BlackRock 20/80 Target Allocation Fund, Investor A NCSRS 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 Short Obligations Fund

BlackRock Total Factor Fund

BlackRock Liquid Environmentally Aware 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 Liquid Environmentally Aware Fund

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the 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,

LOGO

Rob Kapito

President, BlackRock Advisors, LLC

LOGO

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:
Money Market Overview		4
Fund Information		5
Disclosure of Expenses		5
Financial Statements:
Schedule of Investments		6
Statement of Assets and Liabilities		9
Statement of Operations		10
Statements of Changes in Net Assets		11
Financial Highlights		12
Notes to Financial Statements		15
Trustee and Officer Information		20
Additional Information		21
Glossary of Terms Used in This Report		22

LOGO


		3

Money Market Overview For the Six-Month Period Ended January 31, 2020

January 2020 is officially in the books — as the second half of 2019 progressed, investors witnessed a pivot from the Fed’s first half “patient” approach to a more active Fed delivering 0.25% cuts in each of July, September and October to the Federal Funds target rate, which ended 2019 in a range of 1.50%-1.75%. Prompting these cuts, in our view, were concerns about slowing global growth amid uncertainties associated with geopolitical events including U.S.-China trade tensions, and muted inflation. We believe such concerns were also reflected in the slope of the U.S. Treasury yield curve between three months and 10 years, which was periodically inverted during 2019. However, even as the U.S. economy began to exhibit signs of softness, a strong labor market and rising consumer spending helped keep the economic expansion intact — with the support of the Fed’s more accommodative policy. We believe the future path for the Federal Funds rate looks to be stable for the foreseeable future as the Fed has acknowledged, in our opinion, a relatively high bar for further policy action.

Another notable event this year was the bout of temporary excessive volatility in the repurchase agreement (“repo”) market in mid-September, due in part to a prior contraction in excess reserves in the banking system, and outsized deposit flow activity related to corporate tax payments and the settlement of U.S. Treasury obligations. This prompted the Fed to inject a substantial amount of liquidity into the financial system during the balance of the year. Specifically, the Fed conducted regular overnight and term repo operations (known as temporary open market operations), and also began purchasing U.S. Treasury bills beginning at a rate of $60 billion per month in order to support the flow of funds and help maintain control over short-term interest rates. The dislocations in the repo market highlighted, in our opinion, the need for the Fed to determine the appropriate level of excess reserves in the post financial crisis regulatory environment.

The U.S. debt ceiling was again suspended in July, and net new U.S. Treasury bill issuance exceeded $250 billion in 2019. That said, the expanded footprint by the Fed in the U.S. Treasury bill market, in our view, contributed to a reduction in investable supply available to the public and in part caused a contraction in the relative value of such instruments during the latter part of 2019.

Another important development in 2019 included the government-sponsored agencies, having been guided by regulatory agencies, to issue floating rate notes indexed to the Secured Overnight Financing Rate (“SOFR”), a broad measure of the cost of borrowing cash overnight collateralized by U.S. Treasury securities, and the reference rate generally expected to replace the London Interbank Offered Rate (“LIBOR”). In addition to the agency notes referenced to SOFR, some large financial institutions also issued certificates of deposit and commercial paper linked to this index, and demand for such obligations was generally strong. Investors also witnessed a pick-up in 2019 in investment grade green bond issuance where $29.0 billion in supply entered the market.

Sticking on the topic of demand, asset flows into money market mutual funds and short duration bond funds were strong while primary market investment grade issuance was reportedly down rather markedly. This technical backdrop supported spreads in credit instruments during 2019, and we believe this dynamic should continue to play out in 2020. Similar to 2018, we witnessed seasonal spread widening of the three-month LIBOR overnight-indexed swap spread, a general proxy for bank funding stress. In our opinion, issuers appeared willing to pay up in terms of additional yield spread to secure their funding needs over stress periods such as corporate tax payment days and balance sheet reporting dates, including most importantly year end, as investors paid close attention to the funding markets for clues to monetary system pressures. Throughout January, demand remained strong for commercial paper and other credit instruments, causing spreads to tighten. The three-month LIBOR overnight-indexed swap spread tightened to around 0.18% in January 2020 from around 0.39% in late December. This measure is expected to grind incrementally tighter in the weeks ahead.

With the market pricing in little action for further interest rate cuts, the Fed providing liquidity to the market during stress periods, assets continuing to flow into money market funds, and tentative optimism over the near-term outlook for global trade, we will consider 2019 historic in many ways and 2020 off to a historic start.

Looking ahead, based on recent communications, we believe the FOMC is likely to keep interest rate policy on hold for the foreseeable future, but we are cognizant that geopolitical events could bias risks to the downside. The net new supply of U.S. Treasury bills is expected to increase approximately $200 billion between January and mid- March; however, both the Fed’s footprint in the market and expected ongoing strong demand at the front end of the curve from other investors should contain the level of any related upward rate moves on U.S. Treasury bills, in our view. Publicly available U.S. Treasury bill supply is expected to contract materially beginning in the middle of March.

We believe green bond and commercial paper issuance will continue to increase throughout 2020. In our view, the Fed will continue to monitor conditions in the overnight repo market and provide liquidity to the banking system as needed to ensure adequate control of short-term interest rates.

Past performance is no guarantee of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.


4		2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS


Fund Information as of January 31, 2020		BlackRock Liquid Environmentally Aware Fund

Investment Objective

BlackRock Liquid Environmentally Aware Fund’s (the “Fund”) investment objective is to seek as high a level of current income as is consistent with liquidity and preservation of capital while giving consideration to select environmental criteria.

CURRENT SEVEN-DAY YIELDS


	7-Day SEC Yields			7-Day Yields
Institutional		1.61	%		1.61	%
Direct		1.71			1.71
Investor A		1.36			1.36

The 7-Day SEC Yields may differ from the 7-Day Yields shown above due to the fact that the 7-Day SEC Yields exclude distributed capital gains.

Past performance is not indicative of future results.

PORTFOLIO COMPOSITION


Asset Type	Percent of Net Assets
Commercial Paper		33	%
Repurchase Agreements		30
Certificates of Deposit		23
Corporate Bonds		6
Time Deposits		4
Foreign Agency Obligations		2
Other Assets Less Liabilities		2

Disclosure of Expenses

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

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

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

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

Expense Example


	Actual						Hypothetical ^(a)
		Beginning Account Value (08/01/19)		Ending Account Value (01/31/20)		Expenses Paid During the Period ^(b)		Beginning Account Value (08/01/19)		Ending Account Value (01/31/20)		Expenses Paid During the Period ^(b)	Annualized Expense Ratio
Institutional	$	1,000.00	$	1,009.50	$	1.01	$	1,000.00	$	1,024.13	$	1.02	0.20	%
Direct		1,000.00		1,010.00		0.51		1,000.00		1,024.63		0.51	0.10
Investor A		1,000.00		1,008.20		2.27		1,000.00		1,022.87		2.29	0.45

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

^(b)	For each class of the Fund, expenses are equal to the annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 184/366.


FUND INFORMATION			5

Schedule of Investments (unaudited)

January 31, 2020

BlackRock Liquid Environmentally Aware Fund

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Corporate Bonds — 6.4%

Banks — 2.5%
Australia & New Zealand Banking Group Ltd., 2.13%, 08/19/20	USD		7,500	$	7,516,181
Bank of Nova Scotia (The), 2.15%, 07/14/20			5,700		5,710,737
Citibank NA, 2.10%, 06/12/20			5,000		5,005,203
Commonwealth Bank of Australia^(a):
2.25%, 03/10/20			1,250		1,250,687
2.05%, 09/18/20			3,500		3,506,668
Nordea Bank Abp, (LIBOR USD 3 Month + 0.47%), 2.38%, 05/29/20^(a)(b)			1,686		1,688,662

					24,678,138

Capital Markets — 1.0%
UBS AG:
2.35%, 03/26/20			5,500		5,504,950
(LIBOR USD 3 Month + 0.85%), 2.76%, 06/01/20^(b)			1,600		1,604,421
(LIBOR USD 3 Month + 0.58%), 2.46%, 06/08/20^(a)(b)			2,300		2,303,453

					9,412,824

Consumer Finance — 0.9%
Toyota Motor Credit Corp.^(b):
(LIBOR USD 3 Month + 0.26%), 2.10%, 04/17/20			4,300		4,302,946
(SOFR + 0.40%), 1.98%, 10/23/20			5,000		5,003,919

					9,306,865

Entertainment — 2.0%
TWDC Enterprises 18 Corp., (LIBOR USD 3 Month + 0.13%), 2.03%, 03/04/20^(b)			20,000		20,006,097


Total Corporate Bonds — 6.4% (Cost: $63,359,838)					63,403,924


Foreign Agency Obligations — 2.3%

Canada — 2.3%
CPPIB Capital, Inc., (SOFR + 0.32%), 1.90%, 12/10/20^(a)(b)			23,250		23,254,130


Total Foreign Agency Obligations — 2.3% (Cost: $23,250,000)					23,254,130


Certificates of Deposit — 22.8%

Domestic — 0.1%
Goldman Sachs Bank USA, (SOFR + 0.25%), 1.83%, 06/29/20^(b)			1,000		999,995


Euro — 2.4%
ABN AMRO Equity Plus Fund, 2.09%, 02/13/20			2,000		2,000,305
Banque Federative du Credit Mutuel SA, 1.93%, 01/08/21^(c)			17,500		17,206,870
Credit Industriel et Commercial SA, 1.93%, 01/08/21^(c)			5,000		4,916,248

					24,123,423

Yankee — 20.3%^(d)
Banco Santander SA, New York, 1.91%, 02/14/20			7,500		7,501,130
Bank of Montreal, Chicago^(b):
(LIBOR USD 1 Month + 0.18%), 1.96%, 05/01/20			4,000		4,000,826
(LIBOR USD 1 Month + 0.16%), 1.94%, 06/01/20			2,000		2,000,541
(LIBOR USD 1 Month + 0.18%), 1.87%, 06/08/20			3,000		3,001,056


Security		Par (000)		Value

Yankee (continued)
(US Federal Funds Effective Rate (continuous series) + 0.31%), 1.91%, 07/13/20	USD		1,000	$	1,000,613
(SOFR + 0.32%), 1.90%, 09/22/20			10,000		10,005,970
(SOFR + 0.40%), 1.98%, 10/02/20			7,500		7,507,140
Bank of Nova Scotia, Houston, (LIBOR USD 1 Month + 0.23%), 1.90%, 08/17/20^(b)			12,000		12,005,853
Canadian Imperial Bank of Commerce, New York^(b):
(LIBOR USD 3 Month + 0.17%), 2.07%, 03/18/20			1,300		1,300,401
(US Federal Funds Effective Rate (continuous series) + 0.26%), 1.86%, 04/16/20			10,000		10,002,221
Credit Industriel et Commercial SA, New York, (LIBOR USD 3 Month + 0.07%), 1.85%, 02/01/21^(b)			5,000		4,999,997
Credit Suisse AG, New York^(b):
(SOFR + 0.23%), 1.81%, 02/14/20			2,390		2,390,203
(SOFR + 0.38%), 1.96%, 03/06/20			10,000		10,002,699
(SOFR + 0.37%), 1.95%, 05/22/20			4,000		4,002,101
(SOFR + 0.26%), 1.84%, 06/11/20 - 06/12/20			6,000		6,001,126
(LIBOR USD 3 Month + 0.10%), 2.04%, 07/01/20			5,000		5,001,610
Mizuho Bank Ltd., New York, (LIBOR USD 1 Month + 0.21%), 1.87%, 03/27/20^(b)			25,000		25,005,248
MUFG Bank Ltd., New York, (LIBOR USD 1 Month + 0.25%), 1.98%, 05/05/20^(b)			2,000		2,000,834
Natixis SA, New York, (LIBOR USD 1 Month + 0.26%), 1.94%, 05/15/20^(b)			1,000		1,000,665
Nordea Bank Abp, New York^(b):
(LIBOR USD 3 Month + 0.15%), 2.06%, 02/14/20			900		900,064
(LIBOR USD 1 Month + 0.23%), 1.93%, 07/09/20			7,500		7,504,541
Skandinaviska Enskilda Banken AB, New York^(b):
(LIBOR USD 3 Month + 0.15%), 2.06%, 10/02/20			5,000		5,002,938
(LIBOR USD 3 Month + 0.12%), 2.03%, 11/13/20			10,000		10,006,949
Standard Chartered Bank, New York:
1.97%, 02/27/20			20,000		20,004,111
1.98%, 03/23/20			7,500		7,502,958
Svenska Handelsbanken, New York, (LIBOR USD 3 Month + 0.15%), 2.06%, 10/02/20^(b)			15,000		15,011,766
Toronto-Dominion Bank, New York:
2.00%, 03/17/20 - 09/30/20			14,500		14,502,972
2.17%, 07/24/20			1,500		1,503,712
(US Federal Funds Effective Rate (continuous series) + 0.37%), 1.97%, 09/08/20^(b)			1,250		1,251,256

					201,921,501


Total Certificates of Deposit — 22.8% (Cost: $226,933,014)					227,044,919


Commercial Paper — 32.6%
ABN AMRO Funding USA LLC^(c):
1.68%, 03/05/20			5,000		4,992,171
1.71%, 03/27/20			5,000		4,986,933
1.72%, 04/03/20			6,300		6,281,368
Alpine Securitization Ltd., (LIBOR USD 1 Month + 0.17%), 1.83%, 03/06/20^(b)			9,500		9,500,000


6		2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

January 31, 2020

BlackRock Liquid Environmentally Aware Fund

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Commercial Paper (continued)
American Honda Finance Corp., 1.60%, 02/12/20^(c)	USD		10,000	$	9,994,730
Antalis SA, 1.68%, 02/20/20^(c)			10,000		9,990,833
Australia & New Zealand Banking Group Ltd.^(c):
1.62%, 02/20/20			5,000		4,995,575
1.66%, 03/13/20			5,000		4,990,457
Banco Santander SA, 1.64%, 04/03/20^(c)			12,500		12,464,781
Bank of Nova Scotia (The):
1.66%, 03/30/20^(c)			15,000		14,959,978
(LIBOR USD 1 Month + 0.18%), 1.96%, 05/01/20^(b)			4,000		4,000,815
(LIBOR USD 1 Month + 0.16%), 1.82%, 05/27/20^(b)			2,000		2,000,399
(LIBOR USD 1 Month + 0.18%), 1.86%, 06/11/20^(b)			2,000		2,000,625
Barton Capital SA, 1.65%, 02/03/20^(c)			2,084		2,083,717
BPCE SA, 1.74%, 07/31/20^(c)			5,000		4,957,028
Canadian Imperial Bank of Commerce, (LIBOR USD 1 Month + 0.25%), 1.90%, 12/31/20^(b)			10,000		10,008,615
Chariot Funding LLC, 1.61%, 02/03/20^(c)			20,000		19,997,358
Commonwealth Bank of Australia^(b):
(LIBOR USD 1 Month + 0.18%), 1.84%, 04/24/20			2,500		2,499,668
(LIBOR USD 3 Month + 0.05%), 1.93%, 10/09/20			5,000		5,000,664
Cooperatieve Rabobank UA, 1.55%, 02/07/20^(c)			10,000		9,997,025
Credit Agricole Corporate and Investment Bank SA, 1.60%, 02/18/20^(c)			7,100		7,094,416
European Investment Bank^(c):
1.64%, 05/04/20			5,000		4,978,968
1.64%, 05/08/20			5,000		4,978,045
HSBC Bank plc^(b):
(LIBOR USD 3 Month + 0.70%), 1.98%, 02/28/20			3,000		3,000,354
(LIBOR USD 3 Month + 0.23%), 2.08%, 10/13/20			6,750		6,757,391
Hydro-Quebec^(c):
1.58%, 04/13/20			25,000		24,921,221
1.59%, 04/24/20			2,969		2,958,206
ING (US) Funding LLC^(b):
(LIBOR USD 1 Month + 0.23%), 2.01%, 04/01/20			10,000		10,002,526
(LIBOR USD 3 Month + 0.15%), 2.06%, 09/14/20			20,000		20,009,698
Lloyds Bank plc, (LIBOR USD 3 Month + 0.06%), 1.96%, 07/06/20^(b)			7,500		7,500,612


Security		Par (000)		Value

Commercial Paper (continued)
Macquarie Bank Ltd., (LIBOR USD 1 Month + 0.25%), 1.94%, 07/08/20^(b)	USD		2,000	$	2,001,234
MetLife Short Term Funding LLC, 1.70%, 06/08/20^(c)			5,000		4,970,097
MUFG Bank Ltd., 1.67%, 03/31/20^(c)			2,500		2,493,167
National Australia Bank Ltd.^(b):
(LIBOR USD 1 Month + 0.17%), 1.95%, 04/01/20			5,000		4,999,285
(LIBOR USD 1 Month + 0.23%), 1.89%, 08/20/20			5,000		5,003,246
Nordea Bank Abp, 1.71%, 04/29/20^(c)			2,000		1,991,698
Pricoa Short Term Funding LLC, 1.65%, 02/14/20^(c)			4,000		3,997,471
Province of Ontario Canada, 1.58%, 02/07/20^(c)			1,100		1,099,666
Royal Bank of Canada^(b):
(LIBOR USD 1 Month + 0.18%), 1.96%, 05/01/20			4,000		4,000,826
(SOFR + 0.31%), 1.89%, 08/17/20			2,500		2,499,811
(SOFR + 0.40%), 1.98%, 09/29/20			13,000		13,002,421
Santander UK plc, 1.66%, 03/02/20^(c)			17,500		17,475,392
Societe Generale SA, 1.64%, 03/11/20^(c)			4,075		4,067,697
Starbird Funding Corp., 1.60%, 02/03/20^(c)			2,030		2,029,734
Toyota Motor Corp., (LIBOR USD 1 Month + 0.17%), 1.90%, 02/27/20^(b)			4,000		4,000,455
UBS AG, 1.77%, 01/25/21^(c)			2,400		2,358,720
Walt Disney Co. (The), 1.63%, 04/20/20^(c)			10,000		9,964,511


Total Commercial Paper — 32.6% (Cost: $323,769,006)					323,859,608


Time Deposits — 4.3%
Credit Agricole Corporate and Investment Bank SA, 1.57%, 02/03/20			20,034		20,034,000
Mizuho Bank Ltd., 1.60%, 02/03/20			13,000		13,000,000
Royal Bank of Canada, 1.57%, 02/03/20			10,000		10,000,000


Total Time Deposits — 4.3% (Cost: $43,034,000)					43,034,000


Total Repurchase Agreements — 30.2% (Cost: $301,000,000)					301,000,000


Total Investments — 98.6% (Cost: $981,345,858)^(e)					981,596,581

Other Assets Less Liabilities — 1.4%					13,464,553


Net Assets — 100.0%				$	995,061,134

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

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

^(c)	Rates are the current rate or a range of current rates as of period end.

^(d)	Issuer is a U.S. branch of a foreign domiciled bank.

^(e)	Cost for U.S. federal income tax purposes.


SCHEDULE OF INVESTMENTS			7

Schedule of Investments (unaudited) (continued)

January 31, 2020

BlackRock Liquid Environmentally Aware Fund

Repurchase Agreements


	Repurchase Agreements												Collateral
Counterparty	Coupon Rate			Purchase Date		Maturity Date		Par (000)		At Value (000)		Proceeds Including Interest	Position	Original Par	Position Received, At Value
Bank of America Securities, Inc.		1.59	%		01/31/20		02/03/20	$	130,000	$	130,000	$ 130,017,225	U.S. Government Sponsored Agency Obligations, 3.50% to 4.00%, due 02/20/49 to 08/20/49	$ 138,790,059	$ 132,600,000

BMO Capital Markets Corp.		1.59			01/31/20		02/03/20		20,000		20,000	20,002,650	U.S. Government Sponsored Agency Obligations, 1.91% to 5.00%, due 01/16/30 to 07/20/67	454,806,204	21,051,926

Citigroup Global Markets, Inc.		1.59			01/31/20		02/03/20		50,000		50,000	50,006,625	U.S. Government Sponsored Agency Obligations, 3.00% to 7.00%, due 09/15/27 to 10/01/69	76,011,714	51,000,000

JP Morgan Securities LLC		1.57			01/31/20		02/03/20		38,000		38,000	38,004,972	U.S. Treasury Obligations, 0.00% to 5.00%, due 03/26/20 to 11/15/49	36,218,200	38,760,002
		1.59			01/31/20		02/03/20		63,000		63,000	63,008,347	U.S. Government Sponsored Agency Obligations, 3.00% to 6.50%, due 09/20/33 to 12/20/49	247,661,035	64,260,000

Total JP Morgan Securities LLC										$	101,000				$ 103,020,002

										$	301,000				$ 307,671,928

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:
Short-Term Securities ^(a)	$	—	$	981,596,581	$	—	$	981,596,581

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

See notes to financial statements.


8		2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statement of Assets and Liabilities (unaudited)

January 31, 2020


	BlackRock Liquid Environmentally Aware Fund

ASSETS
Investments at value — unaffiliated (cost — $680,345,858)	$	680,596,581
Cash		13,019,205
Repurchase agreements at value (cost — $301,000,000)		301,000,000
Receivables:
Interest — unaffiliated		967,271
From the Manager		49,809
Deferred offering costs		86,161
Prepaid expenses		24,412

Total assets		995,743,439


LIABILITIES
Payables:
Administration fees		47,638
Income dividend distributions		488,973
Investment advisory fees		50,352
Trustees’ and Officer’s fees		1,422
Professional fees		51,637
Service fees		53
Other accrued expenses		42,230

Total liabilities		682,305


NET ASSETS	$	995,061,134


NET ASSETS CONSIST OF
Paid-in capital	$	994,768,832
Accumulated earnings		292,302

NET ASSETS	$	995,061,134


NET ASSET VALUE
Institutional — Based on net assets of $166,081,161 and 166,017,862 shares outstanding, unlimited number of shares authorized, $0.001 par value	$	1.0004

Direct — Based on net assets of $828,726,826 and 828,403,710 shares outstanding, unlimited number of shares authorized, $0.001 par value	$	1.0004

Investor A — Based on net assets of $253,147 and 253,048 shares outstanding, unlimited number of shares authorized, $0.001 par value	$	1.0004

See notes to financial statements.


FINANCIAL STATEMENTS			9

Statement of Operations (unaudited)

Six Months Ended January 31, 2020


	BlackRock Liquid Environmentally Aware Fund

INVESTMENT INCOME
Interest — unaffiliated	$	7,076,580

Total investment income		7,076,580


EXPENSES
Investment advisory		363,037
Administration — class specific		207,444
Offering		120,518
Professional		33,671
Registration		28,031
Accounting services		22,375
Custodian		8,771
Printing		8,238
Trustees and Officer		5,481
Service — class specific		318
Transfer agent — class specific		50
Miscellaneous		9,252

Total expenses		807,186
Less:
Fees waived and/or reimbursed by the Manager		(381,554	)
Transfer agent fees waived and/or reimbursed — class specific		(50	)

Total expenses after fees waived and/or reimbursed		425,582

Net investment income		6,650,998


REALIZED AND UNREALIZED GAIN
Net realized gain from investments		8,910
Net change in unrealized appreciation on investments		217,987

Net realized and unrealized gain		226,897

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	6,877,895

See notes to financial statements.


10		2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets


	BlackRock Liquid Environmentally Aware Fund
	Six Months Ended 01/31/20 (unaudited)			Period from 04/08/19^(a) to 07/31/19


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	6,650,998		$	2,676,698
Net realized gain		8,910			15,347
Net change in unrealized appreciation (depreciation)		217,987			32,736

Net increase in net assets resulting from operations		6,877,895			2,724,781


DISTRIBUTIONS TO SHAREHOLDERS^(b)
Institutional		(1,095,311	)		(423,244	)
Direct		(5,554,594	)		(2,251,811	)
Investor A		(1,991	)		(1,643	)

Decrease in net assets resulting from distributions to shareholders		(6,651,896	)		(2,676,698	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		594,905,059			399,881,993


NET ASSETS
Total increase in net assets		595,131,058			399,930,076
Beginning of period		399,930,076			—

End of period	$	995,061,134		$	399,930,076

^(a)	Commencement of operations.

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

See notes to financial statements.


FINANCIAL STATEMENTS			11

Financial Highlights

(For a share outstanding throughout each period)


	BlackRock Liquid Environmentally Aware Fund
	Institutional
	Six Months Ended 01/31/20 (unaudited)			Period from 04/08/19^(a) to 07/31/19


Net asset value, beginning of period	$	1.0001		$	1.0000

Net investment income^(b)		0.0089			0.0072
Net realized and unrealized gain		0.0005			0.0002

Net increase from investment operations		0.0094			0.0074


Distributions from net investment income^(c)		(0.0091	)		(0.0073	)


Net asset value, end of period	$	1.0004		$	1.0001


Total Return^(d)
Based on net asset value		0.95%^(e)			0.75%^(e)


Ratios to Average Net Assets
Total expenses		0.29%^(f)(g)			0.30%^(g)(h)

Total expenses after fees waived and/or reimbursed		0.20%^(g)			0.19%^(g)

Net investment income		1.77%^(g)			2.30%^(g)


Supplemental Data
Net assets, end of period (000)	$	166,081		$	65,788

^(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)	Audit and offering costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 0.31%.

^(g)	Annualized.

^(h)	Audit and offering costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 0.37%.

See notes to financial statements.


12		2026 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)


	BlackRock Liquid Environmentally Aware Fund
	Direct
	Six Months Ended 01/31/20 (unaudited)			Period from 04/08/19^(a) to 07/31/19


Net asset value, beginning of period	$	1.0001		$	1.0000

Net investment income^(b)		0.0093			0.0076
Net realized and unrealized gain		0.0007			0.0001

Net increase from investment operations		0.0100			0.0077


Distributions from net investment income^(c)		(0.0097	)		(0.0076	)


Net asset value, end of period	$	1.0004		$	1.0001


Total Return^(d)
Based on net asset value		1.00%^(e)			0.78%^(e)


Ratios to Average Net Assets
Total expenses		0.19%^(f)(g)			0.22%^(g)(h)

Total expenses after fees waived and/or reimbursed		0.10%^(g)			0.09%^(g)

Net investment income		1.85%^(g)			2.45%^(g)


Supplemental Data
Net assets, end of period (000)	$	828,727		$	333,890

^(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)	Audit and offering costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 0.21%.

^(g)	Annualized.

^(h)	Audit and offering costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 0.29%.

See notes to financial statements.


FINANCIAL HIGHLIGHTS			13

Financial Highlights (continued)

(For a share outstanding throughout each period)


	BlackRock Liquid Environmentally Aware Fund
	Investor A
	Six Months Ended 01/31/20 (unaudited)			Period from 04/08/19^(a) to 07/31/19


Net asset value, beginning of period	$	1.0001		$	1.0000

Net investment income^(b)		0.0079			0.0066
Net realized and unrealized gain		0.0003			0.0001

Net increase from investment operations		0.0082			0.0067


Distributions from net investment income^(c)		(0.0079	)		(0.0066	)


Net asset value, end of period	$	1.0004		$	1.0001


Total Return^(d)
Based on net asset value		0.82%^(e)			0.67%^(e)


Ratios to Average Net Assets
Total expenses		0.55%^(f)(g)			0.58%^(g)(h)

Total expenses after fees waived and/or reimbursed		0.45%^(g)			0.44%^(g)

Net investment income		1.57%^(g)			2.10%^(g)


Supplemental Data
Net assets, end of period (000)	$	253		$	252

^(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)	Audit and offering costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 0.58%.

^(g)	Annualized.

^(h)	Audit and offering costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 0.65%.

See notes to financial statements.


14		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. BlackRock Liquid Environmentally Aware Fund (the “Fund”) is a series of the Trust. The Fund is classified as diversified.

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

Share Class

Initial Sales Charge

CDSC

Conversion Privilege

Institutional Shares

None

Direct Shares

None

Investor A Shares

^(a)

None

^(a)

Investor A Shares may be subject to a contingent deferred sales charge (“CDSC”) upon redemption of shares received in an exchange transaction for Investor A Shares of a fund advised by the Manager (defined below) or its affiliates where no initial sales charge was paid at the time of purchase of such fund.

The Fund prices and transacts its shares at a NAV per share calculated to four decimal places, reflecting market-based values of its portfolio holdings (i.e., at a “floating” NAV).

With respect to the Fund, the Board is permitted to impose a liquidity fee of up to 2% of the value of shares redeemed or temporarily restrict redemptions from the Fund for up to 10 business days during a 90 day period, in the event that the Fund’s weekly liquid assets fall below certain thresholds.

The Fund, together with certain other registered investment companies advised by BlackRock Advisors, LLC (the “Manager”) or its affiliates, is included in a complex of 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. The Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed (the “trade dates”). Realized gains and losses on investment transactions are determined on the identified cost basis. 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.

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

Liquidity Fees: Any liquidity fees imposed on the value of shares redeemed in the event that the Fund’s weekly liquid assets fall below certain thresholds are recorded as paid-in-capital. The liquidity fees are collected and retained by the Fund for the benefit of the Fund’s remaining shareholders.

Offering Costs: Offering costs are amortized over a 12-month period beginning with the commencement of operations of a class of shares.

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

Other: Expenses directly related to the Fund or its classes are charged to the Fund or the applicable class. 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 Fund and other shared expenses prorated to the Fund are allocated daily to each class based on its relative net assets or other appropriate methods.

3.	*INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS*

Investment Valuation Policies: The Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) as of the close of trading on the New York Stock Exchange (“NYSE”) (generally 4:00 p.m., Eastern time). U.S. GAAP defines fair value as the price the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Fund determines the fair values of its 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.


NOTES TO FINANCIAL STATEMENTS			15

Notes to Financial Statements (unaudited) (continued)

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

•

Investments are valued on the basis of prices provided by dealers or pricing services. In determining the value of a particular investment, pricing services may use certain information with respect to transactions in such investments, quotations from dealers, pricing matrixes, market transactions in comparable investments and information with respect to various relationships between investments.

•

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

Fair Value Hierarchy: Various inputs are used in determining the fair value of investments. 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 the Fund has the ability to access

•

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

•

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)

4.	*SECURITIES AND OTHER INVESTMENTS*

Repurchase Agreements: Repurchase agreements are commitments to purchase a security from a counterparty who agrees to repurchase the same security at a mutually agreed upon date and price. On a daily basis, the counterparty is required to maintain collateral subject to the agreement and in value no less than the agreed upon repurchase amount. Repurchase agreements may be traded bilaterally, in a tri-party arrangement or may be centrally cleared through a sponsoring agent. Subject to the custodial undertaking associated with a tri-party repurchase arrangement and for centrally cleared repurchase agreements, a third party custodian maintains accounts to hold collateral for the fund and its counterparties. Typically, the fund and counterparty are not permitted to sell, re-pledge or use the collateral absent a default by the counterparty or the fund, respectively.

In the event the counterparty defaults and the fair value of the collateral declines, the fund could experience losses, delays and costs in liquidating the collateral.

Repurchase agreements are entered into by the fund under Master Repurchase Agreements (each, an “MRA”). The MRA permits the fund, under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset payables and/or receivables with collateral held by and/or posted to the counterparty. As a result, one single net payment is created. Bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of the MRA counterparty’s bankruptcy or insolvency. Based on the terms of the MRA, the fund receives securities as collateral with a market value in excess of the repurchase price at maturity. Upon a bankruptcy or insolvency of the MRA counterparty, the fund would recognize a liability with respect to such excess collateral. The liability reflects the fund’s obligation under bankruptcy law to return the excess to the counterparty.

5.	*INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES*

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

For such services, the Fund pays the Manager a monthly fee at an annual rate equal to 0.10% of the average daily value of the Fund’s net assets.

Service Fees: The Trust, on behalf of the Fund, entered into a Distribution Agreement and a Distribution and Service Plan with BlackRock Investments, LLC (“BRIL”), an affiliate of the Manager. Pursuant to the Distribution and Service Plan and in accordance with Rule 12b-1 under the 1940 Act, the Fund pays BRIL ongoing service fees. The fees are accrued daily and paid monthly at an annual rate of 0.25% based upon the average daily net assets attributable to Investor A Shares.

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


16		2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

For the six months ended January 31, 2020, the class specific service fees borne directly by Investor A Shares were $318.

Administration: The Trust, on behalf of the Fund, entered into an Administration Agreement with the Manager, an indirect, wholly-owned subsidiary of BlackRock, to provide administrative services. For these services, the Manager charges each of the share classes an administration fee, which is shown as administration - class specific in the Statement of Operations, at an annual rate of 0.14% of the average daily net assets for the Institutional Shares and Investor A Shares of the Fund and 0.04% of average daily net assets for the Direct Shares of the Fund.

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


Institutional			$ 86,940
Direct			120,326
Investor A			178
			$ 207,444

Transfer Agent: Pursuant to written agreements, certain financial intermediaries, some of which may be affiliates, provide the Fund with sub-accounting, recordkeeping, sub-transfer agency and other administrative services with respect to servicing of underlying investor accounts. For these services, these entities receive an asset-based fee or an annual fee per shareholder account, which will vary depending on share class and/or net assets. For the six months ended January 31, 2020, the Fund did not pay any amounts to affiliates in return for these services.

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 the Fund:


Institutional	$	26
Direct		11
Investor A		13
	$	50

Expense Limitations, Waivers, and Reimbursements: The Manager contractually agreed to waive and/or reimburse fees or expenses in order to limit expenses, excluding interest expense, dividend expense, acquired fund fees and expenses, and certain other fund expenses, which constitute extraordinary expenses not incurred in the ordinary course of the Fund’s business (“expense limitation”). The expense limitations as a percentage of average daily net assets are 0.00% for the Institutional, Investor A and Direct Shares.

The Manager has agreed not to reduce or discontinue these contractual expense limitations through November 30, 2030, 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 the Fund. For the six months ended January 31, 2020, the Manager waived and/or reimbursed $236,337, which is included in fees waived and/or reimbursed by the Manager in the Statement of Operations.

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


	Transfer Agent Fees Waived and/or Reimbursed
Institutional		$ 26
Direct		11
Investor A		13
		$ 50

The Manager and BRIL have also voluntarily agreed to waive a portion of their respective investment advisory and service and distribution fees and/or reimburse operating expenses to enable the Fund to maintain minimum levels of daily net investment income if applicable. These amounts, if any, are reported in the Statement of Operations as fees waived and/or reimbursed by the Manager and transfer agent fees waived and/or reimbursed — class specific. The Manager and BRIL may discontinue the waiver and/ or reimbursement at any time. For the six months ended January 31, 2020, there were no fees waived and/or reimbursed by the Manager under this agreement.

Effective January 1, 2020, the Manager voluntarily agreed to waive a portion of the investment advisory fees. This voluntary waiver may be reduced or discontinued at any time. Pursuant to this voluntary waiver, the Fund waived $145,217, which is included in fees waived and/or reimbursed by the Manager in the Statement of Operations.

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

A lending BlackRock fund may lend in aggregate up to 15% of its net assets, but may not lend more than 5% of its net assets to any one borrowing fund through the Interfund Lending Program. A borrowing BlackRock fund may not borrow through the Interfund Lending Program or from any other source more than 33 1/3% of its total assets (or any lower threshold provided for by the fund’s investment restrictions). If a borrowing BlackRock fund’s total outstanding borrowings exceed 10% of its total assets, each of its outstanding interfund loans will be subject to collateralization of at least 102% of the outstanding principal value of the loan. All interfund loans are for temporary or emergency purposes and the interest rate to be charged will be the average of the highest current overnight repurchase agreement rate available to a lending fund and the bank loan rate, as calculated according to a formula established by the Board.

During the period ended January 31, 2020, the Fund did not participate in the Interfund Lending Program.


NOTES TO FINANCIAL STATEMENTS			17

Notes to Financial Statements (unaudited) (continued)

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

6.	*INCOME TAX INFORMATION*

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

Management has analyzed tax laws and regulations and their application to the Fund 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 Fund’s financial statements.

7.	*PRINCIPAL RISKS*

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

The Fund may be exposed to prepayment risk, which is the risk that borrowers may exercise their option to prepay principal earlier than scheduled during periods of declining interest rates, which would force the Fund to reinvest in lower yielding securities. The Fund may also be exposed to reinvestment risk, which is the risk that income from the Fund’s portfolio will decline if the Fund invests the proceeds from matured, traded or called fixed-income securities at market interest rates that are below the Fund portfolio’s current earnings rate.

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 Fund may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions. The Fund manages counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Fund to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Fund’s exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statement of Assets and Liabilities, less any collateral held by the Fund.


18		2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

8.	*CAPITAL SHARE TRANSACTIONS*

The number of shares sold, reinvested and redeemed for the Fund were transacted at each class’ floating NAV per share calculated to four decimal places.

Transactions in capital shares for each class were as follows:


	Six Months Ended 01/31/20						Period from 04/08/19^(a)to 07/31/19
	Shares			Amount			Shares			Amount
Institutional
Shares sold		121,031,317		$	121,050,025			165,742,682		$	165,750,997
Shares issued in reinvestment of distributions		865,679			865,909			40,126			40,130
Shares redeemed		(21,660,648	)		(21,664,988	)		(100,001,294	)		(100,023,517	)
Net increase		100,236,348		$	100,250,946			65,781,514		$	65,767,610
Direct
Shares sold		530,900,004		$	531,009,085			339,652,733		$	339,662,021
Shares issued in reinvestment of distributions		2,831,969			2,832,737			281,716			281,751
Shares redeemed		(39,180,675	)		(39,189,114	)		(6,082,037	)		(6,081,031	)
Net increase		494,551,298		$	494,652,708			333,852,412		$	333,862,741
Investor A
Shares sold		—		$	—			250,000		$	249,999
Shares issued in reinvestment of distributions		1,405			1,405			1,643			1,643
Net increase		1,405		$	1,405			251,643		$	251,642
Total Net Increase		594,789,051		$	594,905,059			399,885,569		$	399,881,993

^(a)	Commencement of operations.

As of January 31, 2020, shares owned by BlackRock Financial Management, Inc., an affiliate of the Fund, were as follows:


Institutional			253,456
Direct			249,500,000
Investor A			253,048

9.	*SUBSEQUENT EVENTS*

Management has evaluated the impact of all subsequent events on the Fund through the date the financial statements were issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.


NOTES TO FINANCIAL STATEMENTS			19

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

Accounting Agent

JPMorgan Chase Bank, N.A.

New York, NY 10179

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Wilmington, DE 19809

Custodian

JPMorgan Chase Bank, N.A.

New York, NY 10179

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

Boston, MA 02116

Distributor

BlackRock Investments, LLC

New York, NY 10022

Legal Counsel

Sidley Austin LLP

New York, NY 10019

Address of the Trust

100 Bellevue Parkway

Wilmington, DE 19809


20		2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Additional Information

General Information

Householding

The Fund 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 Transfer Agent at (800) 441-7762.

Availability of Quarterly Schedule of Investments

The Fund files its complete schedule of portfolio holdings with the SEC each month on Form N-MFP. The Fund’s reports on Form N-MFP are available on the SEC’s website at sec.gov. The Fund makes portfolio holdings available to shareholders on its website at blackrock.com

Availability of Proxy Voting Policies and Procedures

A description of the policies and procedures that the Fund uses 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 Fund voted proxies relating to securities held in the Fund’s portfolio 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 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.


ADDITIONAL INFORMATION			21

Glossary of Terms Used in This Report


Currency

USD		United States Dollar


Portfolio Abbreviations

LIBOR		London Interbank Offered Rate

SOFR		Secured Overnight Financing Rate


22		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 Fund unless preceded or accompanied by the Fund’s current prospectus. You could lose money by investing in the Fund. Because the share price of the Fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund at any time. Performance data quoted represents past performance and does not guarantee future results. Total return information assumes reinvestment of all distributions. Current performance may be higher or lower than the performance data quoted. For current month-end performance information, call (800) 626-1960. The Fund’s current 7-day yield more closely reflects the current earnings of the Fund than the total returns quoted. Statements and other information herein are as dated and are subject to change.

LEAF-1/20-SAR


		JANUARY 31, 2020

2020 Semi-Annual Report

(unaudited)

BlackRock Funds^SM

BlackRock Total Factor Fund

Not FDIC Insured • May Lose Value • No Bank Guarantee

The Markets in Review

Dear Shareholder,

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,

LOGO

Rob Kapito

President, BlackRock Advisors, LLC

LOGO

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 Summary		4
About Fund Performance		6
Disclosure of Expenses		6
Derivative Financial Instruments		6
Consolidated Financial Statements:
Consolidated Schedule of Investments		7
Consolidated Statement of Assets and Liabilities		44
Consolidated Statement of Operations		45
Consolidated Statements of Changes in Net Assets		46
Consolidated Financial Highlights		47
Notes to Consolidated Financial Statements		51
Statement Regarding Liquidity Risk Management Program		61
Trustee and Officer Information		62
Additional Information		63
Glossary of Terms Used in this Report		65

LOGO


			3


Fund Summary as of January 31, 2020		BlackRock Total Factor Fund

Investment Objective

BlackRock Total Factor Fund’s (the “Fund”) investment objective is to seek total return.

Portfolio Management Commentary

How did the Fund perform?

For the six-month period ended January 31, 2020, the Fund underperformed its reference benchmark, a blend of 60% MSCI World Index Hedged USD Net/40% Bloomberg Barclays U.S. Aggregate Bond Index. For the same period, the Fund also underperformed its secondary benchmark, the ICE BofAML 3-Month U.S. Treasury Bill Index.

What factors influenced performance?

The Fund utilizes a factor investing approach in order to provide a diversified engine for growth. The Fund targets multiple return drivers, or factors, across many asset classes and geographies. By leveraging a long/short implementation framework, the strategy seeks to isolate broad and persistent sources of returns, while maintaining a low correlation to equity and fixed-income markets and being designed to be resilient to market shocks and drawdowns.

The long/short single-name equity component was the primary detractor from the Fund’s relative performance, as the momentum and quality factors weighed on results. In the third quarter of 2019, momentum strategies pared their gains from the first half of the year in conjunction with an unwind in the broader bond market. Quality strategies have been susceptible to geopolitical tensions due to the factor’s preference for companies with globally diversified supply chains. The combination of those tensions and a “junk firm” rally tied to the Phase 1 trade deal between the United States and China moved against the factor.

Within the long/short style factor component, the Fund’s positioning within currencies and commodities were substantial contributors to performance. Within currencies, continued geopolitical flare-ups resulted in a widening set of investment opportunities, particularly in emerging market foreign exchange. The value, momentum, and carry strategies were all able to take advantage of these favorable conditions. In commodities, value strategies were the primary drivers of returns, as the model was able to find price dislocations within the energy sector. From a factor perspective, value strategies were the top performers across the majority of asset classes in the long/short space, while low volatility equity strategies provided strong returns for a second straight year. Finally, the Fund’s risk parity component added significantly to performance, as the three targeted factors — real rates, inflation and economic growth — all delivered positive returns. Oscillating geopolitical tensions created a conducive environment for pro-cyclical and defensive exposures.

The Fund routinely holds derivatives including futures, swaps, and currency forwards to gain exposure to single name stocks, global bonds, currencies, commodities, and equity market indices in a cost-efficient and capital-efficient manner. Additionally, some of the Fund’s currency forwards are held as a means to protect against unintended exposure to foreign currency risk. Over the period, the Fund’s use of derivatives had a negative impact on Fund performance.

The Fund holds large unencumbered cash positions to meet collateral calls on derivative positions. The cash balance did not have a material impact on performance during the period.

Describe recent portfolio activity.

The majority of the portfolio’s risk budget remained unchanged from the start of the period. The Fund is currently positioned slightly more defensively within single name equities as quality and low volatility have received a marginally higher allocation than value and momentum. Outside of single name equities, the portfolio remains slightly tilted toward momentum strategies and has a strategic exposure to economic growth surprises.

Describe portfolio positioning at period end.

The Fund continued to seek to deliver positive absolute returns by balancing risks among equities, bonds, commodities, currencies and diversifying strategies. At the end of the period, the Fund favored developed market equities to those of emerging markets but favored emerging market currencies over those of developed markets. Within the long/short rates component, the Fund favored U.S. and U.K. duration (and corresponding sensitivity to interest rates), funded by short positions to Australia and Canada. The long/short commodities component was effectively neutral within energy and maintained a slight net long position in precious metals.

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 Total Factor Fund

Portfolio Information

PORTFOLIO COMPOSITION


Asset Type	Percent of Total Investments	^(a)
Foreign Government Obligations	87	%
U.S. Treasury Obligations	13

^(a)	Total Investments exclude short-term securities.

PORTFOLIO HOLDINGS


Security	Percent of Total Investments	^(a)
Republic of France	33	%
Commonwealth of Australia	17
U.K. Treasury Inflation Linked Bonds	14
Canadian Government Bond	14
Federal Republic of Germany	9
U.S. Treasury Inflation Linked Notes	9
U.S. Treasury Inflation Linked Bonds	4

^(a)	Total Investments exclude short-term securities.

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		0.19	%		7.24	%		N/A			3.73	%		N/A			3.78	%		N/A
Investor A		0.09			6.94			1.32	%		3.47			2.36	%		3.53			2.74	%
Investor C		(0.30	)		6.24			5.24			2.71			2.71			2.75			2.75
Class K		0.21			7.36			N/A			3.77			N/A			3.81			N/A
60% MSCI World Index Hedged USD Net/40% Bloomberg Barclays U.S. Aggregate Bond Index^(d)		6.51			15.60			N/A			7.26			N/A			8.52			N/A
MSCI World Index Hedged USD Net^(e)		7.97			19.38			N/A			9.87			N/A			12.12			N/A
Bloomberg Barclays U.S. Aggregate Bond Index^(f)		4.20			9.64			N/A			3.01			N/A			2.94			N/A
ICE BofAML 3-Month U.S. Treasury Bill Index^(g)		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 6 for a detailed description of share classes, including any related sales charges and fees, and how performance was calculated for certain share classes.

^(b)

The Fund seeks to achieve its investment objective by investing in a broad range of global asset classes, such as equity securities (which may include derivative instruments that are tied economically to equity securities), fixed and floating rate debt instruments, derivatives, other investment companies, including exchange-traded funds (“ETFs”), real estate investment trusts (“REITs”) and commodity-related instruments. The Fund’s total returns prior to February 3, 2017 are the returns of the Fund when it followed different investment strategies under the name “BlackRock Strategic Risk Allocation Fund”.

^(c)	The Fund commenced operations on December 27, 2012.

^(d)	This customized weighted index is comprised of the returns of the MSCI World Index Hedged USD Net (60%) and the Bloomberg Barclays U.S. Aggregate Bond Index (40%).

^(e)

Represents a close estimation of the performance that can be achieved by hedging the currency exposures of its parent index, the MSCI World Index, to the U.S. Dollar (“USD”), the “home” currency for the hedged index. The index is 100% hedged to the USD by selling each foreign currency forward at the one-month forward weight. The parent index is composed of large and midcap stocks across 23 developed market countries and its local performance is calculated in 13 different currencies, including the Euro.

^(f)

A broad-based flagship benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market. The index includes U.S. Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate pass-throughs), asset-backed securities and commercial mortgage-backed securities (agency and non-agency).

^(g)	An unmanaged index that tracks 3-month U.S. Treasury securities.

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 ^(a)
	Beginning Account Value (08/01/19)		Ending Account Value (01/31/20)		Expenses Paid During the Period ^(b)		Beginning Account Value (08/01/19)		Ending Account Value (01/31/20)		Expenses Paid During the Period ^(b)		Annualized Expense Ratio
Institutional	$	1,000.00	$	1,001.90	$	2.77	$	1,000.00	$	1,022.37	$	2.80		0.55	%
Investor A		1,000.00		1,000.90		4.02		1,000.00		1,021.11		4.06		0.80
Investor C		1,000.00		997.00		7.78		1,000.00		1,017.34		7.86		1.55
Class K		1,000.00		1,002.10		2.52		1,000.00		1,022.62		2.54		0.50

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

^(b)	For each class of the Fund, expenses are equal to the annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period shown)

See “Disclosure of Expenses” on page 6 for further information on how expenses were calculated.


FUND SUMMARY			5

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 shown prior to the Class K Shares inception date of February 3, 2017 is that of Institutional Shares. The performance of the 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 page assume reinvestment of all distributions, if any, at net asset value (“NAV”) on the ex-dividend date or payable date, as applicable. Investment return and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Distributions paid to each class of shares will vary because of the different levels of service, distribution and transfer agency fees applicable to each class, which are deducted from the income available to be paid to shareholders.

BlackRock Advisors, LLC (the “Manager”), the Fund’s investment adviser, has contractually agreed to waive and/or reimburse a portion of the Fund’s expenses. Without such waiver and/or reimbursement, the Fund’s performance would have been lower. With respect to the 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 Consolidated Financial Statements for additional information on waivers and/or reimbursements.

Disclosure of Expenses

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

The expense example provides information about actual account values and actual expenses. 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 share class under the heading entitled “Expenses Paid During the Period.”

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

Derivative Financial Instruments

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


6		2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (unaudited)

January 31, 2020

BlackRock Total Factor Fund

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

Foreign Government Obligations — 15.4%

Australia — 3.1%
Commonwealth of Australia:
1.25%, 02/21/22	AUD		3,001	$	2,096,797
3.00%, 09/20/25			3,589		2,907,384
0.75%, 11/21/27			1,981		1,461,171
2.50%, 09/20/30			2,256		1,993,081
2.00%, 08/21/35			1,688		1,531,502
1.25%, 08/21/40			1,456		1,249,633
1.00%, 02/21/50			1,497		1,315,767

					12,555,335

Canada — 2.4%
Canadian Government Bond:
6.97%, 12/01/21	CAD		1,310		1,063,611
6.59%, 12/01/26			1,258		1,228,251
4.00%, 12/01/31			1,336		1,486,352
3.97%, 12/01/36			1,195		1,336,644
2.45%, 12/01/41			1,239		1,308,217
1.77%, 12/01/44			1,402		1,408,282
1.38%, 12/01/47			1,314		1,304,101
0.52%, 12/01/50			1,003		858,760

					9,994,218

France — 5.8%
Republic of France:
0.10%, 03/01/21	EUR		598		673,737
0.10%, 07/25/21			802		908,628
1.10%, 07/25/22			1,978		2,343,443
2.10%, 07/25/23			1,810		2,252,784
0.25%, 07/25/24			1,672		2,005,580
0.10%, 03/01/25			960		1,140,616
1.85%, 07/25/27			2,078		2,891,594
0.10%, 03/01/28			990		1,215,942
0.10%, 03/01/29			523		655,071
4.42%, 07/25/29			1,049		1,705,815
0.70%, 07/25/30^(a)			1,249		1,683,756
4.08%, 07/25/32			1,202		2,113,944
0.10%, 07/25/36^(a)			514		683,001
2.16%, 07/25/40^(a)			1,256		2,262,435
0.10%, 07/25/47^(a)			868		1,237,206

					23,773,552

Germany — 1.7%
Federal Republic of Germany:
0.10%, 04/15/23			1,569		1,821,683
0.10%, 04/15/26			1,509		1,842,614
0.50%, 04/15/30			1,397		1,877,797
0.10%, 04/15/46			826		1,308,636

					6,850,730

United Kingdom — 2.4%
U.K. Treasury Inflation Linked Bonds:
1.88%, 11/22/22	GBP		205		305,393
0.13%, 03/22/24			220		323,274
2.50%, 07/17/24			215		345,606
0.13%, 03/22/26			140		217,603
1.25%, 11/22/27			213		375,957
0.13%, 08/10/28			110		183,170
0.13%, 03/22/29			213		360,333
4.13%, 07/22/30			97		228,312
1.25%, 11/22/32			166		343,693
0.75%, 03/22/34			168		339,427


Security		Par (000)		Value

United Kingdom (continued)
2.00%, 01/26/35	GBP		193	$	447,718
0.13%, 11/22/36			118		232,067
1.13%, 11/22/37			195		450,904
0.63%, 03/22/40			209		471,541
0.13%, 08/10/41			101		215,294
0.63%, 11/22/42			177		421,959
0.13%, 03/22/44			217		483,127
0.13%, 03/22/46			141		322,428
0.75%, 11/22/47			170		456,366
0.13%, 08/10/48			110		261,594
0.50%, 03/22/50			177		471,877
0.25%, 03/22/52			154		404,861
1.25%, 11/22/55			160		560,699
0.13%, 11/22/56			68		187,356
0.13%, 03/22/58			129		361,497
0.38%, 03/22/62			159		508,184
0.13%, 11/22/65			84		267,858
0.13%, 03/22/68			152		514,376

					10,062,474


Total Foreign Government Obligations — 15.4% (Cost: $61,562,220)					63,236,309


U.S. Treasury Obligations — 2.3%
U.S. Treasury Inflation Linked Bonds:
2.38%, 01/15/25 - 01/15/27	USD		351		402,299
2.00%, 01/15/26			150		169,356
1.75%, 01/15/28			110		126,963
3.63%, 04/15/28			154		201,269
2.50%, 01/15/29			216		266,176
3.88%, 04/15/29			177		241,259
3.38%, 04/15/32			42		59,667
2.13%, 02/15/40 - 02/15/41			316		437,054
0.75%, 02/15/42 - 02/15/45			343		380,447
0.63%, 02/15/43			149		160,409
1.38%, 02/15/44			147		184,135
1.00%, 02/15/46 - 02/15/49			386		459,529
0.88%, 02/15/47			115		132,712
U.S. Treasury Inflation Linked Notes:
1.13%, 01/15/21			249		251,108
0.13%, 04/15/21 - 07/15/26			2,597		2,623,068
0.63%, 07/15/21 - 01/15/26			1,083		1,113,229
0.38%, 07/15/23 - 07/15/27			979		1,012,360
0.50%, 04/15/24 - 01/15/28			425		442,476
0.25%, 01/15/25 - 07/15/29			502		517,043
0.75%, 07/15/28			229		246,433
0.88%, 01/15/29			213		232,058


Total U.S. Treasury Obligations — 2.3% (Cost: $9,296,003)					9,659,050


Total Long-Term Investments — 17.7% (Cost: $70,858,223)					72,895,359


		Shares

Short-Term Securities — 69.8%

Money Market Funds — 3.1%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 1.48%^(b)*			12,710,094		12,710,094


Total Money Market Funds — 3.1% (Cost: $12,710,094)					12,710,094


CONSOLIDATED SCHEDULE OF INVESTMENTS			7

Consolidated Schedule of Investments (unaudited) (continued)

January 31, 2020

BlackRock Total Factor Fund

(Percentages shown are based on Net Assets)


Security		Par (000)		Value

U.S. Treasury Obligations — 66.7%
U.S. Treasury Bills^(c):
1.73%, 07/16/20	USD		66,000	$	65,550,879
1.84%, 06/18/20			55,000		54,687,987
1.90%, 02/27/20			51,000		50,950,105
1.98%, 03/26/20			55,500		55,378,648


Security		Par (000)		Value

U.S. Treasury Obligations (continued)
2.10%, 05/21/20	USD		48,000	$	47,780,136


Total U.S. Treasury Obligations — 66.7% (Cost: $274,065,847)					274,347,755


Total Short-Term Securities — 69.8% (Cost: $286,775,941)					287,057,849


Total Investments — 87.5% (Cost: $357,634,164)					359,953,208

Other Assets Less Liabilities — 12.5%					51,365,200


Net Assets — 100.0%				$	411,318,408

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

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

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

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		13,562,162		(852,068	)		12,710,094	$	12,710,094	$	132,559	$	31	$	—

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


8		2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (unaudited) (continued)

January 31, 2020

BlackRock Total Factor 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
AEX Index		292		02/21/20	$	38,074	$	(1,193,013	)
CAC 40 10 Euro Index		611		02/21/20		39,330		(1,522,894	)
IBEX 35 Index		190		02/21/20		19,760		(297,181	)
Hang Seng China Enterprises Index		176		02/27/20		11,614		(423,720	)
Hang Seng Index		11		02/27/20		1,858		(31,459	)
Brent Crude Oil^(a)		218		02/28/20		12,343		(1,467,288	)
RBOB Gasoline^(a)		371		02/28/20		23,437		(769,590	)
Euro-Bund		590		03/06/20		114,536		1,978,797
TOPIX Index		32		03/12/20		4,959		(80,661	)
SPI 200 Index		236		03/19/20		27,465		686,181
DAX Index		7		03/20/20		2,522		(38,525	)
FTSE/MIB Index		42		03/20/20		5,408		(84,659	)
U.S. Treasury 10 Year Note		1,527		03/20/20		201,039		3,787,524
100 oz Gold^(a)		57		03/27/20		9,034		101,552
Long Gilt		1,103		03/27/20		196,542		3,021,017
Silver^(a)		72		03/27/20		6,484		346,918

								4,012,999

Short Contracts
WTI Crude Oil^(a)		177		02/20/20		9,126		982,300
OMXS30 Index		14		02/21/20		260		1,904
Natural Gas^(a)		80		02/26/20		1,473		25,450
SGX NIFTY 50 Index		1,380		02/27/20		33,084		493,223
Low Sulphur Gasoil^(a)		174		03/12/20		8,744		12,603
Australia 10 Year Bond		1,463		03/16/20		144,830		(2,110,621	)
S&P/TSX 60 Index		158		03/19/20		24,630		161,411
Canada 10 Year Bond		1,352		03/20/20		145,242		(2,988,317	)
FTSE 100 Index		202		03/20/20		19,252		645,188
S&P 500 E-Mini Index		117		03/20/20		18,860		(285,436	)

								(3,062,295	)

							$	950,704

^(a)	All or a portion of the security is held by a wholly-owned subsidiary. See Note 1 of the Notes to Consolidated Financial Statements for details on the wholly-owned subsidiary.

Forward Foreign Currency Exchange Contracts

Currency

Purchased

Currency

Sold

Counterparty

Settlement
Date

Unrealized
Appreciation
(Depreciation)

CHF

942,000

^(a)

USD

965,932

Morgan Stanley & Co. International plc

03/18/20

15,014

EUR

863,000

^(a)

USD

954,033

Morgan Stanley & Co. International plc

03/18/20

5,622

GBP

6,477,994

^(a)

USD

8,495,429

Morgan Stanley & Co. International plc

03/18/20

68,654

INR

141,877,000

^(a)

USD

1,957,950

Barclays Bank plc

03/18/20

13,450

JPY

1,008,506,000

^(a)

USD

9,248,905

Morgan Stanley & Co. International plc

03/18/20

80,222

MXN

747,220,000

^(a)

USD

38,305,190

Morgan Stanley & Co. International plc

03/18/20

989,541

RUB

1,777,190,000

^(a)

USD

27,556,922

Bank of America NA

03/18/20

113,352

SEK

5,740,000

USD

595,732

JPMorgan Chase Bank NA

03/18/20

1,735

USD

62,370,190

^(a)

AUD

90,440,062

Morgan Stanley & Co. International plc

03/18/20

1,781,890

USD

25,490,117

^(a)

BRL

107,163,000

Bank of America NA

03/18/20

524,463

USD

3,018,863

^(a)

BRL

12,403,000

Barclays Bank plc

03/18/20

129,349

USD

4,161,549

^(a)

BRL

16,967,000

Deutsche Bank AG

03/18/20

208,764

USD

5,148,646

^(a)

BRL

20,706,000

JPMorgan Chase Bank NA

03/18/20

324,790

USD

9,017,050

^(a)

BRL

38,080,000

Morgan Stanley & Co. International plc

03/18/20

145,591

USD

8,975,889

^(a)

CAD

11,755,000

Morgan Stanley & Co. International plc

03/18/20

93,809

USD

36,285,253

^(a)

EUR

32,465,335

Morgan Stanley & Co. International plc

03/18/20

183,820

USD

2,117,866

^(a)

GBP

1,601,000

Morgan Stanley & Co. International plc

03/18/20

1,302

USD

2,547,074

^(a)

JPY

275,104,000

Morgan Stanley & Co. International plc

03/18/20

2,241


CONSOLIDATED SCHEDULE OF INVESTMENTS			9

Consolidated Schedule of Investments (unaudited) (continued)

January 31, 2020

BlackRock Total Factor Fund

Forward Foreign Currency Exchange Contracts (continued)


Currency Purchased			Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	659,646	^(a)	KRW	766,172,000	Bank of America NA		03/18/20	$	18,713
USD	46,028,815	^(a)	KRW	54,642,187,000	Barclays Bank plc		03/18/20		318,494
USD	7,726,097	^(a)	KRW	9,034,013,000	BNP Paribas SA		03/18/20		168,792
USD	4,106,948	^(a)	KRW	4,888,665,000	Deutsche Bank AG		03/18/20		17,390
USD	1,225,583	^(a)	KRW	1,418,392,000	HSBC Bank plc		03/18/20		39,043
USD	697,609	^(a)	KRW	815,582,000	JPMorgan Chase Bank NA		03/18/20		15,343
USD	5,155,996	^(a)	KRW	5,945,859,000	Morgan Stanley & Co. International plc		03/18/20		182,054
USD	1,939,921	^(a)	MXN	36,487,000	Morgan Stanley & Co. International plc		03/18/20		21,146
USD	246,562	^(a)	NOK	2,251,000	Morgan Stanley & Co. International plc		03/18/20		1,792
USD	12,974,303	^(a)	NZD	19,579,000	Morgan Stanley & Co. International plc		03/18/20		311,473
USD	535,798		SEK	5,038,000	Citibank NA		03/18/20		11,401
USD	1,178,169		SEK	11,150,000	JPMorgan Chase Bank NA		03/18/20		17,584
USD	288,722	^(a)	SEK	2,723,468	Morgan Stanley & Co. International plc		03/18/20		5,241
USD	231,109	^(a)	SGD	314,000	Morgan Stanley & Co. International plc		03/18/20		981
USD	1,644,695	^(a)	TWD	49,180,000	Bank of America NA		03/18/20		22,391
USD	27,495,536	^(a)	TWD	831,769,000	HSBC Bank plc		03/18/20		57,912
USD	526,411	^(a)	TWD	15,673,000	Morgan Stanley & Co. International plc		03/18/20		9,405

									5,902,764

AUD	12,796,000	^(a)	USD	8,710,763	Morgan Stanley & Co. International plc		03/18/20		(138,368	)
BRL	17,265,000	^(a)	USD	4,209,436	Deutsche Bank AG		03/18/20		(187,226	)
CAD	92,383,276	^(a)	USD	70,427,282	Morgan Stanley & Co. International plc		03/18/20		(622,467	)
EUR	5,736,000	^(a)	USD	6,426,880	Morgan Stanley & Co. International plc		03/18/20		(48,452	)
GBP	10,389,000	^(a)	USD	13,901,845	Morgan Stanley & Co. International plc		03/18/20		(167,307	)
INR	3,030,933,000	^(a)	USD	42,116,765	Barclays Bank plc		03/18/20		(1,539	)
INR	439,775,000	^(a)	USD	6,147,551	HSBC Bank plc		03/18/20		(36,817	)
INR	185,269,000	^(a)	USD	2,583,587	JPMorgan Chase Bank NA		03/18/20		(9,249	)
INR	579,727,000	^(a)	USD	8,075,886	Morgan Stanley & Co. International plc		03/18/20		(20,500	)
JPY	397,854,367	^(a)	USD	3,686,298	Morgan Stanley & Co. International plc		03/18/20		(5,969	)
NZD	12,984,000	^(a)	USD	8,550,518	Morgan Stanley & Co. International plc		03/18/20		(153,042	)
RUB	33,549,900	^(a)	USD	533,717	Bank of America NA		03/18/20		(11,355	)
RUB	30,156,000	^(a)	USD	477,039	Barclays Bank plc		03/18/20		(7,520	)
RUB	200,486,699	^(a)	USD	3,214,267	Deutsche Bank AG		03/18/20		(92,754	)
RUB	588,861,402	^(a)	USD	9,350,170	HSBC Bank plc		03/18/20		(181,788	)
RUB	253,849,000	^(a)	USD	4,059,648	Morgan Stanley & Co. International plc		03/18/20		(107,301	)
TWD	155,244,000	^(a)	USD	5,157,050	BNP Paribas SA		03/18/20		(36,005	)
TWD	206,890,000	^(a)	USD	6,940,715	Deutsche Bank AG		03/18/20		(116,020	)
USD	767,533	^(a)	CHF	752,000	Morgan Stanley & Co. International plc		03/18/20		(15,558	)
USD	18,904,715	^(a)	GBP	14,424,000	Morgan Stanley & Co. International plc		03/18/20		(164,203	)
USD	1,100,647	^(a)	HKD	8,589,000	Morgan Stanley & Co. International plc		03/18/20		(4,468	)
USD	3,485,730	^(a)	JPY	379,371,000	Morgan Stanley & Co. International plc		03/18/20		(23,619	)
USD	4,568,100	^(a)	MXN	87,630,000	Morgan Stanley & Co. International plc		03/18/20		(40,178	)

									(2,191,705	)

Net Unrealized Appreciation								$	3,711,059

^(a)	All or a portion of the security is held by a wholly-owned subsidiary. See Note 1 of the Notes to Consolidated Financial Statements for details on the wholly-owned subsidiary.

Centrally Cleared Credit Default Swaps — Sell Protection


Reference Obligation/Index	Financing Rate Received by the Fund			Payment Frequency	Termination Date		Credit Rating ^(a)		Notional Amount (000) ^(b)			Value		Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
CDX.NA.HY.33.V2		5.00	%	Quarterly		12/20/24		B		USD	22,007	$	1,978,364	$	1,714,297	$	264,067
ITRAXX.EUR. CROSSOVER.32.V1		5.00	%	Quarterly		12/20/24		CCC+		EUR	20,023		2,847,368		2,889,054		(41,686	)

												$	4,825,732	$	4,603,351	$	222,381


10		2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (unaudited) (continued)

January 31, 2020

BlackRock Total Factor Fund

^(a)	Using the rating of the issuer or the underlying securities of the index, as applicable, provided by S&P Global Ratings.

^(b)	The maximum potential amount the Fund may pay should a negative credit event take place as defined under the terms of the agreement.

OTC Total Return Swaps


Reference Entity	Fixed Amount Paid / (Received) by the Fund^(a)			Counterparty	Termination Date		Notional Amount (000)			Value			Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
BOVESPA Index Futures February 2020	BRL	(4,372,508	)	Merrill Lynch International & Co.		02/12/20		BRL	4,373	$	36,674		$	—	$	36,674
BOVESPA Index Futures February 2020	BRL	(1,965,428	)	Merrill Lynch International & Co.		02/12/20		BRL	1,965		6,678			—		6,678
BOVESPA Index Futures February 2020	BRL	(7,611,852	)	Merrill Lynch International & Co.		02/12/20		BRL	7,612		48,180			—		48,180
TAIEX Futures February 2020	TWD	1,292,430,101		Merrill Lynch International & Co.		02/19/20		TWD	1,292,430		(1,856,132	)		—		(1,856,132	)
TAIEX Futures February 2020	TWD	130,923,137		Merrill Lynch International & Co.		02/19/20		TWD	130,923		(233,636	)		—		(233,636	)
KOSPI 200 Index Futures March 2020	KRW	(9,626,174,250	)	Merrill Lynch International & Co.		03/12/20		KRW	9,626,174		—			—		—
KOSPI 200 Index Futures March 2020	KRW	(9,914,518,250	)	Merrill Lynch International & Co.		03/12/20		KRW	9,914,518		542,974			—		542,974
Swiss Market Index Futures March 2020	CHF	3,012,292		JPMorgan Chase Bank NA		03/20/20		CHF	3,012		(60,520	)		—		(60,520	)
Swiss Market Index Futures March 2020	CHF	19,575,616		JPMorgan Chase Bank NA		03/20/20		CHF	19,576		268,256			—		268,256
Swiss Market Index Futures March 2020	CHF	7,187,918		JPMorgan Chase Bank NA		03/20/20		CHF	7,188		—			—		—

										$	(1,247,526	)	$	—	$	(1,247,526	)

(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 NA		02/15/23	$	21,496,535	$	(2,006,743	)^(b)	$	19,414,405		108.4	%
	Citibank NA		02/24/23 - 02/27/23		20,651,215		(2,793,272	)^(c)		17,751,839		115.0	%
	Credit Suisse International		02/13/20 - 02/08/23		19,191,010		(670,934	)^(d)		18,438,394		114.6	%
	Deutsche Bank AG		02/17/23		157,746		19,966	^(e)		177,659		0.3	%
	JPMorgan Chase Bank NA		02/08/23		109,662		44,109	^(f)		132,490		0.4	%

						$	(5,406,874	)	$	55,914,787

^(a)

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 0-300 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:

Association of Banks in Singapore SGD 1 Month

Association of Banks in Singapore Swap Offer Rate Fixing 1 Month

Association of Banks in Singapore Interbank Offer Rate Overnight

ASX Australian Bank Bill Short Term Rates 1 Month

Canada Bankers Acceptances 1 Month

Copenhagen Interbank Offered Rate:

DKK 1 Day

DKK 1 Week

DKK 1 Month

EMMI EURO Overnight Index Average Rate

Euro Denominated LIBOR Rate 1 Month

Hong Kong Dollar HIBOR Fixings:

HKD 1 Week

HKD 1 Month

Intercontinental Exchange LIBOR:

CHF 1 Week


CONSOLIDATED SCHEDULE OF INVESTMENTS			11

Consolidated Schedule of Investments (unaudited) (continued)

January 31, 2020

BlackRock Total Factor Fund

CHF 1 Month

EUR 1 Week

EUR 1 Month

GBP 1 Week

GBP 1 Month

JPY 1 Week

JPY 1 Month

USD 1 Week

USD 1 Month

Norwegian Interbank Offered Rate:

NOK 1 Week

NOK 1 Month

SGD 1 Month Deposit

Stockholm Interbank Offered Rate:

SEK 1 Week

SEK 1 Month

USD Overnight Bank Funding Rate

^(b)	Amount includes $75,387 of net dividends and financing fees.

^(c)	Amount includes $106,104 of net dividends and financing fees.

^(d)	Amount includes $81,682 of net dividends and financing fees.

^(e)	Amount includes $53 of net dividends and financing fees.

^(f)	Amount includes $21,281 of net dividends and financing fees.

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


	Shares		Value		% of Basket Value

Reference Entity — Long

Australia
AGL Energy Ltd.		23,442	$	311,104		1.6	%
Aristocrat Leisure Ltd.		6,490		154,781		0.8
ASX Ltd.		13,252		749,741		3.9
Aurizon Holdings Ltd.		519,195		1,861,057		9.6
BHP Group Ltd.		18,445		473,002		2.4
BHP Group plc		22,150		482,131		2.5
Cochlear Ltd.		750		119,450		0.6
Macquarie Group Ltd.		5,310		507,372		2.6
Newcrest Mining Ltd.		42,650		853,855		4.4
QBE Insurance Group Ltd.		3,790		34,501		0.2
Rio Tinto Ltd.		9,199		596,908		3.1
Rio Tinto plc		20,275		1,084,191		5.6
Santos Ltd.		6,930		39,774		0.2
South32 Ltd.		62,340		106,969		0.6
Suncorp Group Ltd.		53,090		453,530		2.3
Sydney Airport		19,130		106,403		0.5
Telstra Corp. Ltd.		133,900		341,438		1.8
Treasury Wine Estates Ltd.		27,560		236,728		1.2
Wesfarmers Ltd.		13,168		395,066		2.0
Woolworths Group Ltd.		20,480		568,808		2.9

				9,476,809

Austria
Erste Group Bank AG		26,680		979,620		5.1


Belgium
Ageas		11,518		635,121		3.3
Colruyt SA		750		37,555		0.2
Groupe Bruxelles Lambert SA		4,952		497,645		2.6
KBC Group NV		5,620		412,370		2.1
UCB SA		7,930		729,736		3.7

				2,312,427


	Shares		Value		% of Basket Value

Canada
Bank of Nova Scotia (The)		460	$	25,124		0.1	%
BCE, Inc.		4,050		190,840		1.0
Canadian Natural Resources Ltd.		7,206		202,665		1.0
Canadian Pacific Railway Ltd.		570		151,416		0.8
Canadian Tire Corp. Ltd., Class A		2,830		303,508		1.6
CGI, Inc.		4,520		346,087		1.8
Constellation Software, Inc.		790		830,384		4.3
Hydro One Ltd.		43,810		890,501		4.6
Imperial Oil Ltd.		35,189		834,389		4.3
Magna International, Inc.		8,570		434,413		2.2
Manulife Financial Corp.		23,770		463,043		2.4
National Bank of Canada		20,648		1,145,672		5.9
Nutrien Ltd.		17,990		767,993		4.0
Restaurant Brands International, Inc.		5,820		355,078		1.8
Rogers Communications, Inc., Class B		5,290		264,860		1.4
Royal Bank of Canada		200		15,805		0.1
Suncor Energy, Inc.		30,191		922,794		4.8
TC Energy Corp.		2,200		120,639		0.6
Thomson Reuters Corp.		2,789		224,068		1.2
Toronto-Dominion Bank (The)		260		14,369		0.1

				8,503,648

Denmark
Carlsberg A/S, Class B		10,020		1,463,259		7.5
Demant A/S		5,430		176,083		0.9
GN Store Nord A/S		3,710		184,016		1.0
H Lundbeck A/S		10,686		454,073		2.3
Novo Nordisk A/S, Class B		16,650		1,013,514		5.2

				3,290,945

Finland
Kone OYJ, Class B		5,810		375,403		1.9
UPM-Kymmene OYJ		16,705		526,349		2.7

				901,752


12		2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (unaudited) (continued)

January 31, 2020

BlackRock Total Factor Fund


	Shares		Value		% of Basket Value

France
Arkema SA		2,762	$	253,080		1.3	%
Bouygues SA		700		27,657		0.1
Bureau Veritas SA		24,406		672,503		3.5
Capgemini SE		3,640		452,055		2.3
Carrefour SA		21,073		356,591		1.8
Cie de Saint-Gobain		34,160		1,288,801		6.6
Danone SA		3,923		313,936		1.6
Eiffage SA		5,380		623,616		3.2
Hermes International		810		604,849		3.1
Legrand SA		12,439		995,266		5.1
L’Oreal SA		410		114,040		0.6
Orange SA		14,749		208,492		1.1
Peugeot SA		4,830		99,451		0.5
Publicis Groupe SA		5,270		233,615		1.2
Safran SA		1,990		320,862		1.7
Schneider Electric SE		4,416		440,393		2.3
Sodexo SA		6,230		652,311		3.4
Suez		19,360		317,714		1.6
TOTAL SA		11,693		569,341		2.9
Veolia Environnement SA		19,989		589,684		3.0
Vinci SA		1,467		162,528		0.8
Vivendi SA		31,690		866,699		4.5

				10,163,484

Germany
adidas AG		1,135		358,790		1.8
Allianz SE (Registered)		5,610		1,339,352		6.9
BASF SE		2,780		187,641		1.0
Brenntag AG		7,700		398,476		2.1
Continental AG		680		77,600		0.4
Covestro AG		6,144		258,925		1.3
Deutsche Post AG (Registered)		41,663		1,453,618		7.5
Deutsche Telekom AG (Registered)		29,009		469,824		2.4
Evonik Industries AG		28,683		786,023		4.0
Hannover Rueck SE		1,085		210,671		1.1
HeidelbergCement AG		15,221		1,026,523		5.3
Henkel AG & Co. KGaA (Preference)		7,980		811,586		4.2
Knorr-Bremse AG		3,410		372,551		1.9
LEG Immobilien AG		2,998		369,775		1.9
Merck KGaA		2,030		260,306		1.3
Muenchener Rueckversicherungs-Gesellschaft AG (Registered)		610		179,853		0.9
RWE AG		1,672		57,964		0.3
Telefonica Deutschland Holding AG		280,440		850,023		4.4
Volkswagen AG (Preference)		2,590		464,680		2.4

				9,934,181

Ireland
AerCap Holdings NV		3,140		177,755		0.9


Italy
Assicurazioni Generali SpA		26,307		512,610		2.6
Eni SpA		52,857		740,400		3.8
Ferrari NV		2,040		344,254		1.8
Intesa Sanpaolo SpA		123,030		305,547		1.6
Moncler SpA		5,960		256,532		1.3
Snam SpA		14,940		80,073		0.4

				2,239,416

Japan
Aeon Co. Ltd.		9,400		192,263		1.0
AGC, Inc.		11,000		370,792		1.9
Ajinomoto Co., Inc.		24,600		405,158		2.1
Asahi Group Holdings Ltd.		10,500		486,759		2.5
Asahi Kasei Corp.		5,400		55,233		0.3


	Shares		Value		% of Basket Value

Japan (continued)
Astellas Pharma, Inc.		73,900	$	1,305,822		6.7	%
Bridgestone Corp.		12,400		439,196		2.3
Canon, Inc.		12,000		314,692		1.6
Dai Nippon Printing Co. Ltd.		43,600		1,202,251		6.2
Denso Corp.		5,100		209,213		1.1
East Japan Railway Co.		7,400		651,582		3.4
FUJIFILM Holdings Corp.		15,000		744,967		3.8
Fujitsu Ltd.		4,700		496,944		2.6
Hitachi Ltd.		9,000		342,788		1.8
Honda Motor Co. Ltd.		4,900		125,319		0.6
Hoya Corp.		400		38,282		0.2
ITOCHU Corp.		7,600		177,543		0.9
Japan Post Holdings Co. Ltd.		27,100		246,520		1.3
Japan Post Insurance Co. Ltd.		15,300		258,165		1.3
Kao Corp.		1,900		151,539		0.8
Kikkoman Corp.		2,000		96,915		0.5
Kirin Holdings Co. Ltd.		13,600		298,690		1.5
Konami Holdings Corp.		4,400		170,401		0.9
Kyocera Corp.		4,300		282,537		1.5
Kyowa Kirin Co. Ltd.		4,900		115,195		0.6
Marubeni Corp.		50,000		359,281		1.8
MEIJI Holdings Co. Ltd.		7,300		513,729		2.6
Mitsubishi Chemical Holdings Corp.		55,400		400,374		2.1
Mitsubishi Electric Corp.		46,100		639,184		3.3
Mitsubishi Heavy Industries Ltd.		18,000		656,593		3.4
Mitsui & Co. Ltd.		20,400		362,827		1.9
MS&AD Insurance Group Holdings, Inc.		18,400		611,114		3.1
NEC Corp.		4,700		209,213		1.1
Nintendo Co. Ltd.		800		294,285		1.5
Nippon Steel Corp.		18,000		249,759		1.3
Nitori Holdings Co. Ltd.		1,000		155,401		0.8
Nitto Denko Corp.		9,200		511,411		2.6
Nomura Research Institute Ltd.		18,400		404,905		2.1
NTT Data Corp.		34,000		477,606		2.5
Obayashi Corp.		29,300		321,332		1.7
Olympus Corp.		4,600		74,323		0.4
Omron Corp.		13,400		767,350		3.9
Ono Pharmaceutical Co. Ltd.		20,200		465,142		2.4
ORIX Corp.		24,000		405,419		2.1
Otsuka Holdings Co. Ltd.		8,200		364,288		1.9
Panasonic Corp.		65,800		653,922		3.4
Recruit Holdings Co. Ltd.		9,700		378,070		1.9
Ricoh Co. Ltd.		10,000		113,464		0.6
Rohm Co. Ltd.		1,700		122,290		0.6
Secom Co. Ltd.		2,900		254,483		1.3
Sekisui House Ltd.		59,500		1,279,379		6.6
Seven & i Holdings Co. Ltd.		35,300		1,353,520		7.0
Shionogi & Co. Ltd.		12,300		731,532		3.8
Sompo Holdings, Inc.		6,200		231,656		1.2
Sony Corp.		2,900		202,788		1.0
Sumitomo Chemical Co. Ltd.		139,400		592,338		3.0
Sumitomo Corp.		23,000		342,118		1.8
Sumitomo Electric Industries Ltd.		45,400		605,256		3.1
Sumitomo Mitsui Financial Group, Inc.		43,500		1,529,435		7.9
Tokio Marine Holdings, Inc.		100		5,428		0.0
Tokyo Electron Ltd.		1,500		329,919		1.7
Tokyu Corp.		2,400		42,294		0.2
Toray Industries, Inc.		49,300		322,585		1.7
Toshiba Corp.		10,200		325,996		1.7
Trend Micro, Inc.		10,700		559,079		2.9
West Japan Railway Co.		5,700		482,276		2.5

				27,880,130


CONSOLIDATED SCHEDULE OF INVESTMENTS			13

Consolidated Schedule of Investments (unaudited) (continued)

January 31, 2020

BlackRock Total Factor Fund


	Shares		Value		% of Basket Value

Luxembourg
Tenaris SA		82,159	$	849,079		4.4	%


Netherlands
Adyen NV		230		211,349		1.1
Akzo Nobel NV		15,376		1,450,996		7.5
ING Groep NV		4,940		53,635		0.3
Koninklijke Ahold Delhaize NV		10,130		248,605		1.3
Koninklijke KPN NV		78,860		220,953		1.1
Koninklijke Philips NV		9,177		420,283		2.2
NN Group NV		5,420		188,120		1.0
Randstad NV		6,206		356,448		1.8
Royal Dutch Shell plc, Class A		30,578		802,990		4.1
Wolters Kluwer NV		10,295		773,583		4.0

				4,726,962

Norway
Equinor ASA		4,370		78,868		0.4
Orkla ASA		24,730		238,738		1.2
Telenor ASA		15,916		287,619		1.5
Yara International ASA		1,540		55,926		0.3

				661,151

Portugal
Galp Energia SGPS SA		17,650		266,701		1.4
Jeronimo Martins SGPS SA		5,580		96,020		0.5

				362,721

Singapore
Mapletree Industrial Trust		17,100		34,757		0.2


Spain
Aena SME SA		630		116,601		0.6
Amadeus IT Group SA		1,830		143,483		0.7
Banco Bilbao Vizcaya Argentaria SA		66,340		343,416		1.8
Cia de Distribucion Integral Logista Holdings SA		54		1,212		0.0
Iberdrola SA		15,025		164,394		0.9
Repsol SA		57,515		791,566		4.1
Telefonica SA		103,157		697,724		3.6

				2,258,396

Sweden
Assa Abloy AB, Class B		5,170		122,717		0.6
Atlas Copco AB, Class A		8,300		293,771		1.5
Essity AB, Class B		43,270		1,373,647		7.1
Hennes & Mauritz AB, Class B		32,940		722,697		3.7
Investor AB, Class B		15,078		825,596		4.3
Kinnevik AB, Class B		13,260		319,939		1.6
Lundin Petroleum AB		17,040		518,266		2.7
Sandvik AB		30,770		561,605		2.9
Skanska AB, Class B		16,290		377,060		1.9
SKF AB, Class B		9,046		165,584		0.9
Swedish Match AB		15,243		861,811		4.4
Telefonaktiebolaget LM Ericsson, Class B		28,920		227,381		1.2
Volvo AB, Class B		40,818		697,732		3.6

				7,067,806

Switzerland
Adecco Group AG (Registered)		7,210		422,421		2.2
Barry Callebaut AG (Registered)		90		198,786		1.0
Coca-Cola HBC AG		36,696		1,347,924		6.9
Geberit AG (Registered)		2,050		1,081,850		5.6
Kuehne + Nagel International AG (Registered)		630		101,822		0.5
LafargeHolcim Ltd. (Registered) .		4,210		213,956		1.1


	Shares		Value		% of Basket Value

Switzerland (continued)
Logitech International SA (Registered)		9,606	$	430,324		2.2	%
Nestle SA (Registered)		9,745		1,074,802		5.5
Novartis AG (Registered)		6,082		574,555		3.0
Roche Holding AG		6,751		2,264,749		11.7
Schindler Holding AG		2,803		724,030		3.7
STMicroelectronics NV		6,080		169,280		0.9
Swatch Group AG (The)		3,770		945,692		4.9
Swiss Life Holding AG (Registered)		378		190,011		1.0
Swisscom AG (Registered)		940		515,744		2.7

				10,255,946

United Kingdom
Admiral Group plc		10,192		303,431		1.6
Associated British Foods plc		27,657		957,310		4.9
AVEVA Group plc		2,520		163,409		0.8
BAE Systems plc		15,400		128,020		0.7
Berkeley Group Holdings plc		590		40,825		0.2
BP plc		17,780		107,038		0.6
British American Tobacco plc		5,350		235,908		1.2
BT Group plc		61,690		131,088		0.7
Burberry Group plc		14,300		366,658		1.9
Compass Group plc		20,024		495,038		2.5
Diageo plc		1,820		71,968		0.4
Experian plc		12,862		447,700		2.3
GlaxoSmithKline plc		14,445		339,160		1.7
Halma plc		9,830		272,846		1.4
Imperial Brands plc		8,280		212,318		1.1
Informa plc		4,600		46,989		0.2
InterContinental Hotels Group plc		2,647		163,045		0.8
ITV plc		51,320		91,432		0.5
Pearson plc		65,409		488,208		2.5
RELX plc		1,180		31,308		0.2
Rentokil Initial plc		56,654		348,908		1.8
Rightmove plc		124,660		1,080,371		5.6
Rolls-Royce Holdings plc		18,660		164,363		0.8
Sage Group plc (The)		15,721		153,054		0.8
Schroders plc		8,920		377,668		1.9
Smith & Nephew plc		8,408		202,304		1.0
Standard Chartered plc		11,900		98,954		0.5
Unilever plc		27,202		1,622,637		8.4
United Utilities Group plc		6,220		83,228		0.4
Vodafone Group plc		524,720		1,030,928		5.3
WPP plc		8,040		99,966		0.5

				10,356,080

United States
AbbVie, Inc.		6,540		529,871		2.7
Accenture plc, Class A		3,326		682,528		3.5
Adobe, Inc.		2,795		981,436		5.1
Advance Auto Parts, Inc.		1,520		200,260		1.0
AES Corp.		8,613		171,054		0.9
Aflac, Inc.		13,800		711,666		3.7
Agilent Technologies, Inc.		5,403		446,072		2.3
Akamai Technologies, Inc.		2,046		190,994		1.0
Alexion Pharmaceuticals, Inc.		4,650		462,164		2.4
Alleghany Corp.		1,070		853,496		4.4
Allstate Corp. (The)		7,150		847,561		4.4
Ally Financial, Inc.		62,474		2,001,042		10.3
Alphabet, Inc., Class A		370		530,129		2.7
Amdocs Ltd.		10,560		759,792		3.9
Ameren Corp.		4,626		379,563		2.0
American Electric Power Co., Inc.		6,294		655,961		3.4
American Express Co.		5,612		728,830		3.8
American Financial Group, Inc.		8,293		902,195		4.6


14		2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (unaudited) (continued)

January 31, 2020

BlackRock Total Factor Fund


	Shares		Value		% of Basket Value

United States (continued)
American Water Works Co., Inc.		2,660	$	362,292		1.9	%
Ameriprise Financial, Inc.		5,902		976,250		5.0
AmerisourceBergen Corp.		4,490		384,164		2.0
AMETEK, Inc.		1,778		172,733		0.9
AO Smith Corp.		5,740		245,041		1.3
Applied Materials, Inc.		2,064		119,691		0.6
Arch Capital Group Ltd.		6,670		294,547		1.5
Arrow Electronics, Inc.		3,570		271,106		1.4
Aspen Technology, Inc.		2,630		312,917		1.6
Athene Holding Ltd., Class A		1,396		60,810		0.3
Autodesk, Inc.		2,350		462,598		2.4
Automatic Data Processing, Inc.		1,392		238,575		1.2
AutoZone, Inc.		130		137,535		0.7
Avery Dennison Corp.		2,280		299,227		1.5
Axalta Coating Systems Ltd.		21,400		616,534		3.2
Bank of New York Mellon Corp. (The)		2,730		122,249		0.6
Baxter International, Inc.		1,740		155,243		0.8
Best Buy Co., Inc.		9,005		762,633		3.9
Biogen, Inc.		2,586		695,246		3.6
Bio-Rad Laboratories, Inc., Class A		1,570		566,644		2.9
Booking Holdings, Inc.		350		640,693		3.3
Booz Allen Hamilton Holding Corp.		13,057		1,018,968		5.2
BorgWarner, Inc.		2,210		75,781		0.4
Bright Horizons Family Solutions, Inc.		300		49,119		0.3
Bristol-Myers Squibb Co.		1,150		72,393		0.4
Bristol-Myers Squibb Co., CVR		2,860		9,953		0.1
Broadridge Financial Solutions, Inc.		1,410		168,002		0.9
Bruker Corp.		1,240		61,343		0.3
Cabot Oil & Gas Corp.		14,500		204,305		1.0
Cadence Design Systems, Inc.		7,544		543,998		2.8
Capital One Financial Corp.		3,249		324,250		1.7
Cardinal Health, Inc.		9,430		482,910		2.5
Carlisle Cos., Inc.		3,840		599,923		3.1
CDW Corp.		3,682		480,317		2.5
Celanese Corp.		2,698		279,243		1.4
Cerner Corp.		5,210		374,234		1.9
CF Industries Holdings, Inc.		1,330		53,572		0.3
CH Robinson Worldwide, Inc.		7,427		536,378		2.8
Chevron Corp.		3,183		341,027		1.8
Cintas Corp.		1,525		425,429		2.2
Citigroup, Inc.		1,980		147,332		0.8
Citizens Financial Group, Inc.		38,310		1,428,197		7.4
Citrix Systems, Inc.		13,905		1,685,564		8.7
CMS Energy Corp.		6,320		432,983		2.2
Colgate-Palmolive Co.		10,022		739,423		3.8
Columbia Sportswear Co.		3,287		308,715		1.6
Comerica, Inc.		17,387		1,063,389		5.5
ConocoPhillips		18,009		1,070,275		5.5
Consolidated Edison, Inc.		2,720		255,680		1.3
Corteva, Inc.		15,010		434,089		2.2
Cummins, Inc.		2,435		389,527		2.0
Cypress Semiconductor Corp.		16,020		373,747		1.9
Darden Restaurants, Inc.		8,333		970,211		5.0
DaVita, Inc.		2,470		197,279		1.0
Delta Air Lines, Inc.		2,400		133,776		0.7
Devon Energy Corp.		51,452		1,117,537		5.8
Discover Financial Services		3,963		297,740		1.5
Discovery, Inc., Class C		14,970		415,717		2.1
Dollar General Corp.		1,430		219,376		1.1
Dover Corp.		7,566		861,389		4.4
DTE Energy Co.		7,921		1,050,404		5.4
Dunkin’ Brands Group, Inc.		15,960		1,246,316		6.4
E*TRADE Financial Corp.		7,700		328,174		1.7


	Shares		Value		% of Basket Value

United States (continued)
Eastman Chemical Co.		810	$	57,729		0.3	%
Eaton Corp. plc		1,079		101,933		0.5
eBay, Inc.		24,252		813,897		4.2
Edwards Lifesciences Corp.		1,830		402,344		2.1
Eli Lilly & Co.		4,408		615,533		3.2
Encompass Health Corp.		6,210		478,356		2.5
Entergy Corp.		3,780		497,146		2.6
EOG Resources, Inc.		6,840		498,704		2.6
Equitable Holdings, Inc.		44,390		1,066,248		5.5
Estee Lauder Cos., Inc. (The), Class A		1,914		373,536		1.9
Euronet Worldwide, Inc.		1,360		214,390		1.1
Evergy, Inc.		4,516		325,875		1.7
Exelon Corp.		5,689		270,740		1.4
Expedia Group, Inc.		380		41,211		0.2
Expeditors International of Washington, Inc.		7,393		539,985		2.8
Facebook, Inc., Class A		250		50,478		0.3
Fair Isaac Corp.		1,260		506,999		2.6
Fastenal Co.		2,250		78,480		0.4
Ferguson plc		6,850		615,143		3.2
Fifth Third Bancorp		10,500		298,725		1.5
FleetCor Technologies, Inc.		1,690		532,739		2.7
Fortinet, Inc.		1,470		169,579		0.9
Fortune Brands Home & Security, Inc.		3,320		228,117		1.2
Gap, Inc. (The)		70,840		1,233,324		6.3
Garmin Ltd.		3,453		334,768		1.7
General Mills, Inc.		3,450		180,159		0.9
General Motors Co.		6,081		203,045		1.0
Gilead Sciences, Inc.		11,074		699,877		3.6
Globe Life, Inc.		7,187		749,317		3.9
GoDaddy, Inc., Class A		2,560		172,058		0.9
HD Supply Holdings, Inc.		6,056		246,721		1.3
HEICO Corp., Class A		4,160		399,984		2.1
Henry Schein, Inc.		2,700		186,138		1.0
Hershey Co. (The)		2,995		464,734		2.4
Hewlett Packard Enterprise Co.		63,175		880,028		4.5
Hexcel Corp.		2,660		197,425		1.0
Hill-Rom Holdings, Inc.		5,080		540,969		2.8
Hilton Worldwide Holdings, Inc.		2,825		304,535		1.6
HollyFrontier Corp.		13,600		610,912		3.1
Hologic, Inc.		11,194		599,103		3.1
Home Depot, Inc. (The)		882		201,184		1.0
Honeywell International, Inc.		6,047		1,047,461		5.4
HP, Inc.		37,888		807,772		4.2
Hubbell, Inc.		720		103,126		0.5
IDEX Corp.		420		68,817		0.4
IDEXX Laboratories, Inc.		1,380		373,994		1.9
IHS Markit Ltd.		2,070		163,240		0.8
Incyte Corp.		10,070		735,815		3.8
Ingersoll-Rand plc		1,980		263,795		1.4
Intel Corp.		670		42,833		0.2
International Paper Co.		15,894		647,204		3.3
Interpublic Group of Cos., Inc. (The)		21,566		489,548		2.5
Intuit, Inc.		208		58,319		0.3
Jazz Pharmaceuticals plc		2,770		397,080		2.0
Johnson & Johnson		2,200		327,514		1.7
Johnson Controls International plc		11,410		450,125		2.3
JPMorgan Chase & Co.		1,550		205,158		1.1
Juniper Networks, Inc.		3,540		81,208		0.4
Kansas City Southern		60		10,121		0.0
KeyCorp		5,990		112,073		0.6
Keysight Technologies, Inc.		3,410		317,096		1.6
Kohl’s Corp.		3,750		160,313		0.8


CONSOLIDATED SCHEDULE OF INVESTMENTS			15

Consolidated Schedule of Investments (unaudited) (continued)

January 31, 2020

BlackRock Total Factor Fund


	Shares		Value		% of Basket Value

United States (continued)
Laboratory Corp. of America Holdings		260	$	45,604		0.2	%
Lam Research Corp.		140		41,749		0.2
Liberty Media Corp-Liberty SiriusXM, Class C		23,017		1,128,293		5.8
Lincoln National Corp.		3,503		190,843		1.0
LPL Financial Holdings, Inc.		1,170		107,792		0.6
Lululemon Athletica, Inc.		1,110		265,723		1.4
Marathon Oil Corp.		62,703		712,933		3.7
Masco Corp.		7,671		364,526		1.9
Maxim Integrated Products, Inc.		5,059		304,147		1.6
McKesson Corp.		5,835		832,129		4.3
Medtronic plc		2,570		296,681		1.5
Merck & Co., Inc.		11,513		983,671		5.1
MetLife, Inc.		6,650		330,572		1.7
Mettler-Toledo International, Inc.		550		416,449		2.1
Microsoft Corp.		3,450		587,294		3.0
Mondelez International, Inc., Class A		6,460		370,675		1.9
Monster Beverage Corp.		3,230		215,118		1.1
Morgan Stanley		25,569		1,336,236		6.9
NetApp, Inc.		14,026		748,988		3.9
Newmont Corp.		10		451		0.0
Nielsen Holdings plc		41,080		838,032		4.3
NIKE, Inc., Class B		1,200		115,560		0.6
NiSource, Inc.		14,610		428,219		2.2
Northern Trust Corp.		2,580		252,350		1.3
Norwegian Cruise Line Holdings Ltd.		10,850		584,273		3.0
NRG Energy, Inc.		33,943		1,252,157		6.4
NVR, Inc.		170		648,885		3.3
OGE Energy Corp.		18,375		842,494		4.3
Old Republic International Corp.		3,930		88,622		0.5
Omnicom Group, Inc.		2,956		222,616		1.1
Oracle Corp.		23,283		1,221,193		6.3
PACCAR, Inc.		5,770		428,192		2.2
Paychex, Inc.		19,403		1,664,195		8.6
Pentair plc		1,170		50,228		0.3
Philip Morris International, Inc.		10,700		884,890		4.6
Phillips 66		5,440		497,053		2.6
Pinnacle West Capital Corp.		3,461		338,105		1.7
Pool Corp.		830		182,019		0.9
PPG Industries, Inc.		3,800		455,392		2.3
Public Service Enterprise Group, Inc.		3,920		232,064		1.2
PulteGroup, Inc.		730		32,595		0.2
PVH Corp.		1,160		101,117		0.5
Qorvo, Inc.		5,510		583,289		3.0
Quest Diagnostics, Inc.		2,400		265,608		1.4
Raymond James Financial, Inc.		9,730		889,614		4.6
Regeneron Pharmaceuticals, Inc.		830		280,490		1.4
Regions Financial Corp.		78,734		1,225,888		6.3
Reliance Steel & Aluminum Co.		4,790		549,892		2.8
Republic Services, Inc.		6,210		590,261		3.0
Robert Half International, Inc.		21,136		1,229,481		6.3
Rockwell Automation, Inc.		850		162,911		0.8
Royal Gold, Inc.		1,560		179,899		0.9
S&P Global, Inc.		1,440		422,971		2.2
Sabre Corp.		4,090		88,099		0.5
salesforce.com, Inc.		450		82,040		0.4
Sealed Air Corp.		7,141		253,506		1.3
SEI Investments Co.		4,000		261,040		1.3
Sempra Energy		630		101,203		0.5
Sherwin-Williams Co. (The)		140		77,979		0.4
Signature Bank		760		107,836		0.6
Southern Co. (The)		3,410		240,064		1.2
Southwest Airlines Co.		3,421		188,087		1.0


	Shares			Value			% of Basket Value

United States (continued)
Spirit AeroSystems Holdings, Inc., Class A		3,478		$	227,183			1.2	%
Starbucks Corp.		20,977			1,779,479			9.2
STERIS plc		2,208			332,724			1.7
Stryker Corp.		3,802			801,081			4.1
Synchrony Financial		24,186			783,868			4.0
Synopsys, Inc.		1,450			213,890			1.1
T Rowe Price Group, Inc.		5,167			689,950			3.6
Target Corp.		850			94,129			0.5
Teledyne Technologies, Inc.		1,302			475,308			2.4
Teradyne, Inc.		21,514			1,419,709			7.3
Texas Instruments, Inc.		3,520			424,688			2.2
TJX Cos., Inc. (The)		10,870			641,765			3.3
T-Mobile US, Inc.		580			45,930			0.2
Toro Co. (The)		910			72,818			0.4
Tractor Supply Co.		4,410			409,910			2.1
United Continental Holdings, Inc.		17,595			1,316,106			6.8
United Parcel Service, Inc., Class B		2,180			225,674			1.2
Universal Health Services, Inc., Class B		3,730			511,420			2.6
US Bancorp		1,069			56,892			0.3
VeriSign, Inc.		11,394			2,371,547			12.2
Vertex Pharmaceuticals, Inc.		3,852			874,597			4.5
ViacomCBS, Inc.		2,803			95,666			0.5
Vistra Energy Corp.		9,300			209,436			1.1
VMware, Inc., Class A		2,060			305,004			1.6
WEC Energy Group, Inc.		271			27,070			0.1
West Pharmaceutical Services, Inc.		3,617			564,071			2.9
Western Union Co. (The)		8,280			222,732			1.1
Whirlpool Corp.		2,310			337,653			1.7
Workday, Inc., Class A		2,240			413,571			2.1
WR Berkley Corp.		15,246			1,121,038			5.8
WW Grainger, Inc.		1,352			409,210			2.1
Xcel Energy, Inc.		2,630			181,970			0.9
Xerox Holdings Corp.		15,676			557,595			2.9
Yum! Brands, Inc.		12,082			1,277,913			6.6
Zebra Technologies Corp., Class A		260			62,145			0.3
Zions Bancorp NA		14,138			643,138			3.3

					113,661,270


Total Reference Entity — Long					226,094,335


Reference Entity — Short

Australia
Australia & New Zealand Banking Group Ltd.		(31,260	)		(532,119	)		(2.7	)%
Brambles Ltd.		(25,830	)		(215,743	)		(1.1	)
Commonwealth Bank of Australia		(15,982	)		(904,861	)		(4.7	)
Fortescue Metals Group Ltd.		(125,224	)		(927,638	)		(4.8	)
Insurance Australia Group Ltd.		(144,520	)		(679,547	)		(3.5	)
Lendlease Group		(18,546	)		(222,742	)		(1.1	)
National Australia Bank Ltd.		(47,385	)		(809,437	)		(4.2	)
Origin Energy Ltd.		(22,621	)		(122,372	)		(0.6	)
Qantas Airways Ltd.		(13,270	)		(56,262	)		(0.3	)
Ramsay Health Care Ltd.		(5,370	)		(282,475	)		(1.5	)
Sonic Healthcare Ltd.		(3,760	)		(78,812	)		(0.4	)
Transurban Group		(64,820	)		(675,669	)		(3.5	)
Westpac Banking Corp.		(64,997	)		(1,086,193	)		(5.6	)
WiseTech Global Ltd.		(44,360	)		(724,881	)		(3.7	)
Woodside Petroleum Ltd.		(30,310	)		(694,419	)		(3.6	)

					(8,013,170	)

Belgium
Anheuser-Busch InBev SA/NV		(8,678	)		(654,669	)		(3.4	)
Galapagos NV		(1,330	)		(297,254	)		(1.5	)


16		2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (unaudited) (continued)

January 31, 2020

BlackRock Total Factor Fund


	Shares			Value			% of Basket Value

Belgium (continued)
Umicore SA		(27,306	)	$	(1,257,261	)		(6.5	)%

					(2,209,184	)

Bermuda
RenaissanceRe Holdings Ltd.		(1,190	)		(225,434	)		(1.2	)


Canada
Alimentation Couche-Tard, Inc., Class B		(4,900	)		(163,765	)		(0.8	)
Barrick Gold Corp.		(26,040	)		(482,261	)		(2.5	)
Brookfield Asset Management, Inc., Class A		(7,330	)		(448,669	)		(2.3	)
Canadian National Railway Co.		(9,960	)		(930,749	)		(4.8	)
Dollarama, Inc.		(1,420	)		(48,381	)		(0.3	)
Enbridge, Inc.		(23,218	)		(944,054	)		(4.9	)
Franco-Nevada Corp.		(1,860	)		(211,425	)		(1.1	)
Great-West Lifeco, Inc.		(4,820	)		(124,889	)		(0.6	)
Intact Financial Corp.		(12,730	)		(1,379,099	)		(7.1	)
Inter Pipeline Ltd.		(18,210	)		(303,408	)		(1.6	)
Loblaw Cos. Ltd.		(5,370	)		(280,957	)		(1.5	)
Metro, Inc.		(17,380	)		(708,517	)		(3.7	)
Pembina Pipeline Corp.		(8,118	)		(310,881	)		(1.6	)
Shopify, Inc., Class A		(900	)		(419,145	)		(2.2	)
Wheaton Precious Metals Corp.		(20,490	)		(603,212	)		(3.1	)

					(7,359,412	)

China
BeiGene Ltd., ADR		(2,410	)		(367,188	)		(1.9	)


Denmark
Chr Hansen Holding A/S		(5,646	)		(420,191	)		(2.2	)
Coloplast A/S, Class B		(310	)		(39,085	)		(0.2	)
Danske Bank A/S		(4,270	)		(71,280	)		(0.4	)
DSV PANALPINA A/S		(12,550	)		(1,362,539	)		(7.0	)
Orsted A/S		(10,217	)		(1,114,386	)		(5.7	)
Vestas Wind Systems A/S		(510	)		(50,626	)		(0.2	)

					(3,058,107	)

Finland
Elisa OYJ		(5,999	)		(361,414	)		(1.9	)
Neste OYJ		(13,890	)		(552,721	)		(2.8	)
Nokia OYJ		(113,628	)		(442,320	)		(2.3	)
Nordea Bank Abp		(152,477	)		(1,201,894	)		(6.2	)
Sampo OYJ, Class A		(12,170	)		(550,902	)		(2.8	)
Stora Enso OYJ, Class R		(9,170	)		(119,031	)		(0.6	)
Wartsila OYJ Abp		(57,665	)		(708,283	)		(3.6	)

					(3,936,565	)

France
Accor SA		(29,536	)		(1,209,211	)		(6.2	)
Aeroports de Paris		(2,978	)		(563,439	)		(2.9	)
Air Liquide SA		(1,570	)		(227,006	)		(1.2	)
Airbus SE		(1,843	)		(270,671	)		(1.4	)
Atos SE		(1,220	)		(101,173	)		(0.5	)
AXA SA		(16,140	)		(429,188	)		(2.2	)
BNP Paribas SA		(2,620	)		(139,037	)		(0.7	)
Cie Generale des Etablissements Michelin SCA		(3,440	)		(399,120	)		(2.1	)
Edenred		(1,580	)		(85,323	)		(0.4	)
Electricite de France SA		(44,473	)		(549,032	)		(2.8	)
EssilorLuxottica SA		(7,006	)		(1,037,298	)		(5.3	)
Faurecia SE		(3,300	)		(157,234	)		(0.8	)
Getlink		(8,117	)		(143,194	)		(0.7	)
Iliad SA		(480	)		(62,996	)		(0.3	)
Ingenico Group SA		(8,100	)		(941,975	)		(4.9	)
LVMH Moet Hennessy Louis Vuitton SE		(1,220	)		(531,276	)		(2.7	)


	Shares			Value			% of Basket Value

France (continued)
Natixis SA		(20,220	)	$	(85,387	)		(0.4	)%
Pernod Ricard SA		(800	)		(138,510	)		(0.7	)
Remy Cointreau SA		(1,601	)		(168,607	)		(0.9	)
Renault SA		(6,232	)		(243,754	)		(1.3	)
SCOR SE		(9,840	)		(418,229	)		(2.2	)
Societe Generale SA		(14,281	)		(462,129	)		(2.4	)
Teleperformance		(1,476	)		(370,325	)		(1.9	)
Thales SA		(760	)		(83,396	)		(0.4	)
Ubisoft Entertainment SA		(570	)		(43,230	)		(0.2	)
Valeo SA		(14,653	)		(435,211	)		(2.2	)
Worldline SA/France		(5,820	)		(410,112	)		(2.1	)

					(9,706,063	)

Germany
Bayer AG (Registered)		(990	)		(79,453	)		(0.4	)
Bayerische Motoren Werke AG		(13,548	)		(965,044	)		(5.0	)
Beiersdorf AG		(440	)		(49,969	)		(0.3	)
Carl Zeiss Meditec AG		(240	)		(29,302	)		(0.2	)
Commerzbank AG		(68,191	)		(391,313	)		(2.0	)
Daimler AG (Registered)		(12,960	)		(600,139	)		(3.1	)
Deutsche Bank AG (Registered)		(72,470	)		(663,025	)		(3.4	)
Deutsche Boerse AG		(2,310	)		(374,967	)		(1.9	)
Deutsche Lufthansa AG (Registered)		(7,580	)		(115,471	)		(0.6	)
Deutsche Wohnen SE		(1,782	)		(75,397	)		(0.4	)
E.ON SE		(58,350	)		(661,163	)		(3.4	)
Fresenius SE & Co. KGaA		(1,700	)		(86,803	)		(0.4	)
Infineon Technologies AG		(9,425	)		(202,477	)		(1.0	)
MTU Aero Engines AG		(910	)		(275,607	)		(1.4	)
Porsche Automobil Holding SE (Preference)		(14,440	)		(973,703	)		(5.0	)
Puma SE		(2,940	)		(235,414	)		(1.2	)
SAP SE		(2,770	)		(360,741	)		(1.9	)
Siemens AG (Registered)		(350	)		(43,168	)		(0.2	)
thyssenkrupp AG		(41,667	)		(512,340	)		(2.6	)
TUI AG		(31,133	)		(318,973	)		(1.6	)
Uniper SE		(7,584	)		(248,457	)		(1.3	)
United Internet AG (Registered)		(13,163	)		(425,542	)		(2.2	)
Vonovia SE		(5,390	)		(307,641	)		(1.6	)
Wirecard AG		(5,600	)		(827,263	)		(4.3	)
Zalando SE		(1,700	)		(81,396	)		(0.4	)

					(8,904,768	)

Italy
Davide Campari-Milano SpA		(4,330	)		(41,854	)		(0.2	)
FinecoBank Banca Fineco SpA		(38,740	)		(453,281	)		(2.3	)
Poste Italiane SpA		(15,450	)		(176,980	)		(0.9	)
Recordati SpA		(7,410	)		(317,079	)		(1.6	)
Telecom Italia SpA		(130,510	)		(70,072	)		(0.4	)
Terna Rete Elettrica Nazionale SpA		(5,520	)		(38,509	)		(0.2	)

					(1,097,775	)

Japan
Advantest Corp.		(1,000	)		(52,171	)		(0.3	)
ANA Holdings, Inc.		(10,500	)		(327,959	)		(1.7	)
Asahi Intecc Co. Ltd.		(10,000	)		(275,527	)		(1.4	)
Bandai Namco Holdings, Inc.		(8,100	)		(470,679	)		(2.4	)
Chubu Electric Power Co., Inc.		(47,800	)		(649,157	)		(3.3	)
Chugai Pharmaceutical Co. Ltd.		(200	)		(20,486	)		(0.1	)
Daifuku Co. Ltd.		(3,800	)		(228,801	)		(1.2	)
Dai-ichi Life Holdings, Inc.		(9,400	)		(139,507	)		(0.7	)
Daito Trust Construction Co. Ltd.		(1,200	)		(141,356	)		(0.7	)
Daiwa House Industry Co. Ltd.		(10,000	)		(314,824	)		(1.6	)
Disco Corp.		(2,400	)		(552,824	)		(2.8	)
Eisai Co. Ltd.		(2,600	)		(195,940	)		(1.0	)
FamilyMart Co. Ltd.		(4,500	)		(98,416	)		(0.5	)


CONSOLIDATED SCHEDULE OF INVESTMENTS			17

Consolidated Schedule of Investments (unaudited) (continued)

January 31, 2020

BlackRock Total Factor Fund


	Shares			Value			% of Basket Value

Japan (continued)
FANUC Corp.		(1,500	)	$	(273,195	)		(1.4	)%
Idemitsu Kosan Co. Ltd.		(29,600	)		(738,765	)		(3.8	)
Isuzu Motors Ltd.		(7,000	)		(68,582	)		(0.4	)
Japan Airlines Co. Ltd.		(42,700	)		(1,201,171	)		(6.2	)
Japan Tobacco, Inc.		(21,000	)		(444,034	)		(2.3	)
JFE Holdings, Inc.		(16,300	)		(193,023	)		(1.0	)
Kajima Corp.		(14,900	)		(189,027	)		(1.0	)
Kansai Electric Power Co., Inc. (The)		(15,800	)		(177,321	)		(0.9	)
KDDI Corp.		(19,700	)		(595,316	)		(3.1	)
Keyence Corp.		(600	)		(201,694	)		(1.0	)
Koito Manufacturing Co. Ltd.		(3,200	)		(138,869	)		(0.7	)
Komatsu Ltd.		(17,100	)		(378,099	)		(1.9	)
Kose Corp.		(1,300	)		(167,389	)		(0.9	)
Kubota Corp.		(33,600	)		(526,162	)		(2.7	)
LINE Corp.		(15,600	)		(768,704	)		(4.0	)
M3, Inc.		(1,100	)		(32,016	)		(0.2	)
MINEBEA MITSUMI, Inc.		(4,400	)		(85,474	)		(0.4	)
Mitsubishi Estate Co. Ltd.		(7,600	)		(148,842	)		(0.8	)
Mitsui Fudosan Co. Ltd.		(13,500	)		(357,554	)		(1.8	)
Mizuho Financial Group, Inc.		(149,500	)		(221,698	)		(1.1	)
Murata Manufacturing Co. Ltd.		(5,400	)		(305,720	)		(1.6	)
Nexon Co. Ltd.		(17,800	)		(241,064	)		(1.2	)
Nidec Corp.		(5,100	)		(641,431	)		(3.3	)
Nippon Telegraph & Telephone Corp.		(4,500	)		(114,737	)		(0.6	)
NTT DOCOMO, Inc.		(19,900	)		(565,407	)		(2.9	)
Obic Co. Ltd.		(3,400	)		(463,289	)		(2.4	)
Oriental Land Co. Ltd.		(2,600	)		(338,611	)		(1.7	)
PeptiDream, Inc.		(15,500	)		(733,733	)		(3.8	)
Rakuten, Inc.		(137,500	)		(1,060,737	)		(5.5	)
Resona Holdings, Inc.		(41,000	)		(169,078	)		(0.9	)
Shimadzu Corp.		(9,500	)		(266,617	)		(1.4	)
Shimano, Inc.		(2,500	)		(383,319	)		(2.0	)
Shin-Etsu Chemical Co. Ltd.		(1,500	)		(171,546	)		(0.9	)
Shiseido Co. Ltd.		(8,100	)		(521,483	)		(2.7	)
SMC Corp.		(1,000	)		(431,669	)		(2.2	)
SoftBank Group Corp.		(17,800	)		(718,667	)		(3.7	)
Subaru Corp.		(1,000	)		(25,012	)		(0.1	)
Sumitomo Metal Mining Co. Ltd.		(3,900	)		(110,879	)		(0.6	)
Sumitomo Mitsui Trust Holdings, Inc.		(2,400	)		(88,488	)		(0.5	)
Suzuki Motor Corp.		(1,100	)		(50,331	)		(0.3	)
Sysmex Corp.		(3,500	)		(250,391	)		(1.3	)
Taisei Corp.		(9,600	)		(383,268	)		(2.0	)
Terumo Corp.		(8,000	)		(287,966	)		(1.5	)
Tokyo Electric Power Co. Holdings, Inc.		(76,100	)		(301,348	)		(1.6	)
Tokyo Gas Co. Ltd.		(9,500	)		(208,867	)		(1.1	)
Toyota Motor Corp.		(6,500	)		(451,930	)		(2.3	)
Unicharm Corp.		(9,000	)		(308,013	)		(1.6	)
Yaskawa Electric Corp.		(20,300	)		(694,905	)		(3.6	)
ZOZO, Inc.		(26,000	)		(433,049	)		(2.2	)

					(21,096,137	)

Luxembourg
ArcelorMittal SA		(38,340	)		(563,139	)		(2.9	)
Eurofins Scientific SE		(488	)		(262,473	)		(1.4	)
SES SA, FDR		(6,680	)		(81,982	)		(0.4	)

					(907,594	)

Netherlands
ABN AMRO Bank NV, CVA		(8,520	)		(148,295	)		(0.8	)
Aegon NV		(175,970	)		(712,661	)		(3.7	)
ASML Holding NV		(640	)		(179,608	)		(0.9	)
Heineken NV		(3,530	)		(384,089	)		(2.0	)


	Shares			Value			% of Basket Value

Netherlands (continued)
Koninklijke Vopak NV		(5,450	)	$	(291,827	)		(1.5	)%

					(1,716,480	)

Norway
Aker BP ASA		(5,840	)		(164,497	)		(0.8	)
Mowi ASA		(21,992	)		(524,548	)		(2.7	)
Norsk Hydro ASA		(134,873	)		(421,525	)		(2.2	)

					(1,110,570	)

Portugal
EDP — Energias de Portugal SA		(78,860	)		(395,478	)		(2.1	)


South Africa
Anglo American plc		(7,590	)		(198,054	)		(1.0	)
Mondi plc		(18,720	)		(380,892	)		(2.0	)

					(578,946	)

Spain
Banco Santander SA		(48,852	)		(192,521	)		(1.0	)
CaixaBank SA		(120,910	)		(353,392	)		(1.8	)
Cellnex Telecom SA		(18,756	)		(932,833	)		(4.8	)
Cia de Distribucion Integral Logista Holdings SA		(54	)		(1,212	)		(0.0	)
Endesa SA		(17,810	)		(489,011	)		(2.5	)
Ferrovial SA		(8,328	)		(264,543	)		(1.4	)
Grifols SA		(29,904	)		(1,004,334	)		(5.2	)
Industria de Diseno Textil SA		(8,110	)		(272,716	)		(1.4	)
Siemens Gamesa Renewable Energy SA		(78,807	)		(1,256,074	)		(6.5	)

					(4,766,636	)

Sweden
Alfa Laval AB		(4,650	)		(116,079	)		(0.6	)
Boliden AB		(7,600	)		(180,426	)		(0.9	)
Electrolux AB		(940	)		(22,331	)		(0.1	)
Hexagon AB, Class B		(9,733	)		(529,123	)		(2.7	)
ICA Gruppen AB		(1,630	)		(71,670	)		(0.4	)
Skandinaviska Enskilda Banken AB, Class A		(7,580	)		(74,905	)		(0.4	)
Svenska Handelsbanken AB, Class A		(86,200	)		(844,520	)		(4.3	)
Swedbank AB, Class A		(34,340	)		(527,247	)		(2.7	)
Tele2 AB, Class B		(31,630	)		(477,205	)		(2.5	)
Telia Co. AB		(12,270	)		(52,472	)		(0.3	)

					(2,895,978	)

Switzerland
Alcon, Inc.		(1,640	)		(96,888	)		(0.5	)
Baloise Holding AG (Registered)		(3,951	)		(713,861	)		(3.7	)
Cie Financiere Richemont SA (Registered)		(23,676	)		(1,719,417	)		(8.9	)
Clariant AG (Registered)		(7,330	)		(164,996	)		(0.9	)
Credit Suisse Group AG (Registered)		(60,749	)		(768,169	)		(4.0	)
Givaudan SA (Registered)		(66	)		(217,765	)		(1.1	)
Julius Baer Group Ltd.		(1,198	)		(59,861	)		(0.3	)
Lonza Group AG (Registered)		(2,140	)		(878,877	)		(4.5	)
Partners Group Holding AG		(620	)		(567,582	)		(2.9	)
SGS SA (Registered)		(60	)		(173,560	)		(0.9	)
Sika AG (Registered)		(6,052	)		(1,088,304	)		(5.6	)
Sonova Holding AG (Registered)		(840	)		(210,648	)		(1.1	)
Straumann Holding AG (Registered)		(110	)		(104,845	)		(0.5	)
Swiss Re AG		(8,820	)		(995,945	)		(5.1	)
Temenos AG (Registered)		(1,530	)		(246,129	)		(1.3	)
UBS Group AG (Registered)		(5,880	)		(73,027	)		(0.4	)

					(8,079,874	)


18		2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (unaudited) (continued)

January 31, 2020

BlackRock Total Factor Fund


	Shares			Value			% of Basket Value

United Kingdom
3i Group plc		(33,650	)	$	(489,499	)		(2.5	)%
Ashtead Group plc		(1,500	)		(48,417	)		(0.2	)
Aviva plc		(93,420	)		(489,567	)		(2.5	)
Barclays plc		(91,370	)		(201,774	)		(1.0	)
Barratt Developments plc		(31,870	)		(337,425	)		(1.7	)
Bunzl plc		(10,715	)		(277,521	)		(1.4	)
CNH Industrial NV		(29,171	)		(277,854	)		(1.4	)
Croda International plc		(6,060	)		(397,953	)		(2.0	)
DCC plc		(10,967	)		(885,497	)		(4.6	)
DS Smith plc		(121,243	)		(543,590	)		(2.8	)
Fiat Chrysler Automobiles NV		(35,720	)		(465,333	)		(2.4	)
Hargreaves Lansdown plc		(26,947	)		(611,684	)		(3.2	)
International Consolidated Airlines Group SA		(9,910	)		(74,264	)		(0.4	)
Intertek Group plc		(1,753	)		(133,014	)		(0.7	)
Johnson Matthey plc		(17,770	)		(609,264	)		(3.1	)
Lloyds Banking Group plc		(336,170	)		(250,963	)		(1.3	)
London Stock Exchange Group plc		(6,650	)		(687,216	)		(3.5	)
Melrose Industries plc		(118,400	)		(362,859	)		(1.9	)
National Grid plc		(51,355	)		(682,337	)		(3.5	)
Ocado Group plc		(28,410	)		(458,074	)		(2.4	)
Persimmon plc		(5,420	)		(218,199	)		(1.1	)
Prudential plc		(3,930	)		(69,877	)		(0.4	)
Reckitt Benckiser Group plc		(20,759	)		(1,718,293	)		(8.9	)
Royal Bank of Scotland Group plc		(293,250	)		(839,928	)		(4.3	)
RSA Insurance Group plc		(78,841	)		(572,013	)		(2.9	)
Severn Trent plc		(11,450	)		(389,938	)		(2.0	)
Smiths Group plc		(80,116	)		(1,781,364	)		(9.2	)
Spirax-Sarco Engineering plc		(12,344	)		(1,450,111	)		(7.5	)
SSE plc		(3,780	)		(75,244	)		(0.4	)
St James’s Place plc		(101,542	)		(1,527,160	)		(7.9	)
Taylor Wimpey plc		(134,928	)		(383,249	)		(2.0	)
Tesco plc		(44,310	)		(144,119	)		(0.7	)
Whitbread plc		(5,935	)		(349,862	)		(1.8	)

					(17,803,462	)

United States
3M Co.		(6,146	)		(975,124	)		(5.0	)
Abbott Laboratories		(5,020	)		(437,443	)		(2.3	)
ABIOMED, Inc.		(1,810	)		(337,185	)		(1.7	)
Activision Blizzard, Inc.		(1,250	)		(73,100	)		(0.4	)
Alaska Air Group, Inc.		(3,898	)		(251,772	)		(1.3	)
Albemarle Corp.		(2,966	)		(238,110	)		(1.2	)
Align Technology, Inc.		(450	)		(115,695	)		(0.6	)
Alnylam Pharmaceuticals, Inc.		(5,336	)		(612,519	)		(3.2	)
Altria Group, Inc.		(12,366	)		(587,756	)		(3.0	)
Amazon.com, Inc.		(50	)		(100,436	)		(0.5	)
American Airlines Group, Inc.		(26,950	)		(723,338	)		(3.7	)
American International Group, Inc.		(21,632	)		(1,087,224	)		(5.6	)
Analog Devices, Inc.		(1,960	)		(215,110	)		(1.1	)
Apache Corp.		(13,730	)		(376,751	)		(1.9	)
Apple, Inc.		(210	)		(64,997	)		(0.3	)
Aqua America, Inc.		(30,421	)		(1,580,067	)		(8.1	)
Aramark		(4,250	)		(187,595	)		(1.0	)
Archer-Daniels-Midland Co.		(19,740	)		(883,562	)		(4.6	)
Arconic, Inc.		(12,463	)		(373,267	)		(1.9	)
Arista Networks, Inc.		(1,946	)		(434,620	)		(2.2	)
Arthur J Gallagher & Co.		(9,852	)		(1,010,520	)		(5.2	)
AT&T, Inc.		(3,780	)		(142,204	)		(0.7	)
Baker Hughes Co.		(21,533	)		(466,405	)		(2.4	)
Ball Corp.		(10,363	)		(748,001	)		(3.9	)
Bausch Health Cos., Inc.		(9,150	)		(250,985	)		(1.3	)
Becton Dickinson and Co.		(7,059	)		(1,942,496	)		(10.0	)
BioMarin Pharmaceutical, Inc.		(1,713	)		(143,035	)		(0.7	)
Bio-Techne Corp.		(2,666	)		(559,780	)		(2.9	)


	Shares			Value			% of Basket Value

United States (continued)
Black Knight, Inc.		(11,730	)	$	(784,972	)		(4.0	)%
Boeing Co. (The)		(4,210	)		(1,339,917	)		(6.9	)
Boston Scientific Corp.		(17,318	)		(725,105	)		(3.7	)
Broadcom, Inc.		(440	)		(134,270	)		(0.7	)
Brown & Brown, Inc.		(17,750	)		(796,975	)		(4.1	)
Brown-Forman Corp., Class B		(8,223	)		(556,204	)		(2.9	)
Bunge Ltd.		(870	)		(45,614	)		(0.2	)
Caesars Entertainment Corp.		(29,460	)		(402,718	)		(2.1	)
CarMax, Inc.		(3,260	)		(316,350	)		(1.6	)
Catalent, Inc.		(18,570	)		(1,134,627	)		(5.8	)
Caterpillar, Inc.		(4,521	)		(593,833	)		(3.1	)
Cboe Global Markets, Inc.		(7,168	)		(883,241	)		(4.6	)
Centene Corp.		(1,230	)		(77,256	)		(0.4	)
CenterPoint Energy, Inc.		(1,630	)		(43,162	)		(0.2	)
CenturyLink, Inc.		(24,580	)		(335,763	)		(1.7	)
Ceridian HCM Holding, Inc.		(6,946	)		(509,072	)		(2.6	)
Charles Schwab Corp. (The)		(4,143	)		(188,714	)		(1.0	)
Charter Communications, Inc., Class A		(582	)		(301,162	)		(1.6	)
Chipotle Mexican Grill, Inc.		(550	)		(476,718	)		(2.5	)
Church & Dwight Co., Inc.		(5,066	)		(375,999	)		(1.9	)
Cigna Corp.		(4,800	)		(923,424	)		(4.8	)
Cisco Systems, Inc.		(2,590	)		(119,062	)		(0.6	)
Clorox Co. (The)		(2,870	)		(451,480	)		(2.3	)
CME Group, Inc.		(1,732	)		(376,035	)		(1.9	)
Coca-Cola Co. (The)		(23,410	)		(1,367,144	)		(7.0	)
Cognex Corp.		(6,473	)		(329,929	)		(1.7	)
Commerce Bancshares, Inc.		(3,790	)		(256,431	)		(1.3	)
Conagra Brands, Inc.		(35,430	)		(1,166,356	)		(6.0	)
Concho Resources, Inc.		(7,131	)		(540,387	)		(2.8	)
Constellation Brands, Inc., Class A		(2,835	)		(533,830	)		(2.8	)
Continental Resources, Inc.		(4,298	)		(116,992	)		(0.6	)
Cooper Cos., Inc. (The)		(260	)		(90,191	)		(0.5	)
Corning, Inc.		(5,230	)		(139,589	)		(0.7	)
CoStar Group, Inc.		(1,120	)		(731,349	)		(3.8	)
Costco Wholesale Corp.		(940	)		(287,189	)		(1.5	)
Credit Acceptance Corp.		(150	)		(64,347	)		(0.3	)
Crown Holdings, Inc.		(4,969	)		(367,855	)		(1.9	)
Danaher Corp.		(3,547	)		(570,606	)		(2.9	)
Deere & Co.		(6,271	)		(994,455	)		(5.1	)
Dell Technologies, Inc., Class C		(1,580	)		(77,057	)		(0.4	)
DexCom, Inc.		(1,920	)		(462,240	)		(2.4	)
Diamondback Energy, Inc.		(3,637	)		(270,593	)		(1.4	)
DISH Network Corp., Class A		(4,870	)		(179,021	)		(0.9	)
DocuSign, Inc.		(1,560	)		(122,476	)		(0.6	)
Dollar Tree, Inc.		(380	)		(33,087	)		(0.2	)
Dominion Energy, Inc.		(13,768	)		(1,180,606	)		(6.1	)
Dow, Inc.		(13,580	)		(625,631	)		(3.2	)
DR Horton, Inc.		(4,320	)		(255,744	)		(1.3	)
DuPont de Nemours, Inc.		(6,469	)		(331,083	)		(1.7	)
DXC Technology Co.		(16,700	)		(532,396	)		(2.7	)
East West Bancorp, Inc.		(370	)		(16,961	)		(0.1	)
Edison International		(4,710	)		(360,550	)		(1.9	)
Elanco Animal Health, Inc.		(10,040	)		(310,236	)		(1.6	)
Emerson Electric Co.		(1,220	)		(87,389	)		(0.5	)
EPAM Systems, Inc.		(1,640	)		(374,150	)		(1.9	)
Equifax, Inc.		(10,239	)		(1,534,826	)		(7.9	)
Erie Indemnity Co., Class A		(1,740	)		(289,710	)		(1.5	)
Everest Re Group Ltd.		(960	)		(265,507	)		(1.4	)
Eversource Energy		(895	)		(82,734	)		(0.4	)
Exact Sciences Corp.		(2,278	)		(212,492	)		(1.1	)
Exxon Mobil Corp.		(5,860	)		(364,023	)		(1.9	)
FedEx Corp.		(2,190	)		(316,762	)		(1.6	)
Fidelity National Information Services, Inc.		(3,900	)		(560,274	)		(2.9	)


CONSOLIDATED SCHEDULE OF INVESTMENTS			19

Consolidated Schedule of Investments (unaudited) (continued)

January 31, 2020

BlackRock Total Factor Fund


	Shares			Value			% of Basket Value

United States (continued)
First Republic Bank		(3,152	)	$	(349,494	)		(1.8	)%
Fiserv, Inc.		(3,332	)		(395,209	)		(2.0	)
FLIR Systems, Inc.		(5,650	)		(291,201	)		(1.5	)
Flowserve Corp.		(1,388	)		(64,792	)		(0.3	)
FMC Corp.		(1,220	)		(116,620	)		(0.6	)
Ford Motor Co.		(63,170	)		(557,159	)		(2.9	)
Fortive Corp.		(790	)		(59,195	)		(0.3	)
Franklin Resources, Inc.		(6,490	)		(164,197	)		(0.8	)
Freeport-McMoRan, Inc.		(68,505	)		(760,405	)		(3.9	)
Gardner Denver Holdings, Inc.		(14,820	)		(523,294	)		(2.7	)
Gartner, Inc.		(7,018	)		(1,128,354	)		(5.8	)
GCI Liberty, Inc., Class A		(1,560	)		(114,161	)		(0.6	)
General Electric Co.		(27,434	)		(341,553	)		(1.8	)
Gentex Corp.		(2,500	)		(74,425	)		(0.4	)
Genuine Parts Co.		(5,500	)		(514,635	)		(2.7	)
Global Payments, Inc.		(1,630	)		(318,583	)		(1.6	)
Guidewire Software, Inc.		(18,168	)		(2,043,900	)		(10.5	)
Halliburton Co.		(12,817	)		(279,539	)		(1.4	)
Hasbro, Inc.		(1,050	)		(106,963	)		(0.6	)
Herbalife Nutrition Ltd.		(1,730	)		(67,210	)		(0.3	)
Hess Corp.		(1,840	)		(104,089	)		(0.5	)
Hormel Foods Corp.		(27,064	)		(1,279,045	)		(6.6	)
Huntington Bancshares, Inc.		(26,140	)		(354,720	)		(1.8	)
Huntington Ingalls Industries, Inc.		(690	)		(180,090	)		(0.9	)
Illinois Tool Works, Inc.		(670	)		(117,237	)		(0.6	)
Illumina, Inc.		(480	)		(139,234	)		(0.7	)
Intercontinental Exchange, Inc.		(4,550	)		(453,817	)		(2.3	)
International Flavors & Fragrances, Inc.		(2,220	)		(291,064	)		(1.5	)
Intuitive Surgical, Inc.		(1,370	)		(766,899	)		(4.0	)
Ionis Pharmaceuticals, Inc.		(720	)		(41,990	)		(0.2	)
IPG Photonics Corp.		(4,140	)		(528,554	)		(2.7	)
IQVIA Holdings, Inc.		(1,870	)		(290,317	)		(1.5	)
Jack Henry & Associates, Inc.		(630	)		(94,210	)		(0.5	)
Jacobs Engineering Group, Inc.		(7,824	)		(723,955	)		(3.7	)
JM Smucker Co. (The)		(780	)		(80,816	)		(0.4	)
Jones Lang LaSalle, Inc.		(1,660	)		(281,901	)		(1.5	)
Kellogg Co.		(8,330	)		(568,189	)		(2.9	)
Keurig Dr Pepper, Inc.		(15,639	)		(446,181	)		(2.3	)
Kimberly-Clark Corp.		(710	)		(101,700	)		(0.5	)
Kinder Morgan, Inc.		(9,996	)		(208,617	)		(1.1	)
Kraft Heinz Co. (The)		(12,090	)		(353,028	)		(1.8	)
L3Harris Technologies, Inc.		(760	)		(168,211	)		(0.9	)
Lamb Weston Holdings, Inc.		(2,880	)		(262,973	)		(1.4	)
Las Vegas Sands Corp.		(8,900	)		(581,259	)		(3.0	)
Leidos Holdings, Inc.		(2,450	)		(246,151	)		(1.3	)
Lennar Corp., Class A		(5,969	)		(396,103	)		(2.0	)
Lennox International, Inc.		(1,180	)		(274,916	)		(1.4	)
Liberty Broadband Corp., Class C		(2,660	)		(353,594	)		(1.8	)
Live Nation Entertainment, Inc.		(9,878	)		(673,284	)		(3.5	)
Lowe’s Cos., Inc.		(1,570	)		(182,497	)		(0.9	)
Marathon Petroleum Corp.		(16,177	)		(881,646	)		(4.5	)
Markel Corp.		(171	)		(200,578	)		(1.0	)
MarketAxess Holdings, Inc.		(1,140	)		(403,765	)		(2.1	)
Marriott International, Inc., Class A		(3,680	)		(515,421	)		(2.7	)
Marsh & McLennan Cos., Inc.		(4,290	)		(479,879	)		(2.5	)
Martin Marietta Materials, Inc.		(1,133	)		(298,885	)		(1.5	)
Marvell Technology Group Ltd.		(8,697	)		(209,076	)		(1.1	)
McCormick & Co., Inc. (Non-Voting)		(6,343	)		(1,036,256	)		(5.3	)
McDonald’s Corp.		(2,140	)		(457,896	)		(2.4	)
MGM Resorts International		(8,441	)		(262,177	)		(1.4	)
Microchip Technology, Inc.		(1,080	)		(105,278	)		(0.5	)
Middleby Corp. (The)		(2,110	)		(236,658	)		(1.2	)
Mohawk Industries, Inc.		(1,010	)		(132,997	)		(0.7	)
Molina Healthcare, Inc.		(1,240	)		(152,483	)		(0.8	)


	Shares			Value			% of Basket Value

United States (continued)
Molson Coors Beverage Co., Class B		(7,420	)	$	(412,404	)		(2.1	)%
Mosaic Co. (The)		(11,281	)		(223,815	)		(1.2	)
MSCI, Inc.		(910	)		(260,078	)		(1.3	)
Nasdaq, Inc.		(6,270	)		(730,204	)		(3.8	)
Netflix, Inc.		(4,112	)		(1,419,010	)		(7.3	)
Newell Brands, Inc.		(16,209	)		(316,562	)		(1.6	)
Noble Energy, Inc.		(15,524	)		(306,909	)		(1.6	)
Nordson Corp.		(4,989	)		(842,443	)		(4.3	)
Norfolk Southern Corp.		(2,500	)		(520,525	)		(2.7	)
NortonLifeLock, Inc.		(13,271	)		(377,162	)		(1.9	)
NVIDIA Corp.		(3,140	)		(742,390	)		(3.8	)
Occidental Petroleum Corp.		(21,850	)		(867,882	)		(4.5	)
Okta, Inc.		(3,010	)		(385,430	)		(2.0	)
Old Dominion Freight Line, Inc.		(670	)		(131,474	)		(0.7	)
ONEOK, Inc.		(9,120	)		(682,814	)		(3.5	)
Packaging Corp. of America		(1,200	)		(114,900	)		(0.6	)
Palo Alto Networks, Inc.		(630	)		(147,911	)		(0.8	)
Parker-Hannifin Corp.		(1,240	)		(242,656	)		(1.3	)
Paycom Software, Inc.		(469	)		(149,217	)		(0.8	)
PerkinElmer, Inc.		(1,437	)		(132,894	)		(0.7	)
Pfizer, Inc.		(12,070	)		(449,487	)		(2.3	)
Pilgrim’s Pride Corp.		(8,550	)		(222,728	)		(1.2	)
Pioneer Natural Resources Co.		(3,208	)		(433,080	)		(2.2	)
Post Holdings, Inc.		(6,272	)		(655,863	)		(3.4	)
PRA Health Sciences, Inc.		(730	)		(73,956	)		(0.4	)
Procter & Gamble Co. (The)		(1,570	)		(195,653	)		(1.0	)
Progressive Corp. (The)		(1,520	)		(122,649	)		(0.6	)
Prudential Financial, Inc.		(3,510	)		(319,621	)		(1.6	)
PTC, Inc.		(5,530	)		(459,654	)		(2.4	)
QIAGEN NV		(17,240	)		(575,830)			(3.0	)
QUALCOMM, Inc.		(860	)		(73,367	)		(0.4	)
Reinsurance Group of America, Inc.		(2,110	)		(303,945	)		(1.6	)
ResMed, Inc.		(2,832	)		(450,203	)		(2.3	)
Rollins, Inc.		(4,750	)		(180,262	)		(0.9	)
Roper Technologies, Inc.		(280	)		(106,865	)		(0.6	)
Ross Stores, Inc.		(540	)		(60,583	)		(0.3	)
Royal Caribbean Cruises Ltd.		(930	)		(108,884	)		(0.6	)
RPM International, Inc.		(2,070	)		(147,736	)		(0.8	)
Sage Therapeutics, Inc.		(7,561	)		(501,143	)		(2.6	)
Seattle Genetics, Inc.		(4,963	)		(537,940	)		(2.8	)
ServiceMaster Global Holdings, Inc.		(4,240	)		(152,852	)		(0.8	)
Skyworks Solutions, Inc.		(2,420	)		(273,823	)		(1.4	)
Splunk, Inc.		(930	)		(144,392	)		(0.7	)
Square, Inc., Class A		(5,340	)		(398,845	)		(2.1	)
SS&C Technologies Holdings, Inc.		(3,290	)		(207,303	)		(1.1	)
Stanley Black & Decker, Inc.		(4,858	)		(774,025	)		(4.0	)
State Street Corp.		(9,235	)		(698,443	)		(3.6	)
Steel Dynamics, Inc.		(2,850	)		(85,158	)		(0.4	)
Targa Resources Corp.		(19,289	)		(704,048	)		(3.6	)
TD Ameritrade Holding Corp.		(820	)		(38,934	)		(0.2	)
Teleflex, Inc.		(1,598	)		(593,673	)		(3.1	)
Tesla, Inc.		(1,910	)		(1,242,589	)		(6.4	)
Thermo Fisher Scientific, Inc.		(510	)		(159,727	)		(0.8	)
Tiffany & Co.		(2,923	)		(391,740	)		(2.0	)
TransUnion		(2,548	)		(233,652	)		(1.2	)
Travelers Cos., Inc. (The)		(2,260	)		(297,461	)		(1.5	)
Trimble, Inc.		(1,870	)		(79,512	)		(0.4	)
Truist Financial Corp.		(8,939	)		(460,984	)		(2.4	)
Twilio, Inc., Class A		(9,730	)		(1,209,828	)		(6.2	)
Tyler Technologies, Inc.		(2,140	)		(692,675	)		(3.6	)
Tyson Foods, Inc., Class A		(3,720	)		(307,384	)		(1.6	)
Ubiquiti, Inc.		(2,870	)		(469,015	)		(2.4	)
UGI Corp.		(2,530	)		(105,223	)		(0.5	)
Union Pacific Corp.		(2,130	)		(382,165	)		(2.0	)


20		2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (unaudited) (continued)

January 31, 2020

BlackRock Total Factor Fund


	Shares			Value			% of Basket Value

United States (continued)
United Rentals, Inc.		(260	)	$	(35,279	)		(0.2	)%
UnitedHealth Group, Inc.		(860	)		(234,307	)		(1.2	)
Universal Display Corp.		(440	)		(77,515	)		(0.4	)
Vail Resorts, Inc.		(1,256	)		(294,545	)		(1.5	)
Verisk Analytics, Inc.		(1,970	)		(320,066	)		(1.7	)
VF Corp.		(3,600	)		(298,692	)		(1.5	)
WABCO Holdings, Inc.		(1,090	)		(147,858	)		(0.8	)
Walgreens Boots Alliance, Inc.		(1,170	)		(59,495	)		(0.3	)
Walt Disney Co. (The)		(14,763	)		(2,041,871	)		(10.5	)
Waters Corp.		(740	)		(165,605	)		(0.9	)
Wayfair, Inc., Class A		(13,853	)		(1,298,026	)		(6.7	)
Wells Fargo & Co.		(12,483	)		(585,952	)		(3.0	)
Western Digital Corp.		(4,873	)		(319,181	)		(1.6	)
Westinghouse Air Brake Technologies Corp.		(6,101	)		(450,620	)		(2.3	)
Westlake Chemical Corp.		(12,090	)		(739,908	)		(3.8	)
WEX, Inc.		(2,349	)		(509,545	)		(2.6	)
Williams Cos., Inc. (The)		(15,117	)		(312,771	)		(1.6	)
Wynn Resorts Ltd.		(2,712	)		(342,146	)		(1.8	)
XPO Logistics, Inc.		(2,830	)		(251,644	)		(1.3	)
Xylem, Inc.		(13,404	)		(1,094,571	)		(5.6	)
Zayo Group Holdings, Inc.		(1,210	)		(42,048	)		(0.2	)
Zendesk, Inc.		(2,530	)		(218,592	)		(1.1	)
Zimmer Biomet Holdings, Inc.		(810	)		(119,799	)		(0.6	)

					(102,451,109	)


Total Reference Entity — Short					(206,679,930	)


Net Value of Reference Entity — Bank of America NA				$	19,414,405

The following table represents the individual long and short positions and related values of equity securities underlying the total return swap with Citibank NA, as of January 31, 2020, expiration dates 02/24/23-02/27/23:

Reference Entity — Long

Australia
AGL Energy Ltd.		470			6,237			0.0
Aristocrat Leisure Ltd.		22,550			537,799			3.0
ASX Ltd.		2,370			134,084			0.8
Aurizon Holdings Ltd.		385,153			1,380,583			7.8
BHP Group Ltd.		55,947			1,434,700			8.1
BHP Group plc		46,860			1,019,984			5.7
Macquarie Group Ltd.		3,020			288,562			1.6
Newcrest Mining Ltd.		22,190			444,245			2.5
QBE Insurance Group Ltd.		15,668			142,628			0.8
Rio Tinto Ltd.		10,106			655,762			3.7
Rio Tinto plc		5,420			289,830			1.6
Santos Ltd.		24,520			140,730			0.8
South32 Ltd.		75,610			129,739			0.7
Suncorp Group Ltd.		24,497			209,270			1.2
Telstra Corp. Ltd.		100,765			256,946			1.5
Treasury Wine Estates Ltd.		45,050			386,959			2.2
Wesfarmers Ltd.		15,160			454,830			2.6
Woolworths Group Ltd.		43,430			1,206,218			6.8

					9,119,106

Austria
Erste Group Bank AG		16,760			615,383			3.5
OMV AG		21,226			1,054,808			5.9

					1,670,191

Belgium
Ageas		4,548			250,784			1.4
Colruyt SA		670			33,549			0.2


	Shares		Value		% of Basket Value

Belgium (continued)
Groupe Bruxelles Lambert SA		6,756	$	678,936		3.8	%
KBC Group NV		5,190		380,818		2.1
UCB SA		2,931		269,717		1.5

				1,613,804

Canada
Bank of Montreal		7,800		594,872		3.3
Bank of Nova Scotia (The)		7,530		411,265		2.3
BCE, Inc.		9,103		428,943		2.4
Canadian Natural Resources Ltd.		2,250		63,280		0.4
Canadian Pacific Railway Ltd.		780		207,200		1.2
Canadian Tire Corp. Ltd., Class A		2,720		291,710		1.6
CGI, Inc.		8,925		683,369		3.8
Constellation Software, Inc.		100		105,112		0.6
Hydro One Ltd.		32,950		669,756		3.8
Imperial Oil Ltd.		21,048		499,083		2.8
Magna International, Inc.		6,631		336,125		1.9
Manulife Financial Corp.		17,230		335,643		1.9
National Bank of Canada		40,349		2,238,799		12.6
Nutrien Ltd.		6,010		256,567		1.4
Power Financial Corp.		3,270		84,876		0.5
Rogers Communications, Inc., Class B		3,700		185,252		1.0
Royal Bank of Canada		570		45,044		0.3
Sun Life Financial, Inc.		840		39,493		0.2
Suncor Energy, Inc.		17,389		531,498		3.0
TC Energy Corp.		850		46,611		0.3
Toronto-Dominion Bank (The)		3,510		193,986		1.1

				8,248,484

China
BOC Hong Kong Holdings Ltd.		300,000		991,675		5.6


Denmark
Carlsberg A/S, Class B		5,712		834,145		4.7
Demant A/S		10,940		354,761		2.0
GN Store Nord A/S		11,511		570,947		3.2
H Lundbeck A/S		15,960		678,178		3.8
Novo Nordisk A/S, Class B		4,248		258,583		1.5

				2,696,614

Finland
Kone OYJ, Class B		4,770		308,205		1.7
UPM-Kymmene OYJ		23,312		734,525		4.1

				1,042,730

France
Alstom SA		5,560		294,681		1.7
Arkema SA		1,722		157,786		0.9
Bouygues SA		5,800		229,156		1.3
Bureau Veritas SA		25,010		689,146		3.9
Capgemini SE		3,010		373,814		2.1
Carrefour SA		22,690		383,954		2.2
Cie de Saint-Gobain		20,420		770,413		4.3
Danone SA		5,757		460,701		2.6
Dassault Systemes SE		1,229		212,757		1.2
Eiffage SA		7,128		826,234		4.6
Hermes International		920		686,989		3.9
Kering SA		90		54,992		0.3
Legrand SA		4,923		393,898		2.2
L’Oreal SA		300		83,444		0.5
Orange SA		6,429		90,880		0.5
Peugeot SA		34,960		719,835		4.0
Publicis Groupe SA		11,470		508,456		2.9
Safran SA		2,270		366,008		2.1
Schneider Electric SE		1,053		105,012		0.6
Sodexo SA		2,760		288,985		1.6


CONSOLIDATED SCHEDULE OF INVESTMENTS			21

Consolidated Schedule of Investments (unaudited) (continued)

January 31, 2020

BlackRock Total Factor Fund


	Shares		Value		% of Basket Value

France (continued)
Suez		47,360	$	777,218		4.4	%
TOTAL SA		3,712		180,740		1.0
Veolia Environnement SA		14,897		439,468		2.5
Vinci SA		1,111		123,087		0.7
Vivendi SA		38,850		1,062,520		6.0

				10,280,174

Germany
adidas AG		2,189		691,974		3.9
Allianz SE (Registered)		2,333		556,989		3.1
BASF SE		3,460		233,539		1.3
Brenntag AG		10,220		528,886		3.0
Continental AG		2,860		326,375		1.8
Covestro AG		3,210		135,278		0.8
Deutsche Post AG (Registered)		2,570		89,667		0.5
Deutsche Telekom AG (Registered)		22,904		370,949		2.1
Evonik Industries AG		15,753		431,692		2.4
Hannover Rueck SE		4,710		914,524		5.2
HeidelbergCement AG		3,267		220,330		1.2
Henkel AG & Co. KGaA
(Preference)		8,360		850,233		4.8
HOCHTIEF AG		7,651		884,955		5.0
Knorr-Bremse AG		1,808		197,529		1.1
LEG Immobilien AG		1,565		193,028		1.1
Merck KGaA		5,800		743,731		4.2
Muenchener Rueckversicherungs- Gesellschaft AG (Registered)		3,777		1,113,612		6.3
RWE AG		473		16,398		0.1
Telefonica Deutschland Holding AG		25,800		78,201		0.4

				8,577,890

Hong Kong
AIA Group Ltd.		15,800		156,561		0.9
CK Asset Holdings Ltd.		63,000		402,504		2.3
CLP Holdings Ltd.		29,500		306,787		1.7
Hang Seng Bank Ltd.		28,200		570,016		3.2
Henderson Land Development Co. Ltd.		69,000		309,786		1.8
New World Development Co. Ltd.		88,000		109,924		0.6
Sun Hung Kai Properties Ltd.		25,500		355,224		2.0
Wharf Real Estate Investment Co. Ltd.		7,000		36,150		0.2

				2,246,952

Ireland
AerCap Holdings NV		3,310		187,379		1.1


Italy
Assicurazioni Generali SpA		5,605		109,217		0.6
Eni SpA		53,515		749,616		4.2
Ferrari NV		1,380		232,877		1.3
Intesa Sanpaolo SpA		60,360		149,905		0.9
Moncler SpA		1,625		69,944		0.4
Snam SpA		74,210		397,741		2.2

				1,709,300

Japan
Aeon Co. Ltd.		14,200		290,440		1.6
AGC, Inc.		6,400		215,733		1.2
Ajinomoto Co., Inc.		21,900		360,690		2.0
Asahi Group Holdings Ltd.		6,700		310,599		1.7
Asahi Kasei Corp.		4,000		40,913		0.2
Astellas Pharma, Inc.		47,300		835,797		4.7
Bridgestone Corp.		4,000		141,676		0.8
Canon, Inc.		10,700		280,600		1.6
Dai Nippon Printing Co. Ltd.		55,200		1,522,116		8.6
Denso Corp.		11,000		451,244		2.5


	Shares		Value		% of Basket Value

Japan (continued)
East Japan Railway Co.		5,800	$	510,699		2.9	%
FUJIFILM Holdings Corp.		14,300		710,202		4.0
Fujitsu Ltd.		800		84,586		0.5
Hitachi Ltd.		3,900		148,541		0.8
Honda Motor Co. Ltd.		300		7,673		0.0
Hoya Corp.		1,900		181,840		1.0
Inpex Corp.		12,700		118,544		0.7
ITOCHU Corp.		10,000		233,610		1.3
Itochu Techno-Solutions Corp.		2,500		73,622		0.4
Japan Post Holdings Co. Ltd.		9,900		90,057		0.5
Kao Corp.		2,600		207,369		1.2
Kikkoman Corp.		900		43,612		0.2
Kirin Holdings Co. Ltd.		3,600		79,065		0.4
Konami Holdings Corp.		3,200		123,928		0.7
Kyocera Corp.		5,600		367,956		2.1
Kyowa Kirin Co. Ltd.		10,100		237,444		1.3
Marubeni Corp.		19,000		136,527		0.8
MEIJI Holdings Co. Ltd.		10,400		731,888		4.1
Mitsubishi Chemical Holdings Corp.		43,500		314,373		1.8
Mitsubishi Corp.		2,500		64,089		0.4
Mitsubishi Electric Corp.		18,900		262,051		1.5
Mitsubishi Heavy Industries Ltd.		6,900		251,694		1.4
Mitsui & Co. Ltd.		14,000		248,999		1.4
MS&AD Insurance Group Holdings, Inc.		17,100		567,937		3.2
NEC Corp.		3,200		142,443		0.8
Nintendo Co. Ltd.		200		73,571		0.4
Nippon Steel Corp.		5,700		79,090		0.4
Nissan Motor Co. Ltd.		13,100		71,084		0.4
Nitori Holdings Co. Ltd.		1,100		170,941		1.0
Nitto Denko Corp.		800		44,470		0.3
Nomura Holdings, Inc.		31,100		159,213		0.9
Nomura Research Institute Ltd.		6,900		151,839		0.9
NTT Data Corp.		19,100		268,302		1.5
Obayashi Corp.		39,400		432,099		2.4
Olympus Corp.		12,300		198,734		1.1
Omron Corp.		6,000		343,590		1.9
Ono Pharmaceutical Co. Ltd.		33,700		776,005		4.4
ORIX Corp.		27,100		457,786		2.6
Otsuka Holdings Co. Ltd.		9,100		404,271		2.3
Panasonic Corp.		41,300		410,440		2.3
Recruit Holdings Co. Ltd.		4,200		163,700		0.9
Renesas Electronics Corp.		13,100		82,416		0.5
Ricoh Co. Ltd.		22,300		253,026		1.4
Rohm Co. Ltd.		900		64,742		0.4
Secom Co. Ltd.		6,700		587,943		3.3
Sekisui House Ltd.		66,400		1,427,744		8.0
Seven & i Holdings Co. Ltd.		11,800		452,451		2.5
Sharp Corp.		3,300		44,765		0.3
Shionogi & Co. Ltd.		1,400		83,264		0.5
Sompo Holdings, Inc.		1,100		41,100		0.2
Sony Corp.		2,400		167,825		0.9
Sumitomo Chemical Co. Ltd.		175,500		745,734		4.2
Sumitomo Corp.		31,100		462,603		2.6
Sumitomo Electric Industries Ltd.		19,600		261,300		1.5
Sumitomo Mitsui Financial Group, Inc.		16,200		569,583		3.2
T&D Holdings, Inc.		4,700		50,099		0.3
Tokio Marine Holdings, Inc.		1,600		86,850		0.5
Tokyo Electron Ltd.		1,500		329,919		1.9
Tokyu Corp.		7,900		139,216		0.8
Toray Industries, Inc.		13,400		87,680		0.5
Toshiba Corp.		21,500		687,148		3.9
Trend Micro, Inc.		7,800		407,553		2.3
West Japan Railway Co.		3,700		313,056		1.8


22		2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (unaudited) (continued)

January 31, 2020

BlackRock Total Factor Fund


	Shares		Value		% of Basket Value

Japan (continued)
Yamaha Corp.		1,300	$	66,413		0.4	%

				22,006,122

Luxembourg
Tenaris SA		32,310		333,911		1.9


Macau
Sands China Ltd.		148,800		717,559		4.1


Netherlands
Adyen NV		130		119,458		0.7
Akzo Nobel NV		20,786		1,961,524		11.0
EXOR NV		880		64,846		0.4
ING Groep NV		12,190		132,349		0.7
Koninklijke DSM NV		1,220		148,481		0.8
Koninklijke KPN NV		78,570		220,141		1.2
Koninklijke Philips NV		5,056		231,552		1.3
NN Group NV		13,090		454,335		2.6
Randstad NV		3,559		204,415		1.1
Royal Dutch Shell plc, Class A		23,516		617,539		3.5
Wolters Kluwer NV		5,404		406,065		2.3

				4,560,705

Norway
DNB ASA		13,490		235,840		1.3
Equinor ASA		44,759		807,792		4.6
Orkla ASA		37,270		359,797		2.0
Telenor ASA		1,282		23,167		0.2
Yara International ASA		1,530		55,562		0.3

				1,482,158

Portugal
Galp Energia SGPS SA		14,750		222,881		1.2
Jeronimo Martins SGPS SA		6,850		117,874		0.7

				340,755

Singapore
United Overseas Bank Ltd.		14,900		277,917		1.6


South Korea
Amorepacific Corp.		360		55,722		0.3
Hana Financial Group, Inc.		36,402		1,005,992		5.7
Hyundai Mobis Co. Ltd.		4,259		814,421		4.6
KB Financial Group, Inc.		9,934		365,426		2.1
Kia Motors Corp.		16,335		555,600		3.1
KT&G Corp.		8,750		695,307		3.9
LG Electronics, Inc.		9,510		518,570		2.9
LG Household & Health Care Ltd.		366		382,807		2.2
NCSoft Corp.		382		202,364		1.1
POSCO		906		164,139		0.9
Samsung Electronics Co. Ltd.		6,030		279,388		1.6
Samsung Electronics Co. Ltd. (Preference)		6,900		269,726		1.5
Shinhan Financial Group Co. Ltd.		17,282		563,969		3.2
SK Telecom Co. Ltd.		2,809		538,106		3.0

				6,411,537

Spain
ACS Actividades de Construccion y Servicios SA		47,508		1,579,501		8.9
Aena SME SA		3,172		587,075		3.3
Amadeus IT Group SA		2,760		216,401		1.2
Banco Bilbao Vizcaya Argentaria SA		44,770		231,756		1.3
Iberdrola SA		5,610		61,381		0.4
Repsol SA		66,205		911,165		5.1
Telefonica SA		50,160		339,268		1.9

				3,926,547


	Shares		Value		% of Basket Value

Sweden
Assa Abloy AB, Class B		2,480	$	58,866		0.3	%
Atlas Copco AB, Class A		17,051		548,280		3.1
Essity AB, Class B		21,570		684,760		3.9
Hennes & Mauritz AB, Class B		6,380		139,976		0.8
Investor AB, Class B		31,640		1,732,449		9.8
Kinnevik AB, Class B		3,978		95,982		0.5
Lundin Petroleum AB		7,790		236,930		1.3
Sandvik AB		15,015		274,049		1.5
Skanska AB, Class B		3,010		69,672		0.4
SKF AB, Class B		7,442		136,223		0.8
Swedish Match AB		5,827		329,448		1.9
Telefonaktiebolaget LM Ericsson, Class B		27,240		214,172		1.2
Volvo AB, Class B		75,967		1,298,560		7.3

				5,819,367

Switzerland
Adecco Group AG (Registered)		1,650		96,670		0.5
Coca-Cola HBC AG		23,540		864,676		4.9
Geberit AG (Registered)		1,810		955,194		5.4
Kuehne + Nagel International AG (Registered)		1,160		187,481		1.1
LafargeHolcim Ltd. (Registered) .		5,860		297,810		1.7
Logitech International SA (Registered)		16,358		732,796		4.1
Nestle SA (Registered)		6,580		725,726		4.1
Novartis AG (Registered)		2,670		252,230		1.4
Roche Holding AG		6,620		2,220,802		12.5
Schindler Holding AG		5,710		1,474,924		8.3
STMicroelectronics NV		17,700		492,805		2.8
Swatch Group AG (The)		3,290		825,286		4.7
Swiss Life Holding AG (Registered)		137		68,866		0.4
Swiss Prime Site AG (Registered)		3,830		467,586		2.6
Swisscom AG (Registered)		120		65,840		0.4

				9,728,692

Taiwan
Chunghwa Telecom Co. Ltd.		459,000		1,639,835		9.2
MediaTek, Inc.		36,000		455,486		2.6
Taiwan Semiconductor Manufacturing Co. Ltd.		46,000		474,454		2.7

				2,569,775

United Kingdom
Admiral Group plc		3,110		92,589		0.5
Associated British Foods plc		14,176		490,683		2.8
BAE Systems plc		9,710		80,719		0.5
Berkeley Group Holdings plc		1,802		124,688		0.7
BP plc		162,838		980,302		5.5
British American Tobacco plc		2,180		96,127		0.5
BT Group plc		13,220		28,092		0.2
Burberry Group plc		6,570		168,458		0.9
CK Hutchison Holdings Ltd.		71,000		627,336		3.5
Compass Group plc		4,762		117,727		0.7
Diageo plc		12,012		474,992		2.7
Experian plc		6,543		227,749		1.3
GlaxoSmithKline plc		8,467		198,800		1.1
Halma plc		13,083		363,138		2.0
Imperial Brands plc		4,170		106,928		0.6
Informa plc		3,540		36,161		0.2
InterContinental Hotels Group plc		5,996		369,330		2.1
ITV plc		305,800		544,817		3.1
JD Sports Fashion plc		4,380		47,366		0.3
Pearson plc		31,160		232,576		1.3
RELX plc		7,702		204,348		1.1
Rightmove plc		88,401		766,131		4.3


CONSOLIDATED SCHEDULE OF INVESTMENTS			23

Consolidated Schedule of Investments (unaudited) (continued)

January 31, 2020

BlackRock Total Factor Fund


	Shares		Value		% of Basket Value

United Kingdom (continued)
Rolls-Royce Holdings plc		14,590	$	128,514		0.7	%
Sage Group plc (The)		38,175		371,658		2.1
Schroders plc		9,330		395,027		2.2
Smith & Nephew plc		37,346		898,579		5.1
Unilever plc		17,189		1,025,348		5.8
Vodafone Group plc		116,070		228,045		1.3
WPP plc		15,004		186,553		1.0

				9,612,781

United States
AbbVie, Inc.		601		48,693		0.3
Adobe, Inc.		2,200		772,508		4.4
AES Corp.		15,191		301,693		1.7
Aflac, Inc.		16,398		845,645		4.8
Agilent Technologies, Inc.		3,947		325,864		1.8
Air Products & Chemicals, Inc.		420		100,258		0.6
Akamai Technologies, Inc.		16,026		1,496,027		8.4
Alexion Pharmaceuticals, Inc.		2,130		211,701		1.2
Alliant Energy Corp.		10,979		651,713		3.7
Allstate Corp. (The)		4,685		555,360		3.1
Ally Financial, Inc.		30,438		974,929		5.5
Alphabet, Inc., Class C		366		524,484		3.0
Amdocs Ltd.		11,810		849,730		4.8
Ameren Corp.		4,044		331,810		1.9
American Electric Power Co., Inc.		4,923		513,075		2.9
American Express Co.		2,985		387,662		2.2
American Financial Group, Inc.		6,294		684,724		3.9
Ameriprise Financial, Inc.		4,211		696,542		3.9
AmerisourceBergen Corp.		13,060		1,117,414		6.3
AMETEK, Inc.		8,861		860,846		4.8
Amgen, Inc.		4,928		1,064,694		6.0
AO Smith Corp.		4,320		184,421		1.0
Applied Materials, Inc.		11,680		677,323		3.8
Arrow Electronics, Inc.		7,020		533,099		3.0
Aspen Technology, Inc.		6,596		784,792		4.4
Atmos Energy Corp.		4,060		475,142		2.7
Autodesk, Inc.		2,520		496,062		2.8
Automatic Data Processing, Inc.		2,978		510,399		2.9
AutoZone, Inc.		591		625,254		3.5
Avery Dennison Corp.		650		85,306		0.5
Axalta Coating Systems Ltd.		26,214		755,225		4.3
Bank of New York Mellon Corp. (The)		340		15,225		0.1
Baxter International, Inc.		3,189		284,523		1.6
Best Buy Co., Inc.		4,132		349,939		2.0
Biogen, Inc.		5,997		1,612,293		9.1
Bio-Rad Laboratories, Inc., Class A		1,440		519,725		2.9
Booking Holdings, Inc.		140		256,277		1.4
Booz Allen Hamilton Holding Corp.		13,944		1,088,190		6.1
Bright Horizons Family Solutions, Inc.		360		58,943		0.3
Bristol-Myers Squibb Co., CVR		1,987		6,915		0.0
Broadridge Financial Solutions, Inc.		530		63,150		0.4
Cabot Oil & Gas Corp.		11,192		157,695		0.9
Cadence Design Systems, Inc.		32,429		2,338,455		13.2
Campbell Soup Co.		109		5,274		0.0
Capital One Financial Corp.		7,660		764,468		4.3
Cardinal Health, Inc.		3,660		187,429		1.1
Carlisle Cos., Inc.		2,610		407,760		2.3
Carnival plc		8,490		346,746		2.0
CDW Corp.		3,246		423,441		2.4
Celanese Corp.		2,563		265,271		1.5
Cerner Corp.		7,180		515,739		2.9
CF Industries Holdings, Inc.		3,730		150,244		0.8
CH Robinson Worldwide, Inc.		6,127		442,492		2.5


	Shares		Value		% of Basket Value

United States (continued)
Chevron Corp.		3,727	$	399,311		2.2	%
Ciena Corp.		24,400		992,348		5.6
Cintas Corp.		3,792		1,057,854		6.0
Citizens Financial Group, Inc.		16,657		620,973		3.5
Citrix Systems, Inc.		6,723		814,962		4.6
CMS Energy Corp.		18,740		1,283,877		7.2
Colgate-Palmolive Co.		4,789		353,332		2.0
Columbia Sportswear Co.		696		65,368		0.4
Comcast Corp., Class A		20,502		885,481		5.0
Comerica, Inc.		16,409		1,003,574		5.7
Commerce Bancshares, Inc.		9		609		0.0
ConocoPhillips		11,067		657,712		3.7
Consolidated Edison, Inc.		3,770		354,380		2.0
Copart, Inc.		2,750		279,015		1.6
Corteva, Inc.		10,410		301,057		1.7
CSX Corp.		4,327		330,323		1.9
Cummins, Inc.		3,310		529,501		3.0
Cypress Semiconductor Corp.		1,790		41,761		0.2
Darden Restaurants, Inc.		5,021		584,595		3.3
DaVita, Inc.		12,530		1,000,771		5.6
Delta Air Lines, Inc.		5,030		280,372		1.6
Devon Energy Corp.		27,700		601,644		3.4
Discover Financial Services		20,117		1,511,390		8.5
Discovery, Inc., Class C		6,100		169,397		1.0
Dollar General Corp.		350		53,694		0.3
Dover Corp.		7,871		896,113		5.0
DTE Energy Co.		13,536		1,795,009		10.1
Dunkin’ Brands Group, Inc.		7,240		565,372		3.2
E*TRADE Financial Corp.		3,990		170,054		1.0
Eastman Chemical Co.		640		45,613		0.3
Eaton Corp. plc		1,369		129,329		0.7
eBay, Inc.		61,114		2,050,986		11.6
Edwards Lifesciences Corp.		320		70,355		0.4
Eli Lilly & Co.		5,100		712,164		4.0
Encompass Health Corp.		567		43,676		0.2
Entergy Corp.		5,660		744,403		4.2
EOG Resources, Inc.		2,390		174,255		1.0
Equitable Holdings, Inc.		28,671		688,677		3.9
Estee Lauder Cos., Inc. (The), Class A		1,387		270,687		1.5
Euronet Worldwide, Inc.		260		40,986		0.2
Evergy, Inc.		673		48,564		0.3
Exelon Corp.		4,340		206,541		1.2
Expedia Group, Inc.		5,070		549,842		3.1
Expeditors International of Washington, Inc.		42,289		3,088,789		17.4
Facebook, Inc., Class A		810		163,547		0.9
Fair Isaac Corp.		1,648		663,122		3.7
Fastenal Co.		4,998		174,330		1.0
Ferguson plc		5,790		519,953		2.9
Fifth Third Bancorp		17,077		485,841		2.7
FleetCor Technologies, Inc.		970		305,773		1.7
Fortinet, Inc.		5,719		659,744		3.7
Fortune Brands Home & Security, Inc.		3,610		248,043		1.4
Gap, Inc. (The)		9,760		169,922		1.0
Garmin Ltd.		6,497		629,884		3.5
General Mills, Inc.		3,040		158,749		0.9
General Motors Co.		10		334		0.0
Gilead Sciences, Inc.		15,881		1,003,679		5.7
Globe Life, Inc.		8,054		839,710		4.7
GoDaddy, Inc., Class A		4,420		297,068		1.7
HCA Healthcare, Inc.		4,961		688,587		3.9
HD Supply Holdings, Inc.		13,101		533,735		3.0
HEICO Corp., Class A		1,350		129,803		0.7


24		2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (unaudited) (continued)

January 31, 2020

BlackRock Total Factor Fund


	Shares		Value		% of Basket Value

United States (continued)
Henry Schein, Inc.		7,000	$	482,580		2.7	%
Hershey Co. (The)		2,091		324,460		1.8
Hewlett Packard Enterprise Co.		125,939		1,754,330		9.9
Hexcel Corp.		1,550		115,041		0.6
Hill-Rom Holdings, Inc.		3,413		363,450		2.0
Hilton Worldwide Holdings, Inc.		3,880		418,264		2.4
HollyFrontier Corp.		6,080		273,114		1.5
Hologic, Inc.		4,930		263,854		1.5
Home Depot, Inc. (The)		280		63,868		0.4
Honeywell International, Inc.		2,958		512,385		2.9
HP, Inc.		61,760		1,316,723		7.4
Hubbell, Inc.		1,560		223,439		1.3
IDEX Corp.		2,690		440,757		2.5
IDEXX Laboratories, Inc.		748		202,715		1.1
IHS Markit Ltd.		3,920		309,131		1.7
Incyte Corp.		6,790		496,145		2.8
Ingersoll-Rand plc		3,563		474,698		2.7
Intel Corp.		1,200		76,716		0.4
International Paper Co.		10,354		421,615		2.4
Interpublic Group of Cos., Inc. (The)		28,605		649,334		3.7
Intuit, Inc.		2,533		710,203		4.0
Jazz Pharmaceuticals plc		1,140		163,419		0.9
Johnson & Johnson		2,616		389,444		2.2
Johnson Controls International plc		6,410		252,875		1.4
JPMorgan Chase & Co.		1,820		240,895		1.4
Juniper Networks, Inc.		10,730		246,146		1.4
Kansas City Southern		2,880		485,827		2.7
Keysight Technologies, Inc.		6,640		617,454		3.5
Kohl’s Corp.		2,820		120,555		0.7
Lam Research Corp.		2,541		757,752		4.3
Liberty Media Corp-Liberty SiriusXM, Class C		27,820		1,363,736		7.7
Lincoln National Corp.		3,140		171,067		1.0
LKQ Corp.		1,550		50,662		0.3
Loews Corp.		9,630		495,464		2.8
LPL Financial Holdings, Inc.		8,540		786,790		4.4
Marathon Oil Corp.		94,780		1,077,649		6.1
Masco Corp.		4,842		230,092		1.3
Maxim Integrated Products, Inc.		9,204		553,344		3.1
McKesson Corp.		2,389		340,695		1.9
Medtronic plc		1,890		218,182		1.2
Merck & Co., Inc.		7,770		663,869		3.7
MetLife, Inc.		7,510		373,322		2.1
Mettler-Toledo International, Inc. .		110		83,290		0.5
Micron Technology, Inc.		7,970		423,127		2.4
Microsoft Corp.		530		90,222		0.5
Mondelez International, Inc., Class A		7,506		430,694		2.4
Monster Beverage Corp.		1,980		131,868		0.7
Morgan Stanley		8,700		454,662		2.6
Motorola Solutions, Inc.		957		169,389		1.0
NetApp, Inc.		17,440		931,296		5.2
Newmont Corp.		4,920		221,695		1.2
Nielsen Holdings plc		24,830		506,532		2.9
NIKE, Inc., Class B		1,800		173,340		1.0
NiSource, Inc.		3,430		100,533		0.6
Northern Trust Corp.		2,860		279,737		1.6
Norwegian Cruise Line Holdings Ltd.		12,450		670,433		3.8
NRG Energy, Inc.		59,415		2,191,819		12.3
NVR, Inc.		100		381,697		2.2
OGE Energy Corp.		9,712		445,295		2.5
Old Republic International Corp.		6,450		145,448		0.8
Omnicom Group, Inc.		12,086		910,197		5.1
Oracle Corp.		10,533		552,456		3.1
PACCAR, Inc.		3,775		280,143		1.6
Paychex, Inc.		19,813		1,699,361		9.6


	Shares		Value		% of Basket Value

United States (continued)
PayPal Holdings, Inc.		350	$	39,862		0.2	%
Pentair plc		9,138		392,294		2.2
PepsiCo, Inc.		265		37,635		0.2
Philip Morris International, Inc.		1,950		161,265		0.9
Phillips 66		2,400		219,288		1.2
Pinnacle West Capital Corp.		5,186		506,620		2.9
Pool Corp.		1,280		280,704		1.6
PPG Industries, Inc.		3,460		414,646		2.3
Public Service Enterprise Group, Inc.		4,305		254,856		1.4
PulteGroup, Inc.		3,470		154,936		0.9
PVH Corp.		850		74,095		0.4
Qorvo, Inc.		1,158		122,586		0.7
Quest Diagnostics, Inc.		280		30,988		0.2
Raymond James Financial, Inc.		1,960		179,203		1.0
Regeneron Pharmaceuticals, Inc.		374		126,390		0.7
Regions Financial Corp.		17,270		268,894		1.5
Reliance Steel & Aluminum Co.		3,580		410,984		2.3
Republic Services, Inc.		5,010		476,201		2.7
Robert Half International, Inc.		11,566		672,794		3.8
Rockwell Automation, Inc.		1,140		218,492		1.2
Royal Gold, Inc.		1,120		129,158		0.7
S&P Global, Inc.		930		273,169		1.5
Sabre Corp.		3,000		64,620		0.4
salesforce.com, Inc.		540		98,447		0.6
Sealed Air Corp.		5,420		192,410		1.1
SEI Investments Co.		990		64,607		0.4
Sempra Energy		630		101,203		0.6
ServiceNow, Inc.		1,442		487,728		2.7
Sherwin-Williams Co. (The)		280		155,957		0.9
Signature Bank		580		82,296		0.5
Snap-on, Inc.		1,390		221,886		1.3
Southwest Airlines Co.		2,616		143,828		0.8
Spirit AeroSystems Holdings, Inc., Class A		3,130		204,452		1.2
Starbucks Corp.		7,595		644,284		3.6
STERIS plc		3,499		527,264		3.0
Stryker Corp.		2,142		451,319		2.5
Synchrony Financial		20,399		661,132		3.7
Synopsys, Inc.		7,057		1,040,978		5.9
T Rowe Price Group, Inc.		7,810		1,042,869		5.9
Target Corp.		5,160		571,418		3.2
Teledyne Technologies, Inc.		917		334,760		1.9
Teradyne, Inc.		21,660		1,429,343		8.1
Texas Instruments, Inc.		8,869		1,070,045		6.0
TJX Cos., Inc. (The)		5,290		312,322		1.8
Tractor Supply Co.		12,221		1,135,942		6.4
Twitter, Inc.		1,470		47,746		0.3
United Continental Holdings, Inc.		5,966		446,257		2.5
United Parcel Service, Inc., Class B		1,800		186,336		1.1
Universal Health Services, Inc., Class B		1,770		242,685		1.4
US Bancorp		2,730		145,291		0.8
US Foods Holding Corp.		5,140		206,474		1.2
Veeva Systems, Inc., Class A		2,720		398,779		2.2
VeriSign, Inc.		2,293		477,265		2.7
Vertex Pharmaceuticals, Inc.		4,460		1,012,643		5.7
ViacomCBS, Inc.		2,938		100,274		0.6
Visa, Inc., Class A		11,227		2,233,836		12.6
Vistra Energy Corp.		19,270		433,960		2.4
VMware, Inc., Class A		420		62,185		0.4
Voya Financial, Inc.		13,553		809,521		4.6
Waste Management, Inc.		1,190		144,823		0.8
WEC Energy Group, Inc.		489		48,846		0.3
West Pharmaceutical Services, Inc.		2,902		452,567		2.6


CONSOLIDATED SCHEDULE OF INVESTMENTS			25

Consolidated Schedule of Investments (unaudited) (continued)

January 31, 2020

BlackRock Total Factor Fund


	Shares			Value			% of Basket Value

United States (continued)
Western Union Co. (The)		8,311		$	223,566			1.3	%
Whirlpool Corp.		1,920			280,646			1.6
WR Berkley Corp.		3,490			256,620			1.4
WW Grainger, Inc.		998			302,065			1.7
Xcel Energy, Inc.		2,800			193,732			1.1
Xerox Holdings Corp.		12,760			453,873			2.6
Yum! Brands, Inc.		8,182			865,410			4.9
Zebra Technologies Corp., Class A		130			31,073			0.2
Zions Bancorp NA		10,735			488,335			2.8

					120,633,402


Total Reference Entity — Long					236,805,527


Reference Entity — Short

Australia
Australia & New Zealand Banking Group Ltd.		(16,160	)		(275,082	)		(1.5	)
Brambles Ltd.		(24,820	)		(207,307	)		(1.2	)
Commonwealth Bank of Australia		(5,850	)		(331,212	)		(1.9	)
CSL Ltd.		(1,620	)		(333,183	)		(1.9	)
Insurance Australia Group Ltd.		(83,420	)		(392,249	)		(2.2	)
Lendlease Group		(47,110	)		(565,804	)		(3.2	)
National Australia Bank Ltd.		(26,342	)		(449,977	)		(2.5	)
Ramsay Health Care Ltd.		(12,780	)		(672,259	)		(3.8	)
Sonic Healthcare Ltd.		(10,000	)		(209,607	)		(1.2	)
Transurban Group		(13,860	)		(144,474	)		(0.8	)
Westpac Banking Corp.		(41,610	)		(695,363	)		(3.9	)

					(4,276,517	)

Belgium
Anheuser-Busch InBev SA/NV		(4,917	)		(370,939	)		(2.1	)
Proximus SADP		(7,190	)		(204,858	)		(1.1	)
Umicore SA		(6,270	)		(288,692	)		(1.6	)

					(864,489	)

Bermuda
RenaissanceRe Holdings Ltd.		(540	)		(102,298	)		(0.6	)


Canada
Alimentation Couche-Tard, Inc., Class B		(6,542	)		(218,643	)		(1.2	)
Barrick Gold Corp.		(23,283	)		(431,201	)		(2.4	)
Brookfield Asset Management, Inc. Class A		(10,620	)		(650,050	)		(3.7	)
Canadian Imperial Bank of Commerce		(2,220	)		(181,036	)		(1.0	)
Canadian National Railway Co.		(12,950	)		(1,210,161	)		(6.8	)
Dollarama, Inc.		(5,460	)		(186,029	)		(1.1	)
Enbridge, Inc.		(19,388	)		(788,324	)		(4.4	)
Fortis, Inc.		(16,000	)		(697,839	)		(3.9	)
Franco-Nevada Corp.		(480	)		(54,561	)		(0.3	)
Great-West Lifeco, Inc.		(4,730	)		(122,557	)		(0.7	)
Husky Energy, Inc.		(8,730	)		(56,797	)		(0.3	)
Intact Financial Corp.		(4,120	)		(446,339	)		(2.5	)
Inter Pipeline Ltd.		(19,330	)		(322,069	)		(1.8	)
Loblaw Cos. Ltd.		(1,520	)		(79,526	)		(0.5	)
Metro, Inc.		(31,270	)		(1,274,759	)		(7.2	)
Shopify, Inc., Class A		(2,255	)		(1,050,192	)		(5.9	)
Wheaton Precious Metals Corp.		(2,250	)		(66,239	)		(0.4	)

					(7,836,322	)

China
BeiGene Ltd., ADR		(2,570	)		(391,565	)		(2.2	)


	Shares			Value			% of Basket Value

Denmark
AP Moller — Maersk A/S, Class B .		(60	)	$	(71,746	)		(0.4	)%
Chr Hansen Holding A/S		(7,603	)		(565,836	)		(3.2	)
Danske Bank A/S		(10,320	)		(172,275	)		(1.0	)
DSV PANALPINA A/S		(12,930	)		(1,403,795	)		(7.9	)
Orsted A/S		(8,756	)		(955,032	)		(5.4	)
Vestas Wind Systems A/S		(520	)		(51,619	)		(0.3	)

					(3,220,303	)

Finland
Elisa OYJ		(720	)		(43,377	)		(0.2	)
Neste OYJ		(16,030	)		(637,877	)		(3.6	)
Nokia OYJ		(133,490	)		(519,637	)		(2.9	)
Nordea Bank Abp		(80,567	)		(635,066	)		(3.6	)
Sampo OYJ, Class A		(10,280	)		(465,347	)		(2.6	)
Wartsila OYJ Abp		(108,144	)		(1,328,303	)		(7.5	)

					(3,629,607	)

France
Accor SA		(9,285	)		(380,130	)		(2.1	)
Aeroports de Paris		(2,913	)		(551,141	)		(3.1	)
Air Liquide SA		(2,390	)		(345,569	)		(2.0	)
Airbus SE		(780	)		(114,554	)		(0.7	)
Atos SE		(930	)		(77,124	)		(0.4	)
AXA SA		(63,247	)		(1,681,838	)		(9.5	)
BNP Paribas SA		(4,120	)		(218,638	)		(1.2	)
Bollore SA		(3	)		(12	)		(0.0	)
Cie Generale des Etablissements Michelin SCA		(3,530	)		(409,562	)		(2.3	)
Edenred		(1,242	)		(67,070	)		(0.4	)
Electricite de France SA		(5,829	)		(71,961	)		(0.4	)
EssilorLuxottica SA		(4,330	)		(641,094	)		(3.6	)
Faurecia SE		(4,610	)		(219,651	)		(1.2	)
Getlink		(12,893	)		(227,449	)		(1.3	)
Ingenico Group SA		(1,350	)		(156,996	)		(0.9	)
Ipsen SA		(740	)		(54,916	)		(0.3	)
LVMH Moet Hennessy Louis Vuitton SE		(800	)		(348,378	)		(2.0	)
Orpea		(640	)		(83,324	)		(0.5	)
Remy Cointreau SA		(190	)		(20,010	)		(0.1	)
Renault SA		(7,870	)		(307,821	)		(1.7	)
SCOR SE		(9,210	)		(391,452	)		(2.2	)
Societe Generale SA		(15,940	)		(515,814	)		(2.9	)
Teleperformance		(1,269	)		(318,389	)		(1.8	)
Ubisoft Entertainment SA		(1,620	)		(122,863	)		(0.7	)
Valeo SA		(6,877	)		(204,255	)		(1.2	)
Worldline SA/France		(2,740	)		(193,077	)		(1.1	)

					(7,723,088	)

Germany
Bayer AG (Registered)		(7,970	)		(639,637	)		(3.6	)
Bayerische Motoren Werke AG		(8,225	)		(585,879	)		(3.3	)
Beiersdorf AG		(1,220	)		(138,551	)		(0.8	)
Commerzbank AG		(15,654	)		(89,830	)		(0.5	)
Daimler AG (Registered)		(16,820	)		(778,885	)		(4.4	)
Delivery Hero SE		(2,160	)		(166,198	)		(0.9	)
Deutsche Bank AG (Registered) .		(70,290	)		(643,080	)		(3.6	)
Deutsche Boerse AG		(3,067	)		(497,846	)		(2.8	)
Deutsche Lufthansa AG (Registered)		(12,450	)		(189,659	)		(1.1	)
E.ON SE		(30,340	)		(343,782	)		(1.9	)
Fresenius SE & Co. KGaA		(890	)		(45,444	)		(0.3	)
Infineon Technologies AG		(12,426	)		(266,947	)		(1.5	)
KION Group AG		(4,329	)		(270,960	)		(1.5	)
METRO AG		(1	)		(14	)		(0.0	)
MTU Aero Engines AG		(380	)		(115,089	)		(0.6	)


26		2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (unaudited) (continued)

January 31, 2020

BlackRock Total Factor Fund


	Shares			Value			% of Basket Value

Germany (continued)
Porsche Automobil Holding SE (Preference)		(8,650	)	$	(583,278	)		(3.3	)%
Puma SE		(2,460	)		(196,979	)		(1.1	)
SAP SE		(1,220	)		(158,882	)		(0.9	)
Siemens AG (Registered)		(440	)		(54,269	)		(0.3	)
thyssenkrupp AG		(8,422	)		(103,557	)		(0.6	)
Vonovia SE		(3,710	)		(211,753	)		(1.2	)
Wirecard AG		(2,134	)		(315,246	)		(1.8	)
Zalando SE		(9,133	)		(437,287	)		(2.5	)

					(6,833,052	)

Hong Kong
Hong Kong & China Gas Co. Ltd.		(635,200	)		(1,215,569	)		(6.8	)
Hong Kong Exchanges & Clearing Ltd.		(13,600	)		(446,861	)		(2.5	)
Techtronic Industries Co. Ltd.		(183,732	)		(1,466,015	)		(8.3	)
WH Group Ltd.		(161,500	)		(151,988	)		(0.9	)

					(3,280,433	)

Italy
Atlantia SpA		(7,884	)		(193,459	)		(1.1	)
Davide Campari-Milano SpA		(28,241	)		(272,977	)		(1.5	)
Enel SpA		(40,370	)		(351,878	)		(2.0	)
FinecoBank Banca Fineco SpA		(21,410	)		(250,510	)		(1.4	)
Mediobanca Banca di Credito Finanziario SpA		(7,370	)		(73,520	)		(0.4	)
Poste Italiane SpA		(17,860	)		(204,587	)		(1.1	)
Recordati SpA		(4,130	)		(176,725	)		(1.0	)
Telecom Italia SpA		(63,100	)		(33,879	)		(0.2	)
UniCredit SpA		(9,110	)		(121,685	)		(0.7	)

					(1,679,220	)

Japan
Aisin Seiki Co. Ltd.		(4,100	)		(136,489	)		(0.8	)
ANA Holdings, Inc.		(25,700	)		(802,719	)		(4.5	)
Asahi Intecc Co. Ltd.		(4,700	)		(129,497	)		(0.7	)
Bandai Namco Holdings, Inc.		(3,300	)		(191,758	)		(1.1	)
Chubu Electric Power Co., Inc.		(36,900	)		(501,128	)		(2.8	)
Chugai Pharmaceutical Co. Ltd.		(4,500	)		(460,930	)		(2.6	)
Daifuku Co. Ltd.		(17,200	)		(1,035,627	)		(5.8	)
Dai-ichi Life Holdings, Inc.		(5,800	)		(86,079	)		(0.5	)
Daiichi Sankyo Co. Ltd.		(1,700	)		(114,881	)		(0.6	)
Daito Trust Construction Co. Ltd.		(900	)		(106,017	)		(0.6	)
Daiwa House Industry Co. Ltd.		(5,100	)		(160,560	)		(0.9	)
Dentsu Group, Inc.		(2,500	)		(82,848	)		(0.5	)
Disco Corp.		(1,700	)		(391,583	)		(2.2	)
Eisai Co. Ltd.		(1,700	)		(128,115	)		(0.7	)
FamilyMart Co. Ltd.		(14,300	)		(312,744	)		(1.8	)
FANUC Corp.		(2,100	)		(382,473	)		(2.2	)
Idemitsu Kosan Co. Ltd.		(8,700	)		(217,137	)		(1.2	)
Japan Airlines Co. Ltd.		(29,000	)		(815,783	)		(4.6	)
JFE Holdings, Inc.		(20,900	)		(247,495	)		(1.4	)
JXTG Holdings, Inc.		(45,900	)		(195,221	)		(1.1	)
Kansai Electric Power Co., Inc. (The)		(52,600	)		(590,321	)		(3.3	)
KDDI Corp.		(8,700	)		(262,906	)		(1.5	)
Keyence Corp.		(2,300	)		(773,161	)		(4.4	)
Koito Manufacturing Co. Ltd.		(5,800	)		(251,699	)		(1.4	)
Komatsu Ltd.		(7,200	)		(159,199	)		(0.9	)
Kose Corp.		(1,700	)		(218,894	)		(1.2	)
Kubota Corp.		(42,400	)		(663,967	)		(3.7	)
LINE Corp.		(5,300	)		(261,162	)		(1.5	)
M3, Inc.		(35,400	)		(1,030,327	)		(5.8	)
Makita Corp.		(4,600	)		(175,948	)		(1.0	)
MINEBEA MITSUMI, Inc.		(5,000	)		(97,130	)		(0.5	)
Mitsubishi Estate Co. Ltd.		(9,900	)		(193,886	)		(1.1	)


	Shares			Value			% of Basket Value

Japan (continued)
Mitsui Fudosan Co. Ltd.		(6,900	)	$	(182,750	)		(1.0	)%
MonotaRO Co. Ltd.		(26,700	)		(640,473	)		(3.6	)
Murata Manufacturing Co. Ltd.		(3,000	)		(169,844	)		(1.0	)
Nexon Co. Ltd.		(17,000	)		(230,230	)		(1.3	)
Nidec Corp.		(2,500	)		(314,427	)		(1.8	)
Nippon Telegraph & Telephone Corp.		(10,100	)		(257,520	)		(1.5	)
NTT DOCOMO, Inc.		(8,600	)		(244,347	)		(1.4	)
Obic Co. Ltd.		(2,500	)		(340,654	)		(1.9	)
Oriental Land Co. Ltd.		(1,100	)		(143,258	)		(0.8	)
Pan Pacific International Holdings Corp.		(7,500	)		(121,026	)		(0.7	)
PeptiDream, Inc.		(5,300	)		(250,889	)		(1.4	)
Rakuten, Inc.		(45,200	)		(348,693	)		(2.0	)
Resona Holdings, Inc.		(5,000	)		(20,619	)		(0.1	)
Shimadzu Corp.		(7,400	)		(207,681	)		(1.2	)
Shimano, Inc.		(5,600	)		(858,634	)		(4.8	)
Shimizu Corp.		(7,400	)		(75,901	)		(0.4	)
Shin-Etsu Chemical Co. Ltd.		(2,000	)		(228,728	)		(1.3	)
Shiseido Co. Ltd.		(6,200	)		(399,160	)		(2.2	)
SMC Corp.		(1,000	)		(431,669	)		(2.4	)
SoftBank Group Corp.		(15,758	)		(636,222	)		(3.6	)
Subaru Corp.		(2,700	)		(67,534	)		(0.4	)
Sumitomo Metal Mining Co. Ltd.		(21,400	)		(608,412	)		(3.4	)
Sumitomo Mitsui Trust Holdings, Inc.		(11,400	)		(420,317	)		(2.4	)
Suzuki Motor Corp.		(3,600	)		(164,721	)		(0.9	)
Sysmex Corp.		(1,200	)		(85,848	)		(0.5	)
Taisei Corp.		(20,700	)		(826,422	)		(4.7	)
Takeda Pharmaceutical Co. Ltd.		(25,100	)		(963,925	)		(5.4	)
TDK Corp.		(1,500	)		(158,813	)		(0.9	)
Terumo Corp.		(9,300	)		(334,761	)		(1.9	)
Tokyo Electric Power Co. Holdings, Inc.		(165,600	)		(655,758	)		(3.7	)
Tokyo Gas Co. Ltd.		(17,200	)		(378,159	)		(2.1	)
Toyota Motor Corp.		(3,600	)		(250,300	)		(1.4	)
Unicharm Corp.		(10,600	)		(362,771	)		(2.0	)
Yaskawa Electric Corp.		(18,300	)		(626,441	)		(3.5	)

					(23,184,591	)

Luxembourg
Eurofins Scientific SE		(180	)		(96,814	)		(0.6	)
SES SA, FDR		(4,883	)		(59,928	)		(0.3	)

					(156,742	)

Macau
Galaxy Entertainment Group Ltd.		(116,000	)		(759,171	)		(4.3	)


Netherlands
ABN AMRO Bank NV, CVA		(1,500	)		(26,108	)		(0.1	)
Aegon NV		(123,380	)		(499,677	)		(2.8	)
ASML Holding NV		(2,210	)		(620,209	)		(3.5	)
Heineken NV		(2,700	)		(293,779	)		(1.7	)
Koninklijke Vopak NV		(3,757	)		(201,173	)		(1.1	)

					(1,640,946	)

Norway
Aker BP ASA		(9,970	)		(280,829	)		(1.6	)
Mowi ASA		(28,979	)		(691,200	)		(3.9	)
Norsk Hydro ASA		(136,678	)		(427,166	)		(2.4	)

					(1,399,195	)

Portugal
EDP — Energias de Portugal SA		(50,410	)		(252,803	)		(1.4	)


Singapore
Singapore Telecommunications Ltd.		(43,900	)		(105,635	)		(0.6	)


CONSOLIDATED SCHEDULE OF INVESTMENTS			27

Consolidated Schedule of Investments (unaudited) (continued)

January 31, 2020

BlackRock Total Factor Fund


	Shares			Value			% of Basket Value

South Korea
Celltrion Healthcare Co. Ltd.		(9,767	)	$	(459,332	)		(2.6	)%
Hyundai Motor Co.		(4,275	)		(443,797	)		(2.5	)
Kakao Corp.		(570	)		(75,137	)		(0.4	)
LG Chem Ltd.		(8,552	)		(2,384,638	)		(13.4	)
NAVER Corp.		(7,000	)		(1,043,900	)		(5.9	)
Samsung Biologics Co. Ltd.		(1,450	)		(582,784	)		(3.3	)
Samsung C&T Corp.		(1,280	)		(115,188	)		(0.7	)
Samsung Electro-Mechanics Co. Ltd.		(985	)		(100,989	)		(0.6	)
Samsung SDI Co. Ltd.		(6,972	)		(1,587,094	)		(8.9	)
SK Hynix, Inc.		(7,963	)		(605,876	)		(3.4	)
SK Innovation Co. Ltd.		(8,577	)		(923,115	)		(5.2	)

					(8,321,850	)

Spain
Banco Santander SA		(114,120	)		(449,735	)		(2.5	)
CaixaBank SA		(208,090	)		(608,200	)		(3.4	)
Cellnex Telecom SA		(3,443	)		(171,238	)		(1.0	)
Endesa SA		(6,760	)		(185,610	)		(1.0	)
Ferrovial SA		(7,667	)		(243,546	)		(1.4	)
Grifols SA		(16,257	)		(545,995	)		(3.1	)
Industria de Diseno Textil SA		(7,270	)		(244,469	)		(1.4	)
Naturgy Energy Group SA		(5,980	)		(157,721	)		(0.9	)
Siemens Gamesa Renewable Energy SA		(15,808	)		(251,958	)		(1.4	)

					(2,858,472	)

Sweden
Alfa Laval AB		(2,210	)		(55,169	)		(0.3	)
Boliden AB		(21,960	)		(521,335	)		(2.9	)
Electrolux AB		(4,280	)		(101,677	)		(0.6	)
Hexagon AB, Class B		(810	)		(44,035	)		(0.3	)
ICA Gruppen AB		(6,630	)		(291,518	)		(1.6	)
Svenska Handelsbanken AB, Class A		(39,330	)		(385,324	)		(2.2	)
Swedbank AB, Class A		(45,140	)		(693,068	)		(3.9	)
Tele2 AB, Class B		(16,120	)		(243,204	)		(1.4	)
Telia Co. AB		(121,780	)		(520,785	)		(2.9	)

					(2,856,115	)

Switzerland
ABB Ltd. (Registered)		(32,710	)		(761,552	)		(4.3	)
Baloise Holding AG (Registered)		(3,100	)		(560,104	)		(3.2	)
Cie Financiere Richemont SA (Registered)		(1,698	)		(123,313	)		(0.7	)
Clariant AG (Registered)		(8,830	)		(198,761	)		(1.1	)
Credit Suisse Group AG (Registered)		(66,370	)		(839,246	)		(4.7	)
Julius Baer Group Ltd.		(1,280	)		(63,959	)		(0.4	)
Lonza Group AG (Registered)		(4,978	)		(2,044,415	)		(11.5	)
Partners Group Holding AG		(770	)		(704,900	)		(4.0	)
Sika AG (Registered)		(5,013	)		(901,465	)		(5.1	)
Sonova Holding AG (Registered)		(1,370	)		(343,557	)		(1.9	)
Straumann Holding AG (Registered)		(140	)		(133,438	)		(0.8	)
Swiss Re AG		(6,740	)		(761,073	)		(4.3	)
Temenos AG (Registered)		(3,320	)		(534,083	)		(3.0	)
UBS Group AG (Registered)		(31,270	)		(388,362	)		(2.2	)
Zurich Insurance Group AG		(1,740	)		(722,305	)		(4.1	)

					(9,080,533	)

Taiwan
Delta Electronics, Inc.		(114,000	)		(532,640	)		(3.0	)
Hon Hai Precision Industry Co. Ltd.		(240	)		(653	)		(0.0	)
Largan Precision Co. Ltd.		(9,000	)		(1,397,948	)		(7.9	)
Nanya Technology Corp.		(157,000	)		(396,234	)		(2.2	)

					(2,327,475	)


	Shares			Value			% of Basket Value

United Arab Emirates
NMC Health plc		(9,400	)	$	(159,859	)		(0.9	)%


United Kingdom
CNH Industrial NV		(34,290	)		(326,612	)		(1.8	)
Coca-Cola European Partners plc		(4,400	)		(231,484	)		(1.3	)
Fiat Chrysler Automobiles NV		(15,120	)		(196,972	)		(1.1	)
Intertek Group plc		(1,575	)		(119,508	)		(0.7	)
Linde plc		(6,700	)		(1,360,971	)		(7.7	)
National Grid plc		(234	)		(3,109	)		(0.0	)
Prudential plc		(4,830	)		(85,879	)		(0.5	)
RSA Insurance Group plc		(24,840	)		(180,221	)		(1.0	)
SSE plc		(2,870	)		(57,130	)		(0.3	)

					(2,561,886	)

United States
3M Co.		(2,697	)		(427,906	)		(2.4	)
Abbott Laboratories		(1,480	)		(128,967	)		(0.7	)
ABIOMED, Inc.		(2,840	)		(529,064	)		(3.0	)
Activision Blizzard, Inc.		(10,858	)		(634,976	)		(3.6	)
Advanced Micro Devices, Inc.		(22,111	)		(1,039,217	)		(5.9	)
Alaska Air Group, Inc.		(6,387	)		(412,536	)		(2.3	)
Albemarle Corp.		(11,544	)		(926,752	)		(5.2	)
Align Technology, Inc.		(1,330	)		(341,943	)		(1.9	)
Allegion plc		(3,460	)		(447,447	)		(2.5	)
Allergan plc		(1,420	)		(265,029	)		(1.5	)
Alnylam Pharmaceuticals, Inc.		(1,957	)		(224,644	)		(1.3	)
Altria Group, Inc.		(13,975	)		(664,232	)		(3.7	)
Amazon.com, Inc.		(80	)		(160,698	)		(0.9	)
American Airlines Group, Inc.		(5,245	)		(140,776	)		(0.8	)
American International Group, Inc.		(3,060	)		(153,796	)		(0.9	)
Amphenol Corp., Class A		(7,618	)		(757,762	)		(4.3	)
Analog Devices, Inc.		(4,850	)		(532,287	)		(3.0	)
Aon plc		(2,620	)		(577,055	)		(3.3	)
Apple, Inc.		(520	)		(160,945	)		(0.9	)
Aptiv plc		(13,660	)		(1,158,231	)		(6.5	)
Aqua America, Inc.		(27,441	)		(1,425,286	)		(8.0	)
Aramark		(6,790	)		(299,711	)		(1.7	)
Archer-Daniels-Midland Co.		(17,750	)		(794,490	)		(4.5	)
Arconic, Inc.		(8,823	)		(264,249	)		(1.5	)
Arista Networks, Inc.		(1,340	)		(299,276	)		(1.7	)
Arthur J Gallagher & Co.		(16,197	)		(1,661,326	)		(9.4	)
AT&T, Inc.		(8,480	)		(319,018	)		(1.8	)
Baker Hughes Co.		(10,380	)		(224,831	)		(1.3	)
Ball Corp.		(4,310	)		(311,096	)		(1.8	)
Bank of America Corp.		(11,890	)		(390,349	)		(2.2	)
Bausch Health Cos., Inc.		(16,120	)		(442,172	)		(2.5	)
Becton Dickinson and Co.		(3,457	)		(951,297	)		(5.4	)
BioMarin Pharmaceutical, Inc.		(1,078	)		(90,013	)		(0.5	)
Bio-Techne Corp.		(5,360	)		(1,125,439	)		(6.3	)
Black Knight, Inc.		(9,490	)		(635,071	)		(3.6	)
Boeing Co. (The)		(3,420	)		(1,088,483	)		(6.1	)
Boston Scientific Corp.		(12,149	)		(508,679	)		(2.9	)
Broadcom, Inc.		(1,290	)		(393,656	)		(2.2	)
Brown & Brown, Inc.		(9,886	)		(443,881	)		(2.5	)
Brown-Forman Corp., Class B		(5,710	)		(386,224	)		(2.2	)
Caesars Entertainment Corp.		(17,810	)		(243,463	)		(1.4	)
Campbell Soup Co.		(111	)		(5,371	)		(0.0	)
CarMax, Inc.		(1,650	)		(160,116	)		(0.9	)
Carnival Corp.		(4,960	)		(215,909	)		(1.2	)
Catalent, Inc.		(8,540	)		(521,794	)		(2.9	)
Caterpillar, Inc.		(2,810	)		(369,093	)		(2.1	)
Cboe Global Markets, Inc.		(5,460	)		(672,781	)		(3.8	)
Centene Corp.		(4,239	)		(266,252	)		(1.5	)
CenturyLink, Inc.		(15,650	)		(213,779	)		(1.2	)
Ceridian HCM Holding, Inc.		(11,540	)		(845,767	)		(4.8	)


28		2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (unaudited) (continued)

January 31, 2020

BlackRock Total Factor Fund


	Shares			Value			% of Basket Value

United States (continued)
Charles Schwab Corp. (The)		(5,045	)	$	(229,800	)		(1.3	)%
Charter Communications, Inc., Class A		(1,595	)		(825,349	)		(4.6	)
Cheniere Energy, Inc.		(3,200	)		(189,568	)		(1.1	)
Church & Dwight Co., Inc.		(7,983	)		(592,498	)		(3.3	)
Cisco Systems, Inc.		(3,440	)		(158,137	)		(0.9	)
Clorox Co. (The)		(4,330	)		(681,152	)		(3.8	)
CME Group, Inc.		(8,468	)		(1,838,487	)		(10.4	)
Coca-Cola Co. (The)		(12,580	)		(734,672	)		(4.1	)
Cognex Corp.		(7,895	)		(402,408	)		(2.3	)
Conagra Brands, Inc.		(9,490	)		(312,411	)		(1.8	)
Concho Resources, Inc.		(18,670	)		(1,414,813	)		(8.0	)
Constellation Brands, Inc., Class A		(3,050	)		(574,315	)		(3.2	)
Continental Resources, Inc.		(8,690	)		(236,542	)		(1.3	)
Cooper Cos., Inc. (The)		(980	)		(339,952	)		(1.9	)
Corning, Inc.		(8,640	)		(230,602	)		(1.3	)
CoStar Group, Inc.		(40	)		(26,120	)		(0.1	)
Costco Wholesale Corp.		(1,230	)		(375,790	)		(2.1	)
Credit Acceptance Corp.		(140	)		(60,057	)		(0.3	)
Crown Holdings, Inc.		(2,366	)		(175,155	)		(1.0	)
Danaher Corp.		(3,070	)		(493,871	)		(2.8	)
Deere & Co.		(1,550	)		(245,799	)		(1.4	)
Dell Technologies, Inc., Class C		(780	)		(38,041	)		(0.2	)
DexCom, Inc.		(4,743	)		(1,141,877	)		(6.4	)
DISH Network Corp., Class A		(6,800	)		(249,968	)		(1.4	)
DocuSign, Inc.		(31,217	)		(2,450,847	)		(13.8	)
Dollar Tree, Inc.		(8,295	)		(722,246	)		(4.1	)
Dominion Energy, Inc.		(17,837	)		(1,529,523	)		(8.6	)
Domino’s Pizza, Inc.		(620	)		(174,685	)		(1.0	)
Dow, Inc.		(21,440	)		(987,741	)		(5.6	)
DR Horton, Inc.		(18,349	)		(1,086,261	)		(6.1	)
Duke Energy Corp.		(8,650	)		(844,500	)		(4.8	)
DXC Technology Co.		(11,510	)		(366,939	)		(2.1	)
Edison International		(15,470	)		(1,184,229	)		(6.7	)
Elanco Animal Health, Inc.		(26,360	)		(814,524	)		(4.6	)
Elastic NV		(5,710	)		(370,465	)		(2.1	)
Emerson Electric Co.		(1,210	)		(86,672	)		(0.5	)
EPAM Systems, Inc.		(480	)		(109,507	)		(0.6	)
Equifax, Inc.		(16,671	)		(2,498,983	)		(14.1	)
Erie Indemnity Co., Class A		(2,770	)		(461,205	)		(2.6	)
Everest Re Group Ltd.		(3,850	)		(1,064,794	)		(6.0	)
Eversource Energy		(1,080	)		(99,835	)		(0.6	)
Exact Sciences Corp.		(7,669	)		(715,364	)		(4.0	)
Exxon Mobil Corp.		(22,460	)		(1,395,215	)		(7.9	)
FedEx Corp.		(1,910	)		(276,262	)		(1.6	)
Fidelity National Financial, Inc.		(4,689	)		(228,589	)		(1.3	)
Fidelity National Information Services, Inc.		(7,200	)		(1,034,352	)		(5.8	)
First Republic Bank		(4,729	)		(524,352	)		(3.0	)
Fiserv, Inc.		(8,344	)		(989,682	)		(5.6	)
FLIR Systems, Inc.		(5,700	)		(293,778	)		(1.7	)
FMC Corp.		(820	)		(78,384	)		(0.4	)
Ford Motor Co.		(36,380	)		(320,872	)		(1.8	)
Fortive Corp.		(1,160	)		(86,919	)		(0.5	)
Franklin Resources, Inc.		(3,680	)		(93,104	)		(0.5	)
Freeport-McMoRan, Inc.		(82,860	)		(919,746	)		(5.2	)
Gardner Denver Holdings, Inc.		(17,450	)		(616,160	)		(3.5	)
Gartner, Inc.		(2,916	)		(468,834	)		(2.6	)
GCI Liberty, Inc., Class A		(6,760	)		(494,697	)		(2.8	)
Gentex Corp.		(4,850	)		(144,384	)		(0.8	)
Genuine Parts Co.		(7,810	)		(730,782	)		(4.1	)
Global Payments, Inc.		(2,720	)		(531,624	)		(3.0	)
Guidewire Software, Inc.		(7,156	)		(805,050	)		(4.5	)
Halliburton Co.		(7,060	)		(153,979	)		(0.9	)
Hasbro, Inc.		(3,320	)		(338,208	)		(1.9	)


	Shares			Value			% of Basket Value

United States (continued)
Herbalife Nutrition Ltd.		(1,330	)	$	(51,671	)		(0.3	)%
Hess Corp.		(3,020	)		(170,841	)		(1.0	)
Hormel Foods Corp.		(7,860	)		(371,464	)		(2.1	)
Huntington Bancshares, Inc.		(6,225	)		(84,473	)		(0.5	)
Huntington Ingalls Industries, Inc.		(430	)		(112,230	)		(0.6	)
IAC/InterActiveCorp		(480	)		(116,923	)		(0.7	)
Illinois Tool Works, Inc.		(3,550	)		(621,179	)		(3.5	)
Illumina, Inc.		(540	)		(156,638	)		(0.9	)
Intercontinental Exchange, Inc.		(2,310	)		(230,399	)		(1.3	)
International Flavors & Fragrances, Inc.		(19,472	)		(2,552,974	)		(14.4	)
Intuitive Surgical, Inc.		(1,301	)		(728,274	)		(4.1	)
Invesco Ltd.		(13,502	)		(233,585	)		(1.3	)
IPG Photonics Corp.		(8,535	)		(1,089,663	)		(6.1	)
IQVIA Holdings, Inc.		(4,060	)		(630,315	)		(3.6	)
Jack Henry & Associates, Inc.		(2,160	)		(323,006	)		(1.8	)
Jacobs Engineering Group, Inc.		(3,240	)		(299,797	)		(1.7	)
James Hardie Industries plc, CDI		(9,780	)		(205,632	)		(1.2	)
JB Hunt Transport Services, Inc.		(1,525	)		(164,593	)		(0.9	)
JM Smucker Co. (The)		(1,370	)		(141,946	)		(0.8	)
Kellogg Co.		(7,480	)		(510,211	)		(2.9	)
Keurig Dr Pepper, Inc.		(31,599	)		(901,519	)		(5.1	)
Kimberly-Clark Corp.		(1,220	)		(174,753	)		(1.0	)
Kinder Morgan, Inc.		(9,000	)		(187,830	)		(1.1	)
Kraft Heinz Co. (The)		(18,270	)		(533,484	)		(3.0	)
L3Harris Technologies, Inc.		(3,500	)		(774,655	)		(4.4	)
Lamb Weston Holdings, Inc.		(2,720	)		(248,363	)		(1.4	)
Las Vegas Sands Corp.		(2,480	)		(161,969	)		(0.9	)
Leidos Holdings, Inc.		(2,230	)		(224,048	)		(1.3	)
Lennar Corp., Class A		(12,064	)		(800,567	)		(4.5	)
Lennox International, Inc.		(860	)		(200,363	)		(1.1	)
Liberty Broadband Corp., Class C		(1,280	)		(170,150	)		(1.0	)
Liberty Media Corp-Liberty Formula One, Class C		(1,702	)		(79,637	)		(0.4	)
Live Nation Entertainment, Inc.		(8,260	)		(563,002	)		(3.2	)
M&T Bank Corp.		(390	)		(65,723	)		(0.4	)
Marathon Petroleum Corp.		(4,287	)		(233,641	)		(1.3	)
MarketAxess Holdings, Inc.		(790	)		(279,802	)		(1.6	)
Marriott International, Inc., Class A		(7,166	)		(1,003,670	)		(5.7	)
Marsh & McLennan Cos., Inc.		(11,659	)		(1,304,176	)		(7.3	)
Marvell Technology Group Ltd.		(33,501	)		(805,364	)		(4.5	)
McCormick & Co., Inc. (Non-Voting)		(1,370	)		(223,817	)		(1.3	)
McDonald’s Corp.		(3,650	)		(780,990	)		(4.4	)
MGM Resorts International		(3,244	)		(100,759	)		(0.6	)
Microchip Technology, Inc.		(5,621	)		(547,935	)		(3.1	)
Middleby Corp. (The)		(4,140	)		(464,342	)		(2.6	)
Mohawk Industries, Inc.		(1,090	)		(143,531	)		(0.8	)
Molson Coors Beverage Co., Class B		(7,830	)		(435,191	)		(2.5	)
Mosaic Co. (The)		(14,920	)		(296,013	)		(1.7	)
MSCI, Inc.		(270	)		(77,166	)		(0.4	)
Mylan NV		(1,652	)		(35,386	)		(0.2	)
Nasdaq, Inc.		(2,750	)		(320,265	)		(1.8	)
Netflix, Inc.		(2,860	)		(986,957	)		(5.6	)
Newell Brands, Inc.		(14,974	)		(292,442	)		(1.6	)
NextEra Energy, Inc.		(4,030	)		(1,080,846	)		(6.1	)
Noble Energy, Inc.		(9,053	)		(178,978	)		(1.0	)
Nordson Corp.		(3,642	)		(614,988	)		(3.5	)
Norfolk Southern Corp.		(2,200	)		(458,062	)		(2.6	)
NortonLifeLock, Inc.		(4,550	)		(129,311	)		(0.7	)
Nucor Corp.		(4,430	)		(210,381	)		(1.2	)
NVIDIA Corp.		(180	)		(42,557	)		(0.2	)
Occidental Petroleum Corp.		(6,820	)		(270,890	)		(1.5	)
Okta, Inc.		(1,240	)		(158,782	)		(0.9	)
Old Dominion Freight Line, Inc.		(1,250	)		(245,287	)		(1.4	)


CONSOLIDATED SCHEDULE OF INVESTMENTS			29

Consolidated Schedule of Investments (unaudited) (continued)

January 31, 2020

BlackRock Total Factor Fund


	Shares			Value			% of Basket Value

United States (continued)
ON Semiconductor Corp.		(5,530	)	$	(128,019	)		(0.7	)%
ONEOK, Inc.		(6,100	)		(456,707	)		(2.6	)
Owens Corning		(8,510	)		(514,770	)		(2.9	)
Packaging Corp. of America		(2,910	)		(278,632	)		(1.6	)
Palo Alto Networks, Inc.		(390	)		(91,564	)		(0.5	)
Parker-Hannifin Corp.		(920	)		(180,035	)		(1.0	)
Paycom Software, Inc.		(2,013	)		(640,456	)		(3.6	)
PerkinElmer, Inc.		(2,510	)		(232,125	)		(1.3	)
Perrigo Co. plc		(10,318	)		(588,539	)		(3.3	)
Pfizer, Inc.		(2,070	)		(77,087	)		(0.4	)
Pilgrim’s Pride Corp.		(7,520	)		(195,896	)		(1.1	)
Pioneer Natural Resources Co.		(4,420	)		(596,700	)		(3.4	)
Post Holdings, Inc.		(3,230	)		(337,761	)		(1.9	)
PPL Corp.		(3,425	)		(123,951	)		(0.7	)
PRA Health Sciences, Inc.		(423	)		(42,854	)		(0.2	)
Principal Financial Group, Inc.		(3,530	)		(186,913	)		(1.1	)
Procter & Gamble Co. (The)		(2,400	)		(299,088	)		(1.7	)
Progressive Corp. (The)		(2,840	)		(229,160	)		(1.3	)
Prudential Financial, Inc.		(5,200	)		(473,512	)		(2.7	)
PTC, Inc.		(18,616	)		(1,547,362	)		(8.7	)
QIAGEN NV		(24,748	)		(835,468	)		(4.7	)
QUALCOMM, Inc.		(2,040	)		(174,032	)		(1.0	)
ResMed, Inc.		(1,300	)		(206,661	)		(1.2	)
RingCentral, Inc., Class A		(360	)		(74,009	)		(0.4	)
Rollins, Inc.		(20,690	)		(785,186	)		(4.4	)
Roper Technologies, Inc.		(120	)		(45,799	)		(0.3	)
Royal Caribbean Cruises Ltd.		(1,840	)		(215,427	)		(1.2	)
RPM International, Inc.		(1,600	)		(114,192	)		(0.6	)
Sage Therapeutics, Inc.		(8,459	)		(560,663	)		(3.2	)
Sarepta Therapeutics, Inc.		(8,900	)		(1,032,044	)		(5.8	)
Seattle Genetics, Inc.		(8,940	)		(969,007	)		(5.5	)
Sensata Technologies Holding plc		(17,633	)		(833,512	)		(4.7	)
ServiceMaster Global Holdings, Inc.		(1,120	)		(40,376	)		(0.2	)
Sirius XM Holdings, Inc.		(32,890	)		(232,532	)		(1.3	)
Skyworks Solutions, Inc.		(1,440	)		(162,936	)		(0.9	)
Splunk, Inc.		(3,210	)		(498,385	)		(2.8	)
Spotify Technology SA		(1,580	)		(223,254	)		(1.3	)
SS&C Technologies Holdings, Inc.		(12,889	)		(812,136	)		(4.6	)
Stanley Black & Decker, Inc.		(874	)		(139,254	)		(0.8	)
State Street Corp.		(8,396	)		(634,989	)		(3.6	)
Steel Dynamics, Inc.		(3,030	)		(90,536	)		(0.5	)
Sysco Corp.		(3,860	)		(317,060	)		(1.8	)
Targa Resources Corp.		(28,485	)		(1,039,703	)		(5.9	)
TD Ameritrade Holding Corp.		(1,710	)		(81,191	)		(0.5	)
Teleflex, Inc.		(1,103	)		(409,776	)		(2.3	)
Tesla, Inc.		(2,579	)		(1,677,820	)		(9.5	)
Thermo Fisher Scientific, Inc.		(530	)		(165,991	)		(0.9	)
Tiffany & Co.		(5,253	)		(704,007	)		(4.0	)
Travelers Cos., Inc. (The)		(1,710	)		(225,070	)		(1.3	)
Trimble, Inc.		(740	)		(31,465	)		(0.2	)
Truist Financial Corp.		(23,330	)		(1,203,128	)		(6.8	)
Twilio, Inc., Class A		(10,920	)		(1,357,793	)		(7.6	)
Tyler Technologies, Inc.		(2,911	)		(942,232	)		(5.3	)
Tyson Foods, Inc., Class A		(1,950	)		(161,128	)		(0.9	)
Ubiquiti, Inc.		(590	)		(96,418	)		(0.5	)
UGI Corp.		(7,310	)		(304,023	)		(1.7	)
Union Pacific Corp.		(910	)		(163,272	)		(0.9	)
United Rentals, Inc.		(340	)		(46,135	)		(0.3	)
UnitedHealth Group, Inc.		(800	)		(217,960	)		(1.2	)
Universal Display Corp.		(1,220	)		(214,927	)		(1.2	)
Vail Resorts, Inc.		(2,110	)		(494,816	)		(2.8	)
Valero Energy Corp.		(3,540	)		(298,457	)		(1.7	)
Verisk Analytics, Inc.		(1,570	)		(255,078	)		(1.4	)
VF Corp.		(1,810	)		(150,176	)		(0.8	)
WABCO Holdings, Inc.		(620	)		(84,103	)		(0.5	)


	Shares			Value			% of Basket Value

United States (continued)
Walmart, Inc.		(1,460	)	$	(167,155	)		(0.9	)%
Walt Disney Co. (The)		(22,075	)		(3,053,193	)		(17.2	)
Waters Corp.		(680	)		(152,177	)		(0.9	)
Wayfair, Inc., Class A		(9,362	)		(877,219	)		(4.9	)
Wells Fargo & Co.		(16,390	)		(769,347	)		(4.3	)
Western Digital Corp.		(10,014	)		(655,917	)		(3.7	)
Westinghouse Air Brake Technologies Corp.		(7,530	)		(556,166	)		(3.1	)
Westlake Chemical Corp.		(6,240	)		(381,888	)		(2.2	)
WEX, Inc.		(590	)		(127,983	)		(0.7	)
Willis Towers Watson plc		(525	)		(110,927	)		(0.6	)
Wynn Resorts Ltd.		(2,534	)		(319,689	)		(1.8	)
Xylem, Inc.		(8,947	)		(730,612	)		(4.1	)
Zayo Group Holdings, Inc.		(5,890	)		(204,678	)		(1.2	)
Zendesk, Inc.		(570	)		(49,248	)		(0.3	)
Zimmer Biomet Holdings, Inc.		(2,264	)		(334,846	)		(1.9	)

					(123,551,521	)


Total Reference Entity — Short					(219,053,688	)


Net Value of Reference Entity — Citibank NA				$	17,751,839

The following table represents the individual long and short positions and related values of equity securities underlying the total return swap with Credit Suisse International, as of January 31, 2020, expiration dates 02/13/20 — 02/08/23:


	Shares		Value		% of Basket Value

Reference Entity — Long

Australia
AGL Energy Ltd.		9,385		124,550		0.7
Aristocrat Leisure Ltd.		10,040		239,446		1.3
ASX Ltd.		7,390		418,095		2.3
Aurizon Holdings Ltd.		282,910		1,014,092		5.5
BHP Group Ltd.		17,286		443,281		2.4
BHP Group plc		26,472		576,206		3.1
Cochlear Ltd.		140		22,297		0.1
Newcrest Mining Ltd.		48,583		972,633		5.3
Oil Search Ltd.		7,530		35,991		0.2
QBE Insurance Group Ltd.		15,910		144,831		0.8
Rio Tinto Ltd.		4,887		317,109		1.7
Rio Tinto plc		8,830		472,178		2.6
South32 Ltd.		36,690		62,956		0.3
Suncorp Group Ltd.		14,429		123,262		0.7
Sydney Airport		64,280		357,533		1.9
Telstra Corp. Ltd.		78,689		200,653		1.1
Treasury Wine Estates Ltd.		25,070		215,340		1.2
Wesfarmers Ltd.		36,851		1,105,604		6.0
Woolworths Group Ltd.		19,120		531,036		2.9

				7,377,093

Austria
Erste Group Bank AG		8,070		296,309		1.6
OMV AG		13,215		656,708		3.6

				953,017

Belgium
Ageas		2,250		124,069		0.7
Colruyt SA		2,260		113,166		0.6
Groupe Bruxelles Lambert SA		7,123		715,817		3.9
KBC Group NV		4,920		361,007		2.0
UCB SA		4,808		442,443		2.4

				1,756,502

Canada
Bank of Montreal		6,737		513,802		2.8
Bank of Nova Scotia (The)		3,880		211,914		1.1
BCE, Inc.		6,700		315,711		1.7


30		2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (unaudited) (continued)

January 31, 2020

BlackRock Total Factor Fund


	Shares		Value		% of Basket Value

Canada (continued)
Canadian Natural Resources Ltd.		5,205	$	146,388		0.8	%
Canadian Pacific Railway Ltd.		521		138,399		0.7
Canadian Tire Corp. Ltd., Class A		4,764		510,922		2.8
CGI, Inc.		7,070		541,335		2.9
Constellation Software, Inc.		560		588,626		3.2
Hydro One Ltd.		26,630		541,293		2.9
Imperial Oil Ltd.		22,390		530,904		2.9
Magna International, Inc.		11,012		558,198		3.0
Manulife Financial Corp.		9,140		178,048		1.0
National Bank of Canada		15,310		849,489		4.6
Nutrien Ltd.		27,650		1,180,379		6.4
Power Financial Corp.		6,172		160,200		0.9
Restaurant Brands International, Inc.		3,270		199,503		1.1
Rogers Communications, Inc., Class B		9,574		479,351		2.6
Royal Bank of Canada		12,738		1,006,604		5.5
Sun Life Financial, Inc.		17,490		822,297		4.5
Suncor Energy, Inc.		25,811		788,919		4.3
Toronto-Dominion Bank (The)		20,530		1,134,626		6.2

				11,396,908

China
BOC Hong Kong Holdings Ltd.		103,000		340,475		1.9


Denmark
Carlsberg A/S, Class B		15,303		2,234,755		12.1
GN Store Nord A/S		4,130		204,849		1.1
H Lundbeck A/S		6,860		291,498		1.6
Novo Nordisk A/S, Class B		11,531		701,911		3.8

				3,433,013

Finland
Kone OYJ, Class B		7,350		474,907		2.6
UPM-Kymmene OYJ		9,753		307,302		1.7

				782,209

France
Alstom SA		14,860		787,584		4.3
Arkema SA		3,355		307,416		1.7
Bureau Veritas SA		5,220		143,836		0.8
Capgemini SE		1,310		162,690		0.9
Carrefour SA		27,840		471,100		2.6
Cie de Saint-Gobain		22,610		853,038		4.6
Danone SA		7,502		600,344		3.3
Dassault Systemes SE		233		40,336		0.2
Eiffage SA		8,377		971,010		5.3
Hermes International		1,190		888,605		4.8
Kering SA		50		30,551		0.2
Legrand SA		5,771		461,748		2.5
L’Oreal SA		740		205,828		1.1
Orange SA		36,491		515,836		2.8
Peugeot SA		28,325		583,219		3.2
Publicis Groupe SA		6,190		274,398		1.5
Safran SA		6,230		1,004,508		5.4
Schneider Electric SE		3,840		382,950		2.1
Sodexo SA		2,190		229,304		1.2
Suez		5,220		85,665		0.5
TOTAL SA		3,070		149,481		0.8
Veolia Environnement SA		12,105		357,103		1.9
Vinci SA		850		94,171		0.5
Vivendi SA		11,047		302,128		1.6

				9,902,849

Germany
adidas AG		2,190		692,291		3.8
Allianz SE (Registered)		3,057		729,839		4.0


	Shares		Value		% of Basket Value

Germany (continued)
BASF SE		3,560	$	240,288		1.3	%
Brenntag AG		11,560		598,231		3.2
Continental AG		2,590		295,564		1.6
Covestro AG		7,686		323,910		1.8
Deutsche Post AG (Registered)		26,043		908,638		4.9
Deutsche Telekom AG (Registered)		70,805		1,146,744		6.2
Evonik Industries AG		9,720		266,365		1.4
Hannover Rueck SE		1,978		384,061		2.1
HeidelbergCement AG		9,684		653,101		3.5
Henkel AG & Co. KGaA (Preference)		5,770		586,824		3.2
HOCHTIEF AG		10,944		1,265,840		6.9
Knorr-Bremse AG		1,050		114,715		0.6
LEG Immobilien AG		2,520		310,818		1.7
Merck KGaA		2,940		376,995		2.0
Muenchener Rueckversicherungs- Gesellschaft AG (Registered)		2,291		675,479		3.7
RWE AG		1,027		35,603		0.2
Telefonica Deutschland Holding AG		240,250		728,206		3.9
Volkswagen AG (Preference)		270		48,441		0.3

				10,381,953

Hong Kong
CK Asset Holdings Ltd.		84,000		536,672		2.9
CLP Holdings Ltd.		44,500		462,780		2.5
Hang Seng Bank Ltd.		43,600		881,301		4.8
Henderson Land Development Co. Ltd.		18,000		80,814		0.4
New World Development Co. Ltd.		218,000		272,311		1.5
Sun Hung Kai Properties Ltd.		24,500		341,294		1.9

				2,575,172

Ireland
AerCap Holdings NV		1,000		56,610		0.3


Italy
Assicurazioni Generali SpA		22,488		438,194		2.4
Eni SpA		27,380		383,528		2.1
Intesa Sanpaolo SpA		21,300		52,899		0.3
Moncler SpA		2,541		109,370		0.6
Snam SpA		17,290		92,669		0.5

				1,076,660

Japan
Aeon Co. Ltd.		6,400		130,902		0.7
AGC, Inc.		18,800		633,717		3.4
Ajinomoto Co., Inc.		30,900		508,918		2.8
Asahi Group Holdings Ltd.		11,400		528,482		2.9
Asahi Kasei Corp.		12,900		131,946		0.7
Astellas Pharma, Inc.		49,000		865,836		4.7
Bridgestone Corp.		13,300		471,073		2.6
Dai Nippon Printing Co. Ltd.		4,500		124,086		0.7
Daiwa Securities Group, Inc.		39,500		199,762		1.1
Denso Corp.		25,000		1,025,554		5.6
East Japan Railway Co.		100		8,805		0.0
FUJIFILM Holdings Corp.		10,200		506,578		2.7
Fujitsu Ltd.		2,200		232,612		1.3
Hitachi Ltd.		17,500		666,531		3.6
Honda Motor Co. Ltd.		3,800		97,186		0.5
Inpex Corp.		8,700		81,207		0.4
Japan Post Holdings Co. Ltd.		4,800		43,664		0.2
Japan Post Insurance Co. Ltd.		29,100		491,020		2.7
Kao Corp.		2,100		167,490		0.9
Kirin Holdings Co. Ltd.		10,300		226,214		1.2
Konami Holdings Corp.		3,800		147,164		0.8
Kyocera Corp.		6,100		400,809		2.2


CONSOLIDATED SCHEDULE OF INVESTMENTS			31

Consolidated Schedule of Investments (unaudited) (continued)

January 31, 2020

BlackRock Total Factor Fund


	Shares		Value		% of Basket Value

Japan (continued)
Kyowa Kirin Co. Ltd.		6,400	$	150,459		0.8	%
Marubeni Corp.		35,800		257,245		1.4
MEIJI Holdings Co. Ltd.		13,200		928,934		5.0
Mitsubishi Chemical Holdings Corp.		68,100		492,157		2.7
Mitsubishi Corp.		3,900		99,979		0.5
Mitsubishi Electric Corp.		43,600		604,521		3.3
Mitsubishi Heavy Industries Ltd.		13,100		477,854		2.6
Mitsui & Co. Ltd.		8,300		147,621		0.8
MS&AD Insurance Group Holdings, Inc.		11,800		391,910		2.1
NEC Corp.		6,000		267,080		1.5
Nintendo Co. Ltd.		700		257,499		1.4
Nippon Steel Corp.		13,900		192,869		1.0
Nissan Motor Co. Ltd.		65,700		356,508		1.9
Nitto Denko Corp.		3,000		166,764		0.9
Nomura Holdings, Inc.		15,900		81,399		0.4
Nomura Research Institute Ltd.		15,500		341,088		1.9
NTT Data Corp.		33,200		466,368		2.5
Obayashi Corp.		64,600		708,466		3.8
Omron Corp.		8,600		492,478		2.7
Ono Pharmaceutical Co. Ltd.		31,400		723,043		3.9
ORIX Corp.		9,100		153,721		0.8
Otsuka Holdings Co. Ltd.		29,500		1,310,549		7.1
Panasonic Corp.		82,400		818,893		4.4
Recruit Holdings Co. Ltd.		6,600		257,244		1.4
Renesas Electronics Corp.		19,300		121,422		0.7
Ricoh Co. Ltd.		10,400		118,003		0.6
Rohm Co. Ltd.		3,600		258,968		1.4
Secom Co. Ltd.		2,300		201,831		1.1
Sekisui House Ltd.		73,000		1,569,658		8.5
Seven & i Holdings Co. Ltd.		14,600		559,813		3.0
Shionogi & Co. Ltd.		7,700		457,951		2.5
Sony Corp.		4,800		335,649		1.8
Sumitomo Chemical Co. Ltd.		255,200		1,084,396		5.9
Sumitomo Electric Industries Ltd.		46,700		622,587		3.4
Sumitomo Mitsui Financial Group, Inc.		14,300		502,780		2.7
Tokio Marine Holdings, Inc.		3,500		189,984		1.0
Tokyo Electron Ltd.		300		65,984		0.4
Toray Industries, Inc.		30,600		200,225		1.1
Toshiba Corp.		10,500		335,584		1.8
Trend Micro, Inc.		3,500		182,876		1.0
West Japan Railway Co.		1,500		126,915		0.7
Yamaha Motor Co. Ltd.		12,600		233,826		1.3

				25,002,657

Luxembourg
Tenaris SA		38,311		395,928		2.2


Macau
Sands China Ltd.		80,400		387,714		2.1


Netherlands
Adyen NV		150		137,836		0.7
Akzo Nobel NV		36,404		3,435,357		18.6
EXOR NV		3,738		275,446		1.5
Koninklijke Ahold Delhaize NV		7,360		180,625		1.0
Koninklijke DSM NV		1,747		212,620		1.1
Koninklijke Philips NV		2,418		110,738		0.6
NN Group NV		10,403		361,073		2.0
Randstad NV		6,520		374,483		2.0
Royal Dutch Shell plc, Class A		41,280		1,084,029		5.9
Wolters Kluwer NV		8,008		601,734		3.3

				6,773,941


	Shares		Value		% of Basket Value

Norway
Equinor ASA		51,025	$	920,878		5.0	%
Orkla ASA		46,560		449,480		2.4
Telenor ASA		23,840		430,814		2.3
Yara International ASA		1,720		62,463		0.4

				1,863,635

Portugal
Galp Energia SGPS SA		5,260		79,482		0.4
Jeronimo Martins SGPS SA		11,890		204,602		1.1

				284,084

Russia
Evraz plc		17,290		80,274		0.4


Singapore
Mapletree Industrial Trust		3,900		7,927		0.1
United Overseas Bank Ltd.		36,900		688,263		3.7

				696,190

South Korea
Hana Financial Group, Inc.		15,114		417,685		2.3
Hyundai Mobis Co. Ltd.		1,940		370,974		2.0
KB Financial Group, Inc.		14,499		533,351		2.9
Kia Motors Corp.		16,000		544,205		3.0
KT&G Corp.		9,666		768,096		4.2
LG Electronics, Inc.		5,120		279,188		1.5
LG Household & Health Care Ltd.		458		479,032		2.6
NCSoft Corp.		559		296,129		1.6
POSCO		1,148		207,981		1.1
Samsung Electronics Co. Ltd.		9,600		444,797		2.4
Samsung Electronics Co. Ltd. (Preference)		4,540		177,472		1.0
Shinhan Financial Group Co. Ltd.		27,555		899,211		4.9
SK Telecom Co. Ltd.		2,150		411,865		2.2

				5,829,986

Spain
ACS Actividades de Construccion y Servicios SA		28,353		942,654		5.1
Aena SME SA		2,560		473,806		2.6
Amadeus IT Group SA		1,970		154,460		0.8
Banco Bilbao Vizcaya Argentaria SA		76,880		397,977		2.2
Iberdrola SA		16,235		177,633		1.0
Repsol SA		29,571		406,979		2.2
Telefonica SA		89,897		608,037		3.3

				3,161,546

Sweden
Assa Abloy AB, Class B		4,300		102,066		0.6
Atlas Copco AB, Class A		12,993		412,747		2.2
Essity AB, Class B		45,894		1,456,948		7.9
Hennes & Mauritz AB, Class B		25,639		562,514		3.0
Investor AB, Class B		16,921		926,510		5.0
Kinnevik AB, Class B		3,800		91,687		0.5
Lundin Petroleum AB		12,110		368,322		2.0
Sandvik AB		7,658		139,771		0.8
SKF AB, Class B		2,640		48,324		0.3
Swedish Match AB		14,101		797,244		4.3
Telefonaktiebolaget LM Ericsson, Class B		6,950		54,644		0.3
Volvo AB, Class B		20,322		347,379		1.9

				5,308,156

Switzerland
Adecco Group AG (Registered)		8,010		469,291		2.5
Coca-Cola HBC AG		10,678		392,226		2.1
Geberit AG (Registered)		1,390		733,547		4.0


32		2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (unaudited) (continued)

January 31, 2020

BlackRock Total Factor Fund


	Shares		Value		% of Basket Value

Switzerland (continued)
Kuehne + Nagel International AG (Registered)		540	$	87,276		0.5	%
LafargeHolcim Ltd. (Registered)		4,820		244,956		1.3
Logitech International SA (Registered)		6,674		298,978		1.6
Nestle SA (Registered)		13,157		1,451,121		7.9
Novartis AG (Registered)		4,678		441,922		2.4
Roche Holding AG		814		273,071		1.5
Schindler Holding AG		3,190		823,995		4.5
STMicroelectronics NV		20,185		561,992		3.1
Swatch Group AG (The)		5,040		1,264,268		6.9
Swiss Life Holding AG (Registered)		1,214		610,247		3.3
Swiss Prime Site AG (Registered)		2,430		296,667		1.6
Swisscom AG (Registered)		877		481,178		2.6

				8,430,735

United Kingdom
Admiral Group plc		1,750		52,100		0.3
Associated British Foods plc		41,899		1,450,278		7.9
AVEVA Group plc		4,180		271,051		1.5
BAE Systems plc		12,320		102,416		0.6
BP plc		57,212		344,422		1.9
British American Tobacco plc		770		33,953		0.2
BT Group plc		22,030		46,813		0.3
Burberry Group plc		7,530		193,072		1.0
CK Hutchison Holdings Ltd.		37,500		331,339		1.8
Compass Group plc		15,510		383,442		2.1
Experian plc		9,280		323,018		1.7
GlaxoSmithKline plc		43,227		1,014,945		5.5
Halma plc		28,340		786,618		4.3
Imperial Brands plc		16,970		435,149		2.4
Informa plc		5,659		57,807		0.3
InterContinental Hotels Group plc		2,150		132,432		0.7
ITV plc		90,876		161,906		0.9
Pearson plc		38,020		283,779		1.5
RELX plc		4,910		130,271		0.7
Rentokil Initial plc		17,420		107,282		0.6
Rightmove plc		195,590		1,695,089		9.2
Rolls-Royce Holdings plc		18,640		164,187		0.9
Sage Group plc (The)		60,820		592,121		3.2
Schroders plc		2,150		91,030		0.5
Smith & Nephew plc		20,681		497,604		2.7
Unilever plc		9,365		558,635		3.0
Vodafone Group plc		336,930		661,973		3.6
WPP plc		28,120		349,632		1.9

				11,252,364

United States
AbbVie, Inc.		10,058		814,899		4.4
Adobe, Inc.		1,420		498,619		2.7
Advance Auto Parts, Inc.		920		121,210		0.7
AES Corp.		5,289		105,040		0.6
Aflac, Inc.		13,765		709,861		3.9
Agilent Technologies, Inc.		1,703		140,600		0.8
Air Products & Chemicals, Inc.		760		181,420		1.0
Akamai Technologies, Inc.		11,652		1,087,714		5.9
Alexion Pharmaceuticals, Inc.		11,230		1,116,150		6.1
Alleghany Corp.		80		63,813		0.3
Alliant Energy Corp.		17,626		1,046,279		5.7
Allstate Corp. (The)		16,292		1,931,254		10.5
Ally Financial, Inc.		51,820		1,659,795		9.0
Alphabet, Inc., Class A		430		616,095		3.3
Amdocs Ltd.		17,662		1,270,781		6.9
Ameren Corp.		2,207		181,084		1.0
American Electric Power Co., Inc.		2,116		220,530		1.2


	Shares		Value		% of Basket Value

United States (continued)
American Express Co.		1,982	$	257,402		1.4	%
American Financial Group, Inc.		7,896		859,006		4.7
American Water Works Co., Inc.		1,350		183,870		1.0
Ameriprise Financial, Inc.		2,089		345,541		1.9
AmerisourceBergen Corp.		8,080		691,325		3.8
AMETEK, Inc.		11,060		1,074,479		5.8
Amgen, Inc.		1,817		392,563		2.1
AO Smith Corp.		990		42,263		0.2
Applied Materials, Inc.		11,795		683,992		3.7
Arch Capital Group Ltd.		6,480		286,157		1.6
Arrow Electronics, Inc.		3,020		229,339		1.2
Aspen Technology, Inc.		6,138		730,299		4.0
Athene Holding Ltd., Class A		7,418		323,128		1.8
Atmos Energy Corp.		8,740		1,022,842		5.5
Autodesk, Inc.		750		147,638		0.8
Automatic Data Processing, Inc.		3,981		682,304		3.7
AutoZone, Inc.		232		245,447		1.3
Avery Dennison Corp.		2,492		327,050		1.8
Axalta Coating Systems Ltd.		31,042		894,320		4.9
Bank of New York Mellon Corp. (The)		590		26,420		0.1
Baxter International, Inc.		992		88,506		0.5
Best Buy Co., Inc.		12,835		1,086,996		5.9
Biogen, Inc.		10,180		2,736,893		14.8
Bio-Rad Laboratories, Inc., Class A		2,080		750,714		4.1
Booking Holdings, Inc.		330		604,082		3.3
Booz Allen Hamilton Holding Corp.		7,201		561,966		3.0
Bright Horizons Family Solutions, Inc.		1,190		194,839		1.1
Bristol-Myers Squibb Co.		11,518		725,058		3.9
Bristol-Myers Squibb Co., CVR		8,815		30,676		0.2
Bruker Corp.		1,760		87,067		0.5
Cabot Oil & Gas Corp.		26,201		369,172		2.0
Cadence Design Systems, Inc.		9,790		705,957		3.8
Capital One Financial Corp.		12,275		1,225,045		6.6
Cardinal Health, Inc.		14,174		725,851		3.9
Carlisle Cos., Inc.		4,920		768,652		4.2
Carnival plc		5,660		231,164		1.3
CDW Corp.		2,285		298,078		1.6
Celanese Corp.		1,868		193,338		1.0
Cerner Corp.		18,570		1,333,883		7.2
CF Industries Holdings, Inc.		4,850		195,358		1.1
CH Robinson Worldwide, Inc.		11,383		822,080		4.5
Chevron Corp.		600		64,284		0.3
Ciena Corp.		12,920		525,456		2.9
Cintas Corp.		2,520		703,004		3.8
Citigroup, Inc.		18,150		1,350,542		7.3
Citizens Financial Group, Inc.		11,601		432,485		2.3
Citrix Systems, Inc.		10,481		1,270,507		6.9
CMS Energy Corp.		6,350		435,039		2.4
Colgate-Palmolive Co.		5,378		396,789		2.2
Comcast Corp., Class A		12,575		543,114		2.9
Comerica, Inc.		2,167		132,534		0.7
ConocoPhillips		10,957		651,175		3.5
Consolidated Edison, Inc.		1,890		177,660		1.0
Copart, Inc.		440		44,642		0.2
Corteva, Inc.		20,660		597,487		3.2
CSX Corp.		982		74,966		0.4
Cummins, Inc.		7,147		1,143,306		6.2
Cypress Semiconductor Corp.		3,500		81,655		0.4
Darden Restaurants, Inc.		5,529		643,741		3.5
DaVita, Inc.		3,880		309,896		1.7
Delta Air Lines, Inc.		990		55,183		0.3
Devon Energy Corp.		35,023		760,700		4.1
Discover Financial Services		11,209		842,132		4.6


CONSOLIDATED SCHEDULE OF INVESTMENTS			33

Consolidated Schedule of Investments (unaudited) (continued)

January 31, 2020

BlackRock Total Factor Fund


	Shares		Value		% of Basket Value

United States (continued)
Dollar General Corp.		1,950	$	299,150		1.6	%
Dover Corp.		6,363		724,428		3.9
DTE Energy Co.		4,160		551,658		3.0
Dunkin’ Brands Group, Inc.		13,380		1,044,844		5.7
E*TRADE Financial Corp.		1,900		80,978		0.4
Eaton Corp. plc		4,252		401,686		2.2
eBay, Inc.		20,665		693,517		3.8
Edwards Lifesciences Corp.		1,790		393,549		2.1
Electronic Arts, Inc.		530		57,198		0.3
Eli Lilly & Co.		3,344		466,956		2.5
Entergy Corp.		8,134		1,069,784		5.8
EOG Resources, Inc.		3,000		218,730		1.2
Equitable Holdings, Inc.		1,723		41,386		0.2
Estee Lauder Cos., Inc. (The), Class A		6,298		1,229,118		6.7
Euronet Worldwide, Inc.		1,170		184,439		1.0
Evergy, Inc.		1,427		102,972		0.6
Exelon Corp.		14,740		701,477		3.8
Expedia Group, Inc.		9,290		1,007,501		5.5
Expeditors International of Washington, Inc.		10,147		741,137		4.0
Fair Isaac Corp.		1,074		432,156		2.3
Fastenal Co.		8,856		308,897		1.7
Ferguson plc		6,450		579,222		3.1
Fifth Third Bancorp		6,140		174,683		0.9
FleetCor Technologies, Inc.		1,280		403,494		2.2
Fortinet, Inc.		2,112		243,640		1.3
Fortune Brands Home & Security, Inc.		1,718		118,044		0.6
Gap, Inc. (The)		11,520		200,563		1.1
Garmin Ltd.		2,651		257,014		1.4
General Mills, Inc.		2,980		155,616		0.8
General Motors Co.		14,129		471,767		2.6
Gilead Sciences, Inc.		19,074		1,205,477		6.5
Globe Life, Inc.		10,100		1,053,026		5.7
GoDaddy, Inc., Class A		3,540		237,923		1.3
HCA Healthcare, Inc.		7,968		1,105,958		6.0
HD Supply Holdings, Inc.		11,750		478,695		2.6
HEICO Corp., Class A		990		95,189		0.5
Henry Schein, Inc.		12,915		890,360		4.8
Hershey Co. (The)		6,140		952,744		5.2
Hewlett Packard Enterprise Co.		46,503		647,787		3.5
Hexcel Corp.		530		39,337		0.2
Hill-Rom Holdings, Inc.		1,291		137,479		0.7
Hilton Worldwide Holdings, Inc.		7,544		813,243		4.4
HollyFrontier Corp.		10,110		454,141		2.5
Hologic, Inc.		5,950		318,444		1.7
Home Depot, Inc. (The)		1,679		382,980		2.1
Honeywell International, Inc.		3,512		608,349		3.3
HP, Inc.		24,262		517,266		2.8
Hubbell, Inc.		1,130		161,850		0.9
IDEX Corp.		3,311		542,507		2.9
IDEXX Laboratories, Inc.		1,801		488,089		2.6
IHS Markit Ltd.		440		34,698		0.2
Incyte Corp.		5,067		370,246		2.0
Ingersoll-Rand plc		3,721		495,749		2.7
International Business Machines Corp.		7,240		1,040,605		5.6
International Paper Co.		6,020		245,134		1.3
Interpublic Group of Cos., Inc. (The)		18,493		419,791		2.3
Intuit, Inc.		627		175,798		1.0
Jazz Pharmaceuticals plc		2,130		305,336		1.7
Johnson & Johnson		3,969		590,865		3.2
Johnson Controls International plc		6,600		260,370		1.4
JPMorgan Chase & Co.		1,240		164,126		0.9


	Shares		Value		% of Basket Value

United States (continued)
Juniper Networks, Inc.		6,140	$	140,852		0.8	%
Kansas City Southern		760		128,204		0.7
Keysight Technologies, Inc.		3,770		350,572		1.9
Kohl’s Corp.		810		34,628		0.2
Lam Research Corp.		2,410		718,686		3.9
Liberty Media Corp-Liberty SiriusXM, Class C		18,909		926,919		5.0
LKQ Corp.		2,480		81,059		0.4
Loews Corp.		2,380		122,451		0.7
LPL Financial Holdings, Inc.		6,880		633,854		3.4
Marathon Oil Corp.		44,640		507,557		2.8
Masco Corp.		2,789		132,533		0.7
Masimo Corp.		1,100		187,660		1.0
Maxim Integrated Products, Inc.		2,019		121,382		0.7
McKesson Corp.		11,990		1,709,894		9.3
Medtronic plc		450		51,948		0.3
Merck & Co., Inc.		10,132		865,678		4.7
MetLife, Inc.		11,075		550,538		3.0
Mettler-Toledo International, Inc.		612		463,394		2.5
Microsoft Corp.		10,420		1,773,797		9.6
Mondelez International, Inc., Class A		5,995		343,993		1.9
Monster Beverage Corp.		3,110		207,126		1.1
Morgan Stanley		9,847		514,604		2.8
Motorola Solutions, Inc.		439		77,703		0.4
NetApp, Inc.		4,734		252,796		1.4
Nielsen Holdings plc		7,324		149,410		0.8
NIKE, Inc., Class B		9,401		905,316		4.9
NiSource, Inc.		9,690		284,014		1.5
Northern Trust Corp.		5,360		524,262		2.8
Norwegian Cruise Line Holdings Ltd.		9,480		510,498		2.8
NRG Energy, Inc.		20,727		764,619		4.1
NVR, Inc.		80		305,358		1.7
OGE Energy Corp.		7,932		363,682		2.0
Omnicom Group, Inc.		2,004		150,921		0.8
Oracle Corp.		6,756		354,352		1.9
PACCAR, Inc.		2,500		185,525		1.0
Paychex, Inc.		14,959		1,283,033		7.0
PayPal Holdings, Inc.		2,870		326,864		1.8
Pentair plc		1,700		72,981		0.4
PepsiCo, Inc.		2,340		332,327		1.8
Philip Morris International, Inc.		470		38,869		0.2
Phillips 66		3,298		301,338		1.6
Pinnacle West Capital Corp.		7,223		705,615		3.8
Pool Corp.		490		107,457		0.6
PPG Industries, Inc.		2,920		349,933		1.9
Public Service Enterprise Group, Inc.		3,820		226,144		1.2
PulteGroup, Inc.		5,340		238,431		1.3
Qorvo, Inc.		4,507		477,111		2.6
Quest Diagnostics, Inc.		2,120		234,620		1.3
Raymond James Financial, Inc.		3,490		319,091		1.7
Regeneron Pharmaceuticals, Inc.		2,344		792,131		4.3
Regions Financial Corp.		14,783		230,171		1.2
Reliance Steel & Aluminum Co.		11,280		1,294,944		7.0
Republic Services, Inc.		765		72,713		0.4
Robert Half International, Inc.		8,774		510,384		2.8
Rockwell Automation, Inc.		1,570		300,906		1.6
Royal Gold, Inc.		2,130		245,632		1.3
S&P Global, Inc.		380		111,617		0.6
salesforce.com, Inc.		790		144,025		0.8
Sealed Air Corp.		4,970		176,435		1.0
SEI Investments Co.		5,520		360,235		2.0
Sempra Energy		930		149,395		0.8
Service Corp. International		850		40,758		0.2
ServiceNow, Inc.		462		156,262		0.8


34		2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (unaudited) (continued)

January 31, 2020

BlackRock Total Factor Fund


	Shares			Value			% of Basket Value

United States (continued)
Sherwin-Williams Co. (The)		90		$	50,129			0.3	%
Signature Bank		2,350			333,442			1.8
Snap-on, Inc.		280			44,696			0.2
Southern Co. (The)		1,590			111,936			0.6
Southwest Airlines Co.		5,915			325,207			1.8
Spirit AeroSystems Holdings, Inc., Class A		660			43,111			0.2
Starbucks Corp.		14,360			1,218,159			6.6
Stryker Corp.		3,238			682,247			3.7
SVB Financial Group		760			182,651			1.0
Synchrony Financial		33,154			1,074,521			5.8
Synopsys, Inc.		5,646			832,841			4.5
T Rowe Price Group, Inc.		5,498			734,148			4.0
Target Corp.		860			95,236			0.5
Teledyne Technologies, Inc.		1,443			526,782			2.9
Teradyne, Inc.		13,618			898,652			4.9
Texas Instruments, Inc.		9,910			1,195,642			6.5
TJX Cos., Inc. (The)		16,375			966,780			5.2
Toro Co. (The)		810			64,816			0.4
Tractor Supply Co.		4,968			461,776			2.5
United Continental Holdings, Inc.		10,376			776,125			4.2
United Parcel Service, Inc., Class B		1,800			186,336			1.0
Universal Health Services, Inc., Class B		1,980			271,478			1.5
US Bancorp		1,938			103,140			0.6
US Foods Holding Corp.		1,470			59,050			0.3
Veeva Systems, Inc., Class A		1,160			170,068			0.9
VeriSign, Inc.		5,805			1,208,253			6.6
Verizon Communications, Inc.		4,550			270,452			1.5
Vertex Pharmaceuticals, Inc.		3,010			683,421			3.7
Visa, Inc., Class A		6,209			1,235,405			6.7
Vistra Energy Corp.		36,960			832,339			4.5
VMware, Inc., Class A		270			39,976			0.2
Voya Financial, Inc.		4,106			245,251			1.3
Waste Management, Inc.		2,247			273,460			1.5
WEC Energy Group, Inc.		370			36,959			0.2
West Pharmaceutical Services, Inc.		4,000			623,800			3.4
Western Union Co. (The)		12,240			329,256			1.8
Workday, Inc., Class A		850			156,936			0.9
WR Berkley Corp.		3,840			282,355			1.5
WW Grainger, Inc.		36			10,896			0.1
Xcel Energy, Inc.		4,470			309,279			1.7
Xerox Holdings Corp.		12,689			451,348			2.4
Yum! Brands, Inc.		7,831			828,285			4.5
Zebra Technologies Corp., Class A		1,380			329,848			1.8
Zions Bancorp NA		4,983			226,677			1.2
Zoetis, Inc.		620			83,210			0.5

					119,632,949


Total Reference Entity — Long					239,132,620


Reference Entity — Short

Australia
Australia & New Zealand Banking Group Ltd.		(33,470	)		(569,739	)		(3.1	)
Brambles Ltd.		(14,520	)		(121,277	)		(0.7	)
Commonwealth Bank of Australia		(11,100	)		(628,454	)		(3.4	)
Fortescue Metals Group Ltd.		(34,030	)		(252,088	)		(1.4	)
Insurance Australia Group Ltd.		(149,110	)		(701,130	)		(3.8	)
Lendlease Group		(73,456	)		(882,226	)		(4.8	)
National Australia Bank Ltd.		(62,228	)		(1,062,987	)		(5.8	)
Origin Energy Ltd.		(6,328	)		(34,232	)		(0.2	)
Qantas Airways Ltd.		(26,110	)		(110,701	)		(0.6	)
Ramsay Health Care Ltd.		(2,810	)		(147,813	)		(0.8	)
Sonic Healthcare Ltd.		(18,770	)		(393,433	)		(2.1	)


	Shares			Value			% of Basket Value

Australia (continued)
Transurban Group		(137,760	)	$	(1,435,979	)		(7.8	)%
Westpac Banking Corp.		(84,667	)		(1,414,907	)		(7.7	)
WiseTech Global Ltd.		(12,710	)		(207,693	)		(1.1	)
Woodside Petroleum Ltd.		(11,190	)		(256,369	)		(1.4	)

					(8,219,028	)

Belgium
Anheuser-Busch InBev SA/NV		(3,365	)		(253,856	)		(1.4	)
Proximus SADP		(1,980	)		(56,414	)		(0.3	)
Umicore SA		(23,504	)		(1,082,204	)		(5.9	)

					(1,392,474	)

Bermuda
RenaissanceRe Holdings Ltd.		(20	)		(3,789	)		(0.0	)


Canada
Agnico Eagle Mines Ltd.		(6,030	)		(372,774	)		(2.0	)
Barrick Gold Corp.		(8,730	)		(161,680	)		(0.9	)
Brookfield Asset Management, Inc., Class A		(11,280	)		(690,449	)		(3.7	)
Canadian Imperial Bank of Commerce		(8,390	)		(684,184	)		(3.7	)
Dollarama, Inc.		(2,000	)		(68,143	)		(0.4	)
Enbridge, Inc.		(3,690	)		(150,037	)		(0.8	)
Franco-Nevada Corp.		(3,710	)		(421,713	)		(2.3	)
Great-West Lifeco, Inc.		(14,880	)		(385,549	)		(2.1	)
Intact Financial Corp.		(1,840	)		(199,336	)		(1.1	)
Inter Pipeline Ltd.		(12,820	)		(213,602	)		(1.2	)
Loblaw Cos. Ltd.		(5,870	)		(307,117	)		(1.7	)

					(3,654,584	)

China
BeiGene Ltd., ADR		(2,980	)		(454,033	)		(2.5	)


Denmark
Chr Hansen Holding A/S		(15,090	)		(1,123,040	)		(6.1	)
Danske Bank A/S		(3,970	)		(66,272	)		(0.4	)
DSV PANALPINA A/S		(6,821	)		(740,548	)		(4.0	)
Vestas Wind Systems A/S		(1,210	)		(120,114	)		(0.6	)

					(2,049,974	)

Finland
Elisa OYJ		(4,688	)		(282,432	)		(1.5	)
Neste OYJ		(4,870	)		(193,790	)		(1.1	)
Nokia OYJ		(52,910	)		(205,963	)		(1.1	)
Nordea Bank Abp		(127,349	)		(1,003,823	)		(5.5	)
Sampo OYJ, Class A		(19,470	)		(881,352	)		(4.8	)
Stora Enso OYJ, Class R		(3,940	)		(51,143	)		(0.3	)
Wartsila OYJ Abp		(67,767	)		(832,364	)		(4.5	)

					(3,450,867	)

France
Accor SA		(15,037	)		(615,619	)		(3.3	)
Aeroports de Paris		(3,296	)		(623,605	)		(3.4	)
Air Liquide SA		(7,310	)		(1,056,950	)		(5.7	)
Atos SE		(6,240	)		(517,474	)		(2.8	)
AXA SA		(510	)		(13,562	)		(0.1	)
BNP Paribas SA		(5,290	)		(280,727	)		(1.5	)
Cie Generale des Etablissements Michelin SCA		(2,730	)		(316,744	)		(1.7	)
Edenred		(2,174	)		(117,400	)		(0.6	)
Electricite de France SA		(7,177	)		(88,602	)		(0.5	)
EssilorLuxottica SA		(5,710	)		(845,415	)		(4.6	)
Faurecia SE		(6,100	)		(290,644	)		(1.6	)
Iliad SA		(2,623	)		(344,246	)		(1.9	)
Ingenico Group SA		(2,920	)		(339,576	)		(1.8	)
Ipsen SA		(1,652	)		(122,595	)		(0.7	)


CONSOLIDATED SCHEDULE OF INVESTMENTS			35

Consolidated Schedule of Investments (unaudited) (continued)

January 31, 2020

BlackRock Total Factor Fund


	Shares			Value			% of Basket Value

France (continued)
LVMH Moet Hennessy Louis Vuitton SE		(1,520	)	$	(661,918	)		(3.6	)%
Natixis SA		(23,903	)		(100,940	)		(0.6	)
Orpea		(2,433	)		(316,763	)		(1.7	)
Pernod Ricard SA		(1,230	)		(212,959	)		(1.2	)
Remy Cointreau SA		(2,229	)		(234,744	)		(1.3	)
Renault SA		(8,824	)		(345,135	)		(1.9	)
SCOR SE		(11,355	)		(482,621	)		(2.6	)
Societe Generale SA		(16,717	)		(540,957	)		(2.9	)
Teleperformance		(1,001	)		(251,149	)		(1.4	)
Thales SA		(2,990	)		(328,096	)		(1.8	)
Ubisoft Entertainment SA		(3,670	)		(278,339	)		(1.5	)
Valeo SA		(10,208	)		(303,189	)		(1.6	)
Worldline SA/France		(4,200	)		(295,957	)		(1.6	)

					(9,925,926	)

Germany
Bayer AG (Registered)		(2,650	)		(212,677	)		(1.2	)
Bayerische Motoren Werke AG		(9,210	)		(656,042	)		(3.6	)
Commerzbank AG		(93,656	)		(537,443	)		(2.9	)
Daimler AG (Registered)		(26,542	)		(1,229,082	)		(6.7	)
Delivery Hero SE		(19,905	)		(1,531,562	)		(8.3	)
Deutsche Bank AG (Registered)		(169,903	)		(1,554,435	)		(8.4	)
Deutsche Boerse AG		(610	)		(99,017	)		(0.5	)
Deutsche Lufthansa AG (Registered)		(19,620	)		(298,884	)		(1.6	)
Deutsche Wohnen SE		(5,965	)		(252,381	)		(1.4	)
E.ON SE		(68,850	)		(780,138	)		(4.2	)
Fresenius SE & Co. KGaA		(890	)		(45,444	)		(0.3	)
Infineon Technologies AG		(14,131	)		(303,576	)		(1.6	)
KION Group AG		(3,183	)		(199,230	)		(1.1	)
MTU Aero Engines AG		(350	)		(106,003	)		(0.6	)
Porsche Automobil Holding SE (Preference)		(12,076	)		(814,297	)		(4.4	)
SAP SE		(1,120	)		(145,859	)		(0.8	)
Siemens AG (Registered)		(1,180	)		(145,539	)		(0.8	)
Siemens Healthineers AG		(14,750	)		(693,180	)		(3.8	)
thyssenkrupp AG		(103,990	)		(1,278,667	)		(6.9	)
TUI AG		(37,482	)		(384,021	)		(2.1	)
United Internet AG (Registered)		(13,311	)		(430,326	)		(2.3	)
Vonovia SE		(5,440	)		(310,494	)		(1.7	)
Zalando SE		(7,857	)		(376,193	)		(2.0	)

					(12,384,490	)

Italy
Atlantia SpA		(1,189	)		(29,176	)		(0.2	)
Davide Campari-Milano SpA		(30,430	)		(294,136	)		(1.6	)
Enel SpA		(5,440	)		(47,417	)		(0.3	)
Mediobanca Banca di Credito Finanziario SpA		(20,560	)		(205,098	)		(1.1	)
Poste Italiane SpA		(11,900	)		(136,315	)		(0.7	)
Recordati SpA		(5,310	)		(227,219	)		(1.2	)
Telecom Italia SpA		(1,327,110	)		(712,533	)		(3.9	)

					(1,651,894	)

Japan
Aisin Seiki Co. Ltd.		(4,300	)		(143,147	)		(0.8	)
ANA Holdings, Inc.		(7,800	)		(243,627	)		(1.3	)
Asahi Intecc Co. Ltd.		(8,100	)		(223,177	)		(1.2	)
Bandai Namco Holdings, Inc.		(6,200	)		(360,273	)		(2.0	)
Chubu Electric Power Co., Inc.		(39,600	)		(537,795	)		(2.9	)
Chugai Pharmaceutical Co. Ltd.		(600	)		(61,457	)		(0.3	)
Daifuku Co. Ltd.		(13,900	)		(836,931	)		(4.5	)
Dai-ichi Life Holdings, Inc.		(25,600	)		(379,934	)		(2.1	)
Daiichi Sankyo Co. Ltd.		(2,800	)		(189,216	)		(1.0	)
Daito Trust Construction Co. Ltd.		(1,800	)		(212,034	)		(1.1	)


	Shares			Value			% of Basket Value

Japan (continued)
Daiwa House Industry Co. Ltd.		(8,100	)	$	(255,008	)		(1.4	)%
Disco Corp.		(2,500	)		(575,858	)		(3.1	)
Eisai Co. Ltd.		(900	)		(67,826	)		(0.4	)
FamilyMart Co. Ltd.		(11,200	)		(244,946	)		(1.3	)
FANUC Corp.		(4,300	)		(783,159	)		(4.2	)
Idemitsu Kosan Co. Ltd.		(31,700	)		(791,177	)		(4.3	)
Isuzu Motors Ltd.		(4,300	)		(42,129	)		(0.2	)
Japan Airlines Co. Ltd.		(11,700	)		(329,126	)		(1.8	)
Japan Tobacco, Inc.		(14,300	)		(302,366	)		(1.6	)
JFE Holdings, Inc.		(51,800	)		(613,410	)		(3.3	)
JXTG Holdings, Inc.		(73,900	)		(314,310	)		(1.7	)
Kajima Corp.		(53,500	)		(678,721	)		(3.7	)
Kansai Electric Power Co., Inc. (The)		(28,300	)		(317,606	)		(1.7	)
KDDI Corp.		(5,300	)		(160,161	)		(0.9	)
Keyence Corp.		(2,400	)		(806,777	)		(4.4	)
Koito Manufacturing Co. Ltd.		(3,100	)		(134,529	)		(0.7	)
Komatsu Ltd.		(5,000	)		(110,555	)		(0.6	)
Kose Corp.		(800	)		(103,009	)		(0.6	)
Kubota Corp.		(33,600	)		(526,162	)		(2.9	)
LINE Corp.		(3,600	)		(177,393	)		(1.0	)
M3, Inc.		(16,200	)		(471,506	)		(2.6	)
Makita Corp.		(17,100	)		(654,067	)		(3.5	)
MINEBEA MITSUMI, Inc.		(2,500	)		(48,565	)		(0.3	)
Mitsubishi Estate Co. Ltd.		(5,800	)		(113,590	)		(0.6	)
Mitsui Fudosan Co. Ltd.		(18,400	)		(487,333	)		(2.6	)
MonotaRO Co. Ltd.		(39,100	)		(937,921	)		(5.1	)
Murata Manufacturing Co. Ltd.		(1,700	)		(96,245	)		(0.5	)
Nexon Co. Ltd.		(14,000	)		(189,601	)		(1.0	)
Nidec Corp.		(3,500	)		(440,198	)		(2.4	)
NTT DOCOMO, Inc.		(3,700	)		(105,126	)		(0.6	)
Obic Co. Ltd.		(2,400	)		(327,028	)		(1.8	)
Oriental Land Co. Ltd.		(11,200	)		(1,458,632	)		(7.9	)
Pan Pacific International Holdings Corp.		(13,200	)		(213,005	)		(1.2	)
PeptiDream, Inc.		(9,800	)		(463,909	)		(2.5	)
Rakuten, Inc.		(76,300	)		(588,613	)		(3.2	)
Resona Holdings, Inc.		(13,500	)		(55,672	)		(0.3	)
Shimadzu Corp.		(1,000	)		(28,065	)		(0.1	)
Shimano, Inc.		(2,100	)		(321,988	)		(1.7	)
Shimizu Corp.		(15,100	)		(154,878	)		(0.8	)
Shin-Etsu Chemical Co. Ltd.		(1,700	)		(194,418	)		(1.1	)
Shiseido Co. Ltd.		(5,600	)		(360,531	)		(2.0	)
SMC Corp.		(1,900	)		(820,172	)		(4.4	)
SoftBank Group Corp.		(23,300	)		(940,727	)		(5.1	)
Subaru Corp.		(6,600	)		(165,083	)		(0.9	)
Sumitomo Metal Mining Co. Ltd.		(17,200	)		(489,004	)		(2.6	)
Sumitomo Mitsui Trust Holdings, Inc.		(2,300	)		(84,801	)		(0.5	)
Suzuki Motor Corp.		(2,800	)		(128,116	)		(0.7	)
Sysmex Corp.		(3,300	)		(236,083	)		(1.3	)
Taisei Corp.		(26,000	)		(1,038,018	)		(5.6	)
TDK Corp.		(800	)		(84,700	)		(0.5	)
Terumo Corp.		(7,300	)		(262,769	)		(1.4	)
Tokyo Electric Power Co. Holdings, Inc.		(60,400	)		(239,177	)		(1.3	)
Tokyo Gas Co. Ltd.		(14,600	)		(320,996	)		(1.7	)
Toyota Motor Corp.		(600	)		(41,717	)		(0.2	)
Unicharm Corp.		(5,300	)		(181,385	)		(1.0	)
Yaskawa Electric Corp.		(20,100	)		(688,058	)		(3.7	)
Z Holdings Corp.		(23,200	)		(92,149	)		(0.5	)
ZOZO, Inc.		(27,900	)		(464,695	)		(2.5	)

					(24,510,360	)


36		2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (unaudited) (continued)

January 31, 2020

BlackRock Total Factor Fund


	Shares			Value			% of Basket Value

Luxembourg
Eurofins Scientific SE		(1,665	)	$	(895,528	)		(4.9	)%
SES SA, FDR		(39,195	)		(481,030	)		(2.6	)

					(1,376,558	)

Netherlands
ABN AMRO Bank NV, CVA		(10,870	)		(189,198	)		(1.0	)
Aegon NV		(83,433	)		(337,895	)		(1.8	)
ASML Holding NV		(530	)		(148,738	)		(0.8	)
Heineken NV		(13,970	)		(1,520,034	)		(8.3	)
Koninklijke Vopak NV		(10,730	)		(574,551	)		(3.1	)

					(2,770,416	)

Norway
Aker BP ASA		(5,880	)		(165,624	)		(0.9	)
Mowi ASA		(16,379	)		(390,668	)		(2.1	)
Norsk Hydro ASA		(27,782	)		(86,828	)		(0.5	)

					(643,120	)

Portugal
EDP – Energias de Portugal SA		(13,180	)		(66,097	)		(0.3	)


Singapore
Singapore Telecommunications Ltd.		(114,400	)		(275,276	)		(1.5	)


South Africa
Anglo American plc		(9,210	)		(240,327	)		(1.3	)
Mondi plc		(13,920	)		(283,227	)		(1.5	)

					(523,554	)

South Korea
Celltrion Healthcare Co. Ltd.		(10,342	)		(486,373	)		(2.6	)
Celltrion, Inc.		(7,400	)		(1,008,052	)		(5.5	)
Hyundai Motor Co.		(5,812	)		(603,357	)		(3.3	)
Kakao Corp.		(515	)		(67,887	)		(0.4	)
LG Chem Ltd.		(1,478	)		(412,125	)		(2.2	)
NAVER Corp.		(367	)		(54,730	)		(0.3	)
Samsung Biologics Co. Ltd.		(4,431	)		(1,780,906	)		(9.7	)
Samsung Electro-Mechanics Co. Ltd.		(287	)		(29,425	)		(0.2	)
Samsung SDI Co. Ltd.		(1,716	)		(390,627	)		(2.1	)
SK Hynix, Inc.		(2,330	)		(177,281	)		(1.0	)
SK Innovation Co. Ltd.		(522	)		(56,181	)		(0.3	)

					(5,066,944	)

Spain
Banco Santander SA		(111,440	)		(439,173	)		(2.4	)
CaixaBank SA		(115,543	)		(337,706	)		(1.8	)
Cellnex Telecom SA		(31,905	)		(1,586,802	)		(8.6	)
Endesa SA		(6,850	)		(188,081	)		(1.0	)
Ferrovial SA		(16,389	)		(520,604	)		(2.8	)
Grifols SA		(20,700	)		(695,215	)		(3.8	)
Industria de Diseno Textil SA		(9,675	)		(325,342	)		(1.8	)
Naturgy Energy Group SA		(1,040	)		(27,430	)		(0.2	)
Siemens Gamesa Renewable Energy SA		(4,040	)		(64,392	)		(0.4	)

					(4,184,745	)

Sweden
Alfa Laval AB		(41,310	)		(1,031,227	)		(5.6	)
Boliden AB		(29,893	)		(709,667	)		(3.8	)
Electrolux AB		(6,100	)		(144,914	)		(0.8	)
Hexagon AB, Class B		(11,253	)		(611,756	)		(3.3	)
ICA Gruppen AB		(14,920	)		(656,024	)		(3.6	)
Skandinaviska Enskilda Banken AB, Class A		(17,930	)		(177,183	)		(1.0	)
Svenska Handelsbanken AB, Class A		(36,160	)		(354,267	)		(1.9	)
Swedbank AB, Class A		(4,880	)		(74,926	)		(0.4	)


	Shares			Value			% of Basket Value

Sweden (continued)
Tele2 AB, Class B		(12,660	)	$	(191,003	)		(1.0	)%
Telia Co. AB		(45,880	)		(196,203	)		(1.1	)

					(4,147,170	)

Switzerland
ABB Ltd. (Registered)		(8,840	)		(205,812	)		(1.1	)
Alcon, Inc.		(1,420	)		(83,891	)		(0.5	)
Baloise Holding AG (Registered)		(3,530	)		(637,796	)		(3.5	)
Cie Financiere Richemont SA (Registered)		(19,190	)		(1,393,631	)		(7.6	)
Clariant AG (Registered)		(18,480	)		(415,980	)		(2.3	)
Givaudan SA (Registered)		(55	)		(181,471	)		(1.0	)
Glencore plc		(149,683	)		(437,762	)		(2.4	)
Julius Baer Group Ltd.		(6,513	)		(325,439	)		(1.8	)
Lonza Group AG (Registered)		(942	)		(386,870	)		(2.1	)
Partners Group Holding AG		(950	)		(869,681	)		(4.7	)
Sika AG (Registered)		(4,970	)		(893,733	)		(4.8	)
Sonova Holding AG (Registered) .		(950	)		(238,233	)		(1.3	)
Straumann Holding AG (Registered)		(140	)		(133,439	)		(0.7	)
Swiss Re AG		(7,820	)		(883,026	)		(4.8	)
Temenos AG (Registered)		(630	)		(101,347	)		(0.5	)
UBS Group AG (Registered)		(43,662	)		(542,266	)		(2.9	)
Zurich Insurance Group AG		(670	)		(278,129	)		(1.5	)
					(8,008,506	)


United Arab Emirates
NMC Health plc		(6,160	)		(104,758	)		(0.6	)


United Kingdom
3i Group plc		(51,590	)		(750,468	)		(4.1	)
Aviva plc		(74,550	)		(390,679	)		(2.1	)
Barclays plc		(93,080	)		(205,550	)		(1.1	)
Barratt Developments plc		(15,710	)		(166,330	)		(0.9	)
Bunzl plc		(9,331	)		(241,675	)		(1.3	)
CNH Industrial NV		(640	)		(6,096	)		(0.0	)
Coca-Cola European Partners plc		(9,345	)		(491,640	)		(2.7	)
DCC plc		(9,567	)		(772,458	)		(4.2	)
DS Smith plc		(273,340	)		(1,225,513	)		(6.6	)
Hargreaves Lansdown plc		(43,629	)		(990,358	)		(5.4	)
International Consolidated Airlines Group SA		(14,820	)		(111,059	)		(0.6	)
Intertek Group plc		(4,430	)		(336,140	)		(1.8	)
Johnson Matthey plc		(25,540	)		(875,666	)		(4.8	)
Just Eat plc		(201,930	)		(2,295,844	)		(12.5	)
Linde plc		(5,030	)		(1,021,744	)		(5.5	)
Lloyds Banking Group plc		(160,090	)		(119,513	)		(0.7	)
London Stock Exchange Group plc		(5,101	)		(527,141	)		(2.9	)
Melrose Industries plc		(113,306	)		(347,248	)		(1.9	)
National Grid plc		(27,348	)		(363,364	)		(2.0	)
Ocado Group plc		(121,190	)		(1,954,031	)		(10.6	)
Persimmon plc		(7,460	)		(300,326	)		(1.6	)
Prudential plc		(33,934	)		(603,360	)		(3.3	)
Reckitt Benckiser Group plc		(10,588	)		(876,405	)		(4.8	)
Royal Bank of Scotland Group plc		(158,990	)		(455,380	)		(2.5	)
RSA Insurance Group plc		(50,720	)		(367,987	)		(2.0	)
Severn Trent plc		(9,680	)		(329,659	)		(1.8	)
Smiths Group plc		(45,689	)		(1,015,886	)		(5.5	)
Spirax-Sarco Engineering plc		(10,714	)		(1,258,627	)		(6.8	)
SSE plc		(53,390	)		(1,062,770	)		(5.8	)
St James’s Place plc		(103,450	)		(1,555,856	)		(8.4	)
Standard Life Aberdeen plc		(75,750	)		(300,987	)		(1.6	)
Taylor Wimpey plc		(109,120	)		(309,944	)		(1.7	)
Tesco plc		(52,230	)		(169,879	)		(0.9	)
Whitbread plc		(17,554	)		(1,034,789	)		(5.6	)

					(22,834,372	)


CONSOLIDATED SCHEDULE OF INVESTMENTS			37

Consolidated Schedule of Investments (unaudited) (continued)

January 31, 2020

BlackRock Total Factor Fund


	Shares			Value			% of Basket Value

United States
3M Co.		(2,580	)	$	(409,343	)		(2.2	)%
Abbott Laboratories		(5,010	)		(436,571	)		(2.4	)
ABIOMED, Inc.		(350	)		(65,201	)		(0.4	)
Activision Blizzard, Inc.		(3,417	)		(199,826	)		(1.1	)
Advanced Micro Devices, Inc.		(25,459	)		(1,196,573	)		(6.5	)
Alaska Air Group, Inc.		(8,023	)		(518,206	)		(2.8	)
Albemarle Corp.		(1,220	)		(97,942	)		(0.5	)
Align Technology, Inc.		(330	)		(84,843	)		(0.5	)
Allegion plc		(2,460	)		(318,127	)		(1.7	)
Allergan plc		(4,088	)		(762,984	)		(4.1	)
Alnylam Pharmaceuticals, Inc.		(6,010	)		(689,888	)		(3.7	)
Altria Group, Inc.		(7,730	)		(367,407	)		(2.0	)
Amazon.com, Inc.		(190	)		(381,657	)		(2.1	)
American Airlines Group, Inc.		(21,496	)		(576,953	)		(3.1	)
American International Group, Inc.		(4,466	)		(224,461	)		(1.2	)
Amphenol Corp., Class A		(10,645	)		(1,058,858	)		(5.7	)
Analog Devices, Inc.		(2,320	)		(254,620	)		(1.4	)
Aon plc		(2,800	)		(616,700	)		(3.3	)
Apple, Inc.		(130	)		(40,236	)		(0.2	)
Aptiv plc		(11,725	)		(994,163	)		(5.4	)
Aqua America, Inc.		(12,620	)		(655,483	)		(3.6	)
Aramark		(7,670	)		(338,554	)		(1.8	)
Archer-Daniels-Midland Co.		(42,060	)		(1,882,606	)		(10.2	)
Arista Networks, Inc.		(1,762	)		(393,525	)		(2.1	)
Arthur J Gallagher & Co.		(11,860	)		(1,216,480	)		(6.6	)
AT&T, Inc.		(7,140	)		(268,607	)		(1.5	)
Atlassian Corp. plc, Class A		(2,948	)		(433,356	)		(2.3	)
Baker Hughes Co.		(32,685	)		(707,957	)		(3.8	)
Ball Corp.		(4,540	)		(327,697	)		(1.8	)
Bank of America Corp.		(5,160	)		(169,403	)		(0.9	)
Bausch Health Cos., Inc.		(13,556	)		(371,841	)		(2.0	)
Becton Dickinson and Co.		(1,802	)		(495,874	)		(2.7	)
Bio-Techne Corp.		(2,123	)		(445,766	)		(2.4	)
Black Knight, Inc.		(5,020	)		(335,938	)		(1.8	)
Boeing Co. (The)		(120	)		(38,192	)		(0.2	)
Boston Scientific Corp.		(4,067	)		(170,285	)		(0.9	)
Broadcom, Inc.		(1,240	)		(378,398	)		(2.1	)
Brown & Brown, Inc.		(2,070	)		(92,943	)		(0.5	)
Brown-Forman Corp., Class B		(4,859	)		(328,663	)		(1.8	)
Bunge Ltd.		(5,477	)		(287,159	)		(1.6	)
Burlington Stores, Inc.		(410	)		(89,163	)		(0.5	)
CarMax, Inc.		(480	)		(46,579	)		(0.3	)
Carnival Corp.		(2,050	)		(89,236	)		(0.5	)
Catalent, Inc.		(36,390	)		(2,223,429	)		(12.1	)
Caterpillar, Inc.		(4,742	)		(622,862	)		(3.4	)
Cboe Global Markets, Inc.		(3,210	)		(395,536	)		(2.1	)
CBRE Group, Inc., Class A		(3,750	)		(228,938	)		(1.2	)
Centene Corp.		(4,380	)		(275,108	)		(1.5	)
CenterPoint Energy, Inc.		(7,450	)		(197,276	)		(1.1	)
CenturyLink, Inc.		(8,860	)		(121,028	)		(0.7	)
Ceridian HCM Holding, Inc.		(5,970	)		(437,541	)		(2.4	)
Charles Schwab Corp. (The)		(7,670	)		(349,368	)		(1.9	)
Charter Communications, Inc., Class A		(320	)		(165,587	)		(0.9	)
Cheniere Energy, Inc.		(9,108	)		(539,558	)		(2.9	)
Church & Dwight Co., Inc.		(4,216	)		(312,912	)		(1.7	)
Cigna Corp.		(4,390	)		(844,548	)		(4.6	)
Cisco Systems, Inc.		(1,340	)		(61,600	)		(0.3	)
Clorox Co. (The)		(5,990	)		(942,287	)		(5.1	)
CME Group, Inc.		(7,442	)		(1,615,733	)		(8.8	)
Coca-Cola Co. (The)		(780	)		(45,552	)		(0.2	)
Cognex Corp.		(15,319	)		(780,809	)		(4.2	)
Conagra Brands, Inc.		(15,013	)		(494,228	)		(2.7	)
Concho Resources, Inc.		(13,592	)		(1,030,002	)		(5.6	)
Constellation Brands, Inc., Class A		(2,500	)		(470,750	)		(2.6	)


	Shares			Value			% of Basket Value

United States (continued)
Continental Resources, Inc.		(3,857	)	$	(104,988	)		(0.6	)%
Cooper Cos., Inc. (The)		(1,450	)		(502,990	)		(2.7	)
Corning, Inc.		(4,820	)		(128,646	)		(0.7	)
CoStar Group, Inc.		(665	)		(434,238	)		(2.4	)
Credit Acceptance Corp.		(310	)		(132,984	)		(0.7	)
Crown Holdings, Inc.		(10,424	)		(771,689	)		(4.2	)
Danaher Corp.		(5,760	)		(926,611	)		(5.0	)
Deere & Co.		(6,377	)		(1,011,265	)		(5.5	)
Diamondback Energy, Inc.		(6,215	)		(462,396	)		(2.5	)
DISH Network Corp., Class A		(6,280	)		(230,853	)		(1.3	)
DocuSign, Inc.		(7,553	)		(592,986	)		(3.2	)
Dollar Tree, Inc.		(3,830	)		(333,478	)		(1.8	)
Dominion Energy, Inc.		(4,220	)		(361,865	)		(2.0	)
Domino’s Pizza, Inc.		(190	)		(53,533	)		(0.3	)
Dow, Inc.		(5,370	)		(247,396	)		(1.3	)
DR Horton, Inc.		(5,529	)		(327,317	)		(1.8	)
Duke Energy Corp.		(2,640	)		(257,743	)		(1.4	)
DuPont de Nemours, Inc.		(2,740	)		(140,233	)		(0.8	)
DXC Technology Co.		(1,940	)		(61,847	)		(0.3	)
East West Bancorp, Inc.		(4,250	)		(194,820	)		(1.1	)
Edison International		(4,040	)		(309,262	)		(1.7	)
Elanco Animal Health, Inc.		(10,720	)		(331,248	)		(1.8	)
Elastic NV		(17,790	)		(1,154,215	)		(6.3	)
EPAM Systems, Inc.		(260	)		(59,316	)		(0.3	)
Equifax, Inc.		(290	)		(43,471	)		(0.2	)
Erie Indemnity Co., Class A		(570	)		(94,905	)		(0.5	)
Everest Re Group Ltd.		(1,430	)		(395,495	)		(2.1	)
Eversource Energy		(4,559	)		(421,434	)		(2.3	)
Exxon Mobil Corp.		(13,860	)		(860,983	)		(4.7	)
FedEx Corp.		(1,590	)		(229,978	)		(1.2	)
Fidelity National Financial, Inc.		(9,409	)		(458,689	)		(2.5	)
Fidelity National Information Services, Inc.		(2,090	)		(300,249	)		(1.6	)
First Republic Bank		(3,748	)		(415,578	)		(2.3	)
Fiserv, Inc.		(1,580	)		(187,404	)		(1.0	)
FLIR Systems, Inc.		(1,790	)		(92,257	)		(0.5	)
Flowserve Corp.		(2,795	)		(130,471	)		(0.7	)
FMC Corp.		(610	)		(58,310	)		(0.3	)
Ford Motor Co.		(8,000	)		(70,560	)		(0.4	)
Fortive Corp.		(1,190	)		(89,167	)		(0.5	)
Franklin Resources, Inc.		(6,364	)		(161,009	)		(0.9	)
Freeport-McMoRan, Inc.		(199,060	)		(2,209,566	)		(12.0	)
Gardner Denver Holdings, Inc.		(25,290	)		(892,990	)		(4.8	)
Gartner, Inc.		(6,463	)		(1,039,121	)		(5.6	)
GCI Liberty, Inc., Class A		(3,050	)		(223,199	)		(1.2	)
General Electric Co.		(24,559	)		(305,760	)		(1.7	)
Gentex Corp.		(5,660	)		(168,498	)		(0.9	)
Genuine Parts Co.		(5,390	)		(504,342	)		(2.7	)
Global Payments, Inc.		(1,020	)		(199,359	)		(1.1	)
Graco, Inc.		(9,760	)		(518,744	)		(2.8	)
Guidewire Software, Inc.		(6,821	)		(767,363	)		(4.2	)
Halliburton Co.		(17,350	)		(378,403	)		(2.1	)
Hasbro, Inc.		(3,480	)		(354,508	)		(1.9	)
Herbalife Nutrition Ltd.		(1,260	)		(48,951	)		(0.3	)
Hess Corp.		(9,556	)		(540,583	)		(2.9	)
Hormel Foods Corp.		(8,291	)		(391,833	)		(2.1	)
Huntington Bancshares, Inc.		(13,620	)		(184,823	)		(1.0	)
Huntington Ingalls Industries, Inc.		(1,130	)		(294,930	)		(1.6	)
IAC/InterActiveCorp		(520	)		(126,667	)		(0.7	)
Illinois Tool Works, Inc.		(2,970	)		(519,691	)		(2.8	)
Illumina, Inc.		(610	)		(176,943	)		(1.0	)
Intercontinental Exchange, Inc.		(4,399	)		(438,756	)		(2.4	)
International Flavors & Fragrances, Inc.		(5,191	)		(680,592	)		(3.7	)
Intuitive Surgical, Inc.		(579	)		(324,113	)		(1.8	)


38		2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (unaudited) (continued)

January 31, 2020

BlackRock Total Factor Fund


	Shares			Value			% of Basket Value

United States (continued)
Invesco Ltd.		(10,186	)	$	(176,218	)		(1.0	)%
IPG Photonics Corp.		(7,531	)		(961,483	)		(5.2	)
IQVIA Holdings, Inc.		(3,713	)		(576,443	)		(3.1	)
Jack Henry & Associates, Inc.		(3,290	)		(491,987	)		(2.7	)
Jacobs Engineering Group, Inc.		(6,508	)		(602,185	)		(3.3	)
JB Hunt Transport Services, Inc.		(3,075	)		(331,885	)		(1.8	)
JM Smucker Co. (The)		(830	)		(85,996	)		(0.5	)
Keurig Dr Pepper, Inc.		(18,738	)		(534,595	)		(2.9	)
Kimberly-Clark Corp.		(2,490	)		(356,668	)		(1.9	)
Kinder Morgan, Inc.		(16,347	)		(341,162	)		(1.8	)
Kraft Heinz Co. (The)		(5,450	)		(159,140	)		(0.9	)
L3Harris Technologies, Inc.		(1,870	)		(413,887	)		(2.2	)
Lamb Weston Holdings, Inc.		(13,490	)		(1,231,772	)		(6.7	)
Las Vegas Sands Corp.		(6,460	)		(421,903	)		(2.3	)
Leidos Holdings, Inc.		(2,440	)		(245,147	)		(1.3	)
Lennar Corp., Class A		(17,281	)		(1,146,767	)		(6.2	)
Lennox International, Inc.		(910	)		(212,012	)		(1.1	)
Liberty Broadband Corp., Class C		(4,917	)		(653,617	)		(3.5	)
Liberty Media Corp-Liberty Formula One, Class C		(3,292	)		(154,033	)		(0.8	)
Live Nation Entertainment, Inc.		(4,230	)		(288,317	)		(1.6	)
Lowe’s Cos., Inc.		(1,070	)		(124,377	)		(0.7	)
M&T Bank Corp.		(1,430	)		(240,984	)		(1.3	)
MarketAxess Holdings, Inc.		(1,676	)		(593,606	)		(3.2	)
Marriott International, Inc., Class A		(1,930	)		(270,316	)		(1.5	)
Marsh & McLennan Cos., Inc.		(5,210	)		(582,791	)		(3.2	)
Martin Marietta Materials, Inc.		(831	)		(219,218	)		(1.2	)
Marvell Technology Group Ltd.		(23,040	)		(553,882	)		(3.0	)
McCormick & Co., Inc. (Non-Voting)		(490	)		(80,051	)		(0.4	)
McDonald’s Corp.		(940	)		(201,132	)		(1.1	)
Microchip Technology, Inc.		(3,385	)		(329,970	)		(1.8	)
Middleby Corp. (The)		(4,340	)		(486,774	)		(2.6	)
Mohawk Industries, Inc.		(6,826	)		(898,848	)		(4.9	)
Molina Healthcare, Inc.		(700	)		(86,079	)		(0.5	)
Molson Coors Beverage Co., Class B		(5,130	)		(285,125	)		(1.5	)
Mosaic Co. (The)		(8,950	)		(177,568	)		(1.0	)
MSCI, Inc.		(850	)		(242,930	)		(1.3	)
Mylan NV		(20	)		(428	)		(0.0	)
Nasdaq, Inc.		(7,510	)		(874,615	)		(4.7	)
Netflix, Inc.		(2,018	)		(696,392	)		(3.8	)
Newell Brands, Inc.		(11,382	)		(222,290	)		(1.2	)
Nordson Corp.		(2,270	)		(383,312	)		(2.1	)
Norfolk Southern Corp.		(2,830	)		(589,234	)		(3.2	)
NortonLifeLock, Inc.		(3,300	)		(93,786	)		(0.5	)
Nucor Corp.		(3,780	)		(179,512	)		(1.0	)
NVIDIA Corp.		(636	)		(150,369	)		(0.8	)
Occidental Petroleum Corp.		(28,980	)		(1,151,086	)		(6.2	)
Okta, Inc.		(4,460	)		(571,103	)		(3.1	)
ON Semiconductor Corp.		(9,990	)		(231,268	)		(1.3	)
ONEOK, Inc.		(12,824	)		(960,133	)		(5.2	)
Owens Corning		(1,240	)		(75,008	)		(0.4	)
Packaging Corp. of America		(890	)		(85,217	)		(0.5	)
Palo Alto Networks, Inc.		(220	)		(51,652	)		(0.3	)
Parker-Hannifin Corp.		(730	)		(142,854	)		(0.8	)
Paycom Software, Inc.		(280	)		(89,085	)		(0.5	)
People’s United Financial, Inc.		(4,800	)		(74,016	)		(0.4	)
PerkinElmer, Inc.		(4,040	)		(373,619	)		(2.0	)
Perrigo Co. plc		(4,590	)		(261,814	)		(1.4	)
Pfizer, Inc.		(17,070	)		(635,687	)		(3.4	)
Pilgrim’s Pride Corp.		(10,190	)		(265,450	)		(1.4	)
Pioneer Natural Resources Co.		(330	)		(44,550	)		(0.2	)
Post Holdings, Inc.		(6,240	)		(652,517	)		(3.5	)
PRA Health Sciences, Inc.		(1,040	)		(105,362	)		(0.6	)
Principal Financial Group, Inc.		(4,010	)		(212,329	)		(1.2	)


	Shares			Value			% of Basket Value

United States (continued)
Procter & Gamble Co. (The)		(930	)	$	(115,897	)		(0.6	)%
Progressive Corp. (The)		(650	)		(52,448	)		(0.3	)
Prudential Financial, Inc.		(3,960	)		(360,598	)		(2.0	)
QIAGEN NV		(26,249	)		(881,906	)		(4.8	)
QUALCOMM, Inc.		(1,090	)		(92,988	)		(0.5	)
ResMed, Inc.		(2,586	)		(411,096	)		(2.2	)
RingCentral, Inc., Class A		(2,040	)		(419,383	)		(2.3	)
Rollins, Inc.		(27,910	)		(1,059,184	)		(5.7	)
Ross Stores, Inc.		(1,500	)		(168,285	)		(0.9	)
Royal Caribbean Cruises Ltd.		(740	)		(86,639	)		(0.5	)
RPM International, Inc.		(540	)		(38,540	)		(0.2	)
Sage Therapeutics, Inc.		(3,330	)		(220,712	)		(1.2	)
Sarepta Therapeutics, Inc.		(8,007	)		(928,492	)		(5.0	)
Sensata Technologies Holding plc		(8,295	)		(392,105	)		(2.1	)
ServiceMaster Global Holdings, Inc.		(5,981	)		(215,615	)		(1.2	)
Sirius XM Holdings, Inc.		(55,390	)		(391,607	)		(2.1	)
Skyworks Solutions, Inc.		(565	)		(63,930	)		(0.3	)
Splunk, Inc.		(11,720	)		(1,819,647	)		(9.9	)
Spotify Technology SA		(6,090	)		(860,517	)		(4.7	)
Square, Inc., Class A		(8,647	)		(645,844	)		(3.5	)
SS&C Technologies Holdings, Inc.		(7,151	)		(450,585	)		(2.4	)
Stanley Black & Decker, Inc.		(1,599	)		(254,769	)		(1.4	)
State Street Corp.		(2,840	)		(214,789	)		(1.2	)
Sysco Corp.		(1,720	)		(141,281	)		(0.8	)
Take-Two Interactive Software, Inc.		(1,750	)		(218,120	)		(1.2	)
Tapestry, Inc.		(1,880	)		(48,448	)		(0.3	)
Targa Resources Corp.		(29,399	)		(1,073,064	)		(5.8	)
Teleflex, Inc.		(468	)		(173,867	)		(0.9	)
Tiffany & Co.		(4,430	)		(593,709	)		(3.2	)
Travelers Cos., Inc. (The)		(2,480	)		(326,418	)		(1.8	)
Trimble, Inc.		(4,610	)		(196,017	)		(1.1	)
Truist Financial Corp.		(6,500	)		(335,205	)		(1.8	)
Twilio, Inc., Class A		(1,420	)		(176,563	)		(1.0	)
Tyler Technologies, Inc.		(2,890	)		(935,435	)		(5.1	)
Tyson Foods, Inc., Class A		(1,160	)		(95,851	)		(0.5	)
Ubiquiti, Inc.		(1,800	)		(294,156	)		(1.6	)
UGI Corp.		(2,370	)		(98,568	)		(0.5	)
Union Pacific Corp.		(460	)		(82,533	)		(0.4	)
United Rentals, Inc.		(280	)		(37,993	)		(0.2	)
UnitedHealth Group, Inc.		(440	)		(119,878	)		(0.6	)
Universal Display Corp.		(660	)		(116,272	)		(0.6	)
Vail Resorts, Inc.		(1,359	)		(318,699	)		(1.7	)
Verisk Analytics, Inc.		(640	)		(103,981	)		(0.6	)
VF Corp.		(4,350	)		(360,919	)		(2.0	)
Walgreens Boots Alliance, Inc.		(1,200	)		(61,020	)		(0.3	)
Walmart, Inc.		(5,190	)		(594,203	)		(3.2	)
Walt Disney Co. (The)		(5,123	)		(708,562	)		(3.8	)
Wells Fargo & Co.		(15,729	)		(738,319	)		(4.0	)
Western Digital Corp.		(6,819	)		(446,644	)		(2.4	)
Westinghouse Air Brake Technologies Corp.		(11,440	)		(844,958	)		(4.6	)
Westlake Chemical Corp.		(3,540	)		(216,648	)		(1.2	)
WEX, Inc.		(1,770	)		(383,948	)		(2.1	)
Willis Towers Watson plc		(875	)		(184,879	)		(1.0	)
WRKCo, Inc.		(2,740	)		(106,860	)		(0.6	)
Wynn Resorts Ltd.		(4,585	)		(578,444	)		(3.1	)
XPO Logistics, Inc.		(7,420	)		(659,786	)		(3.6	)
Xylem, Inc.		(8,808	)		(719,261	)		(3.9	)
Zayo Group Holdings, Inc.		(1,490	)		(51,778	)		(0.3	)
Zendesk, Inc.		(10,907	)		(942,365	)		(5.1	)


CONSOLIDATED SCHEDULE OF INVESTMENTS			39

Consolidated Schedule of Investments (unaudited) (continued)

January 31, 2020

BlackRock Total Factor Fund


	Shares			Value			% of Basket Value

United States (continued)
Zimmer Biomet Holdings, Inc.		(2,630	)	$	(388,977	)		(2.1	)%

					(102,995,291	)


Total Reference Entity — Short					(220,694,226	)


Net Value of Reference Entity — Credit Suisse International				$	18,438,394

The following table represents the individual long and short positions and related values of equity securities underlying the total return swap with Deutsche Bank AG, as of January 31, 2020, expiration date 02/17/23:


	Shares			Value			% of Basket Value

Reference Entity — Long

Austria
OMV AG		934		$	46,414			26.1	%


Germany
Hannover Rueck SE		1			194			0.1
HOCHTIEF AG		1,648			190,617			107.3

					190,811

Japan
AGC, Inc.		200			6,742			3.8
Mitsui & Co. Ltd.		3,700			65,807			37.0
ORIX Corp.		6,900			116,558			65.6
Sumitomo Chemical Co. Ltd.		29,000			123,227			69.4
Yamaha Corp.		100			5,109			2.9

					317,443

Netherlands
NN Group NV		1,186			41,164			23.2


Singapore
Mapletree Industrial Trust		2,300			4,675			2.6


Spain
ACS Actividades de Construccion y Servicios SA		3			100			0.1
Aena SME SA		261			48,306			27.2

					48,406

Sweden
Volvo AB, Class B		1,739			29,726			16.8


United Kingdom
easyJet plc		149			2,735			1.5


Total Reference Entity — Long					681,374


Reference Entity — Short

Denmark
Chr Hansen Holding A/S		(472	)		(35,128	)		(19.8	)


Japan
Nidec Corp.		(1,000	)		(125,771	)		(70.8	)
Shin-Etsu Chemical Co. Ltd.		(200	)		(22,873	)		(12.9	)
Sumitomo Metal Mining Co. Ltd. .		(7,400	)		(210,386	)		(118.4	)
Yamaha Corp.		(100	)		(5,109	)		(2.9	)

					(364,139	)

Netherlands
NN Group NV		(1,186	)		(41,164	)		(23.2	)


United Kingdom
CNH Industrial NV		(6,353	)		(60,512	)		(34.1	)


	Shares			Value			% of Basket Value

United Kingdom (continued)
easyJet plc		(151	)	$	(2,772	)		(1.5	)%

					(63,284	)


Total Reference Entity — Short					(503,715	)


Net Value of Reference Entity — Deutsche Bank AG				$	177,659

The following table represents the individual long and short positions and related values of equity securities underlying the total return swap with JPMorgan Chase Bank NA, as of January 31, 2020, expiration date 02/08/23:


	Shares			Value			% of Basket Value

Reference Entity — Long

Japan
AGC, Inc.		5,600		$	188,767			142.5	%
Kirin Holdings Co. Ltd.		2,000			43,925			33.1
MEIJI Holdings Co. Ltd.		300			21,112			15.9
Mitsubishi Heavy Industries Ltd.		100			3,648			2.7
ORIX Corp.		6,900			116,558			88.0

					374,010

Singapore
Mapletree Industrial Trust		59,600			121,140			91.4


South Korea
HDC Holdings Co. Ltd.		1			9			0.0
Shinhan Financial Group Co. Ltd.		4,633			151,190			114.1

					151,199

United States
Ally Financial, Inc.		518			16,592			12.5
American Financial Group, Inc.		1,122			122,062			92.1
Fortive Corp.		1			75			0.1

					138,729


Total Reference Entity — Long					785,078


Reference Entity — Short

France
Electricite de France SA		(1,211	)		(14,950	)		(11.3	)


Japan
Nidec Corp.		(2,600	)		(327,004	)		(246.8	)
Shimano, Inc.		(200	)		(30,666	)		(23.1	)
Sumitomo Metal Mining Co. Ltd.		(1,800	)		(51,175	)		(38.6	)

					(408,845	)

Taiwan
Delta Electronics, Inc.		(2,792	)		(13,045	)		(9.8	)


United States
Arthur J Gallagher & Co.		(218	)		(22,360	)		(16.9	)
Cognex Corp.		(1,918	)		(97,760	)		(73.8	)
Lennar Corp., Class B		(1	)		(53	)		(0.0	)
Nordson Corp.		(566	)		(95,575	)		(72.1	)

					(215,748	)


Total Reference Entity — Short					(652,588	)


Net Value of Reference Entity — JPMorgan Chase Bank NA				$	132,490


40		2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (unaudited) (continued)

January 31, 2020

BlackRock Total Factor Fund

Balances Reported in the Consolidated Statement of Assets and Liabilities for Centrally Cleared Swaps and OTC Swaps


	Swap Premiums Paid		Swap Premiums Received		Unrealized Appreciation		Unrealized Depreciation
Centrally Cleared Swaps^(a)	$	4,603,351	$	—	$	264,067	$	(41,686	)
OTC Swaps		—		—		966,837		(7,621,237	)

^(a)

Includes cumulative appreciation (depreciation) on centrally cleared swaps, as reported in the Consolidated Schedule of Investments. Only current day’s variation margin is reported within the Consolidated Statement of Assets and Liabilities and is net of any previously paid (received) swap premium amounts.

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Consolidated Statement 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)	$	1,468,823	$	—	$	1,987,907	$	—	$	8,787,338	$	—	$	12,244,068
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange contracts		—		—		—		5,902,764		—		—		5,902,764
Swaps — centrally cleared
Unrealized appreciation on centrally cleared swaps^(a)		—		264,067		—		—		—		—		264,067
Swaps — OTC
Unrealized appreciation on OTC swaps; Swap premiums paid		—		—		966,837		—		—		—		966,837

	$	1,468,823	$	264,067	$	2,954,744	$	5,902,764	$	8,787,338	$	—	$	19,377,736

Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)		2,236,878		—		3,957,548		—		5,098,938		—		11,293,364
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange contracts		—		—		—		2,191,705		—		—		2,191,705
Swaps — centrally cleared
Unrealized depreciation on centrally cleared swaps^(a)		—		41,686		—		—		—		—		41,686
Swaps — OTC
Unrealized depreciation on OTC swaps; Swap premiums received		—		—		7,621,237		—		—		—		7,621,237

	$	2,236,878	$	41,686	$	11,578,785	$	2,191,705	$	5,098,938	$	—	$	21,147,992

^(a)

Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, are reported in the Consolidated Schedule of Investments. In the Consolidated Statement of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the six months ended January 31, 2020, the effect of derivative financial instruments in the Consolidated Statement of Operations was as follows:


	Commodity Contracts			Credit Contracts			Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from:
Futures contracts	$	4,865,401		$	—		$	65,379		$	—	$	1,854,029	$	—	$	6,784,809
Forward foreign currency exchange contracts		—			—			—			3,078,313		—		—		3,078,313
Swaps		—			424,091			(2,709,817	)		—		—		—		(2,285,726	)

	$	4,865,401		$	424,091		$	(2,644,438	)	$	3,078,313	$	1,854,029	$	—	$	7,577,396


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts		(1,662,426	)		—			(1,343,447	)		—		151,558		—		(2,854,315	)
Forward foreign currency exchange contracts		—			—			—			1,391,736		—		—		1,391,736
Swaps		—			(39,997	)		(7,483,391	)		—		—		—		(7,523,388	)

	$	(1,662,426	)	$	(39,997	)	$	(8,826,838	)	$	1,391,736	$	151,558	$	—	$	(8,985,967	)


CONSOLIDATED SCHEDULE OF INVESTMENTS			41

Consolidated Schedule of Investments (unaudited) (continued)

January 31, 2020

BlackRock Total Factor Fund

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	564,853,207
Average notional value of contracts — short		311,698,031
Forward foreign currency exchange contracts:
Average amounts purchased — in USD		271,220,731
Average amounts sold �� in USD		241,404,286
Credit default swaps:
Average notional value — sell protection		32,609,152
Total return swaps:
Average notional value		81,868,444

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Consolidated 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	$	2,687,967		$	2,977,251
Forward foreign currency exchange contracts		5,902,764			2,191,705
Swaps — Centrally cleared		—			61,090
Swaps — OTC^(a)		966,837			7,621,237

Total derivative assets and liabilities in the Consolidated Statement of Assets and Liabilities	$	9,557,568		$	12,851,283
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		(2,687,967	)		(3,038,341	)

Total derivative assets and liabilities subject to an MNA	$	6,869,601		$	9,812,942

^(a)

Includes unrealized appreciation (depreciation) on OTC swaps and swap premiums paid/received in the Consolidated Statement of Assets and Liabilities.

The following tables present the Fund’s derivative assets and liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral received and pledged by the Fund:


Counterparty	Derivative Assets Subject to an MNA by Counterparty		Derivatives Available for Offset^(a)			Non-cash Collateral Received		Cash Collateral Received^(b)			Net Amount of Derivative Assets^(c)(d)
Bank of America NA^(e)	$	678,919	$	(11,355	)	$	—	$	(667,564	)	$	—
Barclays Bank plc^(e)		461,293		(9,059	)		—		—			452,234
BNP Paribas SA^(e)		168,792		(36,005	)		—		—			132,787
Citibank NA		11,401		(11,401	)		—		—			—
Deutsche Bank AG		19,966		—			—		—			19,966
Deutsche Bank AG^(e)		226,154		(226,154	)		—		—			—
HSBC Bank plc^(e)		96,955		(96,955	)		—		—			—
JPMorgan Chase Bank NA		331,684		(60,520	)		—		(271,164	)		—
JPMorgan Chase Bank NA^(e)		340,133		(9,249	)		—		(260,000	)		70,884
Merrill Lynch International & Co.		634,506		(634,506	)		—		—			—
Morgan Stanley & Co. International plc^(e)		3,899,798		(1,511,432	)		—		(2,070,000	)		318,366

	$	6,869,601	$	(2,606,636	)	$	—	$	(3,268,728	)	$	994,237


42		2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments (unaudited) (continued)

January 31, 2020

BlackRock Total Factor Fund


Counterparty	Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset^(a)			Non-cash Collateral Pledged		Cash Collateral Pledged^(f)			Net Amount of Derivative Liabilities^(d)(g)
Bank of America NA	$	2,006,743	$	—		$	—	$	(2,006,743	)	$	—
Bank of America NA^(e)		11,355		(11,355	)		—		—			—
Barclays Bank plc^(e)		9,059		(9,059	)		—		—			—
BNP Paribas SA^(e)		36,005		(36,005	)		—		—			—
Citibank NA		2,793,272		(11,401	)		—		(1,890,000	)		891,871
Credit Suisse International		670,934		—			—		—			670,934
Deutsche Bank AG^(e)		396,000		(226,154	)		—		—			169,846
HSBC Bank plc^(e)		218,605		(96,955	)		—		(121,650	)		—
JPMorgan Chase Bank NA		60,520		(60,520	)		—		—			—
JPMorgan Chase Bank NA^(e)		9,249		(9,249	)		—		—			—
Merrill Lynch International & Co.		2,089,768		(634,506	)		—		(1,455,262	)		—
Morgan Stanley & Co. International plc^(e)		1,511,432		(1,511,432	)		—		—			—

	$	9,812,942	$	(2,606,636	)	$	—	$	(5,473,655	)	$	1,732,651

^(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)

Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized.

^(e)

Represents derivatives owned by the BlackRock Cayman Strategic Risk Allocation Fund, Ltd., a wholly-owned subsidiary of the Fund. See Note 1 of the Notes to Consolidated Financial Statements.

^(f)

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

^(g)

Net amount represents the net amount payable due to the 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 Consolidated 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^(a)	$	—		$	72,895,359		$	—	$	72,895,359
Short-Term Securities:
Money Market Funds		12,710,094			—			—		12,710,094
U.S. Treasury Obligations		—			274,347,755			—		274,347,755

	$	12,710,094		$	347,243,114		$	—	$	359,953,208

Derivative Financial Instruments^(b)
Assets:
Commodity contracts	$	1,468,823		$	—		$	—	$	1,468,823
Credit contracts		—			264,067			—		264,067
Equity contracts		1,987,907			966,837			—		2,954,744
Foreign currency exchange contracts		—			5,902,764			—		5,902,764
Interest rate contracts		8,787,338			—			—		8,787,338
Liabilities:
Commodity contracts		(2,236,878	)		—			—		(2,236,878	)
Credit contracts		—			(41,686	)		—		(41,686	)
Equity contracts		(3,957,548	)		(7,621,237	)		—		(11,578,785	)
Foreign currency exchange contracts		—			(2,191,705	)		—		(2,191,705	)
Interest rate contracts		(5,098,938	)		—			—		(5,098,938	)

	$	950,704		$	(2,720,960	)	$	—	$	(1,770,256	)

^(a)

See above Consolidated Schedule of Investments for values in each security type.

^(b)

Derivative financial instruments are swaps, futures contracts and forward foreign currency exchange contracts. Swaps, futures contracts and forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to consolidated financial statements.


CONSOLIDATED SCHEDULE OF INVESTMENTS			43

Consolidated Statement of Assets and Liabilities (unaudited)

January 31, 2020


	BlackRock Total Factor Fund

ASSETS
Investments at value — unaffiliated (cost — $344,924,070)	$	347,243,114
Investments at value — affiliated (cost — $12,710,094)		12,710,094
Cash		7,310,823
Cash pledged:
Collateral — OTC derivatives		7,140,000
Futures contracts		26,592,000
Centrally cleared swaps		1,963,000
Foreign currency at value (cost — $14,897,681)		14,944,936
Receivables:
Capital shares sold		2,880,528
Dividends — affiliated		23,953
Interest — unaffiliated		193,929
From the Manager		4,785
Variation margin on futures contracts		2,687,967
Unrealized appreciation on:
Forward foreign currency exchange contracts		5,902,764
OTC swaps		966,837
Prepaid expenses		67,869

Total assets		430,632,599


LIABILITIES
Due to broker		1,458,260
Cash received as collateral for OTC derivatives		4,020,000
Payables:
Swaps		95,322
Administration fees		14,493
Capital shares redeemed		587,353
Investment advisory fees		92,238
Trustees’ and Officer’s fees		2,358
Other affiliates		90
Service and distribution fees		2,638
Variation margin on futures contracts		2,977,251
Variation margin on centrally cleared swaps		61,090
Other accrued expenses		190,156
Unrealized depreciation on:
Forward foreign currency exchange contracts		2,191,705
OTC swaps		7,621,237

Total liabilities		19,314,191


NET ASSETS	$	411,318,408


NET ASSETS CONSIST OF
Paid-in capital	$	410,785,697
Accumulated earnings		532,711

NET ASSETS	$	411,318,408


NET ASSET VALUE
Institutional — Based on net assets of $379,910,239 and 37,176,795 shares outstanding, unlimited number of shares authorized, $0.001 par value	$	10.22

Investor A — Based on net assets of $9,768,958 and 959,763 shares outstanding, unlimited number of shares authorized, $0.001 par value	$	10.18

Investor C — Based on net assets of $721,129 and 71,259 shares outstanding, unlimited number of shares authorized, $0.001 par value	$	10.12

Class K — Based on net assets of $20,918,082 and 2,045,548 shares outstanding, unlimited number of shares authorized, $0.001 par value	$	10.23

See notes to consolidated financial statements.


44		2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Statement of Operations (unaudited)

Six Months Ended January 31, 2020


	BlackRock Total Factor Fund

INVESTMENT INCOME
Dividends — affiliated	$	132,559
Dividends — unaffiliated		847
Interest — unaffiliated^(a)		2,228,224

Total investment income		2,361,630


EXPENSES
Investment advisory		759,400
Accounting services		125,028
Transfer agent — class specific		100,507
Administration		64,550
Registration		61,977
Professional		56,820
Administration — class specific		30,374
Printing		17,530
Service and distribution — class specific		14,478
Custodian		13,702
Trustees and Officer		902
Miscellaneous		33,689

Total expenses		1,278,957
Less:
Administration fees waived — class specific		(28,887	)
Fees waived and/or reimbursed by the Manager		(378,813	)
Transfer agent fees waived and/or reimbursed — class specific		(27,292	)

Total expenses after fees waived and/or reimbursed		843,965

Net investment income		1,517,665


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(1,337,566	)
Capital gain distributions from investment companies — affiliated		31
Forward foreign currency exchange contracts		3,078,313
Foreign currency transactions		45,875
Futures contracts		6,784,809
Swaps		(2,285,726	)

		6,285,736

Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		1,613,940
Forward foreign currency exchange contracts		1,391,736
Foreign currency translations		176,132
Futures contracts		(2,854,315	)
Swaps		(7,523,388	)

		(7,195,895	)

Net realized and unrealized loss		(910,159	)

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	607,506

^(a)	Includes net inflationary and deflationary adjustments. See Note 4 of the Notes to Consolidated Financial Statements.

See notes to consolidated financial statements.


CONSOLIDATED FINANCIAL STATEMENTS			45

Consolidated Statements of Changes in Net Assets


	BlackRock Total Factor Fund
	Six Months Ended 01/31/20 (unaudited)		Year Ended 07/31/19


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	1,517,665	$	2,703,958
Net realized gain		6,285,736		4,700,080
Net change in unrealized appreciation (depreciation)		(7,195,895)		5,332,960

Net increase in net assets resulting from operations		607,506		12,736,998


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Institutional		(7,545,741)		(3,930,218)
Investor A		(251,603)		(137,786)
Investor C		(16,900)		(11,637)
Class K		(567,568)		(506,840)

Decrease in net assets resulting from distributions to shareholders		(8,381,812)		(4,586,481)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		186,327,288		67,856,470


NET ASSETS
Total increase in net assets		178,552,982		76,006,987
Beginning of period		232,765,426		156,758,439

End of period	$	411,318,408	$	232,765,426

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

See notes to consolidated financial statements.


46		2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Financial Highlights

(For a share outstanding throughout each period)


	BlackRock Total Factor Fund
	Institutional
	Six Months Ended 01/31/20			Year Ended July 31,
	(unaudited)			2019			2018			2017			2016			2015

Net asset value, beginning of period	$	10.50		$	10.18		$	10.18		$	9.79		$	9.96		$	10.11
Net investment income (loss)^(a)		0.05			0.16			0.08			(0.00	)^(b)		(0.04	)		(0.06	)
Net realized and unrealized gain (loss)		(0.03	)		0.44			0.39			0.53			0.29			0.28
Net increase from investment operations		0.02			0.60			0.47			0.53			0.25			0.22
Distributions^(c)
From net investment income		(0.01	)		(0.24	)		—			(0.04	)		(0.42	)		(0.35	)
From net realized gain		(0.29	)		(0.04	)		(0.47	)		(0.10	)		—			(0.02	)
Total distributions		(0.30	)		(0.28	)		(0.47	)		(0.14	)		(0.42	)		(0.37	)

Net asset value, end of period	$	10.22		$	10.50		$	10.18		$	10.18		$	9.79		$	9.96

Total Return^(d)
Based on net asset value		0.19%	^(e)		6.10%			4.59%			5.46%			2.86%			2.24%

Ratios to Average Net Assets^(f)
Total expenses		0.83%	^(g)		1.29%			1.82%			1.65%			1.61%			1.52%
Total expenses after fees waived and/or reimbursed and paid indirectly		0.55%	^(g)		0.55%			0.54%			0.68%			1.00%			1.00%
Net investment income (loss)		1.00%	^(g)		1.55%			0.76%			(0.03	)%		(0.45	)%		(0.61	)%

Supplemental Data
Net assets, end of period (000)	$	379,910		$	206,351		$	122,627		$	31,334		$	27,712		$	35,597
Portfolio turnover rate		6%			74%			64%			73%			11%			4%
^(a) Based on average shares outstanding. ^(b) Amount is greater than $(0.005) per share. ^(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,
	Six Months Ended 01/31/20 (unaudited)			2019			2018			2017			2016			2015
Investments in underlying funds		0.01%			0.01%			0.05%			0.11%			0.08%			0.09%

^(g)	Annualized.

See notes to consolidated financial statements.


CONSOLIDATED FINANCIAL HIGHLIGHTS			47

Consolidated Financial Highlights (continued)

(For a share outstanding throughout each period)


	BlackRock Total Factor Fund
	Investor A
	Six Months Ended			Year Ended July 31,
	01/31/20 (unaudited)			2019			2018			2017			2016			2015


Net asset value, beginning of period	$	10.46		$	10.15		$	10.15		$	9.77		$	9.93		$	10.09

Net investment income (loss) ^(a)		0.04			0.13			0.02			(0.02	)		(0.07	)		(0.09	)
Net realized and unrealized gain (loss)		(0.03	)		0.44			0.42			0.52			0.30			0.28

Net increase from investment operations		0.01			0.57			0.44			0.50			0.23			0.19


Distributions ^(b)
From net investment income		—			(0.22	)		—			(0.02	)		(0.39	)		(0.33	)
From net realized gain		(0.29	)		(0.04	)		(0.44	)		(0.10	)		—			(0.02	)

Total distributions		(0.29	)		(0.26	)		(0.44	)		(0.12	)		(0.39	)		(0.35	)


Net asset value, end of period	$	10.18		$	10.46		$	10.15		$	10.15		$	9.77		$	9.93


Total Return ^(c)
Based on net asset value		0.09%^(d)			5.80%			4.35%			5.16%			2.68%			1.97%


Ratios to Average Net Assets ^(e)
Total expenses		1.22%^(f)			1.65%			2.20%			2.09%			2.03%			1.94%

Total expenses after fees waived and/or reimbursed and paid indirectly		0.80%^(f)			0.80%			0.80%			0.91%			1.25%			1.25%
Net investment income (loss)		0.77%^(f)			1.28%			0.18%			(0.21)%			(0.70)%			(0.86)%


Supplemental Data
Net assets, end of period (000)	$	9,769		$	7,423		$	4,936		$	2,327		$	1,448		$	1,811

Portfolio turnover rate		6%			74%			64%			73%			11%			4%

^(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,
	Six Months Ended 01/31/20 (unaudited)			2019			2018			2017			2016			2015
Investments in underlying funds		0.01	%		0.01	%		0.05	%		0.11	%		0.08	%		0.09	%

^(f)	Annualized.

See notes to consolidated financial statements.


48		2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Consolidated Financial Highlights (continued)

(For a share outstanding throughout each period)


	BlackRock Total Factor Fund
	Investor C
	Six Months Ended 01/31/20 (unaudited)			Year Ended July 31,
	Six Months Ended 01/31/20 (unaudited)			2019			2018			2017			2016			2015

Net asset value, beginning of period	$	10.40		$	10.08		$	10.07		$	9.71		$	9.84		$	10.02
Net investment income (loss)^(a)		0.00	^(b)		0.04			(0.11	)		(0.10	)		(0.13	)		(0.16	)
Net realized and unrealized gain (loss)		(0.03	)		0.44			0.48			0.52			0.29			0.29
Net increase (decrease) from investment operations		(0.03	)		0.48			0.37			0.42			0.16			0.13

Distributions^(c)
From net investment income		—			(0.12	)		—			—			(0.29	)		(0.29	)
From net realized gain		(0.25	)		(0.04	)		(0.36	)		(0.06	)		—			(0.02	)
Total distributions		(0.25	)		(0.16	)		(0.36	)		(0.06	)		(0.29	)		(0.31	)

Net asset value, end of period	$	10.12		$	10.40		$	10.08		$	10.07		$	9.71		$	9.84

Total Return^(d)
Based on net asset value		(0.30)%^(e)			4.95%			3.62%			4.40%			1.82%			1.32%

Ratios to Average Net Assets^(f)
Total expenses		1.94%^(g	⁾		2.47%			2.98%			2.80%			2.72%			2.59%
Total expenses after fees waived and/or reimbursed and paid indirectly		1.55%^(g	⁾		1.55%			1.55%			1.68%			2.00%			2.00%
Net investment income (loss)		0.04%^(g	⁾		0.41%			(1.08)%			(1.01)%			(1.45)%			(1.56)%

Supplemental Data
Net assets, end of period (000)	$	721		$	608		$	755		$	908		$	659		$	851
Portfolio turnover rate		6%			74%			64%			73%			11%			4%
^(a) Based on average shares outstanding. ^(b) Amount is less than $0.005 per share. ^(c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. ^(d) Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions. ^(e) Aggregate total return. ^(f) Excludes expenses incurred indirectly as a result of investments in underlying funds as follows:
	Six Months Ended			Year Ended July 31,
	01/31/20 (unaudited)			2019			2018			2017			2016			2015
Investments in underlying funds		0.01%			0.01%			0.05%			0.11%			0.08%			0.09%

^(g)	Annualized.

See notes to consolidated financial statements.


CONSOLIDATED FINANCIAL HIGHLIGHTS			49

Consolidated Financial Highlights (continued)

(For a share outstanding throughout each period)


	BlackRock Total Factor Fund
	Class K
	Six Months Ended			Year Ended July 31,						Period from
	01/31/20 (unaudited)			2019			2018			02/03/17^(a) to 07/31/17

Net asset value, beginning of period	$	10.51		$	10.18		$	10.18		$	9.76
Net investment income^(b)		0.06			0.14			0.28			0.01
Net realized and unrealized gain (loss)		(0.04	)		0.47			0.19			0.41
Net increase from investment operations		0.02			0.61			0.47			0.42

Distributions^(c)
From net investment income		(0.01	)		(0.24	)		—			—
From net realized gain		(0.29	)		(0.04	)		(0.47	)		—
Total distributions		(0.30	)		(0.28	)		(0.47	)		—

Net asset value, end of period	$	10.23		$	10.51		$	10.18		$	10.18

Total Return^(d)
Based on net asset value		0.21%^(e)			6.23%			4.61%			4.30%^(e)

Ratios to Average Net Assets^(f)
Total expenses		0.78%^(g)			1.29%			1.81%			1.84%^(g)
Total expenses after fees waived and/or reimbursed and paid indirectly		0.50%^(g)			0.50%			0.50%			0.49%^(g)
Net investment income		1.09%^(g)			1.43%			2.79%			0.28%^(g)

Supplemental Data
Net assets, end of period (000)	$	20,918		$	18,383		$	28,440		$	230
Portfolio turnover rate		6%			74%			64%			73%^(h)
^(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			Year Ended July 31,						Period from
	01/31/20 (unaudited)			2019			2018			02/03/17 ^(a)to 07/31/17
Investments in underlying funds		0.01%			0.01%			0.05%			0.11%

^(g)	Annualized.

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

See notes to consolidated financial statements.


50		2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Consolidated 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. BlackRock Total Factor Fund (the “Fund”) is a series of the Trust. The Fund is classified as non-diversified.

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

Basis of Consolidation: The accompanying consolidated financial statements of the Fund include the account of BlackRock Cayman Strategic Risk Allocation Fund, Ltd. (the “Subsidiary”), which is a wholly-owned subsidiary of the Fund and primarily invests in commodity-related instruments and other derivatives. The Subsidiary enables the Fund to hold these commodity-related instruments and satisfy regulated investment company tax requirements. The Fund may invest up to 25% of its total assets in the Subsidiary. The net assets of the Subsidiary as of period end were $11,576,174, which is 2.8% of the Fund’s consolidated net assets. Intercompany accounts and transactions, if any, have been eliminated. The Subsidiary is subject to the same investment policies and restrictions that apply to the Fund, except that the Subsidiary may invest without limitation in commodity related instruments.

2.	*SIGNIFICANT ACCOUNTING POLICIES*

The consolidated 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 consolidated financial statements, disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. The Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined on the identified cost basis. Dividend income is recorded on the ex-dividend date. 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: The Fund’s books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates determined as of the close of trading on the New York Stock Exchange (“NYSE”). Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.

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

Segregation and Collateralization: In cases where the Fund enters into certain investments (e.g., futures contracts, forward foreign currency exchange contracts and swaps) that would be treated as “senior securities” for 1940 Act purposes, the 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 Fund may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments or obligations.

Distributions: Distributions from net investment income are declared and paid at least annually. 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. Net income and realized gains from investments held by the Subsidiary are treated as ordinary income for tax purposes. If a net loss is realized by the Subsidiary in any taxable year, the loss will generally not be available to offset the Fund’s ordinary income and/or capital gains for that year.


NOTES TO CONSOLIDATED FINANCIAL STATEMENTS			51

Notes to Consolidated Financial Statements (unaudited) (continued)

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

Other: Expenses directly related to the Fund or its classes are charged to the Fund or the applicable class. 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 Fund and other shared expenses prorated to the Fund are allocated daily to each class based on its relative net assets or other appropriate methods.

3.	*INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS*

Investment Valuation Policies: The Fund’s investments are valued at fair value (also referred to as “market value” within the consolidated 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 Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Fund determines the fair values of its 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 the Fund’s assets and liabilities:

•

Equity investments traded on a recognized securities exchange are valued at the official dosing price each day, if available. For equity investments traded on more than one exchange, the official dosing 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 Fund’s net assets. Each business day, the Fund uses 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.

•

Forward foreign currency exchange contracts are valued at the mean between the bid and ask prices and are determined as of the close of trading on the NYSE based on that day’s prevailing forward exchange rate for the underlying currencies. Interpolated values are derived when the settlement date of the contract is an interim date for which quotations are not available.

•

Swap agreements are valued utilizing quotes received daily by the Fund’s 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 the Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the 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 the Fund has the ability to access

•


52		2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Consolidated Financial Statements (unaudited) (continued)

curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs)

•

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*

Inflation-Indexed Bonds: Inflation-indexed bonds (other than municipal inflation-indexed and certain corporate inflation-indexed bonds) are fixed-income securities whose principal value is periodically adjusted according to the rate of inflation. If the index measuring inflation rises or falls, the principal value of inflation-indexed bonds (other than municipal inflation-indexed and certain corporate inflation-indexed bonds) will be adjusted upward or downward, and consequently the interest payable on these securities (calculated with respect to a larger or smaller principal amount) will be increased or reduced, respectively. Any upward or downward adjustment in the principal amount of an inflation-indexed bond will be included as interest income in the Consolidated Statement of Operations, even though investors do not receive their principal until maturity. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-indexed bonds. For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal. With regard to municipal inflation-indexed bonds and certain corporate inflation-indexed bonds, the inflation adjustment is typically reflected in the semi-annual coupon payment. As a result, the principal value of municipal inflation-indexed bonds and such corporate inflation-indexed bonds does not adjust according to the rate of inflation.

5.	*DERIVATIVE FINANCIAL INSTRUMENTS*

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

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

Forward Foreign Currency Exchange Contracts: Forward foreign currency exchange contracts are entered into to gain or reduce exposure to foreign currencies (foreign currency exchange rate risk).

A forward foreign currency exchange contract is an agreement between two parties to buy and sell a currency at a set exchange rate on a specified date. These contracts help to manage the overall exposure to the currencies in which some of the investments held by the Fund are denominated and in some cases, may be used to obtain exposure to a particular market.

The contract is marked-to-market daily and the change in market value is recorded as unrealized appreciation (depreciation) in the Consolidated Statement of Assets and Liabilities. When a contract is closed, a realized gain or loss is recorded in the Consolidated Statement of Operations equal to the difference between the value at the time it was opened and the value at the time it was closed. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency. The use of forward foreign currency exchange contracts involves the risk that the value of a forward foreign currency exchange contract changes unfavorably due to movements in the value of the referenced foreign currencies, and such value may exceed the amounts reflected in the Consolidated Statement of Assets and Liabilities. Cash amounts pledged for forward foreign currency exchange contracts are considered restricted and are included in cash pledged as collateral for OTC derivatives in the Consolidated Statement of Assets and Liabilities.


NOTES TO CONSOLIDATED FINANCIAL STATEMENTS			53

Notes to Consolidated Financial Statements (unaudited) (continued)

Swaps: Swap contracts are entered into to manage exposure to issuers, markets and securities. Such contracts are agreements between the Fund 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 Consolidated Statement 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 Consolidated Statement of Assets and Liabilities. Payments received or paid are recorded in the Consolidated Statement of Operations as realized gains or losses, respectively. When an OTC swap is terminated, a realized gain or loss is recorded in the Consolidated Statement of Operations equal to the difference between the proceeds from (or cost of) the closing transaction and the Fund’s 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 Fund’s counterparty on the swap agreement becomes the CCP. The Fund is required to interface with the CCP through the broker. Upon entering into a centrally cleared swap, the Fund is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap. Securities deposited as initial margin are designated in the Consolidated Schedule of Investments and cash deposited is shown as cash pledged for centrally cleared swaps in the Consolidated Statement of Assets and Liabilities. Amounts pledged, which are considered restricted cash, are included in cash pledged for centrally cleared swaps in the Consolidated Statement of Assets and Liabilities. Pursuant to the contract, the Fund agrees to receive from or pay to the broker variation margin. Variation margin is recorded as unrealized appreciation (depreciation) and shown as variation margin receivable (or payable) on centrally cleared swaps in the Consolidated Statement of Assets and Liabilities. Payments received from (paid to) the counterparty, including at termination, are recorded as realized gains (losses) in the Consolidated Statement of Operations.

•

Credit default swaps — Credit default swaps are entered into to manage exposure to the market or certain sectors of the market, to reduce risk exposure to defaults of corporate and/or sovereign issuers or to create exposure to corporate and/or sovereign issuers to which a fund is not otherwise exposed (credit risk).

The Fund may either buy or sell (write) credit default swaps on single-name issuers (corporate or sovereign), a combination or basket of single-name issuers or traded indexes. Credit default swaps are agreements in which the protection buyer pays fixed periodic payments to the seller in consideration for a promise from the protection seller to make a specific payment should a negative credit event take place with respect to the referenced entity (e.g., bankruptcy, failure to pay, obligation acceleration, repudiation, moratorium or restructuring). As a buyer, if an underlying credit event occurs, the Fund will either (i) receive from the seller an amount equal to the notional amount of the swap and deliver the referenced security or underlying securities comprising the index, or (ii) receive a net settlement of cash equal to the notional amount of the swap less the recovery value of the security or underlying securities comprising the index. As a seller (writer), if an underlying credit event occurs, the Fund will either pay the buyer an amount equal to the notional amount of the swap and take delivery of the referenced security or underlying securities comprising the index or pay a net settlement of cash equal to the notional amount of the swap less the recovery value of the security or underlying securities comprising the index.

•

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 Fund receives payment from or makes a payment to the counterparty.

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

Positions within the swap and financing fees are reset periodically. During a reset, any unrealized appreciation (depreciation) on positions and accrued financing fees become available for cash settlement between the Fund and the counterparty. The amounts that are available for cash settlement are recorded as realized gains or losses in the Consolidated Statement 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 Fund 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 Consolidated Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates and/or market values associated with these transactions.

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


54		2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Consolidated Financial Statements (unaudited) (continued)

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 Fund and cash collateral received from the counterparty, if any, is reported separately in the Consolidated Statement of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Fund, if any, is noted in the Consolidated Schedule 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 Fund. Any additional required collateral is delivered to/pledged by the Fund on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The 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 Fund from its counterparties are not fully collateralized, it bears the risk of loss from counterparty non-performance. Likewise, to the extent the Fund has delivered collateral to a counterparty and stands ready to perform under the terms of its agreement with such counterparty, it bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Consolidated Statement of Assets and Liabilities

6.	*INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES*

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


Average Daily Net Assets	Investment Advisory Fees
First $1 Billion		0.50	%
$1 Billion — $3 Billion		0.47
$3 Billion — $5 Billion		0.45
$5 Billion — $10 Billion		0.44
Greater than $10 Billion		0.43

The Manager provides investment management and other services to the Subsidiary. The Manager does not receive separate compensation from the Subsidiary for providing investment management or administrative services. However, the Fund pays the Manager based on the Fund’s net assets, which includes the assets of the Subsidiary.

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 the Fund, entered into a Distribution Agreement and a Distribution and Service Plan with BlackRock Investments, LLC (“BRIL”), an affiliate of the Manager. Pursuant to the Distribution and Service Plan and in accordance with Rule 12b-1 under the 1940 Act, the Fund pays BRIL ongoing service 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 the 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 Fund. The ongoing service and/or distribution fee compensates BRIL and each broker-dealer for providing shareholder servicing and/or distribution related services to shareholders.

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


	Service and Distribution Fees
Investor A	$	10,918
Investor C		3,560
	$	14,478


NOTES TO CONSOLIDATED FINANCIAL STATEMENTS			55

Notes to Consolidated Financial Statements (unaudited) (continued)

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


Average Daily Net Assets	Administration Fees
First $500 Million		0.0425	%
$500 Million — $1 Billion		0.0400
$1 Billion — $2 Billion		0.0375
$2 Billion — $4 Billion		0.0350
$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 Consolidated Statement of Operations, at an annual rate of 0.02% of the average daily net assets of each respective class.

For the six months ended January 31, 2020, the Fund paid the following to the Manager in return for these services, which are included in administration — class specific in the Consolidated Statement of Operations:


Institutional Investor A	$	27,489 874
Investor C		71
Class K		1,940
	$	30,374

Transfer Agent: Pursuant to written agreements, certain financial intermediaries, some of which may be affiliates, provide the Fund with sub-accounting, recordkeeping, sub-transfer agency and other administrative services with respect to servicing of underlying investor accounts. For these services, these entities receive an asset-based fee or an annual fee per shareholder account, which will vary depending on share class and/or net assets. For the six months ended January 31, 2020, the Fund did not pay any amounts to affiliates in return for these services.

The Manager maintains a call center that is responsible for providing certain shareholder services to the Fund. Shareholder services include responding to inquiries and processing purchases and sales based upon instructions from shareholders. For the six months ended January 31, 2020, the Fund reimbursed the Manager the following amounts for costs incurred in running the call center, which are included in transfer agent — class specific in the Consolidated Statement of Operations:


Institutional	$	186
Investor A		72
Investor C		7
Class K		202
	$	467

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 the Fund:


Institutional Investor A	$	90,443 8,514
Investor C		592
Class K		958
	$	100,507

Other Fees: For the six months ended January 31, 2020, affiliates earned underwriting discounts, direct commissions and dealer concessions on sales of the Fund’s Investor A Shares of $182.

For the six months ended January 31, 2020, affiliates received CDSCs of $59 for Investor C Shares.

Expense Limitations, Waivers, Reimbursements and Recoupments: The Manager contractually agreed to waive its investment advisory fees by the amount of investment advisory fees the Fund pays to the Manager indirectly through its investment in affiliated money market funds (the “affiliated money market fund waiver”) through 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 the Fund. The amount of waivers and/or reimbursements of fees and expenses made pursuant to the expense limitation described below will be reduced by the amount of the affiliated money market fund waiver. Prior to November 27, 2019, this waiver was voluntary. This amount is included in fees waived and/or reimbursed by the Manager in the Consolidated Statement of Operations. For the six months ended January 31, 2020, the amount waived was $5,478.

The Manager has contractually agreed to waive its investment advisory fee with respect to any portion of the Fund’s assets invested in affiliated equity and fixed-income mutual funds and affiliated exchange-traded funds that have a contractual management fee through 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 the Fund. For the six months ended January 31, 2020, there were no fees waived and/or reimbursed by the Manager pursuant to this arrangement.


56		2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Consolidated Financial Statements (unaudited) (continued)

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


Institutional	0.55	%
Investor A	0.80
Investor C	1.55
Class K	0.50

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 the Fund. For the six months ended January 31, 2020, the Manager waived and/ or reimbursed $373,335, which is included in fees waived and/or reimbursed by the Manager in the Consolidated Statement of Operations.

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


	Administration Fees Waived
Institutional	$	26,003
Investor A		873
Investor C		71
Class K		1,940
	$	28,887

	Transfer Agent Fees Waived and/or Reimbursed
Institutional	$	19,537
Investor A		6,366
Investor C		431
Class K		958
	$	27,292

With respect to the contractual expense limitation, if during the 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) the Fund has more than $50 million in assets for the fiscal year, and

(2) the Manager or an affiliate continues to serve as the 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 27, 2019, the repayment arrangement between the 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 was terminated.

The following Fund level and class specific waivers and/or reimbursements previously recorded by the Fund, which were subject to recoupment by the Manager, expired on December 27, 2019:


Fund Level	$	2,394,598
Institutional		69,506
Investor A		16,391
Investor C		2,549
Class K		10,446

During the six months ended January 31, 2020, the Fund did not participate in the Interfund Lending Program.


NOTES TO CONSOLIDATED FINANCIAL STATEMENTS			57

Notes to Consolidated Financial Statements (unaudited) (continued)

Trustees and Officers: Certain Trustees and/or officers of the Trust are directors and/or officers of BlackRock or its affiliates. The Fund reimburses the Manager for a portion of the compensation paid to the Trust’s Chief Compliance Officer, which is included in Trustees and Officer in the Consolidated Statement 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:


	Purchases		Sales
Non-U.S. Government Securities	$	33,977,186	$	2,507,422
U.S. Government Securities		4,953,591		285,193

8.	*INCOME TAX INFORMATION*

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

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:



Tax cost	$	361,267,080

Gross unrealized appreciation	$	18,361,110
Gross unrealized depreciation		(21,445,238	)

Net unrealized depreciation	$	(3,084,128	)

9.	*BANK BORROWINGS*

The Trust, on behalf of the Fund, along with certain other funds managed by the Manager and its affiliates (“Participating Funds”), is a party to a 364-day, $2.25 billion credit agreement with a group of lenders. Under this agreement, the Fund may borrow to fund shareholder redemptions. Excluding commitments designated for certain individual funds, the Participating Funds, including the Fund, can borrow up to an aggregate commitment amount of $1.75 billion at any time outstanding, subject to asset coverage and other limitations as specified in the agreement. The credit agreement has the following terms: a fee of 0.10% per annum on unused commitment amounts and interest at a rate equal to the higher of (a) 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 Consolidated Statement 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 Fund did not borrow under the credit agreement.

10.

PRINCIPAL RISKS

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


58		2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Consolidated Financial Statements (unaudited) (continued)

significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of the Fund may lose value, regardless of the individual results of the securities and other instruments in which the Fund invests.

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

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

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

The 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 the Fund.

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

Concentration Risk: The Fund invests a significant portion of its assets in fixed-income securities and/or uses derivatives tied to the fixed-income markets. Changes in market interest rates or economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will increase as interest rates fall and decrease as interest rates rise. The Fund may be subject to a greater risk of rising interest rates due to the current period of historically low rates.

The Fund invests a significant portion of its 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 Fund’s investments.

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


NOTES TO CONSOLIDATED FINANCIAL STATEMENTS			59

Notes to Consolidated Financial Statements (unaudited) (continued)

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

	Shares			Amount			Shares			Amount

Institutional
Shares sold		19,893,806		$	205,245,390			14,250,924		$	142,379,931
Shares issued in reinvestment of distributions		659,597			6,741,082			363,611			3,512,487
Shares redeemed		(3,026,755	)		(31,478,665	)		(7,011,880	)		(69,633,579	)

Net increase		17,526,648		$	180,507,807			7,602,655		$	76,258,839

Investor A
Shares sold and automatic conversion of shares		421,473		$	4,382,799			495,638		$	4,953,372
Shares issued in reinvestment of distributions		24,603			250,453			13,966			134,634
Shares redeemed		(195,812	)		(2,018,307	)		(286,397	)		(2,856,377	)

Net increase		250,264		$	2,614,945			223,207		$	2,231,629

Investor C
Shares sold		17,624		$	183,021			17,287		$	178,659
Shares issued in reinvestment of distributions		1,668			16,900			1,165			11,221
Shares redeemed and automatic conversion of shares		(6,479	)		(66,941	)		(34,885	)		(345,819	)

Net increase (decrease)		12,813		$	132,980			(16,433	)	$	(155,939	)

Class K
Shares sold		670,111		$	7,035,021			451,565		$	4,522,254
Shares issued in reinvestment of distributions		55,535			571,969			51,821			501,104
Shares redeemed		(429,739	)		(4,535,434	)		(1,546,880	)		(15,501,417	)

Net increase (decrease)		295,907		$	3,071,556			(1,043,494	)	$	(10,478,059	)

Total Net Increase		18,085,632		$	186,327,288			6,765,935		$	67,856,470

12.

SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Fund through the date the consolidated financial statements were issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the consolidated financial statements.


60		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 Total Factor Fund, met on November 14-15, 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 HUM 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			61

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 International Limited

Edinburgh, EH3 8BL

United Kingdom

Accounting Agent

JPMorgan Chase Bank, N.A.

New York, NY 10179

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Wilmington, DE 19809

Custodian

JPMorgan Chase Bank, N.A.

New York, NY 10179

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

Philadelphia, PA 19103

Distributor

BlackRock Investments, LLC

New York, NY 10022

Legal Counsel

Sidley Austin LLP

New York, NY 10019

Address of the Trust

100 Bellevue Parkway

Wilmington, DE 19809


62		2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Additional Information

General Information

Householding

Availability of Quarterly Schedule of Investments

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT, and for reporting periods ended prior to March 31, 2019, filed such information on Form N-Q. The Fund’s Forms N-PORT and N-Q are available on the SEC’s website at sec.gov. The Fund’s Form N-Q may also be obtained upon request and without charge by calling (800) 441-7762.

Availability of Proxy Voting Policies and Procedures

Availability of Proxy Voting Record

BlackRock’s Mutual Fund Family

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

Shareholder Privileges

Account Information

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

Automatic Investment Plans

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

Systematic Withdrawal Plans

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

Retirement Plans

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


ADDITIONAL INFORMATION			63

Additional Information (continued)

BlackRock Privacy Principles


64		2020 BLACKROCK SEMI-ANNUAL REPORT TO SHAREHOLDERS

Glossary of Terms Used in this Report


Currency

AUD		Australian Dollar

BRL		Brazilian Real

CAD		Canadian Dollar

CHF		Swiss Franc

EUR		Euro

GBP		British Pound

HKD		Hong Kong Dollar

INR		Indian Rupee

JPY		Japanese Yen

KRW		South Korean Won

MXN		Mexican Peso

NOK		Norwegian Krone

NZD		New Zealand Dollar

RUB		New Russian Ruble

SEK		Swedish Krona

SGD		Singapore Dollar

TWD		Taiwan New Dollar

USD		United States Dollar


Portfolio Abbreviations

ADR		American Depositary Receipts

CDI		Crest Depository Interests

CVA		Certification Van Aandelon (Dutch Certificate)

CVR		Contingent Value Rights

FDR		Fiduciary Depositary Receipt

HIBOR		Hong Kong Interbank Offer Rate

LIBOR		London Interbank Offered Rate

MSCI		Morgan Stanley Capital International

OTC		Over-the-counter

RBOB		Reformulated Gasoline Blend Stock for Oxygen Blending

S&P		Standard & Poor’s

SCA		Svenska Cellulosa Aktiebolaget

WTI		West Texas Intermediate


GLOSSARY OF TERMS USED IN THIS REPORT			65

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 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.

SRA-1/20-SAR

JANUARY 31, 2020

2020 Semi–Annual Report (Unaudited)

BlackRock Funds^SM

●

BlackRock Short Obligations Fund

	Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the 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,

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.

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.

(GRAPHIC)

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.

Sincerely,

(GRAPHIC)

Rob Kapito
President, BlackRock Advisors, LLC

T h i s P a g e i s n o t P a r t o f Y o u r F u n d R e p o r t

Table of Contents

	Page
The Markets in Review	2
Semi-Annual Report:
Fund Summary	4
About Fund Performance	6
Disclosure of Expenses	6
Financial Statements:
Schedule of Investments	7
Statement of Assets and Liabilities	17
Statement of Operations	18
Statements of Changes in Net Assets	19
Financial Highlights	20
Notes to Financial Statements	23
Statement Regarding Liquidity Risk Management Program	30
Trustee and Officer Information	31
Additional Information	32
Glossary of Terms Used in this Report	34

Shareholders can sign up for e-mail notifications of quarterly statements, annual and semi-annual shareholder reports and prospectuses by enrolling in the electronic delivery program. Electronic copies of shareholder reports and prospectuses are also available on BlackRock's website.

TO ENROLL IN ELECTRONIC DELIVERY:

Shareholders Who Hold Accounts with Investment Advisors, Banks or Brokerages:

Please contact your financial advisor. Please note that not all investment advisors, banks or brokerages may offer this service.

Shareholders Who Hold Accounts Directly with BlackRock:

1. Access the BlackRock website at blackrock.com

2. Select “Access Your Account”

3. Next, select “eDelivery” in the “Related Resources” box and follow the sign-up instructions

Fund Summary as of January 31, 2020

BlackRock Short Obligations Fund

Investment Objective

BlackRock Short Obligations Fund's (the “Fund”) investment objective is to seek current income consistent with preservation of capital.

Portfolio Management Commentary

How did the Fund perform?

For the six-month period ended January 31, 2020, the Fund outperformed its benchmark, the ICE BofAML 6-Month U.S. Treasury Bill Index.

What factors influenced performance?

During the period, the Fund's holdings of commercial paper, investment grade corporate bonds in the financial sector, certificates of deposit and repurchase agreements contributed to Fund performance.

Conversely, in a declining interest rate environment, the lower yields of new security purchases weighed on returns as the Fund's focus on shorter maturities exposed the portfolio to reinvestment risk.

Describe recent portfolio activity.

As of January 31, 2020, the Fund held an approximately 50% allocation to commercial paper, certificates of deposit and repurchase agreements. The Fund continued to favor longer duration securities (i.e., those more sensitive to changes in interest rates) throughout the period given the accommodative stance of the Fed following three short-term rate reductions in 2019. The Fund continued to take advantage of the relative value derived from corporate bonds within the short-term credit markets, as the technical backdrop favors this asset class. The investment adviser saw strong demand for bonds with maturities of three years or less as supply remained limited. The Fund also maintained an allocation to repurchase agreements, as the investment adviser believed that the yield and liquidity from this asset class was favorable relative to short-dated money market instruments. However, following the Fed's intervention in supplying additional liquidity to the banking system, the Fund reduced its allocation to repurchase agreements slightly to 5%, as the Securities Overnight Financing Rate (“SOFR”) consistently traded near the bottom of the Fed's target range. In addition, the Fund kept its floating rate note (“FRN”) allocation relatively stable at between 35% to 40% of portfolio assets. In the investment adviser's opinion, FRNs offered excellent incremental income per unit of duration and are expected to continue to offer attractive yields given that the Fed appears to be on hold.

Describe Fund positioning at period end.

At period end, the Fund was positioned with a neutral duration. The Fund also held attractively valued investment grade credits and short-dated commercial paper, and was overweight in FRNs.

Portfolio Information

PORTFOLIO COMPOSITION
Asset Type	Percent of Net Assets
Corporate Bonds	43	%
Commercial Paper	26
Certificates of Deposit	23
Repurchase Agreements	5
Asset-Backed Securities	3
Foreign Agency Obligations	—	^(a)
Investment Companies	—	^(a)
Money Market Funds	—	^(a)
Municipal Bonds	—	^(a)
Liabilities in Excess of Other Assets	—	^(a)

MATURITY BREAKDOWN
	Percent of Net Assets
1-7 days		5	%
8-14 days		2
15-30 days		5
31-60 days		9
61-90 days		9
91-120 days		7
121-150 days		4
>150 days		59

^(a)

Represents less than 1% of the Fund's net assets.

4	2 0 2 0 B l a c k R o c k S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Fund Summary as of January 31, 2020 (continued)

BlackRock Short Obligations Fund

Performance Summary for the Period Ended January 31, 2020

										Average Annual Total Returns ^(a)(b)
	Standardized 30-Day Yields ^(c)			Unsubsidized 30-Day Yields ^(c)			6-Month Total Returns			1 Year			5 Years			Since Inception^(d)
Institutional		1.74	%		1.61	%		1.28	%		2.83	%		1.61	%		1.26	%
Investor A		1.56			1.46			1.19			2.63			1.36			0.99
Class K		1.84			1.71			1.23			2.82			1.69			1.33
ICE BofAML 6-Month U.S. Treasury Bill Index ^(e)		—			—			1.13			2.49			1.29			0.94

^(a)

See “About Fund Performance” on page 6 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 market conditions, the Fund will invest in U.S. dollar-denominated investment grade and short-term fixed and floating rate debt securities maturing in three years or less (with certain exceptions) and will maintain a dollar-weighted average maturity of 180 days or less and a dollar-weighted average life of 365 days or less.

^(c)

The standardized 30-day yield includes the effects of any waivers and/or reimbursements. The unsubsidized 30-day yield excludes the effects of any waivers and/or reimbursements.

^(d)

The Fund commenced operations on November 15, 2012.

^(e)

An unmanaged index that tracks 6-Month U.S. Treasury securities.

Past performance is not indicative of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

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

Expense Example

	Actual						Hypothetical ^(a)
	Beginning Account Value (08/01/19)		Ending Account Value (01/31/20)		Expenses Paid During the Period^(b)		Beginning Account Value (08/01/19)		Ending Account Value (01/31/20)		Expenses Paid During the Period ^(b)		Annualized Expense Ratio
Institutional	$	1,000.00	$	1,012.80	$	1.52	$	1,000.00	$	1,023.63	$	1.53		0.30	%
Investor A		1,000.00		1,011.90		2.43		1,000.00		1,022.72		2.44		0.48
Class K		1,000.00		1,012.30		1.01		1,000.00		1,024.13		1.02		0.20

^(a)

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

^(b)

For each class of the Fund, expenses are equal to the annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period shown).

See “Disclosure of Expenses” on page 6 for further information on how expenses were calculated.

F u n d S u m m a r y

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. Institutional Shares performance shown prior to the Institutional Shares inception date of July 9, 2013 is that of Class K Shares (which have no distribution or service fees) and was restated Institution Shares fees.

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. Certain redemptions of these shares may be subject to a contingent deferred sales charge (“CDSC”) upon redemption of shares received in an exchange transaction for Investor A Shares of a fund advised by BlackRock Advisors. LLC (the “Manager”) or its affliliates where no initial sales charge was paid at time of purchase of such fund. These shares are generally available through financial intermediaries. Investor A Shares performance shown prior to the Investor A Shares inception date of March 9, 2018 is that of Class K Shares (which have no distribution or service fees) and was restated to reflected 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 page 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.

The Manager, the Fund’s investment adviser, has contractually and/or voluntarily agreed to waive and/or reimburse a portion of the Fund’s expenses. Without such waiver and/or reimbursement, the Fund’s performance would have been lower. With respect to the Fund's voluntary waiver, the Manager is under no obligation to waive and/or reimburse or to continue waiving and/or reimbursing its fees and such voluntary waiver may be reduced or discontinued at any time. With respect to the 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 5 of the Notes to Financial Statements for additional information on waivers and/or reimbursements. The standardized 30-day yield includes the effects of any waivers and/or reimbursements. The unsubsidized 30-day yield excludes the effects of any waivers and/or reimbursements.

Disclosure of Expenses

Shareholders of the Fund may incur the following charges: (a) transactional expenses 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 example shown on the previous page (which is based on a hypothetical investment of $1,000 invested on August 1, 2019 and held through January 31, 2020) is intended to assist shareholders both in calculating expenses based on an investment in the Fund and in comparing these expenses with similar costs of investing in other mutual funds.

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

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

6	2 0 2 0 B l a c k R o c k S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

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

Security	Par (000)		Value

Asset-Backed Securities — 2.6%
BMW Vehicle Owner Trust, Series 2019-A, Class A2, 2.05%, 05/25/22	USD	21,980	$	22,029,062
Carmax Auto Owner Trust, Series 2019-3, Class A2B, (LIBOR USD 1 Month + 0.25%), 1.93%, 12/15/22^(a)		4,250		4,253,038
CarMax Auto Owner Trust:
Series 2019-1, Class A2A, 3.02%, 07/15/22		1,713		1,721,477
Series 2019-3, Class A2A, 2.21%, 12/15/22		4,050		4,066,320
Series 2020-1, Class A2, 1.87%, 04/17/23		7,870		7,893,294
DCENT, Series 2019-A2, Class A, (LIBOR USD 1 Month + 0.00%), 1.95%, 12/15/23		25,000		25,088,577
Ford Credit Auto Lease Trust, Series 2020-A, Class A2, 1.80%, 07/15/22		15,770		15,770,000
Hyundai Auto Receivables Trust, Series 2019-B, Class A2, 1.93%, 07/15/22		10,000		10,025,840
Mercedes-Benz Auto Receivables Trust, Series 2018-1, Class A2A, 2.71%, 04/15/21		162		162,240
USAA Auto Owner Trust, Series 2019-1, Class A2, 2.26%, 02/15/22		11,510		11,528,994

Total Asset-Backed Securities — 2.6%
(Cost: $102,302,359)				102,538,842

Corporate Bonds — 42.5%

Aerospace & Defense — 1.1%
Lockheed Martin Corp., 2.50%, 11/23/20		16,000		16,094,129
Raytheon Co., 3.13%, 10/15/20		6,600		6,665,282
United Technologies Corp.:
1.90%, 05/04/20		15,275		15,279,062
(LIBOR USD 3 Month + 0.65%), 2.55%, 08/16/21^(a)		4,865		4,865,925
				42,904,398
Auto Components — 0.1%
Toyota Industries Corp., 3.11%, 03/12/22^(b)		2,559		2,621,666

Automobiles — 1.7%^(b)
BMW US Capital LLC:
(LIBOR USD 3 Month + 0.38%), 2.25%, 04/06/20^(a)		4,350		4,353,663
3.25%, 08/14/20		880		887,158
(LIBOR USD 3 Month + 0.50%), 2.40%, 08/13/21^(a)		10,000		10,041,865
2.95%, 04/14/22		4,000		4,096,367
Daimler Finance North America LLC:
2.25%, 03/02/20		10,750		10,753,832
3.10%, 05/04/20		5,576		5,593,198
2.30%, 02/12/21		2,000		2,006,379
3.00%, 02/22/21		5,000		5,057,103
Hyundai Capital America:
2.55%, 04/03/20		5,970		5,973,755
(LIBOR USD 3 Month + 0.80%), 2.71%, 04/03/20^(a)		425		425,460
3.00%, 10/30/20		2,255		2,272,600
(LIBOR USD 3 Month + 0.82%), 2.71%, 03/12/21^(a)		1,000		1,002,206
Nissan Motor Acceptance Corp., (LIBOR USD 3 Month + 0.39%), 2.35%, 09/28/20^(a) .		750		750,703
Volkswagen Group of America Finance LLC:
2.40%, 05/22/20		3,379		3,384,274
3.88%, 11/13/20		7,000		7,106,449
2.50%, 09/24/21		665		671,300
(LIBOR USD 3 Month + 0.86%), 2.79%, 09/24/21^(a)		5,215		5,259,136
				69,635,448

Security	Par (000)		Value

Banks — 19.7%
ABN AMRO Bank NV^(b):
2.45%, 06/04/20	USD	13,974	$	14,003,346
(LIBOR USD 3 Month + 0.41%), 2.23%, 01/19/21^(a)		8,400		8,424,757
2.65%, 01/19/21		16,170		16,299,392
(LIBOR USD 3 Month + 0.57%), 2.49%, 08/27/21^(a)		1,000		1,005,780
ANZ New Zealand Int'l Ltd., 2.75%, 01/22/21^(b)		14,508		14,650,326
Australia & New Zealand Banking Group Ltd.:
(LIBOR USD 3 Month + 0.32%), 2.22%, 11/09/20^(a)(b)		1,500		1,503,263
2.25%, 11/09/20		2,425		2,435,439
2.70%, 11/16/20		7,130		7,189,634
4.88%, 01/12/21^(b)		3,000		3,088,333
(LIBOR USD 3 Month + 0.87%), 2.78%, 11/23/21^(a)(b)		8,000		8,094,759
Bank of America Corp.:
2.63%, 10/19/20		4,000		4,024,428
5.88%, 01/05/21		4,050		4,202,090
(LIBOR USD 3 Month + 0.63%), 2.33%, 10/01/21^(a)		9,000		9,032,137
Bank of America NA^(a):
(LIBOR USD 3 Month + 0.35%), 2.26%, 05/24/21		12,000		12,011,333
(SOFR + 0.55%), 2.13%, 06/21/21		8,000		8,005,131
(LIBOR USD 3 Month + 0.32%), 2.11%, 07/26/21		5,000		5,002,646
Bank of Montreal, (LIBOR USD 3 Month + 0.34%), 2.19%, 07/13/20^(a)		4,000		4,005,526
Bank of Nova Scotia (The):
2.15%, 07/14/20		2,000		2,003,767
2.35%, 10/21/20		6,800		6,832,516
2.50%, 01/08/21		1,256		1,265,493
Banque Federative du Credit Mutuel SA^(b):
2.20%, 07/20/20		15,511		15,541,642
2.75%, 10/15/20		5,270		5,306,079
1.96%, 07/21/21		8,000		8,020,752
2.13%, 11/21/22		10,040		10,118,333
Barclays Bank plc, (LIBOR USD 3 Month + 0.30%), 2.65%, 12/14/20^(a)		7,000		7,017,150
BNP Paribas SA:
2.38%, 05/21/20		2,650		2,655,386
5.00%, 01/15/21		21,500		22,158,798
BNZ International Funding Ltd.^(b):
2.75%, 03/02/21		2,085		2,108,806
2.90%, 02/21/22		5,300		5,419,636
Canadian Imperial Bank of Commerce, (LIBOR USD 3 Month + 0.31%), 2.21%, 10/05/20^(a)		1,000		1,001,455
Capital One NA:
2.95%, 07/23/21		5,673		5,766,366
2.15%, 09/06/22		8,185		8,248,597
Citibank NA:
2.10%, 06/12/20		2,000		2,002,081
2.13%, 10/20/20		3,700		3,709,044
(LIBOR USD 3 Month + 0.35%), 2.25%, 02/12/21^(a)		3,550		3,558,565
2.85%, 02/12/21		8,700		8,795,514
(SOFR + 0.60%), 2.13%, 03/13/21^(a)		10,460		10,463,870
(LIBOR USD 3 Month + 0.57%), 2.38%, 07/23/21^(a)		1,000		1,006,269
(LIBOR USD 3 Month + 0.53%), 3.16%, 02/19/22^(a)		12,000		12,168,176
Citigroup, Inc.^(a):
(SOFR + 0.87%), 2.31%, 11/04/22		4,000		4,027,102
(SOFR + 0.87%), 2.41%, 11/04/22		5,000		5,024,532

S c h e d u l e o f I n v e s t m e n t s

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

Security	Par (000)		Value

Banks (continued)
Commonwealth Bank of Australia:
(LIBOR USD 3 Month + 0.45%), 2.34%, 03/10/20^(a)(b)	USD	1,135	$	1,135,665
5.00%, 03/19/20^(b)		2,250		2,259,172
2.05%, 09/18/20^(b)		15,000		15,028,576
2.40%, 11/02/20		1,900		1,909,585
2.20%, 11/09/20^(b)		6,000		6,022,299
2.55%, 03/15/21		6,990		7,059,303
Cooperatieve Rabobank UA:
4.50%, 01/11/21		19,000		19,493,046
2.50%, 01/19/21		5,500		5,542,868
3.13%, 04/26/21		4,800		4,886,080
2.75%, 01/10/22		3,790		3,868,066
DNB Bank ASA^(b):
2.38%, 06/02/21		2,439		2,461,413
2.15%, 12/02/22		9,000		9,083,457
(LIBOR USD 3 Month + 0.62%), 2.53%, 12/02/22^(a)		7,000		7,056,642
Fifth Third Bank:
2.20%, 10/30/20		1,000		1,003,289
1.80%, 01/30/23		6,840		6,859,726
HSBC Bank USA NA, 4.88%, 08/24/20		1,330		1,352,509
HSBC Holdings plc:
(LIBOR USD 3 Month + 2.24%), 4.12%, 03/08/21^(a)		2,500		2,555,139
5.10%, 04/05/21		3,000		3,114,909
(LIBOR USD 3 Month + 0.60%), 2.50%, 05/18/21^(a)		2,715		2,718,538
2.95%, 05/25/21		11,000		11,169,053
(LIBOR USD 3 Month + 0.65%), 2.54%, 09/11/21^(a)		1,500		1,504,350
2.65%, 01/05/22		4,000		4,060,080
HSBC USA, Inc., 2.35%, 03/05/20		4,000		4,002,320
JPMorgan Chase & Co.:
2.75%, 06/23/20		4,000		4,011,847
(LIBOR USD 3 Month + 0.55%), 2.44%, 03/09/21^(a)		5,000		5,002,039
Lloyds Bank plc:
2.70%, 08/17/20		5,312		5,339,504
6.38%, 01/21/21		3,500		3,657,433
3.30%, 05/07/21		1,000		1,020,343
Manufacturers & Traders Trust Co., 2.05%, 08/17/20		9,390		9,401,768
Mitsubishi UFJ Trust & Banking Corp., 2.65%, 10/19/20^(b)		19,225		19,352,483
Mizuho Bank Ltd.^(b):
2.40%, 03/26/20		2,000		2,001,820
2.70%, 10/20/20		13,100		13,186,913
MUFG Bank Ltd.^(b):
2.30%, 03/05/20		5,000		5,002,399
2.75%, 09/14/20		6,012		6,049,262
2.85%, 09/08/21		2,000		2,032,454
National Australia Bank Ltd.:
2.63%, 07/23/20		2,000		2,008,254
2.50%, 01/12/21		1,000		1,006,870
2.63%, 01/14/21		10,837		10,930,731
1.88%, 07/12/21		3,000		3,009,405
1.88%, 12/13/22		10,830		10,888,631
National Bank of Canada, 2.15%, 06/12/20		12,652		12,665,925
Nordea Bank Abp^(b):
2.13%, 05/29/20		11,215		11,228,224
(LIBOR USD 3 Month + 0.47%), 2.38%, 05/29/20^(a)		3,000		3,004,737
2.50%, 09/17/20		4,000		4,019,113
4.88%, 01/14/21		9,400		9,678,681

Security	Par (000)		Value

Banks (continued)
Royal Bank of Canada, 2.15%, 10/26/20	USD	3,000	$	3,009,695
Santander UK plc:
2.38%, 03/16/20		8,563		8,569,679
2.13%, 11/03/20		22,578		22,639,387
(LIBOR USD 3 Month + 0.30%), 2.20%, 11/03/20^(a)		500		500,767
3.40%, 06/01/21		9,000		9,199,285
2.10%, 01/13/23		3,560		3,589,082
Skandinaviska Enskilda Banken AB:
2.30%, 03/11/20		2,000		2,001,199
2.45%, 05/27/20^(b)		5,700		5,710,533
(LIBOR USD 3 Month + 0.72%), 2.63%, 12/01/20^(a)(b)		3,000		3,014,447
2.63%, 03/15/21		8,655		8,747,735
(LIBOR USD 3 Month + 0.43%), 2.33%, 05/17/21^(a)(b)		2,000		2,005,572
3.25%, 05/17/21^(b)		1,500		1,528,194
3.05%, 03/25/22^(b)		9,275		9,501,032
2.20%, 12/12/22^(b)		4,740		4,776,451
(LIBOR USD 3 Month + 0.65%), 2.53%, 12/12/22^(a)(b)		4,000		4,018,210
Societe Generale SA^(b):
2.63%, 09/16/20		11,205		11,262,989
2.50%, 04/08/21		6,725		6,783,201
5.20%, 04/15/21		1,429		1,489,095
Sumitomo Mitsui Banking Corp.:
2.65%, 07/23/20		9,000		9,032,133
2.45%, 10/20/20		2,400		2,412,585
Svenska Handelsbanken AB:
(LIBOR USD 3 Month + 0.36%), 2.25%, 09/08/20^(a)		395		395,830
2.40%, 10/01/20		2,500		2,512,112
3.35%, 05/24/21		1,190		1,216,170
Toronto-Dominion Bank (The):
3.00%, 06/11/20		7,450		7,482,359
(LIBOR USD 3 Month + 0.43%), 2.32%, 06/11/21^(a)		1,500		1,507,281
Truist Bank:
2.25%, 06/01/20		8,500		8,510,493
(LIBOR USD 3 Month + 0.50%), 3.53%, 10/26/21^(a)		6,000		6,080,596
Truist Financial Corp.:
2.15%, 02/01/21		9,387		9,420,129
3.95%, 03/22/22		1,243		1,297,355
US Bank NA, (LIBOR USD 3 Month + 0.29%), 3.10%, 05/21/21^(a)		7,929		7,964,681
Wells Fargo & Co., (LIBOR USD 3 Month + 1.34%), 3.24%, 03/04/21^(a)		2,000		2,026,498
Wells Fargo Bank NA:
(LIBOR USD 3 Month + 0.38%), 2.27%, 05/21/21^(a)		5,000		5,005,101
(LIBOR USD 3 Month + 0.50%), 2.31%, 07/23/21^(a)		10,000		10,018,560
(LIBOR USD 3 Month + 0.49%), 3.33%, 07/23/21^(a)		3,520		3,545,787
(LIBOR USD 3 Month + 0.51%), 2.31%, 10/22/21^(a)		1,500		1,507,451
3.63%, 10/22/21		5,000		5,157,803
(LIBOR USD 3 Month + 0.61%), 2.90%, 05/27/22^(a)		3,000		3,045,218
(LIBOR USD 3 Month + 0.66%), 2.54%, 09/09/22^(a)		20,000		20,126,045
Westpac Banking Corp.:
3.05%, 05/15/20		3,000		3,010,962
2.60%, 11/23/20		17,613		17,741,348

8	2 0 2 0 B l a c k R o c k S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

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

Security	Par (000)		Value

Banks (continued)
2.00%, 01/13/23	USD	5,345	$	5,393,630
				788,599,850
Biotechnology — 1.9%
AbbVie, Inc.:
2.50%, 05/14/20		21,556		21,582,398
(LIBOR USD 3 Month + 0.35%), 2.24%, 05/21/21^(a)(b)		12,000		12,027,793
2.15%, 11/19/21^(b)		15,000		15,095,694
Gilead Sciences, Inc.:
2.35%, 02/01/20		1,275		1,275,000
2.55%, 09/01/20		26,869		26,989,670
				76,970,555
Capital Markets — 5.7%
Bank of New York Mellon (The), (LIBOR USD 3 Month + 0.28%), 2.18%, 06/04/21^(a)		25,000		25,024,778
Credit Suisse AG:
4.38%, 08/05/20		7,000		7,091,922
2.10%, 11/12/21		9,250		9,311,568
(SOFR + 0.45%), 2.04%, 02/04/22^(a)		16,000		16,004,800
Goldman Sachs Bank USA, (SOFR + 0.60%), 2.18%, 05/24/21^(a)		5,895		5,900,777
Goldman Sachs Group, Inc. (The):
2.60%, 04/23/20		18,000		18,020,745
2.60%, 12/27/20		12,880		12,921,941
ING Bank NV^(b):
2.45%, 03/16/20		13,855		13,865,930
2.70%, 08/17/20		3,025		3,039,942
2.75%, 03/22/21		1,330		1,346,502
2.05%, 08/15/21		4,684		4,705,982
Macquarie Bank Ltd.^(b):
2.85%, 01/15/21		9,743		9,837,341
(LIBOR USD 3 Month + 0.45%), 2.36%, 11/24/21^(a)		26,000		26,105,561
Morgan Stanley:
(LIBOR USD 3 Month + 0.55%), 2.45%, 02/10/21^(a)		8,000		8,000,927
2.50%, 04/21/21		7,000		7,067,953
(LIBOR USD 3 Month + 1.40%), 3.22%, 04/21/21^(a)		2,000		2,030,725
(SOFR + 0.83%), 2.41%, 06/10/22^(a)		10,000		10,041,825
(SOFR + 0.70%), 2.24%, 01/20/23^(a)		15,000		15,020,097
UBS AG:
2.20%, 06/08/20^(b)		8,795		8,804,189
4.88%, 08/04/20		2,400		2,437,925
(LIBOR USD 3 Month + 0.48%), 2.39%, 12/01/20^(a)(b)		5,000		5,013,345
2.45%, 12/01/20^(b)		16,060		16,135,000
				227,729,775
Chemicals — 0.1%
Air Liquide Finance SA, 1.75%, 09/27/21^(b)		3,197		3,198,524

Consumer Finance — 3.4%
American Express Co., 2.20%, 10/30/20		35,000		35,084,936
American Honda Finance Corp.:
(LIBOR USD 3 Month + 0.15%), 2.04%, 02/21/20^(a)		1,000		1,000,122
3.15%, 01/08/21		1,405		1,423,574
(LIBOR USD 3 Month + 0.35%), 2.24%, 06/11/21^(a)		6,645		6,668,317
2.20%, 06/27/22		10,500		10,614,097
Capital One Financial Corp., 2.50%, 05/12/20		1,134		1,135,457
Caterpillar Financial Services Corp.:
2.00%, 03/05/20		490		490,111
(LIBOR USD 3 Month + 0.25%), 2.17%, 08/26/20^(a)		5,000		5,006,568

Security	Par (000)		Value

Consumer Finance (continued)
(LIBOR USD 3 Month + 0.30%), 2.18%, 03/08/21^(a)	USD	13,000	$	13,032,174
(LIBOR USD 3 Month + 0.20%), 1.88%, 11/12/21^(a)		10,000		10,015,720
1.95%, 11/18/22		6,645		6,700,250
Harley-Davidson Financial Services, Inc.^(b):
2.15%, 02/26/20		6,175		6,174,841
(LIBOR USD 3 Month + 0.50%), 2.39%, 05/21/20^(a)		2,000		2,002,238
2.85%, 01/15/21		2,100		2,116,794
John Deere Capital Corp.:
(LIBOR USD 3 Month + 0.29%), 2.22%, 06/22/20^(a)		2,000		2,002,177
(LIBOR USD 3 Month + 0.42%), 2.25%, 07/10/20^(a)		2,000		2,003,389
2.45%, 09/11/20		785		788,602
PACCAR Financial Corp., (LIBOR USD 3 Month + 0.45%), 2.35%, 06/17/22^(a) .		20,000		20,103,874
Toyota Motor Credit Corp.:
(LIBOR USD 3 Month + 0.37%), 2.26%, 03/12/20^(a)		1,000		1,000,517
(LIBOR USD 3 Month + 0.24%), 2.07%, 07/15/20^(a)		2,000		2,001,502
3.05%, 01/08/21		1,220		1,236,053
(LIBOR USD 3 Month + 0.29%), 2.16%, 10/07/21^(a)		7,000		7,017,317
				137,618,630
Diversified Financial Services — 0.5%
JPMorgan Chase Bank NA:
(LIBOR USD 3 Month + 0.28%), 2.60%, 02/01/21^(a)		7,000		7,000,000
(SOFR + 0.61%), 2.19%, 02/19/21^(a)		2,500		2,500,209
(LIBOR USD 3 Month + 0.37%), 2.27%, 02/19/21^(a)		4,000		4,001,146
3.09%, 04/26/21^(c)		6,500		6,519,786
				20,021,141
Diversified Telecommunication Services — 1.1%
BellSouth LLC, 4.27%, 04/26/20^(b)(d) .		8,000		8,040,240
Verizon Communications, Inc., (LIBOR USD 3 Month + 0.55%), 2.45%, 05/22/20^(a)		34,640		34,689,112
				42,729,352
Electric Utilities — 1.0%
NextEra Energy Capital Holdings, Inc.:
Series H, 3.34%, 09/01/20		995		1,003,241
(LIBOR USD 3 Month + 0.45%), 2.41%, 09/28/20^(a)		9,356		9,375,425
(LIBOR USD 3 Month + 0.48%), 2.38%, 05/04/21^(a)		15,000		15,029,798
2.40%, 09/01/21		6,070		6,132,914
2.90%, 04/01/22		2,225		2,277,335
Xcel Energy, Inc., 2.40%, 03/15/21		7,238		7,289,313
				41,108,026
Energy Equipment & Services — 0.2%
Schlumberger Finance Canada Ltd.^(b):
2.20%, 11/20/20		2,500		2,508,377
2.65%, 11/20/22		3,500		3,575,228
				6,083,605
Entertainment — 0.4%^(a)
NBCUniversal Enterprise, Inc., (LIBOR USD 3 Month + 0.40%), 2.31%, 04/01/21^(b)		9,000		9,037,052
Walt Disney Co. (The), (LIBOR USD 3 Month + 0.25%), 2.16%, 09/01/21		6,000		6,019,400
				15,056,452

S c h e d u l e o f I n v e s t m e n t s

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

Security	Par (000)		Value

Health Care Providers & Services — 0.2%
UnitedHealth Group, Inc.:
2.70%, 07/15/20	USD	3,500	$	3,515,547
1.95%, 10/15/20		3,557		3,565,009
				7,080,556
Insurance — 1.8%^(b)
Jackson National Life Global Funding^(a):
(LIBOR USD 3 Month + 0.30%), 2.13%, 10/15/20		3,000		3,005,130
(SOFR + 0.60%), 2.15%, 01/06/23		36,000		36,103,097
Metropolitan Life Global Funding I, (SOFR + 0.57%), 2.11%, 01/13/23^(a)		24,390		24,475,889
Suncorp-Metway Ltd.:
2.35%, 04/27/20		6,795		6,803,766
(LIBOR USD 3 Month + 0.50%), 2.32%, 10/19/20^(a)		1,500		1,500,526
2.38%, 11/09/20		1,970		1,978,994
				73,867,402
IT Services — 0.4%
International Business Machines Corp., (LIBOR USD 3 Month + 0.40%), 2.30%, 05/13/21^(a)		17,000		17,086,490

Media — 0.0%
Comcast Corp., (LIBOR USD 3 Month + 0.33%), 2.24%, 10/01/20^(a)		1,500		1,502,950

Oil, Gas & Consumable Fuels — 1.2%
BP Capital Markets plc, (LIBOR USD 3 Month + 0.25%), 2.16%, 11/24/20^(a) .		22,000		22,044,359
Enterprise Products Operating LLC:
5.20%, 09/01/20		2,600		2,649,498
2.85%, 04/15/21		9,000		9,093,770
3.50%, 02/01/22		11,000		11,367,335
TransCanada PipeLines Ltd., 3.80%, 10/01/20		3,590		3,634,548
				48,789,510
Pharmaceuticals — 0.4%
Bristol-Myers Squibb Co., 2.88%, 08/15/20^(b)		14,957		15,045,169

Road & Rail — 0.3%
Ryder System, Inc.:
2.65%, 03/02/20		1,000		1,000,108
2.50%, 05/11/20		6,000		6,006,678
2.88%, 09/01/20		1,847		1,855,247
3.50%, 06/01/21		3,799		3,879,237
				12,741,270
Semiconductors & Semiconductor Equipment — 0.6%
Lam Research Corp.:
2.75%, 03/15/20		5,181		5,184,103
2.80%, 06/15/21		19,373		19,643,926
				24,828,029
Thrifts & Mortgage Finance — 0.7%
BPCE SA:
3.15%, 07/31/20^(b)		5,000		5,035,431
2.75%, 12/02/21		8,938		9,092,271
Nationwide Building Society, 2.00%, 01/27/23^(b)		14,515		14,596,602
				28,724,304
Total Corporate Bonds — 42.5%
(Cost: $1,696,313,178)				1,703,943,102

Security		Par (000)		Value

Foreign Agency Obligations — 0.4%

France — 0.4%
Electricite de France SA, 2.35%, 10/13/20^(b)	USD	15,100	$	15,141,919

Total Foreign Agency Obligations — 0.4%
(Cost: $15,082,309)				15,141,919

		Shares
Investment Companies — 0.4%
BlackRock Liquid Environmentally Aware Fund^*		17,059,223		17,066,047

Total Investment Companies — 0.4%
(Cost: $17,062,637)				17,066,047

		Par (000)
Municipal Bonds — 0.0%
Michigan Finance Authority (Trinity Health Credit Group), Series 2019-T, RB, 2.03%, 12/01/20		550		550,170

Total Municipal Bonds — 0.0%
(Cost: $550,000)				550,170

Total Long-Term Investments — 45.9%
(Cost: $1,831,310,483)				1,839,240,080

Short-Term Securities — 54.3%

Certificates of Deposit — 23.3%

Domestic — 0.6%^(a)
Goldman Sachs Bank USA:
(SOFR + 0.25%), 1.83%, 06/29/20		7,000		6,999,964
(SOFR + 0.43%), 2.01%, 02/26/21		6,000		5,998,091
Morgan Stanley Bank NA, (US Federal Funds Effective Rate (continuous series) + 0.55%), 2.32%, 02/19/21		6,200		6,200,798
Wells Fargo Bank NA, (LIBOR USD 3 Month + 0.15%), 2.05%, 01/15/21		5,000		5,002,808
				24,201,661
Euro — 3.9%
ABN AMRO Bank NV:
1.90%, 04/03/20^(e)		6,000		5,982,589
1.85%, 05/11/20		15,000		15,006,705
Credit Industriel et Commercial SA, 1.94%, 01/08/21^(e)		12,000		11,798,775
DZ Bank AG Deutsche Zentral, 2.20%, 02/03/20^(e)		12,000		11,998,260
DZ Bank AG Deutsche Zentral-Genossenschaftsbank Frankfurt Am Main, 2.18%, 02/27/20^(e)		30,000		29,960,901
Landesbank Baden-Wuerttemberg Capital Markets plc, 2.28%, 02/05/20^(e)		30,000		29,993,098
Mizuho Bank Ltd., London, 2.18%, 03/23/20		12,000		12,008,765
National Westminster Bank plc, 1.84%, 07/23/20		40,000		40,005,200
				156,754,293
Yankee — 18.8%^(f)
Bank of Montreal, Chicago^(a):
(LIBOR USD 1 Month + 0.16%), 1.94%, 06/01/20		13,000		13,003,518
(US Federal Funds Effective Rate (continuous series) + 0.31%), 1.91%, 07/13/20		8,000		8,004,899

10	2 0 2 0 B l a c k R o c k S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

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

Security	Par (000)		Value

Yankee (continued)
(SOFR + 0.40%), 1.98%, 10/02/20	USD	12,000	$	12,011,424
(LIBOR USD 3 Month + 0.10%),1.93%, 02/12/21		9,200		9,201,803
Bank of Nova Scotia, Houston^(a):
(LIBOR USD 3 Month + 0.18%), 2.08%, 02/18/20		1,000		1,000,111
(US Federal Funds Effective Rate (continuous series) + 0.26%), 1.86%, 04/16/20		2,000		2,000,431
(US Federal Funds Effective Rate (continuous series) + 0.45%), 2.05%, 10/23/20		8,000		8,013,680
(LIBOR USD 3 Month + 0.10%), 1.98%, 02/08/21		5,000		5,000,966
Barclays Bank plc, New York:
(LIBOR USD 3 Month + 0.50%), 2.39%, 02/07/20^(a)		2,000		2,000,033
(LIBOR USD 1 Month + 0.48%), 2.13%, 04/30/20^(a)		6,500		6,506,125
2.05%, 06/22/20		5,000		5,005,443
(LIBOR USD 1 Month + 0.48%), 2.16%, 08/10/20^(a)		6,000		6,007,302
(LIBOR USD 3 Month + 0.45%), 2.32%, 10/08/20^(a)		4,500		4,501,495
2.01%, 12/08/20		13,750		13,773,169
Bayerische Landesbank, New York, (LIBOR USD 3 Month + 0.18%), 1.98%, 01/28/21^(a)		23,100		23,099,978
BNP Paribas SA, New York, (LIBOR USD 3 Month + 0.25%), 2.16%, 02/01/21^(a)		20,000		20,023,527
Canadian Imperial Bank of Commerce, New York^(a):
(LIBOR USD 1 Month + 0.17%), 1.85%, 05/13/20		5,000		5,002,388
(LIBOR USD 1 Month + 0.25%), 1.96%, 01/04/21		15,000		15,013,161
Credit Agricole Corporate & Investment Bank SA, New York, (LIBOR USD 3 Month +0.21%), 2.04%, 07/15/21^(a)		11,000		10,999,976
Credit Agricole Corporate and Investment Bank SA, New York^(a):
(LIBOR USD 3 Month + 0.39%), 2.29%, 05/11/20		1,000		1,000,978
(LIBOR USD 3 Month + 0.47%), 2.32%, 07/13/20		2,000		2,003,594
(LIBOR USD 3 Month + 0.35%), 2.12%, 07/30/20 - 01/11/21		24,000		24,034,293
(LIBOR USD 3 Month + 0.29%), 2.20%, 08/25/20		2,000		2,002,431
(LIBOR USD 3 Month + 0.40%), 2.33%, 09/24/20		1,000		1,002,011
(LIBOR USD 3 Month + 0.60%), 2.44%, 01/14/21		2,000		2,009,123
Credit Agricole Corporate and Investment Bank, New York, (LIBOR USD 3 Month + 0.48%), 2.36%, 09/09/21^(a)		6,000		6,021,566
Credit Industriel et Commercial SA, New York^(a):
(LIBOR USD 1 Month + 0.22%), 1.88%, 04/24/20		15,000		15,004,363
(US Federal Funds Effective Rate (continuous series) + 0.36%), 1.96%, 07/21/20		6,000		6,005,245
Credit Suisse AG, New York:
(SOFR + 0.41%), 1.99%, 02/28/20^(a)		2,000		2,000,529
(SOFR + 0.37%), 1.95%, 05/22/20^(a)		10,000		10,005,252
(SOFR + 0.32%), 1.90%, 07/27/20^(a)		9,000		9,002,774
(SOFR + 0.45%), 2.03%, 09/25/20^(a)		10,000		10,011,800

Security	Par (000)		Value

Yankee (continued)
1.97%, 11/20/20	USD	2,000	$	2,002,902
(LIBOR USD 3 Month + 0.16%), 2.04%, 12/11/20^(a)		9,000		9,005,335
(LIBOR USD 3 Month + 0.23%), 2.12%, 12/30/20^(a)		5,000		5,005,777
DNB Bank ASA, New York, (LIBOR USD 3 Month + 0.22%), 2.04%, 07/19/21^(a)		20,000		20,022,974
Kookmin Bank, New York, (LIBOR USD 3 Month + 0.37%), 2.17%, 02/17/21^(a)		42,000		41,999,782
Lloyds Bank Corporate Markets plc, New York:
(LIBOR USD 3 Month + 0.30%), 2.19%, 03/13/20^(a)		5,000		5,002,042
2.72%, 04/09/20		4,000		4,007,816
(LIBOR USD 3 Month + 0.50%), 2.43%, 09/24/20^(a)		1,500		1,503,686
2.03%, 12/18/20		5,500		5,510,676
1.93%, 01/06/21		7,000		7,007,860
(LIBOR USD 3 Month + 0.52%), 2.31%, 04/26/21^(a)		14,000		14,037,233
(LIBOR USD 3 Month + 0.55%), 2.37%, 07/19/21^(a)		15,800		15,833,968
Mizuho Bank Ltd., New York:
(LIBOR USD 3 Month + 0.33%), 2.16%, 04/15/20^(a)		1,000		1,000,729
1.93%, 04/30/20		8,000		8,004,612
MUFG Bank Ltd., New York:
(LIBOR USD 3 Month + 0.18%), 2.09%, 02/24/20^(a)		2,000		2,000,318
2.72%, 02/24/20		4,000		4,002,887
2.84%, 02/24/20		2,000		2,001,597
1.95%, 10/15/20		4,000		4,006,597
1.96%, 10/15/20		3,300		3,305,703
1.98%, 10/15/20		2,500		2,504,638
(LIBOR USD 3 Month + 0.50%), 2.29%, 01/25/21^(a)		1,000		1,003,779
(LIBOR USD 3 Month + 0.50%), 2.34%, 07/16/21^(a)		5,000		5,010,670
Natixis SA, New York:
(LIBOR USD 1 Month + 0.26%), 1.94%, 05/15/20^(a)		6,000		6,003,990
(SOFR + 0.30%), 1.88%, 06/05/20^(a)		7,000		7,005,066
(LIBOR USD 3 Month + 0.39%), 2.20%, 07/23/20^(a)		3,000		3,005,313
1.93%, 11/12/20		12,000		12,015,962
Nordea Bank Abp, New York^(a):
(LIBOR USD 3 Month + 0.27%), 2.17%, 08/10/20		1,000		1,001,282
(LIBOR USD 3 Month + 0.29%), 2.18%, 02/05/21		8,000		8,015,066
(LIBOR USD 3 Month + 0.32%), 2.21%, 05/05/21		6,000		6,012,597
(LIBOR USD 3 Month + 0.26%), 2.14%, 01/07/22		9,000		8,999,978
(LIBOR USD 3 Month + 0.23%), 1.99%, 01/28/22		9,000		9,000,000
Norinchukin Bank (The), New York, 1.80%, 07/15/20		5,000		5,001,547
Norinchukin Bank, New York, 1.94%, 04/09/20		20,000		20,011,163
Skandinaviska Enskilda Banken AB, New York:
(LIBOR USD 3 Month + 0.15%), 2.06%, 10/02/20^(a)		7,000		7,004,112
1.93%, 10/16/20		4,000		4,005,520
Societe Generale SA, New York, (LIBOR USD 3 Month + 0.23%), 2.14%, 02/02/21^(a)		9,000		9,007,006
Societe Generale, New York:
2.88%, 02/06/20		2,000		2,000,424

S c h e d u l e o f I n v e s t m e n t s

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

Security	Par (000)		Value

Yankee (continued)
2.80%, 03/13/20	USD	2,000	$	2,002,649
(LIBOR USD 1 Month + 0.32%), 2.00%, 05/14/20^(a)		8,000		8,005,359
Standard Chartered Bank, New York:
1.99%, 05/01/20 - 06/08/20		28,500		28,519,188
(LIBOR USD 3 Month + 0.28%), 2.19%, 11/06/20^(a)		10,000		10,014,221
Sumitomo Mitsui Banking Corp., New York^(a):
(LIBOR USD 3 Month + 0.41%), 2.31%, 06/18/20		7,000		7,010,524
(LIBOR USD 3 Month + 0.42%), 2.22%, 07/24/20		2,000		2,003,845
(LIBOR USD 3 Month + 0.39%), 2.29%, 02/12/21		12,000		12,036,361
(LIBOR USD 3 Month + 0.36%), 2.26%, 04/06/21 - 05/13/21		14,350		14,384,047
(LIBOR USD 3 Month + 0.35%), 2.20%, 07/12/21		3,000		3,005,522
(LIBOR USD 3 Month + 0.44%), 2.33%, 09/10/21		7,000		7,018,633
(LIBOR USD 3 Month + 0.38%), 2.21%, 10/12/21		11,000		11,014,580
Sumitomo Mitsui Trust Bank Ltd., New York^(a):
(LIBOR USD 1 Month + 0.20%), 1.85%, 02/19/20		10,000		10,001,090
(LIBOR USD 3 Month + 0.19%), 2.10%, 02/25/20 - 05/18/20		9,000		9,003,703
Svenska Handelsbanken, New York^(a):
(LIBOR USD 3 Month + 0.28%), 2.18%, 09/11/20		3,000		3,004,681
(LIBOR USD 3 Month + 0.15%), 2.06%, 10/02/20		15,000		15,011,765
(LIBOR USD 1 Month + 0.25%), 2.03%, 01/04/21		15,000		15,017,398
(LIBOR USD 3 Month + 0.26%), 2.14%, 01/06/22		8,000		7,999,981
Swedbank AB, New York, (LIBOR USD 1 Month + 0.20%), 1.91%, 02/07/20^(a)		5,000		5,000,352
Toronto-Dominion Bank, New York:
2.00%, 03/17/20		10,000		10,004,653
(US Federal Funds Effective Rate (continuous series) + 0.31%), 1.91%, 07/16/20^(a)		8,000		8,004,993
2.17%, 07/24/20		7,000		7,017,323
(LIBOR USD 3 Month + 0.19%), 2.14%, 09/28/20^(a)		10,000		10,010,248
Westpac Banking Corp., New York, (LIBOR USD 3 Month + 0.15%), 2.04%, 12/09/20^(a)		15,000		15,012,504
				752,247,615
Total Certificates of Deposits — 23.3%
(Cost: $932,307,071)				933,203,569

Commercial Paper — 26.2%

Albion Capital Corp. SA, 1.73%, 04/27/20^(e)		6,000		5,976,148
Amcor Finance USA, Inc.^(e):
1.80%, 02/05/20		6,450		6,448,589
2.26%, 02/28/20		8,000		7,988,949
Atlantic Asset Securitization LLC, 2.14%, 03/24/20^(e)		5,000		4,987,758
Banco Santander SA^(e):
1.98%, 06/26/20		9,000		8,936,459
1.92%, 07/07/20		4,000		3,970,331

Security	Par (000)		Value

Commercial Paper (continued)

Bank of Nova Scotia (The)^(a):
(LIBOR USD 1 Month + 0.17%), 1.85%, 05/15/20	USD	5,000	$	5,001,072
(LIBOR USD 1 Month + 0.16%), 1.82%, 05/27/20		5,000		5,000,997
(LIBOR USD 1 Month + 0.16%), 1.81%, 05/29/20		4,000		4,000,774
Barclays Bank plc, 1.85%, 01/28/21^(e)		3,000		2,944,945
Bayerische Landesbank, 2.20%, 02/06/20^(e)		7,000		6,998,147
Bedford Row Funding Corp., 1.96%, 04/16/20^(e)		3,000		2,989,430
Bell Canada, Inc.^(e):
2.23%, 02/13/20		11,000		10,992,731
1.91%, 04/07/20		8,000		7,972,277
1.87%, 04/14/20		9,000		8,965,349
1.80%, 04/16/20		1,700		1,693,264
1.89%, 04/17/20		23,000		22,907,613
1.85%, 04/21/20		8,000		7,966,070
BP Capital Markets plc, 2.92%, 03/02/20^(e)		9,000		8,987,577
BPCE SA^(e):
1.96%, 07/31/20		2,000		1,982,811
2.04%, 12/23/20		10,000		9,842,949
Brookfield Renewable Partners LP^(e):
1.94%, 03/25/20		4,000		3,989,224
1.97%, 04/23/20		4,000		3,983,262
Cancara Asset Securitisation LLC, 1.97%, 06/03/20^(e)		5,000		4,970,653
CenterPoint Energy, Inc., 1.90%, 02/11/20^(e)		15,500		15,492,185
Citigroup Global Markets, Inc., 1.97%, 05/26/20^(e)		5,000		4,974,061
Collateralized Commercial Paper FLEX Co. LLC, (LIBOR USD 3 Month + 0.12%), 1.95%, 01/08/21^(a)		5,000		5,000,908
Cooperatieve Rabobank UA, 1.91%, 02/07/20^(e)		7,000		6,997,918
Daimler Finance North America LLC^(e):
2.18%, 03/09/20		2,000		1,996,232
2.16%, 03/30/20		12,250		12,213,882
DNB Bank ASA, (LIBOR USD 1 Month + 0.19%), 1.92%, 03/05/20^(a)		11,000		11,001,537
Electricite de France SA, 1.76%, 04/27/20^(e)		20,000		19,912,130
Enbridge Energy Partners LP^(e):
2.13%, 02/04/20		8,875		8,873,342
1.90%, 02/07/20		25,000		24,991,736
1.87%, 02/21/20 - 02/24/20		12,063		12,049,546
Exelon Generation Co. LLC, 1.77%, 02/18/20^(e)		15,000		14,986,830
Federation des Caisses Desjardins du Quebec, 1.95%, 03/17/20^(e)		5,350		5,339,062
Fidelity National Information Services, Inc., 1.74%, 02/12/20^(e)		6,600		6,596,165
HSBC Bank plc^(a):
(LIBOR USD 3 Month + 0.23%), 2.08%, 10/13/20		7,000		7,007,666
(LIBOR USD 1 Month + 0.29%), 1.94%, 12/30/20		15,000		15,009,764
Hyundai Capital America^(e):
2.03%, 02/14/20		8,000		7,994,574
2.22%, 06/09/20		15,800		15,693,877
ING US Funding LLC^(a):
(LIBOR USD 3 Month + 0.15%), 2.06%, 09/14/20		10,000		10,004,849
(LIBOR USD 3 Month + 0.17%), 2.10%, 09/23/20		10,000		10,005,649
(LIBOR USD 3 Month + 0.20%), 2.02%, 10/19/20		5,000		5,004,592
Keurig Dr Pepper, Inc., 1.79%, 03/20/20^(e)		13,000		12,968,274

12	2 0 2 0 B l a c k R o c k S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

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

Security	Par (000)		Value

Commercial Paper (continued)

Lloyds Bank plc, (LIBOR USD 1 Month + 0.17%), 1.82%, 02/21/20^(a)	USD	5,000	$	5,000,477
LMA-Americas LLC, 1.92%, 05/12/20^(e)		5,000		4,976,228
Lowe's Cos., Inc., 2.14%, 03/06/20^(e)		33,000		32,942,796
Mondelez International, Inc., 1.97%, 02/18/20^(e)		20,000		19,982,440
National Australia Bank Ltd., (LIBOR USD 3 Month + 0.12%), 2.01%, 12/09/20^(a)		15,000		15,008,743
National Grid Electricity Transmission plc, 2.01%, 02/07/20^(e)		9,000		8,997,025
National Grid USA, 1.86%, 03/18/20^(e)		4,000		3,990,647
Nationwide Building Society^(e):
1.96%, 03/23/20		6,000		5,984,972
2.02%, 04/01/20		15,000		14,955,496
1.96%, 05/26/20		10,000		9,942,322
NextEra Energy Capital Holdings, Inc.^(e):
2.08%, 02/27/20		9,000		8,988,026
1.81%, 03/26/20		3,000		2,991,764
1.85%, 03/30/20		10,000		9,970,516
Nissan Motor Acceptance Corp.^(e):
1.86%, 02/21/20		15,000		14,984,583
2.25%, 02/28/20		12,500		12,482,354
2.01%, 03/02/20		13,000		12,979,469
2.03%, 03/09/20		3,000		2,994,104
2.03%, 03/26/20		5,000		4,985,509
1.91%, 04/07/20		2,500		2,491,136
2.22%, 06/12/20		8,000		7,941,983
Nordea Bank AB, 2.68%, 04/27/20^(e)		5,000		4,979,724
Oversea-Chinese Banking Corp. Ltd., (LIBOR USD 3 Month + 0.09%), 2.01%, 08/26/20^(a)		7,000		6,999,206
Parker-Hannifin Corp.^(e):
2.06%, 03/05/20 - 03/31/20		10,000		9,977,806
2.05%, 03/11/20		3,000		2,994,333
2.19%, 04/16/20		3,000		2,989,062
Reckitt Benckiser Treasury Services plc^(e):
1.84%, 02/07/20		17,000		16,994,546
2.52%, 04/09/20		8,000		7,973,703
2.23%, 04/20/20		12,000		11,953,787
2.50%, 04/30/20		18,000		17,921,250
2.14%, 05/29/20		5,000		4,968,845
Royal Bank of Canada:
2.01%, 03/18/20^(e)		12,000		11,974,463
(SOFR + 0.31%), 1.89%, 08/17/20^(a)		22,000		21,998,336
(SOFR + 0.40%), 1.98%, 10/02/20^(a)		1,500		1,500,271
Salisbury Receivables Co. LLC, (SOFR + 0.30%), 1.88%, 02/20/20^(a)		4,000		4,000,287
Shell International Finance BV, 1.97%, 06/26/20^(e)		6,825		6,779,017
Societe Generale SA^(a):
(LIBOR USD 1 Month + 0.38%), 2.03%, 08/20/20		10,000		10,013,633
(LIBOR USD 3 Month + 0.25%), 2.14%, 12/14/20		8,000		8,010,201
Sonoco Products Co., 1.90%, 02/03/20^(e)		2,000		1,999,721
Starbucks Corp.^(e):
2.08%, 03/12/20		11,100		11,076,992
1.92%, 06/16/20		10,000		9,926,933
Sumitomo Mitsui Trust Bank Ltd., 2.00%, 04/07/20^(e)		13,000		12,959,716
Suncor Energy, Inc.^(e):
2.01%, 02/05/20		6,000		5,998,593
2.01%, 02/07/20		17,250		17,244,298
1.99%, 02/14/20		15,000		14,989,827
2.02%, 02/21/20		7,000		6,992,805
2.03%, 03/09/20		5,000		4,990,579
1.96%, 03/31/20		10,000		9,970,000

Security	Par (000)		Value

Commercial Paper (continued)

1.83%, 04/30/20	USD	7,000	$	6,968,150
Suncorp-Metway Ltd.^(e):
2.11%, 02/24/20		10,000		9,988,333
1.92%, 05/11/20		12,000		11,939,636
1.94%, 05/26/20		4,000		3,976,310
1.92%, 06/09/20		11,000		10,926,514
Svenska Handelsbanken AB, 1.94%, 10/16/20^(e)		8,000		7,901,695
Telstra Corp. Ltd., 1.82%, 04/28/20^(e)		8,180		8,143,068
TELUS Corp., 2.11%, 04/06/20^(e)		2,000		1,993,385
Toronto-Dominion Bank (The), (LIBOR USD 1 Month + 0.18%), 1.86%, 06/12/20^(a)		9,000		9,003,202
Total Capital Canada Ltd., 1.90%, 04/23/20^(e)		5,000		4,981,348
TransCanada PipeLines Ltd.^(e):
2.06%, 02/04/20		10,000		9,998,132
2.05%, 03/02/20		9,000		8,986,197
2.15%, 03/03/20		8,400		8,386,702
2.09%, 03/10/20 - 03/16/20		13,000		12,972,123
2.02%, 04/06/20		2,500		2,491,732
2.01%, 04/07/20		13,000		12,956,329
1.81%, 04/09/20		3,000		2,989,616
UBS AG, (LIBOR USD 3 Month + 0.20%), 2.05%, 07/10/20^(a)		6,000		6,004,670
VW Credit, Inc.^(e):
1.87%, 02/21/20		20,000		19,979,443
2.50%, 04/01/20		2,000		1,993,897
2.04%, 01/29/21		18,500		18,088,852
Walgreens Boots Alliance, Inc.^(e):
2.43%, 02/03/20		5,000		4,999,302
2.17%, 03/09/20		1,500		1,497,174
2.12%, 05/08/20		10,000		9,950,238
Welltower, Inc., 2.16%, 03/20/20^(e)		7,750		7,731,086
Total Commercial Paper — 26.2%
(Cost: $1,048,921,991)				1,049,227,816

	Shares

Money Market Funds — 0.0%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 1.48%^(g)*		378,461		378,461

Total Money Market Funds — 0.0%
(Cost: $378,461)				378,461

Total Repurchase Agreements — 4.8%
(Cost: $191,500,000)				191,500,000

Total Short-Term Securities — 54.3%
(Cost: $2,173,107,523)				2,174,309,846

Total Investments — 100.2%
(Cost: $4,004,418,006)				4,013,549,926
Liabilities in Excess of Other Assets — (0.2)%				(8,462,525	)
Net Assets — 100.0%			$	4,005,087,401

S c h e d u l e o f I n v e s t m e n t s

Schedule of Investments (unaudited) (continued)	BlackRock Short Obligations Fund
January 31, 2020

^(a)	Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of period end.
^(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)	Variable rate security. Rate shown is the rate in effect as of period end.
^(d)	Step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate as of period end.
^(e)	Rates are the current rate or a range of current rates as of period end.
^(f)	Issuer is a U.S. branch of a foreign domiciled bank.
^(g)	Annualized 7-day yield as of period end.
^*	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		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 Liquid Environmentally Aware Fund		—		17,059,223		17,059,223	$	17,066,047	$	87,453	$	—	$	3,410
BlackRock Liquidity Funds, T-Fund, Institutional Class		189,379		189,082		378,461		378,461		61,078		—		—
							$	17,444,508	$	148,531	$	—	$	3,410

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

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.

Repurchase Agreements
	Repurchase Agreements											Collateral
Counterparty	Coupon Rate			Purchase Date	Maturity Date	Par (000)		At Value (000)		Proceeds Including Interest		Position	Original Par		Position Received, At Value
Bank of America Securities, Inc.		1.98	%^(a)	01/31/20	03/09/20	$	20,000	$	20,000	$	20,041,800	Corporate/Debt Obligations, 2.55% to 7.69%, due 01/27/32 to 01/23/50	$	19,972,743	$	21,000,000
		2.18	^(a)	01/31/20	03/19/20		1,000		1,000		1,002,907	Corporate/Debt Obligation, 3.00%, due 10/25/58		1,594,652		1,200,001
		2.28	^(a)	01/31/20	04/08/20		4,000		4,000		4,017,227	Corporate/Debt Obligation, 3.00%, due 10/25/58		6,378,605		4,800,000
Total Bank of America Securities, Inc.								$	25,000						$	27,000,001
Barclays Bank plc		2.05		11/01/19	02/03/20		15,000		15,000		15,080,292	Corporate/Debt Obligations, 1.91% to 4.21%, due 11/25/35 to 05/25/43		21,072,215		17,250,000
		2.18	^(a)	01/31/20	05/08/20		20,000		20,000		20,118,689	Corporate/Debt Obligations, 1.83% to 10.33%, due 05/01/26 to 08/25/59		51,832,761		23,000,000
		2.22		08/26/19	02/26/20		15,000		15,000		15,170,200	Corporate/Debt Obligations, 2.05% to 2.64%, due 06/25/35 to 05/25/47		22,242,116		17,250,000
Total Barclays Bank plc								$	50,000						$	57,500,000
Citigroup Global Markets, Inc.		2.11	^(a)	01/31/20	04/05/20		3,000		3,000		3,011,442	Corporate/Debt Obligations, 1.40% to 4.00%, due 08/27/57 to 05/25/58		4,198,835		3,210,000

14	2 0 2 0 B l a c k R o c k S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Schedule of Investments (unaudited) (continued)	BlackRock Short Obligations Fund

January 31, 2020


	Repurchase Agreements											Collateral
Counterparty	Coupon Rate			Purchase Date	Maturity Date	Par (000)		At Value (000)		Proceeds Including Interest		Position	Original Par		Position Received, At Value
		2.13	%^(a)	01/31/20	05/05/20	$	6,000	$	6,000	$	6,033,679	Corporate/Debt Obligations, 2.45% to 6.55%, due 05/15/27 to 07/15/36	$	5,618,341	$	6,301,782
Total Citigroup Global Markets, Inc.								$	9,000						$	9,511,782
Credit Suisse Securities USA LLC		2.11	^(a)	01/31/20	03/09/20		1,000		1,000		1,002,229	Corporate/Debt Obligations, 1.47% to 5.97%, due 06/20/35 to 10/20/45		10,186,538		1,150,000
		2.23	^(a)	01/31/20	04/08/20		25,000		25,000		25,105,353	Corporate/Debt Obligations, 0.03% to 10.75%, due 02/01/21 to 05/25/45		333,582,795		28,267,453
Total Credit Suisse Securities USA LLC								$	26,000						$	29,417,453
JP Morgan Securities LLC		1.88	^(a)	01/31/20	02/10/20		20,000		20,000		20,010,444	Corporate/Debt Obligations, 0.08% to 8.00%, due 03/15/20 to 10/25/58		625,689,939		21,484,089
		2.15	^(a)	01/31/20	05/04/20		4,000		4,000		4,022,467	Corporate/Debt Obligations, 2.73% to 6.35%, due 08/01/22 to 12/31/49		4,460,845		4,321,523
		2.21		11/13/19	02/13/20		17,000		17,000		17,096,012	Corporate/Debt Obligations, 3.36% to 8.00%, due 04/19/21 to 03/25/58		17,764,777		18,616,737
Total JP Morgan Securities LLC								$	41,000						$	44,422,349
Mizuho Securities USA LLC		2.20	^(a)	01/31/20	03/09/20		3,500		3,500		3,508,110	U.S. Government Sponsored Agency Obligation, 7.76%, due 02/25/26		3,753,544		3,675,001
Wells Fargo Securities LLC		2.09		12/04/19	03/04/20		15,000		15,000		15,079,246	Corporate/Debt Obligations, 0.00%, due 03/19/20 to 03/20/20		15,789,082		15,750,001
		2.13		12/20/19	03/20/20		22,000		22,000		22,118,452	Corporate/Debt Obligations, 0.00%, due 01/29/09 to 05/12/20		23,368,698		23,100,000
Total Wells Fargo Securities LLC								$	37,000						$	38,850,001
								$	191,500						$	210,376,587

^(a)	Variable rate security. Rate as of period end and maturity is the date the principal owed can be recovered through demand.

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:
Asset-Backed Securities	$	—	$	102,538,842	$	—	$	102,538,842
Corporate Bonds ^(a)		—		1,703,943,102		—		1,703,943,102
Foreign Agency Obligations ^(a)		—		15,141,919		—		15,141,919

S c h e d u l e o f I n v e s t m e n t s

Schedule of Investments (unaudited) (continued)	BlackRock Short Obligations Fund
January 31, 2020

	Level 1		Level 2		Level 3		Total
Investment Companies	$	17,066,047	$	—	$	—	$	17,066,047
Municipal Bonds		—		550,170		—		550,170
Short-Term Securities:
Certificates of Deposit		—		933,203,569		—		933,203,569
Commercial Paper		—		1,049,227,816		—		1,049,227,816
Money Market Funds		378,461		—		—		378,461
Repurchase Agreements		—		191,500,000		—		191,500,000
	$	17,444,508	$	3,996,105,418	$	—	$	4,013,549,926

^(a)

See above Schedule of Investments for values in each industry or country.

See notes to financial statements.

16	2 0 2 0 B l a c k R o c k S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Statement of Assets and Liabilities (unaudited)

January 31, 2020

	BlackRock Short Obligations Fund

ASSETS
Investments at value — unaffiliated (cost — $3,795,476,908)	$	3,804,605,418
Investments at value — affiliated (cost — $17,441,098)		17,444,508
Cash		6,196
Repurchase agreements at value (cost — $191,500,000)		191,500,000
Receivables:
Capital shares sold		38,778,076
Dividends — affiliated		31,581
Interest — unaffiliated		12,076,344
From the Manager		3,633
Prepaid expenses		255,818
Total assets		4,064,701,574

LIABILITIES
Payables:
Investments purchased		30,045,950
Administration fees		160,460
Board realignment and consolidation		172
Capital shares redeemed		27,912,771
Income dividend distributions		51,494
Investment advisory fees		445,947
Service fees		468,857
Other accrued expenses		528,522
Total liabilities		59,614,173

NET ASSETS	$	4,005,087,401

NET ASSETS CONSIST OF
Paid-in capital	$	3,995,701,755
Accumulated earnings		9,385,646
NET ASSETS	$	4,005,087,401

NET ASSET VALUE
Institutional — Based on net assets of $1,574,225,983 and 156,859,052 shares outstanding, unlimited number of shares authorized, $0.001 par value	$	10.04
Investor A — Based on net assets of $2,336,947,821 and 232,975,279 shares outstanding, unlimited number of shares authorized, $0.001 par value	$	10.03
Class K — Based on net assets of $93,913,597 and 9,342,411 shares outstanding, unlimited number of shares authorized, $0.001 par value	$	10.05

See notes to financial statements.

F i n a n c i a l S t a t e m e n t s

Statement of Operations (unaudited)

Six Months Ended January 31, 2020

		BlackRock Short Obligations Fund

INVESTMENT INCOME
Dividends — affiliated	$	148,531
Interest — unaffiliated		37,561,168
Total investment income		37,709,699

EXPENSES
Investment advisory		3,818,221
Service — class specific		2,114,033
Transfer agent — class specific		974,267
Administration		595,484
Administration — class specific		315,055
Registration		294,655
Professional		47,174
Accounting services		43,476
Custodian		33,307
Trustees and Officer		6,468
Printing		5,820
Miscellaneous		16,278
Total expenses		8,264,238
Less:
Administration fees waived — class specific		(145,654	)
Fees waived and/or reimbursed by the Manager		(1,717,943	)
Transfer agent fees waived and/or reimbursed — class specific		(217,951	)
Total expenses after fees waived and/or reimbursed		6,182,690
Net investment income		31,527,009

REALIZED AND UNREALIZED GAIN
Net realized gain from investments		183,967
Net change in unrealized appreciation (depreciation) on:
Investments — affiliated		3,410
Investments — unaffiliated		5,528,604
		5,532,014
Net realized and unrealized gain		5,715,981
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	37,242,990

See notes to financial statements.

18	2 0 2 0 B l a c k R o c k S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Statements of Changes in Net Assets

	BlackRock Short Obligations Fund
	Six Months Ended 01/31/20 (unaudited)			Year Ended 07/31/19

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	31,527,009		$	21,585,928
Net realized gain		183,967			101,020
Net change in unrealized appreciation (depreciation)		5,532,014			3,814,620
Net increase in net assets resulting from operations		37,242,990			25,501,568

DISTRIBUTIONS TO SHAREHOLDERS ^(a)
Institutional		(14,300,577	)		(10,836,451	)
Investor A		(16,163,457	)		(8,354,874	)
Class K		(1,161,669	)		(2,487,319	)
Decrease in net assets resulting from distributions to shareholders		(31,625,703	)		(21,678,644	)

CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		1,613,052,888			2,228,911,866

NET ASSETS
Total increase in net assets		1,618,670,175			2,232,734,790
Beginning of period		2,386,417,226			153,682,436
End of period	$	4,005,087,401		$	2,386,417,226

^(a)

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

F i n a n c i a l S t a t e m e n t s

Financial Highlights

(For a share outstanding throughout each period)

	BlackRock Short Obligations Fund
	Institutional
	Six Months Ended			Year Ended July 31,
	01/31/20 (unaudited)			2019			2018			2017			2016			2015
Net asset value, beginning of period	$	10.02		$	9.99		$	10.03		$	10.02		$	10.00		$	10.01

Net investment income ^(a)		0.11			0.26			0.18			0.12			0.08			0.05
Net realized and unrealized gain (loss)		0.02			0.03			(0.05	)		0.01			0.02			(0.01	)
Net increase from investment operations		0.13			0.29			0.13			0.13			0.10			0.04

Distributions ^(b)
From net investment income		(0.11	)		(0.26	)		(0.17	)		(0.12	)		(0.08	)		(0.05	)
From net realized gain		—			(0.00	)^(c)		(0.00	)^(c)		(0.00	)^(c)		(0.00	)^(c)		—
Total distributions		(0.11	)		(0.26	)		(0.17	)		(0.12	)		(0.08	)		(0.05	)
Net asset value, end of period	$	10.04		$	10.02		$	9.99		$	10.03		$	10.02		$	10.00

Total Return ^(d)
Based on net asset value		1.28	%^(e)		2.96	%		1.34	%		1.30	%		0.98	%		0.45	%

Ratios to Average Net Assets
Total expenses		0.46	%^(f)		0.45	%		0.60	%		0.54	%^(g)		0.58	%^(g)		1.02	%
Total expenses after fees waived and/or reimbursed.		0.30	%^(f)		0.26	%		0.28	%		0.24	%		0.13	%		0.12	%
Net investment income		2.11	%^(f)		2.59	%		1.75	%		1.17	%		0.79	%		0.55	%

Supplemental Data
Net assets, end of period (000)	$	1,574,226		$	1,117,218		$	70,512		$	38,160		$	16,945		$	10,182
Portfolio turnover rate		4	%		18	%		87	%		140	%		184	%		68	%

^(a)

Based on average shares outstanding.

^(b)

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(c)

Amount is greater than $(0.005) per share.

^(d)

Where applicable, assumes the reinvestment of distributions.

^(e)

Aggregate total return.

^(f)

Annualized.

^(g)

Includes recoupment of past waived and/or reimbursed fees with no financial impact to the expense ratios. See notes to financial statements.

See notes to financial statements.

20	2 0 2 0 B l a c k R o c k S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Financial Highlights (continued)

(For a share outstanding throughout each period)

	BlackRock Short Obligations Fund
	Investor A
		Six Months Ended 01/31/20 (unaudited)			Year Ended 07/31/2019			Period from 03/09/18 (a) to 07/31/18
Net asset value, beginning of period		$	10.01		$	9.99		$	9.99
Net investment income ^(b)			0.10			0.24			0.07
Net realized and unrealized gain			0.02			0.02			0.00	^(c)
Net increase from investment operations			0.12			0.26			0.07

Distributions ^(d)
From net investment income			(0.10	)		(0.24	)		(0.07	)
From net realized gain			—			(0.00	)^(e)		—
Total distributions			(0.10	)		(0.24	)		(0.07	)
Net asset value, end of period		$	10.03		$	10.01		$	9.99

Total Return ^(f)
Based on net asset value			1.19	%^(g)		2.63	%		0.73	%^(g)

Ratios to Average Net Assets
Total expenses			0.59	%^(h)		0.64	%		0.78	%^(h)(i)
Total expenses after fees waived and/or reimbursed			0.48	%^(h)		0.47	%		0.42	%^(h)
Net investment income			1.91	%^(h)		2.37	%		1.87	%^(h)

Supplemental Data
Net assets, end of period (000)		$	2,336,948		$	1,136,936		$	621
Portfolio turnover rate			4	%		18	%		87	%

^(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⁾

Offering costs were not annualized in the calculation of the expense ratios. If these expenses were annualized, the total expenses would have been 0.84%

See notes to financial statements.

F i n a n c i a l H i g h l i g h t s

Financial Highlights (continued)

(For a share outstanding throughout each period)

	BlackRock Short Obligations Fund
	Class K ^(a)
			Six Months Ended		Year Ended July 31,
			01/31/20 (unaudited)			2019			2018			2017			2016			2015
Net asset value, beginning of period		$	10.04		$	10.01		$	10.04		$	10.03		$	10.01		$	10.02
Net investment income ^(b)			0.11			0.26			0.18			0.12			0.08			0.06
Net realized and unrealized gain (loss)			0.01			0.04			(0.03	)		0.01			0.02			(0.01	)
Net increase from investment operations			0.12			0.30			0.15			0.13			0.10			0.05

Distributions ^(c)
From net investment income			(0.11	)		(0.27	)		(0.18	)		(0.12	)		(0.08	)		(0.06	)
From net realized gain			—			(0.00	)^(d)		(0.00	)^(d)		(0.00	)^(d)		(0.00	)^(d)		—
Total distributions			(0.11	)		(0.27	)		(0.18	)		(0.12	)		(0.08	)		(0.06	)

Net asset value, end of period		$	10.05		$	10.04		$	10.01		$	10.04		$	10.03		$	10.01

Total Return ^(e)
Based on net asset value			1.23	%^(f)		3.02	%		1.52	%		1.35	%		1.01	%		0.47	%

Ratios to Average Net Assets
Total expenses			0.33	%^(g)		0.45	%		0.53	%		0.50	%^(h)		0.55	%^(h)		0.99	%
Total expenses after fees waived and/or reimbursed			0.20	%^(g)		0.20	%		0.20	%		0.17	%		0.10	%		0.10	%
Net investment income			2.26	%^(g)		2.64	%		1.78	%		1.22	%		0.79	%		0.57	%

Supplemental Data
Net assets, end of period (000)		$	93,914		$	132,264		$	82,549		$	98,882		$	31,918		$	41,660
Portfolio turnover rate			4	%		18	%		87	%		140	%		184	%		68	%

^(a)

On the close of business on September 1, 2015, the Fund’s BlackRock Shares were redesignated as Class K Shares.

^(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)

Annualized.

^(h)

Includes recoupment of past waived and/or reimbursed fees with no financial impact to the expense ratios.

See notes to financial statements.

22	2 0 2 0 B l a c k R o c k S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

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. BlackRock Short Obligations Fund (the “Fund”) is a series of the Trust. The Fund is classified as diversified.

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

Share Class	Initial Sales Charge	CDSC		Conversion Privilege
Institutional Shares	No	No		None
Investor A Shares	No	No	^(a)	None
Class K Shares	No	No		None

(a)

Investor A Shares may be subject to a contingent deferred sales charge (“CDSC”) upon redemption of shares received in an exchange transaction for Investor A Shares of a fund advised by BlackRock Advisors, LLC (the “Manager”) or its affiliates where no initial sales charge was paid at time of purchase of such fund.

The Fund, together with certain other registered investment companies advised by the Manager or its affiliates, is 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

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. 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.

Distributions: Distributions from net investment income are declared daily and paid monthly. 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.

Recent Accounting Standards: The Fund has adopted Financial Accounting Standards Board Accounting Standards Update 2017-08 to amend the amortization period for certain purchased callable debt securities held at a premium. Under the new standard, the Fund has changed the amortization period for the premium on certain purchased callable debt securities with non-contingent call features to the earliest call date. In accordance with the transition provisions of the standard, the Fund applied the amendments on a modified retrospective basis beginning with the fiscal six months ended January 31, 2020. The adjusted cost basis of securities at July 31, 2019 is $2,394,203,213.

This change in accounting policy has been made to comply with the newly issued accounting standard and had no impact on accumulated earnings (loss) or the net asset value (“NAV”) of the Fund.

Indemnifications: In the normal course of business, the Fund enters into contracts that contain a variety of representations that provide general indemnification. The Fund’s

maximum exposure under these arrangements is unknown because it involves future potential claims against the Fund, which cannot be predicted with any certainty.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

•

N o t e s t o F i n a n c i a l S t a t e m e n t s

Notes to Financial Statements (unaudited) (continued)

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

•

Municipal investments (including commitments to purchase such investments on a “when-issued” basis) are valued on the basis of prices provided by dealers or pricing services. In determining the value of a particular investment, pricing services may use certain information with respect to transactions in such investments, quotations from dealers, pricing matrixes, market transactions in comparable investments and information with respect to various relationships between investments.

•

Investments in open-end U.S. mutual funds are valued at NAV each business day.

•

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

•

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 own assumptions used in determining the fair value of investments)

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 is based on the pricing transparency of the investments and is not necessarily an indication of the risks associated with investing in those securities.

4. SECURITIES AND OTHER INVESTMENTS

Asset-Backed and Mortgage-Backed Securities: Asset-backed securities are generally issued as pass-through certificates or as debt instruments. Asset-backed securities issued as pass-through certificates represent undivided fractional ownership interests in an underlying pool of assets. Asset-backed securities issued as debt instruments, which are also known as collateralized obligations, are typically issued as the debt of a special purpose entity organized solely for the purpose of owning such assets and issuing such debt. Asset-backed securities are often backed by a pool of assets representing the obligations of a number of different parties. The yield characteristics of certain asset-backed securities may differ from traditional debt securities. One such major difference is that all or a principal part of the obligations may be prepaid at any time because the underlying assets (i.e., loans) may be prepaid at any time. As a result, a decrease in interest rates in the market may result in increases in the level of prepayments as borrowers, particularly mortgagors, refinance and repay their loans. An increased prepayment rate with respect to an asset-backed security will have the effect of shortening the maturity of the security. In addition, a fund may subsequently have to reinvest the proceeds at lower interest rates. If a fund has purchased such an asset-backed security at a premium, a faster than anticipated prepayment rate could result in a loss of principal to the extent of the premium paid.

For mortgage pass-through securities (the “Mortgage Assets”) there are a number of important differences among the agencies and instrumentalities of the U.S. Government that issue mortgage-related securities and among the securities that they issue. For example, mortgage-related securities guaranteed by Ginnie Mae are guaranteed as to the timely payment of principal and interest by Ginnie Mae and such guarantee is backed by the full faith and credit of the United States. However, mortgage-related securities issued by Freddie Mac and Fannie Mae, including Freddie Mac and Fannie Mae guaranteed mortgage pass-through certificates, which are solely the obligations of Freddie Mac and Fannie Mae, are not backed by or entitled to the full faith and credit of the United States, but are supported by the right of the issuer to borrow from the U.S. Treasury.

Non-agency mortgage-backed securities are securities issued by non-governmental issuers and have no direct or indirect government guarantees of payment and are subject to various risks. Non-agency mortgage loans are obligations of the borrowers thereunder only and are not typically insured or guaranteed by any other person or entity. The ability of a borrower to repay a loan is dependent upon the income or assets of the borrower. A number of factors, including a general economic downturn, acts of God, terrorism, social unrest and civil disturbances, may impair a borrower’s ability to repay its loans.

24	2 0 2 0 B l a c k R o c k S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Notes to Financial Statements (unaudited) (continued)

In the event the counterparty defaults and the fair value of the collateral declines, the fund could experience losses, delays and costs in liquidating the collateral.

5. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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


Average Daily Net Assets	Investment Advisory Fees
First $1 Billion	0.25	%
$1 Billion - $3 Billion	0.24
$3 Billion - $5 Billion	0.23
$5 Billion - $10 Billion	0.22
Greater than $10 Billion	0.21

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

	Service Fees
Investor A	0.25%

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

For the six months ended January 31, 2020, the class specific service fees borne directly by Investor A Shares of the Fund were $2,114,033.

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

Average Daily Net Assets	Administration Fees
First $500 Million	0.0425	%
$500 Million - $1 Billion	0.0400
$1 Billion - $2 Billion	0.0375
$2 Billion - $4 Billion	0.0350
$4 Billion - $13 Billion	0.0325
Greater than $13 Billion	0.0300

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

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

Institutional	$	135,650
Investor A		169,109
Class K		10,296
	$	315,055

N o t e s t o F i n a n c i a l S t a t e m e n t s

Notes to Financial Statements (unaudited) (continued)

Institutional	$	739
Class K		76
	$	815

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 the Fund:

Institutional	$	898,367
Investor A		75,307
Class K		593
	$	974,267

Expense Limitations, Waivers, Reimbursements and Recoupments: The Manager contractually agreed to waive its investment advisory fees by the amount of investment advisory fees the Fund pays to the Manager indirectly through its investment in affiliated money market funds (the “affiliated money market fund waiver”) through 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 the Fund. The amount of waivers and/or reimbursements of fees and expenses made pursuant to the expense limitation described below will be reduced by the amount of the affiliated money market fund waiver. Prior to November 27, 2019, this waiver was voluntary. This amount is included in fees waived and/or reimbursed by the Manager in the Statement of Operations. For the six months ended January 31, 2020, the amount waived was $5,381.

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

	Contractual	^(a)	Voluntary	^(b)
Institutional	0.35	%	0.30	%
Investor A	0.60		0.50
Class K	0.30		0.20

^(a)

The Manager has agreed not to reduce or discontinue this contractual waiver or reimbursement 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 the Fund.

^(b)

The voluntary waiver or reimbursement may be reduced or discontinued at any time without notice.

For the six months ended January 31, 2020, the Manager waived and/or reimbursed $1,712,562 which is included in fees waived and/or reimbursed by the Manager in the Statement of Operations.

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


	Administration Fees Waived
Institutional	$	135,358
Class K		10,296
	$	145,654

	Transfer Agent Fees Waived and/or Reimbursed
Institutional	$	217,359
Class K		592
	$	217,951

26	2 0 2 0 B l a c k R o c k S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Notes to Financial Statements (unaudited) (continued)

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)

the 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 the 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, the repayment arrangement between the 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 was terminated.

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

Fund Level	$ 1,128,427
Institutional	357,110
Investor A	1,978
Class K	45,116

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

During the six months ended January 31, 2020, the Fund did not participate in the Interfund Lending Program.

6. PURCHASES AND SALES

For the six months ended January 31, 2020, purchases and sales of investments, excluding short-term securities, were $1,039,485,087 and $63,560,317, respectively.

7. INCOME TAX INFORMATION

The Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on the Fund’s U.S. federal tax returns generally remains open for each of the four years ended January 31, 2020. The statutes of limitations on the Fund’s state and local tax returns may remain open for an additional year depending upon the jurisdiction.

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

Tax cost	$	4,004,519,587
Gross unrealized appreciation	$	9,090,380
Gross unrealized depreciation		(60,041	)
Net unrealized appreciation	$	9,030,339

8. BANK BORROWINGS

N o t e s t o F i n a n c i a l S t a t e m e n t s

Notes to Financial Statements (unaudited) (continued)

(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 Statement 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 Fund did not borrow under the credit agreement.

9. PRINCIPAL RISKS

Concentration Risk: The Fund invests a significant portion of its assets in fixed-income securities and/or uses derivatives tied to the fixed-income markets. Changes in market interest rates or economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will increase as interest rates fall and decrease as interest rates rise. The Fund may be subject to a greater risk of rising interest rates due to the current period of historically low rates.

10. CAPITAL SHARE TRANSACTIONS

Transactions in capital shares for each class were as follows:

	Six Months Ended 01/31/20						Year Ended 07/31/19
	Shares			Amount			Shares			Amount
Institutional
Shares sold		95,475,668		$	957,514,514			142,508,870		$	1,425,362,403
Shares issued in reinvestment of distributions		1,423,782			14,283,134			1,079,202			10,802,669
Shares redeemed		(51,569,290	)		(517,182,835	)		(39,114,775	)		(391,440,840	)
Net increase		45,330,160		$	454,614,813			104,473,297		$	1,044,724,232
Investor A
Shares sold		182,723,288		$	1,831,170,990			144,973,662		$	1,449,924,963
Shares issued in reinvestment of distributions		1,608,221			16,120,233			833,852			8,343,868
Shares redeemed		(64,885,965	)		(650,292,253	)		(32,339,935	)		(323,530,598	)
Net increase		119,445,544		$	1,196,998,970			113,467,579		$	1,134,738,233
Class K
Shares sold		1,525,898		$	15,325,569			23,094,460		$	231,354,214
Shares issued in reinvestment of distributions		88,587			889,653			186,813			1,872,728
Shares redeemed		(5,451,705	)		(54,776,117	)		(18,345,855	)		(183,777,541	)
Net increase (decrease)		(3,837,220	)	$	(38,560,895	)		4,935,418		$	49,449,401
Total Net Increase		160,938,484		$	1,613,052,888			222,876,294		$	2,228,911,866

28	2 0 2 0 B l a c k R o c k S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

Notes to Financial Statements (unaudited) (continued)

11. SUBSEQUENT EVENTS

N o t e s t o F i n a n c i a l S t a t e m e n t s

Statement Regarding Liquidity Risk Management Program

The Board of Trustees (the “Board”) of BlackRock Funds^SM, on behalf of BlackRock Short Obligations 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:

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.

30	2 0 2 0 B l a c k R o c k S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

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 Parks, Chief Compliance Officer
Lisa Belle, Anti-Money Laundering Compliance Officer
Janey Ahn, Secretary

Effective September 19, 2019, Lisa Belle replaced John Mackessy as tha 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	Independent Registered Public Accounting Firm
BlackRock Advisors, LLC	PricewaterhouseCoopers LLP
Wilmington, DE 19809	Philadelphia, PA 19103

Accounting Agent	Distributor
JPMorgan Chase Bank, N.A.	BlackRock Investments, LLC
New York, NY 10179	New York, NY 10022

Transfer Agent	Legal Counsel
BNY Mellon Investment Servicing (US) Inc.	Sidley Austin LLP
Wilmington, DE 19809	New York, NY 10019

Custodian	Address of the Trust
JPMorgan Chase Bank, N.A.	100 Bellevue Parkway
New York, NY 10179	Wilmington, DE 19809

T r u s t e e a n d O f f i c e r I n f o r m a t i o n

Additional Information

General Information

Householding

Availability of Quarterly Schedule of Investments

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT, and for reporting periods ended prior to March 31, 2019, filed such information on Form N-Q. The Fund's Forms N-PORT and N-Q are available on the SEC's website at sec.gov. The Fund’s Form N-Q may also be obtained upon request and without charge by calling (800) 441-7762.

Availability of Proxy Voting Policies and Procedures

Availability of Proxy Voting Record

BlackRock’s Mutual Fund Family

Shareholder Privileges

Account 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.

32	2 0 2 0 B l a c k R o c k S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

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 safeguardin 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 right 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 recei applicable, your financial intermediary, on applications, forms or other documents; (ii) information about your transactions with us, our affiliates, or others; (ii 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 a respond to regulatory requests or to service Client accounts. These non-affiliated third parties are required to protect the confidentiality and security of this 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 m 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.

A d d i t i o n a l I n f o r m a t i o n

Glossary of Terms Used in this Report

Currency

USD	United States Dollar

Portfolio Abbreviations

LIBOR	London Interbank Offered Rate
RB	Revenue Bonds
SOFR	Secured Overnight Financing Rate

34	2 0 2 0 B l a c k R o c k S e m i - A n n u a l R e p o r t t o S h a r e h o l d e r s

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

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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

(a)(4) – Not Applicable

(b) – Section 906 Certifications are attached

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

BlackRock Funds

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

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