) |
First Merchants Corp. | (8,864 ) | (296,235 ) | (15.8 ) |
Fluence Energy, Inc., Class A | (1,631 ) | (29,097 ) | (1.6 ) |
GEO Group, Inc. | (41,138 ) | (611,311 ) | (32.6 ) |
Global Medical REIT, Inc. | (50,501 ) | (409,563 ) | (21.8 ) |
Great Southern Bancorp, Inc. | (4,957 ) | (254,790 ) | (13.6 ) |
Grid Dynamics Holdings, Inc. | (21,257 ) | (207,681 ) | (11.1 ) |
Hawkins, Inc. | (2,579 ) | (195,411 ) | (10.4 ) |
Herbalife Ltd. | (103,108 ) | (891,884 ) | (47.5 ) |
Hertz Global Holdings, Inc. | (136,560 ) | (621,348 ) | (33.1 ) |
HighPeak Energy, Inc. | (12,863 ) | (182,783 ) | (9.8 ) |
Ichor Holdings Ltd. | (1,361 ) | (52,780 ) | (2.8 ) |
International Bancshares Corp. | (5,487 ) | (305,352 ) | (16.3 ) |
IonQ, Inc. | (11,353 ) | (97,068 ) | (5.2 ) |
IPG Photonics Corp. | (759 ) | (63,741 ) | (3.4 ) |
Ivanhoe Electric, Inc. | (118,395 ) | (1,195,789 ) | (63.7 ) |
Kinetik Holdings, Inc. | (155,384 ) | (5,957,423 ) | (317.6 ) |
Leslie’s, Inc. | (43,434 ) | (170,696 ) | (9.1 ) |
Lightwave Logic, Inc. | (109,914 ) | (419,871 ) | (22.4 ) |
Lindblad Expeditions Holdings, Inc. | (16,457 ) | (120,794 ) | (6.4 ) |
LXP Industrial Trust | (8,807 ) | (73,538 ) | (3.9 ) |
Madison Square Garden Sports Corp., Class A | (37,840 ) | (7,035,213 ) | (375.0 ) |
Marten Transport Ltd. | (14,317 ) | (242,244 ) | (12.9 ) |
MaxCyte, Inc. | (67,914 ) | (246,528 ) | (13.1 ) |
Medifast, Inc. | (10,304 ) | (283,669 ) | (15.1 ) |
MeridianLink, Inc. | (13,160 ) | (219,509 ) | (11.7 ) |
Mission Produce, Inc. | (5,380 ) | (61,063 ) | (3.3 ) |
Mister Car Wash, Inc. | (25,869 ) | (173,064 ) | (9.2 ) |
Montauk Renewables, Inc. | (15,249 ) | (54,896 ) | (2.9 ) |
Movado Group, Inc. | (21,484 ) | (547,197 ) | (29.2 ) |
MP Materials Corp., Class A | (45,888 ) | (734,208 ) | (39.1 ) |
National Cinemedia, Inc. | (50,101 ) | (214,432 ) | (11.4 ) |
NBT Bancorp, Inc. | (9,521 ) | (333,330 ) | (17.8 ) |
Net Power, Inc., Class A | (16,242 ) | (177,038 ) | (9.4 ) |
nLight, Inc. | (6,313 ) | (71,905 ) | (3.8 ) |
Nu Skin Enterprises, Inc., Class A | (4,466 ) | (52,520 ) | (2.8 ) |
Security | Shares | Value | % of Basket Value |
United States (continued) | |||
O-I Glass, Inc. | (429,938 ) | $(6,431,872 ) | (342.8 )% |
OneWater Marine, Inc., Class A | (13,442 ) | (278,384 ) | (14.8 ) |
OrthoPediatrics Corp. | (6,820 ) | (202,077 ) | (10.8 ) |
Paragon 28, Inc. | (1,293 ) | (11,921 ) | (0.6 ) |
Park National Corp. | (5,673 ) | (747,191 ) | (39.8 ) |
Paysafe Ltd. | (96,831 ) | (1,376,937 ) | (73.4 ) |
Peoples Bancorp, Inc. | (6,909 ) | (200,637 ) | (10.7 ) |
Phathom Pharmaceuticals, Inc. | (39,722 ) | (358,690 ) | (19.1 ) |
Photronics, Inc. | (2,749 ) | (75,350 ) | (4.0 ) |
Pitney Bowes, Inc. | (174,073 ) | (741,551 ) | (39.5 ) |
PolyPeptide Group AG | (10,823 ) | (359,692 ) | (19.2 ) |
QuantumScape Corp., Class A | (222,029 ) | (1,203,397 ) | (64.2 ) |
Ready Capital Corp. | (183,000 ) | (1,559,160 ) | (83.1 ) |
Reliance Worldwide Corp. Ltd. | (1,245,475 ) | (4,065,587 ) | (216.7 ) |
Rocket Lab USA, Inc., Class A | (53,736 ) | (202,047 ) | (10.8 ) |
S&T Bancorp, Inc. | (13,244 ) | (399,307 ) | (21.3 ) |
ScanSource, Inc. | (20,900 ) | (869,858 ) | (46.4 ) |
Shenandoah Telecommunications Co. | (2,207 ) | (28,294 ) | (1.5 ) |
Six Flags Entertainment Corp. | (26,203 ) | (617,867 ) | (32.9 ) |
SkyWater Technology, Inc. | (4,991 ) | (51,208 ) | (2.7 ) |
Spirit AeroSystems Holdings, Inc., Class A | (205,168 ) | (6,565,376 ) | (350.0 ) |
Sprinklr, Inc., Class A | (4,003 ) | (46,795 ) | (2.5 ) |
Standard Motor Products, Inc. | (28,488 ) | (914,465 ) | (48.8 ) |
Stellar Bancorp, Inc. | (4,997 ) | (110,933 ) | (5.9 ) |
StepStone Group, Inc., Class A | (8,824 ) | (318,282 ) | (17.0 ) |
Sylvamo Corp. | (29,761 ) | (1,860,062 ) | (99.2 ) |
Target Hospitality Corp. | (59,716 ) | (664,341 ) | (35.4 ) |
Towne Bank | (3,707 ) | (95,900 ) | (5.1 ) |
Triumph Financial, Inc. | (944 ) | (66,420 ) | (3.5 ) |
Triumph Group, Inc. | (28,379 ) | (379,143 ) | (20.2 ) |
Ubiquiti, Inc. | (4,249 ) | (457,107 ) | (24.4 ) |
Udemy, Inc. | (365,201 ) | (3,659,314 ) | (195.1 ) |
UFP Technologies, Inc. | (1,867 ) | (384,490 ) | (20.5 ) |
United States Cellular Corp. | (68,065 ) | (2,474,843 ) | (131.9 ) |
Uniti Group, Inc. | (114,533 ) | (658,565 ) | (35.1 ) |
Uranium Energy Corp. | (163,491 ) | (1,103,564 ) | (58.8 ) |
Ventyx Biosciences, Inc. | (12,200 ) | (45,628 ) | (2.4 ) |
Vertex, Inc., Class A | (2,910 ) | (84,768 ) | (4.5 ) |
Westrock Coffee Co. | (137,628 ) | (1,395,548 ) | (74.4 ) |
White Mountains Insurance Group Ltd. | (333 ) | (592,121 ) | (31.6 ) |
Whitestone REIT | (7,039 ) | (80,949 ) | (4.3 ) |
XPEL, Inc. | (533 ) | (28,009 ) | (1.5 ) |
YETI Holdings, Inc. | (1,559 ) | (55,687 ) | (3.0 ) |
(91,638,130 ) | |||
Total Reference Entity — Short | (189,711,467 ) | ||
Net Value of Reference Entity — BNP Paribas SA | $1,876,065 | ||
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 dates 06/17/24 — 08/19/26:
Security | Shares | Value | % of Basket Value |
Reference Entity — Long | |||
Common Stocks | |||
Australia | |||
AGL Energy Ltd. | 305,064 | $1,848,614 | 30.4 % |
Aristocrat Leisure Ltd. | 49,049 | 1,244,483 | 20.5 |
60
2024 BlackRock Annual Report to Shareholders
Schedule of Investments (continued)
April 30, 2024
BlackRock Global Equity Market Neutral Fund
Security | Shares | Value | % of Basket Value |
Australia (continued) | |||
Charter Hall Group | 73,647 | $556,136 | 9.1 % |
Flight Centre Travel Group Ltd., Class L | 51,429 | 695,509 | 11.4 |
IGO Ltd. | 47,250 | 233,769 | 3.8 |
Worley Ltd. | 49,931 | 479,098 | 7.9 |
5,057,609 | |||
Austria | |||
BAWAG Group AG | 30,582 | 1,818,403 | 29.9 |
Belgium | |||
Groupe Bruxelles Lambert NV | 33,841 | 2,510,335 | 41.2 |
Liberty Global Ltd., Class C | 110,954 | 1,816,317 | 29.9 |
Sofina SA | 3,004 | 700,151 | 11.5 |
Warehouses De Pauw CVA | 36,380 | 957,766 | 15.7 |
5,984,569 | |||
Brazil | |||
Wheaton Precious Metals Corp. | 17,665 | 923,097 | 15.2 |
Canada | |||
Algonquin Power & Utilities Corp. | 47,647 | 290,705 | 4.8 |
Barrick Gold Corp. | 51,674 | 859,004 | 14.1 |
Boyd Group Services, Inc. | 458 | 85,523 | 1.4 |
CCL Industries, Inc., Class B | 11,035 | 562,772 | 9.2 |
Constellation Software, Inc. | 88 | 226,254 | 3.7 |
Element Fleet Management Corp. | 7,449 | 118,724 | 1.9 |
Empire Co. Ltd., Class A | 23,314 | 542,756 | 8.9 |
Enbridge, Inc. | 51,896 | 1,848,428 | 30.4 |
Enerplus Corp. | 71,848 | 1,403,514 | 23.1 |
FirstService Corp. | 4,243 | 622,336 | 10.2 |
Gibson Energy, Inc. | 6,153 | 100,785 | 1.7 |
Gildan Activewear, Inc., Class A | 50,489 | 1,747,746 | 28.7 |
Imperial Oil Ltd. | 12,447 | 854,632 | 14.0 |
Keyera Corp. | 23,206 | 594,588 | 9.8 |
Magna International, Inc. | 44,318 | 2,117,201 | 34.8 |
MEG Energy Corp. | 27,217 | 618,816 | 10.2 |
Methanex Corp. | 5,517 | 263,826 | 4.3 |
Power Corp. of Canada | 126,271 | 3,359,948 | 55.2 |
Restaurant Brands International, Inc. | 1,305 | 99,004 | 1.6 |
Shopify, Inc., Class A | 55,832 | 3,919,212 | 64.4 |
Stantec, Inc. | 31,095 | 2,473,974 | 40.6 |
TELUS Corp. | 94,133 | 1,509,850 | 24.8 |
TFI International, Inc. | 288 | 37,446 | 0.6 |
Thomson Reuters Corp. | 294 | 44,615 | 0.7 |
West Fraser Timber Co. Ltd. | 5,469 | 418,303 | 6.9 |
Whitecap Resources, Inc. | 35,623 | 270,429 | 4.4 |
24,990,391 | |||
Denmark | |||
Ascendis Pharma A/S, ADR | 1,523 | 210,844 | 3.5 |
DSV A/S | 3,970 | 561,070 | 9.2 |
Genmab A/S | 3,443 | 951,585 | 15.6 |
Orsted A/S | 13,737 | 751,378 | 12.3 |
2,474,877 | |||
Finland | |||
Kone OYJ, Class B | 3,724 | 182,012 | 3.0 |
France | |||
Aeroports de Paris SA | 14,782 | 1,869,489 | 30.7 |
Bouygues SA | 147,162 | 5,408,673 | 88.8 |
Carrefour SA | 582,015 | 9,751,294 | 160.2 |
Dassault Aviation SA | 525 | 111,868 | 1.8 |
Eiffage SA | 47,267 | 5,021,633 | 82.5 |
Security | Shares | Value | % of Basket Value |
France (continued) | |||
Eurazeo SE | 4,329 | $388,425 | 6.4 % |
Forvia SE | 17,981 | 284,995 | 4.7 |
Gaztransport Et Technigaz SA | 1,972 | 273,579 | 4.5 |
LVMH Moet Hennessy Louis Vuitton SE | 5,869 | 4,800,486 | 78.8 |
Pernod Ricard SA | 1,416 | 213,231 | 3.5 |
Rexel SA | 4,371 | 112,807 | 1.8 |
Ubisoft Entertainment SA | 10,059 | 235,930 | 3.9 |
Valeo SE | 174,765 | 2,206,784 | 36.2 |
Vallourec SACA | 36,440 | 624,335 | 10.3 |
Veolia Environnement SA | 98,316 | 3,043,511 | 50.0 |
Vinci SA | 38,982 | 4,547,265 | 74.7 |
38,894,305 | |||
Germany | |||
Bayerische Motoren Werke AG | 10,001 | 1,084,500 | 17.8 |
Commerzbank AG | 382,867 | 5,674,445 | 93.2 |
Douglas AG | 329,650 | 7,533,373 | 123.7 |
Evonik Industries AG | 53,100 | 1,101,955 | 18.1 |
Heidelberg Materials AG | 15,203 | 1,523,011 | 25.0 |
HUGO BOSS AG, Ordinary Shares | 5,778 | 310,012 | 5.1 |
K&S AG, Class N, Registered Shares | 37,589 | 559,920 | 9.2 |
KION Group AG | 4,371 | 200,458 | 3.3 |
LANXESS AG | 20,344 | 572,454 | 9.4 |
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Class N, Registered Shares | 1,056 | 463,145 | 7.6 |
Nemetschek SE | 5,639 | 496,045 | 8.2 |
RWE AG | 74,825 | 2,595,434 | 42.6 |
Wacker Chemie AG | 2,605 | 277,549 | 4.6 |
22,392,301 | |||
Hong Kong | |||
AIA Group Ltd. | 99,000 | 724,672 | 11.9 |
Hang Lung Properties Ltd. | 185,000 | 204,046 | 3.3 |
Hongkong Land Holdings Ltd. | 44,900 | 143,464 | 2.4 |
Prudential PLC | 189,290 | 1,636,352 | 26.9 |
Swire Pacific Ltd., Class A | 49,500 | 418,919 | 6.9 |
Swire Properties Ltd. | 266,000 | 549,754 | 9.0 |
3,677,207 | |||
Ireland | |||
Smurfit Kappa Group PLC | 70,868 | 3,057,095 | 50.2 |
Israel | |||
Nice Ltd. | 384 | 85,846 | 1.4 |
Nova Ltd. | 5,904 | 1,003,090 | 16.5 |
Wix.com Ltd. | 13,557 | 1,611,520 | 26.5 |
2,700,456 | |||
Italy | |||
A2A SpA | 946,035 | 1,858,312 | 30.5 |
Ferrari NV | 1,357 | 555,639 | 9.1 |
Infrastrutture Wireless Italiane SpA | 9,917 | 105,822 | 1.7 |
Intesa Sanpaolo SpA | 173,894 | 648,196 | 10.7 |
Mediobanca Banca di Credito Finanziario SpA | 6,662 | 94,231 | 1.6 |
Moncler SpA | 14,859 | 1,007,149 | 16.5 |
Prysmian SpA | 1,610 | 86,976 | 1.4 |
Recordati Industria Chimica e Farmaceutica SpA | 3,097 | 164,082 | 2.7 |
4,520,407 | |||
Japan | |||
ABC-Mart, Inc. | 24,300 | 494,864 | 8.1 |
Aeon Co. Ltd. | 42,200 | 902,499 | 14.8 |
Amada Co. Ltd. | 34,800 | 388,763 | 6.4 |
Asahi Kasei Corp. | 95,400 | 680,431 | 11.2 |
Schedule of Investments61
Schedule of Investments (continued)
April 30, 2024
BlackRock Global Equity Market Neutral Fund
Security | Shares | Value | % of Basket Value |
Japan (continued) | |||
Astellas Pharma, Inc. | 200,300 | $1,950,089 | 32.0 % |
Chubu Electric Power Co., Inc. | 13,700 | 179,937 | 3.0 |
Credit Saison Co. Ltd. | 16,900 | 319,223 | 5.2 |
DMG Mori Co. Ltd. | 47,500 | 1,299,012 | 21.3 |
Hulic Co. Ltd. | 76,800 | 724,110 | 11.9 |
ITOCHU Corp. | 41,900 | 1,929,351 | 31.7 |
J Front Retailing Co. Ltd. | 79,500 | 711,237 | 11.7 |
Japan Post Holdings Co. Ltd. | 274,800 | 2,696,788 | 44.3 |
JGC Holdings Corp. | 79,300 | 781,618 | 12.8 |
Kakaku.com, Inc. | 172,700 | 2,031,069 | 33.4 |
Komatsu Ltd. | 87,700 | 2,675,505 | 43.9 |
Kubota Corp. | 95,600 | 1,568,396 | 25.8 |
Kyowa Kirin Co. Ltd. | 41,600 | 714,558 | 11.7 |
MEIJI Holdings Co. Ltd. | 36,900 | 843,456 | 13.8 |
Mitsubishi Chemical Group Corp. | 144,500 | 862,215 | 14.2 |
Mitsubishi Electric Corp. | 115,400 | 2,031,497 | 33.4 |
Mitsui Fudosan Co. Ltd. | 116,700 | 1,213,619 | 19.9 |
Mizuho Financial Group, Inc. | 273,300 | 5,368,900 | 88.2 |
Nihon M&A Center Holdings, Inc. | 115,900 | 649,138 | 10.7 |
Nikon Corp. | 70,700 | 746,881 | 12.3 |
Nintendo Co. Ltd. | 34,100 | 1,692,027 | 27.8 |
Nippon Express Holdings, Inc. | 10,100 | 528,402 | 8.7 |
Nissan Motor Co. Ltd. | 376,000 | 1,407,690 | 23.1 |
Nisshin Seifun Group, Inc. | 6,400 | 85,407 | 1.4 |
Nomura Holdings, Inc. | 363,700 | 2,117,067 | 34.8 |
Nomura Research Institute Ltd. | 80,500 | 1,992,156 | 32.7 |
Obayashi Corp. | 61,800 | 703,632 | 11.6 |
Obic Co. Ltd. | 9,800 | 1,288,669 | 21.2 |
Ono Pharmaceutical Co. Ltd. | 63,500 | 933,505 | 15.3 |
Oracle Corp. Japan | 3,500 | 268,348 | 4.4 |
Otsuka Corp. | 167,200 | 3,400,791 | 55.8 |
Otsuka Holdings Co. Ltd. | 7,200 | 314,405 | 5.2 |
Panasonic Holdings Corp. | 110,300 | 984,873 | 16.2 |
Rakuten Group, Inc. | 672,300 | 3,315,362 | 54.4 |
Renesas Electronics Corp. | 46,200 | 767,796 | 12.6 |
Resona Holdings, Inc. | 20,800 | 134,559 | 2.2 |
Ricoh Co. Ltd. | 3,500 | 30,895 | 0.5 |
Santen Pharmaceutical Co. Ltd. | 44,800 | 441,987 | 7.3 |
Sega Sammy Holdings, Inc. | 47,000 | 628,490 | 10.3 |
Seiko Epson Corp. | 1,300 | 21,890 | 0.4 |
Sekisui House Ltd. | 56,400 | 1,324,796 | 21.8 |
Shimadzu Corp. | 31,700 | 880,244 | 14.5 |
Shimizu Corp. | 63,000 | 398,245 | 6.5 |
Shin-Etsu Chemical Co. Ltd. | 45,000 | 1,783,726 | 29.3 |
Sompo Holdings, Inc. | 48,800 | 973,688 | 16.0 |
Sumitomo Corp. | 84,400 | 2,265,840 | 37.2 |
Sumitomo Mitsui Financial Group, Inc. | 169,700 | 9,817,116 | 161.2 |
Sumitomo Mitsui Trust Holdings, Inc. | 170,000 | 3,625,477 | 59.5 |
Taisei Corp. | 32,900 | 1,230,299 | 20.2 |
TIS, Inc. | 9,100 | 198,565 | 3.3 |
Tokyo Electron Ltd. | 54,300 | 12,150,687 | 199.6 |
Tokyo Tatemono Co. Ltd. | 138,600 | 2,359,476 | 38.7 |
Tosoh Corp. | 2,600 | 36,656 | 0.6 |
Trial Holdings, Inc. | 52,100 | 967,152 | 15.9 |
90,833,074 | |||
Luxembourg | |||
ArcelorMittal SA | 162,122 | 4,032,409 | 66.2 |
Security | Shares | Value | % of Basket Value |
Macau | |||
Galaxy Entertainment Group Ltd., Class L | 30,000 | $134,498 | 2.2 % |
Netherlands | |||
ABN AMRO Bank NV, CVA | 127,243 | 2,028,912 | 33.3 |
Aegon Ltd. | 359,826 | 2,231,483 | 36.6 |
ASML Holding NV | 1,706 | 1,483,804 | 24.4 |
Euronext NV | 118 | 10,626 | 0.2 |
Koninklijke Philips NV | 15,029 | 397,757 | 6.5 |
Redcare Pharmacy NV | 2,708 | 364,569 | 6.0 |
Wolters Kluwer NV, Class C | 17,737 | 2,645,882 | 43.5 |
9,163,033 | |||
New Zealand | |||
Xero Ltd. | 7,063 | 545,438 | 9.0 |
Norway | |||
Aker BP ASA | 74,613 | 1,838,293 | 30.2 |
Equinor ASA | 129,679 | 3,499,785 | 57.5 |
Gjensidige Forsikring ASA | 19,520 | 317,182 | 5.2 |
Kongsberg Gruppen ASA | 4,557 | 326,323 | 5.3 |
5,981,583 | |||
Poland | |||
Allegro.eu SA | 138,790 | 1,156,968 | 19.0 |
Puerto Rico | |||
Liberty Latin America Ltd., Class A | 2 | 15 | 0.0 |
Saudi Arabia | |||
MBC Group CJSC | 37,031 | 517,352 | 8.5 |
Modern Mills Co. | 52,507 | 788,179 | 12.9 |
1,305,531 | |||
Singapore | |||
Sea Ltd., ADR | 36,448 | 2,303,149 | 37.8 |
Sembcorp Industries Ltd. | 33,400 | 130,751 | 2.2 |
Singapore Airlines Ltd. | 40,800 | 195,008 | 3.2 |
2,628,908 | |||
Spain | |||
Banco Santander SA | 641,977 | 3,111,161 | 51.1 |
Bankinter SA | 52,667 | 414,601 | 6.8 |
Industria de Diseno Textil SA | 31,416 | 1,425,310 | 23.4 |
Repsol SA | 355,227 | 5,557,369 | 91.3 |
10,508,441 | |||
Sweden | |||
Electrolux AB, Class B | 14,339 | 126,135 | 2.1 |
Telia Co. AB | 24,516 | 56,797 | 0.9 |
182,932 | |||
Switzerland | |||
ABB Ltd., Class N, Registered Shares | 22,726 | 1,112,111 | 18.3 |
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates | 451 | 5,235,606 | 86.0 |
Chocoladefabriken Lindt & Spruengli AG, Class N, Registered Shares | 5 | 581,259 | 9.5 |
Flughafen Zurich AG, Class N, Registered Shares | 5,515 | 1,112,746 | 18.3 |
Galderma Group AG | 29,574 | 2,252,144 | 37.0 |
Schindler Holding AG | 1,541 | 387,014 | 6.3 |
10,680,880 | |||
United Arab Emirates | |||
Parkin Co. PJSC | 922,481 | 655,524 | 10.8 |
62
2024 BlackRock Annual Report to Shareholders
Schedule of Investments (continued)
April 30, 2024
BlackRock Global Equity Market Neutral Fund
Security | Shares | Value | % of Basket Value |
United Kingdom | |||
AstraZeneca PLC | 34,574 | $5,211,362 | 85.6 % |
Aviva PLC | 367,828 | 2,126,852 | 34.9 |
British Land Co. PLC | 700,478 | 3,366,494 | 55.3 |
Drax Group PLC | 170,113 | 1,097,047 | 18.0 |
easyJet PLC | 238,802 | 1,593,649 | 26.2 |
Hammerson PLC | 45 | 15 | 0.0 |
IMI PLC | 50,276 | 1,090,893 | 17.9 |
Imperial Brands PLC | 137,161 | 3,117,337 | 51.2 |
Informa PLC | 437,432 | 4,311,186 | 70.8 |
J Sainsbury PLC | 932,470 | 3,046,316 | 50.0 |
Johnson Matthey PLC | 186,136 | 4,068,174 | 66.8 |
Just Eat Takeaway.com NV | 129,794 | 1,887,123 | 31.0 |
Land Securities Group PLC | 163,910 | 1,318,585 | 21.7 |
Marks & Spencer Group PLC | 703,254 | 2,234,541 | 36.7 |
Moneysupermarket.com Group PLC | 3 | 8 | 0.0 |
Smiths Group PLC | 262,894 | 5,278,781 | 86.7 |
Spectris PLC | 37,758 | 1,556,067 | 25.6 |
Tesco PLC | 1,926,422 | 7,085,901 | 116.4 |
Tritax Big Box REIT PLC | 127,281 | 239,508 | 3.9 |
Weir Group PLC | 51,264 | 1,303,192 | 21.4 |
Whitbread PLC | 8,005 | 314,633 | 5.2 |
Wise PLC, Class A | 40,399 | 386,458 | 6.3 |
50,634,122 | |||
United States | |||
A O Smith Corp. | 5,131 | 425,052 | 7.0 |
Adobe, Inc. | 768 | 355,453 | 5.8 |
Advanced Drainage Systems, Inc. | 11,776 | 1,848,832 | 30.4 |
AECOM | 58,735 | 5,424,765 | 89.1 |
AES Corp. | 33,801 | 605,038 | 9.9 |
Agilent Technologies, Inc. | 18,843 | 2,582,245 | 42.4 |
Alaska Air Group, Inc. | 14,433 | 620,908 | 10.2 |
Alcoa Corp. | 57,844 | 2,032,638 | 33.4 |
Align Technology, Inc. | 7,001 | 1,976,942 | 32.5 |
Alkermes PLC | 57,763 | 1,417,504 | 23.3 |
Alnylam Pharmaceuticals, Inc. | 1,473 | 212,038 | 3.5 |
Alphabet, Inc., Class A | 57,221 | 9,314,434 | 153.0 |
Amdocs Ltd. | 18,674 | 1,568,429 | 25.8 |
AMETEK, Inc. | 8,877 | 1,550,457 | 25.5 |
Amgen, Inc. | 3,999 | 1,095,486 | 18.0 |
Aon PLC, Class A | 9,197 | 2,593,646 | 42.6 |
Atlassian Corp., Class A | 3,126 | 538,610 | 8.8 |
AutoNation, Inc. | 4,181 | 673,768 | 11.1 |
AutoZone, Inc. | 39 | 115,300 | 1.9 |
Avnet, Inc. | 8,386 | 409,824 | 6.7 |
Axon Enterprise, Inc. | 500 | 156,830 | 2.6 |
Bank of America Corp. | 47,321 | 1,751,350 | 28.8 |
Best Buy Co., Inc. | 15,438 | 1,136,854 | 18.7 |
Block, Inc., Class A | 32,105 | 2,343,665 | 38.5 |
Box, Inc., Class A | 43,048 | 1,120,109 | 18.4 |
Boyd Gaming Corp. | 16,963 | 907,690 | 14.9 |
Bridgebio Pharma, Inc. | 10,421 | 266,986 | 4.4 |
BRP, Inc. | 6,935 | 465,924 | 7.7 |
Builders FirstSource, Inc. | 15,814 | 2,891,115 | 47.5 |
Bunge Global SA | 18,530 | 1,885,613 | 31.0 |
Burlington Stores, Inc. | 713 | 128,297 | 2.1 |
CACI International, Inc., Class A | 10,962 | 4,409,245 | 72.4 |
Camden Property Trust | 21,587 | 2,151,792 | 35.3 |
Cardinal Health, Inc. | 5,217 | 537,560 | 8.8 |
Carnival Corp. | 66,223 | 981,425 | 16.1 |
Carnival PLC | 48,573 | 648,928 | 10.7 |
Security | Shares | Value | % of Basket Value |
United States (continued) | |||
CBRE Group, Inc., Class A | 4,204 | $365,286 | 6.0 % |
CH Robinson Worldwide, Inc. | 17,791 | 1,263,161 | 20.7 |
Charles Schwab Corp. | 1,298 | 95,987 | 1.6 |
Chemed Corp. | 4,814 | 2,734,352 | 44.9 |
Ciena Corp. | 24,689 | 1,141,372 | 18.7 |
Cirrus Logic, Inc. | 25,511 | 2,259,509 | 37.1 |
Citizens Financial Group, Inc. | 120,977 | 4,126,525 | 67.8 |
CME Group, Inc., Class A | 6,049 | 1,268,112 | 20.8 |
CMS Energy Corp. | 14,649 | 887,876 | 14.6 |
Cognex Corp. | 13,243 | 550,114 | 9.0 |
Colgate-Palmolive Co. | 19,849 | 1,824,520 | 30.0 |
Consolidated Edison, Inc. | 1,175 | 110,920 | 1.8 |
Costco Wholesale Corp. | 5,265 | 3,806,069 | 62.5 |
Credit Acceptance Corp. | 3,285 | 1,687,570 | 27.7 |
CRH PLC | 113,155 | 8,727,120 | 143.3 |
Crimson Wine Group Ltd. | 1 | 6 | 0.0 |
D.R. Horton, Inc. | 23,591 | 3,361,482 | 55.2 |
Darling Ingredients, Inc. | 7,113 | 301,378 | 4.9 |
Devon Energy Corp. | 20,978 | 1,073,654 | 17.6 |
DoorDash, Inc., Class A | 29,138 | 3,766,378 | 61.9 |
EMCOR Group, Inc. | 9,334 | 3,333,825 | 54.8 |
EOG Resources, Inc. | 47,842 | 6,321,363 | 103.8 |
Etsy, Inc. | 1,425 | 97,855 | 1.6 |
Exact Sciences Corp. | 17,254 | 1,024,025 | 16.8 |
Exelixis, Inc. | 23,548 | 552,436 | 9.1 |
Expedia Group, Inc. | 23,425 | 3,153,708 | 51.8 |
F5, Inc. | 829 | 137,042 | 2.2 |
Fair Isaac Corp. | 341 | 386,466 | 6.3 |
First American Financial Corp. | 15,557 | 833,389 | 13.7 |
Flex Ltd. | 52,332 | 1,499,312 | 24.6 |
Flowers Foods, Inc. | 3,261 | 81,329 | 1.3 |
Flowserve Corp. | 30,883 | 1,456,442 | 23.9 |
Fox Corp., Class A | 41,648 | 1,291,504 | 21.2 |
Franklin Resources, Inc. | 2,731 | 62,376 | 1.0 |
GFL Environmental, Inc. | 64,518 | 2,055,907 | 33.8 |
Globant SA | 4,356 | 777,938 | 12.8 |
GoDaddy, Inc., Class A | 13,266 | 1,623,493 | 26.7 |
Graco, Inc. | 28,734 | 2,304,467 | 37.8 |
H&R Block, Inc. | 19,569 | 924,244 | 15.2 |
Halozyme Therapeutics, Inc. | 9,103 | 346,824 | 5.7 |
Helmerich & Payne, Inc. | 46,822 | 1,841,509 | 30.2 |
Hewlett Packard Enterprise Co. | 13,828 | 235,076 | 3.9 |
Home Depot, Inc. | 17,865 | 5,970,840 | 98.1 |
HP, Inc. | 80,576 | 2,263,380 | 37.2 |
IDEXX Laboratories, Inc. | 3,508 | 1,728,602 | 28.4 |
Incyte Corp. | 27,502 | 1,431,479 | 23.5 |
Invesco Ltd. | 93,449 | 1,324,172 | 21.7 |
Ionis Pharmaceuticals, Inc. | 38,830 | 1,602,126 | 26.3 |
ITT, Inc. | 3,545 | 458,510 | 7.5 |
Jack Henry & Associates, Inc. | 15,599 | 2,537,801 | 41.7 |
James Hardie Industries PLC, CDI | 71,832 | 2,454,111 | 40.3 |
Jones Lang LaSalle, Inc. | 7,144 | 1,290,921 | 21.2 |
Kellanova | 1,031 | 59,654 | 1.0 |
KeyCorp. | 102,925 | 1,491,383 | 24.5 |
Keysight Technologies, Inc. | 5,522 | 816,925 | 13.4 |
Lamar Advertising Co., Class A | 5,008 | 580,177 | 9.5 |
Lattice Semiconductor Corp. | 3,787 | 259,788 | 4.3 |
Liberty Media Corp.-Liberty SiriusXM | 7,685 | 184,901 | 3.0 |
Lockheed Martin Corp. | 6,714 | 3,121,540 | 51.3 |
Louisiana-Pacific Corp. | 26,136 | 1,912,894 | 31.4 |
Manhattan Associates, Inc. | 24,457 | 5,039,609 | 82.8 |
Schedule of Investments63
Schedule of Investments (continued)
April 30, 2024
BlackRock Global Equity Market Neutral Fund
Security | Shares | Value | % of Basket Value |
United States (continued) | |||
Marathon Oil Corp. | 33,494 | $899,314 | 14.8 % |
Marathon Petroleum Corp. | 16,617 | 3,019,641 | 49.6 |
Marsh & McLennan Cos., Inc. | 10,150 | 2,024,215 | 33.2 |
Masco Corp. | 12,903 | 883,210 | 14.5 |
Mastercard, Inc., Class A | 20,047 | 9,045,206 | 148.6 |
Mettler-Toledo International, Inc. | 2,277 | 2,800,027 | 46.0 |
MGM Resorts International | 53,956 | 2,128,025 | 34.9 |
Moderna, Inc. | 27,854 | 3,072,575 | 50.5 |
Mosaic Co. | 195,785 | 6,145,691 | 100.9 |
MSCI, Inc., Class A | 924 | 430,390 | 7.1 |
Murphy USA, Inc. | 1,142 | 472,582 | 7.8 |
Nestle SA, Class N, Registered Shares | 64,178 | 6,492,285 | 106.6 |
NetApp, Inc. | 36,089 | 3,688,657 | 60.6 |
Neurocrine Biosciences, Inc. | 8,463 | 1,164,001 | 19.1 |
NiSource, Inc. | 67,319 | 1,875,507 | 30.8 |
Northrop Grumman Corp. | 36,985 | 17,938,835 | 294.6 |
NRG Energy, Inc. | 32,272 | 2,345,206 | 38.5 |
Nutanix, Inc., Class A | 13,175 | 799,723 | 13.1 |
NVIDIA Corp. | 5,228 | 4,517,097 | 74.2 |
NVR, Inc. | 169 | 1,257,166 | 20.6 |
OGE Energy Corp. | 7,124 | 246,847 | 4.1 |
Oshkosh Corp. | 35,862 | 4,026,227 | 66.1 |
Otis Worldwide Corp. | 70,027 | 6,386,462 | 104.9 |
Paramount Global, Class B | 135,727 | 1,545,931 | 25.4 |
Penske Automotive Group, Inc. | 12,553 | 1,919,479 | 31.5 |
Pinterest, Inc., Class A | 63,600 | 2,127,420 | 34.9 |
Pool Corp. | 1,300 | 471,289 | 7.7 |
Post Holdings, Inc. | 22,471 | 2,385,297 | 39.2 |
Primo Water Corp. | 45,167 | 850,670 | 14.0 |
Pure Storage, Inc., Class A | 25,007 | 1,260,353 | 20.7 |
Qualys, Inc. | 7,613 | 1,247,847 | 20.5 |
Reinsurance Group of America, Inc. | 23,689 | 4,429,606 | 72.8 |
ResMed, Inc. | 15,119 | 3,235,315 | 53.1 |
RH | 2,658 | 656,659 | 10.8 |
Robert Half, Inc. | 310 | 21,433 | 0.4 |
Roche Holding AG | 1,355 | 359,149 | 5.9 |
RPM International, Inc. | 9,950 | 1,063,755 | 17.5 |
Sarepta Therapeutics, Inc. | 10,974 | 1,389,967 | 22.8 |
Sempra | 99,770 | 7,146,525 | 117.4 |
Service Corp. International | 59,253 | 4,249,033 | 69.8 |
ServiceNow, Inc. | 13,214 | 9,161,663 | 150.5 |
Signify NV | 1,565 | 42,469 | 0.7 |
Silicon Laboratories, Inc. | 6,752 | 820,300 | 13.5 |
Spotify Technology SA | 7,885 | 2,211,269 | 36.3 |
SS&C Technologies Holdings, Inc. | 82,791 | 5,123,935 | 84.2 |
Synopsys, Inc. | 468 | 248,316 | 4.1 |
Synovus Financial Corp. | 3,574 | 127,913 | 2.1 |
Target Corp. | 27,368 | 4,405,701 | 72.4 |
TD SYNNEX Corp. | 10,316 | 1,215,637 | 20.0 |
TE Connectivity Ltd. | 16,700 | 2,362,716 | 38.8 |
Teradata Corp. | 23,979 | 889,621 | 14.6 |
Teradyne, Inc. | 39,510 | 4,595,803 | 75.5 |
Toll Brothers, Inc. | 7,094 | 844,966 | 13.9 |
Transocean Ltd. | 24,010 | 125,332 | 2.1 |
TransUnion | 3,867 | 282,291 | 4.6 |
Trex Co., Inc. | 26,668 | 2,361,451 | 38.8 |
Truist Financial Corp. | 74,303 | 2,790,078 | 45.8 |
UGI Corp. | 158,730 | 4,057,139 | 66.6 |
UiPath, Inc., Class A | 3,874 | 73,490 | 1.2 |
Union Pacific Corp. | 3,544 | 840,495 | 13.8 |
United Therapeutics Corp. | 6,059 | 1,419,805 | 23.3 |
Security | Shares | Value | % of Basket Value |
United States (continued) | |||
Unum Group | 1,618 | $82,033 | 1.3 % |
Valero Energy Corp. | 4,265 | 681,846 | 11.2 |
Varonis Systems, Inc. | 32,179 | 1,407,831 | 23.1 |
VeriSign, Inc. | 31,224 | 5,291,844 | 86.9 |
Visa, Inc., A Shares | 60,415 | 16,228,073 | 266.5 |
Waste Management, Inc. | 47,149 | 9,807,935 | 161.1 |
Watsco, Inc. | 2,733 | 1,223,619 | 20.1 |
Westinghouse Air Brake Technologies Corp. | 9,109 | 1,467,278 | 24.1 |
Westlake Corp. | 22,991 | 3,387,954 | 55.6 |
WEX, Inc. | 5,964 | 1,259,955 | 20.7 |
WW Grainger, Inc. | 625 | 575,844 | 9.5 |
Zillow Group, Inc., Class C | 51,164 | 2,178,051 | 35.8 |
Zions Bancorp NA | 36,957 | 1,507,106 | 24.8 |
Zoetis, Inc., Class A | 12,706 | 2,023,303 | 33.2 |
Zscaler, Inc. | 49,850 | 8,621,059 | 141.6 |
Zurn Elkay Water Solutions Corp., Class C | 3,497 | 109,386 | 1.8 |
377,237,610 | |||
Preferred Stocks | |||
Germany | |||
Bayerische Motoren Werke AG | 2,838 | 290,275 | 4.8 |
Henkel AG & Co. KGaA | 1,080 | 86,013 | 1.4 |
376,288 | |||
Total Reference Entity — Long | 682,729,983 | ||
Reference Entity — Short | |||
Common Stocks | |||
Australia | |||
Lottery Corp. Ltd. | (28,721 ) | (89,097 ) | (1.5 ) |
NEXTDC Ltd. | (157,113 ) | (1,661,389 ) | (27.3 ) |
Pilbara Minerals Ltd. | (1,215,410 ) | (3,077,961 ) | (50.5 ) |
Reece Ltd. | (17,295 ) | (305,166 ) | (5.0 ) |
Woodside Energy Group Ltd. | (1 ) | (18 ) | (0.0 ) |
(5,133,631 ) | |||
Austria | |||
Voestalpine AG | (13,425 ) | (356,828 ) | (5.9 ) |
Belgium | |||
Elia Group SA/NV | (9,914 ) | (950,438 ) | (15.6 ) |
Solvay SA | (7,575 ) | (245,186 ) | (4.0 ) |
(1,195,624 ) | |||
Bermuda | |||
RenaissanceRe Holdings Ltd. | (3,662 ) | (802,893 ) | (13.2 ) |
Cameroon, United Republic Of | |||
Golar LNG Ltd. | (69,998 ) | (1,716,351 ) | (28.2 ) |
Canada | |||
Agnico Eagle Mines Ltd. | (207,063 ) | (13,122,956 ) | (215.5 ) |
Air Canada | (11,798 ) | (174,103 ) | (2.9 ) |
ARC Resources Ltd. | (4,926 ) | (89,906 ) | (1.5 ) |
Bank of Montreal | (84,967 ) | (7,579,528 ) | (124.5 ) |
Bank of Nova Scotia | (23,879 ) | (1,093,941 ) | (18.0 ) |
Cameco Corp. | (110,726 ) | (5,048,070 ) | (82.9 ) |
Canadian Apartment Properties REIT | (22,243 ) | (691,401 ) | (11.4 ) |
Canadian National Railway Co. | (44,908 ) | (5,442,789 ) | (89.4 ) |
Canadian Pacific Kansas City Ltd. | (532,534 ) | (41,747,282 ) | (685.7 ) |
Fairfax Financial Holdings Ltd. | (951 ) | (1,033,229 ) | (17.0 ) |
Finning International, Inc. | (24,526 ) | (768,451 ) | (12.6 ) |
Fortis, Inc. | (60,514 ) | (2,377,457 ) | (39.0 ) |
Kinross Gold Corp. | (8,379 ) | (54,477 ) | (0.9 ) |
64
2024 BlackRock Annual Report to Shareholders
Schedule of Investments (continued)
April 30, 2024
BlackRock Global Equity Market Neutral Fund
Security | Shares | Value | % of Basket Value |
Canada (continued) | |||
Lightspeed Commerce, Inc. | (70,361 ) | $(920,296 ) | (15.1 )% |
Loblaw Cos. Ltd. | (265 ) | (29,021 ) | (0.5 ) |
Manulife Financial Corp. | (31,855 ) | (742,026 ) | (12.2 ) |
Nexgen Energy Ltd. | (11,877 ) | (90,331 ) | (1.5 ) |
Open Text Corp. | (1,792 ) | (63,047 ) | (1.0 ) |
Osisko Gold Royalties Ltd. | (80,195 ) | (1,230,343 ) | (20.2 ) |
Pan American Silver Corp. | (68,404 ) | (1,262,621 ) | (20.7 ) |
Pembina Pipeline Corp. | (48,118 ) | (1,696,599 ) | (27.9 ) |
Quebecor, Inc., Class B | (21,548 ) | (445,318 ) | (7.3 ) |
RB Global, Inc. | (96,278 ) | (6,881,169 ) | (113.0 ) |
RioCan Real Estate Investment Trust | (68,109 ) | (862,174 ) | (14.2 ) |
Rogers Communications, Inc., Class B | (232,288 ) | (8,702,480 ) | (142.9 ) |
SNC-Lavalin Group, Inc. | (12,719 ) | (487,706 ) | (8.0 ) |
Sun Life Financial, Inc. | (29,970 ) | (1,528,186 ) | (25.1 ) |
Suncor Energy, Inc. | (9,217 ) | (354,439 ) | (5.8 ) |
Teck Resources Ltd., Class B | (2,967 ) | (147,021 ) | (2.4 ) |
TMX Group Ltd. | (48,320 ) | (1,278,329 ) | (21.0 ) |
(105,944,696 ) | |||
Chile | |||
Lundin Mining Corp. | (4,436 ) | (50,588 ) | (0.8 ) |
China | |||
ESR Group Ltd. | (5,800 ) | (6,351 ) | (0.1 ) |
Wilmar International Ltd. | (83,900 ) | (197,583 ) | (3.3 ) |
(203,934 ) | |||
Denmark | |||
Bavarian Nordic A/S | (1,610 ) | (34,972 ) | (0.6 ) |
Zealand Pharma A/S | (7,471 ) | (667,564 ) | (10.9 ) |
(702,536 ) | |||
Finland | |||
Kesko OYJ, B Shares | (14,757 ) | (250,781 ) | (4.1 ) |
Neste OYJ | (20,961 ) | (472,575 ) | (7.8 ) |
Orion OYJ, Class B | (18,591 ) | (707,533 ) | (11.6 ) |
(1,430,889 ) | |||
France | |||
Air France-KLM | (4,776 ) | (48,495 ) | (0.8 ) |
Airbus SE | (68,406 ) | (11,212,073 ) | (184.1 ) |
AXA SA | (41,781 ) | (1,442,160 ) | (23.7 ) |
Biomerieux | (6,229 ) | (659,120 ) | (10.8 ) |
BNP Paribas SA | (117,566 ) | (8,424,310 ) | (138.4 ) |
Bollore SE | (365,735 ) | (2,363,271 ) | (38.8 ) |
Capgemini SE | (7,488 ) | (1,566,683 ) | (25.7 ) |
Cie de Saint-Gobain SA | (1,082 ) | (85,778 ) | (1.4 ) |
Covivio SA/France | (2,209 ) | (109,471 ) | (1.8 ) |
Edenred SE | (2,831 ) | (134,036 ) | (2.2 ) |
EssilorLuxottica SA | (22,603 ) | (4,798,252 ) | (78.8 ) |
Ipsen SA | (8,355 ) | (1,012,060 ) | (16.6 ) |
Kering SA | (11,032 ) | (3,848,410 ) | (63.2 ) |
Klepierre SA | (11,864 ) | (317,252 ) | (5.2 ) |
Renault SA | (52,601 ) | (2,597,554 ) | (42.7 ) |
Safran SA | (19,505 ) | (4,210,452 ) | (69.2 ) |
Sartorius Stedim Biotech | (11,050 ) | (2,367,145 ) | (38.9 ) |
TotalEnergies SE | (82,284 ) | (5,958,326 ) | (97.9 ) |
Worldline SA | (4,965 ) | (51,499 ) | (0.8 ) |
(51,206,347 ) | |||
Germany | |||
AIXTRON SE | (5,832 ) | (134,908 ) | (2.2 ) |
Bayer AG, Class N, Registered Shares | (28,494 ) | (828,333 ) | (13.6 ) |
Security | Shares | Value | % of Basket Value |
Germany (continued) | |||
Bechtle AG | (5,208 ) | $(250,171 ) | (4.1 )% |
Deutsche Post AG, Class N | (43,374 ) | (1,808,217 ) | (29.7 ) |
Hannover Rueck SE, Class N | (1,100 ) | (271,655 ) | (4.5 ) |
Symrise AG | (12,080 ) | (1,289,033 ) | (21.2 ) |
TAG Immobilien AG | (2,345 ) | (33,262 ) | (0.5 ) |
Vonovia SE | (115,277 ) | (3,318,044 ) | (54.5 ) |
(7,933,623 ) | |||
Hong Kong | |||
CK Infrastructure Holdings Ltd. | (68,000 ) | (383,864 ) | (6.3 ) |
CLP Holdings Ltd. | (203,500 ) | (1,599,570 ) | (26.3 ) |
Henderson Land Development Co. Ltd. | (130,000 ) | (391,641 ) | (6.4 ) |
HKT Trust & HKT Ltd., Class SS | (2,459,000 ) | (2,712,625 ) | (44.6 ) |
Hong Kong & China Gas Co. Ltd. | (460,000 ) | (349,510 ) | (5.7 ) |
Link REIT | (43,500 ) | (186,257 ) | (3.1 ) |
Power Assets Holdings Ltd. | (155,500 ) | (891,328 ) | (14.6 ) |
Sino Land Co. Ltd. | (651,107 ) | (695,684 ) | (11.4 ) |
Techtronic Industries Co. Ltd. | (7,500 ) | (103,568 ) | (1.7 ) |
(7,314,047 ) | |||
Ireland | |||
Aercap Holdings NV | (42,413 ) | (3,583,474 ) | (58.9 ) |
Israel | |||
Azrieli Group Ltd. | (16,475 ) | (1,059,761 ) | (17.4 ) |
Bank Hapoalim BM | (121,752 ) | (1,096,551 ) | (18.0 ) |
Bank Leumi Le-Israel BM | (119,886 ) | (933,956 ) | (15.3 ) |
Global-e Online Ltd. | (7,491 ) | (251,173 ) | (4.1 ) |
Israel Discount Bank Ltd., Class A | (89,781 ) | (460,406 ) | (7.6 ) |
Mizrahi Tefahot Bank Ltd. | (9,777 ) | (355,943 ) | (5.9 ) |
Mobileye Global, Inc., Class A | (433 ) | (11,929 ) | (0.2 ) |
(4,169,719 ) | |||
Italy | |||
Assicurazioni Generali SpA | (39,081 ) | (948,772 ) | (15.6 ) |
BPER Banca SPA | (8,826 ) | (45,660 ) | (0.8 ) |
DiaSorin SpA | (3,625 ) | (364,639 ) | (6.0 ) |
Leonardo SpA | (19,194 ) | (439,097 ) | (7.2 ) |
Nexi SpA | (17,272 ) | (100,051 ) | (1.6 ) |
Poste Italiane SpA | (31,968 ) | (404,360 ) | (6.6 ) |
Ryanair Holdings PLC | (179,373 ) | (3,805,190 ) | (62.5 ) |
(6,107,769 ) | |||
Japan | |||
Bridgestone Corp. | (13,200 ) | (595,272 ) | (9.8 ) |
Chiba Bank Ltd. | (7,400 ) | (63,903 ) | (1.0 ) |
Chugai Pharmaceutical Co. Ltd. | (45,200 ) | (1,470,642 ) | (24.1 ) |
GLP J-REIT | (100 ) | (83,110 ) | (1.4 ) |
Harmonic Drive Systems, Inc. | (2,600 ) | (66,417 ) | (1.1 ) |
Ibiden Co. Ltd. | (16,300 ) | (633,692 ) | (10.4 ) |
Iida Group Holdings Co. Ltd. | (29,400 ) | (383,525 ) | (6.3 ) |
Japan Metropolitan Fund Invest | (1,557 ) | (960,893 ) | (15.8 ) |
Japan Petroleum Exploration Co. Ltd. | (800 ) | (34,583 ) | (0.6 ) |
Japan Real Estate Investment Corp. | (167 ) | (578,876 ) | (9.5 ) |
Keisei Electric Railway Co. Ltd. | (9,200 ) | (350,746 ) | (5.8 ) |
Kikkoman Corp. | (51,500 ) | (627,753 ) | (10.3 ) |
Kintetsu Group Holdings Co. Ltd., Class L | (23,900 ) | (629,318 ) | (10.3 ) |
Kyushu Electric Power Co., Inc. | (56,400 ) | (536,714 ) | (8.8 ) |
Kyushu Railway Co. | (53,100 ) | (1,169,733 ) | (19.2 ) |
M&A Research Institute Holdings, Inc. | (800 ) | (25,898 ) | (0.4 ) |
MatsukiyoCocokara & Co. | (11,700 ) | (170,154 ) | (2.8 ) |
Mercari, Inc. | (9,600 ) | (113,408 ) | (1.9 ) |
MinebeaMitsumi, Inc. | (3,200 ) | (61,224 ) | (1.0 ) |
Schedule of Investments65
Schedule of Investments (continued)
April 30, 2024
BlackRock Global Equity Market Neutral Fund
Security | Shares | Value | % of Basket Value |
Japan (continued) | |||
Mitsui High-Tec, Inc. | (1,300 ) | $(59,572 ) | (1.0 )% |
Nippon Building Fund, Inc. | (155 ) | (605,256 ) | (9.9 ) |
Nippon Sanso Holdings Corp. | (30,200 ) | (916,507 ) | (15.0 ) |
Nissan Chemical Corp. | (42,900 ) | (1,496,083 ) | (24.6 ) |
Rohto Pharmaceutical Co. Ltd. | (1,700 ) | (33,892 ) | (0.6 ) |
Rorze Corp. | (2,000 ) | (354,159 ) | (5.8 ) |
Secom Co. Ltd. | (6,400 ) | (454,569 ) | (7.5 ) |
Seven & i Holdings Co. Ltd. | (42,200 ) | (557,384 ) | (9.1 ) |
SG Holdings Co. Ltd. | (125,100 ) | (1,497,343 ) | (24.6 ) |
Sharp Corp. | (48,800 ) | (257,687 ) | (4.2 ) |
Shizuoka Financial Group, Inc. | (99,000 ) | (945,003 ) | (15.5 ) |
SMC Corp. | (1,200 ) | (644,941 ) | (10.6 ) |
Square Enix Holdings Co. Ltd. | (6,500 ) | (240,024 ) | (3.9 ) |
SUMCO Corp. | (131,600 ) | (2,012,591 ) | (33.1 ) |
Tobu Railway Co. Ltd. | (43,300 ) | (880,962 ) | (14.5 ) |
Tokyo Electric Power Co Holdings, Inc. | (92,400 ) | (589,437 ) | (9.7 ) |
Tokyo Gas Co. Ltd. | (14,100 ) | (324,096 ) | (5.3 ) |
Tokyo Seimitsu Co. Ltd. | (1,400 ) | (93,437 ) | (1.5 ) |
Toyo Suisan Kaisha Ltd. | (5,300 ) | (338,784 ) | (5.6 ) |
West Japan Railway Co. | (19,800 ) | (384,682 ) | (6.3 ) |
Yamato Holdings Co. Ltd. | (26,500 ) | (358,106 ) | (5.9 ) |
Yokohama Rubber Co. Ltd. | (15,400 ) | (412,027 ) | (6.8 ) |
(22,012,403 ) | |||
Netherlands | |||
ASR Nederland NV | (997 ) | (49,680 ) | (0.8 ) |
EXOR NV | (3,916 ) | (425,692 ) | (7.0 ) |
Heineken Holding NV | (33,010 ) | (2,644,524 ) | (43.4 ) |
Heineken NV | (28,301 ) | (2,745,162 ) | (45.1 ) |
IMCD NV | (3,366 ) | (505,419 ) | (8.3 ) |
JDE Peet’s NV | (60,473 ) | (1,338,260 ) | (22.0 ) |
(7,708,737 ) | |||
Portugal | |||
Banco Comercial Portugues SA, R Shares | (8,039,275 ) | (2,795,717 ) | (45.9 ) |
Jeronimo Martins SGPS SA | (10,624 ) | (217,661 ) | (3.6 ) |
(3,013,378 ) | |||
Singapore | |||
CapitaLand Ascendas REIT | (691,500 ) | (1,312,468 ) | (21.5 ) |
CapitaLand Investment Ltd. | (12,600 ) | (24,408 ) | (0.4 ) |
Genting Singapore Ltd. | (701,300 ) | (468,828 ) | (7.7 ) |
Jardine Cycle & Carriage Ltd. | (13,400 ) | (259,040 ) | (4.2 ) |
Keppel Ltd. | (135,900 ) | (681,033 ) | (11.2 ) |
Mapletree Logistics Trust | (6,000 ) | (5,899 ) | (0.1 ) |
Oversea-Chinese Banking Corp. Ltd. | (433,500 ) | (4,511,999 ) | (74.1 ) |
Singapore Exchange Ltd. | (75,700 ) | (517,255 ) | (8.5 ) |
Singapore Technologies Engineering Ltd. | (154,300 ) | (454,017 ) | (7.5 ) |
STMicroelectronics NV | (19,430 ) | (766,161 ) | (12.6 ) |
(9,001,108 ) | |||
South Korea | |||
Delivery Hero SE | (1,235 ) | (34,374 ) | (0.6 ) |
Spain | |||
Amadeus IT Group SA | (28,164 ) | (1,780,317 ) | (29.3 ) |
Endesa SA | (121,123 ) | (2,200,416 ) | (36.1 ) |
(3,980,733 ) | |||
Switzerland | |||
Bachem Holding AG, Class N | (1,259 ) | (110,076 ) | (1.8 ) |
EMS-Chemie Holding AG, Registered Shares | (2,654 ) | (2,132,183 ) | (35.0 ) |
On Holding AG, Class A | (32,901 ) | (1,044,607 ) | (17.2 ) |
Security | Shares | Value | % of Basket Value |
Switzerland (continued) | |||
SGS SA, Registered Shares | (1,291 ) | $(114,458 ) | (1.9 )% |
SIG Group AG | (33,737 ) | (679,588 ) | (11.2 ) |
Straumann Holding AG, Registered Shares | (1,241 ) | (166,427 ) | (2.7 ) |
Swatch Group AG | (2,774 ) | (587,434 ) | (9.6 ) |
Swiss Life Holding AG, Class N, Registered Shares | (7,900 ) | (5,371,048 ) | (88.2 ) |
Swisscom AG, Class N, Registered Shares | (7,314 ) | (4,041,728 ) | (66.4 ) |
(14,247,549 ) | |||
Thailand | |||
Fabrinet | (2,402 ) | (415,714 ) | (6.8 ) |
Turkey | |||
Eldorado Gold Corp. | (31,766 ) | (453,035 ) | (7.5 ) |
United Kingdom | |||
Admiral Group PLC | (19,686 ) | (667,546 ) | (11.0 ) |
Associated British Foods PLC | (18,591 ) | (613,215 ) | (10.1 ) |
Barclays PLC | (2,670,264 ) | (6,708,454 ) | (110.2 ) |
Beazley PLC | (93,144 ) | (767,703 ) | (12.6 ) |
Ck Hutchison Holdings Ltd. | (149,500 ) | (725,572 ) | (11.9 ) |
DS Smith PLC | (194,959 ) | (845,591 ) | (13.9 ) |
Howden Joinery Group PLC | (14,148 ) | (153,414 ) | (2.5 ) |
JD Sports Fashion PLC | (841,315 ) | (1,199,759 ) | (19.7 ) |
Lloyds Banking Group PLC | (1,899,043 ) | (1,221,043 ) | (20.1 ) |
Ocado Group PLC | (39,663 ) | (172,975 ) | (2.8 ) |
Persimmon PLC | (46,589 ) | (751,803 ) | (12.3 ) |
Reckitt Benckiser Group PLC | (40,309 ) | (2,245,631 ) | (36.9 ) |
Rentokil Initial PLC | (143,453 ) | (721,118 ) | (11.8 ) |
Smith & Nephew PLC | (528,650 ) | (6,387,619 ) | (104.9 ) |
Unilever PLC | (488,357 ) | (25,161,834 ) | (413.3 ) |
UNITE Group PLC | (54,964 ) | (635,090 ) | (10.4 ) |
Vistry Group PLC | (17,143 ) | (253,724 ) | (4.2 ) |
(49,232,091 ) | |||
United States | |||
10X Genomics, Inc., Class A | (7,901 ) | (231,341 ) | (3.8 ) |
Aflac, Inc. | (55,314 ) | (4,627,016 ) | (76.0 ) |
Agree Realty Corp. | (27,731 ) | (1,586,768 ) | (26.1 ) |
Air Lease Corp., Class A | (31,589 ) | (1,587,031 ) | (26.1 ) |
Airbnb, Inc., Class A | (10,170 ) | (1,612,657 ) | (26.5 ) |
Albemarle Corp. | (16,745 ) | (2,014,591 ) | (33.1 ) |
Alight, Inc., Class A | (230,047 ) | (2,075,024 ) | (34.1 ) |
Allegion PLC | (396 ) | (48,138 ) | (0.8 ) |
Alliant Energy Corp. | (141,912 ) | (7,067,218 ) | (116.1 ) |
Amcor PLC | (185,307 ) | (1,656,645 ) | (27.2 ) |
Ameren Corp. | (2,381 ) | (175,884 ) | (2.9 ) |
American Electric Power Co., Inc. | (20,530 ) | (1,766,196 ) | (29.0 ) |
Amkor Technology, Inc. | (49,895 ) | (1,614,103 ) | (26.5 ) |
Annaly Capital Management, Inc. | (64,590 ) | (1,210,417 ) | (19.9 ) |
Antero Midstream Corp. | (90,418 ) | (1,251,385 ) | (20.6 ) |
Apollo Global Management, Inc. | (52,727 ) | (5,714,552 ) | (93.9 ) |
AptarGroup, Inc. | (5,571 ) | (804,341 ) | (13.2 ) |
Armstrong World Industries, Inc. | (12,652 ) | (1,453,462 ) | (23.9 ) |
Arthur J Gallagher & Co. | (11,194 ) | (2,627,120 ) | (43.1 ) |
Asana, Inc., Class A | (9,104 ) | (135,376 ) | (2.2 ) |
Aspen Technology, Inc. | (7,675 ) | (1,510,977 ) | (24.8 ) |
ATI, Inc. | (17,678 ) | (1,055,377 ) | (17.3 ) |
Avantor, Inc. | (39,554 ) | (958,393 ) | (15.7 ) |
Ball Corp. | (55,111 ) | (3,834,072 ) | (63.0 ) |
Bath & Body Works, Inc. | (8,478 ) | (385,071 ) | (6.3 ) |
Bausch Health Cos, Inc. | (50,038 ) | (437,409 ) | (7.2 ) |
Berkshire Hathaway, Inc., Class B | (5,132 ) | (2,036,018 ) | (33.4 ) |
66
2024 BlackRock Annual Report to Shareholders
Schedule of Investments (continued)
April 30, 2024
BlackRock Global Equity Market Neutral Fund
Security | Shares | Value | % of Basket Value |
United States (continued) | |||
Berry Global Group, Inc. | (1,417 ) | $(80,259 ) | (1.3 )% |
Bill Holdings, Inc. | (4,763 ) | (297,021 ) | (4.9 ) |
Bio-Techne Corp. | (21,519 ) | (1,360,216 ) | (22.3 ) |
BJ’s Wholesale Club Holdings, Inc. | (16,983 ) | (1,268,290 ) | (20.8 ) |
Blackline, Inc. | (80,943 ) | (4,698,741 ) | (77.2 ) |
Blue Owl Capital, Inc. | (32,041 ) | (605,254 ) | (9.9 ) |
BorgWarner, Inc. | (7,222 ) | (236,665 ) | (3.9 ) |
Boston Scientific Corp. | (55,490 ) | (3,988,066 ) | (65.5 ) |
Braze, Inc., Class A | (2,332 ) | (97,711 ) | (1.6 ) |
Brixmor Property Group, Inc. | (3,361 ) | (74,278 ) | (1.2 ) |
Cava Group, Inc. | (2,604 ) | (187,332 ) | (3.1 ) |
Celanese Corp., Class A | (62,454 ) | (9,593,559 ) | (157.6 ) |
Chipotle Mexican Grill, Inc. | (1,491 ) | (4,710,964 ) | (77.4 ) |
Chord Energy Corp. | (13,876 ) | (2,455,774 ) | (40.3 ) |
Churchill Downs, Inc. | (7,817 ) | (1,008,393 ) | (16.6 ) |
Citigroup, Inc. | (255,000 ) | (15,639,150 ) | (256.9 ) |
Coca-Cola Consolidated, Inc. | (1,344 ) | (1,110,144 ) | (18.2 ) |
Coherent Corp. | (11,993 ) | (655,178 ) | (10.8 ) |
Confluent, Inc., Class A | (37,921 ) | (1,066,339 ) | (17.5 ) |
Constellation Energy Corp. | (8,761 ) | (1,629,020 ) | (26.8 ) |
Cooper Cos, Inc. | (23,110 ) | (2,058,177 ) | (33.8 ) |
Core & Main, Inc., Class A | (16,314 ) | (921,252 ) | (15.1 ) |
Corebridge Financial, Inc. | (109,021 ) | (2,895,598 ) | (47.6 ) |
Coty, Inc., Class A | (52,558 ) | (601,264 ) | (9.9 ) |
Cousins Properties, Inc. | (43,686 ) | (1,002,157 ) | (16.5 ) |
Crane Co. | (23,009 ) | (3,221,490 ) | (52.9 ) |
Cullen/Frost Bankers, Inc. | (952 ) | (99,332 ) | (1.6 ) |
DaVita, Inc. | (5,129 ) | (712,982 ) | (11.7 ) |
Diamondback Energy, Inc. | (41,349 ) | (8,316,524 ) | (136.6 ) |
Dollar Tree, Inc. | (14,219 ) | (1,681,397 ) | (27.6 ) |
Dover Corp. | (3,971 ) | (712,000 ) | (11.7 ) |
Dun & Bradstreet Holdings, Inc. | (3,676 ) | (33,452 ) | (0.5 ) |
Duolingo, Inc. | (2,307 ) | (520,805 ) | (8.6 ) |
Dutch Bros, Inc., Class A | (1,979 ) | (55,729 ) | (0.9 ) |
East West Bancorp, Inc. | (5,415 ) | (403,363 ) | (6.6 ) |
Entegris, Inc. | (29,414 ) | (3,909,709 ) | (64.2 ) |
Equifax, Inc. | (3,307 ) | (728,168 ) | (12.0 ) |
Erie Indemnity Co., Class A | (876 ) | (335,210 ) | (5.5 ) |
Extra Space Storage, Inc. | (37,918 ) | (5,091,629 ) | (83.6 ) |
Fifth Third Bancorp | (42,583 ) | (1,552,576 ) | (25.5 ) |
First Citizens BancShares, Inc., Class A | (832 ) | (1,403,384 ) | (23.0 ) |
Gaming and Leisure Properties, Inc. | (18,106 ) | (773,669 ) | (12.7 ) |
GE HealthCare Technologies, Inc. | (8,331 ) | (635,155 ) | (10.4 ) |
Graphic Packaging Holding Co. | (88,231 ) | (2,280,771 ) | (37.5 ) |
Haleon PLC | (2,907,634 ) | (12,235,683 ) | (201.0 ) |
Hasbro, Inc. | (50,055 ) | (3,068,371 ) | (50.4 ) |
Healthcare Realty Trust, Inc. | (201,523 ) | (2,867,672 ) | (47.1 ) |
HealthEquity, Inc. | (64 ) | (5,050 ) | (0.1 ) |
Hexcel Corp. | (12,294 ) | (789,398 ) | (13.0 ) |
Hilton Grand Vacations, Inc. | (9,417 ) | (392,124 ) | (6.4 ) |
Howmet Aerospace, Inc. | (69,673 ) | (4,650,673 ) | (76.4 ) |
Hyatt Hotels Corp., Class A | (6,075 ) | (903,899 ) | (14.8 ) |
Immunovant, Inc. | (6,897 ) | (189,254 ) | (3.1 ) |
Interactive Brokers Group, Inc., Class A | (20,567 ) | (2,367,673 ) | (38.9 ) |
International Flavors & Fragrances, Inc. | (17,237 ) | (1,459,112 ) | (24.0 ) |
Intra-Cellular Therapies, Inc. | (12,950 ) | (929,940 ) | (15.3 ) |
Intuit, Inc. | (2,231 ) | (1,395,758 ) | (22.9 ) |
JB Hunt Transport Services, Inc. | (274 ) | (44,544 ) | (0.7 ) |
Kenvue, Inc. | (36,755 ) | (691,729 ) | (11.4 ) |
Keurig Dr. Pepper, Inc. | (117,602 ) | (3,963,187 ) | (65.1 ) |
Kite Realty Group Trust | (23,990 ) | (522,982 ) | (8.6 ) |
KKR & Co., Inc., Class A | (30,323 ) | (2,822,162 ) | (46.4 ) |
Security | Shares | Value | % of Basket Value |
United States (continued) | |||
Laboratory Corp. of America Holdings | (1,505 ) | $(303,062 ) | (5.0 )% |
Lantheus Holdings, Inc. | (15,817 ) | (1,052,463 ) | (17.3 ) |
Levi Strauss & Co., Class A | (31,101 ) | (659,963 ) | (10.8 ) |
Liberty Broadband Corp., Class C | (19,257 ) | (957,651 ) | (15.7 ) |
Linde PLC | (10,194 ) | (4,495,146 ) | (73.8 ) |
Lithia Motors, Inc., Class A | (269 ) | (68,428 ) | (1.1 ) |
Loews Corp. | (35,752 ) | (2,686,763 ) | (44.1 ) |
MACOM Technology Solutions Holdings, Inc., Class H | (26,134 ) | (2,664,361 ) | (43.8 ) |
MarketAxess Holdings, Inc. | (3,564 ) | (713,121 ) | (11.7 ) |
Marriott International, Inc., Class A | (20,683 ) | (4,883,877 ) | (80.2 ) |
Masimo Corp. | (3,910 ) | (525,543 ) | (8.6 ) |
Matador Resources Co. | (21,759 ) | (1,355,586 ) | (22.3 ) |
MDU Resources Group, Inc. | (3,279 ) | (80,991 ) | (1.3 ) |
Meta Platforms, Inc., Class A | (4,265 ) | (1,834,675 ) | (30.1 ) |
Middleby Corp. | (841 ) | (116,874 ) | (1.9 ) |
Mueller Industries, Inc. | (4,521 ) | (252,362 ) | (4.1 ) |
National Storage Affiliates Trust | (110,869 ) | (3,884,850 ) | (63.8 ) |
Netflix, Inc. | (27,000 ) | (14,867,280 ) | (244.2 ) |
New Fortress Energy, Inc., Class A | (7,194 ) | (188,483 ) | (3.1 ) |
Newmont Corp. | (99,336 ) | (4,037,015 ) | (66.3 ) |
News Corp., Class A | (31,229 ) | (743,250 ) | (12.2 ) |
Noble Corp. PLC | (46,996 ) | (2,085,682 ) | (34.3 ) |
Nordson Corp. | (1,070 ) | (276,263 ) | (4.5 ) |
Nuvalent, Inc., Class A | (713 ) | (49,111 ) | (0.8 ) |
Omega Healthcare Investors, Inc. | (222,488 ) | (6,765,860 ) | (111.1 ) |
Omnicom Group, Inc. | (30,058 ) | (2,790,585 ) | (45.8 ) |
ON Semiconductor Corp. | (2,933 ) | (205,779 ) | (3.4 ) |
Onto Innovation, Inc. | (21,306 ) | (3,952,050 ) | (64.9 ) |
Palantir Technologies, Inc., Class A | (4 ) | (88 ) | (0.0 ) |
Parsons Corp. | (17,474 ) | (1,371,884 ) | (22.5 ) |
Penumbra, Inc. | (1,751 ) | (344,019 ) | (5.6 ) |
Permian Resources Corp. | (175,866 ) | (2,945,756 ) | (48.4 ) |
Pinnacle Financial Partners, Inc. | (11,521 ) | (883,661 ) | (14.5 ) |
Primerica, Inc. | (2,714 ) | (574,988 ) | (9.4 ) |
Procore Technologies, Inc. | (8,856 ) | (605,928 ) | (10.0 ) |
Procter & Gamble Co. | (74,000 ) | (12,076,800 ) | (198.4 ) |
Progyny, Inc. | (38,960 ) | (1,249,058 ) | (20.5 ) |
PTC, Inc. | (6,684 ) | (1,186,009 ) | (19.5 ) |
Qiagen NV, QIAD | (71,148 ) | (2,958,130 ) | (48.6 ) |
Quest Diagnostics, Inc. | (20,072 ) | (2,773,549 ) | (45.6 ) |
R1 RCM, Inc. | (33,397 ) | (410,449 ) | (6.7 ) |
Rambus, Inc. | (10,062 ) | (551,599 ) | (9.1 ) |
Range Resources Corp. | (33,328 ) | (1,196,808 ) | (19.7 ) |
Raymond James Financial, Inc. | (11,393 ) | (1,389,946 ) | (22.8 ) |
Realty Income Corp. | (173,829 ) | (9,306,805 ) | (152.9 ) |
Regal Rexnord Corp. | (3,479 ) | (561,406 ) | (9.2 ) |
Regency Centers Corp. | (17,155 ) | (1,015,919 ) | (16.7 ) |
Repligen Corp. | (18,746 ) | (3,078,093 ) | (50.6 ) |
Rithm Capital Corp. | (190,695 ) | (2,120,528 ) | (34.8 ) |
Ross Stores, Inc. | (326 ) | (42,233 ) | (0.7 ) |
Ryder System, Inc. | (356 ) | (43,379 ) | (0.7 ) |
Ryman Hospitality Properties, Inc. | (11,166 ) | (1,177,790 ) | (19.3 ) |
Samsara, Inc., Class A | (63,558 ) | (2,220,081 ) | (36.5 ) |
Selective Insurance Group, Inc. | (2,372 ) | (241,114 ) | (4.0 ) |
SentinelOne, Inc., Class A | (104,966 ) | (2,217,932 ) | (36.4 ) |
Sherwin-Williams Co. | (8,337 ) | (2,497,849 ) | (41.0 ) |
Skyline Champion Corp. | (460 ) | (34,495 ) | (0.6 ) |
SoFi Technologies, Inc. | (104 ) | (705 ) | (0.0 ) |
SolarEdge Technologies, Inc. | (11,454 ) | (671,777 ) | (11.0 ) |
Southern Co. | (98,752 ) | (7,258,272 ) | (119.2 ) |
SouthState Corp. | (19,636 ) | (1,486,445 ) | (24.4 ) |
Schedule of Investments67
Schedule of Investments (continued)
April 30, 2024
BlackRock Global Equity Market Neutral Fund
Security | Shares | Value | % of Basket Value |
United States (continued) | |||
Sprouts Farmers Market, Inc. | (71,554 ) | $(4,724,711 ) | (77.6 )% |
SPS Commerce, Inc. | (3,351 ) | (582,638 ) | (9.6 ) |
STAG Industrial, Inc. | (44,630 ) | (1,534,826 ) | (25.2 ) |
STERIS PLC | (7,356 ) | (1,504,743 ) | (24.7 ) |
Sun Communities, Inc. | (22,934 ) | (2,553,013 ) | (41.9 ) |
Take-Two Interactive Software, Inc. | (21,675 ) | (3,095,407 ) | (50.8 ) |
Teledyne Technologies, Inc. | (1,816 ) | (692,768 ) | (11.4 ) |
Tenable Holdings, Inc. | (2,279 ) | (102,487 ) | (1.7 ) |
Terreno Realty Corp. | (8,231 ) | (447,355 ) | (7.3 ) |
TKO Group Holdings, Inc., Class A | (19,669 ) | (1,862,064 ) | (30.6 ) |
TPG, Inc., Class A | (51,399 ) | (2,215,297 ) | (36.4 ) |
Tradeweb Markets, Inc., Class A | (20,581 ) | (2,093,294 ) | (34.4 ) |
Tyler Technologies, Inc. | (3,267 ) | (1,507,884 ) | (24.8 ) |
Vail Resorts, Inc. | (19,305 ) | (3,655,788 ) | (60.0 ) |
Valaris Ltd. | (25,130 ) | (1,634,958 ) | (26.9 ) |
Valvoline, Inc. | (28,035 ) | (1,192,048 ) | (19.6 ) |
Vaxcyte, Inc. | (13,998 ) | (847,579 ) | (13.9 ) |
Viatris, Inc. | (46,842 ) | (541,962 ) | (8.9 ) |
Vontier Corp. | (67,945 ) | (2,760,605 ) | (45.3 ) |
Walt Disney Co. | (151,113 ) | (16,788,654 ) | (275.7 ) |
Warner Music Group Corp., Class A | (4,941 ) | (163,053 ) | (2.7 ) |
Webster Financial Corp. | (46,757 ) | (2,049,359 ) | (33.7 ) |
WEC Energy Group, Inc. | (174 ) | (14,379 ) | (0.2 ) |
Welltower, Inc. | (46,372 ) | (4,418,324 ) | (72.6 ) |
Whirlpool Corp. | (21,181 ) | (2,009,230 ) | (33.0 ) |
Wyndham Hotels & Resorts, Inc. | (25,410 ) | (1,867,889 ) | (30.7 ) |
XPO, Inc. | (1,159 ) | (124,546 ) | (2.0 ) |
Zebra Technologies Corp., Class A | (2,475 ) | (778,536 ) | (12.8 ) |
ZoomInfo Technologies, Inc., Class A | (27,277 ) | (432,613 ) | (7.1 ) |
(368,670,519 ) | |||
Rights | |||
Australia | |||
NEXTDC Ltd., (Expires 05/09/24, Strike Price AUD 15.40) | (22,508 ) | (18,809 ) | (0.3 ) |
Total Reference Entity — Short | (676,641,399 ) | ||
Net Value of Reference Entity — Goldman Sachs Bank USA | $6,088,584 | ||
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 dates 06/10/24 — 08/19/26:
Security | Shares | Value | % of Basket Value |
Reference Entity — Long | |||
Common Stocks | |||
Australia | |||
Accent Group Ltd. | 28,480 | $34,419 | 6.0 % |
Austal Ltd. | 96,322 | 141,664 | 24.8 |
Bega Cheese Ltd. | 265,372 | 699,751 | 122.7 |
Boral Ltd. | 263,034 | 962,901 | 168.9 |
Challenger Ltd. | 348,589 | 1,494,720 | 262.2 |
Charter Hall Social Infrastructure REIT | 38,629 | 62,761 | 11.0 |
Data#3 Ltd. | 128,671 | 629,298 | 110.4 |
Downer EDI Ltd. | 426,753 | 1,274,047 | 223.4 |
GrainCorp Ltd., Class A | 124,140 | 678,487 | 119.0 |
Growthpoint Properties Australia Ltd. | 220,714 | 335,988 | 58.9 |
Security | Shares | Value | % of Basket Value |
Australia (continued) | |||
Inghams Group Ltd. | 204,826 | $482,216 | 84.6 % |
Metcash Ltd. | 746,635 | 1,885,892 | 330.8 |
Netwealth Group Ltd. | 32,560 | 407,359 | 71.4 |
NRW Holdings Ltd. | 55,867 | 99,181 | 17.4 |
Perenti Ltd. | 1,387,423 | 847,090 | 148.6 |
Pinnacle Investment Management Group Ltd. | 42,297 | 301,423 | 52.9 |
Regis Resources Ltd. | 445,869 | 624,656 | 109.6 |
Ridley Corp. Ltd. | 70,353 | 102,058 | 17.9 |
Silver Lake Resources Ltd. | 465,465 | 427,319 | 74.9 |
Technology One Ltd. | 163,452 | 1,685,055 | 295.5 |
Ventia Services Group Pty Ltd. | 705,471 | 1,633,531 | 286.5 |
Zip Co. Ltd. | 2,223,403 | 1,736,571 | 304.6 |
16,546,387 | |||
Austria | |||
ANDRITZ AG | 36,522 | 1,983,665 | 347.9 |
Kontron AG | 34,385 | 689,335 | 120.9 |
Raiffeisen Bank International AG | 76,595 | 1,408,353 | 247.0 |
Telekom Austria AG | 24,837 | 212,467 | 37.3 |
UNIQA Insurance Group AG | 74,244 | 648,449 | 113.7 |
4,942,269 | |||
Belgium | |||
Barco NV | 67,931 | 937,611 | 164.4 |
Proximus SADP | 216,171 | 1,588,470 | 278.6 |
2,526,081 | |||
Bermuda | |||
Hamilton Insurance Group Ltd., Class B | 29,863 | 405,540 | 71.1 |
Canada | |||
AbCellera Biologics, Inc. | 77,620 | 293,404 | 51.5 |
Advantage Energy Ltd. | 20,870 | 162,612 | 28.5 |
Aecon Group, Inc. | 52,321 | 641,833 | 112.6 |
Ag Growth International, Inc. | 4,348 | 167,170 | 29.3 |
Artis Real Estate Investment Trust | 68,837 | 324,603 | 56.9 |
Canfor Corp. | 59,177 | 622,873 | 109.3 |
Centerra Gold, Inc. | 263,002 | 1,598,836 | 280.4 |
Doman Building Materials Group Ltd. | 6,880 | 38,329 | 6.7 |
Fortuna Silver Mines, Inc. | 151,167 | 685,369 | 120.2 |
Innergex Renewable Energy, Inc. | 279,871 | 1,630,563 | 286.0 |
Interfor Corp. | 37,182 | 471,196 | 82.6 |
Major Drilling Group International, Inc. | 16,653 | 115,489 | 20.3 |
Nexus Industrial REIT | 25,357 | 127,839 | 22.4 |
North American Construction Group Ltd. | 51,105 | 1,075,122 | 188.6 |
Obsidian Energy Ltd. | 85,459 | 733,474 | 128.6 |
Pason Systems, Inc. | 66,157 | 751,032 | 131.7 |
Russel Metals, Inc. | 37,580 | 1,057,240 | 185.4 |
Silvercorp Metals, Inc. | 102,689 | 325,464 | 57.1 |
Topaz Energy Corp. | 40,378 | 668,188 | 117.2 |
Transcontinental, Inc., Class A | 5,287 | 52,865 | 9.3 |
11,543,501 | |||
Finland | |||
Citycon OYJ | 63,502 | 258,677 | 45.4 |
Outokumpu OYJ | 608,443 | 2,453,567 | 430.3 |
2,712,244 | |||
France | |||
CGG SA | 1,220,556 | 508,207 | 89.1 |
Cie Plastic Omnium SE | 25,971 | 314,854 | 55.2 |
Esso SA Francaise | 4,156 | 791,530 | 138.8 |
Etablissements Maurel et Prom SA | 93,239 | 586,045 | 102.8 |
68
2024 BlackRock Annual Report to Shareholders
Schedule of Investments (continued)
April 30, 2024
BlackRock Global Equity Market Neutral Fund
Security | Shares | Value | % of Basket Value |
France (continued) | |||
Guerbet | 1 | $40 | 0.0 % |
ICADE | 38,372 | 1,015,927 | 178.2 |
Television Francaise 1 SA | 98,000 | 890,880 | 156.3 |
4,107,483 | |||
Georgia | |||
Bank of Georgia Group PLC | 48,413 | 3,230,389 | 566.6 |
TBC Bank Group PLC | 41,370 | 1,782,824 | 312.7 |
5,013,213 | |||
Germany | |||
Atoss Software AG | 2,835 | 754,586 | 132.4 |
Aurubis AG | 15,337 | 1,216,418 | 213.3 |
Auto1 Group SE | 46,528 | 235,908 | 41.4 |
Bilfinger SE | 14,667 | 679,856 | 119.2 |
Deutsche Pfandbriefbank AG | 51,697 | 244,667 | 42.9 |
Deutsche Wohnen SE | 29,501 | 554,134 | 97.2 |
Deutz AG | 118,360 | 680,422 | 119.3 |
Duerr AG | 25,652 | 653,425 | 114.6 |
Grand City Properties SA | 48,118 | 534,975 | 93.8 |
SAF-Holland SE | 30,944 | 593,400 | 104.1 |
Salzgitter AG | 22,727 | 581,028 | 101.9 |
United Internet AG, Class N, Registered Shares | 103,566 | 2,495,037 | 437.6 |
9,223,856 | |||
Ireland | |||
Cimpress PLC | 7,103 | 605,673 | 106.2 |
Greencore Group PLC | 247,527 | 403,348 | 70.8 |
1,009,021 | |||
Israel | |||
Alony Hetz Properties & Investments Ltd. | 30,615 | 197,589 | 34.7 |
Delek Group Ltd. | 6,817 | 800,564 | 140.4 |
Kornit Digital Ltd. | 7,972 | 122,849 | 21.5 |
Perion Network Ltd. | 106,247 | 1,337,650 | 234.6 |
2,458,652 | |||
Italy | |||
Anima Holding SpA | 9,392 | 43,819 | 7.7 |
Banca IFIS SpA | 11,638 | 258,224 | 45.3 |
Banca Popolare di Sondrio SpA | 80,001 | 665,856 | 116.8 |
Brunello Cucinelli SpA | 56,053 | 5,695,628 | 998.9 |
Buzzi SpA | 19,514 | 699,945 | 122.8 |
Credito Emiliano SpA | 7,521 | 79,122 | 13.9 |
De’ Longhi SpA | 18,979 | 621,005 | 108.9 |
Hera SpA | 88,304 | 317,521 | 55.7 |
Iren SpA | 526,414 | 1,055,816 | 185.2 |
Maire Tecnimont SpA | 86,161 | 710,466 | 124.6 |
PRADA SpA | 472,200 | 3,848,370 | 674.9 |
Sesa SpA | 7,774 | 804,804 | 141.1 |
Webuild SpA | 429,778 | 1,074,314 | 188.4 |
15,874,890 | |||
Japan | |||
77 Bank Ltd. | 76,100 | 2,196,848 | 385.3 |
Adastria Co. Ltd. | 19,700 | 438,437 | 76.9 |
Aisan Industry Co. Ltd. | 27,300 | 261,544 | 45.9 |
Alfresa Holdings Corp. | 121,600 | 1,840,608 | 322.8 |
Artience Co. Ltd. | 40,400 | 766,248 | 134.4 |
Bic Camera, Inc. | 219,900 | 2,186,397 | 383.5 |
BML, Inc. | 6,900 | 130,459 | 22.9 |
Bunka Shutter Co. Ltd. | 69,200 | 762,917 | 133.8 |
Security | Shares | Value | % of Basket Value |
Japan (continued) | |||
Cellebrite Di Ltd. | 51,210 | $553,580 | 97.1 % |
Coca-Cola Bottlers Japan Holdings, Inc. | 90,900 | 1,302,321 | 228.4 |
COMSYS Holdings Corp. | 40,200 | 957,045 | 167.9 |
Create Restaurants Holdings, Inc. | 124,700 | 878,997 | 154.2 |
Create SD Holdings Co. Ltd. | 31,100 | 687,349 | 120.6 |
Daicel Corp. | 162,000 | 1,538,156 | 269.8 |
Daiichikosho Co. Ltd. | 36,900 | 438,746 | 76.9 |
Dentsu Soken, Inc. | 7,200 | 243,687 | 42.7 |
Doutor Nichires Holdings Co. Ltd. | 78,000 | 1,067,959 | 187.3 |
DTS Corp. | 5,400 | 150,473 | 26.4 |
Elecom Co. Ltd. | 34,700 | 335,957 | 58.9 |
Elematec Corp. | 16,200 | 202,047 | 35.4 |
FCC Co. Ltd. | 105,300 | 1,532,851 | 268.8 |
Financial Partners Group Co. Ltd. | 100,300 | 1,437,326 | 252.1 |
Fuji Soft, Inc. | 55,500 | 2,220,741 | 389.5 |
FULLCAST Holdings Co. Ltd. | 17,400 | 170,379 | 29.9 |
Furukawa Electric Co. Ltd. | 124,500 | 2,727,375 | 478.3 |
Futaba Industrial Co. Ltd. | 37,700 | 226,986 | 39.8 |
Glory Ltd. | 69,300 | 1,275,653 | 223.7 |
GS Yuasa Corp. | 45,600 | 880,793 | 154.5 |
Hachijuni Bank Ltd. | 3,700 | 25,221 | 4.4 |
Hanwa Co. Ltd. | 17,600 | 692,210 | 121.4 |
Heiwa Real Estate Co. Ltd. | 24,800 | 700,142 | 122.8 |
Heiwado Co. Ltd. | 49,700 | 782,934 | 137.3 |
Hiday Hidaka Corp. | 43,200 | 786,423 | 137.9 |
Hioki EE Corp. | 20,800 | 850,553 | 149.2 |
Ichigo Office REIT Investment Corp. | 588 | 306,197 | 53.7 |
Inaba Denki Sangyo Co. Ltd. | 19,500 | 465,088 | 81.6 |
Infomart Corp. | 222,300 | 530,731 | 93.1 |
Ishihara Sangyo Kaisha Ltd. | 40,400 | 478,637 | 83.9 |
Itochu Enex Co. Ltd. | 32,300 | 319,982 | 56.1 |
JAC Recruitment Co. Ltd. | 73,300 | 361,403 | 63.4 |
JCU Corp. | 4,400 | 107,403 | 18.8 |
JTEKT Corp. | 377,500 | 2,993,051 | 524.9 |
Kaneka Corp. | 6,600 | 174,761 | 30.7 |
Kato Sangyo Co. Ltd. | 10,600 | 314,563 | 55.2 |
Kewpie Corp. | 13,000 | 267,955 | 47.0 |
Kissei Pharmaceutical Co. Ltd. | 16,900 | 396,108 | 69.5 |
Kitz Corp. | 19,100 | 166,376 | 29.2 |
Kokuyo Co. Ltd. | 43,200 | 754,399 | 132.3 |
Kumagai Gumi Co. Ltd. | 118,900 | 3,199,963 | 561.2 |
Kyoritsu Maintenance Co. Ltd. | 89,400 | 1,949,209 | 341.9 |
Maxell Ltd. | 35,700 | 360,191 | 63.2 |
Megmilk Snow Brand Co. Ltd. | 15,400 | 254,562 | 44.6 |
Meidensha Corp. | 18,400 | 416,568 | 73.1 |
MEITEC Group Holdings, Inc. | 46,000 | 876,736 | 153.8 |
METAWATER Co. Ltd. | 25,800 | 329,758 | 57.8 |
Milbon Co. Ltd. | 121,200 | 2,432,101 | 426.6 |
Mitsubishi Shokuhin Co. Ltd. | 33,800 | 1,225,263 | 214.9 |
Mitsui Mining & Smelting Co. Ltd. | 128,400 | 4,103,067 | 719.6 |
MIXI, Inc. | 69,400 | 1,077,438 | 189.0 |
Modec, Inc. | 65,500 | 1,322,695 | 232.0 |
Monogatari Corp. | 24,100 | 666,392 | 116.9 |
Morinaga & Co. Ltd. | 117,300 | 1,939,045 | 340.1 |
Nippn Corp. | 139,800 | 2,204,648 | 386.7 |
Nippon Light Metal Holdings Co. Ltd. | 121,700 | 1,477,705 | 259.2 |
Nippon Paper Industries Co. Ltd., Class A | 159,900 | 1,124,839 | 197.3 |
Nisshin Oillio Group Ltd. | 16,700 | 547,546 | 96.0 |
Nisshinbo Holdings, Inc. | 212,000 | 1,644,056 | 288.3 |
Nissui Corp. | 728,800 | 4,458,123 | 781.9 |
Nittetsu Mining Co. Ltd. | 12,900 | 414,959 | 72.8 |
Schedule of Investments69
Schedule of Investments (continued)
April 30, 2024
BlackRock Global Equity Market Neutral Fund
Security | Shares | Value | % of Basket Value |
Japan (continued) | |||
NOK Corp. | 41,300 | $609,693 | 106.9 % |
Nomura Co. Ltd. | 125,000 | 688,366 | 120.7 |
Noritake Co. Ltd. | 13,200 | 350,533 | 61.5 |
Noritz Corp. | 17,700 | 204,347 | 35.8 |
North Pacific Bank Ltd. | 97,700 | 286,966 | 50.3 |
NTN Corp. | 1,381,000 | 2,802,394 | 491.5 |
Okamura Corp. | 23,300 | 360,706 | 63.3 |
Oki Electric Industry Co. Ltd. | 163,200 | 1,192,498 | 209.1 |
Onward Holdings Co. Ltd. | 97,900 | 385,789 | 67.7 |
Optex Group Co. Ltd. | 9,600 | 115,279 | 20.2 |
Pacific Industrial Co. Ltd. | 143,200 | 1,510,145 | 264.9 |
PALTAC Corp. | 32,200 | 994,831 | 174.5 |
Pigeon Corp. | 183,600 | 1,710,036 | 299.9 |
Raito Kogyo Co. Ltd. | 49,100 | 652,623 | 114.5 |
Relo Group, Inc. | 67,000 | 595,363 | 104.4 |
Saizeriya Co. Ltd. | 101,500 | 3,501,643 | 614.1 |
Sanki Engineering Co. Ltd. | 23,500 | 337,417 | 59.2 |
Sato Holdings Corp. | 32,100 | 455,217 | 79.8 |
Seino Holdings Co. Ltd. | 18,600 | 254,958 | 44.7 |
Shibaura Machine Co. Ltd. | 39,200 | 897,118 | 157.3 |
Sohgo Security Services Co. Ltd. | 110,600 | 628,664 | 110.3 |
Starts Corp., Inc. | 14,200 | 327,417 | 57.4 |
Sumitomo Mitsui Construction Co. Ltd. | 177,500 | 467,654 | 82.0 |
Suzuken Co. Ltd. | 74,400 | 2,245,464 | 393.8 |
Systena Corp. | 194,400 | 331,141 | 58.1 |
Tadano Ltd. | 39,900 | 327,847 | 57.5 |
Taikisha Ltd. | 8,800 | 265,055 | 46.5 |
Tamron Co. Ltd. | 1,800 | 85,468 | 15.0 |
Toa Corp. | 109,200 | 772,219 | 135.4 |
Tokai Rika Co. Ltd. | 73,500 | 1,027,457 | 180.2 |
Tosei Corp. | 68,900 | 1,099,833 | 192.9 |
Toshiba TEC Corp. | 13,600 | 279,648 | 49.0 |
Towa Pharmaceutical Co. Ltd. | 56,700 | 1,043,259 | 183.0 |
Toyo Seikan Group Holdings Ltd., Class L | 32,600 | 515,180 | 90.4 |
Toyoda Gosei Co. Ltd. | 144,800 | 2,871,699 | 503.7 |
TS Tech Co. Ltd. | 40,900 | 515,077 | 90.3 |
TSI Holdings Co. Ltd. | 95,400 | 545,036 | 95.6 |
Tsubakimoto Chain Co. | 15,000 | 527,418 | 92.5 |
UT Group Co. Ltd. | 17,400 | 373,764 | 65.6 |
Wacom Co. Ltd. | 166,600 | 652,924 | 114.5 |
YAMABIKO Corp. | 6,500 | 87,954 | 15.4 |
Yamazen Corp. | 38,200 | 342,917 | 60.1 |
Yaoko Co. Ltd. | 15,800 | 873,057 | 153.1 |
Yokogawa Bridge Holdings Corp. | 19,400 | 360,021 | 63.1 |
Yuasa Trading Co. Ltd. | 5,800 | 216,650 | 38.0 |
105,599,625 | |||
Netherlands | |||
Corbion NV, Class C | 6,382 | 138,693 | 24.3 |
Eurocommercial Properties NV | 10,112 | 228,985 | 40.2 |
Koninklijke BAM Groep NV | 126,537 | 513,763 | 90.1 |
PostNL NV | 619,709 | 830,150 | 145.6 |
TomTom NV | 69,998 | 414,868 | 72.8 |
2,126,459 | |||
Norway | |||
Aker Solutions ASA | 208,157 | 795,131 | 139.5 |
Elkem ASA | 188,131 | 334,035 | 58.6 |
Nordic Semiconductor ASA | 27,615 | 305,225 | 53.5 |
Security | Shares | Value | % of Basket Value |
Norway (continued) | |||
Odfjell Drilling Ltd. | 216,353 | $1,000,953 | 175.6 % |
Wallenius Wilhelmsen ASA | 36,185 | 369,169 | 64.7 |
2,804,513 | |||
Poland | |||
Inpost SA | 331,016 | 5,294,689 | 928.6 |
Portugal | |||
Mota-Engil SGPS SA | 126,280 | 543,923 | 95.4 |
Sonae SGPS SA | 796,242 | 793,940 | 139.2 |
1,337,863 | |||
Singapore | |||
Frasers Logistics & Commercial Trust | 1,389,600 | 1,008,813 | 176.9 |
Grindr, Inc. | 32,366 | 316,863 | 55.6 |
iFAST Corp. Ltd. | 4,800 | 25,870 | 4.5 |
1,351,546 | |||
Spain | |||
Atlantica Sustainable Infrastructure PLC | 37,422 | 732,348 | 128.4 |
Construcciones y Auxiliar de Ferrocarriles SA | 12,782 | 437,672 | 76.8 |
Indra Sistemas SA | 130,798 | 2,489,147 | 436.6 |
Merlin Properties Socimi SA | 141,134 | 1,581,094 | 277.3 |
Naturgy Energy Group SA | 18,372 | 463,524 | 81.3 |
5,703,785 | |||
Sweden | |||
Corem Property Group AB, B Shares | 74,106 | 55,791 | 9.8 |
Loomis Ab, Class B | 20,558 | 531,855 | 93.3 |
Mycronic AB | 20,103 | 707,860 | 124.1 |
1,295,506 | |||
Switzerland | |||
Aryzta AG | 414,747 | 790,933 | 138.7 |
DKSH Holding AG | 13,686 | 898,809 | 157.6 |
Implenia AG, Registered Shares | 11,801 | 434,827 | 76.3 |
Inficon Holding AG, Class N, Registered Shares | 320 | 448,291 | 78.6 |
IWG PLC | 178,595 | 410,807 | 72.1 |
2,983,667 | |||
United Kingdom | |||
Chemring Group PLC | 377,961 | 1,764,460 | 309.5 |
Close Brothers Group PLC | 193,674 | 1,097,915 | 192.6 |
Computacenter PLC | 16,507 | 526,478 | 92.3 |
Firstgroup PLC | 498,844 | 1,006,110 | 176.5 |
GB Group PLC | 15,679 | 56,211 | 9.9 |
Hunting PLC | 179,853 | 796,330 | 139.7 |
Investec PLC | 153,497 | 968,690 | 169.9 |
J D Wetherspoon PLC | 96,926 | 874,396 | 153.3 |
John Wood Group PLC | 217,749 | 402,342 | 70.6 |
Jupiter Fund Management PLC | 218,313 | 209,563 | 36.7 |
Just Group PLC | 990,769 | 1,269,461 | 222.6 |
Keller Group PLC | 17,001 | 232,408 | 40.8 |
Mitchells & Butlers PLC | 80,261 | 240,778 | 42.2 |
Mitie Group PLC | 399,579 | 581,939 | 102.1 |
Moneysupermarket.com Group PLC | 626,851 | 1,672,958 | 293.4 |
Morgan Sindall Group PLC | 24,120 | 677,501 | 118.8 |
NCC Group PLC | 70,574 | 119,169 | 20.9 |
Nomad Foods Ltd. | 361,721 | 6,532,681 | 1,145.7 |
OSB Group PLC | 46,621 | 237,902 | 41.7 |
Paragon Banking Group PLC | 111,210 | 988,296 | 173.3 |
70
2024 BlackRock Annual Report to Shareholders
Schedule of Investments (continued)
April 30, 2024
BlackRock Global Equity Market Neutral Fund
Security | Shares | Value | % of Basket Value |
United Kingdom (continued) | |||
Playtech PLC | 120,477 | $795,322 | 139.5 % |
Redde Northgate PLC | 103,509 | 493,145 | 86.5 |
Serco Group PLC | 814,654 | 1,857,783 | 325.8 |
TP ICAP Group PLC | 396,648 | 1,022,825 | 179.4 |
Vesuvius PLC | 150,481 | 895,009 | 157.0 |
Workspace Group PLC | 26,856 | 165,377 | 29.0 |
25,485,049 | |||
United States | |||
1-800-Flowers.com, Inc., Class A | 39,106 | 354,691 | 62.2 |
Accel Entertainment, Inc. | 28,933 | 310,740 | 54.5 |
Acushnet Holdings Corp. | 6,046 | 368,685 | 64.7 |
Adient PLC | 88,760 | 2,651,261 | 465.0 |
Agilysys, Inc. | 15,307 | 1,271,246 | 223.0 |
Albany International Corp., Class A | 10,381 | 827,885 | 145.2 |
Allient, Inc. | 7,991 | 234,856 | 41.2 |
Ambarella, Inc. | 28,140 | 1,293,596 | 226.9 |
American Vanguard Corp. | 15,729 | 179,153 | 31.4 |
American Woodmark Corp. | 60,539 | 5,574,431 | 977.7 |
Anywhere Real Estate, Inc. | 123,403 | 599,739 | 105.2 |
Apogee Enterprises, Inc. | 22,472 | 1,388,320 | 243.5 |
Archrock, Inc. | 37,953 | 728,318 | 127.7 |
Argan, Inc. | 6,428 | 387,351 | 67.9 |
Atea Pharmaceuticals, Inc. | 42,982 | 159,033 | 27.9 |
AtriCure, Inc. | 66,344 | 1,600,217 | 280.7 |
Bandwidth, Inc., Class A | 53,597 | 975,465 | 171.1 |
Beazer Homes USA, Inc. | 29,930 | 838,938 | 147.1 |
Benchmark Electronics, Inc. | 27,124 | 819,416 | 143.7 |
BlueLinx Holdings, Inc. | 7,404 | 811,997 | 142.4 |
Brightsphere Investment Group, Inc. | 12,884 | 286,540 | 50.2 |
Brookdale Senior Living, Inc. | 117,959 | 800,942 | 140.5 |
Cars.com, Inc. | 15,059 | 251,636 | 44.1 |
Castle Biosciences, Inc. | 58,141 | 1,226,194 | 215.1 |
Century Communities, Inc. | 3,560 | 282,379 | 49.5 |
Chegg, Inc. | 358,882 | 1,855,420 | 325.4 |
CommVault Systems, Inc. | 46,601 | 4,775,204 | 837.5 |
ConnectOne Bancorp, Inc. | 22,006 | 394,127 | 69.1 |
Corcept Therapeutics, Inc. | 98,772 | 2,303,363 | 404.0 |
CSG Systems International, Inc. | 59,869 | 2,828,212 | 496.0 |
Customers Bancorp, Inc. | 21,835 | 997,204 | 174.9 |
Delek U.S. Holdings, Inc. | 98,080 | 2,680,526 | 470.1 |
Deluxe Corp. | 16,459 | 325,065 | 57.0 |
Digi International, Inc. | 13,862 | 425,009 | 74.5 |
Dime Community Bancshares, Inc. | 16,363 | 297,807 | 52.2 |
DNOW, Inc. | 155,151 | 2,189,181 | 383.9 |
Donnelley Financial Solutions, Inc. | 19,535 | 1,226,407 | 215.1 |
DXP Enterprises, Inc. | 17,805 | 868,172 | 152.3 |
Dycom Industries, Inc. | 26,212 | 3,670,204 | 643.7 |
Eagle Bancorp, Inc. | 13,563 | 250,780 | 44.0 |
El Pollo Loco Holdings, Inc. | 1,336 | 11,383 | 2.0 |
Enact Holdings, Inc. | 36,048 | 1,071,707 | 188.0 |
Enova International, Inc. | 25,080 | 1,518,092 | 266.2 |
Enovis Corp. | 72,332 | 3,994,896 | 700.6 |
Everi Holdings, Inc. | 190,252 | 1,554,359 | 272.6 |
eXp World Holdings, Inc. | 85,572 | 852,297 | 149.5 |
EZCORP, Inc., Class A | 123,194 | 1,352,670 | 237.2 |
First Interstate BancSystem, Inc., Class A | 49,827 | 1,330,381 | 233.3 |
Fiverr International Ltd. | 123,760 | 2,538,318 | 445.2 |
Flushing Financial Corp. | 58,382 | 643,370 | 112.8 |
Forestar Group, Inc. | 11,650 | 361,034 | 63.3 |
Franklin Covey Co. | 10,686 | 416,113 | 73.0 |
Security | Shares | Value | % of Basket Value |
United States (continued) | |||
Frontdoor, Inc. | 114,070 | $3,500,808 | 614.0 % |
Fulgent Genetics, Inc. | 11,324 | 230,443 | 40.4 |
Gibraltar Industries, Inc. | 26,244 | 1,875,396 | 328.9 |
G-III Apparel Group Ltd. | 40,241 | 1,132,784 | 198.7 |
Global Industrial Co. | 12,992 | 500,322 | 87.7 |
GQG Partners, Inc., CDI | 518,309 | 761,152 | 133.5 |
Gray Television, Inc. | 80,570 | 463,278 | 81.2 |
Griffon Corp. | 47,489 | 3,111,479 | 545.7 |
Grocery Outlet Holding Corp. | 45,547 | 1,182,856 | 207.5 |
Group 1 Automotive, Inc. | 7,914 | 2,326,874 | 408.1 |
Guess?, Inc. | 62,816 | 1,682,213 | 295.0 |
Hackett Group, Inc. | 27,962 | 606,496 | 106.4 |
Harmony Biosciences Holdings, Inc. | 25,440 | 786,350 | 137.9 |
Hawaiian Electric Industries, Inc. | 99,951 | 984,517 | 172.7 |
Health Catalyst, Inc. | 67,262 | 418,370 | 73.4 |
Healthcare Services Group, Inc. | 45,845 | 486,874 | 85.4 |
HealthStream, Inc. | 11,898 | 306,611 | 53.8 |
Heidrick & Struggles International, Inc. | 12,278 | 361,955 | 63.5 |
Hims & Hers Health, Inc., Class A | 22,058 | 276,387 | 48.5 |
Horizon Bancorp, Inc. | 35,691 | 409,733 | 71.9 |
Howard Hughes Holdings, Inc. | 12,488 | 813,718 | 142.7 |
Hub Group, Inc., Class A | 12,984 | 522,217 | 91.6 |
Independent Bank Corp. | 25,780 | 639,602 | 112.2 |
Independent Bank Group, Inc. | 14,133 | 526,313 | 92.3 |
Infinera Corp. | 97,013 | 467,603 | 82.0 |
Innoviva, Inc. | 97,969 | 1,480,312 | 259.6 |
Intapp, Inc. | 29,896 | 924,384 | 162.1 |
iRadimed Corp. | 3,173 | 128,856 | 22.6 |
Janus International Group, Inc. | 40,309 | 580,853 | 101.9 |
JELD-WEN Holding, Inc. | 27,722 | 568,301 | 99.7 |
Kaiser Aluminum Corp. | 9,357 | 846,715 | 148.5 |
Korn Ferry | 32,227 | 1,956,823 | 343.2 |
Laureate Education, Inc., Class A | 242,465 | 3,515,743 | 616.6 |
LeMaitre Vascular, Inc. | 4,306 | 279,029 | 48.9 |
Liberty Energy, Inc., Class A | 226,742 | 4,988,324 | 874.9 |
LifeStance Health Group, Inc. | 259,894 | 1,606,145 | 281.7 |
LivaNova PLC | 34,014 | 1,896,281 | 332.6 |
Lovesac Co. | 17,202 | 381,540 | 66.9 |
Manitowoc Co., Inc. | 27,958 | 338,292 | 59.3 |
MaxLinear, Inc. | 25,534 | 530,852 | 93.1 |
Methode Electronics, Inc. | 14,303 | 174,354 | 30.6 |
MGP Ingredients, Inc. | 22,792 | 1,787,805 | 313.6 |
Midland States Bancorp, Inc. | 12,825 | 280,868 | 49.3 |
MiNK Therapeutics, Inc. | 72 | 71 | 0.0 |
Montrose Environmental Group, Inc. | 20,588 | 893,931 | 156.8 |
N-able, Inc. | 97,163 | 1,191,218 | 208.9 |
Nabors Industries Ltd. | 9,494 | 683,853 | 119.9 |
National Vision Holdings, Inc. | 43,804 | 763,066 | 133.8 |
NETGEAR, Inc. | 48,519 | 717,111 | 125.8 |
NetScout Systems, Inc. | 19,657 | 378,594 | 66.4 |
NexPoint Residential Trust, Inc. | 35,701 | 1,222,402 | 214.4 |
NMI Holdings, Inc., Class A | 11,994 | 370,135 | 64.9 |
Novocure Ltd. | 188,921 | 2,312,393 | 405.6 |
OceanFirst Financial Corp. | 17,510 | 258,448 | 45.3 |
ON24, Inc. | 31,698 | 208,890 | 36.6 |
OneSpan, Inc. | 71,592 | 774,625 | 135.9 |
Outfront Media, Inc. | 457,530 | 7,256,426 | 1,272.7 |
Palomar Holdings, Inc. | 9,535 | 750,118 | 131.6 |
Pennant Group, Inc. | 7,818 | 163,474 | 28.7 |
Perella Weinberg Partners, Class A | 38,054 | 567,766 | 99.6 |
Perficient, Inc. | 24,281 | 1,147,520 | 201.3 |
Schedule of Investments71
Schedule of Investments (continued)
April 30, 2024
BlackRock Global Equity Market Neutral Fund
Security | Shares | Value | % of Basket Value |
United States (continued) | |||
PetIQ, Inc., Class A | 81,339 | $1,327,453 | 232.8 % |
PRA Group, Inc. | 40,355 | 960,045 | 168.4 |
Premier Financial Corp. | 34,324 | 665,199 | 116.7 |
Prestige Consumer Healthcare, Inc. | 38,704 | 2,777,399 | 487.1 |
PROG Holdings, Inc. | 17,289 | 574,686 | 100.8 |
Proto Labs, Inc. | 21,600 | 658,368 | 115.5 |
Quaker Chemical Corp. | 5,579 | 1,040,651 | 182.5 |
Radius Recycling, Inc., Class A | 12,277 | 213,865 | 37.5 |
Redfin Corp. | 107,177 | 601,263 | 105.4 |
REX American Resources Corp. | 20,825 | 1,152,247 | 202.1 |
RHI Magnesita NV | 10,387 | 468,165 | 82.1 |
RLJ Lodging Trust | 39,259 | 431,849 | 75.7 |
Sandy Spring Bancorp, Inc. | 10,583 | 216,422 | 38.0 |
SEMrush Holdings, Inc., Class A | 28,175 | 344,862 | 60.5 |
Semtech Corp. | 75,171 | 2,827,933 | 496.0 |
SI-BONE, Inc. | 60,328 | 860,277 | 150.9 |
Sims Ltd. | 75,379 | 574,506 | 100.8 |
SolarWinds Corp. | 25,248 | 278,233 | 48.8 |
Southside Bancshares, Inc. | 2,320 | 61,851 | 10.8 |
SpartanNash Co. | 16,356 | 312,236 | 54.8 |
Spectrum Brands Holdings, Inc. | 7,444 | 609,440 | 106.9 |
Steelcase, Inc., Class A | 57,217 | 688,321 | 120.7 |
Summit Hotel Properties, Inc. | 562,039 | 3,377,854 | 592.4 |
Supernus Pharmaceuticals, Inc. | 46,361 | 1,395,466 | 244.7 |
TTEC Holdings, Inc. | 7,233 | 52,656 | 9.2 |
TTM Technologies, Inc. | 22,771 | 339,971 | 59.6 |
Turning Point Brands, Inc. | 44,280 | 1,277,035 | 224.0 |
Tutor Perini Corp. | 65,542 | 1,089,963 | 191.2 |
Univest Financial Corp. | 13,927 | 290,657 | 51.0 |
Upbound Group, Inc. | 20,682 | 641,349 | 112.5 |
Upwork, Inc. | 40,622 | 475,277 | 83.4 |
Varex Imaging Corp. | 67,252 | 1,092,845 | 191.7 |
Verint Systems, Inc. | 80,121 | 2,426,064 | 425.5 |
Viad Corp. | 6,347 | 218,845 | 38.4 |
Vimeo, Inc. | 26,077 | 93,616 | 16.4 |
Vishay Precision Group, Inc. | 7,311 | 241,263 | 42.3 |
Vital Farms, Inc. | 25,255 | 675,824 | 118.5 |
Wabash National Corp. | 13,985 | 323,193 | 56.7 |
World Kinect Corp. | 54,340 | 1,276,990 | 224.0 |
Yext, Inc. | 51,251 | 281,368 | 49.3 |
Zumiez, Inc. | 14,867 | 255,712 | 44.8 |
Zuora, Inc., Class A | 69,089 | 681,218 | 119.5 |
165,406,636 | |||
Total Reference Entity — Long | 395,752,475 | ||
Reference Entity — Short | |||
Common Stocks | |||
Australia | |||
Alpha HPA Ltd. | (176,410 ) | (121,655 ) | (21.3 ) |
APM Human Services International Ltd. | (288,118 ) | (223,695 ) | (39.2 ) |
ARB Corp. Ltd. | (21,052 ) | (513,955 ) | (90.1 ) |
Bank of Queensland Ltd. | (587,401 ) | (2,305,205 ) | (404.3 ) |
Bellevue Gold Ltd. | (370,351 ) | (415,991 ) | (73.0 ) |
Brickworks Ltd. | (6,804 ) | (116,554 ) | (20.5 ) |
Capricorn Metals Ltd. | (81,871 ) | (257,694 ) | (45.2 ) |
Champion Iron Ltd. | (156,941 ) | (707,493 ) | (124.1 ) |
Coronado Global Resources, Inc., CDI | (324,582 ) | (256,625 ) | (45.0 ) |
De Grey Mining Ltd. | (198,387 ) | (164,195 ) | (28.8 ) |
EVT Ltd. | (60,918 ) | (463,753 ) | (81.3 ) |
Genesis Minerals Ltd. | (152,951 ) | (170,039 ) | (29.8 ) |
Security | Shares | Value | % of Basket Value |
Australia (continued) | |||
GUD Holdings Ltd. | (86,653 ) | $(565,831 ) | (99.2 )% |
HMC Capital Ltd. | (82,034 ) | (330,488 ) | (58.0 ) |
Iris Energy Ltd. | (81,495 ) | (353,688 ) | (62.0 ) |
Kelsian Group Ltd. | (123,202 ) | (435,554 ) | (76.4 ) |
Leo Lithium Ltd. | (33,787 ) | (9,336 ) | (1.6 ) |
Liontown Resources Ltd. | (682,596 ) | (532,906 ) | (93.5 ) |
Neuren Pharmaceuticals Ltd. | (38,669 ) | (472,055 ) | (82.8 ) |
Nine Entertainment Co. Holdings Ltd. | (1,118,990 ) | (1,084,673 ) | (190.2 ) |
PEXA Group Ltd. | (54,112 ) | (418,775 ) | (73.5 ) |
Red 5 Ltd. | (805,388 ) | (229,501 ) | (40.3 ) |
Silex Systems Ltd. | (86,052 ) | (278,188 ) | (48.8 ) |
Stanmore Resources Ltd. | (583,772 ) | (1,240,755 ) | (217.6 ) |
Strike Energy Ltd. | (2,904,135 ) | (408,851 ) | (71.7 ) |
Tietto Minerals Ltd. | (1,665,861 ) | (718,609 ) | (126.0 ) |
(12,796,064 ) | |||
Austria | |||
CA Immobilien Anlagen AG | (81,731 ) | (2,646,895 ) | (464.2 ) |
Belgium | |||
Azelis Group NV | (39,140 ) | (936,671 ) | (164.3 ) |
Biocartis Group NV | (30 ) | — | 0.0 |
Cofinimmo SA | (29,723 ) | (1,973,732 ) | (346.1 ) |
Melexis NV | (14,468 ) | (1,204,061 ) | (211.2 ) |
Xior Student Housing NV | (11,300 ) | (334,808 ) | (58.7 ) |
(4,449,272 ) | |||
Brazil | |||
ERO Copper Corp. | (151,317 ) | (3,081,173 ) | (540.4 ) |
Canada | |||
BlackBerry Ltd. | (264,081 ) | (737,567 ) | (129.4 ) |
Brookfield Business Corp., Class A | (11,611 ) | (237,010 ) | (41.6 ) |
Cogeco Communications, Inc. | (10,359 ) | (410,061 ) | (71.9 ) |
Converge Technology Solutions Corp. | (28 ) | (109 ) | (0.0 ) |
CT Real Estate Investment Trust | (39,667 ) | (386,473 ) | (67.8 ) |
Definity Financial Corp. | (59,441 ) | (1,978,906 ) | (347.1 ) |
EQB, Inc. | (6,039 ) | (366,404 ) | (64.3 ) |
Filo Corp. | (65,950 ) | (1,180,311 ) | (207.0 ) |
MAG Silver Corp. | (40,883 ) | (502,123 ) | (88.1 ) |
Maple Leaf Foods, Inc. | (86,585 ) | (1,530,928 ) | (268.5 ) |
Martinrea International, Inc. | (84,377 ) | (700,881 ) | (122.9 ) |
Minto Apartment Real Estate Investment Trust | (86,425 ) | (909,688 ) | (159.5 ) |
Primaris Real Estate Investment Trust | (2,620 ) | (25,088 ) | (4.4 ) |
Savaria Corp. | (31,182 ) | (373,444 ) | (65.5 ) |
SilverCrest Metals, Inc. | (144,091 ) | (1,178,239 ) | (206.6 ) |
Skeena Resources Ltd. | (146,595 ) | (691,255 ) | (121.2 ) |
SmartCentres Real Estate Investment Trust | (42,003 ) | (679,522 ) | (119.2 ) |
Solaris Resources, Inc. | (8,852 ) | (32,752 ) | (5.7 ) |
Spartan Delta Corp. | (103,759 ) | (303,362 ) | (53.2 ) |
Spin Master Corp. | (24,100 ) | (525,835 ) | (92.2 ) |
StorageVault Canada, Inc. | (120,397 ) | (413,075 ) | (72.5 ) |
Triple Flag Precious Metals Corp. | (23,734 ) | (382,243 ) | (67.0 ) |
Trisura Group Ltd. | (14,730 ) | (449,347 ) | (78.8 ) |
Winpak Ltd. | (19,137 ) | (595,197 ) | (104.4 ) |
(14,589,820 ) | |||
China | |||
AustAsia Group Ltd. | (1,000 ) | (136 ) | (0.0 ) |
TI Fluid Systems PLC | (205,370 ) | (351,922 ) | (61.7 ) |
(352,058 ) |
72
2024 BlackRock Annual Report to Shareholders
Schedule of Investments (continued)
April 30, 2024
BlackRock Global Equity Market Neutral Fund
Security | Shares | Value | % of Basket Value |
Colombia | |||
Aris Mining Corp. | (46,280 ) | $(187,366 ) | (32.9 )% |
Denmark | |||
Dfds A/S | (60,464 ) | (1,839,325 ) | (322.6 ) |
FLSmidth & Co A/S | (12,988 ) | (645,071 ) | (113.1 ) |
Netcompany Group A/S | (1,259 ) | (45,456 ) | (8.0 ) |
NTG Nordic Transport Group A/S, Class A | (6,158 ) | (248,028 ) | (43.5 ) |
Spar Nord Bank A/S | (90,159 ) | (1,588,051 ) | (278.5 ) |
(4,365,931 ) | |||
Faeroe Islands | |||
Bakkafrost P/F | (31,527 ) | (1,941,851 ) | (340.6 ) |
Finland | |||
Cargotec OYJ, B Shares | (52,328 ) | (4,116,006 ) | (721.9 ) |
Metsa Board OYJ, Class B | (208,882 ) | (1,495,045 ) | (262.2 ) |
TietoEVRY OYJ | (77,163 ) | (1,449,805 ) | (254.3 ) |
Tokmanni Group Corp. | (37,127 ) | (560,752 ) | (98.3 ) |
(7,621,608 ) | |||
France | |||
Alten SA | (19,639 ) | (2,296,332 ) | (402.7 ) |
Casino Guichard Perrachon SA | (14,470 ) | (441 ) | (0.1 ) |
Esker SA | (7,310 ) | (1,352,347 ) | (237.2 ) |
Metropole Television SA | (54,299 ) | (763,206 ) | (133.8 ) |
Neoen SA | (73,315 ) | (2,234,254 ) | (391.9 ) |
Verallia SA | (127,792 ) | (4,902,777 ) | (859.9 ) |
(11,549,357 ) | |||
Germany | |||
Eckert & Ziegler SE | (6,372 ) | (250,863 ) | (44.0 ) |
PNE AG, Class N | (31,605 ) | (450,536 ) | (79.0 ) |
Siltronic AG | (3,069 ) | (238,337 ) | (41.8 ) |
Sixt SE | (6,325 ) | (602,954 ) | (105.8 ) |
SUESS MicroTec SE, Class N | (2,270 ) | (111,935 ) | (19.6 ) |
Thyssenkrupp Nucera AG & Co. KGaa | (34,168 ) | (435,647 ) | (76.4 ) |
(2,090,272 ) | |||
Ghana | |||
Tullow Oil PLC | (3,545,374 ) | (1,602,111 ) | (281.0 ) |
Indonesia | |||
Golden Agri-Resources Ltd. | (797,500 ) | (160,935 ) | (28.2 ) |
Nickel Industries Ltd. | (1,206,780 ) | (721,082 ) | (126.5 ) |
(882,017 ) | |||
Ireland | |||
Ardmore Shipping Corp. | (21,680 ) | (363,140 ) | (63.7 ) |
C&C Group PLC | (415,518 ) | (848,529 ) | (148.8 ) |
(1,211,669 ) | |||
Israel | |||
Israel Corp. Ltd. | (7,600 ) | (1,810,726 ) | (317.6 ) |
Maytronics Ltd. | (17,170 ) | (146,746 ) | (25.7 ) |
OPC Energy Ltd. | (11,118 ) | (83,382 ) | (14.6 ) |
Strauss Group Ltd. | (44,844 ) | (823,584 ) | (144.5 ) |
(2,864,438 ) | |||
Italy | |||
BFF Bank SpA | (28,555 ) | (364,810 ) | (64.0 ) |
ERG SpA | (37,145 ) | (996,181 ) | (174.7 ) |
Ermenegildo Zegna NV | (112,456 ) | (1,383,209 ) | (242.6 ) |
Eurogroup Laminations SpA | (102,858 ) | (445,565 ) | (78.2 ) |
Industrie De Nora SpA | (49,569 ) | (663,274 ) | (116.3 ) |
Security | Shares | Value | % of Basket Value |
Italy (continued) | |||
Salvatore Ferragamo SpA | (11,955 ) | $(118,113 ) | (20.7 )% |
Technogym SpA | (39,430 ) | (370,266 ) | (64.9 ) |
Technoprobe SpA | (56,521 ) | (448,426 ) | (78.7 ) |
(4,789,844 ) | |||
Japan | |||
Advance Logistics Investment Corp. | (480 ) | (378,559 ) | (66.4 ) |
Advance Residence Investment Corp. | (266 ) | (587,709 ) | (103.1 ) |
Aichi Financial Group, Inc. | (25,800 ) | (498,746 ) | (87.5 ) |
Aiful Corp. | (281,000 ) | (837,679 ) | (146.9 ) |
Arclands Corp. | (116,700 ) | (1,470,180 ) | (257.8 ) |
Ariake Japan Co. Ltd. | (15,900 ) | (529,783 ) | (92.9 ) |
Asahi Yukizai Corp. | (5,700 ) | (182,403 ) | (32.0 ) |
Atom Corp. | (135,100 ) | (790,130 ) | (138.6 ) |
Base Co. Ltd. | (10,600 ) | (239,992 ) | (42.1 ) |
Benefit One, Inc. | (576,900 ) | (8,004,440 ) | (1,403.9 ) |
C Uyemura & Co. Ltd. | (8,700 ) | (581,905 ) | (102.1 ) |
Chikaranomoto Holdings Co. Ltd. | (14,100 ) | (154,825 ) | (27.2 ) |
Comforia Residential REIT, Inc. | (343 ) | (758,599 ) | (133.0 ) |
CUC, Inc. | (9,400 ) | (103,737 ) | (18.2 ) |
Daiei Kankyo Co. Ltd. | (34,500 ) | (589,294 ) | (103.4 ) |
Daikoku Denki Co. Ltd. | (6,900 ) | (161,583 ) | (28.3 ) |
Daikokutenbussan Co. Ltd. | (6,300 ) | (329,969 ) | (57.9 ) |
Daiwa Office Investment Corp. | (68 ) | (253,561 ) | (44.5 ) |
DCM Holdings Co. Ltd. | (178,300 ) | (1,688,720 ) | (296.2 ) |
Descente Ltd. | (32,400 ) | (745,550 ) | (130.8 ) |
Enplas Corp. | (10,500 ) | (579,500 ) | (101.6 ) |
First Bank of Toyama Ltd. | (55,600 ) | (334,303 ) | (58.6 ) |
FP Partner, Inc. | (5,300 ) | (172,190 ) | (30.2 ) |
Freee KK | (16,700 ) | (298,852 ) | (52.4 ) |
Fukuyama Transporting Co. Ltd. | (21,000 ) | (518,946 ) | (91.0 ) |
Furuya Metal Co. Ltd. | (1,600 ) | (114,684 ) | (20.1 ) |
Fuso Chemical Co. Ltd. | (12,700 ) | (333,886 ) | (58.6 ) |
Future Corp. | (10,100 ) | (104,463 ) | (18.3 ) |
Globeride, Inc. | (16,400 ) | (213,292 ) | (37.4 ) |
GMO Financial Holdings, Inc. | (12,300 ) | (60,173 ) | (10.6 ) |
Hakuto Co. Ltd. | (3,700 ) | (130,661 ) | (22.9 ) |
Hankyu Hanshin REIT, Inc. | (295 ) | (269,967 ) | (47.3 ) |
Heiwa Real Estate REIT, Inc. | (994 ) | (911,200 ) | (159.8 ) |
Hirata Corp. | (5,800 ) | (265,766 ) | (46.6 ) |
Hokuetsu Corp. | (103,700 ) | (895,536 ) | (157.1 ) |
Hokuhoku Financial Group, Inc. | (76,200 ) | (956,553 ) | (167.8 ) |
Hoshino Resorts REIT, Inc. | (37 ) | (132,467 ) | (23.2 ) |
Idec Corp. | (22,900 ) | (412,988 ) | (72.4 ) |
Iino Kaiun Kaisha Ltd. | (65,700 ) | (539,682 ) | (94.7 ) |
Insource Co. Ltd. | (37,000 ) | (183,901 ) | (32.3 ) |
J Trust Co. Ltd. | (181,900 ) | (530,165 ) | (93.0 ) |
Japan Prime Realty Investment Corp. | (93 ) | (205,669 ) | (36.1 ) |
JTOWER, Inc. | (18,100 ) | (379,343 ) | (66.5 ) |
Kadokawa Corp. | (42,600 ) | (795,625 ) | (139.5 ) |
Kanto Denka Kogyo Co. Ltd. | (21,600 ) | (150,480 ) | (26.4 ) |
KeePer Technical Laboratory Co. Ltd. | (10,200 ) | (296,138 ) | (51.9 ) |
Keihan Holdings Co. Ltd. | (71,000 ) | (1,519,690 ) | (266.5 ) |
KH Neochem Co. Ltd. | (12,900 ) | (202,552 ) | (35.5 ) |
Ki-Star Real Estate Co. Ltd. | (16,100 ) | (398,820 ) | (69.9 ) |
Kiyo Bank Ltd. | (35,300 ) | (414,504 ) | (72.7 ) |
Kohnan Shoji Co. Ltd. | (32,100 ) | (927,497 ) | (162.7 ) |
Komehyo Holdings Co. Ltd. | (600 ) | (14,439 ) | (2.5 ) |
Komeri Co. Ltd. | (35,100 ) | (868,789 ) | (152.4 ) |
Kosaido Holdings Co. Ltd. | (43,500 ) | (205,095 ) | (36.0 ) |
Schedule of Investments73
Schedule of Investments (continued)
April 30, 2024
BlackRock Global Equity Market Neutral Fund
Security | Shares | Value | % of Basket Value |
Japan (continued) | |||
Kumiai Chemical Industry Co. Ltd. | (14,700 ) | $(76,669 ) | (13.4 )% |
KYB Corp. | (27,700 ) | (966,394 ) | (169.5 ) |
Maruwa Co. Ltd. | (8,300 ) | (1,789,412 ) | (313.8 ) |
MEC Co. Ltd. | (12,200 ) | (326,447 ) | (57.3 ) |
Mitsubishi Estate Logistics REIT Investment Corp. | (213 ) | (557,628 ) | (97.8 ) |
Mitsuboshi Belting Ltd. | (2,100 ) | (65,817 ) | (11.5 ) |
Mitsui E&S Co. Ltd. | (83,100 ) | (921,475 ) | (161.6 ) |
Mitsui Fudosan Logistics Park, Inc. | (293 ) | (858,943 ) | (150.6 ) |
Mitsui-Soko Holdings Co. Ltd. | (13,800 ) | (416,353 ) | (73.0 ) |
Morinaga Milk Industry Co. Ltd. | (35,000 ) | (701,286 ) | (123.0 ) |
Musashino Bank Ltd. | (4,600 ) | (92,017 ) | (16.1 ) |
Nankai Electric Railway Co. Ltd. | (53,400 ) | (953,179 ) | (167.2 ) |
Nihon Kohden Corp. | (27,100 ) | (752,920 ) | (132.1 ) |
Nikkiso Co. Ltd. | (8,900 ) | (72,718 ) | (12.8 ) |
Nikkon Holdings Co. Ltd. | (31,000 ) | (621,775 ) | (109.1 ) |
Nippon Accommodations Fund, Inc. | (99 ) | (421,250 ) | (73.9 ) |
Nippon Carbon Co. Ltd. | (7,900 ) | (284,999 ) | (50.0 ) |
Nippon Kayaku Co. Ltd. | (73,400 ) | (611,776 ) | (107.3 ) |
Nippon Pillar Packing Co. Ltd. | (3,200 ) | (128,967 ) | (22.6 ) |
Nippon Yakin Kogyo Co. Ltd. | (26,700 ) | (807,943 ) | (141.7 ) |
Nishimatsuya Chain Co. Ltd. | (72,800 ) | (1,032,178 ) | (181.0 ) |
Nojima Corp. | (66,200 ) | (808,489 ) | (141.8 ) |
Nomura Micro Science Co. Ltd. | (54,800 ) | (1,794,098 ) | (314.7 ) |
One REIT, Inc. | (309 ) | (531,783 ) | (93.3 ) |
Orient Corp. | (32,600 ) | (217,486 ) | (38.1 ) |
Osaka Soda Co. Ltd. | (21,800 ) | (1,307,156 ) | (229.3 ) |
OSAKA Titanium Technologies Co. Ltd. | (55,500 ) | (884,292 ) | (155.1 ) |
Piolax, Inc. | (30,700 ) | (533,231 ) | (93.5 ) |
PKSHA Technology, Inc. | (2,500 ) | (70,575 ) | (12.4 ) |
Riken Keiki Co. Ltd. | (20,400 ) | (509,684 ) | (89.4 ) |
Roland Corp. | (15,200 ) | (422,673 ) | (74.1 ) |
Ryoyo Ryosan Holdings, Inc. | (3,696 ) | (66,747 ) | (11.7 ) |
Sangetsu Corp. | (39,800 ) | (865,114 ) | (151.7 ) |
San-In Godo Bank Ltd. | (6,500 ) | (51,750 ) | (9.1 ) |
Sanyo Denki Co. Ltd. | (1,400 ) | (67,475 ) | (11.8 ) |
Shiga Bank Ltd. | (37,700 ) | (996,686 ) | (174.8 ) |
Shin Nippon Biomedical Laboratories Ltd. | (25,500 ) | (253,060 ) | (44.4 ) |
Shoei Co. Ltd. | (53,900 ) | (707,284 ) | (124.0 ) |
SKY Perfect JSAT Holdings, Inc. | (104,700 ) | (630,985 ) | (110.7 ) |
SOSiLA Logistics REIT, Inc. | (1,183 ) | (952,038 ) | (167.0 ) |
Sotetsu Holdings, Inc. | (16,700 ) | (272,712 ) | (47.8 ) |
Star Asia Investment Corp. | (2,016 ) | (803,899 ) | (141.0 ) |
Star Micronics Co. Ltd. | (26,500 ) | (321,514 ) | (56.4 ) |
Sumitomo Pharma Co. Ltd. | (50,500 ) | (130,287 ) | (22.9 ) |
Takara Holdings, Inc. | (84,300 ) | (566,151 ) | (99.3 ) |
Tama Home Co. Ltd. | (11,300 ) | (319,465 ) | (56.0 ) |
Tocalo Co. Ltd. | (29,500 ) | (348,003 ) | (61.0 ) |
Toho Bank Ltd. | (328,000 ) | (720,304 ) | (126.3 ) |
Tokyo Steel Manufacturing Co. Ltd. | (70,000 ) | (759,561 ) | (133.2 ) |
Topre Corp. | (5,100 ) | (84,285 ) | (14.8 ) |
Toyo Gosei Co. Ltd. | (3,600 ) | (189,333 ) | (33.2 ) |
TRE Holdings Corp. | (54,400 ) | (447,379 ) | (78.5 ) |
Tri Chemical Laboratories, Inc. | (59,900 ) | (1,704,938 ) | (299.0 ) |
TRYT, Inc. | (7,000 ) | (28,025 ) | (4.9 ) |
Tsuburaya Fields Holdings, Inc. | (3,400 ) | (39,593 ) | (6.9 ) |
Valqua Ltd. | (4,700 ) | (134,617 ) | (23.6 ) |
YA-MAN Ltd. | (114,700 ) | (707,678 ) | (124.1 ) |
Yamato Kogyo Co. Ltd. | (12,200 ) | (670,092 ) | (117.5 ) |
Security | Shares | Value | % of Basket Value |
Japan (continued) | |||
Yodogawa Steel Works Ltd. | (7,700 ) | $(246,748 ) | (43.3 )% |
Yonex Co. Ltd. | (61,100 ) | (498,144 ) | (87.4 ) |
Zenkoku Hosho Co. Ltd. | (900 ) | (32,300 ) | (5.7 ) |
(66,380,960 ) | |||
Netherlands | |||
Alfen NV | (815 ) | (34,981 ) | (6.1 ) |
AMG Critical Materials NV | (26,298 ) | (614,748 ) | (107.8 ) |
Flow Traders Ltd. | (85,457 ) | (1,751,772 ) | (307.3 ) |
SIF Holding NV | (9 ) | (97 ) | (0.0 ) |
TKH Group NV | (15,078 ) | (648,063 ) | (113.7 ) |
(3,049,661 ) | |||
New Zealand | |||
Mainfreight Ltd. | (17,578 ) | (703,800 ) | (123.4 ) |
Norway | |||
Entra ASA | (10,184 ) | (95,509 ) | (16.8 ) |
Grieg Seafood ASA | (98,774 ) | (648,042 ) | (113.7 ) |
Hoegh Autoliners ASA | (43,366 ) | (460,313 ) | (80.7 ) |
MPC Container Ships ASA | (516,740 ) | (839,484 ) | (147.2 ) |
NEL ASA | (4,136,773 ) | (1,939,104 ) | (340.1 ) |
(3,982,452 ) | |||
Philippines | |||
TELUS International CDA, Inc. | (125,345 ) | (1,052,970 ) | (184.7 ) |
Portugal | |||
Greenvolt-Energias Renovaveis SA | (2,467 ) | (21,757 ) | (3.8 ) |
Singapore | |||
AEM Holdings Ltd. | (103,600 ) | (177,624 ) | (31.2 ) |
SATS Ltd. | (356,800 ) | (656,394 ) | (115.1 ) |
Sheng Siong Group Ltd. | (557,300 ) | (632,818 ) | (111.0 ) |
(1,466,836 ) | |||
Spain | |||
Befesa SA | (64,062 ) | (1,824,195 ) | (319.9 ) |
Vidrala SA | (9,877 ) | (1,034,190 ) | (181.4 ) |
Viscofan SA | (8,122 ) | (514,193 ) | (90.2 ) |
(3,372,578 ) | |||
Sweden | |||
AcadeMedia AB | (24 ) | (111 ) | (0.0 ) |
Dometic Group AB | (98,026 ) | (709,839 ) | (124.5 ) |
Electrolux Professional AB, Class B | (93,379 ) | (610,002 ) | (107.0 ) |
Hexatronic Group AB | (727,884 ) | (2,243,651 ) | (393.5 ) |
Hufvudstaden AB, A Shares | (69,998 ) | (822,414 ) | (144.3 ) |
JM AB | (3,942 ) | (67,436 ) | (11.8 ) |
OX2 AB | (168,092 ) | (614,230 ) | (107.7 ) |
Paradox Interactive AB | (8,280 ) | (126,865 ) | (22.3 ) |
Peab AB, Class B | (83,887 ) | (517,215 ) | (90.7 ) |
Stillfront Group AB | (160,653 ) | (154,734 ) | (27.1 ) |
Surgical Science Sweden AB | (18,867 ) | (270,428 ) | (47.4 ) |
Viaplay Group AB | (2,907,779 ) | (194,621 ) | (34.1 ) |
Vitec Software Group AB, B Shares | (4,517 ) | (219,210 ) | (38.5 ) |
Wihlborgs Fastigheter AB | (71,301 ) | (604,426 ) | (106.0 ) |
(7,155,182 ) | |||
Switzerland | |||
Allreal Holding AG, Class N, Registered Shares | (8,391 ) | (1,365,866 ) | (239.6 ) |
Autoneum Holding AG, Class N | (7,169 ) | (1,154,551 ) | (202.5 ) |
Burckhardt Compression Holding AG | (146 ) | (93,905 ) | (16.5 ) |
74
2024 BlackRock Annual Report to Shareholders
Schedule of Investments (continued)
April 30, 2024
BlackRock Global Equity Market Neutral Fund
Security | Shares | Value | % of Basket Value |
Switzerland (continued) | |||
Cembra Money Bank AG | (36,503 ) | $(2,813,096 ) | (493.4 )% |
Daetwyler Holding AG | (2,153 ) | (450,400 ) | (79.0 ) |
DocMorris AG | (5,574 ) | (495,667 ) | (86.9 ) |
Emmi AG, Class N, Registered Shares | (1,022 ) | (1,001,294 ) | (175.6 ) |
Forbo Holding AG, Registered Shares | (745 ) | (866,965 ) | (152.0 ) |
Garrett Motion, Inc. | (57,689 ) | (551,507 ) | (96.7 ) |
Interroll Holding AG, Class N, Registered Shares | (681 ) | (2,207,814 ) | (387.2 ) |
Komax Holding AG, Class N, Registered Shares | (4,056 ) | (703,506 ) | (123.4 ) |
Leonteq AG | (5,738 ) | (151,944 ) | (26.6 ) |
Mobilezone Holding AG, Registered Shares | (4,489 ) | (64,801 ) | (11.4 ) |
Mobimo Holding AG, Registered Shares | (4,426 ) | (1,248,497 ) | (219.0 ) |
SFS Group AG | (15,598 ) | (1,862,943 ) | (326.7 ) |
Siegfried Holding AG, Class N, Registered Shares | (1,407 ) | (1,354,996 ) | (237.6 ) |
SKAN Group AG | (4,241 ) | (380,242 ) | (66.7 ) |
St Galler Kantonalbank AG, Class N, Registered Shares | (1,371 ) | (710,743 ) | (124.7 ) |
Vontobel Holding AG, Class N, Registered Shares | (21,121 ) | (1,194,273 ) | (209.5 ) |
Zehnder Group AG | (2,405 ) | (141,327 ) | (24.8 ) |
(18,814,337 ) | |||
United Kingdom | |||
Ascential PLC | (1,257,218 ) | (4,869,774 ) | (854.1 ) |
Aston Martin Lagonda Global Holdings PLC | (140,634 ) | (258,574 ) | (45.3 ) |
Auction Technology Group PLC | (68,392 ) | (421,176 ) | (73.9 ) |
Coats Group PLC | (1,415,322 ) | (1,435,911 ) | (251.8 ) |
Crest Nicholson Holdings PLC | (460,611 ) | (1,059,138 ) | (185.8 ) |
Derwent London PLC | (11,690 ) | (299,223 ) | (52.5 ) |
Dr. Martens PLC | (2,180,934 ) | (2,060,197 ) | (361.3 ) |
Elementis PLC | (397,140 ) | (695,585 ) | (122.0 ) |
Fevertree Drinks PLC | (28,682 ) | (404,622 ) | (71.0 ) |
Finablr PLC | (44,203 ) | (114 ) | (0.0 ) |
Genuit Group PLC | (103,728 ) | (558,465 ) | (97.9 ) |
Greatland Gold PLC | (9,786,814 ) | (737,009 ) | (129.3 ) |
Hays PLC | (3,862,464 ) | (4,418,803 ) | (775.0 ) |
Home Reit PLC | (350,343 ) | (115,974 ) | (20.3 ) |
Ibstock PLC | (186,710 ) | (343,044 ) | (60.2 ) |
Moonpig Group PLC | (514,948 ) | (997,893 ) | (175.0 ) |
Oxford Nanopore Technologies PLC | (654,522 ) | (801,068 ) | (140.5 ) |
Pagegroup PLC | (416,460 ) | (2,306,507 ) | (404.5 ) |
Rathbones Group PLC | (48,846 ) | (990,891 ) | (173.8 ) |
Redrow PLC | (573,064 ) | (4,592,350 ) | (805.4 ) |
Renewi PLC | (88,390 ) | (619,407 ) | (108.6 ) |
S4 Capital PLC | (386,120 ) | (234,879 ) | (41.2 ) |
Safestore Holdings PLC | (206,774 ) | (1,986,418 ) | (348.4 ) |
Trainline PLC | (71,177 ) | (264,206 ) | (46.3 ) |
UK Commercial Property REIT Ltd. | (985,836 ) | (824,336 ) | (144.6 ) |
Urban Logistics REIT PLC | (191,303 ) | (275,833 ) | (48.4 ) |
Victrex PLC | (57,549 ) | (906,917 ) | (159.1 ) |
Volex PLC | (9,347 ) | (37,373 ) | (6.6 ) |
WH Smith PLC | (134,110 ) | (1,826,433 ) | (320.3 ) |
Yellow Cake PLC | (28,508 ) | (228,003 ) | (40.0 ) |
(34,570,123 ) | |||
United States | |||
Adeia, Inc. | (78,980 ) | (777,163 ) | (136.3 ) |
ADT, Inc. | (64,016 ) | (416,104 ) | (73.0 ) |
AerSale Corp. | (42,769 ) | (304,943 ) | (53.5 ) |
Security | Shares | Value | % of Basket Value |
United States (continued) | |||
Amerant Bancorp, Inc., Class A | (17,982 ) | $(389,490 ) | (68.3 )% |
Ameresco, Inc., Class A | (1,350 ) | (28,256 ) | (5.0 ) |
Apollo Commercial Real Estate Finance, Inc. | (44,172 ) | (425,376 ) | (74.6 ) |
Applied Optoelectronics, Inc. | (1,777 ) | (17,503 ) | (3.1 ) |
Ares Commercial Real Estate Corp. | (3,735 ) | (25,361 ) | (4.4 ) |
Arhaus, Inc., Class A | (24,287 ) | (307,473 ) | (53.9 ) |
ARMOUR Residential REIT, Inc. | (47,040 ) | (854,717 ) | (149.9 ) |
Artesian Resources Corp., Class A | (8,608 ) | (301,108 ) | (52.8 ) |
Astronics Corp. | (564 ) | (9,458 ) | (1.7 ) |
Atlas Energy Solutions, Inc. | (154,611 ) | (3,433,910 ) | (602.3 ) |
Balchem Corp. | (32,570 ) | (4,604,747 ) | (807.6 ) |
Bally’s Corp. | (3,755 ) | (49,341 ) | (8.7 ) |
Bank First Corp. | (1,496 ) | (115,476 ) | (20.3 ) |
Barnes Group, Inc. | (82,301 ) | (2,857,491 ) | (501.2 ) |
BGC Group, Inc., Class A | (118,367 ) | (926,814 ) | (162.6 ) |
BioLife Solutions, Inc. | (48,990 ) | (859,285 ) | (150.7 ) |
Boston Omaha Corp., Class A | (24,228 ) | (374,080 ) | (65.6 ) |
BRP Group, Inc., Class A | (84,397 ) | (2,248,336 ) | (394.3 ) |
Calavo Growers, Inc. | (55,915 ) | (1,506,909 ) | (264.3 ) |
California Water Service Group | (29,994 ) | (1,473,305 ) | (258.4 ) |
Camping World Holdings, Inc., Class A | (22,745 ) | (461,041 ) | (80.9 ) |
Cass Information Systems, Inc. | (15,598 ) | (673,678 ) | (118.2 ) |
CBIZ, Inc. | (14,177 ) | (1,009,119 ) | (177.0 ) |
Centrus Energy Corp., Class A | (6,115 ) | (262,517 ) | (46.0 ) |
Certara, Inc. | (47,934 ) | (820,151 ) | (143.8 ) |
Clearfield, Inc. | (28,343 ) | (853,691 ) | (149.7 ) |
Coastal Financial Corp. | (4,661 ) | (180,287 ) | (31.6 ) |
Columbia Financial, Inc. | (23,419 ) | (388,755 ) | (68.2 ) |
Conduent, Inc. | (76,533 ) | (241,079 ) | (42.3 ) |
Core Laboratories, Inc. | (25,252 ) | (398,982 ) | (70.0 ) |
Crane NXT Co. | (96,944 ) | (5,895,165 ) | (1,033.9 ) |
CTS Corp. | (6,422 ) | (293,807 ) | (51.5 ) |
Cytek Biosciences, Inc. | (68,078 ) | (409,149 ) | (71.8 ) |
Denny’s Corp. | (12,290 ) | (98,566 ) | (17.3 ) |
Diamond Offshore Drilling, Inc. | (82,466 ) | (1,009,384 ) | (177.0 ) |
Dine Brands Global, Inc. | (26,949 ) | (1,188,451 ) | (208.4 ) |
Distribution Solutions Group, Inc. | (5,996 ) | (197,688 ) | (34.7 ) |
DocGo, Inc. | (94,073 ) | (317,967 ) | (55.8 ) |
Domo, Inc., Class B | (41,041 ) | (309,039 ) | (54.2 ) |
Ducommun, Inc. | (12,896 ) | (697,545 ) | (122.3 ) |
Ecovyst, Inc. | (2,104 ) | (19,841 ) | (3.5 ) |
Embecta Corp. | (78,426 ) | (794,455 ) | (139.3 ) |
Encore Capital Group, Inc. | (6,125 ) | (251,676 ) | (44.1 ) |
Enhabit, Inc. | (28,896 ) | (291,561 ) | (51.1 ) |
Enpro, Inc. | (8,345 ) | (1,252,835 ) | (219.7 ) |
Enstar Group Ltd. | (893 ) | (259,300 ) | (45.5 ) |
Evolv Technologies Holdings, Inc., Class A | (78,476 ) | (306,841 ) | (53.8 ) |
Excelerate Energy, Inc., Class A | (23,325 ) | (393,259 ) | (69.0 ) |
Expro Group Holdings NV | (30,710 ) | (576,120 ) | (101.0 ) |
F&G Annuities & Life, Inc. | (16,794 ) | (635,149 ) | (111.4 ) |
Farmers National Banc Corp. | (54,528 ) | (645,066 ) | (113.1 ) |
Farmland Partners, Inc. | (6,357 ) | (68,401 ) | (12.0 ) |
First Bancorp/Southern Pines NC | (36,009 ) | (1,095,034 ) | (192.1 ) |
First Bancshares, Inc. | (5,566 ) | (133,250 ) | (23.4 ) |
First Commonwealth Financial Corp. | (89,083 ) | (1,175,005 ) | (206.1 ) |
First Community Bankshares, Inc. | (9,827 ) | (326,060 ) | (57.2 ) |
First Merchants Corp. | (22,541 ) | (753,320 ) | (132.1 ) |
Fortrea Holdings, Inc. | (41,297 ) | (1,511,057 ) | (265.0 ) |
Funko, Inc., Class A | (10,070 ) | (61,326 ) | (10.8 ) |
GEO Group, Inc. | (36,438 ) | (541,469 ) | (95.0 ) |
Global Medical REIT, Inc. | (52,501 ) | (425,783 ) | (74.7 ) |
Schedule of Investments75
Schedule of Investments (continued)
April 30, 2024
BlackRock Global Equity Market Neutral Fund
Security | Shares | Value | % of Basket Value |
United States (continued) | |||
Global Net Lease, Inc. | (71,754 ) | $(498,690 ) | (87.5 )% |
Gogo, Inc. | (3,493 ) | (31,647 ) | (5.6 ) |
Goosehead Insurance, Inc., Class A | (3,588 ) | (204,193 ) | (35.8 ) |
Great Southern Bancorp, Inc. | (5,201 ) | (267,331 ) | (46.9 ) |
Green Plains, Inc. | (3,443 ) | (71,167 ) | (12.5 ) |
Grid Dynamics Holdings, Inc. | (23,954 ) | (234,031 ) | (41.0 ) |
Hawkins, Inc. | (2,949 ) | (223,446 ) | (39.2 ) |
Herbalife Ltd. | (163,493 ) | (1,414,214 ) | (248.0 ) |
Home BancShares, Inc. | (75,680 ) | (1,792,102 ) | (314.3 ) |
Ichor Holdings Ltd. | (26,879 ) | (1,042,368 ) | (182.8 ) |
Impinj, Inc. | (3,717 ) | (592,415 ) | (103.9 ) |
Insperity, Inc. | (10,398 ) | (1,070,266 ) | (187.7 ) |
International Bancshares Corp. | (10,012 ) | (557,168 ) | (97.7 ) |
iRhythm Technologies, Inc. | (14,151 ) | (1,550,667 ) | (272.0 ) |
Ivanhoe Electric, Inc. | (3,095 ) | (31,260 ) | (5.5 ) |
Jack in the Box, Inc. | (19,163 ) | (1,093,632 ) | (191.8 ) |
JBG SMITH Properties | (234,967 ) | (3,526,855 ) | (618.6 ) |
Leslie’s, Inc. | (76,838 ) | (301,973 ) | (53.0 ) |
Liberty Media Corp.-Liberty Live, Class C | (57,387 ) | (2,141,683 ) | (375.6 ) |
Lightwave Logic, Inc. | (16,605 ) | (63,431 ) | (11.1 ) |
Lindblad Expeditions Holdings, Inc. | (22,986 ) | (168,717 ) | (29.6 ) |
Live Oak Bancshares, Inc. | (1,971 ) | (63,703 ) | (11.2 ) |
LTC Properties, Inc. | (77,278 ) | (2,557,902 ) | (448.6 ) |
MaxCyte, Inc. | (3,944 ) | (14,317 ) | (2.5 ) |
Medifast, Inc. | (67,244 ) | (1,851,227 ) | (324.7 ) |
Mercury Systems, Inc. | (9,267 ) | (261,329 ) | (45.8 ) |
Mesa Laboratories, Inc. | (3,974 ) | (421,562 ) | (73.9 ) |
Metallus, Inc. | (22,108 ) | (454,540 ) | (79.7 ) |
MGE Energy, Inc. | (105,171 ) | (8,236,993 ) | (1,444.7 ) |
Middlesex Water Co. | (7,360 ) | (373,299 ) | (65.5 ) |
Mind Medicine MindMed, Inc. | (3,348 ) | (31,873 ) | (5.6 ) |
Mission Produce, Inc. | (29,781 ) | (338,014 ) | (59.3 ) |
ModivCare, Inc. | (87,372 ) | (2,050,621 ) | (359.7 ) |
Montauk Renewables, Inc. | (16,413 ) | (59,087 ) | (10.4 ) |
Movado Group, Inc. | (40,167 ) | (1,023,053 ) | (179.4 ) |
National Cinemedia, Inc. | (39,787 ) | (170,288 ) | (29.9 ) |
National Presto Industries, Inc. | (2,124 ) | (174,147 ) | (30.5 ) |
Navient Corp. | (8,704 ) | (130,734 ) | (22.9 ) |
NBT Bancorp, Inc. | (23,764 ) | (831,978 ) | (145.9 ) |
nCino, Inc. | (47,504 ) | (1,385,217 ) | (242.9 ) |
Nelnet, Inc., Class A | (10,219 ) | (962,425 ) | (168.8 ) |
NextDecade Corp. | (32,185 ) | (206,628 ) | (36.2 ) |
NextNav, Inc. | (38,186 ) | (347,874 ) | (61.0 ) |
Nicolet Bankshares, Inc. | (7,450 ) | (570,148 ) | (100.0 ) |
nLight, Inc. | (44,514 ) | (507,014 ) | (88.9 ) |
Northern Oil & Gas, Inc. | (154,045 ) | (6,283,496 ) | (1,102.0 ) |
Northwest Bancshares, Inc. | (14,092 ) | (149,375 ) | (26.2 ) |
NV5 Global, Inc. | (9,225 ) | (860,139 ) | (150.9 ) |
Open Lending Corp. | (50,983 ) | (260,013 ) | (45.6 ) |
Otter Tail Corp. | (2,629 ) | (224,411 ) | (39.4 ) |
Papa John’s International, Inc. | (29,261 ) | (1,805,111 ) | (316.6 ) |
Paragon 28, Inc. | (9,220 ) | (85,008 ) | (14.9 ) |
Park National Corp. | (4,929 ) | (649,199 ) | (113.9 ) |
Paycor HCM, Inc. | (31,927 ) | (554,572 ) | (97.3 ) |
Payoneer Global, Inc. | (45,552 ) | (225,027 ) | (39.5 ) |
PennyMac Mortgage Investment Trust | (39,158 ) | (542,338 ) | (95.1 ) |
Phathom Pharmaceuticals, Inc. | (20,230 ) | (182,677 ) | (32.0 ) |
Phillips Edison & Co., Inc. | (88,965 ) | (2,909,155 ) | (510.2 ) |
Pitney Bowes, Inc. | (212,606 ) | (905,702 ) | (158.8 ) |
Plymouth Industrial REIT, Inc. | (55,486 ) | (1,158,548 ) | (203.2 ) |
PolyPeptide Group AG | (14,734 ) | (489,670 ) | (85.9 ) |
Security | Shares | Value | % of Basket Value |
United States (continued) | |||
PotlatchDeltic Corp. | (40,004 ) | $(1,600,560 ) | (280.7 )% |
Powell Industries, Inc. | (2,680 ) | (383,240 ) | (67.2 ) |
Premier, Inc., Class A | (142,559 ) | (2,976,632 ) | (522.1 ) |
ProAssurance Corp. | (17,482 ) | (233,560 ) | (41.0 ) |
RCI Hospitality Holdings, Inc. | (12,021 ) | (610,186 ) | (107.0 ) |
Ready Capital Corp. | (148,181 ) | (1,262,502 ) | (221.4 ) |
REC Silicon ASA | (2,535 ) | (2,486 ) | (0.4 ) |
Reliance Worldwide Corp. Ltd. | (78,247 ) | (255,397 ) | (44.8 ) |
Retail Opportunity Investments Corp. | (67,191 ) | (824,434 ) | (144.6 ) |
Rocket Lab USA, Inc., Class A | (106,371 ) | (399,955 ) | (70.1 ) |
S&T Bancorp, Inc. | (23,516 ) | (709,007 ) | (124.3 ) |
Safety Insurance Group, Inc. | (14,068 ) | (1,119,391 ) | (196.3 ) |
Seacoast Banking Corp. of Florida | (41,878 ) | (966,125 ) | (169.4 ) |
Sensient Technologies Corp. | (29,226 ) | (2,139,928 ) | (375.3 ) |
Service Properties Trust | (20,961 ) | (128,491 ) | (22.5 ) |
Shenandoah Telecommunications Co. | (11,822 ) | (151,558 ) | (26.6 ) |
Shoals Technologies Group, Inc., Class A | (191,506 ) | (1,618,226 ) | (283.8 ) |
Silgan Holdings, Inc. | (66,547 ) | (3,105,083 ) | (544.6 ) |
SilverBow Resources, Inc. | (10,776 ) | (331,039 ) | (58.1 ) |
SITE Centers Corp. | (127,829 ) | (1,724,413 ) | (302.4 ) |
Six Flags Entertainment Corp. | (135,922 ) | (3,205,041 ) | (562.1 ) |
Stellar Bancorp, Inc. | (23,374 ) | (518,903 ) | (91.0 ) |
StepStone Group, Inc., Class A | (42,324 ) | (1,526,627 ) | (267.7 ) |
Stericycle, Inc. | (54,184 ) | (2,423,650 ) | (425.1 ) |
Steven Madden Ltd. | (45,847 ) | (1,852,677 ) | (324.9 ) |
TFS Financial Corp. | (24,343 ) | (292,359 ) | (51.3 ) |
Towne Bank | (18,270 ) | (472,645 ) | (82.9 ) |
TreeHouse Foods, Inc. | (36,137 ) | (1,356,944 ) | (238.0 ) |
Triumph Financial, Inc. | (6,803 ) | (478,659 ) | (84.0 ) |
Triumph Group, Inc. | (141,172 ) | (1,886,058 ) | (330.8 ) |
Tronox Holdings PLC | (255,400 ) | (4,339,246 ) | (761.0 ) |
Trustmark Corp. | (74,374 ) | (2,201,470 ) | (386.1 ) |
UFP Technologies, Inc. | (4,538 ) | (934,556 ) | (163.9 ) |
UniFirst Corp. | (3,673 ) | (588,157 ) | (103.2 ) |
United Community Banks, Inc. | (63,286 ) | (1,596,706 ) | (280.0 ) |
United Natural Foods, Inc. | (76,501 ) | (683,154 ) | (119.8 ) |
Uniti Group, Inc. | (195,856 ) | (1,126,172 ) | (197.5 ) |
Universal Health Realty Income Trust | (7,944 ) | (286,222 ) | (50.2 ) |
Uranium Energy Corp. | (267,042 ) | (1,802,533 ) | (316.1 ) |
Utz Brands, Inc. | (85,134 ) | (1,534,966 ) | (269.2 ) |
Ventyx Biosciences, Inc. | (146,813 ) | (549,081 ) | (96.3 ) |
Veris Residential, Inc. | (141,323 ) | (2,036,464 ) | (357.2 ) |
Vishay Intertechnology, Inc. | (74,999 ) | (1,735,477 ) | (304.4 ) |
Vista Outdoor, Inc. | (69,397 ) | (2,435,141 ) | (427.1 ) |
Vivid Seats, Inc., Class A | (71,883 ) | (378,105 ) | (66.3 ) |
VSE Corp. | (25,406 ) | (1,983,446 ) | (347.9 ) |
Warrior Met Coal, Inc. | (17,383 ) | (1,188,128 ) | (208.4 ) |
White Mountains Insurance Group Ltd. | (1,981 ) | (3,522,495 ) | (617.8 ) |
Whitestone REIT | (13,339 ) | (153,399 ) | (26.9 ) |
Worthington Enterprises, Inc. | (88,028 ) | (5,031,680 ) | (882.5 ) |
Xerox Holdings Corp. | (12,954 ) | (172,159 ) | (30.2 ) |
XPEL, Inc. | (14,776 ) | (776,479 ) | (136.2 ) |
York Water Co. | (8,098 ) | (287,560 ) | (50.4 ) |
(176,613,757 ) | |||
Investment Companies | |||
United Kingdom | |||
Hipgnosis Songs Fund Ltd. | (749,815 ) | (976,144 ) | (171.2 ) |
76
2024 BlackRock Annual Report to Shareholders
Schedule of Investments (continued)
April 30, 2024
BlackRock Global Equity Market Neutral Fund
Security | Shares | Value | % of Basket Value |
Rights | |||
Sweden | |||
AcadeMedia AB, (Expires 03/26/24) | (24 ) | $(1 ) | (0.0 )% |
Switzerland | |||
DocMorris AG, (Expires 05/06/24) | (5,574 ) | — | 0.0 |
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 |
Total Reference Entity — Short | (395,182,304 ) | ||
Net Value of Reference Entity — Goldman Sachs Bank USA | $570,171 | ||
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. | 144,718 | $876,956 | 320.4 % |
Aristocrat Leisure Ltd. | 13,474 | 341,938 | 124.9 |
Charter Hall Group | 62,790 | 474,151 | 173.2 |
Flight Centre Travel Group Ltd., Class L | 87,166 | 1,180,045 | 431.2 |
Worley Ltd. | 17,812 | 170,910 | 62.5 |
3,044,000 | |||
Austria | |||
BAWAG Group AG | 25,218 | 1,499,460 | 547.9 |
Belgium | |||
Liberty Global Ltd., Class C | 111,307 | 1,822,095 | 665.7 |
Sofina SA | 8,142 | 1,897,681 | 693.3 |
Warehouses De Pauw CVA | 1,909 | 50,258 | 18.4 |
3,770,034 | |||
Brazil | |||
MercadoLibre, Inc. | 915 | 1,334,711 | 487.7 |
Yara International ASA | 6,868 | 198,788 | 72.6 |
1,533,499 | |||
Canada | |||
Algonquin Power & Utilities Corp. | 47,722 | 291,162 | 106.4 |
Barrick Gold Corp. | 21,364 | 354,991 | 129.7 |
Bombardier, Inc., Class B | 462 | 21,023 | 7.7 |
Canadian Natural Resources Ltd. | 124,520 | 9,429,239 | 3,445.1 |
Celestica, Inc. | 41,124 | 1,794,391 | 655.6 |
Colliers International Group, Inc. | 2,425 | 252,174 | 92.1 |
Element Fleet Management Corp. | 82,077 | 1,308,164 | 477.9 |
Enerplus Corp. | 115,435 | 2,254,964 | 823.9 |
FirstService Corp. | 5,154 | 755,956 | 276.2 |
Franco-Nevada Corp. | 29,250 | 3,523,055 | 1,287.2 |
Gibson Energy, Inc. | 1,581 | 25,897 | 9.5 |
Great-West Lifeco, Inc. | 9,146 | 270,105 | 98.7 |
Imperial Oil Ltd. | 806 | 55,341 | 20.2 |
Security | Shares | Value | % of Basket Value |
Canada (continued) | |||
Keyera Corp. | 48,666 | $1,246,928 | 455.6 % |
Magna International, Inc. | 28,716 | 1,373,437 | 501.8 |
Methanex Corp. | 18,739 | 896,109 | 327.4 |
Stantec, Inc. | 67,996 | 5,410,409 | 1,976.8 |
Tourmaline Oil Corp. | 43,650 | 2,130,214 | 778.3 |
West Fraser Timber Co. Ltd. | 8,278 | 633,860 | 231.6 |
WSP Global, Inc. | 23,102 | 3,506,119 | 1,281.0 |
35,533,538 | |||
Denmark | |||
AP Moller - Maersk A/S, Class A | 26 | 36,710 | 13.4 |
Genmab A/S | 2,369 | 655,604 | 239.6 |
692,314 | |||
Finland | |||
Nordea Bank Abp | 6,706 | 78,942 | 28.8 |
France | |||
Carrefour SA | 99,529 | 1,669,407 | 609.9 |
Credit Agricole SA | 8,334 | 129,548 | 47.3 |
Dassault Aviation SA | 348 | 74,153 | 27.1 |
Eiffage SA | 47,563 | 5,053,080 | 1,846.2 |
Eurazeo SE | 3,421 | 306,828 | 112.1 |
Gaztransport Et Technigaz SA | 3,783 | 524,821 | 191.8 |
Legrand SA | 2,646 | 270,747 | 98.9 |
Rexel SA | 47,744 | 1,232,179 | 450.2 |
Technip Energies NV | 1,810 | 42,433 | 15.5 |
Ubisoft Entertainment SA | 2,009 | 47,120 | 17.2 |
Valeo SE | 194,979 | 2,460,128 | 898.9 |
Vallourec SACA | 2,391 | 40,966 | 15.0 |
Veolia Environnement SA | 23,371 | 723,482 | 264.3 |
Vinci SA | 14,566 | 1,699,130 | 620.8 |
14,274,022 | |||
Germany | |||
Bayerische Motoren Werke AG | 619 | 67,124 | 24.5 |
Beiersdorf AG | 2,283 | 341,737 | 124.9 |
Deutsche Lufthansa AG, Registered Shares | 424,399 | 3,033,528 | 1,108.3 |
Deutsche Telekom AG, Class N, Registered Shares | 325,903 | 7,432,968 | 2,715.8 |
E.ON SE, Class N | 140,702 | 1,857,812 | 678.8 |
Heidelberg Materials AG | 5,912 | 592,254 | 216.4 |
K&S AG, Class N, Registered Shares | 39,030 | 581,385 | 212.4 |
KION Group AG | 4,933 | 226,232 | 82.7 |
LANXESS AG | 721 | 20,288 | 7.4 |
Nemetschek SE | 8,006 | 704,534 | 257.4 |
Rheinmetall AG | 2,809 | 1,544,007 | 564.1 |
RWE AG | 35,406 | 1,228,118 | 448.7 |
17,629,987 | |||
Hong Kong | |||
Hang Lung Properties Ltd. | 129,000 | 142,281 | 52.0 |
Hongkong Land Holdings Ltd. | 77,400 | 247,307 | 90.4 |
Swire Pacific Ltd., Class A | 35,000 | 296,205 | 108.2 |
Swire Properties Ltd. | 153,600 | 317,452 | 116.0 |
1,003,245 | |||
Ireland | |||
Smurfit Kappa Group PLC | 49,789 | 2,147,792 | 784.7 |
Schedule of Investments77
Schedule of Investments (continued)
April 30, 2024
BlackRock Global Equity Market Neutral Fund
Security | Shares | Value | % of Basket Value |
Israel | |||
Nice Ltd. | 180 | $40,240 | 14.7 % |
Nova Ltd. | 94 | 15,971 | 5.8 |
56,211 | |||
Italy | |||
A2A SpA | 146,150 | 287,085 | 104.9 |
Ferrari NV | 2,179 | 892,216 | 326.0 |
Intesa Sanpaolo SpA | 129,078 | 481,143 | 175.8 |
Mediobanca Banca di Credito Finanziario SpA | 54,924 | 776,873 | 283.8 |
Moncler SpA | 16,399 | 1,111,530 | 406.1 |
Recordati Industria Chimica e Farmaceutica SpA | 2,584 | 136,903 | 50.0 |
3,685,750 | |||
Japan | |||
ABC-Mart, Inc. | 4,000 | 81,459 | 29.8 |
Aeon Co. Ltd. | 9,100 | 194,615 | 71.1 |
Amada Co. Ltd. | 22,900 | 255,824 | 93.5 |
ANA Holdings, Inc. | 385,800 | 7,497,356 | 2,739.3 |
Asahi Kasei Corp. | 55,600 | 396,561 | 144.9 |
Astellas Pharma, Inc. | 135,700 | 1,311,838 | 479.3 |
Dai Nippon Printing Co. Ltd. | 42,500 | 1,265,569 | 462.4 |
Daikin Industries Ltd. | 4,900 | 674,737 | 246.5 |
FANUC Corp. | 18,000 | 544,501 | 198.9 |
Fukuoka Financial Group, Inc. | 3,500 | 95,065 | 34.7 |
Hulic Co. Ltd. | 47,600 | 448,797 | 164.0 |
ITOCHU Corp. | 20,300 | 935,049 | 341.6 |
J Front Retailing Co. Ltd. | 66,400 | 594,039 | 217.0 |
Japan Post Bank Co. Ltd. | 41,200 | 423,236 | 154.6 |
Japan Post Holdings Co. Ltd. | 546,900 | 5,351,800 | 1,955.4 |
JGC Holdings Corp. | 104,700 | 1,032,278 | 377.2 |
Kakaku.com, Inc. | 40,400 | 475,131 | 173.6 |
Koito Manufacturing Co., Ltd. | 103,300 | 1,424,077 | 520.3 |
Komatsu Ltd. | 57,300 | 1,747,967 | 638.6 |
Kubota Corp. | 1,300 | 21,328 | 7.8 |
Kyowa Kirin Co. Ltd. | 28,900 | 496,412 | 181.4 |
Mazda Motor Corp. | 18,100 | 207,183 | 75.7 |
MEIJI Holdings Co. Ltd. | 35,700 | 816,027 | 298.1 |
Mitsubishi Chemical Group Corp. | 127,700 | 761,972 | 278.4 |
Mizuho Financial Group, Inc. | 135,500 | 2,674,103 | 977.0 |
NIDEC Corp. | 55,800 | 2,664,121 | 973.4 |
Nikon Corp. | 40,300 | 425,733 | 155.5 |
Nippon Express Holdings, Inc. | 4,500 | 235,427 | 86.0 |
Nippon Telegraph & Telephone Corp. | 5,142,200 | 5,638,123 | 2,060.0 |
Nissan Motor Co. Ltd. | 172,500 | 645,815 | 236.0 |
Nisshin Seifun Group, Inc. | 33,200 | 443,051 | 161.9 |
Obayashi Corp. | 302,300 | 3,442,865 | 1,257.9 |
Obic Co. Ltd. | 6,100 | 802,131 | 293.1 |
Omron Corp. | 3,300 | 115,642 | 42.2 |
Ono Pharmaceutical Co. Ltd. | 6,200 | 91,390 | 33.4 |
Oracle Corp. Japan | 15,800 | 1,211,401 | 442.6 |
Otsuka Corp. | 117,000 | 2,379,740 | 869.5 |
Panasonic Holdings Corp. | 96,000 | 857,188 | 313.2 |
Ricoh Co. Ltd. | 29,600 | 261,285 | 95.5 |
SCREEN Holdings Co. Ltd. | 32,500 | 3,439,619 | 1,256.7 |
SCSK Corp. | 13,000 | 241,619 | 88.3 |
Sega Sammy Holdings, Inc. | 9,000 | 120,349 | 44.0 |
Seiko Epson Corp. | 23,400 | 394,012 | 144.0 |
Sekisui Chemical Co. Ltd. | 4,500 | 66,939 | 24.4 |
Shimadzu Corp. | 5,200 | 144,393 | 52.7 |
Shimizu Corp. | 69,200 | 437,437 | 159.8 |
Security | Shares | Value | % of Basket Value |
Japan (continued) | |||
Sumitomo Corp. | 49,200 | $1,320,606 | 482.5 % |
Sumitomo Mitsui Trust Holdings, Inc. | 52,200 | 1,115,298 | 407.5 |
Takashimaya Co. Ltd. | 34,900 | 506,508 | 185.1 |
Tokio Marine Holdings, Inc. | 54,600 | 1,750,739 | 639.7 |
Tokyo Tatemono Co. Ltd. | 53,000 | 902,253 | 329.6 |
Tokyu Fudosan Holdings Corp. | 6,100 | 45,760 | 16.7 |
Toppan Holdings, Inc. | 38,500 | 930,904 | 340.1 |
Trend Micro, Inc. | 11,500 | 579,969 | 211.9 |
60,937,241 | |||
Luxembourg | |||
ArcelorMittal SA | 145,049 | 3,606,851 | 1,317.8 |
Macau | |||
Galaxy Entertainment Group Ltd., Class L | 31,000 | 138,981 | 50.8 |
Netherlands | |||
Redcare Pharmacy NV | 486 | 65,428 | 23.9 |
New Zealand | |||
Xero Ltd. | 3,684 | 284,205 | 103.8 |
Norway | |||
Aker BP ASA | 69,218 | 1,705,372 | 623.1 |
Equinor ASA | 73,783 | 1,991,101 | 727.5 |
Gjensidige Forsikring ASA | 27,237 | 442,577 | 161.7 |
4,139,050 | |||
Singapore | |||
Singapore Airlines Ltd. | 99,200 | 474,137 | 173.2 |
Spain | |||
ACS Actividades de Construccion y Servicios SA | 35,484 | 1,421,024 | 519.2 |
Banco de Sabadell SA | 77,118 | 147,949 | 54.1 |
Industria de Diseno Textil SA | 4,718 | 213,843 | 78.1 |
1,782,816 | |||
Sweden | |||
Electrolux AB, Class B | 53,502 | 470,639 | 172.0 |
United Kingdom | |||
Auto Trader Group PLC | 50,986 | 441,339 | 161.3 |
Aviva PLC | 262,986 | 1,521,218 | 555.8 |
British Land Co. PLC | 586,755 | 2,818,943 | 1,029.9 |
BT Group PLC | 51,403 | 65,481 | 23.9 |
Burberry Group PLC | 232,415 | 3,312,829 | 1,210.4 |
Diploma PLC | 6,377 | 285,738 | 104.4 |
Drax Group PLC | 43,894 | 283,070 | 103.4 |
easyJet PLC | 122,792 | 819,455 | 299.4 |
Endava PLC, ADR | 49,352 | 1,431,208 | 522.9 |
Intertek Group PLC | 45,611 | 2,794,531 | 1,021.0 |
J Sainsbury PLC | 1,040,812 | 3,401,444 | 1,242.8 |
Land Securities Group PLC | 91,412 | 736,081 | 268.9 |
M&G PLC | 2,381,673 | 5,939,604 | 2,170.1 |
Marks & Spencer Group PLC | 677,433 | 2,150,167 | 785.6 |
Pearson PLC | 5,921 | 71,565 | 26.2 |
Phoenix Group Holdings PLC | 135,227 | 820,396 | 299.8 |
Smiths Group PLC | 29,676 | 596,312 | 217.9 |
Spectris PLC | 61,833 | 2,548,256 | 931.0 |
TechnipFMC PLC | 98,036 | 2,511,682 | 917.7 |
78
2024 BlackRock Annual Report to Shareholders
Schedule of Investments (continued)
April 30, 2024
BlackRock Global Equity Market Neutral Fund
Security | Shares | Value | % of Basket Value |
United Kingdom (continued) | |||
Tritax Big Box REIT PLC | 218,121 | $410,444 | 150.0 % |
Wise PLC, Class A | 20,487 | 196,010 | 71.6 |
33,155,773 | |||
United States | |||
Advanced Drainage Systems, Inc. | 2,268 | 356,076 | 130.1 |
AECOM | 37,477 | 3,461,376 | 1,264.7 |
Agilent Technologies, Inc. | 1,870 | 256,265 | 93.6 |
Alaska Air Group, Inc. | 24,667 | 1,061,174 | 387.7 |
Alcoa Corp. | 65,160 | 2,289,722 | 836.6 |
Alnylam Pharmaceuticals, Inc. | 11,524 | 1,658,880 | 606.1 |
Amdocs Ltd. | 8,634 | 725,170 | 265.0 |
American Airlines Group, Inc. | 100,066 | 1,351,892 | 493.9 |
American Tower Corp. | 47,422 | 8,135,718 | 2,972.5 |
Amgen, Inc. | 849 | 232,575 | 85.0 |
Aon PLC, Class A | 3,337 | 941,067 | 343.8 |
Atkore, Inc. | 41,848 | 7,335,954 | 2,680.3 |
AutoNation, Inc. | 5,268 | 848,938 | 310.2 |
Avnet, Inc. | 4,026 | 196,751 | 71.9 |
Bank of America Corp. | 53,802 | 1,991,212 | 727.5 |
Booz Allen Hamilton Holding Corp., Class A | 99,705 | 14,723,437 | 5,379.4 |
Box, Inc., Class A | 17,790 | 462,896 | 169.1 |
Boyd Gaming Corp. | 6,812 | 364,510 | 133.2 |
Broadridge Financial Solutions, Inc. | 10,028 | 1,939,516 | 708.6 |
BRP, Inc. | 5,440 | 365,483 | 133.5 |
Bunge Global SA | 26,025 | 2,648,304 | 967.6 |
Cabot Corp. | 14,705 | 1,341,537 | 490.2 |
CACI International, Inc., Class A | 9,123 | 3,669,544 | 1,340.7 |
CarMax, Inc. | 2,418 | 164,351 | 60.1 |
Carnival Corp. | 63,421 | 939,899 | 343.4 |
Carnival PLC | 15,124 | 202,054 | 73.8 |
Centene Corp. | 43,073 | 3,146,913 | 1,149.8 |
Chemed Corp. | 1,709 | 970,712 | 354.7 |
Chewy, Inc., Class A | 21,669 | 324,818 | 118.7 |
Cirrus Logic, Inc. | 12,646 | 1,120,056 | 409.2 |
Cleveland-Cliffs, Inc. | 76,867 | 1,299,052 | 474.6 |
Cognex Corp. | 23,434 | 973,448 | 355.7 |
Colgate-Palmolive Co. | 30,619 | 2,814,499 | 1,028.3 |
Columbia Banking System, Inc. | 4,858 | 91,379 | 33.4 |
Comerica, Inc. | 2,266 | 113,685 | 41.5 |
Constellation Brands, Inc., Class A | 1,118 | 283,368 | 103.5 |
Constellium SE | 9,656 | 190,127 | 69.5 |
Corteva, Inc. | 116,515 | 6,306,957 | 2,304.3 |
Credit Acceptance Corp. | 793 | 407,380 | 148.8 |
D.R. Horton, Inc. | 2,180 | 310,628 | 113.5 |
DENTSPLY SIRONA, Inc. | 6,787 | 203,678 | 74.4 |
Domino’s Pizza, Inc. | 2,126 | 1,125,228 | 411.1 |
DuPont de Nemours, Inc. | 23,614 | 1,712,015 | 625.5 |
eBay, Inc. | 1,189 | 61,281 | 22.4 |
F5, Inc. | 329 | 54,387 | 19.9 |
First American Financial Corp. | 6,590 | 353,026 | 129.0 |
Flowserve Corp. | 26,061 | 1,229,037 | 449.0 |
Fox Corp., Class A | 18,992 | 588,942 | 215.2 |
Franklin Resources, Inc. | 2,953 | 67,447 | 24.6 |
Gap, Inc. | 12,681 | 260,214 | 95.1 |
General Mills, Inc. | 91,337 | 6,435,605 | 2,351.3 |
Graco, Inc. | 8,998 | 721,640 | 263.7 |
H&R Block, Inc. | 4,908 | 231,805 | 84.7 |
Halozyme Therapeutics, Inc. | 12,585 | 479,489 | 175.2 |
HP, Inc. | 104,889 | 2,946,332 | 1,076.5 |
Huntsman Corp. | 45,389 | 1,082,982 | 395.7 |
Security | Shares | Value | % of Basket Value |
United States (continued) | |||
Intel Corp. | 361,265 | $11,007,745 | 4,021.8 % |
Invesco Ltd. | 75,461 | 1,069,282 | 390.7 |
Iron Mountain, Inc. | 3,073 | 238,219 | 87.0 |
ITT, Inc. | 205 | 26,515 | 9.7 |
J M Smucker Co. | 3,525 | 404,846 | 147.9 |
Jack Henry & Associates, Inc. | 4,301 | 699,730 | 255.7 |
James Hardie Industries PLC, CDI | 62,919 | 2,152,372 | 786.4 |
Jefferies Financial Group, Inc. | 31,493 | 1,356,089 | 495.5 |
Johnson & Johnson | 196,347 | 28,389,813 | 10,372.6 |
Jones Lang LaSalle, Inc. | 5,161 | 932,593 | 340.7 |
KeyCorp. | 1,898 | 27,502 | 10.1 |
Kroger Co. | 66,621 | 3,689,471 | 1,348.0 |
Lamar Advertising Co., Class A | 2,886 | 334,343 | 122.2 |
Lattice Semiconductor Corp. | 775 | 53,165 | 19.4 |
Louisiana-Pacific Corp. | 28,079 | 2,055,102 | 750.9 |
Manhattan Associates, Inc. | 11,918 | 2,455,823 | 897.3 |
Marathon Oil Corp. | 22,692 | 609,280 | 222.6 |
Masco Corp. | 38,868 | 2,660,515 | 972.1 |
MasTec, Inc. | 21,759 | 1,929,806 | 705.1 |
Mastercard, Inc., Class A | 4,372 | 1,972,646 | 720.7 |
McKesson Corp. | 1,647 | 884,785 | 323.3 |
Mettler-Toledo International, Inc. | 469 | 576,729 | 210.7 |
MGM Resorts International | 32,760 | 1,292,054 | 472.1 |
MongoDB, Inc. | 288 | 105,172 | 38.4 |
MSCI, Inc., Class A | 1,734 | 807,680 | 295.1 |
New York Times Co., Class A | 1,506 | 64,803 | 23.7 |
Nutanix, Inc., Class A | 10,169 | 617,258 | 225.5 |
NVR, Inc. | 192 | 1,428,259 | 521.8 |
OGE Energy Corp. | 20,091 | 696,153 | 254.4 |
Ollie’s Bargain Outlet Holdings, Inc. | 874 | 63,924 | 23.4 |
Oshkosh Corp. | 19,901 | 2,234,285 | 816.3 |
Ovintiv, Inc. | 52,383 | 2,688,296 | 982.2 |
Paramount Global, Class B | 322,020 | 3,667,808 | 1,340.1 |
Penske Automotive Group, Inc. | 11,295 | 1,727,118 | 631.0 |
Pool Corp. | 1,423 | 515,880 | 188.5 |
Post Holdings, Inc. | 17,088 | 1,813,891 | 662.7 |
Power Integrations, Inc. | 7,503 | 500,600 | 182.9 |
Primo Water Corp. | 3,936 | 74,130 | 27.1 |
Qualys, Inc. | 12,791 | 2,096,573 | 766.0 |
Ralph Lauren Corp., Class A | 1,415 | 231,551 | 84.6 |
Regeneron Pharmaceuticals, Inc. | 867 | 772,202 | 282.1 |
Reinsurance Group of America, Inc. | 13,543 | 2,532,406 | 925.3 |
Royal Gold, Inc. | 11,834 | 1,421,618 | 519.4 |
RPM International, Inc. | 12,960 | 1,385,554 | 506.2 |
S&P Global, Inc. | 11,229 | 4,669,355 | 1,706.0 |
Sarepta Therapeutics, Inc. | 8,150 | 1,032,279 | 377.2 |
Service Corp. International | 5,463 | 391,752 | 143.1 |
Signify NV | 7,960 | 216,010 | 78.9 |
Silicon Laboratories, Inc. | 2,586 | 314,173 | 114.8 |
Skyworks Solutions, Inc. | 66,794 | 7,119,572 | 2,601.2 |
Snowflake, Inc., Class A | 7,092 | 1,100,678 | 402.2 |
Taylor Morrison Home Corp., Class A | 18,273 | 1,023,471 | 373.9 |
TD SYNNEX Corp. | 2,676 | 315,340 | 115.2 |
TE Connectivity Ltd. | 15,986 | 2,261,699 | 826.3 |
Teradata Corp. | 5,036 | 186,836 | 68.3 |
Teradyne, Inc. | 6,249 | 726,884 | 265.6 |
Texas Roadhouse, Inc. | 3,735 | 600,513 | 219.4 |
TJX Cos., Inc. | 59,889 | 5,634,956 | 2,058.8 |
Toast, Inc., Class A | 77,439 | 1,829,884 | 668.6 |
Transocean Ltd. | 58,654 | 306,174 | 111.9 |
Trex Co., Inc. | 9,791 | 866,993 | 316.8 |
Schedule of Investments79
Schedule of Investments (continued)
April 30, 2024
BlackRock Global Equity Market Neutral Fund
Security | Shares | Value | % of Basket Value |
United States (continued) | |||
UGI Corp. | 120,562 | $3,081,565 | 1,125.9 % |
United Therapeutics Corp. | 175 | 41,008 | 15.0 |
Unity Software, Inc. | 55,190 | 1,339,461 | 489.4 |
VeriSign, Inc. | 25,552 | 4,330,553 | 1,582.2 |
Verisk Analytics, Inc. | 16,112 | 3,511,772 | 1,283.1 |
Visa, Inc., A Shares | 4,120 | 1,106,673 | 404.3 |
Walmart, Inc. | 94,615 | 5,615,400 | 2,051.7 |
Warner Bros Discovery, Inc., Class A | 224,359 | 1,651,282 | 603.3 |
WESCO International, Inc. | 5,146 | 786,052 | 287.2 |
Western Digital Corp. | 9,511 | 673,664 | 246.1 |
Willis Towers Watson PLC | 3,404 | 854,881 | 312.3 |
WillScot Mobile Mini Holdings Corp. | 1,237 | 45,720 | 16.7 |
Zions Bancorp NA | 17,532 | 714,955 | 261.2 |
Zoetis, Inc., Class A | 5,336 | 849,705 | 310.5 |
237,033,277 | |||
Preferred Stocks | |||
Germany | |||
Bayerische Motoren Werke AG | 1,926 | 196,994 | 71.9 |
Volkswagen AG | 59,026 | 7,223,397 | 2,639.2 |
Total Reference Entity — Long | 434,457,583 | ||
Reference Entity — Short | |||
Common Stocks | |||
Australia | |||
EBOS Group Ltd. | (6,359 ) | (131,608 ) | (48.1 ) |
Austria | |||
Mondi PLC | (9,022 ) | (172,156 ) | (62.9 ) |
Belgium | |||
Lotus Bakeries NV | (156 ) | (1,564,482 ) | (571.6 ) |
Syensqo SA | (8,712 ) | (808,669 ) | (295.5 ) |
(2,373,151 ) | |||
Bermuda | |||
RenaissanceRe Holdings Ltd. | (2,485 ) | (544,836 ) | (199.1 ) |
Canada | |||
RB Global, Inc. | (1 ) | (72 ) | (0.0 ) |
Chile | |||
Antofagasta PLC | (80,492 ) | (2,201,649 ) | (804.4 ) |
China | |||
ESR Group Ltd. | (78,000 ) | (85,418 ) | (31.2 ) |
Wharf Holdings, Ltd. | (11,000 ) | (35,367 ) | (12.9 ) |
(120,785 ) | |||
Denmark | |||
Carlsberg A/S, Class B | (4,781 ) | (640,224 ) | (233.9 ) |
Coloplast A/S, Class B | (30,246 ) | (3,635,138 ) | (1,328.1 ) |
Danske Bank A/S | (240,130 ) | (6,881,915 ) | (2,514.4 ) |
Novonesis (Novozymes), Class B | (1,652 ) | (91,910 ) | (33.6 ) |
(11,249,187 ) | |||
Finland | |||
Fortum OYJ | (15,617 ) | (204,924 ) | (74.9 ) |
Kesko OYJ, B Shares | (13,682 ) | (232,513 ) | (84.9 ) |
Neste OYJ | (25,775 ) | (581,108 ) | (212.3 ) |
UPM-Kymmene OYJ | (1,563 ) | (55,029 ) | (20.1 ) |
(1,073,574 ) |
Security | Shares | Value | % of Basket Value |
France | |||
Arkema SA | (3,722 ) | $(382,368 ) | (139.7 )% |
Bollore SE | (277,136 ) | (1,790,771 ) | (654.3 ) |
Capgemini SE | (1,765 ) | (369,284 ) | (134.9 ) |
Engie SA | (39,271 ) | (678,894 ) | (248.1 ) |
EssilorLuxottica SA | (12,102 ) | (2,569,059 ) | (938.7 ) |
Ipsen SA | (11,027 ) | (1,335,725 ) | (488.0 ) |
Kering SA | (19,168 ) | (6,697,259 ) | (2,446.9 ) |
Sartorius Stedim Biotech | (8,133 ) | (1,744,108 ) | (637.2 ) |
SEB SA | (5,910 ) | (695,619 ) | (254.2 ) |
Sodexo SA | (744 ) | (64,683 ) | (23.6 ) |
Teleperformance SE | (1,391 ) | (125,602 ) | (45.9 ) |
(16,453,372 ) | |||
Germany | |||
BASF SE | (41,532 ) | (2,166,139 ) | (791.4 ) |
Bechtle AG | (4,302 ) | (206,651 ) | (75.5 ) |
Daimler Truck Holding AG | (275,446 ) | (12,363,152 ) | (4,517.1 ) |
Deutsche Bank AG, Class N, Registered Shares | (7,854 ) | (125,210 ) | (45.7 ) |
Deutsche Post AG, Class N | (136,838 ) | (5,704,867 ) | (2,084.4 ) |
Hannover Rueck SE, Class N | (279 ) | (68,902 ) | (25.2 ) |
MTU Aero Engines AG, Class N | (13,568 ) | (3,256,600 ) | (1,189.8 ) |
SAP SE | (9,648 ) | (1,735,499 ) | (634.1 ) |
(25,627,020 ) | |||
Hong Kong | |||
Hang Seng Bank Ltd. | (1,800 ) | (23,719 ) | (8.7 ) |
Henderson Land Development Co. Ltd. | (14,000 ) | (42,177 ) | (15.4 ) |
HKT Trust & HKT Ltd., Class SS | (73,000 ) | (80,529 ) | (29.4 ) |
Hong Kong & China Gas Co. Ltd. | (526,000 ) | (399,657 ) | (146.0 ) |
Link REIT | (68,497 ) | (293,288 ) | (107.2 ) |
MTR Corp. Ltd. | (298,500 ) | (980,308 ) | (358.2 ) |
Techtronic Industries Co. Ltd. | (268,000 ) | (3,700,827 ) | (1,352.1 ) |
WH Group Ltd. | (76,000 ) | (55,201 ) | (20.2 ) |
(5,575,706 ) | |||
Israel | |||
Global-e Online Ltd. | (7,059 ) | (236,688 ) | (86.5 ) |
Mobileye Global, Inc., Class A | (9,289 ) | (255,912 ) | (93.5 ) |
(492,600 ) | |||
Italy | |||
Assicurazioni Generali SpA | (76,490 ) | (1,856,952 ) | (678.5 ) |
Davide Campari-Milano NV | (58,917 ) | (588,420 ) | (215.0 ) |
DiaSorin SpA | (601 ) | (60,455 ) | (22.1 ) |
Eni SpA | (58,023 ) | (927,756 ) | (339.0 ) |
FinecoBank Banca Fineco SpA | (22,842 ) | (348,438 ) | (127.3 ) |
Leonardo SpA | (63,988 ) | (1,463,841 ) | (534.8 ) |
Nexi SpA | (215,452 ) | (1,248,039 ) | (456.0 ) |
Poste Italiane SpA | (13,747 ) | (173,884 ) | (63.5 ) |
(6,667,785 ) | |||
Japan | |||
Ajinomoto Co., Inc. | (1,900 ) | (72,158 ) | (26.4 ) |
Chiba Bank Ltd. | (74,100 ) | (639,893 ) | (233.8 ) |
GLP J-REIT | (1,868 ) | (1,552,502 ) | (567.2 ) |
Harmonic Drive Systems, Inc. | (31,000 ) | (791,898 ) | (289.3 ) |
Hoshizaki Corp. | (36,800 ) | (1,298,689 ) | (474.5 ) |
Ibiden Co. Ltd. | (24,300 ) | (944,706 ) | (345.2 ) |
Iida Group Holdings Co. Ltd. | (9,100 ) | (118,710 ) | (43.4 ) |
Japan Airport Terminal Co. Ltd. | (4,300 ) | (155,403 ) | (56.8 ) |
Japan Metropolitan Fund Invest | (20 ) | (12,343 ) | (4.5 ) |
Japan Petroleum Exploration Co. Ltd. | (44,000 ) | (1,902,086 ) | (695.0 ) |
80
2024 BlackRock Annual Report to Shareholders
Schedule of Investments (continued)
April 30, 2024
BlackRock Global Equity Market Neutral Fund
Security | Shares | Value | % of Basket Value |
Japan (continued) | |||
Japan Real Estate Investment Corp. | (442 ) | $(1,532,116 ) | (559.8 )% |
Jeol Ltd. | (1,500 ) | (61,007 ) | (22.3 ) |
KDX Realty Investment Corp. | (271 ) | (267,297 ) | (97.7 ) |
Keisei Electric Railway Co. Ltd. | (16,600 ) | (632,868 ) | (231.2 ) |
Kikkoman Corp. | (53,500 ) | (652,132 ) | (238.3 ) |
Kintetsu Group Holdings Co. Ltd., Class L | (15,900 ) | (418,667 ) | (153.0 ) |
Kyushu Electric Power Co., Inc. | (49,600 ) | (472,004 ) | (172.4 ) |
Mercari, Inc. | (1,300 ) | (15,357 ) | (5.6 ) |
MinebeaMitsumi, Inc. | (12,600 ) | (241,071 ) | (88.1 ) |
Mitsui OSK Lines Ltd. | (39,500 ) | (1,280,147 ) | (467.7 ) |
Nippon Building Fund, Inc. | (488 ) | (1,905,579 ) | (696.2 ) |
Nippon Sanso Holdings Corp. | (20,800 ) | (631,237 ) | (230.6 ) |
Nissan Chemical Corp. | (6,500 ) | (226,679 ) | (82.8 ) |
Niterra Co. Ltd. | (57,800 ) | (1,939,975 ) | (708.8 ) |
Nitori Holdings Co. Ltd. | (1,900 ) | (260,597 ) | (95.2 ) |
Rakus Co. Ltd. | (65,200 ) | (674,370 ) | (246.4 ) |
Rohto Pharmaceutical Co. Ltd. | (55,300 ) | (1,102,496 ) | (402.8 ) |
Secom Co. Ltd. | (9,400 ) | (667,648 ) | (243.9 ) |
SG Holdings Co. Ltd. | (103,400 ) | (1,237,612 ) | (452.2 ) |
SHIFT, Inc. | (1,800 ) | (169,955 ) | (62.1 ) |
Shinko Electric Industries Co. Ltd. | (19,300 ) | (677,628 ) | (247.6 ) |
Shionogi & Co. Ltd. | (8,800 ) | (420,104 ) | (153.5 ) |
SMC Corp. | (5,200 ) | (2,794,743 ) | (1,021.1 ) |
Square Enix Holdings Co. Ltd. | (3,000 ) | (110,780 ) | (40.5 ) |
SUMCO Corp. | (81,000 ) | (1,238,753 ) | (452.6 ) |
Tobu Railway Co. Ltd. | (7,500 ) | (152,592 ) | (55.7 ) |
Tohoku Electric Power Co., Inc. | (7,200 ) | (56,924 ) | (20.8 ) |
Tokyo Electric Power Co Holdings, Inc. | (221,300 ) | (1,411,714 ) | (515.8 ) |
Tokyo Gas Co. Ltd. | (15,700 ) | (360,873 ) | (131.8 ) |
Toyo Suisan Kaisha Ltd. | (18,500 ) | (1,182,547 ) | (432.1 ) |
Visional, Inc. | (8,200 ) | (383,623 ) | (140.2 ) |
Yamato Holdings Co. Ltd. | (4,200 ) | (56,756 ) | (20.7 ) |
Yokohama Rubber Co. Ltd. | (31,400 ) | (840,108 ) | (306.9 ) |
(31,564,347 ) | |||
Netherlands | |||
Akzo Nobel NV | (1,442 ) | (95,584 ) | (34.9 ) |
Argenx SE | (8,314 ) | (3,094,573 ) | (1,130.6 ) |
ASM International NV | (34 ) | (21,285 ) | (7.8 ) |
Heineken Holding NV | (55,342 ) | (4,433,208 ) | (1,619.7 ) |
Heineken NV | (19,220 ) | (1,865,289 ) | (681.5 ) |
IMCD NV | (1,310 ) | (197,223 ) | (72.1 ) |
JDE Peet’s NV | (92,942 ) | (2,057,238 ) | (751.6 ) |
Universal Music Group NV | (6,182 ) | (181,064 ) | (66.2 ) |
(11,945,464 ) | |||
New Zealand | |||
Auckland International Airport Ltd. | (45,347 ) | (210,143 ) | (76.8 ) |
Mercury NZ Ltd. | (8,921 ) | (33,599 ) | (12.3 ) |
Meridian Energy Ltd. | (135,374 ) | (479,438 ) | (175.1 ) |
(723,180 ) | |||
Norway | |||
Frontline PLC | (8,174 ) | (192,007 ) | (70.1 ) |
Orkla ASA | (223,140 ) | (1,540,619 ) | (562.9 ) |
Salmar ASA | (16,457 ) | (1,049,992 ) | (383.6 ) |
Seadrill Ltd. | (2,225 ) | (108,024 ) | (39.5 ) |
(2,890,642 ) | |||
Portugal | |||
Banco Comercial Portugues SA, R Shares | (4,674,305 ) | (1,625,523 ) | (593.9 ) |
Security | Shares | Value | % of Basket Value |
Portugal (continued) | |||
Galp Energia SGPS SA | (143,768 ) | $(3,088,023 ) | (1,128.3 )% |
Jeronimo Martins SGPS SA | (11,689 ) | (239,481 ) | (87.5 ) |
(4,953,027 ) | |||
Sweden | |||
Boliden AB | (56,168 ) | (1,867,519 ) | (682.3 ) |
Castellum AB | (132,186 ) | (1,590,062 ) | (581.0 ) |
Epiroc AB, Class A | (237,376 ) | (4,442,499 ) | (1,623.1 ) |
Epiroc AB, Class B | (41,360 ) | (694,664 ) | (253.8 ) |
EQT AB | (41,550 ) | (1,136,664 ) | (415.3 ) |
Getinge AB, B Shares | (115,786 ) | (2,464,597 ) | (900.5 ) |
Investment AB Latour, B Shares | (40,728 ) | (994,226 ) | (363.3 ) |
Lifco AB, B Shares | (14,022 ) | (344,145 ) | (125.7 ) |
Saab AB, Class B | (559 ) | (44,523 ) | (16.3 ) |
Sandvik Ab | (292,157 ) | (5,896,398 ) | (2,154.3 ) |
Skandinaviska Enskilda Banken AB, Class A | (283,628 ) | (3,761,345 ) | (1,374.3 ) |
Svenska Handelsbanken AB, A Shares | (96,389 ) | (838,389 ) | (306.3 ) |
Volvo AB, B Shares | (223,691 ) | (5,765,786 ) | (2,106.6 ) |
(29,840,817 ) | |||
Thailand | |||
Fabrinet | (5,390 ) | (932,847 ) | (340.8 ) |
United Kingdom | |||
Admiral Group PLC | (4,213 ) | (142,862 ) | (52.2 ) |
Beazley PLC | (67,944 ) | (560,002 ) | (204.6 ) |
Bellway PLC | (3,089 ) | (96,706 ) | (35.3 ) |
Coca-Cola Europacific Partners PLC | (70,599 ) | (5,084,540 ) | (1,857.7 ) |
Croda International PLC | (1,604 ) | (92,361 ) | (33.8 ) |
Diageo PLC | (466,695 ) | (16,067,467 ) | (5,870.5 ) |
DS Smith PLC | (611,314 ) | (2,651,144 ) | (968.6 ) |
Howden Joinery Group PLC | (26,530 ) | (287,678 ) | (105.1 ) |
InterContinental Hotels Group PLC | (21,235 ) | (2,060,281 ) | (752.8 ) |
JD Sports Fashion PLC | (1,239,717 ) | (1,767,801 ) | (645.9 ) |
Next PLC | (22,826 ) | (2,549,768 ) | (931.6 ) |
Ocado Group PLC | (55,798 ) | (243,342 ) | (88.9 ) |
Schroders PLC | (193,113 ) | (844,107 ) | (308.4 ) |
Smith & Nephew PLC | (611,106 ) | (7,375,463 ) | (2,694.7 ) |
Spirax-Sarco Engineering PLC | (65,538 ) | (7,182,256 ) | (2,624.2 ) |
St James’s Place PLC | (251,904 ) | (1,358,211 ) | (496.2 ) |
Vistry Group PLC | (66,548 ) | (984,941 ) | (359.9 ) |
(49,348,930 ) | |||
United States | |||
Advance Auto Parts, Inc. | (8,799 ) | (642,151 ) | (234.6 ) |
Agree Realty Corp. | (19,020 ) | (1,088,324 ) | (397.6 ) |
Air Lease Corp., Class A | (23,675 ) | (1,189,432 ) | (434.6 ) |
Airbnb, Inc., Class A | (8,498 ) | (1,347,528 ) | (492.3 ) |
Albemarle Corp. | (9,420 ) | (1,133,320 ) | (414.1 ) |
Alight, Inc., Class A | (41,434 ) | (373,735 ) | (136.6 ) |
Alliant Energy Corp. | (143,255 ) | (7,134,099 ) | (2,606.6 ) |
Allison Transmission Holdings, Inc. | (15,853 ) | (1,165,988 ) | (426.0 ) |
Altair Engineering, Inc., Class A | (5,578 ) | (448,750 ) | (164.0 ) |
American Homes 4 Rent, Class A | (3,698 ) | (132,388 ) | (48.4 ) |
Amkor Technology, Inc. | (24,697 ) | (798,948 ) | (291.9 ) |
Antero Midstream Corp. | (47,311 ) | (654,784 ) | (239.2 ) |
Appfolio, Inc., Class A | (9,511 ) | (2,156,905 ) | (788.1 ) |
Asana, Inc., Class A | (9,241 ) | (137,414 ) | (50.2 ) |
Aspen Technology, Inc. | (2,754 ) | (542,180 ) | (198.1 ) |
ATI, Inc. | (13,290 ) | (793,413 ) | (289.9 ) |
Avantor, Inc. | (107,616 ) | (2,607,536 ) | (952.7 ) |
Schedule of Investments81
Schedule of Investments (continued)
April 30, 2024
BlackRock Global Equity Market Neutral Fund
Security | Shares | Value | % of Basket Value |
United States (continued) | |||
Axalta Coating Systems Ltd. | (16,646 ) | $(523,350 ) | (191.2 )% |
Ball Corp. | (159,273 ) | (11,080,623 ) | (4,048.5 ) |
Bath & Body Works, Inc. | (7,946 ) | (360,907 ) | (131.9 ) |
BellRing Brands, Inc. | (907 ) | (50,039 ) | (18.3 ) |
Bill Holdings, Inc. | (18,823 ) | (1,173,802 ) | (428.9 ) |
BJ’s Wholesale Club Holdings, Inc. | (35,173 ) | (2,626,720 ) | (959.7 ) |
BorgWarner, Inc. | (1,280 ) | (41,946 ) | (15.3 ) |
Boston Beer Co., Inc., Class A | (1,094 ) | (304,581 ) | (111.3 ) |
Boston Scientific Corp. | (33,624 ) | (2,416,557 ) | (882.9 ) |
Braze, Inc., Class A | (855 ) | (35,824 ) | (13.1 ) |
Carvana Co., Class A | (23,247 ) | (1,927,641 ) | (704.3 ) |
Caterpillar, Inc. | (2,743 ) | (917,725 ) | (335.3 ) |
Celsius Holdings, Inc. | (20,364 ) | (1,451,342 ) | (530.3 ) |
Charles River Laboratories International, Inc. | (204 ) | (46,716 ) | (17.1 ) |
Chesapeake Energy Corp. | (17,151 ) | (1,541,532 ) | (563.2 ) |
Choice Hotels International, Inc. | (9,858 ) | (1,165,807 ) | (425.9 ) |
Chord Energy Corp. | (7,502 ) | (1,327,704 ) | (485.1 ) |
Churchill Downs, Inc. | (8,091 ) | (1,043,739 ) | (381.3 ) |
Cincinnati Financial Corp. | (455 ) | (52,639 ) | (19.2 ) |
Core & Main, Inc., Class A | (40,541 ) | (2,289,350 ) | (836.5 ) |
Coty, Inc., Class A | (9,642 ) | (110,304 ) | (40.3 ) |
Crane Co. | (26,495 ) | (3,709,565 ) | (1,355.3 ) |
CubeSmart | (1,407 ) | (56,899 ) | (20.8 ) |
Cummins, Inc. | (2,236 ) | (631,648 ) | (230.8 ) |
Darden Restaurants, Inc. | (7,037 ) | (1,079,546 ) | (394.4 ) |
Deere & Co. | (22,864 ) | (8,949,198 ) | (3,269.7 ) |
DoubleVerify Holdings, Inc. | (6,605 ) | (193,526 ) | (70.7 ) |
Doximity, Inc., Class A | (49,225 ) | (1,195,675 ) | (436.9 ) |
Duke Energy Corp. | (5,956 ) | (585,237 ) | (213.8 ) |
Duolingo, Inc. | (3,065 ) | (691,924 ) | (252.8 ) |
Dutch Bros, Inc., Class A | (31,158 ) | (877,409 ) | (320.6 ) |
Elevance Health, Inc. | (4,273 ) | (2,258,622 ) | (825.2 ) |
Equifax, Inc. | (6,790 ) | (1,495,090 ) | (546.3 ) |
Equity Residential | (22,474 ) | (1,447,326 ) | (528.8 ) |
Erie Indemnity Co., Class A | (1,332 ) | (509,703 ) | (186.2 ) |
Extra Space Storage, Inc. | (21,028 ) | (2,823,640 ) | (1,031.7 ) |
FactSet Research Systems, Inc. | (7,722 ) | (3,219,225 ) | (1,176.2 ) |
Fastenal Co. | (161,883 ) | (10,998,331 ) | (4,018.4 ) |
FedEx Corp. | (33,636 ) | (8,805,232 ) | (3,217.1 ) |
Fifth Third Bancorp | (13,709 ) | (499,830 ) | (182.6 ) |
First Solar, Inc. | (2,080 ) | (366,704 ) | (134.0 ) |
Five Below, Inc. | (762 ) | (111,511 ) | (40.7 ) |
Five9, Inc. | (1,026 ) | (59,067 ) | (21.6 ) |
Freshworks, Inc., Class A | (5 ) | (89 ) | (0.0 ) |
Gentex Corp. | (5,113 ) | (175,376 ) | (64.1 ) |
Globus Medical, Inc., Class A | (11,121 ) | (553,715 ) | (202.3 ) |
Graphic Packaging Holding Co. | (178,959 ) | (4,626,090 ) | (1,690.2 ) |
Hasbro, Inc. | (79,863 ) | (4,895,602 ) | (1,788.7 ) |
Healthcare Realty Trust, Inc. | (69,203 ) | (984,759 ) | (359.8 ) |
HealthEquity, Inc. | (4,353 ) | (343,495 ) | (125.5 ) |
Healthpeak Properties, Inc. | (34,412 ) | (640,407 ) | (234.0 ) |
HEICO Corp. | (4,341 ) | (900,323 ) | (328.9 ) |
Henry Schein, Inc. | (108,886 ) | (7,543,622 ) | (2,756.2 ) |
Herc Holdings, Inc. | (806 ) | (115,282 ) | (42.1 ) |
Hexcel Corp. | (675 ) | (43,342 ) | (15.8 ) |
Hormel Foods Corp. | (11,052 ) | (393,009 ) | (143.6 ) |
Huntington Bancshares, Inc. | (346 ) | (4,661 ) | (1.7 ) |
Hyatt Hotels Corp., Class A | (17,829 ) | (2,652,777 ) | (969.2 ) |
ICON PLC | (10,661 ) | (3,175,699 ) | (1,160.3 ) |
Immunovant, Inc. | (6,064 ) | (166,396 ) | (60.8 ) |
Interactive Brokers Group, Inc., Class A | (6,277 ) | (722,608 ) | (264.0 ) |
International Flavors & Fragrances, Inc. | (11,524 ) | (975,507 ) | (356.4 ) |
Security | Shares | Value | % of Basket Value |
United States (continued) | |||
Intuitive Surgical, Inc. | (14,064 ) | $(5,212,400 ) | (1,904.4 )% |
Keurig Dr. Pepper, Inc. | (142,358 ) | (4,797,465 ) | (1,752.8 ) |
Kirby Corp. | (41,685 ) | (4,549,084 ) | (1,662.1 ) |
Laboratory Corp. of America Holdings | (2,961 ) | (596,257 ) | (217.9 ) |
Landstar System, Inc. | (169 ) | (29,475 ) | (10.8 ) |
Lantheus Holdings, Inc. | (1,769 ) | (117,709 ) | (43.0 ) |
Liberty Media Corp.-Liberty Formula One, Class C | (669 ) | (46,810 ) | (17.1 ) |
Live Nation Entertainment, Inc. | (18,696 ) | (1,662,261 ) | (607.3 ) |
LPL Financial Holdings, Inc. | (2,184 ) | (587,780 ) | (214.8 ) |
MACOM Technology Solutions Holdings, Inc., Class H | (8,423 ) | (858,725 ) | (313.8 ) |
Madrigal Pharmaceuticals, Inc. | (9,362 ) | (1,910,035 ) | (697.9 ) |
MarketAxess Holdings, Inc. | (5,521 ) | (1,104,697 ) | (403.6 ) |
Marriott International, Inc., Class A | (19,478 ) | (4,599,340 ) | (1,680.4 ) |
Masimo Corp. | (7,594 ) | (1,020,710 ) | (372.9 ) |
Matador Resources Co. | (46,720 ) | (2,910,656 ) | (1,063.5 ) |
Modine Manufacturing Co. | (8,561 ) | (793,005 ) | (289.7 ) |
MSC Industrial Direct Co., Inc., Class A | (1,005 ) | (91,696 ) | (33.5 ) |
Mueller Industries, Inc. | (14,142 ) | (789,406 ) | (288.4 ) |
National Storage Affiliates Trust | (43,899 ) | (1,538,221 ) | (562.0 ) |
New Fortress Energy, Inc., Class A | (5,832 ) | (152,798 ) | (55.8 ) |
Noble Corp. PLC | (55,200 ) | (2,449,776 ) | (895.1 ) |
NOV, Inc. | (6,141 ) | (113,547 ) | (41.5 ) |
Omnicom Group, Inc. | (50,183 ) | (4,658,990 ) | (1,702.2 ) |
Onto Innovation, Inc. | (10,007 ) | (1,856,198 ) | (678.2 ) |
Option Care Health, Inc. | (12,616 ) | (377,092 ) | (137.8 ) |
Packaging Corp. of America | (13,651 ) | (2,361,350 ) | (862.8 ) |
Parsons Corp. | (25,802 ) | (2,025,715 ) | (740.1 ) |
Permian Resources Corp. | (132,991 ) | (2,227,599 ) | (813.9 ) |
Pinnacle Financial Partners, Inc. | (3,098 ) | (237,617 ) | (86.8 ) |
Pinnacle West Capital Corp. | (2,630 ) | (193,699 ) | (70.8 ) |
Planet Fitness, Inc., Class A | (8,619 ) | (515,761 ) | (188.4 ) |
Primerica, Inc. | (662 ) | (140,251 ) | (51.2 ) |
Procore Technologies, Inc. | (20,083 ) | (1,374,079 ) | (502.0 ) |
PTC, Inc. | (22,552 ) | (4,001,627 ) | (1,462.1 ) |
Public Service Enterprise Group, Inc. | (56,891 ) | (3,930,030 ) | (1,435.9 ) |
Qiagen NV, QIAD | (16,753 ) | (696,542 ) | (254.5 ) |
Raymond James Financial, Inc. | (18,267 ) | (2,228,574 ) | (814.2 ) |
Regal Rexnord Corp. | (604 ) | (97,467 ) | (35.6 ) |
Rexford Industrial Realty, Inc. | (42,691 ) | (1,827,602 ) | (667.7 ) |
Robinhood Markets, Inc., Class A | (24,844 ) | (409,678 ) | (149.7 ) |
Roivant Sciences Ltd. | (3,330 ) | (36,297 ) | (13.3 ) |
Ryman Hospitality Properties, Inc. | (23,403 ) | (2,468,548 ) | (901.9 ) |
Saia, Inc. | (449 ) | (178,177 ) | (65.1 ) |
Samsara, Inc., Class A | (15,620 ) | (545,607 ) | (199.3 ) |
SentinelOne, Inc., Class A | (758 ) | (16,017 ) | (5.9 ) |
Shockwave Medical, Inc. | (9,857 ) | (3,254,683 ) | (1,189.1 ) |
Simpson Manufacturing Co., Inc. | (19,506 ) | (3,391,898 ) | (1,239.3 ) |
SM Energy Co. | (938 ) | (45,484 ) | (16.6 ) |
SoFi Technologies, Inc. | (1,054 ) | (7,146 ) | (2.6 ) |
SolarEdge Technologies, Inc. | (14,601 ) | (856,349 ) | (312.9 ) |
SouthState Corp. | (7,328 ) | (554,730 ) | (202.7 ) |
SPS Commerce, Inc. | (892 ) | (155,092 ) | (56.7 ) |
STAG Industrial, Inc. | (51,105 ) | (1,757,501 ) | (642.1 ) |
Starwood Property Trust, Inc. | (16,049 ) | (304,450 ) | (111.2 ) |
STERIS PLC | (929 ) | (190,036 ) | (69.4 ) |
Stifel Financial Corp. | (2,023 ) | (161,678 ) | (59.1 ) |
SVB Financial Group | (216 ) | (11 ) | (0.0 ) |
Take-Two Interactive Software, Inc. | (37,788 ) | (5,396,504 ) | (1,971.7 ) |
Tapestry, Inc. | (13,001 ) | (519,000 ) | (189.6 ) |
Teledyne Technologies, Inc. | (4,246 ) | (1,619,764 ) | (591.8 ) |
82
2024 BlackRock Annual Report to Shareholders
Schedule of Investments (continued)
April 30, 2024
BlackRock Global Equity Market Neutral Fund
Security | Shares | Value | % of Basket Value |
United States (continued) | |||
Tenable Holdings, Inc. | (5,611 ) | $(252,327 ) | (92.2 )% |
TKO Group Holdings, Inc., Class A | (13,576 ) | (1,285,240 ) | (469.6 ) |
Valaris Ltd. | (29,138 ) | (1,895,718 ) | (692.6 ) |
Valvoline, Inc. | (19,417 ) | (825,611 ) | (301.7 ) |
Vaxcyte, Inc. | (10,491 ) | (635,230 ) | (232.1 ) |
Webster Financial Corp. | (10,985 ) | (481,473 ) | (175.9 ) |
Wyndham Hotels & Resorts, Inc. | (44,716 ) | (3,287,073 ) | (1,201.0 ) |
XPO, Inc. | (9,703 ) | (1,042,684 ) | (381.0 ) |
Zebra Technologies Corp., Class A | (2,326 ) | (731,667 ) | (267.3 ) |
(229,301,129 ) | |||
Total Reference Entity — Short | (434,183,884 ) | ||
Net Value of Reference Entity — UBS AG | $273,699 | ||
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 dates 05/11/26 — 05/15/28:
Security | Shares | Value | % of Basket Value |
Reference Entity — Long | |||
Common Stocks | |||
Australia | |||
Audinate Group Ltd. | 1,847 | $22,050 | 6.3 % |
Bega Cheese Ltd. | 62,746 | 165,453 | 47.0 |
Boral Ltd. | 217,608 | 796,201 | 226.1 |
BWP Trust | 70,860 | 162,202 | 46.1 |
Challenger Ltd. | 232,071 | 995,016 | 282.6 |
Dicker Data Ltd. | 139,736 | 957,315 | 271.9 |
Downer EDI Ltd. | 408,378 | 1,218,892 | 346.2 |
Growthpoint Properties Australia Ltd. | 108,563 | 165,263 | 46.9 |
NRW Holdings Ltd. | 147,352 | 261,594 | 74.3 |
Perseus Mining Ltd. | 68,077 | 99,641 | 28.3 |
Region RE Ltd. | 99,210 | 138,573 | 39.4 |
Ridley Corp. Ltd. | 3,707 | 5,377 | 1.5 |
Technology One Ltd. | 90,169 | 928,465 | 263.7 |
Temple & Webster Group Ltd. | 65,346 | 474,193 | 134.7 |
Ventia Services Group Pty Ltd. | 401,209 | 928,408 | 263.7 |
Viva Energy Group Ltd. | 214,862 | 468,766 | 133.1 |
7,787,409 | |||
Austria | |||
ANDRITZ AG | 20,704 | 1,124,522 | 319.4 |
Kontron AG | 7,804 | 156,393 | 44.4 |
Raiffeisen Bank International AG | 48,181 | 885,905 | 251.6 |
UNIQA Insurance Group AG | 12,197 | 106,529 | 30.3 |
2,273,349 | |||
Canada | |||
AbCellera Biologics, Inc. | 161,598 | 610,840 | 173.5 |
Ag Growth International, Inc. | 5,814 | 223,534 | 63.5 |
Canfor Corp. | 5,184 | 54,565 | 15.5 |
Centerra Gold, Inc. | 215,129 | 1,308,780 | 371.7 |
CI Financial Corp. | 24,844 | 294,233 | 83.6 |
Doman Building Materials Group Ltd. | 10,741 | 59,839 | 17.0 |
Innergex Renewable Energy, Inc. | 274,684 | 1,600,284 | 454.5 |
Interfor Corp. | 16,324 | 206,869 | 58.8 |
Nexus Industrial REIT | 18,132 | 91,414 | 26.0 |
North American Construction Group Ltd. | 41,608 | 875,329 | 248.6 |
Security | Shares | Value | % of Basket Value |
Canada (continued) | |||
Obsidian Energy Ltd. | 152,725 | $1,309,065 | 371.8 % |
Secure Energy Services, Inc. | 158,157 | 1,340,616 | 380.8 |
SSR Mining, Inc. | 199,448 | 1,067,849 | 303.3 |
Stelco Holdings, Inc. | 15,850 | 458,846 | 130.3 |
Torex Gold Resources, Inc. | 2,933 | 41,277 | 11.7 |
Trican Well Service Ltd. | 116,863 | 354,354 | 100.6 |
9,897,694 | |||
France | |||
CGG SA | 154,909 | 64,500 | 18.3 |
Etablissements Maurel et Prom SA | 109,083 | 685,631 | 194.7 |
ICADE | 22,325 | 591,071 | 167.9 |
1,341,202 | |||
Georgia | |||
TBC Bank Group PLC | 7,273 | 313,412 | 89.0 |
Germany | |||
Auto1 Group SE | 29,154 | 147,818 | 42.0 |
Deutsche Pfandbriefbank AG | 67,622 | 319,768 | 90.8 |
Deutsche Wohnen SE | 18,325 | 344,209 | 97.8 |
Duerr AG | 17,736 | 451,783 | 128.3 |
Grand City Properties SA | 62,939 | 699,755 | 198.8 |
SAF-Holland SE | 12,859 | 246,592 | 70.0 |
Salzgitter AG | 455 | 11,632 | 3.3 |
United Internet AG, Class N, Registered Shares | 60,488 | 1,457,233 | 413.9 |
3,678,790 | |||
Ireland | |||
Greencore Group PLC | 254,915 | 415,416 | 118.0 |
Israel | |||
Ituran Location and Control Ltd. | 32,240 | 827,923 | 235.2 |
Italy | |||
Banca IFIS SpA | 11,022 | 244,556 | 69.5 |
Brunello Cucinelli SpA | 4,081 | 415,050 | 117.9 |
Buzzi SpA | 16,278 | 583,873 | 165.8 |
Credito Emiliano SpA | 10,398 | 109,389 | 31.1 |
De’ Longhi SpA | 16,916 | 552,523 | 156.9 |
Hera SpA | 184,902 | 664,864 | 188.8 |
Maire Tecnimont SpA | 8,128 | 67,022 | 19.0 |
PRADA SpA | 105,500 | 859,812 | 244.2 |
Sesa SpA | 587 | 60,769 | 17.3 |
Webuild SpA | 413,474 | 1,033,444 | 293.5 |
4,591,302 | |||
Japan | |||
77 Bank Ltd. | 11,000 | 317,377 | 90.1 |
Air Water, Inc. | 21,500 | 325,826 | 92.5 |
Aisan Industry Co. Ltd. | 45,800 | 438,781 | 124.6 |
Alfresa Holdings Corp. | 59,100 | 893,817 | 253.9 |
Asanuma Corp. | 1,200 | 29,095 | 8.3 |
BML, Inc. | 9,400 | 177,726 | 50.5 |
Cellebrite Di Ltd. | 126,304 | 1,365,346 | 387.8 |
Citizen Watch Co. Ltd. | 173,500 | 1,174,628 | 333.6 |
CKD Corp. | 3,400 | 64,121 | 18.2 |
Coca-Cola Bottlers Japan Holdings, Inc. | 92,800 | 1,329,284 | 377.6 |
Computer Engineering & Consulting Ltd. | 2,400 | 28,207 | 8.0 |
Daiichikosho Co. Ltd. | 30,300 | 361,871 | 102.8 |
Dentsu Soken, Inc. | 7,800 | 263,995 | 75.0 |
Digital Garage, Inc. | 29,000 | 517,586 | 147.0 |
Doutor Nichires Holdings Co. Ltd. | 13,800 | 188,947 | 53.7 |
Schedule of Investments83
Schedule of Investments (continued)
April 30, 2024
BlackRock Global Equity Market Neutral Fund
Security | Shares | Value | % of Basket Value |
Japan (continued) | |||
DTS Corp. | 5,900 | $164,406 | 46.7 % |
FULLCAST Holdings Co. Ltd. | 12,200 | 119,461 | 33.9 |
Furukawa Electric Co. Ltd. | 24,500 | 536,144 | 152.3 |
Glory Ltd. | 11,200 | 206,376 | 58.6 |
GMO internet group, Inc. | 58,600 | 982,679 | 279.1 |
Hanwa Co. Ltd. | 5,100 | 200,584 | 57.0 |
Hioki EE Corp. | 7,600 | 310,779 | 88.3 |
Hyakugo Bank Ltd. | 149,800 | 625,589 | 177.7 |
Inaba Denki Sangyo Co. Ltd. | 1,300 | 30,858 | 8.8 |
Ishihara Sangyo Kaisha Ltd. | 8,900 | 105,442 | 29.9 |
Itochu Enex Co. Ltd. | 30,600 | 303,141 | 86.1 |
Japan Securities Finance Co. Ltd. | 12,300 | 127,555 | 36.2 |
Kato Sangyo Co. Ltd. | 8,300 | 246,309 | 70.0 |
Keiyo Bank Ltd. | 201,200 | 1,006,558 | 285.9 |
Kissei Pharmaceutical Co. Ltd. | 13,200 | 309,386 | 87.9 |
Kokuyo Co. Ltd. | 39,500 | 689,786 | 195.9 |
Kyoritsu Maintenance Co. Ltd. | 113,800 | 2,481,274 | 704.7 |
Maxell Ltd. | 14,600 | 147,305 | 41.8 |
MEITEC Group Holdings, Inc. | 47,800 | 910,976 | 258.7 |
Mitsui Mining & Smelting Co. Ltd. | 73,400 | 2,350,343 | 667.6 |
Nippon Light Metal Holdings Co. Ltd. | 10,800 | 131,136 | 37.2 |
Nippon Shinyaku Co. Ltd. | 279,300 | 7,897,431 | 2,243.1 |
Nittetsu Mining Co. Ltd. | 4,300 | 138,320 | 39.3 |
Noritz Corp. | 42,600 | 491,817 | 139.7 |
NTN Corp. | 1,125,600 | 2,284,123 | 648.7 |
Okumura Corp. | 5,000 | 159,743 | 45.4 |
Restar Corp. | 29,500 | 569,949 | 161.9 |
Sanki Engineering Co. Ltd. | 16,100 | 231,193 | 65.7 |
Sato Holdings Corp. | 15,000 | 212,718 | 60.4 |
Shibaura Machine Co. Ltd. | 20,200 | 462,291 | 131.3 |
Sundrug Co. Ltd. | 15,000 | 440,377 | 125.1 |
Taikisha Ltd. | 14,900 | 449,240 | 127.6 |
Tokai Rika Co. Ltd. | 12,900 | 180,338 | 51.2 |
Tokyotokeiba Co. Ltd. | 30,900 | 871,027 | 247.4 |
Tsubakimoto Chain Co. | 13,500 | 474,676 | 134.8 |
Uchida Yoko Co. Ltd. | 6,900 | 310,173 | 88.1 |
U-Next Holdings Co. Ltd. | 15,700 | 444,904 | 126.4 |
Wacom Co. Ltd. | 90,800 | 356,367 | 101.2 |
YAMABIKO Corp. | 17,500 | 236,799 | 67.3 |
Yamazen Corp. | 15,900 | 142,732 | 40.5 |
Yaoko Co. Ltd. | 3,400 | 188,172 | 53.4 |
Yokogawa Bridge Holdings Corp. | 31,900 | 591,993 | 168.1 |
Yuasa Trading Co. Ltd. | 6,200 | 231,591 | 65.8 |
36,828,668 | |||
Netherlands | |||
Eurocommercial Properties NV | 6,305 | 142,776 | 40.6 |
Koninklijke BAM Groep NV | 211,763 | 859,789 | 244.2 |
1,002,565 | |||
Norway | |||
Aker Solutions ASA | 119,581 | 456,818 | 129.7 |
Elkem ASA | 185,968 | 330,195 | 93.8 |
Odfjell Drilling Ltd. | 40,754 | 188,548 | 53.6 |
Stolt-Nielsen Ltd. | 5,850 | 253,795 | 72.1 |
Wallenius Wilhelmsen ASA | 29,238 | 298,294 | 84.7 |
1,527,650 |
Security | Shares | Value | % of Basket Value |
Portugal | |||
Mota-Engil SGPS SA | 95,220 | $410,139 | 116.5 % |
Sonae SGPS SA | 122,702 | 122,347 | 34.7 |
532,486 | |||
Singapore | |||
UMS Holdings Ltd. | 21,800 | 21,440 | 6.1 |
Spain | |||
Atlantica Sustainable Infrastructure PLC | 80,797 | 1,581,197 | 449.1 |
Merlin Properties Socimi SA | 102,798 | 1,151,624 | 327.1 |
2,732,821 | |||
Sweden | |||
Attendo AB | 56 | 216 | 0.0 |
Loomis Ab, Class B | 25,900 | 670,249 | 190.4 |
670,465 | |||
Switzerland | |||
IWG PLC | 113,326 | 260,674 | 74.0 |
United Kingdom | |||
Bodycote PLC | 170,611 | 1,461,818 | 415.2 |
Britvic PLC | 257,285 | 2,827,206 | 803.0 |
Empiric Student Property PLC | 373,314 | 417,940 | 118.7 |
Firstgroup PLC | 169,094 | 340,851 | 96.8 |
Investec PLC | 296,969 | 1,874,114 | 532.3 |
J D Wetherspoon PLC | 83,590 | 753,824 | 214.1 |
Jupiter Fund Management PLC | 326,596 | 313,506 | 89.0 |
Mitchells & Butlers PLC | 109,089 | 327,260 | 93.0 |
Morgan Sindall Group PLC | 3,801 | 106,764 | 30.3 |
Playtech PLC | 74,154 | 489,523 | 139.0 |
Serco Group PLC | 305,260 | 696,132 | 197.7 |
TP ICAP Group PLC | 152,923 | 394,338 | 112.0 |
Vesuvius PLC | 23,592 | 140,317 | 39.9 |
Volution Group PLC | 21,206 | 113,915 | 32.4 |
10,257,508 | |||
United States | |||
1-800-Flowers.com, Inc., Class A | 16,423 | 148,957 | 42.3 |
ABM Industries, Inc. | 180,624 | 7,893,269 | 2,241.9 |
Accel Entertainment, Inc. | 23,277 | 249,995 | 71.0 |
Albany International Corp., Class A | 7,182 | 572,764 | 162.7 |
Allient, Inc. | 6,831 | 200,763 | 57.0 |
Alphatec Holdings, Inc. | 215,077 | 2,714,272 | 770.9 |
Alta Equipment Group, Inc., Class A | 17,272 | 191,892 | 54.5 |
American Vanguard Corp. | 62,125 | 707,604 | 201.0 |
Amneal Pharmaceuticals, Inc. | 67,740 | 409,827 | 116.4 |
Amphastar Pharmaceuticals, Inc. | 6,408 | 264,330 | 75.1 |
Anywhere Real Estate, Inc. | 98,364 | 478,049 | 135.8 |
Apogee Enterprises, Inc. | 3,930 | 242,795 | 69.0 |
Arcosa, Inc. | 5,412 | 411,420 | 116.9 |
Atea Pharmaceuticals, Inc. | 6,608 | 24,450 | 6.9 |
Atmus Filtration Technologies, Inc. | 36,013 | 1,090,834 | 309.8 |
AtriCure, Inc. | 31,563 | 761,299 | 216.2 |
Camden National Corp. | 15,279 | 477,010 | 135.5 |
Capitol Federal Financial, Inc. | 39,356 | 187,728 | 53.3 |
Cars.com, Inc. | 3,336 | 55,744 | 15.8 |
Castle Biosciences, Inc. | 13,841 | 291,907 | 82.9 |
Central Garden & Pet Co., Class A | 10,702 | 379,172 | 107.7 |
Chegg, Inc. | 157,116 | 812,290 | 230.7 |
CNO Financial Group, Inc. | 244,013 | 6,424,862 | 1,824.8 |
Cogent Communications Holdings, Inc. | 4,773 | 306,331 | 87.0 |
CommVault Systems, Inc. | 14,329 | 1,468,293 | 417.0 |
84
2024 BlackRock Annual Report to Shareholders
Schedule of Investments (continued)
April 30, 2024
BlackRock Global Equity Market Neutral Fund
Security | Shares | Value | % of Basket Value |
United States (continued) | |||
Comstock Resources, Inc. | 60,290 | $606,517 | 172.3 % |
CONMED Corp. | 48,121 | 3,271,266 | 929.1 |
ConnectOne Bancorp, Inc. | 19,370 | 346,917 | 98.5 |
Corcept Therapeutics, Inc. | 54,244 | 1,264,970 | 359.3 |
Coursera, Inc. | 80,352 | 821,197 | 233.2 |
CSG Systems International, Inc. | 25,818 | 1,219,642 | 346.4 |
Deluxe Corp. | 24,593 | 485,712 | 138.0 |
DigitalOcean Holdings, Inc. | 63,376 | 2,082,535 | 591.5 |
Dime Community Bancshares, Inc. | 14,413 | 262,317 | 74.5 |
DXP Enterprises, Inc. | 10,275 | 501,009 | 142.3 |
Eagle Bancorp, Inc. | 16,138 | 298,392 | 84.8 |
El Pollo Loco Holdings, Inc. | 7,000 | 59,640 | 16.9 |
EnerSys | 3,337 | 301,832 | 85.7 |
EPR Properties | 9,304 | 377,649 | 107.3 |
Essential Properties Realty Trust, Inc. | 114,299 | 3,010,636 | 855.1 |
Everi Holdings, Inc. | 33,958 | 277,437 | 78.8 |
eXp World Holdings, Inc. | 67,507 | 672,370 | 191.0 |
EZCORP, Inc., Class A | 28,983 | 318,233 | 90.4 |
Frontdoor, Inc. | 36,839 | 1,130,589 | 321.1 |
Fulgent Genetics, Inc. | 8,080 | 164,428 | 46.7 |
G-III Apparel Group Ltd. | 36,382 | 1,024,153 | 290.9 |
Global Industrial Co. | 456 | 17,561 | 5.0 |
GQG Partners, Inc., CDI | 480,678 | 705,270 | 200.3 |
Hackett Group, Inc. | 16,408 | 355,889 | 101.1 |
Health Catalyst, Inc. | 57,476 | 357,501 | 101.5 |
Healthcare Services Group, Inc. | 19,061 | 202,428 | 57.5 |
HealthStream, Inc. | 4,892 | 126,067 | 35.8 |
Heidrick & Struggles International, Inc. | 25,796 | 760,466 | 216.0 |
Huron Consulting Group, Inc. | 6,169 | 575,197 | 163.4 |
Independent Bank Corp. | 3,817 | 94,700 | 26.9 |
Innoviva, Inc. | 69,003 | 1,042,635 | 296.1 |
JELD-WEN Holding, Inc. | 22,196 | 455,018 | 129.2 |
Ligand Pharmaceuticals, Inc. | 16,761 | 1,171,426 | 332.7 |
Lovesac Co. | 3,154 | 69,956 | 19.9 |
M/I Homes, Inc. | 12,223 | 1,420,557 | 403.5 |
Magnite, Inc. | 26,083 | 230,313 | 65.4 |
Marqeta, Inc., Class A | 87,225 | 484,099 | 137.5 |
MaxLinear, Inc. | 16,604 | 345,197 | 98.0 |
Methode Electronics, Inc. | 3,778 | 46,054 | 13.1 |
Midland States Bancorp, Inc. | 2,870 | 62,853 | 17.9 |
Mueller Water Products, Inc., Class A | 14,887 | 235,810 | 67.0 |
N-able, Inc. | 41,895 | 513,633 | 145.9 |
NETGEAR, Inc. | 17,413 | 257,364 | 73.1 |
NexPoint Residential Trust, Inc. | 7,822 | 267,825 | 76.1 |
NMI Holdings, Inc., Class A | 18,729 | 577,977 | 164.2 |
Novocure Ltd. | 89,617 | 1,096,912 | 311.5 |
OceanFirst Financial Corp. | 35,868 | 529,412 | 150.4 |
ON24, Inc. | 50,916 | 335,536 | 95.3 |
PAR Technology Corp. | 20,857 | 881,834 | 250.5 |
Park Hotels & Resorts, Inc. | 30,864 | 497,836 | 141.4 |
Paymentus Holdings, Inc., Class A | 2,793 | 57,005 | 16.2 |
Pennant Group, Inc. | 6,067 | 126,861 | 36.0 |
Perella Weinberg Partners, Class A | 30,008 | 447,719 | 127.2 |
PRA Group, Inc. | 32,799 | 780,288 | 221.6 |
Premier Financial Corp. | 26,402 | 511,671 | 145.3 |
PROG Holdings, Inc. | 15,787 | 524,760 | 149.0 |
Resideo Technologies, Inc. | 6,221 | 121,496 | 34.5 |
REX American Resources Corp. | 8,937 | 494,484 | 140.4 |
RHI Magnesita NV | 4,040 | 182,092 | 51.7 |
Saul Centers, Inc. | 32,548 | 1,185,073 | 336.6 |
SEMrush Holdings, Inc., Class A | 24,057 | 294,458 | 83.6 |
SI-BONE, Inc. | 22,977 | 327,652 | 93.1 |
Security | Shares | Value | % of Basket Value |
United States (continued) | |||
Sims Ltd. | 53,465 | $407,487 | 115.7 % |
SolarWinds Corp. | 11,724 | 129,198 | 36.7 |
Southside Bancshares, Inc. | 7,777 | 207,335 | 58.9 |
Strategic Education, Inc. | 48,241 | 5,539,996 | 1,573.5 |
Stride, Inc. | 116,633 | 7,785,253 | 2,211.2 |
Sun Country Airlines Holdings, Inc. | 148,093 | 1,971,118 | 559.8 |
Supernus Pharmaceuticals, Inc. | 5,219 | 157,092 | 44.6 |
Talen Energy Corp. | 40,918 | 4,091,800 | 1,162.2 |
TTM Technologies, Inc. | 20,315 | 303,303 | 86.1 |
Tutor Perini Corp. | 4,735 | 78,743 | 22.4 |
Univest Financial Corp. | 3,807 | 79,452 | 22.6 |
Upwork, Inc. | 30,041 | 351,480 | 99.8 |
Varex Imaging Corp. | 20,512 | 333,320 | 94.7 |
Viad Corp. | 11,560 | 398,589 | 113.2 |
Vishay Precision Group, Inc. | 6,939 | 228,987 | 65.0 |
Vital Farms, Inc. | 19,199 | 513,765 | 145.9 |
WK Kellogg Co. | 66,985 | 1,563,430 | 444.1 |
World Acceptance Corp. | 2,385 | 328,104 | 93.2 |
World Kinect Corp. | 23,792 | 559,112 | 158.8 |
Yext, Inc. | 2,182 | 11,979 | 3.4 |
89,073,726 | |||
Investment Companies | |||
Luxembourg | |||
BBGI Global Infrastructure SA | 235,708 | 391,558 | 111.2 |
Total Reference Entity — Long | 174,426,058 | ||
Reference Entity — Short | |||
Common Stocks | |||
Australia | |||
Champion Iron Ltd. | (58,959 ) | (265,788 ) | (75.5 ) |
EVT Ltd. | (10,211 ) | (77,734 ) | (22.1 ) |
GUD Holdings Ltd. | (5,339 ) | (34,863 ) | (9.9 ) |
Iris Energy Ltd. | (35,556 ) | (154,313 ) | (43.8 ) |
Sigma Healthcare Ltd. | (31,451 ) | (25,472 ) | (7.2 ) |
Silex Systems Ltd. | (96,114 ) | (310,716 ) | (88.3 ) |
Stanmore Resources Ltd. | (117,254 ) | (249,320 ) | (70.8 ) |
Strike Energy Ltd. | (1,083,641 ) | (152,558 ) | (43.3 ) |
(1,270,764 ) | |||
Belgium | |||
Azelis Group NV | (54,279 ) | (1,299,570 ) | (369.1 ) |
VGP NV | (9,481 ) | (1,027,090 ) | (291.7 ) |
(2,326,660 ) | |||
Bermuda | |||
SiriusPoint Ltd. | (268,590 ) | (3,163,990 ) | (898.7 ) |
Canada | |||
Cineplex, Inc. | (18,567 ) | (117,066 ) | (33.3 ) |
Encore Energy Corp. | (31,769 ) | (145,206 ) | (41.2 ) |
EQB, Inc. | (2,784 ) | (169,244 ) | (48.1 ) |
Skeena Resources Ltd. | (20,266 ) | (95,563 ) | (27.1 ) |
Triple Flag Precious Metals Corp. | (9,910 ) | (159,603 ) | (45.3 ) |
(686,682 ) | |||
Costa Rica | |||
Establishment Labs Holdings, Inc. | (15,017 ) | (751,000 ) | (213.3 ) |
Denmark | |||
ALK-Abello A/S | (87,407 ) | (1,613,039 ) | (458.1 ) |
Chemometec A/S | (14,211 ) | (598,521 ) | (170.0 ) |
Matas A/S | (19,533 ) | (313,184 ) | (89.0 ) |
Ringkjoebing Landbobank A/S | (8,423 ) | (1,408,752 ) | (400.1 ) |
Schedule of Investments85
Schedule of Investments (continued)
April 30, 2024
BlackRock Global Equity Market Neutral Fund
Security | Shares | Value | % of Basket Value |
Denmark (continued) | |||
Royal Unibrew A/S | (21,759 ) | $(1,632,432 ) | (463.7 )% |
Scandinavian Tobacco Group A/S, Class A | (3,604 ) | (57,904 ) | (16.4 ) |
Topdanmark A/S | (16,353 ) | (679,589 ) | (193.0 ) |
(6,303,421 ) | |||
Faeroe Islands | |||
Bakkafrost P/F | (4,846 ) | (298,366 ) | (84.8 ) |
Finland | |||
Huhtamaki OYJ | (714 ) | (27,528 ) | (7.8 ) |
Nokian Renkaat OYJ | (2,834 ) | (24,829 ) | (7.1 ) |
(52,357 ) | |||
France | |||
Neoen SA | (39,920 ) | (1,217,305 ) | (345.8 ) |
Trigano SA | (384 ) | (58,652 ) | (16.7 ) |
Verallia SA | (20,642 ) | (794,786 ) | (225.7 ) |
(2,070,743 ) | |||
Germany | |||
Eckert & Ziegler SE | (5,229 ) | (205,863 ) | (58.5 ) |
Encavis AG | (28,207 ) | (510,145 ) | (144.9 ) |
Evotec SE | (3,743 ) | (38,672 ) | (11.0 ) |
Fielmann Group AG | (19,104 ) | (890,420 ) | (252.9 ) |
Fraport AG Frankfurt Airport Services Worldwide | (62,727 ) | (3,127,559 ) | (888.3 ) |
Mercer International, Inc. | (14,994 ) | (151,889 ) | (43.1 ) |
Sixt SE | (7,451 ) | (710,294 ) | (201.7 ) |
(5,634,842 ) | |||
Ghana | |||
Tullow Oil PLC | (154,769 ) | (69,938 ) | (19.9 ) |
Israel | |||
Electreon Wireless Ltd. | (847 ) | (43,747 ) | (12.4 ) |
Italy | |||
Eurogroup Laminations SpA | (15,862 ) | (68,712 ) | (19.5 ) |
Industrie De Nora SpA | (5,324 ) | (71,239 ) | (20.3 ) |
Pirelli & C SpA | (4,483 ) | (28,224 ) | (8.0 ) |
(168,175 ) | |||
Japan | |||
Advance Residence Investment Corp. | (227 ) | (501,542 ) | (142.4 ) |
Aeon Fantasy Co. Ltd. | (11,000 ) | (158,034 ) | (44.9 ) |
Anycolor, Inc. | (31,100 ) | (438,438 ) | (124.5 ) |
Asahi Yukizai Corp. | (5,100 ) | (163,203 ) | (46.4 ) |
Atom Corp. | (8,900 ) | (52,051 ) | (14.8 ) |
Base Co. Ltd. | (8,600 ) | (194,711 ) | (55.3 ) |
Benefit One, Inc. | (18,100 ) | (252,403 ) | (71.7 ) |
C Uyemura & Co. Ltd. | (3,500 ) | (234,100 ) | (66.5 ) |
Chikaranomoto Holdings Co. Ltd. | (19,669 ) | (215,730 ) | (61.3 ) |
Chiyoda Corp. | (581,700 ) | (1,641,830 ) | (466.3 ) |
Chubu Steel Plate Co. Ltd. | (300 ) | (4,509 ) | (1.3 ) |
Colowide Co. Ltd. | (4,400 ) | (59,944 ) | (17.0 ) |
Cover Corp. | (53,696 ) | (588,918 ) | (167.3 ) |
CUC, Inc. | (25,000 ) | (275,896 ) | (78.4 ) |
Daiei Kankyo Co. Ltd. | (15,700 ) | (268,171 ) | (76.2 ) |
Daikoku Denki Co. Ltd. | (17,900 ) | (419,178 ) | (119.1 ) |
Daiwa Office Investment Corp. | (66 ) | (246,104 ) | (69.9 ) |
Descente Ltd. | (11,600 ) | (266,925 ) | (75.8 ) |
Enplas Corp. | (8,700 ) | (480,157 ) | (136.4 ) |
Fujita Kanko, Inc. | (5,900 ) | (254,464 ) | (72.3 ) |
Security | Shares | Value | % of Basket Value |
Japan (continued) | |||
Fukuyama Transporting Co. Ltd. | (16,400 ) | $(405,272 ) | (115.1 )% |
Future Corp. | (3,900 ) | (40,337 ) | (11.5 ) |
GMO Financial Holdings, Inc. | (97,900 ) | (478,935 ) | (136.0 ) |
Gremz, Inc. | (35,600 ) | (489,795 ) | (139.1 ) |
Hankyu Hanshin REIT, Inc. | (142 ) | (129,950 ) | (36.9 ) |
Hirata Corp. | (1,800 ) | (82,479 ) | (23.4 ) |
Hitachi Zosen Corp. | (2,900 ) | (22,982 ) | (6.5 ) |
Iino Kaiun Kaisha Ltd. | (64,400 ) | (529,004 ) | (150.2 ) |
Ise Chemicals Corp. | (300 ) | (36,045 ) | (10.2 ) |
J Trust Co. Ltd. | (57,200 ) | (166,715 ) | (47.3 ) |
Kanto Denka Kogyo Co. Ltd. | (20,200 ) | (140,726 ) | (40.0 ) |
KeePer Technical Laboratory Co. Ltd. | (2,300 ) | (66,776 ) | (19.0 ) |
Keihan Holdings Co. Ltd. | (7,100 ) | (151,969 ) | (43.2 ) |
KH Neochem Co. Ltd. | (1,800 ) | (28,263 ) | (8.0 ) |
Komehyo Holdings Co. Ltd. | (19,005 ) | (457,256 ) | (129.9 ) |
Kosaido Holdings Co. Ltd. | (82,700 ) | (389,916 ) | (110.7 ) |
Krosaki Harima Corp. | (9,600 ) | (212,296 ) | (60.3 ) |
Kumiai Chemical Industry Co. Ltd. | (4,600 ) | (23,992 ) | (6.8 ) |
Mitsui E&S Co., Ltd. | (163,427 ) | (1,807,481 ) | (513.4 ) |
Mori Hills REIT Investment Corp. | (274 ) | (243,712 ) | (69.2 ) |
Namura Shipbuilding Co. Ltd. | (195,631 ) | (2,491,983 ) | (707.8 ) |
Nihon Kohden Corp. | (4,900 ) | (136,137 ) | (38.7 ) |
Nikkiso Co. Ltd. | (9,100 ) | (74,352 ) | (21.1 ) |
Nikkon Holdings Co. Ltd. | (7,700 ) | (154,441 ) | (43.9 ) |
Nippon Pillar Packing Co. Ltd. | (1,300 ) | (52,393 ) | (14.9 ) |
Nomura Micro Science Co. Ltd. | (40,000 ) | (1,309,157 ) | (371.8 ) |
NTT UD REIT Investment Corp. | (37 ) | (28,332 ) | (8.0 ) |
Nxera Pharma Co. Ltd. | (37,800 ) | (354,128 ) | (100.6 ) |
One REIT, Inc. | (17 ) | (29,257 ) | (8.3 ) |
Orient Corp. | (50,700 ) | (337,566 ) | (95.9 ) |
OSAKA Titanium Technologies Co. Ltd. | (34,481 ) | (549,392 ) | (156.0 ) |
Outsourcing, Inc. | (120,000 ) | (1,355,247 ) | (384.9 ) |
Piolax, Inc. | (10,700 ) | (185,849 ) | (52.8 ) |
Roland Corp. | (5,900 ) | (164,064 ) | (46.6 ) |
Ryoyo Ryosan Holdings, Inc. | (2,376 ) | (42,909 ) | (12.2 ) |
Sangetsu Corp. | (24,300 ) | (528,198 ) | (150.0 ) |
SBI Sumishin Net Bank Ltd. | (57,700 ) | (882,196 ) | (250.6 ) |
Sekisui House REIT, Inc. | (603 ) | (314,766 ) | (89.4 ) |
Septeni Holdings Co. Ltd. | (33,200 ) | (98,727 ) | (28.0 ) |
Shin Nippon Biomedical Laboratories Ltd. | (22,700 ) | (225,193 ) | (64.0 ) |
SRE Holdings Corp. | (16,000 ) | (398,909 ) | (113.3 ) |
Star Micronics Co. Ltd. | (29,200 ) | (354,272 ) | (100.6 ) |
SUNWELS Co. Ltd. | (14,600 ) | (204,919 ) | (58.2 ) |
Takara Holdings, Inc. | (27,300 ) | (183,344 ) | (52.1 ) |
Tama Home Co. Ltd. | (90,400 ) | (2,551,470 ) | (724.7 ) |
TKP Corp. | (22,900 ) | (208,163 ) | (59.1 ) |
Tocalo Co. Ltd. | (32,600 ) | (384,573 ) | (109.2 ) |
Torishima Pump Manufacturing Co. Ltd. | (4,600 ) | (84,869 ) | (24.1 ) |
Toyo Gosei Co. Ltd. | (3,800 ) | (199,852 ) | (56.8 ) |
TRYT, Inc. | (126,300 ) | (505,648 ) | (143.6 ) |
Tsuburaya Fields Holdings, Inc. | (3,600 ) | (41,922 ) | (11.9 ) |
Valqua Ltd. | (2,700 ) | (77,333 ) | (22.0 ) |
Workman Co. Ltd. | (76,600 ) | (1,925,071 ) | (546.8 ) |
YA-MAN Ltd. | (37,000 ) | (228,283 ) | (64.8 ) |
Yodogawa Steel Works Ltd. | (8,700 ) | (278,794 ) | (79.2 ) |
Yonex Co. Ltd. | (39,400 ) | (321,225 ) | (91.2 ) |
Zojirushi Corp. | (3,000 ) | (29,900 ) | (8.5 ) |
(29,913,043 ) |
86
2024 BlackRock Annual Report to Shareholders
Schedule of Investments (continued)
April 30, 2024
BlackRock Global Equity Market Neutral Fund
Security | Shares | Value | % of Basket Value |
Malta | |||
Gambling.com Group Ltd. | (8,432 ) | $(72,937 ) | (20.7 )% |
Netherlands | |||
AMG Critical Materials NV | (46,128 ) | (1,081,087 ) | (307.0 ) |
Fugro NV | (6,951 ) | (168,905 ) | (48.0 ) |
(1,249,992 ) | |||
New Zealand | |||
Ryman Healthcare Ltd. | (174,427 ) | (417,171 ) | (118.5 ) |
Nigeria | |||
Airtel Africa PLC | (1,296,698 ) | (1,784,285 ) | (506.8 ) |
Norway | |||
FLEX LNG Ltd. | (1,052 ) | (27,362 ) | (7.8 ) |
Hoegh Autoliners ASA | (1,264 ) | (13,427 ) | (3.8 ) |
MPC Container Ships ASA | (446,694 ) | (725,689 ) | (206.1 ) |
NEL ASA | (62,200 ) | (29,199 ) | (8.3 ) |
(795,677 ) | |||
Portugal | |||
Greenvolt-Energias Renovaveis SA | (147,249 ) | (1,298,607 ) | (368.8 ) |
Singapore | |||
AEM Holdings Ltd. | (22,600 ) | (38,748 ) | (11.0 ) |
SATS Ltd. | (48,200 ) | (88,672 ) | (25.2 ) |
(127,420 ) | |||
Spain | |||
Laboratorios Farmaceuticos Rovi SA, Class R | (5,343 ) | (477,819 ) | (135.7 ) |
Unicaja Banco SA | (3,471,627 ) | (4,516,246 ) | (1,282.7 ) |
Vidrala SA | (6,360 ) | (665,936 ) | (189.1 ) |
Viscofan SA | (14,752 ) | (933,929 ) | (265.3 ) |
(6,593,930 ) | |||
Sweden | |||
Axfood AB | (21,977 ) | (574,704 ) | (163.2 ) |
Biotage AB | (4,276 ) | (65,210 ) | (18.5 ) |
Dometic Group AB | (42,886 ) | (310,632 ) | (88.2 ) |
Hms Networks Ab | (3,470 ) | (130,311 ) | (37.0 ) |
Paradox Interactive AB | (4,875 ) | (74,694 ) | (21.2 ) |
Stillfront Group AB | (27,180 ) | (26,178 ) | (7.5 ) |
Thule Group AB | (7,657 ) | (218,587 ) | (62.1 ) |
(1,400,316 ) | |||
Switzerland | |||
Garrett Motion, Inc. | (58,385 ) | (558,161 ) | (158.5 ) |
United Kingdom | |||
Auction Technology Group PLC | (10,824 ) | (66,657 ) | (18.9 ) |
Currys PLC | (53,434 ) | (41,089 ) | (11.7 ) |
Global Ship Lease, Inc., Class A | (29,920 ) | (680,979 ) | (193.4 ) |
Ibstock PLC | (76,383 ) | (140,339 ) | (39.9 ) |
Mobico Group PLC | (226,191 ) | (156,779 ) | (44.5 ) |
Victrex PLC | (26,815 ) | (422,579 ) | (120.0 ) |
(1,508,422 ) | |||
United States | |||
AAR Corp. | (4,940 ) | (341,552 ) | (97.0 ) |
ACM Research, Inc., Class A | (1,927 ) | (49,177 ) | (14.0 ) |
ACV Auctions, Inc., Class A | (1,704 ) | (29,735 ) | (8.4 ) |
Adeia, Inc. | (88,270 ) | (868,577 ) | (246.7 ) |
Aehr Test Systems | (15,947 ) | (191,045 ) | (54.3 ) |
AerSale Corp. | (32,749 ) | (233,500 ) | (66.3 ) |
American Coastal Insurance Corp., Class C | (14,450 ) | (151,292 ) | (43.0 ) |
Anterix, Inc. | (29,997 ) | (945,505 ) | (268.5 ) |
Security | Shares | Value | % of Basket Value |
United States (continued) | |||
Apollo Commercial Real Estate Finance, Inc. | (37,458 ) | $(360,721 ) | (102.5 )% |
ArcBest Corp. | (2,558 ) | (283,708 ) | (80.6 ) |
Ares Commercial Real Estate Corp. | (15,736 ) | (106,847 ) | (30.3 ) |
ARMOUR Residential REIT, Inc. | (26,133 ) | (474,837 ) | (134.9 ) |
Artesian Resources Corp., Class A | (8,321 ) | (291,069 ) | (82.7 ) |
Artivion, Inc. | (1,257 ) | (24,662 ) | (7.0 ) |
ASGN, Inc. | (2,736 ) | (263,887 ) | (74.9 ) |
Atlas Energy Solutions, Inc. | (70,446 ) | (1,564,606 ) | (444.4 ) |
Atrion Corp. | (1,610 ) | (681,497 ) | (193.6 ) |
Balchem Corp. | (4,677 ) | (661,234 ) | (187.8 ) |
Bally’s Corp. | (13,251 ) | (174,118 ) | (49.5 ) |
Bank First Corp. | (522 ) | (40,293 ) | (11.4 ) |
BGC Group, Inc., Class A | (167,447 ) | (1,311,110 ) | (372.4 ) |
BOK Financial Corp. | (53,824 ) | (4,775,804 ) | (1,356.4 ) |
Boston Omaha Corp., Class A | (14,991 ) | (231,461 ) | (65.7 ) |
Bristow Group, Inc. | (1,198 ) | (31,519 ) | (9.0 ) |
BRP Group, Inc., Class A | (76,535 ) | (2,038,892 ) | (579.1 ) |
Caleres, Inc. | (73,753 ) | (2,716,323 ) | (771.5 ) |
California Water Service Group | (20,590 ) | (1,011,381 ) | (287.3 ) |
Cambridge Bancorp | (12,839 ) | (787,929 ) | (223.8 ) |
Cardlytics, Inc. | (2,973 ) | (36,419 ) | (10.3 ) |
Carter’s, Inc. | (57,047 ) | (3,902,585 ) | (1,108.4 ) |
Cass Information Systems, Inc. | (680 ) | (29,369 ) | (8.3 ) |
Certara, Inc. | (58,947 ) | (1,008,583 ) | (286.5 ) |
CEVA, Inc. | (4,640 ) | (94,053 ) | (26.7 ) |
Clearfield, Inc. | (19,270 ) | (580,412 ) | (164.9 ) |
Coastal Financial Corp. | (8,832 ) | (341,622 ) | (97.0 ) |
Columbia Financial, Inc. | (22,778 ) | (378,115 ) | (107.4 ) |
Conduent, Inc. | (27,150 ) | (85,523 ) | (24.3 ) |
Crescent Energy Co., Class A | (33,277 ) | (354,067 ) | (100.6 ) |
Cross Country Healthcare, Inc. | (3,993 ) | (70,277 ) | (20.0 ) |
CryoPort, Inc. | (43,622 ) | (706,240 ) | (200.6 ) |
Cytek Biosciences, Inc. | (34,109 ) | (204,995 ) | (58.2 ) |
DiamondRock Hospitality Co. | (70,568 ) | (628,055 ) | (178.4 ) |
Diodes, Inc. | (1,459 ) | (106,522 ) | (30.3 ) |
Distribution Solutions Group, Inc. | (8,945 ) | (294,917 ) | (83.8 ) |
DMC Global, Inc. | (2,700 ) | (42,795 ) | (12.2 ) |
DocGo, Inc. | (115,251 ) | (389,548 ) | (110.6 ) |
Eastman Kodak Co. | (195,886 ) | (881,487 ) | (250.4 ) |
Ecovyst, Inc. | (55,339 ) | (521,847 ) | (148.2 ) |
Embecta Corp. | (32,158 ) | (325,761 ) | (92.5 ) |
Enfusion, Inc., Class A | (105,749 ) | (984,523 ) | (279.6 ) |
Enhabit, Inc. | (42,484 ) | (428,664 ) | (121.7 ) |
Excelerate Energy, Inc., Class A | (39,575 ) | (667,235 ) | (189.5 ) |
F&G Annuities & Life, Inc. | (9,184 ) | (347,339 ) | (98.7 ) |
Farmland Partners, Inc. | (13,496 ) | (145,217 ) | (41.2 ) |
Fastly, Inc., Class A | (70,952 ) | (897,543 ) | (254.9 ) |
First Bancorp/Southern Pines NC | (8,393 ) | (255,231 ) | (72.5 ) |
First Bancshares, Inc. | (10,361 ) | (248,042 ) | (70.4 ) |
First Commonwealth Financial Corp. | (110,200 ) | (1,453,538 ) | (412.8 ) |
First Community Bankshares, Inc. | (3,649 ) | (121,074 ) | (34.4 ) |
First Merchants Corp. | (13,035 ) | (435,630 ) | (123.7 ) |
Fulton Financial Corp. | (123,827 ) | (2,049,337 ) | (582.1 ) |
Genesco, Inc. | (1,000 ) | (25,310 ) | (7.2 ) |
GEO Group, Inc. | (21,399 ) | (317,989 ) | (90.3 ) |
Gladstone Land Corp. | (15,931 ) | (202,005 ) | (57.4 ) |
Glaukos Corp. | (15,648 ) | (1,502,208 ) | (426.7 ) |
Global Medical REIT, Inc. | (67,676 ) | (548,852 ) | (155.9 ) |
Gogo, Inc. | (7,397 ) | (67,017 ) | (19.0 ) |
Goosehead Insurance, Inc., Class A | (18,641 ) | (1,060,859 ) | (301.3 ) |
Great Southern Bancorp, Inc. | (3,745 ) | (192,493 ) | (54.7 ) |
Grid Dynamics Holdings, Inc. | (25,156 ) | (245,774 ) | (69.8 ) |
Schedule of Investments87
Schedule of Investments (continued)
April 30, 2024
BlackRock Global Equity Market Neutral Fund
Security | Shares | Value | % of Basket Value |
United States (continued) | |||
Hanesbrands, Inc. | (977,862 ) | $(4,459,051 ) | (1,266.5 )% |
Hecla Mining Co. | (24,352 ) | (115,185 ) | (32.7 ) |
HighPeak Energy, Inc. | (5,280 ) | (75,029 ) | (21.3 ) |
I3 Verticals, Inc., Class A | (8,263 ) | (187,653 ) | (53.3 ) |
Ichor Holdings Ltd. | (6,612 ) | (256,413 ) | (72.8 ) |
IDACORP, Inc. | (33,395 ) | (3,165,178 ) | (899.0 ) |
IMAX Corp. | (46,627 ) | (746,498 ) | (212.0 ) |
Ingevity Corp. | (17,253 ) | (882,318 ) | (250.6 ) |
Inter Parfums, Inc. | (263 ) | (30,608 ) | (8.7 ) |
Interface, Inc., Class A | (20,454 ) | (312,742 ) | (88.8 ) |
International Bancshares Corp. | (20,151 ) | (1,121,403 ) | (318.5 ) |
iRhythm Technologies, Inc. | (12,763 ) | (1,398,570 ) | (397.2 ) |
JetBlue Airways Corp. | (19,125 ) | (108,630 ) | (30.9 ) |
Kemper Corp. | (40,169 ) | (2,342,254 ) | (665.3 ) |
Knowles Corp. | (99,763 ) | (1,579,248 ) | (448.5 ) |
Kontoor Brands, Inc. | (13,119 ) | (814,165 ) | (231.2 ) |
Kura Sushi USA, Inc., Class A | (11,014 ) | (1,212,421 ) | (344.4 ) |
Lakeland Financial Corp. | (616 ) | (36,202 ) | (10.3 ) |
La-Z-Boy, Inc. | (92,868 ) | (3,049,785 ) | (866.2 ) |
Lemonade, Inc. | (7,588 ) | (130,741 ) | (37.1 ) |
Leslie’s, Inc. | (77,799 ) | (305,750 ) | (86.8 ) |
Liberty Media Corp.-Liberty Live, Class C | (20,883 ) | (779,354 ) | (221.4 ) |
Lightwave Logic, Inc. | (6,477 ) | (24,742 ) | (7.0 ) |
Lindblad Expeditions Holdings, Inc. | (49,707 ) | (364,849 ) | (103.6 ) |
Lindsay Corp. | (2,406 ) | (279,457 ) | (79.4 ) |
Live Oak Bancshares, Inc. | (4,423 ) | (142,951 ) | (40.6 ) |
Marten Transport Ltd. | (58,570 ) | (991,004 ) | (281.5 ) |
MasterCraft Boat Holdings, Inc. | (2,088 ) | (42,240 ) | (12.0 ) |
MaxCyte, Inc. | (30,827 ) | (111,902 ) | (31.8 ) |
MeridianLink, Inc. | (11,269 ) | (187,967 ) | (53.4 ) |
Mesa Laboratories, Inc. | (2,696 ) | (285,992 ) | (81.2 ) |
Middlesex Water Co. | (7,401 ) | (375,379 ) | (106.6 ) |
Mission Produce, Inc. | (5,181 ) | (58,804 ) | (16.7 ) |
Montauk Renewables, Inc. | (13,135 ) | (47,286 ) | (13.4 ) |
Movado Group, Inc. | (23,004 ) | (585,912 ) | (166.4 ) |
MP Materials Corp., Class A | (46,245 ) | (739,920 ) | (210.2 ) |
NBT Bancorp, Inc. | (32,066 ) | (1,122,631 ) | (318.9 ) |
nCino, Inc. | (10,302 ) | (300,406 ) | (85.3 ) |
nLight, Inc. | (16,734 ) | (190,600 ) | (54.1 ) |
Northwest Natural Holding Co. | (4,112 ) | (156,873 ) | (44.6 ) |
Nu Skin Enterprises, Inc., Class A | (13,108 ) | (154,150 ) | (43.8 ) |
Ocular Therapeutix, Inc. | (20,769 ) | (98,445 ) | (28.0 ) |
OneWater Marine, Inc., Class A | (17,504 ) | (362,508 ) | (103.0 ) |
OPENLANE, Inc. | (5,551 ) | (95,366 ) | (27.1 ) |
Paragon 28, Inc. | (4,122 ) | (38,005 ) | (10.8 ) |
Park National Corp. | (3,270 ) | (430,692 ) | (122.3 ) |
Peoples Bancorp, Inc. | (36,676 ) | (1,065,071 ) | (302.5 ) |
Pitney Bowes, Inc. | (141,438 ) | (602,526 ) | (171.1 ) |
PowerSchool Holdings, Inc., Class A | (2,848 ) | (49,327 ) | (14.0 ) |
Preformed Line Products Co. | (361 ) | (43,692 ) | (12.4 ) |
Security | Shares | Value | % of Basket Value |
United States (continued) | |||
ProPetro Holding Corp. | (94,418 ) | $(823,325 ) | (233.8 )% |
Ranpak Holdings Corp. | (6,654 ) | (48,175 ) | (13.7 ) |
RCI Hospitality Holdings, Inc. | (6,214 ) | (315,423 ) | (89.6 ) |
Ready Capital Corp. | (194,482 ) | (1,656,987 ) | (470.6 ) |
REC Silicon ASA | (77,450 ) | (75,942 ) | (21.6 ) |
Retail Opportunity Investments Corp. | (38,112 ) | (467,634 ) | (132.8 ) |
Revolve Group, Inc. | (29,426 ) | (585,872 ) | (166.4 ) |
Rocket Lab USA, Inc., Class A | (108,544 ) | (408,125 ) | (115.9 ) |
RXO, Inc. | (222,428 ) | (4,206,113 ) | (1,194.6 ) |
S&T Bancorp, Inc. | (20,947 ) | (631,552 ) | (179.4 ) |
Seacoast Banking Corp. of Florida | (68,425 ) | (1,578,565 ) | (448.4 ) |
Select Water Solutions, Inc., Class A | (9,712 ) | (89,739 ) | (25.5 ) |
Sensient Technologies Corp. | (6,103 ) | (446,862 ) | (126.9 ) |
Service Properties Trust | (5,833 ) | (35,756 ) | (10.2 ) |
Six Flags Entertainment Corp. | (96,676 ) | (2,279,620 ) | (647.5 ) |
Smith Douglas Homes Corp. | (29,215 ) | (849,280 ) | (241.2 ) |
Southern Missouri Bancorp, Inc. | (542 ) | (21,734 ) | (6.2 ) |
Sphere Entertainment Co., Class A | (6,409 ) | (249,054 ) | (70.7 ) |
Spirit Airlines, Inc. | (53,402 ) | (188,509 ) | (53.5 ) |
Stellar Bancorp, Inc. | (5,753 ) | (127,717 ) | (36.3 ) |
StepStone Group, Inc., Class A | (28,435 ) | (1,025,650 ) | (291.3 ) |
Steven Madden Ltd. | (5,271 ) | (213,001 ) | (60.5 ) |
Tandem Diabetes Care, Inc. | (8,355 ) | (306,545 ) | (87.1 ) |
Target Hospitality Corp. | (11,446 ) | (127,337 ) | (36.2 ) |
Tarsus Pharmaceuticals, Inc. | (5,830 ) | (183,237 ) | (52.0 ) |
Towne Bank | (26,250 ) | (679,087 ) | (192.9 ) |
TreeHouse Foods, Inc. | (51,841 ) | (1,946,630 ) | (552.9 ) |
TripAdvisor, Inc. | (57,373 ) | (1,510,631 ) | (429.1 ) |
Triumph Group, Inc. | (59,011 ) | (788,387 ) | (223.9 ) |
TrueBlue, Inc. | (6,661 ) | (69,408 ) | (19.7 ) |
Two Harbors Investment Corp. | (2,514 ) | (31,752 ) | (9.0 ) |
UFP Technologies, Inc. | (1,787 ) | (368,015 ) | (104.5 ) |
United Community Banks, Inc. | (60,647 ) | (1,530,124 ) | (434.6 ) |
Uniti Group, Inc. | (154,575 ) | (888,806 ) | (252.4 ) |
Ventyx Biosciences, Inc. | (32,809 ) | (122,706 ) | (34.9 ) |
Vista Outdoor, Inc. | (36,181 ) | (1,269,591 ) | (360.6 ) |
Vivid Seats, Inc., Class A | (98,127 ) | (516,148 ) | (146.6 ) |
WaFd, Inc. | (1,344 ) | (36,409 ) | (10.3 ) |
Westrock Coffee Co. | (12,232 ) | (124,032 ) | (35.2 ) |
White Mountains Insurance Group Ltd. | (853 ) | (1,516,753 ) | (430.8 ) |
Wolverine World Wide, Inc. | (24,925 ) | (267,695 ) | (76.0 ) |
XPEL, Inc. | (14,865 ) | (781,156 ) | (221.9 ) |
(105,268,332 ) | |||
Investment Companies | |||
United Kingdom | |||
Hipgnosis Songs Fund Ltd. | (187,066 ) | (244,998 ) | (69.6 ) |
Total Reference Entity — Short | (174,073,976 ) | ||
Net Value of Reference Entity — UBS AG | $352,082 | ||
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 | $ — | $ — | $ 9,068,966 | $ (17,086,616 ) |
88
2024 BlackRock Annual Report to Shareholders
Schedule of Investments (continued)
April 30, 2024
BlackRock Global Equity Market Neutral Fund
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total | |
Assets — Derivative Financial Instruments | |||||||
Futures contracts Unrealized appreciation on futures contracts(a) | $ — | $ — | $ 562,002 | $ — | $ — | $ — | $ 562,002 |
Swaps — OTC Unrealized appreciation on OTC swaps; Swap premiums paid | — | — | 9,068,966 | — | — | — | 9,068,966 |
$ — | $ — | $ 9,630,968 | $ — | $ — | $ — | $ 9,630,968 | |
Liabilities — Derivative Financial Instruments | |||||||
Futures contracts Unrealized depreciation on futures contracts(a) | $ — | $ — | $ 250,524 | $ — | $ — | $ — | $ 250,524 |
Swaps — OTC Unrealized depreciation on OTC swaps; Swap premiums received | — | — | 17,086,616 | — | — | — | 17,086,616 |
$ — | $ — | $ 17,337,140 | $ — | $ — | $ — | $ 17,337,140 |
(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 April 30, 2024, 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 | $ — | $ — | $ 3,451,138 | $ — | $ — | $ — | $ 3,451,138 |
Options purchased(a) | — | — | 1,475,170 | — | — | — | 1,475,170 |
Options written | — | — | 466,072 | — | — | — | 466,072 |
Swaps | — | — | 192,012,043 | — | — | — | 192,012,043 |
$ — | $ — | $ 197,404,423 | $ — | $ — | $ — | $ 197,404,423 | |
Net Change in Unrealized Appreciation (Depreciation) on: | |||||||
Futures contracts | $ — | $ — | $ 311,231 | $ — | $ — | $ — | $ 311,231 |
Swaps | — | — | (8,834,067 ) | — | — | — | (8,834,067 ) |
$ — | $ — | $ (8,522,836 ) | $ — | $ — | $ — | $ (8,522,836 ) |
(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 | $73,362,400 |
Average notional value of contracts — short | $1,725,915 |
Options: | |
Average value of option contracts purchased | $— (a) |
Average value of option contracts written | $— (a) |
Total return swaps: | |
Average notional value | $(8,440,389 ) |
(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.
Schedule of Investments89
Schedule of Investments (continued)
April 30, 2024
BlackRock Global Equity Market Neutral Fund
Derivative Financial Instruments — Offsetting as of Period End
The Fund’s derivative assets and liabilities (by type) were as follows:
Assets | Liabilities | |
Derivative Financial Instruments | ||
Futures contracts | $ 2,175 | $ 575,332 |
Swaps — OTC(a) | 9,068,966 | 17,086,616 |
Total derivative assets and liabilities in the Statements of Assets and Liabilities | 9,071,141 | 17,661,948 |
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) | (2,175 ) | (575,332 ) |
Total derivative assets and liabilities subject to an MNA | $ 9,068,966 | $ 17,086,616 |
(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) |
Bank of America N.A. | $ 1,851,446 | $ — | $ — | $ — | $ 1,851,446 |
Barclays Bank PLC | 1,285,849 | (1,285,849) | — | — | — |
BNP Paribas SA | 2,704,264 | (2,704,264) | — | — | — |
Goldman Sachs Bank USA | 2,049,036 | — | — | — | 2,049,036 |
Morgan Stanley & Co. International PLC | 341,737 | (44,449) | — | (297,288 ) | — |
UBS AG | 836,634 | (455,653) | — | — | 380,981 |
$ 9,068,966 | $ (4,490,215) | $ — | $ (297,288 ) | $ 4,281,463 |
Counterparty | Derivative Liabilities Subject to an MNA by Counterparty | Derivatives Available for Offset(a) | Non-Cash Collateral Pledged | Cash Collateral Pledged | Net Amount of Derivative Liabilities(d) |
Barclays Bank PLC | $ 8,711,384 | $ (1,285,849) | $ — | $ — | $ 7,425,535 |
BNP Paribas SA | 7,875,130 | (2,704,264) | — | — | 5,170,866 |
Morgan Stanley & Co. International PLC | 44,449 | (44,449) | — | — | — |
UBS AG | 455,653 | (455,653) | — | — | — |
$ 17,086,616 | $ (4,490,215) | $ — | $ — | $ 12,596,401 |
(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
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 | $ 69,340,819 | $ — | $ — | $ 69,340,819 |
Preferred Securities | ||||
Preferred Stocks | — | — | 4,447,945 | 4,447,945 |
90
2024 BlackRock Annual Report to Shareholders
Schedule of Investments (continued)
April 30, 2024
BlackRock Global Equity Market Neutral Fund
Fair Value Hierarchy as of Period End (continued)
Level 1 | Level 2 | Level 3 | Total | |
U.S. Government Sponsored Agency Securities | $ — | $ 2,983,817 | $ — | $ 2,983,817 |
U.S. Treasury Obligations | — | 22,313,909 | — | 22,313,909 |
Short-Term Securities | ||||
Money Market Funds | 14,255,848 | — | — | 14,255,848 |
U.S. Treasury Obligations | — | 1,828,098,951 | — | 1,828,098,951 |
$ 83,596,667 | $ 1,853,396,677 | $ 4,447,945 | $ 1,941,441,289 | |
Derivative Financial Instruments(a) | ||||
Assets | ||||
Equity Contracts | $ 562,002 | $ 9,068,966 | $ — | $ 9,630,968 |
Liabilities | ||||
Equity Contracts | (250,524 ) | (17,086,616 ) | — | (17,337,140 ) |
$ 311,478 | $ (8,017,650 ) | $ — | $ (7,706,172 ) |
(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 Investments91
Statements of Assets and LiabilitiesApril 30, 2024
BlackRock Advantage Emerging Markets Fund | BlackRock Global Equity Market Neutral Fund | |
ASSETS | ||
Investments, at value — unaffiliated(a) | $ 86,606,338 | $ 1,927,185,441 |
Investments, at value — affiliated(b) | 4,657,734 | 14,255,848 |
Cash | — | 11,042,946 |
Cash pledged: | ||
Collateral — OTC derivatives | — | 8,380,000 |
Futures contracts | 133,000 | 2,128,000 |
Foreign currency, at value(c) | 313,075 | 40,149 |
Receivables: | ||
Investments sold | 2,754,490 | — |
Swaps | — | 187,135,986 |
Capital shares sold | 3,767 | 5,887,255 |
Dividends — unaffiliated | 143,697 | 74,481 |
Dividends — affiliated | 19,194 | 53,204 |
Interest — unaffiliated | — | 41,884 |
Variation margin on futures contracts | — | 2,175 |
Unrealized appreciation on OTC swaps | — | 9,068,966 |
Prepaid expenses | 26,652 | 89,513 |
Total assets | 94,657,947 | 2,165,385,848 |
LIABILITIES | ||
Cash received as collateral for OTC derivatives | — | 9,730,000 |
Payables: | ||
Investments purchased | 2,908,194 | 120,124,891 |
Swaps | — | 164,307,626 |
Accounting services fees | 8,592 | 72,071 |
Administration fees | — | 55,922 |
Capital shares redeemed | 4,104 | 4,303,675 |
Custodian fees | 43,220 | 258,989 |
Deferred foreign capital gain tax | 228,182 | — |
Investment advisory fees | 28,116 | 1,543,690 |
Trustees’ and Officer’s fees | 1,822 | 2,637 |
Other accrued expenses | 31,487 | 61,751 |
Professional fees | 111,952 | 151,474 |
Service and distribution fees | 1,287 | 23,483 |
Transfer agent fees | 3,825 | 119,530 |
Variation margin on futures contracts | 62,253 | 575,332 |
Unrealized depreciation on OTC swaps | — | 17,086,616 |
Total liabilities | 3,433,034 | 318,417,687 |
Commitments and contingent liabilities | ||
NET ASSETS | $ 91,224,913 | $ 1,846,968,161 |
NET ASSETS CONSIST OF | ||
Paid-in capital | $ 126,791,343 | $ 1,695,114,880 |
Accumulated earnings (loss) | (35,566,430) | 151,853,281 |
NET ASSETS | $ 91,224,913 | $ 1,846,968,161 |
(a)Investments, at cost—unaffiliated | $80,818,864 | $1,916,564,031 |
(b)Investments, at cost—affiliated | $4,657,734 | $14,255,848 |
(c)Foreign currency, at cost | $314,214 | $40,246 |
92
2024 BlackRock Annual Report to Shareholders
Statements of Assets and Liabilities (continued)April 30, 2024
BlackRock Advantage Emerging Markets Fund | BlackRock Global Equity Market Neutral Fund | |
NET ASSET VALUE | ||
Institutional | ||
Net assets | $ 5,598,312 | $ 1,502,121,549 |
Shares outstanding | 565,568 | 107,167,887 |
Net asset value | $ 9.90 | $ 14.02 |
Shares authorized | Unlimited | Unlimited |
Par value | $0.001 | $0.001 |
Investor A | ||
Net assets | $ 4,256,304 | $ 118,391,926 |
Shares outstanding | 438,704 | 8,600,533 |
Net asset value | $ 9.70 | $ 13.77 |
Shares authorized | Unlimited | Unlimited |
Par value | $0.001 | $0.001 |
Investor C | ||
Net assets | $ 561,644 | $ 9,785,639 |
Shares outstanding | 61,165 | 766,024 |
Net asset value | $ 9.18 | $ 12.77 |
Shares authorized | Unlimited | Unlimited |
Par value | $0.001 | $0.001 |
Class K | ||
Net assets | $ 80,808,653 | $ 216,669,047 |
Shares outstanding | 8,162,951 | 15,409,401 |
Net asset value | $ 9.90 | $ 14.06 |
Shares authorized | Unlimited | Unlimited |
Par value | $0.001 | $0.001 |
See notes to financial statements.
Financial Statements93
Statements of OperationsYear Ended April 30, 2024
BlackRock Advantage Emerging Markets Fund | BlackRock Global Equity Market Neutral Fund | |
INVESTMENT INCOME | ||
Dividends — unaffiliated | $2,629,297 | $912,034 |
Dividends — affiliated | 212,345 | 339,878 |
Interest — unaffiliated | 6,984 | 51,586,598 |
Securities lending income — affiliated — net | 249 | — |
Foreign taxes withheld | (311,343 ) | — |
Total investment income | 2,537,532 | 52,838,510 |
EXPENSES | ||
Investment advisory | 690,240 | 13,225,648 |
Professional | 159,991 | 171,487 |
Custodian | 85,819 | 767,463 |
Registration | 69,489 | 160,212 |
Printing and postage | 39,890 | 45,175 |
Administration | 36,669 | 435,326 |
Accounting services | 25,262 | 217,852 |
Administration — class specific | 17,256 | 213,310 |
Transfer agent — class specific | 16,286 | 864,158 |
Service and distribution — class specific | 16,006 | 155,391 |
Trustees and Officer | 6,994 | 14,199 |
Miscellaneous | 20,815 | 121,523 |
Total expenses excluding interest expense | 1,184,717 | 16,391,744 |
Interest expense — unaffiliated | 91 | 222 |
Total expenses | 1,184,808 | 16,391,966 |
Less: | ||
Administration fees waived | (36,669 ) | — |
Administration fees waived by the Manager — class specific | (17,256 ) | (213,201 ) |
Fees waived and/or reimbursed by the Manager | (402,643 ) | (1,395,962 ) |
Transfer agent fees waived and/or reimbursed by the Manager — class specific | (9,651 ) | (414,778 ) |
Total expenses after fees waived and/or reimbursed | 718,589 | 14,368,025 |
Net investment income | 1,818,943 | 38,470,485 |
REALIZED AND UNREALIZED GAIN (LOSS) | ||
Net realized gain (loss) from: | ||
Investments — unaffiliated(a) | 308,817 | 2,695,144 |
Investments — affiliated | 4 | — |
Foreign currency transactions | (170,151 ) | (320,073 ) |
Futures contracts | 204,888 | 3,451,138 |
Options written | — | 466,072 |
Swaps | — | 192,012,043 |
343,558 | 198,304,324 | |
Net change in unrealized appreciation (depreciation) on: | ||
Investments — unaffiliated(b) | 5,227,047 | 10,153,366 |
Investments — affiliated | (6 ) | — |
Foreign currency translations | (5,467 ) | (94,744 ) |
Futures contracts | (144,608 ) | 311,231 |
Swaps | — | (8,834,067 ) |
5,076,966 | 1,535,786 | |
Net realized and unrealized gain | 5,420,524 | 199,840,110 |
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $7,239,467 | $238,310,595 |
(a) Net of foreign capital gain tax and capital gain tax refund, if applicable of | $(273,914 ) | $— |
(b) Net of increase in deferred foreign capital gain tax of | $(197,532 ) | $— |
See notes to financial statements.
94
2024 BlackRock Annual Report to Shareholders
Statements of Changes in Net Assets
BlackRock Advantage Emerging Markets Fund | BlackRock Global Equity Market Neutral Fund | |||
Year Ended 04/30/24 | Year Ended 04/30/23 | Year Ended 04/30/24 | Year Ended 04/30/23 | |
INCREASE (DECREASE) IN NET ASSETS | ||||
OPERATIONS | ||||
Net investment income | $1,818,943 | $3,208,226 | $38,470,485 | $8,419,287 |
Net realized gain (loss) | 343,558 | (20,072,908 ) | 198,304,324 | 67,690,786 |
Net change in unrealized appreciation (depreciation) | 5,076,966 | 4,030,580 | 1,535,786 | (35,038,804 ) |
Net increase (decrease) in net assets resulting from operations | 7,239,467 | (12,834,102 ) | 238,310,595 | 41,071,269 |
DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||
Institutional | (111,738 ) | (219,347 ) | (62,401,555 ) | — |
Investor A | (74,639 ) | (165,363 ) | (1,876,567 ) | — |
Investor C | (7,037 ) | (8,701 ) | (566,373 ) | — |
Class K | (1,535,767 ) | (2,617,795 ) | (12,296,861 ) | — |
Decrease in net assets resulting from distributions to shareholders | (1,729,181 ) | (3,011,206 ) | (77,141,356 ) | — |
CAPITAL SHARE TRANSACTIONS | ||||
Net increase (decrease) in net assets derived from capital share transactions | 1,078,587 | (40,652,940 ) | 969,630,326 | 72,900,510 |
NET ASSETS | ||||
Total increase (decrease) in net assets | 6,588,873 | (56,498,248 ) | 1,130,799,565 | 113,971,779 |
Beginning of year | 84,636,040 | 141,134,288 | 716,168,596 | 602,196,817 |
End of year | $91,224,913 | $84,636,040 | $1,846,968,161 | $716,168,596 |
(a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
Financial Statements95
Financial Highlights(For a share outstanding throughout each period)
BlackRock Advantage Emerging Markets Fund | ||||||
Institutional | ||||||
Year Ended 04/30/24 | 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 | |
Net asset value, beginning of period | $9.29 | $10.11 | $13.24 | $8.85 | $10.25 | $10.59 |
Net investment income(a) | 0.20 | 0.28 | 0.20 | 0.15 | 0.10 | 0.18 |
Net realized and unrealized gain (loss) | 0.60 | (0.75 ) | (3.17 ) | 4.43 | (1.27 ) | (0.52 ) |
Net increase (decrease) from investment operations | 0.80 | (0.47 ) | (2.97 ) | 4.58 | (1.17 ) | (0.34 ) |
Distributions from net investment income(b) | (0.19 ) | (0.35 ) | (0.16 ) | (0.19 ) | (0.23 ) | — |
Net asset value, end of period | $9.90 | $9.29 | $10.11 | $13.24 | $8.85 | $10.25 |
Total Return(c) | ||||||
Based on net asset value | 8.76 % | (4.57 )% | (22.62 )% | 52.00 % | (11.78 )%(d) | (3.21 )%(e) |
Ratios to Average Net Assets(f) | ||||||
Total expenses | 1.43 % | 1.48 % | 1.19 % | 1.40 % | 1.38 %(g)(h) | 1.42 %(i)(j) |
Total expenses after fees waived and/or reimbursed | 0.85 % | 0.85 % | 0.85 % | 0.85 % | 0.81 %(g) | 0.92 %(j) |
Net investment income | 2.14 % | 3.00 % | 1.62 % | 1.29 % | 1.38 %(g) | 1.83 % |
Supplemental Data | ||||||
Net assets, end of period (000) | $5,598 | $6,362 | $9,583 | $17,216 | $9,689 | $15,904 |
Portfolio turnover rate | 162 % | 159 % | 183 % | 180 %(k) | 141 %(k) | 128 %(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 for the year ended July 31, 2019, the expenses ratio would have been 1.39%. |
(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.
96
2024 BlackRock Annual Report to Shareholders
Financial Highlights (continued)(For a share outstanding throughout each period)
BlackRock Advantage Emerging Markets Fund (continued) | ||||||
Investor A | ||||||
Year Ended 04/30/24 | 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 | |
Net asset value, beginning of period | $9.11 | $9.93 | $13.00 | $8.69 | $10.07 | $10.43 |
Net investment income(a) | 0.17 | 0.23 | 0.15 | 0.11 | 0.07 | 0.17 |
Net realized and unrealized gain (loss) | 0.58 | (0.72 ) | (3.09 ) | 4.36 | (1.25 ) | (0.53 ) |
Net increase (decrease) from investment operations | 0.75 | (0.49 ) | (2.94 ) | 4.47 | (1.18 ) | (0.36 ) |
Distributions from net investment income(b) | (0.16 ) | (0.33 ) | (0.13 ) | (0.16 ) | (0.20 ) | — |
Net asset value, end of period | $9.70 | $9.11 | $9.93 | $13.00 | $8.69 | $10.07 |
Total Return(c) | ||||||
Based on net asset value | 8.38 % | (4.84 )% | (22.83 )% | 51.62 % | (12.05 )%(d) | (3.45 )%(e) |
Ratios to Average Net Assets(f) | ||||||
Total expenses | 1.77 % | 1.87 % | 1.52 % | 1.74 % | 1.70 %(g)(h) | 1.69 %(i)(j) |
Total expenses after fees waived and/or reimbursed | 1.15 % | 1.15 % | 1.15 % | 1.14 % | 1.12 %(g) | 1.17 %(i) |
Net investment income | 1.81 % | 2.54 % | 1.29 % | 0.98 % | 1.02 %(g) | 1.74 % |
Supplemental Data | ||||||
Net assets, end of period (000) | $4,256 | $4,428 | $5,246 | $7,125 | $5,224 | $3,817 |
Portfolio turnover rate | 162 % | 159 % | 183 % | 180 %(k) | 141 %(k) | 128 %(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 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. |
(j) | 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, 2019, the expenses ratio would have been 1.67%. |
(k) | Excludes underlying investments in total return swaps. |
See notes to financial statements.
Financial Highlights97
Financial Highlights (continued)(For a share outstanding throughout each period)
BlackRock Advantage Emerging Markets Fund (continued) | ||||||
Investor C | ||||||
Year Ended 04/30/24 | 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 | |
Net asset value, beginning of period | $8.65 | $9.46 | $12.36 | $8.29 | $9.53 | $9.95 |
Net investment income(a) | 0.09 | 0.15 | 0.07 | 0.04 | 0.02 | 0.08 |
Net realized and unrealized gain (loss) | 0.55 | (0.68 ) | (2.96 ) | 4.14 | (1.21 ) | (0.50 ) |
Net increase (decrease) from investment operations | 0.64 | (0.53 ) | (2.89 ) | 4.18 | (1.19 ) | (0.42 ) |
Distributions from net investment income(b) | (0.11 ) | (0.28 ) | (0.01 ) | (0.11 ) | (0.05 ) | — |
Net asset value, end of period | $9.18 | $8.65 | $9.46 | $12.36 | $8.29 | $9.53 |
Total Return(c) | ||||||
Based on net asset value | 7.53 % | (5.51 )% | (23.40 )% | 50.49 % | (12.57 )%(d) | (4.22 )%(e) |
Ratios to Average Net Assets(f) | ||||||
Total expenses | 2.58 % | 2.75 % | 2.43 % | 2.56 % | 2.53 %(g)(h) | 2.53 %(i) |
Total expenses after fees waived and/or reimbursed | 1.90 % | 1.90 % | 1.90 % | 1.90 % | 1.90 %(g) | 1.92 %(i) |
Net investment income | 1.05 % | 1.72 % | 0.61 % | 0.43 % | 0.26 %(g) | 0.81 % |
Supplemental Data | ||||||
Net assets, end of period (000) | $562 | $430 | $282 | $550 | $1,164 | $2,280 |
Portfolio turnover rate | 162 % | 159 % | 183 % | 180 %(j) | 141 %(j) | 128 %(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.
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2024 BlackRock Annual Report to Shareholders
Financial Highlights (continued)(For a share outstanding throughout each period)
BlackRock Advantage Emerging Markets Fund (continued) | ||||||
Class K | ||||||
Year Ended 04/30/24 | 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 | |
Net asset value, beginning of period | $9.29 | $10.11 | $13.24 | $8.84 | $10.26 | $10.59 |
Net investment income(a) | 0.20 | 0.29 | 0.20 | 0.16 | 0.10 | 0.19 |
Net realized and unrealized gain (loss) | 0.60 | (0.76 ) | (3.16 ) | 4.43 | (1.28 ) | (0.52 ) |
Net increase (decrease) from investment operations | 0.80 | (0.47 ) | (2.96 ) | 4.59 | (1.18 ) | (0.33 ) |
Distributions from net investment income(b) | (0.19 ) | (0.35 ) | (0.17 ) | (0.19 ) | (0.24 ) | — |
Net asset value, end of period | $9.90 | $9.29 | $10.11 | $13.24 | $8.84 | $10.26 |
Total Return(c) | ||||||
Based on net asset value | 8.80 % | (4.53 )% | (22.59 )% | 52.19 % | (11.87 )%(d) | (3.12 )%(e) |
Ratios to Average Net Assets(f) | ||||||
Total expenses | 1.34 % | 1.38 % | 1.13 % | 1.36 % | 1.41 %(g)(h) | 1.37 %(i) |
Total expenses after fees waived and/or reimbursed | 0.81 % | 0.81 % | 0.81 % | 0.81 % | 0.81 %(g) | 0.87 %(i) |
Net investment income | 2.13 % | 3.07 % | 1.63 % | 1.36 % | 1.33 %(g) | 1.93 % |
Supplemental Data | ||||||
Net assets, end of period (000) | $80,809 | $73,416 | $126,023 | $150,108 | $85,164 | $80,529 |
Portfolio turnover rate | 162 % | 159 % | 183 % | 180 %(j) | 141 %(j) | 128 %(j) |
(a) | Based on average shares outstanding. |
(b) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(c) | Where applicable, assumes the reinvestment of distributions. |
(d) | Not annualized. |
(e) | Includes payment from an affiliate, which had no impact on the Fund’s total return. |
(f) | 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, the total expenses would have been 1.45%. |
(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 1.34%and 0.84%, respectively. |
(j) | Excludes underlying investments in total return swaps. |
See notes to financial statements.
Financial Highlights99
Financial Highlights (continued)(For a share outstanding throughout each period)
BlackRock Global Equity Market Neutral Fund | ||||||
Institutional | ||||||
Year Ended 04/30/24 | 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 | |
Net asset value, beginning of period | $12.19 | $11.49 | $11.98 | $11.42 | $12.67 | $12.17 |
Net investment income (loss)(a) | 0.47 | 0.14 | (0.15 ) | (0.17 ) | (0.01 ) | 0.05 |
Net realized and unrealized gain (loss) | 2.30 | 0.56 | (0.20 ) | 0.76 | (0.46 ) | 0.57 |
Net increase (decrease) from investment operations | 2.77 | 0.70 | (0.35 ) | 0.59 | (0.47 ) | 0.62 |
Distributions(b) | ||||||
From net investment income | (0.94 ) | — | — | — | (0.04 ) | — |
From net realized gain | — | — | (0.14 ) | (0.03 ) | (0.74 ) | (0.12 ) |
Total distributions | (0.94 ) | — | (0.14 ) | (0.03 ) | (0.78 ) | (0.12 ) |
Net asset value, end of period | $14.02 | $12.19 | $11.49 | $11.98 | $11.42 | $12.67 |
Total Return(c) | ||||||
Based on net asset value | 23.64 % | 6.09 % | (2.94 )%(d) | 5.21 %(e) | (3.80 )%(f) | 5.09 % |
Ratios to Average Net Assets(g) | ||||||
Total expenses | 1.54 % | 1.57 % | 1.58 % | 1.82 % | 1.80 %(h) | 1.76 % |
Total expenses after fees waived and/or reimbursed | 1.34 % | 1.34 % | 1.36 % | 1.57 % | 1.57 %(h) | 1.63 % |
Net investment income (loss) | 3.61 % | 1.24 % | (1.29 )% | (1.49 )% | (0.09 )%(h) | 0.36 % |
Supplemental Data | ||||||
Net assets, end of period (000) | $1,502,122 | $565,027 | $565,502 | $459,420 | $492,021 | $546,561 |
Portfolio turnover rate(i) | 27 % | 79 % | 31 % | 43 % | 53 % | 7 % |
(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) | Includes payment from an affiliate, which had no impact on the Fund’s total return. |
(e) | 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%. |
(f) | Not annualized. |
(g) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(h) | Annualized. |
(i) | Excludes underlying investments in total return swaps. |
See notes to financial statements.
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2024 BlackRock Annual Report to Shareholders
Financial Highlights (continued)(For a share outstanding throughout each period)
BlackRock Global Equity Market Neutral Fund (continued) | ||||||
Investor A | ||||||
Year Ended 04/30/24 | 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 | |
Net asset value, beginning of period | $11.96 | $11.30 | $11.82 | $11.27 | $12.50 | $12.03 |
Net investment income (loss)(a) | 0.27 | 0.11 | (0.18 ) | (0.20 ) | (0.02 ) | 0.01 |
Net realized and unrealized gain (loss) | 2.43 | 0.55 | (0.20 ) | 0.75 | (0.46 ) | 0.56 |
Net increase (decrease) from investment operations | 2.70 | 0.66 | (0.38 ) | 0.55 | (0.48 ) | 0.57 |
Distributions(b) | ||||||
From net investment income | (0.89 ) | — | — | — | (0.01 ) | — |
From net realized gain | — | — | (0.14 ) | (0.00 )(c) | (0.74 ) | (0.10 ) |
Total distributions | (0.89 ) | — | (0.14 ) | (0.00 ) | (0.75 ) | (0.10 ) |
Net asset value, end of period | $13.77 | $11.96 | $11.30 | $11.82 | $11.27 | $12.50 |
Total Return(d) | ||||||
Based on net asset value | 23.42 % | 5.84 % | (3.23 )%(e) | 4.92 %(f) | (3.94 )%(g) | 4.79 % |
Ratios to Average Net Assets(h) | ||||||
Total expenses | 1.79 % | 1.83 % | 1.86 % | 2.07 % | 2.07 %(i) | 2.04 % |
Total expenses after fees waived and/or reimbursed | 1.59 % | 1.59 % | 1.61 % | 1.82 % | 1.82 %(i) | 1.88 % |
Net investment income (loss) | 2.09 % | 1.00 % | (1.54 )% | (1.75 )% | (0.28 )%(i) | 0.12 % |
Supplemental Data | ||||||
Net assets, end of period (000) | $118,392 | $22,462 | $25,229 | $23,390 | $23,509 | $49,514 |
Portfolio turnover rate(j) | 27 % | 79 % | 31 % | 43 % | 53 % | 7 % |
(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) | 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 4.83%. |
(g) | Not annualized. |
(h) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(i) | Annualized. |
(j) | Excludes underlying investments in total return swaps. |
See notes to financial statements.
Financial Highlights101
Financial Highlights (continued)(For a share outstanding throughout each period)
BlackRock Global Equity Market Neutral Fund (continued) | ||||||
Investor C | ||||||
Year Ended 04/30/24 | 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 | |
Net asset value, beginning of period | $11.18 | $10.64 | $11.22 | $10.77 | $11.99 | $11.59 |
Net investment income (loss)(a) | 0.34 | 0.03 | (0.25 ) | (0.27 ) | (0.09 ) | (0.08 ) |
Net realized and unrealized gain (loss) | 2.07 | 0.51 | (0.19 ) | 0.72 | (0.44 ) | 0.54 |
Net increase (decrease) from investment operations | 2.41 | 0.54 | (0.44 ) | 0.45 | (0.53 ) | 0.46 |
Distributions(b) | ||||||
From net investment income | (0.82 ) | — | — | — | — | — |
From net realized gain | — | — | (0.14 ) | — | (0.69 ) | (0.06 ) |
Total distributions | (0.82 ) | — | (0.14 ) | — | (0.69 ) | (0.06 ) |
Net asset value, end of period | $12.77 | $11.18 | $10.64 | $11.22 | $10.77 | $11.99 |
Total Return(c) | ||||||
Based on net asset value | 22.35 % | 5.08 % | (3.95 )%(d) | 4.18 %(e) | (4.51 )%(f) | 4.02 % |
Ratios to Average Net Assets(g) | ||||||
Total expenses | 2.51 % | 2.63 % | 2.64 % | 2.86 % | 2.83 %(h) | 2.79 % |
Total expenses after fees waived and/or reimbursed | 2.34 % | 2.34 % | 2.36 % | 2.57 % | 2.57 %(h) | 2.63 % |
Net investment income (loss) | 2.88 % | 0.25 % | (2.30 )% | (2.44 )% | (1.04 )%(h) | (0.64 )% |
Supplemental Data | ||||||
Net assets, end of period (000) | $9,786 | $5,281 | $4,386 | $6,817 | $11,539 | $17,282 |
Portfolio turnover rate(i) | 27 % | 79 % | 31 % | 43 % | 53 % | 7 % |
(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) | Includes payment from an affiliate, which had no impact on the Fund’s total return. |
(e) | 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%. |
(f) | Not annualized. |
(g) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(h) | Annualized. |
(i) | Excludes underlying investments in total return swaps. |
See notes to financial statements.
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2024 BlackRock Annual Report to Shareholders
Financial Highlights (continued)(For a share outstanding throughout each period)
BlackRock Global Equity Market Neutral Fund (continued) | ||||||
Class K | ||||||
Year Ended 04/30/24 | 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 | |
Net asset value, beginning of period | $12.23 | $11.52 | $12.00 | $11.44 | $12.69 | $12.19 |
Net investment income (loss)(a) | 0.50 | 0.19 | (0.14 ) | (0.25 ) | (0.01 ) | 0.06 |
Net realized and unrealized gain (loss) | 2.28 | 0.52 | (0.20 ) | 0.85 | (0.46 ) | 0.56 |
Net increase (decrease) from investment operations | 2.78 | 0.71 | (0.34 ) | 0.60 | (0.47 ) | 0.62 |
Distributions(b) | ||||||
From net investment income | (0.95 ) | — | — | — | (0.04 ) | — |
From net realized gain | — | — | (0.14 ) | (0.04 ) | (0.74 ) | (0.12 ) |
Total distributions | (0.95 ) | — | (0.14 ) | (0.04 ) | (0.78 ) | (0.12 ) |
Net asset value, end of period | $14.06 | $12.23 | $11.52 | $12.00 | $11.44 | $12.69 |
Total Return(c) | ||||||
Based on net asset value | 23.66 % | 6.16 % | (2.85 )%(d) | 5.24 %(d) | (3.77 )%(e) | 5.11 % |
Ratios to Average Net Assets(f) | ||||||
Total expenses | 1.44 % | 1.48 % | 1.51 % | 1.77 % | 1.76 %(g) | 1.72 % |
Total expenses after fees waived and/or reimbursed | 1.29 % | 1.29 % | 1.31 % | 1.52 % | 1.52 %(g) | 1.57 % |
Net investment income (loss) | 3.89 % | 1.59 % | (1.24 )% | (2.07 )% | (0.07 )%(g) | 0.45 % |
Supplemental Data | ||||||
Net assets, end of period (000) | $216,669 | $123,399 | $7,080 | $5,151 | $325 | $453 |
Portfolio turnover rate(h) | 27 % | 79 % | 31 % | 43 % | 53 % | 7 % |
(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) | Includes payment from an affiliate, which had no impact on the Fund’s total return. |
(e) | Not annualized. |
(f) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(g) | Annualized. |
(h) | Excludes underlying investments in total return swaps. |
See notes to financial statements.
Financial Highlights103
Notes to Financial Statements
1.
ORGANIZATION
BlackRock FundsSM (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust is organized as a Massachusetts business trust. The following, each of which is a series of the Trust, are referred to herein collectively as the “Funds” or individually as a “Fund”:
Fund Name | Herein Referred To As | Diversification Classification |
BlackRock Advantage Emerging Markets Fund | Advantage Emerging Markets | Diversified |
BlackRock Global Equity Market Neutral Fund | Global Equity Market Neutral | Diversified |
Each Fund offers multiple classes of shares. All classes of shares have identical voting, dividend, liquidation and other rights and are subject to the same terms and conditions, except that certain classes bear expenses related to the shareholder servicing and distribution of such shares. Institutional and Class K Shares are sold without a sales charge and only to certain eligible investors. Investor A and Investor C Shares bear certain expenses related to shareholder servicing of such shares, and Investor C Shares also bear certain expenses related to the distribution of such shares. Investor A and Investor C Shares are generally available through financial intermediaries. Each class has exclusive voting rights with respect to matters relating to its shareholder servicing and distribution expenditures (except that Investor C shareholders may vote on material changes to the Investor A Shares distribution and service plan).
Share Class | Initial Sales Charge | CDSC | Conversion Privilege |
Institutional and Class K Shares | No | No | None |
Investor A Shares | Yes | No(a) | None |
Investor C Shares | No | Yes(b) | To Investor A Shares after approximately 8 years |
(a) | Investor A Shares may be subject to a contingent deferred sales charge (“CDSC”) for certain redemptions where no initial sales charge was paid at the time of purchase. |
(b) | A CDSC of 1.00% is assessed on certain redemptions of Investor C Shares made within one year after purchase. |
The Funds, together with certain other registered investment companies advised by BlackRock Advisors, LLC (the “Manager”) or its affiliates, are included in a complex of funds referred to as the BlackRock Multi-Asset Complex.
2.
SIGNIFICANT ACCOUNTING POLICIES
The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:
Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend dates. Non-cash dividends, if any, are recorded on the ex-dividend dates at fair value. Dividends from foreign securities where the ex-dividend dates may have passed are subsequently recorded when the Funds are informed of the ex-dividend dates. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis. Income, expenses and realized and unrealized gains and losses are allocated daily to each class based on its relative net assets.
Foreign Currency Translation: Each Fund’s books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates determined as of the close of trading on the New York Stock Exchange (“NYSE”). Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.
Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.
Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Foreign taxes withheld”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of April 30, 2024, if any, are disclosed in the Statements of Assets and Liabilities.
104
2024 BlackRock Annual Report to Shareholders
Notes to Financial Statements (continued)
The Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The Statements of Operations include tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.
Bank Overdraft: The Funds had outstanding cash disbursements exceeding deposited cash amounts at the custodian during the reporting period. The Funds are obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the Statements of Operations.
Collateralization: If required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.
Distributions: Distributions paid by the Funds are recorded on the ex-dividend dates. Distributions of capital gains are recorded on the ex-dividend dates and made at least annually. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.
Indemnifications: In the normal course of business, a Fund enters into contracts that contain a variety of representations that provide general indemnification. A Fund’s maximum exposure under these arrangements is unknown because it involves future potential claims against a Fund, which cannot be predicted with any certainty.
Other: Expenses directly related to a Fund or its classes are charged to that Fund or the applicable class. Expenses directly related to the Funds and other shared expenses prorated to the Funds are allocated daily to each class based on their relative net assets or other appropriate methods. Other operating expenses shared by several funds, including other funds managed by the Manager, are prorated among those funds on the basis of relative net assets or other appropriate methods.
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:
•Equity investments traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day may be valued at the last available bid (long positions) or ask (short positions) price.
•Fixed-income investments for which market quotations are readily available are generally valued using the last available bid price or current market quotations provided by independent dealers or third-party pricing services. Pricing services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots may trade at lower prices than institutional round lots. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data (e.g., recent representative bids and offers), market data, credit quality information, perceived market movements, news, and other relevant information. Certain fixed-income securities, including asset-backed and mortgage related securities may be valued based on valuation models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. The amortized cost method of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity unless the Manager determines such method does not represent fair value.
•Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published net asset value (“NAV”).
•Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded.
•Exchange-traded options are valued at the mean between the last bid and ask prices at the close of the options market in which the options trade. An exchange-traded option for which there is no mean price is valued at the last bid (long positions) or ask (short positions) price. If no bid or ask price is available, the prior day’s price will be used, unless it is determined that the prior day’s price no longer reflects the fair value of the option. Over-the-counter (“OTC”) options and options on swaps (“swaptions”) are valued by an independent pricing service using a mathematical model, which incorporates a number of market data factors, such as the trades and prices of the underlying instruments.
•Swap agreements are valued utilizing quotes received daily by independent pricing services or through brokers, which are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades and values of the underlying reference instruments.
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.
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If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee in accordance with the Manager’s policies and procedures as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement.
For investments in equity or debt issued by privately held companies or funds (“Private Company” or collectively, the “Private Companies”) and other Fair Valued Investments, the fair valuation approaches that are used by the Valuation Committee and third-party pricing services utilized by the Valuation Committee include one or a combination of, but not limited to, the following inputs.
Standard Inputs Generally Considered By The Valuation Committee And Third-Party Pricing Services | ||
Market approach | (i) | recent market transactions, including subsequent rounds of financing, in the underlying investment or comparable issuers; |
(ii) | recapitalizations and other transactions across the capital structure; and | |
(iii) | market multiples of comparable issuers. | |
Income approach | (i) | future cash flows discounted to present and adjusted as appropriate for liquidity, credit, and/or market risks; |
(ii) | quoted prices for similar investments or assets in active markets; and | |
(iii) | other risk factors, such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, recovery rates, liquidation amounts and/or default rates. | |
Cost approach | (i) | audited or unaudited financial statements, investor communications and financial or operational metrics issued by the Private Company; |
(ii) | changes in the valuation of relevant indices or publicly traded companies comparable to the Private Company; | |
(iii) | relevant news and other public sources; and | |
(iv) | known secondary market transactions in the Private Company’s interests and merger or acquisition activity in companies comparable to the Private Company. | |
Investments in series of preferred stock issued by Private Companies are typically valued utilizing market approach in determining the enterprise value of the company. Such investments often contain rights and preferences that differ from other series of preferred and common stock of the same issuer. Enterprise valuation techniques such as an option pricing model (“OPM”), a probability weighted expected return model (“PWERM”), current value method or a hybrid of those techniques are used as deemed appropriate under the circumstances. The use of these valuation techniques involves a determination of the exit scenarios of the investment in order to appropriately allocate the enterprise value of the company among the various parts of its capital structure.
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.
4.
SECURITIES AND OTHER INVESTMENTS
Zero-Coupon Bonds: Zero-coupon bonds are normally issued at a significant discount from face value and do not provide for periodic interest payments. These bonds may experience greater volatility in market value than other debt obligations of similar maturity which provide for regular interest payments.
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Preferred Stocks: Preferred stock has a preference over common stock in liquidation (and generally in receiving dividends as well), but is subordinated to the liabilities of the issuer in all respects. As a general rule, the market value of preferred stock with a fixed dividend rate and no conversion element varies inversely with interest rates and perceived credit risk, while the market price of convertible preferred stock generally also reflects some element of conversion value. Because preferred stock is junior to debt securities and other obligations of the issuer, deterioration in the credit quality of the issuer will cause greater changes in the value of a preferred stock than in a more senior debt security with similar stated yield characteristics. Unlike interest payments on debt securities, preferred stock dividends are payable only if declared by the issuer’s board of directors. Preferred stock also may be subject to optional or mandatory redemption provisions.
Warrants: Warrants entitle a fund to purchase a specified number of shares of common stock and are non-income producing. The purchase price and number of shares are subject to adjustment under certain conditions until the expiration date of the warrants, if any. If the price of the underlying stock does not rise above the strike price before the warrant expires, the warrant generally expires without any value and a fund will lose any amount it paid for the warrant. Thus, investments in warrants may involve more risk than investments in common stock. Warrants may trade in the same markets as their underlying stock; however, the price of the warrant does not necessarily move with the price of the underlying stock.
Securities Lending: Certain Funds may lend their securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Funds collateral consisting of cash, an irrevocable letter of credit issued by a bank, or securities issued or guaranteed by the U.S. Government. The initial collateral received by each Fund is required to have a value of at least 102% of the current value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current market value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund, or excess collateral returned by the Fund, on the next business day. During the term of the loan, the Funds are entitled to all distributions made on or in respect of the loaned securities, but do not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.
As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested by the securities lending agent, BlackRock Investment Management, LLC (“BIM”), if any, is disclosed in the Schedules of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are disclosed in the Funds’ Schedules of Investments. The market value of any securities on loan and the value of 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.
The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, the Funds benefit from a borrower default indemnity provided by BIM. BIM’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value on the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by the Funds.
5.
DERIVATIVE FINANCIAL INSTRUMENTS
The Funds engage in various portfolio investment strategies using derivative contracts both to increase the returns of the Funds and/or to manage their exposure to certain risks such as credit risk, equity risk, interest rate risk, foreign currency exchange rate risk, commodity price risk or other risks (e.g., inflation risk). Derivative financial instruments categorized by risk exposure are included in the Schedules of Investments. These contracts may be transacted on an exchange or OTC.
Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).
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
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Notes to Financial Statements (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 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.
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Notes to Financial Statements (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 a Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.
Collateral Requirements: For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Funds and the counterparty.
Cash collateral that has been pledged to cover obligations of the Funds and cash collateral received from the counterparty, if any, is reported separately in the Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Funds, if any, is noted in the Schedules of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Funds. Any additional required collateral is delivered to/pledged by the Funds on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. A Fund generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Funds from the counterparties are not fully collateralized, each Fund bears the risk of loss from counterparty non-performance. Likewise, to the extent the Funds have delivered collateral to a counterparty and stand ready to perform under the terms of their agreement with such counterparty, each Fund bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.
For financial reporting purposes, the Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statements of Assets and Liabilities.
6.
INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES
Investment Advisory: The Trust, on behalf of each Fund, entered into an Investment Advisory Agreement with the Manager, the Funds’ investment adviser and an indirect, wholly-owned subsidiary of BlackRock, Inc. (“BlackRock”), to provide investment advisory services. The Manager is responsible for the management of each Fund’s portfolio and provides the personnel, facilities, equipment and certain other services necessary to the operations of each Fund.
For such services, each Fund pays the Manager a monthly fee at an annual rate equal to the following percentages of the average daily value of each Fund’s net assets:
Investment Advisory Fees | ||
Average Daily Net Assets | Advantage Emerging Markets | Global Equity Market Neutral |
First $1 billion | 0.80 % | 1.25 % |
$1 billion — $3 billion | 0.75 | 1.18 |
$3 billion — $5 billion | 0.72 | 1.13 |
$5 billion — $10 billion | 0.70 | 1.09 |
Greater than $10 billion | 0.68 | 1.06 |
With respect to Global Equity Market Neutral, the Manager entered into a sub-advisory agreement with BlackRock International Limited (“BIL”), an affiliate of the Manager. The Manager pays BIL for services it provides for that portion of the Fund for which BIL acts as sub-adviser, a monthly fee that is equal to a percentage of the investment advisory fees paid by Global Equity Market Neutral to the Manager.
Service and Distribution Fees: The Trust, on behalf of each Fund, entered into a Distribution Agreement and a Distribution and Service Plan with BlackRock Investments, LLC (“BRIL”), an affiliate of the Manager. Pursuant to the Distribution and Service Plan and in accordance with Rule 12b-1 under the 1940 Act, each Fund pays BRIL ongoing service and distribution fees. The fees are accrued daily and paid monthly at annual rates based upon the average daily net assets of the relevant share class of each Fund as follows:
Share Class | Service Fees | Distribution Fees |
Investor A | 0.25 % | 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.
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Notes to Financial Statements (continued)
For the year ended April 30, 2024, 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 | $ 10,652 | $ 5,354 | $ 16,006 |
Global Equity Market Neutral | 75,819 | 79,572 | 155,391 |
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 year ended April 30, 2024, the following table shows the class specific administration fees borne directly by each share class of each Fund:
Fund Name | Institutional | Investor A | Investor C | Class K | Total |
Advantage Emerging Markets | $ 1,158 | $ 852 | $ 107 | $ 15,139 | $ 17,256 |
Global Equity Market Neutral | 172,212 | 6,066 | 1,591 | 33,441 | 213,310 |
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 year ended April 30, 2024, the Funds did not pay any amounts to affiliates in return for these services.
The Manager maintains a call center that is responsible for providing certain shareholder services to the Funds. Shareholder services include responding to inquiries and processing purchases and sales based upon instructions from shareholders. For the year ended April 30, 2024, 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 | $ 215 | $ 368 | $ 80 | $ 335 | $ 998 |
Global Equity Market Neutral | 1,648 | 488 | 306 | 149 | 2,591 |
For the year ended April 30, 2024, 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 | $ 5,644 | $ 7,989 | $ 1,313 | $ 1,340 | $ 16,286 |
Global Equity Market Neutral | 827,726 | 29,914 | 5,283 | 1,235 | 864,158 |
Other Fees: For the year ended April 30, 2024, 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 | $ 211 |
Global Equity Market Neutral | 3,772 |
For the year ended April 30, 2024, affiliates received CDSCs as follows:
Fund Name | Investor C |
Advantage Emerging Markets | $ 24 |
Global Equity Market Neutral | 183 |
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 Trust, as defined in the 1940 Act ("Independent Trustees"), or by a vote of a majority of the outstanding voting securities of a Fund. The amount of waivers and/or reimbursements of fees and
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Notes to Financial Statements (continued)
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 year ended April 30, 2024, the amounts waived were as follows:
Fund Name | Fees Waived and/or Reimbursed by the Manager |
Advantage Emerging Markets | $ 3,069 |
Global Equity Market Neutral | 4,888 |
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 year ended April 30, 2024, there were no fees waived by the Manager pursuant to this arrangement.
With respect to Advantage Emerging Markets, the Manager contractually agreed to waive and/or reimburse fees or expenses in order to limit other expenses (“expense limitation”) through June 30, 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, acquired fund fees and expenses, and certain other fund expenses, which constitute extraordinary expenses not incurred in the ordinary course of the Fund’s business (“expense limitation”). The expense limitations as a percentage of average daily net assets are as follows:
Fund Name/Share Class | Expense Limitation |
Global Equity Market Neutral | |
Institutional | 1.34 % |
Investor A | 1.59 |
Investor C | 2.34 |
Class K | 1.29 |
The Manager has agreed not to reduce or discontinue the contractual expense limitations through June 30, 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 year ended April 30, 2024, amounts included in the Statements of Operations were as follows:
Fund Name | Fees Waived and/or Reimbursed by the Manager |
Advantage Emerging Markets | $ 399,574 |
Global Equity Market Neutral | 1,391,074 |
Fund Name | Administration Fees Waived |
Advantage Emerging Markets | $ 36,669 |
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 year ended April 30, 2024, 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 | $ 1,158 | $ 852 | $ 107 | $ 15,139 | $ 17,256 |
Global Equity Market Neutral | 172,212 | 6,066 | 1,482 | 33,441 | 213,201 |
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 | $ 3,327 | $ 4,155 | $ 830 | $ 1,339 | $ 9,651 |
Global Equity Market Neutral | 397,374 | 14,755 | 1,417 | 1,232 | 414,778 |
Securities Lending: The U.S. Securities and Exchange Commission (“SEC”) has issued an exemptive order which permits BIM, an affiliate of the Manager, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BIM bears all operational costs directly related to securities lending. The
Notes to Financial Statements111
Notes to Financial Statements (continued)
Funds are responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional, managed by the Manager or its affiliates. However, BIM has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees the Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, redemption fee, distribution fee or service fee. The money market fund in which the cash collateral has been reinvested may impose a discretionary liquidity fee of up to 2% of the value redeemed, if such fee, is determined to be in the best interests of such money market fund.
Securities lending income is generally equal to the total of income earned from the reinvestment of cash collateral, (and excludes collateral investment fees), and any fees or other payments to and from borrowers of securities. Each Fund retains a portion of the securities lending income and remits the remaining portion to BIM as compensation for its services as securities lending agent.
Pursuant to the current securities lending agreement, Advantage Emerging Markets retains 82% of securities lending income (which excludes collateral investment 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.
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 year ended April 30, 2024, each Fund paid BIM the following amounts for securities lending agent services:
Fund Name | Amounts |
Advantage Emerging Markets | $ 38 |
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 year ended April 30, 2024, the Funds did not participate in the Interfund Lending Program.
Trustees and Officers: Certain trustees and/or officers of the Trust are directors and/or officers of BlackRock or its affiliates. The Funds reimburse the Manager for a portion of the compensation paid to the Trust’s Chief Compliance Officer, which is included in Trustees and Officer in the Statements of Operations.
Other Transactions: The Funds may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is due solely to having a common investment adviser, common officers, or common trustees. For the year ended April 30, 2024, 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 | $ 3,180,904 | $ 3,205,054 | $ (157,481 ) |
7.
PURCHASES AND SALES
For the year ended April 30, 2024, purchases and sales of investments, excluding short-term securities, were as follows:
U.S. Government Securities | Other Securities | |||
Fund Name | Purchases | Sales | Purchases | Sales |
Advantage Emerging Markets | $ — | $ — | $ 133,618,432 | $ 132,734,987 |
Global Equity Market Neutral | 40,862,085 | 11,691,574 | 82,489,647 | 23,763,168 |
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.
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2024 BlackRock Annual Report to Shareholders
Notes to Financial Statements (continued)
Management has analyzed tax laws and regulations and their application to the Funds as of April 30, 2024, 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.
The tax character of distributions paid was as follows:
Fund Name | Year Ended 04/30/24 | Year Ended 04/30/23 |
Advantage Emerging Markets | ||
Ordinary income | $ 1,729,181 | $ 3,011,206 |
Global Equity Market Neutral | ||
Ordinary income | $ 77,141,356 | $ — |
As of April 30, 2024, the tax components of accumulated earnings (loss) were as follows:
Fund Name | Undistributed Ordinary Income | Non-Expiring Capital Loss Carryforwards(a) | Net Unrealized Gains (Losses)(b) | Total |
Advantage Emerging Markets | $ 658,532 | $ (38,631,532 ) | $ 2,406,570 | $ (35,566,430 ) |
Global Equity Market Neutral | 146,588,579 | (6,454,537 ) | 11,719,239 | 151,853,281 |
(a) | Amounts available to offset future realized capital gains. |
(b) | The difference between book-basis and tax-basis net unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales, the realization for tax purposes of unrealized gains (losses) on certain futures contracts, the realization for tax purposes of unrealized gains on investments in passive foreign investment companies, the accounting for swap agreements and the characterization of corporate actions. |
During the year ended April 30, 2024, the Funds listed below utilized the following amounts of their respective capital loss carryforward:
Fund Name | Amounts |
Advantage Emerging Markets | $ 172,555 |
Global Equity Market Neutral | 10,214,686 |
As of April 30, 2024, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:
Fund Name | Tax Cost | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) |
Advantage Emerging Markets | $ 88,624,651 | $ 12,489,646 | $ (9,850,225 ) | $ 2,639,421 |
Global Equity Market Neutral | 1,930,820,649 | 208,910,466 | (197,221,458 ) | 11,689,008 |
9.
BANK BORROWINGS
The Trust, on behalf of each Fund, along with certain other funds managed by the Manager and its affiliates (“Participating Funds”), is party to a 364-day, $2.40 billion credit agreement with a group of lenders. Under this agreement, the Funds may borrow to fund shareholder redemptions. Excluding commitments designated for certain individual funds, the Participating Funds, including the Funds, can borrow up to an aggregate commitment amount of $1.75 billion at any time outstanding, subject to asset coverage and other limitations as specified in the agreement. The credit agreement has the following terms: a fee of 0.10% per annum on unused commitment amounts and interest at a rate equal to the higher of (a) Overnight Bank Funding Rate (“OBFR”) (but, in any event, not less than 0.00%) on the date the loan is made plus 0.80% per annum, (b) the Fed Funds rate (but, in any event, not less than 0.00%) in effect from time to time plus 0.80% per annum on amounts borrowed or (c) the sum of (x) Daily Simple Secured Overnight Financing Rate (“SOFR”) (but, in any event, not less than 0.00%) on the date the loan is made plus 0.10% and (y) 0.80% per annum. The agreement expires in April 2025 unless extended or renewed. Prior to April 11, 2024, the aggregate commitment amount was $2.50 billion. 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 year ended April 30, 2024, 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.
Notes to Financial Statements113
Notes to Financial Statements (continued)
Market Risk: Investments in the securities of issuers domiciled in countries with emerging capital markets involve certain additional risks that do not generally apply to investments in securities of issuers in more developed capital markets, such as (i) low or nonexistent trading volume, resulting in a lack of liquidity and increased volatility in prices for such securities; (ii) lack of reliable settlement procedures and significant delays in registering the transfer of securities; (iii) uncertain national policies and social, political and economic instability, increasing the potential for expropriation of assets, confiscatory taxation, high rates of inflation or unfavorable diplomatic developments; (iv) lack of publicly available or reliable information about issuers as a result of not being subject to the same degree of regulatory requirements and accounting, auditing and financial reporting standards; and (v) possible fluctuations in exchange rates, differing legal systems and the existence or possible imposition of exchange controls, custodial restrictions or other foreign or U.S. governmental laws or restrictions applicable to such investments.
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 options purchased and exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.
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.
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2024 BlackRock Annual Report to Shareholders
Notes to Financial Statements (continued)
Certain Funds invest a significant portion of their assets in securities of issuers located in Asia or with significant exposure to Asian issuers or countries. The Asian financial markets have recently experienced volatility and adverse trends due to concerns in several Asian countries regarding monetary policy, government intervention in the markets, rising government debt levels or economic downturns. These events may spread to other countries in Asia and may affect the value and liquidity of certain of the Funds’ investments.
Certain Funds invest a significant portion of their assets in securities of issuers located in China or with significant exposure to Chinese issuers. Investments in Chinese securities, including certain Hong Kong-listed securities, involve risks specific to China. China may be subject to considerable degrees of economic, political and social instability and demonstrates significantly higher volatility from time to time in comparison to developed markets. Chinese markets generally continue to experience inefficiency, volatility and pricing anomalies resulting from governmental influence, a lack of publicly available information and/or political and social instability. Internal social unrest or confrontations with other neighboring countries may disrupt economic development in China and result in a greater risk of currency fluctuations, currency non-convertibility, interest rate fluctuations and higher rates of inflation. Incidents involving China’s or the region’s security may cause uncertainty in Chinese markets and may adversely affect the Chinese economy and the Fund’s investments. Reduction in spending on Chinese products and services, supply chain diversification, institution of tariffs, sanctions or other trade barriers, or a downturn in any of the economies of China’s key trading partners may have an adverse impact on the Chinese economy. In addition, measures may be taken to limit the flow of capital and/or sanctions may be imposed, which could prohibit or restrict the ability to own or transfer fund assets and may also include retaliatory actions, such as seizure of fund assets.
Significant Shareholder Redemption Risk: Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund’s NAV, increase the fund’s brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.
11.
CAPITAL SHARE TRANSACTIONS
Transactions in capital shares for each class were as follows:
Year Ended 04/30/24 | Year Ended 04/30/23 | |||
Fund Name / Share Class | Shares | Amounts | Shares | Amounts |
Advantage Emerging Markets | ||||
Institutional | ||||
Shares sold | 160,440 | $ 1,504,678 | 208,272 | $ 1,946,147 |
Shares issued in reinvestment of distributions | 11,924 | 111,037 | 24,118 | 217,789 |
Shares redeemed | (291,314) | (2,727,003) | (495,776) | (4,500,312) |
(118,950) | $ (1,111,288) | (263,386) | $ (2,336,376) | |
Investor A | ||||
Shares sold and automatic conversion of shares | 16,326 | $ 150,304 | 47,347 | $ 440,441 |
Shares issued in reinvestment of distributions | 8,086 | 73,733 | 18,434 | 163,319 |
Shares redeemed | (71,668) | (664,639) | (108,134) | (984,054) |
(47,256) | $ (440,602) | (42,353) | $ (380,294) | |
Investor C | ||||
Shares sold | 15,335 | $ 130,898 | 42,971 | $ 382,997 |
Shares issued in reinvestment of distributions | 812 | 7,037 | 1,032 | 8,701 |
Shares redeemed and automatic conversion of shares | (4,683) | (41,770) | (24,088) | (212,434) |
11,464 | $ 96,165 | 19,915 | $ 179,264 | |
Class K | ||||
Shares sold | 357,504 | $ 3,394,062 | 1,450,230 | $ 13,775,721 |
Shares issued in reinvestment of distributions | 165,239 | 1,535,767 | 290,217 | 2,617,795 |
Shares redeemed | (258,564) | (2,395,517) | (6,306,984) | (54,509,050) |
264,179 | $ 2,534,312 | (4,566,537) | $ (38,115,534) | |
109,437 | $ 1,078,587 | (4,852,361) | $ (40,652,940) | |
Year Ended 04/30/24 | Year Ended 04/30/23 | |||
Fund Name / Share Class | Shares | Amounts | Shares | Amounts |
Global Equity Market Neutral | ||||
Institutional | ||||
Shares sold | 89,868,197 | $ 1,183,723,613 | 26,358,802 | $ 306,911,089 |
Shares issued in reinvestment of distributions | 3,860,172 | 48,746,374 | — | — |
Shares redeemed | (32,923,949) | (426,006,298) | (29,231,157) | (338,909,422) |
60,804,420 | $ 806,463,689 | (2,872,355) | $ (31,998,333) | |
Notes to Financial Statements115
Notes to Financial Statements (continued)
Year Ended 04/30/24 | Year Ended 04/30/23 | |||
Fund Name / Share Class (continued) | Shares | Amounts | Shares | Amounts |
Global Equity Market Neutral (continued) | ||||
Investor A | ||||
Shares sold and automatic conversion of shares | 7,889,248 | $ 106,689,999 | 896,505 | $ 10,257,468 |
Shares issued in reinvestment of distributions | 144,097 | 1,788,531 | — | — |
Shares redeemed | (1,310,381) | (16,438,705) | (1,250,914) | (14,421,836) |
6,722,964 | $ 92,039,825 | (354,409) | $ (4,164,368) | |
Investor C | ||||
Shares sold | 414,956 | $ 4,778,122 | 287,251 | $ 3,165,458 |
Shares issued in reinvestment of distributions | 48,999 | 566,373 | — | — |
Shares redeemed and automatic conversion of shares | (170,331) | (1,981,485) | (227,007) | (2,413,505) |
293,624 | $ 3,363,010 | 60,244 | $ 751,953 | |
Class K | ||||
Shares sold | 7,156,848 | $ 91,515,973 | 12,848,228 | $ 148,024,891 |
Shares issued in reinvestment of distributions | 183,985 | 2,331,425 | — | — |
Shares redeemed | (2,023,828) | (26,083,596) | (3,370,538) | (39,713,633) |
5,317,005 | $ 67,763,802 | 9,477,690 | $ 108,311,258 | |
73,138,013 | $ 969,630,326 | 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.
116
2024 BlackRock Annual Report to Shareholders
Report of Independent Registered Public Accounting Firm
To the Shareholders of BlackRock Advantage Emerging Markets Fund and BlackRock Global Equity Market Neutral Fund and the Board of Trustees of BlackRock FundsSM:
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statements of assets and liabilities of BlackRock Advantage Emerging Markets Fund and BlackRock Global Equity Market Neutral Fund of BlackRock FundsSM (the “Funds”), including the schedules of investments, as of April 30, 2024, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the four years in the period then ended and for the period from August 1, 2019 through April 30, 2020, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of April 30, 2024, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the four years in the period then ended and for the period from August 1, 2019 through April 30, 2020, in conformity with accounting principles generally accepted in the United States of America.
The financial highlights for the year ended July 31, 2019 of the Funds were audited by other auditors whose report dated September 24, 2019, expressed an unqualified opinion on those financial highlights.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of April 30, 2024, by correspondence with custodians or counterparties; when replies were not received, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
Deloitte & Touche LLP
Boston, Massachusetts
June 24, 2024
Boston, Massachusetts
June 24, 2024
We have served as the auditor of one or more BlackRock investment companies since 1992.
Report of Independent Registered Public Accounting Firm117
Important Tax Information (unaudited)
The following amounts, or maximum amounts allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended April 30, 2024:
Fund Name | Qualified Dividend Income |
Advantage Emerging Markets | $ 1,231,770 |
Global Equity Market Neutral | 617,252 |
The Funds intend to pass through to their shareholders the following amounts, or maximum amounts allowable by law, of foreign source income earned and foreign taxes paid for the fiscal year ended April 30, 2024:
Fund Name | Foreign Source Income Earned | Foreign Taxes Paid |
Advantage Emerging Markets | $ 2,022,774 | $ 586,397 |
The Funds hereby designate the following amounts, or maximum amounts allowable by law, of distributions from direct federal obligation interest for the fiscal year ended April 30, 2024:
Fund Name | Federal Obligation Interest |
Advantage Emerging Markets | $ 25,757 |
Global Equity Market Neutral | 47,844,989 |
The law varies in each state as to whether and what percent of ordinary income dividends attributable to federal obligations is exempt from state income tax. Shareholders are advised to check with their tax advisers to determine if any portion of the dividends received is exempt from state income tax.
The following percentages, or maximum percentages allowable by law, of ordinary income distributions paid during the fiscal year ended April 30, 2024 qualified for the dividends-received deduction for corporate shareholders:
Fund Name | Dividends-Received Deduction |
Advantage Emerging Markets | 0.70 % |
Global Equity Market Neutral | 0.66 |
The Funds hereby designate the following amounts, or maximum amounts allowable by law, as interest income eligible to be treated as a Section 163(j) interest dividend for the fiscal year ended April 30, 2024:
Fund Name | Interest Dividends |
Advantage Emerging Markets | $ 164,303 |
Global Equity Market Neutral | 48,701,230 |
The Funds hereby designate the following amounts, or maximum amounts allowable by law, as interest-related dividends eligible for exemption from U.S. withholding tax for nonresident aliens and foreign corporations for the fiscal year ended April 30, 2024:
Fund Name | Interest- Related Dividends |
Advantage Emerging Markets | $ 164,303 |
Global Equity Market Neutral | 48,257,424 |
118
2024 BlackRock Annual Report to Shareholders
Statement Regarding Liquidity Risk Management Program
In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), BlackRock FundsSM (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) for BlackRock Advantage Emerging Markets Fund and BlackRock Global Equity Market Neutral Fund (the “Funds”), each a series of the Trust, which is reasonably designed to assess and manage each Fund’s liquidity risk.
The Board of Trustees (the “Board”) of the Trust, on behalf of the Funds, met on November 16-17, 2023 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Advisors, LLC or BlackRock Fund Advisors (“BlackRock”), each an investment adviser to certain BlackRock funds, as the program administrator for each Fund’s Program, as applicable. BlackRock also previously delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2022 through September 30, 2023 (the “Program Reporting Period”).
The Report described the Program’s liquidity classification methodology for categorizing each Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish each Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually. The Report also discussed notable events affecting liquidity over the Program Reporting Period, including the imposition of capital controls in certain countries.
The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing each Fund’s liquidity risk, as follows:
a)
The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed whether each Fund’s strategy is appropriate for an open-end fund structure with a focus on funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee also factored a fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. Where a fund participated in borrowings for investment purposes (such as tender option bonds or reverse repurchase agreements), such borrowings were factored into the Program’s calculation of a fund’s liquidity bucketing. A fund’s derivative exposure was also considered in such calculation.
b)
Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each Fund’s reasonably anticipated trading size utilized for liquidity classifications. Each Fund has adopted an in-kind redemption policy which may be utilized to meet larger redemption requests. The Committee may also take into consideration a fund’s shareholder ownership concentration (which, depending on product type and distribution channel, may or may not be available), a fund’s distribution channels, and the degree of certainty associated with a fund’s short-term and long-term cash flow projections.
c)
Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered the terms of the credit facility committed to each Fund, the financial health of the institution providing the facility and the fact that the credit facility is shared among multiple funds (including that a portion of the aggregate commitment amount is specifically designated for BlackRock Floating Rate Income Portfolio, a series of BlackRock Funds V, and BlackRock Floating Rate Loan ETF, a series of BlackRock ETF Trust II). The Committee also considered other types of borrowing available to the funds, such as the ability to use reverse repurchase agreements and interfund lending, as applicable.
There were no material changes to the Program during the Program Reporting Period other than the enhancement of certain model components in the Program’s classification methodology. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.
Statement Regarding Liquidity Risk Management Program119
Trustee and Officer Information
Independent Trustees(a) | ||||
Name Year of Birth(b) | Position(s) Held (Length of Service)(c) | Principal Occupation(s) During Past 5 Years | Number of BlackRock-Advised Registered Investment Companies (“RICs”) Consisting of Investment Portfolios (“Portfolios”) Overseen | Public Company and Other Investment Company Directorships Held During Past 5 Years |
Mark Stalnecker 1951 | Chair of the Board (Since 2019) and Trustee (Since 2015) | Chief Investment Officer, University of Delaware from 1999 to 2013; Trustee and Chair of the Finance and Investment Committees, Winterthur Museum and Country Estate from 2005 to 2016; Member of the Investment Committee, Delaware Public Employees’ Retirement System since 2002; Member of the Investment Committee, Christiana Care Health System from 2009 to 2017; Member of the Investment Committee, Delaware Community Foundation from 2013 to 2014; Director and Chair of the Audit Committee, SEI Private Trust Co. from 2001 to 2014. | 28 RICs consisting of 164 Portfolios | None |
Susan J. Carter 1956 | Trustee (Since 2016) | Trustee, Financial Accounting Foundation from 2017 to 2021; Advisory Board Member, Center for Private Equity and Entrepreneurship at Tuck School of Business from 1997 to 2021; Director, Pacific Pension Institute from 2014 to 2018; Senior Advisor, Commonfund Capital, Inc. (“CCI”) (investment adviser) in 2015; Chief Executive Officer, CCI from 2013 to 2014; President & Chief Executive Officer, CCI from 1997 to 2013; Advisory Board Member, Girls Who Invest from 2015 to 2018 and Board Member thereof from 2018 to 2022; Advisory Board Member, Bridges Fund Management from 2016 to 2018; Practitioner Advisory Board Member, Private Capital Research Institute (“PCRI”) since 2017; Lecturer in the Practice of Management, Yale School of Management since 2019; Advisor to Finance Committee, Altman Foundation since 2020; Investment Committee Member, Tostan since 2021; Member of the President’s Counsel, Commonfund since 2023. | 28 RICs consisting of 164 Portfolios | None |
Collette Chilton 1958 | Trustee (Since 2015) | Senior advisor, Insignia since 2024; Chief Investment Officer, Williams College from 2006 to 2023; Chief Investment Officer, Lucent Asset Management Corporation from 1998 to 2006; Director, Boys and Girls Club of Boston since 2017; Director, B1 Capital since 2018; Director, David and Lucile Packard Foundation since 2020. | 28 RICs consisting of 164 Portfolios | None |
Neil A. Cotty 1954 | Trustee (Since 2016) | Bank of America Corporation from 1996 to 2015, serving in various senior finance leadership roles, including Chief Accounting Officer from 2009 to 2015, Chief Financial Officer of Global Banking, Markets and Wealth Management from 2008 to 2009, Chief Accounting Officer from 2004 to 2008, Chief Financial Officer of Consumer Bank from 2003 to 2004, Chief Financial Officer of Global Corporate Investment Bank from 1999 to 2002. | 28 RICs consisting of 164 Portfolios | None |
Lena G. Goldberg 1949 | Trustee (Since 2019) | Director, Pioneer Public Interest Law Center since 2023; Director, Charles Stark Draper Laboratory, Inc. from 2013 to 2021; Senior Lecturer, Harvard Business School from 2008 to 2021; FMR LLC/Fidelity Investments (financial services) from 1996 to 2008, serving in various senior roles including Executive Vice President - Strategic Corporate Initiatives and Executive Vice President and General Counsel; Partner, Sullivan & Worcester LLP from 1985 to 1996 and Associate thereof from 1979 to 1985. | 28 RICs consisting of 164 Portfolios | None |
120
2024 BlackRock Annual Report to Shareholders
Trustee and Officer Information (continued)
Independent Trustees(a) (continued) | ||||
Name Year of Birth(b) | Position(s) Held (Length of Service)(c) | Principal Occupation(s) During Past 5 Years | Number of BlackRock-Advised Registered Investment Companies (“RICs”) Consisting of Investment Portfolios (“Portfolios”) Overseen | Public Company and Other Investment Company Directorships Held During Past 5 Years |
Henry R. Keizer 1956 | Trustee (Since 2019) | Director, Park Indemnity Ltd. (captive insurer) from 2010 to 2022. | 28 RICs consisting of 164 Portfolios | GrafTech International Ltd. (materials manufacturing); Sealed Air Corp. (packaging); WABCO (commercial vehicle safety systems) from 2015 to 2020; Hertz Global Holdings (car rental) from 2015 to 2021. |
Cynthia A. Montgomery 1952 | Trustee (Since 2007) | Professor, Harvard Business School since 1989. | 28 RICs consisting of 164 Portfolios | None |
Donald C. Opatrny 1952 | Trustee (Since 2019) | Chair of the Board of Phoenix Art Museum since 2022 and Trustee thereof since 2018; Chair of the Investment Committee of The Arizona Community Foundation since 2022 and Trustee thereof since 2020; Director, Athena Capital Advisors LLC (investment management firm) from 2013 to 2020; Trustee, Vice Chair, Member of the Executive Committee and Chair of the Investment Committee, Cornell University from 2004 to 2019; Member of Affordable Housing Supply Board of Jackson, Wyoming from 2017 to 2022; Member, Investment Funds Committee, State of Wyoming from 2017 to 2023; Trustee, Artstor (a Mellon Foundation affiliate) from 2010 to 2015; Member of the Investment Committee, Mellon Foundation from 2009 to 2015; President, Trustee and Member of the Investment Committee, The Aldrich Contemporary Art Museum from 2007 to 2014; Trustee and Chair of the Investment Committee, Community Foundation of Jackson Hole since 2014. | 28 RICs consisting of 164 Portfolios | None |
Kenneth L. Urish 1951 | Trustee (Since 2007) | Managing Partner, Urish Popeck & Co., LLC (certified public accountants and consultants) since 1976; Past- Chairman of the Professional Ethics Committee of the Pennsylvania Institute of Certified Public Accountants and Committee Member thereof since 2007; Member of External Advisory Board, The Pennsylvania State University Accounting Department since 2001, Emeritus since 2022; Principal, UP Strategic Wealth Investment Advisors, LLC since 2013; Trustee, The Holy Family Institute from 2001 to 2010; President and Trustee, Pittsburgh Catholic Publishing Associates from 2003 to 2008; Director, Inter-Tel from 2006 to 2007; Member, Advisory Board, ESG Competent Boards since 2020. | 28 RICs consisting of 164 Portfolios | None |
Claire A. Walton 1957 | Trustee (Since 2016) | Advisory Board Member, Grossman School of Business at the University of Vermont since 2023; Advisory Board Member, Scientific Financial Systems since 2022; General Partner of Neon Liberty Capital Management, LLC from 2003 to 2023; Chief Operating Officer and Chief Financial Officer of Liberty Square Asset Management, LP from 1998 to 2015; Director, Boston Hedge Fund Group from 2009 to 2018; Director, Massachusetts Council on Economic Education from 2013 to 2015; Director, Woodstock Ski Runners from 2013 to 2022. | 28 RICs consisting of 164 Portfolios | None |
Trustee and Officer Information121
Trustee and Officer Information (continued)
Interested Trustees(a)(d) | ||||
Name Year of Birth(b) | Position(s) Held (Length of Service)(c) | Principal Occupation(s) During Past 5 Years | Number of BlackRock-Advised (“RICs”) Consisting of Investment Portfolios (“Portfolios”) Overseen | Public Company and Other Investment Company Directorships Held During Past 5 Years |
Robert Fairbairn 1965 | Trustee (Since 2018) | Vice Chairman of BlackRock, Inc. since 2019; Member of BlackRock’s Global Executive and Global Operating Committees; Co-Chair of BlackRock’s Human Capital Committee; Senior Managing Director of BlackRock, Inc. from 2010 to 2019; oversaw BlackRock’s Strategic Partner Program and Strategic Product Management Group from 2012 to 2019; Member of the Board of Managers of BlackRock Investments, LLC from 2011 to 2018; Global Head of BlackRock’s Retail and iShares® businesses from 2012 to 2016. | 96 RICs consisting of 266 Portfolios | None |
John M. Perlowski(e) 1964 | Trustee (Since 2015) President and Chief Executive Officer (Since 2010) | Managing Director of BlackRock, Inc. since 2009; Head of BlackRock Global Accounting and Product Services since 2009; Advisory Director of Family Resource Network (charitable foundation) since 2009. | 98 RICs consisting of 268 Portfolios | None |
(a) | The address of each Trustee is c/o BlackRock, Inc., 50 Hudson Yards, New York, New York 10001. |
(b) | Independent Trustees serve until their resignation, retirement, removal or death, or until December 31 of the year in which they turn 75. The Board may determine to extend the terms of Independent Trustees on a case-by-case basis, as appropriate. |
(c) | Following the combination of Merrill Lynch Investment Managers, L.P. (“MLIM”) and BlackRock, Inc. in September 2006, the various legacy MLIM and legacy BlackRock fund boards were realigned and consolidated into three new fund boards in 2007. Furthermore, effective January 1, 2019, three BlackRock Fund Complexes were realigned and consolidated into two BlackRock Fund Complexes. As a result, although the chart shows the year that each Independent Trustee joined the Board, certain Independent Trustees first became members of the boards of other BlackRock-advised Funds, legacy MLIM funds or legacy BlackRock funds as follows: Cynthia A. Montgomery, 1994; Kenneth L. Urish, 1999; Lena G. Goldberg, 2016; Henry R. Keizer, 2016; Donald C. Opatrny, 2015. |
(d) | Mr. Fairbairn and Mr. Perlowski are both “interested persons,” as defined in the 1940 Act, of the Trust based on their positions with BlackRock, Inc. and its affiliates. Mr. Fairbairn and Mr. Perlowski are also board members of the BlackRock Fixed-Income Complex. |
(e) | Mr. Perlowski is also a trustee of the BlackRock Credit Strategies Fund and BlackRock Private Investments Fund. |
122
2024 BlackRock Annual Report to Shareholders
Trustee and Officer Information (continued)
Officers Who Are Not Trustees(a) | ||
Name Year of Birth(b) | Position(s) Held (Length of Service) | Principal Occupation(s) During Past 5 Years |
Roland Villacorta 1971 | Vice President (Since 2022) | Managing Director of BlackRock, Inc. since 2002; Head of Global Cash Management and Head of Securities Lending within BlackRock’s Global Markets Group since 2022; Member of BlackRock’s Global Operating Committee since 2016 and Human Capital Committee since 2023. |
Jennifer McGovern 1977 | Vice President (Since 2014) | Managing Director of BlackRock, Inc. since 2016. |
Trent Walker 1974 | Chief Financial Officer (Since 2021) | Managing Director of BlackRock, Inc. since September 2019; Executive Vice President of PIMCO from 2016 to 2019. |
Jay M. Fife 1970 | Treasurer (Since 2007) | Managing Director of BlackRock, Inc. since 2007. |
Aaron Wasserman 1974 | Chief Compliance Officer (Since 2023) | Managing Director of BlackRock, Inc. since 2018; Chief Compliance Officer of the BlackRock-advised funds in the BlackRock Multi-Asset Complex, the BlackRock Fixed-Income Complex and the iShares Complex since 2023; Deputy Chief Compliance Officer for the BlackRock-advised funds in the BlackRock Multi-Asset Complex, the BlackRock Fixed- Income Complex and the iShares Complex from 2014 to 2023. |
Lisa Belle 1968 | Anti-Money Laundering Compliance Officer (Since 2019) | Managing Director of BlackRock, Inc. since 2019; Global Financial Crime Head for Asset and Wealth Management of JP Morgan from 2013 to 2019. |
Janey Ahn 1975 | Secretary (Since 2019) | Managing Director of BlackRock, Inc. since 2018. |
(a) | The address of each Officer is c/o BlackRock, Inc., 50 Hudson Yards, New York, New York 10001. |
(b) | Officers of the Trust serve at the pleasure of the Board. |
Further information about the Trust’s Trustees and Officers is available in the Trust’s Statement of Additional Information, which can be obtained without charge by calling (800) 441-7762.
Effective July 1, 2023, Aaron Wasserman replaced Charles Park as Chief Compliance Officer of the Trust. |
Effective June 1, 2024, Lori Richards was appointed as a Trustee of the Trust. |
Trustee and Officer Information123
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.
124
2024 BlackRock 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 and Administrator
BlackRock Advisors, LLC
Wilmington, DE 19809
Wilmington, DE 19809
Sub-Adviser
BlackRock International Limited(a)
Edinburgh, EH3 8BL
United Kingdom
Edinburgh, EH3 8BL
United Kingdom
Accounting Agent and Custodian
State Street Bank and Trust Company
Boston, MA 02114
Boston, MA 02114
Transfer Agent
BNY Mellon Investment Servicing (US) Inc.
Wilmington, DE 19809
Wilmington, DE 19809
(a) For Global Equity Market Neutral.
Distributor
BlackRock Investments, LLC
New York, NY 10001
New York, NY 10001
Independent Registered Public Accounting Firm
Deloitte & Touche LLP
Boston, MA 02116
Boston, MA 02116
Legal Counsel
Sidley Austin LLP
New York, NY 10019
New York, NY 10019
Address of the Funds
100 Bellevue Parkway
Wilmington, DE 19809
Wilmington, DE 19809
Additional Information125
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. |
AMBAC | AMBAC Assurance Corp. |
ARB | Airport Revenue Bonds |
BAM | Build America Mutual Assurance Co. |
CDI | CREST Depository Interest |
CJSC | Closed Joint Stock Company |
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 |
UT | Unlimited Tax |
126
2024 BlackRock Annual Report to Shareholders
Want to know more?
blackrock.com | 800-441-7762
This report is intended for current holders. It is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of the Funds unless preceded or accompanied by the Funds’ current prospectus. Past performance results shown in this report should not be considered a representation of future performance. Investment returns and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Statements and other information herein are as dated and are subject to change.
EMLSGLS-04/24-AR
(b) Not Applicable
| Item 3 – | Audit Committee Financial Expert – The registrant’s board of directors (the “board of directors”), has determined that (i) the registrant has the following audit committee financial experts serving on its audit committee and (ii) each audit committee financial expert is independent: |
Neil A. Cotty
Henry R. Keizer
Kenneth L. Urish
Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an “expert” for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of directors.
| Item 4 – | Principal Accountant Fees and Services |
The following table presents fees billed by Deloitte & Touche LLP (“D&T”) in each of the last two fiscal years for the services rendered to the Fund:
| (a) Audit Fees | (b) Audit-Related Fees1 | (c) Tax Fees2 | (d) All Other Fees | |||||||||||||
| Entity Name | Current Fiscal Year End | Previous Fiscal Year End | Current Fiscal Year End | Previous Fiscal Year End | Current Fiscal Year End | Previous Fiscal Year End | Current Fiscal Year End | Previous Fiscal Year End | ||||||||
| BlackRock Advantage Emerging Markets Fund | $47,838 | $47,838 | $407 | $44 | $16,328 | $25,900 | $0 | $218 | ||||||||
| BlackRock Defensive Advantage Emerging Markets Fund | $31,212 | $31,212 | $407 | $44 | $15,288 | $18,700 | $0 | $218 | ||||||||
| BlackRock Global Equity Market Neutral Fund | $64,464 | $64,464 | $407 | $44 | $28,960 | $33,800 | $0 | $218 | ||||||||
The following table presents fees billed by D&T that were required to be approved by the registrant’s audit committee (the “Committee”) for services that relate directly to the operations or financial reporting of the Fund and that are rendered on behalf of BlackRock Advisors, LLC (the “Investment Adviser” or “BlackRock”) and entities controlling, controlled by, or under common control with BlackRock (not
2
including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund (“Affiliated Service Providers”):
| Current Fiscal Year End | Previous Fiscal Year End | |||
(b) Audit-Related Fees1 | $0 | $0 | ||
(c) Tax Fees2 | $0 | $0 | ||
(d) All Other Fees3 | $2,149,000 | $2,154,000 |
1 The nature of the services includes assurance and related services reasonably related to the performance of the audit or review of financial statements not included in Audit Fees, including accounting consultations, agreed-upon procedure reports, attestation reports, comfort letters, out-of-pocket expenses and internal control reviews not required by regulators.
2 The nature of the services includes tax compliance and/or tax preparation, including services relating to the filing or amendment of federal, state or local income tax returns, regulated investment company qualification reviews, taxable income and tax distribution calculations.
3 Non-audit fees of $2,149,000 and $2,154,000 for the current fiscal year and previous fiscal year, respectively, were paid to the Fund’s principal accountant in their entirety by BlackRock, in connection with services provided to the Affiliated Service Providers of the Fund and of certain other funds sponsored and advised by BlackRock or its affiliates for a service organization review and an accounting research tool subscription. These amounts represent aggregate fees paid by BlackRock and were not allocated on a per fund basis.
(e)(1) Audit Committee Pre-Approval Policies and Procedures:
The Committee has adopted policies and procedures with regard to the pre-approval of services. Audit, audit-related and tax compliance services provided to the registrant on an annual basis require specific pre-approval by the Committee. The Committee also must approve other non-audit services provided to the registrant and those non-audit services provided to the Investment Adviser and Affiliated Service Providers that relate directly to the operations and the financial reporting of the registrant. Certain of these non-audit services that the Committee believes are (a) consistent with the SEC’s auditor independence rules and (b) routine and recurring services that will not impair the independence of the independent accountants may be approved by the Committee without consideration on a specific case-by-case basis (“general pre-approval”). The term of any general pre-approval is 12 months from the date of the pre-approval, unless the Committee provides for a different period. Tax or other non-audit services provided to the registrant which have a direct impact on the operations or financial reporting of the registrant will only be deemed pre-approved provided that any individual project does not exceed $10,000 attributable to the registrant or $50,000 per project. For this purpose, multiple projects will be aggregated to determine if they exceed the previously mentioned cost levels.
Any proposed services exceeding the pre-approved cost levels will require specific pre-approval by the Committee, as will any other services not subject to general pre-approval (e.g., unanticipated but permissible services). The Committee is informed of each service approved subject to general pre-approval at the next regularly scheduled in-person board meeting. At this meeting, an analysis of such services is presented to the Committee for ratification. The Committee may delegate to the Committee Chairman the authority to approve the provision of and fees for any specific engagement of permitted non-audit services, including services exceeding pre-approved cost levels.
(e)(2) None of the services described in each of Items 4(b) through (d) were approved by the Committee pursuant to the de minimis exception in paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f) Not Applicable
3
(g) The aggregate non-audit fees, defined as the sum of the fees shown under “Audit-Related Fees,” “Tax Fees” and “All Other Fees,” paid to the accountant for services rendered by the accountant to the registrant, the Investment Adviser and the Affiliated Service Providers were:
| Entity Name | Current Fiscal Year End | Previous Fiscal Year End | ||
| BlackRock Advantage Emerging Markets Fund | $16,735 | $26,162 | ||
| BlackRock Defensive Advantage Emerging Markets Fund | $15,695 | $18,962 | ||
| BlackRock Global Equity Market Neutral Fund | $29,367 | $34,062 |
Additionally, the amounts billed by D&T in connection with services provided to the Affiliated Service Providers of the Fund and of other funds sponsored and advised by BlackRock or its affiliates during the current and previous fiscal years for a service organization review and an accounting research tool subscription were:
Current Fiscal Year End | Previous Fiscal Year End | |
$2,149,000 | $2,154,000 |
These amounts represent aggregate fees paid by BlackRock and were not allocated on a per fund basis.
(h) The Committee has considered and determined that the provision of non-audit services that were rendered to the Investment Adviser and the Affiliated Service Providers that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.
(i) – Not Applicable
(j) – Not Applicable
| 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 |
4
| 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 – See Item 2
(a)(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the Registrant’s securities are listed – Not Applicable
(a)(3) Section 302 Certifications are attached
(a)(4) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable
(a)(5) Change in Registrant’s independent public accountant – Not Applicable
(b) Section 906 Certifications are attached
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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 FundsSM
By: | /s/ John M. Perlowski | |||
John M. Perlowski | ||||
Chief Executive Officer (principal executive officer) of | ||||
BlackRock FundsSM |
Date: June 24, 2024
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/ John M. Perlowski | |||
John M. Perlowski | ||||
Chief Executive Officer (principal executive officer) of | ||||
BlackRock FundsSM |
Date: June 24, 2024
By: | /s/ Trent Walker | |||
Trent Walker | ||||
Chief Financial Officer (principal financial officer) of | ||||
BlackRock FundsSM |
Date: June 24, 2024
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