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

UNITEDSTATES

SECURITIESANDEXCHANGECOMMISSION

Washington,D.C.20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT

COMPANIES

Investment Company Act file number: 811-05742

Name of Fund: BlackRock Funds

BlackRock Advantage Emerging Markets Fund

BlackRock Global Long/Short Equity Fund

iShares Edge MSCI Min Vol EAFE Index Fund

iShares Edge MSCI Min Vol USA Index Fund

iShares Edge MSCI Multifactor Intl Index Fund

iShares Edge MSCI Multifactor USA Index Fund

iShares Russell Mid-Cap Index Fund

iShares Russell Small/Mid-Cap Index Fund

iShares Total U.S. Stock Market Index Fund

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

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

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

Date of fiscal year end: 07/31/2020

Date of reporting period: 01/31/2020

Item 1 – Report to Stockholders

JANUARY 31, 2020

2020 Semi-Annual Report

(Unaudited)

BlackRock Funds^SM

· BlackRock Advantage Emerging Markets Fund

· BlackRock Global Long/Short Equity Fund

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of each Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from BlackRock or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

You may elect to receive all future reports in paper free of charge. If you hold accounts directly with BlackRock, you can call (800) 441-7762 to inform BlackRock that you wish to continue receiving paper copies of your shareholder reports. If you hold accounts through a financial intermediary, you can follow the instructions included with this disclosure, if applicable, or contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Please note that not all financial intermediaries may offer this service. Your election to receive reports in paper will apply to all funds advised by BlackRock Advisors, LLC, BlackRock Fund Advisors or their affiliates, or all funds held with your financial intermediary, as applicable.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive electronic delivery of shareholder reports and other communications by: (i) accessing the BlackRock website at blackrock.com/edelivery and logging into your accounts, if you hold accounts directly with BlackRock, or (ii) contacting your financial intermediary, if you hold accounts through a financial intermediary. Please note that not all financial intermediaries may offer this service.

Not FDIC Insured • May Lose Value • No Bank Guarantee

The Markets in Review

Dear Shareholder,

U.S. equities and bonds both delivered impressive returns over the last 12 months, despite fears and doubts about the economy that were ultimately laid to rest with unprecedented monetary stimulus and a sluggish yet resolute performance from the U.S. economy. Investors were further encouraged by the apparent cessation of trade hostilities between the United States and China late in 2019, although some of these gains were reversed in January 2020, as the spread of the coronavirus injected uncertainty into markets.

Returns for most securities were particularly strong in the second half of the reporting period, as investors began to realize that the U.S. economy was maintaining the modest yet steady growth that has characterized this economic cycle. In the United States, large-cap stocks led the broader market, while small-cap equities still posted healthy returns. Emerging market stocks, however, were constrained by coronavirus fears, losing most of their gains near the end of the reporting period.

Fixed-income securities played an important role in diversified portfolios by delivering strong returns amid economic uncertainty, as interest rates declined (and bond prices rose). Long-term bonds, particularly long-term Treasuries, generally posted the strongest returns, as inflation remained low despite an uptick late in the reporting period. Investment-grade and high-yield corporate bonds also posted solid returns, as the credit fundamentals in corporate markets remained relatively solid.

Continuing the shift toward looser monetary policy that began in early 2019, the U.S. Federal Reserve (the “Fed”) increased efforts to stimulate economic activity. The Fed reduced interest rates three times during the reporting period, from July 2019 to October 2019. In December 2019, the Fed further reassured markets by indicating that it is unlikely to reverse course and tighten monetary policy in the near future. Following in the Fed’s footsteps, the European Central Bank announced aggressive economic stimulus measures, including lower interest rates and the return of its bond purchasing program. The Bank of Japan continued its accommodative monetary policy, while China committed to looser credit conditions and an increase in fiscal spending.

The outpouring of global economic stimulus led to a sharp rally in risk assets throughout the world despite the headwind of rising geopolitical and trade tensions. Hopes continued to remain high as the current economic expansion became the longest in U.S. history.

Looking ahead, we believe there are reasons to remain cautious about the U.S. economy, most notably the uncertainty around the duration of the impact of the coronavirus-driven economic contraction, the U.S. presidential election and future earnings growth. At this time we are watching the developments around the world very closely to assess the full extent of the risks of economic disruption that could result from the global pandemic. Corporate earnings underperformed in 2019, but action by the Fed led to outstanding equity returns. With the future of monetary policy and consumer behaviors uncertain, earnings deterioration could act as a drag on equities.

Overall, we favor moderately increasing investment risk to benefit from expected growth. We are neutral on U.S. equities, but we favor emerging market and Japanese equities, which could benefit from an uptick in global trade and investment. Increasing cyclical exposure through value-style investing and maintaining a meaningful emphasis on high-quality companies through quality factors also makes sense for diversified investors. In fixed income, extremely low yields and inflation risk limit the effectiveness of many bond classes as a counterweight in portfolios. We favor higher-yielding bonds from emerging markets, where central banks have more room for further accommodation, while strategically using U.S. Treasuries as stabilizers.

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

Sincerely,

Rob Kapito

President, BlackRock Advisors, LLC

Rob Kapito

President, BlackRock Advisors, LLC

Total Returns as of January 31, 2020
	6-month	12-month
U.S. large cap equities (S&P 500® Index)	9.31%	21.68%
U.S. small cap equities (Russell 2000® Index)	3.26	9.21
International equities (MSCI Europe, Australasia, Far East Index)	6.12	12.10
Emerging market equities (MSCI Emerging Markets Index)	3.36	3.81
3-month Treasury bills (ICE BofAML 3-Month U.S. Treasury Bill Index)	0.98	2.22
U.S. Treasury securities (ICE BofAML 10-Year U.S. Treasury Index)	5.13	12.15
U.S. investment grade bonds (Bloomberg Barclays U.S. Aggregate Bond Index)	4.20	9.64
Tax-exempt municipal bonds (S&P Municipal Bond Index)	3.08	8.21
U.S. high yield bonds (Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index)	3.43	9.40
Past performance is no guarantee of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

2 THIS PAGE IS NOT PART OF YOUR FUND REPORT

Table of Contents

	Page
The Markets in Review		2
Semi-Annual Report:
Fund Summaries		4
About Fund Performance		8
Disclosure of Expenses		8
Derivative Financial Instruments		9
Portfolio Information		9
Financial Statements:
Schedules of Investments		10
Statements of Assets and Liabilities		65
Statements of Operations		67
Statements of Changes in Net Assets		68
Financial Highlights		69
Notes to Financial Statements		77
Statement Regarding Liquidity Risk Management Program		89
Trustee and Officer Information		90
Additional Information		91
Glossary of Terms Used in This Report		92

3

Fund Summary  as of January 31, 2020 BlackRock Advantage Emerging Markets Fund

Investment Objective

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

On November 13, 2019, the Board approved a change in the fiscal year-end of the Fund, effective as of April 30, 2020, from July 31 to April 30.

Portfolio Management Commentary

How did the Fund perform?

During the six-month period ending January 31, 2020, the Fund underperformed its benchmark, the MSCI Emerging Markets Index.

What factors influenced performance?

The Fund slightly underperformed the benchmark during the period amid mixed portfolio returns. The stock selection model was the main detractor from relative performance, with losses concentrated across fundamental measures. This was due in part to shifting investor sentiment over trade dynamics between the United States and China. As investors focused more on potential headline risks, they focused less on underlying company fundamentals, leading to poor performance across fundamental value and quality signals that broadly declined during the period. More traditional value measures were notably weak, as growth concerns stunted investor expectations for a reflationary regime shift. This was most evident in a signal comparing stocks by sales, as losses were concentrated in South Korean and Taiwanese stocks that were sensitive to trade concerns. Traditional quality measures similarly declined, with balance sheet and cash flow measures both coming under pressure.

Given the evolving market backdrop during the period, sentiment insights looking toward informed market participants saw equally significant challenges. Putting further pressure on this composite of insights, there was also a sizable rotation away from generic momentum styles during the period. In that environment, text-based measures that capture trends from sell-side analysts and company executives struggled. Collectively, these insights proved the most sensitive to momentum strategies; however, they were differentiated enough to avoid the full extent of the declines for the generic investment style. Notably, the Fund’s regional China A securities model was slightly down for the period, as the combination of trade concerns and uncertainty around the coronavirus outbreak weighed on the model’s performance.

On the positive side, macro thematic measures performed better and were able to provide stability for the portfolio. This was highlighted by strength from a country timing model that motivated overweight positions to Russia and Turkey, which added to Fund performance. The signal also prompted an underweight position in Chile, adding to performance as stocks in the country struggled against considerable political uncertainty.

Elsewhere, industry timing models were similarly additive, having motivated underweight positions to communication services companies. This positioning was concentrated in Asian emerging market stocks, including China, South Korea, Thailand and Taiwan, which came under pressure due to global trade concerns. Style timing also provided positive returns, as it decreased the Fund’s sensitivity to generic momentum styles ahead of the sizable factor rotation seen during the period. Select sentiment insights also helped insulate the Fund from weakness in the broader signal composite. Further supporting performance, ESG-related (or environmental, social and governance-related) fundamental insights produced differentiated returns compared to more traditional measures. Collectively, these insights were able to provide some defensive quality properties amid the market’s changeable backdrop and helped insulate the portfolio from broader fundamental stock selection weakness.

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

Describe recent portfolio activity.

Over the course of the period, the portfolio maintained a balanced allocation of risk across all major return drivers. There were, however, several new signals added within the stock selection model. These included an insight that expands upon earlier research for machine-learned signal combination by using the investment adviser’s full library of researched insights to create bespoke portfolios of individual securities. This also expanded into creating bespoke macro thematic models using the same approach. Finally, given the inclusion of China A share securities into the broader MSCI Emerging Markets Index, the Fund recently incorporated a new regional stock selection model that specifically evaluates locally domiciled Chinese stocks.

Describe portfolio positioning at period end.

Relative to the benchmark, the Fund ended the period overweight in Russia and India, with a focus on materials and information technology (“IT”) stocks, respectively. In Russia, underlying fundamentals as well as attractive valuations provided the motivation for the Fund’s positioning, while in India, the potential for policy accommodation prompted the overweight position. Also, the Fund moved to a slight overweight position in China on expectations of policy accommodation and reform, expressed through financial stocks in the local China A market and consumer discretionary companies in the China H market. This was funded by underweights to Brazil and South Africa, predominantly in materials and consumer discretionary stocks, respectively. The Fund also maintained an underweight in South Korea, predominantly in IT stocks, motivated by declining fundamentals and export competitiveness.

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

4 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Fund Summary  as of January 31, 2020 (continued) BlackRock Advantage Emerging Markets Fund

Performance Summary for the Period Ended January 31, 2020

				Average Annual Total Returns (a)(b)
				1 Year						5 Years						Since Inception (c)
	6-Month Total Returns			w/o sales charge			w/sales charge			w/o sales charge			w/sales charge			w/o sales charge			w/sales charge
Institutional(d)		2.77	%		1.48	%		N/A			0.62	%		N/A			0.90	%		N/A
Investor A(d)		2.62			1.21			(4.10	)%		0.38			(0.70	)%		0.65			0.00	%
Investor C(d)		2.30			0.51			(0.49	)		(0.37	)		(0.37	)		(0.11	)		(0.11	)
Class K(d)		2.69			1.50			N/A			0.63			N/A			0.90			N/A
MSCI Emerging Markets Index		3.36			3.81			N/A			4.48			N/A			5.00			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” on page 8 for a detailed description of share classes, including any related sales charges and fees, and how performance was calculated for certain share classes.

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

^(c)  The Fund commenced operations on October 6, 2011.

^(d)  For financial reporting purposes, the market values of certain investments were adjusted as of the report date due to the Shanghai and Shenzhen Stock Exchange closures from January 23, 2020 to February 2, 2020. Accordingly, the net asset value (“NAV”) per share and total return performance based on NAV presented herein are different than the information previously published as of January 31, 2020.

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

Past performance is not indicative 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 (b)
	Beginning Account Value (08/01/19)		Ending Account Value (01/31/20)		Expenses Paid During the Period (a)		Beginning Account Value (08/01/19)		Ending Account Value (01/31/20)		Expenses Paid During the Period (a)		Annualized Expense Ratio
Institutional	$	1,000.00	$	1,027.70	$	4.33	$	1,000.00	$	1,020.86	$	4.32		0.85	%
Investor A		1,000.00		1,026.20		5.81		1,000.00		1,019.41		5.79		1.14
Investor C		1,000.00		1,023.00		9.66		1,000.00		1,015.59		9.63		1.90
Class K		1,000.00		1,026.90		4.13		1,000.00		1,021.06		4.12		0.81

^(a)  For each class of the Fund, expenses are equal to the annualized net expense ratio for the class, multiplied by the average account value over the period, multiplied by 185/366 (to reflect the one-half year period shown).

^(b)  Hypothetical 5% annual return before expenses is calculated by prorating the number of days in the most recent fiscal half year divided by 366.

See “Disclosure of Expenses” on page 8 for further information on how expenses were calculated.

FUND SUMMARY 5

Fund Summary  as of January 31, 2020 BlackRock Global Long/Short Equity Fund

Investment Objective

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

On November 13, 2019, the Board approved a change in the fiscal year-end of the Fund, effective as of April 30, 2020, from July 31 to April 30.

Portfolio Management Commentary

How did the Fund perform?

For the six-month period ended January 31, 2020, the Fund underperformed its benchmark, the ICE BofAML 3-Month U.S. Treasury Bill Index.

What factors influenced performance?

The most significant detractor from relative performance during the period was the Fund’s stock selection model, as the highly changeable market backdrop proved challenging, especially early in the period. The Fund’s positioning entering the period had reflected a defensive posture that was suited to perform well in a continued “slowflation” market environment. (Slowflation is characterized by slow growth and high inflation.) The market selloff in August, which was similar to a pullback earlier in 2019 in which the Fund had delivered gains, ultimately led to a sizable rotation given the inversion of the yield curve. Despite this inversion, a more reflationary tone emerged that moved against the Fund’s positioning. Preferred long positions in communication services, media and software names underperformed along with short positions in riskier European cyclical stocks.

Fundamental insights also struggled after having motivated the Fund to take long positions in U.S. financials, which detracted as investors questioned future profitability following the yield curve inversion. Recessionary concerns eventually proved overly bearish and left the Fund too conservatively positioned, with economic data in early September coming in stronger than expected. Consensual defensive positioning ultimately led to a sizable rotation along the style dimension, as generic momentum styles experienced one of their worst pullbacks on record. Unsurprisingly, this put further pressure on trend-based sentiment measures, which struggled given the rotation’s extremes.

The end of the period also proved challenging for these insights, as markets enjoyed a strong risk-on rally amid diminishing geopolitical tensions. The completion of the “phase one” trade deal between the United States and China, as well as reduced Brexit uncertainty due to the strong pro-conservative election results in the United Kingdom, provided a tailwind for risk assets. The resulting market performance was driven by strong multiple expansion that came at the expense of evaluating company fundamentals, as seen by heightened risk-taking in announced corporate events in December. These conditions produced headwinds for both sentiment and fundamental-based measures, with sentiment weakest in short positions.

Despite the underperformance, however, macro thematic signals were strong contributors to Fund performance and generated gains that helped to offset stock selection weakness. A style timing model motivated a short position in momentum strategies in August, helping to insulate the Fund’s performance from the worst of the historically large momentum drawdown the following month. Style timing models also moved to cover a generic value short, eventually taking a slight long position alongside growth.

Industry-timing insights also performed well during the period, as sector positioning largely reflected the Fund’s pro-growth posture. Insights capturing top-down regimes that support lower inflation, positive growth and loose monetary policy motivated the Fund’s moves. Trends in inventories, supply chains, and business invoicing drove the Fund’s preferred long positions in pharmaceutical and software stocks. Additionally, a continued negative stance toward energy provided relative gains. Finally, the market-timing model performed well, as it motivated a slight net long position. The combination of improving global economic momentum, albeit from depressed levels, and bond yields coming off multi-year highs pushed the model to increase its net market exposure. This benefited returns as the market touched fresh highs toward the end of the period.

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

Describe recent portfolio activity.

Over the course of the period, the portfolio maintained a balanced allocation of risk across all major return drivers. There were, however, several new signals added within the stock selection group of insights. These included a new insight that expands upon earlier research for machine learned signal combination. The new signal uses the full library of the investment adviser’s researched insights, and through machine learning, it creates bespoke portfolios of those insights at a security level. This also expanded into creating bespoke macro thematic models using the same approach. Further, the Fund expanded its investable universe to include lower market capitalization securities in global developed markets.

Describe portfolio positioning at period end.

The Fund’s market-timing models continued to reflect a positive stance on equity market exposure, as both macro and valuation models showed improvement. Momentum timing models moved back into positive territory for the first time since the factor’s collapse in September 2019, amid evidence of reduced concentration within the style. This was funded by expanding more growth exposure within the portfolio, at the expense of selling value, which became a short position. This pro-growth posture was reflected in industry positioning, with preferences for software, health care and media stocks.

In contrast, the short side had its positioning underpinned through negative stances toward value-oriented cyclicals such as banks, oil and gas stocks, utilities and semiconductor stocks. The Fund also decreased its contrarian country exposure, taking a neutral view toward the United States and a reduced long position in European stocks. Additionally, there was a preferred long position in Australia opposite a short in the United Kingdom.

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

6 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Fund Summary  as of January 31, 2020 (continued) BlackRock Global Long/Short Equity Fund

Performance Summary for the Period Ended January 31, 2020

				Average Annual Total Returns (a)(b)
				1 Year						5 Years						Since Inception (c)
	6-Month Total Returns			w/o sales charge			w/sales charge			w/o sales charge			w/sales charge			w/o sales charge			w/sales charge
Institutional		(2.46	)%		(1.13	)%		N/A			1.37	%		N/A			3.62	%		N/A
Investor A		(2.49	)		(1.30	)		(6.49	)%		1.12			0.03	%		3.36			2.58	%
Investor C		(2.91	)		(2.09	)		(3.02	)		0.36			0.36			2.59			2.59
Class K		(2.34	)		(1.01	)		N/A			1.43			N/A			3.67			N/A
ICE BofAML 3-Month U.S. Treasury Bill Index		0.98			2.22			N/A			1.10			N/A			0.79			N/A

^(a)  Assuming maximum sales charges, if any. Average annual total returns with and without sales charges reflect reductions for distribution and service fees. See “About Fund Performance” on page 8 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 invests at least 80% of its total assets in equity instruments and related derivative instruments issued by, or tied economically to, companies located in developed markets.

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

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

Past performance is not indicative 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 (b)
	Beginning Account Value (08/01/19)		Ending Account Value (01/31/20)		Expenses Paid During the Period (a)		Beginning Account Value (08/01/19)		Ending Account Value (01/31/20)		Expenses Paid During the Period (a)		Annualized Expense Ratio
Institutional	$	1,000.00	$	975.40	$	7.80	$	1,000.00	$	1,017.24	$	7.96		1.57	%
Investor A		1,000.00		975.10		9.04		1,000.00		1,015.99		9.22		1.82
Investor C		1,000.00		970.90		12.73		1,000.00		1,012.22		13.00		2.57
Class K		1,000.00		976.60		7.55		1,000.00		1,017.50		7.71		1.52

^(a)  For each class of the Fund, expenses are equal to the annualized net expense ratio for the class, multiplied by the average account value over the period, multiplied by 185/366 (to reflect the one-half year period shown).

^(b)  Hypothetical 5% annual return before expenses is calculated by prorating the number of days in the most recent fiscal half year divided by 366.

See “Disclosure of Expenses” on page 8 for further information on how expenses were calculated.

FUND SUMMARY 7

About Fund Performance

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

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

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

Performance information reflects past performance and does not guarantee future results. 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 tables on the previous pages 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 agreed to waive and/or reimburse a portion of each Fund’s expenses. Without such waiver and/or reimbursement, each Fund’s performance would have been lower. With respect to each Fund’s contractual waivers, the Manager is under no obligation to continue waiving and/or reimbursing its fees after the applicable termination date of such agreement. See Note 6 of 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 on the previous pages (which are based on a hypothetical investment of $1,000 invested on August 1, 2019 and held through January 31, 2020) are intended to assist shareholders both in calculating expenses based on an investment in each Fund and in comparing these expenses with similar costs of investing in other mutual funds.

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

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

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

8 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Derivative Financial Instruments

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

Portfolio Information  as of January 31, 2020

BlackRock Advantage Emerging Markets Fund

GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Net Assets
China		34	%
Taiwan		13
India		10
South Korea		9
Russia		6
United States		6
Brazil		5
South Africa		3
Mexico		3
Malaysia		2
Saudi Arabia		2
Turkey		1
Thailand		1
Poland		1
Columbia		1
United Arab Emirates		1
Indonesia		1
Others(a)		1

^(a) Other includes less than 1% of investments in each of the following countries: Argentina, Chile, Czech Republic, Greece, Hong Kong, Hungary, Monaco, Peru, Philippines and Singapore.

BlackRock Global Long/Short Equity Fund

GEOGRAPHIC ALLOCATION

	Percent of Total Investments (b)
Country/Geographic Region	Long			Short			Total
United States		43	%		15	%		58	%
Japan		7			7			14
United Kingdom		2			2			4
Germany		2			2			4
Australia		2			1			3
Canada		1			1			2
Switzerland		1			1			2
France		1			1			2
Netherlands		1			1			2
Denmark		1			—			1
Sweden		1			1			2
Belgium		—			1			1
Italy		—			1			1
Finland		1			—			1
Others(c)		—			3			3
		63	%		37	%		100	%

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

^(c)  Represents less than 1% of total investments. Please refer to the Schedule of Investments for such countries.

DERIVATIVE FINANCIAL INSTRUMENTS / PORTFOLIO INFORMATION 9

Schedule of Investments  (unaudited) January 31, 2020 BlackRock Advantage Emerging Markets Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks — 94.0%
Argentina — 0.1%
Globant SA(a)		449	$	55,092
YPF SA, ADR		4,468		41,955
				97,047
Brazil — 5.0%
AMBEV SA		87,700		365,536
Arcos Dorados Holdings, Inc., Class A		4,206		32,260
Arezzo Industria e Comercio SA		6,000		84,481
B3 SA — Brasil Bolsa Balcao		9,000		101,294
Banco Bradesco SA — ADR		34,784		265,402
Banco Bradesco SA, Preference Shares		218,220		1,675,911
Banco Santander Brasil SA		8,900		87,429
Cosan Ltd., Class A(a)		3,324		73,427
CPFL Energia SA		16,200		144,766
Iguatemi Empresa de Shopping Centers SA		700		8,712
Iochpe-Maxion SA		56,359		285,835
Itau Unibanco Holding SA, Preference Shares		155,192		1,189,325
Notre Dame Intermedica Participacoes SA		2,200		36,067
Raia Drogasil SA		3,300		95,719
Tim Participacoes SA		22,080		86,359
Totvs SA		27,900		486,325
Ultrapar Participacoes SA		82,534		486,809
				5,505,657
Chile — 0.2%
Banco de Chile		641,949		63,208
SACI Falabella		26,822		105,237
				168,445
China — 33.6%
3SBio, Inc.(a)(b)		22,000		27,944
AAC Technologies Holdings, Inc.		10,500		73,855
Alibaba Group Holding Ltd.(a)		51,700		1,334,005
Alibaba Group Holding Ltd. — ADR(a)		30,328		6,265,462
Anhui Conch Cement Co. Ltd., Class H		101,000		644,652
Anta Sports Products Ltd.		35,000		304,716
BAIC Motor Corp. Ltd., Class H(b)		154,000		75,906
Baidu, Inc. — ADR(a)		4,681		578,384
Bank of Beijing Co. Ltd., Class A		193,400		138,164
Bank of Jiangsu Co. Ltd., Class A		126,299		113,867
Beijing Capital Development Co. Ltd., Class A		14,900		14,242
Beijing Enterprises Holdings Ltd.		58,000		253,599
Bosideng International Holdings Ltd.		200,000		65,754
BYD Electronic International Co., Ltd.		29,000		55,666
Changchun High & New Technology Industry Group, Inc., Class A, Class A		2,442		157,707
China Aoyuan Group Ltd.		37,000		49,308
China CITIC Bank Corp. Ltd., Class H		280,000		146,162
China CITIC Bank Corp., Ltd., Class A		259,197		197,390
China Communications Services Corp. Ltd., Class H		154,000		103,365
China Construction Bank Corp., Class H		489,000		370,435
China Everbright Bank Co. Ltd., Class A		293,700		154,425
China Life Insurance Co. Ltd., Class A		28,740		119,207
China Life Insurance Co. Ltd., Class H		726,000		1,733,713
China Medical System Holdings, Ltd.		32,000		42,589
China Merchants Bank Co. Ltd., Class H		20,500		98,842
China Merchants Securities Co. Ltd., Class A		52,200		125,895
China Minsheng Banking Corp. Ltd., Class A(a)		260,600		207,394
China Mobile Ltd.		48,500		398,653
China National Building Material Co. Ltd., Class H		38,000		36,326
China Oilfield Services Ltd., Class H		48,000		69,647
China Pacific Insurance Group Co. Ltd., Class A		34,840		161,134
China Pacific Insurance Group Co. Ltd., Class H		24,400		81,386

Security	Shares		Value
China (continued)
China Petroleum & Chemical Corp., Class H		470,000	$	247,512
China Railway Construction Corp. Ltd., Class A		28,500		27,809
China Railway Group Ltd., Class H		284,000		155,765
China Unicom Hong Kong Ltd.		94,000		78,417
CITIC Ltd.		234,000		264,604
CNOOC Ltd.		793,000		1,187,151
CNOOC Ltd. — ADR		3,049		460,399
Country Garden Services Holdings Co. Ltd.		46,000		148,610
ENN Energy Holdings Ltd.		46,500		540,558
Foshan Haitian Flavouring & Food Co. Ltd., Class A		14,346		197,779
Fujian Sunner Development Co. Ltd., Class A		9,300		25,061
Glodon Co. Ltd., Class A		53,300		274,155
Greenland Holdings Group Co. Ltd., Class A		176,700		147,440
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class H		14,000		44,843
Huatai Securities Co. Ltd., Class H(b)		75,200		118,032
HUYA, Inc., ADR(a)		3,029		54,159
Industrial & Commercial Bank of China Ltd., Class A		45,900		34,758
Industrial Bank Co. Ltd., Class A		47,600		114,325
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		18,600		73,614
JD.com, Inc. — ADR(a)		47,307		1,783,001
Jiangsu Hengrui Medicine Co. Ltd., Class A		41,556		478,441
Kunlun Energy Co. Ltd.		732,000		566,988
Lenovo Group Ltd.		896,000		584,642
Li Ning Co. Ltd.		286,500		836,688
Livzon Pharmaceutical Group, Inc., Class H		21,200		72,691
Lonking Holdings Ltd.		109,000		28,590
Meituan Dianping, Class B(a)		21,600		273,452
Midea Group Co. Ltd., Class A		28,700		203,350
Momo, Inc., ADR		6,159		188,465
NetEase, Inc. — ADR		2,248		721,069
New China Life Insurance Co. Ltd., Class A		15,300		94,415
New Oriental Education & Technology Group, Inc. — ADR(a)		10,212		1,241,269
PetroChina Co. Ltd., Class H		2,138,000		942,734
Ping An Insurance Group Co. of China Ltd., Class A		29,740		325,107
Ping An Insurance Group Co. of China Ltd., Class H		68,000		768,934
Q Technology Group Co. Ltd.(a)		39,000		54,988
RiseSun Real Estate Development Co. Ltd., Class A		1		1
Sangfor Technologies, Inc., Class A		2,200		44,321
Shaanxi Coal Industry Co. Ltd., Class A		103,388		111,676
Shanghai Construction Group Co. Ltd., Class A		118,700		51,727
Shanghai M&G Stationery, Inc., Class A		7,700		49,606
Shanghai Pharmaceuticals Holding Co. Ltd., Class A		16,308		45,343
Shanghai Pudong Development Bank Co. Ltd., Class A		68,709		100,330
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A, Class A		9,688		114,211
Shenzhen Goodix Technology Co., Ltd., Class A, Class A		1,300		56,512
Sinopec Engineering Group Co. Ltd., Class H		65,000		35,025
Sinopec Shanghai Petrochemical Co. Ltd., Class H		544,000		138,317
Sinopharm Group Co. Ltd., Class H		150,800		490,692
Sohu.com Ltd., ADR(a)		2,957		31,433
Sunac China Holdings Ltd.		6,000		28,938
Sunny Optical Technology Group Co. Ltd.		21,600		343,233
TAL Education Group — ADR(a)		6,893		343,961
Tencent Holdings Ltd.		107,100		5,107,617
Tingyi Cayman Islands Holding Corp.		148,000		249,683
Tsingtao Brewery Co. Ltd., Class H		14,000		77,436
Vipshop Holdings Ltd. — ADR(a)		18,916		240,801
Weichai Power Co. Ltd., Class H		321,000		561,984
Wuhu Sanqi Interactive Entertainment Network Technology Group Co. Ltd., Class A		20,922		90,456
Wuliangye Yibin Co., Ltd., Class A		31,000		502,895
XTEP International Holdings, Ltd.		83,000		37,576
Yum China Holdings, Inc.		6,903		297,312

10 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2020 BlackRock Advantage Emerging Markets Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
Zhuzhou CSR Times Electric Co. Ltd., Class H		16,900	$	56,906
Zijin Mining Group Co. Ltd., Class H		272,000		119,355
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A		316,698		256,564
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H		312,600		229,511
				37,373,031
Colombia — 0.8%
Bancolombia SA — ADR		17,566		921,688
Czech Republic — 0.2%
CEZ AS		11,901		260,611
Greece — 0.1%
Hellenic Telecommunications Organization SA		4,341		64,831
OPAP SA		3,965		49,373
				114,204
Hong Kong — 0.1%
Sino Biopharmaceutical Ltd.		110,000		145,263
Hungary — 0.2%
MOL Hungarian Oil & Gas PLC		16,959		143,833
Richter Gedeon Nyrt		6,036		129,767
				273,600
India — 10.1%
Amara Raja Batteries Ltd.		4,781		51,376
Apollo Hospitals Enterprise Ltd.		3,201		74,261
Asian Paints Ltd.		4,499		113,053
Bajaj Finance Ltd.		2,925		178,291
Bajaj Finserv Ltd.		2,146		282,917
Balkrishna Industries, Ltd.		7,259		108,419
Bandhan Bank Ltd.(b)		20,053		126,198
Bharat Heavy Electricals Ltd.		22,938		13,699
Biocon Ltd.		74,506		306,514
Cipla Ltd.		50,835		317,510
Dr. Reddy’s Laboratories Ltd.		7,416		324,538
GAIL India Ltd.		338,235		570,290
Glenmark Pharmaceuticals Ltd.		93,839		407,930
Gujarat Narmada Valley Fertilizers & Chemicals Ltd.		15,386		41,798
HCL Technologies Ltd.		6,313		52,331
HDFC Asset Management Co. Ltd.(b)		1,951		86,482
HDFC Bank Ltd.		22,252		381,158
HDFC Bank Ltd. — ADR		26,621		1,524,851
Hemisphere Properties India Ltd.(a)		11,589		25,006
Hindalco Industries Ltd.		45,677		120,506
Housing Development Finance Corp. Ltd.		26,581		898,332
ICICI Bank Ltd.		31,053		228,811
Infosys Ltd.		95,283		1,040,534
Infosys Ltd. — ADR		74,774		819,523
ITC Ltd.		142,730		469,851
Just Dial Ltd.(a)		14,579		114,385
Kalpataru Power Transmission Ltd.		3,993		24,870
Kotak Mahindra Bank Ltd.		14,735		348,613
Larsen & Toubro Ltd.		26,045		498,891
Larsen & Toubro Ltd. — GDR		4,907		92,938
LIC Housing Finance Ltd.		13,584		82,925
Mphasis Ltd.		11,204		145,729
National Aluminium Co. Ltd.		113,238		67,333
Oil & Natural Gas Corp. Ltd.		60,076		91,412
Petronet LNG Ltd.		91,619		341,706
Radico Khaitan Ltd.		9,639		53,467
Reliance Industries Ltd.		2,227		43,926
State Bank of India(a)		14,635		65,071
Sun Pharmaceutical Industries Ltd.		16,045		97,654

Security	Shares		Value
India (continued)
Tech Mahindra Ltd.		16,878	$	188,418
Vedanta Ltd.		37,542		71,901
Voltas, Ltd.		19,641		190,674
Wipro Ltd.		15,845		52,703
Wockhardt Ltd.(a)		7,794		38,348
				11,175,143
Indonesia — 0.6%
Bank Mandiri Persero Tbk PT		330,800		180,880
Bank Negara Indonesia Persero Tbk PT		320,100		167,713
Gudang Garam Tbk PT		48,300		196,797
Hanjaya Mandala Sampoerna Tbk PT		600,000		90,333
				635,723
Malaysia — 2.1%
CIMB Group Holdings Bhd		633,800		760,050
Genting Bhd		320,800		429,172
Genting Malaysia Bhd		258,300		189,346
IHH Healthcare Bhd		141,600		196,105
Malaysia Airports Holdings Bhd		24,900		40,776
Maxis Bhd		129,200		166,523
MISC Bhd		123,600		230,902
Petronas Gas Bhd		31,700		123,768
Telekom Malaysia Bhd		167,600		157,391
				2,294,033
Mexico — 2.6%
America Movil SAB de CV, Series L		600,259		498,429
Arca Continental SAB de CV		35,800		202,744
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand, Class B		43,500		62,365
Coca-Cola Femsa SAB de CV		6,900		41,972
Fomento Economico Mexicano SAB de CV		41,900		377,789
Fomento Economico Mexicano SAB de CV — ADR		2,546		229,573
Grupo Aeroportuario del Centro Norte SAB de CV		67,198		511,644
Grupo Aeroportuario del Centro Norte SAB de CV, ADR		749		45,494
Grupo Aeroportuario del Pacifico SAB de CV		1,464		181,068
Grupo Aeroportuario del Pacifico SAB de CV, Series B		22,600		279,326
Kimberly-Clark de Mexico SAB de CV, Series A(a)		147,200		303,585
Wal-Mart de Mexico SAB de CV		59,200		171,846
				2,905,835
Monaco — 0.0%
GasLog Ltd.		3,160		20,477
Peru — 0.1%
Hochschild Mining PLC		60,787		135,061
Philippines — 0.1%
Ayala Land, Inc.		65,540		53,349
Bank of the Philippine Islands		19,770		32,088
Manila Electric Co.		14,170		71,366
				156,803
Poland — 1.3%
Bank Polska Kasa Opieki SA		10,652		271,717
Polski Koncern Naftowy ORLEN SA		21,201		413,643
Powszechna Kasa Oszczednosci Bank Polski SA		81,242		715,978
Santander Bank Polska SA		158		11,679
				1,413,017
Russia — 5.9%
Alrosa AO		29,924		37,535
Detsky Mir PJSC(b)		31,370		56,443
Inter Rao UES PJSC		2,496,939		225,260
LUKOIL PJSC		4,460		455,944
Lukoil PJSC — ADR		18,555		1,887,867
Magnitogorsk Iron & Steel Works PJSC		601,358		421,274

SCHEDULES OF INVESTMENTS 11

Schedule of Investments  (unaudited) (continued) January 31, 2020 BlackRock Advantage Emerging Markets Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Russia (continued)
MMC Norilsk Nickel PJSC		2,881	$	934,000
MMC Norilsk Nickel PJSC, ADR		17,046		549,726
Mobile Telesystems OJSC — ADR		11,735		119,580
Novatek PJSC — GDR		1,688		303,840
Severstal PJSC		58,973		839,143
Sistema JSFC		615,600		175,786
Sistema JSFC — GDR		10,395		59,667
Tatneft PAO — ADR		556		39,965
Tatneft PJSC		27,200		322,582
Yandex NV, Class A(a)		1,759		78,821
				6,507,433
Saudi Arabia — 1.8%
Al Rajhi Bank		35,323		623,496
Alinma Bank		56,429		389,528
Almarai Co. JSC		4,541		57,489
Arab National Bank		12,342		87,335
Bank AlBilad		4,406		32,000
Banque Saudi Fransi		5,260		51,812
Etihad Etisalat Co.(a)		7,820		54,919
National Commercial Bank		20,054		250,304
Riyad Bank		16,632		104,437
Samba Financial Group		14,511		116,739
Saudi British Bank		9,048		77,048
Saudi Telecom Co.		6,810		165,046
				2,010,153
Singapore — 0.0%
IGG, Inc.		43,000		29,908
South Africa — 2.7%
Anglo American Platinum Ltd.		12,385		989,826
Barloworld Ltd.		44,006		271,936
FirstRand Ltd.		52,564		201,448
Gold Fields Ltd.		15,041		97,371
Gold Fields, Ltd., ADR(c)		23,239		148,730
Impala Platinum Holdings Ltd.(a)		12,799		120,267
MultiChoice Group Ltd.(a)		24,945		177,458
Nedbank Group Ltd.		5,321		69,070
Northam Platinum Ltd.(a)		10,554		88,385
Spar Group Ltd.		12,451		159,050
Standard Bank Group Ltd.		68,318		712,609
				3,036,150
South Korea — 9.3%
Amorepacific Corp.(a)		2,479		383,708
Celltrion, Inc.(a)		812		110,613
Cheil Worldwide, Inc.		1,366		24,240
CJ CGV Co. Ltd.(a)		4,523		98,446
Dongbu Insurance Co., Ltd.		898		31,785
Doosan Corp.		319		16,666
Doosan Infracore Co. Ltd.(a)		55,048		224,222
Hana Financial Group, Inc.		6,252		172,778
Hanwha Chemical Corp.		3,079		42,718
Hanwha Life Insurance Co. Ltd.(a)		15,468		26,345
Hotel Shilla Co. Ltd.		1,902		137,382
Hugel, Inc.(a)		285		103,848
Hyundai Engineering & Construction Co., Ltd.(a)		3,024		95,469
Hyundai Marine & Fire Insurance Co., Ltd.(a)		2,333		42,799
Hyundai Motor Co.		7,033		730,111
Hyundai Wia Corp.(a)		1,640		58,195
Kakao Corp.		302		39,809
KB Financial Group, Inc.		7,245		266,510
Kia Motors Corp.		3,489		118,671
Kolon Industries, Inc.(a)		1,811		63,453
KT Corp. — ADR		53,385		556,272

Security	Shares		Value
South Korea (continued)
Kumho Petrochemical Co. Ltd.		1,590	$	86,086
LG Electronics, Inc.		13,102		714,437
LG Electronics, Inc., Preference Shares		1,194		26,064
LG Household & Health Care Ltd.		408		426,736
LG Innotek Co., Ltd.		1,288		160,512
Mirae Asset Daewoo Co. Ltd.(a)		13,699		77,853
NCSoft Corp.(a)		148		78,403
Osstem Implant Co. Ltd.(a)		990		34,812
POSCO		7,838		1,419,998
Posco International Corp.(a)		4,140		57,983
Samsung Electronics Co. Ltd.		65,626		3,040,649
Samsung Engineering Co. Ltd.(a)		8,003		113,858
Samsung SDS Co. Ltd.		516		83,169
Seegene, Inc.(a)		1,718		42,868
Shinhan Financial Group Co. Ltd.		9,755		318,338
Shinhan Financial Group Co. Ltd. — ADR		4,333		140,346
SK Telecom Co., Ltd.		278		53,255
Songwon Industrial Co. Ltd.(a)		514		5,587
Woori Financial Group, Inc.		9,825		82,943
				10,307,937
Taiwan — 12.8%
Acer, Inc.		345,000		190,796
ASPEED Technology, Inc.		3,000		91,866
Asustek Computer, Inc.		37,000		272,499
Cathay Financial Holding Co. Ltd.		217,298		290,847
Chailease Holding Co. Ltd.		100,552		416,971
China Life Insurance Co. Ltd.(a)		263,422		213,895
Compeq Manufacturing Co., Ltd.		114,000		151,397
Fubon Financial Holding Co. Ltd.		109,000		161,643
Hon Hai Precision Industry Co. Ltd.		379,000		1,030,503
Largan Precision Co. Ltd.		5,000		776,638
MediaTek, Inc.		105,000		1,328,500
Merida Industry Co., Ltd.		11,000		59,885
Novatek Microelectronics Corp.		19,000		133,972
Pegatron Corp.		77,000		159,648
Quanta Computer, Inc.		115,000		233,490
Radiant Opto-Electronics Corp.		39,000		133,825
Realtek Semiconductor Corp.		138,000		1,108,763
Simplo Technology Co. Ltd.		9,000		94,408
Taiwan Mobile Co. Ltd.		11,000		38,962
Taiwan Semiconductor Manufacturing Co. Ltd.		493,000		5,084,902
Taiwan Semiconductor Manufacturing Co., Ltd. — ADR		9,580		516,745
TPK Holding Co. Ltd.(a)		69,000		107,019
Uni-President Enterprises Corp.		539,000		1,284,151
Unimicron Technology Corp.		56,000		69,662
United Microelectronics Corp.		294,000		143,517
Yuanta Financial Holding Co., Ltd.		187,000		121,097
				14,215,601
Thailand — 1.3%
Central Plaza Hotel PCL, NVDR		168,900		117,103
CK Power PCL, NVDR		1,505,000		191,771
CP ALL PCL — NVDR		309,000		698,597
Home Product Center PCL — NVDR		467,100		217,855
PTT Exploration & Production PCL — NVDR		22,700		89,832
Sino-Thai Engineering & Construction PCL, NVDR		105,500		50,703
Star Petroleum Refining PCL		245,300		66,325
				1,432,186
Turkey — 1.5%
KOC Holding AS		106,864		347,803
Tekfen Holding AS		162,129		520,843
Tupras Turkiye Petrol Rafinerileri AS		5,539		104,062
Turk Telekomunikasyon AS(a)		56,141		72,777
Turkcell Iletisim Hizmetleri AS		19,440		45,735

12 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2020 BlackRock Advantage Emerging Markets Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Turkey (continued)
Turkcell Iletisim Hizmetleri AS, ADR		14,921	$	86,990
Turkiye Garanti Bankasi AS(a)		155,615		308,813
Turkiye Is Bankasi AS, Class C(a)		111,446		134,611
				1,621,634
United Arab Emirates — 0.3%
Aldar Properties PJSC		221,657		133,891
DP World PLC		3,073		42,657
Dubai Islamic Bank PJSC		8,609		13,353
Emaar Properties PJSC		47,249		51,558
First Abu Dhabi Bank PJSC		20,628		86,547
				328,006
United States — 1.2%
Genpact Ltd.		15,815		700,130
JBS SA		91,334		588,192
				1,288,322
Total Long-Term Investments — 94.0% (Cost — $99,659,108)				104,372,968

Security	Shares		Value
Short-Term Securities — 4.6%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 1.48%(d)(f)		5,155,368	$	5,155,368
SL Liquidity Series, LLC, Money Market Series, 1.74%(d)(e)(f)		492		492
Total Short-Term Securities — 4.6% (Cost — $5,155,860)				5,155,860
Total Investments — 98.6% (Cost — $104,814,968)				109,528,828
Other Assets Less Liabilities — 1.4%				1,553,330
Net Assets — 100.0%			$	111,082,158

^(a)  Non-income producing security.

^(b)  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(c)  Security, or a portion of the security, is on loan.

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

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

^(f)  During the six months ended January 31, 2020, investments in issuers considered to be an affiliate/affiliates of the Fund for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliate	Shares Held at 07/31/19		Net Activity			Shares Held at 01/31/20		Value at 01/31/20		Income			Net Realized Gain (Loss) (a)			Change in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds, T-Fund, Institutional Class		4,510,382		644,986			5,155,368	$	5,155,368	$	46,331		$	13		$	—
SL Liquidity Series, LLC, Money Market Series		745,051		(744,559	)		492		492		132	(b)		(26	)		—
								$	5,155,860	$	46,463		$	(13	)	$	—

^(a)  Includes net capital gain distributions, if applicable.

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
MSCI Emerging Markets Index		104		03/20/20	$	5,461	$	(350,556	)

SCHEDULES OF INVESTMENTS 13

Schedule of Investments  (unaudited) (continued) January 31, 2020 BlackRock Advantage Emerging Markets Fund

OTC Total Return Swaps ^(a)

Reference Entity	Counterparty	Termination Date		Net Notional		Unrealized Appreciation (Depreciation)			Net Value of Reference Entity		Gross Notional Amount Net Asset Percentage
Equity Securities Long	Morgan Stanley & Co., Inc.		02/22/23	USD	165,747	$	33,989	(b)	$	156,798		0.1	%
	UBS AG		06/12/23 - 06/14/23	USD	346,479		(27,088	)(c)		319,057		0.3
						$	6,901		$	475,855

^(a)  In regards to total return swaps with multiple financing rate benchmarks, the Fund receives the total return on a portfolio of long positions underlying the total return swap. In addition, the Fund pays a variable rate of interest, based on a specified benchmark, plus or minus a spread in a range of 90-200 basis points. The benchmark and spread are determined based upon the country and/or currency of the individual underlying positions. The following are the specified benchmarks used in determining the variable rate of interest:

USD — 1D Overnight Bank Funding Rate (OBFR01)

USD — 1D Overnight Fed Funds Effective Rate (FEDL01)

^(b)  Amount includes $42,938 of net dividends and financing fees.

^(c)  Amount includes $334 of net dividends and financing fees.

14 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2020 BlackRock Advantage Emerging Markets Fund

The following table represents the individual long positions and related values of the equity securities underlying the total return swap with Morgan Stanley & Co, Inc. as of January 31, 2020 termination date 02/22/23:

	Shares		Value		% of Basket Value
Reference Entity — Long
Greece
Hellenic Telecommunications Organization SA		89	$	1,329		0.8	%
United Arab Emirates
Aldar Properties PJSC		257,380		155,469		99.2
Total Reference Entity — Long				156,798
Net Value of Reference Entity — Morgan Stanley & Co, Inc.			$	156,798

The following table represents the individual long positions and related values of the equity securities underlying the total return swap with UBS AG as of January 31, 2020 termination dates 06/12/23 — 06/14/23:

	Shares		Value		% of Basket Value
Reference Entity — Long
United Arab Emirates
Aldar Properties PJSC		273,141	$	164,989		51.7	%
Dubai Islamic Bank PJSC		30,118		46,716		14.6
Emaar Properties PJSC		98,381		107,352		33.7
Total Reference Entity — Long				319,057
Net Value of Reference Entity — UBS AG			$	319,057

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

	Swap Premiums Paid		Swap Premiums Received		Unrealized Appreciation		Unrealized Depreciation
OTC Swaps	$	—	$	—	$	33,989	$	(27,088	)

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
Swaps — OTC
Unrealized appreciation on OTC swaps; Swap premiums paid	$	—	$	—	$	33,989	$	—	$	—	$	—	$	33,989
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	350,556	$	—	$	—	$	—	$	350,556
Swaps — OTC
Unrealized depreciation on OTC swaps; Swap premiums received		—		—		27,088		—		—		—		27,088
	$	—	$	—	$	377,644	$	—	$	—	$	—	$	377,644

^(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 six months ended January 31, 2020, 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	$	—	$	—	$	635,440		$	—	$	—	$	—	$	635,440
Swaps		—		—		5			—		—		—		5
	$	—	$	—	$	635,445		$	—	$	—	$	—	$	635,445
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	(163,959	)	$	—	$	—	$	—	$	(163,959	)
Swaps		—		—		(56,608	)		—		—		—		(56,608	)
	$	—	$	—	$	(220,567	)	$	—	$	—	$	—	$	(220,567	)

SCHEDULES OF INVESTMENTS 15

Schedule of Investments  (unaudited) (continued) January 31, 2020 BlackRock Advantage Emerging Markets Fund

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	5,750,320
Total return swaps:
Average notional amount	$	512,226

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

Derivative Financial Instruments — Offsetting as of Period End

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

	Assets		Liabilities
Derivative Financial Instruments:
Futures contracts	$	—	$	108,683
Swaps — OTC(a)		33,989		27,088
Total derivative assets and liabilities in the Statements of Assets and Liabilities	$	33,989	$	135,771
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		(108,683	)
Total derivative assets and liabilities subject to an MNA	$	33,989	$	27,088

^(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		Non-cash Collateral Received		Cash Collateral Received		Net Amount of Derivative Assets  (a)
Morgan Stanley & Co., Inc.	$	33,989	$	—	$	—	$	—	$	33,989
Counterparty	Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset		Non-cash Collateral Pledged		Cash Collateral Pledged		Net Amount of Derivative Liabilities (b)
UBS AG	$	27,088	$	—	$	—	$	—	$	27,088

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

^(b)  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 investments and derivative financial instruments. For information about the Fund’s policy regarding valuation of investments and derivative financial instruments, refer to the Notes to Financial Statements.

The following tables summarize the Fund’s investments and derivative financial instruments categorized in the disclosure hierarchy:

	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Common Stocks:
Argentina	$	97,047	$	—	$	—	$	97,047
Brazil		5,505,657		—		—		5,505,657
Chile		168,445		—		—		168,445
China		13,539,720		23,833,311		—		37,373,031
Colombia		921,688		—		—		921,688
Czech Republic		260,611		—		—		260,611
Greece		—		114,204		—		114,204
Hong Kong		—		145,263		—		145,263
Hungary		273,600		—		—		273,600
India		3,173,112		8,002,031		—		11,175,143
Indonesia		—		635,723		—		635,723

16 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2020 BlackRock Advantage Emerging Markets Fund

Fair Value Hierarchy as of Period End (continued)

	Level 1			Level 2			Level 3		Total
Malaysia	$	123,768		$	2,170,265		$	—	$	2,294,033
Mexico		2,905,835			—			—		2,905,835
Monaco		20,477			—			—		20,477
Peru		—			135,061			—		135,061
Philippines		103,454			53,349			—		156,803
Poland		11,679			1,401,338			—		1,413,017
Russia		695,851			5,811,582			—		6,507,433
Saudi Arabia		802,756			1,207,397			—		2,010,153
Singapore		—			29,908			—		29,908
South Africa		1,563,449			1,472,701			—		3,036,150
South Korea		720,858			9,587,079			—		10,307,937
Taiwan		555,707			13,659,894			—		14,215,601
Thailand		—			1,432,186			—		1,432,186
Turkey		86,990			1,534,644			—		1,621,634
United Arab Emirates		—			328,006			—		328,006
United States		1,288,322			—			—		1,288,322
Short-Term Securities		5,155,368			—			—		5,155,368
Subtotal	$	37,974,394		$	71,553,942		$	—	$	109,528,336
Investments Valued at NAV(a)										492
Total Investments									$	109,528,828
Derivative Financial Instruments(b)
Assets:
Equity contracts	$	—		$	33,989		$	—	$	33,989
Liabilities:
Equity contracts		(350,556	)		(27,088	)		—		(377,644	)
	$	(350,556	)	$	6,901		$	—	$	(343,655	)

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

^(b)  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.

SCHEDULES OF INVESTMENTS 17

Schedule of Investments  (unaudited) January 31, 2020 BlackRock Global Long/Short Equity Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Preferred Securities — 0.7%
Preferred Stocks — 0.7%(a)(b)
United States — 0.7%
AliphCom, Series 6, (Acquired 12/15/15, cost $0), 0.00%(c)(d)		8,264	$	—
AliphCom, Series 8, (Acquired 03/10/15, cost $1,750,010), 0.00%(c)(d)		823,530		8
Illumio Inc., Series C (Acquired 3/10/15, cost $1,500,001), 0.00%		466,730		2,230,970
Palantir Technologies, Inc., Series I (Acquired 3/27/14, cost $1,999,998), 0.00%		326,264		2,075,039
Total Preferred Stocks — 0.7% (Cost — $5,250,009)				4,306,017
	Par (000)
U.S. Treasury Obligations — 10.2%
U.S. Treasury Notes(e):
(3 mo.Treasury money market yield + 0.12%), 1.65%, 01/31/21	$	6,575		6,577,132
(3 mo.Treasury money market yield + 0.14%), 1.67%, 04/30/21		19,065		19,073,038
(3 mo.Treasury money market yield + 0.22%), 1.76%, 07/31/21		20,000		20,029,786
(3 mo.Treasury money market yield + 0.30%), 1.84%, 10/31/21		13,000		13,038,396
Total U.S. Treasury Obligations — 10.2% (Cost — $58,635,058)				58,718,352
Total Long-Term Investments — 10.9% (Cost — $63,885,067)				63,024,369
	Shares
Short-Term Securities — 80.6%
Money Market Fund — 4.8%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 1.48%(f)(h)		27,654,464		27,654,464
Total Money Market Fund — 4.8% (Cost — $27,654,464)				27,654,464

Security	Par (000)		Value
U.S. Treasury Obligations — 75.8%
U.S. Treasury Bills(g):
1.92%, 02/06/20	$	15,000	$	14,998,172
1.93%, 02/13/20		35,000		34,985,708
1.51% - 1.53%, 02/18/20		157,000		156,904,656
1.53% - 1.56%, 03/03/20		53,270		53,204,237
1.56%, 03/19/20		18,655		18,619,614
1.53% - 1.56%, 03/24/20		19,825		19,783,354
1.56%, 03/26/20		2,170		2,165,255
1.54% - 1.55%, 04/02/20		7,345		7,326,823
1.72% - 1.73%, 04/09/20		4,030		4,018,659
1.66%, 04/16/20		2,405		2,397,559
1.64%, 04/23/20		28,000		27,904,997
(3 mo.Treasury money market yield + 0.03%), 1.57%, 04/30/20		40,300		40,301,605
2.38%, 04/30/20(e)		1,655		1,657,780
1.57%, 05/07/20		4,200		4,183,166
1.50% - 3.50%, 05/15/20		1,615		1,618,224
2.63%, 07/31/20		25,000		25,126,953
1.38% - 2.75%, 09/30/20		2,200		2,202,864
(3 mo.Treasury money market yield + 0.05%), 1.58%, 10/31/20(e)		6,000		5,997,983
2.50%, 12/31/20		13,000		13,112,226
Total U.S. Treasury Obligations — 75.8% (Cost — $436,440,647)				436,509,835
Total Short-Term Securities — 80.6% (Cost — $464,095,111)				464,164,299
Total Investments — 91.5% (Cost — $527,980,178)				527,188,668
Other Assets Less Liabilities — 8.5%				48,988,419
Net Assets — 100.0%			$	576,177,087

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

^(b)  Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $4,306,017, representing 0.7% of its net assets as of period end, and an original cost of $5,250,009.

^(c)  Issuer filed for bankruptcy and/or is in default.

^(d)  Non-income producing security.

^(e)  Variable rate security. Rate shown is the rate in effect as of period end.

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

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

^(h)  During the six months ended January 31, 2020, investments in issuers considered to be an affiliate/affiliates of the Fund for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliate	Shares Held at 07/31/19		Net Activity		Shares Held at 01/31/20		Value at 01/31/20		Income		Net Realized Gain (Loss) (a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds, T-Fund, Institutional Class		19,215,348		8,439,116		27,654,464	$	27,654,464	$	204,746	$	53	$	—

^(a)  Includes net capital gain distributions, if applicable.

18 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2020 BlackRock Global Long/Short Equity Fund

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Amsterdam Index		233		02/21/20	$	30,381	$	(948,250	)
CAC 40 Index		106		02/21/20		6,823		(256,391	)
IBEX 35 Index		92		02/21/20		9,568		(140,159	)
Hang Seng Index		13		02/27/20		2,195		(73,076	)
MSCI Sing Index		725		02/27/20		19,352		(623,442	)
Topix Index		60		03/12/20		9,297		(136,018	)
SPI 200 Index		37		03/19/20		4,306		119,930
DAX Index		24		03/20/20		8,647		(212,574	)
S&P 500 E-Mini Index		77		03/20/20		12,412		(167,446	)
								(2,437,426	)
Short Contracts
OMXS 30 Index		197		02/21/20		3,657		6,779
S&P/TSX 60 Index		188		03/19/20		29,307		(169,054	)
FTSE 100 Index		260		03/20/20		24,780		829,093
FTSE/MIB Index		5		03/20/20		644		8,798
								675,616
							$	(1,761,810	)

OTC Total Return Swaps

Reference Entity	Fixed Amount Paid by the Fund (a)			Counterparty		Termination Date		Notional Amount (000)			Value		Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
Swiss Market IX Future March 2020		CHF	4,875,434		Morgan Stanley & Co. International PLC		3/20/20		CHF	5,055	$	132,822	$	—	$	132,822
Swiss Market IX Future March 2020		CHF	860,462		Morgan Stanley & Co. International PLC		3/20/20		CHF	892		17,091		—		17,091
Swiss Market IX Future March 2020		CHF	322,703		Morgan Stanley & Co. International PLC		3/20/20		CHF	335		6,440		—		6,440
											$	156,353	$	—	$	156,353

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

OTC Total Return Swaps ^(a)

Reference Entity	Counterparty	Termination Date		Net Notional			Unrealized Appreciation (Depreciation)			Net Value of Reference Entity			Gross Notional Amount Net Asset Percentage
Equity Securities Long/Short	Bank of America, N.A.		02/15/23		USD	1,170,434	$	(3,288,572	)(b)	$	(2,062,235	)		50.2	%
	Bank of America, N.A.		02/15/23		USD	1,514,546		(1,220,753	)(c)		349,730			26.9
	Deutsche Bank A.G.		02/17/23 - 02/20/23		USD	125,410		(13,218	)(d)		113,882			0.1
	UBS AG		06/17/20 - 06/19/20		USD	2,006,098		(1,177,744	)(e)		268,486			28.2
	Goldman Sachs & Co.		04/22/20 - 03/01/23		USD	972,813		1,395,891	(f)		1,174,610			115.8
	Goldman Sachs & Co.		07/29/20 - 02/28/23		USD	541,004		(214,950	)(g)		210,102			31.8
							$	(4,519,346	)	$	54,575

^(a)  In regards to total return swaps with multiple financing rate benchmarks, the Fund receives or pays the total return on a portfolio of long and short positions underlying the total return swap. In addition, the Fund pays or receives a variable rate of interest, based on a specified benchmark, plus or minus a spread in a range of 0 - 3,626 basis points. The benchmark and spread are determined based upon the country and/or currency of the individual underlying positions. The following are the specified benchmarks used in determining the variable rate of interest:

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

AUD — 1M Australian Bank Bill Rate (BBSW)

CAD — 1D Overnight Bank of Canada Repo Rate (CORRA)

CAD — 1M Canadian Bankers Acceptances (BA)

CHF — 1D Overnight Swiss Franc LIBOR Rate BBA (CHFONLIB)

SCHEDULES OF INVESTMENTS 19

Schedule of Investments  (unaudited) (continued) January 31, 2020 BlackRock Global Long/Short Equity Fund

CHF — 1W Swiss Franc LIBOR Rate BBA (SF0001W)

DKK — 1W Copenhagen Interbank Swap Rate (CIBOR)

DKK — Danish Tom/Next Reference Rate (DETNT/N)

EUR — 1D Effective Overnight Index Average (EONIA)

EUR — 1M Euro Interbank Offer Rate (EURIBOR)

EUR — 1W Euro Interbank Offer Rate (EURIBOR)

GBP — 1D Overnight Sterling LIBOR Rate BBA (GBPONLIB)

GBP — 1D Sterling Overnight Index Average (SONIA)

GBP — 1W Sterling LIBOR Rate BBA (GBP1WLIB)

HKD — 1D Overnight Index Swap Rate (HKDONOIS)

HKD — 1M Hong Kong Interbank Offer rate (HIBOR)

HKD — 1W Hong Kong Interbank Offer rate (HIBOR)

HKD — 2W Hong Kong Interbank Offer rate (HIBOR)

ILS — 1D Overnight Tel Aviv Interbank Offer Rate (TELBOR)

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

JPY — 1D Japanese Yen Spot Next BBA LIBOR (JY000S/N)

JPY — 1D Overnight Tokyo Average Rate (TONAT)

JPY — 1M Japanese Yen LIBOR Rate BBA (JY0001M)

JPY — 1W Japanese Yen LIBOR Rate BBA (JY0001W)

NOK — 1W Norway Interbank Offer Rate (NIBOR)

NOK — Norwegian Overnight Weighted Average (NOWA)

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

NZD — 1M New Zealand Bank Bill Rate (BBR)

SEK — 1D Overnight Stockholm Interbank Offer Rate (STIBOR)

SEK — 1W Stockholm Interbank Offer Rate (STIBOR)

SEK — TN Stockholm Interbank Offer Rate (STIBOR)

SGD — 1D Overnight Singapore Assoc of Banks Rate (SIBOR)

SGD — 1D Singapore Assoc of Banks Swap Offer Rate (SOR)

SGD — 1M Singapore Assoc of Banks Swap Offer rate (SOR)

USD — 1D Overnight Bank Funding Rate (OBFR01)

USD — 1D Overnight Fed Funds Effective Rate (FEDL01)

USD — 1M US Dollar LIBOR BBA

USD — 1W US Dollar LIBOR BBA

^(b) Amount includes $(55,903) of net dividends and financing fees.

^(c) Amount includes $(55,937) of net dividends and financing fees.

^(d) Amount includes $(1,690) of net dividends and financing fees.

^(e) Amount includes $559,868 of net dividends and financing fees.

^(f) Amount includes $1,194,094 of net dividends and financing fees.

^(g) Amount includes $115,952 of net dividends and financing fees.

20 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2020 BlackRock Global Long/Short Equity Fund

The following table represents the individual long and short positions and related values of the equity securities underlying the total return swap with Bank of America, N.A. as of January 31, 2020 termination date 02/15/23

	Shares		Value		% of Basket Value
Reference Entity — Long
Australia
APA Group		2,419	$	18,163		(0.9	)%
Aristocrat Leisure Ltd.		31,984		762,792		(37.0	)
Brambles Ltd.		30,592		255,517		(12.4	)
Carsales.com Ltd.		9,554		108,748		(5.3	)
Cochlear Ltd.		2,936		467,606		(22.7	)
Computershare Ltd.		2,185		25,801		(1.2	)
IDP Education Ltd.		39,796		463,282		(22.5	)
Magellan Financial Group Ltd.		6,459		284,450		(13.8	)
Oil Search Ltd.		17,392		83,128		(4.0	)
REA Group Ltd.		5,758		435,678		(21.1	)
Scentre Group		74,392		190,877		(9.3	)
Spark Infrastructure Group		22,761		33,318		(1.6	)
Sydney Airport		2,378		13,227		(0.6	)
Treasury Wine Estates Ltd.		186,952		1,605,834		(77.9	)
WiseTech Global Ltd.		14,572		238,119		(11.5	)
				4,986,540
Belgium
Barco NV		149		37,048		(1.8	)
Solvay SA		1,402		145,304		(7.0	)
				182,352
Canada
CCL Industries, Inc., Class B		7,631		321,812		(15.6	)
CGI, Inc.		2,525		193,334		(9.4	)
Cogeco Communications, Inc.		1,301		102,141		(5.0	)
FirstService Corp.		3,377		332,265		(16.1	)
Nutrien Ltd.		6,570		280,444		(13.6	)
Restaurant Brands International, Inc.		4,528		276,251		(13.4	)
Ritchie Bros Auctioneers, Inc.		6,501		274,453		(13.3	)
Shopify, Inc., Class A		2,901		1,351,045		(65.5	)
Teck Resources Ltd., Class B		5,176		66,880		(3.3	)
TFI International, Inc.		32,602		1,044,033		(50.6	)
Wheaton Precious Metals Corp.		28,179		829,571		(40.2	)
				5,072,229
Denmark
Carlsberg A/S, Class B		18,370		2,682,639		(130.1	)
Chr Hansen Holding A/S		4,441		330,511		(16.0	)
Coloplast A/S, Class B		2,767		348,867		(16.9	)
DSV PANALPINA A/S		6,389		693,646		(33.6	)
H Lundbeck A/S		18,084		768,432		(37.3	)
SimCorp A/S		4,113		455,954		(22.1	)
				5,280,049
Finland
Fortum OYJ		27,202		658,285		(31.9	)
Huhtamaki OYJ		9,707		431,432		(20.9	)
Kone OYJ, Class B		17,884		1,155,543		(56.0	)
Valmet OYJ		1,488		32,188		(1.6	)
				2,277,448
France
Arkema SA		518		47,464		(2.3	)
Bureau Veritas SA		719		19,812		(1.0	)
EssilorLuxottica SA		1,338		198,102		(9.6	)
Imerys SA		6,705		289,447		(14.0	)
Pernod Ricard SA		1,122		194,741		(9.5	)
Rexel SA		70,841		847,407		(41.1	)

	Shares		Value		% of Basket Value
France (continued)
Schneider Electric SE		3,329	$	331,989		(16.1	) %
Unibail-Rodamco-Westfield		3,552		482,964		(23.4	)
				2,411,926
Germany
Allianz SE, Registered Shares		6,958		1,661,177		(80.5	)
Carl Zeiss Meditec AG, Bearer Shares		3,649		445,506		(21.6	)
CompuGroup Medical SE		13,752		907,473		(44.0	)
CTS Eventim AG & Co. KGaA		16,965		1,054,948		(51.2	)
DWS Group GmbH & Co. KGaA		2,001		79,494		(3.8	)
Fielmann AG		940		74,762		(3.6	)
Puma SE		2,570		205,787		(10.0	)
Rational AG		152		113,989		(5.5	)
Sartorius AG, Preference Shares		116		26,995		(1.3	)
Stroeer SE & Co. KGaA		20,339		1,614,355		(78.3	)
TAG Immobilien AG		4,430		116,756		(5.7	)
				6,301,242
Hong Kong
Champion REIT		31,000		18,602		(0.9	)
Hongkong Land Holdings Ltd.		7,400		39,279		(1.9	)
Hysan Development Co. Ltd.		9,000		33,597		(1.6	)
Melco Resorts & Entertainment Ltd. — ADR		4,463		90,018		(4.4	)
NWS Holdings Ltd.		43,000		55,253		(2.7	)
Swire Pacific Ltd., Class A		38,500		338,060		(16.4	)
Swire Properties Ltd.		20,400		63,330		(3.1	)
Techtronic Industries Co. Ltd.		13,500		107,718		(5.2	)
				745,857
Ireland
AIB Group PLC		41,591		121,938		(5.9	)
Israel
Alony Hetz Properties & Investments Ltd.		4,342		71,755		(3.5	)
Japan
Advantest Corp.		3,300		172,163		(8.4	)
Amada Holdings Co. Ltd.		9,300		96,858		(4.7	)
Benesse Holdings, Inc.		13,900		381,831		(18.5	)
Citizen Watch Co. Ltd.		91,500		442,350		(21.5	)
Dai-ichi Life Holdings, Inc.		28,600		424,458		(20.6	)
Daicel Corp.		1,600		15,146		(0.7	)
Denka Co. Ltd.		11,200		302,563		(14.7	)
DIC Corp.		3,600		94,373		(4.6	)
Dip Corp.		7,600		241,933		(11.7	)
Electric Power Development Co. Ltd.		29,200		658,497		(31.9	)
Fuji Media Holdings, Inc.		17,300		235,221		(11.4	)
Fuji Seal International, Inc.		3,900		81,679		(4.0	)
H2O Retailing Corp.		17,100		155,007		(7.5	)
Inpex Corp.		30,900		288,426		(14.0	)
Isetan Mitsukoshi Holdings Ltd.		72,100		562,890		(27.3	)
Izumi Co. Ltd.		21,900		690,275		(33.5	)
JFE Holdings, Inc.		73,400		869,194		(42.1	)
JXTG Holdings, Inc.		335,700		1,427,791		(69.2	)
Kaneka Corp.		17,200		527,336		(25.6	)
Kansai Electric Power Co., Inc.		16,500		185,177		(9.0	)
Kawasaki Heavy Industries Ltd.		1,100		21,686		(1.1	)
Kobe Steel Ltd.		166,400		759,866		(36.8	)
Koito Manufacturing Co. Ltd.		800		34,717		(1.7	)
Konica Minolta, Inc.		33,600		205,098		(9.9	)
Kose Corp.		800		103,009		(5.0	)
Kyushu Electric Power Co., Inc.		3,900		32,116		(1.6	)
Lintec Corp.		14,200		306,955		(14.9	)
Maruha Nichiro Corp.		8,900		212,840		(10.3	)
Maruichi Steel Tube Ltd.		900		24,972		(1.2	)

SCHEDULES OF INVESTMENTS 21

Schedule of Investments  (unaudited) (continued) January 31, 2020 BlackRock Global Long/Short Equity Fund

	Shares		Value		% of Basket Value
Japan (continued)
Mitsubishi Gas Chemical Co., Inc.		25,900	$	392,124		(19.0	) %
Mitsubishi Motors Corp.		40,400		150,520		(7.3	)
Mitsui Chemicals, Inc.		1,800		39,530		(1.9	)
NGK Spark Plug Co. Ltd.		1,000		17,571		(0.9	)
Nichirei Corp.		3,500		84,610		(4.1	)
Nifco, Inc.		2,900		75,996		(3.7	)
Nikon Corp.		4,600		55,545		(2.7	)
Nippon Electric Glass Co. Ltd.		81,900		1,582,149		(76.7	)
Nippon Paint Holdings Co. Ltd.		4,300		205,545		(10.0	)
Nippon Shokubai Co. Ltd.		2,800		164,167		(8.0	)
Nippon Television Holdings, Inc.		15,700		212,115		(10.3	)
NTN Corp.		36,900		97,783		(4.7	)
Oji Holdings Corp.		92,200		468,431		(22.7	)
Pola Orbis Holdings, Inc.		84,000		1,819,838		(88.2	)
Ryohin Keikaku Co. Ltd.		6,400		106,999		(5.2	)
Sanwa Holdings Corp.		17,700		186,188		(9.0	)
SKY Perfect JSAT Holdings, Inc.		32,200		138,512		(6.7	)
Sumitomo Heavy Industries Ltd.		1,000		26,197		(1.3	)
Sumitomo Rubber Industries Ltd.		17,100		187,883		(9.1	)
T&D Holdings, Inc.		49,900		531,899		(25.8	)
Taisho Pharmaceutical Holdings Co. Ltd.		3,100		219,002		(10.6	)
Takeda Pharmaceutical Co. Ltd.		45,400		1,743,513		(84.5	)
Tohoku Electric Power Co., Inc.		20,100		188,398		(9.1	)
Topcon Corp.		11,200		154,284		(7.5	)
Ube Industries Ltd.		95,200		1,910,760		(92.7	)
Yakult Honsha Co. Ltd.		3,000		150,886		(7.3	)
Yamaha Motor Co. Ltd.		6,400		118,769		(5.8	)
Yamato Holdings Co. Ltd.		47,500		760,630		(36.9	)
Yamato Kogyo Co. Ltd.		700		16,959		(0.8	)
Zenkoku Hosho Co. Ltd.		5,800		248,146		(12.0	)
				21,609,376
Netherlands
ASM International NV		3,653		443,936		(21.5	)
NN Group NV		26,210		909,710		(44.1	)
				1,353,646
Norway
Tomra Systems ASA		9,950		292,877		(14.2	)
Singapore
Singapore Telecommunications Ltd.		489,200		1,177,142		(57.1	)
Spain
Acerinox SA		13,364		130,108		(6.3	)
Sweden
Evolution Gaming Group AB		657		20,290		(1.0	)
Fabege AB		4,745		81,337		(3.9	)
Volvo AB, Class B		148,464		2,537,803		(123.1	)
				2,639,430
Switzerland
Logitech International SA, Registered Shares		27,844		1,247,338		(60.5	)
PSP Swiss Property AG, Registered Shares		7,959		1,203,456		(58.3	)
Sika AG, Registered Shares		4,377		787,096		(38.2	)
Sunrise Communications Group AG		2,512		207,450		(10.1	)
				3,445,340
United Kingdom
AstraZeneca PLC		20,558		2,011,139		(97.5	)
Auto Trader Group PLC		26,449		195,161		(9.5	)
boohoo Group PLC		16,911		67,507		(3.3	)
British American Tobacco PLC		19,420		861,001		(41.7	)
Dialog Semiconductor PLC		469		20,738		(1.0	)
GlaxoSmithKline PLC		14,354		337,023		(16.3	)

	Shares		Value		% of Basket Value
United Kingdom (continued)
Hargreaves Lansdown PLC		4,796	$	108,867		(5.3	) %
Informa PLC		2,960		30,236		(1.5	)
JD Sports Fashion PLC		62,418		675,001		(32.7	)
John Wood Group PLC		75,267		372,564		(18.1	)
Moneysupermarket.com Group PLC		253,002		1,086,023		(52.7	)
Pearson PLC		96,695		721,725		(35.0	)
RELX PLC		48,288		1,281,169		(62.1	)
Rightmove PLC		23,007		199,391		(9.7	)
Spirax-Sarco Engineering PLC		1,559		183,143		(8.9	)
Subsea 7 SA		14,341		153,320		(7.4	)
TechnipFMC PLC		70,488		1,163,757		(56.4	)
Vistry Group PLC		3,132		57,074		(2.8	)
				9,524,839
United States
Adobe, Inc.		1,067		374,666		(18.2	)
AGCO Corp.		16,904		1,185,647		(57.5	)
Alcoa Corp.		6,746		94,107		(4.6	)
Allegion PLC		10,488		1,356,308		(65.8	)
Amdocs Ltd.		2,031		146,130		(7.1	)
AMN Healthcare Services, Inc.		240		16,171		(0.8	)
Analog Devices, Inc.		938		102,945		(5.0	)
ANSYS, Inc.		1,759		482,546		(23.4	)
AO Smith Corp.		9,971		425,662		(20.6	)
Apple Hospitality REIT, Inc.		22,381		336,163		(16.3	)
Associated Banc-Corp		3,629		72,326		(3.5	)
Atlassian Corp. PLC, Class A		934		137,298		(6.6	)
Avnet, Inc.		35,754		1,304,663		(63.3	)
Baker Hughes Co.		5,535		119,888		(5.8	)
Bank OZK		15,299		415,827		(20.2	)
Bio-Techne Corp.		1,453		305,086		(14.8	)
Boston Beer Co., Inc., Class A		45		16,037		(0.8	)
Burlington Stores, Inc.		159		34,578		(1.7	)
Cadence Design Systems, Inc.		4,516		325,649		(15.8	)
Carlisle Cos., Inc.		329		51,400		(2.5	)
Cboe Global Markets, Inc.		1,767		217,730		(10.6	)
CDW Corp.		19,718		2,572,213		(124.7	)
Cinemark Holdings, Inc.		52,666		1,659,506		(80.5	)
CIT Group, Inc.		49,484		2,261,914		(109.7	)
Citizens Financial Group, Inc.		10,225		381,188		(18.5	)
Comerica, Inc.		14,777		903,761		(43.8	)
Cornerstone OnDemand, Inc.		4,637		272,656		(13.2	)
Coupa Software, Inc.		2,220		357,753		(17.3	)
Devon Energy Corp.		17,905		388,897		(18.9	)
DexCom, Inc.		7,538		1,814,773		(88.0	)
Domino’s Pizza, Inc.		2,849		802,706		(38.9	)
Dunkin’ Brands Group, Inc.		39,212		3,062,065		(148.5	)
Eastman Chemical Co.		14,341		1,022,083		(49.6	)
Edwards Lifesciences Corp.		16,548		3,638,243		(176.4	)
FactSet Research Systems, Inc.		5,271		1,508,086		(73.1	)
Fair Isaac Corp.		191		76,855		(3.7	)
First Horizon National Corp.		106,853		1,709,648		(82.9	)
FirstCash, Inc.		1,775		154,372		(7.5	)
Five9, Inc.		1,195		85,717		(4.1	)
Fluor Corp.		51,402		919,582		(44.6	)
FNB Corp.		5,395		62,960		(3.0	)
Fortinet, Inc.		167		19,265		(0.9	)
Globe Life, Inc.		4,243		442,375		(21.4	)
Globus Medical, Inc., Class A		2,736		143,038		(6.9	)
Goodyear Tire & Rubber Co.		100,245		1,316,217		(63.8	)
HEICO Corp.		22,581		2,764,592		(134.1	)
Host Hotels & Resorts, Inc.		3,431		56,063		(2.7	)
Hubbell, Inc.		6,284		900,057		(43.6	)

22 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2020 BlackRock Global Long/Short Equity Fund

	Shares			Value			% of Basket Value
United States (continued)
IHS Markit Ltd.		10,559		$	832,683			(40.4	) %
Intuit, Inc.		4,045			1,134,137			(55.0	)
Investors Bancorp, Inc.		2,683			32,424			(1.6	)
J.M. Smucker Co.		596			61,752			(3.0	)
Jack Henry & Associates, Inc.		4,016			600,553			(29.1	)
James Hardie Industries PLC		6,408			134,733			(6.5	)
KLA Corp.		5,228			866,489			(42.0	)
Lam Research Corp.		731			217,991			(10.6	)
Lamb Weston Holdings, Inc.		17,366			1,585,689			(76.9	)
Legg Mason, Inc.		165			6,460			(0.3	)
Lockheed Martin Corp.		2,186			935,870			(45.4	)
Lululemon Athletica, Inc.		6,046			1,447,352			(70.2	)
Macy’s, Inc.		14,310			228,244			(11.1	)
Manhattan Associates, Inc.		15,487			1,323,519			(64.2	)
Microsoft Corp.		1,576			268,282			(13.0	)
Molson Coors Brewing Co., Class B		22,770			1,265,557			(61.4	)
Moody’s Corp.		1,117			286,834			(13.9	)
Mosaic Co.		21,065			417,930			(20.3	)
Motorola Solutions, Inc.		12,341			2,184,357			(105.9	)
MSC Industrial Direct Co., Inc., Class A		33,544			2,283,340			(110.7	)
NuVasive, Inc.		786			60,616			(2.9	)
O’Reilly Automotive, Inc.		306			124,267			(6.0	)
Omnicom Group, Inc.		18,091			1,362,433			(66.1	)
PacWest Bancorp		77,496			2,716,235			(131.7	)
Park Hotels & Resorts, Inc.		61,231			1,343,408			(65.1	)
Paychex, Inc.		1,218			104,468			(5.1	)
Paycom Software, Inc.		1,689			537,372			(26.1	)
Paylocity Holding Corp.		3,974			563,871			(27.3	)
Philip Morris International, Inc.		2,484			205,427			(10.0	)
Pool Corp.		6,203			1,360,318			(66.0	)
PPG Industries, Inc.		4,074			488,228			(23.7	)
Prudential Financial, Inc.		10,882			990,915			(48.0	)
Q2 Holdings, Inc.		5,863			511,195			(24.8	)
Qurate Retail, Inc., Series A		9,986			85,181			(4.1	)
S&P Global, Inc.		9,042			2,655,907			(128.8	)
salesforce.com, Inc.		5,012			913,738			(44.3	)
ServiceNow, Inc.		7,057			2,386,889			(115.7	)
Sirius XM Holdings, Inc.		183,643			1,298,356			(63.0	)
SiteOne Landscape Supply, Inc.		2,636			254,506			(12.3	)
Telephone & Data Systems, Inc.		4,761			107,979			(5.2	)
Teradata Corp.		3,764			91,616			(4.4	)
TopBuild Corp.		2,497			285,931			(13.9	)
TransUnion		18,392			1,686,546			(81.8	)
TripAdvisor, Inc.		12,367			337,866			(16.4	)
Unum Group		32,809			875,672			(42.5	)
Wolverine World Wide, Inc.		3,029			95,626			(4.6	)
Woodward, Inc.		2,706			314,735			(15.3	)
Zoetis, Inc.		4,991			669,842			(32.5	)
					75,360,751
Total Reference Entity — Long					142,984,845
Reference Entity — Short
Australia
Afterpay Ltd.		(7,434	)		(185,641	)		9.0
CSR Ltd.		(95,895	)		(307,421	)		14.9
Iluka Resources Ltd.		(3,803	)		(24,324	)		1.2
Incitec Pivot Ltd.		(152,822	)		(331,814	)		16.1
Mineral Resources Ltd.		(25,735	)		(289,338	)		14.0
NEXTDC Ltd.		(588,172	)		(2,941,881	)		142.7
Nufarm Ltd.		(55,841	)		(203,676	)		9.9
OZ Minerals Ltd.		(121,092	)		(808,838	)		39.2

	Shares			Value			% of Basket Value
Australia (continued)
Qube Holdings Ltd.		(54,287	)	$	(123,743	)		6.0	%
Saracen Mineral Holdings Ltd.		(121,160	)		(326,560	)		15.8
St Barbara Ltd.		(33,559	)		(62,556	)		3.0
TPG Telecom Ltd.		(3,277	)		(16,292	)		0.8
Westpac Banking Corp.		(2,503	)		(41,829	)		2.0
					(5,663,913	)
Austria
S&T AG		(1,310	)		(35,167	)		1.7
Verbund AG		(1,400	)		(74,094	)		3.6
					(109,261	)
Belgium
Proximus SADP	��	(44,835	)		(1,277,443	)		61.9
Umicore SA		(56,930	)		(2,621,248	)		127.1
					(3,898,691	)
Bermuda
RenaissanceRe Holdings Ltd.		(4,214	)		(798,300	)		38.7
Canada
Alimentation Couche-Tard, Inc., Class B		(2,878	)		(96,187	)		4.7
Allied Properties Real Estate Investment Trust		(20,008	)		(834,851	)		40.5
Bombardier, Inc., Class B		(184,045	)		(171,056	)		8.3
Brookfield Asset Management, Inc., Class A		(229	)		(14,013	)		0.7
Cameco Corp.		(8,375	)		(67,524	)		3.3
Canadian National Railway Co.		(43,587	)		(4,073,148	)		197.5
Empire Co. Ltd., Class A		(1,276	)		(29,600	)		1.4
George Weston Ltd.		(3,210	)		(258,687	)		12.5
iA Financial Corp., Inc.		(10,970	)		(603,706	)		29.3
Inter Pipeline Ltd.		(74,671	)		(1,244,141	)		60.3
Lundin Mining Corp.		(7,255	)		(38,046	)		1.8
Metro, Inc.		(55,368	)		(2,257,143	)		109.5
Norbord, Inc.		(2,312	)		(67,907	)		3.3
Onex Corp.		(5,854	)		(375,551	)		18.2
Stars Group, Inc.		(7,344	)		(175,248	)		8.5
Sun Life Financial, Inc.		(9,023	)		(424,219	)		20.6
					(10,731,027	)
China
Prosus NV		(1,203	)		(86,777	)		4.2
Denmark
Ambu A/S, Class B		(64,734	)		(1,181,545	)		57.3
Pandora A/S		(4,534	)		(235,115	)		11.4
					(1,416,660	)
Finland
Konecranes OYJ		(7,808	)		(235,356	)		11.4
Nokia OYJ		(5,025	)		(19,561	)		1.0
					(254,917	)
France
Air France-KLM		(3,369	)		(31,211	)		1.5
Alstom SA		(3,263	)		(172,940	)		8.4
Bollore SA		(93,539	)		(380,076	)		18.4
Capgemini SE		(346	)		(42,970	)		2.1
Carrefour SA		(3,267	)		(55,283	)		2.7
CGG SA		(119,259	)		(335,108	)		16.2
Electricite de France SA		(3,541	)		(43,715	)		2.1
Eurazeo SE		(5,699	)		(407,868	)		19.8
SOITEC		(233	)		(21,901	)		1.1
Thales SA		(7,772	)		(852,830	)		41.4
					(2,343,902	)
Germany
Bilfinger SE		(13,439	)		(474,058	)		23.0

SCHEDULES OF INVESTMENTS 23

Schedule of Investments  (unaudited) (continued) January 31, 2020 BlackRock Global Long/Short Equity Fund

	Shares			Value			% of Basket Value
Germany (continued)
Delivery Hero SE		(20,242	)	$	(1,557,490	)		75.5	%
Deutsche Bank AG		(34,619	)		(316,727	)		15.4
Deutsche Lufthansa AG		(28,523	)		(434,509	)		21.1
E.ON SE		(3,037	)		(34,412	)		1.7
Gerresheimer AG		(769	)		(60,937	)		2.9
Infineon Technologies AG		(81,386	)		(1,748,411	)		84.8
Knorr-Bremse AG		(3,708	)		(405,108	)		19.6
RWE AG		(46,576	)		(1,614,658	)		78.3
Siltronic AG		(6,221	)		(666,376	)		32.3
Symrise AG		(138	)		(14,224	)		0.7
TeamViewer AG		(28,716	)		(1,022,695	)		49.6
ThyssenKrupp AG		(82,257	)		(1,011,436	)		49.0
					(9,361,041	)
Hong Kong
Hong Kong & China Gas Co. Ltd.		(263,000	)		(503,298	)		24.4
Kerry Logistics Network Ltd.		(21,000	)		(33,501	)		1.6
SJM Holdings Ltd.		(106,000	)		(118,179	)		5.8
VTech Holdings Ltd.		(33,800	)		(305,508	)		14.8
					(960,486	)
Israel
Bank Hapoalim BM		(46,026	)		(395,162	)		19.2
Italy
Banco BPM SpA		(367,160	)		(750,705	)		36.4
Freni Brembo SpA		(58,899	)		(673,676	)		32.7
Infrastrutture Wireless Italiane SpA		(4,846	)		(50,385	)		2.4
Prada SpA		(621,700	)		(2,397,435	)		116.3
Prysmian SpA		(1,972	)		(43,743	)		2.1
					(3,915,944	)
Japan
Aeon Co. Ltd.		(4,700	)		(96,131	)		4.7
Ariake Japan Co., Ltd.		(2,400	)		(164,036	)		8.0
Asics Corp.		(20,800	)		(303,875	)		14.7
Bank of Kyoto Ltd.		(24,100	)		(963,174	)		46.7
Canon Marketing Japan, Inc.		(6,700	)		(159,694	)		7.7
Chugoku Bank Ltd.		(97,100	)		(920,441	)		44.6
Daiwa Securities Group, Inc.		(40,000	)		(202,291	)		9.8
Fujitsu General, Ltd.		(1,600	)		(35,770	)		1.7
Fujitsu Ltd.		(3,900	)		(412,357	)		20.0
GMO Payment Gateway, Inc.		(3,500	)		(225,062	)		10.9
Hachijuni Bank Ltd.		(76,200	)		(291,048	)		14.1
Haseko Corp.		(3,500	)		(45,633	)		2.2
Heiwa Corp.		(2,400	)		(49,607	)		2.4
Hikari Tsushin, Inc.		(700	)		(172,063	)		8.3
Hitachi Capital Corp.		(3,400	)		(92,030	)		4.5
Hitachi Construction Machinery Co., Ltd.		(1,200	)		(32,158	)		1.6
Hitachi High-Technologies Corp.		(4,700	)		(336,050	)		16.3
Hitachi Metals Ltd.		(13,900	)		(213,635	)		10.4
Ichigo, Inc.		(40,300	)		(151,207	)		7.3
Iida Group Holdings Co., Ltd.		(1,400	)		(23,595	)		1.1
Ito En Ltd.		(1,600	)		(77,696	)		3.8
ITOCHU Corp.		(1,900	)		(44,386	)		2.2
Itochu Techno-Solutions Corp.		(900	)		(26,504	)		1.3
Iyo Bank Ltd.		(67,600	)		(348,858	)		16.9
Japan Airport Terminal Co. Ltd.		(800	)		(36,871	)		1.8
Japan Exchange Group, Inc.		(6,000	)		(107,529	)		5.2
Japan Real Estate Investment Corp.		(89	)		(649,906	)		31.5
Justsystems Corp.		(7,900	)		(429,976	)		20.8
Kansai Mirai Financial Group, Inc.		(42,100	)		(242,864	)		11.8
Keihan Holdings Co. Ltd.		(9,500	)		(429,600	)		20.8
Keikyu Corp.		(20,400	)		(375,522	)		18.2

	Shares			Value			% of Basket Value
Japan (continued)
Keisei Electric Railway Co. Ltd.		(12,000	)	$	(434,124	)		21.1	%
Kintetsu Group Holdings Co. Ltd.		(5,200	)		(274,057	)		13.3
Koei Tecmo Holdings Co. Ltd.		(32,800	)		(861,177	)		41.8
Kubota Corp.		(2,900	)		(45,413	)		2.2
Kurita Water Industries Ltd.		(900	)		(26,319	)		1.3
Kusuri no Aoki Holdings Co. Ltd.		(11,000	)		(662,322	)		32.1
Kyowa Kirin Co. Ltd.		(1,200	)		(28,211	)		1.4
Kyushu Financial Group, Inc.		(15,400	)		(64,299	)		3.1
Kyushu Railway Co.		(13,200	)		(431,895	)		20.9
Maeda Road Construction Co. Ltd.		(61,300	)		(2,071,938	)		100.5
Makita Corp.		(1,000	)		(38,249	)		1.9
Medipal Holdings Corp.		(800	)		(16,952	)		0.8
Minebea Mitsumi, Inc.		(26,200	)		(508,961	)		24.7
Mitsubishi Logistics Corp.		(600	)		(15,201	)		0.7
Mitsubishi Shokuhin Co. Ltd.		(700	)		(20,215	)		1.0
Nagoya Railroad Co. Ltd.		(3,100	)		(90,949	)		4.4
NGK Insulators Ltd.		(26,500	)		(444,317	)		21.5
NH Foods Ltd.		(400	)		(17,559	)		0.9
Nippon Building Fund, Inc.		(134	)		(1,085,494	)		52.6
NOF Corp.		(1,800	)		(58,594	)		2.8
Odakyu Electric Railway Co. Ltd.		(2,400	)		(53,235	)		2.6
Orient Corp.		(23,900	)		(36,727	)		1.8
Oriental Land Co. Ltd.		(2,200	)		(286,517	)		13.9
Sanrio Co. Ltd.		(13,100	)		(258,464	)		12.5
Sawai Pharmaceutical Co. Ltd.		(500	)		(32,493	)		1.6
Shiga Bank Ltd.		(22,400	)		(537,744	)		26.1
Shinsei Bank Ltd.		(9,100	)		(139,332	)		6.8
Shochiku Co. Ltd.		(2,200	)		(297,853	)		14.4
Softbank Corp.		(4,700	)		(64,480	)		3.1
Sony Corp.		(400	)		(27,971	)		1.4
Sony Financial Holdings, Inc.		(13,800	)		(317,733	)		15.4
Suzuki Motor Corp.		(6,800	)		(311,139	)		15.1
Taiyo Yuden Co. Ltd.		(800	)		(23,068	)		1.1
Tobu Railway Co. Ltd.		(8,700	)		(306,474	)		14.9
Toho Gas Co. Ltd.		(1,800	)		(69,538	)		3.4
Tokai Carbon Co. Ltd.		(149,203	)		(1,348,464	)		65.4
Tokyo Century Corp.		(3,300	)		(167,869	)		8.1
Tokyo Tatemono Co. Ltd.		(3,600	)		(58,167	)		2.8
Toppan Printing Co., Ltd.		(11,900	)		(237,167	)		11.5
TOTO Ltd.		(5,500	)		(223,490	)		10.8
Toyota Motor Corp.		(3,500	)		(243,347	)		11.8
					(19,897,087	)
Luxembourg
Tenaris SA		(40,675	)		(420,359	)		20.4
Netherlands
OCI NV		(77,243	)		(1,330,613	)		64.5
New Zealand
a2 Milk Co. Ltd.		(43,278	)		(414,159	)		20.1
Norway
Aker ASA, — A Shares		(210	)		(11,582	)		0.6
Portugal
Jeronimo Martins SGPS SA		(1,075	)		(18,498	)		0.9
Spain
Siemens Gamesa Renewable Energy SA		(22,571	)		(359,750	)		17.4
Viscofan SA		(347	)		(18,472	)		0.9
					(378,222	)
Sweden
Indutrade AB		(1,050	)		(37,818	)		1.8
Skandinaviska Enskilda Banken AB, Class A		(19,682	)		(194,496	)		9.4

24 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2020 BlackRock Global Long/Short Equity Fund

	Shares			Value			% of Basket Value
Sweden (continued)
Telia Co. AB		(25,726	)	$	(110,016	)		5.4	%
					(342,330	)
Switzerland
Alcon, Inc.		(6,926	)		(409,173	)		19.8
Baloise Holding AG		(3,429	)		(619,547	)		30.0
Cie Financiere Richemont SA, Registered Shares		(1,346	)		(97,750	)		4.7
Credit Suisse Group AG, Registered Shares		(2,553	)		(32,283	)		1.6
Georg Fischer AG, Registered Shares		(960	)		(941,449	)		45.7
Sonova Holding AG		(735	)		(184,317	)		8.9
Stadler Rail AG		(31,270	)		(1,493,376	)		72.4
Swatch Group AG, Registered Shares		(11,940	)		(580,429	)		28.2
Swisscom AG		(209	)		(114,671	)		5.6
					(4,472,995	)
United Kingdom
Ashtead Group PLC		(10,134	)		(327,104	)		15.9
Associated British Foods PLC		(12,288	)		(425,333	)		20.6
BAE Systems PLC		(21,570	)		(179,310	)		8.7
Burberry Group PLC		(14,849	)		(380,734	)		18.5
Domino’s Pizza Group PLC		(59,425	)		(242,025	)		11.7
DS Smith PLC		(13,464	)		(60,574	)		2.9
Electrocomponents PLC		(14,593	)		(127,482	)		6.2
Farfetch Ltd., Class A		(8,178	)		(99,772	)		4.8
Legal & General Group PLC		(56,056	)		(225,452	)		10.9
Melrose Industries PLC		(39,080	)		(119,768	)		5.8
National Grid PLC		(25,055	)		(332,898	)		16.2
Ocado Group PLC		(5,236	)		(84,423	)		4.1
Quilter PLC		(596,841	)		(1,336,486	)		64.8
Renishaw PLC		(15,799	)		(827,103	)		40.1
Travis Perkins PLC		(19,723	)		(402,881	)		19.5
Victrex PLC		(13,337	)		(389,183	)		18.9
Weir Group PLC		(88,893	)		(1,577,518	)		76.5
Whitbread PLC		(2,839	)		(167,356	)		8.1
					(7,305,402	)
United States
Alteryx, Inc., Class A		(931	)		(129,847	)		6.3
American Airlines Group, Inc.		(4,651	)		(124,833	)		6.1
Appian Corp.		(1,490	)		(76,050	)		3.7
Aramark		(20,466	)		(903,369	)		43.8
Arista Networks, Inc.		(1,733	)		(387,048	)		18.8
Assurant, Inc.		(11,071	)		(1,445,430	)		70.1
Axis Capital Holdings Ltd.		(2,500	)		(160,625	)		7.8
Axsome Therapeutics, Inc.		(3,199	)		(277,737	)		13.5
Berry Global Group, Inc.		(3,342	)		(142,102	)		6.9
Beyond Meat, Inc.		(3,318	)		(366,374	)		17.8
Brighthouse Financial, Inc.		(3,446	)		(134,049	)		6.5
Cardinal Health, Inc.		(28,684	)		(1,468,908	)		71.2
Carvana Co.		(634	)		(50,244	)		2.4
CBRE Group, Inc., Class A		(360	)		(21,978	)		1.1
CF Industries Holdings, Inc.		(21,221	)		(854,782	)		41.4
Cheniere Energy, Inc.		(20,973	)		(1,242,441	)		60.2
Chewy, Inc., Class A		(25,512	)		(676,323	)		32.8
Cloudflare, Inc., Class A		(83,834	)		(1,497,275	)		72.6
Corteva, Inc.		(96,071	)		(2,778,373	)		134.7
Coty, Inc., Class A		(13,582	)		(139,351	)		6.8
Credit Acceptance Corp.		(619	)		(265,539	)		12.9
Crowdstrike Holdings, Inc., Class A		(41,330	)		(2,524,850	)		122.4
Crown Castle International Corp.		(2,952	)		(442,328	)		21.4
CSX Corp.		(669	)		(51,071	)		2.5
Darling International, Inc.		(10,458	)		(283,726	)		13.8
Datadog, Inc., Class A		(74,453	)		(3,440,473	)		166.8
Dell Technologies, Inc., Class C		(347	)		(16,923	)		0.8

	Shares			Value			% of Basket Value
United States (continued)
Diamondback Energy, Inc.		(505	)	$	(37,572	)		1.8	%
DISH Network Corp., Class A		(11,722	)		(430,901	)		20.9
Dominion Energy, Inc.		(3,879	)		(332,624	)		16.1
Dow Inc.		(29,624	)		(1,364,778	)		66.2
Edison International		(5,546	)		(424,546	)		20.6
Enphase Energy, Inc.		(15,780	)		(497,386	)		24.1
Equity Residential		(298	)		(24,758	)		1.2
Essential Utilities, Inc.		(4,457	)		(231,497	)		11.2
Essex Property Trust, Inc.		(1,007	)		(311,928	)		15.1
Etsy, Inc.		(284	)		(13,862	)		0.7
Federal Realty Investment Trust		(4,314	)		(539,336	)		26.2
Flex Ltd.		(16,152	)		(212,399	)		10.3
Floor & Decor Holdings, Inc., Class A		(13,434	)		(662,431	)		32.1
Fox Corp., Class A		(2,718	)		(100,783	)		4.9
Fox Corp., Class B		(69,487	)		(2,524,463	)		122.4
Freeport-McMoRan, Inc.		(21,875	)		(242,812	)		11.8
Goldman Sachs Group, Inc.		(38,166	)		(9,073,967	)		440.0
Grocery Outlet Holding Corp.		(999	)		(32,707	)		1.6
GrubHub, Inc.		(4,782	)		(258,945	)		12.6
Guardant Health, Inc.		(3,931	)		(298,913	)		14.5
Hess Corp.		(2,750	)		(155,567	)		7.5
Highwoods Properties, Inc.		(2,108	)		(105,632	)		5.1
HollyFrontier Corp.		(1,588	)		(71,333	)		3.5
Howard Hughes Corp.		(19,886	)		(2,419,728	)		117.3
Huntington Ingalls Industries, Inc.		(2,056	)		(536,616	)		26.0
II-VI, Inc.		(2,328	)		(78,337	)		3.8
Interactive Brokers Group, Inc., Class A		(1,397	)		(65,659	)		3.2
Iridium Communications, Inc.		(12,902	)		(329,646	)		16.0
Jabil, Inc.		(26,243	)		(1,020,590	)		49.5
Jacobs Engineering Group, Inc.		(2,928	)		(270,928	)		13.1
JBG SMITH Properties		(27,250	)		(1,104,987	)		53.6
Kansas City Southern		(541	)		(91,261	)		4.4
Kemper Corp.		(422	)		(31,405	)		1.5
LiveRamp Holdings, Inc.		(5,528	)		(222,447	)		10.8
Loews Corp.		(3,988	)		(205,183	)		9.9
Louisiana-Pacific Corp.		(9,944	)		(305,082	)		14.8
Magnolia Oil & Gas Corp., Class A		(6,099	)		(64,161	)		3.1
McKesson Corp.		(4,544	)		(648,020	)		31.4
Newell Brands, Inc.		(7,317	)		(142,901	)		6.9
Newmont Mining Corp.		(86,557	)		(3,900,258	)		189.1
NiSource, Inc.		(128	)		(3,752	)		0.2
Norfolk Southern Corp.		(8,387	)		(1,746,257	)		84.7
Occidental Petroleum Corp.		(8,595	)		(341,393	)		16.6
ON Semiconductor Corp.		(7,993	)		(185,038	)		9.0
Oracle Corp.		(487	)		(25,543	)		1.2
Phillips 66		(1,311	)		(119,786	)		5.8
Pinterest, Inc., Class A		(31,789	)		(700,312	)		34.0
Polaris Industries, Inc.		(981	)		(90,095	)		4.4
Prologis, Inc.		(3,804	)		(353,316	)		17.1
Public Storage		(10,193	)		(2,280,786	)		110.6
Pure Storage, Inc., Class A		(5,861	)		(104,326	)		5.1
Reliance Worldwide Corp. Ltd.		(108,267	)		(322,085	)		15.6
Sanderson Farms, Inc.		(10,194	)		(1,403,612	)		68.1
Semtech Corp.		(1,463	)		(70,502	)		3.4
Shake Shack, Inc., Class A		(16,797	)		(1,132,958	)		54.9
Signature Bank		(5,780	)		(820,124	)		39.8
Slack Technologies, Inc., Class A		(6,764	)		(140,218	)		6.8
SLM Corp.		(99,041	)		(1,081,528	)		52.4
Snap, Inc., Class A		(13,344	)		(245,263	)		11.9
Southwest Airlines Co.		(35,376	)		(1,944,972	)		94.3
SS&C Technologies Holdings, Inc.		(63	)		(3,970	)		0.2
Stericycle, Inc.		(14,834	)		(929,795	)		45.1

SCHEDULES OF INVESTMENTS 25

Schedule of Investments  (unaudited) (continued) January 31, 2020 BlackRock Global Long/Short Equity Fund

	Shares			Value			% of Basket Value
United States (continued)
Syneos Health, Inc.		(1,843	)	$	(113,086	)		5.5	%
SYNNEX Corp.		(6,972	)		(960,463	)		46.6
Tandem Diabetes Care, Inc.		(3,100	)		(235,724	)		11.4
Textron, Inc.		(4,818	)		(221,291	)		10.7
Tradeweb Markets, Inc., Class A		(4,097	)		(189,199	)		9.2
Trimble, Inc.		(6,628	)		(281,823	)		13.7
Truist Financial Corp.		(13,577	)		(700,166	)		34.0
UDR, Inc.		(2,354	)		(112,780	)		5.5
Ulta Salon Cosmetics & Fragrance, Inc.		(1,682	)		(450,625	)		21.9
United Airlines Holdings, Inc.		(9,008	)		(673,798	)		32.7
Vishay Intertechnology, Inc.		(14,570	)		(295,625	)		14.3
Wayfair, Inc., Class A		(976	)		(91,451	)		4.4
WEX, Inc.		(7,862	)		(1,705,425	)		82.7
Xilinx, Inc.		(3,411	)		(288,161	)		14.0
XPO Logistics, Inc.		(214	)		(19,029	)		0.9
Zoom Video Communications, Inc., Class A		(10,147	)		(774,216	)		37.5
Zscaler, Inc.		(1,299	)		(72,861	)		3.5
					(70,519,752	)
Total Reference Entity — Short					(145,047,080	)
Net Value of Reference Entity — Bank of America, N.A.				$	(2,062,235	)

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 January 31, 2020 termination date 02/15/23

	Shares		Value		% of Basket Value
Reference Entity — Long
Australia
Altium Ltd.		2,665	$	69,548		19.9	%
ARB Corp. Ltd.		14,262		175,378		50.1
Bravura Solutions Ltd.		1,378		4,990		1.4
Breville Group Ltd.		4,469		55,053		15.7
Carsales.com Ltd.		14,312		162,906		46.6
Centuria Metropolitan REIT		68,719		137,830		39.4
Charter Hall Group		23,263		198,490		56.8
Charter Hall Long Wale REIT		4,743		17,959		5.1
Corporate Travel Management Ltd.		11,669		137,148		39.2
Credit Corp. Group Ltd.		3,399		79,879		22.8
Domino’s Pizza Enterprises Ltd.		584		21,231		6.1
GUD Holdings Ltd.		6,270		49,863		14.3
GWA Group Ltd.		79,445		188,693		53.9
IDP Education Ltd.		5,085		59,197		16.9
Integrated Research Ltd.		3,953		7,762		2.2
InvoCare Ltd.		9,958		88,751		25.4
IPH Ltd.		4,793		29,014		8.3
IRESS Ltd.		5,166		47,733		13.6
Lovisa Holdings Ltd.		9,745		71,807		20.5
Megaport Ltd.		4,061		29,911		8.5
Monadelphous Group Ltd.		2,466		28,494		8.1
Netwealth Group Ltd.		3,391		18,088		5.2
nib holdings Ltd.		66,593		238,439		68.2
Orora Ltd.		9,607		20,509		5.9
Perpetual Ltd.		1,261		35,567		10.2
Premier Investments Ltd.		1,671		21,974		6.3
Pro Medicus Ltd.		3,460		54,546		15.6
Service Stream Ltd.		98,051		170,602		48.8
Shopping Centres Australasia Property Group		11,596		22,332		6.4

	Shares		Value		% of Basket Value
Australia (continued)
Star Entertainment Group Ltd.		81,141	$	224,076		64.1	%
Steadfast Group Ltd.		24,862		63,176		18.1
Technology One Ltd.		5,224		29,240		8.4
Viva Energy REIT		9,787		18,056		5.2
				2,578,242
Austria
BAWAG Group AG		2,922		126,291		36.1
Oesterreichische Post AG		3,038		115,326		33.0
Telekom Austria AG		16,944		136,240		39.0
Wienerberger AG		15,621		443,203		126.7
				821,060
Belgium
Barco NV		981		243,924		69.8
D’ieteren SA		386		24,915		7.1
Fagron		9,517		220,310		63.0
Kinepolis Group NV		3,932		242,460		69.3
Montea C.V.A		5		495		0.1
				732,104
Canada
Aecon Group, Inc.		1,518		19,741		5.6
Alaris Royalty Corp.		3,486		57,556		16.5
Altius Minerals Corp.		7,282		58,932		16.8
Aritis REIT		2,578		22,967		6.6
Aurinia Pharmaceuticals, Inc.		1,503		27,598		7.9
Birchcliff Energy, Ltd.		12,273		16,229		4.6
City Office REIT, Inc.		4,478		60,543		17.3
Cogeco Communications, Inc.		1,455		114,232		32.7
CT Real Estate Investment Trust		9,305		113,412		32.4
Descartes Systems Group, Inc.		1,840		82,490		23.6
Dream Industrial Real Estate Investment Trust		4,038		42,656		12.2
Enerflex Ltd.		855		6,538		1.9
Exchange Income Corp.		1,329		42,630		12.2
Freehold Royalties Ltd.		17,079		91,112		26.1
Gibson Energy, Inc.		3,262		65,467		18.7
IMAX Corp.		29,780		492,561		140.8
Intertape Polymer Group, Inc.		8,139		99,508		28.5
Killam Apartment Real Estate Investment Trust		8,746		133,232		38.1
Major Drilling Group International, Inc.		36,109		149,795		42.8
MEG Energy Corp.		4,834		24,692		7.1
Morguard North American Residential Real Estate Investment Trust		7,282		104,988		30.0
Morneau Shepell, Inc.		3,989		104,412		29.9
Pason Systems, Inc.		10,878		108,500		31.0
Rogers Sugar, Inc.		1,736		6,283		1.8
Sandstorm Gold Ltd.		18,619		127,747		36.5
Savaria Corp.		7,722		78,013		22.3
SSR Mining, Inc.		1,588		29,086		8.3
TORC Oil & Gas, Ltd.		2,809		8,151		2.3
Tourmaline Oil Corp.		9,843		99,293		28.4
				2,388,364
Denmark
Royal Unibrew A/S		2,752		261,628		74.8
Scandinavian Tobacco Group A/S		13,720		179,902		51.4
SimCorp A/S		5,409		599,624		171.5
Topdanmark A/S		6,810		321,807		92.0
				1,362,961
Finland
Aktia Bank OYJ		17,538		185,947		53.1
Huhtamaki OYJ		3,516		156,270		44.7
Kemira OYJ		5,829		88,178		25.2

26 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2020 BlackRock Global Long/Short Equity Fund

	Shares		Value		% of Basket Value
Finland (continued)
Tokmanni Group Corp.		3,299	$	47,856		13.7	%
Uponor OYJ		1,776		24,029		6.9
Valmet OYJ		6,002		129,834		37.1
				632,114
France
Cie des Alpes		5,083		169,683		48.5
Cie Plastic Omnium SA		2,237		56,342		16.1
Coface SA		2,797		34,525		9.9
Gaztransport Et Technigaz SA		1,228		124,131		35.5
GL Events		1,697		39,900		11.4
Imerys SA		610		26,333		7.5
Kaufman & Broad SA		678		28,769		8.2
Lagardere SCA		1,905		36,160		10.4
Mersen SA		2,392		78,365		22.4
Metropole Television SA		8,779		146,240		41.8
Nexans SA		743		36,148		10.3
Nexity SA		1,910		92,211		26.4
Orpea		1,708		222,372		63.6
Rexel SA		38,157		456,437		130.5
Vicat SA		357		14,907		4.3
Vilmorin & Cie SA		1,495		72,456		20.7
				1,634,979
Germany
ADVA Optical Networking SE		4,371		36,212		10.4
Cewe Stiftung & Co. KGAA		1,508		172,007		49.2
CompuGroup Medical SE		1,652		109,013		31.2
CTS Eventim AG & Co. KGaA		320		19,899		5.7
Datagroup SE		430		30,759		8.8
Deutsche Euroshop AG		20,314		553,846		158.4
DIC Asset AG		23,966		449,193		128.4
Draegerwerk AG & Co. KGaA		389		22,693		6.5
GRENKE AG		334		33,320		9.5
Hornbach Holding AG & Co. KGaA		4,523		285,925		81.8
Hypoport AG		277		97,711		27.9
Isra Vision AG		581		21,869		6.3
MLP SE		574		3,578		1.0
Nemetschek SE		2,136		144,889		41.4
Norma Group SE		1,103		40,319		11.5
Rational AG		59		44,246		12.6
Rheinmetall AG		761		81,385		23.3
Stroeer SE & Co. KGaA		1,495		118,662		33.9
TAG Immobilien AG		1,197		31,548		9.0
Takkt AG		10,502		137,877		39.4
				2,434,951
Gibraltar
888 Holdings PLC		34,577		61,457		17.6
Hong Kong
Dah Sing Financial Holdings, Ltd.		19,200		69,027		19.8
Hang Lung Group Ltd.		93,000		229,817		65.7
HKBN Ltd.		6,000		10,429		3.0
Hysan Development Co. Ltd.		48,000		179,183		51.2
Melco International Development Ltd.		11,000		23,756		6.8
VTech Holdings Ltd.		2,800		25,309		7.2
				537,521
Ireland
C&C Group PLC		19,537		92,359		26.4
UDG Healthcare PLC		1,272		12,582		3.6
				104,941

	Shares		Value		% of Basket Value
Israel
Alony Hetz Properties & Investments Ltd.		5,650	$	93,370		26.7	%
Amot Investments Ltd.		17,065		124,128		35.5
Elco Ltd.		4,157		162,576		46.5
FIBI Holdings Ltd.		2,055		67,432		19.3
First International Bank of Israel Ltd.		530		14,820		4.2
Formula Systems 1985 Ltd.		1,680		121,494		34.7
Hilan Ltd.		445		18,095		5.2
Industrial Buildings Corp. Ltd.		30,813		87,276		24.9
Matrix IT Ltd.		2,844		59,316		17.0
Melisron Ltd.		2,748		180,437		51.6
Radware Ltd.		4,856		123,731		35.4
Reit 1 Ltd.		47,852		292,754		83.7
				1,345,429
Italy
ACEA SpA		2,099		49,002		14.0
Amplifon SpA		14,130		401,780		114.9
Anima Holding SpA		10,706		50,747		14.5
Banca Farmafactoring SpA		10,266		63,129		18.0
Banca Generali SpA		917		29,149		8.3
Banca Mediolanum SpA		8,621		77,753		22.2
Buzzi Unicem SpA		1,026		23,961		6.8
Cerved Group SpA		25,493		249,889		71.5
Hera SpA		100,483		457,037		130.7
Piaggio & C SpA		20,680		56,558		16.2
Unipol Gruppo SpA		50,796		258,634		74.0
				1,717,639
Japan
ADEKA Corp.		12,500		180,644		51.7
Ai Holdings Corp.		7,300		124,135		35.5
Aica Kogyo Co. Ltd.		7,100		221,635		63.4
Aida Engineering Ltd.		3,900		31,262		8.9
Aisan Industry Co. Ltd.		3,100		19,978		5.7
Altech Corp.		2,400		39,530		11.3
Amano Corp.		15,000		433,184		123.9
AOKI Holdings, Inc.		18,600		181,466		51.9
Aoyama Trading Co. Ltd.		16,500		211,526		60.5
Arcland Sakamoto Co. Ltd.		6,000		65,974		18.9
Arcland Service Holdings Co. Ltd.		8,800		159,335		45.6
Arcs Co. Ltd.		20,000		351,884		100.6
Azbil Corp.		19,200		517,761		148.0
Bando Chemical Industries Ltd.		4,800		35,746		10.2
Bell System24 Holdings, Inc.		9,100		127,583		36.5
Belluna Co. Ltd.		2,900		16,478		4.7
Benefit One, Inc.		7,900		138,105		39.5
BeNEXT Group, Inc.		9,500		97,181		27.8
BML, Inc.		2,300		65,134		18.6
Broadleaf Co. Ltd.		9,500		52,504		15.0
Bunka Shutter Co. Ltd.		12,100		96,726		27.7
Capcom Co. Ltd.		1,300		36,783		10.5
Chiyoda Integre Co. Ltd.		2,900		54,160		15.5
Daido Steel Co. Ltd.		600		22,944		6.6
Daiichi Jitsugyo Co. Ltd.		900		28,624		8.2
Daiseki Co. Ltd.		1,000		26,855		7.7
Daiwa Office Investment Corp.		10		80,144		22.9
DCM Holdings Co. Ltd.		45,200		431,924		123.5
Denka Co. Ltd.		8,600		232,325		66.4
DIC Corp.		3,800		99,616		28.5
Dip Corp.		8,500		270,583		77.4
Doshisha Co. Ltd.		10,100		155,579		44.5
Doutor Nichires Holdings Co. Ltd.		12,300		232,470		66.5
Duskin Co. Ltd.		2,400		66,129		18.9

SCHEDULES OF INVESTMENTS 27

Schedule of Investments  (unaudited) (continued) January 31, 2020 BlackRock Global Long/Short Equity Fund

	Shares		Value		% of Basket Value
Japan (continued)
Eagle Industry Co. Ltd.		6,600	$	58,694		16.8	%
EDION Corp.		10,800		111,649		31.9
Eizo Corp.		500		16,321		4.7
Elecom Co. Ltd.		3,900		157,239		45.0
EPS Holdings, Inc.		13,400		159,595		45.6
ESPEC Corp.		6,400		129,574		37.0
FCC Co. Ltd.		2,900		58,627		16.8
Frontier Real Estate Investment Corp.		30		125,559		35.9
Fuji Corp/Aichi		1,100		17,288		4.9
Fuji Kyuko Co. Ltd.		2,200		77,127		22.1
Fuji Seal International, Inc.		400		8,377		2.4
Fujicco Co. Ltd.		5,200		91,438		26.1
FULLCAST Holdings Co. Ltd.		1,100		23,248		6.6
Furukawa Co., Ltd.		2,000		24,050		6.9
Future Corp.		500		8,665		2.5
Geo Holdings Corp.		12,500		142,074		40.6
Glory Ltd.		5,700		162,583		46.5
H2O Retailing Corp.		10,400		94,273		27.0
Hamakyorex Co. Ltd.		4,100		123,308		35.3
Hanwa Co. Ltd.		2,700		65,114		18.6
Heiwado Co. Ltd.		1,800		31,450		9.0
Hiday Hidaka Corp.		7,100		128,460		36.7
Hokuetsu Corp.		62,300		287,183		82.1
Horiba Ltd.		2,500		154,635		44.2
House Foods Group, Inc.		2,900		91,952		26.3
Ichiyoshi Securities Co. Ltd.		8,100		44,999		12.9
Invincible Investment Corp.		548		276,839		79.2
Itoham Yonekyu Holdings, Inc.		4,400		27,661		7.9
Iwatani Corp.		12,700		423,217		121.0
Izumi Co. Ltd.		12,500		393,993		112.7
JAC Recruitment Co. Ltd.		11,300		172,559		49.3
Japan Cash Machine Co. Ltd.		4,700		35,390		10.1
Japan Excellent, Inc.		83		150,289		43.0
JCR Pharmaceuticals Co. Ltd.		400		34,311		9.8
JSP Corp.		4,800		83,652		23.9
Kanamoto Co. Ltd.		1,200		29,544		8.4
Kaneka Corp.		15,400		472,149		135.0
Kasai Kogyo Co. Ltd.		1,300		9,636		2.8
Kato Sangyo Co. Ltd.		2,600		80,639		23.1
Kenedix, Inc.		8,300		41,751		11.9
Koa Corp.		2,400		25,368		7.3
Kobe Bussan Co. Ltd.		2,600		99,525		28.5
Kobe Steel Ltd.		3,400		15,526		4.4
KOMEDA Holdings Co. Ltd.		3,300		65,895		18.8
Komeri Co. Ltd.		13,900		299,601		85.7
Komori Corp.		12,700		115,426		33.0
Konoike Transport Co. Ltd.		8,300		117,198		33.5
Kotobuki Spirits Co. Ltd.		600		39,616		11.3
Kusuri no Aoki Holdings Co. Ltd.		600		36,127		10.3
KYORIN Holdings, Inc.		1,400		25,136		7.2
Kyoritsu Maintenance Co., Ltd.		2,800		112,047		32.0
Kyowa Exeo Corp.		2,900		72,395		20.7
Lasertec Corp.		2,100		102,808		29.4
Mars Group Holdings Corp.		1,500		26,923		7.7
Maruha Nichiro Corp.		8,100		193,708		55.4
Marvelous, Inc.		11,900		75,595		21.6
Matsuda Sangyo Co. Ltd.		1,500		21,286		6.1
MCUBS MidCity Investment Corp.		322		377,918		108.1
Meiko Network Japan Co. Ltd.		8,400		73,525		21.0
Miroku Jyoho Service Co. Ltd.		1,700		46,925		13.4
Mitsubishi Pencil Co. Ltd.		2,200		32,161		9.2
Mitsui Sugar Co. Ltd.		300		5,878		1.7

	Shares		Value		% of Basket Value
Japan (continued)
Mizuno Corp.		1,200	$	28,927		8.3	%
Mochida Pharmaceutical Co. Ltd.		2,700		101,074		28.9
Nagaileben Co. Ltd.		4,500		96,703		27.6
Nagase & Co. Ltd.		11,200		154,086		44.1
Nankai Electric Railway Co. Ltd.		1,300		33,556		9.6
Nichi-iko Pharmaceutical Co. Ltd.		5,800		68,176		19.5
Nichiha Corp.		4,800		115,372		33.0
Nihon M&A Center, Inc.		2,600		74,379		21.3
Nihon Parkerizing Co. Ltd.		21,700		225,061		64.4
Nihon Unisys Ltd.		3,300		100,633		28.8
Nikkon Holdings Co. Ltd.		16,900		389,925		111.5
Nippon Electric Glass Co. Ltd.		9,700		187,385		53.6
Nippon Flour Mills Co. Ltd.		22,900		345,432		98.8
Nippon Light Metal Holdings Co. Ltd.		81,400		155,315		44.4
Nippon Paper Industries Co. Ltd.		4,000		65,096		18.6
Nippon Parking Development Co. Ltd.		10,300		13,554		3.9
Nippon Seiki Co. Ltd.		2,500		36,727		10.5
Nippon Shokubai Co. Ltd.		1,700		99,673		28.5
Nippon Steel Trading Corp.		2,000		90,513		25.9
Nippon Thompson Co. Ltd.		6,600		27,441		7.8
Nishimoto Co. Ltd.		1,000		33,453		9.6
Nishio Rent All Co. Ltd.		1,700		45,676		13.1
Noevir Holdings Co. Ltd.		1,100		50,096		14.3
Nomura Co. Ltd.		6,700		76,091		21.8
Noritake Co. Ltd/Nagoya Japan		600		23,851		6.8
Noritz Corp.		11,200		138,009		39.5
NS Solutions Corp.		3,000		88,118		25.2
Obara Group, Inc.		2,400		76,151		21.8
Oiles Corp.		2,000		27,905		8.0
Okabe Co. Ltd.		27,600		216,789		62.0
Okamoto Industries, Inc.		100		3,481		1.0
Oki Electric Industry Co. Ltd.		1,600		19,920		5.7
Okinawa Electric Power Co., Inc.		3,400		62,629		17.9
Premier Investment Corp.		63		93,132		26.6
Press Kogyo Co. Ltd.		10,300		33,905		9.7
Prestige International, Inc.		2,000		18,129		5.2
Rakus Co. Ltd.		1,600		25,423		7.3
Relo Group, Inc.		800		21,795		6.2
Riken Corp.		2,200		70,878		20.3
Rock Field Co. Ltd.		10,100		132,998		38.0
Rohto Pharmaceutical Co. Ltd.		700		19,377		5.5
Roland DG Corp.		1,700		30,741		8.8
Round One Corp.		2,300		21,426		6.1
Royal Holdings Co. Ltd.		8,200		179,241		51.3
Ryobi Ltd.		2,100		34,011		9.7
Ryosan Co. Ltd.		3,400		78,633		22.5
Sac’s Bar Holdings, Inc.		1,800		14,106		4.0
Sakata INX Corp.		3,100		32,355		9.3
Sangetsu Corp.		7,500		132,364		37.8
Sanshin Electronics Co. Ltd.		2,300		35,384		10.1
Sanwa Holdings Corp.		36,000		378,687		108.3
SCSK Corp.		1,200		64,316		18.4
Seino Holdings Co Ltd.		3,600		46,016		13.2
Sekisui Plastics Co. Ltd.		1,400		9,855		2.8
Senko Group Holdings Co. Ltd.		12,600		100,740		28.8
Shindengen Electric Manufacturing Co. Ltd.		1,700		51,811		14.8
Shoei Co. Ltd.		2,900		131,890		37.7
Showa Sangyo Co. Ltd.		700		19,289		5.5
Siix Corp.		3,300		38,286		10.9
Sinanen Holdings Co. Ltd.		3,000		55,913		16.0
Sinko Industries Ltd.		4,900		76,095		21.8
Sintokogio Ltd.		14,900		127,131		36.4

28 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2020 BlackRock Global Long/Short Equity Fund

	Shares		Value		% of Basket Value
Japan (continued)
SKY Perfect JSAT Holdings, Inc.		26,700	$	114,853		32.8	%
SMS Co. Ltd.		5,100		126,319		36.1
St Marc Holdings Co. Ltd.		14,800		309,665		88.5
Star Micronics Co. Ltd.		6,300		80,550		23.0
Starts Corp., Inc.		6,400		154,540		44.2
Studio Alice Co. Ltd.		600		10,595		3.0
Sugi Holdings Co. Ltd.		6,300		315,643		90.3
Sumitomo Mitsui Construction Co., Ltd.		20,100		113,052		32.3
Systena Corp.		4,400		73,823		21.1
Taiho Kogyo Co. Ltd.		700		4,622		1.3
Taikisha Ltd.		1,100		37,614		10.8
Takasago International Corp.		800		17,262		4.9
Tanseisha Co. Ltd.		16,700		187,717		53.7
Tenma Corp.		1,400		25,163		7.2
TIS, Inc.		700		42,053		12.0
Toho Holdings Co., Ltd.		20,800		427,162		122.1
Toho Zinc Co. Ltd.		1,500		25,675		7.3
Topre Corp.		3,600		54,642		15.6
Topy Industries Ltd.		6,400		103,776		29.7
TPR Co. Ltd.		4,900		80,205		22.9
Transcosmos, Inc.		2,600		67,149		19.2
TS Tech Co. Ltd.		1,500		41,224		11.8
TSI Holdings Co. Ltd.		4,300		20,557		5.9
Ube Industries Ltd.		30,400		610,159		174.5
Unipres Corp.		1,600		20,408		5.8
United Arrows Ltd.		8,200		218,055		62.3
Valor Holdings Co. Ltd.		17,000		297,088		84.9
Wakita & Co. Ltd.		900		8,325		2.4
YAMABIKO Corp.		1,900		18,551		5.3
Yamato Kogyo Co. Ltd.		5,000		121,134		34.6
Yamazen Corp.		10,800		100,062		28.6
Yodogawa Steel Works Ltd.		3,900		69,752		19.9
Yokohama Reito Co. Ltd.		9,900		86,139		24.6
Yorozu Corp.		3,100		40,721		11.6
Yuasa Trading Co. Ltd.		1,300		41,709		11.9
Yumeshin Holdings Co. Ltd.		18,600		144,086		41.2
Yurtec Corp.		9,200		55,190		15.8
Yushin Precision Equipment Co. Ltd.		4,000		33,683		9.6
Zenrin Co. Ltd.		1,100		14,821		4.2
Zensho Holdings Co. Ltd.		3,300		69,880		20.0
				21,240,354
Jordan
Hikma Pharmaceuticals PLC		2,254		54,428		15.6
Luxembourg
Corestate Capital Holding SA		580		25,441		7.3
Netherlands
Aalberts NV		8,216		358,715		102.6
ASM International NV		2,533		307,827		88.0
BE Semiconductor Industries NV		3,918		165,874		47.4
Corbion NV		677		23,456		6.7
Core Laboratories NV		3,993		140,274		40.1
Euronext NV		1,639		142,073		40.6
Fugro NV		3,313		34,795		10.0
Intertrust NV		15,603		277,910		79.5
				1,450,924
New Zealand
Contact Energy Ltd.		51,338		245,731		70.3
Norway
Atea ASA		1,392		18,067		5.2
BW LPG Ltd.		5,093		40,998		11.7

	Shares		Value		% of Basket Value
Norway (continued)
Entra ASA		19,802	$	337,940		96.6	%
Europris ASA		26,307		95,659		27.4
Fjordkraft Holding ASA		2,265		15,563		4.4
Kongsberg Gruppen ASA		556		8,644		2.5
Nordic Semiconductor ASA		19,036		121,292		34.7
Norway Royal Salmon ASA		1,858		47,551		13.6
SpareBank 1 Nord Norge		29,020		243,570		69.6
TGS Nopec Geophysical Co. ASA		8,370		212,747		60.8
Tomra Systems ASA		7,236		212,990		60.9
				1,355,021
Portugal
NOS SGPS SA		10,208		53,006		15.2
Semapa-Sociedade de Investimento e Gestao		1,378		19,225		5.5
				72,231
Puerto Rico
Popular, Inc.		683		38,221		10.9
Spain
Acerinox SA		16,631		161,914		46.3
Almirall SA		9,786		144,734		41.4
Cia de Distribucion Integral Logista Holdings SA		3,500		78,537		22.4
Construcciones y Auxiliar de Ferrocarriles SA		7		311		0.1
Ebro Foods SA		7,749		160,450		45.9
Faes Farma SA		22,947		125,053		35.7
Grupo Catalana Occidente SA		7,379		242,646		69.4
Merlin Properties Socimi SA		12,200		173,038		49.5
Tecnicas Reunidas SA		746		18,158		5.2
Zardoya Otis SA		7,326		55,199		15.8
				1,160,040
Sweden
Axfood AB		6,039		125,219		35.8
Beijer Ref AB		633		19,041		5.4
Bilia AB, — A Shares		2,877		31,648		9.1
Catena AB		3,480		150,740		43.1
Clas Ohlson AB, — B Shares		2,698		28,642		8.2
Cloetta AB, — B Shares		78,120		275,356		78.7
Dios Fastigheter AB		34,200		315,379		90.2
Evolution Gaming Group AB		2,711		83,721		23.9
Hufvudstaden AB, A Shares		18,893		374,297		107.0
Kungsleden AB		25,119		267,709		76.5
Lindab International AB		7,339		83,049		23.7
Mycronic AB		837		16,291		4.7
New Wave Group AB, — B Shares		2,302		13,812		4.0
Peab AB		14,269		143,248		41.0
Scandi Standard AB		9		69		0.0
Scandic Hotels Group AB		9,250		98,111		28.1
Sweco AB, — B Shares		1,066		41,164		11.8
Wallenstam AB, B Shares		7,381		96,652		27.6
				2,164,148
Switzerland
Allreal Holding AG, Registered Shares		1,466		304,402		87.0
Belimo Holding AG		15		105,172		30.1
Cembra Money Bank AG		601		70,276		20.1
Helvetia Holding AG		142		20,413		5.8
PSP Swiss Property AG, Registered Shares		5,247		793,383		226.9
Sunrise Communications Group AG		9		743		0.2
Valiant Holding AG		4,815		495,064		141.6
Valora Holding AG		282		75,035		21.4
VAT Group AG		3,623		546,881		156.4
				2,411,369

SCHEDULES OF INVESTMENTS 29

Schedule of Investments  (unaudited) (continued) January 31, 2020 BlackRock Global Long/Short Equity Fund

	Shares		Value		% of Basket Value
United Kingdom
Ashmore Group PLC		11,120	$	79,532		22.7	%
Avast PLC		10,546		59,231		16.9
CVS Group PLC		1,679		25,430		7.3
Dart Group PLC		2,028		45,525		13.0
Dechra Pharmaceuticals PLC		3,163		118,522		33.9
Dialog Semiconductor PLC		2,001		87,898		25.1
Drax Group PLC		13,912		49,969		14.3
Forterra PLC		6,264		27,214		7.8
Go-Ahead Group PLC		1,477		39,944		11.4
Greggs PLC		3,350		99,710		28.5
Hill & Smith Holdings PLC		3,588		67,122		19.2
Howden Joinery Group PLC		4,448		40,352		11.5
Hunting PLC		3,646		14,720		4.2
IMI PLC		4,809		69,902		20.0
John Wood Group PLC		2,328		11,523		3.3
Marshalls PLC		14,650		152,731		43.7
Moneysupermarket.com Group PLC		42,292		181,540		51.9
National Express Group PLC		80,375		474,424		135.7
Northgate PLC		5,088		17,872		5.1
Redrow PLC		9,979		104,759		29.9
Rightmove PLC		19,138		165,860		47.4
Rotork PLC		4,314		17,286		4.9
Safestore Holdings PLC		22,362		237,709		68.0
Serco Group PLC		93,329		194,844		55.7
Signature Aviation PLC		7,215		27,667		7.9
Softcat PLC		2,057		31,324		9.0
Spirent Communications PLC		22,574		66,027		18.9
Vesuvius PLC		66,094		379,655		108.6
Watkin Jones PLC		80,176		261,452		74.8
				3,149,744
United States
1-800-Flowers.com, Inc., Class A		9,965		151,368		43.3
AAR Corp.		1,196		50,926		14.6
Acushnet Holdings Corp.		1,760		54,507		15.6
Addus HomeCare Corp.		1,208		113,963		32.6
Advanced Drainage Systems, Inc.		6,483		269,498		77.1
Affiliated Managers Group, Inc.		1,897		151,475		43.3
Alarm.com Holdings, Inc.		735		32,289		9.2
Albany International Corp., Class A		1,346		93,910		26.9
Alkermes PLC		7,160		124,656		35.6
Allscripts Healthcare Solutions, Inc.		4,464		38,301		11.0
Amalgamated Bank, Class A		3,615		62,323		17.8
Anika Therapeutics, Inc.		1,196		49,168		14.1
Archrock, Inc.		23,051		192,476		55.0
Ares Commercial Real Estate Corp.		9,280		151,635		43.4
Ares Management Corp., Class A		1,153		41,577		11.9
Asbury Automotive Group, Inc.		1,314		126,735		36.2
Atkore International Group, Inc.		4,897		194,411		55.6
AutoNation, Inc.		637		27,034		7.7
Avis Budget Group, Inc.		1,146		37,589		10.7
AZZ, Inc.		8,399		346,543		99.1
Bancorp, Inc.		5,131		60,700		17.4
Bank OZK		3,782		102,795		29.4
BankUnited, Inc.		2,482		81,906		23.4
Bar Harbor Bankshares		2,129		46,838		13.4
Barrett Business Services, Inc.		625		51,769		14.8
Benefitfocus, Inc.		2,754		50,949		14.6
Berkshire Hills Bancorp, Inc.		632		17,791		5.1
Bio-Techne Corp.		591		124,092		35.5
BioCryst Pharmaceuticals, Inc.		1,964		5,597		1.6
BioDelivery Sciences International, Inc.		6,818		35,795		10.2
BMC Stock Holdings, Inc.		4,189		122,256		35.0

	Shares		Value		% of Basket Value
United States (continued)
Bridge Bancorp, Inc.		275	$	8,346		2.4	%
Briggs & Stratton Corp.		9,269		34,017		9.7
Bruker Corp.		2,475		122,438		35.0
Builders FirstSource, Inc.		4,460		110,586		31.6
Calavo Growers, Inc.		1,617		123,878		35.4
Cargurus, Inc.		740		26,381		7.5
Carlisle Cos., Inc.		1,245		194,506		55.6
Carriage Services, Inc.		3,221		76,241		21.8
Cars.com, Inc.		1,574		18,369		5.3
Carter’s, Inc.		451		47,838		13.7
Casella Waste Systems, Inc., Class A		531		27,182		7.8
Catalent, Inc.		435		26,579		7.6
CBIZ, Inc.		1,104		29,808		8.5
CenterState Bank Corp.		3,531		79,659		22.8
Century Communities, Inc.		4,499		133,485		38.2
Cerus Corp.		10,936		43,853		12.5
CEVA, Inc.		1,189		32,519		9.3
Chemed Corp.		336		156,925		44.9
Chuy’s Holdings, Inc.		774		19,002		5.4
Cinemark Holdings, Inc.		10,559		332,714		95.1
Cirrus Logic, Inc.		241		18,511		5.3
CIT Group, Inc.		6,786		310,188		88.7
Clean Harbors, Inc.		1,467		120,617		34.5
CNO Financial Group, Inc.		6,511		114,529		32.7
Cogent Communications Holdings, Inc.		846		60,007		17.2
Cohen & Steers, Inc.		4,392		324,920		92.9
Coherus Biosciences, Inc.		2,279		41,113		11.8
Columbus McKinnon Corp.		1,988		69,560		19.9
Comfort Systems USA, Inc.		6,216		288,422		82.5
CONMED Corp.		1,350		137,268		39.3
ConnectOne Bancorp, Inc.		3,809		89,931		25.7
Cooper-Standard Holdings, Inc.		6		159		0.0
Coupa Software, Inc.		304		48,990		14.0
Crocs, Inc.		1,552		58,836		16.8
CSG Systems International, Inc.		2,390		119,070		34.0
Cullen/Frost Bankers, Inc.		1,256		111,985		32.0
Daktronics, Inc.		2,582		15,234		4.4
Del Taco Restaurants, Inc.		691		5,210		1.5
Denny’s Corp.		8,903		182,244		52.1
DiamondRock Hospitality Co.		4,293		41,513		11.9
Dine Brands Global, Inc.		609		51,917		14.8
Douglas Emmett, Inc.		6,647		275,851		78.9
Dunkin’ Brands Group, Inc.		2,643		206,392		59.0
Dycom Industries, Inc.		1,582		63,944		18.3
EMCOR Group, Inc.		6,873		564,754		161.5
Enanta Pharmaceuticals, Inc.		794		40,923		11.7
Encompass Health Corp.		535		41,211		11.8
Encore Wire Corp.		3,541		192,312		55.0
Enova International, Inc.		1,044		26,163		7.5
Ensign Group, Inc.		560		25,312		7.2
Entegris, Inc.		614		31,781		9.1
Essent Group Ltd.		1,931		95,797		27.4
Ethan Allen Interiors, Inc.		1,618		26,131		7.5
Exantas Capital Corp.		16,486		199,151		56.9
Ezcorp, Inc., Class A		840		5,225		1.5
Fair Isaac Corp.		795		319,892		91.5
FBL Financial Group, Inc., Class A		381		20,490		5.9
Federal Agricultural Mortgage Corp., Class C		1,238		94,459		27.0
Federal Signal Corp.		1,289		41,454		11.9
First American Financial Corp.		2,911		180,424		51.6
First Busey Corp.		800		20,400		5.8
First Defiance Financial Corp.		15,756		463,069		132.4

30 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2020 BlackRock Global Long/Short Equity Fund

	Shares			Value		% of Basket Value
United States (continued)
First Horizon National Corp.		11,935		$	190,960		54.6	%
First Interstate Bancsystem, Inc., Class A		1,106			42,581		12.2
FirstCash, Inc.		3,530			307,004		87.8
Fluidigm Corp.		5,524			21,212		6.1
Flushing Financial Corp.		4,892			97,204		27.8
FNB Corp.		11,258			131,381		37.6
FormFactor, Inc.		4,431			112,149		32.1
Forrester Research, Inc.		1,799			74,425		21.3
Foundation Building Materials, Inc.		2,235			39,850		11.4
Franklin Covey Co.		2,892			91,966		26.3
Freshpet, Inc.		280			17,606		5.0
frontdoor, Inc.		966			41,132		11.8
Genesco, Inc.		2,646			104,041		29.8
GenMark Diagnostics, Inc.		2,819			15,194		4.3
Gladstone Commercial Corp.		897			19,124		5.5
Globus Medical, Inc., Class A		3,139			164,107		46.9
Goodyear Tire & Rubber Co.		4,554			59,794		17.1
Green Brick Partners, Inc.		3,147			36,474		10.4
H&E Equipment Services, Inc.		4,320			117,115		33.5
Haemonetics Corp.		710			76,247		21.8
Hanger, Inc.		5,009			122,370		35.0
Heidrick & Struggles International, Inc.		1,259			35,781		10.2
Herc Holdings, Inc.		1,145			45,937		13.1
Heritage Commerce Corp.		10,947			126,985		36.3
Heska Corp.		1,102			110,409		31.6
Hill-Rom Holdings, Inc.		600			63,894		18.3
Hillenbrand, Inc.		6,196			179,870		51.4
Hilltop Holdings, Inc.		1,341			30,360		8.7
Home BancShares, Inc.		977			18,680		5.3
Hooker Furniture Corp.		4,769			117,508		33.6
Horizon Bancorp		4,111			69,558		19.9
Hostess Brands, Inc.		8,841			118,646		33.9
Hubbell, Inc.		354			50,703		14.5
ICF International, Inc.		1,893			165,808		47.4
Independent Bank Corp.		10,312			220,471		63.0
Ingevity Corp.		533			34,762		9.9
Innoviva, Inc.		1,871			25,829		7.4
Insight Enterprises, Inc.		641			42,223		12.1
Installed Building Products, Inc.		3,705			274,652		78.5
Integra LifeSciences Holdings Corp.		930			51,187		14.6
InterDigital, Inc.		633			34,973		10.0
Investors Bancorp, Inc.		16,776	��		202,738		58.0
ITT, Inc.		255			17,105		4.9
K12, Inc.		6,860			110,720		31.7
Kaiser Aluminum Corp.		567			56,785		16.2
KB Home		473			17,761		5.1
Kearny Financial Corp.		5,224			64,516		18.4
Kelly Services, Inc., Class A		1,810			32,146		9.2
Kforce, Inc.		492			18,229		5.2
Kilroy Realty Corp.		1,192			98,423		28.1
Kimball International, Inc., Class B		6,389			119,985		34.3
Knoll, Inc.		5,812			143,905		41.1
Knowles Corp.		6,804			134,243		38.4
Kraton Corp.		2,045			33,640		9.6
Kronos Worldwide, Inc.		1,559			16,900		4.8
Lakeland Bancorp, Inc.		2,512			40,795		11.7
LeMaitre Vascular, Inc.		1,703			61,283		17.5
Ligand Pharmaceuticals, Inc.		1,825			160,253		45.8
Lithia Motors, Inc., Class A		258			34,995		10.0
LivePerson, Inc.		1,788			73,326		21.0
Lumentum Holdings, Inc.		281			21,291		6.1
Manhattan Associates, Inc.		859			73,410		21.0

	Shares		Value		% of Basket Value
United States (continued)
ManTech International Corp., Class A		661	$	53,065		15.2	%
Marcus Corp.		1,916		55,851		16.0
MarineMax, Inc.		1,700		33,881		9.7
Marten Transport Ltd.		5,724		118,830		34.0
Masimo Corp.		632		107,819		30.8
Materion Corp.		3,477		188,801		54.0
MAXIMUS, Inc.		1,886		135,321		38.7
McGrath RentCorp		252		19,485		5.6
MDU Resources Group, Inc.		3,078		91,140		26.1
MEDIA GEN, Inc. CVR		3,231		—		0.0
Mercantile Bank Corp.		3,083		101,030		28.9
Merchants Bancorp		1,380		27,158		7.8
Mercury General Corp.		429		21,060		6.0
Meridian Bancorp, Inc.		14,996		269,778		77.1
Meritage Homes Corp.		642		45,556		13.0
Midland States Bancorp, Inc.		6,986		184,570		52.8
MidWestOne Financial Group, Inc.		661		21,377		6.1
Mobile Mini, Inc.		9,376		391,354		111.9
Model N, Inc.		6,051		188,731		54.0
Modine Manufacturing Co.		6,205		43,621		12.5
Monolithic Power Systems, Inc.		624		106,810		30.5
MYR Group, Inc.		2,203		63,270		18.1
NanoString Technologies, Inc.		2,837		77,081		22.0
Natera, Inc.		1,719		60,182		17.2
Navient Corp.		1,627		23,396		6.7
NeoGenomics, Inc.		1,122		36,162		10.3
NuVasive, Inc.		253		19,511		5.6
Oceaneering International, Inc.		2,397		29,747		8.5
OPKO Health, Inc.		18,437		26,734		7.6
Opus Bank		8,302		221,124		63.2
Orthofix Medical, Inc.		1,902		82,281		23.5
Otter Tail Corp.		5,657		302,989		86.6
Oxford Industries, Inc.		1,147		79,602		22.8
Pacira BioSciences, Inc.		770		33,279		9.5
PacWest Bancorp		3,623		126,986		36.3
Park Hotels & Resorts, Inc.		10,518		230,765		66.0
Paylocity Holding Corp.		508		72,080		20.6
PDF Solutions, Inc.		1,371		21,607		6.2
Peapack Gladstone Financial Corp.		5,124		149,775		42.8
Peoples Bancorp, Inc.		984		32,019		9.2
Perdoceo Education Corp.		1,716		30,511		8.7
Pilgrim’s Pride Corp.		2,883		75,102		21.5
PNM Resources, Inc.		1,527		82,809		23.7
PolyOne Corp.		1,571		52,126		14.9
Pool Corp.		2,015		441,890		126.4
PRA Health Sciences, Inc.		517		52,377		15.0
PROS Holdings, Inc.		579		34,740		9.9
Q2 Holdings, Inc.		1,125		98,089		28.0
QCR Holdings, Inc.		5,380		221,118		63.2
Qualys, Inc.		987		84,625		24.2
Quanta Services, Inc.		844		33,043		9.4
Quidel Corp.		400		30,720		8.8
R1 RCM, Inc.		1,401		17,513		5.0
RadNet, Inc.		5,752		129,823		37.1
Rambus, Inc.		492		7,808		2.2
Rapid7, Inc.		4,259		252,899		72.3
Rattler Midstream LP		1,360		20,522		5.9
RE/MAX Holdings, Inc., Class A		944		36,136		10.3
Reliance Steel & Aluminum Co.		18		2,066		0.6
Renasant Corp.		4,474		142,855		40.8
Repligen Corp.		662		66,458		19.0
Republic First Bancorp, Inc.		5,505		17,561		5.0

SCHEDULES OF INVESTMENTS 31

Schedule of Investments  (unaudited) (continued) January 31, 2020 BlackRock Global Long/Short Equity Fund

	Shares			Value			% of Basket Value
United States (continued)
Rexnord Corp.		3,949		$	128,935			36.9	%
RMR Group, Inc., Class A		478			22,022			6.3
Rush Enterprises, Inc., Class A		2,038			87,634			25.1
Ruth’s Hospitality Group, Inc.		13,046			267,443			76.5
Ryman Hospitality Properties, Inc.		2,176			185,025			52.9
Sandy Spring Bancorp, Inc.		9,181			319,499			91.4
Select Medical Holdings Corp.		15,800			360,872			103.2
Sensient Technologies Corp.		4,275			255,431			73.0
ServisFirst Bancshares, Inc.		594			21,830			6.2
Shoe Carnival, Inc.		81			2,905			0.8
Simulations Plus, Inc.		2,033			66,235			18.9
SiteOne Landscape Supply, Inc.		927			89,502			25.6
Sonos, Inc.		1,476			20,251			5.8
Southwest Gas Holdings, Inc.		4,044			305,362			87.3
SPS Commerce, Inc.		2,400			136,392			39.0
SPX Corp.		3,685			180,823			51.7
Standex International Corp.		969			70,824			20.3
Steven Madden Ltd.		3,548			136,811			39.1
Summit Hotel Properties, Inc.		14,766			163,755			46.8
Sunstone Hotel Investors, Inc.		1,519			19,261			5.5
Taylor Morrison Home Corp., Class A		4,885			126,424			36.2
TechTarget, Inc.		689			17,494			5.0
Teradata Corp.		2,505			60,972			17.4
Texas Roadhouse, Inc.		64			4,000			1.1
TopBuild Corp.		719			82,333			23.5
TRI Pointe Group, Inc.		9,490			154,307			44.1
TriNet Group, Inc.		329			18,773			5.4
Trinseo SA		1,971			56,607			16.2
TriState Capital Holdings, Inc.		11,169			256,775			73.4
TTEC Holdings, Inc.		687			27,288			7.8
U.S. Physical Therapy, Inc.		1,309			153,336			43.8
United Insurance Holdings Corp.		1,582			16,042			4.6
Univest Financial Corp.		9,043			224,628			64.2
Valley National Bancorp		26,554			279,614			80.0
Varex Imaging Corp.		2,107			58,259			16.7
Veracyte, Inc.		1,705			44,756			12.8
Vericel Corp.		2,700			44,280			12.7
Viavi Solutions, Inc.		1,391			19,613			5.6
Virtus Investment Partners, Inc.		1,138			140,008			40.0
Wabash National Corp.		6,427			74,553			21.3
Watsco, Inc.		1,738			302,273			86.4
Weingarten Realty Investors		1,853			53,922			15.4
WesBanco, Inc.		2,486			82,336			23.5
WESCO International, Inc.		5,959			288,475			82.5
Wingstop, Inc.		3,780			350,671			100.3
WisdomTree Investments, Inc.		9,301			39,157			11.2
Wolverine World Wide, Inc.		4,745			149,800			42.8
Xenia Hotels & Resorts, Inc.		2,594			48,482			13.9
Zendesk, Inc.		1,476			127,526			36.5
Zynga, Inc., Class A		4,651			27,999			8.0
					27,029,312
Total Reference Entity — Long					76,748,726
Reference Entity — Short
Australia
Adelaide Brighton, Ltd.		(7,704	)		(18,604	)		(5.3	)
Afterpay Ltd.		(2,830	)		(70,671	)		(20.2	)
Bank of Queensland, Ltd.		(10,385	)		(52,798	)		(15.1	)
Bega Cheese Ltd.		(44,103	)		(127,783	)		(36.5	)
Bingo Industries Ltd.		(53,800	)		(99,347	)		(28.4	)
Brickworks Ltd.		(1,389	)		(18,360	)		(5.3	)

	Shares			Value			% of Basket Value
Australia (continued)
Castile Resources Property Ltd.		(12,819	)	$	(1,716	)		(0.5	) %
Costa Group Holdings Ltd.		(43,711	)		(79,555	)		(22.7	)
CSR Ltd.		(73,111	)		(234,380	)		(67.0	)
Domain Holdings Australia Ltd.		(45,411	)		(113,801	)		(32.5	)
Elders Ltd.		(49,805	)		(245,067	)		(70.1	)
Estia Health Ltd.		(28,142	)		(45,977	)		(13.1	)
Freedom Foods Group Ltd.		(9,912	)		(31,735	)		(9.1	)
G8 Education, Ltd.		(35,178	)		(44,621	)		(12.8	)
GrainCorp Ltd.		(38,675	)		(214,665	)		(61.4	)
Hansen Technologies Ltd.		(5,542	)		(13,540	)		(3.9	)
IMF Bentham Ltd.		(70,251	)		(221,963	)		(63.5	)
Link Administration Holdings Ltd.		(41,359	)		(186,368	)		(53.3	)
Lynas Corp., Ltd.		(81,205	)		(117,932	)		(33.7	)
Metcash Ltd.		(9,965	)		(17,269	)		(4.9	)
Mineral Resources Ltd.		(21,349	)		(240,026	)		(68.6	)
NEXTDC Ltd.		(75,298	)		(376,621	)		(107.7	)
Nufarm Ltd.		(29,747	)		(108,500	)		(31.0	)
OZ Minerals Ltd.		(48,947	)		(326,943	)		(93.5	)
Pendal Group Ltd.		(22,382	)		(130,981	)		(37.5	)
Platinum Asset Management Ltd.		(13,238	)		(41,465	)		(11.9	)
St Barbara Ltd.		(23,759	)		(44,289	)		(12.7	)
Village Roadshow Ltd.		(3,511	)		(9,447	)		(2.7	)
Western Areas Ltd.		(31,863	)		(53,919	)		(15.4	)
Westgold Resources Ltd.		(51,278	)		(76,276	)		(21.8	)
					(3,364,619	)
Austria
Agrana Beteiligungs AG		(14,431	)		(307,290	)		(87.9	)
AT&S Austria Technologie & Systemtechnik AG		(7,159	)		(157,920	)		(45.1	)
CA Immobilien Anlagen AG		(10,664	)		(469,198	)		(134.1	)
FACC AG		(7,615	)		(100,937	)		(28.9	)
Kapsch TrafficCom AG		(2,615	)		(77,079	)		(22.0	)
Lenzing AG		(1,162	)		(92,014	)		(26.3	)
Rhi Magnesita NV		(595	)		(25,044	)		(7.2	)
Schoeller-Bleckmann Oilfield Equipment AG		(1,604	)		(73,722	)		(21.1	)
Semperit AG Holding		(770	)		(10,436	)		(3.0	)
					(1,313,640	)
Belgium
Ackermans & van Haaren NV		(2,479	)		(397,105	)		(113.5	)
AGFA-Gevaert NV		(65,166	)		(320,311	)		(91.6	)
Biocartis NV		(4,621	)		(29,366	)		(8.4	)
bpost SA		(10,103	)		(100,681	)		(28.8	)
Cie d’Entreprises CFE		(3,805	)		(414,917	)		(118.6	)
Econocom Group SA		(7,521	)		(21,383	)		(6.1	)
Elia System Operator SA		(6,958	)		(671,031	)		(191.9	)
Euronav NV		(10,451	)		(103,843	)		(29.7	)
Ion Beam Applications		(4,410	)		(50,747	)		(14.5	)
Mithra Pharmaceuticals SA		(6,212	)		(168,377	)		(48.1	)
Sofina SA		(296	)		(67,717	)		(19.4	)
Tessenderlo Group SA		(4,365	)		(146,859	)		(42.0	)
					(2,492,337	)
Canada
Allied Properties Real Estate Investment Trust		(11,239	)		(468,957	)		(134.1	)
Altus Group Ltd.		(1,777	)		(58,208	)		(16.6	)
Canfor Corp.		(4,965	)		(44,608	)		(12.8	)
Centerra Gold, Inc.		(5,205	)		(41,690	)		(11.9	)
Continental Gold, Inc.		(19,387	)		(80,132	)		(22.9	)
DREAM Un Ltd. Corp., Class A		(46,247	)		(408,514	)		(116.8	)
Element Financial Corp.		(2,667	)		(25,614	)		(7.3	)
Finning International, Inc.		(17,448	)		(301,787	)		(86.3	)
Great Canadian Gaming Corp.		(2,618	)		(78,833	)		(22.5	)
Home Capital Group, Inc.		(1,359	)		(32,399	)		(9.3	)

32 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2020 BlackRock Global Long/Short Equity Fund

	Shares			Value			% of Basket Value
Canada (continued)
Linamar Corp.		(9,013	)	$	(296,937	)		(84.9	) %
Mercer International, Inc.		(6,801	)		(74,879	)		(21.4	)
MTY Food Group, Inc.		(3,963	)		(173,056	)		(49.5	)
NFI Group, Inc.		(2,506	)		(57,982	)		(16.6	)
Norbord, Inc.		(8,315	)		(244,223	)		(69.8	)
Novagold Resources, Inc.		(3,405	)		(31,055	)		(8.9	)
Pan American Silver Corp.		(1,164	)		(26,756	)		(7.7	)
Park Lawn Corp.		(1,700	)		(38,396	)		(11.0	)
Pretium Resources, Inc.		(15,276	)		(166,335	)		(47.6	)
Seabridge Gold, Inc.		(3,267	)		(45,620	)		(13.0	)
SEMAFO, Inc.		(11,685	)		(24,634	)		(7.0	)
Sierra Wireless, Inc.		(2,959	)		(28,553	)		(8.2	)
Spin Master Corp.		(2,174	)		(52,009	)		(14.9	)
Stantec, Inc.		(3,194	)		(94,970	)		(27.2	)
Torex Gold Resources, Inc.		(10,562	)		(145,333	)		(41.6	)
TransAlta Corp.		(2,458	)		(18,350	)		(5.2	)
Transat AT, Inc.		(11,632	)		(142,038	)		(40.6	)
Uranium Participation Corp.		(12,539	)		(36,478	)		(10.4	)
Westshore Terminals Investment Corp.		(5,378	)		(65,346	)		(18.7	)
WPT Industrial Real Estate Investment Trust		(14,177	)		(203,298	)		(58.1	)
					(3,506,990	)
Denmark
ALK-Abello A/S		(362	)		(96,707	)		(27.6	)
Ambu A/S, Class B		(1,562	)		(28,510	)		(8.2	)
Dfds A/S		(12,971	)		(544,720	)		(155.8	)
Nilfisk Holding A/S		(4,519	)		(97,651	)		(27.9	)
Rockwool International A/S, — B Shares		(701	)		(163,431	)		(46.7	)
Sydbank A/S		(12,825	)		(279,421	)		(79.9	)
					(1,210,440	)
Finland
Adapteo OYJ		(2,487	)		(28,975	)		(8.3	)
Cargotec OYJ		(1,780	)		(65,855	)		(18.8	)
Cramo OYJ		(1,877	)		(28,540	)		(8.2	)
F-Secure OYJ		(25,068	)		(91,409	)		(26.1	)
Finnair OYJ		(54,411	)		(317,657	)		(90.8	)
Konecranes OYJ		(6,215	)		(187,338	)		(53.6	)
Metsa Board OYJ		(24,336	)		(147,389	)		(42.1	)
Sanoma OYJ		(7,447	)		(89,446	)		(25.6	)
					(956,609	)
France
Air France-KLM		(13,503	)		(125,093	)		(35.8	)
Beneteau SA		(17,246	)		(184,970	)		(52.9	)
CGG SA		(16,502	)		(46,369	)		(13.3	)
Chargeurs SA		(5,383	)		(101,430	)		(29.0	)
DBV Technologies SA		(3,736	)		(72,003	)		(20.6	)
Derichebourg SA		(14,460	)		(52,445	)		(15.0	)
Elis SA		(1,436	)		(27,962	)		(8.0	)
Genfit		(6,745	)		(115,543	)		(33.0	)
Guerbet		(129	)		(4,986	)		(1.4	)
ID Logistics Group		(944	)		(184,890	)		(52.9	)
Innate Pharma SA		(4,869	)		(34,209	)		(9.8	)
Jacquet Metal Service SA		(993	)		(15,502	)		(4.4	)
Oeneo SA		(12,585	)		(192,054	)		(54.9	)
Trigano SA		(778	)		(73,772	)		(21.1	)
Vallourec SA		(10,608	)		(26,713	)		(7.6	)
					(1,257,941	)
Germany
ADLER Real Estate AG		(31,076	)		(417,191	)		(119.3	)
ADO Properties SA		(5,764	)		(178,215	)		(51.0	)
Aixtron SE		(5,145	)		(54,003	)		(15.4	)

	Shares			Value			% of Basket Value
Germany (continued)
Bank of Georgia Group PLC		(1,995	)	$	(39,858	)		(11.4	) %
Bertrandt AG		(744	)		(43,072	)		(12.3	)
Bilfinger SE		(4,690	)		(165,439	)		(47.3	)
Borussia Dortmund GmbH & Co. KGaA		(14,060	)		(137,532	)		(39.3	)
CECONOMY AG		(15,531	)		(80,279	)		(23.0	)
Eckert & Ziegler Strahlen- und Medizintechnik AG		(113	)		(21,522	)		(6.2	)
Flatex AG		(5,625	)		(169,271	)		(48.4	)
H&R GmbH & Co. KGaA		(10	)		(55	)		0.0
HUGO BOSS AG		(1,668	)		(78,799	)		(22.5	)
Jungheinrich AG		(5,040	)		(110,661	)		(31.6	)
MorphoSys AG		(527	)		(65,725	)		(18.8	)
PATRIZIA AG		(24,215	)		(578,052	)		(165.3	)
Pfeiffer Vacuum Technology AG		(1,093	)		(181,950	)		(52.0	)
RIB Software SE		(2,707	)		(56,856	)		(16.3	)
SGL Carbon SE		(26,864	)		(120,127	)		(34.3	)
Siltronic AG		(911	)		(97,584	)		(27.9	)
Sixt SE		(2,600	)		(180,347	)		(51.6	)
SMA Solar Technology AG		(1,295	)		(47,683	)		(13.6	)
VERBIO Vereinigte BioEnergie AG		(4,831	)		(68,365	)		(19.5	)
Vossloh AG		(5,503	)		(242,553	)		(69.4	)
Wacker Chemie AG		(590	)		(42,342	)		(12.1	)
zooplus AG		(915	)		(82,400	)		(23.6	)
					(3,259,881	)
Hong Kong
Mandarin Oriental International Ltd.		(66,085	)		(111,375	)		(31.8	)
Ireland
Glanbia PLC		(2,470	)		(28,845	)		(8.3	)
Greencore Group PLC		(43,494	)		(140,699	)		(40.2	)
					(169,544	)
Israel
Ashtrom Group Ltd.		(1,442	)		(21,486	)		(6.1	)
Clal Insurance Enterprises Holdings Ltd.		(18,971	)		(240,080	)		(68.7	)
Delek Group Ltd.		(1,526	)		(195,672	)		(56.0	)
Energix-Renewable Energies Ltd.		(107,948	)		(379,680	)		(108.6	)
Gazit-Globe Ltd.		(23,895	)		(276,550	)		(79.1	)
Hadera Paper Ltd.		(1,434	)		(56,812	)		(16.2	)
Isracard Ltd.		(65,979	)		(243,047	)		(69.5	)
Israel Corp. Ltd.		(1,028	)		(177,753	)		(50.8	)
Menora Mivtachim Holdings Ltd.		(4,534	)		(60,219	)		(17.2	)
Partner Communications Co. Ltd.		(13,419	)		(59,496	)		(17.0	)
Plus500 Ltd.		(2,967	)		(34,917	)		(10.0	)
					(1,745,712	)
Italy
Arnoldo Mondadori Editore SpA		(17,559	)		(36,065	)		(10.3	)
Banca IFIS SpA		(940	)		(14,905	)		(4.3	)
Banca Popolare di Sondrio SCPA		(100,377	)		(216,175	)		(61.8	)
Biesse SpA		(2,257	)		(39,703	)		(11.3	)
BPER Banca		(13,068	)		(60,021	)		(17.2	)
Danieli & C Officine Meccaniche SpA		(1,689	)		(27,723	)		(7.9	)
Danieli & C Officine Meccaniche SpA		(3,328	)		(33,292	)		(9.5	)
De’ Longhi SpA		(3,865	)		(72,829	)		(20.8	)
doValue SpA		(5,706	)		(74,673	)		(21.3	)
Falck Renewables SpA		(6,081	)		(39,564	)		(11.3	)
Gruppo MutuiOnline SpA		(1,350	)		(30,094	)		(8.6	)
Illimity Bank SpA		(4,425	)		(45,272	)		(12.9	)
La Doria SpA		(6,746	)		(66,287	)		(19.0	)
Maire Tecnimont SpA		(13,660	)		(35,229	)		(10.1	)
SAES Getters SpA		(2,201	)		(70,561	)		(20.2	)
Salini Impregilo SpA		(10,283	)		(16,685	)		(4.8	)
Societa Cattolica di Assicurazioni		(11,529	)		(91,170	)		(26.1	)

SCHEDULES OF INVESTMENTS 33

Schedule of Investments  (unaudited) (continued) January 31, 2020 BlackRock Global Long/Short Equity Fund

	Shares			Value			% of Basket Value
Italy (continued)
Tamburi Investment Partners SpA		(22,135	)	$	(166,932	)		(47.7	) %
Tod’s SpA		(4,427	)		(178,964	)		(51.2	)
					(1,316,144	)
Japan
Atom Corp.		(17,200	)		(161,142	)		(46.1	)
Change, Inc.		(1,800	)		(49,687	)		(14.2	)
Chiyoda Corp.		(12,000	)		(33,954	)		(9.7	)
CYBERDYNE, Inc.		(9,300	)		(44,859	)		(12.8	)
Daisyo Corp.		(5,600	)		(84,813	)		(24.3	)
Descente Ltd.		(7,200	)		(116,963	)		(33.4	)
Elan Corp.		(3,800	)		(58,579	)		(16.8	)
eRex Co. Ltd.		(5,300	)		(80,451	)		(23.0	)
euglena Co. Ltd.		(6,800	)		(52,249	)		(14.9	)
Ferrotec Holdings Corp.		(7,500	)		(55,078	)		(15.7	)
Fixstars Corp.		(6,300	)		(86,036	)		(24.6	)
Fukuda Corp.		(1,300	)		(57,568	)		(16.5	)
Fuso Chemical Co. Ltd.		(6,200	)		(174,390	)		(49.9	)
Gunosy, Inc.		(3,700	)		(40,735	)		(11.6	)
Heiwa Real Estate REIT, Inc.		(22	)		(29,623	)		(8.5	)
Ichibanya Co. Ltd.		(800	)		(41,792	)		(12.0	)
Invesco Office J-Reit, Inc.		(400	)		(85,189	)		(24.4	)
Japan Best Rescue System Co. Ltd.		(6,700	)		(59,038	)		(16.9	)
Japan Meat Co. Ltd.		(1,300	)		(27,091	)		(7.7	)
Kanto Denka Kogyo Co. Ltd.		(22,400	)		(206,644	)		(59.1	)
Kappa Create Co. Ltd.		(15,100	)		(204,606	)		(58.5	)
Kawasaki Kisen Kaisha Ltd.		(5,400	)		(71,204	)		(20.4	)
Keiyo Co. Ltd.		(4,100	)		(20,212	)		(5.8	)
Kenko Mayonnaise Co. Ltd.		(800	)		(17,928	)		(5.1	)
KLab, Inc.		(10,100	)		(72,016	)		(20.6	)
LEC, Inc.		(1,900	)		(21,035	)		(6.0	)
Medical Data Vision Co. Ltd.		(2,200	)		(16,204	)		(4.6	)
Megachips Corp.		(2,300	)		(35,798	)		(10.2	)
Micronics Japan Co. Ltd.		(1,300	)		(14,988	)		(4.3	)
Ministop Co. Ltd.		(1,300	)		(18,350	)		(5.2	)
Mitsui High-Tec, Inc.		(1,200	)		(17,868	)		(5.1	)
Money Forward, Inc.		(1,400	)		(64,629	)		(18.5	)
Nextage Co. Ltd.		(1,200	)		(11,309	)		(3.2	)
Nippon Sharyo Ltd.		(2,200	)		(59,894	)		(17.1	)
Nishi-Nippon Railroad Co. Ltd.		(7,900	)		(182,573	)		(52.2	)
Nishimatsuya Chain Co. Ltd.		(11,200	)		(95,797	)		(27.4	)
Nissan Shatai Co. Ltd.		(31,200	)		(296,206	)		(84.7	)
Nissei ASB Machine Co. Ltd.		(600	)		(20,261	)		(5.8	)
Okuwa Co. Ltd.		(6,800	)		(91,299	)		(26.1	)
Optim Corp.		(3,500	)		(128,468	)		(36.7	)
RENOVA, Inc.		(2,000	)		(23,997	)		(6.9	)
Ringer Hut Co. Ltd.		(2,200	)		(49,649	)		(14.2	)
Rokko Butter Co. Ltd.		(5,800	)		(86,382	)		(24.7	)
Rorze Corp.		(1,300	)		(47,894	)		(13.7	)
RS Technologies Co. Ltd.		(2,400	)		(61,489	)		(17.6	)
SanBio Co. Ltd.		(1,000	)		(20,709	)		(5.9	)
Sanken Electric Co., Ltd.		(3,500	)		(88,266	)		(25.2	)
Sansan, Inc.		(500	)		(25,229	)		(7.2	)
Sourcenext Corp.		(8,700	)		(38,947	)		(11.1	)
Stella Chemifa Corp.		(300	)		(8,257	)		(2.4	)
Suruga Bank Ltd.		(32,400	)		(127,630	)		(36.5	)
Taiyo Yuden Co. Ltd.		(1,300	)		(37,485	)		(10.7	)
Takara Leben Real Estate Investment Corp.		(52	)		(62,123	)		(17.8	)
Tanaka Chemical Corp.		(1,700	)		(12,899	)		(3.7	)
Tokai Carbon Co. Ltd.		(45,037	)		(407,035	)		(116.4	)
Tri Chemical Laboratories, Inc.		(300	)		(28,473	)		(8.1	)
Vector, Inc.		(2,200	)		(25,010	)		(7.2	)
Yamagata Bank Ltd.		(500	)		(6,318	)		(1.8	)

	Shares			Value			% of Basket Value
Japan (continued)
Zojirushi Corp.		(2,800	)	$	(55,651	)		(15.9	) %
					(4,219,969	)
Luxembourg
APERAM SA		(1,939	)		(55,425	)		(15.8	)
B&M European Value Retail SA		(26,102	)		(125,158	)		(35.8	)
					(180,583	)
Netherlands
Accell Group NV		(13,094	)		(405,161	)		(115.9	)
AMG Advanced Metallurgical Group NV		(3,590	)		(81,630	)		(23.3	)
Flow Traders		(10,749	)		(250,821	)		(71.7	)
ForFarmers NV		(7,813	)		(51,124	)		(14.6	)
NSI NV		(2,498	)		(136,304	)		(39.0	)
OCI NV		(17,529	)		(301,960	)		(86.3	)
Shop Apotheke Europe NV		(1,220	)		(61,766	)		(17.7	)
SIF Holding NV		(9,919	)		(146,749	)		(42.0	)
					(1,435,515	)
New Zealand
Air New Zealand Ltd.		(65,395	)		(118,778	)		(34.0	)
Infratil Ltd.		(8,628	)		(30,125	)		(8.6	)
Metlifecare Ltd.		(25,228	)		(112,032	)		(32.0	)
Pushpay Holdings Ltd.		(4,629	)		(13,367	)		(3.8	)
Summerset Group Holdings Ltd.		(23,354	)		(133,933	)		(38.3	)
Synlait Milk Ltd.		(3,251	)		(18,354	)		(5.3	)
					(426,589	)
Norway
Adevinta ASA		(11,757	)		(143,416	)		(41.0	)
Aker ASA, — A Shares		(2,794	)		(154,095	)		(44.1	)
Axactor SE		(18,955	)		(35,340	)		(10.1	)
Elkem ASA		(7,752	)		(19,403	)		(5.6	)
FLEX LNG Ltd.		(3,645	)		(29,773	)		(8.5	)
Grieg Seafood ASA		(1,988	)		(30,463	)		(8.7	)
PGS ASA		(9,037	)		(17,294	)		(4.9	)
					(429,784	)
Portugal
Altri SGPS SA		(62,393	)		(385,102	)		(110.1	)
Corticeira Amorim SGPS SA		(33,525	)		(402,297	)		(115.1	)
Mota-Engil SGPS SA		(33,288	)		(62,344	)		(17.8	)
					(849,743	)
Singapore
Keppel DC REIT		(72,800	)		(120,140	)		(34.4	)
Kulicke & Soffa Industries, Inc.		(758	)		(19,625	)		(5.6	)
Mapletree Industrial Trust		(57,500	)		(116,872	)		(33.4	)
Parkway Life Real Estate Investment Trust		(39,500	)		(103,435	)		(29.6	)
Wing Tai Holdings Ltd.		(238,400	)		(349,406	)		(99.9	)
					(709,478	)
South Africa
Mediclinic International PLC		(18,959	)		(92,209	)		(26.4	)
Spain
Aedas Homes SA		(16,943	)		(383,660	)		(109.7	)
Ence Energia y Celulosa SA		(45,632	)		(184,597	)		(52.8	)
Gestamp Automocion SA		(17,417	)		(71,226	)		(20.4	)
Inmobiliaria Colonial Socimi SA		(2,215	)		(29,700	)		(8.5	)
Masmovil Ibercom SA		(3,700	)		(77,400	)		(22.1	)
Melia Hotels International SA		(2,392	)		(19,210	)		(5.5	)
Metrovacesa SA		(41,410	)		(417,006	)		(119.2	)
Neinor Homes SA		(8,725	)		(95,179	)		(27.2	)
Prosegur Cash SA		(72,470	)		(123,435	)		(35.3	)
Solaria Energia y Medio Ambiente SA		(7,352	)		(68,899	)		(19.7	)
					(1,470,312	)

34 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2020 BlackRock Global Long/Short Equity Fund

	Shares			Value			% of Basket Value
Sweden
Attendo AB		(14,867	)	$	(81,795	)		(23.4	) %
Bonava AB, — B Shares		(10,709	)		(95,795	)		(27.4	)
Boozt AB		(6,439	)		(31,068	)		(8.9	)
Bure Equity AB		(6,673	)		(148,583	)		(42.5	)
Camurus AB		(6,320	)		(65,781	)		(18.8	)
Cellavision AB		(1,642	)		(56,883	)		(16.3	)
Climeon AB		(8,302	)		(57,741	)		(16.5	)
Collector AB		(7,371	)		(23,167	)		(6.6	)
Embracer Group AB		(3,266	)		(27,260	)		(7.8	)
Fingerprint Cards AB		(16,522	)		(29,330	)		(8.4	)
Getinge AB, Class B		(7,148	)		(121,732	)		(34.8	)
Hansa Biopharma AB		(6,153	)		(45,923	)		(13.1	)
Hoist Finance AB		(15,969	)		(79,854	)		(22.8	)
Holmen AB, — B Shares		(6,923	)		(204,975	)		(58.6	)
Humana AB		(4,321	)		(27,739	)		(7.9	)
Indutrade AB		(927	)		(33,388	)		(9.5	)
Karo Pharma AB		(5,720	)		(25,692	)		(7.3	)
LeoVegas AB		(4,830	)		(14,851	)		(4.2	)
Modern Times Group MTG AB, — B Shares		(12,186	)		(121,545	)		(34.8	)
Nordic Entertainment Group AB		(2,064	)		(62,733	)		(17.9	)
Oncopeptides AB		(5,635	)		(81,128	)		(23.2	)
Paradox Interactive AB		(21,681	)		(342,323	)		(97.9	)
PowerCell Sweden AB		(1,766	)		(35,489	)		(10.2	)
SSAB AB, — B Shares		(61,237	)		(176,276	)		(50.4	)
Svenska Cellulosa AB SCA, Class B		(34,038	)		(340,556	)		(97.4	)
Tobii AB		(21,959	)		(88,685	)		(25.4	)
Xvivo Perfusion AB		(2,895	)		(52,446	)		(15.0	)
					(2,472,738	)
Switzerland
Ascom Holding AG		(8,957	)		(88,652	)		(25.3	)
Bachem Holding AG		(771	)		(138,319	)		(39.5	)
BKW AG		(304	)		(28,316	)		(8.1	)
Burckhardt Compression Holding AG		(209	)		(57,284	)		(16.4	)
Coltene Holding AG		(1,162	)		(101,940	)		(29.1	)
Conzzeta AG		(23	)		(26,120	)		(7.5	)
Emmi AG		(37	)		(35,917	)		(10.3	)
Ferrexpo PLC		(11,408	)		(20,954	)		(6.0	)
Gurit Holding AG		(104	)		(157,641	)		(45.1	)
Huber + Suhner AG		(1,320	)		(98,350	)		(28.1	)
Idorsia Ltd.		(508	)		(16,251	)		(4.6	)
Intershop Holding AG		(86	)		(55,370	)		(15.8	)
Leonteq AG		(654	)		(24,444	)		(7.0	)
Medacta Group SA		(1,360	)		(111,545	)		(31.9	)
Medartis Holding AG		(973	)		(43,336	)		(12.4	)
Schweiter Technologies AG		(243	)		(301,227	)		(86.1	)
Sensirion Holding AG		(1,013	)		(41,490	)		(11.9	)
Stadler Rail AG		(8,291	)		(395,957	)		(113.2	)
Swissquote Group Holding SA		(3,710	)		(224,110	)		(64.1	)
U-Blox Holding AG		(738	)		(66,429	)		(19.0	)
Vetropack Holding AG		(27	)		(81,011	)		(23.2	)
Vontobel Holding AG		(3,177	)		(221,330	)		(63.3	)
VZ Holding AG		(713	)		(252,792	)		(72.3	)
Ypsomed Holding AG		(2,062	)		(299,339	)		(85.6	)
Zur Rose Group AG		(3,634	)		(449,723	)		(128.6	)
					(3,337,847	)
United Arab Emirates
Network International Holdings PLC		(11,837	)		(94,754	)		(27.1	)
United Kingdom
AG Barr PLC		(5,325	)		(42,542	)		(12.2	)
Ascential PLC		(19,432	)		(93,411	)		(26.7	)
Blue Prism Group PLC		(1,159	)		(26,528	)		(7.6	)

	Shares			Value			% of Basket Value
United Kingdom (continued)
Cairn Energy PLC		(19,067	)	$	(42,590	)		(12.2	) %
Countryside Properties PLC		(23,439	)		(151,042	)		(43.2	)
De La Rue PLC		(47,908	)		(88,567	)		(25.3	)
Dignity PLC		(19,682	)		(147,884	)		(42.3	)
Dixons Carphone PLC		(57,716	)		(103,135	)		(29.5	)
DS Smith PLC		(31,441	)		(140,965	)		(40.3	)
Equiniti Group PLC		(17,772	)		(48,062	)		(13.7	)
Euromoney Institutional Investor PLC		(4,532	)		(73,250	)		(20.9	)
Fevertree Drinks PLC		(1,250	)		(22,713	)		(6.5	)
Frasers Group PLC		(21,858	)		(136,062	)		(38.9	)
Gulf Keystone Petroleum Ltd.		(15,333	)		(37,579	)		(10.7	)
Hansteen Holdings PLC		(46,939	)		(72,272	)		(20.7	)
IG Design Group PLC		(10,298	)		(108,516	)		(31.0	)
Intermediate Capital Group PLC		(4,390	)		(100,682	)		(28.8	)
John Menzies PLC		(6,239	)		(35,550	)		(10.2	)
Marston’s PLC		(39,100	)		(54,058	)		(15.5	)
Oxford Biomedica PLC		(13,698	)		(109,434	)		(31.3	)
Paragon Banking Group PLC		(7,613	)		(51,069	)		(14.6	)
Pennon Group PLC		(13,492	)		(196,933	)		(56.3	)
Polypipe Group PLC		(24,555	)		(175,905	)		(50.3	)
Renishaw PLC		(2,397	)		(125,487	)		(35.9	)
Restaurant Group PLC		(23,371	)		(39,714	)		(11.4	)
Royal Mail PLC		(7,180	)		(18,792	)		(5.4	)
RPS Group PLC		(10,483	)		(24,086	)		(6.9	)
Scapa Group PLC		(6,358	)		(21,129	)		(6.0	)
Serica Energy PLC		(14,600	)		(22,287	)		(6.4	)
Shaftesbury PLC		(9,906	)		(117,597	)		(33.6	)
Stagecoach Group PLC		(27,417	)		(49,419	)		(14.1	)
Stobart Group Ltd.		(50,389	)		(67,869	)		(19.4	)
Stolt-Nielsen Ltd.		(8,272	)		(107,020	)		(30.6	)
SuperGroup PLC		(3,766	)		(19,086	)		(5.5	)
Synthomer PLC		(36,890	)		(164,553	)		(47.0	)
Ted Baker PLC		(3,898	)		(11,499	)		(3.3	)
Telecom Plus PLC		(6,509	)		(129,958	)		(37.2	)
TI Fluid Systems PLC		(9,761	)		(30,535	)		(8.7	)
TP ICAP PLC		(37,389	)		(195,505	)		(55.9	)
Trainline PLC		(9,578	)		(59,594	)		(17.0	)
Victrex PLC		(2,624	)		(76,570	)		(21.9	)
Whitestone REIT		(2,150	)		(28,165	)		(8.0	)
					(3,367,614	)
United States
2U, Inc.		(1,609	)		(31,874	)		(9.1	)
3D Systems Corp.		(6,115	)		(66,592	)		(19.0	)
8x8, Inc.		(886	)		(16,497	)		(4.7	)
A10 Networks, Inc.		(4,020	)		(27,376	)		(7.8	)
ABM Industries, Inc.		(6,547	)		(249,703	)		(71.4	)
Acadia Healthcare Co., Inc.		(2,836	)		(91,121	)		(26.1	)
AdvanSix, Inc.		(964	)		(18,046	)		(5.2	)
AECOM		(2,094	)		(100,994	)		(28.9	)
Aegion Corp.		(2,908	)		(60,777	)		(17.4	)
Aerovironment, Inc.		(287	)		(19,117	)		(5.5	)
Agree Realty Corp.		(912	)		(69,248	)		(19.8	)
Air Lease Corp.		(2,077	)		(89,186	)		(25.5	)
Alamo Group, Inc.		(219	)		(27,279	)		(7.8	)
Alexander’s, Inc.		(293	)		(94,545	)		(27.0	)
Ambac Financial Group, Inc.		(5,005	)		(107,257	)		(30.7	)
AMC Networks, Inc., Class A		(1,643	)		(60,117	)		(17.2	)
Ameresco, Inc., Class A		(3,869	)		(74,246	)		(21.2	)
American Eagle Outfitters, Inc.		(4,172	)		(60,077	)		(17.2	)
American Homes 4 Rent		(14,994	)		(409,786	)		(117.2	)
American States Water Co.		(371	)		(32,856	)		(9.4	)
American Vanguard Corp.		(6,822	)		(127,435	)		(36.4	)

SCHEDULES OF INVESTMENTS 35

Schedule of Investments  (unaudited) (continued) January 31, 2020 BlackRock Global Long/Short Equity Fund

	Shares			Value			% of Basket Value
United States (continued)
American Woodmark Corp.		(818	)	$	(89,694	)		(25.6	) %
Amphastar Pharmaceuticals, Inc.		(3,427	)		(64,805	)		(18.5	)
Andersons, Inc.		(3,075	)		(69,556	)		(19.9	)
Anterix, Inc.		(1,727	)		(80,236	)		(22.9	)
Arcosa, Inc.		(710	)		(31,062	)		(8.9	)
Argan, Inc.		(6,480	)		(272,873	)		(78.0	)
ARMOUR Residential REIT, Inc.		(8,298	)		(159,819	)		(45.7	)
Arrow Financial Corp.		(3,118	)		(109,317	)		(31.3	)
Ashford Hospitality Trust, Inc.		(6,917	)		(17,016	)		(4.9	)
Ashland Global Holdings, Inc.		(707	)		(52,304	)		(15.0	)
Assetmark Financial Holdings, Inc.		(7,083	)		(207,744	)		(59.4	)
Associated Capital Group, Inc., Class A		(290	)		(12,113	)		(3.5	)
At Home Group, Inc.		(3,038	)		(17,195	)		(4.9	)
Atrion Corp.		(118	)		(84,864	)		(24.3	)
Avaya Holdings Corp.		(3,542	)		(45,231	)		(12.9	)
Axcelis Technologies, Inc.		(1,249	)		(30,163	)		(8.6	)
Axis Capital Holdings Ltd.		(3,501	)		(224,939	)		(64.3	)
B&G Foods, Inc.		(1,449	)		(23,271	)		(6.7	)
Balchem Corp.		(1,891	)		(204,266	)		(58.4	)
BancFirst Corp.		(1,760	)		(101,728	)		(29.1	)
Bandwidth, Inc., Class A		(248	)		(17,598	)		(5.0	)
Bank of Hawaii Corp.		(602	)		(53,939	)		(15.4	)
Berry Global Group, Inc.		(1,674	)		(71,178	)		(20.4	)
Beyond Meat, Inc.		(549	)		(60,621	)		(17.3	)
BJ’s Restaurants, Inc.		(1,049	)		(41,729	)		(11.9	)
Boston Omaha Corp., Class A		(1,091	)		(22,016	)		(6.3	)
Brady Corp., Class A		(2,080	)		(115,170	)		(32.9	)
BrightView Holdings, Inc.		(1,352	)		(21,362	)		(6.1	)
Brixmor Property Group, Inc.		(4,869	)		(97,185	)		(27.8	)
Brookdale Senior Living, Inc.		(5,697	)		(37,543	)		(10.7	)
Burford Capital Ltd.		(2,069	)		(17,185	)		(4.9	)
Cal-Maine Foods, Inc.		(3,237	)		(115,529	)		(33.0	)
Camping World Holdings, Inc., Class A		(1,788	)		(27,839	)		(8.0	)
Cantel Medical Corp.		(495	)		(32,205	)		(9.2	)
Cardlytics, Inc.		(393	)		(32,981	)		(9.4	)
Casey’s General Stores, Inc.		(1,824	)		(293,409	)		(83.9	)
Cass Information Systems, Inc.		(3,708	)		(200,306	)		(57.3	)
Cato Corp., Class A		(2,777	)		(44,543	)		(12.7	)
Cavco Industries, Inc.		(645	)		(144,493	)		(41.3	)
Central Garden & Pet Co., Class A		(1,097	)		(32,866	)		(9.4	)
Century Bancorp, Inc., Class A		(315	)		(27,090	)		(7.7	)
Chase Corp.		(1,017	)		(93,533	)		(26.7	)
Chefs’ Warehouse, Inc.		(2,285	)		(83,174	)		(23.8	)
Chegg, Inc.		(574	)		(23,666	)		(6.8	)
Chesapeake Utilities Corp.		(794	)		(76,391	)		(21.8	)
Churchill Downs, Inc.		(711	)		(102,654	)		(29.4	)
Cimarex Energy Co.		(722	)		(31,689	)		(9.1	)
Clearway Energy, Inc., Class A		(2,283	)		(47,235	)		(13.5	)
Cleveland-Cliffs, Inc.		(12,411	)		(87,125	)		(24.9	)
Colony Capital, Inc.		(56,656	)		(264,584	)		(75.7	)
Colony Credit Real Estate, Inc.		(1,759	)		(21,900	)		(6.3	)
Columbia Financial, Inc.		(19,090	)		(320,139	)		(91.5	)
Commerce Bancshares, Inc.		(10,059	)		(680,592	)		(194.6	)
Commercial Metals Co.		(3,392	)		(69,706	)		(19.9	)
Compass Minerals International, Inc.		(955	)		(55,285	)		(15.8	)
CoreLogic, Inc.		(4,998	)		(232,407	)		(66.5	)
CorEnergy Infrastructure Trust, Inc.		(12,211	)		(556,822	)		(159.2	)
CorePoint Lodging, Inc.		(4,800	)		(43,920	)		(12.6	)
CorVel Corp.		(629	)		(57,598	)		(16.5	)
Covetrus, Inc.		(1,321	)		(16,248	)		(4.6	)
Credit Acceptance Corp.		(497	)		(213,203	)		(61.0	)
Cree, Inc.		(2,601	)		(120,920	)		(34.6	)

	Shares			Value			% of Basket Value
United States (continued)
CryoLife, Inc.		(2,533	)	$	(75,331	)		(21.5	) %
CryoPort, Inc.		(1,943	)		(34,799	)		(9.9	)
CSW Industrials, Inc.		(750	)		(56,910	)		(16.3	)
Cubic Corp.		(1,958	)		(127,838	)		(36.6	)
CVR Energy, Inc.		(1,057	)		(36,583	)		(10.5	)
Dave & Buster’s Entertainment, Inc.		(3,522	)		(155,532	)		(44.5	)
Diamond Hill Investment Group, Inc.		(1,039	)		(146,260	)		(41.8	)
Digimarc Corp.		(1,056	)		(33,063	)		(9.5	)
Diversified Healthcare Trust		(15,167	)		(117,089	)		(33.5	)
Dolby Laboratories, Inc., Class A		(1,774	)		(123,009	)		(35.2	)
Domo, Inc., Class B		(958	)		(23,203	)		(6.6	)
Donaldson Co., Inc.		(1,109	)		(57,502	)		(16.4	)
EchoStar Corp.		(1,065	)		(42,499	)		(12.2	)
El Pollo Loco Holdings, Inc.		(1,190	)		(16,398	)		(4.7	)
Element Solutions, Inc.		(5,724	)		(66,971	)		(19.1	)
Energy Recovery, Inc.		(20,906	)		(213,450	)		(61.0	)
Equitrans Midstream Corp.		(4,952	)		(47,886	)		(13.7	)
Equity Bancshares, Inc., Class A		(3,409	)		(91,566	)		(26.2	)
Equity Commonwealth		(7,556	)		(247,761	)		(70.8	)
Etsy, Inc.		(458	)		(22,355	)		(6.4	)
Eventbrite, Inc., Class A		(1,110	)		(23,476	)		(6.7	)
Evo Payments, Inc., Class A		(3,658	)		(101,363	)		(29.0	)
ExlService Holdings, Inc.		(296	)		(21,641	)		(6.2	)
Fastly, Inc., Class A		(735	)		(16,545	)		(4.7	)
First Citizens BancShares, Inc., Class A		(91	)		(47,941	)		(13.7	)
First Financial Bankshares, Inc.		(13,421	)		(449,872	)		(128.6	)
Fitbit, Inc.		(15,771	)		(102,827	)		(29.4	)
Five Below, Inc.		(1,161	)		(131,448	)		(37.6	)
Floor & Decor Holdings, Inc., Class A		(1,378	)		(67,949	)		(19.4	)
Franklin Electric Co., Inc.		(576	)		(33,229	)		(9.5	)
Fresh Del Monte Produce, Inc.		(1,785	)		(56,013	)		(16.0	)
Front Yard Residential Corp.		(6,615	)		(70,979	)		(20.3	)
FRP Holdings, Inc.		(312	)		(14,770	)		(4.2	)
FutureFuel Corp.		(1,415	)		(15,508	)		(4.4	)
Gardner Denver Holdings, Inc.		(4,196	)		(148,161	)		(42.4	)
GCI Liberty, Inc., Class A		(713	)		(52,177	)		(14.9	)
Genworth Financial, Inc., Class A		(1,741	)		(7,138	)		(2.0	)
German American Bancorp, Inc.		(1,952	)		(66,739	)		(19.1	)
Global Medical REIT, Inc.		(3,129	)		(45,683	)		(13.1	)
Golden Entertainment, Inc.		(6,194	)		(106,289	)		(30.4	)
Gorman-Rupp Co.		(7,924	)		(292,475	)		(83.6	)
Graco, Inc.		(3,497	)		(185,866	)		(53.1	)
GrafTech International Ltd.		(6,348	)		(68,114	)		(19.5	)
Green Dot Corp., Class A		(1,501	)		(45,150	)		(12.9	)
Greif, Inc., Class B		(2,838	)		(134,521	)		(38.5	)
Grocery Outlet Holding Corp.		(580	)		(18,989	)		(5.4	)
Group 1 Automotive, Inc.		(246	)		(24,789	)		(7.1	)
Groupon, Inc.		(7,210	)		(20,765	)		(5.9	)
Guardant Health, Inc.		(331	)		(25,169	)		(7.2	)
Guess?, Inc.		(6,714	)		(142,941	)		(40.9	)
Hain Celestial Group, Inc.		(9,522	)		(230,528	)		(65.9	)
Hawaiian Electric Industries, Inc.		(16,425	)		(803,347	)		(229.7	)
Hawkins, Inc.		(3,369	)		(140,757	)		(40.2	)
Health Catalyst, Inc.		(1,672	)		(54,591	)		(15.6	)
Healthcare Realty Trust, Inc.		(5,187	)		(187,043	)		(53.5	)
Healthcare Services Group, Inc.		(1,353	)		(34,637	)		(9.9	)
HealthStream, Inc.		(1,085	)		(27,722	)		(7.9	)
Helios Technologies, Inc.		(2,957	)		(125,732	)		(36.0	)
Helmerich & Payne, Inc.		(2,258	)		(91,562	)		(26.2	)
Heritage-Crystal Clean, Inc.		(2,819	)		(79,919	)		(22.9	)
Highwoods Properties, Inc.		(9,396	)		(470,834	)		(134.6	)
Howard Hughes Corp.		(5,319	)		(647,216	)		(185.1	)

36 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2020 BlackRock Global Long/Short Equity Fund

	Shares			Value			% of Basket Value
United States (continued)
Hyster-Yale Materials Handling, Inc.		(1,762	)	$	(95,130	)		(27.2	) %
ICU Medical, Inc.		(1,563	)		(285,201	)		(81.5	)
II-VI, Inc.		(1,272	)		(42,803	)		(12.2	)
Innospec, Inc.		(1,885	)		(189,876	)		(54.3	)
Insteel Industries, Inc.		(887	)		(19,842	)		(5.7	)
Interactive Brokers Group, Inc., Class A		(1,887	)		(88,689	)		(25.4	)
Intra-Cellular Therapies, Inc.		(1,473	)		(33,422	)		(9.6	)
Intrepid Potash, Inc.		(3,254	)		(7,745	)		(2.2	)
Jabil, Inc.		(3,806	)		(148,015	)		(42.3	)
Jack in the Box, Inc.		(1,818	)		(148,621	)		(42.5	)
JBG SMITH Properties		(7,591	)		(307,815	)		(88.0	)
JELD-WEN Holding, Inc.		(3,017	)		(72,046	)		(20.6	)
Kadant, Inc.		(1,381	)		(147,215	)		(42.1	)
Kimball Electronics, Inc.		(3,430	)		(55,497	)		(15.9	)
Kinsale Capital Group, Inc.		(170	)		(19,417	)		(5.6	)
Kite Realty Group Trust		(5,565	)		(95,718	)		(27.4	)
Korn Ferry		(5,455	)		(223,546	)		(63.9	)
Kosmos Energy Ltd.		(2,592	)		(13,245	)		(3.8	)
Kratos Defense & Security Solutions, Inc.		(2,884	)		(52,893	)		(15.1	)
L Brands, Inc.		(2,362	)		(54,704	)		(15.6	)
Laureate Education, Inc., Class A		(5,270	)		(109,827	)		(31.4	)
Levi Strauss & Co., Class A		(1,548	)		(30,403	)		(8.7	)
Lexington Realty Trust		(18,201	)		(201,485	)		(57.6	)
Liberty Media Corp-Liberty Braves		(9,381	)		(273,456	)		(78.2	)
Lincoln Electric Holdings, Inc.		(1,272	)		(113,437	)		(32.4	)
Lindsay Corp.		(3,674	)		(367,510	)		(105.1	)
Littelfuse, Inc.		(574	)		(101,546	)		(29.0	)
Livent Corp.		(4,297	)		(40,435	)		(11.6	)
Loral Space & Communications, Inc.		(9,468	)		(304,586	)		(87.1	)
Louisiana-Pacific Corp.		(14,869	)		(456,181	)		(130.4	)
LTC Properties, Inc.		(2,463	)		(113,692	)		(32.5	)
Macerich Co.		(2,287	)		(51,023	)		(14.6	)
Mack-Cali Realty Corp.		(12,797	)		(281,022	)		(80.4	)
Macquarie Infrastructure Corp.		(5,936	)		(261,837	)		(74.9	)
Madison Square Garden Co., Class A		(806	)		(238,729	)		(68.3	)
Madrigal Pharmaceuticals, Inc.		(245	)		(20,340	)		(5.8	)
Matador Resources Co.		(5,741	)		(84,220	)		(24.1	)
Mattel, Inc.		(1,782	)		(26,071	)		(7.5	)
Matthews International Corp., Class A		(2,782	)		(103,824	)		(29.7	)
Maxar Technologies, Inc.		(996	)		(15,896	)		(4.5	)
MDC Holdings, Inc.		(1,429	)		(60,218	)		(17.2	)
Medifast, Inc.		(1,047	)		(101,172	)		(28.9	)
Meritor, Inc.		(1,230	)		(26,949	)		(7.7	)
Mesa Laboratories, Inc.		(222	)		(58,262	)		(16.7	)
Meta Financial Group, Inc.		(1,118	)		(41,612	)		(11.9	)
MGE Energy, Inc.		(6,634	)		(530,256	)		(151.6	)
Michaels Cos., Inc.		(1,420	)		(7,001	)		(2.0	)
Middlesex Water Co.		(1,913	)		(124,842	)		(35.7	)
Monarch Casino & Resort, Inc.		(7,045	)		(378,176	)		(108.1	)
Moog, Inc., Class A		(2,477	)		(221,964	)		(63.5	)
Mr Cooper Group, Inc.		(4,607	)		(57,035	)		(16.3	)
Mueller Industries, Inc.		(2,563	)		(74,763	)		(21.4	)
Mueller Water Products, Inc., Class A		(1,875	)		(21,844	)		(6.2	)
Murphy USA, Inc.		(1,455	)		(148,657	)		(42.5	)
Myriad Genetics, Inc.		(678	)		(18,747	)		(5.4	)
National Beverage Corp.		(844	)		(36,216	)		(10.4	)
National HealthCare Corp.		(3,516	)		(295,063	)		(84.4	)
National Western Life Group, Inc., Class A		(329	)		(87,514	)		(25.0	)
Natus Medical, Inc.		(1,212	)		(37,923	)		(10.8	)
NBT Bancorp, Inc.		(4,063	)		(153,541	)		(43.9	)
Neogen Corp.		(1,576	)		(106,018	)		(30.3	)
New York Times Co.		(692	)		(22,151	)		(6.3	)

	Shares			Value			% of Basket Value
United States (continued)
Newpark Resources, Inc.		(4,673	)	$	(23,365	)		(6.7	) %
nLight, Inc.		(1,005	)		(17,658	)		(5.0	)
Northern Oil and Gas, Inc.		(12,279	)		(20,383	)		(5.8	)
Northwest Natural Holding Co.		(9,957	)		(730,645	)		(208.9	)
NVE Corp.		(1,973	)		(144,739	)		(41.4	)
O-I Glass, Inc.		(8,600	)		(108,532	)		(31.0	)
Odonate Therapeutics, Inc.		(659	)		(19,243	)		(5.5	)
Office Depot, Inc.		(6,885	)		(15,285	)		(4.4	)
Old Republic International Corp.		(2,454	)		(55,338	)		(15.8	)
One Liberty Properties, Inc.		(779	)		(21,298	)		(6.1	)
Onto Innovation, Inc.		(1,086	)		(41,203	)		(11.8	)
OrthoPediatrics Corp.		(406	)		(18,648	)		(5.3	)
Par Pacific Holdings, Inc.		(5,605	)		(112,773	)		(32.2	)
Park Aerospace Corp.		(1,283	)		(19,848	)		(5.7	)
Park National Corp.		(1,814	)		(172,276	)		(49.3	)
Parsley Energy, Inc., Class A		(5,060	)		(84,198	)		(24.1	)
Pattern Energy Group, Inc., Class A		(12,463	)		(335,379	)		(95.9	)
Penn National Gaming, Inc.		(853	)		(25,445	)		(7.3	)
Pennant Group, Inc.		(1,781	)		(47,018	)		(13.4	)
PetIQ, Inc.		(1,998	)		(59,440	)		(17.0	)
PGT Innovations, Inc.		(691	)		(10,710	)		(3.1	)
Piedmont Office Realty Trust, Inc., Class A		(1,320	)		(30,611	)		(8.8	)
Piper Jaffray Cos.		(431	)		(35,527	)		(10.2	)
PlayAGS, Inc.		(4,594	)		(47,226	)		(13.5	)
Powell Industries, Inc.		(2,363	)		(97,521	)		(27.9	)
PQ Group Holdings, Inc.		(2,843	)		(43,526	)		(12.4	)
Preferred Apartment Communities, Inc.		(1,482	)		(17,458	)		(5.0	)
ProSight Global, Inc.		(600	)		(8,682	)		(2.5	)
PTC Therapeutics, Inc.		(490	)		(25,235	)		(7.2	)
Pure Storage, Inc., Class A		(5,264	)		(93,699	)		(26.8	)
Quad/Graphics, Inc.		(8,506	)		(36,150	)		(10.3	)
Quaker Chemical Corp.		(1,984	)		(329,384	)		(94.2	)
RBC Bearings, Inc.		(410	)		(63,759	)		(18.2	)
Red Robin Gourmet Burgers, Inc.		(1,005	)		(33,034	)		(9.4	)
Red Rock Resorts, Inc., Class A		(1,205	)		(29,535	)		(8.4	)
Redwood Trust, Inc.		(3,939	)		(69,445	)		(19.9	)
REGENXBIO, Inc.		(526	)		(22,897	)		(6.5	)
Regis Corp.		(6,130	)		(95,138	)		(27.2	)
Reliance Worldwide Corp. Ltd.		(98,531	)		(293,121	)		(83.8	)
Renewable Energy Group, Inc.		(300	)		(7,884	)		(2.3	)
Restoration Hardware		(421	)		(87,884	)		(25.1	)
Revance Therapeutics, Inc.		(1,576	)		(35,255	)		(10.1	)
RLI Corp.		(1,951	)		(181,462	)		(51.9	)
Royal Gold, Inc.		(1,805	)		(208,153	)		(59.5	)
RR Donnelley & Sons Co.		(1,114	)		(2,674	)		(0.8	)
Rubicon Project, Inc.		(5,593	)		(52,350	)		(15.0	)
Safehold, Inc.		(4,793	)		(215,493	)		(61.6	)
Safety Insurance Group, Inc.		(3,695	)		(340,236	)		(97.3	)
Saia, Inc.		(331	)		(28,830	)		(8.2	)
Saul Centers, Inc.		(3,483	)		(171,991	)		(49.2	)
Schneider National, Inc., Class B		(9,166	)		(204,127	)		(58.4	)
Scientific Games Corp., Class A		(2,601	)		(64,609	)		(18.5	)
Seaboard Corp.		(28	)		(107,957	)		(30.9	)
SeaWorld Entertainment, Inc.		(2,125	)	��	(73,227	)		(20.9	)
Select Energy Services, Inc., Class A		(384	)		(2,673	)		(0.8	)
Seritage Growth Properties		(1,530	)		(56,182	)		(16.1	)
Shake Shack, Inc., Class A		(895	)		(60,368	)		(17.3	)
Shockwave Medical, Inc.		(434	)		(18,844	)		(5.4	)
SIGA Technologies, Inc.		(3,536	)		(18,210	)		(5.2	)
Simpson Manufacturing Co., Inc.		(449	)		(37,119	)		(10.6	)
Sims Ltd.		(7,917	)		(55,914	)		(16.0	)
SITE Centers Corp.		(1,414	)		(17,972	)		(5.1	)

SCHEDULES OF INVESTMENTS 37

Schedule of Investments  (unaudited) (continued) January 31, 2020 BlackRock Global Long/Short Equity Fund

	Shares			Value			% of Basket Value
United States (continued)
Six Flags Entertainment Corp.		(2,484	)	$	(94,715	)		(27.1	) %
Skyline Champion Corp.		(1,525	)		(43,844	)		(12.5	)
SLM Corp.		(22,458	)		(245,241	)		(70.1	)
Solaris Oilfield Infrastructure, Inc., Class A		(3,356	)		(38,695	)		(11.1	)
SPIRE, Inc.		(4,781	)		(403,134	)		(115.3	)
Spirit Airlines, Inc.		(1,901	)		(78,074	)		(22.3	)
Spirit Realty Capital, Inc.		(2,529	)		(133,481	)		(38.2	)
Stamps.com, Inc.		(884	)		(65,849	)		(18.8	)
Starwood Property Trust, Inc.		(13,127	)		(336,839	)		(96.3	)
State Auto Financial Corp.		(3,021	)		(90,962	)		(26.0	)
Stericycle, Inc.		(2,545	)		(159,521	)		(45.6	)
Stoneridge, Inc.		(1,039	)		(28,947	)		(8.3	)
STORE Capital Corp.		(10,093	)		(396,150	)		(113.3	)
SunPower Corp.		(2,352	)		(20,039	)		(5.7	)
Sunrun, Inc.		(4,948	)		(84,264	)		(24.1	)
Sykes Enterprises, Inc.		(8,023	)		(269,493	)		(77.1	)
Synaptics, Inc.		(459	)		(30,611	)		(8.8	)
Syneos Health, Inc.		(2,170	)		(133,151	)		(38.1	)
SYNNEX Corp.		(1,242	)		(171,098	)		(48.9	)
Talos Energy, Inc.		(864	)		(18,956	)		(5.4	)
Tandem Diabetes Care, Inc.		(951	)		(72,314	)		(20.7	)
Taubman Centers, Inc.		(961	)		(25,390	)		(7.3	)
Team, Inc.		(3,684	)		(50,102	)		(14.3	)
Tennant Co.		(396	)		(30,579	)		(8.7	)
Terreno Realty Corp.		(1,470	)		(84,172	)		(24.1	)
TFS Financial Corp.		(7,658	)		(156,453	)		(44.7	)
Thor Industries, Inc.		(337	)		(27,135	)		(7.8	)
Toll Brothers, Inc.		(9,594	)		(425,590	)		(121.7	)
Tompkins Financial Corp.		(1,877	)		(161,591	)		(46.2	)
TPI Composites, Inc.		(843	)		(17,492	)		(5.0	)
Trade Desk, Inc., Class A		(281	)		(75,640	)		(21.6	)
Tredegar Corp.		(4,697	)		(95,584	)		(27.3	)
TriMas Corp.		(8,283	)		(237,971	)		(68.0	)
Trinity Industries, Inc.		(10,491	)		(213,282	)		(61.0	)
Tupperware Brands Corp.		(6,174	)		(38,649	)		(11.1	)
Twin River Worldwide Holdings, Inc.		(3,502	)		(93,328	)		(26.7	)
Umpqua Holdings Corp.		(1,703	)		(28,781	)		(8.2	)
United States Lime & Minerals, Inc.		(822	)		(73,774	)		(21.1	)
United States Steel Corp.		(6,284	)		(56,996	)		(16.3	)
Uniti Group, Inc.		(23,211	)		(146,926	)		(42.0	)
Urban Outfitters, Inc.		(4,428	)		(113,357	)		(32.4	)
Urstadt Biddle Properties, Inc., Class A		(2,154	)		(48,831	)		(14.0	)
US Foods Holding Corp.		(2,379	)		(95,564	)		(27.3	)
USANA Health Sciences, Inc.		(808	)		(49,854	)		(14.3	)
Valmont Industries, Inc.		(157	)		(22,303	)		(6.4	)
Verint Systems, Inc.		(1,053	)		(61,074	)		(17.5	)
Verso Corp., Class A		(1,071	)		(18,046	)		(5.2	)
Viad Corp.		(2,601	)		(169,065	)		(48.3	)
Vishay Intertechnology, Inc.		(27,346	)		(554,850	)		(158.7	)
Vishay Precision Group, Inc.		(3,589	)		(123,964	)		(35.4	)
Warrior Met Coal, Inc.		(3,602	)		(67,934	)		(19.4	)
WD-40 Co.		(110	)		(20,550	)		(5.9	)
Werner Enterprises, Inc.		(6,011	)		(221,565	)		(63.4	)
Westamerica BanCorp.		(2,322	)		(147,122	)		(42.1	)
Westwood Holdings Group, Inc.		(3,528	)		(99,066	)		(28.3	)
WEX, Inc.		(947	)		(205,423	)		(58.7	)
Willdan Group, Inc.		(2,616	)		(86,668	)		(24.8	)
Winmark Corp.		(1,064	)		(211,704	)		(60.5	)
World Wrestling Entertainment, Inc., Class A		(1,842	)		(90,037	)		(25.7	)
Worthington Industries, Inc.		(760	)		(27,953	)		(8.0	)
WW International, Inc.		(957	)		(31,562	)		(9.0	)
Y-mAbs Therapeutics, Inc.		(524	)		(17,287	)		(4.9	)

	Shares			Value			% of Basket Value
United States (continued)
York Water Co.		(422	)	$	(19,986	)		(5.7	) %
Zogenix, Inc.		(1,024	)		(51,579	)		(14.7	)
Zscaler, Inc.		(1,036	)		(58,109	)		(16.6	)
Zuora, Inc., Class A		(1,381	)		(20,370	)		(5.8	)
					(36,606,629	)
Total Reference Entity — Short					(76,398,996	)
Net Value of Reference Entity — Bank of America, N.A.				$	349,730

The following table represents the individual long and short positions and related values of the equity securities underlying the total return swap with Deutsche Bank A.G. as of January 31, 2020 termination dates 02/17/23 — 02/20/23

	Shares			Value			% of Basket Value
Reference Entity — Long
Germany
Solarworld AG		10		$	1			0.0	%
Japan
Lintec Corp.		9,200			198,872			174.6
Total Reference Entity — Long					198,873
Reference Entity — Short
Japan
Toho Gas Co. Ltd.		(2,200	)		(84,991	)		(74.6	)
Total Reference Entity — Short					(84,991	)
Net Value of Reference Entity — Deutsche Bank A.G.				$	113,882

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 January 31, 2020 termination dates 06/17/20 — 06/19/20

	Shares		Value		% of Basket Value
Reference Entity — Long
Australia
Aristocrat Leisure Ltd.		64,560	$	1,539,702		573.5	%
Brambles Ltd.		26,349		220,078		82.0
Carsales.com Ltd.		48,830		555,806		207.0
Cochlear Ltd.		3,075		489,744		182.4
Crown Resorts Ltd.		37,974		295,198		109.9
Evolution Mining Ltd.		14,411		36,371		13.5
IDP Education Ltd.		141,696		1,649,542		614.4
Magellan Financial Group Ltd.		4,810		211,829		78.9
Medibank Pvt Ltd.		21,473		44,121		16.4
Oil Search Ltd.		15,385		73,535		27.4
Qantas Airways Ltd.		54,563		231,336		86.2
REA Group Ltd.		1,947		147,320		54.9
Scentre Group		30,770		78,951		29.4
Spark Infrastructure Group		11,362		16,632		6.2
Sydney Airport		99,239		551,978		205.6
Tabcorp Holdings Ltd.		873		2,717		1.0
Treasury Wine Estates Ltd.		375,334		3,223,952		1,200.8

38 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2020 BlackRock Global Long/Short Equity Fund

	Shares		Value		% of Basket Value
Australia (continued)
WiseTech Global Ltd.		17,534	$	286,521		106.7	%
Worley Ltd.		1,400		14,282		5.3
				9,669,615
Belgium
Barco NV		375		93,243		34.7
Solvay SA		1,589		164,685		61.4
				257,928
Canada
CCL Industries, Inc., Class B		25,548		1,077,402		401.3
CGI, Inc.		12,001		918,892		342.3
Descartes Systems Group, Inc.		2,484		111,361		41.5
FirstService Corp.		1,925		189,402		70.5
MEG Energy Corp.		7,886		40,282		15.0
Nutrien Ltd.		2,871		122,550		45.6
Restaurant Brands International, Inc.		19,619		1,196,946		445.8
Ritchie Bros Auctioneers, Inc.		12,656		534,298		199.0
Teck Resources Ltd., Class B		25,730		332,464		123.8
TFI International, Inc.		11,912		381,465		142.1
Wheaton Precious Metals Corp.		61,603		1,813,551		675.5
				6,718,613
Denmark
Carlsberg A/S, Class B		2,690		392,831		146.3
Coloplast A/S, Class B		2,820		355,549		132.4
DSV PANALPINA A/S		3,159		342,969		127.8
H Lundbeck A/S		9,701		412,218		153.6
Royal Unibrew A/S		274		26,115		9.7
SimCorp A/S		3,447		382,123		142.3
				1,911,805
Finland
Fortum OYJ		17,515		423,861		157.9
Huhtamaki OYJ		2,285		101,558		37.8
TietoEVRY OYJ		3,373		110,279		41.1
Valmet OYJ		19,288		417,233		155.4
				1,052,931
France
Arkema SA		2,121		194,346		72.4
Bureau Veritas SA		5,794		159,652		59.5
EssilorLuxottica SA		1,679		248,590		92.6
Rexel SA		200,944		2,403,711		895.3
SCOR SE		1,188		50,634		18.8
Unibail-Rodamco-Westfield		5,395		733,555		273.2
				3,790,488
Germany
Allianz SE, Registered Shares		96		22,919		8.5
alstria office REIT-AG		3,046		60,430		22.5
BASF SE		1,096		73,976		27.5
Carl Zeiss Meditec AG, Bearer Shares		10,058		1,227,980		457.4
CompuGroup Medical SE		21,580		1,424,031		530.4
DWS Group GmbH & Co. KGaA		5,508		218,817		81.5
Fielmann AG		5,866		466,545		173.8
MTU Aero Engines AG		91		27,561		10.3
Puma SE		3,487		279,214		104.0
Rational AG		1,029		771,676		287.4
Stroeer SE & Co. KGaA		24,361		1,933,591		720.2
TAG Immobilien AG		8,320		219,280		81.7
				6,726,020
Hong Kong
Champion REIT		27,000		16,202		6.1
Hongkong Land Holdings Ltd.		3,500		18,578		6.9

	Shares		Value		% of Basket Value
Hong Kong (continued)
Hysan Development Co. Ltd.		33,000	$	123,188		45.9	%
NWS Holdings Ltd.		80,000		102,796		38.3
Sino Land Co. Ltd.		136,000		185,346		69.0
Swire Pacific Ltd., Class A		113,500		996,618		371.2
Swire Properties Ltd.		71,200		221,033		82.3
				1,663,761
Ireland
AIB Group PLC		189,279		554,936		206.7
Israel
Alony Hetz Properties & Investments Ltd.		883		14,592		5.4
Italy
Amplifon SpA		2,028		57,665		21.5
Japan
Advantest Corp.		4,800		250,420		93.3
Aica Kogyo Co. Ltd.		1,100		34,338		12.8
Aisin Seiki Co. Ltd.		1,100		36,619		13.6
Amada Holdings Co. Ltd.		28,200		293,699		109.4
Benesse Holdings, Inc.		500		13,735		5.1
Citizen Watch Co. Ltd.		264,900		1,280,640		477.0
Dai-ichi Life Holdings, Inc.		17,300		256,753		95.6
Daicel Corp.		5,700		53,958		20.1
Daito Trust Construction Co. Ltd.		200		23,559		8.8
Denka Co. Ltd.		25,900		699,676		260.6
DIC Corp.		34,700		909,653		338.8
Dip Corp.		14,000		445,666		166.0
Electric Power Development Co. Ltd.		51,500		1,161,390		432.6
Fuji Media Holdings, Inc.		74,500		1,012,946		377.3
Fuji Seal International, Inc.		10,300		215,717		80.3
Fujikura Ltd.		3,400		12,462		4.6
GLP J-REIT		17		22,835		8.5
H2O Retailing Corp.		11,100		100,618		37.5
Hoshizaki Corp.		200		18,398		6.9
Idemitsu Kosan Co. Ltd.		800		19,967		7.4
Inpex Corp.		31,000		289,359		107.8
Invincible Investment Corp.		36		18,187		6.8
Isetan Mitsukoshi Holdings Ltd.		38,500		300,573		112.0
Isuzu Motors Ltd.		9,600		94,056		35.0
Izumi Co. Ltd.		26,600		838,416		312.3
Japan Airlines Co. Ltd.		13,700		385,387		143.5
JFE Holdings, Inc.		51,700		612,225		228.0
JXTG Holdings, Inc.		434,300		1,847,154		688.0
Kaneka Corp.		58,400		1,790,488		666.9
Kansai Electric Power Co., Inc.		24,600		276,081		102.8
Kawasaki Heavy Industries Ltd.		2,000		39,430		14.7
Kobe Steel Ltd.		245,000		1,118,793		416.7
Konica Minolta, Inc.		28,000		170,915		63.7
Kose Corp.		400		51,504		19.2
Kyushu Electric Power Co., Inc.		11,500		94,700		35.3
Lintec Corp.		70,600		1,526,127		568.4
Maruha Nichiro Corp.		14,700		351,545		130.9
Maruichi Steel Tube Ltd.		3,900		108,214		40.3
Mitsubishi Gas Chemical Co., Inc.		1,300		19,682		7.3
Mitsubishi Materials Corp.		700		17,605		6.6
Mitsui Chemicals, Inc.		27,000		592,953		220.9
Nichirei Corp.		600		14,505		5.4
Nifco, Inc.		2,800		73,375		27.3
Nikon Corp.		10,100		121,957		45.4
Nintendo Co. Ltd.		900		331,070		123.3
Nippon Electric Glass Co. Ltd.		74,500		1,439,195		536.0
Nippon Paint Holdings Co. Ltd.		4,300		205,545		76.6

SCHEDULES OF INVESTMENTS 39

Schedule of Investments  (unaudited) (continued) January 31, 2020 BlackRock Global Long/Short Equity Fund

	Shares		Value		% of Basket Value
Japan (continued)
Nippon Shokubai Co. Ltd.	��	13,800	$	809,110		301.4	%
Nippon Television Holdings, Inc.		14,900		201,307		75.0
Oji Holdings Corp.		196,700		999,353		372.2
Outsourcing, Inc.		1,400		12,673		4.7
Pigeon Corp.		8,300		292,925		109.1
Pola Orbis Holdings, Inc.		66,100		1,432,039		533.4
Sanwa Holdings Corp.		54,000		568,030		211.6
Seria Co. Ltd.		2,900		79,806		29.7
Shimadzu Corp.		900		25,258		9.4
SKY Perfect JSAT Holdings, Inc.		30,700		132,059		49.2
Sumitomo Heavy Industries Ltd.		1,300		34,056		12.7
Sumitomo Rubber Industries Ltd.		15,300		168,106		62.6
T&D Holdings, Inc.		55,300		589,459		219.5
Taiheiyo Cement Corp.		700		18,840		7.0
Taisho Pharmaceutical Holdings Co. Ltd.		15,600		1,102,077		410.5
Takeda Pharmaceutical Co. Ltd.		46,300		1,778,077		662.3
Tohoku Electric Power Co., Inc.		51,300		480,836		179.1
Ube Industries Ltd.		21,300		427,513		159.2
Welcia Holdings Co. Ltd.		500		27,457		10.2
Yakult Honsha Co. Ltd.		4,400		221,299		82.4
Yamato Holdings Co. Ltd.		58,500		936,776		348.9
Yamato Kogyo Co. Ltd.		8,800		213,196		79.4
				30,142,342
Netherlands
ASM International NV		14,526		1,765,293		657.5
ASML Holding NV		1,249		350,516		130.6
NN Group NV		62,187		2,158,418		803.9
				4,274,227
Norway
TGS Nopec Geophysical Co. ASA		823		20,919		7.8
Tomra Systems ASA		23,970		705,553		262.8
				726,472
Singapore
Singapore Telecommunications Ltd.		228,000		548,627		204.3
Spain
Acerinox SA		56,786		552,850		205.9
ACS Actividades de Construccion y Servicios SA		9,120		303,213		112.9
				856,063
Sweden
Evolution Gaming Group AB		1,743		53,827		20.1
Fabege AB		6,725		115,278		42.9
Volvo AB, Class B		17,186		293,773		109.4
				462,878
Switzerland
Dufry AG, Registered Shares		2,705		234,495		87.3
Logitech International SA, Registered Shares		13,628		610,499		227.4
PSP Swiss Property AG, Registered Shares		5,234		791,417		294.8
Sika AG, Registered Shares		3,293		592,165		220.5
VAT Group AG		149		22,491		8.4
				2,251,067
United Kingdom
AstraZeneca PLC		169		16,533		6.2
Auto Trader Group PLC		9,765		72,054		26.8
boohoo Group PLC		116,302		464,263		172.9
Bunzl PLC		6,305		163,301		60.8
Dialog Semiconductor PLC		2,738		120,272		44.8
Dunelm Group PLC		7,680		117,672		43.8
Hargreaves Lansdown PLC		9,294		210,969		78.6
Informa PLC		8,555		87,389		32.5

	Shares			Value			% of Basket Value
United Kingdom (continued)
John Wood Group PLC		144,641		$	715,958			266.7	%
Meggitt PLC		2,568			22,845			8.5
Micro Focus International PLC		1,671			22,441			8.4
Moneysupermarket.com Group PLC		205,079			880,312			327.9
Pearson PLC		98,677			736,518			274.3
RELX PLC		30,528			809,963			301.7
Rightmove PLC		66,143			573,231			213.5
Rotork PLC		25,272			101,263			37.7
Spirax-Sarco Engineering PLC		5,924			695,921			259.2
Vistry Group PLC		1,323			24,109			9.0
					5,835,014
United States
Elastic NV		3,639			236,098			87.9
Etsy, Inc.		1,590			77,608			28.9
Green Dot Corp., Class A		1,257			37,811			14.1
Hill-Rom Holdings, Inc.		1,491			158,777			59.1
HubSpot, Inc.		1,911			345,776			128.8
James Hardie Industries PLC		57,483			1,208,623			450.2
Mettler-Toledo International, Inc.		171			129,478			48.2
New Relic, Inc.		1,993			131,558			49.0
Paylocity Holding Corp.		848			120,323			44.8
Ryder System, Inc.		2,465			117,630			43.8
ServiceMaster Global Holdings, Inc.		369			13,302			5.0
Snap-on, Inc.		150			23,945			8.9
TriNet Group, Inc.		241			13,751			5.1
					2,614,680
Total Reference Entity — Long					80,129,724
Reference Entity — Short
Australia
Afterpay Ltd.		(21,234	)		(530,254	)		(197.5	)
Alumina, Ltd.		(82,347	)		(118,600	)		(44.2	)
CSR Ltd.		(53,099	)		(170,225	)		(63.4	)
Iluka Resources Ltd.		(16,698	)		(106,802	)		(39.8	)
Incitec Pivot Ltd.		(121,049	)		(262,827	)		(97.9	)
Mineral Resources Ltd.		(88,401	)		(993,890	)		(370.2	)
NEXTDC Ltd.		(141,923	)		(709,861	)		(264.4	)
Nufarm Ltd.		(72,681	)		(265,098	)		(98.7	)
OZ Minerals Ltd.		(188,432	)		(1,258,638	)		(468.8	)
Qube Holdings Ltd.		(130,183	)		(296,741	)		(110.5	)
Saracen Mineral Holdings Ltd.		(18,444	)		(49,712	)		(18.5	)
St Barbara Ltd.		(113,391	)		(211,369	)		(78.7	)
TPG Telecom Ltd.		(59,164	)		(294,133	)		(109.6	)
Westpac Banking Corp.		(12,224	)		(204,281	)		(76.1	)
					(5,472,431	)
Austria
S&T AG		(3,524	)		(94,603	)		(35.2	)
Verbund AG		(3,530	)		(186,821	)		(69.6	)
					(281,424	)
Belgium
Proximus SADP		(72,402	)		(2,062,884	)		(768.3	)
Canada
Allied Properties Real Estate Investment Trust		(345	)		(14,395	)		(5.4	)
Bombardier, Inc., Class B		(606,508	)		(563,703	)		(210.0	)
CAE, Inc.		(3,163	)		(93,810	)		(34.9	)
Canadian National Railway Co.		(3,554	)		(332,117	)		(123.7	)
Empire Co. Ltd., Class A		(65,271	)		(1,514,145	)		(564.0	)
George Weston Ltd.		(2,361	)		(190,268	)		(70.9	)
iA Financial Corp., Inc.		(2,181	)		(120,026	)		(44.7	)

40 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2020 BlackRock Global Long/Short Equity Fund

	Shares			Value			% of Basket Value
Canada (continued)
Inter Pipeline Ltd.		(1,798	)	$	(29,958	)		(11.2	) %
Linamar Corp.		(394	)		(12,981	)		(4.8	)
Lundin Mining Corp.		(6,606	)		(34,642	)		(12.9	)
Metro, Inc.		(25,895	)		(1,055,641	)		(393.2	)
Norbord, Inc.		(3,286	)		(96,514	)		(35.9	)
SNC-Lavalin Group, Inc.		(51,679	)		(1,188,687	)		(442.7	)
Stars Group, Inc.		(893	)		(21,309	)		(7.9	)
					(5,268,196	)
China
Minth Group Ltd.		(8,000	)		(24,470	)		(9.1	)
Denmark
Ambu A/S, Class B		(3,031	)		(55,323	)		(20.6	)
Danske Bank A/S		(27,205	)		(454,141	)		(169.1	)
Pandora A/S		(9,888	)		(512,751	)		(191.0	)
					(1,022,215	)
Finland
Konecranes OYJ		(8,704	)		(262,364	)		(97.7	)
Nokia OYJ		(67,548	)		(262,944	)		(97.9	)
Outokumpu OYJ		(23,973	)		(82,350	)		(30.7	)
Wartsila OYJ Abp		(1,342	)		(16,484	)		(6.2	)
					(624,142	)
France
Air France-KLM		(28,226	)		(261,489	)		(97.4	)
Alstom SA		(2,108	)		(111,725	)		(41.6	)
Atos SE		(588	)		(48,762	)		(18.2	)
Bollore SA		(55,327	)		(224,810	)		(83.7	)
Carrefour SA		(3,724	)		(63,016	)		(23.5	)
CGG SA		(118,990	)		(334,353	)		(124.5	)
Electricite de France SA		(6,119	)		(75,541	)		(28.1	)
Eurazeo SE		(9,531	)		(682,117	)		(254.1	)
Thales SA		(10,148	)		(1,113,551	)		(414.8	)
					(2,915,364	)
Germany
Deutsche Lufthansa AG		(6,808	)		(103,711	)		(38.6	)
E.ON SE		(21,004	)		(237,996	)		(88.7	)
Evotec AG		(7,089	)		(189,983	)		(70.8	)
Infineon Technologies AG		(33,561	)		(720,989	)		(268.5	)
Knorr-Bremse AG		(5,538	)		(605,040	)		(225.4	)
Porsche Automobil Holding SE		(12,074	)		(814,161	)		(303.2	)
RWE AG		(27,110	)		(939,827	)		(350.1	)
Siltronic AG		(4,999	)		(535,479	)		(199.4	)
Symrise AG		(957	)		(98,336	)		(36.6	)
TeamViewer AG		(3,790	)		(134,977	)		(50.3	)
					(4,380,499	)
Ireland
Glanbia PLC		(5,873	)		(68,587	)		(25.5	)
Italy
Atlantia SpA		(5,012	)		(122,985	)		(45.8	)
Banco BPM SpA		(21,218	)		(43,383	)		(16.2	)
Eni SpA		(19,104	)		(267,601	)		(99.7	)
Freni Brembo SpA		(135,538	)		(1,550,258	)		(577.4	)
Juventus Football Club SpA		(1,620,488	)		(2,041,871	)		(760.5	)
					(4,026,098	)
Japan
ANA Holdings, Inc.		(12,300	)		(384,181	)		(143.1	)
Ariake Japan Co., Ltd.		(3,000	)		(205,045	)		(76.4	)
Asics Corp.		(13,700	)		(200,148	)		(74.5	)
Bank of Kyoto Ltd.		(19,400	)		(775,335	)		(288.8	)

	Shares			Value			% of Basket Value
Japan (continued)
Canon Marketing Japan, Inc.		(6,600	)	$	(157,310	)		(58.6	) %
Chugoku Bank Ltd.		(67,600	)		(640,801	)		(238.7	)
Coca-Cola West Co., Ltd.		(600	)		(15,793	)		(5.9	)
COLOPL, Inc.		(16,800	)		(175,977	)		(65.5	)
Credit Saison Co. Ltd.		(900	)		(14,437	)		(5.4	)
Dai Nippon Printing Co., Ltd.		(1,800	)		(49,634	)		(18.5	)
Fujitsu General, Ltd.		(8,100	)		(181,087	)		(67.4	)
Fujitsu Ltd.		(15,600	)		(1,649,430	)		(614.3	)
GMO Payment Gateway, Inc.		(7,500	)		(482,275	)		(179.6	)
Hachijuni Bank Ltd.		(382,500	)		(1,460,971	)		(544.1	)
Harmonic Drive Systems, Inc.		(9,900	)		(440,514	)		(164.1	)
Haseko Corp.		(8,500	)		(110,823	)		(41.3	)
Heiwa Corp.		(1,200	)		(24,803	)		(9.2	)
Hikari Tsushin, Inc.		(1,200	)		(294,965	)		(109.9	)
Hitachi Capital Corp.		(4,400	)		(119,098	)		(44.4	)
Hitachi Construction Machinery Co., Ltd.		(2,900	)		(77,714	)		(28.9	)
Hitachi High-Technologies Corp.		(4,300	)		(307,450	)		(114.5	)
Hitachi Metals Ltd.		(58,800	)		(903,721	)		(336.6	)
Ibiden Co. Ltd.		(10,500	)		(241,858	)		(90.1	)
Ichigo, Inc.		(58,200	)		(218,369	)		(81.3	)
Iida Group Holdings Co., Ltd.		(3,500	)		(58,988	)		(22.0	)
Ito En Ltd.		(400	)		(19,424	)		(7.2	)
ITOCHU Corp.		(14,000	)		(327,054	)		(121.8	)
Itochu Techno-Solutions Corp.		(2,500	)		(73,622	)		(27.4	)
Iyo Bank Ltd.		(234,700	)		(1,211,198	)		(451.1	)
Japan Exchange Group, Inc.		(4,000	)		(71,686	)		(26.7	)
Japan Real Estate Investment Corp.		(29	)		(211,767	)		(78.9	)
Justsystems Corp.		(15,000	)		(816,410	)		(304.1	)
Kansai Mirai Financial Group, Inc.		(29,600	)		(170,755	)		(63.6	)
Kawasaki Kisen Kaisha Ltd.		(45,300	)		(597,324	)		(222.5	)
Keihan Holdings Co. Ltd.		(17,300	)		(782,324	)		(291.4	)
Keikyu Corp.		(30,800	)		(566,964	)		(211.2	)
Keio Corp.		(3,200	)		(183,040	)		(68.2	)
Keisei Electric Railway Co. Ltd.		(4,800	)		(173,650	)		(64.7	)
Kintetsu Group Holdings Co. Ltd.		(5,100	)		(268,787	)		(100.1	)
Koei Tecmo Holdings Co. Ltd.		(32,100	)		(842,798	)		(313.9	)
Kubota Corp.		(11,200	)		(175,387	)		(65.3	)
Kyowa Kirin Co. Ltd.		(2,300	)		(54,071	)		(20.1	)
Kyushu Financial Group, Inc.		(70,500	)		(294,356	)		(109.6	)
Kyushu Railway Co.		(28,300	)		(925,957	)		(344.9	)
LINE Corp.		(2,800	)		(137,972	)		(51.4	)
Maeda Road Construction Co. Ltd.		(31,800	)		(1,074,839	)		(400.3	)
Makita Corp.		(1,100	)		(42,074	)		(15.7	)
Marui Group Co., Ltd.		(7,600	)		(175,772	)		(65.5	)
Mercari, Inc.		(28,500	)		(496,332	)		(184.9	)
Minebea Mitsumi, Inc.		(4,200	)		(81,589	)		(30.4	)
Mitsubishi Shokuhin Co. Ltd.		(600	)		(17,328	)		(6.5	)
Mitsubishi Tanabe Pharma Corp.		(2,300	)		(42,106	)		(15.7	)
Miura Co. Ltd.		(700	)		(24,247	)		(9.0	)
Nagoya Railroad Co. Ltd.		(1,800	)		(52,809	)		(19.7	)
NGK Insulators Ltd.		(55,000	)		(922,167	)		(343.5	)
NH Foods Ltd.		(500	)		(21,949	)		(8.2	)
Nippon Building Fund, Inc.		(124	)		(1,004,487	)		(374.1	)
Nomura Holdings, Inc.		(37,400	)		(191,466	)		(71.3	)
Obayashi Corp.		(2,500	)		(27,417	)		(10.2	)
Odakyu Electric Railway Co. Ltd.		(3,400	)		(75,417	)		(28.1	)
Orient Corp.		(121,700	)		(187,015	)		(69.7	)
Oriental Land Co. Ltd.		(1,800	)		(234,423	)		(87.3	)
Sanrio Co. Ltd.		(10,500	)		(207,166	)		(77.2	)
Sawai Pharmaceutical Co. Ltd.		(1,300	)		(84,481	)		(31.5	)
Shiga Bank Ltd.		(40,300	)		(967,459	)		(360.3	)
Shimizu Corp.		(2,800	)		(28,719	)		(10.7	)

SCHEDULES OF INVESTMENTS 41

Schedule of Investments  (unaudited) (continued) January 31, 2020 BlackRock Global Long/Short Equity Fund

	Shares			Value			% of Basket Value
Japan (continued)
Shinsei Bank Ltd.		(3,000	)	$	(45,934	)		(17.1	) %
Shochiku Co. Ltd.		(7,900	)		(1,069,564	)		(398.4	)
Softbank Corp.		(8,000	)		(109,753	)		(40.9	)
SoftBank Group Corp.		(1,600	)		(64,599	)		(24.1	)
Sony Corp.		(9,200	)		(643,327	)		(239.6	)
Sony Financial Holdings, Inc.		(39,000	)		(897,942	)		(334.4	)
Sumco Corp.		(26,200	)		(400,633	)		(149.2	)
Suzuki Motor Corp.		(9,500	)		(434,680	)		(161.9	)
Taiyo Yuden Co. Ltd.		(75,600	)		(2,179,919	)		(811.9	)
Tobu Railway Co. Ltd.		(21,500	)		(757,379	)		(282.1	)
Toho Gas Co. Ltd.		(21,900	)		(846,041	)		(315.1	)
Tokai Carbon Co. Ltd.		(45,900	)		(414,834	)		(154.5	)
Tokyo Century Corp.		(11,600	)		(590,086	)		(219.8	)
Tokyo Tatemono Co. Ltd.		(8,500	)		(137,338	)		(51.1	)
Toppan Printing Co., Ltd.		(20,400	)		(406,573	)		(151.4	)
TOTO Ltd.		(5,800	)		(235,680	)		(87.8	)
Toyota Motor Corp.		(15,300	)		(1,063,773	)		(396.2	)
Workman Co. Ltd.		(6,900	)		(556,030	)		(207.1	)
Yoshinoya Holdings Co. Ltd.		(12,400	)		(280,411	)		(104.4	)
					(34,189,031	)
Luxembourg
Tenaris SA		(23,290	)		(240,692	)		(89.6	)
Netherlands
Boskalis Westminster		(69,115	)		(1,616,539	)		(602.1	)
EXOR NV		(409	)		(30,138	)		(11.2	)
Heineken NV		(461	)		(50,160	)		(18.7	)
OCI NV		(49,958	)		(860,593	)		(320.5	)
SBM Offshore NV		(13,635	)		(234,571	)		(87.4	)
					(2,792,001	)
New Zealand
a2 Milk Co. Ltd.		(40,126	)		(383,995	)		(143.0	)
a2 Milk Co. Ltd.		(1,656	)		(15,867	)		(5.9	)
Fletcher Building Ltd.		(11,238	)		(40,111	)		(15.0	)
					(439,973	)
Singapore
CapitaLand Commercial Trust		(20,400	)		(30,702	)		(11.4	)
Mapletree Industrial Trust		(18,100	)		(36,789	)		(13.7	)
Mapletree Logistics Trust		(1,222,600	)		(1,648,530	)		(614.0	)
Sembcorp Marine Ltd.		(1,187,919	)		(999,415	)		(372.3	)
Singapore Airlines Ltd.		(43,700	)		(272,427	)		(101.5	)
					(2,987,863	)
Spain
Gamesa Corp. Tecnologica SA		(14,774	)		(235,477	)		(87.7	)
Viscofan SA		(1,142	)		(60,793	)		(22.6	)
							��
					(296,270	)
Sweden
Epiroc AB		(4,503	)		(50,892	)		(18.9	)
Getinge AB, Class B		(6,780	)		(115,465	)		(43.0	)
Indutrade AB		(5,165	)		(186,031	)		(69.3	)
Skandinaviska Enskilda Banken AB, Class A		(26,448	)		(261,357	)		(97.3	)
Svenska Cellulosa AB SCA, Class B		(18,237	)		(182,464	)		(68.0	)
Telia Co. AB		(116,691	)		(499,023	)		(185.9	)
					(1,295,232	)
Switzerland
Alcon, Inc.		(6,214	)		(367,109	)		(136.7	)
Baloise Holding AG		(1,264	)		(228,378	)		(85.1	)
Credit Suisse Group AG, Registered Shares		(29,138	)		(368,448	)		(137.2	)
Georg Fischer AG, Registered Shares		(819	)		(803,174	)		(299.2	)
Lonza Group AG, Registered Shares		(1,090	)		(447,652	)		(166.7	)

	Shares			Value			% of Basket Value
Switzerland (continued)
Sonova Holding AG		(311	)	$	(77,990	)		(29.0	) %
Stadler Rail AG		(24,199	)		(1,155,683	)		(430.4	)
Swatch Group AG, Registered Shares		(529	)		(25,716	)		(9.6	)
Swisscom AG		(473	)		(259,518	)		(96.7	)
					(3,733,668	)
United Kingdom
3i Group PLC		(4,381	)		(63,729	)		(23.7	)
Associated British Foods PLC		(7,737	)		(267,806	)		(99.8	)
Burberry Group PLC		(16,650	)		(426,913	)		(159.0	)
Capital & Counties Properties PLC		(16,856	)		(54,090	)		(20.2	)
Carnival PLC		(13,044	)		(532,739	)		(198.4	)
Legal & General Group PLC		(31,580	)		(127,012	)		(47.3	)
Melrose Industries PLC		(4,630	)		(14,189	)		(5.3	)
National Grid PLC		(22,596	)		(300,226	)		(111.8	)
Ocado Group PLC		(4,342	)		(70,009	)		(26.1	)
Quilter PLC		(567,227	)		(1,270,172	)		(473.1	)
Renishaw PLC		(5,184	)		(271,391	)		(101.1	)
Tesco PLC		(75,851	)		(246,707	)		(91.9	)
Travis Perkins PLC		(37,767	)		(771,465	)		(287.3	)
Victrex PLC		(15,272	)		(445,647	)		(166.0	)
Weir Group PLC		(74,970	)		(1,330,437	)		(495.5	)
Whitbread PLC		(799	)		(47,100	)		(17.5	)
					(6,239,632	)
United States
Chewy, Inc., Class A		(9,127	)		(241,957	)		(90.1	)
Reliance Worldwide Corp. Ltd.		(87,884	)		(261,447	)		(97.4	)
Slack Technologies, Inc., Class A		(46,778	)		(969,708	)		(361.2	)
Ubiquiti, Inc.		(168	)		(27,454	)		(10.2	)
					(1,500,566	)
Total Reference Entity — Short					(79,861,238	)
Net Value of Reference Entity — UBS AG				$	268,486

The following table represents the individual long and short positions and related values of the equity securities underlying the total return swap with Goldman Sachs & Co. as of January 31, 2020 termination dates 04/22/20 — 03/01/23

	Shares		Value		% of Basket Value
Reference Entity — Long
Australia
Ansell Ltd.		16,918	$	357,600		30.4	%
Aristocrat Leisure Ltd.		314,372		7,497,511		638.3
Brambles Ltd.		43,372		362,261		30.8
Carsales.com Ltd.		17,443		198,545		16.9
Cochlear Ltd.		4,279		681,500		58.0
Computershare Ltd.		12,680		149,726		12.8
Domino’s Pizza Enterprises Ltd.		22,850		830,684		70.7
IDP Education Ltd.		67,282		783,258		66.7
Magellan Financial Group Ltd.		21,217		934,382		79.6
Orora Ltd.		8,337		17,798		1.5
REA Group Ltd.		3,417		258,547		22.0
Scentre Group		182,509		468,287		39.9
Sydney Airport		53,461		297,356		25.3
Tabcorp Holdings Ltd.		73,573		229,013		19.5
Treasury Wine Estates Ltd.		206,739		1,775,796		151.2
WiseTech Global Ltd.		3,596		58,762		5.0
				14,901,026

42 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2020 BlackRock Global Long/Short Equity Fund

		Shares		Value		% of Basket Value
Belgium
Barco NV			568	$	141,233		12.0	%
Groupe Bruxelles Lambert SA			20,076		2,017,510		171.8
Solvay SA			20,486		2,123,175		180.8
					4,281,918
Canada
CCL Industries, Inc., Class B			3,237		136,510		11.6
CGI, Inc.			890		68,145		5.8
Cogeco Communications, Inc.			902		70,816		6.0
First Majestic Silver Corp.			6,840		68,948		5.9
FirstService Corp.			1,730		170,216		14.5
Nutrien Ltd.			17,311		738,929		62.9
Restaurant Brands International, Inc.			25,918		1,581,245		134.6
Ritchie Bros Auctioneers, Inc.			5,283		223,032		19.0
Shopify, Inc., Class A			19,372		9,021,871		768.1
Teck Resources Ltd., Class B			23,662		305,743		26.0
TFI International, Inc.			8,654		277,132		23.6
Wheaton Precious Metals Corp.			6,438		189,530		16.1
Whitecap Resources, Inc.			4,323		15,745		1.4
					12,867,862
Denmark
Carlsberg A/S, Class B			2,729		398,526		33.9
Chr Hansen Holding A/S			53,308		3,967,328		337.7
Coloplast A/S, Class B			1,119		141,085		12.0
DSV PANALPINA A/S			8,611		934,885		79.6
H Lundbeck A/S			102,046		4,336,176		369.2
SimCorp A/S			3,008		333,457		28.4
					10,111,457
Finland
Fortum OYJ			36,234		876,859		74.6
Huhtamaki OYJ			1,395		62,001		5.3
Kone OYJ, Class B			83,558		5,398,952		459.6
TietoEVRY OYJ			3,263		106,683		9.1
UPM-Kymmene OYJ			119,763		3,773,543		321.3
Valmet OYJ			1,048		22,670		1.9
					10,240,708
France
EssilorLuxottica SA			17,804		2,636,033		224.4
Imerys SA			9,631		415,759		35.4
Pernod Ricard SA			56,153		9,722,153		827.7
Rexel SA			132,831		1,588,937		135.3
Unibail-Rodamco-Westfield			12,314		1,674,328		142.5
					16,037,210
Germany
adidas AG			6,449		2,038,619		173.6
Allianz SE, Registered Shares			6,096		1,455,380		123.9
alstria office REIT-AG			7,883		156,391		13.3
Carl Zeiss Meditec AG, Bearer Shares			9,260		1,130,553		96.3
CompuGroup Medical SE			7,921		522,694		44.5
CTS Eventim AG & Co. KGaA			19,022		1,182,860		100.7
Fielmann AG			775		61,639		5.2
MTU Aero Engines AG			87		26,349		2.2
Puma SE	��		5,193		415,818		35.4
Rational AG			457		342,717		29.2
Sartorius AG, Preference Shares			5,232		1,217,558		103.7
Stroeer SE & Co. KGaA			15,176		1,204,556		102.6
TAG Immobilien AG			56,073		1,477,843		125.8
					11,232,977
Hong Kong
Melco Resorts & Entertainment Ltd. — ADR			23,149		466,915		39.8

	Shares		Value		% of Basket Value
Hong Kong (continued)
NWS Holdings Ltd.		89,000	$	114,361		9.7	%
Sino Land Co. Ltd.		30,000		40,885		3.5
Swire Pacific Ltd., Class A		62,000		544,408		46.3
Techtronic Industries Co. Ltd.		101,000		805,889		68.6
				1,972,458
Ireland
AIB Group PLC		100,287		294,026		25.0
Bank of Ireland Group PLC		10,007		48,736		4.2
Cimpress PLC		150		17,945		1.5
UDG Healthcare PLC		30,070		297,431		25.3
				658,138
Israel
Alony Hetz Properties & Investments Ltd.		1,142		18,872		1.6
Italy
Ferrari NV		3,640		614,256		52.3
Japan
AGC, Inc.		37,700		1,270,804		108.2
Aica Kogyo Co. Ltd.		3,500		109,257		9.3
Amada Holdings Co. Ltd.		18,800		195,799		16.7
Benesse Holdings, Inc.		19,000		521,927		44.4
Citizen Watch Co. Ltd.		113,200		547,257		46.6
Dai-ichi Life Holdings, Inc.		170,100		2,524,486		214.9
Daicel Corp.		17,500		165,660		14.1
Daito Trust Construction Co. Ltd.		300		35,339		3.0
Denka Co. Ltd.		5,300		143,177		12.2
DIC Corp.		11,700		306,713		26.1
Electric Power Development Co. Ltd.		21,100		475,832		40.5
Fast Retailing Co. Ltd.		1,600		860,602		73.3
Fuji Media Holdings, Inc.		59,800		813,076		69.2
Fuji Seal International, Inc.		4,300		90,057		7.7
Glory Ltd.		11,400		325,166		27.7
GS Yuasa Corp.		6,200		122,329		10.4
H2O Retailing Corp.		9,400		85,208		7.3
Inpex Corp.		2,900		27,069		2.3
Isetan Mitsukoshi Holdings Ltd.		79,100		617,540		52.6
Isuzu Motors Ltd.		3,300		32,332		2.7
Izumi Co. Ltd.		14,000		441,272		37.6
JFE Holdings, Inc.		12,100		143,287		12.2
JTEKT Corp.		1,500		15,906		1.4
JXTG Holdings, Inc.		1,006,900		4,282,523		364.6
Kaneka Corp.		21,000		643,840		54.8
Kansai Electric Power Co., Inc.		70,400		790,087		67.3
Kobe Steel Ltd.		69,300		316,458		26.9
Konica Minolta, Inc.		47,200		288,114		24.5
Kose Corp.		900		115,885		9.9
Kyushu Electric Power Co., Inc.		5,100		41,997		3.6
Lintec Corp.		23,400		505,827		43.1
Maruha Nichiro Corp.		6,600		157,836		13.4
Maruichi Steel Tube Ltd.		800		22,198		1.9
Mitsubishi Gas Chemical Co., Inc.		89,100		1,348,969		114.8
Mitsubishi Motors Corp.		42,100		156,853		13.4
Mitsui Chemicals, Inc.		2,900		63,688		5.4
Nichirei Corp.		900		21,757		1.8
Nikon Corp.		10,800		130,410		11.1
Nintendo Co. Ltd.		200		73,571		6.3
Nippon Electric Glass Co. Ltd.		54,200		1,047,038		89.1
Nippon Paint Holdings Co. Ltd.		1,800		86,042		7.3
Nippon Shokubai Co. Ltd.		5,400		316,608		27.0
Nippon Television Holdings, Inc.		12,700		171,584		14.6
NTN Corp.		145,900		386,626		32.9

SCHEDULES OF INVESTMENTS 43

Schedule of Investments  (unaudited) (continued) January 31, 2020 BlackRock Global Long/Short Equity Fund

	Shares		Value		% of Basket Value
Japan (continued)
Oji Holdings Corp.		126,300	$	641,679		54.6	%
Pigeon Corp.		8,300		292,925		24.9
Pola Orbis Holdings, Inc.		63,700		1,380,044		117.5
Sanwa Holdings Corp.		25,600		269,288		22.9
Seria Co. Ltd.		1,600		44,031		3.7
SKY Perfect JSAT Holdings, Inc.		5,700		24,519		2.1
Sumitomo Heavy Industries Ltd.		700		18,338		1.6
Sumitomo Rubber Industries Ltd.		13,300		146,131		12.4
Sundrug Co. Ltd.		5,300		179,607		15.3
T&D Holdings, Inc.		263,600		2,809,790		239.2
Taiheiyo Cement Corp.		4,000		107,659		9.2
Taisho Pharmaceutical Holdings Co. Ltd.		3,900		275,519		23.5
Takeda Pharmaceutical Co. Ltd.		146,000		5,606,894		477.3
Tohoku Electric Power Co., Inc.		7,000		65,611		5.6
Topcon Corp.		36,200		498,670		42.5
Ube Industries Ltd.		188,200		3,777,364		321.6
Yakult Honsha Co. Ltd.		1,300		65,384		5.6
Yamaha Motor Co. Ltd.		14,900		276,509		23.5
Yamato Holdings Co. Ltd.		34,000		544,451		46.3
Yamato Kogyo Co. Ltd.		2,900		70,258		6.0
Zenkoku Hosho Co. Ltd.		12,300		526,240		44.8
				38,458,917
Netherlands
ASM International NV		5,177		629,142		53.6
ASML Holding NV		210		58,934		5.0
NN Group NV		77,891		2,703,480		230.1
				3,391,556
Norway
Tomra Systems ASA		19,474		573,214		48.8
Singapore
Mapletree Commercial Trust		17,473		30,007		2.6
Spain
Acerinox SA		12,794		124,558		10.6
ACS Actividades de Construccion y Servicios SA		31,735		1,055,095		89.8
				1,179,653
Sweden
Evolution Gaming Group AB		660		20,382		1.7
Fabege AB		9,702		166,308		14.2
Volvo AB, Class B		147,450		2,520,471		214.6
				2,707,161
Switzerland
Logitech International SA, Registered Shares		41,452		1,856,941		158.1
PSP Swiss Property AG, Registered Shares		9,581		1,448,714		123.3
Sika AG, Registered Shares		6,542		1,176,418		100.2
Straumann Holding AG, Registered Shares		264		251,627		21.4
Sunrise Communications Group AG		48,441		4,000,431		340.6
				8,734,131
United Kingdom
AstraZeneca PLC		12,998		1,271,562		108.2
Avast PLC		27,219		152,756		13.0
boohoo Group PLC		168,518		672,702		57.3
Bovis Homes Group PLC		2,551		46,487		4.0
Centrica PLC		63,031		70,614		6.0
Dialog Semiconductor PLC		282		12,387		1.1
Dunelm Group PLC		6,547		100,313		8.5
Experian PLC		40,853		1,422,010		121.1
GlaxoSmithKline PLC		177,533		4,168,370		354.9
HomeServe PLC		56,479		956,122		81.4
ITV PLC		29,672		52,864		4.5

	Shares		Value		% of Basket Value
United Kingdom (continued)
JD Sports Fashion PLC		70,535	$	762,780		64.9	%
John Wood Group PLC		56,687		280,595		23.9
Moneysupermarket.com Group PLC		290,065		1,245,118		106.0
Pearson PLC		73,128		545,822		46.5
RELX PLC		85,057		2,256,717		192.1
Rightmove PLC		49,575		429,644		36.6
Rotork PLC		179,426		718,944		61.2
Spirax-Sarco Engineering PLC		4,199		493,277		42.0
Subsea 7 SA		195,567		2,090,807		178.0
TechnipFMC PLC		44,831		740,160		63.0
WM Morrison Supermarkets PLC		719,844		1,726,053		146.9
				20,216,104
United States
Adobe, Inc.		598		209,982		17.9
AGCO Corp.		15,783		1,107,020		94.2
Alcoa Corp.		70,507		983,573		83.7
Allegion PLC		45,244		5,850,954		498.1
Altria Group, Inc.		562		26,712		2.3
Amazon.com, Inc.		947		1,902,258		161.9
Amdocs Ltd.		2,040		146,778		12.5
AMN Healthcare Services, Inc.		11,082		746,705		63.6
ANSYS, Inc.		3,677		1,008,711		85.9
AO Smith Corp.		10,837		462,632		39.4
Apple Hospitality REIT, Inc.		94,555		1,420,216		120.9
Atlassian Corp. PLC, Class A		6,574		966,378		82.3
Avnet, Inc.		24,849		906,740		77.2
Baker Hughes Co.		66,855		1,448,079		123.3
Bank OZK		1,402		38,106		3.2
Bio-Techne Corp.		387		81,258		6.9
Boston Beer Co., Inc., Class A		62		22,096		1.9
Burlington Stores, Inc.		560		121,783		10.4
Cadence Design Systems, Inc.		23,115		1,666,823		141.9
Carlisle Cos., Inc.		1,474		230,283		19.6
CDW Corp.		7,231		943,284		80.3
Cinemark Holdings, Inc.		152,333		4,800,013		408.6
Cintas Corp.		2,273		634,099		54.0
CIT Group, Inc.		134,821		6,162,668		524.7
Clean Harbors, Inc.		294		24,173		2.1
Comerica, Inc.		16,186		989,936		84.3
Cornerstone OnDemand, Inc.		7,631		448,703		38.2
Coupa Software, Inc.		603		97,173		8.3
Crimson Wine Group Ltd.		1		7		0.0
Cullen/Frost Bankers, Inc.		1,122		100,038		8.5
Devon Energy Corp.		19,376		420,847		35.8
DexCom, Inc.		8,081		1,945,501		165.6
Domino’s Pizza, Inc.		1,278		360,077		30.7
Dropbox, Inc., Class A		7,403		125,999		10.7
Dunkin’ Brands Group, Inc.		27,268		2,129,358		181.3
East West Bancorp, Inc.		57,393		2,630,895		224.0
Eastman Chemical Co.		11,340		808,202		68.8
Edwards Lifesciences Corp.		23,480		5,162,313		439.5
Expeditors International of Washington, Inc.		1,985		144,984		12.3
FactSet Research Systems, Inc.		4,915		1,406,231		119.7
Fair Isaac Corp.		671		269,997		23.0
First Horizon National Corp.		227,902		3,646,432		310.4
FirstCash, Inc.		7,472		649,840		55.3
Fiserv, Inc.		19,009		2,254,657		192.0
Five9, Inc.		379		27,186		2.3
Fluor Corp.		55,534		993,503		84.6
FNB Corp.		23,963		279,648		23.8
Fortinet, Inc.		8,637		996,364		84.8
Globe Life, Inc.		6,182		644,535		54.9

44 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2020 BlackRock Global Long/Short Equity Fund

	Shares		Value		% of Basket Value
United States (continued)
Globus Medical, Inc., Class A		3,182	$	166,355		14.2	%
Goodyear Tire & Rubber Co.		89,158		1,170,645		99.7
HCA Healthcare, Inc.		4,795		665,546		56.7
HEICO Corp.		34,609		4,237,180		360.7
Hill-Rom Holdings, Inc.		21,138		2,250,986		191.6
Hubbell, Inc.		3,379		483,974		41.2
IDEX Corp.		131		21,464		1.8
IHS Markit Ltd.		58,569		4,618,751		393.2
Insulet Corp.		1,456		282,522		24.1
Interpublic Group of Cos., Inc.		110,470		2,507,669		213.5
Intuit, Inc.		2,027		568,330		48.4
Invesco Ltd.		59,474		1,028,900		87.6
Investors Bancorp, Inc.		10,532		127,279		10.8
Jack Henry & Associates, Inc.		2,556		382,224		32.5
James Hardie Industries PLC		65,995		1,387,594		118.1
Johnson & Johnson		18,080		2,691,570		229.1
KLA Corp.		7,799		1,292,606		110.0
Kohl’s Corp.		1,057		45,187		3.8
Lam Research Corp.		2,889		861,529		73.3
Lamb Weston Holdings, Inc.		26,032		2,376,982		202.4
Legg Mason, Inc.		6,544		256,198		21.8
Liberty Latin America Ltd., Class A		2		33		0.0
Lululemon Athletica, Inc.		430		102,938		8.8
Macquarie Infrastructure Corp.		395		17,423		1.5
Macy’s, Inc.		50,569		806,576		68.7
Manhattan Associates, Inc.		17,685		1,511,360		128.7
Masco Corp.		9,362		444,882		37.9
Match Group, Inc.		2,704		211,507		18.0
Microsoft Corp.		59,417		10,114,556		861.1
Molson Coors Brewing Co., Class B		16,406		911,845		77.6
Moody’s Corp.		601		154,331		13.1
Mosaic Co.		24,372		483,540		41.2
Motorola Solutions, Inc.		8,018		1,419,186		120.8
MSC Industrial Direct Co., Inc., Class A		34,010		2,315,061		197.1
NuVasive, Inc.		679		52,364		4.5
Omnicom Group, Inc.		86,944		6,547,753		557.4
PacWest Bancorp		159,308		5,583,745		475.4
Park Hotels & Resorts, Inc.		198,602		4,357,328		371.0
Paychex, Inc.		170		14,581		1.2
Paycom Software, Inc.		683		217,303		18.5
Paylocity Holding Corp.		28,635		4,063,020		345.9
Pebblebrook Hotel Trust		903		21,419		1.8
Pool Corp.		4,238		929,393		79.1
PPG Industries, Inc.		4,467		535,325		45.6
Prudential Financial, Inc.		18,965		1,726,953		147.0
Q2 Holdings, Inc.		6,844		596,728		50.8
Qualys, Inc.		651		55,817		4.8
Qurate Retail, Inc., Series A		7,365		62,823		5.3
Regal-Beloit Corp.		8,898		698,137		59.4
Regions Financial Corp.		9,183		142,979		12.2
Ross Stores, Inc.		1,272		142,706		12.1
Ryder System, Inc.		1,428		68,144		5.8
S&P Global, Inc.		27,745		8,149,539		693.8
salesforce.com, Inc.		24,854		4,531,133		385.8
ServiceNow, Inc.		15,829		5,353,843		455.8
Sherwin-Williams Co.		7,918		4,410,247		375.5
Sirius XM Holdings, Inc.		756,665		5,349,622		455.4
SiteOne Landscape Supply, Inc.		2,269		219,072		18.7
Starbucks Corp.		4,091		347,040		29.5
Strategic Education, Inc.		129		20,935		1.8
Sunstone Hotel Investors, Inc.		834		10,575		0.9
Telephone & Data Systems, Inc.		36,195		820,903		69.9

	Shares			Value			% of Basket Value
United States (continued)
Tempur Sealy International, Inc.		1,778		$	162,900			13.9	%
Teradata Corp.		2,216			53,937			4.6
TopBuild Corp.		774			88,631			7.5
TransUnion		30,743			2,819,133			240.0
TripAdvisor, Inc.		41,961			1,146,375			97.6
Unum Group		83,440			2,227,014			189.6
Visa, Inc., Class A		51,360			10,219,099			870.0
West Pharmaceutical Services, Inc.		840			130,998			11.2
Wolverine World Wide, Inc.		1,955			61,719			5.3
Woodward, Inc.		3,191			371,145			31.6
Xylem, Inc.		14,851			1,212,733			103.2
Zendesk, Inc.		1,517			131,069			11.2
Zoetis, Inc.		30,889			4,145,613			352.9
Zynga, Inc., Class A		34,065			205,071			17.5
					182,365,343
Total Reference Entity — Long					340,592,968
Reference Entity — Short
Australia
Afterpay Ltd.		(35,211	)		(879,287	)		(74.9	)
Alumina, Ltd.		(191,456	)		(275,742	)		(23.5	)
Australia & New Zealand Banking Group, Ltd.		(142,941	)		(2,433,194	)		(207.2	)
Caltex Australia Ltd.		(1,901	)		(43,350	)		(3.7	)
CSR Ltd.		(61,337	)		(196,635	)		(16.7	)
Iluka Resources Ltd.		(2,755	)		(17,621	)		(1.5	)
Incitec Pivot Ltd.		(389,988	)		(846,760	)		(72.1	)
Mineral Resources Ltd.		(39,101	)		(439,611	)		(37.4	)
National Australia Bank Ltd.		(1,054	)		(18,005	)		(1.5	)
NEXTDC Ltd.		(138,269	)		(691,585	)		(58.9	)
Nufarm Ltd.		(22,605	)		(82,450	)		(7.0	)
OZ Minerals Ltd.		(74,285	)		(496,189	)		(42.2	)
Qube Holdings Ltd.		(213,708	)		(487,130	)		(41.5	)
St Barbara Ltd.		(26,515	)		(49,426	)		(4.2	)
TPG Telecom Ltd.		(46,468	)		(231,015	)		(19.7	)
Westpac Banking Corp.		(50,114	)		(837,476	)		(71.3	)
					(8,025,476	)
Austria
Verbund AG		(4,869	)		(257,686	)		(21.9	)
Belgium
Anheuser-Busch InBev NV		(2,025	)		(152,766	)		(13.0	)
Euronav NV		(54,091	)		(537,456	)		(45.8	)
Melexis NV		(2,813	)		(199,917	)		(17.0	)
Proximus SADP		(65,401	)		(1,863,411	)		(158.6	)
Umicore SA		(109,461	)		(5,039,951	)		(429.1	)
					(7,793,501	)
Bermuda
RenaissanceRe Holdings Ltd.		(9,286	)		(1,759,140	)		(149.8	)
Canada
Bombardier, Inc., Class B		(376,577	)		(350,000	)		(29.8	)
CAE, Inc.		(6,207	)		(184,090	)		(15.7	)
Cameco Corp.		(57,447	)		(463,170	)		(39.4	)
Empire Co. Ltd., Class A		(26,971	)		(625,668	)		(53.3	)
George Weston Ltd.		(1,138	)		(91,709	)		(7.8	)
Inter Pipeline Ltd.		(16,970	)		(282,748	)		(24.1	)
Metro, Inc.		(53,426	)		(2,177,975	)		(185.4	)
Osisko Gold Royalties Ltd.		(5	)		(50	)		0.0
Stars Group, Inc.		(8,871	)		(211,687	)		(18.0	)
					(4,387,097	)

SCHEDULES OF INVESTMENTS 45

Schedule of Investments  (unaudited) (continued) January 31, 2020 BlackRock Global Long/Short Equity Fund

	Shares			Value			% of Basket Value
China
Budweiser Brewing Co. APAC Ltd.		(74,900	)	$	(226,487	)		(19.3	) %
Minth Group Ltd.		(176,000	)		(538,331	)		(45.8	)
Prosus NV		(29,132	)		(2,101,398	)		(178.9	)
					(2,866,216	)
Denmark
Ambu A/S, Class B		(40,029	)		(730,622	)		(62.2	)
Danske Bank A/S		(25,585	)		(427,097	)		(36.3	)
Pandora A/S		(4,909	)		(254,561	)		(21.7	)
					(1,412,280	)
Finland
Konecranes OYJ		(1,578	)		(47,777	)		(4.1	)
Nokia OYJ		(19,956	)		(77,683	)		(6.6	)
Outokumpu OYJ		(26,452	)		(90,865	)		(7.7	)
					(216,325	)
France
Atos SE		(3,557	)		(294,977	)		(25.1	)
Bollore SA		(40,835	)		(165,924	)		(14.1	)
Cap Gemini SA		(317	)		(39,368	)		(3.4	)
Carrefour SA		(13,030	)		(220,490	)		(18.8	)
CGG SA		(49,087	)		(137,931	)		(11.7	)
SOITEC		(165	)		(15,510	)		(1.3	)
Thales SA		(36,397	)		(3,993,883	)		(340.0	)
					(4,868,083	)
Germany
Delivery Hero SE		(65,983	)		(5,076,962	)		(432.2	)
Deutsche Bank AG		(157,504	)		(1,440,995	)		(122.7	)
Deutsche Lufthansa AG		(65,261	)		(994,163	)		(84.6	)
E.ON SE		(82,983	)		(940,278	)		(80.1	)
Infineon Technologies AG		(209,085	)		(4,491,761	)		(382.4	)
Porsche Automobil Holding SE		(111,474	)		(7,516,791	)		(639.9	)
RWE AG		(75,869	)		(2,630,164	)		(223.9	)
Siltronic AG		(1,871	)		(200,416	)		(17.1	)
ThyssenKrupp AG		(6,019	)		(74,010	)		(6.3	)
					(23,365,540	)
Hong Kong
Hang Seng Bank Ltd.		(86,500	)		(1,748,453	)		(148.9	)
Hong Kong Exchanges and Clearing Ltd.		(29,500	)		(969,294	)		(82.5	)
MTR Corp. Ltd.		(30,000	)		(168,260	)		(14.3	)
SJM Holdings Ltd.		(1,917,000	)		(2,137,256	)		(182.0	)
					(5,023,263	)
Ireland
Glanbia PLC		(2,774	)		(32,396	)		(2.8	)
Israel
Tower Semiconductor Ltd.		(8,385	)		(185,979	)		(15.8	)
Italy
Atlantia SpA		(72,438	)		(1,777,493	)		(151.3	)
Banco BPM SpA		(167,443	)		(342,358	)		(29.1	)
Enel SpA		(17,343	)		(151,167	)		(12.9	)
Eni SpA		(22,599	)		(316,557	)		(27.0	)
Freni Brembo SpA		(15,579	)		(178,190	)		(15.2	)
Infrastrutture Wireless Italiane SpA		(9,882	)		(102,746	)		(8.7	)
Juventus Football Club SpA		(79,188	)		(99,780	)		(8.5	)
Prada SpA		(5,800	)		(22,366	)		(1.9	)
Prysmian SpA		(75,348	)		(1,671,376	)		(142.3	)
					(4,662,033	)
Japan
Acom Co. Ltd.		(3,200	)		(14,989	)		(1.3	)
Aeon Co. Ltd.		(9,200	)		(188,172	)		(16.0	)

	Shares			Value			% of Basket Value
Japan (continued)
ANA Holdings, Inc.		(6,900	)	$	(215,516	)		(18.4	) %
Ariake Japan Co., Ltd.		(1,300	)		(88,853	)		(7.6	)
Asics Corp.		(27,200	)		(397,375	)		(33.8	)
Bandai Namco Holdings, Inc.		(16,700	)		(970,411	)		(82.6	)
Bank of Kyoto Ltd.		(36,000	)		(1,438,766	)		(122.5	)
Canon Marketing Japan, Inc.		(900	)		(21,451	)		(1.8	)
Century Tokyo Leasing Corp.		(3,700	)		(188,217	)		(16.0	)
Chugoku Bank Ltd.		(80,800	)		(765,928	)		(65.2	)
Coca-Cola West Co., Ltd.		(1,200	)		(31,585	)		(2.7	)
Dai Nippon Printing Co., Ltd.		(2,500	)		(68,936	)		(5.9	)
Daiwa House REIT Investment Corp.		(88	)		(234,787	)		(20.0	)
Daiwa Securities Group, Inc.		(4,300	)		(21,746	)		(1.9	)
Dowa Holdings Co. Ltd.		(41,700	)		(1,499,985	)		(127.7	)
Fujitsu General, Ltd.		(1,000	)		(22,356	)		(1.9	)
Fujitsu Ltd.		(3,700	)		(391,211	)		(33.3	)
Hachijuni Bank Ltd.		(167,600	)		(640,153	)		(54.5	)
Haseko Corp.		(3,400	)		(44,329	)		(3.8	)
Heiwa Corp.		(2,800	)		(57,875	)		(4.9	)
Hikari Tsushin, Inc.		(1,300	)		(319,545	)		(27.2	)
Hitachi Capital Corp.		(2,300	)		(62,256	)		(5.3	)
Hitachi Chemical Co. Ltd.		(25,700	)		(1,075,884	)		(91.6	)
Hitachi Construction Machinery Co., Ltd.		(600	)		(16,079	)		(1.4	)
Hitachi High-Technologies Corp.		(12,900	)		(922,349	)		(78.5	)
Hitachi Metals Ltd.		(31,100	)		(477,989	)		(40.7	)
Ichigo, Inc.		(45,400	)		(170,343	)		(14.5	)
Iida Group Holdings Co., Ltd.		(5,600	)		(94,381	)		(8.0	)
Ito En Ltd.		(600	)		(29,136	)		(2.5	)
Iyo Bank Ltd.		(68,600	)		(354,019	)		(30.1	)
Japan Airport Terminal Co. Ltd.		(6,100	)		(281,144	)		(23.9	)
Japan Exchange Group, Inc.		(4,900	)		(87,815	)		(7.5	)
Japan Real Estate Investment Corp.		(162	)		(1,182,976	)		(100.7	)
Justsystems Corp.		(4,800	)		(261,251	)		(22.3	)
Kansai Mirai Financial Group, Inc.		(48,500	)		(279,784	)		(23.8	)
Keihan Holdings Co. Ltd.		(17,600	)		(795,890	)		(67.8	)
Keikyu Corp.		(4,300	)		(79,154	)		(6.7	)
Keio Corp.		(16,600	)		(949,519	)		(80.8	)
Keisei Electric Railway Co. Ltd.		(74,000	)		(2,677,100	)		(227.9	)
Kintetsu Group Holdings Co. Ltd.		(3,900	)		(205,543	)		(17.5	)
Koei Tecmo Holdings Co. Ltd.		(31,600	)		(829,670	)		(70.6	)
Kubota Corp.		(7,500	)		(117,447	)		(10.0	)
Kusuri no Aoki Holdings Co. Ltd.		(5,600	)		(337,182	)		(28.7	)
Kyocera Corp.		(6,800	)		(446,803	)		(38.0	)
Kyowa Kirin Co. Ltd.		(1,500	)		(35,264	)		(3.0	)
Kyushu Financial Group, Inc.		(11,000	)		(45,928	)		(3.9	)
Kyushu Railway Co.		(14,200	)		(464,615	)		(39.6	)
Maeda Road Construction Co. Ltd.		(29,200	)		(986,959	)		(84.0	)
Makita Corp.		(1,200	)		(45,899	)		(3.9	)
Minebea Mitsumi, Inc.		(98,400	)		(1,911,518	)		(162.7	)
Mitsubishi Tanabe Pharma Corp.		(226,869	)		(4,153,315	)		(353.6	)
NGK Insulators Ltd.		(40,700	)		(682,404	)		(58.1	)
Nippo Corp.		(1,100	)		(26,988	)		(2.3	)
Nippon Building Fund, Inc.		(35	)		(283,525	)		(24.1	)
Nissin Foods Holdings Co., Ltd.		(300	)		(22,518	)		(1.9	)
NOF Corp.		(3,100	)		(100,912	)		(8.6	)
Nomura Holdings, Inc.		(72,700	)		(372,181	)		(31.7	)
Odakyu Electric Railway Co. Ltd.		(1,400	)		(31,054	)		(2.7	)
Omron Corp.		(4,100	)		(234,786	)		(20.0	)
Orient Corp.		(82,000	)		(126,008	)		(10.7	)
Oriental Land Co. Ltd.		(6,200	)		(807,457	)		(68.8	)
Sawai Pharmaceutical Co. Ltd.		(400	)		(25,994	)		(2.2	)
SBI Holdings, Inc.		(18,300	)		(424,205	)		(36.1	)
Shiga Bank Ltd.		(15,400	)		(369,699	)		(31.5	)

46 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2020 BlackRock Global Long/Short Equity Fund

	Shares			Value			% of Basket Value
Japan (continued)
Shimizu Corp.		(5,600	)	$	(57,438	)		(4.9	) %
Shinsei Bank Ltd.		(3,000	)		(45,934	)		(3.9	)
Shiseido Co. Ltd.		(2,500	)		(160,952	)		(13.7	)
Shochiku Co. Ltd.		(11,700	)		(1,584,038	)		(134.9	)
Softbank Corp.		(1,300	)		(17,835	)		(1.5	)
SoftBank Group Corp.		(5,500	)		(222,060	)		(18.9	)
Sony Corp.		(113,100	)		(7,908,726	)		(673.3	)
Sony Financial Holdings, Inc.		(35,000	)		(805,845	)		(68.6	)
Stanley Electric Co. Ltd.		(4,700	)		(121,049	)		(10.3	)
Sumco Corp.		(23,300	)		(356,288	)		(30.3	)
Tobu Railway Co. Ltd.		(5,400	)		(190,226	)		(16.2	)
Toho Gas Co. Ltd.		(6,600	)		(254,971	)		(21.7	)
Tokai Carbon Co. Ltd.		(45,600	)		(412,123	)		(35.1	)
Tokyo Tatemono Co. Ltd.		(1,400	)		(22,620	)		(1.9	)
Toppan Printing Co., Ltd.		(5,100	)		(101,643	)		(8.7	)
TOTO Ltd.		(3,500	)		(142,221	)		(12.1	)
Toyota Motor Corp.		(38,300	)		(2,662,909	)		(226.7	)
United Urban Investment Corp.		(379	)		(679,615	)		(57.9	)
USS Co. Ltd.		(29,400	)		(533,599	)		(45.4	)
Yamazaki Baking Co., Ltd.		(1,000	)		(19,030	)		(1.6	)
					(46,806,251	)
Luxembourg
Tenaris SA		(14,944	)		(154,440	)		(13.2	)
Netherlands
Boskalis Westminster		(107,291	)		(2,509,442	)		(213.7	)
EXOR NV		(377	)		(27,780	)		(2.4	)
Heineken NV		(2,204	)		(239,811	)		(20.4	)
InterXion Holding NV		(33,585	)		(2,922,903	)		(248.8	)
OCI NV		(99,425	)		(1,712,728	)		(145.8	)
SBM Offshore NV		(13,062	)		(224,713	)		(19.1	)
					(7,637,377	)
Singapore
Ascendas Real Estate Investment Trust		(35,600	)		(82,178	)		(7.0	)
Mapletree Commercial Trust		(71,700	)		(123,133	)		(10.5	)
Mapletree Logistics Trust		(3,506,300	)		(4,727,826	)		(402.5	)
Singapore Airlines Ltd.		(54,600	)		(340,378	)		(29.0	)
					(5,273,515	)
Spain
Gamesa Corp. Tecnologica SA		(11,698	)		(186,450	)		(15.9	)
Viscofan SA		(1,425	)		(75,859	)		(6.4	)
					(262,309	)
Sweden
Getinge AB, Class B		(876	)		(14,918	)		(1.3	)
Iberdrola SA		(37,047	)		(7,437	)		(0.6	)
Intrum AB		(679	)		(18,812	)		(1.6	)
JM AB		(134,459	)		(4,108,352	)		(349.8	)
Skandinaviska Enskilda Banken AB, Class A		(312,387	)		(3,086,984	)		(262.8	)
Swedbank AB, — A Shares		(33,451	)		(513,598	)		(43.7	)
Telia Co. AB		(4,951	)		(21,173	)		(1.8	)
					(7,771,274	)
Switzerland
Alcon, Inc.		(5,897	)		(348,382	)		(29.7	)
Baloise Holding AG		(2,900	)		(523,968	)		(44.6	)
Cie Financiere Richemont SA, Registered Shares		(45,629	)		(3,313,702	)		(282.1	)
Credit Suisse Group AG, Registered Shares		(61,265	)		(774,693	)		(66.0	)
Georg Fischer AG, Registered Shares		(609	)		(597,232	)		(50.9	)
Lonza Group AG, Registered Shares		(10,678	)		(4,385,345	)		(373.3	)
Sonova Holding AG		(5,126	)		(1,285,454	)		(109.4	)
Stadler Rail AG		(4,779	)		(228,233	)		(19.4	)

	Shares			Value			% of Basket Value
Switzerland (continued)
STMicroelectronics NV		(56,082	)	$	(1,561,992	)		(133.0	) %
Swatch Group AG, Registered Shares		(10,554	)		(513,052	)		(43.7	)
Swisscom AG		(4,353	)		(2,388,331	)		(203.3	)
					(15,920,384	)
United Kingdom
Ashtead Group PLC		(44,523	)		(1,437,109	)		(122.3	)
Associated British Foods PLC		(14,344	)		(496,498	)		(42.3	)
Burberry Group PLC		(60,123	)		(1,541,578	)		(131.2	)
Capita PLC		(671,473	)		(1,289,676	)		(109.8	)
Carnival PLC		(81,667	)		(3,335,419	)		(284.0	)
Domino’s Pizza Group PLC		(191,072	)		(778,195	)		(66.3	)
Electrocomponents PLC		(58,475	)		(510,827	)		(43.5	)
Farfetch Ltd., Class A		(1,462	)		(17,836	)		(1.5	)
HSBC Holdings PLC		(77,210	)		(561,331	)		(47.8	)
Legal & General Group PLC		(7,907	)		(31,898	)		(2.7	)
National Grid PLC		(15,616	)		(207,405	)		(17.7	)
Ocado Group PLC		(130,158	)		(2,098,626	)		(178.7	)
Pentair PLC		(16,717	)		(717,661	)		(61.1	)
Phoenix Group Holdings PLC		(135,126	)		(1,348,905	)		(114.8	)
Quilter PLC		(296,368	)		(663,647	)		(56.5	)
Renishaw PLC		(14,034	)		(734,702	)		(62.5	)
St. James’s Place PLC		(218,669	)		(3,288,713	)		(280.0	)
Victrex PLC		(5,826	)		(170,007	)		(14.5	)
Weir Group PLC		(44,109	)		(782,770	)		(66.6	)
Whitbread PLC		(2,693	)		(158,749	)		(13.5	)
					(20,171,552	)
United States
10X Genomics, Inc., Class A		(237	)		(21,659	)		(1.8	)
AECOM		(623	)		(30,047	)		(2.6	)
Albemarle Corp.		(1,066	)		(85,579	)		(7.3	)
Alteryx, Inc., Class A		(6,460	)		(900,976	)		(76.7	)
American Airlines Group, Inc.		(128,266	)		(3,442,659	)		(293.1	)
American Express Co.		(1,377	)		(178,831	)		(15.2	)
Appian Corp.		(7,196	)		(367,284	)		(31.3	)
Aramark		(9,457	)		(417,432	)		(35.5	)
Arconic, Inc.		(68,762	)		(2,059,422	)		(175.3	)
Arista Networks, Inc.		(844	)		(188,499	)		(16.1	)
Assurant, Inc.		(18,900	)		(2,467,584	)		(210.1	)
Axis Capital Holdings Ltd.		(705	)		(45,296	)		(3.9	)
Axsome Therapeutics, Inc.		(3,013	)		(261,589	)		(22.3	)
Bank of America Corp.		(158,985	)		(5,219,478	)		(444.4	)
Baxter International, Inc.		(1,471	)		(131,243	)		(11.2	)
Berkshire Hathaway, Inc., Class B		(32,799	)		(7,361,080	)		(626.7	)
Berry Global Group, Inc.		(1,169	)		(49,706	)		(4.2	)
Beyond Meat, Inc.		(19,126	)		(2,111,893	)		(179.8	)
Brighthouse Financial, Inc.		(1,442	)		(56,094	)		(4.8	)
Broadcom, Inc.		(1,354	)		(413,187	)		(35.2	)
Cardinal Health, Inc.		(36,075	)		(1,847,401	)		(157.3	)
Carvana Co.		(17,604	)		(1,395,117	)		(118.8	)
CF Industries Holdings, Inc.		(1,349	)		(54,338	)		(4.6	)
Chegg, Inc.		(1,856	)		(76,523	)		(6.5	)
Cheniere Energy, Inc.		(55,562	)		(3,291,493	)		(280.2	)
Chewy, Inc., Class A		(46,461	)		(1,231,681	)		(104.9	)
Citigroup, Inc.		(11,904	)		(885,777	)		(75.4	)
Cloudflare, Inc., Class A		(108,787	)		(1,942,936	)		(165.4	)
Corteva, Inc.		(215,632	)		(6,236,077	)		(530.9	)
Coty, Inc., Class A		(34,610	)		(355,099	)		(30.2	)
Cracker Barrel Old Country Store, Inc.		(960	)		(146,813	)		(12.5	)
Credit Acceptance Corp.		(211	)		(90,515	)		(7.7	)
Cree, Inc.		(2,411	)		(112,087	)		(9.5	)
Crowdstrike Holdings, Inc., Class A		(18,371	)		(1,122,284	)		(95.5	)

SCHEDULES OF INVESTMENTS 47

Schedule of Investments  (unaudited) (continued) January 31, 2020 BlackRock Global Long/Short Equity Fund

	Shares			Value			% of Basket Value
United States (continued)
Crown Castle International Corp.		(5,816	)	$	(871,469	)		(74.2	) %
CSX Corp.		(5,013	)		(382,692	)		(32.6	)
Darling International, Inc.		(63,471	)		(1,721,968	)		(146.6	)
Datadog, Inc., Class A		(16,280	)		(752,299	)		(64.0	)
Dell Technologies, Inc., Class C		(1,886	)		(91,980	)		(7.8	)
Diamondback Energy, Inc.		(3,098	)		(230,491	)		(19.6	)
Dominion Energy, Inc.		(286	)		(24,525	)		(2.1	)
Dow Inc.		(17,255	)		(794,938	)		(67.7	)
Edison International		(7,350	)		(562,643	)		(47.9	)
Eldorado Resorts, Inc.		(7,539	)		(450,681	)		(38.4	)
Eli Lilly & Co.		(15,400	)		(2,150,456	)		(183.1	)
Enphase Energy, Inc.		(48,904	)		(1,541,454	)		(131.2	)
Equity Residential		(252	)		(20,936	)		(1.8	)
Essential Utilities, Inc.		(2,557	)		(132,811	)		(11.3	)
Essex Property Trust, Inc.		(436	)		(135,055	)		(11.5	)
Etsy, Inc.		(3,777	)		(184,355	)		(15.7	)
Federal Realty Investment Trust		(7,069	)		(883,766	)		(75.2	)
First Solar, Inc.		(175,544	)		(8,703,472	)		(741.0	)
FirstEnergy Corp.		(178,530	)		(9,067,539	)		(772.0	)
FleetCor Technologies, Inc.		(2,397	)		(755,606	)		(64.3	)
Flex Ltd.		(29,108	)		(382,770	)		(32.6	)
Floor & Decor Holdings, Inc., Class A		(2,675	)		(131,904	)		(11.2	)
Fox Corp., Class A		(27,459	)		(1,018,180	)		(86.7	)
Fox Corp., Class B		(157,239	)		(5,712,493	)		(486.3	)
Freeport-McMoRan, Inc.		(6,865	)		(76,202	)		(6.5	)
GrafTech International Ltd.		(1,190	)		(12,769	)		(1.1	)
Grocery Outlet Holding Corp.		(5,814	)		(190,350	)		(16.2	)
GrubHub, Inc.		(272	)		(14,729	)		(1.3	)
Guardant Health, Inc.		(25,870	)		(1,967,155	)		(167.5	)
Hess Corp.		(5,873	)		(332,236	)		(28.3	)
Highwoods Properties, Inc.		(6,653	)		(333,382	)		(28.4	)
Howard Hughes Corp.		(16,797	)		(2,043,859	)		(174.0	)
Huntington Ingalls Industries, Inc.		(9,598	)		(2,505,078	)		(213.3	)
II-VI, Inc.		(7,819	)		(263,109	)		(22.4	)
Interactive Brokers Group, Inc., Class A		(1,259	)		(59,173	)		(5.0	)
Iridium Communications, Inc.		(10,308	)		(263,369	)		(22.4	)
Jabil, Inc.		(65,765	)		(2,557,601	)		(217.7	)
JBG SMITH Properties		(161,822	)		(6,561,882	)		(558.6	)
Kinder Morgan, Inc.		(12,099	)		(252,506	)		(21.5	)
Leidos Holdings, Inc.		(18,084	)		(1,816,899	)		(154.7	)
Liberty Broadband Corp.		(726	)		(96,507	)		(8.2	)
LiveRamp Holdings, Inc.		(9,761	)		(392,783	)		(33.4	)
Loews Corp.		(5,147	)		(264,813	)		(22.5	)
Louisiana-Pacific Corp.		(70,489	)		(2,162,603	)		(184.1	)
Madison Square Garden Co., Class A		(1,924	)		(569,870	)		(48.5	)
Magnolia Oil & Gas Corp., Class A		(7,839	)		(82,466	)		(7.0	)
McKesson Corp.		(9,612	)		(1,370,767	)		(116.7	)
Mylan NV		(2,965	)		(63,510	)		(5.4	)
Netflix, Inc.		(8,191	)		(2,826,632	)		(240.6	)
Newell Brands, Inc.		(12,742	)		(248,851	)		(21.2	)
NiSource, Inc.		(101,227	)		(2,966,963	)		(252.6	)
Norfolk Southern Corp.		(18,373	)		(3,825,442	)		(325.7	)
Nutanix, Inc., Class A		(1,655	)		(53,738	)		(4.6	)
Occidental Petroleum Corp.		(141,750	)		(5,630,310	)		(479.3	)
ON Semiconductor Corp.		(11,920	)		(275,948	)		(23.5	)
ONEOK, Inc.		(97,253	)		(7,281,332	)		(619.9	)
Oracle Corp.		(325	)		(17,046	)		(1.5	)
Phillips 66		(2,693	)		(246,059	)		(21.0	)
Pinterest, Inc., Class A		(51,515	)		(1,134,875	)		(96.6	)
Polaris Industries, Inc.		(4,224	)		(387,932	)		(33.0	)
Progressive Corp.		(6,703	)		(540,865	)		(46.0	)
Prologis, Inc.		(9,694	)		(900,379	)		(76.7	)

	Shares			Value			% of Basket Value
United States (continued)
Proto Labs, Inc.		(132	)	$	(13,662	)		(1.2	) %
Public Storage		(18,111	)		(4,052,517	)		(345.0	)
Pure Storage, Inc., Class A		(4,363	)		(77,661	)		(6.6	)
Reata Pharmaceuticals, Inc., Class A		(88	)		(19,254	)		(1.6	)
Reliance Worldwide Corp. Ltd.		(36,253	)		(107,849	)		(9.2	)
Sanderson Farms, Inc.		(16,724	)		(2,302,728	)		(196.0	)
Seagate Technology PLC		(2,422	)		(138,030	)		(11.8	)
Semtech Corp.		(2,580	)		(124,330	)		(10.6	)
Shake Shack, Inc., Class A		(48,872	)		(3,296,416	)		(280.6	)
Signature Bank		(4,552	)		(645,883	)		(55.0	)
Slack Technologies, Inc., Class A		(66,633	)		(1,381,302	)		(117.6	)
SolarEdge Technologies, Inc.		(6,295	)		(616,029	)		(52.4	)
Southwest Airlines Co.		(24,918	)		(1,369,992	)		(116.6	)
Spirit Airlines, Inc.		(4,309	)		(176,971	)		(15.1	)
SS&C Technologies Holdings, Inc.		(927	)		(58,410	)		(5.0	)
Stericycle, Inc.		(82,574	)		(5,175,738	)		(440.6	)
Syneos Health, Inc.		(1,278	)		(78,418	)		(6.7	)
SYNNEX Corp.		(6,016	)		(828,764	)		(70.6	)
Tandem Diabetes Care, Inc.		(10,815	)		(822,373	)		(70.0	)
Textron, Inc.		(5,597	)		(257,070	)		(21.9	)
Trade Desk, Inc., Class A		(2,426	)		(653,031	)		(55.6	)
Trimble, Inc.		(8,724	)		(370,944	)		(31.6	)
Truist Financial Corp.		(24,048	)		(1,240,155	)		(105.6	)
Uber Technologies, Inc.		(4,760	)		(172,740	)		(14.7	)
UDR, Inc.		(2,479	)		(118,769	)		(10.1	)
Ulta Salon Cosmetics & Fragrance, Inc.		(1,575	)		(421,958	)		(35.9	)
United Airlines Holdings, Inc.		(16,616	)		(1,242,877	)		(105.8	)
Valero Energy Corp.		(2,115	)		(178,316	)		(15.2	)
Vishay Intertechnology, Inc.		(40,247	)		(816,612	)		(69.5	)
Vornado Realty Trust		(1,050	)		(69,059	)		(5.9	)
Wayfair, Inc., Class A		(4,078	)		(382,109	)		(32.5	)
WEX, Inc.		(32,781	)		(7,110,855	)		(605.4	)
Weyerhaeuser Co.		(490	)		(14,186	)		(1.2	)
WPX Energy, Inc.		(155,573	)		(1,859,097	)		(158.3	)
Wynn Resorts Ltd.		(4,182	)		(527,601	)		(44.9	)
Xilinx, Inc.		(1,471	)		(124,270	)		(10.6	)
Zoom Video Communications, Inc., Class A		(16,462	)		(1,256,051	)		(106.9	)
Zscaler, Inc.		(10,199	)		(572,062	)		(48.7	)
					(170,566,241	)
Total Reference Entity — Short					(339,418,358	)
Net Value of Reference Entity — Goldman Sachs & Co.				$	1,174,610

The following table represents the individual long and short positions and related values of the equity securities underlying the total return swap with Goldman Sachs & Co. as of January 31, 2020 termination dates 07/29/20 — 02/28/23

	Shares		Value		% of Basket Value
Reference Entity — Long
Australia
ARB Corp. Ltd.		14,142	$	173,903		82.8	%
Austal Ltd.		16,785		44,157		21.0
Bravura Solutions Ltd.		11,131		40,304		19.2
Breville Group Ltd.		6,791		83,658		39.8
Carsales.com Ltd.		21,336		242,857		115.6
Centuria Industrial REIT		65,367		159,171		75.8
Centuria Metropolitan REIT		48,979		98,237		46.8

48 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2020 BlackRock Global Long/Short Equity Fund

	Shares		Value		% of Basket Value
Australia (continued)
Charter Hall Group		17,951	$	153,166		72.9	%
Charter Hall Long Wale REIT		39,681		150,250		71.5
Corporate Travel Management Ltd.		7,018		82,484		39.3
Credit Corp. Group Ltd.		6,803		159,875		76.1
Domino’s Pizza Enterprises Ltd.		2,362		85,868		40.9
Evolution Mining Ltd.		30,263		76,379		36.3
Growthpoint Properties Australia Ltd.		24,101		70,104		33.4
GUD Holdings Ltd.		11,276		89,674		42.7
GWA Group Ltd.		74,659		177,326		84.4
IDP Education Ltd.		25,637		298,451		142.0
Integrated Research Ltd.		3,985		7,825		3.7
InvoCare Ltd.		23,928		213,258		101.5
IRESS Ltd.		2,116		19,551		9.3
JB Hi-Fi Ltd.		1,847		48,573		23.1
Jumbo Interactive Ltd.		1,484		13,087		6.2
Lovisa Holdings Ltd.		24,686		181,901		86.6
Megaport Ltd.		920		6,776		3.2
Monadelphous Group Ltd.		7,257		83,853		39.9
Netwealth Group Ltd.		1,387		7,398		3.5
nib holdings Ltd.		66,701		238,826		113.7
Perpetual Ltd.		3,829		108,000		51.4
Pro Medicus Ltd.		4,394		69,270		33.0
Regis Resources Ltd.		34,537		105,872		50.4
Service Stream Ltd.		69,813		121,470		57.8
Shopping Centres Australasia Property Group		16,563		31,897		15.2
Star Entertainment Group Ltd.		344		950		0.4
Steadfast Group Ltd.		112,432		285,698		136.0
Technology One Ltd.		9,327		52,205		24.8
				3,782,274
Austria
BAWAG Group AG		8,570		370,403		176.3
Telekom Austria AG		10,255		82,456		39.2
Vienna Insurance Group AG Wiener Versicherung Gruppe		3,552		95,879		45.6
Wienerberger AG		11,052		313,570		149.3
				862,308
Belgium
Barco NV		1,329		330,454		157.3
D’ieteren SA		280		18,073		8.6
Fagron		10,205		236,237		112.4
Intervest Offices & Warehouses NV		2,034		60,431		28.8
Kinepolis Group NV		4,254		262,315		124.8
				907,510
Canada
Alaris Royalty Corp.		13,720		226,524		107.8
Altius Minerals Corp.		12,547		101,540		48.3
Aritis REIT		8,290		73,855		35.2
Ballard Power Systems, Inc.		3,699		36,420		17.3
Birchcliff Energy, Ltd.		9,306		12,306		5.9
City Office REIT, Inc.		6,922		93,585		44.5
Cogeco Communications, Inc.		1,360		106,773		50.8
CT Real Estate Investment Trust		19,500		237,672		113.1
Enerflex Ltd.		5,342		40,850		19.4
Exchange Income Corp.		7,187		230,534		109.7
Freehold Royalties Ltd.		16,736		89,282		42.5
Gibson Energy, Inc.		6,029		120,999		57.6
IMAX Corp.		19,972		330,337		157.2
Killam Apartment Real Estate Investment Trust		10,602		161,506		76.9
Major Drilling Group International, Inc.		14,516		60,218		28.7
MEG Energy Corp.		3,287		16,790		8.0

	Shares		Value		% of Basket Value
Canada (continued)
Morguard North American Residential Real Estate Investment Trust		12,782	$	184,283		87.7	%
Northview Apartment Real Estate Investment Trust		865		20,073		9.6
NorthWest Healthcare Properties Real Estate Investment Trust		1,596		14,701		7.0
Pason Systems, Inc.		1,523		15,191		7.2
Rogers Sugar, Inc.		2,395		8,669		4.1
Sandstorm Gold Ltd.		21,396		146,800		69.9
Savaria Corp.		13,707		138,479		65.9
Secure Energy Services, Inc.		15,748		54,143		25.8
Silvercorp Metals, Inc.		3,426		17,837		8.5
TORC Oil & Gas, Ltd.		2,672		7,753		3.7
Tourmaline Oil Corp.		10,940		110,359		52.5
				2,657,479
Denmark
Per Aarsleff Holding A/S		1,364		41,460		19.7
Royal Unibrew A/S		7,428		706,167		336.1
SimCorp A/S		4,298		476,462		226.8
Topdanmark A/S		11,040		521,696		248.3
				1,745,785
Finland
Aktia Bank OYJ		10,747		113,945		54.2
Huhtamaki OYJ		2,540		112,892		53.7
Kemira OYJ		1,471		22,253		10.6
Kesko OYJ, Class B		2,750		185,916		88.5
TietoEVRY OYJ		10,930		357,354		170.1
Tokmanni Group Corp.		2,615		37,934		18.1
Uponor OYJ		3,396		45,947		21.9
Valmet OYJ		5,900		127,627		60.7
				1,003,868
France
Cie des Alpes		3,524		117,640		56.0
Cie Plastic Omnium SA		3,403		85,710		40.8
Devoteam SA		388		36,127		17.2
Gaztransport Et Technigaz SA		789		79,755		37.9
Kaufman & Broad SA		1,133		48,076		22.9
Korian SA		865		39,462		18.8
Lagardere SCA		1,507		28,663		13.6
Mersen SA		2,404		78,758		37.5
Metropole Television SA		10,768		179,372		85.4
Nexans SA		617		30,018		14.3
Nexity SA		5,405		260,943		124.2
Orpea		307		39,970		19.0
Rexel SA		20,312		242,974		115.6
Vicat SA		3,969		165,728		78.9
Vilmorin & Cie SA		2,275		110,259		52.5
				1,543,455
Germany
ADVA Optical Networking SE		3,224		26,710		12.7
Cewe Stiftung & Co. KGAA		1,156		131,857		62.8
CompuGroup Medical SE		3,555		234,589		111.6
CTS Eventim AG & Co. KGaA		6,572		408,672		194.5
Datagroup SE		652		46,640		22.2
Deutsche Euroshop AG		18,041		491,874		234.1
DIC Asset AG		15,648		293,290		139.6
Draegerwerk AG & Co. KGaA		607		35,410		16.8
Freenet AG		891		19,765		9.4
GRENKE AG		2,451		244,509		116.4
Hamborner REIT AG		23,762		266,198		126.7
Hamburger Hafen und Logistik AG		7,470		183,834		87.5

SCHEDULES OF INVESTMENTS 49

Schedule of Investments  (unaudited) (continued) January 31, 2020 BlackRock Global Long/Short Equity Fund

	Shares		Value		% of Basket Value
Germany (continued)
Hornbach Holding AG & Co. KGaA		1,612	$	101,904		48.5	%
Hypoport AG		268		94,536		45.0
Isra Vision AG		658		24,768		11.8
MLP SE		9,771		60,901		29.0
Nemetschek SE		1,369		92,862		44.2
Rational AG		585		438,708		208.8
Stroeer SE & Co. KGaA		4,750		377,019		179.4
TAG Immobilien AG		14,427		380,234		181.0
Takkt AG		4,574		60,050		28.6
Wacker Neuson SE		2,014		32,336		15.4
				4,046,666
Gibraltar
888 Holdings PLC		65,129		115,760		55.1
Hong Kong
Dah Sing Financial Holdings, Ltd.		36,000		129,426		61.6
Hang Lung Group Ltd.		50,000		123,558		58.8
HKBN Ltd.		11,500		19,989		9.5
Hysan Development Co. Ltd.		141,000		526,349		250.5
Melco International Development Ltd.		18,000		38,874		18.5
VTech Holdings Ltd.		4,500		40,674		19.4
				878,870
Ireland
C&C Group PLC		14,449		68,306		32.5
UDG Healthcare PLC		11,464		113,394		54.0
				181,700
Israel
Alony Hetz Properties & Investments Ltd.		1,922		31,763		15.1
Amot Investments Ltd.		2,414		17,559		8.4
Elco Ltd.		2,554		99,884		47.5
FIBI Holdings Ltd.		1,758		57,686		27.5
First International Bank of Israel Ltd.		2,633		73,625		35.0
Formula Systems 1985 Ltd.		331		23,937		11.4
Hilan Ltd.		1,530		62,214		29.6
Industrial Buildings Corp. Ltd.		9,753		27,625		13.1
Matrix IT Ltd.		7,688		160,346		76.3
Maytronics Ltd.		2,161		18,403		8.8
Melisron Ltd.		4,124		270,787		128.9
				843,829
Italy
A2A SpA		52,051		103,980		49.5
Amplifon SpA		7,485		212,832		101.3
Anima Holding SpA		29,205		138,434		65.9
Banca Farmafactoring SpA		43,494		267,461		127.3
Banca Generali SpA		2,820		89,642		42.7
Banca Mediolanum SpA		7,565		68,229		32.5
Cerved Group SpA		17,112		167,736		79.8
Hera SpA		35,815		162,901		77.5
Interpump Group SpA		3,168		89,329		42.5
Italgas SpA		74,058		492,281		234.3
MARR SpA		975		20,870		9.9
Piaggio & C SpA		24,073		65,838		31.4
Unipol Gruppo SpA		126,283		642,984		306.0
				2,522,517
Japan
Achilles Corp.		300		4,754		2.3
ADEKA Corp.		5,900		85,264		40.6
Advance Residence Investment Corp.		16		50,318		24.0
Ai Holdings Corp.		3,800		64,618		30.8
Aica Kogyo Co. Ltd.		2,100		65,554		31.2

	Shares		Value		% of Basket Value
Japan (continued)
Aida Engineering Ltd.		8,700	$	69,738		33.2	%
Aisan Industry Co. Ltd.		7,600		48,979		23.3
Amano Corp.		4,300		124,179		59.1
AOKI Holdings, Inc.		6,600		64,391		30.6
Aoyama Trading Co. Ltd.		33,000		423,052		201.4
Arcland Sakamoto Co. Ltd.		10,900		119,852		57.0
Arcland Service Holdings Co. Ltd.		9,000		162,957		77.6
Arcs Co. Ltd.		5,300		93,249		44.4
Azbil Corp.		12,000		323,600		154.0
Bell System24 Holdings, Inc.		7,400		103,748		49.4
Belluna Co. Ltd.		3,200		18,182		8.7
Benefit One, Inc.		7,100		124,120		59.1
BeNEXT Group, Inc.		2,300		23,528		11.2
BML, Inc.		7,400		209,563		99.7
Broadleaf Co. Ltd.		26,800		148,115		70.5
BRONCO BILLY Co. Ltd.		1,700		40,127		19.1
Bunka Shutter Co. Ltd.		12,700		101,523		48.3
Cawachi Ltd.		2,500		48,736		23.2
Chiyoda Integre Co. Ltd.		2,300		42,954		20.4
Daiichi Jitsugyo Co. Ltd.		300		9,541		4.5
Daiseki Co. Ltd.		4,700		126,220		60.1
Daiwa Office Investment Corp.		27		216,388		103.0
DCM Holdings Co. Ltd.		34,200		326,810		155.5
Denka Co. Ltd.		8,300		224,221		106.7
DIC Corp.		11,000		288,363		137.2
Doshisha Co. Ltd.		5,900		90,883		43.3
Doutor Nichires Holdings Co. Ltd.		17,700		334,530		159.2
DTS Corp.		1,000		23,176		11.0
Duskin Co. Ltd.		3,200		88,172		42.0
DyDo Group Holdings, Inc.		7,800		293,367		139.6
Eagle Industry Co. Ltd.		12,800		113,830		54.2
EDION Corp.		20,300		209,860		99.9
Eizo Corp.		2,600		84,872		40.4
Elecom Co. Ltd.		5,100		205,621		97.9
EPS Holdings, Inc.		12,100		144,112		68.6
ESPEC Corp.		600		12,148		5.8
Frontier Real Estate Investment Corp.		72		301,343		143.4
Fuji Kyuko Co. Ltd.		3,600		126,209		60.1
Fuji Seal International, Inc.		3,700		77,490		36.9
Fujicco Co. Ltd.		5,000		87,921		41.8
Furukawa Co., Ltd.		6,400		76,959		36.6
Futaba Corp.		6,300		73,987		35.2
Future Corp.		3,600		62,385		29.7
Gecoss Corp.		5,800		56,615		26.9
Geo Holdings Corp.		12,100		137,527		65.5
Glory Ltd.		2,300		65,604		31.2
H2O Retailing Corp.		12,600		114,215		54.4
Hamakyorex Co. Ltd.		7,200		216,540		103.1
Hanwa Co. Ltd.		1,600		38,586		18.4
Heiwado Co. Ltd.		800		13,978		6.7
Hiday Hidaka Corp.		3,900		70,563		33.6
Hioki EE Corp.		600		21,333		10.2
Hokuetsu Corp.		56,800		261,830		124.6
Hokuto Corp.		2,300		40,722		19.4
Horiba Ltd.		2,200		136,079		64.8
House Foods Group, Inc.		6,700		212,442		101.1
Ichigo Office REIT Investment		315		340,376		162.0
Ichiyoshi Securities Co. Ltd.		8,700		48,332		23.0
Invincible Investment Corp.		502		253,601		120.7
Itoham Yonekyu Holdings, Inc.		6,200		38,977		18.6
Iwatani Corp.		9,500		316,579		150.7
Izumi Co. Ltd.		7,100		223,788		106.5

50 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2020 BlackRock Global Long/Short Equity Fund

	Shares		Value		% of Basket Value
Japan (continued)
JAC Recruitment Co. Ltd.		14,800	$	226,006		107.6	%
Jafco Co. Ltd.		500		20,794		9.9
Japan Elevator Service Holdings Co. Ltd.		900		20,107		9.6
Japan Excellent, Inc.		127		229,961		109.5
JCR Pharmaceuticals Co. Ltd.		200		17,155		8.2
JSP Corp.		5,400		94,109		44.8
Kanamoto Co. Ltd.		900		22,158		10.5
Kaneka Corp.		18,600		570,258		271.4
Kanematsu Electronics Ltd.		2,100		67,982		32.4
Kato Sangyo Co. Ltd.		4,000		124,059		59.0
Kenedix, Inc.		14,500		72,939		34.7
Kintetsu World Express, Inc.		3,300		52,625		25.0
Kobe Bussan Co. Ltd.		1,300		49,763		23.7
Kobe Steel Ltd.		9,000		41,098		19.6
Kohnan Shoji Co. Ltd.		1,100		23,986		11.4
Komeri Co. Ltd.		22,500		484,965		230.8
Komori Corp.		3,300		29,992		14.3
Konoike Transport Co. Ltd.		3,100		43,773		20.8
Kotobuki Spirits Co. Ltd.		2,200		145,260		69.1
Kura Sushi, Inc.		1,100		55,292		26.3
KYORIN Holdings, Inc.		2,000		35,908		17.1
Kyoritsu Maintenance Co., Ltd.		2,500		100,042		47.6
Kyowa Exeo Corp.		5,900		147,286		70.1
Lasertec Corp.		600		29,374		14.0
M&A Capital Partners Co. Ltd.		500		15,576		7.4
Mars Group Holdings Corp.		3,000		53,845		25.6
Maruha Nichiro Corp.		9,700		231,972		110.4
Marvelous, Inc.		16,200		102,911		49.0
Matsuda Sangyo Co. Ltd.		1,500		21,286		10.1
MCUBS MidCity Investment Corp.		242		284,025		135.2
Meiko Network Japan Co. Ltd.		2,000		17,506		8.3
Miroku Jyoho Service Co. Ltd.		1,700		46,925		22.3
Mitsubishi Pencil Co. Ltd.		2,100		30,699		14.6
Mizuno Corp.		3,200		77,139		36.7
Mochida Pharmaceutical Co. Ltd.		2,000		74,869		35.6
Nachi-Fujikoshi Corp.		500		18,367		8.7
Nagaileben Co. Ltd.		7,000		150,427		71.6
Nagase & Co. Ltd.		3,700		50,903		24.2
Nankai Electric Railway Co. Ltd.		1,800		46,461		22.1
Nichi-iko Pharmaceutical Co. Ltd.		5,200		61,123		29.1
Nichiha Corp.		2,200		52,879		25.2
Nichirei Corp.		6,500		157,133		74.8
Nihon M&A Center, Inc.		6,500		185,948		88.5
Nihon Parkerizing Co. Ltd.		26,500		274,845		130.8
Nihon Unisys Ltd.		3,000		91,484		43.5
Nikkon Holdings Co. Ltd.		12,700		293,021		139.5
Nippon Electric Glass Co. Ltd.		9,200		177,726		84.6
Nippon Flour Mills Co. Ltd.		15,600		235,316		112.0
Nippon Light Metal Holdings Co. Ltd.		44,600		85,099		40.5
Nippon Paper Industries Co. Ltd.		19,800		322,223		153.4
Nippon Parking Development Co. Ltd.		2,600		3,421		1.6
Nippon Seiki Co. Ltd.		1,000		14,691		7.0
Nippon Shokubai Co. Ltd.		3,600		211,072		100.5
Nippon Steel Trading Corp.		1,200		54,308		25.8
Nippon Thompson Co. Ltd.		6,900		28,688		13.7
Nishio Rent All Co. Ltd.		5,500		147,774		70.3
Nomura Co. Ltd.		2,100		24,362		11.6
Noritake Co. Ltd/Nagoya Japan		1,600		63,604		30.3
Noritz Corp.		13,600		167,583		79.8
NS Solutions Corp.		2,000		58,745		28.0
Obara Group, Inc.		1,800		57,113		27.2
Oiles Corp.		700		9,767		4.6

	Shares		Value		% of Basket Value
Japan (continued)
Okabe Co. Ltd.	��	34,800	$	273,343		130.1	%
Okamura Corp.		8,000		76,874		36.6
Oki Electric Industry Co. Ltd.		4,000		49,801		23.7
Okinawa Electric Power Co., Inc.		8,400		154,730		73.6
Pacific Metals Co. Ltd.		1,000		18,724		8.9
Premier Investment Corp.		418		617,925		294.1
Press Kogyo Co. Ltd.		21,400		70,443		33.5
Prestige International, Inc.		2,000		18,128		8.6
Rakus Co. Ltd.		4,800		76,270		36.3
Relo Group, Inc.		2,600		69,430		33.0
Riken Corp.		800		25,774		12.3
Rock Field Co. Ltd.		17,900		235,709		112.2
Roland DG Corp.		5,300		95,840		45.6
Royal Holdings Co. Ltd.		6,000		131,152		62.4
Ryobi Ltd.		2,700		43,729		20.8
Ryosan Co. Ltd.		2,900		67,070		31.9
Sac’s Bar Holdings, Inc.		900		7,053		3.4
Sakata INX Corp.		4,400		45,923		21.9
Sangetsu Corp.		14,100		248,844		118.4
Sankyu, Inc.		2,100		103,543		49.3
Sanshin Electronics Co. Ltd.		900		13,846		6.6
Sanwa Holdings Corp.		14,200		149,371		71.1
Sanyo Chemical Industries Ltd.		2,100		98,303		46.8
SCSK Corp.		5,300		284,061		135.2
Sekisui Plastics Co. Ltd.		5,800		40,826		19.4
Senko Group Holdings Co. Ltd.		27,100		216,670		103.1
Showa Sangyo Co. Ltd.		1,600		44,090		21.0
Sinanen Holdings Co. Ltd.		6,200		115,554		55.0
Sinko Industries Ltd.		6,800		105,601		50.3
Sintokogio Ltd.		3,700		31,569		15.0
SKY Perfect JSAT Holdings, Inc.		17,300		74,418		35.4
SMS Co. Ltd.		4,400		108,981		51.9
St Marc Holdings Co. Ltd.		16,000		334,773		159.3
Star Micronics Co. Ltd.		3,000		38,357		18.3
Starts Corp., Inc.		1,100		26,561		12.6
Studio Alice Co. Ltd.		800		14,126		6.7
Sugi Holdings Co. Ltd.		6,100		305,623		145.5
Sumitomo Forestry Co. Ltd.		5,400		74,985		35.7
Sumitomo Warehouse Co. Ltd.		3,700		47,937		22.8
Systena Corp.		7,900		132,547		63.1
Taikisha Ltd.		3,500		119,681		57.0
Takasago International Corp.		400		8,631		4.1
Tanseisha Co. Ltd.		9,000		101,165		48.2
Tenma Corp.		800		14,379		6.8
TIS, Inc.		3,000		180,229		85.8
Toho Holdings Co., Ltd.		13,800		283,406		134.9
Toho Zinc Co. Ltd.		6,800		116,394		55.4
Topre Corp.		4,900		74,374		35.4
Topy Industries Ltd.		5,700		92,426		44.0
TPR Co. Ltd.		9,400		153,863		73.2
Transcosmos, Inc.		4,700		121,385		57.8
TS Tech Co. Ltd.		1,700		46,720		22.2
Ube Industries Ltd.		19,500		391,385		186.3
Unipres Corp.		1,400		17,857		8.5
United Arrows Ltd.		7,100		188,804		89.9
Valor Holdings Co. Ltd.		20,100		351,263		167.2
Wowow, Inc.		900		22,303		10.6
YAMABIKO Corp.		4,100		40,032		19.1
YAMADA Consulting Group Co. Ltd.		4,400		60,078		28.6
Yamaguchi Financial Group, Inc.		16,400		98,731		47.0
Yamato Kogyo Co. Ltd.		1,700		41,186		19.6
Yamazen Corp.		8,100		75,046		35.7

SCHEDULES OF INVESTMENTS 51

Schedule of Investments  (unaudited) (continued) January 31, 2020 BlackRock Global Long/Short Equity Fund

	Shares		Value		% of Basket Value
Japan (continued)
Yodogawa Steel Works Ltd.		11,200	$	200,314		95.3	%
Yokohama Reito Co. Ltd.		10,300		89,619		42.7
Yuasa Trading Co. Ltd.		1,600		51,334		24.4
Yumeshin Holdings Co. Ltd.		16,300		126,269		60.1
Yurtec Corp.		4,800		28,795		13.7
Yushin Precision Equipment Co. Ltd.		1,100		9,263		4.4
Zenrin Co. Ltd.		3,000		40,421		19.2
				23,306,781
Jordan
Hikma Pharmaceuticals PLC		2,452		59,209		28.2
Luxembourg
Corestate Capital Holding SA		665		29,169		13.9
Netherlands
Aalberts NV		10,567		461,361		219.6
ASM International NV		2,101		255,327		121.5
BE Semiconductor Industries NV		11,643		492,924		234.6
Corbion NV		2,387		82,702		39.4
Core Laboratories NV		4,050		142,276		67.7
Euronext NV		1,853		160,623		76.5
Fugro NV		11,989		125,913		59.9
Intertrust NV		19,747		351,720		167.4
Koninklijke BAM Groep NV		9,244		25,453		12.1
Vastned Retail NV		1,287		34,685		16.5
				2,132,984
Norway
Atea ASA		5,226		67,828		32.3
Entra ASA		6,069		103,573		49.3
Europris ASA		19,388		70,500		33.6
Fjordkraft Holding ASA		5,332		36,637		17.4
Kongsberg Gruppen ASA		12,603		195,938		93.3
Nordic Semiconductor ASA		7,864		50,107		23.9
Norway Royal Salmon ASA		6,192		158,470		75.4
SpareBank 1 Nord Norge		20,885		175,291		83.4
TGS Nopec Geophysical Co. ASA		909		23,105		11.0
Tomra Systems ASA		5,856		172,371		82.0
				1,053,820
Portugal
NOS SGPS SA		15,513		80,518		38.3
REN-Redes Energeticas Nacionais SGPS SA		9,286		28,138		13.4
Semapa-Sociedade de Investimento e Gestao		1,391		19,407		9.3
				128,063
Spain
Acerinox SA		32,709		318,444		151.6
Almirall SA		2,156		31,887		15.2
Cia de Distribucion Integral Logista Holdings SA		5,056		113,452		54.0
Construcciones y Auxiliar de Ferrocarriles SA		1,640		72,844		34.7
Ebro Foods SA		1,343		27,808		13.2
Faes Farma SA		15,227		82,982		39.5
Grupo Catalana Occidente SA		1,469		48,306		23.0
Merlin Properties Socimi SA		7,797		110,588		52.6
				806,311
Sweden
AAK AB		4,918		92,491		44.0
Axfood AB		5,441		112,819		53.7
Bilia AB, — A Shares		4,219		46,411		22.1
Bravida Holding AB		1,935		17,638		8.4
Catena AB		1,878		81,348		38.7
Cloetta AB, — B Shares		72,437		255,325		121.5
Dios Fastigheter AB		40,005		368,911		175.6

	Shares		Value		% of Basket Value
Sweden (continued)
Evolution Gaming Group AB		3,945	$	121,829		58.0	%
Hufvudstaden AB, A Shares		16,482		326,531		155.4
Inwido AB		2,284		17,191		8.2
Kungsleden AB		11,623		123,874		59.0
Lindab International AB		3,463		39,188		18.7
Peab AB		7,711		77,411		36.8
Ratos AB, Class B		1,016		3,569		1.7
Resurs Holding AB		25,556		141,442		67.3
Scandic Hotels Group AB		3,627		38,470		18.3
Sweco AB, — B Shares		2,495		96,346		45.9
Wallenstam AB, B Shares		10,749		140,755		67.0
				2,101,549
Switzerland
Allreal Holding AG, Registered Shares		257		53,364		25.4
Belimo Holding AG		29		203,332		96.8
Flughafen Zuerich AG, Registered Shares		116		20,196		9.6
Helvetia Holding AG		137		19,694		9.4
Landis+Gyr Group AG		313		28,685		13.7
Logitech International SA, Registered Shares		4,753		212,922		101.3
PSP Swiss Property AG, Registered Shares		5,839		882,897		420.2
Sulzer AG, Registered Shares		930		102,568		48.8
Sunrise Communications Group AG		2,073		171,196		81.5
Tecan Group AG		491		138,804		66.1
Valiant Holding AG		1,995		205,120		97.6
Valora Holding AG		425		113,084		53.8
VAT Group AG		1,034		156,079		74.3
				2,307,941
United Kingdom
Avast PLC		9,385		52,711		25.1
boohoo Group PLC		12,601		50,302		23.9
Bovis Homes Group PLC		15,335		279,448		133.0
Dechra Pharmaceuticals PLC		2,678		100,348		47.8
Dialog Semiconductor PLC		2,339		102,745		48.9
Diploma PLC		2,962		76,193		36.3
Drax Group PLC		12,517		44,958		21.4
Dunelm Group PLC		2,363		36,206		17.2
Essentra PLC		5,842		32,323		15.4
Forterra PLC		10,005		43,466		20.7
Frontier Developments PLC		266		4,960		2.4
Go-Ahead Group PLC		3,605		97,493		46.4
Greggs PLC		2,209		65,749		31.3
Hill & Smith Holdings PLC		2,492		46,618		22.2
HomeServe PLC		3,868		65,481		31.2
IMI PLC		5,542		80,557		38.3
John Wood Group PLC		10,392		51,439		24.5
Moneysupermarket.com Group PLC		42,432		182,141		86.7
Morgan Sindall Group PLC		3,082		74,558		35.5
National Express Group PLC		62,742		370,343		176.3
Rightmove PLC		80,613		698,636		332.5
Rotork PLC		11,775		47,181		22.4
Safestore Holdings PLC		38,975		414,305		197.2
Signature Aviation PLC		11,417		43,902		20.9
Softcat PLC		16,215		246,922		117.5
Spirent Communications PLC		45,390		132,762		63.2
Ultra Electronics Holdings PLC		637		18,993		9.0
Vesuvius PLC		14,077		80,861		38.5
Watkin Jones PLC		32,479		105,913		50.4
				3,647,514
United States
1-800-Flowers.com, Inc., Class A		7,979		121,201		57.7
AAR Corp.		531		22,610		10.8

52 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2020 BlackRock Global Long/Short Equity Fund

	Shares		Value		% of Basket Value
United States (continued)
ACADIA Pharmaceuticals, Inc.		2,672	$	106,720		50.8	%
ACCO Brands Corp.		436		3,767		1.8
Acushnet Holdings Corp.		656		20,316		9.7
Advanced Drainage Systems, Inc.		7,793		323,955		154.2
Affiliated Managers Group, Inc.		2,137		170,639		81.2
Alarm.com Holdings, Inc.		2,274		99,897		47.5
Albany International Corp., Class A		407		28,396		13.5
Alkermes PLC		1,607		27,978		13.3
Amalgamated Bank, Class A		2,197		37,876		18.0
AMN Healthcare Services, Inc.		1,237		83,349		39.7
AngioDynamics, Inc.		14,748		203,080		96.7
Applied Industrial Technologies, Inc.		454		29,315		14.0
Archrock, Inc.		18,827		157,205		74.8
Ares Commercial Real Estate Corp.		16,182		264,414		125.9
Ares Management Corp., Class A		1,417		51,097		24.3
Asbury Automotive Group, Inc.		1,485		143,228		68.2
Atkore International Group, Inc.		3,085		122,474		58.3
AZZ, Inc.		837		34,535		16.4
Bancorp, Inc.		1,517		17,946		8.5
BancorpSouth Bank		1,816		51,883		24.7
Bank OZK		11,480		312,026		148.5
Bar Harbor Bankshares		1,348		29,656		14.1
Barrett Business Services, Inc.		100		8,283		3.9
Bed Bath & Beyond, Inc.		1,778		25,337		12.1
Berkshire Hills Bancorp, Inc.		3,492		98,300		46.8
Bio-Techne Corp.		1,417		297,527		141.6
BioDelivery Sciences International, Inc.		3,251		17,068		8.1
BMC Stock Holdings, Inc.		5,550		161,977		77.1
Boston Beer Co., Inc., Class A		73		26,016		12.4
Bridge Bancorp, Inc.		1,319		40,032		19.1
Briggs & Stratton Corp.		3,743		13,737		6.5
Bruker Corp.		11,126		550,403		262.0
Builders FirstSource, Inc.		5,028		124,669		59.3
BWX Technologies, Inc.		7,277		462,744		220.2
Cabot Microelectronics Corp.		506		73,628		35.0
Calavo Growers, Inc.		2,236		171,300		81.5
Capital City Bank Group, Inc.		52		1,483		0.7
Cardiovascular Systems, Inc.		1,799		81,657		38.9
Cargurus, Inc.		1,274		45,418		21.6
Carlisle Cos., Inc.		2,206		344,643		164.0
Carriage Services, Inc.		2,072		49,044		23.3
Casella Waste Systems, Inc., Class A		2,211		113,181		53.9
Century Communities, Inc.		2,564		76,074		36.2
Cerus Corp.		16,441		65,928		31.4
CEVA, Inc.		1,357		37,114		17.7
Charles River Laboratories International, Inc.		1,058		163,546		77.8
Cheesecake Factory, Inc.		539		20,698		9.9
Chemed Corp.		820		382,973		182.3
ChemoCentryx, Inc.		437		18,538		8.8
Chuy’s Holdings, Inc.		1,337		32,823		15.6
Cinemark Holdings, Inc.		8,689		273,790		130.3
Cirrus Logic, Inc.		1,633		125,431		59.7
Clean Harbors, Inc.		2,989		245,756		117.0
CNO Financial Group, Inc.		1,014		17,836		8.5
Coherus Biosciences, Inc.		1,448		26,122		12.4
Columbus McKinnon Corp.		2,366		82,786		39.4
Comfort Systems USA, Inc.		4,981		231,118		110.0
CommVault Systems, Inc.		4,221		190,029		90.4
ConnectOne Bancorp, Inc.		7,340		173,297		82.5
Cooper-Standard Holdings, Inc.		1,112		29,490		14.0
Crocs, Inc.		1,319		50,003		23.8
CSG Systems International, Inc.		4,471		222,745		106.0

	Shares		Value		% of Basket Value
United States (continued)
Cutera, Inc.		1,216	$	34,267		16.3	%
Daktronics, Inc.		1,215		7,169		3.4
Del Taco Restaurants, Inc.		430		3,242		1.5
Denny’s Corp.		5,331		109,126		51.9
DiamondRock Hospitality Co.		14,859		143,687		68.4
Douglas Emmett, Inc.		4,160		172,640		82.2
Dunkin’ Brands Group, Inc.		7,492		585,050		278.5
Dycom Industries, Inc.		2,358		95,310		45.4
Eagle Materials, Inc.		1,247		113,689		54.1
elf Beauty, Inc.		4,477		70,199		33.4
Ellington Financial, Inc.		13,590		248,289		118.2
EMCOR Group, Inc.		4,941		406,002		193.2
Enanta Pharmaceuticals, Inc.		3,869		199,408		94.9
Encompass Health Corp.		368		28,347		13.5
Encore Wire Corp.		4,861		264,001		125.7
Enova International, Inc.		1,070		26,814		12.8
Ensign Group, Inc.		903		40,816		19.4
Entegris, Inc.		503		26,035		12.4
Essent Group Ltd.		4,921		244,131		116.2
Ethan Allen Interiors, Inc.		1,074		17,345		8.3
Everi Holdings, Inc.		4,418		55,225		26.3
Exantas Capital Corp.		35,031		423,174		201.4
Ezcorp, Inc., Class A		2,345		14,586		6.9
Fair Isaac Corp.		614		247,061		117.6
FB Financial Corp.		2,331		83,100		39.6
FBL Financial Group, Inc., Class A		1,483		79,756		38.0
Federal Agricultural Mortgage Corp., Class C		618		47,153		22.4
Federal Signal Corp.		3,415		109,826		52.3
Financial Institutions, Inc.		1,165		35,894		17.1
First American Financial Corp.		3,653		226,413		107.8
First Busey Corp.		4,046		103,173		49.1
First Defiance Financial Corp.		12,243		359,822		171.3
First Horizon National Corp.		7,333		117,328		55.8
First Interstate Bancsystem, Inc., Class A		1,729		66,567		31.7
Five9, Inc.		1,639		117,565		56.0
Flushing Financial Corp.		6,055		120,313		57.3
FNB Corp.		12,801		149,388		71.1
FormFactor, Inc.		9,271		234,649		111.7
Foundation Building Materials, Inc.		2,426		43,256		20.6
Franklin Covey Co.		3,639		115,720		55.1
Freshpet, Inc.		2,019		126,955		60.4
frontdoor, Inc.		401		17,075		8.1
G-III Apparel Group Ltd.		1,432		38,965		18.5
GATX Corp.		3,578		272,393		129.6
Genesco, Inc.		716		28,153		13.4
GenMark Diagnostics, Inc.		6,907		37,229		17.7
Glaukos Corp.		955		53,719		25.6
Globus Medical, Inc., Class A		3,452		180,471		85.9
Goodyear Tire & Rubber Co.		1,529		20,076		9.6
Green Brick Partners, Inc.		3,163		36,659		17.5
H&E Equipment Services, Inc.		4,536		122,971		58.5
Haemonetics Corp.		762		81,831		39.0
Hanger, Inc.		770		18,811		9.0
Harsco Corp.		1,350		20,115		9.6
Heartland Financial USA, Inc.		6,216		304,025		144.7
Heidrick & Struggles International, Inc.		2,772		78,780		37.5
Herc Holdings, Inc.		1,943		77,953		37.1
Heritage Commerce Corp.		11,386		132,078		62.9
Heska Corp.		237		23,745		11.3
Hill-Rom Holdings, Inc.		2,847		303,177		144.3
Hillenbrand, Inc.		3,535		102,621		48.8
Hilltop Holdings, Inc.		2,338		52,932		25.2

SCHEDULES OF INVESTMENTS 53

Schedule of Investments  (unaudited) (continued) January 31, 2020 BlackRock Global Long/Short Equity Fund

	Shares		Value		% of Basket Value
United States (continued)
Hooker Furniture Corp.		2,213	$	54,528		26.0	%
Horizon Bancorp		3,578		60,540		28.8
Hostess Brands, Inc.		6,493		87,136		41.5
Hubbell, Inc.		2,269		324,989		154.7
ICF International, Inc.		5,925		518,971		247.0
Independent Bank Corp.		13,560		289,913		138.0
Ingevity Corp.		799		52,111		24.8
Inphi Corp.		553		42,006		20.0
Insight Enterprises, Inc.		2,293		151,040		71.9
Installed Building Products, Inc.		2,421		179,469		85.4
Integra LifeSciences Holdings Corp.		1,604		88,284		42.0
InterDigital, Inc.		460		25,415		12.1
Investors Bancorp, Inc.		22,747		274,897		130.8
Ironwood Pharmaceuticals, Inc.		3,222		38,922		18.5
ITT, Inc.		679		45,547		21.7
K12, Inc.		5,494		88,673		42.2
Kaiser Aluminum Corp.		258		25,839		12.3
Kearny Financial Corp.		6,899		85,203		40.6
Kelly Services, Inc., Class A		1,289		22,893		10.9
Kilroy Realty Corp.		2,544		210,058		100.0
Kimball International, Inc., Class B		1,283		24,095		11.5
Knoll, Inc.		872		21,591		10.3
Knowles Corp.		2,961		58,421		27.8
Kraton Corp.		2,290		37,671		17.9
Kronos Worldwide, Inc.		1,375		14,905		7.1
La-Z-Boy, Inc.		2,565		78,592		37.4
Lakeland Bancorp, Inc.		2,472		40,145		19.1
Legg Mason, Inc.		584		22,864		10.9
LHC Group, Inc.		134		19,531		9.3
Lithia Motors, Inc., Class A		315		42,727		20.3
LivePerson, Inc.		1,977		81,077		38.6
Manhattan Associates, Inc.		4,982		425,762		202.6
ManTech International Corp., Class A		642		51,540		24.5
MarineMax, Inc.		175		3,488		1.7
Marten Transport Ltd.		5,791		120,221		57.2
Masimo Corp.		1,647		280,978		133.7
MasTec, Inc.		891		51,455		24.5
Materion Corp.		2,257		122,555		58.3
MAXIMUS, Inc.		1,298		93,132		44.3
McGrath RentCorp		1,231		95,181		45.3
MDU Resources Group, Inc.		2,547		75,417		35.9
Mercantile Bank Corp.		2,359		77,304		36.8
Merchants Bancorp		381		7,498		3.6
Meridian Bancorp, Inc.		13,257		238,493		113.5
Meritage Homes Corp.		1,935		137,308		65.4
Midland States Bancorp, Inc.		6,289		166,155		79.1
Mobile Mini, Inc.		5,547		231,532		110.2
MobileIron, Inc.		944		4,503		2.1
Model N, Inc.		7,091		221,168		105.3
Monolithic Power Systems, Inc.		419		71,720		34.1
MSC Industrial Direct Co., Inc., Class A		2,192		149,209		71.0
MYR Group, Inc.		2,245		64,476		30.7
Natera, Inc.		731		25,592		12.2
NeoGenomics, Inc.		2,864		92,307		43.9
Nu Skin Enterprises, Inc., Class A		1,320		43,019		20.5
NuVasive, Inc.		1,503		115,911		55.2
Oceaneering International, Inc.		4,999		62,038		29.5
OPKO Health, Inc.		7,768		11,264		5.4
Opus Bank		11,819		314,799		149.8
Orthofix Medical, Inc.		2,175		94,091		44.8
Otter Tail Corp.		4,540		243,162		115.7
PacWest Bancorp		9,736		341,247		162.4

	Shares		Value		% of Basket Value
United States (continued)
Park Hotels & Resorts, Inc.		10,246	$	224,797		107.0	%
Park-Ohio Holdings Corp.		1,086		31,928		15.2
Patrick Industries, Inc.		846		43,890		20.9
Paylocity Holding Corp.		921		130,681		62.2
PDF Solutions, Inc.		577		9,094		4.3
Peapack Gladstone Financial Corp.		7,328		214,197		102.0
Peoples Bancorp, Inc.		8,014		260,776		124.1
Perdoceo Education Corp.		1,140		20,269		9.6
Perficient, Inc.		4,789		238,013		113.3
Pilgrim’s Pride Corp.		880		22,924		10.9
Pinnacle Financial Partners, Inc.		2,520		148,831		70.8
PolyOne Corp.		6,224		206,512		98.3
Pool Corp.		1,962		430,267		204.8
Power Integrations, Inc.		211		20,608		9.8
PRA Health Sciences, Inc.		264		26,746		12.7
PROS Holdings, Inc.		957		57,420		27.3
Q2 Holdings, Inc.		1,505		131,221		62.5
QCR Holdings, Inc.		3,833		157,536		75.0
QTS Realty Trust, Inc., Class A		1,550		88,164		42.0
Qualys, Inc.		587		50,329		24.0
Quanta Services, Inc.		1,718		67,260		32.0
Radian Group, Inc.		6,709		164,303		78.2
RadNet, Inc.		4,488		101,294		48.2
Rapid7, Inc.		1,577		93,642		44.6
Rattler Midstream LP		6,010		90,691		43.2
RE/MAX Holdings, Inc., Class A		1,119		42,835		20.4
Reliance Steel & Aluminum Co.		2,332		267,714		127.4
Repligen Corp.		1,681		168,756		80.3
Republic First Bancorp, Inc.		281		896		0.4
Retrophin, Inc.		3,402		52,595		25.0
Rexnord Corp.		745		24,324		11.6
RMR Group, Inc., Class A		169		7,786		3.7
Rush Enterprises, Inc., Class A		2,479		106,597		50.7
Ruth’s Hospitality Group, Inc.		23,048		472,484		224.9
Ryman Hospitality Properties, Inc.		3,522		299,476		142.5
Sandy Spring Bancorp, Inc.		7,462		259,678		123.6
ScanSource, Inc.		1,758		61,337		29.2
Scotts Miracle-Gro Co.		1,128		138,451		65.9
SEACOR Holdings, Inc.		1,162		43,680		20.8
Select Medical Holdings Corp.		16,712		381,702		181.7
Sensient Technologies Corp.		3,707		221,493		105.4
Shoe Carnival, Inc.		685		24,564		11.7
Silgan Holdings, Inc.		5,655		174,513		83.1
Simulations Plus, Inc.		1,750		57,015		27.1
SiteOne Landscape Supply, Inc.		1,600		154,480		73.5
Skechers U.S.A., Inc., Class A		2,607		97,476		46.4
Solid Biosciences, Inc.		4,663		15,621		7.4
South State Corp.		1,061		80,222		38.2
Southwest Gas Holdings, Inc.		1,382		104,355		49.7
SP Plus Corp.		4,878		203,949		97.1
SPS Commerce, Inc.		3,776		214,590		102.1
Standex International Corp.		678		49,555		23.6
Steven Madden Ltd.		6,967		268,648		127.9
Stifel Financial Corp.		3,798		245,693		116.9
Summit Hotel Properties, Inc.		17,178		190,504		90.7
Summit Materials, Inc., Class A		1,006		22,102		10.5
Sunstone Hotel Investors, Inc.		2,107		26,717		12.7
SVMK, Inc.		1,137		20,068		9.6
Tactile Systems Technology, Inc.		353		19,835		9.4
Taylor Morrison Home Corp., Class A		3,340		86,439		41.1
TechTarget, Inc.		1,000		25,390		12.1
Telephone & Data Systems, Inc.		1,609		36,492		17.4

54 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2020 BlackRock Global Long/Short Equity Fund

	Shares			Value			% of Basket Value
United States (continued)
Tempur Sealy International, Inc.		3,320		$	304,178			144.8	%
Teradata Corp.		1,960			47,706			22.7
Terex Corp.		2,043			51,790			24.7
Texas Roadhouse, Inc.		2,627			164,187			78.1
Tootsie Roll Industries, Inc.		742			25,310			12.0
TopBuild Corp.		1,206			138,099			65.7
TRI Pointe Group, Inc.		14,648			238,176			113.4
TriNet Group, Inc.		4,186			238,853			113.7
TriState Capital Holdings, Inc.		5,447			125,227			59.6
Trupanion, Inc.		1,207			38,527			18.3
TTEC Holdings, Inc.		1,125			44,685			21.3
U.S. Physical Therapy, Inc.		1,445			169,267			80.6
Univar Solutions, Inc.		1,371			29,545			14.1
Univest Financial Corp.		3,514			87,288			41.5
Valley National Bancorp		14,802			155,865			74.2
Valvoline, Inc.		2,165			45,638			21.7
Varex Imaging Corp.		1,464			40,480			19.3
Veracyte, Inc.		820			21,525			10.2
Vericel Corp.		2,582			42,345			20.2
Viavi Solutions, Inc.		9,729			137,179			65.3
Virtus Investment Partners, Inc.		395			48,597			23.1
Wabash National Corp.		11,346			131,614			62.6
Watsco, Inc.		1,438			250,097			119.0
WesBanco, Inc.		6,004			198,852			94.6
WESCO International, Inc.		7,128			345,066			164.2
Wingstop, Inc.		662			61,414			29.2
Wintrust Financial Corp.		294			18,604			8.9
WisdomTree Investments, Inc.		9,605			40,437			19.2
Wolverine World Wide, Inc.		1,447			45,682			21.7
Workiva, Inc.		471			21,426			10.2
Xenia Hotels & Resorts, Inc.		2,615			48,874			23.3
Zendesk, Inc.		1,155			99,792			47.5
Zumiez, Inc.		711			22,162			10.6
					33,670,867
Total Reference Entity — Long					90,336,229
Reference Entity — Short
Australia
Adelaide Brighton, Ltd.		(15,643	)		(37,776	)		(18.0	)
Afterpay Ltd.		(639	)		(15,957	)		(7.6	)
Bega Cheese Ltd.		(7,774	)		(22,524	)		(10.7	)
Brickworks Ltd.		(1,792	)		(23,687	)		(11.3	)
Castile Resources Pty Ltd.		(1,573	)		(211	)		(0.1	)
Costa Group Holdings Ltd.		(45,985	)		(83,694	)		(39.8	)
CSR Ltd.		(45,196	)		(144,890	)		(69.0	)
Elders Ltd.		(19,365	)		(95,286	)		(45.3	)
Estia Health Ltd.		(10,005	)		(16,346	)		(7.8	)
G8 Education, Ltd.		(11,794	)		(14,960	)		(7.1	)
GrainCorp Ltd.		(22,385	)		(124,248	)		(59.1	)
Hansen Technologies Ltd.		(4,228	)		(10,329	)		(4.9	)
Ingenia Communities Group		(65,343	)		(209,080	)		(99.5	)
Mineral Resources Ltd.		(7,738	)		(86,998	)		(41.4	)
NEXTDC Ltd.		(12,845	)		(64,247	)		(30.6	)
Nufarm Ltd.		(2,924	)		(10,665	)		(5.1	)
Orocobre Ltd.		(10,002	)		(20,506	)		(9.8	)
Pact Group Holdings Ltd.		(12,480	)		(22,868	)		(10.9	)
Platinum Asset Management Ltd.		(3,433	)		(10,753	)		(5.1	)
Regis Healthcare Ltd.		(10,049	)		(16,092	)		(7.7	)
Village Roadshow Ltd.		(4,692	)		(12,625	)		(6.0	)
Western Areas Ltd.		(12,281	)		(20,782	)		(9.9	)

	Shares			Value			% of Basket Value
Australia (continued)
Westgold Resources Ltd.		(6,294	)	$	(9,362	)		(4.4	) %
					(1,073,886	)
Austria
Agrana Beteiligungs AG		(1,634	)		(34,794	)		(16.6	)
AT&S Austria Technologie & Systemtechnik AG		(4,843	)		(106,832	)		(50.9	)
CA Immobilien Anlagen AG		(11,069	)		(487,017	)		(231.8	)
FACC AG		(2,680	)		(35,524	)		(16.9	)
Kapsch TrafficCom AG		(935	)		(27,560	)		(13.1	)
Schoeller-Bleckmann Oilfield Equipment AG		(438	)		(20,131	)		(9.6	)
Semperit AG Holding		(2,565	)		(34,762	)		(16.5	)
					(746,620	)
Bahamas
OneSpaWorld Holdings Ltd.		(8,829	)		(132,523	)		(63.1	)
Belgium
Ackermans & van Haaren NV		(1,747	)		(279,848	)		(133.2	)
AGFA-Gevaert NV		(38,430	)		(188,895	)		(89.9	)
Akka Technologies		(1,760	)		(122,201	)		(58.2	)
Bekaert SA		(1,529	)		(38,817	)		(18.5	)
bpost SA		(3,075	)		(30,644	)		(14.6	)
Cie d’Entreprises CFE		(3,876	)		(422,659	)		(201.2	)
Econocom Group SA		(7,249	)		(20,610	)		(9.8	)
Elia System Operator SA		(2,780	)		(268,104	)		(127.6	)
Euronav NV		(7,253	)		(72,067	)		(34.3	)
Exmar NV		(29,961	)		(178,047	)		(84.7	)
Mithra Pharmaceuticals SA		(871	)		(23,608	)		(11.2	)
Sofina SA		(1,106	)		(253,023	)		(120.4	)
Tessenderlo Group SA		(4,360	)		(146,691	)		(69.8	)
					(2,045,214	)
Bermuda
Enstar Group Ltd.		(3,460	)		(675,703	)		(321.6	)
Signet Jewelers Ltd.		(2,047	)		(49,763	)		(23.7	)
Triton International Ltd.		(1,019	)		(38,263	)		(18.2	)
					(763,729	)
Canada
Canfor Corp.		(1,862	)		(16,729	)		(8.0	)
Finning International, Inc.		(14,881	)		(257,387	)		(122.5	)
Great Canadian Gaming Corp.		(12,222	)		(368,027	)		(175.2	)
Hudson’s Bay Co.		(19,290	)		(159,317	)		(75.8	)
MTY Food Group, Inc.		(1,205	)		(52,620	)		(25.0	)
NFI Group, Inc.		(2,914	)		(67,422	)		(32.1	)
Park Lawn Corp.		(3,886	)		(87,768	)		(41.8	)
Westshore Terminals Investment Corp.		(4,415	)		(53,644	)		(25.5	)
WPT Industrial Real Estate Investment Trust		(738	)		(10,583	)		(5.0	)
					(1,073,497	)
Cayman Islands
Global Indemnity Ltd.		(4,443	)		(140,088	)		(66.7	)
Denmark
Ambu A/S, Class B		(5,585	)		(101,939	)		(48.5	)
Bavarian Nordic A/S		(1,625	)		(56,395	)		(26.9	)
					(158,334	)
Finland
Adapteo OYJ		(2,497	)		(29,092	)		(13.9	)
Cramo OYJ		(3,626	)		(55,134	)		(26.3	)
F-Secure OYJ		(38,508	)		(140,417	)		(66.8	)
Finnair OYJ		(29,558	)		(172,562	)		(82.1	)
Konecranes OYJ		(5,931	)		(178,778	)		(85.1	)
Metsa Board OYJ		(16,386	)		(99,240	)		(47.2	)
Outokumpu OYJ		(52,202	)		(179,319	)		(85.4	)

SCHEDULES OF INVESTMENTS 55

Schedule of Investments  (unaudited) (continued) January 31, 2020 BlackRock Global Long/Short Equity Fund

	Shares			Value			% of Basket Value
Finland (continued)
Sanoma OYJ		(7,354	)	$	(88,329	)		(42.0	) %
					(942,871	)
France
Air France-KLM		(125	)		(1,158	)		(0.6	)
Beneteau SA		(9,779	)		(104,884	)		(49.9	)
Boiron SA		(1,402	)		(53,333	)		(25.4	)
Cellectis SA		(3,188	)		(49,464	)		(23.5	)
CGG SA		(31,794	)		(89,339	)		(42.5	)
Chargeurs SA		(2,447	)		(46,108	)		(21.9	)
Eramet		(586	)		(24,584	)		(11.7	)
Europcar Mobility Group		(20,081	)		(81,449	)		(38.8	)
Guerbet		(345	)		(13,334	)		(6.4	)
Jacquet Metal Service SA		(1,394	)		(21,762	)		(10.4	)
LISI		(718	)		(21,858	)		(10.4	)
Oeneo SA		(9,251	)		(141,175	)		(67.2	)
Societe BIC SA		(287	)		(19,400	)		(9.2	)
Synergie SA		(39	)		(1,239	)		(0.6	)
Trigano SA		(393	)		(37,265	)		(17.7	)
					(706,352	)
Germany
ADO Properties SA		(1,775	)		(54,881	)		(26.1	)
Aurubis AG		(637	)		(34,658	)		(16.5	)
BayWa AG		(4,206	)		(123,590	)		(58.8	)
CropEnergies AG		(3,077	)		(34,359	)		(16.4	)
Eckert & Ziegler Strahlen- und Medizintechnik AG		(98	)		(18,665	)		(8.9	)
HUGO BOSS AG		(567	)		(26,786	)		(12.8	)
Jungheinrich AG		(867	)		(19,036	)		(9.1	)
K+S AG		(8,633	)		(83,779	)		(39.9	)
Krones AG		(499	)		(37,681	)		(17.9	)
PATRIZIA AG		(9,108	)		(217,423	)		(103.5	)
Rocket Internet SE		(17,034	)		(398,990	)		(189.9	)
Siltronic AG		(1,666	)		(178,457	)		(84.9	)
Sixt SE		(751	)		(75,682	)		(36.0	)
Sixt SE		(285	)		(19,769	)		(9.4	)
SMA Solar Technology AG		(539	)		(19,846	)		(9.4	)
Suedzucker AG		(1,348	)		(22,781	)		(10.8	)
VERBIO Vereinigte BioEnergie AG		(6,181	)		(87,469	)		(41.6	)
Vossloh AG		(255	)		(11,239	)		(5.4	)
zooplus AG		(65	)		(5,854	)		(2.8	)
					(1,470,945	)
Hong Kong
Luk Fook Holdings International Ltd.		(41,000	)		(111,054	)		(52.9	)
Ireland
Cimpress PLC		(305	)		(36,487	)		(17.4	)
COSMO Pharmaceuticals NV		(3,958	)		(336,198	)		(160.0	)
Endo International PLC		(3,712	)		(21,047	)		(10.0	)
Glanbia PLC		(5,100	)		(59,559	)		(28.4	)
Greencore Group PLC		(6,229	)		(20,202	)		(9.6	)
					(473,493	)
Israel
Cellcom Israel Ltd.		(2,285	)		(8,233	)		(3.9	)
Delek Automotive Systems Ltd.		(4,510	)		(26,773	)		(12.7	)
Delek Group Ltd.		(80	)		(10,258	)		(4.9	)
Gazit-Globe Ltd.		(19,578	)		(226,587	)		(107.9	)
Harel Insurance Investments & Financial Services Ltd.		(24,260	)		(165,788	)		(78.9	)
IDI Insurance Co. Ltd.		(8,698	)		(291,699	)		(138.8	)
Isracard Ltd.		(35,628	)		(131,243	)		(62.5	)
Israel Corp. Ltd.		(1,268	)		(219,251	)		(104.4	)
Kornit Digital Ltd.		(483	)		(20,180	)		(9.6	)

	Shares			Value			% of Basket Value
Israel (continued)
Paz Oil Co. Ltd.		(1,561	)	$	(189,331	)		(90.1	) %
Sapiens International Corp. NV		(4,118	)		(107,278	)		(51.1	)
Shufersal Ltd.		(44,915	)		(280,320	)		(133.4	)
Tower Semiconductor Ltd.		(2,081	)		(46,735	)		(22.2	)
					(1,723,676	)
Italy
Aquafil SpA		(2,822	)		(18,966	)		(9.0	)
Arnoldo Mondadori Editore SpA		(12,082	)		(24,816	)		(11.8	)
Banca Monte dei Paschi di Siena SpA		(40,443	)		(75,680	)		(36.0	)
Banca Popolare di Sondrio SCPA		(21,692	)		(46,717	)		(22.2	)
Banco BPM SpA		(71,098	)		(145,369	)		(69.2	)
Biesse SpA		(2,552	)		(44,893	)		(21.4	)
BPER Banca		(3,188	)		(14,642	)		(7.0	)
Cairo Communication SpA		(13,479	)		(35,561	)		(16.9	)
Danieli & C Officine Meccaniche SpA		(576	)		(9,454	)		(4.5	)
Danieli & C Officine Meccaniche SpA		(5,117	)		(51,189	)		(24.4	)
De’ Longhi SpA		(2,123	)		(40,004	)		(19.1	)
ERG SpA		(6,319	)		(149,337	)		(71.1	)
Fila SpA		(41,364	)		(587,920	)		(279.8	)
Freni Brembo SpA		(13,380	)		(153,038	)		(72.8	)
Gruppo MutuiOnline SpA		(1,190	)		(26,527	)		(12.6	)
Illimity Bank SpA		(1,740	)		(17,802	)		(8.5	)
Immobiliare Grande Distribuzione SIIQ SpA		(3,258	)		(21,654	)		(10.3	)
Juventus Football Club SpA		(121,442	)		(153,021	)		(72.8	)
La Doria SpA		(2,192	)		(21,539	)		(10.3	)
Maire Tecnimont SpA		(54,505	)		(140,568	)		(66.9	)
OVS SpA		(50,206	)		(95,550	)		(45.5	)
SAES Getters SpA		(1,061	)		(34,014	)		(16.2	)
Saipem SpA		(8,568	)		(35,520	)		(16.9	)
Salini Impregilo SpA		(36,805	)		(59,718	)		(28.4	)
Societa Cattolica di Assicurazioni		(3,693	)		(29,204	)		(13.9	)
Tamburi Investment Partners SpA		(17,287	)		(130,370	)		(62.1	)
Tod’s SpA		(3,328	)		(134,536	)		(64.0	)
Zignago Vetro SpA		(8,403	)		(125,811	)		(59.9	)
					(2,423,420	)
Japan
77 Bank Ltd.		(10,900	)		(165,157	)		(78.6	)
Activia Properties, Inc.		(38	)		(202,354	)		(96.3	)
Aeon Delight Co. Ltd.		(1,200	)		(41,174	)		(19.6	)
AEON REIT Investment Corp.		(51	)		(69,566	)		(33.1	)
Aichi Bank Ltd.		(1,100	)		(33,854	)		(16.1	)
Aiful Corp.		(130,100	)		(352,937	)		(168.0	)
AnGes, Inc.		(8,600	)		(45,999	)		(21.9	)
Arata Corp.		(4,100	)		(169,584	)		(80.7	)
Awa Bank Ltd.		(11,700	)		(257,289	)		(122.5	)
Bank of Iwate Ltd.		(1,200	)		(29,151	)		(13.9	)
Bank of Okinawa Ltd.		(9,200	)		(292,865	)		(139.4	)
Bank of the Ryukyus Ltd.		(2,000	)		(19,203	)		(9.1	)
Belc Co. Ltd.		(800	)		(42,670	)		(20.3	)
Bic Camera, Inc.		(42,500	)		(460,845	)		(219.3	)
Canon Marketing Japan, Inc.		(7,100	)		(169,228	)		(80.5	)
Chofu Seisakusho Co. Ltd.		(3,000	)		(63,671	)		(30.3	)
Chubu Shiryo Co. Ltd.		(5,000	)		(77,298	)		(36.8	)
Chugoku Bank Ltd.		(49,500	)		(469,226	)		(223.3	)
Chugoku Marine Paints Ltd.		(9,500	)		(88,294	)		(42.0	)
Chukyo Bank Ltd.		(800	)		(16,353	)		(7.8	)
CKD Corp.		(1,100	)		(17,408	)		(8.3	)
cocokara fine, Inc.		(1,100	)		(67,737	)		(32.2	)
Colowide Co. Ltd.		(14,700	)		(298,063	)		(141.9	)
Comforia Residential REIT, Inc.		(186	)		(612,819	)		(291.7	)
COOKPAD, Inc.		(20,700	)		(62,057	)		(29.5	)

56 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2020 BlackRock Global Long/Short Equity Fund

	Shares			Value			% of Basket Value
Japan (continued)
Cosmo Energy Holdings Co. Ltd.		(6,700	)	$	(129,233	)		(61.5	) %
Create Restaurants Holdings, Inc.		(32,100	)		(668,927	)		(318.4	)
CYBERDYNE, Inc.		(13,900	)		(67,048	)		(31.9	)
Cybozu, Inc.		(1,700	)		(29,712	)		(14.1	)
Daibiru Corp.		(12,500	)		(153,867	)		(73.2	)
Daisyo Corp.		(4,600	)		(69,668	)		(33.2	)
Daiwabo Holdings Co. Ltd.		(3,100	)		(172,583	)		(82.1	)
Dena Co. Ltd.		(24,300	)		(399,636	)		(190.2	)
Digital Garage, Inc.		(4,800	)		(175,034	)		(83.3	)
Earth Corp.		(5,400	)		(288,547	)		(137.3	)
Enplas Corp.		(6,200	)		(166,447	)		(79.2	)
euglena Co. Ltd.		(2,900	)		(22,282	)		(10.6	)
Foster Electric Co. Ltd.		(5,400	)		(80,251	)		(38.2	)
Fujibo Holdings, Inc.		(3,900	)		(126,844	)		(60.4	)
Fujimi, Inc.		(1,300	)		(35,308	)		(16.8	)
Fujitec Co. Ltd.		(24,700	)		(402,327	)		(191.5	)
Fujitsu General, Ltd.		(21,400	)		(478,428	)		(227.7	)
Fujiya Co. Ltd.		(18,100	)		(362,667	)		(172.6	)
Fukuoka REIT Corp.		(13	)		(22,486	)		(10.7	)
Fukushima Galilei Co. Ltd.		(4,700	)		(168,395	)		(80.2	)
Fuyo General Lease Co. Ltd.		(1,100	)		(68,611	)		(32.7	)
G-7 Holdings, Inc.		(1,600	)		(36,226	)		(17.2	)
Gakken Holdings Co. Ltd.		(1,100	)		(72,704	)		(34.6	)
Genky DrugStores Co. Ltd.		(4,600	)		(83,242	)		(39.6	)
Giken Ltd.		(900	)		(39,508	)		(18.8	)
GMO internet, Inc.		(9,000	)		(172,527	)		(82.1	)
Godo Steel Ltd.		(4,000	)		(103,700	)		(49.4	)
Gunosy, Inc.		(1,300	)		(14,312	)		(6.8	)
Gurunavi, Inc.		(9,200	)		(74,735	)		(35.6	)
Hachijuni Bank Ltd.		(22,200	)		(84,794	)		(40.4	)
Haseko Corp.		(39,000	)		(508,480	)		(242.0	)
Hazama Ando Corp.		(21,500	)		(175,920	)		(83.7	)
Heiwa Real Estate Co. Ltd.		(8,500	)		(250,505	)		(119.2	)
Hitachi Capital Corp.		(34,700	)		(939,248	)		(447.0	)
Hitachi Zosen Corp.		(34,500	)		(129,436	)		(61.6	)
Hodogaya Chemical Co. Ltd.		(3,300	)		(111,836	)		(53.2	)
Hokkoku Bank Ltd.		(10,300	)		(301,525	)		(143.5	)
Hokuhoku Financial Group, Inc.		(3,200	)		(31,364	)		(14.9	)
Hosiden Corp.		(12,000	)		(131,529	)		(62.6	)
Hosokawa Micron Corp.		(2,800	)		(128,451	)		(61.1	)
Ichibanya Co. Ltd.		(400	)		(20,896	)		(9.9	)
Ichigo, Inc.		(75,100	)		(281,778	)		(134.1	)
Ichikoh Industries Ltd.		(13,900	)		(86,475	)		(41.2	)
Idec Corp.		(6,200	)		(110,301	)		(52.5	)
Inabata & Co. Ltd.		(3,200	)		(42,831	)		(20.4	)
Invesco Office J-Reit, Inc.		(858	)		(182,730	)		(87.0	)
Ishihara Sangyo Kaisha Ltd.		(9,300	)		(77,958	)		(37.1	)
Istyle, Inc.		(4,100	)		(17,548	)		(8.4	)
Iyo Bank Ltd.		(173,800	)		(896,916	)		(426.9	)
Jaccs Co. Ltd.		(1,700	)		(40,132	)		(19.1	)
Japan Aviation Electronics Industry, Ltd.		(7,200	)		(127,634	)		(60.8	)
Japan Best Rescue System Co. Ltd.		(1,000	)		(8,812	)		(4.2	)
Japan Investment Adviser Co. Ltd.		(3,800	)		(59,471	)		(28.3	)
Japan Medical Dynamic Marketing, Inc.		(800	)		(16,926	)		(8.1	)
Japan Steel Works, Ltd.		(7,900	)		(141,413	)		(67.3	)
JCU Corp.		(4,200	)		(119,159	)		(56.7	)
Jeol Ltd.		(3,600	)		(115,889	)		(55.2	)
Joshin Denki Co. Ltd.		(2,900	)		(63,524	)		(30.2	)
Juroku Bank Ltd.		(15,700	)		(323,920	)		(154.2	)
Justsystems Corp.		(3,100	)		(168,725	)		(80.3	)
K’s Holdings Corp.		(25,400	)		(308,426	)		(146.8	)
Kadokawa Dwango		(19,400	)		(324,389	)		(154.4	)

	Shares			Value			% of Basket Value
Japan (continued)
Kaken Pharmaceutical Co. Ltd.		(1,800	)	$	(94,917	)		(45.2	) %
Kameda Seika Co. Ltd.		(4,400	)		(196,185	)		(93.4	)
Kansai Mirai Financial Group, Inc.		(44,500	)		(256,709	)		(122.2	)
Keihin Corp.		(30,200	)		(705,939	)		(336.0	)
Keiyo Bank Ltd.		(7,700	)		(40,697	)		(19.4	)
Keiyo Co. Ltd.		(3,800	)		(18,733	)		(8.9	)
Kenedix Residential Next Investment Corp.		(49	)		(97,317	)		(46.3	)
Kenko Mayonnaise Co. Ltd.		(300	)		(6,723	)		(3.2	)
Key Coffee, Inc.		(15,300	)		(317,023	)		(150.9	)
KH Neochem Co. Ltd.		(1,100	)		(23,674	)		(11.3	)
Kintetsu Department Store Co. Ltd.		(6,600	)		(215,974	)		(102.8	)
Kiyo Bank Ltd.		(39,600	)		(565,768	)		(269.3	)
KNT-CT Holdings Co. Ltd.		(2,000	)		(24,033	)		(11.4	)
Koei Tecmo Holdings Co. Ltd.		(14,700	)		(385,954	)		(183.7	)
Koshidaka Holdings Co. Ltd.		(2,800	)		(39,522	)		(18.8	)
Krosaki Harima Corp.		(2,300	)		(136,434	)		(64.9	)
Kumiai Chemical Industry Co. Ltd.		(32,800	)		(251,598	)		(119.8	)
Kurabo Industries Ltd.		(3,900	)		(83,071	)		(39.5	)
KYB Corp.		(700	)		(18,832	)		(9.0	)
Kyushu Financial Group, Inc.		(95,800	)		(399,990	)		(190.4	)
LaSalle Logiport REIT		(166	)		(267,927	)		(127.5	)
LEC, Inc.		(8,000	)		(88,570	)		(42.2	)
LIXIL VIVA Corp.		(10,100	)		(206,626	)		(98.3	)
Maeda Road Construction Co. Ltd.		(25,200	)		(851,759	)		(405.4	)
Maruwa Co. Ltd/Aichi		(2,400	)		(174,407	)		(83.0	)
Matsui Securities Co. Ltd.		(34,600	)		(282,263	)		(134.3	)
Matsuyafoods Holdings Co. Ltd.		(7,200	)		(311,590	)		(148.3	)
Megachips Corp.		(1,100	)		(17,121	)		(8.2	)
Meiko Electronics Co. Ltd.		(4,100	)		(65,390	)		(31.1	)
Meisei Industrial Co. Ltd.		(26,200	)		(205,812	)		(98.0	)
Menicon Co. Ltd.		(3,400	)		(152,273	)		(72.5	)
METAWATER Co. Ltd.		(1,100	)		(42,325	)		(20.1	)
Micronics Japan Co. Ltd.		(700	)		(8,071	)		(3.8	)
Mimasu Semiconductor Industry Co. Ltd.		(800	)		(16,878	)		(8.0	)
Mitsubishi Logisnext Co. Ltd.		(7,200	)		(108,442	)		(51.6	)
Mitsubishi Logistics Corp.		(22,300	)		(564,985	)		(268.9	)
Mitsubishi Shokuhin Co. Ltd.		(22,800	)		(658,448	)		(313.4	)
Mitsui E&S Holdings Co. Ltd.		(2,300	)		(19,208	)		(9.1	)
Mitsui Fudosan Logistics Park, Inc.		(175	)		(847,907	)		(403.6	)
Miura Co. Ltd.		(2,400	)		(83,132	)		(39.6	)
Mizuho Leasing Co. Ltd.		(2,200	)		(65,587	)		(31.2	)
MOS Food Services, Inc.		(34,700	)		(958,591	)		(456.3	)
Nanto Bank Ltd.		(11,100	)		(262,750	)		(125.1	)
NEC Networks & System Integration Corp.		(11,100	)		(414,877	)		(197.5	)
Nextage Co. Ltd.		(3,300	)		(31,100	)		(14.8	)
NHK Spring Co. Ltd.		(4,400	)		(35,427	)		(16.9	)
Nichias Corp.		(5,000	)		(119,178	)		(56.7	)
Nihon Nohyaku Co. Ltd.		(65,200	)		(332,189	)		(158.1	)
Nippo Corp.		(5,200	)		(127,579	)		(60.7	)
Nippon Chemi-Con Corp.		(8,100	)		(122,428	)		(58.3	)
Nippon Denko Co. Ltd.		(3,500	)		(5,127	)		(2.4	)
Nippon Gas Co. Ltd.		(1,800	)		(56,920	)		(27.1	)
Nippon Kayaku Co. Ltd.		(3,600	)		(42,214	)		(20.1	)
Nippon Sharyo Ltd.		(300	)		(8,167	)		(3.9	)
Nippon Sheet Glass Co. Ltd.		(37,900	)		(204,564	)		(97.4	)
Nippon Signal Co. Ltd.		(24,900	)		(313,993	)		(149.5	)
Nippon Soda Co. Ltd.		(2,400	)		(64,585	)		(30.7	)
Nippon Suisan Kaisha Ltd.		(3,200	)		(17,451	)		(8.3	)
Nipro Corp.		(3,500	)		(39,848	)		(19.0	)
Nishi-Nippon Financial Holdings, Inc.		(1,300	)		(8,572	)		(4.1	)
Nissei ASB Machine Co. Ltd.		(400	)		(13,508	)		(6.4	)
Nisshin Oillio Group Ltd.		(900	)		(30,115	)		(14.3	)

SCHEDULES OF INVESTMENTS 57

Schedule of Investments  (unaudited) (continued) January 31, 2020 BlackRock Global Long/Short Equity Fund

	Shares			Value			% of Basket Value
Japan (continued)
Nisshinbo Holdings, Inc.		(43,100	)	$	(370,599	)		(176.4	) %
Nissin Electric Co. Ltd.		(3,400	)		(40,584	)		(19.3	)
Nissin Kogyo Co. Ltd.		(17,800	)		(359,839	)		(171.3	)
Nitto Boseki Co. Ltd.		(2,700	)		(112,024	)		(53.3	)
Nitto Kogyo Corp.		(17,200	)		(356,065	)		(169.5	)
Nohmi Bosai Ltd.		(5,700	)		(126,594	)		(60.3	)
Nojima Corp.		(7,000	)		(138,080	)		(65.7	)
Ogaki Kyoritsu Bank Ltd.		(22,600	)		(465,247	)		(221.4	)
Oita Bank Ltd.		(200	)		(4,629	)		(2.2	)
Okuwa Co. Ltd.		(1,400	)		(18,797	)		(9.0	)
One REIT, Inc.		(42	)		(146,041	)		(69.5	)
Optorun Co. Ltd.		(3,100	)		(81,129	)		(38.6	)
Organo Corp.		(3,200	)		(200,456	)		(95.4	)
Orient Corp.		(181,000	)		(278,141	)		(132.4	)
Oro Co. Ltd.		(1,234	)		(38,057	)		(18.1	)
Osaka Steel Co. Ltd.		(1,400	)		(20,195	)		(9.6	)
Pack Corp.		(2,400	)		(84,492	)		(40.2	)
Paramount Bed Holdings Co. Ltd.		(2,000	)		(82,792	)		(39.4	)
Parco Co. Ltd.		(25,500	)		(429,372	)		(204.4	)
Pilot Corp.		(5,900	)		(230,332	)		(109.6	)
Qol Holdings Co. Ltd.		(7,300	)		(95,568	)		(45.5	)
Raito Kogyo Co. Ltd.		(12,800	)		(179,320	)		(85.4	)
RENOVA, Inc.		(900	)		(10,799	)		(5.1	)
Ricoh Leasing Co. Ltd.		(3,500	)		(130,755	)		(62.2	)
Ringer Hut Co. Ltd.		(12,100	)		(273,069	)		(130.0	)
Rokko Butter Co. Ltd.		(1,400	)		(20,851	)		(9.9	)
Saizeriya Co. Ltd.		(1,400	)		(30,632	)		(14.6	)
Sakai Moving Service Co. Ltd.		(4,000	)		(222,809	)		(106.1	)
Sakata Seed Corp.		(13,000	)		(415,486	)		(197.8	)
SanBio Co. Ltd.		(300	)		(6,213	)		(3.0	)
Sansan, Inc.		(500	)		(25,229	)		(12.0	)
Sanyo Denki Co. Ltd.		(2,400	)		(116,835	)		(55.6	)
Sanyo Special Steel Co. Ltd.		(6,300	)		(85,392	)		(40.6	)
Sapporo Holdings, Ltd.		(9,300	)		(224,859	)		(107.0	)
Sawai Pharmaceutical Co. Ltd.		(5,500	)		(357,421	)		(170.1	)
SBS Holdings, Inc.		(7,000	)		(116,398	)		(55.4	)
SEC Carbon Ltd.		(100	)		(7,635	)		(3.6	)
Senshu Ikeda Holdings, Inc.		(12,600	)		(23,003	)		(11.0	)
Shibuya Corp.		(2,400	)		(66,618	)		(31.7	)
Shiga Bank Ltd.		(65,600	)		(1,574,822	)		(749.6	)
Shin-Etsu Polymer Co. Ltd.		(14,000	)		(118,980	)		(56.6	)
Shinko Electric Industries Co. Ltd.		(3,400	)		(39,910	)		(19.0	)
Shochiku Co. Ltd.		(3,700	)		(500,935	)		(238.4	)
Showa Corp.		(18,100	)		(373,532	)		(177.8	)
Sogo Medical Holdings Co. Ltd.		(1,900	)		(35,706	)		(17.0	)
Sotetsu Holdings, Inc.		(6,100	)		(163,025	)		(77.6	)
Sourcenext Corp.		(2,700	)		(12,087	)		(5.8	)
Sumitomo Densetsu Co. Ltd.		(15,000	)		(361,159	)		(171.9	)
Sumitomo Osaka Cement Co. Ltd.		(2,700	)		(109,772	)		(52.3	)
Sushiro Global Holdings Ltd.		(1,300	)		(109,093	)		(51.9	)
Taiyo Holdings Co. Ltd.		(8,600	)		(363,795	)		(173.2	)
Takara Leben Real Estate Investment Corp.		(78	)		(93,185	)		(44.4	)
Tamura Corp.		(47,000	)		(274,502	)		(130.7	)
Tanaka Chemical Corp.		(5,000	)		(37,937	)		(18.1	)
Teikoku Sen-I Co. Ltd.		(7,300	)		(163,919	)		(78.0	)
Toagosei Co. Ltd.		(13,200	)		(147,584	)		(70.2	)
Tocalo Co. Ltd.		(43,900	)		(437,317	)		(208.1	)
Toda Corp.		(5,800	)		(37,198	)		(17.7	)
Toei Animation Co. Ltd.		(4,700	)		(225,229	)		(107.2	)
Toei Co. Ltd.		(1,000	)		(138,093	)		(65.7	)
Tokai Carbon Co. Ltd.		(10,983	)		(99,262	)		(47.2	)
Tokyo Ohka Kogyo Co. Ltd.		(3,500	)		(145,006	)		(69.0	)

	Shares			Value			% of Basket Value
Japan (continued)
Tokyo Seimitsu Co. Ltd.		(1,100	)	$	(38,273	)		(18.2	) %
TOMONY Holdings, Inc.		(146,500	)		(486,498	)		(231.6	)
Tomy Co. Ltd.		(1,400	)		(15,142	)		(7.2	)
Toppan Forms Co. Ltd.		(26,000	)		(295,027	)		(140.4	)
Toshiba Machine Co. Ltd.		(14,400	)		(440,236	)		(209.5	)
Toshiba TEC Corp.		(2,900	)		(113,561	)		(54.1	)
Tosho Co. Ltd.		(1,700	)		(33,081	)		(15.7	)
Toyo Construction Co. Ltd.		(17,800	)		(84,319	)		(40.1	)
Toyo Tanso Co. Ltd.		(8,100	)		(150,636	)		(71.7	)
Toyo Tire Corp.		(9,300	)		(116,253	)		(55.3	)
Trusco Nakayama Corp.		(3,600	)		(83,745	)		(39.9	)
Tsukishima Kikai Co. Ltd.		(3,000	)		(39,660	)		(18.9	)
Universal Entertainment Corp.		(4,800	)		(140,751	)		(67.0	)
Unizo Holdings Co. Ltd.		(6,400	)		(325,452	)		(154.9	)
Uzabase, Inc.		(300	)		(6,088	)		(2.9	)
Vector, Inc.		(2,400	)		(27,284	)		(13.0	)
Wacoal Holdings Corp.		(9,900	)		(263,521	)		(125.4	)
YA-MAN Ltd.		(1,900	)		(11,332	)		(5.4	)
YAKUODO Holdings Co. Ltd.		(2,700	)		(54,075	)		(25.7	)
Yamagata Bank Ltd.		(700	)		(8,845	)		(4.2	)
Yellow Hat Ltd.		(9,500	)		(151,230	)		(72.0	)
Yokogawa Bridge Holdings Corp.		(1,500	)		(28,137	)		(13.4	)
Yoshinoya Holdings Co. Ltd.		(12,200	)		(275,888	)		(131.3	)
ZERIA Pharmaceutical Co. Ltd.		(10,400	)		(184,220	)		(87.7	)
					(42,193,654	)
Luxembourg
B&M European Value Retail SA		(5,313	)		(25,476	)		(12.1	)
Malta
Kindred Group PLC		(3,121	)		(15,895	)		(7.6	)
Netherlands
Accell Group NV		(8,156	)		(252,367	)		(120.1	)
AMG Advanced Metallurgical Group NV		(815	)		(18,532	)		(8.8	)
Boskalis Westminster		(30,285	)		(708,340	)		(337.1	)
Brack Capital Properties NV		(2,111	)		(203,710	)		(97.0	)
ForFarmers NV		(3,091	)		(20,226	)		(9.6	)
InterXion Holding NV		(5,305	)		(461,694	)		(219.8	)
NSI NV		(641	)		(34,976	)		(16.6	)
OCI NV		(7,106	)		(122,410	)		(58.3	)
Shop Apotheke Europe NV		(212	)		(10,733	)		(5.1	)
SIF Holding NV		(5,767	)		(85,321	)		(40.6	)
					(1,918,309	)
New Zealand
Air New Zealand Ltd.		(9,879	)		(17,943	)		(8.6	)
Metlifecare Ltd.		(29,728	)		(132,015	)		(62.8	)
Pushpay Holdings Ltd.		(5,268	)		(15,212	)		(7.2	)
SKYCITY Entertainment Group Ltd.		(153,131	)		(358,724	)		(170.7	)
Summerset Group Holdings Ltd.		(6,002	)		(34,421	)		(16.4	)
Synlait Milk Ltd.		(1,474	)		(8,322	)		(4.0	)
Z Energy Ltd.		(23,248	)		(66,577	)		(31.7	)
					(633,214	)
Norway
Adevinta ASA		(18,792	)		(229,232	)		(109.1	)
Aker ASA, — A Shares		(394	)		(21,730	)		(10.4	)
Axactor SE		(9,795	)		(18,262	)		(8.7	)
FLEX LNG Ltd.		(242	)		(1,977	)		(0.9	)
Norwegian Finans Holding ASA		(1,951	)		(19,991	)		(9.5	)
XXL ASA		(1,048	)		(1,336	)		(0.6	)
					(292,528	)

58 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2020 BlackRock Global Long/Short Equity Fund

	Shares			Value			% of Basket Value
Portugal
Altri SGPS SA		(17,749	)	$	(109,550	)		(52.2	) %
Corticeira Amorim SGPS SA		(7,833	)		(93,996	)		(44.7	)
Mota-Engil SGPS SA		(28,734	)		(53,815	)		(25.6	)
					(257,361	)
Singapore
Kenon Holdings Ltd.		(13,246	)		(273,764	)		(130.3	)
Keppel DC REIT		(240,000	)		(396,067	)		(188.5	)
Wing Tai Holdings Ltd.		(15,600	)		(22,864	)		(10.9	)
					(692,695	)
South Africa
Mediclinic International PLC		(580	)		(2,821	)		(1.3	)
Spain
Aedas Homes SA		(7,961	)		(180,270	)		(85.8	)
Ence Energia y Celulosa SA		(14,206	)		(57,468	)		(27.4	)
Fomento de Construcciones y Contratas SA		(10,717	)		(133,358	)		(63.5	)
Grupo Empresarial San Jose SA		(11,064	)		(79,145	)		(37.7	)
Masmovil Ibercom SA		(2,615	)		(54,703	)		(26.0	)
Metrovacesa SA		(20,823	)		(209,691	)		(99.8	)
Neinor Homes SA		(6,499	)		(70,896	)		(33.7	)
Prosegur Cash SA		(18,466	)		(31,452	)		(15.0	)
Sacyr SA		(64,191	)		(184,009	)		(87.6	)
Sacyr SA		(1,239	)		(3,558	)		(1.7	)
Solaria Energia y Medio Ambiente SA		(1,658	)		(15,538	)		(7.4	)
Tubacex SA		(6,717	)		(18,996	)		(9.0	)
Viscofan SA		(3,696	)		(196,754	)		(93.6	)
					(1,235,838	)
Sweden
Alimak Group AB		(2,406	)		(33,090	)		(15.7	)
Attendo AB		(17,357	)		(95,495	)		(45.5	)
Bonava AB, — B Shares		(2,911	)		(26,040	)		(12.4	)
Bure Equity AB		(2,927	)		(65,174	)		(31.0	)
Camurus AB		(2,258	)		(23,502	)		(11.2	)
Cellavision AB		(449	)		(15,555	)		(7.4	)
Collector AB		(33,423	)		(105,049	)		(50.0	)
Eltel AB		(16,895	)		(32,537	)		(15.5	)
Embracer Group AB		(23,252	)		(194,077	)		(92.4	)
Getinge AB, Class B		(7,705	)		(131,218	)		(62.5	)
Hansa Biopharma AB		(2,031	)		(15,158	)		(7.2	)
Hoist Finance AB		(4,009	)		(20,047	)		(9.5	)
Intrum AB		(7,485	)		(207,378	)		(98.7	)
JM AB		(2,475	)		(75,623	)		(36.0	)
Karo Pharma AB		(100,433	)		(451,103	)		(214.7	)
LeoVegas AB		(12,975	)		(39,894	)		(19.0	)
Mekonomen AB		(10,812	)		(90,297	)		(43.0	)
Modern Times Group MTG AB, — B Shares		(16,715	)		(166,718	)		(79.3	)
NCC AB, — B Shares		(20,304	)		(379,294	)		(180.5	)
Oncopeptides AB		(4,488	)		(64,614	)		(30.8	)
RaySearch Laboratories AB		(3,801	)		(37,114	)		(17.7	)
Saab AB		(9,605	)		(311,853	)		(148.4	)
SAS AB		(124,919	)		(179,294	)		(85.3	)
SSAB AB, — B Shares		(35,250	)		(101,470	)		(48.3	)
Svenska Cellulosa AB SCA, Class B		(13,337	)		(133,439	)		(63.5	)
Tobii AB		(10,250	)		(41,397	)		(19.7	)
Xvivo Perfusion AB		(1,961	)		(35,525	)		(16.9	)
					(3,071,955	)
Switzerland
Ascom Holding AG		(5,829	)		(57,693	)		(27.5	)
Autoneum Holding AG		(472	)		(54,342	)		(25.9	)
Basilea Pharmaceutica AG		(725	)		(41,523	)		(19.8	)
Burckhardt Compression Holding AG		(94	)		(25,764	)		(12.3	)

	Shares			Value			% of Basket Value
Switzerland (continued)
Coltene Holding AG		(572	)	$	(50,181	)		(23.9	) %
Emmi AG		(19	)		(18,444	)		(8.8	)
Feintool International Holding AG		(496	)		(26,520	)		(12.6	)
Frasers Centrepoint Trust		(9,000	)		(18,995	)		(9.0	)
Gurit Holding AG		(11	)		(16,674	)		(7.9	)
Huber + Suhner AG		(1,098	)		(81,809	)		(38.9	)
Leonteq AG		(7,907	)		(295,527	)		(140.7	)
Medacta Group SA		(3,592	)		(294,610	)		(140.2	)
Medartis Holding AG		(375	)		(16,702	)		(7.9	)
Orascom Development Holding AG		(4,412	)		(64,677	)		(30.8	)
Schweiter Technologies AG		(56	)		(69,419	)		(33.0	)
Stadler Rail AG		(2,654	)		(126,748	)		(60.3	)
Swissquote Group Holding SA		(1,354	)		(81,791	)		(38.9	)
U-Blox Holding AG		(243	)		(21,873	)		(10.4	)
Vetropack Holding AG		(9	)		(27,004	)		(12.9	)
Vontobel Holding AG		(3,460	)		(241,046	)		(114.7	)
VZ Holding AG		(318	)		(112,746	)		(53.7	)
Ypsomed Holding AG		(799	)		(115,990	)		(55.2	)
					(1,860,078	)
Thailand
Fabrinet		(921	)		(58,060	)		(27.6	)
United Kingdom
ASOS PLC		(1,468	)		(59,570	)		(28.4	)
Babcock International Group PLC		(12,597	)		(97,943	)		(46.6	)
Bellway PLC		(516	)		(27,153	)		(12.9	)
Cairn Energy PLC		(24,815	)		(55,430	)		(26.4	)
Capita PLC		(10,774	)		(20,693	)		(9.9	)
Cardtronics PLC, Class A		(724	)		(32,580	)		(15.5	)
Countryside Properties PLC		(8,991	)		(57,938	)		(27.6	)
De La Rue PLC		(21,158	)		(39,115	)		(18.6	)
Dignity PLC		(5,182	)		(38,936	)		(18.5	)
Dixons Carphone PLC		(18,490	)		(33,040	)		(15.7	)
DS Smith PLC		(28,855	)		(129,371	)		(61.6	)
Equiniti Group PLC		(35,279	)		(95,408	)		(45.4	)
Euromoney Institutional Investor PLC		(1,750	)		(28,285	)		(13.5	)
Finablr PLC		(44,203	)		(48,214	)		(23.0	)
Gulf Keystone Petroleum Ltd.		(7,110	)		(17,426	)		(8.3	)
Hansteen Holdings PLC		(98,580	)		(151,784	)		(72.2	)
IG Design Group PLC		(2,519	)		(26,544	)		(12.6	)
John Laing Group PLC		(40,490	)		(189,384	)		(90.1	)
John Menzies PLC		(4,985	)		(28,404	)		(13.5	)
LondonMetric Property PLC		(7,621	)		(22,925	)		(10.9	)
Marston’s PLC		(18,129	)		(25,064	)		(11.9	)
Mitie Group PLC		(34	)		(60	)		0.0
Oxford Biomedica PLC		(5,268	)		(42,086	)		(20.0	)
Paragon Banking Group PLC		(9,112	)		(61,125	)		(29.1	)
Pennon Group PLC		(6,729	)		(98,218	)		(46.8	)
PZ Cussons PLC		(8,415	)		(21,379	)		(10.2	)
Quotient Ltd.		(7,022	)		(52,349	)		(24.9	)
Renishaw PLC		(1,711	)		(89,574	)		(42.6	)
Restaurant Group PLC		(24,783	)		(42,113	)		(20.0	)
RPS Group PLC		(24,748	)		(56,863	)		(27.1	)
Serica Energy PLC		(13,812	)		(21,084	)		(10.0	)
Shaftesbury PLC		(3,201	)		(38,000	)		(18.1	)
Stagecoach Group PLC		(19,405	)		(34,977	)		(16.7	)
Stobart Group Ltd.		(9,846	)		(13,262	)		(6.3	)
Stolt-Nielsen Ltd.		(2,914	)		(37,700	)		(17.9	)
Superdry PLC		(3,245	)		(16,446	)		(7.8	)
Ted Baker PLC		(3,795	)		(11,195	)		(5.3	)
Telecom Plus PLC		(6,541	)		(130,597	)		(62.2	)
Trainline PLC		(29,020	)		(180,561	)		(85.9	)

SCHEDULES OF INVESTMENTS 59

Schedule of Investments  (unaudited) (continued) January 31, 2020 BlackRock Global Long/Short Equity Fund

	Shares			Value			% of Basket Value
United Kingdom (continued)
Tronox Holdings PLC, Class A		(7,611	)	$	(64,389	)		(30.7	) %
Tullow Oil PLC		(6,867	)		(4,555	)		(2.2	)
Victrex PLC		(3,233	)		(94,341	)		(44.9	)
Virgin Money UK PLC		(7,834	)		(16,924	)		(8.1	)
					(2,353,005	)
United States
3D Systems Corp.		(6,587	)		(71,732	)		(34.1	)
8x8, Inc.		(3,999	)		(74,461	)		(35.4	)
A10 Networks, Inc.		(2,172	)		(14,791	)		(7.0	)
Aaron’s, Inc.		(401	)		(23,803	)		(11.3	)
ABM Industries, Inc.		(1,757	)		(67,012	)		(31.9	)
Acceleron Pharma, Inc.		(1,116	)		(101,311	)		(48.2	)
Adient PLC		(875	)		(22,496	)		(10.7	)
Aegion Corp.		(458	)		(9,572	)		(4.6	)
Aerie Pharmaceuticals, Inc.		(3,442	)		(70,492	)		(33.6	)
Aerovironment, Inc.		(629	)		(41,898	)		(19.9	)
Agree Realty Corp.		(447	)		(33,941	)		(16.2	)
Air Lease Corp.		(1,176	)		(50,497	)		(24.0	)
Alamo Group, Inc.		(390	)		(48,578	)		(23.1	)
Alexander’s, Inc.		(493	)		(159,081	)		(75.7	)
Allakos, Inc.		(1,007	)		(72,705	)		(34.6	)
Alpha & Omega Semiconductor Ltd.		(2,620	)		(31,938	)		(15.2	)
Altair Engineering, Inc., Class A		(2,717	)		(100,393	)		(47.8	)
Alteryx, Inc., Class A		(386	)		(53,835	)		(25.6	)
Ambac Financial Group, Inc.		(6,704	)		(143,667	)		(68.4	)
Ameresco, Inc., Class A		(5,172	)		(99,251	)		(47.2	)
American Vanguard Corp.		(5,602	)		(104,645	)		(49.8	)
Americold Realty Trust		(4,256	)		(146,704	)		(69.8	)
Amphastar Pharmaceuticals, Inc.		(3,978	)		(75,224	)		(35.8	)
Andersons, Inc.		(937	)		(21,195	)		(10.1	)
Anterix, Inc.		(1,523	)		(70,759	)		(33.7	)
Arcosa, Inc.		(108	)		(4,725	)		(2.2	)
Argan, Inc.		(1,281	)		(53,943	)		(25.7	)
ARMOUR Residential REIT, Inc.		(5,526	)		(106,431	)		(50.7	)
Arrow Financial Corp.		(941	)		(32,991	)		(15.7	)
Ashford Hospitality Trust, Inc.		(4,600	)		(11,316	)		(5.4	)
Atrion Corp.		(47	)		(33,802	)		(16.1	)
Avaya Holdings Corp.		(767	)		(9,795	)		(4.7	)
Axcelis Technologies, Inc.		(1,814	)		(43,808	)		(20.9	)
Axis Capital Holdings Ltd.		(6,316	)		(405,803	)		(193.1	)
Axsome Therapeutics, Inc.		(362	)		(31,429	)		(15.0	)
Balchem Corp.		(1,518	)		(163,974	)		(78.0	)
Banc of California, Inc.		(1,360	)		(21,706	)		(10.3	)
BancFirst Corp.		(490	)		(28,322	)		(13.5	)
Boston Omaha Corp., Class A		(619	)		(12,491	)		(5.9	)
Brady Corp., Class A		(585	)		(32,391	)		(15.4	)
BrightView Holdings, Inc.		(337	)		(5,325	)		(2.5	)
Brixmor Property Group, Inc.		(5,147	)		(102,734	)		(48.9	)
Brookdale Senior Living, Inc.		(1,647	)		(10,854	)		(5.2	)
Brunswick Corp.		(415	)		(26,083	)		(12.4	)
Cal-Maine Foods, Inc.		(477	)		(17,024	)		(8.1	)
Cass Information Systems, Inc.		(626	)		(33,817	)		(16.1	)
Cato Corp., Class A		(1,865	)		(29,915	)		(14.2	)
Cerence, Inc.		(931	)		(19,877	)		(9.5	)
Change Healthcare, Inc.		(5,065	)		(78,609	)		(37.4	)
Chase Corp.		(300	)		(27,591	)		(13.1	)
Chefs’ Warehouse, Inc.		(1,452	)		(52,853	)		(25.2	)
Churchill Downs, Inc.		(1,056	)		(152,465	)		(72.6	)
Clearwater Paper Corp.		(1,763	)		(49,717	)		(23.7	)
Clearway Energy, Inc., Class A		(1,502	)		(31,076	)		(14.8	)
Cleveland-Cliffs, Inc.		(6,660	)		(46,753	)		(22.3	)
Cloudera, Inc.		(1,882	)		(19,366	)		(9.2	)

	Shares			Value			% of Basket Value
United States (continued)
CNX Resources Corp.		(3,201	)	$	(23,143	)		(11.0	) %
Collegium Pharmaceutical, Inc.		(1,014	)		(20,397	)		(9.7	)
Colony Credit Real Estate, Inc.		(703	)		(8,752	)		(4.2	)
Columbia Financial, Inc.		(10,529	)		(176,571	)		(84.0	)
Commerce Bancshares, Inc.		(7,089	)		(479,642	)		(228.3	)
Commercial Metals Co.		(421	)		(8,652	)		(4.1	)
Community Bank System, Inc.		(2,890	)		(191,520	)		(91.2	)
Community Health Systems, Inc.		(5,004	)		(21,467	)		(10.2	)
Consolidated Communications Holdings, Inc.		(1,313	)		(6,342	)		(3.0	)
CoreLogic, Inc.		(1,829	)		(85,049	)		(40.5	)
CorEnergy Infrastructure Trust, Inc.		(463	)		(21,113	)		(10.0	)
Covetrus, Inc.		(2,150	)		(26,445	)		(12.6	)
Cracker Barrel Old Country Store, Inc.		(2,245	)		(343,328	)		(163.4	)
Credit Acceptance Corp.		(974	)		(417,827	)		(198.9	)
Cree, Inc.		(947	)		(44,026	)		(21.0	)
CryoLife, Inc.		(1,375	)		(40,893	)		(19.5	)
CSW Industrials, Inc.		(1,807	)		(137,115	)		(65.3	)
Cubic Corp.		(1,614	)		(105,378	)		(50.2	)
Cushman & Wakefield PLC		(15,872	)		(305,060	)		(145.2	)
CVR Energy, Inc.		(954	)		(33,018	)		(15.7	)
Dave & Buster’s Entertainment, Inc.		(1,371	)		(60,543	)		(28.8	)
Diamond Hill Investment Group, Inc.		(42	)		(5,912	)		(2.8	)
Diversified Healthcare Trust		(1,376	)		(10,623	)		(5.1	)
Dolby Laboratories, Inc., Class A		(1,372	)		(95,135	)		(45.3	)
Donaldson Co., Inc.		(924	)		(47,909	)		(22.8	)
Eagle Bancorp, Inc.		(449	)		(19,621	)		(9.3	)
EchoStar Corp.		(1,871	)		(74,662	)		(35.5	)
Enphase Energy, Inc.		(1,619	)		(51,031	)		(24.3	)
Equitrans Midstream Corp.		(2,692	)		(26,032	)		(12.4	)
Equity Bancshares, Inc., Class A		(710	)		(19,071	)		(9.1	)
Equity Commonwealth		(3,071	)		(100,698	)		(47.9	)
Etsy, Inc.		(1,335	)		(65,161	)		(31.0	)
Evo Payments, Inc., Class A		(3,768	)		(104,411	)		(49.7	)
ExlService Holdings, Inc.		(558	)		(40,795	)		(19.4	)
Extreme Networks, Inc.		(3,148	)		(18,573	)		(8.8	)
Farmer Brothers Co.		(680	)		(8,146	)		(3.9	)
First Citizens BancShares, Inc., Class A		(217	)		(114,320	)		(54.4	)
First Financial Bankshares, Inc.		(2,900	)		(97,208	)		(46.3	)
First Solar, Inc.		(9,184	)		(455,343	)		(216.7	)
Floor & Decor Holdings, Inc., Class A		(365	)		(17,998	)		(8.6	)
Franklin Electric Co., Inc.		(1,198	)		(69,113	)		(32.9	)
Fresh Del Monte Produce, Inc.		(1,026	)		(32,196	)		(15.3	)
Front Yard Residential Corp.		(1,677	)		(17,994	)		(8.6	)
FRP Holdings, Inc.		(87	)		(4,119	)		(2.0	)
Gardner Denver Holdings, Inc.		(2,124	)		(74,998	)		(35.7	)
Gates Industrial Corp. PLC		(12,721	)		(158,631	)		(75.5	)
GCI Liberty, Inc., Class A		(3,884	)		(284,231	)		(135.3	)
GCP Applied Technologies, Inc.		(987	)		(21,931	)		(10.4	)
Genworth Financial, Inc., Class A		(11,812	)		(48,429	)		(23.0	)
GEO Group, Inc.		(1,818	)		(28,724	)		(13.7	)
German American Bancorp, Inc.		(2,100	)		(71,799	)		(34.2	)
Global Net Lease, Inc.		(972	)		(20,150	)		(9.6	)
GoPro, Inc., Class A		(5,098	)		(20,086	)		(9.6	)
Gorman-Rupp Co.		(1,267	)		(46,765	)		(22.3	)
Great Lakes Dredge & Dock Corp.		(1,619	)		(16,951	)		(8.1	)
Grocery Outlet Holding Corp.		(692	)		(22,656	)		(10.8	)
Guardant Health, Inc.		(269	)		(20,455	)		(9.7	)
Hawaiian Electric Industries, Inc.		(13,081	)		(639,792	)		(304.5	)
Hawkins, Inc.		(1,627	)		(67,976	)		(32.4	)
Health Catalyst, Inc.		(583	)		(19,035	)		(9.1	)
Healthcare Realty Trust, Inc.		(6,633	)		(239,186	)		(113.8	)
Healthcare Services Group, Inc.		(1,662	)		(42,547	)		(20.3	)

60 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2020 BlackRock Global Long/Short Equity Fund

	Shares			Value			% of Basket Value
United States (continued)
Helios Technologies, Inc.		(1,347	)	$	(57,274	)		(27.3	) %
Highwoods Properties, Inc.		(7,388	)		(370,213	)		(176.2	)
Hyster-Yale Materials Handling, Inc.		(739	)		(39,899	)		(19.0	)
II-VI, Inc.		(2,921	)		(98,292	)		(46.8	)
Insteel Industries, Inc.		(1,992	)		(44,561	)		(21.2	)
Interactive Brokers Group, Inc., Class A		(2,522	)		(118,534	)		(56.4	)
Intrepid Potash, Inc.		(4,414	)		(10,505	)		(5.0	)
iStar, Inc.		(4,359	)		(63,467	)		(30.2	)
Jabil, Inc.		(1,058	)		(41,146	)		(19.6	)
Jack in the Box, Inc.		(903	)		(73,820	)		(35.1	)
JBG SMITH Properties		(10,649	)		(431,817	)		(205.5	)
Kimball Electronics, Inc.		(1,432	)		(23,170	)		(11.0	)
Kite Realty Group Trust		(3,341	)		(57,465	)		(27.4	)
Kontoor Brands, Inc.		(2,539	)		(96,837	)		(46.1	)
Kosmos Energy Ltd.		(13,473	)		(68,847	)		(32.8	)
Krystal Biotech, Inc.		(454	)		(23,726	)		(11.3	)
Lannett Co., Inc.		(2,102	)		(17,110	)		(8.1	)
Laureate Education, Inc., Class A		(1,517	)		(31,614	)		(15.0	)
Levi Strauss & Co., Class A		(2,633	)		(51,712	)		(24.6	)
Liberty Latin America Ltd., Class A		(4,749	)		(79,213	)		(37.7	)
Liberty Latin America Ltd., Class C		(3,138	)		(52,875	)		(25.2	)
Liberty Media Corp-Liberty Braves		(975	)		(28,421	)		(13.5	)
Lincoln Electric Holdings, Inc.		(1,769	)		(157,759	)		(75.1	)
Lindsay Corp.		(1,775	)		(177,553	)		(84.5	)
Loral Space & Communications, Inc.		(2,026	)		(65,176	)		(31.0	)
Louisiana-Pacific Corp.		(4,555	)		(139,747	)		(66.5	)
LTC Properties, Inc.		(3,677	)		(169,730	)		(80.8	)
Macerich Co.		(61	)		(1,361	)		(0.6	)
Mack-Cali Realty Corp.		(14,652	)		(321,758	)		(153.1	)
Madison Square Garden Co., Class A		(160	)		(47,390	)		(22.6	)
Madrigal Pharmaceuticals, Inc.		(479	)		(39,767	)		(18.9	)
Matthews International Corp., Class A		(882	)		(32,916	)		(15.7	)
MDC Holdings, Inc.		(1,149	)		(48,419	)		(23.0	)
Mesa Laboratories, Inc.		(90	)		(23,620	)		(11.2	)
MGE Energy, Inc.		(3,232	)		(258,334	)		(123.0	)
Michaels Cos., Inc.		(1,590	)		(7,839	)		(3.7	)
MicroStrategy, Inc., Class A		(1,648	)		(250,545	)		(119.2	)
Middlesex Water Co.		(2,517	)		(164,259	)		(78.2	)
Mimecast Ltd.		(1,353	)		(69,044	)		(32.9	)
Monarch Casino & Resort, Inc.		(3,238	)		(173,816	)		(82.7	)
Moog, Inc., Class A		(1,238	)		(110,937	)		(52.8	)
Mr Cooper Group, Inc.		(1,535	)		(19,003	)		(9.0	)
MTS Systems Corp.		(1,345	)		(68,178	)		(32.4	)
Mueller Industries, Inc.		(1,693	)		(49,385	)		(23.5	)
Murphy USA, Inc.		(2,164	)		(221,096	)		(105.2	)
Myriad Genetics, Inc.		(248	)		(6,857	)		(3.3	)
National HealthCare Corp.		(704	)		(59,080	)		(28.1	)
Natus Medical, Inc.		(792	)		(24,782	)		(11.8	)
NBT Bancorp, Inc.		(5,694	)		(215,176	)		(102.4	)
Neogen Corp.		(823	)		(55,363	)		(26.3	)
New York Times Co.		(889	)		(28,457	)		(13.5	)
Newpark Resources, Inc.		(2,422	)		(12,110	)		(5.8	)
NIC, Inc.		(4,862	)		(95,927	)		(45.7	)
nLight, Inc.		(1,003	)		(17,623	)		(8.4	)
Northern Oil and Gas, Inc.		(4,520	)		(7,503	)		(3.6	)
Nutanix, Inc., Class A		(716	)		(23,249	)		(11.1	)
NVE Corp.		(1,357	)		(99,550	)		(47.4	)
O-I Glass, Inc.		(6,665	)		(84,112	)		(40.0	)
Odonate Therapeutics, Inc.		(1,550	)		(45,260	)		(21.5	)
One Liberty Properties, Inc.		(1,441	)		(39,397	)		(18.8	)
Onto Innovation, Inc.		(734	)		(27,848	)		(13.3	)
OrthoPediatrics Corp.		(1,062	)		(48,778	)		(23.2	)

	Shares			Value			% of Basket Value
United States (continued)
Park National Corp.		(267	)	$	(25,357	)		(12.1	) %
Pennsylvania Real Estate Investment Trust		(13,134	)		(51,748	)		(24.6	)
PetIQ, Inc.		(3,280	)		(97,580	)		(46.4	)
PGT Innovations, Inc.		(348	)		(5,394	)		(2.6	)
Playa Hotels & Resorts NV		(17,065	)		(119,796	)		(57.0	)
PlayAGS, Inc.		(444	)		(4,564	)		(2.2	)
Portola Pharmaceuticals, Inc.		(3,163	)		(40,455	)		(19.3	)
Post Holdings, Inc.		(1,486	)		(155,391	)		(74.0	)
Powell Industries, Inc.		(425	)		(17,540	)		(8.3	)
PQ Group Holdings, Inc.		(2,054	)		(31,447	)		(15.0	)
Preferred Apartment Communities, Inc.		(1,859	)		(21,899	)		(10.4	)
ProPetro Holding Corp.		(1,949	)		(18,983	)		(9.0	)
Proto Labs, Inc.		(1,459	)		(151,007	)		(71.9	)
Pure Storage, Inc., Class A		(7,687	)		(136,829	)		(65.1	)
Quaker Chemical Corp.		(253	)		(42,003	)		(20.0	)
RBC Bearings, Inc.		(147	)		(22,860	)		(10.9	)
Red Robin Gourmet Burgers, Inc.		(663	)		(21,793	)		(10.4	)
Red Rock Resorts, Inc., Class A		(7,190	)		(176,227	)		(83.9	)
Redwood Trust, Inc.		(1,471	)		(25,934	)		(12.3	)
Regis Corp.		(756	)		(11,733	)		(5.6	)
Reliance Worldwide Corp. Ltd.		(19,368	)		(57,618	)		(27.4	)
Renewable Energy Group, Inc.		(890	)		(23,389	)		(11.1	)
Resideo Technologies, Inc.		(1,560	)		(15,881	)		(7.6	)
Revance Therapeutics, Inc.		(932	)		(20,849	)		(9.9	)
RLI Corp.		(1,936	)		(180,067	)		(85.7	)
Ryerson Holding Corp.		(408	)		(4,182	)		(2.0	)
Safety Insurance Group, Inc.		(486	)		(44,751	)		(21.3	)
Saul Centers, Inc.		(1,792	)		(88,489	)		(42.1	)
Schneider National, Inc., Class B		(1,480	)		(32,960	)		(15.7	)
Scientific Games Corp., Class A		(140	)		(3,478	)		(1.7	)
SeaWorld Entertainment, Inc.		(2,756	)		(94,972	)		(45.2	)
Seritage Growth Properties		(7,033	)		(258,252	)		(122.9	)
Service Corp. International		(7,188	)		(344,665	)		(164.0	)
Shake Shack, Inc., Class A		(1,074	)		(72,441	)		(34.5	)
SITE Centers Corp.		(1,486	)		(18,887	)		(9.0	)
Skyline Champion Corp.		(867	)		(24,926	)		(11.9	)
SMART Global Holdings, Inc.		(4,244	)		(127,999	)		(60.9	)
SolarEdge Technologies, Inc.		(1,047	)		(102,459	)		(48.8	)
SPIRE, Inc.		(4,954	)		(417,721	)		(198.8	)
Spirit Airlines, Inc.		(3,809	)		(156,436	)		(74.5	)
Spirit Realty Capital, Inc.		(2,037	)		(107,513	)		(51.2	)
SPX FLOW, Inc.		(1,062	)		(46,452	)		(22.1	)
St Joe Co.		(9,699	)		(203,776	)		(97.0	)
Stamps.com, Inc.		(38	)		(2,831	)		(1.3	)
Starwood Property Trust, Inc.		(1,389	)		(35,642	)		(17.0	)
Stericycle, Inc.		(2,775	)		(173,937	)		(82.8	)
STORE Capital Corp.		(2,380	)		(93,415	)		(44.5	)
SunPower Corp.		(1,307	)		(11,136	)		(5.3	)
Sunrun, Inc.		(1,594	)		(27,146	)		(12.9	)
Syneos Health, Inc.		(593	)		(36,387	)		(17.3	)
Tabula Rasa HealthCare, Inc.		(378	)		(21,951	)		(10.4	)
Talos Energy, Inc.		(1,074	)		(23,564	)		(11.2	)
Tandem Diabetes Care, Inc.		(308	)		(23,420	)		(11.1	)
Terreno Realty Corp.		(1,207	)		(69,113	)		(32.9	)
TFS Financial Corp.		(7,356	)		(150,283	)		(71.5	)
Toll Brothers, Inc.		(1,030	)		(45,691	)		(21.7	)
Tompkins Financial Corp.		(440	)		(37,880	)		(18.0	)
TPI Composites, Inc.		(876	)		(18,177	)		(8.7	)
Tredegar Corp.		(1,609	)		(32,743	)		(15.6	)
TreeHouse Foods, Inc.		(418	)		(18,643	)		(8.9	)
Tribune Publishing Co.		(684	)		(8,591	)		(4.1	)
TriMas Corp.		(2,943	)		(84,552	)		(40.2	)

SCHEDULES OF INVESTMENTS 61

Schedule of Investments  (unaudited) (continued) January 31, 2020 BlackRock Global Long/Short Equity Fund

	Shares			Value			% of Basket Value
United States (continued)
Trinity Industries, Inc.		(3,139	)	$	(63,816	)		(30.4	) %
Tupperware Brands Corp.		(11,105	)		(69,517	)		(33.1	)
United States Lime & Minerals, Inc.		(740	)		(66,415	)		(31.6	)
United States Steel Corp.		(6,143	)		(55,717	)		(26.5	)
Uniti Group, Inc.		(1,831	)		(11,590	)		(5.5	)
Urban Outfitters, Inc.		(3,304	)		(84,582	)		(40.3	)
UroGen Pharma Ltd.		(1,186	)		(34,880	)		(16.6	)
Urstadt Biddle Properties, Inc., Class A		(1,861	)		(42,189	)		(20.1	)
US Foods Holding Corp.		(1,138	)		(45,713	)		(21.8	)
USANA Health Sciences, Inc.		(161	)		(9,934	)		(4.7	)
Verso Corp., Class A		(658	)		(11,087	)		(5.3	)
Viad Corp.		(1,652	)		(107,380	)		(51.1	)
ViewRay, Inc.		(12,768	)		(39,836	)		(19.0	)
Viking Therapeutics, Inc.		(2,635	)		(16,548	)		(7.9	)
Vishay Intertechnology, Inc.		(6,951	)		(141,036	)		(67.1	)
Vishay Precision Group, Inc.		(2,945	)		(101,720	)		(48.4	)

	Shares			Value			% of Basket Value
United States (continued)
Warrior Met Coal, Inc.		(5,555	)	$	(104,767	)		(49.9	) %
WaVe Life Sciences Ltd.		(5,128	)		(36,409	)		(17.3	)
WD-40 Co.		(853	)		(159,357	)		(75.8	)
Westwood Holdings Group, Inc.		(1,984	)		(55,711	)		(26.5	)
WEX, Inc.		(2,535	)		(549,892	)		(261.7	)
White Mountains Insurance Group Ltd.		(149	)		(166,466	)		(79.2	)
Willdan Group, Inc.		(680	)		(22,528	)		(10.7	)
Winmark Corp.		(678	)		(134,902	)		(64.2	)
World Fuel Services Corp.		(1,679	)		(65,683	)		(31.3	)
WPX Energy, Inc.		(2,934	)		(35,061	)		(16.7	)
Zuora, Inc., Class A		(4,211	)		(62,112	)		(29.6	)
					(21,529,536	)
Total Reference Entity — Short					(90,126,127	)
Net Value of Reference Entity — Goldman Sachs & Co.				$	210,102

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

	Swap Premiums Paid		Swap Premiums Received		Unrealized Appreciation		Unrealized Depreciation
OTC Swaps	$	—	$	—	$	1,552,244	$	(5,915,237	)

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)	$	—	$	—	$	964,600	$	—	$	—	$	—	$	964,600
Swaps — OTC
Unrealized appreciation on OTC swaps; Swap premiums paid		—		—		1,552,244		—		—		—		1,552,244
	$	��	$	—	$	2,516,844	$	—	$	—	$	—	$	2,516,844
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	2,726,410	$	—	$	—	$	—	$	2,726,410
Swaps — OTC
Unrealized depreciation on OTC swaps; Swap premiums received		—		—		5,915,237		—		—		—		5,915,237
	$	—	$	—	$	8,641,647	$	—	$	—	$	—	$	8,641,647

^(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).

62 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2020 BlackRock Global Long/Short Equity Fund

Derivative Financial Instruments Categorized by Risk Exposure (continued)

For the six months ended January 31, 2020, 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	$	—	$	—	$	3,746,071		$	—	$	—	$	—	$	3,746,071
Options purchased(a)		—		—		(1,994,048	)		—		—		—		(1,994,048	)
Options written		—		—		1,298,304			—		—		—		1,298,304
Swaps		—		—		(8,887,896	)		—		—		—		(8,887,896	)
	$	—	$	—	$	(5,837,569	)	$	—	$	—	$	—	$	(5,837,569	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	966,353		$	—	$	—	$	—	$	966,353
Swaps		—		—		(8,463,108	)		—		—		—		(8,463,108	)
	$	—	$	—	$	(7,496,755	)	$	—	$	—	$	—	$	(7,496,755	)

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

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	103,437,855
Average notional value of contracts — short	$	62,617,415
Options:
Average value of option contracts purchased	$	—	(a)
Average value of option contracts written	$	—	(a)
Total Return Swaps:
Average notional value	$	11,605,039

^(a)  Derivative not held at any quarter-end. The risk exposure table serves as an indicator of activity during the period.

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

Derivative Financial Instruments — Offsetting as of Period End

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

	Assets			Liabilities
Derivative Financial Instruments
Futures contracts	$	728,893		$	1,410,463
Swaps — OTC(a)		1,552,244			5,915,237
Total derivative assets and liabilities in the Statements of Assets and Liabilities	$	2,281,137		$	7,325,700
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		(728,893	)		(1,410,463	)
Total derivative assets and liabilities subject to an MNA	$	1,552,244		$	5,915,237

^(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 a 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)
Goldman Sachs & Co.	$	1,395,891	$	(214,950	)	$	—	$	(1,180,941	)	$	—
Morgan Stanley & Co. International		156,353		—			—		—			156,353
	$	1,552,244	$	(214,950	)	$	—	$	(1,180,941	)	$	156,353

SCHEDULES OF INVESTMENTS 63

Schedule of Investments  (unaudited) (continued) January 31, 2020 BlackRock Global Long/Short Equity Fund

Derivative Financial Instruments — Offsetting as of Period End (continued)

Counterparty	Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset (a)			Non-cash Collateral Pledged		Cash Collateral Pledged (d)			Net Amount of Derivative Liabilities (e)
Deutsche Bank A.G.	$	13,218	$	—		$	—	$	—		$	13,218
Bank of America N.A.		4,509,325		—			—		(4,509,325	)		—
Goldman Sachs & Co.		214,950		(214,950	)		—		—			—
UBS AG		1,177,744		—			—		(1,177,744	)		—
	$	5,915,237	$	(214,950	)	$	—	$	(5,687,069	)	$	13,218

^(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 from the individual counterparty is not shown for financial reporting purposes.

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

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

^(e)  Net amount represents the net amount payable due to counterparty in the event of default.

Fair Value Hierarchy as of Period End

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

The following tables summarize the Fund’s investments and derivative financial instruments categorized in the disclosure hierarchy:

	Level 1			Level 2			Level 3		Total
Assets:
Investments:
Long-Term Investments:
Preferred Securities	$	—		$	—		$	4,306,017	$	4,306,017
U.S. Treasury Obligations		—			58,718,352			—		58,718,352
Short-Term Securities:
Money Market Fund		27,654,464			—			—		27,654,464
U.S. Treasury Obligations		—			436,509,835			—		436,509,835
	$	27,654,464		$	495,228,187		$	4,306,017	$	527,188,668
Derivative Financial Instruments(a)
Assets:
Equity contracts	$	964,600		$	1,552,244		$	—	$	2,516,844
Liabilities:
Equity contracts		(2,726,410	)		(5,915,237	)		—		(8,641,647	)
	$	(1,761,810	)	$	(4,362,993	)	$	—	$	(6,124,803	)

^(a)  Derivative financial instruments are swaps and futures contracts. Swaps and futures contracts are valued at the unrealized appreciation (depreciation) on the instruments.

See notes to financial statements.

64 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Assets and Liabilities  (unaudited)

January 31, 2020

	BlackRock Advantage Emerging Markets Fund			BlackRock Global Long/Short Equity Fund
ASSETS
Investments at value — unaffiliated(a)(b)	$	104,372,968		$	499,534,204
Investments at value — affiliated(c)		5,155,860			27,654,464
Cash		—			30,641,911
Cash pledged:
Collateral — OTC derivatives		—			10,040,000
Futures contracts		271,000			8,145,000
Foreign currency at value(d)		930,811			6,373,157
Receivables:
Investments sold		25,742			79
Securities lending income — affiliated		36			—
Capital shares sold		553,267			4,229,800
Dividends — affiliated		7,510			113,364
Dividends — unaffiliated		166,093			—
Interest — unaffiliated		—			3,408
From Manager		96,681			—
Variation margin on futures contracts		—			728,893
Unrealized appreciation on OTC swaps		33,989			1,552,244
Prepaid expenses		50,955			63,477
Total assets		111,664,912			589,080,001
LIABILITIES
Cash received as collateral for OTC derivatives		—			2,080,000
Cash collateral on securities loaned at value		492			—
Payables:
Administration fees		8,591			41,357
Capital shares redeemed		—			1,436,133
Distribution fees		2,520			18,125
Investment advisory fees		155,241			1,284,219
Trustees’ and Officer’s		5,436			6,640
Other accrued expenses		270,445			710,740
Recoupment of past waived fees		4,258			—
Variation margin on futures contracts		108,683			1,410,463
Unrealized depreciation on OTC swaps		27,088			5,915,237
Total liabilities		582,754			12,902,914
NET ASSETS	$	111,082,158		$	576,177,087
NET ASSETS CONSIST OF
Paid-in capital	$	124,658,260		$	627,326,221
Accumulated loss		(13,576,102	)		(51,149,134	)
NET ASSETS	$	111,082,158		$	576,177,087

See notes to financial statements.

FINANCIAL STATEMENTS 65

Statements of Assets and Liabilities  (unaudited) (continued)

January 31, 2020

	BlackRock Advantage Emerging Markets Fund		BlackRock Global Long/Short Equity Fund
NET ASSET VALUE
Institutional
Net assets	$	13,297,076	$	530,269,194
Shares outstanding(e)		1,289,973		45,772,359
Net asset value	$	10.31	$	11.58
Investor A
Net assets	$	4,092,261	$	32,098,987
Shares outstanding(e)		403,653		2,806,164
Net asset value	$	10.14	$	11.44
Investor C
Net assets	$	1,785,973	$	13,329,944
Shares outstanding(e)		184,214		1,216,870
Net asset value	$	9.70	$	10.95
Class K
Net assets	$	91,906,848	$	478,962
Shares outstanding(e)		8,919,102		41,261
Net asset value	$	10.30	$	11.61
(a) Investments at cost — unaffiliated	$	99,659,108	$	500,325,714
(b) Securities loaned at value	$	474	$	—
(c) Investments at cost — affiliated	$	5,155,860	$	27,654,464
(d) Foreign currency at cost	$	934,516	$	6,382,814
(e) Unlimited number of shares authorized, $0.001 par value

See notes to financial statements.

66 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Operations  (unaudited)

Six Months Ended January 31, 2020

	BlackRock Advantage Emerging Markets Fund			BlackRock Global Long/Short Equity Fund
INVESTMENT INCOME
Dividends — affiliated	$	46,331		$	204,746
Dividends — unaffiliated		1,222,501			—
Interest — unaffiliated		—			4,804,205
Securities lending income — affiliated — net		132			—
Non-cash dividends — unaffiliated		109,218			—
Foreign taxes withheld		(143,061	)		—
Total investment income		1,235,121			5,008,951
EXPENSES
Investment advisory		431,298			4,500,281
Professional		74,015			80,149
Custodian		66,875			112,407
Accounting services		33,792			98,273
Printing		29,935			35,796
Registration		29,055			51,435
Administration		22,913			126,292
Service and distribution — class specific		14,565			119,650
Administration — class specific		10,782			60,004
Trustees and Officer		6,392			10,168
Transfer agent — class specific		5,184			211,249
Recoupment of past waived and/or reimbursed fees — class specific		34			—
Miscellaneous		15,781			44,272
Total expenses		740,621			5,449,976
Less:
Fees waived and/or reimbursed by the Manager		(274,900	)		(497,158	)
Administration fees waived — class specific		(9,602	)		(60,004	)
Transfer agent fees waived and/or reimbursed		(890	)		(61,340	)
Total expenses after fees waived and/or reimbursed		455,229			4,831,474
Net investment income		779,892			177,477
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Capital gain distributions from investment companies — affiliated		13			53
Investments — affiliated		(26	)		—
Investments — unaffiliated		(579	)		(2,043,104	)
Futures contracts		635,440			3,746,071
Foreign currency transactions		(95,836	)		(44,292	)
Options written		—			1,298,304
Swaps		5			(8,887,896	)
		539,017			(5,930,864	)
Net change in unrealized appreciation (depreciation) on:
Futures contracts		(163,959	)		(966,353	)
Foreign currency translations		16,177			77,766
Investments — unaffiliated		1,881,357			213,128
Swaps		(56,608	)		(8,463,108	)
		1,676,967			(9,138,567	)
Net realized and unrealized gain (loss)		2,215,984			(15,069,431	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	2,995,876		$	(14,891,954	)

See notes to financial statements.

FINANCIAL STATEMENTS 67

Statements of Changes in Net Assets

	BlackRock Advantage Emerging Markets Fund						BlackRock Global Long/Short Equity Fund
	Six Months Ended 01/31/20 (unaudited)			Year Ended 07/31/19			Six Months Ended 01/31/20 (unaudited)			Year Ended 07/31/19
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	779,892		$	2,378,297		$	177,477		$	1,954,066
Net realized gain (loss)		539,017			(16,998,930	)		(5,931,481	)		37,590,725
Net change in unrealized appreciation (depreciation)		1,676,967			7,489,012			(9,137,950	)		(9,206,278	)
Net increase (decrease) in net assets resulting from operations		2,995,876			(7,131,621	)		(14,891,954	)		30,338,513
DISTRIBUTIONS(a)
Institutional		(298,493	)		—			(34,641,431	)		(5,220,529	)
Investor A		(79,166	)		—			(1,923,909	)		(407,324	)
Investor C		(9,325	)		—			(858,199	)		(103,706	)
Class K		(2,033,150	)		—			(24,794	)		(3,097	)
Decrease in net assets resulting from distributions to shareholders		(2,420,134	)		—			(37,448,333	)		(5,734,656	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		7,976,682			(77,284,727	)		14,706,803			(40,385,376	)
NET ASSETS
Total increase (decrease) in net assets		8,552,424			(84,416,348	)		(37,633,484	)		(15,781,519	)
Beginning of period		102,529,734			186,946,082			613,810,571			629,592,090
End of period	$	111,082,158		$	102,529,734		$	576,177,087		$	613,810,571

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

See notes to financial statements.

68 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights

(For a share outstanding throughout each period)

	BlackRock Advantage Emerging Markets Fund
	Institutional
	Six Months Ended 01/31/20 (Unaudited)			Year Ended July 31,
				2019			2018			2017			2016			2015
Net asset value, beginning of period	$	10.25		$	10.59		$	10.10		$	9.76		$	9.84		$	10.34
Net investment income (loss)(a)		0.08			0.18			0.07			(0.12	)		(0.14	)		(0.17	)
Net realized and unrealized gain (loss)		0.21			(0.52	)		0.42			0.46			0.17			(0.33	)
Net increase (decrease) from investment operations		0.29			(0.34	)		0.49			0.34			0.03			(0.50	)
Distributions(b)
From net investment income		(0.23	)		—			—			—			—			—
From net realized gain		—			—			—			—			(0.11	)		—
Total distributions		(0.23	)		—			—			—			(0.11	)		—
Net asset value, end of period	$	10.31	(c)	$	10.25		$	10.59		$	10.10		$	9.76		$	9.84
Total Return(d)
Based on net asset value		2.77	%(c)(e)		(3.21	)%(f)		4.85	%		3.48	%(g)		0.34	%		(4.84	)%
Ratios to Average Net Assets(h)
Total expenses		1.37	%(i)		1.42	%(j)		1.28	%		1.91	%		1.85	%		1.86	%
Total expenses excluding recoupment of past fees waived and/or reimbursed		1.37	%(i)		1.39	%(j)		1.28	%		1.90	%		1.84	%		1.85	%
Total expenses after fees waived and/or reimbursed		0.85	%(i)		0.92	%(j)		0.94	%		1.70	%		1.75	%		1.75	%
Net investment income (loss)		1.49	%(i)		1.83	%		0.67	%		(1.29	)%		(1.49	)%		(1.68	)%
Supplemental Data
Net assets, end of period (000)	$	13,297		$	15,904		$	32,775		$	106,243		$	177,981		$	400,181
Portfolio turnover rate		73	%(k)		128	%(k)		111	%(k)		7	%(k)		—	%		—	%

^(a) Based on average shares outstanding.

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

^(c)  For financial reporting purposes, the market value of certain investments were adjusted as of the report date. Accordingly, the net asset value (“NAV”) per share and total return performance based on NAV presented herein are different than the information previously published as of January 31, 2020.

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

^(e) Aggregate total return.

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

^(g) The Fund’s total return includes a reimbursement by an affiliate for a realized investment loss. Excluding this payment, the Fund’s total return would have been 3.38%.

^(h) Excludes expenses incurred indirectly as a result of investments in underlying funds as follows:

	Six Months Ended 01/31/20 (Unaudited)			Year Ended July 31,
				2019			2018			2017			2016			2015
Investments in underlying funds		0.01	%		0.02	%		0.07	%		0.17	%		0.18	%		0.16	%

⁽ⁱ⁾ Annualized.

^(j)  Includes non-recurring expenses of offering costs. Without these costs, total expenses, total expenses excluding recoupment of past fees waived and/or reimbursed, and total expenses after fees waived and/or reimbursed would have been 1.40%, 1.37% and 0.90%, respectively.

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

See notes to financial statements.

FINANCIAL HIGHLIGHTS 69

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	BlackRock Advantage Emerging Markets Fund (continued)
	Investor A
	Six Months Ended 01/31/20 (Unaudited)			Year Ended July 31,
				2019			2018			2017			2016			2015
Net asset value, beginning of period	$	10.07		$	10.43		$	9.97		$	9.67		$	9.78		$	10.29
Net investment income (loss)(a)		0.06			0.17			0.14			(0.15	)		(0.17	)		(0.19	)
Net realized and unrealized gain (loss)		0.21			(0.53	)		0.32			0.45			0.17			(0.32	)
Net increase (decrease) from investment operations		0.27			(0.36	)		0.46			0.30			—			(0.51	)
Distributions(b)
From net investment income		(0.20	)		—			—			—			—			—
From net realized gain		—			—			—			—			(0.11	)		—
Total distributions		(0.20	)		—			—			—			(0.11	)		—
Net asset value, end of period	$	10.14	(c)	$	10.07		$	10.43		$	9.97		$	9.67		$	9.78
Total Return(d)
Based on net asset value		2.62	%(c)(e)		(3.45	)%(f)		4.61	%		3.10	%(f)		0.03	%		(4.96	)%
Ratios to Average Net Assets(g)
Total expenses		1.65	%(h)		1.69	%(i)		1.57	%		2.22	%		2.10	%		2.03	%
Total expenses excluding recoupment of past fees waived and/or reimbursed		1.65	%(h)		1.67	%(i)		1.55	%		2.21	%		2.08	%		2.02	%
Total expenses after fees waived and/or reimbursed		1.14	%(h)		1.17	%(i)		1.19	%		1.99	%		2.00	%		1.95	%
Net investment income (loss)		1.15	%(h)		1.74	%		1.32	%		(1.62	)%		(1.74	)%		(1.89	)%
Supplemental Data
Net assets, end of period (000)	$	4,092		$	3,817		$	5,454		$	3,272		$	12,239		$	19,036
Portfolio turnover rate		73	%(j)		128	%(j)		111	%(j)		7	%(j)		—	%		—	%

^(a) Based on average shares outstanding.

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

^(c)  For financial reporting purposes, the market value of certain investments were adjusted as of the report date. Accordingly, the net asset value (“NAV”) per share and total return performance based on NAV presented herein are different than the information previously published as of January 31, 2020.

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

^(e) Aggregate total return.

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

^(g) Excludes expenses incurred indirectly as a result of investments in underlying funds as follows:

	Six Months Ended 01/31/20 (Unaudited)			Year Ended July 31,
				2019			2018			2017			2016			2015
Investments in underlying funds		0.01	%		0.02	%		0.07	%		0.17	%		0.18	%		0.16	%

^(h) Annualized.

⁽ⁱ⁾ Includes non-recurring expenses of offering costs. Without these costs, total expenses, total expenses excluding recoupment of past fees waived and/or reimbursed, and total expenses after fees waived and/or reimbursed would have been 1.67%, 1.65% and 1.15%, respectively.

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

See notes to financial statements.

70 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	BlackRock Advantage Emerging Markets Fund (continued)
	Investor C
	Six Months Ended 01/31/20 (Unaudited)			Year Ended July 31,
				2019			2018			2017			2016			2015
Net asset value, beginning of period	$	9.53		$	9.95		$	9.58		$	9.36		$	9.53		$	10.11
Net investment income (loss)(a)		0.02			0.08			0.03			(0.21	)		(0.23	)		(0.27	)
Net realized and unrealized gain (loss)		0.20			(0.50	)		0.34			0.43			0.17			(0.31	)
Net increase (decrease) from investment operations		0.22			(0.42	)		0.37			0.22			(0.06	)		(0.58	)
Distributions(b)
From net investment income		(0.05	)		—			—			—			—			—
From net realized gain		—			—			—			—			(0.11	)		—
Total distributions		(0.05	)		—			—			—			(0.11	)		—
Net asset value, end of period	$	9.70	(c)	$	9.53		$	9.95		$	9.58		$	9.36		$	9.53
Total Return(d)
Based on net asset value		2.30	%(c)(e)		(4.22	)%(f)		3.86	%		2.35	%(f)		(0.60	)%		(5.74	)%
Ratios to Average Net Assets(g)
Total expenses		2.49	%(h)		2.53	%(i)		2.38	%		2.91	%		2.85	%		2.81	%
Total expenses excluding recoupment of past fees waived and/or reimbursed		2.49	%(h)		2.53	%(i)		2.38	%		2.91	%		2.85	%		2.80	%
Total expenses after fees waived and/or reimbursed		1.90	%(h)		1.92	%(i)		1.94	%		2.71	%		2.74	%		2.74	%
Net investment income (loss)		0.41	%(h)		0.81	%		0.25	%		(2.30	)%		(2.48	)%		(2.67	)%
Supplemental Data
Net assets, end of period (000)	$	1,786		$	2,280		$	3,240		$	3,823		$	5,979		$	9,181
Portfolio turnover rate		73	%(j)		128	%(j)		111	%(j)		7	%(j)		—	%		—	%

^(a) Based on average shares outstanding.

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

^(c)  For financial reporting purposes, the market value of certain investments were adjusted as of the report date. Accordingly, the net asset value (“NAV”) per share and total return performance based on NAV presented herein are different than the information previously published as of January 31, 2020.

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

^(e) Aggregate total return.

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

^(g) Excludes expenses incurred indirectly as a result of investments in underlying funds as follows:

	Six Months Ended 01/31/20 (Unaudited)			Year Ended July 31,
				2019			2018			2017			2016			2015
Investments in underlying funds		0.01	%		0.02	%		0.07	%		0.17	%		0.18	%		0.16	%

^(h) Annualized.

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

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

See notes to financial statements.

FINANCIAL HIGHLIGHTS 71

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	BlackRock Advantage Emerging Markets Fund (continued)
	Class K
	Six Months Ended 01/31/20 (Unaudited)			Year Ended July 31, 2019			Period from 01/25/18 (a) to 07/31/18
Net asset value, beginning of period	$	10.26		$	10.59		$	12.14
Net investment income(b)		0.08			0.19			0.13
Net realized and unrealized gain (loss)		0.20			(0.52	)		(1.68	)
Net increase (decrease) from investment operations		0.28			(0.33	)		(1.55	)
Distributions from net investment income(c)		(0.24	)		—			—
Net asset value, end of period	$	10.30	(d)	$	10.26		$	10.59
Total Return(e)
Based on net asset value		2.69	%(d)(f)		(3.12	)%(g)		(12.77	)%(f)
Ratios to Average Net Assets(h)
Total expenses		1.34	%(i)		1.37	%(j)		1.32	%(i)(k)
Total expenses after fees waived and/or reimbursed		0.81	%(i)		0.87	%(j)		0.89	%
Net investment income		1.48	%(i)		1.93	%		2.33	%
Supplemental Data
Net assets, end of period (000)	$	91,907		$	80,529		$	145,476
Portfolio turnover rate		73	%(l)		128	%(l)		111	%(l)(m)

^(a) Commencement of operations.

^(b) Based on average shares outstanding.

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

^(d)  For financial reporting purposes, the market value of certain investments were adjusted as of the report date. Accordingly, the net asset value (“NAV”) per share and total return performance based on NAV presented herein are different than the information previously published as of January 31, 2020.

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

^(f) Aggregate total return.

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

^(h) Excludes expenses incurred indirectly as a result of investments in underlying funds as follows:

	Six Months Ended 01/31/20 (Unaudited)			Year Ended July 31, 2019			Period from 01/25/18 (a) to 07/31/18
Investments in underlying funds		0.01	%		0.02	%		0.07	%

⁽ⁱ⁾ Annualized.

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

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

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

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

See notes to financial statements.

72 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	BlackRock Global Long/Short Equity Fund
	Institutional
	Six Months Ended 01/31/20 (Unaudited)			Year Ended July 31,
				2019			2018			2017			2016			2015
Net asset value, beginning of period	$	12.67		$	12.17		$	11.62		$	10.56		$	11.92		$	11.61
Net investment income (loss)(a)		0.17			0.05			(0.06	)		(0.14	)		(0.15	)		(0.18	)
Net realized and unrealized gain (loss)		(0.48	)		0.57			0.61			1.20			(1.00	)		0.50
Net increase (decrease) from investment operations		(0.31	)		0.62			0.55			1.06			(1.15	)		0.32
Distributions(b)
From net investment income		(0.04	)		—			—			—			—			—
From net realized gain		(0.74	)		(0.12	)		—			—			(0.21	)		(0.01	)
Total distributions		(0.78	)		(0.12	)		—			—			(0.21	)		(0.01	)
Net asset value, end of period	$	11.58		$	12.67		$	12.17		$	11.62		$	10.56		$	11.92
Total Return(c)
Based on net asset value		(2.46	)%(d)		5.09	%		4.73	%		10.04	%		(9.77	)%		2.78	%
Ratios to Average Net Assets(e)
Total expenses		1.77	%(f)		1.76	%		1.73	%		1.78	%		1.68	%		1.67	%
Total expenses excluding recoupment of past fees waived and/or reimbursed		1.77	%(f)		1.76	%		1.71	%		1.78	%		1.68	%		1.67	%
Total expenses after fees waived and/or reimbursed		1.57	%(f)		1.63	%		1.66	%		1.70	%		1.62	%		1.60	%
Net investment income (loss)		2.78	%(f)		0.36	%		(0.51	)%		(1.28	)%		(1.35	)%		(1.53	)%
Supplemental Data
Net assets, end of period (000)	$	530,269		$	546,561		$	559,028		$	544,301		$	824,306		$	1,496,484
Portfolio turnover rate		41	%(g)		7	%(g)		20	%(g)		—	%		34	%(g)		17	%(g)

^(a) Based on average shares outstanding.

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

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

^(d) Aggregate total return.

^(e) Excludes expenses incurred indirectly as a result of investments in underlying funds as follows:

	Six Months Ended 01/31/20 (Unaudited)			Year Ended July 31,
				2019			2018			2017			2016			2015
Investments in underlying funds		0.01	%		0.01	%		0.13	%		0.16	%		0.18	%		0.16	%

^(f) Annualized.

^(g) Excludes investments underlying the total return swaps.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 73

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	BlackRock Global Long/Short Equity Fund (continued)
	Investor A
	Six Months Ended 01/31/20 (Unaudited)			Year Ended July 31,
				2019			2018			2017			2016			2015
Net asset value, beginning of period	$	12.50		$	12.03		$	11.52		$	10.49		$	11.84		$	11.57
Net investment income (loss)(a)		0.15			0.01			(0.10	)		(0.17	)		(0.18	)		(0.21	)
Net realized and unrealized gain (loss)		(0.46	)		0.56			0.61			1.20			(0.99	)		0.49
Net increase (decrease) from investment operations		(0.31	)		0.57			0.51			1.03			(1.17	)		0.28
Distributions(b)
From net investment income		(0.01	)		—			—			—			—			—
From net realized gain		(0.74	)		(0.10	)		—			—			(0.18	)		(0.01	)
Total distributions		(0.75	)		(0.10	)		—			—			(0.18	)		(0.01	)
Net asset value, end of period	$	11.44		$	12.50		$	12.03		$	11.52		$	10.49		$	11.84
Total Return(c)
Based on net asset value		(2.49	)%(d)		4.79	%		4.43	%		9.82	%		(10.02	)%		2.44	%
Ratios to Average Net Assets(e)
Total expenses		2.06	%(f)		2.04	%		2.03	%		2.10	%		1.95	%		1.93	%
Total expenses excluding recoupment of past fees waived and/or reimbursed		2.06	%(f)		2.04	%		1.95	%		2.10	%		1.94	%		1.92	%
Total expenses after fees waived and/or reimbursed		1.82	%(f)		1.88	%		1.96	%		1.98	%		1.88	%		1.86	%
Net investment income (loss)		2.51	%(f)		0.12	%		(0.84	)%		(1.60	)%		(1.61	)%		(1.80	)%
Supplemental Data
Net assets, end of period (000)	$	32,099		$	49,514		$	49,180		$	35,658		$	122,464		$	225,910
Portfolio turnover rate		41	%(g)		7	%(g)		20	%(g)		—	%		34	%(g)		17	%(g)

^(a) Based on average shares outstanding.

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

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

^(d) Aggregate total return.

^(e) Excludes expenses incurred indirectly as a result of investments in underlying funds as follows:

	Six Months Ended 01/31/20 (Unaudited)			Year Ended July 31,
				2019			2018			2017			2016			2015
Investments in underlying funds		0.01	%		0.01	%		0.13	%		0.16	%		0.18	%		0.16	%

^(f) Annualized.

^(g) Excludes investments underlying the total return swaps.

See notes to financial statements.

74 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	BlackRock Global Long/Short Equity Fund (continued)
	Investor C
	Six Months Ended 01/31/20 (Unaudited)			Year Ended July 31,
				2019			2018			2017			2016			2015
Net asset value, beginning of period	$	11.99		$	11.59		$	11.18		$	10.26		$	11.63		$	11.45
Net investment income (loss)(a)		0.10			(0.08	)		(0.18	)		(0.24	)		(0.26	)		(0.30	)
Net realized and unrealized gain (loss)		(0.45	)		0.54			0.59			1.16			(0.97	)		0.49
Net increase (decrease) from investment operations		(0.35	)		0.46			0.41			0.92			(1.23	)		0.19
Distributions from net realized gain(b)		(0.69	)		(0.06	)		—			—			(0.14	)		(0.01	)
Net asset value, end of period	$	10.95		$	11.99		$	11.59		$	11.18		$	10.26		$	11.63
Total Return(c)
Based on net asset value		(2.91	)%(d)		4.02	%		3.67	%		8.97	%		(10.66	)%		1.69	%
Ratios to Average Net Assets(e)
Total expenses		2.81	%(f)		2.79	%		2.76	%		2.81	%		2.71	%		2.70	%
Total expenses excluding recoupment of past fees waived and/or reimbursed		2.81	%(f)		2.79	%		2.72	%		2.81	%		2.71	%		2.69	%
Total expenses after fees waived and/or reimbursed		2.57	%(f)		2.63	%		2.69	%		2.72	%		2.64	%		2.63	%
Net investment income (loss)		1.81	%(f)		(0.64	)%		(1.58	)%		(2.32	)%		(2.37	)%		(2.57	)%
Supplemental Data
Net assets, end of period (000)	$	13,330		$	17,282		$	21,168		$	25,857		$	62,597		$	100,783
Portfolio turnover rate		41	%(g)		7	%(g)		20	%(g)		—	%		34	%(g)		17	%(g)

^(a) Based on average shares outstanding.

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

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

^(d) Aggregate total return.

^(e) Excludes expenses incurred indirectly as a result of investments in underlying funds as follows:

	Six Months Ended 01/31/20 (Unaudited)			Year Ended July 31,
				2019			2018			2017			2016			2015
Investments in underlying funds		0.01	%		0.01	%		0.13	%		0.16	%		0.18	%		0.16	%

^(f) Annualized.

^(g) Excludes investments underlying the total return swaps.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 75

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	BlackRock Global Long/Short Equity Fund (continued)
	Class K
	Six Months Ended 01/31/20 (Unaudited)			Year Ended July 31,									Period from 03/28/16 (a) to 07/31/16
				2019			2018			2017
Net asset value, beginning of period	$	12.69		$	12.19		$	11.63		$	10.56		$	11.02
Net investment income (loss)(b)		0.17			0.06			(0.01	)		(0.14	)		(0.04	)
Net realized and unrealized gain (loss)		(0.47	)		0.56			0.57			1.21			(0.42	)
Net increase (decrease) from investment operations		(0.30	)		0.62			0.56			1.07			(0.46	)
Distributions(c)
From net investment income		(0.04	)		—			—			—			—
From net realized gain		(0.74	)		(0.12	)		—			—			—
Total distributions		(0.78	)		(0.12	)		—			—			—
Net asset value, end of period	$	11.61		$	12.69		$	12.19		$	11.63		$	10.56
Total Return(d)
Based on net asset value		(2.34	)%(e)		5.11	%		4.82	%		10.13	%		(4.17	)%(e)
Ratios to Average Net Assets(f)
Total expenses		1.74	%(g)		1.72	%		1.65	%		1.70	%		1.63	%
Total expenses excluding recoupment of past fees waived and/or reimbursed		1.74	%(g)		1.72	%		1.64	%		1.70	%		1.63	%
Total expenses after fees waived and/or reimbursed		1.52	%(g)		1.57	%		1.58	%		1.63	%		1.56	%
Net investment income (loss)		2.76	%(g)		0.45	%		(0.04	)%		(1.32	)%		(1.15	)%
Supplemental Data
Net assets, end of period (000)	$	479		$	453		$	217		$	108		$	52,455
Portfolio turnover rate		41	%(h)		7	%(h)		20	%(h)		—	%		34	%(h)(i)

^(a) Commencement of operations.

^(b) Based on average shares outstanding.

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

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

^(e) Aggregate total return.

^(f) Excludes expenses incurred indirectly as a result of investments in underlying funds as follows:

	Six Months Ended 01/31/20 (Unaudited)			Year Ended July 31,									Period from 03/28/16 (a) to 07/31/16
				2019			2018			2017
Investments in underlying funds		0.01	%		0.01	%		0.13	%		0.16	%		0.18	%

^(g) Annualized.

^(h) Excludes investments underlying the total return swaps.

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

See notes to financial statements.

76 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements  (unaudited)

1. ORGANIZATION

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

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

Each Fund offers multiple classes of shares. All classes of shares have identical voting, dividend, liquidation and other rights and are subject to the same terms and conditions, except that certain classes bear expenses related to the shareholder servicing and distribution of such shares. Institutional and Class K Shares are sold 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 10 years

^(a)  Investor A Shares may be subject to a contingent deferred sales charge (“CDSC”) for certain redemptions where no initial sales charge was paid at the time of purchase.

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

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

On November 13, 2019, the Board of Trustees of the Trust (the “Board”) approved a change in the fiscal year-end of each Fund, effective as of April 30, 2020, from July 31 to April 30.

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 on the identified cost basis. Dividend income is recorded on the ex-dividend date. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Funds are informed of the ex-dividend date. 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 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 portion of the results of operations arising as a result of changes in the exchange rates from the changes in the market prices of investments held or sold 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.

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

NOTES TO FINANCIAL STATEMENTS 77

Notes to Financial Statements  (unaudited) (continued)

Distributions: Distributions paid by the Funds are recorded on the ex-dividend date. Distributions of capital gains are recorded on the ex-dividend date 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. 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. 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.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: The Funds’ investments are valued at fair value (also referred to as “market value” within the financial statements) as of the close of trading on the NYSE (generally 4:00 p.m., Eastern time). U.S. GAAP defines fair value as the price the Funds would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Funds determine the fair values of their financial instruments using various independent dealers or pricing services under policies approved by the Board. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

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

• Equity investments traded on a recognized securities exchange are valued at the official closing price each day, if available. For equity investments traded on more than one exchange, the official closing price on the exchange where the stock is primarily traded is used. 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.

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the NYSE. Occasionally, events affecting the values of such instruments may occur between the foreign market close and the close of trading on the NYSE that may not be reflected in the computation of the Funds’ net assets. Each business day, the Funds use a pricing service to assist with the valuation of certain foreign exchange-traded equity securities and foreign exchange-traded and over-the-counter (“OTC”) options (the “Systematic Fair Value Price”). Using current market factors, the Systematic Fair Value Price is designed to value such foreign securities and foreign options at fair value as of the close of trading on the NYSE, which follows the close of the local markets.

• Investments in open-end U.S. mutual funds are valued at net asset value (“NAV”) each business day.

• Advantage Emerging Markets values its investment in SL Liquidity Series, LLC, Money Market Series (the “Money Market Series”) at fair value, which is ordinarily based upon its pro rata ownership in the underlying fund’s net assets. The Money Market Series seeks current income consistent with maintaining liquidity and preserving capital. Although the Money Market Series is not registered under the 1940 Act, its investments may follow the parameters of investments by a money market fund that is subject to Rule 2a-7 under the 1940 Act.

• Futures contracts traded on exchanges are valued at their last sale price.

• Swap agreements are valued utilizing quotes received daily by the Funds’ pricing service 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.

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

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

	Standard Inputs Generally Considered By Third Party Pricing Services
Market approach	(i)  recent market transactions, including subsequent rounds of financing, in the underlying investment or comparable issuers; (ii) recapitalizations and other transactions across the capital structure; and (iii)   market multiples of comparable issuers.
Income approach	(i)  future cash flows discounted to present and adjusted as appropriate for liquidity, credit, and/or market risks; (ii) quoted prices for similar investments or assets in active markets; and (iii)   other risk factors, such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, recovery rates, liquidation amounts and/or default rates.

78 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements  (unaudited) (continued)

Standard Inputs Generally Considered By Third Party Pricing Services

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. Valuation techniques such as an option pricing model (“OPM”), a probability weighted expected return model (“PWERM”) or a hybrid of those techniques are used in allocating enterprise value of the company, as deemed appropriate under the circumstances. The use of OPM and PWERM techniques involve a determination of the exit scenarios of the investment in order to appropriately allocate the enterprise value of the company among the various parts of its capital structure.

The Private Companies are not subject to the public company disclosure, timing, and reporting standards as 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 investments and derivative financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial statement 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)

• Level 3 — Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Global Valuation Committee’s assumptions used in determining the fair value of investments and derivative financial instruments)

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

As of January 31, 2020, certain investments of Advantage Emerging Markets were valued using NAV per share as no quoted market value is available and therefore have been excluded from the fair value hierarchy.

4. SECURITIES AND OTHER INVESTMENTS

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

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

The market value of any securities on loan, all of which were classified as common stocks in the Funds’ Schedules of Investments, and the value of any related collateral are shown separately in the Statements of Assets and Liabilities as a component of investments at value-unaffiliated, and collateral on securities loaned at value, respectively. 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.

NOTES TO FINANCIAL STATEMENTS 79

Notes to Financial Statements  (unaudited) (continued)

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 lenders, 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 a 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.

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

Counterparty	Securities Loaned at Value		Cash Collateral Received (a)			Net Amount
Citigroup Global Markets, Inc.	$	474	$	(474	)	$	—

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

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

5. DERIVATIVE FINANCIAL INSTRUMENTS

The Funds engage in various portfolio investment strategies using derivative contracts both to increase the returns of the Funds and/or to manage their exposure to certain risks such as credit risk, equity risk, interest rate risk, foreign currency exchange rate risk, commodity price risk or other risks (e.g., inflation risk). Derivative financial instruments categorized by risk exposure are included in the Schedules of Investments. These contracts may be transacted on an exchange or 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 agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.

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

Options: Certain Funds 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.

80 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements  (unaudited) (continued)

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 Funds’ counterparty on the swap agreement becomes the CCP. The Funds are required to interface with the CCP through the broker. Upon entering into a centrally cleared swap, 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 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, 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 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, including at termination, are recorded as realized gains (losses) in the Statements of Operations.

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

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

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

Master Netting Arrangements: In order to define their contractual rights and to secure rights that will help them mitigate their counterparty risk, the Funds may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with their counterparties. An ISDA Master Agreement is a bilateral agreement between each 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, each 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. Bankruptcy or insolvency laws of a particular jurisdiction may restrict or prohibit the right of offset in bankruptcy, insolvency or other events.

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

Cash collateral that has been pledged to cover obligations of the Funds and cash collateral received from the counterparty, if any, is reported separately in the Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Funds, if any, is noted in the Schedules of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Funds. Any additional required collateral is delivered to/pledged by the Funds on the next business day.

NOTES TO FINANCIAL STATEMENTS 81

Notes to Financial Statements  (unaudited) (continued)

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 their counterparties are not fully collateralized, they bear 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, they bear 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 the Funds, 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.

Average Daily Net Assets	Advantage Emerging Markets			Global Long/Short Equity
First $1 Billion		0.80	%		1.50	%
$1 Billion — $3 Billion		0.75			1.41
$3 Billion — $5 Billion		0.72			1.35
$5 Billion — $10 Billion		0.70			1.31
Greater than $10 Billion		0.68			1.28

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

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

	Service Fees			Distribution Fees
Investor A		0.25	%		—	%
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 BRIL and each broker-dealer for providing shareholder servicing and/or distribution related services to shareholders.

For the six months ended January 31, 2020, the following table shows the class specific service and distribution fees borne directly by each share class of each Fund:

Service and Distribution Fees	Investor A		Investor C		Total
Advantage Emerging Markets	$	5,188	$	9,377	$	14,565
Global Long/Short Equity		42,090		77,560		119,650

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 Fee
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.

82 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements  (unaudited) (continued)

For the six months ended January 31, 2020, the following table shows the class specific administration fees borne directly by each share class of each Fund:

Administration Fees	Institutional		Investor A		Investor C		Class K		Total
Advantage Emerging Markets	$	1,449	$	415	$	187	$	8,731	$	10,782
Global Long/Short Equity		55,046		3,367		1,551		40		60,004

Transfer Agent: Pursuant to written agreements, certain financial intermediaries, some of which may be affiliates, provide the Funds with sub-accounting, recordkeeping, sub-transfer agency and other administrative services with respect to servicing of underlying investor accounts. For these services, these entities receive an asset-based fee or an annual fee per shareholder account, which will vary depending on share class and/or net assets. For the six months ended January 31, 2020, Global Long/Short Equity paid the following amounts to affiliates of BlackRock in return for these services, which are included in transfer agent — class specific in the Statements of Operations:

	Institutional
Global Long/Short Equity	$	2,459

For the six months ended January 31, 2020, Advantage Emerging Markets did not pay any amounts to affiliates in return for these services.

The Manager maintains a call center that is responsible for providing certain shareholder services to the Funds. Shareholder services include responding to inquiries and processing purchases and sales based upon instructions from shareholders. For the six months ended January 31, 2020, 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:

	Institutional		Investor A		��	Investor C		Class K		Total
Advantage Emerging Markets	$	100	$	184		$	22	$	74	$	380
Global Long/Short Equity		645		306			155		—		1,106

For the six months ended January 31, 2020, the following table shows the class specific transfer agent fees borne directly by each share class of each Fund:

	Institutional		Investor A		Investor C		Class K		Total
Advantage Emerging Markets	$	2,206	$	1,317	$	1,403	$	258	$	5,184
Global Long/Short Equity		184,859		18,245		8,087		58		211,249

Other Fees: For the six months ended January 31, 2020, affiliates earned underwriting discounts, direct commissions and dealer concessions on sales of each Fund’s Investor A Shares as follows:

	Advantage Emerging Markets		Global Long/Short Equity
Investor A	$	73	$	3,924

For the six months ended January 31, 2020, affiliates received CDSCs as follows:

	Advantage Emerging Markets		Global Long/Short Equity
Investor C	$	12	$	996

Expense Limitations, Waivers, Reimbursements, and Recoupments: 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 November 30, 2020. The contractual agreement may be terminated upon 90 days’ notice by a majority of the trustees who are not “interested persons” of the Trust, as defined in the 1940 Act (“Independent Trustees”) or by a vote of a majority of the outstanding voting securities of a Fund. The amount of waivers and/or reimbursements of fees and expenses made pursuant to the expense limitation described below will be reduced by the amount of the affiliated money market fund waiver. Prior to May 24, 2019 for Advantage Emerging Markets and November 27, 2019 for Global Long/Short Equity, this waiver was voluntary. This amount is included in fees waived and/or reimbursed by the Manager in the Statements of Operations. For the six months ended January 31, 2020, the amounts waived were as follows:

	Fees waived by the Manager
Advantage Emerging Markets	$	1,989
Global Long/Short Equity		8,810

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 November 30, 2020. 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. This amount is included in fees waived and/or reimbursed by the Manager in the Statements of Operations. For the six months ended January 31, 2020, there were no fees waived and/or reimbursed by the Manager pursuant to this agreement.

NOTES TO FINANCIAL STATEMENTS 83

Notes to Financial Statements  (unaudited) (continued)

With respect to Advantage Emerging Markets, the Manager contractually agreed to waive and/or reimburse fees or expenses in order to limit other expenses, excluding dividend expense, interest expense, acquired fund fees and expenses, and certain other fund expenses, through November 30, 2020. The current expense limitations as a percentage of average daily net assets are as follows:

Share Class	Advantage Emerging Markets
Institutional		0.05	%
Investor A		0.10
Investor C		0.10
Class K		0.01

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

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

The Manager has agreed not to reduce or discontinue these contractual expense limitations through November 30, 2020, unless approved by the Board, including a majority of the Independent Trustees, or by a vote of a majority of the outstanding voting securities of a Fund.

For the six months ended January 31, 2020 the Manager waived and/or reimbursed Advantage Emerging Markets and Global Long/Short Equity $272,911 and $488,348, respectively, which are included in fees waived and/or reimbursed by the Manager in the Statements of Operations.

These amounts waived and/or reimbursed are included in administration fees waived — class specific and transfer agent fees waived and/or reimbursed, respectively, in the Statements of Operations. For the six months ended January 31, 2020, class specific expense waivers and/or reimbursements were as follows:

Administration Fees Waived	Institutional		Investor A		Investor C		Class K		Total
Advantage Emerging Markets	$	682	$	1	$	188	$	8,731	$	9,602
Global Long/Short Equity		55,046		3,367		1,551		40		60,004

Transfer Agent Fees Waived and/or Reimbursed	Institutional		Investor A		Investor C		Class K		Total
Advantage Emerging Markets	$	74	$	—	$	558	$	258	$	890
Global Long/Short Equity		47,246		9,827		4,209		58		61,340

With respect to the contractual expense limitation, if during a Fund’s fiscal year the operating expenses of a share class, that at any time during the prior two fiscal years received a waiver and/or reimbursement from the Manager, are less than the current expense limitation for that share class, the Manager is entitled to be reimbursed by such share class up to the lesser of: (a) the amount of fees waived and/or expenses reimbursed during those prior two fiscal years under the agreement and (b) an amount not to exceed either the current expense limitation of that share class or the expense limitation of the share class in effect at the time that the share class received the applicable waiver and/or reimbursement, provided that:

(1) each Fund, of which the share class is a part, has more than $50 million in assets for the fiscal year, and

(2) the Manager or an affiliate continues to serve as a Fund’s investment adviser or administrator.

This repayment applies only to the contractual expense limitation on net expenses and does not apply to the contractual investment advisory fee waiver described above or any voluntary waivers that may be in effect from time to time. Effective December 1, 2019 for Advantage Emerging Markets and effective December 20, 2019 for Global Long/Short Equity, the repayment arrangement between the Funds and the Manager pursuant to which such Funds may be required to repay amounts waived and/or reimbursed under the Funds’ contractual caps on net expenses was terminated.

For the six months ended January 31, 2020, the Manager recouped the following fund level and class specific waivers and/or reimbursements previously recorded by Advantage Emerging Markets:

	Advantage Emerging Markets
Investor A	$	34

84 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements  (unaudited) (continued)

The following fund level and class specific waivers and/or reimbursements previously recorded by the Funds, which were subject to recoupment by the Manager, expired on December 1, 2019 and December 20, 2019, respectively:

Advantage Emerging Markets
Fund Level	$	1,298,948
Institutional		66,642
Investor A		1,941
Investor C		7,366
Class K		41,645

Global Long/Short Equity
Fund Level	$	965,045
Institutional		351,458
Investor A		40,630
Investor C		19,803
Class K		463

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

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

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

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

The share of securities lending income earned by each Fund is shown as securities lending income — affiliated — net in the Statements of Operations. For the six months ended January 31, 2020, Advantage Emerging Markets paid BIM $25 for securities lending agent services.

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 six months ended January 31, 2019, the Funds did not participate in the Interfund Lending Program.

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

7. PURCHASES AND SALES

For the six months ended January 31, 2020, purchases and sales of investments, excluding short-term securities, were as follows:

	Advantage Emerging Markets		Global Long/Short Equity
Purchases	$	81,199,914	$	45,996,122
Sales		73,258,121		72,341,029

NOTES TO FINANCIAL STATEMENTS 85

Notes to Financial Statements  (unaudited) (continued)

8. INCOME TAX INFORMATION

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

Each Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on each Fund’s U.S. federal tax returns generally remains open for each of the four years ended July 31, 2019. The statutes of limitations on each Fund’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.

Management has analyzed tax laws and regulations and their application to the Funds as of January 31, 2020, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

As of July 31, 2019, Advantage Emerging Markets had capital loss carryforward of $16,252,873 with no expiration dates, available to offset future realized capital gains.

As of January 31, 2020, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:

	Advantage Emerging Markets			Global Long/Short Equity
Tax cost	$	107,123,965		$	527,988,801
Gross unrealized appreciation	$	10,637,226		$	3,476,879
Gross unrealized depreciation		(8,576,018	)		(10,401,815	)
Net unrealized appreciation (depreciation)	$	2,061,208		$	(6,924,936	)

9. BANK BORROWINGS

The Trust, on behalf of the Funds along with certain other funds managed by the Manager and its affiliates (“Participating Funds”), is a party to a 364-day, $2.25 billion credit agreement with a group of lenders. Under this agreement, the Funds may borrow to fund shareholder redemptions. Excluding commitments designated for certain individual funds, the Participating Funds, including the Funds, can borrow up to an aggregate commitment amount of $1.75 billion at any time outstanding, subject to asset coverage and other limitations as specified in the agreement. The credit agreement has the following terms: a fee of 0.10% per annum on unused commitment amounts and interest at a rate equal to the higher of (a) one-month LIBOR (but, in any event, not less than 0.00%) on the date the loan is made plus 0.80% per annum or (b) the Fed Funds rate (but, in any event, not less than 0.00%) in effect from time to time plus 0.80% per annum on amounts borrowed. The agreement expires in April 2020 unless extended or renewed. Prior to April 18, 2019, Participating Funds paid an upfront commitment fee of 0.02% on the total commitment amounts, in addition to administration, legal and arrangement fees, which are included in miscellaneous expenses in the Statements of Operations. These fees were allocated among such funds based upon portions of the aggregate commitment available to them and relative net assets of Participating Funds. During the six months ended January 31, 2020, the Funds did not borrow under the credit agreement.

10. PRINCIPAL RISKS

In the normal course of business, certain 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.

Investments in the securities of issuers domiciled in countries with emerging capital markets involve certain additional risks that do not generally apply to investments in securities of issuers in more developed capital markets, such as (i) low or nonexistent trading volume, resulting in a lack of liquidity and increased volatility in prices for such securities; (ii) uncertain national policies and social, political and economic instability, increasing the potential for expropriation of assets, confiscatory taxation, high rates of inflation or unfavorable diplomatic developments; and (iii) 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.

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

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

86 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements  (unaudited) (continued)

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.

A recent outbreak of respiratory disease caused by a novel coronavirus was first detected in China in December 2019 and has now been detected internationally. This coronavirus has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of epidemics and pandemics such as the coronavirus, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. The impact of the outbreak may be short term or may last for an extended period of time.

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. 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 Fund’s 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.

A Fund’s risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain less the value of any collateral held by such Fund.

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

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

Concentration Risk: Certain Funds invest a substantial amount of their assets in issuers located in a single country or a limited number of countries. When the Funds concentrate their investments in this manner, it assumes the risk that economic, political and social conditions in those countries may have a significant impact on their investment performance. 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.

Advantage Emerging Markets 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.

From time to time and in recent months, China has experienced outbreaks of infectious illnesses and the country may be subject to other public health threats, infectious illnesses, diseases or similar issues in the future. Any spread of an infectious illness, public health threat or similar issue could reduce consumer demand or economic output, result in market closures, travel restrictions or quarantines, and generally have a significant impact on the Chinese economy, which in turn could adversely affect a Fund’s investments.

11. CAPITAL SHARE TRANSACTIONS

Transactions in capital shares for each class were as follows:

	Six Months Ended 01/31/20						Year Ended 07/31/19
Advantage Emerging Markets	Shares			Amount			Shares			Amount
Institutional
Shares sold		42,088		$	434,596			679,066		$	6,836,422
Shares issued in reinvestment of distributions		25,009			264,098			—			—
Shares redeemed		(328,732	)		(3,377,857	)		(2,222,832	)		(22,108,842	)
Net decrease		(261,635	)	$	(2,679,163	)		(1,543,766	)	$	(15,272,420	)
Investor A
Shares sold		54,904		$	530,754			184,254		$	1,895,000
Shares issued in reinvestment of distributions		7,600			78,960			—			—
Shares redeemed		(37,749	)		(383,084	)		(328,128	)		(3,161,389	)
Net increase (decrease)		24,755		$	226,630			(143,874	)	$	(1,266,389	)

NOTES TO FINANCIAL STATEMENTS 87

Notes to Financial Statements  (unaudited) (continued)

	Six Months Ended 01/31/20						Year Ended 07/31/19
Advantage Emerging Markets	Shares			Amount			Shares			Amount
Investor C
Shares sold		2,085		$	20,532			6,834		$	62,855
Shares issued in reinvestment of distributions		897			8,915			—			—
Shares redeemed		(57,961	)		(526,317	)		(93,436	)		(854,036	)
Net decrease		(54,979	)	$	(496,870	)		(86,602	)	$	(791,181	)
Class K
Shares sold		2,335,224		$	24,155,186			4,600,094		$	45,101,567
Shares issued in reinvestment of distributions		192,716			2,033,150			—			—
Shares redeemed		(1,459,372	)		(15,262,251	)		(10,485,440	)		(105,056,304	)
Net increase (decrease)		1,068,568		$	10,926,085			(5,885,346	)	$	(59,954,737	)
Total Net Increase (Decrease)		776,709		$	7,976,682			(7,659,588	)	$	(77,284,727	)

	Six Months Ended 01/31/20						Year Ended 07/31/19
Global Long/Short Equity	Shares			Amount			Shares			Amount
Institutional
Shares sold		11,528,023		$	139,024,660			15,050,878		$	186,626,984
Shares issued in reinvestment of distributions		2,010,045			23,115,520			270,407			3,293,554
Shares redeemed		(10,916,774	)		(130,440,124	)		(18,097,432	)		(224,453,776	)
Net increase (decrease)		2,621,294		$	31,700,056			(2,776,147	)	$	(34,533,238	)
Investor A
Shares sold		617,435		$	7,248,645			675,932		$	8,269,287
Shares issued in reinvestment of distributions		165,471			18,79,752			33,587			404,392
Shares redeemed		(1,936,558	)		(23,587,826	)		(836,781	)		(10,217,483	)
Net decrease		(1,153,652	)	$	(14,459,429	)		(127,262	)	$	(1,543,804	)
Investor C
Shares sold		39,217		$	453,614			196,342		$	2,300,717
Shares issued in reinvestment of distributions		75,994			827,570			8,705			100,982
Shares redeemed		(339,656	)		(3,875,995	)		(589,686	)		(6,931,926	)
Net decrease		(224,445	)	$	(2,594,811	)		(384,639	)	$	(4,530,227	)
Class K
Shares sold		21,846		$	256,846			38,310		$	480,954
Shares issued in reinvestment of distributions		2,152			24,794			254			3,097
Shares redeemed		(18,464	)		(220,653	)		(20,617	)		(262,158	)
Net increase		5,534		$	60,987			17,947		$	221,893
Total Net increase (decrease)		1,248,731		$	14,706,803			(3,270,101	)	$	(40,385,376	)

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.

88 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statement Regarding Liquidity Risk Management Program

The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.

The Board of Trustees the “Board” of BlackRock Funds^SM, on behalf of BlackRock Advantage Emerging Markets Fund and BlackRock Global Long/Short Equity Fund, met on November 12-13, 2019 (the “Meeting”) to review the liquidity risk management program (the “Program”) applicable to the BlackRock open-end funds, excluding money market funds (each, a “Fund”), pursuant to the Liquidity Rule. The Board has appointed BlackRock Advisors, LLC or BlackRock Fund Advisors (“BlackRock”), each an investment adviser to certain Funds, as the program administrator for each Fund’s Program, as applicable. BlackRock has 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 operation 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 December 1, 2018 through September 30, 2019 (the “Program Reporting Period”).

The Report described the Program’s liquidity classification methodology for categorizing a Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also described BlackRock’s methodology in establishing a Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing a 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 and reverse repurchase agreements), such borrowings were factored into the Program’s calculation of a Fund’s liquidity bucketing. 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 net redemption activity and used this information as a component to establish each Fund’s reasonably anticipated trading size (“RATS”). 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 applicable to the Funds, 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 and BlackRock Credit Strategies Income Fund, each a series of BlackRock Funds V). 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. 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 PROGRAM 89

Trustee and Officer Information

Mark Stalnecker, Chair of the Board and Trustee

Bruce R. Bond, Trustee

Susan J. Carter, Trustee

Collette Chilton, Trustee

Neil A. Cotty, Trustee

Lena G. Goldberg, Trustee

Henry R. Keizer, Trustee

Cynthia A. Montgomery, Trustee

Donald C. Opatrny, Trustee

Joseph P. Platt, Trustee

Kenneth L. Urish, Trustee

Claire A. Walton, Trustee

Robert Fairbairn, Trustee

John M. Perlowski, Trustee, President and Chief Executive Officer

Thomas Callahan, Vice President

Jennifer McGovern, Vice President

Neal J. Andrews, Chief Financial Officer

Jay M. Fife, Treasurer

Charles Park, Chief Compliance Officer

Lisa Belle, Anti-Money Laundering Compliance Officer

Janey Ahn, Secretary

Effective September 19, 2019, Lisa Belle replaced John MacKessy as the Anti-Money Laundering Compliance Officer of the Trust.

Effective September 19, 2019, Janey Ahn replaced Benjamin Archibald as the Secretary of the Trust.

Effective December 31, 2019, Robert M. Hernandez retired as Trustee of the Trust.

Investment Adviser and Administrator

BlackRock Advisors, LLC

Wilmington, DE 19809

Sub-Adviser^(a)

BlackRock International Limited

Edinburgh, EH3 8BL

United Kingdom

Accounting Agent and Custodian

State Street Bank and Trust Company

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Wilmington, DE 19809

Distributor

BlackRock Investments, LLC

New York, NY 10022

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

Philadelphia, PA 19103

Legal Counsel

Sidley Austin LLP

New York, NY 10019

Address of the Trust

100 Bellevue Parkway

Wilmington, DE 19809

^(a)  For Global Long/Short Equity

90 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Additional Information

General Information

Householding

The Funds will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports 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 schedule 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, and for reporting periods ended prior to March 31, 2019, filed such information on Form N-Q. The Funds’ Forms N-PORT and N-Q are available on the SEC’s website at sec.gov. The Funds’ Forms N-Q may also be obtained upon request and without charge by calling (800) 441-7762.

Availability of Proxy Voting Policies and Procedures

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available upon request and without charge (1) by calling (800) 441-7762; (2) at blackrock.com; and (3) on the SEC’s website at sec.gov.

Availability of Proxy Voting Record

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 upon request and without charge (1) at blackrock.com; or by calling (800) 441-7762 and (2) 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 visit blackrock.com for more information.

Automatic Investment Plans

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

Systematic Withdrawal Plans

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

Retirement Plans

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

ADDITIONAL INFORMATION 91

Additional Information  (continued)

BlackRock Privacy Principles

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

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

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

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

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

Change in Independent Registered Public Accounting Firm

In connection with the Funds’ change in their fiscal year-end, the Audit Committee of the Funds’ Board of Trustees approved a recommendation to change the independent registered public accounting firm from PricewaterhouseCoopers LLP (“PwC”) to Deloitte & Touche LLP (“D&T”) for the year ending April 30, 2020. Effective March 16, 2020, PwC was dismissed as the independent registered public accounting firm to the Funds. PwC’s reports on the Funds’ financial statements for the fiscal periods ended July 31, 2019 and July 31, 2018 contained no adverse opinion or disclaimer of opinion nor were they qualified or modified as to uncertainty, audit scope or accounting principle. During the Funds’ fiscal periods ended July 31, 2019 and July 31, 2018 and the subsequent interim period through March 16, 2020, (i) there were no disagreements with PwC on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of PwC, would have caused them to make reference to the subject matter of the disagreements in connection with their reports on the Funds’ financial statements for such periods, and (ii) there were no “reportable events” of the kind described in Item 304(a)(1)(v) of Regulation S-K under the Securities Exchange Act of 1934, as amended.

During the Funds’ fiscal periods ended July 31, 2019 and July 31, 2018 and the subsequent interim period through March 16, 2020, neither the Funds, nor anyone on their behalf, consulted with D&T on items which: (i) concerned the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on the Funds’ financial statements; or (ii) concerned the subject of a disagreement (as defined in paragraph (a)(1)(iv) of Item 304 of Regulation S-K) or reportable events (as described in paragraph (a)(1)(v) of said Item 304).

Glossary of Terms Used in this Report

Currency
CHF	Swiss Franc
Portfolio Abbreviations
ADR	American Depositary Receipts
ETF	Exchange-Traded Fund
GDR	Global Depositary Receipt
JSC	Joint Stock Company
MSCI	Morgan Stanley Capital International
NVDR	Non-voting Depository Receipts
OTC	Over-the-Counter
PCL	Public Company Limited
S&P	Standard and Poor’s

92 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Want to know more?

blackrock.com    |    877-275-1255 (1-877-ASK-1BLK)

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-1/20-SAR

JANUARY 31, 2020

2020 Semi-Annual Report

(Unaudited)

BlackRock Funds^SM

· iShares Russell Mid-Cap Index Fund

· iShares Russell Small/Mid-Cap Index Fund

· iShares Total U.S. Stock Market Index Fund

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of each Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from BlackRock or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

You may elect to receive all future reports in paper free of charge. If you hold accounts directly with BlackRock, you can call (800) 441-7762 to inform BlackRock that you wish to continue receiving paper copies of your shareholder reports. If you hold accounts through a financial intermediary, you can follow the instructions included with this disclosure, if applicable, or contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Please note that not all financial intermediaries may offer this service. Your election to receive reports in paper will apply to all funds advised by BlackRock Advisors, LLC, BlackRock Fund Advisors or their affiliates, or all funds held with your financial intermediary, as applicable.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive electronic delivery of shareholder reports and other communications by: (i) accessing the BlackRock website at blackrock.com/edelivery and logging into your accounts, if you hold accounts directly with BlackRock, or (ii) contacting your financial intermediary, if you hold accounts through a financial intermediary. Please note that not all financial intermediaries may offer this service.

Not FDIC Insured • May Lose Value • No Bank Guarantee

The Markets in Review

Dear Shareholder,

U.S. equities and bonds both delivered impressive returns over the last 12 months, despite fears and doubts about the economy that were ultimately laid to rest with unprecedented monetary stimulus and a sluggish yet resolute performance from the U.S. economy. Investors were further encouraged by the apparent cessation of trade hostilities between the United States and China late in 2019, although some of these gains were reversed in January 2020, as the spread of the coronavirus injected uncertainty into markets.

Returns for most securities were particularly strong in the second half of the reporting period, as investors began to realize that the U.S. economy was maintaining the modest yet steady growth that has characterized this economic cycle. In the United States, large-cap stocks led the broader market, while small-cap equities still posted healthy returns. Emerging market stocks, however, were constrained by coronavirus fears, losing most of their gains near the end of the reporting period.

Fixed-income securities played an important role in diversified portfolios by delivering strong returns amid economic uncertainty, as interest rates declined (and bond prices rose). Long-term bonds, particularly long-term Treasuries, generally posted the strongest returns, as inflation remained low despite an uptick late in the reporting period. Investment-grade and high-yield corporate bonds also posted solid returns, as the credit fundamentals in corporate markets remained relatively solid.

Continuing the shift toward looser monetary policy that began in early 2019, the U.S. Federal Reserve (the “Fed”) increased efforts to stimulate economic activity. The Fed reduced interest rates three times during the reporting period, from July 2019 to October 2019. In December 2019, the Fed further reassured markets by indicating that it is unlikely to reverse course and tighten monetary policy in the near future. Following in the Fed’s footsteps, the European Central Bank announced aggressive economic stimulus measures, including lower interest rates and the return of its bond purchasing program. The Bank of Japan continued its accommodative monetary policy, while China committed to looser credit conditions and an increase in fiscal spending.

The outpouring of global economic stimulus led to a sharp rally in risk assets throughout the world despite the headwind of rising geopolitical and trade tensions. Hopes continued to remain high as the current economic expansion became the longest in U.S. history.

Looking ahead, we believe there are reasons to remain cautious about the U.S. economy, most notably the uncertainty around the duration of the impact of the coronavirus-driven economic contraction, the U.S. presidential election and future earnings growth. At this time we are watching the developments around the world very closely to assess the full extent of the risks of economic disruption that could result from the global pandemic. Corporate earnings underperformed in 2019, but action by the Fed led to outstanding equity returns. With the future of monetary policy and consumer behaviors uncertain, earnings deterioration could act as a drag on equities.

Overall, we favor moderately increasing investment risk to benefit from expected growth. We are neutral on U.S. equities, but we favor emerging market and Japanese equities, which could benefit from an uptick in global trade and investment. Increasing cyclical exposure through value-style investing and maintaining a meaningful emphasis on high-quality companies through quality factors also makes sense for diversified investors. In fixed income, extremely low yields and inflation risk limit the effectiveness of many bond classes as a counterweight in portfolios. We favor higher-yielding bonds from emerging markets, where central banks have more room for further accommodation, while strategically using U.S. Treasuries as stabilizers.

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

Sincerely,

Rob Kapito

President, BlackRock Advisors, LLC

Rob Kapito

President, BlackRock Advisors, LLC

Total Returns as of January 31, 2020
	6-month	12-month
U.S. large cap equities (S&P 500® Index)	9.31%	21.68%
U.S. small cap equities (Russell 2000® Index)	3.26	9.21
International equities (MSCI Europe, Australasia, Far East Index)	6.12	12.10
Emerging market equities (MSCI Emerging Markets Index)	3.36	3.81
3-month Treasury bills (ICE BofAML 3-Month U.S. Treasury Bill Index)	0.98	2.22
U.S. Treasury securities (ICE BofAML 10-Year U.S. Treasury Index)	5.13	12.15
U.S. investment grade bonds (Bloomberg Barclays U.S. Aggregate Bond Index)	4.20	9.64
Tax-exempt municipal bonds (S&P Municipal Bond Index)	3.08	8.21
U.S. high yield bonds (Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index)	3.43	9.40
Past performance is no guarantee of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

2 THIS PAGE IS NOT PART OF YOUR FUND REPORT

Table of Contents

	Page
The Markets in Review		2
Semi-Annual Report:
Fund Summaries		4
Portfolio Information		10
About Fund Performance		12
Disclosure of Expenses		12
Derivative Financial Instruments		12
Financial Statements:
Schedules of Investments		13
Statements of Assets and Liabilities		71
Statements of Operations		73
Statements of Changes in Net Assets		74
Financial Highlights		76
Notes to Financial Statements		85
Statement Regarding Liquidity Risk Management Program		96
Trustee and Officer Information		97
Additional Information		98
Glossary of Terms Used in This Report		99

3

Fund Summary  as of January 31, 2020 iShares Russell Mid-Cap Index Fund

Investment Objective

iShares Russell Mid-Cap Index Fund’s (the “Fund”) investment objective is to seek to track the investment results of an index composed of mid-capitalization U.S. equities.

Portfolio Management Commentary

How did the Fund perform?

For the six-month period ended January 31, 2020, the Fund’s Institutional Shares returned 5.13%, Investor A Shares returned 5.11%, and Class K Shares returned 5.13%. The benchmark Russell Midcap^® Index (the “Index”) returned 5.21% for the same period.

Returns for the Fund’s respective share classes differ from the Index based on individual share-class expenses.

Describe the market environment.

In the third quarter of 2019, trade tensions were a key focus for both domestic and global investors. Markets suffered in early August on the back of President Trump’s promise to impose 10% tariffs on all Chinese imports that were not already subject to 25% tariffs. U.S.-China tensions did ostensibly ease ahead of a new round of trade talks in October. In monetary policy, the Fed lowered the target range for the federal funds rates at both its July and September meetings.

On the macroeconomic front, survey-based U.S. economic indicators continued to soften in the manufacturing and consumer sectors, while hard economic data releases exhibited resilience. In interest rates, the frequently monitored two-year/ten-year Treasury yield spread inverted in August for the first time since the global financial crisis but ended the quarter in positive territory.

In the fourth quarter of 2019, risk appetite was boosted broadly by expectations of a U.S.-China trade deal, strong economic growth, and easy monetary policy. U.S. tariffs on China were originally scheduled to increase on December 15 but were avoided due to persistent negotiations between the United States and China. Additionally, news that the United States did not impose tariffs on European Union auto exports helped support sentiment. On the macroeconomic front, the U.S. services and employment sectors remained buoyant.

In November, 266,000 jobs were added to the economy, revising the third quarter unemployment rate down to 3.5% from 3.7%. Overall, the supportive macroeconomic data and boosted risk appetite drove selling of Treasuries in the quarter. Despite the strength in the U.S. economy, the Fed cut the benchmark federal funds rate to 1.75% in October, marking the third rate cut of the year.

Describe recent portfolio activity.

During the period, as changes were made to the composition of the Index, the Fund purchased and sold securities to maintain its objective of replicating the risks and return of the Index.

Describe portfolio positioning at period end.

The Fund remains positioned to match the risk characteristics of the Index, irrespective of the market’s future direction.

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

4 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Fund Summary  as of January 31, 2020 (continued) iShares Russell Mid-Cap Index Fund

Performance Summary for the Period Ended January 31, 2020

				Average Annual Total Returns (a)(b)
	6-Month Total Returns			1 Year			Since Inception (c)
Institutional		5.13	%		16.79	%		8.85	%
Investor A		5.11			16.47			8.60
Class K		5.13			16.81			8.92
Russell Midcap® Index(d)		5.21			16.89			8.88

^(a)  See “About Fund Performance” on page 12 for a detailed description of share classes, including any related fees, and how performance was calculated for certain share classes.

^(b) The Fund generally invests at least 90% of its assets, plus the amount of any borrowing for investment purposes, in securities of the Russell Midcap^® Index.

^(c)  The Fund commenced operations on May 13, 2015.

^(d)  A float-adjusted capitalization-weighted index that measures the performance of the mid-cap segment of the U.S. equities universe. It is a subset of the Russell 1000^® Index including approximately 800 of the smallest issuers based on a combination of their market cap and current index membership.

Past performance is not indicative 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 (b)
	Beginning Account Value (08/01/19)		Ending Account Value (01/31/20)		Expenses Paid During the Period (a)		Beginning Account Value (08/01/19)		Ending Account Value (01/31/20)		Expenses Paid During the Period (a)		Annualized Expense Ratio
Institutional	$	1,000.00	$	1,051.30	$	0.52	$	1,000.00	$	1,024.63	$	0.51		0.10	%
Investor A		1,000.00		1,051.10		1.80		1,000.00		1,023.38		1.78		0.35
Class K		1,000.00		1,051.30		0.36		1,000.00		1,024.79		0.36		0.07

^(a)  For each class of the Fund, expenses are equal to the annualized net expense ratio for the class, multiplied by the average account value over the period, multiplied by 185/366 (to reflect the one-half year period shown).

^(b)  Hypothetical 5% annual return before expenses is calculated by prorating the number of days in the most recent fiscal half year divided by 366.

See “Disclosure of Expenses” on page 12 for further information on how expenses were calculated.

FUND SUMMARY 5

Fund Summary  as of January 31, 2020 iShares Russell Small/Mid-Cap Index Fund

Investment Objective

iShares Russell Small/Mid-Cap Index Fund’s (the “Fund”) investment objective is to seek to track the performance of the small to mid-cap segment of the U.S. equity universe.

Portfolio Management Commentary

How did the Fund perform?

For the six-month period ended January 31, 2020, the Fund’s Institutional Shares returned 3.83%, Investor A Shares returned 3.71%, and Class K Shares returned 3.85%. The benchmark Russell 2500^TM Index (the “Index”) returned 3.89% for the same period.

Returns for the Fund’s respective share classes differ from the Index based on individual share-class expenses.

Describe the market environment.

In the third quarter of 2019, trade tensions were a key focus for both domestic and global investors. Markets suffered in early August on the back of President Trump’s promise to impose 10% tariffs on all Chinese imports that were not already subject to 25% tariffs. U.S.-China tensions did ostensibly ease ahead of a new round of trade talks in October. In monetary policy, the Fed lowered the target range for the federal funds rates at both its July and September meetings.

On the macroeconomic front, survey-based U.S. economic indicators continued to soften in the manufacturing and consumer sectors, while hard economic data releases exhibited resilience. In interest rates, the frequently monitored two-year/ten-year Treasury yield spread inverted in August for the first time since the global financial crisis but ended the quarter in positive territory.

In the fourth quarter of 2019, risk appetite was boosted broadly by expectations of a U.S.-China trade deal, strong economic growth, and easy monetary policy. U.S. tariffs on China were originally scheduled to increase on December 15 but were avoided due to persistent negotiations between the United States and China. Additionally, news that the United States did not impose tariffs on European Union auto exports helped support sentiment. On the macroeconomic front, the U.S. services and employment sectors remained buoyant.

In November, 266,000 jobs were added to the economy, revising the third quarter unemployment rate down to 3.5% from 3.7%. Overall, the supportive macroeconomic data and boosted risk appetite drove selling of Treasuries in the quarter. Despite the strength in the U.S. economy, the Fed cut the benchmark federal funds rate to 1.75% in October, marking the third rate cut of the year.

Describe recent portfolio activity.

During the period, as changes were made to the composition of the Index, the Fund purchased and sold securities to maintain its objective of replicating the risks and return of the Index.

Describe portfolio positioning at period end.

The Fund remains positioned to match the risk characteristics of the Index, irrespective of the market’s future direction.

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

6 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Fund Summary  as of January 31, 2020 (continued) iShares Russell Small/Mid-Cap Index Fund

Performance Summary for the Period Ended January 31, 2020

				Average Annual Total Returns (a)(b)
	6-Month Total Returns			1 Year			Since Inception (c)
Institutional		3.83	%		12.14	%		8.79	%
Investor A		3.71			11.90			8.54
Class K		3.85			12.20			8.83
Russell 2500™ Index(d)		3.89			12.25			8.82

^(a)  See “About Fund Performance” on page 12 for a detailed description of share classes, including any related fees.

^(b)  The Fund generally invests at least 90% of its assets, plus the amount of any borrowing for investment purposes, in securities of the Russell 2500^TM Index.

^(c)  The Fund commenced operations on August 13, 2015.

^(d)  An index that measures the performance of the small to mid-cap segment of the U.S. equity universe, commonly referred to as “smid” cap. The Russell 2500^TM Index is a subset of the Russell 3000^® Index. It includes approximately 2500 of the smallest securities based on a combination of their market cap and current index membership.

Past performance is not indicative 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 (b)
	Beginning Account Value (08/01/19)		Ending Account Value (01/31/20)		Expenses Paid During the Period (a)		Beginning Account Value (08/01/19)		Ending Account Value (01/31/20)		Expenses Paid During the Period (a)		Annualized Expense Ratio
Institutional	$	1,000.00	$	1,038.30	$	0.61	$	1,000.00	$	1,024.53	$	0.61		0.12	%
Investor A		1,000.00		1,037.10		1.79		1,000.00		1,023.38		1.78		0.35
Class K		1,000.00		1,038.50		0.36		1,000.00		1,024.79		0.36		0.07

^(a)  For each class of the Fund, expenses are equal to the annualized net expense ratio for the class, multiplied by the average account value over the period, multiplied by 185/366 (to reflect the one-half year period shown).

^(b)  Hypothetical 5% annual return before expenses is calculated by prorating the number of days in the most recent fiscal half year divided by 366.

See “Disclosure of Expenses” on page 12 for further information on how expenses were calculated.

FUND SUMMARY 7

Fund Summary  as of January 31, 2020 iShares Total U.S. Stock Market Index Fund

Investment Objective

iShares Total U.S. Stock Market Index Fund’s (the “Fund”) investment objective is to seek to track the investment results of a broad-based index composed of U.S. equities.

Portfolio Management Commentary

How did the Fund perform?

For the six-month period ended January 31, 2020, the Fund’s Institutional Shares returned 8.61%, Investor A Shares returned 8.51%, and Class K Shares returned 8.64%. The benchmark Russell 3000^® Index (the “Index”) returned 8.63% for the same period.

Returns for the Fund’s respective share classes differ from the Index based on individual share-class expenses.

Describe the market environment.

In the third quarter of 2019, trade tensions were a key focus for both domestic and global investors. Markets suffered in early August on the back of President Trump’s promise to impose 10% tariffs on all Chinese imports that were not already subject to 25% tariffs. U.S.-China tensions did ostensibly ease ahead of a new round of trade talks in October. In monetary policy, the Fed lowered the target range for the federal funds rates at both its July and September meetings.

On the macroeconomic front, survey-based U.S. economic indicators continued to soften in the manufacturing and consumer sectors, while hard economic data releases exhibited resilience. In interest rates, the frequently monitored two-year/ten-year Treasury yield spread inverted in August for the first time since the global financial crisis but ended the quarter in positive territory.

In the fourth quarter of 2019, risk appetite was boosted broadly by expectations of a U.S.-China trade deal, strong economic growth, and easy monetary policy. U.S. tariffs on China were originally scheduled to increase on December 15 but were avoided due to persistent negotiations between the United States and China. Additionally, news that the United States did not impose tariffs on European Union auto exports helped support sentiment. On the macroeconomic front, the U.S. services and employment sectors remained buoyant.

In November, 266,000 jobs were added to the economy, revising the third quarter unemployment rate down to 3.5% from 3.7%. Overall, the supportive macroeconomic data and boosted risk appetite drove selling of Treasuries in the quarter. Despite the strength in the U.S. economy, the Fed cut the benchmark federal funds rate to 1.75% in October, marking the third rate cut of the year.

Describe recent portfolio activity.

During the period, as changes were made to the composition of the Index, the Fund purchased and sold securities to maintain its objective of replicating the risks and return of the Index.

Describe portfolio positioning at period end.

The Fund remains positioned to match the risk characteristics of the Index, irrespective of the market’s future direction.

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.

8 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Fund Summary  as of January 31, 2020 (continued) iShares Total U.S. Stock Market Index Fund

Performance Summary for the Period Ended January 31, 2020

				Average Annual Total Returns (a)(b)
	6-Month Total Returns			1 Year			Since Inception (c)
Institutional		8.61	%		20.57	%		11.97	%
Investor A		8.51			20.24			11.70
Class K		8.64			20.63			12.01
Russell 3000® Index(d)		8.63			20.53			12.00

^(a)  See “About Fund Performance” on page 12 for a detailed description of share classes, including any related fees.

^(b)  The Fund generally invests at least 90% of its assets, plus the amount of any borrowing for investment purposes, in securities of the Russell 3000^® Index.

^(c)  The Fund commenced operations on August 13, 2015.

^(d)  A float-adjusted, market capitalization-weighted index of the 3,000 largest U.S. companies based on total market capitalization that represents about 98% of the investable U.S. equity market.

Past performance is not indicative 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 (b)
	Beginning Account Value (08/01/19)		Ending Account Value (01/31/20)		Expenses Paid During the Period (a)		Beginning Account Value (08/01/19)		Ending Account Value (01/31/20)		Expenses Paid During the Period (a)		Annualized Expense Ratio
Institutional	$	1,000.00	$	1,086.10	$	0.42	$	1,000.00	$	1,024.73	$	0.41		0.08	%
Investor A		1,000.00		1,085.10		1.57		1,000.00		1,023.63		1.53		0.30
Class K		1,000.00		1,086.40		0.16		1,000.00		1,024.99		0.15		0.03

^(a)  For each class of the Fund, expenses are equal to the annualized net expense ratio for the class, multiplied by the average account value over the period, multiplied by 185/366 (to reflect the one-half year period shown).

^(b)  Hypothetical 5% annual return before expenses is calculated by prorating the number of days in the most recent fiscal half year divided by 366.

See “Disclosure of Expenses” on page 12 for further information on how expenses were calculated.

FUND SUMMARY 9

Portfolio Information  as of January 31, 2020

iShares Russell Mid-Cap Index Fund*

SECTOR ALLOCATION

Sector	Percent of Net Assets
Information Technology		18	%
Industrials		14
Financials		12
Consumer Discretionary		11
Health Care		10
Real Estate		10
Utilities		7
Materials		5
Short-Term Securities		5
Communication Services		4
Consumer Staples		3
Energy		3
Investment Companies		1
Liabilities in Excess of Other Assets		(3	)

* Ten largest holdings have not been included as the Fund does not hold any position in excess of 1% of Net Assets.

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

iShares Russell Small/Mid-Cap Index Fund*

SECTOR ALLOCATION

Sector	Percent of Net Assets
Information Technology		16	%
Financials		16
Industrials		15
Health Care		13
Consumer Discretionary		11
Real Estate		10
Short-Term Securities		9
Materials		5
Utilities		4
Communication Services		3
Consumer Staples		3
Energy		2
Investment Companies		1
Liabilities in Excess of Other Assets		(8	)

* Ten largest holdings have not been included as the Fund does not hold any position in excess of 1% of Net Assets.

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

10 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Portfolio Information  as of January 31, 2020 (continued)

iShares Total U.S. Stock Market Index Fund

TEN LARGEST HOLDINGS

Security	Percent of Net Assets
Apple, Inc.		4	%
Microsoft Corp.		4
Alphabet, Inc.		3
Amazon.com, Inc.		3
Facebook, Inc.		1
Berkshire Hathaway, Inc.		1
JPMorgan Chase & Co.		1
Johnson & Johnson		1
Visa, Inc.		1
Procter & Gamble Co.		1

SECTOR ALLOCATION

Sector	Percent of Net Assets
Information Technology		23	%
Health Care		13
Financials		13
Consumer Discretionary		10
Industrials		10
Communication Services		9
Consumer Staples		6
Real Estate		4
Energy		4
Utilities		3
Short-Term Securities		3
Materials		3
Investment Companies		1
Liabilities in Excess of Other Assets		(2	)

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

PORTFOLIO INFORMATION 11

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.

Investor A Shares are not subject to any sales charge and bear no ongoing distribution fee. These shares are subject to an ongoing service fee of 0.25% per year. These shares are generally available through financial intermediaries. Investor A Shares of iShares Russell Mid-Cap Index Fund performance shown prior to the Investor A Shares inception date of November 30, 2015 is that of Institutional Shares (which have no distribution or service fees) and was restated to reflect Investor A Shares fees.

Performance information reflects past performance and does not guarantee future results. 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 tables on the previous pages 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 agreed to waive and/or reimburse a portion of each Fund’s expenses. Without such waiver and/or reimbursement, each Fund’s performance would have been lower. With respect to each Fund’s contractual waivers, the Manager is under no obligation to continue waiving and/or reimbursing its fees after the applicable termination date of such agreement. See Note 6 of the Notes to Financial Statements for additional information on waivers and/or reimbursements.

Disclosure of Expenses

Shareholders of the Funds may incur the following charges: (a) transactional expenses; and (b) operating expenses, including investment advisory fees, service and distribution fees, including 12b-1 fees, and other fund expenses. The expense examples shown on the previous pages (which are based on a hypothetical investment of $1,000 invested on August 1, 2019 and held through January 31, 2020) are intended to assist shareholders both in calculating expenses based on an investment in each Fund and in comparing these expenses with similar costs of investing in other mutual funds.

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

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

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

Derivative Financial Instruments

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

12 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) January 31, 2020 iShares Russell Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks — 97.9%
Aerospace & Defense — 1.9%
Arconic, Inc.		61,200	$	1,832,940
Curtiss-Wright Corp.		6,763		983,543
HEICO Corp.		6,223		761,882
HEICO Corp., Class A		12,133		1,166,588
Hexcel Corp.		13,516		1,003,158
Huntington Ingalls Industries, Inc.		6,362		1,660,482
L3Harris Technologies, Inc.		35,160		7,781,963
Spirit AeroSystems Holdings, Inc., Class A		16,368		1,069,158
Teledyne Technologies, Inc.(a)		5,692		2,077,921
Textron, Inc.		36,629		1,682,370
TransDigm Group, Inc.		7,829		5,036,239
				25,056,244
Air Freight & Logistics — 0.4%
C.H. Robinson Worldwide, Inc.		21,422		1,547,097
Expeditors International of Washington, Inc.		27,275		1,992,166
XPO Logistics, Inc.(a)(b)		14,569		1,295,475
				4,834,738
Airlines — 0.5%
Alaska Air Group, Inc.		19,201		1,240,192
American Airlines Group, Inc.		62,457		1,676,346
Copa Holdings SA, Class A		4,997		489,506
JetBlue Airways Corp.(a)		45,814		908,492
United Airlines Holdings, Inc.(a)		36,850		2,756,380
				7,070,916
Auto Components — 0.6%
Aptiv PLC		40,962		3,473,168
BorgWarner, Inc.		32,811		1,125,089
Gentex Corp.		40,278		1,199,076
Goodyear Tire & Rubber Co.		36,958		485,259
Lear Corp.		9,701		1,194,969
				7,477,561
Automobiles — 0.1%
Harley-Davidson, Inc.		24,416		815,494
Thor Industries, Inc.		8,415		677,576
				1,493,070
Banks — 3.4%
Associated Banc-Corp		24,736		492,988
Bank of Hawaii Corp.		6,258		560,717
Bank OZK		19,309		524,819
BankUnited, Inc.		14,809		488,697
BOK Financial Corp.		5,200		410,280
CIT Group, Inc.		15,145		692,278
Citizens Financial Group, Inc.		69,120		2,576,794
Comerica, Inc.		22,835		1,396,589
Commerce Bancshares, Inc.		16,165		1,093,724
Cullen/Frost Bankers, Inc.		8,986		801,192
East West Bancorp, Inc.		23,098		1,058,812
Fifth Third Bancorp		112,776		3,208,477
First Citizens BancShares, Inc., Class A		1,112		585,824
First Hawaiian, Inc.		20,980		609,679
First Horizon National Corp.		48,929		782,864
First Republic Bank		26,443		2,932,000
FNB Corp.		51,087		596,185
Huntington Bancshares, Inc.		163,528		2,219,075
KeyCorp		155,959		2,917,993
M&T Bank Corp.		20,943		3,529,314
PacWest Bancorp		18,574		651,019
People’s United Financial, Inc.		70,083		1,080,680
Pinnacle Financial Partners, Inc.		11,959		706,298
Popular, Inc.		15,144		847,458

Security	Shares		Value
Banks (continued)
Prosperity Bancshares, Inc.		14,542	$	1,020,848
Regions Financial Corp.		153,468		2,389,497
Signature Bank		8,420		1,194,714
Sterling Bancorp		31,691		633,820
SVB Financial Group(a)		8,261		1,985,366
Synovus Financial Corp.		22,089		773,557
TCF Financial Corp.		24,054		1,017,003
Texas Capital Bancshares, Inc.(a)		7,883		433,250
Umpqua Holdings Corp.		35,095		593,105
Webster Financial Corp.		14,598		654,866
Western Alliance Bancorp		15,147		836,569
Wintrust Financial Corp.		8,877		561,737
Zions Bancorp. NA		26,725		1,215,720
				44,073,808
Beverages — 0.3%
Brown-Forman Corp., Class A		7,193		462,294
Brown-Forman Corp., Class B		27,346		1,849,684
Molson Coors Brewing Co., Class B		27,685		1,538,732
				3,850,710
Biotechnology — 1.4%
Agios Pharmaceuticals, Inc.(a)(b)		9,598		467,710
Alkermes PLC(a)		24,882		433,196
Alnylam Pharmaceuticals, Inc.(a)		16,849		1,934,097
BioMarin Pharmaceutical, Inc.(a)		28,434		2,374,239
Bluebird Bio, Inc.(a)(b)		8,758		697,925
Exact Sciences Corp.(a)		22,246		2,075,107
Exelixis, Inc.(a)		47,470		816,484
Incyte Corp.(a)		28,273		2,065,908
Ionis Pharmaceuticals, Inc.(a)		20,353		1,186,987
Moderna, Inc.(a)(b)		32,880		674,369
Neurocrine Biosciences, Inc.(a)		14,372		1,438,350
Sage Therapeutics, Inc.(a)(b)		8,125		538,525
Sarepta Therapeutics, Inc.(a)		11,222		1,301,303
Seattle Genetics, Inc.(a)(b)		18,275		1,980,827
United Therapeutics Corp.(a)		6,866		670,602
				18,655,629
Building Products — 0.8%
Allegion PLC		14,766		1,909,539
AO Smith Corp.		21,589		921,634
Armstrong World Industries, Inc.		7,812		783,778
Fortune Brands Home & Security, Inc.		22,173		1,523,507
Lennox International, Inc.		5,576		1,299,097
Masco Corp.		45,354		2,155,222
Owens Corning		17,096		1,034,137
Resideo Technologies, Inc.(a)(b)		19,883		202,409
				9,829,323
Capital Markets — 2.9%
Affiliated Managers Group, Inc.		7,710		615,643
Ameriprise Financial, Inc.		20,141		3,331,523
BGC Partners, Inc., Class A		47,183		272,246
Cboe Global Markets, Inc.		17,618		2,170,890
E*Trade Financial Corp.		35,971		1,533,084
Eaton Vance Corp.		17,496		800,442
Evercore, Inc., Class A		6,086		466,309
Franklin Resources, Inc.		43,982		1,112,744
Invesco Ltd.		60,703		1,050,162
Janus Henderson Group PLC		24,777		626,115
Lazard Ltd., Class A		16,080		674,717
Legg Mason, Inc.		13,747		538,195
LPL Financial Holdings, Inc.		12,798		1,179,080
MarketAxess Holdings, Inc.		5,857		2,074,432
MSCI, Inc.		13,090		3,741,122

SCHEDULES OF INVESTMENTS 13

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares Russell Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Capital Markets (continued)
Nasdaq, Inc.		18,231	$	2,123,182
Northern Trust Corp.		30,995		3,031,621
Raymond James Financial, Inc.		19,772		1,807,754
SEI Investments Co.		20,226		1,319,949
State Street Corp.		57,768		4,368,994
T. Rowe Price Group, Inc.		36,266		4,842,599
Virtu Financial, Inc., Class A		7,991		133,370
				37,814,173
Chemicals — 1.8%
Albemarle Corp.		16,729		1,343,004
Ashland Global Holdings, Inc.		9,566		707,693
Axalta Coating Systems Ltd.(a)		32,951		949,318
Cabot Corp.		8,923		355,582
Celanese Corp.		19,172		1,984,302
CF Industries Holdings, Inc.		34,682		1,396,991
Chemours Co.		26,228		363,782
Corteva, Inc.(a)		119,411		3,453,366
Eastman Chemical Co.		21,748		1,549,980
Element Solutions, Inc.(a)		34,873		408,014
FMC Corp.		20,572		1,966,477
Huntsman Corp.		34,311		705,434
International Flavors & Fragrances, Inc.		16,983		2,226,641
Mosaic Co.		54,947		1,090,148
NewMarket Corp.		1,093		480,505
Olin Corp.		25,170		374,278
RPM International, Inc.		20,305		1,449,168
Scotts Miracle-Gro Co.		6,230		764,670
Valvoline, Inc.		29,747		627,067
Westlake Chemical Corp.		5,533		338,620
WR Grace & Co.		9,086		612,033
				23,147,073
Commercial Services & Supplies — 1.1%
ADT, Inc.(b)		17,345		107,539
Cintas Corp.		13,317		3,715,043
Clean Harbors, Inc.(a)		8,109		666,722
Copart, Inc.(a)		31,984		3,245,097
IAA, Inc.(a)		21,103		997,328
KAR Auction Services, Inc.		20,529		431,520
Republic Services, Inc.		33,906		3,222,765
Rollins, Inc.		22,600		857,670
Stericycle, Inc.(a)(b)		14,081		882,597
				14,126,281
Communications Equipment — 0.9%
Arista Networks, Inc.(a)		9,434		2,106,989
Ciena Corp.(a)		24,630		1,001,702
CommScope Holding Co., Inc.(a)(b)		30,749		374,677
EchoStar Corp., Class A(a)		7,967		317,923
F5 Networks, Inc.(a)		9,680		1,182,122
Juniper Networks, Inc.		52,818		1,211,645
Motorola Solutions, Inc.		27,243		4,822,011
Ubiquiti, Inc.		1,332		217,675
ViaSat, Inc.(a)		9,035		575,078
				11,809,822
Construction & Engineering — 0.3%
AECOM(a)		24,791		1,195,670
Fluor Corp.		21,945		392,596
Jacobs Engineering Group, Inc.		20,975		1,940,817
Quanta Services, Inc.		22,492		880,562
				4,409,645
Construction Materials — 0.5%
Eagle Materials, Inc.		6,694		610,292
Martin Marietta Materials, Inc.		9,931		2,619,798

Security	Shares		Value
Construction Materials (continued)
Vulcan Materials Co.		20,903	$	2,960,492
				6,190,582
Consumer Finance — 0.9%
Ally Financial, Inc.		60,522		1,938,520
Credit Acceptance Corp.(a)(b)		1,674		718,112
Discover Financial Services		49,806		3,741,925
Navient Corp.		30,924		444,687
OneMain Holdings, Inc.		10,478		443,953
Santander Consumer USA Holdings, Inc.		16,381		436,062
SLM Corp.		67,069		732,393
Synchrony Financial		102,743		3,329,901
				11,785,553
Containers & Packaging — 1.4%
AptarGroup, Inc.		10,178		1,175,661
Ardagh Group SA		2,789		53,214
Avery Dennison Corp.		13,254		1,739,455
Ball Corp.		51,380		3,708,609
Berry Global Group, Inc.(a)		20,959		891,177
Crown Holdings, Inc.(a)		20,695		1,532,051
Graphic Packaging Holding Co.		46,126		720,949
International Paper Co.		62,495		2,544,796
O-I Glass, Inc.		24,294		306,590
Packaging Corp. of America		14,884		1,425,143
Sealed Air Corp.		24,710		877,205
Silgan Holdings, Inc.		12,194		376,307
Sonoco Products Co.		15,777		901,498
Westrock Co.		40,476		1,578,564
				17,831,219
Distributors — 0.4%
Genuine Parts Co.		22,368		2,092,974
LKQ Corp.(a)		48,847		1,596,564
Pool Corp.		6,124		1,342,993
				5,032,531
Diversified Consumer Services — 0.5%
2U, Inc.(a)(b)		8,762		173,575
Bright Horizons Family Solutions, Inc.(a)		9,137		1,496,001
frontdoor, Inc.(a)		13,399		570,530
Graham Holdings Co., Class B		663		364,133
Grand Canyon Education, Inc.(a)		7,603		595,163
H&R Block, Inc.		31,979		741,913
Service Corp. International		28,192		1,351,806
ServiceMaster Global Holdings, Inc.(a)		21,727		783,258
				6,076,379
Diversified Financial Services — 0.5%
Equitable Holdings, Inc.		65,922		1,583,446
FactSet Research Systems, Inc.		5,962		1,705,788
Interactive Brokers Group, Inc., Class A		11,847		556,809
Jefferies Financial Group, Inc.		42,107		911,196
Morningstar, Inc.		3,142		492,948
Voya Financial, Inc.		21,381		1,277,087
				6,527,274
Diversified Telecommunication Services — 0.3%
CenturyLink, Inc.		173,261		2,366,745
Zayo Group Holdings, Inc.(a)		35,920		1,248,220
				3,614,965
Electric Utilities — 3.0%
Alliant Energy Corp.		38,226		2,269,095
Avangrid, Inc.		8,788		468,049
Edison International		55,723		4,265,596
Entergy Corp.		31,630		4,159,977
Evergy, Inc.		36,213		2,613,130

14 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares Russell Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Electric Utilities (continued)
Eversource Energy		51,553	$	4,765,559
FirstEnergy Corp.		85,956		4,365,705
Hawaiian Electric Industries, Inc.		17,244		843,404
IDACORP, Inc.		7,993		896,735
OGE Energy Corp.		31,772		1,456,746
PG&E Corp.(a)		84,314		1,282,416
Pinnacle West Capital Corp.		17,835		1,742,301
PPL Corp.		115,077		4,164,637
Xcel Energy, Inc.		83,456		5,774,321
				39,067,671
Electrical Equipment — 0.9%
Acuity Brands, Inc.		6,311		743,877
AMETEK, Inc.		36,162		3,513,138
GrafTech International Ltd.		9,908		106,313
Hubbell, Inc.		8,626		1,235,502
nVent Electric PLC		24,218		603,028
Regal-Beloit Corp.		6,389		501,281
Rockwell Automation, Inc.		18,313		3,509,870
Sensata Technologies Holding PLC(a)(b)		24,848		1,174,565
				11,387,574
Electronic Equipment, Instruments & Components — 2.2%
Amphenol Corp., Class A		46,409		4,616,303
Arrow Electronics, Inc.(a)		12,861		976,664
Avnet, Inc.		15,911		580,592
CDW Corp.		22,678		2,958,345
Cognex Corp.		26,072		1,328,890
Coherent, Inc.(a)(b)		3,793		536,444
Corning, Inc.		120,454		3,214,917
Dolby Laboratories, Inc., Class A		9,887		685,565
FLIR Systems, Inc.		21,462		1,106,152
IPG Photonics Corp.(a)		5,641		720,186
Jabil, Inc.		23,677		920,799
Keysight Technologies, Inc.(a)		29,839		2,774,729
Littelfuse, Inc.		3,762		665,535
National Instruments Corp.		20,675		922,725
SYNNEX Corp.		6,563		904,119
Trimble, Inc.(a)		39,989		1,700,332
Universal Display Corp.		6,780		1,194,433
Zebra Technologies Corp., Class A(a)		8,505		2,032,865
				27,839,595
Energy Equipment & Services — 0.6%
Apergy Corp.(a)		12,131		313,708
Baker Hughes Co.		103,494		2,241,680
Halliburton Co.		138,547		3,021,710
Helmerich & Payne, Inc.		16,993		689,066
National Oilwell Varco, Inc.(b)		61,355		1,264,526
Patterson-UTI Energy, Inc.		31,024		246,331
Transocean Ltd.(a)		92,015		419,588
				8,196,609
Entertainment — 0.6%
Live Nation Entertainment, Inc.(a)		20,520		1,398,643
Roku, Inc.(a)		13,573		1,641,654
Spotify Technology SA(a)		18,773		2,652,625
Take-Two Interactive Software, Inc.(a)		17,855		2,225,447
World Wrestling Entertainment, Inc., Class A(b)		7,087		346,413
				8,264,782
Equity Real Estate Investment Trusts (REITs) — 9.4%
Alexandria Real Estate Equities, Inc.		18,105		2,954,736
American Campus Communities, Inc.		21,806		1,000,241
American Homes 4 Rent, Class A		40,943		1,118,972
Americold Realty Trust		30,515		1,051,852
Apartment Investment & Management Co., Class A		23,485		1,237,894

Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
Apple Hospitality REIT, Inc.		33,435	$	502,194
AvalonBay Communities, Inc.		22,155		4,800,767
Boston Properties, Inc.		24,600		3,526,410
Brandywine Realty Trust		28,078		438,578
Brixmor Property Group, Inc.		47,179		941,693
Brookfield Property REIT, Inc., Class A		10,206		188,403
Camden Property Trust		14,843		1,668,798
Chimera Investment Corp.		29,449		624,319
Colony Capital, Inc.		75,230		351,324
Columbia Property Trust, Inc.		18,446		389,211
CoreSite Realty Corp.		5,954		699,297
Corporate Office Properties Trust		17,547		522,374
Cousins Properties, Inc.		23,146		947,366
CubeSmart		30,579		968,437
CyrusOne, Inc.		17,790		1,082,522
Digital Realty Trust, Inc.		33,060		4,066,049
Douglas Emmett, Inc.		26,364		1,094,106
Duke Realty Corp.		58,458		2,122,610
Empire State Realty Trust, Inc., Class A		23,320		316,219
EPR Properties		12,285		876,780
Equity Commonwealth		19,035		624,158
Equity LifeStyle Properties, Inc.		27,564		2,005,281
Equity Residential		58,208		4,835,921
Essex Property Trust, Inc.		10,410		3,224,602
Extra Space Storage, Inc.		19,978		2,211,165
Federal Realty Investment Trust		11,867		1,483,612
Gaming and Leisure Properties, Inc.		32,166		1,520,004
Healthcare Trust of America, Inc., Class A		32,848		1,052,121
Healthpeak Properties, Inc.		78,232		2,815,570
Highwoods Properties, Inc.		16,264		814,989
Host Hotels & Resorts, Inc.		113,075		1,847,646
Hudson Pacific Properties, Inc.		24,142		877,320
Invitation Homes, Inc.		85,021		2,675,611
Iron Mountain, Inc.		45,315		1,432,407
JBG SMITH Properties		19,482		789,995
Kilroy Realty Corp.		16,521		1,364,139
Kimco Realty Corp.		64,178		1,222,591
Lamar Advertising Co., Class A		13,525		1,255,255
Liberty Property Trust		24,756		1,550,963
Life Storage, Inc.		7,389		836,287
Macerich Co.		22,456		500,993
Medical Properties Trust, Inc.		81,607		1,807,595
MFA Financial, Inc.		71,521		557,864
Mid-America Apartment Communities, Inc.		18,062		2,478,287
National Retail Properties, Inc.		27,185		1,522,360
New Residential Investment Corp.		66,064		1,105,911
Omega Healthcare Investors, Inc.		34,599		1,451,428
Outfront Media, Inc.		22,882		680,511
Paramount Group, Inc.		31,289		439,923
Park Hotels & Resorts, Inc.		37,913		831,811
Rayonier, Inc.		20,412		620,117
Realty Income Corp.		51,872		4,067,284
Regency Centers Corp.		26,445		1,640,648
Retail Properties of America, Inc., Class A		34,220		415,773
SBA Communications Corp.		17,844		4,453,149
Service Properties Trust		25,735		555,361
SITE Centers Corp.		24,297		308,815
SL Green Realty Corp.		12,698		1,168,724
Spirit Realty Capital, Inc.		15,761		831,866
Starwood Property Trust, Inc.		43,376		1,113,028
STORE Capital Corp.		34,058		1,336,777
Sun Communities, Inc.		14,393		2,334,113
Taubman Centers, Inc.		9,275		245,046
UDR, Inc.		46,140		2,210,567

SCHEDULES OF INVESTMENTS 15

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares Russell Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
Ventas, Inc.		59,251	$	3,428,263
VEREIT, Inc.		169,910		1,658,322
VICI Properties, Inc.		73,425		1,967,790
Vornado Realty Trust		27,486		1,807,754
Weingarten Realty Investors		19,164		557,672
Welltower, Inc.		64,493		5,476,101
Weyerhaeuser Co.		118,511		3,430,893
WP Carey, Inc.		27,181		2,286,466
				121,222,001
Food & Staples Retailing — 0.5%
Casey’s General Stores, Inc.		5,776		929,127
Grocery Outlet Holding Corp.(a)(b)		5,240		171,558
Kroger Co.		126,463		3,396,796
Sprouts Farmers Market, Inc.(a)		18,443		288,264
U.S. Foods Holding Corp.(a)		34,699		1,393,859
				6,179,604
Food Products — 2.5%
Archer-Daniels-Midland Co.		88,634		3,967,258
Beyond Meat, Inc.(a)(b)		7,541		832,677
Bunge Ltd.		21,890		1,147,693
Campbell Soup Co.		26,607		1,287,513
Conagra Brands, Inc.		76,743		2,526,379
Flowers Foods, Inc.		30,707		661,122
Hain Celestial Group, Inc.(a)		13,427		325,068
Hershey Co.		22,979		3,565,651
Hormel Foods Corp.		44,203		2,089,034
Ingredion, Inc.		10,618		934,384
J.M. Smucker Co.		17,470		1,810,067
Kellogg Co.		39,170		2,671,786
Lamb Weston Holdings, Inc.		23,250		2,122,957
McCormick & Co., Inc.		19,526		3,189,963
Pilgrim’s Pride Corp.(a)		8,321		216,762
Post Holdings, Inc.(a)(b)		10,330		1,080,208
TreeHouse Foods, Inc.(a)		8,951		399,214
Tyson Foods, Inc., Class A		45,792		3,783,793
				32,611,529
Gas Utilities — 0.3%
Atmos Energy Corp.		18,592		2,175,822
National Fuel Gas Co.		13,004		561,643
UGI Corp.		33,143		1,378,417
				4,115,882
Health Care Equipment & Supplies — 3.3%
ABIOMED, Inc.(a)(b)		7,055		1,314,276
Align Technology, Inc.(a)		12,407		3,189,840
Cantel Medical Corp.		5,960		387,758
Cooper Cos., Inc.		7,742		2,685,622
DENTSPLY SIRONA, Inc.		35,470		1,986,320
DexCom, Inc.(a)		14,404		3,467,763
Envista Holdings Corp.(a)		22,875		676,871
Hill-Rom Holdings, Inc.		10,628		1,131,776
Hologic, Inc.(a)		42,372		2,267,749
ICU Medical, Inc.(a)		3,055		557,446
IDEXX Laboratories, Inc.(a)		13,518		3,663,513
Insulet Corp.(a)(b)		9,438		1,831,350
Integra LifeSciences Holdings Corp.(a)(b)		11,162		614,357
Masimo Corp.(a)		7,489		1,277,623
ResMed, Inc.		22,587		3,590,655
STERIS PLC		13,331		2,008,848
Teleflex, Inc.		7,343		2,727,998
Varian Medical Systems, Inc.(a)		14,465		2,033,345
West Pharmaceutical Services, Inc.		11,634		1,814,322
Zimmer Biomet Holdings, Inc.		32,645		4,828,196
				42,055,628

Security	Shares		Value
Health Care Providers & Services — 2.3%
Acadia Healthcare Co., Inc.(a)		13,610	$	437,289
AmerisourceBergen Corp.		24,147		2,066,017
Cardinal Health, Inc.		46,542		2,383,416
Centene Corp.(a)		92,021		5,779,839
Chemed Corp.		2,475		1,155,924
Covetrus, Inc.(a)(b)		15,234		187,378
DaVita, Inc.(a)		15,760		1,258,751
Encompass Health Corp.		15,577		1,199,896
Guardant Health, Inc.(a)(b)		5,796		440,728
Henry Schein, Inc.(a)		23,278		1,604,785
Laboratory Corp. of America Holdings(a)		15,392		2,699,757
McKesson Corp.		28,673		4,089,057
MEDNAX, Inc.(a)		13,184		304,155
Molina Healthcare, Inc.(a)		9,910		1,218,633
Penumbra, Inc.(a)		5,010		879,055
Premier, Inc., Class A(a)		9,920		344,919
Quest Diagnostics, Inc.		21,354		2,363,247
Universal Health Services, Inc., Class B		12,449		1,706,882
				30,119,728
Health Care Technology — 0.5%
Cerner Corp.		49,722		3,571,531
Change Healthcare, Inc.(a)(b)		7,624		118,325
Veeva Systems, Inc., Class A(a)		20,846		3,056,232
				6,746,088
Hotels, Restaurants & Leisure — 2.8%
Aramark		38,920		1,717,929
Caesars Entertainment Corp.(a)		91,574		1,251,817
Chipotle Mexican Grill, Inc.(a)		4,069		3,526,846
Choice Hotels International, Inc.		5,334		534,467
Darden Restaurants, Inc.		19,582		2,279,932
Domino’s Pizza, Inc.		6,518		1,836,447
Dunkin’ Brands Group, Inc.		13,171		1,028,523
Extended Stay America, Inc.		28,469		367,819
Hilton Grand Vacations, Inc.(a)		13,513		431,200
Hilton Worldwide Holdings, Inc.		44,326		4,778,343
Hyatt Hotels Corp., Class A		5,690		481,033
International Game Technology PLC		15,153		204,414
MGM Resorts International		79,296		2,462,934
Norwegian Cruise Line Holdings Ltd.(a)		33,721		1,815,876
Planet Fitness, Inc., Class A(a)		13,086		1,057,218
Royal Caribbean Cruises Ltd.		27,289		3,194,996
Six Flags Entertainment Corp.		12,672		483,183
Vail Resorts, Inc.		6,390		1,498,519
Wendy’s Co.		29,272		634,324
Wyndham Destinations, Inc.		14,303		694,125
Wyndham Hotels & Resorts, Inc.		14,966		855,606
Wynn Resorts Ltd.		15,559		1,962,923
Yum China Holdings, Inc.		57,610		2,481,263
				35,579,737
Household Durables — 1.4%
D.R. Horton, Inc.		53,423		3,162,642
Garmin Ltd.		23,077		2,237,315
Leggett & Platt, Inc.		20,833		991,443
Lennar Corp., Class A(b)		43,829		2,908,492
Lennar Corp., Class B		2,592		136,106
Mohawk Industries, Inc.(a)		9,368		1,233,578
Newell Brands, Inc.		60,358		1,178,792
NVR, Inc.(a)		520		1,984,824
PulteGroup, Inc.		40,076		1,789,393
Tempur Sealy International, Inc.(a)		7,248		664,062
Toll Brothers, Inc.		20,597		913,683
Whirlpool Corp.		9,851		1,439,921
				18,640,251

16 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares Russell Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Household Products — 0.5%
Church & Dwight Co., Inc.		39,152	$	2,905,862
Clorox Co.		20,036		3,151,863
Energizer Holdings, Inc.		9,974		461,397
Spectrum Brands Holdings, Inc.		6,681		410,280
				6,929,402
Independent Power and Renewable Electricity Producers — 0.4%
AES Corp.		105,532		2,095,865
NRG Energy, Inc.		40,128		1,480,322
Vistra Energy Corp.		67,386		1,517,533
				5,093,720
Industrial Conglomerates — 0.2%
BWX Technologies, Inc.		15,110		960,845
Carlisle Cos., Inc.		8,932		1,395,446
Seaboard Corp.		42		161,936
				2,518,227
Insurance — 3.9%
Alleghany Corp.(a)		2,224		1,773,996
American Financial Group, Inc.		11,705		1,273,387
American National Insurance Co.		1,187		130,760
Arch Capital Group Ltd.(a)		60,959		2,691,949
Arthur J Gallagher & Co.		29,248		2,999,967
Assurant, Inc.		9,625		1,256,640
Assured Guaranty Ltd.		14,816		679,165
Athene Holding Ltd., Class A(a)		22,860		995,782
Axis Capital Holdings Ltd.		13,149		844,823
Brighthouse Financial, Inc.(a)		17,177		668,185
Brown & Brown, Inc.		37,478		1,682,762
Cincinnati Financial Corp.		24,211		2,540,944
CNA Financial Corp.		4,596		205,120
Erie Indemnity Co., Class A		3,884		646,686
Everest Re Group Ltd.		6,392		1,767,835
Fidelity National Financial, Inc.		42,014		2,048,183
First American Financial Corp.		17,405		1,078,762
Globe Life, Inc.(b)		16,969		1,769,188
Hanover Insurance Group, Inc.		6,277		869,867
Hartford Financial Services Group, Inc.		57,320		3,397,930
Kemper Corp.		10,035		746,805
Lincoln National Corp.		31,742		1,729,304
Loews Corp.		40,734		2,095,764
Markel Corp.(a)		2,157		2,530,096
Mercury General Corp.		4,214		206,865
Old Republic International Corp.		44,975		1,014,186
Primerica, Inc.		6,542		775,620
Principal Financial Group, Inc.		43,946		2,326,941
Reinsurance Group of America, Inc.		9,943		1,432,289
RenaissanceRe Holdings Ltd.		6,933		1,313,388
Unum Group		32,778		874,845
W.R. Berkley Corp.		22,868		1,681,484
White Mountains Insurance Group Ltd.		497		555,258
Willis Towers Watson PLC		20,524		4,336,516
				50,941,292
Interactive Media & Services — 0.7%
IAC/InterActiveCorp.(a)		11,823		2,879,964
Match Group, Inc.(a)(b)		8,617		674,022
Twitter, Inc.(a)		121,042		3,931,444
Zillow Group, Inc., Class A(a)(b)		8,838		408,316
Zillow Group, Inc., Class C(a)(b)		20,044		926,233
				8,819,979
Internet & Direct Marketing Retail — 0.5%
Etsy, Inc.(a)		18,714		913,430
Expedia Group, Inc.		22,015		2,387,527
GrubHub, Inc.(a)		14,382		778,785

Security	Shares		Value
Internet & Direct Marketing Retail (continued)
Qurate Retail, Inc., Series A(a)(b)		60,038	$	512,124
TripAdvisor, Inc.		16,824		459,632
Wayfair, Inc., Class A(a)(b)		10,074		943,934
				5,995,432
IT Services — 5.6%
Akamai Technologies, Inc.(a)		25,182		2,350,740
Alliance Data Systems Corp.		6,346		652,305
Amdocs Ltd.		21,543		1,550,019
Black Knight, Inc.(a)		22,847		1,528,921
Booz Allen Hamilton Holding Corp.		21,684		1,692,219
Broadridge Financial Solutions, Inc.		18,091		2,155,543
CACI International, Inc., Class A(a)		3,907		1,044,888
CoreLogic, Inc.		12,489		580,739
DXC Technology Co.		40,693		1,297,293
EPAM Systems, Inc.(a)		8,248		1,881,699
Euronet Worldwide, Inc.(a)		7,947		1,252,765
Fiserv, Inc.(a)		89,832		10,654,974
FleetCor Technologies, Inc.(a)		13,565		4,276,095
Gartner, Inc.(a)		13,896		2,234,199
Genpact Ltd.		29,727		1,316,014
Global Payments, Inc.		47,460		9,276,057
GoDaddy, Inc., Class A(a)		27,191		1,827,507
Jack Henry & Associates, Inc.		12,215		1,826,631
Leidos Holdings, Inc.		21,254		2,135,389
MongoDB, Inc.(a)(b)		6,648		1,089,674
Okta, Inc.(a)		16,663		2,133,697
Paychex, Inc.		51,103		4,383,104
Sabre Corp.		43,879		945,154
Square, Inc., Class A(a)		54,693		4,085,020
Switch, Inc., Class A		9,178		146,848
Teradata Corp.(a)		17,804		433,349
Twilio, Inc., Class A(a)		19,502		2,424,879
VeriSign, Inc.(a)		16,472		3,428,482
Western Union Co.		66,639		1,792,589
WEX, Inc.(a)		6,841		1,483,950
				71,880,743
Leisure Products — 0.4%
Brunswick Corp.		12,873		809,068
Hasbro, Inc.		20,067		2,044,225
Mattel, Inc.(a)(b)		54,863		802,646
Polaris, Inc.		9,150		840,336
				4,496,275
Life Sciences Tools & Services — 1.8%
Adaptive Biotechnologies Corp.(a)		2,588		77,394
Agilent Technologies, Inc.		49,348		4,074,171
Avantor, Inc.(a)(b)		50,072		924,830
Bio-Rad Laboratories, Inc., Class A(a)		3,377		1,218,827
Bio-Techne Corp.		5,962		1,251,841
Bruker Corp.		16,335		808,092
Charles River Laboratories International, Inc.(a)		7,660		1,184,083
IQVIA Holdings, Inc.(a)		28,111		4,364,233
Mettler-Toledo International, Inc.(a)		3,821		2,893,185
PerkinElmer, Inc.		17,539		1,622,007
PRA Health Sciences, Inc.(a)		10,003		1,013,404
QIAGEN NV(a)		35,185		1,188,549
Waters Corp.(a)		10,161		2,273,930
				22,894,546
Machinery — 4.1%
AGCO Corp.		9,977		699,787
Allison Transmission Holdings, Inc.		17,378		768,108
Colfax Corp.(a)		14,803		520,473
Crane Co.		7,892		674,450

SCHEDULES OF INVESTMENTS 17

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares Russell Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Machinery (continued)
Cummins, Inc.		23,807	$	3,808,406
Donaldson Co., Inc.		20,070		1,040,630
Dover Corp.		23,052		2,624,470
Flowserve Corp.		20,897		975,472
Fortive Corp.		46,997		3,521,485
Gardner Denver Holdings, Inc.(a)(b)		20,786		733,954
Gates Industrial Corp. PLC(a)(b)		7,216		89,984
Graco, Inc.		26,232		1,394,231
IDEX Corp.		12,019		1,969,313
Ingersoll-Rand PLC		38,322		5,105,640
ITT, Inc.		13,947		935,565
Lincoln Electric Holdings, Inc.		9,327		831,782
Middleby Corp.(a)(b)		8,852		992,840
Nordson Corp.		9,107		1,537,808
Oshkosh Corp.		10,805		929,662
PACCAR, Inc.		53,978		4,005,707
Parker-Hannifin Corp.		20,368		3,985,814
Pentair PLC		26,605		1,142,153
Snap-on, Inc.		8,641		1,379,363
Stanley Black & Decker, Inc.		24,106		3,840,809
Timken Co.		10,622		557,974
Toro Co.		16,813		1,345,376
Trinity Industries, Inc.		16,070		326,703
Valmont Industries, Inc.		3,318		471,355
WABCO Holdings, Inc.(a)		8,137		1,103,784
Westinghouse Air Brake Technologies Corp.		28,563		2,109,663
Woodward, Inc.		8,771		1,020,155
Xylem, Inc.		28,490		2,326,493
				52,769,409
Marine — 0.1%
Kirby Corp.(a)		9,446		692,297
Media — 2.4%
Altice USA, Inc., Class A(a)		47,993		1,313,089
AMC Networks, Inc., Class A(a)		6,791		248,483
Cable One, Inc.		694		1,182,597
Cinemark Holdings, Inc.		16,991		535,386
Discovery, Inc., Class A(a)(b)		24,854		727,228
Discovery, Inc., Class C(a)		53,690		1,490,971
DISH Network Corp., Class A(a)		41,328		1,519,217
Fox Corp., Class A		55,820		2,069,806
Fox Corp., Class B(a)		25,925		941,855
GCI Liberty, Inc., Class A(a)		15,618		1,142,925
Interpublic Group of Cos., Inc.		61,316		1,391,873
John Wiley & Sons, Inc., Class A		6,870		299,669
Liberty Broadband Corp., Class A(a)		3,926		516,622
Liberty Broadband Corp., Class C(a)(b)		16,779		2,230,432
Liberty Media Corp. — Liberty Formula One, Class A(a)		3,905		173,968
Liberty Media Corp. — Liberty Formula One, Class C(a)		31,404		1,469,393
Liberty Media Corp. — Liberty SiriusXM, Class A(a)		13,321		647,001
Liberty Media Corp. — Liberty SiriusXM, Class C(a)		24,535		1,202,706
Lions Gate Entertainment Corp., Class A(a)		8,466		84,067
Lions Gate Entertainment Corp., Class B(a)		17,575		163,975
Madison Square Garden Co., Class A(a)(b)		2,949		873,464
New York Times Co., Class A		25,747		824,161
News Corp., Class A		61,137		832,686
News Corp., Class B		19,584		273,589
Nexstar Media Group, Inc., Class A		7,113		861,740
Omnicom Group, Inc.		34,302		2,583,284
Sinclair Broadcast Group, Inc., Class A		9,742		291,481
Sirius XM Holdings, Inc.		217,675		1,538,962
ViacomCBS, Inc., Class A Class A		809		30,726
ViacomCBS, Inc., Class B		86,197		2,941,904
				30,403,260

Security	Shares		Value
Metals & Mining — 1.1%
Alcoa Corp.(a)(b)		29,359	$	409,558
Freeport-McMoRan, Inc.		230,525		2,558,827
Newmont Corp.		130,140		5,864,108
Nucor Corp.		48,494		2,302,980
Reliance Steel & Aluminum Co.		10,352		1,188,410
Royal Gold, Inc.		10,383		1,197,368
Steel Dynamics, Inc.		32,738		978,211
United States Steel Corp.(b)		27,551		249,888
				14,749,350
Mortgage Real Estate Investment Trusts (REITs) — 0.3%
AGNC Investment Corp.		86,019		1,599,093
Annaly Capital Management, Inc.		227,333		2,218,770
Two Harbors Investment Corp.		43,142		658,347
				4,476,210
Multi-Utilities — 2.9%
Ameren Corp.		38,971		3,197,571
CenterPoint Energy, Inc.		79,907		2,115,938
CMS Energy Corp.		45,022		3,084,457
Consolidated Edison, Inc.		52,968		4,978,992
DTE Energy Co.		29,487		3,910,271
MDU Resources Group, Inc.		31,807		941,805
NiSource, Inc.		59,301		1,738,112
Public Service Enterprise Group, Inc.		80,336		4,755,891
Sempra Energy		44,906		7,213,700
WEC Energy Group, Inc.		50,208		5,015,277
				36,952,014
Multiline Retail — 1.0%
Dollar General Corp.		41,293		6,334,759
Dollar Tree, Inc.(a)		37,513		3,266,257
Kohl’s Corp.		25,241		1,079,053
Macy’s, Inc.		49,185		784,501
Nordstrom, Inc.		17,035		627,910
Ollie’s Bargain Outlet Holdings, Inc.(a)		8,411		446,119
				12,538,599
Oil, Gas & Consumable Fuels — 2.8%
Antero Midstream Corp.		41,088		207,084
Antero Resources Corp.(a)(b)		42,256		78,174
Apache Corp.		59,780		1,640,363
Cabot Oil & Gas Corp.		63,894		900,266
Centennial Resource Development, Inc., Class A(a)(b)		29,956		97,657
Cheniere Energy, Inc.(a)		36,660		2,171,738
Chesapeake Energy Corp.(a)(b)		201,679		103,219
Cimarex Energy Co.		15,926		698,992
Concho Resources, Inc.		31,639		2,397,603
Continental Resources, Inc.		13,549		368,804
Devon Energy Corp.		60,922		1,323,226
Diamondback Energy, Inc.		25,472		1,895,117
EQT Corp.		40,014		242,085
Equitrans Midstream Corp.		32,052		309,943
Hess Corp.		42,755		2,418,650
HollyFrontier Corp.		23,755		1,067,075
Kosmos Energy Ltd.		57,578		294,224
Marathon Oil Corp.		127,612		1,450,948
Murphy Oil Corp.		23,698		496,710
Noble Energy, Inc.		75,375		1,490,164
ONEOK, Inc.		65,442		4,899,643
Parsley Energy, Inc., Class A		47,388		788,536
PBF Energy, Inc., Class A		18,963		517,690
Pioneer Natural Resources Co.		26,208		3,538,080
Range Resources Corp.		33,074		99,222
Targa Resources Corp.		36,389		1,328,198
Williams Cos., Inc.		193,145		3,996,170

18 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares Russell Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Oil, Gas & Consumable Fuels (continued)
WPX Energy, Inc.(a)		65,797	$	786,274
				35,605,855
Paper & Forest Products — 0.0%
Domtar Corp.		9,185		319,822
Personal Products — 0.1%
Coty, Inc., Class A		46,026		472,227
Herbalife Nutrition Ltd.(a)		15,810		614,219
Nu Skin Enterprises, Inc., Class A		8,638		281,512
				1,367,958
Pharmaceuticals — 0.7%
Catalent, Inc.(a)		23,057		1,408,783
Elanco Animal Health, Inc.(a)		59,441		1,836,727
Horizon Therapeutics PLC(a)		29,605		1,021,076
Jazz Pharmaceuticals PLC(a)		8,804		1,262,053
Mylan NV(a)		81,832		1,752,841
Nektar Therapeutics(a)(b)		26,783		532,714
Perrigo Co. PLC		20,087		1,145,763
				8,959,957
Professional Services — 1.7%
CoStar Group, Inc.(a)		5,725		3,738,368
Equifax, Inc.		19,143		2,869,536
IHS Markit Ltd.(a)		63,002		4,968,338
ManpowerGroup, Inc.		9,335		854,059
Nielsen Holdings PLC		56,536		1,153,334
Paylocity Holding Corp.(a)		5,482		777,841
Robert Half International, Inc.		18,039		1,049,329
TransUnion		29,765		2,729,450
Verisk Analytics, Inc.		25,397		4,126,250
				22,266,505
Real Estate Management & Development — 0.4%
CBRE Group, Inc., Class A(a)		53,245		3,250,607
Howard Hughes Corp.(a)		6,387		777,170
Jones Lang LaSalle, Inc.		8,162		1,386,071
				5,413,848
Road & Rail — 0.8%
AMERCO		1,412		524,233
JB Hunt Transport Services, Inc.		13,542		1,461,588
Kansas City Southern		15,720		2,651,807
Knight-Swift Transportation Holdings, Inc.(b)		19,700		730,476
Landstar System, Inc.		6,256		692,852
Lyft, Inc., Class A(a)		30,259		1,436,697
Old Dominion Freight Line, Inc.		10,319		2,024,897
Ryder System, Inc.		8,177		390,207
Schneider National, Inc., Class B		8,940		199,094
				10,111,851
Semiconductors & Semiconductor Equipment — 3.5%
Advanced Micro Devices, Inc.(a)(b)		164,202		7,717,494
Cree, Inc.(a)		17,114		795,630
Cypress Semiconductor Corp.		58,610		1,367,371
Entegris, Inc.		21,421		1,108,751
First Solar, Inc.(a)		13,173		653,117
KLA Corp.		25,363		4,203,664
Lam Research Corp.		22,979		6,852,567
Marvell Technology Group Ltd.		105,548		2,537,374
Maxim Integrated Products, Inc.		43,174		2,595,621
Microchip Technology, Inc.		36,992		3,605,980
MKS Instruments, Inc.		8,585		899,880
Monolithic Power Systems, Inc.		6,646		1,137,596
ON Semiconductor Corp.(a)		64,852		1,501,324
Qorvo, Inc.(a)		18,452		1,953,329
Skyworks Solutions, Inc.		27,066		3,062,518

Security	Shares		Value
Semiconductors & Semiconductor Equipment (continued)
Teradyne, Inc.		26,561	$	1,752,760
Xilinx, Inc.		40,457		3,417,807
				45,162,783
Software — 5.1%
Alteryx, Inc., Class A(a)(b)		7,248		1,010,879
Anaplan, Inc.(a)		13,596		782,994
ANSYS, Inc.(a)(b)		13,299		3,648,315
Aspen Technology, Inc.(a)		10,844		1,290,219
Atlassian Corp. PLC, Class A(a)		18,669		2,744,343
Avalara, Inc.(a)		7,453		634,548
Cadence Design Systems, Inc.(a)		44,258		3,191,444
CDK Global, Inc.		19,377		1,040,157
Cerence Inc.(a)		5,919		126,371
Ceridian HCM Holding, Inc.(a)		14,852		1,088,503
Citrix Systems, Inc.		19,743		2,393,246
Coupa Software, Inc.(a)		9,966		1,606,021
DocuSign, Inc.(a)(b)		24,669		1,936,763
Dropbox, Inc., Class A(a)		33,639		572,536
Dynatrace, Inc.(a)		10,328		323,370
Elastic NV(a)(b)		7,219		468,369
Fair Isaac Corp.(a)		4,510		1,814,734
FireEye, Inc.(a)		31,290		500,014
Fortinet, Inc.(a)		22,775		2,627,324
Guidewire Software, Inc.(a)		13,159		1,480,387
HubSpot, Inc.(a)		6,444		1,165,977
LogMeIn, Inc.		7,612		654,404
Manhattan Associates, Inc.(a)(b)		10,122		865,026
Medallia, Inc.(a)		2,425		68,434
New Relic, Inc.(a)		7,810		515,538
NortonLifeLock, Inc.		92,112		2,617,823
Nuance Communications, Inc.(a)(b)		45,453		859,971
Nutanix, Inc., Class A(a)		26,880		872,794
PagerDuty, Inc.(a)(b)		6,539		152,489
Palo Alto Networks, Inc.(a)(b)		15,080		3,540,482
Paycom Software, Inc.(a)		7,831		2,491,511
Pegasystems, Inc.		6,097		525,622
Pluralsight, Inc., Class A(a)(b)		9,627		186,668
Proofpoint, Inc.(a)		8,870		1,089,325
PTC, Inc.(a)		16,531		1,374,057
RealPage, Inc.(a)(b)		12,727		742,620
RingCentral, Inc., Class A(a)		11,838		2,433,656
Smartsheet, Inc., Class A(a)		13,773		667,715
SolarWinds Corp.(a)		6,947		131,437
Splunk, Inc.(a)		24,534		3,809,149
SS&C Technologies Holdings, Inc.		35,206		2,218,330
Synopsys, Inc.(a)		23,712		3,497,757
Trade Desk, Inc., Class A(a)(b)		6,234		1,678,068
Tyler Technologies, Inc.(a)		6,098		1,973,801
Zendesk, Inc.(a)		17,576		1,518,566
Zscaler, Inc.(a)(b)		10,030		562,583
Zynga, Inc., Class A(a)		135,396		815,084
				66,309,424
Specialty Retail — 2.4%
Advance Auto Parts, Inc.		10,540		1,388,645
AutoNation, Inc.(a)		8,402		356,581
AutoZone, Inc.(a)		3,776		3,994,857
Best Buy Co., Inc.		35,857		3,036,729
Burlington Stores, Inc.(a)		10,396		2,260,818
CarMax, Inc.(a)(b)		26,132		2,535,849
Carvana Co.(a)(b)		7,173		568,460
Dick’s Sporting Goods, Inc.		10,177		450,129
Five Below, Inc.(a)		8,724		987,731
Floor & Decor Holdings, Inc., Class A(a)(b)		11,001		542,459

SCHEDULES OF INVESTMENTS 19

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares Russell Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Specialty Retail (continued)
Foot Locker, Inc.		16,754	$	636,150
Gap, Inc.		34,481		600,314
L Brands, Inc.		35,981		833,320
O’Reilly Automotive, Inc.(a)		11,860		4,816,346
Penske Automotive Group, Inc.		5,428		254,953
Tiffany & Co.		19,206		2,573,988
Tractor Supply Co.		18,955		1,761,867
Ulta Salon Cosmetics & Fragrance, Inc.(a)		8,973		2,403,957
Urban Outfitters, Inc.(a)		10,924		279,655
Williams-Sonoma, Inc.		12,431		871,165
				31,153,973
Technology Hardware, Storage & Peripherals — 0.8%
Hewlett Packard Enterprise Co.		208,018		2,897,691
NCR Corp.(a)		20,254		682,965
NetApp, Inc.		38,057		2,032,244
Pure Storage, Inc., Class A(a)		36,859		656,090
Western Digital Corp.		47,347		3,101,229
Xerox Holdings Corp.(a)		28,562		1,015,950
				10,386,169
Textiles, Apparel & Luxury Goods — 0.9%
Capri Holdings Ltd.(a)		22,674		679,313
Carter’s, Inc.		6,919		733,898
Columbia Sportswear Co.		4,714		442,739
Hanesbrands, Inc.		57,162		786,549
Lululemon Athletica, Inc.(a)		18,779		4,495,505
PVH Corp.		11,704		1,020,238
Ralph Lauren Corp.		7,857		891,769
Skechers U.S.A., Inc., Class A(a)		20,910		781,825
Tapestry, Inc.		43,952		1,132,643
Under Armour, Inc., Class A(a)(b)		29,856		602,494
Under Armour, Inc., Class C(a)		30,801		553,186
				12,120,159
Thrifts & Mortgage Finance — 0.2%
LendingTree, Inc.(a)(b)		1,212		377,174
MGIC Investment Corp.		55,509		765,469
New York Community Bancorp, Inc.		72,151		797,990
TFS Financial Corp.		7,529		153,818
				2,094,451
Trading Companies & Distributors — 0.9%
Air Lease Corp.		16,786		720,791
Fastenal Co.		90,973		3,173,138
HD Supply Holdings, Inc.(a)		26,413		1,076,066
MSC Industrial Direct Co., Inc., Class A		6,955		473,427
United Rentals, Inc.(a)		11,942		1,620,410
Univar Solutions, Inc.(a)(b)		26,935		580,449
W.W. Grainger, Inc.		6,875		2,080,856
Watsco, Inc.		5,157		896,906

Security	Shares		Value
Trading Companies & Distributors (continued)
WESCO International, Inc.(a)		6,676	$	323,185
				10,945,228
Transportation Infrastructure — 0.0%
Macquarie Infrastructure Corp.		11,511		507,750
Water Utilities — 0.4%
American Water Works Co., Inc.		28,739		3,914,252
Essential Utilities, Inc.		34,326		1,782,892
				5,697,144
Wireless Telecommunication Services — 0.1%
Sprint Corp.(a)(b)		90,960		397,495
Telephone & Data Systems, Inc.		15,701		356,099
United States Cellular Corp.(a)		2,286		73,198
				826,792
Total Common Stocks — 97.9% (Cost — $971,473,128)				1,264,134,599
Investment Companies — 0.6%
Equity Fund — 0.6%
iShares Russell Mid-Cap ETF(e)		132,487		7,832,631
Total Investment Companies — 0.6% (Cost — $7,241,574)				7,832,631
Total Long-Term Investments — 98.5% (Cost — $978,714,702)				1,271,967,230
Short-Term Securities — 4.8%
BlackRock Cash Funds: Institutional, SL Agency Shares,
1.81%(c)(d)(e)		43,979,105		44,005,493
BlackRock Cash Funds: Treasury, SL Agency Shares,
1.54%(c)(e)		18,217,584		18,217,584
Total Short-Term Securities — 4.8% (Cost — $62,210,458)				62,223,077
Total Investments — 103.3% (Cost — $1,040,925,160)				1,334,190,307
Liabilities in Excess of Other Assets — (3.3)%				(43,069,223	)
Net Assets — 100.0%			$	1,291,121,084

^(a)  Non-income producing security.

^(b)  Security, or a portion of the security, is on loan.

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

^(d)  Security was purchased with the cash collateral from loaned securities.

^(e)  During the six months ended January 31, 2020, investments in issuers considered to be an affiliate/affiliates of the Fund for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, and/or related parties of the Fund were as follows:

Affiliated Persons and/or Related Parties	Shares Held at 07/31/19		Shares Purchased		Shares Sold			Shares Held at 01/31/20		Value at 01/31/20		Income			Net Realized Gain (Loss) (a)			Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares(b)		36,749,992		7,229,113		—			43,979,105	$	44,005,493	$	123,108	(c)	$	(1,606	)	$	4,783
BlackRock Cash Funds: Treasury, SL Agency Shares(b)		13,140,461		5,077,123		—			18,217,584		18,217,584		114,546			—			—
iShares Russell Mid-Cap ETF		127,180		479,011		(473,704	)		132,487		7,832,631		86,025			162,750			321,582
										$	70,055,708	$	323,679		$	161,144		$	326,365

^(a)  Includes net capital gain distributions, if applicable.

^(b)  Represents net shares purchased.

^(c)  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.

20 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares Russell Mid-Cap Index Fund

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

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		39			03/20/20	$	6,287	$	(103,276	)
S&P MidCap 400 E-Mini Index		52			03/20/20		10,436		(298,734	)
			��					$	(402,010	)

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)	$	—	$	—	$	402,010	$	—	$	—	$	—	$	402,010

^(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 six months ended January 31, 2020, 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	$	—	$	—	$	842,555		$	—	$	—	$	—	$	842,555
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	(394,511	)	$	—	$	—	$	—	$	(394,511	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	14,971,635

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

SCHEDULES OF INVESTMENTS 21

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares Russell Mid-Cap Index Fund

Fair Value Hierarchy as of Period End

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

The following tables summarize the Fund’s investments and derivative financial instruments categorized in the disclosure hierarchy:

	Level 1			Level 2		Level 3		Total
Assets:
Investments:
Long-Term Investments:
Common Stocks(a)	$	1,264,134,599		$	—	$	—	$	1,264,134,599
Investment Companies		7,832,631			—		—		7,832,631
Short-Term Securities		62,223,077			—		—		62,223,077
Subtotal	$	1,334,190,307		$	—	$	—	$	1,334,190,307
Derivative Financial Instruments(b)
Liabilities:
Equity contracts	$	(402,010	)	$	—	$	—	$	(402,010	)

^(a)  See above Schedule of Investments for values in each industry.

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

See notes to financial statements

22 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited)  January 31, 2020 iShares Russell Small/Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks — 98.1%
Aerospace & Defense — 1.4%
AAR Corp.		1,394	$	59,356
Aerojet Rocketdyne Holdings, Inc.(a)(b)		3,225		167,926
AeroVironment, Inc.(b)		1,042		69,408
Astronics Corp.(b)		993		25,024
Axon Enterprise, Inc.(b)		2,587		198,707
Cubic Corp.		1,351		88,207
Curtiss-Wright Corp.		1,878		273,117
Ducommun, Inc.(b)		435		17,805
Hexcel Corp.		3,689		273,798
Huntington Ingalls Industries, Inc.		1,748		456,228
Kratos Defense & Security Solutions, Inc.(b)		3,776		69,252
Maxar Technologies, Inc.(a)(b)		2,453		39,150
Mercury Systems, Inc.(b)		2,399		184,123
Moog, Inc., Class A		1,477		132,354
National Presto Industries, Inc.		193		16,635
Park Aerospace Corp.		784		12,128
Parsons Corp.(b)		775		31,697
Spirit AeroSystems Holdings, Inc., Class A		4,519		295,181
Teledyne Technologies, Inc.(b)		1,565		571,319
Triumph Group, Inc.		2,190		44,742
Vectrus, Inc.(b)		480		26,760
				3,052,917
Air Freight & Logistics — 0.3%
Air Transport Services Group, Inc.(b)		2,703		56,682
Atlas Air Worldwide Holdings, Inc.(b)		963		21,523
Echo Global Logistics, Inc.(b)		1,145		22,190
Forward Air Corp.		1,199		78,474
Hub Group, Inc., Class A(b)		1,553		82,107
Park-Ohio Holdings Corp.		334		9,820
Radiant Logistics, Inc.(b)		1,614		7,796
XPO Logistics, Inc.(b)		4,020		357,458
				636,050
Airlines — 0.5%
Alaska Air Group, Inc.		5,232		337,935
Allegiant Travel Co.		558		93,766
Copa Holdings SA, Class A		1,361		133,324
Hawaiian Holdings, Inc.		2,056		57,321
JetBlue Airways Corp.(b)		12,651		250,869
Mesa Air Group, Inc.(a)(b)		859		7,336
SkyWest, Inc.		2,256		124,463
Spirit Airlines, Inc.(b)		2,951		121,198
				1,126,212
Auto Components — 0.8%
Adient PLC(b)		3,764		96,772
American Axle & Manufacturing Holdings, Inc.(b)		5,158		47,660
BorgWarner, Inc.		9,048		310,256
Cooper Tire & Rubber Co.		2,181		57,775
Cooper-Standard Holdings, Inc.(b)		700		18,564
Dana, Inc.		6,505		100,242
Dorman Products, Inc.(b)		1,146		79,991
Fox Factory Holding Corp.(b)		1,696		111,631
Gentex Corp.		11,090		330,149
Gentherm, Inc.(b)		1,690		77,926
Goodyear Tire & Rubber Co.		10,379		136,276
LCI Industries		1,052		113,584
Modine Manufacturing Co.(b)		2,032		14,285
Motorcar Parts of America, Inc.(b)		724		14,379
Spartan Motors, Inc.		1,438		24,446
Standard Motor Products, Inc.		864		41,973
Stoneridge, Inc.(b)		1,060		29,532
Tenneco, Inc., Class A		2,140		20,266

Security	Shares		Value
Auto Components (continued)
Visteon Corp.(a)(b)		1,189	$	94,894
				1,720,601
Automobiles — 0.2%
Harley-Davidson, Inc.		6,769		226,084
Thor Industries, Inc.		2,333		187,853
Winnebago Industries, Inc.		1,414		77,431
				491,368
Banks — 6.4%
1st Constitution Bancorp		295		5,944
1st Source Corp.		619		29,211
ACNB Corp.		265		8,493
Allegiance Bancshares, Inc.		823		30,616
Amalgamated Bank, Class A		644		11,103
Amerant Bancorp, Inc.(b)		806		15,016
American National Bankshares, Inc.		430		14,663
Ameris Bancorp		2,652		106,584
Ames National Corp.		361		9,631
Arrow Financial Corp.		601		21,071
Associated Banc-Corp		6,867		136,859
Atlantic Capital Bancshares, Inc.(b)		908		17,134
Atlantic Union Bankshares Corp.		3,775		127,180
BancFirst Corp.		849		49,072
Banco Latinoamericano de Comercio Exterior SA		1,378		27,780
Bancorp, Inc.(b)		2,099		24,831
BancorpSouth Bank		4,676		133,593
Bank First Corp.		246		15,434
Bank of Commerce Holdings		568		6,078
Bank of Hawaii Corp.		1,856		166,298
Bank of Marin Bancorp		548		24,145
Bank of NT Butterfield & Son Ltd.		2,610		86,704
Bank of Princeton		238		7,259
Bank OZK		5,439		147,832
Bank7 Corp.		125		2,274
BankFinancial Corp.		456		5,686
BankUnited, Inc.		4,416		145,728
Bankwell Financial Group, Inc.		276		7,460
Banner Corp.		1,390		71,654
Bar Harbor Bankshares		646		14,212
Baycom Corp.(b)		499		11,208
BCB Bancorp, Inc.		530		6,954
BOK Financial Corp.		1,482		116,930
Boston Private Financial Holdings, Inc.		2,027		23,108
Bridge Bancorp, Inc.		683		20,729
Bryn Mawr Bank Corp.		815		30,579
Business First Bancshares, Inc.		528		13,084
Byline Bancorp, Inc.		1,060		20,458
C&F Financial Corp.		146		7,307
Cadence BanCorp		5,144		80,401
Cambridge Bancorp		167		12,054
Camden National Corp.		767		36,248
Capital Bancorp, Inc.(b)		361		4,917
Capital City Bank Group, Inc.		557		15,886
Capstar Financial Holdings, Inc.		606		9,072
Carolina Financial Corp.		920		35,282
Carter Bank & Trust(b)		939		18,583
Cathay General Bancorp		3,634		131,042
CBTX, Inc.		756		22,340
CenterState Bank Corp.(b)		5,329		120,222
Central Pacific Financial Corp.		639		17,719
Central Valley Community Bancorp		462		8,681
Century Bancorp, Inc., Class A		104		8,944
Chemung Financial Corp.		141		5,593
CIT Group, Inc.		4,359		199,250

SCHEDULES OF INVESTMENTS 23

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares Russell Small/Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Banks (continued)
Citizens & Northern Corp.		485	$	12,401
City Holding Co.		654		49,495
Civista Bancshares, Inc.		700		15,407
CNB Financial Corp.		606		17,913
Coastal Financial Corp.(b)		381		6,782
Codorus Valley Bancorp, Inc.		337		7,347
Colony Bankcorp, Inc.		304		4,666
Columbia Banking System, Inc.		3,008		116,410
Commerce Bancshares, Inc.		4,484		303,387
Community Bank System, Inc.		2,045		135,522
Community Bankers Trust Corp.		714		6,305
Community Financial Corp.		187		6,358
Community Trust Bancorp, Inc.		646		28,262
ConnectOne Bancorp, Inc.		1,382		32,629
CrossFirst Bankshares, Inc.(b)		685		9,350
Cullen/Frost Bankers, Inc.		2,589		230,835
Customers Bancorp, Inc.(b)		1,079		23,069
CVB Financial Corp.		5,827		121,027
Eagle Bancorp, Inc.		1,306		57,072
East West Bancorp, Inc.		6,483		297,181
Enterprise Bancorp, Inc.		367		11,384
Enterprise Financial Services Corp.		1,178		51,255
Equity Bancshares, Inc., Class A(b)		634		17,029
Esquire Financial Holdings, Inc.(b)		247		5,619
Evans Bancorp, Inc.		193		7,535
Farmers & Merchants Bancorp, Inc./Archbold		379		11,143
Farmers National Banc Corp.		1,036		16,390
FB Financial Corp.		743		26,488
Fidelity D&D Bancorp, Inc.		99		5,628
Financial Institutions, Inc.		634		19,534
First Bancorp, Inc.		402		11,369
First BanCorp, Puerto Rico		8,756		81,168
First Bancorp/Southern Pines NC		1,254		44,492
First Bancshares, Inc.		675		23,233
First Bank/Hamilton		604		6,463
First Busey Corp.		2,555		65,152
First Business Financial Services, Inc.		336		8,460
First Capital, Inc.		134		8,859
First Choice Bancorp		364		8,860
First Citizens BancShares, Inc., Class A		321		169,109
First Commonwealth Financial Corp.		4,004		54,134
First Community Bancshares, Inc.		745		21,836
First Financial Bancorp		4,073		97,915
First Financial Bankshares, Inc.		5,859		196,394
First Financial Corp.		698		29,128
First Financial Northwest, Inc.		318		4,652
First Foundation, Inc.		1,690		27,885
First Guaranty Bancshares, Inc.		196		3,528
First Hawaiian, Inc.		6,134		178,254
First Horizon National Corp.		13,728		219,648
First Internet Bancorp		341		9,040
First Interstate Bancsystem, Inc., Class A		1,913		73,650
First Merchants Corp.		2,480		98,580
First Mid Bancshares, Inc.		609		19,945
First Midwest Bancorp, Inc.		4,305		85,842
First Northwest Bancorp		358		5,653
First of Long Island Corp.		961		21,200
FNB Corp.		15,079		175,972
FNCB Bancorp, Inc.		704		5,526
Franklin Financial Network, Inc.		580		21,385
Franklin Financial Services Corp.		172		6,281
Fulton Financial Corp.		7,224		118,979
FVCBankcorp, Inc.(b)		510		8,134
German American Bancorp, Inc.		988		33,780

Security	Shares		Value
Banks (continued)
Glacier Bancorp, Inc.		3,791	$	160,625
Great Southern Bancorp, Inc.		457		26,008
Great Western Bancorp, Inc.		2,356		69,620
Guaranty Bancshares, Inc.		337		10,312
Hancock Whitney Corp.		3,780		150,217
Hanmi Financial Corp.		814		13,691
HarborOne Bancorp, Inc.(b)		1,037		11,314
Hawthorn Bancshares, Inc.		234		5,323
HBT Financial, Inc.		919		17,764
Heartland Financial USA, Inc.		1,630		79,723
Heritage Commerce Corp.		3,109		36,064
Heritage Financial Corp.		1,541		39,727
Home BancShares, Inc.		6,765		129,347
HomeTrust Bancshares, Inc.		627		16,628
Hope Bancorp, Inc.		4,942		68,719
Horizon Bancorp		1,529		25,871
Howard Bancorp, Inc.(b)		487		8,225
Iberiabank Corp.		2,425		176,322
Independent Bank Corp.		2,277		117,390
Independent Bank Group, Inc.		1,570		84,026
International Bancshares Corp.		2,422		95,427
Investar Holding Corp.		370		8,181
Investors Bancorp, Inc.		9,784		118,240
Lakeland Bancorp, Inc.		1,996		32,415
Lakeland Financial Corp.		1,252		59,395
LCNB Corp.		530		8,782
Level One Bancorp, Inc.		199		4,947
Live Oak Bancshares, Inc.		1,077		18,826
Macatawa Bank Corp.		1,007		10,624
Mackinac Financial Corp.		391		5,912
MainStreet Bancshares, Inc.(a)(b)		295		6,490
Mercantile Bank Corp.		677		22,185
Metrocity Bankshares, Inc.		1,082		17,388
Metropolitan Bank Holding Corp.(b)		320		15,728
Mid Penn Bancorp, Inc.		277		6,648
Midland States Bancorp, Inc.		906		23,937
MidWestOne Financial Group, Inc.		480		15,523
MutualFirst Financial, Inc.		250		9,307
MVB Financial Corp.		421		8,412
National Bank Holdings Corp., Class A		1,196		38,990
National Bankshares, Inc.		253		10,333
NBT Bancorp, Inc.		1,797		67,909
Nicolet Bankshares, Inc.(b)		513		36,243
Northeast Bank(b)		309		6,202
Northrim BanCorp, Inc.		325		12,230
Norwood Financial Corp.		201		6,834
Oak Valley Bancorp		300		5,550
OFG Bancorp		2,026		39,932
Ohio Valley Banc Corp.		145		4,792
Old National Bancorp		7,157		128,182
Old Second Bancorp, Inc.		1,188		14,595
Opus Bank		931		24,797
Origin Bancorp, Inc.		800		28,192
Orrstown Financial Services, Inc.		382		7,873
Pacific Mercantile Bancorp(b)		851		5,897
Pacific Premier Bancorp, Inc.		2,369		70,596
PacWest Bancorp		5,397		189,165
Park National Corp.		686		65,149
Parke Bancorp, Inc.		426		9,168
PCB Bancorp		472		7,179
Peapack Gladstone Financial Corp.		843		24,641
Penns Woods Bancorp, Inc.		250		7,887
People’s United Financial, Inc.		19,517		300,952
People’s Utah Bancorp		705		18,386

24 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares Russell Small/Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Banks (continued)
Peoples Bancorp of North Carolina, Inc.		176	$	4,814
Peoples Bancorp, Inc.		794		25,837
Peoples Financial Services Corp.		278		12,885
Pinnacle Financial Partners, Inc.		3,416		201,749
Popular, Inc.		4,203		235,200
Preferred Bank		596		35,826
Premier Financial Bancorp, Inc.		602		10,234
Prosperity Bancshares, Inc.		4,154		291,611
QCR Holdings, Inc.		617		25,359
RBB Bancorp		608		11,965
Red River Bancshares, Inc.(a)(b)		340		18,003
Reliant Bancorp Inc.		453		9,631
Renasant Corp.		2,400		76,632
Republic Bancorp, Inc., Class A		395		16,550
Republic First Bancorp, Inc.(b)		1,432		4,568
Richmond Mutual BanCorp., Inc.(b)		878		13,354
S&T Bancorp, Inc.		1,567		58,904
Sandy Spring Bancorp, Inc.		1,483		51,608
SB One Bancorp		284		6,788
Seacoast Banking Corp. of Florida(b)		2,041		55,413
Select Bancorp, Inc.(b)		788		9,141
ServisFirst Bancshares, Inc.		2,213		81,328
Shore Bancshares, Inc.		440		7,150
Sierra Bancorp		591		15,827
Signature Bank		2,339		331,881
Simmons First National Corp., Class A		3,718		89,158
SmartFinancial, Inc.		576		12,453
South Plains Financial, Inc.		820		17,835
South State Corp.		1,470		111,147
Southern First Bancshares, Inc.(b)		286		11,168
Southern National Bancorp of Virginia, Inc.		695		10,793
Southside Bancshares, Inc.		1,312		46,025
Spirit of Texas Bancshares, Inc.(b)		592		12,284
Sterling Bancorp		9,211		184,220
Stock Yards Bancorp, Inc.		818		31,689
Summit Financial Group, Inc.		447		10,974
Synovus Financial Corp.(b)		6,174		216,213
TCF Financial Corp.		6,680		282,430
Texas Capital Bancshares, Inc.(b)		2,374		130,475
Tompkins Financial Corp.		749		64,481
TowneBank		3,019		80,154
Trico Bancshares		1,129		41,096
TriState Capital Holdings, Inc.(b)		1,112		25,565
Triumph Bancorp, Inc.(b)		968		37,733
Trustmark Corp.		2,627		84,011
UMB Financial Corp.		2,093		139,101
Umpqua Holdings Corp.		10,206		172,481
Union Bankshares, Inc.		170		5,715
United Bankshares, Inc.		4,100		140,630
United Community Banks, Inc.		2,562		71,531
United Security Bancshares		461		4,490
Unity Bancorp, Inc.		279		6,116
Univest Financial Corp.		1,178		29,262
Valley National Bancorp		17,469		183,949
Veritex Holdings, Inc.		2,139		60,576
Washington Trust Bancorp, Inc.		619		29,297
Webster Financial Corp.		4,081		183,074
WesBanco, Inc.		2,805		92,902
West BanCorp., Inc.		655		14,993
Westamerica BanCorp		1,056		66,908
Western Alliance Bancorp		4,212		232,629
Wintrust Financial Corp.		2,596		164,275
Zions Bancorp. NA		7,397		336,490
				13,957,603

Security	Shares		Value
Beverages — 0.1%
Boston Beer Co., Inc., Class A(a)(b)		371	$	132,217
Celsius Holdings, Inc.(b)		659		3,559
Coca-Cola Consolidated, Inc.		194		52,537
Craft Brew Alliance, Inc.(a)(b)		449		7,364
MGP Ingredients, Inc.		532		18,120
National Beverage Corp.(b)		497		21,326
New Age Beverages Corp.(a)(b)		3,021		5,256
Primo Water Corp.(b)		1,329		20,028
				260,407
Biotechnology — 4.8%
89bio, Inc.(b)		221		5,905
Abeona Therapeutics, Inc.(b)		1,343		2,914
ACADIA Pharmaceuticals, Inc.(b)		4,936		197,144
Acceleron Pharma, Inc.(b)		2,169		196,902
Acorda Therapeutics, Inc.(b)		1,880		3,816
Adamas Pharmaceuticals, Inc.(a)(b)		757		3,891
ADMA Biologics, Inc.(a)(b)		2,137		8,463
Aduro Biotech, Inc.(b)		2,704		4,543
Adverum Biotechnologies, Inc.(b)		2,176		21,477
Aeglea BioTherapeutics, Inc.(b)		1,022		7,420
Affimed NV(a)(b)		2,481		6,500
Agenus, Inc.(b)		3,927		14,687
AgeX Therapeutics, Inc.(a)(b)		346		474
Agios Pharmaceuticals, Inc.(b)		2,675		130,353
Aimmune Therapeutics, Inc.(a)(b)		2,099		65,174
Akcea Therapeutics, Inc.(a)(b)		485		8,376
Akebia Therapeutics, Inc.(b)		4,914		35,479
Akero Therapeutics, Inc.(b)		291		7,185
Albireo Pharma, Inc.(b)		386		8,762
Aldeyra Therapeutics, Inc.(b)		927		4,950
Alector, Inc.(b)		1,311		36,629
Alkermes PLC(b)		7,367		128,260
Allakos, Inc.(a)(b)		871		62,886
Allogene Therapeutics, Inc.(a)(b)		1,708		37,098
Alnylam Pharmaceuticals, Inc.(b)		4,676		536,758
AMAG Pharmaceuticals, Inc.(a)(b)		1,473		13,051
Amicus Therapeutics, Inc.(b)		10,867		96,064
AnaptysBio, Inc.(b)		992		14,404
Anavex Life Sciences Corp.(a)(b)		1,757		5,025
Apellis Pharmaceuticals, Inc.(b)		2,114		86,907
Applied Therapeutics, Inc.(b)		333		17,473
Aprea Therapeutics, Inc.(b)		337		12,921
Arcus Biosciences, Inc.(b)		1,232		10,817
Ardelyx, Inc.(b)		2,047		14,493
Arena Pharmaceuticals, Inc.(b)		2,367		108,148
Arrowhead Pharmaceuticals, Inc.(b)		4,087		171,286
Atara Biotherapeutics, Inc.(b)		2,272		30,059
Athenex, Inc.(b)		2,793		37,398
Athersys, Inc.(a)(b)		4,717		6,415
Atreca, Inc., Class A(b)		366		6,727
Avid Bioservices, Inc.(b)		2,223		14,694
Avrobio, Inc.(b)		933		20,274
Baudax Bio, Inc.(a)(b)		302		2,528
Beyondspring, Inc.(b)		443		6,707
BioCryst Pharmaceuticals, Inc.(b)		7,170		20,435
Biohaven Pharmaceutical Holding Co. Ltd.(b)		1,740		84,373
Biospecifics Technologies Corp.(a)(b)		255		15,065
Bioxcel Therapeutics, Inc.(b)		186		3,082
Bluebird Bio, Inc.(a)(b)		2,460		196,037
Blueprint Medicines Corp.(b)		2,192		139,082
Bridgebio Pharma, Inc.(b)		984		33,938
Cabaletta Bio, Inc.(b)		475		7,804
Calithera Biosciences, Inc.(b)		2,069		12,414
Calyxt, Inc.(b)		478		2,662

SCHEDULES OF INVESTMENTS 25

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares Russell Small/Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Biotechnology (continued)
CareDx, Inc.(b)		1,668	$	40,299
CASI Pharmaceuticals, Inc.(b)		2,011		5,731
Castle Biosciences, Inc.(a)(b)		254		7,833
Catalyst Pharmaceuticals, Inc.(b)		3,805		15,639
CEL-SCI Corp.(a)(b)		1,087		14,175
Celcuity, Inc.(a)(b)		238		2,628
Cellular Biomedicine Group, Inc.(b)		483		8,235
Checkpoint Therapeutics, Inc.(b)		1,158		2,096
ChemoCentryx, Inc.(b)		1,702		72,199
Chiasma, Inc.(b)		1,470		6,938
Chimerix, Inc.(b)		1,809		2,985
Clovis Oncology, Inc.(a)(b)		1,893		15,693
Coherus Biosciences, Inc.(b)		2,881		51,973
Concert Pharmaceuticals, Inc.(b)		928		9,911
Constellation Pharmaceuticals, Inc.(b)		612		20,221
Contra GTX, Inc.(a)(b)(c)		23		47
Corbus Pharmaceuticals Holdings, Inc.(a)(b)		2,463		15,936
Cortexyme, Inc.(a)(b)		514		24,153
Crinetics Pharmaceuticals, Inc.(b)		442		9,494
Cue Biopharma, Inc.(a)(b)		732		11,104
Cyclerion Therapeutics, Inc.(a)(b)		984		3,228
Cytokinetics, Inc.(b)		2,280		28,044
CytomX Therapeutics, Inc.(b)		1,824		13,534
Deciphera Pharmaceuticals, Inc.(b)		816		51,106
Denali Therapeutics, Inc.(a)(b)		1,987		46,019
Dicerna Pharmaceuticals, Inc.(b)		2,112		41,701
Dynavax Technologies Corp.(b)		3,781		19,094
Eagle Pharmaceuticals, Inc.(b)		389		20,936
Editas Medicine, Inc.(a)(b)		2,315		61,185
Eidos Therapeutics, Inc.(b)		475		25,308
Eiger Biopharmaceuticals, Inc.(b)		973		12,026
Emergent Biosolutions, Inc.(a)(b)		2,050		112,935
Enanta Pharmaceuticals, Inc.(b)		695		35,820
Epizyme, Inc.(b)		3,414		71,455
Esperion Therapeutics, Inc.(a)(b)		1,177		63,652
Evelo Biosciences, Inc.(a)(b)		541		3,176
Exact Sciences Corp.(a)(b)		6,161		574,698
Exelixis, Inc.(b)		13,239		227,711
Fate Therapeutics, Inc.(b)		2,662		67,508
FibroGen, Inc.(a)(b)		3,378		141,369
Five Prime Therapeutics, Inc.(b)		1,464		6,910
Flexion Therapeutics, Inc.(a)(b)		1,400		24,528
Forty Seven, Inc.(b)		946		34,879
Frequency Therapeutics, Inc.(a)(b)		374		8,942
G1 Therapeutics, Inc.(a)(b)		1,430		27,685
Galectin Therapeutics, Inc.(a)(b)		1,310		3,445
Geron Corp.(b)		7,252		9,500
Global Blood Therapeutics, Inc.(a)(b)		2,558		166,935
GlycoMimetics, Inc.(b)		1,412		6,043
Gossamer Bio, Inc.(b)		1,840		24,435
Gritstone Oncology, Inc.(b)		1,033		9,152
Halozyme Therapeutics, Inc.(b)		6,588		125,040
Harpoon Therapeutics, Inc.(b)		320		4,253
Heron Therapeutics, Inc.(a)(b)		3,782		78,893
Homology Medicines, Inc.(a)(b)		1,016		15,900
Hookipa Pharma, Inc.(b)		669		8,028
IGM Biosciences, Inc.(b)		277		9,415
ImmunoGen, Inc.(b)		6,173		29,167
Immunomedics, Inc.(b)		7,744		143,806
Inovio Pharmaceuticals, Inc.(b)		3,589		16,258
Insmed, Inc.(b)		3,730		76,614
Intellia Therapeutics, Inc.(a)(b)		1,485		17,686
Intercept Pharmaceuticals, Inc.(b)		1,117		103,222
Invitae Corp.(a)(b)		3,589		66,935

Security	Shares		Value
Biotechnology (continued)
Ionis Pharmaceuticals, Inc.(b)		5,665	$	330,383
Iovance Biotherapeutics, Inc.(a)(b)		5,196		112,961
Ironwood Pharmaceuticals, Inc.(a)(b)		7,128		86,106
Jounce Therapeutics, Inc.(b)		663		4,170
Kadmon Holdings, Inc.(b)		7,039		32,309
KalVista Pharmaceuticals, Inc.(a)(b)		486		7,436
Karuna Therapeutics, Inc.(b)		263		24,961
Karyopharm Therapeutics, Inc.(a)(b)		2,569		41,489
Kezar Life Sciences, Inc.(b)		509		1,563
Kindred Biosciences, Inc.(b)		1,379		12,039
Kiniksa Pharmaceuticals Ltd., Class A(a)(b)		489		7,193
Kodiak Sciences, Inc.(b)		982		59,971
Krystal Biotech, Inc.(b)		494		25,816
Kura Oncology, Inc.(b)		1,590		18,667
La Jolla Pharmaceutical Co.(a)(b)		861		5,898
Lexicon Pharmaceuticals, Inc.(b)		1,794		5,543
Ligand Pharmaceuticals, Inc.(b)		771		67,702
Lineage Cell Therapeutics, Inc.(b)		4,804		4,948
LogicBio Therapeutics, Inc.(b)		379		3,741
MacroGenics, Inc.(b)		1,992		18,426
Madrigal Pharmaceuticals, Inc.(a)(b)		315		26,151
Magenta Therapeutics, Inc.(a)(b)		858		10,193
MannKind Corp.(a)(b)		8,161		11,997
Marker Therapeutics, Inc.(b)		1,128		2,922
MediciNova, Inc.(a)(b)		1,590		9,206
MEI Pharma, Inc.(b)		2,785		6,378
MeiraGTx Holdings PLC(b)		652		11,808
Mersana Therapeutics, Inc.(a)(b)		1,559		10,523
Millendo Therapeutics, Inc.(a)(b)		371		2,946
Minerva Neurosciences, Inc.(b)		1,288		10,471
Mirati Therapeutics, Inc.(b)		1,170		101,591
Moderna, Inc.(a)(b)		8,894		182,416
Molecular Templates, Inc.(a)(b)		676		10,099
Momenta Pharmaceuticals, Inc.(b)		4,477		129,923
Morphic Holding, Inc.(a)(b)		291		5,849
Mustang Bio, Inc.(b)		967		3,549
Myriad Genetics, Inc.(b)		3,175		87,789
Natera, Inc.(a)(b)		2,707		94,772
Neon Therapeutics, Inc.(b)		541		730
Neurocrine Biosciences, Inc.(b)		4,000		400,320
NextCure, Inc.(b)		619		26,462
Novavax, Inc.(a)(b)		831		6,332
Oncocyte Corp.(b)		663		1,730
OPKO Health, Inc.(a)(b)		14,963		21,696
Organogenesis Holdings, Inc.(b)		528		2,360
Oyster Point Pharma, Inc.(b)		384		12,096
Palatin Technologies, Inc.(a)(b)		8,861		5,778
PDL BioPharma, Inc.(b)		4,812		15,832
Pfenex, Inc.(b)		1,114		11,942
PhaseBio Pharmaceuticals, Inc.(a)(b)		571		2,844
Pieris Pharmaceuticals, Inc.(b)		1,684		6,231
PolarityTE, Inc.(a)(b)		391		1,212
Portola Pharmaceuticals, Inc.(a)(b)		3,540		45,277
Precigen, Inc.(a)(b)		2,921		13,583
Precision BioSciences, Inc.(b)		1,733		14,020
Prevail Therapeutics, Inc.(b)		416		7,862
Principia Biopharma, Inc.(b)		792		41,699
Progenics Pharmaceuticals, Inc.(b)		3,479		15,516
Protagonist Therapeutics, Inc.(b)		626		4,726
Prothena Corp. PLC(b)		1,750		21,298
PTC Therapeutics, Inc.(b)		2,630		135,445
Puma Biotechnology, Inc.(b)		1,255		9,864
Ra Pharmaceuticals, Inc.(b)		1,477		69,227
Radius Health, Inc.(a)(b)		1,876		32,943

26 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares Russell Small/Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Biotechnology (continued)
Recro Pharma, Inc.(b)		756	$	12,466
REGENXBIO, Inc.(a)(b)		1,451		63,162
Replimune Group, Inc.(b)		456		7,250
Retrophin, Inc.(b)		1,721		26,607
Rhythm Pharmaceuticals, Inc.(b)		1,554		27,257
Rigel Pharmaceuticals, Inc.(b)		7,015		15,854
Rocket Pharmaceuticals, Inc.(a)(b)		1,155		23,654
Rubius Therapeutics, Inc.(a)(b)		1,414		11,029
Sage Therapeutics, Inc.(a)(b)		2,281		151,185
Sangamo Therapeutics, Inc.(b)		4,639		34,004
Sarepta Therapeutics, Inc.(b)		3,108		360,404
Savara, Inc.(b)		1,141		2,989
Scholar Rock Holding Corp.(b)		610		7,497
Seattle Genetics, Inc.(b)		5,058		548,237
Seres Therapeutics, Inc.(a)(b)		1,943		6,334
Solid Biosciences, Inc.(b)		943		3,159
Sorrento Therapeutics, Inc.(a)(b)		5,089		19,491
Spectrum Pharmaceuticals, Inc.(b)		4,550		11,512
Spero Therapeutics, Inc.(b)		348		3,205
SpringWorks Therapeutics, Inc.(b)		558		17,566
Stemline Therapeutics, Inc.(a)(b)		1,971		13,068
Stoke Therapeutics, Inc.(a)(b)		442		12,358
Strongbridge Biopharma PLC(b)		1,475		4,329
Sutro Biopharma, Inc.(b)		500		5,120
Syndax Pharmaceuticals, Inc.(a)(b)		674		6,322
Synlogic, Inc.(a)(b)		699		1,873
Syros Pharmaceuticals, Inc.(b)		1,323		9,340
TCR2 Therapeutics, Inc.(b)		567		8,324
TG Therapeutics, Inc.(b)		3,913		55,604
Tocagen, Inc.(a)(b)		867		433
Translate Bio, Inc.(b)		1,211		8,683
Turning Point Therapeutics, Inc.(b)		1,187		69,440
Twist Bioscience Corp.(b)		908		22,555
Tyme Technologies, Inc.(b)		3,461		4,845
Ultragenyx Pharmaceutical, Inc.(b)		2,350		123,493
United Therapeutics Corp.(b)		1,859		181,569
UNITY Biotechnology, Inc.(a)(b)		1,127		6,649
UroGen Pharma Ltd.(b)		782		22,999
Vanda Pharmaceuticals, Inc.(b)		2,169		27,655
VBI Vaccines, Inc.(b)		8,564		11,733
Veracyte, Inc.(b)		1,966		51,608
Vericel Corp.(b)		1,743		28,585
Viela Bio, Inc.(b)		335		13,182
Viking Therapeutics, Inc.(b)		2,561		16,083
Vir Biotechnology, Inc.(a)(b)		615		16,377
Voyager Therapeutics, Inc.(b)		971		10,710
X4 Pharmaceuticals, Inc.(b)		590		4,897
XBiotech, Inc.(a)(b)		680		15,239
Xencor, Inc.(b)		1,967		66,760
Y-mAbs Therapeutics, Inc.(a)(b)		1,086		35,827
ZIOPHARM Oncology, Inc.(a)(b)		7,258		28,597
				10,455,844
Building Products — 1.7%
AAON, Inc.(a)		1,764		92,504
Advanced Drainage Systems, Inc.		1,924		79,981
Allegion PLC		4,052		524,005
Ameresco, Inc., Class A(a)(b)		816		15,659
American Woodmark Corp.(b)		742		81,360
AO Smith Corp.		5,953		254,134
Apogee Enterprises, Inc.		1,079		34,334
Armstrong Flooring, Inc.(b)		926		3,278
Armstrong World Industries, Inc.		2,182		218,920
Builders FirstSource, Inc.(b)		5,066		125,611
Caesarstone Ltd.		893		11,680

Security	Shares		Value
Building Products (continued)
Continental Building Products, Inc.(b)		1,437	$	53,155
Cornerstone Building Brands, Inc.(b)		1,901		16,311
CSW Industrials, Inc.		790		59,945
Fortune Brands Home & Security, Inc.		6,092		418,581
Gibraltar Industries, Inc.(b)		1,352		73,711
Griffon Corp.		1,514		31,476
Insteel Industries, Inc.		770		17,225
JELD-WEN Holding, Inc.(b)		3,073		73,383
Lennox International, Inc.		1,531		356,692
Masonite International Corp.(b)		1,119		84,048
Owens Corning		4,711		284,968
Patrick Industries, Inc.		918		47,626
PGT Innovations, Inc.(b)		2,316		35,898
Quanex Building Products Corp.		1,310		23,213
Resideo Technologies, Inc.(b)		5,103		51,949
Simpson Manufacturing Co., Inc.		1,988		164,348
Trex Co., Inc.(b)		2,567		252,182
Universal Forest Products, Inc.		2,463		117,978
				3,604,155
Capital Markets — 1.8%
Affiliated Managers Group, Inc.		2,146		171,358
Ares Management Corp., Class A		3,024		109,045
Arlington Asset Investment Corp., Class A		1,624		9,224
Artisan Partners Asset Management, Inc., Class A		2,376		79,358
AssetMark Financial Holdings(b)		736		21,587
Associated Capital Group, Inc., Class A		121		5,054
B. Riley Financial, Inc.		873		23,414
BGC Partners, Inc., Class A		12,310		71,029
Blucora, Inc.(b)		2,256		50,873
BrightSphere Investment Group PLC(b)		2,832		26,083
Cohen & Steers, Inc.		955		70,651
Cowen, Inc., Class A(b)		1,204		19,348
Diamond Hill Investment Group, Inc.		133		18,722
Donnelley Financial Solutions, Inc.(b)		1,265		11,461
Eaton Vance Corp.		4,885		223,489
Evercore, Inc., Class A		1,689		129,411
Federated Investors, Inc., Class B		4,246		153,833
Focus Financial Partners, Inc., Class A(b)		1,446		40,850
GAIN Capital Holdings, Inc.		624		2,440
GAMCO Investors, Inc., Class A		181		2,996
Greenhill & Co., Inc.(a)		761		11,917
Hamilton Lane, Inc., Class A		1,075		69,821
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		2,704		92,179
Houlihan Lokey, Inc.		1,970		102,144
INTL. FCStone, Inc.(b)		684		32,599
Janus Henderson Group PLC		6,742		170,370
Ladenburg Thalmann Financial Services, Inc.		4,849		16,923
Lazard Ltd., Class A		4,507		189,114
Legg Mason, Inc.		3,978		155,739
LPL Financial Holdings, Inc.		3,528		325,035
MarketAxess Holdings, Inc.		1,612		570,938
Medallion Financial Corp.(b)		819		5,643
Moelis & Co., Class A		2,243		80,748
Oppenheimer Holdings, Inc., Class A		384		10,579
Piper Jaffray Cos.		572		47,150
PJT Partners, Inc., Class A		950		43,719
Pzena Investment Management, Inc., Class A		654		5,356
Safeguard Scientifics, Inc.(a)		1,114		11,853
Sculptor Capital Management, Inc.		708		16,242
SEI Investments Co.		5,536		361,279
Siebert Financial Corp.(b)		256		1,759
Silvercrest Asset Management Group, Inc., Class A		334		3,968
Stifel Financial Corp.		2,974		192,388
Virtu Financial, Inc., Class A		2,117		35,333

SCHEDULES OF INVESTMENTS 27

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares Russell Small/Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Capital Markets (continued)
Virtus Investment Partners, Inc.		270	$	33,218
Waddell & Reed Financial, Inc., Class A		3,134		50,081
Westwood Holdings Group, Inc.		313		8,789
WisdomTree Investments, Inc.		5,431		22,865
				3,907,975
Chemicals — 2.1%
A. Schulman, Inc.(b)(c)		710		307
Advanced Emissions Solutions, Inc.		699		7,962
AdvanSix, Inc.(b)		1,133		21,210
Albemarle Corp.		4,609		370,011
American Vanguard Corp.		1,114		20,810
Ashland Global Holdings, Inc.		2,666		197,231
Axalta Coating Systems Ltd.(b)		8,960		258,138
Balchem Corp.		1,436		155,117
Cabot Corp.		2,501		99,665
CF Industries Holdings, Inc.		9,558		384,996
Chase Corp.		292		26,855
Chemours Co.		7,239		100,405
Codexis, Inc.(a)(b)		2,160		33,869
Element Solutions, Inc.(b)		9,630		112,671
Ferro Corp.(b)		3,859		52,791
Flotek Industries, Inc.(b)		1,723		2,929
FutureFuel Corp.		1,037		11,366
GCP Applied Technologies, Inc.(b)		2,654		58,972
Hawkins, Inc.		407		17,004
HB Fuller Co.		2,415		111,597
Huntsman Corp.		9,450		194,292
Ingevity Corp.(b)		1,856		121,048
Innophos Holdings, Inc.		803		25,664
Innospec, Inc.		1,155		116,343
Intrepid Potash, Inc.(b)		4,093		9,741
Koppers Holdings, Inc.(b)		903		28,336
Kraton Corp.(b)		1,307		21,500
Kronos Worldwide, Inc.		913		9,897
Landec Corp.(a)(b)		929		10,405
Livent Corp.(b)		6,056		56,987
LSB Industries, Inc.(b)		806		2,434
Marrone Bio Innovations, Inc.(b)		1,725		1,984
Minerals Technologies, Inc.		1,504		81,412
NewMarket Corp.		297		130,567
Olin Corp.		6,829		101,547
OMNOVA Solutions, Inc.(b)		1,732		17,511
Orion Engineered Carbons SA		2,478		38,905
PolyOne Corp.		3,440		114,139
PQ Group Holdings, Inc.(b)		1,559		23,868
Quaker Chemical Corp.(a)		601		99,778
Rayonier Advanced Materials, Inc.		1,917		5,904
RPM International, Inc.		5,523		394,176
Scotts Miracle-Gro Co.		1,699		208,535
Sensient Technologies Corp.		1,808		108,028
Stepan Co.		901		88,884
Trecora Resources(b)		840		5,687
Tredegar Corp.		1,051		21,388
Trinseo SA		1,674		48,077
Tronox Holdings PLC, Class A(b)		4,231		35,794
Valhi, Inc.		1,055		1,751
Valvoline, Inc.		8,275		174,437
Westlake Chemical Corp.		1,481		90,637
WR Grace & Co.		2,468		166,244
				4,599,806
Commercial Services & Supplies — 1.6%
ABM Industries, Inc.		3,066		116,937
ACCO Brands Corp.		3,981		34,396

Security	Shares		Value
Commercial Services & Supplies (continued)
ADT, Inc.(a)		4,564	$	28,297
Advanced Disposal Services, Inc.(b)		3,454		113,809
BrightView Holdings, Inc.(a)(b)		1,233		19,481
Brink’s Co.		2,179		183,450
Casella Waste Systems, Inc., Class A(a)(b)		2,134		109,239
CECO Environmental Corp.(b)		1,268		9,637
Charah Solutions, Inc.(b)		461		922
Cimpress PLC(a)(b)		858		102,643
Clean Harbors, Inc.(b)		2,264		186,146
Covanta Holding Corp.		5,684		85,146
Deluxe Corp.		1,791		86,326
Encore Capital Group, Inc.(b)		1,438		48,820
Ennis, Inc.		1,065		22,216
Harsco Corp.(b)		3,538		52,716
Healthcare Services Group, Inc.		3,434		87,910
Heritage-Crystal Clean, Inc.(a)(b)		634		17,974
Herman Miller, Inc.		2,530		97,785
HNI Corp.		1,829		65,789
IAA, Inc.(b)		5,810		274,581
InnerWorkings, Inc.(b)		1,916		7,951
Interface, Inc.		2,451		39,412
KAR Auction Services, Inc.		5,667		119,120
Kimball International, Inc., Class B		1,451		27,250
Knoll, Inc.		2,018		49,966
McGrath RentCorp		1,162		89,846
Mobile Mini, Inc.		1,949		81,351
MSA Safety, Inc.		1,546		209,638
NL Industries, Inc.(b)		244		820
Pitney Bowes, Inc.		7,064		26,419
Quad/Graphics, Inc.		1,346		5,721
Rollins, Inc.		6,167		234,038
RR Donnelley & Sons Co.		2,959		7,102
SP Plus Corp.(b)		948		39,636
Steelcase, Inc., Class A		3,939		73,305
Stericycle, Inc.(a)(b)		3,943		247,147
Sykes Enterprises, Inc.(b)		1,637		54,987
Team, Inc.(b)		1,161		15,790
Tetra Tech, Inc.		2,375		203,300
UniFirst Corp.		675		137,653
US Ecology, Inc.		1,245		67,242
Viad Corp.		905		58,825
VSE Corp.		331		10,297
				3,551,036
Communications Equipment — 0.7%
Acacia Communications, Inc.(b)		1,690		115,850
ADTRAN, Inc.		1,951		17,657
Applied Optoelectronics, Inc.(a)(b)		780		8,814
Bel Fuse, Inc., Class B		434		7,517
CalAmp Corp.(b)		1,328		12,775
Calix, Inc.(b)		1,755		16,076
Cambium Networks Corp.(b)		195		1,347
Casa Systems, Inc.(a)(b)		1,337		5,361
Ciena Corp.(b)		6,779		275,702
Clearfield, Inc.(b)		451		5,737
CommScope Holding Co., Inc.(b)		8,359		101,854
Comtech Telecommunications Corp.		990		28,621
DASAN Zhone Solutions, Inc.(b)		238		2,109
Digi International, Inc.(b)		1,159		18,306
EchoStar Corp., Class A(b)		2,153		85,916
Extreme Networks, Inc.(b)		5,674		33,477
Harmonic, Inc.(a)(b)		3,499		24,616
Infinera Corp.(b)		8,000		58,960
Inseego Corp.(a)(b)		1,826		12,252
InterDigital, Inc.		1,304		72,046

28 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares Russell Small/Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Communications Equipment (continued)
KVH Industries, Inc.(b)		703	$	7,234
Loral Space & Communications, Inc.(b)		536		17,243
Lumentum Holdings, Inc.(b)		3,375		255,724
NETGEAR, Inc.(a)(b)		1,246		32,047
Plantronics, Inc.		1,352		38,829
Ribbon Communications, Inc.(b)		2,351		6,630
Tessco Technologies, Inc.		241		1,494
Ubiquiti, Inc.		366		59,812
ViaSat, Inc.(b)		2,516		160,143
Viavi Solutions, Inc.(b)		10,032		141,451
				1,625,600
Construction & Engineering — 1.1%
AECOM(b)		6,890		332,305
Aegion Corp.(b)		1,283		26,815
Arcosa, Inc.		2,110		92,312
Argan, Inc.		597		25,140
Comfort Systems USA, Inc.		1,687		78,277
Concrete Pumping Holdings, Inc.(b)		449		2,290
Construction Partners, Inc., Class A(b)		1,009		16,931
Dycom Industries, Inc.(b)		1,311		52,990
EMCOR Group, Inc.		2,436		200,166
Fluor Corp.		6,256		111,920
Granite Construction, Inc.		2,160		58,601
Great Lakes Dredge & Dock Corp.(b)		2,432		25,463
IES Holdings, Inc.(b)		277		6,928
Jacobs Engineering Group, Inc.		5,775		534,361
KBR, Inc.		6,227		169,374
MasTec, Inc.(a)(b)		2,574		148,648
MYR Group, Inc.(b)		662		19,013
Northwest Pipe Co.(b)		411		13,452
NV5 Global, Inc.(a)(b)		432		26,831
Primoris Services Corp.		1,773		37,818
Quanta Services, Inc.(a)		6,233		244,022
Sterling Construction Co., Inc.(b)		1,245		16,403
Tutor Perini Corp.(b)		1,637		18,433
WillScot Corp.(a)(b)		2,183		41,149
				2,299,642
Construction Materials — 0.1%
Eagle Materials, Inc.		1,876		171,035
Forterra, Inc.(a)(b)		621		8,042
Summit Materials, Inc., Class A(b)		4,775		104,907
United States Lime & Minerals, Inc.		66		5,923
US Concrete, Inc.(b)		661		23,525
				313,432
Consumer Discretionary — 0.0%
Acushnet Holdings Corp.		1,474		45,650
American Outdoor Brands Corp.(b)		2,303		21,694
At Home Group, Inc.(b)		1,880		10,641
Camping World Holdings, Inc., Class A		1,314		20,459
				98,444
Consumer Finance — 0.6%
Credit Acceptance Corp.(b)		464		199,047
Curo Group Holdings Corp.(b)		685		7,131
Elevate Credit, Inc.(b)		1,091		6,339
Enova International, Inc.(b)		1,327		33,255
Ezcorp, Inc., Class A(b)		2,323		14,449
FirstCash, Inc.		1,862		161,938
Green Dot Corp., Class A(b)		2,012		60,521
I3 Verticals, Inc., Class A(b)		663		21,408
LendingClub Corp.(b)		2,748		32,207
Navient Corp.		8,610		123,812
Nelnet, Inc., Class A		753		43,117

Security	Shares			Value
Consumer Finance (continued)
OneMain Holdings, Inc.		2,796		$	118,466
Oportun Financial Corp.(a)(b)		463			9,741
PRA Group, Inc.(b)		1,960			69,306
Regional Management Corp.(a)(b)		350			9,642
Santander Consumer USA Holdings, Inc.		4,636			123,410
SLM Corp.		18,727			204,499
World Acceptance Corp.(b)		256			22,136
					1,260,424
Containers & Packaging — 1.3%
AptarGroup, Inc.		2,789			322,157
Ardagh Group SA		814			15,531
Avery Dennison Corp.		3,642			477,976
Berry Global Group, Inc.(b)		5,777			245,638
Crown Holdings, Inc.(b)		5,682			420,638
Graphic Packaging Holding Co.		12,701			198,517
Greif, Inc., Class A		1,164			47,049
Greif, Inc., Class B		259			12,277
Myers Industries, Inc.		1,444			23,364
O-I Glass, Inc.		6,997			88,302
Packaging Corp. of America		4,064			389,128
Sealed Air Corp.		6,815			241,933
Silgan Holdings, Inc.		3,711			114,521
Sonoco Products Co.		4,292			245,245
UFP Technologies, Inc.(b)		276			12,870
					2,855,146
Distributors — 0.2%
Core-Mark Holding Co., Inc.		1,957			45,872
Funko, Inc., Class A(b)		1,116			16,774
Greenlane Holdings, Inc., Class A(b)		193			471
Pool Corp.		1,687			369,959
Weyco Group, Inc.		265			6,002
					439,078
Diversified Consumer Services — 1.1%
2U, Inc.(a)(b)		2,567			50,852
Adtalem Global Education, Inc.(b)		2,451			84,584
American Public Education, Inc.(b)		656			15,633
Bright Horizons Family Solutions, Inc.(b)		2,502			409,653
Carriage Services, Inc.		657			15,551
Chegg, Inc.(b)		5,206			214,643
Collectors Universe, Inc.		323			7,933
frontdoor, Inc.(b)		3,654			155,587
Graham Holdings Co., Class B		195			107,098
Grand Canyon Education, Inc.(b)		2,089			163,527
H&R Block, Inc.		8,852			205,366
Houghton Mifflin Harcourt Co.(a)(b)		4,179			23,068
K12, Inc.(b)		1,560			25,178
Laureate Education, Inc., Class A(b)		5,108			106,451
Matthews International Corp., Class A		1,280			47,770
OneSpaWorld Holdings Ltd.		1,793			26,913
Regis Corp.(b)		1,187			18,422
Select Interior Concepts, Inc., Class A(b)		881			7,277
Service Corp. International		7,724	��		370,366
ServiceMaster Global Holdings, Inc.(b)		6,004			216,444
Strategic Education, Inc.		948			153,851
WW International, Inc.(a)(b)		2,105			69,423
					2,495,590
Diversified Financial Services — 0.7%
Cannae Holdings, Inc.(b)		2,923			118,849
FactSet Research Systems, Inc.		1,632			466,932
FGL Holdings		6,941			66,981
Jefferies Financial Group, Inc.		11,335			245,289
Marlin Business Services Corp.		321			6,324

SCHEDULES OF INVESTMENTS 29

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares Russell Small/Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Diversified Financial Services (continued)
Morningstar, Inc.		859	$	134,768
On Deck Capital, Inc.(b)		2,649		10,808
PICO Holdings, Inc.(b)		400		3,980
Tiptree, Inc.		1,087		7,446
Voya Financial, Inc.		5,923		353,781
				1,415,158
Diversified Telecommunication Services — 0.4%
8x8, Inc.(b)		4,503		83,846
Anterix, Inc.(a)(b)		530		24,624
ATN International, Inc.		443		25,636
Bandwidth, Inc., Class A(b)		647		45,911
Cincinnati Bell, Inc.(a)(b)		2,062		28,270
Cogent Communications Holdings, Inc.		1,907		135,264
Consolidated Communications Holdings, Inc.		2,968		14,335
Frontier Communications Corp.(a)(b)		3,332		1,838
IDT Corp., Class B(b)		677		5,118
Intelsat SA(a)(b)		2,789		9,511
Iridium Communications, Inc.(b)		4,438		113,391
Ooma, Inc.(b)		802		10,530
ORBCOMM, Inc.(b)		3,048		10,942
Pareteum Corp.(a)(b)		4,490		2,990
Vonage Holdings Corp.(b)		10,447		92,665
Zayo Group Holdings, Inc.(b)		9,922		344,790
				949,661
Education Services — 0.0%
Perdoceo Education Corp.(a)(b)		2,824		50,211
Electric Utilities — 1.4%
ALLETE, Inc.		2,328		194,341
Alliant Energy Corp.		10,348		614,257
El Paso Electric Co.		1,760		119,838
Hawaiian Electric Industries, Inc.		4,739		231,784
IDACORP, Inc.		2,161		242,443
MGE Energy, Inc.		1,661		132,764
OGE Energy Corp.		8,519		390,596
Otter Tail Corp.		1,677		89,820
Pinnacle West Capital Corp.		4,874		476,141
PNM Resources, Inc.		3,599		195,174
Portland General Electric Co.		3,848		236,652
Spark Energy, Inc., Class A		422		4,005
Unitil Corp.		598		36,891
				2,964,706
Electrical Equipment — 1.1%
Acuity Brands, Inc.		1,745		205,683
Allied Motion Technologies, Inc.(a)		283		12,973
American Superconductor Corp.(a)(b)		874		5,489
Atkore International Group, Inc.(b)		2,171		86,189
AZZ, Inc.		1,064		43,901
Bloom Energy Corp., Class A(a)(b)		2,308		18,187
Brady Corp., Class A		2,151		119,101
Encore Wire Corp.		827		44,914
Energous Corp.(a)(b)		872		1,369
EnerSys		1,920		138,163
Franklin Electric Co., Inc.		1,986		114,572
Generac Holdings, Inc.(b)		2,660		275,549
GrafTech International Ltd.		2,457		26,364
Hubbell, Inc.		2,353		337,020
nVent Electric PLC		6,810		169,569
Plug Power, Inc.(a)(b)		9,877		38,175
Powell Industries, Inc.		341		14,073
Preformed Line Products Co.		108		5,899
Regal-Beloit Corp.		1,785		140,051
Sensata Technologies Holding PLC(a)(b)		6,854		323,988

Security	Shares		Value
Electrical Equipment (continued)
Sunrun, Inc.(b)		4,739	$	80,705
Thermon Group Holdings, Inc.(b)		1,358		32,185
TPI Composites, Inc.(a)(b)		1,211		25,128
Vicor Corp.(b)		742		37,137
				2,296,384
Electronic Equipment, Instruments & Components — 2.8%
Agilysys, Inc.(b)		947		30,777
Airgain, Inc.(b)		374		3,534
Akoustis Technologies, Inc.(b)		1,039		7,637
Anixter International, Inc.(b)		1,317		128,539
Arlo Technologies, Inc.(b)		3,100		13,237
Arrow Electronics, Inc.(b)		3,548		269,435
Avnet, Inc.		4,481		163,512
AVX Corp.		1,985		40,236
Badger Meter, Inc.		1,401		82,743
Belden, Inc.		1,703		83,907
Benchmark Electronics, Inc.		1,574		48,448
Coda Octopus Group, Inc.(b)		146		918
Cognex Corp.(a)		7,215		367,749
Coherent, Inc.(b)		1,063		150,340
CTS Corp.		1,331		39,012
Daktronics, Inc.		1,372		8,095
Dolby Laboratories, Inc., Class A		2,779		192,696
ePlus, Inc.(b)		544		43,368
Fabrinet(a)(b)		1,654		104,268
FARO Technologies, Inc.(b)		719		37,144
Fitbit, Inc., Series A(a)(b)		10,106		65,891
FLIR Systems, Inc.		5,924		305,323
II-VI, Inc.(b)		3,824		128,678
Insight Enterprises, Inc.(b)		1,523		100,320
IntriCon Corp.(a)(b)		333		5,671
Iteris, Inc.(b)		2,183		11,046
Itron, Inc.(b)		1,466		119,845
Jabil, Inc.		6,504		252,941
KEMET Corp.		2,388		62,183
Kimball Electronics, Inc.(b)		992		16,051
Knowles Corp.(b)		3,970		78,328
Littelfuse, Inc.		1,048		185,402
Mesa Laboratories, Inc.		165		43,303
Methode Electronics, Inc.		1,754		57,443
MTS Systems Corp.		736		37,308
Napco Security Technologies, Inc.(b)		473		13,906
National Instruments Corp.		5,754		256,801
nLight, Inc.(a)(b)		1,343		23,596
Novanta, Inc.(b)		1,500		136,095
OSI Systems, Inc.(b)		807		69,838
PAR Technology Corp.(b)		429		14,599
PC Connection, Inc.		461		22,976
Plexus Corp.(b)		1,325		94,234
Rogers Corp.(b)		830		97,732
Sanmina Corp.(b)		3,176		101,124
ScanSource, Inc.(b)		1,076		37,542
SYNNEX Corp.		1,801		248,106
Tech Data Corp.(b)		1,545		222,387
Trimble, Inc.(a)(b)		11,051		469,888
TTM Technologies, Inc.(b)		4,552		65,503
Universal Display Corp.		1,870		329,438
Vishay Intertechnology, Inc.		5,753		116,728
Vishay Precision Group, Inc.(a)(b)		398		13,747
Wrap Technologies, Inc.(a)(b)		281		1,874
Zebra Technologies Corp., Class A(b)		2,345		560,502
				6,181,944

30 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares Russell Small/Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Energy Equipment & Services — 0.5%
Apergy Corp.(b)		3,625	$	93,742
Archrock, Inc.		6,090		50,852
Cactus, Inc., Class A		2,039		58,764
Covia Holdings Corp.(a)(b)		1,227		1,963
Diamond Offshore Drilling, Inc.(b)		2,553		11,820
Dril-Quip, Inc.(b)		1,575		64,417
Era Group, Inc.(b)		796		7,912
Exterran Corp.(b)		1,275		6,885
Forum Energy Technologies, Inc.(b)		3,590		3,805
Frank’s International NV(b)		4,356		15,246
FTS International, Inc.(a)(b)		1,067		653
Geospace Technologies Corp.(b)		513		6,879
Helix Energy Solutions Group, Inc.(b)		5,781		48,214
Helmerich & Payne, Inc.		4,837		196,140
Independence Contract Drilling, Inc.(a)(b)		2,442		1,715
KLX Energy Services Holdings, Inc.(a)(b)		793		3,204
Liberty Oilfield Services, Inc., Class A		2,581		21,887
Mammoth Energy Services, Inc.		557		791
Matrix Service Co.(b)		1,109		22,313
Nabors Industries Ltd.		16,309		33,760
National Energy Services Reunited Corp.(a)(b)		951		6,267
Natural Gas Services Group, Inc.(b)		492		5,176
NCS Multistage Holdings, Inc.(b)		214		327
Newpark Resources, Inc.(b)		3,634		18,170
NexTier Oilfield Solutions Inc.(b)		6,661		34,304
Nine Energy Service, Inc.(b)		685		3,315
Noble Corp. PLC(b)		10,543		8,517
Oceaneering International, Inc.(b)		4,777		59,283
Oil States International, Inc.(b)		2,451		26,422
Pacific Drilling SA(b)		1,221		2,247
Parker Drilling Co.(b)		347		5,837
Patterson-UTI Energy, Inc.		8,024		63,711
ProPetro Holding Corp.(b)		3,233		31,489
RigNet, Inc.(b)		635		2,642
RPC, Inc.		2,458		11,135
SEACOR Holdings, Inc.(b)		729		27,403
SEACOR Marine Holdings, Inc.(b)		734		7,663
Seadrill Ltd.(a)(b)		2,350		3,220
Select Energy Services, Inc., Class A(b)		2,431		16,920
Smart Sand, Inc.(b)		957		1,943
Solaris Oilfield Infrastructure, Inc., Class A		1,268		14,620
TETRA Technologies, Inc.(b)		5,146		7,873
Tidewater, Inc.(b)		1,952		29,631
Transocean Ltd.(a)(b)		25,898		118,095
U.S Well Services, Inc.(a)(b)		792		1,061
Unit Corp.(a)(b)		2,256		902
				1,159,135
Entertainment — 0.3%
AMC Entertainment Holdings, Inc., Class A(a)		2,158		14,070
Glu Mobile, Inc.(a)(b)		4,800		28,320
Roku, Inc.(a)(b)		3,745		452,958
World Wrestling Entertainment, Inc., Class A		1,938		94,729
				590,077
Equity Real Estate Investment Trusts (REITs) — 10.3%
Acadia Realty Trust		3,757		93,249
Agree Realty Corp.		1,967		149,354
Alexander’s, Inc.		92		29,687
American Assets Trust, Inc.		2,180		99,321
American Campus Communities, Inc.		5,946		272,743
American Finance Trust, Inc.		4,430		57,457
American Homes 4 Rent, Class A		11,228		306,861
Americold Realty Trust		8,337		287,376
Anworth Mortgage Asset Corp.		3,996		14,306

Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
Apartment Investment & Management Co., Class A		6,304	$	332,284
Apollo Commercial Real Estate Finance, Inc.		7,327		133,938
Apple Hospitality REIT, Inc.		9,828		147,617
Ares Commercial Real Estate Corp.		1,039		16,977
Armada Hoffler Properties, Inc.		2,124		38,954
ARMOUR Residential REIT, Inc.		2,421		46,628
Ashford Hospitality Trust, Inc.		3,876		9,535
Blackstone Mortgage Trust, Inc., Class A		5,434		207,579
Bluerock Residential Growth REIT, Inc.		835		9,636
Brandywine Realty Trust		8,344		130,333
Brixmor Property Group, Inc.		12,950		258,482
BRT Apartments Corp.		395		6,806
Camden Property Trust		4,035		453,655
Capstead Mortgage Corp.		4,541		37,327
Catchmark Timber Trust, Inc., Class A		1,979		20,305
CBL & Associates Properties, Inc.		7,378		6,198
Cedar Realty Trust, Inc.		3,169		8,239
Chatham Lodging Trust		1,856		30,346
Cherry Hill Mortgage Investment Corp.		570		8,755
Chimera Investment Corp.		7,831		166,017
CIM Commercial Trust Corp.		66		1,027
City Office REIT, Inc.		3,062		41,398
Clipper Realty, Inc.		506		5,394
Colony Capital, Inc.		22,012		102,796
Columbia Property Trust, Inc.		5,443		114,847
Community Healthcare Trust, Inc.		749		35,330
CoreCivic, Inc.		5,055		80,627
CorEnergy Infrastructure Trust, Inc.		537		24,487
CorePoint Lodging, Inc.		1,741		15,930
CoreSite Realty Corp.		1,666		195,672
Corporate Office Properties Trust		4,913		146,260
Cousins Properties, Inc.		6,394		261,706
CubeSmart		8,390		265,711
CyrusOne, Inc.		4,908		298,652
DiamondRock Hospitality Co.		9,221		89,167
Diversified Healthcare Trust		10,663		82,318
Douglas Emmett, Inc.		7,289		302,493
Duke Realty Corp.		15,836		575,005
Easterly Government Properties, Inc.		3,402		82,362
EastGroup Properties, Inc.		1,651		224,652
Empire State Realty Trust, Inc., Class A		6,210		84,208
EPR Properties		3,328		237,519
Equity Commonwealth		5,325		174,607
Equity LifeStyle Properties, Inc.		7,449		541,915
Farmland Partners, Inc.		1,124		7,283
First Industrial Realty Trust, Inc.		5,567		237,711
Four Corners Property Trust, Inc.		3,015		91,324
Franklin Street Properties Corp.		4,336		32,954
Gaming and Leisure Properties, Inc.		8,760		413,954
Geo Group, Inc.		5,076		80,201
Getty Realty Corp.		1,524		48,036
Gladstone Commercial Corp.		1,254		26,735
Gladstone Land Corp.		1,170		15,479
Global Net Lease, Inc.		4,309		89,326
Healthcare Realty Trust, Inc.		6,029		217,406
Healthcare Trust of America, Inc., Class A		8,885		284,587
Hersha Hospitality Trust		1,455		18,871
Highwoods Properties, Inc.		4,522		226,597
Hudson Pacific Properties, Inc.		6,709		243,805
Independence Realty Trust, Inc.		4,301		63,096
Industrial Logistics Properties Trust		2,882		65,969
Innovative Industrial Properties, Inc.		451		40,364
Investors Real Estate Trust		571		42,083
Iron Mountain, Inc.		12,353		390,478

SCHEDULES OF INVESTMENTS 31

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares Russell Small/Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
iStar, Inc.		2,482	$	36,138
JBG SMITH Properties		5,483		222,336
Jernigan Capital, Inc.		812		16,232
Kilroy Realty Corp.		4,547		375,446
Kimco Realty Corp.		17,680		336,804
Kite Realty Group Trust		3,829		65,859
Lamar Advertising Co., Class A		3,662		339,870
Lexington Realty Trust		10,686		118,294
Liberty Property Trust		6,813		426,834
Life Storage, Inc.		2,012		227,718
LTC Properties, Inc.		1,759		81,195
Macerich Co.		6,438		143,632
Mack-Cali Realty Corp.		3,624		79,583
Medical Properties Trust, Inc.		21,992		487,123
MFA Financial, Inc.		20,093		156,725
Monmouth Real Estate Investment Corp.		3,766		55,097
National Health Investors, Inc.		1,981		167,157
National Retail Properties, Inc.		7,467		418,152
National Storage Affiliates Trust		2,590		88,448
New Residential Investment Corp.		17,844		298,709
New Senior Investment Group, Inc.		3,293		25,093
New York Mortgage Trust, Inc.		11,182		71,006
NexPoint Residential Trust, Inc.		991		48,361
Office Properties Income Trust		1,939		65,984
Omega Healthcare Investors, Inc.		9,517		399,238
One Liberty Properties, Inc.		603		16,486
Orchid Island Capital, Inc.		2,355		14,224
Outfront Media, Inc.		6,355		188,998
Paramount Group, Inc.		8,830		124,150
Park Hotels & Resorts, Inc.		10,455		229,383
Pebblebrook Hotel Trust		5,859		138,975
Pennsylvania Real Estate Investment Trust(a)		2,745		10,814
PennyMac Mortgage Investment Trust(f)		3,917		91,071
Physicians Realty Trust		8,320		160,992
Piedmont Office Realty Trust, Inc., Class A		5,418		125,643
PotlatchDeltic Corp.		3,046		130,978
Preferred Apartment Communities, Inc., Class A		1,750		20,615
PS Business Parks, Inc.		884		148,123
QTS Realty Trust, Inc., Class A		2,574		146,409
Rayonier, Inc.		5,713		173,561
Redwood Trust, Inc.		5,341		94,162
Regency Centers Corp.		7,194		446,316
Retail Opportunity Investments Corp.		5,111		84,689
Retail Properties of America, Inc., Class A		9,135		110,990
Retail Value, Inc.		643		21,135
Rexford Industrial Realty, Inc.		4,856		234,011
RLJ Lodging Trust		7,531		117,182
RPT Realty		3,200		44,640
Ryman Hospitality Properties, Inc.		2,009		170,825
Sabra Health Care REIT, Inc.		8,538		183,567
Safehold, Inc.		520		23,379
Saul Centers, Inc.		476		23,505
Seritage Growth Properties, Class A		1,430		52,510
Service Properties Trust		7,200		155,376
SITE Centers Corp.		7,120		90,495
SL Green Realty Corp.		3,514		323,429
Spirit Realty Capital, Inc.		4,419		233,235
STAG Industrial, Inc.		5,986		192,989
Starwood Property Trust, Inc.		11,707		300,402
STORE Capital Corp.		9,300		365,025
Summit Hotel Properties, Inc.		4,852		53,809
Sun Communities, Inc.		3,924		636,355
Sunstone Hotel Investors, Inc.		9,723		123,288
Tanger Factory Outlet Centers, Inc.(a)		3,744		54,775

Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
Taubman Centers, Inc.		2,922	$	77,199
Terreno Realty Corp.		3,015		172,639
UMH Properties, Inc.		1,386		21,899
Uniti Group, Inc.		8,351		52,862
Universal Health Realty Income Trust		605		74,627
Urban Edge Properties		5,076		93,348
Urstadt Biddle Properties, Inc., Class A		1,235		27,997
VEREIT, Inc.		46,711		455,899
VICI Properties, Inc.		20,047		537,260
Washington Prime Group, Inc.		7,395		22,259
Washington Real Estate Investment Trust		3,880		118,107
Weingarten Realty Investors		5,362		156,034
Whitestone REIT		1,527		20,004
Xenia Hotels & Resorts, Inc.		5,453		101,917
				22,539,903
Food & Staples Retailing — 0.6%
Andersons, Inc.		1,304		29,497
BJ’s Wholesale Club Holdings, Inc.(b)		4,999		102,580
Casey’s General Stores, Inc.		1,619		260,432
Chefs’ Warehouse, Inc.(b)		989		36,000
Diplomat Pharmacy, Inc.(b)		2,409		9,588
Grocery Outlet Holding Corp.(a)(b)		1,326		43,413
HF Foods Group, Inc.(b)		312		5,429
Ingles Markets, Inc., Class A		611		25,473
Natural Grocers by Vitamin Cottage, Inc.		304		2,751
Performance Food Group Co.(b)		4,522		234,194
PriceSmart, Inc.		1,049		64,262
Rite Aid Corp.(a)(b)		2,558		30,568
SpartanNash Co.		1,519		18,501
Sprouts Farmers Market, Inc.(b)		5,210		81,432
U.S. Foods Holding Corp.(b)		9,589		385,190
United Natural Foods, Inc.(b)		2,134		15,365
Village Super Market, Inc., Class A		336		7,479
Weis Markets, Inc.		393		14,419
				1,366,573
Food Products — 1.5%
Alico, Inc.		136		4,895
B&G Foods, Inc.(a)		2,683		43,089
Beyond Meat, Inc.(b)		2,106		232,545
Bridgford Foods Corp.(b)		72		1,372
Bunge Ltd.		6,022		315,733
Cal-Maine Foods, Inc.		1,554		55,462
Calavo Growers, Inc.		671		51,405
Darling Ingredients, Inc.(b)		7,242		196,475
Farmer Bros Co.(b)		458		5,487
Flowers Foods, Inc.		8,511		183,242
Fresh Del Monte Produce, Inc.		1,283		40,261
Freshpet, Inc.(b)		1,469		92,371
Hain Celestial Group, Inc.(b)		3,536		85,607
Hostess Brands, Inc.(b)		5,401		72,481
Ingredion, Inc.		2,904		255,552
J&J Snack Foods Corp.		672		111,445
John B Sanfilippo & Son, Inc.		348		29,336
Lamb Weston Holdings, Inc.		6,368		581,462
Lancaster Colony Corp.		844		130,525
Limoneira Co.		660		12,883
Pilgrim’s Pride Corp.(b)		2,384		62,103
Post Holdings, Inc.(b)		2,837		296,665
Sanderson Farms, Inc.		871		119,928
Seneca Foods Corp., Class A(b)		299		11,825
Simply Good Foods Co.(b)		3,498		80,349
Tootsie Roll Industries, Inc.		667		22,751
TreeHouse Foods, Inc.(b)		2,551		113,775
				3,209,024

32 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares Russell Small/Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Gas Utilities — 1.0%
Atmos Energy Corp.		5,031	$	588,778
Chesapeake Utilities Corp.		660		63,499
National Fuel Gas Co.		3,678		158,853
New Jersey Resources Corp.		3,846		158,917
Northwest Natural Holding Co.		1,371		100,604
ONE Gas, Inc.		2,265		214,042
RGC Resources, Inc.		311		7,875
South Jersey Industries, Inc.		4,300		132,440
Southwest Gas Holdings, Inc.(b)		2,389		180,393
Spire, Inc.		2,167		182,721
UGI Corp.		9,088		377,970
				2,166,092
Health Care Equipment & Supplies — 3.3%
Accuray, Inc.(a)(b)		3,358		13,063
Alphatec Holdings, Inc.(a)(b)		1,597		11,115
AngioDynamics, Inc.(b)		1,471		20,256
Anika Therapeutics, Inc.(a)(b)		545		22,405
Antares Pharma, Inc.(b)		7,916		29,052
Apyx Medical Corp.(a)(b)		1,368		10,383
AtriCure, Inc.(b)		1,549		60,256
Atrion Corp.		58		41,713
Avanos Medical, Inc.(b)		2,187		60,230
Axogen, Inc.(b)		1,336		16,513
Axonics Modulation Technologies, Inc.(a)(b)		660		19,160
BioLife Solutions, Inc.(a)(b)		274		3,778
BioSig Technologies, Inc.(a)(b)		656		3,201
Cantel Medical Corp.		1,656		107,739
Cardiovascular Systems, Inc.(b)		1,505		68,312
Cerus Corp.(b)		5,723		22,949
ConforMIS, Inc.(a)(b)		2,641		2,629
CONMED Corp.		1,173		119,271
CryoLife, Inc.(b)		1,478		43,956
CryoPort, Inc.(a)(b)		1,354		24,250
Cutera, Inc.(a)(b)		576		16,232
CytoSorbents Corp.(a)(b)		1,242		6,135
DexCom, Inc.(b)		3,975		956,981
ElectroCore, Inc.(b)		493		621
Envista Holdings Corp.(b)		6,212		183,813
GenMark Diagnostics, Inc.(b)		2,065		11,130
Glaukos Corp.(b)		1,759		98,944
Globus Medical, Inc., Class A(b)		3,340		174,615
Haemonetics Corp.(b)		2,251		241,735
Hill-Rom Holdings, Inc.		2,929		311,909
ICU Medical, Inc.(b)		857		156,377
Inogen, Inc.(b)		765		33,867
Insulet Corp.(b)		2,605		505,474
Integra LifeSciences Holdings Corp.(b)		3,154		173,596
Invacare Corp.		1,385		10,651
iRadimed Corp.(b)		165		4,207
iRhythm Technologies, Inc.(a)(b)		1,241		106,267
Lantheus Holdings, Inc.(b)		1,544		27,035
LeMaitre Vascular, Inc.		695		25,010
LivaNova PLC(b)		2,150		146,135
Masimo Corp.(b)		2,066		352,460
Meridian Bioscience, Inc.		1,687		16,600
Merit Medical Systems, Inc.(b)		2,423		88,246
Misonix, Inc.(b)		305		5,090
Natus Medical, Inc.(b)		1,391		43,524
Neogen Corp.(a)(b)		2,284		153,645
Neuronetics, Inc.(b)		533		1,935
Nevro Corp.(b)		1,314		174,644
Novocure Ltd.(a)(b)		3,799		309,467
NuVasive, Inc.(b)		2,227		171,746
Ocular Therapeutix, Inc.(a)(b)		1,348		5,877

Security	Shares		Value
Health Care Equipment & Supplies (continued)
OraSure Technologies, Inc.(b)		2,582	$	18,203
Orthofix Medical, Inc.(b)		745		32,229
OrthoPediatrics Corp.(b)		382		17,545
Pulse Biosciences, Inc.(a)(b)		389		5,446
Quidel Corp.(b)		1,531		117,581
Rockwell Medical, Inc.(b)		2,648		6,911
RTI Surgical Holdings, Inc.(b)		2,455		10,213
SeaSpine Holdings Corp.(b)		705		10,406
Senseonics Holdings, Inc.(a)(b)		5,543		4,534
Shockwave Medical, Inc.(b)		1,100		47,762
SI-BONE, Inc.(a)(b)		673		14,207
Sientra, Inc.(b)		1,784		10,811
Silk Road Medical, Inc.(b)		772		35,929
Soliton, Inc.(a)(b)		296		3,540
STAAR Surgical Co.(b)		1,943		65,363
STERIS PLC		3,651		550,169
Surmodics, Inc.(b)		554		21,822
Tactile Systems Technology, Inc.(b)		848		47,649
Tandem Diabetes Care, Inc.(a)(b)		2,480		188,579
TransEnterix, Inc.(b)		576		783
TransMedics Group, Inc.(b)		759		13,290
Utah Medical Products, Inc.		153		14,087
Vapotherm, Inc.(b)		693		7,242
Varex Imaging Corp.(a)(b)		1,923		53,171
ViewRay, Inc.(b)		2,805		8,752
West Pharmaceutical Services, Inc.		3,204		499,664
Wright Medical Group NV(b)		5,417		163,268
Zynex, Inc.(b)		646		6,208
				7,189,563
Health Care Providers & Services — 1.8%
Acadia Healthcare Co., Inc.(a)(b)		3,917		125,853
Addus HomeCare Corp.(b)		574		54,151
Amedisys, Inc.(b)		1,366		241,085
American Renal Associates Holdings, Inc.(a)(b)		816		7,409
AMN Healthcare Services, Inc.(b)		2,065		139,140
Apollo Medical Holdings, Inc.(a)(b)		361		6,469
Avalon GloboCare Corp.(b)		905		1,602
BioTelemetry, Inc.(a)(b)		1,602		78,370
Brookdale Senior Living, Inc.(b)		7,981		52,595
Catasys, Inc.(a)(b)		295		5,050
Chemed Corp.		673		314,318
Community Health Systems, Inc.(a)(b)		3,696		15,856
CorVel Corp.(b)		361		33,057
Covetrus, Inc.(a)(b)		4,040		49,692
Cross Country Healthcare, Inc.(b)		1,365		13,514
Encompass Health Corp.		4,237		326,376
Ensign Group, Inc.(a)		2,280		103,056
Genesis Healthcare, Inc.(a)(b)		3,243		4,865
Guardant Health, Inc.(b)		1,599		121,588
Hanger, Inc.(b)		1,488		36,352
HealthEquity, Inc.(b)		3,022		199,633
Integer Holdings Corp.(b)		1,507		128,698
Joint Corp.(b)		546		9,118
LHC Group, Inc.(a)(b)		1,286		187,434
Magellan Health, Inc.(b)		948		69,403
MEDNAX, Inc.(b)		3,934		90,757
Molina Healthcare, Inc.(b)		2,735		336,323
National HealthCare Corp.		511		42,883
National Research Corp., Class A		503		34,038
Option Care Health, Inc.(b)		5,028		21,017
Owens & Minor, Inc.		2,590		16,213
Patterson Cos., Inc.		3,763		82,824
Pennant Group Inc.(b)		1,045		27,588
Penumbra, Inc.(b)		1,388		243,538

SCHEDULES OF INVESTMENTS 33

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares Russell Small/Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Health Care Providers & Services (continued)
PetIQ, Inc.(b)		818	$	24,336
Premier, Inc., Class A(b)		2,623		91,202
Progyny, Inc.(b)		677		18,821
Providence Service Corp.(b)		477		30,933
R1 RCM, Inc.(b)		4,242		53,025
RadNet, Inc.(b)		1,765		39,836
Select Medical Holdings Corp.(b)		4,781		109,198
Surgery Partners, Inc.(b)		937		15,807
Tenet Healthcare Corp.(b)		4,545		143,804
Tivity Health, Inc.(b)		2,215		47,944
Triple-S Management Corp., Class B(b)		942		16,598
U.S. Physical Therapy, Inc.		581		68,058
				3,879,427
Health Care Technology — 0.5%
Allscripts Healthcare Solutions, Inc.(a)(b)		6,795		58,301
Castlight Health, Inc., Class B(a)(b)		4,383		5,435
Change Healthcare, Inc.(a)(b)		2,339		36,301
Computer Programs & Systems, Inc.		478		12,428
Evolent Health, Inc., Class A(a)(b)		2,901		29,242
Health Catalyst, Inc.(b)		454		14,823
HealthStream, Inc.(b)		1,070		27,338
HMS Holdings Corp.(b)		3,819		104,335
Inovalon Holdings, Inc., Class A(b)		3,310		67,061
Inspire Medical Systems, Inc.(b)		650		48,620
Livongo Health, Inc.(b)		712		17,202
NextGen Healthcare, Inc.(b)		2,188		30,326
Omnicell, Inc.(b)		1,840		149,555
OptimizeRx Corp.(b)		496		5,481
Phreesia, Inc.(b)		527		16,337
Simulations Plus, Inc.		471		15,345
Tabula Rasa HealthCare, Inc.(a)(b)		784		45,527
Teladoc Health, Inc.(a)(b)		3,173		322,726
Vocera Communications, Inc.(b)		1,290		28,419
				1,034,802
Hotels, Restaurants & Leisure — 2.8%
Aramark		10,739		474,019
BBX Capital Corp.		1,633		6,336
Biglari Holdings, Inc., Class B(b)		42		4,556
BJ’s Restaurants, Inc.		837		33,296
Bloomin’ Brands, Inc.		3,967		82,395
Bluegreen Vacations Corp.		220		2,020
Boyd Gaming Corp.		3,595		107,311
Braemar Hotels & Resorts, Inc.		1,257		10,031
Brinker International, Inc.		1,563		66,724
Caesars Entertainment Corp.(b)		25,290		345,714
Carrols Restaurant Group, Inc.(b)		1,425		6,470
Century Casinos, Inc.(b)		1,126		9,380
Cheesecake Factory, Inc.		1,753		67,315
Choice Hotels International, Inc.		1,434		143,687
Churchill Downs, Inc.		1,540		222,345
Chuy’s Holdings, Inc.(a)(b)		674		16,547
Cracker Barrel Old Country Store, Inc.		1,044		159,659
Dave & Buster’s Entertainment, Inc.		1,412		62,354
Del Taco Restaurants, Inc.(b)		1,117		8,422
Denny’s Corp.(b)		2,352		48,145
Dine Brands Global, Inc.		671		57,203
Domino’s Pizza, Inc.		1,795		505,741
Dunkin’ Brands Group, Inc.		3,656		285,497
El Pollo Loco Holdings, Inc.(b)		845		11,644
Eldorado Resorts, Inc.(b)		2,854		170,612
Everi Holdings, Inc.(b)		2,810		35,125
Extended Stay America, Inc.		8,129		105,027
Fiesta Restaurant Group, Inc.(a)(b)		900		8,937

Security	Shares		Value
Hotels, Restaurants & Leisure (continued)
Golden Entertainment, Inc.(b)		743	$	12,750
Habit Restaurants, Inc., Class A(b)		779		10,836
Hilton Grand Vacations, Inc.(a)(b)		3,850		122,853
Hyatt Hotels Corp., Class A		1,583		133,827
Inspired Entertainment, Inc.(b)		470		2,754
International Game Technology PLC		4,519		60,961
J Alexander’s Holdings, Inc.(b)		497		4,761
Jack in the Box, Inc.		1,094		89,434
Kura Sushi USA, Inc., Class A(a)(b)		244		5,495
Lindblad Expeditions Holdings, Inc.(b)		930		15,336
Marcus Corp.		894		26,060
Marriott Vacations Worldwide Corp.		1,829		219,919
Monarch Casino & Resort, Inc.(b)		467		25,069
Nathan’s Famous, Inc.		110		7,260
Noodles & Co.(b)		1,152		8,225
Papa John’s International, Inc.		1,024		66,335
Penn National Gaming, Inc.(a)(b)		4,873		145,362
Planet Fitness, Inc., Class A(b)		3,616		292,137
PlayAGS, Inc.(b)		1,064		10,938
Potbelly Corp.(b)		878		3,784
RCI Hospitality Holdings, Inc.		372		6,596
Red Lion Hotels Corp.(b)		970		2,677
Red Robin Gourmet Burgers, Inc.(b)		533		17,520
Red Rock Resorts, Inc., Class A		2,908		71,275
Ruth’s Hospitality Group, Inc.		1,181		24,211
Scientific Games Corp., Class A(b)		2,510		62,348
SeaWorld Entertainment, Inc.(b)		1,962		67,611
Shake Shack, Inc., Class A(b)		1,309		88,292
Six Flags Entertainment Corp.		3,516		134,065
Target Hospitality Corp.(b)		1,352		7,395
Texas Roadhouse, Inc.		2,905		181,562
Twin River Worldwide Holdings, Inc.		788		21,000
Vail Resorts, Inc.		1,766		414,145
Wendy’s Co.		8,172		177,087
Wingstop, Inc.		1,353		125,518
Wyndham Destinations, Inc.		3,977		193,004
Wyndham Hotels & Resorts, Inc.		4,079		233,196
				6,148,110
Household Durables — 1.7%
Bassett Furniture Industries, Inc.		398		4,868
Beazer Homes USA, Inc.(b)		1,144		15,730
Cavco Industries, Inc.(b)		395		88,488
Century Communities, Inc.(b)		1,059		31,420
Ethan Allen Interiors, Inc.		951		15,359
Flexsteel Industries, Inc.		353		5,789
GoPro, Inc., Class A(a)(b)		4,944		19,479
Green Brick Partners, Inc.(b)		970		11,242
Hamilton Beach Brands Holding Co., Class A		292		4,614
Helen of Troy Ltd.(b)		1,099		207,766
Hooker Furniture Corp.		486		11,975
Installed Building Products, Inc.(b)		941		69,756
iRobot Corp.(a)(b)		1,151		54,155
KB Home		3,767		141,451
La-Z-Boy, Inc.		2,200		67,408
Legacy Housing Corp.(b)		156		2,189
Leggett & Platt, Inc.		5,746		273,452
LGI Homes, Inc.(b)		973		77,587
Lifetime Brands, Inc.		417		2,823
Lovesac Co.(b)		434		4,926
M/I Homes, Inc.(b)		1,324		58,772
MDC Holdings, Inc.		2,401		101,178
Meritage Homes Corp.(b)		1,709		121,271
NACCO Industries, Inc., Class A		137		6,458
Newell Brands, Inc.		16,717		326,483

34 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares Russell Small/Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Household Durables (continued)
NVR, Inc.(b)		141	$	538,193
PulteGroup, Inc.		10,851		484,497
Skyline Champion Corp.(b)		2,301		66,154
Sonos, Inc.(b)		2,928		40,172
Taylor Morrison Home Corp., Class A(b)		4,526		117,133
Tempur Sealy International, Inc.(b)		2,010		184,156
Toll Brothers, Inc.		5,550		246,198
TopBuild Corp.(b)		1,438		164,665
TRI Pointe Group, Inc.(b)		6,148		99,966
Tupperware Brands Corp.		2,199		13,766
Universal Electronics, Inc.(b)		563		27,885
William Lyon Homes, Class A(b)		1,266		29,359
ZAGG, Inc.(a)(b)		991		7,492
				3,744,275
Household Products — 0.2%
Central Garden & Pet Co.(b)		367		11,821
Central Garden & Pet Co., Class A(b)		1,879		56,295
Energizer Holdings, Inc.		2,764		127,863
Oil-Dri Corp. of America		219		7,753
Spectrum Brands Holdings, Inc.		1,860		114,222
WD-40 Co.		642		119,938
				437,892
Independent Power and Renewable Electricity Producers — 0.6%
Atlantic Power Corp.(b)		4,149		9,916
Clearway Energy, Inc., Class A		1,523		31,511
Clearway Energy, Inc., Class C		3,319		70,263
Genie Energy Ltd., Class B		578		4,179
NRG Energy, Inc.		11,100		409,479
Ormat Technologies, Inc.		1,772		140,449
Pattern Energy Group, Inc., Class A		3,848		103,550
Sunnova Energy International, Inc.(a)(b)		1,058		14,368
TerraForm Power, Inc., Class A		3,944		71,347
Vistra Energy Corp.		18,533		417,363
Vivint Solar, Inc.(a)(b)		1,634		13,333
				1,285,758
Industrial Conglomerates — 0.4%
BWX Technologies, Inc.		4,176		265,552
Carlisle Cos., Inc.		2,448		382,451
Raven Industries, Inc.		1,469		46,068
Seaboard Corp.		13		50,123
Standex International Corp.		509		37,203
				781,397
Insurance — 3.9%
Alleghany Corp.(b)		615		490,561
Ambac Financial Group, Inc.(b)		1,868		40,031
American Equity Investment Life Holding Co.		3,684		97,294
American Financial Group, Inc.		3,190		347,040
American National Insurance Co.		321		35,361
AMERISAFE, Inc.		594		40,641
Argo Group International Holdings Ltd.		1,454		95,382
Assurant, Inc.		2,636		344,156
Assured Guaranty Ltd.		4,149		190,190
Axis Capital Holdings Ltd.		3,644		234,127
Brighthouse Financial, Inc.(b)		4,839		188,237
Brown & Brown, Inc.		10,374		465,793
BRP Group, Inc., Class A(b)		1,241		18,714
Citizens, Inc.(a)(b)		1,916		11,611
CNO Financial Group, Inc.		6,836		120,245
Crawford & Co., Class A		639		5,585
Donegal Group, Inc., Class A		535		7,463
eHealth, Inc.(b)		1,008		106,001
Employers Holdings, Inc.		999		42,607

Security	Shares		Value
Insurance (continued)
Enstar Group Ltd.(b)		499	$	97,450
Erie Indemnity Co., Class A		1,099		182,984
Everest Re Group Ltd.		1,766		488,423
FBL Financial Group, Inc., Class A		517		27,804
FedNat Holding Co.		466		7,237
First American Financial Corp.		4,791		296,946
Genworth Financial, Inc., Class A(b)		22,766		93,341
Global Indemnity Ltd.		288		9,081
Globe Life, Inc.(a)		4,598		479,387
Goosehead Insurance, Inc., Class A		501		26,142
Greenlight Capital Re Ltd., Class A(b)		1,258		11,712
Hallmark Financial Services, Inc.(b)		509		8,755
Hanover Insurance Group, Inc.		1,735		240,436
HCI Group, Inc.		258		11,422
Health Insurance Innovations, Inc., Class A(a)(b)		369		8,480
Heritage Insurance Holdings, Inc.		1,072		12,928
Hilltop Holdings, Inc.		3,019		68,350
Horace Mann Educators Corp.		1,689		72,644
Independence Holding Co.		195		7,896
Investors Title Co.		61		9,626
James River Group Holdings Ltd.		1,158		49,725
Kemper Corp.		2,764		205,697
Kinsale Capital Group, Inc.		888		101,427
MBIA, Inc.(b)		3,904		35,370
Mercury General Corp.		1,361		66,811
National General Holdings Corp.		3,336		72,625
National Western Life Group, Inc., Class A		100		26,600
NI Holdings, Inc.(b)		431		6,616
Old Republic International Corp.		12,423		280,139
Palomar Holdings, Inc.(b)		556		29,718
Primerica, Inc.		1,810		214,594
ProAssurance Corp.		2,177		66,115
ProSight Global, Inc.(a)(b)		737		10,664
Protective Insurance Corp., Class B		430		6,704
Reinsurance Group of America, Inc.		2,739		394,553
RenaissanceRe Holdings Ltd.		1,912		362,209
RLI Corp.		1,805		167,883
Safety Insurance Group, Inc.		600		55,248
Selective Insurance Group, Inc.		2,642		175,033
State Auto Financial Corp.		687		20,686
Stewart Information Services Corp.		984		41,082
Third Point Reinsurance Ltd.(b)		3,028		32,975
Trupanion, Inc.(a)(b)		1,342		42,837
United Fire Group, Inc.		1,178		52,138
United Insurance Holdings Corp.		1,162		11,783
Universal Insurance Holdings, Inc.		1,270		30,912
Unum Group		9,046		241,438
W.R. Berkley Corp.		6,224		457,651
Watford Holdings Ltd.(b)		812		17,742
White Mountains Insurance Group Ltd.		146		163,114
				8,482,172
Interactive Media & Services — 0.3%
Care.com, Inc.(b)		888		13,293
Cargurus, Inc.(b)		3,298		117,574
Cars.com, Inc.(b)		2,761		32,221
ComScore, Inc.(a)(b)		2,029		8,014
DHI Group, Inc.(b)		2,088		5,846
Eventbrite, Inc., Class A(a)(b)		1,439		30,435
EverQuote, Inc., Class A(b)		358		13,135
Meet Group, Inc.(b)		2,972		15,841
QuinStreet, Inc.(b)		1,823		23,617
Travelzoo(b)		191		1,939
TrueCar, Inc.(b)		4,325		16,002
Yelp, Inc.(b)		3,151		102,723

SCHEDULES OF INVESTMENTS 35

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares Russell Small/Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Interactive Media & Services (continued)
Zillow Group, Inc., Class A(a)(b)		2,474	$	114,299
Zillow Group, Inc., Class C(a)(b)		5,500		254,155
				749,094
Internet & Direct Marketing Retail — 0.5%
1-800-Flowers.com, Inc., Class A(b)		971		14,749
Duluth Holdings, Inc., Class B(b)		371		3,135
Etsy, Inc.(b)		5,188		253,226
Gaia, Inc.(b)		473		4,002
Groupon, Inc.(b)		18,409		53,018
GrubHub, Inc.(b)		4,017		217,521
Lands’ End, Inc.(a)(b)		436		5,079
Leaf Group Ltd.(b)		511		1,783
Liberty TripAdvisor Holdings, Inc., Series A(b)		2,930		17,258
Liquidity Services, Inc.(b)		990		5,267
Overstock.com, Inc.(a)(b)		1,152		9,354
PetMed Express, Inc.		785		19,790
Quotient Technology, Inc.(b)		3,006		30,270
Qurate Retail, Inc., Series A(b)		17,041		145,360
RealReal, Inc.(a)(b)		872		12,618
Rubicon Project, Inc.(b)		1,978		18,514
Shutterstock, Inc.(b)		761		32,974
Stamps.com, Inc.(b)		696		51,845
Stitch Fix, Inc., Class A(a)(b)		1,697		38,861
TripAdvisor, Inc.		4,736		129,388
Waitr Holdings, Inc.(a)(b)		2,211		760
				1,064,772
IT Services — 3.5%
Alliance Data Systems Corp.		1,773		182,247
Amdocs Ltd.		5,890		423,785
Black Knight, Inc.(b)		6,227		416,711
Booz Allen Hamilton Holding Corp.		5,895		460,046
Brightcove, Inc.(b)		1,576		13,648
CACI International, Inc., Class A(b)		1,067		285,358
Cardtronics PLC, Class A(b)		1,537		69,165
Cass Information Systems, Inc.		588		31,764
Conduent, Inc.(b)		7,016		30,028
CoreLogic, Inc.		3,409		158,519
CSG Systems International, Inc.		1,383		68,901
Endurance International Group Holdings, Inc.(b)		3,059		14,438
EPAM Systems, Inc.(b)		2,270		517,878
Euronet Worldwide, Inc.(b)		2,184		344,286
EVERTEC, Inc.		2,593		87,047
Evo Payments, Inc., Class A(b)		1,595		44,197
Exela Technologies, Inc.(a)(b)		1,604		602
ExlService Holdings, Inc.(b)		1,620		118,438
Genpact Ltd.		8,013		354,736
GTT Communications, Inc.(a)(b)		1,394		16,519
Hackett Group, Inc.		1,015		15,687
Information Services Group, Inc.(b)		1,079		2,913
International Money Express, Inc.(b)		544		5,756
Jack Henry & Associates, Inc.		3,339		499,314
Leidos Holdings, Inc.		5,812		583,932
Limelight Networks, Inc.(b)		4,458		22,245
LiveRamp Holdings, Inc.(a)(b)		2,947		118,587
ManTech International Corp., Class A		1,230		98,744
MAXIMUS, Inc.		2,766		198,461
MongoDB, Inc.(a)(b)		1,836		300,939
NIC, Inc.		3,082		60,808
Okta, Inc.(a)(b)		4,592		588,006
Paysign, Inc.(a)(b)		1,248		10,908
Perficient, Inc.(a)(b)		1,395		69,332
Perspecta, Inc.		6,142		172,406
PRGX Global, Inc.(b)		790		3,128

Security	Shares		Value
IT Services (continued)
Priority Technology Holdings, Inc.(a)(b)		223	$	667
Sabre Corp.		11,934		257,058
Science Applications International Corp.		2,516		220,829
StarTek, Inc.(b)		669		5,104
Switch, Inc., Class A(a)		2,473		39,568
Teradata Corp.(b)		5,146		125,254
TTEC Holdings, Inc.		605		24,031
Tucows, Inc., Class A(b)		392		23,618
Unisys Corp.(b)		2,147		20,847
Verra Mobility Corp.(b)		5,692		90,674
Virtusa Corp.(a)(b)		1,289		53,674
WEX, Inc.(a)(b)		1,895		411,063
				7,661,866
Leisure Products — 0.4%
Brunswick Corp.		3,521		221,295
Callaway Golf Co.(a)		4,055		86,858
Clarus Corp.		919		12,145
Escalade, Inc.		361		3,177
Johnson Outdoors, Inc., Class A		186		14,620
Malibu Boats, Inc., Class A(b)		865		37,878
Marine Products Corp.		266		3,724
MasterCraft Boat Holdings, Inc.(b)		727		12,773
Mattel, Inc.(a)(b)		15,174		221,996
Polaris, Inc.		2,529		232,263
Sturm Ruger & Co., Inc.		683		33,822
Vista Outdoor, Inc.(a)(b)		2,430		18,055
YETI Holdings, Inc.(b)		1,767		64,248
				962,854
Life Sciences Tools & Services — 1.6%
Accelerate Diagnostics, Inc.(a)(b)		1,155		19,404
Adaptive Biotechnologies Corp.(b)		706		21,113
Avantor, Inc.(b)		13,794		254,775
Bio-Rad Laboratories, Inc., Class A(b)		930		335,656
Bio-Techne Corp.		1,676		351,910
Bruker Corp.		4,491		222,170
Charles River Laboratories International, Inc.(b)		2,149		332,192
ChromaDex Corp.(a)(b)		1,704		7,515
Enzo Biochem, Inc.(b)		1,603		4,023
Fluidigm Corp.(b)		2,884		11,074
Luminex Corp.		1,760		39,926
Medpace Holdings, Inc.(b)		1,173		100,350
NanoString Technologies, Inc.(a)(b)		1,580		42,929
NeoGenomics, Inc.(b)		4,231		136,365
Pacific Biosciences of California, Inc.(b)		5,964		27,852
PerkinElmer, Inc.		4,885		451,765
Personalis, Inc.(b)		354		3,866
PRA Health Sciences, Inc.(a)(b)		2,800		283,668
QIAGEN NV(b)		9,743		329,118
Quanterix Corp.(b)		574		15,561
Repligen Corp.(b)		2,300		230,897
Syneos Health, Inc.(b)		2,756		169,108
				3,391,237
Machinery — 4.2%
AGCO Corp.		2,777		194,779
Alamo Group, Inc.		410		51,070
Albany International Corp., Class A		1,295		90,352
Allison Transmission Holdings, Inc.		4,761		210,436
Altra Industrial Motion Corp.		2,992		99,514
Astec Industries, Inc.(a)		911		37,570
Barnes Group, Inc.		2,036		128,614
Blue Bird Corp.(b)		575		11,345
Briggs & Stratton Corp.		1,623		5,956
Chart Industries, Inc.(b)		1,531		97,953

36 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares Russell Small/Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Machinery (continued)
CIRCOR International, Inc.(b)		817	$	33,930
Colfax Corp.(b)		4,053		142,504
Columbus McKinnon Corp.		945		33,066
Commercial Vehicle Group, Inc.(b)		1,253		6,252
Crane Co.		2,178		186,132
DMC Global, Inc.		575		24,052
Donaldson Co., Inc.		5,519		286,160
Douglas Dynamics, Inc.		947		49,651
Eastern Co.		189		5,235
Energy Recovery, Inc.(b)		1,545		15,774
Enerpac Tool Group Corp.		2,398		55,418
EnPro Industries, Inc.		856		50,025
ESCO Technologies, Inc.		1,193		114,480
Evoqua Water Technologies Corp.(b)		3,460		69,096
Federal Signal Corp.		2,878		92,557
Flowserve Corp.		5,795		270,511
Gardner Denver Holdings, Inc.(a)(b)		5,798		204,727
Gates Industrial Corp. PLC(a)(b)		1,939		24,179
Gencor Industries, Inc.(b)		326		3,654
Gorman-Rupp Co.		705		26,022
Graco, Inc.		7,221		383,796
Graham Corp.		362		6,617
Greenbrier Cos., Inc.		1,336		32,184
Helios Technologies, Inc.		1,384		58,848
Hillenbrand, Inc.		3,283		95,306
Hurco Cos., Inc.		272		8,514
Hyster-Yale Materials Handling, Inc.		409		22,082
IDEX Corp.		3,292		539,394
ITT, Inc.		3,873		259,801
John Bean Technologies Corp.(a)		1,381		156,039
Kadant, Inc.		446		47,544
Kennametal, Inc.		3,613		113,051
LB Foster Co., Class A(b)		437		7,412
Lincoln Electric Holdings, Inc.		2,579		229,995
Lindsay Corp.		435		43,513
Luxfer Holdings PLC		1,131		18,039
Lydall, Inc.(b)		736		15,044
Manitowoc Co., Inc.(b)		1,423		20,562
Meritor, Inc.(b)		3,245		71,098
Middleby Corp.(b)		2,446		274,343
Miller Industries, Inc.		425		14,624
Mueller Industries, Inc.		2,708		78,992
Mueller Water Products, Inc., Class A		6,866		79,989
Navistar International Corp.(b)		2,276		83,347
NN, Inc.		1,796		15,499
Nordson Corp.		2,507		423,332
Omega Flex, Inc.		109		11,489
Oshkosh Corp.		2,978		256,227
Pentair PLC		7,337		314,977
Proto Labs, Inc.(a)(b)		1,275		131,963
RBC Bearings, Inc.(b)		1,082		168,262
REV Group, Inc.		1,134		11,340
Rexnord Corp.		4,946		161,487
Snap-on, Inc.		2,364		377,365
SPX Corp.(b)		2,095		102,802
SPX FLOW, Inc.(b)		1,881		82,275
Tennant Co.		901		69,575
Terex Corp.		3,012		76,354
Timken Co.		2,931		153,965
Titan International, Inc.		2,222		6,355
Toro Co.		4,597		367,852
TriMas Corp.(b)		1,987		57,087
Trinity Industries, Inc.		4,376		88,964
Twin Disc, Inc.(b)		423		4,124

Security	Shares		Value
Machinery (continued)
Valmont Industries, Inc.		910	$	129,275
Wabash National Corp.		2,151		24,952
WABCO Holdings, Inc.(b)		2,236		303,313
Watts Water Technologies, Inc., Class A		1,194		119,054
Welbilt, Inc.(b)		5,596		84,444
Woodward, Inc.		2,410		280,307
				9,103,787
Marine — 0.1%
Costamare, Inc.		1,884		14,940
Eagle Bulk Shipping, Inc.(b)		1,704		5,538
Genco Shipping & Trading Ltd.		653		5,139
Kirby Corp.(b)		2,606		190,994
Matson, Inc.		2,077		74,793
Safe Bulkers, Inc.(b)		1,654		2,150
Scorpio Bulkers, Inc.		2,349		8,621
				302,175
Media — 1.8%
AMC Networks, Inc., Class A(b)		2,015		73,729
Boston Omaha Corp., Class A(b)		426		8,597
Cable One, Inc.(a)		185		315,246
Cardlytics, Inc.(a)(b)		673		56,478
cbdMD, Inc.(b)		298		310
Central European Media Enterprises Ltd., Class A(b)		3,726		16,655
Cinemark Holdings, Inc.		4,706		148,286
Clear Channel Outdoor Holdings, Inc.(b)		1,652		4,510
Cumulus Media, Inc., Class A(a)(b)		573		8,022
Daily Journal Corp.(b)		43		11,825
Emerald Expositions Events, Inc.		1,076		11,223
Entercom Communications Corp., Class A		5,164		20,501
Entravision Communications Corp., Class A		2,420		5,372
Eros International PLC(a)(b)		3,680		8,869
EW Scripps Co., Class A		2,278		27,655
Fluent, Inc.(a)(b)		1,589		4,306
Gannett Co., Inc.		4,698		28,705
GCI Liberty, Inc., Class A(b)		4,355		318,699
Gray Television, Inc.(a)(b)		4,134		83,837
Hemisphere Media Group, Inc.(b)		733		9,851
IMAX Corp.(b)		2,757		45,601
Interpublic Group of Cos., Inc.		16,693		378,931
John Wiley & Sons, Inc., Class A		2,062		89,944
Lee Enterprises, Inc.(b)		2,172		4,583
Liberty Latin America Ltd., Class A(b)		1,807		30,141
Liberty Latin America Ltd., Class C(a)(b)		5,352		90,181
Liberty Media Corp. — Liberty Formula One, Class A(b)		1,244		55,420
Liberty Media Corp. — Liberty Formula One, Class C(b)		8,514		398,370
Liberty Media Corp. — Liberty Braves, Class A(a)(b)		377		11,027
Liberty Media Corp. — Liberty Braves, Class C(b)		1,669		48,651
Lions Gate Entertainment Corp., Class A(b)		2,047		20,327
Lions Gate Entertainment Corp., Class B(b)		4,921		45,913
LiveXLive Media, Inc.(a)(b)		1,347		1,886
Madison Square Garden Co., Class A(b)		814		241,099
Marchex, Inc., Class B(b)		1,390		4,740
MDC Partners, Inc., Class A(b)		2,329		5,287
Meredith Corp.		1,705		51,235
MSG Networks, Inc., Class A(b)		2,074		31,545
National CineMedia, Inc.		2,649		19,550
New York Times Co., Class A		7,119		227,879
News Corp., Class A		16,940		230,723
News Corp., Class B		5,314		74,237
Nexstar Media Group, Inc., Class A		1,921		232,729
Reading International, Inc., Class A(a)(b)		671		6,844
Saga Communications, Inc., Class A		117		3,547
Scholastic Corp.		1,287		42,407

SCHEDULES OF INVESTMENTS 37

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares Russell Small/Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Media (continued)
Sinclair Broadcast Group, Inc., Class A		2,725	$	81,532
TechTarget, Inc.(b)		885		22,470
TEGNA, Inc.		9,534		161,125
TiVo Corp.		6,131		44,634
Tribune Publishing Co.		775		9,734
WideOpenWest, Inc.(b)		1,029		6,946
				3,881,914
Metals & Mining — 1.0%
AK Steel Holding Corp.(b)		12,662		34,947
Alcoa Corp.(a)(b)		8,220		114,669
Allegheny Technologies, Inc.(b)		5,714		98,566
Carpenter Technology Corp.		2,182		86,713
Century Aluminum Co.(b)		2,186		11,564
Cleveland-Cliffs, Inc.(a)		12,146		85,265
Coeur Mining, Inc.(b)		10,252		61,820
Commercial Metals Co.		5,438		111,751
Compass Minerals International, Inc.		1,480		85,677
Ferroglobe PLC(b)(c)		897		—
Gold Resource Corp.		2,336		12,848
Haynes International, Inc.		486		13,030
Hecla Mining Co.		21,559		65,324
Kaiser Aluminum Corp.		713		71,407
Materion Corp.		828		44,960
Mayville Engineering Co., Inc.(b)		267		2,032
Novagold Resources, Inc.(b)		9,868		89,996
Olympic Steel, Inc.		326		4,792
Ramaco Resources, Inc.(b)		82		252
Reliance Steel & Aluminum Co.		2,837		325,688
Royal Gold, Inc.		2,848		328,431
Ryerson Holding Corp.(b)		675		6,919
Schnitzer Steel Industries, Inc., Class A		1,031		16,578
Steel Dynamics, Inc.		8,987		268,531
SunCoke Energy, Inc.		3,074		18,075
Synalloy Corp.(b)		335		4,298
TimkenSteel Corp.(b)		1,613		10,291
U.S. Silica Holdings, Inc.		2,987		15,353
United States Steel Corp.(a)		7,753		70,320
Warrior Met Coal, Inc.		2,267		42,756
Worthington Industries, Inc.		1,618		59,510
				2,162,363
Mortgage Real Estate Investment Trusts (REITs) — 0.5%
AG Mortgage Investment Trust, Inc.		1,387		21,984
AGNC Investment Corp.		23,164		430,619
Colony Credit Real Estate, Inc.		3,319		41,322
Drive Shack, Inc.(b)		2,660		10,055
Dynex Capital, Inc.		993		17,695
Ellington Financial, Inc.		1,634		29,853
Exantas Capital Corp.		1,066		12,877
Front Yard Residential Corp.		2,003		21,492
Granite Point Mortgage Trust, Inc.		2,177		39,817
Great Ajax Corp.		511		7,711
Invesco Mortgage Capital, Inc.		6,482		113,370
KKR Real Estate Finance Trust, Inc.		1,030		21,682
Ready Capital Corp.		1,710		27,907
TPG RE Finance Trust, Inc.		1,978		40,490
Two Harbors Investment Corp.		12,262		187,118
Western Asset Mortgage Capital Corp.		1,923		20,403
				1,044,395
Multi-Utilities — 0.4%
Avista Corp.		2,906		147,770
Black Hills Corp.		2,651		220,113
MDU Resources Group, Inc.		8,638		255,771
NorthWestern Corp.		2,363		181,880
				805,534

Security	Shares		Value
Multiline Retail — 0.4%
Big Lots, Inc.		1,620	$	43,837
Dillard’s, Inc., Class A(a)		428		25,988
JC Penney Co., Inc.(a)(b)		13,695		10,203
Kohl’s Corp.		6,987		298,694
Macy’s, Inc.		13,664		217,941
Nordstrom, Inc.		4,795		176,744
Ollie’s Bargain Outlet Holdings, Inc.(a)(b)		2,325		123,318
				896,725
Oil, Gas & Consumable Fuels — 1.6%
Abraxas Petroleum Corp.(b)		5,752		1,317
Altus Midstream Co., Class A(a)(b)		2,059		4,283
Amplify Energy Corp.		595		3,207
Amyris, Inc.(a)(b)		3,523		9,019
Antero Midstream Corp.		11,205		56,473
Antero Resources Corp.(a)(b)		10,970		20,294
Arch Coal, Inc., Class A		675		34,783
Ardmore Shipping Corp.(b)		1,437		8,838
Berry Petroleum Corp.		2,530		17,331
Bonanza Creek Energy, Inc.(b)		785		14,279
Brigham Minerals, Inc., Class A		661		11,244
California Resources Corp.(a)(b)		1,999		14,673
Callon Petroleum Co.(a)(b)		18,369		55,107
Centennial Resource Development, Inc., Class A(a)(b)		9,037		29,461
Chaparral Energy, Inc., Class A(b)		1,218		1,255
Chesapeake Energy Corp.(a)(b)		54,372		27,828
Cimarex Energy Co.		4,560		200,138
Clean Energy Fuels Corp.(b)		5,189		11,935
CNX Resources Corp.(b)		7,777		56,228
Comstock Resources, Inc.(a)(b)		657		3,633
CONSOL Energy, Inc.(b)		1,111		9,032
Contura Energy, Inc.(b)		789		4,568
CVR Energy, Inc.		1,282		44,370
Delek US Holdings, Inc.		3,149		86,472
Denbury Resources, Inc.(b)		19,676		19,381
DHT Holdings, Inc.		4,725		26,602
Diamond S Shipping, Inc.(b)		860		9,529
Dorian LPG Ltd.(b)		1,177		15,442
Earthstone Energy, Inc., Class A(b)		661		3,305
Energy Fuels, Inc.(a)(b)		3,844		5,458
EQT Corp.		11,870		71,813
Equitrans Midstream Corp.		9,074		87,746
Evolution Petroleum Corp.		880		4,435
Extraction Oil & Gas, Inc.(b)		3,392		4,817
Falcon Minerals Corp.(b)		1,550		8,525
GasLog Ltd.		1,615		10,465
Golar LNG Ltd.		3,881		37,335
Goodrich Petroleum Corp.(b)		250		1,678
Green Plains, Inc.		1,514		18,880
Gulfport Energy Corp.(b)		6,626		10,270
Hallador Energy Co.		779		1,293
HighPoint Resources Corp.(a)(b)		4,620		5,359
HollyFrontier Corp.		6,563		294,810
International Seaways, Inc.(b)		1,021		22,727
Kosmos Energy Ltd.		15,840		80,942
Laredo Petroleum, Inc.(b)		7,354		12,649
Magnolia Oil & Gas Corp., Class A(a)(b)		4,189		44,068
Matador Resources Co.(b)		5,009		73,482
Montage Resources Corp.(b)		910		3,322
Murphy Oil Corp.		6,460		135,402
NextDecade Corp.(b)		435		2,127
Nordic American Tankers Ltd.		6,440		21,767
Northern Oil and Gas, Inc.(b)		11,510		19,107
Oasis Petroleum, Inc.(a)(b)		12,826		28,858
Overseas Shipholding Group, Inc., Class A(b)		2,465		4,388

38 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares Russell Small/Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Oil, Gas & Consumable Fuels (continued)
Panhandle Oil and Gas, Inc., Class A		595	$	4,302
Par Pacific Holdings, Inc.(b)		1,669		33,580
Parsley Energy, Inc., Class A		13,376		222,577
PBF Energy, Inc., Class A		5,288		144,362
PDC Energy, Inc.(b)		4,181		90,268
Peabody Energy Corp.		3,013		20,368
Penn Virginia Corp.(b)		528		11,283
PrimeEnergy Resources Corp.(b)		13		1,893
QEP Resources, Inc.		9,802		31,072
Range Resources Corp.		8,391		25,173
Renewable Energy Group, Inc.(b)		1,676		44,045
REX American Resources Corp.(a)(b)		233		17,557
Ring Energy, Inc.(b)		2,761		5,964
Rosehill Resources, Inc.(a)(b)		205		217
SandRidge Energy, Inc.(b)		1,380		3,519
Scorpio Tankers, Inc.(a)		1,835		42,829
SFL Corp. Ltd.		3,878		51,345
SilverBow Resources, Inc.(b)		271		1,442
SM Energy Co.		4,575		41,998
Southwestern Energy Co.(b)		27,020		42,421
Talos Energy, Inc.(b)		839		18,408
Targa Resources Corp.		9,960		363,540
Teekay Corp.		2,672		9,512
Teekay Tankers Ltd., Class A		1,010		16,453
Tellurian, Inc.(a)(b)		4,199		29,477
Uranium Energy Corp.(a)(b)		6,337		5,259
W&T Offshore, Inc.(a)(b)		3,646		15,094
Whiting Petroleum Corp.(a)(b)		3,711		16,848
World Fuel Services Corp.		2,916		114,074
WPX Energy, Inc.(b)		18,817		224,863
				3,461,493
Paper & Forest Products — 0.2%
Boise Cascade Co.		1,693		61,287
Clearwater Paper Corp.(b)		629		17,738
Domtar Corp.		2,458		85,587
Louisiana-Pacific Corp.		5,220		160,150
Neenah, Inc.		819		54,578
PH Glatfelter Co.		1,729		28,874
Schweitzer-Mauduit International, Inc.		1,293		45,294
Verso Corp., Class A(b)		1,451		24,449
				477,957
Personal Products — 0.2%
BellRing Brands, Inc., Class A(a)(b)		1,869		40,445
Edgewell Personal Care Co.(b)		2,549		65,815
elf Beauty, Inc.(b)		1,101		17,264
Herbalife Nutrition Ltd.(b)		4,365		169,580
Inter Parfums, Inc.		839		57,984
Lifevantage Corp.(b)		558		9,140
Medifast, Inc.		462		44,643
Nature’s Sunshine Products, Inc.(b)		227		2,170
Nu Skin Enterprises, Inc., Class A		2,327		75,837
Revlon, Inc., Class A(a)(b)		254		5,428
USANA Health Sciences, Inc.(a)(b)		531		32,763
Youngevity International, Inc.(b)		413		644
				521,713
Pharmaceuticals — 1.5%
AcelRx Pharmaceuticals, Inc.(a)(b)		3,225		5,483
Aclaris Therapeutics, Inc.(b)		1,425		1,767
Aerie Pharmaceuticals, Inc.(b)		1,689		34,591
Akorn, Inc.(b)		3,679		5,629
Amneal Pharmaceuticals, Inc.(b)		5,572		25,018
Amphastar Pharmaceuticals, Inc.(b)		1,451		27,438
ANI Pharmaceuticals, Inc.(b)		376		23,312

Security	Shares		Value
Pharmaceuticals (continued)
Arvinas Holding Co. LLC(b)		913	$	44,244
Assembly Biosciences, Inc.(b)		888		15,593
Assertio Therapeutics, Inc.(b)		2,581		2,762
Axsome Therapeutics, Inc.(a)(b)		1,087		94,373
BioDelivery Sciences International, Inc.(b)		3,366		17,672
Cara Therapeutics, Inc.(a)(b)		1,604		25,824
Catalent, Inc.(a)(b)		6,428		392,751
Cerecor, Inc.(b)		875		3,456
Collegium Pharmaceutical, Inc.(b)		1,244		25,023
Corcept Therapeutics, Inc.(b)		3,962		50,199
Corium International, Inc.(b)(c)		1,333		240
CorMedix, Inc.(a)(b)		973		6,179
Cymabay Therapeutics, Inc.(b)		2,877		4,431
Dermira, Inc.(b)		1,941		36,782
Eloxx Pharmaceuticals, Inc.(b)		956		3,661
Endo International PLC(a)(b)		10,493		59,495
Evofem Biosciences, Inc.(b)		651		3,222
Evolus, Inc.(a)(b)		731		7,478
EyePoint Pharmaceuticals, Inc.(a)(b)		2,535		4,740
Fulcrum Therapeutics, Inc.(b)		257		4,431
Heska Corp.(a)(b)		297		29,756
Horizon Therapeutics PLC(b)		8,243		284,301
Innoviva, Inc.(b)		2,667		36,818
Intersect ENT, Inc.(b)		1,293		33,411
Intra-Cellular Therapies, Inc.(b)		2,021		45,857
Jazz Pharmaceuticals PLC(b)		2,447		350,777
Kala Pharmaceuticals, Inc.(a)(b)		638		3,802
Kaleido Biosciences, Inc.(b)		129		1,107
Lannett Co., Inc.(a)(b)		1,299		10,574
Liquidia Technologies, Inc.(b)		517		3,004
Mallinckrodt PLC(b)		3,481		15,978
Marinus Pharmaceuticals, Inc.(b)		1,948		3,954
Menlo Therapeutics, Inc.(b)		411		1,891
MyoKardia, Inc.(b)		1,999		135,992
Nektar Therapeutics(b)		7,450		148,181
NGM Biopharmaceuticals, Inc.(a)(b)		1,112		17,981
Odonate Therapeutics, Inc.(b)		520		15,184
Omeros Corp.(a)(b)		1,844		23,529
Optinose, Inc.(b)		1,102		8,629
Osmotica Pharmaceuticals PLC(a)(b)		129		831
Pacira BioSciences, Inc.(a)(b)		1,836		79,352
Paratek Pharmaceuticals, Inc.(a)(b)		1,044		3,508
Perrigo Co. PLC		5,596		319,196
Phathom Pharmaceuticals, Inc.(a)(b)		610		20,356
Phibro Animal Health Corp., Class A		821		19,474
Prestige Consumer Healthcare, Inc.(b)		2,118		85,906
Reata Pharmaceuticals, Inc., Class A(a)(b)		982		214,852
resTORbio, Inc.(a)(b)		708		977
Revance Therapeutics, Inc.(b)		1,762		39,416
Satsuma Pharmaceuticals, Inc.(b)		355		8,776
SIGA Technologies, Inc.(b)		2,146		11,052
Supernus Pharmaceuticals, Inc.(a)(b)		2,020		46,197
TherapeuticsMD, Inc.(a)(b)		10,752		24,192
Theravance Biopharma, Inc.(a)(b)		2,102		58,604
Tricida, Inc.(b)		915		32,263
Verrica Pharmaceuticals, Inc.(a)(b)		573		8,314
WaVe Life Sciences Ltd.(b)		922		6,546
Xeris Pharmaceuticals, Inc.(b)		1,025		6,529
Zogenix, Inc.(b)		1,971		99,279
Zynerba Pharmaceuticals, Inc.(a)(b)		862		4,344
				3,186,484
Professional Services — 1.0%
Acacia Research Corp.(b)		169		423
ASGN, Inc.(b)		2,262		153,115

SCHEDULES OF INVESTMENTS 39

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares Russell Small/Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Professional Services (continued)
Barrett Business Services, Inc.		287	$	23,772
BG Staffing, Inc.		361		7,263
CBIZ, Inc.(b)		2,595		70,065
CRA International, Inc.		341		18,168
Exponent, Inc.		2,283		166,134
Forrester Research, Inc.		448		18,534
Franklin Covey Co.(b)		384		12,211
FTI Consulting, Inc.(b)		1,626		195,218
GP Strategies Corp.(b)		562		7,480
Heidrick & Struggles International, Inc.		746		21,201
Huron Consulting Group, Inc.(b)		1,087		70,448
ICF International, Inc.		865		75,765
Insperity, Inc.		1,667		145,646
Kelly Services, Inc., Class A		1,379		24,491
Kforce, Inc.		864		32,011
Korn Ferry		2,589		106,097
ManpowerGroup, Inc.		2,524		230,921
Mistras Group, Inc.(b)		780		8,635
Paylocity Holding Corp.(b)		1,489		211,274
Resources Connection, Inc.		1,252		19,062
Robert Half International, Inc.		4,927		286,604
TriNet Group, Inc.(b)		1,909		108,928
TrueBlue, Inc.(b)		1,633		35,779
Upwork, Inc.(b)		2,380		21,848
Willdan Group, Inc.(b)		428		14,180
				2,085,273
Real Estate Management & Development — 0.7%
Alexander & Baldwin, Inc.(b)		3,122		68,247
Altisource Portfolio Solutions SA(a)(b)		173		3,218
American Realty Investors, Inc.(b)		117		1,720
CareTrust REIT, Inc.		3,908		86,680
Consolidated-Tomoka Land Co.(a)		203		12,882
Cushman & Wakefield PLC(b)		5,065		97,349
Essential Properties Realty Trust, Inc.		3,454		95,365
eXp World Holdings, Inc.(b)		660		7,286
Forestar Group, Inc.(b)		458		9,284
FRP Holdings, Inc.(a)(b)		275		13,019
Global Medical REIT, Inc.		1,303		19,024
Howard Hughes Corp.(a)(b)		1,762		214,400
Jones Lang LaSalle, Inc.		2,239		380,227
Kennedy-Wilson Holdings, Inc.		5,272		113,664
Marcus & Millichap, Inc.(b)		1,028		36,391
Maui Land & Pineapple Co., Inc.(b)		141		1,474
Newmark Group, Inc., Class A		6,459		76,022
Rafael Holdings, Inc., Class B(a)(b)		438		8,865
RE/MAX Holdings, Inc., Class A		725		27,753
Realogy Holdings Corp.		4,725		50,038
Redfin Corp.(b)		3,990		97,077
RMR Group, Inc., Class A		619		28,517
St. Joe Co.(b)		1,386		29,120
Stratus Properties, Inc.(b)		267		7,943
Tejon Ranch Co.(b)		784		12,622
Transcontinental Realty Investors, Inc.(b)		22		710
				1,498,897
Road & Rail — 0.5%
AMERCO		393		145,909
ArcBest Corp.		1,015		22,645
Avis Budget Group, Inc.(b)		2,501		82,033
Covenant Transportation Group, Inc., Class A(b)		1,317		16,706
Daseke, Inc.(b)		1,855		5,630
Heartland Express, Inc.		1,918		35,847
Hertz Global Holdings, Inc.(a)(b)		4,602		72,528
Knight-Swift Transportation Holdings, Inc.		5,399		200,195

Security	Shares		Value
Road & Rail (continued)
Landstar System, Inc.		1,678	$	185,838
Marten Transport Ltd.		1,578		32,759
PAM Transportation Services, Inc.(b)		74		3,952
Roadrunner Transportation Systems, Inc.(b)		203		2,024
Ryder System, Inc.		2,381		113,621
Saia, Inc.(a)(b)		1,179		102,691
Schneider National, Inc., Class B		2,317		51,600
Universal Logistics Holdings, Inc.		322		5,442
US Xpress Enterprises, Inc., Class A(b)		818		4,466
Werner Enterprises, Inc.		1,895		69,850
YRC Worldwide, Inc.(a)(b)		1,561		3,528
				1,157,264
Semiconductors & Semiconductor Equipment — 2.3%
Adesto Technologies Corp.(b)		1,111		7,888
Advanced Energy Industries, Inc.(b)		1,699		118,828
Alpha & Omega Semiconductor Ltd.(b)		788		9,606
Ambarella, Inc.(b)		1,426		84,334
Amkor Technology, Inc.(b)		4,076		45,855
Axcelis Technologies, Inc.(b)		1,294		31,250
AXT, Inc.(b)		1,499		5,846
Brooks Automation, Inc.		3,125		119,000
Cabot Microelectronics Corp.		1,273		185,234
CEVA, Inc.(b)		896		24,506
Cirrus Logic, Inc.(b)		2,571		197,478
Cohu, Inc.		1,669		37,335
Cree, Inc.(b)		4,788		222,594
Cypress Semiconductor Corp.		16,151		376,803
Diodes, Inc.(a)(b)		1,848		95,431
DSP Group, Inc.(b)		854		12,349
Enphase Energy, Inc.(b)		3,938		124,126
Entegris, Inc.		5,872		303,935
First Solar, Inc.(b)		3,628		179,876
FormFactor, Inc.(b)		3,534		89,445
GSI Technology, Inc.(b)		614		4,979
Ichor Holdings Ltd.(b)		866		28,916
Impinj, Inc.(b)		619		19,919
Inphi Corp.(b)		1,927		146,375
Lattice Semiconductor Corp.(b)		5,463		101,612
MACOM Technology Solutions Holdings, Inc.(b)		2,121		60,279
MaxLinear, Inc.(b)		3,126		60,926
MKS Instruments, Inc.		2,357		247,061
Monolithic Power Systems, Inc.		1,822		311,872
NeoPhotonics Corp.(b)		1,615		12,322
NVE Corp.		184		13,498
ON Semiconductor Corp.(b)		17,757		411,075
Onto Innovation, Inc.(b)		2,216		84,075
PDF Solutions, Inc.(b)		1,102		17,367
Photronics, Inc.(b)		2,652		33,893
Power Integrations, Inc.		1,304		127,362
Rambus, Inc.(a)(b)		4,569		72,510
Semtech Corp.(b)		2,937		141,534
Silicon Laboratories, Inc.(b)		1,866		183,446
SMART Global Holdings, Inc.(a)(b)		506		15,261
SunPower Corp.(b)		2,534		21,590
Teradyne, Inc.		7,292		481,199
Ultra Clean Holdings, Inc.(b)		1,636		37,644
Veeco Instruments, Inc.(b)		1,929		24,595
Xperi Corp.		2,056		33,081
				4,964,110
Software — 6.5%
A10 Networks, Inc.(b)		2,247		15,302
ACI Worldwide, Inc.(b)		5,058		174,248
Alarm.com Holdings, Inc.(a)(b)		1,712		75,208

40 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares Russell Small/Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Software (continued)
Altair Engineering, Inc., Class A(b)		1,808	$	66,806
Alteryx, Inc., Class A(a)(b)		1,991		277,685
American Software, Inc., Class A		1,204		17,976
Anaplan, Inc.(b)		3,781		217,748
Appfolio, Inc., Class A(b)		708		93,060
Appian Corp.(a)(b)		1,493		76,203
Aspen Technology, Inc.(b)		2,991		355,869
Avalara, Inc.(b)		2,060		175,388
Avaya Holdings Corp.(b)		4,783		61,079
Benefitfocus, Inc.(b)		1,189		21,997
Blackbaud, Inc.		2,148		168,253
Blackline, Inc.(b)		1,932		118,180
Bottomline Technologies DE, Inc.(b)		1,915		102,644
Box, Inc., Class A(b)		6,440		96,793
CDK Global, Inc.		5,306		284,826
Cerence Inc.(b)		1,474		31,470
Ceridian HCM Holding, Inc.(b)		4,089		299,683
ChannelAdvisor Corp.(b)		1,021		9,557
Cloudera, Inc.(a)(b)		10,318		106,172
CommVault Systems, Inc.(b)		1,795		80,811
Cornerstone OnDemand, Inc.(b)		2,533		148,940
Coupa Software, Inc.(b)		2,743		442,034
Digimarc Corp.(a)(b)		470		14,716
Digital Turbine, Inc.(b)		3,213		20,049
DocuSign, Inc.(a)(b)		6,807		534,418
Domo, Inc., Class B(b)		702		17,002
Dynatrace, Inc.(b)		2,687		84,130
Ebix, Inc.		972		33,466
eGain Corp.(b)		937		6,746
Elastic NV(a)(b)		1,997		129,565
Envestnet, Inc.(a)(b)		2,091		164,917
Everbridge, Inc.(b)		1,483		134,419
Fair Isaac Corp.(b)		1,236		497,342
FireEye, Inc.(b)		8,888		142,030
Five9, Inc.(a)(b)		2,616		187,646
ForeScout Technologies, Inc.(b)		1,940		55,309
GTY Technology Holdings, Inc.(b)		1,697		10,623
Guidewire Software, Inc.(b)		3,628		408,150
HubSpot, Inc.(b)		1,787		323,340
Ideanomics, Inc.(a)(b)		2,097		1,233
Instructure, Inc.(b)		1,586		77,460
Intelligent Systems Corp.(a)(b)		282		11,971
j2 Global, Inc.		2,051		196,609
LivePerson, Inc.(b)		2,826		115,894
LogMeIn, Inc.		2,126		182,772
Majesco(b)		388		2,704
Manhattan Associates, Inc.(b)		2,807		239,886
Medallia, Inc.(b)		651		18,371
MicroStrategy, Inc., Class A(b)		344		52,298
Mitek Systems, Inc.(b)		797		7,779
MobileIron, Inc.(b)		3,996		19,061
Model N, Inc.(b)		1,469		45,818
NetScout Systems, Inc.(b)		3,044		78,261
New Relic, Inc.(b)		2,197		145,024
Nuance Communications, Inc.(b)		12,563		237,692
Nutanix, Inc., Class A(b)		7,444		241,707
OneSpan, Inc.(b)		1,286		21,373
PagerDuty, Inc.(a)(b)		1,945		45,357
Paycom Software, Inc.(b)		2,155		685,635
Pegasystems, Inc.		1,714		147,764
Phunware, Inc.(b)		2,186		1,946
Ping Identity Holding Corp.(b)		944		22,892
Pluralsight, Inc., Class A(a)(b)		2,564		49,716
Progress Software Corp.		2,098		94,683

Security	Shares		Value
Software (continued)
Proofpoint, Inc.(b)		2,414	$	296,463
PROS Holdings, Inc.(b)		1,510		90,600
PTC, Inc.(b)		4,563		379,277
Q2 Holdings, Inc.(a)(b)		1,914		166,882
QAD, Inc., Class A		430		22,123
Qualys, Inc.(a)(b)		1,513		129,725
Rapid7, Inc.(b)		2,269		134,733
RealPage, Inc.(a)(b)		3,506		204,575
Rimini Street, Inc.(b)		626		3,130
RingCentral, Inc., Class A(a)(b)		3,264		671,013
Rosetta Stone, Inc.(b)		878		15,058
SailPoint Technologies Holding, Inc.(b)		3,693		92,657
SecureWorks Corp., Class A(b)		307		4,829
SharpSpring, Inc.(b)		356		4,400
ShotSpotter, Inc.(a)(b)		333		9,141
Smartsheet, Inc., Class A(b)		3,856		186,939
SolarWinds Corp.(b)		1,890		35,759
SPS Commerce, Inc.(b)		1,618		91,951
SVMK, Inc.(b)		4,052		71,518
Synchronoss Technologies, Inc.(b)		1,578		8,624
Telaria, Inc.(b)		1,710		17,357
Telenav, Inc.(a)(b)		1,239		5,563
Tenable Holdings, Inc.(b)		1,814		49,431
Trade Desk, Inc., Class A(a)(b)		1,721		463,259
Tyler Technologies, Inc.(b)		1,669		540,222
Upland Software, Inc.(a)(b)		1,017		39,704
Varonis Systems, Inc.(b)		1,276		106,750
Verint Systems, Inc.(b)		2,934		170,172
VirnetX Holding Corp.(a)(b)		2,450		9,310
Workiva, Inc.(a)(b)		1,551		70,555
Yext, Inc.(b)		4,388		65,557
Zendesk, Inc.(b)		4,851		419,126
Zix Corp.(a)(b)		2,104		14,202
Zscaler, Inc.(a)(b)		2,736		153,462
Zuora, Inc., Class A(b)		4,112		60,652
Zynga, Inc., Class A(b)		37,452		225,461
				14,055,886
Specialty Retail — 2.0%
Aaron’s, Inc.		2,979		176,833
Abercrombie & Fitch Co., Class A		2,681		43,861
America’s Car-Mart, Inc.(b)		258		28,323
American Eagle Outfitters, Inc.		6,768		97,459
Asbury Automotive Group, Inc.(b)		932		89,891
Ascena Retail Group, Inc.(b)		167		735
AutoNation, Inc.(b)		2,390		101,432
Barnes & Noble Education, Inc.(a)(b)		1,431		4,923
Bed Bath & Beyond, Inc.		5,472		77,976
Boot Barn Holdings, Inc.(b)		1,146		48,098
Buckle, Inc.		1,381		33,710
Burlington Stores, Inc.(b)		2,864		622,834
Caleres, Inc.		1,669		29,291
Carvana Co.(a)(b)		1,977		156,677
Cato Corp., Class A		890		14,276
Chico’s FAS, Inc.		4,771		18,559
Children’s Place, Inc.		672		40,098
Citi Trends, Inc.		424		9,875
Conn’s, Inc.(b)		866		7,586
Container Store Group, Inc.(b)		598		2,416
Designer Brands, Inc., Class A		2,683		38,206
Dick’s Sporting Goods, Inc.		2,733		120,881
Express, Inc.(a)(b)		2,819		11,304
Five Below, Inc.(b)		2,411		272,973
Floor & Decor Holdings, Inc., Class A(b)		3,007		148,275
Foot Locker, Inc.		4,608		174,966

SCHEDULES OF INVESTMENTS 41

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares Russell Small/Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Specialty Retail (continued)
GameStop Corp., Class A(a)		3,293	$	12,645
Genesco, Inc.(b)		640		25,165
GNC Holdings, Inc., Class A(a)(b)		2,984		6,386
Group 1 Automotive, Inc.		837		84,344
Guess?, Inc.		2,236		47,604
Haverty Furniture Cos., Inc.		720		14,494
Hibbett Sports, Inc.(b)		725		17,966
Hudson Ltd., Class A(b)		1,533		16,817
J. Jill, Inc.		556		662
L Brands, Inc.		10,029		232,272
Lithia Motors, Inc., Class A		987		133,877
Lumber Liquidators Holdings, Inc.(a)(b)		1,197		9,109
MarineMax, Inc.(b)		933		18,595
Michaels Cos., Inc.(b)		3,568		17,590
Monro, Inc.(a)		1,422		89,159
Murphy USA, Inc.(b)		1,259		128,632
National Vision Holdings, Inc.(a)(b)		3,315		113,108
Office Depot, Inc.		22,500		49,950
Party City Holdco, Inc.(a)(b)		2,244		6,463
Penske Automotive Group, Inc.		1,428		67,073
Rent-A-Center, Inc.		2,342		68,222
RH(a)(b)		726		151,553
RTW RetailWinds, Inc.(b)		745		294
Sally Beauty Holdings, Inc.(b)		5,425		83,274
Shoe Carnival, Inc.		361		12,945
Signet Jewelers Ltd.		2,102		51,100
Sleep Number Corp.(b)		1,195		61,650
Sonic Automotive, Inc., Class A		1,013		32,041
Sportsman’s Warehouse Holdings, Inc.(b)		2,430		15,746
Systemax, Inc.		536		12,676
Tailored Brands, Inc.(a)		2,097		8,346
Tilly’s, Inc., Class A(b)		1,007		8,560
Urban Outfitters, Inc.(b)		3,151		80,666
Williams-Sonoma, Inc.		3,466		242,897
Winmark Corp.		97		19,300
Zumiez, Inc.(b)		808		25,185
				4,337,824
Technology Hardware, Storage & Peripherals — 0.4%
3D Systems Corp.(a)(b)		5,559		60,538
AstroNova, Inc.		279		3,471
Avid Technology, Inc.(b)		1,084		9,111
Diebold Nixdorf, Inc.(b)		3,181		36,613
Immersion Corp.(b)		1,332		9,750
NCR Corp.(b)		5,606		189,034
Pure Storage, Inc., Class A(b)		10,228		182,058
Stratasys Ltd.(b)		2,144		38,549
Synaptics, Inc.(b)		1,506		100,435
Xerox Holdings Corp.(b)		7,885		280,470
				910,029
Textiles, Apparel & Luxury Goods — 0.9%
Capri Holdings Ltd.(b)		6,189		185,423
Carter’s, Inc.		1,920		203,654
Centric Brands, Inc.(b)		270		537
Columbia Sportswear Co.		1,303		122,378
Crocs, Inc.(b)		2,934		111,228
Culp, Inc.		407		5,140
Deckers Outdoor Corp.(b)		1,242		237,110
Delta Apparel, Inc.(b)		228		5,718
Fossil Group, Inc.(b)		1,935		13,023
G-III Apparel Group Ltd.(a)(b)		1,837		49,985
Hanesbrands, Inc.		15,854		218,151
Kontoor Brands, Inc.(b)		1,993		76,013
Movado Group, Inc.		611		10,521

Security	Shares		Value
Textiles, Apparel & Luxury Goods (continued)
Oxford Industries, Inc.		772	$	53,577
Ralph Lauren Corp.		2,171		246,409
Rocky Brands, Inc.		253		6,866
Skechers U.S.A., Inc., Class A(b)		5,772		215,815
Steven Madden Ltd.		3,715		143,250
Superior Group of Cos., Inc.		343		3,955
Unifi, Inc.(b)		596		12,826
Vera Bradley, Inc.(b)		851		8,153
Vince Holding Corp.(b)		135		1,994
Wolverine World Wide, Inc.		3,491		110,211
				2,041,937
Thrifts & Mortgage Finance — 1.2%
Axos Financial, Inc.(b)		2,369		66,735
Banc of California, Inc.		1,963		31,330
Berkshire Hills Bancorp, Inc.		1,927		54,245
Bridgewater Bancshares, Inc.(b)		1,023		13,504
Brookline Bancorp, Inc.		3,331		50,631
Capitol Federal Financial, Inc.		5,680		74,862
Columbia Financial, Inc.(b)		2,169		36,374
Dime Community Bancshares, Inc.		1,289		25,020
ESSA Bancorp, Inc.		470		7,967
Essent Group Ltd.		4,230		209,850
Federal Agricultural Mortgage Corp., Class C		371		28,307
First Defiance Financial Corp.		811		23,835
Flagstar Bancorp, Inc.		1,589		55,996
Flushing Financial Corp.		1,103		21,917
FS Bancorp, Inc.		192		10,506
Greene County Bancorp, Inc.		142		4,145
Hingham Institution for Savings		55		11,516
Home Bancorp, Inc.		328		11,664
HomeStreet, Inc.		902		28,963
Kearny Financial Corp.		3,629		44,818
Ladder Capital Corp.		5,094		93,475
LendingTree, Inc.(b)		342		106,430
Luther Burbank Corp.		865		8,918
Malvern Bancorp, Inc.(b)		253		5,060
Merchants Bancorp		388		7,636
Meridian Bancorp, Inc.		1,992		35,836
Meta Financial Group, Inc.		1,415		52,666
MGIC Investment Corp.		15,470		213,331
MMA Capital Holdings, Inc.(b)		195		5,983
Mr Cooper Group, Inc.(b)		3,190		39,492
New York Community Bancorp, Inc.		20,053		221,786
NMI Holdings, Inc., Class A(b)		3,036		96,909
Northfield Bancorp, Inc.		1,831		29,095
Northwest Bancshares, Inc.		4,095		64,394
OceanFirst Financial Corp.		2,067		48,078
Ocwen Financial Corp.(b)		5,694		7,004
OP Bancorp		406		4,056
PCSB Financial Corp.		603		11,988
Pioneer Bancorp, Inc.(a)(b)		868		12,742
Ponce de Leon Federal Bank(b)		246		3,466
Provident Bancorp, Inc.(b)		357		4,216
Provident Financial Holdings, Inc.		238		5,238
Provident Financial Services, Inc.		2,530		57,709
Prudential Bancorp, Inc.		284		5,001
Radian Group, Inc.		8,995		220,288
Riverview Bancorp, Inc.		700		5,152
Southern Missouri Bancorp, Inc.		312		11,113
Sterling Bancorp, Inc.		690		5,058
Territorial Bancorp, Inc.		349		10,131
TFS Financial Corp.		2,213		45,212
Timberland Bancorp, Inc.		348		9,800
TrustCo Bank Corp. NY		3,947		31,300

42 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares Russell Small/Mid-Cap Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Thrifts & Mortgage Finance (continued)
United Community Financial Corp.		1,957	$	21,390
Walker & Dunlop, Inc.		1,210		80,308
Washington Federal, Inc.		3,749		127,466
Waterstone Financial, Inc.		1,025		17,927
Western New England Bancorp, Inc.		1,001		8,989
WSFS Financial Corp.		2,250		89,753
				2,636,581
Tobacco — 0.1%
22nd Century Group, Inc.(b)		4,799		4,448
Pyxus International, Inc.(a)(b)		320		2,192
Turning Point Brands, Inc.(a)		300		6,852
Universal Corp.		1,059		56,286
Vector Group Ltd.		4,811		63,216
				132,994
Trading Companies & Distributors — 1.1%
Air Lease Corp.		4,667		200,401
Aircastle Ltd.		2,440		78,300
Applied Industrial Technologies, Inc.		1,838		118,680
Beacon Roofing Supply, Inc.(b)		2,871		95,059
BlueLinx Holdings, Inc.(a)(b)		357		4,188
BMC Stock Holdings, Inc.(b)		2,822		82,360
CAI International, Inc.(b)		723		19,666
DXP Enterprises, Inc.(b)		662		22,951
EVI Industries, Inc.(a)(b)		255		6,824
Foundation Building Materials, Inc.(b)		1,014		18,080
GATX Corp.		1,529		116,403
General Finance Corp.(b)		582		5,628
GMS, Inc.(b)		1,828		48,844
H&E Equipment Services, Inc.		1,513		41,017
HD Supply Holdings, Inc.(b)		7,295		297,198
Herc Holdings, Inc.(b)		983		39,438
Kaman Corp.		1,230		75,916
Lawson Products, Inc.(b)		164		7,744
MRC Global, Inc.(b)		3,296		37,113
MSC Industrial Direct Co., Inc., Class A		1,936		131,783
NOW, Inc.(b)		4,437		44,414
Rush Enterprises, Inc., Class A		1,150		49,450
Rush Enterprises, Inc., Class B		183		8,118
SiteOne Landscape Supply, Inc.(a)(b)		1,808		174,562
Textainer Group Holdings Ltd.(a)(b)		2,576		24,395
Titan Machinery, Inc.(b)		740		9,035
Transcat, Inc.(b)		261		7,987
Triton International Ltd.		2,315		86,928
Univar Solutions, Inc.(a)(b)		7,521		162,077
Veritiv Corp.(b)		489		6,885
Watsco, Inc.		1,407		244,705
WESCO International, Inc.(b)		1,877		90,866
Willis Lease Finance Corp.(b)		123		7,294
				2,364,309
Transportation Infrastructure — 0.1%
Macquarie Infrastructure Corp.		3,270		144,240
Water Utilities — 0.4%
American States Water Co.		1,566		138,685
AquaVenture Holdings Ltd.(b)		620		16,740
Artesian Resources Corp., Class A		555		20,935
Cadiz, Inc.(a)(b)		545		4,957
California Water Service Group		2,115		111,164
Consolidated Water Co. Ltd.		675		11,549
Essential Utilities, Inc.(b)		9,395		487,976
Global Water Resources, Inc.		404		5,103
Middlesex Water Co.		670		43,724
Pure Cycle Corp.(b)		622		8,080

Security	Shares		Value
Water Utilities (continued)
SJW Group		1,152	$	84,499
York Water Co.		519		24,580
				957,992
Wireless Telecommunication Services — 0.1%
Boingo Wireless, Inc.(a)(b)		1,738		19,535
Gogo, Inc.(a)(b)		2,348		12,351
Shenandoah Telecommunications Co.		2,215		89,375
Spok Holdings, Inc.		799		8,486
Telephone & Data Systems, Inc.		4,590		104,101
United States Cellular Corp.(b)		611		19,564
				253,412
Total Common Stocks — 98.1% (Cost — $184,991,469)				213,838,705
Investment Companies — 0.6%
Equity Funds iShares Russell 2000 ETF(a)(f)		3,976		638,267
iShares Russell Mid-Cap ETF(f)		9,083		536,987
Total Investment Companies — 0.6% (Cost — $1,205,605)				1,175,254
Total Long-Term Investments — 98.7% (Cost — $186,197,074)				215,013,959
Short-Term Securities — 9.1%
BlackRock Cash Funds: Institutional, SL Agency Shares,
1.81%(d)(e)(f)		16,735,371		16,745,412
BlackRock Cash Funds: Treasury, SL Agency Shares,
1.54%(e)(f)		3,150,864		3,150,864
Total Short-Term Securities — 9.1% (Cost — $19,889,811)				19,896,276
Total Investments — 107.8% (Cost — $206,086,885)				234,910,235
Liabilities in Excess of Other Assets — (7.8)%				(16,926,944	)
Net Assets — 100.0%			$	217,983,291

^(a)  Security, or a portion of the security, is on loan.

^(b)  Non-income producing security.

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

^(d)  Security was purchased with the cash collateral from loaned securities.

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

SCHEDULES OF INVESTMENTS 43

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares Russell Small/Mid-Cap Index Fund

^(f)  During the six months ended January 31, 2020, investments in issuers considered to be an affiliate/affiliates of the Fund for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, and/or related parties of the Fund were as follows:

Affiliated Persons and/or Related Parties	Shares Held at 07/31/19		Shares Purchased		Shares Sold			Shares Held at 01/31/20		Value at 01/31/20		Income			Net Realized Gain (Loss) (a)			Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares(b)		15,171,717		1,563,654		—			16,735,371	$	16,745,412	$	99,123	(c)	$	(843	)	$	2,086
BlackRock Cash Funds: Treasury, SL Agency Shares(b)		1,035,862		2,115,002		—			3,150,864		3,150,864		12,520			—			—
PennyMac Mortgage Investment Trust		3,109		890		(82	)		3,917		91,071		3,324			30			4,590
iShares Russell 2000 ETF		4,541		19,247		(19,812	)		3,976		638,267		7,112			69,594			(28,375	)
iShares Russell Mid-Cap ETF		10,293		49,848		(51,058	)		9,083		536,987		6,622			61,145			(30,791	)
										$	21,162,601	$	128,701		$	129,926		$	(52,490	)

^(a)  Includes net capital gain distributions, if applicable.

^(b)  Represents net shares purchased

^(c) 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.

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

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
Russell 2000 E-Mini Index		16		03/20/20	$	1,292	$	(51,850	)
S&P MidCap 400 E-Mini Index		8		03/20/20		1,606		(51,529	)
							$	(103,379	)

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)	$	—	$	—	$	103,379	$	—	$	—	$	—	$	103,379

^(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 six months ended January 31, 2020, 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	$	—		$	—	$	(33,821	)	$	—	$	—	$	—	$	(33,821	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—		$	—	$	(99,810	)	$	—	$	—	$	—	$	(99,810	)
			��

44 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares Russell Small/Mid-Cap Index Fund

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — Long	$	1,839,605

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 investments and derivative financial instruments. For information about the Fund’s policy regarding valuation of investments and derivative financial instruments, refer to the Notes to Financial Statements.

The following tables summarize the Fund’s investments and derivative financial instruments categorized in the disclosure hierarchy:

	Level 1			Level 2		Level 3		Total
Assets:
Investments:
Long-Term Investments:
Common Stocks(a)	$	213,838,111		$	—	$	594	$	213,838,705
Investment Companies		1,175,254			—		—		1,175,254
Short-Term Securities		19,896,276			—		—		19,896,276
Subtotal	$	234,909,641		$	—	$	594	$	234,910,235
Derivative Financial Instruments(b)
Liabilities:
Equity contracts	$	(103,379	)	$	—	$	—	$	(103,379	)

^(a)  See above Schedule of Investments for values in each industry.

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

See notes to financial statements.

SCHEDULES OF INVESTMENTS 45

Schedule of Investments  (unaudited) January 31, 2020 iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks — 98.1%
Aerospace & Defense — 2.3%
AAR Corp.		1,153	$	49,095
Aerojet Rocketdyne Holdings, Inc.(a)		2,660		138,506
AeroVironment, Inc.(a)(b)		679		45,228
Arconic, Inc.		13,453		402,917
Astronics Corp.(a)		802		20,210
Axon Enterprise, Inc.(a)		2,010		154,388
Boeing Co.		18,833		5,993,979
Cubic Corp.		1,113		72,668
Curtiss-Wright Corp.		1,520		221,054
Ducommun, Inc.(a)		463		18,951
General Dynamics Corp.		9,044		1,586,679
HEICO Corp.(b)		1,398		171,157
HEICO Corp., Class A		2,596		249,605
Hexcel Corp.		3,040		225,629
Huntington Ingalls Industries, Inc.		1,434		374,274
Kratos Defense & Security Solutions, Inc.(a)		3,476		63,750
L3Harris Technologies, Inc.		7,825		1,731,907
Lockheed Martin Corp.		8,777		3,757,609
Maxar Technologies, Inc.(a)		1,981		31,617
Mercury Systems, Inc.(a)		1,984		152,272
Moog, Inc., Class A		1,168		104,665
National Presto Industries, Inc.		228		19,651
Northrop Grumman Corp.		5,569		2,085,980
Park Aerospace Corp.		658		10,179
Parsons Corp.(a)		762		31,166
Raytheon Co.		9,837		2,173,387
Spirit AeroSystems Holdings, Inc., Class A		3,616		236,197
Teledyne Technologies, Inc.(a)		1,230		449,024
Textron, Inc.		7,910		363,306
TransDigm Group, Inc.		1,730		1,112,875
Triumph Group, Inc.		1,724		35,221
United Technologies Corp.		28,848		4,332,970
Vectrus, Inc.(a)		359		20,014
				26,436,130
Air Freight & Logistics — 0.4%
Air Transport Services Group, Inc.(a)		1,886		39,549
Atlas Air Worldwide Holdings, Inc.(a)		708		15,824
C.H. Robinson Worldwide, Inc.		4,728		341,456
Echo Global Logistics, Inc.(a)		852		16,512
Expeditors International of Washington, Inc.		5,983		436,998
FedEx Corp.		8,553		1,237,106
Forward Air Corp.		1,054		68,984
Hub Group, Inc., Class A(a)		1,099		58,104
Park-Ohio Holdings Corp.		132		3,881
Radiant Logistics, Inc.(a)		1,065		5,144
United Parcel Service, Inc., Class B		24,671		2,553,942
XPO Logistics, Inc.(a)		3,203		284,811
				5,062,311
Airlines — 0.3%
Alaska Air Group, Inc.		4,300		277,737
Allegiant Travel Co.		451		75,786
American Airlines Group, Inc.		13,765		369,453
Copa Holdings SA, Class A		1,182		115,789
Delta Air Lines, Inc.		20,498		1,142,558
Hawaiian Holdings, Inc.		1,545		43,075
JetBlue Airways Corp.(a)		10,526		208,731
Mesa Air Group, Inc.(a)		1,258		10,743
SkyWest, Inc.		1,783		98,368
Southwest Airlines Co.		16,691		917,671
Spirit Airlines, Inc.(a)		2,382		97,829
United Airlines Holdings, Inc.(a)		7,923		592,640
				3,950,380

Security	Shares		Value
Auto Components — 0.2%
Adient PLC(a)		3,025	$	77,773
American Axle & Manufacturing Holdings, Inc.(a)		3,615		33,403
Aptiv PLC		9,027		765,399
BorgWarner, Inc.		7,427		254,672
Cooper Tire & Rubber Co.		1,783		47,232
Cooper-Standard Holdings, Inc.(a)		597		15,832
Dana, Inc.		4,871		75,062
Dorman Products, Inc.(a)		1,032		72,034
Fox Factory Holding Corp.(a)		1,286		84,645
Gentex Corp.		9,123		271,592
Gentherm, Inc.(a)		1,168		53,856
Goodyear Tire & Rubber Co.		7,992		104,935
LCI Industries		882		95,230
Lear Corp.		2,199		270,873
Modine Manufacturing Co.(a)		1,640		11,529
Motorcar Parts of America, Inc.(a)		702		13,942
Spartan Motors, Inc.		1,242		21,114
Standard Motor Products, Inc.		1,011		49,114
Stoneridge, Inc.(a)		828		23,068
Tenneco, Inc., Class A		1,503		14,233
Visteon Corp.(a)(b)		1,019		81,326
				2,436,864
Automobiles — 0.6%
Ford Motor Co.		137,514		1,212,873
General Motors Co.		44,113		1,472,933
Harley-Davidson, Inc.		5,507		183,934
Tesla, Inc.(a)(b)		5,052		3,286,680
Thor Industries, Inc.		1,908		153,632
Winnebago Industries, Inc.		1,188		65,055
				6,375,107
Banks — 5.2%
1st Source Corp.		411		19,395
ACNB Corp.		387		12,403
Allegiance Bancshares, Inc.(a)		408		15,178
Amalgamated Bank, Class A		666		11,482
Amerant Bancorp, Inc.(a)		643		11,979
American National Bankshares, Inc.		234		7,979
Ameris Bancorp		2,122		85,283
Ames National Corp.		233		6,216
Arrow Financial Corp.		468		16,408
Associated Banc-Corp		5,634		112,286
Atlantic Capital Bancshares, Inc.(a)		685		12,926
Atlantic Union Bankshares Corp.		3,213		108,246
BancFirst Corp.		744		43,003
Banco Latinoamericano de Comercio Exterior SA		1,539		31,026
Bancorp, Inc.(a)		1,904		22,524
BancorpSouth Bank		3,413		97,509
Bank First Corp.		309		19,387
Bank of America Corp.		288,021		9,455,729
Bank of Commerce Holdings		737		7,886
Bank of Hawaii Corp.		1,589		142,374
Bank of Marin Bancorp		316		13,923
Bank of NT Butterfield & Son Ltd.		2,038		67,702
Bank of Princeton		383		11,682
Bank OZK		4,523		122,935
BankFinancial Corp.		603		7,519
BankUnited, Inc.		3,569		117,777
Bankwell Financial Group, Inc.		364		9,839
Banner Corp.		981		50,571
Bar Harbor Bankshares		399		8,778
Baycom Corp.(a)		382		8,580
BOK Financial Corp.		1,176		92,786
Boston Private Financial Holdings, Inc.		3,138		35,773

46 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Banks (continued)
Bridge Bancorp, Inc.		369	$	11,199
Bryn Mawr Bank Corp.		476		17,860
Business First Bancshares, Inc.		348		8,623
Byline Bancorp, Inc.		413		7,971
C&F Financial Corp.		148		7,407
Cadence BanCorp		4,445		69,475
Cambridge Bancorp		245		17,684
Camden National Corp.		528		24,953
Capital City Bank Group, Inc.		363		10,353
Carolina Financial Corp.		959		36,778
Carter Bank & Trust(a)		1,048		20,740
Cathay General Bancorp		3,357		121,053
CBTX, Inc.		506		14,952
CenterState Bank Corp.		4,441		100,189
Central Pacific Financial Corp.		427		11,841
Central Valley Community Bancorp		191		3,589
Century Bancorp, Inc., Class A		231		19,866
Chemung Financial Corp.		179		7,101
CIT Group, Inc.		3,357		153,448
Citigroup, Inc.		77,201		5,744,526
Citizens & Northern Corp.		381		9,742
Citizens Financial Group, Inc.		15,153		564,904
City Holding Co.		442		33,451
Civista Bancshares, Inc.		808		17,784
CNB Financial Corp.		283		8,366
Codorus Valley Bancorp, Inc.		340		7,412
Columbia Banking System, Inc.		2,233		86,417
Comerica, Inc.		4,957		303,170
Commerce Bancshares, Inc.		3,546		239,922
Community Bank System, Inc.		1,690		111,996
Community Trust Bancorp, Inc.		487		21,306
ConnectOne Bancorp, Inc.		960		22,666
Cullen/Frost Bankers, Inc.		2,139		190,713
Customers Bancorp, Inc.(a)		1,068		22,834
CVB Financial Corp.		5,825		120,985
Eagle Bancorp, Inc.		1,059		46,278
East West Bancorp, Inc.		5,416		248,269
Enterprise Bancorp, Inc.		214		6,638
Enterprise Financial Services Corp.		1,294		56,302
Equity Bancshares, Inc., Class A(a)		361		9,696
Esquire Financial Holdings, Inc.(a)		695		15,811
Farmers & Merchants Bancorp, Inc./Archbold		246		7,232
Farmers National Banc Corp.		551		8,717
FB Financial Corp.		520		18,538
Fidelity D&D Bancorp, Inc.		168		9,551
Fifth Third Bancorp		24,968		710,340
Financial Institutions, Inc.		439		13,526
First Bancorp, Inc.		314		8,880
First BanCorp, Puerto Rico		7,080		65,632
First Bancorp/Southern Pines NC		897		31,826
First Bancshares, Inc.		292		10,051
First Bank/Hamilton		1,767		18,907
First Busey Corp.		1,852		47,226
First Business Financial Services, Inc.		443		11,155
First Capital, Inc.		165		10,908
First Choice Bancorp		314		7,643
First Citizens BancShares, Inc., Class A		269		141,715
First Commonwealth Financial Corp.		3,047		41,195
First Community Bancshares, Inc.		576		16,883
First Financial Bancorp		3,534		84,957
First Financial Bankshares, Inc.		4,612		154,594
First Financial Corp.		515		21,491
First Foundation, Inc.		1,126		18,579
First Hawaiian, Inc.		5,055		146,898

Security	Shares		Value
Banks (continued)
First Horizon National Corp.		11,134	$	178,144
First Internet Bancorp		258		6,840
First Interstate Bancsystem, Inc., Class A		1,728		66,528
First Merchants Corp.		2,071		82,322
First Mid Bancshares, Inc.		285		9,334
First Midwest Bancorp, Inc.		3,373		67,258
First Northwest Bancorp		1,308		20,653
First of Long Island Corp.		640		14,118
First Republic Bank		5,854		649,092
FNB Corp.		12,170		142,024
Franklin Financial Network, Inc.		413		15,227
Fulton Financial Corp.		6,228		102,575
FVCBankcorp, Inc.(a)		685		10,926
German American Bancorp, Inc.		625		21,369
Glacier Bancorp, Inc.		3,149		133,423
Great Southern Bancorp, Inc.		266		15,138
Great Western Bancorp, Inc.		1,880		55,554
Guaranty Bancshares, Inc.		270		8,262
Hancock Whitney Corp.		3,184		126,532
Hanmi Financial Corp.		907		15,256
Heartland Financial USA, Inc.		1,223		59,817
Heritage Commerce Corp.		1,357		15,741
Heritage Financial Corp.		1,053		27,146
Home BancShares, Inc.		5,919		113,171
HomeTrust Bancshares, Inc.		642		17,026
Hope Bancorp, Inc.		3,638		50,586
Horizon Bancorp		897		15,177
Howard Bancorp, Inc.(a)		467		7,888
Huntington Bancshares, Inc.		37,815		513,150
Iberiabank Corp.		1,859		135,168
Independent Bank Corp.		2,109		106,278
Independent Bank Group, Inc.		1,357		72,627
International Bancshares Corp.		2,159		85,065
Investar Holding Corp.		897		19,833
Investors Bancorp, Inc.		8,514		102,892
JPMorgan Chase & Co.		110,352		14,606,191
KeyCorp		35,785		669,537
Lakeland Bancorp, Inc.		1,021		16,581
Lakeland Financial Corp.		1,121		53,180
LCNB Corp.		345		5,717
Live Oak Bancshares, Inc.		747		13,058
M&T Bank Corp.		4,662		785,640
Macatawa Bank Corp.		816		8,609
MainStreet Bancshares, Inc.(a)		536		11,792
Mercantile Bank Corp.		497		16,287
Metropolitan Bank Holding Corp.(a)		180		8,847
Midland States Bancorp, Inc.		963		25,442
MidWestOne Financial Group, Inc.		266		8,602
MutualFirst Financial, Inc.		253		9,419
National Bank Holdings Corp., Class A		890		29,014
National Bankshares, Inc.		185		7,555
NBT Bancorp, Inc.		1,281		48,409
Nicolet Bankshares, Inc.(a)(b)		324		22,891
Northrim BanCorp, Inc.		226		8,504
Norwood Financial Corp.		331		11,254
Oak Valley Bancorp		65		1,203
OFG Bancorp		1,912		37,686
Ohio Valley Banc Corp.		173		5,718
Old National Bancorp		5,785		103,609
Old Second Bancorp, Inc.		606		7,445
Opus Bank		633		16,860
Origin Bancorp, Inc.		454		15,999
Orrstown Financial Services, Inc.		348		7,172
Pacific Premier Bancorp, Inc.		2,287		68,153

SCHEDULES OF INVESTMENTS 47

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Banks (continued)
PacWest Bancorp		4,139	$	145,072
Park National Corp.		709		67,334
Peapack Gladstone Financial Corp.		523		15,287
Penns Woods Bancorp, Inc.		243		7,667
People’s United Financial, Inc.		15,661		241,493
People’s Utah Bancorp		363		9,467
Peoples Bancorp, Inc.		664		21,607
Peoples Financial Services Corp.		169		7,833
Pinnacle Financial Partners, Inc.		2,685		158,576
PNC Financial Services Group, Inc.		15,565		2,312,181
Popular, Inc.		3,484		194,965
Preferred Bank		405		24,345
Premier Financial Bancorp, Inc.		500		8,500
Prosperity Bancshares, Inc.		3,267		229,343
QCR Holdings, Inc.		413		16,974
RBB Bancorp		350		6,888
Red River Bancshares, Inc.(a)(b)		282		14,932
Regions Financial Corp.		34,911		543,564
Reliant Bancorp Inc.		315		6,697
Renasant Corp.		1,899		60,635
Republic Bancorp, Inc., Class A		204		8,548
Republic First Bancorp, Inc.(a)		1,213		3,869
S&T Bancorp, Inc.		1,347		50,634
Sandy Spring Bancorp, Inc.		1,225		42,630
Seacoast Banking Corp. of Florida(a)		1,610		43,712
Select Bancorp, Inc.(a)		1,948		22,597
ServisFirst Bancshares, Inc.		1,660		61,005
Sierra Bancorp		304		8,141
Signature Bank		1,923		272,854
Simmons First National Corp., Class A		3,143		75,369
SmartFinancial, Inc.		348		7,524
South State Corp.		1,165		88,086
Southern First Bancshares, Inc.(a)		161		6,287
Southern National Bancorp of Virginia, Inc.		518		8,045
Southside Bancshares, Inc.		1,208		42,377
Spirit of Texas Bancshares, Inc.(a)		929		19,277
Sterling Bancorp		7,510		150,200
Stock Yards Bancorp, Inc.		675		26,150
Summit Financial Group, Inc.		488		11,980
SVB Financial Group(a)		1,816		436,439
Synovus Financial Corp.		5,203		182,209
TCF Financial Corp.		5,476		231,525
Texas Capital Bancshares, Inc.(a)		1,902		104,534
Tompkins Financial Corp.		571		49,157
TowneBank		2,464		65,419
Trico Bancshares		1,297		47,211
TriState Capital Holdings, Inc.(a)		771		17,725
Triumph Bancorp, Inc.(a)		785		30,599
Truist Financial Corp.		47,274		2,437,920
Trustmark Corp.		2,824		90,312
U.S. Bancorp		50,479		2,686,492
UMB Financial Corp.		1,754		116,571
Umpqua Holdings Corp.		8,017		135,487
Union Bankshares, Inc.		330		11,095
United Bankshares, Inc.		3,711		127,287
United Community Banks, Inc.		2,390		66,729
Unity Bancorp, Inc.		498		10,916
Univest Financial Corp.		855		21,238
Valley National Bancorp		14,971		157,645
Veritex Holdings, Inc.		1,506		42,650
Washington Trust Bancorp, Inc.		445		21,062
Webster Financial Corp.		3,366		150,999
Wells Fargo & Co.		134,812		6,328,075
WesBanco, Inc.		2,137		70,777

Security	Shares		Value
Banks (continued)
West BanCorp., Inc.		346	$	7,920
Westamerica BanCorp		798		50,561
Western Alliance Bancorp		3,404		188,003
Wintrust Financial Corp.		2,100		132,888
Zions Bancorp. NA		5,765		262,250
				59,984,652
Beverages — 1.6%
Boston Beer Co., Inc., Class A(a)(b)		301		107,270
Brown-Forman Corp., Class A		1,920		123,398
Brown-Forman Corp., Class B		5,732		387,712
Coca-Cola Co.		135,570		7,917,288
Coca-Cola Consolidated, Inc.		158		42,788
Constellation Brands, Inc., Class A		5,590		1,052,597
Craft Brew Alliance, Inc.(a)(b)		284		4,658
Keurig Dr Pepper, Inc.		7,432		212,035
MGP Ingredients, Inc.		444		15,123
Molson Coors Brewing Co., Class B		6,251		347,431
Monster Beverage Corp.(a)		13,527		900,898
National Beverage Corp.(a)(b)		405		17,379
New Age Beverages Corp.(a)		4,799		8,350
PepsiCo, Inc.		49,464		7,024,877
Primo Water Corp.(a)		879		13,247
				18,175,051
Biotechnology — 2.3%
AbbVie, Inc.		52,558		4,258,249
Abeona Therapeutics, Inc.(a)		977		2,120
ACADIA Pharmaceuticals, Inc.(a)		4,004		159,920
Acceleron Pharma, Inc.(a)		1,733		157,322
Acorda Therapeutics, Inc.(a)		1,264		2,566
Adamas Pharmaceuticals, Inc.(a)		698		3,588
ADMA Biologics, Inc.(a)		2,777		10,997
Aduro Biotech, Inc.(a)		2,001		3,362
Adverum Biotechnologies, Inc.(a)		1,683		16,611
Aeglea BioTherapeutics, Inc.(a)		830		6,026
Affimed NV(a)		4,124		10,805
Agenus, Inc.(a)		5,277		19,736
AgeX Therapeutics, Inc.(a)		130		178
Agios Pharmaceuticals, Inc.(a)		2,067		100,725
Aimmune Therapeutics, Inc.(a)(b)		1,750		54,337
Akcea Therapeutics, Inc.(a)(b)		393		6,787
Akebia Therapeutics, Inc.(a)		4,847		34,995
Albireo Pharma, Inc.(a)		285		6,469
Aldeyra Therapeutics, Inc.(a)		1,449		7,738
Alector, Inc.(a)(b)		1,282		35,819
Alexion Pharmaceuticals, Inc.(a)		7,464		741,847
Alkermes PLC(a)		5,821		101,344
Allakos, Inc.(a)		706		50,973
Allogene Therapeutics, Inc.(a)(b)		1,352		29,365
Alnylam Pharmaceuticals, Inc.(a)		3,762		431,840
AMAG Pharmaceuticals, Inc.(a)		1,090		9,657
Amgen, Inc.		21,293		4,600,353
Amicus Therapeutics, Inc.(a)		9,066		80,143
AnaptysBio, Inc.(a)		865		12,560
Apellis Pharmaceuticals, Inc.(a)(b)		1,667		68,530
Aprea Therapeutics, Inc.(a)		341		13,074
Arcus Biosciences, Inc.(a)		1,841		16,164
Ardelyx, Inc.(a)		2,213		15,668
Arena Pharmaceuticals, Inc.(a)		1,788		81,694
Arrowhead Pharmaceuticals, Inc.(a)		3,321		139,183
Atara Biotherapeutics, Inc.(a)(b)		1,489		19,699
Athenex, Inc.(a)		2,643		35,390
Athersys, Inc.(a)(b)		1,234		1,678
Avid Bioservices, Inc.(a)(b)		2,581		17,060

48 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Biotechnology (continued)
Avrobio, Inc.(a)		924	$	20,079
Baudax Bio, Inc.(a)(b)		360		3,013
Beyondspring, Inc.(a)		425		6,434
BioCryst Pharmaceuticals, Inc.(a)		3,599		10,257
Biogen, Inc.(a)		6,355		1,708,542
Biohaven Pharmaceutical Holding Co. Ltd.(a)		1,415		68,613
BioMarin Pharmaceutical, Inc.(a)		6,449		538,491
Biospecifics Technologies Corp.(a)		302		17,842
Bluebird Bio, Inc.(a)(b)		1,935		154,200
Blueprint Medicines Corp.(a)		1,736		110,149
Bridgebio Pharma, Inc.(a)(b)		791		27,282
Calithera Biosciences, Inc.(a)		1,548		9,288
CareDx, Inc.(a)		1,337		32,302
CASI Pharmaceuticals, Inc.(a)		1,541		4,392
Catalyst Pharmaceuticals, Inc.(a)(b)		2,952		12,133
CEL-SCI Corp.(a)(b)		1,266		16,509
Cellular Biomedicine Group, Inc.(a)		498		8,491
ChemoCentryx, Inc.(a)		1,606		68,127
Chiasma, Inc.(a)		2,036		9,610
Chimerix, Inc.(a)		931		1,536
Clovis Oncology, Inc.(a)(b)		1,948		16,149
Coherus Biosciences, Inc.(a)		2,172		39,183
Concert Pharmaceuticals, Inc.(a)		677		7,230
Constellation Pharmaceuticals, Inc.(a)(b)		378		12,489
Corbus Pharmaceuticals Holdings, Inc.(a)(b)		1,513		9,789
Cortexyme, Inc.(a)(b)		437		20,535
Crinetics Pharmaceuticals, Inc.(a)(b)		412		8,850
Cue Biopharma, Inc.(a)		690		10,467
Cyclerion Therapeutics, Inc.(a)(b)		437		1,433
Cytokinetics, Inc.(a)(b)		2,192		26,962
CytomX Therapeutics, Inc.(a)		1,362		10,106
Deciphera Pharmaceuticals, Inc.(a)(b)		715		44,780
Denali Therapeutics, Inc.(a)(b)		1,830		42,383
Dicerna Pharmaceuticals, Inc.(a)		1,667		32,915
Dynavax Technologies Corp.(a)		2,200		11,110
Eagle Pharmaceuticals, Inc.(a)		326		17,545
Editas Medicine, Inc.(a)(b)		1,877		49,609
Eidos Therapeutics, Inc.(a)		423		22,537
Eiger Biopharmaceuticals, Inc.(a)		1,014		12,533
Emergent Biosolutions, Inc.(a)		1,517		83,572
Enanta Pharmaceuticals, Inc.(a)		525		27,058
Epizyme, Inc.(a)		2,816		58,939
Esperion Therapeutics, Inc.(a)		801		43,318
Evelo Biosciences, Inc.(a)(b)		1,111		6,522
Exact Sciences Corp.(a)(b)		4,989		465,374
Exelixis, Inc.(a)		10,583		182,028
Fate Therapeutics, Inc.(a)		2,313		58,658
FibroGen, Inc.(a)(b)		2,721		113,874
Five Prime Therapeutics, Inc.(a)		1,283		6,056
Flexion Therapeutics, Inc.(a)(b)		1,134		19,868
Forty Seven, Inc.(a)(b)		634		23,376
G1 Therapeutics, Inc.(a)(b)		1,196		23,155
Galectin Therapeutics, Inc.(a)(b)		3,667		9,644
Geron Corp.(a)(b)		4,974		6,516
Gilead Sciences, Inc.		45,128		2,852,090
Global Blood Therapeutics, Inc.(a)(b)		2,109		137,633
GlycoMimetics, Inc.(a)(b)		1,052		4,503
Gossamer Bio, Inc.(a)		1,391		18,472
Gritstone Oncology, Inc.(a)		1,243		11,013
Halozyme Therapeutics, Inc.(a)		5,484		104,086
Heron Therapeutics, Inc.(a)(b)		2,779		57,970
Homology Medicines, Inc.(a)(b)		970		15,180
ImmunoGen, Inc.(a)		4,318		20,403
Immunomedics, Inc.(a)		5,950		110,491

Security	Shares		Value
Biotechnology (continued)
Incyte Corp.(a)		6,356	$	464,433
Inovio Pharmaceuticals, Inc.(a)(b)		2,914		13,200
Insmed, Inc.(a)		2,994		61,497
Intellia Therapeutics, Inc.(a)(b)		1,077		12,827
Intercept Pharmaceuticals, Inc.(a)(b)		872		80,581
Invitae Corp.(a)(b)		3,336		62,216
Ionis Pharmaceuticals, Inc.(a)		4,559		265,881
Iovance Biotherapeutics, Inc.(a)		3,926		85,351
Ironwood Pharmaceuticals, Inc.(a)		5,123		61,886
Kadmon Holdings, Inc.(a)		5,651		25,938
KalVista Pharmaceuticals, Inc.(a)		672		10,282
Karuna Therapeutics, Inc.(a)		66		6,264
Karyopharm Therapeutics, Inc.(a)(b)		2,341		37,807
Kezar Life Sciences, Inc.(a)(b)		643		1,974
Kindred Biosciences, Inc.(a)		898		7,840
Kiniksa Pharmaceuticals Ltd., Class A(a)		452		6,649
Kodiak Sciences, Inc.(a)		848		51,787
Krystal Biotech, Inc.(a)(b)		333		17,403
Kura Oncology, Inc.(a)		1,494		17,540
La Jolla Pharmaceutical Co.(a)		594		4,069
Lexicon Pharmaceuticals, Inc.(a)		1,529		4,725
Ligand Pharmaceuticals, Inc.(a)		631		55,408
Lineage Cell Therapeutics, Inc.(a)(b)		1,303		1,342
MacroGenics, Inc.(a)(b)		1,804		16,687
Madrigal Pharmaceuticals, Inc.(a)(b)		278		23,080
Magenta Therapeutics, Inc.(a)		606		7,199
MannKind Corp.(a)(b)		4,559		6,702
MediciNova, Inc.(a)		1,426		8,257
MeiraGTx Holdings PLC(a)(b)		593		10,739
Mersana Therapeutics, Inc.(a)		488		3,294
Minerva Neurosciences, Inc.(a)(b)		1,232		10,016
Mirati Therapeutics, Inc.(a)		987		85,701
Moderna, Inc.(a)(b)		7,289		149,497
Molecular Templates, Inc.(a)		873		13,043
Momenta Pharmaceuticals, Inc.(a)		3,409		98,929
Myriad Genetics, Inc.(a)		2,256		62,378
Natera, Inc.(a)		2,316		81,083
Neurocrine Biosciences, Inc.(a)		3,199		320,156
NextCure, Inc.(a)		521		22,273
Novavax, Inc.(a)(b)		598		4,557
OPKO Health, Inc.(a)(b)		11,525		16,711
Palatin Technologies, Inc.(a)		9,667		6,304
PDL BioPharma, Inc.(a)		4,251		13,986
Pfenex, Inc.(a)		1,408		15,094
Pieris Pharmaceuticals, Inc.(a)		1,775		6,567
PolarityTE, Inc.(a)(b)		282		874
Portola Pharmaceuticals, Inc.(a)(b)		2,716		34,738
Precigen, Inc.(a)(b)		2,222		10,332
Precision BioSciences, Inc.(a)(b)		1,437		11,625
Principia Biopharma, Inc.(a)		597		31,432
Progenics Pharmaceuticals, Inc.(a)(b)		2,297		10,245
Protagonist Therapeutics, Inc.(a)		857		6,470
Prothena Corp. PLC(a)		1,072		13,046
PTC Therapeutics, Inc.(a)		2,229		114,793
Puma Biotechnology, Inc.(a)(b)		955		7,506
Ra Pharmaceuticals, Inc.(a)		1,180		55,307
Radius Health, Inc.(a)		1,660		29,150
Recro Pharma, Inc.(a)		902		14,874
Regeneron Pharmaceuticals, Inc.(a)		2,924		988,137
REGENXBIO, Inc.(a)		1,239		53,934
Replimune Group, Inc.(a)		75		1,192
Retrophin, Inc.(a)		1,474		22,788
Rhythm Pharmaceuticals, Inc.(a)		866		15,190
Rigel Pharmaceuticals, Inc.(a)		5,790		13,085

SCHEDULES OF INVESTMENTS 49

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Biotechnology (continued)
Rocket Pharmaceuticals, Inc.(a)		1,295	$	26,522
Rubius Therapeutics, Inc.(a)(b)		1,723		13,439
Sage Therapeutics, Inc.(a)(b)		1,808		119,834
Sangamo Therapeutics, Inc.(a)(b)		4,375		32,069
Sarepta Therapeutics, Inc.(a)		2,508		290,828
Savara, Inc.(a)		756		1,981
Scholar Rock Holding Corp.(a)		553		6,796
Seattle Genetics, Inc.(a)		4,142		448,951
Seres Therapeutics, Inc.(a)		199		649
Solid Biosciences, Inc.(a)		285		955
Sorrento Therapeutics, Inc.(a)(b)		4,352		16,668
Spectrum Pharmaceuticals, Inc.(a)		4,590		11,613
SpringWorks Therapeutics, Inc.(a)		476		14,984
Stemline Therapeutics, Inc.(a)		1,839		12,193
Stoke Therapeutics, Inc.(a)		449		12,554
Synlogic, Inc.(a)(b)		1,296		3,473
Syros Pharmaceuticals, Inc.(a)(b)		750		5,295
TCR2 Therapeutics, Inc.(a)		664		9,748
TG Therapeutics, Inc.(a)		3,494		49,650
Tocagen, Inc.(a)(b)		1,244		621
Translate Bio, Inc.(a)(b)		1,171		8,396
Turning Point Therapeutics, Inc.(a)		1,005		58,792
Twist Bioscience Corp.(a)		504		12,519
Tyme Technologies, Inc.(a)(b)		7,772		10,881
Ultragenyx Pharmaceutical, Inc.(a)		2,045		107,465
United Therapeutics Corp.(a)		1,522		148,654
UNITY Biotechnology, Inc.(a)(b)		1,493		8,809
UroGen Pharma Ltd.(a)(b)		839		24,675
Vanda Pharmaceuticals, Inc.(a)		1,628		20,757
Veracyte, Inc.(a)		1,670		43,837
Vericel Corp.(a)		1,620		26,568
Vertex Pharmaceuticals, Inc.(a)		9,033		2,050,943
Viking Therapeutics, Inc.(a)(b)		2,199		13,810
Voyager Therapeutics, Inc.(a)		667		7,357
X4 Pharmaceuticals, Inc.(a)		56		465
XBiotech, Inc.(a)(b)		663		14,858
Xencor, Inc.(a)		1,761		59,768
Y-mAbs Therapeutics, Inc.(a)		811		26,755
ZIOPHARM Oncology, Inc.(a)(b)		4,642		18,289
				26,564,558
Building Products — 0.4%
AAON, Inc.		1,548		81,177
Advanced Drainage Systems, Inc.		1,656		68,840
Allegion PLC		3,316		428,825
Ameresco, Inc., Class A(a)		824		15,813
American Woodmark Corp.(a)(b)		609		66,777
AO Smith Corp.		4,819		205,723
Apogee Enterprises, Inc.		840		26,729
Armstrong Flooring, Inc.(a)		377		1,335
Armstrong World Industries, Inc.		1,725		173,069
Builders FirstSource, Inc.(a)		4,108		101,858
Caesarstone Ltd.		516		6,749
Continental Building Products, Inc.(a)		1,338		49,493
Cornerstone Building Brands, Inc.(a)		1,292		11,085
CSW Industrials, Inc.		651		49,398
Fortune Brands Home & Security, Inc.		4,944		339,702
Gibraltar Industries, Inc.(a)		1,147		62,534
Griffon Corp.		1,493		31,039
Insteel Industries, Inc.		524		11,722
JELD-WEN Holding, Inc.(a)		2,185		52,178
Johnson Controls International PLC		27,336		1,078,405
Lennox International, Inc.		1,224		285,167
Masco Corp.		9,990		474,725
Masonite International Corp.(a)		824		61,891

Security	Shares		Value
Building Products (continued)
Owens Corning		3,742	$	226,354
Patrick Industries, Inc.		762		39,533
PGT Innovations, Inc.(a)		1,672		25,916
Quanex Building Products Corp.		1,001		17,738
Resideo Technologies, Inc.(a)(b)		3,941		40,119
Simpson Manufacturing Co., Inc.		1,608		132,933
Trex Co., Inc.(a)(b)		2,039		200,311
Universal Forest Products, Inc.		1,894		90,723
				4,457,861
Capital Markets — 2.5%
Affiliated Managers Group, Inc.		1,796		143,411
Ameriprise Financial, Inc.		4,504		745,007
Ares Management Corp., Class A		2,409		86,869
Arlington Asset Investment Corp., Class A		839		4,766
Artisan Partners Asset Management, Inc., Class A		1,678		56,045
AssetMark Financial Holdings(a)		403		11,820
Associated Capital Group, Inc., Class A		82		3,425
B. Riley Financial, Inc.		660		17,701
Bank of New York Mellon Corp.		28,914		1,294,769
BGC Partners, Inc., Class A		10,824		62,455
BlackRock, Inc.(f)		4,209		2,219,616
Blucora, Inc.(a)		1,592		35,900
BrightSphere Investment Group PLC(a)		2,330		21,459
Cboe Global Markets, Inc.		3,911		481,913
Charles Schwab Corp.		40,584		1,848,601
CME Group, Inc.		12,520		2,718,217
Cohen & Steers, Inc.		805		59,554
Cowen, Inc., Class A(a)		773		12,422
Diamond Hill Investment Group, Inc.		101		14,218
Donnelley Financial Solutions, Inc.(a)		1,284		11,633
E*Trade Financial Corp.		7,928		337,891
Eaton Vance Corp.		4,040		184,830
Evercore, Inc., Class A		1,368		104,816
Federated Investors, Inc., Class B		3,354		121,515
Focus Financial Partners, Inc., Class A(a)		959		27,092
Franklin Resources, Inc.		9,758		246,877
GAIN Capital Holdings, Inc.		726		2,839
GAMCO Investors, Inc., Class A		133		2,201
Goldman Sachs Group, Inc.		11,335		2,694,896
Greenhill & Co., Inc.(b)		768		12,027
Hamilton Lane, Inc., Class A		821		53,324
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		2,502		85,293
Houlihan Lokey, Inc.		1,282		66,472
Intercontinental Exchange, Inc.		19,387		1,933,659
INTL. FCStone, Inc.(a)		561		26,737
Invesco Ltd.		13,988		241,992
Janus Henderson Group PLC		5,861		148,108
Ladenburg Thalmann Financial Services, Inc.		2,661		9,287
Lazard Ltd., Class A		3,645		152,944
Legg Mason, Inc.		3,003		117,567
LPL Financial Holdings, Inc.		2,899		267,085
MarketAxess Holdings, Inc.		1,297		459,372
Moelis & Co., Class A		1,809		65,124
Moody’s Corp.		5,820		1,494,518
Morgan Stanley		41,031		2,144,280
MSCI, Inc.		2,886		824,819
Nasdaq, Inc.		4,084		475,623
Northern Trust Corp.		6,860		670,977
Oppenheimer Holdings, Inc., Class A		269		7,411
Piper Jaffray Cos.		472		38,907
PJT Partners, Inc., Class A		1,005		46,250
Pzena Investment Management, Inc., Class A		1,238		10,139
Raymond James Financial, Inc.		4,409		403,115

50 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Capital Markets (continued)
S&P Global, Inc.		8,691	$	2,552,807
Safeguard Scientifics, Inc.		589		6,267
Sculptor Capital Management, Inc.		456		10,461
SEI Investments Co.		4,563		297,781
State Street Corp.		12,848		971,694
Stifel Financial Corp.		2,032		131,450
T. Rowe Price Group, Inc.		8,054		1,075,451
TD Ameritrade Holding Corp.		9,367		444,745
Virtu Financial, Inc., Class A		1,609		26,854
Virtus Investment Partners, Inc.		267		32,849
Waddell & Reed Financial, Inc., Class A		2,763		44,153
Westwood Holdings Group, Inc.		168		4,717
WisdomTree Investments, Inc.		3,376		14,213
				28,941,230
Chemicals — 1.7%
A. Schulman, Inc.(c)		817		354
Advanced Emissions Solutions, Inc.		8		91
AdvanSix, Inc.(a)		1,050		19,656
Air Products & Chemicals, Inc.		7,754		1,850,957
Albemarle Corp.		3,803		305,305
American Vanguard Corp.		632		11,806
Ashland Global Holdings, Inc.		2,257		166,973
Axalta Coating Systems Ltd.(a)		7,269		209,420
Balchem Corp.		1,144		123,575
Cabot Corp.		1,967		78,385
Celanese Corp.		4,212		435,942
CF Industries Holdings, Inc.		7,711		310,599
Chase Corp.		210		19,314
Chemours Co.		5,702		79,087
Codexis, Inc.(a)		1,582		24,806
Corteva, Inc.(a)		26,371		762,649
Dow, Inc.(a)		26,635		1,227,074
DuPont de Nemours, Inc.		26,166		1,339,176
Eastman Chemical Co.		4,696		334,684
Ecolab, Inc.		8,960		1,757,146
Element Solutions, Inc.(a)		8,319		97,332
Ferro Corp.(a)		2,525		34,542
Flotek Industries, Inc.(a)(b)		1,115		1,895
FMC Corp.		4,648		444,302
FutureFuel Corp.		633		6,938
GCP Applied Technologies, Inc.(a)(b)		1,984		44,084
Hawkins, Inc.		210		8,774
HB Fuller Co.		1,761		81,376
Huntsman Corp.		7,853		161,458
Ingevity Corp.(a)		1,501		97,895
Innophos Holdings, Inc.		560		17,898
Innospec, Inc.		862		86,829
International Flavors & Fragrances, Inc.		3,752		491,925
Intrepid Potash, Inc.(a)(b)		2,818		6,707
Koppers Holdings, Inc.(a)		682		21,401
Kraton Corp.(a)		1,033		16,993
Kronos Worldwide, Inc.		777		8,423
Landec Corp.(a)		899		10,069
Linde PLC		18,968		3,852,970
Livent Corp.(a)		5,602		52,715
LSB Industries, Inc.(a)(b)		74		223
LyondellBasell Industries NV, Class A		9,406		732,351
Minerals Technologies, Inc.		1,323		71,614
Mosaic Co.		12,667		251,313
NewMarket Corp.		240		105,509
Olin Corp.		5,829		86,677
OMNOVA Solutions, Inc.(a)		1,355		13,699
Orion Engineered Carbons SA		2,251		35,341
PolyOne Corp.		2,703		89,685

Security	Shares		Value
Chemicals (continued)
PPG Industries, Inc.		8,241	$	987,601
PQ Group Holdings, Inc.(a)		1,043		15,968
Quaker Chemical Corp.(b)		468		77,697
Rayonier Advanced Materials, Inc.		1,732		5,335
RPM International, Inc.		4,498		321,022
Scotts Miracle-Gro Co.		1,384		169,872
Sensient Technologies Corp.		1,411		84,307
Sherwin-Williams Co.		2,918		1,625,297
Stepan Co.		804		79,315
Trecora Resources(a)		733		4,962
Tredegar Corp.		681		13,858
Trinseo SA		1,460		41,931
Tronox Holdings PLC, Class A(a)		3,493		29,551
Valvoline, Inc.		6,732		141,911
Westlake Chemical Corp.		1,293		79,132
WR Grace & Co.		1,969		132,632
				19,798,328
Commercial Services & Supplies — 0.6%
ABM Industries, Inc.		2,523		96,227
ACCO Brands Corp.		3,640		31,450
ADT, Inc.(b)		4,546		28,185
Advanced Disposal Services, Inc.(a)		2,658		87,581
BrightView Holdings, Inc.(a)(b)		1,198		18,928
Brink’s Co.		1,728		145,480
Casella Waste Systems, Inc., Class A(a)		1,808		92,552
CECO Environmental Corp.(a)		925		7,030
Cimpress PLC(a)(b)		659		78,836
Cintas Corp.		2,976		830,215
Clean Harbors, Inc.(a)		1,793		147,420
Copart, Inc.(a)		7,117		722,091
Covanta Holding Corp.		3,766		56,415
Deluxe Corp.		1,445		69,649
Encore Capital Group, Inc.(a)(b)		937		31,811
Ennis, Inc.		1,476		30,789
Harsco Corp.(a)		2,574		38,353
Healthcare Services Group, Inc.		2,819		72,166
Heritage-Crystal Clean, Inc.(a)(b)		397		11,255
Herman Miller, Inc.		2,044		79,001
HNI Corp.		1,510		54,315
IAA, Inc.(a)(b)		4,804		227,037
InnerWorkings, Inc.(a)		577		2,395
Interface, Inc.		1,828		29,394
KAR Auction Services, Inc.		4,804		100,980
Kimball International, Inc., Class B		1,050		19,719
Knoll, Inc.		1,883		46,623
McGrath RentCorp		922		71,289
Mobile Mini, Inc.		1,436		59,939
MSA Safety, Inc.		1,271		172,348
Pitney Bowes, Inc.		5,809		21,726
Quad/Graphics, Inc.		1,100		4,675
Republic Services, Inc.		7,463		709,358
Rollins, Inc.		4,866		184,665
RR Donnelley & Sons Co.		2,845		6,828
SP Plus Corp.(a)		647		27,051
Steelcase, Inc., Class A		3,210		59,738
Stericycle, Inc.(a)(b)		3,208		201,077
Sykes Enterprises, Inc.(a)		1,447		48,605
Team, Inc.(a)		945		12,852
Tetra Tech, Inc.		1,929		165,122
UniFirst Corp.		539		109,918
US Ecology, Inc.		1,069		57,737
Viad Corp.		784		50,960
VSE Corp.		300		9,333

SCHEDULES OF INVESTMENTS 51

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Commercial Services & Supplies (continued)
Waste Management, Inc.		14,873	$	1,810,044
				6,939,162
Communications Equipment — 0.9%
Acacia Communications, Inc.(a)		1,414		96,930
ADTRAN, Inc.		1,464		13,249
Applied Optoelectronics, Inc.(a)(b)		492		5,560
Arista Networks, Inc.(a)		2,099		468,791
Bel Fuse, Inc., Class B		206		3,568
CalAmp Corp.(a)		1,415		13,612
Calix, Inc.(a)		1,374		12,586
Casa Systems, Inc.(a)(b)		501		2,009
Ciena Corp.(a)		5,390		219,211
Cisco Systems, Inc.		151,675		6,972,500
Clearfield, Inc.(a)		214		2,722
CommScope Holding Co., Inc.(a)		6,946		84,637
Comtech Telecommunications Corp.		769		22,232
Digi International, Inc.(a)		916		14,468
EchoStar Corp., Class A(a)		1,620		64,646
Extreme Networks, Inc.(a)		3,777		22,284
F5 Networks, Inc.(a)		2,171		265,122
Harmonic, Inc.(a)(b)		3,609		25,389
Infinera Corp.(a)		5,581		41,132
Inseego Corp.(a)(b)		1,776		11,917
InterDigital, Inc.		1,091		60,278
Juniper Networks, Inc.		11,918		273,399
KVH Industries, Inc.(a)		368		3,787
Loral Space & Communications, Inc.(a)		436		14,026
Lumentum Holdings, Inc.(a)		2,668		202,154
Motorola Solutions, Inc.		6,061		1,072,797
NETGEAR, Inc.(a)		984		25,308
Plantronics, Inc.		1,205		34,608
Ribbon Communications, Inc.(a)		1,319		3,720
Ubiquiti, Inc.		293		47,882
ViaSat, Inc.(a)		1,998		127,173
Viavi Solutions, Inc.(a)		7,781		109,712
				10,337,409
Construction & Engineering — 0.2%
AECOM(a)		5,607		270,426
Aegion Corp.(a)		966		20,189
Arcosa, Inc.		1,861		81,419
Argan, Inc.		484		20,381
Comfort Systems USA, Inc.		1,276		59,206
Construction Partners, Inc., Class A(a)		670		11,243
Dycom Industries, Inc.(a)(b)		1,030		41,633
EMCOR Group, Inc.		1,972		162,039
Fluor Corp.		4,956		88,663
Granite Construction, Inc.		1,707		46,311
Great Lakes Dredge & Dock Corp.(a)		2,420		25,337
IES Holdings, Inc.(a)		192		4,802
Jacobs Engineering Group, Inc.		4,596		425,268
KBR, Inc.		5,016		136,435
MasTec, Inc.(a)(b)		2,132		123,123
MYR Group, Inc.(a)		480		13,786
Northwest Pipe Co.(a)		487		15,939
NV5 Global, Inc.(a)(b)		272		16,894
Primoris Services Corp.		1,242		26,492
Quanta Services, Inc.		4,973		194,693
Sterling Construction Co., Inc.(a)		736		9,697
Tutor Perini Corp.(a)		1,212		13,647
WillScot Corp.(a)		2,187		41,225
				1,848,848

Security	Shares		Value
Construction Materials — 0.1%
Eagle Materials, Inc.		1,483	$	135,205
Forterra, Inc.(a)(b)		880		11,396
Martin Marietta Materials, Inc.		2,190		577,722
Summit Materials, Inc., Class A(a)		3,979		87,419
United States Lime & Minerals, Inc.		114		10,232
US Concrete, Inc.(a)		548		19,503
Vulcan Materials Co.		4,681		662,970
				1,504,447
Consumer Discretionary — 0.0%
Acushnet Holdings Corp.		1,308		40,509
American Outdoor Brands Corp.(a)		1,541		14,516
At Home Group, Inc.(a)		2,006		11,354
Camping World Holdings, Inc., Class A		1,130		17,594
				83,973
Consumer Finance — 0.7%
Ally Financial, Inc.		13,274		425,166
American Express Co.		23,881		3,101,425
Capital One Financial Corp.		16,406		1,637,319
Credit Acceptance Corp.(a)(b)		369		158,294
Curo Group Holdings Corp.(a)		395		4,112
Discover Financial Services		11,051		830,262
Elevate Credit, Inc.(a)		1,628		9,459
Enova International, Inc.(a)		1,442		36,137
Ezcorp, Inc., Class A(a)		1,575		9,797
FirstCash, Inc.		1,565		136,108
Green Dot Corp., Class A(a)(b)		1,798		54,084
I3 Verticals, Inc., Class A(a)(b)		417		13,465
LendingClub Corp.(a)		2,109		24,717
Navient Corp.		7,525		108,209
Nelnet, Inc., Class A		589		33,726
OneMain Holdings, Inc.		2,199		93,172
PRA Group, Inc.(a)		1,470		51,979
Regional Management Corp.(a)		217		5,978
Santander Consumer USA Holdings, Inc.		3,704		98,600
SLM Corp.		15,964		174,327
Synchrony Financial		22,702		735,772
World Acceptance Corp.(a)		213		18,418
				7,760,526
Containers & Packaging — 0.4%
AptarGroup, Inc.		2,235		258,165
Ardagh Group SA		343		6,544
Avery Dennison Corp.		2,894		379,809
Ball Corp.		11,357		819,748
Berry Global Group, Inc.(a)		4,660		198,143
Crown Holdings, Inc.(a)		4,590		339,798
Graphic Packaging Holding Co.		10,329		161,442
Greif, Inc., Class A		807		32,619
Greif, Inc., Class B		150		7,110
International Paper Co.		13,830		563,158
Myers Industries, Inc.		958		15,501
O-I Glass, Inc.		6,023		76,010
Packaging Corp. of America		3,306		316,550
Sealed Air Corp.		5,598		198,729
Silgan Holdings, Inc.		2,921		90,142
Sonoco Products Co.		3,494		199,647
UFP Technologies, Inc.(a)		191		8,906
Westrock Co.		9,056		353,184
				4,025,205
Distributors — 0.1%
Core-Mark Holding Co., Inc.		1,551		36,355
Funko, Inc., Class A(a)(b)		475		7,139
Genuine Parts Co.		4,858		454,563

52 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Distributors (continued)
LKQ Corp.(a)		10,900	$	356,266
Pool Corp.		1,332		292,108
Weyco Group, Inc.		221		5,006
				1,151,437
Diversified Consumer Services — 0.2%
2U, Inc.(a)(b)		1,992		39,461
Adtalem Global Education, Inc.(a)		1,841		63,533
American Public Education, Inc.(a)		510		12,153
Bright Horizons Family Solutions, Inc.(a)		2,031		332,536
Carriage Services, Inc.		750		17,752
Chegg, Inc.(a)		4,248		175,145
Collectors Universe, Inc.		378		9,284
frontdoor, Inc.(a)(b)		3,016		128,421
Graham Holdings Co., Class B		162		88,974
Grand Canyon Education, Inc.(a)		1,699		132,998
H&R Block, Inc.		6,799		157,737
Houghton Mifflin Harcourt Co.(a)(b)		3,459		19,094
K12, Inc.(a)		1,226		19,788
Laureate Education, Inc., Class A(a)		3,988		83,110
Matthews International Corp., Class A		1,044		38,962
OneSpaWorld Holdings Ltd.		1,738		26,087
Regis Corp.(a)(b)		1,081		16,777
Select Interior Concepts, Inc., Class A(a)		895		7,393
Service Corp. International		6,277		300,982
ServiceMaster Global Holdings, Inc.(a)		4,921		177,402
Strategic Education, Inc.		783		127,073
WW International, Inc.(a)(b)		1,673		55,175
				2,029,837
Diversified Financial Services — 1.5%
Berkshire Hathaway, Inc., Class B(a)		69,177		15,525,394
Cannae Holdings, Inc.(a)		2,296		93,355
Equitable Holdings, Inc.		14,752		354,343
FactSet Research Systems, Inc.		1,336		382,243
FGL Holdings		5,863		56,578
Interactive Brokers Group, Inc., Class A		2,719		127,793
Jefferies Financial Group, Inc.		9,448		204,455
Marlin Business Services Corp.		218		4,295
Morningstar, Inc.		668		104,802
On Deck Capital, Inc.(a)(b)		1,669		6,810
PICO Holdings, Inc.(a)		421		4,189
Voya Financial, Inc.		4,878		291,363
				17,155,620
Diversified Telecommunication Services — 1.7%
8x8, Inc.(a)		3,052		56,828
Anterix, Inc.(a)		518		24,066
AT&T, Inc.		258,384		9,720,406
ATN International, Inc.		370		21,412
Bandwidth, Inc., Class A(a)		591		41,937
CenturyLink, Inc.		38,641		527,836
Cincinnati Bell, Inc.(a)		1,146		15,712
Cogent Communications Holdings, Inc.		1,526		108,239
Consolidated Communications Holdings, Inc.		2,166		10,462
Frontier Communications Corp.(a)(b)		2,893		1,596
Intelsat SA(a)		2,227		7,594
Iridium Communications, Inc.(a)		3,594		91,827
Ooma, Inc.(a)		719		9,440
ORBCOMM, Inc.(a)		2,610		9,370
Verizon Communications, Inc.		146,365		8,699,936
Vonage Holdings Corp.(a)		7,711		68,397
Zayo Group Holdings, Inc.(a)		7,977		277,201
				19,692,259

Security	Shares		Value
Education Services — 0.0%
Perdoceo Education Corp.(a)(b)		2,686	$	47,757
Electric Utilities — 2.0%
ALLETE, Inc.		1,811		151,182
Alliant Energy Corp.		8,228		488,414
American Electric Power Co., Inc.		17,277		1,800,609
Avangrid, Inc.		2,025		107,851
Duke Energy Corp.		25,671		2,506,260
Edison International		12,400		949,220
El Paso Electric Co.		1,463		99,616
Entergy Corp.		6,907		908,409
Evergy, Inc.		8,015		578,362
Eversource Energy		11,333		1,047,623
Exelon Corp.		34,225		1,628,768
FirstEnergy Corp.		19,063		968,210
Hawaiian Electric Industries, Inc.		3,916		191,532
IDACORP, Inc.		1,715		192,406
MGE Energy, Inc.		1,319		105,428
NextEra Energy, Inc.		17,248		4,625,914
OGE Energy Corp.		6,947		318,520
Otter Tail Corp.		1,625		87,035
PG&E Corp.(a)		18,564		282,358
Pinnacle West Capital Corp.		3,894		380,405
PNM Resources, Inc.		2,950		159,978
Portland General Electric Co.		3,019		185,668
PPL Corp.		25,483		922,230
Southern Co.		37,100		2,611,840
Spark Energy, Inc., Class A		516		4,897
Unitil Corp.		767		47,316
Xcel Energy, Inc.		18,271		1,264,170
				22,614,221
Electrical Equipment — 0.6%
Acuity Brands, Inc.		1,431		168,672
Allied Motion Technologies, Inc.		178		8,160
American Superconductor Corp.(a)		1,101		6,914
AMETEK, Inc.		7,930		770,399
Atkore International Group, Inc.(a)		1,571		62,369
AZZ, Inc.		902		37,216
Bloom Energy Corp., Class A(a)(b)		2,508		19,763
Brady Corp., Class A		1,612		89,256
Eaton Corp. PLC		14,390		1,359,423
Emerson Electric Co.		21,697		1,554,156
Encore Wire Corp.		957		51,975
Energous Corp.(a)(b)		545		856
EnerSys		1,483		106,717
Franklin Electric Co., Inc.		1,806		104,188
Generac Holdings, Inc.(a)		2,161		223,858
GrafTech International Ltd.		2,430		26,074
Hubbell, Inc.		1,910		273,569
nVent Electric PLC		5,382		134,012
Plug Power, Inc.(a)(b)		6,497		25,111
Powell Industries, Inc.		401		16,549
Preformed Line Products Co.		83		4,533
Regal-Beloit Corp.		1,419		111,335
Rockwell Automation, Inc.		4,066		779,290
Sensata Technologies Holding PLC(a)		5,556		262,632
Sunrun, Inc.(a)		3,931		66,945
Thermon Group Holdings, Inc.(a)		911		21,591
TPI Composites, Inc.(a)		945		19,609
Vicor Corp.(a)		534		26,727
				6,331,899
Electronic Equipment, Instruments & Components — 0.7%
Agilysys, Inc.(a)		963		31,298
Akoustis Technologies, Inc.(a)(b)		1,380		10,143

SCHEDULES OF INVESTMENTS 53

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Electronic Equipment, Instruments & Components (continued)
Amphenol Corp., Class A		10,258	$	1,020,363
Anixter International, Inc.(a)(b)		1,153		112,533
Arlo Technologies, Inc.(a)		1,948		8,318
Arrow Electronics, Inc.(a)		2,792		212,024
Avnet, Inc.		3,640		132,824
AVX Corp.		1,595		32,331
Badger Meter, Inc.		960		56,698
Belden, Inc.		1,568		77,255
Benchmark Electronics, Inc.		1,484		45,678
CDW Corp.		5,076		662,164
Cognex Corp.		5,919		301,691
Coherent, Inc.(a)		854		120,781
Corning, Inc.		26,679		712,063
CTS Corp.		939		27,522
Daktronics, Inc.		624		3,682
Dolby Laboratories, Inc., Class A		2,229		154,559
ePlus, Inc.(a)		424		33,801
Fabrinet(a)		1,353		85,293
FARO Technologies, Inc.(a)		560		28,930
Fitbit, Inc., Series A(a)		7,031		45,842
FLIR Systems, Inc.		4,600		237,084
II-VI, Inc.(a)(b)		3,040		102,296
Insight Enterprises, Inc.(a)		1,302		85,763
IntriCon Corp.(a)(b)		198		3,372
IPG Photonics Corp.(a)		1,291		164,822
Itron, Inc.(a)		1,232		100,716
Jabil, Inc.		5,273		205,067
KEMET Corp.		2,179		56,741
Keysight Technologies, Inc.(a)		6,656		618,941
Kimball Electronics, Inc.(a)		871		14,093
Knowles Corp.(a)		3,056		60,295
Littelfuse, Inc.		869		153,735
Mesa Laboratories, Inc.		146		38,316
Methode Electronics, Inc.		1,155		37,826
MTS Systems Corp.		724		36,700
Napco Security Technologies, Inc.(a)		234		6,880
National Instruments Corp.		4,607		205,610
nLight, Inc.(a)(b)		1,181		20,750
Novanta, Inc.(a)		1,223		110,963
OSI Systems, Inc.(a)		626		54,174
PAR Technology Corp.(a)		598		20,350
PC Connection, Inc.		479		23,873
Plexus Corp.(a)		1,011		71,902
Rogers Corp.(a)		674		79,363
Sanmina Corp.(a)		2,476		78,836
ScanSource, Inc.(a)		754		26,307
SYNNEX Corp.		1,453		200,165
Tech Data Corp.(a)		1,257		180,933
Trimble, Inc.(a)		8,906		378,683
TTM Technologies, Inc.(a)		3,796		54,624
Universal Display Corp.		1,474		259,675
Vishay Intertechnology, Inc.		4,898		99,380
Vishay Precision Group, Inc.(a)(b)		235		8,117
Zebra Technologies Corp., Class A(a)		1,890		451,748
				8,163,893
Energy Equipment & Services — 0.4%
Apergy Corp.(a)		2,892		74,787
Archrock, Inc.		3,980		33,233
Baker Hughes Co.		23,343		505,609
Cactus, Inc., Class A		1,806		52,049
Covia Holdings Corp.(a)(b)		984		1,574
Diamond Offshore Drilling, Inc.(a)		2,137		9,894
Dril-Quip, Inc.(a)(b)		1,277		52,229
Era Group, Inc.(a)		614		6,103

Security	Shares		Value
Energy Equipment & Services (continued)
Exterran Corp.(a)		1,098	$	5,929
Forum Energy Technologies, Inc.(a)(b)		2,686		2,847
Frank’s International NV(a)		4,988		17,458
FTS International, Inc.(a)		1,340		820
Geospace Technologies Corp.(a)		756		10,138
Halliburton Co.		31,329		683,286
Helix Energy Solutions Group, Inc.(a)		4,203		35,053
Helmerich & Payne, Inc.		3,840		155,712
KLX Energy Services Holdings, Inc.(a)(b)		879		3,551
Liberty Oilfield Services, Inc., Class A		1,908		16,180
Mammoth Energy Services, Inc.		259		368
Matrix Service Co.(a)		1,242		24,989
Nabors Industries Ltd.		10,866		22,493
National Energy Services Reunited Corp.(a)		1,333		8,784
National Oilwell Varco, Inc.		13,645		281,223
Natural Gas Services Group, Inc.(a)		1,326		13,950
Newpark Resources, Inc.(a)		2,639		13,195
NexTier Oilfield Solutions Inc.(a)		5,168		26,615
Nine Energy Service, Inc.(a)		292		1,413
Noble Corp. PLC(a)		6,973		5,633
Oceaneering International, Inc.(a)		3,336		41,400
Oil States International, Inc.(a)		1,913		20,622
Pacific Drilling SA(a)		1,781		3,277
Parker Drilling Co.(a)		500		8,410
Patterson-UTI Energy, Inc.		6,690		53,119
ProPetro Holding Corp.(a)		2,681		26,113
RigNet, Inc.(a)		264		1,098
RPC, Inc.		2,009		9,101
Schlumberger Ltd.		48,702		1,632,004
SEACOR Holdings, Inc.(a)		540		20,299
SEACOR Marine Holdings, Inc.(a)		312		3,257
Select Energy Services, Inc., Class A(a)		1,380		9,605
Solaris Oilfield Infrastructure, Inc., Class A		756		8,717
TETRA Technologies, Inc.(a)		3,785		5,791
Tidewater, Inc.(a)		1,293		19,628
Transocean Ltd.(a)		21,175		96,558
Unit Corp.(a)(b)		1,625		650
				4,024,764
Entertainment — 0.8%
Activision Blizzard, Inc.		26,920		1,574,282
AMC Entertainment Holdings, Inc., Class A(b)		2,291		14,937
Electronic Arts, Inc.(a)		10,302		1,111,792
Glu Mobile, Inc.(a)		3,454		20,379
Live Nation Entertainment, Inc.(a)		4,415		300,926
Netflix, Inc.(a)(b)		14,910		5,145,292
Roku, Inc.(a)		3,016		364,785
Spotify Technology SA(a)(b)		4,171		589,362
Take-Two Interactive Software, Inc.(a)(b)		3,955		492,951
World Wrestling Entertainment, Inc., Class A		1,576		77,035
				9,691,741
Equity Real Estate Investment Trusts (REITs) — 3.9%
Acadia Realty Trust		2,748		68,205
Agree Realty Corp.		1,534		116,477
Alexander’s, Inc.		94		30,332
Alexandria Real Estate Equities, Inc.		4,013		654,922
American Assets Trust, Inc.		1,829		83,329
American Campus Communities, Inc.		4,811		220,681
American Finance Trust, Inc.		4,079		52,905
American Homes 4 Rent, Class A		9,063		247,692
American Tower Corp.		15,548		3,603,094
Americold Realty Trust		6,783		233,810
Anworth Mortgage Asset Corp.		2,687		9,619
Apartment Investment & Management Co., Class A		5,025		264,868

54 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
Apollo Commercial Real Estate Finance, Inc.		4,854	$	88,731
Apple Hospitality REIT, Inc.		7,957		119,514
Ares Commercial Real Estate Corp.		1,122		18,333
Armada Hoffler Properties, Inc.		3,028		55,534
ARMOUR Residential REIT, Inc.		1,713		32,992
Ashford Hospitality Trust, Inc.		2,782		6,844
AvalonBay Communities, Inc.		4,859		1,052,897
Blackstone Mortgage Trust, Inc., Class A		4,351		166,208
Bluerock Residential Growth REIT, Inc.		1,804		20,818
Boston Properties, Inc.		5,438		779,537
Brandywine Realty Trust		6,024		94,095
Brixmor Property Group, Inc.		10,665		212,873
Brookfield Property REIT, Inc., Class A		1,894		34,963
Camden Property Trust		3,168		356,178
Capstead Mortgage Corp.		2,469		20,295
Catchmark Timber Trust, Inc., Class A		1,412		14,487
CBL & Associates Properties, Inc.		4,513		3,791
Cedar Realty Trust, Inc.		1,848		4,805
Chatham Lodging Trust		2,016		32,962
Cherry Hill Mortgage Investment Corp.		1,220		18,739
Chimera Investment Corp.		5,508		116,770
City Office REIT, Inc.		1,953		26,405
Clipper Realty, Inc.		393		4,189
Colony Capital, Inc.		17,406		81,286
Columbia Property Trust, Inc.		3,723		78,555
Community Healthcare Trust, Inc.		938		44,245
CoreCivic, Inc.		4,168		66,480
CorEnergy Infrastructure Trust, Inc.		520		23,712
CorePoint Lodging, Inc.		1,425		13,039
CoreSite Realty Corp.		1,284		150,806
Corporate Office Properties Trust		4,042		120,330
Cousins Properties, Inc.		5,159		211,158
Crown Castle International Corp.		14,659		2,196,505
CubeSmart		6,648		210,542
CyrusOne, Inc.		3,924		238,775
DiamondRock Hospitality Co.		8,483		82,031
Digital Realty Trust, Inc.		7,342		902,993
Diversified Healthcare Trust		8,842		68,260
Douglas Emmett, Inc.		5,978		248,087
Duke Realty Corp.		12,681		460,447
Easterly Government Properties, Inc.		3,315		80,256
EastGroup Properties, Inc.		1,270		172,809
Empire State Realty Trust, Inc., Class A		5,879		79,719
EPR Properties		2,734		195,126
Equinix, Inc.		3,014		1,777,446
Equity Commonwealth		4,506		147,752
Equity LifeStyle Properties, Inc.		5,958		433,445
Equity Residential		12,705		1,055,531
Essex Property Trust, Inc.		2,279		705,943
Extra Space Storage, Inc.		4,424		489,648
Farmland Partners, Inc.		2,041		13,226
Federal Realty Investment Trust		2,549		318,676
First Industrial Realty Trust, Inc.		4,369		186,556
Four Corners Property Trust, Inc.		2,267		68,667
Franklin Street Properties Corp.		2,880		21,888
Gaming and Leisure Properties, Inc.		7,062		333,715
Geo Group, Inc.		4,037		63,785
Getty Realty Corp.		1,530		48,226
Gladstone Commercial Corp.		2,038		43,450
Global Net Lease, Inc.		3,473		71,995
Healthcare Realty Trust, Inc.		4,517		162,883
Healthcare Trust of America, Inc., Class A		6,935		222,128
Healthpeak Properties, Inc.		17,239		620,432
Hersha Hospitality Trust		1,059		13,735

Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
Highwoods Properties, Inc.		3,675	$	184,154
Host Hotels & Resorts, Inc.		25,102		410,167
Hudson Pacific Properties, Inc.		5,440		197,690
Independence Realty Trust, Inc.		4,199		61,599
Industrial Logistics Properties Trust		2,854		65,328
Innovative Industrial Properties, Inc.		403		36,069
Investors Real Estate Trust		324		23,879
Invitation Homes, Inc.		18,454		580,747
Iron Mountain, Inc.		10,002		316,163
iStar, Inc.		1,888		27,489
JBG SMITH Properties		4,499		182,434
Jernigan Capital, Inc.		475		9,495
Kilroy Realty Corp.		3,723		307,408
Kimco Realty Corp.		14,102		268,643
Kite Realty Group Trust		3,058		52,598
Lamar Advertising Co., Class A		3,025		280,750
Lexington Realty Trust		8,078		89,423
Liberty Property Trust		5,474		342,946
Life Storage, Inc.		1,653		187,087
LTC Properties, Inc.		1,396		64,439
Macerich Co.		5,034		112,309
Mack-Cali Realty Corp.		3,138		68,911
Medical Properties Trust, Inc.		17,509		387,824
MFA Financial, Inc.		15,427		120,331
Mid-America Apartment Communities, Inc.		3,981		546,233
Monmouth Real Estate Investment Corp.		3,027		44,285
National Health Investors, Inc.		1,441		121,592
National Retail Properties, Inc.		6,021		337,176
National Storage Affiliates Trust		1,946		66,456
New Residential Investment Corp.		14,262		238,746
New Senior Investment Group, Inc.		3,694		28,148
New York Mortgage Trust, Inc.		7,067		44,875
NexPoint Residential Trust, Inc.		688		33,574
Office Properties Income Trust		1,678		57,102
Omega Healthcare Investors, Inc.		7,535		316,093
One Liberty Properties, Inc.		642		17,552
Orchid Island Capital, Inc.		1,593		9,622
Outfront Media, Inc.		5,156		153,339
Paramount Group, Inc.		8,065		113,394
Park Hotels & Resorts, Inc.		8,380		183,857
Pebblebrook Hotel Trust		4,854		115,137
Pennsylvania Real Estate Investment Trust(b)		2,071		8,160
PennyMac Mortgage Investment Trust(f)		3,140		73,005
Physicians Realty Trust		6,995		135,353
Piedmont Office Realty Trust, Inc., Class A		4,983		115,556
PotlatchDeltic Corp.		2,509		107,887
Preferred Apartment Communities, Inc., Class A		2,312		27,235
Prologis, Inc.		22,192		2,061,193
PS Business Parks, Inc.		668		111,930
Public Storage		5,195		1,162,433
QTS Realty Trust, Inc., Class A		2,190		124,567
Rayonier, Inc.		4,785		145,368
Realty Income Corp.		11,415		895,050
Redwood Trust, Inc.		4,274		75,351
Regency Centers Corp.		5,733		355,675
Retail Opportunity Investments Corp.		4,102		67,970
Retail Properties of America, Inc., Class A		6,809		82,729
Retail Value, Inc.		523		17,191
Rexford Industrial Realty, Inc.		3,813		183,748
RLJ Lodging Trust		6,669		103,770
RPT Realty		2,246		31,332
Ryman Hospitality Properties, Inc.		1,592		135,368
Sabra Health Care REIT, Inc.		6,725		144,588
Safehold, Inc.		294		13,218

SCHEDULES OF INVESTMENTS 55

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
Saul Centers, Inc.		314	$	15,505
SBA Communications Corp.		3,952		986,261
Seritage Growth Properties, Class A		1,080		39,658
Service Properties Trust		5,835		125,919
Simon Property Group, Inc.		10,930		1,455,330
SITE Centers Corp.		4,914		62,457
SL Green Realty Corp.		2,877		264,799
Spirit Realty Capital, Inc.		3,478		183,569
STAG Industrial, Inc.		4,364		140,695
Starwood Property Trust, Inc.		9,451		242,513
STORE Capital Corp.		7,468		293,119
Summit Hotel Properties, Inc.		3,295		36,542
Sun Communities, Inc.		3,204		519,593
Sunstone Hotel Investors, Inc.		8,522		108,059
Tanger Factory Outlet Centers, Inc.(b)		2,740		40,086
Taubman Centers, Inc.		2,267		59,894
Terreno Realty Corp.		2,163		123,853
UDR, Inc.		9,993		478,765
UMH Properties, Inc.		1,449		22,894
Uniti Group, Inc.		6,283		39,771
Universal Health Realty Income Trust		517		63,772
Urban Edge Properties		4,108		75,546
Urstadt Biddle Properties, Inc., Class A		607		13,761
Ventas, Inc.		13,141		760,338
VEREIT, Inc.		36,435		355,606
VICI Properties, Inc.		16,246		435,393
Vornado Realty Trust		6,083		400,079
Washington Prime Group, Inc.		9,066		27,289
Washington Real Estate Investment Trust		2,807		85,445
Weingarten Realty Investors		4,432		128,971
Welltower, Inc.		14,202		1,205,892
Weyerhaeuser Co.		26,322		762,022
Whitestone REIT		1,160		15,196
WP Carey, Inc.		5,917		497,738
Xenia Hotels & Resorts, Inc.		4,549		85,021
				44,527,274
Food & Staples Retailing — 1.3%
Andersons, Inc.		977		22,100
BJ’s Wholesale Club Holdings, Inc.(a)		3,982		81,711
Casey’s General Stores, Inc.		1,322		212,657
Chefs’ Warehouse, Inc.(a)		708		25,771
Costco Wholesale Corp.		15,609		4,768,862
Diplomat Pharmacy, Inc.(a)(b)		1,745		6,945
Grocery Outlet Holding Corp.(a)		1,213		39,713
HF Foods Group, Inc.(a)		494		8,595
Ingles Markets, Inc., Class A		575		23,972
Kroger Co.		27,866		748,481
Natural Grocers by Vitamin Cottage, Inc.		357		3,231
Performance Food Group Co.(a)		3,739		193,643
PriceSmart, Inc.		847		51,887
Rite Aid Corp.(a)(b)		1,631		19,490
SpartanNash Co.		1,099		13,386
Sprouts Farmers Market, Inc.(a)		4,686		73,242
Sysco Corp.		16,647		1,367,384
U.S. Foods Holding Corp.(a)		7,727		310,393
United Natural Foods, Inc.(a)		1,555		11,196
Village Super Market, Inc., Class A		168		3,740
Walgreens Boots Alliance, Inc.		26,722		1,358,814
Walmart, Inc.		49,973		5,721,409
Weis Markets, Inc.		304		11,154
				15,077,776
Food Products — 1.1%
Archer-Daniels-Midland Co.		19,896		890,545
B&G Foods, Inc.		2,207		35,444

Security	Shares		Value
Food Products (continued)
Beyond Meat, Inc.(a)		1,700	$	187,714
Bunge Ltd.		4,855		254,548
Cal-Maine Foods, Inc.		1,156		41,258
Calavo Growers, Inc.		718		55,006
Campbell Soup Co.		5,842		282,694
Conagra Brands, Inc.		17,062		561,681
Darling Ingredients, Inc.(a)		5,907		160,257
Farmer Bros Co.(a)		293		3,510
Flowers Foods, Inc.		7,215		155,339
Fresh Del Monte Produce, Inc.(b)		1,016		31,882
Freshpet, Inc.(a)		1,310		82,373
General Mills, Inc.		20,981		1,095,628
Hain Celestial Group, Inc.(a)(b)		2,981		72,170
Hershey Co.		5,092		790,126
Hormel Foods Corp.		9,775		461,966
Hostess Brands, Inc.(a)		4,267		57,263
Ingredion, Inc.		2,369		208,472
J&J Snack Foods Corp.		529		87,729
J.M. Smucker Co.		3,883		402,318
John B Sanfilippo & Son, Inc.		296		24,953
Kellogg Co.		8,783		599,088
Kraft Heinz Co.		22,185		647,802
Lamb Weston Holdings, Inc.		5,121		467,598
Lancaster Colony Corp.		641		99,131
Limoneira Co.		296		5,778
McCormick & Co., Inc.		4,375		714,744
Mondelez International, Inc., Class A		50,090		2,874,164
Pilgrim’s Pride Corp.(a)		2,023		52,699
Post Holdings, Inc.(a)		2,305		241,034
Sanderson Farms, Inc.		727		100,101
Seneca Foods Corp., Class A(a)		168		6,644
Simply Good Foods Co.(a)		2,958		67,945
Tootsie Roll Industries, Inc.		861		29,369
TreeHouse Foods, Inc.(a)		1,998		89,111
Tyson Foods, Inc., Class A		10,173		840,595
				12,778,679
Gas Utilities — 0.2%
Atmos Energy Corp.		4,076		477,014
Chesapeake Utilities Corp.		777		74,755
National Fuel Gas Co.		2,811		121,407
New Jersey Resources Corp.		3,101		128,133
Northwest Natural Holding Co.		1,112		81,599
ONE Gas, Inc.		1,883		177,944
RGC Resources, Inc.		723		18,306
South Jersey Industries, Inc.		3,276		100,901
Southwest Gas Holdings, Inc.		1,952		147,396
Spire, Inc.		1,769		149,162
UGI Corp.		7,451		309,887
				1,786,504
Health Care Equipment & Supplies — 3.4%
Abbott Laboratories		60,805		5,298,548
ABIOMED, Inc.(a)		1,559		290,426
Accuray, Inc.(a)		2,245		8,733
Align Technology, Inc.(a)		2,753		707,796
Alphatec Holdings, Inc.(a)		1,750		12,180
AngioDynamics, Inc.(a)		1,227		16,896
Anika Therapeutics, Inc.(a)		494		20,308
Antares Pharma, Inc.(a)		4,962		18,211
Apyx Medical Corp.(a)		1,544		11,719
AtriCure, Inc.(a)		1,590		61,851
Atrion Corp.		52		37,398
Avanos Medical, Inc.(a)		1,590		43,789
Axogen, Inc.(a)		1,488		18,392

56 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Health Care Equipment & Supplies (continued)
Axonics Modulation Technologies, Inc.(a)(b)		741	$	21,511
Baxter International, Inc.		17,139		1,529,142
Becton Dickinson & Co.		9,454		2,601,552
BioLife Solutions, Inc.(a)(b)		685		9,446
BioSig Technologies, Inc.(a)(b)		1,755		8,564
Boston Scientific Corp.(a)		49,055		2,053,933
Cantel Medical Corp.(b)		1,281		83,342
Cardiovascular Systems, Inc.(a)		1,273		57,781
Cerus Corp.(a)		6,213		24,914
CONMED Corp.		990		100,663
Cooper Cos., Inc.		1,738		602,895
CryoLife, Inc.(a)(b)		1,534		45,621
CryoPort, Inc.(a)(b)		1,340		23,999
Cutera, Inc.(a)		449		12,653
CytoSorbents Corp.(a)(b)		805		3,977
Danaher Corp.		21,754		3,499,566
DENTSPLY SIRONA, Inc.		7,896		442,176
DexCom, Inc.(a)		3,196		769,437
Edwards Lifesciences Corp.(a)		7,355		1,617,070
ElectroCore, Inc.(a)		2,295		2,892
Envista Holdings Corp.(a)		5,244		155,170
GenMark Diagnostics, Inc.(a)(b)		2,043		11,012
Glaukos Corp.(a)		1,369		77,006
Globus Medical, Inc., Class A(a)		2,708		141,574
Haemonetics Corp.(a)		1,800		193,302
Hill-Rom Holdings, Inc.		2,365		251,849
Hologic, Inc.(a)		9,549		511,062
ICU Medical, Inc.(a)		686		125,174
IDEXX Laboratories, Inc.(a)		2,983		808,423
Inogen, Inc.(a)		590		26,119
Insulet Corp.(a)		2,076		402,827
Integra LifeSciences Holdings Corp.(a)		2,453		135,013
Intuitive Surgical, Inc.(a)		4,068		2,277,185
Invacare Corp.		859		6,606
iRhythm Technologies, Inc.(a)(b)		905		77,495
Lantheus Holdings, Inc.(a)(b)		1,418		24,829
LeMaitre Vascular, Inc.		408		14,682
LivaNova PLC(a)		1,753		119,151
Masimo Corp.(a)		1,672		285,243
Medtronic PLC		47,397		5,471,510
Meridian Bioscience, Inc.		1,421		13,983
Merit Medical Systems, Inc.(a)		1,975		71,929
Natus Medical, Inc.(a)		1,203		37,642
Neogen Corp.(a)		1,891		127,208
Neuronetics, Inc.(a)		408		1,481
Nevro Corp.(a)		1,085		144,207
Novocure Ltd.(a)(b)		2,970		241,936
NuVasive, Inc.(a)		1,884		145,294
Ocular Therapeutix, Inc.(a)(b)		1,510		6,584
OraSure Technologies, Inc.(a)		1,875		13,219
Orthofix Medical, Inc.(a)		536		23,187
OrthoPediatrics Corp.(a)(b)		331		15,203
Pulse Biosciences, Inc.(a)		649		9,086
Quidel Corp.(a)		1,335		102,528
ResMed, Inc.		5,014		797,076
Rockwell Medical, Inc.(a)(b)		732		1,911
RTI Surgical Holdings, Inc.(a)		1,373		5,712
SeaSpine Holdings Corp.(a)		1,292		19,070
Senseonics Holdings, Inc.(a)(b)		2,026		1,657
Shockwave Medical, Inc.(a)		939		40,771
SI-BONE, Inc.(a)(b)		753		15,896
Sientra, Inc.(a)		705		4,272
Silk Road Medical, Inc.(a)		496		23,084
STAAR Surgical Co.(a)(b)		1,499		50,426

Security	Shares		Value
Health Care Equipment & Supplies (continued)
STERIS PLC		2,992	$	450,864
Stryker Corp.		12,107		2,550,945
Surmodics, Inc.(a)		407		16,032
Tactile Systems Technology, Inc.(a)		698		39,221
Tandem Diabetes Care, Inc.(a)(b)		2,021		153,677
Teleflex, Inc.		1,620		601,846
TransEnterix, Inc.(a)(b)		366		498
TransMedics Group, Inc.(a)		636		11,136
Utah Medical Products, Inc.		90		8,286
Vapotherm, Inc.(a)		796		8,318
Varex Imaging Corp.(a)		1,195		33,042
Varian Medical Systems, Inc.(a)		3,211		451,370
ViewRay, Inc.(a)(b)		1,473		4,596
West Pharmaceutical Services, Inc.		2,615		407,809
Wright Medical Group NV(a)(b)		4,477		134,937
Zimmer Biomet Holdings, Inc.		7,303		1,080,114
Zynex, Inc.(a)		746		7,169
				39,045,835
Health Care Providers & Services — 2.5%
Acadia Healthcare Co., Inc.(a)(b)		3,035		97,515
Addus HomeCare Corp.(a)		451		42,547
Amedisys, Inc.(a)		1,103		194,668
American Renal Associates Holdings, Inc.(a)(b)		551		5,003
AmerisourceBergen Corp.		5,203		445,169
AMN Healthcare Services, Inc.(a)		1,601		107,875
Anthem, Inc.		8,966		2,378,500
Apollo Medical Holdings, Inc.(a)(b)		171		3,064
BioTelemetry, Inc.(a)		1,095		53,567
Brookdale Senior Living, Inc.(a)		5,904		38,907
Cardinal Health, Inc.		10,594		542,519
Centene Corp.(a)		20,384		1,280,319
Chemed Corp.		548		255,938
Cigna Corp.(a)		13,014		2,503,633
Community Health Systems, Inc.(a)(b)		2,135		9,159
CorVel Corp.(a)		279		25,548
Covetrus, Inc.(a)(b)		3,537		43,505
Cross Country Healthcare, Inc.(a)		730		7,227
CVS Health Corp.		45,892		3,112,395
DaVita, Inc.(a)(b)		3,610		288,331
Encompass Health Corp.		3,387		260,901
Ensign Group, Inc.		1,929		87,191
Genesis Healthcare, Inc.(a)		1,147		1,720
Guardant Health, Inc.(a)		1,274		96,875
Hanger, Inc.(a)		1,491		36,425
HCA Healthcare, Inc.		9,500		1,318,600
HealthEquity, Inc.(a)		2,438		161,054
Henry Schein, Inc.(a)(b)		5,074		349,802
Humana, Inc.		4,694		1,578,311
Integer Holdings Corp.(a)		1,219		104,103
Joint Corp.(a)		581		9,703
Laboratory Corp. of America Holdings(a)		3,402		596,711
LHC Group, Inc.(a)(b)		1,107		161,345
Magellan Health, Inc.(a)		795		58,202
McKesson Corp.		6,365		907,713
MEDNAX, Inc.(a)		2,875		66,326
Molina Healthcare, Inc.(a)		2,183		268,444
National HealthCare Corp.		375		31,470
National Research Corp., Class A		477		32,279
Option Care Health, Inc.(a)		3,742		15,642
Owens & Minor, Inc.(b)		1,771		11,086
Patterson Cos., Inc.		2,670		58,767
Pennant Group Inc.(a)		813		21,463
Penumbra, Inc.(a)		1,109		194,585
PetIQ, Inc.(a)		874		26,001

SCHEDULES OF INVESTMENTS 57

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Health Care Providers & Services (continued)
Premier, Inc., Class A(a)(b)		2,254	$	78,372
Progyny, Inc.(a)(b)		584		16,235
Providence Service Corp.(a)(b)		356		23,087
Quest Diagnostics, Inc.		4,718		522,141
R1 RCM, Inc.(a)		3,484		43,550
RadNet, Inc.(a)		1,424		32,140
Select Medical Holdings Corp.(a)		4,151		94,809
Surgery Partners, Inc.(a)		732		12,349
Tenet Healthcare Corp.(a)		3,666		115,992
Tivity Health, Inc.(a)(b)		1,912		41,385
Triple-S Management Corp., Class B(a)		753		13,268
U.S. Physical Therapy, Inc.		407		47,676
UnitedHealth Group, Inc.		33,423		9,106,096
Universal Health Services, Inc., Class B		2,797		383,497
				28,420,705
Health Care Technology — 0.2%
Allscripts Healthcare Solutions, Inc.(a)		5,814		49,884
Castlight Health, Inc., Class B(a)		3,258		4,040
Cerner Corp.		11,061		794,512
Change Healthcare, Inc.(a)		1,598		24,801
Computer Programs & Systems, Inc.		440		11,440
Evolent Health, Inc., Class A(a)		2,102		21,188
Health Catalyst, Inc.(a)		275		8,979
HealthStream, Inc.(a)		776		19,827
HMS Holdings Corp.(a)		2,981		81,441
Inovalon Holdings, Inc., Class A(a)		2,304		46,679
Inspire Medical Systems, Inc.(a)		545		40,766
Livongo Health, Inc.(a)(b)		402		9,712
NextGen Healthcare, Inc.(a)		1,626		22,536
Omnicell, Inc.(a)		1,419		115,336
OptimizeRx Corp.(a)		178		1,967
Phreesia, Inc.(a)(b)		187		5,797
Simulations Plus, Inc.		408		13,293
Tabula Rasa HealthCare, Inc.(a)(b)		778		45,178
Teladoc Health, Inc.(a)(b)		2,527		257,021
Veeva Systems, Inc., Class A(a)		4,687		687,161
Vocera Communications, Inc.(a)(b)		1,222		26,921
				2,288,479
Hotels, Restaurants & Leisure — 2.0%
Aramark		8,677		383,003
BBX Capital Corp.		1,864		7,232
Biglari Holdings, Inc., Class B(a)		20		2,170
BJ’s Restaurants, Inc.		673		26,772
Bloomin’ Brands, Inc.		3,149		65,405
Boyd Gaming Corp.		3,025		90,296
Braemar Hotels & Resorts, Inc.		837		6,679
Brinker International, Inc.		1,312		56,009
Caesars Entertainment Corp.(a)(b)		20,330		277,911
Carnival Corp.		14,156		616,211
Carrols Restaurant Group, Inc.(a)		896		4,068
Century Casinos, Inc.(a)		1,395		11,620
Cheesecake Factory, Inc.		1,393		53,491
Chipotle Mexican Grill, Inc.(a)		913		791,352
Choice Hotels International, Inc.		1,185		118,737
Churchill Downs, Inc.		1,217		175,710
Chuy’s Holdings, Inc.(a)		546		13,404
Cracker Barrel Old Country Store, Inc.		882		134,884
Darden Restaurants, Inc.		4,311		501,930
Dave & Buster’s Entertainment, Inc.		1,043		46,059
Del Taco Restaurants, Inc.(a)(b)		678		5,112
Denny’s Corp.(a)		1,915		39,200
Dine Brands Global, Inc.		553		47,143
Domino’s Pizza, Inc.		1,446		407,410

Security	Shares		Value
Hotels, Restaurants & Leisure (continued)
Dunkin’ Brands Group, Inc.		2,994	$	233,801
El Pollo Loco Holdings, Inc.(a)		399		5,498
Eldorado Resorts, Inc.(a)		2,294		137,135
Everi Holdings, Inc.(a)		2,001		25,013
Extended Stay America, Inc.		7,132		92,145
Fiesta Restaurant Group, Inc.(a)		813		8,073
Golden Entertainment, Inc.(a)		589		10,107
Habit Restaurants, Inc., Class A(a)		422		5,870
Hilton Grand Vacations, Inc.(a)		2,971		94,805
Hilton Worldwide Holdings, Inc.		9,783		1,054,607
Hyatt Hotels Corp., Class A		1,279		108,127
International Game Technology PLC		3,361		45,340
Jack in the Box, Inc.		982		80,279
Las Vegas Sands Corp.		12,005		784,047
Lindblad Expeditions Holdings, Inc.(a)		684		11,279
Marcus Corp.		914		26,643
Marriott International, Inc., Class A		9,706		1,359,422
Marriott Vacations Worldwide Corp.		1,509		181,442
McDonald’s Corp.		26,548		5,680,476
MGM Resorts International		17,436		541,562
Monarch Casino & Resort, Inc.(a)		228		12,239
Nathan’s Famous, Inc.		78		5,148
Noodles & Co.(a)		1,836		13,109
Norwegian Cruise Line Holdings Ltd.(a)		7,568		407,537
Papa John’s International, Inc.		742		48,067
Penn National Gaming, Inc.(a)		4,143		123,586
Planet Fitness, Inc., Class A(a)(b)		2,921		235,988
PlayAGS, Inc.(a)		1,281		13,169
Potbelly Corp.(a)		715		3,082
RCI Hospitality Holdings, Inc.		294		5,213
Red Robin Gourmet Burgers, Inc.(a)		441		14,496
Red Rock Resorts, Inc., Class A		2,802		68,677
Royal Caribbean Cruises Ltd.		6,107		715,008
Ruth’s Hospitality Group, Inc.		865		17,733
Scientific Games Corp., Class A(a)		1,788		44,414
SeaWorld Entertainment, Inc.(a)		1,800		62,028
Shake Shack, Inc., Class A(a)		1,032		69,608
Six Flags Entertainment Corp.		2,839		108,251
Starbucks Corp.		41,697		3,537,157
Texas Roadhouse, Inc.		2,307		144,187
Twin River Worldwide Holdings, Inc.		985		26,250
Vail Resorts, Inc.		1,388		325,500
Wendy’s Co.		6,902		149,566
Wingstop, Inc.(b)		1,065		98,800
Wyndham Destinations, Inc.		3,067		148,842
Wyndham Hotels & Resorts, Inc.		3,296		188,432
Wynn Resorts Ltd.		3,518		443,831
Yum China Holdings, Inc.		12,947		557,627
Yum! Brands, Inc.		10,812		1,143,585
				23,098,609
Household Durables — 0.5%
Bassett Furniture Industries, Inc.		182		2,226
Beazer Homes USA, Inc.(a)		1,012		13,915
Cavco Industries, Inc.(a)		279		62,502
Century Communities, Inc.(a)		692		20,532
D.R. Horton, Inc.		12,086		715,491
Ethan Allen Interiors, Inc.		842		13,598
Flexsteel Industries, Inc.		220		3,608
Garmin Ltd.		5,110		495,415
GoPro, Inc., Class A(a)(b)		3,401		13,400
Green Brick Partners, Inc.(a)		414		4,798
Hamilton Beach Brands Holding Co., Class A		190		3,002
Helen of Troy Ltd.(a)		906		171,279
Hooker Furniture Corp.		333		8,205

58 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Household Durables (continued)
Installed Building Products, Inc.(a)		876	$	64,938
iRobot Corp.(a)(b)		976		45,921
KB Home		2,964		111,298
La-Z-Boy, Inc.		1,540		47,186
Leggett & Platt, Inc.		4,592		218,533
Lennar Corp., Class A(b)		9,045		600,226
Lennar Corp., Class B		1,295		68,000
LGI Homes, Inc.(a)(b)		762		60,762
Lifetime Brands, Inc.		464		3,141
Lovesac Co.(a)		313		3,553
M/I Homes, Inc.(a)		1,039		46,121
MDC Holdings, Inc.		1,916		80,740
Meritage Homes Corp.(a)		1,253		88,913
Mohawk Industries, Inc.(a)		2,022		266,257
NACCO Industries, Inc., Class A		95		4,478
Newell Brands, Inc.		13,440		262,483
NVR, Inc.(a)		114		435,135
PulteGroup, Inc.		9,026		403,011
Skyline Champion Corp.(a)		1,829		52,584
Sonos, Inc.(a)		2,382		32,681
Taylor Morrison Home Corp., Class A(a)		3,571		92,418
Tempur Sealy International, Inc.(a)		1,587		145,401
Toll Brothers, Inc.		4,605		204,278
TopBuild Corp.(a)		1,232		141,076
TRI Pointe Group, Inc.(a)		5,257		85,479
Tupperware Brands Corp.		1,723		10,786
Universal Electronics, Inc.(a)		483		23,923
Whirlpool Corp.		2,214		323,620
William Lyon Homes, Class A(a)		973		22,564
ZAGG, Inc.(a)(b)		1,068		8,074
				5,481,551
Household Products — 1.4%
Central Garden & Pet Co.(a)		682		21,967
Central Garden & Pet Co., Class A(a)		1,246		37,330
Church & Dwight Co., Inc.		8,686		644,675
Clorox Co.		4,485		705,535
Colgate-Palmolive Co.		29,567		2,181,453
Energizer Holdings, Inc.		2,281		105,519
Kimberly-Clark Corp.		12,020		1,721,745
Oil-Dri Corp. of America		141		4,991
Procter & Gamble Co.		87,404		10,892,287
Spectrum Brands Holdings, Inc.		1,506		92,484
WD-40 Co.		520		97,146
				16,505,132
Independent Power and Renewable Electricity Producers — 0.1%
AES Corp.		23,608		468,855
Atlantic Power Corp.(a)(b)		4,381		10,471
Clearway Energy, Inc., Class A		2,467		51,042
Clearway Energy, Inc., Class C		1,568		33,194
NRG Energy, Inc.		9,027		333,006
Ormat Technologies, Inc.		1,329		105,336
Pattern Energy Group, Inc., Class A		3,376		90,848
TerraForm Power, Inc., Class A		2,253		40,757
Vistra Energy Corp.		14,917		335,931
Vivint Solar, Inc.(a)		1,711		13,962
				1,483,402
Industrial Conglomerates — 1.2%
3M Co.		19,770		3,136,708
BWX Technologies, Inc.		3,175		201,898
Carlisle Cos., Inc.		1,990		310,898
General Electric Co.		306,305		3,813,497
Honeywell International, Inc.		25,632		4,439,975
Raven Industries, Inc.		1,286		40,329

Security	Shares		Value
Industrial Conglomerates (continued)
Roper Technologies, Inc.		3,595	$	1,372,068
Seaboard Corp.		8		30,845
Standex International Corp.		383		27,993
				13,374,211
Insurance — 2.5%
Aflac, Inc.		25,552		1,317,717
Alleghany Corp.(a)		499		398,032
Allstate Corp.		11,359		1,346,496
Ambac Financial Group, Inc.(a)		1,699		36,410
American Equity Investment Life Holding Co.		2,793		73,763
American Financial Group, Inc.		2,559		278,394
American International Group, Inc.		30,955		1,555,798
American National Insurance Co.		327		36,022
AMERISAFE, Inc.		360		24,631
Aon PLC		8,268		1,821,027
Arch Capital Group Ltd.(a)		13,875		612,720
Argo Group International Holdings Ltd.		1,168		76,621
Arthur J Gallagher & Co.		6,512		667,936
Assurant, Inc.		2,118		276,526
Assured Guaranty Ltd.		3,485		159,752
Athene Holding Ltd., Class A(a)		5,208		226,860
Axis Capital Holdings Ltd.		2,931		188,317
Brighthouse Financial, Inc.(a)		4,012		156,067
Brown & Brown, Inc.		8,267		371,188
BRP Group, Inc., Class A(a)		869		13,105
Chubb Ltd.		15,908		2,417,857
Cincinnati Financial Corp.		5,343		560,748
Citizens, Inc.(a)		1,392		8,436
CNA Financial Corp.		981		43,782
CNO Financial Group, Inc.		6,029		106,050
eHealth, Inc.(a)		759		79,816
Employers Holdings, Inc.		849		36,210
Enstar Group Ltd.(a)		414		80,850
Erie Indemnity Co., Class A		854		142,191
Everest Re Group Ltd.		1,418		392,176
FBL Financial Group, Inc., Class A		309		16,618
FedNat Holding Co.		339		5,265
Fidelity National Financial, Inc.		9,070		442,162
First American Financial Corp.		3,822		236,888
Genworth Financial, Inc., Class A(a)		17,722		72,660
Global Indemnity Ltd.		223		7,031
Globe Life, Inc.		3,747		390,662
Goosehead Insurance, Inc., Class A(b)		331		17,272
Greenlight Capital Re Ltd., Class A(a)		1,310		12,196
Hallmark Financial Services, Inc.(a)		138		2,374
Hanover Insurance Group, Inc.		1,382		191,518
Hartford Financial Services Group, Inc.		12,198		723,097
HCI Group, Inc.		211		9,341
Health Insurance Innovations, Inc., Class A(a)(b)		348		7,997
Heritage Insurance Holdings, Inc.		585		7,055
Hilltop Holdings, Inc.		2,641		59,792
Horace Mann Educators Corp.		1,105		47,526
Independence Holding Co.		268		10,851
Investors Title Co.		51		8,048
James River Group Holdings Ltd.		854		36,671
Kemper Corp.		2,219		165,138
Kinsale Capital Group, Inc.		804		91,833
Lincoln National Corp.		7,185		391,439
Loews Corp.		9,189		472,774
Markel Corp.(a)		488		572,409
Marsh & McLennan Cos., Inc.		17,929		2,005,538
MBIA, Inc.(a)		2,769		25,087
Mercury General Corp.		1,102		54,097
MetLife, Inc.		27,348		1,359,469

SCHEDULES OF INVESTMENTS 59

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Insurance (continued)
National General Holdings Corp.		2,407	$	52,400
National Western Life Group, Inc., Class A		82		21,812
Old Republic International Corp.		10,094		227,620
Palomar Holdings, Inc.(a)		392		20,952
Primerica, Inc.		1,460		173,098
Principal Financial Group, Inc.		9,678		512,450
ProAssurance Corp.		1,892		57,460
Progressive Corp.		20,745		1,673,914
Protective Insurance Corp., Class B		404		6,298
Prudential Financial, Inc.		14,443		1,315,180
Reinsurance Group of America, Inc.		2,192		315,758
RenaissanceRe Holdings Ltd.		1,556		294,769
RLI Corp.		1,370		127,424
Safety Insurance Group, Inc.		657		60,497
Selective Insurance Group, Inc.		2,100		139,125
State Auto Financial Corp.		431		12,977
Stewart Information Services Corp.		801		33,442
Third Point Reinsurance Ltd.(a)		2,568		27,965
Travelers Cos., Inc.		9,076		1,194,583
Trupanion, Inc.(a)(b)		842		26,877
United Fire Group, Inc.		693		30,672
United Insurance Holdings Corp.		649		6,581
Universal Insurance Holdings, Inc.		1,090		26,531
Unum Group		7,472		199,428
W.R. Berkley Corp.		5,014		368,679
Watford Holdings Ltd.(a)		484		10,575
White Mountains Insurance Group Ltd.(b)		123		137,418
Willis Towers Watson PLC		4,577		967,074
				28,989,865
Interactive Media & Services — 4.4%
Alphabet, Inc., Class A(a)		10,596		15,181,737
Alphabet, Inc., Class C(a)		10,612		15,220,049
Care.com, Inc.(a)		577		8,638
Cargurus, Inc.(a)(b)		2,483		88,519
Cars.com, Inc.(a)		2,829		33,014
ComScore, Inc.(a)(b)		2,806		11,084
DHI Group, Inc.(a)		2,727		7,636
Eventbrite, Inc., Class A(a)		1,434		30,329
EverQuote, Inc., Class A(a)		391		14,346
Facebook, Inc., Class A(a)		84,583		17,078,154
IAC/InterActiveCorp.(a)		2,611		636,013
Match Group, Inc.(a)(b)		1,897		148,383
Meet Group, Inc.(a)		2,551		13,597
QuinStreet, Inc.(a)		1,844		23,889
TrueCar, Inc.(a)		2,993		11,074
Twitter, Inc.(a)		26,699		867,183
Yelp, Inc.(a)		2,466		80,392
Zillow Group, Inc., Class A(a)(b)		1,771		81,820
Zillow Group, Inc., Class C(a)(b)		4,592		212,196
				49,748,053
Internet & Direct Marketing Retail — 3.0%
1-800-Flowers.com, Inc., Class A(a)		740		11,240
Amazon.com, Inc.(a)		14,639		29,405,652
Booking Holdings, Inc.(a)		1,478		2,705,553
Duluth Holdings, Inc., Class B(a)		128		1,082
eBay, Inc.		27,144		910,953
Etsy, Inc.(a)		4,035		196,948
Expedia Group, Inc.		4,886		529,887
Gaia, Inc.(a)(b)		430		3,638
Groupon, Inc.(a)		16,411		47,264
GrubHub, Inc.(a)		3,249		175,933
Lands’ End, Inc.(a)(b)		215		2,505
Liberty TripAdvisor Holdings, Inc., Series A(a)		2,921		17,205

Security	Shares		Value
Internet & Direct Marketing Retail (continued)
Liquidity Services, Inc.(a)		954	$	5,075
Overstock.com, Inc.(a)(b)		692		5,619
PetMed Express, Inc.		619		15,605
Quotient Technology, Inc.(a)		2,789		28,085
Qurate Retail, Inc., Series A(a)(b)		13,643		116,375
RealReal, Inc.(a)		391		5,658
Rubicon Project, Inc.(a)		1,173		10,979
Shutterstock, Inc.(a)		702		30,418
Stamps.com, Inc.(a)		603		44,917
Stitch Fix, Inc., Class A(a)(b)		1,570		35,953
TripAdvisor, Inc.		3,844		105,018
Waitr Holdings, Inc.(a)		3,793		1,304
Wayfair, Inc., Class A(a)(b)		2,238		209,700
				34,622,566
IT Services — 5.3%
Accenture PLC, Class A		22,515		4,620,303
Akamai Technologies, Inc.(a)		5,509		514,265
Alliance Data Systems Corp.		1,418		145,756
Amdocs Ltd.		4,808		345,936
Automatic Data Processing, Inc.		15,327		2,626,895
Black Knight, Inc.(a)		5,149		344,571
Booz Allen Hamilton Holding Corp.		4,711		367,646
Brightcove, Inc.(a)(b)		2,245		19,442
Broadridge Financial Solutions, Inc.		3,991		475,528
CACI International, Inc., Class A(a)		871		232,940
Cardtronics PLC, Class A(a)		1,379		62,055
Cass Information Systems, Inc.		434		23,445
Cognizant Technology Solutions Corp., Class A		19,629		1,204,828
Conduent, Inc.(a)		7,311		31,291
CoreLogic, Inc.		2,847		132,386
CSG Systems International, Inc.		1,261		62,823
DXC Technology Co.		9,257		295,113
Endurance International Group Holdings, Inc.(a)		2,163		10,209
EPAM Systems, Inc.(a)		1,835		418,637
Euronet Worldwide, Inc.(a)		1,770		279,023
EVERTEC, Inc.		2,309		77,513
Evo Payments, Inc., Class A(a)		1,354		37,519
Exela Technologies, Inc.(a)(b)		1,789		672
ExlService Holdings, Inc.(a)		1,373		100,380
Fidelity National Information Services, Inc.		21,479		3,085,673
Fiserv, Inc.(a)		19,997		2,371,844
FleetCor Technologies, Inc.(a)		2,992		943,168
Gartner, Inc.(a)		3,101		498,579
Genpact Ltd.		6,746		298,645
Global Payments, Inc.		10,483		2,048,902
GoDaddy, Inc., Class A(a)		6,065		407,629
GTT Communications, Inc.(a)(b)		540		6,399
Hackett Group, Inc.		467		7,217
International Business Machines Corp.		31,331		4,503,205
Jack Henry & Associates, Inc.		2,642		395,085
Leidos Holdings, Inc.		4,753		477,534
Limelight Networks, Inc.(a)(b)		3,256		16,247
LiveRamp Holdings, Inc.(a)		2,441		98,226
ManTech International Corp., Class A		914		73,376
Mastercard, Inc., Class A		31,318		9,894,609
MAXIMUS, Inc.		2,266		162,585
MongoDB, Inc.(a)(b)		1,423		233,244
NIC, Inc.		2,423		47,806
Okta, Inc.(a)		3,703		474,169
Paychex, Inc.		11,176		958,566
PayPal Holdings, Inc.(a)(b)		41,544		4,731,446
Paysign, Inc.(a)(b)		723		6,319
Perficient, Inc.(a)(b)		1,016		50,495
Perspecta, Inc.		5,049		141,725

60 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
IT Services (continued)
Sabre Corp.		9,386	$	202,174
Science Applications International Corp.		2,022		177,471
Square, Inc., Class A(a)		12,223		912,936
Switch, Inc., Class A		2,252		36,032
Teradata Corp.(a)		4,094		99,648
TTEC Holdings, Inc.		464		18,430
Tucows, Inc., Class A(a)		300		18,075
Twilio, Inc., Class A(a)		4,340		539,636
Unisys Corp.(a)		1,429		13,876
VeriSign, Inc.(a)		3,642		758,046
Verra Mobility Corp.(a)		4,831		76,958
Virtusa Corp.(a)		919		38,267
Visa, Inc., Class A		61,031		12,143,338
Western Union Co.		14,571		391,960
WEX, Inc.(a)		1,529		331,671
				60,120,387
Leisure Products — 0.1%
Brunswick Corp.		2,991		187,984
Callaway Golf Co.		3,112		66,659
Clarus Corp.(b)		459		6,066
Escalade, Inc.		1,205		10,604
Hasbro, Inc.		4,383		446,496
Johnson Outdoors, Inc., Class A		138		10,847
Malibu Boats, Inc., Class A(a)		690		30,215
MasterCraft Boat Holdings, Inc.(a)		515		9,049
Mattel, Inc.(a)		12,324		180,300
Polaris, Inc.		2,017		185,241
Sturm Ruger & Co., Inc.		522		25,849
Vista Outdoor, Inc.(a)		1,513		11,242
YETI Holdings, Inc.(a)		1,594		57,958
				1,228,510
Life Sciences Tools & Services — 1.0%
Accelerate Diagnostics, Inc.(a)(b)		1,051		17,657
Adaptive Biotechnologies Corp.(a)(b)		736		22,010
Agilent Technologies, Inc.		11,040		911,462
Avantor, Inc.(a)		11,299		208,693
Bio-Rad Laboratories, Inc., Class A(a)		746		269,246
Bio-Techne Corp.		1,369		287,449
Bruker Corp.		3,662		181,159
Charles River Laboratories International, Inc.(a)		1,747		270,051
Enzo Biochem, Inc.(a)		451		1,132
Fluidigm Corp.(a)		1,669		6,409
Illumina, Inc.(a)		5,243		1,520,837
IQVIA Holdings, Inc.(a)		6,235		967,984
Luminex Corp.		1,250		28,356
Medpace Holdings, Inc.(a)		955		81,700
Mettler-Toledo International, Inc.(a)(b)		846		640,574
NanoString Technologies, Inc.(a)		1,383		37,576
NeoGenomics, Inc.(a)(b)		3,332		107,390
Pacific Biosciences of California, Inc.(a)		5,309		24,793
PerkinElmer, Inc.		3,945		364,834
PRA Health Sciences, Inc.(a)(b)		2,251		228,049
QIAGEN NV(a)		7,932		267,943
Quanterix Corp.(a)		647		17,540
Repligen Corp.(a)		1,796		180,301
Syneos Health, Inc.(a)		2,287		140,330
Thermo Fisher Scientific, Inc.		14,177		4,440,095
Waters Corp.(a)		2,254		504,423
				11,727,993
Machinery — 1.8%
AGCO Corp.		2,286		160,340
Alamo Group, Inc.		335		41,728
Albany International Corp., Class A		1,186		82,747

Security	Shares		Value
Machinery (continued)
Allison Transmission Holdings, Inc.		3,735	$	165,087
Altra Industrial Motion Corp.		2,128		70,777
Astec Industries, Inc.(b)		811		33,446
Barnes Group, Inc.		1,726		109,031
Blue Bird Corp.(a)		429		8,464
Briggs & Stratton Corp.		1,230		4,514
Caterpillar, Inc.		18,899		2,482,384
Chart Industries, Inc.(a)		1,186		75,880
CIRCOR International, Inc.(a)		747		31,023
Colfax Corp.(a)		3,338		117,364
Columbus McKinnon Corp.		771		26,977
Commercial Vehicle Group, Inc.(a)		1,214		6,058
Crane Co.		1,824		155,879
Cummins, Inc.		5,203		832,324
Deere & Co.		11,101		1,760,397
DMC Global, Inc.		502		20,999
Donaldson Co., Inc.		4,389		227,570
Douglas Dynamics, Inc.		741		38,851
Dover Corp.		5,018		571,299
Energy Recovery, Inc.(a)(b)		703		7,178
Enerpac Tool Group Corp.		1,778		41,090
EnPro Industries, Inc.		672		39,272
ESCO Technologies, Inc.		887		85,117
Evoqua Water Technologies Corp.(a)		2,386		47,648
Federal Signal Corp.		2,030		65,285
Flowserve Corp.		4,659		217,482
Fortive Corp.		10,564		791,560
Gardner Denver Holdings, Inc.(a)(b)		4,597		162,320
Gates Industrial Corp. PLC(a)(b)		1,204		15,014
Gencor Industries, Inc.(a)		1,081		12,118
Gorman-Rupp Co.		505		18,640
Graco, Inc.		5,959		316,721
Graham Corp.		286		5,228
Greenbrier Cos., Inc.		953		22,958
Helios Technologies, Inc.		1,047		44,518
Hillenbrand, Inc.		2,582		74,955
Hurco Cos., Inc.		172		5,384
Hyster-Yale Materials Handling, Inc.		411		22,190
IDEX Corp.		2,640		432,564
Illinois Tool Works, Inc.		11,370		1,989,523
Ingersoll-Rand PLC		8,431		1,123,262
ITT, Inc.		3,142		210,765
John Bean Technologies Corp.		1,076		121,577
Kadant, Inc.		395		42,107
Kennametal, Inc.		3,094		96,811
LB Foster Co., Class A(a)		354		6,004
Lincoln Electric Holdings, Inc.		2,112		188,348
Lindsay Corp.		413		41,312
Luxfer Holdings PLC		874		13,940
Lydall, Inc.(a)		520		10,629
Manitowoc Co., Inc.(a)		1,232		17,802
Meritor, Inc.(a)		2,656		58,193
Middleby Corp.(a)		1,965		220,394
Miller Industries, Inc.		363		12,491
Mueller Industries, Inc.		2,284		66,624
Mueller Water Products, Inc., Class A		6,381		74,339
Navistar International Corp.(a)		1,737		63,609
NN, Inc.		2,043		17,631
Nordson Corp.		2,038		344,137
Omega Flex, Inc.		130		13,702
Oshkosh Corp.		2,452		210,970
PACCAR, Inc.		11,921		884,657
Parker-Hannifin Corp.		4,475		875,713
Pentair PLC		5,980		256,721

SCHEDULES OF INVESTMENTS 61

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Machinery (continued)
Proto Labs, Inc.(a)		930	$	96,255
RBC Bearings, Inc.(a)(b)		888		138,093
REV Group, Inc.		1,078		10,780
Rexnord Corp.(a)		4,196		136,999
Snap-on, Inc.		1,889		301,541
SPX Corp.(a)		1,439		70,612
SPX FLOW, Inc.(a)		1,390		60,799
Stanley Black & Decker, Inc.		5,429		865,003
Tennant Co.		616		47,568
Terex Corp.		2,288		58,001
Timken Co.		2,478		130,169
Titan International, Inc.		1,283		3,669
Toro Co.		3,766		301,355
TriMas Corp.(a)		1,521		43,698
Trinity Industries, Inc.		3,944		80,182
Twin Disc, Inc.(a)		353		3,442
Valmont Industries, Inc.		720		102,283
Wabash National Corp.		1,971		22,864
WABCO Holdings, Inc.(a)		1,808		245,255
Watts Water Technologies, Inc., Class A		1,043		103,998
Welbilt, Inc.(a)		4,491		67,769
Westinghouse Air Brake Technologies Corp.		6,407		473,221
Woodward, Inc.		1,952		227,037
Xylem, Inc.		6,246		510,048
				20,512,283
Marine — 0.0%
Costamare, Inc.		1,248		9,897
Eagle Bulk Shipping, Inc.(a)(b)		1,522		4,947
Genco Shipping & Trading Ltd.		1,092		8,594
Kirby Corp.(a)		2,118		155,228
Matson, Inc.		1,548		55,743
Safe Bulkers, Inc.(a)		2,358		3,065
Scorpio Bulkers, Inc.		1,346		4,940
				242,414
Media — 2.3%
Altice USA, Inc., Class A(a)		10,631		290,864
AMC Networks, Inc., Class A(a)(b)		1,603		58,654
Cable One, Inc.		156		265,829
Cardlytics, Inc.(a)(b)		402		33,736
Central European Media Enterprises Ltd., Class A(a)		2,333		10,429
Charter Communications, Inc., Class A(a)		5,438		2,813,947
Cinemark Holdings, Inc.		3,733		117,627
Clear Channel Outdoor Holdings, Inc.(a)		713		1,947
Comcast Corp., Class A		159,142		6,873,343
Cumulus Media, Inc., Class A(a)		108		1,512
Daily Journal Corp.(a)		60		16,500
Discovery, Inc., Class A(a)(b)		5,778		169,064
Discovery, Inc., Class C(a)		12,023		333,879
DISH Network Corp., Class A(a)(b)		9,054		332,825
Emerald Expositions Events, Inc.		736		7,676
Entercom Communications Corp., Class A		3,599		14,288
Entravision Communications Corp., Class A		1,689		3,750
Eros International PLC(a)(b)		1,249		3,010
EW Scripps Co., Class A		1,830		22,216
Fluent, Inc.(a)(b)		1,571		4,257
Fox Corp., Class A		12,504		463,648
Fox Corp., Class B(a)		5,912		214,783
Gannett Co., Inc.		4,135		25,265
GCI Liberty, Inc., Class A(a)		3,574		261,545
Gray Television, Inc.(a)		3,459		70,149
IMAX Corp.(a)		2,341		38,720
Interpublic Group of Cos., Inc.		13,730		311,671
John Wiley & Sons, Inc., Class A		1,563		68,178

Security	Shares		Value
Media (continued)
Liberty Broadband Corp., Class A(a)		1,068	$	140,538
Liberty Broadband Corp., Class C(a)		3,560		473,231
Liberty Latin America Ltd., Class A(a)		2,374		39,598
Liberty Latin America Ltd., Class C(a)(b)		3,518		59,278
Liberty Media Corp. — Liberty Formula One, Class A(a)		581		25,884
Liberty Media Corp. — Liberty Formula One, Class C(a)		7,290		341,099
Liberty Media Corp. — Liberty SiriusXM, Class A(a)		3,023		146,827
Liberty Media Corp. — Liberty SiriusXM, Class C(a)		5,509		270,051
Liberty Media Corp.-Liberty Braves, Class A(a)		602		17,609
Liberty Media Corp.-Liberty Braves, Class C(a)		1,290		37,604
Lions Gate Entertainment Corp., Class A(a)		3,127		31,051
Lions Gate Entertainment Corp., Class B(a)		2,474		23,082
LiveXLive Media, Inc.(a)(b)		943		1,320
Madison Square Garden Co., Class A(a)		663		196,374
MDC Partners, Inc., Class A(a)		2,553		5,795
Meredith Corp.		1,332		40,027
MSG Networks, Inc., Class A(a)(b)		1,788		27,195
National CineMedia, Inc.		2,288		16,885
New York Times Co., Class A		5,778		184,954
News Corp., Class A		12,686		172,783
News Corp., Class B		5,383		75,201
Nexstar Media Group, Inc., Class A		1,569		190,084
Omnicom Group, Inc.		7,519		566,256
Reading International, Inc., Class A(a)(b)		655		6,681
Scholastic Corp.		975		32,126
Sinclair Broadcast Group, Inc., Class A		2,243		67,111
Sirius XM Holdings, Inc.(b)		49,128		347,335
TechTarget, Inc.(a)		999		25,365
TEGNA, Inc.		7,946		134,287
TiVo Corp.		5,206		37,900
Tribune Publishing Co.		502		6,305
ViacomCBS, Inc., Class A Class A		277		10,520
ViacomCBS, Inc., Class B		19,005		648,641
Walt Disney Co.		61,742		8,539,536
WideOpenWest, Inc.(a)		921		6,217
				25,774,062
Metals & Mining — 0.4%
AK Steel Holding Corp.(a)		10,476		28,914
Alcoa Corp.(a)		6,494		90,591
Allegheny Technologies, Inc.(a)		4,571		78,850
Carpenter Technology Corp.		1,574		62,551
Century Aluminum Co.(a)(b)		1,825		9,654
Cleveland-Cliffs, Inc.(b)		9,822		68,950
Coeur Mining, Inc.(a)(b)		7,791		46,980
Commercial Metals Co.		4,356		89,516
Compass Minerals International, Inc.		1,187		68,715
Ferroglobe PLC(c)		844		—
Freeport-McMoRan, Inc.		51,479		571,417
Gold Resource Corp.(b)		1,386		7,623
Haynes International, Inc.		363		9,732
Hecla Mining Co.(b)		17,962		54,425
Kaiser Aluminum Corp.		636		63,695
Materion Corp.		691		37,521
Newmont Corp.		28,819		1,298,584
Novagold Resources, Inc.(a)		8,391		76,526
Nucor Corp.		10,446		496,081
Olympic Steel, Inc.		97		1,426
Reliance Steel & Aluminum Co.		2,212		253,938
Royal Gold, Inc.		2,291		264,198
Ryerson Holding Corp.(a)		148		1,517
Schnitzer Steel Industries, Inc., Class A		861		13,845
Southern Copper Corp.		3,004		113,191
Steel Dynamics, Inc.		7,496		223,980
SunCoke Energy, Inc.		1,917		11,272

62 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Metals & Mining (continued)
Synalloy Corp.(a)		355	$	4,555
TimkenSteel Corp.(a)		1,376		8,779
U.S. Silica Holdings, Inc.		2,589		13,307
United States Steel Corp.(b)		6,540		59,318
Warrior Met Coal, Inc.		1,665		31,402
Worthington Industries, Inc.		1,445		53,147
				4,214,200
Mortgage Real Estate Investment Trusts (REITs) — 0.1%
AG Mortgage Investment Trust, Inc.		900		14,265
AGNC Investment Corp.		19,042		353,991
Annaly Capital Management, Inc.		51,835		505,910
Colony Credit Real Estate, Inc.		2,738		34,088
Drive Shack, Inc.(a)		4,091		15,464
Dynex Capital, Inc.		695		12,385
Ellington Financial, Inc.		1,920		35,078
Exantas Capital Corp.		848		10,244
Front Yard Residential Corp.		2,051		22,007
Granite Point Mortgage Trust, Inc.		1,933		35,355
Great Ajax Corp.		321		4,844
Invesco Mortgage Capital, Inc.		6,346		110,991
KKR Real Estate Finance Trust, Inc.		1,975		41,574
Ready Capital Corp.		1,290		21,053
TPG RE Finance Trust, Inc.		1,767		36,170
Two Harbors Investment Corp.		9,340		142,528
Western Asset Mortgage Capital Corp.		1,131		12,000
				1,407,947
Multi-Utilities — 1.0%
Ameren Corp.		8,704		714,163
Avista Corp.		2,379		120,972
Black Hills Corp.		2,094		173,865
CenterPoint Energy, Inc.		17,722		469,279
CMS Energy Corp.		9,710		665,232
Consolidated Edison, Inc.		11,780		1,107,320
Dominion Energy, Inc.		28,992		2,486,064
DTE Energy Co.		6,437		853,611
MDU Resources Group, Inc.		6,866		203,302
NiSource, Inc.		13,097		383,873
NorthWestern Corp.		1,857		142,933
Public Service Enterprise Group, Inc.		17,930		1,061,456
Sempra Energy		9,934		1,595,798
WEC Energy Group, Inc.		11,180		1,116,770
				11,094,638
Multiline Retail — 0.4%
Big Lots, Inc.		1,393		37,695
Dillard’s, Inc., Class A(b)		348		21,130
Dollar General Corp.		9,168		1,406,463
Dollar Tree, Inc.(a)		8,377		729,385
JC Penney Co., Inc.(a)(b)		11,059		8,239
Kohl’s Corp.		5,755		246,026
Macy’s, Inc.		10,824		172,643
Nordstrom, Inc.		3,837		141,432
Ollie’s Bargain Outlet Holdings, Inc.(a)		1,850		98,124
Target Corp.		17,619		1,951,128
				4,812,265
Oil, Gas & Consumable Fuels — 3.2%
Abraxas Petroleum Corp.(a)		5,435		1,245
Amplify Energy Corp.		929		5,007
Amyris, Inc.(a)(b)		3,044		7,793
Antero Midstream Corp.		8,634		43,515
Antero Resources Corp.(a)(b)		10,080		18,648
Apache Corp.		13,214		362,592
Arch Coal, Inc., Class A		592		30,506

Security	Shares		Value
Oil, Gas & Consumable Fuels (continued)
Ardmore Shipping Corp.(a)		703	$	4,323
Berry Petroleum Corp.		2,607		17,858
Bonanza Creek Energy, Inc.(a)		672		12,224
Brigham Minerals, Inc., Class A		617		10,495
Cabot Oil & Gas Corp.		14,518		204,559
California Resources Corp.(a)(b)		1,695		12,441
Callon Petroleum Co.(a)		14,762		44,286
Centennial Resource Development, Inc., Class A(a)(b)		6,970		22,722
Cheniere Energy, Inc.(a)		8,297		491,514
Chesapeake Energy Corp.(a)(b)		50,918		26,060
Chevron Corp.		67,850		7,269,449
Cimarex Energy Co.		3,621		158,926
Clean Energy Fuels Corp.(a)		4,949		11,383
CNX Resources Corp.(a)		6,831		49,388
Concho Resources, Inc.		7,088		537,129
ConocoPhillips		38,721		2,301,189
CONSOL Energy, Inc.(a)		881		7,163
Continental Resources, Inc.		3,232		87,975
Contura Energy, Inc.(a)(b)		930		5,385
CVR Energy, Inc.		1,053		36,444
Delek US Holdings, Inc.		2,513		69,007
Denbury Resources, Inc.(a)		18,412		18,136
Devon Energy Corp.		13,643		296,326
DHT Holdings, Inc.		3,294		18,545
Diamond S Shipping, Inc.(a)		479		5,307
Diamondback Energy, Inc.		5,629		418,798
Dorian LPG Ltd.(a)		1,250		16,400
Energy Fuels, Inc.(a)(b)		4,782		6,790
EOG Resources, Inc.		20,517		1,495,894
EQT Corp.		9,243		55,920
Equitrans Midstream Corp.		7,627		73,753
Evolution Petroleum Corp.		1,161		5,851
Extraction Oil & Gas, Inc.(a)(b)		3,544		5,032
Exxon Mobil Corp.		149,646		9,296,010
Falcon Minerals Corp.		1,711		9,411
GasLog Ltd.		1,281		8,301
Golar LNG Ltd.		3,854		37,076
Goodrich Petroleum Corp.(a)(b)		829		5,563
Green Plains, Inc.		1,196		14,914
Gulfport Energy Corp.(a)(b)		5,379		8,337
Hess Corp.		9,557		540,640
HighPoint Resources Corp.(a)		3,389		3,931
HollyFrontier Corp.		5,186		232,955
International Seaways, Inc.(a)		846		18,832
Kinder Morgan, Inc.		68,604		1,431,766
Kosmos Energy Ltd.		13,128		67,084
Laredo Petroleum, Inc.(a)(b)		4,661		8,017
Magnolia Oil & Gas Corp., Class A(a)(b)		3,654		38,440
Marathon Oil Corp.		28,692		326,228
Marathon Petroleum Corp.		22,650		1,234,425
Matador Resources Co.(a)		4,298		63,052
Montage Resources Corp.(a)		38		139
Murphy Oil Corp.		5,383		112,828
Noble Energy, Inc.		17,094		337,948
Nordic American Tankers Ltd.		4,938		16,690
Northern Oil and Gas, Inc.(a)		8,860		14,708
Oasis Petroleum, Inc.(a)(b)		11,330		25,493
Occidental Petroleum Corp.		31,476		1,250,227
ONEOK, Inc.		14,420		1,079,625
Overseas Shipholding Group, Inc., Class A(a)		2,632		4,685
Panhandle Oil and Gas, Inc., Class A		196		1,417
Par Pacific Holdings, Inc.(a)		1,459		29,355
Parsley Energy, Inc., Class A		10,780		179,379
PBF Energy, Inc., Class A		4,171		113,868

SCHEDULES OF INVESTMENTS 63

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Oil, Gas & Consumable Fuels (continued)
PDC Energy, Inc.(a)		3,305	$	71,355
Peabody Energy Corp.		2,502		16,914
Penn Virginia Corp.(a)		390		8,334
Phillips 66		15,806		1,444,194
Pioneer Natural Resources Co.		5,801		783,135
QEP Resources, Inc.		7,567		23,987
Range Resources Corp.		6,720		20,160
Renewable Energy Group, Inc.(a)		1,207		31,720
REX American Resources Corp.(a)(b)		221		16,652
Ring Energy, Inc.(a)		2,128		4,596
SandRidge Energy, Inc.(a)		1,012		2,581
Scorpio Tankers, Inc.		1,466		34,216
SFL Corp. Ltd.		3,785		50,113
SilverBow Resources, Inc.(a)(b)		446		2,373
SM Energy Co.		3,522		32,332
Southwestern Energy Co.(a)(b)		18,324		28,769
Talos Energy, Inc.(a)		673		14,766
Targa Resources Corp.		8,069		294,519
Teekay Corp.		2,111		7,515
Teekay Tankers Ltd., Class A(a)		774		12,608
Tellurian, Inc.(a)(b)		3,575		25,097
Uranium Energy Corp.(a)(b)		5,795		4,809
Valero Energy Corp.		14,410		1,214,907
W&T Offshore, Inc.(a)(b)		2,856		11,824
Whiting Petroleum Corp.(a)(b)		3,508		15,926
Williams Cos., Inc.		42,845		886,463
World Fuel Services Corp.		2,370		92,714
WPX Energy, Inc.(a)		14,780		176,621
				36,106,522
Paper & Forest Products — 0.0%
Boise Cascade Co.		1,353		48,979
Clearwater Paper Corp.(a)		635		17,907
Domtar Corp.		2,027		70,580
Louisiana-Pacific Corp.		4,214		129,285
Neenah, Inc.		540		35,986
PH Glatfelter Co.		1,299		21,693
Schweitzer-Mauduit International, Inc.		1,205		42,211
Verso Corp., Class A(a)		1,086		18,299
				384,940
Personal Products — 0.2%
BellRing Brands, Inc., Class A(a)		1,574		34,061
Coty, Inc., Class A		10,271		105,380
Edgewell Personal Care Co.(a)		1,802		46,528
elf Beauty, Inc.(a)		1,016		15,931
Estee Lauder Cos., Inc., Class A		7,675		1,497,853
Herbalife Nutrition Ltd.(a)		3,610		140,248
Inter Parfums, Inc.		578		39,946
Lifevantage Corp.(a)		732		11,990
Medifast, Inc.		347		33,531
Nature’s Sunshine Products, Inc.(a)		255		2,438
Nu Skin Enterprises, Inc., Class A		1,980		64,528
Revlon, Inc., Class A(a)(b)		260		5,556
USANA Health Sciences, Inc.(a)		423		26,099
				2,024,089
Pharmaceuticals — 4.0%
AcelRx Pharmaceuticals, Inc.(a)(b)		3,530		6,001
Aclaris Therapeutics, Inc.(a)		795		986
Aerie Pharmaceuticals, Inc.(a)(b)		1,684		34,488
Akorn, Inc.(a)		3,178		4,862
Allergan PLC		11,587		2,162,598
Amneal Pharmaceuticals, Inc.(a)		5,098		22,890
Amphastar Pharmaceuticals, Inc.(a)		1,216		22,995
ANI Pharmaceuticals, Inc.(a)		309		19,158

Security	Shares		Value
Pharmaceuticals (continued)
Arvinas Holding Co. LLC(a)		643	$	31,160
Assembly Biosciences, Inc.(a)		689		12,099
Assertio Therapeutics, Inc.(a)		2,355		2,520
Axsome Therapeutics, Inc.(a)(b)		834		72,408
BioDelivery Sciences International, Inc.(a)		3,852		20,223
Bristol-Myers Squibb Co.		82,767		5,210,183
Cara Therapeutics, Inc.(a)		1,585		25,519
Catalent, Inc.(a)		5,242		320,286
Collegium Pharmaceutical, Inc.(a)(b)		934		18,787
Corcept Therapeutics, Inc.(a)		2,880		36,490
Corium International, Inc.(b)(c)		973		175
CorMedix, Inc.(a)(b)		1,458		9,258
Cymabay Therapeutics, Inc.(a)		1,820		2,803
Dermira, Inc.(a)(b)		1,281		24,275
Elanco Animal Health, Inc.(a)(b)		13,308		411,217
Eli Lilly & Co.		30,097		4,202,745
Eloxx Pharmaceuticals, Inc.(a)(b)		661		2,532
Endo International PLC(a)		7,190		40,767
Evolus, Inc.(a)(b)		275		2,813
Heska Corp.(a)		201		20,138
Horizon Therapeutics PLC(a)		6,713		231,531
Innoviva, Inc.(a)(b)		2,582		35,645
Intersect ENT, Inc.(a)		830		21,447
Intra-Cellular Therapies, Inc.(a)		1,512		34,307
Jazz Pharmaceuticals PLC(a)		1,976		283,260
Johnson & Johnson		93,991		13,992,440
Kala Pharmaceuticals, Inc.(a)(b)		2,463		14,680
Lannett Co., Inc.(a)		1,056		8,596
Mallinckrodt PLC(a)(b)		3,436		15,771
Marinus Pharmaceuticals, Inc.(a)		1,291		2,621
Merck & Co., Inc.		90,041		7,693,103
Mylan NV(a)		18,512		396,527
MyoKardia, Inc.(a)		1,608		109,392
Nektar Therapeutics(a)(b)		5,742		114,208
NGM Biopharmaceuticals, Inc.(a)(b)		662		10,705
Odonate Therapeutics, Inc.(a)		353		10,308
Omeros Corp.(a)(b)		1,445		18,438
Optinose, Inc.(a)		514		4,025
Pacira BioSciences, Inc.(a)		1,569		67,812
Paratek Pharmaceuticals, Inc.(a)(b)		915		3,074
Perrigo Co. PLC		4,485		255,824
Pfizer, Inc.		196,867		7,331,327
Phathom Pharmaceuticals, Inc.(a)(b)		560		18,687
Phibro Animal Health Corp., Class A		619		14,683
Prestige Consumer Healthcare, Inc.(a)		1,713		69,479
Reata Pharmaceuticals, Inc., Class A(a)		798		174,594
Revance Therapeutics, Inc.(a)(b)		1,413		31,609
SIGA Technologies, Inc.(a)		1,580		8,137
Supernus Pharmaceuticals, Inc.(a)(b)		1,606		36,729
TherapeuticsMD, Inc.(a)(b)		7,503		16,882
Theravance Biopharma, Inc.(a)(b)		1,792		49,961
Tricida, Inc.(a)		758		26,727
Verrica Pharmaceuticals, Inc.(a)		732		10,621
WaVe Life Sciences Ltd.(a)		1,000		7,100
Xeris Pharmaceuticals, Inc.(a)(b)		1,212		7,720
Zoetis, Inc.		16,948		2,274,591
Zogenix, Inc.(a)(b)		1,518		76,462
Zynerba Pharmaceuticals, Inc.(a)(b)		1,861		9,380
				46,228,779
Professional Services — 0.5%
ASGN, Inc.(a)		1,855		125,565
Barrett Business Services, Inc.		250		20,708
BG Staffing, Inc.		403		8,108
CBIZ, Inc.(a)		1,845		49,815

64 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Professional Services (continued)
CoStar Group, Inc.(a)		1,278	$	834,521
CRA International, Inc.		196		10,443
Equifax, Inc.		4,225		633,328
Exponent, Inc.		1,853		134,843
Forrester Research, Inc.		474		19,609
Franklin Covey Co.(a)		195		6,201
FTI Consulting, Inc.(a)		1,300		156,078
GP Strategies Corp.(a)		414		5,510
Heidrick & Struggles International, Inc.		563		16,001
Huron Consulting Group, Inc.(a)		877		56,838
ICF International, Inc.		640		56,058
IHS Markit Ltd.(a)		14,088		1,110,980
Insperity, Inc.		1,227		107,203
Kelly Services, Inc., Class A		887		15,753
Kforce, Inc.		689		25,528
Korn Ferry		2,175		89,132
ManpowerGroup, Inc.		2,121		194,050
Mistras Group, Inc.(a)		335		3,708
Nielsen Holdings PLC		12,851		262,160
Paylocity Holding Corp.(a)		1,238		175,660
Resources Connection, Inc.		605		9,211
Robert Half International, Inc.		3,914		227,677
TransUnion		6,646		609,438
TriNet Group, Inc.(a)		1,531		87,359
TrueBlue, Inc.(a)		1,432		31,375
Upwork, Inc.(a)		2,193		20,132
Verisk Analytics, Inc.		5,575		905,770
Willdan Group, Inc.(a)(b)		300		9,939
				6,018,701
Real Estate Management & Development — 0.2%
Alexander & Baldwin, Inc.		2,923		63,897
Altisource Portfolio Solutions SA(a)		294		5,468
CareTrust REIT, Inc.		3,409		75,612
CBRE Group, Inc., Class A(a)		11,849		723,381
Consolidated-Tomoka Land Co.(b)		88		5,584
Cushman & Wakefield PLC(a)		4,042		77,687
Essential Properties Realty Trust, Inc.		3,145		86,833
eXp World Holdings, Inc.(a)		1,001		11,051
Forestar Group, Inc.(a)		92		1,865
FRP Holdings, Inc.(a)(b)		186		8,805
Global Medical REIT, Inc.		1,485		21,681
Howard Hughes Corp.(a)(b)		1,420		172,786
Jones Lang LaSalle, Inc.		1,812		307,714
Kennedy-Wilson Holdings, Inc.		4,952		106,765
Marcus & Millichap, Inc.(a)		917		32,462
Newmark Group, Inc., Class A		5,556		65,394
Rafael Holdings, Inc., Class B(a)		432		8,744
RE/MAX Holdings, Inc., Class A		632		24,193
Realogy Holdings Corp.		3,742		39,628
Redfin Corp.(a)(b)		3,313		80,605
RMR Group, Inc., Class A		541		24,924
St. Joe Co.(a)		1,480		31,095
Stratus Properties, Inc.(a)		132		3,927
Tejon Ranch Co.(a)(b)		507		8,163
				1,988,264
Road & Rail — 1.1%
AMERCO		311		115,465
ArcBest Corp.		886		19,767
Avis Budget Group, Inc.(a)		2,004		65,731
Covenant Transportation Group, Inc., Class A(a)(b)		245		3,108
CSX Corp.		26,490		2,022,247
Daseke, Inc.(a)(b)		1,090		3,308
Heartland Express, Inc.		1,712		31,997

Security	Shares		Value
Road & Rail (continued)
Hertz Global Holdings, Inc.(a)		3,656	$	57,619
JB Hunt Transport Services, Inc.		3,007		324,545
Kansas City Southern		3,459		583,499
Knight-Swift Transportation Holdings, Inc.(b)		4,317		160,074
Landstar System, Inc.		1,441		159,591
Lyft, Inc., Class A(a)		6,845		325,001
Marten Transport Ltd.		1,272		26,407
Norfolk Southern Corp.		9,185		1,912,409
Old Dominion Freight Line, Inc.		2,322		455,646
Ryder System, Inc.		1,915		91,384
Saia, Inc.(a)(b)		991		86,316
Schneider National, Inc., Class B		2,360		52,557
Uber Technologies, Inc.(a)		33,515		1,216,259
Union Pacific Corp.		24,544		4,403,684
Universal Logistics Holdings, Inc.		345		5,830
US Xpress Enterprises, Inc., Class A(a)		1,385		7,562
Werner Enterprises, Inc.		1,616		59,566
YRC Worldwide, Inc.(a)(b)		617		1,394
				12,190,966
Semiconductors & Semiconductor Equipment — 3.8%
Adesto Technologies Corp.(a)(b)		971		6,894
Advanced Energy Industries, Inc.(a)		1,282		89,663
Advanced Micro Devices, Inc.(a)		36,348		1,708,356
Alpha & Omega Semiconductor Ltd.(a)		344		4,193
Ambarella, Inc.(a)(b)		1,044		61,742
Amkor Technology, Inc.(a)		3,598		40,478
Analog Devices, Inc.		12,953		1,421,592
Applied Materials, Inc.		32,354		1,876,208
Axcelis Technologies, Inc.(a)		1,025		24,754
AXT, Inc.(a)		1,214		4,735
Broadcom, Inc.		13,626		4,158,110
Brooks Automation, Inc.		2,330		88,726
Cabot Microelectronics Corp.		1,038		151,039
CEVA, Inc.(a)		893		24,424
Cirrus Logic, Inc.(a)		1,999		153,543
Cohu, Inc.		1,255		28,074
Cree, Inc.(a)		3,735		173,640
Cypress Semiconductor Corp.		13,031		304,013
Diodes, Inc.(a)		1,521		78,544
DSP Group, Inc.(a)		1,034		14,952
Enphase Energy, Inc.(a)		3,312		104,394
Entegris, Inc.		4,753		246,015
First Solar, Inc.(a)(b)		3,002		148,839
FormFactor, Inc.(a)		2,501		63,300
Ichor Holdings Ltd.(a)		969		32,355
Impinj, Inc.(a)		724		23,298
Inphi Corp.(a)		1,610		122,296
Intel Corp.		154,913		9,903,588
KLA Corp.		5,559		921,349
Lam Research Corp.		5,108		1,523,257
Lattice Semiconductor Corp.(a)		4,376		81,394
MACOM Technology Solutions Holdings, Inc.(a)		1,744		49,564
Marvell Technology Group Ltd.		23,041		553,906
Maxim Integrated Products, Inc.		9,447		567,954
MaxLinear, Inc.(a)		2,605		50,771
Microchip Technology, Inc.		8,065		786,176
Micron Technology, Inc.(a)		39,258		2,084,207
MKS Instruments, Inc.		1,938		203,141
Monolithic Power Systems, Inc.		1,495		255,899
NeoPhotonics Corp.(a)		1,665		12,704
NVE Corp.		172		12,618
NVIDIA Corp.		20,624		4,876,132
ON Semiconductor Corp.(a)		14,447		334,448
Onto Innovation, Inc.(a)		1,653		62,715

SCHEDULES OF INVESTMENTS 65

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Semiconductors & Semiconductor Equipment (continued)
PDF Solutions, Inc.(a)		466	$	7,344
Photronics, Inc.(a)		2,227		28,461
Power Integrations, Inc.		1,056		103,140
Qorvo, Inc.(a)		4,045		428,204
QUALCOMM, Inc.		40,626		3,465,804
Rambus, Inc.(a)		4,883		77,493
Semtech Corp.(a)		2,463		118,692
Silicon Laboratories, Inc.(a)		1,535		150,906
Skyworks Solutions, Inc.		6,074		687,273
SMART Global Holdings, Inc.(a)		330		9,953
SunPower Corp.(a)		2,301		19,605
Teradyne, Inc.		5,803		382,940
Texas Instruments, Inc.		33,352		4,023,919
Ultra Clean Holdings, Inc.(a)		1,678		38,611
Veeco Instruments, Inc.(a)		1,822		23,231
Xilinx, Inc.		9,040		763,699
Xperi Corp.		1,688		27,160
				43,790,435
Software — 7.6%
A10 Networks, Inc.(a)		1,111		7,566
ACI Worldwide, Inc.(a)		4,099		141,211
Adobe, Inc.(a)		17,206		6,041,715
Alarm.com Holdings, Inc.(a)		1,362		59,833
Altair Engineering, Inc., Class A(a)		1,363		50,363
Alteryx, Inc., Class A(a)(b)		1,538		214,505
American Software, Inc., Class A		608		9,077
Anaplan, Inc.(a)		2,988		172,079
ANSYS, Inc.(a)		2,920		801,044
Appfolio, Inc., Class A(a)		557		73,212
Appian Corp.(a)(b)		1,138		58,084
Aspen Technology, Inc.(a)		2,383		283,529
Atlassian Corp. PLC, Class A(a)		4,189		615,783
Autodesk, Inc.(a)		7,861		1,547,438
Avalara, Inc.(a)		1,738		147,973
Avaya Holdings Corp.(a)		4,020		51,335
Benefitfocus, Inc.(a)		1,165		21,552
Blackbaud, Inc.		1,795		140,602
Blackline, Inc.(a)		1,436		87,840
Bottomline Technologies DE, Inc.(a)		1,643		88,065
Box, Inc., Class A(a)		4,996		75,090
Cadence Design Systems, Inc.(a)		9,770		704,515
CDK Global, Inc.		4,224		226,744
Cerence Inc.(a)		1,269		27,093
Ceridian HCM Holding, Inc.(a)		3,337		244,569
ChannelAdvisor Corp.(a)		878		8,218
Citrix Systems, Inc.		4,416		535,308
Cloudera, Inc.(a)(b)		7,996		82,279
CommVault Systems, Inc.(a)		1,545		69,556
Cornerstone OnDemand, Inc.(a)		2,151		126,479
Coupa Software, Inc.(a)		2,232		359,687
Digimarc Corp.(a)		495		15,498
Digital Turbine, Inc.(a)		3,249		20,274
DocuSign, Inc.(a)		5,551		435,809
Domo, Inc., Class B(a)		754		18,262
Dropbox, Inc., Class A(a)		7,606		129,454
Dynatrace, Inc.(a)		2,353		73,672
Ebix, Inc.		762		26,236
eGain Corp.(a)		724		5,213
Elastic NV(a)(b)		1,583		102,705
Envestnet, Inc.(a)(b)		1,669		131,634
Everbridge, Inc.(a)		1,179		106,865
Fair Isaac Corp.(a)		982		395,137
FireEye, Inc.(a)		7,033		112,387
Five9, Inc.(a)		2,193		157,304

Security	Shares		Value
Software (continued)
ForeScout Technologies, Inc.(a)(b)		1,561	$	44,504
Fortinet, Inc.(a)		5,052		582,799
GTY Technology Holdings, Inc.(a)		2,386		14,936
Guidewire Software, Inc.(a)		2,988		336,150
HubSpot, Inc.(a)		1,448		262,001
Instructure, Inc.(a)		1,279		62,466
Intelligent Systems Corp.(a)		24		1,019
Intuit, Inc.		8,851		2,481,643
j2 Global, Inc.		1,636		156,827
LivePerson, Inc.(a)		2,257		92,560
LogMeIn, Inc.		1,759		151,221
Manhattan Associates, Inc.(a)		2,200		188,012
Medallia, Inc.(a)		721		20,347
Microsoft Corp.		267,642		45,560,698
MicroStrategy, Inc., Class A(a)		315		47,889
Mitek Systems, Inc.(a)		1,307		12,756
MobileIron, Inc.(a)(b)		2,756		13,146
Model N, Inc.(a)		1,370		42,730
NetScout Systems, Inc.(a)		2,601		66,872
New Relic, Inc.(a)		1,765		116,508
NortonLifeLock, Inc.		20,452		581,246
Nuance Communications, Inc.(a)		10,159		192,208
Nutanix, Inc., Class A(a)		6,104		198,197
OneSpan, Inc.(a)(b)		969		16,105
Oracle Corp.		73,119		3,835,092
PagerDuty, Inc.(a)(b)		1,653		38,548
Palo Alto Networks, Inc.(a)		3,386		794,965
Paycom Software, Inc.(a)		1,718		546,599
Pegasystems, Inc.		1,263		108,883
Ping Identity Holding Corp.(a)		842		20,418
Pluralsight, Inc., Class A(a)(b)		2,064		40,021
Progress Software Corp.		1,568		70,764
Proofpoint, Inc.(a)		1,950		239,479
PROS Holdings, Inc.(a)		1,143		68,580
PTC, Inc.(a)		3,677		305,632
Q2 Holdings, Inc.(a)		1,487		129,652
QAD, Inc., Class A		286		14,715
Qualys, Inc.(a)		1,282		109,919
Rapid7, Inc.(a)		1,709		101,480
RealPage, Inc.(a)(b)		2,770		161,629
RingCentral, Inc., Class A(a)		2,655		545,815
Rosetta Stone, Inc.(a)		562		9,638
SailPoint Technologies Holding, Inc.(a)		2,947		73,940
salesforce.com, Inc.(a)		29,497		5,377,598
SecureWorks Corp., Class A(a)		607		9,548
ServiceNow, Inc.(a)		6,581		2,225,892
ShotSpotter, Inc.(a)(b)		218		5,984
Smartsheet, Inc., Class A(a)(b)		3,137		152,082
SolarWinds Corp.(a)		1,701		32,183
Splunk, Inc.(a)		5,438		844,304
SPS Commerce, Inc.(a)		1,180		67,059
SS&C Technologies Holdings, Inc.		7,796		491,226
SVMK, Inc.(a)		3,285		57,980
Synchronoss Technologies, Inc.(a)		1,198		6,547
Synopsys, Inc.(a)		5,214		769,117
Telaria, Inc.(a)		2,084		21,153
Telenav, Inc.(a)(b)		760		3,412
Tenable Holdings, Inc.(a)		1,239		33,763
Trade Desk, Inc., Class A(a)		1,371		369,046
Tyler Technologies, Inc.(a)		1,365		441,823
Upland Software, Inc.(a)(b)		909		35,487
Varonis Systems, Inc.(a)		1,139		95,289
Verint Systems, Inc.(a)		2,326		134,908
VirnetX Holding Corp.(a)(b)		2,642		10,040

66 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Software (continued)
VMware, Inc., Class A(a)(b)		2,711	$	401,391
Workday, Inc., Class A(a)		5,718		1,055,714
Workiva, Inc.(a)(b)		1,218		55,407
Yext, Inc.(a)(b)		3,424		51,155
Zendesk, Inc.(a)		3,980		343,872
Zix Corp.(a)(b)		2,268		15,309
Zscaler, Inc.(a)(b)		2,183		122,444
Zuora, Inc., Class A(a)		2,874		42,391
Zynga, Inc., Class A(a)		30,434		183,213
				86,716,740
Specialty Retail — 2.2%
Aaron’s, Inc.		2,375		140,980
Abercrombie & Fitch Co., Class A		2,479		40,556
Advance Auto Parts, Inc.		2,361		311,062
America’s Car-Mart, Inc.(a)		281		30,848
American Eagle Outfitters, Inc.		6,018		86,659
Asbury Automotive Group, Inc.(a)		735		70,891
Ascena Retail Group, Inc.(a)		214		942
AutoNation, Inc.(a)		1,992		84,540
AutoZone, Inc.(a)		840		888,686
Barnes & Noble Education, Inc.(a)		774		2,663
Bed Bath & Beyond, Inc.		4,168		59,394
Best Buy Co., Inc.		7,956		673,794
Boot Barn Holdings, Inc.(a)		1,034		43,397
Buckle, Inc.		884		21,578
Burlington Stores, Inc.(a)		2,303		500,833
Caleres, Inc.		1,279		22,446
CarMax, Inc.(a)		5,719		554,972
Carvana Co.(a)(b)		1,597		126,562
Cato Corp., Class A		507		8,132
Chico’s FAS, Inc.		3,622		14,090
Children’s Place, Inc.		603		35,981
Citi Trends, Inc.		277		6,451
Conn’s, Inc.(a)		641		5,615
Container Store Group, Inc.(a)		1,057		4,270
Designer Brands, Inc., Class A		1,907		27,156
Dick’s Sporting Goods, Inc.		2,223		98,323
Express, Inc.(a)(b)		2,627		10,534
Five Below, Inc.(a)		1,960		221,911
Floor & Decor Holdings, Inc., Class A(a)		2,519		124,212
Foot Locker, Inc.		3,812		144,742
GameStop Corp., Class A(b)		3,236		12,426
Gap, Inc.		8,057		140,272
Genesco, Inc.(a)(b)		625		24,575
GNC Holdings, Inc., Class A(a)(b)		3,255		6,966
Group 1 Automotive, Inc.		663		66,811
Guess?, Inc.		1,837		39,110
Haverty Furniture Cos., Inc.		502		10,105
Hibbett Sports, Inc.(a)		425		10,532
Home Depot, Inc.		39,228		8,947,907
Hudson Ltd., Class A(a)		1,455		15,961
L Brands, Inc.		8,273		191,603
Lithia Motors, Inc., Class A		810		109,868
Lowe’s Cos., Inc.		27,452		3,191,021
Lumber Liquidators Holdings, Inc.(a)(b)		1,004		7,640
MarineMax, Inc.(a)		887		17,678
Michaels Cos., Inc.(a)		2,234		11,014
Monro, Inc.(b)		1,209		75,804
Murphy USA, Inc.(a)		981		100,229
National Vision Holdings, Inc.(a)(b)		2,652		90,486
O’Reilly Automotive, Inc.(a)		2,609		1,059,515
Office Depot, Inc.		17,002		37,744
Party City Holdco, Inc.(a)(b)		2,256		6,497
Penske Automotive Group, Inc.		1,347		63,269

Security	Shares		Value
Specialty Retail (continued)
Rent-A-Center, Inc.		1,710	$	49,812
RH(a)		585		122,119
Ross Stores, Inc.		12,545		1,407,424
Sally Beauty Holdings, Inc.(a)		4,389		67,371
Shoe Carnival, Inc.		372		13,340
Signet Jewelers Ltd.		1,788		43,466
Sleep Number Corp.(a)(b)		1,074		55,408
Sonic Automotive, Inc., Class A		808		25,557
Sportsman’s Warehouse Holdings, Inc.(a)		1,930		12,506
Systemax, Inc.		366		8,656
Tailored Brands, Inc.(b)		1,674		6,663
Tiffany & Co.		4,266		571,729
Tilly’s, Inc., Class A		598		5,083
TJX Cos., Inc.		42,640		2,517,466
Tractor Supply Co.		4,207		391,041
Ulta Salon Cosmetics & Fragrance, Inc.(a)		1,992		533,677
Urban Outfitters, Inc.(a)		2,358		60,365
Williams-Sonoma, Inc.		2,769		194,052
Winmark Corp.		85		16,912
Zumiez, Inc.(a)		536		16,707
				24,718,607
Technology Hardware, Storage & Peripherals — 4.6%
3D Systems Corp.(a)(b)		3,456		37,636
Apple, Inc.		157,338		48,697,684
Avid Technology, Inc.(a)		592		4,976
Dell Technologies, Inc., Class C(a)		5,372		261,992
Diebold Nixdorf, Inc.(a)		2,781		32,009
Hewlett Packard Enterprise Co.		47,065		655,615
HP, Inc.		52,604		1,121,517
Immersion Corp.(a)		1,186		8,682
NCR Corp.(a)(b)		4,662		157,203
NetApp, Inc.		8,386		447,812
Pure Storage, Inc., Class A(a)		8,207		146,085
Stratasys Ltd.(a)		1,763		31,699
Synaptics, Inc.(a)(b)		1,164		77,627
Western Digital Corp.		10,437		683,624
Xerox Holdings Corp.(a)		6,442		229,142
				52,593,303
Textiles, Apparel & Luxury Goods — 0.7%
Capri Holdings Ltd.(a)		5,139		153,964
Carter’s, Inc.		1,550		164,408
Columbia Sportswear Co.		1,102		103,500
Crocs, Inc.(a)		2,528		95,836
Culp, Inc.		170		2,147
Deckers Outdoor Corp.(a)		955		182,319
Delta Apparel, Inc.(a)		57		1,430
Fossil Group, Inc.(a)		1,424		9,584
G-III Apparel Group Ltd.(a)(b)		1,462		39,781
Hanesbrands, Inc.		12,745		175,371
Kontoor Brands, Inc.(a)		1,656		63,160
Lululemon Athletica, Inc.(a)		4,199		1,005,199
Movado Group, Inc.		450		7,749
NIKE, Inc., Class B		43,610		4,199,643
Oxford Industries, Inc.		585		40,599
PVH Corp.		2,600		226,642
Ralph Lauren Corp.		1,723		195,560
Rocky Brands, Inc.		309		8,386
Skechers U.S.A., Inc., Class A(a)		4,604		172,144
Steven Madden Ltd.		2,896		111,670
Tapestry, Inc.		9,936		256,051
Under Armour, Inc., Class A(a)(b)		5,954		120,152
Under Armour, Inc., Class C(a)(b)		7,474		134,233
Unifi, Inc.(a)		322		6,929

SCHEDULES OF INVESTMENTS 67

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Textiles, Apparel & Luxury Goods (continued)
Vera Bradley, Inc.(a)(b)		696	$	6,668
VF Corp.		10,864		901,386
Wolverine World Wide, Inc.		2,847		89,880
				8,474,391
Thrifts & Mortgage Finance — 0.2%
Axos Financial, Inc.(a)		1,972		55,551
Banc of California, Inc.		1,360		21,706
Berkshire Hills Bancorp, Inc.		2,000		56,300
Brookline Bancorp, Inc.		2,260		34,352
Capitol Federal Financial, Inc.		5,759		75,904
Columbia Financial, Inc.(a)(b)		2,444		40,986
Dime Community Bancshares, Inc.		995		19,313
Essent Group Ltd.		3,417		169,517
Federal Agricultural Mortgage Corp., Class C		263		20,067
First Defiance Financial Corp.		610		17,928
Flagstar Bancorp, Inc.		1,465		51,627
Flushing Financial Corp.		756		15,022
Greene County Bancorp, Inc.		392		11,443
Hingham Institution for Savings		79		16,542
Home Bancorp, Inc.		190		6,756
HomeStreet, Inc.(a)		992		31,853
Kearny Financial Corp.		3,052		37,692
Ladder Capital Corp.		4,671		85,713
LendingTree, Inc.(a)(b)		264		82,157
Merchants Bancorp		405		7,970
Meridian Bancorp, Inc.		1,376		24,754
Meta Financial Group, Inc.		1,266		47,121
MGIC Investment Corp.		12,493		172,278
Mr Cooper Group, Inc.(a)(b)		2,984		36,942
New York Community Bancorp, Inc.		16,092		177,978
NMI Holdings, Inc., Class A(a)		2,174		69,394
Northfield Bancorp, Inc.		1,190		18,909
Northwest Bancshares, Inc.		3,639		57,223
OceanFirst Financial Corp.		1,828		42,519
Ocwen Financial Corp.(a)		3,735		4,594
PCSB Financial Corp.		450		8,946
Provident Bancorp, Inc.(a)(b)		875		10,334
Provident Financial Services, Inc.		1,941		44,274
Radian Group, Inc.		7,445		182,328
Southern Missouri Bancorp, Inc.		347		12,360
Sterling Bancorp, Inc.		551		4,039
Territorial Bancorp, Inc.		536		15,560
TFS Financial Corp.		1,463		29,889
Timberland Bancorp, Inc.		434		12,221
TrustCo Bank Corp. NY		1,531		12,141
United Community Financial Corp.		695		7,596
Walker & Dunlop, Inc.		946		62,786
Washington Federal, Inc.		3,037		103,258
Waterstone Financial, Inc.		804		14,062
Western New England Bancorp, Inc.		2,207		19,819
WSFS Financial Corp.		2,055		81,974
				2,131,698
Tobacco — 0.7%
22nd Century Group, Inc.(a)(b)		4,139		3,836
Altria Group, Inc.		66,521		3,161,743
Philip Morris International, Inc.		55,004		4,548,831
Pyxus International, Inc.(a)(b)		693		4,747
Turning Point Brands, Inc.(b)		273		6,235
Universal Corp.		807		42,892
Vector Group Ltd.		4,071		53,493
				7,821,777

Security	Shares		Value
Trading Companies & Distributors — 0.3%
Air Lease Corp.		3,637	$	156,173
Aircastle Ltd.		2,022		64,886
Applied Industrial Technologies, Inc.		1,275		82,327
Beacon Roofing Supply, Inc.(a)		2,457		81,351
BlueLinx Holdings, Inc.(a)		266		3,120
BMC Stock Holdings, Inc.(a)		2,469		72,058
CAI International, Inc.(a)		573		15,586
DXP Enterprises, Inc.(a)		556		19,277
EVI Industries, Inc.		262		7,011
Fastenal Co.		20,242		706,041
Foundation Building Materials, Inc.(a)		572		10,199
GATX Corp.		1,299		98,893
GMS, Inc.(a)		1,500		40,080
H&E Equipment Services, Inc.		1,091		29,577
HD Supply Holdings, Inc.(a)		6,014		245,010
Herc Holdings, Inc.(a)		760		30,491
Kaman Corp.		920		56,782
Lawson Products, Inc.(a)		255		12,041
MRC Global, Inc.(a)		2,394		26,956
MSC Industrial Direct Co., Inc., Class A		1,640		111,635
NOW, Inc.(a)		3,477		34,805
Rush Enterprises, Inc., Class A		823		35,389
Rush Enterprises, Inc., Class B		266		11,800
SiteOne Landscape Supply, Inc.(a)		1,448		139,804
Textainer Group Holdings Ltd.(a)(b)		2,139		20,256
Titan Machinery, Inc.(a)		433		5,287
Transcat, Inc.(a)		348		10,649
Triton International Ltd.		2,060		77,353
United Rentals, Inc.(a)(b)		2,636		357,679
Univar Solutions, Inc.(a)(b)		5,674		122,275
Veritiv Corp.(a)		406		5,716
W.W. Grainger, Inc.		1,549		468,836
Watsco, Inc.		1,163		202,269
WESCO International, Inc.(a)		1,698		82,200
				3,443,812
Transportation Infrastructure — 0.0%
Macquarie Infrastructure Corp.		2,631		116,053
Water Utilities — 0.2%
American States Water Co.		1,310		116,014
American Water Works Co., Inc.		6,344		864,053
AquaVenture Holdings Ltd.(a)		599		16,173
Artesian Resources Corp., Class A		493		18,596
Cadiz, Inc.(a)(b)		459		4,175
California Water Service Group		1,870		98,287
Consolidated Water Co. Ltd.		1,363		23,321
Essential Utilities, Inc.		7,558		392,562
Global Water Resources, Inc.		881		11,127
Middlesex Water Co.		609		39,743
SJW Group		1,031		75,624
York Water Co.		673		31,873
				1,691,548
Wireless Telecommunication Services — 0.1%
Boingo Wireless, Inc.(a)		1,697		19,074
Gogo, Inc.(a)		2,125		11,177
Shenandoah Telecommunications Co.		1,664		67,142
Spok Holdings, Inc.		353		3,749
Sprint Corp.(a)		20,599		90,018
T-Mobile U.S., Inc.(a)		10,972		868,873
Telephone & Data Systems, Inc.		3,846		87,227
United States Cellular Corp.(a)		438		14,025
				1,161,285
Total Common Stocks — 98.1% (Cost — $797,732,743)				1,121,550,720

68 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares Total U.S. Stock Market Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Investment Companies — 0.9%
Equity Funds — 0.9%
iShares Russell 3000 ETF(f)		53,638	$	10,098,426
Total Investment Companies — 0.9% (Cost — $10,372,087)				10,098,426
Total Long-Term Investments — 99.0% (Cost — $808,104,830)				1,131,649,146
Short-Term Securities — 3.2%
BlackRock Cash Funds: Institutional, SL Agency Shares,     1.81%(d)(e)(f)		26,238,674		26,254,417
BlackRock Cash Funds: Treasury, SL Agency Shares,     1.54%(d)(f)		10,905,606		10,905,606
Total Short-Term Securities — 3.2% (Cost — $37,152,496)				37,160,023
Total Investments — 102.2% (Cost — $845,257,326)				1,168,809,169
Liabilities in Excess of Other Assets — (2.2)%				(25,068,944	)
Net Assets — 100.0%			$	1,143,740,225

^(a)  Non-income producing security.

^(b)  Security, or a portion of the security, is on loan.

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

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

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

^(f)  During the six months ended January 31, 2020, investments in issuers considered to be an affiliate/affiliates of the Fund for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, and/or related parties of the Fund were as follows:

Affiliated Persons and/or Related Parties	Shares Held at 07/31/19		Shares Purchased		Shares Sold			Shares Held at 01/31/20		Value at 01/31/20		Income			Net Realized Gain (Loss) (a)			Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares(b)		21,426,011		4,812,663		—			26,238,674	$	26,254,417	$	93,630	(c)	$	1,487		$	2,372
BlackRock Cash Funds: Treasury, SL Agency Shares(b)		8,291,401		2,614,205		—			10,905,606		10,905,606		87,005			—			—
BlackRock, Inc.		4,316		133		(240	)		4,209		2,219,616		28,119			(11,142	)		263,666
PennyMac Mortgage Investment Trust		1,874		1,266		—			3,140		73,005		2,357			—			2,879
iShares Russell 3000 ETF		27,474		164,823		(138,659	)		53,638		10,098,426		73,012			751,305			(578,451	)
										$	49,551,070	$	284,123		$	741,650		$	(309,534	)

^(a)  Includes net capital gain distributions, if applicable.

^(b)  Represents net shares purchased.

^(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
Russell 2000 E-Mini Index		19		03/20/20	$	1,534	$	(42,468	)
S&P 500 E-Mini Index		61		03/20/20		9,833		(138,017	)
							$	(180,485	)

SCHEDULES OF INVESTMENTS 69

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares Total U.S. Stock Market Index Fund

Derivative Financial Instruments Categorized by Risk Exposure

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

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contract(a)	$	—	$	—	$	180,845	$	—	$	—	$	—	$	180,845

^(a)  Net cumulative unrealized appreciation (depreciation) on futures contracts if any, are reported in the Schedules 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 six months ended July 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from:
Futures contracts	$	—	$	—	$	1,203,428		$	—	$	—	$	—	$	1,203,428
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	(151,537	)	$	—	$	—	$	—	$	(151,537	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	13,185,403

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 investments and derivative financial instruments. For information about the Fund’s policy regarding valuation of investments and derivative financial instruments, refer to the Notes to Financial Statements.

The following tables summarize the Fund’s investments and derivative financial instruments categorized in the disclosure hierarchy:

	Level 1			Level 2		Level 3		Total
Assets:
Investments:
Long-Term Investments:
Common Stocks(a)	$	1,121,550,191		$	—	$	529	$	1,121,550,720
Investment Companies		10,098,426			—		—		10,098,426
Short-Term Securities		37,160,023			—		—		37,160,023
Total	$	1,168,808,640		$	—	$	529	$	1,168,809,169
Derivative Financial Instruments(b)
Liabilities:
Equity contracts	$	(180,485	)	$	—	$	—	$	(180,485	)

^(a)  See above Schedule of Investments for values in each industry.

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

See notes to financial statements.

70 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Assets and Liabilities  (unaudited)

January 31, 2020

	iShares Russell Mid-Cap Index Fund		iShares Russell Small/Mid-Cap Index Fund		iShares Total U.S. Stock Market Index Fund
ASSETS
Investments at value — unaffiliated(a)(b)	$	1,264,134,599	$	213,747,634	$	1,119,258,099
Investments at value — affiliated(c)		70,055,708		21,162,601		49,551,070
Cash		—		—		1,610
Cash pledged for futures contracts		742,650		113,000		429,000
Receivables:
Investments sold		—		38,130		29,490
Securities lending income — affiliated		11,751		13,269		14,890
Capital shares sold		5,206,881		177,108		1,568,060
Dividends — affiliated		22,194		2,577		11,426
Dividends — unaffiliated		—		107,629		724,481
From the Manager		—		18,983		—
Prepaid expenses		51,250		29,080		37,038
Total assets		1,340,225,033		235,410,011		1,171,625,164
LIABILITIES
Bank overdraft		—		216,153		—
Cash collateral on securities loaned at value		43,999,477		16,740,792		26,247,950
Payables:
Investments purchased		883,542		151,079		—
Capital shares redeemed		3,176,810		150,299		1,268,785
Directors’ and Officer’s fees		5,184		4,638		5,160
Investment advisory fees		41,125		—		6,389
Other accrued expenses		196,243		98,138		117,604
Service fees		21,794		6,758		21,723
Recoupment of past waived fees		7,228		—		—
Variation margin on futures contracts		343,903		58,863		217,328
Other liabilities		428,643		—		—
Total liabilities		49,103,949		17,426,720		27,884,939
NET ASSETS	$	1,291,121,084	$	217,983,291	$	1,143,740,225
NET ASSETS CONSIST OF
Paid-in capital	$	1,013,282,499	$	191,779,835	$	832,431,659
Accumulated earnings		277,838,585		26,203,456		311,308,566
NET ASSETS	$	1,291,121,084	$	217,983,291	$	1,143,740,225
(a) Investments at cost — unaffiliated	$	971,473,128	$	184,916,986	$	796,045,008
(b) Securities loaned at value	$	41,906,142	$	15,946,779	$	25,238,567
(c) Investments at cost — affiliated	$	69,452,032	$	21,169,899	$	49,212,318

See notes to financial statements.

FINANCIAL STATEMENTS 71

Statements of Assets and Liabilities  (unaudited) (continued)

January 31, 2020

	iShares Russell Mid-Cap Index Fund		iShares Russell Small/Mid-Cap Index Fund		iShares Total U.S. Stock Market Index Fund
NET ASSET VALUE
Institutional
Net assets	$	252,959,770	$	15,287,693	$	90,526,003
Shares outstanding(d)		22,624,777		1,181,927		5,979,115
Net asset value	$	11.18	$	12.93	$	15.14
Investor A
Net assets	$	102,873,203	$	33,143,541	$	104,579,677
Shares outstanding(d)		9,236,454		2,566,396		6,915,437
Net asset value	$	11.14	$	12.91	$	15.12
Class K
Net assets	$	935,288,111	$	169,552,057	$	948,634,545
Shares outstanding(d)		83,492,493		13,109,477		62,654,163
Net asset value	$	11.20	$	12.93	$	15.14

^(d)  Unlimited number of shares authorized, $0.001 par value.

See notes to financial statements.

72 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Operations  (unaudited)

Six Months Ended January 31, 2020

	iShares Russell Mid-Cap Index Fund			iShares Russell Small/Mid-Cap Index Fund			iShares Total U.S. Stock Market Index Fund
INVESTMENT INCOME
Dividends — affiliated	$	200,571		$	29,578		$	190,493
Dividends — unaffiliated		11,287,093			1,762,090			10,511,319
Securities lending income — affiliated — net		123,108			99,123			93,630
Foreign taxes withheld		(973	)		(669	)		(608	)
Total investment income		11,609,799			1,890,122			10,794,834
EXPENSES
Transfer agent — class specific		134,957			9,080			37,406
Service — class specific		129,870			37,576			113,220
Investment advisory		119,892			30,546			55,520
Registration		77,770			35,853			44,406
Professional		40,417			36,282			36,461
Printing		24,347			16,280			22,783
Custodian		22,133			23,780			26,462
Recoupment of past waived and/or reimbursed fees		17,202			—			—
Directors and Officer		12,545			6,813			12,148
Recoupment of past waived and/or reimbursed fees — class specific		7,857			94			—
Accounting services		4,756			4,756			4,756
Miscellaneous		10,821			6,954			10,997
Total expenses		602,567			208,014			364,159
Less:
Fees waived and/or reimbursed by the Manager		(5,289	)		(89,934	)		(46,916	)
Transfer agent fees waived and/or reimbursed — class specific		(86	)		(1,511	)		(7,398	)
Total expenses after fees waived and/or reimbursed		597,192			116,569			309,845
Net investment income		11,012,607			1,773,553			10,484,989
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Futures contracts		842,555			(33,821	)		1,203,428
Investments — affiliated		161,144			129,926			741,650
Investments — unaffiliated		3,798,317			558,652			(392,123	)
		4,802,016			654,757			1,552,955
Net change in unrealized appreciation (depreciation) on:
Futures contracts		(394,511	)		(99,810	)		(151,537	)
Investments — affiliated		326,365			(52,490	)		(309,534	)
Investments — unaffiliated		45,569,313			5,297,068			80,910,647
		45,501,167			5,144,768			80,449,576
Net realized and unrealized gain		50,303,183			5,799,525			82,002,531
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	61,315,790		$	7,573,078		$	92,487,520

See notes to financial statements.

FINANCIAL STATEMENTS 73

Statements of Changes in Net Assets

	iShares Russell Mid-Cap Index Fund						iShares Russell Small/Mid-Cap Index Fund
	Six Months Ended 01/31/20 (unaudited)			Year Ended 07/31/19			Six Months Ended 01/31/20 (unaudited)			Year Ended 07/31/19
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	11,012,607		$	16,019,938		$	1,773,553		$	2,637,781
Net realized gain		4,802,016			20,467,433			654,757			1,261,753
Net change in unrealized appreciation (depreciation)		45,501,167			39,297,084			5,144,768			3,419,262
Net increase in net assets resulting from operations		61,315,790			75,784,455			7,573,078			7,318,796
DISTRIBUTIONS TO SHAREHOLDERS(a)
Institutional		(7,707,495	)		(7,547,431	)		(304,355	)		(509,276	)
Investor A		(3,074,097	)		(4,643,550	)		(604,441	)		(1,194,658	)
Class K		(27,775,250	)		(22,934,385	)		(3,439,288	)		(5,909,718	)
Decrease in net assets resulting from distributions to shareholders		(38,556,842	)		(35,125,366	)		(4,348,084	)		(7,613,652	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		134,815,052			303,522,663			18,027,886			70,510,281
NET ASSETS
Total increase in net assets		157,574,000			344,181,752			21,252,880			70,215,425
Beginning of period		1,133,547,084			789,365,332			196,730,411			126,514,986
End of period	$	1,291,121,084		$	1,133,547,084		$	217,983,291		$	196,730,411

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

See notes to financial statements.

74 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets  (continued)

	iShares Total U.S. Stock Market Index Fund
	Six Months Ended 01/31/20 (unaudited)			Year Ended 07/31/19
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	10,484,989		$	17,962,712
Net realized gain (loss)		1,552,955			(5,600,997	)
Net change in unrealized appreciation		80,449,576			64,283,000
Net increase in net assets resulting from operations		92,487,520			76,644,715
DISTRIBUTIONS TO SHAREHOLDERS(a)
Institutional		(1,139,749	)		(1,933,025	)
Investor A		(1,151,769	)		(1,682,526	)
Class K		(13,012,911	)		(18,400,730	)
Decrease in net assets resulting from distributions to shareholders		(15,304,429	)		(22,016,281	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(22,496,381	)		116,694,861
NET ASSETS
Total increase in net assets		54,686,710			171,323,295
Beginning of period		1,089,053,515			917,730,220
End of period	$	1,143,740,225		$	1,089,053,515

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

See notes to financial statements.

FINANCIAL STATEMENTS 75

Financial Highlights

(For a share outstanding throughout each period)

	iShares Russell Mid-Cap Index Fund
	Institutional
	Six Months Ended 01/31/20 (Unaudited)			Year Ended July 31,												Period from 05/13/15 (a) to 07/31/15
				2019			2018			2017			2016
Net asset value, beginning of period	$	10.98		$	10.70		$	11.26		$	10.22		$	9.94		$	10.00
Net investment income(b)		0.10			0.17			0.16			0.16			0.18			0.03
Net realized and unrealized gain (loss)		0.46			0.50			1.22			1.14			0.24			(0.07	)
Net increase (decrease) from investment operations		0.56			0.67			1.38			1.30			0.42			(0.04	)
Distributions(c)
From net investment income		(0.09	)		(0.17	)		(0.18	)		(0.23	)		(0.13	)		(0.02	)
From net realized gain		(0.27	)		(0.22	)		(1.76	)		(0.03	)		(0.01	)		—
Total distributions		(0.36	)		(0.39	)		(1.94	)		(0.26	)		(0.14	)		(0.02	)
Net asset value, end of period	$	11.18		$	10.98		$	10.70		$	11.26		$	10.22		$	9.94
Total Return(d)
Based on net asset value		5.13	%(e)		6.76	%		13.29	%(f)		12.91	%		4.35	%		(0.37	)%(e)
Ratios to Average Net Assets
Total expenses		0.10	%(g)		0.12	%		0.13	%		0.23	%		0.13	%(h)		9.27	%(g)(i)
Total expenses excluding recoupment of past fees waived and/or reimbursed		0.10	%(g)		0.05	%		0.09	%		0.20	%		0.13	%(h)		9.27	%(g)(i)
Total expenses after fees waived and/or reimbursed		0.10	%(g)		0.12	%		0.11	%		0.12	%		0.06	%(h)		0.12	%(g)
Net investment income		1.85	%(g)		1.66	%		1.46	%		1.52	%		1.87	%(h)		1.38	%(g)
Supplemental Data
Net assets, end of period (000)	$	252,960		$	244,272		$	174,840		$	366,684		$	191,337		$	2,985
Portfolio turnover rate		4	%		25	%		75	%		41	%		24	%		8	%

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

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

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

^(e)  Aggregate total return.

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

^(g)  Annualized.

^(h)  Excludes 0.01% of expenses incurred indirectly as a result of investments in underlying funds.

⁽ⁱ⁾  Organization and offering costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 13.78%.

See notes to financial statements.

76 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares Russell Mid-Cap Index Fund (continued)
	Investor A
	Six Months Ended 01/31/20 (Unaudited)			Year Ended July 31,									Period from 11/30/15 (a) to 07/31/16
				2019			2018			2017
Net asset value, beginning of period	$	10.93		$	10.66		$	11.24		$	10.20		$	9.66
Net investment income(b)		0.09			0.17			0.12			0.13			0.07
Net realized and unrealized gain		0.47			0.47			1.22			1.16			0.60
Net increase (decrease) from investment operations		0.56			0.64			1.34			1.29			0.67
Distributions(c)
From net investment income		(0.08	)		(0.15	)		(0.16	)		(0.22	)		(0.12	)
From net realized gain		(0.27	)		(0.22	)		(1.76	)		(0.03	)		(0.01	)
Total distributions		(0.35	)		(0.37	)		(1.92	)		(0.25	)		(0.13	)
Net asset value, end of period	$	11.14		$	10.93		$	10.66		$	11.24		$	10.20
Total Return(d)
Based on net asset value		5.11	%(e)		6.43	%		12.96	%(f)		12.78	%		7.07	%(e)
Ratios to Average Net Assets
Total expenses		0.35	%(g)		0.34	%		0.35	%		0.34	%		0.34	%(g)(h)(i)
Total expenses excluding recoupment of past fees waived and/or reimbursed		0.35	%(g)		0.33	%		0.35	%		0.34	%		0.34	%(g)(h)(i)
Total expenses after fees waived and paid indirectly		0.35	%(g)		0.33	%		0.34	%		0.33	%		0.33	%(g)(h)
Net investment income		1.60	%(g)		1.64	%		1.11	%		1.17	%		1.06	%(g)(h)
Supplemental Data
Net assets, end of period (000)	$	102,873		$	105,914		$	203,933		$	46,135		$	6,669
Portfolio turnover rate		4	%		25	%		75	%		41	%		24	%

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

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

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

^(e)  Aggregate total return.

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

^(g)  Annualized.

^(h)  Excludes 0.01% of expenses incurred indirectly as a result of investments in underlying funds.

⁽ⁱ⁾  Offering costs were not annualized in the calculation of the expense ratio. If these expenses were annualized, the total expenses would have been 0.34%.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 77

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares Russell Mid-Cap Index Fund (continued)
	Class K
	Six Months Ended 01/31/20 (Unaudited)			Year Ended July 31,												Period from 05/13/15 (a) to 07/31/15
				2019			2018			2017			2016
Net asset value, beginning of period	$	11.00		$	10.72		$	11.28		$	10.23		$	9.94		$	10.00
Net investment income(b)		0.10			0.17			0.13			0.18			0.17			0.03
Net realized and unrealized gain (loss)		0.46			0.51			1.25			1.13			0.26			(0.07	)
Net increase (decrease) from investment operations		0.56			0.68			1.38			1.31			0.43			(0.04	)
Distributions(c)
From net investment income		(0.09	)		(0.18	)		(0.18	)		(0.23	)		(0.13	)		(0.02	)
From net realized gain		(0.27	)		(0.22	)		(1.76	)		(0.03	)		(0.01	)		—
Total distributions		(0.36	)		(0.40	)		(1.94	)		(0.26	)		(0.14	)		(0.02	)
Net asset value, end of period	$	11.20		$	11.00		$	10.72		$	11.28		$	10.23		$	9.94
Total Return(d)
Based on net asset value		5.13	%(e)		6.81	%		13.32	%(f)		13.02	%		4.46	%		(0.37	)%(e)
Ratios to Average Net Assets
Total expenses		0.07	%(g)		0.07	%		0.09	%		0.08	%		0.09	%(h)		9.42	%(g)(i)
Total expenses excluding recoupment of past fees waived and/or reimbursed		0.07	%(g)		0.06	%		0.08	%		0.07	%		0.09	%(h)		9.42	%(g)(i)
Total expenses after fees waived and/or reimbursed		0.07	%(g)		0.07	%		0.07	%		0.06	%		0.07	%(h)		0.08	%(g)
Net investment income		1.86	%(g)		1.67	%		1.25	%		1.67	%		1.78	%(h)		1.21	%(g)
Supplemental Data
Net assets, end of period (000)	$	935,288		$	783,361		$	410,593		$	229,763		$	2,174,096		$	45
Portfolio turnover rate		4	%		25	%		75	%		41	%		24	%		8	%

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

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

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

^(e) Aggregate total return.

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

^(g)  Annualized.

^(h)  Excludes 0.01% of expenses incurred indirectly as a result of investments in underlying funds.

⁽ⁱ⁾  Organization and offering costs were not annualized in the calculation of the expense ratio. If these expenses were annualized, the total expenses would have been 12.82%.

See notes to financial statements.

78 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares Russell Small/Mid-Cap Index Fund
	Institutional
	Six Months Ended 01/31/20 (unaudited)			Year Ended July 31,									Period from 08/13/15 (a) to 07/31/16
				2019			2018			2017
Net asset value, beginning of period	$	12.72		$	13.20		$	11.58		$	10.22		$	10.00
Net investment income(b)		0.11			0.18			0.15			0.15			0.14
Net realized and unrealized gain (loss)		0.37			(0.16	)		1.82			1.38			0.19
Net increase (decrease) from investment operations		0.48			0.02			1.97			1.53			0.33
Distributions(c)
From net investment income		(0.10	)		(0.20	)		(0.17	)		(0.15	)		(0.11	)
From net realized gain		(0.17	)		(0.30	)		(0.18	)		(0.02	)		(0.00	)(d)
Total distributions		(0.27	)		(0.50	)		(0.35	)		(0.17	)		(0.11	)
Net asset value, end of period	$	12.93		$	12.72		$	13.20		$	11.58		$	10.22
Total Return(e)
Based on net asset value		3.83	%(f)		0.58	%		17.27	%(g)		15.02	%		3.44	%(f)
Ratios to Average Net Assets
Total expenses		0.21	%(h)		0.24	%		0.28	%		0.74	%(i)		1.60	%(h)(i)(j)
Total expenses excluding recoupment of past fees waived and/or reimbursed		0.21	%(h)		0.24	%		0.28	%		0.74	%(i)		1.60	%(h)(i)(j)
Total expenses after fees waived and/or reimbursed		0.12	%(h)		0.12	%		0.12	%		0.11	%(i)		0.12	%(h)(i)
Net investment income		1.73	%(h)		1.48	%		1.21	%		1.31	%(i)		1.50	%(h)(i)
Supplemental Data
Net assets, end of period (000)	$	15,288		$	12,239		$	14,431		$	3,939		$	78
Portfolio turnover rate		6	%		27	%		54	%		48	%		17	%

^(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)  Aggregate total return.

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

^(h)  Annualized.

⁽ⁱ⁾  Excludes 0.01% of expenses incurred indirectly as a result of investments in underlying funds.

^(j)  Audit, offering and organization costs were not annualized in the calculation of the expense ratio. If these expenses were annualized, the total expenses would have been 1.63%.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 79

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares Russell Small/Mid-Cap Index Fund (continued)
	Investor A
	Six Months Ended 01/31/20 (unaudited)			Year Ended July 31,									Period from 08/13/15 (a) to 07/31/16
				2019			2018			2017
Net asset value, beginning of period	$	12.70		$	13.18		$	11.56		$	10.21		$	10.00
Net investment income(b)		0.10			0.15			0.14			0.13			0.08
Net realized and unrealized gain (loss)		0.37			(0.16	)		1.80			1.37			0.23
Net increase (decrease) from investment operations		0.47			(0.01	)		1.94			1.50			0.31
Distributions(c)
From net investment income		(0.09	)		(0.17	)		(0.14	)		(0.13	)		(0.10	)
From net realized gain		(0.17	)		(0.30	)		(0.18	)		(0.02	)		(0.00	)(d)
Total distributions		(0.26	)		(0.47	)		(0.32	)		(0.15	)		(0.10	)
Net asset value, end of period	$	12.91		$	12.70		$	13.18		$	11.56		$	10.21
Total Return(e)
Based on net asset value		3.71	%(f)		0.35	%		17.03	%(g)		14.71	%		3.24	%(f)
Ratios to Average Net Assets
Total expenses		0.44	%(h)		0.45	%		0.51	%		0.74	%(i)		1.17	%(h)(i)(j)
Total expenses excluding recoupment of past fees waived and/or reimbursed		0.44	%(h)		0.45	%		0.51	%		0.74	%(i)		1.17	%(h)(i)(j)
Total expenses after fees waived and/or reimbursed		0.35	%(h)		0.35	%		0.35	%		0.33	%(i)		0.35	%(h)(i)
Net investment income		1.51	%(h)		1.25	%		1.10	%		1.22	%(i)		0.79	%(h)(i)
Supplemental Data
Net assets, end of period (000)	$	33,144		$	30,250		$	25,073		$	21,358		$	5,713
Portfolio turnover rate		6	%		27	%		54	%		48	%		17	%

^(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)  Aggregate total return.

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

^(h)  Annualized.

⁽ⁱ⁾  Excludes 0.01% of expenses incurred indirectly as a result of investments in underlying funds.

^(j)  Audit, offering and organization costs were not annualized in the calculation of the expense ratio. If these expenses were annualized, the total expenses would have been 1.18%.

See notes to financial statements.

80 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares Russell Small/Mid-Cap Index Fund (continued)
	Class K
	Six Months Ended 01/31/20 (Unaudited)			Year Ended July 31,									Period from 08/13/15 (a) to 07/31/16
				2019			2018			2017
Net asset value, beginning of period	$	12.72		$	13.20		$	11.58		$	10.22		$	10.00
Net investment income(b)		0.11			0.19			0.17			0.16			0.14
Net realized and unrealized gain (loss)		0.38			(0.16	)		1.80			1.37			0.19
Net increase (decrease) from investment operations		0.49			0.03			1.97			1.53			0.33
Distributions(c)
From net investment income		(0.11	)		(0.21	)		(0.17	)		(0.15	)		(0.11	)
From net realized gain		(0.17	)		(0.30	)		(0.18	)		(0.02	)		(0.00	)(d)
Total distributions		(0.28	)		(0.51	)		(0.35	)		(0.17	)		(0.11	)
Net asset value, end of period	$	12.93		$	12.72		$	13.20		$	11.58		$	10.22
Total Return(e)
Based on net asset value		3.85	%(f)		0.63	%		17.32	%(g)		15.04	%		3.48	%(f)
Ratios to Average Net Assets
Total expenses		0.16	%(h)		0.17	%		0.23	%		0.47	%(i)		1.34	%(h)(i)(j)
Total expenses excluding recoupment of past fees waived and/or reimbursed		0.16	%(h)		0.17	%		0.23	%		0.47	%(i)		1.34	%(h)(i)(j)
Total expenses after fees waived and/or reimbursed		0.07	%(h)		0.07	%		0.07	%		0.07	%(i)		0.08	%(h)(i)
Net investment income		1.79	%(h)		1.53	%		1.37	%		1.47	%(i)		1.57	%(h)(i)
Supplemental Data
Net assets, end of period (000)	$	169,552		$	154,242		$	87,011		$	64,118		$	27,109
Portfolio turnover rate		6	%		27	%		54	%		48	%		17	%

^(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)  Aggregate total return.

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

^(h)  Annualized.

⁽ⁱ⁾  Excludes 0.01% of expenses incurred indirectly as a result of investments in underlying funds.

^(j)  Audit, offering and organization costs were not annualized in the calculation of the expense ratio. If these expenses were annualized, the total expenses would have been 1.37%.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 81

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares Total U.S. Stock Market Index Fund
	Institutional
	Six Months��Ended 01/31/20 (Unaudited)			Year Ended July 31,									Period from 08/13/15 (a) to 07/31/16
				2019			2018			2017
Net asset value, beginning of period	$	14.13		$	13.52		$	11.89		$	10.44		$	10.00
Net investment income(b)		0.14			0.25			0.22			0.21			0.18
Net realized and unrealized gain		1.06			0.67			1.69			1.44			0.39
Net increase (decrease) from investment operations		1.20			0.92			1.91			1.65			0.57
Distributions(c)
From net investment income		(0.15	)		(0.26	)		(0.22	)		(0.19	)		(0.13	)
From net realized gain		(0.04	)		(0.05	)		(0.06	)		(0.01	)		(0.00	)(d)
Total distributions		(0.19	)		(0.31	)		(0.28	)		(0.20	)		(0.13	)
Net asset value, end of period	$	15.14		$	14.13		$	13.52		$	11.89		$	10.44
Total Return(e)
Based on net asset value		8.61	%(f)		7.01	%		16.21	%(g)		16.03	%(g)		5.75	%(f)
Ratios to Average Net Assets
Total expenses		0.09	%(h)		0.09	%		0.11	%		0.08	%		0.77	%(h)(i)(j)
Total expenses excluding recoupment of past fees waived and/or reimbursed		0.09	%(h)		0.09	%		0.11	%		0.08	%		0.77	%(h)(i)(j)
Total expenses after fees waived and paid indirectly		0.08	%(h)		0.08	%		0.08	%		0.05	%		0.06	%(h)(i)
Net investment income		1.87	%(h)		1.87	%		1.69	%		1.87	%		1.96	%(h)(i)
Supplemental Data
Net assets, end of period (000)	$	90,526		$	88,223		$	83,121		$	27,221		$	2,428
Portfolio turnover rate		9	%		19	%		14	%		11	%		4	%

^(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)  Aggregate total return.

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

^(h)  Annualized.

⁽ⁱ⁾  Excludes 0.01% of expenses incurred indirectly as a result of investments in underlying funds.

^(j)  Audit, 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 0.79%

See notes to financial statements.

82 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares Total U.S. Stock Market Index Fund (continued)
	Investor A
	Six Months Ended 01/31/20 (Unaudited)			Year Ended July 31,									Period from 08/13/15 (a) to 07/31/16
				2019			2018			2017
Net asset value, beginning of period	$	14.11		$	13.50		$	11.88		$	10.44		$	10.00
Net investment income(b)		0.12			0.22			0.19			0.18			0.10
Net realized and unrealized gain		1.07			0.67			1.68			1.44			0.45
Net increase (decrease) from investment operations		1.19			0.89			1.87			1.62			0.55
Distributions(c)
From net investment income		(0.14	)		(0.23	)		(0.19	)		(0.17	)		(0.11	)
From net realized gain		(0.04	)		(0.05	)		(0.06	)		(0.01	)		(0.00	)(d)
Total distributions		(0.18	)		(0.28	)		(0.25	)		(0.18	)		(0.11	)
Net asset value, end of period	$	15.12		$	14.11		$	13.50		$	11.88		$	10.44
Total Return(e)
Based on net asset value		8.51	%(f)		6.77	%		15.87	%(g)		15.71	%(g)		5.57	%(f)
Ratios to Average Net Assets
Total expenses		0.31	%(h)		0.32	%		0.34	%		0.33	%		0.44	%(h)(i)(j)
Total expenses excluding recoupment of past fees waived and/or reimbursed		0.31	%(h)		0.32	%		0.34	%		0.32	%		0.44	%(h)(i)(j)
Total expenses after fees waived and paid indirectly		0.30	%(h)		0.31	%		0.31	%		0.29	%		0.29	%(h)(i)
Net investment income		1.63	%(h)		1.64	%		1.51	%		1.63	%		1.06	%(h)(i)
Supplemental Data
Net assets, end of period (000)	$	104,580		$	84,192		$	72,794		$	61,048		$	8,873
Portfolio turnover rate		9	%		19	%		14	%		11	%		4	%

^(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)  Aggregate total return.

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

^(h)  Annualized.

⁽ⁱ⁾  Excludes 0.01% of expenses incurred indirectly as a result of investments in underlying funds.

^(j)  Audit, 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 0.44%.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 83

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares Total U.S. Stock Market Index Fund (continued)
	Class K
	Six Months Ended 01/31/20 (Unaudited)			Year Ended July 31,									Period from 08/13/15 (a) to 07/31/16
				2019			2018			2017
Net asset value, beginning of period	$	14.13		$	13.52		$	11.89		$	10.44		$	10.00
Net investment income(b)		0.14			0.26			0.23			0.22			0.17
Net realized and unrealized gain		1.07			0.66			1.69			1.44			0.40
Net increase (decrease) from investment operations		1.21			0.92			1.92			1.66			0.57
Distributions(c)
From net investment income		(0.16	)		(0.26	)		(0.23	)		(0.20	)		(0.13	)
From net realized gain		(0.04	)		(0.05	)		(0.06	)		(0.01	)		(0.00	)(d)
Total distributions		(0.20	)		(0.31	)		(0.29	)		(0.21	)		(0.13	)
Net asset value, end of period	$	15.14		$	14.13		$	13.52		$	11.89		$	10.44
Total Return(e)
Based on net asset value		8.64	%(f)		7.06	%		16.26	%(g)		16.05	%(g)		5.78	%(f)
Ratios to Average Net Assets
Total expenses		0.04	%(h)		0.04	%		0.06	%		0.06	%		0.37	%(h)(i)(j)
Total expenses excluding recoupment of past fees waived and/or reimbursed		0.04	%(h)		0.04	%		0.06	%		0.06	%		0.37	%(h)(i)(j)
Total expenses after fees waived and paid indirectly		0.03	%(h)		0.03	%		0.03	%		0.03	%		0.03	%(h)(i)
Net investment income		1.92	%(h)		1.91	%		1.79	%		1.95	%		1.71	%(h)(i)
Supplemental Data
Net assets, end of period (000)	$	948,635		$	916,638		$	761,815		$	599,599		$	290,381
Portfolio turnover rate		9	%		19	%		14	%		11	%		4	%

^(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)  Aggregate total return.

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

^(h)  Annualized.

⁽ⁱ⁾  Excludes 0.01% of expenses incurred indirectly as a result of investments in underlying funds.

^(j)  Audit, 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 0.38%.

See notes to financial statements.

84 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements  (unaudited)

1. ORGANIZATION

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

Fund Name	Herein Referred To As	Diversification Classification
iShares Russell Mid-Cap Index Fund	Mid-Cap Index	Diversified
iShares Russell Small/Mid-Cap Index Fund	Small/Mid-Cap Index	Diversified
iShares Total U.S. Stock Market Index Fund	Total U.S. Stock Market Index	Diversified

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

Share Class	Initial Sales Charge	Contingent Deferred Sales Charge	Conversion Privilege
Institutional, Investor A and Class K Shares	No	No	None

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined on the identified cost basis. Dividend income is recorded on the ex-dividend date. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Funds are informed of the ex-dividend date. 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. 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 portion of the results of operations arising as a result of changes in the exchange rates from the changes in the market prices of investments held or sold 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.

Segregation and Collateralization: In cases where a Fund enters into certain investments (e.g., futures contracts) that would be treated as “senior securities” for 1940 Act purposes, a Fund may segregate or designate on its books and records cash or liquid assets having a market value at least equal to the amount of its future obligations under such investments. Doing so allows the investment to be excluded from treatment as a “senior security.” Furthermore, if required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments or obligations.

Distributions: Distributions paid by each Fund are recorded on the ex-dividend date. 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. 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. 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.

NOTES TO FINANCIAL STATEMENTS 85

Notes to Financial Statements  (unaudited) (continued)

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: The Funds’ investments are valued at fair value (also referred to as “market value” within the financial statements) as of the close of trading on the NYSE (generally 4:00 p.m., Eastern time). U.S. GAAP defines fair value as the price the Funds would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Funds determine the fair values of their financial instruments using various independent dealers or pricing services under policies approved by the Board of Trustees of each Fund (the “Board”). The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

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

• Equity investments traded on a recognized securities exchange are valued at the official closing price each day, if available. For equity investments traded on more than one exchange, the official closing price on the exchange where the stock is primarily traded is used. 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.

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the NYSE. Occasionally, events affecting the values of such instruments may occur between the foreign market close and the close of trading on the NYSE that may not be reflected in the computation of the Funds’ net assets. Each business day, the Funds use a pricing service to assist with the valuation of certain foreign exchange-traded equity securities and foreign exchange-traded and over-the-counter (“OTC”) options (the “Systematic Fair Value Price”). Using current market factors, the Systematic Fair Value Price is designed to value such foreign securities and foreign options at fair value as of the close of trading on the NYSE, which follows the close of the local markets.

• Investments in open-end U.S. mutual funds are valued at net asset value (“NAV”) each business day.

• Futures contracts traded on exchanges are valued at their last sale price.

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

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

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

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

The Private Companies are not subject to the public company disclosure, timing, and reporting standards as 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.

86 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements  (unaudited) (continued)

Fair Value Hierarchy: Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial statement 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)

• Level 3 — Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Global Valuation Committee’s assumptions used in determining the fair value of investments and derivative financial instruments)

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

4. SECURITIES AND OTHER INVESTMENTS

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

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

The market value of any securities on loan, all of which were classified as common stocks in the Funds’ Schedules of Investments, and the value of any related collateral are shown separately in the Statements of Assets and Liabilities as a component of investments at value — unaffiliated, and collateral on securities loaned at value, respectively. 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 Institutional Trust Company, N.A. (“BTC”), if any, is disclosed in the Schedules of Investments.

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 a Fund can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

NOTES TO FINANCIAL STATEMENTS 87

Notes to Financial Statements  (unaudited) (continued)

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

Counterparty	Securities Loaned at Value		Cash Collateral Received (a)			Net Amount (b)
Mid-Cap Index
Barclays Capital Inc.	$	758,652	$	(758,652	)	$	—
BNP Paribas Securities Corp		573,430		(573,430	)		—
BofA Securities, Inc.		5,974,484		(5,974,484	)		—
Citadel Clearing LLC		588,781		(588,781	)		—
Citigroup Global Markets Inc.		2,499,172		(2,499,172	)		—
Credit Suisse AG Dublin Branch		17,296,022		(17,296,022	)		—
Credit Suisse Securities (USA) LLC		170,902		(170,902	)		—
HSBC Bank PLC		194,748		(194,748	)		—
Jefferies LLC		292,839		(292,839	)		—
JP Morgan Securities LLC		1,173,122		(1,173,122	)		—
Morgan Stanley & Co. LLC		5,972,203		(5,972,203	)		—
Nomura Securities International Inc.		6,584		(6,584	)		—
SG Americas Securities LLC		700,779		(700,779	)		—
Wells Fargo Bank, National Association		3,951,865		(3,951,865	)		—
Wells Fargo Securities LLC		1,752,559		(1,752,559	)		—
	$	41,906,142	$	(41,906,142	)	$	—
Small/Mid-Cap Index
BNP Paribas Securities Corp	$	53,499	$	(53,499	)	$	—
BofA Securities, Inc.		2,058,063		(2,058,063	)		—
Citadel Clearing LLC		236,638		(236,638	)		—
Citigroup Global Markets Inc.		851,055		(851,055	)		—
Credit Suisse AG Dublin Branch		1,221,768		(1,221,768	)		—
Credit Suisse Securities (USA) LLC		171,780		(171,780	)		—
Goldman Sachs & Co.		1,559,229		(1,559,229	)		—
HSBC Bank PLC		509,359		(509,359	)		—
Jefferies LLC		7,515		(7,515	)		—
JP Morgan Securities LLC		2,620,479		(2,620,479	)		—
Morgan Stanley & Co. LLC		2,361,353		(2,361,353	)		—
National Financial Services LLC		292,155		(292,155	)		—
Nomura Securities International Inc.		15,693		(15,693	)		—
Scotia Capital (USA) Inc.		32,690		(32,690	)		—
SG Americas Securities LLC		48,019		(48,019	)		—
State Street Bank & Trust Company		276,593		(276,593	)
TD Prime Services LLC		237,221		(237,221	)		—
Wells Fargo Bank, National Association		2,466,537		(2,466,537	)		—
Wells Fargo Securities LLC		927,133		(927,133	)		—
	$	15,946,779	$	(15,946,779	)	$	—
Total U.S. Stock Market
BNP Paribas Securities Corp	$	351,649	$	(351,649	)	$	—
BofA Securities, Inc.		1,170,517		(1,170,517	)		—
Citadel Clearing LLC		205,257		(205,257	)		—
Citigroup Global Markets Inc.		1,760,534		(1,760,534	)		—
Credit Suisse AG Dublin Branch		7,472,532		(7,472,532	)		—
Credit Suisse Securities (USA) LLC		198,965		(198,965	)		—
Goldman Sachs & Co.		1,686,725		(1,686,725	)		—
HSBC Bank PLC		491,543		(491,543	)		—
Jefferies LLC		30,528		(30,528	)		—
JP Morgan Securities LLC		2,583,649		(2,583,649	)		—
Morgan Stanley & Co. LLC		3,092,381		(3,092,381	)		—
National Financial Services LLC		19,104		(19,104	)		—
Nomura Securities International Inc.		147		—			147
Scotia Capital (USA) Inc		188,475		(188,475	)		—
SG Americas Securities LLC		219,123		(219,123	)		—
State Street Bank & Trust Company		171,157		(171,157	)		—
TD Prime Services LLC		3,818,327		(3,818,327	)		—
Virtu Americas, LLC		49,093		(49,093	)		—
Wells Fargo Bank, National Association		1,372,162		(1,372,162	)		—
Wells Fargo Securities LLC		356,699		(356,699	)		—
	$	25,238,567	$	(25,238,420	)	$	147

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

^(b)  The market value of the loaned securities is determined as of January 31, 2020. Additional collateral is delivered to the Fund on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by the counterparty.

88 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements  (unaudited) (continued)

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 BlackRock, Inc. (“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. 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 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 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 Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest, foreign currency exchange rates or underlying assets.

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory: The Trust, on behalf of each Fund, entered into an Investment Advisory Agreement with the Manager, the Fund’s investment adviser and an indirect, wholly-owned subsidiary of BlackRock, to provide investment advisory and administrative 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
Mid-Cap Index		0.02	%
Small/Mid-Cap Index		0.03
Total U.S. Stock Market		0.01

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

Service Fees: The Trust, on behalf of the Funds, entered into a Distribution Agreement and a Distribution and Service Plan with BlackRock Investments, LLC (“BRIL”), an affiliate of the Manager. Pursuant to the Distribution and Service Plan and in accordance with Rule 12b-1 under the 1940 Act, each Fund pays BRIL ongoing service 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:

	Service Fees
	Mid-Cap Index			Small/Mid-Cap Index			Total U.S. Stock Market
Investor A		0.25	%		0.25	%		0.25	%

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

NOTES TO FINANCIAL STATEMENTS 89

Notes to Financial Statements  (unaudited) (continued)

For the six months ended January 31, 2020, the following table shows the class specific service fees borne directly by each share class of each Fund:

	Investor A
Mid-Cap Index	$	129,870
Small/Mid-Cap Index		37,576
Total U.S. Stock Market		113,220

Transfer Agent: Pursuant to written agreements, certain financial intermediaries, some of which may be affiliates, provide the Funds with sub-accounting, recordkeeping, sub-transfer agency and other administrative services with respect to servicing of underlying investor accounts. For these services, these entities receive an asset-based fee or an annual fee per shareholder account, which will vary depending on share class and/or net assets. For the six months ended January 31, 2020, the Funds did not pay any amounts to affiliates in return for these services.

The Manager maintains a call center that is responsible for providing certain shareholder services to the Funds. Shareholder services include responding to inquiries and processing purchases and sales based upon instructions from shareholders. For the six months ended January 31, 2020, 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:

	Institutional		Investor A		Class K		Total
Mid-Cap Index	$	368	$	918	$	618	$	1,904
Small/Mid-Cap Index		49		368		194		611
Total U.S. Stock Market		160		1,224		918		2,302

For the six months ended January 31, 2020, the following table shows the class specific transfer agent fees borne directly by each share class of each Fund:

	Institutional		Investor A		Class K		Total
Mid-Cap Index	$	45,917	$	24,162	$	64,878	$	134,957
Small/Mid-Cap Index		3,560		4,222		1,298		9,080
Total U.S. Stock Market		20,731		9,389		7,286		37,406

Expense Limitations, Waivers, Reimbursements and Recoupments: 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 November 30, 2020. The contractual agreement may be terminated upon 90 days’ notice by a majority of the trustees who are not “interested persons” of the Trust, as defined in the 1940 Act (“Independent Trustees”), or by a vote of a majority of the outstanding voting securities of a Fund. The amount of waivers and/or reimbursements of fees and expenses made pursuant to the expense limitation described below will be reduced by the amount of the affiliated money market fund waiver. Prior to November 27, 2019, this waiver was voluntary. These amounts are included in fees waived and/or reimbursed by the Manager in the Statements of Operations. For the six months ended January 31, 2020, the amounts waived were as follows:

	Amount Waived
Mid-Cap Index	$	4,489
Small/Mid-Cap Index		494
Total U.S. Stock Market		3,438

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 November 30, 2020. 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. These amounts are included in fees waived and/or reimbursed by the Manager in the Statements of Operations. For the six months ended January 31, 2020, the amounts waived in investment advisory fees pursuant to these arrangements were as follows:

	Amount Waived
Mid-Cap Index	$	800
Small/Mid-Cap Index		217
Total U.S. Stock Market		255

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

	Mid-Cap Index			Small/Mid-Cap Index			Total U.S. Stock Market
Institutional		0.12	%		0.12	%		0.08	%
Investor A		0.37			0.37			0.33
Class K		0.07			0.07			0.03

The Manager has agreed not to reduce or discontinue these contractual expense limitations through November 30, 2020, 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.

90 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements  (unaudited) (continued)

These amounts waived and/or reimbursed are included in fees waived and/or reimbursed by the Manager, and transfer agent fees waived and/or reimbursed, respectively, in the Statements of Operations. For the six months ended January 31, 2020, the amounts waived and/or reimbursed by the Manager were as follows:

	Fees Waived and/or Reimbursed by the Manager
Small/Mid-Cap Index	$	89,223
Total U.S. Stock Market		43,223

For the six months ended January 31, 2020, class specific expense waivers and/or reimbursements were as follows:

Transfer Agent Fees Waived and/or reimbursed	Institutional		Investor A		Class K		Total
Mid-Cap Index	$	—	$	—	$	86	$	86
Small/Mid-Cap Index		214		—		1,297		1,511
Total U.S. Stock Market		113		—		7,285		7,398

With respect to the contractual expense limitation, if during a Fund’s fiscal year the operating expenses of a share class, that at any time during the prior two fiscal years received a waiver and/or reimbursement from the Manager, are less than the current expense limitation for that share class, the Manager is entitled to be reimbursed by such share class up to the lesser of: (a) the amount of fees waived and/or expenses reimbursed during those prior two fiscal years under the agreement and (b) an amount not to exceed either the current expense limitation of that share class or the expense limitation of the share class in effect at the time that the share class received the applicable waiver and/or reimbursement, provided that:

(1) each Fund, of which the share class is a part, has more than $50 million in assets for the fiscal year; and

(2) the Manager or an affiliate continues to serve as a Fund’s investment adviser or administrator.

This repayment applies only to the contractual expense limitation on net expenses and does not apply to the contractual investment advisory fee waivers described above or any voluntary waivers that may be in effect from time to time. Effective August 13, 2022 for Small/Mid-Cap Index and Total U.S. Stock Market Index and effective May 13, 2022 for Mid-Cap Index, the repayment arrangement between each Fund and the Manager pursuant to which such Fund may be required to repay amounts waived and/or reimbursed under the Fund’s contractual caps on net expenses will be terminated.

For the six months ended January 31, 2020, the Manager recouped the following fund level and class specific waivers and/or reimbursements previously recorded by the Funds:

	Mid-Cap Index		Small/Mid-Cap Index
Fund Level	$	17,202	$	—
Institutional		7,857		90
Investor A		—		4

On January 31, 2020, the fund level and class specific waivers and/or reimbursements subject to possible future recoupment under the expense limitation agreement are as follows:

	Expiring January 31,
	2020		2021		2022
Mid-Cap Index
Fund Level	$	72,258	$	—	$	—
Institutional		—		—		—
Investor A		—		—		—
Class K		23,536		2,319		86
Small/Mid-Cap Index
Fund Level	$	164,043	$	176,663	$	89,223
Institutional		1,897		2,596		214
Investor A		—		—		—
Class K		1,443		2,681		1,297
Total U.S. Stock Market
Fund Level	$	198,638	$	83,780	$	43,223
Institutional		3,113		2,968		113
Investor A		—		—		—
Class K		11,043		9,833		7,285

Securities Lending: The U.S. Securities and Exchange Commission (“SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of the Manager, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending. The Funds are responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund managed by the Manager or its affiliates. However, BTC has agreed to

NOTES TO FINANCIAL STATEMENTS 91

Notes to Financial Statements  (unaudited) (continued)

reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees the Funds bear to an annual rate of 0.04%. The shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.

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

Pursuant to the current securities lending agreement, each Fund retains 75% of securities lending income (which excludes collateral investment fees), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income earned across the BlackRock Multi-Asset Complex in a calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year securities lending income in an amount equal to 80% of securities lending income (which excludes collateral investment fees), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

Prior to January 1, 2020, each Fund retained 73.5% of securities lending income (which excluded collateral investment fees) and the amount retained could never be less than 70% of the total of securities lending income plus the collateral investment fees. In addition, commencing the business day following the date that the aggregate securities lending income earned across the BlackRock Multi-Asset Complex in a calendar year exceeded a specified threshold, the Fund would retain for the remainder of that calendar year 80% of securities lending income (which excluded collateral investment fees), and the amount retained could never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by each Fund is shown as securities lending income — affiliated — net in the Statements of Operations. For the six months ended January 31, 2020, each Fund paid BTC the following amounts for securities lending agent services:

	Mid-Cap Index		Small/Mid-Cap Index		Total U.S. Stock Market
BTC	$	39,079	$	30,816	$	28,695

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 six months ended January 31, 2020, the Funds did not participate in the Interfund Lending Program.

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

Other Transactions: The Funds may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is due solely to having a common investment adviser, common officers, or common trustees. For the six months ended January 31, 2020, 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:

	Purchases		Sales		Net Realized Gain (Loss)
Mid-Cap Index	$	4,630,178	$	3,018,615	$	714,225
Small/Mid-Cap Index		112,499		639,755		229,469
Total U.S. Stock Market		6,033,712		380,321		(18,425	)

7. PURCHASES AND SALES

For the six months ended January 31, 2020, purchases and sales of investments, and excluding short-term securities, were as follows:

	Mid-Cap Index		Small/Mid-Cap Index		Total U.S. Stock Market
Purchases	$	149,857,454	$	25,790,132	$	93,427,949
Sales		45,104,096		12,371,623		122,732,655

92 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements  (unaudited) (continued)

8. INCOME TAX INFORMATION

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

Each Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on Mid-Cap Index’s U.S. federal tax returns generally remains open for the four years ended July 31, 2019. The statute of limitations on Small/Mid-Cap Index’s and Total U.S. Stock Market Index’s U.S. federal tax returns generally remains open for the three years ended July 31, 2019 and period ended July 31, 2016. The statutes of limitations on each Fund’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.

Management has analyzed tax laws and regulations and their application to the Funds as of January 31, 2020, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

As of January 31, 2020, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:

	Mid-Cap Index			Small/Mid-Cap Index			Total U.S. Stock Market
Tax cost	$	1,060,949,030		$	209,202,838		$	858,456,832
Gross unrealized appreciation		341,356,436			45,336,585			361,436,825
Gross unrealized depreciation		(68,517,169	)		(19,732,567	)		(51,264,973	)
Net unrealized appreciation		272,839,267			25,604,018			310,171,852
		��

9. BANK BORROWINGS

The Trust, on behalf of the Funds, along with certain other funds managed by the Manager and its affiliates (“Participating Funds”), is a party to a 364-day, $2.25 billion credit agreement with a group of lenders. Under this agreement, the Funds may borrow to fund shareholder redemptions. Excluding commitments designated for certain individual funds, the Participating Funds, including the Funds, can borrow up to an aggregate commitment amount of $1.75 billion at any time outstanding, subject to asset coverage and other limitations as specified in the agreement. The credit agreement has the following terms: a fee of 0.10% per annum on unused commitment amounts and interest at a rate equal to the higher of (a) one-month LIBOR (but, in any event, not less than 0.00%) on the date the loan is made plus 0.80% per annum or (b) the Fed Funds rate (but, in any event, not less than 0.00%) in effect from time to time plus 0.80% per annum on amounts borrowed. The agreement expires in April 2020 unless extended or renewed. Prior to April 18, 2019, Participating Funds paid an upfront commitment fee of 0.02% on the total commitment amounts, in addition to administration, legal and arrangement fees, which are included in miscellaneous expenses in the Statements of Operations. These fees were allocated among such funds based upon portions of the aggregate commitment available to them and relative net assets of Participating Funds. During the six months ended January 31, 2020, the Funds did not borrow under the credit agreement.

10. PRINCIPAL RISKS

In the normal course of business, certain 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 its investments. Each Fund’s prospectus provides details of the risks to which each Fund is subject.

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

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.

NOTES TO FINANCIAL STATEMENTS 93

Notes to Financial Statements  (unaudited) (continued)

A recent outbreak of respiratory disease caused by a novel coronavirus was first detected in China in December 2019 and has now been detected internationally. This coronavirus has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of epidemics and pandemics such as the coronavirus, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. The impact of the outbreak may be short term or may last for an extended period of time.

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. The Funds manage counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

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

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

11. CAPITAL SHARE TRANSACTIONS

Transactions in capital shares for each class were as follows:

	Six Months Ended January 31, 2020						Year Ended July 31, 2019
Mid-Cap Index	Shares			Amount			Shares			Amount
Institutional
Shares sold		2,044,503		$	22,530,311			19,591,728		$	191,253,439
Shares issued in reinvestment of distributions		699,005			7,706,702			765,655			7,512,799
Shares redeemed		(2,375,210	)		(25,839,229	)		(14,441,003	)		(143,870,600	)
Net increase		368,298		$	4,397,784			5,916,380		$	54,895,638
Investor A
Shares sold and automatic conversion of shares		2,032,491		$	22,342,575			4,554,939		$	47,400,273
Shares issued in reinvestment of distributions		279,681			3,073,601			480,595			4,643,439
Shares redeemed		(2,762,097	)		(30,251,905	)		(14,483,364	)		(147,818,491	)
Net decrease		(449,925	)	$	(4,835,729	)		(9,447,830	)	$	(95,774,779	)
Class K
Shares sold		21,123,627		$	233,315,924			48,296,843		$	503,791,805
Shares issued in reinvestment of distributions		2,506,758			27,689,525			2,326,653			22,833,736
Shares redeemed		(11,376,621	)		(125,752,452	)		(17,689,266	)		(182,223,737	)
Net increase		12,253,764		$	135,252,997			32,934,230		$	344,401,804
Total Net Increase		12,172,137		$	134,815,052			29,402,780		$	303,522,663

94 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements  (unaudited) (continued)

	Six Months Ended January 31, 2020						Year Ended July 31, 2019
Small/Mid-Cap Index	Shares			Amount			Shares			Amount
Institutional
Shares sold		315,331		$	4,016,246			637,030		$	8,145,361
Shares issued in reinvestment of distributions		23,674			304,355			44,360			509,276
Shares redeemed		(119,336	)		(1,537,526	)		(812,235	)		(10,315,818	)
Net increase (decrease)		219,669		$	2,783,075			(130,845	)	$	(1,661,181	)
Investor A
Shares sold and automatic conversion of shares		715,324		$	9,192,113			1,504,884		$	18,715,343
Shares issued in reinvestment of distributions		46,984			603,643			104,559			1,193,741
Shares redeemed		(577,887	)		(7,277,061	)		(1,129,340	)		(13,862,006	)
Net increase		184,421		$	2,518,695			480,103		$	6,047,078
Class K
Shares sold		1,655,585		$	21,303,452			7,573,657		$	91,512,742
Shares issued in reinvestment of distributions		266,789			3,427,262			515,756			5,905,428
Shares redeemed		(941,002	)		(12,004,598	)		(2,552,278	)		(31,293,786	)
Net increase		981,372		$	12,726,116			5,537,135		$	66,124,384
Total Net Increase		1,385,462		$	18,027,886			5,886,393		$	70,510,281

	Six Months Ended January 31, 2020						Year Ended July 31, 2019
Total U.S. Stock Market Index	Shares			Amount			Shares			Amount
Institutional
Shares sold		876,540		$	12,636,522			2,499,414		$	33,285,564
Shares issued in reinvestment of distributions		78,525			1,137,931			147,756			1,929,988
Shares redeemed		(1,219,695	)		(16,965,650	)		(2,552,364	)		(33,977,477	)
Net increase (decrease)		(264,630	)	$	(3,191,197	)		94,806		$	1,238,075
Investor A
Shares sold and automatic conversion of shares		1,749,569		$	25,351,850			3,042,552		$	40,135,043
Shares issued in reinvestment of distributions		79,342			1,150,631			129,085			1,682,445
Shares redeemed		(878,636	)		(12,400,458	)		(2,597,376	)		(35,225,419	)
Net increase		950,275		$	14,102,023			574,261		$	6,592,069
Class K
Shares sold		10,555,269		$	153,479,182			25,256,478		$	331,881,840
Shares issued in reinvestment of distributions		879,647			12,733,401			1,378,935			18,086,714
Shares redeemed		(13,653,327	)		(199,619,790	)		(18,119,444	)		(241,103,837	)
Net increase (decrease)		(2,218,411	)	$	(33,407,207	)		8,515,969		$	108,864,717
Total Net increase (decrease)		(1,532,766	)	$	(22,496,381	)		9,185,036		$	116,694,861

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.

NOTES TO FINANCIAL STATEMENTS 95

Statement Regarding Liquidity Risk Management Program

The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.

The Board of Trustees (the “Board”) of BlackRock Funds^SM, on behalf of iShares Russell Mid-Cap Index Fund, iShares Russell Small/Mid-Cap Index Fund and iShares Total U.S. Stock Market Index Fund, met on November 12-13, 2019 (the “Meeting”) to review the liquidity risk management program (the “Program”) applicable to the BlackRock open-end funds, excluding money market funds (each, a “Fund”), pursuant to the Liquidity Rule. The Board has appointed BlackRock Advisors, LLC or BlackRock Fund Advisors (“BlackRock”), each an investment adviser to certain Funds, as the program administrator for each Fund’s Program, as applicable. BlackRock has 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 operation 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 December 1, 2018 through September 30, 2019 (the “Program Reporting Period”).

The Report described the Program’s liquidity classification methodology for categorizing a Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also described BlackRock’s methodology in establishing a Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing a 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 and reverse repurchase agreements), such borrowings were factored into the Program’s calculation of a Fund’s liquidity bucketing. 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 net redemption activity and used this information as a component to establish each Fund’s reasonably anticipated trading size (“RATS”). 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 applicable to the Funds, 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 and BlackRock Credit Strategies Income Fund, each a series of BlackRock Funds V). 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. 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.

96 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Trustee and Officer Information

Mark Stalnecker, Chair of the Board and Trustee

Bruce R. Bond, Trustee

Susan J. Carter, Trustee

Collette Chilton, Trustee

Neil A. Cotty, Trustee

Lena G. Goldberg, Trustee

Henry R. Keizer, Trustee

Cynthia A. Montgomery, Trustee

Donald C. Opatrny, Trustee

Joseph P. Platt, Trustee

Kenneth L. Urish, Trustee

Claire A. Walton, Trustee

Robert Fairbairn, Trustee

John M. Perlowski, Trustee, President and Chief Executive Officer

Thomas Callahan, Vice President

Jennifer McGovern, Vice President

Neal J. Andrews, Chief Financial Officer

Jay M. Fife, Treasurer

Charles Park, Chief Compliance Officer

Lisa Belle, Anti-Money Laundering Compliance Officer

Janey Ahn, Secretary

Effective September 19, 2019, Lisa Belle replaced John MacKessy as the Anti-Money Laundering Compliance Officer of the Trust.

Effective September 19, 2019, Janey Ahn replaced Benjamin Archibald as the Secretary of the Trust.

Effective December 31, 2019, Robert M. Hernandez retired as Trustee of the Trust.

Investment Manager

BlackRock Advisors, LLC

Wilmington, DE 19809

Sub-Adviser

BlackRock Fund Advisors

San Francisco, CA 94105

Accounting Service Provider

State Street Bank and Trust Company

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Wilmington, DE 19809

Distributor

BlackRock Investments, LLC

New York, NY 10022

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

Philadelphia, PA 19103

Legal Counsel

Sidley Austin LLP

New York, NY 10019

Address of the Trust

100 Bellevue Parkway

Wilmington, DE 19809

TRUSTEE AND OFFICER INFORMATION 97

Additional Information

General Information

Householding

The Funds will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports 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 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, and for reporting periods ended prior to March 31, 2019, filed such information on Form N-Q. The Funds’ Forms N-PORT and N-Q are available on the SEC’s website at sec.gov. The Funds’ Forms N-PORT and N-Q may also be obtained upon request and without charge by calling (800) 441-7762.

Availability of Proxy Voting Policies and Procedures

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available upon request and without charge (1) by calling (800) 441-7762; (2) at blackrock.com; and (3) on the SEC’s website at sec.gov.

Availability of Proxy Voting Record

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 upon request and without charge (1) at blackrock.com or by calling (800) 441-7762 and (2) 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 reach us on the Web at blackrock.com.

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.

98 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Additional Information  (continued)

BlackRock Privacy Principles

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

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

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

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

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

Glossary of Terms Used in this Report

Portfolio Abbreviations
ADR	American Depositary Receipts
AGC	Assured Guarantee Corp.
AMBAC	American Municipal Bond Assurance Corp.
CVR	Contingent Value Rights
ETF	Exchange Traded Fund
REIT	Real Estate Investment Trust
S&P	Standard and Poor’s

ADDITIONAL INFORMATION / GLOSSARY OF TERMS USED IN THIS REPORT 99

Want to know more?

blackrock.com    |    877-275-1255 (1-877-ASK-1BLK)

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 a 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.

Index5-1/20-SAR

JANUARY 31, 2020

2020 Semi-Annual Report

(Unaudited)

BlackRock Funds^SM

· iShares Edge MSCI Min Vol EAFE Index Fund

· iShares Edge MSCI Min Vol USA Index Fund

· iShares Edge MSCI Multifactor Intl Index Fund

· iShares Edge MSCI Multifactor USA Index Fund

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of each Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from BlackRock or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

You may elect to receive all future reports in paper free of charge. If you hold accounts directly with BlackRock, you can call (800) 537-4942 to inform BlackRock that you wish to continue receiving paper copies of your shareholder reports. If you hold accounts through a financial intermediary, you can follow the instructions included with this disclosure, if applicable, or contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Please note that not all financial intermediaries may offer this service. Your election to receive reports in paper will apply to all funds advised by BlackRock Advisors, LLC, BlackRock Fund Advisors or their affiliates, or all funds held with your financial intermediary, as applicable.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive electronic delivery of shareholder reports and other communications by: (i) accessing the BlackRock website at blackrock.com/edelivery and logging into your accounts, if you hold accounts directly with BlackRock, or (ii) contacting your financial intermediary, if you hold accounts through a financial intermediary. Please note that not all financial intermediaries may offer this service.

Not FDIC Insured • May Lose Value • No Bank Guarantee

The Markets in Review

Dear Shareholder,

U.S. equities and bonds both delivered impressive returns over the last 12 months, despite fears and doubts about the economy that were ultimately laid to rest with unprecedented monetary stimulus and a sluggish yet resolute performance from the U.S. economy. Investors were further encouraged by the apparent cessation of trade hostilities between the United States and China late in 2019, although some of these gains were reversed in January 2020, as the spread of the coronavirus injected uncertainty into markets.

Returns for most securities were particularly strong in the second half of the reporting period, as investors began to realize that the U.S. economy was maintaining the modest yet steady growth that has characterized this economic cycle. In the United States, large-cap stocks led the broader market, while small-cap equities still posted healthy returns. Emerging market stocks, however, were constrained by coronavirus fears, losing most of their gains near the end of the reporting period.

Fixed-income securities played an important role in diversified portfolios by delivering strong returns amid economic uncertainty, as interest rates declined (and bond prices rose). Long-term bonds, particularly long-term Treasuries, generally posted the strongest returns, as inflation remained low despite an uptick late in the reporting period. Investment-grade and high-yield corporate bonds also posted solid returns, as the credit fundamentals in corporate markets remained relatively solid.

Continuing the shift toward looser monetary policy that began in early 2019, the U.S. Federal Reserve (the “Fed”) increased efforts to stimulate economic activity. The Fed reduced interest rates three times during the reporting period, from July 2019 to October 2019. In December 2019, the Fed further reassured markets by indicating that it is unlikely to reverse course and tighten monetary policy in the near future. Following in the Fed’s footsteps, the European Central Bank announced aggressive economic stimulus measures, including lower interest rates and the return of its bond purchasing program. The Bank of Japan continued its accommodative monetary policy, while China committed to looser credit conditions and an increase in fiscal spending.

The outpouring of global economic stimulus led to a sharp rally in risk assets throughout the world despite the headwind of rising geopolitical and trade tensions. Hopes continued to remain high as the current economic expansion became the longest in U.S. history.

Looking ahead, we believe there are reasons to remain cautious about the U.S. economy, most notably the uncertainty around the duration of the impact of the coronavirus-driven economic contraction, the U.S. presidential election and future earnings growth. At this time we are watching the developments around the world very closely to assess the full extent of the risks of economic disruption that could result from the global pandemic. Corporate earnings underperformed in 2019, but action by the Fed led to outstanding equity returns. With the future of monetary policy and consumer behaviors uncertain, earnings deterioration could act as a drag on equities.

Overall, we favor moderately increasing investment risk to benefit from expected growth. We are neutral on U.S. equities, but we favor emerging market and Japanese equities, which could benefit from an uptick in global trade and investment. Increasing cyclical exposure through value-style investing and maintaining a meaningful emphasis on high-quality companies through quality factors also makes sense for diversified investors. In fixed income, extremely low yields and inflation risk limit the effectiveness of many bond classes as a counterweight in portfolios. We favor higher-yielding bonds from emerging markets, where central banks have more room for further accommodation, while strategically using U.S. Treasuries as stabilizers.

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

Sincerely,

Rob Kapito

President, BlackRock Advisors, LLC

Rob Kapito

President, BlackRock Advisors, LLC

Total Returns as of January 31, 2020
	6-month	12-month
U.S. large cap equities (S&P 500® Index)	9.31%	21.68%
U.S. small cap equities (Russell 2000® Index)	3.26	9.21
International equities (MSCI Europe, Australasia, Far East Index)	6.12	12.10
Emerging market equities (MSCI Emerging Markets Index)	3.36	3.81
3-month Treasury bills (ICE BofAML 3-Month U.S. Treasury Bill Index)	0.98	2.22
U.S. Treasury securities (ICE BofAML 10-Year U.S. Treasury Index)	5.13	12.15
U.S. investment grade bonds (Bloomberg Barclays U.S. Aggregate Bond Index)	4.20	9.64
Tax-exempt municipal bonds (S&P Municipal Bond Index)	3.08	8.21
U.S. high yield bonds (Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index)	3.43	9.40
Past performance is no guarantee of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

2 THIS PAGE IS NOT PART OF YOUR FUND REPORT

Table of Contents

	Page
The Markets in Review		2
Semi-Annual Report:
Fund Summaries		4
About Fund Performance		12
Disclosure of Expenses		12
Derivative Financial Instruments		12
Financial Statements:
Schedule of Investments		13
Statements of Assets and Liabilities		29
Statements of Operations		30
Statements of Changes in Net Assets		31
Financial Highlights		33
Notes to Financial Statements		41
Statement Regarding Liquidity Risk Management Program		51
Trustee and Officer Information		52
Additional Information		53
Glossary of Terms Used in this Report		54

3

Fund Summary  as of January 31, 2020 iShares Edge MSCI Min Vol EAFE Index Fund

Investment Objective

iShares Edge MSCI Min Vol EAFE Index Fund’s (the “Fund”) investment objective is to seek to track the investment results of an index composed of developed market equities that, in the aggregate, have lower volatility characteristics relative to the broader developed equity markets, excluding the United States and Canada.

Portfolio Management Commentary

How did the Fund perform?

For the six-month period ended January 31, 2020, the Fund’s Institutional Shares returned 6.61%, while Class K Shares returned 6.63%. The benchmark MSCI EAFE Minimum Volatility (USD) Index (the “Index”) returned 6.51% for the same period.

Returns for the Fund’s respective share classes differ from the Index based on individual share-class expenses.

Describe the market environment.

In the third quarter of 2019, within the eurozone, Germany underperformed while Belgium was the best-performing country due to an outsized gain in materials giant Umicore. Eurozone economic activity showed signs of synchronized deceleration. This prompted an aggressive response from the ECB, which announced a stimulus package that included a rate cut, resumption of quantitative easing, and a two-tier excess liquidity system for banks. Simultaneously, the ECB cut both its growth and inflation forecasts, and lowered its forward guidance. In the United Kingdom, continued Brexit uncertainty drove volatility throughout the quarter ahead of the October 31 deadline. Parliament passed legislation that forced the government to ask for an extension if it could not reach a deal with the European Union (“EU”), which buoyed the sterling. Separately, the Bank of England remained on hold despite economic weakness.

In Asia-Pacific, Japanese equities outperformed despite deteriorating economic conditions and an impending sales-tax hike. However, Japanese President Abe and U.S. President Donald Trump reached a limited trade agreement that removed the threat of tariffs on Japan’s auto exports for the time being. Elsewhere, Hong Kong underperformed amid mounting political unrest.

By the fourth quarter of 2019, the United Kingdom outperformed amid a dense quarter of Brexit developments. Prime Minister Boris Johnson was able to agree to a new Brexit deal with the EU in October, but the October 31 deadline was pushed back to January 31, 2020 due to a stalemate in Parliament. On continental Europe, both France and Germany performed well. Economic activity in Europe was better than in recent quarters, with the perceived easing in trade tensions — both between the United States and China, and the United States and EU — contributing to positive sentiment. Monetary policy remained accommodative, and the ECB resumed balance sheet expansion. Despite the easy monetary policy, the incremental increase in economic activity helped foster positive expectations.

In Asia-Pacific, Japan, Hong Kong and Australia recorded positive gains but ongoing tensions in Hong Kong and unimpressive growth out of China weighed on the region.

Describe recent portfolio activity.

During the period, as changes were made to the composition of the Index, the Fund purchased and sold securities to maintain its objective of replicating the risks and return of the Index.

Describe portfolio positioning at period end.

The Fund remains positioned to match the risk characteristics of the Index, irrespective of the market’s future direction.

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

4 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Fund Summary  as of January 31, 2020 iShares Edge MSCI Min Vol EAFE Index Fund

Performance Summary for the Period Ended January 31, 2020

				Average Annual Total Returns (a)(b)
	6-Month Total Returns			1 Year			Since Inception (c)
Institutional		6.61	%		11.49	%		6.45	%
Class K		6.63			11.53			6.49
MSCI EAFE Minimum Volatility (USD) Index(d)		6.51			12.04			6.88

^(a) See “About Fund Performance” on page 12 for a detailed description of share classes, including any related fees.

^(b)  The Fund generally invests at least 80% of its assets, plus the amount of any borrowing for investment purposes, in securities of the MSCI EAFE Minimum Volatility (USD) Index and in investments that have economic characteristics that are substantially similar to the component securities of the MSCI EAFE Minimum Volatility (USD) Index (i.e. depositary receipts representing securities of the MSCI EAFE Minimum Volatility (USD) Index).

^(c) The Fund commenced operations on July 13, 2016.

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

Past performance is not indicative 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 (b)
	Beginning Account Value (08/01/19)		Ending Account Value (01/31/20)		Expenses Paid During the Period (a)		Beginning Account Value (08/01/19)		Ending Account Value (01/31/20)		Expenses Paid During the Period (a)		Annualized Expense Ratio
Institutional	$	1,000.00	$	1,066.10	$	1.04	$	1,000.00	$	1,024.13	$	1.02		0.20	%
Class K		1,000.00		1,066.30		0.78		1,000.00		1,024.38		0.76		0.15

^(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 185/366 (to reflect the one-half year period shown).

^(b)  Hypothetical 5% return before expenses is calculated by prorating the number of days in the most recent fiscal half year divided by 366.

See “Disclosure of Expenses” on page 12 for further information on how expenses were calculated.

Portfolio Information

TEN LARGEST HOLDINGS

Holding	Percent of Net Assets
Roche Holding AG		2	%
Nestle SA, Registered Shares		2
Swisscom AG, Registered Shares		1
Zurich Insurance Group AG		1
Power Assets Holdings Ltd.		1
NTT DOCOMO, Inc.		1
Japan Real Estate Investment Corp.		1
Swiss Re AG		1
CLP Holdings Ltd.		1
Novartis AG, Registered Shares		1

GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Net Assets
Japan		29	%
Switzerland		14
United Kingdom		12
Hong Kong		8
Australia		7
France		6
Germany		4
Singapore		4
Denmark		2
Belgium		2
Israel		2
Netherlands		2
Finland		2
Spain		1
Ireland		1
Norway		1
Italy		1
Short-Term Securities		1
Other(a)		1

^(a) Other includes a less than 1% investment in each of the following countries: China, New Zealand and Sweden.

FUND SUMMARY 5

Fund Summary  as of January 31, 2020 iShares Edge MSCI Min Vol USA Index Fund

Investment Objective

iShares Edge MSCI Min Vol USA Index Fund’s (the “Fund”) investment objective is to seek to track the investment results of an index composed of U.S. equities that, in the aggregate, have lower volatility characteristics relative to the broader U.S. equity market.

Portfolio Management Commentary

How did the Fund perform?

For the six-month period ended January 31, 2020, the Fund’s Institutional Shares returned 8.71%, while Class K Shares returned 8.73%. The benchmark MSCI USA Minimum Volatility (USD) Index (the “Index”) returned 8.21% for the same period.

Returns for the Fund’s respective share classes differ from the Index based on individual share-class expenses.

Describe the market environment.

In the third quarter of 2019, trade tensions were a key focus for both domestic and global investors. Markets suffered in early August on the back of President Trump’s promise to impose 10% tariffs on all Chinese imports that were not already subject to 25% tariffs. U.S.-China tensions did ostensibly ease ahead of a new round of trade talks in October. In monetary policy, the Fed lowered the target range for the federal funds rates at both its July and September meetings.

On the macroeconomic front, survey-based U.S. economic indicators continued to soften in the manufacturing and consumer sectors, while hard economic data releases exhibited resilience. In interest rates, the frequently monitored two-year/ten-year Treasury yield spread inverted for the first time since the global financial crisis in August but ended the quarter in positive territory.

In the fourth quarter of 2019, risk appetite was boosted broadly by expectations of a U.S.-China trade deal, strong economic growth, and easy monetary policy. U.S. tariffs on China were originally scheduled to increase on December 15 but were avoided due to persistent negotiations between the United States and China. Additionally, news that the United States did not impose tariffs on European Union auto exports helped support sentiment. On the macroeconomic front, the U.S. services and employment sectors remained buoyant.

In November, 266,000 jobs were added to the economy, revising the third quarter unemployment rate down to 3.5% from 3.7%. Overall, the supportive macroeconomic data and boosted risk appetite drove selling of Treasuries in the quarter. Despite the strength in the U.S. economy, the Fed cut the benchmark federal funds rate to 1.75% in October, marking the third rate cut of the year.

Describe recent portfolio activity.

During the period, as changes were made to the composition of the Index, the Fund purchased and sold securities to maintain its objective of replicating the risks and return of the Index.

At period end, the Fund received a large client cash inflow of 12.5%. This elevated cash balance position had no material impact to Fund performance for the period.

Describe portfolio positioning at period end.

The Fund remains positioned to match the risk characteristics of the Index, irrespective of the market’s future direction.

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

6 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Fund Summary  as of January 31, 2020 iShares Edge MSCI Min Vol USA Index Fund

Performance Summary for the Period Ended January 31, 2020

				Average Annual Total Returns  (a)(b)
	6-Month Total Returns			1 Year			Since Inception (c)
Institutional		8.71	%		24.12	%		12.99	%
Class K		8.73			24.17			13.03
MSCI USA Minimum Volatility (USD) Index(d)		8.21			23.81			13.06

^(a) See “About Fund Performance” on page 12 for a detailed description of share classes, including any related fees.

^(b)  The Fund generally invests at least 80% of its assets, plus the amount of any borrowing for investment purposes, in securities of the MSCI USA Minimum Volatility (USD) Index.

^(c)  The Fund commenced operations on July 13, 2016.

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

Past performance is not indicative 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 (b)
	Beginning Account Value (08/01/19)		Ending Account Value (01/31/20)		Expenses Paid During the Period (a)		Beginning Account Value (08/01/19)		Ending Account Value (01/31/20)		Expenses Paid During the Period (a)		Annualized Expense Ratio
Institutional	$	1,000.00	$	1,087.10	$	0.94	$	1,000.00	$	1,024.23	$	0.92		0.18	%
Class K		1,000.00		1,087.30		0.68		1,000.00		1,024.48		0.66		0.13

^(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 185/366 (to reflect the one-half year period shown).

^(b)  Hypothetical 5% return before expenses is calculated by prorating the number of days in the most recent fiscal half year divided by 366.

See “Disclosure of Expenses” on page 12 for further information on how expenses were calculated.

Portfolio Information

TEN LARGEST HOLDINGS

Holding	Percent of Net Assets
Newmont Corp.		2	%
NextEra Energy, Inc.		2
Coca-Cola Co.		2
Visa, Inc.		2
McDonald’s Corp.		2
PepsiCo, Inc.		2
Waste Management, Inc.		1
Republic Services, Inc.		1
Verizon Communications, Inc.		1
Yum! Brands, Inc.		1

SECTOR ALLOCATION

Sector	Percent of Net Assets
Information Technology		18	%
Financials		16
Short-Term Securities		13
Consumer Staples		12
Health Care		10
Utilities		9
Consumer Discretionary		8
Real Estate		8
Industrials		7
Communication Services		6
Materials		3
Energy		2
Investment Companies		1
Liabilities in Excess of Other Assets		(13	)

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

FUND SUMMARY 7

Fund Summary  as of January 31, 2020 iShares Edge MSCI Multifactor Intl Index Fund

Investment Objective

iShares Edge MSCI Multifactor Intl Index Fund’s (the “Fund”) investment objective is to seek to track the investment results of an index composed of global developed market large- and mid-capitalization stocks, excluding the United States, that have favorable exposure to target style factors subject to constraints.

Portfolio Management Commentary

How did the Fund perform?

For the six-month period ended January 31, 2020, the Fund’s Institutional Shares returned 5.00%, while Class K Shares returned 5.02%. The benchmark MSCI World ex USA Diversified Multiple-Factor Index (the “Index”) returned 4.93% for the same period.

Returns for the Fund’s respective share classes differ from the Index based on individual share-class expenses.

Describe the market environment.

In the third quarter of 2019, within the eurozone, Germany underperformed while Belgium was the best-performing country due to an outsized gain in materials giant Umicore. Eurozone economic activity showed signs of synchronized deceleration. This prompted an aggressive response from the ECB, which announced a stimulus package that included a rate cut, resumption of quantitative easing, and a two-tier excess liquidity system for banks. Simultaneously, the ECB cut both its growth and inflation forecasts, and lowered its forward guidance. In the United Kingdom, continued Brexit uncertainty drove volatility throughout the quarter ahead of the October 31 deadline. Parliament passed legislation that forced the government to ask for an extension if it could not reach a deal with the European Union (“EU”), which buoyed the sterling. Separately, the Bank of England remained on hold despite economic weakness.

In Asia-Pacific, Japanese equities outperformed despite deteriorating economic conditions and an impending sales-tax hike. However, Japanese President Abe and U.S. President Donald Trump reached a limited trade agreement that removed the threat of tariffs on Japan’s auto exports for the time being. Elsewhere, Hong Kong underperformed amid mounting political unrest.

By the fourth quarter of 2019, the United Kingdom outperformed amid a dense quarter of Brexit developments. Prime Minister Boris Johnson was able to agree to a new Brexit deal with the EU in October, but the October 31 deadline was pushed back to January 31, 2020 due to a stalemate in Parliament. On continental Europe, both France and Germany performed well. Economic activity in Europe was better than in recent quarters, with the perceived easing in trade tensions — both between the United States and China, and the United States and EU — contributing to positive sentiment. Monetary policy remained accommodative, and the ECB resumed balance sheet expansion. Despite the easy monetary policy, the incremental increase in economic activity helped foster positive expectations.

In Asia-Pacific, Japan, Hong Kong and Australia recorded positive gains but ongoing tensions in Hong Kong and unimpressive growth out of China weighed on the region.

Describe recent portfolio activity.

During the period, as changes were made to the composition of the Index, the Fund purchased and sold securities to maintain its objective of replicating the risks and return of the Index.

Describe portfolio positioning at period end.

The Fund remains positioned to match the risk characteristics of the Index, irrespective of the market’s future direction.

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.

8 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Fund Summary  as of January 31, 2020 iShares Edge MSCI Multifactor Intl Index Fund

Performance Summary for the Period Ended January 31, 2020

				Average Annual Total Returns  (a)(b)
	6-Month Total Returns			1 Year			Since Inception (c)
Institutional		5.00	%		5.72	%		7.34	%
Class K		5.02			5.77			7.39
MSCI World ex USA Diversified Multiple-Factor Index(d)		4.93			6.53			7.81

^(a) See “About Fund Performance” on page 12 for a detailed description of share classes, including any related fees.

^(b)  The Fund generally invests at least 80% of its assets, plus the amount of any borrowing for investment purposes, in securities of the MSCI World ex USA Diversified Multiple-Factor Index and in investments that have economic characteristics that are substantially similar to the component securities of the MSCI World ex USA Diversified Multiple-Factor Index (i.e., depositary receipts representing securities of the MSCI World ex USA Diversified Multiple-Factor Index).

^(c)  The Fund commenced operations on July 13, 2016.

^(d)  An index that is based on the MSCI World ex USA Index, its parent index, which includes large- and mid-capitalization stocks across 22 of 23 developed markets, excluding the United States. The index aims to maximize exposure to four factors — value, momentum, quality and low size — while maintaining a risk profile similar to that of the underlying parent index.

Past performance is not indicative 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 (b)
	Beginning Account Value (08/01/19)		Ending Account Value (01/31/20)		Expenses Paid During the Period (a)		Beginning Account Value (08/01/19)		Ending Account Value (01/31/20)		Expenses Paid During the Period (a)		Annualized Expense Ratio
Institutional	$	1,000.00	$	1,050.00	$	1.80	$	1,000.00	$	1,023.38	$	1.78		0.35	%
Class K		1,000.00		1,050.20		1.55		1,000.00		1,023.63		1.53		0.30

^(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 185/366 (to reflect the one-half year period shown).

^(b)  Hypothetical 5% return before expenses is calculated by prorating the number of days in the most recent fiscal half year divided by 366.

See “Disclosure of Expenses” on page 12 for further information on how expenses were calculated.

Portfolio Information

TEN LARGEST HOLDINGS

Holding	Percent of Net Assets
Roche Holding AG		4	%
Rio Tinto PLC		2
Koninklijke Philips NV		2
BHP Group PLC		2
Hitachi Ltd.		2
Woolworths Group Ltd.		2
Astellas Pharma, Inc.		2
Nippon Telegraph & Telephone Corp.		2
Koninklijke Ahold Delhaize NV		2
Societe Generale SA		2

GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Net Assets
Japan		17	%
Australia		16
Canada		13
Switzerland		10
United Kingdom		10
Netherlands		8
France		6
Hong Kong		4
Germany		3
Belgium		2
Spain		2
United States		2
Sweden		1
Singapore		1
Finland		1
Short-Term Securities		2
Other(a)		2

^(a)  Other includes a less than 1% investment in each of the following countries: China, Colombia, Denmark, Ireland, Israel, Italy, New Zealand and Russia.

FUND SUMMARY 9

Fund Summary  as of January 31, 2020 iShares Edge MSCI Multifactor USA Index Fund

Investment Objective

iShares Edge MSCI Multifactor USA Index Fund’s (the “Fund”) investment objective is to seek to track the investment results of an index composed of U.S. large- and mid-capitalization stocks that have favorable exposure to target style factors subject to constraints.

Portfolio Management Commentary

How did the Fund perform?

For the six-month period ended January 31, 2020, the Fund’s Institutional Shares returned 7.02%, while Class K Shares returned 7.13%. The benchmark MSCI USA Diversified Multiple-Factor Index (the “Index”) returned 7.23% for the same period.

Returns for the Fund’s respective share classes differ from the Index based on individual share-class expenses.

Describe the market environment.

In the third quarter of 2019, trade tensions were a key focus for both domestic and global investors. Markets suffered in early August on the back of President Trump’s promise to impose 10% tariffs on all Chinese imports that were not already subject to 25% tariffs. U.S.-China tensions did ostensibly ease ahead of a new round of trade talks in October. In monetary policy, the Fed lowered the target range for the federal funds rates at both its July and September meetings.

On the macroeconomic front, survey-based U.S. economic indicators continued to soften in the manufacturing and consumer sectors, while hard economic data releases exhibited resilience. In interest rates, the frequently monitored two-year/ten-year Treasury yield spread inverted for the first time since the global financial crisis in August but ended the quarter in positive territory.

In the fourth quarter of 2019, risk appetite was boosted broadly by expectations of a U.S.-China trade deal, strong economic growth, and easy monetary policy. U.S. tariffs on China were originally scheduled to increase on December 15 but were avoided due to persistent negotiations between the United States and China. Additionally, news that the United States did not impose tariffs on European Union auto exports helped support sentiment. On the macroeconomic front, the U.S. services and employment sectors remained buoyant.

In November, 266,000 jobs were added to the economy, revising the third quarter unemployment rate down to 3.5% from 3.7%. Overall, the supportive macroeconomic data and boosted risk appetite drove selling of Treasuries in the quarter. Despite the strength in the U.S. economy, the Fed cut the benchmark federal funds rate to 1.75% in October, marking the third rate cut of the year.

Describe recent portfolio activity.

During the period, as changes were made to the composition of the Index, the Fund purchased and sold securities to maintain its objective of replicating the risks and return of the Index.

Describe portfolio positioning at period end.

The Fund remains positioned to match the risk characteristics of the Index, irrespective of the market’s future direction.

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.

10 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Fund Summary  as of January 31, 2020 iShares Edge MSCI Multifactor USA Index Fund

Performance Summary for the Period Ended January 31, 2020

				Average Annual Total Returns  (a)(b)
	6-Month Total Returns			1 Year			Since Inception (c)
Institutional		7.02	%		14.42	%		11.56	%
Class K		7.13			14.57			11.64
MSCI USA Diversified Multiple-Factor Index(d)		7.23			14.85			11.98

^(a) See “About Fund Performance” on page 12 for a detailed description of share classes, including any related fees.

^(b)  The Fund generally invests at least 80% of its assets, plus the amount of any borrowing for investment purposes, in securities of the MSCI USA Diversified Multiple-Factor Index.

^(c)  The Fund commenced operations on July 13, 2016.

^(d)  An index that is based on a traditional market cap weighted parent index, the MSCI USA Index, which includes U.S. large- and mid-capitalization stocks. The index aims to maximize exposure to four factors — value, momentum, quality and low size — while maintaining a risk profile similar to that of the underlying parent index.

Past performance is not indicative 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 (b)
	Beginning Account Value (08/01/19)		Ending Account Value (01/31/20)		Expenses Paid During the Period (a)		Beginning Account Value (08/01/19)		Ending Account Value (01/31/20)		Expenses Paid During the Period (a)		Annualized Expense Ratio
Institutional	$	1,000.00	$	1,070.20	$	1.30	$	1,000.00	$	1,023.88	$	1.27		0.25	%
Class K		1,000.00		1,071.30		1.04		1,000.00		1,024.13		1.02		0.20

^(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 185/366 (to reflect the one-half year period shown).

^(b)  Hypothetical 5% return before expenses is calculated by prorating the number of days in the most recent fiscal half year divided by 366.

See “Disclosure of Expenses” on page 12 for further information on how expenses were calculated.

Portfolio Information

TEN LARGEST HOLDINGS

Holding	Percent of Net Assets
Intel Corp.		3	%
Apple, Inc.		3
AT&T, Inc.		3
Walmart, Inc.		2
Duke Energy Corp.		2
Intuit, Inc.		2
Microsoft Corp.		2
Micron Technology, Inc.		2
Target Corp.		2
Biogen, Inc.		2

SECTOR ALLOCATION

Sector	Percent of Net Assets
Information Technology		27	%
Health Care		12
Consumer Discretionary		10
Industrials		9
Financials		9
Utilities		9
Real Estate		8
Communication Services		5
Consumer Staples		5
Short-Term Securities		3
Materials		3
Energy		3
Investment Companies		—	(a)
Liabilities in Excess of Other Assets		(3	)

^(a) Represents less than 1%.

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

FUND SUMMARY 11

About Fund Performance

Institutional 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.

Performance information reflects past performance and does not guarantee future results. 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 tables on the previous pages 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 Funds’ investment adviser, has contractually agreed to waive and/or reimburse a portion of each Fund’s expenses. Without such waiver and/or reimbursement, each Fund’s performance would have been lower. With respect to each Fund’s contractual waiver, the Manager is under no obligation to continue waiving and/or reimbursing its fees after the applicable termination date of such agreement. See Note 6 of the Notes to Financial Statements for additional information on waivers and/or reimbursements.

Disclosure of Expenses

Shareholders of the Funds may incur the following charges: (a) transactional expenses; and (b) operating expenses, including investment advisory fees, service and distribution fees, including 12b-1 fees, acquired fund fees and expenses and other fund expenses. The expense examples shown on the previous pages, which are based on a hypothetical investment of $1,000 invested on August 1, 2019 and held through January 31, 2020, are intended to assist shareholders both in calculating expenses based on an investment in each Fund and in comparing these expenses with similar costs of investing in other mutual funds.

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

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

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

Derivative Financial Instruments

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

12 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) January 31, 2020 iShares Edge MSCI Min Vol EAFE Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks — 99.1%
Australia — 6.5%
Aurizon Holdings Ltd.		155,189	$	556,276
AusNet Services		160,228		188,816
Australia & New Zealand Banking Group Ltd.		10,995		187,161
Brambles Ltd.		19,415		162,162
Caltex Australia Ltd.		8,121		185,191
Coca-Cola Amatil Ltd.		27,840		221,214
Cochlear Ltd.		701		111,646
Commonwealth Bank of Australia		15,309		866,757
Crown Resorts Ltd.		37,753		293,480
CSL Ltd.		2,194		451,237
Dexus		14,923		125,922
GPT Group		37,374		149,126
Harvey Norman Holdings Ltd.		28,543		80,099
Insurance Australia Group Ltd.		49,243		231,545
Medibank Pvt Ltd.		98,447		202,282
National Australia Bank Ltd.		11,017		188,194
Newcrest Mining Ltd.		27,861		557,778
Ramsay Health Care Ltd.		3,736		196,523
Scentre Group		73,705		189,115
Sonic Healthcare Ltd.		38,045		797,451
Suncorp Group Ltd.		16,268		138,972
Sydney Airport(a)		70,576		392,551
Telstra Corp. Ltd.		159,299		406,204
Transurban Group(a)		78,317		816,358
Vicinity Centres		43,979		74,232
Wesfarmers Ltd.		44,653		1,339,680
Westpac Banking Corp.		20,402		340,947
Woolworths Group Ltd.		57,090		1,585,608
				11,036,527
Belgium — 2.4%
Ageas		7,283		401,596
Colruyt SA		12,705		636,185
Groupe Bruxelles Lambert SA		14,309		1,437,964
Proximus SADP		32,877		936,734
UCB SA		7,977		734,061
				4,146,540
China — 0.1%
BOC Hong Kong Holdings Ltd.		47,000		155,362
Denmark — 2.5%
Carlsberg A/S, Class B		5,156		752,950
Chr Hansen Holding A/S		1,137		84,619
Coloplast A/S, Class B		6,719		847,140
DSV PANALPINA A/S		747		81,101
H Lundbeck A/S		3,022		128,412
Novo Nordisk A/S, Class B		16,110		980,642
Orsted A/S(b)		4,911		535,651
Tryg A/S		27,759		841,093
				4,251,608
Finland — 1.5%
Elisa OYJ		19,025		1,146,172
Neste OYJ		2,538		100,994
Nokia OYJ(c)		40,886		159,157
Sampo OYJ, Class A		26,233		1,187,493
				2,593,816
France — 6.3%
Aeroports de Paris		3,773		713,853
Air Liquide SA		6,056		875,634
Alstom SA		7,973		422,571
Covivio		1,923		228,191
Danone SA		9,501		760,312

Security	Shares		Value
France (continued)
EssilorLuxottica SA		4,146	$	613,850
Eurazeo SE		1,193		85,381
Getlink SE		20,802		366,974
Hermes International		1,914		1,429,234
L’Oreal SA		2,323		646,132
Orange SA		81,334		1,149,735
Pernod Ricard SA		3,546		613,943
Sanofi		13,641		1,315,515
SCOR SE		4,738		201,379
Sodexo SA		5,315		556,506
Thales SA		4,121		452,202
TOTAL SA		5,855		285,084
				10,716,496
Germany — 4.1%
adidas AG		606		191,565
Beiersdorf AG		7,320		831,308
Deutsche Boerse AG		3,033		492,327
Deutsche Telekom AG, Registered Shares		97,319		1,576,159
Fraport AG Frankfurt Airport Services Worldwide		1,001		74,451
Hannover Rueck SE		5,721		1,110,826
Henkel AG & Co. KGaA		3,628		334,268
Merck KGaA		4,945		634,095
METRO AG		4,929		68,582
Muenchener Rueckversicherungs-Gesellschaft AG, Registered Shares		4,436		1,307,911
Siemens Healthineers AG(b)		4,380		205,839
Symrise AG		1,142		117,346
Telefonica Deutschland Holding AG		26,042		78,934
				7,023,611
Hong Kong — 8.2%
CK Infrastructure Holdings Ltd.		100,000		697,681
CLP Holdings Ltd.		184,500		1,918,716
Dairy Farm International Holdings Ltd.		78,200		402,730
Hang Seng Bank Ltd.(d)		41,100		830,768
HK Electric Investments & HK Electric Investments Ltd.(a)		608,000		607,483
HKT Trust & HKT Ltd.(a)		867,000		1,294,197
Hong Kong & China Gas Co. Ltd.		869,334		1,663,626
Jardine Matheson Holdings Ltd.		13,800		769,239
Jardine Strategic Holdings Ltd.		24,000		734,406
Link REIT		54,900		555,177
MTR Corp. Ltd.		245,500		1,376,926
PCCW Ltd.		962,000		566,592
Power Assets Holdings Ltd.		287,500		2,075,581
Yue Yuen Industrial Holdings Ltd.		119,500		332,270
				13,825,392
Ireland — 1.2%
Flutter Entertainment PLC		1,015		115,138
Kerry Group PLC, Class A		12,173		1,556,603
Kingspan Group PLC		4,681		288,905
				1,960,646
Israel — 1.8%
Azrieli Group Ltd.		1,026		75,613
Bank Hapoalim BM		80,805		693,762
Bank Leumi Le-Israel BM		118,897		854,861
Check Point Software Technologies Ltd.(c)		2,410		275,487
Elbit Systems Ltd.		644		98,341
Mizrahi Tefahot Bank Ltd.		25,873		704,303
Nice Ltd.(c)		1,574		271,300
				2,973,667
Italy — 1.1%
Assicurazioni Generali SpA		28,721		559,648
Davide Campari-Milano SpA		9,605		92,842

SCHEDULES OF INVESTMENTS 13

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares Edge MSCI Min Vol EAFE Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Italy (continued)
Enel SpA		25,121	$	218,962
Recordati SpA		3,865		165,386
Snam SpA		129,891		696,172
Terna Rete Elettrica Nazionale SpA		30,942		215,860
				1,948,870
Japan — 28.6%
ABC-Mart, Inc.		7,600		487,583
Ajinomoto Co., Inc.		19,000		312,927
ANA Holdings, Inc.		26,400		824,583
Asahi Group Holdings Ltd.		10,100		468,216
Astellas Pharma, Inc.		4,800		84,817
Bandai Namco Holdings, Inc.		2,600		151,082
Bridgestone Corp.		9,600		340,023
Calbee, Inc.		2,700		88,291
Canon, Inc.		46,200		1,211,563
Central Japan Railway Co.		2,900		569,217
Chugai Pharmaceutical Co. Ltd.		3,600		368,743
Chugoku Electric Power Co., Inc.		63,000		831,487
Daiwa House REIT Investment Corp.		405		1,080,552
East Japan Railway Co.		9,500		836,490
Fast Retailing Co. Ltd.		100		53,788
FUJIFILM Holdings Corp.		6,100		302,953
Hankyu Hanshin Holdings, Inc.		6,200		251,547
Hikari Tsushin, Inc.		1,200		294,965
Japan Airlines Co. Ltd.		26,200		737,017
Japan Post Bank Co. Ltd.		92,700		858,023
Japan Post Holdings Co. Ltd.		152,200		1,384,513
Japan Prime Realty Investment Corp.		180		832,743
Japan Real Estate Investment Corp.		273		1,993,533
Japan Retail Fund Investment Corp.		600		1,283,884
Japan Tobacco, Inc.		33,700		712,568
Kamigumi Co. Ltd.		6,100		130,342
Kao Corp.		3,400		271,174
KDDI Corp.		25,300		764,542
Keihan Holdings Co. Ltd.		9,200		416,033
Keio Corp.		8,000		457,600
Keisei Electric Railway Co. Ltd.		3,900		141,090
Kintetsu Group Holdings Co. Ltd.		22,800		1,201,634
Kirin Holdings Co. Ltd.		6,100		133,971
Kyowa Kirin Co. Ltd.		4,600		108,143
Kyushu Electric Power Co., Inc.		19,000		156,461
Kyushu Railway Co.		31,200		1,020,843
Lawson, Inc.		11,500		665,600
Maruichi Steel Tube Ltd.		2,900		80,467
McDonald’s Holdings Co. Japan Ltd.		15,300		727,231
MEIJI Holdings Co. Ltd.		7,100		499,654
Mitsubishi Heavy Industries Ltd.		2,200		80,250
Mizuho Financial Group, Inc.		746,500		1,107,008
MS&AD Insurance Group Holdings, Inc.		3,900		129,529
Nagoya Railroad Co. Ltd.		29,800		874,280
NEC Corp.		16,300		725,567
NH Foods Ltd.		2,300		100,963
Nippon Building Fund, Inc.		233		1,887,463
Nippon Prologis REIT, Inc.		412		1,184,395
Nippon Telegraph & Telephone Corp.		44,800		1,142,267
Nissin Foods Holdings Co. Ltd.		2,400		180,141
Nitori Holdings Co. Ltd.		3,400		528,363
Nomura Real Estate Master Fund, Inc.		648		1,141,049
NTT DOCOMO, Inc.		72,400		2,057,057
Odakyu Electric Railway Co. Ltd.		14,600		323,849
Olympus Corp.		5,100		82,402
Oracle Corp. Japan		1,400		121,181
Oriental Land Co. Ltd.		9,100		1,185,138
Orix J-REIT, Inc.		554		1,170,508

Security	Shares		Value
Japan (continued)
Osaka Gas Co. Ltd.		5,200	$	87,994
Pan Pacific International Holdings Corp.		16,700		269,484
Sankyo Co. Ltd.		10,300		346,041
Secom Co. Ltd.		11,900		1,044,256
Seibu Holdings, Inc.		12,700		197,962
Sekisui House Ltd.		21,600		464,446
Seven & i Holdings Co. Ltd.		13,825		530,096
Seven Bank Ltd.		28,900		86,427
SG Holdings Co. Ltd.		3,500		74,002
Shimamura Co. Ltd.		4,700		353,126
Shimano, Inc.		1,100		168,660
Shionogi & Co. Ltd.		6,200		368,739
Softbank Corp.		26,500		363,556
Sohgo Security Services Co. Ltd.		2,100		108,992
Suntory Beverage & Food Ltd.		19,900		842,532
Takeda Pharmaceutical Co. Ltd.		5,800		222,740
Tobu Railway Co. Ltd.		16,700		588,290
Toho Co. Ltd.		4,700		173,142
Tokio Marine Holdings, Inc.		5,000		271,406
Tokyo Gas Co. Ltd.		13,900		305,605
Tokyu Corp.		5,400		95,160
Toyo Suisan Kaisha Ltd.		17,400		728,989
United Urban Investment Corp.		672		1,205,017
USS Co. Ltd.		5,100		92,563
West Japan Railway Co.		15,500		1,311,452
Yamada Denki Co. Ltd.		144,100		726,302
Yamazaki Baking Co. Ltd.		6,000		114,183
				48,298,465
Netherlands — 1.6%
Heineken Holding NV		1,449		142,404
Heineken NV		3,289		357,866
Koninklijke Ahold Delhaize NV		35,308		866,509
Koninklijke KPN NV		66,923		187,507
Koninklijke Vopak NV		3,884		207,974
Royal Dutch Shell PLC, Class A		14,378		377,572
Wolters Kluwer NV		7,421		557,625
				2,697,457
New Zealand — 0.8%
Auckland International Airport Ltd.		79,644		443,309
Fisher & Paykel Healthcare Corp. Ltd.		10,483		156,813
Meridian Energy Ltd.		69,891		240,176
Ryman Healthcare Ltd.		11,180		118,527
Spark New Zealand Ltd.		130,535		390,968
				1,349,793
Norway — 1.2%
Gjensidige Forsikring ASA		14,280		311,222
Mowi ASA		12,836		306,161
Orkla ASA		72,570		700,575
Telenor ASA		35,532		642,101
				1,960,059
Singapore — 3.7%
Ascendas Real Estate Investment Trust		62,536		143,991
CapitaLand Mall Trust		188,600		346,749
ComfortDelGro Corp. Ltd.		58,600		92,696
DBS Group Holdings Ltd.		22,800		420,000
Oversea-Chinese Banking Corp. Ltd.		80,100		630,315
SATS Ltd.		155,700		518,249
Singapore Airlines Ltd.		122,900		766,162
Singapore Exchange Ltd.		78,800		499,936
Singapore Technologies Engineering Ltd.		277,500		831,166
Singapore Telecommunications Ltd.		468,300		1,126,851
United Overseas Bank Ltd.		28,735		535,969
Wilmar International Ltd.		108,000		307,540
				6,219,624

14 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares Edge MSCI Min Vol EAFE Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Spain — 1.2%
Aena SME SA(b)		2,223	$	411,433
Endesa SA		31,664		869,401
Iberdrola SA(c)		484		5,303
Iberdrola SA		27,954		305,854
Red Electrica Corp. SA		23,191		463,965
				2,055,956
Sweden — 0.5%
ICA Gruppen AB		9,977		438,683
Telia Co. AB		108,012		461,907
				900,590
Switzerland — 13.7%
Alcon, Inc.(c)		1,447		85,486
Baloise Holding AG, Registered Shares		5,345		965,727
Barry Callebaut AG, Registered Shares		255		563,226
Chocoladefabriken Lindt & Spruengli AG		121		1,015,661
Chocoladefabriken Lindt & Spruengli AG, Registered Shares		5		466,674
Geberit AG, Registered Shares		866		457,015
Givaudan SA, Registered Shares		571		1,883,998
Kuehne + Nagel International AG, Registered Shares		3,974		642,285
Nestle SA, Registered Shares		23,466		2,588,126
Novartis AG, Registered Shares		20,231		1,911,184
Partners Group Holding AG		548		501,669
Roche Holding AG		8,339		2,797,471
SGS SA, Registered Shares		33		95,458
Sonova Holding AG, Registered Shares		1,479		370,891
Swiss Life Holding AG, Registered Shares		2,425		1,218,985
Swiss Prime Site AG, Registered Shares(c)		7,659		935,050
Swiss Re AG		17,072		1,927,751
Swisscom AG, Registered Shares		4,450		2,441,552
Zurich Insurance Group AG		5,587		2,319,262
				23,187,471
United Kingdom — 12.1%
Admiral Group PLC		27,933		831,607
Associated British Foods PLC		3,794		131,324
AstraZeneca PLC		9,553		934,547
BAE Systems PLC		65,632		545,596
Berkeley Group Holdings PLC		4,183		289,439
BP PLC		26,840		161,580
British American Tobacco PLC		3,820		168,443
Bunzl PLC		8,896		230,409
Coca-Cola European Partners PLC		10,349		544,461
Compass Group PLC		54,265		1,341,550
Croda International PLC		3,806		249,935
Diageo PLC		41,509		1,641,395
Direct Line Insurance Group PLC		220,373		981,510
Experian PLC		11,679		406,522
GlaxoSmithKline PLC		73,450		1,724,563

Security	Shares		Value
United Kingdom (continued)
Halma PLC		4,315	$	119,769
HSBC Holdings PLC		110,414		802,730
Imperial Brands PLC		10,725		275,013
National Grid PLC		131,838		1,751,688
Reckitt Benckiser Group PLC		3,748		310,234
RELX PLC		45,991		1,220,225
Rentokil Initial PLC		13,992		86,171
RSA Insurance Group PLC		85,886		623,126
Sage Group PLC		15,593		151,808
Severn Trent PLC		9,344		318,216
Smith & Nephew PLC		46,005		1,106,922
SSE PLC		29,165		580,552
Tesco PLC		55,530		180,612
Unilever NV		12,813		747,666
Unilever PLC		17,394		1,037,575
United Utilities Group PLC		21,024		281,316
Vodafone Group PLC		112,721		221,465
Whitbread PLC		3,010		177,436
WM Morrison Supermarkets PLC		102,858		246,634
				20,422,039
Total Long-Term Investments — 99.1% (Cost — $148,270,226)				167,723,989
Short-Term Securities — 0.6%
BlackRock Cash Funds: Institutional, SL Agency Shares,
1.81%(e)(f)(g)		834,672		835,172
BlackRock Cash Funds: Treasury, SL Agency Shares,
1.54%(e)(g)		112,695		112,695
Total Short-Term Securities — 0.6% (Cost — $947,867)				947,867
Total Investments — 99.7% (Cost — $149,218,093)				168,671,856
Other Assets Less Liabilities — 0.3%				479,193
Net Assets — 100.0%			$	169,151,049

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

^(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)  Non-income producing security.

^(d)  Security, or a portion of the security, is on loan.

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

^(f)  Security was purchased with the cash collateral from loaned securities.

^(g)  During the six months ended January 31, 2020, investments in issuers considered to be an affiliate/affiliates of the Fund for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliate	Shares Held at 07/31/19		Net Activity			Shares Held at 01/31/20		Value at 01/31/20		Income			Net Realized Gain (Loss) (a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		637,956		196,716			834,672	$	835,172	$	2,513	(b)	$	122	$	(201	)
BlackRock Cash Funds: Treasury, SL Agency Shares		156,274		(43,579	)		112,695		112,695		3,359			—		—
								$	947,867	$	5,872		$	122	$	(201	)

^(a)  Includes net capital gain distributions, if applicable.

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

SCHEDULES OF INVESTMENTS 15

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares Edge MSCI Min Vol EAFE Index Fund

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value / Unrealized Appreciation (Depreciation)
Long Contracts
Nikkei 225 Index		3		03/12/20	$	320	$	(7,359	)
SPI 200 Index		3		03/19/20		349		1,836
FTSE 100 Index		4		03/20/20		381		(6,575	)
							$	(12,098	)

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)	$	—	$	—	$	1,836	$	—	$	—	$	—	$	1,836
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	13,934	$	—	$	—	$	—	$	13,934

^(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 six months ended January 31, 2020, 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	$	—	$	—	$	99,456		$	—	$	—	$	—	$	99,456
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	(15,880	)	$	—	$	—	$	—	$	(15,880	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments:

Futures contracts:
Average notional value of contracts — long	$	1,144,163

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

16 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares Edge MSCI Min Vol EAFE Index Fund

Fair Value Hierarchy as of Period End

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

The following tables summarize the Fund’s investments and derivative financial instruments categorized in the disclosure hierarchy:

	Level 1			Level 2		Level 3		Total
Assets:
Investments:
Common Stocks:
Australia	$	—		$	11,036,527	$	—	$	11,036,527
Belgium		636,185			3,510,355		—		4,146,540
China		—			155,362		—		155,362
Denmark		—			4,251,608		—		4,251,608
Finland		100,994			2,492,822		—		2,593,816
France		—			10,716,496		—		10,716,496
Germany		910,242			6,113,369		—		7,023,611
Hong Kong		1,010,213			12,815,179		—		13,825,392
Ireland		1,845,508			115,138		—		1,960,646
Israel		275,487			2,698,180		—		2,973,667
Italy		—			1,948,870		—		1,948,870
Japan		2,346,066			45,952,399		—		48,298,465
Netherlands		—			2,697,457		—		2,697,457
New Zealand		—			1,349,793		—		1,349,793
Norway		—			1,960,059		—		1,960,059
Singapore		—			6,219,624		—		6,219,624
Spain		—			2,055,956		—		2,055,956
Sweden		—			900,590		—		900,590
Switzerland		1,482,335			21,705,136		—		23,187,471
United Kingdom		1,152,116			19,269,923		—		20,422,039
Short-Term Securities		947,867			—		—		947,867
	$	10,707,013		$	157,964,843	$	—	$	168,671,856
Derivative Financial Instruments(a)
Assets:
Equity Contracts	$	1,836		$	—	$	—	$	1,836
Liabilities:
Equity Contracts		(13,934	)		—		—		(13,934	)
	$	(12,098	)	$	—	$	—	$	(12,098	)

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

See notes to financial statements.

SCHEDULES OF INVESTMENTS 17

Schedule of Investments  (unaudited) January 31, 2020 iShares Edge MSCI Min Vol USA Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks — 98.7%
Aerospace & Defense — 1.8%
L3Harris Technologies, Inc.		1,114	$	246,562
Lockheed Martin Corp.		761		325,799
Northrop Grumman Corp.		113		42,327
Raytheon Co.		162		35,792
United Technologies Corp.		711		106,792
				757,272
Air Freight & Logistics — 0.1%
C.H. Robinson Worldwide, Inc.		558		40,299
Banks — 0.7%
M&T Bank Corp.		284		47,860
Truist Financial Corp.		390		20,112
U.S. Bancorp		3,432		182,651
Wells Fargo & Co.		641		30,089
				280,712
Beverages — 3.2%
Brown-Forman Corp., Class B		558		37,743
Coca-Cola Co.		11,401		665,818
PepsiCo, Inc.		4,500		639,090
				1,342,651
Biotechnology — 0.2%
Amgen, Inc.		358		77,346
Capital Markets — 1.7%
Cboe Global Markets, Inc.		1,247		153,655
CME Group, Inc.		1,458		316,547
Intercontinental Exchange, Inc.		2,486		247,954
MarketAxess Holdings, Inc.		74		26,209
				744,365
Chemicals — 1.0%
Air Products & Chemicals, Inc.		507		121,026
Ecolab, Inc.		1,388		272,201
Linde PLC		116		23,563
				416,790
Commercial Services & Supplies — 4.1%
Republic Services, Inc.		6,619		629,136
Waste Connections, Inc.		4,838		465,948
Waste Management, Inc.		5,225		635,882
				1,730,966
Communications Equipment — 1.7%
Cisco Systems, Inc.		6,105		280,647
Juniper Networks, Inc.		1,734		39,778
Motorola Solutions, Inc.		2,181		386,037
				706,462
Containers & Packaging — 0.3%
Amcor PLC(a)		7,773		82,316
Ball Corp.		463		33,419
				115,735
Distributors — 0.1%
Genuine Parts Co.		678		63,440
Diversified Financial Services — 0.6%
Berkshire Hathaway, Inc., Class B(a)		1,118		250,913
Diversified Telecommunication Services — 2.6%
AT&T, Inc.		11,690		439,778
Verizon Communications, Inc.		10,112		601,057
Zayo Group Holdings, Inc.(a)		2,221		77,180
				1,118,015

Security	Shares		Value
Electric Utilities — 6.0%
Alliant Energy Corp.		857	$	50,872
American Electric Power Co., Inc.		2,179		227,095
Duke Energy Corp.		4,545		443,728
Evergy, Inc.		1,683		121,445
Eversource Energy		1,293		119,525
NextEra Energy, Inc.		2,483		665,941
Southern Co.		7,055		496,672
Xcel Energy, Inc.		6,429		444,823
				2,570,101
Electronic Equipment, Instruments & Components — 0.7%
Amphenol Corp., Class A		2,290		227,786
FLIR Systems, Inc.		1,079		55,612
TE Connectivity Ltd.		348		32,079
				315,477
Equity Real Estate Investment Trusts (REITs) — 8.0%
American Tower Corp.		1,378		319,338
AvalonBay Communities, Inc.		1,709		370,323
Camden Property Trust		1,629		183,148
Crown Castle International Corp.		1,580		236,747
Equinix, Inc.		44		25,948
Equity Residential		3,847		319,609
Essex Property Trust, Inc.		498		154,261
Extra Space Storage, Inc.		1,233		136,468
Healthpeak Properties, Inc.		6,299		226,701
Invitation Homes, Inc.		2,163		68,070
Mid-America Apartment Communities, Inc.		778		106,749
National Retail Properties, Inc.		1,638		91,728
Public Storage		1,676		375,022
Realty Income Corp.		3,419		268,084
SBA Communications Corp.		198		49,413
UDR, Inc.		3,269		156,618
Ventas, Inc.		1,087		62,894
Welltower, Inc.		2,096		177,971
WP Carey, Inc.		1,154		97,074
				3,426,166
Food & Staples Retailing — 1.0%
Costco Wholesale Corp.		90		27,497
Sysco Corp.		1,913		157,134
Walmart, Inc.		2,250		257,602
				442,233
Food Products — 4.7%
Bunge Ltd.		383		20,081
Campbell Soup Co.		1,673		80,956
General Mills, Inc.		1,415		73,891
Hershey Co.		3,299		511,906
Hormel Foods Corp.		7,635		360,830
J.M. Smucker Co.		920		95,321
Kellogg Co.		3,015		205,653
Lamb Weston Holdings, Inc.		2,554		233,206
McCormick & Co., Inc.		1,140		186,242
Mondelez International, Inc., Class A		3,729		213,970
Tyson Foods, Inc., Class A		306		25,285
				2,007,341
Health Care Equipment & Supplies — 4.1%
Abbott Laboratories		1,190		103,697
Baxter International, Inc.		3,020		269,445
Becton Dickinson & Co.		400		110,072
Cooper Cos., Inc.		362		125,574
Danaher Corp.		1,984		319,166
DENTSPLY SIRONA, Inc.		654		36,624
Medtronic PLC		4,287		494,891
Stryker Corp.		1,152		242,726

18 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares Edge MSCI Min Vol USA Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Health Care Equipment & Supplies (continued)
Zimmer Biomet Holdings, Inc.		159	$	23,516
				1,725,711
Health Care Providers & Services — 1.5%
Anthem, Inc.		630		167,126
Henry Schein, Inc.(a)		294		20,268
Humana, Inc.		400		134,496
Quest Diagnostics, Inc.		230		25,454
UnitedHealth Group, Inc.		881		240,029
Universal Health Services, Inc., Class B		502		68,829
				656,202
Health Care Technology — 0.1%
Cerner Corp.		315		22,626
Hotels, Restaurants & Leisure — 3.7%
Darden Restaurants, Inc.		797		92,795
McDonald’s Corp.		3,093		661,809
Starbucks Corp.		3,016		255,847
Yum! Brands, Inc.		5,382		569,254
				1,579,705
Household Durables — 0.6%
D.R. Horton, Inc.		580		34,336
Garmin Ltd.		1,066		103,349
NVR, Inc.(a)		27		103,058
				240,743
Household Products — 2.5%
Church & Dwight Co., Inc.		1,927		143,022
Clorox Co.		1,104		173,670
Colgate-Palmolive Co.		1,968		145,199
Kimberly-Clark Corp.		976		139,802
Procter & Gamble Co.		3,883		483,900
				1,085,593
Industrial Conglomerates — 0.3%
Honeywell International, Inc.		809		140,135
Insurance — 11.1%
Aflac, Inc.		5,352		276,003
Alleghany Corp.(a)		128		102,100
Allstate Corp.		2,590		307,019
American Financial Group, Inc.		1,345		146,322
American International Group, Inc.		861		43,274
Aon PLC		1,563		344,251
Arch Capital Group Ltd.(a)		5,764		254,538
Arthur J Gallagher & Co.		2,418		248,014
Brown & Brown, Inc.		4,208		188,939
Chubb Ltd.		2,672		406,117
Cincinnati Financial Corp.		802		84,170
Erie Indemnity Co., Class A		174		28,971
Everest Re Group Ltd.		1,201		332,161
Fidelity National Financial, Inc.		2,935		143,081
Hartford Financial Services Group, Inc.		4,356		258,224
Loews Corp.		399		20,529
Markel Corp.(a)		160		187,675
Marsh & McLennan Cos., Inc.		2,714		303,588
Progressive Corp.		2,179		175,823
RenaissanceRe Holdings Ltd.		1,230		233,011
Travelers Cos., Inc.		1,656		217,963
W.R. Berkley Corp.		4,320		317,650
Willis Towers Watson PLC		504		106,490
				4,725,913
Interactive Media & Services — 0.1%
Alphabet, Inc., Class C(a)		36		51,632

Security	Shares		Value
Internet & Direct Marketing Retail — 0.1%
eBay, Inc.		629	$	21,109
Expedia Group, Inc.		209		22,666
				43,775
IT Services — 11.3%
Accenture PLC, Class A		2,422		497,019
Automatic Data Processing, Inc.		1,426		244,402
Black Knight, Inc.(a)		4,409		295,050
Booz Allen Hamilton Holding Corp.		1,307		101,998
Broadridge Financial Solutions, Inc.		1,079		128,563
Cognizant Technology Solutions Corp., Class A		2,646		162,411
Fidelity National Information Services, Inc.		3,066		440,462
Fiserv, Inc.(a)		3,063		363,302
FleetCor Technologies, Inc.(a)		367		115,689
International Business Machines Corp.		1,098		157,816
Jack Henry & Associates, Inc.		2,222		332,278
Mastercard, Inc., Class A		1,166		368,386
Paychex, Inc.		5,287		453,466
VeriSign, Inc.(a)		724		150,693
Visa, Inc., Class A		3,338		664,162
Western Union Co.		12,223		328,799
				4,804,496
Machinery — 0.2%
WABCO Holdings, Inc.(a)		787		106,757
Media — 2.0%
Charter Communications, Inc., Class A(a)(b)		257		132,987
Comcast Corp., Class A		4,966		214,482
Fox Corp., Class B(a)		837		30,408
Liberty Media Corp. — Liberty SiriusXM, Class A(a)		720		34,970
Omnicom Group, Inc.		1,101		82,916
Sirius XM Holdings, Inc.		7,610		53,803
Walt Disney Co.		2,173		300,548
				850,114
Metals & Mining — 1.7%
Newmont Corp.		15,983		720,194
Mortgage Real Estate Investment Trusts (REITs) — 1.7%
AGNC Investment Corp.		16,148		300,191
Annaly Capital Management, Inc.		42,927		418,968
				719,159
Multi-Utilities — 2.6%
CMS Energy Corp.		1,530		104,820
Consolidated Edison, Inc.		5,130		482,220
Dominion Energy, Inc.		2,142		183,677
DTE Energy Co.		188		24,931
Sempra Energy		171		27,469
WEC Energy Group, Inc.		2,999		299,570
				1,122,687
Multiline Retail — 0.9%
Dollar General Corp.		1,324		203,115
Dollar Tree, Inc.(a)		1,237		107,705
Target Corp.		666		73,753
				384,573
Oil, Gas & Consumable Fuels — 2.1%
Cabot Oil & Gas Corp.		1,597		22,502
Cheniere Energy, Inc.(a)		1,082		64,098
Chevron Corp.		3,111		333,312
Exxon Mobil Corp.		4,728		293,703
Kinder Morgan, Inc.		6,773		141,352
Occidental Petroleum Corp.		573		22,760
ONEOK, Inc.		285		21,338
				899,065

SCHEDULES OF INVESTMENTS 19

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares Edge MSCI Min Vol USA Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Pharmaceuticals — 4.9%
Bristol-Myers Squibb Co.		2,250	$	141,638
Eli Lilly & Co.		3,105		433,582
Johnson & Johnson		3,629		540,249
Merck & Co., Inc.		5,511		470,860
Pfizer, Inc.		9,747		362,978
Zoetis, Inc.		1,050		140,921
				2,090,228
Professional Services — 0.3%
Verisk Analytics, Inc.		812		131,926
Road & Rail — 0.2%
AMERCO		177		65,715
Semiconductors & Semiconductor Equipment — 0.4%
Broadcom, Inc.		281		85,750
Intel Corp.		881		56,322
Texas Instruments, Inc.		184		22,200
				164,272
Software — 3.5%
CDK Global, Inc.		745		39,992
Citrix Systems, Inc.		3,551		430,452
Intuit, Inc.		268		75,142
Microsoft Corp.		2,902		494,008
Oracle Corp.		4,894		256,690
Palo Alto Networks, Inc.(a)		277		65,034
Tyler Technologies, Inc.(a)		434		140,477
				1,501,795
Specialty Retail — 2.4%
Advance Auto Parts, Inc.		128		16,864
AutoZone, Inc.(a)		170		179,853
Burlington Stores, Inc.(a)		177		38,492
Home Depot, Inc.		1,289		294,021
O’Reilly Automotive, Inc.(a)		304		123,454
Ross Stores, Inc.		946		106,132
TJX Cos., Inc.		4,270		252,101
				1,010,917
Technology Hardware, Storage & Peripherals — 0.2%
Apple, Inc.		208		64,378
Dell Technologies, Inc., Class C(a)		363		17,704
				82,082
Textiles, Apparel & Luxury Goods — 0.3%
NIKE, Inc., Class B		1,344		129,427

Security	Shares		Value
Tobacco — 0.5%
Altria Group, Inc.		3,056	$	145,252
Philip Morris International, Inc.		856		70,791
				216,043
Water Utilities — 0.1%
American Water Works Co., Inc.		202		27,512
Wireless Telecommunication Services — 0.8%
T-Mobile U.S., Inc.(a)		4,066		321,987
Total Common Stocks — 98.7% (Cost — $35,883,535)				42,027,268
Investment Companies — 0.7%
Equity Fund — 0.7%
iShares Edge MSCI Min Vol USA ETF(e)		4,189		281,250
Total Investment Companies — 0.7% (Cost — $271,920)				281,250
Total Long-Term Investments — 99.4% (Cost — $36,155,455)				42,308,518
Short-Term Securities — 13.4%
BlackRock Cash Funds: Institutional, SL Agency Shares,
1.81%(c)(d)(e)		104,583		104,645
BlackRock Cash Funds: Treasury, SL Agency Shares,
1.54%(d)(e)		5,589,055		5,589,055
Total Short-Term Securities — 13.4% (Cost — $5,693,680)				5,693,700
Total Investments — 112.8% (Cost — $41,849,135)				48,002,218
Liabilities in Excess of Other Assets — (12.8)%				(5,447,406	)
Net Assets — 100.0%			$	42,554,812

^(a)  Non-income producing security.

^(b)  Security, or a portion of the security, is on loan.

^(c)  Security was purchased with the cash collateral from loaned securities.

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

^(e)  During the six months ended January 31, 2020, investments in issuers considered to be an affiliate/affiliates of the Fund for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, and/or related parties of the Fund were as follows:

Affiliate	Shares Held at 07/31/19		Shares Purchased		Shares Sold			Shares Held at 01/31/20		Value at 01/31/20		Income			Net Realized Gain (Loss) (a)			Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares(b)		156,313		—		(51,730	)		104,583	$	104,645	$	369	(c)	$	(2	)	$	21
BlackRock Cash Funds: Treasury, SL Agency Shares(b)		201,619		5,387,436		—			5,589,055		5,589,055		5,082			—			—
iShares Edge MSCI Min Vol USA ETF		1,087		56,527		(53,425	)		4,189		281,250		2,154			20,878			4,091
										$	5,974,950	$	7,605		$	20,876		$	4,112

^(a)  Includes net capital gain distributions, if applicable.

^(b)  Represents net shares 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.

20 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares Edge MSCI Min Vol USA Index Fund

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

Derivative Financial Instruments Categorized by Risk Exposure

For the six months ended January 31, 2020, 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	$	—	$	—	$	9,927	$	—	$	—	$	—	$	9,927

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	227,685

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 investments. For information about the Fund’s policy regarding valuation of investments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s investments categorized in the disclosure hierarchy:

	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Long-Term Investments:
Common Stocks(a)	$	42,027,268	$	—	$	—	$	42,027,268
Investment Companies		281,250		—		—		281,250
Short-Term Securities		5,693,700		—		—		5,693,700
	$	48,002,218	$	—	$	—	$	48,002,218

^(a)  See above Schedule of Investments for values in each sector.

See notes to financial statements.

SCHEDULES OF INVESTMENTS 21

Schedule of Investments  (unaudited) January 31, 2020 iShares Edge MSCI Multifactor Intl Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks — 98.1%
Australia — 15.8%
AGL Energy Ltd.		4,502	$	59,747
Aurizon Holdings Ltd.		13,581		48,681
Bendigo & Adelaide Bank Ltd.		3,353		23,152
BHP Group PLC		11,518		250,707
BlueScope Steel Ltd.		3,490		32,663
CIMIC Group Ltd.		668		12,925
Coca-Cola Amatil Ltd.		3,494		27,763
Cochlear Ltd.		397		63,229
Dexus		7,318		61,750
Flight Centre Travel Group Ltd.		376		9,793
Fortescue Metals Group Ltd.		9,480		70,226
GPT Group		12,738		50,826
Harvey Norman Holdings Ltd.		3,842		10,782
Magellan Financial Group Ltd.		868		38,226
Medibank Pvt Ltd.		18,712		38,448
Mirvac Group		26,757		60,363
Newcrest Mining Ltd.		3,097		62,002
Qantas Airways Ltd.		4,968		21,063
Rio Tinto Ltd.		2,560		166,114
Rio Tinto PLC		4,856		259,671
Scentre Group		36,394		93,381
Sonic Healthcare Ltd.		2,844		59,612
Woolworths Group Ltd.		8,615		239,272
				1,760,396
Belgium — 2.3%
Ageas		1,222		67,383
Colruyt SA		379		18,978
Groupe Bruxelles Lambert SA		563		56,578
Proximus SADP		1,054		30,030
UCB SA		860		79,139
				252,108
Canada — 13.1%
Air Canada(a)		886		29,678
Atco Ltd., Class I		534		20,829
Canadian Apartment Properties REIT		523		22,368
CGI, Inc.(a)		1,644		125,878
CI Financial Corp.		1,540		26,986
Constellation Software, Inc.		138		145,054
Empire Co. Ltd., Class A		1,189		27,582
First Capital Real Estate Investment Trust		1,233		20,190
Gildan Activewear, Inc.		1,390		38,515
H&R Real Estate Investment Trust		991		16,017
Husky Energy, Inc.		2,490		16,200
Hydro One Ltd.(b)		2,304		46,832
iA Financial Corp. Inc.		716		39,403
IGM Financial, Inc.		573		16,570
Intact Financial Corp.		948		102,701
Kinross Gold Corp.(a)		8,601		43,609
Kirkland Lake Gold Ltd.		1,369		56,140
Loblaw Cos. Ltd.		1,253		65,557
Magna International, Inc.		2,016		102,201
Metro, Inc.		1,744		71,096
Open Text Corp.		1,844		82,990
Power Corp. of Canada		2,038		50,850
Power Financial Corp.		1,789		46,435
RioCan Real Estate Investment Trust		1,076		22,083
SmartCentres Real Estate Investment Trust		515		12,223
Teck Resources Ltd., Class B		3,380		43,674
Thomson Reuters Corp.		1,363		109,574
WSP Global, Inc.		727		51,666
				1,452,901

Security	Shares		Value
China — 0.1%
Yangzijiang Shipbuilding Holdings Ltd.		15,500	$	10,640
Colombia — 0.1%
Millicom International Cellular SA, SDR		228		10,767
Denmark — 0.2%
H Lundbeck A/S		484		20,566
Finland — 1.1%
Elisa OYJ		995		59,944
Nokian Renkaat OYJ		853		22,998
Orion OYJ, Class B		723		34,160
				117,102
France — 6.3%
Alstom SA		404		21,412
Atos SE		680		56,391
BioMerieux		289		28,644
Bouygues SA		1,539		60,805
Cie Generale des Etablissements Michelin SCA		1,171		135,863
Eurazeo SE		272		19,467
Eutelsat Communications SA		1,211		18,151
Faurecia SE		520		24,776
Ipsen SA		259		19,220
Peugeot SA		4,019		82,752
SCOR SE		1,099		46,711
Societe Generale SA		5,559		179,887
				694,079
Germany — 2.3%
Carl Zeiss Meditec AG, Bearer Shares		277		33,819
Covestro AG(b)		1,192		50,234
Deutsche Lufthansa AG, Registered Shares		1,619		24,664
Hannover Rueck SE		416		80,773
Muenchener Rueckversicherungs-Gesellschaft AG, Registered Shares		87		25,651
Puma SE		565		45,241
				260,382
Hong Kong — 4.2%
Hang Lung Properties Ltd.		14,000		29,245
Hongkong Land Holdings Ltd.		7,900		41,933
Kerry Properties Ltd.		4,500		12,552
Link REIT(c)		12,500		126,406
Sino Land Co. Ltd.		20,235		27,577
Swire Pacific Ltd., Class A		3,500		30,733
Swire Properties Ltd.		7,800		24,214
Vitasoy International Holdings Ltd.		6,000		21,627
WH Group Ltd.(b)		65,500		61,642
Wharf Real Estate Investment Co. Ltd.		8,000		41,314
Wheelock & Co. Ltd.		6,000		36,523
Yue Yuen Industrial Holdings Ltd.		5,000		13,903
				467,669
Ireland — 0.4%
AerCap Holdings NV(a)		840		47,552
Israel — 0.3%
Israel Discount Bank Ltd., Series A		7,912		35,886
Italy — 0.3%
Leonardo SpA		2,510		30,838
Japan — 17.2%
AGC, Inc.		1,300		43,821
Alfresa Holdings Corp.		1,300		26,120
Amada Holdings Co. Ltd.		2,200		22,913
Astellas Pharma, Inc.		12,900		227,945
Brother Industries Ltd.		1,500		28,969

22 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares Edge MSCI Multifactor Intl Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Calbee, Inc.		600	$	19,620
Chubu Electric Power Co., Inc.		4,400		59,755
Credit Saison Co. Ltd.		1,100		17,645
Daicel Corp.		1,700		16,093
Electric Power Development Co. Ltd.		1,000		22,551
Fujitsu Ltd.		1,300		137,452
Hino Motors Ltd.		2,000		18,728
Hitachi Ltd.		6,400		243,760
Japan Airlines Co. Ltd.		800		22,504
JTEKT Corp.		1,400		14,846
Kakaku.com, Inc.		900		23,512
Kamigumi Co. Ltd.		700		14,957
Konica Minolta, Inc.		3,000		18,312
Kurita Water Industries Ltd.		700		20,470
Marubeni Corp.		10,700		76,886
Medipal Holdings Corp.		1,200		25,428
Mitsubishi UFJ Lease & Finance Co. Ltd.		2,700		16,912
NEC Corp.		1,700		75,673
NH Foods Ltd.		600		26,338
Nippon Telegraph & Telephone Corp.		8,800		224,374
Obayashi Corp.		4,500		49,351
ORIX Corp.		1,400		23,649
Shimamura Co. Ltd.		200		15,027
Shinsei Bank Ltd.		1,100		16,842
Sumitomo Dainippon Pharma Co. Ltd.		1,100		18,883
Sumitomo Heavy Industries Ltd.		800		20,957
Sumitomo Rubber Industries Ltd.		1,200		13,185
Sundrug Co. Ltd.		500		16,944
Suzuken Co. Ltd.		500		19,170
Toho Gas Co. Ltd.		500		19,316
Tohoku Electric Power Co., Inc.		3,000		28,119
Tokyo Electric Power Co. Holdings, Inc.(a)		10,400		41,183
Tokyo Gas Co. Ltd.		2,600		57,164
Toppan Printing Co. Ltd.		1,900		37,867
Tosoh Corp.		1,800		25,389
Toyo Suisan Kaisha Ltd.		600		25,138
Toyoda Gosei Co. Ltd.		400		9,075
Yamazaki Baking Co. Ltd.		800		15,224
Yokohama Rubber Co. Ltd.		700		11,898
				1,909,965
Netherlands — 7.6%
Aegon NV		12,170		49,287
EXOR NV		766		56,445
Koninklijke Ahold Delhaize NV		8,101		198,810
Koninklijke Philips NV		5,518		252,710
Koninklijke Vopak NV		536		28,701
NN Group NV		2,077		72,090
Randstad NV		820		47,097
Wolters Kluwer NV		1,919		144,197
				849,337
New Zealand — 0.5%
Mercury NZ Ltd.		4,409		14,854
Spark New Zealand Ltd.		12,672		37,954
				52,808
Russia — 0.1%
Evraz PLC		3,422		15,888
Singapore — 1.1%
ComfortDelGro Corp. Ltd.		14,800		23,411
Mapletree Commercial Trust		13,500		23,184
Singapore Airlines Ltd.		3,600		22,443
Singapore Exchange Ltd.		5,200		32,991
Venture Corp. Ltd.		1,900		22,436
				124,465

Security	Shares		Value
Spain — 1.7%
Enagas SA		607	$	16,355
Mapfre SA		9,389		24,028
Red Electrica Corp. SA		3,073		61,479
Repsol SA		6,666		91,743
				193,605
Sweden — 1.2%
Boliden AB		1,873		44,465
ICA Gruppen AB		618		27,173
Kinnevik AB, Class B		1,674		40,391
L E Lundbergforetagen AB, B Shares		534		23,182
				135,211
Switzerland — 10.3%
Adecco Group AG, Registered Shares		1,062		62,221
Baloise Holding AG, Registered Shares		332		59,985
Coca-Cola HBC AG(a)		1,343		49,331
Pargesa Holding SA, Bearer Shares		267		21,389
Roche Holding AG		1,211		406,252
SGS SA, Registered Shares		36		104,136
Sonova Holding AG, Registered Shares		380		95,293
STMicroelectronics NV		4,676		130,190
Swiss Life Holding AG, Registered Shares		229		115,112
Swisscom AG, Registered Shares		179		98,211
				1,142,120
United Kingdom — 10.2%
3i Group PLC		6,707		97,565
Barratt Developments PLC		6,976		73,859
Berkeley Group Holdings PLC		816		56,462
Burberry Group PLC		2,817		72,229
Direct Line Insurance Group PLC		9,470		42,178
easyJet PLC		1,091		20,027
Fiat Chrysler Automobiles NV		7,457		97,144
Halma PLC		766		21,261
Hargreaves Lansdown PLC		1,951		44,287
J. Sainsbury PLC		12,156		32,423
JD Sports Fashion PLC		2,951		31,913
Kingfisher PLC		14,347		38,518
M&G PLC(a)		17,407		54,929
Marks & Spencer Group PLC		13,259		30,747
Meggitt PLC		5,449		48,475
Pearson PLC		5,347		39,910
Persimmon PLC		2,184		87,924
Smith & Nephew PLC		6,002		144,413
Taylor Wimpey PLC		22,490		63,880
WM Morrison Supermarkets PLC		16,546		39,674
				1,137,818
United States — 1.7%
Carnival PLC		1,096		44,762
Ferguson PLC		1,570		140,989
				185,751
Total Common Stocks — 98.1% (Cost — $10,175,812)				10,907,854
Preferred Stock
Germany — 0.6%
Porsche Automobile Holding SE, Preference Shares, 0.00%		1,044		70,398
Total Preferred Stocks — 0.6% (Cost — $86,019)				70,398
Total Long-Term Investments — 98.7% (Cost — $10,261,831)				10,978,252

SCHEDULES OF INVESTMENTS 23

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares Edge MSCI Multifactor Intl Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Short-Term Securities — 1.3%
BlackRock Cash Funds: Institutional, SL Agency Shares,
1.81%(d)(e)(f)		126,749	$	126,825
BlackRock Cash Funds: Treasury, SL Agency Shares,
1.54%(d)(f)		16,924		16,924
Total Short-Term Securities — 1.3% (Cost — $143,749)				143,749
Total Investments — 100.0% (Cost — $10,405,580)				11,122,001
Liabilities in Excess of Other Assets — (0.0)%				(4,456	)
Net Assets — 100.0%			$	11,117,545

^(a)  Non-income producing security.

^(b)  Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(c)  Security, or a portion of the security, is on loan.

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

^(e)  Security was purchased with the cash collateral from loaned securities.

^(f)  During the six months ended January 31, 2020, investments in issuers considered to be an affiliate/affiliates of the Fund for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliate	Shares Held at 07/31/19		Net Activity			Shares Held at 01/31/20		Value at 01/31/20		Income			Net Realized Gain (Loss) (a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		35,420		91,329			126,749	$	126,825	$	49	(b)	$	4	$	(1	)
BlackRock Cash Funds: Treasury, SL Agency Shares		285,315		(268,391	)		16,924		16,924		149			—		—
								$	143,749	$	198		$	4	$	(1	)

^(a)  Includes net capital gain distributions, if applicable.

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value / Unrealized Appreciation (Depreciation)
Long Contracts
Euro Stoxx 50 Index		3		03/20/20	$	121	$	(3,488	)

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)	$	—	$	—	$	3,488	$	—	$	—	$	—	$	3,488

^(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).

24 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) January 31, 2020 iShares Edge MSCI Multifactor Intl Index Fund

For the six months ended January 31, 2020, 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	$	—	$	—	$	10,418		$	—	$	—	$	—	$	10,418
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	(4,863	)	$	—	$	—	$	—	$	(4,863	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments:

Futures contracts:
Average notional value of contracts — long	$	100,789

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 investments and derivative financial instruments. For information about the Fund’s policy regarding valuation of investments and derivative financial instruments, refer to the Notes to Financial Statements.

The following tables summarize the Fund’s investments and derivative financial instruments categorized in the disclosure hierarchy:

	Level 1			Level 2		Level 3		Total
Assets:
Investments:
Common Stocks:
Australia	$	—		$	1,760,396	$	—	$	1,760,396
Belgium		18,978			233,130		—		252,108
Canada		1,452,901			—		—		1,452,901
China		—			10,640		—		10,640
Colombia		—			10,767		—		10,767
Denmark		—			20,566		—		20,566
Finland		22,998			94,104		—		117,102
France		—			694,079		—		694,079
Germany		—			260,382		—		260,382
Hong Kong		—			467,669		—		467,669
Ireland		47,552			—		—		47,552
Israel		—			35,886		—		35,886
Italy		—			30,838		—		30,838
Japan		—			1,909,965		—		1,909,965
Netherlands		—			849,337		—		849,337
New Zealand		—			52,808		—		52,808
Russia		—			15,888		—		15,888
Singapore		—			124,465		—		124,465
Spain		—			193,605		—		193,605
Sweden		—			135,211		—		135,211
Switzerland		—			1,142,120		—		1,142,120
United Kingdom		120,343			1,017,475		—		1,137,818
United States		—			185,751		—		185,751
Preferred Stock		—			70,398		—		70,398
Short-Term Securities		143,749			—		—		143,749
	$	1,806,521		$	9,315,480	$	—	$	11,122,001
Derivative Financial Instruments(a)
Liabilities:
Equity Contracts	$	(3,488	)	$	—	$	—	$	(3,488	)

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

See notes to financial statements.

SCHEDULES OF INVESTMENTS 25

Schedule of Investments   January 31, 2020 iShares Edge MSCI Multifactor USA Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks — 99.7%
Aerospace & Defense — 1.5%
Huntington Ingalls Industries, Inc.		209	$	54,549
Spirit AeroSystems Holdings, Inc., Class A		541		35,338
Teledyne Technologies, Inc.(a)		187		68,267
Textron, Inc.		1,197		54,978
				213,132
Air Freight & Logistics — 0.5%
Expeditors International of Washington, Inc.		888		64,859
Airlines — 0.8%
Delta Air Lines, Inc.		847		47,212
Southwest Airlines Co.		686		37,716
United Airlines Holdings, Inc.(a)		328		24,534
				109,462
Auto Components — 0.7%
Autoliv, Inc.		428		32,798
BorgWarner, Inc.		1,067		36,587
Lear Corp.		301		37,077
				106,462
Biotechnology — 1.8%
Biogen, Inc.(a)(b)		954		256,483
Building Products — 0.5%
Lennox International, Inc.		182		42,402
Owens Corning		556		33,633
				76,035
Capital Markets — 2.4%
Eaton Vance Corp.		586		26,809
Franklin Resources, Inc.		1,559		39,443
MarketAxess Holdings, Inc.		195		69,065
SEI Investments Co.		662		43,202
T. Rowe Price Group, Inc.		1,219		162,773
				341,292
Chemicals — 1.6%
Celanese Corp.		643		66,551
Eastman Chemical Co.		712		50,744
LyondellBasell Industries NV, Class A		1,380		107,447
				224,742
Commercial Services & Supplies — 0.2%
Rollins, Inc.		741		28,121
Communications Equipment — 1.6%
F5 Networks, Inc.(a)		307		37,491
Juniper Networks, Inc.		1,807		41,452
Motorola Solutions, Inc.		833		147,441
				226,384
Construction & Engineering — 0.5%
Jacobs Engineering Group, Inc.		703		65,049
Consumer Finance — 0.5%
Ally Financial, Inc.		2,032		65,085
Containers & Packaging — 0.3%
Packaging Corp. of America		492		47,109
Diversified Financial Services — 0.7%
Equitable Holdings, Inc.		2,169		52,099
Voya Financial, Inc.		734		43,842
				95,941
Diversified Telecommunication Services — 3.1%
AT&T, Inc.		10,194		383,498
Verizon Communications, Inc.		1,045		62,115
				445,613

Security	Shares		Value
Electric Utilities — 5.7%
Duke Energy Corp.		3,510	$	342,681
Exelon Corp.		5,021		238,950
OGE Energy Corp.		1,047		48,005
Pinnacle West Capital Corp.		586		57,246
PPL Corp.		3,663		132,564
				819,446
Electrical Equipment — 1.6%
Acuity Brands, Inc.		204		24,046
Eaton Corp. PLC		2,158		203,866
				227,912
Electronic Equipment, Instruments & Components — 3.1%
Arrow Electronics, Inc.(a)		424		32,199
CDW Corp.		745		97,185
Flex Ltd.(a)(b)		2,622		34,479
FLIR Systems, Inc.		693		35,717
Keysight Technologies, Inc.(a)		960		89,270
TE Connectivity Ltd.		1,731		159,564
				448,414
Equity Real Estate Investment Trusts (REITs) — 7.4%
AvalonBay Communities, Inc.		721		156,233
Camden Property Trust		487		54,753
Duke Realty Corp.		1,816		65,939
Essex Property Trust, Inc.		87		26,949
Healthpeak Properties, Inc.		2,549		91,738
Host Hotels & Resorts, Inc.		3,781		61,782
Kimco Realty Corp.		2,153		41,015
Liberty Property Trust		761		47,677
Medical Properties Trust, Inc.		2,653		58,764
National Retail Properties, Inc.		835		46,760
Public Storage		811		181,469
SL Green Realty Corp.		421		38,749
VEREIT, Inc.		5,496		53,641
Vornado Realty Trust		891		58,601
WP Carey, Inc.		840		70,661
				1,054,731
Food & Staples Retailing — 3.2%
Kroger Co.		4,112		110,448
Walmart, Inc.		3,059		350,225
				460,673
Food Products — 1.5%
Ingredion, Inc.		340		29,920
J.M. Smucker Co.		593		61,441
Tyson Foods, Inc., Class A		1,520		125,597
				216,958
Gas Utilities — 0.7%
Atmos Energy Corp.		596		69,750
UGI Corp.		875		36,391
				106,141
Health Care Equipment & Supplies — 5.5%
Baxter International, Inc.		2,507		223,675
Cooper Cos., Inc.		250		86,722
Edwards Lifesciences Corp.(a)		1,076		236,569
ResMed, Inc.		740		117,638
Varian Medical Systems, Inc.(a)		465		65,365
West Pharmaceutical Services, Inc.		377		58,793
				788,762
Health Care Providers & Services — 2.3%
HCA Healthcare, Inc.		1,395		193,626
Quest Diagnostics, Inc.		691		76,473
Universal Health Services, Inc., Class B		422		57,860
				327,959

26 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (continued) January 31, 2020 iShares Edge MSCI Multifactor USA Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Health Care Technology — 0.8%
Cerner Corp.		1,639	$	117,729
Hotels, Restaurants & Leisure — 1.4%
Carnival Corp.		1,972		85,841
Chipotle Mexican Grill, Inc.(a)		136		117,880
				203,721
Household Durables — 1.7%
Garmin Ltd.		675		65,441
NVR, Inc.(a)		18		68,706
PulteGroup, Inc.		1,333		59,518
Whirlpool Corp.		325		47,505
				241,170
Independent Power and Renewable Electricity Producers — 0.3%
NRG Energy, Inc.		1,290		47,588
Insurance — 5.2%
Alleghany Corp.(a)		74		59,027
Arch Capital Group Ltd.(a)		696		30,735
Athene Holding Ltd., Class A(a)		619		26,963
Brown & Brown, Inc.		1,243		55,811
Erie Indemnity Co., Class A		131		21,811
Everest Re Group Ltd.		210		58,080
Fidelity National Financial, Inc.		1,417		69,079
Globe Life, Inc.		535		55,779
Hartford Financial Services Group, Inc.		1,860		110,261
Lincoln National Corp.		1,033		56,278
Loews Corp.		1,409		72,493
Reinsurance Group of America, Inc.		320		46,096
Unum Group		1,065		28,425
W.R. Berkley Corp.		756		55,589
				746,427
Interactive Media & Services — 0.9%
Twitter, Inc.(a)		3,780		122,774
Internet & Direct Marketing Retail — 0.9%
Amazon.com, Inc.(a)		57		114,497
TripAdvisor, Inc.		549		14,999
				129,496
IT Services — 3.0%
Accenture PLC, Class A		67		13,749
Akamai Technologies, Inc.(a)		856		79,908
Black Knight, Inc.(a)		779		52,131
Booz Allen Hamilton Holding Corp.		718		56,033
EPAM Systems, Inc.(a)		285		65,020
Jack Henry & Associates, Inc.		395		59,068
Mastercard, Inc., Class A		342		108,051
				433,960
Life Sciences Tools & Services — 1.8%
Agilent Technologies, Inc.		1,596		131,766
Bio-Rad Laboratories, Inc., Class A(a)		116		41,867
Waters Corp.(a)(b)		347		77,655
				251,288
Machinery — 1.2%
Cummins, Inc.		758		121,257
Snap-on, Inc.		288		45,974
				167,231
Media — 1.0%
Discovery, Inc., Class A(a)		806		23,584
Discovery, Inc., Class C(a)		1,920		53,318
Liberty Media Corp. — Liberty SiriusXM, Class C(a)		857		42,010
News Corp., Class A		1,968		26,804
				145,716

Security	Shares		Value
Metals & Mining — 0.8%
Nucor Corp.		1,563	$	74,227
Steel Dynamics, Inc.		1,121		33,495
				107,722
Multi-Utilities — 1.8%
Ameren Corp.		1,271		104,286
Public Service Enterprise Group, Inc.		2,571		152,203
				256,489
Multiline Retail — 2.3%
Kohl’s Corp.		830		35,482
Target Corp.		2,636		291,911
				327,393
Oil, Gas & Consumable Fuels — 2.6%
HollyFrontier Corp.		798		35,846
Phillips 66		1,645		150,304
Valero Energy Corp.		2,126		179,243
				365,393
Pharmaceuticals — 0.6%
Jazz Pharmaceuticals PLC(a)		296		42,432
Perrigo Co. PLC		661		37,703
				80,135
Professional Services — 0.5%
ManpowerGroup, Inc.		314		28,728
Robert Half International, Inc.		616		35,833
				64,561
Real Estate Management & Development — 1.0%
CBRE Group, Inc., Class A(a)		1,657		101,160
Jones Lang LaSalle, Inc.		263		44,663
				145,823
Road & Rail — 1.2%
AMERCO		44		16,336
Kansas City Southern		511		86,201
Old Dominion Freight Line, Inc.		332		65,148
				167,685
Semiconductors & Semiconductor Equipment — 6.9%
Intel Corp.		7,133		456,013
Micron Technology, Inc.(a)		5,708		303,038
Qorvo, Inc.(a)		611		64,680
Skyworks Solutions, Inc.		883		99,911
Teradyne, Inc.		881		58,137
				981,779
Software — 6.9%
ANSYS, Inc.(a)		433		118,785
Cadence Design Systems, Inc.(a)		1,441		103,910
Intuit, Inc.		1,195		335,054
Microsoft Corp.		1,855		315,777
Synopsys, Inc.(a)		774		114,173
				987,699
Specialty Retail — 1.8%
Best Buy Co., Inc.		1,248		105,693
Gap, Inc.		1,159		20,178
Ross Stores, Inc.		1,154		129,468
				255,339
Technology Hardware, Storage & Peripherals — 5.3%
Apple, Inc.		1,266		391,840
Hewlett Packard Enterprise Co.		6,761		94,181
HP, Inc.		7,641		162,906
Seagate Technology PLC		1,255		71,522
Xerox Holdings Corp.(a)		1,015		36,104
				756,553

SCHEDULES OF INVESTMENTS 27

Schedule of Investments  (continued) January 31, 2020 iShares Edge MSCI Multifactor USA Index Fund (Percentages shown are based on Net Assets)

Security	Shares		Value
Textiles, Apparel & Luxury Goods — 1.0%
Lululemon Athletica, Inc.(a)		571	$	136,692
Trading Companies & Distributors — 1.1%
HD Supply Holdings, Inc.(a)		897		36,544
United Rentals, Inc.(a)		400		54,276
W.W. Grainger, Inc.		238		72,035
				162,855
Total Common Stocks — 99.7% (Cost — $11,811,736)				14,219,983
Investment Companies — 0.0%
Equity Fund — 0.0%
iShares Edge MSCI Multifactor USA ETF(b)(c)(e)		42		1,430
Total Investment Companies — 0.0% (Cost — $1,483)				1,430
Total Long-Term Investments — 99.7% (Cost — $11,813,219)				14,221,413

Security	Shares		Value
Short-Term Securities — 2.9%
BlackRock Cash Funds: Institutional, SL Agency Shares,
1.78%(c)(d)(e)		385,754	$	385,985
BlackRock Cash Funds: Treasury, SL Agency Shares,
1.50%(c)(e)		28,704		28,704
Total Short-Term Securities — 2.9% (Cost — $414,632)				414,689
Total Investments — 102.6% (Cost — $12,227,851)				14,636,102
Liabilities in Excess of Other Assets — (2.6)%				(376,625	)
Net Assets — 100.0%			$	14,259,477

^(a)  Non-income producing security.

^(b)  Security, or a portion of the security, is on loan.

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

^(d)  Security was purchased with the cash collateral from loaned securities.

^(e)  During the six months ended January 31, 2020, investments in issuers considered to be an affiliate/affiliates of the Fund for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, and/or related parties of the Fund were as follows:

Affiliated Persons and/or Related Parties	Shares Held at 07/31/19		Shares Purchased		Shares Sold			Shares Held at 01/31/20		Value at 01/31/20		Income			Net Realized Gain (Loss) (a)			Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares(b)		38,783		346,971		—			385,754	$	385,985	$	443	(c)	$	(18	)	$	58
BlackRock Cash Funds: Treasury, SL Agency Shares(b)		45,537		—		(16,833	)		28,704		28,704		348			—			—
iShares Edge MSCI Multifactor USA ETF		421		19,186		(19,565	)		42		1,430		904			7,844			(1,624	)
										$	416,119	$	1,695		$	7,826		$	(1,566	)

^(a)  Includes net capital gain distributions, if applicable.

^(b)  Represents net shares 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.

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

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of investments. For information about the Fund’s policy regarding valuation of investments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s investments categorized in the disclosure hierarchy:

	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Long-Term Investments:
Common Stocks(a)	$	14,219,983	$	—	$	—	$	14,219,983
Investment Companies		1,430		—		—		1,430
Short-Term Securities		414,689		—		—		414,689
	$	14,636,102	$	—	$	—	$	14,636,102

^(a)  See above schedule of investments for values in each sector.

See notes to financial statements

28 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Assets and Liabilities  (unaudited)

January 31, 2020

	iShares Edge MSCI Min Vol EAFE Index Fund		iShares Edge MSCI Min Vol USA Index Fund		iShares Edge MSCI Multifactor Intl Index Fund		iShares Edge MSCI Multifactor USA Index Fund
ASSETS
Investments at value — unaffiliated(a)(b)	$	167,723,989	$	42,027,268	$	10,978,252	$	14,219,983
Investments at value — affiliated(c)		947,867		5,974,950		143,749		416,119
Cash		143		—		—		15
Cash pledged for futures contracts		28,574		—		8,872		—
Foreign currency at value(d)		186,568		—		108,165		—
Receivables:
Investments sold		594,992		—		—		—
Securities lending income — affiliated		44		34		20		105
Capital shares sold		33,784		135,590		—		—
Dividends — affiliated		1,884		583		26		37
Dividends — unaffiliated		694,386		34,858		25,978		10,181
From the Manager		—		23,261		25,883		22,599
Variation margin on futures contracts		918		—		—		—
Prepaid expenses		27,270		26,875		25,734		25,750
Total assets		170,240,419		48,223,419		11,316,679		14,694,789
LIABILITIES
Bank overdraft		—		55,377		—		—
Cash collateral on securities loaned at value		835,173		104,624		126,825		385,945
Payables:
Investments purchased		—		5,433,052		—		—
Capital shares redeemed		153,634		20,157		—		18
Investment advisory fees		6,619		—		—		—
Trustees’ and Officer’s fees		4,413		3,732		3,765		3,784
Other accrued expenses		82,177		51,665		67,217		45,565
Recoupment of past waived fees		76		—		—		—
Variation margin on futures contracts		7,278		—		1,327		—
Total liabilities		1,089,370		5,668,607		199,134		435,312
NET ASSETS	$	169,151,049	$	42,554,812	$	11,117,545	$	14,259,477
NET ASSETS CONSIST OF
Paid-in capital	$	152,902,624	$	36,365,616	$	10,541,353	$	11,540,253
Accumulated earnings		16,248,425		6,189,196		576,192		2,719,224
NET ASSETS	$	169,151,049	$	42,554,812	$	11,117,545	$	14,259,477
NET ASSET VALUE
Institutional
Net assets	$	16,851,223	$	25,480,327	$	571,128	$	699,198
Shares outstanding(e)		1,540,224		1,810,010		53,787		55,349
Net asset value	$	10.94	$	14.08	$	10.62	$	12.63
Class K
Net assets	$	152,299,826	$	17,074,485	$	10,546,417	$	13,560,279
Shares outstanding(e)		13,918,759		1,212,730		993,046		1,073,072
Net asset value	$	10.94	$	14.08	$	10.62	$	12.64
(a) Investments at cost — unaffiliated	$	148,270,226	$	35,883,536	$	10,261,831	$	11,811,736
(b) Securities loaned at value	$	789,229	$	107,632	$	120,086	$	368,704
(c) Investments at cost — affiliated	$	947,867	$	5,965,599	$	143,749	$	416,115
(d) Foreign currency at cost	$	187,020	$	—	$	108,238	$	—

^(e)  Unlimited number of shares authorized, $0.001 par value

See notes to financial statements.

FINANCIAL STATEMENTS 29

Statements of Operations  (unaudited)

Six Months Ended January 31, 2020

	iShares Edge MSCI Min Vol EAFE Index Fund			iShares Edge MSCI Min Vol USA Index Fund			iShares Edge MSCI Multifactor Intl Index Fund			iShares Edge MSCI Multifactor USA Index Fund
INVESTMENT INCOME
Dividends — affiliated	$	3,359		$	7,236		$	149		$	1,252
Dividends — unaffiliated		1,786,912			417,423			131,730			144,440
Interest — unaffiliated		2,162			688			—			—
Securities lending income — affiliated — net		2,513			369			49			443
Foreign taxes withheld		(123,089	)		(106	)		(8,075	)		—
Total investment income		1,671,857			425,610			123,853			146,135
EXPENSES
Investment advisory		63,770			7,524			16,437			13,946
Registration		29,947			29,857			28,593			28,673
Professional		29,675			42,087			37,914			28,594
Custodian		22,268			6,196			10,211			2,402
Printing		7,321			6,409			6,365			6,273
Directors and Officer		6,404			5,304			5,239			5,243
Accounting services		4,755			4,755			4,755			4,755
Transfer agent — class specific		2,309			6,563			207			358
Recoupment of past waived and/or reimbursed fees — class specific		76			—			—			—
Miscellaneous		13,049			5,622			10,254			5,549
Total expenses		179,574			114,317			119,975			95,793
Less:
Fees waived and/or reimbursed by the Manager		(57,563	)		(83,240	)		(103,272	)		(81,432	)
Transfer agent fees waived and/or reimbursed — class specific		(464	)		(808	)		(81	)		(131	)
Total expenses after fees waived and/or reimbursed		121,547			30,269			16,622			14,230
Net investment income		1,550,310			395,341			107,231			131,905
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Futures contracts		99,456			9,927			10,418			—
Foreign currency transactions		(22,608	)		—			(2,221	)		—
Investments — affiliated		122			20,876			4			7,826
Investments — unaffiliated		234			97,918			195,696			325,317
		77,204			128,721			203,897			333,143
Net change in unrealized appreciation (depreciation) on:
Futures contracts		(15,880	)		—			(4,863	)		—
Foreign currency translations		21,842			—			3,912			—
Investments — affiliated		(201	)		4,112			(1	)		(1,566	)
Investments — unaffiliated		8,421,325			2,110,926			220,196			488,522
		8,427,086			2,115,038			219,244			486,956
Net realized and unrealized gain		8,504,290			2,243,759			423,141			820,099
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	10,054,600		$	2,639,100		$	530,372		$	952,004

See notes to financial statements.

30 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets

	iShares Edge MSCI Min Vol EAFE Index Fund						iShares Edge MSCI Min Vol USA Index Fund
	Six Months Ended 01/31/20 (unaudited)			Year Ended 07/31/19			Six Months Ended 01/31/20 (unaudited)			Year Ended 07/31/19
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	1,550,310		$	4,305,274		$	395,341		$	401,029
Net realized gain (loss)		77,204			(528,531	)		128,721			(9,374	)
Net change in unrealized appreciation (depreciation)		8,427,086			(2,535,215	)		2,115,038			2,573,777
Net increase in net assets resulting from operations		10,054,600			1,241,528			2,639,100			2,965,432
DISTRIBUTIONS TO SHAREHOLDERS(a)
Institutional		(173,290	)		(111,970	)		(289,762	)		(250,002	)
Class K		(3,733,339	)		(6,535,259	)		(187,654	)		(471,394	)
Decrease in net assets resulting from distributions to shareholders		(3,906,629	)		(6,647,229	)		(477,416	)		(721,396	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		10,170,650			7,651,328			17,296,332			8,516,646
NET ASSETS
Total increase in net assets		16,318,621			2,245,627			19,458,016			10,760,682
Beginning of period		152,832,428			150,586,801			23,096,796			12,336,114
End of period	$	169,151,049		$	152,832,428		$	42,554,812		$	23,096,796

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

See notes to financial statements.

FINANCIAL STATEMENTS 31

Statements of Changes in Net Assets  (continued)

	iShares Edge MSCI Multifactor Intl Index Fund						iShares Edge MSCI Multifactor USA Index Fund
	Six Months Ended 01/31/20 (unaudited)			Year Ended 07/31/19			Six Months Ended 01/31/20 (unaudited)			Year Ended 07/31/19
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	107,231		$	341,308		$	131,905		$	242,335
Net realized gain (loss)		203,897			(226,169	)		333,143			287,777
Net change in unrealized appreciation (depreciation)		219,244			(1,085,505	)		486,956			(515,386	)
Net increase (decrease) in net assets resulting from operations		530,372			(970,366	)		952,004			14,726
DISTRIBUTIONS TO SHAREHOLDERS(a)
Institutional		(6,850	)		(22,084	)		(16,692	)		(50,604	)
Class K		(147,380	)		(973,939	)		(278,468	)		(682,614	)
Decrease in net assets resulting from distributions to shareholders		(154,230	)		(996,023	)		(295,160	)		(733,218	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		99,097			(1,268	)		34,134			699,921
NET ASSETS
Total increase (decrease) in net assets		475,239			(1,967,657	)		690,978			(18,571	)
Beginning of period		10,642,306			12,609,963			13,568,499			13,587,070
End of period	$	11,117,545		$	10,642,306		$	14,259,477		$	13,568,499

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

See notes to financial statements.

32 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights

(For a share outstanding throughout each period)

	iShares Edge MSCI Min Vol EAFE Index Fund
	Institutional
	Six Months Ended 01/31/20 (unaudited)			Year Ended July 31,									Period from 07/13/16 (a) to 07/31/16
				2019			2018			2017
Net asset value, beginning of period	$	10.52		$	10.91		$	10.60		$	10.12		$	10.00
Net investment income(b)		0.09			0.31			0.33			0.28			0.00	(c)
Net realized and unrealized gain (loss)		0.60			(0.23	)		0.33			0.50			0.12
Net increase from investment operations		0.69			0.08			0.66			0.78			0.12
Distributions(d)
From net investment income		(0.27	)		(0.32	)		(0.32	)		(0.30	)		—
From net realized gain		—			(0.15	)		(0.03	)		(0.00	)(e)		—
Total distributions		(0.27	)		(0.47	)		(0.35	)		(0.30	)		—
Net asset value, end of period	$	10.94		$	10.52		$	10.91		$	10.60		$	10.12
Total Return(f)
Based on net asset value		6.61	%(g)		0.92	%		6.30	%		7.90	%		1.20	%(g)
Ratios to Average Net Assets
Total expenses		0.27	%(h)(i)		0.32	%		0.35	%		1.35	%(j)(k)		3.97	%(h)(l)
Total expenses after fees waived and/or reimbursed		0.20	%(h)		0.23	%		0.23	%		0.22	%(j)		0.23	%(h)
Net investment income		1.69	%(h)		2.95	%		3.02	%		2.82	%(j)		0.70	%(h)
Supplemental Data
Net assets, end of period (000)	$	16,851		$	5,796		$	710		$	272		$	101
Portfolio turnover rate		14	%		23	%		25	%		48	%		—	%

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

^(c)  Amount is less than $0.005 per share.

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

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

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

^(g)  Aggregate total return.

^(h)  Annualized.

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

^(j)  Does not include expenses incurred indirectly as a result of investments in underlying funds of approximately 0.01%.

^(k)  Offering costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 1.35%.

^(l)  Audit, 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 13.44%.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 33

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares Edge MSCI Min Vol EAFE Index Fund (continued)
	Class K
	Six Months Ended 01/31/20 (unaudited)			Year Ended July 31,									Period from 07/13/16 (a) to 07/31/16
				2019			2018			2017
Net asset value, beginning of period	$	10.52		$	10.92		$	10.59		$	10.12		$	10.00
Net investment income(b)		0.11			0.31			0.32			0.38			0.00	(c)
Net realized and unrealized gain (loss)		0.58			(0.23	)		0.37			0.39			0.12
Net increase from investment operations		0.69			0.08			0.69			0.77			0.12
Distributions(d)
From net investment income		(0.27	)		(0.33	)		(0.33	)		(0.30	)		—
From net realized gain		—			(0.15	)		(0.03	)		(0.00	)(e)		—
Total distributions		(0.27	)		(0.48	)		(0.36	)		(0.30	)		—
Net asset value, end of period	$	10.94		$	10.52		$	10.92		$	10.59		$	10.12
Total Return(f)
Based on net asset value		6.63	%(g)		0.87	%		6.53	%		7.84	%		1.20	%(g)
Ratios to Average Net Assets
Total expenses		0.22	%(h)		0.25	%		0.23	%		0.46	%(i)(j)		3.90	%(h)(k)
Total expenses after fees waived and/or reimbursed		0.15	%(h)		0.18	%		0.18	%		0.18	%(i)		0.18	%(h)
Net investment income		1.96	%(h)		2.92	%		2.95	%		3.76	%(i)		0.75	%(h)
Supplemental Data
Net assets, end of period (000)	$	152,300		$	147,036		$	149,876		$	123,571		$	10,020
Portfolio turnover rate		14	%		23	%		25	%		48	%		—	%

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

^(c)  Amount is less than $0.005 per share.

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

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

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

^(g)  Aggregate total return.

^(h)  Annualized.

⁽ⁱ⁾  Does not include expenses incurred indirectly as a result of investments in underlying funds of approximately 0.01%.

^(j)  Offering costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 0.46%.

^(k)  Audit, 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 13.37%.

See notes to financial statements.

34 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares Edge MSCI Min Vol USA Index Fund
	Institutional
	Six Months Ended 01/31/20 (unaudited)			Year Ended July 31,									Period from 07/13/16 (a) to 07/31/16
				2019			2018			2017
Net asset value, beginning of period	$	13.12		$	11.71		$	10.65		$	10.00		$	10.00
Net investment income(b)		0.14			0.26			0.21			0.21			0.00	(c)
Net realized and unrealized gain (loss)		1.00			1.61			1.07			0.64			(0.00	)(d)
Net increase from investment operations		1.14			1.87			1.28			0.85			0.00
Distributions(e)
From net investment income		(0.14	)		(0.25	)		(0.22	)		(0.20	)		—
From net realized gain		(0.04	)		(0.21	)		—			(0.00	)(d)		—
Total distributions		(0.18	)		(0.46	)		(0.22	)		(0.20	)		—
Net asset value, end of period	$	14.08		$	13.12		$	11.71		$	10.65		$	10.00
Total Return(f)
Based on net asset value		8.71	%(g)		16.49	%		12.17	%		8.65	%		0.00	%(g)
Ratios to Average Net Assets(h)
Total expenses		0.59	%(i)		1.04	%		1.28	%		1.99	%(j)		2.81	%(i)(k)
Total expenses after fees waived and/or reimbursed and paid indirectly		0.18	%(i)		0.18	%		0.18	%		0.17	%		0.18	%(i)
Net investment income		2.08	%(i)		2.11	%		1.92	%		2.03	%		0.85	%(i)
Supplemental Data
Net assets, end of period (000)	$	25,480		$	9,506		$	679		$	650		$	128
Portfolio turnover rate		76	%		35	%		32	%		25	%		1	%

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

^(c)  Amount is less than $0.005 per share.

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

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

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

^(g)  Aggregate total return.

^(h)  Excludes expenses incurred indirectly as a result of investments in underlying funds is as follows:

	Six Months Ended 01/31/20 (unaudited)			Year Ended July 31,									Period from 07/13/16 (a) to 07/31/16
				2019			2018			2017
Investments in underlying funds		0.01	%		—	%		—	%		—	%		0.02	%

⁽ⁱ⁾  Annualized.

^(j)  Offering costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 1.99%.

^(k)  Audit, 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 11.78%.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 35

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares Edge MSCI Min Vol USA Index Fund (continued)
	Class K
	Six Months Ended 01/31/20 (unaudited)			Year Ended July 31,									Period from 07/13/16 (a) to 07/31/16
				2019			2018			2017
Net asset value, beginning of period	$	13.12		$	11.71		$	10.65		$	10.00		$	10.00
Net investment income(b)		0.15			0.27			0.22			0.22			0.00	(c)
Net realized and unrealized gain (loss)		0.99			1.61			1.07			0.63			(0.00	)(d)
Net increase from investment operations		1.14			1.88			1.29			0.85			0.00
Distributions(e)
From net investment income		(0.14	)		(0.26	)		(0.23	)		(0.20	)		—
From net realized gain		(0.04	)		(0.21	)		—			(0.00	)(d)		—
Total distributions		(0.18	)		(0.47	)		(0.23	)		(0.20	)		—
Net asset value, end of period	$	14.08		$	13.12		$	11.71		$	10.65		$	10.00
Total Return(f)
Based on net asset value		8.73	%(g)		16.53	%		12.21	%		8.70	%		0.00	%(g)
Ratios to Average Net Assets(h)
Total expenses		0.64	%(i)		1.01	%		1.16	%		2.09	%(j)		2.75	%(i)(k)
Total expenses after fees waived and/or reimbursed and paid indirectly		0.13	%(i)		0.13	%		0.13	%		0.13	%		0.13	%(i)
Net investment income		2.14	%(i)		2.20	%		1.96	%		2.17	%		0.87	%(i)
Supplemental Data
Net assets, end of period (000)	$	17,074		$	13,590		$	11,657		$	10,550		$	9,898
Portfolio turnover rate		76	%		35	%		32	%		25	%		1	%

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

^(c)  Amount is less than $0.005 per share.

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

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

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

^(g)  Aggregate total return.

^(h)  Excludes expenses incurred indirectly as a result of investments in underlying funds is as follows:

	Six Months Ended 01/31/20 (unaudited)			Year Ended July 31,									Period from 07/13/16 (a) to 07/31/16
				2019			2018			2017
Investments in underlying funds		0.01	%		—	%		—	%		—	%		0.02	%

⁽ⁱ⁾  Annualized.

^(j)  Offering costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 2.09%.

^(k)  Audit, 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 11.99%.

See notes to financial statements.

36 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares Edge MSCI Multifactor Intl Index Fund
	Institutional
	Six Months Ended 01/31/20 (unaudited)			Year Ended July 31,									Period from 07/13/16 (a) to 07/31/16
				2019			2018			2017
Net asset value, beginning of period	$	10.26		$	12.16		$	11.94		$	10.25		$	10.00
Net investment income(b)		0.10			0.31			0.36			0.30			0.01
Net realized and unrealized gain (loss)		0.41			(1.24	)		0.58			1.66			0.24
Net increase (decrease) from investment operations		0.51			(0.93	)		0.94			1.96			0.25
Distributions(c)
From net investment income		(0.15	)		(0.30	)		(0.57	)		(0.26	)		—
From net realized gain		—			(0.67	)		(0.15	)		(0.01	)		—
Total distributions		(0.15	)		(0.97	)		(0.72	)		(0.27	)		—
Net asset value, end of period	$	10.62		$	10.26		$	12.16		$	11.94		$	10.25
Total Return(d)
Based on net asset value		5.00	%(e)		(7.23	)%		7.97	%		19.32	%		2.50	%(e)
Ratios to Average Net Assets
Total expenses		2.25	%(f)		2.18	%		1.58	%		2.34	%(g)		4.20	%(f)(h)
Total expenses after fees waived and/or reimbursed and paid indirectly		0.35	%(f)		0.35	%		0.35	%		0.39	%		0.45	%(f)
Net investment income		1.86	%(f)		2.80	%		2.89	%		2.72	%		1.39	%(f)
Supplemental Data
Net assets, end of period (000)	$	571		$	453		$	533		$	145		$	103
Portfolio turnover rate		22	%		41	%		50	%		44	%		—	%

^(a) Commencement of operations.

^(b) Based on average shares outstanding.

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

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

^(e) Aggregate total return.

^(f) Annualized.

^(g) Offering costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 2.34%.

^(h) Audit, 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 13.62%.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 37

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares Edge MSCI Multifactor Intl Index Fund (continued)
	Class K
	Six Months Ended 01/31/20 (unaudited)			Year Ended July 31,									Period from 07/13/16 (a) to 07/31/16
				2019			2018			2017
Net asset value, beginning of period	$	10.26		$	12.16		$	11.94		$	10.25		$	10.00
Net investment income(b)		0.10			0.33			0.32			0.27			0.01
Net realized and unrealized gain (loss)		0.41			(1.25	)		0.62			1.69			0.24
Net increase (decrease) from investment operations		0.51			(0.92	)		0.94			1.96			0.25
Distributions(c)
From net investment income		(0.15	)		(0.31	)		(0.57	)		(0.26	)		—
From net realized gain		—			(0.67	)		(0.15	)		(0.01	)		—
Total distributions		(0.15	)		(0.98	)		(0.72	)		(0.27	)		—
Net asset value, end of period	$	10.62		$	10.26		$	12.16		$	11.94		$	10.25
Total Return(d)
Based on net asset value		5.02	%(e)		(7.18	)%		8.01	%		19.37	%		2.50	%(e)
Ratios to Average Net Assets
Total expenses		2.19	%(f)		2.14	%		1.50	%		2.39	%(g)		4.13	%(f)(h)
Total expenses after fees waived and/or reimbursed and paid indirectly		0.30	%(f)		0.30	%		0.30	%		0.36	%		0.40	%(f)
Net investment income		1.96	%(f)		3.10	%		2.58	%		2.52	%		1.44	%(f)
Supplemental Data
Net assets, end of period (000)	$	10,546		$	10,190		$	12,077		$	11,834		$	10,152
Portfolio turnover rate		22	%		41	%		50	%		44	%		—	%

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

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

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

^(e)  Aggregate total return.

^(f)  Annualized.

^(g)  Offering costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 2.39%.

^(h)  Audit, 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 13.55%.

See notes to financial statements.

38 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares Edge MSCI Multifactor USA Index Fund
	Institutional
	Six Months Ended 01/31/20 (unaudited)			Year Ended July 31,									Period from 07/13/16 (a) to 07/31/16
				2019			2018			2017
Net asset value, beginning of period	$	12.05		$	12.75		$	11.76		$	10.12		$	10.00
Net investment income(b)		0.12			0.21			0.18			0.21			0.00	(c)
Net realized and unrealized gain (loss)		0.72			(0.23	)		1.51			1.63			0.12
Net increase (decrease) from investment operations		0.84			(0.02	)		1.69			1.84			0.12
Distributions(d)
From net investment income		(0.11	)		(0.35	)		(0.23	)		(0.20	)		—
From net realized gain		(0.15	)		(0.33	)		(0.47	)		(0.00	)(e)		—
Total distributions		(0.26	)		(0.68	)		(0.70	)		(0.20	)		—
Net asset value, end of period	$	12.63		$	12.05		$	12.75		$	11.76		$	10.12
Total Return(f)
Based on net asset value		7.02	%(g)		0.36	%		14.67	%		18.35	%		1.20	%(g)
Ratios to Average Net Assets
Total expenses		1.45	%(h)(i)		1.54	%(i)		1.42	%		2.21	%(j)		2.54	%(h)(i)(k)
Total expenses after fees waived and/or reimbursed		0.25	%(h)(i)		0.25	%(i)		0.25	%		0.30	%		0.35	%(h)(i)
Net investment income		1.88	%(h)(i)		1.80	%(i)		1.48	%		1.89	%		0.29	%(h)(i)
Supplemental Data
Net assets, end of period (000)	$	699		$	1,065		$	906		$	194		$	101
Portfolio turnover rate		28	%		52	%		52	%		43	%		—	%(l)

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

^(c)  Amount is less than $0.005 per share.

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

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

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

^(g)  Aggregate total return.

^(h)  Annualized.

⁽ⁱ⁾ Excludes expenses incurred indirectly as a result of investments in underlying funds is as follows:

	Six Months Ended 01/31/20 (unaudited)			Year Ended July 31,									Period from 07/13/16 (a) to 07/31/16
				2019			2018			2017
Investments in underlying funds		0.01	%		0.01	%		—	%		—	%		0.02	%

^(j)  Offering costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 2.21%.

^(k)  Audit, 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 11.73%.

^(l)  Amount is less than 0.50%.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 39

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares Edge MSCI Multifactor USA Index Fund (continued)
	Class K
	Six Months Ended 01/31/20 (unaudited)			Year Ended July 31,									Period from 07/13/16 (a) to 07/31/16
				2019			2018			2017
Net asset value, beginning of period	$	12.05		$	12.75		$	11.76		$	10.12		$	10.00
Net investment income(b)		0.12			0.22			0.22			0.21			0.00	(c)
Net realized and unrealized gain (loss)		0.74			(0.24	)		1.47			1.63			0.12
Net increase (decrease) from investment operations		0.86			(0.02	)		1.69			1.84			0.12
Distributions(d)
From net investment income		(0.12	)		(0.35	)		(0.23	)		(0.20	)		—
From net realized gain		(0.15	)		(0.33	)		(0.47	)		(0.00	)(e)		—
Total distributions		(0.27	)		(0.68	)		(0.70	)		(0.20	)		—
Net asset value, end of period	$	12.64		$	12.05		$	12.75		$	11.76		$	10.12
Total Return(f)
Based on net asset value		7.13	%(g)		0.41	%		14.71	%		18.40	%		1.20	%(g)
Ratios to Average Net Assets
Total expenses		1.37	%(h)(i)		1.47	%(i)		1.35	%		2.17	%(j)		2.47	%(h)(i)(k)
Total expenses after fees waived and/or reimbursed		0.20	%(h)(i)		0.20	%(i)		0.20	%		0.26	%		0.30	%(h)(i)
Net investment income		1.89	%(h)(i)		1.87	%(i)		1.75	%		1.98	%		0.34	%(h)(i)
Supplemental Data
Net assets, end of period (000)	$	13,560		$	12,503		$	12,681		$	11,639		$	10,015
Portfolio turnover rate		28	%		52	%		52	%		43	%		—	%(l)

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

^(c)  Amount is less than $0.005 per share.

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

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

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

^(g)  Aggregate total return.

^(h)  Annualized.

⁽ⁱ⁾  Excludes expenses incurred indirectly as a result of investments in underlying funds is as follows:

	Six Months Ended 01/31/20 (unaudited)			Year Ended July 31,									Period from 07/13/16 (a) to 07/31/16
				2019			2018			2017
Investments in underlying funds		0.01	%		0.01	%		—	%		—	%		0.02	%

^(j)  Offering costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 2.17%.

^(k)  Audit, 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 11.67%.

^(l)  Amount is less than 0.50%.

See notes to financial statements.

40 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements  (unaudited)

1. ORGANIZATION

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

Fund Name	Herein Referred To As	Diversification Classification
iShares Edge MSCI Min Vol EAFE Index Fund	Min Vol EAFE	Diversified
iShares Edge MSCI Min Vol USA Index Fund	Min Vol USA	Diversified
iShares Edge MSCI Multifactor Intl Index Fund	MF International	Diversified
iShares Edge MSCI Multifactor USA Index Fund	MF USA	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. Institutional and Class K Shares are sold without a sales charge and only to certain eligible investors.

Share Class	Initial Sales Charge	CDSC	Conversion Privilege
Institutional and Class K Shares	No	No	None

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined on the identified cost basis. Dividend income and non-cash dividend income are recorded on the ex-dividend date. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Funds are informed of the ex-dividend date. 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. 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 portion of the results of operations arising as a result of changes in the exchange rates from the changes in the market prices of investments held or sold 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.

Segregation and Collateralization: In cases where a Fund enters into certain investments (e.g., futures contracts) that would be treated as “senior securities” for 1940 Act purposes, a Fund may segregate or designate on its books and records cash or liquid assets having a market value at least equal to the amount of its future obligations under such investments. Doing so allows the investment to be excluded from treatment as a “senior security.” Furthermore, if required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments or obligations.

Distributions: Distributions paid by the Funds are recorded on the ex-dividend date. 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. 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. 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.

NOTES TO FINANCIAL STATEMENTS 41

Notes to Financial Statements  (unaudited) (continued)

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: The Funds’ investments are valued at fair value (also referred to as “market value” within the financial statements) as of the close of trading on the NYSE (generally 4:00 p.m., Eastern time). U.S. GAAP defines fair value as the price the Funds would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Funds determine the fair values of their financial instruments using various independent dealers or pricing services under policies approved by the Board of Trustees of the Trust (the “Board”). The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

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

• Equity investments traded on a recognized securities exchange are valued at the official closing price each day, if available. For equity investments traded on more than one exchange, the official closing price on the exchange where the stock is primarily traded is used. 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.

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the NYSE. Occasionally, events affecting the values of such instruments may occur between the foreign market close and the close of trading on the NYSE that may not be reflected in the computation of the Funds’ net assets. Each business day, the Funds use a pricing service to assist with the valuation of certain foreign exchange-traded equity securities and foreign exchange-traded and over-the-counter (“OTC”) options (the “Systematic Fair Value Price”). Using current market factors, the Systematic Fair Value Price is designed to value such foreign securities and foreign options at fair value as of the close of trading on the NYSE, which follows the close of the local markets.

• Investments in open-end U.S. mutual funds are valued at net asset value (“NAV”) each business day.

• Futures contracts traded on exchanges are valued at their last sale price.

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

Fair Value Hierarchy: Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial statement 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)

• Level 3 — Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Global Valuation Committee’s assumptions used in determining the fair value of investments and derivative financial instruments)

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

4. SECURITIES AND OTHER INVESTMENTS

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

42 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements  (unaudited) (continued)

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.

The market value of any securities on loan, all of which were classified as common stocks in the Funds’ Schedules of Investments, and the value of any related collateral are shown separately in the Statements of Assets and Liabilities as a component of investments at value — unaffiliated, and collateral on securities loaned at value, respectively. 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 Institutional Trust Company, N.A. (“BTC”), if any, is disclosed in the Schedules of Investments.

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 a 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.

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

Min Vol EAFE

Counterparty	Securities Loaned at Value		Cash Collateral Received (a)			Net Amount
Morgan Stanley & Co. LLC	$	789,229	$	(789,229	)	$	—

Min Vol USA

Counterparty	Securities Loaned at Value		Cash Collateral Received (a)			Net Amount (b)
SG Americas Securities LLC	$	107,632	$	(104,624	)	$	3,008

MF International

Counterparty	Securities Loaned at Value		Cash Collateral Received (a)			Net Amount
Jefferies LLC	$	120,086	$	(120,086	)	$	—

MF USA

Counterparty	Securities Loaned at Value		Cash Collateral Received (a)			Net Amount
BNP Paribas Securities Corp.	$	256,483	$	(256,483	)	$	—
Barclays Capital Inc.		1,429		(1,429	)		—
Citigroup Global Markets, Inc		34,479		(34,479	)		—
Morgan Stanley & Co. LLC		76,313		(76,313	)		—
	$	368,704	$	(368,704	)	$	—

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

^(b)  The market value of the loaned securities is determined as of January 31, 2020. Additional collateral is delivered to the Fund on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by the counterparty.

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, the Funds benefit from a borrower default indemnity provided by BlackRock, Inc. (“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. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by the Funds.

NOTES TO FINANCIAL STATEMENTS 43

Notes to Financial Statements  (unaudited) (continued)

5. DERIVATIVE FINANCIAL INSTRUMENTS

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

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

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

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

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory: The Trust, on behalf of each Fund, entered into an Investment Advisory Agreement with the Manager, the Funds’ investment adviser and an indirect, wholly-owned subsidiary of BlackRock, to provide investment advisory and administrative 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.

Average Daily Net Assets	Investment Advisory Fees
Min Vol EAFE		0.08	%
Min Vol USA		0.04
MF International		0.30
MF USA		0.20

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

Service and Distribution Fees: The Trust, on behalf of the Funds, entered into a Distribution Agreement and a Distribution and Service Plan with BlackRock Investments, LLC (“BRIL”), an affiliate of the Manager.

BRIL and broker-dealers, pursuant to sub-agreements with BRIL, provide shareholder servicing and distribution services to the Funds.

Transfer Agent: Pursuant to written agreements, certain financial intermediaries, some of which may be affiliates, provide the Funds with sub-accounting, recordkeeping, sub-transfer agency and other administrative services with respect to servicing of underlying investor accounts. For these services, these entities receive an asset-based fee or an annual fee per shareholder account, which will vary depending on share class and/or net assets. For the six months ended January 31, 2020, the Funds did not pay any amounts to affiliates in return for these services.

The Manager maintains a call center that is responsible for providing certain shareholder services to the Funds. Shareholder services include responding to inquiries and processing purchases and sales based upon instructions from shareholders. For the six months ended January 31, 2020, 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:

	Institutional		Class K		Total
Min Vol EAFE	$	2	$	133	$	135
Min Vol USA		58		13		71
MF International		23		15		38
MF USA		10		18		28

44 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements  (unaudited) (continued)

For the six months ended January 31, 2020, the following table shows the class specific transfer agent fees borne directly by each share class of each Fund:

	Institutional		Class K		Total
Min Vol EAFE	$	2,089	$	220	$	2,309
Min Vol USA		6,527		36		6,563
MF International		177		30		207
MF USA		321		37		358

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

	Institutional			Class K
Min Vol EAFE		0.20	%		0.15	%
Min Vol USA		0.18			0.13
MF International		0.35			0.30
MF USA		0.25			0.20

The Manager has agreed not to reduce or discontinue these contractual expense limitations through November 30, 2020, unless approved by the Board, including a majority of the trustees who are not “interested persons” of the Fund, as defined in the 1940 Act (“Independent Trustees”), or by a vote of a majority of the outstanding voting securities of a Fund.

These amounts waived and/or reimbursed are included in fees waived and/or reimbursed by the Manager and transfer agent fees waived and/or reimbursed — class specific, respectively, in the Statements of Operations. For the six months ended January 31, 2020, the amounts included in fees waived and/or reimbursed by the Manager were as follows:

	Fees Waived and/or Reimbursed by the Manager
Min Vol EAFE	$	57,422
Min Vol USA		83,000
MF International		103,266
MF USA		81,335

For the six months ended January 31, 2020, transfer agent fees — class specific expense waivers and/or reimbursements were as follows:

Transfer Agent Fees Waived and/or Reimbursed	Institutional		Class K		Total
Min Vol EAFE	$	245	$	219	$	464
Min Vol USA		773		35		808
MF International		51		30		81
MF USA		95		36		131

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”). 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. Prior to November 27, 2019, this waiver was voluntary. These amounts are included in fees waived and/or reimbursed by the Manager in the Statements of Operations. For the six months ended January 31, 2020, the amounts waived were as follows:

	Amount Waived
Min Vol EAFE	$	141
Min Vol USA		181
MF International		6
MF USA		13

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 exchange-traded funds that have a contractual management fee through November 30, 2020. 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. These amounts are included in fees waived and/or reimbursed by the Manager in the Statements of Operations. For the six months ended January 31, 2020, the amounts waived in investment advisory fees pursuant to these arrangements were as follows:

	Amount Waived
Min Vol EAFE	$	—
Min Vol USA		59
MF International		—
MF USA		84

NOTES TO FINANCIAL STATEMENTS 45

Notes to Financial Statements  (unaudited) (continued)

With respect to the contractual expense limitation, if during a Fund’s fiscal year the operating expenses of a share class, that at any time during the prior two fiscal years received a waiver and/or reimbursement from the Manager, are less than the current expense limitation for that share class, the Manager is entitled to be reimbursed by such share class up to the lesser of: (a) the amount of fees waived and/or expenses reimbursed during those prior two fiscal years under the agreement and (b) an amount not to exceed either the current expense limitation of that share class or the expense limitation of the share class in effect at the time that the share class received the applicable waiver and/or reimbursement, provided that:

(1) each Fund, of which the share class is a part, has more than $50 million in assets for the fiscal year, and

(2) the Manager or an affiliate continues to serve as a Fund’s investment adviser or administrator.

This repayment applies only to the contractual expense limitation on net expenses and does not apply to the contractual investment advisory fee waiver described above or any voluntary waivers that may be in effect from time to time. Effective July 13, 2023, the repayment arrangement between each Fund and the Manager pursuant to which such Fund may be required to repay amounts waived and/or reimbursed under the Fund’s contractual caps on net expenses will be terminated.

For the six months ended January 31, 2020, the Manager recouped the following fund level and class specific waivers and/or reimbursements previously recorded by the Fund.

Min Vol EAFE
Institutional	$	76

As of January 31, 2020, the fund level and class specific waivers and/or reimbursements subject to possible future recoupment under the expense limitation agreement are as follows:

	Expiring July 31,
	2020		2021		2022
Min Vol EAFE
Fund Level	$	62,717	$	97,352	$	57,422
Institutional		313		227		245
Class K		549		258		219
Min Vol USA
Fund Level		120,660		159,424		83,000
Institutional		560		420		773
Class K		30		49		35
MF International
Fund Level		150,919		201,789		103,266
Institutional		222		216		51
Class K		27		38		30
MF USA
Fund Level		144,337		164,201		81,335
Institutional		90		195		95
Class K		33		22		36

Securities Lending: The U.S. Securities and Exchange Commission (“SEC”) has issued an exemptive order which permits BTC, an affiliate of the Manager, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending. The Funds are responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund managed by the Manager or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees the Funds bear to an annual rate of 0.04%. The shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.

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

Pursuant to the current securities lending agreement, each of Min Vol USA and MF USA retains 75% of securities lending income (which excludes collateral investment fees), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income earned across the BlackRock Multi-Asset Complex in a calendar year exceeds a specified threshold, each of Min Vol USA and MF USA, pursuant to the securities lending agreement, will retain for the remainder of that calendar year securities lending income in an amount equal to 80% of securities lending income (which excludes collateral investment fees), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

Prior to January 1, 2020, each of Min Vol USA and MF USA retained 73.5% of securities lending income (which excluded collateral investment fees) and the amount retained could never be less than 70% of the total of securities lending income plus the collateral investment fees. In addition, commencing the business day following the date that the aggregate securities lending income earned across the BlackRock Multi-Asset Complex in a calendar year exceeded a specified threshold, the Fund would retain for the remainder of that calendar year 80% of securities lending income (which excluded collateral investment fees), and the amount retained could never be less than 70% of the total of securities lending income plus the collateral investment fees.

46 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements  (unaudited) (continued)

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

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

The share of securities lending income earned by each Fund is shown as securities lending income — affiliated — net in the Statements of Operations. For the six months ended January 31, 2020, each Fund paid BTC the following amounts for securities lending agent services:

	Min Vol EAFE		Min Vol USA		MF International		MF USA
BTC	$	531	$	95	$	6	$	119

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 six months ended January 31, 2020, the Funds did not participate in the Interfund Lending Program.

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

7. PURCHASES AND SALES

For the six months ended January 31, 2020, purchases and sales of investments, excluding short-term securities, were as follows:

	Min Vol EAFE		Min Vol USA		MF International		MF USA
Purchases	$	29,478,080	$	45,804,370	$	2,670,057	$	3,816,100
Sales		21,209,672		28,777,230		2,329,407		3,945,594

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 each of the four years ended July 31, 2019. The statutes of limitations on each Fund’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.

Management has analyzed tax laws and regulations and their application to the Funds as of January 31, 2020, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

As of July 31, 2019, the MF International had non-expiring capital loss carryforwards available to offset future realized capital gains of $12,540.

As of January 31, 2020, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:

	Min Vol EAFE			Min Vol USA			MF International			MF USA
Tax cost	$	150,896,438		$	41,990,152		$	10,517,254		$	12,250,085
Gross unrealized appreciation	$	24,316,220		$	6,271,056		$	1,370,701		$	2,701,248
Gross unrealized depreciation		(6,552,901	)		(258,990	)		(769,442	)		(315,231	)
Net unrealized appreciation (depreciation)	$	17,763,319		$	6,012,066		$	601,259		$	2,386,017

9. BANK BORROWINGS

The Trust, on behalf of the Funds, along with certain other funds managed by the Manager and its affiliates (“Participating Funds”), is a party to a 364-day, $2.25 billion credit agreement with a group of lenders. Under this agreement, the Funds may borrow to fund shareholder redemptions. Excluding commitments designated for certain individual funds, the Participating Funds, including the Funds, can borrow up to an aggregate commitment amount of $1.75 billion at any time outstanding, subject to asset

NOTES TO FINANCIAL STATEMENTS 47

Notes to Financial Statements  (unaudited) (continued)

coverage and other limitations as specified in the agreement. The credit agreement has the following terms: a fee of 0.10% per annum on unused commitment amounts and interest at a rate equal to the higher of (a) one-month LIBOR (but, in any event, not less than 0.00%) on the date the loan is made plus 0.80% per annum or (b) the Fed Funds rate (but, in any event, not less than 0.00%) in effect from time to time plus 0.80% per annum on amounts borrowed. The agreement expires in April 2020 unless extended or renewed. Prior to April 18, 2019, Participating Funds paid an upfront commitment fee of 0.02% on the total commitment amounts, in addition to administration, legal and arrangement fees, which are included in miscellaneous expenses in the Statements of Operations. These fees were allocated among such funds based upon portions of the aggregate commitment available to them and relative net assets of Participating Funds. During the six months ended January 31, 2020, the Funds did not borrow under the credit agreement.

10. PRINCIPAL RISKS

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

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

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

A recent outbreak of respiratory disease caused by a novel coronavirus was first detected in China in December 2019 and has now been detected internationally. This coronavirus has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of epidemics and pandemics such as the coronavirus, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. The impact of the outbreak may be short term or may last for an extended period of time.

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. The Funds manage counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

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

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

Concentration Risk: As of period end, MF USA invested a significant portion of its assets in securities in the Information Technology sector. Changes in economic conditions affecting such sector would have a greater impact on the Fund and could affect the value, income and/or liquidity of positions in such securities.

Certain Funds invest a substantial amount of their assets in issuers located in a single country or a limited number of countries. When the Funds concentrate their investments in this manner, it assumes the risk that economic, political and social conditions in those countries may have a significant impact on their investment performance. Foreign issuers may not be subject to the same uniform accounting, auditing and financial reporting standards and practices as used in the United States. Foreign securities markets may also be more volatile and less liquid than U.S. securities and may be less subject to governmental supervision not typically associated with investing in U.S. securities. Investment percentages in specific countries are presented in the Schedules of Investments.

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

48 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements  (unaudited) (continued)

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

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

As of period end, MF USA’s investments had the following industry classifications:

	Percentage of Net Assets
Information Technology		27	%
Health Care		12
Consumer Discretionary		10
Industrials		9
Financials		9
Utilities		9
Real Estate		8
Communication Services		5
Consumer Staples		5
Others(a)		6

^(a)  All other industries held were less than 5% of net assets.

11. CAPITAL SHARE TRANSACTIONS

Transactions in capital shares for each class were as follows:

	Six Months Ended 01/31/20						Year Ended 07/31/19
Min Vol EAFE	Shares			Amount			Shares			Amount
Institutional
Shares sold		1,119,618		$	12,234,055			498,766		$	5,255,757
Shares issued in reinvestment of distributions		15,984			170,621			10,158			107,266
Shares redeemed		(146,359	)		(1,591,320	)		(23,028	)		(240,097	)
Net increase		989,243		$	10,813,356			485,896		$	5,122,926
Class K
Shares sold		583,176		$	6,308,945			1,221,101		$	12,759,984
Shares issued in reinvestment of distributions		324,798			3,466,661			592,086			6,065,586
Shares redeemed		(964,380	)		(10,418,312	)		(1,568,649	)		(16,297,168	)
Net increase (decrease)		(56,406	)	$	(642,706	)		244,538		$	2,528,402
Total Net Increase		932,837		$	10,170,650			730,434		$	7,651,328
Min Vol USA	Shares			Amount			Shares			Amount
Institutional
Shares sold		2,774,816		$	37,702,087			807,589		$	9,718,921
Shares issued in reinvestment of distributions		21,438			288,028			20,659			245,380
Shares redeemed		(1,710,734	)		(23,168,367	)		(161,745	)		(1,940,634	)
Net increase		1,085,520		$	14,821,748			666,503		$	8,023,667
Class K
Shares sold		177,665		$	2,482,611			43,990		$	540,167
Shares issued in reinvestment of distributions		936			12,601			749			9,198
Shares redeemed		(1,496	)		(20,628	)		(4,766	)		(56,386	)
Net increase		177,105		$	2,474,584			39,973		$	492,979
Total Net Increase		1,262,625		$	17,296,332			706,476		$	8,516,646

NOTES TO FINANCIAL STATEMENTS 49

Notes to Financial Statements  (unaudited) (continued)

	Six Months Ended 01/31/20						Year Ended 07/31/19
MF International	Shares			Amount			Shares			Amount
Institutional
Shares sold		10,759		$	113,372			37,839		$	395,954
Shares issued in reinvestment of distributions		530			5,389			1,217			12,345
Shares redeemed		(1,651	)		(16,492	)		(38,738	)		(413,607	)
Net increase (decrease)		9,638		$	102,269			318		$	(5,308	)
Class K
Shares sold		74		$	930			103		$	1,107
Shares issued in reinvestment of distributions		44			447			301			3,022
Shares redeemed		(437	)		(4,549	)		(8	)		(89	)
Net increase (decrease)		(319	)	$	(3,172	)		396		$	4,040
Total Net Increase (decrease)		9,319		$	99,097			714		$	(1,268	)
MF USA	Shares			Amount			Shares			Amount
Institutional
Shares sold		7,553		$	92,815			17,706		$	210,492
Shares issued in reinvestment of distributions		1,142			14,087			3,950			43,869
Shares redeemed		(41,791	)		(515,787	)		(4,269	)		(49,330	)
Net increase (decrease)		(33,096	)	$	(408,885	)		17,387		$	205,031
Class K
Shares sold		65,191		$	816,188			64,873		$	753,713
Shares issued in reinvestment of distributions		1,392			17,326			890			10,182
Shares redeemed		(31,210	)		(390,495	)		(22,785	)		(269,005	)
Net increase		35,373		$	443,019			42,978		$	494,890
Total Net Increase		2,277		$	34,134			60,365		$	699,921

As of January 31, 2020, shares owned by BlackRock HoldCo 2, Inc., an affiliate of the Funds, were as follows:

	Institutional		Class K
Min Vol EAFE		10,000		990,000
Min Vol USA		10,000		990,000
MF International		10,000		990,000
MF USA		10,000		990,000

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.

50 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statement Regarding Liquidity Risk Management Program

The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.

The Board of Trustees (the “Board”) of BlackRock Funds^SM, on behalf of iShares Edge MSCI Min Vol EAFE Index Fund, iShares Edge MSCI Min Vol USA Index Fund, iShares Edge MSCI Multifactor Intl Index Fund and iShares Edge MSCI Multifactor USA Index Fund, met on November 12-13, 2019 (the “Meeting”) to review the liquidity risk management program (the “Program”) applicable to the BlackRock open-end funds, excluding money market funds (each, a “Fund”), pursuant to the Liquidity Rule. The Board has appointed BlackRock Advisors, LLC or BlackRock Fund Advisors (“BlackRock”), each an investment adviser to certain Funds, as the program administrator for each Fund’s Program, as applicable. BlackRock has 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 operation 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 December 1, 2018 through September 30, 2019 (the “Program Reporting Period”).

The Report described the Program’s liquidity classification methodology for categorizing a Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also described BlackRock’s methodology in establishing a Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing a 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 and reverse repurchase agreements), such borrowings were factored into the Program’s calculation of a Fund’s liquidity bucketing. 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 net redemption activity and used this information as a component to establish each Fund’s reasonably anticipated trading size (“RATS”). 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 applicable to the Funds, 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 and BlackRock Credit Strategies Income Fund, each a series of BlackRock Funds V). 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. 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 PROGRAM 51

Trustee and Officer Information

Mark Stalnecker, Chair of the Board and Trustee

Bruce R. Bond, Trustee

Susan J. Carter, Trustee

Collette Chilton, Trustee

Neil A. Cotty, Trustee

Lena G. Goldberg, Trustee

Henry R. Keizer, Trustee

Cynthia A. Montgomery, Trustee

Donald C. Opatrny, Trustee

Joseph P. Platt, Trustee

Kenneth L. Urish, Trustee

Claire A. Walton, Trustee

Robert Fairbairn, Trustee

John M. Perlowski, Trustee, President and Chief Executive Officer

Thomas Callahan, Vice President

Jennifer McGovern, Vice President

Neal J. Andrews, Chief Financial Officer

Jay M. Fife, Treasurer

Charles Park, Chief Compliance Officer

Lisa Belle, Anti-Money Laundering Compliance Officer

Janey Ahn, Secretary

Effective September 19, 2019, Lisa Belle replaced John MacKessy as the Anti-Money Laundering Compliance Officer of the Trust.

Effective September 19, 2019, Janey Ahn replaced Benjamin Archibald as the Secretary of the Trust.

Effective December 31, 2019, Robert M. Hernandez retired as Trustee of the Trust.

Investment Adviser and Administrator

BlackRock Advisors, LLC

Wilmington, DE 19809

Sub-Adviser

BlackRock Fund Advisors

San Francisco, CA 94105

Accounting Agent and Custodian

State Street Bank and Trust Company

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Wilmington, DE 19809

Distributor

BlackRock Investments, LLC

New York, NY 10022

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

Philadelphia, PA 19103

Legal Counsel

Sidley Austin LLP

New York, NY 10019

Address of the Trust

100 Bellevue Parkway

Wilmington, DE 19809

52 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Additional Information

General Information

Householding

The Funds will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports 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) 537-4942.

Availability of Quarterly Schedule of Investments

The Funds file their 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, and for reporting periods ended prior to March 31, 2019, filed such information on Form N-Q. The Funds’ Forms N-PORT and N-Q are available on the SEC’s website at sec.gov. The Funds’ Forms N-PORT and N-Q may also be obtained upon request and without charge by calling (800) 537-4942.

Availability of Proxy Voting Policies and Procedures

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available upon request and without charge, (1) by calling (800) 537-4942; (2) at blackrock.com; and (3) on the SEC’s website at sec.gov.

Availability of Proxy Voting Record

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 upon request and without charge (1) at blackrock.com or by calling (800) 537-4942 and (2) 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) 537-4942 from 8:00 AM to 6:00 PM ET on any business day to get information about your account balances, recent transactions and share prices. You can also visit blackrock.com for more information.

Automatic Investment Plans

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

Systematic Withdrawal Plans

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

Retirement Plans

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

ADDITIONAL INFORMATION 53

Additional Information  (continued)

BlackRock Privacy Principles

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

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

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

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

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

Glossary of Terms Used in this Report

Portfolio Abbreviations
ADR	American Depositary Receipts
ETF	Exchange-Traded Fund
FTSE	Financial Times Stock Exchange
MSCI	Morgan Stanley Capital International
REIT	Real Estate Investment Trust
S&P	Standard & Poor’s

54 2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Want to know more?

blackrock.com    |    877-275-1255 (1-877-ASK-1BLK)

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 that 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.

MFMV-1/20-SAR

Item 2 – Code of Ethics – Not Applicable to this semi-annual report

Item 3 – Audit Committee Financial Expert – Not Applicable to this semi-annual report

Item 4 – Principal Accountant Fees and Services – Not Applicable to this semi-annual report

Item 5 – Audit Committee of Listed Registrants – 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 of this Form.

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

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

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

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

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

Item 11 – Controls and Procedures

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

(b)There were no changes in the registrant's internal control over financial reporting (as defined in Rule

30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

Item 12 – Disclosure of Securities Lending Activities for Closed-End Management Investment Companies – Not Applicable

Item 13 – Exhibits attached hereto

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

(a)(2) – Section 302 Certifications are attached

(a)(3) – Not Applicable

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(a)(4) – Change in the registrant's independent accounting agent

(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 Funds

By: /s/ John M. Perlowski

John M. Perlowski

Chief Executive Officer (principal executive officer) of

BlackRock Funds

Date: April 3, 2020

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

By: /s/ John M. Perlowski

John M. Perlowski

Chief Executive Officer (principal executive officer) of

BlackRock Funds

Date: April 3, 2020

By: /s/ Neal J. Andrews

Neal J. Andrews

Chief Financial Officer (principal financial officer) of

BlackRock Funds

Date: April 3, 2020

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